University of Groningen
Faunal influence on sediment stability in intertidal mudflats
de Deckere, Eric Maria Gerard Theo
IMPORTANT NOTE: You are advised to consult the publisher's version (publisher's PDF) if you wish to
cite from it. Please check the document version below.
Document Version
Publisher's PDF, also known as Version of record
Publication date:
2003
Link to publication in University of Groningen/UMCG research database
Citation for published version (APA):
de Deckere, E. M. G. T. (2003). Faunal influence on sediment stability in intertidal mudflats Groningen: s.n.
Copyright
Other than for strictly personal use, it is not permitted to download or to forward/distribute the text or part of it without the consent of the
author(s) and/or copyright holder(s), unless the work is under an open content license (like Creative Commons).
Take-down policy
If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately
and investigate your claim.
Downloaded from the University of Groningen/UMCG research database (Pure): http://www.rug.nl/research/portal. For technical reasons the
number of authors shown on this cover page is limited to 10 maximum.
Download date: 17-06-2017
56"7/)2&8
B$/2+-#*/'+$
C)$)2"%
&/I=<63=760<E+ 6<4/1=31>+ /@<022+ =<>+ 6<71<3681+ O1750>3+ 02+ 2=/O6<;+ 6<+ /681/
4=745O1<73+>@/6<;+751+B=37+41<7@/[+/13@R71>+6<+=<+6<4/1=31>+7/=<3B0/7+02+26<1+31>6O1<73
70+ 137@=/613F+ ]44@O@R=760<+ 02+ 75131+ B=/764R13+ =221473+ 140<0O64+ =3+ A1RR+ =3+ 140R0;64=R
2@<4760<3+ 02+751+ 137@=/[E+ =<>+751/120/1+ 67+ 63+<14133=/[+ 70+ @<>1/37=<>+ 7516/+ I15=860@/F
V0A181/E+ O037+ 37@>613+ 0<+ 31>6O1<7+ 7/=<3B0/7+ 6<+ 40=37=R+ C0<13+ 204@31>+ 0<+ 751
I15=860@/+ 02+ 3=<>F+ *563+ 63+ I14=@31+ 3=<>[+ I1=4513+ =<>+ 3=<>[+ 2R=73+ B/07147+ O037
350/1R6<13F+"<+137@=/613E+13B146=RR[+6<+751+I/=49635+C0<1+=<>+6<+1OI=[O1<73E+6<71/76>=R
=/1=3+ =/1+ O=6<R[+ 40OB031>+ 02+ O@>2R=73+ =<>+ 76>=R+ O=/3513F+ !141<7R[+ O0/1+ =771<760<
A=3+ B=6>+ 70+ 751+ 37@>[+ 02+ 26<1E+ 40513681+ 31>6O1<73+ =<>+ O@>2R=73+ 70+ @<>1/37=<>+ 751
I15=860@/+ 02+ 26<1+ 31>6O1<7+ B=/764R13+ 6<+ 40=37=R+ C0<13F+ *563+ A=3+ O=6<R[+ >0<1+ 6<
6<71/>6346BR6<=/[+37@>613E+I14=@31+751+I15=860@/+02+26<1+31>6O1<7+B=/764R13+/13@R73+2/0O
B5[364=RE+451O64=R+=<>+I60R0;64=R+B/0413313+I075+6<+751+A=71/+40R@O<+=<>+0<+751+31=
2R00/E+ 3@45+ =3+ 76>=R+ >[<=O643E+ 137@=/6<1+ 46/4@R=760<E+ A6<>+ A=813E+ 31>6O1<7=760<+ =<>
2R044@R=760<E+ 40<30R6>=760<+ 02+ 751+ 31>6O1<7+ I1>E+ I60R0;64=R+ 37=I6R63=760<+ =<>
I607@/I=760<+I[+=RR+I1<7564+0/;=<63O3+cQ[1/E+JSUSE+LMMMl+71<+Y/6<91+17+=RFE+JSSKdF
Y1<7564+ 0/;=<63O3+ =/1+ =<+ 6OB0/7=<7+ =<>+ 56;5R[+ =I@<>=<7+ ;/0@B+ 6<+ 137@=/6<1
1403[371O3F+ Q1<367613+ 6<+ 751+ 0/>1/+ 02+ JMT+ O`L+ 20/+ O160I1<7503+ =<>+ JMK+ O`L+ 20/
O=4/0I1<7503+ =/1+ 7[B64=RR[+ 20@<>+ 6<+ 137@=/613+ cV16B+ 17+ =RFE+ JSSPdF+ *51[+ =/1+ =<
1331<76=R+ 2=470/+ A6756<+ 751+ 137@=/6<1+ 200>A1IE+ 40<3@O6<;+ =+ 36;<6264=<7+ B=/7+ 02+ 751
B/6O=/[+B/0>@4760<+cY1@91O=+m+X=>k1E+JSSZl+ V1/O=<+ 17+=RFE+JSSSd+ =<>+=476<;+ =3+=
200>+30@/41+20/+1B6I1<7564+4/@37=41=<3E+2635+=<>+I6/>3+cQ=I0/<+17+=RFE+JSSNl+%1[3+17+=RFE
JSSSdF+Y1<7564+0/;=<63O3+5=81+=<+6OB=47+0<+751+I60;10451O64=R+45=/=471/637643+02+751
31>6O1<7F+ *51[+ 1<5=<41+ 20/+ 1\=OBR1+ 751+ 0\[;1<+ 6<B@7+ 6<70+ 751+ 31>6O1<7+ =<>
>1<67/6264=760<+I[+I607@/I=760<+c]RR1/+m+]RR1/E+JSSLl+.1R1;/6+17+=RFE+JSSKdF+-<+751+0751/
5=<>+O=4/0`+=<>+O160I1<7503+4=<+=R30+=22147+30O1+02+751+B5[364=R+45=/=471/637643+02
7516/+ 1<86/0<O1<7F+ X51O64=R+ =<>+ B5[364=R+ 45=/=471/637643E+ 3@45+ =3+ 3=R6<67[E+ 31>6O1<7
45=/=471/637643E+4@//1<7+81R0467613+=<>+6<@<>=760<+76O1E+=/1+>171/O6<6<;+2=470/3+20/+751
O=4/0I1<7564+>637/6I@760<+c?0R22E+JSZNl+^31I=1/7+ 17+ =RFE+LMMLdF+ *5131+ 45=/=471/637643
=/1+ O=6<R[+ =+ /13@R7+ 02+ 76>=R+ 4@//1<73+ =<>+ O0/B50R0;64=R+ 37/@47@/13E+ I@7+ I1<7564
0/;=<63O3+ >0+ <07+ B=33681R[+ @<>1/;0+ 751+ 6<2R@1<41+ 02+ =RR+ 75131+ 1\7/6<364+ 2=470/3
c!50=>3E+ JSZKl+ ./0I1/7E+ JSUKl+ V=RRE+ JSSKl+ V1/O=<+ 17+ =RFE+ JSSSdF+ Y1<7564+ 0/;=<63O3
6<2R@1<41+751+31>6O1<7+40OB036760<+I[+=221476<;+ 751+ 1/0360<+ =<>+ 31>6O1<7=760<+ /=713
02+751+31>6O1<7+6<+=+>6/147+0/+6<>6/147+A=[F
*51+6<71/=4760<+I17A11<+I1<7564+0/;=<63O3+=<>+751+31>6O1<7+A=3+6<81376;=71>+6<
O=<[+ 1\B1/6O1<7=R+ 37@>613+ >@/6<;+ 751+ R=71+ 36\7613+ =<>+ 751+ 1=/R[+ 3181<7613+ 02+ 751
B/1860@3+41<7@/[F+!50=>3+cJSZKd+A/071+=<+1\71<3681+/1861A+=I0@7+751+37=71+02+751+=/7
70+;17+=+I1771/+@<>1/37=<>6<;+02+751+=@70140R0;[+=<>+3[<140R0;[+02+B0B@R=760<3+R686<;
6<+O@>>[+31>6O1<73F+*A0+A=[3+02+=221476<;+751+I0770O+37=I6R67[+A1/1+>134/6I1>F+G6/37
J
X5=B71/+J
02+ =RR+ 751+ B/0>@4760<+ 02+ B1RR17=R+ 3@/2=413+ I[+ O0I6R1+ >1B0367`211>1/3+ A=3+ >134/6I1>E
A5645+ /13@R73+ 6<+ 56;5+ B0/0367[+ =7+ 751+ 3@/2=41+ =<>+ R133+ 40OB=4760<+ =<>+ 4051360<E+ 30
1<5=<46<;+1/0360<F+%140<>R[+51+>134/6I1>+751+I6<>6<;+02+B=/764R13+6<70+7@I13+=<>+751
1<7/=BB6<;+02+B=/764R13+6<+I17A11<+7@I13+02+31>1<7=/[+>1B0367`+=<>+3@3B1<360<`211>1/3F
G6<=RR[+51+O1<760<1>+=R30+75=7+751+I0770O+70B0;/=B5[+45=<;1>+>@1+70+I1<7564+=476867[F
*563+A=3+A0/91>+0@7+O0/1+1\71<3681R[+6<+2R@O1+37@>613+350A6<;+75=7+751/1+A=3+=+4R1=/
6<71/=4760<+ A675+ 2R0AF+ *51+ 71371>+ 0/;=<63O3+ 5=>+ =<+ 6OB=47+ 0<+ 751+ /0@;5<133+ 02+ 751
31>6O1<7+3@/2=41+751/1I[+=221476<;+751+!1[<0R>3+<@OI1/+c'0A1RR+17+=RFE+JSUJl+)49O=<
m+'0A1RRE+JSUKl+'0A1RR+m+#@O=/3E+JSUKdF+*5131+37@>613+B/081>+75=7+0/;=<63O3+40@R>
5=81+=<+6OB=47+0<+751+31>6O1<7+7/=<3B0/7+6<+751+I0@<>=/[+R=[1/E+I@7+75=7+7563+7/=<3B0/7
A=3+ 02+ O6<0/+ 6OB0/7=<41+ 20/+ 751+ 707=R+ =O0@<7+ 02+ 31>6O1<7+ 7/=<3B0/71>+ 6<+ 40=37=R
C0<13F+V0A181/E+67+63+6OB0/7=<7+20/+3B=76=R+5171/0;1<167[+02+1/0360<+=<>+31>6O1<7=760<
B=771/<3F+ "7+A=3+=R30+350A<+ 75=7+ 751/1+ A=3+ <0+ 4R1=/+ R6<9+ I17A11<+ 20/=;6<;+ I15=860@/
=<>+751+1/0>6I6R67[+02+751+31>6O1<7++c#@O=/3+m+'0A1RRE+JSUKl+./0I1/7E+JSUKdF++Y075+=<
6<4/1=31>+=3+A1RR+=3+=+ >14/1=31>+ 1/0>6I6R67[+ A1/1+ 20@<>+ =3+=+ /13@R7+ 02+751+ =476867[+ 02
181<+0<1+3B14613E+20/+1\=OBR1+<"#")J&>%$I"1>-*-"#+cD1=>0A3+17+=RFE+JSSMl+,/=<7+m
Q=I0/<E+ JSSKd+ =<>+ 0.-&1>K$ ,8>1&K+ c?6>>0A3+ 17+ =RFE+ JSSUdF+ -<+ 751+ 0751/+ 5=<>+ 67
I14=O1+ 4R1=/+ 75=7+ 751+ B/0>@4760<+ 02+ B0R[O1/64+ 3@I37=<413+ I[+ I=471/6=+ =<>+ >6=70O3
/13@R71>+6<+=+36;<6264=<7+I60;1<64+37=I6R63=760<+02+751+31>6O1<7E+13B146=RR[+6<+76>=R+=/1=3
c,/=<7+m+,@37E+JSUZl+.=71/30<E+JSUSl+Q=>1+17+=RFE+JSSMdF
&<76R+ 751+ <6<17613+ 2=/+ 261R>+ 37@>613+ A1/1+ 34=/41+ =<>+ 751+ 261R>+ 37@>613+ 75=7+ A1/1
4=//61>+ 0@7+ 204@31>+ 0<R[+ 0<+ 751+ /1R=760<+ I17A11<+ 0/;=<63O3+ =<>+ 31>6O1<7+ 37=I6R67[F
*51+<11>+20/+6<71;/=71>+261R>+37@>613+6<4/1=31>E+6<+0/>1/+70+@<>1/37=<>+751+6OB0/7=<41
02+751+122147+02+0/;=<63O3+6<+B/0B0/760<+70+751+122147+ 02+ B5[364=R+ 6OB=473+ R691+ A=813
=<>+370/O+181<73F+"<71<3681+261R>+37@>613E+>@/6<;+R=37+>14=>1E+5=81+350A<+75=7+751/1+63
=+40OBR1\+6<71/=4760<+I17A11<+751+I60R0;64=R+40OB0<1<73+=<>+751+B5[364=R+2=470/3+75=7
6<2R@1<41+ 31>6O1<7+>1B036760<+ =<>+ 1/0360<+ c.=71/30<+ 17+ =RFE+ LMMMl+ >1+ Y/0@A1/+ 17+ =RFE
LMMMl+ ?6>>0A3+ 17+ =RFE+ LMMMl+ 8=<+ >1+ $0BB1R+ 17+ =RFE+ LMMJdF+ Y60R0;64=R+ B/0413313+ 4=<
5=81+=+36;<6264=<7+122147+>1B1<>6<;+0<+751+71OB0/=R+0/+3B=76=R+34=R1+75=7+63+37@>61>F+*51
34=R1+ 02+ O1=3@/1O1<7+ >171/O6<13+ A51751/+ =+ R6<9+ 4=<+ I1+ O=>1+ I17A11<+ =+ 41/7=6<
B/04133+=<>+751+122147+0<+751+351=/+37/133+=<>+_+0/+351=/+37/1<;75F+*563+37@>[+>134/6I13
3O=RR`34=R1+ 1221473+ 75=7+ A1/1+ 37@>61>+ 6<+ 367@+ =<>+ 6<+ R=I+ 1\B1/6O1<73+ =<>+ 7/613+ 70
1\7/=B0R=71+75131+/13@R73+20/+=+I1771/+@<>1/37=<>6<;+02+31=30<=R+=<>+3B=76=R+ 8=/6=760<3
0<+751+34=R1+02+=+76>=R+I=36<F
D)-'.)$/&/2"$,7+2/
*5/11+O=6<+2R@\13+02+31>6O1<7+4=<+I1+>6376<;@6351>+A6756<+76>=R+I=36<3F+cJd+*51
/681/+ >6345=/;1+ /1;@R=713+ 751+ 7/=<3B0/7+ 02+ 26<1+ 31>6O1<73+ 2/0O+ 751+ A50R1+ /681/
4=745O1<7+70+751+76>=R+I=36<F+cLd+D=/6<1+31>6O1<73+=/1+7/=<3B0/71>+6<70+751+137@=/613+I[
76>=R+ 4@//1<73+ >@/6<;+ 2R00>E+ A56R1+ =+ O6\7@/1+ 02+ O=/6<1+ =<>+ 2/135A=71/+ 31>6O1<73+ =/1
7/=<3B0/71>+ 31=A=/>+ A675+ 751+ 0@7;06<;+ 76>1F+ G6<=RR[E+ cNd+ =+ 81/764=R+ 2R@\+ 02+ 31>6O1<7
B=/764R13+ 044@/3+ 6<+ 751+ A=71/+ 40R@O<F+ G6<1+ 31>6O1<7+ B=/764R13+ 3177R1+ 70+ 0/+ /13@3B1<>
2/0O+751+31>6O1<7+I1>F+*51+75/11+2R@\13+>171/O6<1+751+=O0@<7+02+31>6O1<7+=8=6R=IR1
20/+ 7/=<3B0/7F+ *563+ 37@>[+ 204@313+ O=6<R[+ 0<+ 751+ 81/764=R+ 2R@\13+ 02+ 751+ 31>6O1<7E
13B146=RR[+751+/13@3B1<360<+=3+=+/13@R7+02+I60R0;64=R+B/0413313F
%1>6O1<7=760<+ >1B1<>3+ 0<+ 751+ 3177R6<;+ 81R0467[+ 02+ 751+ B=/764R13E+ A5645+ 63+ =
2@<4760<+ 02+ B=/764R1+ 36C1E+ 35=B1+ =<>+ A16;57F+ .=/764R1+ 36C1E+ A16;57+ =<>+ 75@3+ 751
31>6O1<7=760<+ /=71+ 6<4/1=31+ >@1+ 70+ 2R044@R=760<E+ 044@/6<;+ 6<+ 751+ I/=49635+ C0<13+ 02
L
"<7/0>@4760<
137@=/613F+GR044@R=760<+63+=+/13@R7+02+40RR6360<3+I17A11<+B=/764R13+=<>+751+1226461<4[+02
751+40RR6>1>+B=/764R13+70+37649+70;1751/F+*51+40RR6360<+2/1n@1<4[+>1B1<>3+0<+Y/0A<6=<
O0760<E+ >6221/1<76=R+ 3177R6<;+ =<>+ 7@/I@R1<7+ 6<1/76=+ 02+ 751+ B=/764R13E+ =<>+ 81R0467[
;/=>61<73+A6756<+751+A=71/+c8=<+b1@331<E+JSSKdF+*51+ 40RR6360<+ 1226461<4[+ >1B1<>3+ 0<
751+3@/2=41+45=/;1+=<>+751+0/;=<64+40=76<;+02+751+B=/764R13E+=<>+751+60<+40<41<7/=760<
6<+751+A=71/+c8=<+b1@331<E+JSSKl+8=<+>1/+b11E+LMMMdF+GR@6>+351=/E+0<+751+0751/+5=<>E
13B146=RR[+6<+751+7@/I@R1<7+I0@<>=/[+R=[1/+02+751+31>6O1<7`A=71/+6<71/2=41E+63+751+O037
6OB0/7=<7+ R6O676<;+ 2=470/+ 20/+ 751+ 2R04+ 36C1+ c)63O=E+ JSUTl+ 8=<+ b1@331<E+ JSSKdF
GR044@R=760<+ =<>+ 75@3+ 31>6O1<7=760<E+ 311O3+ 70+ I1+ >171/O6<1>+ O=6<R[+ I[+ B5[364=R
B/0413313F+*51+0<R[+A=[+6<+A5645+I60R0;64=R+B/0413313+4=<+6<2R@1<41+2R044@R=760<+=/1
I[+751+B/0>@4760<+02+B0R[O1/64+3@I37=<413+I[+I=471/6=+=<>+=R;=1E+A5645+6<4/1=313+751
40RR6360<+ 1226461<4[+ cQ1450E+ JSSMdE+ =<>+ I[+ 751+ =R71/=760<+ 02+ 751+ 31>6O1<7+ 3@/2=41E
751/1I[+=221476<;+751+7@/I@R1<41+6<+751+I0@<>=/[+R=[1/+c'0A1RR+m+#@O=/3E+JSUKdF
Y60R0;64=R+6<2R@1<41+63+O0/1+6OB0/7=<7+/1;=/>6<;+751+/13@3B1<360<+02+31>6O1<73F
!13@3B1<360<+0/+1/0360<+02+31>6O1<7+044@/3+A51<+ 751+ 1\1/71>+ 37/133+ 0<+ 751+ I1>+ c751
351=/+ 37/133dE+ 1\411>3+ 751+ 37/1<;75+ 02+ 751+ 31>6O1<7+ I1>+ c751+ 351=/+ 37/1<;75dF+ )/0360<
4=<+ 044@/+ 6<+ 7A0+ O=6<+ A=[3W+ 3@/2=41+ =<>+ O=33+ 0/+ I@R9+ 1/0360<+ cD157=E+ JSSJdF+ *51
1/0360<+02+B=/764R13+2/0O+751+3@/2=41E+3@45+=3+2R043E+0/;=<64+B1RR173+=<>+=;;/1;=713E+63
4=RR1>+7[B1+"+1/0360<+=<>+044@/3+A51<+351=/+37/133+1\411>3+751+351=/+37/1<;75+c]O03+17
=RRE+ JSSLdF+ *563+ 7[B1+ 02+ 1/0360<+ 311O3+ 70+ I1+ 751+ >0O6<=<7+ O0>1+ 02+ 1/0360<+ @<>1/
<=7@/=R+261R>+31776<;3+c]O03+17+=RFE+JSSUdF+*[B1+""+1/0360<E+751+30+4=RR1>+O=33+1/0360<E
044@/3+A51<+751+1\1/71>+37/133+;/1=7R[+1\411>3+751+351=/+37/1<;75+02+751+31>6O1<7+I1>F
*51+1\1/71>+351=/+37/133+4=<<07+I1+O1=3@/1>+>6/147R[+I@7+4=<+I1+4=R4@R=71>+A51<+751
81/764=R+81R0467[+B/026R1+63+9<0A<E+@36<;+751+/1R=760<
@cCd+o+@p_$+R<cC_CMd
1nFcJFJd
A51/1+@+63+751+4@//1<7+81R0467[+cO+3`Jd+=7+516;57+C+cOdE+ $+63+751+80<+$=/O=<+40<37=<7
c=BB/0\6O=71R[+MFKd+=<>+CM+63+751+/0@;5<133+516;57+cOdE+A5645+63+751+516;57+=I081+751
I1>+A51/1+751+1\7/=B0R=71>+4@//1<7+81R0467[+>/0B3+70+C1/0F+*51+2/64760<+81R0467[+@p+63
/1R=71>+70+751+I0770O+351=/+37/133E+A5645+751<+4=<+I1+4=R4@R=71>+@36<;+751+/1R=760<
q0+o+rc@pdL
1nFcJFLd
A51/1+q0+ 63+751+351=/+37/133+1\1/71>+I[+751+2R@6>+c'+O`Ld+=<>+r+63+751+>1<367[+02+A=71/
c9;+O`NdF+*563+1n@=760<+63+A6>1R[+@31>+A51<+=+R0;=/675O64+B/026R1+63+20@<>+6<+751+<1=/
I1>+81R0467[+;/=>61<7F+V0A181/+751+I1>+351=/+37/133+6<+6<71/76>=R+=/1=3+63+=+40OI6<1>
/13@R7+02+76>=R+4@//1<73+=<>+A6<>`+0/+356B`6<>@41>+A=813F+*51+A=813+4/1=71+=+40OBR1\
I0@<>=/[+R=[1/+2R0A+/1;6O1E+A5645+O=913+67+81/[+5=/>+70+;17+=+;00>+1376O=71+20/+751
1\1/71>+351=/+37/133F+*51+351=/+37/1<;75+02+751+31>6O1<7+>1B1<>3+0<+6<71/B=/764R1+I0<>3
=<>+751+I1>+37/@47@/1F+*5131+7A0+45=/=471/637643+=/1+=+/13@R7+02+=+40OBR1\+6<71/=4760<
02+ B5[364=RE+ B5[360`451O64=R+ =<>+ I60R0;64=R+ B/0413313E+ A5645+ 4=<<07+ [17+ I1
20/O@R=71>+ 6<70+ =+ /1R=760<E+ I@7+ @<R691+ 751+ 351=/+ 37/133+ 751+ 351=/+ 37/1<;75+ 4=<+ I1
O1=3@/1>+ A675+ 751+ 51RB+ 02+ 6<+ 367@+ 2R@O13+ cV0@A6<;+ m+ (=<+ !6:<E+ JSSUl+ YR=49+ m
.=71/30<E+JSSTdF+"2+I075+751+351=/+37/133+=<>+751+351=/+37/1<;75+=/1+9<0A<E+751+1/0360<
/=71+4=<+I1+4=R4@R=71>+@36<;+751+.=/751<6=>13+1/0360<+2@<4760<E+A5645+63+>181R0B1>+20/
50O0;1<10@3+I1>3W
)+o+D+ccq0_q1d`Jd+62++q0+s+q1+l
)+o+M+62+q0+t+q1
`L
1nF+cJFNd
`J
A51/1+)+63+751+1/0360<+/=71+c9;+O +3 dE+D+63+751+1/0360<+/=71+40<37=<7+c9;+O`L+3`Jd+=<>
q1+ 63+ 751+ 351=/+ 37/1<;75+ 02+ 751+ 31>6O1<7+ c'+ O`LdF+ G0/+ <0<`50O0;1<10@3+ I1>3E+ A675
N
X5=B71/+J
8=/[6<;+ 351=/+ 37/1<;75+ 081/+ >1B75E+ 751+ 20RR0A6<;+ 1n@=760<+ 4=<+ I1+ @31>+ c.=/45@/1+ m
D157=E+JSUPdW
)+o+u0+1\Bcvwq0+`+q1cCdxJ_Ld
1nF+cJFKd
`L
`J
A51/1+u0+ 63+751+2R04+1/0360<+/=71+c9;+O +3 d=<>+v+63+751+1/0360<+/=71+401226461<7+cO+'`
J_L
dF+Y075+B=/=O171/3+>1B1<>+0<+751+31>6O1<7+45=/=471/637643+cD157=E+JSUUdF
E6)&)(()*/&+(&0'+%+F'*"%&72+*),,),&+$&/6)&,6)"2&,/2),,
*51+I1>+351=/+37/133+6<+6<71/76>=R+=/1=3+63+=+40OI6<1>+/13@R7+02+76>=R+4@//1<73+=<>
A6<>`+0/+356B`6<>@41>+A=813E+I@7+751+351=/+37/133+>1B1<>3+=R30+0<+I0770O+/0@;5<133F
Y0770O+ /0@;5<133+ 4/1=713+ 7@/I@R1<41+ =7+ 751+ 31>6O1<7`A=71/+ 6<71/2=41+ =<>+ 751
/0@;5<133+ 516;57+ 02+ 751+ 31>6O1<7+ I1>+ 6<4/1=313+ =440/>6<;+ 70+ 751+ /1R=760<+ 20/+ /0@;5
7@/I@R1<7+2R0AW
CM+!+93_NM
1nF+cJFPd
A51/1+ 93+ 63+ 751+ 516;57+ 02+ 751+ /0@;5<133+ 1R1O1<73+ 0<+ 751+ I1>F+ ]<+ 6<4/1=31+ 02+ 751
/0@;5<133+516;57+/13@R73+6<+=<+6<4/1=31+02+751+2/64760<+81R0467[+c1nF+JFJd+=<>+75@3+6<+=<
6<4/1=31+ 02+ 751+ 1\1/71>+ 351=/+ 37/133+ c1nF+ JFLdF+ *51+ I0770O+ /0@;5<133+ 63+ 40<76<@0@3R[
45=<;6<;+>@1+70+I60R0;64=R+=476867[F+)3B146=RR[+6<+6<71/76>=R+=/1=3E+751/1+63+=<+6<4/1=31
02+751+31>6O1<7+/0@;5<133+=7+R0A+76>1F+]<6O=R3+=/1+4/=AR6<;+081/+751+3@/2=41E+4/1=76<;
7/=493F+]<6O=R+7/=493E+A5645+20/+1\=OBR1+=/1+7[B64=R+20/+751+3<=6R+A.8#"E&*$>1I*,E+4=<
181<+ >0@IR1+ 751+ 3@/2=41+ /0@;5<133+ 02+ 751+ 31>6O1<7+ c'0A1RR+ 17+ =RFE+ JSUJdF+ -751/
0/;=<63O3+R681+6<+B/07/@>6<;+7@I13E+751/1I[+6<4/1=36<;+31>6O1<7+/0@;5<133+c)49O=<+m
'0A1RRE+ JSUKdF+ *51+ 6<4/1=36<;+ 7@/I@R1<41+ =/0@<>+ =+ 7@I1+ 63+ =+ O145=<63O+ I[+ A5645
<0<`>6;137681+B=/764R13+4=<+I1+/1O081>E+=<>+200>+B=/764R13+4=<+I1+7/=BB1>F+-751/+7@I1
>A1RR6<;+0/;=<63O3E+R691+751+R@;A0/O+F#,(&4"1*$%*#&(*E+4/1=71+=7+0<1+1<7/=<41+02+751
I@//0A+=+96<>+02+2@<<1RF+%1>6O1<7+B=/764R13+2=RR+6<70+751+2@<<1R+=<>+=/1+>6;1371>F+*51
2=14=R+B1RR173+=/1+>1B03671>+=7+751+0751/+1<>+02+751+I@//0AE+/13@R76<;+6<+=<+1R18=760<+02
751+ I1>F+ ]RR+ 75131+ B/07/@>6<;+ 7@I13E+ 1R18=760<3+ =<>+ >1B/13360<3+ 5=81+ =<+ 6OB=47+ 0<
31>6O1<7+/0@;5<133+=<>+75@3+7@/I@R1<41+ =7+751+ 31>6O1<7`A=71/+ 6<71/2=41F+ *51+ 6OB=47
>1B1<>3+0<+7[B1E+516;57+=<>+>1<367[+02+751+37/@47@/13+c)49O=<+17+=RFE+JSUJl+'0A1RR+m
#@O=/3E+JSUKdF+V171/0;1<10@3+>637/6I@760<+02+I1<7564+0/;=<63O3+A6RR+/13@R7+6<+3B=76=RR[
8=/[6<;+7@/I@R1<41F+)\41B760<=RR[+56;5+>1<367613+02+7@I13+4=<+/13@R7+6<+751+4/1=760<+02
=+396OO6<;+2R0AE+751/1I[+B/071476<;+751+31>6O1<7+=;=6<37+1/0360<+c'0A1RR+m+X5@/45E
JSZSl+./0I1/7E+JSUKdF
E6)&)(()*/&+(&0'+%+F'*"%&72+*),,),&+$&,6)"2&,/2)$F/6
-/;=<63O3+=R30+5=81+=<+6OB=47+0<+751+351=/+37/1<;75+02+751+31>6O1<7+I1>F+%51=/
37/1<;75+ 6<4/1=313+ 75/0@;5+ 751+ B/0>@4760<+ 02+ 1\7/=41RR@R=/+ B0R[O1/64+ 3@I37=<413
cO@4@3dE+376496<;+751+31>6O1<7+B=/764R13+70;1751/F+*563+63+A1RR+>04@O1<71>+20/+1B6B1R64
>6=70O3+ cV0RR=<>+ 17+ =RE+ JSZKl+ >1+ Y01/E+ JSUJl+ .=71/30<E+ JSUSl+ Q=>1+ 17+ =RE+ JSSMl+ >1
Y/0@A1/+ 17+ =RFE+ LMMMdE+ 751+ >0O6<=<7+ ;/0@B+ 02+ O64/0B5[70I1<7503+ 6<+ 6<71/76>=R+ 2R=73
c]>O6/==RE+ JSUKdF+ )B6B1R64+ >6=70O3+ B/121/=IR[+ 40R0<631+ 26<1+ 31>6O1<73+ 75=7+ =/1
1\B031>+181/[+76>1+20/+=+O6<6O@O+B1/60>+02+76O1+c>1+#0<;1E+JSUPE+%7==73+17+=RE+LMMJ=dF
%@I31n@1<7R[+ 751[+ 0B76O631+ 7516/+ 5=I67=7+ I[+ I6<>6<;+ =<>+ 40<30R6>=76<;+ 75131+ 26<1
31>6O1<73+75/0@;5+751+B/0>@4760<+02+B0R[3=445=/6>13+c.=71/30<E+JSSZl+%7==73E+JSSSl+>1
?6<>1/+ 17+ =RFE+ LMMMl+ 8=<+ >1+ $0BB1R+ 17+ =RFE+ LMMJl+ >1+ Y/0@A1/+ m+ %7=RE+ LMMJdF+ *51
K
"<7/0>@4760<
>181R0BO1<7+02+=+>6=70O+O=7+A6RR+>1B1<>+0<+R6;57+40<>6760<3+=<>+<@7/61<7+=8=6R=I6R67[F
b0A+ /13@3B1<360<+ /=713+ =<>+ R0A+ 7@/I@R1<41+ 02+ 751+ A=71/+ 6<+ =+ 3181/1+ A6<71/E+ 20/
1\=OBR1E+/13@R73+6<+=+4R1=/+A=71/+B1/60>+6<+3B/6<;E+751/1I[+1<5=<46<;+751+>181R0BO1<7
02+=+>6=70O+O=7E+76RR+751+1\1/71>+351=/+37/133+1\411>3+751+351=/+37/1<;75+02+751+31>6O1<7
I1>+c,6RRI/6457E+JSTKl+%7==73+17+=RFE+LMMLd
'07+ 0<R[+ >6=70O3E+ I@7+ =R30+ 0751/+ 31>6O1<7`6<5=I676<;+ 0/;=<63O3+ =/1+ 9<0A<+ 70
B/0>@41+O@4@3E+16751/+20/+751+20/O=760<+02+7@I13+c<1O=70>13d+0/+=+<17A0/9+02+75/1=>3
c\,#,&KdE+0/+20/+R040O0760<+cA.8#"E&*dF+*51+6OB=47+02+O@4@3E+B/0>@41>+I[+O160`+=<>
O=4/02=@<=E+63+<07+A1RR+9<0A<E+=R30+I14=@31+751+40OB036760<+02+751+O@4@3+63+<07+A1RR
37@>61>+[17F+V0A181/E+O@4@3`R6<1>+37/@47@/13+02+ O=4/0I1<7564+ 3B14613+ =/1+ 81/[+ /6;6>
=<>+4=<+/13637+56;5+37/133+c'0A1RR+17+=RFE+JSUJl+b@491<I=45E+JSUTdF+-<+751+0751/+5=<>
O=4/0`+ =<>+ O160I1<7503+ =/1+ 40<76<@0@3R[+ /1A0/96<;+ 751+ 31>6O1<7+ 751/1I[+ =221476<;
31>6O1<7+ 45=/=471/637643E+ 3@45+ =3+ A=71/+ 40<71<7E+ 0/;=<64+ O=771/+ 40<71<7+ =<>+ B=/764R1
>637/6I@760<+ cV=RRE+ JSSKdF+ "<4/1=31>+ A=71/+ 40<71<7+ =<>+ >14/1=31>+ 0/;=<64+ O=771/
2/=4760<+ >14/1=31+ 751+ 351=/+ 37/1<;75+ 02+ 751+ 31>6O1<7+ I1>+ c.=71/30<+ 17+ =RFE+ LMMMdF
D=4/0`+ =<>+ O160I1<7503+ >14/1=31+ 751+ 351=/+ 37/1<;75+ 6<>6/147R[+ I14=@31+ 751[+ =/1
;/=C6<;+ 751+ O@4@3+ B/0>@46<;+ >6=70O3+ c,1/>0R+ m+ V@;513E+ JSSKdF+ Y1<7564+ 0/;=<63O3
4=<+ =R30+ 6<2R@1<41+ 751+ 31>6O1<7+ 7/=<3B0/7+ I[+ 751+ B/0>@4760<+ 02+ 2=14=R+ B1RR173
c?6>>0A3+ 17+ =RFE+ JSSUl+ ]<>1/31<E+ LMMJdF+ *5131+ 2=14=R+ B1RR173+ =/1+ 1:1471>+ =<>+ 1=36R[
/13@3B1<>1>E+ 30+ 75131+ <0<`>6;137681+ B=/764R13+ =/1+ /1O081>+ 2/0O+ 751+ 3@//0@<>6<;3+ 02
7516/+7@I13F+*563+63+=+7[B64=R+1\=OBR1+02+7[B1+"+1/0360<F
Y136>13+I1<7564+3B14613E+0751/+3B14613+71OB0/=/6R[+6<5=I676<;+751+76>=R+2R=73+4=<
5=81+=<+122147+0<+16751/+751+31>6O1<7+351=/+37/1<;75+0/+751+1\1/71>+351=/+37/133F+*6>=R
2R=73+=/1+751+<@/31/613+=<>+211>6<;+;/0@<>3+20/+[0@<;+2R=72635F+Y[+7516/+211>6<;+=476867[
2R=72635+ 4/1=71+ B674513+ 6<+ 751+ 31>6O1<7E+ 1<5=<46<;+ 751+ 7@/I@R1<41F+ *51+ 2007B/6<73+ =<>
751+ 211>6<;+ 7/=493+ 02+ I6/>3+ 4=<+ 5=81+ =+ 36O6R=/+ 122147F+ Y6/>3+ =<>+ 2635+ =R30+ 5=81+ =<
6<>6/147+ 122147F+ Y075+I6/>3+=<>+ 2635+ =/1+ 6<71<3681R[+ 211>6<;+ 0<+ O=4/0I1<7564+ 3B14613E
40@<71/=476<;+751+122147+02+75131+0/;=<63O3+cQ=I0/<+17+=RFE+JSSNdF
E6)&GHI&2),)"2*6&72+J)*/&'$&/6)&K+%%"2-&),/#"21
*51+Y-]+/131=/45+B/0:147+A=3+6<676=71>+70+0I7=6<+O0/1+ 6<36;57+ 6<+751+ 34=R13+ =7
A5645+751+>0O6<=<7+B5[364=R+=<>+I60R0;64=R+B/0413313+6<2R@1<41+751+I15=860@/+02+O@>
6<+76>=R+A=71/3F+*51+6OB=47+02+=RR+751+37@>61>+B/0413313+8=/613+I075+6<+76O1+=<>+6<+3B=41
cG6;@/1+JFJl+]<>1/30<E+JSUNl+71<+Y/6<91+17+=RFE+JSSKdF+*@/I@R1<41E+ 20/+ 1\=OBR1E+ A=3
350A<+70+8=/[+37/0<;R[+>@/6<;+=+76>=R+4[4R1F+Q14/1=36<;+7@/I@R1<41+=/0@<>+3R=49+A=71/
/13@R71>+ 6<+ 56;5+ >1B036760<+ /=713+ =<>+ 40<31n@1<7R[+ 6<+ =<+ 6<4/1=31+ 02+ 751+ >1<367[
;/=>61<73+02+3@3B1<>1>+30R6>3+c8=<+>1/+V=OE+JSSSdF+*51+76>=R+8=/6=<41+02+7@/I@R1<41
/13@R71>+=R30+6<+76>=R+2R@47@=760<3+20/+2R044@R=760<+=<>+3177R1O1<7E+A675+0BB03671+76O13
20/+ O=\6O@O+ 2R04+ 36C1+ =I081+ 751+ 76>=R+ 2R=7+ =<>+ 6<+ 751+ 45=<<1RF+ V0A181/E+ 31=30<=R
2R@47@=760<3+ 02+ 2R044@R=760<+ A1/1+ >171/O6<1>+ I[+ 751+ O081O1<7+ 02+ 751+ 7@/I6>67[
O=\6O@O+=<>+I[+I60R0;64=R+8=/6=760<3+c8=<+>1/+b11E+LMMMdF+Y60R0;64=R+8=/6=760<3+A1/1
O037+B/0<0@<41>+=7+=+31=30<=R+=<>+3B=76=R+34=R1E+/13@R76<;+6<+36O6R=/+8=/6=760<3+20/+751
31>6O1<7+37=I6R67[+c$0/<O=<E+JSSUl+%7==73l+JSSSl+7563+751363dF
P
X5=B71/+J
4=RO`370/O[+A1=751/
3@OO1/`A6<71/
c71OB1/=7@/1d
<1=B`3B/6<;+76>1
>=[`<6;57
1II`2R00>
@e8eAe
1/0360<_31>6O1<7=760<
2R044@R=760<+|+3177R6<;
O@4@3+37=I6R63=760<
I607@/I=760<
1/0360<_31>6O1<7=760<
2R044@R=760<+=<>+3177R6<;
40<30R6>=760<+I[
=7O03B51/64=R B/0413313
7@/I@R1<41
40<30R6>=760<+I[+=7O03B51/64=R+B/0413313
1/0360<_31>6O1<7=760<
O@4@3+37=I6R63=760<
7@/I@R1<41
I607@/I=760<
2R044@R=760<+|+3177R6<;
40<30R6>=760<+I[+
=7O03B51/64=R+B/0413313
1/0360<_31>6O1<7=760<
7@/I@`
R1<41
MFMJ
MFJ
J
JM
JMM
JMMM
>=[3
!'F#2)&8L8L+./0413313+=221476<;+31>6O1<7+I15=860@/+=<>+37@>61>+6<+751+Y-]+/131=/45
B/0:147+6<+/1R=760<+70+751+76O1`34=R1+=7+A5645+751[+8=/[+c71<+Y/6<91+17+=RFE+JSSKd
]+ 5@;1+ O1=3@/6<;+ I/6>;1+ A=3+ 40<37/@471>+ 6<+ 751+ Q0RR=/>+ 137@=/[+ cG6;@/1+ JFLd
=<>+=+>681/31+317+02+B=/=O171/3E+I075+I60R0;64=R+=<>+B5[364=RE+A=3+O1=3@/1>+2/0O+7563
I/6>;1+=<>+=7+751+3@//0@<>6<;+76>=R+2R=7+2/0O+JSSP+76RR+JSSZ+70+37@>[+751+31=30<=R+=<>
3B=76=R+8=/6=760<3+cG6;@/1+JFLdF+]>>6760<=R+>=7=+A1/1+40RR1471>+6<+751+45=<<1R+I17A11<
Q1R2C6:R+ =<>+ '61@A+ %7=71<C6:R+ =<>+ =7+ 0751/+ 76>=R+ 2R=73+ 6<+ 751+ 137@=/[F+ *51+ Q0RR=/>
137@=/[+ A=3+ 45031<E+ I14=@31+ 67+ 63+ =+ 3O=RRE+ A1RR+ 37@>61>+ =/1=F+ *51+ Q0RR=/>+ 63+ =+ 76>=R
I=36<+6<+751+I/=49635+ =/1=+ 02+ 751+ )O3`Q0RR=/>+ 137@=/[+ cG6;@/1+ JFNdF+ *51+ 707=R+ =/1=+ 63
=I0@7+JMM+9OLF+UMy+02+7563+=/1=+40<36373+02+76>=R+2R=73E+=RO037+75/11+n@=/71/3+02+751O
40<7=6<6<;+O0/1+75=<+PMy+O@>F+D1>6=<+;/=6<+36C1+02+751+@BB1/+JM+4O+02+751+76>=R+2R=73
63+ =I0@7+ NL+ zO+ cD@R>1/E+ JSSUdF+ *51+ 36R7+ 6<B@7+ 6<+ 751+ Q0RR=/>+ 137@=/[+ 63+ 40O6<;
B/1>0O6<=<7R[+ 2/0O+ 751+ '0/75+ %1=+ =3+ =+ /13@R7+ 02+ 751+ 76>=R+ 4@//1<73+ c!6>>1/6<9502E
JSSZdF+ (=<+ >1/+ V=O+ cJSSSd+ =<>+ D@R>1/+ cJSSUd+ ;681+ =<+ 1\71<3681+ 081/861A+ 02+ 751
B5[364=R+45=/=471/637643+02+751+)O3`Q0RR=/>+137@=/[F+ *51+ O=6<+ 2/135+ A=71/+ 6<B@7+ 6<70
751+ 137@=/[+ 63+ 2/0O+ 751+ /681/+ )O3+ c{+ JMM+ ON3`JdF+ ]+ 3O=RR+ B=/7+ 40O13+ 2/0O+ 751
?1371/A0R>31+ ]=+ c{+ JLFP+ ON3`Jd+ c>1+ #0<;1E+ JSSLdF+ V0A181/+ 7563+ 3O=RR+ /681/+ 5=>+ =
5@;1+ 6OB=47+ 6<+ 751+ 36\7613+ =<>+ 3181<7613E+ I14=@31+ 67+ 5=>+ 81/[+ 56;5+ 0/;=<64+ R0=>
0/6;6<=76<;+ 2/0O+ B07=70+ A=371+ 122R@1<73F+ *563+ 6OB=47+ =<>+ 751+ 6OB/081O1<7+ /13@R76<;
2/0O+=+>14/1=31>+R0=>+A=3+1\71<3681R[+37@>61>+=<>+/13@R71>+6<+=+;00>+@<>1/37=<>6<;+02
751+37/@47@/1+=<>+2@<4760<6<;+02+751+1403[371O+6<+751+Q0RR=/>+137@=/[+cY-)Q)E+JSUPdF
T
aa
"<7/0>@4760<
!'F#2)& 8L9L+ *51+ Y-]+ O1=3@/6<;+ I/6>;1+ 6<+ 751+ O6>>R1+ 02+ 751+ Q0RR=/>+ 137@=/[F+ *51
/6;57`5=<>+40<7=6<1/+63+@31>+20/+370/=;1+02+1n@6BO1<7E+751+0751/+40<7=6<1/+63+@31>+20/
B1/30<<1R+=<>+20/+751+>=7=+40OB@71/3F+D1=3@/6<;+1n@6BO1<7+20/+7@/I6>67[+=<>+4@//1<7
81R0467[+=/1+=77=451>+70+751+B0R1+6<+751+O6>>R1F+]+O1710/0R0;64=R+37=760<+A=3+BR=41>+0<
70B+02+751+R127+40<7=6<1/F
aa
Eems
DOLLARD
D
OLLARD
!'F#2)&8L:L+]+O=B+02+751+)O3`Q0RR=/>+137@=/[F
Z
X5=B71/+J
*51+>0O6<=<7+;/0@B+/13B0<36IR1+20/+751+707=R+B/6O=/[+B/0>@4760<+6<+751+Q0RR=/>
63+O64/0B5[70I1<7503+c>1+#0<;1+17+=RFE+JSSLdF+Y1<7564+B/6O=/[+B/0>@4760<+>@/6<;+751
R=71+ 3181<7613+ A=3+ JLZ+ {+ PP+ ;+ X+ O`L+ [`J+ =;=6<37+ TK+ {+ NJ+ ;+ X+ O`L+ [`J+ 6<+ 751+ A=71/
40R@O<+ cX=>k1+ m+ V1;1O=<E+ JSZKl+ 8=<+ )3E+ JSULl+ X0R6:<E+ JSUNdF+ *51+ B/6O=/[
B/0>@4760<+6<+751+A=71/+40R@O<+63+R6O671>+I[+R6;57F+*51/1+63+=RO037+<0+B5[70BR=<970<
>181R0BO1<7F+ ]I0@7+ SMy+ 02+ 751+ 45R0/0B5[RR+ *+ 6<+ 751+ A=71/+ 40R@O<+ /1B/131<73
/13@3B1<>1>+ O64/0B5[70I1<7503+ c>1+ #0<;1+ 17+ =RFE+ JSSUdF+ D037+ 02+ 751
O64/0B5[70I1<7503E+ I075+ I60O=33+ =<>+ 3B14613E+ 63+ O=>1+ @B+ I[+ >6=70O3E+ A5645+ =/1
/13@3B1<>1>+ 6<70+ 751+ A=71/+ 40R@O<+ I[+ A=813+ c>1+ #0<;1+ m+ 8=<+ Y1@3190OE+ JSSPl
?6R7356/1+ 17+ =RFE+ JSSUdF+ *51+ I1<7564+ >6=70O3+ =/1+ =<+ 6OB0/7=<7+ 200>+ 30@/41+ 20/
<1O=70>13+ cY0@AO=<E+ JSUNdF+ '1O=70>13+ /1=451>+ >1<367613+ 02+ @B+ 70+ JUMMM+ 6<>F+ JM
4O`L+ 6<+ 751+ 1=/R[+ 16;57613E+ I@7+ >1<367613+ >14/1=31>+ =3+ =+ /13@R7+ 02+ =+ /1>@41>+ 0/;=<64
R0=>6<;+=<>+=<+6<4/1=31+02+41/7=6<+O=4/0I1<7564+3B14613+211>6<;+0<+>6=70O3F+]+35627+6<
751+3B14613+40OB036760<+02+751+<1O=70>13+A=3+=R30+0I31/81>+>@/6<;+751+16;57613l+=R30
6<>64=76<;+75=7+1@7/0B564=760<+A=3+/1>@41>F+*51+3B14613+3>8&)1"H*K-,#$)*#*#%*->KE+=<
6<>64=70/+ 20/+ 0/;=<64+ B0RR@760<E+ >63=BB1=/1>+ c%017=1/7+ 17+ =RFE+ JSSPl+ )336<9+ m+ $16>1R
JSSUdF+ *51+ 40OO@<67[+ 6<>64=71>E+ 50A181/E+ 75=7+ 751/1+ A=3+ 376RR+ 56;5+ c<=7@/=Rd+ 37/133
c)336<9+m+$16>1RE+JSSUdF
*51+ >0O6<=<7+ O=4/0I1<7564+ 3B14613+ 6<+ 751+ Q0RR=/>+ 137@=/[+ =/1+ 751+ =OB56B0>
<"#")J&>%$ I"1>-*-"#+ =<>+ 751+ B0R[45=171+ 0*#,(b,11,#&*+ 42F+ ?&#,(&+ c)336<9+ 17+ =RFE
JSSUdF+ *51+ =I@<>=<41+ 02+ 0.*$ *#,(*#&*E+ 0*4"%*$ E*1-J&4*+ =<>+ 24#"E&4>1*#&*+ )1*(*
A=3+ R0A1/+ 6<+ 751+ <6<17613+ 75=<+ 6<+ 751+ 16;57613F+ -751/+ 40OO0<+ 3B14613+ =/1+ \,#,&K
8&I,#K&4"1"#+ =<>+ A,-,#"%*K->K$ L&1&L"#%&KF+ F#,(&4"1*$ %*#&(*+ 63+ 20@<>+ 0<+ 751+ 40=/31/
;/=6<1>+2R=73F+<"#")J&>%+ =<>+0*#,(b,11,#&*+=/1+ I075+ 6OB0/7=<7+ 200>+ 30@/413+ 20/+ 751
2R=72635+ Z1,>#"(,4->K$ )1*-,KK*E+ Z1*-&4J-J.K$ L1,K>K$ =<>+ 2"1,*$ K"1,*F+ *51+ Q0RR=/>+ 63+ =
<@/31/[+=/1=+20/+75131+3B14613+c#=;1/+17+=RFE+JSSPdF+D=4/0I1<7503+63+=R30+=<+6OB0/7=<7
200>+30@/41+20/+O6;/=76<;+I6/>3F+?=>1/3+=/1+751+>0O6<=<7+;/0@B+A675+ B1=93+6<+ 1=/R[
3B/6<;+=<>+=@7@O<F+*516/+>1<367[+>14/1=31>+40OB=/1>+70+751+16;57613E+I14=@31+I1<7564
I60O=33+ >14/1=31>+ =3+ =+ /13@R7+ 02+ 751+ /1>@41>+ 0/;=<64+ R0=>6<;+ 02+ 751+ 3[371O+ c./0BE
JSSUdF
I'.&"$-&+#/%'$)&+(&/6',&/6),',
*51+ 37@>[+ >134/6I1>+ 6<+ 7563+ 751363+ 204@313+ 0<+ 751+ I60R0;64=R+ B/0413313+ 37@>61>
A6756<+751+Y-]+/131=/45+B/0:147F+*51+O=6<+0I:147681+A=3+70+6<81376;=71+751+6OB=47+02
O160`+ =<>+ O=4/0I1<7503+ 0<+ 751+ 31>6O1<7+ 351=/+ 37/1<;75+ =<>+ 40<31n@1<7R[+ 0<+ 751
/13@3B1<360<+/=71+02+751+31>6O1<73E+A675+1OB5=363+0<+71OB0/=R+=<>+3B=76=R+8=/6=760<3F
"7+ A=3+ 5[B07513631>+ 75=7+ 31>6O1<7+ 351=/+ 37/1<;75+ 6<4/1=313+ >@1+ 70+ O@4@3+ B/0>@4760<
I[+ >6=70O3+ =3+ A1RR+ =3+ I[+ O160`+ =<>+ O=4/0I1<7503E+ I@7+ 75=7+ 751+ 6<4/1=31+ 63
40@<71/=471>+ I[+ 751+ I607@/I=760<+ =476867[+ 02+ O160`+ =<>+ O=4/0I1<7503F+ *51+ 3140<>
5[B0751363+ A=3+ 75=7+ 751+ 6OB=47+ 02+ 751+ I1<7503+ 0<+ 751+ 31>6O1<7+ 351=/+ 37/1<;75+ 63
/12R1471>+6<+751+3@3B1<>1>+30R6>3+40<41<7/=760<+6<+751+3@/2=41+A=71/F
G6/37E+ 751+ 044@//1<41+ 02+ O=4/0I1<7503+ =<>+ O160I1<7503+ 0<+ 75/11+ O@>2R=73E
<=O1R[+751+D=/1<<13`-Rk/0<+I=[+6<+G/=<41E+751+%9122R6<;+O@>2R=7+6<+)<;R=<>+=<>+751
Y61C1R6<;31+V=O+6<+*51+'1751/R=<>3E+63+/1R=71>+70+751+2=470/3+>171/O6<6<;+751+1\1/71>
351=/+ 37/133E+ 3@45+ =3+ A=71/+ >1B75+ =<>+ =81/=;1+ 6<@<>=760<+ 76O1+ c45=B71/+ LdF+ %1=30<=R
1221473+A1/1+=R30+6<4R@>1>+6<+=<+1\71<3681+37@>[+=7+751+O@>2R=7+Y61C1R6<;31+V=O+6<+751
?1371/3451R>1F
U
"<7/0>@4760<
*51+0B76O@O+40<>6760<3+02+=+5=I67=7+20/+=<+0/;=<63O+4=<+45=<;1+>@1+70+B5[364=R
2=470/3E+ I@7+ 0/;=<63O3+ 4=<+ /13637+ =+ /=<;1+ 02+ 37/13313+ I[+ =>=B76<;+ 7516/+ I15=860@/F
<"#")J&>%$ I"1>-*-"#+ 20/+ 1\=OBR1E+ 4R0313+ 673+ 7@I1+ A675+ 673+ 3140<>+ B=6/+ 02+ =<71<<=1
A51<+ 4@//1<7+ 81R0467[+ 6<4/1=313+ cB1/30<=R+ 0I31/8=760<3dF+ "<+ 7563+ A=[+ 67+ /1>@413+ 751
37/133+ 1\1/71>+ 0<+ 673+ 7@I13F+ Q6=70O3+ O6;/=71+ >0A<+ 6<70+ 751+ 31>6O1<7+ A51<+ 751+ 76>1
4081/3+ 751+ 2R=7E+ 751/1I[+ /1>@46<;+ 751+ /639+ 02+ /13@3B1<360<+ c.=71/30<E+ JSUTl+ V=BB1[`
?00>+ m+ #0<13E+ JSUUdF+ *51+ I15=860@/+ 02+ <1O=70>13+ 6<+ 76>=R+ =/1=3+ 6<+ /1R=760<+ 70
B5[364=R+ 37/133+ 63+ <07+ A1RR+ 9<0A<+ =<>+ 63+ 37@>61>+ 6<+ 45=B71/+ NE+ A5645+ >134/6I13+ 751
81/764=R+O6;/=760<+02+<1O=70>13+081/+=+76>=R+4[4R1F
"2+751+B5[364=R+40<>6760<3+2=80@/+ 31>6O1<7=760<E+ 751+ 1O1/360<+ 76O1+ =<>+ 751+ 36R7
40<71<7+A6RR+I075+6<4/1=31F+*563+63+751+4=31+=7+751+56;51/+B=/73+02+751+%9122R6<;+O@>2R=7
6<+ 751+ V@OI1/+ 137@=/[F+ %70/O+ 181<73+ 4=<+ 40@<71/=47+ 7563+ 122147+ 0<+ =+ 31=30<=R+ 76O1
34=R1F+ D=4/02=@<=+ B/0I=IR[+ 4=<+ 40@<71/=47+ 7563+ 122147+ 0<+ =+ 76>=R+ 76O1+ 34=R1+ I[
>137=I6R63=760<E+I@7+0<+751+0751/+5=<>+751[+4=<+1<5=<41+31>6O1<7=760<+I[+37=I6R63=760<F
*51/120/1E+=<+6<+367@+1\B1/6O1<7+A=3+4=//61>+0@7+6<+0/>1/+70+/1R=71+31>6O1<7+37=I6R67[+=7
7563+76>=R+O@>2R=7+70+751+O=4/0I1<7564+40OO@<67[+B/131<7F+*51+/13@R73+02+7563+37@>[+=/1
>134/6I1>+6<+45=B71/+KF
X5=B71/3+ P+ =<>+ T+ >134/6I1+ 7A0+ R=I0/=70/[+ 37@>613+ 6<81376;=76<;+ 751+ 122147+ 02
<"#")J&>%$ I"1>-*-"#+ 0<+ 2=470/3+ >171/O6<6<;+ 751+ /13@3B1<360<+ /=71+ 02+ 31>6O1<7
B=/764R13F+ <"#")J&>%+ 63+ 0<1+ 02+ 751+ >0O6<=<7+ 3B14613+ 6<+ 751+ Q0RR=/>+ 137@=/[E+ A675
>1<367613+ @B+ 70+ JMMEMMM+ 6<>+ O`L+ >@/6<;+ 3@OO1/F+ Y075+ 37=I6R636<;+ =<>+ >137=I6R636<;
1221473+=/1+=34/6I1>+70+<"#")J&>%+6<+751+R671/=7@/1+cD1=>0A3+ 17+ =RFE+JSSMl+ ,1/>0R+ m
V@;513E+JSSKdE+A5645+O=[+/13@R7+6<+7[B64=R+31>6O1<7+I1>+37/@47@/13+0<+6<71/76>=R+2R=73
cD0@/6731<+17+=RFE+JSSUdF
*51+ /13@R73+ 02+ 1\B1/6O1<7=R+ A0/9+ =<>+ =+ 3@/81[+ 02+ R671/=7@/1+ >=7=+ =/1+ @31>+ 70
@<>1/37=<>+ 751+ 31=30<=R+ =<>+ 3B=76=R+ 8=/6=760<3+ 02+ 31>6O1<7+ 37=I6R67[+ =<>+ 3@3B1<>1>
30R6>3+40<41<7/=760<+6<+751+Q0RR=/>+137@=/[F+G6/37+02+=RR+ 751+ 3B=76=R+ >637/6I@760<+ 02+751
37=I6R636<;E+O@4@3+B/0>@46<;+>6=70O3+A=3+37@>61>+=7+751+V1/6<;3BR==7+c45=B71/+ZdF+*51
044@//1<41+ 02+ >6=70O3+ 63+ 37/0<;R[+ /1R=71>+ 70+ 751+ O@>+ 40<71<7+ cX0R6:<+ m+ + Q6:91O=E
JSUJl+Y/07=3+17+=RFE+JSSPdE+I@7+30+2=/+67+A=3+@<4R1=/+A51751/+=+37=I6R636<;+>6=70O+O=7
40@R>+>181R0B+0<+I075+31>6O1<73+A675+R0A+=<>+56;5+O@>+40<71<7F
*51+ >181R0BO1<7+ 02+ =+ >6=70O+ O=7+ 63+ =+ 71OB0/=/[+ B51<0O1<0<+ 044@//6<;+ 6<
3B/6<;+ =<>+ R=71+ 3@OO1/+ =7+ 6<71/76>=R+ 2R=73+ cV0=;R=<>+ 17+ =RFE+ JSSNdF+ *51/120/1+ 67+ 63
1\B1471>+75=7+751/1+63+=+31=30<=R+2R@47@=760<+02+31>6O1<7+37=I6R67[+=7+R04=760<3+A51/1+=
>6=70O+O=7+>181R0B3E+A56R1+751+2R@47@=760<+A6RR+I1+>6221/1<7+=7+36713+A51/1+<0+>6=70O
O=7+044@/3F+*563+A=3+37@>61>+=7+751+1>;13+02+751+V1/6<;3BR==7E+A51/1+B=74513+A675+=<>
A6750@7+=+>6=70O+O=7+044@/+c45=B71/+UdF
G6<=RR[+751+31=30<=R+8=/6=760<+02+751+>0O6<=<7+I1<7564+0/;=<63O3+A=3+20RR0A1>
=7+7A0+BR073+0<+751+V1/6<;3BR==7+c45=B71/+SdF+*5131+31=30<=R+8=/6=760<3+A1/1+R6<91>+70
751+31=30<=R+8=/6=760<3+02+751+3@3B1<>1>+30R6>3+6<+ 751+ Q0RR=/>+ 137@=/[E+ 751/1I[+ @36<;
751+/13@R73+02+751+1\B1/6O1<73+=<>+261R>+3@/81[3+6<+751+B/1860@3+45=B71/3F
S
X5=B71/+J
JM
© Copyright 2026 Paperzz