:L8;<IEF ;< <OG<I@D<EKFJ  GI<<J:FC8I

 9 E D 9 K H I E  : ;  9 K 7 : ; H D E I  : ;  ; N F ; H ? C ; D J E I  9 E D 7 9 O J  ( & & ,

>WY_[dZe
oWfh[dZ_[dZe
Y_[dY_W
E
-

=7D7:EH0C7H7HEC;B?77HH;EB7D7L7HHE
<H7D9?I9E@7L?;HBF;PF?DJE$9EB?C7
 e[`Z\
@ekif[lZZ`e      ')
?djheZkYY_d0
Cfje`fj#[\j[\dlpg\hl\fj#mXeZfejkilp\e[f
k\fiXj\ogc`ZXk`mXjXZ\iZX[\cXi\Xc`[X[[\ledf[f
CfjZfcfi\j
j`d`cXiXchl\lk`c`qXecfjZ`\ek]`Zfj%;\j[\\cgi`d\i
<cXiZf`i`j      '+ [X[\ZcXj\j#cfjXcldefj[\Y\eXgi\e[\iXm`jlX$
J\gXiXZ`e[\cfjZfcfi\j    '- c`qXi\cdle[f[\dXe\iXZ`\ek]`ZX#\j[\Z`i#j\c\j
@dXe\j [\Y\Xe`dXiX_XZ\igi\^lekXjjfYi\cXeXkliXc\qX
HldXk\i`Xc\jXki\le`d}e6   '/ pXYljZXii\jgl\jkXj2i\Zfc\ZkXiZfjXj#ZfekXicXjp
CX\c\Zki`Z`[X[\jk}k`ZX
d\[`icXj#_XZ\ifYj\imXZ`fe\jZlXc`kXk`mXj#fi^Xe`qXi
cXji\Zfc\ZZ`fe\jp[`jZlk`icfj_XccXq^fj#\kZk\iX%
<c^cfYf_\Z_f`d}e     (' <jZfem\e`\ek\hl\cfjgif]\jfi\jXc`\ek\ecfj
Cfjjfe`[fj mXcfi\jZ`\ek]`Zfj\cf^`Xe[fcXZli`fj`[X[pcXZi\Xk`$
M`YiXZ`fe\jZfdf]l\ek\[\jfe`[f  () m`[X[#`eZcljfZlXe[fcXj`em\jk`^XZ`fe\jefi\jlck\e
<cfo^\ef    Zfdfj\gcXe\Xife%
CXdXeqXeXhl\j\fjZli\Z\    (+
Cfj\jkl[`Xek\j[\Y\egXik`Z`gXiXZk`mXd\ek\\e
cX\ogcfiXZ`e[\cfj]\ed\efjhl\c\j`ek\i\j\e
:df]leZ`feX6   
kXekf[\ekifZfdf]l\iX[\ZcXj\#\e]fidXXd\eX
:df]leZ`feXecfjjlYdXi`efj6  (- p\dfZ`feXek\#XYi`\e[fcXgl\ikXXd}j`em\jk`^X$
:dfj\]fidXecfjkfieX[fj6   (/ Z`fe\j%
Gfihl]leZ`feX6    LeXgXik\`dgfikXek\[\cX\ogcfiXZ`e\jkl[`Xek`c
GfihlcfjYXiZfj]cfkXe6   )' \jZfdle`ZXiXfkifjcfhl\m\e#cfhl\g`\ejXep
GfihlcfjXm`fe\jml\cXe6
Zl}ekfc\jdXiXm`ccX%
  ))
Cfje`fj[\Y\ek\e\i\ck`\dgfjl]`Z`\ek\gXiX
Zfem\ijXiXZ\iZX[\cfhl\d`iXepgXiXZfdgXiXi
jljfYj\imXZ`fe\jZfecXj[\fkifj%
@khWZe ;\Y\gi\d`Xij\cX\ogc`ZXZ`efi[\eX[Xp[\kX$
ccX[XleXe\Z\j`[X[[\cXjZ`\eZ`Xj#g\ifef_XYi}
Fhe\[iehW?iWX[bC[`W=c[p [\\jg\iXij\hl\\e\jk\e`m\cj\f]i\qZXe\ogc`ZX$
<jZl\cXEXZ`feXcgXiXDX\jkiXj[\AXi[`e\j[\E`fj Z`fe\jgi\Z`jXjgfigXik\[\cfj\jkl[`Xek\j%
Cjhe$HeX[hjeIWoWl[ZhWIeje <jk\ZlX[\ief#hl\]fidXgXik\[\cXjXZk`m`[X[\j
JfZ`\[X[D\o`ZXeXgXiXcX;`mlc^XZ`e[\cX:`\eZ`X [\cX(*J\dXeXEXZ`feXc[\:`\eZ`XpK\Zefcf^X#
pcXKZe`ZX j\i}leXYl\eX^lXgXiXdfk`mXiXcfjXcldefjXcX
\og\i`d\ekXZ`eZ`\ek]`ZX%
7i[iehWWYWZc_YW
: L8 ; < I E F  ; <  < O G < I @ D < E K FJ    G I < < J : F C 8 I

CjhW$CW$9h_ij_dW9WdeHeW
B_Y$JWd_WIWdjei9Wde

;`i\Zkfi`f
9kWZ[hdeZ[;nf[h_c[djeifWhW8WY^_bb[hWje
9edi[`eDWY_edWbZ[9_[dY_WoJ[Ydebe]W
8m%@ejli^\ek\jJli(,/)#:fc%:i[`kf:fejkilZkfi
Do`Zf#;%=%'*0+'
<[`Z`e1;`i\ZZ`e[\;`mlc^XZ`ep;`]lj`e[\:`\eZ`X
pK\Zefcf^X#:feXZpk
;`j\f\`dgi\j`e1@dgi\jfiXp<eZlX[\ieX[fiX
Gif^i\jf&;<;`j\fp:fejlckfiX>i}]`ZX
@cljkiXZ`e18idXe[f8cmXCfd\c
@J9E0-/$/)*$).*$+
;\i\Z_fji\j\imX[fj&J\gif_Y\cXi\gif[lZZ`ekfkXc
fgXiZ`Xc[\cfjdXk\i`Xc\jj`eXlkfi`qXZ`e\jZi`kX%

')
7Y[hYWZ[bYkWZ[hde
<jk\`ejkild\ekf[\kiXYXaf\jk}[`i`^`[fXcfjgif$
]\jfi\jgl\j#kfdXe[f\eZl\ekXhl\cfje`fj
Xeefc\\e#jfe\ccfjhl`\e\j[\Y\i}e[XicX^lX
Zfdgc\kX[\cXjXZk`m`[X[\j[\`em\jk`^XZ`ehl\
j\gifgfe\e%CX`[\X\jhl\kf[Xj\ccXjj\kiXYXa\e
\e\hl`gfjZfe\cXgfpf[\cfjgX[i\j[\]Xd`c`X
hl`q}jlefgfi\hl`gf gXiX^XiXek`qXicXj\^li`[X[
[\cfj\jkl[`Xek\j%E`e^leXXZk`m`[X[gl\[\j\i
i\Xc`qX[XZfdgc\kXd\ek\gfi\ccfjj`ei`\j^f[\cXj$
k`dX[liXj#gficfhl\j\i\Zfd`\e[Xhl\\cdX\jkif
fi^Xe`Z\pZfekifc\X[\ZlX[Xd\ek\cXjgi}Zk`ZXj%
CfjkiXYXafjZfek\e`[fj\e\jk\ZlX[\ief
YljZXehl\cfje`fjgfe^Xe\eal\^fjljZXgX$
Z`[X[\j[\fYj\imXZ`e#j\gcXek\\egi\^lekXj#
i\jl\cmXegifYc\dXjd\[`Xek\cX\og\i`d\ekX$
Z`e p\cXYfi\e\ogc`ZXZ`fe\j#`e]\i\eZ`XjpXi^l$
d\ekfjjljk\ekX[fj\ecXj\ogc`ZXZ`fe\j[`i\ZkXj
hl\c\jXpl[XeXXmXeqXipZfejkil`iel\mfj
Xgi\e[`qXa\jjfYi\cXYXj\[\cfjZfefZ`d`\ekfj
hl\gfj\\ep[\cXel\mX`e]fidXZ`ehl\`eZfi$
gfiXe%
J\_XZ\ljf[\cXgi\^lekXXek\j[\c\og\i`$
d\ekfgXiXXm\i`^lXiZl}ekfjXY\\ce`f[\ck\dX#
pXjlY`ZXijlj_`gk\j`j#[\jZi`gZ`fe\jpZ}cZlcfj
jfYi\cfhl\gf[iXjlZ\[\i#X[\d}j[\cXjgi\$
^lekXj]`eXc\jgXiXX]`idXZ`e%
G8I8:I<:<I?8PHL<J89<I '*
 <og%'(
BeiYebeh[i

EX`[j_le
Hl\\ce`fZfdgi\e[X\c]\ed\ef[\cX[\j$
Zfdgfj`Z`e[\cXclqYcXeZX\ecfjZfcfi\jp
hl\#XcZfdY`eXi[fjfd}jZfcfi\j#j\gl\[\e
fYk\e\ifkifj[`]\i\ek\j%

?djheZkYY_d
<jkXdfjif[\X[fj[\Zfcfi\jhl\]fidXegXik\
[\el\jkiXm`[Xpcfjj\i\j_ldXefjk\e\dfj
\cgi`m`c\^`f[\gf[\i[`j]ilkXicfj%
<eZlXchl`\ij`k`fm\dfjcfjZfcfi\j1ZlXe[f
mXdfjgficXZXcc\#al^Xdfj\eleaXi[e#
\jkXdfj\eZXjXf\ecX\jZl\cXm\dfjZfjXj
[\Zfcfi\jZfecXXpl[X[\el\jkifjfafj%

EXi[hlWY_d
JXc^XdfjXcaXi[e[\cX\jZl\cXfXcZXdgfp
fYj\im\dfj1
;\hlZfcfi\j%%%61
<cgXjkf&cXj_faXj[\cfj}iYfc\j&cXj]cfi\j
&\cZ`\cf[liXek\cXdXXeX
:[iWhhebbe'
CWj[h_Wb[i
'

FYj\imXcfjm\^\kXc\j2
[\hlZfcfi\jZX[Xlef6

LeXdXe[Xi`eX
H[\b[n_d
: L8 ; < I E F  ; <  < O G < I @ D < E K FJ    G I < < J : F C 8 I

LeZ_`c\gXj`ccX
LeXdXeqXeX Gfihlm\dfjcXjZfjXj[\Zfcfi\j6gfihl
Legc}kXef \o`jk\ecfjZfcfi\j6
LeXa`ZXi`kXZfeX^lX ?XYc\dfj[\cXeXkliXc\qX[\cZfcfi%CfjZfcfi\j
LeXgXi\[YcXeZXflegc`\^f hl\m\dfjgifm`\e\e[\cXclq[\cJfc2[\_\Z_f#
[\ZXiklc`eXYcXeZX gf[\dfjm\i^iXZ`XjXcXclqhl\cXK`\iiXi\Z`Y\[\
Le\jg\afg\hl\f c2cXZlXc_XZ\gfj`Yc\cXm`[X\eel\jkifgcXe\kX%
Le_\idfjf[Xjfc\X[f CXclqhl\efjcc\^X[\cJfc\jccXdX[XclqYcXeZX
p\jleXZfdY`eXZ`e[\clZ\j[\[`m\ijfjZfcfi\j%
Ljk\[\j_Xem`jkfcfjZfcfi\j[\cXclq[\cJfc6&
:l}e[f6
:cXifGf[\dfjm\icfjZfcfi\j[\cXclq[\cJfc
ZlXe[fjXc\\cXiZf`i`jg\if#Zl}e[fjlZ\[\\jf6
<e\]\Zkf#\cXiZf`i`jjXc\ZlXe[fccl\m\pXcd`jdf
k`\dgf\cJfc\jk}Yi`ccXe[f%
:l}ekfjZfcfi\jk`\e\\cXiZf`i`j6<oXZkf#\cXiZf
`i`jk`\e\j`\k\Zfcfi\j%
:l}c\jjfecfjZfcfi\j[\leXiZf`i`j6Gf[i\$
dfj_XZ\ilef6MXdfjX`ek\ekXicf%

'+
I[fWhWY_dZ[beiYebeh[i
:[iWhhebbe(
' GfecXa`ZXi`kXZfeX^lX\elecl^Xi`cld`eX[f[\
gi\]\i\eZ`Xgfi\cJfc pZ\iZX[\leXgXi\[YcXeZX
f[\cXZXiklc`eXg\^X[X\ecXgXi\[%
( :fcfZX\c\jg\af[\ekif[\cX^lX#pi\Z}i$
^Xcf\eleX[\cXjgXi\[\j[\ci\Z`g`\ek\#[\
dXe\iXhl\\cJfc`cld`e\\c\jg\af%

) 8aljkXcXgfj`Z`e[\c\jg\af#pXj\X
XZfjk}e[fcfd}jfd\efj#_XjkXhl\cfj
iXpfj[\jfccc\^l\eXjljlg\i]`Z`\pleXiZf
`i`jXgXi\qZXi\]c\aX[f\ecXgXi\[f\e\c
ZXike%

Gk[ij|fWiWdZe5
CXclq[\cJfc\ekiX\e\cX^lXpjkXj\gXiXcfj
Zfcfi\jhl\]fidXecXclq#cfjZlXc\jj\i\]c\aXe
\e\c\jg\afpj\gifp\ZkXe[\jglj\ecXgXi\[f
ZXiklc`eX%
<cX^lX[\cXmXj`aXXZkXZfdfcXj^fkXj[\
cclm`X%:lXe[fccl\m\#cXclq[\cJfcgXjXXkiXmj
[\cXj^fk`kXj[\X^lX#cXjZlXc\jj\gXiXecfj
Zfcfi\j[\cXclq[\cJfcpcfji\]c\aXeZfdfle
\jg\af#pj\]fidX\cXiZf`i`j\e\cZ`\cf%
8j#gl\j#m\dfjcfjfYa\kfj[\Zfcfigfihl\
ZX[Xlef[\\ccfj#XjZfdf\c\jg\af#i\]c\aXle
Zfcfi[\cXiZf`i`j2\j[\Z`i[\cXclq[\cJfc%
Gfi\jf#\cgXjkfi\]c\aX\cZfcfim\i[\[\cXiZf
`i`j2legc}kXefdX[lifi\]c\aX\cZfcfiXdXi`ccf[\c
XiZf`i`j%%%

7\_hcWY_d0
HlZfcfii\]c\aXcXeXiXeaX6HlZfcfii\]c\aXcX
dXeqXeX6

G8I8:I<:<I?8PHL<J89<I ',
 <og%') :[iWhhebbe

BeiYebeh[i ' KfdXleXk`i`kX[\gXg\c]`ckifpg\^Xlef[\jlj

\oki\dfjZfelegfZf[\Z`ekX#\ed\[`f[\lef
[\cfjgXc`kfj[\gXc\kX%

DlZ_fj[\cfjZfcfi\jhl\m\dfjjfe\ci\jlc$
kX[f[\cXZfdY`eXZ`e[\[fjfd}jZfcfi\j%
( KfdX\cgclde[\ZfcfiXqlcp[`YlaXleglekf
\e\c\oki\dfc`Yi\[\cXk`iX#Xgifo`dX[Xd\ek\
[fjZ\ekd\kifjXii`YX[\c\oki\df%
8jZfdfcXclqYcXeZX\jk}]fidX[XgficX
ZfdY`eXZ`e[\j`\k\Zfcfi\j#gXiX]XYi`ZXile
ZfcfigXiXg`ekliXj[\ZXjXjfZlX[ifjpk`ekXj
gXiXgcldfe\j\je\Z\jXi`fZfdY`eXi[fjfd}j
Zfcfi\j%
MXdfjXm\i#hlZfcfi\jj\lk`c`qXifegXiX
]XYi`ZXicXk`ekX[\Xc^lefjgcldfe\jd\[`Xek\
le\og\i`d\ekfZfe\cZlXcgf[i\dfjj\gXiXicfj
Zfcfi\j%

) M`\ik\legfZf[\XcZf_fc\elef[\cfjmXj`kfj
_XjkXleXXckliXXgifo`dX[X[\leZ\ekd\kif%
: L8 ; < I E F  ; <  < O G < I @ D < E K FJ    G I < < J : F C 8 I

CWj[h_Wb
J\`jgcldfe\j[\[`]\i\ek\jZfcfi\j
[\gi\]\i\eZ`X#`eZcl`iXqlc#XeXiXeaX[f#m\i[\#
ZX]#XdXi`ccfpifaf
:`eZfk`iXj[\gXg\c]`ckifgXiXZX]\k\iXj
[\(,Zd[\cXi^fgfi)[\XeZ_f
:`eZfmXj`kfjkiXejgXi\ek\j[\gc}jk`Zf
:`eZfgXc`kfj[\gXc\kX
:`ekXX[_\j`mX
K`a\iXj

'-
* :fcfZXcXk`iX[\gXg\c[\ekif[\cmXjf#[\kXcdXe\iX
hl\\c\oki\df[fe[\j\\eZl\ekiX\cglekf[\Zfcfi
hl\[\jld\i^`[f\e\cXcZf_fc%%%#g\ifZl`[Xe[fhl\\c
glekf[\Zfcfihl\[\]l\iX[\cXcZf_fc%

+ JfjkeZfekldXefcXk`i`kX[\gXg\ckfdXe[f\c
gXc`kfgfileXglekX%

, <jg\iXlefjZlXekfjd`elkfjpfYj\imXcfhl\
fZlii\%

H[\b[n_d0
HlgXjXZfecXdXeZ_X[\k`ekXZlXe[fcXXcZXeqX\c
XcZf_fc6HlZfcfi\jj\j\gXiXife[\cXk`ekXXqlc6

Gk[ij|
fWiWdZe5
<cXcZf_fcZfd`\eqX
XXjZ\e[\iXcf
cXi^f[\cXk`iX[\
gXg\c2ZlXe[fcc\^X
Xcglekf[\Zfcfi\c
XcZf_fc[`jl\cm\cX
k`ekX[\cgcldep
XiiXjkiXZfej`^fcfj
[`]\i\ek\jZfcfi\j
hl\cX]fidXe%

- I\g`k\cfjgXjfj
[\c(Xc-Zfecfj
[\d}jgcldfe\jgXiX
hl\m\XjhlZfcfi\j
j\lk`c`qXife\eZX[X
lef[\\ccfj%Hl
Zfcfi\j]fidXecXk`ekX
ZX]6HlZfcfi\j
]fidXecXk`ekX[\
ZfcfiXeXiXeaX[f6

. 8_fiXZfcfi\XcX
_faX[\XqlcZ`\cf
p#\eZ`dX[\\j\Zfcfi#
/ G`ekX[\ifafcX
eXiXeaXp[\j$
gljXgc`ZX\cXdX$
gekXcX[\XdXi`ccf%;\ i`ccf%;\hlZfcfi
hlZfcfij\gljf6 j\gljf6

'.
G8I8:I<:<I?8PHL<J89<I
 <og%'* :[iWhhebbe
GkcWj[h_Wb[i ' :fcfZXkf[fjcfjfYa\kfj
jfYi\cXd\jX%

WjhW[kd_c|d5
EX`[j_le
Hl\cfje`fjZfefqZXecXjZXiXZk\ijk`ZXj[\le
`d}e#hldXk\i`Xc\jXkiX\pZl}c\jef%

?djheZkYY_d
Hl\jle`d}e6;e[\cf_Xjm`jkf6Hl
dXk\i`Xc\jXkiX\le`d}e6
Cfj`dXe\jk`\e\ekf[XZcXj\[\]fidXjp
kXdXfj%Gl\[\ej\icXi^fjp[\c^X[fj#i\[fe[fj
f\e]fidX[\_\iiX[liX%Cfjgf[\dfj\eZfekiXi
\ecXjgl\ikXj[\cfj[\cfji\]i`^\iX[fi\j2cfj
k\c]fefj#cfjiX[`fjpcfjk\c\m`jfi\jjfe\a\d$
gcfj[\XgXiXkfjhl\Zfek`\e\e`dXe\j\ejl
`ek\i`fi%<og\i`d\ek\dfjZfe`dXe\j%

( 8Z\iZX\c`d}eXZX[X
lef[\cfj[`]\i\ek\j
dXk\i`Xc\j%
: L8 ; < I E F  ; <  < O G < I @ D < E K FJ    G I < < J : F C 8 I

CWj[h_Wb[i0
FYa\kfj[\[`]\i\ek\jd\kXc\jZfdf1_`\iif#
fif#ZfYi\pXcld`e`f
LegXc`ccf[\[`\ek\jdX[\iX
LeXg\cfk`kXZ_`ZX[\e`\m\j\ZXgc}jk`Zf
LegfZf[\Zfe]\k`gXg\c
Le`d}e
LeXd\jX

'/
) FYj\imXhlfZlii\
ZfeZX[XdXk\i`Xc
ZlXe[fc\XZ\iZXj\c`d}e%

EXi[hlWY_d
HlgXjXZlXe[fXZ\iZXj\c`d}eXcfYa\kf%%%61
[\_`\iif&[\fif&[\Xcld`e`f&[\dX[\iX&[\
gXg\c%
?\dfjm`jkfhl\lefjdXk\i`Xc\jjfeXkiX[fj
gfi\c`d}epfkifjef%8_fiXm\XdfjZl}c\jdXk\$
i`Xc\jjfedX^ek`Zfjcfjhl\jfeXkiX[fjgfi
\c`d}e pZl}c\jefdX^ek`Zfjcfjhl\efjfe
XkiX[fjgfic %
7\_hcWY_d0
Gk[ij|fWiWdZe5 HldXk\i`Xc\j[\cfjhl\
Le`d}e\jled`e\iXc[\_`\iifhl\k`\e\cXgif$ ljXjk\jfedX^ek`Zfj6
g`\[X[[\XkiX\id\kXc\jZfdf\c_`\iif#\cXZ\if
pcXgcXkX#XjZfdfXc^lefjfkifjdXk\i`Xc\j#\e
HldXk\i`Xc\jefcfjfe6
d\efid\[`[X% Gl\[\jgifYXiZfefkifk`gf[\dXk\i`Xc\jhl\
<ejldXpfiX#cfjd\kXc\jjfedXk\i`Xc\j \eZl\eki\j\e\cjXcef\eklZXjXgXiX[\jZlYi`i
dX^ek`Zfj#g\if_XpXc^lefjhl\efcfjfe%Gfi Zl}c\jjfedX^ek`ZfjpZl}c\jef%
\a\dgcf\cZfYi\p\cXcld`e`f#\eki\fkifj%

G8I8:I<:<I?8PHL<J89<I '0
 <og%'+ :[iWhhebbe

;b[Yjh_Y_ZWZ ' @e]cX\c^cfYf

pXd}iiXcf

[b[Yjheij|j_YW
Le^cfYfZfem\ik`[f
\e`d}e

EX`[j_le
Hl\\ce`fZfdgil\Y\hl\jlZl\igfgl\[\gif$
[lZ`i\c\Zki`Z`[X[\c\Zkifjk}k`ZX%

?djheZkYY_d
PX[\jZlYi`jk\hl\cfj`dXe\jjcfgl\[\e
XkiX\id\kXc\j#gi`eZ`gXcd\ek\\c]`\iif%G\if%%%
\o`jk`i}le`d}eZXgXq[\XkiX\idXk\i`Xc\jhl\
le`d}em\i[X[\ifefgl\[\XkiX\i6HlkXcj`
gifYXdfjZfele^cfYf

( :fcfZXjfYi\cX
d\jX\e]fidX
Xc`e\X[XcXg\cfk`kX[\
)
=ifkX\c^cfYfjfYi\
klZXY\ccffifgX%

le`Z\c#\cZfe]\k`#leX
k`iX[\gXg\cZ\cf]}ep\c
gXc`ccf[\[`\ek\j%
: L8 ; < I E F  ; <  < O G < I @ D < E K FJ    G I < < J : F C 8 I

CWj[h_Wb[i0
Le^cfYf
LeXg\cfk`kX[\le`Z\cZ_`ZX
LegXc`ccf[\[`\ek\j
LegfZf[\Zfe]\k`
K`iXj[\gXg\cZ\cf]}e
LeXd\jX
LeXgi\e[X[\cXeX

('
* 8Z\iZXcXgXik\
]ifkX[X[\c^cfYfX
cXg\cfk`kXj`ekfZXicX
Zfe\c^cfYf#hl
jlZ\[\6

+ =ifkX[\el\mf
\c^cfYfjfYi\kl
ZXY\ccffifgXpXZi$
ZXcfX_fiXXcZfe]\k`#
hlgXjX6

, =ifkX[\el\mf
\c^cfYfpXZi$
ZXcfXcXk`iX[\gXg\c
Z\cf]}e#hlfZlii\6

- =ifkX[\el\mf\c
^cfYfpX_fiXXZi$
ZXcfXcgXc`ccf[\[`\ek\j#
hlgXjX6

H[\b[n_d0
Gfihl\c^cfYf\jZXgXq
[\XkiX\icfjfYa\kfj6

<jkf\j[\Y`[fXcX
[b[Yjh_Y_ZWZ[ij|j_YW#hl\
\jcXgifg`\[X[dXe`]`\jkX
\ecfjdXk\i`Xc\jfZl\igfj
ZlXe[fjkfjXZldlcXe\e
\oZ\jfZXi^Xj\cZki`ZXj#cf
hl\fZlii\Xc]ifkXile^cfYf
Zfe\cZXY\ccf
CXgXcXYiX[b[Yjh_Y_ZWZgifm`\e\[\cmfZXYcf
^i`\^f\c\Zkie#hl\j`^e`]`ZX}dYXi#p\jleXi\j`eX
g\ki`]`ZX[X%CfjXek`^lfj^i`\^fjjXYXehl\j`j\]ifkX
\c}dYXiZfek\cX#jk\XkiX\g\[Xqfj[\_faXfgfcmf%
LefYa\kf[\gc}jk`Zff[\m`[i`f]ifkX[fjZfe
leXk\cXkXdY`egi\j\ekX\jk\\]\Zkf}dYXif\c\Z$
ki`Z`[X[\jk}k`ZX#hl\\jZfdfj\c\ccXdX_fp%
<jgifYXYc\hl\k_XpXj\og\i`d\ekX[f\c\Z$
ki`Z`[X[\jk}k`ZXZlXe[fk\g\`eXj\cZXY\ccfj\
c\mXekXZlXe[fc\XZ\iZXj\cg\`e\ fZlXe[fljXj
leXZXd`jX[\]`YiXj`ekk`ZXcXZlXcXcifqXikl
Zl\igfj\g\^XXc%<e\jkfjZXjfj#lefYa\kfj\
ZXi^X[\Y`[fXlegifZ\jf[\]ifkXd`\ekf%
:lXe[f]ifkXj\c^cfYfjfYi\klZXY\ccffifgX#jk\
j\ZXi^X\cZki`ZXd\ek\p\j\jXZXi^X\cZki`ZXcX
ZXljXek\[\hl\\c^cfYfgl\[XXkiX\icfjfYa\kfj
Zfdfcf_XZ\le`d}e%

G8I8:I<:<I?8PHL<J89<I ((
 <og%', :[iWhhebbe'

Beiied_Zei ' :fcfZXkldXef[\i\Z_XjfYi\kl^Xi^XekXpgif$

eleZ`XcXc\kiXf[\dXe\iXjlXm\pXcXi^X[X
ffffff J`\ek\jXc^fhl\m`YiX\ekl^Xi^XekX6

M`YiXZ`fe\j1cX
]l\ek\[\cjfe`[f
( GifeleZ`X[\el\mfcXd`jdXc\kiXfg\ifX_fiX
[\dXe\iX]l\ik\%G\iZ`Y\jXc^leX[`]\i\eZ`X\e
cXm`YiXZ`e[\kl^Xi^XekX6

EX`[j_le
Hl\\ce`fZfdgi\e[X[\hldXe\iXj\gif$
[lZ\ecfjjfe`[fjpZdfm`XaXe_XjkXel\jkifj
f[fj%

?djheZkYY_d
J`\dgi\\jkXdfj\jZlZ_Xe[fjfe`[fj%:`\iiX
kljfafjgfilefjd`elkfjp\jZlZ_Xkf[fjcfj
jfe`[fj%Hl\jZlZ_Xjk\6
G\if%%%jXY\jZdfj\gif[lZ\\cjfe`[fpZdf
cc\^X_XjkXel\jkifjf[fj6
8cXj\dXeX[\eXZ`[f#lej\i_ldXefgl\[\
\jZlZ_XipkXdY`e\dg\qXiX\d`k`ijfe`[fj2
jkfjjfecfj\ejXpfje\Z\jXi`fjgXiXgf[\i`e`$
Z`Xi\c_XYcX%
:lXe[f_XYcXdfj#cf_XZ\dfjj`eg\ejXi\e
cXjXZZ`fe\jhl\[\Y\dfji\Xc`qXigXiXZfdl$
e`ZXiefj#gfi\a\dgcf#lk`c`qXdfjcXjZl\i[Xj
YlZXc\jp\d`k`dfjjfe`[fjZfelej`^e`]`ZX[f
gXcXYiXj #hl`q}gfi\ccfZXj`efefj[\k\e\dfj
Xg\ejXiZdfgf[\dfj_XYcXi#Zdfj\gif[lZ\
\cjfe`[fpZdfj\kiXjd`k\%
: L8 ; < I E F  ; <  < O G < I @ D < E K FJ    G I < < J : F C 8 I

J`ZfcfZXjkljdXefj\e
kl^Xi^XekXZlXe[f\jk}j
_XYcXe[fZfeXc^l`\e#gf[i}j
j\ek`ihl\Xc^fj\dl\m\2\j
cXm`YiXZ`e[\kljZl\i[Xj
CWj[h_Wb[i0 YlZXc\j%:lXe[f\jkfjlZ\[\#
LekXdYfifgXe[\if
LeXYXhl\kXfgXcf
j\gif[lZ\jfe`[f\e]fidX
LegfZf[\jXcdfc`[X [\gXcXYiXj%<og\i`d\ek\dfj

()
:[iWhhebbe(
' :fcfZXle
gfZf[\jXc
\ed\[`f[\cX
jlg\i]`Z`\[\c
kXdYfi%

( >fcgXcf
jlXm\d\ek\
ZfecXYXhl\kX%

) ;XX_fiXle]l\ik\
^fcg\XckXdYfi%

:dfj\\jZlZ_X6Hl
gXjXZfecfj^iXefj[\
jXc6
:lXe[f^fcg\Xj\ckXdYfiZfejlXm`[X[#m`YiXp
cfj^iXefj[\jXcjXckXedlpgfZf#gfi\jf\cjfe`[f
hl\\jZXgX\jjlXm\2g\ifZlXe[f^fcg\XjZfe
]l\iqXm`YiXd}j#cfj^iXefj[\jXcYi`eZXed}j
Xckfp\cjfe`[fhl\j\\jZlZ_X\jd}j^iXm\
:fdf_Xjgf[`[fj\ek`i#fYj\imXip\jZlZ_Xi#
cfjjfe`[fjj\gif[lZ\eZlXe[flefYa\kfm`YiXXc
j\i^fcg\X[ffaXcX[f%G\if%%%:dfcc\^X\cjfe`[f
_XjkXkljf[fj6#gfi\a\dgcf1\cjfe`[f[\leiXpf
hl\ZX\Xb`cd\kifj[\[fe[\k\jk}j%
:dfj\\jZlZ_X\cjfe`[f#
[Y`cf]l\ik\6HlgXjXZfe
cfj^iXefj[\jXcXcjfeXi6
<cjfe`[fgif[lZ`[fgfilefYa\kfhl\m`YiX
gl\[\m`XaXiXkiXmj[\cX`i\#[\cfjjc`[fjfYa\kfj
[lifjZfdfcXdX[\iX#m`[i`fj#d\kXc\j#\kZ% p
kXdY`e\ecfjchl`[fjZfdf\cX^lX#gfikXekf\j
gfj`Yc\\jZlZ_Xijfe`[fj\e\cX`i\#YXaf\cX^lX
pjfYi\cfjjc`[fj%CXjm`YiXZ`fe\j[\cfjfYa\kfj
dl\m\ecXjdfcZlcXj[\cX`i\#[\cX^lXp[\cfj
jc`[fj]fidXe[ffe[XjjfefiXjp\jXjZfdfcc\^X
\cjfe`[f_XjkXkljf[fj%

G8I8:I<:<I?8PHL<J89<I (*
 <og%'- :[iWhhebbe

BWicWdpWdWi '<eld\iXcfjgcXkfjZfedXjb`ekXg\
p\cgclde#[\c(Xc*%

gk[i[eiYkh[Y[d
EX`[j_le
Hl\\ce`fZfdgi\e[XcX`dgfikXeZ`X[\cfo$
^\efgXiXcfjj\i\jm`mfjpfYj\im\Zdfjk\
`e]clp\\ecXfo`[XZ`e[\cfjd\kXc\jpcfjXc`$
d\ekfj%

?djheZkYY_d
Hl\j\cfo^\ef6;e[\j\\eZl\ekiX6GXiX
hl\efjj`im\6
<cfo^\efj\\eZl\ekiX\e\cX`i\hl\i\jg`$
iXdfjp\jle^Xj\j\eZ`XcgXiXcfjj\i\jm`mfj#
pXhl\j`ecefgf[iXdfjm`m`i%LeXg\ijfeX
gl\[\m`m`iXc^leXjj\dXeXjj`eZfd`[Xfgfi
[Xjj`eX^lX2g\if#j`efo^\efdfi`i}\ejcf
d`elkfj%
EffYjkXek\#\cfo^\efefj`\dgi\\jYl\ef
gXiXkf[fjefjfkifj#pXhl\gl\[\\Z_XiXg\i[\i
( :fcfZXki\ji\YX$
eX[Xj[\dXeqXeX
\eZX[XgcXkf%
) :lYi\\cgcXkf(Zfe
cX\emfckliX[\
gc}jk`Zf%
Xc^lefjXc`d\ekfjpd\kXc\jZfdf\c]`\iif%
?Xjm`jkfleZcXmflfkiffYa\kf[\d\kXc
fo`[X[f6JXY\jgfihlj\fo`[Xecfjd\kXc\j6
Hlcfjfo`[X6:dfj\gl\[\\m`kXijlfo`$
[XZ`e69ljhl\dfjcXji\jgl\jkXjd\[`Xek\\c
j`^l`\ek\\og\i`d\ekf%
: L8 ; < I E F  ; <  < O G < I @ D < E K FJ    G I < < J : F C 8 I

CWj[h_Wb[i0
LeXdXeqXeX]i\jZX#g\cX[XpZfikX[X
\eel\m\i\YXeX[Xj
<cal^f[\ZlXkifc`dfe\j
<emfckliXgc}jk`ZXgXiXZlYi`iXc`d\ekfj
Ki\jgcXkfj_fe[fj[\gc}jk`Zf
DXjb`ekXg\f\k`hl\kXj
Legclde

(+
* IfZXcXji\YXeX[Xj
[\cgcXkf)Zfe\c
al^f[\cfjc`dfe\j#Zl`$
[Xe[fhl\hl\[\eY`\e
ZlY`\ikfj%

+ <cgcXkfed\if*
hl\[Xi}j`ekXgXi%

, ;\aXhl\gXj\elefj
(,f)'d`elkfjp
[\jgljfYj\imX\ehl
\jkX[fj\\eZl\ekiXe
cfjkifqfj[\dXeqXeX
\eZX[XgcXkf%

:dfclZ\ecXji\YXeX[Xj[\dXeqXeX[\cgcXkf(6
HlfZlii`ZfecXj[\cgcXkf)6
:dfhl\[cXdXeqXeX[\cgcXkf*6
;nfb_YWY_d
JXY\jhl\dlZ_Xj]ilkXjj\ml\cm\efjZliXj
ZlXe[fj\_XZ\em`\aXj#pleX^iXegXik\[\cgif$
Z\jf[\\em\a\Z`d`\ekfj\gifmfZXgficXXZZ`e[\c
fo^\ef%CXj]ilkXj#ZfdfcXjdXeqXeXj#gl\[\e
Zfej\imXij\d\[`Xek\i\]i`^\iXZ`e#cfhl\_XZ\
d}jc\ekf\cgifZ\jf[\fo`[XZ`e#fkXdY`e
ZlYi`e[fcXjgXiX\m`kXihl\\cfo^\efXZk\jfYi\
cX]ilkXgifmfZXe[fjl\em\a\Z`d`\ekf%
7\_hcWY_d
CfjkifqfjZlY`\ikfjgfi\cgc}jk`Zfj\dXek\e[i}e
\eYl\eXZfe[`Z`egfilegfZfd}j[\k`\dgf
gfihl\\cgc}jk`Zfcfjgifk\^\[\cfo^\ef#d`\e$
kiXjhl\cfj[\jZlY`\ikfjj\fjZli\Z`\ifegfihl\
hl\[Xife\ogl\jkfjXcfo^\ef%Gfick`df#cXj
i\YXeX[XjZlY`\ikXjZfec`dej\dXeklm`\ife\e
Yl\e\jkX[fgfihl\\cqldf[\c`dehl\Zfek`\e\
m`kXd`eX:}Z`[fXjZiY`Zf \jleXek`fo`[Xek\2
\j[\Z`i#\jleXjljkXeZ`Xhl\gi\m`\e\f_XZ\d}j
c\ekXcXXZZ`e[\cfo^\efjfYi\cX]ilkX%
GfifkifcX[f#ZlXe[fcfjd\kXc\jhl\[Xe
\ogl\jkfjXcXZfdY`eXZ`e[\cX_ld\[X[[\c
X^lXp\cfo^\ef[\cX`i\j\c\j]fidXlegfcmf
ifa`qfccXdX[fo`[f%GXiX\m`kXihl\\jkfjlZ\[X#
j\_Xe`em\ekX[fdXk\i`Xc\jd}ji\j`jk\ek\jXcX
fo`[XZ`e#fY`\e#j\cfji\ZlYi\ZfejljkXeZ`Xjhl\
\m`k\ejl[\jZfdgfj`Z`e%

G8I8:I<:<I?8PHL<J89<I (,
 <og%'. :[iWhhebbe

9ce\kdY_edW '?Xqki\jX^la\i`kfjZfe\cZcXmf\eleXcXk\iXc[\
cXYfk\ccXpfkifjkXekfj\e\c\a\ZfekiXi`f%<j
`dgfikXek\hl\jkfjhl\[\eXc`e\X[fj%

kdikXcWh_de5
EX`[j_le
Hl\\cXcldefZfefqZX\cgi`eZ`g`f[\]cfkXZ`ep
jllk`c`[X[%

?djheZkYY_d
GXiXhl\j`im\lejlYdXi`ef6#Zdf]leZ`feX6
CfjjlYdXi`efjjfed}hl`eXjk`c\jgXiX
`em\jk`^Xi\c]fe[f[\cfjdXi\j#gXiXYljZXi
YXiZfj_le[`[fjp#\ek`\dgfj[\^l\iiX#gXiX
[\jkil`iYlhl\j\e\d`^fjgfi[\YXaf[\cX^lX%

( JfYi\cXYXj\[\cXkXgXifjZX#_Xqlefi`]`Z`fcf
jl]`Z`\ek\d\ek\^iXe[\ZfdfgXiXhl\\eki\\e
ccXdXe^l\iX%
: L8 ; < I E F  ; <  < O G < I @ D < E K FJ    G I < < J : F C 8 I

CWj[h_Wb[i0
LeXYfk\ccX^iXe[\[\gc}jk`ZfkiXejgXi\ek\
ZfekXgX
Led\kif[\klYf[\gc}jk`Zf[\c^X[fZfdf
\c[\cjl\if
:`ekXX[_\j`mX
Le^cfYfd\[`Xef
LeZcXmf^il\jf[\gi\]\i\eZ`X#ZXc`\ek\
LedXik`ccf
J`\k\ZXe`ZXj

(-
) @ekif[lZ\cXdXe$
^l\iXgfi\cX^la\if
[\cXkXgX%
*
\e\c\oki\df[\cXdXe^l\iX%
, @ekif[lZ\\c^cfYf\ecX
Yfk\ccXpk}gXcX%
. Jld\i^\cXYfk\ccX\e\c
X^lX_XjkXhl\j\cc\e\
pcl\^fjlckXcX%8_fiX#hl
jlZ\[\6
/ JfgcXgfi\c\oki\df[\cXdXe^l\iXZfdfj`
hl`j`\iXj`e]cXi\c^cfYf%:l`[Xhl\efj\`e]c\
[\dXj`X[f#gfihl\gl\[\i\m\ekXij\%
G\^X#ZfecXXpl[X[\cX
Z`ekXX[_\j`mX#\c^cfYf
+ :fcfZXkf[XjcXjZXe`ZXj
fdfe\[Xj[\ekif[\cX
Yfk\ccX%
- J`kXcXYfk\ccXjfYi\\cX^lX
[\cXZlY\kXpjlckXcX%Hl
gXjXZfe\ccX2j\_le[\f]cfkX6
H[\b[n_d
HlfZlii\ZlXe[fcXYfk\ccX
j\cc\eX[\X^lX6HlgXjXXc
X^lXZlXe[f`e]cXj\c^cfYf6
HljlZ\[\XcXYfk\ccXZlXe[f
`e]cXj\c^cfYfpjXc\\cX^lX6
Gl\jXj]leZ`feXecfjjlYdX$
i`efj
;nfb_YWY_d
GXiXjld\i^`ij\#cfjjlYdX$
i`efj[\Y\ecc\eXi[\X^lXlefj
kXehl\jhl\j\\eZl\ekiXe
\ejl`ek\i`fi#Zfecfhl\j\
ml\cm\ed}jg\jX[fj%<cX^lX
hl\\ekiXcfj_XZ\d}jg\jX[fj
pgfi\jf\cjlYdXi`efj\
_le[\%:lXe[fj\[\j\XjlY`i
XcXjlg\i]`Z`\#\je\Z\jXi`f
jXZXi\cX^lX[\cfjkXehl\jp
cc\eXicfjZfeX`i\2Xj#Xc[\j$
_XZ\ij\[\cX^lXj\_XZ\d}j
c`m`Xefpgl\[\XjZ\e[\i%
Cfd`jdffZlii\Zfekl
Yfk\ccX1ZlXe[f`e]cXj\c^cfYf#
\cX`i\jXZX\cX^lX[\cXYfk\ccX
gficfjX^la\i`kfj2XcjXc`i#jkX
g`\i[\g\jf#_XZ`e[fj\d}j
c`m`XeXpcXYfk\ccXjlY\%
G8I8:I<:<I?8PHL<J89<I (.
 <og%'/ :[iWhhebbe

9cei[\ehcWd ' 
:Xc`\ekXcXglekX[\cZcXmfpZfec_Xqlefi`]`Z`f
[\lefj.d`cd\kifj[\[`}d\kif\e\cZ\ekif[\
ZX[XkXgX[\Yfk\ccX%

beijehdWZei5
EX`[j_le
Hl\\ce`fZfdgi\e[Xhl\jlekfieX[fp
Zdfj\]fidX%

?djheZkYY_d
JXY\jhl\jlekfieX[f6:dfj\]fidX6
LekfieX[f\jleXZfcldeX[\X`i\hl\^`iXm`f$
c\ekXd\ek\[\j[\cXjelY\j_XjkXcXjlg\i]`Z`\
k\ii\jki\#]fidXe[fle`ed\ejf\dYl[f[\X`i\#
\cZlXci\jlckXm`j`Yc\gfi\cgfcmfhl\jlZZ`feX%
<e^\e\iXc#cfjkfieX[fjj\gif[lZ\e[liXek\
kfid\ekXj[\^iXe`ek\ej`[X[%PcXd\afidXe\iX
[\Zfdgi\e[\iZdfj\]fidXlekfieX[f\j
( G\^XZfecXZ`ekXfg\^Xd\ekfcXj[fjkXgXj#
le`\e[fcXjjlg\i]`Z`\jgcXeXjCfjfi`]`Z`fj
[\Y\eZf`eZ`[`i %
_XZ`\e[flef%

CWj[h_Wb[i0
;fjYfk\ccXj[\gc}jk`ZfkiXejgXi\ek\#`[ek`ZXj
ZfekXgXj[\gc}jk`Zf
Leg\^Xd\ekf]l\ik\fZ`ekXX[_\j`mX
LeZcXmfd\[`Xef
LedXik`ccf
LeXd\jX
: L8 ; < I E F  ; <  < O G < I @ D < E K FJ    G I < < J : F C 8 I

) Cc\eX*+gXik\j[\leXYfk\ccXZfeX^lXpZfc$
ZXcXjfYi\cXd\jX%

(/
* <eifjZXcXkXgX\ecXYfk\ccX
ZfeX^lX%

+ ;\jglj#\eifjZX
cXYfk\ccXmXZXXcX
kXgXZfecXYfk\ccXhl\
Zfek`\e\X^lX%

, C\mXekXcXjYfk\ccXjpX^kXcXj
]l\ik\d\ek\Zfedfm`d`\ekfj
Z`iZlcXi\j%
- Mfck\XcXjYfk\ccXj[\dXe\iXhl\
cXYfk\ccXZfeX^lXhl\[\X_fiX
Xii`YXpcXmXZXXYXaf%FYj\imX\c
dfm`d`\ekf[\cX^lX[\ekif[\cX
Yfk\ccXHl]fidXkfdX6

;nfb_YWY_d
<e\]\Zkf#\cX^lX]fidXleg\hl\fkfieX[f%
:lXe[fX^`kXjk\cXjYfk\ccXj#\cX^lX[\ekif[\
leX[\\ccXj^`i#g\if\cX`i\^`iXkXdY`epYXaX
Xc]fe[f[\cXYfk\ccX#^\e\iXe[flemXZf\ecX
gXik\jlg\i`fi[\cXd`jdX%
<cmXZfhl\j\]fidX\ecXYfk\ccXjlZZ`feX\c
X^lX_XZ`e[fcXhl\YXa\gfi\cX^la\i`kfpjkX
jXc\\e]fidX[\i\dfc`ef%:fdf\cX^lXZfek`eX
^`iXe[fXcjXc`ikfdXleX]fidX[\\dYl[ff
i\dfc`ef%

G8I8:I<:<I?8PHL<J89<I (0
 <og%'0 :[iWhhebbe

Fehgkbei ' M`\ik\legfZf[\X^lX\e\c

mXjf[\gc}jk`Zfj`ehl\j\cc\e\%

XWhYei\bejWd5
EX`[j_le
Hl\\ce`fZfefqZXcXj]l\iqXjhl\`ek\im`\e\e
\ecX]cfkXZ`e[\cfjYXiZfj%

?djheZkYY_d
J`_Xjm`jkf\cdXifXc^eifZXl[Xcfjf#j`e
[l[X_XjfYj\imX[fYXiZfjfcXeZ_Xjhl\kiXe$
j`kXegfic%JXY\j[\hl\jk}_\Z_fleYXiZf6
CfjYXiZfjXZklXc\j\jk}e_\Z_fj[\[`m\ijfj
dXk\i`Xc\j#\eki\cfjZlXc\jgi\[fd`eXecfj
d\kXc\jhl\k`\e\ecXgifg`\[X[[\j\idlp
g\jX[fjpgficfkXekfefgl\[\e]cfkXi%G\if
jlZ\[\hl\j]cfkXe:dfcf_XZ\ej`jfekXe
g\jX[fj6M\Xdfjj`le\og\i`d\ekfefjXpl[XX
[\jZlYi`icf%

( KfdX\c_l\mfZfe
dlZ_fZl`[X[f\
`ekif[Z\cf\e\cX^lX%%%
hlZi\\jhl\jlZ\[X
Zfe\c_l\mf#]cfkXfj\
_le[\6M\Xdfj

) JlckXcfc\ekXd\ek\
: L8 ; < I E F  ; <  < O G < I @ D < E K FJ    G I < < J : F C 8 I

pfYj\imX\ci\jlc$
kX[f%HlfZlii`6

CWj[h_Wb[i0
LemXjf^iXe[\[\gc}jk`ZfkiXejgXi\ek\
Le_l\mfZil[fp]i\jZf
8^lX
:lXkifZlZ_XiX[Xj[\jXcdfc`[X
LeXZlZ_XiX

)'
* JXZX\c_l\mfZfecX
ZlZ_XiX%
HlZi\\jhl\gXj\X_fiXZfe\c
_l\mfj`cfjl\ckXj6Gl\jgifY\dfj%

+ 8_fiX#X^i\^XcXjXcXc
X^lX[\cmXjfpd\qZcX
Y`\e_XjkXhl\cXjXcj\
[`jl\cmX%

, KfdX[\el\mf\c
_l\mf#`ekif[Z\cfZfe
dlZ_fZl`[X[f\e\cX^lX
g\ifefcfjl\ck\j

- Jl\ckXdlpjlXm\d\ek\\c_l\mf%HlgXj
X_fiXZfe\c_l\mf6Gfihlj\_le[\\e
\cX^lXZlXe[fefk`\e\jXc6Gfihl]cfkX\e\c
X^lX[\jglj[\hl\c\gfe\jjXc6

;nfb_YWY_d
JfYi\\c_l\mfXZkXe[fj]l\iqXj1jlg\jf\j
[\Z`icX]l\iqXZfehl\cXk`\iiXXkiX\cXjZfjXj
_XZ`XXYXaf p\c\dgla\cX]l\iqXZfecXZlXc\c
X^lX\dglaXcXjZfjXj_XZ`XXii`YX %J`\cg\jf
[\cfYa\kf_l\mf \jdXpfihl\\c\dgla\[\c
X^lX#\c_l\mfj\_le[`i}%<eZXjfZfekiXi`f#j`
\cg\jf[\cfYa\kf\jd\efihl\\c\dgla\[\c
X^lX#\c_l\mf]cfkXi}%
<cX^lX[lcZ\#\j[\Z`i#\cX^lXhl\efk`\e\
jXc#k`\e\leX]l\iqX[\\dgla\dlp[Y`chl\
efjfgfikX\cg\jf[\cfjfYa\kfjpjkfjj\
_le[\e%Gfi\cZfekiXi`f#\cX^lXjXcX[XZfdfcX
[\cdXik`\e\leX]l\iqX[\\dgla\dXpfi#gficf <e\cZXjf[\cX^lX#ZlXe[fefk`\e\jXc#cX
hl\gl\[\jfgfikXi\cg\jf[\cfjZl\igfj#g\id`$ ]l\iqX[\\dgla\[\cX^lX\jd\efiXcg\jf[\c
k`\e[fhl\jkfj]cfk\e% _l\mfp#Xcj\idXpfi\cg\jf[\c_l\mf#m\eZ\cX
8cXX[`ijXcXcX^lX\jkXdfjXld\ekXe[f\e ]l\iqX[\cX^lXp\c_l\mfj\_le[\%
\ccXjl]l\iqX[\\dgla\#\jfgif[lZ\hl\\c\dgla\ 8jkXdY`ej\gl\[\\ogc`ZXi\c_\Z_f[\hl\
Xgc`ZX[fXc_l\mfj\XdXpfihl\jlg\jf#gfi\jf\c j\Xd}j]}Z`c]cfkXi\e\cX^lX[\cdXihl\\e\c
_l\mf]cfkX% X^lX[\ifjpg`jZ`eXj%

G8I8:I<:<I?8PHL<J89<I )(
 <og%(' :[iWhhebbe

Fehgkbei ' KfdX\cgfgfk\ZfeleX

dXef#Zfdfj`]l\iX
leXcXeqX%HlZi\\jhl\

Wl_ed[ilk[bWd5 gXj\j`cfXm`\ekXj_XZ`X
X[\cXek\6MfcXi}fef6
?X^XdfjcXgil\YX

EX`[j_le
Hl\\ce`fZfdgi\e[XgfihlcfjXm`fe\j
( CXeqX\cgfgfk\_XZ`X
X[\cXek\Zfekf[Xkl
]l\iqX%HlgXjX6#mfc
gl\[\emfcXi% fef6#hlZi\\jhl\_X^X
]XckXgXiXhl\gl\[XmfcXi6
?djheZkYY_d
J\^liXd\ek\#dlZ_Xjm\Z\j_Xjm`jkfleXm`e
mfcXe[fgfi\cZ`\cf%KXcm\j#`eZcljfk\_Xj
jlY`[fXlef[\\ccfjf_XjgXjX[fleYl\eiXkf
ZfeleXm`e[\al^l\k\%G\if%%%Hl_XZ\mfcXi
XleXm`e6GXiXXm\i`^lXicf#eX[Xd\afihl\
Zfejkil`ileal^l\k\hl\efjg\id`kXm\ijlj
ZXiXZk\ijk`ZXj%

) :fecXk`iXd}jcXi^X[\gXg\cplekifqf[\
Z`ekX]fidXleXZ`iZle]\i\eZ`Xpg^XcX\elef
[\cfj\oki\dfj[\cXk`iX%

* ;fYcXcXk`iX[\gXg\c_XjkXhl\j\alek\ecfj
[fj\oki\dfjpj\]fid\leXe`ccf%
: L8 ; < I E F  ; <  < O G < I @ D < E K FJ    G I < < J : F C 8 I

CWj[h_Wb[i0
Legfgfk\
:lXkifkifqfj[\Z`ekXX[_\j`mX[\lefj
)Zd%ZX[XleX
LeXk`iX[\gXg\c[\()Zd%[\cXi^f
gfi(%,Zd[\XeZ_f
LeXk`iX[\gXg\c[\-Zd[\cXi^fgfi)Zd
[\XeZ_f

))
+ ;\jglj#g\^X\c
\oki\dfZfecXZ`ekX% . I\g`k\\cgXjfXek\i`fiZfe\c
Xe`ccfZ_`Zf#d`[`\e[f)Zd[\c
\oki\dffgl\jkf[\cgfgfk\%

, :fe\cj\^le[fgXg\$
c`kfpfkifkifqf[\
Z`ekX#]fidXfkifXe`ccf%
K\e[i}j[fj#lef^iXe[\
pfkifg\hl\f%

- KfdX\cgfgfk\p\c
Xe`ccfd}j^iXe[\%
@ekif[lZ\\cgfgfk\
\e\cXe`ccfp#X
leX[`jkXeZ`X
[\)Zd[\c
\oki\df
_XZ`X
X[\ekif
[\cgfgfk\#
g^XcfZfe
Z`ekXX[_\j`mX%

/ 8_fiX#kfdX\cgfgfk\ZfekldXefpc}eqXcf_XZ`X
X[\cXek\#cfd}jc\afjhl\gl\[Xj%HlgXj6
Hlcf_`qfmfcXi6

;nfb_YWY_d
CfjXm`fe\jml\cXe^iXZ`XjXcX]fidX[\jljXcXj% Cfjg}aXifjml\cXe^iXZ`XjXjljXcXjpcfj
8hlXe`dXcj\gXi\Z\leXm`e6:cXif#Xle _ldXefj\ele`ek\ekfgfimfcXiZfdfcXjXm\j
g}aXif% `em\ekXdfjcfjXm`fe\j`ejg`iX[fj\e\ccXj%

G8I8:I<:<I?8PHL<J89<I )*
 >cfjXi`f
;nf$? d\kXc\jpZ`\ikXj]ilkXjgficXXZZ`e[\cfo`^\ef%
9ecX_dWh0Le`e[\[fjfd}jZfcfi\jgXiX 7dj_en_ZWdj[0JljkXeZ`Xhl\\m`kXcXfo`[XZ`e[\
fYk\e\ileZfcfi[`]\i\ek\% cXjZfjXj%
<cXcZf_fc\dglaX_XZ`XXii`YXcfj[`]\i\ek\j
Zfcfi\jhl\]fidXecXk`ekX% ;nf$L?
LWYe0<jgXZ`fj`eX`i\%
;nf$??? H[ceb_de0Dfm`d`\ekf^`iXkfi`fpi}g`[f[\cX`i\f
cXWh0>fdX[\}iYfc\jhl\j\_Xj\ZX[f_XjkX X^lX%
\e[li\Z\ij\pmfcm\ij\ifZX%
;nf$L??
;nf$?L <k[hpW%\k[hpWi0<jcfhl\j\Xgc`ZXXleZl\igf
L_XhW%l_XhWY_d0<j\cdfm`d`\ekf[\cXjdfc$ gXiXdfm\icf_XZ`XX[\cXek\#Xki}j#Xii`YX#XYXaff
ZlcXj% gXiXhl\j\[\k\e^X%
CebYkbWi0JfecXjgXikZlcXjhl\]fidXekf[Xj =hWl[ZWZZ[bWJ_[hhW0<jcX]l\iqXZfecXZlXccX
cXjZfjXj#el\jkifZl\igf#\cX^lX#\cX`i\#\kZ% K`\iiXXkiX\Xkf[XjcXjZfjXjXcXjlg\i]`Z`\%
7]kWZkbY[0Kid`efhl\j\lk`c`qXgXiXefdYiXi
;nf$L \cX^lX[\ifj#cX^fjp[\cXccXm\hl\efk`\e\jXc
En_ZWh%en_ZWY_d0<j\cfjZli\Z`d`\ekf[\cfj Zfdf\cX^lX[\dXi%

Kklcfj[`jgfe`Yc\j
:lX[\ief[\\og\i`d\ekfj&gi`dXi`X
:lX[\ief[\\og\i`d\ekfj&j\Zle[Xi`X
:lX[\ief[\\og\i`d\ekfj&YXZ_`cc\iXkf
II

:L8;<IE
F;<<O
G<I@D<E
KFJJ<
88

:LE;8I
@8
& & ,
CC

O J  (
FF
::

E D 7 9
JJ
<<

E I  9
<<

C ; D J
GII

F ; H ?
 G

;  ; N
JJ

KF
?@CC<I8
E I  :

FJ  98:
<I@D<EK
FF

F;<<OG
: L8 ; < I E
KK

: ; H D
EE

 9 K 7
& & ,
<<
@D

O J  (

E  : ;

Kd
@D

fiebW
E D 7 9

d[j
II

9 K H I

hfh[dZ[dW
<<

E I  9

 9 E D
GG

j[
OO

C ; D J

:fej\afEXZ`feXc[\:`\eZ`Xp
-
 < <

>8E8;FI17B
<H;:EF?yD=
F ; H ?

KPCD":FC@
D8

K\Zefcf^X%
<<

;  ; N
 ; ;

@ejli^\ek\jJli(,/)#
E I  :
FF

:fc%:i[`kf:fejkilZkfi:%G%'*0+'#
EE

: ; H D
II

Do`Zf;%=%
W
<<

Gkc_Y
 9 K 7
;;

Gl\[\j\eZfekiXi\jk\ZlX[\ief
W
E  : ;

_Y
88

d
eh]| h]|d_YW kXdY`e\e`ek\ie\k
LL

9 K H I

[_de
::

nnn%ZfeXZpk%do
 9 E D E

K;8B7
;P@KH;P"F
-

IxBK?IH7CH
=7D7:EH0@E