% , #,11)$ ) (
*. ""& * & -'"'
' & * * '' .&// -* &/ * &'
;6)9' T=6L
P$ >> KT' %' =TK:'9$ N/[>/ K6L$ K;!'
Q4'K6;' TLQV6;=
!699 ;6V'KL6QY$ ;% $ >S[/ K ';.'9% V';T'$ =;QK'9 *P>1$ R >> ;%
;=; 6:T9Q
$ *R KT' K6LQ6%'5699=9$ >[OS<$ R>>[O =T9=TL' !'%'X >$ K;!'
9%%2=
4' ?K'L';Q K'L'K!4 =; !=2;6Q6V' !Q'2=K6'L :'%6Q'L 'QW''; 6;%6V6%T9 'X?'K6';!'L =- L=T;%L!?'L ;% !=95
9'!Q6V' K'?K'L';QQ6=;L L4K'% 6; 9;2T2' ;% '9=KQ'% L 8;=W9'%2'C 46L ??K=!4 -=!TL'L =; :';6;2L
QQK6TQ'% Q= L=T;%L!?'L 6; ; QQ':?Q Q= K6%2' Q4' 2? 'QW''; 6;%6V6%T9 ?'K!'?QT9 !Q'2=K6'L ;% L=!6=9=265
!9 K'?K'L';QQ6=;LC 6KLQ$ K'LT9QL =- L'V'K9 -K'' !Q'2=K6LQ6=; 'X?'K6:';QL K' ?K'L';Q'%$ ;:'9Y Q4' !Q'2=K6!9
LQKT!QTK'L '96!6Q'% TL6;2 L=T;%L!?' K'!=K%6;2L ;% Q4' T;%'K9Y6;2 ?K6;!6?9'L =- =K2;6LQ6=; %'K6V'% -K=: Q4'
;9YL6L =- V'K9 !=::';QLC '=?9' !Q'2=K6L'% L=T;% L:?9'L =; Q4' L6L =- L':;Q6! -'QTK'L Q4Q 6;Q'2KQ'
?'K!'?QT9 =;'LC ?'!6.!99Y$ L=T;%L!?'L K'0'!Q6;2 4T:; !Q6V6QY W'K' ?'K!'6V'% L :=K' ?9'L;Q Q4; L=T;%5
L!?'L W4'K' :'!4;6!9 L=T;%L W'K' ?K'%=:6;;QC '!=;%$ Q4' 96;2T6LQ6! 'X?9=KQ6=; =- -K''5-=K:Q V'K9
%'L!K6?Q6=; =- L=T;%L!?'L 6;%6!Q'% Q4Q Q4' :';6;2L QQK6TQ'% Q= L=T;%L !Q L %'Q'K:6;;Q -=K L=T;% DT95
6QY 'V9TQ6=;LC =T;%L!?' 'V9TQ6=;L K' Q4'K'-=K' DT96QQ6V' .KLQ L Q4'Y K' L':6=Q6! 6; ;QTK' L 2K=T;%'%
6; !T9QTK9 V9T'L 26V'; Q= %6'K';Q QY?'L =- !Q6V6Q6'LC 4YL6!9 %'L!K6?Q6=;L =- L=T;% ?K=?'KQ6'L 4V' Q= ' K'!=;5
L6%'K'% L !T'L ?=6;Q6;2 Q= %6V'KL' !=2;6Q6V' =7'!QL Q= ' 6%';Q6.'% .KLQ KQ4'K L Q4' =;9Y %'DTQ'$ 'X4TLQ6V'
;% =7'!Q6V' %'L!K6?Q6=; =- Q4' L=T;% 6QL'9-C 6;99Y$ :'Q4=%=9=26!9 ;% Q4'=K'Q6!9 !=;L'DT';!'L =- Q4'L' .;%5
6;2L K' %KW;$ 46249624Q6;2 Q4' ;''% Q= %%K'LL ;=Q =;9Y ;=6L' ;;=Y;!' TQ KQ4'K L=T;% DT96QY =- TK;
';V6K=;:';QLC = %= L=$ !=2;6Q6V' 'V9TQ6=;L :TLQ ' !=;%T!Q'% 6; Q4' .KLQ ?9!' Q= 6%';Q6-Y K'9'V;Q !6QY TL'KLJ
!Q'2=K6'L =- L=T;%L!?'L ;% Q4'; Q= TL' ?4YL6!9 :'LTK':';Q Q= !4K!Q'K6Z' !=KK'L?=;%6;2 !=TLQ6! 'V';QLC
&(- 7-55-" 7-?- 7-?-.
)- &62(96!(&
)-)- (96 3(9&3*3
4' W=K% GL=T;%L!?'H WL .KLQ 6;QK=%T!'% Y !4-'K
> Q= %';=Q' ; T%6Q=KY 'DT6V9';Q Q= @V6LT9A 9;%L!?'$
%'.;'% L ; ';V6K=;:';Q !K'Q'% Y L=T;%C 4' !=;5
!'?Q =- L=T;%L!?' 'X?96!6Q9Y 6;!9T%'L LT7'!Q6V' !=:5
?=;';Q$ ;:'9Y Q4' WY 6; W46!4 Q4' ';V6K=;:';Q 6L ?'K5
!'6V'% ;% T;%'KLQ==% Y ; 6;%6V6%T9 =K Y !=::T5
;6QY S C !4-'K R %'L!K6'% Q4' K=% %6V'KL6QY =- 'V5
'KY%Y 'X?'K6';!'L =- L=T;%L!?'L K=T;% Q4' W=K9% @L''
!4-'KJL =K9% =T;%L!?' K=7'!Q ;% 1 -=K K'V6'W
=- L=T;%L!?'L LQT%6'L 6; ?; L6;!' ><*[AC ; 'LQ'K;
L=!6'Q6'L$ TK; L=T;%L!?'L 4V' !4;2'% =V'K Q4' ?LQ
%'!%'L W6Q4 Q4' %'V'9=?:';Q =- QK;L?=KQQ6=; ;% Q4'
'!'6V'% S< Y S[[O$
!!'?Q'% < T2TLQ S[[OC
% &0 & 2';'K96L'% TL' =- :=Q=KL$ ';26;'L$ ;% =Q4'K :'!4;65
!9 %'V6!'LC TKQ4'K:=K'$ Q4' 6;!K'L6;2 !=;!'K; =- $
+ 6; TK; ';V6K=;:';Q 4L K'V'9'% Q4' 96:5
6QL =- ?4YL6!9 %'L!K6?Q6=;L Q= !!=T;Q -=K Q4' LT7'!Q6V'
6:?K'LL6=; =- !=TLQ6! ?4';=:';$ ;% LT22'LQL :=K'
!=2;6Q6V' ??K=!4 Q= ';V6K=;:';Q9 L=T;%L L %&!&
9$ 'V';QL Q4Q 6 ?'=?9' /$ O C 'V'K9 TQ4=KL 4V'
?=6;Q'% Q= Q4' 96:6QQ6=;L =- !=TLQ6! ?K:'Q'KL @LT!4 L
5W'624Q'% 9'V'9L ;% 'D > A W46!4 !;;=Q !!=T;Q -=K
;;=Y;!' !K=LL %6'K';Q 6(2!3 ( &(!3 3(923
@'C2C N$ * AC 4'L' =L'KVQ6=;L LT22'LQ L46-Q -K=: ;=6L'
;;=Y;!' LQT%6'L ;% %'!6'9 K'%T!Q6=; Q= :=K' DT96Q5
Q6V' 'V9TQ6=;L =- L=T;% .9$!6= 6; TK; ';V6K=;:';QLC
4' ;=Q6=; =- L=T;%L!?' !; ' Q4=T24Q =- L ; 9Q'K5
;Q6V' ??K=!4 Q= =V'K!=:' Q4' 96:6QL =- ;=6L' ;;=Y5
;!' 6;%6!Q=KL ;% Q= %%K'LL :=K' 2';'K9 !=;!'?QL =L=T;% DT96QY <$ >[$ >> C 4' ?K'L';Q KQ6!9' 6;QK=%T!'L >
;'K2Y 'DT6V9';Q L=T;% ?K'LLTK' 9'V'9 6; 5W'624Q'% %'!6'9 %@AC
)
% , #,11)$
!=2;6Q6V' ??K=!4 Q= L=T;%L!?' K'L'K!4 ;% K'V6'WL K'5
!';Q LQT%6'L =; !=2;6Q6V' !Q'2=K6'L =- L=T;%L!?'L L'%
=; Q4' ?LY!4=96;2T6LQ6! ;9YL6L =- V'K9 %'L!K6?Q6=;LC
K=: ;6 6L '6;2 L6% ;% (; 6L 6Q '6;2 L6%$ %6L5
!=TKL' ;9YL6L Q'!4;6DT'L 6:L Q %'K6V6;2 K'9'V;Q 6;-'K5
';!'L =TQ 4=W ?'=?9' ?K=!'LL ;% !=;!'?QT96Z' L';L=KY
'X?'K6';!'L >S C 4' ?LY!4=96;2T6LQ6! ;9YL6L :'%6Q'L
'QW''; 6;%6V6%T9 *#$ ;% !=99'!Q6V' ##$
&&$ L4K'% 6; 9;2T2' ;% '9=KQ'% L )
C
4'L' :'Q4=%L W'K' ??96'% Q= L=T;%L!?' K'L'K!4 6; ;
QQ':?Q Q= K6%2' Q4' 2? 'QW''; 6;%6V6%T9 L';L=KY 'X5
?'K6';!'L ;% L=!6=9=26!9 K'?K'L';QQ6=;L =- L=T;%L!?'LC
)-8- 2(% *3=((936!3 6( 6(2!>6!(& (2
&(!33
- ':?6K6!9 K'L'K!4 =; T%6Q6=; 4L -6K9Y 9=;2 QK%6Q6=;
6; ?LY!4=9=2Y @9=;2'K Q4; =9-!Q6=; TQ L4=KQ'K Q4; V65
L6=;S A$ 6Q 4L :6;9Y %'V'9=?'% 9=;2 Q4' ?LY!4=?4YL6!9
?K%62:C LY!4=!=TLQ6!L 4L 'LQ96L4'% Q4' GLT7'!Q6V'
'V9TQ6=;H =- LQ6:T96 L %'L!K6'% ;9YQ6!99Y W6Q46; :T9Q6%6:';L6=;9 L?!' %'L!K6'% Y ?4YL6!LC 46L 96;'
=- K'L'K!4 6L Q4'K'-=K' :6;9Y !=;!'K;'% W6Q4 9=W59'V'9
?K=!'LL6;2$ LT!4 L ?'K!'?QT9 Q4K'L4=9%L 9=;2 ?4YL65
!9 %6:';L6=;L @'C2C 6;Q';L6QY$ -K'DT';!YAC ; Q46L V6'W$
?LY!4=9=26!9 ?K=!'LL6;2 6L DT;Q6.'% 6; Q'K: =- %'V65
Q6=; -K=: ?4YL6!9 :'LTK':';QLC =W'V'K 6; Q4' !L' =!=:?9'X T%6Q=KY L!';'L >1 $ 4624'K59'V'9 ?K=!'LL'L K'
6;V=9V'% Q= !!=T;Q -=K '9=KQ'% !=2;6Q6V' K'?K'L';Q5
Q6=;LC ?'!6.!99Y$ L=T;%L!?' K'L'K!4 K'DT6K'L 29=9
??K=!4 Q= TK; ';V6K=;:';QL 6;V=9V6;2 !9'K %'.;65
Q6=; =- Q4' !=;QK6TQ6=;L =- VK6=TL %6L!6?96;KY .'9%L 6;
L=T;%L!?' %'L!K6?Q6=;LC =W'V'K$ :=LQ QQ':?QL Q= %'5
.;' G29=9H 6;%6!Q=KL =- ;=6L' ;;=Y;!' Y !=:6;5
6;2 VK6=TL %6'K';Q !=TLQ6! ?K:'Q'KL$ 9'-Q L6%' Q4' L'5
:;Q6! V9T' QQK6TQ'% Q= L=T;%L Q4Q !;;=Q ' %6K'!Q9Y
!?QTK'% Y ?4YL6!9 :'LTK':';QLC 46L KQ6!9' 6:L Q
?K'L';Q6;2 !=;V'K26;2 'V6%';!' Q4Q Q4' LT7'!Q6V' ''!QL
=- !=:?9'X L=T;%L 2';'K99Y ';!=T;Q'K'% 6; !6Q6'L K'9Y
=; Q4' L':;Q6! V9T'L 662!96 Q= !=TLQ6! ?4';=:';
Q4K=T24 (&!6!: *2(333C 4' DT'LQ6=; Q= ' %%K'LL'%
6L Q4'; 4=W Q= !!=T;Q -=K Q4' QK;L-=K:Q6=; =- !=TL5
Q6! LQ6:T9Q6=;L 6;Q= L':6=Q6!99Y K'9'V;Q 'V';QLC ; =Q4'K
W=K%L$ 4=W !; W' !!=T;Q =- L=T;%L!?'L L :';6;2-T9
!=TLQ6!9 'V';QL Y :';L =- ?4YL6!9 ?K:'Q'KL %'L!K6?5
Q6=;LE 4' !=2;6Q6V' ??K=!4 ?K'L';Q'% 4'K' %6'KL -K=:
Q4' !9LL6!9 ?LY!4=?4YL6!9 ;% 'V'; -K=: Q4' K'!';Q !=25
;6Q6V6LQ ??K=!4C ?'!6.!99Y$ W6Q46; Q4' ?LY!4=?4YL6!9
?K%62:#
LQ6:T96 K' %'L!K6'% L %6:';L6=;L ;% ?K:'Q'KL 3
6$!3 = &692$ 3!&3
;LW'KL K' !=99'!Q'% TL6;2 !9=L'% %Q !=99'!Q6=; 6;5
LQKT:';QL W6Q46; 6(2!3 9L= 26V'; Y Q4'
;QTK9 L!6';!'L
S
L ;=Q'% Y ;T:'K=TL K'L'K!4'KL$ =TK !T9QTK' 6L 46249Y V6LT9 =;'C
TK :=%'K; L=!6'Q6'L 9=LQ Q4'6K L=;=9=26!9 !=:?'Q';!'$ T69%6;2 T?
; 'Y' !T9QTK' R$ >R C
))
- ' * % *. ""& * ' -'"'
;LW'KL K' ?K=!'LL'% TL6;2 DT;Q6QQ6V' %Q ;9YL6L
=- DT96QQ6V' 7T%2':';QLC
4' ;9YL6L =- :';Q9 K'?K'L';QQ6=;L =- !=TLQ6! ?4'5
;=:'; W6Q46; LT!4 ?LY!4=?4YL6!9 ?K%62: 6L Q4TL
!=;!'6V'% L Q4' GLT7'!Q6V'H @6C'C ?LY!4=9=26!9A 'V95
TQ6=; =- G=7'!Q6V'H @6C'C ?4YL6!9A :'LTK':';QLC 4'
?LY!4=?4YL6!9 6;V'LQ62Q6=; K'96'L =; ?4YL6!9 %'L!K6?5
Q6=;L 236 %'.;'% Q= L'!=;%9Y %%K'LL ?LY!4=9=26!9 6L5
LT'LC T7'!QL K' Q4'K'-=K' !=;!'6V'% L G6:?'K-'!QH :'5
LTK':';Q 6;LQKT:';QL @6;V=9V6;2 Q4'6K T;V=6%9' LT7'!5
Q6V6QY,A 6; !=:?K6L=; Q= ?4YL6!9 6;LQKT:';QLC =W'V'K$
L KT;'K >/ :=;2 =Q4'KL ?=6;Q'% =TQ$ Q4' L?'!6.!6QY
=- ?LY!4=9=26!9 6;V'LQ62Q6=;L 6L Q= .2TK' =TQ 4=W Q4'
?4YL6!9 W=K9% 63 ?'=?9' ;% 4=W ?'=?9' '9=KQ'
2*23&66!(& =- Q4' W=K9% =; Q4' L6L =- Q4'6K L';L=KY
'X?'K6';!'LC ; Q46L V6'W$ 4T:; L!6';!'L 6:L Q =7'!5
Q6V'9Y %'L!K66;2 LT7'!Q6V' ?4';=:'; Q4Q !;;=Q ' K'5
%T!'% Q= '6Q4'K ?4YL6!9 %'L!K6?Q6=;L$ =K L6:?9' G'KK=KLH
%'K6V'% -K=: ?4YL6!9 :'LTK':';QL =- Y'Q ;=Q4'K =5
7'!Q# Q4' ?4YL6!9 W=K9%C 4' K'!';Q !=2;6Q6V6LQ ??K=!4
Q= T%6Q6=; 4L K':6;'% W6Q46; Q4' L:' 'X?'K6:';Q9
?K%62:$ -=!TL6;2 :6;9Y =; 9=W59'V'9 ?'K!'?QT9 -'5
QTK'L KQ4'K Q4; L':;Q6! -'QTK'L K'LT9Q6;2 -K=: 6%';Q65
.!Q6=; ;% !Q'2=K6LQ6=; ?K=!'LL'L @L ;=Q'% 6; >O$ / AC
%';Q6.!Q6=; ?K=!'LL'L 4V' ''; 6;V'LQ62Q'% 6; L?'5
!6.! %=:6;L =- !=TLQ6!L LT!4 L :TL6!9 !=TLQ6!L @>N
-=K 'K9Y K'L'K!4 =; Q6:K' ;% :=K' K'!';Q9Y >* AC ; Q4'
.'9% =- !=::T;6QY ;=6L'$ = >< .KLQ K'V6'W'% -!Q=KL
6;0T';!6;2 LT7'!Q6V' K'!Q6=;L Q= QK;L?=KQQ6=; ;=6L' ;%
L4=W'% Q4Q LT7'!Q6V' -!Q=KL LT!4 L ;=6L' L';L6Q6V6QY ;%
QQ6QT%'L Q=WK% L=T;% L=TK!'L !!=T;Q -=K :=K' VK6Q6=;L
6; K'!Q6=; Q4; %='L ;=6L' 'X?=LTK' 26V'; Y ?4YL6!9 ?5
K:'Q'KL O C '!';Q9Y '!=9=26!9 ?LY!4=9=2Y 4L K=T24Q
QQ';Q6=; Q= TK; L=T;%L!?'L$ 6; W46!4 ;=6L' 6L ':6QQ'%
L6:T9Q;'=TL9Y Y W6%' VK6'QY =- L=TK!'L$ Q= 'QQ'K T;5
%'KLQ;% 4=W ?'=?9' L=KQ =TQ !=:?9'X L=;6! ';V6K=;:';QL
6;Q= %6L!K'Q' !Q'2=K6'L 6; 'V'KY%Y596-' L6QTQ6=;LC LLT'L
=- L6:69K6QY 6; L=T;% 6%';Q6.!Q6=; 4V' ''; K6L'%$ W6Q4
LQK=;2 ':?4L6L =; *=3!$ 32!*6!(&3 @6C'C Q':?=5
K9 LQKT!QTK'AC =W'V'K$ L=T;% DT96QY 'V9TQ6=;L 4V' K'5
V'9'% Q4' ;''% Q= Q8' 6;Q= !=;L6%'KQ6=; L':;Q6! -'5
QTK'L LT!4 L 3(92 !&6!6= ;% L':;Q6! V9T'L @L LT25
2'LQ'% 6; S[$ S>$ SS ;% !=;.K:'% 6; SR$ S1$ S/ AC
TKQ4'K:=K'$ Q4' 6:?=KQ;!' =- L=T;% 3(92 2(&!6!(&
4L 9L= ''; %':=;LQKQ'% TL6;2 ?LY!4=?4YL6!9 :'Q45
=%LC =T;% DT96QY 'V9TQ6=;L W'K' !=;%T!Q'% =; ;QT5
K9 6%';Q6.9' L=T;%L ;% =; QK;L-=K:'% ;=;56%';Q6.9'
L=T;%L W6Q4 Q4' L:' 9=T%;'LLC GL!TK6;2H Q4' K'!=2;65
Q6=; =- Q4' L=T;% L=TK!'L 4% LQK=;2 6:?!Q =; ?'K!'6V'%
9=T%;'LL ;% L=T;% DT96QY 7T%2:';QL SO$ SN$ S*$ S< C
V;%6'K ;% '-K(V699' @!=;QK6TQ6=; 6; Q46L 6LLT'A 9L=
%':=;LQKQ'% Q4' K=9' =- L=TK!' !=;QK6TQ6=; 6; L=T;%5
L!?'L 'V9TQ6=;# !=;L6%'K6;2 L=T;% L=TK!' !4K!Q'K6L5
Q6!L !; 4'9? !!=T;Q -=K Q4' =V'K99 ??K6L9 =- TK;
L=T;%L!?'L 6; W46!4 Q4'L' L=TK!'L K' ?K'L';QC
K=: L=!6=9=26!9 ?=6;Q =- V6'W$ TK; L=T;%L!?'L
4V' ''; 6;V'LQ62Q'% L :';6;2-T9 !=TLQ6! 'V';QL$ TL5
6;2 -=K 'X:?9' Q4' GK=T;%'% Q4'=KYH ??K=!4 R[
- ' * % *. ""& * ' -'"'
% , #,11)$
Q= 6%';Q6-Y !6QY TL'KLJ !Q'2=K6'L =- L=T;%L ''!QLC '5
L'K!4'KL 6; TK;6L: ;% K!46Q'!QTK' 4V' 6;QK=%T!'%
Q4' !=;!'?Q =- $'
& (#&$ R>$ RS$ RR C
T!4 !=;!'?Q 6L K'9Q'% Q= Q4' !=;!'?Q =- L=T;%L!?'
6; 6QL QQ':?Q Q= 6;Q'2KQ' ?4YL6!9 %'L!K6?Q6=;L =- ;=6L'
@=7'!Q5!';QK'% %'L!K6?Q6=;LA W6Q4 LT7'!Q6V' ''!QL =;=6L' @LT7'!Q5!';QK'% %'L!K6?Q6=;LA Q !=2;6Q6V' ;%
':=Q6=;9 9'V'9 W6Q46; 26V'; !=::T;6QYC =W'V'K$ Q4'
!=2;6Q6V' ??K=!4 ?K'L';Q'% 4'K' 'XQ';%L Q46L !=;!'?Q Y
'X?96!6Q9Y Q86;2 6;Q= !!=T;Q Q4' !:23!6= =- !=;!'?QT95
6LQ6=;L '9=KQ'% Y %6'K';Q !=::T;6Q6'L @L!6';Q6LQL L
W'99 L !6QY TL'KLAC = %= L=$ 6;Q'2KQ6V' K'L'K!4 LQKQ'26'L
K' K'DT6K'%$ 6:?9Y6;2 Q4' !=99=KQ6=; =- ;QTK9 L!6';!'L
5 ?4YL6!L$ ';26;''K6;2 5 ;% L=!69 L!6';!'L 5 ?LY!4=9=2Y$
L=!6=9=2Y$ L W'99 L 96;2T6LQ6!L L 699TLQKQ'% 6; Q46L KQ6!9'C
' ?K'L';Q ; =V'KV6'W =- K'L'K!4 ?K=2K: %'V'9=?'%
W6Q46; K';!4 6;LQ6QTQ6=;LR L !=99=KQ6V' ?K=7'!Q '5
QW''; !=TLQ6!6;L$ ';26;''KL$ ?LY!4=9=26LQL ;% 96;2T6LQL
Q= 6;V'LQ62Q'
4=W ?'=?9' 26V' :';6;2 Q= TK; L=T;%L!?'L =; Q4'
L6L =- Q4'6K 'V'KY%Y 'X?'K6';!'L $++$
4=W 6;%6V6%T9 LL'LL:';QL K' !=;V'Y'% Q4K=T24 9;5
2T2' L !=99'!Q6V' 'X?K'LL6=;L '$&$C
TK K'L'K!4 =; L':;Q6! !Q'2=K6'L 6L ; QQ':?Q Q=
!=;QK6TQ' Q= Q4' T;%'KLQ;%6;2 =- 4=W *3=($(!$ @6C'C
6;%6V6%T9A ?K6;!6?9'L =- !Q'2=K6LQ6=; -=K !=TLQ6! ?4'5
;=:'; 9'% Q= Q4' '9=KQ6=; =- @L4K'%A (&*63$ L
T69%6;2 9=!8L =- !=99'!Q6V' K'?K'L';QQ6=;L ;% 8;=W95
'%2'C ':;Q6! !Q'2=K6'L !; ' L''; L :'%6Q6;2 6;%65
V6%T9 L';L=KY 'X?'K6';!'L Q= !=99'!Q6V' K'?K'L';QQ6=;L Y
:';L =- L4K'% 9;2T2'C ' W699 .KLQ K'?=KQ K'LT9QL
=- -K'' !Q'2=K6LQ6=; 'X?'K6:';QL Q4Q '96!6Q'% !Q'2=K6!9
LQKT!QTK'L -=K !=TLQ6! ?4';=:'; ;% ?K'L';Q Q4' ?K6;5
!6?9'L =- =K2;6LQ6=;$ 6%';Q6.'% -K=: V'K9 !=::';QL
@L'!Q6=; SAC 4' %6V'KL6QY =- 96;2T6LQ6! %'V6!'L 6;V=9V'% 6;
Q4' %'L!K6?Q6=; =- !=TLQ6! !Q'2=K6'L W699 Q4'; ' ;95
YL'% Q= 6;-'K ?K=?'KQ6'L =- !=2;6Q6V' K'?K'L';QQ6=;LC W=
%6'K';Q !=2;6Q6V' !=;!'?QL @9'99'% 6; K';!4 L $'
$
=KP;% $$1 A W'K' 6%';Q6.'% L !!=T;Q6;2 -=K T;6DT'
!=TLQ6! ?4';=:';=;C '?';%6;2 =; Q4' %=:6;L =- ?K!5
Q6!' @'C2C 'V'KY%Y 96-' !Q6V6Q6'L VLC L!6';Q6.! %6L!=TKL'A$
L=T;%L!?'L !; ' %'L!K6'% ;% 'X?'K6';!'% L %6'K';Q
G';Q6Q6'LH @L'!Q6=; RAC 6;99Y$ W' W699 %KW Q4' :'Q4=%5
=9=26!9 ;% Q4'=K'Q6!9 !=;L'DT';!'L Q4Q Q4'L' .;%6;2L
';Q69 -=K -TKQ4'K K'L'K!4 =; L=T;%L!?'L @L'!Q6=; 1AC
R
1
'' !8;=W9'%2':';QL
; 6;Q'K'LQ6;2 %6'K';!' L4=T9% ' ;=Q'% 'QW''; Q4' TL' ;% Q4'K'5
-=K' Q4' :';6;2 =- Q4' Q'K:L ;=6L' ;% L=T;% 6; K';!4 ;% ;296L4#
V6% R1 L4=W'% Q4Q Q4' K';!4 W=K% KT6Q @;=6L'A WL ?K6:K69Y TL'%
Q= K'-'K Q= L=TK!'L ?K=%T!6;2 ;=6L' @KT6Q %' V=6QTK'L$ 96QC ;=6L' =- !KLA$
W4'K'L L=; @L=T;%A WL TL'% Q= %'L!K6' !=TLQ6! ?4';=:'; L ?4YL5
6!9 LQK!Q6=;L -K=: Q4' L=TK!'LC 'K'-Q'K$ Q4' W=K% ;=6L' W699 K'-'K
Q= Q4' K';!4 W=K% KT6Q$ ;% L=T;% Q= L=; ;% Q= Q4' !=KK'L?=;%6;2
!=;!'?QL$ 'V'; 6- Q4'L' Q'K:L K' ;=Q TL'% L LT!4 6; !=::=; ;296L4
%6L!=TKL' @;296L4 ?K'-'KL L=T;% =- !K Q= ;=6L' =- !KAC =K -TKQ4'K
%6L!TLL6=; L'' / C
8- (&!6!: 9!6(2= 6(2!3
; Q4' -=99=W6;2 'X?'K6:';QL$ Q4' !=TLQ6! LQ6:T96 W'K'
!=TLQ6! K'!=K%6;2L =- !=:?9'X ;% :';6;2-T9 'V'KY%Y
L=T;%L ;% ';V6K=;:';QL$ KQ4'K Q4; ?K6=K6 ?K:'5
Q'K6L'% LQ6:T96 L Q4' =;'L 6;V=9V'% 6; LQT%Y6;2 ?'K!'?5
QT9 !Q'2=K6'L R/ C ' .KLQ ?K'L';Q K'LT9QL =- 'X?'K6:';QL
TL6;2 K'!=K%6;2L =- 6L=9Q'% %=:'LQ6! L=T;%L ;% K'!=K%5
6;2L =- !QT9 TK; L=T;%L!?'L @SC>AC ' Q4'; %6L!TLL
Q4' .;%6;2L 6; Q'K:L =- !=2;6Q6V' K'?K'L';QQ6=;L =- ';V65
K=;:';Q9 L=T;%L @SCSAC
8-)- 6(2!36!(& ( :2== 3(9&3 & 3(9&
3*3
K9Y 'X?'K6:';QL =; L=T;% !Q'2=K6LQ6=; W'K' !=;%T!5
Q'% W6Q4 4T:;5:%' ';V6K=;:';Q9 L=T;% K'!=K%6;2L
>N TL6;2 Q4' -K''5L=KQ6;2 QL8L ?K'V6=TL9Y V96%Q'% 6;
!=2;6Q6V' ?LY!4=9=2Y -=K V6L6=; RO ;% =9-!Q6=; @'C2C
RN AC 'LT9QL 6;%6!Q'% Q4Q 'V'KY%Y L=T;%L !=T9% '
!Q'2=K6L'% Q %6'K';Q 9'V'9L =- 22K'2Q6=;# ';'K6!
!Q'2=K6'L 22K'2Q' ;=6L'L ?K=%T!'% Y L6:69K L=TK!'L
@I$ # $'&& J$ I$$ JA
=K 4V6;2 Q4' L:' -T;!Q6=; @LT!4 L I;2&!& W6Q4 '99LJ$
I# # + JC C C A$ =K ;=6L'L 9=;2 Q4'6K L6:69K5
6QY =- :=V':';Q =K !Q6=; 2';'KQ=KL =- ;=6L'L @!#'$
$" !" !$#" !#"AC TQ Q4' ?=6;Q 6L
Q4Q G3%H !=TLQ6! ?4';=:';=; !=T9% ' !9LL6.'% !5
!=K%6;2 Q= !62 Q4' 3(92 Q4Q ?K=%T!'L 6Q (2 !!=K%6;2
Q= Q4' 6!(& 2';'KQ6;2 L=T;% @'C2C Q4' LDT'86;2 =- Q4'
%==K W46!4 !; ' !Q'2=K6L'% '6Q4'K L I $'
$J L
6; I$'&& $ JC C C =K W6Q4 =Q4'K
6;LQ;!'L =- ILDT'86;2J @I #$" ! )
)$" # ! $&$JAM L'' S> -=K L6:69K .;%6;2AC 46L
K':K8 !=;V'K2'L W6Q4 %6'K';!'L K'2T9K9Y =L'KV'% 6;
!&62 !&!:!9$ 66!693 Q=WK%L L=T;%LC ; Q4'L' 'X?'K5
6:';QL$ -'W I'X?'KQLJ @!=TLQ6!6;LA =K2;6Z'% L=T;%L !5
!=K%6;2 Q= *=3!$ *2(*26!3 LT!4 L -K'DT';!Y =K Q':5
?=K9 'V=9TQ6=;$ W469' :=LQ I;=V6!'LJ !Q'2=K6Z'% L=T;%L
!!=K%6;2 Q= L=T;% 3(923C TKQ4'K:=K'$ ;=V6!'L !=T9%
=?'KQ' Q %6'K';Q 9'V'9L =- LQK!Q6=; L -K L L=TK!'L
W'K' !=;!'K;'%$ Y Q86;2 6;Q= !=;L6%'KQ6=; '6Q4'K Q4'
*=3!$ *2(*26!3 ( 6 3(923 @'C2C '9'!QK6! VLC :'5
!4;6!9 L=TK!'LA =K Q4' !QT9 6=* ( ("6 3(92 @'C2C
';26;'L VLC %==KL VLC 9K:LAC 4'L' K'LT9QL !=;.K: Q4'
=L'KVQ6=; Q4Q G6;QK6;L6!H !4K!Q'K6LQ6!L =- ?4YL6!9
'V';Q !; ' %6'K';Q9Y !=;L6%'K'% L !Q'2=K6LQ6=; 2!
62! %'?';%6;2 =; Q4' 39"613 ?K=!'LL6;2# LQ'99';2=
;% T=6L R* -=K 'X:?9' 6%';Q6.'% QW= QY?'L =- 96LQ';5
6;2 ?K=!'LL6;2 6:6;2 '6Q4'K Q 6%';Q6.!Q6=; =K Q DT96.5
!Q6=;$ ;% 6:T9Q R< %6'K';Q6Q'L G%'L!K6?Q6V' 96L5
Q';6;2H :=%' W46!4 K'-'KL Q= Q4' 6%';Q6.!Q6=; =- !=TLQ6!
L=TK!'L ;% 'V';QL -K=: G4=96LQ6! 4'K6;2H :=%' K'-'K5
K6;2 Q= L=T;L%L!?' ?K=!'LL6;2 L W4=9'C
6K'!Q9Y %K'LL6;2 !Q'2=K6LQ6=; =- L=T;%L!?'L$ %6'K5
';Q L'QL =- K'!=K%'% L=T;%L =- ';V6K=;:';Q9 TK; ;=6L'L
W'K' ?K=!'LL'% W6Q4 Q4' L:' -K'' L=KQ6;2 QL8C =9=
1[ TL'% L'Q =- L=T;%L!?' K'!=K%6;2L L'9'!Q'% -K=: 96LQ =- 9=!Q6=;L 6%';Q6.'% L K'?K'L';QQ6V' =- !6QY ;=6L'L
)(
% , #,11)$
@K6LAC 'LT9QL 6;%6!Q'% Q4Q Q4' K'!=K%6;2L W'K' ;=Q
!9TLQ'K'% 9=;2 ; 6;Q';L6QY %6:';L6=; $(& W6Q4 %6'K5
';!'L 9K2'K Q4Q N % ;!6!& !'KQ6; !Q'2=K6'L 1> C TK5
Q4'K:=K'$ ?KQ6!6?;QL L?=;Q;'=TL9Y %'L!K6'% !4K!Q'K5
6LQ6!L =- Q4' =7'!Q 3(92C Q 2';'K6! 9'V'9$ QW= :6;
!=2;6Q6V' !Q'2=K6'L =- L'DT';!'L ':'K2'%#
>C GV';Q L'DT';!'LH 6C'C L'DT';!'L 6;!9T%6;2 L?'!6.!
'V';QL @!$&#& #" !#" !( $"
C C C A$
SC G:=K?4=TL L'DT';!'LH$ LT!4 L !#'
$$"
6; W46!4 ;= L?'!6.! 'V';Q !=T9% ' 6L=9Q'%C
.;'K 2K6; !Q'2=K6LQ6=; %6LQ6;2T6L4'% !Q'2=K6'L =- L'5
DT';!'L W6Q46; '!4 =- Q4'L' QW= :6; !Q'2=K6'LC G:&6
3.9&3H W'K' LT!Q'2=K6L'% !!=K%6;2 Q= '6Q4'K#
Q4' QY?' =- 3(92 6;V=9V'% 6; Q4' ?K=%T!Q6=; =- Q4'
;=6L' @V'46!9'L # '$$ &#$ VLC ?KQL =- V'5
46!9'L$ $ ))# )# $$ #$
VLC 4T:; L=T;%L @$&$ $A =K
Q4' DT96QQ6V' 'V9TQ6=; =- Q4' ;=6L'L L *$3&6 =K
9&*$3&6 @# #$$( '# =K '&AC
';W469'$ G%(2*(93 3.9&3H$ :=LQ9Y %'L!K6'%
L #'
$$ W'K' LT!Q'2=K6L'% =; Q4' L6L =-#
*$3&6&33 7T%2':';QL =K
'V9TQ6=; =- (936! *2%623 @6;Q';L6QY$ L?'!QK9
!=;Q';Q @)% #'+A ;% Q':?=K9 LQKT!QTK'
@&''$% $&''$ $AC
; =Q4 !L'L$ L'DT';!'L W'K' LQKT!QTK'% Q %6'K';Q %6L5
Q;!'L$ LT22'LQ6;2 Q4Q L=:' L'DT';!'L :Y ' :=K' K'?5
K'L';QQ6V' Q4; =Q4'KL L 'X':?9KL =- Q4' !Q'2=KYC =K
'X:?9'$ :=;2 Q4' %6'K';Q 'X':?9KL =- G(#+ '$
&H QK! L=T;%L!?'L$ L?'!6.! L'DT';!' L'':L Q= ?=L5
L'LL Q4' 2K'Q'LQ ;T:'K =- ?K=?'KQ6'L %'.;6;2 Q46L !Q'5
2=KY$ ;% !=T9% Q4'K'-=K' ' !=;L6%'K'% L Q4' :=LQ QY?65
!9 'X':?9K =- Q46L !9LL RO $ L ?K=Q=QY?' =- GT;?9'L5
;Q ;=6L'HC 6;2T6LQ6! ;9YL6L =- V'K9 %'L!K6?Q6=;L ;%
!=::';QL =- Q4' LT7'!QLJ !Q'2=K6'L LT22'LQL Q4Q L=T;%5
L!?'L K' LQKT!QTK'% 6;Q= !=:?9'X L':;Q6! !Q'2=K6'L 6;5
Q'2KQ6;2 ;=Q =;9Y !=TLQ6! ?K:'Q'KL TQ 9L= ;=Q6=;L =Q6:'$ 9=!Q6=; ;% !Q6V6Q6'LC 4'L' ;=Q6=;L K' K'0'!Q'% 6;
%6L!=TKL' Y !=:?9'X ?K'?=L6Q6=;9 ?4KL'L W6Q4 :T9Q6?9'
!=:?9':';QL LT!4 L G#
&#+$ & $& &'#
+ &HC
4'L' %6LQ6;!Q6=;L 'QW''; !Q'2=K6'L =- L=T;%L!?'L
W'K' -TKQ4'K 'X?9=K'% -=K 9=W -K'DT';!Y ';V6K=;:';Q9
L=T;%L W6Q4 :=K' ?K'!6L' ?LY!4=96;2T6LQ6! ;9YL6L =-K'' %'L!K6?Q6=;L =- TK; ';V6K=;:';QL 1S$ 1R ;% -K''
L=KQ6;2 QL8L =- :T9Q6!4;;'9 K'!=K%6;2L 1S$ 11 C L6;2
%6L!=TKL' ;9YL6L :'Q4=%L V96%Q'% -=K =Q4'K L';L=KY
:=%96Q6'L 1/$ /$ 1O$ >S $ !=2;6Q6V' !Q'2=K6'L W'K' 6;5
-'KK'% -K=: 96;2T6LQ6! %'V6!'L L?=;Q;'=TL9Y TL'% Y LT5
7'!QL Q= %'L!K6' 9=W -K'DT';!Y ';V6K=;:';Q9 L=T;%L 6;
-:696K TK; ';V6K=;:';QL =- 9K2' K';!4 !6Q6'LC W=
K=% !Q'2=K6'L W'K' %'K6V'% -K=: Q4' 96;2T6LQ6! ;9YL6L#
$'# (&$$ W46!4 !; ' QQK6TQ'% Q= ; 6%';Q6.'%
L=TK!' ;% 2';Q$ ;%
#'
$ & &+$ !=;L6%'K'% L !=99'!Q6V'
:6';Q ;=6L'$ W4'K' ;= L?'!6.! 'V';QL !; ' %6L!K6:5
6;Q'%C
)
- ' * % *. ""& * ' -'"'
4'L' QW= L':;Q6! !Q'2=K6'L 6;-'KK'% -K=: L?=;Q;'=TL
%6L!=TKL' ;9YL6L W'K' !=:?K'% W6Q4 Q4' 2K=T?6;2L =L'DT';!'L ?K=%T!'% 6; Q4' -K'' L=KQ6;2 QL8LC K=: -K''
L=KQ6;2 'X?'K6:';Q !KK6'% =TQ =; L6XQ''; L'DT';!'L =:6';Q !82K=T;% ;=6L'$ QW= :6; !Q'2=K6'L ':'K2'%
=; Q4' L6L =- L';!' =K ?K'L';!' =- 4T:; !Q6V6QY$
6; K'9Q6=; Q= ?'K!'6V'% ?9'L;Q;'LL 11 C .;'K 2K6;
!Q'2=K6LQ6=; %6LQ6;2T6L4'L LT!Q'2=K6'L W6Q46; '!4 =Q4'L' QW= !Q'2=K6'LC 9- =- Q4' LT7'!QL LT!Q'2=K6L'%
62 3.9&3 =; Q4' L6L =- Q4' ?K'L';!' =- 4T5
:; L=T;%L 6; K'9Q6=; Q= Q4' 7T%2':';QL =- ?9'L;Q;'LL#
7TLQ GH 6; Q4' L';!' =- 4T:; L=T;%L VLC
G=;9YH GH W4'; -'W 4T:; L=T;%L !; '
4'K%C ';W469'$ 9%& 6!:!6= 3.9&3 W'K' LT5
!Q'2=K6L'% Y N/B =- Q4' LT7'!QL =; Q4' L6L =- Q4'
QY?' =- !Q6V6Q6'L ?'K-=K:'% @
& ##$ ( # & ) A$ K;26;2 =; L'!=;% %6:';L6=; K'5
9Q'% Q= Q4' %'2K'' =- QK;DT6996QY @-K=: '$+ =?'; :K5
8'QL Q= '& ?K8LAC 4' !Q6V6QY L'DT';!'L W'K' %'5
L!K6'% :=LQ9Y Y ;=T;L K'-'KK6;2 Q= Q4' QY?' =- 9=!Q6=;L
@#& =K #$&'#& # A ;% 6%';Q65
.'% L=T;% L=TK!'L @(
#$ '$ #
$ AC 4'
9%& 6!:!6= 6(2= WL L?=;Q;'=TL9Y %'L!K6'%
L $ W4'K'L Q4' 62 &(!3 6(2= WL %'5
L!K6'% L C Q Q46L LT=K%6;Q' 9'V'9$ LT!Q5
'2=K6'L W'K' :'%6Q'% Y Q4' LT7'!QJL 6;Q'K!Q6=;L W6Q4
46L =K 4'K ';V6K=;:';Q Q4K=T24 3(!$!3 6!:!6!3C 4'
V'K9 %'L!K6?Q=KL W'K' V'KY LT!!'LL-T9 -=K %6L!K6:6;Q5
6;2 !Q'2=K6'L$ TQ ;= 6;Q'K!Q6=; 'QW''; !=TLQ6! ?5
K:'Q'KL @'V'; 9=T%;'LLA ;% !Q'2=KY :':'KL46? WL
=L'KV'%C 4'L' .;%6;2L 6;%6!Q' Q4Q !=:?9'X ';V6K=;5
:';Q9 L=T;%L K' ?K=!'LL'% L :';6;2-T9 'V';QL ?K=V6%5
6;2 K'9'V;Q 6;-=K:Q6=; =TQ ?=LL69' 6;Q'K!Q6=;L W6Q4
Q4' ';V6K=;:';QC TKQ4'K:=K' L?Q69 QQK6TQ'L ?9Y'% ;
6:?=KQ;Q K=9' Q LT=K%6;Q' 9'V'9$ 9Q4=T24 99 K'!=K%5
6;2L W'K' !KK6'% =TQ 6; =TQ%==KL ';V6K=;:';QLC ;' Q46K%
=- Q4' LT7'!QL TL'% TK; :=K?4=9=2Y !K6Q'K6 Q= %6LQ6;5
2T6L4'% K'V'K'KQ6;2 L?!'L @%'L!K6'% L #(##&
$$
$ A ;% =?';
L?!'L @ # $'#$ '&
#$ A W6Q46; Q4'
4T:; !Q6V6QY !Q'2=KY @L'' 9L= 1N AC
8-8- (9&3*3 3 (&!6!: 6(2!3
= LT::K6L'$ QW= :6; K'LT9QL !; ' %KW; -K=: Q4'L'
-K'' !Q'2=K6LQ6=; QL8L LL=!6Q'% W6Q4 Q4' ;9YL6L =V'K9 !=::';QL =; L=T;%L!?'LC
6KLQ$ Q4' ';V6K=;:';Q9 L=T;%L T;%'K 6;V'LQ62Q6=; !;
4K%9Y ' K'%T!'% Q= L'Q =- ?4YL6!9 ?K:'Q'KLC ; ?K5
Q6!T9K$ 6;Q';L6QY @=K 'V'; 9=T%;'LLA 6L &(6 Q4' =;9Y ;=K
Q4' :=LQ 6:?=KQ;Q !K6Q'K6=; 6;V=9V'% 6; 'V'KY%Y L=T;%
!Q'2=K6LQ6=;C T!4 !=;!9TL6=; 6L 6; 2K'':';Q W6Q4 K'5
LT9QL =Q6;'% Y ';26;''KL 6;V=9V'% 6; ;=6L' K'%T!Q6=; ;%
!=TLQ6!6;L 1* C ;Q';L6QY @L !=2;6Q6V' K'?K'L';QQ6=;A
6L :=K' ;!6!& 6(2!$ 3629692 Q4;
C ;Q';L6QY VK6Q6=;L K' &(6 *3=($(!$$=
%(&(6(&(93 W4'; !=KK'9Q'% W6Q4 L':;Q6! -'QTK'L$ LT!4
L 4'%=;6! !4K!Q'K6LQ6!L$ 6%';Q6.!Q6=; =- Q4' L=TK!'$ =K
:';6;2 =- Q4' 'V';Q @'C2C )#C C C AC
- ' * % *. ""& * ' -'"'
% , #,11)$
'!=;%$ T%6Q=KY LQ6:T96 !; ' ?K=!'LL'% '6Q4'K L *26
( %&!&9$ :&6 $ 6; :=K' ;9YQ6! ;% 5
LQK!Q :;;'K$ 9=;2 *=3!$ *2%623 W4';$ -=K 'X5
:?9'$ Q4' ?K=!'LL =- L=TK!' 6%';Q6.!Q6=; -69LC L ?KQ
=- ; 'V';Q$ Q4'Y K' ?K=!'LL'% L &(!33 @=- C C C A ;% :Y
Q4'K'-=K' ' !=;L6%'K'% L 63 =- Q4' W=K9% =; Q4' LT5
7'!Q/ C TQ =;9Y 6; Q46L 9QQ'K !L'$ W4'; Q4' ?K=!'LL =L=TK!' 6%';Q6.!Q6=; -69L$ LT!4 T%6Q=KY LQ6:T96 K' ?K=5
!'LL'% L LQK!Q 3(9&3$ W46!4 !; Q4'; ' G%6K'!Q9YH
!4K!Q'K6L'% 9=;2 L ?4YL6!9 G%6:';L6=;LHO C 4'K'-=K'$
6; !=:?K6L=; Q= ?4YL6!9 @6C'C ?4YL6!99Y %'L!K6'%A !=;5
!'?QL$ !=2;6Q6V' K'?K'L';QQ6=; =- !=TLQ6! ?4';=:'; 6L
!4K!Q'K6L'% Y Q4' -=99=W6;2 ?K=?'KQ6'L#
Q 6L ; !&!:!9$$ &(& (32:$ LT7'!Q5!';QK'%
K'?K'L';QQ6=;$
$($ ;% %9$6!%($ @T%6Q=KY$ TQ 9L= V6LT9$ 865
;'LQ4'Q6!$ V'LQ6T9K$ C C C L W'99A$
9WYL 'X?'K6';!'% 6; (&6<6 ;% 6; *26!3M Q4'K'5
-=K' :Y ;=Q ' T;6DT'$ TQ !:23 !!=K%6;2 Q= Q4'
%6V'KL6QY =- LT7'!QLJ 'X?'K6';!'LC
Q 6L %%(2!> <*2!& =- ?K'V6=TL ?'K!'?Q6=;L
& ( 23*(&33 26V'; Q= Q4' G6;?TQLHM 'K!'?QT9 ?K=5
!'LL'L K' Q4'K'-=K' L'9'!Q6V'$ L (&*6 2!:&C
4'K'-=K'$ 6Q 6L =Q4 6;%6V6%T9 @L';L=KY 'X?'K6';!'A
;% ($$6!: @L 'V'KY=;' 26V6;2 K'L?=;L'L K'9'V;Q
Q= 46LP4'K :':'KL46? Q= %6'K';Q !=::T;6Q6'L =- 'X5
?'K6';!'L =K 'X?'KQ6L'AC
Q 6;V=9V'L !&62*266!(&3 @:';6;2 ?K=%T!Q6=; ;%
;=Q L6:?9Y G?K'5'X6LQ6;2 6;-=K:Q6=; ?K=!'LL6;2HA$
6Q 6L !=;;'!Q'% Q=$ ;% 'V'; L4?'%$ Y $!&9!36! 'X5
?K'LL6=;L ;% Y :';6;2 !=;V'Y'% 6; 9;2T2'LM
4'K'-=K' 6Q 6L 32 ;% & 33 Q4K=T24 V'K5
9 ;% LY:=96! *9$! 2*23&66!(&3C
7- 3!& $&9 6( 33 (936! (&!
6!: 6(2!3
; =K%'K Q= -TKQ4'K 'X?9=K' Q4' %6'K';Q !=2;6Q6V' K'?K'L';5
QQ6=;L =- !=TLQ6! ?4';=:';$ :=K' 'X4TLQ6V' 96;2T6LQ6!
;9YL'L =- 96;2T6LQ6! %'V6!'L V699' ;% L?=;Q;'=TL9Y
TL'% @6; K';!4A Q= %'L!K6' L=T;%L K' K'DT6K'% Q= 99=W
K'9'V;Q 6;-'K';!'L 'QW''; 9;2T2' ;% !=2;6Q6=; @RC>AC
46L ?LY!4=96;2T6LQ6! ;9YL6L W699 9'% TL Q= K'!=;L6%'K
L=:' G96;2T6LQ6! Q==9LH !=::=;9Y TL'% 6; L=T;%L!?'L K'5
L'K!4 ;% L?'!699Y Q4' L':;Q6! %6'K';Q69 L!9'L @RCSAC
6;99Y$ W' K' !=;%T!Q'% Q= K'!=;L6%'K Q4' !=;L'DT';!'L
=- =TK L':;Q6! ;9YL'L -=K Q4' %'L62; =- 'X?'K6:';Q9
L'QQ6;2L 6; =K%'K Q= K'?K=%T!' L=T;%L!?'L 6; 9=KQ=KY
L'QQ6;2L W469' ';LTK6;2 Q4'6K '!=9=26!9 V96%6QY @RCRAC
/
L 6; Q4' !L' =- =%=TKL Q4Q LQ699 K':6; !=;!'?QT99Y @;% 96;2T6LQ65
!99YA K'9Q'% Q= Q4' =%=K;Q L=TK!' @T=6L ;% =TY$ 1< C
O
L 6; Q4' !L' =- !=9=TK !Q'2=K6'L$ 46249Y LQK!Q'% ;% !=;!'?QT95
6Z'% 6; =TK !T9QTK' @L'' T=6L$ 'L!4'562=; ;% Q';6;$ /[$ /$ >S C
7-)- !&9!36! :!3 & 23(923 +!& 2&, (2
(936! *&(%&
4' 96;2T6LQ6! %Q ;9YZ'% Q= 'X?9=K' 96;2T6LQ6! K'L=TK!'L
6; K';!4 W'K' !=99'!Q'% TL6;2 Q4' -=99=W6;2 '96!6QQ6=;
?K=!'%TK'L#
!=::';QL ?K=%T!'% %TK6;2 Q4' !Q'2=K6LQ6=; QL8L @SC>
=V'A ;!$ $!36&!& 6( 3(9& 2(2!&3
%'.;6Q6=;L ;% 'X:?9'L =- $$ ;% 5 L=T;%L !=99'!Q'% TL6;2 =?'; DT'LQ6=;;6K'L 6; Q4'
L';!' =- !=TLQ6! LQ6:T9Q6=; @Q4'K'-=K' K'-'KK6;2 Q=
LT7'!QLJ 2*23&66!(&3 !& %%(2=A R1 C
'LT9QL !=;V'K2' Q= L4=W Q4Q Q4'K' K' -'W L6;29' W=K%L
T?=; W46!4 ?'=?9' 2K'' Q= %'L!K6' Q4' !=TLQ6! ?4'5
;=:'; @6; !=;QKLQ Q= !=9=TK V=!T9K6'L$ 1O AC ; =Q4
QL8L @-K'' L=KQ6;2 ;% L?=;Q;'=TL %'.;6Q6=;LA$ ?KQ6!65
?;QL TL'% !=:?9'X ?4KL6;2 Q= %'L!K6' L=T;%LP;=6L'LC 9K2' VK6'QY =- 96;2T6LQ6! %'V6!'L W'K' =L'KV'%$ TQ -=K
26V'; !Q'2=KY =- L=T;%L$ ?'=?9' ?K'-'KK'% L?'!6.! 96;5
2T6LQ6! !=;LQKT!Q6=;L$ -TKQ4'K 'LQ96L46;2 Q4' %6LQ6;!Q6=;
'QW''; G;=6L'H VLC GL=T;%H 6;QK=%T!'% 'K96'KC ?'!6.5
!99Y$ -=K Q4' %';=:6;Q6=; =- !Q'2=K6'L =- &(!33$ LT5
7'!QL TL'% W6%' VK6'QY =- 96;2T6LQ6! !Q'2=K6'L$ L 699TL5
QKQ'% '9=W#
@A &(9&3 K'-'KK6;2 Q= %6'K';Q QY?'L =- 3(923 @#& 5
%==K$ #'& 5 QK!$ (&'#$ 5 !KL$ C C C A 6; Q4' L:'
?4KL9 !=;LQKT!Q6=; =- Q4' %';=:6;Q6=; =- =%=TKL$ 1 =- J$ W4'K' Q4' 4'% ;=T; 6L Q4' 2';'K6! Q'K: @#'&
$# # I;=6L'$ L6K';'$ 9K:JA$ ;% Q4' L'!=;% ;=T;
6L ?KQ =- ?K'?=L6Q6=;9 ?4KL' W46!4 K'-'KL Q= L=TK!'
@C C C (&'# I=- !KJ C C C # I=- .K':;JA @L =5
L'KV'% -=K L:'99LA$
@A :2$ &(%!&$!>6!(&3 @LTX'% ;=T; %'K6V'%
-K=: V'KLA =- QW= 86;%L$ W46!4 =!!TK Q= ' L?'!6.! -=K
T%6Q6=;A#
K'2T9K ;% -K'DT';Q LTXQ6=; =- &# '&
#'& #&&& #& #'&C 46L
V'K9 LTXQ6=; K'-'KL Q= :'!4;6!9 !Q6=; =; @=K
=-A ; =7'!Q$ LT!4 L '# IL9:$ TKLQJ$ #'#
I!K''8J$ #&&# IKTJ$ ## ILDT''8J$ ;% Q4' L=TK!'
??'KL L !=:?9':';Q =- Q4' ;% Q4' 2K::Q5
6!9 LT7'!Q =- Q4' V'K$ L 6; '& #&
IL9::6;2 =- %==KJ$ #& # ILDT''86;2 =K8'LJC 4' V'KL K'-'K Q= Q4' :=%' =- ?K=%T!Q6=; =Q4' L=T;%C
KK'K LTXQ6=;L =- # ## '$ ILQKQ6;2
=- TLJ$ # (&'# IK'86;2 =- !KJ$ W'K'
;=Q'% ;% W46!4 96;2T6LQ6! 6;Q'K?K'QQ6=; K':6;L Q= '
W=K8'% =;C
@!A :2$ "6!:3 @%7'!Q6V'L !=;LQKT!Q'% =; V'K5
9 LQ':A# $& I?9'L;QJ$ $'#& IT;'K9'J$
& I;;=Y6;2J 'Q!$ W46!4 K'-'K :=LQ9Y Q= ; G4'%=;6!H
L!9'$ LT22'LQ6;2 Q4Q ;=6L'L$ L =%=KL$ K' !=;!'?QT96L'%
L 63 =- ; 'V';Q =- Q4' W=K9% =; Q4' LT7'!Q @L -=K
=%=TKLAC
@%A *2*(3!6!(&$ *233$ K'-'KK6;2 Q= Q4' %'V'9=?:';Q
=- Q4' ;=6L' 6; Q6:' @W6Q4 ;= 6;Q';L6QY VK6Q6=;A =K !=:5
?9'X -=K:L W6Q4 :T9Q6?9' !=:?9':';QL K'-'KK6;2 Q= ?9!'L
;% !=;Q'XQLC =K 'X:?9'$ Q4' 'X?K'LLL6=; $ &$ )
% , #,11)$
$& $
$# I:=Q=K!Y!9'L Q LQ699' =; LQTK5
%Y ;624QJ 6;Q'2KQ'L ;=Q6=;L =- 9=!Q6=;$ Q6:'$ ;% !Q6V6QY
1[ C
@'A 2$6!: $933 QQ!4'% Q= Q4' L=TK!' ;=T; =- Q4'
?K'?=L6Q6=;9 ?4KL'$ LT!4 L #'& "' (## ' $$
IQ4' ;=6L' =- 29LL Q4Q 6L K'86;2J$ #'& "' #&
' ' IQ4' ;=6L' =- L9::'% %==KJC
4'; !=TLQ6! ?4';=:'; W'K' %'L!K6'% L 3(9&3
@6C'C L'QL =- ?4YL6!9 ?K=?'KQ6'LA$ Q4' :=LQ -K'DT';Q 96;2T6L5
Q6! -=K:L W'K' "6!:3$ '6Q4'K L6:?9' %7'!Q6V'L =K5
K=W'% -K=: Q4' ;QTK9 L!6';!'L Q'K:6;=9=2Y @'&$ '
$$$ #'$$ 4624P9=W -K'DT';!Y$ 9=T%;'LL$ !=;Q6;T5
6QYA @L -=K !=9=TKLA =K %'K6V'% %7'!Q6V'L =- Q4' %';=:65
;9 @#'+& 5 I;=6LYJA$ =K %'V'K9 @$& 5 I?9'L;QJA
QY?'LC
7-8- 3%&6! !2&6!$ 2! 2:!3!6
46L 9K2' VK6'QY =- 96;2T6LQ6! %'V6!'L TL'% Q= !=::T;65
!Q' =TQ ;=6L'L 9'%L Q= DT'LQ6=; Q4' GL6:?9'H$ 'V'; '-5
.!6';Q$ L':;Q6! %6'K';Q69 2K6% !=::=;9Y TL'% 6; ;=6L'
LL'LL:';QL$ 6; =K%'K Q= 6:?K=V' Q4' K'96696QY =- LT!4 G:'LTK':';QH 6;LQKT:';Q =- LT7'!Q6V' LL'LL:';QC '
W699 ?K'L';Q 4'K' L=:' K':K8L %'K6V'% -K=: 6:T9QJL
=L'KVQ6=;L !=;!'K;6;2 6;Q'K56;%6V6%T9 VK6Q6=;L 6; K'5
L?=;L'L Q= %6'K';Q L!9'L 1N$ R< # K'L?=;%';QL 46249Y
%6L2K''% =; Q4'6K 2K%6;2 =; L':;Q6! L!9'L$ ;=Q =;9Y K'5
2K%6;2 Q4' %6LQK6TQ6=; =- Q4' 2K%' L'9'!Q'%$ TQ :6;9Y
=; Q4' :';6;2 26V'; Q= Q4' 9'9L Q '!4 ?=9' =- Q4' G%65
:';L6=;H 4Y?=Q4'Q6!99Y K'?K'L';Q'% Y Q4' L!9'C !QT5
99Y$ W4'; L8'% Q= 'X?96!6Q9Y !=::';Q Q4'6K L!=K6;2$ K'5
L?=;%';QL 26V' 9K2' %6V'KL6QY =- :';6;2L Q= Q4' ?=9'L ='!4 L!9'$ ;% 9L= Q= Q4' 6;Q'K:'%6Q' V9T'L =- Q4' L!9'C
L ?K'V6=TL9Y 'X?9=K'% =; 96;2T6LQ6! 2K=T;%L @4'K' =V'
;% / A$ Q4' ?=9YL':Y =- V'K9 9'9L 6L ;=K:9 LQQ'
-=K =TK !=::=; L';L' 96;2T6LQ6! ?'K-=K:;!' -=K L=T;%5
L!?'L$ L -=K 'V'KY L';L=KY :=%96QY @1< -=K =9-!Q6=;M
/> A# W' %= ;=Q !=::=;9Y !=::T;6!Q' =TQ !=TL5
Q6! ?4';=:'; @;% 'V'; 9'LL =TQ =%=TKL,A ;% Q4'K'5
-=K' W' %6% ;=Q '9=KQ' !=;L';LT9 9'996;2$ L W' %6%
-=K !=9=TKL -=K 'X:?9'C 4' =;9Y !=;L';LT9 :';6;2 6L
Q4' =;' K'DT6K'% Y L!6';Q6.! %6L!=TKL' =- ?4YL6!L W4'K'
W=K%L L 62%3 @;=T;L ;% %7'!Q6V'LA ;6!'9Y ;% T;6V=5
!99Y .Q Q= W'995%'.;'% !=;!'?QLC
TKQ4'K:=K'$ Q4' QL8 K'DT6K':';QL$ ;:'9Y Q= %'.;' V9T' =; T;6%6:';L6=;9 L!9'$ %= ;=Q :Q!4 Q4' LQKT!5
QTK9 ?K=?'KQ6'L =- Q4' !=2;6Q6V' =7'!Q T;%'K 6;V'LQ62Q6=;#
=TK K'LT9QL -K=: !Q'2=K6ZQ6=; QL8 !QT99Y DT'LQ6=; Q4'
K'9'V;!' =- Q4' !%&3!(&$ K'?K'L';QQ6=; =- !=TLQ6!
?K:'Q'KL =; 96;'K L!9'LC ' K2T' Q4Q !=2;6Q6V' K'?K'5
L';QQ6=;L =- ;=6L' K' KQ4'K 6(2!$ ;% 2K=T;%'% =;
(22$63 ( 62(&(93 *2(*26!3 @?4YL6!9$ -T;!5
Q6=;9$ L':;Q6!L 'Q!C C C A Q4Q !; ' %6L!K'Q'$ 6;KY$ =K
'V';$ 'V';QT99Y$ %6:';L6=;9C V'; -=K ?K=?'KQ6'L Q4Q K'
!=::=;9Y !=;!'6V'% L %6:';L6=;9$ LT!4 L 9=T%;'LL$ 6Q
4L ''; =L'KV'% @L K'?=KQ'% =V'A Q4Q LT!4 %6:';5
L6=;96QY 4% Q= ' 6;Q'2KQ'% W6Q46; !Q'2=K6!9 K'?K'5
L';QQ6=; =- L=T;%L!?'L 1[$ 11 C 6:';L6=;96QY 6L K'95
(1
- ' * % *. ""& * ' -'"'
'V;Q ;!6!& 2& 2$6 6( (& 3*! 6(2!$
%%23!*C
K=: !=2;6Q6V' ?=6;Q =- V6'W$ Q4'K' 6L ;= G=7'!Q6V'H
:'LTK':';Q =- G6;QK6;L6!H 6;Q';L6QY =- Q4' ;=6L' ?'K L'$
TQ =;9Y ?4YL6!9 @6;LQKT:';Q9A :'LTK':';Q Q= ' K'5
9Q'% Q= !Q'2=KY =- ;=6L' Q= ' K'9'V;Q L ; 6;%'X
=- L=T;%L!?' LL'LL:';QC L 6:T9Q R< ?=6;Q'% =TQ
-K=: Q4' ;9YL6L =- Q4' !=::';QL Q= Q4' %6'K';Q69 2K6%$
9=T%;'LL KQ6;2L !;;=Q ' L=9TQ' TQ KQ4'K *& (&
6 6=* ( 3(92 W46!4 !; ' !=;L6%'K'% L G;=6LYH =K
;=QC =T;% L=TK!'L !; ' !=;L6%'K'% G;=6LYH =K ;=Q %'5
?';%6;2 =; Q4' :';6;2 QQK6TQ'% Q= Q4' !Q6V6QY ?K=%T!5
6;2 ;=6L' @L'' 9L= ?K=7'!Q ;% /S$ /R$ /1 AC
; =Q4'K W=K%L$ Q4' GL:'H % V9T' !; ' !=;L6%'K'%
L ;=K:9$ T;?9'L;Q$ =K 'V'; T;'K9'$ %'?';%6;2 =;
Q4' QY?' =- ;=6L'$ Q4' QY?' =- L=TK!'$ ;% Q4' :';6;2 Q5
QK6TQ'% Q= 6QC 4' L:' KQ6=;9' ??96'L Q= =Q4'K L':;5
Q6! 7T%2:';QL LT!4 L ?9'L;Q;'LL @L'' // A$ ;% :=K'
2';'K99Y -=K :=LQ L!9'L Q4Q !; 4K%9Y ' !=;L6%'K'%
L %6:';L6=;9C ;=Q4'K 'X:?9' =- 4=W :';6;2 !=;5
LQK6;QL G=7'!Q6V'H 'V9TQ6=;L$ 6L Q4' =??=L6Q6=; 'QW'';
%6'K';Q !Q'2=K6'L =- ;=6L'LC 2';'K99Y =L'KV'% =?5
?=L6Q6=; !=;!'K;L :'!4;6!9 L=T;%L L =??=L'% Q= 4T5
:; L=T;%L @L'' 11 $ V;%6'K ;% '-K(V699'$ Q46L 6L5
LT'AC T:; L=T;%L K' TLT99Y 7T%2'% L 9'LL T;?9'L;Q
Q4Q :'!4;6!9 L=T;%LC TQ .;'K 2K6; !Q'2=K6ZQ6=; %6L5
Q6;2T6L4'% LT5!Q'2=K6'L !!=K%6;2 Q= L':;Q6! -'QTK'LC
; Q4' !L' =- QK! ;=6L'$ *9$! 62&3*(266!(& ;=6L'
@QK6;$ QK:A ??'KL Q= ' 'QQ'K !!'?Q'% Q4; ?K6VQ' V'5
46!9'L /1$ /S$ /R$ /O C =K' 2';'K99Y$ QK! ;=6L' 'V9T5
Q6=;L K' 6;0T';!'% Y Q4' V9T' 26V'; L=T;% L=TK!' @W6Q4
2';'K99Y ;'2Q6V' 7T%2':';QL -=K 2( QK! ;=6L' ;%
9'LL ;'2Q6V' =;'L -=K 2!$;= ;=6L'A$ Q4Q 6L Q= Q4' L=!69
V9T' @6;%6V6%T9 VLC !=99'!Q6V'A =- &(!3 3 3%&6!
9 ;% &(6 L ; 6;QK6;L6! ?K=?'KQY =- Q4' (936! 3!&$
@L'' >[ ;% /S$ /R -=K =Q4'K VK69'L LT!4 L ;=6L' !=;5
QK=9AC 4'L' =L'KVQ6=;L 6;%6!Q' Q4Q Q4' W'995'LQ96L4'%
%6:';L6=; =- !&6&3!6= (&$= (% (&!6!:$= 2$:&6
!& (&&6!(& ;!6 3*! %&!&9$ 3(9& 6
(2=$ =K Q= L'Q =- !=KK'9Q'% ?K=?'KQ6'L %'.;6;2 LT!4 !Q'2=KYC
=2'Q4'K$ Q4'L' .;%6;2L LT22'LQ ;'W K;!4'L =- K'5
L'K!4N Q= 6:?K=V' Q4' TL' ;% ?K=%T!Q6V6QY =- L':;Q6!
%6'K';Q69 2K6%LC =;L6%'K6;2 Q4' :62T6QY Q= 9'9 Q4'
L!9'L :6%%9' V9T'$ .KLQ K'!Q6=; !=T9% ' Q= LT??K'LL ;=; 4=:=2';'=TL L!9' =K Q= 26V' L!9'L =;9Y 'V'; ;T:5
'KL Q= 'L!?' Q4' :6%%9' K;2' ?=9YL':=TL ''!Q =- =%%
;T:'K L!9'LC K'V6=TL W=K8 =TQ =?Q6:9 ;T:'K -=K
K'L?=;L' 9Q'K;Q6V' -=K L!9'L L4=WL Q4' !!TK!Y =- /5
?=6;Q L!9'L !=:?K'% Q= 15?=6;Q L!9'L /N C 9L=$ K'!=:5
:';%Q6=; -=K L4K'% DT'LQ6=;L 6; ;=6L' ;;=Y;!' LTKV'Y
LT22'LQL Q= L?'!6-Y Q4' 9'9 =- '!4 =- Q4' !Q'2=K6'L @6;5
LQ'% =- 7TLQ 9'996;2 Q4' QW= =??=L6Q'L =- Q4' L!9'A 968'
& & $&+ #+ ' *&#+ C
N
'9Q6;2 9'X6!9 L':;Q6!L Q= !=2;6Q6V' ?LY!4=9=2Y @L'' 1< L ;=Q4'K
'X:?9' =; Q4' TL' =- V'K9 L!9'L 6; =9-!Q6=;AC
- ' * % *. ""& * ' -'"'
% , #,11)$
46L !=T9% 4'9? Q= 2'Q LT?'K.!69 !=;L';LTL TQ !;5
;=Q '96:6;Q' Q4' 6KK'%T!69' :62T6QY @=K ?=9YL':YA =6L=9Q'% 6Q':L$ Q4Q !; =;9Y ' 6%';Q6.'% Q4K=T24 LYL5
Q':Q6! 'X?9=KQ6=; =- !=::=; L';L' L':;Q6!L* C 4' %6-5
-'K';Q69 L':;Q6! 2K6% !=T9% Q4'K'-=K' ';'.Q -K=: !=:5
:=; %6L!=TKL' ;9YL6L 6; =K%'K Q= L'9'!Q !!TKQ' Q'K:L =;
W46!4 !=;L';LTL -=K 2K%6;2 !=T9% ' K'!4'%C
7-7- 6(($(!$ (&3.9&3 6(;23 & (
$(!$ :$!!6= ( <*2!%&6$ 366!&3
4' 96;2T6LQ6! ;% !=2;6Q6V' ;9YL'L !; !=;QK6TQ' Q= Q4'
'9=KQ6=; =- G:'LTK':';Q 6;LQKT:';QLH -=K V'K9 %QC
4'Y !; 9L= ' TL'% Q= L'9'!Q ;% ?K'L';Q I'!=9=26!99Y
V96%J LQ6:T96 6; 9=KQ=KY L'QQ6;2$ 6C'C LQ6:T96 Q4Q QK625
2'K Q4' !=2;6Q6V' ?K=!'LL'L L '9=KQ'% 6; =TK 'V'KY%Y
96-'C ;9YQ6! 'X?'K6:';QL %'L62;'% 9=;2 ## ?K:'5
Q'KL @V9T'L =; G%6:';L6=;LHA =KK=W'% -K=: ?4YL6!L !;
;=W ' K'6;Q'K?K'Q'% W6Q46; Q4' :=K' 2';'K9 -K:'W=K8
Q4Q L8'Q!4'% Q4' %6V'KL6QY =- !=::=; L';L' !=;!'?QT965
LQ6=;LC - 6Q K':6;L :';6;2-T9 Q= L8 LT7'!QL Q= ?K=%T!'
%6:';L6=;9 7T%2':';QL W4'; Q4' !=;!'K;'% %6:';L6=;
4L ''; LQK!Q'% ;% !=;!'?QT96L'% Y Q4' ?'KL=; L=5
96!6Q'%$ 6Q 6L 4=W'V'K 6;!=;2KT=TL Q= L8 LT7'!QL Q= ;LW'K
DT'LQ6=; Q4Q %='L ;=Q :8' L';L' Q= Q4':C - LT!4 ;
LL'KQ6=; L'':L =V6=TL -=K .'9% K'L'K!4'KL 6; ;Q4K=?=95
=2Y =K 6; !K=LL5!T9QTK9 96;2T6LQ6!L$ 6Q 6L KK'9Y :';Q6=;'%
6; Q4' !=;Q'XQ =- !=;QK=99'% 9=KQ=KY 'X?'K6:';QL 6; ?LY5
!4=9=2Y /* C =W'V'K$ !=::=; L';L' !=;!'?QT96LQ6=;L
=- =TK ';V6K=;:';Q K' ;=Q @;'!'LLK69YA LQKT!QTK'% 9=;2
Q4' L:' ?K6;!6?9'L =- !Q'2=K6LQ6=; L L!6';Q6.! !=;!'?QL
;% 8;=W9'%2' @L'' /<$ O[$ 1/ A 'V'; W4'; Q4'Y K' LT5
?'K.!699Y ;:'% Y Q4' L:' W=K%L /> C
4' ?K=%T!Q6V6QY =- Q46L ??K=!4 -=K Q4' %'L62; =- '!=5
9=26!99Y V96% 'X?'K6:';Q9 L'QQ6;2L Q= LQT%Y L=T;%L!?'L
6; 9=KQ=KY !=;%6Q6=;L LQT%Y 4L ''; %':=;LQKQ'%C
TLQV6;= ;% 4'K !=5TQ4=KL !=:?K'% L?=;Q;'=TL %'5
L!K6?Q6=;L =- TK; L=T;%L!?'L !=99'!Q'% 6; -=TK 96LQ';6;2
!=;Q'XQL# :69 LTKV'Y 1S$ /1 $ .'9% LTKV'Y ;% QW= 96L5
Q';6;2 Q'LQL TL6;2 L?Q699Y %6'K';Q K'?K=%T!Q6=; L!4':'L
@LQ'K'=?4=;Y ;% :T9Q6!4;;'9A O> C = :'LTK' Q4' '!=5
9=26!9 V96%6QY =- Q4' K'?K=%T!Q6=; LYLQ': 6; 'X?'K6:';Q9
L'QQ6;2L$ Q4' V'K9 %Q !=99'!Q'% %TK6;2 Q4' QW= 96LQ';6;2
Q'LQL W'K' !=:?K'% Q= Q4=L' !=99'!Q'% 6; Q4' .'9% LTKV'Y$
W46!4 L'KV'% L Q4' K'-'K';!' !=;Q'XQC 6:69K %'L!K6?5
Q6=;L =- Q4' L=T;% 'V';QL W'K' =Q6;'% 6;%'?';%';Q9Y =Q4' !=;Q'XQLC 4'Y W'K' %'L!K6'% 6; Q'K:L =- L=TK!'L ;%
?LY!4=9=26!9 ''!QL !TL'% Y Q4' L=TK!'L 2';'KQ6;2 Q4'
L=T;% 'V';QLC ';!'$ =Q4 9=KQ=KY !=;%6Q6=;L !; '
!=;L6%'K'% '!=9=26!99Y V96% 6; Q'K:L =- L=TK!' 6%';Q6.5
!Q6=;C =W'V'K$ Q4' %'L!K6?Q6=;L =- & #'
$ %6'K'% L62;6.!;Q9Y 6; Q4' .KLQ 9=KQ=KY !=;%65
Q6=;$ LT22'LQ6;2 Q4Q %6'K';Q !=2;6Q6V' ?K=!'LL'L W'K' 6;5
V=9V'%C ; Q4' LQ'K'=?4=;6! 96LQ';6;2 Q'LQ$ Q4' !82K=T;%
;=6L' WL QQK6TQ'% Q= Q'!4;6!9 !=;L6%'KQ6=;L =- Q4' K'5
?K=%T!Q6=; LYLQ': KQ4'K Q4; :6';Q TK; ;=6L'C Q WL
*
Q4'K ;=Q Q4' L!6';Q6.! ;=K:Q6V' :';6;2 W46!4 6L ;=Q !=::=;9Y
L4K'% TQ Y K'LQK6!Q'% ;% L?'!6.! !=::T;6QYC
%'L!K6'% 6; Q'K:L =- ?4YL6!9 ?K=?'KQ6'L L ; !=TLQ6!
L62;9 ?'K L' KQ4'K Q4; @ K'?K=%T!Q6=; =-A :';6;2-T9
;=6L' !4K!Q'K6LQ6! =- !6QY 96-'C TKQ4'K:=K'$ 6Q 4L '';
L4=W; Q4Q %6'K';!'L 'QW''; 96LQ';6;2 Q'LQL ;% 'V'KY5
%Y 96LQ';6;2 L6QTQ6=;L !=T9% ;=Q ' 6:?TQ'% =;9Y Q= Q4'
KQ6.!69 9=KQ=KY !=;%6Q6=;L ;% Q4' K'DT6K'% ?K=!'LL'L
=- LQK!Q6=;$ TQ 9L= Q= Q4' DT96QY =- Q4' K'!K'Q'% 96L5
Q';6;2 L6QTQ6=;C ;%''%$ %'L!K6?Q6=;L L6:69K Q= Q4' .'9%
LTKV'Y W'K' !=99'!Q'% 6; Q4' L'!=;% 96LQ';6;2 Q'LQ$ W46!4
TL'% ; 6::'KL6V' :T9Q6!4;;'9 K'?K=%T!Q6=; :'Q4=% @OC>
!4;;'9 :6L=;6!L$ L'' OS -=K -T99 %'L!K6?Q6=; =- Q4'
K'?K=%T!Q6=; :'Q4=%AC ';!'$ 6Q 6L ;'!'LLKY Q= ?K=V6%' 2==% L';L' =- L?Q69 6::'KL6=; 6; Q4' K'!K'Q'% !=TL5
Q6! ';V6K=;:';QL Q= ';LTK' '!=9=26!9 V96%6QY =- ; 'X5
?'K6:';Q9 ?K=Q=!=9 Q= Q'LQ ?LY!4=9=26!9 ''!QL =- TK;
;=6L'C
4' :'Q4=%=9=26!9 6LLT' !; ' 2';'K96Z'% L -=99=WL#
Q4' 'X?'K6:';Q9 L'QQ6;2L L4=T9% ' %?Q'% Q= Q4' ?TK5
?=L' =- Q4' LQT%Y ;% Q= Q4' QY?' =- ?K=?'KQ6'L T;%'K !=;5
L6%'KQ6=; @OR -=K LQ'K'= K'?K=%T!Q6=; ;% O>$ OS -=K
L?Q69 T%6= K'?K=%T!Q6=;AC ;-'K';!'L K'2K%6;2 'V'KY%Y
96-' ?K=!'LL6;2 @'!=9=26!9 ?K=!'LL6;2A L4=T9% Q8' 6;Q= !5
!=T;Q L?'!6.! ?K=?'KQ6'L =- !=2;6Q6V' K'?K'L';QQ6=;L Q= 95
9=W LT7'!QL Q= ?K=!'LL Q4' LQ6:T96 Q4K=T24 !=2;6Q6V' ?K=5
!'LL'L '9=KQ'% 6; K'9596-' L6QTQ6=;C
- $$& ( /2:230 *2!%
-)- 6(2!3 ( 3(9&3*3 3 /63 ( %&!&0
4' K'L'K!4 ?K'L';Q'% 4'K' 6;%6!Q'L Q4Q ?'=?9' !Q'5
2=K6L' TK; L=T;%L!?'L =; Q4' L6L =- 462459'V'9 L'5
:;Q6! -'QTK'L W4'; L?'!6.! L=T;% L=TK!'L !; ' 6L=5
9Q'%C 4'L' -'QTK'L 6;!9T%' Q4' 6%';Q6QY =- Q4' L=TK!'
?K=%T!6;2 Q4' L=T;% ;% 7T%2':';Q =- @6QLA ?9'L;Q;'LLC
=W'V'K$ 6Q 4L ''; L4=W; Q4Q 6; Q4' ?K'L';!' =- ;T:'K5
=TL L=T;% L=TK!'L 46;%'K6;2 Q4' ?K=!'LL =- L=TK!' 6%';Q6.5
!Q6=;$ TK; L=T;%L!?'L K' ?K=!'LL'% L W4=9' KQ4'K
Q4; L 6;%'?';%';Q L=T;% 'V';QL$ ;% Q4'Y K' Q4'; %'5
L!K6'% L & #'
$ 9=;2 :=K' %6:';5
L6=;9 ?K:'Q'KLC =W'V'K$ 'V'; !82K=T;% ;=6L'L K'
=K2;6L'% Y :';6;2 6; K'9Q6=; Q= 4T:; ?K'L';!' ;%
!Q6V6Q6'LC =T;%L!?'L W4'K' 4T:; L=T;%L K' ?K'L';Q
Q';% Q= ' ?'K!'6V'% L :=K' ?9'L;Q Q4; L=T;%L!?'L
!=;L6LQ6;2 =- :'!4;6!9 L=T;%L =;9YC =2'Q4'K W6Q4 Q4'
=L'KV'% 9!8 =- L?=;Q;'=TL %'L!K6?Q6=;L =- ?4YL6!9
?K=?'KQ6'L$ Q4'L' K'LT9QL LT22'LQ Q4Q ?'=?9' !Q'2=K6L' Q4'
L=T;% L:?9'L =; Q4' L6L =- L':;Q6! -'QTK'L KQ4'K Q4';
LQK6!Q9Y ?'K!'?QT9 =;'L$ W46!4 L6:?9Y :';L Q4Q L':;5
Q6! ?K=?'KQ6'L K' ;=; %6K'!Q9Y K'%T!69' Q= !TL9 ?4YL65
!9 ?K:'Q'KLC =K 4T:;L$ !=TLQ6! LQ6:T9Q6=;L K' 93
O1 K'0'!Q6;2 Q4' ?K'L';!' =- L=:'Q46;2 :';6;2-T9 @=K
;=QA Q4'Y 4V' 6;%6V6%T99Y <*2!& 6; Q4' W=K9%$ ?K=5
!'LL'% ;% :':=K6L'%$ ;% Q4Q Q4'Y 4V' !=99'!Q6V'9Y
'9=KQ'% L L4K'% #&(;$ =- Q4' W=K9%C ;;=Y;!'
6L Q4'K'-=K' ;'!'LLK69Y DT96QQ6V' .KLQ 6;L:T!4 6Q 6L Q4'
''!Q ?K=%T!'% Y Q4' ;=6L' =; 4T:; LT7'!Q6V' @?LY!4=5
9=26!9A ?K=!'LL6;2C 46L 9QQ'K !;;=Q ' %6K'!Q9Y DT;Q65
QQ6V'9Y :'LTK'% 6; Q'K:L =- ?4YL6!9 ?K:'Q'KL L6;!'
(!
% , #,11)$
Q4' LT7'!Q6V' 'V9TQ6=; 6L %'Q'K:6;'% Y Q4' :';6;2 Q5
QK6TQ'% Q= Q4' !Q6V6QY ?K=%T!6;2 L=T;% KQ4'K Q4; Y 6;5
4'K';Q ?K=?'KQ6'L =- L=T;%LC 46L 7T%2:';Q 6L DT96QQ6V'
6; ;QTK' ;% 46249Y !T9QTK9 L6;!' 6Q K'96'L =; Q4' V9T'L
26V'; Q= %6'K';Q !Q6V6Q6'L 6; L?'!6.! ';V6K=;:';QC ;
=Q4'K W=K%L$ L=T;%L!?'L L4=T9% ' !=;!'6V'% ;% 6;V'L5
Q62Q'% L G!QL =- :';6;2H >/$ / Q= 236 6%';Q6-Y Q4'
K'9'V;Q L':;Q6! -'QTK'L ;% 9262 !=KK'9Q' Q4': W6Q4
DT;Q6QQ6V' ?K:'Q'KLC
-8- *$92!!3!*$!&2= & !&626 **2( 6(
3(9&3*3
TK ??K=!4 K6;2L Q=2'Q4'K :'Q4=%L %'K6V'% -K=: L'5
:;Q6!L @Q= 6%';Q6-Y K'9'V;Q !=2;6Q6V' !Q'2=K6'LA ;% ?LY5
!4=?4YL6!L @Q= %%K'LL ?4YL6!9 %'L!K6?Q=KL -=K ?K'V6=TL9Y
6%';Q6.'% !Q'2=K6'LAC ';L=KY !=;!'?QT96LQ6=;L @=Q4
!=::=; L';L' =;'L ;% L!6';Q6.! =;'LA K' Q4'K'-=K' !=;5
!'6V'% L Q4' ("6!:6!(& @Q4K=T24 9;2T2' L ?T96!
;% L4K'% %'L!K6?Q6=;LA =- !=2;6Q6V' @6C'C 6;%6V6%T9 ;%
LT7'!Q6V'A K'?K'L';QQ6=;L ;% ?K=!'LL6;2C 4' %'L!K6?5
Q6=;L =- ;QTK9 L!6';!'L K' Q4'; !=;L6%'K'% L (& ?T96!
K'?K'L';QQ6=; :=;2 =Q4'KL$ !=;!'K;'% 'X!9TL6V'9Y W6Q4
#&(;$ =- Q4' ?4YL6!9 W=K9%C 4'; L=T;%L!?'L K'
!=;L6%'K'% L 63 -K=: Q4' ?=6;Q =- V6'W =- ?'=?9' '5
6;2 '!Q'% @LT7'!Q5!';QK'% V6'WA$ !=::=; L';L' !=;5
!'?QT96LQ6=;L 4V' Q= ' LQT%6'% 6; Q4' .KLQ ?9!'$ L LT!4C
; Q4' L6L =- ?LY!4=9=26!9 6;V'LQ62Q6=;L$ ?4YL6!9 %'5
L!K6?Q6=;L K' 'X:6;'% L (22$6 32!*6!(&3 ( 6
*=3!$ ("6 KQ4'K Q4; Q4' 'X4TLQ6V' %'L!K6?Q6=; =!=2;6Q6V' K'?K'L';QQ6=;LC
TQTK' K'L'K!4 W699 T69% T?=; Q4'=K6'L =- :';Q9 K'?K'5
L';QQ6=;L @;=; =L'KV9' K'?K'L';QQ6=;LA @$++A
;% %'L!K6?Q6V' Q4'=K6'L =- 96;2T6LQ6! K'L=TK!' @'$&$A
Q= '9=KQ' Q4'=K6'L K'2K%6;2 Q4' 2$6!(&3 'QW''; 9;5
2T2' ;% !=2;6Q6=; @$+'$&$ &( '$&$AC Y !9K6-Y6;2 Q4'L' K'9Q6=;L$ 9;2T2' !; '
TL'% L ; =V'KQ$ =L'KV9'$ ;% ?T96!$ =K 6; =Q4'K W=K%L
=7'!Q6V' K'?K'L';QQ6=; =- :';Q9 K'?K'L';QQ6=;L @7TLQ
L ?4YL6!9 6;LQKT:';QL -=K K'?K'L';Q6;2 8;=W9'%2' @6C'C
=;' L?'!6.! K'?K'L';QQ6=;A =- Q4' ?4YL6!9 W=K9%AC
; :'Q4=%=9=26!9 2K=T;%L$ K'LT9QL =- -K'' L=KQ6;2 QL8L
6;%6!Q' Q4Q Q46L ?K%62: 6L ??K=?K6Q' -=K 'X?9=KQ=KY
K'L'K!4 =; 9K2' 4'Q'K=2';'=TL L'QL =- T%6Q=KY LQ6:T96$ Q=
6%';Q6-Y L96';Q -'QTK'L ;% =K2;6LQ6=; !K6Q'K6 L .KLQ
6;%T!Q6V' ?K=!'LLC 469' Q4' LQT%6'L K'?=KQ'% 4'K' 4V' 6;5
V'LQ62Q'% Q4' 29=9 LQKT!QTK' =- TK; L=T;%L!?'L @6C'C
Q4' 6;Q'2KQ6=; =- 99 K'9'V;Q ?K:'Q'KL & 6!2 !&62
6!(&3A$ -TKQ4'K K'L'K!4 6L K'DT6K'% Q= :=K' ;9YQ6!99Y
'X:6;' Q4' K=9' =- '!4 ?K:'Q'KL @=K !=:6;Q6=; =?K:'Q'KLA =; L:99'K 4=:=2';'=TL L'QL =- L=T;%L Q Q4'
.;'K 2K6; LT5!Q'2=K6'L @'C2C QK!$ ?K8LA TL6;2 =Q4'K
K'L'K!4 :'Q4=%L @'C2C %6LL6:69K6QY KQ6;2LA QK%6Q6=;99Y
TL'% 6; ?LY!4=?4YL6!L$ ;% 8''?6;2 6; :6;% Q4Q Q4' K'%T!5
Q6=; =- !=:?9'X6QY :Y 6;0T';!' Q4' !=2;6Q6V' ?K=!'LL6;2$
;% Q4'K'-=K' ?K'V';Q6;2 -K=: ; =V'K2';'K96ZQ6=; =- Q4'
'X?'K6:';Q9 K'LT9QLC
=!TL6;2 =; Q4' L':;Q6! -'QTK'L =- L=T;%L!?' !Q'5
2=K6'L$ =TK !=;QK6TQ6=; K'?K'L';QL .KLQ QQ':?Q Q= @V'KY
(,
- ' * % *. ""& * ' -'"'
?KQ9YA K6%2' Q4' 2? 'QW''; 4T:; L!6';!'L ;% ?4YL5
6!9 L!6';!'L$ ;% Q= =V'K!=:' %6L!6?96;KY KK6'KL 6;
L=T;%L!?'L K'L'K!4 /S$ /R C TKQ4'K ?9TK6%6L!6?96;KY
K'L'K!4 6L ;''%'% Q= 'LQ96L4 ?4';=:';=9=26!9 -K:'5
W=K8 @L'' 9L= 1 A !=:6;6;2 '!=9=26!9 ;% L=!69 Q4'5
=K6'L @;:'9Y 'LQ9Q Q4'=KY$ '!=9=26!9$ ';V6K=;:';Q9
;% !=2;6Q6V' ?LY!4=9=2Y$ L=!6=9=2Y$ L':6=Q6!L ;% 96;5
2T6LQ6!LA Q= %%K'LL !=TLQ6! %'L!K6?Q6=;L 6; K'9Q6=; Q= L'5
:;Q6! !Q'2=K6'L ?K'V6=TL9Y 6%';Q6.'%C 6Q46; Q46L -K:'5
W=K8$ Q4' !=;!'?Q =- TK; L=T;%L!?' @L =??=L'% Q=
;;=Y;!'A K'96'L =; Q4' -!Q Q4Q !6Q6'L K' ;'!'LLK69Y
;=6LY L6;!' ';V6K=;:';Q9 L=T;%L K'0'!Q 4T:; !Q6V5
6QY ;% ?K'L';!'C TQ L=T;%L!?'L K' ;=Q 9WYL ;'25
Q6V'9Y 'V9TQ'%$ ;% L=:' ;=6LY 96V'9Y ';V6K=;:';QL 'V';
26V' K6L' Q= ?=L6Q6V' 7T%2:';QLC 4'K'-=K' Q4' DT96QY =L=T;%L!?'L K'-'KL Q= Q4' DT'LQ6=; =- DT96QY =- 96-' L =5
L'KV'% Y TLQV6;= /1 ;% =Q4'K ?K'V6=TL K'L'K!4'KLC
Y4K6 ;% 9'=' O/ DT=Q'% Y 'K!4'K ;% !4T9Q'5
=KQ8:? /S$ /R -=T;% Q4Q 96V6;2 6; ?K'QQY LQK''Q
K'%T!'L ;;=Y;!' Y % 'DT6V9';Q =- =TQ O %AC TK5
Q4'K:=K' L4K? !=;QKLQL 4V' ''; =L'KV'% 6; L=T;%5
L!?' 'V9TQ6=; 'QW''; ;=KQ4'K; TK=?'; !=T;QK6'L ;%
'%6Q'KK;'; !=T;QK6'L 6; Q'K:L =- K'L?=;L'L Q= ';V6K=;5
:';Q9 ;=6L'C 4'L' %6'K';!'L !; ' QQK6TQ'% Q= %6-5
-'K';Q !T9QTK9 !=;!'?QT96ZQ6=;L =- ?T96!P?K6VQ' L?!'L
;% =TQ%==KP6;%==K ';V6K=;:';QL !=KK'L?=;%6;2 Q= QY?6!9
96-' LQY9'LC TKQ4'K K'L'K!4 6L ;''%'% Q= 6;V'LQ62Q' !K=LL5
!T9QTK9 L=T;% DT96QY 7T%2:';QL ;% !4K!Q'K6Z' L=T;%
DT96QY -!Q=KL L -T;!Q6=; =- WY =- 96-' ;% L=!69 !5
Q6V6Q6'L$ 'V';QT99Y TL6;2 !K=LL 96;2T6LQ6!L ;9YL6L =- Q4'
WYL %6'K';Q 9;2T2'L !!=T;Q -=K L=T;%L!?'LC
#&(;$%&6
46L W=K8 WL LT??=KQ'% Y Q4' K';!4 :6;6LQK6'L =- '5
L'K!4 @%=!Q=K9 -'99=WL46?LA ;% ;V6K=;:';Q @
?K=2K:$ CC 'KK'K=A Q 9=KQ=K6'L @ ;%
PAC
2&3
> C !4-'K# 4' ;'W L=T;%L!?'C ;6V'KL9 %6Q6=;$ 65
';;$ ><O<C
S C KTX# 4' 4;%==8 =- !=TLQ6!9 '!=9=2YC CCC T5
96!Q6=;L$ ;!=TV'K$ ><N*C
R C !4-'K# 4' QT;6;2 =- Q4' W=K9%C ;=?-$ 'W =K8$
><NNC
1 C 6K:QLT# K'V6'W =- L=T;%L!?' LQT%6'L 6; 7?;C
!Q !TLQ6! T;6Q'% W6Q4 !TLQ6! '8 @S[[OA */N+*O1C
/ C T=6L# Q'2=K6'L L !QL =- :';6;2# Q4' !L' 6; =95
-!Q6=; ;% T%6Q6=;C =2;6Q6V' !6';!' TQ'K9Y ) @S[[[A
R/+O*C
O C !4T9Q'5=KQ8:?# 4' :';6;2 =- ;;=Y;!' 6; K'95
Q6=; Q= Q4' DT96QY =- !=TLQ6! ';V6K=;:';QLC =6L' ;%
'9Q4 @S[[SA >R+S*C
N C 'KL=;5Y'# ; Q4' ''!Q =- ';V6K=;:';Q9 9=W5
-K'DT';!Y ;=6L'C 4 4'L6L$ =Q4';TK2 ;6V'KL6QY$ ><</C
* C 9=:?# ?''!4 ?'K!'?Q6=;# 6%'L ;% !=;!'?QL 6;6Q6Q'%C
;Q'K;Q6=;9 =TK;9 =; !=TLQ6!L @><<<A T??9':';Q
>$ R>SC
- ' * % *. ""& * ' -'"'
% , #,11)$
< C !4T9Q'5=KQ8:?$ C 6QL!4# ; L=T;%L!?'L ;% Q4'6K
:';6;2 K'2K%6;2 ;=6L' ;;=Y;!'C K=!''%6;2L =- ;Q'K5
;=6L'$ =KQ T%'K%9'$ $ $ ><<<$ R$ >R*N+>R<[C
>[ C 'K!4'K$ C KT!49'$ C =0'K$ C 6%:;;$ C '6L#
4' LL'LL:';Q =- ;=6L' ;;=Y;!' 6; L!4==9!469%K'; ;%
Q4'6K :=Q4'KLC + ;# K=!''%6;2L =- ;Q'K;=6L' S[[[C C
LL'K'T @'%CAC 6!'$ K;!'$ S[[[$ 1$ SR>*+SRSSC
>> C C !4=:'K# ='L Q4' L=T;%L!?' !=;!'?Q 4V' K'9 TQ695
6QYC K=!''%6;2L =- ;Q'K;=6L' S[[R$ '7T L9;%$ =KQ4 =5
K'$ S[[R$ S*S/+S*SOC
>S C T=6L# Q'2=K6'L L !QL =- :';6;2# -K=: =9-!Q6=;
;% T%6Q6=;$ !8 Q= !=9=KLC + ;# ?'86;2 =- =9=KL ;%
%=KLC C 9T':!4'K$ C =9Z @'%LCAC ';7:6;LC =;5
V'K26;2 V6%';!' 6; ;2T2' ;% =::T;6!Q6=; '5
L'K!4$ :LQ'K%:$ S[[O$ @6; ?K'LLAC
>R C =W'L# 4' VK6'Q6'L =- L';L=KY 'X?'K6';!'C =K=;Q=
;6V'KL6QY K'LL$ =K=;Q=$ ><<>C
>1 C K'2:;# T%6Q=KY L!';' ;9YL6LC K'LL$ :5
K6%2'$ ><<[C
>/ C KT;'K# !QL =- :';6;2C KVK% ;6V'KL6QY K'LL$
:K6%2'$ ><<[C
>O C LQ'99';2=# ?'K!'?Q6=; T%6Q6V' %'L L=;L :TL65
!TXC + ;# LY!4=9=26' %' 9 :TL6DT'C C ';QQ6 @'%CAC
$ K6L$ ><<1$ //+*OC
>N C C K'Y# T9Q6%6:';L6=;;9 ?'K!'?QT9 L!96;2 =- :TL65
!9 Q6:K'C =TK;9 =- Q4' !=TLQ6!9 =!6'QY =- :'K6!
5) @><NNA >SN[+>SNNC
>* C C 7%$ C C ';%9$ C C KQ'K'QQ'# 'Q4=%=9=26!9
6LLT'L 6; Q6:K' K'L'K!4C + ;# 'K!'?Q6=; ;% !=2;6Q6=; =TL6!C C C 'Q C 9==% @'%CAC LY!4=9=2Y K'LL$ ><<N$
S/R+R[OC
>< C C C =# =::T;6QY K'L?=;L' Q= ;=6L'# K'V6'W =-!Q=KL 6;0T';!6;2 Q4' K'9Q6=;L46? 'QW''; ;=6L' 'X?=LTK'
;% K'!Q6=;C =TK;9 =- Q4' !=TLQ6!9 =!6'QY =- :'K6!
7 @><**A <<>+>[[>C
S[ C C ;%'KV''K# !=9=26!9 !=TLQ6!L# 4T:; ?'K!'?Q6=;
=- ';V6K=;:';Q L=T;%LC 6LLC LQKC ;Q'K;QC ? @><N<A
1/1R @;6V'KL6QY 6!K=.9:L =C *[[1[[SAC
S> C ;%'9# 9LL6.!Q6=; ;% L6:69K6QY =- :T9Q6%6:';L6=;5
;9 LQ6:T96C 'K!'?QT9 ;% =Q=K 8699L 8 @><*<A >><>+
>S[RC
SS C V'K# 4Q 6; Q4' W=K9% %= W' 4'KE ; '!=9=26!9
??K=!4 Q= T%6Q=KY 'V';Q ?'K!'?Q6=;C !=9=26!9 LY!4=95
=2Y @><<RA >+S<C
SR C 9T'KQ$ C '8=L!4# =T;% DT96QY 'V9TQ6=; + :T9Q65
9Y'K'% ?K=9':C !Q !TLQ6! T;6Q'% W6Q4 !TLQ6! 7
@><<NA N1N+N/RC
S1 C '8=L!4# ';6;2 6; Q4' !=;Q'XQ =- L=T;% DT96QY L5
L'LL:';QC !TLQ6! T;6Q'% W6Q4 !Q !TLQ6! @><<<A
O*>+O*1C
S/ C 6K:QLT$ C 6;=TK# 'L?=;L' Q= TK; L=T;%L 6;
K'9Q6=; Q= Q4' K'L6%';QLJ !=;;'!Q6=; W6Q4 Q4' L=T;% L=TK!'LC
;Q'K5;=6L'$ S[[[C
SO C 'K29T;%$ C C 69LL=;# =Q9 ;;=Y;!' ;% ?'K!'?5
QT99Y %6L!'K;9' ;=6L' L=TK!'LC K=!''%6;2L =- ;Q'K;=6L'
S[[[$ S[[[$ @SAC
SN C 'K29T;%$ C C 69LL=;# ==9L -=K :'LTK6;2 L=T;%5
L!?' DT96QY 6; TK; K'L6%';Q69 K'LC !Q !TLQ6!
T;6Q'% W6Q4 !TLQ6! '8 @S[[OA <R*+<11C
S* C LQ9# 'TQK96Z6;2 Q4' :';6;2 =- L=T;% -=K L=T;%
DT96QY 'V9TQ6=;LC K=!''%6;2L =- Q4' >NQ4 ;Q'K;Q6=;9
=;2K'LL =; !=TLQ6!L$ =:'$ Q9Y$ S[[>$ +C
S< C 99'K:'6'K$ C '6Q9'K$ C LQ9# :?!Q =- L=TK!' 6%';5
Q6.696QY =; ?'K!'6V'% 9=T%;'LLC K=!''%6;2L =- Q4' >*Q4
;Q'K;Q6=;9 =;2K'LL =; !=TLQ6!L$ Y=Q=$ ?;$ S[[1$
>1<>+>1<1C
R[ C 6'62$ C !4T9Q'5=KQ8:?# =T;%L!?' ;% Q4'6K 6;5
0T';!' =; 6;46Q;QL5;'W .;%6;2L W6Q4 Q4' 4'9? =- 2K=T;%'% Q4'=KY ??K=!4C C !=TLQC =!C :C )) @S[[1A
S1<OC
R> C5C T2=YK%# 4' K6!8'Q '!QC 46!4 Q==9L -=K Q4' K'5
L'K!4 =; L=;6! TK; :6';!'LE + ;# K=: WK';'LL Q=
!Q6=;C K=!''%6;2L GQ=!84=9:$ 'Y 6LQ';FC =;-'K';!'
=; !=TLQ6! '!=9=2YC C K9LL=; @'%CAC 4' =Y9 W'%6L4
!%':Y =- TL6!$ Q=!84=9:$ ><<<$ >+NC
RS C5C T2=YK%$ C =K2T'# 9J(!=TQ' %' 9J';V6K=;;':';QC
(?'KQ=6K' %'L ''QL L=;=K'LC K';Q4)L'$ KL'699'$ ><</C
RR C K=L7';$ C C5C @'%LCA# J'L?!' TK6; '; :(Q4=%'LC
K';Q4)L'$ KL'699'$ S[[>C
R1 C V6%# '?K(L';QQ6=; %J=7'QL L';L=K6'9L 'Q :KDT'L %'
9 ?'KL=;;'# !=;QKLQ'L ';QK' T%6Q6=; 'Q =9-!Q6=;C + ;#
Q(2=K6LQ6=; 'Q !=2;6Q6=;# %' 9 ?'K!'?Q6=; T %6L!=TKLC
C T=6L @'%CAC 6:($ K6L$ ><<N$ S>>+S1SC
R/ C K;%# Q'2=K6!9 ?'K!'?Q6=;# Q4' 2K=T;%W=K8 =- !=25
;6Q6=;C :K6%2' ;6V'KL6QY K'LL$ :K6%2'$ $
><*NC
RO C T=6L# (:;Q6DT' 'Q !=2;6Q6=;C !Q(2=K6'L$ ?K=Q=QY?'L
'Q QY?6!96Q(C %6Q6=;L %T $ K6L$ ><<>C
RN C =TY$ C 6!K%# 'L !Q(2=K6'L %J=%'TKLE + ;# Q(5
2=K6LQ6=; 'Q !=2;6Q6=;C C T=6L @'%CAC 6:($ K6L$ ><<N$
/<+*>C
R* C LQ'99';2=$ C T=6L# T L62;9 !=TLQ6DT' TX L62;65
.!Q6=;L# LY!4=5!=TLQ6DT' 'Q K'!4'K!4'L !=2;6Q6V'LC =;5
2K)L %' 9 =!6(Q( K;"6L' %J!=TLQ6DT'$ =TKL$ S[[OC
R< C 6:T9Q# T96QQ6V' 7T%2:';QL =- TK; L=T;%5
L!?'L# T'LQ6=;;6;2 DT'LQ6=;;6K'L ;% L':;Q6! L!9'LC
!Q !TLQ6! T;6Q'% W6Q4 !TLQ6! '8 @S[[OA <S<+<RNC
1[ C =9=# K!Q(K6LQ6=; L(:;Q6DT' 'Q !=TLQ6DT' %'
9 DT96Q( L=;=K' %' 9J';V6K=;;':';Q TK6;C 4 4'L6L$
;6V'KL6Q( %T 6;'$ ' ;L$ ><<<C
1> C =9=$ C T=6L$ C V6%$ C LQ'99';2=$ C C =5
9!8# =T%;'LL ;% T;?9'L;Q;'LL 6; LQKT!QTKQ6=; =- TK;
L=T;%L!?'LC K=!''%6;2L =- ;Q'K5=6L' <*$ ><<*$ +
C
1S C TLQV6;=$ C 4':6;('# ;' ??K=!4' ?LY!4=96;2T6L5
Q6DT' %' 9 ?'K!'?Q6=; %'L LL'L -K(DT';!'L# !=;!'?QT5
96LQ6=; '; 9;2T'$ K'?K(L';QQ6=;L !=2;6Q6V'L 'Q V96%6Q(
(!=9=26DT'C LY!4=9=26' -K;"6L' @S[[RAC
1R C TLQV6;=$ C 4':6;('# ?LY!4=96;2T6LQ6! ??K=!4
Q= Q4' '!=9=26!9 V96%6QY =- 'X?'K6:';Q9 L'QQ6;2LC ==%
T96QY ;% K'-'K';!' ) @S[[1A **1+**OC
11 C TLQV6;=# Q'2=K6ZQ6=; =- ';V6K=;:';Q9 L=T;%LC
;%6; =TK;9 =- X?'K6:';Q9 LY!4=9=2Y P 'VT' !5
;%6';;' %' LY!4=9=26' X?'K6:';Q9' @S[[OA @6; ?K'LLAC
1/ C T=6L @'%CA# Q(2=K6'L 'Q !=2;6Q6=;# %' 9 ?'K!'?Q6=;
T %6L!=TKLC 6:($ K6L$ ><<NC
1O C T=6L# K''; 2KLL ;% 9T'$ !=2;6Q6V' !Q'2=K6'L =!=9=KL ;% L:'99L ;% 9;2T2'C + ;# 'KL?'!Q6V'L 6; !=25
;6Q6=;# 'LQL!4K6-Q 6; 4=;=K =- ;-K'% 'QQ9'KC C ??$ C
'%6:'6'K @'%LCAC S[[O$ R>>+RS/C
1N C 6:T9Q# 6:T9Q6=; %'L :6;!'L L=;=K'L TK6;'L#
6;Q'2KQ6=; %'L L?'!QL DT96QQ6-LC 4 4'L6L$ ;6V'KL6Q(
%' ;Q'L$ S[[SC
1* C TL86# 'LTK6;2 K'QK=L?'!Q6V' ;;=Y;!' 6; .'9% LQT%5
6'L# ?K'K'DT6L6Q'L$ ?K=!'%TK'L ;% ?K=9':LC ;Q'K;Q6=;9
=TK;9 =; !=TLQ6!L @><<<A LT??9':';Q >$ S<RC
1< C T=6L$ C =TY# :'L ;% !Q'2=K6'L -=K =%=KL# Q4'
V'K6%6!9 9'9 K'V6L6Q'%C + ;# 9-!Q6=;$ LQ'$ ;% =25
(+
% , #,11)$
/[
/>
/S
/R
/1
//
/O
(
;6Q6=;C C =TY$ C !49$ C =99'Y$ C T=6L$ C 'K5
V6L @'%LCAC :K6%2' ;6V'KL6QY K'LL$ =;%=;$ S[[S$
1N+OOC
C T=6L$ C 'L!4'562=;$ C ';6;# 'L !=T9'TKL 'Q
%'L -=K:'L# !Q(2=K6'L ?'K!'?Q6V'L =T !=;LQKT!Q6=;L !=2;65
Q6V'LC + ;# Q(2=K6'L 'Q !=2;6Q6=;C C T=6L @'%CAC 6:($
K6L$ ><<N$ N+1[C
C T=6L$ C 6=K'T# 'L!K6?Q=KL# QQK6TQ'LE 9'9LE
Q'K:LE ;:'LE !=;QK6TQ6=; =- ?LY!4=596;2T6LQ6!L Q= L';5
L=KY 'V9TQ6=;C ==%$ T96QY ;% K'-'K';!' @S[[OA @6;
?K'LLAC
C 'K!4'K$ C !4T9Q'5=KQ8:?# 4' K'9'V;!' =- L=T;%5
L!?' K'L'K!4 Q= Q4' LL'LL:';Q =- ;=6L' ;;=Y;!' Q Q4'
!=::T;6QY 9'V'9C ?'!69 5'V6'W ?'K6=% ><<*5
S[[RC *Q4 ;Q'K;Q6=;9 !=;2K'LL =; =6L' L T96!
'9Q4 K=9':$ =QQ'K%:$ S[[RC
C 'K!4'K$ C !4T9Q'5=KQ8:?# 6' '9'V;Z %'K =T;%5
L!?'5=KL!4T;2 -UK %6' 'W'KQT;2 V=; K:'9LQ62T;2
6: 8=::T;9'; 'K'6!4C '6QL!4K6-Q -UK K:'8:?-T;2$
?K6;2'K55'K92$ ULL'9%=K-$ S[[RC
C TLQV6;=# 4' 6%'9 TK; L=T;%L!?'# 6;V'LQ62Q6;2
Q4' L=T;% DT96QY =- K';!4 !6Q6'LC !Q !TLQ6! T;6Q'%
W6Q4 !TLQ6! '8 @S[[OA <1/+</>C
C =6Q'V6;'T# J4(%=;6L:' 'LQ569 T;' %6:';L6=; ?LY5
!4=9=26DT'E LY!4=?4YL6DT' %'L =%'TKL 'Q %'L L=;LC 5
46'KL %T @S[[[A 1R+1<C
C !4K'!8';'K2$ C !4T':'K$ C K6'-4;$ C ='49'K#
QQ6QT%'L Q=WK% ;=6L' L=TK!'L L %'Q'K:6;;QL =- ;;=Y5
;!'C K=!''%6;2L =- TK=5;=6L' ><<*$ U;!4';$ ><<*C
- ' * % *. ""& * ' -'"'
/N C C =X# 4' =?Q6:9 ;T:'K =- K'L?=;L' 9Q'K;Q6V'L -=K
L!9'# K'V6'WC =TK;9 =- K8'Q6;2 'L'K!4 )4 @><*[A
1[N+1SSC
/* C T=6L# Q(K6'9L 'Q !=;L62;'L# T; QY?' %' DT'LQ6=;5
;':';Q L=!69 %;L 9 K'!4'K!4' 'X?(K6:';Q9' '; ?LY5
!4=96;2T6LQ6DT'C + ;# ' DT'LQ6=;;':';Q L=!69$ ;T:(K=
L?(!69 %'L 46'KL %' 6;2T6LQ6DT' =!69'C C 6!4K%5
??'99 @'%CAC ><<O$ *<+<*C
/< C =L!4# K6;!6?9'L =- !Q'2=K6ZQ6=;C + ;# =2;6Q6=; ;%
!Q'2=K6ZQ6=;C C =L!4$ C 9=Y% @'%LCAC K9T:$ 699L5
%9'$ ><N*C
O[ C '6LL'K# =;!'?QL ;% !=;!'?QT9 %'V'9=?:';Q# '!=9=25
6!9 ;% 6;Q'99'!QT9 -!Q=KL 6; !Q'2=K6ZQ6=;C :K6%2'
;6V'KL6QY K'LL$ :K6%2'$ ><*NC
O> C TLQV6;=$ C QZ$ C C =9!8$ C 'V6Q6;$ C T=6L#
!=9=26!9 V96%6QY =- L=T;%L!?' K'?K=%T!Q6=;C !Q
!TLQ6! T;6Q'% W6Q4 !TLQ6! ') @S[[/A RRR+R1>C
OS C TLQV6;=$ C QZ# 'K!'?QT9 'V9TQ6=; =- :T9Q65
%6:';L6=;9 L?Q69 T%6= K'?K=%T!Q6=;C =TK;9 =- Q4'
!=TLQ6!9 =!6'QY =- :'K6! ))5 @S[[1A >>[/+>>>/C
OR C =2'9$ C =9=$ C5C =9!8$ C LQ'99';2=# 96%5
Q6=; LT7'!Q6V' %' 9 ?K6L' %' L=; '; 'XQ(K6'TKC K=!''%6;2L
=- Q4' =;2K)L -K;"6L %J!=TLQ6DT' <N$ KL'699'$ ><<N$
R[N+R>[C
O1 C !=# K';!4 QK%C ?K=%T!Q6=; %'L L62;'LC ' 96VK' %'
?=!4'$ K6L$ ><NOC
O/ C Y4K6$ C 9='# X?9=K6;2 Q4' 6:?!Q =- V6LT9 'L5
Q4'Q6!L =; Q4' L=T;%L!?'C '!4;6!9 K'?=KQ$ ><<<C