Scott D. Fleming Dissertation PDF

!"#$%&!'(%')%!'(&*++#,#(-.&&#--(!/(!("!%'-/$#!"(.'%0#$-%/12((

(

3!&%+%/!/*$-(!')(4!$$%#$-(/*(!&!)#"%&(!//!%'"#'/(

(

(

(

(

(

(

(

(

(

(

(

(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((

45((

(

-&*//()6(3+#"%',(

(

(

(

(

(

(

(

(

(

(

(

(

(

(

(

(

!(7899:;<=<8>?(9@AB8<<:7(8?(C=;<8=D(E@DE8DDB:?<(>E(<F:(;:G@8;:B:?<9(E>;(<F:((

)>H<>;(>E(IF8D>9>CF5(

"=J>;(8?(->H8>D>K5(

->@<F()=L><=(-<=<:(.?8M:;98<5(

NOPO(

! 88(

((!"#$%&!'(%')%!'(&*++#,#(-.&&#--(!/(!("!%'-/$#!"(.'%0#$-%/12((

(

3!&%+%/!/*$-(!')(4!$$%#$-(/*(!&!)#"%&(!//!%'"#'/(

(

(

(

(

!

! "#$%!&$%%'()*)$+,!$%!*--(+.'&!*%!*!/('&$01'!*,&!$,&'-',&',)!$,.'%)$2*)$+,!03!

*!/*,&$&*)'!4+(!)#'!5+/)+(!+4!6#$1+%+-#3!&'2(''!*,&!$%!*//'-)*01'!4+(!7'')$,2!)#'!

&$%%'()*)$+,!('89$('7',)%!4+(!)#$%!&'2('':!;//'-)*,/'!+4!)#$%!&$%%'()*)$+,!&+'%!,+)!

$7-13!)#*)!)#'!/+,/19%$+,%!('*/#'&!03!)#'!/*,&$&*)'!*('!,'/'%%*($13!)#'!/+,/19%$+,%!

+4!)#'!7*<+(!&'-*()7',):!

!

!

! ! ! ! ! ! !!!!!!!!

============================================================!

! ! ! ! !!!!!!!!!"$7+)#3!>:!?$/#+1%@!6#:5:! ! !!!!!!!!!!!5*)'!

! ! ! ! !!!!!!!!!5$%%'()*)$+,!;&.$%+(!

!

!

!

!

!

! ! ! ! !!!!!!============================================================!

! ! ! ! !!!!!!!!5$*,'!A*3+,2+BC*1'@!6#:5:! ! !!!!!!!!!!5*)'!

! ! ! ! !!!!!!!!D'*&@!E9(*1!F+/$+1+23!

!

!

!

!

!

! 888(

!HL?>QD:7K:B:?<9!

!

! "#'('!*('!7*,3!G$)#+9)!G#+%'!%9--+()@!',/+9(*2'7',)@!*,&!*%%$%)*,/'!)#$%!

&$%%'()*)$+,!/+91&!,+)!#*.'!0'',!-+%%$01':!"+!)#+%'!-'+-1'!H!+44'(!73!&''-'%)!

2(*)$)9&'!*,&!')'(,*1!&'0):!I$(%)!*,&!4+('7+%)!*7+,2!73!%9--+()'(%!*('!73!4*7$13@!

E*,*'@!D*,,*#@!*,&!"31'(:!J$)#+9)!)#'$(!%*/($4$/'!*,&!-'(%'.'(*,/'!)#(+92#+9)!)#'!

7*,3!1+,2!3'*(%!)#*)!H!%+92#)!73!+G,!*/*&'7$/!*))*$,7',)@!)#$%!G+91&!,+)!#*.'!

0'',!-+%%$01':!

! "+!)#'!4*/91)3@!%)*44@!*,&!*&7$,$%)(*)+(%!+4!6FK@!G#+!2(*/$+9%13!%#*('&!G$)#!

7'!)#'$(!)#+92#)%@!4''1$,2%!*,&!+-$,$+,%!+,!)#'!?*)$.'!;7'($/*,!/+11'2'!'L-'($',/'!

*)!)#$%!9,$.'(%$)3@!H!+44'(!7*,3!)#*,M%:!"#'$(!/+77$)7',)!*,&!&'&$/*)$+,!)+!?*)$.'!

%)9&',)!%9//'%%!G$11!%'(.'!*%!73!7+&'1!)#(+92#+9)!)#'!3'*(%!)+!/+7':!

! I$,*113@!*,&!7+%)!$7-+()*,)13@!H!79%)!*/M,+G1'&2'!)#'!7*,3!;7'($/*,!

H,&$*,!%)9&',)%!G#+!-1*/'&!$,!7'!)#'!)(9%)!)#*)!*11+G'&!)#'7!)+!%#*('!)#'$(!#+-'%@!

*,&!*%-$(*)$+,%!4+(!/+11'2'!*,&!)#'!4(9%)(*)$+,%!)#*)!7*,3!'L-'($',/'!*1+,2!)#'!G*3:!

H)!$%!73!%$,/'('!#+-'!)#*)!)#$%!&$%%'()*)$+,!-1*3%!*!-*()!$,!2'))$,2!)#'$(!.+$/'%!#'*(&!

*,&!$%!+4!%'(.$/'!$,!)#'!4*/$1$)*)$+,!+4!*/*&'7$/!*))*$,7',)!4+(!*11!?*)$.'!%)9&',)%!

$,)'('%)'&!$,!-9(%9$,2!#$2#'(!'&9/*)$+,:!"+!*11!+4!)#+%'!G#+!-*()$/$-*)'&!$,!)#$%!

('%'*(/#@!*,&!G#+7!H!/+,%$&'(!73!4($',&%@!H!+44'(!73!%$,/'('!*,&!#'*()4'1)!)#*,M%!

*,&!'.'(1*%)$,2!*--('/$*)$+,:!

!

! 8M(

!A9<;=H<(

(

!"#$%&!'(%')%!'(&*++#,#(-.&&#--(!/(!("!%'-/$#!"(.'%0#$-%/12(

3!&%+%/!/*$-(!')(4!$$%#$-(/*(!&!)#"%&(!//!%'"#'/(

-&*//()6(3+#"%',(

NOPO(

!

! "#$%!%)9&3!$%!*,!')#,+2(*-#$/!'L-1+(*)$+,!$,)+!)#'!0*(($'(%!)+!*/*&'7$/!

*))*$,7',)!*,&!)#'!4*/)+(%!)#*)!4*/$1$)*)'!(')',)$+,!*,&!2(*&9*)$+,!4+(!;7'($/*,!

H,&$*,!%)9&',)%!*)!*!-('&+7$,*,)13!J#$)'!9,$.'(%$)3!$,!)#'!9--'(!C$&G'%):!

! J+(M%!$,!/($)$/*1!'&9/*)$+,!)#'+(3!*,&!/($)$/*1!(*/'!)#'+(3!-(+.$&'!)#'!

4(*7'G+(M!4+(!)#'!$,.'%)$2*)$+,:!E'4'(',/'!2(+9-!)#'+(3!-(+.$&'%!)#'!0*%$%!4+(!

$,.'%)$2*)$,2!)#'!(+1'!-1*3'&!03!*!N)#$(&!-1*/'O!*%!*!%*4'!',.$(+,7',)!G#'('!

;7'($/*,!H,&$*,!/+11'2'!%)9&',)%!/*,!*44$1$*)'!G$)#!*!,+(7*)$.'!('4'(',/'!2(+9-!)#*)!

%#*('%!/+77+,!/91)9(*1!/*-$)*1!)#*)!*$&%!$,!,*.$2*)$+,!)#(+92#!)#'!9,$.'(%$)3!

',.$(+,7',):!!

! "#'!')#,+2(*-#$/!('%'*(/#!7')#+&%!+4!$,)',%$.'!$,)'(.$'G%@!4+/9%!2(+9-%@!

*,&!-*()$/$-*,)!+0%'(.*)$+,!G$)#!9,$.'(%$)3!*&7$,$%)(*)+(%@!4*/91)3@!%)*44@!*,&!

%)9&',)%!*('!9%'&!)+!2*)#'(!&*)*:!P9*,)$)*)$.'!&*)*!+,!9,$.'(%$)3!',(+117',)@!

(')',)$+,@!*,&!2(*&9*)$+,!03!(*/'Q')#,$/$)3!$%!*1%+!-('%',)'&:!!

! I$,&$,2%!%#+G!*7+,2!)#'!7+%)!%*1$',)!4*/$1$)*)+(%@!%9--+()!$%!)#'!7+%)!

%$2,$4$/*,)@!4+11+G'&!03!/91)9('!*,&!4$,*,/$*1!('%+9(/'%:!;7+,2!)#'!7+%)!-+G'(491!

! M(

0*(($'(%@!)#'!7+%)!%*1$',)!G*%!4+9,&!)+!0'!$,%)$)9)$+,*1!0*(($'(%@!4+11+G'&!03!*!1*/M!+4!

%9--+()@!-++(!#$2#!%/#++1!-('-*(*)$+,@!*,&!)#'!1*/M!+4!+--+()9,$)$'%!4+(!/91)9(*1!

'L-('%%$+,!*,&!-*()$/$-*)$+,:!!

! H7-1$/*)$+,%!*,&!('/+77',&*)$+,%!4+(!)#'!-(*27*)$/!*--1$/*)$+,!+4!4$,&$,2%!

)+!)#'!4$'1&!+4!#$2#'(!'&9/*)$+,!4+(!;7'($/*,!H,&$*,!%)9&',)%!*('!&$%/9%%'&:!!

E'/+77',&*)$+,%!4+(!49()#'(!%)9&3!*('!$,/19&'&:!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

! M8(

/=AD:(>E(&>?<:?<9(

;0%)(*/)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR:R:$.!

S$%)!+4!"*01'%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR:R:::::$L!

&F=C<:;(*?:2(%?<;>7@H<8>?RRRR::RRRRRRRRRRRRRRRRRRRRR::::::::::::::::::T!

&F=C<:;(/Q>2(+8<:;=<@;:($:M8:QRRRRRRR::RRRRRRRRRRRRRRRRR:::RTU!

! ;!V($'4!D$%)+(3!+4!;7'($/*,!H,&$*,!W&9/*)$+,RRRRRRRRRRRRRRRR:TU!

! "#'!X9((',)!F)*)'!+4!;7'($/*,!H,&$*,!D$2#'(!W&9/*)$+,RRRRRRRRR::RTY!

! F)9&$'%!$,!;7'($/*,!H,&$*,!D$2#'(!W&9/*)$+,RRRRRRRRRRRRRR:::::RZ[!

! V*(($'(%!)+!;7'($/*,!H,&$*,!D$2#'(!W&9/*)$+,RRRRRRRRRRRRRR::R:Z\!

! I*/)+(%!S'*&$,2!)+!;7'($/*,!H,&$*,!F9//'%%!$,!D$2#'(!W&9/*)$+,RRRRR::Z]!

! F-'/$4$/!F)(*)'2$'%!4+(!F9//'%%!$,!D$2#'(!W&9/*)$+,RRRRRRRRRRRRR::[T!

! "#'!E+1'!+4!W)#,$/!H&',)$)3!*,&!W7-+G'(7',)RRRRRRRRRRRRRRR:::[^!

! "#'!E+1'!+4!*!F#*('&!61*/'!4+(!;7'($/*,!H,&$*,!F)9&',)%RRRRRRRRRR:\T!

! F977*(3!*,&!X+,/19%$+,!)+!S$)'(*)9('!E'.$'GRRRRRRRRRRRRRRR:::\[!

&F=C<:;(/F;::2(/F:>;:<8H=D(*;8:?<=<8>?RRRRRR:RRRRRRRRRRRRRRR::::\Y!

&F=C<:;(3>@;2(":<F>7>D>K5RRRRRRRR::RRRRRRRRRRRRRRRRRRRR::::_T!

! E'%'*(/#!P9'%)$+,%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRR::::_Z!

! F)9&3!H,%)$)9)$+,RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR::_[!

! F)9&3!6*()$/$-*,)%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR:::_[!

! E'%'*(/#!5'%$2,RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR:::__!

! C')#+&%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR:::RR::_Y!

! 5*)*!X+11'/)$+,!*,&!;,*13%$%RRRRRRRRRRRRRRRRRRRRRRRRRR:Y[!

! M88(

! X+,%$&'(*)$+,!+4!D97*,!F90<'/)%RRRRRRRRRRRRRRRRRRRRRRR::]U!

&F=C<:;(38M:2(38?78?K92(R@=?<8<=<8M:RRRRRRR::RRRRRRRRRRRRRR:RR::]\!

&F=C<:;(-8S2(38?78?K92(3=H8D8<=<>;9RRRRRRR::RRRRRRRRRRRRRR:RRRR]`!

! I*/$1$)*)+(a!F9--+()RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR:`T!

! I*/$1$)*)+(a!I$,*,/$*1!E'%+9(/'%RRRRRRRRRRRRRRRRRRRRRRR:::TUT!

! I*/$1$)*)+(a!X91)9('RRRRRRRRRRRRRRRRRRRRRRRRRRRRRR:::TU\!

&F=C<:;(-:M:?2(38?78?K92(4=;;8:;9RRRRRRRRRR:RRRRRRRRRRRR:RR::TUY!

! H,%)$)9)$+,*1!V*(($'(%RRRRRRRRRRRRRRRRRRRRRRRRRRRRR::TU`!

! 6++(!D$2#!F/#++1!6('-*(*)$+,RRRRRRRRRRRRRRRRRRRRRRRR:::TT^!

! 6('<9&$/'!+(!E*/$%7RRRRRRRRRRRRRRRRRRRRRRRRRRRRRR:TZT!

! S*/M!+4!F9--+()RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR::TZ[!

! I*7$13RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR::TZ]!

! I$,*,/$*1RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR:T[T!

! X+779,$)3RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRT[^!

! X91)9('RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR:T[Y!

! 5+7$,*,)!X91)9('!E'4'(',/'!b(+9-RRRRRRRRRRRRRRRRRRRRR::T\Z!

! 61*/'RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR::T\Y!

&F=C<:;(#8KF<2()89H@998>?RRRRRRRRRRRRRRRRRRRRR:RRRRRRRR:::T^Z!

! I*/$1$)*)+(%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRT^[!

! V*(($'(%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR:::T_[!

&F=C<:;('8?:2(-@BB=;5T(&>?HD@98>?9T($:H>BB:?7=<8>?9(=?7(+8B8<=<8>?9::::ZUT!

! F977*(3QX+,/19%$+,%RRRRRRRRRRRRRRRRRRRRRRRRRRRR::ZUT!

! M888(

! S$7$)*)$+,%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRZT[!

! E'/+77',&*)$+,%RRRRRRRRRRRRRRRRRRRRRRRR::RRRRRR:ZT_!

! F922'%)$+,%!4+(!I9()#'(!E'%'*(/#RRRRRRRRRRRR:RRRRRR:::RRR::ZZZ!

$:E:;:?H:9RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR:::ZZ\!

!CC:?78H:9(

! ;a!H,)'(.$'G!b9$&'!4+(!;&7$,$%)(*)+(%!*,&!I*/91)3RRRRRRRRR:RRR:::Z[^!

! Va!H,)'(.$'G!b9$&'!4+(!F)9&',)%RRRRRRRRRRRRRRRRRRRR:::RRRZ[]!

! Xa!6*()$/$-*,)!X+,%',)!I+(7!4+(!6'(%+,*1!H,)'(.$'GRRRRRR::::::::::::::RR:::Z\Z!

! 5a!6*()$/$-*,)!X+,%',)!I+(7!4+(!I+/9%!b(+9-!H,)'(.$'GRRRRRRRRRR:Z\^!

! Wa!6*()$/$-*,)!X+,%',)!I+(7!4+(!6'(%+,*1!H,)'(.$'G!! ! ! !

! ! ;&7$,$%)(*)+(QI*/91)3RRRRRRRRRRRRRRR::RRRRRRRRRZ\]!

!

! Ia!H,)(+&9/)$+,!)+!I+/9%!b(+9-!*,&!5'7+2(*-#$/!P9'%)$+,,*$('RRRRR:Z^T!

! ba!?*)$.'!;7'($/*,!F/#+1*(%#$-%RRRRRRRRRRRRRRRRR:RRR::::::::::Z^[!

!

!

!

!

!

!

!

!

!

!

!

! 8S(

+89<(>E(/=AD:9(

"*01'RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR:::-*2'!

^:T! W)#,$/!c($2$,!F5FK!F)9&',)!6+-91*)$+,RRRRRRRRRRRRRRRRRRR:R]^!

^:Z! E')',)$+,!*,&!b(*&9*)$+,!E*)'%!+4!I911B"$7'@!I$(%)B"$7'!V*/#'1+(O%!

! 5'2(''!%''M$,2!F)9&',)!6+-91*)$+,!d"+)*1!6+-91*)$+,eRRRRRRRRRR::R]]!

^:[! E')',)$+,!*,&!b(*&9*)$+,!E*)'%!+4!I911B"$7'@!I$(%)B"$7'!V*/#'1+(O%!!

! 5'2(''!%''M$,2!F)9&',)!6+-91*)$+,!d?*)$.'!;7'($/*,!6+-91*)$+,eRRR::R::]]!

_:T! 6($7*(3!I*/$1$)*)+(%!+4!;7'($/*,!H,&$*,!W&9/*)$+,*1!;))*$,7',)!F*7-1'!

! P9+)*)$+,%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR::::::::RR:::`U!

Y:T! 6($7*(3!V*(($'(%!)+!;7'($/*,!H,&$*,!W&9/*)$+,*1!;))*$,7',)!!

! F*7-1'!P9+)*)$+,%RRRRRRRRRRRRRRRRRRRRRRRRRRRRRR:::TU]

&U!I/#$(*'#(

%?<;>7@H<8>?(

(

61*$,%!F)*)'!K,$.'(%$)3!d6FKe!$%!*!-('&+7$,*,)13!J#$)'!$,%)$)9)$+,!$,!*!%)*)'!

G$)#!*!%$2,$4$/*,)!*,&!2(+G$,2!;7'($/*,!H,&$*,!-+-91*)$+,:!6FK!+44'(%!*!&$.'(%$)3!+4!

-(+2(*7%!*$7'&!*)!#'1-$,2!;7'($/*,!H,&$*,%!%9//''&!$,!/+11'2':!D+G'.'(@!)#'!

7'/#*,$%7%!)#*)!$7-*/)!)#'!'44$/*/3!+4!)#'%'!-(+2(*7%!*('!,+)!G'11!9,&'(%)++&:!

"#$%!%)9&3!'L-1+('%!4*/$1$)*)+(%!*,&!0*(($'(%!)+!'&9/*)$+,*1!*))*$,7',)!4+(!;7'($/*,!

H,&$*,!%)9&',)%!*)!6FK:!

"#$%!%)9&3!%''M%!)+!&')'(7$,'!G#*)!4*/)+(%!/+70$,'!)+!',#*,/'!*/*&'7$/!

*))*$,7',)!$,!#$2#'(!'&9/*)$+,!*7+,2!;7'($/*,!H,&$*,!%)9&',)%f!*,&!/+,.'(%'13@!

G#*)!4*/)+(%!G+(M!*%!0*(($'(%!)+!*/*&'7$/!*))*$,7',):!"#$%!%)9&3!'L-1+('%!)#'!

4*/)+(%!)#*)!/+,)($09)'!)+!'&9/*)$+,*1!*))*$,7',)!*7+,2!;7'($/*,!H,&$*,!%)9&',)%!

*)!*!-('&+7$,*,)13!J#$)'!9,$.'(%$)3!$,!*!C$&G'%)'(,!-1*$,%!%)*)':!

"#(+92#+9)!)#'!#$%)+(3!+4!/+,)*/)!0')G'',!W9(+-'*,!/+1+,$g'(%!*,&!)#'!

$,&$2',+9%!-'+-1'%!+4!?+()#!;7'($/*@!H,&$*,!'&9/*)$+,!#*&!*%!$)%!-($7*(3!2+*1!)#'!

('%#*-$,2!+4!)#'!H,&$*,!$,)+!)#'!7+1&!+4!)#'!W9(+-'*,!7*,!dC'($*7!T`Z]f!X+11$'(!

T`\Yf!V'(M#+4'(!T`Y]e:!

! ! ! !V'((3!dT`_`e!$119%)(*)'%!)#'!4*$19('!+4!;7'($/*O%!1+,2!#$%)+(3!+4!4*$1$,2!)+!

'&9/*)'!)#'!H,&$*,!$,)+!)#'!J#$)'!7*,O%!$7*2':!V'((3!*))($09)'%!)#$%!4*$19('!)+!)#'!

#$%)+(3!+4!('1*)$+,%!0')G'',!)#'!&+7$,*,)!%+/$')3!*,&!)($0*1!2(+9-%!('2*(&$,2!

*/*&'7$/!*/#$'.'7',):!V'((3!-+$,)%!+9)!)#*)!,'*(13!'.'(3!/+,/'$.*01'!0*(($'(!)+!

! N(

'&9/*)$+,*1!%9//'%%!G*%!*)!G+(M!('2*(&$,2!)#'!'&9/*)$+,*1!'L-'($',/'!+4!)#'!

;7'($/*,!H,&$*,!%)9&',):!

! H,!)#'!0++M!!"#$%&'()&*$+",'-$./&*'012+"#$3,'$,'#/&'4,$#&1'5#"#&6@!X*(,'3!

dT``àT\Ye!1$%)%!%'.'(*1!-(+01'7%!)#*)!*('!7*,$4'%)!*)!)#'!$,&$.$&9*1!1'.'1!)#*)!*/)!*%!

+0%)*/1'%!)+!%9//'%%!$,!#$2#'(!'&9/*)$+,:!"#'%'!$,/19&'a!*!-'(%$%)',)13!#$2#!&(+-+9)!

(*)'!&9($,2!+(!0'4+('!#$2#!%/#++1!d"$'(,'3!T``Zef!*!1+G!-(+-+()$+,!+4!#$2#!%/#++1!

2(*&9*)'%!',)'($,2!/+11'2'!dV'12*(&'!T``Zef!*!%)(+,2!%',%'!+4!$%+1*)$+,!*,&!+4!

$,%9(7+9,)*01'!/91)9(*1!0*(($'(%!dE$/#*(&%+,!*,&!FM$,,'(@!T``Tef!*!2','(*1!1*/M!+4!

*/*&'7$/!-('-*(*)$+,!*,&!%M$11%@!*!1*/M!+4!(+1'!7+&'1%@!4$,*,/$*1!-(+01'7%@!,'2*)$.'!

/91)9(*1!-('%%9('!db93'))'!*,&!D')#!T`][ef!/91)9('!%#+/M@!1*/M!+4!7+)$.*)$+,@!

W,21$%#!&'4$/$',/3@!9,('*1$%)$/!/*(''(!2+*1%@!&$%)(9%)!+4!)#'!$,%)$)9)$+,@!*,&!*!2','(*1!

1*/M!+4!%9--+()@!%+/$*1$g*)$+,!*,&!/+9,%'1$,2@!dC/H,)+%#!T`]Yf!J($2#)!*,&!"$'(,'3!

T``Te:(

! ;//+(&$,2!)+!D9447*,!dT``è!%)9&',)%!G#+!*('!1'%%!*%%$7$1*)'&!)+!)#'!

7*$,%)('*7!/91)9('!G$11!'L-'($',/'!7+('!/91)9('!%#+/M!9-+,!*(($.*1!*)!/+11'2'!*,&!

G$11!0'!7+('!1$M'13!)+!&(+-!+9)!*,&!(')9(,!#+7'!G$)#+9)!%+7'!%9--+()!+(!%'(.$/'%!

&'%$2,'&!)+!4*/$1$)*)'!)#'!)(*,%$)$+,!4(+7!)#'!4*7$1$*(@!7+('!)(*&$)$+,*1!',.$(+,7',)!

)+!)#'!7*$,%)('*7!/+11'2'!',.$(+,7',):!;%%+/$*)$+,!G$)#!/91)9(*113!%$7$1*(!-''(%!

#'1-%!%+4)',!)#'!#*(%#!'44'/)%!+4!/91)9('!%#+/M!*,&!%7++)#!)#'!)(*,%$)$+,:!

! H,!)#'!0++M@!7/&'8*&"#'8331'9:"+&!dT`]è@!c1&',09(2!7*M'%!*!%)(+,2!/*%'!4+(!

G#*)!#'!)'(7%!N)#'!)#$(&!-1*/'O!*%!*!-1*/'!G#'('!$,4+(7*1!-901$/!*%%+/$*)$+,!%'(.'%!

! V(

)+!4*/$1$)*)'!*!%',%'!+4!/+779,$)3!G'11!0'$,2!*,&!%+1$&*($)3!0*%'&!+,!%#*('&!.*19'%!

*,&!/+77+,!1$4'!'L-'($',/'!*)!)#'!1+/*1!/+779,$)3!1'.'1:!

! !b*((+&!*,&!S*($7+('!dT``Ye!/+7-$1'&!,*((*)$.'%!4(+7!;7'($/*,!H,&$*,!

%)9&',)%!*)!5*()7+9)#!*,&!4+9,&!)#*)!)#'!2(+9-!M,+G,!*%!h"#'!?*)$.'!;7'($/*,%!*)!

5*()7+9)#i!-(+.$&'&!*!/#*,/'!4+(!%9--+()!*,&!%+1$&*($)3!4+(!?*)$.'!%)9&',)%!$,!)#'!

4+('$2,!G+(1&!+4!*,!H.3!S'*29'!/*7-9%!$,!)#'!?+()#'*%)'(,!K,$)'&!F)*)'%:!C*,3!

/+,)($09)+(%!/$)'&!)#'!4+(7*)$+,!+4!%9/#!*!('4'(',/'!2(+9-!*%!)#'!-($7*(3!4*/)+(!$,!

)#'$(!/+11'2'!%9//'%%:!"#'!?*)$.'!;7'($/*,!D+9%'!*)!5*()7+9)#!-(+.$&'&!*!%*4'!

-1*/'!4+(!)#'!4+(7*)$+,!+4!)#'!('4'(',/'!2(+9-:!

b$.',!)#'!/+,)$,9$,2!&$%-*($)3!0')G'',!2(*&9*)$+,!(*)'%!+4!;7'($/*,!H,&$*,!

*,&!,+,BH,&$*,!%)9&',)%!d6*.'1@!FM$,,'(@!I*(($%@!X*1*#*,@!"$--'/+,,$/!*,&!F)'$,!

T``]f!5'j+'@!5*(1$,2BX#9(/#$11!*,&!F,3&'(!ZUU]e@!)#$%!%)9&3!#*%!G$&'!(*,2$,2!

$7-1$/*)$+,%!4+(!)#'!$7-1'7',)*)$+,!+4!/91)9(*113!('1'.*,)!-(+2(*7%@!-+1$/$'%!*,&!

/9(($/91*!4+/9%'&!+,!$,/('*%$,2!(')',)$+,!*,&!2(*&9*)$+,!(*)'%!4+(!;7'($/*,!H,&$*,!

%)9&',)%!$,!#$2#'(!'&9/*)$+,:!!

! ! ! F'.'(*1!%)9&$'%!%#+G!*!&$%-(+-+()$+,*)'!2(*&9*)$+,!(*)'!0')G'',!?*)$.'!

;7'($/*,!%)9&',)%!*,&!,+,BH,&$*,!%)9&',)%!*)!0+)#!)#'!%'/+,&*(3!*,&!-+%)B

%'/+,&*(3!1'.'1%:!?*)$.'!;7'($/*,!%)9&',)%!*('!/+,%$%)',)13!%#+G,!)+!0'!7+('!1$M'13!

)+!&(+-!+9)!0'4+('!)#'!/+7-1')$+,!+4!#$2#!%/#++1:!F'.'(*1!('*%+,%!4+(!)#'!&$%-*($)3!

$,/19&'!*1$',*)$+,@!4''1$,2!+4!-+G'(1'%%,'%%!*,&!$,4'($+($)3!'%)(*,2'7',)@!

&'-('%%$+,@!*,&!1*/M!+4!%9--+()@!%944$/$',)!#'1-!)+!%9//''&!*,&!1*/M!+4!%9//'%%!

'L-'($',/'%!dJ*L!T`_Yf!V'((3!T`_`f!I*1M!*,&!;$)M',!T`]\f!S$,@!S*X+9,)'!*,&!W&'(!

! W(

T`]]f!b$11$1*,&!T`]]e:!;/*&'7$/!&$44$/91)$'%!*,&!,+,-'(%$%)',/'!+4!?*)$.'!;7'($/*,%!

$,!/+11'2'!*('!%$7$1*(13!G'11!&+/97',)'&!dF)'G*(&!T``[f!6*.'1!'):!*1:!T``]f!5'j+'@!

5*(1$,2BX#9(/#$11!*,&!F,3&'(!ZUU]e:!;)!)#'!/+11'2'!1'.'1@!&'%-$)'!'.$&',/'!+4!

*/*&'7$/!*0$1$)3@!&(+-+9)!(*)'%!*('!#$2#'(!4+(!?*)$.'!;7'($/*,%!)#*,!4+(!*,3!+)#'(!

7$,+($)3!dE'&&3!T``[f!5'j+'!')!*1:!ZUU]e:!?*)$.'!;7'($/*,%!*('!*1%+!

9,&'(('-('%',)'&!$,!2(*&9*)'!-(+2(*7%!dS*I(+70+$%'!*,&!S+G!T`]`f!6*.'1!T``]e:!

?*)$.'!;7'($/*,%!/+,%$%)',)13!#*.'!1+G'(!'&9/*)$+,*1!*))*$,7',)!)#*,!+)#'(!')#,$/!

7$,+($)$'%!dS$,@!S*X+9,)'!*,&!W&'(!T`]]f!5'j+'@!5*(1$,2BX#9(/#$11!*,&!F,3&'(!

ZUU]e:!!

! ! ! J#*)!4*/)+(%!7$2#)!*//+9,)!4+(!*/*&'7$/!%9//'%%!*7+,2!;7'($/*,!H,&$*,!

%)9&',)%!*)!6FKk!WL$%)$,2!-(+2(*7%!%9/#!*%!ZlZlZ!d?$/#+1%!*,&!?$/#+1%@!T``]e@!"($+@!

K-G*(&!V+9,&!*,&!F9//'%%!;/*&'73!dS''!ZUU_e!*,&!)#'!?*)$.'!;7'($/*,!X190!*)!

6FK!*('!0'1$'.'&!)+!4*/$1$)*)'!%9//'%%491!)(*,%$)$+,!4+(!%)9&',)%!$,)+!)#'!7*$,%)('*7!

9,$.'(%$)3:!

! "#'!/($)$/*1!)#'+(')$/*1!)(*&$)$+,!-(+.$&'%!)#'!/+,/'-)9*1!4(*7'G+(M!4+(!)#'!

%)9&3:!J+(M%!('1*)$,2!)+!/($)$/*1!'&9/*)$+,!)#'+(3!*,&!/($)$/*1!(*/'!)#'+(3!*('!

$&',)$4$'&!*%!-*()$/91*(13!%*1$',)!4+(!)#$%!'L*7$,*)$+,!+4!(')',)$+,!*,&!2(*&9*)$+,!+4!

;7'($/*,!H,&$*,!%)9&',)%!4(+7!61*$,%!F)*)'!K,$.'(%$)3:!!

! "#'!/($)$/*1!%/#++1!+4!%+/$+1+2$/*1!)#'+(3@!/+77+,13!('4'(('&!)+!*%!)#'!

I(*,M49()!F/#++1@!&'.'1+-'&!$,!)#'!'*(13!T`UU%!+9)!+4!)#'!C*(L$*,!-'(%-'/)$.':!;)!$)%!

/+('@!/($)$/*1!)#'+(3!&'.'1+-%!*!7+&'!+4!$,89$(3!)#*)!2+'%!0'3+,&!%9(4*/'!$119%$+,%!)+!

9,/+.'(!('*1!%)(9/)9('%!$,!)#'!7*)'($*1!G+(1&!d?'97*,!ZUUUe:!X($)$/*1!)#'+($%)%!#+1&!

! X(

)#*)!4*/)%!/*,,+)!0'!%'-*(*)'&!4(+7!)#'!'44'/)!+4!)#'!&+7$,*,)!.*19'%!+4!*!%+/$')3!

d;1)#9%%'(!T`_`f!V+))+7+('!T`]\f!?'97*,!ZUUUe:!X($)$/*1!)#'+(3!$%!.*19'!1*&',!*,&!

'7*,/$-*)+(3!$,!)#*)!$)!%''M%!)+!1$0'(*)'!#97*,!'L$%)',/'!*,&!*7'1$+(*)'!+--('%%$.'!

%+/$*1!/+,&$)$+,%:!

! b(*7%/$O%!dT`[Ze!/+,/'-)!+4!#'2'7+,3!$%!('1'.*,)!)+!)#$%!%)9&3:!X91)9(*1!

#'2'7+,3!$%!*!%+/$*1!/+,&$)$+,!$,!G#$/#!)#'!(91$,2!/1*%%!7*,$-91*)'%!/91)9(*1!

%370+1%!$,!%9/#!*!G*3!)#*)!1'*&%!+)#'(!/1*%%'%!+(!/91)9(*1!2(+9-%!)+!'44'/)$.'13!

/+,)($09)'!)+!)#'$(!+G,!%90+(&$,*)$+,!db(*7%/$!T`[Ze:!"#$%!4+(7!+4!&+7$,*)$+,!

+-'(*)'%!)#(+92#!.$)*1!%+/$*1!49,/)$+,%!$,!%+/$*1!$,%)$)9)$+,%!%9/#!*%!'&9/*)$+,!

dI($'('!T`Y\e@!*,&!$%!+4!-*()$/91*(!$,)'('%)!)+!)#$%!%)9&3!+4!;7'($/*,!H,&$*,%!*,&!

#$2#'(!'&9/*)$+,!*)!6FK:!

! "#$%!%)9&3!'7-1+3%!*,!$,&9/)$.'!('%'*(/#!*--(+*/#!)+!'L-1+('!4*/)+(%!

$,419',/$,2!%'/+,&*(3!'&9/*)$+,*1!*))*$,7',)!+4!;7'($/*,!H,&$*,%:!H,!M''-$,2!G$)#!

)#'!/($)$/*1!)#'+(')$/*1!)(*&$)$+,@!)#'!7')#+&%!+4!89*1$)*)$.'!')#,+2(*-#3!-(+.$&'%!

)#$/M@!($/#!&'%/($-)$+,!4(+7!)#'!$,%$&'(O%!-'(%-'/)$.':!"#'!/+,/'-)!+4!N-(*L$%O!*%!

$,)(+&9/'&!03!C*(L@!$%!*!29$&$,2!-($,/$-1'!$,!)#'!&'%$2,!*,&!$7-1'7',)*)$+,!+4!)#$%!

%)9&3:!6(*L$%!#*%!*%!$)%!2+*1!)+!*7'1$+(*)'!+--('%%$.'!%+/$*1!/+,&$)$+,%!)#(+92#!)#'!

*--1$/*)$+,!+4!-(*27*)$/!*/)$+,!)#*)!$%!0*%'&!$,!)#'+(')$/*113!2','(*)'&!$&'*%:!"#$%!

%)9&3!$%!&$('/)'&!*)!',#*,/$,2!9,&'(%)*,&$,2!%+!)#*)!7+('!;7'($/*,!H,&$*,!

%)9&',)%!*('!*01'!)+!*))*$,!)#'$(!#$2#'(!'&9/*)$+,!*%-$(*)$+,%:!!!!!!!!!!!!!!!!!!!!!!

! 5*)*!/+11'/)'&!4+(!)#$%!('%'*(/#!$,/19&'%!4+/9%!2(+9-%@!$,)',%$.'!$,)'(.$'G%@!

$,4+(7*1!$,)'(.$'G%@!4$'1&!+0%'(.*)$+,%@!-*()$/$-*,)!+0%'(.*)$+,@!*,&!&+/97',)*(3!

! Y(

&*)*!*,*13%$%!$,/19&$,2!89*,)$)*)$.'!&*)*!+,!',(+117',)!*,&!(')',)$+,!+4!?*)$.'!

;7'($/*,!%)9&',)%:!"#$%!&*)*!-(+.$&'%!9%'491!$,%$2#)!4+(!*,!',#*,/'&!9,&'(%)*,&$,2!

+4!)#'!('%'*(/#!89'%)$+,%!)#*)!4+11+G:!

V*%'&!$,!)#'!/($)$/*1!)#'+(')$/*1!)(*&$)$+,@!)#$%!-(+<'/)!$,.'%)$2*)'%!)#'!

4+11+G$,2!('%'*(/#!89'%)$+,%a!

! ! T:!J#*)!4*/)+(%!4*/$1$)*)'!'&9/*)$+,*1!*))*$,7',)!4+(!;7'($/*,!H,&$*,!!

! ! %)9&',)%k!

! ! Z:!J#*)!4*/)+(%!*/)!*%!0*(($'(%!)+!'&9/*)$+,*1!*))*$,7',)!4+(!;7'($/*,!

! ! H,&$*,!%)9&',)%k!

! V*%'&!+,!*!('.$'G!+4!)#'!1$)'(*)9('@!)#$%!('%'*(/#!$,/19&'%!)#'!'L*7$,*)$+,!+4!

$%%9'%!('1*)$,2!)+a!

*: F9--+()!-(+2(*7%!

0: I$,*,/$*1!('%+9(/'%! !

/: X*7-9%!',.$(+,7',)!

&: I*7$13!('1*)$+,%!

': 6('B/+11'2'!*/*&'7$/!-('-*(*)$+,!

4: I*/91)3!'L-'/)*)$+,%!!

2: I*/91)3@!%)*44!*,&!%)9&',)!*))$)9&'%!

#: X9(($/9197!

$: X91)9(*113!0*%'&!('4'(',/'!2(+9-!

<: X91)9(*1!4*/)+(%!

M: "#'![(&!-1*/'!

1: H,&$.$&9*1!d-'(%+,*1e!&($.'!)+G*(&!*/*&'7$/!*))*$,7',)!

!

! "#'!7'*%9('!+4!'&9/*)$+,*1!*))*$,7',)!$%!&')'(7$,'&!)#(+92#!/+7-*(*)$.'!

(*)'%!+4!(')',)$+,!*,&!2(*&9*)$+,!4+(!;7'($/*,!H,&$*,!%)9&',)%!*,&!*11!+)#'(!

%)9&',)%!*)!6FK:!!

! Z(

( H,!)#'!$,)'('%)!+4!-(+)'/)$,2!/+,4$&',)$*1$)3!)#'!,*7'!+4!)#'!9,$.'(%$)3!#*%!

0'',!/#*,2'&!)+!61*$,%!F)*)'!K,$.'(%$)3!d6FKe:!"#'!%)*)'!$,!G#$/#!$)!$%!1+/*)'&!%#*11!

0'!/*11'&!6(*$($'!F)*)'!*,&!)#'!/$)3!$,!G#$/#!$)!$%!1+/*)'&!%#*11!0'!M,+G,!*%!E*$1)+G,:!

;11!+)#'(!/+779,$)$'%!7',)$+,'&!)#(+92#+9)!#*.'!*1%+!0'',!(',*7'&!$,!+(&'(!)+!

%*4'29*(&!)#'!$&',)$)3!+4!)#+%'!G#+!%-'*M!+4!)#+%'!-1*/'%!$,!*!G*3!)#*)!1$,M%!

)#'7%'1.'%!*,&!)#'$(!#$%)+(3!)+!)#+%'!-1*/'%:!!

! F)9&',)%@!*&7$,$%)(*)+(%!*,&!4*/91)3!*)!61*$,%!F)*)'!K,$.'(%$)3!-(+.$&'&!)#'!

791)$-1'!.+$/'%!*,&!.$'G-+$,)%!/+,)($09)$,2!)+!)#$%!%)9&3:!!

! H,!I'0(9*(3!+4!T]]T!)#'!"'(($)+($*1!S'2$%1*)9('!2(*,)'&!TZU@UUU!*/('%!$,!

6(*$($'!F)*)'!4+(!)#'!'%)*01$%#7',)!+4!*,!N;2($/91)9('!X+11'2'O:!H,!T]]`@!/+,2('%%!

2(*,)'&!*,!*&&$)$+,*1!\U@UUU!*/('%!4+(!)#'!49)9('!6FK:!V3T`Z[@!$,%)(9/)$+,*1!

-(+2(*7%!G'('!+(2*,$g'&!$,)+!4$.'!&$.$%$+,%!$,/19&$,2a!;2($/91)9('@!W,2$,''($,2@!

b','(*1!F/$',/'@!D+7'!W/+,+7$/%@!*,&!6#*(7*/3:!!"#'!49)9('!6FK!G*%!0'2$,,$,2!)+!

)*M'!%#*-':!!

! !;//+(&$,2!)+!)#'!6FK!c44$/'!+4!H,%)$)9)$+,*1!E'%'*(/#@!4+(!)#'!4*11!%'7'%)'(!+4!

ZUU`@!)+)*1!%)9&',)!',(+117',)!G*%!TZ@![Y_:!;4)'(!'L/19&$,2!]Z\!%)9&',)%!+4!

9,M,+G,!')#,$/!+($2$,!*,&!)#+%'!('49%$,2!)+!-(+.$&'!$,4+(7*)$+,@!]:\!-'(/',)!+4!)#'!

)+)*1!%)9&',)!-+-91*)$+,!G*%!1$%)'&!*%!7$,+($)3!%)9&',)%:!;7'($/*,!H,&$*,!%)9&',)%!

',(+11'&!*)!6FK!/+7-($%'!)#'!%'/+,&!1*(2'%)!+4!7$,+($)3!2(+9-%!*,&!G'('!Z:T!

-'(/',)!+4!*11!%)9&',)%!',(+11'&:!"#'!+,13!7$,+($)3!2(+9-!1*(2'(!$%!;%$*,Q6*/$4$/!

H%1*,&'(%!*)![!-'(/',)@!)#'!7*<+($)3!+4!G#$/#!*('!$,)'(,*)$+,*1!2(*&9*)'!

%)9&',)Q('%'*(/#!*%%$%)*,)%:!H,!G#*)!/*,!+,13!0'!&'%/($0'&!*%!*,!+.'(G#'17$,213!

! [(

J#$)'@!7*$,%)('*7!9,$.'(%$)3@!Z:T!-'(/',)!$%!&$%-(+-+()$+,*)'!G#',!)*M$,2!$,)+!

*//+9,)!)#'!)+)*1!?*)$.'!;7'($/*,!-+-91*)$+,!$,!6(*$($'!F)*)'@!G#$/#!$%!/+77+,13!

/$)'&!*%!0')G'',!'$2#)!*,&!,$,'!-'(/',)@!*//+(&$,2!)+!)#'!K:F:!X',%9%!V9('*9:!!

! !b$.',!)#'!/+,)$,9$,2!&$%-*($)3!0')G'',!2(*&9*)$+,!(*)'%!+4!;7'($/*,!H,&$*,!

*,&!,+,BH,&$*,!%)9&',)%!!d6*.'1!')!*1:@!T``]f!5'j+'@!5*(1$,2BX#9(/#$11!*,&!F,3&'(!

ZUU]e@!)#'!$7-1$/*)$+,%!+4!)#$%!%)9&3!7*3!#*.'!G$&'!(*,2$,2!*--1$/*)$+,%!4+(!)#'!

$7-1'7',)*)$+,!+4!/91)9(*113!('1'.*,)!-(+2(*7%@!-+1$/$'%!*,&!/9(($/91*!4+/9%'&!+,!

$,/('*%$,2!(')',)$+,!*,&!2(*&9*)$+,!(*)'%!4+(!;7'($/*,!H,&$*,!%)9&',)%!$,!#$2#'(!

'&9/*)$+,:!"+G*(&!)#$%!',&@!H!-1*,!)+!+(2*,$g'!*,&!'L'/9)'!%'7$,*(%!*)!6FK!4+(!*11!

%)*M'#+1&'(%!$,)'('%)'&!$,!)#'!4$,&$,2%!+4!)#$%!('%'*(/#!*,&!#+G!)#'%'!4$,&$,2%!/*,!

0'!$7-1'7',)'&!)+!',#*,/'!)#'!9,&'(%)*,&$,2!+4!4*/)+(%!)#*)!/+70$,'!)+!#$,&'(!+(!

4*/$1$)*)'!(')',)$+,!*,&!2(*&9*)$+,!+4!;7'($/*,!H,&$*,!%)9&',)%!*)!6(*$($'!F)*)'O%!

1*(2'%)!7*$,%)('*7!9,$.'(%$)3:!H,!M''-$,2!G$)#!)#'!/($)$/*1!-'(%-'/)$.'!+4!)#$%!

('%'*(/#@!$)!$%!#+-'&!)#*)!$,/('*%'&!9,&'(%)*,&$,2!+4!%9/#!4*/)+(%!G$11!1'*&!)+!-+1$/3!

/#*,2'%!)#*)!2('*)13!$,/('*%'!)#'!/#*,/'%!4+(!'&9/*)$+,*1!*))*$,7',)!4+(!?*)$.'!

%)9&',)%:!!

"#(+92#+9)!)#'!/+,/'-)9*1$g*)$+,@!&'%$2,!*,&!$7-1'7',)*)$+,!+4!)#$%!

('%'*(/#@!H!#*.'!%+92#)!)+!-(+.$&'!*!7'&$97!4+(!)#'!&'1$.'(3!+4!)#'!.+$/'%!+4!*11!

)#+%'!*&7$,$%)(*)+(%@!4*/91)3@!%9--+()!%)*44!*,&!%)9&',)%!G#+!*('!)#'!%)*M'#+1&'(%!$,!

*/*&'7$/!*))*$,7',)!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!c4!-($7*(3!%$2,$4$/*,/'!

*('!)#'!%)9&',)%!)#'7%'1.'%!G#+!G'('!'*2'(!)+!0'!#'*(&!*,&!G#+!('7*$,!#+-'491!

4+(!-+%$)$.'!%+/$*1!/#*,2'!1'*&$,2!)+!'7-+G'(7',)!*,&!*/*&'7$/!%9//'%%:!H)!#*%!

! \(

0'',!73!2+*1!)+!-(+.$&'!*!&')*$1'&!-$/)9('!+4!)#'!/+11'2'!'L-'($',/'!*)!6FK!)#(+92#!

)#'!'3'%!+4!)#'!?*)$.'!;7'($/*,!%)9&',):!!

"#'('!*('!('*1$%)$/!1$7$)*)$+,%!+4!%9/#!*,!',&'*.+(:!;7+,2!)#+%'!1$7$)*)$+,%@!

$)!79%)!0'!,+)'&!)#*)!)#$%!('%'*(/#!%-*,,'&!+,13!+,'!3'*(!$,!)#'!1$.'%!+4!)#+%'!G#+!

-*()$/$-*)'&!*,&!$,!)#'!#$%)+(3!+4!)#'!$,%)$)9)$+,!$)%'14:!;%!%9/#@!$)!$%!+,13!*!0($'4!

%,*-%#+)!$,!)$7':!59($,2!)#'!/+9(%'!+4!)#*)!3'*(@!7*,3!-+%$)$.'!/#*,2'%!#*.'!

*1('*&3!/+7'!)+!1$4':!C+%)!,+)*013!*7+,2!)#+%'!/#*,2'%!$%!)#'!/+77$)7',)!03!)#'!

9,$.'(%$)3!*&7$,$%)(*)$+,!4+(!)#'!/('*)$+,!+4!*,!;7'($/*,!H,&$*,!W&9/*)$+,!*,&!

X91)9(*1!X',)'(!%/#'&91'&!)+!+-',!&9($,2!)#'!4*11!%'7'%)'(!+4!ZUTU:!!;1%+!+4!

%$2,$4$/*,/'!$%!)#'!-1*,,$,2!*,&!&'.'1+-7',)!+4!*,!',#*,/'&!/9(($/9197!$,!)#'!4+(7!

+4!)#'!;7'($/*,!H,&$*,!F)9&$'%!7*<+(!)+!*//+7-*,3!)#'!/9((',)!7$,+(!$,!)#*)!4$'1&!

+4!%)9&3:!!

J#$1'!)#'!1+,2!#$%)+(3!+4!0*(($'(%!)+!'&9/*)$+,*1!*))*$,7',)!4+(!;7'($/*,!

H,&$*,!%)9&',)%!*)!6FK!$%!4+(7$&*01'@!$)!$%!+4!/+,%$&'(*01'!%$2,$4$/*,/'!*,&!/*9%'!4+(!

(','G'&!#+-'!)#*)!6FK!$%!7+.$,2!$,!*!-+%$)$.'!&$('/)$+,:!

H,!)#'!/#*-)'(%!)#*)!4+11+G@!('1'.*,)!1$)'(*)9('!*,&!)#'+(')$/*1!-'(%-'/)$.'%!

*('!-('%',)'&:!!C')#+&%!*('!&$%/9%%'&!*,&!89*1$)*)$.'!*,&!89*,)$)*)$.'!4$,&$,2%!*('!

-('%',)'&:!"#'!&$%%'()*)$+,!/+,/19&'%!G$)#!*!&$%/9%%$+,!+4!)#'%'!4$,&$,2%@!

/+,/19%$+,%@!*,&!('/+77',&*)$+,%:!

!

! PO(

&U!I/#$(/]*((

+8<:;=<@;:($:M8:Q(

(

! 61*$,%!F)*)'!K,$.'(%$)3!$%!*!-('&+7$,*,)13!J#$)'!$,%)$)9)$+,!$,!*!%)*)'!G$)#!*!

%$2,$4$/*,)!*,&!2(+G$,2!;7'($/*,!H,&$*,!-+-91*)$+,:!6FK!+44'(%!*!&$.'(%$)3!+4!

-(+2(*7%!*$7'&!*)!#'1-$,2!;7'($/*,!H,&$*,%!%9//''&!$,!/+11'2':!D+G'.'(@!)#'!

7'/#*,$%7%!)#*)!$7-*/)!)#'!'44$/*/3!+4!)#'%'!-(+2(*7%!*('!,+)!G'11!9,&'(%)++&:!!

! H,!+(&'(!)+!2*$,!*,!$7-(+.'&!9,&'(%)*,&$,2!+4!7'/#*,$%7%!)#*)!$7-*/)!

;7'($/*,!H,&$*,!-+%)!%'/+,&*(3!'&9/*)$+,*1!*))*$,7',)@!)#$%!1$)'(*)9('!('.$'G!G$11!

'L*7$,'!*!#$%)+(3!+4!;7'($/*,!H,&$*,!'&9/*)$+,!4(+7!$)%!'*(1$'%)!$,/'-)$+,!9-!)+!)#'!

/9((',)!%)*)9%!+4!;7'($/*,!H,&$*,!#$2#'(!'&9/*)$+,:!H,!*&&$)$+,@!/+77+,!0*(($'(%!)+!

'&9/*)$+,*1!*))*$,7',)!4+(!?*)$.'!;7'($/*,!%)9&',)%!*,&!%-'/$4$/!%)(*)'2$'%!)#*)!

#*.'!-(+.',!%9//'%%491!4+(!+.'(/+7$,2!)#'%'!/#*11',2'%!G$11!0'!'L-1+('&:!6('.$+9%!

('%'*(/#!$,.'%)$2*)$,2!)#'!1$,M!0')G'',!')#,$/!$&',)$)3@!'7-+G'(7',)!*,&!

'&9/*)$+,*1!*))*$,7',)@!*1+,2!G$)#!)#'!(+1'!+4!*!%#*('&!%-*/'!4+(!;7'($/*,!H,&$*,!

%)9&',)%!$,!-('&+7$,*,)13!J#$)'!$,%)$)9)$+,%!+4!#$2#'(!'&9/*)$+,!$%!&$%/9%%'&:!

!

!(4;8:E(U89<>;5(>E(!B:;8H=?(%?78=?(#7@H=<8>?(

!"#$%&'()#*+",&-,.*",&!./+"0*1,&

! 6($+(!)+!W9(+-'*,!/+1+,$g*)$+,!+4!)#'!;7'($/*%@!)($0*1!,*)$+,%!#*&!&$.'(%'!

%3%)'7%!+4!'&9/*)$+,!)#*)!G'('!&'%$2,'&!)+!)'*/#!3+9)#@!*//+(&$,2!)+!)#'!)($0'%O!

%-'/$4$/!/91)9('%@!)#'!%M$11%!,'/'%%*(3!4+(!%9(.$.*1!$,!)#'$(!',.$(+,7',)%!dm$,,!T`]Ue:!

! PP(

"#$%!%3%)'7!+4!?*)$.'!'&9/*)$+,!G*%!*//+7-1$%#'&!-($7*($13!)#(+92#!$,4+(7*1!

+0%'(.*)$+,!*,&!$,)'(*/)$+,!G$)#!-*(',)%@!('1*)$.'%@!'1&'(%!*,&!('1$2$+9%!*,&!%+/$*1!

2(+9-%!d6'G'G*(&3!ZUUZe:!

! "#(+92#+9)!)#'!#$%)+(3!+4!/+,)*/)!0')G'',!W9(+-'*,!/+1+,$g'(%!*,&!)#'!

$,&$2',+9%!-'+-1'%!+4!?+()#!;7'($/*@!H,&$*,!'&9/*)$+,!#*&!*%!$)%!-($7*(3!2+*1!)+!

('%#*-'!)#'!H,&$*,!$,)+!)#'!7+1&!+4!)#'!W9(+-'*,!7*,!dC'($*7!T`Z]f!X+11$'(!T`\Yf!

V'(M#+4'(!T`Y]e:!!W9(+-'*,!.*19'%!%9/#!*%!/+7-')$)$+,@!$,&$.$&9*1!*/#$'.'7',)!*,&!

)#'!*//9791*)$+,!+4!G'*1)#!G'('!/+77+,13!%'',!*%!7+('!/$.$1$g'&!)#*,!G'('!)#'!

.*19'%!+4!/++-'(*)$+,@!/+779,*1$%7!*,&!*!#*(7+,3!G$)#!)#'!W*()#@!G#$/#!G'('!

7+('!/+77+,!)+!)#'!)(*&$)$+,*1!0'1$'4%!+4!7*,3!;7'($/*,!H,&$*,!)($0'%!dW*%)7*,!

TÙZf!F)*,&$,2!V'*(!T`Z]f!?'$#*(&)!T`[Zf!V(+G,!T`^[e:!"#'!%-$($)9*1!1$4'!+4!?*)$.'!

;7'($/*,%!G*%!%'',!03!7*,3!W9(+-'*,%!*%!#'*)#',!*,&!G*%!%9--1*,)'&!03!

X#($%)$*,$)3!*%!)#'!-*)#G*3!)+!/$.$1$g*)$+,!dV'(M#+4'(!T`Y]f!C/V')#!T`][f!c--'1)!

T`Ùf!5'1+($*!>(:!T``\f!V+3'(!T``Yf!X*11+G*3!T``è:!H,!+(&'(!)+!*/#$'.'!)#$%!2+*1@!

/+1+,$g'(%!%9--+%'&!)#'!$&',)$)3!+4!)#'!;7'($/*,!H,&$*,!G+91&!#*.'!)+!0'!

&'/+,%)(9/)'&!*,&!('/+,%)(9/)'&!$,!)#'!$7*2'!+4!)#'!J#$)'!7*,!dV'(M#+4'(!T`Y]f!

V+(&'G$/#!T``_f!K))'(!ZUUTe:!!!

! ;//+(&$,2!)+!6'G'G*(&3!dT``]a]e@!;7'($/*,!H,&$*,!-+-91*)$+,%!G'('!,+)!

&'4'*)'&!03!7$1$)*(3!4+(/'!+(!-*,&'7$/!&$%'*%'!$,)(+&9/'&!03!W9(+-'*,%!09)!(*)#'(!

03!h-+1$)$/*113!%)(9/)9($,2!'&9/*)$+,*1!$,%)$)9)$+,%!4+(!;7'($/*,!H,&$*,Q;1*%M*!

?*)$.'!%)9&',)%!)+!7+1&!*!/+1+,$*1!')#+%:i!X$)$,2!J$11$*7%!dZUUUe@!6'G'G*(&3!

dZUUZe!/+,)$,9'%a!

! PN(

F$,/'!$)%!$,.*%$+,!+4!;7'($/*@!J#$)'!%+/$')3!#*%!%+92#)!)+!<9%)$43!)#(+92#!1*G!

*,&!1'2*1!&$%/+9(%'!$)%!-($.$1'2'%!+4!*22('%%$+,!*2*$,%)!H,&$*,!-'+-1'!03!

%)('%%$,2!)($0*1$%7O%!$,/+7-*)$0$1$)3!G$)#!)#'!%9-'($+(!.*19'%!*,&!,+(7%!+4!

J#$)'!/$.$1$g*)$+,!dJ$11$*7%!ZUUUaTU[e:!!

! ! c--'1)!dT`Ùe!&')*$1%!)#'!#$%)+(3!+4!H,&$*,!'&9/*)$+,!4(+7!)#'!7$%%$+,*(3!

%/#++1%!+4!)#'!/+1+,$*1!)$7'%!)#(+92#!)#'!4'&'(*1!2+.'(,7',)O%!)',9('!G$)#!

'&9/*)$+,!-+1$/3:!"#$%!#$%)+(3!$,/19&'%!)#'!7*<+(!7+)$.*)$+,%!+4!)#+%'!-(+-+,',)%!+4!

H,&$*,!'&9/*)$+,:!;7+,2!)#'%'!7+)$.'%!*('!)#'!'*(13!$,)',)$+,%@!$,!/+1+,$*1!)$7'%@!)+!

/$.$1$g'!)#'!H,&$*,!)#(+92#!X#($%)$*,$g*)$+,:!V3!)#'!7$&B,$,')'',)#!/',)9(3@!)#'!

4'&'(*1!2+.'(,7',)O%!'&9/*)$+,!-+1$/3!G*%!)+!('7+&'1!)#'!;7'($/*,!H,&$*,!$,)+!)#'!

W9(+B;7'($/*,!$7*2'!dD'()g0'(2!T`YTf!V'(M#+4'(!T`Y]f!K))'(!ZUUTe:!!E$/#*(&!

D',(3!6(*))!$7-1'7',)'&!)#$%!-+1$/3!G#',@!$,!T]Y`@!#'!+-','&!)#'!4$(%)!4'&'(*1!

0+*(&$,2!%/#++1!$,!X*(1$%1'@!6',,%31.*,$*:!6(*))!%977*($g'&!#$%!2+*1!+4!/+7-1')'!

*%%$7$1*)$+,!$,!#$%!+4)',!89+)'&!7+))+f!hA$11!)#'!H,&$*,!*,&!%*.'!)#'!7*,i!dK))'(!

ZUUTe:!!"#$%!G*%!)+!0'!*//+7-1$%#'&!03!)'*/#$,2!)#'!H,&$*,!)#'!.*19'!+4!1*,&!

+G,'(%#$-!*,&!%)'G*(&%#$-:!"#'!2+*1!G*%!)+!'(*&$/*)'!)#'!/91)9('!+4!)#'!$,&$2',+9%!

-'+-1'!)#(+92#!)#'!-(+/'%%!+4!*%%$7$1*)$+,!*,&!*//91)9(*)$+,@!)#9%!01',&$,2!)#'!

H,&$*,!$,)+!)#'!W9(+B/',)($/!7*$,%)('*7:!"#$%!G+91&!0'!*//+7-1$%#'&!03!('7+.$,2!

/#$1&(',!4(+7!)#'$(!#+7'%!*,&!-1*/$,2!)#'7!$,!0+*(&$,2!%/#++1%!*G*3!4(+7!)#'$(!

-*(',)%!*,&!'L)',&'&!4*7$13!dD'()g0'(2!T`YTf!C/V')#!T`][f!K))'(!ZUUTe:!H,!)#$%!

G*3@!4*7$13!%)(9/)9('!G+91&!&$%$,)'2(*)'!*,&!?*)$.'!/91)9('%!G+91&!4*&'!*G*3!*%!

W9(+B;7'($/*,!,+(7%!*,&!.*19'%!*,&!)#'!1'*(,$,2!+4!*!.+/*)$+,*1!)(*&'!('-1*/'&!$)!

dD'()g0'(2!T`YTaT_f!C/V')#!T`][f!X*11+G*3!T``à[^è:!

! PV(

! ! c--'1)!dT``Ue!/#(+,$/1'&!)#'!#$%)+($/*1!*,)'/'&',)%!+4!/+,)'7-+(*(3!

;7'($/*,!H,&$*,!#$2#'(!'&9/*)$+,:!H,!-*()$/91*(@!#'!&'%/($0'%!)G+!-(+7$,',)!

-'($+&%!$,!H,&$*,!'&9/*)$+,:!c--'1)!4$(%)!&'%/($0'%!)#'!NC$%%$+,*(3!6'($+&O!4(+7!

*--(+L$7*)'13!T^_]BT]YU@!G#$/#!G*%!/#*(*/)'($g'&!03!'*(13!W9(+-'*,!'44+()%!)+!

('1$2$+9%13!/+,.'()!)#'!?*)$.'!-'+-1'!+4!?+()#!;7'($/*:!"#'!4$(%)!%/#++1!4+(!

;7'($/*,!H,&$*,%@!4+9,&'&!$,!T^_]!03!)#'!>'%9$)%@!)#'!'44+()%!+4!>+#,!W1$+)@!M,+G,!*%!

N;-+%)1'!)+!)#'!H,&$*,%O@!D*(.*(&!K,$.'(%$)3O%!'*(13!+0<'/)$.'!)+!'&9/*)'!;7'($/*,!

H,&$*,%!*,&!W1'*g*(!J#''1+/MO%!5*()7+9)#!F/#++1!4+(!H,&$*,%!*('!*7+,2!)#'!7*,3!

'L*7-1'%!+4!'*(13!*))'7-)%!)+!'&9/*)'!)#'!H,&$*,!$,!)#'!NJ#$)'!C*,O%!H7*2'O!

dV'(M#+4'(!T`Y]e:!c--'1)!-+$,)%!+9)!)#*)!('%$%)*,/'!03!)#'!.*($+9%!)($0'%!*,&!)#'$(!

*))'7-)%!)+!'%)*01$%#!)#'$(!+G,!%/#++1!%3%)'7%!G'('!,'2*)'&!03!-+1$/$'%!*$7'&!*)!

7*M$,2!;7'($/*,!H,&$*,%!$,)+!&+/$1'!X#($%)$*,%!G#+!*/)'&!$,!G*3%!/+,2(9',)!G$)#!

)#'!J#$)'!W9(+-'*,!2+*1%:!

! !!!c--'1)O%!dT``Ue!%'/+,&!-'($+&!$%!)#'!NI'&'(*1!6'($+&O@!G#$/#!G*%!4(+7!T]YU!

)+!T`_]:!"#$%!-'($+&!G*%!/#*(*/)'($g'&!03!+44B('%'(.*)$+,!4'&'(*1!0+*(&$,2!%/#++1%!

)#*)!G'('!+(2*,$g'&!*(+9,&!)#'!-($7*(3!2+*1!+4!*%%$7$1*)$,2!)#'!;7'($/*,!H,&$*,!

$,)+!)#'!W9(+B;7'($/*,!7*$,%)('*7!%+/$')3:!X9(($/91*!*)!)#'%'!0+*(&$,2!%/#++1%!

G'('!/',)'('&!*(+9,&!7*,9*1!*()%!*,&!.+/*)$+,*1!)(*&'%!G#$1'!#'*.3!4+/9%!G*%!

&$('/)'&!*)!'(*&$/*)$,2!*11!*%-'/)%!+4!?*)$.'!/91)9('!$,/19&$,2!1*,29*2'@!/'('7+,$*1!

($)9*1!*,&!'.',!4*7$13!*,&!M$,%#$-!)$'%:!J$)#!)#'!&$%)(*/)$+,%!-(+.$&'&!03!J+(1&!

J*(!H!*,&!J+(1&!J*(!HH@!*1+,2!G$)#!)#'!/+,)$,9'&!-(+)'%)%!+4!)($0*1!1'*&'(%!*,&!,+,B

H,&$*,%@!/($)$/$%7!%)*()'&!)+!7+9,)!*2*$,%)!)#'!0+*(&$,2!%/#++1!%3%)'7:!hC9/#!+4!)#$%!

! PW(

/($)$/$%7!$%!<9%)$4$'&a!)#'!$,.+19,)*(3!('7+.*1!+4!/#$1&(',!4(+7!)#'$(!-*(',)%!*,&!)#'!

0(9)*1!)('*)7',)!+4!%)9&',)%!($2#)49113!'70$))'('&!%+7'!H,&$*,%!*2*$,%)!*11!)3-'%!+4!

NJ#$)'!7*,O%!'&9/*)$+,Oi!dc--'1)!T``Ua!ZUe:!

!

2)03*,4*,5&03)&61"$7&",.&8)031.7&19&'()#*+",&-,.*",&!./+"0*1,&

! ! H,!T`Z]!)#'!K:F:!2+.'(,7',)!-901$%#'&!*!('-+()!2','(*113!M,+G,!*%!)#'!

C'($*7!E'-+()!,*7'&!4+(!$)%!1'*&!('%'*(/#'(!*,&!+(2*,$g'(!S'G$%!C'($*7:!"#'!

('-+()@!('89'%)'&!03!)#'!F'/(')*(3!+4!)#'!H,)'($+(@!G*%!)#'!('%91)!+4!*!%9(.'3!+4!)#'!

'/+,+7$/!*,&!%+/$*1!/+,&$)$+,%!+4!;7'($/*,!H,&$*,%!9-!)+!*,&!&9($,2!)#'!T`ZU%:!

E'%'*(/#'(%!/+.'('&!`^!&$44'(',)!<9($%&$/)$+,%@!$,/19&$,2!('%'(.*)$+,%@!H,&$*,!

*2',/$'%@!#+%-$)*1%@!%/#++1%!*,&!/+779,$)$'%!G#'('!;7'($/*,!H,&$*,%!#*&!7$2(*)'&:!

"#'!('-+()!$%!1*(2'!0'/*9%'!+4!)#'!&$.'(%$)3!4+9,&!*7+,2!;7'($/*,!H,&$*,!)($0'%:!

"#'!('-+()!$%!+(2*,$g'&!$,)+!)#'!4+11+G$,2!%'/)$+,%a!Te!*!2','(*1!-+1$/3!4+(!H,&$*,!

;44*$(%@!Ze!#'*1)#@![e!'&9/*)$+,@!\e!2','(*1!'/+,+7$/!/+,&$)$+,%@!^e!4*7$13!*,&!

/+779,$)3!1$4'@!$,/19&$,2!)#'!*/)$.$)$'%!+4!G+7',@!_e!7$2(*)'&!H,&$*,%@!Ye!1'2*1!

*%-'/)%!+4!)#'!H,&$*,!-(+01'7!*,&!]e!7$%%$+,*(3!*/)$.$)$'%!*7+,2!H,&$*,%:!E'1'.*,)!

)+!)#$%!%)9&3!$%!)#'!%'/)$+,!+,!H,&$*,!'&9/*)$+,:!C'($*7!('%'*(/#'(%!4+9,&!)#'!%)*)'!

+4!H,&$*,!'&9/*)$+,!)+!0'!$,*&'89*)'!*,&!$,'44'/)$.':!"#'!#$%)+(3!+4!7$%%$+,!%/#++1%@!

4'&'(*1!0+*(&$,2!%/#++1%!*,&!)#',!1+/*1!('%'(.*)$+,!&*3!%/#++1%!*11!1'4)!79/#!)+!0'!

&'%$('&!$,!)#'!'&9/*)$+,!+4!;7'($/*,!H,&$*,!3+9)#@!*//+(&$,2!C'($*7!dT`Z]e:!

6*()$/91*(13!&')($7',)*1!)+!)#'!'&9/*)$+,!+4!)#'!H,&$*,!/#$1&!G*%!#$%!+(!#'(!('7+.*1!

! PX(

4(+7!)#'!4*7$13@!$,!+(&'(!)+!'(*&$/*)'!)(*&$)$+,*1!/91)9('!*,&!('-1*/'!$)!G$)#!)#*)!+4!

)#'!&+7$,*,)!7*$,%)('*7!%+/$')3:!"#'!C'($*7!('-+()!89+)'%!5'*,!>*7'%!W:!E9%%'11a!

D+G'.'(!$7-+()*,)!7*3!0'!)#'!/+,)($09)$+,!+4!)#'!%/#++1%R)#'!*)7+%-#'('!

*,&!/+,&$)$+,%!+4!)#'!#+7'!*('@!'%-'/$*113!$,!)#'!'*(13!&*3%!+4!)#'!/#$1&O%!1$4'@!

)#'!-($7*(3!&')'(7$,*)'!$,!)#'!&'.'1+-7',)!+4!)#'!/#$1&@!*,&@!%$,/'!$)!$%!)#'!

-*(',)%!G#+!&')'(7$,'!)#'%'!/+,&$)$+,%!*,&!/('*)'!)#*)!*)7+%-#'('@!$)!$%!

)#'3!G#+!*('!+4!,'/'%%$)3!)#'!7+%)!$7-+()*,)!'&9/*)$+,*1!4*/)+(%!$,!)#'!1$.'%!

+4!)#'$(!/#$1&(',!d6:[\è:!!

! ! ;,+)#'(!C'($*7!-*%%*2'!$%!-*()$/91*(13!-+$2,*,)a!

C+('+.'(@!$)!$%!'%%',)$*1!4+(!)#+%'!$,!/#*(2'!+4!'&9/*)$+,!4+(!)#'!H,&$*,!)+!

('7'70'(!)#*)!)#'!H,&$*,O%!*))$)9&'%!)+G*(&%!%+/$')3!#*.'!0'',!&')'(7$,'&!

1*(2'13!03!#$%!'L-'($',/'%@!*,&!)#*)!)#'%'!/*,@!G#'('.'(!,'/'%%*(3@!0'!

/#*,2'&!)+!&'%$(*01'!%+/$*1!*))$)9&'%!03!'L-+%$,2!)+!*!/+(('%-+,&$,2!%')!+4!

*$./#''L-'($',/'%!$,!)#'!('1*)$+,%#$-%!+4!#+7'@!4*7$13!*,&!/+779,$)3!1$4':!

d6:[^\e!!

! ! "#'!C'($*7!E'-+()!dT`Z]e!7*(M'&!)#'!0'2$,,$,2!+4!)#'!('4+(791*)$+,!+4!

$&'*%!/+,/'(,$,2!)#'!'&9/*)$+,!+4!)#'!;7'($/*,!H,&$*,:!"#$%!*--(+*/#!G*%!/',)'('&!

+,!*!.*19*)$+,!+4!?*)$.'!/91)9('!*,&!$)%!$,/+(-+(*)$+,!$,)+!'&9/*)$+,:!!

!

:3)&:#*;"$&<1$$)5)&81=)(),0&

( ( c--'1)!dT`Ùe!*,&!V+3'(!dT``Ye!&'%/($0'!)#'!&'.'1+-7',)!+4!)#'!"($0*1!

X+11'2'!7+.'7',)!*%!*,!'&9/*)$+,*1!7*,$4'%)*)$+,!+4!%'14B&')'(7$,*)$+,!4+(!

;7'($/*,!H,&$*,%:!"($0*1!/+11'2'%!#*.'!1'&!)+!)#'!2('*)'%)!2*$,%!4+(!;7'($/*,!H,&$*,!

#$2#'(!'&9/*)$+,!)+!&*)'!dc--'1)!T`Ùe:!(

! ! H,!T`_]!)#'!4$(%)!)($0*1!/+11'2'!G*%!4+(7'&!03!)#'!?*.*<+!,*)$+,:!"#$%!G*%!)#'!

0'2$,,$,2!+4!)#'!7+.'7',)!)+G*(&!)#'!&'.'1+-7',)!+4!*!,*)$+,*1!,')G+(M!+4!

)($0*113!/+,)(+11'&!/+11'2'%!G#'('!#$2#'(!'&9/*)$+,!G*%!7*&'!*.*$1*01'!+,!*!7+('!

! PY(

1+/*1$g'&!0*%$%!)#*)!*11+G'&!?*)$.'!;7'($/*,%!*//'%%!)+!'&9/*)$+,!+--+()9,$)$'%!

G#$/#!G'('!-('.$+9%13!9,*))*$,*01':!C+%)!+4!)#'!4$(%)!%)9&',)%!)+!)*M'!*&.*,)*2'!+4!

)#'%'!,'G!'&9/*)$+,*1!+--+()9,$)$'%!G'('!4'7*1'%:!"#'3!G'('@!+,!*.'(*2'@!+1&'(!

)#*,!)(*&$)$+,*1!/+11'2'!*2'&!%)9&',)%:!C*,3!G'('!7+)#'(%!1++M$,2!4+(!*!-*)#G*3!)+!

*!0'))'(!1$4'!4+(!)#'7%'1.'%!*,&!)#'$(!/#$1&(',!dc--'1)!T``Ue:!!

! !! c--'1)!dT``Ue!1$%)%!)#(''!7*<+(!4*/)+(%!9,&'(13$,2!)#'!&'.'1+-7',)!+4!

)($0*113B/+,)(+11'&!/+11'2'%!$,!)#'!1*)'!T`YU%:!"#'%'!*('a!Te!?+,BH,&$*,!$,%)$)9)$+,%!

+4!#$2#'(!'&9/*)$+,!-(+.'&!$,*&'89*)'!$,!7'')$,2!)#'!9,$89'!'&9/*)$+,*1!,''&%!+4!

)#'!/91)9(*113!&$.'(%'!2(+9-%!+4!('%'(.*)$+,!H,&$*,%f!Ze!"#'!/+,/'-)!+4!%'14B

&')'(7$,*)$+,!',/+9(*2'&!H,&$*,%!)+!)*M'!/+,)(+1!+4!)#'!&'.'1+-7',)!+4!)#'$(!+G,!

#$2#'(!'&9/*)$+,!$,%)$)9)$+,%f![e!"#'!,''&!4+(!)(*$,$,2!*,&!'&9/*)$+,!+,!

('%'(.*)$+,%!)+!&'.'1+-!,*)9(*1!*,&!#97*,!('%+9(/'%!#*&!0'/+7'!7+('!'.$&',)!)+!

;7'($/*,!H,&$*,!1'*&'(%:!!

! ! ! c--'1)!/1+%'%!G$)#!+0%'(.*)$+,%!-+$,)$,2!)+!)#'!,''&!4+(!*!1$,M!0')G'',!

'&9/*)$+,!*,&!)#'!#+-'!4+(!'7-1+37',)!+--+()9,$)$'%!4+(!;7'($/*,!H,&$*,%:!;7+,2!

)#'%'!+0%'(.*)$+,%!$%!)#'!,''&!4+(!2+.'(,7',)!49,&$,2!4+(!)($0*1!/+11'2'%:!!

! ! V+3'(!dT``Ye!*1%+!&'%/($0'%!)#'!"($0*1!X+11'2'!C+.'7',)!*,&!$)%!$7-*/)!+,!

)#'!'&9/*)$+,*1!*,&!%+/$*1!+--+()9,$)$'%!4+(!;7'($/*,%!H,&$*,%!)#(+92#!#$2#'(!

'&9/*)$+,:!"#'!/+('!/+,/'-)!9-+,!G#$/#!)($0*1!/+11'2'%!*('!09$1)!$%!)#'!,+)$+,!+4!

-(+.$&$,2!*!/91)9(*113!('1'.*,)!/9(($/9197!)#*)!$%!7*&'!*//'%%$01'!)+!)($0*1!7'70'(%!

G#+!7*3!,+)!+)#'(G$%'!#*.'!*//'%%!)+!#$2#'(!'&9/*)$+,:!V+3'(!$,/19&'%!*!

&'%/($-)$+,!+4!)#'!%)*)'!+4!0'$,2!+4!)#'!ZY@!d*)!)#*)!)$7'@!$,!ZUTU!)#'('!*('![Ye!

! PZ(

)($0*113!/+,)(+11'&!/+11'2'%!*,&!)#'!/#*11',2'%!4*/'&!03!)#'7:!"#'!7+%)!%$2,$4$/*,)!+4!

)#'%'!/#*11',2'%!G'('a!1*/M!+4!49,&$,2@!)#'!)',9+9%!('1*)$+,%#$-!0')G'',!)#'!4'&'(*1!

2+.'(,7',)!*,&!)($0*1!/+11'2'%@!$,!)'(7%!+4!4$,*,/$*1!*,&!7+('!2','(*1!%9--+()!*,&!

)#'!%+.'('$2,!%)*)9%!+4!)($0*1!2+.'(,7',)%!$,!('1*)$+,!)+!)($0*1!/+11'2'%!dV+3'(!

T``Ye:!

!

/F:(&@;;:?<(-<=<:(>E(!B:;8H=?(%?78=?(U8KF:;(#7@H=<8>?(

! ! 5'j+'@!5*(1$,2BX#9(/#$11!*,&!F,3&'(!dZUU]e!-(+.$&'!*!/+7-('#',%$.'!

+.'(.$'G!+4!)#'!%)*)9%!+4!;7'($/*,!H,&$*,%Q;1*%M*!?*)$.'%!$,!6+%)%'/+,&*(3!

W&9/*)$+,!$,@!5#"#26'",1'7*&,16'$,'#/&'012+"#$3,'3;'()&*$+",'<,1$",6'",1'(:"6="'

!"#$%&6>'?@@AB'I$,&$,2%!7+%)!('1'.*,)!)+!)#$%!('%'*(/#!*('!#$2#1$2#)'&!0'1+G:!

!

>)(15#"?3*+&@=)#=*)A&

! H,!ZUU_!)#'('!G'('!\:^!7$11$+,!;7'($/*,!H,&$*,%Q;1*%M*!?*)$.'%!$,!)#'!

K,$)'&!F)*)'%!('-('%',)$,2!T:^!-'(/',)!+4!)#'!)+)*1!K:F:!-+-91*)$+,:!H,!ZUU_!*17+%)!

#*14@!d\`!-'(/',)e!G'('!('%$&',)%!$,!G'%)'(,!%)*)'%:!H,!ZUU[@!)#'('!G'('!7+('!)#*,!

^_U!4'&'(*113!('/+2,$g'&!;7'($/*,!H,&$*,Q;1*%M*!?*)$.'!)($0'%:!"#'!1*(2'%)!*('!

X#'(+M''!*,&!?*.*<+:!!F$,/'!T``U@!)#'!7'&$*,!*2'!+4!;7'($/*,!H,&$*,!;1*%M*!

?*)$.'%@!$,/19&$,2!)#+%'!+4!D$%-*,$/!')#,$/$)3@!$,/('*%'&!03!4$.'!3'*(%@!4(+7!Z_!)+![T:!!

H,!ZUU_@!)#'!7'&$*,!*2'!4+(!)#'!2','(*1!-+-91*)$+,!G*%![_!3'*(%:!H,!ZUU_@!ZY!

-'(/',)!+4!;7'($/*,!H,&$*,Q;1*%M*!?*)$.'!$,&$.$&9*1%!1$.'&!$,!-+.'()3!/+7-*('&!)+!

T[!-'(/',)!+4!)#'!2','(*1!-+-91*)$+,:!;)![_!-'(/',)@!)#'!;7'($/*,!H,&$*,Q;1*%M*!

! P[(

?*)$.'!-+.'()3!(*)'!G*%!#$2#'(!*7+,2!4*7$1$'%!+,!('%'(.*)$+,%!)#*,!*7+,2!4*7$1$'%!

$,!+)#'(!;7'($/*,!H,&$*,Q;1*%M*!?*)$.'!*('*%!d5'j+'!')!*1:!ZUU]a$$$e:!

!

B1707)+1,."#%&!./+"0*1,&&

! ! "#'!,970'(!+4!;7'($/*,!H,&$*,Q;1*%M*!?*)$.'!%)9&',)%!',(+11'&!$,!/+11'2'%!

*,&!9,$.'(%$)$'%!#*%!7+('!)#*,!&+901'&!$,!)#'!-*%)![U!3'*(%!d5'j+'!')!*1:!ZUU]a.e:!H,!

ZUU_@!;7'($/*,!H,&$*,%Q;1*%M*!?*)$.'%!*//+9,)'&!4+(!T!-'(/',)!+4!)+)*1!',(+117',)!

$,!/+11'2'%!*,&!9,$.'(%$)$'%:!c4!*11!;7'($/*,!H,&$*,Q;1*%M*!?*)$.'!%)9&',)%!',(+11'&!

$,!-901$/!*,&!-($.*)'!&'2(''!2(*,)$,2!$,%)$)9)$+,%!$,!ZUU_@!7+('!)#*,!#*14!G'('!

',(+11'&!$,!\B3'*(!$,%)$)9)$+,%:!"#$%!$%!$,!/+,)(*%)!)+!)#'!3'*(%!0')G'',!T`Y_!*,&!

T``\!G#',!7+('!;7'($/*,!H,&$*,%Q;1*%M*!?*)$.'%!G'('!',(+11'&!$,!ZB3'*(!

-+%)%'/+,&*(3!$,%)$)9)$+,%!)#*,!$,!\B3'*(!-+%)%'/+,&*(3!$,%)$)9)$+,%:!H,!ZUU_@!*!

%7*11'(!-'(/',)*2'!+4!;7'($/*,!H,&$*,%Q!;1*%M*!?*)$.'%!0')G'',!)#'!*2'%!+4!T]!*,&!

Z\!G'('!',(+11'&!$,!/+11'2'%!+(!9,$.'(%$)$'%!G#',!/+7-*('&!)+!+)#'(!')#,$/!2(+9-%!

d-:!TZ_e:!"G',)3!%$L!-'(/',)!+4!;7'($/*,!H,&$*,%!T]BZ\!3'*(%!+1&!G'('!',(+11'&!

/+7-*('&!)+!\T!-'(/',)!+4!J#$)'%@![[!-'(/',)!+4!V1*/M%@!ZY!-'(/',)!+4!D$%-*,$/%!*,&!

^]!-'(/',)!+4!;%$*,%!d-:!TZYe:!;7'($/*,!H,&$*,%Q;1*%M*!?*)$.'%!/+7-($%'&!T:T!

-'(/',)!+4!)#'!)+)*1!/+11'2'!*,&!9,$.'(%$)3!',(+117',)!$,!ZUU_!('-('%',)$,2!*,!

$,/('*%'!4(+7!U:Y!-'(/',)!$,!T`Y_!d-:!TZ_e:!V')G'',!T`Y_!*,&!ZUU_@!/+11'2'!*,&!

9,$.'(%$)3!',(+117',)!+4!;7'($/*,!H,&$*,!*,&!;1*%M*!?*)$.'!7*1'%!*,&!4'7*1'%!

2('G!*)!&$44'(',)!(*)'%:!H,!T`Y_@![]@^UU!;7'($/*,!H,&$*,!7*1'%!*,&![Y@_UU;7'($/*,!

H,&$*,Q;1*%M*!?*)$.'!4'7*1'%!G'('!',(+11'&!$,!&'2(''!2(*,)$,2!/+11'2'%!*,&!

! P\(

9,$.'(%$)$'%:!V3!T`Y]@!)#'!,970'(!+4!4'7*1'%!'L/''&'&!)#*)!+4!7*1'%!',(+11'&:!H,!

ZUU_@!TTT@UUU!;7'($/*,!H,&$*,Q;1*%M*!?*)$.'!4'7*1'%!d_T!-'(/',)e!*,&!YT@ZUU!

7*1'%!d[`!-'(/',)e!G'('!',(+11'&!$,!/+11'2'%!*,&!9,$.'(%$)$'%!d-:!TZ]e:!"#'!+,13!

(*/$*1Q')#,$/!2(+9-!)+!#*.'!*!G$&'(!-'(/',)*2'!%-('*&!0')G'',!7*1'%!*,&!4'7*1'%!

',(+11'&!$,!/+11'2'!+(!9,$.'(%$)3!$%!V1*/M!%)9&',)%!4+(!G#+7!)#'!(*)$+!$%!_^!-'(/',)!

4'7*1'!)+![^!-'(/',)!7*1'!',(+11'&!%)9&',)%!d-:!TZ]e:!

! ! H,!ZUU_@!)#'('!G'('![Z!)($0*113B/+,)(+11'&!/+11'2'%!*,&!9,$.'(%$)$'%@!1+/*)'&!

$,!TZ!%)*)'%!*/(+%%!)#'!G'%)!*,&!C$&G'%)!G$)#!+,'!1+/*)'&!$,!;1*%M*:!!"($0*113B

/+,)(+11'&!/+11'2'%!*,&!9,$.'(%$)$'%!*('!&'%$2,'&!)+!4+%)'(!',.$(+,7',)%!4+/9%'&!+,!

;7'($/*,!H,&$*,!/91)9('!$,!+(&'(!)+!-('%'(.'@!',#*,/'@!*,&!-(+7+)'!;7'($/*,!

H,&$*,!1*,29*2'%!*,&!)(*&$)$+,%!d5'j+'!ZUU]aT[Ue:!F)9&',)%!*)!)#'%'!$,%)$)9)$+,%!

*('!2','(*113!+1&'(!)#*,!Z\!3'*(%!+4!*2'!d-:T[Ue:!"+)*1!',(+117',)!$,!)($0*113!

/+,)(+11'&!/+11'2'%!*,&!9,$.'(%$)$'%!$,/('*%'&!03!Z[!-'(/',)@!4(+7!T\@UUU!$,!4*11!

ZUUT@!)+!TY@[UU!$,!4*11!ZUU_!d-:!T[Ue:!;7'($/*,!H,&$*,%Q;1*%M*!?*)$.'!%)9&',)%!

,970'('&!T[@_UU!$,!)($0*113!/+,)(+11'&!/+11'2'%!*,&!9,$.'(%$)$'%@!('-('%',)$,2!Y`!

-'(/',)!+4!)+)*1!',(+117',)@!G'('!d5'j+'!ZUU]aT[Ue:!W$2#)!-'(/',)!+4!*11!;7'($/*,!

H,&$*,!%)9&',)%!G'('!',(+11'&!$,!)($0*1!/+11'2'%!+(!9,$.'(%$)$'%:!V')G'',!ZUUT!*,&!

ZUU_@!',(+117',)!+4!?*)$.'!%)9&',)%!$,!)($0*1!/+11'2'%!+(!9,$.'(%$)$'%!$,/('*%'&!*)!*!

4*%)'(!(*)'!dTY!-'(/',)e!)#*,!&$&!',(+117',)!+4!?*)$.'!%)9&',)%!2','(*113!dT^!

-'(/',)e!d5'j+'!')!*1:!ZUU]!aT[Ue:!

! ! H,!)#'!ZUU[BU\!%/#++1!3'*(@!]Z!-'(/',)!+4!;7'($/*,!H,&$*,Q;1*%M*!?*)$.'!

%)9&',)%!',(+11'&!4911B)$7'@!4911B3'*(!$,!9,&'(2(*&9*)'!&'2(''!-(+2(*7%!('/'$.'&!

! NO(

4$,*,/$*1!*$&!d-:!T[Ze:!59($,2!)#$%!)$7'@!)#'!+,13!2(+9-!G$)#!*!#$2#'(!-'(/',)*2'!+4!

4$,*,/$*1!*$&!('/$-$',)%!G*%!V1*/M!%)9&',)%!*)!]`!-'(/',):!"#$%!$%!/+7-*('&!)+!J#$)'!

%)9&',)%!*)!Y\!-'(/',)@!;%$*,Q6*/$4$/!H%1*,&'(%!*)!__!-'(/',)@!*,&!D$%-*,$/%!*)!]T!

-'(/',)!d-:!T[Ze:!

;//+(&$,2!)+!5'j+'!')!*1:!dZUU]aT[\e@!0')G'',!T`Y_BYY!*,&!ZUU^BU_@!)#'!

,970'(!+4!&'2(''%!*G*(&'&!03!/+11'2'%!*,&!9,$.'(%$)$'%!)+!;7'($/*,!

H,&$*,%Q;1*%M*!?*)$.'%!7+('!)#*,!&+901'&!4+(!'*/#!1'.'1!+4!&'2(''!d5'j+'!

ZUU]aT[\e:!H,!T`Y_BYY@!Z@^UU!*%%+/$*)'O%!&'2(''%!G'('!/+,4'(('&!+,!;7'($/*,!

H,&$*,%:!"#*)!,970'(!%)'*&$13!$,/('*%'&!)+!^@_UU!03!T``^B`_!d-:!T[\e:!"#'!,970'(!

+4!*%%+/$*)'O%!&'2(''%!'*(,'&!03!?*)$.'!%)9&',)%!$,!ZUU^BU_!('*/#'&!]@_UU:!"#$%!

('-('%',)%!*,!$,/('*%'!+4!^[!-'(/',)!0')G'',!T``^B`_!*,&!ZUU^BU_:!"#'!,970'(!+4!

*%%+/$*)'O%!&'2(''%!4+(!*11!%)9&',)%!(+%'!+,13!Z]!-'(/',)!03!/+7-*($%+,!d-:!T[\e:!

"#$%!%*7'!-*))'(,!G*%!*1%+!*--*(',)!$,!)#'!,970'(!+4!0*/#'1+(O%!&'2(''%!'*(,'&!03!

?*)$.'!%)9&',)%:!H,!T`Y_BYY!*(+9,&![@[UU!0*/#'1+(O%!&'2(''%!G'('!*G*(&'&!)+!

;7'($/*,!H,&$*,Q;1*%M*!?*)$.'!%)9&',)%f!03!T``^B`_!)#*)!,970'(!$,/('*%'&!)+!

Y@UUU@!*,&!)+!TT@UUU!$,!ZUU^BU_!d-:!T[\e:!"#$%!('-('%',)%!*,!$,/('*%'!+4!^Y!-'(/',)!

/+7-*('&!)+!Z]!-'(/',)!4+(!)#'!)+)*1!-+-91*)$+,!0')G'',!T``^B`_!*,&!ZUU^BU_!

d-:T[\e:!"#'!,970'(!+4!-+%)B0*//*1*9('*)'!&'2(''%!*G*(&'&!)+!;7'($/*,!

H,&$*,Q;1*%M*!?*)$.'%!*1%+!$,/('*%'&!0')G'',!T`Y_BYY!*,&!ZUU^BU_!4(+7!`YU!)+!

[^UU!4+(!7*%)'(O%!&'2(''%@!4(+7!TUU!)+!Z[U!4+(!&+/)+(*1!&'2(''%!*,&!4(+7!ZUU!)+!

YTU!4+(!4$(%)!-(+4'%%$+,*1!&'2(''%!d5'j+'!')!*1:!ZUU]aT[\e:!

! NP(

! ! J#$1'!*!2('*)'(!-'(/',)*2'!+4!;7'($/*,!H,&$*,Q;1*%M*!?*)$.'!%)9&',)%!

'*(,'&!)#'$(!0*/#'1+(%!&'2(''%!$,!09%$,'%%!)#*,!$,!+)#'(!4$'1&%!$,!)#'!ZUU^BU_!

%/#++1!3'*(@!)#'!-'(/',)*2'!)#*)!'*(,'&!)#'$(!&'2(''%!$,!09%$,'%%!dT`!-'(/',)e!G*%!

%7*11'(!)#*,!)#*)!+4!*11!%)9&',)%!dZT!-'(/',)e:!H,!ZUU^BU_@!^Z!-'(/',)!+4!7*%)'(O%!

&'2(''%!*G*(&'&!)+!;7'($/*,!H,&$*,Q;1*%M*!?*)$.'%!G'('!$,!)#'!4$'1&%!+4!'&9/*)$+,!

*,&!09%$,'%%:!I+()3B'$2#)!-'(/',)!+4!&+/)+(*1!&'2(''%!*G*(&'&!)+!;7'($/*,!

H,&$*,%Q;1*%M*!?*)$.'%!G'('!$,!)#'!4$'1&%!+4!'&9/*)$+,@!-%3/#+1+23!*,&!%+/$*1!

%/$',/'%!*,&!#$%)+(3:!

!

C1+*"$&",.&!+1,1(*+&@/0+1()7&19&D*53)#&!./+"0*1,&

( ( H,!ZUUY@!\\!-'(/',)!+4!;7'($/*,!H,&$*,%Q;1*%M*!?*)$.'%!*2'!Z^!+(!+1&'(!#*&!

*))',&'&!%+7'!/+11'2'!+(!/+7-1')'&!*,!9,&'(2(*&9*)'!+(!2(*&9*)'!&'2('':!

;--(+L$7*)'13![_!-'(/',)!+4!;7'($/*,!H,&$*,%Q;1*%M*!?*)$.'%!#*&!/+7-1')'&!#$2#!

%/#++1!G$)#+9)!/+,)$,9$,2!+,!)+!*!-+%)%'/+,&*(3!$,%)$)9)$+,@!*,&!ZU!-'(/',)!#*&!,+)!

4$,$%#'&!#$2#!%/#++1!d-:!T\]e:!;!#$2#'(!-'(/',)!+4!;7'($/*,!H,&$*,Q;1*%M*!?*)$.'%!

&$&!,+)!4$,$%#!#$2#!%/#++1!G#',!/+7-*('&!)+!J#$)'%!d`!-'(/',)e@!;%$*,%!dTZ!

-'(/',)e!*,&!?*)$.'!D*G*$$*,%Q6*/$4$/!H%1*,&'(%!dTT!-'(/',)e!+,13!D$%-*,$/%!#*&!*!

#$2#'(!-'(/',)*2'!)#*)!&$&!,+)!4$,$%#!#$2#!%/#++1!*)!\U!-'(/',)!d-:!T\]e:!!

! ! ;!#$2#'(!-'(/',)!+4!;7'($/*,!H,&$*,%Q;1*%M*!?*)$.'%@!T_!*,&!+.'(!G'('!

9,'7-1+3'&!$,!ZUUY!dTZ!-'(/',)e!/+7-*('&!)+!-'(/',)*2'%!+4!J#$)'%!d\!-'(/',)e@!

D$%-*,$/%!d_!-'(/',)e!*,&!;%$*,!6*/$4$/!%1*,&'(%!d[!-'(/',)e!d5'j+'!')!*1:!ZUU]e:!

V9)@!$,!ZUUY@!)#'!9,'7-1+37',)!(*)'%!G'('!1+G'(!4+(!;7'($/*,!H,&$*,Q;1*%M*!

! NN(

?*)$.'%!G$)#!#$2#'(!1'.'1%!+4!'&9/*)$+,!d-:!T\]e:!F-'/$4$/*113@!+,13!Z!-'(/',)!+4!

;7'($/*,!H,&$*,%!G$)#!*!0*/#'1+(O%!&'2(''!+(!#$2#'(!G'('!9,'7-1+3'&@!/+7-*('&!

)+!TZ!-'(/',)!+4!#$2#!%/#++1!2(*&9*)'%!*,&!Z`!-'(/',)!+4!)#+%'!G#+!&$&!,+)!

/+7-1')'!#$2#!%/#++1!d-:!T\]e:!H,!ZUU_@!)#'!7'&$*,!*,,9*1!$,/+7'!4+(!Z^B[\!3'*(!

+1&%!$,!)#'!2','(*1!K:F:!-+-91*)$+,@!G#+!G'('!'7-1+3'&!4911B3'*(@!4911B)$7'@!G*%!

n[^@UUU:!I+(!Z^B[\!3'*(!+1&!;7'($/*,!H,&$*,%Q;1*%M*!?*)$.'%!)#'!7'&$*,!*,,9*1!

$,/+7'!G*%!nZY@UUU:!;7'($/*,!H,&$*,Q;1*%M*!?*)$.'!3+9,2!*&91)%!G$)#!*!0*/#'1+(O%!

&'2(''!'*(,'&!Z`!-'(/',)!7+('!*,,9*113!)#*,!)#+%'!G#+!+,13!/+7-1')'&!#$2#!

%/#++1:!!

! ! H,!%977*(3!+4!)#'!5'j+'!')!*1:!dZUU]e!&+/97',)@!&(*7*)$/!2*$,%!*('!'.$&',)!

$,!;7'($/*,!H,&$*,!#$2#'(!'&9/*)$+,:!W,(+117',)!+4!;7'($/*,!H,&$*,%!$,!/+11'2'%!

*,&!9,$.'(%$)$'%!#*%!7+('!)#*,!&+901'&!+.'(!)#$()3!3'*(%:!W,(+117',)!$,!)($0*113B

/+,)(+11'&!/+11'2'%!)+--'&!TY@UUU!$,!ZUU_f!+.'(!]Z!-'(/',)!+4!;7'($/*,!H,&$*,!4911!

)$7'!9,&'(2(*&9*)'!%)9&',)%!('/'$.'&!4$,*,/$*1!*$&f!)#'!,970'(!+4!'.'(3!1'.'1!+4!

&'2(''%!/+,4'(('&!9-+,!;7'($/*,!H,&$*,%!#*%!7+('!)#*,!&+901'&!%$,/'!T`Y_:!F)$11@!

$,!ZUU_@!;7'($/*,!H,&$*,!%)9&',)%!*//+9,)'&!4+(!+,13!T!-'(/',)!+4!)+)*1!/+11'2'!*,&!

9,$.'(%$)3!',(+117',):!

! ! "#'!%)*)$%)$/%!$,!)#$%!('-+()!%#+G!*!-*))'(,!+.'(!)$7'!)#*)!$,/('*%$,2!

,970'(%!+4!?*)$.'!;7'($/*,%Q;1*%M*!?*)$.'%!*('!2+$,2!)+!/+11'2'!*,&!)#*)!)#'$(!

'L-'/)*)$+,%!+4!*/*&'7$/!*))*$,7',)!#*.'!*1%+!$,/('*%'&:!W7-1+37',)!*,&!%*1*(3!

%)*)$%)$/%!&'7+,%)(*)'!)#'!-+%$)$.'!.*19'!*,&!$7-*/)%!)#*)!$,/('*%$,2!1'.'1%!+4!#$2#'(!

'&9/*)$+,!*('!#*.$,2!+,!;7'($/*,!H,&$*,!/+779,$)$'%:!F)$11@!&'%-$)'!2*$,%!7*&'!

! NV(

+.'(!)#'!-*%)!)#$()3!3'*(%@!-(+2('%%!#*%!0'',!9,'.',:!"#'('!%)$11!'L$%)!%$2,$4$/*,)!

&$44'(',/'%!0')G'',!;7'($/*,!H,&$*,Q;1*%M*!?*)$.'!/+11'2'!*,&!9,$.'(%$)3!%)9&',)%!

*,&!%)9&',)%!+4!+)#'(!')#,$/Q(*/$*1!2(+9-%!+,!)#'!M'3!$,&$/*)+(%!+4!'&9/*)$+,*1!

-'(4+(7*,/'!('-+()'&!03!5'j+'!')!*1:!dZUU]e:!

! ! X9((',)!%)9&$'%!+,!)#'!%)*)'!+4!;7'($/*,!H,&$*,!#$2#'(!'&9/*)$+,!*('!

&$%/9%%'&!0'1+G!$,/19&$,2!0*(($'(%!)+!'&9/*)$+,*1!*))*$,7',)!*,&!%)(*)'2$'%!4+(!

+.'(/+7$,2!)#+%'!0*(($'(%:!

!

-<@78:9(>?(!B:;8H=?(%?78=?(U8KF:;(#7@H=<8>?((

! ! V*(($'(%!)+!/+11'2'!%9//'%%!*('!+4)',!$,!-1*/'!1+,2!0'4+('!)#'!%)9&',)!2')%!)+!

)#'!/+11'2'!+(!9,$.'(%$)3:!I*/)+(%!)#*)!#$,&'(!*/*&'7$/!%9//'%%!4+(!;7'($/*,!H,&$*,!

%)9&',)%!*('!+4)',!$,!-1*/'!)#(+92#+9)!)#'!%)9&',)%O!',)$('!*/*&'7$/!/*(''(:!F'.'(*1!

%)9&$'%!%#+G!*!&$%-(+-+()$+,*)'!2(*&9*)$+,!(*)'!0')G'',!?*)$.'!;7'($/*,!%)9&',)%!

*,&!,+,BH,&$*,!%)9&',)%!*)!0+)#!)#'!%'/+,&*(3!*,&!-+%)B%'/+,&*(3!1'.'1%!dJ*L!

T`_Yf!>*/M%+,@!F7$)#!*,&!D$11!ZUU[e:!!?*)$.'!;7'($/*,!%)9&',)%!*('!/+,%$%)',)13!

%#+G,!)+!0'!7+('!1$M'13!)+!&(+-!+9)!0'4+('!)#'!/+7-1')$+,!+4!#$2#!%/#++1!dJ*L!

T`_Yf!V'((3!T`_`f!5'j+'!')!*1:!ZUU]e:!E'*%+,%!4+(!)#$%!&$%-*($)3!$,/19&'!*1$',*)$+,@!

4''1$,2%!+4!-+G'(1'%%,'%%!*,&!$,4'($+($)3@!'%)(*,2'7',)@!&'-('%%$+,@!*,&!1*/M!+4!

%9--+()@!1*/M!+4!%944$/$',)!#'1-!)+!%9//''&!*,&!1*/M!+4!%9//'%%!'L-'($',/'%!dJ*L!

T`_Yf!V'((3!T`_`f!I*1M!*,&!;$)M',!T`]\f!S$,@!S*X+9,)'!*,&!W&'(!T`]]f!b$11$1*,&!

T`]]f!>*/M%+,!')!*1:!ZUU[e:!!

! NW(

! ! ;/*&'7$/!&$44$/91)$'%!*,&!,+,-'(%$%)',/'!+4!?*)$.'!;7'($/*,%!$,!/+11'2'!*('!

%$7$1*(13!G'11!&+/97',)'&!dF)'G*(&@!T``[f!6*.'1!')!*1:@!T``]f!5'j+'!')!*1:!ZUU]e:!;)!

)#'!/+11'2'!1'.'1@!&'%-$)'!'.$&',/'!+4!*/*&'7$/!*0$1$)3@!&(+-+9)!(*)'%!*('!#$2#'(!4+(!

?*)$.'!;7'($/*,%!)#*,!4+(!*,3!+)#'(!7$,+($)3!dE'&&3!T``[f!5'j+'!')!*1:!ZUU]e:!

?*)$.'!;7'($/*,%!*('!*1%+!9,&'(('-('%',)'&!$,!2(*&9*)'!-(+2(*7%!dS*I(+70+$%'!

*,&!S+G!T`]`f!6*.'1!')!*1:!T``]f!5'j+'!')!*1:!ZUU]e:!?*)$.'!;7'($/*,%!/+,%$%)',)13!

#*.'!1+G'(!'&9/*)$+,*1!*))*$,7',)!)#*,!+)#'(!')#,$/!7$,+($)$'%!dS$,@!S*X+9,)'!*,&!

W&'(!T`]]f!6*.'1!')!*1:!T``]f!5'j+'!ZUU]e:!

!

4=;;8:;9(<>(!B:;8H=?(%?78=?9(8?(U8KF:;(#7@H=<8>?(

( ( !V'((3!dT`_è!&$%/9%%'%!)#'!1+,2!#$%)+(3!+4!;7'($/*O%!4*$19('!)+!'&9/*)'!)#'!

H,&$*,!$,)+!)#'!NJ#$)'!7*,O%!$7*2'O:!V'((3!/+.'(%!)#'!('*%+,%!4+(!)#$%!4*$19('!

)#(+92#!)#'!#$%)+(3!+4!('1*)$+,%!0')G'',!)#'!&+7$,*,)!%+/$')3!*,&!)($0*1!2(+9-%:!

;7+,2!/9((',)!-(+01'7%!('%91)$,2!4(+7!)#$%!*/*&'7$/!#$%)+(3!*('!*2'!

*--(+-($*)','%%!4+(!2(*&'!1'.'1@!*,&!)#'!#$2#!&(+-!+9)!(*)'!4+(!H,&$*,!%)9&',)%:!

V'((3!dT`_è!%922'%)%!)#'!('1*)$+,%!0')G'',!J#$)'!)'*/#'(%!*,&!H,&$*,!%)9&',)%!

/+77+,13!('%91)!$,!*!%'14B4914$11$,2!-(+-#'/3!G#'('!)'*/#'(%!&+!,+)!'L-'/)!%)9&',)%!

)+!*/#$'.'!*,&!)#'!%)9&',)%!&+!,+)!'L-'/)!)+!'L/'1:!V'((3!dT`_è!-+$,)%!+9)!)#*)!

,'*(13!'.'(3!/+,/'$.*01'!0*(($'(!)+!'&9/*)$+,*1!*/#$'.'7',)!$%!*)!G+(M!('2*(&$,2!

)#'!'&9/*)$+,*1!'L-'($',/'!+4!)#'!;7'($/*,!H,&$*,!%)9&',):!H,!*&&$)$+,!)+!)#+%'!

1$%)'&!*0+.'@!+)#'(!(+*&01+/M%!)+!'&9/*)$+,*1!*))*$,7',)!$,/19&'!/#*11',2'%!$,!)#'!

4+(7!+4!1*,29*2'!0*(($'(%@!/91)9(*1!0*(($'(%!*,&!/91)9(*1!&'-($.*)$+,@!1*/M!+4!-*(',)!

! NX(

$,.+1.'7',)@!/91)9(*113!$,%',%$)$.'!)'*/#'(!)(*$,$,2!*,&!)'*/#'(!'L-'/)*)$+,%!

('2*(&$,2!;7'($/*,!H,&$*,!%)9&',)%!dV'((3!T`_`e:!!C*,3!+4!)#'%'!0*(($'(%!*('!

(++)'&!$,!)#'!#$%)+(3!+4!4+(/'&!*%%$7$1*)$+,!*,&!+,2+$,2!*))'7-)%!)+!&'%)(+3!

$,&$2',+9%!/91)9('%!dV'((3!T`_`e:!

! !! C*,3!+4!)#'!0*(($'(%!)+!/+11'2'!%9//'%%!4+(!;7'($/*,!H,&$*,!%)9&',)%!

+($2$,*)'!1+,2!0'4+('!)#'!%)9&',)!*(($.'%!*)!)#'!9,$.'(%$)3:!"#+%'!0*(($'(%!0'2$,!$,!

'1'7',)*(3!%/#++1!*,&!/+,)$,9'!)#(+92#!#$2#!%/#++1!*,&!/*((3!+.'(!$,)+!)#'!/+11'2'!

'L-'($',/':!6(+01'7%!$&',)$4$'&!03!J*L@!J*L!*,&!597+,)!dT`_\e!$,.+1.'&!

-'(/'-)$+,%!*,&!7$%/+,/'-)$+,%!+,!)#'!-*()!+4!,+,BH,&$*,!)'*/#'(%!('2*(&$,2!)#'!

%+/$*1!&3,*7$/%!+4!)#'!H,&$*,!/91)9(':!C*,3!J#$)'!)'*/#'(%!&$&!,+)!*))'7-)!)+!

9,&'(%)*,&!)#'!.*19'!+4!)#'!?*)$.'!/91)9('!09)@!(*)#'(@!%+92#)!)+!)'*/#!4(+7!)#'!

W9(+B/',)($/!7*$,%)('*7!/91)9(*1!0*%'!+4!.*19'%!*,&!,+(7%:!"#'!-'(%-'/)$.'!+4!)#'!

)'*/#'(%!G*%!)#*)!)#'!*0$1$)3!+4!)#'!H,&$*,!%)9&',)!)+!1'*(,!G*%!1$7$)'&:!;%!%9/#@!)#'!

)'*/#'(%!-(+.$&'&!$,%)(9/)$+,!*)!G#*)!)#'3!)#+92#)!G*%!*,!*--(+-($*)'!1'.'1:!H,!4*/)@!

)#$%!*7+9,)'&!)+!)(*/M$,2!0*%'&!+,!$,*//9(*)'!-('%97-)$+,%!dJ*L@!'):!*1!T`_\e:!!

! ! J($2#)!*,&!"$'(,'3!dT``Te!&'%/($0'!)#'!#*(%#!('*1$)3!+4!H,&$*,!'&9/*)$+,:!

;7+,2!)#'%'!('*1$)$'%!*('a!7+%)!,*)$.'!%)9&',)%!/+7'!4(+7!'/+,+7$/*113!&'-('%%'&!

('7+)'!*('*%!*,&!+,13![!+9)!+4!TUU!`)#!2(*&'(%!G$11!'.',)9*113!('/'$.'!*!

0*//*1*9('*)'!&'2('':!"#+%'!4+9(B3'*(!$,%)$)9)$+,%!G$)#!)#'!#$2#'%)!H,&$*,!%)9&',)!

-+-91*)$+,!*('!$,!'/+,+7$/*113!&'-('%%'&!%)*)'%f!*,&@!"($0*1!/+11'2'%!('/'$.'!

G+'49113!$,*&'89*)'!49,&$,2:!!

! NY(

! ! X*(,'3!dT``è!1$%)%!%'.'(*1!-(+01'7%!$&',)$4$'&!03!('%'*(/#'(%@!$,/19&$,2!

"$'(,'3!dT``Ze@!)#*)!*('!/+77+,!*7+,2!$,&$.$&9*1!;7'($/*,!H,&$*,!%)9&',)%!*,&!

)#*)!*/)!*%!+0%)*/1'%!)+!#$2#'(!'&9/*)$+,!*))*$,7',):!"#'%'!$,/19&'a!*!-'(%$%)',)13!

#$2#!&(+-+9)!(*)'!4(+7!#$2#!%/#++1f!*!1+G!-(+-+()$+,!+4!;7'($/*,!H,&$*,!#$2#!

%/#++1!2(*&9*)'%!/+,)$,9$,2!+,!)+!/+11'2'f!*,!+.'(G#'17$,2!%',%'!+4!$%+1*)$+,!*,&!

*1$',*)$+,!('%91)$,2!4(+7!$,%9(7+9,)*01'!/91)9(*1!0*(($'(%!G#$1'!*)!/+11'2'f!-++(!

*/*&'7$/!-('-*(*)$+,!*,&!%M$11%!0'4+('!',)'($,2!/+11'2'f!*!1*/M!+4!;7'($/*,!H,&$*,!

(+1'!7+&'1%!4+(!'&9/*)$+,*1!%9//'%%f!4$,*,/$*1!-(+01'7%f!&$%#*(7+,3!0')G'',!

)(*&$)$+,*1!/91)9('!*,&!)#*)!+4!)#'!7*$,%)('*7!/+11'2'!',.$(+,7',)f!/91)9('!%#+/M!

9-+,!*(($.*1!*)!/+11'2'f!1*/M!+4!7+)$.*)$+,f!1*,29*2'!0*(($'(%f!9,('*1$%)$/!+(!

9,-1*,,'&!/*(''(!2+*1%f!&$%)(9%)!+4!)#'!$,%)$)9)$+,!*%!+,'!G#+%'!2+*1!$%!*%%$7$1*)$+,!

$,)+!7*$,%)('*7!/91)9('f!1*/M!+4!%9--+()!4(+7!4*7$13f!$,*--(+-($*)'!%+/$*1$g*)$+,!

$,)+!/+11'2'!',.$(+,7',)f!*,&@!1*/M!+4!/+9,%'1$,2!+(!/+9,%'1$,2!4(+7!)#'!&+7$,*,)!

W9(+B/',)($/!-'(%-'/)$.':!

! ;//+(&$,2!)+!X*(,'3!dT``è@!&$44$/91)$'%!'L-'($',/'&!03!?*)$.'!;7'($/*,!

/+11'2'!%)9&',)%!/*,!0'!)(*/'&!)+!/91)9(*1!/*9%'%!+4!)G+!)3-'%:!!V+)#!/*,!0'!/1*%%$4$'&!

*%!)3-'%!+4!/91)9(*1!&$%/+,)$,9$)3!dJ*L@!J*L!*,&!597+,)!T`_\f!D9447*,!T``è:!

I$(%)!$%!)#'!2','(*113!9,%9--+()$.'!%$)9*)$+,!$,!G#$/#!?*)$.'!%)9&',)%!4$,&!

)#'7%'1.'%!*%!)#'3!',)'(!*!7*$,%)('*7!$,%)$)9)$+,!+4!#$2#'(!'&9/*)$+,:!?*)$.'!

;7'($/*,!%)9&',)%@!-*()$/91*(13!)#+%'!4(+7!(9(*1!('%'(.*)$+,!/+779,$)$'%@!7*3!

/+7'!4(+7!#$2#!%/#++1%!)#*)!*('!-++(13!49,&'&!*,&!1*/M!)#'!%9--+()!%3%)'7%!,''&'&!

)+!7*M'!*,!'44'/)$.'!)(*,%$)$+,!4(+7!)#'!1+/*1!/+779,$)3!#$2#!%/#++1!)+!)#'!/+11'2'!

! NZ(

',.$(+,7',)!G#'('!)#'!7$1$'9!$%!0*%'&!+,!)(*&$)$+,*1!W9(+B/',)($/!,+(7%!*,&!

.*19'%:!"#'%'!.*19'%!$,/19&$,2!/+7-')$)$+,!*,&!/+,/'(,!4+(!%'14!+.'(!2(+9-!G'14*('!

7*3!0'!$,!/+,41$/)!G$)#!)#'!/+77+,!.*19'%!$,!/+,)'7-+(*(3!?*)$.'!4*7$1$'%@!%9/#!*%!

-($7*(3!/+,/'(,!4+(!'L)',&'&!4*7$13!*,&!/+779,$)3!+.'(!$,&$.$&9*1!

*//+7-1$%#7',)@!/+7-')$)$+,!*,&!%'14!-(+7+)$+,:!F)9&',)%!1'*.$,2!#+7'!4+(!)#'!

4$(%)!)$7'!4$,&!)#'7%'1.'%!*)!/+11'2'!4''1$,2!$%+1*)'&@!*1$',*)'&!*,&!G*,)$,2!)+!(')9(,!

#+7'!)+!)#'!4*7$1$*(!',.$(+,7',)!+4!%9--+()!*%!)(*&$)$+,*113!-(+.$&'&!03!)#'!

'L)',&'&!4*7$13!*,&!1+/*1!/+779,$)3!db*((+&!*,&!S*($7+('!T``Yf!X*(,'3!T```e:!

F9/#!/91)9('!%#+/M!/*,!0'!)(*97*)$/:!

! !"#'!%'/+,&!/91)9(*1!&$%/+,)$,9$)3!/+,%$%)%!+4!)#'!49,&*7',)*1!/91)9(*1!

&$44'(',/'%!$,!K:F:!7*$,%)('*7!NW9(+B;7'($/*,O!*,&!;7'($/*,!H,&$*,!/91)9(':!?*)$.'!

;7'($/*,!%)9&',)%!7*3!4$,&!)#'7%'1.'%!$,!*!4+(7*1!'&9/*)$+,*1!',.$(+,7',)!)#*)!$%!

9,4*7$1$*(!*,&!9,/+74+()*01'!4+(!)#'7:!"#$%!/+,41$/)!$%!)#'!&$('/)!('%91)!+4!

49,&*7',)*1!&$44'(',/'%!0')G'',!J#$)'!*,&!?*)$.'!/91)9(':!"#'!;7'($/*,!H,&$*,!

%)9&',)!G#+!*&#'('%!)+!)#'!)(*&$)$+,*1!/91)9(*1!0'1$'4%!*,&!-(*/)$/'%!%''%!#$7!+(!

#'(%'14!*%!/+,,'/)'&!)+!0+)#!)#'!,*)9(*1!-#3%$/*1!G+(1&!*,&!)+!*11!-'+-1'!*,&!

/('*)9('%!$,!$):!"#$%!#+1$%)$/!4(*7'!+4!('4'(',/'!$%!$,!+--+%$)$+,!)+!)#'!4(*27',)'&!

*,&!/+7-*()7',)*1$g'&!4(*7'!+4!('4'(',/'!)#*)!/#*(*/)'($g'%!*/*&'7$/!M,+G1'&2'!

*%!%'-*(*)'!*,&!&$%)$,/)!&$%/$-1$,'%:!H)!$%!*1%+!$,/+,2(9',)!G$)#!)#'!%+/$*1!%)(9/)9('!+4!

)#'!*/*&'7$/!G+(1&!)#*)!$%!%#*-'&!03!)#'!&+7$,*,)!%+/$*1!%)(9/)9('!$)%'14!*,&!$%!

/#*(*/)'($g'&!03!%)*)9%!&$44'(',)$*)$+,!*,&!#$'(*(/#$/*1!('1*)$+,%#$-%!d"$'(,'3!

T``Ze:!"#'!,'/'%%$)3!4+(!)#'!;7'($/*,!H,&$*,!%)9&',)!)+!49,/)$+,!$,!)#$%!

! N[(

/+7-*()7',)*1$g'&!*/*&'7$/!%)31'!7*3!1'*.'!)#'!?*)$.'!;7'($/*,!%)9&',)!4''1$,2!*!

%',%'!+4!$,/+7-1')','%%!*,&!$,*&'89*/3!dX*(,'3!T```e:!!

! ! I'*2$,!dT``_e@!('-+()$,2!+,!)#'!/+11'2'!'L-'($',/'!+4!V1*/M!%)9&',)%!*)!

-('&+7$,*,)13!J#$)'!/+11'2'!/*7-9%'%@!%)*)'%!)#*)!-('<9&$/$*1!*))$)9&'%!*0+9,&!+,!

J#$)'!/*7-9%'%!*7+,2!J#$)'!%)9&',)%@!4*/91)3!*,&!*&7$,$%)(*)+(%:!H4!(*/$*1!

$,%',%$)$.$)3!#*%@!$,!4*/)@!0'',!$,%)$)9)$+,*1$g'&!+,!7*$,%)('*7!/+11'2'!/*7-9%'%!$,!

)#'!4+(7!+4!*!W9(+B/',)($/!/9(($/9197@!1*/M!+4!$,)'('%)!$,!V1*/M!%)9&',)%@!*,&!)#'!

'L-'/)*)$+,!03!4*/91)3!)#*)!$,&$.$&9*1!V1*/M!%)9&',)%!('-('%',)!)#'!',)$('!V1*/M!(*/'@!

*%!I'*2$,!dT``_e!%922'%)%@!)#'!%*7'!7*3!#+1&!)(9'!4+(!?*)$.'!;7'($/*,!%)9&',)%!+,!

7*<+($)3!J#$)'@!7*$,%)('*7!/*7-9%'%:!

! ! 5'%-$)'!)#'%'!#$%)+($/*1!4*$19('%!*,&!0*(($'(%!)+!%9//'%%!*%!%'',!$,!)#'!

1$)'(*)9('@!5'j+'!')!*1:!dZUU]e!&'7+,%)(*)'@!;7'($/*,!H,&$*,%!*('!7*M$,2!-+%$)$.'!

2*$,%!*1+,2!7*,3!$,&$/*)+(%!+4!'&9/*)$+,*1!*))*$,7',):!"#'!%/#+1*(13!9,&'(%)*,&$,2!

+4!NG#*)!G+(M%O!$%!2(+G$,2!*,&!$%!&$%/9%%'&!0'1+G:!

!

3=H<>;9(+:=78?K(<>(!B:;8H=?(%?78=?(-@HH:99(8?(U8KF:;(#7@H=<8>?(

! "#'('!*('!7*,3!4*/)+(%!1'*&$,2!)+!%9//'%%!$,!/+11'2'!4+(!?*)$.'!;7'($/*,!

%)9&',)%:!;//+(&$,2!)+!>*/M%+,@!F7$)#!*,&!D$11!dZUU[e!89*1$)*)$.'!$,)'(.$'G%!G$)#!T^!

%9//'%%491!;7'($/*,!H,&$*,!/+11'2'!%)9&',)%!G#+!2('G!9-!+,!('%'(.*)$+,%!$&',)$4$'&!

)#'!4+11+G$,2!)#'7'%!('1*)'&!)+!)#'$(!-'(%$%)',/'!$,!/+11'2'a!4*7$13!%9--+()@!

%)(9/)9('&!%+/$*1!%9--+()@!4*/91)3Q%)*44!G*(7)#@!'L-+%9('!)+!/+11'2'!*,&!.+/*)$+,%@!

&'.'1+-$,2!$,&'-',&',/'!*,&!*%%'()$.','%%@!('1$*,/'!+,!%-$($)9*1!('%+9(/'%@!*,&!

! N\(

+.'(/+7$,2!(*/$%7:!I*/)+(%!/+,)($09)$,2!)+!,+,B-'(%$%)',/'!$,/19&'&!)#'!/91)9(*113!

('1'.*,)!)#'7'!$&',)$4$'&!*%!)#'!,+,1$,'*(!/+11'2'!-*)#!)#*)!$,)'(.$'G''%!&'%/($0'&!

*%!0('*M%!$,!*))',&*,/'@!4+(!.*($+9%!-'($+&%@!0'4+('!&'2(''!/+7-1')$+,!+(!*))',&$,2!

*!,970'(!+4!&$44'(',)!%/#++1%:!H,)'(.$'G''%!*1%+!/$)'&@!*%!*!0*(($'(!)+!-'(%$%)',/'@!

/91)9(*1!&$%/+,)$,9$)3@!$,!)#'!4+(7!+4!/+,41$/)!0')G'',!*/*&'7$/!%9//'%%!*%!&'4$,'&!

03!)#'!&+7$,*,)!%+/$')3!*,&!7*$,)*$,$,2!)(*&$)$+,*1!/91)9(*1!)$'%!G$)#!4*7$13!*,&!

/+779,$)3!)#*)!7*3!,+)!*//'-)!)#'!%)9&',)!*%!*!/+11'2'!2(*&9*)':!"#'!('%91)%!

$,&$/*)'&!)#*)!%)*01'!7',)+($,2!('1*)$+,%#$-%!*,&!-(+2(*77*)$/!%9--+()!*('!)G+!

4*/)+(%!)#*)!/*,!0'!$7-1'7',)'&!*)!)#'!$,%)$)9)$+,*1!1'.'1!)#*)!7*3!0'!0','4$/$*1!$,!

#'1-$,2!;7'($/*,!H,&$*,!%)9&',)%!+.'(/+7'!(+*&01+/M%!)+!'&9/*)$+,*1!*))*$,7',)!

d>*/M%+,@!F7$)#!*,&!D$11!ZUU[e:!

! ! H,!*!('.$'G!+4!1$)'(*)9('!('2*(&$,2!G#*)!G+(M%!*,&!G#*)!&+'%!,+)!G+(M!$,!

'&9/*)$,2!;7'($/*,!H,&$*,%@!5'77'()!dZUUTa[]B`e!1$%)%!%'.'(*1!4*/)+(%!$&',)$4$'&!03!

('%'*(/#'(%!*%!1'*&$,2!)+!%9//'%%!4+(!;7'($/*,!H,&$*,%!$,!/+11'2'!)#+%'!4*/)+(%!*('a!

T: I*7$13!F9--+()a!I*7$13!%9--+()!*,&!',/+9(*2'7',)!-1*3!*,!$7-+()*,)!(+1'@!! ! (+1'!$,!%)9&',)!(')',)$+,!*,&!*/*&'7$/!%9//'%%!$,!/+11'2'!dJ$1%+,!T`][f!E$,&+,'!T`]]f!D9447*,@!F$11!*,&!V(+M',1'2!T`]_f!5*.$%!T``Zf!V*(,#*(&)!T``\e:!"#'!'&9/*)$+,!1'.'1!*,&!+//9-*)$+,!+4!-*(',)%!*('!4+9,&!! !!!!!!!!!!!!!!

! *,&!*('!-('&$/)+(%!+4!%)9&',)!%9//'%%!$,!/+11'2'!dV(+G,!T``[e:!!

! ! Z:!! X91)9(*1!H&',)$)3a!"#'!7*$,)',*,/'!+4!/91)9(*1!$&',)$)3!*,&!)(*&$)$+,%!G*%!!

! ! 4+9,&!)+!0'!$,%)(97',)*1!$,!)#'!%9//'%%!+4!?*)$.'!%)9&',)%!*)!)#'!! !

! ! -+%)%'/+,&*(3!1'.'1!dD9447*,@!F$11!*,&!V(+M',1'2!T`]_e:!!

! ! [:!!!6'(%+,*1!&')'(7$,*)$+,!*,&!2+*1!%'))$,2a!6'(%+,*1!&')'(7$,*)$+,!#*%!!

! ! 0'',!%#+G,!)+!0'!*!4*/)+(!1'*&$,2!)+!/+11'2'!%9//'%%!4+(!;7'($/*,!H,&$*,%!!

! ! dA'(0+!T`]Tf!J$1%+,!T`][f!E$,&+,'!T`]]f!5*.$%!T``Zf!V*(,#*(&)!T``\e:!!

! VO(

!!!!!!!!!!!!!!\:! I$,*,/$*1!%9--+()a!;7'($/*,!H,&$*,!%)9&',)%!/+77+,13!$&',)$4$'&!!!

! ! 4$,*,/$*1!%9--+()!*%!*,!$7-+()*,)!4*/)+(!$,!%)*3$,2!$,!/+11'2'!dJ$1%+,!!

! ! T`][e:!

^:!! ;/*&'7$/!%M$11%a!b++&!*/*&'7$/!-'(4+(7*,/'!-($+(!)+!/+11'2'!#*%!0'',!

! 1$,M'&!)+!2++&!*/*&'7$/!-'(4+(7*,/'!$,!/+11'2'!dV(+G,!T``[e:!

! !!!!!!!!!!!!!!_:! C',)+(%!*,&!%9--+()$.'!4*/91)3a!?*)$.'!%)9&',)%!$,!;1*%M*!('-+()'&!

! *//'%%$0$1$)3@!*--(+*/#*0$1$)3@!2',9$,','%%!*,&!/*($,2!03!/+11'2'!+(!

! 9,$.'(%$)3!4*/91)3!*%!,'/'%%*(3!4+(!1'*(,$,2!%9//'%%!dJ$1%+,!T``Ye:!!!

! !!!!!!!!!!!!!!Y:! V$/91)9(*1!/9(($/9197a!!;!0$/91)9(*1!-+%)%'/+,&*(3!/9(($/9197!

! $,/+(-+(*)$,2!0+)#!W9(+B;7'($/*,!*,&!)(*&$)$+,*1!?*)$.'!M,+G1'&2'!G*%!

! 1$,M'&!)+!%$2,$4$/*,)!?*)$.'!%)9&',)!(')',)$+,!*,&!-(+2(*7!/+7-1')$+,@!

! 'L'()$+,!+4!1'*&'(%#$-!*,&!/1+%'(!)$'%!G$)#!/+779,$)3!*,&!

! $,)'(2','(*)$+,*1!('1*)$+,%#$-%!dV*(,#*(&)!T``\f!V*11!*,&!6',/'!ZUUTe:!!

!!!!!!!!!!!!!!]:!! F)9&',)!%9--+()!%'(.$/'%!('%-'/)491!+4!)#'!,''&%!*,&!$,)'('%)%!+4!

! /91)9(*113!&$.'(%'!%)9&',)%!*('!%'',!*%!*,!$7-+()*,)!4*/)+(%!1'*&$,2!)+!

! %9//'%%!dV*(,#*(&)!T``\e:!

! 6($+(!('%'*(/#!$,&$/*)'%!)#*)!*!/+70$,*)$+,!+4!4*/)+(%!G+(M!)+G*(&!

$,/('*%$,2!(')',)$+,!*,&!%9//'%%!4+(!)#'!?*)$.'!/+11'2'!%)9&',):!;7+,2!)#'%'!4*/)+(%@!

4*7$13!%9--+()@!*!49,&*7',)*1!4+9,&*)$+,!$,!)#'!'&9/*)$+,!0*%$/%@!7+)$.*)$+,@!*!

%',%'!+4!%'14!0*%'&!+,!')#,$/!$&',)$)3@!1*/M!+4!1*,29*2'!0*(($'(%@!'*(13!2+*1!%'))$,2!

*,&!%9--+()$.'!7',)+(%!#*.'!*11!0'',!%#+G,!)+!0'!$,419',)$*1!$,!G#')#'(!*!?*)$.'!

;7'($/*,!%)9&',)!%)*3%!$,!/+11'2'!*,&!%9//''&%!*/*&'7$/*113!d5'77'()!ZUUTe:!!

! VP(

-C:H8E8H(-<;=<:K8:9(E>;(-@HH:99(8?(U8KF:;(#7@H=<8>?(

( ( J($2#)!*,&!"$'(,'3!dT``Te!7*M'!*!/*%'!4+(!)#'!%9--+()!+4!H,&$*,!'&9/*)$+,!

03!)#'!4'&'(*1!2+.'(,7',)!*,&!%+/$')3!$,!2','(*1:!"#'('!$%!2('*)!,''&!4+(!/91)9(*113!

('1'.*,)!/9(($/91*!*,&!)#'!.*19*)$+,!+4!?*)$.'!/91)9('!*%!*!%+/$*1!*%%')!(*)#'(!)#*,!*!

&'4$/$):!J*L!')!*1:!dT`_\e!*,&!b*((+&!*,&!S*($7+('!dT``Ye!%922'%)!)#*)!?*)$.'!

%)9&',)%!*,&!)#'$(!4*7$1$'%!-1*/'!2('*)!.*19'!+,!'&9/*)$+,:!H)!$%!)#'('4+('!$,/970',)!

9-+,!)#'!$,%)$)9)$+,%!+4!#$2#'(!'&9/*)$+,!)+!0('*M!4(+7!)#'!#$%)+($/*1!W9(+B/',)'('&!

7+1&!*,&!-(+.$&'!*,!'&9/*)$+,*1!'L-'($',/'!0*%'&!+,!)#'!/91)9(*1!*,&!#$%)+($/*1!

%+/$*1!/#*(*/)'($%)$/%!+4!)#'!;7'($/*,!H,&$*,!%)9&',):(

! ! "#'!"($0*1!/+11'2'!7+.'7',)!*,&!$)%!$7-*/)!+,!)#'!'&9/*)$+,*1!*,&!%+/$*1!

+--+()9,$)$'%!4+(!;7'($/*,%!H,&$*,%!)#(+92#!#$2#'(!'&9/*)$+,!#*%!0'',!G'11!

&+/97',)'&!dc--'1)!T``Uf!F)'$,!T``Zf!V+3'(!T``Yf!6*.'1!')!*1:@!T``]f!I+L!')!*1:!

ZUU^f!5'j+'!')!*1:!ZUU]e:!;//+(&$,2!)+!)#'%'!*9)#+(%@!)#'!/+('!/+,/'-)!+,!G#$/#!

)($0*1!/+11'2'%!*('!09$1)!$%!)#'!,+)$+,!+4!-(+.$&$,2!*!/91)9(*113!('1'.*,)!/9(($/9197!

)#*)!$%!7*&'!*//'%%$01'!)+!)($0*1!7'70'(%!G#+!7*3!,+)!+)#'(G$%'!#*.'!*//'%%!)+!

#$2#'(!'&9/*)$+,:!"#'%'!/+,/'-)%!/+91&!0'!0','4$/$*113!*--1$'&!)+!7*$,%)('*7!

/+11'2'%!*%!*,!*.',9'!4+(!$,/('*%'&!(')',)$+,!*,&!2(*&9*)$+,:!

! ! D'*.3E9,,'(!*,&!5'X'11'%!dZUUZa[e!&'%/($0'!*!-(+2(*7!&'.'1+-'&!03!

;7'($/*,!H,&$*,!'&9/*)+(%@!%+/$*1!G+(M!-(+4'%%$+,*1%!*,&!9,$.'(%$)3!*&.$%+(%!4(+7!

4+9(!C+,)*,*!)($0*1!/+11'2'%!$,!/++-'(*)$+,!G$)#!)#'!K,$.'(%$)3!+4!C+,)*,*!)#*)!)#'3!

#*.'!/*11'&@!N"#'!I*7$13!W&9/*)$+,!C+&'1O!dIWCe:!IWC!G*%!0*%'&!+,!)#(''!

*%%97-)$+,%!('1'.*,)!)+!;7'($/*,!H,&$*,!%)9&',)%:!"#'%'!*%%97-)$+,%!*('a!Te!C*,3!

! VN(

%)9&',)%!*,&!)#'$(!4*7$1$'%!,''&!/+11'2'!)+!*/)!*%!)#'$(!1$*$%+,!G$)#!'L$%)$,2!#'*1)#!

*,&!%+/$*1!%'(.$/'%!$,!)$7'%!+4!/($%$%f!Ze!"($0*1!/+11'2'%!79%)!4*/$1$)*)'!)#'!*0$1$)3!+4!

4*7$13!7'70'(%!)+!%9--+()!)#'$(!%)9&',)O%!'44+()%f!*,&![e!"($0*1!/+11'2'%!,''&!)+!

',2*2'!4*7$13!7'70'(%!$,!)#'!1$4'!+4!)#'!/+11'2'!/+779,$)3!)#(+92#!09$1&$,2!

-*(),'(%#$-%!*,&!$,.+1.$,2!)#'7!$,!%+/$*1!*,&!/91)9(*1!*/)$.$)$'%:!"#'!0','4$)%!+4!)#'!

IWC!*('!'L-1*$,'&!03!D'*.3E9,,'(!*,&!5'X'11'%!dZUUZe!*%!%+/$*1!*,&!/91)9(*1!

*/)$.$)$'%!%9/#!*%!&*,/'%@!%+/$*1%@!%-+()%!*,&!+9)&++(!*/)$.$)$'%!)+!G#$/#!4*7$1$'%@!

%-+9%'%!*,&!/#$1&(',!*('!('291*(13!$,.$)'&!)+!<+$,:!"#(+92#!)#'$(!-*()$/$-*)$+,!$,!

)#'%'!*/)$.$)$'%@!)#'!4*7$13!7'70'(%!&'.'1+-!*!%',%'!+4!0'1+,2$,2!)+!)#'!/*7-9%!

',.$(+,7',)!*,&!*('!,+!1+,2'(!('%',)491!+4!)#'!)$7'!%-',)!+,!/*7-9%!03!)#'$(!

%)9&',)!4*7$13!7'70'(:!;//+(&$,2!)+!D'*.3E9,,'(!*,&!5'X'11'%!dZUUZa[e!

hW%)*01$%#$,2!*,&!7*$,)*$,$,2!*!%',%'!+4!N4*7$13O!0+)#!*)!#+7'!*,&!*)!/+11'2'!

4+()$4$'%!;7'($/*,!H,&$*,!%)9&',)%O!*/*&'7$/!-'(%$%)',/':i!

! ! b9$11+(3!*,&!J+1.'()+,!dZUU]e!*--1$'&!)#'!I*7$13!W&9/*)$+,!C+&'1!dIWCe!$,!

*!%)9&3!+4!?*)$.'!;7'($/*,!%)9&',)%!*)!-('&+7$,*,)13!J#$)'!$,%)$)9)$+,%!$,!

J*%#$,2)+,@!H&*#+!*,&!C+,)*,*:!!;7'($/*,!H,&$*,!%)9&',)%!$,!)#'!%)9&3!$&',)$4$'&!

4*7$13!*,&!%)9&',)!%+/$*1!%9--+()!*,&!)#'!&'%$('!)+!2$.'!0*/M!)+!)#'$(!/+779,$)3!*%!

$7-+()*,)!-'(%$%)',/'!4*/)+(%:!H,)'('%)$,213@!,+,BH,&$*,!*&7$,$%)(*)+(%!*)!)#'!%*7'!

$,%)$)9)$+,%!$&',)$4$'&!4$,*,/$*1!*%%$%)*,/'!*%!)#'!7+%)!$7-+()*,)!4*/)+(!$,419',/$,2!

?*)$.'!;7'($/*,!%)9&',)!-'(%$%)',/':!!

! ! "#'%'!('%'*(/#'(%!%922'%)!*!h%#$4)!*G*3!4(+7!&'*1$,2!G$)#!?*)$.'!;7'($/*,!

%)9&',)!-'(%$%)',/'!)#(+92#!-9('13!7+,')*(3!7'*,%!*,&!)+G*(&!/('*)$,2!G*3%!$,!

! VV(

G#$/#!?*)$.'!;7'($/*,!%)9&',)%!/*,!/+,,'/)!G$)#!0+)#!)#'!9,$.'(%$)3!*,&!)#'$(!

#+7'!/+779,$)$'%i!db9$11+(3!*,&!J+1.'()+,!ZUU]a]Te:!"#'3!%922'%)!/+11*0+(*)$.'!

-(+2(*7%!G$)#!)($0'%@!%9--+()$,2!&*3!/*('@!*,&!0($,2$,2!#$2#'(!'&9/*)$+,!)+!?*)$.'!

;7'($/*,!/+779,$)$'%!db9$11+(3!*,&!J+1.'()+,!ZUU]e:!

! X*(,'3!dT``à!T\Ye!%922'%)%!%+19)$+,%!)+!)#'!-(+01'7!+4!;7'($/*,!H,&$*,!

-'(%$%)',/'!*,&!-+%)%'/+,&*(3!'&9/*)$+,*1!*))*$,7',)!*%!,97'(+9%!*%!)#'!

-(+01'7%!)#'3!*&&('%%:!;7+,2!)#'!%+19)$+,%!X*(,'3!%922'%)%!*('a!'L-*,&'&!

('/(9$)7',)!-(+2(*7%!)#*)!$,/19&'!%)9&',)%!*,&!)#'$(!4*7$1$'%@!*%!G'11!*%!7+('!,+,B

)(*&$)$+,*1!%)9&',)%!G#+!#*.'!0'',!+9)!+4!%/#++1!4+(!*!4'G!3'*(%f!7+('!'1*0+(*)'!

%+/$*1$g*)$+,!*,&!+($',)*)$+,!-(+2(*7%!&'%$2,'&!)+!'*%'!)#'!)(*,%$)$+,!+4!?*)$.'!

%)9&',)%!$,)+!*!7*$,%)('*7!/*7-9%!',.$(+,7',)f!$,/('*%'&!7+,$)+($,2!+4!-(+2('%%!

*,&!+,2+$,2!%9--+()!4+(!?*)$.'!%)9&',)%f!*,&@!)#'!&'.'1+-7',)!+4!?*)$.'!;7'($/*,!

4*/91)3!*,&!<+0!'L-'($',/'!03!?*)$.'!%)9&',)%!)#*)!G+91&!-('-*('!)#'7!4+(!

'7-1+37',)!0'3+,&!)#'!/+11'2'!'L-'($',/':!H,!*11!/*%'%@!)#'('!$%!)#'!,''&!4+(!

$,/('*%'&!49,&$,2!)+!%9--+()!-(+2(*7%!dX*(,'3!T``è:!!D+G'.'(@!0'4+('!49,&$,2!

/*,!0'!('*1$g'&!*%!)#'!-($7*(3!/+,%$&'(*)$+,@!)#'('!,''&%!)+!0'!*,!*G*(','%%!+4!)#'!

,''&%!+4!?*)$.'!%)9&',)%!*,&!*!G$11$,2,'%%!03!)#+%'!$,!-+%$)$+,%!+4!*9)#+($)3!)+!)*M'!

*/)$+,!+,!0'#*14!+4!)#+%'!%)9&',)%!dV+3'(!T``Ye:!!

! ! I+L@!S+G'!*,&!C/X1'11*,!dZUUê!/+7-$1'&!*!1$%)!+4!('/+77',&*)$+,%!4+(!

/+11'2'!*&7$,$%)(*)+(%!)+!7'')!)#'!,''&%!+4!;7'($/*,!H,&$*,!%)9&',)%:!"#'%'!

('/+77',&*)$+,%!*('!+4!-*()$/91*(!.*19'!*%!)#'3!/+7'!&$('/)13!4(+7!;7'($/*,!

H,&$*,!'&9/*)+(%:!!

! VW(

"#'3!$,/19&'a!

T: W,#*,/'!M,+G1'&2'!*0+9)!?*)$.'!;7'($/*,%!*,&!)#'$(!/91)9('!*7+,2!!

! #$2#'(!'&9/*)$+,!-(+4'%%$+,*1%:!

Z: WL-*,&!*--('/$*)$+,!+4!&$.'(%$)3!*7+,2!;7'($/*,!H,&$*,%!*)!0+)#!!7$/(+!

! *,&!/91)9(*1!1'.'1%:!!

[: H7-(+.'!'&9/*)$+,*1!-(+4'%%$+,*1%O!9,&'(%)*,&$,2!+4!)($0*1!!%+.'('$2,)3:!

\: F#$4)!)+!#$2#'(!'&9/*)$+,!7+&'1!$,/+(-+(*)$,2!?*)$.'!;7'($/*,!.*19'%@!

! G+(1&.$'G%!*,&!'L-'($',/'%:!

^: V9$1&!%)(+,2'(!('/(9$)7',)!*,&!(')',)$+,!'44+()%:!

_: H7-(+.'!/+779,$/*)$+,%!*,&!$7-1'7',)!09('*9/(*)$/!-(+/'&9('%!)#*)!

! 0($&2'!)#'!/91)9('!2*-%!0')G'',!H,&$*,!%)9&',)%!*,&!)#'$(!4*7$1$'%!*,&!

! 7*$,%)('*7!%+/$*1!%3%)'7%!)#*)!*('!$,)$7$&*)$,2!*,&!$,#$0$)$,2!)+!H,&$*,!

! -'+-1':!

Y: E'/(9$)!*,&!(')*$,!;7'($/*,!H,&$*,!4*/91)3:!

]: WL-*,&!('%'*(/#!$,!*11!*('*%!+4!?*)$.'!;7'($/*,!#$2#'(!'&9/*)$+,:!

`: H,.+1.'!;7'($/*,!H,&$*,!-'+-1'!$,!*11!*%-'/)%!+4!?*)$.'!;7'($/*,!#$2#'(!

! '&9/*)$+,:!

! ! I(+7!)#'!1$)'(*)9('!03!('%'*(/#'(%!$,/19&$,2!V'((3!T`_\@!J*L!')!*1:!T`_Y@!

I+L@!')!*1:!ZUU^@!c--'1)!T``U@!X*(,'3!T```@!D9447*,!T```@!*,&!5'77'()!ZUUT@!G'!

#*.'!%'',!)#'7'%!('1*)$,2!)+!)#'!%*1$',/'!+4!/91)9(*1!&$7',%$+,%!+4!?*)$.'!;7'($/*,!

%)9&',)%!('-'*)'&13!'7'(2':!"#'!/+,/'-)%!+4!')#,$/!$&',)$)3!*,&!'7-+G'(7',)!

! VX(

&$%/9%%'&!0'1+G!7*3!*1%+!/+,)($09)'!)+!*,!$7-(+.'&!9,&'(%)*,&$,2!+4!G#*)!/*,!

#'1-!;7'($/*,!H,&$*,!%)9&',)%!%9//''&!*)!/+11'2':!! !

!

! ! /F:($>D:(>E(#<F?8H(%7:?<8<5(=?7(#BC>Q:;B:?<(((

( I$'1&!dT``\a\[[e!&'4$,'%!')#,$/!$&',)$)3!*%!h)#'!&'2(''!)+!G#$/#!)#'!

$,&$.$&9*1%!)#+92#)!+4!)#'7%'1.'%@!+(2*,$g'&!)#'!7'*,$,2!+4!)#'$(!%+/$*1!

('1*)$+,%#$-%@!*,&!$,)'(-(')'&!)#'$(!'L-'($',/'%!$,!)'(7%!+4!)#'$(!,*)$+,*1$)3!

0*/M2(+9,&:i!

( "#'!/+,/'-)!+4!h6C)D3:$+'&#/,$+$#Ci!*%!-(+-+%'&!03!D'(0'()!b*,%!dT`Y`e!$%!

9%'&!*%!$119%)(*)$+,!+4!)#'!G*3!$,!G#$/#!$,&$.$&9*1%!G$11!-$/M!*,&!/#++%'!4(+7!*!%)+('!

+(!/*/#'!+4!/91)9(*1!$)'7%:!FG$&1'(!dT`]_e!('4'(('&!)+!)#$%!%)+('!*%!*!)3-'!+4!N)++1!M$)O!

+4!')#,$/!+(!/91)9(*1!$)'7%!)+!0'!0(+92#)!+9)!*,&!9%'&!*)!-*()$/91*(!)$7'%!$,!

-*()$/91*(!%$)9*)$+,%:!?*2'1!dT``\e!%''%!)#'!/+,%)(9/)$+,!+4!')#,$/!$&',)$)3!*%!

*//+7-1$%#'&!03!/#++%$,2!$)'7%!4(+7!*!N%#+--$,2!/*()O:!?*2'1!%''%!%+/$')*1!

/+,%)(*$,)%!*%!&')'(7$,*,)!+4!)#'!%#*-'!+4!)#'!/*()@!G#'('*%!'L)'(,*1!4+(/'%!0'3+,&!

*,3!+,'!$,&$.$&9*1O%!/+,)(+1!1$7$)!')#,$/!$&',)$4$/*)$+,:!F9/#!1$7$)*)$+,!7*3!*--13@!

4+(!'L*7-1'@!)+!;7'($/*,!H,&$*,!/+11'2'!%)9&',)%!+,!-('&+7$,*,)13!J#$)'!/+11'2'!

/*7-9%'%:!

! H,!#$%!/1*%%$/!T`_`!G+(M@!0#/,$+'8*32E6'",1'F32,1"*$&6@!I('&($M!V*()#!-+%$)%!

)#'!/+,/'-)%!+4!)#'!/91)9(*1!/+,%)(9/)$+,$%)!7+&'1!+4!')#,$/$)3:!W)#,$/!2(+9-%!*('!

%$)9*)$+,*1!*,&!/+,)'L)9*1:!"#$%!$%!)+!%*3!)#*)!)#'3!*('!)#'!('%91)!+4!-*()$/91*(!

$,)'(*/)$+,*1@!#$%)+($/*1@!'/+,+7$/*1!*,&!-+1$)$/*1!4*/)+(%!$,!/+70$,*)$+,%!)#*)!1'*&!)+!

! VY(

)#'!4+(7*)$+,!+4!')#,$/!0+9,&*($'%:!"#(+92#+9)!)#'!1+,2!/+1+,$*1!#$%)+(3!%$,/'!)#'!

4$(%)!/+,)*/)!0')G'',!;7'($/*,!H,&$*,%!*,&!W9(+-'*,!%'))1'(%!)#'('!#*.'!0'',!

#$%)+($/*1!*))'7-)%!03!)#'!W9(+B&+7$,*,)!/91)9('!)+!'(*&$/*)'!)#'!/91)9('!*,&!

$&',)$)3!+4!)#'!?*)$.'!;7'($/*,%:!b$.',!)#$%!#$%)+(3@!*!/+7-1'L!%')!+4!4*/)+(%!7*3!

$,419',/'!#+G!;7'($/*,!H,&$*,!%)9&',)%!&'.'1+-!*,!')#,$/!$&',)$)3!*,&!*!%)9&',)!

$&',)$)3!G$)#$,!)#'!7*$,%)('*7!/+11'2'!',.$(+,7',)!*,&!#+G!)#+%'!)G+!*%-'/)%!+4!

%'14!G+(M!G$)#!*,&!*2*$,%)!'*/#!+)#'(:!

! ! H,!#'(!0++M!',)$)1'&!0)E3G&*)&,#'#/*32./'H2:#$+2:#2*":'012+"#$3,@!F1'')'(!

dT``Te!'L-1*$,%!#+G!-'+-1'!'7-+G'('&!03!'&9/*)$+,!/*,!9,&'(%)*,&!)#'!

+--('%%$.'!,*)9('!+4!)#'!%+/$*1!%)(9/)9('f!*/)!-(+*/)$.'13!)+G*(&!('*/#$,2!)#'$(!+G,!

2+*1%f!%9//''&!*%!$,&$.$&9*1%!G$)#$,!)#'!&+7$,*,)!%+/$*1!%)(9/)9('!+4!%/#++1%!*,&!

+)#'(!%+/$*1!$,%)$)9)$+,%f!*&.+/*)'!4+(!)#'7%'1.'%!*%!$,&$.$&9*1%!G$)#$,!)#'!1*(2'(!

%+/$*1!%3%)'7f!*,&@!G+(M!/+11'/)$.'13!4+(!%+/$*1!<9%)$/':!I('$('!dT`YUe!*(29'%!)#*)!$)!$%!

)#(+92#!)#'!-(+/'%%!+4!+3,6+$&,#$I"#$3,!)#*)!+--('%%'&!-'+-1'!('*1$g'!)#*)!)#'$(!

/91)9(*1!.*19'%!*('!1'2$)$7*)':!5'3#1'O%!dT``Zf!T``^e!('%'*(/#!%#+G%!)#*)!)#'!

&$44'(',/'!$,!&(+-!+9)!(*)'%!0')G'',!K)'!%)9&',)%!$,!*!0+(&'(!/+779,$)3!*,&!

?*.*<+!%)9&',)%!4(+7!*!7+('!)(*&$)$+,*1!('%'(.*)$+,!/+779,$)3!*('!*,/#+('&!$,!)#'!

&'2(''!+4!/+,,'/)$+,!)+!)(*&$)$+,*1!?*)$.'!/91)9('!*,&!)#'!%)(',2)#!+4!H,&$*,!

$&',)$)3:!!

! ! E'%'*(/#'(%!dc3%'(7*,@!D*(($%+,!*,&!V30''!ZUUTf!c3%'(7*,!')!*1:!ZUU[e!

#*.'!'L*7$,'&!)#'!'44'/)%!)#*)!*!%)(+,2!(*/$*1!$&',)$)3!#*%!+,!-(+.$&$,2!*!h-+%$)$.'!

0944'(!*2*$,%)!&'/1$,$,2!*/*&'7$/!'44$/*/3i!dZUUTa[]\e!"#$%!$%!-('&$/*)'&!9-+,!)#'!

! VZ(

$&'*!)#*)!0'$,2!*!7'70'(!+4!*!7$,+($)3!2(+9-!/*,!#*.'!*!N&'41*)$,2!*,&!%)$27*)$g$,2O!

'44'/):!E*/$*1!$&',)$)3@!)#'!('%'*(/#'(%!*(29'@!/*,!0'!*!/(9/$*1!'1'7',)!*44'/)$,2!#+G!

%+7'!*&+1'%/',)%!7*M'!%',%'!+4!)#'$(!%'1.'%:!! !

! ! c3%'(7*,@!b*,)!*,&!;2'(!dT``â!TZZZe!&'%/($0'!)#'!%)(*)'2$'%!9%'&!03!V1*/M!

*,&!J#$)'!9,$.'(%$)3!%)9&',)%!!h)+!+0)*$,!*/#$'.'7',)!('1*)'&!-+%%$01'!%'1.'%:i!

c3%'(7*,@!V30''!*,&!"'((3!dZUU_e!'L-1*$,!h*/#$'.'7',)!('1*)'&!-+%%$01'!%'1.'%i!

*,&!h*/*&'7$/!-+%%$01'!%'1.'%i!*%!&'4$,$)$+,%!+4!%'14!)#*)!*('!%9--+()$.'!*,&!

/+,%$%)',)!G$)#!*/#$'.'7',)!*,&!*/*&'7$/!%9//'%%:!c3%'(7*,!')!*1:!dT``ê!

('/+2,$g'&!)#*)!%9/#!%+/$*113!/+,%)(9/)'&!%'1.'%!*('!#'*.$13!&'-',&',)!9-+,!)#'!

0*/M$,2!+4!$7-+()*,)!+)#'(%!$,!)#'!%+/$*1!',.$(+,7',):!"#'%'!$7-+()*,)!+)#'(%!7*3!

$,/19&'!4*7$13!7'70'(%@!)'*/#'(%@!*,&!7'70'(%!+4!)#'!G$&'(!%9--+()!,')G+(M!*,&!

('4'(',/'!2(+9-%:!"#'!%+/$*1!',.$(+,7',)!$%!)#'!*(',*!$,!G#$/#!'&9/*)$+,*1@!

'/+,+7$/!*,&!+)#'(!)3-'%!+4!('%+9(/'%!*('!2*)#'('&!*%!N%+/$*1!/*-$)*1O!)#*)!*11+G%!

3+9)#!)+!0'/+7'!*!.*19'&!7'70'(!+4!#$%!+(!#'(!%+/$*1!2(+9-!dc3%'(7*,!')!*1:!T``ê:!

! ! ;)!)#'!61*$,%!F)*)'!K,$.'(%$)3!ZU)#!;,,9*1!X+,%$&'(!)#'!X',)9(3!X+,4'(',/'!

#'1&!c/)+0'(!])#@!ZUU]!)#'!6('%$&',)!+4!F$))$,2!V911!X+11'2'!*)!I+()!o*)'%@!?+()#!

5*M+)*!G*%!*%M'&@!N"+!G#*)!&+!3+9!*))($09)'!)#'!%9//'%%!+4!F$))$,2!V911!X+11'2'!

%)9&',)%!*%!7'*%9('&!03!(')',)$+,!*,&!2(*&9*)$+,!(*)'%kO!6('%$&',)!S*9('1!

j'(7$11$+,!('-1$'&!03!'L-1*$,$,2!)#*)!F$))$,2!V911!%)9&',)%!hA,+G!G#+!)#'3!*('!*,&!

G#'('!)#'3!/+7'!4(+7:i!H,!%#+()@!%+7'!%)9&',)%!#*.'!*!%)(+,2!*,/#+(!$,!)#'!4+(7!+4!

')#,$/!dH,&$*,e!$&',)$)3!)#*)!7*3!1'*&!)+!'7-+G'(7',)!*,&!*/*&'7$/!*))*$,7',):!!

! V[(

! ! m$)g+G!*,&!W%)'%!dT`]U@T`][e!#*.'!-(+-+%'&!*!D'($)*2'!X+,%$%)',)p

D'($)*2'!H,/+,%$%)',)!X+,)$,997!*%!*!/+9,%'1$,2!*--(+*/#!G$)#!;7'($/*,!H,&$*,!

%)9&',)%:!"#$%!/+,)$,997!$%!9%'&!)+!*%%'%%!)#'!'L)',)!)+!G#$/#!*,!$,&$.$&9*1O%!

1$4'%)31'!('41'/)%!)#'!7*<+(!'1'7',)%!+4!#$%!+(!#'(!#$%)+($/*1!)($0*1!/91)9(':!J#'('!*,!

$,&$.$&9*1!4*11%!*1+,2!)#'!/+,)$,997!$%!&')'(7$,'&!*//+(&$,2!)+!)#*)!$,&$.$&9*1O%!

M,+G1'&2'!+4!*,&!-*()$/$-*)$+,!$,!)#'!7*)'($*1!*,&!,+,B7*)'($*1!/91)9('!*,&!

/9%)+7%!+4!)#'$(!)($0*1!2(+9-:!"#$%!-+%$)$+,$,2!+,!)#'!/+,)$,997!*--'*(%!)+!#*.'!*,!

$7-*/)!+,!%'14B/+,/'-)@!*//91)9(*)$+,@!$,)'(,*1!/+,41$/)@!*,&!$&',)$)3:!;%!D9447*,!

dT``è!('-+()%@!)#'%'!*%-'/)%!+4!')#,$/!$&',)$)3!/*,!#*.'!*!&')'(7$,*,)!'44'/)!+,!

#+G!)#'!;7'($/*,!H,&$*,!%)9&',)!-'(/'$.'%!)#'!/+11'2'!',.$(+,7',)!*,&!,*.$2*)'%!

#$%!+(!#'(!G*3!)#(+92#!$):!

! ! ;//+(&$,2!)+!D9447*,!dT``è!%)9&',)%!G#+!*('!1'%%!*%%$7$1*)'&!)+!)#'!

7*$,%)('*7!/91)9('!G$11!'L-'($',/'!7+('!/91)9('!%#+/M!9-+,!*(($.*1!*)!/+11'2'!*,&!

G$11!0'!7+('!1$M'13!)+!&(+-!+9)!*,&!(')9(,!#+7'!G$)#+9)!%+7'!%9--+()!+(!%'(.$/'%!

&'%$2,'&!)+!4*/$1$)*)'!)#'!)(*,%$)$+,!4(+7!)#'!4*7$1$*(@!7+('!)(*&$)$+,*1!',.$(+,7',)!

)+!)#'!7*$,%)('*7!/+11'2'!',.$(+,7',):!!D9447*,!dT``è!#*%!/('*)'&!)*L+,+73!4+(!

/1*%%$43$,2!?*)$.'!;7'($/*,!%)9&',)%!*1+,2!*!/+,)$,997!+4!/91)9(*1!)(*&$)$+,*1!

1$4'%)31'!(*,2$,2!4(+7!(66$)$:"#&1!*)!+,'!',&!*,&!06#*",.&1!*)!)#'!+)#'(!',&:!

D9447*,!'L-1*$,%!#+G@!G#$1'!4+(!)#''(66$)$:"#&1!%)9&',)@!)(*,%$)$+,!)+!/+11'2'!*,&!

)#'!7*$,%)('*7!/91)9('!-+%'%!1$))1'@!$4!*,3@!/#*11',2'!+(!)#('*)f!)#''06#*",.&1!%)9&',)!

G$11!0'!7+%)!1$M'13!)+!&(+-!+9)!+4!/+11'2'!89$/M13!0'/*9%'!)#*)!%)9&',)!G$11!4''1!

)#('*)','&!03!)#'!7*$,%)('*7!/*7-9%!',.$(+,7',)!*,&!%''!)#'!9,$.'(%$)3!*%!*,!

! V\(

$,%)$)9)$+,!G#+%'!%+1'!-9(-+%'!$%!+,'!+4!)+)*1!*%%$7$1*)$+,!*,&!)#'!'(*&$/*)$+,!+4!

)(*&$)$+,*1!?*)$.'!.*19'%!*,&!1$4'%)31':!V')G'',!)#'!(66$)$:"#&1!*,&'06#*",.&1!

%)9&',)%@!$,!)#$%!)*L+,+73@!D9447*,!/1*%%$4$'%!H"*.$,":!%)9&',)%!*,&!

7*",6+2:#2*"#&1!%)9&',)%!*%!)#+%'!G#+!*('!*01'@!)+!.*(3$,2!&'2(''%@!)+!0*1*,/'!+9)!

)#'!/#*11',2'%!-+%'&!03!1$.$,2!$,!0+)#!)#'!)(*&$)$+,*1!*,&!)#'!7*$,%)('*7!G+(1&%:!

;//+(&$,2!)+!D9447*,!dT```e@!)#'!H"*.$,"1!%)9&',)!$%!+,'!G#+!*))'7-)%!)+!1$.'!

%$791)*,'+9%13!$,!)#'!0+)#!)#'!)(*&$)$+,*1!?*)$.'!/91)9('!*,&!)#'!7*$,%)('*7!

/91)9('!G#$1'!4$))$,2!/+74+()*013!$,)+!,'$)#'(!+,':!X+,.'(%'13@!)#'!7*",6+2:#2*"#&1!

%)9&',)!&(*G%!%)(',2)#!4(+7!#$%!+(!#'(!')#,$/!$&',)$)3@!G#$/#!%'(.'%!*%!*,!*,/#+(!

*,&!%)*0$1$g$,2!4*/)+(@!-(+.$&$,2!('%$1$',/'!*,&!/+,4$&',/'!4+(!,*.$2*)$+,!)#(+92#!

)#'!7*$,%)('*7!%+/$*1!%)(9/)9(':!!

! S''!dZUU_a_e!&'%/($0'%!"$,)+O%!7+&'1!+4!/+11'2'!%)9&',)!&'-*()9('!*%!G#*)!

"$,)+!)'(7'&!h1+,2$)9&$,*1!*,&!$,)'(*/)$+,*1i!d"$,)+!T`Y^@!T``[e:!;//+(&$,2!)+!

"$,)+@!*!%)9&',)O%!&'/$%$+,!)+!('7*$,!$,!/+11'2'!+(!1'*.'!$%!)#'!-(+&9/)!+4!*!-(+/'%%!

)#*)!+//9(%!+.'(!)$7'!*,&!$%!%#*-'&!)#(+92#!)#'!$,)'(*/)$+,!+4!/#*(*/)'($%)$/%!+4!)#'!

$,&$.$&9*1!%)9&',)!*,&!)#+%'!+4!)#'!$,%)$)9)$+,:!"#'!7+&'1!%922'%)%!)#*)!)#+%'!G#+!

/+7-1')'!/+11'2'!&'2(''%!*('!)#+%'!G#+!G'('!*01'!)+!*%%$7$1*)'!*,&!0'/+7'!4$(713!

$,)'2(*)'&!$,)+!)#'!7*$,%)('*7!*/*&'7$/!*,&!%+/$*1!%3%)'7%!+4!)#'!9,$.'(%$)3!

',.$(+,7',):!"#$%!0'/+7'%!-(+01'7*)$/!4+(!%+7'!%)9&',)%!+4!/+1+(!0'/*9%'!$)!

('89$('%!)#'7!)+!/+,4+(7!)#'$(!')#,$/!$&',)$)$'%!)+!4$)!$,)+!)#'!-('&+7$,*,)13!J#$)'!

$,%)$)9)$+,*1!',.$(+,7',)!dS''!ZUU_e:!"$,)+!#*%!%$,/'!('.$%'&!#$%!7+&'1!%+!)#*)!#'!

,+G!*11+G%!4+(!)#'!,''&!4+(!%9--+()$.'!/*7-9%!/+779,$)$'%!*,&!$,/19%$.'!

! WO(

9,$.'(%$)3!',.$(+,7',)%!4+(!%)9&',)%!+4!/+1+(!$4!)#'3!*('!)+!0'!(')*$,'&!dS''!ZUU_e:!

c)#'(!('%'*(/#'(%!%)$11!/#*11',2'!"$,)+O%!7+&'1!*%!+,'!)#*)!$%!%)$11!4$(713!'70'&&'&!

$,!*!4(*7'G+(M!+4!,'/'%%*(3!*%%$7$1*)$+,!*,&!*//91)9(*)$+,!03!)#'!7$,+($)3!%)9&',)!

$4!)#*)!%)9&',)!$%!)+!-'(%$%)!$,!/+11'2'!dc209!T`Y]f!E',&+,@!>*1+7+!*,&!?+(*!ZUUUf!

"$'(,'3!T``[@!ZUUUf!S''!ZUU_e:!!

! H,!#'(!G+(M!0#/,$+$#C'H"##&*6>'J&#/$,=$,.'-3G'F:"+=K'-$6E",$+'L'<,1$",'

5#21&,#6'9*&E"*&'M3*'L'52++&&1'<,'N3::&.&@!S''!dZUU_e@!('.$'G%!4+9(!7+&'1!-(+2(*7%!

&'%$2,'&!)+!#'1-!')#,$/!7$,+($)3!%)9&',)%!*/#$'.'!*/*&'7$/!%9//'%%:!F'.'(*1!

/+77+,!&',+7$,*)+(%!4+(!%9//'%%!$,/19&'a!)$7$,2@!'*(13!*,&!$,)',%$.'!

$,)'(.',)$+,%!d/+11'2'!-('-*(*)+(3!-(+2(*7%!0'2$,,$,2!$,!)#'!%'.',)#!2(*&'e@!

-'(%$%)',/'@!2'+2(*-#3@!/+779,$/*)$+,@!#$2#B1'.'1!*&7$,$%)(*)$.'!%9--+()!*,&!

/+11*0+(*)$+,@!4$,*,/$*1!%9--+()@!*,&@!&*)*!&($.',!*--(+*/#'%!0*%'&!+,!89*,)$)*)$.'!

*,&!89*1$)*)$.'!*%%'%%7',)%:!S''!*1%+!/$)'%!/($)$/*1!7*%%!*%!*!/+77+,!4*/)+(!$,!

%9//'%%491!-(+2(*7%:!?970'(%@!%#'!*(29'%@!/+9,)!$,!)#'!'7-+G'(7',)!+4!')#,$/!*,&!

(*/$*1!7$,+($)$'%!*,&!)#'$(!*0$1$)3!)+!-*()$/$-*)'!$,!)#'!&+7$,*,)!%+/$*1!%)(9/)9(':!

?970'(%!+4!',(+11'&!*,&!2(*&9*)'&!(*/$*1!*,&!')#,$/!7$,+($)$'%@!S''!%922'%)%@!

%#+91&!0'!-(+-+()$+,*)'!)+!)#'!-'(/',)*2'!$,!)#'!2','(*1!-+-91*)$+,:!!

! !S''O%!dZUU_e!*,*13%$%!+4!-(+2(*7%!%9//'%%491!$,!%'(.$,2!)#'!,''&%!+4!')#,$/!

*,&!(*/$*1!7$,+($)3!%)9&',)%!$,!)#'$(!89'%)!4+(!*/*&'7$/!%9//'%%!%#+G%!)#*)!G#',!

-'+-1'!G+(M!)+2')#'(!)+!*&&('%%!)#'!,''&%!+4!7$,+($)3!%)9&',)%@!*,&!G#',!)#'3!

9,&'(%)*,&!#+G!')#,$/$)3!7*))'(%@!2('*)!-(+2('%%!/*,!0'!7*&':!"#(+92#!)#'!

$7-1'7',)*)$+,!+4!)#'!*0+.'!-($,/$-1'%!&'.'1+-'&!03!)#'!)(*$101*g'(%!$,!)#'!4$'1&!+4!

! WP(

#$2#'(!'&9/*)$+,!4+(!7$,+($)3!%)9&',)%@!)#'('!/*,!0'!&'.'1+-'&!*,&!$7-1'7',)'&!*!

,'G!-'&*2+23@!G#*)!I('$('!dT`Y\e!/*11'&!*!N-'&*2+23!+4!#+-'O!$,!G#$/#!'&9/*)$+,!

0'/+7'%!*!)G+!G*3!%)('')!0')G'',!)#'!)('*%9('!+4!#$%)+($/*1!/91)9(*1!M,+G1'&2'!*,&!

)#*)!+4!)#'!&+7$,*,)!%+/$*1!%)(9/)9('!G#$/#!#*%!0'',!$,%)$)9)$+,*1$g'&!$,!)#'!G+(1&!

+4!#$2#'(!'&9/*)$+,:!c,'!*--1$/*)$+,!+4!)#$%!9,&'(%)*,&$,2!$%!)#'!&'.'1+-7',)!+4!*!

%#*('&!%-*/'!4+(!;7'($/*,!H,&$*,!%)9&',)%!+,!-('&+7$,*,)13!J#$)'!/*7-9%'%:!

!

/F:($>D:(>E(=(-F=;:7(ID=H:(E>;(!B:;8H=?(%?78=?(-<@7:?<9(

! !! c1&',09(2!dT`]`e!7*M'%!*!%)(+,2!/*%'!4+(!G#*)!#'!)'(7%!N)#'!)#$(&!-1*/'O!*%!

*!-1*/'!G#'('!$,4+(7*1!-901$/!*%%+/$*)$+,!%'(.'%!)+!4*/$1$)*)'!*!%',%'!+4!/+779,$)3!

G'11!0'$,2!*,&!%+1$&*($)3!0*%'&!+,!%#*('&!.*19'%!*,&!/+77+,!1$4'!'L-'($',/'!*)!)#'!

1+/*1!/+779,$)3!1'.'1:!N"#'!)#$(&!-1*/'O@!*//+(&$,2!)+!c1&',09(2@!$%!,'$)#'(!#+7'!,+(!

G+(M@!09)!+,'!)#*)!+44'(%!)#'!4*7$1$*(!/+74+()!+4!0+)#!G$)#+9)!)#'$(!$,/970',)!

('%-+,%$0$1$)$'%!+(!%+/$*1!('%)($/)$+,%:!H,!)#'!N)#$(&!-1*/'O!+,'!4$,&%@!)#(+92#!$,4+(7*1!

*%%+/$*)$+,!G$)#!+)#'(%@!)#'!%+9(/'!+4!('/('*)$+,@!('/9-'(*)$+,!*,&!('<9.',*)$+,!*%!

G'11!*%!.*1$&*)$+,!*,&!%+/$*1!%9--+()!4+(!$,&$.$&9*1%!*2*$,%)!)#'!+--('%%$.'!2($,&!+4!

)#'!&*$13!1$4'!$,!)#'!&+7$,*,)!%+/$*1!%)(9/)9(':!H,!*&&$)$+,@!$)!-(+.$&'%!*!%*4'!*,&!

,9()9($,2!',.$(+,7',)!)#(+92#!*%%+/$*)$+,!G$)#!1$M'7$,&'&!$,&$.$&9*1%:!>9%)!*%!)#'!

1+/*1!-90@!)#'!0*(0'(%#+-@!)#'!/*4q!*,&!)#'!b'(7*,!0''(!2*(&',@!+44'(!-1*/'%!4+(!

2(+9-!*44$1$*)$+,@!)#'!?*)$.'!;7'($/*,!D+9%'!+,!)#'!/*7-9%!*)!5*()7+9)#@!*,&!

%$7$1*(!%9/#!4*/$1$)$'%!*)!+)#'(!9,$.'(%$)$'%!*/(+%%!)#'!/+9,)(3!7*3!+44'(!*!-1*/'!4+(!

)#'!&'.'1+-7',)!+4!*!%+/$*1!%9--+()!,')G+(M:!

! WN(

! !! b*((+&!*,&!S*($7+('!dT``Ye!/+7-$1'&!,*((*)$.'%!4(+7!;7'($/*,!H,&$*,!

%)9&',)%!*)!5*()7+9)#:!X+,)($09)+(%!/$)'&!)#'!'L$%)',/'!+4!)#'!?*)$.'!;7'($/*,!

D+9%'!*1+,2!G$)#!)#'!?*)$.'!;7'($/*,!F)9&$'%!-(+2(*7!*,&!)#'!%9--+()!+4!?*)$.'!

;7'($/*,!4*/91)3!*%!-($7*(3!4*/)+(%!$,!)#'$(!/+11'2'!%9//'%%:!"#'!?*)$.'!;7'($/*,!

D+9%'!*)!5*()7+9)#!-(+.$&'&!*!%*4'!-1*/'!4+(!%)9&',)%!G#+!G'('!'L-'($',/$,2!*!

)3-'!+4!/91)9('!%#+/M!*($%$,2!4(+7!/+,41$/)!0')G'',!*/*&'7$/!*,&!)(*&$)$+,*1!

;7'($/*,!H,&$*,!.*19'%!db*((+&!*,&!S*($7+('!T``Ye:!"#'!2(+9-!M,+G,!*%!h"#'!

?*)$.'!;7'($/*,%!*)!5*()7+9)#i!-(+.$&'&!%9--+()!*,&!%+1$&*($)3!4+(!?*)$.'!

%)9&',)%!$,!)#'!4+('$2,!G+(1&!+4!*,!H.3!S'*29'!/*7-9%!$,!)#'!?+()#'*%)'(,!K,$)'&!

F)*)'%:!!

! !! "#'!K,$.'(%$)3!+4!C$,,'%+)*!('/',)13!#'1&!*!/'1'0(*)$+,!$,!#+,+(!+4!)#'!4$4)#!

3'*(!+4!+-'(*)$+,!+4!)#'!;7'($/*,!H,&$*,!X91)9(*1!D+9%'!d;HXDe:!;HXD!$%!*!

hK,$.'(%$)3!'44+()!)+!#'1-!;7'($/*,!H,&$*,!%)9&',)%!*&<9%)!)+!/*7-9%!1$4'i!dF*,!

ZUU]aTe:!;%!)'%)$7+,3!)+!)#'!'44'/)$.','%%!+4!)#'!K,$.'(%$)3!+4!C$,,'%+)*O%!?*)$.'!

;7'($/*,!X91)9(*1!D+9%'@!+,'!?*)$.'!;7'($/*,!*197,*'!%)*)'&@!h;%!*!4('%#7*,@!$)!$%!

+4)',!#*(&!)+!)(*,%$)$+,!$,)+!1$4'!+,!3+9(!+G,!:!:!:!"#'!X91)9(*1!D+9%'!2*.'!7'!*,!

$,4+(7*1!'&9/*)$+,!*0+9)!#+G!)+!%9(.$.'!*,&!#+G!)+!$,/+(-+(*)'!?*)$.'!)(*&$)$+,*1!

G*3%:!"#'!#+9%'!2*.'!7'!*!#+7'f!*!/+779,$)3!$,!G#$/#!H!0'1+,2'&R)#'!0'%)!)#$,2!

$%!)#*)!0'$,2!*!-*()!+4!)#'!X91)9(*1!D+9%'!G*%!1$M'!#*.$,2!3+9(!+G,!4*7$13:!H)!G*%!*!

2++&!%)'--$,2!%)+,'!)+!)#'!/*7-9%!4+(!4$(%)!3'*(!%)9&',)%i!dF*,!ZUU]aTe:!

! ! "#'!$7-+()*,/'!+4!*!%#*('&!-1*/'!4+(!)#'!4+(7*)$+,!+4!%9--+()$.'!2(+9-%!#*%!

0'',!%#+G,!*)!0+)#!5*()7+9)#!*,&!)#'!K,$.'(%$)3!+4!C$,,'%+)*:!!;7'($/*,!H,&$*,!

! WV(

%)9&',)%!-(+.$&'!)'%)$7+,3!)+!)#'!.$)*1!(+1'!-1*3'&!03!)#'!N?*)$.'!;7'($/*,!D+9%'O@!

)+!9%'!*!2','($/!)'(7@!$,!)#'$(!%9//'%%491!)(*,%$)$+,!4(+7!)#'!)(*&$)$+,*113!%9--+()$.'!

',.$(+,7',)!-(+.$&'&!03!)#'!'L)',&'&!4*7$13!*,&!/+779,$)3!4(+7!G#$/#!7*,3!

;7'($/*,!H,&$*,!%)9&',)%!/+7'@!)+!)#'!4+('$2,!*)7+%-#'('!+4!)#'!9,$.'(%$)3!

',.$(+,7',)!)#*)!$%!)#'!$,%)$)9)$+,*1$g*)$+,!+4!)#'!W9(+B/',)($/!'&9/*)$+,!%3%)'7!

*,&!)#'!&+7$,*,)!7*$,%)('*7!%+/$*1!%)(9/)9(':!"#'('!$%!*7-1'!'.$&',/'!)+!%922'%)!

)#*)!)#'!'L$%)',/'!+4!%9/#!*!#+9%'!7*3!0'!0','4$/$*1!)+!;7'($/*,!H,&$*,!%)9&',)%!*)!

9,$.'(%$)$'%!G#'('!,+!%9/#!N)#$(&O!-1*/'!/9((',)13!'L$%)%:!

!

-@BB=;5(=?7(&>?HD@98>?(<>(+8<:;=<@;:($:M8:Q(

( ;!('.$'G!+4!)#'!1$)'(*)9('!('2*(&$,2!?*)$.'!;7'($/*,!'&9/*)$+,!G$)#!*!4+/9%!

+,!#$2#'(!'&9/*)$+,!*))*$,7',)!%#+G%!)#*)!'*(13!*))'7-)%!%+92#)!)+!('B'&9/*)'!

?*)$.'!;7'($/*,%!$,)+!)#'!7*$,%)('*7!W9(+B;7'($/*,!7+1&!dW*%)7*,!TÙZf!

C'($*7!T`Z]f!F)*,&$,2!V'*(!T`Z]f!X+11$'(!T`\Yf!V'((3!T`_`f!V'(M#+4'(!T`Y]e:!"#$%!

('B'&9/*)$+,!G*%!1*(2'13!0*%'&!$,!)#'!X#($%)$*,!.*19'%!*,&!)#'!$,&+/)($,*)$+,!+4!

W9(+-'*,!,+(7%!*,&!.*19'%!$,)+!)#'!?*)$.'!%+/$')3!dV'(M#+4'(!T`Y]f!C/V')#!T`][f!

c--'1)!T`Ùf!5'1+($*!>(:!T``\f!V+3'(!T``Yf!X*11+G*3!T``è:!

! D$%)+(3!%#+G%!)#'%'!2+*1%!)+!#*.'!4*$1'&@!('%91)$,2!$,!*!2*-!$,!'&9/*)$+,*1!

*))*$,7',)!0')G'',!;7'($/*,!H,&$*,%!*,&!+)#'(!')#,$/!2(+9-%!5'j+'!')!*1:!dZUU]e:!

V'2$,,$,2!$,!)#'!1*)'!T`_U%!)($0*1!/+11'2'%!0'2*,!*!,'G!7+.'7',)!$,!%'14B

&')'(7$,*)$+,!4+(!;7'($/*,!H,&$*,!#$2#'(!'&9/*)$+,!dc--'1)!T`Ùf!V+3'(!T``Ye:!

"#$%!,'G!7+&'1!4+(!?*)$.'!;7'($/*,!'&9/*)$+,!$%!0*%'&!+,!)($0*1!/91)9(':!"($0*1!

! WW(

/+11'2'%!*,&!7+('!('%-+,%$.'!7*$,%)('*7!$,%)$)9)$+,%!#*.'!#'1-'&!;7'($/*,!

H,&$*,%!*/#$'.'!*,!9-G*(&!)(',&!$,!'&9/*)$+,*1!*))*$,7',)!dc--'1)!T`Ùf!V+3'(!

T``Yf!5'j+'!')!*1:!ZUU]e:!H,!ZUU]@!#$2#!-'(/',)*2'%!+4!?*)$.'!;7'($/*,!%)9&',)%!

%+92#)!*%%+/$*)'@!*,&!0*/#'1+(O%!&'2(''%!*)!0+)#!)G+!*,&!4+9(B3'*(!$,%)$)9)$+,%!*,&!

('/'$.'&!7+('!2(*&9*)'!&'2(''%!)#*,!'.'(!0'4+('!d5'j+'!')!*1:!ZUU]e:!

! J#$1'!79/#!-(+2('%%!#*%!0'',!7*&'!$,!;7'($/*,!H,&$*,!#$2#'(!'&9/*)$+,@!

0*(($'(%!)+!'&9/*)$+,*1!%9//'%%!4+(!?*)$.'!%)9&',)%!('7*$,!dJ*L!')!*1:!T`_\f!J*L!

T`_Yf!V'((3!T`_`f!"$'(,'3!T``Zf!X*(,'3!T``è:!;7+,2!)#'%'!0*(($'(%!*('a!1*/M!+4!

4*7$1$*1!*,&!4$,*,/$*1!%9--+()@!1*/M!+4!/91)9(*113!('1'.*,)!/9(($/91*@!4'G!?*)$.'!4*/91)3!

*,&!%)*44!)+!%9--+()!?*)$.'!%)9&',)%@!*!1*/M!+4!/91)9(*113!0*%'&!%)9&',)!%9--+()!

%'(.$/'%@!*2'!$,*--(+-($*)','%%!4+(!'&9/*)$+,*1!1'.'1!*,&!$,*&'89*)'!-('-*(*)$+,!4+(!

/+11'2'!dJ($2#)!*,&!"$'(,'3!T``Tf!"$'(,'3!T``Zf!X*(,'3!T``è:!!!

! W&9/*)+(%!G+(M$,2!$,!;7'($/*,!H,&$*,!#$2#'(!'&9/*)$+,!#*.'!$&',)$4$'&!

4*/)+(%!1'*&$,2!)+!%9//'%%!*,&!%)(*)'2$'%!4+(!'&9/*)$+,*1!*))*$,7',)!dJ*L!')!*1:!

T`_\f!J($2#)!*,&!"$'(,'3!T``Tf!5'77'()!ZUUTf!D'*.3E9,,'(!*,&!5'X'11'%!ZUUZf!

>*/M%+,!')!*1:!ZUU[!I+L!')!*1:!ZUUê:!;7+,2!)#'%'!4*/)+(%!*('a!4*7$13!%9--+()@!

$,/('*%'&!/91)9(*1!$&',)$)3@!-'(%+,*1!&')'(7$,*)$+,!*,&!2+*1!%'))$,2@!4$,*,/$*1!

%9--+()@!$7-(+.'&!*/*&'7$/!%M$11%!-($+(!)+!/+11'2'@!%9--+()$.'!7',)+(%!*7+,2!

/+11'2'!4*/91)3!*,&!%)*44@!*,&!/91)9(*113!*--(+-($*)'!/9(($/91*:!!

! F+7'!('%'*(/#'(%!#*.'!$&',)$4$'&!*!1$,M!0')G'',!')#,$/!$&',)$)3!*,&!

'&9/*)$+,*1!*))*$,7',)!4+(!7$,+($)3!%)9&',)%:!I+(!'L*7-1'@!m$)g+G!*,&!W%)'%!dT`]U@!

! WX(

T`][e@!c3%'(7*,!')!*1:!dT``^@!ZUUT@!ZUU[@!ZUU_e@!*,&!S''!dZUU_e!#*.'!*11!4+9,&!*!

1$,M!0')G'',!)#'!&'.'1+-7',)!+4!*!%)(+,2!')#,$/!$&',)$)3!*,&!*/*&'7$/!%9//'%%:!!

! c,'!*--(+*/#!)#*)!%#+G%!-+)',)$*1!4+(!',#*,/$,2!'&9/*)$+,*1!*))*$,7',)!$%!

)#'!'L$%)',/'!+4!*!?*)$.'!;7'($/*,!#+9%'!*%!*!-1*/'!4+(!)#'!4+(7*)$+,!+4!('4'(',/'!

2(+9-%!-(+.$&$,2!%9--+()!*,&!)#'!+--+()9,$)3!)+!&'.'1+-!*!%)(+,2!')#$/!$&',)$)3!)#*)!

$%!%'',!*%!*!/91)9(*1!*%%')!)#*)!7*3!$7-(+.'!(')',)$+,!*7+,2!;7'($/*,!H,&$*,!

%)9&',)%:!c1&',09(2!dT`]`e!*,&!b*((+&!*,&!S*($7+('!dT``Ye!$119%)(*)'!)#'!

$7-+()*,/'!+4!*!%*4'!2*)#'($,2!-1*/'!G#'('!1$M'B7$,&'&!-'+-1'!4+(7!*!/+779,$)3!

*,&!4$,&!%9--+()!+)#'(!)#*,!)#*)!4+9,&!*)!#+7'!+(!*)!G+(M:!"#'!;7'($/*,!H,&$*,!

X91)9('!D+9%'!#*%!$7-(+.'&!)#'!%9//'%%!+4!;7'($/*,!H,&$*,!%)9&',)%!$,!

)(*,%$)$+,$,2!4(+7!#+7'!)+!)#'!-('&+7$,*,)13!J#$)'@!7*$,%)('*7!/*7-9%!*)!)#'!

K,$.'(%$)3!+4!C$,,'%+)*!dF*,!ZUU]e:!;%!6('%$&',)!S*9('1!j'(7$11$+,!'L-1*$,'&!G#',!

*%M'&!G#*)!4*/)+(!$%!7+%)!0','4$/$*1!)+!%)9&',)%!*)!F$))$,2!V911!X+11'2'!$,!*/#$'.$,2!

*/*&'7$/!%9//'%%@!N"#'3!M,+G!G#+!)#'3!*('!*,&!G#'('!)#'3!/+7'!4(+7:O!!;%!

D'*.3E9,,'(!*,&!5'X'11'%!dZUUZe!#*.'!4+9,&@!4*7$13!*,&!)#'!/+779,$)3!*('!+4!

/($)$/*1!$7-+()*,/'!)+!;7'($/*,!H,&$*,!%)9&',)%!$,!)'(7%!+4!)#'$(!(')',)$+,!+(!

-'(%$%)',/'!$,!/+11'2':!

! W.',!2$.',!)#'!-(+2('%%!7*&'!$,!$&',)$43$,2!0*(($'(%!*,&!&'.'1+-$,2!

%)(*)'2$'%!)+!+.'(/+7'!)#+%'!0*(($'(%@!)#'('!('7*$,%!)#'!,''&!)+!0'))'(!9,&'(%)*,&!

)#'!7'/#*,$%7%!)#*)!$7-*/)!'&9/*)$+,*1!*))*$,7',)@!-*()$/91*(13!*%!)#'3!*--13!)+!

)#'!1$.'%!+4!;7'($/*,!H,&$*,!%)9&',)%!*)!-('&+7$,*,)13!J#$)'!$,%)$)9)$+,%!%9/#!*%!

6FK:!

! WY(

! F+/$+1+23!+4!W&9/*)$+,@!X($)$/*1!E*/'!"#'+(3!*,&!X($)$/*1!W&9/*)$+,("#'+(3!

*1+,2!G$)#!)#'+(')$/*1!4+/9%!+,!)#'!4+(7*)$+,!*,&!49,/)$+,!+4!('4'(',/'!2(+9-%!G$11!

$,4+(7!)#$%!G+(M:!"#'%'!-'(%-'/)$.'%!G$11!0'!/+.'('&!$,!)#'!,'L)!/#*-)'(:

! WZ(

((((((((((&U!I/#$(/U$##!

(((((((((((((/F:>;:<8H=D(*;8:?<=<8>?(

(

( "#$%!%)9&3!'L-1+('%!)#'!4*/)+(%!)#*)!/+,)($09)'!)+!'&9/*)$+,*1!*))*$,7',)!

*7+,2!;7'($/*,!H,&$*,!%)9&',)%!*)!*!-('&+7$,*,)13!J#$)'!9,$.'(%$)3!$,!6(*$($'!

F)*)':!"#'!/($)$/*1!)#'+(')$/*1!)(*&$)$+,!-(+.$&'%!)#'!/+,/'-)9*1!4(*7'G+(M!4+(!)#'!

%)9&3:!J+(M%!('1*)$,2!)+!/($)$/*1!'&9/*)$+,!)#'+(3!*,&!/($)$/*1!(*/'!)#'+(3!*('!

$&',)$4$'&!*%!-*()$/91*(13!%*1$',)!4+(!)#$%!'L*7$,*)$+,!+4!(')',)$+,!*,&!2(*&9*)$+,!+4!

;7'($/*,!H,&$*,!%)9&',)%!4(+7!61*$,%!F)*)'!K,$.'(%$)3:!!

! "#'!/($)$/*1!%/#++1!+4!%+/$+1+2$/*1!)#'+(3@!/+77+,13!('4'(('&!)+!*%!)#'!

I(*,M49()!F/#++1@!&'.'1+-'&!$,!)#'!'*(13!T`UU%!+9)!+4!)#'!C*(L$*,!-'(%-'/)$.':!

"#'+($%)%!7+%)!*%%+/$*)'&!G$)#!)#'!/($)$/*1!%/#++1!$,/19&'!C*L!D+(M#'$7'(@!"#'+&+(!

;&+(,+@!W($/#!I(+77@!D'(0'()!C*(/9%'!*,&!$,!7+('!7+&'(,!)$7'%@!>9(2',!

D*0'(7*%!dV+))+7+('!T`]\e:!X($)$/*1!)#'+(3!*$7%!)+!9,/+.'(!*%-'/)%!+4!)#'!%+/$*1!

G+(1&!)#*)!7*3!0'!)*M',!4+(!2(*,)'&@!+(@!+,!)#'!%9(4*/'@!2+!9,,+)$/'&!09)!)#*)!7*3!

0'!+--('%%$.'!+(!('%)($/)$.'!+4!)#'!4(''&+7%!+4!$,&$.$&9*1%!+(!2(+9-%!d?'97*,!

ZUUUe:!"#'!0*%$/!7+)$.'!+4!)#'!'*(13!/($)$/*1!)#'+($%)%!G*%!)+!/($)$/$g'!1$4'!9,&'(!

/*-$)*1$%7!*,&!)#'!&+7$,*,)!$&'+1+23!)#*)!'L-1*$,'&!*,&!-(+7+)'&!$):!X($)$/*1!

)#$,M'(%!%)('%%'&!)#'!$7-+()*,/'!+4!/91)9('!*,&!G'('!/($)$/*1!+4!*()@!*'%)#')$/%!*,&!

)#'!7*%%!7'&$*!*%!-(+&9/)%!+4!)#'!+--('%%$.'!&+7$,*,)!%+/$*1!%)(9/)9('!dV+))+7+('!

T`]\f!?'97*,,!ZUUUe:!!X($)$/*1!)#'+(3!$%!.*19'!1*&',!*,&!'7*,/$-*)+(3@!%''M$,2!)+!

1$0'(*)'!#97*,!'L$%)',/'!*,&!*7'1$+(*)'!+--('%%$.'!%+/$*1!/+,&$)$+,%!)#*)!*('!

! W[(

&+7$,*)'&!03!.*19'%!+4!'44$/$',/3!*,&!/+,)(+1!)#(+92#!)#'!9%'!+4!)'/#,+1+23!

dV+))+7+('!T`]\f!?'97*,,!ZUUUe:!"#'!/($)$/*1!-'(%-'/)$.'!%''M%!)+!/+70$,'!)#'+(3!

*,&!*/)$+,!*%!-(*L$%!dV+))+7+('!T`]\f!"$'(,'3!T``Ze:!!

! !b(*7%/$!dT`[Ze!&$%/9%%'&!)#'!/+,/'-)!+4!#'2'7+,3:!X91)9(*1!#'2'7+,3!$%!*!

%+/$*1!/+,&$)$+,!$,!G#$/#!)#'!(91$,2!/1*%%!7*,$-91*)'%!/91)9(*1!%370+1%!$,!%9/#!*!

G*3!)#*)!1'*&%!+)#'(!/1*%%'%!+(!/91)9(*1!2(+9-%!)+!'44'/)$.'13!/+,)($09)'!)+!)#'$(!+G,!

%90+(&$,*)$+,!db(*7%/$!T`[Ze:!"#$%!4+(7!+4!&+7$,*)$+,!+-'(*)'%!)#(+92#!.$)*1!

%+/$*1!49,/)$+,%!$,!%+/$*1!$,%)$)9)$+,%!%9/#!*%!'&9/*)$+,!dI($'('!T`YUe@!*,&!$%!+4!

-*()$/91*(!$,)'('%)!)+!)#$%!%)9&3!+4!;7'($/*,!H,&$*,%!*,&!#$2#'(!'&9/*)$+,:!

! c209!dT`Y]@!T`]ê!*(29'%!)#*)!1*/M!+4!7$,+($)3!%)9&',)!*/#$'.'7',)!$,!

%/#++1@!*,&!*4)'(G*(&%@!$%!)#'!('%91)!+4!*!7*/(+!%)(9/)9('!&'%$2,'&!%-'/$4$/*113!)+!

M''-!)#'!-+G'(!$,!)#'!#*,&%!+4!)#'!J#$)'!W9(+B;7'($/*,!7*<+($)3:!H,!%9--+()!+4!)#$%!

-+%$)$+,@!c209!dT`]ê!%922'%)%!*!)*L+,+7$/!/1*%%$4$/*)$+,!%3%)'7!+4!7$,+($)3!

2(+9-%:!"#'%'!/1*%%$4$/*)$+,%!(*,2'!$,!1'.'1!+4!+--('%%$+,!4(+7!0*('13!%'-*(*)'&!

4(+7!7*$,%)('*7!*%!$,!)#'!"2#3,3)326')$,3*$#$&6'%9/#!*%!;7$%#@!>'G%@!C+(7+,%@!

*,&!J#$)'!W9(+-'*,!*,&!;%$*,!$77$2(*,)%@!)+!)#'!7+%)!+-',13!+--('%%'&!2(+9-@!

+"6#&:$=&')$,3*$#$&6K!$,/19&$,2!?*)$.'!;7'($/*,%@!;4($/*,!;7'($/*,%@!*,&!C'L$/*,!

;7'($/*,%!dc209!T`]ê:!

! ! I'*2$,!dZUUUe@!('-+()$,2!+,!)#'!/+11'2'!'L-'($',/'!+4!V1*/M!%)9&',)%!*)!

-('&+7$,*,)13!J#$)'!/+11'2'!/*7-9%'%@!%)*)'%!)#*)!-('<9&$/$*1!*))$)9&'%!*0+9,&!+,!

J#$)'!/*7-9%'%!*7+,2!J#$)'!%)9&',)%@!4*/91)3!*,&!*&7$,$%)(*)+(%:!H4!(*/$*1!

$,%',%$)$.$)3!#*%!0'',!$,%)$)9)$+,*1$g'&!+,!7*$,%)('*7!/+11'2'!/*7-9%'%!$,!)#'!4+(7!

! W\(

+4!W9(+B/',)($/!/9(($/9197@!1*/M!+4!$,)'('%)!$,!;4($/*,!;7'($/*,!%)9&',)%@!*,&!)#'!

'L-'/)*)$+,!03!4*/91)3!)#*)!$,&$.$&9*1!V1*/M!%)9&',)%!*('!('-('%',)*)$.'!+4!)#'!',)$('!

(*/'@!*%!I'*2$,!dZUUUe!%922'%)%@!)#'!%*7'!7*3!#+1&!)(9'!4+(!?*)$.'!;7'($/*,!

%)9&',)%!+,!7*<+($)3!J#$)'@!7*$,%)('*7!/*7-9%'%:!!

! ! "$'(,'3!dT``Ze!&'%/($0'%!)#'!('*1$%)$/!/#*11',2'%!+4!)#'!/+11'2'!*,&!9,$.'(%$)3!

'L-'($',/'!4+(!;7'($/*,!H,&$*,!%)9&',)%!$,!W9(+B;7'($/*,!7*$,%)('*7!/+11'2'%!

*,&!9,$.'(%$)$'%:!"#'!)$)1'!+4!"$'(,'3O%!T``Z!0++M!$%!$1197$,*)$,2!$,!$)%'14a!OP;;$+$":'

0,+32*".&)&,#K'<,6#$#2#$3,":'Q$6+32*".&)&,#R'$%!)#'!('*1$)3!+4!/+11'2'!'L-'($',/'!4+(!

7*,3!?*)$.'!;7'($/*,!%)9&',)%@!#'!*(29'%:!H,&''&@!7*,3!%/#+1*(%!/+,)',&!)#*)!

0*(($'(%!*,&!+0%)*/1'%!)+!*/*&'7$/!*))*$,7',)!4+(!;7'($/*,!H,&$*,%!*('!)#'!('%91)!+4!

2','(*)$+,%!+4!01+/M'&!+--+()9,$)$'%!4+(!7'70'(%!+4!%90+(&$,*)'!7$,+($)3!2(+9-%!

dJ*L!')!*1:!T`_\@!V'((3!T`_`f!D'()g09(2!T`YTf!c--'1)!T`Ùf!"$'(,'3!T``Z@!ZUUUf!

X*(,'3!T``è:!!!!

( ( I+(&#*7!dT``_e!'L-1+('%!%)(9/)9(*1!0*(($'(%!/('*)'&!03!)#'!7*$,%)('*7!

&+7$,*,)!%+/$')3!*2*$,%)!V1*/M!;7'($/*,%!d*,&!+)#'(!(*/$*1!%90+(&$,*)'!2(+9-%e!

('2*(&$,2!*/#$'.'7',)!$,!)#'!G+(M!4+(/'@!7*(M')!-1*/'@!*,&!'&9/*)$+,*1!%3%)'7:!

F9/#!0*(($'(%!$,/19&'a!-('<9&$/$*1!*))$)9&'%!*7+,2!7*$,%)('*7!%)9&',)%@!4*/91)3!*,&!

*&7$,$%)(*)+(%!dI'*2$,!T``_ef!49,&*7',)*1!/91)9(*1!&$44'(',/'%!$,!K:F:!7*$,%)('*7!

NW9(+B;7'($/*,O!*,&!;7'($/*,!H,&$*,!/91)9('!dJ*L@!J*L!*,&!59C+,)!T`_\@!"$'(,'3!

T``Z@!ZUUU@!X*(,'3!T``èf!$,*&'89*)'!/+11'2'!-('-*(*)$+,!4(+7!-++(13!49,&'&!

%/#++1%!$,!7$,+($)3!d$,/19&$,2!('%'(.*)$+,e!/+779,$)$'%!dX*(,'3!T``èf!

9,%9--+()$.'!7*$,%)('*7!/*7-9%!',.$(+,7',)%!dJ*L@!')!*1:!T`_\@!"$'(,'3!T``Zf!

! XO(

D9447*,!T``èf!$,*&'89*)'!4$,*,/$*1!%9--+()!4+(!?*)$.'!%)9&',)%!db9$11+(3!*,&!

J+1.'()+,!ZUU]ef!1*,29*2'!0*(($'(%@!1*/M!+4!-*(',)!$,.+1.'7',)@!/91)9(*113!

$,%',%$)$.'!)'*/#'(!)(*$,$,2!-(+2(*7%!*,&!1+G!)'*/#'(!'L-'/)*)$+,%!('2*(&$,2!

;7'($/*,!H,&$*,!%)9&',)%!dV'((3T`_è:!

! I+(&#*7!dT`]]e!1++M%!*)!)#'!/+,41$/)!0')G'',!V1*/M!%)9&',)%!*,&!)#'$(!

/91)9(*1!M$,%#$-!)$'%!*,&!)#'!/91)9('!+4!#$2#'(!'&9/*)$+,!09$1)!9-+,!)#'!$&'*1%!+4!)#'!

&+7$,*,)!7*$,%)('*7!%+/$*1!%)(9/)9(':!I+(&#*7!-+%$)%!)#*)!%)9&',)%!*('!-911'&!03!

)#'$(!&9*1!('1*)$+,%#$-%!0')G'',!)#'!/+779,$)3B4+/9%'&!V1*/M!%+/$*1!%)(9/)9('!*,&!

)#'!$,&$.$&9*1$%)$/!'7-#*%$%!+4!)#'!&+7$,*,)!%+/$*1!%)(9/)9('!)#*)!$%!)#'!0*%$%!4+(!)#'!

/+7-')$)$.'!$&'+1+23!+4!)#'!7*$,%)('*7!'&9/*)$+,!%3%)'7:!

! I+(!)#'!/*%)'1$M'!%90+(&$,*)'!7$,+($)3!dc209!T`]ê@!)#'!(+*&01+/M%!)+!

*/*&'7$/!*%!G'11!*%!1$4'!2+*1!*/#$'.'7',)!*('!%$2,$4$/*,):!;%!')#,$/Q(*/$*1!2(+9-!

0+9,&*($'%!*('!%')!*,&!7*$,)*$,'&@!)#'!/*%)'1$M'!7$,+($)3!7'70'(%!*&+-)!,'G!

/91)9(*113!%-'/$4$/!G*3%!*%!*!('*/)$+,!*2*$,%)!,+(7%@!.*19'%!*,&!'L-'/)*)$+,%!+4!)#'!

#'2'7+,$/!7*$,%)('*7:!F+7'!+4!)#'%'!7'/#*,$%7%!*('!%'',!*%!+--+%$)$+,*1:!I+(!

'L*7-1'@!*!V1*/M!%)9&',)!G$11!,+)!-*()*M'!$,!%/#++1!*/)$.$)$'%!)#*)!G$11!0'!%'',!03!

-''(%!+(!7'70'(%!+4!#$%!+(!#'(!$,B2(+9-!*%!N*/)$,2!J#$)'O:!H,!)#$%!('2*(&@!$)!$%!%'',!*%!

0'))'(!)+!('7*$,!1+3*1!)+!)#'!2(+9-!)#*,!)+!0'!%'',!*%!*!%'11!+9)!)+!)#'!J#$)'!7*<+($)3!

-+G'(!%)(9/)9('!dc209!T`Y]@!T`]^f!I+(&#*7!T`]]e:!!

! I+(&#*7!dT`]]e!&'%/($0'%!)G+!7')#+&%!*&+-)'&!03!(*/$*1!7$,+($)$'%!4+(!

&'*1$,2!G$)#!)#'!,'/'%%$)3!+4!/+7-(+7$%$,2!$,!+(&'(!)+!%9//''&!$,!)#'!&+7$,*,)!

/91)9(':!NF'11$,2!+9)O!('4'(%!)+!&'.'1+-$,2!*!%)*)'!+4!N(*/'1'%%,'%%O!$,!+(&'(!)+!

! XP(

&+G,-1*3!(*/$*1Q')#,$/!/91)9('!G#$1'!*&+-)$,2!)#'!.*19'%!+4!)#'!&+7$,*,)!%+/$')3:!

;1)'(,*)$.'13@!%)9&',)%!7*3!/1$,2!)+!)#'!%+1$&*($)3!+4!(*/$*1!$&',)$)3!*,&!&+G,-1*3!

)#'!.*19'%!+4!)#'!&+7$,*,)!%+/$')3:!"#$%!%)(*)'23!$%!/+7-*(*01'!)+!D9447*,O%!dT``è!

N'%)(*,2'&O!%)9&',)!G#+!/#++%'%!)+!N&(+-!+9)O!(*)#'(!)#*,!N%'11!+9)O:!

! ! D9447*,!dT``è!$,)'(.$'G'&!;7'($/*,!H,&$*,!%)9&',)%!*)!#$2#'(!'&9/*)$+,!

$,%)$)9)$+,%!$,!)#'!9--'(!C$&G'%)@!&'.'1+-$,2!*!)3-+1+23!)+!/#*(*/)'($g'!)#'$(!1'.'1!

+4!*//91)9(*)$+,:!;//+(&$,2!)+!D9447*,!dT``è!)#'!&6#*",.&1!;7'($/*,!H,&$*,!

%)9&',)!$%!$77'(%'&!$,!#$%!+(!#'(!)(*&$)$+,*1!)($0*1!/91)9('!*,&!4''1%!1$M'!*!4$%#!+9)!+4!

G*)'(!$,!)#'!/+11'2'!',.$(+,7',):!I+(!)#'!'%)(*,2'&!;7'($/*,!H,&$*,@!)#'!

7*$,%)('*7!/+11'2'!/*7-9%!%''7%!4+('$2,:!"#'!'%)(*,2'&!%)9&',)!$%!7+%)!1$M'13!)+!

&(+-!+9)!+4!/+11'2'!*,&@!*7+,2!D9447*,O%!)3-'%@!$%!)#'!89$/M'%)!)+!&+!%+:!I+(!)#$%!

%)9&',)@!)#'!7*$,%)('*7!W9(+B/91)9(*1!.*19'%!+4!$,&$.$&9*1$%7!*,&!/+7-')$)$+,!*('!

,+)!G'1/+7$,2!+(!/+74+()*01':!"#$%!%)9&',)!%''%!)#'!2+*1!+4!)#'!9,$.'(%$)3!*%!)#'!

*%%$7$1*)$+,!$,)+!)#'!7*$,%)('*7!/91)9(':!"#$%!)#('*)!)+!)#'!%)9&',)O%!)(*&$)$+,*1!

.*19'%!%'(.'%!)+!-9%#!)#'7!*G*3!4(+7!)#'!/*7-9%!',.$(+,7',)f!/+,/9((',)13@!7*,3!

'L-'($',/'!*!h-911!0*/Mi!)+!)#'$(!#+7'!)($0*1!/+779,$)3:!

! ! J#',!)#'!#$2#'(!'&9/*)$+,!%3%)'7!4*$1%!)+!('/+2,$g'!)#'!.*19'!+4!7$,+($)3!

%)9&',)%@!)#'%'!%)9&',)%!7*3!4*$1!)+!*/#$'.'!$,!)#'!9,$.'(%$)3!',.$(+,7',):!"#$%!$%!

,+)!*!4*$19('!+4!)#'!%)9&',)!+(!+4!)#'!%)9&',)%O!/91)9(*1!2(+9-%@!D9447*,!dT``è!

*(29'%@!09)!(*)#'(@!)#'!4*$19('!+4!)#'!'&9/*)$+,*1!%3%)'7%!09$1)!9-+,!7*$,%)('*7!

.*19'%:!

!

! XN(

! ! X($)$/*1!E*/'!"#'+(3!dXE"e!#*%!$)%!+,)+1+2$/*1!(++)%!$,!)#'!1$4'!'L-'($',/'%!+4!

7*(2$,*1$g'&!-'+-1'!+4!/+1+(!do*%%+!ZUUê:!H)!#*%!1+,2!0'',!*%%97'&!)#*)!$4!-'+-1'!

+4!/+1+(!&+!,+)!*&+-)!)#'!G+(1&.$'G!+4!)#'!&+7$,*,)!7$&&1'!*,&!9--'(!7$&&1'!

/1*%%'%@!)#',!)#+%'!-'+-1'!+4!/+1+(!1*/M!)#'!/91)9(*1!/*-$)*1!('89$('&!4+(!%+/$*1!

7+0$1$)3!dV+9(&$'9!T`YYf!c209!T`Y]@!T`]ê:!"#+%'!$,!#'2'7+,$/!7*$,%)('*7!

-+G'(!-+%$)$+,%!.$'G!%9/#!*!1*/M!+4!/91)9(*1!/*-$)*1!4(+7!)#'!&+7$,*,)!/1*%%'%!*%!*!!

&'4$/$)!do*%%+!ZUUê:!"#$%!#*%!#$%)+($/*113!0'',!)#'!/*%'!$,!)#'!4$'1&!+4!'&9/*)$+,!

('2*(&$,2!')#,$/!*,&!(*/$*1!7$,+($)3!%)9&',)%!dJ*L!')!*1:!T`_\@!V'((3!T`_`f!

D'()g09(2!T`YTf!c--'1)!T`Ùf!"$'(,'3!T``Z@!ZUUUf!X*(,'3!T``è:!!

! ! XE"!/#*11',2'%!)#'!/+,%)(9/)!+4!(*/'!03!'L*7$,$,2!)#'!$&'+1+23!+4!(*/$%7:!

hXE"!4$,&%!)#*)!(*/$%7!$%!+4)',!G'11!&$%29$%'&!$,!)#'!(#')+($/!+4!%#*('&!N,+(7*)$.'O!

.*19'%!*,&!N,'9)(*1O!%+/$*1!%/$',)$4$/!-($,/$-1'%!*,&!-(*/)$/'%i!do*%%+!ZUUâY\e:!H)!$%!

)#'!2+*1!+4!XE"!)+!/#*11',2'!(*/$%7!03!0($,2$,2!)+!)#'!4+('4(+,)!+4!/+,%/$+9%,'%%!)#'!

9,$89'!*%-'/)%!+4!*!/91)9('!)#*)!4+(7!)#'!%)+('!+4!/91)9(*1!G'*1)#:!I(+7!)#'!

('/+2,$)$+,!+4!/91)9(*1!G'*1)#!/+7'%!)#'!0'2$,,$,2!+4!)#'!-(+/'%%!+4!'7-+G'(7',)!

)#*)!%)*()%!G$)#!)#'!('-1*/'7',)!+4!)#'!/91)9(*1!&'4$/$)!4(*7'G+(M!*,&!$,!$)%!-1*/'!

)#'!.$'G!)#*)!/91)9(*1!G'*1)#!$%!*,!*%%'):! !

! ! I+(&#*7!dT`]]e!*,&!D9447*,!dT``è!%922'%)!)#*)!('7'&3$,2!

9,&'(*/#$'.'7',)!*7+,2!;4($/*,!;7'($/*,!*,&!;7'($/*,!H,&$*,!%)9&',)%!('89$('%!

*!791)$1*3'('&!*--(+*/#:!I$(%)@!7$,+($)3!%)9&',)%!,''&!(+1'!7+&'1%!)#*)!%#+G!)#*)!

)#'3!/*,!*/#$'.'!$,!%/#++1!*,&!$,!)#'!G+(M!-1*/'!G$)#+9)!1+%$,2!)#'$(!')#,$/!$&',)$)3!

+(!)#'$(!7'70'(%#$-!$,!*!M$,%#$-!,')G+(M!+(!'L)',&'&!)($0*1!4*7$13:!F'/+,&@!)#'!

! XV(

%)(9/)9(*1!*,&!/91)9(*1!0*(($'(%!)#*)!#*.'!0'',!%'',!)+!G+(M!*%!(+*&01+/M%!)+!

%9//'%%!79%)!0'!)+(,!&+G,:!!

! !o*%%+!dZUUê!'L-*,&%!+,!V+9(&$'9O%!dT`YYe!G+(M!+,!N/91)9(*1!/*-$)*1O:!

;//+(&$,2!)+!o*%%+@!(*)#'(!)#*,!&'4$,'!7$,+($)3!/91)9('%!*%!)#+%'!%944'($,2!4(+7!

&'4$/$)!+4!/91)9(*1!-+.'()3!*,&!&$%*&.*,)*2'%!G#',!/+7-*('&!)+!)#'!7*$,%)('*7!

W9(+B;7'($/*,!/91)9('@!)#'3!/*,!0'!%'',!*%!*!G'*1)#!+4!/91)9(*1!M,+G1'&2'@!#$%)+(3!

*,&!/+,,'/)$+,:!"#'%'!*%%')%!-(+.$&'!*!%)(',2)#!*,&!%)*0$1$g$,2!*,/#+(!4+(!)#'!

7$,+($)3!%)9&',)%!*%!)#'3!7*M'!)#'$(!G*3!)#(+92#!)#'!%3%)'7!+4!#$2#'(!'&9/*)$+,!

)#*)!$%!&'.$%'&@!$7-1'7',)'&!*,&!&+7$,*)'&!03!-('&+7$,*,)13!J#$)'!7'70'(%!+4!

)#'!7*$,%)('*7!'&9/*)$+,*1!#$'(*(/#3:!!X91)9(*1!G'*1)#!/*,!0'!/+,/'-)9*1$g'&!)+!

$,/19&'!0+)#!7*)'($*1!*,&!,+,B7*)'($*1!/91)9(*1!$)'7%:!;//+(&$,2!)+!o*%%+!dZUUê@!

X($)$/*1!E*/'!"#'+(3!&'4$,'%!/91)9(*1!G'*1)#!*%!*!%')!+4!*%%')%!(*)#'(!)#*,!*!-1*)4+(7!

+4!&'-($.*)$+,:!o+%%+!&'%/($0'%!4+(7%!+4!/91)9(*1!/*-$)*1!)+!$,/19&'@!h*%-$(*)$+,*1@!

,*.$2*)$+,*1@!%+/$*1@!1$,29$%)$/@!4*7$1$*1!*,&!('%$%)*,)!/*-$)*1i!dZUUâ_è:!I(+7!)#'%'@!

%)9&',)%!/*,!&(*G!%)(',2)#',$,2!('%+9(/'%!0*%'&!+,!)#'$(!1$4'!'L-'($',/'%@!4*7$1$*1!

0+,&%@!*,&!/91)9(*1!)(*&$)$+,%!)#*)!G$11!%'(.'!)#'7!$,!)#'!/+11'2'!/1*%%(++7:!!!

! "+!+.'(/+7'!'&9/*)$+,*1!+0%)*/1'%!*,&!/('*)'!+--+()9,$)$'%!4+(!7$,+($)3!

%)9&',)%!)+!*/#$'.'!G$)#+9)!4''1$,2!&$%1+3*1!)+!)#'$(!2(+9-@!'&9/*)$+,*1!-(+2(*7%!

,''&!)+!$,/+(-+(*)'!G*3%!+4!$,%)$11$,2!/91)9(*1!-($&'!*,&!)#'!('/+2,$)$+,!+4!)#'!

2(+9-%O!/+,)($09)$+,%!)+!%+/$')3!$,!2','(*1!dI+(&#*7!T`]]f!"$'(,'3!T``Zf!X*(,'3!

T``è:!"#$%!('89$('%!*!,'G!G*3!+4!)#$,M$,2!0+)#!+,!)#'!-*()!+4!'&9/*)+(%!*,&!

%)9&',)%:!;%!c209!dT`]â]_]e!%922'%)%@!h;)!)#'!1'.'1!+4!-(*/)$/'@!)'*/#'(%!*,&!

! XW(

%/#++1%!/*,!&'.'1+-!-(+2(*7%!)+!#'1-!7$,+($)3!%)9&',)%!1'*(,!#+G!,+)!)+!'89*)'!

7*%)'(3!+4!%/#++1!/91)9('!*,&!1*,29*2'!G$)#!*!1+%%!+4!2(+9-!$&',)$)3!*,&!%'/9($)3i:!

! "$'(,'3!dZUUUe!*(29'%!)#*)!)#+%'!G#+!G+(M!G$)#!1+GB$,/+7'!+(!7$,+($)3!

%)9&',)%!,''&!)+!('+($',)!#+G!)#'3!)#$,M!*0+9)!*,&!G+(M!G$)#!%9/#!%)9&',)%:!

6(+2(*7%!)#*)!',#*,/'!)#'!%)9&',)%O!/91)9(*1!*G*(','%%!/*,!'L-*,&!)#'$(!*%%')%!

*11+G$,2!)#'7!)+!',.$%$+,!*,&!',*/)!*!-+%$)$.'!*/#$'.'7',)!+9)/+7':!I(+7!

"$'(,'3O%!dZUUUe!.$'G@!%)9&',)%!G#+!*('!',/+9(*2'&!)+!'70(*/'!)#'$(!$&',)$)3!7*3!

0'!'7-+G'('&:!"#$%!'7-+G'(7',)!7*3!1'*&!)+!$,/('*%'&!'44$/*/3!$,!%/#++1!

-'(4+(7*,/'!*,&!(')',)$+,!4+(!%+7'!7$,+($)3!%)9&',)%:!"$'(,'3O%!G+(M!dZUUUe!

-+$,)%!)+!)#'!,''&!4+(!7*$,%)('*7!9,$.'(%$)$'%!)+!,9()9('!%)9&',)%O!')#,$/!$&',)$)3!

*%!*!%)(',2)#!*,&!*%%')!4+(!*11!7'70'(%!+4!)#'!/*7-9%!/+779,$)3:!

! ! V3!09$1&$,2!*!-+%$)$.'!(*/$*1Q')#,$/!$&',)$)3@!*1+,2!G$)#!%M$11%!$,!

9,&'(%)*,&$,2!*,&!,*.$2*)$,2!7*$,%)('*7!$,%)$)9)$+,%@!%)9&',)!'44$/*/3!$%!$,/('*%'&:!

"#$%!#*%!0'',!%#+G,!)+!0'!'44'/)$.'!$,!)#'!'L*7-1'!+4!)#'!F+9)#!X',)(*1!S+%!;,2'1'%!

$,)'(.',)$+,!M,+G,!*%!)#'!?'$2#0+(#++&!;/*&'7$/!H,$)$*)$.'!dS''!ZUU_e:!!

! ! "(9'0*!%)('%%'%!)#'!$7-+()*,/'!+4!/91)9('!*%!*!4*/)+(!$,!%/#++1!*/#$'.'7',):!

;//+(&$,2!)+!"(9'0*!dT`]]e@!/91)9('!$%!$7-+()*,)!*)!)#'!/+11'/)$.'!1'.'1@!d$:':!')#,$/!

2(+9-!$,!*!7*/(+!%)(9/)9('e@!*,&!*)!)#'!7$/(+@!d/+,)'L)!%-'/$4$/e!1'.'1!+4!)#'!%)9&',):!!

! ! "(9'0*!dT`]]e!%9--+()%!*,!'7-#*%$%!+,!)#'!9,$89'!(+1'!/91)9('!-1*3%!$,!)#'!

',)$('!-(+/'%%!+4!1'*(,$,2:!I+(!"(9'0*@!/91)9('!$%!-*(*7+9,)!)+!)#'!*/89$%$)$+,!*,&!

-(+/'%%$,2!+4!$,4+(7*)$+,:!J#',!/91)9('!$%!*//+9,)'&!4+(!$,!)#'!%/#++1!'L-'($',/'!$)!

*11+G%!%)9&',)%!)+!+.'(/+7'!#'2'7+,$/!4+(/'%!$,!'&9/*)$+,!09$1)!9-+,!*!#$%)+(3!+4!

! XX(

/+1+,$*1$%7!*,&!$7-'($*1$%7:!;//+(&$,2!)+!"(9'0*@!h"#'('!$%!*!2('*)!,''&!4+(!)#'!

&'.'1+-7',)!+4!*!)#'+(3!+4!*/*&'7$/!*/#$'.'7',)!)#*)!)*M'%!$,)+!/+,%$&'(*)$+,!)#'!

#+7'!/91)9('!+4!)#'!%)9&',)%i!dT`]]aZY`e:!

! ! "#'!$,/19%$+,!+4!/91)9('!$,)+!)#'!'&9/*)$+,*1!-(+/'%%!$%!*/#$'.'&!)#(+92#!)#'!

9%'!+4!N*/)$.$)3!%'))$,2%O!d"(9'0*!T`]]e!&9($,2!)#'!1'*(,$,2!-(+/'%%:!J#',!/91)9(*113!

*--(+-($*)'!*/)$.$)$'%!*('!$,/19&'&!$,!)#'!/9(($/9197!)#'!%)9&',)!$%!*01'!)+!$,)'2(*)'!

)#'!7*$,%)('*7!/91)9('!)#(+92#!)#'!'&9/*)$+,!-(+/'%%!03!1$,M$,2!$)!G$)#!/91)9(*113!

%-'/$4$/!'L-'($',/'%!*%!#'!+(!%#'!#*%!0'',!%+/$*1$g'&!G$)#:!S''O%!G+(M!G$)#!')#,$/!

7$,+($)3!%)9&',)%!$,!X#$,*!dZUUTe!*,&!$,!'L*7$,$,2!7+&'1!-(+2(*7%!$,!%9--+()!+4!

%)9&',)%!+4!/+1+(!$,!-('&+7$,*,)13!J#$)'!$,%)$)9)$+,%!$,!)#'!K:F:!dZUU_e!$%!49()#'(!

'.$&',/'!+4!#+G!')#,$/$)3!7*))'(%!('2*(&$,2!7$,+($)3!%)9&',)!*/*&'7$/!%9//'%%:!

! b9*<*(&+!*,&!b9*<*(&+!dZUUZe!&'%/($0'!)#'!S1*,+!b(*,&'!-(+2(*7!$,!W1%*@!

"'L*%!*%!*!-(+<'/)!&'%$2,'&!)+!/*-$)*1$g'!+,!7$,+($)3!%)9&',)%O!/91)9(*1!*%%')%:!"#'!

S1*,+!b(*,&'!-(+<'/)!G*%!#$2#13!%9//'%%491!$,!#'1-$,2!%)9&',)%!/+,/'-)9*1$g'!

/91)9(*1!*%%')%!%9/#!*%!4*7$1$*1!0+,&%@!+(*1!#$%)+(3@!*,&!?*)$.'!1*,29*2'!*%!*!0*%$%!4+(!

/91)9(*1!-($&'!*,&!'7-+G'(7',):!V3!2$.$,2!)#'!%)9&',)%!*!.+$/'!)#'3!G'('!*01'!)+!

%''!)#'!G'*1)#!+4!)#'$(!')#,$/!#$%)+(3!*,&!*--13!$)!)+!-+%%$01'!49)9('!+9)/+7'%!

)+G*(&!-+%$)$.'!/#*,2':!db9*<*(&+!*,&!b9*<*(&+!ZUUZe:!"#'!-+%$)$.'!$7-*/)%!+4!)#'!

S1*,+!-(+<'/)!$,/19&'!)#$()3B%$L!%)9&',)%!4(+7!)#'!/+779,$)3!*))',&$,2!/+11'2'!*)!

H.3!S'*29'!%/#++1%:!c)#'(!%)9&',)%!*))',&!1+/*1!9,$.'(%$)$'%:!"#'('!$%!*!)(',&!)+G*(&!

)#'%'!%)9&',)%!(')9(,$,2!)+!)#'!/+779,$)3!*4)'(!('/'$.$,2!)#'$(!9,$.'(%$)3!

'&9/*)$+,%!)+!2$.'!0*/M!)+!)#'!/+779,$)3:(!

! XY(

! ! b9$11+(3!*,&!J+1.'()+,!dZUU]a^è!/$)'!%'.'(*1!%)9&$'%!dV'12*(&'!T``Zf!

V(+G,!*,&!E+0$,%+,!A9(-$9%!T``Yf!X*(,'3!T```f!X$0$M!*,&!X#*70'(%!T``Tf!S$,@!

S*X+9,)'!*,&!W&'(!T`]]f!6*.'1!*,&!6*&$11*!T``[f!J($2#)!T`]îe@!%#+G$,2!)#*)!!!!!!!!!!!

h!:!:!:!-*()$/$-*)$+,!*)!;7'($/*,!H,&$*,!%)9&',)!/',)'(%!/*,!1'*&!)+!*/*&'7$/!*,&!

%+/$*1!',2*2'7',)!4+(!;7'($/*,!H,&$*,!%)9&',)%!*,&@!%90%'89',)13@!/*,!/+,)($09)'!

)+!(')*$,$,2!)#$%!-*()$/91*(!2(+9-i:!"#'%'!%)9&$'%!$,&$/*)'!%9/#!?*)$.'!;7'($/*,!

ND+9%'%O!+(!%)9&',)!/',)'(%!*/(+%%!)#'!/+9,)(3!7*3!-(+.$&'!/91)9(*113!*--(+-($*)'!

*/)$.$)3!%'))$,2%!)#*)!,9()9('!)#'!%*1$',/'!+4!')#,$/!$&',)$)3!*,&!'7-+G'(!%)9&',)%!

4+(!%9//'%%!$,!)#'!9,$.'(%$)3!',.$(+,7',):!

! ! ;//+(&$,2!)+!W($/M%+,!dT`_[e@!)#'!&'.'1+-7',)!+4!)#'!$,&$.$&9*1O%!%',%'!+4!

%'14!0'2$,%!*%!*!/#$1&!$%!*01'!)+!&$44'(',)$*)'!$)%'14!*%!*,!+0<'/)!%'-*(*)'!4(+7!4*7$13:!

"#$%!%',%'!+4!%'14!*%!*!7'*,$,2491!+0<'/)!$%!&'.'1+-'&!)#(+92#!)#'!-(+/'%%!+4!4$(%)!

)*M$,2!)#'!(+1'!+4!*!4'G!%$2,$4$/*,)!+)#'(%@!7+%)!1$M'13!-*(',)%!*,&!%$01$,2%@!*,&!)#',!

)*M$,2!)#'!(+1'!+4!)#'!2','(*1$g'&!+)#'(!dC'*&!T`[\e:!;//+(&$,2!)+!D'G$))!

dT``\aÙe@!('4'(',/'!2(+9-%!*('!h%+/$*1!2(+9-%!)#*)!-(+.$&'!2','(*1$g'&!+)#'(%!)+!

G#+7!)#'!$,&$.$&9*1!('4'(%:i!F$,2'(!dT`]Te!'L-1*$,%!('4'(',/'!2(+9-%!*%!)#+%'!

2(+9-%!)#*)!-(+.$&'!*,!+($',)*)$+,!4+(!%+/$*1!/+7-*($%+,!+4!+,'O%!%'14:!E'4'(',/'!

2(+9-%!-(+.$&'!*!4(*7'G+(M!4(+7!G#$/#!)#'!$,&$.$&9*1!$%!*01'!)+!%#*-'!#$%!+(!#'(!

'.*19*)$+,%@!*))$)9&'%!*,&!0'#*.$+(!dF$,2'(!T`]Te:!!

! ! !E'4'(',/'!2(+9-%!#*.'!0'',!/+,/'$.'&!+4!*%!/+7-*(*)$.'!*,&!,+(7*)$.':!

h"#'!/+,%'89',/'!+4!,+(7*)$.'!('4'(',/'!+($',)*)$+,!$%!/+,4+(7$)3i!G#')#'(!$)!0'!

/+,4+(7$)3!)+!*!0'1$'4@!*))$)9&'@!*!.*19'!+(!*!0'#*.$+(!dF$,2'(!T`]Ta_è:!;!

! XZ(

/+7-*(*)$.'!('4'(',/'!2(+9-!%'(.'%!*%!*!h%)*,&*(&!+4!/+7-*($%+,!4+(!*,!*--(*$%*1!+4!

'$)#'(!)#'!%'14!+(!+)#'(i!dF$,2'(!T`]TaYYe:!F)+944'(O%!dT`\è!)#'+(3!#+1&%!)#*)!

$,&$.$&9*1%!9%'!791)$-1'!('4'(',/'!2(+9-%!$,!+(&'(!)+!7*M'!'.*19*)$+,%:!

! ! "#$%!%)9&3!'L*7$,'%!G#')#'(@!*,&!)+!G#*)!'L)',)@!)#'!4+(7*)$+,!+4!/91)9(*113!

0*%'&!('4'(',/'!2(+9-%!#'1-!;7'($/*,!H,&$*,!%)9&',)%!,*.$2*)'!)#'$(!G*3!)#(+92#!

-('&+7$,*,)13!J#$)'!$,%)$)9)$+,%!)#*)!*('!0*%'&!$,!7*$,%)('*7!,+(7%@!.*19'%@!*,&!

'L-'($',/'%f!)#9%!*/)$,2!)+!4*/$1$)*)'!)#'$(!'&9/*)$+,*1!*))*$,7',):!

! ! H,!*!/1*%%$/!%)9&3!+4!,+(7*)$.'!('4'(',/'!2(+9-%!-'(4+(7'&!$,!)#'!T`[U%@!

?'G/+70!dT`^]e!,+)'%!*!2','(*1!)(',&!+4!*))$)9&'!/#*,2'!4(+7!!h4('%#7*,!

/+,%'(.*)$.'%i!)+!h%',$+(!,'+/+,%'(.*)$.'%!*7+,2!V',,$,2)+,!/+11'2'!%)9&',)%i!

?'G/+70!dT`^]aZYê!/+,/19&'%!)#*)!%9/#!*))$)9&'%!h*('!,+)!*/89$('&!$,!*!%+/$*1!

.*/997:!"#'$(!*/89$%$)$+,!$%!*!49,/)$+,!+4!('1*)$,2!+,'%'14!)+!%+7'!2(+9-!+(!2(+9-%!

-+%$)$.'13!+(!,'2*)$.'13:i!!

! ! !c1&',09(2!dT`]è!7*M'%!*!%)(+,2!/*%'!4+(!G#*)!#'!)'(7%!N)#'!)#$(&!-1*/'O!*%!

*!-1*/'!G#'('!$,4+(7*1!-901$/!*%%+/$*)$+,!%'(.'%!)+!4*/$1$)*)'!*!%',%'!+4!/+779,$)3!

G'11!0'$,2!*,&!%+1$&*($)3!0*%'&!+,!%#*('&!.*19'%!*,&!/+77+,!1$4'!'L-'($',/'!*)!)#'!

1+/*1!/+779,$)3!1'.'1:!N"#'!)#$(&!-1*/'O@!*//+(&$,2!)+!c1&',09(2@!$%!,'$)#'(!#+7'!,+(!

G+(M@!09)!+44'(%!)#'!4*7$1$*(!/+74+()!+4!0+)#!G$)#+9)!)#'$(!$,/970',)!

('%-+,%$0$1$)$'%!+(!%+/$*1!('%)($/)$+,%:!!H,!)#'!N)#$(&!-1*/'O!$%!4+9,&@!)#(+92#!$,4+(7*1!

*%%+/$*)$+,!G$)#!+)#'(%@!)#'!%+9(/'!+4!('/('*)$+,@!('/9-'(*)$+,!*,&!('<9.',*)$+,!*%!

G'11!*%!.*1$&*)$+,!*,&!%+/$*1!%9--+()!4+(!$,&$.$&9*1%!*2*$,%)!)#'!+--('%%$.'!2($,&!+4!

)#'!&*$13!1$4'!$,!)#'!&+7$,*,)!%+/$*1!%)(9/)9(':!H,!*&&$)$+,@!$)!-(+.$&'%!*!%*4'!*,&!

! X[(

,9()9($,2!',.$(+,7',)!)#(+92#!*%%+/$*)$+,!G$)#!1$M'7$,&'&!$,&$.$&9*1%:!S$M'!

7$,&'&!$,&$.$&9*1%@!%#*($,2!/+77+,!.*19'%@!/+77+,!1$4'!'L-'($',/'%!*,&!/+77+,!

1$4'!2+*1%!G$11!4+(7!('4'(',/'!2(+9-%!4+(!/+7-*($%+,!)+!+)#'(%@!0+)#!$,%$&'!*,&!

+9)%$&'!+4!)#'$(!2(+9-!G#$1'!*1%+!4+(7$,2!,+(7*)$.'!('4'(',/'!2(+9-%!4+(!)#'!

.*1$&*)$+,!*,&!/+,)$,9*)$+,!+4!%#*('&!,+(7%!*,&!.*19'%!dF$,2'(!T`]Te:!;7'($/*,!

H,&$*,!%)9&',)%!+,!7*$,%)('*7!/*7-9%'%!7*3!%''M!%9/#!*!%-'/$*1!N)#$(&!-1*/'O:!!

! "#'!C91)$/91)9(*1!F)9&',)!;44*$(%!c44$/'!*)!6FK!7*3!+44'(!%9/#!*!-1*/'!4+(!)#'!

&'.'1+-7',)!+4!*!%+/$*1!%9--+()!,')G+(M!)#*)!%'(.'%!)+!'7-+G'(!%)9&',)%!)#(+92#!

)#'!%)(',2)#',$,2!+4!*!/+77+,!;7'($/*,!H,&$*,!$&',)$)3:!c,'!-+$,)!+4!'L-1+(*)+(3!

$,)'('%)!$,!)#$%!%)9&3!$%!G#')#'(!6FKO%!c44$/'!+4!C91)$/91)9(*1!;44*$(%@!G#$/#!9)$1$g'%!*!

Nb1+0*1O!&'4$,$)$+,!+4!&$.'(%$)3@!G#'('$,!*11!7$,+($)3!2(+9-%!+,!)#'!6FK!/*7-9%!*('!

%'',!*%!*!9,$4$'&@!N,+,B&+7$,*,)O!2(+9-!-(+.$&'%!%9/#!*,!',.$(+,7',)!4+(!

&'.'1+-7',)!+4!*/*&'7$/!'7-+G'(7',)!)#(+92#!*44$1$*)$+,!G$)#!*!/91)9(*113!0*%'&!

,+(7*)$.'!('4'(',/'!2(+9-@!+(!G#')#'(!)#'!Nb1+0*1!5$.'(%$)3O!/+,/'-)!4*$1%!)+!

*//+9,)!4+(!'*/#!7$,+($)3!2(+9-O%!/91)9(*1!/*-$)*1!*%!9,$89'13!'7-+G'($,2!0*%'&!+,!

'*/#!2(+9-O%!$,&$.$&9*1!/91)9(*1!/#*(*/)'($%)$/%!(*)#'(!)#*,!0*%'&!+,!)#'!2(+9-O%!

/+11'/)$.'!%)*)9%O!*%!,+,B&+7$,*,):!!

! X($)$/*1!)#'+(3!%922'%)%!)#'!.*19'%!*,&!%)(9/)9('%!+4!)#'!&+7$,*,)!

7*$,%)('*7!%+/$')3!%'(.'!*%!0*(($'(%!)+!'&9/*)$+,*1!*))*$,7',)!+4!7$,+($)3!%)9&',)%!

$,!)#'!K:F:!dV+))+7+('!T`]\e:!X91)9(*1!#'2'7+,3!&'%/($0'%!#+G!)#+%'!$,!-+G'(!

7*,$-91*)'!/91)9(*1!%370+1%!%+!)#*)!+)#'(!/1*%%'%!+(!/91)9(*1!2(+9-%!'44'/)$.'13!

/+,)($09)'!)+!)#'$(!+G,!%90+(&$,*)$+,!db(*7%/$!T`[Ze:!"#$%!4+(7!+4!%+/$*1!

! X\(

&+7$,*)$+,!$%!'.$&',)!)#(+92#+9)!)#'!#$%)+(3!+4!;7'($/*,!H,&$*,!#$2#'(!'&9/*)$+,!

dC'($*7!T`Z]f!X+11$'(!T`\Yf!D'()g0'(2!T`YTf!V'(M#+4'(!T`Y]f!C/V')#!T`][f!c--'1)!

T`Ùf!5'1+($*!>(:!T``\f!V+3'(!T``Yf!X*11+G*3!T```!6'G'G*(&3!ZUUZe:!

! c209!dT`Y]@!T`]ê!$119%)(*)'%!#+G!%)(9/)9(*1!0*(($'(%!%9/#!*%!-('<9&$/'@!

$,*&'89*)'!4$,*,/'%@!*,&!*/*&'7$/!-('-*(*)$+,!*('!('*1$)$'%!4+(!+--('%%'&@!

N/*%)'1$M'O!7$,+($)$'%:!;//+(&$,2!)+!c209@!)#'%'!%)(9/)9(*1!4*/)+(%!'44'/)$.'13!1$7$)!)#'!

+--+()9,$)$'%!4+(!*/*&'7$/!*&.*,/'7',)!*,&!1$4'!$,!2','(*1:!

! I'*2$,!dT``_e@!('-+()%!)#*)!-('<9&$/$*1!*))$)9&'%!*('!%)$11!-('.*1',)!+,!

-('&+7$,*,)13!J#$)'!/*7-9%'%:!F9/#!$,%)$)9)$+,*1$g'&!&$%/($7$,*)$+,!G+(M%!*)!0+)#!

)#'!%)(9/)9(*1!*,&!/91)9(*1!1'.'1%!)+!/('*)'!0*(($'(%!)+!*/*&'7$/!*))*$,7',)!4+(!

;7'($/*,!H,&$*,!%)9&',)%:!;&&$)$+,*113@!"$'(,'3!dT``Z@!ZUUUe!%#+G%!)#'!G*3%!$,!

G#$/#!-('&+7$,*,)13!J#$)'!$,%)$)9)$+,%!+4!#$2#'(!'&9/*)$+,!*('!/('*)'&@!

$7-1'7',)'&!*,&!7*$,)*$,'&!*//+(&$,2!)+!W9(+B;7'($/*,!7*$,%)('*7!.*19'%@!2+*1%!

*,&!-'(%-'/)$.'%:!"#$%!+($',)*)$+,!#+1&%!)#*)!)#'!('%-+,%$0$1$)3!4+(!*/*&'7$/!%9//'%%!

('%)%!'L/19%$.'13!9-+,!)#'!%)9&',)!G#+!$%!.$'G'&!*%!&'4$/$',):!X+,.'(%'13@!)#'!

/($)$/*1!-'(%-'/)$.'!d"$'(,'3!T``Z@!ZUUUe!-1*/'%!('%-+,%$0$1$)3!+,!)#'!$,%)$)9)$+,!)+!

*&*-)!-(+2(*7%!*,&!*--(+*/#'%!)#*)!09$1&!+,!%)9&',)%O!')#,$/!$&',)$)3!*,&!/91)9(*1!

0*/M2(+9,&!*%!*%%')%!)#*)!/*,!1'*&!)+!)#'$(!'7-+G'(7',)!*,&!'&9/*)$+,*1!

*))*$,7',)!d"$'(,'3!T``Zf!"(9'0*!T`]]f!b9*<*(&+!*,&!b9*<*(&+!ZUUZf!S''!ZUU_e:!

! ?'G/+70!dT`^]e!*,&!F$,2'(!dT`]Te!&'%/($0'!)#'!4+(7*)$+,!+4!('4'(',/'!

2(+9-%!)#*)!%'(.'!)+!-(+.$&'!$,&$.$&9*1%!G$)#!*!4(*7'G+(M!+4!%+/$*1!/+7-*($%+,!*,&!

4(+7!G#$/#!)+!2*92'!*,&!4+(791*)'!-'(%+,*1!,+(7%!*,&!.*19'%:!c1&',09(2!dT`]è!

! YO(

&'%/($0'%!#+G!)#'!N)#$(&!-1*/'O!%'(.'%!*%!*!2*)#'($,2!-1*/'!G#'('!$,&$.$&9*1%!7*3!

%#*('!/+77+,%!,+(7%@!.*19'%@!1$4'!/$(/97%)*,/'%!*,&!/+,/'(,%:!!

! V9$1)!+,!*!/($)$/*1!/+,/'-)9*1!4(*7'G+(M@!)#$%!%)9&3!'L*7$,'%!G#')#'(!)#'!

4+(7*)$+,!+4!,+(7*)$.'!('4'(',/'!2(+9-%!)#(+92#!-(+2(*7%@!%9--+()!%)(9/)9('%!*,&!

*!N)#$(&!-1*/'O@!%9/#!*%!*!N?*)$.'!;7'($/*,!X91)9(*1!X',)'(O!7*3!%'(.'!)+!7$)$2*)'!)#'!

%)(9/)9(*1!*,&!/91)9(*1!0*(($'(%!)+!%9//'%%!)#*)!;7'($/*,!H,&$*,!%)9&',)%!',/+9,)'(!

*)!-('&+7$,*,)13!J#$)'!$,%)$)9)$+,%:!H,!*&&$)$+,@!+)#'(!4*/)+(%!)#*)!/+70$,'!)+!

#$,&'(!+(!4*/$1$)*)'!%)9&',)!(')',)$+,!*,&!2(*&9*)$+,!4+(!?*)$.'!;7'($/*,!%)9&',)%!

*)!6FK!*('!'L-1+('&:

! YP(

&U!I/#$(3*.$!

"#/U*)*+*,1(

(

! "#$%!-(+<'/)!'7-1+3%!*,!$,&9/)$.'!('%'*(/#!*--(+*/#!)+!'L-1+('!4*/)+(%!

$,419',/$,2!%'/+,&*(3!'&9/*)$+,*1!*))*$,7',)!+4!;7'($/*,!H,&$*,%:!H,!M''-$,2!G$)#!

)#'!/($)$/*1!)#'+(')$/*1!)(*&$)$+,@!)#'!7')#+&%!+4!89*1$)*)$.'!')#,+2(*-#3!-(+.$&'!)#'!

4(*7'G+(M!4+(!)#'!'L-1+(*)$+,!$,)+!)#'!('%'*(/#!89'%)$+,%!)#*)!3$'1&!)#$/M@!($/#!

&'%/($-)$+,!4(+7!)#'!$,%$&'(O%!-'(%-'/)$.':!"#'!/+,/'-)!+4!N-(*L$%O!*%!$,)(+&9/'&!03!

C*(L@!('7*$,%!*!29$&$,2!-($,/$-1'!$,!)#'!&'%$2,!*,&!$7-1'7',)*)$+,!+4!)#$%!%)9&3:!

6(*L$%!#*%!*%!$)%!2+*1!)+!*7'1$+(*)'!+--('%%$.'!%+/$*1!/+,&$)$+,%!)#(+92#!)#'!

*--1$/*)$+,!+4!-(*27*)$/!*/)$+,!)#*)!$%!0*%'&!$,!)#'+(')$/*113!2','(*)'&!$&'*%:!"#$%!

%)9&3!$%!&$('/)'&!*)!',#*,/$,2!9,&'(%)*,&$,2!%+!)#*)!7+('!;7'($/*,!H,&$*,!

%)9&',)%!*('!*01'!)+!*))*$,!)#'$(!#$2#'(!'&9/*)$+,!*%-$(*)$+,%:!!!!!!!!!!!!!!!!!!!!!!

! 5*)*!/+11'/)$+,!$,/19&'&!4+/9%!2(+9-%@!$,)',%$.'!$,)'(.$'G%@!4$'1&!

+0%'(.*)$+,%@!*,&!&+/97',)*(3!&*)*!*,*13%$%!$,/19&$,2!89*,)$)*)$.'!&*)*!+,!

',(+117',)!*,&!(')',)$+,!+4!?*)$.'!;7'($/*,!%)9&',)%:!;,*13%$%!+4!&*)*!G*%!9%'491!

$,!2*$,$,2!,'G!$,%$2#)!*,&!*,!',#*,/'&!9,&'(%)*,&$,2!+4!)#'!('%'*(/#!89'%)$+,%!

)#*)!4+11+G:!

!

!

!

!

! YN(

$:9:=;HF(R@:9<8>?9(

V*%'&!$,!)#'!/($)$/*1!)#'+(')$/*1!)(*&$)$+,@!)#$%!-(+<'/)!$,.'%)$2*)'%!)#'!

4+11+G$,2!('%'*(/#!89'%)$+,%!)+!&'.'1+-!*,!',#*,/'&!9,&'(%)*,&$,2!+4!;7'($/*,!

H,&$*,!'&9/*)$+,*1!*))*$,7',)!*)!61*$,%!F)*)'!K,$.'(%$)3:!

T: J#*)!4*/)+(%!4*/$1$)*)'!+(!',#*,/'!'&9/*)$+,*1!*))*$,7',)!4+(!;7'($/*,!!!!!!!!!!

H,&$*,!%)9&',)%k!

Z: J#*)!4*/)+(%!*/)!*%!0*(($'(%!)+!'&9/*)$+,*1!*))*$,7',)k!

! V*%'&!+,!*!('.$'G!+4!)#'!1$)'(*)9('@!)#$%!('%'*(/#!$,/19&'%!)#'!'L*7$,*)$+,!+4!

$%%9'%!('1*)$,2!)+a!

*:!I$,*,/$*1!('%+9(/'%! !

0:!X*7-9%!',.$(+,7',)!

/:!I*7$13!('1*)$+,%!

&:!6('B/+11'2'!*/*&'7$/!-('-*(*)$+,!

':!I*/91)3!'L-'/)*)$+,%!!

4:!!I*/91)3@!%)*44!*,&!%)9&',)!*))$)9&'%!

2:!X9(($/9197!

#:!X91)9(*1!)(*&$)$+,%!

$:!!X91)9(*113!0*%'&!E'4'(',/'!2(+9-%!

<:!!X91)9(*1!4*/)+(%!

M:!"#'![(&!-1*/'!

1:!!F9--+()!-(+2(*7%!

7:!H,&$.$&9*1!d-'(%+,*1e!&($.'!)+G*(&!*/*&'7$/!*))*$,7',)!

(

! "#'!7*<+(!('%'*(/#!4+/9%!+4!)#$%!%)9&3!$%a!G#*)!4*/)+(%!/+70$,'!)+!4*/$1$)*)'!

+(!#$,&'(!'&9/*)$+,*1!*))*$,7',)!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!*!7*<+(@!

-('&+7$,*,)13!J#$)'@!9,$.'(%$)3!$,!6(*$($'!F)*)'k!"#'!7'*%9('!+4!'&9/*)$+,*1!

*))*$,7',)!$%!&')'(7$,'&!)#(+92#!/+7-*(*)$.'!(*)'%!+4!(')',)$+,!*,&!2(*&9*)$+,!4+(!

;7'($/*,!H,&$*,!%)9&',)%!*,&!*11!+)#'(!%)9&',)%!*)!61*$,%!F)*)'!K,$.'(%$)3:!!

! YV(

! "+)*1!%)9&',)!',(+117',)!$,!)#'!4*11!+4!ZUU`@!G*%!TZ@[Y_:!c4!)#+%'@!]:\-'(/',)!

G'('!1$%)'&!*%!7$,+($)3!%)9&',)%:!;7'($/*,!H,&$*,!%)9&',)%!',(+11'&!*)!6FK!

/+7-($%'!)#'!%'/+,&!1*(2'%)!+4!7$,+($)3!2(+9-%!',(+11'&!*)!Z:T-'(/',)!+4!*11!

%)9&',)%!',(+11'&:!E'/+(&%!*.*$1*01'!)#(+92#!)#'!+44$/'!+4!)#'!?*)$.'!;7'($/*,!

F)9&',)!;&.$%+(!%#+G!Z\`!%)9&',)%!$&',)$4$'&!*%!;7'($/*,!H,&$*,%!',(+11'&!*)!6FK:!

"#'('!$%!,+!0('*M&+G,!+4!)#'!,970'(!+4!%)9&',)%!*))',&$,2!)#'!E*$1)+G,!/*7-9%!*%!

%'-*(*)'!4(+7!K,$.'(%$)3!X',)'(!+(!4*/$1$)$'%!$,!*,3!+)#'(!-*()!+4!)#'!%)*)':!I+()3B4+9(!

?*)$.'!%)9&',)%!*('!1$%)'&!*%!4('%#7',:!"#$()3B,$,'!%)9&',)%!G'('!*%%$2,'&!(++7%!

+,!/*7-9%!$,!('%$&',/'!#*11%:!

!

-<@75(%?9<8<@<8>?(

( F)9&',)%@!;&7$,$%)(*)+(%!*,&!4*/91)3!*)!61*$,%!F)*)'!K,$.'(%$)3!-(+.$&'&!)#'!

791)$-1'!.+$/'%!*,&!.$'G-+$,)%!/+,)($09)$,2!)+!)#$%!%)9&3:!"#'!#$%)+(3!+4!6FK!#*%!

9,4+1&'&!/+,/9((',)!G$)#@!*,&!-*(*11'1!)+!)#'!#$%)+(3!+4!;7'($/*,!H,&$*,%!%)*)'!*,&!

,*)$+,G$&':!

! !

-<@75(I=;<8H8C=?<9((

( "#'!%*7-1'!-+-91*)$+,!4+(!)#$%!%)9&3!$,/19&'%!?*)$.'!;7'($/*,!%)9&',)%!

/9((',)13!',(+11'&!*)!6FK:!H,!*&&$)$+,!)+!%)9&',)%@!4*/91)3!*,&!%)*44!G#+!*('!$,.+1.'&!

$,!-(+2(*7%@!%'(.$/'%!+(!/9(($/91*!)#*)!*('!&'%$2,'&!%-'/$4$/*113!4+(!?*)$.'!;7'($/*,!

%)9&',)%!+(!)#*)!*('!4('89',)'&!03!?*)$.'!;7'($/*,!%)9&',)%!*('!$,/19&'&!$,!

$,)',%$.'!$,)'(.$'G%!*,&!4$'1&!+0%'(.*)$+,%:!K,$.'(%$)3!*&7$,$%)(*)+(%!*('!

! YW(

$,)'(.$'G'&!$,!+(&'(!)+!2*$,!*,!$,%$&'(O%!-'(%-'/)$.'!4(+7!)#'!7*$,%)('*7!

$,%)$)9)$+,*1!-+$,)!+4!.$'G!('2*(&$,2!)#'!$%%9'!+4!;7'($/*,!H,&$*,!%)9&',)!(')',)$+,!

*,&!2(*&9*)$+,:!C')#+&+1+2$/*1!*--(+*/#'%!)+!'*/#!+4!)#'%'!2(+9-%!*('!&'%/($0'&!

0'1+G:!

!

E"0*=)&'()#*+",&C0/.),07&

' 6FK!#*%!*!?*)$.'!;7'($/*,!%)9&',)!-+-91*)$+,!1*(2'13!4(+7!)#'!-1*$,%!%)*)'%!!

+4!)#'!!K--'(!C$&G'%):!;%!%9/#@!)#'!)($0*1!*44$1$*)$+,%!+4!%)9&',)%!*)!6FK!*('!7+('!

%$7$1*(!)#*,!7*3!0'!%'',!*)!%+7'!9,$.'(%$)$'%!$,!-*()%!+4!)#'!/+9,)(3!49()#'(!

('7+.'&@!*,&!G$)#!*!7+('!&$.'(%'!?*)$.'!-+-91*)$+,:!W.',!2$.',!)#'!%$7$1*($)3!+4!

;7'($/*,!H,&$*,!%)9&',)%!*))',&$,2!6(*$($'!F)*)'!9,$.'(%$)$'%@!)#'!&$.'(%$)3!*7+,2!

)($0*1!2(+9-%!*,&!$,&$.$&9*1!%)9&',)%!79%)!0'!*/M,+G1'&2'&:!I+(!)#$%!('*%+,!)#'!

)'(7!N;7'($/*,!H,&$*,!%)9&',)O!G$11!0'!#+7+2',$g'&!$,)+!*!7+('!N-*,BH,&$*,O!

dD'()g09(2!T`YTe!/+,/'-)!+4!H,&$*,,'%%!0*%'&!+,!%$7$1*($)$'%!%#*('&!*%!6(*$($'!F)*)'!

;7'($/*,!H,&$*,!9,$.'(%$)3!%)9&',)%:!"#$%!$%!M''-$,2!G$)#!)#'!*--(+*/#!9%'&!03!

b9$11+(3!*,&!J+1.'()+,!dZUU]e:!!

! "#'!%*7-1'!+4!?*)$.'!%)9&',)%!4+(!)#$%!%)9&3!G*%!&'.'1+-'&!G$)#!)#'!#'1-!+4!

)#'!?*)$.'!;7'($/*,!F)9&',)!;&.$%+(!G#+%'!+44$/'!$%!/9((',)13!#+9%'&!G$)#$,!6FKO%!

C91)$/91)9(*1!;44*$(%!c44$/'!dcC;e:!D$%!4*7$1$*($)3!G$)#!)#'!;7'($/*,!H,&$*,!%)9&',)%!

',(+11'&!*)!6FK!#'1-'&!',%9('!$,)'(.$'G%!*,&!4+/9%!2(+9-%!$,/19&'&!%)9&',)%!G$)#!*!

&$.'(%$)3!+4!*2'%@!2',&'(%@!4*7$13!%)*)9%!dG#')#'(!+(!,+)!+,'!$%!*!-*(',)e@!3'*(!$,!

/+11'2'@!7*<+(%@!*,&!4$,*,/$*1!('%+9(/'%:!

! YX(

b$.',!)#'!%$7$1*($)$'%!*,&!&$44'(',/'%!+4!%)9&',)%!G#',!/+,/'-)9*1$g'&!*1+,2!

/91)9(*1!&$7',%$+,%!$)!79%)!%)$11!0'!('/+2,$g'&!)#*)!H,&$*,,'%%!*%$&'@!)#'('!%)$11!

('7*$,!$,&$.$&9*1!&$44'(',/'%!*7+,2!;7'($/*,!H,&$*,!%)9&',)%:!V'/*9%'!+4!#$%!

4*7$1$*($)3!G$)#!)#'!;7'($/*,!H,&$*,!%)9&',)%!*,&!)#'$(!-'(%+,*1!*,&!1$4'!

/$(/97%)*,/'%@!)#'!?*)$.'!;7'($/*,!F)9&',)!;&.$%+(!G*%!+4!$77'*%9(*01'!.*19'!$,!

&'.'1+-$,2!)#'!%*7-1'!-+-91*)$+,:!

!

F,*=)#7*0%&'.(*,*70#"01#7G&:)"+3*,5&",.&E1,H0)"+3*,5&I"+/$0%&

' H,&$.$&9*1!$,)'(.$'G%!G$)#!)G+!K,$.'(%$)3!j$/'!6('%$&',)%@!)#'!5$('/)+(!4+(!

5$.'(%$)3!W,#*,/'7',)@!6FK!;&7$%%$+,%!c44$/'!C$,+($)3!F)9&',)!E'/(9$)'(@!*,&!

)#(''!4*/91)3!7'70'(%@!$,/19&$,2!+,'!?*)$.'!4*/91)3!7'70'(@!G'('!/+,&9/)'&!+,!)#'!

/*7-9%!+4!6FK:!K,$.'(%$)3!j$/'!6('%$&',)%!G'('!$,)'(.$'G'&!0'/*9%'!)#'3!G'('!

/+,%$&'('&!)+!0'!)#'!h.+$/'i!+4!)#'!$,%)$)9)$+,@!*,&!)#+%'!7+%)!&$('/)13!#+1&$,2!)#'!

-+G'(!)+!%#*-'!)#'!$,%)$)9)$+,*1!/91)9('!db9$11+(3!*,&!J+1.'()+,!ZUU]a_]e:!

K,$.'(%$)3!j$/'!6('%$&',)%!*)!6FK!*('!)#'!$,%)$)9)$+,*1!1'*&'(%!('%-+,%$01'!4+(!

$7-1'7',)$,2!-+1$/3!)#*)!&$('/)13!$,419',/'%!)#'!',.$(+,7',)!$,!G#$/#!;7'($/*,!

H,&$*,!%)9&',)%!'L$%):!!

! "#'!5$('/)+(!4+(!5$.'(%$)3!W,#*,/'7',)!-(+.$&'&!*!&')*$1'&!#$%)+(3!+4!'44+()%!

7*&'!)+G*(&!-(+.$&$,2!%'(.$/'%!4+(!)#'!G$&'!(*,2'!+4!%)9&',)%!4(+7!&$.'(%'!(*/$*1@!

')#,$/@!*,&!/91)9(*1!0*/M2(+9,&%@!*%!G'11!*%!4+(!7'70'(%!+4!6FKO%!7*$,%)('*7!

-+-91*)$+,!$,/19&$,2!4*/91)3@!%)*44@!*,&!/+779,$)3!7'70'(%:!

! YY(

"#'!4*/91)3!7'70'(%!G'('!$,)'(.$'G'&!0'/*9%'!+4!)#'$(!*0$1$)3!)+!&$('/)13!

$7-*/)!)#'!'L-'($',/'!+4!)#'!%)9&',)%!)#*)!)#'3!',/+9,)'(!)#(+92#!)'*/#$,2!*,&!

*&.$%'7',)@!d;%)$,!T`]Zf!X$0$M!*,&!X#*70'(%!T``Tf!D+(,'))!T`]`!6*%/*('11*!*,&!

"'(',g$,$!T``Te:!!

"#'!?*)$.'!;7'($/*,!F)9&',)!;&.$%+(!G*%!$,)'(.$'G'&:!D'!-(+.$&'&!*,!

$,.*19*01'!$,%$2#)!$,)+!)#'!&*$13!7$1$'9!+4!)#'!6FK!?*)$.'!%)9&',)!-+-91*)$+,:!H,!

*&&$)$+,!)+!)#$%!$,%$2#)@!#'!*1%+!-(+.'&!)+!0'!*!.*19*01'!1$*$%+,!0')G'',!6FK!

*&7$,$%)(*)$+,@!4*/91)3!*,&!%)9&',)%:!

H,!&'-)#!$,)'(.$'G%!G'('!*1%+!/+,&9/)'&!G$)#!K,$.'(%$)3!F)9&',)!F9--+()!

F)*44!#+9%'&!$,!)#'!b(*%%(++)%!X',)'(!+,!)#'!/*7-9%!+4!6FK:!"#'%'!-(+2(*7!

&$('/)+(%!-(+.$&'&!*!&')*$1'&!&'%/($-)$+,!+4!%)9&',)!%9--+()!%'(.$/'%!*.*$1*01'!)+!

?*)$.'!%)9&',)%!*,&!)#'!'L)',)!)+!G#$/#!)#+%'!%'(.$/'%!*('!9)$1$g'&:!!!

;!&$2$)*1!*9&$+!('/+(&'(!*,&!#*,&G($))',!,+)'%!G'('!9%'&!)+!('/+(&!

('%-+,%'%!*,&!+0%'(.*)$+,%!$,!'*/#!$,)'(.$'G:!H,!*11!/*%'%@!$,)'(.$'G%!G'('!#'1&!*)!

)#'!+44$/'%!+4!)#'!-'(%+,%!0'$,2!$,)'(.$'G'&:!I$'1&!,+)'%!G'('!)(*,%/($0'&!G$)#$,!Z\!

#+9(%!+4!)#'!$,)'(.$'G%:!;9&$+!('/+(&$,2%!G'('!)(*,%/($0'&!.'(0*)$7!G$)#$,!TBZ!

G''M%!4+11+G$,2!)#'!$,)'(.$'G%:' '

'

($:9:=;HF():98K?!

! "#$%!%)9&3!$%!&'%$2,'&!*%!*!/($)$/*1!')#,+2(*-#3!4+/9%$,2!+,!?*)$.'!;7'($/*,!

%)9&',)!%9//'%%!*)!61*$,%!F)*)'!K,$.'(%$)3!d6FKe:!c(2*,$g*)$+,*1!/*%'!%)9&3!d5',g$,!

*,&!S$,/+1,!T``\e!-(+.$&'%!)#'!7')#+&+1+2$/*1!4(*7'G+(M!4+(!*!/($)$/*1!&')*$1'&!

! YZ(

&'%/($-)$+,:!W70'&&'&!G$)#$,!)#'!+(2*,$g*)$+,*1!/*%'!%)9&3!*('!$,&$.$&9*1!/*%'!

%)9&$'%!+4!%)9&',)%@!%)*44@!4*/91)3!*,&!-(+2(*7%:!5+/97',)*(3!&*)*!('1'.*,)!)+!)#'!

('%'*(/#!89'%)$+,%!G'('!$,.'%)$2*)'&!)+!-(+.$&'!*!4911'(@!($/#'(!&'%/($-)$+,!+4!

/+7-*(*)$.'!/*%'%:!!

! I+(!)#'!$7-1'7',)*)$+,!+4!)#$%!%)9&3@!/+,)*/)!G*%!7*&'!G$)#!)#'!4*/91)3@!

%)*44@!*,&!%)9&',)%!*)!6FK!*,&!*((*,2'7',)%!G'('!7*&'!)+!%'/9('!-*()$/$-*)$+,!$,!

/*((3$,2!+9)!)#'!7')#+&+1+2$/*1!%)(*)'2$'%:!H,!M''-$,2!G$)#!)#'!)',')%!+4!)#'!/($)$/*1!

-'(%-'/)$.'@!)#$%!%)9&3!9)$1$g'&!89*1$)*)$.'!')#,+2(*-#$/!)'/#,$89'%!$,!+(&'(!)+!2*$,!

*,!$,%$&'(O%!.$'G!)#(+92#!)#'!9%'!+4!$,!&'-)#!$,)'(.$'G%@!+0%'(.*)$+,%@!*,&!

-*()$/$-*,)!+0%'(.*)$+,%!+4!$,%)$)9)$+,@!%)9&',)%@!%9--+()!-(+2(*7%!*,&!2*)#'($,2!

-1*/'%!+,!)#'!/*7-9%!+4!6FK!dV+2&*,!*,&!V$M1',!T`]Ze:!"#'!91)$7*)'!2+*1!+4!)#$%!

/($)$/*1!89*1$)*)$.'!')#,+2(*-#3!G*%!*,!',#*,/'&!9,&'(%)*,&$,2!+4!.*($+9%!4*/)+(%!

)#*)!G+(M!$,&'-',&',)13!+(!$,!/+70$,*)$+,!)+!/('*)'!*!/*7-9%!',.$(+,7',)!*,&!

9,$.'(%$)3!'L-'($',/'!)#*)!'$)#'(!4*/$1$)*)'%!+(!$7-'&'%!%9//'%%!4+(!?*)$.'!;7'($/*,!

%)9&',)%@!*%!7'*%9('&!03!(')',)$+,!*,&!2(*&9*)$+,!(*)'%:!!

!

":<F>79(

2)7)"#+3)#J7&B$"+)&*,&03)&2)7)"#+3&

H!*7!*!-'(%+,!+4!*,/'%)(*1!&'%/',)!4(+7!)#'!C'%MG*M$!-'+-1'!+4!H+G*!*,&!)#'!

X#'(+M''!-'+-1'!)#'!F+9)#'*%)'(,!K,$)'&!F)*)'%:!H!#*.'!0'',!*(+9,&!?*)$.'!-'+-1'!

*,&!/+779,$)$'%!*11!+4!73!1$4':!H!#*.'!G+(M'&!*,&!1$.'&!+,!('%'(.*)$+,!/+779,$)$'%!

$,!C$,,'%+)*!*,&!J$%/+,%$,:!H!#*.'!-*()$/$-*)'&!*%!*!)(*&$)$+,*1!&*,/'(!$,!6+G!

! Y[(

J+G%!*/(+%%!)#'!/+9,)(3:!H!#*.'!1+,2!0'',!$,)'('%)'&!$,!7+&'(,!$%%9'%!4*/$,2!

;7'($/*,!H,&$*,!-'+-1'@!-*()$/91*(13!#+G!)+!$7-(+.'!)#'!/+,&$)$+,%!4+(!'&9/*)$+,*1!

%9//'%%!4+(!;7'($/*,!H,&$*,!%)9&',)%:!H!#*.'!0'',!$,.+1.'&!G$)#!6FK!4+(!

*--(+L$7*)'13!TZ!3'*(%!+.'(!G#$/#!)$7'!H!#*.'!0'/+7'!.'(3!4*7$1$*(!G$)#!)#'!%+/$*1!

('*1$)3!+4!1$4'!+,!)#$%!/*7-9%:!59($,2!)#$%!)$7'!H!#*.'!0'',!*!/*%9*1!+0%'(.'(!+4!

;7'($/*,!H,&$*,!%)9&',)!1$4'!*,&!+4!)#'!%+/$*1!%)(9/)9('!+,!/*7-9%!*,&!$,!)#'!

E*$1)+G,!/+779,$)3:!

!

I1+/7&6#1/?7&

! I+/9%!2(+9-!$,)'(.$'G%!G'('!'7-1+3'&!*%!*!&*)*!2*)#'($,2!7')#+&!$,!+(&'(!

)+!/('*)'!*,!',.$(+,7',)!$,!G#$/#!)#'!?*)$.'!%)9&',)!-*()$/$-*,)%!/+91&!4''1!

/+74+()*01':!"#'%'!%)9&',)%!G'('!4*7$1$*(!)+!'*/#!+)#'(!*,&!-(+.$&'&!79)9*1!

%9--+()!$,!*!%$)9*)$+,!G#'('!)(9%)!G*%!,+)!$77'&$*)'13!'%)*01$%#'&!0')G'',!)#'7!

*%!-*()$/$-*,)%!*,&!73%'14!*%!('%'*(/#'(:!!

! H,!+(&'(!)+!'%)*01$%#!(*--+()!*,&!09$1&!)(9%)!'*(13!$,!)#'!4+/9%!2(+9-!

$,)'(.$'G@!H!$77'&$*)'13!$,)(+&9/'&!73%'14!$,!)#'!/+,)'L)!+4!73!+G,!?*)$.'!

;7'($/*,!4*7$13!#'($)*2'!*,&!73!-'(%+,*1!$,.+1.'7',)!G$)#!;7'($/*,!H,&$*,!

-'+-1'!*,&!/+779,$)$'%!)#(+92#+9)!73!1$4'!'L-'($',/'%:!"+G*(&!)#$%!',&@!H!

-(+.$&'&!)#'!2(+9-!G$)#!*,!$,)(+&9/)+(3!1'))'(!*))*/#'&!)+!*!2(+9-!$,)(+&9/)$+,!*,&!

&'7+2(*-#$/!$,4+(7*)$+,!4+(7!)#*)!'*/#!-*()$/$-*,)!/+7-1')'&!*)!)#'!+9)%'):!F''!

;--',&$L!I!4+(!$,)(+&9/)+(3!1'))'(:!

! Y\(

' "#('''4+/9%!2(+9-!$,)'(.$'G%!G'('!/+,&9/)'&!G$)#!?*)$.'!;7'($/*,!

%)9&',)%:!"#'!4$(%)!4+/9%!2(+9-!G*%!#'1&!$,!1*)'!;-($1!+4!ZUU`!*,&!)++M!-1*/'!*)!)#'!

6FK!F)9&',)!K,$+,:!"#'!,970'(!+4!$,)'(.$'G''%!4+(!)#'!4$(%)!2(+9-!G*%!,$,':!"#'!

%'/+,&!)G+!4+/9%!2(+9-%!G'('!/+,&9/)'&!'*(13!$,!)#'!4*11!%'7'%)'(!+4!ZUU`!*)!)#'!

/+,4'(',/'!(++7!$,!)#'!+44$/'!+4!)#'!5'*,!+4!D+,+(%!X+11'2'QH,)'($7!5$('/)+(!+4!

5$.'(%$)3!W,#*,/'7',):!"#'!%'/+,&!2(+9-!$,/19&'&!%$L!$,)'(.$'G''%:!"#'!)#$(&!

2(+9-!*1%+!$,/19&'&!%$L!$,)'(.$'G''%:!"#'!)+)*1!,970'(!+4!4+/9%!2(+9-!-*()$/$-*,)%!

G*%!ZT:!"#(''!2(+9-%!G'('!/+,&9/)'&!$,!+(&'(!)+!$,.+1.'!*!,970'(!+4!-*()$/$-*,)%!

9%'491!$,!2*$,$,2!*!&')*$1'&!-$/)9('!+4!)#'!?*)$.'!%)9&',)!'L-'($',/'!*)!6FK:!"#'!

2('*)'%)!/#*11',2'!$,!/+,&9/)$,2!)#'%'!4+/9%!2(+9-%!G*%!$,!%/#'&91$,2!)$7'%!)#*)!

G+91&!G+(M!/+,%$&'($,2!)#'!.*($+9%!%/#'&91'%!+4!%)9&',)!-*()$/$-*,)%:!

! !F'%%$+,%!1*%)'&!0')G'',!`U!)+!T]U!7$,9)'%:!c,!'*/#!+//*%$+,@!+,'!+(!7+('!

%)9&',)%!%)*3'&!1*)'(!)+!49()#'(!&$%/9%%!)#'%'!$%%9'%:!;,!*9&$+!('/+(&'(!*,&!

#*,&G($))',!,+)'%!G'('!9%'&!)+!('/+(&!)#'!%)9&',)!('%-+,%'%!*,&!+0%'(.*)$+,%!

&9($,2!)#'!4+/9%!2(+9-!$,)'(.$'G%:!H,!*&&$)$+,@!-'(%+,*1!0*/M2(+9,&!$,4+(7*)$+,!

G*%!+0)*$,'&!)#(+92#!*!0($'4!89'%)$+,,*$('!&$%)($09)'&!*)!)#'!0'2$,,$,2!+4!)#'!4+/9%!

2(+9-!%'%%$+,%:!V')G'',!)#'!)#(''!2(+9-%@!*,!*&'89*)'!,970'(!+4!-*()$/$-*,)%!G'('!

$,/19&'&!)+!',%9('!*!%*7-1'!('-('%',)*)$.'!+4!)#'!&$.'(%$)3!+4!;7'($/*,!H,&$*,%!

',(+11'&!*)!6FK!dV'(2!T`]\e:!!!

! "#'!%)9&',)%!/#+%',!4+(!)#'!%)9&3!G'('!-9(-+%$.'13!%'1'/)'&!0*%'&!+,!

*.*$1*0$1$)3!*,&!'L-'($',/':!W.'(3!'44+()!G*%!7*&'!)+!',%9('!)#*)!G$)#$,!)#'!

-+-91*)$+,!+4!%)9&',)%!*.*$1*01'!)+!-*()$/$-*)'@!*!%*7-1'!G*%!+0)*$,'&!)#*)!('41'/)'&!

! ZO(

)#'!&$.'(%$)3!+4!;7'($/*,!H,&$*,!%)9&',)%!*,&!)#'$(!'L-'($',/'%:!"+G*(&!)#$%!',&@!*!

/(+%%B%'/)$+,!(*,2$,2!4(+7!4('%#7',!)+!2(*&9*)'!%)9&',)%f!)(*&$)$+,*113!*,&!,+,B

)(*&$)$+,*113!*2'&!%)9&',)%f!2',&'(!('-('%',)*)$+,!-(+-+()$+,*)'!)+!)#'!;7'($/*,!

H,&$*,!-+-91*)$+,!*)!6FKf!%)9&',)%!#$2#13!$,.+1.'&!$,!)#'!9,$.'(%$)3!7$1$'9@!%9/#!*%!

?*)$.'!;7'($/*,!/190!-('%$&',)%f!*,&!%)9&',)!/+779)'(%!G$)#!1$))1'!/*7-9%!

$,.+1.'7',)!G*%!-9(-+%$.'13!%+92#):!F)9&',)%!G'('!$,.$)'&!)+!-*()$/$-*)'!03!*!

-($7*(3!/+,)*/)!4(+7!)#'!6FK!?*)$.'!;7'($/*,!F)9&',)!;&.$%+(:!!

!

-,0),7*=)&*,0)#=*)A7&

! ;,!$,B&'-)#!-'(%+,*1!$,)'(.$'G!d5',g$,!*,&!S$,/+1,!T``\e!G*%!/+,&9/)'&!

G$)#!6FKO%!?*)$.'!;7'($/*,!F)9&',)!;&.$%+(!*)!)#'!c44$/'!+4!C91)$/91)9(*1!;44*$(%!+,!

)#'!/*7-9%!+4!61*$,%!F)*)'!K,$.'(%$)3:!H,)'(.$'G%!G'('!*1%+!/+,&9/)'&!G$)#!?*)$.'!

;7'($/*,!%)9&',)%!*,&!4*/91)3!*,&!*&7$,$%)(*)+(%!+,!)#'!6FK!/*7-9%:!;7+,2!

*&7$,$%)(*)+(%!$,)'(.$'G'&!G'('!)G+!K,$.'(%$)3!j$/'!6('%$&',)%@!)#'!5$('/)+(!+4!

5$.'(%$)3!W,#*,/'7',)@!)G+!5$('/)+(%!+4!F)9&',)!F9--+()!F'(.$/'!-(+2(*7%!*,&!)#'!

;&7$%%$+,%!c44$/'!C$,+($)3!F)9&',)!E'/(9$)'(:!;1%+@!4+9(!$,&$.$&9*1!?*)$.'!;7'($/*,!

%)9&',)%!G'('!$,)'(.$'G'&!*-*()!4(+7!)#'!)#(''!4+/9%!2(+9-%!/+,&9/)'&!G$)#!?*)$.'!

%)9&',)%:!"#'%'!$,&$.$&9*1!%)9&',)!$,)'(.$'G%!-(+.$&'&!4+(!*,!$,B&'-)#!'L-1+(*)$+,!

+4!)#'!?*)$.'!%)9&',)!'L-'($',/'!*)!6FK!+,!*!79/#!7+('!-'(%+,*1!1'.'1!*11+G$,2!4+(!

*,!'.',!2('*)'(!'7$/!-'(%-'/)$.':!"#'%'!%)9&',)%!G'('!'L)('7'13!'1+89',)!*,&!

*()$/91*)'!$,!)#'!&'%/($-)$+,!+4!)#'$(!#$%)+(3@!*,&!)#'$(!1$4'!'L-'($',/'%!$,!E*$1)+G,!

*,&!*)!6FK:!

! ZP(

! I*/91)3!7'70'(%!$,)'(.$'G'&!$,/19&'!+,'!?*)$.'!;7'($/*,!-(+4'%%+(!*,&!

)#(''!-(+4'%%+(%!#$2#13!$,.+1.'&!G$)#!?*)$.'!;7'($/*,!%)9&',)%:!"#'%'!4+9(!

&'&$/*)'&!-(+4'%%+(%!#*.'!&'7+,%)(*)'&!'L)(*+(&$,*(3!/+77$)7',)!)+!?*)$.'!

%)9&',)%!)#(+92#!)#'$(!/+,)$,9'&!&'&$/*)$+,!*,&!%'(.$/'!*)!6FK:!W*/#!$,)'(.$'G!G*%!

/+,&9/)'&!$,&$.$&9*113!*,&!-(+.$&'%!*,!$,%$&'(O%!-'(%-'/)$.'!4(+7!)#'!%)*,&-+$,)!+4!

?*)$.'!%)9&',)%@!6FK!4*/91)3@!*,&!%)*44!*,&@!4(+7!9,$.'(%$)3!*&7$,$%)(*)+(%@!*,!

$,%)$)9)$+,*1!.+$/':!

! !;,!$,)'(.$'G!-(+)+/+1!dV'(2!T`]`f!V*00$'!ZUUYe!G*%!9%'&!)+!29$&'!

89'%)$+,%!('2*(&$,2!*/)$.$)$'%!*,&!%'(.$/'%!-(+.$&'&!03!)#'!%)*44!+4!)#'!+(2*,$g*)$+,:!

"#'!2+*1!+4!)#'!$,)'(.$'G%!G*%!)+!-(+.$&'!*,!',($/#'&!&'%/($-)$.'!'L-1*,*)$+,!+4!)#'!

%+/$*1!-(+/'%%'%!$,#'(',)!G$)#!7*$,%)('*7!9,$.'(%$)3!1$4'!)#*)!%'(.'!)+!4*/$1$)*)'!+(!

#$,&'(!'&9/*)$+,*1!*))*$,7',)!+4!?*)$.'!;7'($/*,!%)9&',)%!*)!6FK:!"#'!$,)'(.$'G!

29$&'!9%'&!G*%!7+&'1'&!*4)'(!)#*)!9%'&!03!b9$11+(3!*,&!J+1.'()+,!dZUU]e!G$)#!

-'(7$%%$+,!2(*,)'&!03!5(:!E*-#*'1!b9$11+(3!+4!W*%)'(,!J*%#$,2)+,!K,$.'(%$)3:!"#'!

$,)'(.$'G!-(+)+/+1!4+/9%'&!+,!)#'!%',%$)$g$,2!/+,/'-)%!-('.$+9%13!&$%/9%%'&!*%!

&'($.'&!4(+7!*!('.$'G!+4!('1'.*,)!1$)'(*)9('!*,&!G*%!&'%$2,'&!)+!2*$,!*,!'7$/!

9,&'(%)*,&$,2!4(+7!%)9&',)%@!4*/91)3!*,&!*&7$,$%)(*)+(%!+4!4*/)+(%!4*/$1$)*)$,2!+(!

#$,&'($,2!'&9/*)$+,*1!*))*$,7',)!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!;!.$2$1*,)!

'3'!G*%!M'-)!4+(!)#'!'7'(2',/'!+4!,'G!7'*,$,2%@!/+,/'-)%@!*,&!)#'7'%!)#(+92#+9)!

)#'!$,)'(.$'G!-(+/'%%:!I+11+GB9-!$,)'(.$'G%!*,&Q+(!*&&$)$+,*1!$,)'(.$'G%!G'('!

/+,&9/)'&!G$)#!M'3!$,4+(7*,)%!)+!/1*($43!$,4+(7*)$+,!*,&!2*$,!*!&''-'(!

9,&'(%)*,&$,2!+4!7'*,$,2!4(+7!)#'!$,%$&'(O%!-'(%-'/)$.':!

! ZN(

@;7)#="0*1,&

! I$'1&!+0%'(.*)$+,%!dV'(2!T`]`f!5',g$,!*,&!S$,/+1,!T``\f!!V*00$'!ZUUYe!G'('!

/+,&9/)'&!*%!*,!+,2+$,2!-(+/'%%!)#(+92#+9)!)#'!%-($,2!*,&!4*11!%'7'%)'(%!+4!ZUU`!

6FK:!c0%'(.*)$+,%!4+/9%'&!+,!7*,3!*('*%!+4!+(2*,$g*)$+,*1!%)(9/)9('!*,&!%+/$*1!

$,)'(*/)$+,!%9/#!*%!)#'!-#3%$/*1!',.$(+,7',)!+4!)#'!/*7-9%@!)#'!'/+,+7$/@!%+/$*1@!

*,&!/91)9(*1!',.$(+,7',)@!)#'!%'7*,)$/!',.$(+,7',)@!*,&!)#'!#97*,!',.$(+,7',)!

+4!)'*/#'(%@!%)9&',)%@!*,&!%)*44:!!

!

B"#0*+*?",0&@;7)#="0*1,&

! C3!$,.+1.'7',)!G$)#!)#'!%)9&',)%@!+44$/'(%@!*,&!*/)$.$)$'%!+4!)#'!?*)$.'!

;7'($/*,!X190!G*%!$,.*19*01'!$,!2*$,$,2!)#'!#$2#'%)!-+%%$01'!&'2(''!+4!'7$/!

9,&'(%)*,&$,2:!X1+%'!/+,)*/)!*,&!/++-'(*)$+,!G$)#!)#'!?*)$.'!;7'($/*,!F)9&',)!

;&.$%+(!7*&'!$)!-+%%$01'!4+(!7'!)+!0'!G'1/+7'&!*,&!*//'-)'&!03!)#'!/190!7'70'(%:!

J#$1'!$)!$%!*1G*3%!*!/+,/'(,!4+(!)#'!%+/$*1!('%'*(/#'(!)+!7*$,)*$,!)#'!*--(+-($*)'!

&$%)*,/'!4(+7!)#'!('%'*(/#!%90<'/)@!H!0'1$'.'!H!#*.'!*//+7-1$%#'&!)#$%!G#$1'!*1%+!

&'.'1+-$,2!7*,3!4($',&%#$-%!0*%'&!+,!*!2',9$,'!4+,&,'%%!+4!*,&!/+77$)7',)!)+!

)#'!-'+-1'!G#+!*('!)#'!4+/9%!+4!)#$%!%)9&3:!

!

>1+/(),0"#%&>"0"&',"$%7*7&

! P9*1$)*)$.'!&'%/($-)$+,!*,&!$,&9/)$.'!'L-1+(*)$+,!*1%+!29$&'&!)#'!*,*13%$%!+4!

791)$-1'!&+/97',)*(3!&*)*!%+9(/'%!dC$1'%!*,&!D90'(7*,!T`]\f!V'(2!T`]`f!5',g$,!

*,&!S$,/+1,!T``\fe!-(+.$&'&!03!'*/#!9,$.'(%$)3!',)$)3!&'*1$,2!G$)#!?*)$.'!;7'($/*,!

! ZV(

%)9&',)%:!"#'%'!%+9(/'%!$,/19&'!/9(($/9197!+4!;7'($/*,!H,&$*,!F)9&$'%!-(+2(*7%!

1$%)'&!$,!)#'!6FK!/+9(%'!/*)*1+2@!1$)'(*)9('!4+(!$,/+7$,2!%)9&',)%@!?*)$.'!;7'($/*,!

G'0!-*2'%!+,!9,$.'(%$)3!%$)'%@!/*1',&*(%!+4!;7'($/*,!H,&$*,!/91)9(*1!'.',)%@!

)'%)$7+,$*1%!4(+7!/9((',)!*,&!4+(7'(!%)9&',)%@!*,&!+)#'(!%+9(/'%!)#*)!G'('!

&$%/+.'('&!)#(+92#+9)!)#'!('%'*(/#!-(+/'%%:!"#$%!G$&'!*((*3!+4!&+/97',)*(3!

7*)'($*1%!%'(.'&!*%!0*/M2(+9,&!)+!-(+.$&'!*,!',#*,/'&!/+,)'L)9*1!9,&'(%)*,&$,2!

+4!G#*)!6FK!/9((',)13!+44'(%!$)%!?*)$.'!;7'($/*,!%)9&',)!-+-91*)$+,:!K,$.'(%$)3!

('/+(&%!+4!(')',)$+,!*,&!2(*&9*)$+,!(*)'%!4+(!?*)$.'!;7'($/*,!%)9&',)%!G'('!*1%+!

/+11'/)'&:!

!

)=<=(&>DD:H<8>?(=?7(!?=D5989((

! I(+7!)#'!0'2$,,$,2!+4!)#$%!-(+<'/)@!)#'(-(+/'%%!+4!&*)*!/+11'/)$+,!G*%!

/+,)$,9+9%13!$,)'()G$,'&!G$)#!)#'!-(+/'%%!+4!&*)*!*,*13%$%:!

!

>"0"&<1$$)+0*1,&

( 59($,2!'*/#!$,)'(.$'G@(#*,&G($))',!4$'1&!,+)'%!G'('!7*&'!+,!)#'!$,)'(.$'G!

29$&'!*,&!/+,%$%)'&!+4!)#'!/+,&',%'&!*//+9,)!*%!&'%/($0'&!03!F-(*&1'3!dT`]Ue:!!

H77'&$*)'13!*4)'(!'*/#!$,)'(.$'G@!)#'%'!/+,&',%'&!,+)'%!G'('!)(*,%4'(('&!$,)+!*!

7+('!&')*$1'&!4$'1&!<+9(,*1!dF-(*&1'3@!T`]Ue:!"#$%!<+9(,*1!/+,)*$,%!&')*$1'&!

&'%/($-)$+,%!+4!)#'!)+,'!+4!)#'!$,)'(.$'G@!$,/19&$,2!73!$7-('%%$+,!+4!)#'!

$,)'(.$'G''O%!1'.'1!+4!$,)'('%)!$,@!*,&!/+77$)7',)!)+!)#'!$,)'(.$'G@!*%!G'11!*%!73!

+G,!('41'L$.'!$,)'(-(')*)$+,!+4!)#'!'L-'($',/':!H,!*11!/*%'%@!4$'1&!,+)'%@!$,/19&$,2!

! ZW(

/+,&',%'&!,+)'%!*,&!4$'1&!<+9(,*1!G'('!*))',&'&!)+!*,&!/+7-1')'&!$,!*%!79/#!&')*$1!

*%!-+%%$01'!G$)#$,!Z\!#+9(%!+4!)#'!$,)'(.$'G:!!

! I911!4$'1&!,+)'%!/+,%$%)'&!+4!.'(0*)$7!)(*,%/($-)%!+4!'L*/)!/+77',)%!7*&'!03!

'*/#!$,)'(.$'G'':!"#'%'!)(*,%/($-)%!G'('!*//+7-1$%#'&!)#(+92#!)#'!9%'!+4!)G+!

('&9,&*,)!%3%)'7%!+4!&$2$)*1!('/+(&$,2:!!

! W*/#!$,)'(.$'G!%'%%$+,!G*%!$,$)$*113!('/+(&'&!9%$,2!)G+!c137-9%!5$2$)*1!

j+$/'!E'/+(&'(%!7+&'1!j?B[TUU6X:!!"#'%'!('/+(&'(%!G'('!-1*/'&!$,!*!0*1*,/'&!

-+%$)$+,!('1*)$.'!)+!*11!%-'*M'(%!$,.+1.'&!$,!)#'!$,)'(.$'G!$,!+(&'(!)+!',%9('!)#'!0'%)!

-+%%$01'!%+9,&!89*1$)3:!;,+)#'(!('*%+,!4+(!9%$,2!)G+!('/+(&'(%!G*%!*%!*!('&9,&*,)!

%3%)'7!$,!/*%'!+,'!+4!)#'!('/+(&'(%!7*149,/)$+,'&:!I('%#!0*))'($'%!G'('!$,%)*11'&!$,!

'*/#!('/+(&'(!-($+(!)+!'*/#!$,)'(.$'G:!

! H77'&$*)'13!*4)'(!'*/#!$,)'(.$'G@!H!)(*,%4'(('&!)#'!&$2$)*1!*9&$+!4$1'%!+,)+!

b*)'G*3!6X!1*-)+-!/+7-9)'(!9%$,2!%+4)G*('!-(+.$&'&!G$)#!)#'!&$2$)*1!('/+(&'(%:!

W*/#!4$1'!G*%!1*0'1'&!9%$,2!$,&$/*)+(%!4+(!&*)'@!)$7'@!$,)'(.$'G!%90<'/)!+(!4+/9%!

2(+9-!$&',)$4$'(%:!c,/'!)#'!&$2$)*1!*9&$+!4$1'%!G'('!)(*,%4'(('&!)+!)#'!1*-)+-!

/+7-9)'(!*,&!G'('!.'($4$'&!)+!0'!%+9,&@!)#'!+($2$,*1!('/+(&$,2%!G'('!&'1')'&!4(+7!

)#'!c137-9%!&$2$)*1!('/+(&'(%:!"#$%!G*%!&+,'!$,!+(&'(!)+!',%9('!)#'!%*4'29*(&$,2!+4!

-*()$/$-*,)!/+,4$&',)$*1$)3!*%!)#'!&$2$)*1!('/+(&'(%!/+91&!#*.'!0'',!7$%-1*/'&:!"#'!

&$2$)*1!*9&$+!4$1'%!%)+('&!+,!)#'!1*-)+-!('7*$,'&!%'/9('13!1+/M'&!$,!73!+44$/':!

! H,B-(+/'%%!7'7+%!('41'/)'&!)#'!/+,)$,9*113!&'.'1+-$,2!$,)'(-(')*)$+,!+4!

89*1$)*)$.'!&*)*!*%!G'11!*%!)#'!9,4+1&$,2!+4!73!+G,!('41'L$.'!-(+/'%%!*%!)#'!

/+11'/)$+,!*,&!$,)'(-(')*)$+,!&*)*!-(+2('%%'&!)#(+92#+9)!)#'!)(*,%/($-)$+,!-(+/'%%!

! ZX(

*,&!%90%'89',)!$,)'(.$'G!%'%%$+,%:!"#'%'!7'7+%!*('!/+,)*$,'&!G$)#$,!)#'!

$,)'(.$'G!)(*,%/($-)%@!*%!dd-*(',)#')$/*1!X+77',)%ee:!"#'3!*('!*1%+!/+,)*$,'&!

G$)#$,!4$'1&G+(M!<+9(,*1!',)($'%!*,&!/+,&',%'&!4$'1&!,+)'%!+,!)#'!$,)'(.$'G!29$&'%:!

!

>"0"&',"$%7*7&

! "#'!-(+/'%%!4+(!)(*,%/($0$,2!'*/#!$,)'(.$'G!%'%%$+,!G*%!/+,/9((',)!G$)#!)#'!

-(+/'%%!+4!&*)*!*,*13%$%!)#(+92#!)#'!4+(7*)$+,!+4!/*)'2+($'%!('1'.*,)!)+!)#'!('%'*(/#!

89'%)$+,:!I+(!'*/#!%'-*(*)'!$,)'(.$'G@!)#*)!-(+/'%%!%)*()'&!*%!H!1$%)','&!)+!)#'!

$,)'(.$'G!$,!$)%!',)$(')3:!59($,2!)#$%!*9&$+!('.$'G@!H!7*&'!49()#'(!&')*$1'&!,+)'%!+,!

)#'!$,)'(.$'G!29$&':!"#'%'!,+)'%!G'('!4+/9%'&!+,!('1'.*,)!-+$,)%!*,&!)#'!

/+,,'/)$+,!0')G'',!%9/#!-+$,)%!*,&!)#+%'!7*&'!03!+)#'(!$,4+(7*,)%!+(!$,!+)#'(!

$,)'(.$'G%:!"#'%'!,+)'%!G'('!*//+7-*,$'&!03!)$7'!7*(M'(%!)*M',!4(+7!)#'!/+9,)'(!

-(+.$&'&!03!)#'!&$2$)*1!*9&$+!%+4)G*('!)#*)!G*%!*1G*3%!.$%$01'!+,!)#'!6X!1*-)+-!

&$%-1*3:!H,!)#$%!G*3@!H!G*%!*01'!)+!('4'(!&$('/)13!)+!*,3!2$.',!%)*)'7',)!7*&'!

)#(+92#+9)!)#'!$,)'(.$'G!*,&!89$/M13!(')($'.'!$)!$4!,'/'%%*(3:!"#$%!$,$)$*1!*9&$+!

('.$'G!G*%!.'(3!.*19*01'!$,!*11+G$,2!7'!)+!0'/+7'!$,/('*%$,213!4*7$1$*(!G$)#!)#'!

/+,)',)!+4!)#'!$,)'(.$'G%!G#$1'!%$791)*,'+9%13!*11+G$,2!4+(!%+7'!4+9,&*)$+,*1!

/*)'2+($g$,2!+4!)#'!%90%)*,)$.'!&*)*:!

! "#'!,'L)!%)'-!$,!)#'!)(*,%/($-)$+,!-(+/'%%!G*%!03!4*(!)#'!7+%)!)$7'!

/+,%97$,2!*,&!1*0+(!$,)',%$.'!%)'-!$,!)#'!-(+/'%%:!"#$%!G*%!)#'!*/)9*1!.'(0*)$7!

)(*,%/($-)$+,!+4!'*/#!$,)'(.$'G:!"#$%!G*%!*//+7-1$%#'&!)#(+92#!1$%)',$,2!)+!*,&!

)3-$,2!'.'(3!G+(&!)#*)!G*%!/+,)*$,'&!$,!)#'!*9&$+!('/+(&$,2%:!"#(+92#+9)!)#$%!

! ZY(

-(+/'%%!H!*1%+!7*&'!,+)'%!('2*(&$,2!7++&@!)+,'!+4!.+$/'!*,&!'7+)$+,%!)#*)!G'('!

'.$&',):!"#$%!G*%!*!)'&$+9%!-(+/'%%!)#*)!('89$('&!/+,%)*,)13!%)+--$,2!*,&!('B

G$,&$,2!)#'!('/+(&$,2!$,!+(&'(!)+!*//9(*)'13!)(*,%/($0'!'*/#!$,)'(.$'G:!b('*)!/*('!

G*%!)*M',!)#(+92#+9)!)#$%!-(+/'%%!$,!+(&'(!)+!*%%9('!.*1$&$)3!+4!)#'!&*)*!03!

)(*,%/($0$,2!)+!)#'!#$2#'%)!-+%%$01'!1'.'1!+4!*//9(*/3!G#$1'!/+,%)*,)13!%*4'29*(&$,2!

)#'!+($2$,*1!7'*,$,2!$,!/+,)'L)!*,&!/+,)',):!"#'!/+7-1')$+,!+4!)#'!)(*,%/($-)$+,!

-#*%'!1'4)!7'!G$)#!*!#$2#!89*1$)3!)'L)9*1!4+(7!+4!&*)*!2*$,'&!$,!)#'!$,)'(.$'G%:!"#'!

,'L)!%)'-!$,!)#'!*,*13%$%!+4!)#'!&*)*!G+91&!0'!)#'!/*)'2+($g$,2!+4!&*)*!$,)+!

7'*,$,2491!2(+9-$,2%!+4!&*)*!('1'.*,)!)+!)#'!('%'*(/#!89'%)$+,:!

! V*%'&!+,!%',%$)$g$,2!/+,/'-)%!21'*,'&!4(+7!*!('.$'G!+4!/9((',)!('1'.*,)!

1$)'(*)9('@!*!/+&$,2!%/#'7'!G*%!&'.'1+-'&!*11+G$,2!4+(!)#'!/*)'2+($g*)$+,!+4!&*)*!

2*$,'&!4(+7!4+/9%!2(+9-!*,&!$,)',%$.'@!$,B&'-)#!$,)'(.$'G!)(*,%/($-)%@!*,&!)#'!

('%91)*,)!4$'1&!,+)'%!*,&!('41'L$.'!7'7+%@!$,)+!)#'+(')$/*113!7'*,$,2491!N&*)*!0$,%O:!!

! "#'%'!&*)*!0$,%!G'('!)#',!49()#'(!('4$,'&!$,)+!$,/('*%$,213!&')*$1'&!9,$)%!+4!

7'*,$,2!/+7$,2!&$('/)13!+9)!+4!$,)'(.$'G!)'L)%!*,&!&$('/)13!('1*)'&!)+!)#'!('%'*(/#!

89'%)$+,!*%!$,&$/*)$.'!+4!4*/)+(%!)#*)!%'(.'!*%!'$)#'(!4*/$1$)*)+(%!+(!0*(($'(%!)+!

;7'($/*,!H,&$*,!*/*&'7$/!*))*$,7',)!*)!6FK:!!"#'!/+&$,2!%/#'7'!G*%!/+1+(B/+&'&!

9%$,2!*!#$2#1$2#)'(!49,/)$+,!*.*$1*01'!+,!C$/(+%+4)!J+(&!4+(!C*/!ZUU]:!!

! "#'!0$,!1*0'1'&!NI*/$1$)*)+(%O!G*%!/+1+(B/+&'&!oWSScJ:!"#'!0$,!1*0'1'&!

NV*(($'(%O!G*%!/+1+(B/+&'&!bE;o:!"#'!0$,!1*0'1'&!NX91)9('O!G*%!/+1+(B/+&'&!VSKW:!

"#'!0$,!1*0'1'&!N61*/'O!G*%!/+1+(B/+&'&!EW5:!"#'!0$,!1*0'1'&!NE'4'(',/'!b(+9-%O!G*%!

! ZZ(

/+1+(B/+&'&!bEWW?:!"#'!0$,!1*0'1'&!NW7'(2',)!"#'7'%O!G*%!/+1+(B/+&'&!6KE6SW:!

;,&@!)#'!0$,!1*0'1'&!N?+(7*)$.'!F)*)'7',)%O!G*%!/+1+(B/+&'&!"KEPKcHFW:!

! c,/'!)#'!/+&$,2!%/#'7'!G*%!&'.'1+-'&!*,&!)'%)'&!*2*$,%)!)#'!4+9,&*)$+,*1!

/*)'2+($g*)$+,!+4!&*)*!*%!/*(($'&!+9)!4(+7!)#'!0'2$,,$,2!+4@!*,&!/+,/9((',)!G$)#!)#'!

-(+/'%%!+4!&*)*!/+11'/)$+,!*,&!*,*13%$%@!)#'!-(+/'%%!+4!*/)9*1!/+&$,2!/+91&!0'!&+,':!

"+G*(&!)#$%!',&@!H!('B('*&!'*/#!$,)'(.$'G!)(*,%/($-)!*,&!*--1$'&!)#'!/+1+(B/+&'&!

#$2#1$2#)!)+!*11!)'L)!4*11$,2!9,&'(!*!/+,/'-)9*1!/*)'2+(3!*%!1*0'1'&!$,!)#'!/+&$,2!

%/#'7':!I+(!'L*7-1'@!$,!*--13$,2!)#'!/+&$,2!%/#'7'!)+!I+/9%!b(+9-!rT!$,)'(.$'G@!H!

('*&!)#*)!$,)'(.$'G!)(*,%/($-)!4(+7!)+-!)+!0+))+7!*,&!*--1$'&!*!oWSScJ!#$2#1$2#)!

)+!*,3!*,&!*11!)'L)!#*.$,2!)+!&+!G$)#!)#'!/+,/'-)9*1!1*0'1!NI*/$1$)*)+(%O:!S$M'G$%'!

G'('!&+,'!G$)#!)#'!/+,/'-)9*1!1*0'1!NV*(($'(%O!*,&!)#'!bE;o!#$2#1$2#):!;,&!%+!+,!

)#(+92#+9)!)#'!)'L):!"#$%!-(+/'%%!G*%!*--1$'&!)+!'*/#!$,)'(.$'G!)'L)!4+(!'*/#!+4!)#'!

/+,/'-)9*113!1*0'1'&!/*)'2+($'%:!"#'!',&!('%91)!+4!)#$%!-(+/'%%!G*%!)#'!*--1$/*)$+,!+4!

791)$-1'!/+1+('&!#$2#1$2#)'&!)'L)%!)#(+92#+9)!)#'!$,)'(.$'G:!!

! H)!%#+91&!0'!,+)'&!*)!)#$%!-+$,)@!)#*)!$,!7*,3!$,%)*,/'%@!*!01+/M!+4!)'L)!7$2#)!

*--13!)+!7+('!)#*,!+,'!/+,/'-)9*1!/*)'2+(3:!I+(!'L*7-1'!*!2$.',!89+)'!7$2#)!0'!

&'*1$,2!G$)#!NX91)9('O!/+1+(B/+&'&!*%!VSKW@!*,&!#+G!/91)9('!/*,!0'!*!4*/$1$)*)+(@!

/+1+(B/+&'&!*%!oWSScJ:!

! "#'!,'L)!%)'-!$,!)#'!/+&$,2!-(+/'%%!G*%!)#'!*/)9*1!%'-*(*)$,2!+9)!4(+7!'*/#!

$,)'(.$'G!+4!/+,/'-)9*113!/+1+(B/+&'&!)'L)%!$,)+!/*)'2+($/*1!0$,%:!"#$%!-(+/'%%!G*%!

*2*$,!*/#$'.'&!03!('B('*&$,2!'*/#!$,)'(.$'G:!;)!)#$%!%)'-!#+G'.'(!/+&'&!/*)'2+($'%!

G'('!)*M',!4(+7!G$)#$,!)#'!/+,)'L)!+4!)#'!+($2$,*1!$,)'(.$'G!*,&!-9)!$,)+!*!,'G!0$,!

! Z[(

%-'/$4$/!)+!*!2$.',!/*)'2+(3:!I+(!'L*7-1'!*11!)'L)%!/+&'&!*%!NI*/$1$)*)+(%O!*,&!

#$2#1$2#)'&!oWSScJ!G+91&!0'!/9)!*,&!-*%)'&!$,)+!*!0$,:!59($,2!)#$%!-#*%'@!)'L)!

01+/M%!+(!89+)'%!G'('!/*)'2+($g'&!03!$,)'(.$'G''!/1*%%:!I+(!'L*7-1'@!*!4*/$1$)*)+(!

0$,!G*%!-*()$)$+,'&!4+(!*11!89+)'%!7*&'!03!4*/91)3!+(!*&7$,$%)(*)+(%@!+(!%)9&',)%!*,&!

%+!+,:!"#$%!-(+/'%%!G*%!/*(($'&!+9)!4+(!'*/#!/+,/'-)9*1!/*)'2+(3:!"#'!('%91)@!*)!)#$%!

-+$,)!G*%!*!0$,!'*/#!4+(!4*/$1$)*)+(%@!0*(($'(%@!/91)9('@!-1*/'@!('4'(',/'!2(+9-%@!

'7'(2',)!)#'7'%!*,&!,+(7*)$.'!%)*)'7',)%:!W*/#!+4!)#'%'!/+,/'-)9*1!0$,%!G*%!

-*()$)$+,'&!*//+(&$,2!)+!$,)'(.$'G''!/1*%%@!$:':!4*/91)3@!*&7$,$%)(*)$+,@!%)9&',)%@!+(!

%)*44:!

! "#'!4$,*1!-#*%'!$,!/+&$,2!)#'!&*)*!$,.+1.'&!49()#'(!('4$,$,2!)#'!/*)'2+($'%!

$,)+!'.',!7+('!&')*$1'&!0$,%:!"#'!/+,)',)%!+4!)#'%'!('4$,'&!0$,%!$,/19&'&!

%90/*)'2+($'%!G$)#$,!'*/#!/+,/'-)9*113!/*)'2+($g'&!0$,:!I+(!'L*7-1'@!)#'!4*/$1$)*)+(!

0$,!G*%!49()#'(!('4$,'&!)+!$,/19&'!*!0('*M&+G,!+4!*11!4*/$1$)*)+(%!$,/19&$,2@!%9--+()@!

4*7$13@!4$,*,/'%@!*,&!%+!+,:!I9()#'(7+('@!)#'!4*/$1$)*)+(%Q%9--+()!0$,!G*%!)#',!

('4$,'&!$,)+!7+('!&')*$1'&!%90&$.$%$+,%!$,/19&$,2!4*/$1$)*)+(%Q%9--+()Q4*/91)3@!+(!

4*/$1$)*)+(%Q%9--+()Q-''(!('4'(',/'!2(+9-@!+(!4*/$1$)*)+(%Q%9--+()Q4*7$13:!!"#$%!

('4$,$,2!+4!'*/#!/*)'2+($/*1!0$,!$,)+!7+('!&')*$1'&!%90&$.$%$+,%!G*%!*--1$'&!)+!'*/#!

+4!)#'!+($2$,*1!%'.',!/+,/'-)9*1!/*)'2+($'%:!

! !"#(+92#!)#'!/*('491!*--1$/*)$+,!+4!)#$%!/+&$,2!%/#'7'!)+!)#'!-*$,%)*M$,213!

*//9(*)'!)(*,%/($-)$+,!+4!89*1$)*)$.'!$,)'(.$'G%!H!G*%!*01'!)+!&'.'1+-!)#'!',%9$,2!

($/#!&'%/($-)$+,!+4!)#'!;7'($/*,!H,&$*,!'L-'($',/'!*)!6FK:!!H)!$%!)#'!'7'(2$,2!

! Z\(

$,%$&'(O%!.$'G-+$,)!)#*)!*11+G%!4+(!$1197$,*)$+,!+4!G#*)!4*/)+(%!/+70$,'!)+!4*/$1$)*)'!

+(!#$,&'(!*/*&'7$/!*))*$,7',)!4+(!)#'%'!%)9&',)%:!!

!

K"$*.*0%&",.&2)$*";*$*0%&

! H%%9'%!+4!.*1$&$)3!*,&!('1$*0$1$)3!*('!/+,/'(,%!$,!*11!('%'*(/#!*,&!'%-'/$*113!%+!

$,!89*1$)*)$.'!('%'*(/#!-(+<'/)%!%9/#!*%!)#$%:!J#',!/+11'/)$,2!&*)*!$,!)#'!4+(7!+4!

,*((*)$.'%@!)#'!$%%9'%!/+,/'(,$,2!.*1$&$)3!#*.'!)+!&+!G$)#!0+)#!)#'!('%'*(/#'(!*,&!

)#+%'!%90<'/)%!-(+.$&$,2!)#'!,*((*)$.':!5')*$1$,2!)#'!('1'.*,)!/+,)'L)!+4!+0%'(.*)$+,!

$%!+4!-*(*7+9,)!/+,/'(,!$,!%)($.$,2!)+!*/#$'.'!('1$*0$1$)3!dA$(M!*,&!C$11'(!T`]_e:!

"+G*(&!)#$%!',&@!4+9(!%'-*(*)'!M$,&%!+4!4$'1&!,+)'%!#*.'!0'',!M'-):!"#'%'!$,/19&'f!

/+,&',%'&@!$,!)#'!4+(7!+4!,+)'%!)*M',!)#(+92#+9)!)#'!$,)'(.$'G!-(+/'%%!*,&!

('/+(&'&!&$('/)13!+,!)#'!$,)'(.$'G!29$&'@!*,!'L-*,&'&!d.'(0*)$7e!*//+9,)@!$,!)#'!

4+(7!+4!&$2$)*1!('/+(&$,2%!M'-)!+,!4$1'@!*!4$'1&G+(M!<+9(,*1@!$,/19&$,2!,+)'%!*,&!

('41'/)$+,%@!*,&!*!(9,,$,2!('/+(&!+4!*,*13%$%!dF-(*&1'3!T`]Ue:!

! j*1$&$)3!$%!$,&$/*)'&!03!)#'!/+,%)*,)!)'%)$,2!*,&!(')'%)$,2!+4!'7'(2$,2!*,&!

('-'*)'&!)#'7'%!+.'(!)#'!/+9(%'!+4!&*)*!/+11'/)$+,!*,&!&*)*!*,*13%$%:!"#(+92#+9)!

)#'!&*)*!/+11'/)$+,!-(+/'%%!)#'!%*7'!)#'7'%!'7'(2'&!4(+7!,97'(+9%!%+9(/'%!*)!

.*($+9%!)$7'%!*,&!4(+7!9,/+,,'/)'&!%+9(/'%:!"#'!-+$,)!G*%!('*/#'&!G#'('!)#'!

$,)'(.$'G!29$&'%!0'/*7'!1'%%!9%'491!*%!*!,*.$2*)$+,*1!)++1!*,&!7+('!+4!*!7$1'!

7*(M'(!+4!-('&$/)*0$1$)3:!;)!)#$%!-+$,)@!$)!/+91&!0'!%*$&!)#*)!)#'+(')$/*1!%*)9(*)$+,!

G*%!('*/#'&!*,&!49()#'(!%*7-1$,2!#*&!('*/#'&!*!-+$,)!+4!&$7$,$%#$,2!(')9(,%:!!!

! [O(

! j*1$&$)3!$%!*1%+!',#*,/'&!)#(+92#!)#'!)($*,291*)$+,!+4!89*1$)*)$.'!7')#+&%!

$,/19&$,2!$,)',%$.'!$,)'(.$'G$,2@!4$'1&!+0%'(.*)$+,!*,&!&+/97',)*(3!&*)*!*,*13%$%:!!

"+G*(&!)#*)!',&@!$,)'(.$'G%@!4+/9%!2(+9-%@!+0%'(.*)$+,@!*,&!&+/97',)*(3!&*)*!*11!

/+,)($09)'&!)+!*!#+1$%)$/!9,&'(%)*,&$,2!+4!)#'!;7'($/*,!H,&$*,!%)9&',)!'L-'($',/'!

*)!6FK:!;!.*1$&!%)9&3!$%!+,'!)#*)!%)($.'%!)+!&'($.'!7'*,$,2!4(+7!)#'!-'(%-'/)$.'!+4!

)#'!$,4+(7*,)!dA$(M!*,&!C$11'(!T`]_e:!H,)'(.$'G!%/#'&91'%!*,&!+0%'(.*)$+,!29$&'%!

G'('!-('B)'%)'&!*,&!('B)'%)'&:!"#(+92#+9)!)#'!&*)*!*,*13%$%!-#*%'@!*!/+,)$,9+9%!

-(+/'%%!+4!/+&$,2!*,&!('B/+&$,2!)#'!$,)'(.$'G!&*)*!3$'1&'&!$,)(*B(*)'(!*,&!$,)'(B

(*)'(!('1$*0$1$)3:!

! H,!*,!*&&$)$+,*1!*))'7-)!)+!',%9('!.*1$&$)3@!&(*4)%!+4!/+&'&!&*)*!G'('!

%907$))'&!)+!)#'!X++(&$,*)+(!+4!6FKO%!;7'($/*,!H,&$*,!F)9&$'%!6(+2(*7@!*,&!)#'!

?*)$.'!;7'($/*,!F)9&',)!;&.$%+(!4+(!*!&+901'!/+&$,2!4(+7!)#'!?*)$.'!-'(%-'/)$.':!

V+)#!G'('!*%M'&!)+!('.$'G!73!/+&$,2!%/#'7'@!73!*--1$/*)$+,!+4!)#*)!%/#'7'!)+!)#'!

&*)*@!*,&!4+(!-+%%$01'!*1)'(,*)$.'!$,)'(-(')*)$+,%!+4!)#'!&*)*:!"#'%'!)G+!+9)%$&'!

/+&$,2!*&.$%+(%!#*&!,+!&$%*2(''7',)%!G$)#!)#'!&*)*!*%!/+&'&:!

!

(&>?987:;=<8>?(>E(U@B=?(-@AJ:H<9(

( "#'!-9(-+%'%!*,&!-(+/'&9('%!+4!)#$%!%)9&3!G'('!/1'*(13!%)*)'&@!$,4+(7'&!

/+,%',)!G*%!+0)*$,'&@!*,&!*11!-*()$/$-*,)%!G'('!$,4+(7'&!+4!)#'$(!($2#)!)+!('49%'!)+!

-*()$/$-*)':!!;11!%90<'/)%!G'('!*%%9('&!)#*)!)#'$(!('%-+,%'%!*('!)+!0'!#'1&!$,!%)($/)!

/+,4$&',/':!;11!$,4+(7*,)%!G'('!*%%9('&!*,+,37$)3:!;%!%++,!*%!-+%%$01'@!*11!

$&',)$43$,2!$,4+(7*)$+,!G*%!%'-*(*)'&!4(+7!&*)*:!X+-$'%!+4!)#'!&$%%'()*)$+,!G$11!0'!

! [P(

7*&'!*.*$1*01'!)+!)#+%'!G$)#!$,)'('%)!*,&!G$11!0'!-(+.$&'&!)+!)#+%'!%)9&3!

-*()$/$-*,)%:!

!

<1,9*.),0*"$*0%&

(I+/9%!2(+9-!%'%%$+,%!*,&!-'(%+,*1!$,)'(.$'G%!G'('!('/+(&'&!9%$,2!*!&$2$)*1!

*9&$+!('/+(&'(:!?+!$,&$.$&9*1!$&',)$4$/*)$+,!$,4+(7*)$+,!G*%!*))*/#'&!)+!)#'%'!

('/+(&$,2%!'L/'-)!4+(!)#'!)$7'@!&*)'!*,&!-1*/'!+4!)#'!4+/9%!2(+9-!+(!$,)'(.$'G:!

E'%-+,&',)O%!$&',)$43$,2!$,4+(7*)$+,!*,&!)#'$(!('%-+,%'%!G'('!M'-)!%)($/)13!

/+,4$&',)$*1!G$)#!,+!-+%%$0$1$)3!+4!/+,,'/)$,2!)#'7!G$)#!)#'$(!('%-+,%'%!$,!*,3!

('-+()%!+(!*()$/1'%!*($%$,2!4(+7!)#$%!('%'*(/#!-(+<'/):!H,)'(.$'G!)(*,%/($-)%!G'('!

+(2*,$g'&!9%$,2!*!/+&$,2!%3%)'7!G$)#!$&',)$)3!/+&'%!M'-)!%'-*(*)'!4(+7!*/)9*1!

$&',)$4$/*)$+,:!;11!$&',)$43$,2!1$,M%!)+!&*)*!G'('!&'%)(+3'&!+,/'!&*)*!/+11'/)$+,!*,&!

*,*13%$%!G*%!/+7-1')'&:!H,)'(.$'G!('/+(&$,2%!G'('!M'-)f!*1+,2!G$)#!+($2$,*1!

$&',)$4$/*)$+,!$,4+(7*)$+,!*,&!/+,%',)!4+(7%!G'('!M'-)!$,!*!%'/9('!1+/*)$+,:!;,3!

('%-+,&',)%!7',)$+,'&!$,!)#'!4$,*1!('%'*(/#!('-+()!G'('!$&',)$4$'&!9%$,2!*!

-%'9&+,37@!*,&!0$()#-1*/'!+(!-1*/'!+4!('%$&',/'!G*%!M'-)!/+,4$&',)$*1:!;,3!-1*/'!

,*7'%!9%'&@!%9/#!*%!%-'/$4$/!('%'(.*)$+,!/+779,$)$'%@!*('!('4'(('&!)+!9%$,2!+,13!03!

2','($/!('2$+,*1!$&',)$4$'(%:!W*/#!$,)'(.$'G!G*%!)(*,%/($0'&!$,!)#'!89$/M'%)!-+%%$01'!

7*,,'(!*4)'(!G#$/#!+($2$,*1!('/+(&$,2%!G'('!&'1')'&:!!

;4)'(!)(*,%/($-)$+,!+4!-'(%+,*1!$,)'(.$'G%@!('%-+,&',)%!('/'$.'&!*!4911!

)(*,%/($-)!4+(!)#'$(!('.$'G:!I+11+G!9-!/+,)*/)%!G'('!7*&'!G$)#!'*/#!-*()$/$-*,)!$,!

+(&'(!)+!/+,4$(7!)#'$(!*2(''7',)!+(!&$%*2(''7',)!G$)#!)#'!/+,)',)!*%!)(*,%/($0'&:!

! [N(

"#'('!G'('!,+!&$%*2(''7',)%@!*,&!$,!7+%)!/*%'%@!-*()$/$-*,)%!G*,)'&!)+!*&&!7+('!

$,4+(7*)$+,:!

!

2)+#/*0(),0&

F)9&',)%!G'('!$,.$)'&!)+!-*()$/$-*)'!)#(+92#!-($7*(3!/+,)*/)!03!?*)$.'!

;7'($/*,!F)9&',)!;&.$%+(!$,!6FKO%!C91)$/91)9(*1!F)9&',)!;44*$(%!c44$/'!dcC;e:!H@!*%!

)#'!('%'*(/#'(@!7*&'!,+!/+1&!/+,)*/)%:!c,/'!/+,)*/)!G*%!7*&'@!%)9&',)%!$,)'('%)'&!

$,!-*()$/$-*)$,2!G'('!&$('/)'&!)+!/+,)*/)!7':!H!)#',!%/#'&91'&!$,&$.$&9*1!$,)'(.$'G%!

*,&!4+/9%!2(+9-!&*)'%:!6$gg*!*,&!%+4)!&($,M%!G'('!-(+.$&'&!4+(!)#'!-*()$/$-*,)%@!

4*/$1$)*)$,2!*,!$,4+(7*1@!/+74+()*01'!*)7+%-#'(':!;!?*)$.'!;7'($/*,!4*/91)3!7'70'(!

G*%!*1%+!-('%',)!*)!)#'!4$(%)!4+/9%!2(+9-!7'')$,2:!"#$%!#'1-'&!/('*)'!*,!*)7+%-#'('!

+4!)(9%)!*,&!4*/$1$)*)'&!7+('!+-',!/+779,$/*)$+,!*7+,2!)#'!2(+9-:!?+!%9/#!

7'*%9('!G*%!,''&'&!4+(!%90%'89',)!4+/9%!2(+9-%:!

;&7$,$%)(*)+(%!*,&!4*/91)3!7'70'(%!G'('!%',)!*!1'))'(!+4!$,)(+&9/)$+,!*1+,2!

G$)#!*!&'%/($-)$+,!+4!)#'!('%'*(/#!-(+<'/)!*,&!*,!$,.$)*)$+,!)+!-*()$/$-*)':!

;--+$,)7',)%!G'('!)#',!%/#'&91'&!)#(+92#!)#'!*--(+-($*)'!/#*,,'1%:!

!

B#"L*7M&03)&B#"+0*+"$&'??$*+"0*1,&19&2)7)"#+3&&

b$.',!)#'!/+,)$,9$,2!&$%-*($)3!0')G'',!2(*&9*)$+,!(*)'%!+4!;7'($/*,!H,&$*,!

*,&!,+,BH,&$*,!%)9&',)%!d6*.'1!')!*1:!ZUU]e@!)#'!$7-1$/*)$+,%!+4!)#$%!%)9&3!7*3!#*.'!

G$&'!(*,2$,2!*--1$/*)$+,%!4+(!)#'!$7-1'7',)*)$+,!+4!/91)9(*113!('1'.*,)!-(+2(*7%@!

-+1$/$'%!*,&!/9(($/91*!4+/9%'&!+,!$,/('*%$,2!(')',)$+,!*,&!2(*&9*)$+,!(*)'%!4+(!

! [V(

;7'($/*,!H,&$*,!%)9&',)%!$,!#$2#'(!'&9/*)$+,:!"+G*(&!)#$%!',&@!H!G$11!+(2*,$g'!*,&!

'L'/9)'!%'7$,*(%!G#'('.'(!*,&!G#','.'(!-+%%$01'@!%)*()$,2!*)!6FK@!4+(!*11!

%)*M'#+1&'(%!$,)'('%)'&!$,!)#'!4$,&$,2%!+4!)#$%!('%'*(/#!*,&!#+G!)#'%'!4$,&$,2%!/*,!

0'!$7-1'7',)'&!)+!',#*,/'!)#'!9,&'(%)*,&$,2!+4!4*/)+(%!)#*)!/+70$,'!)+!#$,&'(!+(!

4*/$1$)*)'!(')',)$+,!*,&!2(*&9*)$+,!+4!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!H,!M''-$,2!

G$)#!)#'!/($)$/*1!-'(%-'/)$.'!+4!)#$%!('%'*(/#@!73!#+-'!$%!)#*)!$,/('*%'&!

9,&'(%)*,&$,2!+4!%9/#!4*/)+(%!G$11!1'*&!)+!-+1$/3!/#*,2'%!)#*)!2('*)13!$,/('*%'!)#'!

/#*,/'%!4+(!'&9/*)$+,*1!*))*$,7',)!4+(!?*)$.'!%)9&',)%:!

(

(

(

(

(

(

(

(

(

(

(

(

(

(

! [W(

&U!I/#$(3%0#(

38?78?K92(R@=?<8<=<8M:((

(

'&N/",0*0"0*=)&B*+0/#)&19&>*=)#7*0%&"0&BCF&

! "#'!6(*$($'!F)*)'!V+*(&!+4!E'2',)%!I*/)!V++M!4+(!)#'!4$%/*1!3'*(!ZUTU!

-(+.$&'%!*!89*,)$)*)$.'!%,*-!%#+)!$,!)$7'!+4!)#'!&$.'(%$)3!+4!)#'!6FK!%)9&',)!

-+-91*)$+,:!I+(!)#'!4*11!%'7'%)'(!+4!ZUU`!)#'!)+)*1!,970'(!+4!%)9&',)%!',(+11'&!*)!

6FK!G*%!TZ@[Y_:!;)!TU@^YY@!J#$)'!?+,BD$%-*,$/!%)9&',)%!*('!)#'!+.'(G#'17$,2!

7*<+($)3!*)!][:`!-'(/',)!+4!)#'!)+)*1!%)9&',)!-+-91*)$+,:!;)!\[_@!)#'!2(+9-!$&',)$4$'&!

*%!;%$*,Q6*/$4$/!H%1*,&'(%!$%!)#'!,'L)!1*(2'%)!2(+9-!*,&!)#'!1*(2'%)!+4!*11!7$,+($)3!

%)9&',)!2(+9-%!*)![:T!-'(/',)!+4!)#'!)+)*1!%)9&',)!-+-91*)$+,:!;//+(&$,2!)+!%'.'(*1!

*&7$,$%)(*)+(%!H!$,)'(.$'G'&@!)#'!7*<+($)3!+4!;%$*,!%)9&',)%!*)!6FK!*('!2(*&9*)'!

%)9&',)Q('%'*(/#!*%%$%)*,)%:!?*)$.'!;7'($/*,!%)9&',)%!,970'(!Z\`!*,&!/+7-($%'!

)#'!%'/+,&!1*(2'%)!')#,$/!2(+9-!*)!6FK!*)!Z:[!-'(/',):!"#'('!*('!T_]!%)9&',)%!

$&',)$4$'&!*%!;4($/*,!;7'($/*,QV1*/M!?+,BD$%-*,$/!*)!6FK@!/+7-($%$,2!T:^!-'(/',)!

+4!)#'!)+)*1!%)9&',)!-+-91*)$+,:!"#'!2(+9-!,970'($,2!)#'!4'G'%)!+4!*,3!$&',)$4$'&!

')#,$/!-+-91*)$+,!$%!D$%-*,$/!%)9&',)%@!*)!TZZ@!+(!T:[!-'(/',)!+4!)#'!)+)*1!%)9&',)!

-+-91*)$+,:!!

! E'2*(&$,2!)#'!89*,)$)*)$.'!/*)'2+($g*)$+,!+4!6FKO%!7$,+($)3!-+-91*)$+,%@!)#'!

/*.'*)!79%)!0'!7*&'!)#*)!*,3!*//+9,)$,2!+4!7$,+($)3!,970'(%!$%!&'-',&',)!+,!#+G!

7$,+($)3!%)9&',)%!-1*/'!)#'$(!+G,!')#,$/!$&',)$)3!$,!)#'!#$'(*(/#3!+4!%*1$',/'!*)!*,3!

2$.',!)$7'!*,&!$,!*,3!2$.',!%$)9*)$+,:!I+(!-9(-+%'%!+4!)#$%!('%'*(/#@!G#$1'!*11+G$,2!

! [X(

4+(!)#'!-+%%$0$1$)3!)#*)!)#'!2(+9-!,970'($,2!]Z\!%)9&',)%!G#+!('49%'&!$,4+(7*)$+,!

+(!*('!1$%)'&!*%!N9,M,+G,O!7*3!$,!4*/)!$,/19&'!7'70'(%!+4!*,3!')#,$/!7$,+($)3!

2(+9-@!$,/19&$,2!;7'($/*,!H,&$*,!%)9&',)%:!"#$%!N9,M,+G,O!2(+9-!#*%!0'',!'L/19&'&!

4(+7!)#'!*//+9,)$,2!+4!')#,$/!2(+9-%!'L-('%%'&!*%!*!-'(/',)*2'!+4!)#'!)+)*1!%)9&',)!

-+-91*)$+,!&9'!)+!)#'!9,M,+G,!,*)9('!+4!)#'!&$.'(%'!7*M'B9-!+4!)#'!2(+9-:!"#$%!

1'*.'%!+,13!)#+%'!$,&$.$&9*1%!G#+!%'14B$&',)$43!*%!*!7'70'(!+4!)#'!2(+9-%!1$%)'&@!

$,/19&$,2!)#+%'!G#+!%'14!$&',)$43!*%!?*)$.'!;7'($/*,:!"*01'!^:T!&$%-1*3%!)#'!

&$.'(%$)3!+4!)#'!6FK!%)9&',)!-+-91*)$+,a!

!

/=AD:(X6P(

#<F?8H(*;8K8?(I-.(-<@7:?<(I>C@D=<8>?2(

!

'

532*+&>'9*"$*$&'5#"#&'F3"*1'3;'J&.&,#6'M"+#'F33='MS'?@T@K'J&.&,#6'<,;3*)"#$3,'

5C6#&)6'B!

'

'

' '

;7'($/*,!H,&$*,Q;1*%M*,! Z\`! !!Z:[!-'(/',)!

;%$*,Q6*/$4$/!H%1*,&! \[_! !![:T!-'(/',)!

;4($/*,!;7QV1*/M@!?+,BD$%-*,$/! T_]! !!T:^!-'(/',)!

D$%-*,$/! TZZ! !!T:[!-'(/',)!

H,4+(7*)$+,!E'49%'&! !!]T! !!U:Y!-'(/',)!

K,M,+G,! Y\[! !!Y:Z!-'(/',)!

J#$)'!?+,BD$%-*,$/! TU@^YY! ][:`!-'(/',)!

"+)*1!W)#,$/QE*/$*1!c($2$,!6FK!F)9&',)!6+-91*)$+,! TZ@[Y_! TUU!-'(/',)!

! [Y(

'&<1(?"#*71,&19&2)0),0*1,&",.&6#"./"0*1,&2"0)7&&

! F)*)$%)$/*1!&*)*!+,!(')',)$+,!*,&!2(*&9*)$+,!(*)'%!4+(!*11!6FK!%)9&',)%!

/*)'2+($g'&!03!')#,$/Q(*/$*1!2(+9-!$%!*.*$1*01'!)#(+92#!)#'!6FK!c44$/'!+4!

H,%)$)9)$+,*1!E'%'*(/#:!I+(!)#'!-9(-+%'%!+4!)#$%!('%'*(/#@!*,&!$,!M''-$,2!G$)#!)#'!

('%'*(/#!89'%)$+,@!H!G$11!7*M'!/+7-*($%+,%!+,13!0')G'',!)#'!?*)$.'!;7'($/*,!

%)9&',)!-+-91*)$+,!*,&!*11!+)#'(!%)9&',)%:!

! !"*01'%!^:Z!*,&!^:[!%#+G!/+7-*(*)$.'!(')',)$+,!*,&!2(*&9*)$+,!(*)'%!+4!)#'!

4$(%)B)$7'@!4911B)$7'@!V*/#'1+(O%!5'2(''!%''M$,2!%)9&',)!-+-91*)$+,!/*)'2+($g'&!*%!

?*)$.'!;7'($/*,!%)9&',)%!d^:[e!/+7-*('&!)+!)#'!)+)*1!,970'(!+4!4$(%)B)$7'@!4911B)$7'!

V*/#'1+(O%!5'2(''!%''M$,2!6FK!%)9&',)%!d^:Ze:!"#$%!&*)*!(*,2'%!$,!)$7'!4(+7!)#'!4*11!

%'7'%)'(!+4!ZUUU!)#(+92#!)#'!4*11!+4!ZUU`:!F+7'!%)9&',)%!0'2$,,$,2!$,!ZUUU!*('!%)$11!

/+,)$,9$,2!$,)+!)#'!)',)#!3'*(:!5*)*!$%!1$7$)'&!4+(!%)9&',)%!0'2$,,$,2!$,!ZUU]!*,&!

G$11!0'!+4!49()#'(!$,)'('%)!G$)#!)#'!-*%%$,2!+4!)$7':!

! F+7'!+0%'(.*)$+,%!/*,!0'!7*&'!4(+7!)#'%'!&*)*:!I$(%)!$%!)#'!.*%)!&$%-*($)3!$,!

/+#+()!%$g':!c.'(!)#'!/+9(%'!+4!)$7'!&'-$/)'&!$,!)#'!)*01'@!%+7'!3'*(%@!$,/+7$,2!

?*)$.'!;7'($/*,!4('%#7*,!%)9&',)%!G'('!+9),970'('&!03!+.'(!TUUaT!G#',!

/+7-*('&!)+!*11!+)#'(!$,/+7$,2!4('%#7',:!

! ;,+)#'(!%$2,$4$/*,)!&$%-*($)3!$%!89$/M13!+0%'(.*01'!$,!)#'!,970'(!+4!%)9&',)%!

)#*)!/+,)$,9'!4(+7!)#'!4$(%)!)+!)#'!%'/+,&!3'*(:!I+(!)#'!)+)*1!$,/+7$,2!4('%#7*,!

%)9&',)%!)#'!(')',)$+,!(*)'!4(+7!4$(%)!)+!%'/+,&!3'*(!$%!YY!-'(/',):!V3!/+7-*($%+,@!

)#'!(')',)$+,!(*)'!4(+7!4$(%)!)+!%'/+,&!3'*(!4+(!?*)$.'!;7'($/*,!%)9&',)%!$%!\]!

-'(/',):!!

! [Z(

! "#'!%)9&3!,+G!)9(,%!$)%!*))',)$+,!)+!',#*,/$,2!9,&'(%)*,&$,2!+4!)($0*1!

%)9&',)%O!'L-'($',/'%!*)!6FK:!H,!)#'!',%9$,2!/#*-)'(%@!89*1$)*)$.'!&*)*!G$11!0'!

-('%',)'&!4(+7!$,)'(.$'G%!G$)#!*&7$,$%)(*)+(%@!4*/91)3@!%)*44!*,&!%)9&',)%!)+!

&'.'1+-!49()#'(!$,%$2#)!$,)+!4*/$1$)*)+(%!+4!*,&!0*(($'(%!)+!'&9/*)$+,*1!*))*$,7',)!4+(!

;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!

! [\(

&U!I/#$(-%^(

38?78?K92(3=H8D8<=<>;9(

(

hF+!79/#!+4!$)!$%!*0+9)!('1*)$+,%#$-%:!H)O%!,+)!<9%)!)#'!0($/M%!*,&!7+()*(!+4!*!-1*/'!4+(!

/+779,$)3!:!:!:!$)O%!*0+9)!)#'!('1*)$+,%#$-%!)#*)!-'+-1'!09$1&:!H)O%!4(+7!)#*)!

/+779,$)3p)#+%'!('1*)$+,%#$-%!)#*)!-'+-1'!4$,&!)#'!%)(',2)#!*,&!)#'!%9--+()!)#'3!

,''&!)+!%9//''&p$,!*,3)#$,2!('*113:i!!

!

(

! ;,*13%$%!+4!)#'!&*)*!('.'*1%!)#*)!%'.'(*1!4*/)+(%!*/)!*%!0+)#!4*/$1$)*)+(%!*,&!

0*(($'(%!&'-',&$,2!+,!/+,)'L)!*,&!)#'!-'+-1'!$,.+1.'&:!"#$%!/#*-)'(!G$11!'L-1+('!

)#+%'!4*/)+(%!)#*)!-($7*($13!*/)!*%!4*/$1$)*)+(%!)+!*/*&'7$/!*))*$,7',)!4+(!;7'($/*,!

H,&$*,!%)9&',)%!*)!6FK:!!!

! ! "*01'!_:T!1$%)%!)#+%'!4*/)+(%!7+%)!/+77+,13!/$)'&!*%!4*/$1$)*)+(%!+4!*/*&'7$/!

*))*$,7',)!4+(!?*)$.'!;7'($/*,!/+11'2'!%)9&',)%!*)!6FK:!I*/$1$)*)+(%!*('!1$%)'&!4(+7!

)+-!&+G,!G$)#!)#'!7+%)!%*1$',)!1$%)'&!4$(%):!"#$%!(*,M!+(&'(!G*%!&'($.'&!4(+7!*!

/+7-$1*)$+,!+4!&*)*!4(+7!*&7$,$%)(*)+(%@!4*/91)3@!%)*44!*,&!%)9&',)%:!J#'('*%!*,3!

+,'!2(+9-!7*3!(*,M!4*/$1$)*)+(%!&$44'(',)13@!)#$%!)*01'!/+70$,'%!)#'!.$'G-+$,)%!+4!*11!

2(+9-%!4+(!*,!+.'(*11!0'%)!4$)!+4!*11!4*/)+(%!/$)'&!*%!4*/$1$)*)+(%:!

!

!

!

!

!

!

! \O(

/=AD:(Y6P2(3=H8D8<=<>;9(>E(!B:;8H=?(%?78=?(#7@H=<8>?=D(!<<=8?B:?<(=<(I-.6(

(

(

3=H8D8<=<>;( -=BCD:(R@><=<8>?(

F9--+()! H)!0+$1%!&+G,!)+!%9--+()!:!:!:!7*M$,2!*,!

',.$(+,7',)!G#'('!%)9&',)%!4''1!%9--+()'&:!

dF9--+()!F)*44e!

!

X91)9('!

!

:!:!:!V9)!)#'%'!'1&'(%@!)#'3!%#+G'&!7'!)#*)!73!

('1$2$+,!:!:!:G*%!$7-+()*,)!G#',!H!G*%!2(+G$,2!9-!

:!:!:!"#*)!G*%!73!%)(',2)#@!4+(!7'!)+!4*7$1$*($g'!

73%'14:!!:!:!:%G'*)BBB*,&!)#*)O%!1$M'!+9(!/#9(/#:!!!!!!!!!

:!:!:!*,&!'.',)9*113!)#'!F9,!5*,/':!!

d?*)$.'!;7'($/*,!F)9&',)e!

!

I$,*,/$*1! :!:!:!G'!&+!#*.'!%'.'(*1!?*)$.'!;7'($/*,!

%/#+1*(%#$-%R!)#'!+,13!s')#,$/t!2(+9-!+,!/*7-9%!

)#*)!#*%!%-'/$4$/!%/#+1*(%#$-%!2'*('&!)+G*(&!

)#'7:!!

d;&7$,$%)(*)+(e!

!

!

! ;7+,2!)#+%'!4*/)+(%!)#*)!*/)!*%!4*/$1$)*)+(%@!$,!)#$%!%)9&3@!+4!4+('7+%)!

%$2,$4$/*,/'!$%!)#'!+.'(B*(/#$,2!)#'7'!+4!%9--+():!X+,)*$,'&!G$)#$,!)#'!%9--+()!

)#'7'!*('!%'.'(*1!7+('!%-'/$4$/!*('*%@!+(!$%%9'%!',/+9,)'('&!03!?*)$.'!%)9&',)%!

G#'('$,!%9--+()@!+(!1*/M!)#'('+4@!$%!)#'!,970'(!+,'!4*/)+(!$7-*/)$,2!'&9/*)$+,*1!

*))*$,7',)!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!J$)#+9)!%9--+()@!)#'!/+11'2'!/*(''(!

+4!*!?*)$.'!;7'($/*,!%)9&',)!*)!6FK!7*3!0'!%#+()!1$.'&:!

!

!

!

!

! \P(

3=H8D8<=<>;2(-@CC>;<(

C/??1#0*=)&I"(*$%(((((

((((

! ;7+,2!4*/91)3!*,&!*&7$,$%)(*)+(%!$,)'(.$'G'&@!)#'('!G*%!9,$.'(%*1!

*2(''7',)!)#*)!4*7$13!%9--+()!-1*3%!*,!$7-+()*,)!(+1'!$,!/+11'2'!%9//'%%!4+(!

;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!!;7+,2!)#'%'!.+$/'%!$%!)#'!,+,B?*)$.'!5$('/)+(!+4!

*!('/(9$)7',)!*,&!%)9&',)!%9--+()!-(+2(*7a!

H!)#$,M!4*7$13!$%!#92'13!$7-+()*,)!$,!+9(!%)9&',)%O!%9//'%%:!C*,3!+4!+9(!

%9//'%%491!%)9&',)%!#*.'!%)(+,2!4*7$13!%9--+():!!I*7$13!/*,!0'!89$)'!*!

,970'(!+4!&$44'(',)BBH!1++M!*)!4*7$13!*%!.'(3@!.'(3!0(+*&!%',%':!H)!/+91&!0'!*!

%-+9%'@!$)!/+91&!0'!*!-*(),'(@!/#$1&(',@!$)!/+91&!0'!-*(',)%@!$)!/+91&!0'!

29*(&$*,@!*9,)%@!9,/1'%@!2(*,&7+)#'(%@!G#*)'.'(@!09)!%+!7*,3!+4!+9(!

%9//'%%491!%)9&',)%!&+!#*.'!*!4*7$13!,')G+(M!)#*)!%9--+()%!*,&!0+1%)'(%!

)#'$(!'&9/*)$+,!:!:!:!!J'!*('!)(3$,2!)+!$,/+(-+(*)'!4*7$13!7+('!$,)+!+9(!#+1$%)$/!

*--(+*/#!)+!#'1-$,2!%)9&',)%!%9//''&:!F+!H!)#$,M!)#*)O%!*!#92'!4*/)+(!$,!

;7'($/*,!H,&$*,!%)9&',)!%9//'%%:!!

!

"#'!J#$)'!7*1'!X++(&$,*)+(!+4!K,$.'(%$)3!5$.'(%$)3!W,#*,/'7',)!*2(''&!

G$)#!)#'!$7-+()*,/'!+4!4*7$13!%9--+()!4+(!?*)$.'!;7'($/*,!%)9&',)%a(

I*7$13!$%!'L)(*+(&$,*($13@!'L)('7'13!$7-+()*,):!J#$1'!$)O%!$7-+()*,)!4+(!

'.'(3+,'@!$)O%!'%-'/$*113!$7-+()*,)!4+(!?*)$.'!%)9&',)%!0'/*9%'!)#'3!#*.'!

)(*.'1'&!4(+7!+,'!G+(1&!)+!*,+)#'(!*,&!G#',!)#'3!*(($.'!#'('@!)#'3!+4)',!*('!

89$)'!$%+1*)'&!4(+7!)#'!M$,&!+4!'7+)$+,*1!%9--+()!)#*)!*!4*7$13!/*,!-(+.$&'!!!!!

:!:!:!F$2,$4$/*,/'!+4!4*7$13!4+(!,*)$.'!%)9&',)%@!'%-'/$*113!)#+%'!(*$%'&!

)(*&$)$+,*113!+,!)#'!('%'(.*)$+,%!$%@!$,!73!+-$,$+,@!4*(!7+('!%$2,$4$/*,)!)#*,!

4+(!)#'!)3-$/*1!,+,BH,&$*,!$,!)#$%!-*()$/91*(!/91)9(':!

!

! C*,3!6FK!?*)$.'!%)9&',)%!/$)'!4*7$13!*%!*!7*<+(!%+9(/'!+4!%9--+():!I*7$13!

7'70'(%!-(+.$&'!'7+)$+,*1@!7+)$.*)$+,*1!*,&!1+2$%)$/!%9--+()!4+(!%)9&',)%!G#+!

+4)',!4''1!+9)!+4!)#'$(!'1'7',)!+,!*!7*$,%)('*7!9,$.'(%$)3!/*7-9%:!

! \N(

! F'.'(*1!?*)$.'!%)9&',)%!/+77',)'&!+,!)#'!$7-+()*,/'!+4!4*7$13!%9--+()!+4!

)#'$(!/+11'2'!'L-'($',/':!;!4'7*1'!%)9&',)!4(+7!*!('%'(.*)$+,!/+779,$)3!%-+M'!+4!

4*7$13!%9--+()a(

C3!7+7!&$&,O)!4$,$%#!/+11'2'!1$M'!*BBBG#*)!&+!3+9!/*11!$)k!"(*&$)$+,*113:!!"#',!

%#'!G',)!0*/M!)+!F$,)'!b1'%M*!*,&!%#'!2+)!#'(!&'2(''!4+(!)'*/#$,2!?*)$.'!

;7'($/*,!F)9&$'%!%+!%#'O%!('*113!'L/$)'&!)#*)!HO7!2+$,2!)+!/+11'2'!*,&!2'))$,2!

*,!'&9/*)$+,!*,&!%#'!',/+9(*2'%!$)@!,+!7*))'(!G#*)!*,&!%#'!)#$,M%!$)O%!)#'!

7+%)!$7-+()*,)!)#$,2!0'/*9%'!%#'!&$&,O)!2')!)+!&+!)#*):!

;,+)#'(!4'7*1'!%)9&',)!(*$%'&!$,!*!('%'(.*)$+,!0+(&'(!)+G,!%*$&a!

!

S$M'!73!4*7$13!$%!)#'!7+%)!$7-+()*,)!)#$,2!)+!7':!J'!*('!.'(3!/1+%'!*,&!$)O%!

<9%)!*%!#*(&!4+(!7'!)++!7+.'!*G*3:!

!

;!)#$(&!4'7*1'!%)9&',)@!*1%+!4(+7!*!('%'(.*)$+,!0+(&'(!)+G,@!*2(''&a!

!

6'(%+,*113@!H!#*.'!TUU!-'(/',)!%9--+()!4(+7!73!4*7$13:!?+!89'%)$+,%!*%M'&!

$,!*,3!*%-'/)!+4!*,3)#$,2:!TUU-'(/',)!%9--+()!)#'(':!

!

! ?+)!*11!?*)$.'!%)9&',)%!*)!6FK!*('!4(+7!)#'!C$&G'%):!;&&$,2!*!0$)!+4!&$.'(%$)3!

*7+,2!?*)$.'!%)9&',)%@!+,'!2(*&9*)'!%)9&',)!%-+M'!+4!)#'!$7-+()*,/'!+4!4*7$13!

%9--+()!+4!)#'!/+11'2'!'L-'($',/'!4(+7!)#'!.$'G-+$,)!+4!*!%+9)#G'%)'(,!?*)$.'!

;7'($/*,!4*7$13!0*/M2(+9,&a!

C3!4*7$13!#*%!-1*3'&!*!#92'!(+1'!)#(+92#+9)!73!%/#++1%!*,&!&'2(''%:!C3!

%$%)'(!G',)!)+!?+)('!5*7':!V+)#!+4!73!-*(',)%!G'('!7$2(*,)!4*(7!G+(M'(%:!

"#'3!&$&,O)!2')!*,!'&9/*)$+,BBBG'11!73!7+)#'(!#*&!*!%$L)#!2(*&'!'&9/*)$+,@!

73!4*)#'(!#*&!*,!'$2#)#!2(*&'!'&9/*)$+,:!V9)!#'!*1%+!2+)!#$%!bW5!*)!Z^!3'*(%!

+1&:!V9)!*)!*,!'*(13!*2'!)#'3!G+91&!*1G*3%!)'11!9%f!'&9/*)$+,@!'&9/*)$+,@!

0'))'(!3+9(%'14@!0'))'(!3+9(%'14:!o+9!M,+G!*,&p%+7')$7'%!$)O%!'*%$'(!%*$&!

)#*,!&+,':!;!1+)!+4!)$7'%!-'+-1'!G#+!&+,O)!#*.'!)#'!7'*,%!2+!$,)+!)#'!

7$1$)*(3:!;,&!)#',!%+7')$7'%!3+9!2+!$,!)#'('!*,&!1'*(,!&$%/$-1$,':!V9)!73!

4*)#'(!&$&,O)!G*,)!9%!)+!2+!$,)+!)#'!7$1$)*(3:!c,'!)#$,2!)#*)!#'1-'&!9%@!73!

%$%)'(!*,&!H@!$%!)#*)!73!7+)#'(!)++M!9%!+9)!G#',!H!G*%!TU!*,&!73!%$%)'(!G*%!`!

)+!#'1-!$,!)#'!4$'1&%:!J'!G+(M'&!+9)!)#'('!+,'!&*3:!"#*)O%!*11!$)!)++M!*,&!H!

%*$&@!h,+!)#$%!$%!,+)!4+(!7':i!;,&!)#',!G#',!G'!2+)!#+7'@!73!&*&!)+1&!9%f!h!H4!

3+9!&+,O)!2')!*,!'&9/*)$+,@!)#'!4$'1&%!G$11!,'.'(!%*3!,+!)+!3+9:!"#'('O%!*1G*3%!

! \V(

*!<+0!4+(!3+9!+9)!)#'('!$,!)#'!4$'1&%!G$)#+9)!*,!'&9/*)$+,:i!F+!H!G+91&!)#$,M!

4*7$13!$%!)#'!0'%)p+(!)#'!7*<+(!)#$,2:(

(

I*7$13!7'70'(%!+4)',!-(+.$&'!1+2$%)$/*1!*%!G'11!*%!'7+)$+,*1!%9--+():!"#$%!$%!

'%-'/$*113!)(9'!4+(!%$,21'!-*(',)%!G#+!('13!+,!4*7$13!4+(!#'1-!G$)#!/*($,2!4+(!3+9,2!

/#$1&(',!G#$1'!-*(',)%!*('!$,!%/#++1!+(!G+(M$,2@!+4)',!*)!7+('!)#*,!+,'!<+0!G#$1'!

*1%+!)*M$,2!*!4911!/('&$)!1+*&:!;!,+,B)(*&$)$+,*1!%)9&',)!/$)'&!)#'!$7-+()*,/'!+4!

4*7$13!#'1-!G$)#!/#$1&/*('a!

"#'!('*%+,!HO7!%)*3$,2!#'('@!)#'!,970'(!+,'!('*%+,!$%!73!C+7!*,&!73!

&*92#)'(:!!J$)#+9)!73!7+7!H!G+91&,O)!0'!*01'!)+!/+,)$,9'!&+$,2!G'11!$,!

%/#++1!:!:!:!)#'!+,13!('*%+,!H!*7!%)*3$,2!$%!0'/*9%'!H!#*.'!%+7'+,'!)+!#'1-!7'!

G$)#!73!&*92#)'(:!!

!

!

C/??1#0*=)&I#*),.7&&&&&&&&

'

' ;4)'(!4*7$13!%9--+()@!*!,')G+(M!+4!4($',&%!G*%!/+77+,13!/$)'&!*%!*,!

$7-+()*,)!%+9(/'!+4!%9--+():!c,'!?*)$.'!%)9&',)!%*$&a!

H!)#$,M!-'+-1'!*('!*,!*%%'):!!o+9!M,+Gk!6'+-1'!)#*)!*('!)#'('!)+!%9--+()!3+9@!

*,&!-'+-1'!)#*)!',/+9(*2'!3+9!*,&!%*3!N3+9!/*,!&+!$)O:!BBBJ'!M$&!*(+9,&!09)!

$)O%!*!M$,&!+4!%9--+()!4+(!'*/#!+)#'(!)+!2')!)#(+92#!/+11'2':!

!

! c,'!4*/91)3!7'70'(!-+$,)'&!)+!)#'!4+(7*)$+,!+4!%9--+()$.'!('1*)$+,%#$-%!*%!

+4!-($7*(3!$7-+()*,/'!)+!%)9&',)!%9//'%%:!"#'%'!('1*)$+,%#$-%!*('!,+)!('%)($/)'&!)+!

4($',&%#$-%!+(!4*7$13@!09)!*1%+!$,/19&'!7',)+(%#$-!03!4*/91)3!*,&!%)*44!$,!*,&!*(+9,&!

)#'!/*7-9%!',.$(+,7',)a!

F+!79/#!+4!$)!$%!*0+9)!('1*)$+,%#$-%:!H!)#$,M!)#*)!G#',!G'O('!$,!+9(!+G,!

/+779,$)3!G$)#!-'+-1'!G#+!*('!1$M'!9%@!)#*)O%!*!1+)!'*%$'(!)+!-911!)+2')#'(!

)#*,!G#',!3+9O('!*1+,':!V9)!%+!79/#!$%!*0+9)!('1*)$+,%#$-%:!H)O%!,+)!<9%)!)#'!

0($/M%!*,&!7+()*(!+4!*!-1*/'!4+(!/+779,$)3:!"#*)!&'4$,$)'13!/*,!#'1-@!09)!3+9!

/*,!&+!$)!$,!*!)',)!+(!G#'('.'(BBB$)O%!*0+9)!)#'!('1*)$+,%#$-%!)#*)!-'+-1'!09$1&:!

! \W(

H)O%!4(+7!)#*)!/+779,$)3p)#+%'!('1*)$+,%#$-%!)#*)!-'+-1'!4$,&!)#'!%)(',2)#!

*,&!)#'!%9--+()!)#'3!,''&!)+!%9//''&p$,!*,3)#$,2!('*113:!

(

(

E"0*=)&<1((/,*0%&

'

! ! "#'('!G*%!*17+%)!9,$.'(%*1!*2(''7',)!*7+,2!6FK!4*/91)3@!%)*44!*,&!

*&7$,$%)(*)+(%!+,!)#'!$7-+()*,/'!+4!*!?*)$.'!/+779,$)3!*,&!-''(!('4'(',/'!2(+9-:!

F'.'(*1!?*)$.'!%)9&',)%!%-'*M!+-',13!*0+9)!#+G!*!%9--+()$.'!2(+9-!+4!-''(%!$%!*!

4*/$1$)*)+(!)+!/+11'2'!%9//'%%:!;!,+,B)(*&$)$+,*113!*2'&!7*1'!%)9&',)!4(+7!*!

('%'(.*)$+,!/+779,$)3!/$)'&!)#'!$7-+()*,/'!+4!*!%9--+()!,')G+(Ma!

E'2*(&1'%%!*,&@!1$M'!H!%*$&@!$4!3+9!#*.'!)#*)!4*7$13@!*G*3!4(+7!#+7'p)#',!G'!

/*,!7*M'!$):!o+9!M,+G!1$M'!#'('p)#'('O%!*!2(+9-!+4!*!1+)!+4!9%p)#'('O%!7*,3!

+4!9%!09)!)#',!G'!*11!%$/M!)+2')#'(!*,&!$)!<9%)!0(*,/#'%!+9)!*,&!G'!*11!)(3!)+!

M''-!'*/#!+)#'(!#'('!*,&!:!:!:!

!

;!)(*&$)$+,*113!*2'&!4'7*1'!9--'(!/1*%%7*,@!4(+7!*!0+(&'(!)+G,a!

!

o+9!M,+G!H!)#$,M!7+('!)#*,!*,3)#$,2@!G'!M''-!'*/#!+)#'(!#'('!(*)#'(!)#*,!

6FK!M''-%!9%!#'(':!H!7'*,p!

!

! ;,&@!*!)(*&$)$+,*113!*2'&!7*1'!)(*,%4'(!%)9&',)!4(+7!*!('%'(.*)$+,!)+G,!

7',)$+,'&!)#'!$7-+()*,/'!+4!)#'!-''(!%9--+()'&!4+9,&!$,!)#'!?*)$.'!;7'($/*,!X190a!

o'*#@!H!#*.'!*!1+/*1!,')G+(M:!H!7'*,@!H!/+7'!$,!*,&!H!7'')!)#'%'!293%:!H!%''!

)#'7!7+('!*%!73!4($',&%!)#*,!)#'!-'+-1'!H!M,'G!0'4+('!H!/*7'!)+!%/#++1!

#'(':!H)O%!0'/*9%'!G'!#*.'!%+!79/#!7+('!$,!/+77+,:!;,&!$)O%!1$M'f!H!1+.'!)#'!

?*)$.'!;7'($/*,!X190:!"#*)O%!73!4*.+($)'!)#$,2!*0+9)!)#$%!%/#++1:!H!/+7'@!

#*,2!+9)!G$)#!-'+-1'!G$)#!)#'!%*7'!M$,&!+4!0*/M2(+9,&@!)#'!%*7'!%',%'!+4!

#97+(:!H)O%!*!1+)!7+('!('1*L$,2!*,&!H!)#$,M!$4!G'!#*&!*!#+9%'!$)!G+91&!'.',!0'!

*!1+)!0'))'(:!

!

! F'.'(*1!%)9&',)%!/+77',)'&!*0+9)!)#'!$7-+()*,/'!+4!#97+(!*7+,2!?*)$.'!

%)9&',)%a!

! \X(

"#*)O%!*!2++&!-+$,)!G$)#!)#*)!%',%'!+4!#97+(!-*():!V'/*9%'!$4!3+9!/*,!$7*2$,'!

3+9(%'14!#'('!G$)#+9)!)#*)!/190@!#+G!+4)',!G+91&!3+9!0'!1*92#$,2k!;,&!G#*)!

$%!#97+(!)+!?*)$.'!-'+-1'k!H)O%!*!4+(7!+4!%9(.$.*1pF+!G#')#'(!3+9!('2$%)'(!$)!

)#*)!G*3@!)#*)O%!G#*)!+,'!+4!)#'!)#$,2%!$%!4+(!3+9:!H)!<9%)!)*M'%!*!1+)!+4!)#'!

%)('%%!*G*3p4(+7!'.'(3)#$,2!'1%':!

!

( C*,3!4*/91)3!*,&!%)*44!7'70'(%!%#*('!*,!9,&'(%)*,&$,2!'89*1!)+!)#'!

%)9&',)%!)#'7%'1.'%!+4!)#'!$7-+()*,/'!+4!*!/+779,$)3!)+!?*)$.'!%)9&',)!

-'(%$%)',/':!c,'!/+77',)'&a!

J'11!H!)#$,M!)#*)!)#'3!,''&!)+!4''1!*)!#+7'!#'('@!*,&!)#'!-($7*(3!G*3!)#*)!

)#'3!/*,!4''1!*)!#+7'!$%!$4!)#'3!/*,!7*M'!/+,,'/)$+,!G$)#!+)#'(!)($0*1!

%)9&',)%:!F+!)#'!?*)$.'!;7'($/*,!X190!$%!'%-'/$*113!$7-+()*,)!4+(!%+7'!+4!

)#'7BBB*,&!+(!%+7'!M$,&!+4!%9--+()!2(+9-!+4!+)#'(!?*)$.'!%)9&',)%@!G#$/#!

2$.'%!)#'7!%+7'!%',%'!+4!/+779,$)3:!!H!)#$,M!)#*)O%!$7-+()*,)!4+(!)#'7!)+!

#*.'!)($0*1!(+1'!7+&'1%!#'(':!F+!H!)#$,M!$)O%!.'(3!$7-+()*,)!4+(!)#'7!)+!#*.'!*!

?*)$.'!;7'($/*,!F)9&',)!;&.$%+(@!*!?*)$.'!;7'($/*,!X190!;&.$%+(@!*,&!

?*)$.'!;7'($/*,!4*/91)3@!G#$/#@!G'!#*.'!%+7'!+4!)#*)p09)!,+)!,'*(13!

',+92#!+4!$):!

!

! ;!J#$)'!4'7*1'!%)9&',)!%'(.$/'!%9--+()!-(+2(*7!&$('/)+(!&(*G%!*,!*,*1+23!

)+!+)#'(!-''(!2(+9-%!G#+!-(+.$&'!%9--+()$.'!/+779,$)3!4+(!)#'$(!7'70'(%a!

;,&!)#',!*2*$,!4$,&$,2!*!-1*/'!G#'('!)#'3!/*,!*11!/+,2('2*)'!)+2')#'(@!<9%)!

1$M'!'.'(30+&3!'1%'!&+'%:!V9)!1$M'%!%)$/M!G$)#!)#'!1$M'%@!*,&!H!&+,O)!M,+G!$4!

)#*)O%!*!0*&!)#$,2:!V9)!$)!#*--',%!*11!+.'(f!4++)0*11!-1*3'(%@!0*%M')0*11!-1*3'(%@!

b(''M%@!)#'*)'(!-'+-1'@!%)9&',)!2+.'(,7',)!-'+-1'@!(+&'+!-'+-1'BBB*11!+4!

)#'%'!-'+-1'!4$,&!*!2(+9-!+4!-'+-1'!1$M'!)#'7%'1.'%@!G$)#!/+77+,!$,)'('%)%!

*,&!/+77+,!0*/M2(+9,&%:!o+9!2+!G$)#!G#+!3+9!#*.'!%)944!$,!/+77+,!G$)#:!

H)O%!)#'!%*7'!G$)#!/*(''(%!*,&!7*<+(%@!*11!)#'!-'+-1'!G$)#!/+77+,!$,)'('%)%!

#*,2!)+2')#'(RJ#*)!-'+-1'!*1G*3%!2')!%+!#9,2!9-!+,!$%f!NJ#3!&+!)#'3!

*1G*3%!G*,)!)+!0'!)+2')#'(k!J#3!%#+91&!G'!',/+9(*2'!)#*)!%'2('2*)$+,k!!V9)!

H!)(3!)+!'L-1*$,!)+!-'+-1'@!$)O%!1$M'!)#*)!G#'('.'(!3+9!2+:!!H4!H!2+!)+!*!

/+,4'(',/'@!HO7!2+$,2!)+!%$)!G$)#!*!2(+9-!+4!G+7',:!HO7!,+)!2+$,2!)+!2+!)+!*!

)*01'!4911!+4!7',!*,&!%*3f!ND'3@!#+GO%!$)!2+$,2:O!J#'('.'(!3+9!*('@!3+9!1++M!4+(!!

1$M'!-'+-1':!!

!

!

!

!

! \Y(

C/??1#0*=)&I"+/$0%&&&&

'''''

! ;7'($/*,!H,&$*,!%)9&',)%!*)!6FK!-+$,)'&!)+!)#'!$7-+()*,/'!+4!%9--+()$.'!

4*/91)3!7'70'(%!$,!/+,)($09)$,2!)+!/+11'2'!%9//'%%:!!;!,+,B)(*&$)$+,*113!*2'&!7*1'!

%)9&',)!4(+7!*!('%'(.*)$+,!/+779,$)3!%#*('&!#$%!-'(/'-)$+,%!+4!%+7'!4*/91)3!

7'70'(%a(

F+7'!)'*/#'(%!G$11!)+)*113!9,&'(%)*,&!G#'('!3+9!*('!/+7$,2!4(+7p*,&!

*##p1$M'!3+9(!4*7$13!$%%9'%!*,&!1$M'@!3+9!M,+G@!3+9(!/91)9(':!

!

;,+)#'(!7*1'!%)9&',)!4(+7!*!('%'(.*)$+,!/+779,$)3!*&&'&!#$%!)#+92#)%a!

!

"#'('!*('!-(+4'%%+(%!#'('!)#*)!M,+G!*0+9)!)#'!/91)9('!*,&!)#'!#$%)+(3!*,&!

)#'3!)'*/#!)#'!%90<'/)%!4(+7!)#'!#'*()!*,&!4(+7!*!('*1!&''-B%'*)'&!$,)'('%)!$,!

?*)$.'!/91)9('@!#$%)+(3@!*,&!-'+-1':!!

!

;,&@!4(+7!*!)(*&$)$+,*113B*2'&!4'7*1'!4(+7!*!0+(&'(!)+G,a!

!

H!7'*,!)#'!2',9$,'!-'+-1'!:!:!:!)#'3!4+92#)!4+(!9%:!"#'3!('*113!/*('&:!"#'3!

G+91&!0'!#'('!#+9(%!1*)'(!)#*,!)#'3!#*&!)+!0'p&+$,2!G#*)'.'(!$)!G*%!)#*)!

G'!,''&'&:!!:!:!:!H!)#$,M!)#'('!*('!%+7'!$,%)(9/)+(%!)#*)@!,+!7*))'(!#+G!7*,3!

%)9&',)%!)#'3!#*.'!$,!)#'$(!/1*%%@!)#'3O11!2+!)+!*,3!1',2)#%!)+!7*M'!%9('!)#*)!

%)9&',)!1'*(,%:!!F+7'!*('!('*113!/+77$))'&!*,&!%9--+()$.':!

!

! ;7+,2!6FK!;7'($/*,!H,&$*,!%)9&',)%@!*,&!+)#'(%!$,)'('%)'&!$,!;7'($/*,!

H,&$*,!'&9/*)$+,!*)!)#$%!9,$.'(%$)3@!$)!$%!2','(*113!*2(''&!)#*)!)#'('!$%!*!/+('!2(+9-!+4!

4*/91)3!*,&!%)*44!)#*)!*('!&''-13!/+77$))'&!)+!)#'!4+%)'($,2!+4!*!-+%$)$.'!'&9/*)$+,*1!

'L-'($',/'!4+(!)#$%!9,$.'(%$)3O%!?*)$.'!%)9&',)%:!!"#$%!/*&('!+4!%9--+()!$%!G'11!M,+G,!

*,&!/+77+,13!7',)$+,'&!$,!.*($+9%!/$(/1'%!*,&!/+,)'L)%!('2*(&$,2!)#'!?*)$.'!

%)9&',)!'L-'($',/':!"#(+92#+9)!73!$,)'(.$'G%!/+,/'(,!G*%!('-'*)'&13!7',)$+,'&!

4+(!)#'!)$7'!G#',!)#'%'!%9--+()'(%!G$11!0'2$,!)+!(')$(':!!F)9&',)%@!*&7$,$%)(*)+(%!

! \Z(

*,&!4*/91)3!#*.'!*11!-+$,)'&!)+!)#'!,''&!)+!0($,2!$,!,'G!4*/91)3@!%)*44!*,&!

*&7$,$%)(*)$+,!)#*)!G$11!/*((3!+,!)#$%!)(*&$)$+,!+4!%9--+():!!

! c,'!%)9&',)!%*$&!$)!'%-'/$*113!G'11:!hH)!7*M'%!3+9!G+,&'(!G#*)!G$11!#*--',!

G#',!)#'%'!-'+-1'!(')$(':!H4!)#'3!*('!,+)!('-1*/'&BBBB!)#',!G'O11!#*.'!,+!+,':!H4!$)!

G'(',O)!4+(!*!/+9-1'!+4!)#'7@!)#$%!/*7-9%!G+91&!0'!)#(''!&'/*&'%!0*/M:!J'O&!0'!

'.',!49()#'(!0'#$,&!)#*,!G'!*('!$4!$)!G*%,O)!4+(!)#'7:i!!

! ;!#$2#B(*,M$,2!*&7$,$%)(*)+(!*1%+!7',)$+,'&!*!-*()$/91*(!-(+4'%%+(!G#+!$%!

%'',!*%!*!/#*7-$+,!+4!;7'($/*,!H,&$*,!%)9&',)%!*,&!7$((+('&!)#$%!%',)$7',):!"#*)!

-(+4'%%+(!%-'*M%!+4!-(+2('%%!7*&'!)+G*(&!$,/('*%$,2!4*/91)3!%9--+()!+,!/*7-9%a!

HO7!',/+9(*2'&!)#'%'!&*3%!03!)#'!4*/)!)#*)!7+('!*,&!7+('!+4!73!/+11'*29'%!

*('!)(3$,2!)+!0'!7+('!$,/19%$.'!$,!)#'$(!)#$,M$,2!*,&!$,!)#'$(!)'*/#$,2:!;,&!

*&7$,$%)(*)+(%!*('!%#+G$,2!%+7'!%$2,%!+4!G*,)$,2!)+!0'!7+('!-(+*/)$.'!*,&!

)+!&+!)#'!M$,&%!+4!)#$,2%!)#*)!*('!1+,2!+.'(&9':!!

!

:!:!:!"#'3!d)#'!%)9&',)%e!,''&!*,!9,&'(%)*,&$,2!4*/91)3p*,&!03!)#*)@!H!7'*,!

4*/91)3!7'70'(%!G#+!#*.'!%+7'!*--('/$*)$+,!+4!)#'$(!#$%)+(3!*,&!/91)9('@!

G#'('!)#'3O('!/+7$,2!4(+7!*,&!G#*)!)#'3!*('!#+-$,2!4+(:!J'!/'()*$,13!#*.'!

$7-(+.'&!&(*7*)$/*113!$,!)#*)!*('*!)#(+92#!)#'!3'*(%!*,&!.*($+9%!-(+2(*7%:!

!

H!G+91&!%*3!)#*)!7+%)!+4!)#'!)($0*1!%)9&',)%!G#+!2$.'!$)!*!/#*,/'@!4$,&!

%9--+()$.'!4*/91)3!7'70'(%:!

! !

'

C/??1#0*=)&'.(*,*70#"0*1,&

'

' J$)#+9)!9,$.'(%$)3!*&7$,$%)(*)+(%!%',%$)$.'!)+!$%%9'%!-*()$/91*(!)+!;7'($/*,!

H,&$*,!%)9&',)%!*,&!$,)'('%)'&!$,!-(+.$&$,2!*!89*1$)3!/+11'2'!'L-'($',/'!*)!6FK@!

/#*,/'%!4+(!?*)$.'!%)9&',)!%9//'%%!G+91&!0'!1$7$)'&:!!H,&$/*)$+,%!*('!)#*)!61*$,%!

F)*)'!K,$.'(%$)3!&+'%!#*.'!*!.'(3!%9--+()$.'!*&7$,$%)(*)$+,!&'&$/*)'&!)+!/('*)$,2!*!

! \[(

9,$.'(%$)3!',.$(+,7',)!/+,&9/$.'!)+!*/*&'7$/!%9//'%%!4+(!$)%!?*)$.'!;7'($/*,!

%)9&',)!-+-91*)$+,:!!!

! H,!>913!+4!ZUU`@!6FK!*--+$,)'&!*!,'G!6(+.+%)!*,&!j$/'!6('%$&',)!4+(!

;/*&'7$/!;44*$(%:!c,'!4*/91)3!7'70'(!G#+!#*%!-1*3'&!*!-$.+)*1!(+1'!$,!#'1-$,2!

;7'($/*,!H,&$*,!%)9&',)%!7*M'!)#'!*&<9%)7',)!)+!1$4'!+,!*!7*$,%)('*7!/+11'2'!

/*7-9%!%-'*M%!+4!)#'!%9--+()!+4!*,&!/+77$)7',)!)+!*/*&'7$/!%9//'%%!4+(!?*)$.'!

%)9&',)%a!

! c9(!/9((',)!6(+.+%)!$%!<9%)!#92'13!%9--+()$.':!HO.'!%*$&!)#$%!7*,3!)$7'%!$,!

7*,3!/+,)'L)%BBB!)#'$(!G+(M!+,!)#'!ZlZlZ!-(+2(*7BBB<9%)!%')!)#'!7+&'1!4+(!

;7'($/*,!H,&$*,!/+11*0+(*)$+,@!*,&!4+(!)#'!%9//'%%!+4!;7'($/*,!H,&$*,!

%)9&',)%!*)!6FK:!;,&!0'/*9%'!+4!)#'!G*3!)#'3!&$&!)#$,2%@!)#'3!G'('!%+!

$,/19%$.'@!BB)#'3!G'('!,+)!+,13!G+,&'(491!7+&'1%@!*,&!G+,&'(491!$,,+.*)+(%@!

BB97p*,&!','(2')$/!1'*&'(%@!09)!$,!)#'!-(+/'%%!+4!ZlZlZ@!)#'3!0(+92#)!$,!%+!

7*,3!-'+-1'@!1$M'!7'@!G#+!<9%)!1'*(,'&!4(+7!)#'7:!F+!+9(!6(+.+%)@!4(+7!)#'!

*/*&'7$/!%$&'!$%!#92'13!%9--+()$.':!!

!

! H,!)#'!G+(&%!+4!)#'!6(+.+%)!#'(%'14a!

!

! H!)#$,M!-($7*($13pG'11@!1')!7'!%)*()!+9)!03!%*3$,2!)#*)!)#'('!*('!%'.'(*1!

&$44'(',)!+44$/'%!*,&!2(+9-%!+4!-'+-1'!G#+!('*113!#*.'!0'',!/#*(2'&!)+!

49()#'(!&$.'(%$)3!'44+()%!+,!/*7-9%:!"#',!G'!#*.'!%+7'!*&.$%+(3!2(+9-%:!J'!

#*.'!*!&$.'(%$)3!*&.$%+(3!2(+9-!)#*)O%!7*&'!9-!+4!*0+9)!T_!-'+-1':!H)!$,/19&'%!

F)9&',)!;44*$(%!*,&!;/*&'7$/!;44*$(%!4*/91)3!*,&!)#'3!7'')@!2','(*113!*0+9)!

+,/'!*!7+,)#:!;,&!)#'3!('*113!)*M'!+,!&$.'(%$)3!$%%9'%!*,&!)(3!)+!-(+.$&'!

*&.$/'!*,&!/+9,/$1!0*/M!)+!)#'!5$('/)+(!4+(!5$.'(%$)3!W,#*,/'7',)!G#+!)#',!

M$,&!+4!/*(($'%!+9)!)#'!G+(M:!!

!

! R!D*.$,2!%*$&!)#*)@!)#'('!*('!*!G#+1'!1+)!+4!+)#'(!*&.$%+(3!2(+9-%@!*,&!H!

G+,O)!0'!*01'!)+!)'11!3+9!*11!+4!)#'7!09)p4+(!'L*7-1'@!;)#1')$/%@!#*%!*!

&$.'(%$)3!*&.$%+(3!2(+9-:!H!7'*,!)#'('!*('!7*,3!+)#'(!)#$,2%!+9)!)#'('!*%!

G'11:!F+!H!/*,O)!<9%)!-+$,)!)+!+,'!-'(%+,!*,&!%*3!!N)#'3!&+!$)O!@!09)!3')!G'!M$,&!

+4!#*.'!)#$%!K,$.'(%$)3!5$('/)+(!+4!5$.'(%$)3!W,#*,/'7',)@!*,&!)#',!G'!#*.'!

*!1+)!+4!+)#'(!)#$,2%!#*--',$,2:!J'!M$,&!+4!*%M!)#*)!-'(%+,!)+!M''-!)#'$(!

4$,2'(!+,!)#'!-91%'!+4!G#*)O%!#*--',$,2!+,!/*7-9%:!"+!0($,2!$%%9'%!9-@!)+!)(3!

)+!&+!-(+2(*77$,2!*,&!+)#'(!)#$,2%!%+!)#*)!G'!/*,!0'!*%!&$.'(%'!+4!*!/*7-9%!

*%!G'!/*,!-+%%$013!0'!*)!6FK:!

! \\(

! F+!H!)#$,M!G#*)!G'O.'!('*113!)($'&!)+!&+!$%!)+!-(+.$&'!.'(3!+.'()!G*3%!)#*)!

)#'3!/*,!#*.'!*!.+$/':!I+(!'L*7-1'@!+,'!+4!)#+%'!G*3%!$%!$,!)(3$,2!)+!#*.'!*,!

*/)$.'!*%!-+%%$01'!+4!*!?*)$.'!;7'($/*,!X190:!J#'('!)#'3!/*,!/+7'!)+2')#'(!

*,&!)#'3!/*,!0'!*,!$&',)$4$*01'!2(+9-!*,&!G#'('!)#'3!&+!#*.'!*!.+$/':!J#'('@!

$4!)#'3!&+!#*.'!*!/+,/'(,@!)#'3!#*.'!*,!*.',9'!)#*)!)#'3!/*,!)*M'!)#*)!9-:!o+9!

M,+Gk!BB)#(+92#!)#'$(!/190@!)#(+92#!)#'$(!*&.$%+(!*,&!%+!4+()#:!F+!H!)#$,M!

)#*)O%!*!G*3!)#*)!G'O.'!('*113!)($'&!)+!',#*,/'!7$,+($)3!%)9&',)%!+,!)#$%!

/*7-9%:!J'!#*.'!*!,970'(!+4!-(+2(*7%!)#*)!G'!#*.'!)($'&!)+!&'.'1+-!)#*)!

,+)!+,13!('/(9$)%!)#'7!)+!/+7'!#'('!09)!*1%+!)($'%!)+!#'1-!)#'7!0'!%9//'%%491:!

!

!

'F,*=)#7*0%(<1((/,*0%&C/??1#0&&&&&&

&

& "#'!?*)$.'!;7'($/*,!F)9&',)!;&.$%+(!&'%/($0'&!)#'!/*7-9%!%9--+()!%3%)'7!

)#$%!G*3a!

H!)#$,M!)#'('!$%!*!1+)!+4!%9--+()!4+(!?*)$.'!;7'($/*,!-(+2(*7%!+,!/*7-9%!$,!

&$44'(',)!*('*%:!F+7'!#*.'!%922'%)'&!)#*)!$)O%!)#'!%$g'!+4!)#'!%/#++1!)#*)!/*,!

0'!$,)$7$&*)$,2@!09)!H!)#$,M!$4!3+9!4$,&!*!/+779,$)3@!$)O%!,+)!)#*)!0$2:!o+9!

M,+Gk!F-('*&!+9)!G$%'p,970'(!G$%'!$)O%!0$2:!V9)!,+!%)9&',)!#'('!M,+G%!*11!

TZ!)#+9%*,&!+4!)#'!6FK!%)9&',)%:!"#*)O%!G#3!/+779,$)3!$%!$7-+()*,)!$,!

-(+.$&$,2!%9--+()!)#*)!)#'3!7*3!#*.'!#*&!*)!'$)#'(!0+*(&$,2!%/#++1!+(!*)!

)#'$(!#+7'!/+779,$)3!:!:!:!1$M'!*!%+()!+4!'L)',&'&!%9((+2*)'!4*7$13:!

!

!

C/??1#0&C)#=*+)7&&&&&&!

'

! I(+7!)#'!.$'G-+$,)!+4!)#'!6FK!;&7$%%$+,%!c44$/'!C$,+($)3!F)9&',)!E'/(9$)'(@!

%9--+()!%'(.$/'%!4+(!7$,+($)3!%)9&',)%!*('!+4!9)7+%)!$7-+()*,/'a!

"#'!$&'*1!%$)9*)$+,BBBBo+9!M,+G@!4+(!7'@!H!<9%)!M''-!/+7$,2!&+G,!)+!%)9&',)!

%'(.$/'%:!!"#*)O%!G#*)!$)!/+7'%!&+G,!)+@!4+(!7':!H4!%)9&',)%!4''1!1$M'!)#'3!*('!

%9--+()'&!)#(+92#!%)9&',)!%'(.$/'%@!H!4''1!1$M'!)#'3!/*,!'L/'1:!;2*$,@!)#'('!$%!

,+!+,'!*,%G'(@!09)!H!&+!4''1!)#*)!%)9&',)!%'(.$/'%!7*M'!*!0$2!$7-*/)!+,!#+G!

/+74+()*01'!*!%)9&',)!4''1%:!;,&!H!#*&!)+!%*3f!G'11@!*/)9*113@!G'!&+!#*.'!*!

1$))1'!0$)!7+('!)#*,!%+7'!-1*/'%:!!

!

! F+7'!?*)$.'!%)9&',)%!*('!*G*('!+4!F)9&',)!F9--+()!F'(.$/'%!*,&!#*.'!7*&'!

9%'!+4!)#'!#'1-!*.*$1*01':!c,'!%)9&',)!%-+M'!+4!#$%!'L-'($',/'!G$)#!%9--+()!%'(.$/'%a!

! POO(

"9)+($,2:!"#'!J($)$,2!X',)'(:!H!&$&,O)!M,+G!*!-*(*2(*-#!+(!*!%',)',/'!#*&!)+!

#*.'!*!,+9,!+(!*,!*&<'/)$.':!H!<9%)!G(+)':!J#',!H!&$&!*!&$*2,+%)$/!)'%)!$,!

W,21$%#!T@!$)!G*%!*11!7*(M'&!9-:!F+@!H!G',)!)+!)#'!J($)$,2!X',)'(!*,&!)#*)!1*%)!

-*-'(!)#*)!H!G(+)'@!H!G(+)'!+,!73!+G,:!!H!2+)!*,!;!+,!73!1*%)!-*-'(:!"#*)!

#'1-'&!7'!*!1+):!F+!&$&!)#'!X#'7$%)(3!+,'!)++:!!!

!

F)*44!*)!6FKO%!F)9&',)!F9--+()!F'(.$/'%!X',)'(!+44'(%!*!.*($')3!+4!%'(.$/'%!4+(!

89*1$4$'&!?*)$.'!%)9&',)%!$,)'('%)'&!$,!2'))$,2!#'1-!$,!*&<9%)$,2!)+!/+11'2'!1$4':!"#'!

&$('/)+(!+4!F)9&',)!F'(.$/'%!'L-1*$,%a!

J'!)(3!.'(3!#*(&!)+!7*M'!)#'7!*G*('!+4!)#'!+--+()9,$)$'%!)#*)!*('!*.*$1*01':!

J#',!)#'3!*('!%)$11!$,!#$2#!%/#++1@!G'!)(3!)+!%',&!)#'7!$,4+(7*)$+,!03!

G#*)'.'(!7'*,%!G'!/*,@!*0+9)!)#'!-+%%$0$1$)$'%!*,&!G#*)O%!*.*$1*01':!J'!

#*.'!*!-('))3!2++&!,')G+(M!G$)#$,!)#$%!%)*)'@!G$)#$,!)#'!"($+!+(2*,$g*)$+,%:!

"#'('!*('!*/)9*113!&$44'(',)!-(+2(*7%!)#*)!4*11!9,&'(!)#'!970('11*!+4!G#*)!$%!

/*11'&!"($+:!6('))3!79/#!*11!+4!)#'7!*('!0*%'&!$,!#'1-$,2!%)9&',)%!)#*)!*('!

1+G!$,/+7'@!4$(%)!2','(*)$+,!%)9&',)%!G$)#!+(!G$)#+9)!&$%*0$1$)$'%@!)+!2*$,!

/+11'2'!*//'%%:!J'!#*.'!*!/+9-1'!+4!)#'7!#'('!+,!/*7-9%@!F)9&',)!F9--+()!

F'(.$/'%!$%!)#'!+,'!H!G+(M!G$)#!*,&!)#',!K-G*(&!V+9,&!$%!)#'!+)#'(!+,'!#'('!

+,!/*7-9%!G#$/#!$%!*!/+11'2'!*//'%%!-(+2(*7!)#*)!#'1-%!)#'!%)9&',)%!)+!M$,&!

+4!7*M'!)#*)!0($&2'!4(+7!#$2#!%/#++1!$,)+!/+11'2':!

!

;,&!0'3+,&!)#*)@!G'!*1%+!#*.'!)#'!*/*&'7$/!-(+2(*7%!$,!-1*/'!)#*)!*&&('%%@!

*)!1'*%)!)+!*,!'L)',)@!)#'!7$,+($)3!*/*&'7$/!)(*$,$,2:!I+(!'L*7-1'@!G'!#*.'!

)#'!;7'($/*,!H,&$*,!F)9&$'%!6(+2(*7:!

!

J'!#*.'!*!(')',)$+,!-(+2(*7!G$)#!)#*)!*,&!$)O%!+-',!)+!*11!;7'($/*,!H,&$*,!

%)9&',)%!*,&!)#*)!$,.+1.'%!*!%)9&3!)*01'!4+(!;7'($/*,!H,&$*,!%)9&',)%:!H)!

$,.+1.'%!01+/M!%/#'&91$,2!%+!)#*)!%)9&',)%!/*,!2')!$,)+!)#'!%*7'!/1*%%'%!

)+2')#'(!%+!)#'3!*('!,+)!)#'!+,13!H,&$*,!$,!*!/1*%%!#'('!*)!6FK:!H)!*1%+!$,.+1.'%!

/+779,*1!#+9%$,2:!

!

! F)9&',)!F9--+()!F'(.$/'!-(+2(*77$,2!$%!0*%'&@!$,!-*()@!+,!)#'!0'1$'4!)#*)!

%+/$*0$1$)3!$%!M'3!)+!*!4914$11$,2!/+11'2'!'L-'($',/'a!

;!#92'!-*()!+4!G#*)!G'!&+!$,!+9(!-(+2(*7!G$)#!*11!+4!+9(!%)9&',)%!$%!)+!#'1-!

)#'7!/+7'!)+!/*7-9%!*,&!-9)!&+G,!(++)%!*,&!4''1!/+74+()*01'!#'('@!*,&!4''1!

1$M'!)#$%!$%!#+7':!H)!$%!*0%+19)'13!$7-+()*,)!)+!#*.'!)#*)!-'(%+,*1!/+,)*/):!

"(3$,2!)+!4$,&!u'.',!$4!$)O%!<9%)!+,'!+(!)G+!-'+-1'p09)!%+7'0+&3!G#+u

7*30'!*%!*!%)9&',)@!3+9!1++M!9-!)+!)#'7@!7*30'!,+)@!7*30'!<9%)!%+7'0+&3!

! POP(

3+9!<9%)!7'')!*)!+($',)*)$+,:!V9)!)#'3O('!*!4($',&13!4*/'@!%+7'0+&3!)#*)!

M,+G%!G#*)!3+9(!,*7'!$%!*,&!G#3!3+9O('!#'('!*,&!G#*)!3+9O('!9-!)+:!H!G$11!

#*.'!%)9&',)%!)'11!7'!)#*)!)#'3!<9%)!#*&!%+7'0+&3!)*M'!*,!$,)'('%)!$,!)#'7!

4+(![U!%'/+,&%!*)!+($',)*)$+,@!09)!)#*)!7*&'!*!&$44'(',/':!H)!('*113!7*&'!*!

&$44'(',/'@!0'/*9%'!%+7'0+&3!/*('&!G#*)!73!,*7'!G*%@!G#3!HO7!#'('@!G#'('!

HO7!4(+7:!! !

!

H4!G'!/*,!<9%)!7*M'!)#*)!/+,,'/)$+,@!)#',!+,!)#'!G*3!#+7'@!)#'3!)*M'!*G*3!

)#'!4''1$,2!)#*)!%+7'+,'!('*113!/*('&:!"#*)!1$))1'!%)944!2+'%!%+!4*(:!;!4($',&13!

4*/'!+(!*,!+9)2+$,2!-'(%+,*1$)3!/*,!0'!)('7',&+9%13!$,419',)$*1p$)!&+'%,O)!

#*.'!)+!0'!4*/91)3p$)!/*,!0'!*!4++&!%'(.$/'!G+(M'(!+(!*!/9%)+&$*,!$,!*!

('%$&',/'!#*11:!>9%)!0'/*9%'!)#*)!-'(%+,!%*$&!N2++&!7+(,$,2O!*%!)#*)!%)9&',)!

G*%!#'*&$,2!+9)!4+(!)#'!&*3:!F$113!1$))1'!$,%$2,$4$/*,)!)#$,2%!)#*)!7*M'!

-'(%+,*1!/+,,'/)$+,%!*('!%9/#!#92'!&'*1%!4+(!%)9&',)%@!'%-'/$*113!G#',!

)#'3O('!$,!*!/$(/97%)*,/'!G#'('!)#'3!('*113!M$,&!+4!4''1!1$M'!)#'3!*('!*,!*1$',!

$,!*!&$44'(',)!G+(1&:!

!

! F)9&',)!%9--+()!%'(.$/'%!*,&!)#'!&'&$/*)'&!%)*44!*)!6FK!*--'*(!)+!0'!*,!

$7-+()*,)!4*/$1$)*)+(!+4!?*)$.'!%)9&',)!/+11'2'!%9//'%%:!c4!-*()$/91*(!$,)'('%)!)+!7'!

*%!H!$,)'(.$'G'&!%9--+()!%)*44!G*%!)#'$(!+0.$+9%!1'.'1!+4!/+77$)7',)!)+!#'1-$,2!

?*)$.'!%)9&',)%!%9//''&:!;%$&'!4(+7!)#'!/+77',)%!)#'3!7*&'@!,+,B.'(0*1!

/+779,$/*)$+,%@!$,/19&$,2!0+&3!1*,29*2'@!.+$/'!$,41'/)$+,%!*,&!'.',!*,!+//*%$+,*1!

)'*(3!'3'!G'('!'.$&',/'!+4!)#'!&''-13!4'1)!7'*,$,2!)#*)!)#'$(!<+0%!*%!4*/$1$)*)+(%!+4!

%9//'%%!#'1&!4+(!)#'7:!

!

!

(3=H8D8<=<>;2(38?=?H8=D($:9>@;H:9((

((((

! ;/(+%%!)#'!0+*(&@!%)9&',)%!/$)'&!4$,*,/$*1!/+,/'(,%!*%!%$2,$4$/*,)13!$7-+()*,)!

('2*(&$,2!/+11'2'!%9//'%%:!!H,)'('%)$,213@!$)!G*%!,+)!7',)$+,'&!*%!)#'!7+%)!%*1$',)!

4*/)+(:!H,!4*/)@!G#$1'!4$,*,/$*1!('%+9(/'%!*('!$7-+()*,)!)+!*11!%)9&',)%@!)#'!?*)$.'!

%)9&',)%!H!$,)'(.$'G'&!2','(*113!&$&!,+)!0($,2!9-!)#'!)+-$/!9,1'%%!*%M'&!%-'/$4$/*113!

! PON(

*0+9)!$):!"#'!&*)*!('.'*1%!*!7$L)9('!+4!.$'G-+$,)%!*0+9)!)#'!*7+9,)!+4!*,&!

*.*$1*0$1$)3!+4!%/#+1*(%#$-%!4+(!?*)$.'!%)9&',)%:!I+(!'L*7-1'@!+,'!*&7$,$%)(*)+(!*,&!

+,'!?*)$.'!%)9&',)!%*$&!)#*)!)#'('!G'('!,+)!.'(3!7*,3!%/#+1*(%#$-!+--+()9,$)$'%!4+(!

;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!!;,+)#'(!*&7$,$%)(*)+(!%*$&!)#*)!)#'('!*('!*,!

*09,&*,/'!+4!%/#+1*(%#$-%!%-'/$4$/*113!4+(!?*)$.'!%)9&',)%:!!I9()#'(7+('@!*)!6FK@!

;7'($/*,!H,&$*,!%)9&',)%!*('!)#'!+,13!7$,+($)3!2(+9-!)+!#*.'!%/#+1*(%#$-%!&$('/)'&!

%-'/$4$/*113!)+G*(&!)#'7:!

! !H)!*--'*(%!)#*)!)#$%!&$%/('-*,/3!$%!7*$,13!*!7*))'(!+4!0'$,2!$,4+(7'&!+4!

4$,*,/$*1!*$&!+--+()9,$)$'%:!!C3!$,)'(.$'G!G$)#!)#'!5$('/)+(!+4!)#'!61*$,%!F)*)'!

K,$.'(%$)3!c44$/'!+4!I$,*,/$*1!;$&!7*&'!$)!*09,&*,)13!/1'*(!)#*)!4$,*,/$*1!*$&!

('%+9(/'%!*('!*.*$1*01'!)+!?*)$.'!%)9&',)%:!!;!1$%)!+4!%/#+1*(%#$-%!*.*$1*01'!)+!?*)$.'!

%)9&',)%!$%!$,/19&'&!$,!)#'!*--',&$/'%:!!

! D+G'.'(@!'.',!%90%'89',)!)+!)#*)!$,)'(.$'G@!H!/+,)$,9'&!)+!#'*(!&$.'(2',)!

+-$,$+,%!*0+9)!)#'!*.*$1*0$1$)3!+4!4$,*,/$*1!*$&:!!I$,*,/$*1!('*1$)$'%!*('@!$,!4*/)@!

&$44'(',)!4+(!'*/#!%)9&',)@!*%!*('!)#'!%+9(/'%!+4!-+)',)$*1!%9--+():!c,'!4$,&$,2!

('1*)$,2!)+!)#$%!$%!)#'!,''&!4+(!2('*)'(!*G*(','%%!*7+,2!?*)$.'!%)9&',)%!+4!)#'!

+--+()9,$)$'%!4+(!4$,*,/$*1!*%%$%)*,/'!)#*)!*('!*.*$1*01'!)+!)#'7!*)!6FK:!

! H!*%M'&!)#'!&$('/)+(!+4!I$,*,/$*1!;$&!*0+9)!)#'!-'(/',)*2'!+4!?*)$.'!%)9&',)%!

G#+!('13!+,!4$,*,/$*1!*$&!)+!*))',&!6FKa!

;!#$2#!-'(/',)*2'p`T!-'(/',)!+4!*11!+4!)#'!%)9&',)%!*)!6FK!('/'$.'!%+7'!

)3-'!+4!4$,*,/$*1!*$&:!;,&!%+!)#'!?*)$.'!%)9&',)%@!$4!)#'3!*('!',(+11'&!$,!*!

&'2(''!-(+2(*7@!*,&!$4!)#'3!*--13!4+(!*!%/#+1*(%#$-@!*,&!$4!)#'3!#*.'!+)#'(!

'1$2$0$1$)3@!7'*,$,2!)#*)!)#'3!*('!*/*&'7$/*113!-('-*('&!$,!)#'!%',%'!+4!

#*.$,2!*!Z:U!+(!#$2#'(@!)#'3!*('!('/'$.$,2!%+7'!)3-'!+4!*!%/#+1*(%#$-:!F+!)#'!

! POV(

*,%G'(!*%!*!-'(/',)*2'!$%!TUU!-'(/',)!$4!',(+11'&!4911B)$7':!

!

?+G@!)#'('!$%!%+7'!7$%9,&'(%)*,&$,2!*0+9)!4$,*,/'%@!0'/*9%'!)#'('!$%!,+!

4(''!($&'!4+(!)#'!?*)$.'!%)9&',)%:!;,&!*%!/+%)%!#*.'!$,/('*%'&@!+)#'(!49,&$,2!

%+9(/'%!#*.'!,+)!M'-)!9-!G$)#!)#'!$,/('*%'&!/+%)%p*,&!%+!7+%)!%)9&',)%@!

$,/19&$,2!?*)$.'!%)9&',)%!*('!)*M$,2!+9)!%$2,$4$/*,)!%)9&',)!1+*,%:!H)O%!*!

7$%-'(/'-)$+,!*7+,2!7*,3!-'+-1'!)#*)!?*)$.'!%)9&',)%!*('!2+$,2!)+!%/#++1!

4+(!4('':!H,!6(*$($'!F)*)'@!)#'('!*('!,+!%)*)'!-(+2(*7%:!F+7'!%)*)'%!&+!*11+G!

%)9&',)%!G#+!*('!?*)$.'!)+!)#'$(!%)*)'!)+!2+!G$)#!,+!)9$)$+,!*,&!4''!'L-',%'%:!

!

& c,'!*&7$,$%)(*)+(!1$%)'&!%/#+1*(%#$-%!*%!*!4*/$1$)*)+(!('1$'.$,2!4$,*,/$*1!

%)(*$,@!hI$,*,/$*1!:!:!:!G'!&+!#*.'!%'.'(*1!?*)$.'!;7'($/*,!%/#+1*(%#$-%!:!:!:!7+('!)#*,!

4+(!*,3!+)#'(!7$,+($)3!2(+9-:!;/)9*113@!)#*)O%!)#'!!+,13!2(+9-!+,!/*7-9%!)#*)!#*%!

%-'/$4$/!%/#+1*(%#$-%!2'*('&!)+G*(&!)#'7:i!

' "#'('!$%!*,!'L)',%$.'!1$%)!+4!%/#+1*(%#$-!+--+()9,$)$'%!*.*$1*01'!%-'/$4$/*113!

4+(!?*)$.'!;7'($/*,!%)9&',)%:!C*,3!+4!)#+%'!*('!%-'/$4$/*113!4+(!6FK!G#$1'!7*,3!

+)#'(%!*('!*.*$1*01'!4+(!;7'($/*,!H,&$*,!%)9&',)%!('2*(&1'%%!+4!G#'('!)#'3!*))',&!

/+11'2':!

! c,'!$,)'('%)$,2!,+)'!4+(!/+,%$&'(*)$+,!$%!)#*)!+4!*11!%)9&',)%!$,)'(.$'G'&@!

,+,'!7',)$+,'&!4$,*,/$*1!*$&!+4!*,3!M$,&!*%!*!4*/$1$)*)+(!)+!/+11'2'!%9//'%%@!(*)#'(@!$)!

G*%!/$)'&!03!*&7$,$%)(*)+(%:!H!#*.'!1'*(,'&!4(+7!.*($+9%!*&7$,$%)(*)+(%!)#*)!%'.'(*1!

?*)$.'!%)9&',)%!*)!6FK!*('!)#'!('/$-$',)%!+4!%/#+1*(%#$-!*G*(&%@!%+7'!+4!G#$/#!*('!

89$)'!2','(+9%!*%!$,!)#'!/*%'!+4!)#'!b*)'%!C$11',,$97!F/#+1*(%#$-:!c,'!-+%%$01'!

/+,/19%$+,!)+!0'!&(*G,!7*3!0'!)#*)!%)9&',)%!%''!%9--+()!$,!)#'!4+(7!+4!#97*,!

$,)'(*/)$+,%!%9/#!*%!*,!',/+9(*2$,2!G+(&!+(!*!G*(7!2('')$,2!*%!+4!-($7*(3!

%$2,$4$/*,/'!+.'(!4$,*,/'%:!

! !;--',&$L!b!1$%)%!%/#+1*(%#$-%!*.*$1*01'!)+!?*)$.'!;7'($/*,!%)9&',)%!*)!6FK:!

! POW(

3=H8D8<=<>;2(&@D<@;:(

(

&

! ! >9%)!*%!4*7$13!%9--+()!'7'(2'%!*%!*!-($7*(3!4*/$1$)*)+(!4+(!/+11'2'!%9//'%%@!)#'!

$%%9'!+4!/91)9('!'7'(2'%!*%!*,!$,)'2(*1!-*()!+4!)#'!;7'($/*,!H,&$*,!%)9&',)O%!

$&',)$)3:!X91)9('@!4*7$13!*,&!$&',)$)3!*('!$,)'()G$,'&!*,&!/*,!-(+.$&'!*!%)(+,2!

09))('%%!*2*$,%)!)#'!&$%/+74+()!)#*)!/*,!/+7'!G$)#!)#'!/91)9(*1!&$%/+,)$,9$)3!+4!

7+.'7',)!4(+7!)#'!('%'(.*)$+,!/+779,$)3!)+!)#'!7*$,%)('*7!9,$.'(%$)3:!D+G!)#*)!

/91)9(*1!$&',)$)3!$%!,9()9('&!*,&!'L-('%%'&!)#(+92#+9)!)#'!6FK!'L-'($',/'!7*3!-1*3!

*!-$.+)*1!(+1'!$,!)#'!%9//'%%!+4!)#'!?*)$.'!%)9&',)O%!/+11'2'!/*(''(:!!

! ! ?+)#$,2!&'%/($0'%!)#$%!'L-'($',/'!0'))'(!)#*,!)#'!.+$/'!+4!*,!;7'($/*,!

H,&$*,!6FK!%)9&',)a!

H!G*%!)#$,M$,2!+4!+,'!+4!)#'!)#$,2%!)#*)!$%!$7-+()*,)!4(+7!*!%)9&',)O%!

-'(%-'/)$.'@!,+)!+,13!73%'14!*%!*!,+,B)(*&$)$+,*1!%)9&',)@!$%!)#'$(!%'14B

/+,4$&',/'p*,&!0'$,2!$,!)#$%!)3-'!+4!%'))$,2:!V'/*9%'!+,'!+4!)#'!)#$,2%!)#*)!

,''&!)+!0'!/+,%$&'('&!$%@!G#'('!)#'3!/+7'!4(+7:!!J#*)!M$,&!+4!('1*)$+,%#$-!

)#'3!#*&!G$)#!)#'$(!4*7$13p)#'$(!('%-'/)'&!'1&'(%p'.',!1$M'!)#'$(!)'*/#'(%@!

+(!%+7'+,'!$,!*9)#+($)3:!F+!BBBB3+9!M,+Gp$,!)#*)!',.$(+,7',)!*)!#+7'@!+4!

/+9(%'!)#'('O%!/+,4$&',/':!

!

! I+(!)#'!?*)$.'!%)9&',)!G#+!0($,2%!4(+7!#+7'!*,&!4*7$13!*!%)(+,2!%',%'!+4!

/91)9(*1!$&',)$)3@!/91)9('!-(+.$&'%!*!%+()!+4!'7-+G'($,2!%',%'!+4!/+74+()!$,!*!

%)(*,2'!',.$(+,7',):!

! c,'!+4!)#'!/+77+,!)#'7'%!/$)'&!*%!*!4*/$1$)*)+(!G*%!)#'!+--+()9,$)3!4+(!)#'!

?*)$.'!%)9&',)%!*)!6FK!)+!'L-('%%!+(!-*()$/$-*)'!$,!)(*&$)$+,*1!/91)9(*1!*/)$.$)$'%:!!

J#$1'!%9/#!*,!+--+()9,$)3!$%!9,$.'(%*113!%'',!*%!*!-+%$)$.'!'L-'($',/'!4+(!6FK!

! POX(

?*)$.'!-+-91*)$+,@!$)!79%)!0'!7',)$+,'&!/+,.'(%'13@!)#*)!1*/M!+4!%9/#!+--+()9,$)$'%!

-('%',)!*!0*(($'(!)+!/+11'2'!%9//'%%:!!

! c,'!%)9&',)!%#*('&!#$%!-'(%-'/)$.'!+4!/91)9('!*%!*!4*/$1$)*)+(!$,!)#$%!G*3a!

!

c,'!)#$,2!H!M''-!2'))$,2!/#+--'&!+44!4(+7!%*3$,2!$%BBBB977BBB<9%)!2(+G$,O!9-!

*,&!/+7$,OBBBH!#*&!*!1+)!+4!&'*&!)$7'!*4)'(!)#'!%'(.$/'!<9%)!&($,M$,O!*,&!

-*/M$,O!+,!)#'!-+9,&*2'BBB5+$,O!,+)#$,O!3*!M,+Gk!!H!G*%)'&!)#*)!)$7'!09)BB:!H!

&$&,O)!#*.'!)#*)!%9--+()$,2!/*%)!u4(+7!)#'!0'2$,,$,2:!o+9!M,+Gk!H!#*&!)+!4$,&!

$)!+,!73!+G,:!!;,&BBBH!%)*()'&!2(+G$,O!73!#*$(BBB*,&BBB,+)!%#*.$,O!*,37+('@!

,+)!(9,,$,O!*,37+('!d1*92#)'(!4(+7!'.'(3+,':e!o+9!M,+Gk!!

!

BBBV9)!)#'%'!'1&'(%@!)#'3!%#+G'&!7'!)#*)!73!('1$2$+,BBBG#*)!H!)#+92#)!G*%!

$7-+()*,)!G#',!H!G*%!2(+G$,2!9-BBB/9g!+,!73!&+2!)*2%!$)!%*$&!E+7*,!

X*)#+1$/:!;,&!H!M,+G!HO7!,+)!E+7*,@!BB%+!G#3!*7!H!X*)#+1$/k!o*!M,+Gk!F+!H!

('.'()'&@!H!/+,.'()'&!0*/M!)+!BBB+M*3BBBH!G*)/#'&!*11!)#'%'!#$%)+($/*1!7+.$'%f!

E*00$)!6(++4!I',/'!*,&!*#BBBV9(3!C3!D'*()!*)!J+9,&'&!A,''@!*,&!*!"*))++!

+,!73!D'*()@!E9,,$,2O!V(*.'BBB!V9)!)#*)O%!G#*)!H!('*/#'&!+9)!)+!G#',!H!

%)*()'&!)+!('*1$g'!73!$&',)$)3!*,&!)#*)!G*%!73!%9--+()$,2!/*%):!"#*)!G*%!73!

%)(',2)#@!4+(!7'!)+!4*7$1$*($g'!73%'14:!H!%*$&BBB+M*3!97BBB%G'*)BBB*,&!)#*)O%!

1$M'!+9(!/#9(/#:!R*,&!'.',)9*113!)#'!F9,!5*,/':!!

!

H)!)++M!7'!T^!3'*(%!)+!89$)!&($,M$,2!*,&!)+!%9(.$.'!+44!)#'!('%'(.*)$+,BBBH!

1'*(,'&!)#*)!$,!)#'!%'(.$/'BBB09)@!)+!/+7'!0*/M!#+7'!)+!6(*$($'!F)*)'@!,+)#$,O!

/#*,2'%!#'(':!H!7'*,!%)944!&+'%!09)BBB3+9!M,+G@!*%!4*(!*%!)#$%!H,&$*,%!*,&!

J#$)'%!)#$,2!2+'%@!$)O%!*1G*3%!2+,,*!0'!)#'(':!H)O%!1$M'!2*,2%@!&(92%@!.$+1',/'!$)!

,'.'(!2+'%!*G*3:!F+!4+(!7'@!)#*)!%9--+()$,2!/*%)!+4!#'1-$,2!7'!4$,&BBB1$M'!*!

('B0$()#!+4!73!%-$($)BBB)#*)!#'1-'&!7'!%+!H!/*,!0'!#'('!)+&*3:!F+BBB,+!7*))'(!

#+G!7*,3!%/*(%!H!2+)!+,!73!4*/'@!+(!+,!73!M,9/M1'%@!H!&+,O)!/*('!*,37+(':!HO11!

G*1M!)#(+92#!#'('!1$M'!*!%+('!)#970!*,&!H!&+,O)!/*('BBB6'+-1'@!H!)#$,M@!)#'3!

<9%)!M$,&*!1++M!*)!7'!*,&!<9%)!M$,&*!G*1M!*G*3!*,&!1++M!*(+9,&:!H!&+,O)!/*(':!

HO7!#'('!)+!2+!)+!%/#++1!%+BB:!!

!

J#',!HO7!&+,'@!H!G*,,*BBBH!)#$,M!H!G+91&!0'!7+('BBB7+('!#'1-491!+9)%$&'BBB

+9)!G$)#$,!)#'!?*)$.'!;7'($/*,!/+779,$)$'%!(*)#'(!)#*,!0'!+,!)#'!+9)%$&':!

V9)!HO&!1$M'!)+!G+(M!+,!)#'!+9)%$&'!)+!2')!'L-'($',/':!;,&!H!)#$,M!H!G+91&!

-(+0*013!#*.'!*1('*&3!G$)#+9)!2(*&9*)$,2!($2#)!,+G@!09)!H!G*,,*!2(*&9*)'!

%+!)#*)!G*3!H!/*,!*)!1'*%)!2+!0*/M!*,&!#*.'!)#*)!G$)#!7':!BBBV9)!)#*)O%!

$7-+()*,)!4+(!7':!H)O%!2+,,*!0'!*!)#*,M!3+9!0*/M!)+!)#'!M$&%:!o+9!M,+Gk!F+7'!

+4!+9(!M$&%!2(+G!9-!G$)#!)#'$(!b(*,&-*(',)%!0'/*9%'!)#'$(!-*(',)%!%)$11!

G*,,*!&($,M!*,&!-*()3:!"#'!N3+9!+,13!1$.'!+,/'!*))$)9&':O!V9)@!3+9!G*%)'!*11!

)#*)!)$7':!;,&@!H!&$&!)#*)!%+BBB!H!&+,O)!M,+G@!HO&!1$M'!)+!M$,&*!#'1-!0'!*!

! POY(

%9--+()$,2!/*%)!4+(!3+9,2!*&+1'%/',)%:!;,&!G#')#'(!$)!0'!/+*/#$,2!+(!

d9,$,)'11$2$01'eR!!H!G*,)!%+7')#$,2!0'))'(!)#*,!)#*)@!09)!$4!H!/*,!('1*)'!)+!

M$&%BBB3+9!M,+Gk!"#*)O%!$7-+()*,)!)+!7'!0'/*9%'!*!1+)!+4!('%'(.*)$+,!M$&%!

&+,O)!#*.'!)#*):!"#'3!&+,O)!#*.'!)#*)!%9--+()$,2!/*%):!

!

' "#'!7+%)!%$2,$4$/*,)!G*3!/+,%$%)',)13!/$)'&!03!;7'($/*,!H,&$*,!%)9&',)%!4+(!

4*/91)3!)+!0'!*!-*()!+4!)#*)!h%9--+()$,2!/*%)i!G*%!)#(+92#!/91)9(*1!*G*(','%%@!

/91)9(*1!%',%$)$.$)3@!9,&'(%)*,&$,2!*,&!*//'-)*,/':!

! X+,.'(%'13@!+,'!+4!)#'!7+%)!#9()491!0*(($'(%!/+77+,13!/$)'&!03!?*)$.'!

%)9&',)%!G'('!)#'$(!'L-'($',/'%!G$)#!/91)9(*113!$,%',%$)$.'!+(!#+%)$1'!4*/91)3:!H,!)#'!

,'L)!/#*-)'(!H!G$11!*&&('%%!%+7'!+4!)#'%'!'L-'($',/'%!*1+,2!G$)#!+)#'(!0*(($'(%!)+!

*/*&'7$/!*))*$,7',)!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!

! !

(

! POZ(

&U!I/#$(-#0#'((((

(

38?78?K92(4=;;8:;9(

(

(

! ! I(+7!)#'!('.$'G!+4!1$)'(*)9('@!+,'!/*,!%''!7*,3!0*(($'(%!',/+9,)'('&!03!

;7'($/*,!H,&$*,!/+11'2'!%)9&',)%!*('!(++)'&!$,!)#'!#$%)+(3!+4!'&9/*)$+,!*%!*!)++1!)+!

4+(/'!*%%$7$1*)$+,!*,&!*))'7-)%!)+!&'%)(+3!$,&$2',+9%!/91)9('%!dV'((3!T`_`e:!

"#+92#!*%!+9)1$,'&!$,!)#'!-('/'&$,2!/#*-)'(@!-+%$)$.'!-(+2('%%!)+G*(&!'&9/*)$+,*1!

*))*$,7',)!#*%!0'',!7*&'!$,!)#'!'&9/*)$+,!+4!;7'($/*,!H,&$*,%@!7*,3!0*(($'(%!%)$11!

('7*$,:!F)($&'%!#*.'!0'',!7*&'!)+G*(&!;7'($/*,!H,&$*,!/+11'2'!%9//'%%!*)!6FK@!

0*%'&!+,!/+7-*($%+,!+4!89*1$)*)$.'!&*)*!2*)#'('&@!$,&$/*)$+,%!*('!)#*)!4+(!)#'!

%90<'/)%!-*()$/$-*)$,2!$,!)#$%!('%'*(/#@!0*(($'(%!+9)G'$2#!4*/$1$)*)+(%!03!7+('!)#*,!*!

ZaT!(*)$+:! !

! ! "*01'!Y:T!-(+.$&'%!*!1$%)!+4!)#'!7+%)!%*1$',)!0*(($'(%!)+!*/*&'7$/!*))*$,7',)!

4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!!V*(($'(%!*('!1$%)'&!4(+7!)+-!&+G,!G$)#!)#'!

7+%)!%*1$',)!1$%)'&!4$(%):!"#$%!(*,M!+(&'(!G*%!&'($.'&!4(+7!*!/+7-$1*)$+,!+4!&*)*!

4(+7!*&7$,$%)(*)+(%@!4*/91)3@!%)*44!*,&!%)9&',)%:!J#'('*%!*,3!+,'!2(+9-!7*3!(*,M!

0*(($'(%!&$44'(',)13@!)#$%!)*01'!/+70$,'%!)#'!.$'G-+$,)%!+4!*11!2(+9-%!4+(!*,!+.'(*11!

0'%)!4$)!+4!*11!4*/)+(%!/$)'&!*%!0*(($'(%:!

!

!

!

!

! PO[(

/=AD:(Z6P(2(4=;;8:;9(<>(!B:;8H=?(%?78=?(#7@H=<8>?=D(!<<=8?B:?<(=<(I-.6(

!

4=;;8:;9( -=BCD:(R@><=<8>?(

H,%)$)9)$+,*1!

V*(($'(%!

H!)#$,M!)#*)!$,%)$)9)$+,*1!/#*,2'!$%!$,!+(&'(@!09)!$%!.'(3!&$44$/91)!

0'/*9%'!)#$%!$%!)#'!G*3!$)O%!*1G*3%!0'',:!!

dI*/91)3e!

6++(!D$2#!

F/#++1!!

6('-*(*)$+,!

c,'!+4!)#'!2('*)'%)!%#+()/+7$,2%!H!%''!G$)#!?*)$.'!;7'($/*,!

%)9&',)%!/+7$,2!$,)+!+9(!9,$.'(%$)3!$%!-('-*(*)$+,:!

dF9--+()!F)*44e!

6('<9&$/'!+(!

E*/$%7!

H!)#$,M!*!0*(($'(!$%!(*/$%7!+,!/*7-9%:!H!)#$,M!)#*)!)#'('!$%!*!1+)!

+4!$):!!

d?*)$.'!;7'($/*,!F)9&',)e!

S*/M!+4!

F9--+()!

V9)!4+(!9%BBBG'!<9%)!G*,)!)+!#*.'!-'+-1'!+,!+9(!%$&'!:!:!:$4!

%+7'0+&3!/+7'%!#'('!4(+7!)#'!('g!*,&!&+'%,O)!*1('*&3!#*.'!

)#*)!/+,,'/)$+,!$)!G+91&!0'!#*(&'(!4+(!)#'7!:!:!:!

d?*)$.'!;7'($/*,!F)9&',)e!

I*7$13! F+7'R-*(',)%!#*.'!*/)9*113!-9)!$,!)#'$(!M$&%!#'*&%!)#*)!)#'!

9,$.'(%$)3!$%!+9)!)+!N7*M'!3+9!+,'!+4!)#'7:O!:!:!:!H,!4*/)@!HO.'!#*&!

7+('!)#*,!+,'!%)9&',)!G#+!G+91&!0'!&+$,2!.'(3!G'11@!

*/*&'7$/*113@!09)!*('!2'))$,2!/*11%!4(+7!#+7'!)#*)!*('!%*3$,2f!

No+9!,''&!)+!/+7'!#+7':!o+9!&+,O)!0'1+,2!)#'(':O!!

dF9--+()!F)*44e!

I$,*,/$*1!

E'%+9(/'%!

F+!4'G!+4!)#'!%)9&',)%!/+7'!$,!G$)#!*7-1'!4$,*,/$*1!0*/M$,2:!

"#'%'!%)9&',)%!/+7'!4(+7!%9/#!$,/('&$013!-++(!0*/M2(+9,&%:!!

dF9--+()!F)*44e!

X+779,$)3! J'11@!6(*$($'!F)*)'!$%!*/)9*113!)#'!#'*()!+4!H,&$*,!*,&!J#$)'!

(*/$%7:!

d?*)$.'!;7'($/*,!F)9&',)e!

X91)9('! o'*#@!H!<9%)!)#$,M!6FK!2','(*113!&+'%,O)R!)#'3!('*113!&+,O)!

'70(*/'!?*)$.'!;7'($/*,%!*)!*11:!!

d?*)$.'!;7'($/*,!F)9&',)e!

5+7$,*,)!

X91)9('!

!E'4'(',/'!

b(+9-!

c,'!+4!)#'!)#$,2%!H!,+)$/'&!G*%!)#*)!*!1+)!+4!)#'!%)9&',)%!/+7'!

4(+7!%$)9*)$+,%@!G#$/#BBB)#'!J#$)'!%+/$')3BBB+(!7*$,%)('*7!

;7'($/*!.$'G%!&$44'(',)13:!!

dF9--+()!F)*44e!

61*/'!

d;HWXXe!

I$(%)!+4!*11@!G'O('!)#'!+,13!%/#++1!4+(!#9,&('&%!+4!7$1'%!*(+9,&!

G$)#!*!%$2,$4$/*,)!?*)$.'!-+-91*)$+,!)#*)!&+'%,O)!#*.'!*!?*)$.'!

;7'($/*,!D+9%':!F+BBB3+9!M,+GBB!)#'('O%!*!#92'!2*-!$,!%'(.$/'!

#'('!*,&!G#*)!%#+91&!0'!<9%)!*!,*)9(*1!-*()!+4!G#*)!G'!&+!

#'(':!

dI*/91)3Q;&7$,$%)(*)+(e!

! PO\(

! ! 5*)*!/+11'/)'&!*)!6FK!4+(!)#$%!('%'*(/#!%9--+()%!-('.$+9%!('%'*(/#!/$)'&!$,!

)#'!1$)'(*)9('!$,&$/*)$,2!)#*)!$,%)$)9)$+,*1!%)(9/)9(*1!0*(($'(%!7*3!0'!*!%$2,$4$/*,)!

4*/)+(!#$,&'($,2!*/*&'7$/!*))*$,7',)!4+(!;7'($/*,!H,&$*,!%)9&',)%:!

! W.'(3+,'!H!$,)'(.$'G'&!*2(''&!)#*)!%+/$*1!/#*,2'!4+/9%'&!+,!$7-(+.$,2!)#'!

/#*,/'%!4+(!;7'($/*,!H,&$*,!*/*&'7$/!%9//'%%!*)!6FK!79%)!%)*()!G$)#!)#'!6FK!

*&7$,$%)(*)$+,:!F+7'!&$%/9%%'&!$)!$,!)'(7%!+4!)#'!$,%)$)9)$+,*1!7$%%$+,:!

!

%?9<8<@<8>?=D(4=;;8:;9!

! ;!.')'(*,!-(+4'%%+(!%-'*M%!+4!)#'!#$%)+(3!+4!)#'!;7'($/*,!H,&$*,!/+11'2'!

'L-'($',/'!*)!6FK!%-'/$4$/*113@!#+G!)#*)!/+11'2'!'L-'($',/'!#*%!0'',!*!-(+&9/)!+4!*,!

$,%)$)9)$+,*1$g'&!%)(9/)9('a!

H!)#$,M!)#*)!$,%)$)9)$+,*1!/#*,2'!$%!$,!+(&'(@!09)!$%!.'(3!&$44$/91)!0'/*9%'!)#$%!$%!

)#'!G*3!$)O%!*1G*3%!0'',:!b','(*)$+,%!G+()#!+4!H,&$*,!-'+-1'!0'$,2!<9%)!*!01$-!

+,!)#'!%/('',@!+(!,+)!+,!)#'!%/('',!+(!)*,2',)$*1!+(!-'($-#'(*1@!+(!

%90+(&$,*)'@!+(!G#*)'.'(!3+9!G*,)!)+!/*11!$):!H)O%!-('))3!#*(&!)+!9,1'*(,!)#*):!

"#'('O%!,+!7+&'1!4+(!$)!$,!)#'!'&9/*)$+,*1!'L-'($',/'%!+4!7+%)!6#:5:%:!"#'3O.'!

<9%)!0*%$/*113!2+,'!)#(+92#!)#'$(!.*($+9%!%3%)'7%!G$)#+9)!79/#!+4!*,!$,)'('%)!

$,!&$.'(%$)3:!5$.'(%$)3!$,!2','(*1@!1')!*1+,'!&$.'(%$)3!+4!;7'($/*,!H,&$*,%:!

!

H!)#$,M@!#$%)+($/*113@!)#'!9,$.'(%$)3!#*%!0'',!('*/)$.'!(*)#'(!)#*,!-(+*/)$.':!

;,&!%+!)#'('O%!0'',!89$)'!*!4'G!)#$,2%!$,!('%-+,%'!)+!*//('&$)*)$+,!('-+()%!

*,&!*//('&$)*)$+,!)'*7%!/+7$,2!#'('!*,&!'.*19*)$,2!-(+2(*7%@!*,&!%+!4+()#@!

?+()#!X',)(*1!*,&!+)#'(G$%'p'.*19*)$,2!-(+2(*7%!*,&!-+$,)$,2!+9)!)#*)!G'!

,''&!7+('!&$.'(%$)3!'7-#*%$%:!F+@!G'O.'!0'',!0'#$,&!)#'!/9(.'!4+(!*%!7*,3!

3'*(%!*%!HO.'!0'',!#'(':!

!

V9)!#$%)+($/*113@!#'('@!1$M'!+)#'(!-1*/'%@!$)O%!0'',!7+%)13!('*/)$.':!;,&!)#'!

-(+01'7@!+4!/+9(%'@!G$)#!)#*)!$%!)#*)!3+9!/*,O)!$,%)$)9)$+,*1$g'!/#*,2'!)#*)!

G*3!0'/*9%'!$)O%!%+7')#$,2!)#*)!1++M%!7$,$7*113!%*)$%4*/)+(3!+,!-*-'(!09)!$)!

&+'%,O)!49,&*7',)*113!/#*,2'!)#'!$,%)$)9)$+,p*,&!%+@!$4!3+9O('!2+$,2!0'!

-(+*/)$.'@!H!)#$,M!3+9!#*.'!)+!('B)#$,M!)#'!G#+1'!%3%)'7!*,&!7*M'!/#*,2'%!

! PPO(

)#*)!*('!)(913!4+9,&*)$+,*1!%+!)#*)!3+9!*('!,+)!+,13!*//+77+&*)$,2!&$.'(%$)3@!

09)!G'1/+7$,2!$)!*,&!$77'(%$,2!$,!$)!*,&!1'*(,$,2!4(+7!$):!

!

! E'2*(&$,2!)#'!S*,&!b(*,)!C$%%$+,!+4!)#'!9,$.'(%$)3@!)#'!%*7'!-(+4'%%+(!

/+,)$,9'%a!

:!:!:!H)O%!0'',!*!21*($,2!+7$%%$+,!*/)9*113@!)#*)!)($0*1!M$&%!#*.'!0'',!9,&'(!

%'(.'&:!

!

:!:!:!K,$.'(%$)3!*&7$,$%)(*)$+,@!*%!*!%)(9/)9('!4(+7!)#'!)+-!&+G,@!&+'%,O)!

&$('/)13!)*M'!('%-+,%$0$1$)3@!*%!*!-($+($)3@!4+(!*&&('%%$,2!$%%9'%!+4!&$.'(%$)3@!

-*()$/91*(13!('1*)'&!)+!?*)$.'!%)9&',)%@!09)!(*)#'(@!)#*)!('%-+,%$0$1$)3!4*11%!)+!

$,&$.$&9*1!-+/M')%@!+(!',/1*.'%!G$)#$,:!H)O%!%*4'!)+!%*3!)#*)!)#(+92#!)#'!3'*(%@!

)#'!/',)(*1!*&7$,$%)(*)$+,!#*.'!0'',!('*/)$.'!(*)#'(!)#*,!-(+*/)$.':!

F+7')$7'%!('%-+,%$.'!)+!G#*)!%+7'!+4!9%!*('!&+$,2!*,&!*%M$,2!4+(@!09)!

(*('13!*('!$,$)$*)+(%:!WL/'-)!4+(!2$.$,2!1$-!%'(.$/'!)+!$)@!+4!/+9(%':!"#'3!*('!

('*113@!('*113!2++&!*)!)#*):!

( ( ( (

! c,'!9,$.'(%$)3!*&7$,$%)(*)+(!*&&('%%'%!$%%9'%!/+,/'(,$,2!)#'!#$%)+(3!+4!6FK!

*,&!('7*$,$,2!0*(($'(%!)+!;7'($/*,!H,&$*,!*/*&'7$/!*))*$,7',)!4(+7!*,!

$,%)$)9)$+,*1!-'(%-'/)$.'a!

H!&+,O)!M,+G@!%)(9/)9(*113@!*,&!HO7!)*1M$,2!+(2*,$g*)$+,*113@!$4!G'O.'!89$)'!

1*,&'&!+,!)#'!0'%)!+(2*,$g*)$+,!)+!G+(M!G$)#!&$.'(%$)3:!F+@!H!)#$,M!G'O('!

%$1+'3@!$4!)#*)!7*M'%!%',%':!o+9!M,+G!G'!1$.'!$,!+9(!1$))1'!%$1+%@!*,&!H!&+,O)!

)#$,M!G'!#*.'!',+92#!/(+%%!$,)'2(*)$+,!#*--',$,2!G$)#!+9(!G+(M:!S')!7'!

2$.'!3+9!*,!'L*7-1'f!H!&+,O)!M,+G!#+G!G'11!;&7$%%$+,%!2+'%!+9)!*,&!('/(9$)%!

?*)$.'!;7'($/*,!%)9&',)%:!H!&+,O)!)#$,M!)#'3!*('!&+$,2BBBH!-(+0*013!%#+91&,O)!

%*3!)#$%!09)pH!)#$,M!G'!/+91&!$7-(+.'!:!:!:!;&7$%%$+,%!+44$/'!)#*)!$%!,+)!&+$,2!

.'(3!79/#:!F+!)#*)O%!*,!'L*7-1'!G#'('!H!7'*,@!H!&+,O)!M,+G!+(2*,$g*)$+,*113@!

$4!G'O('!('*113!G+(M$,2!*/(+%%!)#'!G*3!G'!%#+91&!*,&!$4!G'!#*.'!'.'(30+&3!

+,!0+*(&:!

!

F+7')$7'%!H!)#$,M!G'!2')!%+!/+74+()*01'!G+(M$,2!$,!+9(!1$))1'!('*17!+4!)#'!

/*7-9%!G+(1&p)#*)!G'O('!,+)!&+$,2!',+92#!)+2')#'(!:!:!:!G'!#*.'!2+)!)+!&+!*!

0'))'(!<+0!+4!0($,2$,2!*/*&'7$/%!*,&!%)9&',)!*44*$(%!)+2')#'(:!"#'3!M$,&!+4!

+-'(*)'!$,!)#'$(!+G,!1$))1'!G+(1&%!($2#)!,+G:!F+!)#*)O%!*,!6FK!-(+01'7:!;,&!$)!

$7-*/)%!#+G!G'11!G'!&+!+9)!)#'('!G$)#!('/(9$)$,2!*,&!*/)9*113!%'(.$/$,2!

%)9&',)%!G#',!)#'3!/+7'!#'(':!

!

! PPP(

! "#'!$%%9'!+4!6FK!/+77$)7',)!)+!7$,+($)3!('/(9$)$,2!$%!+,'!)#*)!G*%!

/+,)$,9+9%13!89'%)$+,'&!03!*11!$,)'(.$'G''%@!$,/19&$,2!*&7$,$%)(*)+(%@!4*/91)3!*,&!

%)*44:!!c,'!*&7$,$%)(*)$.'!%)*44!7'70'(!%-'*M%!4(*,M13!*0+9)!-($+($)3@!#$%)+($/*113@!

4+(!7$,+($)3!%)9&',)!('/(9$)7',)@!$,/19&$,2!('/(9$)$,2!?*)$.'!;7'($/*,!%)9&',)%a!

J'!&+,O)!#*.'!*!.'(3!'L)',%$.'pd%$2#e!('/(9$)$,2!-(+2(*7:!J'!&+,O)!#*.'!

.'(3!'L)',%$.'!$,4+(7*)$+,!4+(!7$,+($)3!%)9&',)%:!!:!:!:!V9)!H!4''1!1$M'!*)!6FK@!

G'!G'('!,+)!('*113!2'))$,2!)#*)!4(+7!*,3G#'('!'1%'@!3+9!M,+Gk!!:!:!:!J'O('!,+)!

('*113!2'))$,2!)#*)!-9%#!4(+7!*,3G#'('!%+!G'O('!,+)!&+$,2!$):!

!

! c,'!4*/91)3!7'70'(!#*%!G+(M'&!)+G*(&!',#*,/$,2!&$.'(%$)3!*)!6FK!4+(!

&'/*&'%:!;7+,2!#$%!7*,3!-*%%$+,%!G*%!G+(M$,2!)+G*(&!*,!',#*,/'&!*--('/$*)$+,!

4+(!?*)$.'!;7'($/*,!%)9&',)%@!*,&!*,!*--('/$*)$+,!4+(!$,&$2',+9%!/91)9('!*%!*,!*%%')!

)+!)#'!9,$.'(%$)3:!!

HO7!+4!)#'!.$'G!)#*)!G'!*('!,+)!4914$11$,2!+9(!7$%%$+,!*,&!-9(-+%'%!.'(3!G'11:!

J'!,''&!)+!('*113!4+/9%!+,!)#*)!*,&!&+!*!0'))'(!<+0!+4!$):!V9)!$)O%!)#'(':!H)O%!$,!

)#'!7$%%$+,:!H)O%!G#*)!G'!*('!)+!0'!&+$,2:!J'!*('!)+!0'!7*M$,2!+9(!$,%)$)9)$+,!

*)!1'*%)!('41'/)!)#'!&$.'(%$)3!)#*)O%!G$)#$,!+9(!+G,!%)*)'@!0'/*9%'!G'!*('!)+!

'70(*/'!*11!+4!)#'!-+-91*)$+,:!V9)!G'!*1%+!,''&!)+!('/(9$)!$,&$.$&9*1%!$,)+!

#$2#'(!'&9/*)$+,!)+!-(+.$&'!)#+%'!&$.'(%$)3!'L-'($',/'%:!!

!

I+(!'L*7-1'@!)#'('!*('!#$2#!%/#++1%!)#(+92#+9)!)#'!('%'(.*)$+,%!)#*)!*('!

,'.'(!.$%$)'&!03!6FK!'.',!)#+92#!)#'!,+,B,*)$.'!%/#++1%!*('!*11!.$%$)'&!03!

6FK:!"#'!.$'G!)#*)O%!0'',!-('%',)'&!)+!7'!$%!)#*)!)#'!3$'1&!+4!%)9&',)%!G#+!

*/)9*113!G$11!/+7'!)+!6FK!$%!%7*11@!*,&!)#*)!49,&%!4+(!('/(9$)7',)!*('!0'))'(!

%-',)!'1%'G#'(':!!

!

F+pH!)#$,M!)#*)!)#'('!$%!*,!$77'&$*)'!/+,41$/)!)#'('!G$)#!+9(!7$%%$+,:!"#'!

*&7$%%$+,%!+44$/'!%''7%!)+!0'!1++M$,2!7+('!)+G*(&!)+)*1!,970'(%@!G#$1'!)#'!

7$%%$+,!+4!)#'!9,$.'(%$)3!$%!1++M$,2!)+G*(&!%'(.$,2!*11!+4!)#'!-'+-1':!;,&!

)#+%'!)G+!7$%%$+,%@!)#+%'!)G+!*--(+*/#'%!#*.'!,+)!3')!0'',!-(+-'(13!

$,)'2(*)'&!$,!73!.$'G:!!

!

"#'!*&7$,$%)(*)$+,@!$,!73!+-$,$+,@!,''&%!)+!0+)#!0'))'(!49,&!*,&!0'))'(!$,%$%)!

)#*)!7$,+($)3!%)9&',)%!0'!('/(9$)'&!*,&!(')*$,'&:!"#*)!$%@!)#'('!,''&%!)+!0'!

&$('/)$+,!4(+7!#$2#'(!*&7$,$%)(*)$+,!)#*)!7$,+($)3!%)9&',)%!*('!('/(9$)'&!

! PPN(

*,&!)#*)!49,&$,2!0'!-(+.$&'&!4+(!)#*)!-9(-+%':!J'!#*.'!7$,$7*1!49,&%!

&$('/)'&!)+!)#*)!'44+()!($2#)!,+G:!!F+p)#'!*&7$,$%)(*)$+,!&'4$,$)'13!G*,)%!)+!

%''!$)!#*--',p09)!)#'!+($',)*)$+,!)+G*(&%!7*M$,2!$)!#*--',!<9%)!&+'%,O)!

%''7!)+!#*.'!7*)'($*1$g'&!*%!3'):!

!

"#'3!%''!$)!*%!*!-(+01'7@!09)!,+)!+,'!)#*)!)#'3!G*,)!)+!%-',&!*!1+)!+4!7+,'3!

+,:!c(!'.',!.'(3!79/#!7+,'3!+,:!H)O%!*!-(+01'7!)#*)O%!0'',!*%%$2,'&!)+!

+)#'(%!G#+!*('!9,&'(!49,&'&!*,&!#*.'!&$44$/91)3!7*M$,2!$)!#*--',!:!:!:!!F+!$)!

2')%!/+7-1$/*)'&!7*M$,2!)#'%'!)#$,2%!#*--',:!V9)!H!G+91&!%*3!)#'!

*&7$,$%)(*)$+,!<9%)!#*%,O)!-(+-'(13!49,&'&!+(!&$('/)'&!$)!)+!#*--',:!V9)!$4!3+9!

)*1M!G$)#!*,3!*&7$,$%)(*)+(@!)#'3O11!)'11!3+9!&$.'(%$)3!$%!$7-+()*,)!*,&!)#'3O&!

1$M'!)+!%''!7+('!+4!$):!"#'3!*('!<9%)!,+)!7*M$,2!$)!#*--',:!H)O%!,+)!*!.'(3!#$2#!

-($+($)3:!"+)*1!,970'(%!%*&13!%''7%!)+!0'!*!#$2#'(!-($+($)3!)#*,!&$.'(%$)3!

G$)#$,!)#+%'!,970'(%:!

!

! H)!89$/M13!0'/+7'%!*--*(',)!)#*)!+,'!+4!)#'!0*(($'(%!)+!*/*&'7$/!*))*$,7',)!

4+(!;7'($/*,!H,&$*,!%)9&',)%!#*%!$)%!2','%$%!$,!)#'!&$.'(2',)!.$'G-+$,)%!/+,/'(,$,2!

G#*)!)#'!-($+($)$'%!*('!$,!*&&('%%$,2!&$.'(%$)3!$%%9'%:!C+('!%-'/$4$/*113@!#+G!)#'!

+44$/$*1!9,$.'(%$)3!-+1$/3!*&&('%%'%!;7'($/*,!H,&$*,!%)9&',)%!G$)#$,!)#'!+.'(*11!

$%%9'!+4!&$.'(%$)3!#*%!*!&$('/)!$7-*/)!+,!)#'!?*)$.'!;7'($/*,!/+11'2'!'L-'($',/':

! ;,+)#'(!9,$.'(%$)3!*&7$,$%)(*)+(!&$%/9%%'%!)#'$(!-'(%-'/)$.'!+,!&$.'(%$)3!

*,&!'.',!)#'!&'4$,$)$+,!+4!)#'!)'(7:!X1'*(13@!$)!$%!*!0(+*&!$%%9'!)#*)!'L)',&%!0'3+,&!

)#'!-*(*7')'(%!+4!)#$%!('%'*(/#a!!

H!)#$,M!$)!G*%!.'(3!$,)'('%)$,2!)+!7'p*,&!H!)#$,M!$)O%!%)$11!*!%)9701$,2!01+/M@!

)+!('*113!&'4$,'!NG#*)O%!&$.'(%$)3O:!o+9!M,+GB%+7'!-'+-1'!*('!.'(3!-*%%$+,*)'!

)#*)!$)!$,/19&'%!'.'(3)#$,2@!')#,$/$)3@!%'L9*1!-('4'(',/'@!)#'!G#+1'!2*79)@!

$,/19&$,2!2',&'(:!;,&!)#'('!*('!+)#'(!-'+-1'!)#*)!('*113!G*,)!)+!,*((+G!$)!)+!

<9%)!')#,$/$)3@!*,&!)#*)!&+,O)!G*,)!)+!&'*1!%-'/$4$/*113@!G$)#!%'L9*1!

-('4'(',/'p)#*)O%!%9--+%'&!)+!0'!*!#+)-+$,)!4+(!%+7'!-'+-1':!V9)!H!<9%)!

4+9,&!)#*)!.'(3!/9($+9%:!C3!%',%'!*,&!73!*--(+*/#!$%!)#*)!&$.'(%$)3!$%!.'(3!

21+0*1@!*,&!)#*)!G'!,''&!)+!0'!('%-'/)491!+4!*11!-'+-1':!;,&!)#*)!)#*)!$,/19&'%!

,+)!+,13!3+9!M,+G@!-'+-1'!)',&!)+!4+/9%!+,!G#*)O%!'*%3@!G#$/#!$%!)#'!/+1+(!+4!

%+7'+,'O%!%M$,@!*,&!G'!%''7!)+!0'!*01'@!*%!*!%+/$')3@!)+!%''!G#*)O%!-+1$)$/*113!

/+(('/)!)#'(':!V9)!H!*1%+!)#$,M!)#*)!73!.$'G!$%!)#*)!G'!,''&!)+!0'!('%-'/)491!+4!

G+7',@!*,&!H!%)$11!)#$,M!)#'('!*('!$%%9'%!G$)#!2',&'(:!?+)!#'('@!09)!,*)$+,!

! PPV(

G$&'pH!7'*,!'.'(3G#'(':!!;,&!H!)#$,M!%'L9*1!-('4'(',/'!$%!*!7*<+(!$%%9':!

;,&!HO&!%*3!)#*)!G#',!3+9!)*1M!*0+9)!&$.'(%$)3!$,!6(*$($'!F)*)'@!+0.$+9%13!

G+(M$,2!G$)#!)#'!?*)$.'!;7'($/*,!-+-91*)$+,!$%!0$2!4+(!6(*$($'!F)*)'!0'/*9%'!

+4!)#'!,970'(!+4!('%'(.*)$+,%!*,&!+9(!7*M'!9-:!V9)!H!G+91&!)'11!3+9!)#*)!

%'L9*1!-('4'(',/'!$%!*,+)#'(!#+)!09))+,!$,!)#$%!%)*)':!;,&!)#*)!$%!*,!*('*!+4!

/+,/'(,!4+(!9%!G+(M$,2!G$)#!%)9&',)%!0'/*9%'!)#*)O%!*,+)#'(!7*<+(!-('<9&$/'!

)#*)!)',&%!)+!-+-!9-:!;,&!)#*)!&+'%,O)!7'*,!)#*)!3+9!2$.'!-('4'(',/'!)+!+,'!

*('*!+.'(!*,+)#'(@!09)!)#*)!3+9!,''&!)+!G+(M!+,!*11!*('*%!$4!G'O('!2+$,2!)+!0'!

*!/+779,$)3@!*!9,$.'(%$)3!)#*)O%!('%-'/)491!+4!*11!&$44'(',/':!!

!

! I(+7!*!5$('/)+(!+4!+,'!+4!)#'!%)9&',)!%9--+()!%'(.$/'%!+,!/*7-9%!/+7'%!

49()#'(!)'%)$7+,3!('2*(&$,2!)#'!/+,49%$+,!+4!G#*)!&$.'(%$)3!7'*,%@!G#+!$%!&'4$,'&!

*%!&$.'(%'@!*,&!G#'('!-($+($)$'%!1$'a!

H!)#$,M!)#'('!*('!-'+-1'!+,!)#$%!/*7-9%!G#+!&+,O)!$,/19&'!?*)$.'!;7'($/*,!

M$&%!*%!-*()!+4!)#'$(!+9)1++M!4+(!&$.'(%$)3:!J#$/#!$%!%$113:!J#',!3+9!1++M!*)!)#'!

-+-91*)$+,!+4!+9(!%)*)'@!H!7'*,!)#'!$,/('&$01'!G'*1)#!+4!-+)',)$*1!*0$1$)3!)#*)O%!

)#'('!$,!)#'!?*)$.'!M$&%p#+G!G'!/*,!,+)!1++M!+,!)#*)!*%!*!('%+9(/'!$%!

*%$,$,'@!)+!7'@!4(*,M13:!K7p09)!)#'('!*('!)#+%'!G#+!G*,)!)+!7*M'!&$.'(%$)3!

*!'9-#'7$%7!4+(!G+(1&13:!;#BG#+!NG*,)!M$&%!4(+7!A9G*$)!*,&!G'!G*,)!M$&%!

4(+7!?'-*1@!*,&!G'!G*,)!M$&%!4(+7!G#'('.'(:O!BB+,!)#'!+)#'(!%$&'!+4!)#'!

21+0'!0'/*9%'!)#*)!7*M'%!9%!*!7+('!G+(1&13!9,$.'(%$)3:!;,&!)#'('O%!%+7'!

)(9)#!)#'(':!H!7'*,!)#*)!*0%+19)'13!#*%!%+7'!G+()#!)#'(':!V9)!)+!/1+%'!+9)!+,'!

2(+9-!$,!4*.+(!+4!*,+)#'(@!M$,&!+4!&$449%'%!)#'!G#+1'!7'*,$,2!+4!)#'!G+(&!

&$.'(%':!

!

! ;!4*/91)3!7'70'(!G#+!#*%!('7*$,'&!.'(3!$,.+1.'&!G$)#!;7'($/*,!H,&$*,!

%)9&',)%!4+(!7*,3!3'*(%@!*&&('%%'%!)#'!$%%9'!+4!&$.'(%$)3!*,&!'L-('%%'%!&''-!

/+,/'(,a!

H!29'%%!$4!3+9!*('!*!?*)$.'!-'(%+,@!*!J#$)'!$,%)$)9)$+,!$%!,+)!*))(*/)$.'!)+!3+9!

'%-'/$*113!$4!)#*)!$,%)$)9)$+,!&+'%,O)!#*.'!*!2++&!('-9)*)$+,!*%!0'$,2!

G'1/+7$,2!*,&!.*19$,2!)#'!?*)$.'!/91)9(':!

!

F+7')$7'%@!3+9!2')!)#'!4''1$,2!)#*)pG'11!7*30'!$)O%!7+('!)#*,!*!4''1$,2p

%+7')$7'%!)#'!G+(&!&$.'(%$)3!$%!)#(+G,!*(+9,&!0'/*9%'!$)O%!-+1$)$/*113!

/+(('/)!*,&!$)O%!%+7')#$,2!)#*)!#*%!)+!0'!*&&('%%'&@!(*)#'(!)#*,!%+7')#$,2!

)#*)!$%!*&&('%%'&!0'/*9%'!$)O%!*!9,$.'(%*113!#'1&!.*19'BB!*&&('%%'&!4+(!)#'!

($2#)!('*%+,%:!

! PPW(

!

! ;!4*/91)3!7'70'(!G#+!#*%!*&7$,$%)'('&!*!%9//'%%491!-(+2(*7!4+(!?*)$.'!

%)9&',)%!&$%/9%%'&!#+G!)#'!9,$.'(%$)3!&'*1%!G$)#!&$.'(%$)3a!

H,!*!G+(&@!$,%944$/$',)13@!H!)#$,M!G'O.'!7*&'!*!1+)!+4!-(+2('%%@!09)!%)$11@!*!1+)!+4!

-'+-1'!&+!,+)!*--('/$*)'!)#'!%)(',2)#!*,&!)#'!0','4$)!)#*)!/+7'%!4(+7!#*.$,2!

&$.'(%'!4*/91)3!*,&!&$.'(%'!%)9&',)%!G#+!*('!*!-*()!+4!)#'!G#+1'!0$2!G+(1&!

G'!1$.'!$,:!H!G+91&!%*3!)#'('!$%!1'%%!+-',!(*/$%7@!09)!G'!%)$11!#*.'!*!1+)!+4!

'&9/*)$+,!)+!&+!G#',!3+9!#*.'!-'+-1'!G#+!#*.'!0'',!#'('!4+('.'(!$,!

1'*&'(%#$-!-+%$)$+,%!*,&!)#'3!('*113!&+,O)!9,&'(%)*,&!$)!:!:!:!;,&!)#'('!*('!%)$11!

*!1+)!+4!-'+-1'!#'('!G#+!#*.'!,'.'(!0'',!'L-+%'&!)+!u)+!M,+G!#+G!$)!/*,!

0','4$)!)#$%!$,%)$)9)$+,!*,&!)#'7!*%!)#'$(!+G,!-'(%+,:!

!

! c,'!-(+4'%%+(!&$%/9%%'&!*&7$,$%)(*)$.'!%9--+()!*%!49,&*7',)*1!)+!)#'!

$,%)$)9)$+,O%!7$%%$+,a!

!

"#'!4$(%)!)#$,2!)#*)!-+-%!$,)+!73!#'*&!*0+9)!)#*)!$%!)#'!M,+G1'&2'!)#*)!)#$%!$%!

*!1*,&!2(*,)!$,%)$)9)$+,!*,&!)#*)!"($0*1!X+11'2'%!#*.'!)#'!1*,&!2(*,)!%)*)9%!*%!

G'11:!;,&!)#*)!7'*,%!G'!%#+91&!*11!0'!$,!)#$%!)+2')#'(!*0+9)!9%$,2!+9(!

('%+9(/'%!)+!7*M'!-'+-1'!0'!0'))'(!)#(+92#!'&9/*)$+,:!!

!

! ;,+)#'(!4*/91)3!7'70'(!G#+!$%!-($7*($13!$,.+1.'&!G$)#!?*)$.'!;7'($/*,!

%)9&',)%!/+77',)%a!

"#$%!$%!*!S*,&!b(*,)!$,%)$)9)$+,:!;,&!$)!$%!%$2,$4$/*,)!)+!%*3!)#*)!$,!)#$%!%)*)'@!

G'!#*.'!,$,'!('%'(.*)$+,%@!*,&!)#+%'!('%'(.*)$+,%!+//9-3!ZU!-'(/',)!+4!+9(!

1*,&!7*%%!:!:!:!H4!+9(!7$%%$+,!$%!)+!%'(.'!)#'!-'+-1'!+4!)#'!%)*)'@!*,&!G'!&+,O)!

2')!)#*)!)#+%'!-'+-1'!$,!)'(7%!+4@!/'()*$,13!-'+-1'!+4!/+1+(!*('!;7'($/*,!

H,&$*,!-'+-1'!*,&!)#*)!$%!+9(!/*11$,2@!)#',!G'O.'!('*113!%+()!+4!7$%%'&!)#'!

0+*):!

!

H4!+9(!7$%%$+,!$%!%'(.$,2!)#'!-'+-1'!+4!)#'!%)*)'@!G'!#*.'!*!2$2*,)$/!

9,&'(%'(.'&!-+-91*)$+,@!($2#)!#'('@!G#+!*('@!$,!)'(7%!+4!)#'!9,$.'(%$)3@!G#+!

*('!+9(!,'$2#0+(%!:!:!:!+9(!4(+,)!3*(&%!<+$,!'*/#!+)#'(:!;,&!4+(!*!1*(2'!-*()!+4!

+9(!#$%)+(3@!)#'!#$%)+(3!+4!6FK@!*,&!)#'!%3%)'7!+4!#$2#'(!'&9/*)$+,@!)#'!2*)'%!

#*.'!0'',!/1+%'&!)+!+9(!,'$2#0+(%:!;,&!%+@!)+!7'@!$)O%!*!)+)*1!,+B0(*$,'(:!H)O%!

)+)*113!+0.$+9%!)#*)!/+11*0+(*)$+,!G$)#!;7'($/*,!H,&$*,!/+779,$)$'%!*,&!

%'(.$/'%!)+!;7'($/*,!H,&$*,!%)9&',)%!$%!4$(%)!*,&!4+('7+%)!$,!)#'!7$%%$+,!+4!

)#$%!9,$.'(%$)3!*,&!G#*)!G'!&+!#'(':!

!

!

! PPX(

I>>;(U8KF(-HF>>D(I;:C=;=<8>?(((

(

( X+,2(9',)!G$)#!4$,&$,2%!4(+7!-('.$+9%!('%'*(/#@!#$2#!%/#++1!-('-*(*)$+,!

G*%!*!/+77+,!0*(($'(!)+!/+11'2'!%9//'%%!7',)$+,'&!03!*&7$,$%)(*)+(%@!4*/91)3@!%)*44@!

*,&!%)9&',)%!*)!6FK:!!

! ;!?*)$.'!;7'($/*,!9--'(!/1*%%7*,@!G+(M$,2!)+G*(&!*!7*<+(!$,!C*)#!%-'*M%!

+4!#$%!'L-'($',/'!$,!#$2#!%/#++1!$,!*!('%'(.*)$+,!)+G,a!

C3!-*(',)%!0+)#!)*92#)!*,&!)#'3!%',)!7'!)+!d6901$/!%/#++1e!<9%)!0'/*9%'!)#'!

'&9/*)$+,!)#'('!G*%pG'11!)#'$(!7*)#!*,&!%/$',/'!-(+2(*7%!*('!G*3!0'))'(!

)#*,!d"($0*1!%/#++1O%e:!d"($0*1!%/#++1O%e!#$2#'%)!7*)#!/1*%%!$%!2'+7')(3@!G#$/#!

$%!($&$/91+9%13!1+G!$4!3+9!#*&!*,3!#+-'%!+4!0'/+7$,2!*,!',2$,''(:!X9g!3+9!

,''&BX*1/!*,&!"($2p09)!*,3G*3%!H!7'*,!97p*)!d6901$/!%/#++1e@!$)O%!1$M'!*,!

9-#$11!0*))1':!!J#',!3+9!2+!$,)+!*!/1*%%(++7@!3+9O('!,+)!'.',BB)'*/#'(%!&+,O)!

'.',!1++M!*)!*11!)#'!%)9&',)%!'89*113:!;,&!HO7!,+)!%*3$,2!)#*)!*11!+4!)#'!

)'*/#'(%!*('!1$M'!)#$%@!09)!7+%)!+4!)#'7!*(':!;,&!0'$,2!?*)$.'BB3+9!('*113!

#*.'!)+!-(+.'!3+9(%'14!)#'(':!H!7'*,@!+,/'!3+9!*('!/+,%$%)',)13!+,!)#'$(!;!+(!

V!#+,+(!(+11@!)#',!)#'3!G$11!%)*()!)+!('%-'/)!3+9@!09)!3+9!#*.'!)+!&+!)#*)!

'.'(3G#'('!3+9!2+!*)!d6901$/!%/#++1e!:!:!:!

!

! ;,+)#'(!9--'(!/1*%%7*,!G+(M$,2!)+G*(&!*!&'2(''!$,!E*,2'!F/$',/'!('/*11%!

#$%!)($0*1!#$2#!%/#++1!'L-'($',/'!$,!*!&$44'(',)!('%'(.*)$+,!)+G,a!

H!/*,!('7'70'(!$,!73!4+9(!3'*(%!)#'('@!)#'!%)*44!G+91&!%'1'/)!/'()*$,!

%)9&',)%!)#*)!G'('!&+$,2!2++&!*/*&'7$/*113!*,&!)#'3!G+91&!%+1'13!

/+,/',)(*)'!)#'$(!'44+()%!+,!)#+%'!%)9&',)%:!"#'!('%)!+4!)#'7!-(+0*013!2+)!1'4)!

0'#$,&:!;,&!%+!G#',!)#'3BBB!d-*9%'%!*,&!/+92#%e!;1($2#)@!HO11!-9)!$)!)#$%!G*3:!

J#',!H!G*%!*!4('%#7*,@!G'!#*&!*0+9)!T_U!%)9&',)%!$,!73!/1*%%:!J#',!G'!

2(*&9*)'&p)#'('!G*%!+,13!\]!+4!9%!)#*)!2(*&9*)'&:!"#'!('%)!+4!)#'7!'$)#'(!

4'11!0*/M!0'/*9%'!)#'!)'*/#'(%!<9%)!G'(',O)!2$.$,2!)#'!)$7'!+4!)#'!&*3!)+!

*/)9*113!#'1-!)#'7!G$)#!)#'$(!%)9&$'%p7*M$,2!%9('!)#*)!)#'3!1'*(,'&!)#'!

7*)'($*1!4+(!)#'!/1*%%'%p*11!+4!)#*):!K777p*!1+)!+4!)'*/#'(%!G+91&!(*)#'(!

#*.'!+,'!+4!)#'!2++&!%)9&',)%p)#'!+,'%!)#*)!G'('!2'))$,2!;%!*,&!V%!/+7'!$,!

*4)'(!%/#++1!*,&!&+!'L)(*!%)944!4+(!/1*%%'%!*,&!'*(,!)#'!'L)(*!/('&$)!+(!

G#*)'.'(:!F+!*!1+)!+4!%)9&',)%pH!#*&!*!/+9-1'!4($',&%!G#+!<9%)!)#+92#)f!

NG#*)O%!)#'!-+$,)!+4!0'$,2!$,!%/#++1kO!NJ#*)O%!)#'!-+$,)!+4!2+$,2!)+!/+11'2'kO!

"#+%'!)'*/#'(%!&+,O)!/*('!*0+9)!9%!:!:!:!*,&!+9)!+4!)#'!\]!+4!9%!)#*)!2(*&9*)'&f!

+,13!TZ!+4!9%!G',)!+,!)+!/+11'2':!

! PPY(

!

! ;!?*)$.'!2(*&9*)'!%)9&',)!('/+9,)%!#'(!'L-'($',/'!*)!*!)($0*1!('%'(.*)$+,!

#$2#!%/#++1a!

H!*/)9*113!G',)!)+!d"($0*1!%/#++1e@!G#'('!)#'!#$2#'%)!7*)#!G*%!2'+7')(3:!

"#'3!+44'('&!;12'0(*!Z!+,1$,'!G$)#!1$M'!*11!+4!6(*$($'!F)*)'@!09)!$)!G*%!

($&$/91+9%!0'/*9%'!)#'!)'*/#'(!G+91&!*1G*3%!0'!/*11$,2!d"($0*1!F/#++1e!+9):!!

"#'3O&!0'!1$M'f!Nd"($0*1!%/#++1e@!3+9!*('!)G+!/#*-)'(%!0'#$,&:O!J'!G'('!1$M'f!

NJ'O('!)(3$,2!)+!)'*/#!+9(%'1.'%!)#*,M%:O!F+!H!G',)!)+!/+11'2'!)'(($4$'&!+4!*,3!

7*)#!+(!%/$',/'!/+9(%'%:!!

!

! F+7'!%)9&',)%!%-'/91*)'!)#*)!+,'!4*/)+(!1'*&$,2!)+!%90%)*,&*(&!#$2#!%/#++1!

'&9/*)$+,!*)!('%'(.*)$+,!#$2#!%/#++1%!%)'7%!4(+7!*!0*&!4$)!0')G'',!('%'(.*)$+,!#$2#!

%/#++1%!*,&!-'(%+,*1!)(*$)%!)#*)!%+7'!,+,BH,&$*,!)'*/#'(%!0($,2!)+!)#+%'!%/#++1%:!

c,'!%#*('&!#$%!-'(%-'/)$.'a!

"'*/#'(%!)#'('!*('!)'(($4$'&!)+!)'*/#!*)!)($0*1!%/#++1%:!F+7')$7'%!G#',!H!&+!

2+!03!d"($0*1!%/#++1e!+(!HO11!2+!*,&!)*1M!)+!73!7+7@!)#'!)'*/#'(%p)#'3!<9%)!

#*.'!)#'!#*(&'%)!)$7'!/+779,$/*)$,2!G$)#!?*)$.'%:!"#'3!<9%)!#*.'!*!#+(($01'!

)$7':!H!&+,O)!M,+G!G#'('!)#'!$,)'(*/)$+,!0('*M%!&+G,:!H!&+,O)!M,+G!G#*)!)#'!

/*9%'!*,&!'44'/)%!*(':!H!&+,O)!M,+G!$4!$)O%!0'/*9%'!3+9!#*.'!*!09,/#!+4BBB

0*%$/*113@!*!09,/#!+4!J#$)'!-'+-1'!3+9!M,+Gp$)O%!G#*)!G'O('!4$2#)$,2!G$)#!

#'('!*)!6FK!u)#'3!<9%)!('*113!&+,O)!M,+G!)#'!/91)9(':!"#'3!<9%)!('*113!&+,O)!

M,+G!?*)$.'!;7'($/*,!-'+-1':!"#'3!<9%)!&+,O)!M,+G!#+G!)+!&'*1!G$)#!)#'7:!

;,&!)#'3!#*.'!<9%)!#92'!-(+01'7%!)(3$,2!)+!)'*/#!)#'7!*,3)#$,2!0'/*9%'!

)#'3!&+,O)!/1$/M!1$M'!)#*):!

!

;!1+)!+4!)'*/#'(%!G$11!2+!)#'('!*,&!<9%)!2')!)#'$(!)$7'!$,:!;,&!)#',!N0++7O!+,/'!

)#'$(!)$7'!$%!$,@!)#'3O('!+9)!+4!)#'(':!;,&!&9($,2!)#*)!)$7'@!)#'3!&+,O)!)*M'!)#'!

$,$)$*)$.'p)#*)O%!*11!)#'3!*('!)#'('!4+(!$%!<9%)!*!<+0:!"#'3!&+,O)!)*M'!)#'!)$7'!

)+!2')!)+!M,+G!)#'!/91)9('@!+(!M,+G!)#'!*('*:!!!

!

! ;2(''7',)!*7+,2!)#'!%)9&',)%!$,&$/*)'%!)#*)!)#$%!$%!*!/+77+,!'L-'($',/'!

4+(!%)9&',)%!*))',&$,2!('%'(.*)$+,!#$2#!%/#++1%:!;,+)#'(!%)9&',)!('/*11%!#'(!

'L-'($',/'!+4!/+,41$/)!0')G'',!?*)$.'!%)9&',)%!*,&!,+,B?*)$.'!4*/91)3a!

! PPZ(

o'*#@!H!)#$,M!G'!#*&!-'+-1'!1$M'!)#*)!)++:!S$M'!)#'3!G+91&!<9%)!0'!)#'('!4+(!*!

1$))1'!0$):!S$M'!H!*/)9*113!G',)!$,)+!/+11'2'!M,+G$,2!)#*)!73!29$&*,/'!

/+9,%'1+(!G(+)'!73!/+11'2'!*!1'))'(!%*3$,2f!NF#'O%!,+)!2+,,*!7*M'!$):O!NH!&+,O)!

)#$,M!%#'O%!-('-*('&!4+(!)#'!/+9(%'%!3+9O('!2+$,2!)+!0'!+44'($,2!#'(p*,&!H!

&+,O)!)#$,M!)#*)!3+9!%#+91&!*//'-)!#'(:O!;,&!%+!H!G*%!1$M'@!NcM*3:O!;,&!73!

-*(',)%!G'('!1$M'@!NH2,+('!)#*):O!NF#'O%!%+7'!J#$)'!G+7*,p<9%)!$2,+('!#'(@!

3+9!/*,!&+!$):O!

!

! ;,+)#'(!%)9&',)!4(+7!*!(9(*1!('%'(.*)$+,!/+779,$)3!*))',&'&!*!('%'(.*)$+,!

#$2#!%/#++1:!D'!('/*11'&!)#'!/+,41$/)!0')G'',!;7'($/*,!H,&$*,!%)9&',)%!*,&!#$2#!

%/#++1!4*/91)3a!

"#'('!G'('!%)9&',)%!&+G,!)+!dE'%'(.*)$+,)+G,e!)#*)!G'('!)#'!%*7'!G*3@!

09)!$)!G*%!)#'!*))$)9&'!+4!)#'!%)*44pG'11!4+(!+,'f!)#'3!&$&,O)!1$.'!($2#)!$,!

dE'%'(.*)$+,)+G,e:!"#'3!/*7'!4(+7!dV+(&'()+G,!rTe@!3+9!M,+Gp

dV+(&'()+G,!rTe!*,&!dV+(&'()+G,!rZe!*('!M,+G,!4+(!d-*9%'e!)#'!

dV+(&'()+G,!rZe!F/#++1!5$%)($/)!$%!M,+G,!4+(!#*)$,2!)#'$(!+G,!H,&$*,!

%)9&',)%!$,!)#'!%/#++1!&$%)($/):!H!)#$,M!*!1+)!+4!)'*/#'(%!4(+7!dV+(&'()+G,!rZe!

*,&!dV+(&'()+G,!rTe@!0+)#!)+G,%@!&+,O)!1$M'!H,&$*,%:!F+!+0.$+9%13!)#'3O('!

2+$,2!)+!#*.'!)#*)!*))$)9&':!;,&!$)O%!G'$(&!4+(!)#'7@!/+7$,2!4(+7!)#+%'!)+G,%@!

)+!)'*/#!*)!*!%/#++1!+,!*!('%'(.*)$+,@!G#'('!`]!-'(/',)!+4!)#'!%)9&',)%!*('!

H,&$*,:!

!

! J#*)'.'(!)#'!/*9%'@!'.'(3!%)9&',)!H!$,)'(.$'G'&!*2(''&!)#*)!)#'('!$%!*!

&$44'(',/'!$,!)#'!89*1$)3!+4!'&9/*)$+,!0')G'',!('%'(.*)$+,!#$2#!%/#++1%!*,&!

7*$,%)('*7!#$2#!%/#++1%:!F+7'!+4!)#'!?*)$.'!%)9&',)%!H!$,)'(.$'G'&!*))',&'&!

7*$,%)('*7!#$2#!%/#++1%!*,&!&$&!,+)!'L-'($',/'!)#'!%*7'!'&9/*)$+,*1!&'4$/$)!9-+,!

',)'($,2!/+11'2':!"#$%!7*3!$,&$/*)'!)#*)!)#'!-(+01'7!$%!G$)#!('%'(.*)$+,!%/#++1%!*,&!

,+)!G$)#!;7'($/*,!H,&$*,!%)9&',)%:!!

! c,'!?*)$.'!;7'($/*,!6FK!%)9&',)!#*&!#$2#!%/#++1!'L-'($',/'!$,!0+)#!

7*$,%)('*7!*,&!('%'(.*)$+,!#$2#!%/#++1%:!F#'!('/*11%!)#'!&$44'(',/'!*,&!)#'!'44'/)%!

)#*)!&$44'(',)$*1!89*1$)3!#*.'!+,!?*)$.'!%)9&',)%!4(+7!('%'(.*)$+,!%/#++1%a!

! PP[(

H!G',)!)+!%/#++1!$,!*!/$)3!%/#++1!$,!E*-$&!X$)3:!F+!H!4$,$%#'&!)#*)!/$)3!

/9(($/9197!%+!H!G',)!)+!d"($0*1e!D$2#!F/#++1!+,!)#'!('%'(.*)$+,:!;,&pH!G*%!

$,.+1.'&!$,!*/)$.$)$'%!(*,2$,2!4(+7!&(*7*!)+!0*%M')0*11@!)+!(9,,$,2!*,&!

'.'(3)#$,2!*)!)#'%'!J#$)'!%/#++1%:!;,&!)#',!H!G',)!)+!d"($0*1e!*,&!H!G*%!

$,.+1.'&!)#'('!)++:!V9)@!H!/+91&!%''!*!0$2!&$44'(',/'!$,!)#'!*)7+%-#'('p*,&!

<9%)!G#*)!)#'3!&+!%+/$*113!*,&!)#'!G*3!)#'3!/+779,$/*)'@!*,&!)#'!G*3!+4!

&('%%@!H!7'*,!'.'(3)#$,2!G*%!<9%)!%+!&$44'(',)!4(+7!)#*)!J#$)'!%+/$')3:!;,&!

)#',!H!)#$,M!G#',!M$&%!2')!#'('@!)#'3!4''1!1$M'!%9/#!*,!+9)/*%)!:!:!:!!V9)!97p

)#'!('%'(.*)$+,!%/#++1%!G'('!<9%)!,+)!9-!)+!-*(:!;,&!)#*)!$%!.'(3!#*(&!0'/*9%'!

3+9!#*.'!%)9&',)%!/+7$,2!#'('!)#*)!/+91&!7*30'!('*&!+M*3!09)!+,13!*)!*!TU)#!

2(*&'!1'.'1:!c(!,+)!('*&!*%!4*%)!*,&!/+7-('#',&!)#*):!F+!)#'3!#*.'!%-'/$*1!

1'*(,$,2!/$(/97%)*,/'%@!G#'('!)#'%'!/1*%%'%!*('!%+!#*(&!4+(!)#'7:!H!7'*,!

'.',!<9%)!2','(*1!/1*%%'%:!H!G*%!(++7'&!G$)#!*!2$(1!4(+7!d"($0*1e!D$2#!F/#++1!

G#+!H!0'/*7'!4($',&%!G$)#!u*,&!%#'!/*7'!#'('@!09)!%#'!&$&,O)!1*%)!)#*)!3'*(!

0'/*9%'!%#'!/+91&!0*('13!&+!*,3)#$,2:!H!)($'&!)+!#'1-!#'(!*%!0'%)!H!/+91&!*,&!

%)944@!09)!$)!G*%!<9%)!)++!#*(&!*,&!+.'(G#'17$,2!4+(!#'(:!;,&!G#',!)#'('!

G'('!)(*&$)$+,*1!J#$)'!%)9&',)%!%-',&$,2!TU!#+9(%!$,!)#'!1$0(*(3!)+!%)9&3!4+(!

)#$%!('*113!#*(&!-*)#+1+23!/+9(%'@!)#'%'!?*)$.'%!,''&!1$M'!&*3%!)+!-('-*(':!

o+9!M,+Gk!H)!$%!<9%)!#*(&!4+(!)#'7:!"#'3!&+,O)!1'*(,!)#+%'!%)9&3!#*0$)%:!"#'3!

&+,O)!1'*(,!)#*):!"#'3!&$&,O)!#*.'!)#'!%*7'!+--+()9,$)$'%!0'4+('!2'))$,2!)+!

/+11'2':!F+!$)!$%!.'(3!#*(&:!"#'3!*('!-1*3$,2!/*)/#!9-:!

!

;,+)#'(!?*)$.'!%)9&',)!G#+!*))',&'&!*!7*$,%)('*7!/$)3!#$2#!%/#++1!%-'*M%!

+4!)#'!'L-'($',/'!+4!%)9&',)%!4(+7!('%'(.*)$+,!%/#++1%a!

H!M,+G!*!1+)!+4!-'+-1'!)#*)!0'/*9%'!('g!%/#++1%!*('!,+)!*&.*,/'&!*%!%+7'!

+)#'(!%/#++1%@!G#+!G'('!*!0$2!&'*1!$,!#$2#!%/#++1!*,&!)#',!)#'3!/+7'!#'('!

*,&!)#'$(!G($)$,2!%M$11%!*('!0'#$,&@!+(!)#'$(!7*)#!%M$11%!+(!%/$',/'!%M$11%!+(!

G#*)'.'(:!;,&!)#',!)#'3!/+7'!#'('!*,&!$)O%!1$M'!)#$%!&'4'*)!4+(!)#'7!($2#)!

*G*3:!;,&!%+!)#',!)#'3!)#$,M!NG+G@!H!/*,O)!&+!$):!HO7!,+)!*%!%7*()!*%!H!)#+92#)!

H!G*%:O!

!

! ;,+)#'(!/#*11',2'!/+,/'(,%!?*)$.'!%)9&',)%!G#+!/+7'!)+!6FK!4(+7!0+*(&$,2!

%/#++1%:!"#'!?*)$.'!;7'($/*,!F)9&',)!;&.$%+(!G#+!G+(M%!'%-'/$*113!/1+%'13!G$)#!

$,/+7$,2!4('%#7*,!%)9&',)%!7*,3!+4!G#+7!#*.'!0'',!$,!*!#$2#13!%)(9/)9('&!

',.$(+,7',)!)#(+92#+9)!)#'$(!',)$('!%/#++1!/*(''(!&')*$1'&!)#$%!-+%%$01'!0*(($'(!4+(!

7'a!

! PP\(

;,+)#'(!)#$,2!)#*)!7$2#)!0'!*!0*(($'(!$%!)#'!%)(9/)9('@!+(!)#'!1*/M!+4!%)(9/)9('!

4+(!%)9&',)%!G#+!/+7'!)+!/+11'2'!4(+7!*!0+*(&$,2!%/#++1:!H,!)#'!0+*(&$,2!

%/#++1%!'.'(3)#$,2!$,!&*$13!1$4'!$%!#$2#13!%)(9/)9('&:!V9)!)#$%!2+'%!0+)#!G*3%:!

"#'('!G*%!+,'@!G#+!4'1)@!0'/*9%'!dF9--+()!6(+2(*7e!$%!.'(3!('2$7',)'&!*,&!

%)(9/)9('&@!#'!4'1)!9,/+74+()*01'!0'/*9%'!#'!%*$&!$)!7*&'!#$7!4''1!1$M'!*!

%-'/$*1!,''&%!%)9&',)%:!D'!4'1)!/*)'2+($g'&!+(!%'-*(*)'&!*%!$4!#'!G'('!$,!

NF-'/$*1!W&O:!F+!#'!#*&!*!&$44$/91)!)$7'!49113!-*()$/$-*)$,2!$,!)#*)!-(+2(*7!

0'/*9%'!#'BBB09)!3')!G$)#+9)!$)@!#'!G+91&,O)!#*.'!0'',!#'(':!F+!)#*)O%!)#'!

&$44$/91)3:!

!

;,&!)#',!*!1+)!+4!)#'!%)9&',)%!)*1M!*0+9)!*!-*()!+4!)#'!)(+901'%!2+$,2!0*/M!)+!

)#'!4*/)!)#*)!*!1+)!+4!)#'!%)9&',)%!/+7'!%)(*$2#)!#'('!4(+7!%+7'!+4!)#'!)($0*1!

%/#++1%!#*.'!0'',!$,!0+*(&$,2!%/#++1%!7+%)!+4!)#'$(!1$.'%!%+!)#'3!*('!9%'&!)+!

)#*)!%)(9/)9(':!;,&!)#'3!2')!#'('!*,&!)#'3!&+,O)!#*.'!)#*):!;,&!-*()!+4!)#*)!

%)(9/)9('!'.',!$,/19&'%!#+7'G+(M!)$7'!*,&!%)9&3!)$7'!*,&!)9)+(!)$7':!

J#'('*%!$)O%!,+)!89$)'!*%!%)(9/)9('&!#'('!)#(+92#!)#'!-(+2(*7@!09)!3')!*)!)#'!

%*7'!)$7'@!)#'('!$%!%+!79/#!7+('!4(''&+7!)#*)!)#'3!*('!,+)!9%'&!)+:!;,&!

7+%)!+4!)#'7!#*.'!/+7'!)#(+92#!*,!',)$('!%3%)'7!+4!0+*(&$,2!%/#++1%@!

%)*()$,2@!-(+0*013!4(+7!'1'7',)*(3@!)#(+92#!7$&&1'!%/#++1!*,&!#$2#!%/#++1!

%+!)#*)O%!G#*)!)#'3!M,+G:!;,&!)#'3!<9%)!#*.'!*!#*(&!)$7'!G$)#!$)!#'(':!

!

! F+7'!?*)$.'!%)9&',)%!/+7'!)+!6FK!9,-('-*('&!4+(!/+11'2'!1'.'1!G+(M:!"#'('!

$%!'L)*,)!&')*$1'&!1$)'(*)9('!+,!)#$%!%90<'/):!I*/91)3@!*&7$,$%)(*)$+,@!*&7$%%$+,%!%)*44!

*,&!)#'!%)9&',)%!)#'7%'1.'%!*('!G'11!*G*('!+4!)#'!'&9/*)$+,*1!#*,&$/*-!7*,3!

;7'($/*,!H,&$*,!%)9&',)%!0'2$,!)#'$(!9,$.'(%$)3!/*(''(!G$)#:!;,!*&7$%%$+,%!

/+9,%'1+(!/+77',)'&!+,!#$2#!%/#++1!-('-*(*)$+,a!

b'))$,2!0*/M!)+!',(+117',)!*,&!G*,)$,2!%)9&',)%!)+!%9//''&!#'('f!+,'!+4!)#'!

)#$,2%!)#*)!H!4+9,&!M$,&!+4!%9(-($%$,2!*,&pG'11p$)O%!<9%)!.'(3!$,)'('%)$,2R!

4(+7!0'$,2!+,!('%'(.*)$+,%!73%'14@!BB977B<9%)!%''$,2!G#*)!M$,&!+4!%/#++1%!

)#'!?*)$.'!%)9&',)%!/+7'!4(+7BB:!;,&!H!)#$,M!)#*)O%!-*()!+4!)#'!-(+01'7!)++!$,!

)#*)!%+7')$7'%!)#'!%/#++1%!&+,O)!-('-*('!)#'7!)+!/+7'!)+!/+11'2':!!F+!G#',!

)#'3!2')!#'('@!G'!/*,O)!*1G*3%!*&7$)!)#'7p3+9!M,+Gk!c(!)#'3!/+7'!#'('!

*,&!)#'3!&+,O)!&+!G'11:!!

!

! PNO(

! ;7+,2!)#+%'!G#+!7*3!0'!7+%)!89*1$4$'&!)+!%-'*M!+,!)#$%!$%%9'!*('!)#+%'!G#+!

G+(M!$,!)#'!*('*!+4!F)9&',)!F9--+()!F'(.$/'%:!;!%9--+()!%'(.$/'%!*&7$,$%)(*)+(!

%-+M'!*)!1',2)#!+,!)#$%!)+-$/a!

c,'!+4!)#'!2('*)'%)!%#+()/+7$,2%!H!%''!G$)#!?*)$.'!;7'($/*,!%)9&',)%!

/+7$,2!$,)+!+9(!9,$.'(%$)3!$%!-('-*(*)$+,:!J'!,''&!)+!2+!0*/M!)+!)#*)!

-('-*(*)$+,!)#$,2@!*,&!#'1-$,2!+9(!%)9&',)%!)+!/+7'!$,)+!)#'!%3%)'7!$,!*!

7*,,'(!$,!G#$/#!)#'3!#*.'!*,!*0$1$)3!)+!%9//''&:!V'/*9%'!)#'!G*3!)#'3O('!

/+7$,2!$,!,+G@!)#'3O('!%)*,&$,2!$,!*!#+1'![!4'')!&''-!)#'!&*3!)#'3!G*1M!$,!)#'!

&++(p7')*-#+($/*113p*,&!)#'3!<9%)!#*.'!%9/#!*!&$%*&.*,)*2':!!

!

"#'!89*1$)3!*,&!)#'!&'-)#!+4!-('-*(*)$+,!+4!)#'!?*)$.'!%)9&',)%@!%$7-13!$%!%+!

4*(!0'1+G@!HO7!%+((3!)+!%*3@!)#*)!+4!)#'!2','(*1!-+-91*)$+,:!;,&!+,'!/*,!1++M!*)!

)#'!0+*(&$,2!%/#++1%!+4!/+9(%'@!G#$/#!G'!&'*1!G$)#!89$)'!+4)',:!K7p+,'!/*,!

1++M!*)!)#'!%+7'!+4!)#'!-($.*)'!%/#++1%!.'(%9%!<9%)!)#'!2','(*1!-+-91*)$+,!+4!

)#'!('%'(.*)$+,!%/#++1%@!*,&!)#'('!*('!%+7'!.*%)!.*($*,/'%!$,!)#'!89*1$)3!+4!

-('-*(*)$+,:!?+)!%9(-($%$,213@!7+('!+4)',!)#*,!,+)@!)#'!-($.*)'!%/#++1%!)',&!

)+!%',&!)#'!%)9&',)%!)+!9%!G$)#!*!1$))1'!0$)!0'))'(!-('-*(*)$+,!*7+,2%)!)#+%'!

2(+9-%:!V9)!+.'(*11@!)#'!*/*&'7$/!-('-*(*)$+,!$%BBG'!%-',&!%+!79/#!)$7'!

)(3$,2!)+@!4+(!1*/M!+4!*!0'))'(!-#(*%'@!7*M'!9-!)#'!&$44'(',/'p/*)/#!)#+%'!

?*)$.'!%)9&',)%!9-@!<9%)!%+!)#'3O('!*)!*!0*%$/!1'.'1!+4!9,&'(%)*,&$,2!G$)#!

7*,3!+4!)#'!+)#'(!%)9&',)%!/+7$,2!$,:!H)O%!*!)(9'!&$%*&.*,)*2'!)+!)#+%'!M$&%:!

F+!7*,3!+4!)#'7!',&!9-!/+7$,2!$,!*,&!$77'&$*)'13!2'))$,2!-1922'&!$,)+!

('7'&$*1!/1*%%'%!$,!)#'!#+-'%!)#*)@!-'(#*-%@!)#'3!/*,!&+!%+7'!/*)/#$,2!9-:!

;,&p0+3!4(*,M13@!%+7')$7'%!)#'3!/*,@!*,&!%+7')$7'%!$)O%!<9%)!%9/#!*!

/+1+%%*1!)*%M!0'/*9%'!%+!7*,3!+4!)#'7!#*.'p<9%)!&+,O)!#*.'!)#'!0*%$%!+4!

9,&'(%)*,&$,2!)+!'.',!M,+G!G#'('!)+!%)*()!+,!*!1+)!+4!)#+%'!%90<'/)%:!"#*)O%!*!

#92'!&$%*&.*,)*2':!"#'3!%)*()!+9)!4(+7!*!0$2!#*,&$/*-:!o+9!9,&'(%)*,&!)#*)!

HO7!1++M$,2!/+7-*(*)$.'13!G$)#!+)#'(!%)9&',)%!)#*)!H!*7!G+(M$,2!G$)#!)#*)!

*('!*1%+!1+G!$,/+7'@!)#*)!*('!*1%+!4$(%)!2','(*)$+,@!-'(#*-%!G$)#!.*(3$,2!

)3-'%!+4!&$%*0$1$)$'%:!H!7'*,!)#'%'!*('!,+)!<9%)!3+9(!'.'(3&*3@!G*1MB!$,!+44!)#'!

%)('')!%)9&',)%!'$)#'(:!H!7'*,!)#'%'!+)#'(!%)9&',)%!*('!&$%*&.*,)*2'&!*%!G'11@!

09)!'.',!)#+92#@!G#',!3+9!/+7-*('!)#'!)G+!2(+9-%@!%)$11@!)#'!?*)$.'!M$&%!*('!

/+7$,2!$,!%+!-++(13!-('-*('&:!;,&!$)!$)O%!BBBH!4''1!)'(($01'!4+(!%+!7*,3!+4!)#'7!

0'/*9%'!)#'3!#*.'p*0%+19)'13@!4(+7!*,!$,)'11'/)!%)*,&-+$,)@!*,&!*,!*0$1$)3!

%)*,&-+$,)!+4!2','(*1!M,+G1'&2'@!)#'3!#*.'!)#'!)++1%pG$)#+9)!89'%)$+,:!

C*,3!+4!)#'7!/+7'!$,!G$)#!%+7'!G+,&'(491!%/#+1*(%#$-!+--+()9,$)$'%!*,&!

%+7'!.*($+9%!)3-'%!+4!0*/M$,2!4(+7!)#'!)($0'%!*,&!G#*),+)!)#*)!4$,*,/$*113f!

+4)',!)$7'%!2$.'!)#'7!%+7'!2('*)!+--+()9,$)$'%:!V9)!)#'3!<9%)@!+4)',!)$7'%@!

&+,O)!#*.'!)#'!0*%$%!)+!9)$1$g'!)#*):!H)O%!*!%#*7':!H)O%!*!#+(($01'!%#*7':!

!

! PNP(

F+!+4)',@!)#'%'!%)9&',)%!#*.'!)+1&!7'!#+G!*)!*!1+)!+4!)#'%'!2','(*1!

('%'(.*)$+,!%/#++1%@!%+!7*,3!+4!)#'!)'*/#'(%!*,&!)#'!*&7$,$%)(*)+(%!*('!

4+/9%$,2!%+!79/#!+4!)#'$(!)$7'!+,!<9%)!)(3$,2!)+!M''-!)#'!-'*/':!;,&!)(3$,2!)+!

#+1&!)#'!-#3%$/*1!09$1&$,2!)+2')#'(@!)#*)!)#'!+--+()9,$)3!4+(!*&.*,/'7',)!$%!

.'(3@!.'(3!1+G:!;,&!)#',@!$4!*!%)9&',)!&+'%!'L/'1!$,!)#*)!',.$(+,7',)@!$)O%!%)$11!

/+7-*(*)$.'!)+!1+G!%)*,&*(&%:!HO.'!0'',!)+1&!)#*)!%+7'!%)9&',)%!/+7'!4(+7!*!

('%'(.*)$+,!%/#++1!)#$,M$,2!)#'3!G'('!*,!*/*&'7$/!%9-'(%)*(@!+,13!)+!4$,&!

)#*)!)#'3!*('!%)$11!0'#$,&:!D',/'@!*!#*,&$/*-@!'.',!4+(!*!%)9&',)!G#+!/*7'!

#'('!G$)#!/+,4$&',/':!

!

F+!)#'3!7*3!4''1!)#*)!%'-*(*)$+,!#*--',$,2!.'(3!89$/M13:!c4!/+9(%'!G'!/*,,+)!

2','(*1$g':!;,&!H!&+,O)!G*,)!)+!%*3!)#*)!)#'!/*(&%!*('!%)*/M'&!*2*$,%)!)#'7p

09)!+.'(!*,&!+.'(@!H!#'*(!)#'!%)*)'7',)f!)#*)!)#'3!4''1!1$M'!)#'3!*('!+,!)#'!

+9)%$&'!+4!6FK!1++M$,2!$,BB)#*)!)#'3!&+,O)!4''1!1$M'!6(*$($'!5+2!4('%#7*,@!

(*)#'(!)#'3!*('!?*)$.'!%)9&',)%!*)!6FK:!

!

!

!

I;:J@78H:(>;($=H89B((((((

(

"#'!.+$/'!)+!0'%)!&'%/($0'!'L-'($',/'&!(*/$*1!-('<9&$/'!$%!)#*)!+4!)#'!

;7'($/*,!H,&$*,!%)9&',)%!)#'7%'1.'%:!"#'('!$%!,+!%#+()*2'!+4!%9/#!%)+($'%:!59($,2!

)#'!4*11!%'7'%)'(!+4!ZUU`@!H!G*%!7*&'!*G*('!+4!*!/*%'!+4!)#('*)',$,2!7'%%*2'%@!

$,/19&$,2!&'*)#!)#('*)%!&$('/)'&!*)!*,!$,/+7$,2!4('%#7*,!1$.$,2!$,!*!('%$&',)$*1!#*11!

+,!/*7-9%:!"#'!/*%'!G*%!('-+()'&!)+!)#'!?*)$.'!;7'($/*,!F)9&',)!;&.$%+(!*,&!)+!

)#'!K,$.'(%$)3!6+1$/'!5'-*()7',):!H,.'%)$2*)$+,%!G'('!/+,&9/)'&@!09)!,+!-'(%+,!+(!

-'(%+,%!G'('!'.'(!&')'(7$,'&!)+!0'!('%-+,%$01'!4+(!)#'!7'%%*2'%!,+(!G*%!*,3+,'!

#'1&!*//+9,)*01':!J#$1'!)#'!%)9&',)O%!E'%$&',)!;%%$%)*,)!*,&!+)#'(!%)9&',)%!+,!#$%!

41++(!G'('!%9--+()$.'!)#(+92#+9)!)#'!+(&'*1@!)#'!%+9(/'!+4!)#'!)#('*)%!('7*$,%!

9,&')'(7$,'&!1'*.$,2!)#*)!%)9&',)!G$)#!)#'!1$,2'($,2!&$%/+74+()!+4!)#'!M,+G1'&2'!

)#*)!%+7'+,'!/1+%'!',+92#!)+!%1$-!G($))',!7'%%*2'%!9,&'(!)#'!&++(!+4!#$%!(++7!7*3!

G*,)!)+!&+!#$7!#*(7:!

! PNN(

;,+)#'(!?*)$.'!%)9&',)!('/*11%!#$%!4$(%)!3'*(!+,!/*7-9%a!

C3!4$(%)!3'*(@!73!4('%#7*,!3'*(!#'('!H!1$.'&!$,!*!('%$&',/'!#*11:!H!1$.'&!+,!)#'!

4+9()#!41++(@!)#'!.'(3!)+-!41++(:!H!G*%!)#'!+,13!-'(%+,!+4!/+1+(!+,!)#'!41++(:!

;,&!)#'('!G*%!)G+!$,/$&',)%!G#'('!H!#*&!)G+!41++(!7*)'%!/+7'!9-!)+!7'!*,&!

)'11!7'!)#'3!hIO,!#*)'!?*)$.'!;7'($/*,%i:!;,&!H@!3+9!M,+G@!H!&$&,O)!2')!%/*('&!

+(!*,3)#$,2:!H!<9%)!%+()!+4!%*3!NcM*3@!)#*,M%!4+(!1'))$,2!7'!M,+Gi:!!K##B!H!%*$&@!

hHO11!)(3!,+)!)+!/('*)'!*,&!9,/+74+()*01'!%$)9*)$+,!4+(!3+9i:!!hHO11!)(3!)+!*.+$&!

3+9!*)!*11!/+%)%:i!!V9)@!)#*)!G*%!+,'!$,/$&',):!K#7@!*,&!)#'('O%!0'',!%+7'!

)#$,2%!$,!*!4'G!+4!73!/+9(%'%:!

(

! E'2*(&1'%%!+4!G#')#'(!*!%-'/$4$/!$,/$&',)!$%!('/*11'&@!?*)$.'!%)9&',)%!*)!6FK!

*2(''!)#*)!(*/$%7!&$('/)'&!)+G*(&!;7'($/*,!H,&$*,%!$%!*!/+77+,!('*1$)3a!

J'11@!6(*$($'!F)*)'!$%!*/)9*113!)#'!#'*()!+4!H,&$*,!*,&!J#$)'!(*/$%7:!"#*)O%!*11!

$)!0*%$/*113!$%:!;!1+)!+4!-'+-1'!$,!73!/1*%%!#*.'!'.',!*&7$))'&!)#*)!)#'3!/+7'!

4(+7!/+779,$)$'%!G#'('!$)!$%!-('&+7$,*,)13!J#$)'@!G#'('!)#'3!+,13!('*113!

$,)'(*/)'&!G$)#!'*/#!+)#'(p1$M'!:!:!:!;%!79/#!*%!-'+-1'!G$11!-('*/#!+(!)*1M!

9,)$1!)#'3!*('!+9)!+4!0('*)#!%*3$,2!$)!&+'%,O)!'L$%)!$,!6(*$($'!F)*)'BB$)!&+'%:!H)!

&+'%:!W.'(3G#'(':!

(((

! ;,+)#'(!?*)$.'!%)9&',)!'L-('%%'&!#'(!*G*(','%%!+4!(*/$%7!+,!/*7-9%!

*119&$,2!)+!)#'!/+7-1'L$)3!+4!?*)$.'!%)9&',)!$&',)$)3a!

H!)#$,M!*!0*(($'(!$%!(*/$%7!+,!/*7-9%:!H!)#$,M!)#*)!)#'('!$%!*!1+)!+4!$):!H!M,+G!*!

1+)!+4!+)#'(!-'+-1'!HO.'!)*1M'&!)+!)#*)!4'1)!)#*)!)#'('!G'('!(*/$%)!*))$)9&'%!$,!

/1*%%(++7%!)#*)!)#'3!G',)!$,)+!*,&!)#'3!2')!1++M'&!*):!H!M,+G!+,'!2$(1!G#+!$%!

*17+%)!4911!01++&!c<$0G*@!*,&!%#'O%!-('))3!&*(M!%M$,,'&:!F#'!G*%!)'11$,2!7'!

)#*)!%#'!2')%!1++M'&!*)!*11!)#'!)$7':!6'+-1'!1++M!*)!#'(!*,&!)#'3!)#$,M!%#'O%!

7'*,!*,&!*11!)#$%!%)944@!*,&!)#'3!<9%)!#*.'!)#$%!*%%97'&!*))$)9&'!+4!#'(!

0'/*9%'!%#'O%!&*(M!%M$,,'&!?*)$.':!F+p*,&!)#',!)#'('O%!)#'!41$-!%$&':!H!#*.'!

*,+)#'(!4($',&!G#+!$%!1$2#)'(!%M$,,'&:!F#'!&+'%,O)!,'/'%%*($13!1++M!?*)$.'!

G#',!3+9!4$(%)!1++M!*)!#'(!*,&!%#'!&$&,O)!2(+G!9-!4''1$,2!?*)$.'!*,&!%+!%#'!

#*%!)(+901'!/+7$,2!$,)+!#'(!+G,!0'$,2!?*)$.'!0'/*9%'!%#'!*1('*&3!%',%'%!)#'!

(*/$%7!+,!/*7-9%:!;,&!%+!%#'!&+'%,O)p%+!$)O%!*!0$2!%)('%%!4+(!#'(:!

!

! J#$1'!(*/$%7!9,&+90)'&13!%)$,2%!)#'!G+(%)!4+(!;7'($/*,!H,&$*,!%)9&',)%!

G#+!1$.'!$)@!+)#'(%!*('!*1%+!*G*('!)#*)!$)!&+'%!'L$%):!c,'!?*)$.'!;7'($/*,!4*/91)3!

7'70'(!#*%!%'',!$)!4(+7!)#'!-'(%-'/)$.'!+4!%)9&',)!*,&!-(+4'%%+(a!

! PNV(

E*/$%7:!c.'(!)#'!3'*(%!HO.'!%'',!*,&!#'*(&!+4!$,/$&',)%!G#'('!H!M,+G!%+7'!

%)9&',)%!#*.'!('*113!#*&!*!#*(&!)$7'!$,!%+7'!+4!)#'$(!/1*%%'%!0'/*9%'!

)'*/#'(%!#*.'!7*&'!(*/$%)!('7*(M%:!!:!:!:!F+!(*/$%7!$%!*1$.'!*,&!G'11!*,&!H!M,+G!

%)9&',)%!#*.'!'L-'($',/'&!(*/$%)!*))$)9&'%:!

!

!

!

+=HL(>E(-@CC>;<(

(

( C*,3!4*/)+(%!/+70$,'!)+!*44'/)!)#'!9,$.'(%$)3!'L-'($',/'!*,&!/#*,/'%!4+(!

*/*&'7$/!%9//'%%!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!5'-',&$,2!+,!/+,)'L)@!7*,3!

+4!)#+%'!4*/)+(%!*/)!*%!4*/$1$)*)+(%@!0*(($'(%@!+(!0+)#:!;%!%'',!*0+.'@!$)!*--'*(%!)#*)!

%9--+()!7*3!0'!)#'!7+%)!%$2,$4$/*,)!4*/$1$)*)+(:!X+,.'(%'13@!)#'!1+2$/*1!/+,/19%$+,!

/*,!0'!&(*G,!)#*)!*!1*/M!+4!%9--+()!7*3!0'!)#'!7+%)!%$2,$4$/*,)!0*(($'(!)+!/+11'2'!

%9//'%%!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!"#'!1*/M!+4!%9--+()!)*M'%!7*,3!4+(7%!

$,/19&$,2!4($',&%@!4*/91)3!/+779,$)3!',.$(+,7',)!*,&!4*7$13:!

!

O"+4&19&C/??1#0M&I#*),.7&&&&&

(

! c,'!,+,B)(*&$)$+,*113!*2'&!?*)$.'!7*1'!%)9&',)!/+77',)'&a!

!

D+G!H!/*7'!9-!#'('!)+!2+!)+!%/#++1!G*%!H!M,'G!%+7'!-'+-1'!#'('!*,&!H!/*7'!

9-!)+!.$%$)!)#'7:!;,&!'.',)9*113@!H!/*7'!)+!%/#++1!#'(':!H)!G*%!)#'!%*7'!G*3!

G$)#!73!0(+)#'(:!V9)!4+(!9%BBBG'!<9%)!G*,)!)+!#*.'!-'+-1'!+,!+9(!%$&'!:!:!:!09)!

$4!%+7'0+&3!/+7'%!#'('!4(+7!)#'!('g!*,&!&+'%,O)!*1('*&3!#*.'!)#*)!

/+,,'/)$+,!$)!G+91&!0'!#*(&'(!4+(!)#'7!$4!)#'3!&+,O)!M,+G!*0+9)!)#'!/190!+(!

#*.'!%+7'0+&3!)+!$,)(+&9/'!)#'7!*,&!#'1-!)#'7!*1+,2:!!

!

! ;,+)#'(!?*)$.'!%)9&',)!('/*11%!#$%!4$(%)!3'*(!*)!6FK!0'4+('!#'!&'.'1+-'&!*!

%9--+()!,')G+(M!+4!4($',&%:!hC3!4('%#7*,!3'*(@!$,!)#'!4*11!+4!U[@!H!#*&!,+!$&'*!)#*)!

)#'!?*)$.'!;7'($/*,!X190!'L$%)'&:!D+,'%)13@!)#*)!4$(%)!3'*(!*,&!*!#*14!G*%!)#'!#*(&'%)!

4+(!7'!0'/*9%'!H!4'1)!H!G*%!)#'!+,13!?*)$.'!;7'($/*,!%)9&',)!+,!/*7-9%:i!

! PNW(

E1,HC/??1#0*=)&I"+/$0%&&&(

! "+!)#'!;7'($/*,!H,&$*,!%)9&',)@!*1('*&3!4''1$,2!1$M'!*!%)(*,2'(!$,!*!

-+)',)$*113!#+%)$1'!',.$(+,7',)@!*7+,2!)#'!7+%)!#9()491!'L-'($',/'%!*('!',/+9,)'(%!

G$)#!,+,B%9--+()$.'@!/91)9(*113!$,%',%$)$.'@!+(!+-',13!#+%)$1'!-(+4'%%+(%@!

*&7$,$%)(*)+(%!+(!%)*44:!C*,3!+4!)#'!%)9&',)%!H!$,)'(.$'G'&!G'('!'*2'(!)+!%#*('!%9/#!

'L-'($',/'%:!H)!G*%!'.$&',)!)#(+92#!.+$/'!$,41'/)$+,!*,&!0+&3!1*,29*2'@!*%!G'11!*%!

)#'!/+,)',)!+4!)#'$(!%)+($'%@!)#*)!)#'%'!#*&!0'',!#9()491!'L-'($',/'%!c,'!,+,B

)(*&$)$+,*113!*2'&@!09)!/91)9(*113!)(*&$)$+,*1!?*)$.'!%)9&',)!('/*11'&!%9/#!'L-'($',/'a!

"#'('!*('!-(+4'%%+(%!)#*)!,''&!)+!9,&'(%)*,&!)#*)!%+7')$7'!G'!&+!#*.'!)+!

2+!#+7'!4+(!%+7'!('*%+,@!7*30'!4*7$13!+(!*!&'*)#!+(!G#*)'.'(:!!6(+4'%%+(%!

,''&!)+!9,&'(%)*,&!)#*)!$4!%+7'0+&3!,''&%!*!G''M!)+!2+!#+7'!)#*)!)#'3O('!

,+)!2+$,2!)+!4*11!0'#$,&!+(!2$.'!N'7!2($'4!4+(!$):!HO.'!#*&!4($',&%!$,!)#'!-*%)!)#*)!

#*&!)+!2+!#+7'!*,&!)#'!-(+4'%%+(!<9%)!&$&,O)!G*,)!)+!2$.'!)#'7!*!/#*,/'!)+!

/*)/#!9-:!H4!)#'3!G'(',O)!%$/M!+(!$4!)#'('!G*%,O)!%+7'!%+()!+4!9,$.'(%$)3!('*%+,!

)+!7$%%!/1*%%p$)!G*%!:!:!:!$4!$)O%!*!49,'(*1@!)#'3!'L-'/)!3+9!)+!0'!*,!$77'&$*)'!

0(+)#'(!+(!%$%)'(:!o+9!/*,O)!'.',!0'!*!/+9%$,!)+!2+!0*/M!4+(!$):!H!7'*,!0'/*9%'!

G'!M,+G!+,!('%'(.*)$+,%p1$M'!+9)!*)!6$,'!E$&2'!$)O%!M$,&!+4!0$2@!09)!,+(7*113!

)#'3O('!-('))3!%7*11!%+!3+9!M,+G!'.'(30+&3:!o+9O('!-(*/)$/*113!('1*)'&!)+!#*14!

+4!'.'(30+&3:!H!&+,O)!M,+G:!H!#*&!)+!2+!#+7'!*,&!09(3!*!/+9%$,!)++:!;,&!H!G*%!

)+1&!)+!0($,2!*!49,'(*1!-(+2(*7!0*/M@!*,&!)#'!-(+4'%%+(!%*$&!N!+#!G#'('O%!3+9(!

,*7'k!J'('!3+9!*!/*%M')!0'*('(!*!-*110'*('(k!H!%*$&!h,+i:!

!

! ;!)(*&$)$+,*113!*2'&!*,&!/91)9(*113!)(*&$)$+,*1!4'7*1'!%)9&',)!*1%+!('/+9,)'&!

#'(!'L-'($',/'%!G$)#!/91)9(*113!$,%',%$)$.'!-(+4'%%+(%a!

F+7'!)'*/#'(%!*('!%+!/1+%'&!7$,&'&!)#*)!h,+ip3+9!M,+G!)#'3!#+1&!3+9!)+!

)#*)!%*7'!J#$)'!%)*,&*(&!BB)#*)BBN3+9!%#+91&!0'!*01'!)+!1'*.'!3+9(!4*7$13Op

)#*)!3+9!#*.'!,+!/+,,'/)$+,@!)#*)!3+9(!4*7$13O%!&+$,2!2('*)!G$)#+9)!3+9:!S$M'@!

)#'3!)#$,M!)#*)!*,&!)#'3!#+1&!3+9!)+!)#*)!%)*,&*(&:!V9)!*%!H,&$*,!-'+-1'@!H!

7'*,@!)#$%!3'*(@!HO.'!#*&!73!1$))1'!%$%)'(:!o+9!M,+G@!)#'3!&+,O)!9,&'(%)*,&!

)#*):!"#'3!<9%)!)#$,MBN+#!G'11@!)#*)O%!)#'$(!/#+$/'O@!+(!%+7')#$,2:!V9)!$)O%!)#*)!

/1+%'!4*7$13!)$':!"#'3!&+,O)!/*('!)+!M,+G!3+9(!%)+(3:!"#'3!&+,O)!/*('!)+!

9,&'(%)*,&!3+9:!;,&!H!)#$,M!)#*)O%!('*113!#*(&!%+7')$7'%!4+(!%+7'!+4!)#'%'!

/*%'%:!

! PNX(

!

! F+7'!4*/91)3!*/)$+,%!('41'/)'&!*!1*/M!+4!/91)9(*1!9,&'(%)*,&$,2a!

!

H!M,+G!+4!*,!$,%)*,/'!G#'('!)#'!%)9&',)!#*&!)+!)*1M!)+!)#'!-(+4'%%+(!*,&!)#'3!

&$&,O)!7*M'!'3'!/+,)*/)BBB+9)!+4!('%-'/)!4+(!)#'!)'*/#'(@!)#'3!&$&,O)!1++M!)#'!

)'*/#'(!$,!)#'!'3':!V'/*9%'@!0*/M!#+7'@!)#*)O%!G#*)!3+9!&+:!J'11!)#*)!)'*/#'(!

<9%)!01'G!9-!*0+9)!,+)!1++M$,2!)#'7!$,!)#'!'3':!o+9!M,+G@!)#*)!%)9&',)!G*%!

+9)!)#'('!&+$,2!%+7')#$,2!($2#)@!*,&!$)!G*%!<9%)!*!0$2!/+,49%$+,:!

!

! c)#'(!)$7'%@!)#$%!1*/M!+4!/91)9(*1!9,&'(%)*,&$,2!G*%!'L-1$/$)!$,!)#'!/1*%%(++7:!

;!.'(3!/91)9(*113!)(*&$)$+,*1@!,+,B)(*&$)$+,*113!*2'&!7*1'!%)9&',)!%-+M'!+4!*!

-(+4'%%+(O%!#*,&1$,2!+4!*!%*/('&!($)9*1!$,!*!/1*%%!1'/)9('a!

H!)#$,M!)#*)!4+(!)#+%'!$,%)(9/)+(%@!)#'('!*('!%+7'!/91)9(*1!%',%$)$.$)$'%!)#*)!

)#'3!<9%)!+.'(1++M:!o+9!M,+GBBB<9%)!)'(7$,+1+23BBB!3+9!M,+GBBB0($'413!413$,2!

+.'(!*!&'%/($-)$+,!+4!*!F9,!5*,/'R!;,&@!4+(!7'@!$,!73!7$,&BB%+7')#$,2!1$M'!

)#*)BB)#*)O%!*!-*()!+4!+9(!/91)9('!3'%:!;,&@!$)O%BBB)#'$(!-9(-+%'!$%!)+!)'*/#BBB09)!

)#*)O%!,+)!*,3)#$,2!)+!0'BBBB%-+M'!+4!*!1+)BBB'%-'/$*113!*)!*!%/#++1!%'))$,2!1$M'!

)#*):!V9)@!G#*)!HO7!2'))$,2!*)!$%!)#*)!%',%$)$.$)3R!!

!

! ;,+)#'(!,+,B)(*&$)$+,*113!*2'&!7*1'!4(+7!*!('%'(.*)$+,!/+779,$)3!%#*('&!

*,!'L-'($',/'!G$)#!$,%',%$)$.$)3a!

H!G*%!$,!*!/1*%%!G#'('!)#'!$,%)(9/)+(!%*$&!NH,&$*,!G('%)1$,2OBBB*,&!H!%*$&f!

NG#*)O%!H,&$*,!G('%)1$,2kO!*,&!#'!%*$&f!NJ'11@!&+,O)!3+9!G('%)1'!G$)#!3+9(!

1'2%kO!!o+9!M,+GBBB,+0+&3!/*,!)*M'!)#'$(!&'2(''%!*G*3:!V9)!)#*)!&+'%,O)!

7'*,!)#'3!/*,!<9%)!%*3!G#*)'.'(!)#'3!G*,)@!$4!)#'3!&+,O)!M,+G!G#*)!)#'3!*('!

)*1M$,2!*0+9):!

!

! ! H,!%+7'!/*%'%@!/91)9(*1!$,%',%$)$.$)3!&+'%!,+)!%)'7!4(+7!#+%)$1$)3!)+@!+(!*!1*/M!

+4!9,&'(%)*,&$,2!)(*&$)$+,*1!/91)9(*1!-(*/)$/'%!+(!/91)9(*1!$&',)$)3@!09)!(*)#'(!4(+7!*!

1*/M!+4!9,&'(%)*,&$,2@!+(!('/+2,$)$+,!+4!7+&'(,!)($0*1!1$4'!*%!$)!('1*)'%!)+!7+&'(,!

)'/#,+1+23:!"#'%'!$%%9'%!/*,!0'!-('%',)!$,!*!G$&'!(*,2'!+4!*/*&'7$/!&$%/$-1$,'%:!;!

?*)$.'!;7'($/*,!E*,2'!F/$',/'!7*<+(!'L-1*$,%!#+G!*!-(+4'%%+(!/+91&!)*M'!%9/#!

%+/$*1!&$44'(',/'%!$,)+!*//+9,)!$,!)#'!/9(($/9197a!

! PNY(

H!M,+G!4+(!7'u7+%)!+4!73!/1*%%'%!*('!*2($/91)9('!0*%'&!%+!$)O%!*11!$,!)#'!

;,$7*1!E*,2'!F/$',/'!&'-*()7',):!HO7!)#'!+,13!7$,+($)3!$,!)#+%'!/1*%%'%!*,&!

%+!*!1+)!+4!)$7'%!G#',!G'O('!*&&('%%$,2!$%%9'%!*(+9,&!*2($/91)9('BBB!H!

/+,%)*,)13!#*.'!)+!(*$%'!73!#*,&!*,&!%*3!NJ'11@!3+9!M,+G@!HO7!4(+7!E+%'09&B

BB4(+7!)#*)!*%-'/)@!$)O%!*!1+)!&$44'(',):!H!*1G*3%!4'1)!)#*)!4+(!(*,2'!-(+4'%%+(%@!

+(!'.',!*,$7*1!%/$',/'!-(+4'%%+(%!#'('!*)!6FKBBB)#'('O%!,$,'!F$+9L!)($0'%!$,!

6(*$($'!F)*)':!H!G+91&!#*.'!*1G*3%!)#+92#)!)#'3!G+91&!#*.'!*,!9,&'(%)*,&$,2!

*%!4*(!*%!('%'(.*)$+,%!*,&!?*)$.'!;7'($/*,!*2($/91)9('!-(+&9/'(%!*,&!#+G!

)#'3!+-'(*)'!*%!G'11:!H!#*.'!)#*)!/+,%)*,)!4$2#)!)#*)BBBH!&+,O)!M,+G!G#$/#!$%!

($2#)!*,&!%+!%+7')$7'%!H!#*.'!)+!*&&('%%!$)!G$)#!)#'!-(+4'%%+(:!S$M'!G'O('!

)*1M$,2!*0+9)!)#$%BBB09)!H!G*,)!)+!*&&('%%!$)!4(+7!73!-'(%-'/)$.'!09)!$)!

&+'%,O)!*--13!)+!3+9(!1'/)9('!0'/*9%'!$4!H!*--13!$)@!)#',!3+9O('!,+)!2+$,2!)+!

9,&'(%)*,&BBB3+9!M,+G:!H!/*,!('1*)'!)+!$)!09)!H!#*.'!)+!-9)!73%'14BBBH!#*.'!)+!

-9)!73!G*3!+4!)#$,M$,2!*%!*!J#$)'!-'(%+,:!V9)!)#',!%+7')$7'%@!$4!H!*--13!73!

-'(%-'/)$.'!+,!%+7')#$,2@!H!*1G*3%!2')!G'$(&!1++M%!4(+7!%+7'+,'!+(!+)#'(!

%)9&',)%!$,!/1*%%!G$11!0'!1$M'@!NG'11!G#*)!&+'%!)#*)!#*.'!)+!&+!G$)#!)#$%!/1*%%kO!

F+!%+7')$7'%!H!G+,O)!%*3!*,3)#$,2!$,!/1*%%!<9%)!0'/*9%'!+4!)#*):!

'

! F+7'!4*/91)3!7'70'(%!*('!*G*('!+4!)#'%'!$%%9'%!*,&!-+$,)!)+!,''&'&!/#*,2':!

c,'!.')'(*,!6(+4'%%+(!%*$&a!

H!)#$,M!)#*)!G'!,''&!79/#!7+('!4*/91)3!('B'&9/*)$+,!$,!('2*(&!)+!?*)$.'!

;7'($/*,!#$%)+($'%!*,&!/91)9('%!%+!)#*)!)#'3!#*.'!*!0'))'(!9,&'(%)*,&$,2!+4!

?*)$.'!%)9&',)%@!*,&!*('!0'))'(!*01'!)+!',/+9(*2'!)#'7!*,&!0'!%9--+()$.'!+4!

)#'7:!o+9!M,+G@!$)O%!,+)!9,/+77+,!4+(!)($0*1!%)9&',)%!)+!#*.'!)#'!

'L-'($',/'!+4!*!4*/91)3!7'70'(!7$%('-('%',)$,2!)($0*1!$%%9'%@!*,&!73%)'($'%!

*,&!%+!4+()#@!%)'('+)3-$,2!H,&$*,%!$,!.*($+9%!G*3%BBB,+)!0'$,2!%',%$)$.'!)+!

/91)9(*1!/+,)'L):!!!:!:!:!C*30'!*4)'(!*,!$,$)$*1!0*&!'L-'($',/'!%+7'!%)9&',)%!2')!

&$%/+9(*2'&!*,&!#*,2!$)!9-@!+(!4+(!.*($+9%!+)#'(!('*%+,%@!&+,O)!&+!G#*)!)#'3!

,''&!)+!&+!)+!#*,2!$,!)#'(':!

(

! c,'!;7'($/*,!H,&$*,!6(+4'%%+(!%*G!)#'!4*/91)3!$%%9'!)#$%!G*3a!

!

"#'('!$%!$,&$44'(',/'!*7+,2!4*/91)3:!F+7'!&+,O)!/*('BBB)#'3!&+,O)!/*(':!H!

M,+G!$,!73!&'-*()7',)!)#'('O%!4*/91)3!G#+!G+91&,O)!&+!)#$,2%!9,1'%%!)#'3!

G'('!4+(/'&!)+!&+!$)BBB%+!H!)#$,M!)#'('!*('!<9%)!%+7'!-'+-1'!G#+!&+,O)!/*('!

G#')#'(!)#'3!#*.'!?*)$.'!%)9&',)%!+(!,+):!;,&!)#',!)#'('!*('!%+7'!G#+!/*('!

4+(!)#'!G(+,2!('*%+,%:!R!H!)#$,M!$4!3+9!*('!*,!+9)%)*,&$,2!%)9&',)@!3+9!#*.'!*!

2++&!('1*)$+,%#$-!G$)#!3+9(!)'*/#'(%:!o+9!M,+Gk!;,&!)#'('!*('!%+7'!

)'*/#'(%@!97@!BB!G#')#'(!3+9!*('!?*)$.'!+(!,+,B?*)$.'@!$4!3+9!#*.'!-(+01'7%@!

)#'3!/+91&!/*('!1'%%:!!

!

! PNZ(

! H,*--(+-($*)'!/+77',)%!4(+7!)#'!-($.$1'2'&!-+%$)$+,!+4!4*/91)3!$,!)#'!

9,$.'(%$)3!%3%)'7!/*,!#*.'!1*%)$,2!,'2*)$.'!$7-*/)%:!;,+)#'(!/+77',)!4(+7!*,!

;7'($/*,!H,&$*,!4*/91)3a!

H!M,+G!)#*)!G#',!H!G*%!$,!%/#++1!)#'('!G'('!%+7'!%)9&',)%!)#*)!('*113!#*&!*!

#*(&!)$7'!#'(':!;,&!+,'!('*113!#*&!*!#*(&!)$7'!G$)#!-(+4'%%+(%!G#+!G'('!

-('<9&$/'!+(!&'(+2*)+(3!)+G*(&%!H,&$*,%:!;,&!)#'('!G*%!+,'!$,/$&',)!G#'('!

%#'!EW;SSo!#*&!*!#*(&!)$7'f!%#'!G*%!.'(3!9-%')!+,'!)$7'!$,!*!/1*%%!G#'('!

#'(!-(+4'%%+(!%*$&!)#*)!2+,+((#'*!/*7'!4(+7!H,&$*,%:!F#'!G*%!%+!9-%')!)#*)!

%#'!&$&,O)!2+!)+!/1*%%!)#'!,'L)!)$7'BBB*,&!%#'!/($'&BBB!

!

! 6FKO%!*&7$,$%)(*)$+,!$%!*1%+!*G*('!+4!)#'!.*($+9%!*))$)9&'%!)+G*(&!&$.'(%$)3!

$,!2','(*1@!*,&!%-'/$4$/*113!;7'($/*,!H,&$*,!%)9&',)%!*,&!)#'!&$.'(2',)!1'.'1%!+4!

/+77$)7',)!)+!)#'$(!/+11'2'!%9//'%%:!;//+(&$,2!)+!+,'!*&7$,$%)(*)+(@!h"#'!-(+01'7!

%)$11!('7*$,%!)#*)!G'!#*.'!*!1+)!+4!4*/91)3!7'70'(%!G#+!<9%)!&+!,+)!9,&'(%)*,&!+(!

*--('/$*)'!?*)$.'!;7'($/*,!%)9&',)%!+(!)#'$(!/+,/'(,%:i!

! c,'!K,$.'(%$)3!j$/'B6('%$&',)!-9)!$)!)#$%!G*3a!

J'!&+,O)!#*.'!*!1+)!+4!-'+-1'!*)!6FK!G#+!+9)($2#)!%*3!)#$,2%!1$M'BBBH!&+,O)!

)#$,M!)#'3!*('!0$2+)%:!H!&+,O)!)#$,M!G'!#*.'!*!1+)!+4!4+1M%!1$M'!)#*):!C*30'!

)#'3O('!7+('!%90)1'@!09)!)#'3O('!,+)!.+/*1!*0+9)!$):!J'!#*.'!-'+-1'!G#+!

7*30'!/+91&!%)'-!9-!*,&!&+!7+('!*,&!&+,O):!o+9!M,+G@!G'O.'!2+)!*!2(+9-!)+!

G+(M!+,:!

!

c,'!9,$.'(%$)3!*&7$,$%)(*)+(!%''%!&$.'(%$)3!$,!*11B$,/19%$.'!d21+0*1e!)'(7%a!

!

F+@!2+$,2!0*/M!)+!)#*)!21+0*1!&'4$,$)$+,!+4!&$.'(%$)3:!;('!G'@!*%!*!9,$.'(%$)3@!

2+$,2!)+!%*3f!NG'!,''&!)+!7+.'!)+G*(&!('%-'/)!4+(!*11!&$44'(',/'%:O!J'!#*.'!

4*/91)3!G#+!-9)!&+G,!%)9&',)%!+4!&$44'(',)!%'L9*1!-('4'(',/':!J'!#*.'!

4*/91)3!G#+!7*M'!,'2*)$.'!/+77',)%!*0+9)!D$%-*,$/!%)9&',)%!*,&!D$%-*,$/!

/91)9('!:!:!:!H!)#$,M!*!/*7-9%!)#*)!7*M'%!$,*--(+-($*)'!/+77',)%@!7*M'%!

%)9&',)%!4''1!9,G'1/+7':!?+G!G'O.'!)*1M'&!*0+9)!%+7'!+4!)#*):!H!)#$,M!)#*)!

d-*9%'e!%+!*!1*/M!+4!%',%$)$.$)3:!"#*)O%!*!0'))'(!G*3!)+!%*3!)#*)BBB*!1*/M!+4!

%',%$)$.$)3!)+!+9(!%)9&',)%!+4!/+1+(@!+0.$+9%13!$,/19&$,2!?*)$.'!;7'($/*,%@!

%+7')$7'%!G'!%)$11!&+,O)!2')!$):!

(

! PN[(

P"##*)#7&01&C/??1#0&C)#=*+)7&&

''

! ;!?*)$.'!;7'($/*,!9--'(!/1*%%7*,!('/*11%!#'(!4''1$,2%!+4!&$%/+74+()!*,&!

)#+%'!+4!#'(!4($',&%!*,&!/1*%%7*)'%!*0+9)!9%$,2!)#'!9,$.'(%$)3!%)9&',)!%9--+()!

%'(.$/'%!4+(!*/*&'7$/!*%%$%)*,/'a!

;!1+)!+4!?*)$.'!%)9&',)%!*('!*1G*3%!M$,&!+4!%/*('&!)+!)'11!%+7'+,'!)#*)!)#'3O('!

,+)!&+$,2!G'11:!"#'3!&+,O)!G*,)!)+!2+!)+!*!)9)+($,2!/',)'(@!)#'3!&+,O)!1$M'!

2+$,2!)+!)#+%'!/',)'(%!4+(!)9)+($,2!#'1-!0'/*9%'!)#'3!4''1!1$M'!)#'3!7$2#)!2')!

<9&2'&!$4!)#'3!*%M!4+(!#'1-:!H4!)#'3!2+!)+!)#'!)9)+($,2!/',)'(!)#'3O('!2+,,*!2+!

$,!)#$,M$,2!)#*)!)#'!-'+-1'!)#'('!*('!2+,,*!%*3!Nc#!#'('!/+7'%!%+7'!&970!

?*)$.'!%)9&',)!G#+!,''&%!#'1-!G$)#!/1*%%:O!F+!*!1+)!+4!?*)$.'!-'+-1'!&+,O)!

G*,)!)+!*&7$)!)#*)!)#'3!,''&!#'1-!%+!)#'3!&+,O)!2+!)#'(':!"#'3!&+,O)!G*,,*!

%*3!)#*)!NH!&+,O)!M,+G!:!:!:!

!

!

!

3=B8D5(

(

(

! F+7'!?*)$.'!%)9&',)%!7*3!'L-'($',/'!'$)#'(!*!-911!)+G*(&!)#'!4*7$1$*(!

/+74+()!+4!#+7'!+(!*!/91)9(*1!-9%#!0*/M!#+7'!4(+7!)#'!9,4*7$1$*(!',.$(+,7',)!+4!

)#'!7*$,%)('*7!/+779,$)3:!J#')#'(!)#'!%)9&',)!4''1%!*!-9%#!+(!*!-911!$%!&'-',&',)!

9-+,!/+,)'L)@!)#'!&'2(''!)+!G#$/#!*!%)9&',)!$%!$77'(%'&!$,!)(*&$)$+,*1!/91)9('@!)#'!

%)(',2)#!+4!4*7$13!)$'%!*,&!)#'!*0$1$)3!)+!('/+,/$1'!)#+%'!)$'%!G$)#!/91)9(*1!%#+/M!*,&!

)#'!)(*,%$)$+,!)+!)#'!/*7-9%!',.$(+,7',):!"#'!/+,/'-)!+4!*!/91)9(*1!-9%#!0*/M!#+7'!

G$11!0'!/+.'('&!$,!7+('!&')*$1!1*)'(!$,!)#'!%'/)$+,!&'*1$,2!G$)#!/91)9(*1!0*(($'(%:!

( ;%!&$%/9%%'&!*0+.'@!4*7$13!%9--+()!/*,!0'!*!-+G'(491!4*/$1$)*)+(!)+!;7'($/*,!

H,&$*,!/+11'2'!-'(%$%)',/':!D+G'.'(@!$)!79%)!0'!M'-)!$,!7$,&!)#*)!2','(*1$g*)$+,%!

/*,,+)!0'!7*&'!('2*(&$,2!*,3!4*/)+(!%'(.$,2!*%!*!4*/$1$)*)+(!+(!*!0*(($'(:!H,&''&@!

G#'('*%!4+(!%+7'!%)9&',)%@!?*)$.'!*,&!,+,B?*)$.'@!4*7$13!*/)%!*%!*!4*/$1$)*)+(@!

! PN\(

/+,.'(%'13@!4+(!+)#'(%@!4*7$13!4*/)+(%!/*,!0'!0*(($'(%!)+!%)9&',)O%!'&9/*)$+,*1!

*))*$,7',):!!

! I+(!7*,3!;7'($/*,!H,&$*,!%)9&',)%@!)#'!$7-+()*,/'!+4!4*7$13!$%!*,!$,)'2(*1!

-*()!+4!)#'$(!/91)9(':!"#$%!7*3!0'!'%-'/$*113!)(9'!G#',!)#'!;7'($/*,!H,&$*,!

%)9&',)O%!4*7$13!$%!.'(3!79/#!*,/#+('&!$,!)(*&$)$+,*1!?*)$.'!/91)9('!*,&!$%!

%9%-$/$+9%!+4!)#'!7*$,%)('*7!9,$.'(%$)3!*%!+,'!G#+%'!2+*1!$%!)#'!*%%$7$1*)$+,!+4!

)#'$(!?*)$.'!%)9&',):!H,!%9/#!*!/*%'@!)#'!4*7$13!*/)%!*%!*!-911!0*/M!#+7':!J#')#'(!+(!

,+)!)#'!%)9&',)!*&+-)%!)#$%!-'(%-'/)$.'!7*3!0'!1'%%!%$2,$4$/*,)!)#*,!)#'!4*7$13!

*--13$,2!-('%%9('!)+!)#'!%)9&',)!)+!(')9(,!#+7'!+9)!+4!4'*(!0*%'&!$,!%''$,2!)#'!2+*1!

+4!)#'!9,$.'(%$)3!*%!*%%$7$1*)$+,!)+!7*$,%)('*7!/91)9('!*,&!*G*3!4(+7!)#'!

)(*&$)$+,*1!G+(1&.$'G!03!G#$/#!)#'!4*7$13!0*/M!#+7'!%)$11!1$.'%:!

! I+(!%+7'!?*)$.'!%)9&',)%@!)#'$(!4*7$13!$%!*&*7*,)13!+--+%'&!)+!)#'$(!%)9&',)!

*))',&$,2!*!7*$,%)('*7!9,$.'(%$)3!*G*3!4(+7!#+7':!F9/#!/*%'%!/*,!0'!

#'*()0('*M$,2!*%!&'%/($0'&!03!*!5$('/)+(!+4!F)9&',)!F9--+()!F'(.$/'%!G#+!#*%!+4)',!

%'',!%)9&',)%O!#+-'%!4+(!*!/+11'2'!'&9/*)$+,!+.'(($&&',!03!4*7$13!-('%%9('a!

"#'('O%!*!4''1$,2!+,!)#'!-*()!+4!7*,3!+4!)#'!?*)$.'!%)9&',)%!)#*)!H!&'*1!G$)#@!

)#*)!*%!)#'3!/+7'!$,!)#'!&++(@!)#'3!*('!'L-'/)$,2!9%!)+!0'!*,!*&.'(%*(3:!"#'!

&*3!)#'3!G*1M!$,!)#'!&++(@!)#'3!*('!'L-'/)$,2!*,!*&.'(%*($*1!('1*)$+,%#$-:!H)!

/+91&!-+%%$013!0'!,+)!4(+7!*,3)#$,2!+4!+9(!&+$,2:!H)!/+91&!0'!4(+7!*,3!+,'!+4!

*!#9,&('&!)#$,2%:!H)!/+91&!0'!4(+7!%+7')#$,2!)#'3!-$/M'&!9-!$,!)#'$(!#+7'!

%/#++1%:!H)!/+91&!0'!-*(',)*1:!HO.'!/'()*$,13!#*&!?*)$.'!M$&%!)#*)!H!#*.'!G+(M'&!

G$)#@!)#*)!H!#*.'!/+9,%'1'&!$,!73!-(+2(*7@!G#'('!G'O.'!('*113!#*&!)+!G+(M!

+,!9,&+$,2!*!1+)!+4!)#'!*))$)9&'%!)#*)!G'('!2$.',!03!)#'$(!-*(',)%:!;,&!HO7!

/'()*$,13!,+)!%*3$,2!)#*)!G'!*('!)#'!*11!M,+G$,2@!+(!)(3$,2!)+!&'%)(+3!0'1$'4!

%3%)'7%@!09)!G'!#*.'!M$&%!G#+!/+7'!$,!G#+!#*.'!'%%',)$*113!0'',@!'$)#'(!

-9(-+%'49113@!+(!,+,B-9(-+%'49113!0'',!$,%)(9/)'&!03!)#'$(!-*(',)%!)#*)!

X*9/*%$*,!-'+-1'!*('!N*2*$,%)!3+9O@!)#*)!)#'3O('!NG+(M$,2!*2*$,%)!3+9O!*,&!

)#*)!)#'3!*('!2+$,2!)+!NM''-!3+9!4(+7!%9//''&$,2O@!N*%%$7$1*)'!3+9(!/91)9('!+9)!

! PVO(

+4!3+9O:!F+7'!+4!)#'%'!-*(',)%!#*.'!*/)9*113!-9)!$,!)#'$(!M$&%!#'*&%!)#*)!)#'!

9,$.'(%$)3!$%!+9)!)+!N7*M'!3+9!+,'!+4!)#'7:O!HO.'!#'*(&!)#*)!-#(*%'!0'4+(':!H,!

4*/)@!HO.'!#*&!7+('!)#*,!+,'!%)9&',)!G#+!G+91&!0'!&+$,2!.'(3!G'11@!

*/*&'7$/*113@!09)!*('!2'))$,2!/*11%!4(+7!#+7'!)#*)!*('!%*3$,2f!No+9!,''&!)+!

/+7'!#+7':!o+9!&+,O)!0'1+,2!)#'(':O!H!/*,!)#$,M!%-'/$4$/*113!*0+9)!+,'!3+9,2!

1*&3!)#*)@!$)!<9%)!0(+M'!73!#'*()@!G*%!*!b*)'%!%/#+1*(!97BBBG*%!-9(%9$,2!*!

#'*1)#!/*('!&'2(''@!$,/('&$013!0($2#)!*,&!&+$,2!G'11!*/*&'7$/*113@!*,&!<9%)!

#*&!%9/#!*!0($2#)!49)9('!*,&!%+7'+,'!H!G*%!19/M3!',+92#!)+!G+(M!G$)#!

$,&$.$&9*113:!;,&!)#*)!G*%!+,'!+4!)#+%'!/+,.'(%*)$+,%!G'!#*&!<9%)!*0+9)!

'.'(3!)$7'!G'!7''):!J#$/#@!*)!)$7'%@!G*%!+,/'!*!G''M:!;,&!)#*)!G*%f!NH!<9%)!

2+)!+44!)#'!-#+,'!G$)#!73!&*&:!H!<9%)!2+)!+44!)#'!-#+,'!G$)#!73!7+7:!F#'!)+1&!

7'!)+!2')!73!*%%!#+7':O!NH!&+,O)!0'1+,2!)#'(':!H!&+,O)!M,+G!G#*)!3+9O('!&+$,2!

)#'(':O!NJ'!,''&!3+9!#'(':O!;,&!73!4$(%)!89'%)$+,!G*%!*1G*3%f!NJ#*)!&+!)#'3!

,''&!3+9!)#'('!4+(kO!NJ#3!&+!)#'3!,''&!3+9!)#'('kO!;,&!$)!G*%!9%9*113!<9%)!*!

7*))'(!+4f!NV'/*9%'@!3+9(!,+)!0'$,2!#'('!0('*M%!9-!)#'!4*7$13!9,$):O!D'(!

-*(',)%!G+(M'&!+,!#'(!%+!/+,%)*,)13:!;,&!)#'3!&$&@!)#'3!/+7-1')'13!

9,&'(7$,'&!$)@!*,&!$)!G*%!1$M'!Z!v!%'7'%)'(%!*,&!%#'!G*%!2+,':!F#'!G',)!

#+7':!F#'O%!,'.'(!0'',!0*/M!)+!%/#++1:!

!

H!)#$,M!)#$%!$%!-*()!+4!)#*)!-'(/'-)$+,!+4!%+7'!-'+-1'!+,!)#'!('%'(.*)$+,%!u

)#+%'!G#+!-'(%9*&'!)#'$(!M$&%!)+!&(+-!+9)!*,&!(')9(,!#+7'BBB)#'!-'(/'-)$+,!

$%!)#*)!N)#$%!$%!9%!*,&!G'!*(',O)!2+,,*!2+!*,3G#'(':O!J#',!?*)$.'!%)9&',)%!

/+7'!#'('@!)#'3!/*((3!)#*)!1*0'1BBB)#'3O('!,+)!<9%)!%)9&',)%@!)#'3O('!?*)$.'!

%)9&',)%@!*,&!)#'3!M,+G!)#*):!;,&!%+!'.'(3)#$,2!)#*)!)#'3!&+@!+(!*('!%'',!)+!

&+!#*--',%!)#(+92#!)#*)!1',%!+(!)#*)!$&',)$)3!*%!*!?*)$.'!%)9&',):!J'!,''&!)+!

&+!*G*3!G$)#!)#*)!4$1)'(:!

!

! c)#'(!%)9&',)%!4$,&!)#'!%9--+()!,+(7*113!+44'('&!03!4*7$13!$,!%90%)$)9)'!

-1*/'%!G#$1'!*)!)#'!9,$.'(%$)3!09)!%)$11!4''1!*!-911!0*/M!#+7':!"#$%!-911!7*3!0'!+9)!+4!

('%-+,%$0$1$)3!4+(!#'1-$,2!G$)#!.*($+9%!4*7$13!('%-+,%$0$1$)$'%!)#*)!7*3!$,/19&'!

/+,)($09)$,2!)+!4*7$13!%9--+()!+(!/*($,2!4+(!3+9,2'(!%$01$,2%:!;!)(*&$)$+,*113!*2'&!

4'7*1'!%)9&',)!4(+7!*!0+(&'(!)+G,!%#*('&!#'(!)#+92#)%a!

H!)#$,M!-'+-1'!*('!*,!*%%'):!o+9!M,+Gk!6'+-1'!)#*)!*('!)#'('!)+!%9--+()!3+9@!

*,&!-'+-1'!)#*)!',/+9(*2'!3+9!*,&!%*3!N3+9!/*,!&+!$)O:!V'/*9%'@!%+7')$7'%!

G'!&+,O)!2')!)#*)!*G*3!4(+7!#+7':!o+9!,''&!)+!0'!$,!/+11'2'!09)!%+7'!

4*7$1$'%!&+,O)!%9--+()!)#*):!"#'3!G*,)!3+9!#+7'!)+!#'1-!)*M'!/*('!+4!)#'$(!

3+9,2'(!+,'%!+(!%+7')#$,2:!

! PVP(

38?=?H8=D(

(

I*,",+*"$&2)71/#+)7&&&(

(

! ;7+,2!*11!)#+%'!H!$,)'(.$'G'&!$)!*--'*(%!)#*)!)#'!7*<+($)3!+4!;7'($/*,!

H,&$*,!%)9&',)%!&+!,+)!/+7'!4(+7!*!0*/M2(+9,&!+4!4$,*,/$*1!G'*1)#@!+(@!$,!7*,3!

/*%'%@!'.',!4$,*,/$*1!%)*0$1$)3:!;2*$,@!$)!79%)!0'!('$)'(*)'&!)#*)!%G''-$,2!

2','(*1$g*)$+,%!/*,,+)!0'!*--1$'&!*/(+%%!)#'!0+*(&!('2*(&$,2!)#'!6FK!;7'($/*,!

H,&$*,!-+-91*)$+,!*%!*!G#+1':!D+G'.'(!G#',!1++M$,2!%-'/$4$/*113!*)!6(*$($'!F)*)'O%!

?*)$.'!-+-91*)$+,@!$)!$%!('1'.*,)!)+!,+)'!)#*)!,+,'!+4!)#'!,$,'!('%'(.*)$+,%!$,!)#'!

%)*)'!*('!G'*1)#3!*%!/+7-*('&!)+!%+7'!+4!)#'!G'*1)#$'%)!$,!)#'!,*)$+,!G$)#!%7*11!

)($0*1!',(+117',)%!*,&!#92'!2*7$,2!-(+4$)%:!!

! I*/91)3@!%)*44!*,&!*&7$,$%)(*)+(%!*('!*11!G'11!*G*('!+4!4$,*,/$*1!,''&!*%!*!

%$2,$4$/*,)!0*(($'(!)+!/+11'2'!-'(%$%)',/':!;!-(+4'%%+(!/+77',)'&a(

;,&!3+9!M,+G@!*,+)#'(!+0.$+9%!+0%)*/1'!$%!4$,*,/$*1:!;!1+)!+4!)#'%'!%)9&',)%!

/+7'!4(+7!-+.'()3!('2$+,%:!;,&!)#'3!&+,O)!#*.'!)#'!4*110*/M!49,&%!)#*)!*!1+)!

+4!,+,B?*)$.'!%)9&',)%!#*.':!"#'3!/*,O)!,'/'%%*($13!/+9,)!+,!4*7$13!4$,*,/$*1!

%9--+()!G#',!/+7$,2!4(+7!*('*%!G#'('!9,'7-1+37',)!$%!_U@!YU@!]U-'(/',):!

;,&!)#*)O%!+,'!+4!)#'!0$2!73)#%!*0+9)!?*)$.'!%)9&',)%BBBN)#*)!)#'3!2')!*11!)#$%!

7+,'3!)+!/+7'!)+!%/#++1O!*,&!)#*)O%!3')!*,+)#'(!9,)(9)#B(*/$%)!*%%97-)$+,!*)!

G+(%):!F+BBB3+9!M,+GBBB4$,*,/'%BBB2'))$,2!#'('!*,&!%)*3$,2!#'('BBB)#*)O%!*!0$2!

-*()!+4!$):!

!

! ;,!*&7$,$%)(*)+(!+44'('&!)#$%!.$'Ga!

!

"#'!)3-$/*1!%)9&',)%!)#*)!/+7'!#'('!#*.'!0*/M!9-!$,!*!.*($')3!+4!G*3%!)#*)O%!

+4)',!9,('/+2,$g'&:!C+%)!%)9&',)%!/*,!*%M!*!4($',&@!*!4*7$13!7'70'(@!*!

-*(',)!4+(!'L)(*!49,&$,2!$4!)#'3!,''&!)+!%*3BBB%9&&',13!7*M'!*!)($-!#+7':!;!

?*)$.'!%)9&',)!+4)',!&+'%,O)!#*.'!)#*)!M$,&!+4!0*/M!9-:!"#'$(!4*7$1$'%!&+!,+)!

#*.'!'L)(*!7+,'3:!

!

! PVN(

! V'3+,&!)#'!2','(*1!1*/M!+4!4$,*,/$*1!('%+9(/'%!#'1&!03!?*)$.'!%)9&',)%!*,&!

)#'$(!4*7$1$'%@!%+7'!6FK!%9--+()!%)*44!H!$,)'(.$'G'&!-+$,)'&!)+!)#'!1*/M!+4!7+,'3!

7*,*2'7',)!%M$11%!)#*)!;7'($/*,!H,&$*,!%)9&',)%!-+%%'%%!9-+,!)#'$(!*(($.*1!*%!

$,/+7$,2!/+11'2'!%)9&',)%:!;%!*!-($7*(3!%9--+()!-'(%+,@!)#'!?*)$.'!;7'($/*,!

F)9&',)!;&.$%+(!#*%!%'',!)#$%!*%!*!%$2,$4$/*,)!$%%9'a!

c,'!+4!)#'!0*(($'(%!)#*)!H!#*.'!%'',!)#(+92#!73!-+%$)$+,!G$)#!)#'!%)9&',)%!$%!

*!1*/M!+4!4$,*,/$*1!9,&'(%)*,&$,2@!4$,*,/$*1!-('-*('&,'%%:!"#'3!#*.',O)!#*&!

)#'!M$,&!+4!$,%)(9/)$+,*1!0*/M2(+9,&!$,!4$,*,/$,2!)+!7*,*2'!)#'$(!*44*$(%:!(

!

H!)#$,M!)#'('!G'('!*!/+9-1'!+4!%)9&',)%!4(+7!*!4'G!3'*(%!*2+!)#*)!1'4)!0'/*9%'!

)#'3!2+)!#++M'&!$,)+!%+7'!+4!)#'!89$/M!1+*,!)3-'!)#$,2%!+(!/('&$)!/*(&%:!H!

M,+G!+,'!2$(1!)#*)!1'4)!0'/*9%'!%#'!)++M!*!%'7'%)'(!+44@!*,&!%#'!1'4)!$,!2++&!

%)*,&$,2!G$)#!)#'!%/#++1!09)!%#'!G*%!<9%)!&(+G,$,2!$,!/('&$)!/*(&!&'0):!

!

! "#'!5$('/)+(!+4!F)9&',)!F9--+()!*1%+!&'*1%!G$)#!)#'!7+,'3!7*,*2'7',)!

/#*11',2'a!

F+!4'G!+4!)#'!%)9&',)%!/+7'!$,!G$)#!*7-1'!4$,*,/$*1!0*/M$,2:!"#'%'!%)9&',)%!

/+7'!4(+7!%9/#!$,/('&$013!-++(!0*/M2(+9,&%@!)#*)!,+)!+,13!&+!)#'3!,+)!#*.'!

*,3!7+,'3@!09)!)#'3!#*.'!,+!/+,/'-)!+4!)#'!7+,'3@!$4!)#'('!$%!%+7'!&(+--'&!

$,)+!)#'$(!#*,&%:!H)O%!<9%)!*,!',)$('!'&9/*)$+,!)#*)!#*%!)+!2+!+,:!

!

! 6'(#*-%!,+!+,'!H!$,)'(.$'G'&!$%!7+('!89*1$4$'&!)+!/+77',)!+,!4$,*,/$*1!

('%+9(/'%!*%!*!0*(($'(!)+!/+11'2'!%9//'%%!)#*,!)#'!5$('/)+(!+4!)#'!6FK!I$,*,/$*1!;$&!

c44$/'a!

J'11@!)#'!0*(($'(%!G+91&!0'!4$,*,/'%!$,!)#'!+.'(*11!-$/)9(':!S++M$,2!*)!$)!4(+7!

73!-'(%-'/)$.'!$%!)#*)!)#'3!*('!)*M$,2!1+*,%p)#'3!*('!('19/)*,)!)+!)*M'!1+*,%!

0'/*9%'@!/91)9(*113!$)O%!%+7')#$,2!)#*)!)#'3!#*.',O)!#*&!'L-+%9('!)+:!;,&!)+!

4$11!+9)!)#'!4+(7%!$)O%BBB$)O%!,+)!'*%3!4+(!)#'7:!F+7')$7'%@!3+9!#*.'!)+!&+!$)!4+(!

)#'%'!%)9&',)%f!+)#'(G$%'!$)O%!,+)!2+$,2!)+!2')!&+,':!;,&!)#',!G#'('!&+!3+9!

%)+-!*,&!%*3f!NJ'11@!'.',)9*113@!3+9O('!2+,,*!#*.'!)+!&+!$)!3+9(%'14:O!"#*)O%!)#'!

#*(&!-*()!+4!$):!D+G!&+!3+9!)'11pG#',!'*/#!-'(%+,!$%!&$44'(',)p&+!3+9!

/+,)$,9'!)+!M$,&*!&+!$)!4+(!)#'7k!c(!&+!3+9!1')!)#'7!7$%%!+9)k!

!

! PVV(

! "#'('!%''7%!)+!0'!%+7'!&$44'(',/'!+4!9,&'(%)*,&$,2!*7+,2!%+7'!

*&7$,$%)(*)+(%@!4*/91)3@!%)*44!*,&!%)9&',)%!G$)#!('2*(&!)+!*.*$1*0$1$)3!+4!4$,*,/$*1!*$&!

$,!)#'!4+(7%!+4!%)9&',)!1+*,%!*,&!%/#+1*(%#$-%!*,&!2(*,)%!4+(!;7'($/*,!H,&$*,!

%)9&',)%:!c,'!/*7-9%!*&7$,$%)(*)+(!)+1&!7'!)#*)!)#'('!*('!,+)!7*,3!%/#+1*(%#$-%!

*.*$1*01':!hJ'!#*.',O)!)*1M'&!*0+9)!$)!09)!49,&$,2!$%!*,!$%%9':!"#'!/+%)BBB*,&!G'!

&+,O)!#*.'!.'(3!7*,3!%/#+1*(%#$-%!)+!+44'(!)#'7:!F+!H!)#$,M!/+%)!$%!*,!$%%9'@!79/#!

7+('!4+(!)#*)!-+-91*)$+,!)#*,!G'!2$.'!$)!/('&$)!4+(:i!

! ;!?*)$.'!;7'($/*,!9--'(/1*%%7*,!G*%!*&*7*,)!*0+9)!)#'!1*/M!+4!49,&$,2!4+(!

;7'($/*,!H,&$*,!%)9&',)%!*)!6FK@!h"#'!-9('!1*/M!+4!%/#+1*(%#$-%!4+(!?*)$.'!%)9&',)%!

$%!*!-(+01'7:!;7'($/*,!H,&$*,!F)9&$'%!+,13!#*%!+,'!%/#+1*(%#$-!*,&!$)O%!4+(!n^UU:UU!

4+(!)#'!4911!3'*(:!H!)#$,M!)#*)O%!($&$/91+9%:i!!

! "#$%!%)9&',)!49()#'(!('/+9,)%!#+G!#'(!&'*1$,2%!G$)#!)#'!4$,*,/$*1!*$&!+44$/'!

#*%!0'',@!4(+7!#'(!-'(%-'/)$.'@!1'%%!)#*,!('G*(&$,2a!

I$,*,/$*1!*$&!$%!*!,$2#)7*('!#'('!0'/*9%'!)#'('!$%!,+!+,'!G#+!$%!'$)#'(!

G$11$,2!+(!*01'!)+!#'1-!?*)$.'!%)9&',)%!G$)#!*11!+4!)#'!)#$,2%!)#'3!,''&!)+!

M,+G!09)!&+,O)!'.',!M,+G!)#*)!)#'3!&+,O)!M,+G!+(!,''&!)+!M,+G!:!:!:!!

!

H!G',)!$,)+!)#'!I$,*,/$*1!;$&!c44$/'!+,'!)$7'!*,&!H!1'4)!/(3$,2:!H!/*11'&!73!

7+7!($2#)!*4)'(G*(&%!*,&!H!G*%!0*G1$,2!9-%')!0'/*9%'!H!/+91&,O)!2+!)+!

%977'(!%/#++1!0'/*9%'!'.'(3)#$,2!#*&!2+))',!%+!%/('G'&!9-!*,&!,+!+,'!)+1&!

7'!H!#*&!)+!)*M'!TZ!/('&$)%!)+!2')!4$,*,/$*1!*$&!:!:!:!;,&!)#',!H!#*&!)+!('B&+!*11!

+4!73!4$,*,/$*1!*$&!*,&!H!#*&!)+!.'($43BBBH!G*%!<9%)!/+7-1')'13!9-%'):!!H!G*1M'&!

+9)!/(3$,2!H!G*%!<9%)!1$M'!NH!/*,O)!0'1$'.'!)#$%wO!*,&!#+G!$)!*11!%')!7'!0*/M:!"#',!

H!-1*,,'&!+,!2(*&9*)$,2!$,!5'/'70'(!+4!ZUTUBBB*,&!,+G!H!/*,O)!0'/*9%'!H!2')!

%')!0*/M!*!G#+1'!%'7'%)'(!0'/*9%'!+4!)#'!-'+-1'!$,!I$,*,/$*1!;$&!:!:!:!

!

F+!)#$%!$%!)#'!M$,&!+4!)#$,2!)#*)!7*M'%!-'+-1'!4''1!4(9%)(*)'&:!V'/*9%'!,+!+,'B

BB)#'('O%!,+)BBB)#'('!,''&%!)+!0'!%+7'+,'!%-'/$4$/!<9%)!4+(!?*)$.'!%)9&',)%!+,!

)#$,2%!1$M'!4$,*,/$*1!*$&!*,&!*11!)#'%'!)#$,2%:!F+7'+,'!G#+!/*,!)'11!)#'7!)#'!

)#$,2%!)#*)!)#'3!,''&!)+!&+BBB$,%)'*&!+4!2+$,2!$,)+!)#*)!+44$/'R!

! PVW(

! ;%!*!4+11+G!9-!)+!)#'%'!/+77',)%@!H!*%M'&!)#'!5$('/)+(!+4!I$,*,/$*1!;$&!

89'%)$+,%!%-'/$4$/*113!*0+9)!4$,*,/$*1!*$&!)+!;7'($/*,!H,&$*,!%)9&',)%:!

! J#$1'!)#'('!$%!/91)9(*1!*G*(','%%!)(*$,$,2!4+(!4$,*,/$*1!*$&!%)*44@!*//+(&$,2!)+!

$)%!&$('/)+(@!7*,3!?*)$.'!%)9&',)%!&+!,+)!)*M'!4911!*&.*,)*2'!+4!$)%!%'(.$/'%a!

C+%)!%)9&',)%!&+!,+)!)$7'13!/+7-1')'!*--1$/*)$+,%@!$,/19&$,2!4+(7%!,''&'&!

4+(!)($0*1!#$2#'(!'&9/*)$+,!*G*(&%:!"#'!6FK!?*)$.'!;7'($/*,!%/#+1*(%#$-%!

*('!*G*(&'&!*4)'(!%)9&',)%!/+7-1')'!*!%/#+1*(%#$-!*--1$/*)$+,!)#*)!$%!'$)#'(!

7*$1'&!+(!'7*$1'&!)+!)#'7:!"#'!)($0*1!2(*,)%!.*(3!*7+,2!)#'!.*($+9%!)($0'%!

&'-',&$,2!+,!*.*$1*0$1$)3!+4!49,&%!*,&!G#')#'(!)#'('!$%!*!('%'(.*)$+,!0*%'&!

-+%)%'/+,&*(3!%/#++1:!

! D'!/+,)$,9'&!G$)#!*!7+('!$,!&'-)#!&$%/9%%$+,!+4!$%%9'%!4*/'&!G#',!&'*1$,2!

G$)#!%+7'!?*)$.'!%)9&',)%!$,!*&&('%%$,2!4$,*,/$*1!,''&a!

"#'!4$,*,/$*1!*G*(','%%!$%!7+('!1$7$)'&!4+(!?*)$.'!%)9&',)%@!'%-'/$*113!)#'!

IHF!*,&!+)#'(!0+*(&$,2!%/#++1!%)9&',)%:!H)O%!)(9'!)#*)!%+7'!+4!)#'!%)9&',)%!

G#+!*('!4(+7!)#'!IHF!+(!%+7'!+)#'(!0+*(&$,2!%/#++1!*((*,2'7',)@!G#'('!

)#'3!#*.'!)#*)!#$2#!&'2(''!+4!+.'(%$2#)@!+(!$,!+)#'(!%$)9*)$+,%!G#'('!)#'3!

#*.'!0'',!9%'&!)+!*!#$2#!1'.'1!+4!%)(9/)9('@!&+!,+)!&+!G'11!G$)#!)#'$(!

7*,*2$,2!+4!4$,*,/'%!+(!)#'$(!&$,$,2!-1*,!+(!G#*)'.'(!)#$,2%!)#'3!7$2#)!#*.'!

)+!&+!+9)%$&'!+4!)#'!*/*&'7$/!/1*%%(++7:!"#'!('%'(.*)$+,!%)9&',)%!*1%+!#*.'!

7+('!&$44$/91)3!$,!4$,*,/$*1!*G*(','%%!$,!09&2')$,2!)#'$(!&$,$,2!-1*,%!*,&!

7+,'3:!

!

X91)9(*1!/#*,2'@!4$,*,/$*1!/#*,2'@!$4!)#'3!#*.'!%+7'!('%+9(/'%!*,&!)#'3!<9%)!

&+,O)!09&2')!G'11!*%!/+7-*('&!)+!+)#'(!%)9&',)%!G#+!7*3!09&2')!)+!)#$,M!

*0+9)!G#*)!#*--',%!*4)'(G*(&%@!)#'3!*('!-(+0*013!)++!2','(+9%!$,!*!%',%'!+4!

%#*($,2@!$4!)#'3!#*.'!*!7'*1!-1*,@!G$)#!%+7'0+&3!'1%'@!+(!$,!*!4*7$13!%$)9*)$+,!

G#'('!)#'3!7*3!0'!G$11$,2!)+!#'1-!%+7'+,'!+9):!;,&!)#'3!7*3!,+)!

9,&'(%)*,&!%+7'!+4!)#'!)#$,2%!0'/*9%'!)#'3!*('!,+)!9%'!)+!#*.$,2!)+!-*3!4+(!

$)'7%!+(!7'*1%!BB!*,&!)#'3!7*3!,+)!/#++%'!)#'!($2#)!*7+9,)%!+4!)#$,2%!)#*)!

)#'3!093:!!

!

!

!

!

!

!

! PVX(

&>BB@?8<5!

(

&O1+"$&+1((/,*0%&

'

' "#'!0'%)!G*3!)+!9,&'(%)*,&!G#*)!$)!$%!1$M'!/+7$,2!)+!*!-('&+7$,*,)13!J#$)'!

7*$,%)('*7!/$)3!1$M'!E*$1)+G,@!6(*$($'!F)*)'@!4(+7!*!('%'(.*)$+,!/+779,$)3!+(!

('%'(.*)$+,!0+(&'(!)+G,!$%!)#(+92#!)#'!'L-'($',/'%!+4!)#+%'!;7'($/*,!H,&$*,!

%)9&',)%!G#+!#*.'!1$.'&!)#'!)(*,%$)$+,:!H)!$%!)#(+92#!)#'!%',%'%!+4!)#+%'!%)9&',)%!

)#*)!G'!7*3!0'2$,!)+!2*$,!*,!$,%$&'(O%!-'(%-'/)$.'!+4!/91)9('!%#+/M!*,&!*&<9%)7',)!

)#'3!'L-'($',/'!G#',!)#'3!/+7'!)+!6FK:!

! c,'!?*)$.'!%)9&',)!/+7-*('%!)#'!7+.'!)+!E*$1)+G,!)+!)#'!%*4')3!*,&!

/+,4$&',/'!+4!)#'!#+7'!/+779,$)3a!

X9g!*!1+)!+4!)#'!)#$,2%!)#*)!,''&!)+!0'!/+,%$&'('&!$%f!G#'('!)#'3!/+7'!4(+7:!!

J#*)!M$,&!+4!('1*)$+,%#$-!)#'3!#*&!G$)#!)#'$(!4*7$13p)#'$(!('%-'/)'&!

'1&'(%p'.',!1$M'!)#'$(!)'*/#'(%@!+(!%+7'+,'!$,!*9)#+($)3:!F+BB3+9!M,+Gp$,!

)#*)!',.$(+,7',)!*)!#+7'@!+4!/+9(%'!)#'('O%!/+,4$&',/':!!F+!G#',!)#'3!2')!

#'('p3+9!M,+GBBBJ#'('O%!)#*)!/+,4$&',/'!2+k!J#3!&+'%!$)!&(+-!+44p($2#)!

)#',k!

!

! ;,+)#'(!?*)$.'!%)9&',)!('/*11%!)#'!'L-'($',/'!+4!2(+G$,2!9-!$,!E*$1)+G,!*,&!

0'$,2!'&9/*)'&!*%!*!7$,+($)3!%)9&',)!$,!)#'!E*$1)+G,!%/#++1!%3%)'7a!

J'!2+)!)('*)'&!1$M'!/(*-!#'(':!J'!2+)!)'*%'&!*11!)#'!)$7':!J'!2+)!)#'!-'3+)'!

<+M'%:!J'!2+)!*11!M$,&%!+4!%)944:!o+9!M,+G@!G'!G'('!)#'!+,13!?*)$.'!%)9&',)%!

$,!+9(!#$2#!%/#++1:!;,&!2(+G$,2!9-!7'!*,&!73!0(+)#'(!G'('!/+,%)*,)13!

)'*%'&:!J'!2+)!)'*%'&!0'3+,&!0'1$'4:!I(+7!'1'7',)*(3!%/#++1!9-@!G'!2+)!

)'*%'&:!H!&$&,O)!'.',!G*,)!C+7!)+!/+7'!+,!?*)$.'!;7'($/*,!5*3@!)+!+9(!/1*%%:!

V'/*9%'!)#*)!+,13!7*&'!$)!7+('!+0.$+9%!)#*)!G'!G'('!&$44'(',):!S$M'!H!<9%)!4'1)!

%++++po+9!G'('!<9%)!)(3$,2!)+!4$)!$,:!;,&!$)!G*%!*11!)#'!)$7'!)#*)!-'+-1'!

G+91&!<9%)!M,+G!)#*)!3+9!*('!%+7')#$,2!&$44'(',)!*,&!)#'3!G+91&!)'*%'!3+9!

*,&!#9()!3+9:!F+!H!<9%)!&$&,O)!G*,,*!0'pH!&$&,O)!G*,,*!0'!H,&$*,:!H!G*%!%+BBB

*,&!)#',!73!&*&!G*%!$,!+9(!)'L)0++M%!$,!#$2#!%/#++1:!J'!G+91&!G*)/#!.$&'+%!

$,!+9(!/1*%%!*,&!)#',!73!9,/1'!G+91&!0'!+,!$):!H!G*%!1$M'!+####!7+('!/(*-!)+!

('7$,&!7'!)#*)BBB3+9!M,+Gk!;,&!%+@!H!&$&,O)!G*,,*!0'!*,!H,&$*,:!

! PVY(

(

! c,'!.')'(*,!-(+4'%%+(!/+77',)'&a!

6FK!$%!$,!*!.'(3!%'($+9%!/$(/97%)*,/'@!$,!73!.$'G@!$,!)#*)!$)!$%!0+)#!

2'+2(*-#$/*113@!%+/$*113@!*,&!)+!*!1*(2'!&'2(''@!-+1$)$/*113!$%+1*)'&!*,&!+9(!

/9((',)!/+7-+%$)$+,!$%!+.'(G#'17$,213!J#$)':!J'!*('!,+)!*!.'(3!&$.'(%'!

9,$.'(%$)3:!J'!*('!*0+9)!`^!-'(/',)p`\!-'(/',)!J#$)':!!

(

( H4!)#'!1+/*1!E*$1)+G,!/+779,$)3!$%!-'(/'$.'&!*%!2','(*113!9,/+74+()*01'!4+(!

;7'($/*,!H,&$*,!%)9&',)%@!#+G!&+'%!)#'!9,$.'(%$)3!/+779,$)3!',.$(+,7',)!/('*)'!

*!4''1$,2!+4!/+#'%$.'!G'1/+7'!+(!$%+1*)$+,!4+(!)#'!?*)$.'!%)9&',)k!

!

'F,*=)#7*0%&+1((/,*0%&&&&(

( ;!4*/91)3Q*&7$,$%)(*)+(!G#+!$%!.'(3!$,.+1.'&!G$)#!;7'($/*,!H,&$*,!%)9&',)!

%9//'%%!%-'*M%!/*,&$&13!*0+9)!)#'!/*7-9%!/1$7*)'a!

H!)#$,M!G'!#*.'!%+7'!%$2,$4$/*,)!$%%9'%!#'('!$,!)'(7%!+4!)#'!/*7-9%!/1$7*)':!

o+9!M,+G!G'!/*,!/('*)'!*!.'(3!-(+)'/)$.'@!1+.$,2@!%9--+()$.'!',.$(+,7',)!

4+(!+9(!%)9&',)%@!)#*)!,9()9('%!)#'$(!%9//'%%@!09)!)#*)!&+'%!,+)!,'/'%%*($13!

*1G*3%!-(+)'/)!)#'7!4(+7!)#'!%1$,2%!*,&!*((+G%!)#*)!)#'3!4*/'!$,!)#'!1*(2'(!

9,$.'(%$)3!/+779,$)3!+(!)#'!E*$1)+G,!/+779,$)3:!"#*)!-('<9&$/'@!(*/$%7@!

&$%/($7$,*)$+,!*('!*11!.'(3!-*$,491@!.'(3!&*7*2$,2!)+!$&',)$)3@!.'(3!&*7*2$,2!

)+!%9//'%%@!.'(3!&*7*2$,2!)+!+,'O%!%'14!/+,4$&',/'@!%'14!'%)''7@!%',%'!+4!%'14:!

F+!H!)#$,M!)#*)O%!%+7')#$,2!)#*)O%!('*113!*!0*(($'(:!

!

( ;,!;7'($/*,!H,&$*,!%)9&',)!/+77',)%!+,!)#'!4''1$,2!+4!%)*,&$,2!+9)!*%!

&$44'(',)!$,!*!/(+G&!+4!9,$4+(7$)3a!hI+(!7'@!$)!G+91&!*11!2+!0*/M!)+!)#'!/+,4$&',/'!

*,&!/+74+():!D+G!/+74+()*01'!*,&!/+,4$&',)!$%!*,3+,'!%$))$,2!$,!)#'!F)9&',)!K,$+,!

1$M'!)#'!&*(M!%-+)!$,!)#'!7$&&1'!+4!*!-$'/'!+4!-*-'(ki!

! PVZ(

' ;!%)9&',)!%9--+()!%)*44!7'70'(!%-'*M%!)#(+92#!+,'!.+$/'!)#'!)#+92#)%!)#*)!

G'('!('-'*)'&!)#(+92#+9)!*11!+4!73!$,)'(.$'G%!('2*(&$,2!)#'!1*/M!+4!*,3!.$%$01'!%$2,!

)#*)!)#'!?*)$.'!;7'($/*,!/91)9('!$%!.*19'&!*,&!/'1'0(*)'&!+,!)#'!/*7-9%!+4!6FKa!

H!&+,O)!)#$,M!G'!#*.'!*,3)#$,2!+,!/*7-9%!1$M'!*!-1*89'!+(!*!%)*)9'!+(!

*,3)#$,2!1$M'!)#*)!)#*)!%$2,$4$'%!)#*)!)#$%!G*%!H,&$*,!1*,&@!3+9!M,+Gk!BBB

;,3)#$,2!1$M'!)#*):!H!7'*,!)#'('!$%!,+!*/M,+G1'&2'7',)!*,3G#'('!)#*)!)#$%!

G*%!+,/'!o*,M)+,!F$+9L!1*,&:!H)O%!,+)!)*92#)!$,!)#'!/1*%%'%!*,&!,+!+,'!#*%!*!

/19':!H,&$*,!-'+-1'!*('!,+)!'.',!('*113!('/+2,$g'&!1')!*1+,'!/'1'0(*)'&:!6FK!

/+91&!&+!%+!79/#!)+!0($,2!$)%'14!9-!)+!&*)'!*,&!('*113!'70(*/'!)#'!/91)9('!+4!

)#'!-'+-1'!G#+!G'('!#'('!1+,2!0'4+('!)#'!9,$.'(%$)3!+(!'.',!J#$)'!-'+-1':!

?*)$.'!%)9&',)%!*,&!?*)$.'!/91)9('!/+91&!0'@!%#+91&!0'!%'',!*%!*!('%+9(/'!4+(!

)#$%!9,$.'(%$)3:!

!

!

;!('/',)13!(')$('&!*&7$,$%)(*)+(!7$((+('&!)#'!%*7'!)#+92#)%a!

!

J'!,''&!)+!#*.'!*!/*7-9%!)#*)!$%!G*(7!*,&!G'1/+7$,2!*,&!#*%!)#'!M$,&!+4!

&q/+(!'L#$0$)'&!)#*)!1')%!)#'!%)9&',)%!M,+G!)#*)!)#'$(!/91)9('!$%!('/+2,$g'&@!

)#*)!$)!$%!/'1'0(*)'&@!)#*)!$)O%!9,&'(%)++&!)#*)!)#'!1*,&!)#*)!)#$%!$,%)$)9)$+,!$%!

+,!$%!1*,&!)#*)!G*%!/'&'&!03!)#'!?*)$.'!;7'($/*,!-+-91*)$+,!*)!%+7'!-+$,)!$,!

)#'!-*%):!"#*)!G'!*('!*!1*,&!2(*,)!$,%)$)9)$+,!*,&!)#'!1*,&!)#*)!G*%!2(*,)'&!)+!

49,&!)#$%!$,%)$)9)$+,!G*%!+($2$,*113!?*)$.'!1*,&:!F+!G'!&+!,''&!)+!&+!)#*):!J'!

&+,O)!#*.'@!$,!73!+-$,$+,@!*,3!'L)'(,*1!&q/+(!+,!)#$%!/*7-9%!)#*)!G+91&!

$,&$/*)'!)#*)!,*)$.'!/91)9('!$%!/'1'0(*)'&!*,&!*--('/$*)'&:!;,&!G'!&+!,''&!)+!

&+!)#*):!

(

(

(

&@D<@;:(

( (

</$0/#)&C31+4&

!

! X91)9('!%#+/M!/*,!7*M'!4+(!*!)(*97*)$/!)(*,%$)$+,!4+(!*,3+,'!',)'($,2!

/+11'2':!C*,3!4*/91)3@!%)*44@!*,&!*&7$,$%)(*)+(%!H!$,)'(.$'G'&!G'('!89$/M!)+!7*M'!

)#$%!-+$,)!('2*(&$,2!#+G!7+%)!$,/+7$,2!4('%#7',!79%)!7*M'!)#$%!*&<9%)7',):!I+(!

7*,3!;7'($/*,!H,&$*,!%)9&',)%@!#+G'.'(@!)#$%!*&<9%)7',)!$%!/+7-+9,&'&!03!7*,3!

! PV[(

4*/)+(%:!?+)!+,13!79%)!)#'!?*)$.'!%)9&',)!&'*1!G$)#!)#'!*&<9%)7',)!)+!/+11'2'!1'.'1!

G+(M@!*,&!1$.$,2!$,!*!,'G!',.$(+,7',)!*7+,2!%)(*,2'(%@!09)!4+(!7*,3!?*)$.'!

%)9&',)%!)#'%'!/#*11',2'%!*('!$%!7*2,$4$'&!)#(+92#!&$44'(',/'%!$,!-#3%$/*1!

*--'*(*,/'@!/91)9(*1!)(*&$)$+,%@!0'1$'4%@!*,&!-(*/)$/'%!*,&!)#'!2','(*1!&$%/+,,'/)'&!

4''1$,2!+,'!#*%!*%!N,+)!4$))$,2!$,O:!!"#$%!$%!'%-'/$*113!%$2,$4$/*,)!%$,/'!)#'!7*<+($)3!+4!

;7'($/*,!H,&$*,!%)9&',)%!*))',&$,2!6FK!*('!4(+7!6(*$($'!F)*)'!+(!,'$2#0+($,2!

%)*)'%:!I+(!*,!9,&'(%)*,&$,2!+4!G#*)!$)!4''1%!1$M'!)+!0'!*!%)(*,2'(!$,!+,'O%!+G,!#+7'!

%)*)'@!)#'!0'%)!.+$/'%!*('!)#+%'!+4!)#'!%)9&',)%!G#+!#*.'!1$.'&!)#'!'L-'($',/':!D'('@!

)G+!%)9&',)!.+$/'%!%-'*M!4+(!7*,3:!

! ;!)(*&$)$+,*113!*2'&!7*1'!4(+7!*!.'(3!(9(*1!('%'(.*)$+,!/+779,$)3!('/*11'&!

#$%!4$(%)!'L-'($',/'!*)!6FKa!

F+7')$7'%!H!4''1!1$M'!H!#*.'!7+('!$,!/+77+,!G$)#!)#'!4+('$2,!%)9&',)%!)#*,!H!

&+!G$)#!)#'!1+/*1!J#$)'!M$&%@!G#$/#!%#+91&,O)!0'!#*--',$,2:!F+7'!-'+-1'!

1++M!*)!9%!1$M'!G'O('!%+7'!%+()!+4!/*()++,!)#$,2:!"#'3!)#$,M!%)'('+)3-'%@!)#'!

%/*(3!H,&$*,%:!H!)#$,M!)#'!)#$,2%!G'!)+9/#'&!+,!0'4+('@!/+7$,2!+44!+4!)#'!

('%'(.*)$+,@!)#'!/91)9('!%#+/M!$%!*!0$2!-*()!+4!$):!C3!4('%#7*,!3'*(@!H!#*&!,+!

$&'*!)#*)!)#'!?*)$.'!;7'($/*,!X190!'L$%)'&:!H!*1%+!&$&,O)!M,+G!)#*)!)#'!

C91)$/91)9(*1!;44*$(%!c44$/'!'L$%)'&!:!:!:!#+,'%)13@!)#*)!4$(%)!3'*(!*,&!*!#*14!G*%!

)#'!#*(&'%)!4+(!7'!0'/*9%'!H!4'1)!H!G*%!)#'!+,13!?*)$.'!;7'($/*,!%)9&',)!+,!

/*7-9%:!F+!H!#*&!)+!*&<9%)!4(+7!0'$,2!BBB)+!/+7$,2!4(+7!)#'!('%'(.*)$+,!)+!

0'$,2!73!+G,!$,&$.$&9*1!%'14!$,!*!-('&+7$,*,)13!J#$)'!9,$.'(%$)3:!H!#*&!)+!

1'*(,!#+G!)+!1$.'!$,!)G+!G+(1&%:!H,!)#'!J#$)'!G+(1&p#'('!*)!)#'!9,$.'(%$)3!

*,&!)#',p/+,.'()!G#',!H!2+!0*/M!#+7'!)+!0'$,2!+,!)#'!('%'(.*)$+,:!F+p

)#*)!4+(!7'!G*%!*!/#*11',2':!H!#*&!)+!1'*(,!#+G!)+!0*1*,/'!)#*):!c)#'(G$%'!$4!H!

&$&,O)p*4)'(!73!4$(%)!3'*(@!H!-(+0*013!G+91&!#*.'!89$):!V9)!H!%*G!)#'!

/#*11',2'!*,&!H!#*&!)+!*&&('%%!$):!"#*,M49113!H!*&*-)'&!)+!$):!F+!)#*)!

/+,,'/)$+,!)+!)#'!/+779,$)3!$%!*,!$7-+()*,)!)#$,2:!c)#'(G$%'!3+9!7$2#)!4''1!

1$M'!3+9!*('!*1+,'!+,!)#'!+9)%$&'!1++M$,2!$,:!

(

! PV\(

( ;!,+,B)(*&$)$+,*113!*2'&!09)!/91)9(*113!)(*&$)$+,*1!7*1'!4(+7!*,+)#'(!

('%'(.*)$+,!/+779,$)3!*1%+!/+77',)'&a!

o+9!M,+G@!G#',!*!?*)$.'!;7'($/*,!/+7'%!4(+7!#+7'@!9-!)+!*!2('*)!0$2!

%/#++1!1$M'!)#$%@!3+9!)*M'!#$7!+9)!+4!)#*)!/+74+()!g+,'p*,&!$,%)*,)*,'+9%13@!

G#',!)#'3O('!<9%)!)(3$,2!)+!01',&!$,!)#'3O11!4''1!)++!09/M3!)+!'.',!*%M!

%+7'0+&3!4+(!&$('/)$+,%p1$M'!G#'('!$%!)#$%!09$1&$,2!+(!G#'('!&+!3+9!&+!

)#$%k!"#'3O11!<9%)!)(3!)+!&+!$)!*11!+,!)#'$(!+G,:!X9g!H!&$&!)#*)!%+!:!:!:!

(

! F+7'!/*7-9%!*&7$,$%)(*)+(%!*('!*G*('!+4!)#$%!&$44$/91)!)(*,%$)$+,!4+(!)#'!

?*)$.'!%)9&',)a!

"#'!4*/)!)#*)!3+9O('!0($,2$,2!%+7'0+&3!#+G!7*,3!#9,&('&%!+4!7$1'%!*G*3!

4(+7!#+7'!*,&!+44!)#'!('%'(.*)$+,@!G#$/#!#*%!0'',!#+7'@!*,&!)#*)O%!)#'$(!

/+74+()!1'.'1@!*,&!3+9O('!0($,2$,2!)#'7!)+!)#$%!-1*/'@!G#$/#@!3+9!*,&!H!)#$,M!

$%!<9%)!4$,'@!09)!)#$%!$%!*!#92'!-1*/'!)+!%+7'0+&3!/+7$,2!4(+7!*!6$,'!E$&2'!+(!

E+%'09&!+(!G#'('.'(:!F+!H!)#$,M!)#'('!*('!%+7'!('*1!/91)9(*1!$%%9'%!)++:!;,&@!

)#'3O('!/+7$,2!)+!*!-('&+7$,*,)13!J#$)'!4*/91)3@!G#+!&+,O)!,'/'%%*($13!

9,&'(%)*,&!)#'$(!/91)9('!+(!)#'$(!0*/M2(+9,&p%+!)#'('!*('!7+('!0*(($'(%!

)#'(':!!

!

!

</$0/#"$&B/73&P"+4&D1()&

! "#$%!&3,*7$/!7*3!0'!*)!G+(M!4+(!)#'!%)9&',)!G#+!$%!%)(+,213!*,/#+('&!$,!)#'!

?*)$.'!/91)9('!09)!%''%!)#'!9,$.'(%$)3!',.$(+,7',)!*%!*!)#('*)!)+!)#*)!/91)9(*1!G*3!+4!

1$4':!H,!)#$%!/*%'@!)#'!9,$.'(%$)3!',.$(+,7',)!/('*)'%!*!-9%#!)+G*(&!)#'!%*4')3!*,&!

/+74+()!+4!#+7'!*,&!4*7$13!*%!*!('492'!4(+7!)#'!-'(/'$.'&!)#('*):!H,!'.'(3!/*%'@!

/+,)'L)!$%!*,!$7-+()*,)!/+,%$&'(*)$+,:!F+7'!?*)$.'!%)9&',)%!7*3!#*.'!*!&$44$/91)!

)$7'!*&<9%)$,2!)+!1$4'!*)!6FK!4+(!*!.*($')3!+4!('*%+,%@!G#')#'(!/+,/'(,$,2!/91)9(*1!

&$44'(',/'%!+(!,+)@!)#'!'%/*-'!4(+7!G#$/#!/*,!1'*&!)+!%''M$,2!/+74+()!*)!#+7'!G$)#!

)#'!4*7$13!+,'!$%!9%'&!)+:!!

! PWO(

! !F)9&',)%!G#+!*('!1'%%!*%%$7$1*)'&!)+!)#'!7*$,%)('*7!/91)9('!G$11!'L-'($',/'!

7+('!/91)9('!%#+/M!9-+,!*(($.*1!*)!/+11'2'!*,&!G$11!0'!7+('!1$M'13!)+!&(+-!+9)!*,&!

(')9(,!#+7'!G$)#+9)!%+7'!%9--+()!+(!%'(.$/'%!&'%$2,'&!)+!4*/$1$)*)'!)#'!)(*,%$)$+,!

4(+7!)#'!4*7$1$*(@!7+('!)(*&$)$+,*1!',.$(+,7',)!)+!)#'!7*$,%)('*7!/+11'2'!

',.$(+,7',):!

! "#'!?*)$.'!;7'($/*,!F)9&',)!;&.$%+(!('/*11%!*!.'(3!)(*&$)$+,*1!%)9&',)!4+(!

G#+7!)#'!7*$,%)('*7!/91)9('!+4!)#'!/*7-9%!',.$(+,7',)!G*%!,+)!*!/+74+()*01'!4$)a!

H!#*&!)#*)!.'(3!%*7'!&$%/9%%$+,!G$)#!*!3+9,2!7*,!1*%)!3'*(:!D'!/*7'!$,!.'(3!

89$/M:!D'!%*G!,+!/+,,'/)$+,!0')G'',!G#*)!#'!G*%!&+$,2!#'('!*,&!G#*)!#'!

2('G!9-!&+$,2@!/91)9(*113:!;,&!#$%!&'%$('!G*%!)+!0'!7+('!+4!*!1'*&'(!$,!)#*)!

/+779,$)3:!"+!0'!7+('!+4!*!u*#BB@!-('))3!79/#!#'!G*%!+,!*!%-$($)9*1!<+9(,'3B

BB)+!0'!*!1'*&'(!*7+,2!#$%!-'+-1'BB!/91)9(*1!1'*&'(@!*!%-$($)9*1!1'*&'(BBB*,&!#'!

<9%)!#*&!,+!/+,,'/)$+,!G$)#!G#*)!#'!G*%!&+$,2!#'(':!:!:!:!H!)#$,M!-*()!+4!$)!)++!

G*%!/91)9(*1!$,%',%$)$.$)3@!0'/*9%'!+,'!&*3!G#',!#'!/*7'!$,BBB#'!#*&!('*113!

1+,2!#*$(!*,&!#'!#*&!/9)BBB+#@!HO7!%9('@!TU!$,/#'%!+44:!;,&@!3+9!M,+G@!4+(!3+9!

*,&!H@!G'!9,&'(%)*,&!)#*)O%!*!%$2,@!)#*)O%!)'11$,2!9%!)#*)!#'O%!2+$,2!)#(+92#!

%+7')#$,2:!F+7')#$,2O%!#*--','&@!)#'('!G*%!*!('*%+,:!H)!G*%,O)!4+(!)#'!1++M:!

H)!G*%,O)!*!%)31'!&'/$%$+,:!;)!)#'!)$7'@!)#'('!G'('!%+7'!+)#'(!%)*44!7'70'(%!

#'('!*,&!)#'3!G'('!1$M'!h!c#!73!2+%#w!J#3O&!3+9!/9)!3+9(!#*$(k!H!/*,O)!

0'1$'.'!3+9!&$&!)#*)wi!o+9!M,+G@!)#'('!G*%!,+!/+,%$&'(*)$+,!+4!BBBD'!<9%)!M'-)!

)(3$,2!)+!%#(92!$)!+44:!;,&!*)!)#'!%*7'!)$7'@!H!M,+G!)#*)!7*&'!#$7!.'(3!

9,/+74+()*01':!H!/+91&!%''!$)!$,!#$%!4*/':!H!/+91&!%''!$)!$,!#$%!-+%)9(':!;,&!)#*)!

7*&'!7'!/+,%$&'(!)#'!&$44'(',/'@!)#'!/91)9(*1!&$44'(',/'!+4!0'/+7$,2!*!7*,BB

B+4!2(+G$,2!9-!$,!*!7*,O%!/91)9('!*,&!)#$%!/91)9(':!;,&!*11!+4!*!%9&&',!3+9!*('!

$,!*!-1*/'!G#'('!G+7',!*('!-(+4'%%+(%@!+(!G+7',!*('!%)*44!)#*)!&$('/)!G#*)!

3+9!&+:!o+9!M,+G!)#+%'!*('!)G+!)#$,2%!)#*)!*('!$,!&$('/)!/+,)(*%)!+4!G#*)!)+!

&+:!;,&!%+!H!)#$,M!)#*)!G*%!*!-*()!+4!#$%!%)(9221'!+4f!N!G#*)!&+!H!&+!G$)#!)#*)kO!

ND+G!&+!H!#*,&1'!$)kO!K1)$7*)'13@!#'!&$&!1'*.':!D'!<9%)!#*&!*!&$44$/91)!)$7'!

/+7$,2!)+!)#*)!0*1*,/':!;,&!H!&+@!H!9,&'(%)*,&!)#*)!)++:!"#'('O%!*!1+)!+4!)$7'%!

G#'('!H!4*/'!%$)9*)$+,%!G#'('@!3+9!M,+G@!+M*3@!HO7!#'('!*,&!)#'3!&+,O)!

9,&'(%)*,&!G#*)O%!#*--',$,2!%+!H!M$,&!+4!2+!G$)#!$):!V9)!*)!)#'!%*7'!)$7'@!H!

('*113!$&',)$43!G$)#!G#*)!#'!G*%!%)(9221$,2!G$)#!*,&!#'!<9%)!%*G!,+!

/+,,'/)$+,!0')G'',!0'$,2!$,!%/#++1!#'('!*,&!G#*)!#'!('*113!&'%$('&@!$,!#$%!

#'*()@!)+!0'!*)!#+7'!G$)#!#$%!-'+-1':!

!

! PWP(

O"+4&19&0#".*0*1,"$&+/$0/#)&1??1#0/,*0%&!

'

! 6($+(!('%'*(/#!$,&$/*)'%!)#*)!)#'!7*$,)',*,/'!+4!/91)9(*1!$&',)$)3!*,&!

)(*&$)$+,%!G*%!4+9,&!)+!0'!$,%)(97',)*1!$,!)#'!%9//'%%!+4!?*)$.'!%)9&',)%!*)!)#'!

-+%)%'/+,&*(3!1'.'1:!!"#'!.*%)!7*<+($)3!+4!?*)$.'!%)9&',)%!H!$,)'(.$'G'&!/$)'&!)#'!

1*/M!+4!%9/#!+--+()9,$)$'%!*%!*!7*<+(!&(*G!0*/M!)+!1$4'!*)!6FK:!c,'!.')'(*,!-(+4'%%+(!

/$)'&!)#'!$7-+()*,/'!4+(!+--+()9,$)$'%!4+(!)#'!-(*/)$/'!+4!/91)9(*1!)(*&$)$+,%a!

H,!)#$%!/+779,$)3!G'!#*.'pH!&+,O)!M,+G!#+G!7*,3!/#9(/#'%:!H)!%''7%!

)#'('O%!*!/#9(/#!*(+9,&!'.'(3!/+(,'(:!J'!#*.'!4+9(!+(!4$.'!S9)#'(*,!

/#9(/#'%!:!:!:!G'!#*.'!*!X*)#+1$/!/#9(/#!+4!/+9(%'@!*,&!V*-)$%)!/#9(/#'%!*,&!%+!

+,@!<9%)!*!1+)!+4!/#9(/#'%:!J'!#*.'!*!7+%89'!4+(!H%1*7$/!*#B!C9%1$7!%)9&',)%:!

J'!&+!,+)!#*.'!*,3!4*/$1$)$'%!4+(!?*)$.'!%)9&',)%:!;!%G'*)!1+&2'!$%!%+7')#$,2!

)#*)!*!?*)$.'!;7'($/*,!X',)'(!/+91&!-(+.$&'@!09)!G'!&+,O)!#*.'!)#*):!

F)9&',)%!G#+!*('!4''1$,2!*!%-$($)9*1!,''&!*,&!*('!,*)$.'!('*113!#*.'!)++!2+!

0*/M!)+!)#'!('%'(.*)$+,:!F+!)#*)!$%!*,+)#'(!*('*!$,!G#$/#!H!)#$,M!)#'('!$%!*!

0*(($'(!)+!%)9&',)%!0'$,2!/+74+()*01'!#'(':!!K,1'%%!)#'3!#*.'!*!%')!+4!4($',&%!

*,&!/+11'*29'%!G#+!*('!%9--+()$.'!+4!)#*)!-*()$/91*(!,''&@!)#'3!*('!2+$,2!)+!

4''1!.'(3!*1+,'!*,&!$%+1*)'&!#'(':!

!

! c,/'!*2*$,@!)#'!%)9&',)%O!+G,!.+$/'%!2$.'!9%!)#'!0'%)!$&'*!+4!G#*)!$)!$%!1$M'!4+(!

)#'7!)+!%''!)#'$(!/91)9('!&$%/+9,)'&!+(!$2,+('&:!;!7*1'!%)9&',)!4(+7!*!('%'(.*)$+,!

)+G,!%-+M'!G$)#!&$%/'(,*01'!4(9%)(*)$+,!*0+9)!#'!%''%!?*)$.'!%)9&',)%!('/'$.'&!*)!

6FKa!

o'*#@!H!<9%)!)#$,M!6FK!2','(*113!&+'%,O)pH!7'*,!$4!3+9!0('*M!$)!&+G,!*,&!

('*113!*,*13g'!$)!1$M'!G'!#*.'!($2#)!,+Gp)#'3!('*113!&+,O)!'70(*/'!?*)$.'!

;7'($/*,%!*)!*11:!X+,%$&'($,2!)#'!1+/*)$+,pG'O('!$,!)#'!,+()#'(,!-1*$,%:!;,&!

%$,/'!HO.'!0'',!*)!6FK!HO.'!#*&!-'+-1'!G#+O.'!%*$&!NJ'11!G#*)!&+!)#'!?*)$.'!

;7'($/*,%!&+ki!NJ'11!)#'3!#*.'!*!0$2!-+G!G+G!$,!)#'!%-($,2:O!;,&!)#*)O%!*%!

4*(!*%!$)!2+'%:!;,&!$)!%)+-%:!"#'!+,13!G*3!?*)$.'!;7'($/*,!%)9&',)%!#'('!*('!

2+$,2!)+!0'!*01'!)+!'70(*/'!)#'$(!/91)9('!+9)%$&'!+4!)#*)!+,'!G''M',&!$%!$4!

)#'3!2+!)+!*!?*)$.'!;7'($/*,!X190!7'')$,2!*,&!7'')!+)#'(!?*)$.'!;7'($/*,%!

G#+!*('!4(+7!6(*$($'!F)*)'!*,&!)#',!7*30'!2+!#+7'!G$)#!)#'7!+.'(!)#'!

G''M',&:!!c9(!9,$.'(%$)3!&+'%!,+)!-(+.$&'!*,3!+9)1')!4+(!/91)9(*1!)#$,2%!G#*)!

%+!'.'(:!?+,':!F+!H!7'*,p3+9!/*,!*17+%)!)'11!)#*)!03!1++M$,2!*)!)#'!+9)%$&'p

! PWN(

H!7'*,p%*7'!)#$,2:!5+!G'!#*.'!+9(!+G,!4*/$1$)3!4+(!9%k!?+:!5+!G'!#*.'BBBG'!

&+,O)!'.',!#*.'!*!7*<+(:!"#+%'!*('!)G+!0$2!41*2%!($2#)!)#'('!)#*)!*!1+)!+4!+)#'(!

9,$.'(%$)$'%!&+!#*.':!J#$/#!H!<9%)!)#$,M@!$,!73!+-$,$+,@!7*M'%!6FK!1++M!1$M'!

/(*-:!H!7'*,!('*113:!H!7'*,!G'O('!)#'!0$22'%)!9,$.'(%$)3!$,!)#'!%)*)'p09)!3')!

G'!#*.'!)#'%'!/+9-1'!+4!7*<+(!$,&$/*)$+,%!)#*)!)#'3!/+7-1')'13!%#9,!9%:!

!

! "#$%!%)9&',)!.+$/'&!)#'!4''1$,2%!+4!7*,3!?*)$.'!%)9&',)%!H!%-+M'!G$)#!*0+9)!

#+G!)#'3!4''1!%#9,,'&!*,&!&$%/+9,)'&!03!)#'!7*$,%)('*7!/+779,$)3!0+)#!*)!6FK!

*,&!E*$1)+G,!$,!2','(*1:!

(

(

)>B8?=?<(&@D<@;:($:E:;:?H:(,;>@C(

!

"#'!;7'($/*,!H,&$*,!%)9&',)!)#*)!/+7'%!)+!6FK!7*3!89$/M13!4$,&!+,'%'14!

4''1$,2!*1+,'!$,!*!4+('$2,!',.$(+,7',):!;%!&$%/9%%'&!*0+.'@!)#'!$7-+()*,/'!+4!*!

%9--+()$.'!/+779,$)3!4+(7'&!+4!-''(%!$%!%$2,$4$/*,):!J$)#+9)!*!('4'(',/'!2(+9-!+4!

-''(%!)+!-(+.$&'!)#'!/+74+()!*,&!%'/9($)3!)#*)!+,'!1'4)!0'#$,&!G$)#!4*7$13!*,&!

4($',&%@!)#'!%)9&',)!$%!1'4)!%9((+9,&'&!03!*!&+7$,*,)@!7*$,%)('*7!%+/$')3!$,!G#$/#!

+,'!7*3!4''1@!*%!+,'!?*)$.'!%)9&',)!&'%/($0'&@!h1$M'!*!&*(M!%-'/M!+,!*!-$'/'!+4!

-*-'(:i!"#$%!&+7$,*,)!2(+9-!)#',!%'(.'%!*%!)#'!?*)$.'!%)9&',)O%!('4'(',/'!2(+9-:!H)!

$%!$,!/+7-*($%+,!)+!)#$%!2(+9-!)#*)!)#'!?*)$.'!%)9&',)!G$11!7*M'!%'14B*--(*$%*1%!+4!

+,'O%!4$)!$,)+!)#'!6FK!*,&!1+/*1!E*$1)+G,!',.$(+,7',):!

"#'!9,&'(13$,2!%+9(/'!+4!)#'!4''1$,2!+4!$%+1*)$+,!)#*)!'(+&'%!%'14B/+,4$&',/'!

$%!*!1*/M!+4!/91)9(*1!9,&'(%)*,&$,2!*7+,2!)#'!&+7$,*,)!%+/$')3:!F)9&',)%!('-'*)'&13!

/+77',)'&!)#*)!)#'3!#*.'!1'*(,'&!4(+7!,+,BH,&$*,!/1*%%7*)'%!)#*)!7*,3!7'70'(%!

+4!)#'!7*$,%)('*7!#*.'!,'.'(!7')!*,3!?*)$.'!;7'($/*,%!*,&!M,+G!,+)#$,2!+4!G#*)!

! PWV(

1$4'!7*3!0'!1$M'!4+(!7*,3!%)9&',)%!/+7$,2!4(+7!('%'(.*)$+,%@!('%'(.*)$+,!0+(&'(!

)+G,%@!+(!'.',!*!?*)$.'!%90/91)9('!G$)#$,!1*(2'(!/$)$'%:!

"#'!&+7$,*,)!7*$,%)('*7!%+/$')3!%'(.'%!*%!*!('4'(',/'!2(+9-!*2*$,%)!G#$/#!

)#'!?*)$.'!%)9&',)!/+7-*('%!+,'%'14!$,!*))'7-)$,2!)+!4$,&!G*3%!)+!4$)!$,)+!)#'!1+/*1!

/+779,$)3!*,&!)#'!+.'(G#'17$,213!J#$)'!/*7-9%!',.$(+,7',):!;11!+4!)#'!%)9&',)%!

H!$,)'(.$'G'&!/$)'&!)#$%!/91)9(*1!&$%/+,)$,9$)3!*%!*!0*(($'(!)+!/+11'2'!%9//'%%:!"#'!

4+11+G$,2!%'/)$+,%!&')*$1!%+7'!+4!)#'!/#*11',2'%!?*)$.'!%)9&',)%!4*/'!$,!7*M$,2!

*&<9%)7',)%!)+!4$)!$,)+!+(!1$.'!*7+,2!)#'!&+7$,*,)!2(+9-:!

!

</$0/#"$&<1,9$*+0M&</$0/#"$&"A"#),)77&",.&.*=)#7*0%&)L?)#*),+)&$"+4*,5&

! "#'!?*)$.'!;7'($/*,!F)9&',)!;&.$%+(!$%!$,!*!-+%$)$+,!)+!G$),'%%!)#'!'44'/)%!+4!

)#$%!/91)9(*1!&$%/+,,'/)!+,!*!('291*(!0*%$%a!

c,'!+4!)#'!)#$,2%!H!,+)$/'&!G*%!)#*)!*!1+)!+4!)#'!%)9&',)%!/+7'!4(+7!

%$)9*)$+,%@!G#$/#BBB)#'!J#$)'!%+/$')3BBB+(!7*$,%)('*7!;7'($/*!.$'G%!

&$44'(',)13:!F+!$4!!N*!/#$1&!/+7'%!4(+7!*!0(+M',!#+7'O@!)#',!($2#)!*G*3@!)#'!

7*<+($)3!+4!;7'($/*,%!G+91&!%*3@!N+M*3@!)#'!-*(',)%!*('!&$.+(/'&!*,&!)#'!

/#$1&!$%!&'/$&$,2!G#$/#!-*(',)!)+!1$.'!G$)#O:!I+(!*!1+)!+4!)#'!%)9&',)%!H!&'*1)!

G$)#@!$)!G*%,O)!)#*)!G*3:!;!1+)!+4!)$7'%@!5*&!G*%!,'.'(!$,!)#'!-$/)9('!)+!0'2$,!

G$)#:!;,&!)#'3!G'('!/+7-')$,2!G$)#!C+7!)+!%)*3!*)!;9,)$'%O!#+9%'!+(!)+!%)*3!

*)!b(*,&7*O%!#+9%':!H)!G*%,O)!NC+7!$%!2+,,*!)*M'!/*('!+4!7'O@!$)!G*%!NHO7!

/+7-')$,2!G$)#!C+7!4+(!%-*/'O:!F+!)+!%*3!$,!('-+()%!BBB$4!$)O%!+,!-*-'(!)#*)!

)#'3!/*7'!4(+7!*!0(+M',!#+7'BBB3+9!M,+G@!G#+'.'(!$%!2+$,2!)+!%''!)#*)!

('-+()!$%!2+$,2!)+!%''!$)!+,'!G*3@!09)!)#'!('*1$)3!7*3!0'!)+)*113!&$44'(',):!!

!

'

' H)!79%)!0'!*/M,+G1'&2'&!)#*)!,+)!'.'(3!/91)9(*1!7$%9,&'(%)*,&$,2!$%!+,!)#'!

-*()!+4!)#'!,+,B?*)$.'!&$('/)'&!)+!)#'!?*)$.'!;7'($/*,:!"#'!('*1$)3!$%!)#*)!7*,3!

?*)$.'!;7'($/*,%!1*/M!'L-'($',/'!G$)#!&$.'(%$)3!<9%)!*%!&+!7*,3!J#$)'%:!c,'!

! PWW(

%)9&',)!G#+!*))',&'&!7*$,%)('*7!*,&!('%'(.*)$+,!#$2#!%/#++1%!('/*11%!0'$,2!G$)#!

%+7'!?*)$.'!%)9&',)%!)#'!4$(%)!)$7'!)#'3!G'('!'.'(!+44!)#'!('%'(.*)$+,a!

"#'!0$2!&$44'(',/'!$%!/91)9(*1:!S$M'!#+G!3+9!*('!0(+92#)!9-:!C*,3!H,&$*,!M$&%!

&+,O)!'.',!'.'(!2')!+44!)#'!('%'(.*)$+,:!H!M,+G!H!G',)!)+!73!%',$+(!3'*(!*)!

d"($0*1!D$2#!F/#++1e@!*,&!4+(!+9(!%',$+(!)($-@!#*14!)#'!M$&%!#*&,O)!'.',!0'',!

+44!)#'!('%'(.*)$+,@!*,&!G'!G',)!)+!C$,,'*-+1$%:!;,&!G'!G',)!)+!j*11'3!I*$(@!

*,&!G'!G',)!)+!)#'!C*11!+4!;7'($/*!*,&!)#'3!G'('!<9%)!*7*g'&!0'/*9%'!,+,'!

+4!)#'7!#*.'!'.',!0'',!+44!)#'!('g@!1')!*1+,'!0'',!$,!*!G#+1'!-1*/'!)#*)!G*%!

-('&+7$,*,)13!J#$)'!%+/$')3:!;,&!H!)#$,M!)#*)O%!%/*(3!4+(!)#'7:!o+9!M,+G@!%+!

$)!&+'%,O)!#*.'!)+!&+!G$)#BBB'.'(3+,'!&+'%!2')!#+7'%$/M!4+(!+)#'(!M$&%@!

G#')#'(!)#'3!*('!V1*/M@!J#$)'@!G#*)'.'(!)#'3!*(':!J'!*11!*2(''!+,!)#*):!V9)!H!

)#$,M!)#*)p<9%)!/91)9(*113@!G'!*('!%+!&$44'(',)p!

!

( "#'!?*)$.'!;7'($/*,!F)9&',)!;&.$%+(!('/*11%!*!%)9&',)!G#+!G*%!9,*01'!)+!

('/+,/$1'!#$%!+G,!%',%'!+4!%'14!G$)#!)#'!&+7$,*,)!('4'(',/'!2(+9-!$,!G#$/#!#'!G*%!

'70'&&'&!*)!6FKa!

H!)#$,M!%+7')$7'%@!*%!?*)$.'%@!G'!)',&!)+!)#$,M!+9(!'L-'($',/'!$%!9,$89':!;,&!

7*30'!$)O%!<9%)!*!/91)9(*1!&$44'(',/'!+4!#+G!G'!2+!*0+9)!'L-('%%$,2!+9(!

-'(%+,*1!%-$($)9*1!0'1$'4%!+(!+9(!/91)9(*1!0'1$'4%:!?+)!'.'(3+,'!G'*(%!$)!+,!

)#'$(!%1''.'%!%+!$)!$%,O)!)(*,%-*(',):!H4!G'!1++M!+,13!*7+,2%)!+9(!-''(%@!$)O%!

'*%3!)+!%'':!V9)!$%!$)!%+!'*%3!4+(!+)#'(%!1++M$,2!$,)+!+9(!-''(%:!F+!1$M'@!4+(!*%!

?*)$.'%!G'!7*3!0'!*01'!)+!('/+2,$g'!+)#'(%!G#+!F9,!5*,/'!*,&!G#+!%G'*)!

*,&!-(*/)$/'!)(*&$)$+,*1!,*)$.'!('1$2$+,:!;%!?*)$.'%@!G'!/*,!89$/M13!*%%'%%!)#*)!

<9%)!)#(+92#!/+,.'(%*)$+,@!)#(+92#!7*,,'($%7%@!)#(+92#!0'#*.$+(%:!V9)!)+!

+)#'(!/91)9(*1!2(+9-%@!/*,!)#'3!$&',)$43!)#*)!G$)#$,!9%k!"#'3!7$2#)!('*&!)#+%'!

)#$,2%!&$44'(',)13:!F+!)#'!?*)$.'%!G$)#$,!)#*)!2(+9-!7$2#)!)#$,M!N3'*#@!)#$%!$%!

%+7')#$,2!9,$89'!)+!9%:O!V9)!3')!$,!*,+)#'(!/91)9(*1!%',%'@!)#'3!7$2#)!0'!*01'!

)+!$&',)$43!'*/#!+)#'(!03!%+7'!+)#'(!/+,,'/)$,2!4+(/':!H!)#$,M!$)O%!*!7*))'(!+4!

0'$,2!+-',!)+!%''!)#*)!'*/#!2(+9-!$%!*01'!)+!#*.'!)#'!%*7'!M$,&!+4!

'L-'($',/'%!09)!<9%)!7*30'!$,!%1$2#)13!&$44'(',)!.*($*)$+,%:!

!

! ;!4$,*1!'L*7-1'!+4!/91)9(*1!/+,41$/)!%)'77$,2!4(+7!*!1*/M!+4!'L-'($',/'!+(!

9,&'(%)*,&$,2!+//9(('&!G#',!)#'!?*)$.'!;7'($/*,!X190!-*()$/$-*)'&!$,!)#'!ZUU`!

D+0+!5*3!6*(*&':!;!2(+9-!+4!?*)$.'!%)9&',)%!('/*11%!)#'!('*/)$+,%!+4!%+7'!+4!)#'!

7*$,%)('*7!/(+G&!1$,$,2!)#'!%)('')%!*%!)#'!?*)$.'!;7'($/*,!X190!41+*)!-*%%'&!03a!

! PWX(

"#'!-*(*&'BH!&+,O)!M,+Gp&$&!*,3!+4!3+9!4''1!1$M'B3+9!G'('!+,!&$%-1*3k!

!

H)!2+)!89$')!1$M'!'.'(3!)$7'!G'!/*7':!!

!

o'*#!$)!G+91&!'$)#'(!0'!1$M'!&'*&!%$1',)@!+(!-'+-1'!G+91&!0'!/#''($,2:!HO7!1$M'!

NG#*)!*('!3+9!/#''($,2!4+(kO!!

!

J'11!H!)#$,M!)#'3!G'('!*--1*9&$,2:!!;,&!)#',!1$M'!#'('!G'!/+7'!*,&!G'!2')!

/1+%'(!*,&!G'!2')!/1+%'(!*,&!)#',!G#',!G'O&!2')!)#'('!$)!G+91&!0'!1$M'!BBB

%$1',/':!

!

H)!,'.'(!9%'&!)+!0'!1$M'!)#*)!)#+92#:!H)!9%'&!)+!0'!G*3!0*&!3'*(%!*2+:!S$M'@!73!

4$(%)!3'*(!)#*)!H!G*%!$,!)#'!-*(*&':!S$M'!)#'('O&!0'!293%!)#(+G$,O!0''(!/*,%!*)!

9%p+(p977!1$M'!&+$,2!)#+%'!G*(!G#++-%!+(!1$M'!<97-!+,!)#'!%)('')!*,&!

%)*()!&*,/$,2!*(+9,&!+(!G#*)'.'(:!;,&!3+9O&!#'*(!-'+-1'!#+11'($,2!hIO,!

-(*$($'!,$22'(%wi!*,&!%)944!1$M'!)#*):!H)!G*%!0*&BB>9%)!('*1!0*&:!

!

?+0+&3!#'('!M,+G%!*,3)#$,2!*0+9)!H,&$*,%:!?+0+&3!/*('%!)+!M,+G!*,3)#$,2!

*0+9)!H,&$*,%:!

!

!

:11&9)A&E"0*=)&'()#*+",&9"+/$0%Q70"99&&&&

&&&&&

! ! ;11!*&7$,$%)(*)+(%@!4*/91)3@!%)*44@!*,&!%)9&',)%!H!$,)'(.$'G'&!9,$.'(%*113!

*2(''&!)#*)!6FK!G+91&!0','4$)!4(+7!7+('!;7'($/*,!H,&$*,!'&9/*)+(%:!!

! ! I(+7!)#'!-'(%-'/)$.'!+4!*!9,$.'(%$)3!j$/'!6('%$&',)@!hH!)#$,M!)#*)!+,'!+4!)#'!

$%%9'%!G'!#*.'!$%!)#*)!G'!*('!.'(3!1'*,!%)*44$,2:!;,&!)#*)O%!*,!$%%9'!4+(!9%:!J'!,''&!

7+('!-'+-1'!)+!G+(M!G$)#!7$,+($)3!*,&!?*)$.'!;7'($/*,!%)9&',)%!*,&!G'!&+,O)!

#*.'!*!1+):i!

! ;!('-('%',)*)$.'!4(+7!)#'!9,$.'(%$)3!+44'('&!)#$%!-'(%-'/)$.'a!

(

H!)#$,M!)#'('!('*113!,''&%!)+!0'!*!%)(+,2!-9%#@!*!%)(+,2'(!-9%#!)+!%*3!NG'!,''&!

7+('!7$,+($)3!4*/91)3!*,&!%)*44:!!:!:!:!H)O%!,+)!*!-($+($)3!+4!)#'!*&7$,$%)(*)$+,@!+(!

+4!)#'!*&7$,$%)(*)$.'!1'*&'(%#$-:!!:!:!:!F+7'!+4!)#'!-+%$)$+,%!*(',O)!4$11'&!:!:!:!H!

#*.',O)!#'*(&!+4!*,3!-9%#@!+9)%$&'!+4!)#'!-+%$)$+,%!)#*)!G'('!+-',!#'('@!)+!

#$('!*,3!7+('!7$,+($)3!4*/91)3!7'70'(%!+(!%)*44!7'70'(%:!H!&+,O)!)#$,M!)#*)!

)#'!9,$.'(%$)3!#*%!%*$&!)#*)!NG'!,''&!)+!7*M'!)#$%!/+77$)7',):O!

! PWY(

! I(+7!)#'!?*)$.'!%)9&',)!.$'G-+$,)a!hc,'!)#$,2!)#*)O%!G(+,2!$%!)#*)!)#'3!&+,O)!

('*113!#*.'!*,3!?*)$.'!4*/91)3!('*113:!F+!H!)#$,M!,+)!#*.$,2!?*)$.'!%)*44!*(+9,&!$%!*!

('*1!%#+()/+7$,2:i!

! ;,!;7'($/*,!H,&$*,!4'7*1'!2(*&9*)'!%)9&',)!&'%/($0'%!)#'!4(9%)(*)$+,!)#*)!

7*,3!?*)$.'!%)9&',)%!'L-'($',/'!4(+7!#*.$,2!)#'$(!+G,!/91)9('@!$,/19&$,2!('1$2$+,@!

)*92#)!)+!)#'7!03!*!,+,BH,&$*,!$,%)(9/)+(@!4(+7!*!W9(+B/',)($/!*/*&'7$/!

-'(%-'/)$.'a!

H)O&!0'!,$/'!)+!#*.'!*,!*/*&'7$/!H,&$*,!-+$,)!+4!.$'Gp1$M'!N+M*3@!)#'3!%*3!

)#$%p09)!*%!*!/91)9('@!G'!0'1$'.'!)#$%p3+9!M,+Gk!p;,&!)+!)'11!)#*)!)+!

J#$)'!-'+-1'@!0'/*9%'!)#'3!0'1$'.'!G#*)'.'(!)#'!)'*/#'(!$%!&$('/)$,2!)+G*(&%!

)#'7!G#',!G'O('BBBBG'11!3+9!M,+GpH!7'*,!$,!)#*)!/1*%%p+,'!)#$,2!H!G*%!

7*&!*0+9)!G*%!#+G!)#'3!<9%)!)($'&!)+!)*M'!+9(!$&',)$)3!*G*3!03!%*3$,2!G'!

G'('!1$M'!F$0'($*,!+(!X#$,'%'BBB*,&!HO7!1$M'!JD;"kkk!o+9!M,+G!G#*)!H!

7'*,k!:!:!:!H!)#$,M!G'!,''&!7+('!?*)$.'!-(+4'%%+(%:!S$M'!#+G!7*,3!*('!)#'('k!

;('!)#'('!)G+k!:!:!:X*9%'!1$M'!H!M,+G!)#*)!)#'!%)9&',)%!H!G+(M!G$)#p)#'3!G',)!

$,)+!*!?*)$.'!('1$2$+,%!/1*%%!*,&!)#'3!G'('!1$M'!/+7-1')'13!)*M',!*0*/M!

0'/*9%'!$)O%!%+7'!J#$)'!&9&'!)'*/#$,2!$)!*,&p#'!&+'%,O)!M,+G!G#*)!#'O%!

)'*/#$,2:!!;,&!%+!)#+%'!2$(1%!G'('!1$M'!ND+G!*('!)#'3!2+,,*!#*.'!*!J#$)'!293!

)'*/#!9%!*0+9)!('1$2$+,kOpS$M'!+9(!?*)$.'!('1$2$+,k!

!

! ;!,+,B)(*&$)$+,*113!*2'&!7*1'!2(*&9*)'!%)9&',)!%#*('%!#$%!('*/)$+,!)+!*!,+,B

H,&$*,!-(+4'%%+(!)'*/#$,2!*0+9)!)#'!7+%)!%*/('&!+4!($)9*1%a!

H!)#$,M!)#*)!4+(!)#+%'!$,%)(9/)+(%!)#'('!*('!%+7'!/91)9(*1!%',%$)$.$)$'%!)#*)!

)#'3!<9%)!+.'(1++M!:!:!:o+9!M,+Gp0($'413!413$,2!+.'(!*!&'%/($-)$+,!+4!*!F9,!

5*,/':!BBB;,&@!4+(!7'@!$,!73!7$,&p%+7')#$,2!1$M'!)#*)p)#*)O%!*!-*()!+4!+9(!

/91)9('!3'%:!;,&!$)O%p)#'$(!-9(-+%'!$%!)+!)'*/#BBB09)!)#*)O%!,+)!*,3)#$,2!)+!

0'BBBB%-+M'!+4!*!1+)BBB'%-'/$*113!*)!*!%/#++1!%'))$,2!1$M'!)#*):!V9)@!G#*)!HO7!

2'))$,2!*)!$%!)#*)!%',%$)$.$)3!$%!BBB)#'!G*3!%#'!&'%/($0'&!/'()*$,!)#$,2%!*)!*!F9,!

5*,/'p*,&!)#'!/'()*$,!)$7'!+4!3'*(:BBBF#'!&$&,O)!2$.'!)#*):!F#'!&$&,O)!2$.'!

)#+%'!&'%/($-)$+,%@!+(!('*%+,%@!+(!*,3)#$,2:!H)!G*%!<9%)!*!-+1'!$,!)#'!7$&&1'!

*,&!$)!G*%!&+,'!+,/'!*!3'*(:!F+p$)!G*%!<9%)!.'(3!0(+*&!*,&!2','(*1:!"+!

%+7'0+&3!+,!)#'!+9)%$&'!)#*)!&+'%,O)!9,&'(%)*,&!$)p)#*)O%!',+92#@!)#*)O%!*11!

)#'3!,''&!4+(!)#'$(!$,%)(9/)$+,:!V9)!4+(!%+7'0+&3!)#*)!2+'%!)#(+92#!$)!*,&!u

! PWZ(

$)O%!*-*()!+4!)#'$(!1$4'@!)#*)O%!G#+1'!&$44'(',)!)#$,2:!"#*)O%!0'$,2!.'(3!

$,%',%$)$.':!

! H)!G*%!9,$.'(%*113!*2(''&!9-+,!03!'.'(3+,'!H!$,)'(.$'G'&!)#*)!6FK!%#+91&!

7*M'!$)!*!-($+($)3!)+!('/(9$)!*,&!(')*$,!7+('!?*)$.'!;7'($/*,!4*/91)3@!%)*44!*,&!

*&7$,$%)(*)+(%:!

!

ID=H:((

'

D"#.&I))$*,57&"0&@8'&

'

! W*(13!+,!$,!)#'!4$(%)!+4!)#(''!4+/9%!2(+9-%!H!/+,&9/)'&!G$)#!;7'($/*,!H,&$*,!

%)9&',)%!$)!0'/*7'!/1'*(!)#*)!)#'('!G*%!*!&$%/'(,*01'!)',%$+,!G#',!)#'!)+-$/!+4!)#'!

c44$/'!+4!C91)$/91)9(*1!;44*$(%!dcC;e!G*%!)#'!4+/9%!+4!/+,.'(%*)$+,:!F+7'!%)9&',)%!

$,!)#'!4$(%)!2(+9-!('*&$13!-+$,)'&!)+!)#'!G*3%!$,!G#$/#!)#'!cC;!G*%!%'',!*%!*!

4*/$1$)*)+(!)+!/+11'2'!%9//'%%:!;%!&$%/9%%'&!*0+.'@!)#*)!*%-'/)!%'',!*%!*!4*/$1$)*)+(!#*&!

)+!&+!G$)#!)#'!cC;!%'(.$,2!*%!*!-1*/'!4+(!/+,2('2*)$+,!*%!*!?*)$.'!/+779,$)3@!)#'!

+,13!%9/#!-1*/'!+,!/*7-9%!)+!%'(.'!)#*)!-9(-+%':!V'3+,&!)#*)!-+$,)@!G*%!*!79/#!

7+('!%$2,$4$/*,)!&3,*7$/!*)!G+(M:!H!-9(%9'&!)#$%!-+$,)!$,!)#'!4$(%)!2(+9-:!H,!

%90%'89',)!4+/9%!2(+9-%!)#'!)+-$/!+4!N61*/'O!0'/*7'!)#'!4$(%)!*,&!7+%)!%*1$',)!)+!)#'!

?*)$.'!;7'($/*,!%)9&',)%:!

! ;7+,2!*11!+4!)#'!;7'($/*,!H,&$*,!%)9&',)%!H!$,)'(.$'G'&@!)#'!/+,%',%9%!G*%!

0'%)!%977'&!9-!03!+,'!%)9&',)!G#+!%*$&a!hHO&!(*)#'(!0'!%+7'-1*/'!G#'('!H!M,+G!

$)O%!/+74+()*01'p)#'!*)7+%-#'('!$%!/+74+()*01'@!G#'('!G'!4''1@!*%!%)9&',)%@!)#*)!G'!

0'1+,2!)#'('p3+9!M,+Gki!

! PW[(

! ;,+)#'(!?*)$.'!%)9&',)!/+77',)'&!+,!)#'!$%%9'a!!

H!M$,&!+4!7$%%!#*,2$,2!+9)!&+G,!)#'('!G$)#!*11!+4!9%!)#*)!/+74+()!g+,'!#*%!

0'',!)*M',!4(+7!9%!*,&!G'!G*,)!*!,'G!%-+):!W.',!$4!$)O%!*!#+9%'p$4!3+9!1++M!

*)!KF5@!)#'3O.'!2+)!*!#+9%'!($2#)!*/(+%%!4(+7!/*7-9%:!H4!G'!/+91&!#*.'!

%+7')#$,2!1$M'!)#*)p3+9!M,+Gk!D'3@!G'!/+91&!#*.'!+9(!7'')$,2%!)#'(':!J'!

/+91&!/++M!+9(!7'*1%!)#'(':!J'!/+91&!#*.'!+9(!%+/$*1%p3+9!M,+G!

'.'(3)#$,2!)#*)!3+9!/+91&!)#$,M!+4@!G'!/+91&!&+!($2#)!)#'(':!!

!

! "#$%!',)$('!/+,.'(%*)$+,!G*%!4$11'&!G$)#!*,!'7+)$+,*1!)+,'!%$2,$43$,2!#9()!

4''1$,2%@!*,2'(@!('%',)7',)@!*,&!*!4''1$,2!+4!4(9%)(*)$+,!*,&!-+G'(1'%%,'%%:!H)!$%!.'(3!

*--*(',)!)#*)!)#'!6FK!;7'($/*,!H,&$*,!%)9&',)%!&+!,+)!4''1!/+74+()*01'!$,!)#'!%-*/'!

)#*)!G*%!&'%$2,'&!)+!*//+77+&*)'!)#'7!*,&!*11!+)#'(!7$,+($)3!%)9&',)%:!

! X+11'/)$.'13@!)#'!?*)$.'!%)9&',)%!+4!6FK!$,)'(.$'G'&!4+(!)#$%!('%'*(/#!

/+,.'3'&!*!1'.'1!+4!&$%/+74+()!*,&!4(9%)(*)$+,!0+(,!+4!)#'!4''1$,2!+4!0'$,2!

7*(2$,*1$g'&!*%!*!2(+9-a!

H!&+,O)!M,+G!$4!G'@!*%!*!2(+9-@!*('!#'*(&!#'*(pH!7'*,BBB&+'%!*,30+&3!#'*(!

+9(!/+,/'(,%k!5+'%!*,30+&3!/*('k!H!('*113!&+,O)!M,+GBBBH4!G'!&$&!#*.'!*!

.+$/'p3+9!M,+Gp/+,%$&'($,2!)#*)!+9(!2(+9-!#*%!)#'!0$22'%)!%)9&',)!

+(2*,$g'&!'.',)!+,!/*7-9%p*,&!)#',!G#',!)#'3!-9)!$)!$,!)#'!,'G%-*-'(p

G'!*('!-9)!+,!)#'!0*/M!-*2'!BB<9%)!*!1$))1'!019(0!#'('!*,&!)#'(':!D+G!%)(+,2!+4!

*!.+$/'!$%!)#*)k!c9(!%-*/'pG#$/#!G'!%#*('!G$)#!+)#'(!2(+9-%@!*11!-9)!

)+2')#'(!*,&!1*0'1'&!*%!&$.'(%$)3!2(+9-%!$%!$,!)#'!0*%'7',)!*,&!+9(!0$22'%)!

'.',)!$%!-9)!+,!)#'!0*/M!-*2':!J#*)!&+'%!)#*)!%*3!*0+9)!#+G!G'!*('!%'',!+,!

)#$%!/*7-9%k!!!!!!!

!

! "#'!/+,/'-)!+4!*!?*)$.'!;7'($/*,!X91)9('!X',)'(!%-'/$4$/*113!4+(!)#'!6FK!

;7'($/*,!H,&$*,!-+-91*)$+,!#*%!0'',!/+,%$&'('&!*)!6FK!4+(!%'.'(*1!3'*(%:!V+)#!

%$&'%!+4!)#'!*(297',)!$,!)#$%!&'0*)'!*&7$)!)#*)!$)!$%!*!-+$,)!+4!/+,)',)$+,!)#*)!#*%!

1$,2'('&!G$)#+9)!('%+19)$+,:!!

! ;!#$2#!(*,M$,2!9,$.'(%$)3!*&7$,$%)(*)+(!/+77',)%a!

! PW\(

c,'!+4!)#'!)#$,2%!)#*)!G'O.'!)*1M'&!*0+9)!$%!)(3$,2!)+!#*.'!*!-#3%$/*1!

%)(9/)9('!4+(!7$,+($)3!%)9&',)%!*,&!-*()$/91*(13!?*)$.'!;7'($/*,!%)9&',)%:!

"#'('O%!0'',!*!1$))1'!0$)!+4!&'0*)'!+,!/*7-9%!$,!)'(7%!+4!G#')#'(!$)!%#+91&!0'!

*!C91)$/91)9(*1!X',)'(!+(!G#')#'(!$)!%#+91&!0'!*!?*)$.'!;7'($/*,!X',)'(:!;,&!

)+!0'!#+,'%)@!G'O.'!2+))',!*!1$))1'!#9,2!9-!+,!)#*)!$%%9':!V9)!)#*)!$%!*,+)#'(!

$%%9'!#*,2$,2!+9)!)#'('!)#*)!G'!#*.'!,+)!0'',!*01'!)+!('%+1.'!3'):!;,&!$)!

,''&%!)+!0'BBBG'!,''&!)+!7+.'!4+(G*(&!+,!)#*)!)++:!

!

! "#'!$&'*!+4!*!?*)$.'!;7'($/*,!X',)'(!*1%+!#*%!4*/91)3!%9--+():!c,'!.')'(*,!

6(+4'%%+(!$%!-*()$/91*(13!+9)%-+M',!+,!)#'!%90<'/):!;%!$%!)#'!/*%'!G$)#!)#'!%)9&',)%!H!

$,)'(.$'G'&@!)#$%!-(+4'%%+(O%!%$,21'!.+$/'!('-('%',)%!)#'!-+%$)$+,!+4!7*,3!-'+-1'!H!

%-+M'!G$)#a!

X+11'2'!$%!',+92#!+4!*,!*&<9%)7',)!4+(!*11!%)9&',)%@!*,&!)#*)O%!G#3!*!,970'(!

+4!%)9&',)%!&+,O)!/+,)$,9'p09)!4+(!*)!1'*%)!%+7'!+4!+9(!?*)$.'!%)9&',)%@!$)O%!*!

2('*)'(!*&<9%)7',):!H)O%!1$M'!/+7$,2!4(+7!+,'!G+(1&!)+!*,+)#'(:!;,&!%+!)#*)!

/*,!0'!*!%$2,$4$/*,)!-(+01'7!*,&!*!%$2,$4$/*,)!+0%)*/1':!H!)#$,M!)#*)!G'O('!

&$%*&.*,)*2'&!$,!)#*)!G'!&+,O)!#*.'!*!?*)$.'!;7'($/*,!X',)'(@!*!?*)$.'!

;7'($/*,!F)9&',)!X',)'(:!H!)#$,M!)#*)!G'!,''&!79/#!7+('!4*/91)3!('B

'&9/*)$+,!$,!('2*(&!)+!?*)$.'!;7'($/*,!#$%)+($'%!*,&!/91)9('%!%+!)#*)!)#'3!

#*.'!*!0'))'(!9,&'(%)*,&$,2!+4!?*)$.'!%)9&',)%@!*,&!*('!0'))'(!*01'!)+!

',/+9(*2'!)#'7!*,&!0'!%9--+()$.'!+4!)#'7:!

!

! I(+7!)#'!'L-'($',/'&!-'(%-'/)$.'!+4!+,'!4+(7'(!%)9&',)!*,&!;7'($/*,!

H,&$*,!4*/91)3!7'70'(@!)#'!$%%9'!+4!-1*/'!/+7'%!&+G,!)+!)#'!,''&!4+(!*!?*)$.'!

;7'($/*,!X91)9('!X',)'(!%-'/$4$/*113!4+(!?*)$.'!%)9&',)%!(*)#'(!)#*,!*!%#*('&!%-*/'!

G$)#!*11!&$.'(%'!%)9&',)%a!

H!)#$,M!)#*)!$)!G+91&!2++&!$4!)#'3!#*&!*!?*)$.'!;7'($/*,!X',)'(!G#'('!)#'3!

/+91&!/+,2('2*)'!*,&!4''1!1$M'!*!/+779,$)3@!(*)#'(!)#*,!%/*))'('&!*(+9,&!)#'!

/*7-9%:!K7BBBBG#',!H!G*%!*!%)9&',)@!H!1++M'&!4+(!+)#'(!?*)$.'!%)9&',)%p*,&!

)#$%!$%!*!0$2!/*7-9%!*,&!$4!3+9!1++M!*(+9,&@!3+9!&+,O)!*1G*3%!%''!)#'7:!;,&!H!

)#$,M!$)!G+91&!#'1-!)#'7!4''1!1$M'!)#'3!0'1+,2!#'('@!)#*)!)#'3O('!,+)!<9%)!0'$,2!

9%'&!*%!&$.'(%$)3!%)*)$%)$/%@!)#*)!)#'!9,$.'(%$)3!G+91&!('*113!-(+.$&'!*!-1*/'!

4+(!)#'7@!1')!)#'7!M,+G!)#*)!)#'3!*('!.*19'&:!;,&!3+9!M,+G!)#'('!*('!%+7'!

-(+2(*7%!)#*)!)#'!%)9&',)%BBB3+9!M,+G!G'!%#+91&!0'!'&9/*)$,2!+9(!%)9&',)%!

)+!0'/+7'!1'*&'(%!*,&!H!)#$,M!$4!)#'3!#*&!*!X',)'(!*,&!)#'3!/+91&!4''&!+44!+4!

! PXO(

'*/#!+)#'(!*,&!'1'.*)'!)#'$(!%)*)9%!*,&!#'1-!)#'7!)+!4''1!0'))'(!*0+9)!

)#'7%'1.'%!*,&!$,/('*%'!)#'$(!/91)9(*1!.*19'%:!o+9!M,+G@!*!1+)!+4!)$7'%!

%)9&',)%!&+,O)!G*,)!)+!%)*,&!+9)!*,&!0'!,+)$/'&!*1+,'BBB09)!$4!3+9O('!*%!*!

2(+9-BBB)#'('!$%!/+74+()!*,&!/+,4$&',/':!H!)#$,M!*!X',)'(!G+91&!#'1-!)#'7!

09$1&!/+779,$)3:!

!

! ;,+)#'(!4*/91)3Q*&7$,$%)(*)+(!+44'(%!#'(!.$'G%!+,!)#'!$7-+()*,/'!+4!*!?*)$.'!

;7'($/*,!X91)9('!X',)'(!G#'('!,+,'!/9((',)13!'L$%)%a!

I$(%)!+4!*11@!G'O('!)#'!+,13!%/#++1!4+(!#9,&('&%!+4!7$1'%!*(+9,&!G$)#!*!

%$2,$4$/*,)!?*)$.'!-+-91*)$+,!)#*)!&+'%,O)!#*.'!*!?*)$.'!;7'($/*,!D+9%':!F+BB

B3+9!M,+GBB!)#'('O%!*!#92'!2*-!$,!%'(.$/'!#'('!*,&!G#*)!%#+91&!0'!<9%)!*!

,*)9(*1!-*()!+4!G#*)!G'!&+!#'(':!

!

H4!%)9&',)%!*('!/+,%)*,)13!%)('%%'&!*0+9)!%+7')#$,2!+(!4''1$,2!9,&'(!%)('%%@!

9,&'(!%)(*$,@!)#',!&+!)#+%'!%)9&',)%!#*.'!*11!+4!)#'$(!','(23!)+!('*/#!)#'$(!

4911!-+)',)$*1!*%!%/#+1*(%@!*%!#97*,!0'$,2%@!*%!G#*)'.'(k!J'11@!G'!/+91&!&+!

)#$%!4+(!+9(!%)9&',)%!$,!%9/#!*!%$7-1'!G*3!*%!-(+.$&$,2!*!#+9%':!H4!G'!/+91&!

&+!)#*)!*,&!G$-'!*G*3!*!2++&!-*()!+4!)#$%!9,'*%$,'%%@!)#$%!%)('%%491,'%%p$4!

)#$%!$%!G#*)!)#'3O('!%*3$,2!)#'3!,''&!)+!#'1-!7*M'!)#'$(!'&9/*)$+,!7+('!

/+7-1')'@!)#',!H!<9%)!)#$,M!$)O%!*!,+B0(*$,'(!)#*)!G'!('*113!#*.'!)+!#*.'!)#*)!

#'(':!F+!H!7'*,!)#'!#+9%'!G+91&!-(+.$&'!)#*):!

!

! ;,!*&7$,$%)(*)+(!G$)#!-('.$+9%!$,.+1.'7',)!$,!)#'!*('*!+4!9,$.'(%$)3!

&$.'(%$)3!',#*,/'7',)!#*%!0'',!*!1+,2!)$7'!-(+-+,',)!+4!*!?*)$.'!;7'($/*,!X',)'(:!

hH!)#$,M!)#'!%)*)'!%#+91&!7*M'!$)!*!('89$('7',)!)#*)!'.'(3!9,$.'(%$)3!%#+91&!#*.'!*!

?*)$.'!;7'($/*,!X91)9(*1!X',)'(:!H!)#$,M!)#*)!%#+91&!0'!<9%)!*!2$.',:i!

' F9--+()!4+(!)#'!?*)$.'!;7'($/*,!X91)9(*1!X',)'(!$%!,+)!9,*,$7+9%:!F+7'!

0'1$'.'!)#'('!$%!,+)!*!N/($)$/*1!7*%%O!+4!?*)$.'!;7'($/*,!%)9&',)%!)+!<9%)$43!*!X',)'(@!

*,&!*%!%9/#!)#'!$%%9'!%$7-13!0+$1%!&+G,!)+!,970'(%!*,&!)#'!0'%)!G*3!)+!*11+/*)'!

('%+9(/'%!%9/#!)#*)!)#'!2('*)'%)!,970'(!+4!7$,+($)3!%)9&',)%!0','4$)!4(+7!*!1$7$)'&!

-++1!+4!('%+9(/'%:!!

!

! PXP(

! c,'!9,$.'(%$)3!*&7$,$%)(*)+(!.+$/'&!/+,/'(,a!

!

"#'!?*)$.'!;7'($/*,!X91)9(*1!X',)'(@!H!%)(9221'!G$)#:!J#',!G'!1++M'&!*)!+,'!

%'.'(*1!3'*(%!*2+@!)#'!('%'*(/#!&+,'!G$)#!+9(!%)9&',)%!*)!)#*)!-+$,)!('*113!

-+$,)'&!)+G*(&!*!791)$/91)9(*1!/',)'(@!BBG#'('@!*%!G'!)*1M'&!*0+9)!'*(1$'(@!

G'!/+91&!09$1&!%3,'(23!0'/*9%'!G'!&+,O)!#*.'!/($)$/*1!7*%%:!!

!

J#',!G'!&$&!)#'!('%'*(/#@!/*7-9%'%!',/+9(*2'&!9%!)+!/('*)'!*!791)$/91)9(*1!

/',)'(@!*,&!)+!09$1&!+44!+4!)#*):!;,&!*)!+,'!-+$,)!G'!#*&!)*1M'&!*0+9)!*!

C91)$/91)9(*1!X',)'(!*,&!*%!G'!2('G@!3+9!/+91&!#*.'!G$,2%!4+(!)#'!&$44'(',)!

2(+9-%!09)!%)$11!#*.'!*!/',)'(@!*,&!)#'!/',)'(BBB97p*,&!G'!%''7!)+!#*.'!

2+,'!*G*3!4(+7!)#*):!;,&BB!*,&!$4!G'O('!('*&3!)+!&+!)#*)!*,&!)#'('!$%!*!1+)!+4!

/*7-9%!%9--+()@!7*30'!G'!,''&!)+!&+!)#*)@!H!&+,O)!M,+G:!H!&+,O)!M,+G!#+G!

3+9!2')!3+9(!*(7%!*(+9,&!)#*):!HO7!%)$11!)(3$,2!)+!2')!73!*(7%!*(+9,&!)#*):!

!

! X+77',)%!+4!?*)$.'!%)9&',)%!*,&!+)#'(%!$,.+1.'&!$,!)($0*1!%)9&',)!

-(+2(*77$,2!*,&!%)9&',)!%9--+()!%922'%)!)#*)!)#'!)$7'!#*%!/+7'!4+(!)#'!$,%)$)9)$+,!

)+!09$1&!+44!$)%!/9((',)!791)$/91)9(*1!/+,/'-)!*,&!)+!2')!$)%!/+11'/)$.'!*(7%!*(+9,&!

)#'!/+,/'-)!+4!*!?*)$.'!;7'($/*,!X91)9(*1!X',)'(:!"#'!7*$,!-+$,)!)+!0'!7*&'!

('2*(&$,2!*!-1*/'!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK!*,&!#+G!)#*)!0'/+7'%!*!

0*(($'(!)+!/+11'2'!%9//'%%!$%!%$7-13!)#*)!,+!%9/#!-1*/'!/9((',)13!'L$%)%:

! PXN(

&U!I/#$(#%,U/(

)89H@998>?(

(

H,!)#$%!/#*-)'(@!H!G$11!)9(,!73!*))',)$+,!)+!*!&$%/9%%$+,!+4!)#'!$7-1$/*)$+,%!+4!

4$,&$,2%!*%!+9)1$,'&!$,!/#*-)'(%!%$L!*,&!%'.',:!!H,!+(&'(!)+!-(+.$&'!)#'!7+%)!

/+7-('#',%$.'!-+%%$01'!/+.'(*2'@!H!G$11!$,/19&'!)#'!.+$/'%!+4!)#+%'!G#+!#*.'!

+44'('&!)#'$(!+-$,$+,%@!+4)',!-*%%$+,*)'13@!$,!)#'!4+(7!+4!)#'$(!+G,!,+(7*)$.'!

%)*)'7',)%@!*,&!G$11!$,)'2(*)'!)#'%'!.+$/'%!G$)#!%$2,$4$/*,)!('1*)'&!4$,&$,2%!4(+7!)#'!

1$)'(*)9(':!

c.'(!)#'!/+9(%'!+4!/+,&9/)$,2!$,)'(.$'G%!4+(!)#$%!('%'*(/#@!)#'('!'7'(2'&!*!

/*)'2+(3!+4!&*)*!)#*)!H!#*.'!1*0'1'&!N?+(7*)$.'!F)*)'7',)%O:!?+(7*)$.'!F)*)'7',)%!

$%!*!/*)'2+(3!+4!'7'(2',)!)#'7'%!)#*)!$,/19&'%!N%#+91&%!*,&!+92#)%O!*%!G'11!*%!

+-$,$+,%@!&'7*,&%@!*,&!%-'/$4$/@!%90<'/)$.'!.$'G-+$,)%!('1*)$,2!)+!)#'!;7'($/*,!

H,&$*,!/+11'2'!'L-'($',/':!!

J$)#+9)!'L/'-)$+,@!)#+%'!$,)'(.$'G'&!G'('!89$/M!)+!+44'(!)#'$(!.$'G-+$,)%!+,!

'.'(3!*%-'/)!+4!)#'!)+-$/!+4!;7'($/*,!H,&$*,!*/*&'7$/!%9//'%%!*)!6FK:!J#$1'!)#'%'!

%)*)'7',)%!&+!,+)!4$)!,'*)13!$,)+!/*)'2+($'%!*%!'$)#'(!4*/$1$)*)+(%!+(!0*(($'(%@!)#'3!*('!

+4!%$2,$4$/*,)!$7-+()*,/'!$,!/('*)$,2!*!&')*$1'&!-$/)9('!4(+7!)#'!-'(%-'/)$.'!+4!)#+%'!

-*()$/$-*,)%!$,)'('%)'&!$,!*/*&'7$/!*))*$,7',)!4+(!?*)$.'!%)9&',)%!*)!6FK:!"#'!

+7$%%$+,!+4!)#'%'!.$'G-+$,)%!G+91&!/('*)'!*!%'($+9%!2*-!$,!('-('%',)*)$+,!+4!)#'!

/9((',)!('*1$)3:!!

! PXV(

! ;%!+9)1$,'&!$,!XD;6"WE!FHx@!*7+,2!)#+%'!4*/)+(%!)#*)!*/)!*%!4*/$1$)*)+(%@!+4!

4+('7+%)!%$2,$4$/*,/'!*--'*(!)+!0'!)#'!+.'(B*(/#$,2!)#'7'!+4!%9--+():!X+,)*$,'&!

G$)#$,!)#'!%9--+()!)#'7'!*('!%'.'(*1!7+('!%-'/$4$/!*('*%@!+(!$%%9'%!',/+9,)'('&!03!

?*)$.'!%)9&',)%!G#'('$,!%9--+()@!+(!1*/M!)#'('+4!$%!)#'!,970'(!+,'!/+,%$&'(*)$+,!$,!

/+11'2'!%9//'%%:!J$)#+9)!%9--+()@!)#'!/+11'2'!/*(''(!+4!*!?*)$.'!;7'($/*,!%)9&',)!*)!

6FK!7*3!0'!%#+()!1$.'&:!

!

3=H8D8<=<>;9(

C/??1#0*=)&I"(*$%(((((

((((

! I*7$13!%9--+()!*,&!',/+9(*2'7',)!-1*3!*,!$7-+()*,)!(+1'!$,!%)9&',)!

(')',)$+,!*,&!*/*&'7$/!%9//'%%!$,!/+11'2'!dJ$1%+,!T`][f!E$,&+,'!T`]]f!D9447*,@!

F$11!*,&!V(+M',1'2!T`]_f!5*.$%!T``Zf!V*(,#*(&)!T``\e:!"#'!'&9/*)$+,!1'.'1!*,&!

+//9-*)$+,!+4!-*(',)%!*('!4+9,&!)+!0'!$7-+()*,)!-('&$/)+(%!+4!%)9&',)!%9//'%%!$,!

/+11'2'!dV(+G,!T``[e:!!

! ;7+,2!4*/91)3!*,&!*&7$,$%)(*)+(%!$,)'(.$'G'&@!)#'('!G*%!9,$.'(%*1!

*2(''7',)!)#*)!4*7$13!%9--+()!-1*3%!*,!$7-+()*,)!(+1'!$,!/+11'2'!%9//'%%!4+(!

;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!"#'!5$('/)+(!+4!+,'!?*)$.'!%)9&',)!%9--+()!

-(+2(*7!/+77',)'&!+,!#+G!6FK!/+91&!$7-(+.'!)#'!1'.'1!+4!%'(.$/'!)+!%)9&',)%!*%!*!

G*3!)+!/+7-',%*)'!4+(!)#'!1+%%!+4!%9--+()!-(+.$&'&!03!)#'!4*7$13!G#',!)#'!%)9&',)!

$%!*G*3!4(+7!#+7'a!

H!)#$,M!)#'!$7-1$/*)$+,%!+4!)#'!$7-+()*,/'!+4!4*7$13!%9--+()!*('!)#*)!G'!,''&!

)+!$,/+(-+(*)'!4*7$13!79/#!7+('!$,!+9(!G+(M!G$)#!;7'($/*,!H,&$*,!%)9&',)%:!

H!)#$,M!*,!*('*!)#*)!G'!/*,!('*113!2(+G!*!1+)!$,!$%!0($,2$,2!$,!4*7$13!0'/*9%'!

! PXW(

G'!M,+G!)#*)!)#*)!$%!*!#92'13p*2*$,p,+)!)+!+.'(!2','(*1$g'!09)!4+(!7*,3!+4!

+9(!%)9&',)%!$)O%!*!#92'13!$7-+()*,)!-*()!+4!G#+!)#'3!*(':!

!

! I*7$13!7'70'(%!+4)',!-(+.$&'!1+2$%)$/*1!*%!G'11!*%!'7+)$+,*1!%9--+():!"#$%!$%!

'%-'/$*113!)(9'!4+(!%$,21'!-*(',)%!G#+!('13!+,!4*7$13!4+(!#'1-!G$)#!/*($,2!4+(!3+9,2!

/#$1&(',!G#$1'!-*(',)%!*('!$,!%/#++1!+(!G+(M$,2@!+4)',!*)!7+('!)#*,!+,'!<+0!G#$1'!

*1%+!)*M$,2!*!4911!/('&$)!1+*&:!C*,3!6FK!?*)$.'!%)9&',)%!/$)'!4*7$13!*%!*!7*<+(!%+9(/'!

+4!%9--+():!!I*7$13!7'70'(%!-(+.$&'!'7+)$+,*1@!7+)$.*)$+,*1!*,&!1+2$%)$/!%9--+()!

4+(!%)9&',)%!G#+!+4)',!4''1!+9)!+4!)#'$(!'1'7',)!+,!*!7*$,%)('*7!9,$.'(%$)3!/*7-9%:!!

! ! E'2*(&$,2!)#'!$7-+()*,/'!+4!4*7$13!%9--+()!/$)'&!03!?*)$.'!%)9&',)%!*)!6FK!

*,&!-('.$+9%!('%'*(/#@!4(+7!+)#'(!9,$.'(%$)$'%@!%9--+()$,2!)#'!%*7'!4$,&$,2%@!

$,&$/*)$+,%!*('!)#*)!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK!G+91&!0','4$)!4(+7!*,!

',#*,/'&!$,%)$)9)$+,*1!4+/9%!+,!-(+.$&$,2!%9--+()!0*%'&!+,!4*7$13!/',)'('&!7+&'1%!

$,!-1*/'!*)!+)#'(!)($0*1!*,&!7*$,%)('*7!$,%)$)9)$+,%@!$,!*&&$)$+,!)+!/91)9(*1@!4$,*,/$*1@!

*,&!*/*&'7$/!,''&%:!I*7$13!0*%'&!-(+2(*7%!7+&'1'&!*4)'(!-($+(!('%'*(/#!G$11!0'!

&$%/9%%'&!$,!)#'!V*(($'(%!%'/)$+,!0'1+G:!E'1'.*,)!)+!)#'!/9((',)!&$%/9%%$+,!$%!)#'!4*/)!

)#*)!('/+2,$)$+,@!03!/*7-9%!*&7$,$%)(*)+(%@!+4!)#'!$7-+()*,/'!+4!$,/+(-+(*)$,2!

4*7$13!$,)+!)#'!)+)*1!%9--+()!-*/M*2'!4+(!)#'!?*)$.'!6FK!%)9&',)@!$%!$,!*,&!+4!$)%'14@!*!

-+)',)$*1!4*/$1$)*)+(:!!

!

C/??1#0*=)&I#*),.7&&&&&&&&

'

' ;4)'(!4*7$13!%9--+()@!*!,')G+(M!+4!4($',&%!G*%!/+77+,13!/$)'&!*%!*,!

$7-+()*,)!%+9(/'!+4!%9--+():!;&7$,$%)(*)+(%@!4*/91)3@!%)*44@!*,&!%)9&',)%!*11!-+$,)'&!

! PXX(

)+!)#'!4+(7*)$+,!+4!%9--+()$.'!('1*)$+,%#$-%!*%!+4!-($7*(3!$7-+()*,/'!)+!%)9&',)!

%9//'%%:!"#'('!G*%!*17+%)!9,$.'(%*1!*2(''7',)!*7+,2!6FK!4*/91)3@!%)*44!*,&!

*&7$,$%)(*)+(%!+,!)#'!$7-+()*,/'!+4!*!?*)$.'!/+779,$)3!*,&!-''(!('4'(',/'!2(+9-:!

"#'%'!('1*)$+,%#$-%!*('!,+)!,'/'%%*($13!('%)($/)'&!)+!4($',&%#$-%!+(!4*7$13@!09)!*1%+!

$,/19&'!7',)+(%#$-!03!4*/91)3!*,&!%)*44!$,!*,&!*(+9,&!)#'!/*7-9%!',.$(+,7',):!!

! X*7-9%!/1$7*)'!G*%!7',)$+,'&!*%!*,!$7-+()*,)!4*/)+(!$,!)#'!*0$1$)3!+4!?*)$.'!

%)9&',)%!)+!/+7'!)+2')#'(!$,!*!/+779,$)3!+4!-''(%!)#*)!G+91&!+44'(!)#'!/+74+()!*,&!

%9--+()!+4)',!/$)'&!*%!+4!-($7*(3!$7-+()*,/'!)+!-'(%$%)',/'!*,&!*/*&'7$/!%9//'%%!

4+(!;7'($/*,!H,&$*,!%)9&',)%:!c,'!'1'7',)!+4!)#*)!/1$7*)'!+4)',!7',)$+,'&!G*%!*!

-1*/'!4+(!?*)$.'!%)9&',)%!)+!/+7'!)+2')#'(!*%!*!/+779,$)3!+4!-''(%!$,!%9--+()!+4!

'*/#!+)#'(:!

! "#'!)+-$/!+4!%9/#!*!-1*/'!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK!G$11!0'!

&$%/9%%'&!$,!49()#'(!&')*$1!$,!X#*-)'(!?$,':!E'1'.*,)!)+!)#'!/9((',)!&$%/9%%$+,!$%!)#'!

,''&!4+(!%9/#!*!-1*/'!*)!6FK!G#'('!,+,'!/9((',)13!'L$%)'&!*)!)#'!)$7'!H!/+,&9/)'&!

$,)'(.$'G%:!b$.',!)#'!%$2,$4$/*,/'!+4!*!%9--+()$.'!,')G+(M!+4!4($',&%!*%!/$)'&!

9,*,$7+9%13!03!-*()$/$-*,)%!$,!)#$%!('%'*(/#@!$)!/+91&!0'!/+,/19&'&!)#*)!+4!9)7+%)!

$7-+()*,/'!4+(!)#'!4+(7*)$+,!+4!%9/#!*!%9--+()!2(+9-@!$%!*!-1*/'!4+(!)#*)!/+779,$)3!

)+!'L$%)!%*4'13!*,&!/+74+()*013:!V'2$,,$,2!$,!)#'!4*11!+4!ZUTU@!)#'!,'G13!4+(7'&!

;7'($/*,!H,&$*,!W&9/*)$+,!*,&!X91)9(*1!X',)'(!G$11!+44'(!%9/#!*!-1*/':!

!

!

!

! PXY(

C/??1#0*=)&I"+/$0%&&(

! H,!-($+(!('%'*(/#@!?*)$.'!%)9&',)%!$,!;1*%M*!('-+()'&!*//'%%$0$1$)3@!

*--(+*/#*0$1$)3@!2',9$,','%%!*,&!/*($,2!03!/+11'2'!+(!9,$.'(%$)3!4*/91)3!*%!

,'/'%%*(3!4+(!1'*(,$,2!%9//'%%!dJ$1%+,!T``Ye:!!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK!*1%+!

-+$,)'&!)+!)#'!$7-+()*,/'!+4!%9--+()$.'!4*/91)3!7'70'(%!$,!/+,)($09)$,2!)+!/+11'2'!

%9//'%%:!

! c,'!+4!)#'!7+%)!$7-+()*,)!4*/$1$)*)+(%!H!4+9,&!*)!6FK!4+(!)#'!'&9/*)$+,*1!

%9//'%%!4+(!;7'($/*,!H,&$*,!%)9&',)%!$%!)#'!'L$%)',/'!+4!*!/+('!2(+9-!+4!-'+-1'!G#+!

*('!-(+.',!)+!0'!'L)('7'13!&'&$/*)'&!*,&!')'(,*113!/+77$))'&!)+!4+%)'($,2!*!

-+%$)$.'!*/*&'7$/!'L-'($',/'!4+(!?*)$.'!%)9&',)%!*)!6FK:!H)!$%!G$&'13!*2(''&!)#*)!)#$%!

/+('!2(+9-!+4!4*/91)3!*,&!%)*44!*('!&''-13!/+77$))'&!)+!)#'!4+%)'($,2!+4!*!-+%$)$.'!

'&9/*)$+,*1!'L-'($',/'!4+(!)#$%!9,$.'(%$)3O%!?*)$.'!%)9&',)%:!

! "#'!%)9&',)%!H!%-+M'!)+!('/+2,$g'!)#'!-('%',/'!+4!)#$%!2(+9-!*,&!*('!

*--('/$*)$.'!+4!*11!)#*)!)#'%'!-'+-1'!&+:!"#(+92#+9)!73!$,)'(.$'G%!/+,/'(,!G*%!

('-'*)'&13!7',)$+,'&!4+(!)#'!)$7'!G#',!)#'%'!%9--+()'(%!G$11!0'2$,!)+!(')$(':!!

F)9&',)%@!*&7$,$%)(*)+(%!*,&!4*/91)3!#*.'!*11!-+$,)'&!)+!)#'!,''&!)+!0($,2!$,!,'G!

4*/91)3@!%)*44!*,&!*&7$,$%)(*)$+,!)#*)!G$11!/*((3!+,!)#$%!)(*&$)$+,!+4!%9--+():!(

! "#'!7'70'(%!+4!)#$%!/+('!2(+9-!#*.'!0'',!)#'!-$11*(%!+4!%9--+()!)+!)#'!

;7'($/*,!H,&$*,!%)9&',)!*)!6FK!4+(!7*,3!3'*(%!*,&!('7*$,!%+!)+!)#'!-('%',)!&*3:!

D+G'.'(@!*%!7',)$+,'&!03!7*,3@!$4!,'G!-'+-1'!G$)#!*!%$7$1*(!/+77$)7',)!)+!?*)$.'!

%)9&',)!%9//'%%!*('!,+)!0(+92#)!$,)+!)#'!9,$.'(%$)3!*%!+)#'(%!(')$('@!)#'!%9--+()!

)#'%'!-'+-1'!-(+.$&'!G$11!7+%)!*%%9('&13!0'!7$%%'&:!

! PXZ(

C/??1#0*=)&'.(*,*70#"0*1,&

'

' J$)#+9)!9,$.'(%$)3!*&7$,$%)(*)+(%!%',%$)$.'!)+!$%%9'%!-*()$/91*(!)+!;7'($/*,!

H,&$*,!%)9&',)%!*,&!$,)'('%)'&!$,!-(+.$&$,2!*!89*1$)3!/+11'2'!'L-'($',/'!*)!6FK@!

/#*,/'%!4+(!?*)$.'!%)9&',)!%9//'%%!G+91&!0'!1$7$)'&:!!H,&$/*)$+,%!*('!)#*)!61*$,%!

F)*)'!K,$.'(%$)3!&+'%!#*.'!*!.'(3!%9--+()$.'!*&7$,$%)(*)$+,!&'&$/*)'&!)+!/('*)$,2!*!

9,$.'(%$)3!',.$(+,7',)!/+,&9/$.'!)+!*/*&'7$/!%9//'%%!4+(!$)%!?*)$.'!;7'($/*,!

%)9&',)!-+-91*)$+,:!!!

! H,!>*,9*(3!+4!ZUUY@!)#'!9,$.'(%$)3!/*7'!9,&'(!,'G!1'*&'(%#$-!G$)#!)#'!

$,*929(*)$+,!+4!)#'!$)%!T`)#!6('%$&',)@!*,!*197,9%!+4!6FK:!59($,2!)#'!ZU)#!;,,9*1!

6FK!J*/$-$!d-+G!G+Ge!)#'!6('%$&',)!*,,+9,/'&!)#'!/+7$,2!+4!*!,'G13!4+(7'&!

;7'($/*,!H,&$*,!W&9/*)$+,!*,&!X91)9(*1!X',)'(!+-',$,2!$,!)#'!4*11!+4!ZUTU:!!

! H,!>913!+4!ZUU`@!6FK!*--+$,)'&!*!,'G!6(+.+%)!*,&!j$/'!6('%$&',)!4+(!

;/*&'7$/!;44*$(%:!59($,2!73!$,)'(.$'G!G$)#!)#'!6(+.+%)!%#'!&$%/9%%'&!)#'!4+(G*(&!

7+.$,2!.$%$+,!%#'!#+1&%!4+(!%9--+()!+4!?*)$.'!%)9&',)%!$,/19&$,2!*,!',#*,/'&!

/9(($/9197!$,!)#'!4+(7!+4!*!7*<+(!4$'1&!+4!%)9&3!$,!;7'($/*,!H,&$*,!F)9&$'%:!!

! V+)#!+4!)#'%'!9,$.'(%$)3!1'*&'(%!#*.'!&'7+,%)(*)'&!*!/+77$)7',)!)+!

;7'($/*,!H,&$*,!%)9&',)%!*)!6FK!0+)#!$,!)#'!-('%',)!*,&!)#(+92#!*!.$%$+,!4+(!)#'!

49)9('!)#*)!G$11!1'*&!)+!)#*)!)+-!&+G,!$,%)$)9)$+,*1!/#*,2'!7',)$+,'&!03!%'.'(*1!+4!

)#+%'!H!$,)'(.$'G'&:!!!

!

!

!

! PX[(

&F,*=)#7*0%(<1((/,*0%&C/??1#0&&&&&&

'

' c4!%$2,$4$/*,/'!)+!?*)$.'!%)9&',)%!+,!)#'!6FK!/*7-9%!$%!)#'!'L-'($',/'!+4!+,'!

+4!)#'$(!-''(%@!*!4$(%)!3'*(!2(*&9*)'!%)9&',)!G#+!G*%!*!ZUU`!2(*&9*)'!+4!5*()7+9)#!

X+11'2':!5*()7+9)#!$%!G'11!M,+G,!4+(!$)%!;7'($/*,!H,&$*,!F)9&$'%!-(+2(*7!*,&!

?*)$.'!;7'($/*,!D+9%'!db*((+&!*,&!S*($7+('!T``Ye@!*,&!7$2#)!%'(.'!*%!*!7+&'1!+4!

%9//'%%!4+(!6FK:!"#*)!%)9&',)!&'%/($0'%!#'(!'L-'($',/'@!!hH,!73!9,&'(2(*&!

'L-'($',/'!G'!G'('!2('')'&!($2#)!*G*3!03!)#'!?*)$.'!/+779,$)3!:!:!:!)#*)!/+,,'/)$+,!

)+!)#'!/+779,$)3!$%!*,!$7-+()*,)!)#$,2:!c)#'(G$%'@!'.'(3&*3@!3+9!4''1!1$M'!3+9!*('!

*1+,'!+,!)#'!+9)%$&'!1++M$,2!$,:i(

! "#'!$7-+()*,/'!+4!%9--+()!4+(!)#'!;7'($/*,!H,&$*,!%)9&',)!/*,,+)!0'!

+.'(%)*)'&:!H)!79%)!*1%+!0'!('/+2,$g'&!)#*)!%9--+()!$%!*1('*&3!$,!-1*/'!$,!7*,3!

$,%)*,/'%!*,&!)#*)!03!7+&'1$,2!)#'!%9//'%%'%!*)!-1*/'%!%9/#!*%!5*()7+9)#@!6FK!/*,!

7+.'!$,!2('*)!%)($&'%!)+G*(&!*,!',#*,/'&!%3%)'7!+4!%9--+()$.'!'1'7',)%!

)#(+92#+9)!*!G$&'!(*,2'!+4!%'(.$/'%!*,&!4*/$1$)$'%@!*,&!-'(%+,,'1:!

!

E"0*=)&'()#*+",&9"+/$0%Q70"99&&&&&&&&

'

! c,'!%$2,$4$/*,)!7+.'!)+G*(&!*,!',#*,/'&!',.$(+,7',)!+4!%9--+()!$%!$,!)#'!

#$($,2!+4!*&&$)$+,*1!;7'($/*,!H,&$*,!I*/91)3:!"#$%!*&&$)$+,!,'*(13!&+901'&!)#'!

,970'(!+4!;7'($/*,!H,&$*,%!G+(M$,2!$,!4*/91)3!+(!%)*44!-+%$)$+,%!0($,2$,2!)#'!)+)*1!

,970'(!)+!4$.':!!

! PX\(

! H,!ZUU`@!6FK!*--+$,)'&!*,!;7'($/*,!H,&$*,!4*/91)3!)+!)#'!-+%$)$+,!+4!

X++(&$,*)+(!+4!;7'($/*,!H,&$*,!F)9&$'%:!D'!$%!/9((',)13!G+(M$,2!+,!)#'!

&'.'1+-7',)!+4!*,!;7'($/*,!H,&$*,!F)9&$'%!7*<+(:!!

! ;1%+!+4!%$2,$4$/*,)!.*19'!)+!6FK!$%!)#'!*&&$)$+,!)+!)#'!*)#1')$/%!&'-*()7',)!+4!

+,'!+4!<9%)!*!4'G!?*)$.'!;7'($/*,!G+7',!)+!-1*3!*,&!/+*/#!5$.$%$+,!T!*)#1')$/%:!

"+2')#'(@!)#'%'!.*19*01'!*&&$)$+,%!0($,2!G$)#!)#'7!$7-('%%$.'!*/*&'7$/!*%!G'11!*%!

'L-'($',)$*1!/('&',)$*1%:!!

! "#(+92#+9)!73!&*)*!/+11'/)$+,!H!0+)#!+0%'(.'&@!*,&!#'*(&!)'%)$7+,$*1%!+4!)#'!

$7-+()*,)!$,419',/'!)#'3!#*.'!#*&!+,!)#'!?*)$.'!%)9&',)!/+779,$)3!$,!-(+.$&$,2!

.*19*01'!7',)+($,2!%9--+()!*,&!1'*&'(%#$-!G#$1'!%'(.$,2!*%!)#'!0'%)!-+%%$01'!(+1'!

7+&'1%:!

!

C/??1#0&C)#=*+)7&&&&&&&

'

! F)9&',)!%9--+()!%'(.$/'%!('%-'/)491!+4!)#'!,''&%!*,&!$,)'('%)%!+4!/91)9(*113!

&$.'(%'!%)9&',)%!*('!%'',!*%!*,!$7-+()*,)!4*/)+(%!1'*&$,2!)+!%9//'%%!dV*(,#*(&)!

T``\e:!!

! ;7+,2!*11!)#+%'!H!$,)'(.$'G'&!4+(!)#$%!('%'*(/#@!$)!&$&!,+)!'%/*-'!73!

*))',)$+,!)#*)!G#$1'!7*,3!*('!'L)('7'13!&'.+)'&!)+!?*)$.'!%)9&',)!%9//'%%@!)#+%'!

G+(M$,2!$,!)#'!*('*!+4!%)9&',)!%9--+()!%'(.$/'%!G'('!*7+,2!)#'!7+%)!+9)G*(&13!

-*%%$+,*)'!*,&!.$%$013!7+.'&!*%!)#'3!%-+M'!+,!)#'!)+-$/:!"+!-9)!$)!%9//$,/)13@!)#'%'!

-'+-1'!*('!4*/$1$)*)+(%!)+!?*)$.'!%)9&',)!%9//'%%!4$(%)!*,&!4+('7+%)!$,!)#'$(!

9,&'(%)*,&$,2!+4!)#'!(+1'!)#'3!-1*3!*,&!G#*)!)#'3!%)($.'!)+!*//+7-1$%#:!

! PYO(

!

! H4@!*%!%922'%)'&@!)#'!+.'(*(/#$,2!)#'7'!$,!)#'!4*/$1$)*)$+,!+4!*/*&'7$/!%9//'%%!

4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK!$%!%)9&',)!%9--+()@!)#',!)#'%'!%)9&',)!%9--+()!

-(+4'%%$+,*1%!79%)!0'!('/+2,$g'&!*%!'%%',)$*1:!c,/'!*2*$,@!$)!0'/+7'%!*--*(',)!)#*)!

#97*,!('1*)$+,%#$-%!*('!)#'!M'3!)+!/('*)$,2!*!%9--+()$.'!',.$(+,7',)!4+(!?*)$.'!

%)9&',)%!*)!6FK:!

!

I*,",+*"$&2)71/#+)7&&

(

( "#(+92#+9)!73!$,)'(.$'G%@(('2*(&1'%%!+4!G#+7!H!%-+M'!G$)#@!H!G*%!%)(9/M!03!

)#'!4*/)!)#*)!'.'(3+,'!M,+G%!)#'!&$('/)+(!+4!)#'!I$,*,/$*1!;$&!c44$/'!*)!6FK:!F+7'!

%)9&',)%!*44'/)$+,*)'13!('4'(('&!)+!#$7!*%!5*&@!+(!*%!F*,)*!X1*9%@!%*3$,2@!hH4!3+9!,''&!

%+7'!7+,'3!)+!%)*3!*41+*)@!#'O%!G#'('!3+9!)9(,:i!?+!+,'!/+91&!%-'*M!,'2*)$.'13!

*0+9)!)#$%!7*,!*,&!G#*)!#'!#*%!&+,'!4+(!*11!%)9&',)%!*)!6FK!)+!4*/$1$)*)'!)#'$(!/+11'2'!

'L-'($',/':!;%!H!$,)'(.$'G'&!#$7@!H!G*%!/+2,$g*,)!+4!73!+G,!'L-'($',/'!G$)#!#$7!*%!

*!2(*&9*)'!%)9&',)!+.'(!)#'!1*%)!%'.'(*1!3'*(%!*,&!$)!G*%!/1'*(!*%!G'!%-+M'!)#*)!#'!$%!

9,G*.'($,213!/+77$))'&!)+!4+%)'($,2!'&9/*)$+,*1!*))*$,7',)!4+(!?*)$.'!%)9&',)%!

)#(+92#!*,3!*,&!*11!7'*,%!*)!#$%!&$%-+%*1:!59($,2!)#'!ZU)#!;,,9*1!6FK!J*/$-$!$,!

I'0(9*(3!H!+0%'(.'&!#$7!.$%$)!G$)#!?*)$.'!%)9&',)%!)#(+92#+9)!)#'!'.',$,2!*,&!)*M'!

*!2',9$,'!$,)'('%)!$,!)#'!'.',)!*,&!)#'!-'+-1'!$,!*))',&*,/':!"#'!7*,!$%!$,!*!G+(&@!*!

h4*/$1$)*)+(i:!

! H,)'('%)$,213@!G#$1'!%+7'!+4!)#'!%)9&',)%!H!$,)'(.$'G'&!/+7-1*$,'&!*0+9)!)#'!

-'(/'$.'&!1*/M!+4!4$,*,/$*1!*$&!+--+()9,$)$'%!*.*$1*01'@!*,&!)#'!I$,*,/$*1!;$&!c44$/'@!

! PYP(

+(!7+('!*//9(*)'13@!)#'!-'(%+,,'1!$,!)#'!+44$/'!G$)#!G#+7!4$(%)!/+,)*/)!$%!7+%)!+4)',!

7*&'@!,+,'!/+7-1*$,'&!*0+9)!)#'!&$('/)+(!+4!)#*)!+44$/'!+(!89'%)$+,'&!#$%!1'.'1!+4!

/+77$)7',)!*,&!&'&$/*)$+,!)+!'$)#'(!)#'7!+(!)#'$(!4$,*,/$*1!,''&%:!"#$%!('*44$(7%!

)#'!,+)$+,!+4!)#'!%$2,$4$/*,/'!+4!('1*)$+,%#$-%!0')G'',!-'+-1':!6'(#*-%!)#'!7+%)!

%$2,$4$/*,)!4$,&$,2!#'('!$%!)#'!,''&!4+(!$7-(+.'&!1$,'%!+4!/+779,$/*)$+,!)#(+92#!

G#$/#!#'*1)#3!('1*)$+,%#$-%!/*,!0'!09$1):!F9/#!/+779,$/*)$+,!G+91&!,'/'%%*($13!0'!

*/#$'.'&!)#(+92#!*!79)9*1!1*/M!+4!-('/+,/'$.'&!,+)$+,%!1'*&$,2!)+!/91)9(*1!

&$%/+,)$,9$)3:!

!

:#".*0*1,"$&</$0/#)&&

'

! "#'!7*$,)',*,/'!+4!/91)9(*1!$&',)$)3!*,&!)(*&$)$+,%!G*%!4+9,&!)+!0'!

$,%)(97',)*1!$,!)#'!%9//'%%!+4!?*)$.'!%)9&',)%!*)!)#'!-+%)%'/+,&*(3!1'.'1!dD9447*,@!

F$11!*,&!V(+M',1'2!T`]_e:!!

! ! >9%)!*%!4*7$13!%9--+()!'7'(2'%!*%!*!-($7*(3!4*/$1$)*)+(!4+(!/+11'2'!%9//'%%@!)#'!

$%%9'!+4!/91)9('!'7'(2'%!*%!*,!$,)'2(*1!-*()!+4!)#'!;7'($/*,!H,&$*,!%)9&',)O%!

$&',)$)3:!X91)9('@!4*7$13!*,&!$&',)$)3!*('!$,)'()G$,'&!*,&!/*,!-(+.$&'!*!%)(+,2!

09))('%%!*2*$,%)!)#'!&$%/+74+()!)#*)!/*,!/+7'!G$)#!)#'!/91)9(*1!&$%/+,)$,9$)3!+4!

7+.'7',)!4(+7!)#'!('%'(.*)$+,!/+779,$)3!)+!)#'!7*$,%)('*7!9,$.'(%$)3:!dJ*L!')!

*1:!T`_\@!V'((3!T`_`f!D'()g09(2!T`YTf!c--'1)!T``Tf!"$'(,'3!T``Z@!ZUUUf!X*(,'3!

T```e:!!D+G!)#*)!/91)9(*1!$&',)$)3!$%!,9()9('&!*,&!'L-('%%'&!)#(+92#+9)!)#'!6FK!

'L-'($',/'!7*3!-1*3!*!-$.+)*1!(+1'!$,!)#'!%9//'%%!+4!)#'!?*)$.'!%)9&',)O%!/+11'2'!

/*(''(!dI+(&#*7!T`]]f!I'*2$,!T``_e:!!

! PYN(

! c,'!+4!)#'!/+77+,!)#'7'%!/$)'&!*%!*!4*/$1$)*)+(!G*%!)#'!+--+()9,$)3!4+(!)#'!

?*)$.'!%)9&',)%!*)!6FK!)+!'L-('%%!+(!-*()$/$-*)'!$,!)(*&$)$+,*1!/91)9(*1!*/)$.$)$'%:!H,!

+(&'(!4+(!?*)$.'!;7'($/*,!%)9&',)%!*)!6FK!)+!7*M'!4911!9%'!+4!)#'!0','4$)%!&'($.'&!

4(+7!-*()$/$-*)$+,!$,!/91)9(*1!*/)$.$)$'%!*%!*!4*/$1$)*)+(!)+!*/*&'7$/!%9//'%%@!)#'('!

,''&%!)+!0'!7+('!+--+()9,$)$'%!4+(!)#'!-(*/)$/'!+4!%9/#!*/)$.$)$'%:!"#'!-(+.$%$+,!+4!

)#+%'!+--+()9,$)$'%!7*3!0'!*//+7-1$%#'&!$,!1*(2'!-*()!$,!)#'!,'G13!-(+7$%'&@!*,&!

1+,2!*G*$)'&!;7'($/*,!H,&$*,!W&9/*)$+,!*,&!X91)9(*1!X',)'(:!!F9/#!G*%!)#'!

'L-'($',/'!+4!*!?*)$.'!2(*&9*)'!%)9&',)!*%!%#'!('/*11'&!#'(!9,&'(2(*&9*)'!3'*(%!*)!

5*()7+9)#a!

J'!#*&!*!#+9%'!*)!73!9,&'(!2(*&!G#'('!3+9!*/)9*113!/+91&!1$.':!"#'('!G'('!

)G+!41++(%:!"#'!)+-!41++(!#*&!)#(''!0'&%!*,&!)#',!)#'!0+))+7!41++(!*,&!)#'!

7$&&1'!41++(:!;,&!)#'!%)9&',)%!/+91&!1$.'!)#'('!$4!3+9!*--1$'&!)+!1$.'!)#'(':!

;,&!1$M'!'.'(30+&3!G*,)'&!)+!1$.'!)#'('!*,&!'.'(30+&3!G*%!*1G*3%!)#'(':!!

S$M'!H!&+,O)!M,+G!$4!$)!G*%!0'/*9%'!G'!#*&!*!#92'!/+779,$)3pH!&+,O)!M,+G!

G#*)!$)!G*%!09)p'.'(30+&3!G*%!*1G*3%!)#'(':!J'!G'('!1$M'p&9($,2!)#'!

*4)'(,++,%!G'!G+91&!0'!$,!)#'!?;D!*11!/(+G&'&!+,!)#'!/+9/#!<9%)!'*)$,2!

)+2')#'(!*,&!)#',!$,!)#'!'.',$,2%@!G'O&!0'!$,!)#'!&$,$,2!(++7!*)!)G+!0$2!1+,2!

)*01'%:!J'O&!0'!<9%)!%)9&3$,2!+(!1*92#$,2:!;,&!)#',!)#'('!G*%!*!0*%'7',)!

G#'('!G'O&!G*)/#!7+.$'%:!!:!:!:!V9)!)#*)!G*%!#+G!H!M'-)!73!/+,,'/)$+,!G$)#!

#+7':!;,&!)#'('!G*%!*!&(97!2(+9-BBBG'!#*&!*!1+)!+4!293%!4(+7!)#'!

F+9)#G'%)@!%+!$)!G*%!M$,&!+4!*!%+9)#'(,!&(97!2(+9-:!"#'3O&!/+7'!$,!*,&!)#'3!

G+91&!1$M'!%$,2!*,&!)#'3O&!0'!$,!)#'!?*)$.'!;7'($/*,!D+9%'p)#'3O&!0'!$,!)#'!

0*%'7',)!*,&!)#'3O&!%$,2:!;,&!$)!4'1)!%+!2++&!)+!#'*(!)#*)R)#*)O%!G#*)!G'O11!

&+!%+7')$7'%:!S$M'!-'+-1'!G$11!<9%)!%)*()!-1*3$,2!#*,&!&(97!%+,2%!*,&!G'O11!

<9%)!%$)!)#'('!*,&!1$%)',!)+!$):!H)O%!,$/'!)#+92#:!

(

! H)!7*M'%!%',%'!)+!*/M,+G1'&2'!)#+%'!4*/)+(%!*1('*&3!$,!-1*/'!*)!6FK!)#*)!*/)!

*%!4*/$1$)*)+(%!)+!*/*&'7$/!*))*$,7',)!4+(!;7'($/*,!H,&$*,!%)9&',)%:!H)!#*%!0'',!

&'7+,%)(*)'&!)#*)!)#'!9,$.'(%$)3!#*%!7*,3!*%%')%!)+!$)%!/('&$):!"#'%'!*%%')%!*('!$,!

)#'!%#*-'!*,&!4+(7!+4!-'+-1'!&'&$/*)'&!)+!)#'!%9//'%%!+4!?*)$.'!%)9&',)%!*,&!)#'!

! PYV(

-(+2(*7%!)#*)!)#+%'!-'+-1'!*&7$,$%)'(:!c,'!-(+4'%%+(!%*$&!)#*)!N0($/M%!*,&!7+()*(!

/*,!+,13!*11+G!4+(!%+!79/#@!*,&!)#*)!)#'!7+%)!$7-+()*,)!)#$,2!$%!('1*)$+,%#$-%!

0')G'',!-'+-1':O!H)!#*%!*1%+!0'',!&'7+,%)(*)'&!)#*)!)#'!7+%)!.*19*01'!+4!*11!*%%')%!

*)!6FK!*('!)#+%'!-'+-1'!&'&$/*)'&!)+!)#'!%9//'%%!+4!?*)$.'!%)9&',)%!*,&!)#'!

('1*)$+,%#$-%!)#'3!4+%)'(:!

! "#'%'!*%%')%!G+(M$,2!*%!4*/$1$)*)+(%!7*3!%'(.'!*%!*!%)*()$,2!-+$,)!4(+7!G#$/#!

)+!09$1&!*,&!%)(',2)#',!)#'!+--+()9,$)$'%!4+(!?*)$.'!;7'($/*,!/+11'2'!%9//'%%:!

6'(#*-%!$4!6FK!09$1&%!+,!$)%!%)(',2)#%@!)#'!G'*M,'%%'%!G$11!)*M'!/*('!+4!)#'7%'1.'%:!H!

G$11!,+G!)9(,!)#'!4+/9%!)+!*!&$%/9%%$+,!+4!0*(($'(%!)+!*/*&'7$/!*))*$,7',)!4+(!?*)$.'!

%)9&',)%:!

!

4=;;8:;9(

! H,!#$%!T```!0++M@!I$(%)!6'+-1'%a!;!5+/97',)*(3!F9(.'3!+4!;7'($/*,!H,&$*,!

D$%)+(3@!X*11+G*3!-(+.$&'%!*!)$7'1$,'!4+(!;7'($/*,!H,&$*,%!)#*)!/*,!0'!$,)'()G$,'&!

G$)#!)#'!#$%)+(3!+4!61*$,%!F)*)'!K,$.'(%$)3@!*%!-(+.$&'&!$,!)#'!9,$.'(%$)3O%!+44$/$*113!

-901$%#'&!V911')$,!d61*$,%!F)*)'!K,$.'(%$)3!V911')$,!P9*()'(13@!j+197'!``@!?970'(!Z@!

C*3!ZUU]e:!"+2')#'(@!)#'%'!#$%)+($'%!/('*)'!*!-$/)9('!+4!6(*$($'!F)*)'O%!7*$,%)('*7!

'&9/*)$+,*1!$,%)$)9)$+,!*,&!)#'!?*)$.'!-'+-1'!+4!6(*$($'!F)*)':!J#$1'!6FK!#*%!2(+G,!

*,&!/+,)$,9'%!)+!2(+G!$,)+!*!-('7$'(!('%'*(/#!*,&!)'*/#$,2!9,$.'(%$)3@!)#'('!

('7*$,%!)#$(&!G+(1&!1$M'!/+,&$)$+,%!+,!7*,3!+4!)#'!%)*)'%!('%'(.*)$+,%:!H)!$%!/1'*(!

)#*)!)#$%!$%!*!#$%)+(3!$,!G#$/#!)#'!&'.'1+-7',)!+4!+,'!$%!,+)!$,!%3,/#!G$)#!)#'!

&'.'1+-7',)!+4!)#'!+)#'(:!!

! PYW(

! "#$%!#$%)+(3!0'2%!)#'!89'%)$+,%f!#+G!#*%!)#'!7$%%$+,!+4!6FK!*%!*,!T]_Z!S*,&!

b(*,)!$,%)$)9)$+,!0'',!*--1$'&!)+!)#'!?*)$.'!-'+-1'!+4!)#'!%)*)'k!"+!G#*)!'L)',)!#*.'!

;7'($/*,!H,&$*,%!2*$,'&!*//'%%!)+!#$2#'(!'&9/*)$+,!*)!6FKk!;,&@!G#'('!&+'%!

('%-+,%$0$1$)3!1$'!4+(!)#'!1'.'1!+4!*/*&'7$/!*))*$,7',)!('*/#'&!03!?*)$.'!;7'($/*,%@!

0+)#!#$%)+($/*113!*,&!-('%',)13k!!

c,/'!*2*$,@!/*9)$+,!79%)!0'!)*M',!*2*$,%)!0(+*&@!%G''-$,2!2','(*1$g*)$+,%:!

P9*1$)*)$.'!&*)*!2*)#'('&!)#(+92#+9)!)#$%!('%'*(/#!%922'%)%!*!G$&'!.*($')3!+4!4*/)+(%!

*/)$,2!*%!'$)#'(!4*/$1$)*)+(%@!+(!0*(($'(%@!+(!0+)#!&'-',&$,2!+,!/+,)'L)!*,&!)#+%'!

$,&$.$&9*1%!*,&!2(+9-%!$,.+1.'&:!;7+,2!)#+%'!4*/)+(%!*('!$,&$.$&9*1!-'(%+,*1!

/#*(*/)'($%)$/%!%9/#!*%!&($.'!*,&!&')'(7$,*)$+,@!*,&!%)(9/)9(*1!/#*(*/)'($%)$/%!

$,/19&$,2!(*/$%7!*)!.*(3$,2!1'.'1%@!*.*$1*0$1$)3!+4!4*/$1$)$'%!4+(!?*)$.'!%)9&',)%!*,&!

/91)9(*1!&$%/+,)$,9$)3!0')G'',!?*)$.'!%)9&',)%!*,&!)#'!7*$,%)('*7!/+779,$)3!

dV'((3!T`_`f!A'(0+!T`]Tf!J$1%+,!T`][f!D9447*,@!F$11!*,&!V(+M',1'2!T`]_f!E$,&+,'!

T`]]f!J($2#)!*,&!"$'(,'3!T``Tf!"$'(,'3!T``Zf!5*.$%!T``Zf!V*(,#*(&)!T``\f!

V*(,#*(&)!T``\f!X*(,'3!T```f!D9447*,!T```e:!!

! "+2')#'(!)#'%'!4*/)+(%!$,)'()G$,'!*,&!+.'(1*-!)+!/('*)'!*!/+7-1$/*)'&!7*)($L!

)#*)!$%!&$44$/91)!)+!%+()!+9)!+(!&$%-1*3!2(*-#$/*113!+(!'.',!,*((*)$.'13:!"#'!+,'!

/+,%)*,)!$%!)#*)!)#'!+,13!*//9(*)'!9,&'(%)*,&$,2!+4!)#$%!/+7-1'L!$%%9'!/*,!0'!2*$,'&!

)#(+92#!)#'!.+$/'%!&'%/($0$,2!)#'!G+(1&.$'G%!*,&!'L-'($',/'%!+4!*11!)#+%'!$,.+1.'&@!

G#')#'(!)#'3!0'!%)9&',)@!4*/91)3@!%)*44!+(!*&7$,$%)(*)+(:!I(+7!)#'%'!.*($+9%!

%)*,&-+$,)%@!,+!9,$1*)'(*1!('%-+,%$0$1$)3!/*,!0'!*%%$2,'&!4+(!%9/#!*!.*29'!/+,/'-)!*%!

?*)$.'!;7'($/*,!/+11'2'!%9//'%%@!+(!1*/M!)#'('+4:!;%!G$)#!*11!)#$,2%!$,!)#'!%+/$*1!

! PYX(

G+(1&@!$)!$%!*!/+70$,*)$+,!+4!4*/)+(%!$,!*,3!2$.',!/+,)'L)!)#*)!('%91)%!$,!G#*)!G'!

-'(/'$.'!*%!('*1$)3!*)!*,3!2$.',!7+7',):!J#*)!G'!-'(/'$.'!*%!('*1!$%!*!-(+&9/)!+4!

+9(!+G,!%+/$*113!/+,%)(9/)'&!('*1$)3:!;%!J:H:!"#+7*%!%)*)'&@!hH4!7',!&'4$,'!

%$)9*)$+,%!*%!('*1@!)#'3!*('!('*1!$,!)#'$(!/+,%'89',/'%i!d"#+7*%!*,&!"#+7*%@!T`Z]a!

^YZe:!

! "#$%!('%'*(/#!('-('%',)%!+,13!*!%7*11!%1$/'!$,!)$7'!/+,%$&'($,2!)#'!',)$('!

#$%)+(3!+4!6FK@!)#'!/+7-1')'!#$%)+(3!+4!;7'($/*,!H,&$*,!#$2#'(!'&9/*)$+,!)+!)#'!

-('%',)!&*3@!*,&!-'(#*-%!7+%)!$7-+()*,)13@!)#'!#$%)+(3!+4!/+,)*/)!0')G'',!)#'!

$,&$2',+9%!-'+-1'!+4!)#$%!/+,)$,',)!*,&!*11!)#+%'!G#+!/*7'!1*)'(:!H)!79%)!0'!,+)'&!

)#*)!)#'!/+7-1'L$)3!+4!*11!*%-'/)%!('1*)$.'!)+!)#$%!$%%9'!79%)!0'!M'-)!%*1$',)!$,!+9(!

*))'7-)%!)+!9,&'(%)*,&:!H)!$%!*1%+!$7-'(*)$.'!)#*)!G'!9,&'(%)*,&!*,&!('7*$,!*G*('!

)#*)!#+G!G'!*%%$2,!7'*,$,2!)+!)#'!/+7-+,',)!-*()%!+4!)#$%!/+7-1'L!$%%9'!$%!

&'-',&',)!9-+,!)#'!.*19'%!G'!*%!$,&$.$&9*1%!#+1&!)#'!7+%)!&'*(:!

! D$%)+($*,@!*,&!'&9/*)+(!D+G*(&!m$,,!/*9)$+,%!+,!)#'!9%'!*,&!*--1$/*)$+,!+4!

#$%)+(3!$,!#$%!T``U!0++M!5'/1*(*)$+,%!+4!H,&'-',&',/'a!

J'!/*,!:!:!:!&'/$&'!4+(!+9(%'1.'%@!0*%'&!+,!+9(!+G,!.*19'%@!G#$/#!*//+9,)%!*('!

7+%)!$7-+()*,)!*,&!7+%)!9%'491:!

!

;,3+,'!('*&$,2!#$%)+(3!%#+91&!9,&'(%)*,&!4(+7!)#'!%)*()!)#*)!)#'('!$%!,+!

%9/#!)#$,2!*%!$7-*()$*1!#$%)+(3:!;11!G($))',!#$%)+(3!$%!-*()$*1!$,!)G+!%',%'%:!H)!

$%!-*()$*1!$,!)#*)!$)!$%!+,13!*!)$,3!-*()!+4!G#*)!('*113!#*--','&:!"#$%!$%!*!

1$7$)*)$+,!)#*)!/*,!,'.'(!0'!+.'(/+7':!;,&!$)!$%!-*()$*1!$,!)#*)!$)!$,'.$)*013!

)*M'%!%$&'%@!03!G#*)!$)!$,/19&'%!+(!+7$)%@!G#*)!$)!'7-#*%$g'%!+(!

&''7-#*%$g'%:!H)!7*3!&+!)#$%!+-',13!+(!&'/'-)$.'13@!/+,%/$+9%13!+(!

%90/+,%/$+9%13:! !

!

! PYY(

"#'!/#$'4!-(+01'7!$,!#$%)+($/*1!#+,'%)3!$%!,+)!+9)($2#)!13$,2:!H)!$%!+7$%%$+,!+(!

&'B'7-#*%$%!+4!$7-+()*,)!&*)*:!"#'!&'4$,$)$+,!+4!$7-+()*,)@!+4!/+9(%'@!

&'-',&%!+,!+,'O%!.*19'%:!d6:^Te!!

!

! c,'!-(+4'%%+(!/+77',)'&!+,!)#'!$7-+()*,/'!+4!M,+G$,2!G#'('!G'!79%)!

%)*()!$,!*&&('%%$,2!0*(($'(%!)+!/+11'2'!%9//'%%!4+(!?*)$.'!%)9&',)%a!

F+!G'!,''&!)+!0'!%$,/'('!*0+9)!)#'!-('%',)@!09)!G'!*1%+!#*.'!)+!0'!('*1$%)$/!

)#*)!G'!#*.'!*!1+)!+4!)#$,2%!)+!+.'(/+7':!J'!#*.'!*!)(+901'&@!)(+901'&!

#$%)+(3@!*,&!)#'!4+1M%!G'!%'(.'!,+G!*('!-*()!+4!)#*)!#$%)+(3:!J'!*('!-*()!+4!

)#*)!#$%)+(3!%+!H!)#$,M!G'!*('!<9%)!*)!)#'!.'(3!0'2$,,$,2:!

! ;!)#+(+92#!9,&'(%)*,&$,2!+4!)#'!0*(($'(%!)+!;7'($/*,!H,&$*,!*/*&'7$/!

*))*$,7',)!*)!6FK!79%)!0'2$,!4(+7!*,!*/M,+G1'&2'7',)!+4!)#'!#$%)+($'%!+4!)#'!

$,%)$)9)$+,!*,&!+4!)#'!?*)$.'!-+-91*)$+,:!"#(+92#!)#'!9%'!+4!G#*)!C$11%!dT`^`e!/*11'&!

)#'!F+/$+1+2$/*1!H7*2$,*)$+,!G'!/*,!*))'7-)!)+!1++M!0*/M!$,!)$7'@!)#(+92#!)#'!'3'%!

+4!;7'($/*,!H,&$*,%!$,!6(*$($'!F)*)'@!*,&!,*)$+,G$&'@!)+!%''!#+G!1$4'!-+%%$0$1$)$'%@!

$,/19&$,2!)#'!-+%%$0$1$)$'%!4+(!*/*&'7$/!*))*$,7',)@!G'('!$,419',/'&!G$)#$,!)#'!

/+,)'L)!+4!%+/$*1!/1$7*)'!+4!)#'!)$7'%:!

! H,!I'0(9*(3!+4!T]]T!)#'!"'(($)+($*1!S'2$%1*)9('!2(*,)'&!TZU@UUU!*/('%!*)!

E*$1)+G,@!6(*$($'!F)*)'!4+(!)#'!'%)*01$%#7',)!+4!*,!N;2($/91)9('!X+11'2'O:!!S'%%!)#*,!

)',!3'*(%!1*)'(@!0')G'',!ZUUB![UU!-'+-1'@!7+%)13!'1&'(%@!G+7',@!*,&!/#$1&(',!+4!F$!

"*,M*O%!0*,&!+4!C$,,$/+,<+9!c3*)'!G'('!29,,'&!&+G,!03!)#'!F'.',)#!X*.*1(3!*)!

J+9,&'&!A,''!X(''M!dX*11+G*3@!T```e:!!

!!

! PYZ(

! V3!T`Z[@!$,%)(9/)$+,*1!-(+2(*7%!G'('!+(2*,$g'&!$,)+!4$.'!&$.$%$+,%!$,/19&$,2a!

;2($/91)9('@!W,2$,''($,2@!b','(*1!F/$',/'@!D+7'!W/+,+7$/%@!*,&!6#*(7*/3:!!"#'!

49)9('!6FK!G*%!0'2$,,$,2!)+!)*M'!%#*-':!!

! "#'!4+11+G$,2!3'*(@!T`Z\@!*11!;7'($/*,!H,&$*,%!G'('!2(*,)'&!K:F:!/$)$g',%#$-:!

"#'!>+#,%+,BcOC*11'3!;/)!*,&!)#'!H,&$*,!E'+(2*,$g*)$+,!;/)!G'('!-*%%'&!$,!T`[\:!

"#(+92#!>+#,%+,BcOC*11'3@!)#'!4'&'(*1!2+.'(,7',)!-(+.$&'&!49,&%!)+!%/#++1!

&$%)($/)%!4+(!;7'($/*,!H,&$*,!/#$1&(',!*))',&$,2!-901$/!%/#++1%!dX*11+G*3@!T``è:!!

"#'!H,&$*,!E'+(2*,$g*)$+,!;/)!-(+.$&'&!4+(!H,&$*,!%'14B&')'(7$,*)$+,!)#(+92#!)#'!

&'.'1+-7',)!+4!)($0*1!2+.'(,7',)%!dX*11+G*3@!T``è:!

! T`^_!V(+92#)!*!%$L)#!9,&'(2(*&9*)'!&$.$%$+,!$,!)#'!4$'1&!+4!,9(%$,2:!;1%+!$,!

T`^_@!)#'!4'&'(*1!2+.'(,7',)!-*%%'&!)#'!E'1+/*)$+,!;/)!)+!',/+9(*2'!?*)$.'!

;7'($/*,%!)+!1'*.'!)#'!('%'(.*)$+,!*,&!7+.'!)+!9(0*,!/',)'(%:!"#$%!G*%!0'1$'.'&!)+!

0'!*!G*3!)+!*%%$7$1*)'!?*)$.'!-'+-1'!$,)+!)#'!W9(+B/',)($/!7*$,%)('*7!/91)9('!

dX*11+G*3@!T``è:!H,!T`^Y@!)#'!b(*&9*)'!5$.$%$+,!G*%!/('*)'&!*)!)#'!/9((',)!6FK!

G#$1'!;7'($/*,!H,&$*,%!7+.'&!)+!X#$/*2+@!C$,,'*-+1$%@!F*,!I(*,/$%/+@!X1'.'1*,&!

*,&!+)#'(!1*(2'!/$)$'%!$,!%'*(/#!+4!7*$,%)('*7!+--+()9,$)$'%:!!

! T`_T!%*G!)#'!4+9,&$,2!+4!)#'!?*)$+,*1!H,&$*,!3+9)#!X+9,/$1!*,&!)#'!

'7'(2$,2!&'.'1+-7',)!+4!*!6*,BH,&$*,!$&',)$)3!*7+,2!H,&$*,%!('1+/*)'&!)+!9(0*,!

/',)'(%!dD'()g0'(2@!T`YTe:!!H,!T`_\@!)#'!,*7'!+4!)#'!;2($/91)9('!X+11'2'!*)!E*$1)+G,!

G*%!/#*,2'&!)+!61*$,%!F)*)'!K,$.'(%$)3!*)!G#$/#!)$7'!)#'!/+11'2'%!+4!;2($/91)9('!*,&!

V$+1+2$/*1!F/$',/'%@!;()%!*,&!F/$',/'@!W,2$,''($,2@!D+7'!W/+,+7$/%@!?9(%$,2@!*,&!

b(*&9*)'!F)9&$'%!G'('!/('*)'&:!!!

! PY[(

! T`Y[!%*G!)#'!F$'2'!+4!J+9,&'&!A,''@!+(!G#*)!#*%!0'',!/*11'&!J+9,&'&!

A,''!HH@!G#',!7'70'(%!+4!)#'!;7'($/*,!H,&$*,!C+.'7',)!2*)#'('&!,*)$+,G$&'!

%9--+()!4(+7!)#'!09(2'+,$,2!6*,!H,&$*,@!E'&!6+G'(!7+.'7',)!$,!-(+)'%)!+4!-++(!

1$.$,2!/+,&$)$+,%!*,&!7$%7*,*2'7',)!03!)#'!c21*1*!F$+9L!"($0*1!2+.'(,7',):!"#$%!

-(+)'%)!89$/M13!)9(,'&!$,)+!*!4911B%/*1'!/+,41$/)!0')G'',!2+.'(,7',)!4+(/'%@!

$,/19&$,2!F)*)'!6*)(+1@!?*)$+,*1!b9*(&!9,$)%@!*,&!)#'!IVH!+,!+,'!%$&'!*2*$,%)!;HC!

7'70'(%!*)!$)%!%9--+()'(%!+,!)#'!+)#'(:!

! H,!T`]`@!)#'!5$.$%$+,!+4!W&9/*)$+,!G*%!+44$/$*113!,*7'&!6FKO%!X+11'2'!+4!

X+9,%'1$,2!*,&!W&9/*)$+,:!;1%+!$,!T`]`@!"#'!?*)$+,*1!C9%'97!+4!)#'!;7'($/*,!

H,&$*,!G*%!'%)*01$%#'&!03!*,!*/)!+4!/+,2('%%!*%!)#'!T_)#!79%'97!+4!)#'!F7$)#%+,$*,!

H,%)$)9)$+,!$,!J*%#$,2)+,!5:X:!"#'!79%'97!+-','&!$,!ZUU\:!!

! H,!)#'!ZUU[BZUU\!%/#++1!3'*(@!6FK!0'2*,!)#'!-(+/'%%!+4!7+.$,2!)+!?X;;!

5$.$%$+,!T!*)#1')$/%@!G$)#!4911!5$.$%$+,!T!%)*)9%!*/#$'.'&!$,!ZUU]:!H,!)#'!4*11!+4!ZUU]@!

%)9&',)!',(+117',)!G*%!TT@``^:!V3!)#'!4*11!+4!ZUU`@!)+)*1!%)9&',)!',(+117',)!G*%!TZ@!

[Y_:!c4!)#+%'@!]:\!-'(/',)!G'('!1$%)'&!*%!7$,+($)3!%)9&',)%:!;7'($/*,!H,&$*,!

%)9&',)%!',(+11'&!*)!6FK!/+7-($%'!)#'!%'/+,&!1*(2'%)!+4!7$,+($)3!2(+9-%!',(+11'&!*)!

Z:[!-'(/',)!+4!*11!%)9&',)%!',(+11'&:!H,!G#*)!/*,!+,13!0'!&'%/($0'&!*%!*,!

+.'(G#'17$,213!J#$)'@!7*$,%)('*7!9,$.'(%$)3@!Z:[!-'(/',)!$%!&$%-(+-+()$+,*)'!

G#',!)*M$,2!$,)+!*//+9,)!)#'!)+)*1!?*)$.'!;7'($/*,!-+-91*)$+,!$,!6(*$($'!F)*)'@!

G#$/#!$%!/$)'&!03!)#'!K:F:!X',%9%!V9('*9@!*%!0')G'',!'$2#)!*,&!,$,'!-'(/',):!!

! "#(+92#+9)!)#'!-*(*11'1!#$%)+($'%!+4!6FK!*,&!)#'!?*)$.'!;7'($/*,!-+-91*)$+,!

+4!)#'!%)*)'!*,&!+4!)#'!K,$)'&!F)*)'%@!;7'($/*,!H,&$*,!%)9&',)%!#*.'!,+)!0'',!

! PY\(

-(+-+()$+,*)'13!('-('%',)'&!('2*(&$,2!*/*&'7$/!*))*$,7',):!"#'!('*%+,%!4+(!)#$%!

&$%-(+-+()$+,*)'!/+11'2'!%9//'%%!/*,,+)!0'!%'-*(*)'&!4(+7!)#*)!#$%)+(3:!

! !

-,70*0/0*1,"$&P"##*)#7Q'.(*,*70#"0*1,&

! ! 5*)*!H!/+11'/)'&!*)!6FK!4+(!)#$%!('%'*(/#!%9--+()%!-('.$+9%!('%'*(/#!/$)'&!$,!

)#'!1$)'(*)9('!$,&$/*)$,2!)#*)!$,%)$)9)$+,*1!%)(9/)9(*1!0*(($'(%!7*3!0'!*!%$2,$4$/*,)!

4*/)+(!#$,&'($,2!*/*&'7$/!*))*$,7',)!4+(!;7'($/*,!H,&$*,!%)9&',)%:!

! !J#$1'!%)($&'%!#*.'!0'',!7*&'!)+G*(&!;7'($/*,!H,&$*,!/+11'2'!%9//'%%!*)!6FK@!

0*%'&!+,!/+7-*($%+,!+4!89*1$)*)$.'!&*)*!2*)#'('&@!$,&$/*)$+,%!*('!)#*)!4+(!)#'!

%90<'/)%!-*()$/$-*)$,2!$,!)#$%!('%'*(/#@!0*(($'(%!+9)G'$2#!4*/$1$)*)+(%!03!7+('!)#*,!*!

ZaT!(*)$+:!

! ! W.'(3+,'!H!$,)'(.$'G'&!*2(''&!)#*)!%+/$*1!/#*,2'!4+/9%'&!+,!$7-(+.$,2!)#'!

/#*,/'%!4+(!;7'($/*,!H,&$*,!*/*&'7$/!%9//'%%!*)!6FK!79%)!%)*()!G$)#!)#'!6FK!

*&7$,$%)(*)$+,:!!F+7'!&$%/9%%'&!$)!$,!)'(7%!+4!)#'!$,%)$)9)$+,*1!7$%%$+,:!

! ;!.')'(*,!-(+4'%%+(!%-'*M%!+4!)#'!#$%)+(3!+4!)#'!;7'($/*,!H,&$*,!/+11'2'!

'L-'($',/'!*)!6FK!%-'/$4$/*113@!#+G!)#*)!/+11'2'!'L-'($',/'!#*%!0'',!*!-(+&9/)!+4!*,!

$,%)$)9)$+,*1$g'&!%)(9/)9('a!

H!)#$,M!)#*)!$,%)$)9)$+,*1!/#*,2'!$%!$,!+(&'(@!09)!$%!.'(3!&$44$/91)!0'/*9%'!)#$%!$%!

)#'!G*3!$)O%!*1G*3%!0'',:!b','(*)$+,%!G+()#!+4!H,&$*,!-'+-1'!0'$,2!<9%)!*!01$-!

+,!)#'!%/('',@!+(!,+)!+,!)#'!%/('',!+(!)*,2',)$*1!+(!-'($-#'(*1@!+(!

%90+(&$,*)'@!+(!G#*)'.'(!3+9!G*,)!)+!/*11!$):!H)O%!-('))3!#*(&!)+!9,1'*(,!)#*):!!

;%!H!)+1&!)#'!6('%$&',)!$,!*!7'')$,2!,+)!)++!1+,2!*2+@!NJ'O('!-(+2('%%$,2@!$,!

%+7'!G*3%@!*/*&'7$/*113@!09)!*,!;7'($/*,!H,&$*,!X91)9(*1!X',)'(!$%!u3+9!

M,+Gp^U!3'*(%!+.'(&9':!dd1*92#%ee!H4!3+9!1++M!*)!/+7-*(*01'!$,%)$)9)$+,%!

'.'(3G#'('@!G'!*('!%9/M$,2!G$,&!/+7-*('&!)+!)#'7!0'/*9%'!G'!#*.',O)!

! PZO(

0'',!-(+*/)$.'!',+92#!)+!9,&'(%)*,&!)#*)!3+9!/*,O)!('*113!0'!+4!79/#!*--'*1!

)+!)($0*1!%)9&',)%!$4!3+9!&+,O)!#*.'!*!-1*/':!

!

E'2*(&$,2!)#'!S*,&!b(*,)!C$%%$+,!+4!)#'!9,$.'(%$)3@!)#'!%*7'!-(+4'%%+(!/+,)$,9'%a!

!

:!:!:!H)O%!0'',!*!21*($,2!+7$%%$+,!*/)9*113@!)#*)!)($0*1!M$&%!#*.'!0'',!9,&'(!

%'(.'&:!

!

:!:!:!K,$.'(%$)3!*&7$,$%)(*)$+,@!*%!*!%)(9/)9('!4(+7!)#'!)+-!&+G,@!&+'%,O)!

&$('/)13!)*M'!('%-+,%$0$1$)3@!*%!*!-($+($)3@!4+(!*&&('%%$,2!$%%9'%!+4!&$.'(%$)3@!

-*()$/91*(13!('1*)'&!)+!?*)$.'!%)9&',)%@!09)!(*)#'(@!)#*)!('%-+,%$0$1$)3!4*11%!)+!

$,&$.$&9*1!-+/M')%@!+(!',/1*.'%!G$)#$,:!H)O%!%*4'!)+!%*3!)#*)!)#(+92#!)#'!3'*(%@!

)#'!/',)(*1!*&7$,$%)(*)$+,!#*.'!0'',!('*/)$.'!(*)#'(!)#*,!-(+*/)$.':!

F+7')$7'%!('%-+,%$.'!)+!G#*)!%+7'!+4!9%!*('!&+$,2!*,&!*%M$,2!4+(@!09)!

(*('13!*('!$,$)$*)+(%:!WL/'-)!4+(!2$.$,2!1$-!%'(.$/'!)+!$)@!+4!/+9(%':!"#'3!*('!

('*113@!('*113!2++&!*)!)#*):!

( ( ( ( (

! ;!#$2#B(*,M$,2!9,$.'(%$)3!*&7$,$%)(*)+(!*&&('%%'%!$%%9'%!/+,/'(,$,2!)#'!

#$%)+(3!+4!6FK!*,&!('7*$,$,2!0*(($'(%!)+!;7'($/*,!H,&$*,!*/*&'7$/!*))*$,7',)!

4(+7!*,!$,%)$)9)$+,*1!-'(%-'/)$.'@!hH!&+,O)!M,+G@!%)(9/)9(*113@!*,&!HO7!)*1M$,2!

+(2*,$g*)$+,*113@!$4!G'O.'!89$)'!1*,&'&!+,!)#'!0'%)!+(2*,$g*)$+,!)+!G+(M!G$)#!

&$.'(%$)3:i!!

! c,'!4*/91)3!7'70'(!#*%!G+(M'&!)+G*(&!',#*,/$,2!&$.'(%$)3!*)!6FK!4+(!

&'/*&'%:!;7+,2!#$%!7*,3!-*%%$+,%!$%!G+(M$,2!)+G*(&!*,!',#*,/'&!*--('/$*)$+,!4+(!

?*)$.'!;7'($/*,!%)9&',)%@!*,&!*,!*--('/$*)$+,!4+(!$,&$2',+9%!/91)9('!*%!*,!*%%')!)+!

)#'!9,$.'(%$)3:!hHO7!+4!)#'!.$'G!)#*)!G'!*('!,+)!4914$11$,2!+9(!7$%%$+,!*,&!-9(-+%'%!

.'(3!G'11:!J'!,''&!)+!('*113!4+/9%!+,!)#*)!*,&!&+!*!0'))'(!<+0!+4!$):i!!

! H)!89$/M13!0'/+7'%!*--*(',)!)#*)!+,'!+4!)#'!0*(($'(%!)+!*/*&'7$/!*))*$,7',)!

4+(!;7'($/*,!H,&$*,!%)9&',)%!#*%!$)%!2','%$%!$,!)#'!&$.'(2',)!.$'G-+$,)%!/+,/'(,$,2!

G#*)!)#'!-($+($)$'%!*('!$,!*&&('%%$,2!&$.'(%$)3!$%%9'%:!C+('!%-'/$4$/*113@!#+G!)#'!

! PZP(

+44$/$*1!9,$.'(%$)3!-+1$/3!*&&('%%'%!;7'($/*,!H,&$*,!%)9&',)%!G$)#$,!)#'!+.'(*11!

$%%9'!+4!&$.'(%$)3!#*%!*!&$('/)!$7-*/)!+,!)#'!?*)$.'!;7'($/*,!/+11'2'!'L-'($',/':!

I(+7!*!5$('/)+(!+4!+,'!+4!)#'!%)9&',)!%9--+()!%'(.$/'%!+,!/*7-9%!/+7'%!49()#'(!

)'%)$7+,3!('2*(&$,2!)#'!/+,49%$+,!+4!G#*)!&$.'(%$)3!7'*,%@!G#+!$%!&'4$,'&!*%!

&$.'(%'@!*,&!G#'('!-($+($)$'%!1$'@!hH!)#$,M!)#'('!*('!-'+-1'!+,!)#$%!/*7-9%!G#+!&+,O)!

$,/19&'!?*)$.'!;7'($/*,!M$&%!*%!-*()!+4!)#'$(!+9)1++M!4+(!&$.'(%$)3:i!!

! ;!4*/91)3!7'70'(!G#+!#*%!('7*$,'&!.'(3!$,.+1.'&!G$)#!;7'($/*,!H,&$*,!

%)9&',)%!4+(!7*,3!3'*(%@!*,&!G#+!$%!*!G'11!M,+G,!*%!*!7',)+(@!*&&('%%'%!)#'!$%%9'!

+4!&$.'(%$)3!*,&!G#'('!?*)$.'!%)9&',)%!4*11@!*%!*!7*))'(!+4!-($+($)3!$,!)#'!&$.'(%$)3!

$%%9'!'L-('%%'&!&''-!/+,/'(,@!hH!29'%%!$4!3+9!*('!*!?*)$.'!-'(%+,@!*!J#$)'!$,%)$)9)$+,!

$%!,+)!*))(*/)$.'!)+!3+9!'%-'/$*113!$4!)#*)!$,%)$)9)$+,!&+'%,O)!#*.'!*!2++&!('-9)*)$+,!*%!

0'$,2!G'1/+7$,2!*,&!.*19$,2!)#'!?*)$.'!/91)9(':i!

! ;,+)#'(!4*/91)3!7'70'(!G#+!#*%!*&7$,$%)'('&!*!%9//'%%491!-(+2(*7!4+(!

?*)$.'!%)9&',)%!&$%/9%%'&!#+G!)#'!9,$.'(%$)3!&'*1%!G$)#!&$.'(%$)3@!h:!:!:!*!1+)!+4!

-'+-1'!&+!,+)!*--('/$*)'!)#'!%)(',2)#!*,&!)#'!0','4$)!)#*)!/+7'%!4(+7!#*.$,2!

&$.'(%'!4*/91)3!*,&!&$.'(%'!%)9&',)%!G#+!*('!*!-*()!+4!)#'!G#+1'!0$2!G+(1&!G'!1$.'!

$,:i!!

! ;,+)#'(!4*/91)3!7'70'(!G#+!$%!-($7*($13!$,.+1.'&!G$)#!?*)$.'!;7'($/*,!

%)9&',)%!/+77',)%@!hH4!+9(!7$%%$+,!$%!%'(.$,2!)#'!-'+-1'!+4!)#'!%)*)'@!G'!#*.'!*!

2$2*,)$/!9,&'(%'(.'&!-+-91*)$+,@!($2#)!#'('@!G#+!*('@!$,!)'(7%!+4!)#'!9,$.'(%$)3@!G#+!

*('!+9(!,'$2#0+(%!:!:!:!+9(!4(+,)!3*(&%!<+$,!'*/#!+)#'(:!;,&!4+(!*!1*(2'!-*()!+4!+9(!

! PZN(

#$%)+(3@!)#'!#$%)+(3!+4!6FK@!*,&!)#'!%3%)'7!+4!#$2#'(!'&9/*)$+,@!)#'!2*)'%!#*.'!0'',!

/1+%'&!)+!+9(!,'$2#0+(%:i!

! "#'!$%%9'!+4!6FK!/+77$)7',)!)+!7$,+($)3!('/(9$)$,2!$%!+,'!)#*)!G*%!

/+,)$,9+9%13!89'%)$+,'&!03!*11!$,)'(.$'G''%@!$,/19&$,2!*&7$,$%)(*)+(%@!4*/91)3!*,&!

%)*44:!

!

!

B11#&D*53&C+311$&B#)?"#"0*1,&&&

(

b++&!*/*&'7$/!-'(4+(7*,/'!-($+(!)+!/+11'2'!#*%!0'',!1$,M'&!)+!2++&!

*/*&'7$/!-'(4+(7*,/'!$,!/+11'2'!dV(+G,!T``[e:!

! J#*)'.'(!)#'!/*9%'@!'.'(3!%)9&',)!H!$,)'(.$'G'&!*2(''&!)#*)!)#'('!$%!*!

&$44'(',/'!$,!)#'!89*1$)3!+4!'&9/*)$+,!0')G'',!('%'(.*)$+,!#$2#!%/#++1%!*,&!

7*$,%)('*7!#$2#!%/#++1%:!F+7'!+4!)#'!?*)$.'!%)9&',)%!H!$,)'(.$'G'&!*))',&'&!

7*$,%)('*7!#$2#!%/#++1%!*,&!&$&!,+)!'L-'($',/'!)#'!%*7'!'&9/*)$+,*1!&'4$/$)!9-+,!

',)'($,2!/+11'2':!"#$%!7*3!$,&$/*)'!)#*)!)#'!-(+01'7!$%!G$)#!('%'(.*)$+,!%/#++1%!*,&!

,+)!G$)#!;7'($/*,!H,&$*,!%)9&',)%:!!

! ?*)$.'!%)9&',)%!+4)',!/+7'!)+!6FK!9,-('-*('&!4+(!/+11'2'!1'.'1!G+(M:!"#'('!

$%!'L)*,)!&')*$1'&!1$)'(*)9('!+,!)#$%!%90<'/):!I*/91)3@!*&7$,$%)(*)$+,@!*&7$%%$+,%!%)*44!

*,&!)#'!%)9&',)%!)#'7%'1.'%!*('!G'11!*G*('!+4!)#'!'&9/*)$+,*1!#*,&$/*-!G$)#!G#$/#!

7*,3!;7'($/*,!H,&$*,!%)9&',)%!0'2$,!)#'$(!9,$.'(%$)3!/*(''(:! !

!

!

!

! PZV(

B#)R/.*+)&1#&2"+*7(&&&&&&

(

I'*2$,!dZUUUe@!('-+()$,2!+,!)#'!/+11'2'!'L-'($',/'!+4!V1*/M!%)9&',)%!*)!

-('&+7$,*,)13!J#$)'!/+11'2'!/*7-9%'%@!%)*)'%!)#*)!-('<9&$/$*1!*))$)9&'%!*0+9,&!+,!

J#$)'!/*7-9%'%!*7+,2!J#$)'!%)9&',)%@!4*/91)3!*,&!*&7$,$%)(*)+(%:!H4!(*/$*1!

$,%',%$)$.$)3!#*%!0'',!$,%)$)9)$+,*1$g'&!+,!7*$,%)('*7!/+11'2'!/*7-9%'%!$,!)#'!4+(7!

+4!W9(+B/',)($/!/9(($/9197@!1*/M!+4!$,)'('%)!$,!;4($/*,!;7'($/*,!%)9&',)%@!*,&!)#'!

'L-'/)*)$+,!03!4*/91)3!)#*)!$,&$.$&9*1!V1*/M!%)9&',)%!*('!('-('%',)*)$.'!+4!)#'!',)$('!

(*/'@!*%!I'*2$,!dZUUUe!%922'%)%@!)#'!%*7'!*--'*(%!)+!#+1&!)(9'!4+(!?*)$.'!;7'($/*,!

%)9&',)%!+,!7*<+($)3!J#$)'@!7*$,%)('*7!/*7-9%!+4!6FK:!!

c,'!.')'(*,!-(+4'%%+(!+44'('&!#$%!-'(%-'/)$.'!+,!*&&('%%$,2!(*/$%7!)#(+92#!

/9(($/9197!('4+(7a!

;,&!%+@!G'!,''&!89*1$)3!/+,)(+1:!J'!,''&!-(+2(*7!&'.'1+-7',):!J'!,''&!

)#'%'!/+9(%'%!*9)#+('&!03!-'+-1'!G#+!*('!-*%%$+,*)'!*0+9)!)#'7@!G#+!/*('!

*0+9)!)#'7!$,!)#'!#'*()!*%!G'11!*%!$,!)#'!#'*&p*,&!G#+!/*,!-'(%9*&'!

*%-$($,2!)'*/#'(%!+4!)#'!$7-+()*,/'!+4!)#'7!*,&!#+G!)#'3!/*,!0'!9%'&!$,!*!

.*($')3!+4!/$(/97%)*,/'%!$,!+9(!%/#++1!%3%)'7%:!V'/*9%'@!+4!/+9(%'@!)#*)O%!)#'!

-(+01'7!#'('B!3+9!/*,!%)$11!2')!*!9,$.'(%$)3B*,!6FK!&'2(''!G$)#+9)!#*.$,2!

3+9(!7+%)!4+9,&*)$+,*1!*,&!49,&*7',)*1!%9-'(4$/$*1!(*/$%7%!*&&('%%'&:!o+9!

&+,O)!#*.'!)+!-(+/'%%!*,3!+4!)#$%:!o+9!/*,!/+7'!#'('!*!(*/$%)p3+9!/*,!1'*.'!

#'('!*!(*/$%):!o+9!/*,!G'*.'!3+9(!G*3!)#(+92#!)#'!-(+2(*7!*,&!%)$11!,+)!

M,+G!)#'!4$(%)!)#$,2!*0+9)!;7'($/*,!H,&$*,!#$%)+($'%!*,&!/91)9('%:!

(

! E'2*(&1'%%!+4!G#')#'(!*!%-'/$4$/!$,/$&',)!$%!('/*11'&@!?*)$.'!%)9&',)%!*)!6FK!

*2(''!)#*)!(*/$%7!&$('/)'&!)+G*(&!;7'($/*,!H,&$*,%!$%!*!/+77+,!('*1$)3@!+,'!

%)9&',)!('1*)'%!#$%!-'(%-'/)$.'!hJ'11@!6(*$($'!F)*)'!$%!*/)9*113!)#'!#'*()!+4!H,&$*,!*,&!

J#$)'!(*/$%7:!"#*)O%!*11!$)!0*%$/*113!$%!:!:!:i!

! PZW(

! "#'!9213!)(9)#!$%!)#*)!(*/$%7!#*%!0'',!*!-*()!+4!K:F:!%+/$')3!4(+7!$)%!

0'2$,,$,2:!b('*)!-'+-1'!#*.'!%-',)!)#'$(!1$.'%!*))'7-)$,2!)+!+.'(/+7'!(*/$%7@!

+)#'(%!#*.'!1+%)!)#'$(%!$,!-9(%9$)!+4!)#'!%*7'!2+*1:!J#')#'(!+(!,+)!$)!$%!/+74+()*01'!

)+!*&7$)@!(*/$%7!&+'%!'L$%)!*)!6FK:!!J#$1'!#$%)+(3!#*%!%#+G,!)#*)!)#'('!$%!,+!%$7-1'!

/9('@!-'(#*-%!)#'!%)*()$,2!-+$,)!G$)#$,!('*/#!$%!4+(!'*/#!+4!9%@!*%!$,&$.$&9*1%@!)+!

0'/+7'!*G*('!+4!)#+%'!$&'*1%!G'!#*.'!0'',!%+/$*1$g'&!G$)#!*,&!+4!)#+%'!G$)#!G#$/#!

G'!#*.'!,+)@!*,&!+4!)#'!)#$,2%!G'!)*M'!4+(!2(*,)'&@!*,&!+4!)#+%'!)#$,2%!)#*)!#*.'!

0'/+7'!$,%)$)9)$+,*1$g'&!)+!)#'!-+$,)!+4!0'/+7$,2!$,.$%$013@!%90/+,%/$+9%13!)*M',!

4+(!2(*,)'&:!E'/*11!)#+%'!H!$,)'(.$'G'&!G#+!%*$&@!hF+!79/#!+4!$)!$%!*0+9)!

('1*)$+,%#$-%!:!:!:!H)O%!4(+7!)#*)!/+779,$)3p)#+%'!('1*)$+,%#$-%!)#*)!-'+-1'!4$,&!)#'!

%)(',2)#!*,&!)#'!%9--+()!)#'3!,''&!)+!%9//''&p$,!*,3)#$,2!('*113:i!!

!

&O"+4&19&C/??1#0&

(

( C*,3!4*/)+(%!/+70$,'!)+!*44'/)!)#'!9,$.'(%$)3!'L-'($',/'!*,&!/#*,/'%!4+(!

*/*&'7$/!%9//'%%!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!5'-',&$,2!+,!/+,)'L)@!7*,3!

+4!)#+%'!4*/)+(%!*/)!*%!4*/$1$)*)+(%@!0*(($'(%@!+(!0+)#:!;%!%'',!*0+.'@!$)!*--'*(%!)#*)!

%9--+()!7*3!0'!)#'!7+%)!%$2,$4$/*,)!4*/$1$)*)+(:!X+,.'(%'13@!)#'!1+2$/*1!/+,/19%$+,!

/*,!0'!&(*G,!)#*)!*!1*/M!+4!%9--+()!7*3!0'!)#'!7+%)!%$2,$4$/*,)!0*(($'(!)+!/+11'2'!

%9//'%%!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!"#'!1*/M!+4!%9--+()!)*M'%!7*,3!4+(7%!

$,/19&$,2!4($',&%@!4*/91)3!/+779,$)3!',.$(+,7',)!*,&!4*7$13:!

! ;!?*)$.'!%)9&',)!('/*11%!#$%!4$(%)!3'*(!*)!6FK!0'4+('!#'!&'.'1+-'&!*!%9--+()!

,')G+(M!+4!4($',&%:!hC3!4('%#7*,!3'*(@!$,!)#'!4*11!+4!ZUU[@!H!#*&!,+!$&'*!)#*)!)#'!

! PZX(

?*)$.'!;7'($/*,!X190!'L$%)'&:!D+,'%)13@!)#*)!4$(%)!3'*(!*,&!*!#*14!G*%!)#'!#*(&'%)!4+(!

7'!0'/*9%'!H!4'1)!H!G*%!)#'!+,13!?*)$.'!;7'($/*,!%)9&',)!+,!/*7-9%:i!

! D'1',!A'11'(!$%!89+)'&!*%!-+$,)$,2!+9)!#+G!1$))1'!G'!/*,!&+!*1+,'!*,&!#+G!

79/#!G'!/*,!&+!)+2')#'(:!!;2*$,@!('1*)$+,%#$-%!7*3!0'!)#'!M'3!)+!%)9&',)!%9//'%%:!

!

E1,HC/??1#0*=)&I"+/$0%&&&(

! "+!)#'!;7'($/*,!H,&$*,!%)9&',)@!*1('*&3!4''1$,2!1$M'!*!%)(*,2'(!$,!*!

-+)',)$*113!#+%)$1'!',.$(+,7',)@!*7+,2!)#'!7+%)!#9()491!'L-'($',/'%!*('!',/+9,)'(%!

G$)#!,+,B%9--+()$.'@!/91)9(*113!$,%',%$)$.'@!+(!+-',13!#+%)$1'!-(+4'%%+(%@!

*&7$,$%)(*)+(%!+(!%)*44:!;17+%)!'.'(3!%)9&',)!H!$,)'(.$'G'&!#*&!*!%)+(3!('2*(&$,2!

#9()491!0'#*.$+(!&$('/)'&!)+G*(&!#$7!+(!#'(!03!$,%',%$)$.'!4*/91)3:!F+7'!4*/91)3!

*/)$+,%!('41'/)'&!*!1*/M!+4!/91)9(*1!9,&'(%)*,&$,2!%$7-13!7*,$4'%)'&!)#(+92#!

$2,+(*,)!+(!')#,+/',)($/!0'#*.$+(!+(!('7*(M%:!c)#'(!)$7'%@!)#$%!1*/M!+4!/91)9(*1!

9,&'(%)*,&$,2!G*%!'L-1$/$)!$,!)#'!/1*%%(++7!*%!'.$&',/'&!*2*$,!03!$,*--(+-($*)'!

/9(($/9197!+(!)#'!G*3!$,!G#$/#!1'/)9('!7*)'($*1!G*%!&'1$.'('&:!F+7'!4*/91)3!

7'70'(%!*('!*G*('!+4!)#'%'!$%%9'%!*,&!-+$,)!)+!,''&'&!/#*,2':!c,'!-(+4'%%+(!%*$&a!

H!)#$,M!)#*)!G'!,''&!79/#!7+('!4*/91)3!('B'&9/*)$+,!$,!('2*(&!)+!?*)$.'!

;7'($/*,!#$%)+($'%!*,&!/91)9('%!%+!)#*)!)#'3!#*.'!*!0'))'(!9,&'(%)*,&$,2!+4!

?*)$.'!%)9&',)%@!*,&!*('!0'))'(!*01'!)+!',/+9(*2'!)#'7!*,&!0'!%9--+()$.'!+4!

)#'7:!o+9!M,+G@!$)O%!,+)!9,/+77+,!4+(!)($0*1!%)9&',)%!)+!#*.'!)#'!

'L-'($',/'!+4!*!4*/91)3!7'70'(!7$%('-('%',)$,2!)($0*1!$%%9'%@!*,&!73%)'($'%!

*,&!%+!4+()#@!%)'('+)3-$,2!H,&$*,%!$,!.*($+9%!G*3%BBB,+)!0'$,2!%',%$)$.'!)+!

/91)9(*1!/+,)'L):!!

(

c,'!;7'($/*,!H,&$*,!6(+4'%%+(!%*G!)#'!4*/91)3!$%%9'!)#$%!G*3a!

!

! PZY(

"#'('!$%!$,&$44'(',/'!*7+,2!4*/91)3:!F+7'!&+,O)!/*('BBB)#'3!&+,O)!/*(':!H!

M,+G!$,!73!&'-*()7',)!)#'('O%!4*/91)3!G#+!G+91&,O)!&+!)#$,2%!9,1'%%!)#'3!

G'('!4+(/'&!)+!&+!$)BBB%+!H!)#$,M!)#'('!*('!<9%)!%+7'!-'+-1'!G#+!&+,O)!/*('!

G#')#'(!)#'3!#*.'!?*)$.'!%)9&',)%!+(!,+):!;,&!)#',!)#'('!*('!%+7'!G#+!/*('!

4+(!)#'!G(+,2!('*%+,%:!!:!:!:!H!)#$,M!$4!3+9!*('!*,!+9)%)*,&$,2!%)9&',)@!3+9!#*.'!

*!2++&!('1*)$+,%#$-!G$)#!3+9(!)'*/#'(%:!o+9!M,+Gk!;,&!)#'('!*('!%+7'!

)'*/#'(%@!97@!BB!G#')#'(!3+9!*('!?*)$.'!+(!,+,B?*)$.'@!$4!3+9!#*.'!-(+01'7%@!

)#'3!/+91&!/*('!1'%%:!!

!

! H,*--(+-($*)'!/+77',)%!4(+7!)#'!-($.$1'2'&!-+%$)$+,!+4!4*/91)3!$,!)#'!

9,$.'(%$)3!%3%)'7!/*,!#*.'!1*%)$,2!,'2*)$.'!$7-*/)%:!6FKO%!*&7$,$%)(*)$+,!$%!*1%+!

*G*('!+4!)#'!.*($+9%!*))$)9&'%!)+G*(&!;7'($/*,!H,&$*,!%)9&',)%!*,&!&$.'(2',)!

1'.'1%!+4!/+77$)7',)!)+!)#'$(!/+11'2'!%9//'%%:!;//+(&$,2!)+!+,'!

4*/91)3Q*&7$,$%)(*)+(@!h"#'!-(+01'7!%)$11!('7*$,%!)#*)!G'!#*.'!*!1+)!+4!4*/91)3!

7'70'(%!G#+!<9%)!&+!,+)!9,&'(%)*,&!+(!*--('/$*)'!?*)$.'!;7'($/*,!%)9&',)%!+(!

)#'$(!/+,/'(,%:i!

! "#(+92#!73!+G,!'L-'($',/'!*)!6FK@!)#(+92#!+0%'(.*)$+,%!HO.'!7*&'@!*,&!

/+,.'(%*)$+,%!G$)#!?*)$.'!%)9&',)%!*,&!$,%)(9/)+(%!+4!*!-*()$/91*(!/+9(%'!&'*1$,2!

G$)#!)#'!H,&$2',+9%!6'+-1'!+4!)#'!?+()#!;7'($/*,!/+,)$,',)@!H!79%)!-+$,)!+9)!*!

1$,2'($,2!('*1$)3!+4!*!/+9(%'!%-'/$4$/*113!('89$('&!4+(!W&9/*)$+,!7*<+(%!$,!+(&'(!)+!

/+7-1')'!*!&$.'(%$)3!('89$('7',):!!;!-(+4'%%+(!G#+!)*92#)!)#$%!/+9(%'!4+(!3'*(%!

&'%/($0'&!#'(!4(9%)(*)$+,!G$)#!)#'!4*/)!)#*)!'&9/*)$+,!7*<+(%!G'('!$,!)#'!/+9(%'!4+(!

,+!('*%+,!+)#'(!)#*,!)+!4914$11!)#*)!('89$('7',)f!)#$%!$%!)+!%*3!)#'3!G'('!)#'('!

0'2(9&2$,213:!F+7'!+4!)#'%'!%)9&',)%!%*G!,+!.*19'!$,!1'*(,$,2!*0+9)!)#'!$,&$2',+9%!

-'+-1'!+4!)#'!%)*)'!$,)+!G#$/#!)#'3!G'('!*0+9)!)+!'70*(M!+,!*!/*(''(!$,!)'*/#$,2:!!;%!

*!('%91)!+4!)#$%!&$%$,)'('%)@!7*,3!%)9&',)%!$,!)#'!/+9(%'!G'('!+,13!7$,$7*113!

! PZZ(

$,)'('%)'&!+(!$,.+1.'&!G#$1'!+)#'(%!G'('!+9)($2#)!&$%(9-)$.':!"#$%!$%!*,!'L*7-1'!+4!

)#'!/91)9(*1!&$%/+,)$,9$)3!&'%/($0'&!03!dV'((3!T`_`f!J*L@!J*L!*,&!597+,)!T`_\@!

*,&!D9447*,!T```e:!H)!*1%+!-(+.$&'%!%+7'!-+%%$01'!'L-1*,*)$+,!)+!)#'!*//+9,)%@!

+44'('&!03!%)9&',)%!$,!)#'!4+/9%!2(+9-%!H!/+,&9/)'&@!+4!)#'!*))$)9&'%!*,&!0'#*.$+(%!

+4!%+7'!,+,BH,&$*,!)'*/#'(%!)#'3!#*&!',/+9,)'('&!$,!('%'(.*)$+,!#$2#!%/#++1%:!!

! b(*,)'&@!*!&$('/)!/+(('1*)$+,!0')G'',!6FK!%)9&',)%!4914$11$,2!*!&$.'(%$)3!

('89$('7',)@!)'*/#'(%!$,!('%'(.*)$+,!#$2#!%/#++1%!*,&!$,%',%$)$.'!/+11'2'!-(+4'%%+(%!

7*3!,+)!0'!-+%%$01':!D+G'.'(@!)#'('!7*3!0'!*!/+77+,!)#('*&!$,!)#'!/#*(*/)'($%)$/%!

+4!'&9/*)+(%!$,!)(*$,$,2!*,&!)#+%'!.')'(*,!'&9/*)+(%!$,!#$2#!%/#++1%!+(!*)!6FK:!"#*)!

/+77+,!)#('*&!7*3!0'!&'%/($0'&!*%!$,%',%$)$.$)3@!/91)9(*1!&$%/+,)$,9$)3!+(!+9)($2#)!

(*/$%7:!D+G'.'(!$)!$%!1*0'1'&@!*,&!)+!G#+7'.'(!)#*)!1*0'1!7$2#)!0'!*--1$'&@!)#'!',&!

('%91)!$%!)#*)!$)!$%!#9()491!)+!?*)$.'!%)9&',)%!*,&!/+9,)'(!-(+&9/)$.'!)+!/+11'2'!

%9//'%%!*)!6FK:!

!

P"##*)#7&01&C/??1#0&C)#=*+)7&&

''

! F)9&',)!%9--+()!%'(.$/'%!('%-'/)491!+4!)#'!,''&%!*,&!$,)'('%)%!+4!/91)9(*113!

&$.'(%'!%)9&',)%!*('!%'',!*%!*,!$7-+()*,)!4*/)+(%!1'*&$,2!)+!%9//'%%!dV*(,#*(&)!

T``\e:!!

! ;!?*)$.'!;7'($/*,!9--'(!/1*%%7*,!&'%/($0'&!#'(!4''1$,2%!*,&!)#+%'!+4!#'(!

4($',&%!*,&!/1*%%7*)'%!*0+9)!9%$,2!)#'!9,$.'(%$)3!%)9&',)!%9--+()!%'(.$/'%!4+(!

*/*&'7$/!*%%$%)*,/':!!F#'!&'%/($0'&!*!('19/)*,/'!+,!)#'!-*()!+4!%+7'!?*)$.'!%)9&',)%!

)+!('*/#!+9)!4+(!#'1-!4+(!4'*(!)#*)!)#'3!G$11!0'!1++M'&!&+G,!+,!+(!1*0'1'&!*%!

! PZ[(

9,G+()#3:!"#'%'!4''1$,2%!G'('!0*%'&!$,!)#'!0'1$'4!)#*)!)#'3!G'('!%'',!*%!1'%%!

/*-*01'@!+(!1'%%!.*19*01'!)#*,!7*$,%)('*7!%)9&',)%:!H,!7*,3!/*%'%!)#'%'!4''1$,2%!

4(+7!G$)#$,!G'('!)#'!0*(($'(!)+!0'!+.'(/+7':!

! C3!$,)'(.$'G%!G$)#!%)9&',)!%9--+()!%'(.$/'!-(+4'%%$+,*1%!$,&$/*)'!)#*)!)#$%!

$,*//9(*)'!.$'G!#'1&!03!%+7'!?*)$.'!%)9&',)%@!$%!9,4+()9,*)'!*,&!$%@!$,!$)%'14@!*!

0*(($'(!)+!?*)$.'!%)9&',)%!2'))$,2!)#'!.*19*01'!#'1-!)#*)!)#'3!7*3!,''&!*,&!)#*)!$%!

*.*$1*01'!4(+7!-'+-1'!'*2'(!)+!-(+.$&'!$):!H!('/*11!)#'!-*%%$+,!'L#$0$)'&!03!)#'!

%9--+()!%)*44!H!$,)'(.$'G'&:!V*(($'(%!)+!?*)$.'!%)9&',)%!('/'$.$,2!*/*&'7$/!%9--+()!

7*3!0'!+.'(/+7'!03!*&&('%%$,2!)#'%'!4''1$,2%!G#')#'(!*//9(*)'!+(!,+):!H)!7*3!0'!

)#*)!%$7-13!$7-(+.$,2!/+779,$/*)$+,!0')G'',!F)9&',)!F9--+()!F'(.$/'%!*,&!

;7'($/*,!H,&$*,!%)9&',)%!/+91&!2+!*!1+,2!G*3!$,!+.'(/+7$,2!)#$%!0*(($'(:!

!

I"(*$%&

!!

! I+(!7*,3!;7'($/*,!H,&$*,!%)9&',)%@!)#'!$7-+()*,/'!+4!4*7$13!$%!*,!$,)'2(*1!

-*()!+4!)#'$(!/91)9(':!"#$%!7*3!0'!'%-'/$*113!)(9'!G#',!)#'!;7'($/*,!H,&$*,!

%)9&',)O%!4*7$13!$%!.'(3!79/#!*,/#+('&!$,!)(*&$)$+,*1!?*)$.'!/91)9('!*,&!$%!

%9%-$/$+9%!+4!)#'!7*$,%)('*7!9,$.'(%$)3!*%!+,'!G#+%'!2+*1!$%!)#'!*%%$7$1*)$+,!+4!

)#'$(!?*)$.'!%)9&',):!H,!%9/#!*!/*%'@!)#'!4*7$13!*/)%!*%!*!-911!0*/M!#+7'!d"$'(,'3!

T``Zf!X*(,'3!T```e:!!

! "#$%!&3,*7$/!7*3!*1%+!0'!*)!G+(M!4+(!)#'!%)9&',)!G#+!$%!%)(+,213!*,/#+('&!

$,!)#'!?*)$.'!/91)9('!09)!%''%!)#'!9,$.'(%$)3!',.$(+,7',)!*%!*!)#('*)!)+!)#*)!/91)9(*1!

G*3!+4!1$4':!H,!)#$%!/*%'@!)#'!9,$.'(%$)3!',.$(+,7',)!/('*)'%!*!-9%#!)+G*(&!)#'!%*4')3!

! PZ\(

*,&!/+74+()!+4!#+7'!*,&!4*7$13!*%!*!('492'!4(+7!)#'!-'(/'$.'&!)#('*)!d"$'(,'3!

T``Zf!X*(,'3!T```e:!H,!'.'(3!/*%'@!/+,)'L)!$%!*,!$7-+()*,)!/+,%$&'(*)$+,:!!F+7'!

?*)$.'!%)9&',)%!7*3!#*.'!*!&$44$/91)!)$7'!*&<9%)$,2!)+!1$4'!*)!6FK!4+(!*!.*($')3!+4!

('*%+,%@!G#')#'(!/+,/'(,$,2!/91)9(*1!&$44'(',/'%!+(!,+)@!)#'!'%/*-'!4(+7!G#$/#!/*,!

1'*&!)+!%''M$,2!/+74+()!*)!#+7'!G$)#!)#'!4*7$13!+,'!$%!9%'&!)+:!!

! I+(!%+7'!?*)$.'!%)9&',)%@!4*7$13!$%!7+('!)#*,!<9%)!*!/+77+,!0*(($'(@!09)!

(*)#'(!$%!*&*7*,)13!+--+%'&!)+!)#'$(!%)9&',)!*))',&$,2!*!7*$,%)('*7!9,$.'(%$)3!

*G*3!4(+7!#+7':!!

! D9447*,!dT```e!#*%!/('*)'&!)*L+,+73!4+(!/1*%%$43$,2!?*)$.'!;7'($/*,!

%)9&',)%!*1+,2!*!/+,)$,997!+4!/91)9(*1!)(*&$)$+,*1!1$4'%)31'!(*,2$,2!4(+7!(66$)$:"#&1!

*)!+,'!',&!*,&!06#*",.&1!*)!)#'!+)#'(!',&:!D9447*,!'L-1*$,%!#+G@!G#$1'!4+(!)#''

(66$)$:"#&1!%)9&',)@!)(*,%$)$+,!)+!/+11'2'!*,&!)#'!7*$,%)('*7!/91)9('!-+%'%!1$))1'@!$4!

*,3@!/#*11',2'!+(!)#('*)f!)#''06#*",.&1!%)9&',)!G$11!0'!7+%)!1$M'13!)+!&(+-!+9)!+4!

/+11'2'!89$/M13!0'/*9%'!)#*)!%)9&',)!G$11!4''1!)#('*)','&!03!)#'!7*$,%)('*7!/*7-9%!

',.$(+,7',)!*,&!%''!)#'!9,$.'(%$)3!*%!*,!$,%)$)9)$+,!G#+%'!%+1'!-9(-+%'!$%!+,'!+4!

)+)*1!*%%$7$1*)$+,!*,&!)#'!'(*&$/*)$+,!+4!)(*&$)$+,*1!?*)$.'!.*19'%!*,&!1$4'%)31':!

! J#')#'(!+(!,+)!)#'!%)9&',)!*&+-)%!)#$%!-'(%-'/)$.'!7*3!0'!1'%%!%$2,$4$/*,)!

)#*,!)#'!4*7$13!*--13$,2!-('%%9('!)+!)#'!%)9&',)!)+!(')9(,!#+7'!+9)!+4!4'*(!0*%'&!$,!

%''$,2!)#'!2+*1!+4!)#'!9,$.'(%$)3!*%!*%%$7$1*)$+,!)+!7*$,%)('*7!/91)9('!*,&!*G*3!

4(+7!)#'!)(*&$)$+,*1!G+(1&.$'G!03!G#$/#!)#'!4*7$13!0*/M!#+7'!%)$11!1$.'%:!!

! P[O(

! E'2*(&1'%%!+4!)#'!/+70$,*)$+,!+4!4*7$1$*1!4*/)+(%!*)!G+(M@!-('.$+9%!%)9&$'%!

&$%/9%%'&!*0+.'!-+$,)!)+!)#'!.*19'!+4!-(+2(*7%!$,/+(-+(*)$,2!4*7$13!7'70'(%!$,)+!

)#'!7$1$'9!+4!)#'!%)9&',)!*,&!/*7-9%!1$4':!!

! ! D'*.3E9,,'(!*,&!5'X'11'%!dZUUZa[e!&'%/($0'!*!-(+2(*7!&'.'1+-'&!03!

;7'($/*,!H,&$*,!'&9/*)+(%@!%+/$*1!G+(M!-(+4'%%$+,*1%!*,&!9,$.'(%$)3!*&.$%+(%!4(+7!

4+9(!C+,)*,*!"($0*1!/+11'2'%!$,!/++-'(*)$+,!G$)#!)#'!K,$.'(%$)3!+4!C+,)*,*!)#*)!

)#'3!#*.'!/*11'&@!N"#'!I*7$13!W&9/*)$+,!C+&'1O!dIWCe:!IWC!G*%!0*%'&!+,!)#(''!

*%%97-)$+,%!('1'.*,)!)+!;7'($/*,!H,&$*,!%)9&',)%:!;7+,2!)#'%'!*%%97-)$+,%!*('!

)#*)!"($0*1!/+11'2'%!79%)!4*/$1$)*)'!)#'!*0$1$)3!+4!4*7$13!7'70'(%!)+!%9--+()!)#'$(!

%)9&',)O%!'44+()%@!*,&!)#*)!"($0*1!/+11'2'%!,''&!)+!',2*2'!4*7$13!7'70'(%!$,!)#'!1$4'!

+4!)#'!/+11'2'!/+779,$)3!)#(+92#!09$1&$,2!-*(),'(%#$-%!*,&!$,.+1.$,2!)#'7!$,!

%+/$*1!*,&!/91)9(*1!*/)$.$)$'%:!"#'!0','4$)%!+4!)#'!IWC!*('!'L-1*$,'&!03!D'*.3E9,,'(!

*,&!5'X'11'%!dZUUZe!)#(+92#!)#'!'L*7-1'%!+4!%+/$*1!*,&!/91)9(*1!*/)$.$)$'%!%9/#!*%!

&*,/'%@!%+/$*1%@!%-+()%!*,&!+9)&++(!*/)$.$)$'%!)+!G#$/#!4*7$1$'%@!%-+9%'%!*,&!/#$1&(',!

*('!('291*(13!$,.$)'&!)+!<+$,:!"#(+92#!)#'$(!-*()$/$-*)$+,!$,!)#'%'!*/)$.$)$'%@!)#'!

4*7$13!7'70'(%!&'.'1+-!*!%',%'!+4!0'1+,2$,2!)+!)#'!/*7-9%!',.$(+,7',)!*,&!*('!

,+!1+,2'(!('%',)491!+4!)#'!)$7'!%-',)!+,!/*7-9%!03!)#'$(!%)9&',)!4*7$13!7'70'(:!

;//+(&$,2!)+!D'*.3E9,,'(!*,&!5'X'11'%!dZUUZa[e!hW%)*01$%#$,2!*,&!7*$,)*$,$,2!*!

%',%'!+4!N4*7$13O!0+)#!*)!#+7'!*,&!*)!/+11'2'!4+()$4$'%!;7'($/*,!H,&$*,!%)9&',)%O!

*/*&'7$/!-'(%$%)',/':i!

! ! b9$11+(3!*,&!J+1.'()+,!dZUU]e!*--1$'&!)#'!I*7$13!W&9/*)$+,!C+&'1!dIWCe!*%!

&'%/($0'&!03!D'*.3E9,,'(!*,&!5'X'11'%!dZUUZe!$,!*!%)9&3!+4!?*)$.'!;7'($/*,!

! P[P(

%)9&',)%!*)!-('&+7$,*,)13!J#$)'!$,%)$)9)$+,%!$,!J*%#$,2)+,@!H&*#+!*,&!C+,)*,*:!!

;7'($/*,!H,&$*,!%)9&',)%!$,!)#'!%)9&3!$&',)$4$'&!4*7$13!*,&!%)9&',)!%+/$*1!%9--+()!

*,&!)#'!&'%$('!)+!2$.'!0*/M!)+!)#'$(!/+779,$)3!*%!$7-+()*,)!-'(%$%)',/'!4*/)+(%:!

"#'%'!('%'*(/#'(%!%922'%)!!h!:!:!:!/('*)$,2!G*3%!$,!G#$/#!?*)$.'!;7'($/*,!%)9&',)%!

/*,!/+,,'/)!G$)#!0+)#!)#'!9,$.'(%$)3!*,&!)#'$(!#+7'!/+779,$)$'%i!db9$11+(3!*,&!

J+1.'()+,!ZUU]a]Te:!"#'3!%922'%)!/+11*0+(*)$.'!-(+2(*7%!G$)#!)($0'%@!%9--+()$,2!

&*3/*('@!*,&!0($,2$,2!#$2#'(!'&9/*)$+,!)+!?*)$.'!;7'($/*,!/+779,$)$'%!db9$11+(3!

*,&!J+1.'()+,!ZUU]e:!

! ! "#'!/('*)$+,!+4!)#'!-1*,,'&!;7'($/*,!H,&$*,!W&9/*)$+,!*,&!X91)9(*1!X',)'(!

d;HWXXe!*)!6FK!7*3!-(+.$&'!*!-1*/'!G#'('!4*7$13!/*,!/+7'!)+!0'!G$)#!)#'$(!%)9&',)%!

G#$1'!.$%$)$,2!E*$1)+G,!*,&!09$1&!)#*)!-*(),'(%#$-!+4!%9--+()!0')G'',!4*7$13@!#+7'!

*,&!9,$.'(%$)3:!"#(+92#!-1*,,$,2@!-(+2(*77$,2!*,&!%)*44$,2!*)!)#'!;HWXX!4*7$13!/*,!

0'!$,/+(-+(*)'&!$,)+!)#'!%9--+()!%)(9/)9('!*.*$1*01'!*)!6FK:!

!

I*,",+*"$&2)71/#+)7&&&(

! ;7'($/*,!H,&$*,!%)9&',)%!/+77+,13!$&',)$4$'&!4$,*,/$*1!%9--+()!*%!*,!

$7-+()*,)!4*/)+(!4+(!%)*3$,2!$,!/+11'2'!dJ$1%+,!T`][e:!

! ;7+,2!*11!)#+%'!H!$,)'(.$'G'&!$)!*--'*(%!)#*)!)#'!7*<+($)3!+4!;7'($/*,!

H,&$*,!%)9&',)%!&+!,+)!/+7'!4(+7!*!0*/M2(+9,&!+4!4$,*,/$*1!G'*1)#@!+(@!$,!7*,3!

/*%'%@!'.',!4$,*,/$*1!%)*0$1$)3:!!;2*$,@!$)!79%)!0'!('$)'(*)'&!)#*)!%G''-$,2!

2','(*1$g*)$+,%!/*,,+)!0'!*--1$'&!*/(+%%!)#'!0+*(&!('2*(&$,2!)#'!6FK!;7'($/*,!

H,&$*,!-+-91*)$+,!*%!*!G#+1':!D+G'.'(!G#',!1++M$,2!%-'/$4$/*113!*)!6(*$($'!F)*)'O%!

! P[N(

?*)$.'!-+-91*)$+,@!$)!$%!('1'.*,)!)+!,+)'!)#*)!,+,'!+4!)#'!,$,'!('%'(.*)$+,%!$,!)#'!

%)*)'!*('!G'*1)#3!/+7-*('&!)+!%+7'!+4!)#'!G'*1)#$'%)!$,!)#'!,*)$+,!G$)#!%7*11!)($0*1!

',(+117',)%!*,&!#92'!2*7$,2!-(+4$)%:!!

! V'3+,&!)#'!2','(*1!1*/M!+4!4$,*,/$*1!('%+9(/'%!#'1&!03!?*)$.'!%)9&',)%!*,&!

)#'$(!4*7$1$'%@!%+7'!6FK!%9--+()!%)*44!H!$,)'(.$'G'&!-+$,)'&!)+!)#'!1*/M!+4!7+,'3!

7*,*2'7',)!%M$11%!)#*)!;7'($/*,!H,&$*,!%)9&',)%!-+%%'%%!9-+,!)#'$(!*(($.*1!*%!

$,/+7$,2!/+11'2'!%)9&',)%:!F'.'(*1!('%-+,&',)%!#*.'!7',)$+,'&!,'G!%)9&',)!

+($',)*)$+,!-(+2(*7%!&'%$2,'&!)+!#'1-!$,/+7$,2!%)9&',)%!*&<9%)!)+!/+11'2'!1$4':!!H)!

7*3!0'!9%'491!)+!$,/19&'!%+7'!0*%$/!)(*$,$,2!$,!4$,*,/$*1!7*,*2'7',)!4+(!)#+%'!$,!

,''&!+4!$):!!

! "#'('!%''7%!)+!0'!%+7'!&$44'(',/'!+4!9,&'(%)*,&$,2!*7+,2!%+7'!

*&7$,$%)(*)+(%@!4*/91)3@!%)*44!*,&!%)9&',)%!G$)#!('2*(&!)+!*.*$1*0$1$)3!+4!4$,*,/$*1!*$&!

$,!)#'!4+(7%!+4!%)9&',)!1+*,%!*,&!%/#+1*(%#$-%!*,&!2(*,)%!4+(!;7'($/*,!H,&$*,!

%)9&',)%:!c,'!/*7-9%!*&7$,$%)(*)+(!)+1&!7'!)#*)!)#'('!*('!,+)!7*,3!%/#+1*(%#$-%!

*.*$1*01':!;!?*)$.'!;7'($/*,!9--'(/1*%%7*,!G*%!*&*7*,)!*0+9)!)#'!1*/M!+4!49,&$,2!

4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK@!h"#'!-9('!1*/M!+4!%/#+1*(%#$-%!4+(!?*)$.'!

%)9&',)%!$%!*!-(+01'7!:!:!:i! !

!! ;%!*!4+11+G!9-!)+!)#'%'!/+77',)%@!H!*%M'&!)#'!5$('/)+(!+4!I$,*,/$*1!;$&!

%-'/$4$/*113!*0+9)!4$,*,/$*1!*$&!)+!;7'($/*,!H,&$*,!%)9&',)%:!D'!-(+.$&'&!&')*$1'&!

$,4+(7*)$+,!+4!%/#+1*(%#$-%!*.*$1*01'!)+!?*)$.'!%)9&',)%!$,!)#'!4+(7!+4!*!1$%):!F''!

*--',&$L!b!4+(!*!1$%)!+4!%/#+1*(%#$-!+--+()9,$)$'%:!

!

! P[V(

! ;//+(&$,2!)+!)#'!5$('/)+(@!hC+%)!%)9&',)%!&+!,+)!)$7'13!/+7-1')'!

*--1$/*)$+,%@!$,/19&$,2!4+(7%!,''&'&!4+(!)($0*1!#$2#'(!'&9/*)$+,!*G*(&%:i!!

! H)!*--'*(%!)#*)!)#$%!$%!*!/*%'!+4!'$)#'(!*!1*/M!+4!$,4+(7*)$+,!*.*$1*01'!)+!?*)$.'!

%)9&',)%!('2*(&$,2!%/#+1*(%#$-!+--+()9,$)$'%@!+(!*!0('*M&+G,!$,!/+779,$/*)$+,%!

0')G'',!?*)$.'!%)9&',)%!*,&!G#+7'.'(!7$2#)!0'!*&.$%$,2!)#'7@!+(!$)!7*3!0'!)#'!

/*%'!)#*)!?*)$.'!%)9&',)%!%$7-13!*('!,+)!)*M$,2!)#'!%)'-%!)+!4$11!+9)!)#'!*--(+-($*)'!

4+(7%!*,&!*--1$/*)$+,%!$,!)$7'!)+!)*M'!*&.*,)*2'!+4!)#+%'!4$,*,/$*1!+--+()9,$)$'%!

)#*)!+,'!/*7-9%!*&7$,$%)(*)+(!-+$,)'&!+9)!*('!$,!4*/)@!7+('!,97'(+9%!4+(!;7'($/*,!

H,&$*,!%)9&',)%!)#*,!4+(!*,3!+)#'(!7$,+($)3!2(+9-:!!h:!:!:!G'!&+!#*.'!%'.'(*1!?*)$.'!

;7'($/*,!%/#+1*(%#$-%!:!:!:!7+('!)#*,!*,3!+)#'(!7$,+($)3!2(+9-:!;/)9*113@!)#*)O%!)#'!

+,13!2(+9-!+,!/*7-9%!)#*)!#*%!%-'/$4$/!%/#+1*(%#$-%!2'*('&!)+G*(&!)#'7:!"#'('!*('!

,+!%/#+1*(%#$-%!4+(!D$%-*,$/!%)9&',)%!+(!;4($/*,!;7'($/*,!+(!;%$*,!;7'($/*,!

%)9&',)%:!"#'('O%!,+,':!"#'('O%!,+,':i!

! ;%!G$)#!)#'!/*%'!+4!4$,*,/$*1!7*,*2'7',)!%M$11%@!$7-(+.'&!-(+2(*77$,2!

-(+.$&$,2!$,/('*%'&!*G*(','%%!+4!%/#+1*(%#$-!+--+()9,$)$'%!*,&!%)(9/)9('&!#'1-!$,!

%'/9($,2!)#*)!*$&!7*3!0'!('89$('&:!!

! c,'!?*)$.'!%)9&',)!/+77',)'&!+,!#'(!&$%/+74+()!$,!&'*1$,2!G$)#!$,$)$*1!

/+,)*/)!-'+-1'!+(!2*)'M''-'(%!$,!)#'!I$,*,/$*1!;$&!+44$/':!

! J#$1'!)#$%!%)9&',)!*))($09)'%!)#'!&$44$/91)3!)+!/91)9(*113!$,%',%$)$.'!0'#*.$+(!

03!)#'!I$,*,/$*1!;$&!+44$/'!%)*44@!)#'!5$('/)+(!*%%9('&!7'!)#*)!#$%!%)*44!&+'%!('/'$.'!

/91)9(*1!%',%$)$.$)3!)(*$,$,2:!

!

! P[W(

! !H,!M''-$,2!G$)#!'L-'($',/'%!&'%/($0'&!03!%'.'(*1!?*)$.'!%)9&',)%!H!%-+M'!

G$)#@!)#'('!*--'*(%!)+!0'!*!/+77+,!)#'7'!+4!?*)$.'!%)9&',)%!('-+()$,2!)#*)!)#'3!

G'('!)('*)'&!(9&'13!$,!7*$,%)('*7!+44$/'%!)#(+92#+9)!)#'!/*7-9%:!"#$%!$%!7$2#)!

.'(3!G'11!0'!%$7-13!*!7*))'(!+4!-'(/'-)$+,!*,&!.$'G-+$,)@!4+(!G#$/#!G'!7$2#)!+,/'!

*2*$,!$,.+M'!)#'!"#+7*%!)#'+('7@!G#$/#!*%!-('.$+9%13!7',)$+,'&!%)*)'%@!hH4!7',!

&'4$,'!*!%$)9*)$+,!*%!('*1@!$)!$%!('*1!$,!$)O%!/+,%'89',/'%i!d"#+7*%!*,&!"#+7*%!T`Z]e:!!

E'2*(&1'%%!+4!)#'!&$44'(',/'%!$,!-'(/'-)$+,%!0')G'',!+44$/'!-'(%+,,'1!*,&!?*)$.'!

%)9&',)%@!$4!%)9&',)%!4''1!)#'3!#*.'!0'',!)('*)'&!-++(13@!)#',!)#'!/+,%'89',/'%!*('!

*%!$4!)#'3!#*.'@!$,!4*/)!0'',!)('*)'&!-++(13:!"#'!%+19)$+,@!*%!7',)$+,'&!$,!%'.'(*1!

'L*7-1'%!*0+.'@!7$2#)!/+7'!$,!)#'!4+(7!+4!$7-(+.'&!/+779,$/*)$+,!1'*&$,2!)+!

$7-(+.'&!('1*)$+,%#$-%:!

!

&O1+"$& +1((/,*0%&

'

' "#'!0'%)!G*3!)+!9,&'(%)*,&!G#*)!$)!$%!1$M'!/+7$,2!)+!*!-('&+7$,*,)13!J#$)'!

7*$,%)('*7!/$)3!1$M'!E*$1)+G,@!6(*$($'!F)*)'!4(+7!*!('%'(.*)$+,!/+779,$)3!+(!

('%'(.*)$+,!0+(&'(!)+G,!$%!)#(+92#!)#'!'L-'($',/'%!+4!)#+%'!;7'($/*,!H,&$*,!

%)9&',)%!G#+!#*.'!1$.'&!)#'!)(*,%$)$+,:!H)!$%!)#(+92#!)#'!%',%'%!+4!)#+%'!%)9&',)%!

)#*)!G'!7*3!0'2$,!)+!2*$,!*,!$,%$&'(O%!-'(%-'/)$.'!+4!/91)9('!%#+/M!*,&!*&<9%)7',)!

)#'3!'L-'($',/'!G#',!)#'3!/+7'!)+!6FK:!H)!79%)!0'!('$)'(*)'&!)#*)!G'!/*,,+)!7*M'!

%G''-$,2!2','(*1$g*)$+,%!)+!$,/19&'!*11!+4!6(*$($'!F)*)'!+(!*11!+4!E*$1)+G,:!F)$11@!)#'!

0'%)!9,&'(%)*,&$,2!+4!)#'!6FK!'L-'($',/'!/+7'%!4(+7!%''$,2!)#*)!'L-'($',/'!4(+7!

)#'!-'(%-'/)$.'!+4!)#'!%)9&',)%!)#'7%'1.'%:!

! P[X(

! W.',!)#+92#!?*)$.'!%)9&',)%!7*3!4''1!+9)!+4!)#'$(!/+74+()!g+,'@!*,&!7*3!1$.'!

%+7'!#*(%#!'L-'($',/'%!$,!E*$1)+G,@!)#'('!*('!%+7'!-'+-1'!$,!)#'!/+779,$)3!G#+!

+(!*('!'7-*)#')$/:!;!2(+9-!+4!-'+-1'!/+7-($%'&!+4!E*$1)+G,!('%$&',)%!*,&!09%$,'%%!

-'+-1'!)+2')#'(!G$)#!9,$.'(%$)3!4*/91)3!*,&!%)*44@!0+)#!/9((',)!*,&!(')$('&@!7'')!

('291*(13!)+!*&&('%%!$%%9'%!('1'.*,)!)+!?*)$.'!;7'($/*,%@!)#'!7*$,%)('*7!

/+779,$)3@!0+)#!1+/*1!*,&!%)*)'G$&'!*,&!)#'!#$%)+(3!+4!$,)'(*/)$+,!0')G'',!)#'!)G+!

2(+9-%:!"#'!E*$1)+G,!E'/+,/$1$*)$+,!X+9,/$1!G+(M%@!)#(+92#!/+,)$,9'&!&'&$/*)$+,!

*,&!/+77$)7',)@!)+G*(&!)#'!*7'1$+(*)$+,!+4!#$%)+($/*1!&$%/+(&!*,&!7$%)('*)7',)!+4!

)#'!?*)$.'!-+-91*)$+,!03!7*$,%)('*7!%+/$')3:!!;,!+,2+$,2!$,)'('%)!+4!)#'!2(+9-!$%!

)#'!4*/$1$)*)$+,!+4!%9//'%%491!9,$.'(%$)3!'L-'($',/'!4+(!;7'($/*,!H,&$*,!6FK!

%)9&',)%:!"+G*(&!)#*)!',&@!)#'!EEX!/+,)$,9'%!G+(M$,2!4+(!$,/('*%'&!*G*(','%%!+4!

*,&!*--('/$*)$+,!4+(!?*)$.'!;7'($/*,!-'+-1'!*,&!/91)9('!$,!E*$1)+G,:!c,'!-+%%$01'!

%#+()/+7$,2!+4!)#'%'!'44+()%!$%!)#'!1$7$)'&!'L-+%9('!+4!)#'!2(+9-!)+!?*)$.'!;7'($/*,!

6FK!%)9&',)%!*,&!.$/'!.'(%*:!H)!$%!#$2#13!1$M'13!)#*)!)#'!7*<+($)3!+4!6FK!;7'($/*,!

H,&$*,!%)9&',)%!*('!9,*G*('!+4!)#'!EEX!*,&!$)%!/+77$)7',)!)+!('/+,/$1$*)$+,@!

$,/19&$,2!)#'!4*/$1$)*)$+,!+4!*/*&'7$/!%9//'%%!4+(!?*)$.'!%)9&',)%:(

! W.',!2$.',!)#'!%9--+()!+4!%+7'!G$)#$,!)#'!E*$1)+G,!/+779,$)3@!$4!)#'!1+/*1!

E*$1)+G,!/+779,$)3!$%!-'(/'$.'&!*%!2','(*113!9,/+74+()*01'!4+(!;7'($/*,!H,&$*,!

%)9&',)%@!#+G!&+'%!)#'!9,$.'(%$)3!/+779,$)3!',.$(+,7',)!/('*)'!*!4''1$,2!+4!

/+#'%$.'!G'1/+7'!+(!$%+1*)$+,!4+(!)#'!?*)$.'!%)9&',)k!

!

!

! P[Y(

&F,*=)#7*0%&+1((/,*0%&&&&(

(

( c,'!+4!)#'!2('*)'%)!0*(($'(%!)+!0'!+.'(/+7'!$,!+(&'(!4+(!6FK!)+!4*/$1$)*)'!

/+11'2'!%9//'%%!4+(!?*)$.'!%)9&',)%!$%!)#'!1*/M!+4!*!G'1/+7$,2!',.$(+,7',)!$,!G#$/#!

?*)$.'!%)9&',)%!*,&!/91)9('!*('!.*19'&!*,&!*--('/$*)'&:(;!4*/91)3Q*&7$,$%)(*)+(!

G#+!$%!.'(3!$,.+1.'&!G$)#!;7'($/*,!H,&$*,!%)9&',)!%9//'%%!%-'*M%!/*,&$&13!*0+9)!

)#'!/*7-9%!/1$7*)'a!

! H!)#$,M!G'!#*.'!%+7'!%$2,$4$/*,)!$%%9'%!#'('!$,!)'(7%!+4!)#'!/*7-9%!/1$7*)':!

:!:!:o+9!M,+G!G'!/*,!/('*)'!*!.'(3!-(+)'/)$.'@!1+.$,2@!%9--+()$.'!',.$(+,7',)!

4+(!+9(!%)9&',)%@!+,'!)#*)!,9()9('%!)#'$(!%9//'%%@!09)!)#*)!&+'%!,+)!

,'/'%%*($13!*1G*3%!-(+)'/)!)#'7!4(+7!)#'!%1$,2%!*,&!*((+G%!)#*)!)#'3!4*/'!$,!

)#'!1*(2'(!9,$.'(%$)3!/+779,$)3!+(!)#'!E*$1)+G,!/+779,$)3:!"#*)!-('<9&$/'@!

(*/$%7@!&$%/($7$,*)$+,!*('!*11!.'(3!-*$,491@!.'(3!&*7*2$,2!)+!$&',)$)3@!.'(3!

&*7*2$,2!)+!%9//'%%@!.'(3!&*7*2$,2!)+!+,'O%!%'14!/+,4$&',/'@!%'14!'%)''7@!

%',%'!+4!%'14:!F+!H!)#$,M!)#*)O%!%+7')#$,2!)#*)O%!('*113!*!0*(($'(:!

!

( ;,!;7'($/*,!H,&$*,!%)9&',)!/+77',)%!+,!)#'!4''1$,2!+4!%)*,&$,2!+9)!*%!

&$44'(',)!$,!*!/(+G&!+4!9,$4+(7$)3a!hI+(!7'@!$)!G+91&!*11!2+!0*/M!)+!)#'!/+,4$&',/'!

*,&!/+74+():!D+G!/+74+()*01'!*,&!/+,4$&',)!$%!*,3+,'!%$))$,2!$,!)#'!F)9&',)!K,$+,!

1$M'!)#'!&*(M!%-+)!$,!)#'!7$&&1'!+4!*!-$'/'!+4!-*-'(ki!

! ;%!G$)#!-('<9&$/'@!(*/$%7@!&$%/($7$,*)$+,@!*,&!*,3!7'*%9('!+4!$,)+1'(*,/'@!

&'*1$,2!G$)#!)#'!#*(7491!'44'/)%!+4!)#'!,*((+GB7$,&'&,'%%!)#*)!-'(7'*)'%!%+7'!

-'+-1'%O!',)$('!G+(1&.$'G!('7*$,%!*!/#*11',2'!)#(+92#+9)!*11!+4!%+/$')3:!c,/'!*2*$,@!

NH)O%!*11!*0+9)!('1*)$+,%#$-%:O!

!

!

!

! P[Z(

</$0/#)&

!

! X91)9('!%#+/M!/*,!7*M'!4+(!*!)(*97*)$/!)(*,%$)$+,!4+(!*,3+,'!',)'($,2!

/+11'2':!C*,3!4*/91)3@!%)*44@!*,&!*&7$,$%)(*)+(%!H!$,)'(.$'G'&!G'('!89$/M!)+!7*M'!

)#$%!-+$,)!('2*(&$,2!#+G!7+%)!$,/+7$,2!4('%#7',!79%)!7*M'!)#$%!*&<9%)7',):!I+(!

;7'($/*,!H,&$*,!%)9&',)%@!#+G'.'(@!)#$%!*&<9%)7',)!$%!/+7-+9,&'&!03!7*,3!

4*/)+(%:!?+)!+,13!79%)!)#'!?*)$.'!%)9&',)!&'*1!G$)#!)#'!*&<9%)7',)!)+!/+11'2'!1'.'1!

G+(M@!*,&!1$.$,2!$,!*!,'G!',.$(+,7',)!*7+,2!%)(*,2'(%@!09)!4+(!7*,3!?*)$.'!

%)9&',)%!)#'%'!/#*11',2'%!*('!7*2,$4$'&!)#(+92#!&$44'(',/'%!$,!-#3%$/*1!*--'*(*,/'@!

/91)9(*1!)(*&$)$+,%@!0'1$'4%@!*,&!-(*/)$/'%!*,&!)#'!2','(*1!&$%/+,,'/)'&!4''1$,2!+,'!

#*%!*%!N,+)!4$))$,2!$,:O!!

! H,&''&@!%+7'!?*)$.'!%)9&',)%!/+7'!4(+7!7+,+/91)9(*1!',.$(+,7',)%!G#'('!

/+779,$)3!,'$2#0+(#++&%!*,&!%/#++1%!*('!-+-91*)'&!G$)#!('1*)$.'%@!)($0*1!

7'70'(%@!*,&!*!7*<+($)3!+4!?*)$.'!-'+-1'!1$M'!)#'7%'1.'%@!%#*($,2!*!/+77+,!

#$%)+(3@!/91)9('!*,&!G+(1&.$'Gf!G#'('!?*)$.'!*()!*,&!/'('7+,3!*('!+7,$B-('%',)@!

G#'('!(*&$+!%)*)$+,%!-1*3!)(*&$)$+,*1!*,&!7+&'(,!?*)$.'!79%$/@!$,/19&$,2!-+G!G+G!

%+,2%@!G#'('!)($0*1!-(+2(*7%!*,&!/91)9(*1!('%+9(/'%!*('!('*&$13!*.*$1*01'@!G#'('!

)#'$(!)$+%-*3'!d'L)',&'&!4*7$13e!$%!*11!*(+9,&!)#'7!+44'($,2!%9--+():!"+!1'*.'!)#'!

/+74+()!*,&!%*4')3!+4!)#'!#+7'!-1*/'!*,&!/+7'!)+!*!-1*/'!%9/#!*%!6FK@!G#'('!,+,'!

+4!)#*)!'L$%)%@!$%!*!#92'!*,&!%+7')$7'%!+.'(G#'17$,2!*&<9%)7',):!J$)#+9)!)#'!

-(+-'(!-'+-1'!*,&!%9--+()!%'(.$/'%!$,!-1*/'!)+!*%%$%)!%)9&',)%!G$)#!)#'!)(*,%$)$+,!)+!

)#$%!.'(3!&$44'(',)!',.$(+,7',)@!)#'$(!/#*,/'%!4+(!%9//'%%491!'&9/*)$+,*1!*))*$,7',)!

*('!&$7$,$%#'&:!

! P[[(

! "#'!7*$,)',*,/'!+4!/91)9(*1!$&',)$)3!*,&!)(*&$)$+,%!G*%!4+9,&!)+!0'!

$,%)(97',)*1!$,!)#'!%9//'%%!+4!?*)$.'!%)9&',)%!*)!)#'!-+%)%'/+,&*(3!1'.'1!dD9447*,@!

F$11!*,&!V(+M',1'2!T`]_e:!

! c,'!6FK!c44$/'!+4!*&7$,$%)(*)+(!%-'*M%!)+!)#'!$7-+()*,/'!4+(!+--+()9,$)$'%!

4+(!)#'!-(*/)$/'!+4!/91)9(*1!)(*&$)$+,%a!

J'!&+!,+)!#*.'!*,3!4*/$1$)$'%!4+(!?*)$.'!%)9&',)%:!;!%G'*)!1+&2'!$%!%+7')#$,2!

)#*)!*!?*)$.'!;7'($/*,!X',)'(!/+91&!-(+.$&'@!09)!G'!&+,O)!#*.'!)#*):!

F)9&',)%!G#+!*('!4''1$,2!*!%-$($)9*1!,''&!*,&!*('!?*)$.'!('*113!#*.'!)++!2+!

0*/M!)+!)#'!('%'(.*)$+,:!F+!)#*)!$%!*,+)#'(!*('*!$,!G#$/#!H!)#$,M!)#'('!$%!*!

0*(($'(!)+!%)9&',)%!0'$,2!/+74+()*01'!#'(':!!K,1'%%!)#'3!#*.'!*!%')!+4!4($',&%!

*,&!/+11'*29'%!G#+!*('!%9--+()$.'!+4!)#*)!-*()$/91*(!,''&@!)#'3!*('!2+$,2!)+!

4''1!.'(3!*1+,'!*,&!$%+1*)'&!#'(':!

!

! H,!T`Y]@!/+,2('%%!-*%%'&!)#'!;7'($/*,!H,&$*,!E'1$2$+9%!I(''&+7!;/)!G$)#!

$,)',):!h:!:!:!)+!-(+)'/)!*,&!-('%'(.'!4+(!;7'($/*,!H,&$*,%!)#'$(!$,#'(',)!($2#)!+4!

4(''&+7!)+!0'1$'.'!'L-('%%@!*,&!'L'(/$%'!)#'$(!)(*&$)$+,*1!('1$2$+,%@!$,/19&$,2!09)!,+)!

1$7$)'&!)+!*//'%%!)+!%$)'@!9%'!*,&!-+%%'%%$+,!+4!%*/('&!+0<'/)%@!*,&!)#'!4(''&+7!)+!

G+(%#$-!)#(+92#!/'('7+,$*1%!*,&!)(*&$)$+,*1!($2#)%:i!dX*11+G*3!T```a!\`Te!

! C3!$,)'(.$'G!&*)*!9,'89$.+/*113!&'7+,%)(*)'%!)#'!.*19'!%+7'!?*)$.'!

%)9&',)%!-1*/'!+,!)#'!*&#'(',/'!)+!*,&!-(*/)$/'!+4!)($0*1!/91)9(':!"#'!7*$,)',*,/'!

*,&!9%'!+4!*!%G'*)!1+&2'!G*%!('-'*)'&13!7',)$+,'&!$,!/+,,'/)$+,!G$)#!%)9&',)%O!

#+-'%!4+(!*!-1*/'!+4!)#'$(!+G,:!!F9/#!*!-1*/'!G+91&!-(+.$&'!+--+()9,$)$'%!4+(!

/91)9(*113!%-'/$4$/!-(*/)$/'%!)#*)!/*,,+)!0'!*//+7-1$%#'&!$,!)#'!cC;:!

! ;!,+,B?*)$.'!*&7$,$%)(*)+(!-+$,)'&!+9)@!hH,!)#$%!/+779,$)3!G'!#*.'pH!&+,O)!

M,+G!#+G!7*,3!/#9(/#'%:!H)!%''7%!)#'('O%!*!/#9(/#!*(+9,&!'.'(3!/+(,'(:!J'!#*.'!

4+9(!+(!4$.'!S9)#'(*,!/#9(/#'%!d#'!,*7'%!%'.'(*1e!:!:!:!G'!#*.'!*!X*)#+1$/!/#9(/#!+4!

! P[\(

/+9(%'@!*,&!V*-)$%)!/#9(/#'%!*,&!%+!+,BBB<9%)!*!1+)!+4!/#9(/#'%:!J'!#*.'!*!7+%89'!

4+(!H%1*7$/!*#B!C9%1$7!%)9&',)%:i!;1%+@!+,!+(!*&<*/',)!)+!)#'!6FK!/*7-9%!*('!)#'!

X*)#+1$/!X*7-9%!6*($%#!*,&!)#'!K,$.'(%$)3!S9)#'(*,!X',)'(@!3')!*%!7',)$+,'&!

*0+.'@!,+!%9/#!4*/$1$)3!/9((',)13!'L$%)%!4+(!6FK!?*)$.'!%)9&',)%!4+(!)#'!,9()9(*,/'!+4!

*!)(*&$)$+,*1!%-$($)9*1!0*%':!!

! "#'('!*('!+)#'(!*%-'/)%!+4!/91)9('@!*%$&'!4(+7!('1$2$+,!)#*)!7*$,%)('*7!

%)9&',)%!7*3!)*M'!4+(!2(*,)'&@!09)!)#*)!*('!('*&$13!*.*$1*01':!J#')#'(!)#+%'!

)(*&$)$+,%!*('!'L-('%%'&!)#(+92#!*/)$.$)$'%@!%+/$*1!/190%@!%-+()$,2!'.',)%@!+(!*,3!

,970'(!+4!-+%%$01'!/91)9(*1!*/)$.$)$'%@!)#'!+--+()9,$)$'%!4+(!?*)$.'!;7'($/*,!

/91)9(*1!*/)$.$)3!#*%!4+/9%'&!-($7*($13!+,!)#'!*,,9*1!J*/$-$@!*1%+!/*11'&!N)#'!-+G!

G+G:O!

! !c.'(!)#'!/+9(%'!+4!*!3'*(@!H!*))',&'&!%'.'(*1!?*)$.'!;7'($/*,!X190!7'')$,2%!

*,&!#*&!/+9,)1'%%!/+,.'(%*)$+,%!G$)#!?*)$.'!%)9&',)%!*,&!)#'!?*)$.'!;7'($/*,!

F)9&',)!;&.$%+(!('2*(&$,2!)#'!-+%%$0$1$)3!4+(!%+/$*1!2*)#'($,2%@!&9($,2!G#$/#!

/91)9(*1!*/)$.$)$'%!1$M'!%+/$*1!&*,/'%@!+(!G+(M$,2!+,!/(*4)%!%9/#!*%!-+G!G+G!('2*1$*@!

89$1)$,2@!+(!'.',!)#'!4+(7*)$+,!+4!*!&(97!2(+9-!/+91&!#*.'!0'',!&+,':!I+(!+,'!

('*%+,!+(!*,+)#'(@!)#'%'!2*)#'($,2%!,'.'(!7*)'($*1$g'&:!J#')#'(!('%-+,%$0$1$)3!4+(!

)#'!1$7$)'&!'L-('%%$+,!+4!/91)9('!('%)%!G#+113!G$)#!)#'!9,$.'(%$)3@!+(!G$)#!)#'!?*)$.'!

%)9&',)%!)#'7%'1.'%!$%!-(+0*013!,+)!$7-+()*,):!J#*)!$%!+4!%$2,$4$/*,/'!$%!)#*)!)#'!

,'G13!-(+7$%'&@!*,&!%++,!)+!0'!4+()#/+7$,2!;HWXX!7*3!-(+.$&'!*!-1*/'!G#'('!%9/#!

*/)$.$)$'%!/*,!+//9(:!H)!G$11!0'!$,)'('%)$,2!)+!%''!)#'!'44'/)%!%9/#!*,!+--+()9,$)3!G$11!

#*.'!+,!0+)#!)#'!?*)$.'!/+779,$)3!*,&!)#'!E*$1)+G,!/+779,$)3!$,!2','(*1:!c,'!

! P\O(

-+%%$01'!-+%$)$.'!+9)/+7'!7$2#)!0'!)#*)!$,/('*%'&!'L-('%%$+,!+4!?*)$.'!/91)9('!G$11!

1'*&!)+!*,!$,/('*%'&!*G*(','%%!*,&!*--('/$*)$+,!4+(!?*)$.'!;7'($/*,!%)9&',)%!*,&!

)#'$(!/91)9('!*/(+%%!)#'!1+/*1!/+779,$)3!*,&!)#'!('2$+,:!F9/#!*!&'.'1+-7',)!G+91&!

2+!*!1+,2!G*3!)+G*(&!+.'(/+7$,2!)#'!&$%/+74+()!7*,3!?*)$.'!%)9&',)%!4''1!*%!)#'3!

4$,&!)#'7%'1.'%!4''1$,2!*1+,'!*,&!+,!)#'!+9)%$&'!+4!)#'!&+7$,*,)!/91)9(':!

!

>1(*,",0&</$0/#)&2)9)#),+)&6#1/?!

! ! ;//+(&$,2!)+!D'G$))!dT``\a!`Ue@!('4'(',/'!2(+9-%!*('!h%+/$*1!2(+9-%!)#*)!

-(+.$&'!2','(*1$g'&!+)#'(%!)+!G#+7!)#'!$,&$.$&9*1!('4'(%i:!F$,2'(!dT`]Te!'L-1*$,%!

('4'(',/'!2(+9-%!*%!)#+%'!2(+9-%!)#*)!-(+.$&'!*,!+($',)*)$+,!4+(!%+/$*1!/+7-*($%+,!

+4!+,'O%!%'14:!E'4'(',/'!2(+9-%!-(+.$&'!*!4(*7'G+(M!4(+7!G#$/#!)#'!$,&$.$&9*1!$%!

*01'!)+!%#*-'!#$%!+(!#'(!'.*19*)$+,%@!*))$)9&'%!*,&!0'#*.$+(!dF$,2'(!T`]Te:!;!

/+7-*(*)$.'!('4'(',/'!2(+9-!%'(.'%!*%!*!h%)*,&*(&!+4!/+7-*($%+,!4+(!*,!*--(*$%*1!+4!

'$)#'(!)#'!%'14!+(!+)#'(i!dF$,2'(!T`]TaYYe:!

"#'!;7'($/*,!H,&$*,!%)9&',)!)#*)!/+7'%!)+!6FK!7*3!89$/M13!4$,&!+,'%'14!

4''1$,2!*1+,'!$,!*!4+('$2,!',.$(+,7',):!;%!&$%/9%%'&!*0+.'@!)#'!$7-+()*,/'!+4!*!

%9--+()$.'!/+779,$)3!4+(7'&!+4!-''(%!$%!%$2,$4$/*,):!J$)#+9)!*!('4'(',/'!2(+9-!+4!

-''(%!)+!-(+.$&'!)#'!/+74+()!*,&!%'/9($)3!)#*)!+,'!1'4)!0'#$,&!G$)#!4*7$13!*,&!

4($',&%@!)#'!%)9&',)!$%!1'4)!%9((+9,&'&!03!*!&+7$,*,)@!7*$,%)('*7!%+/$')3!$,!G#$/#!

+,'!7*3!4''1@!*%!+,'!?*)$.'!%)9&',)!&'%/($0'%@!h1$M'!*!&*(M!%-'/M!+,!*!-$'/'!+4!

-*-'(:i!"#$%!&+7$,*,)!2(+9-!)#',!%'(.'%!*%!)#'!?*)$.'!%)9&',)O%!('4'(',/'!2(+9-:!H)!

! P\P(

$%!$,!/+7-*($%+,!)+!)#$%!2(+9-!)#*)!)#'!?*)$.'!%)9&',)!G$11!7*M'!%'14B*--(*$%*1%!+4!

+,'O%!4$)!$,)+!)#'!6FK!*,&!1+/*1!E*$1)+G,!',.$(+,7',):!

"#'!9,&'(13$,2!%+9(/'!+4!)#'!4''1$,2!+4!$%+1*)$+,!)#*)!'(+&'%!%'14B/+,4$&',/'!

$%!*!1*/M!+4!/91)9(*1!9,&'(%)*,&$,2!*7+,2!)#'!&+7$,*,)!%+/$')3!dV'((3!T`_`f!X*(,'3!

T```f!D9447*,!T```e:!F)9&',)%!('-'*)'&13!/+77',)'&!)#*)!)#'3!#*.'!1'*(,'&!4(+7!

,+,BH,&$*,!/1*%%7*)'%!)#*)!7*,3!7'70'(%!+4!)#'!7*$,%)('*7!#*.'!,'.'(!7')!*,3!

?*)$.'!;7'($/*,%!*,&!M,+G!,+)#$,2!+4!G#*)!1$4'!7*3!0'!1$M'!4+(!7*,3!%)9&',)%!

/+7$,2!4(+7!('%'(.*)$+,%@!('%'(.*)$+,!0+(&'(!)+G,%@!+(!'.',!*!?*)$.'!%90/91)9('!

G$)#$,!1*(2'(!/$)$'%:!

"#'!&+7$,*,)!7*$,%)('*7!%+/$')3!%'(.'%!*%!*!('4'(',/'!2(+9-!*2*$,%)!G#$/#!

)#'!?*)$.'!%)9&',)!/+7-*('%!+,'%'14!$,!*))'7-)$,2!)+!4$,&!G*3%!)+!4$)!$,)+!)#'!1+/*1!

/+779,$)3!*,&!)#'!+.'(G#'17$,213!J#$)'!/*7-9%!',.$(+,7',):!;11!+4!)#'!%)9&',)%!

H!$,)'(.$'G'&!/$)'&!)#$%!/91)9(*1!&$%/+,)$,9$)3!dX*(,'3!T```e!*%!*!0*(($'(!)+!/+11'2'!

%9//'%%:!!

!

</$0/#"$&.*99)#),+)M&O"+4&19&.*=)#7*0%&)L?)#*),+)&

'

' H)!79%)!0'!*/M,+G1'&2'&!)#*)!,+)!'.'(3!/91)9(*1!7$%9,&'(%)*,&$,2!$%!+,!)#'!

-*()!+4!)#'!,+,B?*)$.'!&$('/)'&!)+!)#'!?*)$.'!;7'($/*,:!"#'!('*1$)3!$%!)#*)!7*,3!

?*)$.'!;7'($/*,%!1*/M!'L-'($',/'!G$)#!&$.'(%$)3!<9%)!*%!&+!7*,3!J#$)'%:!

( "#'!?*)$.'!;7'($/*,!F)9&',)!;&.$%+(!('/*11%!*!%)9&',)!G#+!G*%!9,*01'!)+!

('/+,/$1'!#$%!+G,!%',%'!+4!%'14!G$)#!)#'!&+7$,*,)!('4'(',/'!2(+9-!$,!G#$/#!#'!G*%!

'70'&&'&!*)!6FK@!hH!)#$,M!%+7')$7'%@!*%!?*)$.'%@!G'!)',&!)+!)#$,M!+9(!'L-'($',/'!$%!

! P\N(

9,$89':!;,&!7*30'!$)O%!<9%)!*!/91)9(*1!&$44'(',/'!+4!#+G!G'!2+!*0+9)!'L-('%%$,2!+9(!

-'(%+,*1!%-$($)9*1!0'1$'4%!+(!+9(!/91)9(*1!0'1$'4%:i!

!

:11&9)A&E"0*=)&'()#*+",&9"+/$0%Q70"99&&&&&&&&

'

! ! I+L@!S+G'!*,&!C/X1'11*,!dZUU^e!/+7-$1'&!*!1$%)!+4!('/+77',&*)$+,%!4+(!

/+11'2'!*&7$,$%)(*)+(%!)+!7'')!)#'!,''&%!+4!;7'($/*,!H,&$*,!%)9&',)%:!"#'%'!

('/+77',&*)$+,%!*('!+4!-*()$/91*(!.*19'!*%!)#'3!/+7'!&$('/)13!4(+7!;7'($/*,!

H,&$*,!'&9/*)+(%:!!;7+,2!)#+%'!('/+77',&*)$+,%!$%!)#'!('/(9$)7',)!*,&!(')',)$+,!

+4!;7'($/*,!H,&$*,!4*/91)3:!;11!*&7$,$%)(*)+(%@!4*/91)3@!%)*44@!*,&!%)9&',)%!H!

$,)'(.$'G'&!9,$.'(%*113!*2(''&!)#*)!6FK!G+91&!0','4$)!4(+7!7+('!;7'($/*,!H,&$*,!

'&9/*)+(%:!!

! ! I(+7!)#'!-'(%-'/)$.'!+4!*!9,$.'(%$)3!j$/'!6('%$&',)@!hH!)#$,M!)#*)!+,'!+4!)#'!

$%%9'%!G'!#*.'!$%!)#*)!G'!*('!.'(3!1'*,!%)*44$,2:!;,&!)#*)O%!*,!$%%9'!4+(!9%:!J'!,''&!

7+('!-'+-1'!)+!G+(M!G$)#!7$,+($)3!*,&!?*)$.'!;7'($/*,!%)9&',)%!*,&!G'!&+,O)!

#*.'!*!1+):i!

! I(+7!)#'!?*)$.'!%)9&',)!.$'G-+$,)a!hc,'!)#$,2!)#*)O%!G(+,2!$%!)#*)!)#'3!&+,O)!

('*113!#*.'!*,3!?*)$.'!4*/91)3!('*113:!F+!H!)#$,M!,+)!#*.$,2!?*)$.'!%)*44!*(+9,&!$%!*!

('*1!%#+()/+7$,2:i!!

! ;%!7',)$+,'&!*0+.'@!6FK!#*%!('/',)13!7*&'!-+%$)$.'!%)($&'%!$,!)#$%!&$('/)$+,!

G$)#!)#'!*&&$)$+,!+4!)G+!?*)$.'!4*/91)3!7'70'(%:!"#'%'!-'+-1'!#*.'!89$/M13!-(+.',!

)#'7%'1.'%!)+!0'!+4!2('*)!.*19'!)+!?*)$.'!%)9&',)%!*,&!)+!)#'!9,$.'(%$)3!*%!*!G#+1'!

! P\V(

)#(+92#!)#'$(!1'*&'(%#$-@!%/#+1*(%#$-!*,&!9,G*.'($,2!%9--+()!*,&!',#*,/'7',)!+4!

)#'!6FK!;7'($/*,!H,&$*,!/+11'2'!'L-'($',/':!

!

B$"+)&&

'

! W*(13!+,!$,!)#'!4$(%)!+4!)#(''!4+/9%!2(+9-%!H!/+,&9/)'&!G$)#!;7'($/*,!H,&$*,!

%)9&',)%!$)!0'/*7'!/1'*(!)#*)!)#'('!G*%!*!&$%/'(,*01'!)',%$+,!G#',!)#'!)+-$/!+4!)#'!

c44$/'!+4!C91)$/91)9(*1!;44*$(%!G*%!)#'!4+/9%!+4!/+,.'(%*)$+,:!F+7'!%)9&',)%!$,!)#'!

4$(%)!2(+9-!('*&$13!-+$,)'&!)+!)#'!G*3%!$,!G#$/#!)#'!cC;!G*%!%'',!*%!*!4*/$1$)*)+(!)+!

/+11'2'!%9//'%%:!;%!&$%/9%%'&!*0+.'@!)#*)!*%-'/)!%'',!*%!*!4*/$1$)*)+(!#*&!)+!&+!G$)#!

)#'!cC;!%'(.$,2!*%!*!-1*/'!4+(!/+,2('2*)$+,!*%!*!?*)$.'!/+779,$)3@!)#'!+,13!%9/#!

-1*/'!+,!/*7-9%!)+!%'(.'!)#*)!-9(-+%':!V'3+,&!)#*)!-+$,)@!G*%!*!79/#!7+('!

%$2,$4$/*,)!&3,*7$/!*)!G+(M:!H!-9(%9'&!)#$%!-+$,)!$,!)#'!4$(%)!2(+9-:!H,!%90%'89',)!

4+/9%!2(+9-%!)#'!)+-$/!+4!N61*/'O!0'/*7'!)#'!4$(%)!*,&!7+%)!%*1$',)!)+!)#'!?*)$.'!

;7'($/*,!%)9&',)%:!

! ;7+,2!*11!+4!)#'!;7'($/*,!H,&$*,!%)9&',)%!H!$,)'(.$'G'&@!)#'!/+,%',%9%!G*%!

0'%)!%977'&!9-!03!+,'!%)9&',)!G#+!%*$&a!hHO&!(*)#'(!0'!%+7'-1*/'!G#'('!H!M,+G!

$)O%!/+74+()*01'p)#'!*)7+%-#'('!$%!/+74+()*01'@!G#'('!G'!4''1@!*%!%)9&',)%@!)#*)!G'!

0'1+,2!)#'('p3+9!M,+Gki!

! X+11'/)$.'13@!)#'!?*)$.'!%)9&',)%!+4!6FK!$,)'(.$'G'&!4+(!)#$%!('%'*(/#!

/+,.'3'&!*!1'.'1!+4!&$%/+74+()!*,&!4(9%)(*)$+,!G$)#!)#'!%)*)9%!89+!*,&!)#'$(!-1*/'!$,!

)#'!cC;a!

! P\W(

H!&+,O)!M,+G!$4!G'@!*%!*!2(+9-@!*('!#'*(&!#'*(BBH!7'*,BBB&+'%!*,30+&3!#'*(!

+9(!/+,/'(,%k!5+'%!*,30+&3!/*('k!H!('*113!&+,O)!M,+GBBBH4!G'!&$&!#*.'!*!

.+$/'BB3+9!M,+GBB/+,%$&'($,2!)#*)!+9(!2(+9-!#*%!)#'!0$22'%)!%)9&',)!

+(2*,$g'&!'.',)!+,!/*7-9%!d*,,9*1!G*/$-$eBB*,&!)#',!G#',!)#'3!-9)!$)!$,!)#'!

,'G%-*-'(BBG'!*('!-9)!+,!)#'!0*/M!-*2'!BB<9%)!*!1$))1'!019(0!#'('!*,&!)#'(':!

D+G!%)(+,2!+4!*!.+$/'!$%!)#*)k!c9(!%-*/'BBG#$/#!G'!%#*('!G$)#!+)#'(!2(+9-%@!

*11!-9)!)+2')#'(!*,&!1*0'1'&!*%!&$.'(%$)3!2(+9-%!$%!$,!)#'!0*%'7',)!*,&!+9(!

0$22'%)!'.',)!$%!-9)!+,!)#'!0*/M!-*2':!J#*)!&+'%!)#*)!%*3!*0+9)!#+G!G'!*('!

%'',!+,!)#$%!/*7-9%k!!!!!!!

!

! "#(+92#+9)!)#'!/+9(%'!+4!/+,&9/)$,2!$,)'(.$'G%!4+(!)#$%!('%'*(/#@!?*)$.'!

%)9&',)%!*)!6FK!('-'*)'&13!)+1&!7'!)#*)!)#'3!&+!,+)!4''1!)#*)!)#'$(!.+$/'!$%!.*19'&:!

"#'%'!%)9&',)%!&'7+,%)(*)'&!)+!7'!)#*)!+,'!+4!)#'!7+%)!&'.*%)*)$,2!'44'/)%!+4!

0'1+,2$,2!)+!*!7*(2$,*1$g'&!2(+9-!$%!)#'!4''1$,2!+4!-+G'(1'%%,'%%@!)#'!4''1$,2!+4!

0'$,2!$,.$%$01'!*,&!$,*9&$01':!!"#'!?*)$.'!%)9&',)%!G#+!('*/#'&!+9)!)#'!7+%)!)+!7'!

G'('!)#+%'!)#*)!1$,2'('&!*4)'(!*!4+/9%!2(+9-!7'')$,2!)+!.+$/'!)#'$(!/+,/'(,!)#*)!

,+)#$,2!-+%$)$.'!G+91&!/+7'!+4!73!('%'*(/#:!"#'3!G'('!/'()*$,!)#*)!)#'$(!.+$/'!

/+9,)'&!4+(!,+)#$,2!*,&!G'('!89$/M!)+!-+$,)!)+!*!1+,2!#$%)+(3!+4!0(+M',!-(+7$%'%:!

"#'$(!4(9%)(*)$+,!G*%!-*1-*01':!"#'!)+-$/!7+%)!+4)',!/$)'&!*%!*!%+9(/'!+4!)#'$(!

4(9%)(*)$+,!G*%!)#'!$%%9'!+4!*!%-'/$*1!-1*/'!4+(!)#'!?*)$.'!/+779,$)3:!

!

E"0*=)&'()#*+",&D1/7)&

b*((+&!*,&!S*($7+('!dT``Ye!/+7-$1'&!,*((*)$.'%!4(+7!;7'($/*,!H,&$*,!

%)9&',)%!*)!5*()7+9)#!*,&!4+9,&!)#*)!)#'!2(+9-!M,+G,!*%!h"#'!?*)$.'!;7'($/*,%!*)!

5*()7+9)#i!-(+.$&'&!*!/#*,/'!4+(!%9--+()!*,&!%+1$&*($)3!4+(!?*)$.'!%)9&',)%!$,!)#'!

4+('$2,!G+(1&!+4!*,!H.3!S'*29'!/*7-9%!$,!)#'!?+()#'*%)'(,!K,$)'&!F)*)'%:!

X+,)($09)+(%!/$)'&!)#'!'L$%)',/'!+4!)#'!?*)$.'!;7'($/*,!D+9%'!*1+,2!G$)#!)#'!?*)$.'!

! P\X(

;7'($/*,!F)9&$'%!-(+2(*7!*,&!)#'!%9--+()!+4!?*)$.'!;7'($/*,!4*/91)3!*%!-($7*(3!

4*/)+(%!$,!)#'$(!/+11'2'!%9//'%%:!"#'!?*)$.'!;7'($/*,!D+9%'!*)!5*()7+9)#!-(+.$&'&!

*!%*4'!-1*/'!4+(!%)9&',)%!G#+!G'('!'L-'($',/$,2!*!)3-'!+4!/91)9('!%#+/M!*($%$,2!4(+7!

/+,41$/)!0')G'',!*/*&'7$/!*,&!)(*&$)$+,*1!;7'($/*,!H,&$*,!.*19'%!db*((+&!*,&!

S*($7+('!T``Ye:!

! !! "#'!K,$.'(%$)3!+4!C$,,'%+)*!('/',)13!#'1&!*!/'1'0(*)$+,!$,!#+,+(!+4!)#'!4$4)#!

3'*(!+4!+-'(*)$+,!+4!)#'!;7'($/*,!H,&$*,!X91)9(*1!D+9%'!d;HXDe:!;HXD!$%!*!

hK,$.'(%$)3!'44+()!)+!#'1-!;7'($/*,!H,&$*,!%)9&',)%!*&<9%)!)+!/*7-9%!1$4'i!dF*,!

ZUU]aTe:!;%!)'%)$7+,3!)+!)#'!'44'/)$.','%%!+4!)#'!K,$.'(%$)3!+4!C$,,'%+)*O%!?*)$.'!

;7'($/*,!X91)9(*1!D+9%'@!+,'!;7'($/*,!H,&$*,!*197,*'!%)*)'&@!h;%!*!4('%#7*,@!$)!$%!

+4)',!#*(&!)+!)(*,%$)$+,!$,)+!1$4'!+,!3+9(!+G,!:!:!:"#'!X91)9(*1!D+9%'!2*.'!7'!*,!

$,4+(7*1!'&9/*)$+,!*0+9)!#+G!)+!%9(.$.'!*,&!#+G!)+!$,/+(-+(*)'!?*)$.'!)(*&$)$+,*1!

G*3%:!"#'!#+9%'!2*.'!7'!*!#+7'f!*!/+779,$)3!$,!G#$/#!H!0'1+,2'&!:!:!:!)#'!0'%)!

)#$,2!$%!)#*)!0'$,2!*!-*()!+4!)#'!X91)9(*1!D+9%'!G*%!1$M'!#*.$,2!3+9(!+G,!4*7$13:!H)!

G*%!*!2++&!%)'--$,2!%)+,'!)+!)#'!/*7-9%!4+(!4$(%)!3'*(!%)9&',)%i!dF*,!ZUU]aTe:!

! "#'!K,$.'(%$)3!+4!C+,)*,*!$%!*1%+!('/+2,$g'&!*%!*!-(+2('%%$.'!1'*&'(!$,!)#'!

4$'1&!+4!;7'($/*,!H,&$*,!#$2#'(!'&9/*)$+,:!"#'!4$(%)!+4!$)%!M$,&!$,!)#'!K,$)'&!F)*)'%@!

)#'!n]:_!7$11$+,!&+11*(![U@UUU!%89*('!4++)!?*)$.'!;7'($/*,!X',)'(!*)!)#'!K,$.'(%$)3!

+4!C+,)*,*!G*%!09$1)!4+(!)#'!'L-('%%!-9(-+%'!+4!#+9%$,2!)#'!?*)$.'!;7'($/*,!

F)9&$'%!5'-*()7',)@!;7'($/*,!H,&$*,!F)9&',)!F'(.$/'%!*,&!+)#'(!('1*)'&!/*7-9%!

-(+2(*77$,2:!!c,'!?*)$.'!2(*&9*)'!%)9&',)!'L-1*$,%!)#'!.*19'!+4!)#'!,'G!?;X@!h!H)O%!

('*113!$7-+()*,)!)+!#*.'!*!-1*/'!G#'('!G'!/*,!&'.'1+-!+9(!'L)',&'&!4*7$1$'%!*G*3!

! P\Y(

4(+7!#+7':!c,/'!G'!2')!)+!M,+G!'*/#!+)#'(@!)#',!G'!&+!)#'!%*7'!)#$,2%!4+(!'*/#!

+)#'(!*%!G'!&+!*)!#+7'i!dV*3,#*7!ZUTUaT_e:!

! F+7'!?*)$.'!;7'($/*,!%)9&',)%!*)!6FK@!$,/19&$,2!7*,3!+4!)#+%'!G#+!

-*()$/$-*)'&!$,!)#$%!('%'*(/#@!*('!G'11!*G*('!+4!4*/$1$)$'%!%9/#!*%!)#'!?*)$.'!;7'($/*,!

D+9%'!*)!5*()7+9)#!*,&!)#'!;7'($/*,!H,&$*,!X91)9(*1!D+9%'!*)!)#'!K,$.'(%$)3!+4!

C$,,'%+)*@!*,&!)#'!,'G!?*)$.'!;7'($/*,!X',)'(!*)!)#'!K,$.'(%$)3!+4!C+,)*,*:!I+(!

7*,3!9--'(!/1*%%7',!%)$11!$,!*))',&*,/'!*,&!4+(!7*,3!7+('@!&'/*&'%!('7+.'&!4(+7!

)#'$(!&*3%!+,!)#'!/*7-9%!+4!6FK@!$)!#*%!0'',!*!&('*7!4+(!%9/#!*!#+9%'!)+!'L$%):!F9/#!

*!#+9%'!G#'('!)#'('!/+91&!&'.'1+-!*!?*)$.'!/+779,$)3!+4!-'+-1'!G$)#!%$7$1*(!

G+(1&.$'G%@!*,&!-($&'491!)(*&$)$+,%@!*,&!%$7$1*(!4'*(%!*,&!/+,/'(,%:!;)!$)%!0'%)@!)#$%!

G+91&!0'!*!/+779,$)3!,+)!%'2('2*)'&!4(+7!7*$,%)('*7!/*7-9%!+(!%)9&',)%!09)!

%'(.$,2!*%!*,!',#*,/'7',)!)+!)#'!9,$.'(%$)3!/+779,$)3!)#(+92#!)#'!/'1'0(*)$+,!+4!*!

/91)9(*1!$&',)$)3!)#*)!#*%@!4+(!3'*(%@!M'-)!7*,3!?*)$.'!%)9&',)%!4(+7!)(913!4''1$,2!

1$M'!*!-*()!+4!6FK!/*7-9%!1$4'!*,&!/+779,$)3:!

! ;!5*()7+9)#!2(*&9*)'!*,&!/9((',)!6FK!2(*&9*)'!%)9&',)!#*%!'L-'($',/'&!

0+)#!G+(1&%a!

H)!G*%!1$M'BBB1$M'BBBH!&+,O)!M,+Gp$,!73!9,&'(2(*&!G'!#*&!*!%-*/':!H)!G*%!$,!

)#'!?*)$.'!;7'($/*,!6(+2(*7!c44$/':!!H)!G*%!<9%)!1$M'!*!1$))1'!1+9,2'!G$)#!1$M'!

)#(''!/+9/#'%!$,!$):!!;,&!*11!u1$M'!)#'!?*)$.'%!G+91&!-$1'!+,!)#+%'!/+9/#'%!*,&!

G'!G+91&!'*)!19,/#!)+2')#'(:!;,&!G'!G+91&!0'!1*92#$,2!*,&!$)!G+91&!0'!

1+9&:!;,&!$)!G+91&!<9%)!0'!*!('*1!/++1!%-*/':!!

J'!#*&!*!#+9%'!*)!73!9,&'(!2(*&!G#'('!3+9!*/)9*113!/+91&!1$.':!"#'('!G'('!

)G+!41++(%:!"#'!)+-!41++(!#*&!)#(''!0'&%!*,&!)#',!)#'!0+))+7!41++(!*,&!)#'!

7$&&1'!41++(:!;,&!)#'!%)9&',)%!/+91&!1$.'!)#'('!$4!3+9!*--1$'&!)+!1$.'!)#'(':!

;,&!1$M'!'.'(30+&3!G*,)'&!)+!1$.'!)#'('!*,&!'.'(30+&3!G*%!*1G*3%!)#'(':!H!

&+,O)!$4!$)!G*%!0'/*9%'!G'!#*&!*!#92'!/+779,$)3pH!&+,O)!M,+G!G#*)!$)!G*%!

! P\Z(

09)p'.'(30+&3!G*%!*1G*3%!)#'(':!J'!G'('!1$M'p&9($,2!)#'!*4)'(,++,%!G'!

G+91&!0'!$,!)#'!?;D!*11!/(+G&'&!+,!)#'!/+9/#!<9%)!'*)$,2!)+2')#'(!*,&!)#',!

$,!)#'!'.',$,2%@!G'O&!0'!$,!)#'!&$,$,2!(++7!*)!)G+!0$2!1+,2!)*01'%:!J'O&!0'!

<9%)!%)9&3$,2!+(!1*92#$,2:!;,&!)#',!)#'('!G*%!*!0*%'7',)!G#'('!G'O&!G*)/#!

7+.$'%!*,&R!V9)!)#*)!G*%!#+G!H!M'-)!73!/+,,'/)$+,!G$)#!#+7':!;,&!)#'('!

G*%!*!&(97!2(+9-BBBG'!#*&!*!1+)!+4!293%!4(+7!)#'!F+9)#G'%)@!%+!$)!G*%!M$,&!

+4!*!%+9)#'(,!&(97!2(+9-:!"#'3O&!/+7'!$,!*,&!)#'3!G+91&!1$M'!%$,2!*,&!

)#'3O&!0'!$,!)#'!?*)$.'!;7'($/*,!D+9%'p)#'3O&!0'!$,!)#'!0*%'7',)!*,&!

)#'3O&!%$,2:!;,&!$)!4'1)!%+!2++&!)+!#'*(!)#*):!H!&+,O)!M,+G!$4!G'!/+91&!2')!1$M'!

)#*)!%*7'!-1*/'!#'('!)#',!:!:!:!!

!

! ;!('.$'G!+4!)#'!1$)'(*)9('!/+9-1'&!G$)#!)#'!.+$/'!+4!6FK!?*)$.'!%)9&',)%!

('.'*1%!)#'!9,&'(13$,2!.*19'!+4!%9/#!-1*/'%!*%!)#'!?*)$.'!;7'($/*,!D+9%'!*)!

5*()7+9)#@!)#'!;7'($/*,!H,&$*,!X91)9(*1!D+9%'!*)!)#'!K,$.'(%$)3!+4!C$,,'%+)*@!)#'!

?*)$.'!;7'($/*,!X',)'(!*)!)#'!K,$.'(%$)3!+4!C+,)*,*@!*,&!)#'!49)9('!6FK!;7'($/*,!

H,&$*,!W&9/*)$+,!*,&!X91)9(*1!X',)'(:!"#*)!.*19'!$%!$,!G#*)!c1&',09(2!dT`]`e!

)'(7'&!)#'!)#$(&!-1*/':!"#'!)#$(&!-1*/'!$%!,+)!G+(M!+(!#+7'@!09)!(*)#'(@!*!-1*/'!4+(!

/+,2('2*)$+,@!*!-1*/'!4+(!4'11+G%#$-:!H,!%#+()@!)#'!)#$(&!-1*/'!$%!*!-1*/'!4+(!)#'!

4+(7*)$+,!+4!*!%9--+()$.'!/+779,$)3!+4!-''(%:!!F9/#!*!-1*/'!7*3!-(+.$&'!*,!

',.$(+,7',)!)#*)!G+91&!4+%)'(!*!%)(+,2!;7'($/*,!H,&$*,!$&',)$)3!*%!*,!*%%')!(*)#'(!

)#*,!*!&'4$/$)!do*%%+!ZUU^e:!"#$%!/+91&!0'!*!4*/$1$)*)+(!)+!/+11'2'!%9//'%%:!

! "#'!/+,/'-)!+4!*!?*)$.'!;7'($/*,!X91)9('!X',)'(!%-'/$4$/*113!4+(!)#'!6FK!

;7'($/*,!H,&$*,!-+-91*)$+,!#*%!0'',!/+,%$&'('&!*)!6FK!4+(!%'.'(*1!3'*(%:!V+)#!

%$&'%!+4!)#'!*(297',)!$,!)#$%!&'0*)'!*&7$)!)#*)!$)!$%!*!-+$,)!+4!/+,)',)$+,!)#*)!#*%!

1$,2'('&!G$)#+9)!('%+19)$+,:!!

! "#'!$&'*!+4!*!?*)$.'!;7'($/*,!X',)'(!*1%+!#*%!4*/91)3!%9--+():!c,'!.')'(*,!

-(+4'%%+(!$%!-*()$/91*(13!+9)%-+M',!+,!)#'!%90<'/):!;%!$%!)#'!/*%'!G$)#!)#'!%)9&',)%!H!

! P\[(

$,)'(.$'G'&@!)#$%!-(+4'%%+(O%!%$,21'!.+$/'!('-('%',)%!)#'!-+%$)$+,!+4!7*,3!-'+-1'!H!

%-+M'!G$)#a!

;%!H!)+1&!)#'!6('%$&',)!$,!*!7'')$,2!,+)!)++!1+,2!*2+@!NJ'O('!-(+2('%%$,2@!$,!

%+7'!G*3%@!*/*&'7$/*113@!09)!*,!;7'($/*,!H,&$*,!X91)9(*1!X',)'(!$%!u3+9!

M,+Gp^U!3'*(%!+.'(&9':!dS*92#%e!H4!3+9!1++M!*)!/+7-*(*01'!$,%)$)9)$+,%!

'.'(3G#'('@!G'!*('!%9/M$,2!G$,&!/+7-*('&!)+!)#'7!0'/*9%'!G'!#*.',O)!

0'',!-(+*/)$.'!',+92#!)+!9,&'(%)*,&!)#*)!3+9!/*,O)!('*113!0'!+4!79/#!*--'*1!

)+!)($0*1!%)9&',)%!$4!3+9!&+,O)!#*.'!*!-1*/'!:!:!:!H!)#$,M!)#*)!G'O('!

&$%*&.*,)*2'&!$,!)#*)!G'!&+,O)!#*.'!*!?*)$.'!;7'($/*,!X',)'(@!*!?*)$.'!

;7'($/*,!F)9&',)!X',)'(:!!

!

! I(+7!)#'!'L-'($',/'&!-'(%-'/)$.'!+4!+,'!4+(7'(!%)9&',)!*,&!;7'($/*,!

H,&$*,!4*/91)3!7'70'(@!)#'!$%%9'!+4!-1*/'!/+7'%!&+G,!)+!)#'!,''&!4+(!*!?*)$.'!

;7'($/*,!X91)9('!X',)'(!%-'/$4$/*113!4+(!?*)$.'!%)9&',)%!(*)#'(!)#*,!*!%#*('&!%-*/'!

G$)#!*11!&$.'(%'!%)9&',)%a!

H!)#$,M!)#*)!$)!G+91&!2++&!$4!)#'3!#*&!*!?*)$.'!;7'($/*,!X',)'(!G#'('!)#'3!

/+91&!*#!/+,2('2*)'!*,&!4''1!1$M'!*!/+779,$)3@!(*)#'(!)#*,!%/*))'('&!*(+9,&!

)#'!/*7-9%!:!:!:!;,&!H!)#$,M!$)!G+91&!#'1-!)#'7!4''1!1$M'!)#'3!0'1+,2!#'('@!)#*)!

)#'3O('!,+)!<9%)!0'$,2!9%'&!*%!&$.'(%$)3!%)*)$%)$/%@!)#*)!)#'!9,$.'(%$)3!G+91&!

('*113!-(+.$&'!*!-1*/'!4+(!)#'7@!1')!)#'7!M,+G!)#*)!)#'3!*('!.*19'&R!o+9!

M,+G@!*!1+)!+4!)$7'%!%)9&',)%!&+,O)!G*,)!)+!%)*,&!+9)!*,&!0'!,+)$/'&!*1+,'BBB

09)!$4!3+9O('!*%!*!2(+9-BBB)#'('!$%!/+74+()!*,&!/+,4$&',/':!H!)#$,M!*!X',)'(!

G+91&!#'1-!)#'7!09$1&!/+779,$)3:!

!

! "#'!('/',)13!(')$('&!*&7$,$%)(*)+(!G*%!*!1+,2!)$7'!-(+-+,',)!+4!*!?*)$.'!

;7'($/*,!X91)9(*1!X',)'(a!

H4!G'!/+91&!#*.'!*!NX',)'(O@!*!N-1*/'O!G#'('!?*)$.'!%)9&',)%!G+91&!4''1!

G'1/+7'!*,&!/+74+()*01'!*,&!*)!#+7'@!*!-1*/'!G#'('!)#'3!/+91&!7'')!G$)#!

)#'$(!4($',&%@!4*7$1$'%@!-''(%!G#+!*('!?*)$.'@!',2*2'!$,!%+/$*1!'.',)%@!',2*2'!

$,!/'('7+,3@!0'!*01'!)+!%)9&3!*,&!G+(M!)+2')#'(!:!:!:!G+91&!0'!*,!',+(7+9%13!

-+%$)$.'!&'.'1+-7',)!4+(!)#$%!/*7-9%@!4+(!%'(.$,2!%)9&',)%:!F+!H!)#$,M!)#*)!$%!

*,!$7-+()*,)!'1'7',)!)#*)!,''&%!)+!0'!&'.'1+-'&:!!

'

! P\\(

' F9--+()!4+(!)#'!?*)$.'!;7'($/*,!X91)9(*1!X',)'(!$%!,+)!9,*,$7+9%:!F+7'!

0'1$'.'!)#'('!$%!,+)!*!N/($)$/*1!7*%%O!+4!?*)$.'!;7'($/*,!%)9&',)%!)+!<9%)$43!*!X',)'(@!

*,&!*%!%9/#!)#'!$%%9'!%$7-13!0+$1%!&+G,!)+!,970'(%!*,&!)#'!0'%)!G*3!)+!*11+/*)'!

('%+9(/'%!%9/#!)#*)!)#'!2('*)'%)!,970'(!+4!7$,+($)3!%)9&',)%!0','4$)!4(+7!*!1$7$)'&!

-++1!+4!('%+9(/'%:!!

! c,'!9,$.'(%$)3!*&7$,$%)(*)+(!.+$/'&!/+,/'(,a!

!

"#'!?*)$.'!;7'($/*,!X91)9(*1!X',)'(@!H!%)(9221'!G$)#:!J#',!G'!1++M'&!*)!+,'!

%'.'(*1!3'*(%!*2+@!)#'!('%'*(/#!&+,'!G$)#!+9(!%)9&',)%!*)!)#*)!-+$,)!('*113!

-+$,)'&!)+G*(&!*!791)$/91)9(*1!/',)'(@!BBG#'('@!*%!G'!)*1M'&!*0+9)!'*(1$'(@!

G'!/+91&!09$1&!%3,'(23!0'/*9%'!G'!&+,O)!#*.'!/($)$/*1!7*%%:!!

!

J#',!G'!&$&!)#'!('%'*(/#@!/*7-9%'%!',/+9(*2'&!9%!)+!/('*)'!*!791)$/91)9(*1!

/',)'(@!*,&!)+!09$1&!+44!+4!)#*):!;,&!*)!+,'!-+$,)!G'!#*&!)*1M'&!*0+9)!*!

C91)$/91)9(*1!X',)'(!*,&!*%!G'!2('G@!3+9!/+91&!#*.'!G$,2%!4+(!)#'!&$44'(',)!

2(+9-%!09)!%)$11!#*.'!*!/',)'(@!p*,&!G'!%''7!)+!#*.'!2+,'!*G*3!4(+7!)#*):!

;,&BB!*,&!$4!G'O('!('*&3!)+!&+!)#*)!*,&!)#'('!$%!*!1+)!+4!/*7-9%!%9--+()@!

7*30'!G'!,''&!)+!&+!)#*)@!H!&+,O)!M,+G:!H!&+,O)!M,+G!#+G!3+9!2')!3+9(!*(7%!

*(+9,&!)#*):!HO7!%)$11!)(3$,2!)+!2')!73!*(7%!*(+9,&!)#*):!

!

! X+77',)%!+4!?*)$.'!%)9&',)%!*,&!+)#'(%!$,.+1.'&!$,!)($0*1!%)9&',)!

-(+2(*77$,2!*,&!%)9&',)!%9--+()!%922'%)!)#*)!)#'!)$7'!#*%!/+7'!4+(!)#'!$,%)$)9)$+,!

)+!09$1&!+44!$)%!/9((',)!791)$/91)9(*1!/+,/'-)!*,&!)+!2')!$)%!/+11'/)$.'!*(7%!*(+9,&!

)#'!/+,/'-)!+4!*!?*)$.'!;7'($/*,!X91)9(*1!X',)'(:!

! I(+7!)#'!-'(%-'/)$.'!+4!)#'!;7'($/*,!H,&$*,!%)9&',)@!G#$1'!$,/+(-+(*)$,2!

/91)9('@!09$1&$,2!*!%9--+()$.'!/+779,$)3@!*,&!',#*,/$,2!)#'!&'.'1+-7',)!+4!?*)$.'!

;7'($/*,!$&',)$)3!*%!*,!*%%')!(*)#'(!)#*,!*!&'4$/$)!do*%%+!ZUU^e@!)#'!&'0*)'!/*,!0'!

('&9/'&!)+!)#'!G+(&%!+4!+,'!%)9&',)!G#+!('-'*)'&13!%*$&!)+!7'@!hH!*7!,+)!

C91)$/91)9(*1@!H!*7!?*)$.'!;7'($/*,:i!!

! NOO(

! "#'!7*$,!-+$,)!)+!0'!7*&'!('2*(&$,2!*!-1*/'!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!

6FK!*,&!#+G!)#*)!0'/+7'%!*!0*(($'(!)+!/+11'2'!%9//'%%!$%!%$7-13!)#*)!,+!%9/#!-1*/'!

/9((',)13!'L$%)%!*)!)#'!)$7'!+4!)#$%!('%'*(/#:!V9)!)#'('!$%!2('*)!#+-'!*,&!',)#9%$*%7!

4+(!)#'!49)9('!G$)#!)#'!/+7$,2!+4!)#'!;7'($/*,!H,&$*,!W&9/*)$+,!*,&!X91)9('!X',)'(!

/+7$,2!$,!)#'!4*11!+4!ZUTU:!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

! NOP(

! ! ! ! !!!!!!!!!!!!(&U!I/#$('%'#(((((((((((((

-@BB=;5T(&>?HD@98>?9T($:H>BB:?7=<8>?9(=?7(+8B8<=<8>?9(

(

!"#$%!/#*-)'(!$,/19&'%!*!%977*(3!+4!4$,&$,2%!&$%-1*3'&!*%!*!1$%)!+4!4*/$1$)*)+(%!

*,&!0*(($'(%!)+!*/*&'7$/!*))*$,7',)!*)!6FK:!H,!'*/#!/*)'2+(3@!H!#*.'!1$%)'&!4*/)+(%!$,!

*!#$'(*(/#3!+4!%*1$',/'!4(+7!#$2#!)+!1+G!G$)#!)#+%'!4*/)+(%!1$%)'&!4$(%)!(*,M$,2!*%!)#'!

7+%)!$7-+()*,)!*%!%'',!4(+7!)#'!-'(%-'/)$.'!+4!*11!-*()$/$-*,)%!$,/19&'&!$,!)#$%!

('%'*(/#:!!

;4)'(!%977*($g$,2!)#'!4$,&$,2%@!H!#*.'!+9)1$,'&!/+,/19%$+,%!&(*G,!4(+7!)#'!

&*)*@!*,&!7*&'!('/+77',&*)$+,%!0*%'&!+,!)#+%'!/+,/19%$+,%!4+(!$7-(+.$,2!)#'!

89*1$)3!+4!)#'!/+11'2'!'L-'($',/'!4+(!;7'($/*,!H,&$*,%!*)!6FK@!*,&!4+(!$,/('*%$,2!)#'!

1$M'1$#++&!+4!%)9&',)!-'(%$%)',/'!*,&!*/*&'7$/!*))*$,7',):!!

I$,*113@!H!&$%/9%%!)#'!1$7$)*)$+,%!+4!)#$%!('%'*(/#!*,&!('/+77',&*)$+,%!4+(!

49)9('!('%'*(/#!)#*)!7*3!-+%%$013!'L-*,&!)#'!-*(*7')'(%!+4!)#$%!%)9&3!)+!$,/19&'!*11!

+4!6(*$($'!F)*)'O%!$,%)$)9)$+,%!+4!#$2#'(!'&9/*)$+,@!G$)#!*!4+/9%!+,!/+11*0+(*)$.'!

'44+()%!)+G*(&!',#*,/$,2!)#'!/#*,/'%!4+(!*/*&'7$/!*))*$,7',)!4+(!;7'($/*,!H,&$*,!

%)9&',)%:!

!

-@BB=;5_&>?HD@98>?9(

N/",0*0"0*=)&

! "#'!6(*$($'!F)*)'!V+*(&!+4!E'2',)%!I*/)!V++M!4+(!)#'!4$%/*1!3'*(!ZUTU!

-(+.$&'%!*!89*,)$)*)$.'!%,*-!%#+)!$,!)$7'!+4!)#'!&$.'(%$)3!+4!)#'!6FK!%)9&',)!

! NON(

-+-91*)$+,:!I+(!)#'!4*11!%'7'%)'(!+4!ZUU`!)#'!)+)*1!,970'(!+4!%)9&',)%!',(+11'&!*)!

6FK!G*%!TZ@![Y_:!;)!TU@!^YY@!J#$)'!?+,BD$%-*,$/!%)9&',)%!*('!)#'!+.'(G#'17$,2!

7*<+($)3!*)!][:`!-'(/',)!+4!)#'!)+)*1!%)9&',)!-+-91*)$+,:!"#'('!$%!*,!'89*113!

%$2,$4$/*,)!2*-!0')G'',!)#'!J#$)'!,97'($/*1!7*<+($)3!*,&!)#'!,'L)!1*(2'%)!')#,$/!

2(+9-:!;)!\[_@!)#'!2(+9-!$&',)$4$'&!*%!;%$*,Q6*/$4$/!H%1*,&'(%!$%!)#'!,'L)!1*(2'%)!

2(+9-!*,&!)#'!1*(2'%)!+4!*11!7$,+($)3!%)9&',)!2(+9-%!*)![:T!-'(/',)!+4!)#'!)+)*1!

%)9&',)!-+-91*)$+,:!;//+(&$,2!)+!%'.'(*1!*&7$,$%)(*)+(%!H!$,)'(.$'G'&@!)#'!7*<+($)3!

+4!;%$*,!%)9&',)%!*)!6FK!*('!2(*&9*)'!%)9&',)Q('%'*(/#!*%%$%)*,)%:!?*)$.'!;7'($/*,!

%)9&',)%!,970'(!Z\`!*,&!/+7-($%'!)#'!%'/+,&!1*(2'%)!')#,$/!2(+9-!*)!6FK!*)!Z:[!

-'(/',):!"#'('!*('!T_]!%)9&',)%!$&',)$4$'&!*%!;4($/*,!;7'($/*,QV1*/M!?+,BD$%-*,$/!

*)!6FK@!/+7-($%$,2!T:^!-'(/',)!+4!)#'!)+)*1!%)9&',)!-+-91*)$+,:!"#'!2(+9-!,970'($,2!

)#'!4'G'%)!+4!*,3!$&',)$4$'&!')#,$/!-+-91*)$+,!$%!D$%-*,$/!%)9&',)%@!G$)#!*)!TZZ@!

*--(+L$7*)'13!+,'!#*14!)#'!,970'(!$&',)$43$,2!*%!?*)$.'!;7'($/*,!*)!T:[!-'(/',)!+4!

)#'!)+)*1!%)9&',)!-+-91*)$+,:!!

! 5*)*!+,!/+7-*(*)$.'!(')',)$+,!*,&!2(*&9*)$+,!(*)'%!4+(!?*)$.'!;7'($/*,!

%)9&',)%!('1*)$.'!)+!)#'!)+)*1!%)9&',)!-+-91*)$+,!%#+G!)G+!%$2,$4$/*,)!&$44'(',/'%:!

! T:!H,/+7$,2!?*)$.'!;7'($/*,!4('%#7',!*('!+.'(G#'17$,213!+9),970'('&!

! /+7-*('&!)+!)+)*1!$,/+7$,2!4('%#7',!+4!*11!(*/$*1Q')#,$/!2(+9-%:!!C*,3!3'*(%!

! 0')G'',!ZUUU!*,&!ZUU`@!)#'!(*)$+!G*%!(+92#13!TUUaT:!

!! Z:!"#'('!$%!%$2,$4$/*,)!&$%-*($)3!0')G'',!?*)$.'!;7'($/*,!4('%#7',!*,&!*11!

! +)#'(!4('%#7',!)#*)!(')9(,!4+(!*!%'/+,&!3'*(:!E')',)$+,!4(+7!4$(%)!)+!%'/+,&!

! 3'*(!4+(!?*)$.'!;7'($/*,!%)9&',)%!*.'(*2'&!(+92#13!\]!-'(/',)!0')G'',!

! NOV(

! ZUUU!*,&!ZUU`:!E')',)$+,!+4!)+)*1!$,/+7$,2!4('%#7',!4(+7!4$(%)!)+!%'/+,&!

! 3'*(!*.'(*2'&!(+92#13!YY!-'(/',):!

I"+*$*0"01#7&

! "#'!4+11+G$,2!4*/)+(%!'7'(2'&!$,!+(&'(!*%!)#'!7+%)!%$2,$4$/*,)!

4*/$1$)*)+(%!+4!;7'($/*,!H,&$*,!'&9/*)$+,*1!*))*$,7',)!*)!6FK:!

• F9--+()$.'!I*7$13'

• F9--+()$.'!I($',&%(

• F9--+()$.'!I*/91)3(

• F9--+()$.'!;&7$,$%)(*)$+,!(

• F9--+()$.'!K,$.'(%$)3!W,.$(+,7',)! ! ! (

• ?*)$.'!;7'($/*,!I*/91)3QF)*44!

• F)9&',)!F9--+()!F'(.$/'%!

• "(*&$)$+,*1!X91)9(*1!c--+()9,$)$'%!

• I$,*,/$*1!F9--+()!

' 52EE3*#$%&'M")$:C'

( c4!*11!)#'!4*/$1$)*)+(%!/$)'&!03!;7'($/*,!H,&$*,!%)9&',)%@!%9--+()!$%!/1'*(13!)#'!

7+%)!%*1$',):!;11!4*/)+(%!/+,%$&'('&!)#'!%9--+()!+4!4*7$13!$%!/1'*(13!)#'!7+%)!

$7-+()*,)!4(+7!)#'!-'(%-'/)$.'!+4!)#'!?*)$.'!%)9&',):!!

! 52EE3*#$%&'M*$&,16'

( H,!)#'!*0%',/'!+4!4*7$13@!*!%9--+()$.'!,')G+(M!+4!4($',&%!$%!)#'!7+%)!1$M'13!

4*/$1$)*)+(!)+!?*)$.'!%)9&',)%O!-'(%$%)',/'!$,!/+11'2':!J$)#+9)!*!%9--+()$.'!,')G+(M!

+4!4($',&%@!?*)$.'!%)9&',)%!('-+()'&!4''1$,2!*1+,'!$,!*!4+('$2,!',.$(+,7',)@!*%!$4!)+!

! NOW(

0'!N*,!+9)%$&'(!1++M$,2!$,O!*)!*!-1*/'!*,&!-'+-1'!+.'(G#'17$,213!&$44'(',)!4(+7!

+,'O%!%'14:!

! 52EE3*#$%&'M"+2:#C'

( I*/91)3!%9--+()!$,!)#'!4+(7!+4!/91)9(*1!%',%$)$.$)3@!G$11$,2,'%%!)+!9,&'(%)*,&!

*,&!'70(*/'!)#'!/+11'2'!'L-'($',/'!4(+7!)#'!?*)$.'!%)9&',)O%!-'(%-'/)$.'!*,&!%+7'!

41'L$0$1$)3!4(+7!)#'!7*$,%)('*7!,+(7@!$%!+4!.$)*1!$7-+()*,/'!)+!)#'!?*)$.'!%)9&',)O%!

7*M$,2!*!/+74+()*01'!*&<9%)7',)!)+!)#'!7*$,%)('*7!$,%)$)9)$+,:!!!!!!!!!!

! 52EE3*#$%&'(1)$,$6#*"#$3,''

! H,%)$)9)$+,*1!0*(($'(%!*('!G$)#$,!)#'!&+7*$,!+4!6FK!*&7$,$%)(*)$+,:!

c.'(/+7$,2!)#'!#$%)+(3!+4!%)(9/)9(*1!0*(($'(%!)+!*/*&'7$/!*))*$,7',)!4+(!;7'($/*,!

H,&$*,!%)9&',)%!*)!6FK!0'2$,%!G$)#!*!%)(+,2!/+77$)7',)@!03!9,$.'(%$)3!

*&7$,$%)(*)$+,@!)+!4914$11$,2!)#'!7$%%$+,!+4!6FK!*%!*!1*,&!2(*,)!$,%)$)9)$+,:!6FK!

*&7$,$%)(*)+(%!#*.'!&'7+,%)(*)'&!%9/#!/+77$)7',)@!*,&!%)'-%!)+G*(&!)#*)!',&!

#*.'!*1('*&3!0'29,!G$)#!)#'!*,,+9,/'7',)!+4!)#'!/+7$,2!+4!)#'!;7'($/*,!H,&$*,!

W&9/*)$+,!*,&!X91)9(*1!X',)'(!*,&!)#'!-1*,,$,2!+4!*,!',#*,/'&!/9(($/9197!$,!

;7'($/*,!H,&$*,!F)9&$'%!)+!$,/19&'!*!7*<+(!$,!)#*)!*('*!+4!%)9&3:!

52EE3*#$%&'4,$%&*6$#C'0,%$*3,)&,#'

! S'*&'(%#$-!03!9,$.'(%$)3!*&7$,$%)(*)$+,!)+G*(&!)#'!2+*1!+4!*,!',#*,/'&!

*/*&'7$/!%9//'%%!4+(!?*)$.'!%)9&',)%!/*,!/('*)'!*!9,$.'(%$)3!',.$(+,7',)!)#*)!$%!

09$1)!+,!*!4+9,&*)$+,!+4!'70(*/$,2!;7'($/*,!H,&$*,!%)9&',)%@!4*/91)3@!%)*44@!*,&!

*&7$,$%)(*)+(%@!*,&!)#'$(!/91)9('@!*%!*,!*%%')!)+!)#'!9,$.'(%$)3!*,&!)#'!1+/*1@!%)*)'!

*,&!('2$+,*1!/+779,$)$'%:!

! NOX(

' !"#$%&'()&*$+",'M"+2:#CU5#";;'

! ?*)$.'!;7'($/*,!%)9&',)%!-1*/'!2('*)!.*19'!+,!)#'!-('%',/'!+4!;7'($/*,!

H,&$*,!4*/91)3!*,&!%)*44:!"#'%'!$,&$.$&9*1%!%'(.'!*%!%9--+()$.'!7',)+(%!*,&!(+1'!

7+&'1%!)+!?*)$.'!%)9&',)%!*)!6FK:!!

5#21&,#'52EE3*#'5&*%$+&6'

! F)9&',)!%9--+()!%'(.$/'%!*('!.$)*1!('%+9(/'%!4+(!%+7'!;7'($/*,!H,&$*,!

%)9&',)%:!"#$%!7*3!0'!-*()$/91*(13!)(9'!4+(!$,/+7$,2!4('%#7*,!%)9&',)%!G#+!*('!

%)*)$%)$/*113!('-+()'&!)+!0'!1'%%!1$M'13!)+!(')9(,!)+!6FK!4+(!*!%'/+,&!3'*(:!H,/('*%'&!

9%'!+4!%)9&',)!%9--+()!%'(.$/'%!7*3!$,/('*%'!)#'!1$M'1$#++&!+4!-'(%$%)',/':!F)9&',)!

%9--+()!%)*44!$%!&'&$/*)'&!$,!)#'$(!/+77$)7',)!)+!#'1-$,2!?*)$.'!%)9&',)%!0'!

%9//'%%491:!!

! 7*"1$#$3,":'N2:#2*":'PEE3*#2,$#$&6'

! c--+()9,$)$'%!)+!',2*2'!$,!)#'!-(*/)$/'!+4!?*)$.'!)(*&$)$+,*1!*/)$.$)$'%!G'('!

/$)'&!03!%)9&',)%!*%!*,!$7-+()*,)!4*/$1$)*)+(!*11+G$,2!)#'7!)+!7*$,)*$,!*!1$,M!)+!

)#'$(!1$4'!*)!#+7'!*,&!G$)#!4*7$13!G#$1'!*)!6FK:!"#'!?*)$.'!;7'($/*,!X190!*,&!)#'!

/+779,$)3!4+(7'&!03!)#+%'!*/)$.'!$,!)#'!/190!G'('!*0+9)!)#'!+,13!+--+()9,$)3!)+!

',2*2'!$,!%9/#!*/)$.$)$'%!&$%/9%%'&!03!-*()$/$-*,)%:!

! M$,",+$":'52EE3*#'

! "#'!?*)$.'!%)9&',)%!H!$,)'(.$'G'&!G'('!*11!*G*('!+4!)#'!,'/'%%$)3!+4@!*,&!)#'!

*.*$1*0$1$)3!+4!4$,*,/$*1!*$&:!H,)'('%)$,213@!*,&!$,!M''-$,2!G$)#!73!('.$'G!+4!)#'!

1$)'(*)9('@!4$,*,/$*1!/+,/'(,%!G'('!/+,%$%)',)13!7',)$+,'&!+,13!G#',!*%M'&!&$('/)13:!

! NOY(

"#$%!%9--+()%!-($+(!('%'*(/#!4$,&$,2%!)#*)!4$,*,/$*1!/+,/'(,%!*('!1+G!$,!*!#$'(*(/#3!

+4!%*1$',)!4*/)+(%!'$)#'(!*%!4*/$1$)*)+(%!+(!0*(($'(%:!

P"##*)#7&

! "#'!4+11+G$,2!4*/)+(%!'7'(2'&!*%!)#'!7+%)!-+G'(491!0*(($'(%!)+!'&9/*)$+,*1!

*))*$,7',)!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!

• H,%)$)9)$+,*1!V*(($'(%'

• S*/M!+4!F9--+()'

• H,*&'89*)'!D$2#!F/#++1!6('-*(*)$+,'

• ?+,B%9--+()$.'!4*/91)3'

• S*/M!+4!"(*&$)$+,*1!X91)9(*1!c--+()9,$)$'%!

• S*/M!+4!F-'/$*1!61*/'!4+(!5'.'1+-7',)!+4!F9--+()$.'!X+779,$)3'

• 6('<9&$/'QE*/$%7'

• X91)9(*1!5$%/+,)$,9$)3'

• X91)9('!F#+/M'

• 5$%/+74+()!$,!S+/*1!X+779,$)3!

• 5$%/+74+()!$,!K,$.'(%$)3!X+779,$)3!

• "++!I'G!?*)$.'!;7'($/*,!I*/91)3QF)*44!

• I*7$13!5$%/+9(*2'7',)'

• H,*&'89*)'!I$,*,/$*1!E'%+9(/'%' !

!

!

!

! NOZ(

! <,6#$#2#$3,":'F"**$&*6'

! "#(+92#+9)!)#'!T[UB3'*(!#$%)+(3!)#'('!#*.'!0'',!%'.'(*1!%$2,$4$/*,)13!

%9//'%%491!?*)$.'!;7'($/*,!%)9&',)%!2(*&9*)'&!4(+7!6FK:!D+G'.'(@!&*)*!2*)#'('&!

)#(+92#!)#$%!('%'*(/#!$,&$/*)'!1$7$)'&!'7-#*%$%!+,!('/(9$)7',)!+(!(')',)$+,!+4!

?*)$.'!;7'($/*,!%)9&',)%:!C*,3!('%-+,&',)%!7',)$+,'&!)#*)!6FK!$%!*!1*,&!2(*,)!

9,$.'(%$)3@!09)!)#*)!$)!#*%!#$%)+($/*113!4*$1'&!)+!$,/19&'!)#'!?*)$.'!;7'($/*,!

-+-91*)$+,!+4!6(*$($'!F)*)'!*%!*!4+/9%!$,!-(+.$&$,2!'&9/*)$+,*1!+--+()9,$)$'%:!

;&&$)$+,*113@!/*7-9%!/1$7*)'@!$,!)'(7%!+4!'70(*/$,2!&$.'(%$)3@!*,&!?*)$.'!;7'($/*,!

/91)9('%!#*%!0'',!1'%%!)#*,!+-)$7*1:!!

' V"+='3;'52EE3*#'

! "#'!&*)*!%#+G!)#*)!%9--+()!4+(!?*)$.'!;7'($/*,!%)9&',)%!/+7'%!$,!*!.*($')3!

+4!4+(7%:!;!G'*M',$,2!+4!*,3!+4!)#'!-+%%$01'!/+7-+,',)%!+4!%9--+()!7*3!1'*&!)+!*,!

*--*(',)!+.'(*11!1*/M!+4!%9--+():!J#$1'!%)9&',)!%9--+()!%)*44!$%!&'&$/*)'&!$,!)#'$(!

/+77$)7',)!)+!#'1-$,2!?*)$.'!%)9&',)%!0'!%9//'%%491@!$)!*--'*(%!)#*)!%+7'!+4!)#+%'!

%)9&',)%!7*3!9,&'(!9)$1$g'!%9/#!%'(.$/'%:!6+%%$01'!('*%+,%!4+(!9,&'(!9)$1$g*)$+,!

$,/19&'@!1*/M!+4!*G*(','%%!+4!)#'!*.*$1*0$1$)3!+4!%'(.$/'%:!F+7'!?*)$.'!%)9&',)%!*('!

#'%$)*,)!)+!%''M!+9)!#'1-!*,&!9)$1$g'!'L$%)$,2!%9--+()!%'(.$/'%@!'$)#'(!4+(!1*/M!+4!)(9%)@!

/91)9(*1!&$%/+74+()@!+(!4'*(!+4!0'$,2!%'',!*%!1'%%!/*-*01'!)#*,!7*$,%)('*7!%)9&',)%:!!

! <,"1&W2"#&'-$./'5+/33:'9*&E"*"#$3,'

! 6++(!#$2#!%/#++1!-('-*(*)$+,!$%!G'11!&+/97',)'&!$,!)#'!1$)'(*)9('!*%!*!

%$2,$4$/*,)!0*(($'(!)+!*/*&'7$/!*))*$,7',)!4+(!?*)$.'!;7'($/*,!%)9&',)%:!5*)*!

('.'*1'&!$,!)#$%!%)9&3!$%!/+,2(9',)!G$)#!4$,&$,2%!/$)'&!$,!-($+(!('%'*(/#:!E'7'&$*1!

! NO[(

,''&%!+4!%+7'!?*)$.'!%)9&',)%!/*,!0'!*&&('%%'&!*)!6FK!)#(+92#!%)9&',)!%9--+()!

%'(.$/'%!*,&!9,&'(%)*,&$,2!4*/91)3:!D+G'.'(@!$,!7*,3!/*%'%!)#'!*/*&'7$/!#*,&$/*-%!

G$)#!G#$/#!7*,3!%)9&',)%!*(($.'!*)!6FK!7*3!0'!&$44$/91)!+(!$7-+%%$01'!)+!+.'(/+7':!

F+7'!?*)$.'!%)9&',)%!H!$,)'(.$'G'&!#*.'!'L-'($',/'&!0+)#!)($0*1!*,&!-901$/!#$2#!

%/#++1%!*,&!G'('!89$/M!)+!&'%/($0'!)#'!&$44'(',/'%!0')G'',!)#'7!$,!)'(7%!+4!)#'!

89*1$)3!+4!-('-*(*)$+,!4+(!/+11'2':!!

! c4!-*()$/91*(!%$2,$4$/*,/'!('1*)$.'!)+!%)9&',)%!G$)#!$,*&'89*)'!#$2#!%/#++1!

-('-*(*)$+,@!*%!7',)$+,'&!*0+.'@!*('!4*/91)3!7'70'(%!9,G$11$,2!)+!7*M'!

*&<9%)7',)%!4+(!%)9&',)%!,''&$,2!('7'&$*1!#'1-:!F)9&',)%!,''&$,2!('7'&$*1!#'1-!

/*,!89$/M13!0'/+7'!1+%)!$4!4*/91)3!*('!$,41'L$01'!+(!$,%',%$)$.'!)+!)#*)!%)9&',)O%!,''&%:!

F9/#!,''&%!#+G'.'(@!7*3!0'!&$44$/91)!4+(!$,&$.$&9*1!4*/91)3!)+!*//+77+&*)'@!*,&!

)#9%!('89$('!*!7+('!$,)',)$+,*1@!%3%)'7$/!('7'&$*)$+,!-(+2(*7:!

! !3,X62EE3*#$%&';"+2:#C'

! I*/91)3!7'70'(%!*('!$,!*!-+%$)$+,!)+!*/)!*%!'$)#'(!4*/$1$)*)+(!+(!0*(($'(!)+!

/+11'2'!%9//'%%:!;)!)$7'%!)#$%!$,419',/'!/*,!0'!'L)('7'!$,!'$)#'(!&$('/)$+,:!C*,3!

%)9&',)%!)+1&!+4!$,%)*,/'%!+4!'L)('7'!$,%',%$)$.$)3!*,&!$,41'L$0$1$)3!+4!-(+4'%%+(%!)+!

/91)9(*1!&$44'(',/'%@!4*7$13!+01$2*)$+,%@!*,&!*!.*($')3!+4!+)#'(!$%%9'%:!C*,3!%)9&',)%!

)+1&!+4!#$2#13!$,*--(+-($*)'!('7*(M%!7*&'!03!4*/91)3:!!

! V"+='3;'7*"1$#$3,":'N2:#2*":'PEE3*#2,$#$&6'

! ;11!+4!)#'!%)9&',)%!H!$,)'(.$'G'&!7',)$+,'&!)#'!1*/M!+4!+--+()9,$)$'%!)+!

-*()$/$-*)'!$,!/91)9(*1!*/)$.$)$'%!*%!*!0*(($'(!)+!4''1$,2!/+74+()*01'!*)!6FK:!C*,3!

/$)'&!%9/#!*/)$.$)$'%!*%!)#'$(!+,13!1$,M!)+!)#'!/+74+()!+4!#+7'!*,&!4*7$13:!"#'!?*)$.'!

! NO\(

;7'($/*,!X190!-(+.$&'%!)#'!+,13!*.*$1*01'!+9)1')!4+(!/91)9(*1!'L-('%%$+,!4+(!?*)$.'!

%)9&',)%!*)!6FK:!H)!*--'*(%!)#*)!)#'!7*$,!4+/9%!+4!)#'!?*)$.'!;7'($/*,!X190!

)#(+92#+9)!)#'!3'*(!G*%!)#'!-1*,,$,2!+4!)#'!*,,9*1!6FK!J*/$-$@!#'1&!$,!I'0(9*(3:!

c)#'(!)#*,!)#'!-1*,,$,2!+4!)#*)!'.',)@!H!G$),'%%'&!,+!+)#'(!/91)9(*113!%-'/$4$/!

*/)$.$)$'%@!'.',!)#+92#!%9/#!*/)$.$)$'%!G'('!%+7')$7'%!7',)$+,'&:!5*)*!2*)#'('&!$,!

4+/9%!2(+9-%!*,&!-'(%+,*1!$,)'(.$'G%!$,&$/*)'!)#*)!)#'('!$%!*!#$2#!1'.'1!+4!$,)'('%)!$,!

-*()$/$-*)$,2!$,!/91)9(*1!'.',)%!*,&!*/)$.$)$'%:!!

! V"+='3;'5E&+$":'9:"+&';3*'Q&%&:3E)&,#'3;'52EE3*#$%&'N3))2,$#C'

! W.',!)#+92#!)#'!1*/M!+4!*!%-'/$*1!-1*/'!$%!,+)!*)!)#'!)+-!+4!)#'!%*1$',/'!

#$'(*(/#3!*%!*!N7*M'!+(!0('*M!4*/)+(O@!$)!$%!9,&+90)'&13!)#'!+,'!$%%9'!*0+9)!G#$/#!

'.'(3+,'!H!$,)'(.$'G'&!G*%!7+%)!-*%%$+,*)':!"#'!1*/M!+4!*!?*)$.'!;7'($/*,!X91)9('!

X',)'(!#*%!*,!$7-*/)!+,!'.'(3!+)#'(!/*)'2+(3:!H)!/+91&!-(+.$&'!*!-1*/'!4+(!)#'!

4+(7*)$+,!*,&!7'')$,2!+4!*!%9--+()$.'!/+779,$)3!+4!?*)$.'!%)9&',)%@!4*/91)3!*,&!*11!

)#+%'!G#+!'70(*/'!?*)$.'!-'+-1'!*,&!/91)9('!*%!*!.*19*01'!*%%'):!H)!/+91&!-(+.$&'!*!

-1*/'!G#'('!%)9&',)%!4''1!%'/9('!$,!*%M$,2!4+(!#'1-:!H)!/+91&!-(+.$&'!*!-1*/'!4+(!)#'!

+(2*,$g*)$+,!+4!*,&!-*()$/$-*)$+,!$,!/91)9(*1!*/)$.$)$'%:!H)!/+91&!-(+.$&'!*!-1*/'!

G#'('!4*7$13!7'70'(%!/+91&!/+7'!)+!6FK!)+!0'!%9--+()$.'!+4!)#'$(!/+11'2'!%)9&',):!

H)!/+91&!-(+.$&'!*!-1*/'!4+(!)#'!$,)'(4*/'!+4!)#'!1+/*1!7*$,%)('*7!/+779,$)3!G$)#!

)#'!6FK!*,&!1+/*1!?*)$.'!;7'($/*,!/+779,$)3:!"#$%@!$,!)9(,!/+91&!1'*&!)+!*,!

$,/('*%'&!*--('/$*)$+,!+4!?*)$.'!/91)9('!G$)#$,!)#'!E*$1)+G,!/+779,$)3:!"#'!X',)'(!

/+91&!-(+.$&'!*!%*4'!*,&!/+74+()*01'!',.$(+,7',)!4+(!?*)$.'!;7'($/*,!%)9&',)%:!

6'(#*-%!7+%)!$7-+()*,)13@!$)!/+91&!-(+.$&'!*!-1*/'!4+(!*!,')G+(M!+4!%9--+()!)+!

! NPO(

'7-+G'(!?*)$.'!%)9&',)%!$,!%9/#!*!G*3!)#*)!)#'3!/+91&!0'))'(!&'*1!G$)#!*11!+4!)#'!

4*/)+(%!)#*)!/+70$,'!)+!G+(M!*%!0*(($'(%!)+!*/*&'7$/!*))*$,7',)!4+(!?*)$.'!%)9&',)%!

*)!6FK:!!

! "#'!/+,/19%$+,!H!&(*G!+,!)#$%!-+$,)!$%!)#*)!*!-1*/'!%-'/$4$/*113!4+(!?*)$.'!

;7'($/*,%!*,&!)#'$(!%9--+()'(%!$%!+4!M'3%)+,'!%$2,$4$/*,/'!)+!)#'!4*/$1$)*)$+,!+4!

*/*&'7$/!*))*$,7',)!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!E'1'.*,)!)+!*11!+4!)#'!

-+$,)%!1$%)'&!*0+.'@!)#'!;7'($/*,!H,&$*,!W&9/*)$+,!*,&!X91)9(*1!X',)'(!/*,!

-+)',)$*113!%'(.'!$,!)#'!*7'1$+(*)$+,!+4!)#'!&')($7',)*1!'44'/)%!+4!)#+%'!4*/)+(%!1$%)'&!

$77'&$*)'13!0'1+G!)#*)!G+(M!*%!0*(($'(%!)+!/+11'2'!-'(%$%)',/':!

! 9*&Y21$+&UJ"+$6)'

! W.',!)#+92#!-('<9&$/'!*,&!(*/$%7!*('!,+)!)+-$/%!7+%)!-'+-1'!%-'*M!*0+9)!

/+74+()*013@!'.'(3+,'!H!$,)'(.$'G'&!/$)'&!)#'!'L$%)',/'!+4!%9/#!*))$)9&'%@!0'1$'4%!*,&!

0'#*.$+(%!*%!*!0*(($'(!)+!*/*&'7$/!*))*$,7',)!4+(!?*)$.'!;7'($/*,!%)9&',)%!*)!6FK:!

6('<9&$/'!*))$)9&'%!*,&!(*/$%)!0'1$'4%!&+!'L$%)!*/(+%%!)#'!K:F:@!6(*$($'!F)*)'@!$,!

E*$1)+G,@!*,&!*)!6FK:!

' N2:#2*":'Q$6+3,#$,2$#C'

! "#'('!$%!*!2*-!$,!)#'!'L-'($',/'%!G$)#@!)#'!1'.'1!+4!'L-+%9('!)+@!*,&!)#'!

9,&'(%)*,&$,2!+4!/91)9(*1!&$44'(',/'%!0')G'',!0+)#!)#'!7*$,%)('*7!*,&!)#'!?*)$.'!

;7'($/*,!-+-91*)$+,%!*)!6FK@!*,&!$,!)#'!1+/*1!/+779,$)3:!C*,3!?*)$.'!%)9&',)%!H!

$,)'(.$'G'&!#*.'!#*&!1$7$)'&!'L-'($',/'!+44!)#'!('%'(.*)$+,!*,&!/*,!%-'*M!+4!+)#'(%!

)#'3!M,+G!G$)#!)#'!%*7'!1$7$)'&!'L-+%9('!)+!)#'!7*$,%)('*7@!&+7$,*,)!/91)9(':!

S$M'G$%'@!?*)$.'!%)9&',)%!2*.'!,97'(+9%!*//+9,)%!+4!)#'$(!$,)'(*/)$+,%!G$)#!

! NPP(

/1*%%7*)'%!G#+!#*&!,'.'(!7')!*!?*)$.'!;7'($/*,!+(!0'',!)+!*!('%'(.*)$+,:!"#$%!

/91)9(*1!&$%/+,)$,9$)3!1'*.'%!*!.+$&!'*%$13!4$11'&!G$)#!)#'!,*((+G!7$,&'&,'%%!+4!

-('<9&$/'!*,&!(*/$%7:!

! N2:#2*&'5/3+='

! "#'!1*/M!+4!'L-+%9('!)+!*!G+(1&!&$44'(',)!4(+7!)#*)!G#$/#!+,'!$%!*//9%)+7'&!

)+!/*,!'*%$13!1'*&!)+!&$%+($',)*)$+,!4+(!%+7'!?*)$.'!%)9&',)%!/+7$,2!4(+7!)#'!

('%'(.*)$+,!#+7'!/+779,$)3!)+!6FK:!"#$%!$%!7+%)!%$2,$4$/*,)!4+(!)#+%'!%)9&',)%!

/+7$,2!4(+7!/91)9(*113!)(*&$)$+,*1!#+7'!',.$(+,7',)%!)+!E*$1)+G,!*,&!)#'!

+.'(G#'17$,213!7*$,%)('*7!/91)9('!+4!)#'!9,$.'(%$)3!',.$(+,7',):!!

' Q$6+3);3*#'$,'V3+":'N3))2,$#C'

! D*.$,2!/$)'&!)#'!-+%%$0$1$)3!+4!#*.$,2!(*/$%)!',/+9,)'(%!$,!6(*$($'!F)*)'!*,&!

E*$1)+G,@!7*,3!?*)$.'!%)9&',)%!H!$,)'(.$'G'&!2*.'!*//+9,)%!+4!4''1$,2!

9,/+74+()*01'!$,!)#'!7*$,%)('*7!/+779,$)3:!H)!/*,,+)!0'!*%%97'&!)#*)!'.'(3+,'!

4''1%!*)!#+7'!$,!7*$,%)('*7!'%)*01$%#7',)%!%9/#!*%!('%)*9(*,)%@!2(+/'(3!%)+('%@!')/:!!

Q$6+3);3*#'$,'4,$%&*6$#C'N3))2,$#C'

! P9*,)$)*)$.'!&*)*!%#+G!)#*)!4+(!'.'(3!$,/+7$,2!?*)$.'!;7'($/*,!4('%#7*,!$,!

*,3!2$.',!%'7'%)'(!)#'('!7*3!0'!TUU!+(!7+('!,+,B?*)$.'!4('%#7*,:!J$)#+9)!*!

,')G+(M!+4!%9--+()@!*,&!G$)#+9)!*!('4'(',/'!2(+9-!+4!-''(%@!7*,3!?*)$.'!%)9&',)%!

(')*$,!*,!$,$)$*1!4''1$,2!+4!&$%/+74+()!)#(+92#+9)!)#'$(!',)$('!4$(%)!3'*(!*)!6FK:!"#$%!

0'/*7'!'.$&',)!&9($,2!73!('%'*(/#!*%!%'.'(*1!?*)$.'!%)9&',)%!1'4)!6FK!'.',!*%!1*)'!

*%!;-($1!+4!)#'$(!4('%#7*,!3'*(:!

!

! NPN(

! 733'M&G'!"#$%&'()&*$+",'M"+2:#CU5#";;'

! ?*)$.'!;7'($/*,!4*/91)3!*,&!%)*44!*('!%$2,$4$/*,)!4*/$1$)*)+(%!)+!?*)$.'!%)9&',)!

%9//'%%:!J$)#!+,13!4$.'!)+)*1!/9((',)13!*)!6FK@!)#'('!*('!)++!4'G!)+!0'!*%!'44'/)$.'!*%!

/+91&!0'!)#'!/*%'!G$)#!7+('!%9/#!$,&$.$&9*1%!)+!%'(.'!*%!7',)+(%@!(+1'!7+&'1%!*,&!

*,!',#*,/'&!,')G+(M!+4!%9--+():!X+77$)7',)!)+!)#'!('/(9$)7',)!*,&!(')',)$+,!+4!

?*)$.'!;7'($/*,!4*/91)3@!%)*44@!*,&!*&7$,$%)(*)+(%!$%!.$)*1!)+!)#'!/('*)$+,!+4!*!

%9--+()$.'!9,$.'(%$)3!/+779,$)3!*,&!',.$(+,7',)!)#*)!'70(*/'%!?*)$.'!-'+-1'!

*,&!/91)9('!*%!*,!*%%'):!!

! M")$:C'Q$6+32*".&)&,#'

! H)!*--'*(%!)#*)!)#'!7+%)!&'.*%)*)$,2!)3-'!+4!*!1*/M!+4!%9--+()!$%!)#'!,+,B

%9--+()$.'@!+(!*/)$.'13!&$%/+9(*2$,2!4*7$13:!H,4+(7*)$+,!/+,.'3'&!03!%9--+()!

-(+4'%%$+,*1%!$,&$/*)'!)#*)!*!1*/M!+4!4*7$13!%9--+()!#*%!0'',!*!/+77+,!0*(($'(!4+(!

%+7'!;7'($/*,!H,&$*,!%)9&',)%@!-*()$/91*(13!)#+%'!/+7$,2!4(+7!('%'(.*)$+,!

/+779,$)$'%!G#'('!)#'$(!4*7$1$'%!*('!)(*&$)$+,*1!*,&!4''1!)#('*)','&!03!)#'!

9,$.'(%$)3!*%!*,!$,%)$)9)$+,!G#+%'!2+*1!$%!)+!*%%$7$1*)'!)#'!/91)9('!+9)!+4!)#'$(!

%)9&',):!F9/#!4*7$1$*1!-('%%9('!#*%!-(+.',@!+.'(!)$7'@!)+!0'!,'*(13!$,%9(7+9,)*01'!

4+(!7*,3!?*)$.'!%)9&',)%:!

' <,"1&W2"#&'M$,",+$":'J&632*+&6'

! ;%!7',)$+,'&!$,!)#'!/+,/19%$+,%Q4*/$1$)*)+(%!%'/)$+,!*0+.'@!,+,'!+4!)#'!

?*)$.'!%)9&',)%!H!$,)'(.$'G'&!1$%)'&!4$,*,/$*1!,''&%!G$)#+9)!&$('/)!-(+7-)$,2:!"#$%!

$,&$/*)'%!)#*)!G#$1'!4$,*,/$*1!,''&%!*('!*,!$%%9'!)#*)!79%)!,'/'%%*($13!0'!*&&('%%'&@!

)#+%'!,''&%!*('!(*,M'&!*%!79/#!1'%%!%*1$',)!*7+,2!*11!+4!)#'!0*(($'(%!1$%)'&:!"#$%!$%!

! NPV(

/+,2(9',)!G$)#!4$,&$,2%!4(+7!-('.$+9%!%)9&$'%@!$,/19&$,2!b9$11+(3!*,&!J+1.'()+,!

dZUU]e!G#+!4+9,&!)#*)!?*)$.'!%)9&',)%!/+,%$%)',)13!1$%)!4*7$13@!4($',&%@!*,&!

/+779,$)3!*%!7+('!$7-+()*,)!)+!)#'$(!/+11'2'!%9//'%%!)#*,!4$,*,/$*1!/+,/'(,%:!

!

+8B8<=<8>?9(

( "#'!2+*1!+4!89*1$)*)$.'!('%'*(/#!$%!)+!-(+.$&'!*!($/#!&'%/($-)$.'!-$/)9('!+4!

-'+-1'!+(!2(+9-%!+4!-'+-1'!$,!*!2$.',!/+,)'L)!*,&!7+%)!$7-+()*,)13@!)+!/('*)'!)#*)!

-$/)9('@!*%!/1+%'13!*%!-+%%$01'@!4(+7!)#'!-'(%-'/)$.'!+4!)#+%'!0'$,2!&'%/($0'&:!H!

0'1$'.'!)#*)!)#$%!2+*1!#*%!0'',!*//+7-1$%#'&!)#*,M%!)+!)#'!'*2'(!/++-'(*)$+,!+4!)#'!

?*)$.'!%)9&',)%!*1+,2!G$)#!4*/91)3@!%)*44@!*,&!*&7$,$%)(*)+(%!+4!6FK:!D+G'.'(@!)#'!

%)9&3O%!1$7$)*)$+,%!79%)!0'!M'-)!$,!7$,&:!

! ;%!$%!)#'!/*%'!G$)#!*11!89*1$)*)$.'!('%'*(/#@!)#$%!%)9&3!-(+.$&'%!*!-$/)9('!+4!

)#'!?*)$.'!;7'($/*,!%)9&',)!'L-'($',/'!*)!6FK!*%!+,13!*!%$,21'!%1$/'!$,!)$7'@!*17+%)!

*!%+()!+4!-#+)+2(*-#$/!7+7',)@!/+,%$&'($,2!)#'!',)$('!#$%)+(3!+4!6FK@!+4!;7'($/*,!

H,&$*,!'&9/*)$+,@!*,&!+4!/+,)*/)!0')G'',!J#$)'!7*$,%)('*7!W9(+B/',)($/!%+/$')3!

*,&!)#'!$,&$2',+9%!-'+-1'!+4!)#'!/+,)$,',):!W.',!)#+92#!)#'!-1*,,$,2@!-('-*(*)$+,!

*,&!/+7-1')$+,!+4!)#$%!-(+<'/)!%-*,,'&!*!1$))1'!+.'(!)G+!3'*(%@!)#'!/+11'/)$+,!+4!&*)*!

)#*)!-(+.$&'%!)#*)!-$/)9('!G*%!*//+7-1$%#'&!&9($,2!)#'!4$,*1!G''M%!+4!)#'!%-($,2!

ZUU`!%'7'%)'(!*,&!7+%)13!+.'(!)#'!/+9(%'!+4!)#'!4*11!ZUU`!%'7'%)'(:!"#'('!#*.'!

0'',!%+7'!&'.'1+-7',)%!&9($,2!)#'!/+9(%'!+4!)#$%!('%'*(/#!)#*)!7*3!/#*,2'!)#'!

,*)9('!+4!)#'!?*)$.'!%)9&',)!'L-'($',/'!*)!6FK!$,!)#'!49)9(':!"G+!%9/#!

&'.'1+-7',)%!$,/19&'!)#'!*,,+9,/'7',)!*,&!-1*,,$,2!+4!)#'!;7'($/*,!H,&$*,!

! NPW(

W&9/*)$+,!*,&!X91)9(*1!X',)'(!)+!0'2$,!%'(.$/'!$,!)#'!4*11!+4!ZUTU@!*,&!)#'!-(+-+%*1!

*,&!-1*,,$,2!+4!*!7*<+(!$,!;7'($/*,!H,&$*,!F)9&$'%:! !

! ;,+)#'(!1$7$)*)$+,!1$'%!$,!)#'!4*/)!)#*)!G#$1'!)#$%!('%'*(/#!*))'7-)%!)+!-(+.$&'!

*!)#+(+92#!&'%/($-)$+,!+4!)#'!?*)$.'!/+11'2'!'L-'($',/'!*)!6FK@!$)!$%!+,13!+,'!

9,$.'(%$)3@!*)!+,'!-+$,)!$,!)$7'!*,&!/*,,+)!0'!2','(*1$g'&!*/(+%%!+)#'(!9,$.'(%$)$'%!

$,!6(*$($'!F)*)'!+(!)#'!C$&G'%):!

! ;!('1*)'&!1$7$)*)$+,!$%!)#*)!+,13!*!%7*11!-(+-+()$+,!+4!*11!;7'($/*,!H,&$*,!

%)9&',)%!('2$%)'('&!*)!6FK!-*()$/$-*)'&!$,!)#'!%)9&3:!"#'!-*()$/$-*,)%!$,!)#$%!

('%'*(/#!('-('%',)!*!-9(-+%$.'!%*7-1'@!/#+%',!1*(2'13!4+(!)#'$(!*.*$1*0$1$)3!*,&!

G$11$,2,'%%!)+!-*()$/$-*)':!"#'3!G'('!,+)!(*,&+713!%'1'/)'&@!*,&!)#'('4+('!

2','(*1$g*0$1$)3!$%!1$7$)'&:!J#$1'!%)9&',)!-*()$/$-*,)%!$,/19&'&!4('%#7',!)#(+92#!

2(*&9*)'!%)9&',)%@!)(*&$)$+,*1!*,&!,+,B)(*&$)$+,*1!*2'&!%)9&',)%@!7*1'%!*,&!4'7*1'%@!

7+%)!G'('!7'70'(%!+4!)#'!?*)$.'!;7'($/*,!X190!+(!G'('!+)#'(G$%'!*/)$.'!$,!

/*7-9%!'.',)%!*,&!)#9%@!)#'!-'(%-'/)$.'%!%#*('&!$,!)#$%!('%'*(/#!7*3!('-('%',)!)#'!

0$*%'%!+4!)#*)!2(+9-:!E'1*)'&!)+!)#$%!1$7$)*)$+,!$%!)#'!-+%%$0$1$)3!)#*)!)#+%'!G#+!

-*()$/$-*)'&!$,!)#'!4+/9%!2(+9-%!7*3!#*.'!0'',!%+7'G#*)!29*(&'&!$,!)#'$(!

('%-+,%'%!*%!*!('%91)!+4!%+/$*1!-('%%9('!)+!/+,4+(7!)+!)#'!2(+9-O%!.$'G-+$,):!J#$1'!H!

G',)!)+!2('*)!1',2)#%@!G$)#!)#'!#'1-!+4!)#'!?*)$.'!;7'($/*,!F)9&',)!;&.$%+(@!)+!2')!*!

%*7-1'!-+-91*)$+,!('-('%',)*)$.'!+4!)#'!G$&'!(*,2$,2!&$.'(%$)3!*7+,2!;7'($/*,!

H,&$*,!%)9&',)%!*)!6FK@!+,'!%$2,$4$/*,)!(+*&01+/M!$%!)#*)!)#'!Z\`!?*)$.'!;7'($/*,!

%)9&',)%!1$%)'&!*%!('2$%)'('&!*)!6FK!*('!)#+%'!G#+!%'14!$&',)$43!*%!;7'($/*,!H,&$*,:!

H)!$%!1$M'13!)#*)!)#'('!*('!?*)$.'!%)9&',)%!9,*//+9,)'&!4+(!$4!)#'3!/#+%'!,+)!)+!

! NPX(

-(+.$&'!$,4+(7*)$+,@!-+%%$013!0'/*9%'!)#'$(!?*)$.'!$&',)$)3!$%!,+)!#$2#!$,!%*1$',/'!4+(!

)#'7:!!

! ;,+)#'(!1$7$)*)$+,!$,!%*7-1$,2!$%@!-'(#*-%!7+('!%$2,$4$/*,)@!*,&!/+91&!$,!

$)%'14!0'!/+,%$&'('&!*!4$,&$,2!+4!)#'!('%'*(/#:!H4!G'!/+,%$&'(!)#'!)+)*1!?*)$.'!%)9&',)!

-+-91*)$+,!*)!6FK!)+!0'!*)!Z\`@!$)!$%!$,)'('%)$,2!)+!,+)'!)#*)!)#'!.*%)!7*<+($)3!+4!)#+%'!

%)9&',)%!2+!9,,+)$/'&!*,&!1*(2'13!9,*//+9,)'&!)#(+92#+9)!)#'!%/#++1!3'*(:!H,!)#'!

4*11!+4!ZUU`!H!*))',&'&!%'.'(*1!7'')$,2%!+4!)#'!?*)$.'!;7'($/*,!X190:!H,)'('%)!G*%!

#$2#!*)!)#*)!)$7'!+4!)#'!3'*(!*,&!*))',&*,/'!G*%!)3-$/*113!($2#)!*(+9,&!ZU!%)9&',)%:!

;%!)#'!%/#++1!3'*(!-(+2('%%'&@!%)9&',)%!0'/*7'!09%3!G$)#!%)9&$'%!+(!+)#'(G$%'!

&$%)(*/)'&@!1'*.$,2!*))',&*,/'!*)!?;X!7'')$,2%!419/)9*)$,2@!G$)#!*!1+G!+4!%$L@!09)!

,+(7*113!$,!)#'!)'',%:!"#'!#$2#'%)!,970'(!+4!%)9&',)%!$,.+1.'&!G$)#!?;X!*/)$.$)$'%!

G*%!&9($,2!)#'!G''M',&!+4!)#'!ZU)#!*,,9*1!J*/$-$@!&9($,2!G#$/#!7*,3!%)9&',)%!)#*)!

H!#*&!,'.'(!%'',!0'4+('!)9(,'&!+9):!"#$%!$%!49()#'(!)'%)$7+,3!)+!)#'!$7-+()*,/'!+4!

)#'!+--+()9,$)3!4+(!/91)9(*1!'L-('%%$+,:!"#'!1+G!,970'(!+4!('291*(!-*()$/$-*,)%!$,!

?;X!*/)$.$)$'%!0'2%!)#'!89'%)$+,a!G#'('!*('!)#'!+)#'(!)G+!#9,&('&!*,&!)G',)3!%+7'!

?*)$.'!%)9&',)%@!*,&!G#3!&+!)#'3!,+)!-*()$/$-*)'k!"#$%!7$2#)!0'!*!89'%)$+,!4+(!

49)9('!('%'*(/#:!

! "#$%!('%'*(/#!$%!0*%'&!9-+,!)#'!)#'+(')$/*1!-'(%-'/)$.'!+4!X($)$/*1!F+/$+1+23:!

;%!*!/($)$/*1!')#,+2(*-#3@!)#$%!('%'*(/#!$%!*&7$))'&13!.*19'!1*&',!*,&!+-',13!4+/9%'&!

+,!)#'!'7*,/$-*)+(3!*7'1$+(*)$+,!+4!+--('%%$.'!%+/$*1!/+,&$)$+,%!4+(!)#'!-+-91*)$+,!

0'$,2!('%'*(/#'&:!"#'!-+1$)$/*1!,*)9('!+4!/($)$/*1!%+/$+1+2$/*1!('%'*(/#!7*M'%!)#'!

('-+()$,2!+4!4$,&$,2%!-+)',)$*113!9,/+74+()*01'@!/+,)(+.'(%$*1!*,&!-+)',)$*113!

! NPY(

$,.*1$&*)'&!$4!,+)!%*4'29*(&'&:!H!#*.'!0'',!$,.+1.'&!G$)#!;7'($/*,!H,&$*,!%)9&',)%@!

4*/91)3!*,&!%)*44!)#(+92#+9)!73!',)$('!)$7'!*)!6FK:!;)!)$7'%!H!4+9,&!$)!,'/'%%*(3!)+!

-911!0*/M!*,&!',2*2'!$,!*!('41'L$.'!('B'.*19*)$+,!+4!73!1'.'1!+4!-*()$/$-*)$+,!$,@!*,&!

)#'!&'2(''!)+!G#$/#!H!G*%!'70'&&'&!$,!73!+G,!('%'*(/#:!H!0'/*7'!*G*('!+4!)#'!

&*,2'(!+4!N2+$,2!,*)$.'O!*,&!-+)',)$*113!&*7*2$,2!)#'!.*1$&$)3!+4!73!&*)*!03!1+%$,2!

4+/9%!+,!)#'!2+*1!+4!)#'!('%'*(/#!*%!*/*&'7$/!(*)#'(!)#*,!*/)$.$%):!I+()9,*)'13@!H!

('/+2,$g'&!)#$%!&*,2'(!'*(13!+,!*,&!G*%!*01'!)+!M''-!$)!$,!/#'/M!03!-(+/'%%$,2!$)!

G$)#!73!*&.$%+(!*,&!+)#'(%!G#+%'!+-$,$+,%@!*,&!*&.$/'!H!.*19'!*,&!('%-'/):!;7+,2!

)#+%'!G'('!0+)#!?*)$.'!*,&!,+,B?*)$.'!-'+-1':!

!

$:H>BB:?7=<8>?9(

! F977'(@!ZUTU@!$%!*!/($)$/*1!7+7',)!$,!)#'!#$%)+(3!+4!61*$,%!F)*)'!K,$.'(%$)3!

*,&!$)%!G+(M!G$)#!;7'($/*,!H,&$*,!%)9&',)%:!b$.',!)#'!$,%)$)9)$+,O%!('/',)!D$2#'(!

S'*(,$,2!X+77$%%$+,!.$%$)@!*,&!$)%!(','G'&!/+77$)7',)!)+!&$.'(%$)3@!)#'!4$,&$,2%!

4(+7!)#$%!('%'*(/#!*('!-('%',)'&!*)!*,!+--+()9,'!)$7'!4+(!6FK!)+!/+,%$&'(!)#'%'!

&*)*!$,!$)%!%)(*)'2$/!-1*,,$,2!$,!)#'!*('*%!+4!&$.'(%$)3@!*/*&'7$/!*,&!%)9&',)!*44*$(%@!

*,&!/*7-9%!7*%)'(!-1*,,$,2:!V9$1&$,2!+,!)#$%!%)9&3O%!0*%'!$,!/($)$/*1!)#'+(3!*,&!

-(*L$%@!$)%!91)$7*)'!2+*1!$%!)+!-9)!)+!9%'!)#'!('1'.*,)!)#'+(3!*,&!&*)*!)#*)!#*%!

'7'(2'&!4(+7!)#'!('%'*(/#!)+!+.'(/+7'!0*(($'(%!*,&!',#*,/'!4*/$1$)*)+(%!$,!+(&'(!

)+!',#*,/'!*/*&'7$/!*))*$,7',)!4+(!;7'($/*,!H,&$*,!%)9&',)%:!V*%'&!+,!)#'!&*)*!

-('%',)'&!$,!)#$%!&$%%'()*)$+,@!H!7*M'!)#'!4+11+G$,2!('%'*(/#!0*%'&!

('/+77',&*)$+,%a!

! NPZ(

! T: V'2$,,$,2!$,!4*11@!ZUTU@!)#'!,'G13!*,,+9,/'&!;7'($/*,!H,&$*,!W&9/*)$+,!

*,&!X91)9(*1!X',)'(!d;HWXXe!%#+91&!$,/19&'!-(+2(*7%!('*/#$,2!+9)!)+!?*)$.'!

%)9&',)%!G#+!#*.'!-('.$+9%13!0'',!,+,B-*()$/$-*,)%!$,!)#'!?*)$.'!%)9&',)!

/+779,$)3!*)!6FK:!!;&&$)$+,*1!-(+2(*77$,2!%#+91&!0'!0*%'&!+,!)#'!I*7$13!

W&9/*)$+,!C+&'1!dIWCe@!*%!&'%/($0'&!03!D'*.3E9,,'(!*,&!5'X'11'%!dZUUZe:!

!!;!/*&('!+4!/9((',)@!%9//'%%491!;7'($/*,!H,&$*,!%)9&',)!1'*&'(%!7*3!0'!0'%)!

-+%$)$+,'&!)+!/+,&9/)!)#$%!+9)('*/#:!

!

! Z: "#'!;HWXX!%#+91&!('/'$.'!%)(+,2!%9--+()!*,&!0*/M$,2!4(+7!)#'!

*&7$,$%)(*)$+,@!4*/91)3@!%)*44@!%)9&',)%@!4*7$1$'%!*,&!*11!%)*M'#+1&'(%!

/+,/'(,'&!G$)#!;7'($/*,!H,&$*,!%)9&',)!'&9/*)$+,*1!*))*$,7',):!F9/#!

%9--+()!$%!-*(*7+9,)!)+!)#'!X',)'(O%!%9//'%%!*%!*!4*/$1$)*)+(!)+!/+11'2'!

%9//'%%!4+(!?*)$.'!%)9&',)%:!"#'!&*,2'(!+4!,+)!#*.$,2!%9/#!/+11*0+(*)$.'!*,&!

/++-'(*)$.'!%9--+()!$%!)#*)!-'(%+,*1$)$'%@!+-$,$+,%@!*,&!%)(9221'%!4+(!)#'!

&+7$,*,)!$,419',/'!/+91&!7*M'!)#'!X',)'(!*!-+$,)!+4!-+1$)$/*1!/+,)',)$+,!)+!

)#'!&')($7',)!+4!-(+2(*77$,2!*,&!-'(%+,,'1!G#+%'!-($7*(3!2+*1!%#+91&!

('7*$,!)#'!0','4$)!+4!;7'($/*,!H,&$*,!/+11'2'!%)9&',)%!*,&!)#'$(!4*7$1$'%!*%!

)#'3!%''M!)+!$7-(+.'!)#'$(!/#*,/'%!$,!1$4'!)#(+92#!*/*&'7$/!*))*$,7',):!

! [: 6(+2(*77$,2!-(+.$&'&!)#(+92#!)#'!X',)'(!*,&!)#(+92#+9)!/*7-9%!%#+91&!

*&&('%%!)#'!%*1$',)!4*/$1$)*)+(%!*,&!0*(($'(%!-('%',)'&!$,!)#$%!('%'*(/#:!I+(!

'L*7-1'@!$,!09$1&$,2!+,!)#'!4$,&$,2!('2*(&$,2!%9--+()!d+(!1*/M!)#'('+4e!*%!*!

! NP[(

4*/$1$)*)+(!d+(!0*(($'(e!)+!%)9&',)!%9//'%%@!7+&'1%!)#*)!0($,2!)+2')#'(!

791)$-1'!%9--+()!%'(.$/'%!%#+91&!0'!*&.*,/'&:!F9/#!$,)'2(*)'&!%'(.$/'%!7*3!

$,/19&'!*/*&'7$/@!%+/$*1@!4*7$13!,''&%!d':2:!/#$1&!/*('@!#'*1)#!/*('e@!4$,*,/$*1@!

*,&!/91)9(*1!/+7-+,',)%:!

!

! \: 6FK!%#+91&!7+.'!4+(G*(&!*22('%%$.'13!G$)#!$)%!-1*,%!4+(!*!,'G@!-'(7*,',)!

;7'($/*,!H,&$*,!W&9/*)$+,!*,&!X91)9(*1!X',)'(:!X',)'(%!%9/#!*%!)#+%'!*)!)#'!

K,$.'(%$)3!+4!C+,)*,*!*,&!5*()7+9)#!7*3!0'!-*()$/91*(13!$7-('%%$.'!

7+&'1%:!H7-+()*,)!/+7-+,',)%!+4!)#'!,'G!X',)'(!$,/19&'!%9--+()!-(+2(*7%@!

+44$/'%!4+(!M'3!/+,)*/)!-'+-1'@!)9)+($,2@!%)9&3@!7'')$,2!*,&!1+9,2'!%-*/'@!

/+7-9)'(!1*0+(*)+(3@!M$)/#',@!%-*/'!4+(!/91)9(*1!*/)$.$)$'%!*,&!*!/1*%%(++7!

4+(!;7'($/*,!H,&$*,!F)9&$'%!/+9(%'%:!F-*/'!4+(!)($0*1!*()!*,&!/91)9(*1!*()$4*/)%!

%#+91&!*1%+!0'!*.*$1*01':!

!

! ^:!6FK!%#+91&!%-+,%+(!/+,)$,9$,2!'&9/*)$+,!*,&!4*/91)3Q%)*44!&'.'1+-7',)!

-(+2(*77$,2!)#*)!%#*('%!)#'!4$,&$,2%!+4!)#$%!('%'*(/#@!*1+,2!G$)#!%922'%)'&!

$,)'(.',)$+,!%)(*)'2$'%!*,&!0'%)!-(*/)$/'%!4+(!',#*,/$,2!?*)$.'!;7'($/*,!

%)9&',)!*/*&'7$/!*))*$,7',)!*)!*11!1'.'1%:!F9/#!-(+2(*77$,2!7*3!$,/19&'!

7+('!$,4+(7*1!0(+G,!0*2!&$%/9%%$+,%!+(!7+('!4+(7*1!G+(M%#+-%!*,&Q+(!

)(*$,$,2!%'%%$+,%!)#*)!*('!('89$('&!+(!%)(+,213!',/+9(*2'&!4+(!*11!4*/91)3:!

!J$)#+9)!%9/#!*,!*--(+*/#@!7*,3!-*()$/$-*,)%!G#+!7+%)!,''&!+(!G+91&!

0','4$)!7+%)!4(+7!%9/#!)(*$,$,2!7*3!,+)!-*()$/$-*)':!C*)'($*1%!%#+91&!$,/19&'!

! NP\(

%-'/$4$/!$,4+(7*)$+,!&'%$2,'&!G$)#!'*/#!)*(2')!*9&$',/'!$,!7$,&:!

!

! _: 6FK!%#+91&!4+%)'(!('1*)$+,%#$-%!*/(+%%!/*7-9%!*,&!$,!)#'!E*$1)+G,!

/+779,$)3!)#*)!/+,)($09)'!)+!?*)$.'!;7'($/*,!%)9&',)!/+11'2'!%9//'%%:!"#$%!

%#+91&!$,/19&'!*&7$,$%)(*)$+,@!)'*/#$,2!4*/91)3!$,!*11!*/*&'7$/!9,$)%@!%)9&',)!

%'(.$/'%!%)*44@!*,&!7'70'(%!+4!)#'!E*$1)+G,!E'/+,/$1$*)$+,!X+9,/$1!$,!$)%!

'44+()%!)+!0($&2'!)#'!&$%/+,)$,9$)3!0')G'',!)#'!7*$,%)('*7!E*$1)+G,!

-+-91*)$+,!*,&!)#'!6FK!*,&!6(*$($'!F)*)'!;7'($/*,!H,&$*,!-+-91*)$+,%:!!

"#'%'!('1*)$+,%#$-%!/*,!%)(',2)#',!)#'!,')G+(M!+4!%9--+()!*.*$1*01'!4+(!

?*)$.'!;7'($/*,!%)9&',)%!*)!6FK@!*,&!91)$7*)'13@!)#'$(!*/*&'7$/!*))*$,7',):!

!

! Y: J$)#!)#'!,'G!;7'($/*,!H,&$*,!W&9/*)$+,!*,&!X91)9(*1!X',)'(!d;HWXXe!*%!*!

4+/*1!-+$,)@!6FK!%#+91&!'L-*,&!)#'!-('%',/'!+4!?*)$.'!;7'($/*,!7*)'($*1!

/91)9('!+,!/*7-9%:!"#'!-('%',/'!+4!)($0*1!*()!*,&!/91)9(*1!*()$4*/)%!$,!

-(+7$,',)!-1*/'%!/*7-9%!G$&'!d$:':!,+)!+,13!*)!)#'!;HWXXe!u!+,!)#'!2(+9,&%!

*,&!$,!*&7$,$%)(*)$.'!*,&!*/*&'7$/!09$1&$,2%!u!G$11!#'1-!'*%'!)#'!)(*,%$)$+,!

4+(!)($0*1!%)9&',)%!*,&!7*M'!)#'7!4''1!)#*)!)#'$(!/91)9('!$%!$,&''&!-('%',)!

*,&!.*19'&!*)!6FK:!H,!*!('1*)'&!('/+77',&*)$+,@!6FK!%#+91&!09$1&!+,!)#'!

%9//'%%!+4!$)%!/9((',)!%'($'%!+4!/91)9(*1!'.',)%!d':2:!%-'*M'(%@!-+G!G+G@!

79%$/$*,%@!')/:e!*,&!G+(M!)+!'L-*,&!%)9&',)!*,&!4*/91)3!-*()$/$-*)$+,:!!

!

!

! NNO(

! ]: 6FK!%#+91&!)*M'!*22('%%$.'!*/)$+,!)+G*(&!',#*,/$,2!)#'!%+/$*1!/1$7*)'!4+(!

;7'($/*,!H,&$*,!%)9&',)%!*,&!-(+4'%%$+,*1%:!"#'!$%%9'%!+4!7*)'($*1!/91)9('!

*,&!/91)9(*1!-(+2(*77$,2!&'%/($0'&!*0+.'!%#+91&!0'!/+7-1'7',)'&!G$)#!

'&9/*)$+,*1!'44+()%!)+!/+70*)!(*/$%7!*,&!/91)9(*1!$,%',%$)$.$)3!)#*)!+//9(!+,!

/*7-9%:!X9((',)!?*)$.'!;7'($/*,!%)9&',)%@!4*/91)3!*,&!%)*44!%#+91&!#*.'!

$,-9)!$,)+!&'%$2,$,2!)#'%'!-(+2(*7%:!

!

! `: 6FK!%#+91&!$,/('*%'!$)%!4+/9%!+,!;7'($/*,!H,&$*,!%)9&',)!('/(9$)7',)!

)#(+92#+9)!)#'!%)*)'@!*,&!('2$+,:!"#$%!%#+91&!$,/19&'!)#'!*11+/*)$+,!+4!

,'/'%%*(3!('%+9(/'%!)+!*/#$'.'!*!N/($)$/*1!7*%%O!+4!?*)$.'!%)9&',)%!*)!6FK:!!

W44+()%!%#+91&!$,/19&'!*!('291*(!-('%',/'!*)!)($0*1!#$2#!%/#++1%!*,&!/+11'2'%@!

/*7-9%!.$%$)%@!4*7$13!$,.+1.'7',)@!*,&!%)(*)'2$'%!4+(!+.'(/+7$,2!

%#+()/+7$,2%!$,!-(+%-'/)$.'!%)9&',)%O!*/*&'7$/!-('-*(*)$+,:!c,/'!*2*$,@!)#'!

*/)$.'!$,.+1.'7',)!+4!/9((',)!?*)$.'!;7'($/*,!%)9&',)%!*,&!%)*44!$,!

&'%$2,$,2!*,&!$7-1'7',)$,2!%9/#!-(+2(*77$,2!G$11!0'!/($)$/*1!)+!$)%!%9//'%%:!

!

! TU: 6FK!79%)!&'.'1+-!*,!$7-(+.'&!%3%)'7!+4!*//+9,)$,2!4+(!$)%!?*)$.'!

;7'($/*,!%)9&',)%@!$,/19&$,2!*//9(*)'!/+,)*/)!$,4+(7*)$+,@!G#'('!)#'3!

*))',&!*,&!#+G!)#'3!*('!-(+2('%%$,2!)+G*(&!)#'$(!*/*&'7$/!*,&!-(+4'%%$+,*1!

2+*1%:!X*('491!7+,$)+($,2!G$11!#'1-!*1'()!4*/91)3!*,&!%)*44!)+!0*(($'(%!?*)$.'!

%)9&',)%!7*3!0'!'L-'($',/$,2!$,!)$7'!)+!#'1-!)#'7!+.'(/+7'!)#'%'!0*(($'(%!

*,&!4*/$1$)*)'!)#'!%)9&',)%O!*/*&'7$/!*))*$,7',):!;,!'*(13!*1'()!%3%)'7!/*,!0'!

! NNP(

$7-1'7',)'&!)#*)!G$11!$,/19&'!)#'!?*)$.'!;7'($/*,!;&.$%+(@!*/*&'7$/!

*&.$%+(@!)'*/#$,2!4*/91)3!*,&!('%$&',)$*1!1$4'!%)*44!*,&!7*M'!)#'7!*11!7+('!

*G*('!+4!*,&!('%-+,%$.'!)+!'*/#!%)9&',)%O!%)(',2)#%!*,&!/#*11',2'%:!"#$%!

%9--+()!,')G+(M!)#',!0'/+7'%!*!N%*4')3!,')O!G#',!-(+01'7%!+//9(!*,&!

+)#'(G$%'!',/+9(*2'%!)#'!%)9&',)%O!/+11'2'!%9//'%%!*,&!*/*&'7$/!*))*$,7',):!

!

! TT: 6FK!%#+91&!$,/('*%'!$)%!'7-#*%$%!+,!('/(9$)$,2!*,&!(')*$,$,2!;7'($/*,!

H,&$*,!4*/91)3!*,&!%)*44!$,!+(&'(!)+!('*/#!,970'(%!-(+-+()$+,*1!)+!*,&!

('-('%',)*)$.'!+4!)#'!%)*)'O%!;7'($/*,!H,&$*,!-+-91*)$+,:!E'/(9$)7',)!'44+()%!

79%)!0'!$,)',)$+,*1!*,&!/+91&!0'!)*(2')'&!*)!'$)#'(!6FK!?*)$.'!2(*&9*)'%!+(!

+)#'(!-(+2(*7%!G$)#!1*(2'!,970'(%!+4!;7'($/*,!H,&$*,!2(*&9*)'%:!c,/'!+,!

/*7-9%@!?*)$.'!4*/91)3!*,&!%)*44!%#+91&!#*.'!*!7',)+(!)+!*%%$%)!)#'7!G$)#!

*&<9%)7',)!)+!)#'!/*7-9%!*,&!/+779,$)3!*,&!G#+!/*,!#'1-!)#'7!4$,&!

/+74+()!*,&!%9//'%%!*)!6FK:!!"#$%!%#+91&!$,/19&'!$,)(+&9/)$+,!*,&!

,')G+(M$,2!G$)#!)#'!+)#'(!)($0*1!-'+-1':!

!

! TZ: 6FK!%#+91&!&'.'1+-!*,!',#*,/'&!;7'($/*,!H,&$*,!F)9&$'%!/9(($/9197!)+!

$,/19&'!*!7*<+(!$,!)#'!*('*!*)!)#'!V*/#'1+(O%!1'.'1@!*1+,2!G$)#!)#'!

&'.'1+-7',)!+4!2(*&9*)'!&'2(''%:!!"#$%!$7-1$'%!('/(9$)7',)!+4!*&&$)$+,*1!

?*)$.'!4*/91)3!*,&!-(+7+)$+,!+4!)#'!-(+2(*7!)+!0+)#!?*)$.'!*,&!,+,B?*)$.'!

%)9&',)%:!

!

! NNN(

!

! T[: ;!/+11*0+(*)$.'!+(2*,$g*)$+,!/+7-+%'&!+4!%)*M'#+1&'(%!$,!6(*$($'!F)*)'!

;7'($/*,!H,&$*,!D$2#'(!W&9/*)$+,!%#+91&!0'!4+(7'&:!"#$%!/+91&!$,/19&'!*!

/++-'(*)$.'!0+*(&!+4!'&9/*)+(%@!4(+7!E'2',)*1!*,&!,+,BE'2',)*1!$,%)$)9)$+,%@!

)+2')#'(!G$)#!)#'!%)*)'O%!)($0*1!/+11'2'%!*,&!9,$.'(%$)$'%:!"#'!2(+9-O%!-($7*(3!

2+*1!%#+91&!0'!G+(M$,2!)+2')#'(!)+!*&&('%%!/+77+,!0*(($'(%@!',#*,/'!

4*/$1$)*)+(%@!%#*('!0'%)!-(*/)$/'%@!*,&!G+(M!)+G*(&!$7-(+.'&!('/(9$)7',)@!

(')',)$+,@!*,&!2(*&9*)$+,!+4!;7'($/*,!H,&$*,!/+11'2'!%)9&',)%!$,!)#'!%)*)':!!

!

-@KK:9<8>?9(E>;(3@;<F:;($:9:=;HF

! T: I9()#'(!('%'*(/#!*)!6FK!%#+91&!/+11'/)!%9(.'3!&*)*!4(+7!*!0(+*&'(!/(+%%B

%'/)$+,!+4!)#'!/*7-9%!?*)$.'!%)9&',)!/+779,$)3:!H,!*&&$)$+,@!7*<+($)3!

%)9&',)!*,&!4*/91)3!*))$)9&'%!*,&!'L-'($',/'%!7$2#)!0'!'L*7$,'&!)+!0'))'(!

9,&'(%)*,&!)#'$(!*))$)9&'%!)+G*(&!;7'($/*,!H,&$*,%!*,&!)#'!0(+*&'(!/+,)'L)!

+4!)#'!?*)$.'!%)9&',)!'L-'($',/'!+,!/*7-9%:!

!

! Z: X*('491!'.*19*)$+,!('%'*(/#!)#*)!&+/97',)%!)#'!'44'/)$.','%%!*,&!0'%)!

-(*/)$/'%!+4!/9((',)!/*7-9%!&$.'(%$)3!$,$)$*)$.'%!%#+91&!0'!9,&'()*M',:!!

X9((',)13@!G#$1'!)#'('!'L$%)%!*,!*((*3!+4!-(+2(*77$,2!*$7'&!*)!('/(9$)$,2!

*,&!(')*$,$,2!?*)$.'!%)9&',)%@!)#'('!$%!,+)!*!/1'*(!9,&'(%)*,&$,2!+4!G#*)!

*0+9)!)#+%'!-(+2(*7%!$%!*,&!$%!,+)!G+(M$,2!)+!',#*,/'!;7'($/*,!H,&$*,!

%)9&',)!*/*&'7$/!*))*$,7',):!5$44'(',)$*1!2(*&9*)$+,!(*)'%!0')G'',!?*)$.'!

! NNV(

*,&!?+,B?*)$.'!%)9&',)%!%922'%)!)#'('!$%!(++7!4+(!$7-(+.'7',):!C+('!

$,)',)$+,*1!-(+2(*7!*%%'%%7',)!%#+91&!0'!/+,&9/)'&!*,&!('%91)%!%#*('&!

G$&'13!%+!)#*)!%9//'%%'%!/*,!0'!09$1)!9-+,@!/+77+,!7$%%)'-%!*.+$&'&@!*,&!

1$7$)'&!('%+9(/'%!7*3!0'!%)(*)'2$/*113!&$('/)'&!)+!%9//'%%491!-(+2(*7%:!

!

! [: "#'!*--(+*/#!'L'/9)'&!$,!)#$%!('%'*(/#!/+91&!0'!%$7$1*(13!*--1$'&!)+!

',#*,/'!9,&'(%)*,&$,2!+4!0*(($'(%!*,&!4*/$1$)*)+(%!+4!'&9/*)$+,*1!*))*$,7',)!

4+(!+)#'(!%)9&',)%!+4!/+1+(@!$,/19&$,2!;4($/*,!;7'($/*,%@!S*)$,+Q*%@!

;%$*,Q6*/$4$/!H%1*,&'(%@!*,&!)#'!&$.'(%'!*((*3!+4!$,)'(,*)$+,*1!%)9&',)%!

*))',&$,2!6FK:!J#$1'!/+77+,!)#'7'%!7*3!'7'(2'@!*&&$)$+,*1@!9,$89'!

$,%$2#)%!G+91&!0'!2*$,'&!4(+7!)#$%!0(+*&'(!4+/9%:!

!

! \: I9()#'(!('%'*(/#!4+/9%'&!+,!%$7$1*(!9,$.'(%$)$'%!$,!6(*$($'!F)*)'!*,&!)#'!

C$&G'%)@!*,&!*,3!+)#'(!/+7-*(*013!%$g'!$,%)$)9)$+,!G$)#!*!%90%)*,)$*1!?*)$.'!

;7'($/*,!%)9&',)!-+-91*)$+,!%#+91&!0'!/+,&9/)'&:!F9/#!('%'*(/#!%#+91&!

$,/19&'!7+('!$,)',%$.'!$,&$.$&9*1!$,)'(.$'G%!G$)#!?*)$.'!%)9&',)%!$,!*&&$)$+,!

)+!)#'!4+/9%!2(+9-!$,)'(.$'G!)'/#,$89':!"#'!9%'!+4!*&&$)$+,*1!$,)',%$.'!

$,)'(.$'G%!G$11!-(+.$&'!*!%*4'29*(&!*2*$,%)!-+%%$01'!$,#$0$)$+,%!('%91)$,2!

4(+7!%+/$*113!/+,%)(9/)'&!2(+9-!.$'G-+$,)%:!F9/#!$,.'%)$2*)$+,%!G$11!',#*,/'!

)#'!9,&'(%)*,&$,2!+4!0+)#!/+77+,!*,&!9,$89'!0*(($'(%!',/+9,)'('&!03!

?*)$.'!;7'($/*,!%)9&',)%!*,&!0'%)!$,%)$)9)$+,*1!-(*/)$/'%!4+(!4*/$1$)*)$,2!

%)9&',)!*))*$,7',):!

! NNW(

!$#3#$#'&#-(

(

;1)#9%%'(@!S+9$%:!T`_`:!M3*'H"*ZB!D*(7+,&%G+()#@!W,21*,&a!6',29$,:!

!

;%)$,@!;1'L*,&'(!J:!T`]Z:!H$,3*$#$&6'$,'()&*$+",'-$./&*'012+"#$3,:!F*,!I(*,%$%/+a!

! >+%%'3BV*%%:!

!

V*00$'@!W*(1:!ZUUY:!7/&'9*"+#$+&'3;'53+$":'J&6&"*+/K'TT#/'01$#$3,B'V'17+,)@!X;a!

! "#+7%+,!J*&%G+()#:!

!

V*11@!>'%%$/*:!*,&!;11',!6',/':!ZUUT:!N3,6#*2+#$,.'=,3G:&1.&'",1'#*"$,$,.'+2**$+2:"'

' "D32#'' &"*:C'+/$:1/331'+"*&'",1'1&%&:3E)&,#'$,'N","1$",'(D3*$.$,":'

' +3))2,$#$&6B!!6*-'(!-('%',)'&!*)!)#'!;,,9*1!C'')$,2!+4!)#'!;7'($/*,!

! W&9/*)$+,*1!E'%'*(/#!;%%+/$*)$+,@!F'*))1'@!J;:!;-($1!TZ@!ZUUT:!dWEHX!

! 5+/97',)!E'-(+&9/)$+,!F'(.$/'!?+:!W5!\^T``^e:!

!

V*(,#*(&)@!X*(+1:!T``\:!V$;&'3,'#/&'3#/&*'6$1&>'(:"6="'!"#$%&'#&"+/&*'&12+"#$3,'

' 6#21&,#6'",1'#/&'4,$%&*6$#C'3;'(:"6="XM"$*D",=6B!6#:5:!&$%%'()*)$+,@!K,$.'(%$)3!

! +4!V($)$%#!X+1970$*@!T``\:!

!

V*()#@!I('&($M:!!T`_`:!!0#/,$+'8*32E6'",1'F32,1"*$&6B!S+,&+,a!;11',!*,&!K,G$,:!

!

V*3,#*7@!>*/+0:!ZUTU:!H3,#",",>'7/&'H"."I$,&'3;'#/&'4,$%&*6$#C'3;'H3,#","B!

! J$,)'(@!ZUTU:!T\BTY:!

!

V'12*(&'@!C*(3!>:!T``Z:!h"#'!-'(4+(7*,/'!*,&!-'(%$%)',/'!+4!;7'($/*,!H,&$*,!

! 9,&'(2(*&9*)'!%)9&',)%!*)!F)*,4+(&!K,$.'(%$)3:i!6#:5:!&$%%'()*)$+,@!

! F)*,4+(&!K,$.'(%$)3@!T``Z:!5$%%'()*)$+,!;0%)(*/)%!H,)'(,*)$+,*1@!^[!U^;:!

!

V'(2@!V(9/'!S:!T`]`:![2":$#"#$%&'J&6&"*+/'H&#/316';3*'#/&'53+$":'5+$&,+&6'[(&!'&:!!

! ?''&#*7!D'$2#)%@!C;a!;1*,!*,&!V*/+,:!!

!

V'(M#+4'(@!E+0'()!I:!T`Y]:!7/&'\/$#&'H",R6'<,1$",>'<)".&6'3;'#/&'()&*$+",'<,1$",'

' ;*3)'N3:2)D26'#3'9*&6&,#B!?'G!o+(Ma!E*,&+7!D+9%':!

!

V'((3@!V('G)+,:!T`_`:!7/&'012+"#$3,'3;'()&*$+",'<,1$",6>'('52*%&C'3;'#/&'V$#&*"#2*&B!!!

! J*%#$,2)+,@!5:X:a!K:F:!b+.'(,7',)!6($,)$,2!c44$/':!!

!

V+(&'G$/#@!I'(29%!C:!!T``_:!]$::$,.'#/&'\/$#&'H",R6'<,1$",>'J&$,%&,#$,.'!"#$%&'

' ()&*$+",6'"#''#/&'&,1'3;'#/&'7G&,#$&#/'N&,#2*C:!?'G!o+(Ma!5+901'&*3:!

!

!

!

! NNX(

V+9(&$'9:!6$'((':!*,&!!>:!6*%%'(+,:!T`YY:!!J&E*312+#$3,'$,'012+"#$3,K'53+$&#C'",1'

' N2:#2*&B!S+,&+,a!F*2':!!

!

V+))+7+('@!"+7:!T`]\:!7/&'M*",=;3*#'5+/33:B!X#$/#'%)'(@!W,21*,&a!W11$%!D*(G++&:!

!

V+3'(@!6*91:!T``Y:!!"#$%&'()&*$+",'N3::&.&6>'9*3.*&66'",1'9*36E&+#6^('5E&+$":'

' J&E3*#'#3'#/&''N"*,&.$&'M32,1"#$3,';3*'#/&'(1%",+&)&,#'3;'7&"+/$,.B!F*,!

! I(*,/$%/+a!>+%%'3!V*%%:!

!

V(+G,@!>+%'-#!W-'%:!dT`^[e!T`YT:!7/&'5"+*&1'9$E&>'F:"+='0:=R6'(++32,#'3;'#/&'5&%&,'

' J$#&6'3;'#/&'P.:":"'5$32ZB'V*1)$7+('@!C5a!6',29$,!V++M%:!!

!

V(+G,:!>:E:!T``[:!hK-G*(&!V+9,&!*)!?+()#'(,!F)*)'!K,$.'(%$)3a!;!/#*(*/)'($%)$/!

! *,*13%$%!+4!%9//'%%491!-*()$/$-*,)%@!T`YYBT`]^!d;($g+,*ei:!Q$66&*#"#$3,'

' (D6#*"+#6'<,#&*,"#$3,":!^\a\UTZ;:!dKCH!?+:!`\TT\^Te:!

!

V(+G,@!S3,,!S:!*,&!F#*(+,!W:!E+0$,%+,!A9(-$9%:!T``Y:!h6%3/#+1+2$/*1!4*/)+(%!

! $,419',/$,2!*/*&'7$/!-'(%$%)',/'!+4!;7'($/*,!H,&$*,!/+11'2'!%)9&',)%:i!!

! _32*,":'3;'N3::&.&'5#21&,#'Q&%&:3E)&,#B![]a![BTZ:!

!

X*11+G*3@!X+1$,!b:!T```:!M$*6#'9&3E:&6>!('Q3+2)&,#"*C'52*%&C'3;'()&*$+",'<,1$",'

' -$6#3*CB!V+%)+,:!V'&4+(&QF):!C*()$,O%:!

!

X*(,'3@!X*('3!C$/#*'1:!T```:!!"#$%&'()&*$+",'-$./&*'012+"#$3,'$,'#/&'4,$#&1'5#"#&6

! ?'G!V(9,%G$/M@!?>a!"(*,%*/)$+,!6901$%#'(%:!

!

X$0$M@!C:!;:!*,&!!F:S:!X#*70'(%:!T``T:!!hF$7$1*($)$'%!*,&!5$44'(',/'%!*7+,2!?*)$.'!

! ;7'($/*,%@!D$%-*,$/%@!V1*/M%@!*,&!;,21+%:i!!(59('_32*,":!Z]a!TZ`BT[`:!

!

X+11$'(@!>+#,:!T`_T!dT`\Ye:!<,1$",6'3;'#/&'()&*$+"6B'?'G!o+(Ma!C',)+(!V++M%:!

!

5*.$%@!>:!T``Z:!hI*/)+(%!/+,)($09)$,2!)+!-+%)B%'/+,&*(3!*/#$'.'7',)!+4!;7'($/*,!

! H,&$*,%:i!7*$D":'N3::&.&!\aZ\B[U:!

!

5'1+($*@!j$,'!>(:!T``\:!!831'$6'J&1>'('!"#$%&'`$&G'3;'J&:$.$3,B!b+1&',@!Xc:!I91/(97!

! 6901$%#$,2:!

!

5',g$,@!?+(7*,!A:!*,&!o.+,,*!F:!S$,/+1,@!'&%:!T``\:!-",1D33='3;'[2":$#"#$%&'

' J&6&"*+/B!"#+9%*,&!c*M%@!X;a!F*2'!6901$/*)$+,%:!

5'77'()@!J$11$*7!b:!ZUUT:!!<)E*3%$,.'(+"1&)$+'9&*;3*)",+&'()3,.'!"#$%&'

' ()&*$+",'5#21&,#6>'('J&%$&G'3;'J&6&"*+/'V$#&*"#2*&B!WEHX:!X1'*($,2#+9%'!+,!

! E9(*1!W&9/*)$+,!*,&!F7*11!F/#++1%a!X#*(1'%)+,@!Jj:!

! NNY(

!

5'3#1'@!5+,,*:!T``Z:!hX+,%)(9/)$,2!I*$19('!*,&!C*$,)*$,$,2!X91)9(*1!H&',)$)3a!

! ?*.*<+!*,&!K)'!F/#++1!S'*.'(%:i!_32*,":'3;'()&*$+",'<,1$",'012+"#$3,![TaZ\u

! \Y:!

!

5'3#1'@!5+,,*:!T``^:!h?*.*<+!o+9)#!*,&!;,21+!E*/$%7a!X91)9(*1!H,)'2($)3!*,&!

! E'%$%)*,/':i!-"*%"*1'012+"#$3,":'J&%$&G!_^a\U[u\\\:!!

!

5'j+'@!>$11@!I1'9(3@!A($%)',!W:!5*(1$,2BX#9(/#$11@!"#+7*%!5:!F,3&'(:!ZUU]:!5#"#26'",1'

' 7*&,16'$,'#/&'012+"#$3,'3;'()&*$+",'<,1$",6'",1'(:"6="'!"#$%&6>'?@@AB!!

! ?*)$+,*1!X',)'(!4+(!W&9/*)$+,*1!F)*)$%)$/%:!d?XWF!ZUU]BU]\e:!

!

W*%)7*,@!X#*(1'%!;:!dc#$3'%*!T`UZe:!T`YT:!<,1$",'F3C/331B'?'G!o+(Ma!5+.'(!

! 6901$/*)$+,%:!

!

W(&7*,%@!C*(3!6*)($/':!!T``^:!!yH77$2(*,)%!*,&!W)#,$/%a!X+,41$/)!*,&!H&',)$)3!$,!

! X#$/*2+!6+1+,$*:y!!7/&'53+$3:3.$+":'[2"*#&*:C![_aTY^BT`^:!

!

W($M%+,@!W($M!D:!T`_[:!N/$:1/331'",1'53+$&#CB!?'G!o+(Ma!J:J:!?+()+,!*,&!X+7-*,3:!

!

W%)'%@!b:!*,&!5*(31!m$)g+G:!dT`]U!?+.'70'(e:!hD'($)*2'!X+,%$%)',/3!*%!*!

! X+,%$&'("#$3,'$,'N32,6&:$,.'!"#$%&'()&*$+",6Ba''9"E&*'*&"1'"#'#/&'!"#$3,":'

' <,1$",'012+"#$3,'(663+$"#$3,'N3,%&,#$3,B'Q"::"6B'

'

I*1M@!5',,$%!E:!*,&'S*((3!6:!;$)M',:!T`]\:!h6(+7+)$,2!E')',)$+,!*7+,2!;7'($/*,!!

! H,&$*,!X+11'2'!F)9&',)%:i!_32*,":'3;'()&*$+",'<,1$",'012+"#$3,!Z[aZ\B[T:!

!

I'*2$,@!>+'!E:@!D'(,*,!j'(*!*,&!?$M$)*#!H7*,$:!T``_:!7/&'(.3,C'3;'012+"#$3,>'F:"+=''

' 5#21&,#6'"#'\/$#&'N3::&.&6'",1'4,$%&*6$#$&6B!?'G!o+(Ma!E+9)1'&2':!

!

I'*2$,@!>+'!E:!!ZUUU:!J"+$6#'()&*$+">'J33#6K'N2**&,#'J&":$#$&6K'",1'M2#2*&'

' J&E"*"#$3,6B'!?'G!o+(Ma!E+9)1'&2':!

!

I$'1&@!F)'4*,$'!>:!T``\:!yV'/+7$,2!H($%#a!!6'(%+,*1!H&',)$)3!X+,%)(9/)$+,!*7+,2!

! I$(%)B2','(*)$+,!H($%#!H77$2(*,)%:y!5C)D3:$+'<,#&*"+#$3,!TYa\[TB\^Z:!

!

I+(&#*7@!F$2,$)#$*:!T`]]:!hE*/'1'%%,'%%!*%!*!I*/)+(!$,!V1*/M!F)9&',)%O!F/#++1!!

! F9//'%%a!6(*27*)$/!F)(*)'23!+(!63((#$/!j$/)+(3:i!-"*%"*1'012+"#$3,":' '

' J&%$&G!^]a^\u]\:!

!

I+(&#*7@!F$2,$)#$*:!T``_:!F:"+=&1'P2#>'Q$:&))"6'3;'J"+&K'<1&,#$#CK'",1''52++&66'"#'

' N"E$#":'-$./B!X#$/*2+a!"#'!K,$.'(%$)3!+4!X#$/*2+!6('%%:!!

!

! NNZ(

I+L@!C*(3!>+!"$--'/+,,$/@!F#'113!X:!S+G'@!*,&!b'+(2'!F:!C/X1'11*,:!ZUU^:!5&*%$,.'

' !"#$%&''()&*$+",'5#21&,#6B!F*,!I(*,/$%/+a!>+%%'3BV*%%:!!

!

I('$('@!6*91+:!T`YU:!9&1".3.C'3;'#/&'PEE*&66&1B!?'G!o+(Ma!X+,)$,997:!

!

I('$('@!6*91+:!T`Y\:!9&1".3.C'3;'-3E&B!?'G!o+(Ma!X+,)$,997:!

!

b*,%@!D'(0'():!T`Y`:!hF370+1$/!W)#,$/$)3a!"#'!49)9('!+4!')#,$/!2(+9-%!*,&!/91)9('%!

! $,!;7'($/*:i!0#/,$+'",1'J"+$":'5#21$&6!ZaTBZU:!

!

b*((+&@!;,&('G!*,&!X+11'',!S*($7+('@!'&%:!T``Y:!M$*6#'9&*63,K'M$*6#'9&3E:&6>'!"#$%&'

' ()&*$+",'N3::&.&'5#21&,#6'7&::'7/&$*'V$;&'5#3*$&6:!H)#*/*@!?:o:a!X+(,'11!

! K,$.'(%$)3!6('%%:!

!

b$11$1*,&@!D*-:!T`]]:!7&"+/$,.'#/&'!"#$%&'()&*$+",B!590989'a!A',&*11!z!D9,)!

! 6901$%#$,2!X+7-*,3:!

!

b(*7%/$@!;,)+,$+:!dT`[Ze!T`Y^:!V&##&*6';*3)'9*$63,>'(,#3,$3'8*")6+$:!W&:!S3,,'!

! S*G,'(:!?'G!o+(Ma!D*(-'(!X+1+-#+,:!

!

b9*<*(&+@! C$29'1! ;:! *,&! I(*,/$%/+! >:! b9*<*(&+:! ZUUZ:! hX($)$/*1! W)#,+2(*-#3! *,&!

! X+779,$)3! X#*,2':i! 6-:! Z]Tu[U\! $,! 0#/,3.*"E/C' ",1' 5+/33:6>' [2":$#"#$%&'

' (EE*3"+/&6' #3' #/&' 5#21C' 3;' 012+"#$3,K' '&$)'&! 03! o:! m+9! *,&! D:! ":! "(9'0*:!

! S*,#*7@!C5:a!E+G7*,!z!S$))1'4$'1&!6901$%#'(%:!

!

b9$11+(3@!E*-#*'1:! *,&!C$7$!J+1.'()+,:!ZUU]:! hH)O%!;0+9)!I*7$13a!?*)$.'!;7'($/*,!

! F)9&',)!6'(%$%)',/'!$,!D$2#'(!W&9/*)$+,:i!_32*,":'3;'-$./&*'012+"#$3,!!Y`!!

! dTea^]B]Y:!

!

b93'))'@! F#*(+,! W:! *,&! X#*(1+))'! D')#:! T`][:! ()&*$+",' <,1$",' /$./&*' &12+"#$3,>'

' !&&1' ",1' E*3Y&+#$3,6B! 6('%',)'&! *)! *,,9*1! 7'')$,2@! W&9/*)$+,*1!

! E'%'*(/#!;%%+/$*)$+,@!C+,)('*1@!;-($1!TTBT^@!T`][:!

!

D'*.3E9,,'(@! H($%@! E$/#*(&!5'X'11'%:! ZUUZ:! hI*7$13! W&9/*)$+,!C+&'1a!C'')$,2! )#'!

! F)9&',)! E')',)$+,! X#*11',2':i! _32*,":' 3;' ()&*$+",' <,1$",' 012+"#$3,'\TaZ`B

! [Y:!

!

D'()g0'(2@!D*g'1!J:!T`YT:!7/&'5&"*+/'M3*'(,'()&*$+",'<,1$",'<1&,#$#C>'H31&*,'9",X

' <,1$",''H3%&)&,#6B!F3(*/9%'a!K,$.'(%$)3!6('%%:!

!

D'G$))@!>+#,!6:!!T``\:!!5&:;'",1'53+$&#C>''('5C)D3:$+'<,#&*"+#$3,$6#'53+$":'96C+/3:3.CB!!

! V+%)+,a!!;113,!*,&!V*/+,:!

!

! NN[(

D+(,'))@!5:!T`]`:!h"#'!E+1'!+4!I*/91)3!$,!X91)9(*1!;G*(','%%!*,&!E')',)$+,!+4!!

! ;7'($/*,!H,&$*,!X+11'2'!F)9&',)%Ba'_32*,":'3;'()&*$+",'<,1$",'012+"#$3,!!

! ZàTZBT]:!

!

D9447*,@!"'((3!W:!T```:!N2:#2*":'H"6=6>'0#/,$+'<1&,#$#C'",1'()&*$+",'<,1$",'-$./&*'

' 012+"#$3,B'V9/M#*,,+,@!J:j*:a!F)+,'!X(''M!6('%%:!

!

D9447*,@!"'((3!W:@!!C:S:!F$11@!C:!V(+M',1'2:!!T`]_:!hX+11'2'!;/#$'.'7',)!*7+,2!F$+9L!

! *,&!J#$)'!6(*$($'!F)*)'!%)9&',)%:i!_32*,":'3;'()&*$+",'<,1$",'012+"#$3,!

! Zâ[ZB[]:!

!

>*/M%+,@!;*(+,!6:@!F)'.',!;:!F7$)#!*,&!X9()$%!S:!D$11:!ZUU[:!h;/*&'7$/!6'(%$%)',/'!

! ;7+,2!?*)$.'!;7'($/*,!X+11'2'!F)9&',)%:i!_32*,":'3;'N3::&.&'5#21&,#'

' Q&%&:3E)&,#!!\\a^\]B^_^:!!

!

A'(0+@!D:E:!T`]T:!hX+11'2'!;/#$'.'7',)!*7+,2!?*)$.'!;7'($/*,%a!;!E'%'*(/#!?+)':i!

! 53+$":'M3*+&6!^àTZY^BTZ]U:!

!

A$(M@!>'(+7'!*,&!C*(/!S:!C$11'(:!T`]_:!J&:$"D$:$#C'",1'`":$1$#C'$,'[2":$#"#$%&'J&6&"*+/B!!

! V'.'(13!D$11%a!F*2'!6901$/*)$+,%:!

!

S*I(+70+$%'@!":5:!*,&!A:b:!S+G:!T`]`:!!h;7'($/*,!H,&$*,!X#$1&(',!*,&!;&+1'%/',)%:i!

! 6-:!TT\BT\Y:!H,!N/$:1*&,'3;'N3:3*:!W&$)'&!03!":!b$00%!*,&!S:?:!D9*,2:!F*,!

! I(*,/$%/+a!>+%%'3BV*%%:!

!

S''@!C*(3>+!V',)+,:!T``]:!0#/,$+$#CK'012+"#$3,'",1'0)E3G&*)&,#>'<1&,#$#C'

' N3,6#*2+#$3,'()3,.'H$,3*$#C'5#21&,#6'$,'532#/G&6#&*,'N/$,"B!6#:5:!

! 5$%%'()*)$+,@!5'-*()7',)!+4!F+/$+1+23@!F+9)#!5*M+)*!F)*)'!K,$.'(%$)3@!

! V(++M$,2%@!F5:!

!

S''@!C*(3>+!V',)+,:!ZUUT:!0#/,$+$#CK'012+"#$3,'",1'0)E3G&*)&,#>'-3G'H$,3*$#C'

' 5#21&,#6'$,'532#/G&6#'N/$,"'N3,6#*2+#'<1&,#$#$&6B!V9(1$,2)+,@!j"a!;%#2*)'!

! 6901$%#$,2:!

!

S''@!C*(3>+!V',)+,@!W&:@!ZUU_:!!0#/,$+$#C'H"##&*6>'J&#/$,=$,.'-3G'F:"+=K'-$6E",$+K'

' L'<,1$",'5#21&,#6'9*&E"*&'M3*'L'52++&&1'<,'N3::&.&B!?'G!o+(Ma!6')'(!S*,2:!!

!

!

S$,@!E:@!5:!S*!X+9,)'@!*,&!>:!W&'(:!T`]]:!h;!F)9&3!+4!?*)$.'!;7'($/*,!F)9&',)%!$,!*!

! 6('&+7$,*,)13!J#$)'!X+11'2':i!!_32*,":'3;'()&*$+",'<,1$",'012+"#$3,!ZYa]B

! T^:!

!

!

! NN\(

C/V')#@!F*113!>:!!T`][:!0#/,$+'<1&,#$#C'",1'#/&'F3"*1$,.'5+/33:'0ZE&*$&,+&'3;'\&6#X

' N&,#*":'P=:"/3)"'()&*$+",'<,1$",6B!J*%#$,2)+,@!5Xa!K,$.'(%$)3!6('%%!+4!

! ;7'($/*!H,/:!

!

C/H,)+%#@!V:!>:!T`]Y:!5E&+$":'!&&16'3;'()&*$+",'<,1$",'N3::&.&'5#21&,#6B!C'%*!;ma!

! C'%*!X+779,$)3!X+11'2'@!c44$/'!+4!E'%'*(/#!*,&!5'.'1+-7',):!

!

C'*&:!b'+(2'!D'(0'():!T`[\:!H$,1K'5&:;'",1'53+$&#CB!X#$/*2+a!K,$.'(%$)3!+4!X#$/*2+!

! 6('%%:!

!

C'($*7@!S'G$%:!T`Z]:!!<,6#$#2#&'M3*'83%&*,)&,#'J&6&"*+/b'5#21$&6'<,'

' (1)$,$6#*"#$3,>'7/&'9*3D:&)'P;'<,1$",'(1)$,$6#*"#$3,B!V*1)$7+('a!>+#,%!

! D+-M$,%!6('%%:!

!

C$1'%@!C*))#'G!V:!*,&!;:!C$/#*'1!D90'(7*,:!T`]\:![2":$#"#$%&'Q"#"'(,":C6$6B!

! V'.'(13!D$11%a!F*2'!6901$/*)$+,%:!

C$11%@!X:!J($2#):!T`^`:!7/&'53+$3:3.$+":'<)".$,"#$3,:!?'G!o+(Ma!cL4+(&!K,$.'(%$)3!!

! 6('%%:!

! !

! ?*2'1@!>+*,':!T``\:!yX+,%)(9/)$,2!W)#,$/$)3a!!X('*)$,2!*,&!E'/('*)$,2!W)#,$/!H&',)$)3!

! *,&!X91)9(':y!53+$":'9*3D:&)6!\TaT^ZBTY_:!

!

! ?'G/+70'@!"#'+&+('!C:!!T`^]:!!h;))$)9&'!5'.'1+-7',)!*%!*!I9,/)$+,!+4!E'4'(',/'!

! b(+9-%a!"#'!V',,$,2)+,!F)9&3:i!6-:!Z_^BZY^!$,!J&"1$,.6'$,'53+$":'96C+/3:3.C@!

! '&$)'&!03!W1'*,+(!C*//+03@!"#'+&+('!C:!?'G/+70'!*,&!W92','!S:!D*()1'3:!

! ?'G!o+(Ma!D+1)!E$,'#*()!*,&!J$,%)+,:!

!

! ?$/#+1%@!S*9($'!F)',0'(2!*,&!"$7!?$/#+1%:!!T``]:!hdZlZlZea!X+11*0+(*)$,2!)+!

! W,#*,/'!c--+()9,$)$'%!4+(!?*)$.'!;7'($/*,%:i!_32*,":'3;'M")$:C'",1''

' ' N3,62)&*'5+$&,+&6!`Ua[]B\Z:!

!

?'$#*(&)@!>+#,!b:!!T`[Z:!F:"+='0:='5E&"=6>'F&$,.'#/&'V$;&'5#3*C'3;'"'-3:C'H",'3;'#/&'

' P.":":"'5$32ZB''?'G!o+(Ma!C>I!V++M%:!

!

?'97*,@!J:!S*G(',/':!ZUUU:!53+$":'J&6&"*+/'H&#/316>'[2":$#"#$%&'",1'[2",#$#"#$%&'

' (EE*3"+/&6K'\)#!'&B'V+%)+,a!;113,!*,&!V*/+,:!

!

!

c209@!>+#,!K:!T`Y]:!H$,3*$#C'012+"#$3,'",1'N"6#&B!?'G!o+(Ma!;/*&'7$/!6('%%:!

!

!

!

! NVO(

BBBBBBBBB!T`]^:!hE'%'*(/#!X9((',)%a!X91)9(*1BW/+1+2$/*1!H,419',/'%!+,!C$,+($)3!!F/#++1!

! S'*(,$,2:i!V",.2".&'(*#6!_Za]_Uu]_`:!

!

c1&',09(2@!E*3:!T`]`:!!7/&'8*&"#'8331'9:"+&>'N";&6K'N3;;&&'5/3E6K'F33=6#3*&6K'F"*6K'

' -"$*'5":3,6K'",1'3#/&*'-",.32#6'"#'#/&'-&"*#'3;'#/&'N3))2,$#CB!X*70($&2'@!

! C;a!5*!X*-+!6('%%:!

!

c--'1)@!?+(7*,!":!T`Ù:!7/&'7*$D"::C'N3,#*3::&1'<,1$",'N3::&.&6>'7/&'F&.$,,$,.6'3;'''

' 5&:;'Q&#&*)$,"#$3,'<,'()&*$+",'<,1$",'012+"#$3,B!"%*$1'@!;m:!?*.*<+!

! X+779,$)3!X+11'2'!6('%%:!

'

c3%'(7*,@!5*-#,*@!S*((3!b*,)@!*,&!>+'1!;2'(:!T``^:!h;!F+/$*113!X+,)'L)9*1$g'&!

! C+&'1!+4!;4($/*,!;7'($/*,!H&',)$)3a!6+%%$01'!F'1.'%!*,&!F/#++1!6'(%$%)',/':i!

! _32*,":'3;'9&*63,":$#C'",1'53+$":'96C+/3:3.C'_àTZT_uTZ[Z:!

!

c3%'(7*,@!5*-#,*@!A*)#3!D*(($%+,@!*,&!5'0+(*#!V30'':!ZUUT:!hX*,!E*/$*1!H&',)$)3!

! V'!6(+7+)$.'!+4!;/*&'7$/!W44$/*/3ki!<,#&*,"#$3,":'_32*,":'3;'F&/"%$3*":'

' Q&%&:3E)&,#''Zâ[Yù[]^:!

!

c3%'(7*,@!5*-#,*@!C*(M9%!A'77'17'$'(@!F)'-#*,$'!I(30'(2@!D'g$!V(+%#@!*,&!

! "*7'(*!D*()B>+#,%+,:!ZUU[:!hE*/$*1BW)#,$/!F'14BF/#'7*%:i!53+$":'96C+/3:3.C'

' [2"*#&*:C!__a[[[u[\Y:!!

!

c3%'(7*,@!5*-#,*@!5'0+(*#!V30''!*,&!A*)#3!"'((3:!ZUU_:!h6+%%$01'!F'1.'%!*,&!

! ;/*&'7$/!c9)/+7'%a!D+G!*,&!J#',!6+%%$01'!F'1.'%!H7-'1!;/)$+,:i!_32*,":'3;'

' 9&*63,":$#C'",1'53+$":'96C+/3:3.C!`TaT]]BZU\:!!

!

6*%/*('11*@!W:":!*,&!"'(',g$,$@!6:":!T``T:!-3G'N3::&.&'(;;&+#6'5#21&,#6>'M$,1$,.6'",1''

' <,6$./#6';*3)'7G&,#C'S&"*6'3;'J&6&"*+/B!F*,!!I(*,%$%/+a!>+%%'3BV*%%:!

!

6*('&'%@!;,)#+,3!>:!T``^:!h6*(*&+L'%!+4!C+&'(,$%7!*,&!H,&$*,,'%%!$,!)#'!

! F+9)#'*%):i!()&*$+",'<,1$",'[2"*#&*:C!Tà[\TB]]:!

!

! 6*.'1@!5:!C$/#*'1@!E'0'//*!E*M!FM$,,'(@!W1$g*0')#!I*(($%@!C*(2*(')!X*1*#*,@!>+#,!

! "$--'/+,,$/!*,&!J*3,'!F)'$,:!T``]:!()&*$+",'<,1$",6'",1'(:"6="'!"#$%&6'$,'

' 936#6&+3,1"*C'012+"#$3,B!!?*)$+,*1!X',)'(!4+(!W&9/*)$+,*1!F)*)$%)$/%:!d?XWF!

! `]BZ`Te:!

!

! 6*.'1@!C:!*,&!E:!6*&$11*:!T``[:!;7'($/*,!H,&$*,!*,&!;1*%M*!?*)$.'!-+%)%'/+,&*(3!

! &'-*()9('a!;,!'L*7-1'!+4!*%%'%%$,2!*!7*$,%)('*7!7+&'1!9%$,2!,*)$+,*1!

! 1+,2$)9&$,*1!&*)*:!_32*,":'3;'()&*$+",'<,1$",'012+"#$3,![ZaTBZ[:!

!

! NVP(

! 6'G'G*(&3@!X+(,'1:!5:!ZUUZ:!hS'*(,$,2!F)31'%!+4!;7'($/*,!H,&$*,Q;1*%M*!?*)$.'!

! F)9&',)%a!;!E'.$'G!+4!)#'!S$)'(*)9('!*,&!H7-1$/*)$+,%!4+(!6(*/)$/':i!_32*,":'3;'

' ()&*$+",'<,1$",'W&9/*)$+,'\TaZZB^_:!

!

! E'&&3@!C:;:!dW&:e:!T``[:!5#"#$6#$+":'J&+3*1'3;'!"#$%&'!3*#/'()&*$+",6B!J*%#$,2)+,@!

! 5Xa!b*1'!E'%'*(/#:!

!

! E',&+,@!S*9(*!H:@!E+7'(+!W:!>*1+7+!*,&!;7*9(3!?+(*:!ZUUU:!h"#'+(')$/*1!

! X+,%$&'(*)$+,%!$,!)#'!%)9&3!+4!C$,+($)3!F)9&',)!E')',)$+,!$,!D$2#'(!

! W&9/*)$+,:i!6-:!TZYBT^_!$,!J&G3*=$,.'#/&'5#21&,#'Q&E"*#2*&'92II:&@!'&$)'&!03!

! >:C:!V(*L)+,:!!?*%#.$11'a!j*,&'(0$1)!K,$.'(%$)3!6('%%:!

!

! E$/#*(&%+,@!E:X:!*,&!W:I:!FM$,,'(:!T``T:!!(+/$&%$,.'[2":$#C'",1'Q$%&*6$#CB!?'G!!o+(Ma!

! ;7'($/*,!X+9,/$1!+,!W&9/*)$+,!*,&!C*/7$11*,!6901$%#$,2!X+7-*,3:!

!

! E$,&+,'@!6:!T`]]:!h;/#$'.'7',)!7+)$.*)$+,!*,&!*/*&'7$/!*/#$'.'7',)!+4!?*)$.'!

! ;7'($/*,!%)9&',)%:i!_32*,":'3;'()&*$+",'<,1$",'012+"#$3,!Z]aTB]:!

!

! BBBBBBBB!T``]:!hc9(!X#$1&(',!X*,O)!J*$)a!E'/*-)9($,2!)#'!W%%',/'!+4!H,&$2',+9%!

! F/#++1%!$,!)#'!K,$)'&!F)*)'%:i!X91)9(*1!F9(.$.*1!P9*()'(13!ZZaZ`B[\:!

!

F*,@!V+0:!ZUU]B''()&*$+",'<,1$",'N2:#2*":'-326&'/&:E6'6#21&,#6'62++&&1'$,'+3::&.&B'

' K,$.'(%$)3!+4!C$,,'%+)*a!KC?!,'G%:!

! #))-aQQGGGT:97,,'G%kI'*)9('=F)+($'%Q;7'($/*,=H,&$*,=X91)9(*1=D+9%'=#

! '1-%=%)9&',)%=%9//''&=$,=/+11'2':#)71:!!S*%)!7+&$4$'&@!"9'%&*3!>*,:!U]@!ZUU]:!!

! ;//'%%'&!>913!Z^@!ZUU]:!

!

F$,2'(@!W1'*,+(:!T`]T:!hE'4'(',/'!b(+9-%!*,&!F+/$*1!W.*19*)$+,%:i!6-:!__B`[!$,!53+$":''

' 96C+/3:3.C>'53+$3:3.$+":'9&*6E&+#$%&6K!'&$)'&!03!C+(($%!E+%',0'(2!*,&!E*1-#!

! D:!"9(,'(:!?'G!o+(Ma!0*%$/!V++M%:!

!

F1'')'(@!X#($%)$,'!W:@!'&:!T``TB'0)E3G&*)&,#'7/*32./'H2:#$+2:#2*":'012+"#$3,B!

! ;10*,3a!!F)*)'!K,$.'(%$)3!+4!?'G!o+(M!6('%%:!

!

532#/'Q"=3#"'F3"*1'3;'J&.&,#6'M"+#'F33='M$6+":'S&"*'?@T@B'F+9)#!5*M+)*!V+*(&!

! +4!E'2',)%:!c44$/'!+4!)#'!WL'/9)$.'!5$('/)+(:!6$'(('@!F:5!

'

532#/'Q"=3#"'5#"#&'4,$%&*6$#C'F2::&#$,'[2"*#&*:CB!ZUU`:!dKF6F!\Y\BT]Ue:!TUUdZea!!

! C*3:!

!

532#/'Q"=3#"'5#"#&'4,$%&*6$#CK'M"+#'F33='?@@cB!c44$/'!+4!H,%)$)9)$+,*1!E'%'*(/#@!

! 5'-*()7',)!+4!I$,*,/'!*,&!V9%$,'%%:!!61*$,%!F)*)'!K,$.'(%$)3:!V(++M$,2%@!F:5:!

!

! NVN(

F-(*&1'3@!>*7'%!6:!!T`]U:!9"*#$+$E",#'PD6&*%"#$3,B!X#$/*2+a!!D+1)@!E$,'#*()!*,&!

! J$,%)+,:!

! F)*,&$,2!V'*(@!S9)#'(:!ZUU_dT`Z]e:!HC'9&3E:&'#/&'5$32ZB'S$,/+1,a!K,$.'(%$)3!+4!

! ?'0(*%M*!6('%%:!

!

F)'$,@!J*3,':!T``Z:!7*$D"::C'N3,#*3::&1'N3::&.&6>'H"=$,.'8331'H&1$+$,&B'?'G!o+(Ma!

! 6')'(!S*,2:!

!

F)'G*(&@!E:!>:!T``[:!h"G+!4*/'%!+4!*/*&'7$/!%9//'%%a!X*%'!%)9&$'%!+4!;7'($/*,!

! H,&$*,%!+,!*!-('&+7$,*,)13!;,21+!9,$.'(%$)3!/*7-9%:i!_32*,":'3;'N3::&.&'

' 5#21&,#'Q&%&:3E)&,#![\aT`TBT`_:!

!

F)+944'(@!F*79'1!;:!T`\`:!7/&'()&*$+",'53:1$&*B!?'G!o+(Ma!>+#,!J$1'3!*,&!F+,%:!

!

FG$&1'(@!;,,:!!T`]_:!yX91)9('!$,!;/)$+,a!F370+1%!*,&!F)(*)'2$'%:y!()&*$+",'

' 53+$3:3.$+":'J&%$&G!^Ta!ZY[BZ]_:!

!

"#+7*%@!J$11$*7!H:!*,&!5+(+)#3!"#+7*%!F:!T`Z]:!7/&'N/$:1'$,'()&*$+">'F&/"%$3*''

' 9*3D:&)6'",1'9*3.*")6:!?'G!o+(Ma!A,+-4:!!

!

"$'(,'3@!J$11$*7!b:!T``Z:!P;;$+$":'0,+32*".&)&,#K'<,6#$#2#$3,":'Q$6+32*".&)&,#>'

' H$,3*$#$&6'$,'(+"1&)&^7/&'!"#$%&'()&*$+",'0ZE&*$&,+&:!?+(G++&@!?:>a!

! ;01'L:!

!

BBBBBBBBB!T``[:!F2$:1$,.'N3))2,$#$&6'3;'Q$;;&*&,+&>'-$./&*'012+"#$3,'$,'#/&'7G&,#CX

' M$*6#'N&,#2*CB!"+(+,)+@!c,)*($+a!cHFW!6('%%:!

!

BBBBBBBBB!ZUUU:!h6+G'(@!H&',)$)3!*,&!)#'!5$1'77*!+4!X+11'2'!F)9&',)!5'-*()9(':i!6-:!

! ZT[uZ[\!$,!J&#/$,=$,.'#/&'5#21&,#'Q&E"*#2*&'92II:&K''&$)'&!03!>:!C:!V(*L)+,:!

! ?*%#.$11'a!j*,&'(0$1)!K,$.'(%$)3!6('%%:!

!

"$,)+@!j$,/',):!T`Y^:!h5(+-+9)!4(+7!#$2#'(!'&9/*)$+,a!;!)#'+(')$/*1!%3,)#'%$%!+4!

! ('/',)!!('%'*(/#:!!J&%$&G'3;'012+"#$3,":'J&6&"*+/'\^a]`BTZ^:!

!

BBBBBB!T``[:!V&"%$,.'N3::&.&>'J&#/$,=$,.'#/&'N"26&6'",1'N2*&6'3;'5#21&,#'

' (##*$#$3,B!X#$/*2+a!"#'!K,$.'(%$)3!+4!X#$/*2+!6('%%:!

!

"(9'0*@!D',(3!":!T`]]:!hX91)9(*113!V*%'&!WL-1*,*)$+,%!+4!C$,+($)3!F)9&',)%O!

! ;/*&'7$/!;/#$'.'7',):i!(,#/*3E3:3.C'L'012+"#$3,'[2"*#&*:C!T`aZYUuZ]Y:!

!

!

!

! NVV(

K:F:!X',%9%!V9('*9a!5#"#&'",1'N32,#C'[2$+=M"+#6B''

! W5"#))-aQQ89$/M4*/)%:/',%9%:2+.Q84&Q%)*)'%Q\_UUU:#)71!S*%)!E'.$%'&a!

! "#9(%&*3@!ZZB;-(BZUTU!U]a[^a[^!

!

K))'(@!>*/M:!ZUUT:!()&*$+",'<,1$",6>'(,6G&*6'#3'731"CR6'[2&6#$3,6B''Z,&!'&:@!('.$%'&:!

! ?+(7*,@!cA:!K,$.'(%$)3!+4!cM1*#+7*!6('%%:!

!

j'(7$11$+,@!S*9('1:!ZUU]:!!61*$,%!F)*)'!K,$.'(%$)3!ZU)#!;,,9*1!X+,%$&'(!)#'!

! X',)9(3!X+,4'(',/':!9"6#'",1'9*&6&,#'N3::&.&'9*&6$1&,#6R'9&*6E&+#$%&6'3,'#/&'

' 9"6#'7G&,#C'S&"*6B''E*$1)+G,@!F5:!c/)+0'(!TU)#!@!ZUU]:!

J*L@!C9((*3@!E+%*1$'!J*L@!*,&!E+0'()!597+,):!T`_\:!M3*)":'012+"#$3,'$,'",'

' ()&*$+",'<,1$",'N3))2,$#C>'9&&*'53+$&#C'",1'#/&'M"$:2*&'3;'H$,3*$#C'

' 012+"#$3,B'6(+%-'/)!D'$2#)%@!H11a!J*.'1*,&!6('%%:!

!

J*L@!E+%*1$'!D:!T`_Y:!7/&'\"**$3*'Q*3E32#6B!S*G(',/'@!AFa!K,$.'(%$)3!+4!A*,%*%!

! 6('%%:!

!

J$1%+,@!>:!b:!T`][:!hJ$%/+,%$,!H,&$*,!c-$,$+,%!+4!I*/)+(%!J#$/#!X+,)($09)'!)+!)#'!

! X+7-1')$+,!+4!X+11'2'!5'2(''%:i!6(+2(*7!('-+()!][BT[:!C*&$%+,a!J$%/+,%$,!

! X',)'(!4+(!W&9/*)$+,!E'%'*(/#@!C*&$%+,:!dWEHX!5+/97',)!E'-(+&9/)$+,!

! F'(.$/'!?+:!W5Z[YZY\e:!

!

J$1%+,@!6:!T``Y:!!hA'3!I*/)+(%!$,!)#'!6'(4+(7*,/'!*,&!;/#$'.'7',)!+4!C$,+($)3!

! F)9&',)%!*)!)#'!K,$.'(%$)3!+4!;1*%M*BI*$(0*,M%:i!()&*$+",'<,1$",'[2"*#&*:C!

! ZTa^[^B\\:!

!

J$11$*7%@!E:;:!ZUUU:!!h5+/97',)%!+4!V*(0*($%7a!"#'!X+,)'7-+(*(3!S'2*/3!+4!

! W9(+-'*,!E*/$%7!*,&!X+1+,$g*)$+,!$,!)#'!?*((*)$.'!"(*&$)$+,%!+4!I'&'(*1!

! H,&$*,!1*G:i!6-:!`\BTU^:!H,!N*$#$+":'*"+&'#/&3*C>!"#'!X9))$,2!W&2':!W&$)'&!03!E:!

! 5'12*&+!*,&!>:!F)*,/$/:!6#$1*&'1-#$*@!6;a!"'7-1'!K,$.'(%$)3!6('%%:!

!

J($2#)@!V:!T`]^:!h6(+2(*77$,2!%9//'%%a!F-'/$*1!F)9&',)!F'(.$/'%!*,&!)#'!;7'($/*,!!!

! H,&$*,!X+11'2'!F)9&',):i!_32*,":'3;'()&*$+",'<,1$",'012+"#$3,'Z\aTBY:!

!

J($2#)@!V+003!*,&!J$11$*7!b:!"$'(,'3:!!T``T:!h;7'($/*,!H,&$*,%!$,!D$2#'(!

! W&9/*)$+,a!;!D$%)+(3!+4!X91)9(*1!X+,41$/):i!N/",.&'!Z[aTTBT]:!

!

o+%%+@!"*(*!>:!ZUU^:!hJ#+%'!X91)9('!D*%!X*-$)*1k!;!X($)$/*1!E*/'!"#'+(3!5$%/9%%$+,!

! +4!X+779,$)3!X91)9(*1!J'*1)#:i!J"+&'0#/,$+$#C'",1'012+"#$3,!]a_`u`T:!

!

m$,,@!D:!T`]U:!('9&3E:&R6'-$6#3*C'3;'#/&'4,$#&1'5#"#&6>'Tdc?'X'9*&6&,#B!?'G!o+(Ma!

! D*(-'(!X+11$,%!6901$%#'(%:!

! NVW(

!

m$,,@!D:!T``U:'Q&+:"*"#$3,6'3;'<,1&E&,1&,+&B'?'G!o+(Ma!D*(-'(!X+11$,%!6901$%#'(%:!!

!

m$)g+G@!5:!*,&!W%)'%@!b:!T`][:!h"#'!D'($)*2'!X+,%$%)',/3!X+,)$,997!$,!X+9,%'1$,2!

! ?*)$.'!;7'($/*,!F)9&',)%:i!!"#$3,":'<,1$",'012+"#$3,'(663+$"#$3,'_32*,":B!

! \aT[[BT[:!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

! NVX(

!II#')%^(!2((

( %?<:;M8:Q(,@87:(E>;(!7B8?89<;=<>;9(=?7(3=H@D<5( (

H!*7!F/+))!I1'7$,2!+4!)#'!F+/$+1+23!5'-*()7',)!*)!61*$,%!F)*)'!K,$.'(%$)3:!

"#*,M!3+9!4+(!)*M$,2!)#'!)$7'!)+!%-'*M!G$)#!7':!H!*7!*!-'(%+,!+4!*,/'%)(*1!&'%/',)!

4(+7!)#'!C'%MG*M$!-'+-1'!+4!H+G*!*,&!)#'!X#'(+M''!-'+-1'!)#'!F+9)#'*%)'(,!

K,$)'&!F)*)'%:!H!#*.'!0'',!*(+9,&!,*)$.'!-'+-1'!*,&!/+779,$)$'%!*11!+4!73!1$4':!H!

#*.'!G+(M'&!*,&!1$.'&!+,!('%'(.*)$+,!/+779,$)$'%!$,!C$,,'%+)*!*,&!J$%/+,%$,:!H!

#*.'!-*()$/$-*)'&!*%!*!)(*&$)$+,*1!&*,/'(!$,!6+G!J+G%!*/(+%%!)#'!/+9,)(3:!H!#*.'!

1+,2!0'',!$,)'('%)'&!$,!7+&'(,!$%%9'%!4*/$,2!;7'($/*,!H,&$*,!-'+-1'@!-*()$/91*(13!

#+G!)+!$7-(+.'!)#'!/+,&$)$+,%!4+(!'&9/*)$+,*1!%9//'%%!4+(!;7'($/*,!H,&$*,!

%)9&',)%:!

H!*7!&+$,2!73!&+/)+(*1!&$%%'()*)$+,!$,!)#'!*('*!+4!H,&$*,!#$2#'(!'&9/*)$+,@!

%-'/$4$/*113@!G#*)!4*/)+(%!/+70$,'!)+!4*/$1$)*)'!+(!#$,&'(!'&9/*)$+,*1!*))*$,7',)!4+(!

;7'($/*,!H,&$*,!/+11'2'!%)9&',)%:!

;%!-*()!+4!)#$%!%)9&3@!)#'!4+11+G$,2!$,)'(.$'G!$%!&'%$2,'&!)+!',#*,/'!+9(!

9,&'(%)*,&$,2!+4!G#*)!4*/)+(%!G+(M!)+G*(&!)#'!4*/$1$)*)$+,!+(!#$,&(*,/'!+4!

'&9/*)$+,*1!%9//'%%!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!J$)#!3+9(!-'(7$%%$+,@!H!

G$11!('/+(&!+9(!/+,.'(%*)$+,!+,!*!&$2$)*1!*9&$+!('/+(&'(:!;%!H!)(*,%/($0'!)#'!

$,)'(.$'G!*11!$&',)$43$,2!$,4+(7*)$+,!G$11!0'!('7+.'&!)#9%!M''-$,2!3+9(!

-*()$/$-*)$+,!$,!)#'!%)9&3!*,+,37+9%:!

! NVY(

H!G$11!*1%+!-(+.$&'!3+9!G$)#!/+,)*/)!$,4+(7*)$+,!$,!/*%'!3+9!G+91&!1$M'!)+!

49()#'(!&$%/9%%!*,3!$,4+(7*)$+,!+(!$%%9'%!3+9!7*3!#*.'!*4)'(!)#'!$,)'(.$'G!$%!

/+7-1')'&:!

5+!3+9!*2(''!)+!-*()$/$-*)'!$,!)#$%!$,)'(.$'G!*%!H!#*.'!'L-1*$,'&!$)!)+!3+9k!

5+!3+9!#*.'!*,3!89'%)$+,%!4+(!7'!0'4+('!G'!0'2$,k!

!

!

!

!

!

!

! "+!;&7$,$%)(*)+(%!*,&!I*/91)3a!

!

• 5'%/($0'!#+G!)#'!9,$.'(%$)3!*&&('%%'%!$%%9'%!+4!&$.'(%$)3k!

!

• D+G!&+'%!)#'!9,$.'(%$)3!*&&('%%!$%%9'%!('1*)$,2!)+!7$,+($)3!%)9&',)%@!%-'/$4$/*113!

?*)$.'!;7'($/*,%k!

!

• J#*)!)#(''!+(!4+9(!4*/)+(%!&+!3+9!0'1$'.'!#'1-!?*)$.'!;7'($/*,!%)9&',)%!-'(%$%)!

)#(+92#!/+11'2'k!

!

• J#*)!&+!3+9!-'(/'$.'!*%!)#'!)#(''!+(!4+9(!2('*)'%)!0*(($'(%!)+!/+7-1')$,2!/+11'2'k!

!

• D+G!&+'%!#'1-$,2!;7'($/*,!H,&$*,!%)9&',)%!%9//''&!4$)!G$)#!)#'!7$%%$+,!*,&!

%)(*)'2$/!-1*,!+4!)#'!9,$.'(%$)3k!

!

! NVZ(

• J#*)!*('!%+7'!+4!)#'!-(+01'7%!*&7$,$%)(*)$+,!%''%!$,!('/(9$)$,2!*,&!(')*$,$,2!

?*)$.'!;7'($/*,!%)9&',)k!

!

• J#*)!$%!)#'!('1*)$+,%#$-!0')G'',!?*)$.'!;7'($/*,%!%)9&',)%!*,&!4*/91)3k!

!

• J#*)!/*,!)#'!%)*)'!&+!)+!',%9('!)#'!9,$.'(%$)3!$%!%9--+()$,2!&$.'(%$)3@!'%-'/$*113!

?*)$.'!;7'($/*,!%)9&',)%k!

!

• 5'%/($0'!$&'*1!%$)9*)$+,!4+(!?*)$.'!;7'($/*,!%)9&',)%!)+!41+9($%#!*)!)#'!9,$.'(%$)3:!

!

• X+91&!6FK!0'))'(!%'(.'!$)%!;7'($/*,!H,&$*,!%)9&',)%k!

!

!

!

!

!

!

!

!

!

!

!

! NV[(

( (((((((((((((((((((((((((((((((((((((((!II#')%^(42((

%?<:;M8:Q(,@87:(E>;(-<@7:?<9(

H!*7!F/+))!I1'7$,2!+4!)#'!F+/$+1+23!5'-*()7',)!*)!61*$,%!F)*)'!K,$.'(%$)3:!

"#*,M!3+9!4+(!)*M$,2!)#'!)$7'!)+!%-'*M!G$)#!7':!H!*7!*!-'(%+,!+4!*,/'%)(*1!&'%/',)!

4(+7!)#'!C'%MG*M$!-'+-1'!+4!H+G*!*,&!)#'!X#'(+M''!-'+-1'!)#'!F+9)#'*%)'(,!

K,$)'&!F)*)'%:!H!#*.'!0'',!*(+9,&!,*)$.'!-'+-1'!*,&!/+779,$)$'%!*11!+4!73!1$4':!H!

#*.'!G+(M'&!*,&!1$.'&!+,!('%'(.*)$+,!/+779,$)$'%!$,!C$,,'%+)*!*,&!J$%/+,%$,:!H!

#*.'!-*()$/$-*)'&!*%!*!)(*&$)$+,*1!&*,/'(!$,!6+G!J+G%!*/(+%%!)#'!/+9,)(3:!H!#*.'!

1+,2!0'',!$,)'('%)'&!$,!7+&'(,!$%%9'%!4*/$,2!;7'($/*,!H,&$*,!-'+-1'@!-*()$/91*(13!

#+G!)+!$7-(+.'!)#'!/+,&$)$+,%!4+(!'&9/*)$+,*1!%9//'%%!4+(!;7'($/*,!H,&$*,!

%)9&',)%:!

H!*7!&+$,2!73!&+/)+(*1!&$%%'()*)$+,!$,!)#'!*('*!+4!H,&$*,!#$2#'(!'&9/*)$+,@!

%-'/$4$/*113@!G#*)!4*/)+(%!/+70$,'!)+!4*/$1$)*)'!+(!#$,&'(!'&9/*)$+,*1!*))*$,7',)!4+(!

;7'($/*,!H,&$*,!/+11'2'!%)9&',)%:!

;%!-*()!+4!)#$%!%)9&3!)#'!4+11+G$,2!$,)'(.$'G!$%!&'%$2,'&!)+!',#*,/'!+9(!

9,&'(%)*,&$,2!G#*)!4*/)+(%!G+(M!)+G*(&!)#'!4*/$1$)*)$+,!+(!#$,&(*,/'!+4!'&9/*)$+,*1!

%9//'%%!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!J$)#!3+9(!-'(7$%%$+,@!H!G$11!('/+(&!+9(!

/+,.'(%*)$+,!+,!*!&$2$)*1!*9&$+!('/+(&'(:!;%!H!)(*,%/($0'!)#'!$,)'(.$'G!*11!$&',)$43$,2!

$,4+(7*)$+,!G$11!0'!('7+.'&!)#9%!M''-$,2!3+9(!-*()$/$-*)$+,!$,!)#'!%)9&3!

*,+,37+9%:!

! NV\(

H!G$11!*1%+!-(+.$&'!3+9!G$)#!/+,)*/)!$,4+(7*)$+,!$,!/*%'!3+9!G+91&!1$M'!)+!

49()#'(!&$%/9%%!*,3!$,4+(7*)$+,!+(!$%%9'%!3+9!7*3!#*.'!*4)'(!)#'!$,)'(.$'G!$%!

/+7-1')'&:!

5+!3+9!*2(''!)+!-*()$/$-*)'!$,!)#$%!$,)'(.$'G!*%!H!#*.'!'L-1*$,'&!$)!)+!3+9k!

5+!3+9!#*.'!*,3!89'%)$+,%!4+(!7'!0'4+('!G'!0'2$,k!

!

!

!

!

!"+!0'2$,!G$)#@!HO&!1$M'!)+!1'*(,!*!1$))1'!*0+9)!3+9a!

! 5'7+2(*-#$/!X#*(*/)'($%)$/%a!

T: o+9(!*2'a!

Z: b',&'(a!

[: "($0*1!;44$1$*)$+,a!

\: 61*/'!+4!0$()#a!

^: C*($)*1!%)*)9%a!

_: ?970'(!+4!/#$1&(',!d$4!*,3ea!

Y: o'*(!$,!%/#++1a!X+11'2'!C*<+(!

!

! NWO(

"+!F)9&',)%a!

• 5'%/($0'!#+G!3+9!E&*+&$%&!#+G!)#'!9,$.'(%$)3!*&&('%%'%!$%%9'%!+4!&$.'(%$)3k!

!

T: D*.'!3+9!'L-'($',/'&!*,3!$,%)*,/'%!+4!-('<9&$/'!+,!)#$%!/*7-9%k!

Z: H4!%+@!G$11!3+9!)'11!7'!*0+9)!)#*)k!

!

• D+G!&+'%!)#'!9,$.'(%$)3!*&&('%%!$%%9'%!('1*)$,2!)+!7$,+($)3!%)9&',)%@!%-'/$4$/*113!

?*)$.'!;7'($/*,%k!

!

T: 5+!3+9!4''1!)#*)!)#'('!*('!/#*11',2'%@!*%!*,!;7'($/*,!H,&$*,!%)9&',)@!#'('!*)!*!

7*$,%)('*7!/+11'2'!)#*)!&+!,+)!'L$%)!4+(!,+,BH,&$*,!%)9&',)%k!WL-1*$,!

Z: J#*)!G*3%!&+!3+9!#*.'!4+(!&'*1$,2!G$)#!)#*)k!

[: 5+!3+9!%-',&!)$7'!*)!)#'!?;XXQC;ck!D+G!79/#k!J#',k!

\: 5+!3+9!4$,&!$)!#'1-491k!X+74+()*01'k!

^: D+G!%+k!

_: H4!,+)@!G#3k!

!

• J#*)!G+91&!3+9!/+,%$&'(!)+!0'!)#(''!+(!4+9(!4*/)+(%!)#*)!#*.'!1'&!3+9!)+!-'(%$%)!

)#(+92#!3+9(!9,$.'(%$)3!%+!4*(k!

!

T: H,!G#*)!G*3%!G+91&!3+9!%*3!3+9(!4*7$13!#*%!0'',!%9--+()$.'!+4!3+9(!/+11'2'!

'L-'($',/'k!!

Z: H,!G#*)!G*3%@!$4!*,3@!&+!3+9!&(*G!+,!)(*&$)$+,*1!,*)$.'!/91)9('!)+!#'1-!&'*1!G$)#!)#'!

/#*11',2'%!+4!/+11'2'!1$4'k!

[: 5+!3+9!#*.'!*!%9--+()$.'!,')G+(Mk!I($',&%@!I*/91)3!I*7$13k!

\: "'11!7'!G#*)!%9--+()!%'(.$/'%!-(+.$&'&!03!)#'!9,$.'(%$)3!3+9!)*M'!*&.*,)*2'!+4k!

!

• J#*)!#*.'!0'',!)#'!)#(''!+(!4+9(!0*(($'(%!)+!+.'(/+7'!$,!)(3$,2!)+!/+7-1')'!3+9(!

'&9/*)$+,k!

!

T: D+G!&+!3+9!/+-'!G$)#!==========!*%!*!0*(($'(k!

Z: H4!('%-+,&',)!7',)$+,'&!7+,'3!*%!*!-(+01'7:!5+!3+9!G+(Mk!5+!3+9!('/'$.'!

4$,*,/$*1!*$&k!H,!G#*)!%-'/$4$/!G*3%!&+!4$,*,/$*1!/+,/'(,%!/*9%'!3+9!-(+01'7%k!

[: D*%!3+9(!4*7$13!0'',!,+,B%9--+()$.'!$,!*,3!G*3k!WL-1*$,:!!

! NWP(

\: J#'('!&$&!3+9!2+!)+!D$2#!F/#++1k!5'%/($0'!3+9(!D:F:!'L-'($',/':!5$&!3+9!2')!2++&!

2(*&'%k!5$&!3+9!#*.'!*!4*.+($)'!%90<'/)k!J'('!3+9(!)'*/#'(%!#'1-491k!

^: 5+!3+9!)#$,M!D:F:!-('-*('&!3+9!4+(!/+11'2'!1'.'1!/+9(%'%k!

!

• H4!3+9!)#$,M!*0+9)!4($',&%!)#*)!#*.'!%)*()'&!/+11'2'!09)!,+)!4$,$%#'&BG#*)!&+!3+9!

)#$,M!M'-)!)#'7!4(+7!&+$,2!%+k!

!

• J#*)!G+91&!0'!3+9(!$&'*1!$,%)$)9)$+,k!

!

• X+91&!6FK!0'))'(!%'(.'!$)%!;7'($/*,!H,&$*,!%)9&',)%k!

!

!

!

!

!

!

!

!

!

!

!

!

!

! NWN(

!II#')%^(&2(

I!$/%&%I!'/(&*'-#'/(3*$"(

(

`/>(A:(98K?:7(8?(<F:(C;:9:?H:(>E(<F:(;:9:=;HF:;_C=;<8H8C=?<(H>C5(C;>M87:7a(

I!$/%&%I!/%*'(%'(I#$-*'!+(%'/#$0%#](

ID=8?9(-<=<:(.?8M:;98<5(

$=8D<>Q?T(I-(^^^^^(

(

6(+<'/)!5$('/)+(a! F/+))!5:!I1'7$,2!

! ! ! 5'-*()7',)!+4!E9(*1!F+/$+1+23!

! ! ! 61*$,%!F)*)'!K,$.'(%$)3!

!

6#+,'a!d_U^e!xxxBxxxx!

61'*%'!('*&!)#'!4+11+G$,2!-+$,)%@!*,&!4''1!4(''!)+!*%M!*,3!89'%)$+,%!)#*)!*($%'!*%!3+9!

&+!%+:!

"#$%!$%!*,!$,.$)*)$+,!4+(!3+9!)+!-*()$/$-*)'!$,!*!('%'*(/#!-(+<'/)!9,&'(!)#'!&$('/)$+,!

+4!F/+))!I1'7$,2:!"#'!,*7'!+4!)#$%!-(+<'/)!$%!h;7'($/*,!H,&$*,!W&9/*)$+,*1!

;))*$,7',)a!;!X+7-*(*)$.'!;,*13%$%!+4!I*/)+(%!)#*)!D$,&'(!+(!I*/$1$)*)'!W&9/*)$+,*1!

F9//'%%!4+(!;7'($/*,!H,&$*,!F)9&',)%!*)!6FKi:!

"#'!-9(-+%'!+4!)#$%!-(+<'/)!)+!2*$,!*,!$,/('*%'&!9,&'(%)*,&$,2!+4!)#'!4*/)+(%!)#*)!

/+70$,'!)+!#$,&'(!+(!4*/$1$)*)'!'&9/*)$+,*1!%9//'%%!*)!)G+!-('&+7$,*,)13!J#$)'@!

7*$,%)('*7!/+11'2'%!$,!6(*$($'!F)*)':!!"#'!-(+-+%'&!%)9&3!G$11!9%'!)#'!89*1$)*)$.'!

('%'*(/#!7')#+&%!$,/19&$,2f!4+/9%!2(+9-%@!-'(%+,*1!$,)'(.$'G%@!4$'1&!+0%'(.*)$+,%!

*,&!&+/97',)*(3!&*)*!*,*13%$%:!!6*()$/$-*,)%!$,!)#'!%)9&3!G$11!$,/19&'!;7'($/*,!

H,&$*,!/+11'2'!%)9&',)%!*)!0+)#!61*$,%!F)*)'!K,$.'(%$)3!*,&!)#'!K,$.'(%$)3!+4!6(*$($'!

F)*)':!!;&&$)$+,*113@!K,$.'(%$)3!6('%$&',)%@!5$.'(%$)3!X++(&$,*)+(%@!4*/91)3!7'70'(%!

*,&!6(+2(*7!X++(&$,*)+(%!G$11!0'!$,)'(.$'G'&!$,!+(&'(!)+!2*$,!*%!',#*,/'&!

9,&'(%)*,&$,2!+4!)#+%'!4*/)+(%!+9)1$,'&!$,!)#'!('%'*(/#!89'%)$+,%!4(+7!*,!

$,%)$)9)$+,*1!-'(%-'/)$.':!

"#$%!-+()$+,!+4!)#'!%)9&3!/+,%$%)%!+4!*!+,'!+,!+,'!-'(%+,*1!$,)'(.$'G@!)#'!)+)*1!

,970'(!+4!G#$/#!G$11!0'!TU!)+!TZ!;7'($/*,!H,&$*,!/+11'2'!%)9&',)%:!"#$%!-(+/'%%!

G$11!$,/19&'!*!)*-'&!2(+9-!$,)'(.$'G@!*,&!G$11!-(+0*013!1*%)!T!)+!Z!#+9(%:!o+9(!

! NWV(

$&',)$43$,2!$,4+(7*)$+,!*,&!('%-+,%'%!G$11!0'!M'-)!%)($/)13!/+,4$&',)$*1:!W.'(3!'44+()!

G$11!0'!7*&'!)+!',%9('!)#*)!)#'('!G$11!0'!,+!-+%%$0$1$)3!+4!/+,,'/)$,2!)#'7!G$)#!)#'$(!

('%-+,%'%!$,!*,3!('-+()%!+(!%90%'89',)!G+(M%!*($%$,2!4(+7!)#$%!('%'*(/#!-(+<'/):!

o+9(!)(*,%/($-)!G$11!,+)!0'!$&',)$4$'&!03!'$)#'(!,*7'!+(!1+/*)$+,:!c($2$,*1!/+,)*/)!

%#'')%!G$11!0'!M'-)!$,!*!1+/M'&!/*0$,')!$,!)#'!+44$/'!+4!)#'!5'*,!+4!)#'!D+,+(%!X+11'2'!

*)!61*$,%!F)*)'!K,$.'(%$)3:!"#$%!$,)'(.$'G!G$11!0'!)(*,%/($0'&!+,)+!*!#*(&!/+-3!

4+(7*)!*)!G#$/#!)$7'!)#'!&$2$)*1!('/+(&$,2%!G$11!0'!&'1')'&:!!61'*%'!,+)'!)#*)!*11!

$,4+(7*)$+,!&$%/9%%'&!&9($,2!)#$%!%'%%$+,!$%!/+,4$&',)$*1@!*,&!)#*)!G$)#!3+9(!

%$2,*)9('!*,&!-*()$/$-*)$+,!3+9!*2(''!)+!M''-!*11!$,4+(7*)$+,!$,!)#$%!&$%/9%%$+,!

/+,4$&',)$*1:!!

"#'('!*('!,+!M,+G,!($%M%!)+!3+9!4+(!-*()$/$-*)$,2!$,!)#$%!%)9&3:!61'*%'!0'!*G*('!)#*)!

3+9(!-*()$/$-*)$+,!$%!.+19,)*(3!*,&!)#*)!3+9!#*.'!)#'!($2#)!)+!G$)#&(*G!*)!*,3!)$7'!

$,!)#'!/+9(%'!+4!)#'!%)9&3:!

H4!3+9!#*.'!*,3!89'%)$+,%!+(!/+,/'(,%!('1*)$,2!)+!3+9(!-*()$/$-*)$+,!$,!)#$%!4+/9%!

2(+9-!3+9!7*3!/+,)*/)!7'!03!-#+,'!+(!'B7*$1!*%!1$%)'&!*0+.':!!o+9!7*3!*1%+!/+,)*/)!

73!('%'*(/#!%9-'(.$%+(!5(:!xxx!xxxxxxx!*)!d_U^e!xxxBxxxx@!+(!03!'B7*$1!*):!:!:!:!!

H,!*&&$)$+,@!$4!3+9!#*.'!89'%)$+,%!('2*(&$,2!3+9(!($2#)%!*%!*!-*()$/$-*,)!$,!)#$%!%)9&3@!

-1'*%'!/+,)*/):!!

5(:!6#:5:!

X#*$(-'(%+,!+4!)#'!D97*,!F90<'/)%!X+77$))''!

V+L!ZTT^@!S$0(*(3!

61*$,%!F)*)'!K,$.'(%$)3!

E*$1)+G,@!6F!xxxxx!

c44$/'a!!d_U^e!xxxBxxxx!

!

6(+<'/)!5$('/)+(a! F/+))!5:!I1'7$,2!

! ! ! 5'-*()7',)!+4!E9(*1!F+/$+1+23!

! ! ! 61*$,%!F)*)'!K,$.'(%$)3!


"#'!6FK!H,%)$)9)$+,*1!E'.$'G!V+*(&!#*%!*--(+.'&!)#$%!-(+<'/):!!

!;--(+.*1!?+:!a!==================!

! NWW(

;%!*!('%'*(/#!-*()$/$-*,)@!H!#*.'!('*&!)#'!*0+.'@!#*.'!#*&!*,3!89'%)$+,%!*,%G'('&@!

*,&!*2(''!)+!-*()$/$-*)'!$,!)#'!('%'*(/#!-(+<'/):!H!G$11!('/'$.'!*!/+-3!+4!)#$%!4+(7!4+(!

73!$,4+(7*)$+,:!

!

6*()$/$-*,)O%!F$2,*)9('================================================!!5*)'!==============!

!

6(+<'/)!5$('/)+(O%!F$2,*)9('!==========================================!!5*)'!==============!

!

(

(

(

(

(

(

(

(

(

(

(

(

(

(

(

(

(

(

! NWX(

!II#')%^()2(

I!$/%&%I!'/(&*'-#'/(3*$"(

(


I!$/%&%I!/%*'(%'(3*&.-(,$*.I(%'/#$0%#](

ID=8?9(-<=<:(.?8M:;98<5(

$=8D<>Q?T(I-(^^^^^(

(

6(+<'/)!5$('/)+(a! F/+))!5:!I1'7$,2!

! ! ! 5'-*()7',)!+4!E9(*1!F+/$+1+23!

! ! ! 61*$,%!F)*)'!K,$.'(%$)3!

!


!

61'*%'!('*&!)#'!4+11+G$,2!-+$,)%@!*,&!4''1!4(''!)+!*%M!*,3!89'%)$+,%!)#*)!*($%'!*%!3+9!

&+!%+:!

"#$%!$%!*,!$,.$)*)$+,!4+(!3+9!)+!-*()$/$-*)'!$,!*!('%'*(/#!-(+<'/)!9,&'(!)#'!&$('/)$+,!

+4!F/+))!I1'7$,2:!"#'!,*7'!+4!)#$%!-(+<'/)!$%!h;7'($/*,!H,&$*,!W&9/*)$+,*1!

;))*$,7',)a!;!X+7-*(*)$.'!;,*13%$%!+4!I*/)+(%!)#*)!D$,&'(!+(!I*/$1$)*)'!W&9/*)$+,*1!

F9//'%%!4+(!;7'($/*,!H,&$*,!F)9&',)%!*)!6FK!i:!

!

"#'!-9(-+%'!+4!)#$%!-(+<'/)!)+!2*$,!*,!$,/('*%'&!9,&'(%)*,&$,2!+4!)#'!4*/)+(%!)#*)!

/+70$,'!)+!#$,&'(!+(!4*/$1$)*)'!'&9/*)$+,*1!%9//'%%!*)!)G+!-('&+7$,*,)13!J#$)'@!

7*$,%)('*7!/+11'2'%!$,!6(*$($'!F)*)':!!"#'!-(+-+%'&!%)9&3!G$11!9%'!)#'!89*1$)*)$.'!

('%'*(/#!7')#+&%!$,/19&$,2f!4+/9%!2(+9-%@!-'(%+,*1!$,)'(.$'G%@!4$'1&!+0%'(.*)$+,%!

*,&!&+/97',)*(3!&*)*!*,*13%$%:!!6*()$/$-*,)%!$,!)#'!%)9&3!G$11!$,/19&'!;7'($/*,!

H,&$*,!/+11'2'!%)9&',)%!*)!0+)#!61*$,%!F)*)'!K,$.'(%$)3!*,&!)#'!K,$.'(%$)3!+4!6(*$($'!

F)*)':!!;&&$)$+,*113@!K,$.'(%$)3!6('%$&',)%@!5$.'(%$)3!X++(&$,*)+(%@!4*/91)3!7'70'(%!

*,&!6(+2(*7!X++(&$,*)+(%!G$11!0'!$,)'(.$'G'&!$,!+(&'(!)+!2*$,!*%!',#*,/'&!

9,&'(%)*,&$,2!+4!)#+%'!4*/)+(%!+9)1$,'&!$,!)#'!('%'*(/#!89'%)$+,%!4(+7!*,!

$,%)$)9)$+,*1!-'(%-'/)$.':!

! NWY(

"#$%!-+()$+,!+4!)#'!%)9&3!/+,%$%)%!+4!*!4+/9%!2(+9-!$,/19&$,2!TU!)+!TZ!;7'($/*,!

H,&$*,!/+11'2'!%)9&',)%:!!"#$%!-(+/'%%!G$11!$,/19&'!*!)*-'&!2(+9-!$,)'(.$'G@!*,&!G$11!

-(+0*013!1*%)!T!)+!Z!#+9(%:!o+9(!$&',)$43$,2!$,4+(7*)$+,!*,&!('%-+,%'%!G$11!0'!M'-)!

%)($/)13!/+,4$&',)$*1:!W.'(3!'44+()!G$11!0'!7*&'!)+!',%9('!)#*)!)#'('!G$11!0'!,+!

-+%%$0$1$)3!+4!/+,,'/)$,2!)#'7!G$)#!)#'$(!('%-+,%'%!$,!*,3!('-+()%!+(!%90%'89',)!

G+(M%!*($%$,2!4(+7!)#$%!('%'*(/#!-(+<'/):!o+9(!)(*,%/($-)!G$11!,+)!0'!$&',)$4$'&!03!

'$)#'(!,*7'!+(!1+/*)$+,:!c($2$,*1!/+,)*/)!%#'')%!G$11!0'!M'-)!$,!*!1+/M'&!/*0$,')!$,!

)#'!+44$/'!+4!)#'!5'*,!+4!)#'!D+,+(%!X+11'2'!*)!61*$,%!F)*)'!K,$.'(%$)3:!"#$%!$,)'(.$'G!

G$11!0'!)(*,%/($0'&!+,)+!*!#*(&!/+-3!4+(7*)!*)!G#$/#!)$7'!)#'!&$2$)*1!('/+(&$,2%!G$11!

0'!&'1')'&:!!61'*%'!,+)'!)#*)!*11!$,4+(7*)$+,!&$%/9%%'&!&9($,2!)#$%!%'%%$+,!$%!

/+,4$&',)$*1@!*,&!)#*)!G$)#!3+9(!%$2,*)9('!*,&!-*()$/$-*)$+,!3+9!*2(''!)+!M''-!*11!

$,4+(7*)$+,!$,!)#$%!&$%/9%%$+,!/+,4$&',)$*1:!!

"#'('!*('!,+!M,+G,!($%M%!)+!3+9!4+(!-*()$/$-*)$,2!$,!)#$%!%)9&3:!61'*%'!0'!*G*('!)#*)!

3+9(!-*()$/$-*)$+,!$%!.+19,)*(3!*,&!)#*)!3+9!#*.'!)#'!($2#)!)+!G$)#&(*G!*)!*,3!)$7'!

$,!)#'!/+9(%'!+4!)#'!%)9&3:!

H4!3+9!#*.'!*,3!89'%)$+,%!+(!/+,/'(,%!('1*)$,2!)+!3+9(!-*()$/$-*)$+,!$,!)#$%!4+/9%!

2(+9-!3+9!7*3!/+,)*/)!7'!03!-#+,'!+(!'B7*$1!*%!1$%)'&!*0+.':!!o+9!7*3!*1%+!/+,)*/)!

73!('%'*(/#!%9-'(.$%+(!5(:!xxx!xxxxxxx!*)!d_U^e!xxxBxxxx:!H,!*&&$)$+,@!$4!3+9!

#*.'!89'%)$+,%!('2*(&$,2!3+9(!($2#)%!*%!*!-*()$/$-*,)!$,!)#$%!%)9&3@!-1'*%'!/+,)*/):!!

5(:!6#:5:!

X#*$(-'(%+,!+4!)#'!D97*,!F90<'/)%!X+77$))''!

V+L!ZTT^@!S$0(*(3!

61*$,%!F)*)'!K,$.'(%$)3!

E*$1)+G,@!6F!xxxxx!


!

!

6(+<'/)!5$('/)+(a! F/+))!5:!I1'7$,2!

! ! ! 5'-*()7',)!+4!E9(*1!F+/$+1+23!

! ! ! 61*$,%!F)*)'!K,$.'(%$)3!

!


! NWZ(

"#'!6FK!H,%)$)9)$+,*1!E'.$'G!V+*(&!#*%!*--(+.'&!)#$%!-(+<'/):!!

!;--(+.*1!?+:!a!==================!

;%!*!('%'*(/#!-*()$/$-*,)@!H!#*.'!('*&!)#'!*0+.'@!#*.'!#*&!*,3!89'%)$+,%!*,%G'('&@!

*,&!*2(''!)+!-*()$/$-*)'!$,!)#'!('%'*(/#!-(+<'/):!H!G$11!('/'$.'!*!/+-3!+4!)#$%!4+(7!4+(!

73!$,4+(7*)$+,:!

!

6*()$/$-*,)O%!F$2,*)9('================================================!!5*)'!==============!

!

6(+<'/)!5$('/)+(O%!F$2,*)9('!==========================================!!5*)'!=============!

(

(

(

(

(

(

(

(

(

(

(

(

(

(

(

(

(

! NW[(

!II#')%^(#2(

I!$/%&%I!'/(&*'-#'/(3*$"(

(


I!$/%&%I!/%*'(%'(I#$-*'!+(%'/#$0%#](!)"%'-/$!/*$_(3!&.+/1((

ID=8?9(-<=<:(.?8M:;98<5(

$=8D<>Q?T(I-(^^^^^(

(

6(+<'/)!5$('/)+(a! F/+))!5:!I1'7$,2!

! ! ! 5'-*()7',)!+4!E9(*1!F+/$+1+23!

! ! ! 61*$,%!F)*)'!K,$.'(%$)3!

!


!

61'*%'!('*&!)#'!4+11+G$,2!-+$,)%@!*,&!4''1!4(''!)+!*%M!*,3!89'%)$+,%!)#*)!*($%'!*%!3+9!

&+!%+:!

"#$%!$%!*,!$,.$)*)$+,!4+(!3+9!)+!-*()$/$-*)'!$,!*!('%'*(/#!-(+<'/)!9,&'(!)#'!&$('/)$+,!

+4!F/+))!I1'7$,2:!"#'!,*7'!+4!)#$%!-(+<'/)!$%!h;7'($/*,!H,&$*,!W&9/*)$+,*1!

;))*$,7',)a!;,!;,*13%$%!+4!I*/)+(%!)#*)!D$,&'(!+(!I*/$1$)*)'!W&9/*)$+,*1!F9//'%%!4+(!

;7'($/*,!H,&$*,!F)9&',)%!*)!6FKi:!

!

"#'!-9(-+%'!+4!)#$%!-(+<'/)!)+!2*$,!*,!$,/('*%'&!9,&'(%)*,&$,2!+4!)#'!4*/)+(%!)#*)!

/+70$,'!)+!#$,&'(!+(!4*/$1$)*)'!'&9/*)$+,*1!%9//'%%!*)!)G+!-('&+7$,*,)13!J#$)'@!

7*$,%)('*7!/+11'2'%!$,!6(*$($'!F)*)':!!"#'!-(+-+%'&!%)9&3!G$11!9%'!)#'!89*1$)*)$.'!

('%'*(/#!7')#+&%!$,/19&$,2f!4+/9%!2(+9-%@!-'(%+,*1!$,)'(.$'G%@!4$'1&!+0%'(.*)$+,%!

*,&!&+/97',)*(3!&*)*!*,*13%$%:!!6*()$/$-*,)%!$,!)#'!%)9&3!G$11!$,/19&'!;7'($/*,!

H,&$*,!/+11'2'!%)9&',)%!*)!0+)#!61*$,%!F)*)'!K,$.'(%$)3!*,&!)#'!K,$.'(%$)3!+4!6(*$($'!

F)*)':!!;&&$)$+,*113@!K,$.'(%$)3!6('%$&',)%@!5$.'(%$)3!X++(&$,*)+(%@!4*/91)3!7'70'(%!

*,&!6(+2(*7!X++(&$,*)+(%!G$11!0'!$,)'(.$'G'&!$,!+(&'(!)+!2*$,!*%!',#*,/'&!

9,&'(%)*,&$,2!+4!)#+%'!4*/)+(%!+9)1$,'&!$,!)#'!('%'*(/#!89'%)$+,%!4(+7!*,!

$,%)$)9)$+,*1!-'(%-'/)$.':!

! NW\(

"#$%!-+()$+,!+4!)#'!%)9&3!/+,%$%)%!+4!*!+,'!+,!+,'!-'(%+,*1!$,)'(.$'G!G$)#!*!7'70'(!

+4!*&7$,$%)(*)$+,!+(!4*/91)3:!"#$%!-(+/'%%!G$11!$,/19&'!*!)*-'&!2(+9-!$,)'(.$'G@!*,&!

G$11!-(+0*013!1*%)!T!)+!Z!#+9(%:!o+9(!$&',)$43$,2!$,4+(7*)$+,!*,&!('%-+,%'%!G$11!0'!

M'-)!%)($/)13!/+,4$&',)$*1:!W.'(3!'44+()!G$11!0'!7*&'!)+!',%9('!)#*)!)#'('!G$11!0'!,+!

-+%%$0$1$)3!+4!/+,,'/)$,2!)#'7!G$)#!)#'$(!('%-+,%'%!$,!*,3!('-+()%!+(!%90%'89',)!

G+(M%!*($%$,2!4(+7!)#$%!('%'*(/#!-(+<'/):!o+9(!)(*,%/($-)!G$11!,+)!0'!$&',)$4$'&!03!

'$)#'(!,*7'!+(!1+/*)$+,:!c($2$,*1!/+,)*/)!%#'')%!G$11!0'!M'-)!$,!*!1+/M'&!/*0$,')!$,!

)#'!+44$/'!+4!)#'!5'*,!+4!)#'!D+,+(%!X+11'2'!*)!61*$,%!F)*)'!K,$.'(%$)3:!"#$%!$,)'(.$'G!

G$11!0'!)(*,%/($0'&!+,)+!*!#*(&!/+-3!4+(7*)!*)!G#$/#!)$7'!)#'!&$2$)*1!('/+(&$,2%!G$11!

0'!&'1')'&:!!61'*%'!,+)'!)#*)!*11!$,4+(7*)$+,!&$%/9%%'&!&9($,2!)#$%!%'%%$+,!$%!

/+,4$&',)$*1@!*,&!)#*)!G$)#!3+9(!%$2,*)9('!*,&!-*()$/$-*)$+,!3+9!*2(''!)+!M''-!*11!

$,4+(7*)$+,!$,!)#$%!&$%/9%%$+,!/+,4$&',)$*1:!!

"#'('!*('!,+!M,+G,!($%M%!)+!3+9!4+(!-*()$/$-*)$,2!$,!)#$%!%)9&3:!61'*%'!0'!*G*('!)#*)!

3+9(!-*()$/$-*)$+,!$%!.+19,)*(3!*,&!)#*)!3+9!#*.'!)#'!($2#)!)+!G$)#&(*G!*)!*,3!)$7'!

$,!)#'!/+9(%'!+4!)#'!%)9&3:!

H4!3+9!#*.'!*,3!89'%)$+,%!+(!/+,/'(,%!('1*)$,2!)+!3+9(!-*()$/$-*)$+,!$,!)#$%!4+/9%!

2(+9-!3+9!7*3!/+,)*/)!7'!03!-#+,'!+(!'B7*$1!*%!1$%)'&!*0+.':!!o+9!7*3!*1%+!/+,)*/)!

73!('%'*(/#!%9-'(.$%+(!5(:!xxx!xxxxxxx!*)!d_U^e!xxxBxxxx:!H,!*&&$)$+,@!$4!3+9!

#*.'!89'%)$+,%!('2*(&$,2!3+9(!($2#)%!*%!*!-*()$/$-*,)!$,!)#$%!%)9&3@!-1'*%'!/+,)*/):!!

5(:!!6#:5:!

X#*$(-'(%+,!+4!)#'!D97*,!F90<'/)%!X+77$))''!

V+L!ZTT^@!S$0(*(3!

61*$,%!F)*)'!K,$.'(%$)3!

E*$1)+G,@!6F!xxxxx!


!

!

6(+<'/)!5$('/)+(a! F/+))!5:!I1'7$,2!

! ! ! 5'-*()7',)!+4!E9(*1!F+/$+1+23!

! ! ! 61*$,%!F)*)'!K,$.'(%$)3!

!


! NXO(

!

"#'!6FK!H,%)$)9)$+,*1!E'.$'G!V+*(&!#*%!*--(+.'&!)#$%!-(+<'/):!!

!;--(+.*1!?+:!a!==================!

;%!*!('%'*(/#!-*()$/$-*,)@!H!#*.'!('*&!)#'!*0+.'@!#*.'!#*&!*,3!89'%)$+,%!*,%G'('&@!

*,&!*2(''!)+!-*()$/$-*)'!$,!)#'!('%'*(/#!-(+<'/):!H!G$11!('/'$.'!*!/+-3!+4!)#$%!4+(7!4+(!

73!$,4+(7*)$+,:!

!

6*()$/$-*,)O%!F$2,*)9('================================================!!5*)'!==============!

!

6(+<'/)!5$('/)+(O%!F$2,*)9('!==========================================!!5*)'!==============!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

! NXP(

((!II#')%^(32( (

%?<;>7@H<8>?(<>(3>H@9(,;>@C(=?7():B>K;=CF8H(R@:9<8>??=8;:(

H!*7!F/+))!I1'7$,2!+4!)#'!F+/$+1+23!5'-*()7',)!*)!61*$,%!F)*)'!K,$.'(%$)3:!

"#*,M!3+9!4+(!)*1M$,2!G$)#!7':!H!*7!*!-'(%+,!+4!*,/'%)(*1!&'%/',)!4(+7!)#'!

C'%MG*M$!-'+-1'!+4!H+G*!*,&!)#'!X#'(+M''!-'+-1'!)#'!F+9)#'*%)'(,!K,$)'&!F)*)'%:!!

J#$1'!H!*7!,+)!*,!',(+11'&!7'70'(!+4!*,3!)($0'@!H!#*.'!0'',!*(+9,&!,*)$.'!-'+-1'!

*,&!/+779,$)$'%!*11!+4!73!1$4':!H!#*.'!G+(M'&!*,&!1$.'&!+,!('%'(.*)$+,!/+779,$)$'%!

$,!C$,,'%+)*!*,&!J$%/+,%$,:!H!#*.'!-*()$/$-*)'&!*%!*!)(*&$)$+,*1!&*,/'(!$,!6+G!

J+G%!*/(+%%!)#'!/+9,)(3:!H!#*.'!1+,2!0'',!$,)'('%)'&!$,!7+&'(,!$%%9'%!4*/$,2!

;7'($/*,!H,&$*,!-'+-1'@!-*()$/91*(13!#+G!)+!$7-(+.'!)#'!/+,&$)$+,%!4+(!'&9/*)$+,*1!

%9//'%%!4+(!;7'($/*,!H,&$*,!%)9&',)%:!

H!*7!&+$,2!73!&+/)+(*1!&$%%'()*)$+,!$,!)#'!*('*!+4!H,&$*,!#$2#'(!'&9/*)$+,@!

%-'/$4$/*113@!G#*)!4*/)+(%!/+70$,'!)+!4*/$1$)*)'!+(!#$,&'(!'&9/*)$+,*1!*))*$,7',)!4+(!

;7'($/*,!H,&$*,!/+11'2'!%)9&',)%:!

;%!-*()!+4!)#$%!%)9&3@!)#'!4+11+G$,2!$,)'(.$'G!$%!&'%$2,'&!)+!',#*,/'!+9(!

9,&'(%)*,&$,2!+4!G#*)!4*/)+(%!G+(M!)+G*(&!)#'!4*/$1$)*)$+,!+(!#$,&(*,/'!+4!

'&9/*)$+,*1!%9//'%%!4+(!;7'($/*,!H,&$*,!%)9&',)%!*)!6FK:!J$)#!3+9(!-'(7$%%$+,@!H!

G$11!('/+(&!+9(!/+,.'(%*)$+,!+,!*!&$2$)*1!*9&$+!('/+(&'(:!;%!H!)(*,%/($0'!)#'!

$,)'(.$'G!*11!$&',)$43$,2!$,4+(7*)$+,!G$11!0'!('7+.'&!)#9%!M''-$,2!3+9(!

-*()$/$-*)$+,!$,!)#'!%)9&3!*,+,37+9%:!

! NXN(

H!G$11!*1%+!-(+.$&'!3+9!G$)#!/+,)*/)!$,4+(7*)$+,!$,!/*%'!3+9!G+91&!1$M'!)+!

49()#'(!&$%/9%%!*,3!49()#'(!$,4+(7*)$+,!+(!$%%9'%!3+9!7*3!#*.'!*4)'(!)#'!$,)'(.$'G!$%!

/+7-1')'&:!

5+!3+9!*2(''!)+!-*()$/$-*)'!$,!)#$%!$,)'(.$'G!*%!H!#*.'!'L-1*$,'&!$)!)+!3+9k!5+!

3+9!#*.'!*,3!89'%)$+,%!4+(!7'!0'4+('!G'!0'2$,k!

):B>K;=CF8H(%?E>;B=<8>?(((((

!"+!0'2$,!G$)#@!HO&!1$M'!)+!1'*(,!*!1$))1'!*0+9)!3+9a!

5'7+2(*-#$/!X#*(*/)'($%)$/%a!

T: o+9(!*2'a!

Z: b',&'(a!

[: "($0*1!;44$1$*)$+,a!

\: 61*/'!+4!0$()#a!

^: 5$&!3+9!2(+G!9-!+,!+(!,'*(!*!('%'(.*)$+,k!

_: J#'('!&$&!3+9!2+!)+!#$2#!%/#++1k!

Y: C*($)*1!%)*)9%a!

]: ?970'(!+4!/#$1&(',!d$4!*,3ea!

`: o'*(!$,!%/#++1a!

TU: X+11'2'!C*<+(a!

!

!

! NXV(

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!II#')%^(,2(

('=<8M:(!B:;8H=?(-<@7:?<(-HF>D=;9F8C92(-C:H8E8H(<>(I-.6(

;00+))@!A*%'3!z!A*(1*!B!>(:!*,&!F(:!F:5:!%)9&',)%!$,!%/$',/'!7*<+(%:!

!V'(2@!F#'(G++&!z!W1$g*0')#!B!6('4'(',/'!4+(!#'*1)#!/*('!7*<+(%:!!S'*&'(%#$-!

89*1$)$'%!'L#$0$)'&!$,!?*)$.'!;7'($/*,!/91)9('Q/+779,$)3!%'(.$/'%:!

X(*g3!D+(%'!C'7+($*1!F/#+1*(%#$-%!B!;,3!7*<+(!G$)#!4$,*,/$*1!,''&:!

X(*g3!D+(%'!D'*1)#!C*<+(%!F/#+1*(%#$-:!

5*M)(+,$/%!B!W,2$,''($,2!7*<+(:!

I(*,/'@!J$11$*7!B!6(*$($'!F)*)'!)($0*1!*44$1$*)$+,:!

D+9&*@!W92','!z!C*(3!C$1,'(!B!6('4'(',/'!4+(!%/$',/'@!#'*1)#@!'/+,+7$/%@!*,&!

4*7$13!%'(.$/'!7*<+(%:!

C*,!;4(*$&!+4!D$%!D+(%'%!B!6('4'(',/'!4+(!X+11'2'!+4!;2($/91)9('!*,&!V$+1+2$/*1!

F/$',/'%!7*<+(%:!

C*%%*/#9%'))%!H,&$*,!;%%+/$*)$+,!B!I+(!4911!)$7'!9,&'(2(*&9*)'!+(!2(*&9*)'!

%)9&',)%:!

C*(M',@!>*/M!z!C*()3!B!6('4'(',/'!4+(!W,21$%#!+(!/+779,$/*)$+,!%)9&$'%!7*<+(%:!

!

! NXW(

?*)$.'!;7'($/*,!F/#+1*(%#$-!B!6(*$($'!F)*)'!"($0*1!W,(+117',):!

?$/#+1%@!D',($'))*!B!C9%)!0'!',(+11'&!d+(!#*.'!*!-*(',)!',(+11'&e!G$)#!)#'!o*,M)+,!

F$+9L!"($0':!

E'$4'1@!V',!B!6(*$($'!F)*)'!)($0*1!',(+117',):!

E+0'()$@!D'1',!"(9%)!B!6('4'(',/'!4+(!W&9/*)$+,@!F/$',/'@!*,&!D'*1)#!7*<+(%:!

F*,&'(@!V('&'!z!F$($!B!W,2$,''($,2!7*<+(%:!

'=<8M:(!B:;8H=?(-HF>D=;9F8C92('>?bI-.(9C:H8E8H6(

;7'($/*,!H,&$*,!X+11'2'!I9,&:!"#'!;7'($/*,!H,&$*,!X+11'2'!I9,&!d;HXIe!*G*(&%!

%'.'(*1!&'%$2,*)'&!%/#+1*(%#$-%!'*/#!3'*(:!

!I+(&!C+)+(!X+7-*,3!"($0*1!F/#+1*(%#$-:!I+(&!C+)+(!X+7-*,3!G$11!*G*(&!9-!)+!

n^@UUU!*,,9*113@!0*%'&!+,!4$,*,/$*1!,''&:!"#'!%/#+1*(%#$-!$%!4+(!%)9&',)%!%)9&3$,2!

7*)#@!%/$',/'@!',2$,''($,2@!09%$,'%%@!)'*/#'(!)(*$,$,2@!+(!',.$(+,7',)*1!%/$',/':!

;7'($/*,!H,&$*,!W&9/*)$+,!I+9,&*)$+,:!C9%)!0'!?*)$.'!;7'($/*,!+(!;1*%M*,!?*)$.'!

&'%/',)f!4911B)$7'!%)9&',)f!*))',&$,2!*,!*//('&$)'&!Z!+(!\B3'*(!/+11'2'!+(!9,$.'(%$)3!

+(!*!.+/*)$+,*1!)'/#,$/*1!%/#++1:!"#(''!)3-'%!+4!%/#+1*(%#$-%!*('!*.*$1*01'a!4('%#7*,!

%/#+1*(%#$-%f!9,&'(2(*&9*)'!%/#+1*(%#$-%f!/+,)$,9$,2!%)9&',)!%/#+1*(%#$-%:!!

;7'($/*,!H,&$*,!I'11+G%#$-!$,!V9%$,'%%!F/#+1*(%#$-:!W*/#!3'*(@!)#'!?*)$+,*1!X',)'(!

4+(!;7'($/*,!H,&$*,!W,)'(-($%'!5'.'1+-7',)!*G*(&%!4$.'!%/#+1*(%#$-%!)+!;7'($/*,!

H,&$*,!/+11'2'!+(!2(*&9*)'!%)9&',)%!7*<+($,2!$,!09%$,'%%:!!

! NXX(

;7'($/*,!H,&$*,!F/#+1*(%#$-!I9,&!;%%+/$*)$+,:!6(+.$&'%!%/#+1*(%#$-%!*,&!1+*,%!)+!

?*)$.'!;7'($/*,!%)9&',)%:!!

;7'($/*,!H,&$*,!F/$',/'!z!W,2$,''($,2!F+/$')3!d;HFWFe:!"#'!;HFWF!7$%%$+,!$%!h"+!

%90%)*,)$*113!$,/('*%'!)#'!('-('%',)*)$+,!+4!;7'($/*,!H,&$*,!*,&!;1*%M*,!?*)$.'%!$,!

',2$,''($,2@!%/$',/'@!*,&!+)#'(!('1*)'&!)'/#,+1+23!&$%/$-1$,'%:i!!

V9(1$,2)+,!?+()#'(,QF*,)*!I'!I+9,&*)$+,!F/#+1*(%#$-6!"#$%!%/#+1*(%#$-!$%!*.*$1*01'!

)+!^!,'G!;7'($/*,!H,&$*,!#$2#!%/#++1!%',$+(%!'.'(3!3'*(@!G#+!('%$&'!$,!%)*)'%!

%'(.$/'&!03!)#'!V9(1$,2)+,!?+()#'(,!*,&!F*,)*!I'!6*/$4$/!X+(-+(*)$+,!*,&!$)%!

*44$1$*)'&!/+7-*,$'%a!;($g+,*@!X*1$4+(,$*@!X+1+(*&+@!A*,%*%@!C$,,'%+)*@!C+,)*,*@!

?'G!C'L$/+@!?+()#!5*M+)*@!cM1*#+7*@!c('2+,@!6(*$($'!F)*)'@!*,&!J*%#$,2)+,:!"#'!

*G*(&!$%!4+(!\!*/*&'7$/!3'*(%!d]!%'7'%)'(%e!+(!9,)$1!0*//*1*9('*)'!&'2(''!$%!

+0)*$,'&!dG#$/#'.'(!+//9(%!4$(%)e:!!

!;:":!;,&'(%+,!C'7+($*1!F/#+1*(%#$-:!"#$%!%/#+1*(%#$-!$%!*G*(&'&!)+!7'70'(%!+4!

;HFWF!G#+!*('!;7'($/*,!H,&$*,Q;1*%M*,!?*)$.'!/+11'2'!%)9&',)%!-9(%9$,2!*/*&'7$/!

-(+2(*7%!$,!)#'!%/$',/'%@!',2$,''($,2@!7'&$/*1@!,*)9(*1!('%+9(/'%@!*,&!7*)#:!!

;7'($/*,!H,&$*,!F'(.$/'%!F/#+1*(%#$-!d;HFe:!;HF!+4!K)*#!#*%!49,&%!*.*$1*01'!)+!*%%$%)!

?*)$.'!;7'($/*,!%)9&',)%!

;%%+/$*)$+,!+4!;7'($/*,!H,&$*,!;44*$(%!d;;H;e:!"#'!;;H;!#*%!%'.'(*1!%/#+1*(%#$-%!

*.*$1*01':!"#'!.*($+9%!%/#+1*(%#$-%!*('!0*%'&!+,!4$,*,/$*1!,''&!*,&!7'($):!b(*,)%!*('!

-*$&!&$('/)13!)+!*//('&$)'&!'&9/*)$+,*1!$,%)$)9)$+,%:!"#'!7+,$'%!/*,!0'!9%'&!4+(!

! NXY(

)9$)$+,@!0++M%@!*,&!+)#'(!*/*&'7$/B('1*)'&!'L-',%'%:!F)9&',)%!*('!/#+%',!+,!)#'!

0*%$%!+4!)#'$(!*--1$/*)$+,@!*,!'%%*3@!)(*,%/($-)%@!*,&!)G+!1'))'(%!+4!('/+77',&*)$+,!

*%!G'11!*%!-(++4!+4!?*)$.'!;7'($/*,!#'($)*2':!"#'!01++&!89*,)97!('89$('7',)!$%!*!

/+,&$)$+,!%')!&+G,!03!)#'!&+,+(!+4!)#$%!%/#+1*(%#$-:!

;11+2*,!F1*21'!C'7+($*1!F/#+1*(%#$-:!"#'!;11+2*,!F1*21'!C'7+($*1!F/#+1*(%#$-%!$,!

)#'!*7+9,)!+4!nT@ÛU!*('!*.*$1*01'!)+!9,&'(2(*&9*)'!%)9&',)%!G#+!*('!7'70'(%!+4!

F)*)'!E'/+2,$g'&!)($0'%!)#*)!*('!,+)!4'&'(*113!('/+2,$g'&:!

;&+1-#!j*,!6'1)!F/#+1*(%#$-:!"#$%!%/#+1*(%#$-!$%!*.*$1*01'!)+!9,&'(2(*&9*)'!*,&!

2(*&9*)'!%)9&',)%!$,!*7+9,)%!(*,2$,2!4(+7!nÛU!)+!n]UU:!;!2(*,)!$%!(','G*01'!4+(!

9-!)+!4+9(!3'*(%!+4!%9--+()!)+G*(&%!*,3!+,'!&'2('':!W*/#!3'*(!)#'!2(*,)!$%!(','G'&@!

nTUU!$%!*&&'&!)+!)#'!%)9&',){%!%/#+1*(%#$-:!

5$%-1*/'&!D+7'7*M'(!F/#+1*(%#$-:!"#$%!%/#+1*(%#$-!dnT:ÛUe!$%!0*%'&!+,!4$,*,/$*1!

,''&:!H)!$%!&'%$2,'&!)+!*%%$%)!?*)$.'!;7'($/*,!%)9&',)%!G$)#!/#$1&/*('@!

)(*,%-+()*)$+,@!*,&!%+7'!0*%$/!1$.$,2!'L-',%'%:!

W1$g*0')#!*,&!F#'(7*,!;%/#'!C'7+($*1!F/#+1*(%#$-:!"#$%!n[@UUU!%/#+1*(%#$-!$%!

*.*$1*01'!)+!9,&'(2(*&9*)'!*,&!2(*&9*)'!%)9&',)%!-9(%9$,2!*!7*<+(!$,!6901$/!D'*1)#:!

!5*.$&!E$%1$,2!W7'(2',/3!;$&!F/#+1*(%#$-:!"#$%!%/#+1*(%#$-!$%!*.*$1*01'!$,!*7+9,)%!

9%9*113!(*,2$,2!4(+7!nÛ!)+!n\UU!&9($,2!)#'!*/*&'7$/!%/#++1!3'*(:!"#'!-(+2(*7!$%!

4+(!4911B)$7'!9,&'(2(*&9*)'!%)9&',)%!+,13f!$%!0*%'&!+,!4$,*,/$*1!,''&f!*,&!$%!1$7$)'&!

03!)#'!*.*$1*0$1$)3!+4!%/#+1*(%#$-!49,&%:!F)9&',)%!7*3!+,13!('/'$.'!+,'!%/#+1*(%#$-!

! NXZ(

-'(!*/*&'7$/!3'*(:!;--1$/*,)%!79%)!#*.'!*!/($)$/*1Q%9&&',!,''&!&9'!)+!*!/#*,2'!$,!

/$(/97%)*,/'%!d&'*)#!$,!4*7$13@!7'&$/*1!'7'(2',/3@!/*(!'7'(2',/3@!1+%%!+4!<+0@!')/:e!

u!*!,''&!)#*)!G*%,O)!'L-'/)'&!+(!G+91&!-('.',)!)#'!%)9&',)!4(+7!*))',&$,2!%/#++1:!

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

!W7$1$'!D'%'7'3'(!C'7+($*1!F/#+1*(%#$-:!!"#$%!%/#+1*(%#$-!$%!4+(!4911B)$7'!%)9&',)%!

G$)#!-('4'(',/'!)+!%)9&',)%!7*<+($,2!$,!W&9/*)$+,:!"#'!%/#+1*(%#$-!*7+9,)!$%!

nT@^UU!*,&!7*3!0'!(','G'&!9-!)+!\!3'*(%!0*%'&!+,!*/*&'7$/!2(*&'%:!

X*)/#$,2!)#'!5('*7:!6(+.$&'%!4$,*,/$*1!*%%$%)*,/'!4+(!;7'($/*,!H,&$*,%!$,!4$'1&%!)#*)!

*('!/($)$/*1!4+(!)#'!-+1$)$/*1@!%+/$*1@!*,&!09%$,'%%!&'.'1+-7',)!+4!H,&$*,!)($0'%:!

F/#+1*(%#$-%!*('!,+)!,''&B0*%'&!09)!*('!*G*(&'&!+,!7'($)!*,&!+,!)#'!%)9&',){%!

*0$1$)3!)+!$7-(+.'!)#'!1$.'%!+4!H,&$*,!-'+-1':!

!CWFVWX!dC*)#@!W,2$,''($,2@!F/$',/'@!V9%$,'%%@!W&9/*)$+,@!*,&!X+7-9)'(%e!$%!*!

-(+2(*7!4+(!#$2#!-+)',)$*1!?*)$.'!;7'($/*,%!-1*,,$,2!)+!%)9&3!$,!)#'%'!4$'1&%:!

C*L$797!*G*(&!$%!n^@UUU!-'(!3'*(:!

!?;SW!d?*)$.'!;7'($/*,!S'*&'(%#$-!W&9/*)$+,e!$%!4+(!#$2#!-+)',)$*1!-*(*B

-(+4'%%$+,*1!?*)$.'!;7'($/*,%!G#+!-1*,!)+!/+7-1')'!)#'$(!&'2(''%!*,&!+0)*$,!

/('&',)$*1%!*%!)'*/#'(%@!/+9,%'1+(%@!+(!*&7$,$%)(*)+(%:!

"($0*1!V9%$,'%%!C*,*2'7',)!6(+2(*7!C*,*2'7',):!H%!4+(!%)9&',)%!$,!09%$,'%%@!

4$,*,/'@!7*,*2'7',)@!'/+,+7$/%@!0*,M$,2@!#+)'1!7*,*2'7',)@!*,&!('1*)'&!4$'1&%!

G#+!-1*,!)+!G+(M!$,!'/+,+7$/!&'.'1+-7',)!4+(!)($0'%:!!

! NX[(

X+,)$,',)*1!F+/$')3!5*92#)'(%!+4!H,&$*,!J*(%!F/#+1*(%#$-:!;!nÛU!*G*(&!$%!*.*$1*01'!

)+!/'()$4$'&!)($0*1!7'70'(%!',(+11'&!$,!*,!9,&'(2(*&9*)'!'&9/*)$+,!+(!%+/$*1!

%'(.$/'%!-(+2(*7f!%)9&',)!79%)!-1*,!)+!G+(M!+,!*!('%'(.*)$+,:!!

5*M+)*!H,&$*,!I+9,&*)$+,!F/#+1*(%#$-!d5HIFe:!"#'!5HIF!G*%!'%)*01$%#'&!)+!49()#'(!

'&9/*)$+,*1!*&.*,/'7',)!+4!*%-$($,2!;7'($/*,!H,&$*,!%)9&',)%!G$)#!-($+($)3!2$.',!

)+!)#+%'!+4!F$+9L!#'($)*2':!"#$%!$%!*!nÛU!-'(!)'(7!%/#+1*(%#$-!4+(!9,&'(2(*&9*)'!+(!

2(*&9*)':!!

b*)'%!C$11',,$97!F/#+1*(%#$-:!"#$%!%/#+1*(%#$-!$%!$,)',&'&!)+!$,/('*%'!)#'!,970'(!

+4!;4($/*,B;7'($/*,%@!;7'($/*,!H,&$*,%Q;1*%M*!?*)$.'%@!;%$*,!6*/$4$/!;7'($/*,%@!

*,&!D$%-*,$/!;7'($/*,%!',(+11$,2!$,!*,&!/+7-1')$,2!9,&'(2(*&9*)'!*,&!2(*&9*)'!

&'2(''!-(+2(*7%!$,!&$%/$-1$,'%!G#'('!')#,$/!*,&!(*/$*1!2(+9-%!*('!/9((',)13!

9,&'(('-('%',)'&:!!

H,&$*,!I'11+G%#$-!6(+2(*7:!I'11+G%#$-!2(*,)%!*('!*G*(&'&!)+!%)9&',)%!)+!-9(%9'!

/+9(%'%!+4!%)9&3!1'*&$,2!)+!9,&'(2(*&9*)'!&'2(''%!$,!09%$,'%%!+(!*&7$,$%)(*)$+,@!

,*)9(*1!('%+9(/'%@!',2$,''($,2@!*,&!('1*)'&!4$'1&%:!!

H,&$*,!D'*1)#!F'(.$/'%!F/#+1*(%#$-!6(+2(*7!dHDFF6e:!"#'!HDFF6!$%!*.*$1*01'!)+!

/+,&9/)!)#(''!$,)'(B('1*)'&!%/#+1*(%#$-!-(+2(*7%!)+!)(*$,!)#'!#'*1)#!-(+4'%%$+,*1!

-'(%+,,'1!,'/'%%*(3!)+!%)*44!HDF!#'*1)#!-(+2(*7%!*,&!+)#'(!#'*1)#!-(+2(*7%!%'(.$,2!

)#'!H,&$*,!-'+-1':!!

H,)'(,*)$+,*1!c(&'(!+4!)#'!A$,2O%!5*92#)'(%!*,&!F+,%@!H,/:!6(+.$&'%!*!nÛU!2(*,)!)+!

! NX\(

?*)$.'!;7'($/*,!%)9&',)%!',(+11'&!$,!*!)'/#,$/*1@!.+/*)$+,*1@!+(!9,&'(2(*&9*)'!1'.'1!

/+9(%'!+4!%)9&3:!!

C*%%*/#9%'))%!H,&$*,!;%%+/$*)$+,:!"#$%!$%!*!%/#+1*(%#$-!4+(!9,&'(2(*&9*)'!+(!

2(*&9*)'!%)9&',)%!

?*)$+,*1!F+/$')3!5*92#)'(%!+4!)#'!;7'($/*,!E'.+19)$+,:!6(+.$&'%!*!+,'B)$7'!*G*(&!

+4!n^UU!)+!?*)$.'!;7'($/*,%!0*%'&!+,!4$,*,/$*1!,''&@!*/*&'7$/!*/#$'.'7',)@!*,&!

*70$)$+,:!!

?*)$.'!;7'($/*,!W&9/*)$+,!b(*,)%:!F/#+1*(%#$-%!dnZUU!)+!nZ@UUUe!*('!*.*$1*01'!)+!

%)9&',)%!G#+!7'')!)#'!4+11+G$,2!/($)'($*a!-('4'(',/'!)+!7'70'(%!+4!6('%03)'($*,!

X#9(/#!d7'70'(%#$-!,+)!('89$('&ef!KF!/$)$g',!+(!-'(7*,',)!('%$&',)f!',(+11'&!4911B

)$7'!*)!*,!*//('&$)'&!$,%)$)9)$+,!$,!)#'!K,$)'&!F)*)'%f!7*M$,2!%*)$%4*/)+(3!*/*&'7$/!

-(+2('%%!)+G*(&!*!&'2(''f!&'7+,%)(*)'!4$,*,/$*1!,''&f!-#+)+/+-3!+4!)($0*1!

$&',)$4$/*)$+,!/*(&:!!

?*)$.'!;7'($/*,!F/#+1*(%#$-!6(+2(*7:!K-!)+!nZ@^UU!-'(!3'*(!$%!*G*(&'&!)+!?*)$.'!

;7'($/*,!#$2#!%/#++1!%',$+(%!G#+!#*.'!*)!1'*%)!TQ\!H,&$*,!01++&:!

?*)$.'!j$%$+,!F/#+1*(%#$-%:!"#'!29$&$,2!-($,/$-1'!4+(!?*)$.'!j$%$+,!$%!)+!/91)$.*)'!)#'!

/+('!%)(',2)#%@!.*19'%@!*,&!-+%$)$.'!('1*)$+,%#$-%!4+(!;7'($/*,!H,&$*,!3+9)#!)#*)!

G$11!7*M'!)#'7!('%$1$',)!)+!)#'!-('.*$1$,2!($%M%!*,&!#'1-!)#'7!)(*,%$)$+,!)+!#'*1)#3@!

-(+&9/)$.'!*,&!4914$11$,2!*&91)#++&:!?*)$.'!j$%$+,!#+-'%!)+!4+%)'(!%/#++1!/+7-1')$+,@!

%'14B'%)''7@!/91)9(*1!*))*/#7',)!*,&!-'(%+,*1!$&',)$)3@!*,&!#'*1)#3!1$4'%)31'%:!"G+!

! NYO(

n\@UUU!%/#+1*(%#$-%!*('!*.*$1*01':!

K&*11!dC+(($%!A:e!F/#+1*(%#$-:!!K-!)+!_!%)9&',)%!'*/#!3'*(!4+(!)#'!C+(($%!A:!K&*11!

F/#+1*(%#$-:!"#'!*G*(&%!G$11!0'!7*&'!+,!)#'!0*%$%!+4!7'($)!)+!"Jc!2(+9-%!+4!

F)9&',)%a!!Te!)#+%'!G#+!*('!/+11'2'!%+-#+7+('%!+(!<9,$+(%!$,!)#'!/9((',)!*/*&'7$/!

3'*(@!#*.'!+9)%)*,&$,2!-+)',)$*1@!*,&!G#+!%)9&3!)#'!',.$(+,7',)!*,&!('1*)'&!4$'1&%:!!

Ze!?*)$.'!;7'($/*,!*,&!;1*%M*!?*)$.'!%)9&',)%!G#+!*('!/+11'2'!%+-#+7+('%!+(!

<9,$+(%!$,!)#'!/9((',)!*/*&'7$/!3'*(@!#*.'!+9)%)*,&$,2!-+)',)$*1@!*,&!*('!$,!4$'1&%!

('1*)'&!)+!#'*1)#!/*('!+(!)($0*1!-901$/!-+1$/3:!!

KF!5'-*()7',)!+4!;2($/91)9('a!?*)9(*1!E'%+9(/'!X+,%'(.*)$+,!F'(.$/'!d?EXFe!

F/#+1*(%#$-:!!"#'!*$7!+4!)#'!"($0*1!F/#+1*(%!6(+2(*7!$%!)+!%)(',2)#',!*!-*(),'(%#$-!

0')G'',!?EXF!*,&!T``\!S*,&Bb(*,)!$,%)$)9)$+,%f!$,/('*%'!)#'!,970'(!+4!%)9&',)%!

%)9&3$,2!$,!*2($/91)9('!*,&!*2',/3!('1*)'&!&$%/$-1$,'%f!*,&!)+!+44'(!'7-1+37',)!

+--+()9,$)$'%:!"($0*1!%/#+1*(%#$-%!*('!*G*(&'&!)+!K:!F:!/$)$g',%!G#+!*('!-9(%9$,2!*!

&'2(''!$,!*2($/91)9('!+(!('1*)'&!,*)9(*1!('%+9(/'!%/$',/'%!*)!*!T``\!)($0*1!1*,&B2(*,)!

$,%)$)9)$+,:!"#'!%/#+1*(%#$-!-(+.$&'%!4911!)9$)$+,@!4''%@!0++M%@!9%'!+4!*!-'(%+,*1!

/+7-9)'(!*,&!%+4)G*('!G#$1'!+,!%/#+1*(%#$-%@!(++7!*,&!0+*(&!'*/#!3'*(!4+(!9-!)+!

4+9(!3'*(%!*%!G'11!*%!'7-1+37',)!*,&!'7-1+3''!0','4$)%:!!

;7'($/*,!H,&$*,Q;1*%M*!?*)$.'!W7-1+3''!;%%+/$*)$+,!4+(!?EXF:!F/#+1*(%#$-%!G$11!

0'!*G*(&'&!)+!*,!;7'($/*,!H,&$*,!Q!;1*%M*!?*)$.'!%)9&',)!-9(%9$,2!*!&'2(''!$,!*!

,*)9(*1!('%+9(/'%!4$'1&:!!"#'!%/#+1*(%#$-!*7+9,)!$%!nZUU:!!"#'('!*('!)G+!/*)'2+($'%a!

+,'!4+(!7'70'(%!+4!)#'!;HQ;?W;!*,&!+,'!4+(!*,!;7'($/*,!H,&$*,!+(!;1*%M*!?*)$.'!

! NYP(

%)9&',)!$,!)#'!,*)9(*1!('%+9(/'%!4$'1&:!

KF!5'-*()7',)!+4!W&9/*)$+,:!I'11+G%#$-%!+4!n_UU!)+!nZ\@UUU!*('!*.*$1*01'!4+(!

;7'($/*,!H,&$*,!+(!?*)$.'!;1*%M*,!9,&'(2(*&9*)'!+(!2(*&9*)'!%)9&',)%!%)9&3$,2!

'&9/*)$+,@!-%3/#+1+23@!29$&*,/'!/+9,%'1$,2@!+(!*!('1*)'&!4$'1&:!

6('%03)'($*,!?*)$.'!;7'($/*,!F/#+1*(%#$-%:!I+(!;1*%M*!?*)$.'%!*,&!?*)$.'!

;7'($/*,%!-9(%9$,2!4911B)$7'!-+%)B%'/+,&*(3!'&9/*)$+,:!!X($)'($*a!-('4'(',/'!2$.',!

)+!7'70'(%!+4!)#'!6('%03)'($*,!X#9(/#!dKF;ef!0'!#$2#!%/#++1!2(*&9*)'&!+(!bW5!

('/$-$',)%f!0'!KF!/$)$g',%!+(!-'(7*,',)!('%$&',)%!+(!)#'!KF:!!5'7+,%)(*)'!4$,*,/$*1!

,''&:!!6('4'(',/'!G$11!0'!2$.',!)+!%)9&',)%!G#+!#*.'!/+7-1')'&!*)!1'*%)!+,'!

%'7'%)'(!+4!G+(M!*)!*,!*//('&$)'&!$,%)$)9)$+,!+4!#$2#'(!'&9/*)$+,:!

!

!

(

Scott D. Fleming Dissertation PDF

Documents

Transcript of Scott D. Fleming Dissertation PDF