I< N2 ?

BEB
4hY ;; ! GY%('0
<F5A 0./$0/.$-)($'*0$*
AjWO\Y 8]ZOMSLV
78E86;B 4@5<8AG4?
7S\OM^Y\
7\%4VNYEYN\gQ_OcFLVL]
14 36@7=>4 569.:<:* $#)! 9465" !/:5:A ,<?B! 2B4"* -786 %#$#"
%,* ;"+ &'Q%* ?G"
5:08 -+,!-,+!*&%!$'-!'
%"2I?NLEH="&" 6OLEMJLO@AH?E="
122 '($
!#J<<C < ViX \ Y\WONY OVOM^\iXSMY NOZeQSXL]1
87<6<BA8F 7<>d $9BEB 78 6HKB
G_M_WeX $&( !,,'(" :YNYb 6\_c
GOV&9La% !')-(" +)+$'+(.
@OXNYcL $ 4\QOX^SXL%
8$WLSV1ONSMSYXO]3PY\YNOM_bY%MYW
D_ONL ROMRY69NOZi]S^Y [_O Z\O`f 94?Ob J $$"'%&
<WZ\O]Y OX@OXNYcL$4\QOX^SXL
C 8NSMSYXO] 7SUf$9Y\Y NO6_bY
)'('
4A?D= @A?=N=FIC=?EYH.&'#$-#&$%$
7AR 8T &)"((*
/LN" &- ! 9OEAHAMLAJLI@OS?=HAHBILG= B=?MEGEF=L OHFE>LII J=LNAM@AVF MEH
=ONILES=?EYH @AMO=ONILR @AMOA@ENIL MALUHM=H?EIH=@IM?IH GOFN=@AJAMIM
MANA?EAHNIM ?EH?OAHN= = @EASGEF"3H ?=MI @ALAEH?E@AH?E= F=JAH= MALU@AJLEMEYH
@AOHGAM = @IM=XIM" 3MN=MM=H?EIHAMMA=JFE?=LUH=OH?O=H@I F=LAJLI@O??EYH
MA= LA@O?E@= I =GJFE=@=R MEAGJLAKOA AFDA?DI HI ?IHMNENOR= OH @AFENI GUM
MAPAL=GAHNAJAH=@I"
140 HSPFGSVFHNSRJW PS\WLNL]RS J[TVJWFRPF STNRNdRIJ PF0NVJHFaRRN IJ PF
' 1INXSVNFP&\ WYWKNVQFRXJW WSRVJWTSRWFGPJW IJ PFWQNWQFW(
=YJIF VN(((LQD66FQJRXJ TVSMNGNIF( WNRPFFYXSVNWFHNaR JWHVNXF IJ PSWXNXYPFVJW IJP
$$/ST\VNLMG,& GFOSPFWWFRHNSRJW JWXFGPJHNIFW JR VL] VObO]#PF
VJTVSIYHHNaR XFPF! S TFVHNFP IJ Y)F SGVFTSV HYFPUYNJV QJINS
S TVSHJINQNJRXS& HSQTVJRINISWPFVJTVSP&VFKXF6! JPXVFXFQNJRXS
NRKSVQaXN('S&%# PFINWXVNGYHNaR IJ JOJQTPFVJW IJ JPPFQJINFRXJ
FPUYNPJV S TVbWXFQS TeGPNHSW(
05> /@;>
R&(!(&&#VV\V<<<VEH < =2 VVV
9519.>;? @5* 8 V O 9-??5:5 /;>>1- $2NPSWSKcF%
0V( /FVPS6-( 85B188->- $0JVJHGS IJP@VFGUOS%
0V( -PGJVXS9FRYJP ?^:/41E$0JQ#G= <eGPNHS%
0V( /FVPS6IJ /-?-? $0JVJHGS <JP)F"
0V( ;6P#FPIS/;88 $0JVJHGS /SQJVaF"
( 0V( -PJOFRIVS.;A8_: $0JVJHMS<VSNJWFN%
0V( >SGJVXS A>>A@53;5@D$0JVJHGS /NZN"
0V( 0FRNJP.A?@;? 8-3;? $0JVJHMS /NZN
05 1/@;>1? 01 ?4 105/5`:+
0VF( ?NPSNRF 2A>8;@@5 $9JP)IS]F%
( 9FVcF 6:PNF.->>1?1 $:JYUYbR% ( &
9FVcF3N9F <105/;:1 IJ B-88? $@XPN#YQFPP
IJP 1WXJVS%
FRNJXC'688-> !FFPXF \ A<VT"
S 36XP /_- C1:7 $2SVQSWF& /MFHS
< W
!
+# *2 & + &'/'%(.
#,$ '-"!+ - + 0)01',#
)-1'/#,'/)%#-. &'
&'/'%(.0 (2,#-.0
=RUIO2UE':EUgE 3XKIQME9A7/;
?XPEUMR- +(6QWURHXGGMiQ' ,( 2IUIGLREO:IHMR/PFMIQWI ?EQRGRPRXQ2IUIGFR
5XPEQR' -( 3O HEhREPFMIQWEO' .( >IGRQRGMPMIQWR QRUPEWMYR HIOHIUIGLR EOPIHMREPFMIQWI
IQ IO?M7WIPE6QWIUEPIUMGEQR- /( 1RPSIWIQGME HI OE1RUWI6QWIUEPIUMGEQE HI 2IUIGLRV
5XPEQRV' .'*' >IKXOEGMiQ QRUPEWMYE HIOEGRPSIWIQGME HIOE1RUWI 625' .'+' 7XUMVSUXHIQGME
UIOEWMYE E OEGRPSIWIQGME HIOE1RUWI 625' /(-( <SMQMRQIV 1RQVXOWMYEV' 0( 3O =URFOIPEHI
OE4EOWE HICXHMGMEFMOMHEH' 1( /OKXQE7/OWIUQEWMYEVSEUE OE=URGIHIQGME HI OE7XHMGMEOjOEH
HIO2IUIGLREO:IHMR/PFMIQWIIQIO?MVWIPE 6QWIUEPIUMGEQR' 2(7XUMVSUXHIQGME 1RPSEUEHE-
@UMFXQEO 3XURSIRHI 2IUIGLRV5XPEQRV' 3( 1RQGOXVMiQ' *)' 0MFOMRKUEJWE'
! %*.,+'/&&(0*
CTWXZeTWTV\}a T`U\XagT_Xf haT ahXiT VThfTWXi\b_TV\baXfWX
WXeXV[bf [h`Tabf dhX[T&X`XeZ\WbXa_Tf~_g\`Tf WzVTWTf l dhXTVg~T
ZXaXeTaWb ahXibf TUhfbf WXWXeXV[bf l cebYhaW\mTaWb _bflT Xk\fgXagXf(
;hTaWb abf eXYXe\`bfTWXZeTWTV\}a T`U\XagT_&[TU_T`bf WX_bf WT|bf
T_`XW\bT`U\XagXbe\Z\aTWbfcbe VbaWhVgTf ]he{W\VT`XagX eXcebV[TU_Xf
WXcTeg\Vh_TeXf l =fgTWbf(
CTf i\b_TV\baXf T WXeXV[bf [h`Tabf be\Z\aTWTfXa cebU_X`Tf
T`U\XagT_XfeXi\fgXahaT XkgeX`TZeTiXWTWcbedhX fba ZXaXeTWTf cbe
VbaWhVgTf b TVg\i\WTWXf f\fgX`yg\VTfl ab VTfhT_Xf& cbedhX dhXTYXVgTa
TZehcbf WXcXefbaTf b Vb`ha\WTWXf XagXeTf& cbedhX g\XaXaVbag\ah\WTW
Xa X_g\X`cb l XYXVgbf dhX fX `h_g\c_\VTa l geTfV\XaWXa fh be\ZXa&
TYXVgTaWb _bf WXeXV[bf WX_TfZXaXeTV\baXf TVghT_Xf l YhgheTf& l cbedhX
ih_aXeTa `~_g\c_Xf WXeXV[bf [h`Tabf(
!
=k\fgX haT Vbai\VV\}a WXdhX _TWXZeTWTV\}a T`U\XagT_ Xfgy
TYXVgTaWb WXhaT `TaXeT ahXiT _bf WXeXV[bf [h`Tabf VbafTZeTWbf Xa
_T;baiXaV\}a 9`Xe\VTaT?fbUeX<XeXV[bf@h`Tabf& WXU\Wb T_TYbe`T
* BP :aP' AbT]cX]X%GT[PcPaP;b_TRXP[ ST DPRX^]Tb J]XSPb%T] bd X]U^a\T UX]P[b^QaT
\TSX^ P\QXT]cT h STaTRW^bWd\P]^b aTR^]^RT3 mBP_aTbTaePRXu] ST[ QP[P]RT ]PcdaP[%[P
R^]bTaePRXu] ST [P TbcPQX[XSPS ST[ TR^bXbcT\P%[P _aTbTaePRXu]ST [^b aTRdab^b ]PcdaP[Tb%
%"
% D*'*("**( '%77%7"&"7''SN NXQWX
phX Tfh`Xa _bf WT|bf T`U\XagT_Xf&dV Xa ZXaXeT_# ** G #+#+Q+4+++ "[Xc"H%
\eeXiXef\U_Xfl dhX ab f\X`ceX eXfh_gTa Xi\WXagXf(CT X_eeTWTV\}a
T`U\XagT_ TVg~TgT`U\za cebYhaW\mTaWbfXiXeT`XagX i\b_TV\baXf WX
WXepV[bf[h`Tabf lT Xk\fgXagXf&XfgTeX_TV\}aWXZeTWTV\}a T`U\XagT_'
WXeXV[bf[h`Tabf fXXaVhXageTXa gbWbf l VTWThab WX_bf WXeXV[bf
eXVbabV\Wbfcbe X_f\fgX`T \agXeT`Xe\VTab&
CT XkcXe\XaV\TeXVbZ\WTXa X_VT`cb WX_bf WXeXV[bf[h`Tabf
[T WX`bfgeTWb dhX _T`TaXeT WX[TVXe XYXVg\ibf_bf WXeXV[bfXf
ceb`bi\XaWb fh ]hfg\V\TU\_\WTW( =f bcbeghab Vbaf\WXeTeVhy_Xffba _bf
X_X`XagbfdhXcbf\U\_\gTeba TiTamTeXa _T]hfg\V\TU\_\WTW WX_bf WXeXV[bf
[h`Tabf l f\ zfgbf chXWXafXeTc_\VTWbfT_WXeXV[bT`U\XagT_(
=a XfgXfXag\Wb&fheZX X_f\Zh\XagX W\_X`T4vGhXWX_T;begX
AagXeT`Xe\VTaTWX<XeXV[bf @h`Tabf $Xa TWX_TagX& ;A<@ b ;begX
A<@%VbaWXaTeTha =fgTWbcbe i\b_Te X_WXeXV[bTha `XW\b T`U\XagX
fTab8
9 _bf Y\aXf WXWTehaT eXfchXfgT T gT_ceXZhagT&Xf aXVXfTe\b
++& eXT_\mTeha Tay_\f\f eXfcXVgb T _TVb`cXgXaV\T WX_T;A< @ N T _T
abe`Tg\iT i\ZXagX Xa _T`TgXe\T(
,( =_ <XeXV[bT_DXW\b9`U\XagXITab Vb`b ha <XeXV[b
@h`Tab(
<Xageb WXha `TeVb WXWXfTeeb__b fhfgXagTU_X& fXWXUXeXVbabVXe
dhX gbWb Tdhz__b dhX \aY_hlT W\eXVgT`XagXfbUeX X_`XW\bT`U\XagX
gT`U\za TYXVgT T_TVbaW\V\}a[h`TaT& cbe _bdhXWXgXe\beTe X_Xagbeab
pf haT i\b_Tp\}a T_bf WXeXV[bf[h`Tabf(# KaT fbV\XWTWcTeg\V\cTg\iT&
\aib_hVeTWTVba _TVbafXeiTV\}a WX_ `XW\b T`U\XagXl Vba _Tpeb`bV\}a
h WXYXafTWX_bf WXeXV[bf[h`Tabf WXUXeXVbabVXe_TaTl[eTpmT WX
T`Ubf VT`cbf l Vb`ceXaWXe dhX ab fX chXWXcXafTe XgCXe`XW\b
T`U\XagX f\a eX_TV\baTe_bW\eXVgT`XagXVba _TVbaW\V\}a[h`TaT(
-
T] STUX]XcX'kP [P _Ta\P]T]RXP ST[ _[P]TkPcXTaaP Tb X\_aTbRX]SXQ[T _PaP[P VT]TaPRXu]h
_aTbTaePRX^] ST [P eXSPh aT`dXTaTPRRX^]TbdaVT]cTbT] eXacdSST [P TbRP[PPRcdP[ST[
SPt^' P\QXT]cP[ h bd X\_PRc^ T] T[ bTa Wd\P]^' T] bd QXT]TbcPa% T] bd SXV]XSPS% T]
' STUX]XcXeP T] T[ V^RT TUTRcXe^ ST bdb STaTRW^bWd\P]^b Ud]SP\T]cP[Tb'" <Pc\P N^WaP
AbT]cX]X%:TaTRW^b>d\P]^b h CTSX^7\QXT]cT%?]U^a\T <X]P[ST [P GT[PcPaP;b_TRXP[%
E'D'J' :^R' 5'3;&,'>VE&*')..,'.% @d[Xv/%*22-%Fqaa'**0
+'GEC?D7F?9EBEII?h @EG=; :7D?;B I7?BB7DI%9KPMaPI 6VODP =KIJUT DPG
UJH 5P[!QPOHPU% IdRb^]% IWT k]XeTabXch ^U7aXi^]P FaTbb%+)),% ]^cP ,0%_' */'
:7D?;B I7?BB7DI' 5PAN#QPOHPUDN2GWQFDFYDPG ?JH 7PUHS2OHSKFDP6VODP
=KIJUT >YTUHO%HP&GEC?D7 F?9EBEII? l @EG=; :7D?;B I7?BB7DI%9KPN1KPI 6VODP
=NIJUT DPGUJH5PWKSQPOHPU% IdRb^]%IWT J]XeTabXch ^U7aXi^]P FaTbb +)), ]^cP ,1 _
*+, ' " % % '
%#
(_ _ $ 6"(;(;% M
*"k???>"S%! ++++++++++++ AW____&+ ++++++++# ++Q+++Q++* + &+W(fTeeb__ fbV\T_
\ab ha RSKN'%7" F3??%? ++ A Q A++A+++ +#4 QQ++W#+! "W^i\b h_TWbT _Tcebc\T
i\Wp+ [ha Tha4 7G)')))')))7& WO7] %CNK7"77"NSN%7"! )))$ K% % "_ _ WM<OWO'U% MFMMXV' =_ `XW\b T`U\XagX
TW(VhTWbce (VVW#[^VX[ a___ #++Q# 3c?c# c\b <XeXV[b4f\a `XW\b T`U\XagX
TWXVhTWb ab [Tl [*++#++ e ! a\ fbV\XWTW& a\ <XeXV[b( Gbe gTagb&VhTaWb
fX]he\W\Y\VT fh ce gXVV\}afXcebWhVXXa Wbf fXag\Wbf(Gbe ha _TWb&fX
_XeXVbabVXVb`b WXeXV[b[h`Tab b YhaWT`XagT_5l&cbe bgeb&fX
XaVb`\XaWTT _bf GbWXeXf G~U_\Vbf&cTegXWXVhlbf \afgeh`Xagbf fba
_Tf _XlXf&fh VbafXeiTV\}a l ghgX_T(
.
=fgXWXeXV[bg\XaXWbfW\`Xaf\baXf dhXfba fh VbagXa\WbUyf\Vb&
cbe ha _TWbX_WXeXV[bT ceXfXeiTe _Ti\WT\aW\i\WhT_Xa ha Xagbeab
TWXVhTWb5 l cbe X_bgeb&X_WXeXV[bWX_TXfcXV\XT fhUf\fg\e Xa _Tf
ZXaXeTV\baXfYhgheTfXa ha Xagbeab TWXVhTWb( Gbe _b gTagb&fXgeTgTWX
ha WXeXV[bWX_TcXefbaT Vb`b fXeU\b_}Z\Vb&l dhXg\XaXhaT W\`Xaf\}a
fbV\T_h haT W\`Xaf\}a \aW\i\WhT_5l dhX TWX`yf ab f}_b fXeXfge\aZXT_
g\gh_Te\aW\i\WhT_l TVghT_WX_WXeXV[b& f\ab fX ceblXVgT_Tg\gh_Te\WTW
WXXfgXWXeXV[bXa ZXaXeTV\baXfYhgheTf(
/
Gbe _b gTagb&[Tl WbVge\aTe\bf dhX [TU_Ta WX_WbU_XVTeyVgXe
\aW\i\WhT_l Vb_XVg\ibWXXfgXWXeXV[b& _bdhX\`c_\VT&dhX Xa fh W\`Xa'
f\}a \aW\i\WhT_X_WXeXV[bT_T`U\XagX fTab eXfcbaWTT_Ti\aVh_TV\}a
Vba _TfVbaW\V\baXfdhX_Tf#cXefbaTf aXVXf\gTacTeTXk\fg\e&l dhX Xa fh
W\`Xaf\}a Vb_XVg\iTeXfcbaWTT_TVbaVXcV\}aWX_\agXezf c~U_\VbdhX
cebgXZX l dhX Xf Vb`cTeg\Wb cbe _T Vb_XVg\i\WTWdhX W\fYehgTX_
T`U\XagX( CT g\gh_Te\WTWWX_WXeXV[bWXfWX_T WbU_XVbaVXcV\}a
\aW\i\WhT_h Vb_XVg\iT\`c_\VT&WX_T`\f`T `TaXeT&X_XfgTU_XV\`\Xagb
WX`XVTa\f`bf dhX cXe`\gTa fh Xk\Z\U\_\WTW5 Xf WXV\e `XVTa\f`bf WX
cebgXVV\}a\aW\i\WhT_Xfl Vb_XVg\ibf( $&
Gbe Vbaf\Zh\XagX&ab [Tl _hZTeTWhWTf& dhXX_cebU_X`T T`U\XagT_
gbVTW\eXVgT`XagX _Tfi\WTf WX\aW\i\W((Vf&dhXWXUXa XfgTeWXU\WT`XagX
\aYbe`TWbf&cbWXecTeg\V\cTe&gXaXeTVVXfbT XiXagbf dhX \aib_hVeXa
fh T`U\XagX Vb`~a(
. BEF;G;D7 GEI7%:T\TcaX^%B^b STaTRW^bP[ CTSX^ 7\QXT]cT PSTRdPS^h
P bd _a^cTRRXu]%J]XeTabXSPS ST FPsbKPbR^%_'/
/ K7BB;D7H =7ED7% @Tbvb GPUPT[;[ STaTRW^P d] P\QXT]cT bP]^ h
TR^[uVXRP\T]cT T`dX[XQaPS^% HP] 8^aYP%** ST ]^eXT\QaT ST +))+% _'.'
X7HIG?: FJ;DI;H G?7pE%5NHOHPUQTGH4KTFVTKbPDFHSFDGHND5XKIKEKNKGDG
[ 8VTUKFKDEaNKGDG GHN2OEKHPUH R^\^ 4HSHFJQ 6VODPQ% T] CT\^aXPb ST[ HT\X]PaX^
?]cTa]PRX^]P[ b^QaT:TaTRW^b;R^]u\XR^b%H^RXP[Tb h 9d[cdaP[Tb% Fa^VaP\PST9^^_TaPRXu]
b^QaTSTaTRW^b Wd\P]^b CrgXR^&9^\XbXu];da^_TP%CrgXR^%+)).' _' --2&-.)'
%$
9 66** WX*(*'D! "*(*** WXMjQ
HX+ X"** +4QA["Ec " 'Ra^dc[["[*??c"S[[[ ?[[[WX#++_( [T f\ [^ $] "[kAgogW(T#+%
+_+_+++_4A#FIFI \afgeh`Xagbf \__g#+++++ Q$ ++@g+_#@%# @# [T _bZeTW ha eVVabV\'
`\ (ag ha\iVe T_WXgT_WVeV[b&Aa___g$#+T fX[T UTfTWb`yf Xa_TeXg}e\VT
l _TUhXaTib_hagTW dhX Xa _TVk\Z\U\_\_\WTW( =_ WXeXV[b\agXeaTV\baT_
Tea_\XagT_ab [T ceXi\fgb _bf `XVTa\f`bf aXVXfTe\bf cTeT dhX#X_
\hWTWTab chXWT eXV_T`Te _XZT_`XagX X_ Vh`c_\`\Xagb WX_Tf
bU_\ZTV\baXfTfh`\WTf cbe _bf =fgTWbf Xa _bf geTgTWbf \agXeaTV\baT_Xf(
p=agXaWX`bf cbe ]hfg\V\TU\_\WTW T`U\XagT_OESRVMFMOMHEH HI UIGOEPEU
# O(OI****'7jI\ IOPPS(MPMIQWRHI OEVRF(MKEGMR7*IV[ OEUIEOM\EWMiQ HI HIUIGLRVTXI
(***##*** 16 OESURWIGGMiQ HIOPIHMREPFMIQWI'
CT \agXefXVV\}aXageXWbf eT`Tf WX_WXeXV[b\agXeaTV\baT_$_T
3* ?aU\VagT_l _T\agXeaTV\baT_WX_bf WXeXV[bf[h`Tabf% [T WTWbVb`b
+#$#@h_gTWb dhX fX[TU_XWXha rWXeXV[b[h`Tab T ha `XW\b T`U\XagX
@4_++*u& abV\}a dhX \`c_\VT _T\`cbegTaV\T WX_eXVbabV\`\Xagb ab f}_b
*+++* rWXeXV[buf\ab XfcXV\T_`XagXVb`b r[h`Tabu& Tge\Uhgb dhX
[\fg}e\VT`XagX Xfghib _\ZTWbT_TaXVXf\WTWWXfhfgeTXeV\XegbfWXeXV[bf
T_TeU\ge\bWX_ cbWXec~U_\Vb(=a XfgXfXag\Wb&_T;begX A<@[T XkceXfTWb
dhX r (( (_TcebgXVV\}aWX_bf WXeXV[bf[h`Tabf cTegXWX_TTY\e`TV\}a
WX_TXk\fgXaV\TWXV\XegbfTge\Uhgbf\ai\b_TU_Xf WX_TcXefbaT [h`TaT
dhX ab chXWXafXe _XZ{g\`T`XagX`XabfVTUTWbf cbe X_X]XeV\V\bWX_
cbWXec~U_\Vbu
1
(
=_ WXeXV[bT`U\XagT_ h X_WXeXV[bWX_bf WXeXV[bf[h`Tabf
g\XaXachagbf XfXaV\T_Xf Xa Vb`~a dhXcXe`\gXa VeXTeXageXT`Ubf ha
y`U\gb WXVbbcXeTV\}a24
9`UTf W\fV\c_\aTfg\XaXacebYhaWTf eT{VXffbV\T_Xf&f\ U\Xa X_
WXeXV[bWX_bf WXeXV[bf[h`Tabf fX XaVhXageT`yf TY\aVTWbXa _T
VbaV\XaV\TVb_XVg\iT&X_TVX_XeTWb cebVXfb WXWXgXe\bebpXW\b
T`U\XagX XfgyZXaXeTaWbhaT ahXiT rVbaV\XaV\TT`U\XagT_u(
AagXeaTV\baT_\mTV\}a( CT Vb`ha\WTW\agXeaTV\baT_[T Tfh`\Wb
X_Vb`ceb`\fb WXiX_Tecbe X_Vh`c_\`\Xagb WX_bf WXeXV[bf[h`Tabf
h X_eXfcXgbT_`XW\b T`U\XagX( 9 cTeg\eWX_TIXZhaWT?hXeeT DhaW\T_
1 E_X]Xu] 9^]bd[cXeP E9&/(1/' BPTg_aTbXu] [ThTb T] T[ Pac' ,) ST [P 97:>% ST[ 2 ST
\Ph^ ST *21/% HTaXT7 ]a^' /%_qaa' +*
2 H^QaT _PaP[T[Xb\^ T]caT T[ STaTRW^X]cTa]PRX^]P[ ST [^ S aTRW^bWd\P]^b h T[
STaTRW^X]cTa]PRX^]P[ P\QXT]cP[%erPbT 77 9P]RPS^ IaX]SPS %r W FPaP[cT[ ;e^[dcX^]b
^U?]cTa]PcX^]P[ >d\P] GXVWcbFa^cTRcX^] P]S ;]eXa^]\T]cP[ Fa^ c[^] ]S cWT7QbT]RT ^U
GbcaXRcX^]bd_^] cWT;gTaRXbT ^U GTR^V]XiTS >d\P] GXVW[o% ] [T eXbcPST[ ?]bcXcdc^
?]cTaP\TaXRP]^ ST :TaTRW^b >d\P]^b% Da^' *,% ;]Ta^&@d]X^ *22*
00
($#$# U '"77" #K7
_T +!t+a(\}a *"3b[P _b [ l[?SPc[X[[[ $Xf Vb`cXgXaV\T WX_TVb`ha\WTW
\agXeaTV\baT_(Gbe gXTcTegX&ORVYXa}`Xabf WXWXZeTWTV\}a T`U\XagT_
geTfV\XaWXa _TfYebagXeTfcb_{g\VTf&fX eXVbabVXfh Ve{g\VT \aY_hXaV\TXa
_TVbafXeiTV\}a WX_TcTmkU fXZhe\WTW`haW\T_( CTcebgXVV\}aWX_ `XW\b
T`U\XagX fX \agXeaTV\baT_\mT&_TeX_TV\}a=fgTWb'G_TaXgTJ\XeeT fX
Vbai\XegXXa haT ceXbVhcTV\}a WX_TVb`ha\WTW\agXeaTV\baT_(
Ka\iXefT_\mTV\}a(9`UTf eT`Tf WX_ WXeXV[bg\XaWXaT_Tha\iXe'
fT_\mTV\}aWXfh bU]Xgb WXcebgXVV\}a( Cbf WXeXV[bf [h`Tabf fX
ceXfXagTaVb`b ha\iXefT_Xfl _TcebgXVV\}aWX_ `XW\b T`U\XagXTcTeXVX
Vb`b haT eXfcbafTU\_\WTWWXgbWbf(
9iTamTe Xa_TeX_TV\}aXageXWXeXV[bf [h`Tabf h `XW\b T`U\XagX
cbf\U\_\gTe{T\aVbecbeTe T_c_Tab `XW\bT`U\XagT_ce\aV\c\bf pX_y`U\gb
WX_bf WXeXV[bf[h`Tabf gT_XfVb`b _bf XfgyaWTeXf WXab W\fVe\`\aT'
V\}a&_TaXVXf\WTWWXcTeg\V\cTV\}afbV\T_&_TcebgXVV\}aWX_bf Zehcbf
`yf ih_aXeTU_Xf&XgV(( 9_ `\f`b g\X`cb&X_f\fgX`T WXWXeXV[bf[h`T'
abf& fX iXe{T YbegT_XV\Wb cbe _T\aVbecbeTV\}a WX_TgX`yg\VT`XW\b'
T`U\XagT_&dhXcXe`\g\e{TXkgXaWXe X_y`U\gb cebgXVg\ibWX_bf WXeXV[bf
[h`Tabf h ZXaXeTefb_hV\baXf VbaVeXgTfcTeTVTfbf WXTUhfbf!( >\aT_'
' `XagX&haT WX_TfVbafXVhXaV\Tf`yf \`cbegTagXf WXXfgTi\aVh_T'V\}a
Xf _TWXbgbeZTeT_Tfi{Vg\`Tf WXWXZeTWTV\}a T`U\XagT__Tcbf\U\_\WTW
WXTVVXWXe T _TBhfg\V\T5cbf\U\_\gyaWb_XfT _Tf `\f`Tf eXVhee\eTagXX_
`XVTa\f`b WXcebgXVV\}a WX_bf WXeXV[bf [h`Tabf WX_I\fgX`T
AagXeT`Xe\VTab(
=a eX_TV\}aT_b XkchXfgb&_TVe\f\f T`U\XagT_T`XaTmT _Ti\TU\_\'
WTWh VT_\WTW WXi\WTXaX_c_TaXgT& cbe _bdhXX_VTeyVgXe WXYhaWT`XagT_
dhX g\XaXXfgXcebU_X`T Xf \aW\fVhg\U_X( =fgb [T ZXaXeTWbX_VbafXafb
ha\iXefT_ aXVXfTe\bcTeT dhX _TcebgXVV\}a WX_`XW\b T`U\XagX fX
c_TagXTeTXa X_WXeXV[b\agXeaTV\baT_c~U_\Vb(9f\`\f`b& Vb`\XamT( T
eXVbabVXefXXa X_y`U\gb \agXeT`Xe\VTab X_WXeXV[bT ha `XW\b
T`U\XagXfTab Vb`b ha WXeXV[b[h`Tab $cbe X](Teg(++ WX_ GebgbVb_bQ
WXITa IT_iTWbe%(
I\a X`UTeZb&X_TVVXfbT_T]hfg\V\TdhXT~a ab fX[T Vb`c_XgTWb
Xa X_VT`cb WX_WXeXV[bT`U\XagT_\`c\WX fh ]hfg\V\TU\_\WTW h cbe _b
gTagb_Tc_XaTi\ZXaV\Th XY\VTV\T WX_`\f`b( )
3 CXRWPT[ G' 7]STab^]% >d\P] GXVWcb 7__a^PRWTb c^ ;]eXa^]\T]cP[ Fa^cTRcX^]37]
EeTaeXTf X] 7[P] ;' 8^h[T " CXRWPT[G' 7]STab^]% ;Sb'% >d\P] GXVWcb7__a^PRWTb c^
;]eXa^]\T]cP[ Fa^cTRcX^] *&-%+*&+, #*22/$
01
"***("*** 7+)+##++) ) ***(***(
c %
-(' =_ WT|b T`U\XagT_(
9 _bf Y\aXfWXTaT_\mTe _T]hW\V\TU\_\WTW WX_WXeXV[bpg+`XW\b
T`U\XagX&Xf bcbeghab fX|T_TeVhy_Xf fba _bf VTeTVgXeXf ce\aV\cT_XfWX_
SPt^ T`U\XagT_&X_X`XagbaXVXfTe\bcTeT \`chgTe eXfcbafTU\_\WTW
\a gXeaTV\baT_(
=a XfgXfXag\Wb&_bf rWT|bf T`U\XagT_XfuXkVXWXa _T}eU\gTWX_
WXeXV[b V\i\_&=a _T`Tlbe{T WX_bf fhchXfgbf&X_WT|b T_T`U\XagXb
pb T`U\XagT_fXcebWhVXcbe _TeXT_\mTV\}a WXTVgbfdhXaTWTg\XaXa
WXpbfb b Vh_cbfb&f\ab dhXfba gbgT_`XagX_XZ{g\`bf&T]hfgTWbf T_Tf
W\fcbf\V\baXfeXZ_T`XagTe\Tf WX_TTVg\i\WTW l&f\a X`UTeZb&cebWhVXa
haT iTe\TV\}aWX_ [yU\gTgWX_ b WX_bf \aW\i\WhbfdhX\agXZeTaha Zehcb
b Vb`ha\WTW&f\ghTV\}adhXfXgeTWhVX Xa ha WT|b dhXab iT TcbWXe
fXeX]XeV\Wb b VbagX`c_TWbcbe X_WXeXV[b V\i\_(
=_ y`U\gb WX_ rWT|b T`U\XagT_uWXUX fXeT`c_\TWbWX`TaXeT gT_
dhXab f}_b fXTacebgXZ\WTf cbe X_WXeXV[b _TfceXgXaf\baXfUTfTWTf Xa
_Ti\b_TV\}a WXWXeXV[bffhU]Xg\ibf&f\ab dhX gT`U\za TUTedhX_bf
WXab`\aTWbf \agXeXfXf_XZ{g\`bf$dhXfba Tdhz__bf#Xa dhX _Tabe`T
cebgXZXX_\agXezfWX_ \aW\i\Whb&Xai\eghWb XaeTm}aWXfh Vb\aV\WXaV\T
Vba X_\agXezf ZXaXeT_% X\aV_hlXaWbgT`U\za _bf __T`TWbf\agXeXfXf
W\Yhfbf(
=fgbf \agXeXfXf fXVTeTVgXe\mTa rcbe fh fhceT\aW\i\WhT_\WTWu& cbe
_T\aWXgXe`\aTV\}a& _TYT_gT WX_\`\gXf ceXV\fbfXaVhTagbT_T\WXag\Y\VT'
V\}a WX_TfcXefbaTf dhXVb`cbaXa X_Zehcb dhXXfZe\`XgT_Xf \agXeXfXf
b U\XarVb`b TdhX__bf \agXeXfXf dhXab cXegXaXVXa ThaT cXefbaTT\f_TWT
a\ Tha Zehcb(a\g\WT`XagXWX_\`\gTWb WXcXefbaTf h dhXfXeXY\XeXa T
ha U\Xa$_Tg\ff\`b fzafh%\aW\i\f\U_XXa X_fXag\WbWX\afhfVXcg\U_XWX
W\i\f\}a $Tha\WXT_% XaVhTagbTge\Uh\U_Xf TVTWT hab WX_bf\b)XeXeTWbfu( +++
=a _bf\agXeXfXf W\Yhfbf _TcebgXVV\}afXbgbeZTb T`c(p TZehcbf
b Tfh]Xgbf\aWXgXe`\aTWbf ab Vb`b fhVXWX Vba_bfWXeXV[bf fhU]Xg\ibf&
Xa _bf dhXhaT b iTe\Tf cXefbaTf TcTeXVXa Vb`b g\gh_TeXf XkV_hf\ibfh
XkV_hlXagXfWX_bf `\f`bf( Iba \agXeXfXf dhX cXegXaXVXaT _T
Vb`ha\WTW&l cbe gTagb_Tabe`Tg\i\WTWdhXchXWX\aibVTefXab g\XaX
Vb`b bU]Xg\ib_TghgX_T WX_ \agXezfWXha fh]XgbcTeg\Vh_Te f\ab X_\agXezf
ZXaXeT_b U\Xa ZehcT_( Eb [Tl WhWTdhX X_`XW\b T`U\XagX Xf
cXegXaXaV\TWXgbWbf_bf fXeXf[h`Tabf& h hg\_\mTaWb X_VbaVXcgbWX
+* 9^]U' C^aT[[^%7dVdbc^ C! BP STUT]bP ST [^b X]cTaTbTbSXUdb^bh T[ :TaTRW^
Fa^RTbP[%@7%*201&***&,+*%
%' %%
WXb "%"N< ;!'
mX]a"*" 'bRbSXUad ](6 O"e['[W[[n[PXS"3* cX" dhXgbWbWTY\b RPdbPS^T_Xagbeab
b WZeTWTX#a Wt++++ "SX^4Q++U\VagVVbafg\ghlXha WT|b T`U\XagT_(
;baYbe`X Vba XfgTcbf\V\}a& ThadhX WXab`\ayaWb_b WT|b
XVb_}m\VbGXieTabWXY\aX T_WT|bT`U\XagT_W\V\XaWb dhX`IV WRHEOIVXMQ
F " '&
R PIQRVGEFREOHIUIGLR%GXEQHRfVWIVI IQGXIQWUI IZSUIVEPIQWI UIGRQRGMHR &
WUEWeQHRVI HI MQWIUIVIV% PEQHR **)*) IVWeHI IVE PEQIUE&&%TXI WMIQIQWRHRVORV
VIUIVLXPEQRV GRQVMHIUEHRV MQHMXMHXEO R GROIGWMYEPIQWI E TXI ))( VI EOWIUIQHI
PRHR SI^,MOHMeEO NDTGRQHMGMRQIV QEWXUEOIV HI 67MHEb'**
=_ WT|bT_`XW\b T`U\XagXXfXagbaVXfW\Yhfb& geXcT`yf T__yWX
fh VXagebWXbe\ZXa&XfVT_TXa X_g\X`cb f\a gebc\XmbfVba VeXV\XagX
cXeWheTU\_\WTW( CT VbagT`\aTV\}a T`U\XagT_`TeV[T cbe aTgheT_XmT
\afXcTeTU_XWXfh VTeyVgXe XkcTaf\ib&gTagbXa_bgX`cbeT_Vb`b Xa _b
gbVTagXT_XfcTV\bY{f\VbdhX\aiTWX(! (
Cbf WT|bf T`U\XagT_Xf fba&WXbeW\aTe\b& X_eXfh_gTWb WXgbWbha
cebVXfb W\_TgTWb Xa X_g\X`cb4 T%`GRQWMQXEHRVb% be\Z\aTWbf Xa (haT
fhVXf\}a WXTVgbf&WXha `\f`b Thgbeb WXiTe\bf ThgbeXf&Vh`c_\Wbf
Xa zcbVTf W\iXefTf5U%] GH IJIERVSURORQKEHRVb% b dhXcXe`TaXVXaXa X_
g\X`cb&h V%`SURKUI7j7R7b% cebWhV\Wbf cbe haT fXe\XWXTVgbffhVXf\ibf
WXhaT `\f`T cXefbaT b WXcXefbaTf W\YXeXagXf VhlT Vba]haV\}a
cebibVT ha WT|b `Tlbe(
9f\`\f`b& bgebf ThgbeXf ?3X[Ta fX|T_TWb Vb`b VTeTVgXeXf WX_ WT|b
T`U\XagT__bf f\Zh\XagXf4
+( Cbf WT|bf T_`XW\b T`U\XagX&Xa XYXVgb& fba T `XahWb WX
VTeyVgXe `GEWEVWUfJMGEb% [TfgTX_chagb WXdhXXa T_Z~a`b`Xagb fX[T
__XZTWb T_TXdh\cTeTV\}acheTl f\`c_X WXWT|bfcbe VbagT`\aTV\}a h
WT|bf VTgTfge}Y\Vbf b T _TVbaf\WXeTV\}a WX_bf ce\`Xebf Vb`b haT
fhUVTgXZbe{T WX_bf fXZhaWbf(=f V_Teb& ab bUfgTagX& dhXab Xa gbWbf
_bf VTfbfhab l bgeb g\cb WXWT|bf Vb\aV\WXa(
,( ;ba \aWXcXaWXaV\T WXfh VTeyVgXe VTgTfge}Y\Vb& _bf WT|bf T_
`XW\b T`U\XagX fhX_Xa ceXfXagTe hap HMPIQVMeQ `GROIGWMXEb' Cbf
YXa}`Xabf WXVbagT`\aTV\}a TYXVgTa Tha U\XaVb`~a h cebWhVXaT_
++ FThaP]^%='<'%F^]T]RXP P [Pb ?L@^a]PSPbDPRX^]P[TbST :TaTRW^ 9XeX[% CPa ST[
F[PcP%*21,%
+, =EB:;D8;G=% ?bXS^a^>%h 97<<;G7II7% Drbc^a 7'% :Pt^ 7\QXT]cP[ &
Fa^Q[T\qcXRP ST bd STcTa\X]PRXu] RPdbP[%7QT[TS^ FTaa^c%8b' 7b'% +)))% _' +2%
+- 9G;HFE >;GD7D:;N% 7]P% BP aTb_^]bPQX[XSPS RXeX[STaXePSP ST [P
R^]cP\X]PRXu] caP]bUa^]cTaXiP P]cT [P YdaXbSXRRXu] TbcPcP[%;da^[Tg ;SXc^aXP[%*%222%
c(.0).2
03
`Xabf WXYbe`T \aW\eXVgT WT|bf WX`TfT( 9WX`yf&^ f __T`TWbfWTa f
XVb_}Z\Vbf chebf 'VThfTWbf T_`XW\bT`U\XagXXaf{ceXfXagTaf\X`ceX
X_6VTeyVgXe Vb_XVg\ib& Vba _TVbaf\Zh\XagX\afhY\V\XaV\TWX_Tfabe`Tf
WX( _XZ\g\`TV\}aTVg\iTl WX_TfdhXXk\ZXa_TcebWhVV\}aWXha WT|b WX
VTeyVgXe cXefbaT_cTeT_TchXfgTXa `TeV[T WX_TeXfcbafTU\_\WTW(
pp%be bgeb _TWb& _bf WT|bf fXVbaY\ZheTaVba V\XegTYeXVhXaV\T
Vb`b rwHMUIGWEb Vba _TXiXaghT_VbafXVhXaV\TWX_T\agXeehcV\}a WX_
VhefbWX+ VThfT_\WTW I cbegTpgp WX_TbU_\ZTV\}aWXeXcTeTe( 9f{ bVheeX
VhTaWbfX'geTgTWXWTabfXVb_}Z\Vbf chebf&dhXfba Xa gbWbf_bf VTfbf
WT|bf \aW\eXVgbf T_fXeX_`XW\bT`U\XagXha U\XaVb`~a Vhlb cXe]h\V\b
TYXVgT f}_b WXYbe`T \aW\eXVgT T _TVb_XVg\i\WTW( <X _T`\f`T Ybe`T
' %
_bf WT|bf cXefbaT_Xfb cTge\`ba\T_Xf cebWhV\Wbf cbe _TVbagT`\aTV\}a
gT`cbVb fba X_cebWhVgb\a`XW\TgbWX_ TVgb\_\V\gbf\ab VbafXVhXaV\T
WX_ WT|b cebWhV\WbT_U\XaaTgheT_(
=a VbafXVhXaV\T& fXVT_\Y\VT X_WT|b T`U\XagT_Vb`b ha WT|b T
_TfT_hW&ha WT|b Y{f\Vb$ThadhX ab WX`TaXeT XkV_hlXagX&f\ab
TVheah_Tg\iT& Vba WT|bf WXbgeTaTgheT_XmT%& eXceXfXagTWb cbedhX gbWT
TZeXf\}a T`U\XagT_\`cbegT haT W\fiT_\bfT`bW\Y\VTV\}a`TgXe\T_WX_
cTge\`ba\b& ha `XabfVTUb Xa _Tf cbgXaV\T_\WTWXf [h`TaTf& ha
XfgeXV[T`\Xagb b czeW\WTfWXV[TaVXf b XkcXVgTg\iTfi\gT_Xf&haT
W\f`\ahV\}a WX_TTcg\ghWi\gT_ ZXaze\VTWX_Ti{Vg\`T Xk\fgXagXb
cbgXaV\T_&ha cXe]h\V\bdhX cbaX Xa ]TdhXWXeXV[bf cXefbaT_{f\eabf&
\a[XeXagXfT_TcXefbaT&b Tge\UhgbfWX_TcXefbaT_\WTW& f\a iTV\_Tecbe
X__b& Xa Tge\Uh\e_XVTeyVgXe `TgXe\T_&Xa gTagbh Xa VhTagb\`cbegT ha
`XabfVTUb T_T`U\XagXVb`b U\XacTge\`ba\T_ WX_TfcXefbaTf&l cbe
_T`TgXe\T_\WTW `\f`T WX_TaTgheT_XmT& bU]XgbUyf\Vb&WXcebgXVV\}a
WX_ WXeXV[b T`U\XagT_&f\X`ceX Vba _TfhcXe\be Y\aTpTWWXghgX_Te X_
WXfTeeb__b [h`Tab( *- k
IX [T eXVbeWTWb dhXWT|b T`U\XagT_Xf haT XkceXf\}a T`U\iT'
_XagXchXf WXf\ZaTab f}_b X_WT|bdhXeXVTXXaX_cTge\`ba\b T`U\XagT_
dhXXf Vb`~a ThaT Vb`ha\WTW&Xa Vhlb VTfb[TU_T`bf WXr\`cTVgb
T`U\XagT_u&f\ab dhXfXeXY\XeX gT`U\za T_WT|b dhXX_`XW\b T`U\XagX
bVTf\baTWXeXUbgXT_bf\agXeXfXf _XZ{g\`bfWXhaT cXefbaTWXgXe`\aTWT&
VbaY\ZheTaWbha WT|b cTeg\Vh_TedhX TgTVTha WXeXV[bfhU]Xg\ib l
_XZ\g\`TT_WT`a\Y\VTWb cTeTTVV\baTeXa eXV_T`XWXhaT eXcTeTV\}a&
%'9'9Xe' l 9^a]'% BP F[PcP%bP[P *^%*-','.+% mFX]X]XST FraTi R' 9^_Tca^ H'7'o @7%
*22,&***&,/1' "
1*
($ #$ # "(;(; ?
e #ppe\`\Vaeb $%_c"[lc[[c ?c?cTee\`ba\T_ E XkgeTcTge\`ba\T_dhX _X[T
ThfTW (+/
.( HXVbabV\`\Xagbabe`Tg\ib WX_ WXeXV[b T_`XW\b T`U\Xa'
gXXa X_I\fgX`T AagXeT`Xe\VTab(
9 `bWb WX\agebWhVV\}a& Xf WTU_X eXfT_gTe dhXXa X_Vbag\aXagX
T`Xe\VTab&TcXfTeWX_TTWbcV\}aXa +(3.2 WX_T;TegT AagXeaTV\baT_
9`Xe\VTaT WX?TeTag{TfIbV\T_Xf&cXef\fg\} haT _TZhaTXa X_f\fgX`T
\agXeT`Xe\VTabWXcebgXVV\}a& Xa _bdhXfXeXY\XeX T_WXeXV[b T_`XW\b
T`U\XagX&[TfgT _TTWbcV\}aXa +(322 WX___T`TWbGebgbVb_bWXITa
IT_iTWbe(
Cbf \afgeh`Xagbf WX_TFeZTa\mTV\}aWX=fgTWbf 9`Xe\VTabf
fba4
+( +3.2 <XV_TeTV\xa 9`Xe\VTaT WX_bf <XeXV[bf h <XUXeXfWX_
@b`U(eX(
Gbe _TzcbVTWXfh fTaV\}a&XfgTWXV_TeTV\}a ab \aV_hlXXa fh
Teg\Vh_TWb WXeXV[bf h WXUXeXf eXfcXVgb T_`XW\bT`U\XagX(CTceXbVhcT'
V\}a cbe _TcebgXVV\}aWX_ `XW\b T`U\XagXX`c\XmTTfXag\efXTY\aT_Xf
WX_TWzVTWT WX_bf 0*&eXY_X]yaWbfX XaX_WXeXV[b \agXeaTV\baT_ TgeTizf
WXVbaiXa\bf W\e\Z\WbfYhaWT`XagT_`XagXT _TcebgXVV\}a WX_T
Tg`}fYXeTl WX_bf`TeXf( GTh_Tg\aT`XagXfXiT WXfTeeb__TaWb haT ahXiT
i\f\}a WX_ `XW\bT`U\XagX&VXageTWT Xafh VbaY\ZheTV\}a Vb`b ha gbWb
Xa X_dhX&WTWT _T`bi\_\WTWX\agXeWXcXaWXaV\T WX_bf X_X`XagbfdhX
_bVb`cbaXa& _TWXZeTWTV\}a WXha `XW\b eXcXeVhgX& TagXfb WXfchzf&
Xa bgeb(9_ `\f`b g\X`cb&VbUeTYhXemT _TVbaV\XaV\TWXdhXX_XfgTWb
}cg\`b WX_TfVbaW\V\baXf `XW\bT`U\XagT_Xf fba WXgXe`\aTa'gXfcTeT
_TXk\fgXaV\TWX_ [b`UeX( <X XfgTYbe`T Vb`\XamTTZXfgTefXha ahXib
WXeXV[b [h`Tab4 X_WXeXV[b T_`XW\b T`U\XagX&XfgbXf&X_WXeXV[b WX
gbWTf_Tf cXefbaTf l WXgbWbf _bf chXU_bf T W\fYehgTe WXha `XW\b
T`U\XagXfT_hWTU_X TWXVhTWb cTeTfh WXfTeeb__b(
,( +3.2 ;TegT WX_TFeZTa\mTV\}aWX=fgTWbf9`Xe\VTabf(
CTf abe`Tf XVba}`\VTf&fbV\T_Xf l Vh_gheT_Xf WX_T;TegTXa`Xa'
WTWTWX_TF=9 ab gXa{TaVb`b bU]Xgbcebc\T`XagX cebgXZXeb
ZTeTag\mTe WXeXV[bf [h`Tabf& f\ab `yfU\Xa WXgXe`\aTebU]Xg\ibf b
_{aXTfWXVbaWhVgT cTeT_bf =fgTWbf`\X`Uebf Xa XfgXWb`\a\b(
=_ Tegb11 WX]}TU\XegT& T _bf =fgTWbf GTegXfh T _T;b`\f\}a
AagXeT`Xe\VTaT WX<XeXV[bf @h`Tabf& _Tcbf\U\_\WTWWXfb`XgXe y_T
#/ 97<<;G7I?7% Drbc^a 9' =EB:;D8;G=% ?bXS^a^>'% :TaTRW^ P\QXT]cP[ h
STaTRW^ ST[ caPQPY^3R^]U[dT]RXPb% :^RcaX]P BPQ^aP[%;aaT_Pa%])*.+% *221
1+
7 ')7K"'@ 7[77+$#+++++*%'N:77
9fT`U_XT ?XaXeT_WX_TF=9 ceblXVgbf WXGebgbVb_bf vQW] (\baT_bf T
_T;baiXaV\}a& WXYbe`T gT_dhX fXchW\XeTa\aV_h\ecebZeXf\iT`XagX
bgebf WXeXV[bfXa fh f\fgX`T WXcebgXVV\}a(
( -( @303 ;baiXaV\}a 9`Xe\VTaT fbUeX<XeXV[bf @h`Tabf $cTVgb
WXITa Bbfz WX;bfgT H\VT% (
CT;baiXaV\}a 9`Xe\VTaT fbUeX<XeXV[bf @h`Tabf fX_\`\g}( T
W\fcbaXe fh Teg{Vh_b,0 fbUeX X_r<XfTeeb__b GebZeXf\ibu WXXfgbf
WXeXV[bf& cXeb ab [TVXT_hf\pa(XfcXV{Y\VT T_WXeXVpp T_`XW\8 T`U\XagX(
.( g332 GebgbVb_b9W_V_FaT_T _T;baiXaV_Fa 9`Xe_VTaT fbUeX
<XeXV[bf @h`Tabf Xa DTgXe\TWX<XeXV[bf =Vba}`\Vbf& IbV\T_Xfh
;h_gheT_Xf $cebgbVb_b WXITa IT_iTWbe%(
CT TWbcV\}a Xa +(322 WX_GebgbVb_b9W\V\baT_T_T;baiXaV\}a
9`Xe\VTaT fbUeX<XeXV[bf @h`Tabf Xa `TgXe\T WX<XeXV[bf =Vba}'
`\Vbf& IbV\T_Xfl ;h_gheT_Xf&XfcXV{Y\VT`XagXl cbe X_gX`T dhX abf
VbaibVT <XeXV[b T_`XW\b T`U\XagX $cebgbVb_b WXITa IT_iTWbe%
Y\aT[aXagX__Xa}_T_TZhaT[\fg}e\VT dhX cXef\fg{TXa X_f\fgX`T \agXe'
T`Xe\VTab Xa eX_TV\}aT gT_WXeXV[b(
=fgXGebgbVb_beXceXfXag}X_chagb Vh_`\aTagXWXha `bi\`\Xagb
WXVbaV\Xag\mTV\}aXa X_Vbag\aXagXT`Xe\VTab&cTeT_X_bT_TXib_hV\}a
f\`\_Te Xa X_y`U\gb WX_TETV\baXf Ka\WTf l Xa X_f\fgX`T =hebcXb&Xa
ceb WX_TcebgXVV\}a\agXeaTV\baT_`yf XY\VTm WX_bf WXeXV[bfXVba}'
`\Vbf& fbV\T_Xfh Vh_gheT_Xf& l Xa VbafXVhXaV\TWX_WXeXV[bT_`XW\b
T`U\XagX fTab(
=_ `XVTa\f`b VbafTZeTWbcbe X_GebgbVb_beXceXfXag}_b`{a\`b
TVXcgTU_X Xa X_Vbag\aXagXT`Xe\VTab cTeT _TcebgXVV\}a\agXeaTV\baT_
WXgT_XfWXeXV[bf& _b dhXab abf \`c\WX XfcXeTeX_W{TXa dhX fX_bZeTey
_T TWbpV\ca#WXha `XVTa\f`b `Xabf g{`\Wb l `yf YbegT_XV\Wb l
cXeYXVV\baTWb cTeT _TfT_iTZhTeW\T\agXeaTV\baT_WX_pa\f`bf(
IX XfgTU_XV\} pa f\fgX`T WXcXg\V\baXf\aW\i\Wp\a X`UTeZb&
YhXeXfXeiTWbgTa fb_b T _bf( WXeXV[bfVbafTZeTWbfXa _bf Teg\Vh_Tf2
$WXeXV[b WXTfbV\TV\}al _\UXegTW f\aW\VT_% l +- $WXeXV[b T_TXWhVTV\}a%
WX_ GebgbVb_b&Vb`b ha WXab`\aTWbe Vb`~a `{a\`b cTeTT_VTamTe ha
VbafXafb XageX_Tf <X_XZTV\baXfcTeg\V\cTagXf( FgeT i{T WXTVV\}a
ceXi\fgT eXf\W\} Xa _T Ybe`h_TV\}a& cbe cTegX WX_T ;b`\f\}a
AagXeT`Xe\VTaT& WXbUfXeiTV\baXf l eXVb`XaWTV\baXfdhXVbaf\WXeTfXa
cXeg\aXagX_Tf\ghTV\}a WX_bf WXeXV[bf XVba}`\Vbf&fbV\T_Xfl Vh_gheT_Xf
$VbafTZeTWbfXa X_GebgbVb_b%Xa _bf =fgTWbf GTegXf(
=a X_c_Tab fhfgTag\ib&X_GebgbVb_b\aVbecbe} T_f\fgX`T \agXe'
T`Xe\VTab _TcebgXVV\}a WX_WXeXV[bT ha `XW\b T`U\Va eXfTab Xa X_
&!
RMb' !'"'7"7;%7
9gg\Vh_b__ W( VhT_[" O"("3*33 m [' "B" WTcXefbaT g\XaXWXeXV[bT i\i\e Xa ha
?VW\bT`U\XagX fTab l T bagTe Vba fXei\V\bf c~U_\Vbf Uyf\Vbf( ,( Cbf
?pp%gTWbf cTegXfceb`biXeya _TcebgXVV\}a&ceXfXeiTV\}a h `X]beT`\Xagb
WX_`XW\b T`U\XagX(u
/( ;b`cXgXaV\TWX_T;begXAagXeT`Xe\VTaT WX<XeXV[bf
@h`Tabf4
9 _bf XYXVgbf WXWXgXe`\aTe_T]hW\V\T_\WTW WX_ WXeXV[bT`U\XagT_
Xa X_f\fgX`T \agXeT`Xe\VTab(iXf aXVXfTe\bTaT_\mTe_TVb`cXgXaV\T WX
_T;begX A<@( =a XfgXfXag\Wb&_T;baiXaV\}a 9`Xe\VTaT _XVbaY\XeX
haT WbU_XVb`cXgXaV\T&cbe ha _TWb& _T;begX chXWXTgXaWXe Vbafh_gTf
WX_bf =fgTWbf `\X`Uebf WX_TF=9& Tf{Vb`b WXW\iXefbf }eZTabf WX
zfgT&$_hXWXfT[bZTT geTizf WXbc\a\baXf Vbafh_g\iTf&WbgTWTf WXZeTa
YhXemT`beT_&cXeb VTeXagXf WXXY\VTV\T \`cXeTg\iT Xa eX_TV\}aVba X_
Vbafh_gTagXl Vba bgebf =fgTWbf l }eZTabf \agXeaTV\baT_Xf(
Gbe bgeb _TWb& X_ge\UhaT_chXWXVbabVXeWXTfhagbf VbagXaV\bfbf&
Xfgb Xf&_\g\Z\bfbf&dhX _Xc_TagXXa&`XW\TagXWX`TaWT&_bf =fgTWbf
cTegXfXa _T;baiXaV\}a b _T;b`\f\}a AagXeT`Xe\VTaT( IX geTgT& Xa _T
XfcXV\T_&WXVThfTf TU\XegTfT cebc}f\gb WXceXfhagTf i\b_TV\baXf T
WXeXV[bf[h`Tabf eXVbabV\Wbfcbe _T;baiXaV\}a 9`Xe\VTaT( GTeT
dhX bcXeX_TVb`cXgXaV\TVbagXaV\bfTWX_T;begX A<@ Xf ceXV\fbdhX
fXTceXi\T`XagX TVXcgTWT #cbe X_=fgTWb GTegXXa _T;baiXaV\}a& T
geTizf WXhaT WXV_TeTV\}a ZXaXeT_b XfcXV\T_(
JbWbf _bf =fgTWbfT`Xe\VTabf fba `\X`Uebf WX_ f\fgX`T eXZ\baT_
dhXfXVbaVeXgTXa _TFeZTa\mTV\}a WX=fgTWbf9`Xe\VTabf& ZbUXeaTWT
cbe fh VTegTYhaWTWbeT( =`cXeb& ab gbWbf[Ta fhfVe\cgb b eTg\Y\VTWb _T
;baiXaV\}a 9`Xe\VTaT&h cbe X__b[Tl =fgTWbf dhX fX XaVhXageTaT_
`TeZXa WXfhf W\fcbf\V\baXf $f\a cXe]h\V\bWX_TTc_\VTV\}aWX_ ce\aV\c\b
WX_ \hf VbZXaf%( JT_Xf fba _bf f\Za\Y\VTg\ibfVTfbf WX=fgTWbf Ka\Wbf h
;TaTWy( Fgebf =fgTWbf[Ta fhfVe\cgb _T;baiXaV\}a cXeb ab eXVbabV\Wb
_TVb`cXgXaV\TWX_T;begX $Vb`b HXchU_\VT<b`\a\VTaT%( N [Tl bgebf
dhX [Ta WXahaV\TWb_T;baiXaV\}a 9`Xe\VTaT $Vb`b Je\a\WTW l
JbUTZb%&_b VhT_fXgeTWhVX Xa X_XZeXfbWX_ ezZ\`Xa WX_T;begX A<@&
ThadhX ab WX_VbeeXfcbaW\XagXT_T;b`\f\}a(! (
CT Xk\fgXaV\TXa _T;baiXaV\}a WX+303 WX_TV_yhfh_TYTVh_gTg\iT
#0 =7G9?7 G7C?G;N%HTaVX^% 7S\XbXu] ST [P9^\_TcT]RXP 9^]cT]RX^bP ST%[P
9^acT ?]cTaP\TaXRP]PST :TaTRW^b >d\P]^b' ;[ RPb^ ST CrgXR^%T] CrgXR^ h [Pb
:TR[PaPRX^]TbST :TaTRW^b>d\P]^b% CrgXR^%J]XeTabXSPS 7dcu]^\P ST CrgXR^%*'222%
_'*-+&*--'&
&"
h bcV\baT_&Xa eX_TV\}aT_TVb`cXgXaV\TWX_T;begX&chXWX_Tebe\ZXa
T W\iXefTff\ghTV\baXf4
p =a( pe\`pe _hZTe&_TWX_bf =fgTWbfdhXeTg\pdhXab TW[\XeTaT_T
;FaNXp;+*a& I+++XYXVghTe _TfWXV_TeTV\baXf ceXi\fgTf Xa _bf Tegf&./ h
0, WX_\afgeh`Xagb( GTeTX__bf&eXZ\e{T~a\VT`XagX_TVb`cXgXaV\TWX
_T;b`\f\}a A<@ Xa _bf VTfbf VbagX`c_TWbfXaX_Tegb..(
=a fXZhaWb_hZTe&_TWX_bf =fgTWbfdhXeTg\Y\dhXa b TW[\XeTaT
_T;baiXaV\}a h XYXVg~Xa ~a\VT`XagX_TWXV_TeTV\}a ceXi\fgTXa X_Tegb
./& XkV_hlXaWb cbe _b gTagb&_TVb`cXgXaV\TVbagXaV\bfTWX_T;begX(
=a gXeVXe _hZTe&_TWXTdhX__bf=fgTWbfdhXeTg\Y\dhXa b TW[\XeTa
T _T;baiXaV\}a h XYXVg~Xa ~a\VT`XagX_TWXV_TeTV\}a ceXi\fgT Xa X_
Tegb0, $Vb`cXgXaV\TWX_T;begX A<@%(
( CTVhTegTf\ghTV\}afXe{T_TWXTdhX__bf=fgTWbfdhXeTg\Y\dhXab
TW[\XeTaT_T;baiXaV\}a h XYXVg~Xa _TfWXV_TeTV\baXf ceXi\fgTf Xa _bf
Tegf(./ h 0, WX_ GTVgb( GTeTX__bfeXZ\e{T{agXZeT`XagX_bf `XVTa\f`bf
WXVbageb_ceXi\fgbf(
Gb(e_bgTagb&cTeTdhX_T;begX A<@chXWTX]XeVXe fh Vb`cXgXaV\T
VF8gXaV_FfTb V647afh_g\iT& Xf aXVXfTe\bdhX X_=fgTWb cTegX[TlT
eTg\Y\VTWb b TW[XaWbT_T;baiXaV\}a h [TlT TVXcgTWb _TVb`cXgXaV\T
WX_T;begX A<@(
/(+ HXZh_TV\}a abe`Tg\iT WX_TVb`cXgXaV\TWX_T;begX
A<@4
=a _T;baiXaV\}a 9`Xe\VTaT WX<XeXV[bf @h`Tabf& X_Teg(0,(-
pfcpap dhX'_p;begX g\XapVb`cXgXaVp4cTeTV*3pXe WpphT_dh\XeVTfb
eX_Tg\ibT _T`gXeceXgTV\bah Tc_\VT ;_Ta WX_Tf'W\fcbf\V\baXf WXXfgT
;baiXaV\}a dhX_XfXTfb`Xg\Wb&f\X`ceX dhX_bf =fgTWbfcTegXfXa X_
VTfb[TlTa eXVbabV\Wbb eXVbabmVTa W\V[TVb`cXgXaV\T&cbe WXV_TeT'
V\}a XfcXV\T_& Vb`b fX\aW\VTXa_bf\aV\fbf TagXe\beXf& b cbe VbaiXaV\}a
XfcXV\T_(
=a X_=fgTghgbWX_T;begX A<@&fXXkceXfTXa X_Tegb, dhX _T
;begX X]XeVXYhaV\}a ]he\fW\VV\baT_l Vbafh_g\iT4 +( Ih YhaV\}a
]he\fW\VV\baT_ fXe\ZXcbe _TfW\fcbf\V\baXfWX_bf Teg{Vh_bf 0+&0, M 0-
WX_T;baiXaV\}a( ,( Ih YhaV\}aVbafh_g\iTfXe\ZXcbe _TfW\fcbf\V\baXf
WX_Teg{Vh_b 0. WX_T;baiXaV\}a(
Gbe Vbaf\Zh\XagX&_TVb`cXgXaV\TWX_T;begX A<@ Xf X`\aXagX'
`XagX ]he\fW\VV\baT_( J\XaX geXf YhaV\baXf4 +%;bagXaV\bfT5 ,%
&#
T afh_g\iT5 p%aO*"SX_T(( cebi\f\baT_Xf(
=a XfgXfXag\Wb&_T;begX A<@ Xf&TagXgbWbl ce\aV\cT_`XagX&
haT \afg\ghV\}a ]hW\V\T_ Thg}ab`T dhX g\XaXVb`cXgXaV\TcTeTWXV\W\e
VhT_dh\XeVTfbVbagXaV\bfbeX_Tg\ibT_T\agXeceXgTV\}a h Tc_\VTV\}aWX
_T;baiXaV\}a& l cTeT W\fcbaXe dhX fXZTeTag\VXT _Ti{Vg\`T WX_T
i\b_TV\}a WXha WXeXV[bb _\UXegTWcebgXZ\Wbfcbe zfgT&X_ZbVXWX_
WXeXV[b b _\UXegTW VbaVh_VTWbf $Teg{Vh_bf 0, h 0- WX_T;baiXaV\}a h
Teg{Vh_b + WX_ =fgTghgbWX_T;begX%(
=a XfgXfXag\Wb&_T;begX A<@&}eZTab Vba `Tlbe cbWXe
Vba`\aTgbe\b cTeTZTeTag\mTe _TXYXVg\iT Tc_\VTV\}aWX_T;baiXaV\}a!5
[T _\`\gTWb fh Vb`cXgXaV\TcTeT WXV_TeTe i\b_TV\baXf WXWXeXV[bf
[h`Tabf f}_b T_bf ceXi\fgbf Xa W\V[b\afgeh`Xagb&ThadhX WX]TaWb T
fT_ib dhXchXWX\agXeceXgTe gT_Xf WXeXV[bf T_T_hmWX_bdhXW\fcbaZTa
bgebf WbVh`Xagbf \agXeaTV\baT_Xf5 ThadhX ab fXeXY\XeTa XfcXV{Y\VT'
`XagX TWXeXV[bf [h`Tabf& cXeb VbaV\XeaTaTfh cebgXVV\}ah ThadhX
ab fXTa WXTdhX__bf\afgeh`Xagbf cebc\T`XagX W\V[bf( $cbe X]X`c_b&
_T;baiXaV\}a WXL\XaT fbUeXHX_TV\baXf ;bafh_TeXf' bU]XgbWXfh
Fc\a\}a ;bafh_g\iT a*+0%(
Gbe _bgTagb&X_I\fgX`T \agXeT`Xe\VTabeXVbabVXdhX_bf geTgTWbf
h _bf f\fgX`Tf WXcebgXVV\}afba W\ay`\Vbf&cbe _b VhT_TVXcgT_T
aXVXf\WTW WXeXVhee\eTbgebf \afgeh`Xagbf cTeT_T\agXeceXgTV\}a& T~a
VhTaWbXfgbf ab fXTacTegXWX_ I\fgX`T( AH
Gbe Vbaf\Zh\XagX& XfgXge\UhaT_\agXeceXgTdhXXkV_h\e& Tce\be\&WX
fh Vb`cXgXaV\TVbafh_g\iT geTgTWbf \agXeaTV\baT_Xf dhX bU_\ZhXa&T
=fgTWbfT`Xe\VTabf&Xa `TgXe\Tf VbaVXea\XagXf T_TcebgXVV\}aWX_bf
WXeXV[bf[h`Tabf& Vbafg\gh\e{ThaT _\`\gTV\}a T _Tc_XaTZTeTag{TWX
_bf `\f`bf& XaVbageTW\VV\}a Vba _TfeXZ_Tf VbafTZeTWTf cbe X_Teg\Vh_b
,3(U%(+p
<X XfgT`TaXeT&ab VTUXWhWTf dhX_T;begX A<@ f}_b VbaWXaT
Tha =fgTWbcbe i\b_TV\baXfT_bf WXeXV[bf [h`Tabf VbafTZeTWbf Xa_T
;baiXaV\}a 9`Xe\VTaT l T_bf dhXXkceXfT`XagXXfgTU_XVX X_GebgbVb_b
WXITa IT_iTWbe(
#1 E_X]Xu] 9^]bd[cXeP E9&*(1+% +-! ST bTcXT\QaT ST *21+% mEca^b IaPcPS^bo ^QYTc^
ST [P Ud]RXu] R^]bd[cXeP ST [P R^acT #Pac' /- 9^]eT]RXu] 7\TaXRP]P b^QaT :TaTRW^b
>d\P]^b$% FPaa^++'
#: 9^acT ?:>% 9Pb^ 9^\d]XSPS ?]SsVT]P M PZhT7gP eb' FPaPVdPh%bd_aP ]^cP -,%
_qaab' *+.%*+04 E_X]Xu] 9^]bd[cXeP E9&*(1+% bd_aP ]^cP -/% _qaa' -,' "
#3E_X]Xu] 9^]bd[cXeP E9&*(1+% bd_aP ]^cP -0%FPaa'-+'
&$
I\a X`UTeZb&_T;begX A<A' [T eXVhee\WbXa eX\gXeTA@X $% +Atq]F__">
Tbgebf \afgeh`Xagbf \agXeaTV\baT_Xf ab f}_b T_bf Y\aXfWX\agXeceXgTV\}a
f\ab gT`U\za T _bf Y\aXfWX\agXZeTV\}aWX_T;baiXaV\}a 9`Xe\VTaT(
1RQ _X'VhT_&f\ U\Xa ab [T X]XeV\Wb fh( V$%apcXpXpV\T( pbagpaV\bfT pbUeX
$_dhV_wbf WXeXV[bffbUeX_bf dhX ab g\XaX]he\fW\VV\}a&I_ [T eXT_\mTWb
haT \agXZeTV\}aWXTdhX__bfWXeXV[bfab ]hfg\V\TU_Xf cbe _T;A<@ Vba
TdhX__bfdhX f{_b fba( 9 `bWb WXX]X`c_b&chXWX`XaV\baTefX X_VTfb
L\__TZeyaDbeT_Xf VbageT?hTgX`T_T&WbaWX_T;A<@ fX|T_}4 rJTagb _T
;baiXaV\}a 9`Xe\VTaT Vb`b _T;baiXaV\}a fbUeX_bf <XeXV[bf WX_
E\g+* Ybe`Ta cTegXWXha `hl Vb`ceXaf\ib GRUSXVNXUMV MQWIUQEGMRQEO WX
cebgXVV\}a WX_bf a\|bf dhX WXUXfXei\e T XfgT;begX cTeT Y\]TeX_
VbagXa\Wbl _bf T_VTaVXf WX_TW\fcbf\V\}a ZXaXeT_WXY\a\WT Xa X_Teg{Vh_b
+3 WX_T;baiXaV\}a 9`Xe\VTaTT!
=a VbafXVhXaV\T&[Tl abe`Tf WX_GebgbVb_b WXITa IT_iTWbe
dhX _T;begX Tc_\VTeyW\eXVgT`XagX& Vb`b ab Tc_\VTeyW\eXVgT`XagX&
cXeb dhXcbWeya fXei\e cTeT_T\agXeceXgTV\}aWXW\fcbf\V\baXf WX_ GTVgb
WXITa Rbfz Xa gX`Tf dhX fX [T__Ta T `XW\T i{T XageX_bf WXeXV[bf
V\i\_Xf l _bf WXeXV[bffbV\T_Xf&b dhX cTeg\V\cTa WX_TaTgheT_XmTWX
T`Ubf& Vb`b _TcebgXVV\}aWX_TYT`\_\T$Teg(+/%& WXeXV[bfWX_Ta\|Xm
$Teg(+0%& T`Ubf gX`Tf fX [T__Ta`Tf T`c_\T`XagX WXfTeeb__TWbf Xa X_
Gebg(aVb+b& WX_ dhX_T;begX chXWXbUgXaXeX_X`Xagbf WX\agXeceXgTV\}a
cXeg\aXagXfT _T[beT WXTc_\VTe_T;baiXaV\}a(
<XfWX_hXZb&aTWTWXXfgb \`c_\VT dhX X_ge\UhaT_cbaZT Xa
`bi\`\Xagb fh \`TZ\aTV\}a l T_gXeX _bf _\egXT`\XagbfWX_T;baiXaV\}a&
f\a cTfTe cbe _Tf\afgTaV\Tf abe`Tg\iTf Ybe`T_Xf(Eb fXgeTgT& Xa fh`T&
WXreXYbe`Teu X_gXkgbWXTdhz__T&f\ab WXWXfTeeb__Te _Tf WXV\f\baXf
]he{W\VTf!WX_ beWXaT`\Xagb cTeT dhX `TagXacT f%_rVTcTV\WTWWX
eXfchXfgTu YeXagXT f\ghTV\baXf dhX _bf ThgbeXyWX_ \afgeh`Xagb ab
ghi\Xeba T_Ti\fgT&cXeb dhX \`c_\VTa VhXfg\baXfXfXaV\T_`XagX\ZhT_Xf
T _Tf Vbaf\WXeTWTf Xa XfTabe`Tg\iT& Y dhX geTXaVbaf\Zb cebU_X`Tf
XfcXV{Y\Vbf l eXdh\XeXafb_hV\baXf chaghT_Xf&XkgeT{WTf& cbe fhchXfgb&
WX_bf iT_beXf&ce\aV\c\bf l abe`Tf Xa i\Zbe(!
/(,( Bhe\fcehWXaV\T eX_Tg\iTT _TVb`cXgXaV\TWX_T;begX
%#$
;AQIF :(9=E9
CT;begX A<@[T Vbaf\WXeTWb dhXf\ U\Xag\XaXT`c_\Tf YTVh_gTWXf
,* 9?:> 9Pb^ KX[[PVaq] C^aP[Tb%HT]cT]RXP ST *2 ST D^eXT\QaT ST *222'
,+ K^c^ aPi^]PS^ ST[ @dTi HTaVX^=PaRsP GP\XaTi _PaP[P HT]cT]RXP SXRcPSP_^a [P
9^acT>a[&[ T] T[ 9Pb^ 9[PdST GThTb h Eca^b eb' 9WX[T' bd_aP ]^cP -.'
10
cTeT Vbab# &! AgA i\b_5q XEU* "*- T Abf WXeXV[bf[h`Tabf& XfgTf ~_g\`Tf
WXUXa eXYXe\efX p_AFg\g\ #+## ([bf T`cTeTWbf cbe _T;baiXaV\}a& XkVXcghT'
Wbf _bf VTfbf Xa daX bgeb \afgeh`Xagb \agXeaTV\baT_&eTg\Y\VTWb cbe X_
=fgTWb&_XVbaY\XeTVb`cXgXaV\T cTeT VbabVXe WXi\b_TV\baXf T _bf
WXeXV[bfcebgXZ\Wbfcbe XfX`\f`b \afgeh`Xagb(
=a XfgXVTfb&_T;begX ab chWb Tc_\VTeX_GebgbVb_bWXITa IT_iT'
WbecbedhX T_g\X`cb Xa VAhXfXcebWh]Xeba _bf [XV[bf&X_=fgTWbTha
ab [TU{TeTg\Y\VTWb XfX\afgeh`Xagb& f\a X`UTeZb&_T;begX XkT`\a} _T
_\UXegTWWXTfbV\TV\}a Xa eX_TV\}aVba _T_\UXegTWf\aW\VT_& l cTeT X__b
\aibV} Vbaf\WXeTV\baXf cebiXa\XagXf WX_bf \afgeh`Xagbf WX_TFAJ N
WX_Tf eXfb_hV\baXf WXXfgTbeZTa\mTV\}a&T Y\a WXbgbeZTe_X`Tlbe
T`c_\ghW l WXgT__X T_Teg(+0 Xa UTfXT_Tegb2 WX_GebgbVb_b&X_VhT_ab
XeTTc_\VTU_XXa XfgXVTfb cTeg\Vh_Te(
;9IF C9I G9CD=M9I
=a XfgXVTfb&_T;begX A<@XkceXf}dhX_T;baiXaV\}a 9`Xe\VTaT
Xf ha geTgTWb \agXeaTV\baT_fXZ~a X_VhT__bf =fgTWbf GTegXffXbU_\ZTa
T eXfcXgTe_bf WXeXV[bfh _\UXegTWXf eXVbabV\WbfXa X__Tl T ZTeTag\mTe
fh X]XeV\V\bT gbWTcXefbaT fh]XgTT fh ]he\fW\VV\}a(CT ;baiXaV\}a
ceXiz _TXk\fgXaV\TWXhaT ;begX AagXeT`Xe\VTaTcTeT rVbabVXe WX
VhT_dh\XeVTfbeX_Tg\ibT_T\agXeceXgTV\}ah Tc_\VTV\}auWXfhf W\fcbf\V\b'
aXf $Teg{Vh_b0,(-%(
;hTaWb ha =fgTWb Xf GTegXWX_T;baiXaV\}a 9`Xe\VTaT h [T
TVXcgTWb _TVb`cXgXaV\TWX_T;begX Xa `TgXe\T VbagXaV\bfT&fXWT_T
cbf\U\_\WTWWXdhX zfgTTaT_\VX_TVbaWhVgTWX_=fgTWbcTeTWXgXe`\aTe
f\ _T`\f`T fX[T T]hfgTWbb ab T_TfW\fcbf\V\baXf WXTdhX__T;baiXa'
V\}a T~a VhTaWb_TVhXfg\}a [TlT f\Wb WXY\a\g\iT`XagXeXfhX_gTXa X_
beWXaT`\Xagb ]he{W\Vb\agXeab( CT ;begX Xf Tf\`\f`b Vb`cXgXagXcTeT
WXV\W\e f\ VhT_dh\Xeabe`T WX_WXeXV[b\agXeab b \agXeaTV\baT_Tc_\VTWT
cbe ha =fgTWb&Xa g\X`cbf WXcTmb W( VbaY_\Vgb Te`TWb&XfVb`cTg\U_X
b ab Vba _T;baiXaV\}a 9`Xe\VTaT( =a XfgTTVg\i\WTW_T;begX ab
g\XaXa\aZ~a _{`\gXabe`Tg\ib4 gbWTabe`T ]he{W\VTXf fhfVXcg\U_XWX
fXe fb`Xg\WT T(XfgXXkT`Xa( WX(Vb`cTg\U\_\WTW(
<X _T;baiXaV\}a 9`Xe\VTaT fX WXfceXaWX& Vba gbWTV_Te\WTW&
dhX X_cebVXW\`\Xagb\a\V\TWbXa VTfbf VbagXaV\bfbf TagX_T;b`\f\}a
dhXVh_`\aX XahaT WX`TaWTTagX_T;begX&WXUXeXYXe\efX ceXV\fT`XagX
T_bf WXeXV[bfcebgXZ\Wbfcbe W\V[T;baiXaV\}a $Teg{Vh_bf --&..& .2(+
N.2%( IX XkVXcg~TaWXXfgTeXZ_T& _bf VTfbf Xa dhX bgeT;baiXaV\}a&
11
eTg\Y\VTWT cbe X_=fgTWb&VbaY\XeXVb`cXgXaV\T T _T;b`\f\}a T _T
;begX AagXeT`Xe\VTaTfcTeT VbabVXe WXi\b_TV\baXf WX_bf WXeXV[bf
cebgXZ\Wbfcbe W\V[T;baiXaV\}a& Vb`b& cbe X]X`c_b&_T;baiXaV\}a
pe\VTaT fbUeX<XfTcTe\V\}a >bemTWTWXGXefbaTf(>
;9IF AL;@=H :HFEIJ=AE (
=a XfgXVTfb&FTav dh\fb eXg\eTefh WXV_TeTV\}a WXeXVbabV\`\Xagb
WX_TVb`cXgXaV\TVbagXaV\bfTWX_T;begX&cbe _bVhT__T;begX XkceXf}
dhXXfX__T `\f`T& Vb`b gbWb}eZTab Vba Vb`cXgXaV\Tf]he\fW\VV\baT_Xf&
dh\Xa g\XaXX cbWXe\a[XeXagXWXWXgXe`\aTeX_T_VTaVXWXfh cebc\T
Vb`cXgXaV\T #GRPSfWIQE-HI OEcaRQWSfWIUWGI(8RPSIWIQ\&8RPSIWIQ\$ ' CT ;begX
ab chXWXTUW\VTe WXXfgTceXeebZTg\iT&dhX TWX`yf Xf ha WXUXe dhX
\`cbaX _T;baiXaV\}a 9`Xe\VTaT&cTeTX]XeVXe fhf YhaV\baXf fXZ~a X
Teg{Vh_b0,(- WX_T`\f`T( =a X_YhaV\baT`\Xagb WX_f\fgX`T WX
cebgXVV\}aVbafTZeTWbXa _T;baiXaV\}a 9`Xe\VTaT&eXi\fgXcTeg\Vh_Te
\`cbegTaV\T _TV_yhfh_TYTVh_gTg\iTWXTVXcgTV\}aWX_TVb`cXgXaV\T
VbagXaV\bfTWX_T;begX _agXeT`Xe\VTaT( 9_ fb`XgXefX T XfTV_yhfh_T
dhXWTX_=fgTWbi\aVh_TWbT_T\agXZe\WTWWX_T;baiXaV\}a& l Vb`ceb'
`Xg\Wb cbe Vb`c_Xgb Vba _TZTeTag{TWXcebgXVV\}a\agXeaTV\baT_WX
_bf WXeXV[bf[h`Tabf VbafTZeTWTXa W\V[T;baiXaV\}a( =_ =fgTWb
GTegXf}_b chXWXf&hfgeTXefX T _TVb`cXgXaV\T WX_T;begX `XW\TagX_T
WXahaV\TWX geTgTWbVb`b ha gbWb(
LACCQ?H9E DFH9C=I
vCT;begX chXWXTc_\VTe _T;baiXaV\}a fbUeX<XeXV[bf WX_ E\|b8
=a XfgXVTfb&_T;begX XkceXf} dhX gTagb _T;9<@& Vb`b _T
;baiXaV\}a fbUeX_bf WXeXV[bfWX_a\|b& Ybe`Ta cTegXWXha ;bechf
AheX\agXeaTV\baT_WXcebgXVV\}aWX_bf a\|bf dhXWXUXfXei\e T_T;begX
cTeT Y\]TeX_VbagXa\Wbh _bf T_VTaVXf WX_TW\fcbf\V\}a Wp+O_+3 WX_T
;9<@( Q
CT ;baiXaV\}a WX_E\|b Vbag\XaXW\iXefTf W\fcbf\V\baXf dhX
chXWXaTeeb]Te_hm&Xa VbaXk\}a Vba X_Tegb+3 WX_T;9<@ fbUeX_T
VbaWhVgTdhX X =fgTWb WXU\}[TUXe bUfXeiTWb TagX_T`\f`T( Ihf
abe`Tf cXe`\gXa ceXV\fTe_bf T_VTaVXf WX_Tfr`XW\WTfWXcebgXVV\}au
TdhX T_hWXX_Tegb+3 WX_T;9<@( CT ;begX XagXaW\}gohXX_WXeXV[b
,, ;] [^b RPb^bFP]XPVdPC^aP[Tbh^ca^b HT]cT]RXPST1 ST\Pai^ ST*221' HTaXT
9 D^' ,0%cyee( *,/ h KX[(PVaq] C^aP[Tbh ^ca^b' HT]cT]RXPST *+ ST ]^eXT\QaT ST *222'
HTaXT9 D^' /,% _qaa%+.+%[P9^acTSTR[Pau[PeX^[PRXu] ST [P9^]eT]RXu] ?]cTaP\TaXRP]P
_PaPFaTeT]Xah HP]RX^]Pa [P I^acdaP%[P RdP[ PcaXQdhTR^\_ c ]R[P P [P 9^\XbXu]
?]cTaP\TaXRP]PST :TaTRW^b>d\P]^b'
01
'$ #$ '&"7";7;%'
T _Ti\WT $Teg(. WX_T;9<@% ab fb_b TUTeVT (_TbUpZTV\}a Xp4TgT_ WX
TUfgXaXefXWXce\iTe T haT cXefbaT WX_Ti\WT&I+++* pT`U_Xa&haT
WXgXe`\aTWTbU_\ZTV\}aWXZTeTag\mTeVbaW\V\baXfWXi\WT W\ZaTf&Xf
WXV\e X_WXeXV[b T_Ti\WTXfXagXaW\Wb Vb`b ha WXeXV[bdhXfXeX_TV\baT
Vba _TVT_\WTW WXi\WT(
;FDKEA<9< D9N9?E9 $IKDF% 9Q&)9IJAE?EA
CT ;begX gb`} T_ZhaTf Vbaf\WXeTV\baXfWX_<XeXV[b AaW{ZXaT
eXVbb\WbXa _T;bafg\ghV\}a cb_{g\VTWXE\VTeTZhT&XkceXfTaWbdhX X_
`XVTa\f`b WXWX_\`\gTV\}a& WX`TeVTV\}ah g\gh_TV\}aWX_Tfcebc\XWTWXf
WX_Tf Vb`ha\WTWXf TYXVgTWTf& WXU{TfXe TVbeWXVba X_<XeXV[b
VbafhXghW\aTe\b&(_bf iT_beXf&hfbf l Vbfgh`UeXf WXzfgTf(
C9I G9CD=H9I';9EO9<F ' LFJF H9OFE9<F
@Tl&f\a X`UTeZb&haT W\fgTaV\TXageXX_eXYXepWb X]XeV\Vpb W(X
\agXeceXgTV\}a& ' \aV_h\WTTdh{_T\agXeTVV\}a\agXeceXgTg\iT& h _TES(OI1(1ORQ
WX_Tabe`Tg\iT \agXeaTV\baT_WXcebgXVV\}a WX_bf WXeXV[bfWX_T
cXefbaT [h`TaT& XfgTaWb_T;begX [TU\_\gTWTT \agXeceXgTeh ESOMGEU _T
;baiXaV\}a 9`Xe\VTaT fbUeX<XeXV[bf @h`Tabf $=fgTghgbWX_T;begX&
Teg{Vh_b+%(
/(-( Fc\a\baXf ;bafh_g\iTf
bVh'\
=a XfgTbc\a\}a Vbafh_g\iT&_T;begX XkT`\a} _pceXZh8gTc_TagXT'
WTcbe X_?bU\Xeab WX_ GXe~&phXVbaf\fg{TXpWXgXe`\aTeVhT_Xf geTgTWpf
fX XaVhXageTa WXagebh VhT_XfYhXeTWX_y`U\gb WX_Tpb`cXgXaV_T
Vbafh_g\iT WX_T;begX&fXZ~a dh\zaXf fXTa _TfcTegXfXa W\V[bgepgTWb(
=_ Ve\gXe\b`yf Xfge\VgbWX\agXeceXgTV\}a VbaWhV\e{TT Vbaf\WXeTe
Vb`ceXaW\Wbf Xa _TWXY\a\V\}aWX_Teg{Vh_b0. WX_T;b84'XaV\}a (f}_b T
_bf geTgTWbf TWbcgTWbf WXagebWX_ `TeVb8 UT]b_bf Thpc_;_bf WX_ f_pgX`T
\agXeT`Xe\VTab&=_ Ve\gXe\b`yf T`c_\b& Xa VT`U\b& XkgXaWXe{T _Tf
YhaV\baXf WX_T;begX [TfgT TUTeVTegbWb geTgTWbVbaVXea\XagXT _T
cebgXVV\}a WX_bf WXeXV[bf[h`Tabf WX_VhT_fXTa cTegXhab b `yf
=fgTWbf T`Xe\VTabf(
Ka ce\`Xe Zehcb WX_\`\gTV\baXf fXWXe\iTWX_TV\eVhafgTaV\TWX
dhX _T;begX XfgyVbaVXU\WT Vb`b haT \afg\ghV\}a ]hpV\T_ WX_f\fgX`T
\agXeT`Xe\VTab(9 XfgXeXfcXVgb&VTUXWXfgTVTe dhX Xf BhfgT`XagXXa fh
YhaV\}a Vbafh_g\iT&dhX fXcbaX WXeX_\XiXX_cTcX_WXXfgXge\UhaT_&ab
f}_b WXagebWX_T;baiXaV\}a& f\ab gT`U\za WXagebWX_f\fgX`T Xa fh
Vba]hagb( =fX cTcX_fX`Ta\Y\XfgT&eTg\baX`TgXe\TX&Xa _TVb`cXgXaV\T
13
9 OEUO` )"0!C#7"N7NSN )))'))))
dhX fXeXVbabVXT _T;begX cTeT\agXeceXgTe _E?" i\a #"X[[[>[S[Xe3? )*"*")333
geTgTWbf \agXeaTV\baT_Xf W\YXeXagXf WX_T;baiXaV\}a5 l&TW#gangf&eTg\baX
cXefbaTX&Xa _TYTVh_gTW WXVbafh_gT&6_hXfXXkg\XaWX T gbWb=fgTWb
D\X`Ueb WX_TF=9&ThadhX ab fXTcTegXWX_T;baiXaV\}a(
CTYhaV\}aVbafh_g\iTWX_T;begX ab chXWXWXfi\aVh_TefXWX_bf
cebc}f\gbf WX_T;baiXaV\}a( <\V[T YhaV\}a g\XaXcbe Y\aT_\WTW
VbTWlhiTeT_Vh`c_\`\Xagb WX_Tf bU_\ZTV\baXf \agXeaTV\baT_Xf WX_bf
=fgTWbfT`Xe\VTabf Xa_bdhXVbaV\XeaXT_TcebgXVV\}aWX_bf WXeXV[bf
[h`Tabf& Tf{Vb`b T_Vh`c_\`\Xagb WX_TfYhaV\baXfdhXXaXfgXy`U\gb
pXpX(a QppphpWpf_8f W\fg\agbp}eZTabf WX_TF=9( =f bUi\b phX pbWT
IF_\;+gKKRp%c_+++*a Vbafh_g\iTdhX fXTcTegXWXXfXY\aWXU\_\gTe{T X_
f\fgX`T WX_T;baiXaV\}a l WXfaTgheT_\mTe{T _TVb`cXgXaV\TVbafh_g\iT
WX_T;begX(
=a VbafXVhXaV\T& _T;begX f}_b chXWXVbabVXe&WXagebWXfh
YhaV\}a Vbafh_g\iT&fbUeX_T\agXeceXgTV\}aWXgeTgTWbf Xa dhX Xfgz
W\eXVgT`XagX \`c_\VTWT_TcebgXVV\}aWX_bf WXeXV[bf [h`Tabf Xa ha
=fgTWb D\X`Ueb WX_f\fgX`T \agXeTeaXe\VTab(Gbe bgeT cTegX&Xf
\aTW`\f\U_XgbWTfb_\V\ghW& WXVbafh_gTdhX VbaWhmVTT WXfi\eghTe_T
]he\fW\VV\}aVbagXaV\bfTWX_T;begX&b XaZXaXeT_& TWXU\_\gTe b T_gXeTe
X_f\fgX`T ceXi\fgb cbe _T;baiXaV\}a& WX`TaXeT dhX chXWTaiXefX
`XabfVTUTWbf_bf WXeXV[bf WX_Tfi{Vg\`Tf WXXiXaghT_Xf i\b_TV\baXf
WX_bf WXeXV[bf [h`Tabf( Gbe ~_g\`b&_T;begX [T WXVbaf\WXeTe _Tf
V\eVhafgTaV\Tf WXVTWTVTfb&l f\ cbe eTmbaXfWXgXe`\aTagXf VbaV_hlX
dhXab fXe{Tcbf\U_XX`\g\e _Tbc\a\}a fb_\V\gTWT f\a i\b_XagTeXfbf _{`\gXf
l WXfaTgheT_\mTe fh YhaV\}a Vbafh_g\iT&fX TUfgXaWeyWXeXfcbaWXe_T
cbe WXV\f\}a\a}g\iT&
F; Es . ( &db % &3[[ &
&=a( XfgTbc_+++ba& _T;begX XkceXfbdhXX_rfXag\WbVb`XagXuWX
pbf gXe``bf ab chXWXfXe haT eXZ_Tcbe f{ `\f`T f\ab dhX WXUX
\aib_hVeTefXWXagebWX_ VbagXkgbl&Xa XfcXV\T_& WXagebWX_ bU]Xgbl Y\a
WX_ geTgTWb( Gbe X__bV\g}T_T;begX AagXeaTV\baT_ WXBhfg\V\T& _TVhT_& Xa
fh Fc\a\}a ;bafh_g\iT fbUeX_T;b`cXgXaV\T WX_T9fT`U_XT ?XaXeT_
cTeT_T9W`\f\}a WXha =fgTWbXa _TfETV\baXf Ka\WTf P;b`cXgXaVX
bYg[X?XaXeT_9ffX`U_l Ybeg[X9W`\ff\ba bYT IgTgXgb g[XKa\gXW
ETg\88f&9pi\f8el Fc\a\8a& C;(R( HXcbegf +3/*&cyZ( 2RceXV\f}dhX_T
YhaV\}aWX_ \agXeceXgX XfgTXaWXeXmTWT rTWTeXY\VT\TT_TfW\fcbf\V\baXf
PWXha geTgTWbR Xa fh fXag\WbaTgheT_h beW\aTe\b "** X_VbagXkgb# Xa X_
VhT_bVheeXau&X_dhX&aTgheT_`XagX&\aV_hlXX_)* YS# NY\a&WXT_ZhaT
'
Y%$%g"\O%C?
`TaXeT X#ce#g'_aWh#"** $t+ #"^[c[ (kgb(=f WXV\e Xa XfgTbc\a\}a Vbafh_g\iT&
[ ;begX V\g}ha _agg!TWb`\iVefT_ T Y\aWXXiTVhTe_TVbafh_gT(
F; Es +*
=_ Teg{Vh_b 0.(+ WX_T;baiXaV\}a bgbeZTVb`cXgXaV\TT_T;begX
cTeTX`\g\e bc\a\baXf Vbafh_g\iTf rTVXeVT WX_T\agXeceXgTV\}a WXXfgT
;baiXaV\}a b WXbgebf geTgTWbf VbaVXea\XagXf T_TcebgXVV\}aWX_bf
WXeXV[bf [h`Tabf Xa_bf =fgTWbf9`Xe\VTabfu( =f WXV\e& X_bU]XgbWX
_Tfbc\a\baXf Vbafh_g\iTf WX_T;begX fba _bf geTgTWbf(
Gbe_bgTagb&X_Teg{Vh_b 0.(+ WX_T;baiXaV\}a 9`Xe\VTaT Thgbe\mT
T_T;begX cTeT&Tfb_\V\ghWWXha =fgTWbD\X`Ueb WX_TF=9 b&Xa_b
dhX_XfVb`cXgX&WXhab WX_bf }eZTabf WX_T`\f`T& eXaW\ebc\a\baXf
Vbafh_g\iTf fbUeX\agXeceXgTV\}a WX_T<XV_TeTV\}a9`Xe\VTaT WX_bf
<XeXV[bf l <XUXeXfWX_ @b`UeX&Xa X_`TeVb l WXagebWX_bf _{`\gXf
WXfh Vb`cXgXaV\TXa eX_TV\}aVba _T;TegT h _T;baiXaV\}a h bgebf
geTgTWbf VbaVXea\XagXf T_TcebgXVV\}aWX_bf WXeXV[bf [h`Tabf Xa_bf
=fgTWbf9`Xe\VTabf&
CT;begX Vbaf\WXeTbcbeghab eXYXe\efX Tfh cebc\T Vb`cXgXaV\T
cTeT\agXeceXgTe l Tc_\VTe _T;baiXaV\}a VbageT_TJbegheT l WXV_TeTe _T
eXfcbafTU\_\WTWWXha =fgTWbdhX[TlT WTWbfh VbafXag\`\Xagb cTeT
bU_\ZTefXcbe XfT;baiXaV\}a h [TlT TVXcgTWb& TWX`yf&_TVb`cXgXaV\T
WX_T;begX AagXeT`Xe\VTaT WX<XeXV[bf @h`Tabf(
F; Es +1
=a X_X]XeV\V\b WXfh YhaV\}aVbafh_g\iT&_T;begX ab Xfgy__T`TWT
TeXfb_iXeVhXfg\baXfWX[XV[b&f\ab TWXfXageT|Te X_fXag\Wb& cebc}f\gb
l eTm}a WX_Tf abe`Tf \agXeaTV\baT_Xf fbUeXWXeXV[bf[h`Tabf( =a
XfgXy`U\gb&X_Je\UhaT_ Vh`c_X Vba fh YhaV\}aVbafh_g\iT( CT ;begX
[T fbfgXa\WbXaW\iXefTfbVTf\baXf_TW\fg\aV\}aXageXfhf Vb`cXgXaV\Tf
Vbafh_g\iTl VbagXaV\bfT& T_fX|T_TeahX _TVb`cXgXaV\TVbafh_g\iTWX
_T;begX W\Y\XeX WXfh Vb`cXgXaV\TVbagXaV\bfTXa dhX ab Xk\fgXa
rcTegXfu \aib_hVeTWTfXa X_cebVXW\`\Xagb Vbafh_g\ib&l ab Xk\fgX
gT`cbVb ha _\g\Z\bcbe eXfb_iXe( =_ ~a\Vb cebc}f\gb WX_TYhaV\}a
Vbafh_g\iTXfr_T\agXeceXgTV\}a WXXfgT;baiXaV\}a b WXbgebf geTgTWbf
VbaVXea\XagXf T_TcebgXVV\}aWX_bf WXeXV[bf [h`Tabf Xa_bf =fgTWbf
T`Xe\VTabfu( =_ [XV[b WXdhX _TVb`cXgXaV\TVbafh_g\iT WX_T;begX
chXWTfXeceb`bi\WT cbe gbWbf_bf =fgTWbfD\X`Uebf WX_TF=(9( l
}eZTabf ce\aV\cT_Xf WXzfgT&XfgTU_XVX bgeT W\fg\aV\}a XageX_Tf
Vb`cXgXaV\TfVbafh_g\iTl VbagXaV\bfTWX_T;begX(
2+
\C'"77"NNU'%UK )%"N7U` '))'))))
;bafXVhXagX`XagX _T;begX TWi\XegXdhXX_V](e"* *5$W$# _: Pha (\}a
Vbafh_g\iT dhX _XVbaY\XeX_T;baiXaV\}a 9`Xe\VTaT Xf cX"VTeyVgXe
`h_g\_TgXeT_h ab _\g\Z\bfb(9WX`yf& Tha VhTaWb_Tbc\a\}a Vbafh_g\iT
WX_T;begX ab g\XaXX_VTeyVgXe i\aVh_TagXWXhaT fXagXaV\TXa ha VTfb
VbagXaV\bfb&g\XaX&Xa VT`U\b&XYXVgbf ]he{W\Vbf\aaXZTU_Xf( <X XfgT
`TaXeT&Xf Xi\WXagXdhX X_=fgTWbh }eZTab dhX fb_\V\gTT_T;begX haT
bc\a\}a Vbafh_g\iT ab Xf X_~a\Vb g\gh_TeWXha \agXezf _XZ\g\`b Xa X_
eXfh_gTWbWX_cebVXW\`\Xagb(
9gXagb _bXkchXfgbXaXfgXchagb&fXchXWXVbaV_h\edhXr_T;begX
VTeXVX WXVb`cXgXaV\TcTeTTc_\VTeX_WXeXV[b \agXeaTV\baT_[h`Ta\gTe\b
h bgebf geTgTWbf \agXeaTV\baT_Xfu( 9f\`\f`b& r_T;begX WXUXcebahaV\TefX
~a\pT`XagX fbUeX_TfVb`cXgXaV\TfdhX_X[Ta f\WbTge\Uh\WTf WX`TaXeT
gTkTpiT Xa _T;baiXaV\}au( Gbe _b gTagb&_TVb`cXgXaV\T VbagXaV\bfT
WXXfgXIhcXe\be Je\UhaT_ fX XaVhXageT_\`\gTWTT _TTc_\VTV\}aWX_b
XfgTU_XV\Wb Xa _T;baiXaV\}a 9`Xe\VTaT&VbaYbe`X T_b W\fchXfgbXa
fhf Teg{Vh_bf-- h 0,(
<X XfgT `TaXeT& cbWX`bf TY\e`Te dhX VhT_dh\Xe JeTgTWb
AagXeaTV\baT_ WX<XeXV[bf @h`Tabf& dhXab _bVbagX`c_XXkceXfT`Xa'
gX b dhX ab cXegXaXmVTT_ f\fgX`T \agXeT`Xe\VTab& ab VbaY\XeX
Vb`cXgXaV\T T _T;begX cTeT VbabVXe WXi\b_TV\baXf T _bf WXeXV[bf
cebgXZ\Wbfh VbafTZeTWbfXa X__bf(
;ba eX_TV\}aTX__b& VTUXWXfgTVTe _TW\fg\aV\}aXageXr\agXeceXgT'
V\}au h rTc_\VTV\}au( CT ;begX cbWe{T\agXeceXgTeVhT_dh\XeJeTgTWb
AagXeaTV\baT_& cXeb f}_b cbWe{TTc_\VTe_T;9<@( IbUeX XfgXchagb&
XfgT=kVX_Xag{f\`T;begX [T W\V[b4r;hTaWb ha =fgTWbXf GTegXWX_T
;baiXaV\0a! 9`Xe\VTaT l [T TVXcgTWb _TVb`cXgXaV\T!WX_T;begX Xa
`TgXe\TVbagXaV\bfT&fXWT_Tcbf\U\_\WTWWXdhXzfgTTaT_\VX_TVbaWhVgT
WX_=fgTWb cTeT WXgXe`\aTe f\ _T`\f`T fX [T T]hfgTWbb ab T _Tf
W\fcbf\V\baXf WXTdhX__T;baiXaV\}a $(((%CT ;begX Xf Tf\`\f`b
Vb`cXgXagX cTeT WXV\W\e f\ VhT_dh\Xeabe`T WX_WXeXV[b\agXeab b
\agXeaTV\baT_Tc_\VTWTcbe ha =fgTWb&$(((%Xf Vb`cTg\U_Xb ab Vba _T
;baiXaV\}a 9`Xe\VTaT( =a XfgTTVg\i\WTW_T;begX ab g\XaXa\aZ~a
_~a\gXabe`Tg\ib4 gbWTabe`T ]he{W\VTXf fhfVXcg\U_XWXfXefb`Xg\WT T
XfgXXkT`Xa WXVb`cTg\U\_\WTW(u rGTeTeXT_\mTe W\V[bXkT`Xa _T;begX
\agXeceXgT_Tabe`T Xa VhXfg\}ah _TTaT_\mTT_T_hmWX_TfW\fcbf\V\baXf
WX_T;baiXaV\}a( =_ eXfh_gTWb WXXfgTbcXeTV\}a fXeyf\X`ceX ha ]h\V\b
Xa X_dhX fX W\eyf\ gT_abe`T b gT_[XV[b Xf b ab Vb`cTg\U_XVba _T
;baiXaV\}a 9`Xe\VTaTu
'!
77#$ %7 @; ?
0( =_ GebU_X`TWX_T>T_gTWXBhW\V\TU\_\WTW(
CT \`cbf\U\_\WTW WXbUgXaXefXagXaV\Tf_XZT_Xf b T_ZhaT bgeT
Ybe`T WXTc_\VTV\}a_XZT_ WX_bf ahXibf WXeXV[bf XfhaT WX_TfbU]XV\baXf
dhX Vba `Tlbe YeXVhXaV\TfX _XYbe`h_Ta T _bf ahXibf WXeXV[bf
[h`Tabf( :yf\VT`XagX& XfgTbU]XV\}a Vbaf\fgX Xa dhX _bf ahXibf
WXeXV[bf&b T_`Xabf _T`Tlbe{T WXX__bf&ab chXWXafXe _XZT_`XagX
\`chXfgbf( Gbe _b gTagb&f\ WXU\WbT _TaTgheT_XmTWX_TWX`TaWT_T
Tc_\VTV\}aceyVg\VTWX_WXeXV[bXf \`cebUTU_X&fh \aVbecbeTV\}a T _T
_\fgTWXWXeXV[bf[h`Tabf VTeXVXe{T WXfXag\Wb(
9_Zhabf ThgbeXf&[Ta Ybe`h_TWb fhf Ve{g\VTf WXfWXhaT VbaVXc'
V\}a cbf\g\i\fgT( ;baf\WXeTa dhX _T\`cbf\V\}a cbe `XW\bf _XZT_Xf WX
ha WXeXV[bXfhaT GRQHMWME VMQI TXEQRQWX_TXk\fgXaV\T`\f`T WX_ WXeXV[b(
Gbe _b gTagb&Vbaf\WXeTedhX haT WX`TaWT\aW\i\WhT_b Vb_XVg\iTdhX
ab chXWXfXe Tc_\VTWT cbe i{Tf _XZT_Xf Xf ha WXeXV[b[h`Tab& fXe{T
\aVb`cTg\U_X Vba X_VbaVXcgb`\f`b WX_WXeXV[b(
=fgT Ve{g\VT [T eXV\U\WbWbf bUfXeiTV\baXf ceXcbaWXeTagXf&cbe
haT _TWb&_TYT_gTWXha ge\UhaT_dhX W\VgXfXagXaV\Tfi\aVh_TagXf ab
\`c_\VT YT_gT WXfTaV\}a&XfcXV\T_`XagXXa X_WXeXV[b\agXeaTV\baT_(N
cbe bgeb _TWb&_TeXT_\WTWWX`hXfgeT dhX XfgTf bU]XV\baXf WXgbab
Y\_bf}Y\Vb& ThadhX f\a WhWTeX_XiTagXf& ab Xfgya XageXTdhz__TfdhX fba
gb`TWTf Xa Vbaf\WXeTV\}acbe _bf =fgTWbf(
;ba eXfcXVgbT _T]hW\V\TU\_\WTW WX_WXeXV[bT_`XW\b T`U\XagX
fTab&fX fbfg\XaX dhX&T~a f\ _TYT_gTWX]hfg\V\TU\_\WTW YhXeTTW`\g\WT
Vb`b haT VTeTVgXe{fg\VT WXXfgXWXeXV[b& Xfgb ab fXe{Tha bUfgyVh_b
\afT_iTU_XcTeTfh eXVbabV\ga\Xagb_XZT_( =a XfgXfXag\Wb&TY\e`T;TamTWb
Je\aWTWXdhX rKab WXUXeXVbabVXe&T_Y\a&Xa VhTagb T_cebU_X`T WX
]hW\V\TU\_\WTW& dhX [Tl WXeXV[bfdhX f\`c_X`XagX ab chXWXa fXe
i\aW\VTWbfTcebc\TWT`XagXTagXha ge\UhaT_cbe fh fh]Xgb TVg\ibu(
=a XfgXfXag\Wb&Xk\fgXhaT cTegXWX_TWbVge\aTdhX VhXfg\baT_T
]hfg\V\TU\_\WTWWXXfgXWXeXV[bWTWb_T\`cbf\U\_\WTW WXX]XeVXeX_
WXeXV[bT_`XW\b T`U\XagX TWXVhTWb TagX_T;begX A<@ WXU\Wb T _T
\aWXgXe`\aTV\}a WX_VbaVXcgb ]he{W\pb WX`XW\b T`U\XagX l T _T
\aXk\fgXaV\TWX`XVTa\f`bf cebVXfT_Xf)TgT_XYXVgb(
1( 9_ZhaTf 9_gXeaTg\iTfcTeT_TGebVXWXaV\T WX_TBhW\V\T_\'
WTWWX_ <XeXV[bT_DXW\b9`U\XagX Xa X_I\fgX`T AagXeT`Xe\VT'
ab(
CbcXeXaTHbgT&fbfg\XaXdhX&f\X`ceX [Tl WXgeyfWXha f\fgX`T
WXghgX_T& cbe _\ZXebdhX zfgXfXT&ha WXeXV[bfhfgTag\ib eXVbabV\Wb&
2-
cp%e\`ceXV\fbf dp_XfXTafhf gze`\abf( ;TUXeXVbab"T[" **** S]#""**) $"ab
W\fc&baXe WXha f\fgX`T TWXVhTWb WXcebgXVV\}a&cXeb ahaVTT_eXizf(
&Gbe _b gTagb&Xf aXVXfTe\bXfgTU_XVXe haT W\YXeXaV\TV\}a XageXX_
WXeXV[bT_`XW\b T`U\XagX$WXeXV[b T W\fYehgTe WXhabf cTeyeaXgebf
Y{f\VbfWX_TU\}fYXeT% h X_WXeXV[b Tfh cebgXVV\}a$WXeXV[b TdhX_bf
cbWXeXfc~U_\VbfcebiXTa \afgeh`Xagbf cTeTcebgXZXeh VbafXeiTe X_
`XW\b T`U\XagX%& TeZh`XagTaWbXa XfgXfXag\WbdhXX_ce\`Xeb Xf ha
WXeXV[b ceXXk\fgXagXT_=fgTWb&cebi\XaX WX_TaTgheT_XmT& ab aXVXf\gT
WXhaT TVV\}acebi\fbeT WX_ =fgTWbh cbe gTagb&ab fXX]XeVX YeXagXT
zfgX(=a bgeTfcT_TUeTfX_=fgTWbf}_b WXUXeXVbabVXe_b h ghgX_Te dhX
ab ?fXTi\b_TWb&I+a dhX fh TVghTV\}acbf\g\iT fXT\`ceXfV\aW\U_X( =_
fXZQAaWb fX X]XeVXYeXagXT_=fgTWb&dhX Xf dh\Xa [T WXcebVheTe_bf
`XW\bf cTeT ZTeTag\mTefh XYXVg\i\WTW( <X XfgX`bWb VhTaWbfX
]he\W\Y\VT _TcebgXVV\}aWX_ `XW\b T`U\XagX&fXcebWhVXXap+*ffXag\Wbf4
cbe ha _TWb& fX_XeXVbabVXVb`b WXeXV[b [h`Tab& h cbe X_bgeb&fX
XaVb`\XaWTT _Tf\afg\ghV\baXfc~U_\VTffh VbafXeiTV\}al ghgX_T(
=_cebU_X`TdhXf\ZhXXfgTaWb_TgXagX XfX_VTfbXadhXX_=fgTWb
ab Vh`c_T Vba gT_WXUXe& dhz i{TcebVXW\`VagT_ g\XaX_TcXefbaT[h`TaT
cTeTeXV_T`Te_Ti\b_TV\}a TgT_WXeXV[b TagX_T;begX A<@(
=a XfgXfXag\Wb&cbWe{TaXfZe\`\efX W\fg\agTfi{Tf cbf\U_XfcTeT
_TcebgXVV\}aWX_WXeXV[b eXYXe\Wb4 (
*'&6QWIUSUIWEGMeQ GRPSUIQVMYE HI ORVHIUIGLRVGMYMOIV [
SROgWMGR'^-' \`c_\VT _Thg\_\mTV\}a ZXaXebfTWX_ ce\aV\c\b ceb cXefbaTXb
p+eb([p_ppcSX&(&_T _++gXeceX(gTV\}a WXppf( W(X( VTeyVgXe ha\iXefT_ X
+agX(ep+++$\#g+;TaF& p X_WXfTeeb__bWXppk_Z_U_[WTW(WXbU_\ZTV\baXf
cbfegeiTf cTeTfTg\fYTVXe WXeXV[bf V\i\_Xfh cb_{g\Vbf(=a XfgXfXag\Wb&
fXWXUX TVhW\e T_Tabe`T `yf T`c_\T b T_T\agXeceXgTV\}a `yf XkgXaf\iT
VhTaWbfXgeTgTWXeXVbabVXe WXeXV[bf cebgXZ\Wbf& X\aiXefT`XagX&T_T
abe`T b T_T\agXeceXgTV\}a `yf eXfge\aZ\WT VhTaWbfXgeTgTWXXfgTU_XVXe
eXfge\VV\baXf cXe`TaXagXf T_X]XeV\V\b WX_bf WXeXV[bf b fh fhfcXaf\}a
XkgeTbeW\aTe\T( 9f{&Xa ZXaXeT_& _bf \afgeh`Xagbf \agXeaTV\baT_Xf WX
WXeXV[bf [h`Tabf XfgTU_XVXa dhXa\aZhaT W\fcbf\V\}aThgbe\mTT_\`\gTe
_bf WXeXV[bf cebgXZ\WbfXa `Tlbe `XW\WTWX_TceXi\fgT&T _\`\gTe X_
ZbVXh X%XeV\V\b WXVhT_dh\Xe bgeb WXeXV[b b _\UXegTW dhXchXWTXfgTe
eXV(ba(b;_Wb Xa bgeTabe`T \agXeaTV\baT_ b \agXeaTXai\Zbe&a\ TXkV_h\e
b _\`\gTe X_XYXVgb dhX chXWTacebWhV\e(_Tfabe`Tf VbafhXghW\aTe\Tf
Xa _++TgXe\T WXWXeXV[bf [h`Tabf( =fgb [T cXe`\g\Wb_T]hW\V\T_\mTV\}a
'#
PQ\"PD;%?
WXWXeXV[bf(g4#VbabV\WbfWX`TaXeT `yf XfcXV{Y\VT Xa X_y`U\gb
\agXeT`Xe\VTabl ha\iXefT_(
=a X_f\fgX`T \agXeT`Xe\VTab&X_WXeXV[b T _Ti\WT&&pkpZgY&VpXegT
ZTeTag{TeXfcXVgb& WX_TfT_hWWX_TfcXefbaTf(
<X XfgT`TaXeT&X_WXeXV[bT_`XW\b T`U\XagX TWXVhpWb AfX
XaVhXageT {ag\`T`XagX eX_TV\baTWb Vba X_WXeXV[b T_Ti\WTh T_&T fT_hW(
=a XfgXfXag\Wb& W\iXefbfThgbeXfXapXaWXadhXXa VhTagb&T_bf WVeX'&
V[bf T_Ti\WTl T_TfT_hW(f]ab&Xk\fgXaVbaW\V\baXf T`U\XagT_Xf T_pI>__T'
WTf&_TfhcXei\iXaV\TXabVTf\baXf fX[TVXW\Y{V\_ h [TfgT\`cbf\U_X( =_
WXeXV[b T_Ti\WT( Xf X_`yf YhaWT`XagT_ WXgbWbf_bf WXeXV[bf& lT&dhX
f\ ab [Tl i\WT&ab [Tl Xk\fgXaV\T& l cbe gTagb&ab fXg\XaXaa\ WXeXV[bf
a\ bU_\ZTV\baXf a\ aTWT( 9[beT U\Xa&_Ti\WTeXdh\XeXWXhaTf VbaW\V\baXf
T`U\XagT_XfdhX cXe`\gTa #WXfTeeb__Te XfTXk\fgXaV\T& I\ eTW\VT_`Xa#g0
fXVTeXVX WXX__Tf& _Ti\WTdhXWTX_\`\aTWT& h f\ _TfdhXXk\fgXaab fba
_TfTWXVhTWTf& _TVTcTV\WTW WXWXfTeeb__Te aTgheT_`XagXXfTXk\fgXaV\T
b _TVT_\WTW WX_T(`\f`T fXiX `Xe`TWT cbe ha T`U\XagX[bfg\_( =a
XfgXbgebfXag\Wb& cbWe{TWXV\efX dhXX_WXeXV[b T_Ti\WTXfWXcXaW\XagX
WX_WXeXV[b[h`Tab T_`XW\b T`U\XagX(<XfWXXfgTcXefcXVg\iT&X_
WXeXV[b Tha `XW\b T`U\XagXfT_hWTU_X TcTeXVXVb`b haT&XkgXaf\}a
WX_WXeXV[bT _Ti\WT&lT dhX fT_iTZhTeWT_Tcebc\T i\WT&[h`TaT
cebcbeV\baTaWb _TUTfXcTeT_TXk\fgXaV\TY{f\VT l _TfT_hWWXgbWbf_bf
fXeXf[h`Tabf&# Tf{Vb`b haT VT_\WTW h VbaW\V\baXfWXi\WTW\ZaTf#'
Gbe X__b& [Tl ThgbeXfdhXXag\XaWXa dhXi\WTl `XW\b T`U\XagX
fba Wbf VbfTf W\fg\agTfcXeb \aW\fb_hU_X`XagXha\WTf&cbe _b gTagb&_T
]hW\V\TU\_\WTW WX_ WXeXV[b T_`XW\b T`U\XagXTagX_T;begX A<@&cbWe{T
WXfTeeb__TefX TgeTizf WX_ WXeXV[b T_Ti\WT(
=_WXeXV[b Tha `XW\b T`U\XagXfT_hWTU_X& WXXfgX`bWb&TUTeVT
l T`c_{TX_WXeXV[b T_TfT_hWl X_WXeXV[b Tha a\iX_WXi\WTTWXVhTWb(
,(' 9f\`\f`b& fXcbWe{TTUe\ehaT ahXiT i{T WX]hfg\V\TU\_\WTW
WX_ WXeXV[b T_`XW\b T`U\XagX&TgeTizf WX_EUWR * HI'OE1RQYIQGMiQ
/PIUMGEQE[E 'TXI VI SXIHI UIGOEPEU GXEOTXMIU HIUIGLRVMVI
SUXIFE HMVGUMPMQIGMeQ' Gbe _b gTagb fh bU]Xgb Vb`ceXaWXe{T
ZTeTag\mTe X_c_XabZbVXl X]XeV\V\b WX_ WXeXV[b Tha `XW\b T`U\XagX
Xa VbaW\V\baXf WX\ZhT_WTW l f\a W\fVe\`\aTV\}a(
=a XfgXfXag\Wb& X_`XW\b T`U\XagXVbafg\ghlXha y`U\gb Xa(X_
dhX_TfceyVg\VTf W\fVe\`\aTgbe\TffXVbaY\ZheTaVba eX_TV\}aTTdhX__bf
2/
&Q)+++#)+) 7"&!/%B77'7# #% **(**((
[TU\gTagXf fbUeXdh\XaXfeXVTXa VTeZTf eX_Tg\iTf T*)*- "#Tc3[)* [?[" eabW\Y\'
VTV\baXfl)b T_gXeTV\baXf _Xf\iTf cTeT X_[yU\gTgXa _TmbaT WXfh
eXf\WXaV\T& XfgbfZehcbf [TU\gTaVXeVT WX_TfyeXTfVbagT`\aTWTfb Xa
mbaTf WbaWXfX__XiTaT VTUb\gacbegTagXfX_aceXaW\`\XagbfXVba}'
`\Vbf ce\iTWbf dhX Vba__XiTaT ZeTiXf WT|bf T`U\XagT_Xf& i\zaWbfX
YbemTWbf Ti\i\e Xa VbaW\V\baXf T`U\XagT_`XaeXcX_\ZebfTf&bU_\ZTWbp
TWXfc_TmTefX l)b fhYe\eX_\`cTVgb W\eXVgb WX_TWXZeTWTV\}a T`U\XagT_
fbUeXfh fT_hWY{f\VTl cf\Vb_}Z\VT(=fgbf fXVgbeXf ih_aXeTWbfWX_T(
cbU_TV\}afba YeXVhXagX`XagX _bf `yf TYXVgTWbf cbe _TVbagT`\aTV\}a
T`U\XagT_lT dhXfba _bf dhX`Xabf bcbegha\WTWg\XaXaWX`bi\_\mTefX
Xa VbageTWXXfgbfTUhfbf(
Q( &=fgTfceyVg\VTf W\fVe\ea\aTebe\Tf Vpa eX_T( V\}a T_&`XW\bT`U\XagX&
ppXVgTa fhf XYXVgbf [TV\T_T[h`Ta\WTW gbWT&Tf Vb`b [TV\T_Tf
YhgheTfZXaXeTV\baXf( =_ fhfgXagb\afg\ghV\baT_dhX&WX`TaXeT hfhT_&
eXYhXemT XaXfgbf VTfbf _TVbaY\ZheTV\}a WXceyVg\VTf W\fVe\`\aTgbe\Tf&
Xf_TaXZTV\}aWXTVVXfbT_T]hfg\V\Tl WXfh cTeg\V\cTV\}aXa _TZXfg\}a
eXYXe\WT T_T`TgXe\T(=fgXg\cb WXf\ghTV\baXf'dhX fhX_XacXecXghTefX
WXYTVgb'a\XZTa X_WXeXV[bWX_Tf cXefbaTf T ZbmTeWXha `XW\b
T`U\XagXfTab Xa X_dhX WXfTeeb__Te fhf i\WTf l ceblXVgTecTeT_Tf
ZXaXeTV\baXf YhgheTfha c_Ta WXi\WTfhfgXagTU_X(
=a XfgXfXag\WbeXfh_gT\`cbegTagX WXfgTVTe dhX_bf Zehcbf dhX
Vba `Tlbe YeXVhXaV\T [T__Taih_aXeTWbf fhf WXeXV[bfXa `TgXe\T
T`U\XagT_fba TdhX__bf VhlTYbe`T WXi\WTfX_\ZTWXYbe`T W\eXVgT T_T
eX_TV\}aVba X_`XW\b4 _bf cbU_TWbeXfeheT_Xf&l)b VT`cXf\abf&
[TU\gTagXfWXmbaTf T\f_TWTf l `\X`Uebf'WX Vb`ha\WTWXf\aW{ZXaTf l
chXU_bf(be\Z\aTe\bfTdh\XaXffX_Xfa\XZ'6#_e\ fhf WXeXV[bf WXeT\ZT`UeX
Vbafg\ghV\baT_( )
-(' FgeTcbf\U\_\WTWWXcebc\V\Te_T]hfg\V\TU\_\WTW WX_ WXeXV[b T_
`XW\b T`U\XagXfXe\TEWEGEU OEEUFMWUEUMIHEH HI GMIUWEV HIGMVMRQIV
E WUEYfV HI YMROEGMRQIV EOEVKEUEQWgEV HIOHIFMHR SURGIVRRJEOWE
HI WXWIOE NXHMGMEO IJIGWMYE HI ORVHIUIGLRV- _TfZTeTag{Tf WX_ WXU\Wb
cebVXfbVbafg\ghlXa_~a\gXfdhX\`cbaX X_WXeXV[b T_TW\fVeXV\baT_\WTW
l TeU\geTe\XWTW WX_bf }eZTabf WX_ =fgTWb&XaX_y`U\gb WXha cebVXfb(
CT;begX A<@[T XfgTU_XV\Wb dhXgTagbX_Tegb2 Vb`b X_Tegb,/ WX_T
;9<@& cebgXZXaWX`TaXeT ZXaze\VTX_TVVXfbT _T]hfg\V\T(=fgTf
ZTeTag{Tffba \aW\fcXafTU_XfcTeT _TghgX_TXYXVg\iT l bcbeghaT WX
WXeXV[bf YhaWT`XagT_Xf& gT_Xf Vb`b fT_hW& XWhVT\}a& geTUT]b& XgV( CT
WX`beT\a]hfg\Y\VTWT Xa _TWXV\f\}aWXhaT VbhgebiVef\TVbafg\ghlXha
'%
)$ #$ #""L"=' ;7!
fhchXfgb WXi\b_TV\}a T _TghgX_TWX_bf WXeXV[bf(9f\`\f`b& _T
eTmbaTU\_\WTW WX_ c_TmbWXWheTV\}aWX_ cebVXfb&cbe fh i\aVh_b Vba _T
aTgheT_XmT WX_ bU]XgbWX_ _\g\Z\b&WXUXfXeVbaf\WXeTWT Xa eX_TV\}aVba
_bf WXeXV[bf dhXfXXaVhXageTa Xa]hXZb&cTeg\Vh_Te`XagX& _bf WXeXV[bf
dhXTa\iX__bVT_ g\XaXaVTeyVgXe T_\`XagTe\bTf\Vb`b Vbabgebf WXeXV[bf
V_hXg\XaXaha YhXegX \`cTVgb fbUeX_TfT_hWb _TVT_\WTW WXi\WTWX_Tf
cXefbaTf $cbe X]X`c_b X_VXfXWXX`\f\baXf VbagT`\aTagXf%(
=a VbafXVhXaV\T& _T\aXk\fgXaV\TWXha eXVhefbXYXVg\ib VbageT
_Tfi\b_TV\baXfT_bfWXeXV[bf eXVbabV\Wbf Xa_T;baiXaV\}a Vbafg\ghlXa
haT geTafZeXf\}aTzfgT(
HXfh_gTbcbeghab eXVbeWTe dhXX_Vh`c_\`\Xagb WX_TbU_\ZTV\}a
WX_=fgTWbWXcebcbeV\baTe _Tf[XeeT`\XagTf cebVXfT_Xf TWXVhTWTf l
XYXVg\iTfXa `TgXe\T T`U\XagT_ ZXaXeTT a\iX_ \agXeaTV\baT_ _T
eXfcbafTU\_\WTW WX_ =fgTWbcbe _Ti\b_TV\}a WX_bf WXeXV[bf [h`Tabf
dhX\agXZeTaX_VbaVXcgbWXTVVXfbT_T]hfg\V\T(=fgb TUeXha ahXib
VT`cb WX]hfg\V\TU\_\WTW cTeTX_WXeXV[b T`U\XagT_l fhf i{Vg\`Tf YeXagX
T_bf =fgTWbf(
=a XfgXy`U\gb WX_T]hfg\V\TU\_\WTW WX_WXeXV[bT`U\XagT_&ha
eXVhefb]hW\V\T_ TWXVhTWb WXUXfXe\W}aXbcTeT cebgXZXeT_`XW\b
T`U\XagXYeXagXTVV\baXfTUhf\iTf( Ka eXVhefb]hW\V\T_ XYXVg\ibXa
`TgXe\T T`U\XagT_&WXUXeXha\e cbe _b `Xabf _Tf f\Zh\XagXf
VTeTVgXe{fg\VTf4 +%<XUXfXeeyc\Wbl fXaV\__b& cTeTXi\gTedhXfXgbeaX
\_hfbe\b WXUXey YhaWT`XagTefXXa X_ce\aV\c\b WX# ceXiXaV\}a&Xa _T
`XW\WTWX_b cbf\U_X_Tf WXV\f\baXfWXUXagb`TefX Tag\V\cTaWbl
Xi\gTaWb_bf WT|bf T`U\XagT_Xf5 ,%<XUXeyVbagX`c_TehaT _XZ\g\`TV\}a
TVg\iTT`c_\T&XfgbXf ab f}_b _Ti{Vg\`T W\eXVgT WX_TWXZeTWTV\}a
T`U\XagT_f\ab gT`U\za TdhX__Tf beZTa\mTV\baXf dhXX]XeV\gXa fh eb_WX
cebgXVgbe WX_ `XW\bT`U\XagX5-%<XUXeyYhaWT`XapTefXXa&X_ ce\aV\c\b
ceXVThgbe\brVhTaWb[TlT cX_\ZebWXWT|8 ZppiXb \eeXiXef\U_X& _TYT_gT
WXVXegXmT V\Xag{Y\VT TUfb_hgTab WXUXey hg\_\mTefXVb`b eTmbacTeT
cbfgXeZTe_TTWbcV\}aWX`XW\WTfXY\VTVXf Xa YhaV\}a WX_bf Vbfgbf
cTeT\`cXW\e_TWXZeTWTV\}a WX_ `XV_\bT`U\XagXu5.%<XUXeyeXVbabVXe
_T\`cbegTaV\T WXTVVXWXe T_T\aYbe`TV\}a V\Xag{Y\VT& _T`\f`T WX8Xpy
cbaXefXTW\fcbf\V\}aWX_TfcTegXfl WX_ Je\UhaT_(=a VTfbWXab Xk\fg\e&
X_=fgTWbWXUXey cebiXXe_Tf`XV_\WTf cTeTfh cebWhVV\}a&
Gbe_bgTagb&f\ Xaha VTfbT`U\XagT_ab cbfXX`bf XaX_WXeXV[b
\agXeab ha eXVhefb]hV_\V\T_ XYXVg\ib Xa X_fXag\WbXkceXfTWbRQS_bf
beZTa\f`bf \agXeaTV\baT_Xf WXWXeXV[bf [h`Tabf& gXaX`bf _Tcbf\U\_\'
21
9 WXUW` \"%Z %WHPNUN )'')')')
WTWVb`b \aW\i\Whbf WXeXVhee\eW\eXVgT`XagXT_ l\X[ +$t (** g\ #_T
\agXeaTV\baT_WXWXeXV[bf [h`Tabf Vb`cXgXagXl eXV_T`TeZ ][\ (agV
_TeXfcbafTU\_\WTW\agXeaTV\baT_WX_=fgTWb cbe i\b_TV\}a T_ WXeXV[b
[h`Tab Tha eXVhefb]hW\V\T_ XYXVg\ib& =fgb gXaWe{T ha Xabe`X \`cTVgb
Xa _T]hfg\V\TU\_\WTW WX_ WXeXV[b T`U\XagT_chXf _TeXcTeTV\}aWX_ WT|b
XaX_VTfbVbaVeXgb\aV_h\e{T_TfeXYbe`Tf WXWXeXV[b \agXeabaXVXfTe\Tf
cTeT cebiXXe ha eXVhefb ]hW\V\T_XYXVg\ibh TWXVhTWb Xa VTfbf
T`U\XagT_Xfh Tf{ceXiXa\e YhgheTfi\b_TV\baXfTXfgXWXeXV[b [h`Tab&
.(' KaT VhTegTT_gXeaTg\iTWX]hfg\V\TU\_\WTW cbWe{TfXe T geTizf
#
HIO EUWMGXOR +/ HI OE1/25 VRFUI2IVEUUROOR =URKUIVMYR% Xa
VbaVbeWTaV\T Vba X_Tegb,3&fXcXe`\gX\aV_h\ecbe X_ce\aV\c\b SURFRPMQI
X_WXUXe WXcebgXZXeX_`XW\b T`U\XagXh _TVbeeX_Tg\iT eXfcbafTU\_\WTW
Xa VTfbWXfh i\b_TV\}a(
Gbe _bgTagb&;F_J+* fX|T_yeT`bf TagXe\be`XagX&a\aZhaT W\fcbf\'
V\}a WX_T;9<@ chXWXfXe\agXeceXgTWT Xa X_fXag\WbWXXkV_h\eb
_\`\gTe X_XYXVgb dhX chXWTacebWhV\e_T<XV_TeTV\}a9`Xe\VTaT WX
<XeXV[bf h <XUXeXfWX_@b`UeX h bgebf TVgbf\agXeaTV\baT_Xf WX_T
`\f`T aTgheT_XmT(
<X XfgT`TaXeT&XfgXTegb,0&Vbafg\ghlXha cTeTZhTfUT]bX_VhT_
fXT`cTeTa haT fXe\XWXWXeXV[bf XfcXV{Y\Vbf& lT dhXrX_ce\aV\c\b WX
dhX _bf WXeXV[bf[h`Tabf fba&Xk\Z\U_Xf& cebZeXf\ibf l XkcTaf\ibf&
\`cbaX haT TVg\ghW\agXeceXgTg\iT VbafXVhXagX& h cbe XaWX& _TaXVXf\WTW
WXVbaf\WXeTe Xa VTWTVTfb&ab f}_b X_fXag\Wbl T_VTaVX WX_Tfcebc\Tf
abe`Tf \agXeceXgTWTf& Xa fh gXkgb_\gXeT_& f\ab'gT`U\za fh cbgXaV\T_\WTW
WXVeXV4e4\Xagb& VbaiXe8WTXa WXeXp[b%#(B(+*/ Tegf&, l ,0 WX(_T
;baLXap_F_+&XageXbgebf \afgeh`Xagbf \agXeaTV\baT_Xf fbUeX_T`TgXe\T(
;b`b fX XkceXfTeTTagXe\be`XagX&_bf =fgTWbf GTegXWX_T
;9<@& Xfgya bU_\ZTWbf& cbe X_Tegb,0&T TWbcgTecebi\WXaV\TfcTeT
_bZeTe_bf bU]Xg\ibf dhX X_`\f`b ceXVXcgbTchagT( =fgT TWbcV\}a
Vbafg\ghlXhaT `XW\WTcb_{g\VT& cXeYXVgT`XagX TVeXW\gTU_X& ab fX[T__T
fh]XgTT c_Tmbf b `bWT_\WTWXf& Xk\fgXf\a `yf& l cbe X__bchXWXfXe
eXV_T`TWT(
Gbe _b gTagb&T geTizf WXXfgXTeg{Vh_b& fXcbWe{TWX`TaWTeTha
=fgTWbVhTaWbX_`\f`b [TlT TWbcgTWb haT WXV\f\}adhXiTlT XaVbageT
WX_ ce\aV\c\b WXcebZeXf\i\WTWdhXf\XagTXfgXTeg(& XfWXV\e dhX_TWXV\f\}a
cb_{g\VTVbafg\ghlThaT eXZeXf\}aXa `TgXe\TWXcebgXVV\}aWXWXeXV[bf
[h`Tabf eXVbabV\Wbf$XaahXfgeb VTfb WXeXV[ T_`XW\b T`U\XagX
fTab%(
''
' $ #$ ' "'))"7 A%7
2( Bhe\fcehWXaV\T ;b`cTeTWT4Je\UhaT_=hebcXb WX<XeX'
V[bf @h`Tabf(
7 _bf Y\aXf`XeT`XagX Vb`cTeTg\ibf&Xfbcbeghab fX|T_TeT_Zhabf
VTfbf WX_ Je\UhaT_=hebcXb WX<XeXV[bf @h`Tabf& TY\aWXi\fhT_\mTe
V}`b XfgyXaVThmTWT _T]hW\V\T_\mTV\}a WX_ WXeXV[b T_`XW\b T`U\XagX(
=_ I\fgX`T =hebcXb WXGebgXVV\}aWX_bf <XeXV[bf @h`Tabf&
[T WXgXe`\aTWb 'T geTizf WXhaT \agXeceXgTV\}a cebZeXf\iTWX_T;baiXa
V\}a =hebcXT WX<XeXV[bf @h`Tabf l C\UXegTWXf >haWT`XagT_Xf'
rX_VTeyVgXe \afgeh`XagT_udhXXa `hV[Tf bVTf\baXf g\XaX_TXk\fgXaV\T
WXha `XW\b T`U\XagXfT_hWTU_X cTeTX_W\fYehgX c_XabWXbgebf WXeXV[bf
YhaWT`XagT_Xf(
+( (9fhagb GbjX__h HTlaXe X=_ HX\ab Ka\Wb( IXagXaV\TWX,+
WXYXUeXeb WX+33*( IXe\X9&ib_( +1,(
=a XfgTfXagXaV\T& _T;begX TaT_\m}cbe ce\`XeT iXmf\ X_eh\Wb
cebibVTWb Xa X_TgXee\mT]X WXTi\baXf Xa X_TXebchXegb\agXeaTV\baT_
WX@XTgebj&chXWXVbafg\gh\efXXa haT ih_aXeTV\}a WX_bf WXeXV[bf
VbagXa\WbfXa _T;baiXaV\}a eXYXe\Wbf TcebgXVV\}aWX_Tcebc\XWTWh
_TYT`\_\T&Xa cXe]h\V\b WXdh\XaXf [TU\gTa Xa fhf VXeVTa{Tf( Cbf
WXahaV\TagXf eXf\WXagXf Xa_TfVXeVTa{Tf WXW\V[bTXebchXegb\agXechf\X'
eba ha eXVhefbTagX_TXk';b`\f\}a =hebcXT T_XZTaWb dhX X_eh`be
cebibVTWbcbe X_TgXee\mT]X WX_bfihX_bf cebibVTUTZeTaWXf W\fgheU\bf
Xa fh fT_hWl ha WXge\`XagbWX_ WXeXV[b T_Ti\WTce\iTWT(
CT VhXfg\}a YhXeXfhX_gTeXVhee\XaWbT _TeXZ_TWXVeXTV\}a
]he\fcehWXaV\T_cbe cTegX#WX_bf }eZTabf WX_f\fgX`T XhebcXb&Vba
YhaWT`XagbXa_TVhT__T;begX eXVbabVXT_bf =fgTWbfhaT _\UXegTW WX
TVV\}al `Ta\bUeT&TagXfWXWXV_TeTe dhXgT_`XW\WTXfgTgT_ dhXWXebZT&
_\`\gT b \agXeY\XeX Vba haT _\UXegTW ghgX_TWT cbe _T;=<@& VbaY\ZheT
haT VbaVeXgTi\b_TV\}a WX_T`\f`T( ;baiXaV\}a(
=a X_ceXfXagXVTfb_T;begXeXghibVb`b ceXcbaWXeTagX X_\agXezf
XVba}`\Vb dhXX_TXebchXegbWTT_=fgTWbl TY\e`} dhXXa X_VTfbXa
VbaVeXgbWXVbaYbe`\WTWVba _TfcehXUTfceXfXagTWTf& ab fXXfgTU_XV\}
dhX_bf {aW\VXf WXeh\WbTYXVgTeTa _TfT_hWWX_bf WXahaV\TagXf& `bg\ib
cbe X_VhT_ab fXceXfXagTUTa\aZhaT i\b_TV\}a T_WXeXV[bT _Ti\WT
ce\iTWT(JT_ cebahaV\T`\Xagb YhXT`c_\T`XagX Ve\g\VTU_X Xa_T`XW\WT
dhXWX]}XageXiXe dhX_T\`cbegTaV\T XVba}`\VTWX_ TXebchXegb@XTgebj
_XZ\g\`TUTX_`XabfVTUb WX_bf WXeXV[bf YhaWT`XagT_Xf( I\a X`UTeZb&
gT_Ve\gXe\b]he\fcehWXaV\T__hXZb \UTTfXe`bW\Y\VTWb(
'(
D**("*% % *(* "*(**% * **(*"*"*
O?c a
, ( 9fhagV @Tegba i( HX\ab Ka\W &4/ +++#++ X] W_#_qg_g#$ %&[%S$?!W#
,**+(
5 CT;begX =<@ VT`U\} WXVe\gXe\b( =a XfgXVTfb& [b V\r_TWTabf
eXf\WXagXf Xa _Tf VXeVTa{Tf WXTXebchXegbWX@XTgebj ceXfXagTeba
eXVhefbTagX_T;begX =<@ Xi\WXaV\TaWb Vb`b Xa_bf ~_g\`bf T|bf&fX
iXe\Y\VTUT ha abgTU_XTh`Xagb Xa X_eh\WbVb`b VbafXVhXaV\TWX_T
Thgbe\mTV\}aWXTgXee\mT]Xf Xa [beTe\bf abVgheabf( Cb TagXe\be&_Xf
cebibVTUTZeTaWXfT_gXeTV\baXf Xa X_fhX|b&X_dhX fXWXfcXegTeTa WX
++++(ceFQeqfb& ZeTa W\Y\Vh_gTW cTeT ib_iXefX T Wbe`\e&h Vb`b XYXVgbf
fXVhaWTe\bfWb_beWXVTUXmT& VTafTaV\b&cXeW\WT WXVbaVXageTV\}ai
WXceXf\baXf& Tf{Vb`b W\Y\Vh_gTW Xa _TfeX_TV\baXf XkgXeaTf( AaW\VTebp
%
QTWX`yf&dhXTagXX__b`hV[bf WXfhf iXV\abf eXfb_i\XebaX_cebU_X`T
geTf_TWyaWbfX WXWb`\V\_\b(
=a _TeXfb_hV\}aWX_ceXfXagXVTfb&_T;begX WXgXe`\a}$_hXX_
Teg{Vh_b 2(+ WX_T;baiXaV\}a \`cbaX ha TVghTecbf\g\ib T_=fgTWbT
XYXVgb WXdhXZTeTag\VXT@T\WXXe D\eTaWTha XYXVg\ib ZbVXWX_ WXeXV[b
T_Ti\WTce\iTWT&f\XaWbdhXXa X_VT`cb cTeg\Vh_Te`XagXfXaf\U_XWX
cebgXVV\}aWX_ T`U\XagX&_TeXYXeXaV\T T_U\XaXfgTe XVba}`\Vb WX_ cT{f
ab Xfha `bg\ib fhY\V\XagX cTeTih_aXeTebgebf WXeXV[bf( =a XfgXfXag\Wb&
pXWXUXXk\p\eT_bf =fgTWbfdhX`\a\`\VXa& [TfgTWbaWXfXTcbf\U_X_T
\agXeYXeXaV\T Vba bgebf WXeXV[bf&\agXagTaWbXaVbageTefb_hV\baXf
T_gXeaTg\iTfdhX fXTa eXfcXghbfTf WX_bf WXeXV[bf[h`Tabf( =a
VbaV_hf\}a&_T;begX =<@ WXgXe`\a}_TeXfcbafTU\_\WTWWX_=fgTWb
chXf Vbaf\WXe} dhX _Tf `XW\WTf cTeT _\`\gTe _bf a\iX_Xf WX
VbagT`\aTV\}a TV~fg\VTYhXeba\afhY\V\XagXf&T cXfTe WXgXaXeXa
Vbaf\WXeTV\}a _TfTVV\baXf XfcXV{Y\VTf gb`TWTfcTeT`\g\ZTe _Tf`b_Xfg\Tf
WX_ eh\WbabVgheab( 5
-( 9fhagb C}cXmFfgeT V(=fcT|T& a! +0123)3*( IXagXaV\TWX3
WXW\V\X`UeXWX+33.( p
=a XfgXVTfb X_Je\UhaT_ =hebcXb XfgTU_XV\} haT ipa T_T
i\WTce\iT8p cbe 4+e\XfZbT_TfT_hW& XfgT\agXeYXeXaV\T Xa_Ti\WTce\iTWT
WX_bf cXhV\baTabf fX\`chg} T_=fgTWbcbe X_[XV[b WXdhXab gb`}
_bf cTfbf bcbeghabf l XYXVg\ibf cTeT Y\fVT_\mTe l& Xa VTfb aXVXfTe\b&
V_ThfheTehaT c_TagTWXgeTgT`\XagbWXUTfheTdhXbcXeTUTWX`TaXeT
\_XZT_ Xa _XgXee\gbe\bXfcT|b_&
3( "+*&)/-(0*
Q
ChXZbWXha Tay_\f\fWX_T;b`cXgXaV\T WX_T;begXAagXeT`Xe\VTaT
Wp(<XeXV[bf @h`Tabf& WX_ c_Xkbabe`Tg\ib Tc_\VTU_X& l WX_T]hW\V\T'
U\_\WTWWX_ WXeXV[bT_`XW\b T`U\XagX&fXchXWXTY\e`TeZhX_T;begX
3*
" $ # # ! ?? 7_$&_$"7";7;%7
_<= ab VhXagTVba _bf \afgeh`Xagbf cTeTVbaWXaTeTha =fgTWbcbe
i\b_Te X_WXeXV[bT ha `XW\b T`U\XagXfTab&ab bUfgTagX&Xk\fgX_T
cbf\U\_\WTWWXdhX W\V[TVbaWXaTfXTXYXVghTWT WX`TaXeT \aW\eXVgT&
Xf WXV\e& cbe fXe_Ti\b_TV\}a WX_WXeXV[b T_`XW\b T`U\XagXX_YTVgbe
dhXcebWhVX_Ti\b_TV\}a Tbgebf WXeXV[bf [h`Tabf $WXeXV[b T_Ti\WT&
WXeXV[bT_TfT_hW& XgV(%(
=a XfgXfXag\Wb&X_WXeXV[bT_`XW\b T`U\XagX T_ab XfgTe
VbagX`c_TWbXa _T;baiXaV\}a 9`Xe\VTaT WX<XeXV[bf @h`Tabf& _T
;begX A<@ ab g\XaXVb`cXgXaV\TcTeTVbaWXaTeT ha =fgTWbcbe _T
i\b_TV\}a WX_`\f`b( N f\ U\Xa&X_GebgbVb_b WXITa IT_iTWbe f{
VbagX`c_T Xa Ybe`T Xkc_{V\gT Xa fh Teg{Vh_b ++ X_WXeXV[bT_`XW\b
T`U\XagX&Xf XfgX`\f`b GebgbVb_bX_dhXab VbaY\XeXVb`cXgXaV\TT
_T;begX eXfcXVgbTgT_WXeXV[b Xa cTeg\Vh_Te(
=a VbafXVhXaV\T& XfgX\aVbaiXa\XagX[T VeXTWb _T\adh\XghWWX
UhfVTehaT T_gXeaTg\iTdhX cXe`\gT _TXk\Z\U\_\WTW eXT_WX_WXeXV[bT_
`XW\b T`U\XagXXaX_f\fgX`T \agXeT`Xe\VTab& h WXXfT`TaXeT T_VTamTe
_Tc_XaTi\ZXaV\Th XY\VTV\T Xa X_ZbVXWX_ `\f`b(
Gbe X__b&fX [Ta WXfTeeb__TWb Xa _{aXTfTagXe\beXf&cbf\U_Xf
T_gXeaTg\iTf WX]hW\V\TU\_\WTW& T_TfdhX`X eX`\gb(
Eb [Tl _hZTeTWhWTf& dhXcTeg\XaWbWX_TUTfXWX_TXk\fgXaV\T
WXha WXeXV[b T_`XW\b T`U\XagXfTab&dhX Xf ha U\XaWX\aV\WXaV\T
Vb_XVg\iT& l&bVTf\baT_`XagX&\aW\i\WhT_& $l eXVbeWTaWb dhX_TcebgXVV\}a
WXWXeXV[bf [h`Tabf Vb_XVg\ibf ab Xf cbf\U_X Xa X_I\fgX`T
AagXeT`Xe\VTab WX<XeXV[bf @h`Tabf& lT dhX _T;baiXaV\}a
9`Xe\VTaT f}_b eXVbabVXWXeXV[bf [h`Tabf T_TfcXefbaTf&XagXaW\WTf
Vb`b gbWbfXe[h`Tab%&ab cbWX`bf dhXWTeabfVba X_iTV{b_XZT_ WX
fh ]hW\V\T_\mTV\}a TagX_T;begX A<@( Gbe X_VbageTe\b&Xf aXVXfTe\b&
UhfVTe_T`TaXeT b X_VT`\ab _XZT_ WXcbWXeXk\Z\e&TagX_TXk\fgXaV\T
WXha WT|b T`U\XagT_b X_e\XfZbWXfh cebWhVV\}a&_Tcbf\U\_\WTWWX
TVVXWXe TagX_T]hfg\V\TT_bf Y\aXfWXfh eXcTeTV\}ab ceXiXap\}a Xa fh
VTfb( !
@bl Xa W{T& _TfcebYhaWTfgeTafYbe`TV\baXffbV\T_Xf l Vh_gheT_Xf
dhX fX WXe\iTeba WX_WXfTeeb__bgXVab_}Z\Vb [Ta geT{WbVb`b
VbafXVhXaV\T ha abgTU_Xh V_TebVeXV\`\XagbWX_bf [XV[bf WT|bfbf Xa
X_`XW\b T`U\XagXdhXfhYe\`bf XaahXfgebf W{Tf( Gbe X__b& ab cbWX`bf
`\eTe T_VbfgTWb& T_XZTaWb _T\aXk\fgXaV\TWXi{Tf _XZT_Xf WX]hW\V\T_\mT'
V\}a&lT dhX&Vba XfTTVg\ghWf}_b fX\aVXag\iTe{T_T\`cha\WTW T _bf
3+
ZeTaWXfVbagT`\hTWbeXfh haT cTibe fT \aWXYXaf\}aW( Aa i Ve\`Tf(
Gbe X__b&WXUX`bf eXVhee\eT i{Tf T_gXeaTg\iTfWX]hfg\V\TU\_\WTWWX_
WXeXV[b T_`XW\b T`U\XagXh ab f}_b T_bf Y\aXfWXfh eXcTeTV\}af\ab
gT`U\za WXfh ceXiXaV\}a(
O
+*(:\U_\bZeTY{T(
9IJHA< GK=EJ=I HA9EF& 3OIPIQWRVHI 2MVGXVMiQ EGIUGE
HI OE3[MKMFN7MH.OH BJXVWMGMIFMOMHEH HIO/PFMIQWI GRPR 2IUIGLR
6N7N))/NN8<% Xa DX`be\Tf WX_IX`\aTe\b AagXeaTV\baT_fbUeX <XeXV[bf
=Vba}`\Vbf&IbV\T_Xf h ;h_gheT_Xf& GebZeT`TWX;bbcXeTV\}a fbUeXWXeXV[bf
[h`Tabf Dzk\Vb';b`\f\}a =hebcXT&Dzk\Vb&,**/
;9>>=H9JJ(+('Q&Ezfgbe 9' ?FC<=E:=H?& Af\Wbeb@(&<XeXV[b
T`U\XagT_l WXeXV[bWX_ geTUT]b4 VbaY_hXaV\Tf& <bVge\aTCTUbeT_& =eeXcTe&
a*+/,& +332
;baY( DbeX__b&9hZhfgb +i+(& CTWXYXafT WX_bf \agXeXfXf W\Yhfbfh X_
<XeXV[bGebVXfT_& B9&+312'+++'-,+(
;H=IGF @=HE9E<=O& 9aT&CTeXfcbafTU\_\WTW V\i\_WXe\iTWT
WX_TVbagT`\aTV\}ageTafYebagXe\mT TagX_T]he\fW\VV\}a XfgTgT_& =heb_Xk=W\gbe\T_&
+(333
<9EA=C J9ACC9EJ& 3QYMURQP IQWXO/HYRGEG[ +**H@LI
6QWIU/PIUMGEQ 5XPXQ >M''KFWV ?[VWIP%IQ HFDAE9 GA;FCFJJA h
BFH?= <9EA=C J9ACC9EJ& 9\N)M_N[I 4JWWPEWW >MKLW'U EQH WFI3QRMURQPIQW%
JhVfba&J[X Ka\iXef\gl bY9e\mbaTGeXff&,**-
?9H;A9 H9DAH=O& IXeZ\b&9W`\f\}a WX_T ;b`cXgXaV\T
;bagXaV\bfT WX_T;begX AagXeT`Xe\VTaTWX<XeXV[bf @h`Tabf( =_
VTfbWXDzk\Vb&XaDzk\Vbh _Tf<XV_TeTV\baXf WX<XeXV[bf@h`Tabf&Dzk\Vb&
Ka\iXef\WTW9hg}ab`T WXDzk\Vb&+(333
?FA4(<=E:=H?& Af\Wbeb@( l ;9>>=H9JJ9& Ezfgbe 9& <T|b
9`U\XagT_ ' GebU_X`yg\VTWXfh WXgXe`\aTV\}a VThfT_&3'w4B_XWb GXeebg&
:f( 9f(&,*** p
AaYbe`X>\aT_WX_THX_TgbeT =fcXV\T_& FE(h( <bV( =);E(.)IhU(,)
+33.)3&Bh_\b0&+33.(
CFG=H=E9 HFJ9& <X`Xge\b&Cbf WXeXV[bfT_DXW\b9`U\XagX
TWXVhTWb lT fh cebgXVV\}a&Ka\iXef\WTWWXGT{fLTfVb
GXleTab&?(G(&GbaXaV\TT_TfAMBbeaTWTf ETV\baT_XfWX<XeXV[b
;\i\_&DTe WX_ G_TgT& +32-
HFDAE9 GA;FCFJJA h BFH?= <9EA=C J9ACC9EJ&
9MQOHQK 5XQMEQ>MKFWV EMMH WLI3QYMURQPIRW% JhVfba& J[X Ka\iXef\gl
bY9e\mbaTGeXff&,**-(
L9CC=E9I ?9FE9& BXf~fHTYTX_ =_ WXeXV[bT ha T`U\XagX
fTab l XVb_}Z\VT`XagXXdh\_\UeTWb& ITa :be]T&++ WXabi\X`UeX WX,**,
(!
$5&$ 5AL Q $ +++++ (+&+ ?"W[[[[ w' g__A3kO?' S1 ('?(?$j%mFXdX]X X_#GzeVmV(;bcXgeb
I(9(u&B+Q& A$%# Q +++ Q$AY_ (
w T[[ ++ 3> ** KX[[P_["s[] ae@eT_bf&IXagXaV\TWX+3 WXEFL\X`UeX WX
+333
;begX _<@&;Tfb ;b`ha\WTW AaW{ZXaT NT^lX9kT if( GTeTZhTl&
fhceT abgT.-
Fc\a\}a ;bafh_g\iT F;'+)2,& ,. WXfXg\X`UeXWX+32,&rFgp8I
JeTgTWbfubU]XgbWX_TYhaV\}aVbafh_g\iTWX_TVbegX$Teg&0. ;baiXaV\}a
9`Xe\VTaT fbUeX<XeXV[bf@h`Tabf%
Fc\a\}a ;bafh_g\iT F;'+)2,& fhceT abgT.1
Fc\a\}a ;bafh_g\iT F;'0)20& CTXkceXf\}a_XlXfXaX_Teg(-* WX_T
;9<@&WX_3 WX`Tlb WX+320&IXe\X9 aeb( 0 (
Lbgb eTmbaTWbWX_ BhXmIXeZ\b ?TeV{THT`{eXmcTeT_TIXagXaV\T
W\VgTWT cbe _T;begX A<@Xa#X_;Tfb ;_ThWXHXlXfh Fgebf if( ;[\_X(
! O''
("