Geotechnical Instrumentation News Monitoring with

Transcription

Geotechnical Instrumentation News Monitoring with
"
% # (% %# % %% $ # # &#) #$% #$% % #$
"$$/'&+' "&&"+"')&)',++!"*+")'*
$&$$ $ % % %% $ % % !%&#
$ $%#&% $% )&#% # &% !% $ # #% # & &!! #%
$&'"&*'&')'&+!*'&*3*2%0
"& %$ # # &%#$
'&$),
"
%# # ! &# %# '$ # # &(%#
! %&$
')+!(,"*
$ $%#&% $% $% $
% % #&
,&)$'*')0'$$ '*&"$/' )#")&$"&$"/)
*$"%"+!)"$*'&+-(!&)"&&&)"+"&+
'&*+"+,+.*
.*
'+!&"$&*+),%&++"'&.*
!)',+"&
)',&.+)
*+'+!&"*
'&+)*+
''#-".
'%"& -&+*
!')+',)**
)#+($
!
!!&'$ &'!''#'"##%($'$$(%'&*$
(#%!$&$%+$!!$&$%"#)!#&''('$####%#
#)%&'*$%'&$!("
LQGG
30
&#+$+$(
+#")!(
% "% "*&(
('!")
"*&()
15,))@-9
"0139<+0
#6*-9;0)7<1:
605<551+31..
659),-31+")636 )AA)99151
')9,'13:65
% "% "*&()%
,(*")"%
6'205#B/96@52?@A1
.::2?@:6A5*.F
%605:<;1?6A6@5<9B:/6.
.;.1.)
'29
.E
2:.6942<A205;60.9;2D@/6A2050.
D2/DDD/6A2050.
"*&("#")
)5),1)5-6;-+051+)3$6+1-;@
#569?B0516A<?&!2D@
2:.69 #569-?B054<912?0<:
"*&("#")
-65:;1;<;-6.;0-4-91+)5$6+1-;@
6.1=135/15--9:
6;1.%.F2?
92E.;12?299?6C2
%2@A<;)
'29.E
2:.69 9/.F2?.@02<?4
<;?.1*29602
29602<:=.;F
!
A5&A?22A
&B6A26?89.;1*
'29.E
2:.69032960203296020<:
")*("+*"&%%+)("'*"&%)
-6;-+051+)3 ->:1:7<*31:0-,8<)9;-93@)5,
,1:;91*<;-,;69-/1:;-9-,4-4*-9:6.;0)5),1)5-6;-+051+)3$6+1-;@%0-)55<)3
:<*:+917;1659);-.694-4*-9:6.;0-$6+1-;@1:
654-4*-9:>1;015 69;0
4-91+)4)@:<*:+91*-;096</0;0-"<*31:0-9:
&$7-9@-)96=-9:-):9);-1:
&$7-9@-)9
6'205#B/96@52?@A1
.::2?@:6A5*.F
%605:<;1)
%)*(+$%**"&%
<5;B;;6096336AA92 2.A *56@@29D299
<C2F '?.02F2C<;'$
;49.;1
'29
.E
2:.697<5;1B;;6096332096=@20<B8
!% '$1:7<*31:0-,
8<)9;[email protected]
&$-4*-969&$
7-9@-)9*@1%-+0"<*31:0-9:;,+6;0
=-5<- -+0- 69;0)26;)
"-916,1+)3
76:;)/-7)1,); -+0- 69;0)26;) $$
("!$%$%#$-5,&$
),,9-::+0)5/-:;6!% '$
"!6? -+0- )*&*!%")
*.?1*69@<;#?<32@@<?.;15.6?
6;6;4.;1A52;C6?<;:2;A2=A<3 6;6;4
.;1 6;2?.9#?<02@@;46;22?6;4
'52(;6C2?@6AF<3?6A6@5<9B:/6.
%<<:
&A<?2@%<.1).;0<BC2?
)'
,'29
.E
2:.69 4DD:6;6;4B/00.
!(&+*"%
#.<9< .GG.??6;6
<982@A<;2*.F
*2@A).;0<BC2?)&+
'29
.E
2:.69 =.<9<=.<9<4.G0<:
$()!"'%&($*"&%
&.?.5*.A@<;#"<E
996@A<;"!%
*
'29
.E
2:.69 04@04@0.
"915;-,15)5),)
(&+%-*(
%</2?A#5.=B6@2=A 0<92
#<9FA205;6>B2#"<E&A.)
<;A?2.9$% '29
.E
2:.69
?</2?A05.=B6@=<9F:A90.
!
!
!
,01.%*##.+1* /0.!//!/.!/1(0/%*)+.!+),(!0!
(%)%0!-1%(%.%1)/0%(%05*(5/%/!+01 %+6/
%*0!#.0%+*!*(!/5+10+1/!* "%*%0!!(!)!*0/0.!//!/%*5+1./0%(%05
*(5/%/3%0$!/!$%/%/,.0%1(.(51/!"1(3$!*0$!
/+%(/0.!//!/.!$!2%(5%*"(1!*! 5/0.101.(+),+*!*0//1$/3%0$0%!'!420%+*/+. 5*)%/0.!//!/ 1.%*#*
!.0$-1'!/%*#"%*%0!!(!)!*0/0.!//!/%/&1/0+*!)+.!350+%*0!#.0!/!2!.('%* /+"#!+0!$*%(*(5/!/3%0$%*!+01 %+
+/0.01/%*#!+01 %+0+ 5+*000
+.2%/%0
LQGG
30
%$())*)$,(
(2:1*?-;A>$2C?
=5=25BC *5<< EC 12?ED 1>I B535>D 8?>?BC 1G1B4C C@5391< 1@@?9>D=5>DC 5D3 I?E B5359F5 978B5C?<ED9?> @8?D?C 1<C?
1B545C9B54)5>4D? 20:=><,>,,=.0:<2
6 I?EB C53D9?> ?B 2B1>38 75?D538>931< 7B?E@ 81C 1> E@3?=9>7 5F5>D ?B >5GC I?E G1>D D? C81B5 ?> D85 )53D9?>C B1>385C5?D538>931<B?E@G52@1751D AAA20:49=>4>?>0:<22<:?;=@<51C5C5>49DD? 7-,C0<,=.0:<2
;>26@?
*? CE2=9D 9>6?B=1D9?> 6?B ?B59DC 5=19< I?EB G?B4 ?B <5CC 1>>?E>35=5>D D? 20:=><,>,,=.0:<2 '8?D?C =ECD 25
C5>D1C1C5@1B1D58978B5C?<ED9?>!'?B* 69<5C
0:(><,>, =171J9>5 9C 1 6B55 =5=
25BC89@ 25>569D 1>4 9C >?D 1F19<12<5 2I
CE2C3B9@D9?> 6 I?E ?B I?EB ?B71>9J1
D9?> 9C >?D 1 =5=25B 1>4 G?E<4 <9;5 D?
:?9> <?7 ?>D? AAA20:49=>4>?>0:<2 D?
<51B> 8?G D85 5? >CD9DED5 31> 5>
81>35 I?EB CE335CC 5H@1>4 I?EB
;>?G<5475 1>4 @B?F945 I?E G9D8 >E
=5B?EC25>569DC1>4C5BF935C
!
$ # " ! $ ""$
!!! !# $ $
!$ ! "$ """
LQGG
30
+(',%#(.'-# , % !
-#% 3 (' / 2&'$-, #!"0
-+0#'!
#%'!, #'
+!#%
!
-#('+ *.
4
, !'
+&('- '- #% )"('
1 LQGG
30
%$())*)$,(
2;:?@6@A@2$2C?
@5
)52 :@2>:.@6;:.8
(E9<;?6A9;:6281
#2.?A>292:@?6:
2;9205.:60?##
(2<@29/2>
;?@;:&.>7&8.F.);C2>?
;?@;:#
CCC3949;>4
*89C 5? >CD9DED5 ?6 ) )I=@?
C9E= G9<< C8?G31C5 @B?65CC9?>1<C
5AE9@=5>D =5D8?4C 1>4 ?B71>9J1D9?>C
1CC?391D54 G9D8 =1;9>7 695<4 @5B6?B
=1>35 =51CEB5=5>DC D? 85<@ =1>175
B9C;C 9> D85 45C97> 3?>CDBE3D9?> 1>4 ?@
5B1D9?> ?6 5>79>55B54 6139<9D95C *85
41I 3?>65B5>35 G9<< 3?>35>DB1D5 ?>
75?D538>931< CDBE3DEB1< 5>F9B?>=5>D1<
1>4 75?@8IC931< 9>CDBE=5>D1D9?> =5D8
?4C 1>4 1@@<931D9?>C 6?B =?>9D?B9>7
@5B6?B=1>35 ?6 6139<9D95C H@5BDC 1>4
@B13D9D9?>5BC 6B?= 5F5BI 3?>D9>5>D 1>4
=?B5 D81> 3?E>DB95C G8? G?B; 9> 9>
6B1CDBE3DEB5 3?>CDBE3D9?> =9>9>7 @5
DB?<5E= 1>4 D85 75?5>F9B?>=5>D1<
695<4C G9<< E>4?E2D54<I 25 9> 1DD5>
41>35 $$ 1<C? G9<< ?665B C@5391<
<53DEB5C D538>931< @B5C5>D1D9?>C @?CD5B
C5CC9?>C 5H8929D9?>C G?B;C8?@C 1>4
D538>931< D?EBC 1C G5<< 1C 1 @1B1<<5<
>?>D538>931<@B?7B1=
2;;:4>2?? )52
5.882:42;3([email protected]:./686@E6:
@522;2:B6>;:92:@
::A.8;:4>2??;3@52
2;:?@6@A@2;3(
#.>05
$2C%>82.:?"
5??>7B5CC G9<< @B5C5>D 1 2B?14
@5BC@53D9F5 ?> D85 B?<5 ?6 75?5>79>55BC
1>4 75?C395>D9CDC 9> @B?D53D9>7 1>4 @B5
C5BF9>7 ?EB 5>F9B?>=5>D 1>4 G9<< 5=
@81C9J5 D85 2B514D8 1>4 9>D5B49C39@<9>
1BI >1DEB5 ?6 D85 75?5>F9B?>=5>D *85
&B71>9J9>7 ?==9DD55 9C @<1>>9>7 1
D538>931< @B?7B1= D81D 9>3<E45C
CD1D5?6D851BD 3?>DB92ED9?>C 144B5CC
9>7 1<< 6135DC ?6 @B13D935 B5C51B38 1>4
54 E 31D9 ? > @ 5BD19 >9 >7 D? D8 5
75?5>F9B?>=5>D 1>4 D85 381<<5>75 ?6
CECD19>129<9DI 6139>7 5>79>55BC C395>
D9CDC 1>4 @B13D9D9?>5BC D?41I (% 2%#(
-)#!+ 1%11).- /0./.1!+1 5)++ "% $3% "6
!0#( !-$ 2(% !"120!#21 5)++
"% $3% "6 !0#( ?B 1449
D9?>1< ?>7B5CC 9>6?B=1D9?> 3853;
GGG75?9>CD9DED5?B7 ?B 3?>D13D D85
3?>65B5>35 3?3819BC 'B?6 "B9C8>1
(544I 6<0//C?4.0/? 1>4 B 5D8
B?CC-2<:==20:=C9>0..:8
2;@205:60.8.>@5=A.72
:46:22>6:4.:1(;68E:.960?
(+
#.E
(.0>.92:@;
CCC422?1;>4
) , G9<< 25 D85 D8 4535>>91<
5?D538>931< 1BD8AE1;5 >79>55B9>7
1>4 )?9< I>1=93C ?>65B5>35 ?B71
>9J54 2I D85 1BD8AE1;5 >79>55B9>7
1>4 )?9< I>1=93C ?==9DD55 ?6 D85
5? >CD9DED5 ?6 ) 1>4 6?<<?GC D85
8978<I CE335CC6E< ) 3?>65B5>35C
9> )51DD<5 - '1B; 9DI +*
1>4 '1C145>1 *89C
?>65B5>35 G9<< 2B9>7 D?75D85B D85
2B?14 3?==E>9DI ?6 75?@B?65CC9?>1<C
G8? G?B; ?> 51BD8AE1;5 5>79>55B9>7
1>4 C?9< 4I>1=93C @B?2<5=C 6?B 1 3?=
@B585>C9F5 4535>>91< 5H1=9>1D9?> ?6
D85C5 D538>931< 49C39@<9>5C *85 @B?
7B1= G9<< 25 49F5BC5 9>3<E49>7 31C5 89C
D?B95C 1>4 @B13D935?B95>D54 @1@5BC B5
35>D B5C51B38 69>49>7C 9>>?F1D9F5
D538>?<?795C %) 1>4 75?@8IC931<
5AE9@=5>D 45=?>CDB1D9?>C 1>4 D85
5=5B79>71BDC13B?CC49C39@<9>5C
$2C&>2?612:@:1A0@216:
2>?52E&
!?8> >45BC?> '8 ' G1C
9>4E3D54 1C D85 C D8 @B5C945>D 4EB
9>7 D85 5>DB1< '5>>CI<F1>91 )53D9?>C
>4 >>E1< 5?D538>931< ?>65B5>35
9> 5BC85I ' *89C 9C D85 C53?>4 I51B
D81D D85 81C 9>4E3D54 1 @B5C945>D 1>4
?JIJOKMDIOF@TGDI@N
$@J?@INDAD><ODJI <?
=R
KD>FPKAMJHK<B@'PI@
LQGG
30
,VQ·WWKHUHDEHWWHUZD\WRPDQDJHJHRWHFKQLFDOGDWD"
)RUWXQDWHO\WKHUHLV:LWKJ,176RIWZDUH\RXQRWRQO\JHWWKHZRUOG·VPRVWÁH[LEOHGDWDEDVHSDFNDJH
EXLOWVSHFLÀFDOO\IRUJHRWHFKQLFDODQGJHRHQYLURQPHQWDOSURIHVVLRQDOV³\RXDOVRJHWDV\VWHPWKDWHQDEOHV
VRSKLVWLFDWHG GDWD YDOLGDWLRQ HOLPLQDWHV UHGXQGDQF\ LQ GDWD HQWU\ DQG GUDPDWLFDOO\ UHGXFHV UHSRUW
SUHSDUDWLRQ DQG DQDO\VLV WLPH E\ DV PXFK DV 2QO\ J,17 RIIHUV D IXOO\ FXVWRPL]DEOH UHODWLRQDO
GDWDEDVHWKDWPDNHV\RXWKHWUXHPDVWHURI\RXUJHRWHFKQLFDODQGJHRHQYLURQPHQWDOGDWD:KLFKPHDQV
\RXZRQ·WKDYHWRZRUU\DERXWWULSSLQJRYHU\RXUÀOHV
'RZQORDGRXUIUHHGHPRDWZZZJLQWVRIWZDUHFRP
ZZZJLQWVRIWZDUHFRP
VDOHV#JLQWVRIWZDUHFRP
&RQVLGHUDQH[FLWLQJFDUHHUZLWKJ,176RIWZDUH
1RZ+LULQJJ,1762)7:$5(63(&,$/,67
J,17 6RIWZDUH LV VHHNLQJ D *HRWHFKQLFDO (QJLQHHU RU *HRORJLVW ZLWK D PLQLPXP RI \HDUV RI UHFHQW H[SHULHQFH LQ WKH XVH RI J,17 VRIWZDUH
SURGXFWVDQGDWOHDVWRQH\HDUXVLQJJ,17YHUVLRQRUODWHU$SSOLFDQWPXVWKDYHH[WHQVLYHNQRZOHGJHLQGDWDEDVHDQGUHSRUWGHVLJQ0XVWEHDEOH
WRZULWHZHOODQGVSHDNLQSXEOLF([SHULHQFHZULWLQJJ,175XOHVFRGHLVDSOXVEXWQRWUHTXLUHG([SHULHQFHZLWKDQ\SURJUDPPLQJODQJXDJHLV
DOVRDSOXVEXWQRWUHTXLUHG7KLVIXOOWLPHSRVLWLRQVDODU\EHQHÀWVLVORFDWHGQHDU6DQWD5RVD&DOLIRUQLDDERXWKRXUQRUWKRI6DQ)UDQFLVFR
3OHDVHHPDLOUHVXPHDQGFRYHUOHWWHUWRMREV#JLQWVRIWZDUHFRP1RFDOOVSOHDVH
LQGG
30
%$())*)$,(
8?CD54 1 ?1B4 =55D9>7 9> 3?>:E>3D9?>
G9D8 1 3?>65B5>35 ?B71>9J54 2I 1 <?31<
) 7B?E@ B >45BC?> CD1D54 K
G1C F5BI 9=@B5CC54 G9D8 D89C 5>DB1<
'5>>CI<F1>91 3?>65B5>35 1C G5<< 1C
D85 &89? (9F5B ,1<<5I )?9<C )5=9>1B
&(,)) G5 1DD5>454 9> 9>39>>1D9 9>
&EB 75?D538>931< C53D9?>C 1>4
2B1>385C ?665B 5H35<<5>D F?<E>D55B ?@
@?BDE>9D95C 6?B =5=25BC D? @1BD939
@1D5 9> D859B @B?65CC9?>1< 45F5<?@=5>D
D81>; D85 &B71>9J9>7 ?==9DD55 ?6
D85 5>DB1< '5>>CI<F1>91 ?>65B5>35 L
1B9 55>5>71 BE35 )D57=1> !1=5C
'51C5 "5BBI '5DB1C93 !E1> 1B4>5B 1>4
,93;9'?BD?6?B81F9>7ECM
.883;>$;96:.@6;:?3;>@52
;.>1;3;B2>:;>?
*85 5? >CD9DED5 %?=9>1D9?>C 1>4
<53D9?>C ?==9DD55 9C C?<939D9>7 >?=9
>1D9?>C 6?B 1 C51D ?> D85 ?1B4 ?6 ?F5B>?BC >?=9>55 =ECD
25 1 =5=25B 9> 7??4 CD1>49>7 ?6 D85 6?B 1D <51CD ?>5 I51B @B9?B D? D85 5<53D9?>
1>4 =ECD 25 G9<<9>7 D? C5BF5 ?> D85
?1B4 6?B D8B55 I51BC 1>4941D5C
C8?E<4
81F5 45=?>CDB1D54 <5145BC89@ D1<5>D
9> D85 ?B 1>?D85B @B?65CC9?>1< ?B
71>9J1D9?>C9=9<1BD?D85 81F5 C97>96931>D @1CD 9>F?<F5=5>D 9>
13D9F9D95C 57 255> 1> 13D9F5
3?==9DD55?BCE23?==9DD553819B
3?>DB92ED5 D? D85 C 7?1< ?6 49F5B
C9DI 9> 31B55B @B13D935 1B51C 75?7
B1@8I75>45B1>4
?B5D8>939DI
)5>4 >?=9>1D9?> <5DD5BC 1>4 D85 >?=9
>55C B5CE=5 D? D85 % 0:!9=>4>?>0
:1 ( 70B,9/0< 077 <4@0
'0=>:9 * ,B 8,47 ,/0,<-:<9,=.0:<2 %?=9>1
D9?>C =ECD 25 B5359F54 2I $1B38 D ? 2 5 3 ? > C 9 4 5 B 5 4 ,9 C 9 D
AAA20:49=>4>?>0:<2 6?B 45D19<54 9>6?B
=1D9?>
G5B5 @B5C5>D54 1D D85 2935>D5>>91<
5?D538>931< )5=9>1B 9> 5>F5B ?<?
B14? ?> %?F5=25B *85 @1@5BC
45C3B925 8?G D85 KCD1D5 ?6 D85 75?@B13
D935M 5F?<F54 9> ?<?B14? 1>4 ?665B 1
@5BC@53D9F5 ?> ?<?B14?C E>9AE5 75?<
?7I 75?D538>931< 1>4 75?<?7931< 5>79
>55B9>7 6?B D85 381<<5>79>7 7B?E>4 3?>
49D9?>C @B5C5>D 9> ?<?B14? 5=5B79>7
DB5>4C 9> D85 <?31< 5>79>55B9>7 @B13D935
1>4 3EBB5>D C?<ED9?>C D? ?<?B14?C 49
F5BC5 75?@B?2<5=C @175C ?CD
=5=25BC
>?>=5=25BC
3>>;=AAA,=.0:<2
-::6=>:<0-::6.18-::6
#29/2>?,6:);<
C.>1?
*85 5? >CD9DED5 9C @<51C54 D? 1>
>?E>35 D85 G9>>5BC ?6 6?EB ?6 D85
5? >CD9DED5C =?CD @B5CD979?EC
1G1B4C ?>7B1DE<1D9?>C D? =5=
25BC
BD8EB 1C17B1>45 'B?65CC9?>1<
5F5<?@=5>D G1B4 !4)$ ()2%
(
(1<@ 8 ' 5 3 ; G1 B 4 %!-.3)10)!3$(
" 1 B < *5B J 1 7 8 9 G1 B 4 (!-$0!*!-2%1!)(
"1B< *5BJ1789 #53DEB5B %.0'%
."+%(
?@./86?52?$2CC.>1
*85 5? >CD9DED5 1>>?E>35C D85 5CD12
<9C8=5>D ?6 D85 1BBI )38>125< !B
G1B4 6?B 1B55B H35<<5>35 9> 1BD8
(5D19>9>7 )DBE3DEB5C CD12<9C854 9>
D89C 9C 1 =5=?B91< 1G1B4 D? B53?7
>9J5 1BBI )38>125<C 133?=@<9C8
=5>DC 9> D85 695<4 ?6 1BD8 (5D19>9>7
)DBE3DEB5C ?F5B 1 I51B 31B55B 1>4 D?
5>3?EB175 3?>D9>E54 5H35<<5>35 1>4 9>
>?F1D9?> 2I D8?C5 =1;9>7 1 31B55B 9> D85
51BD8 B5D19>9>7 CDBE3DEB5C 9>4ECDBI *85
1G1B4 9C 6E>454 2I 1> 5>4?G=5>D 6B?=
D85 )38>125< ?E>41D9?> ?=@1>I ?B
>?=9>1D9?> 9>CDBE3D9?>C 1>4 1 3?=@<5D5
4 5 C 3 B 9@ D9? >
?6
D8 5
1G1 B 4 AAA20:49=>4>?>0:<21470=;/1=.39,-0
7,A,</.<4>0<4,;/1
$2C %+;8A@6;:
)30 @:7?>4:9 :1 :7:<,/:= 0:7:24
.,7 ,9/ 0:>0.394.,7 924900<492
&<,.>4.0
%.2%#(-)#!+0!#2)#%3"+)#!2)..
*89C '' 3?>D19>C 6?EBD55> CE==1BI
@1@5BC 1>4 @B13D931< 31C5 CDE495C G8938
(((%$' &'$#
(((' " #!%
LQGG
30
%$())*)$,(
;:?612>6:4.$2C ;/
9>4 :?2 @?CD9>7C 1>4
?B =1B;5D I?EB
B5CE=5 ?> 1 !0%%0 .--%#
2).-1 G85B5 @B?C@53D9F5 5=@<?I5BC 31>
69>4 I?E /?E 31> E@41D5 I?EB 9>6?B=1
D9? > G 8 5 > 5F5B I ? E G1> D ? B
75?D538>931< @?C9D9?>C 3>>;.,
<00<=,=.0:<2=0,<.3<0=?7>=5:-+.,>
02:<C==
=0.-<:A=0
! $# "
%
#29/2>?6:@52$2C?
! 7V^KLYJVH[LK/LSPJHS
7PLYZYLZPZ[JVYYVZPVU
LU]PYVUTLU[HSS`MYPLUKS`
/LSPJHS7PLYKYP]LU[V
SVHKILHYPUNZ[YH[H
";;76:43;>..>@;;:6?@
#9;5 D? 4122<5 9> 31BD??>C 0:(><,>,
9C <??;9>7 6?B 1 F?<E>D55B 31BD??>9CD D?
G?B; G9D8 D85 49D?B91< ?1B4 D? 3B51D5
31BD??>C 6?B @E2<931D9?> 9> D85 =171
J9>5 1BD??>C =ECD 25 D85 1BD9CDC ?B979
>1< G?B; 1>4 CE2=9DD54 1C 31=
5B1B514I 1BD 21C54 ?> 9451C D81D D85
49D?B91< ?1B4 @B?F945C ?>D13D
7-,C0<,=.0:<2
7H[LU[LKZJYL^
[VNL[OLY[LJOUVSVN`
WYV]PKLZPUJYLHZLK
SH[LYHSZ[YLUN[O
(<206.8
@5::6B2>?.>E,6?5
>;9@522;:?@6@A@2
*85 5? >CD9DED5 5HD5>4C 9DC C9>35B5
1@@B5391D9?> 1>4 D81>;C D? D85 D8?E
C1>4C ?6 =5=25BC G8? 81F5 85<@54 D?
=1;5 D85 5? >CD9DED5 D85 <5149>7 ?B
71>9J1D9?> ?6 D85 75?@B?65CC9?> ,9C9D
AAA20:49=>4>?>0:<21470=;/1808-0<
74=>
;/1 6?B 1 <9CD ?6 =5=25BC G8?
81F5 255> 3?>D9>E?EC =5=25BC
C9>35D85 C9>35@D9?>9>
>49F94E1< 1>4 &B71>9J1D9?>1<
$5=25BC >1=5C 1@@51B 9> 2?<4
%006 %(+%0 B535>D<I :?9>54
%./)%0 .3-$!2).- .,/!-6 16D5B
G?B;9>7 G9D8 *5>C1B 1BD8 *538>?<?
795C 6?B D85 <1CD C9H I51BC -89<5 1D **
85 G1C 9> D85 $) (5D19>9>7 -1<< 9F9
C9?> =1>1754 D85 >79>55B9>7 B?E@
@5B6?B=54 C5>9?B 5>79>55B9>7 45C97>
1>4 5>79>55B?6B53?B4 B5C@?>C929<9D95C
1>4 1<C? C5BF54 1C ?@5B1D9?>C @B?:53D
=1>175B 5BBI 9C 1 B579CD5B54 'B?65C
C9?>1< >79>55B 9> D5> CD1D5C 1>4 69F5
1>1491> @B?F9>35C 5 7B14E1D54 6B?=
D85 +>9F5BC9DI ?6 )1C;1D385G1> 9> G9D81)9>9F9<>79>55B9>7
30!+%% 30!+%%2(!0!-
( G1C 5<53D54
D? D85 7B145 ?6 ) 5<<?G 9> E7ECD
5 9C 1 @B5C945>D91< @B?65CC?B 1D
D8 5 + > 9F5BC9DI ? 6 & ; <18 ? = 1
$EB1<55D81B1> 9C 1 B579CD5B54 'B?65C
C9?>1< >79>55B ' 1>4 1 B579CD5B54
5?D538>931< >79>55B 9> 1<9
6?B>91 1>4 81C G?B;54 ?> =1:?B @B?:53DC
CE38 1C D85 C59C=93 45C97> ?6 D85 '?BD ?6
#?C >75<5C '95B 9C B5C51B38 9>
D5B5CDC 35>D5B ?> 75?D538>931< 51BD8
AE1;5 5>79>55B9>7 1>4 9>3<E45 CD1D93
1>4 4I>1=93 2581F9?B ?6 C1DEB1D54 1>4
E>C1DEB1D54 C?9<C 69>9D5 5<5=5>D =?45<
9>7 3?>CD9DED9F5 =?45<9>7 1>4 35>DB9
6E75 D5CD9>7 5 9C 1 =5=25B ?6 D85 C
)?9< 'B?@5BD95C 1>4 $?45<9>7 1>4
$C'?B?=5381>93C3?==9DD55C
0%$ 3+ (!5 6 ( .- G?> D85 )DBE3DEB1< >
79>55B9>7 >CD9DED5 ?6 )C ) 5>5 $ -9<8?9D5 >>?F1D9?>C 9> *B1>C
=9CC9?> #9>5 >79>55B9>7 G1B4 6?B
K)97>96931>D 3?>DB92ED9?>C D? D85 14
F1>35=5>D ?6 D85 1BD 1>4 C395>35 ?6
DB1>C=9CC9?><9>55>79>55B9>7M
LQGG
30
LQGG
30
%$())*)$,(
)#(!%+ #)++%- 3EBB5>D 3819B
=1> ?6 D85 5BD96931D9?> =@<5=5>
D1D9?> *1C; ?B35 1>4 $9;5 "5<<?77
G5B5 8?>?B54 1C 6?E>49>7 49B53D?BC ?6
D85 9F9< >79>55B9>7 5BD96931D9?> >3
1D D85 :?9>D =55D9>7 ?6 D85 *1C; ?B35 1>4 D85 9> *1=@1 #
?>%?F5=25B
<$,?<4.0<9:7/,> ,7,?23,>
$460$.$47709#<0.04@0=,A,</
1<:8,70",.:-=:9
0)1#)++! %+1.- ( .-
1>4 %1+)% .3$ (
.- G5B5 8?>?B54 1D
?JIJOKMDIO F@TGDI@N
D85 ) 1>AE5D ?> &3D?25B 1D D85 -5CD9> (9F5B %?BD8 ?D5< 9>
4?G>D?G> 89317? ?>?B1BI $5=
25BC89@ 9C D85 89785CD 1G1B4 D85 )?395DI
=1I 3?>65B C53?>4 ?><I D? D85 D9D<5 ?6
) 'B5C945>D 0 %+1.- G1C 8?>
?B54 6?B 85B 5=9>5>D <5145BC89@ 9> E>
%$)$*%*("-#%$)%')&'%'#$%
#(("%&($)*$$"(+)%*'*)%#)
(-()#($+'"(()"$!(""*(
)%(*((-%*'&'% )
KKGD@? $@JH@>C<ID>N <?
=R
KD>FPKAMJHK<B@'PI@
:#29;>6.9
JM
#MD@N@IN C<N K?A
))"#$)")%''((*'
%)'$(&"#$)
"
,
&&"%#$(%#
45B7B?E>4 45C97> 1>4 3?>CDBE3D9?> 6?B
D85 45F5<?@=5>D ?6 9>>?F1D9F5 B5C51B38
1>4 54E31D9?> @B?7B1=C 1>4 6?B 5>
12<9>7 =E<D9C53D?B 6?3EC ?> 453B51C9>7
D85 FE<>5B129<9DI ?6 D85 %1D9?>C 9>6B1
CDBE3DEB5 0 .3$ ?>5 ?6 D85 G?B<4C
6?B5=?CD 1ED8?B9D95C ?> 75?D538>931<
51BD8AE1;5 5>79>55B9>7 1>4 C59C=93 <9A
E5613D9?> 81C C9>7<581>454<I <54 D85
>1D9?>G945 566?BD D? =1@ J?>5C ?6 @?
D5>D91<<I <9AE56912<5 =1D5B91< D? 85<@ 39DI
@<1>>5BC 9> <1>4 EC5 =1>175=5>D 1>4
B51< 5CD1D5 J?>9>7 5 1<C? G1C ?>5 ?6
D85 69BCD D? 9>CD1<< 9>CDBE=5>D1D9?> 1>4
D85> 71D85B 41D1 4EB9>7 1> 13DE1< <9AE5
613D9?> 5F5>D *? >?=9>1D5 1> ?EDCD1>4
9> 7 @ B ? 6 5 C C 9? > 1 < 6 ? B ? > ? B 1 B I
$5= 2 5 B C 8 9@ 9> 7 ? D?
AAA,=.0:<2,A,</=
$1EB935 B>?<4 '8 ECD
$%0 $) $) 6B $ 1 >4 = 5= 25B ? 6 D8 5 E CD B 1 < 9 1 >
5?=5381>93C )?395DI <965 =5=25B ?6
D85 )?ED8 6B931> =5B931> %5G 051
<1>4 1>4 ECDB1<91> 5>79>55B9>7 C?395D
95C @1CC54 1G1I ?> $1B38 )?=5 ?6 D85 8978<978DC ?6 89C <965 9>
3<E454 G9>>9>7 D85 )9B !?8> (?29>C?>
)38?<1BC89@ D? D85 +>9F5BC9DI ?6 %1D1<
G85B5 85 7B14E1D54 9> G9D8 1
1385<?B ?6 )395>35 >79>55B9>7 45
7B55 B51389>7 D85 B1>; ?6 1@D19> G1B
C5BF935 1>4 #95ED5>1>D )E2CD1>D9F5 9>
D85 )?ED8 6B931> >79>55B ?B@C 1>4
B5359F9>7 D85 )D1B D85 6B931
)D1B D85 D1<I )D1B D85 B9D9C8 565>35
$541< D85 -1B $541< 1>4 D85
LQGG
30
%$())*)$,(
6B931 )5BF935 $541< 1>4 9> 25
31=5 1 5<<?G ?6 D85 >CD9DED9?> ?6 >79
>55BC ?6 ECDB1<91 6?B 89C 3?>DB92ED9?> D?
5>79>55B9>7C38?<1BC89@1>4@B13D935
B B>?<4C @B?65CC9?>1< C5BF935 9>
3<E454 3?>CDBE3D9?> ?6 1 39F9<91> CD1>
41B4 8?C@9D1< 1>4 1> 19B695<4 9> %?BD8
6B931 G?B;9>7 1C B5C945>D 5>79>55B ?>
D85 +=6?<?C9 B19>175 )385=5 9>
0E<E<1>4 C5BF9>7 1C D85 8514 ?6 D85
)?9<C #12?B1D?BI 9> 'B5D?B91 1>4 <1D5B
1C 38956 B5C945>D 5>79>55B G9D8 D85 ,11<
1BDJ BB971D9?> )385=5 9> D85
*B1>CF11< L ?>5 ?6 D85 <1B75CD 9BB971D9?>
@B?:53DC 9> D85 C?ED85B> 85=9C@85B5
G?B;9>7 1D D85 '?G5B ?==9CC9?>
G8938 9>3<E454 89C 5>79>55B9>7 9>F5C
D971D9?>C 6?B D85 ?=1D8;? I4B?
)385=5 1>4 C5BF9>7 ?> 1 @1BDD9=5 21
C9C G9D8 D85 (?I1< 1>1491> 9B ?B35
1C 1> 13D9>7 38956 D538>931< ?66935B 5
:?9>54 D85 CD166 ?6 D85 9F9< >79>55B9>7
13E<DI ?6 D85 +>9F5BC9DI ?6 45<1945 9>
G85B5 85 B5=19>54 E>D9< 89C B5
D9B5=5>D 9> 5B5 85 G1C >?D54 6?B
89C G?B; ?> D85 =9>5B1<?7I ?6 3<1IC 5H
@1>C9F5 C?9<C 1>4 C5<62?B9>7 @B5C
CEB5=5D5BD5CD9>7
6D5B B5D9B9>7 85 3?>D9>E54 <53DEB9>7
1D D85 +>9F5BC9DI ?6 ?>7 "?>7 D85
+>9F5BC9DI ?6 %5G 1=@C89B5 89C 1<=1
=1D5B D85 +>9F5BC9DI ?6 "G10E<E %1
D1< D85 8B9CD91> $54931< ?<<575 9>
,5<<?B5 >491 1>4 D85 +>9F5BC9DI ?6
)81>7819 > 1449D9?> D? <53DEB9>7 85
@E2<9C854 DG5>DI @1@5BC G8938 1@
@51B549>1B1>75?6@E2<931D9?>C
21B75C *85 B5@19B 9>F?<F5C D85 9>CD1<<1
D9?> ?6 =E<D9@<5 =5381>931< 1>38?BC
D8B?E78 5H9CD9>7 8?<5C 9> D85 7B1F9DI
41= @<1354 9>D? D85 71D5 21I 3?>3B5D5
C9<<C *85 B5@19B 9C C3854E<54 D? 25
3?=@<5D54G9D89>41IC
)++ 819B=1> 1>4 &
(1<@8 '5D5BC?> G1C 8?>?B54 1D 1 ?<?
B14? )38??< ?6 $9>5C <E>385?> ?> %?
F5=25B 6?B 89C 3?>DB92ED9?>C
D? D85 5>79>55B9>7 9>4ECDBI 1>4 <?>7
89CD?BI ?6 13D9F5 3?==E>9DI 9>F?<F5
=5>D 9> 5>F5B*85 <E>385?> 1<C? 8?>
?B54 D85 69B=C 3895F5=5>D
(5G1B4C 6?B ?<<575 )395>D9CDC ()
?E>41D9?>C38?<1BC89@B539@95>D
)9>35 $ ## 81C C@?>
C?B54 1 1>>E1< () C38?<1B
C8 9@ G 8 93 8 9C 1G1B4 5 4 D? 1>
?EDCD1>49>7 5>79>55B9>7 CDE45>D 6B?= 1
?<?B14? 3?<<575 ?B E>9F5BC9DI *89C
I51BC $ ## C38?<1B 9C 5>79>55B
9>7 CDE45>D #1EB5> -1<;5B 1 C5>9?B
39F9< 5>79>55B9>7 CDE45>D 6B?= ?<?
B14? )D1D5 +>9F5BC9DI -1<;5B 8?@5C D?
@EBCE5 85B 'B?65CC9?>1< >79>55B9>7
35BD96931D9?> ?G> 85B ?G> 39F9< 5>79
>55B9>7 3?=@1>I 1>4 G?B; 9> D89B4
G?B<43?E>DB95C
!--%22 +%,)-' G1C ?>5 ?6 D85
G9>>5BC ?6 D85 CC?391D9?> ?6 )D1D5
1= )165DI & 669391<C 1G1B4C 9>
D85 695<4 ?6 41= C165DI 6?B 9DC G?B; ?>
D85 #?38 (1F5> 1=N1 6??D 8978
6??D <?>7 3?>3B5D5 7B1F9DI CDBE3DEB5
?G>54 2I D85 1<D9=?B5 5@1BD=5>D ?6
'E2<93 -?B;C*85 69B= 45C97>54 1 C?<E
D9?> D? 9>3B51C5 D85 41=C CD129<9DI 1>4
3? > 69> 5 ' $ ?F5B6<?G D? D8 5
6??DG945 C@9<<G1I *? D89C 5>4
1>>5DD <5=9>7 4539454 D? 9>3B51C5
D85 CDBE3DEB5C =1CC 9>CD1<< B?3; 1>38?B
1>4 B19C5 >?>?F5B6<?G C53D9?>C ?6 D85
41= > C@9D5 ?6 @B?:53DC 3?=@<5H9D95C
D85 @B?:53D G1C 3?=@<5D54 69F5 =?>D8C
18514 ?6 C3854E<5 1>4 E>45B
2E475D
,%,"%0 %2( %!0+,!-
@B5C945>D ?6 %-!0$ 81C
255> >1=54 @B5C945>D ?6 D85 55@
?E>41D9?>C >CD9DED5 ?1B4 ?6
*BECD55C 5 G1C 9>CD1<<54 1C @B5C945>D
1D D85 ?B71>9J1D9?>C CD >>E1< ?>
65B5>359>-1C89>7D?>
%>4.:6F.@6;:.8
#29/2>$2C?
.!02 .-'6%!0 & '1E< BE>>5B
1>>?E>354 89C 3?=@1>IC 13AE9C9D9?>
?6 '5BD8 -21C54 %?BD8 -5CD B9<<
9>7 6B?= ECDB1<91C B181= "<E3;
?<49>7C *85 %?BD8 -5CD B9<<9>7 13
AE9C9D9?> G9<< 3?=@<5=5>D ?1BD
#?>7I51BC E>45B7B?E>4 3?B5 4B9<<9>7
C5BF935C 9> -5CD5B> ECDB1<91 G85B5 D85
3?=@1>I3EBB5>D<I?@5B1D5CB97C
0!6,!- .-1203#2).- .0/.0!
2).- G1C CE335CC6E< 9> C53EB9>7 D85 294
6?B D85 B=I ?B@C ?6 >79>55BC '9DDC
2EB78 9CDB93D D? @5B6?B= 5=5B75>3I
B5@19BC D? 3<?C5 6<?G D8B?E78 DG? 71D5
21IC 41=1754 9> & 3D?25B 6B?= BE>1G1I
!"!
!
#
$%&%'()%)*(*+,
$%&%'-%$$$(
+.
LQGG
30
%$())*)$,(
(0>3&0,<78,9
%.2%#(-.+.'6 -# 1 <5149>7 @B?
F945B ?6 1 3?=@B585>C9F5 B1>75 ?6 3?>
CE<D9>7 C5BF935C 9> 1@@<954 51BD8 1>4
5>F9B?>=5>D1< C395>35C G9<< @B?F945
1449D9?>1< C5BF935C 6?B DG? 8978@B?69<5
E>9F5BC9DI @B?:53DC D85 >5G )19>D #?E9C
+>9F5BC9DI B5>1 1>4 -1C89>7D?> +>9
F5BC9DIC >5G )?391< )395>35C 1>4 #1G
E9<49>7 *85 69B= G9<< @B?F945 3?>
CDBE3D9?> ?2C5BF1D9?> 1>4 =1D5B91<C D5CD
9>7C5BF935C6?B2?D8@B?:53DC
+%)-&%+$%0 G1C ?>5 ?6 ?>CE<D9>7
>79>55BC 1>4 #1>4 )EBF5I?BC ?6 1<9
6?B>91 #)& 1> 1669<91D5 ?B71>9J1
D9? > ? 6 = 5 B 931 > ? E > 3 9< ? 6
>79>55B9>7 ?=@1>95C 1G1B4G9>>9>7 B539@95>DC 9> D85 31D5
7?BI ?6 @B?65CC9?>1< 45F5<?@=5>D *85
69B= G1C B53?7>9J54 6?B D85 @B?65C
C9?>1< 45F5<?@=5>D 566?BDC 1>4 @B?
7B1=C 9D C@?>C?BC D? @B?=?D5 D85 7B?GD8
1>445F5<?@=5>D?69DC5=@<?I55C
*!-1*! 3)+$)-' -# 9>
3?>:E>3D9?> G9D8 9DC 3<95>D 5>5B1< )5B
F935C 4=9>9CDB1D9?> 454931D54 D85
>5G 8514AE1BD5BC ?66935 3?=@<5H ?6 D85
+>9D54 )D1D5C 5>CEC EB51E 9>
)E9D<1>4 $ *85 =1CC9F5 =9<<9?>
CAE1B5 655D ?6 2E9<49>7 1>4 =9<<9?>
CAE1B5 655D ?6 @1B;9>7 71B175C G5B5 45
C97>541>43?=@<5D549>=?>D8C
.-13+2!-21 2$ 1>
>?E>354 D81D D85 3?=@1>I B1>;54 %? ?> D85 $4/A0=> :9=><?.>4:9 *?@
5C97> 9B=C #9CD $4/A0=> :9=><?.
>4:9 @E2<9C854 2I $3B1G9<< ?>
CDBE 3D9? > 3?F5BC D8 5 2E 9<4 9> 7
3?>CDBE3D9?> 9>4ECDBI 9> <<9>?9C -9C
3?>C9> >491>11>451CD5B>$9CC?EB9
%00!#.- B535>D<I 13AE9B54 )@5>35B
! E381>1> CC?391D5C >3 E
381>1> 1> 5>79>55B9>7 3?>CE<D9>7 69B=
9> BI1> *. E381>1> G9<< ?@5B1D5 1C
1 CE2C9491BI ?6 *5BB13?> KE381>1>
81C 1 <?>7 89CD?BI ?6 @B?F949>7
8978AE1<9DI C5BF935C 1>4 G5 1B5 5H
DB5=5<I @<51C54 D? 81F5 D85= 253?=5 1
@1BD ?6 *5BB13?>M C194 5?B75 ?J1BD
' C5>9?B F935 @B5C945>D 1>4 =1>175B
6?B *5BB13?>C )?ED8 5>DB1< & @5B1D9>7
B?E@
*<0;96:4B2:@?
+6?6@
CCC42;6:?@6@A@2;>42B2:@?5@
98 3;>86:7?@;@52?2.:1;@52>
A<0;96:42B2:@?
(#2@>;<;86@.:(20@6;:
2;@205:60.8
>;A<2;:?@6@A@2(<206.8@E
(296:.>
G:46:22>6:4;32;.F.>1?H
#.E
;@28&2::?E8B.:6.
#.:5.@@.:$(2B2:@5:@2>:.@6;:.8
(E9<;?6A9;:6281
#2.?A>292:@?6:
2;9205.:60?##
(2<@29/2>
;?@;:&.>7&8.F.;@28
;?@;:#
2;;:4>2??
)52
5.882:42;3([email protected]:./686@E6:
@522;2:B6>;:92:@
#.>05
(52>.@;:$2C%>82.:?
$2C%>82.:?"
2;@205:60.8.>@5=A.72
:46:22>6:4(;68E:.960?+
(+
#.E
(52>.@;:>.:1(.0>.92:@;
(.0>.92:@;;:B2:@6;:2:@2>
(.0>.92:@;
((2.@@82(20@6;:
2;@205:60.8>;A<
@5::A.8(<>6:4(296:.>
.:1
>';/2>@;8@F%:2.E
;:;>.>E(E9<;?6A9
<>68
*:6B2>?6@E;3,.?56:4@;:
(2.@@82,
16@;>?
;:>.1,28602&5&
#.:.46:4&>6:06<.828602;9<.:E
$@5(@>22@
(A6@2!6>78.:1,
)28
.D
29.68032860203286020;9
"6:1.'.E2>
#.:.42>2;:?@6@A@2;3(
82D.:12>288>6B2
'2?@;:+
)28
.D
29.688/.E2>.?02;>4
LQGG
30
7 -6 % +5)%7 ,32
385 %2( 45-9-0)+) 73 6)59) <38 %6 5)6-
()27 3* 385 3'-)7< *35 %2( $385 "-') 5)6-()276 32 7,) ;)'87-9)
311-77)) 3* 7,) 3%5( 3* -5)'7356 *35
7,)2);77:3<)%56%5)
-)7)5 7300) 2+ " )',2-'%0
> '%67)5 !2-9)56-7< %1-0732
-',)0 5@+3-5) 2+ )3 "
31182-'%7-326 > #%5(534 2+-
2))5-2+#-22-4)+
32 ):<'/< 2+ " -2%2') >
-7<3*(132732(132732
:3 1)1&)56 3* 0%67 <)%56 ;)'8
7-9) 311-77)) '327-28) 73 6)59) 32 7,)
3%5(
-1 %66-) 2+ -9-6-32 ,%-5 >
2+-2))5-2+2'%0+%5<
5%-+ %/) 2+ )'7-326 ,%-5 >
%0,386-)!2-9)56-7<%0-*%;
3 5 < )%56 7,) %2%(-%2
)37)',2-'%0 3'-)7< ,%6 &))2
,-+,0< 5)64)'7)( -27)52%7-32%00< *35 385
7)',2-'%0 '3275-&87-326 %2( %''31
40-6,1)276 85 *382(-2+ *%7,)56 +5%66
5337 03'%0 6)'7-326 7)',2-'%0 (-9-6-326
%2( 4%67 3%5(6 %2( ;)'87-9) 31
1-77))6 ,%9) %00 '3275-&87)( 75)1)2
(3860< 73 7,-6 5)487%7-32 #) ,%9)
%0:%<6 &))2 *35782%7) 73 ,%9) 1)1&)56
68', %6 <38 :,3 4539-() 930827))5)(
'3275-&87-32 -2 9-6-32 0)%()56,-4
)27,86-%61 ()(-'%7-32 %2( 826)0*-6,
)**357 73 1%/) 385 3'-)7< +5)%7 0)%6)
'327-28)7,-61%59)0038675%(-7-32
,) %2%(-%2 )37)',2-'%0 3'-)7< -6
-2 9)5< +33( 6,%4) -2 1%2< 5)64)'76 -2
'08(-2+ 6382( 35+%2-=%7-32%0 6758'785)
);4)5-)2') 7)',2-'%0 );4)57-6) %2( *-
2%2'-%0 67%&-0-7< #) %5) :)00 436-7-32)(
%2( '327-28) 73 0)%( %(( %2( )2,%2')
6)59-')6 73 385 1)1&)56 3:)9)5 ()
64-7) 385 +33( 436-7-32 %2( %00 7,) +33(
:35/ %05)%(< (32) &< )9)5<32) -2 7,)
4%67 % 3'-)7< 1867 ,%9) +53:7, %2(
+53:7, 6,380( &) 7,) *3'86 3* )%', 3*
385 1)1&)56 73 1%/) 385 3'-)7< )9)2
,)%07,-)5%2(67532+)5
$385 4%67 5)6-()276 3&.)'7-9)6 3*
4%57-'-4%7-32 )(8'%7-32 5).89)2%7-32
3875)%', -27)5%'7-32 '300%&35%7-32 %2(
)**)'7-9) '31182-'%7-326 :)5) %00 :-6)
%2( 2))()( 7,)1)6 :380( 0-/) 73 %((
32 73 7,)6) 7,)1)6 7,) -668) 3* +53:7,
&37, *531 % 67532+)5 1)1&)56,-4 %2(
*-2%2'-%0 %64)'7 %6 :)00 %6 7,) ()0-9)5<
3* /23:0)(+) %2( );4)5-)2') 73 385
<382+)5 1)1&)56 85 )'7-32 -5)'
7356 -9-6-32 ,%-56 %2( 1< "-') 5)6-
LQGG
30
% )%
56?ED H:== 36 H@C<:?8 H:E9 >6 E@ 86E
>@C6 86@AC@76DD:@?2=D E@ ;@:? E96
)@4:6EJ2?54@?EC:3FE6E@:EDAC@8C2>D
C@> E96 @2C5 >66E:?8 :? ,2?4@F
G6C :? %4E@36C =2DE J62C =62C?65 6I4:E
:?8 ?6HD 23@FE DF49 E9:?8D 2D E96
4@>A=6E:@? @7 E96 E9 65:E:@? @7 E96 2
?25:2? @F?52E:@? ?8:?66C:?8 #2?
F2= E96 42A23:=:EJ @7 E96 @?=:?6
C68:DEC2E:@? >6>36CD9:A C68:DEC2E:@?
2?5 E96 7FEFC6 4@?EC@==65 2G2:=23:=:EJ @7
E96 6=64EC@?:4 G6CD:@? @7 E96 2?25:2?
6@E649?:42= @FC?2= @?=:?6 E@ ?2>6 2
76H %FC )@4:6EJ H63D:E6 92D 2=D@ 366?
8:G6? 2 C646?E ?6H =@@< 2?5 :D ?@H
2G2:=23=6 E@ >@DE =@42= 8C@FAD 2?5 5:G:
D:@?D 7@C 56E2:=65 2??@F?46>6?ED ?6HD
2?5 24E:G:E:6D -6 H:== 4@?E:?F6 @FC 56
=:G6CJ @7 E96 A@AF=2C 6$6HD 2?5 E96
6@E649?:42= $6HD E@ @FC >6>36CD
*96D6 2C6 2== C6DF=ED @7 D@>6 G6CJ F?
D6=7:D9 677@CE 5@?2E65 3J J@FC 4@=
=628F6D E@ 6?92?46 @FC 36?67:ED E@
>6>36CD -6 2C6 G6CJ 7@CEF?2E6 2?5
2AAC64:2E:G6:?56657@CDF49DA:C:E
2=D@ =:<6 E@ 6IE6?5 >J A6CD@?2=
E92?<D E@ J@F 2D @FC C6EFC?:?8 >6>36CD
7@C J@FC 4@?E:?F65 DFAA@CE -6 :?G:E6
J@F E@ A2CE:4:A2E6 2E 6:E96C =@42= @C ?2
E:@?2= =6G6=D :? H92E6G6C :?E6C6DE 2?5
42A24:E:6D J@F 42? 86?6C@FD=J @776C 6:
E96C E@ D6CG6 2D @77:4:2=D @C D92C6 J@FC
6IA6C:6?462?5<?@H=6586H:E9FD
? E96 ?6IE EH@ D9@CE J62CD 2=@?8
H:E9 J@FC I64FE:G6D H:== =@@< 4=@D6=J
@? A2C2==6= 8C@HE9 H9:49 :D E@ 6IA=@C6
@AA@CEF?:E:6D E@ 6IA2?5 86@8C2A9:42==J
:? E9@D6 5:D4:A=:?6D 2?5 D64E@CD H96C6
H6 92G6 ?@E J6E 6?;@J65 3F@J2?E >6>
36CD9:AD -6 H:== 2=D@ 4@?46?EC2E6 @?
E96 G6CE:42= 8C@HE9 E92E :D @? LC@A:?8
:?O E96 J@F?86C E2=6?ED H:E9:? @FC 4@>
>F?:EJ -6 2:> E@ 5@ E9:D 3J 6>A92D:K
:?8 >6?E@CD9:A 2D 2 H2J E@ 6?4@FC286
@FC?6IEL86@O86?6C2E:@?
=@@< 7@CH2C5 E@ D92C:?8 D@>6 7F?
H:E9 J@F 2== :? @FC )@4:6EJD >2?J FA
4@>:?8 56G6=@A>6?E 2?5 24E:G:E:6D :?
E9:D :2>@?5 F3:=66 J62C @7 @FC )@4:
6EJ D92== G2=F6 C646:G:?8 J@FC BF6D
E:@?D DF886DE:@?D 4@>>6?ED 2?5 >@DE
:>A@CE2?E=J J@FC C6DA@?D6 E@ @FC 492=
=6?86E@:>AC@G6E96)@4:6EJ
0==,20/?"<F=4/09>
#*))!&%( #*'*(( 6DE F?
8C2?5 9@??6FC 6E AC:G:=Z86 56 G@FD
D6CG:C W E:EC6 56 &CXD:56?E 56 ?@EC6
)@4:XEX A@FC 6E ,@D
,:46ACXD:56?ED DFC =6 4@>:EX 56 5:C64
E:@? 5F 4@?D6:= 525>:?:DEC2E:@? A6?
52?E=6D56FI2??X6DWG6?:CD@?E
:6E6C )E@==6 :?8 ,& *649?:BF6 N
#4#2DE6C +?:G6CD:EJ 2>:=E@? %$
#:496= CX8@:C6 :?8 8X@ ,&
@>>F?:42E:@?D N -2C5C@A ?8:
?66C:?8-:??:A68#
@? "6HJ4<J :?8 ,& 2FI :
?2?46D N ,:==6 55>@?E@? 5>@?
E@?
6FI >6>3C6D 5F 4@>:EX 56 5:C64
E:@? 56 =2??X6 56C?:ZC6 4@?E:?F6?E W
D6CG:CDFC=64@?D6:=525>:?:DEC2E:@?
:> 2DD:6 :?8 (6ACXD6?E2?E 56D
:C64E6FCD 56 :G:D:@?D N ?
8:?66C:?8?42=82CJ
C2:8 "2<6 :?8 (6ACXD6?E2?E 56D
:C64E6FCD 56 )64E:@?D N 2=9@FD:6
+?:G6CD:EJ2=:72I$)
&6?52?E 2??X6D =2 D@4:XEX
42?25:6??6 56 8X@E649?:BF6 ) 2
XEX
8C2?56>6?E
C6DA64EX6
:?E6C?2E:@?2=6>6?E A@FC D6D 4@?EC:3F
E:@?D 6E 244@>A=:DD6>6?ED E649?:BF6D
$@D 7@?52E6FCD D64E:@?D =@42=6D 5:G:
D:@?D E649?:BF6D 6E =6D >6>3C6D BF: @?E
D6CG:D DFC =6D 4@>:EXD 56 5:C64E:@? 2:?D:
BF6 DFC =6 4@?D6:= 525>:?:DEC2E:@? @?E
4@?EC:3F X X? @ C > X > 6 ? E W 46EE6
CXAFE2E:@? $@FD 2G@?D E@F;@FCD XEX
7@CEF?X 52G@:C 56D >6>3C6D E6=D BF6
G@FD BF: @?E G@=@?E2:C6>6?E 4@?EC:3FX W
?@EC6 G:D:@? 5:C64E:@? 6?E9@FD:2D>6 6E
=677@CE 2=ECF:DE6 27:? 56 C6?5C6 ?@EC6
)@4:XEX 7@C>:523=6 ,6F:==6K 4@?E:?F6C
46EE6>6CG6:==6FD6EC25:E:@?
" 2 D @4: XE X 4 2 ? 2 5 : 6 ? ? 6 5 6
8X@E649?:BF6 6DE 6? 3@??6 D2?EX W 3:6?
56D X82C5D J 4@>AC:D F?6 DECF4EFC6
@C82?:D2E:@??6==6 D@=:56 =6IAXC:6?46
=6IA6CE:D6 E649?:BF6 6E =2 DE23:=:EX
7:?2?4:ZC6 $@FD D@>>6D 3:6? A=24XD 6E
4@?E:?F@?D W 8F:56C 2;@FE6C 6E 2F8
>6?E6C ?@D D6CG:46D 2FI >6>3C6D
6A6?52?E 6? 5XA:E 56 ?@EC6 3@??6 A@
D:E:@? 6E 56 E@FE =6 3@? EC2G2:= 5X;W
67764EFX A2C 4924F?D 52?D =6 A2DDX F?6
)@4:XEX 5@:E 4C@[EC6 6E =2 4C@:DD2?46
56GC2:E YEC6 F? 3FE 56 4924F? 56 ?@D
>6>3C6D 27:? 56 C6?5C6 ?@EC6 )@4:XEX
6?4@C6A=FDD2:?66ED@=:56
"6D @3;64E:7D 56 G@D ACXD:56?ED A2DDXD
56 A2CE:4:A2E:@? 5X5F42E:@? 56
C2;6F?:DD6>6?E
5@FG6CEFC6
5:?E6C24E:@? 56 4@==23@C2E:@? 6E 56 4@>
>F?:42E:@? 677:4246 XE2:6?E E@FD 56D
E9Z>6D D286D 6E ?X46DD2:C6D 6 G@F5C2:D
2;@FE6C W 46D E9Z>6D =2 BF6DE:@? 56
4C@:DD2?46 2FI ?:G62FI 56D >6>3C6D 6E
56 =2DA64E 7:?2?4:6C 2:?D: BF6 =2 EC2?D
>:DD:@? 56D 4@??2:DD2?46D 6E
=6IAXC:6?46 W ?@D A=FD ;6F?6D >6>3C6D
$@D 5:C64E6FCD 56 D64E:@?D ACXD:56?ED 56
:G:D:@?D 6E >6D G:46ACXD:56?ED
EC2G2:==6C@?E 2G64 >@: A@FC :?4:E6C A=FD 56
8X@AC@76DD:@??6=D W ;@:?5C6 =2 )@4:XEX 6E
W 4@?EC:3F6C W D6DAC@8C2>>6D
LQGG
30
% )%
FC2?E =2 CXF?:@? 5F 4@?D6:=
525>:?:DEC2E:@? W ,2?4@FG6C 6?
@4E@3C6 56C?:6C ;2: 2AAC:D 56D
?@FG6==6D A2DD:@??2?E6D E6==6D BF6 =2
7:?2=:D2E:@? 56 =2 Z>6 X5:E:@? 5F
#2?F6= 2?25:6? 56 @?52E:@? =6D
A@DD:3:=:EXD 56?C68:DEC6>6?E 6? =:8?6
A@FC =6 C6?@FG6==6>6?E 5259XD:@? 6E
56 =2 7FEFC6 5:DA@?:3:=:EX 6? =:8?6 56 =2
G6CD:@? X=64EC@?:BF6 5F ;@FC?2=
42?25:6? 56 8X@E649?:BF6 A@FC ?6?
?@>>6C BF6 BF6=BF6D F?D "6 D:E6 -63
56 ?@EC6 )@4:XEX 2 XEX CX46>>6?E
2>X=:@CX 6E 6DE >2:?E6?2?E 5:DA@?:3=6 W
=2 A=FA2CE 56D D64E:@?D =@42=6D 6E 5:G:
D:@?D A@FC 56D 2??@?46D 56D ?@FG6==6D
6E 56D 24E:G:EXD $@FD 4@?E:?F6C@?D ?@
EC6 =:GC2:D@? 56D J36CF==6E:?D
A@AF=2:C6D 6E 56 6@E649?:42= $6HD W
?@D >6>3C6D 6 D@?E E@FD =6D CXDF=E2ED
5F? 677@CE ECZD 2=ECF:DE6 5@??X A2C G@D
4@==Z8F6D 27:? 52F8>6?E6C ?@D
2G2?E286D 2FI >6>3C6D $@FD D@>>6D
ECZD 7@CEF?XD 6E 2AACX4:@?D 8C2?56>6?E
F?E6=6DAC:E
2:>6C2:D X82=6>6?E G@FD C6>6C4:6C
6? E2?E BF6 >6>3C6D C6?@FG6=2?ED A@FC
G@EC6 2AAF: 4@?E:?F $@FD G@FD :?G:E@?D
W A2CE:4:A6C 2FI ?:G62FI =@42FI @F
?2E:@?2FI BF6=BF6 D@:E G@EC6 ?:G62F
5:?EXCYE 6E 42A24:EX BF6 G@FD AF:DD:6K
8X?XC6FD6>6?E @77C:C A@FC D6CG:C
@77:4:6==6>6?E @F A2CE286C G@EC6
6IAXC:6?466E4@??2:DD2?462G64?@FD
FC2?E =6D 56FI 4@FCE6D 2??X6D W
G6?:C ;6I2>:?6C2: 2G64 G@EC6 4@?D6:=
525>:?:DEC2E:@? =2 4C@:DD2?46
A2C2==Z=6 BF: 4@?D:DE6C2 W =6IA=@C2E:@?
5@AA@CEF?:EXD A@FC D244C@[EC6
8X@8C2A9:BF6>6?E 52?D =6D 5:D4:A=:?6D
6E D64E6FCD @\ ?@FD ?2G@?D A2D @3D6CGX
F?6 259XD:@? D2:?6 $@FD ?@FD
4@?46?EC6C@?D X82=6>6?E DFC =2
4C@:DD2?46 G6CE:42=6 27:? 52EE:C6C =6D
;6F?6D E2=6?ED 2F D6:? 56 ?@EC6
4@>>F?2FEX $@FD G:D@?D W 72:C6 464:
6? 2446?EF2?E =6 >6?E@CD9:A 27:?
56?4@FC286C ?@EC6 AC@492:?6 M8X@P
8X?XC2E:@?
2EE6?5D 2G64 :?EXCYE 56 A2CE286C =6
A=2:D:C 2G64 G@FD E@FD 5FC2?E =6D
?@>3C6FD6D 24E:G:EXD 56 ?@EC6 )@4:XEX
6? 46EE6 2??X6 56 ;F3:=X 56 5:2>2?E 56
?@EC6 )@4:XEX 2446AE6C2: 2G64 A=2:D:C
G@ D
BF6DE:@?D
DF886DE:@?D
4@>>6?E2:C6D 6E DAX4:7:BF6>6?E G@EC6
CXA@?D6 W ?@EC6 5X7: A@FC 2>X=:@C6C =2
)@4:XEX
"/4)E8+3+4:
+:+8%;
<:8>30%:.40>C
,9,/4,9:?9/,>4:9
924900<492,9?,7>3/4>4:9
*96 E9 5:E:@? @7 E96 2?25:2? @F?
52E:@? ?8:?66C:?8 #2?F2= #
92D 366? AF3=:D965 3J E96 2?2
5:2? 6@E649?:42= )@4:6EJ # :D
C64@8?:K65 :?E6C?2E:@?2==J 2D 2? 2FE9@C
:E2E:G6 C676C6?46 7@C 7@F?52E:@? 6?8:
?66C:?8 AC24E:46 E62> @7 4@?EC:3F
E@CD F?56C E96 5:C64E:@? @ 7 E96
@5:E@CD C 6??:D 64<6C 2?5 C
2? #@@C6 92D AC6A2C65 # E@ <66A 23C62DE @7 4FCC6?E DE2E6@7AC24
E:46 2?5 E@ AC@G:56 2 4@?D:DE6?E 2?5 FA
E@ 52E6 4C@DDC676C6?46 E@ E96 $2E:@?2=
F:=5:?8 @56 @7 2?252 $
2?5 E96 2?25:2? :89H2J
C:586 6D:8? @56 2?5 D@ E92E E96 FD6C H:== >@C6
C625:=J 36 23=6 E@ :?E6CAC6E E96 :?E6?E 2?5
A6C7@C>2?46 C6BF:C6>6?ED @7 E96D6
4@56D *96 ?6H # 2=D@ AC@G:56D
255:E:@?2= :?7@C>2E:@? 2?5 >2E6C:2= @?
>2EE6CD ?@E 4@G6C65 3J E96 $ 2?5
-9:=6 # 2D 2 H9@=6 92D
366? FA52E65 E96 AC:>2CJ C6G:D:@?D :?
4=F56 E96 492AE6CD @? =:>:E DE2E6D 56
D:8? @7 7@F?52E:@?D 3C2465 6I42G2E:@?D
2?5 C6E2:?:?8 DECF4EFC6D C6:?7@C465 D@:=
H2==D D6EE=6>6?E 2?5 4@?D@=:52E:@? @7
D92==@H 7@F?52E:@?D 62CE9BF2<6D 2?5
D6:D>:4 56D:8? 86@DJ?E96E:4D 2?5
7@F?52E:@?D@?C624E:G64=2JD
-@C< 92D DE2CE65 E@ AC@G:56 2 C6?49
EC2?D=2E:@? @7 E96 ?6H # F?56C E96
5:C64E:@? @7 E96 5:E@C C 62? "27=6FC
*96 ?6H C6?49 *C2?D=2E:@? :D 6IA64E65
E@ 36 2G2:=23=6 :? =2E6 @C 62C=J
&C:?E65 4@A:6D @7 E96 E9 5:E:@? @7
# 2C6 2G2:=23=6 E9C@F89 :*649
&F3=:D96CD :? (:49>@?5 2?252 2E
.::6===(/:+).)' *96 2?25:2?
*'&*./,&#
*/!%#,0&''#
#'
*,-#-%*# 1
&!%(*)"
#'
&'+&)0#)/#
&'(&)$.*)
#'
LQGG
30
% )%
6@E649?:42= )@4:6EJ H:== :? 7FEFC6 AC@
G:56 ) >6>36CD 4@?EC@==65 6=64
EC@?:4 2446DD E@ E96 ?6H # E9C@F89
E9 6 ) H63 D:E6 ===)-9)'
)-93+3(+89
,771:< :849,>4:9=D
%"<0=4/09>70.>
*96 ?6IE &C6D:56?E=64E 7@C E96 )@4:6EJ
H:== 36 2AA@:?E65 67764E:G6 2?F2CJ
*96 A6CD@? 2AA@:?E65 E@ E9:D A@D:
E:@? H:== 364@>6 &C6D:56?E @7 E96 )@4:
6EJ 7@C E96 J62CD 2?5 E :D
?@H E:>6 E@ 368:? E96 AC@46DD =625:?8 E@
E9:D 2AA@:?E>6?E H9:49 H:== 36 4@?
7:C>65 2E E96 E9 2?25:2?
6@E649?:42= @?76C6?46 :? %EE2H2 @?
%4E@36C
? 244@C52?46 H:E9 E96 J"2HD @7
E96 )@4:6EJ 2 $@>:?2E:?8 @>>:EE66
H2D 7@C>65 :? >:5
E@ AC@A@D6 2
DF:E23=6 42?5:52E6 7@C &C6D:56?E=64E
*96 4@>>:EE66 4@?D:DE65 @7 %%!(
"' &C6D:56?E 92:C ''.
&, &2DE&C6D:56?E &%) %
%%!% 2?5 4'% %+ 6?6C2=
#6>36CD@7 )
*96 $@>:?2E:?8 @>>:EE66 92D AC@
G : 5 6 5 E 9 6 ? 2 > 6 @ 7 ' ! #
*')!% !% 2D 2 42?5:52E6 7@C E96 A@
D:E:@? @7 &C6D:56?E=64E :? 2?5
&C6D:56?E :? 2?5 C
F36CE:? 92D 28C665 E@ 36 2 42?5:52E6
? E96 244@>A2?J:?8 A2C28C2A9D 96
AC@G:56D 2 D9@CE DE2E6>6?E E92E @FE=:?6D
9:D@3;64E:G6D7@CE96)@4:6EJ
#:496= F36CE:? :D H6== <?@H? 2D 2?
24E:G6 A2CE:4:A2?E :? E96 2772:CD @7 E96
2?25:2? 6@E649?:42= )@4:6EJ :?
#@?ECX2= 2D 2 (6D62C49 &C@76DD@C 2E
U4@=6 &@=JE649?:BF6 56 #@?ECX2= 2D 2
7@C>6C ,:46&C6D:56?E :?2?46 @7 E96
)@4:6EJ 2?5 >@C6 C646?E=J 2D 92:C @7
E96 6@E649?:42= (6D62C49 @2C5 6
92D 366? 92:C @7 E96 $)( :G:= ?
8:?66C:?8 C2?E )6=64E:@? @>>:EE66
)
2?5 :D 4FCC6?E=J 9@=5:?8 E96
?5FDEC:2=
$)(
&@=JE649?:BF6+'* 92:C :? ?G:
C@?>6?E 2?5 #:?6 -2DE6D #2?286>6?E
2E U4@=6 &@=JE649?:BF6 #F49 @7 9:D C6
D62C49 92D :?G@=G65 24E:G6 A2CE:4:A2E:@?
2?5 7:?2?4:2= DFAA@CE 7C@> :?5FDEC:2=
A2CE?6CD 6 92D C646:G65 >2?J AC:K6D
2?5 2H2C5D :?4=F5:?8 E96 #XC:E6
X@D4:6?E:7:BF6 ?G:C@??6>6?E 5F
2=<=B>@7<B93G:7<3A
?JIJOKMDIOF@TGDI@N
#7B@3 2
$0),-" <?
=R
>719C>4@=;)3>B3;03@
KD>FPKAMJHK<B@'PI@
;/93AC@3B6/BB3:3>6=<3>@347F6/A033<16/<532B=
'FX364 7C@> &' 2 6==@HD9:A
) 7C@> E96 2?25:2? )@4:6EJ @7
:G:= ?8:?66C:?8 2 6==@HD9:A 2?5 E96 )E:C=:?8 #652= 7C@> E96 ?8:
?66C:?8 ?DE:EFE6 @7 2?252 2?5 2
6==@HD9:A @7 E96 2?25:2? 4256>J
@7?8:?66CD
-9:=6 C F36CE:? :D E96 42?5:52E6
AC@A@D65 3J E96 $@>:?2E:?8 @>>:E
E66 @E96C 42?5:52E6D 2C6 2=D@ H6=
4@>65 ?J 86?6C2= >6>36C @7 E96
)@4:6EJ >2J ?@>:?2E6 2 42?5:52E6 7@C
6=64E:@? E@ E96 A@D:E:@? @7 &C6D:
56?E=64E $@>:?2E:@?D >FDE 36 C6
46:G65 3J E96 )@4:6EJ )64C6E2C:2E :?
HC:E:?8 3J #2J *9C@F89 E96
3J=2HD @7 E96 )@4:6EJ 2?J DF49 ?@>:
?2E:@? D92== 92G6 E96 HC:EE6? DFAA@CE @7
2E =62DE 86?6C2= >6>36CD 2?5 2 DE2E6
>6?E 3J E96 42?5:52E6 6IAC6DD:?8 H:==
:?8?6DD E@ D6CG6 2D &C6D:56?E @C
7FCE96C :?7@C>2E:@? D66 E96 )@4:6EJD
5>:?:DEC2E:@?
#2?F2=
2E
===)-9)')-9*5);3+4:9
7 E96C6 2C6 ?@ 255:E:@?2= 42?5:52E6D
C #:496= F36CE:? H:== 36 6=64E65 3J
244=2>2E:@? 2E E96 #66E:?8 @7 E96 @2C5
@7 :C64E@CD @7 E96 ) :? %EE2H2 7
255:E:@?2= 42?5:52E6D 2C6 ?@>:?2E65
D6=64E:@? H:== 36 3J >2:=:? 32==@E AC@
G:565 E@ 2== >6>36CD @7 E96 )@4:6EJ :?
F=J
85</*+* (? 8'.'3 "+)8+:'8? +4
+8'2
"<0=4/09>70.>=!-50.>4@0=
:849,>4:9%>,>0809>:1
4.307?-0<>49
'&##*(
'(&##3*(
H2D 8C62E=J 9@?@C65 H96? H2D :?
7@C>65 E92E 925 366? D6=64E65 3J E96
$@>:?2E:?8 @>>:EE66 @7 E96 2?2
5:2? 6@E649?:42= )@4:6EJ ) E@ 36
4@>6 E96 )@4:6EJD &C6D:56?E=64E :?
2> A=62D65 E@ 2446AE E96 ?@>:
?2E:@? 7 >J 42?5:524J :D 4@?7:C>65 H:== 36 C625J E@ 7246 E96 492==6?86 @7 E96
EH@J62C E6C> 2D &C6D:56?E DE2CE:?8 :?
2?F2CJ
6 DF:D 4@?D4:6?E 5F 5X7: BF6 46EE6
?@>:?2E:@? C6ACXD6?E6 "2 )@4:XEX
42?25:6??6 56 8X@E649?:BF6 6DE
C64@??F6 6E C6DA64EX6 A2CE@FE 52?D =6
>@?56 "6D 4@?EC:3FE:@?D 56 ?@EC6
LQGG
30
% )%
)@4:XEX W =6DD@C 56 =2 8X@E649?:BF6
D@?E A2C>: =6D A=FD :>A@CE2?E6D W
=X496==6 :?E6C?2E:@?2=6 ):?46 ;@:?65
E96 ) :? 92G6 366? C68F=2C=J
:>AC6DD65 3J E96 BF2=:EJ @7 H@C< 36:?8
5@?6 3J :ED >6>36CD 2?5 3J E96 9:89
=6G6= @7 AC@76DD:@?2=:D> 56>@?DEC2E65
E9C@F89 E96:C G2C:@FD 24E:G:E:6D *96 )@
4:6EJ 92D :?7=F6?465 E96 @C:6?E2E:@? @7
>J 42C66C 62C=J @? 3J >2<:?8
86@E649?:BF6 E96 46?E6C @7 >J
AC@76DD:@?2=6?562G@FCD
*96 >2:? DEC6?8E9 @7 E96 ) C6DED
:? E96 :??@G2E:@? 2?5 5J?2>:D> @7 :ED
>6>36CD *96D6 492C24E6C:DE:4D 2C6
D66? 6249 J62C 5FC:?8 @FC 2??F2= 4@?
76C6?46D H9:49 92G6 366? 9:89=J DF4
46DD7F= 7@C J62CD *96D6 92G6 364@>6
7@C >2?J @7 FD 2 72G@FC:E6 A=246 E@ =62C?
E@ 6I492?86 :562D 2?5 E@ >66E 7C:6?5D
2?5 4@==628F6D :? 2 >@DE A=62D2?E D6E
E:?8 E BF6 5:C6 56 =2 (6GF6 42?25:6??6
56 8X@E649?:BF6 D:?@? BF6==6 56>6FC6
F? 7=2>362F 5@?E =2 7=2>>6 >XC:E6
5YEC6 6?EC6E6?F6 A2C E@FD =6D >6>3C6D
56=2)@4:XEX
H@F=5 =:<6 E@ D92C6 3C:67=J H:E9 J@F
>J >2:? @3;64E:G6D 7@C E96 E6C>
#6D AC:@C:EXD :?4=F6?E F?6
ACXD6?46 D@FE6?F6 56 =2 )@4:XEX 2F D6:?
56D @C82?:D>6D G@FXD W =2 AC@>@E:@? 56
=2 C6496C496 6E 5F EC2G2:= 56D :?8X?:6FCD
6E 2FEC6D AC@76DD:@??6=D 5F 5@>2:?6 56D
8X@D4:6?46D H:== 2=D@ H@C< 2E 24E:G6=J
AC@>@E:?8 E96 C@=6 @7 @FC )@4:6EJ 2?5 :ED
>6>36CD :? E96 :>A@CE2?E >2EE6CD C6
=2E65 E@ 6?G:C@?>6?E2= AC@E64E:@? 2?5
DFDE2:?23=6 56G6=@A>6?E E96D6 E96>6D
92G6 366? 2E E96 4@C6 @7 >J AC@76DD:@?2=
24E:G:E:6D @G6C E96 =2DE 7:7E66? J62CD @C
D@ H@F=5 2=D@ =:<6 E@ 6?4@FC286 4=@D6C
E:6D 36EH66? AC@76DD:@?2=D H@C<:?8 :?
24256>:2 :? E96 :?5FDEC:2= D64E@C 2?5 :?
8@G6C?>6?E2= 286?4:6D >J 6IA6C:6?46
2D 2? $)( ?5FDEC:2= 92:C 9@=56C
H:== 36 96=A7F= :? E9:D C682C5 6 5XD:C6
X82=6>6?E A@FCDF:GC6 =6D :?:E:2E:G6D 56
=2 )@4:XEX A@FC 3:6? 72:C6 4@??2[EC6 D6D
24E:G:EXD =@42=6D 6E ?2E:@?2=6D 2:?D: BF6
=6D 3X?X7:46D 2FI >6>3C6D 27:? 56 =2
C6?5C6 2EEC2J2?E6 H:== 6>A92D:K6 @FC
677@CED E@ 2EEC24E J@F?8 AC@76DD:@?2=D
?62C E96 6?5 @7 E96:C F?:G6CD:EJ 568C66D
2?5 5FC:?8 E96:C 7:CDE 76H J62CD :? E96
H@C<7@C46 *96 H:56 G2C:6EJ @7 2G2:=
23=6 >62?D @7 4@>>F?:42E:@? H:== 36
FD65 E@ >2:?E2:? 4=@D6 E:6D H:E9 @FC
>6>36CD2?5A2CE?6CD
$@EC6 D@4:XEX ;@F:E 5F?6 G:8F6FC BF:
?6 D6 5X>6?E A2D 8CV46 ?@E2>>6?E W =2
E6?F6 524E:G:EXD 3:6? 4:3=X6D *96 )
:D H6== @C82?:D65 2?5 7F?4E:@?D 677:
4:6?E=J 2?5 E96 7:?2?4:2= DE2E6 @7 @FC )@
4:6EJ :D D@F?5 *96 C6=2E:@?D9:A H:E9
=@42= 8C@FAD :D DEC@?8 2=E9@F89 :E ?665D
E@ 36 ?FCEFC65 3J FD 2== *96D6 2C6 2DD6ED
E92E H:==H@C<92C5E@>2:?E2:?
6 D@F92:E6 YEC6 6? >6DFC6 56I6C46C
=6 >Y>6 EJA6 56 =6256CD9:A BF6 46=F:
5X>@?ECX A2C =6D ACXD:56?ED 2?EXC:6FCD H:== AC@F5=J H2=< :? E96 7@@EDE6AD @7
&C6D:56?E &6E6C -F 2?5 @7 9:D AC656
46DD@CD :?4=F5:?8 6??:D 64<6C )F
K2??6 "242DD6 2?5 !6CCJ (@H6 E@
?2>6 @?=J E96 >@DE C646?E @?6D #J
>2?52E6 =:<6 E92E @7 @E96C AC6D:56?ED
H:== 36 32D65 @? E96 4@==23@C2E:G6 H@C<
@7 2 DEC@?8 2?5 565:42E65 E62> ? A=FD
56 >6?E@FC6C 5F?6 XBF:A6 D@=:56 ;6
76C2: 2FDD: 2AA6= 2FI >6>3C6D DFC F?6
32D6 CX8F=:ZC6 27:? 56 >6?6C W 3:6?
46CE2:?6D :?:E:2E:G6D A2CE:4F=:ZC6D 2F
4@FCD56>@?>2?52E
%FC )@4:6EJ 92D 366? 24E:G6 2?5 DF4
46DD7F= 7@C >@C6 E92? 7:7EJ J62CD E 36?
67:ED 7C@> 2 C:49 EC25:E:@? H9:49 92D
56G6=@A65 7C@> E96 6?E9FD:2DE:4 A2CE:4:
A2E:@? @7 :ED >6>36CD H:== 56G@E6 >J
6?6C8J E@ >2:?E2:? 2?5 :7 A@DD:3=6 E@
:?4C62D6 E96 =6G6= @7 D2E:D724E:@? 7@C E96
D6CG:46D AC@G:565 3J ) E@ :ED
>6>36CD
H6=4@>6 J@FC 4@>>6?ED 2?5 DF8
86DE:@?D $9XD:E6K A2D W >6 4@?E24E6C
A@FC >6 72:C6 A2CE 56 G@D 4@>>6?E2:C6D
6EDF886DE:@?D
22:.+(+9:,58:.+)53/4-?+'8
+/22+;89 <B;> 65;8 )+::+ 45;<+22+
'44D+
/).+2;(+8:/4+)+3(+8
C)52+52?:+).4/7;+*+54:8D'2
3/).+2';(+8:/4652?3:2)'
! " ! ! !! ! " %&
" !!!
"#$#
### $ %
$!
'#'$
) ) ) ) ) ) ) %#&'&') #$#) #$$ $#$"
((($ $#$"
LQGG
30
% )%
,771:< :849,>4:9=1:<
%A,</=
$@>:?2E:@?D 7@C ) H2C5D 2C6 E@ 36
DF3>:EE65 E@ E96 )@4:6EJ )64C6E2C:2E
&%@I ==:DE@? %$ "( -
2I + 3 ' / 2 )-9)-9)' 3J ?@E =2E6C E92? F?6
$@>:?2E:@?D >FDE :?4=F56 E96 , @7
E96 ?@>:?66 C62D@?D H9J E96 :?5:G:5
F2= >6C:ED E96 2H2C5 2?5 2?J @E96C A6C
E:?6?E :?7@C>2E:@? @? E96 ?@>:?66 "6E
E6CD 7C@> @E96C )@4:6EJ >6>36CD
DFAA@CE:?8 E96 ?@>:?2E:@? 255 DEC6?8E9
E@E96?@>:?2E:@?
6E2:=D 7@C 2== H2C5D =:DE65 36=@H
42? 36 @3E2:?65 7C@> E96 )@4:6EJD
H2C5 2?5 @?@FCD #2?F2= H9:49 :D
2G2:=23=6
2E
.::6===)-9)')-9*5);3+4:93'4
;'29 ?7@C>2E:@? 42? 2=D@ 36 @3E2:?65
7C@> (68:@?2= :C64E@CD :G:D:@?
92:CD2?5E96)64C6E2C:2E
#6>36CD 2C6 :?G:E65 2?5 6?4@FC
2865 E@ DF3>:E ?@>:?2E:@?D 7@C E96 7@=
=@H:?8)H2C5D
$0220>0/,7 >3034230=>
%3:9:?<
H2C565 E@ 2? :?5:G:5F2= 7@C @FEDE2?5
: ? 8 = : 7 6 = @ ? 8 4 @ ? E C : 3F E : @ ? D E @
86@E649?:BF6
H2C565 E@ 2? :?5:G:5F2=D 7@C E96 36DE
A2A6C AF3=:D965 :? E96 2?25:2?
6@E649?:42= @FC?2= H:E9:? E96 J62C
AC6465:?8 E96 J62C :? H9:49 E96 AC:K6 :D
2H2C565
H2C565 E@ 2? :?5:G:5F2= 7@C @FEDE2?5
:?8 2?5 6I46AE:@?2= 4@?EC:3FE:@?D E@ E96
2CE 2?5 D4:6?46 @7 7@F?52E:@? 6?8:?66C
:?8
&3:8,=$:CA,</
*96 2H2C5 :D AC6D6?E65 E@ 9@?@FC 2?
@FEDE2?5:?8 4@?EC:3FE:@? E@ E96 7:6=5 @7
?8:?66C:?86@=@8J:?2?252
$:20<<:A9A,</
$ % ! !!$ $ "!$ !#!
$$ !$ #
" "
0:09@4<:9809>,7A,</
*9:D 2H2C5 H2D AC6D6?E65 7@C E96 7:CDE
E:>6 :? E@ C64@8?:K6 2? :?5:G:5F2=
@C :?5:G:5F2=D H9@ 92G6 >256 2? @FE
DE2?5:?8 E649?:42= 4@?EC:3FE:@? E@ E96
AC24E:46 @7 >F=E:5:D4:A=:?2CJ
86@6?G:C@?>6?E2= 6?8:?66C:?8 :? 2?
2522?5@C:?E6C?2E:@?2==J
$:-0<> ,<@:7/09A,</
$#?4270CA,</
0:11<0C0C0<3:1A,</
E96 FD6 @7 86@DJ?E96E:4D :? 2?252
2?5@C:?E6C?2E:@?2==J
*962H2C5:DAC6D6?E65
2 E@ 2? :?5:G:5F2= AC676C23=J 2?2
5:2? 7@C AF3=:D9:?8 E96 36DE A2A6C
@? A6C>27C@DE D4:6?46 @C 6?8:?66C
:?8:?
2?25:2?6@E649?:42= @FC?2=@C
2?25:2? @FC?2= @7 2CE9 )4:6?46D
@C
&C@4665:?8D @7 $2E:@?2= @C ?E6C?2
E:@?2=&6C>27C@DE@?76C6?46D@C
3 E@ 9@?@FC 2? :?5:G:5F2= 7@C 9:D96C
6I46==6?46 :? E96 7:6=5 @7 A6C>27C@DE
:39<,96749A,</
*96 2H2C5 C64@8?:K6D 2? :?5:G:5F2=
@C :?5:G:5F2=D H9@ 92D >256 2? @FE
DE2?5:?8 E649?:42= 4@?EC:3FE:@? :? E96
7:6=5D @7 C@4< >6492?:4D @C C@4< 6?8:
?66C:?8
:?
2?252
2?5@C
:?E6C?2E:@?2==J
0:=C9>30>4.=A,</
*96 2H2C5 H2D AC6D6?E65 7@C E96 7:CDE
E:>6 :? E96 J62C E@ C64@8?:K6 2? :?
5:G:5F2= @C :?5:G:5F2=D H9@ 92G6 >256
2? @FEDE2?5:?8 E649?:42= 4@?EC:3FE:@? E@
@ = = @H : ? 8 D @ > 6 J 6 2 C D 2 D E 9 6
J5C@86@=@8J :G:D:@? H2C5 E96
(@36CE $ 2CG@=56? H2C5 H2D AC6
D6?E65 7@C E96 7:CDE E:>6 :? *96
J5C@86@=@8J :G:D:@? D6=64ED E96 H:?
?6C @7 E96 2H2C5 H9:49 C64@8?:K6D @FE
DE2?5:?8 4@?EC:3FE:@?D E@ 8C@F?5H2E6C
D4:6?46 2?5 6?8:?66C:?8 :? 2?252 *96
H2 C 5 D @ > > : E E 6 6 @ 7 E 9 6
J5C@86@=@8J :G:D:@? 4@>>@?=J
2D<D 7@C :?AFE 7C@> E96 ?E6C?2E:@?2= D
D@4:2E:@? @7 J5C@86@=@8:DED 2?25:2?
$2E:@?2= @>>:EE66 $ 5
5:E:@?2= :?7@C>2E:@? @? E96 2CG@=56?
H2C52AA62CD=2E6C:?E9:D4@=F>?
%<,/?,>0%>?/09>A,</
@C E96 36DE A2A6C 2FE9@C65 @C
4@2FE9@C65 2?5 AC6D6?E65 3J 2
86@E649?:42= 8C25F2E6 DEF56?E 2E 2? 24
4C65:E65 2?25:2? +?:G6CD:EJ *96 H:?
?:?8 A2A6C 6249 J62C :D AC6D6?E65 3J E96
DEF56?E 2E E96 ??F2= 2?25:2?
6@E649?:42=@?76C6?46
%'9/0<2<,/?,>0%>?/09>
A,</=
*96C6 2C6 EH@ F?56C8C25F2E6 DEF56?E
2H2C5D E92E 6?562G@FC E@ :?4C62D6 DEF
56?E 2H2C6?6DD @7 E96 )@4:6EJ 2?5 E96:C
:?G@=G6>6?E:?:E
2 E96 +?56C8C25F2E6 )EF56?E (6A@CE
?5:G:5F2= )F3>:DD:@? H2C5 H2D
6DE23=:D965 :? H:E9 E96 >2:?
AFCA@D6 @7 C64@8?:K:?8 2?5 C6H2C5
:?8 6I46==6?46 :? E96 AC6A2C2E:@? @7
2 86@E649?:42= C6A@CE 3J 2? :?5:G:5
F2= 7F== E:>6 F?56C8C25F2E6 DEF56?E
:? 2? 244C65:E65 6?8:?66C:?8 AC@
8C2> @C 2 86@D4:6?46 AC@8C2> :? 2
2?25:2?+?:G6CD:EJ
3 E96 +?56C8C25F2E6 )EF56?E (6A@CE
C@FA )F3>:DD:@? H2C5 H2D
25565 :? E@ C64@8?:K6 2?5 C6
LQGG
30
% )%
H2C5 6I46==6?46 @7 2 C6A@CE AC6A2C65
3J @?6 @C >@C6 F?56C8C25F2E6 DEF
56?ED :? 2? 244C65:E65 6?8:?66C:?8
AC@8C2> @C 2 86@D4:6?46 AC@8C2> :?
22?25:2?+?:G6CD:EJ
%>0<8,.A,</=1:<
%0<@4.0>:>30,9,/4,9
0:>0.394.,7%:.40>C
67@C6 E96D6 2H2C5D H6C6 <?@H?
2D E96 ) )6CG:46 &=2BF6D )E6C>24 )6CG:46 H2C5D 2C6 AC6D6?E65
E@ >6>36CD @7 E96 )@4:6EJ H9@ 92G6
4@?EC:3FE65 DA64:7:4 @C DA64:2= H@CE9J
2?5 D:8?:7:42?E D6CG:46D E@ E96 )@4:6EJ
&30$:-0<> ,<@:7/09A,</
1:<C/<:20:7:2C
!5(+8:'8<52*+4
G6CJ J62C :? 4@?;F?4E:@? H:E9 E96 2
?25:2? $2E:@?2= 92AE6C @7 E96 ?E6C?2
E:@?2= DD@4:2E:@? @7 J5C@86@=@8:DED
$
E96
2 ? 2 5 : 2 ?
6@E649?:42= )@4:6EJ AC6D6?ED E96 (@3
6CE $ 2CG@=56? H2C5 E@ 2? :?5:G:5F2=
@C 8C@FA E@ C64@8?:K6 6I46==6?46 :?
9J5C@86@=@8J :? @?6 @C >@C6 @7 E96 7@=
=@H:?8 2C62D C6D62C49 2?5 AF3=:42E:@?
AC@76DD:@?2= AC24E:46 2?5 65F42E:@?
2?5 D6CG:46 E@ E96 AC@76DD:@?2= 4@>>F
?:EJ @C AF3=:4 6:E96C ?2E:@?2==J @C :?E6C
?2E:@?2==J *96 H2C5 :D AC6D6?E65 6249
2== 2E E96 2??F2= >66E:?8 @7 E96 )
2?5 &C6G:@FD H:??6CD H6C6 2CE9
G2? 56C !2>A @9? 2CE?6C
@6 *@E9 @9? 96CCJ
2?5(@36CE92AF:D
@ 3 2 C G@ = 5 6 ? H2D 3 @ C ? : ?
@C6DE3FC8 =36CE2 :? 96=A65 6D
E23=:D9 E96 C@F?5H2E6C :G:D:@? 2E E96
(6D62C49 @F?4:= @7 =36CE2 :? 4@>A=6E65 9:D &9 H:E9 6@C86
#2I6J 2E E96 +?:G6CD:EJ @7 ==:?@:D :?
2?5 =2E6C E2F89E E96C6 6 C6EFC?65
E@ 2?252 :? E96 E6249:?8 2E E96
+?:G6CD:EJ @7 -6DE6C? %?E2C:@ H96C6
96 3642>6 E96 7:CDE AC@76DD@C @7
9J5C@86@=@8J :? 2?J 2?25:2? F?:G6C
D:EJ @H6G6C :E H2D 9:D >@G6 E@ E96
+?:G6CD:EJ @7 -2E6C=@@ :? E92E =625
E @ E 9 6 6D E 2 3 = : D 9 > 6 ? E @ 7 E 9 6
9J5C@86@=@8J AC@8C2> 2E -2E6C=@@
*9:D =65 E@ 9:D 9:C:?8 :? @7 E96
8C@FA E92E H2D E@ 364@>6 E96 4@C6 @7 E96
-2E6C=@@ 9J5C@86@=@8J 724F=EJ @9?
96CCJ 9:D 7@C>6C DEF56?E 2E ==:?@:D
E96? E6249:?8 2E E96 +?:G6CD:EJ @7 #2?:
E@32 &6E6C C:EK E96? 2E E96 +?:G6CD:EJ
@7 =36CE2 2?5 >:= C:?5 H9@ 925
H:E9 H@C<65 H:E9 @3 2CG@=56? 2?5
:?EC@5F465 8C@F?5H2E6C 7=@H >@56=:?8
:?E@ 2?252 3 J D:>F=2E:?8 E96
56H2E6C:?8 @A6C2E:@?D 5FC:?8 E96 C6=@
42E:@? @7 E96 -6==2?5 2?2= :? E96 =2E6
D 2?25:2? 6@E649?:42= @FC?2=
@3 2CG@=56? C6
46:G65 E96 #2I6J >652= @7 E96 6@=@8:
42= )@4:6EJ @7 >6C:42 :? 2?5
A=2J65 2? :>A@CE2?E C@=6 :? 56G6=@A:?8
9J5C@86@=@8:42= 65F42E:@? AC@8C2>D :?
#6I:4@ 2?5 @DE2 (:42 5FC:?8 E96 =2DE
J62CD @7 9:D =:76 6 5:65 @7 42?46C :?
*@ >2?J @7 FD 96 :D E96 72E96C @7
>@56C?2?25:2?9J5C@86@=@8J
?@>:?2E:@? 7@C E96 2CG@=56?
H2C5 >FDE 56D4C:36 E96 4@?EC:3FE:@?D
@7 E96 42?5:52E6D 2?5 36 DF3>:EE65 E@
E96 92:C @7 E96 ) J5C@86@=@8J :
G:D:@? @C E96 &C6D:56?E @7 E96 $
:? 244@C52?46 H:E9 E96 AC@465FC6 2?5
D4965F=6 =:DE65 36=@H 249 ?@>:?2E:@?
H:== 36 4@?D:56C65 3J 2 ?6H=J2A
A@:?E65 H2C5 )6=64E:@? @>>:EE66
4@>AC:D:?8 &C@76DD@C 5 )F5:4<J @7 E96
+?:G6CD:EJ @7 -2E6C=@@ 2CE9 G2? 56C
!2>A @7 E96 $2E:@?2= -2E6C (6D62C49
?DE:EFE6 :? )2D<2E@@? &C@76DD@C @6
*@E9 7@C>6C=J @7 E96 +?:G6CD:EJ @7 =
36CE2 2?5 E96 2FE9@CD @7 E9:D 2CE:4=6
*9:D @>>:EE66 >2J C6;64E H:E9@FE
7FCE96C 4@?D:56C2E:@? 2?J ?@>:?2E:@?
E92E :? :ED @A:?:@? 5@6D ?@E 256BF2E6=J
5 6 E2 := E9 6 4 @ ? EC :3F E:@ ? D @ 7 E9 6
42?5:52E6D
*96 ?@>:?66 @C ?@>:?66D :? E96
42D6 @7 2 ;@:?E ?@>:?2E:@? >2J 36 2
DA64:2=:DE @C 2 86?6C2=:DE H@C<:?8 :? 242
56>:2 @C 7@C 2 8@G6C?>6?E 286?4J @C :?
4@?DF=E:?8 *96 ?@>:?66D D9@F=5 5:D
A=2J 2 D:>:=2C :?E68C:EJ >6?E@CD9:A @C
D:>:=2C F?D6=7:D9 =6256CD9:A E92E 5:DE:?
8F:D965 (@36CE $ 2CG@=56? :? 9:D 42
C66C *96 ?@>:?2E:@? D9@F=5 36
DFAA@CE65 3J 255:E:@?2= =6EE6CD @7 DFA
A@CE H9:49 >FDE :?4=F56 2E =62DE EH@ =6E
E6CD @7 DFAA@CE 7C@> @FED:56 E96
:?DE:EFE:@? E@ H9:49 E96 ?@>:?66D 36
=@?8D ? 2AAC@AC:2E6 ?@>:?2E:@?
H:== :?4=F56 2 DF>>2CJ @7 E96 A6CD@?D
@C A6CD@?D 24256>:4 324<8C@F?5
E96:C >6?E@C:?8 2?5@C E6249:?8 4C656?
E:2=D E96:C 249:6G6>6?ED 5FC:?8 E96:C 42
C66C 2?5 E96:C 4@?EC:3FE:@?D E@
2?25:2? 9J5C@86@=@8J E9C@F89 E96:C
=6256CD9:A 2?5 A2CE:4:A2E:@? D:?8=6
?@>:?2E:@? DF3>:EE65 3J F?6 E9 @7
E96 H2C5 J62C :D DF77:4:6?E E@ :?:E:2E6
2?5 4@>A=6E6 E96 2??F2= AC@46DD @7 D6
=64E:@? @? E96 32D:D @7 E96 ?@>:?66D 6I
46==6?46 :? C6D62C49 2?5 AF3=:42E:@? @C
AC@76DD:@?2= AC24E:46 2?5 65F42E:@? @C
AC@76DD:@?2= D6CG:46 @C D@>6
4@>3:?2E:@?@7E96D62C62D
-6
42==
@?
2?25:2?
9J5C@86@=@8:DED E@ DF3>:E ?@>:?2E:@?D
7@C E96 2CG@=56? H2C5 E@ 9@?@FC
E9@D6 4@==628F6D H9@ 92G6 5:DA=2J65
E96 G6CJ BF2=:E:6D E92E @3 2CG@=56?
3C@F89E E@ @FC AC@76DD:@? $@>:?2E:@?D
>2J 36 DF3>:EE65 E@ 6:E96C @7 FD 3J F?6
E9
";(3/::+* (? !/).'8* ')1954
#! 4-/4++8/4- :* $+4;9
8+9)+4: +/*+2(+8- 4:'8/5 & 3'/2 80')1954/4:+8')53
!5(+8: +:).+8 '4/:5(' %':+8 ":+=
'8*9./6 %/44/6+- '4/:5(' +3'/2
+:).+8-5<3()'
$0.09>A,</=
" # ! *96 92D D6=64E65 E96 7@==@H:?8
>6>36CD @7 ) E@ C646:G6 :ED 2H2C5D
7@C
" "$ 92D 366? 2H2C565
E96 ;2/'4 "3/:. +*'2 ,58 ')./+<+
LQGG
30
% )%
'</*+<+44?
3+4: /4 :.+ *+<+2563+4: 5, '4'*' C
2G:5 6G6??J AC@G:565 @FEDE2?5:?8
6?8:?66C:?8 =6256CD9:A 2?5 6IA6CE:D6
7@C E96 56G6=@A>6?E 2?5 2AA=:42E:@? @7
E649?:42==J D@F?5 4@DE67764E:G6 6I
EC24E:@? 2?5 >2E6C:2= 92?5=:?8 AC@
46DD6D 7@C >:?623=6 @:= D2?5D
56G6=@A>6?ED 2G:5 >2?2865 2 E62>
E92E 56>@?DEC2E65 E96 762D:3:=:EJ @7 D@
=:5:7J:?8 E2:=:?8D D=F586 2?5 A2G65 E96
H2J 7@C D@=:5:7:42E:@? AC@46DD6D E92E =65
E@ D>2==6C 6?G:C@?>6?E2= 7@@EAC:?ED :D
25G:46 @? ECF6 =:764J4=6 4@DED 2?5 6?G:
C@?>6?E2= :>A24E @776CD D:8?:7:42?E :>
AC@G6>6?ED :? E649?@=@8J 2?5
DFDE2:?23:=:EJ @7 E96 AC@46DD6D 2C=:6C :?
9:D 42C66C 96 AC@G:565 25G:46 @? AC@3
=6>2E:4 :DDF6D 7@C EC2?DA@CE2E:@? 2?5
>:?:?8 AC@;64ED :? E96 (@4<J #@F?E2:?D
6 4@?E:?F6D E@ AC@G:56 6?8:?66C:?8 2?5
86@=@8:42= 25G:46 E9C@F89 9:D 4@>A2?J
*96 (@4< @4E@C
? F?56C=J:?8 AC6>:D6 @7 2== 9:D 24
E:G:E:6D :D E92E 2? @AE:>F> 6?8:?66C:?8
D@=FE:@? 2=>@DE 2=H2JD AC@5F46D E96
36DE 6?G:C@?>6?E2= DE6H2C5D9:A 2G:5
6G6??J :D 2 A2DE AC6D:56?E @7 E96 2?2
5:2? 6@E649?:42= )@4:6EJ 2?5 E96 D
D@4:2E:@? @7 &C@76DD:@?2= ?8:?66CD
6@=@8:DED 2?5 6@A9JD:4:DED @7 =
36CE2&
.$&% . %(&% C646:G6D
E96 5.4 ":/82/4- +*'2 /4 8+)5-4/
:/54 5, 2+'*+89./6 '4* */9:/4-;/9.+*
9+8</)+ ': :.+ 4':/54'2 2+<+2 =/:./4 :.+
49:/:;:+ '4*58 /:9 +3(+8 "5)/+:/+9
C (2J 6?D@? 92D H:56 6IA6C:6?46 :?
6?8:?66C:?8 AC24E:46 ? 2?252 96 92D
366? :?G@=G65 H:E9 >2;@C AC@;64ED :?
G:CEF2==J 6G6CJ 4@C?6C @7 E96 4@F?ECJ
I2>A=6D :?4=F56 E96 - 6??6EE
2?5 (6G6=DE@<6 2>D :? C:E:D9 @=F>
3:2 E96 @CEJ #:=6 2> :? =36CE2 E96
2C5:?6C 2> :? )2D<2E496H2? 2?5 E96
9FC49:== 2==D &@H6C &C@;64E :? "23C2
5@C 2>@?8 >2?J @E96CD ?E6C?2E:@?
2==J 96 92D 366? 2 4@?DF=E2?E @?
?F>6C@FD 9J5C@6=64EC:4 2?5 >:?:?8
AC@;64ED =@42E65 E9C@F89@FE E96 H@C=5
:?4=F5:?8 52>D 2?5 9:89AC6DDFC6
A@H6C EF??6=D 6 92D 2=D@ 366? 4=@D6=J
:?G@=G65 :? E649?:42= D@4:6E:6D 2?5 4@?
E:?F:?8 65F42E:@? 24E:G:E:6D E9C@F89 E96
*F??6=:?8 DD@4:2E:@? @7 2?252 E96
?8:?66C:?8 ?DE:EFE6 @7 2?252 2?5 E96
2?25:2? 6@E649?:42= )@4:6EJ :D
AC:G2E6 4@?DF=E:?8 AC24E:46 4@?E:?F6D 2D
6?D@??8:?66C:?8?4
C@?>6?E2= >2?286>6?E @7 >:?:?8 AC@
;64ED 6 92D 3C@25 :?E6C?2E:@?2=
6IA6C:6?46 92G:?8 H@C<65 @? AC@;64ED
E9C@F89@FE $@CE9 2?5 )@FE9 >6C:42
2DE6C? 2?5 -6DE6C? FC@A6 (FDD:2
2?5 E96 7@C>6C )@G:6E C6AF3=:4D 9:?2
E96 #:55=6 2DE FDEC2=:2 2?5 &2AF2
$6H F:?62 6 :D 4FCC6?E=J H:E9
# 2CE9 2?5 ?G:C@?>6?E2=
FC?23J
&6E6C ":89E92== 92D D6CG65 H:56=J @?
>2?J 6?8:?66C:?8 @C82?:K2E:@?D :?
4=F5:?8 E96 ,2?4@FG6C 6@E649?:42=
)@4:6EJ & E96 2?25:2? ?DE:
EFE6 @7 #:?:?8 2?5 #6E2==FC8J 2?5
@?DF=E:?8 ?8:?66CD @7 C:E:D9 @
=F>3:2 ? E96 ) 96 H2D (68:@?2=
:C64E@C 7@C ,:46&C6D:56?E *649
?:42= @92:C @7 E96 5:E@C:2= @2C5
@7 E96 C5 5:E:@? @7 E96 2?25:2?
@F?52E:@? ?8:?66C:?8 #2?F2=
2?5 92:C @7 E96 %C82?:K:?8
@>>:EE66 7@C E96 G6CJ DF446DD7F=
2??F2= 2?25:2? 6@E649?:42=
@?76C6?46:?
+:+8/-.:.'22
)' ! ) ## 92D 366?
2H2C565 E96 ! +*'2 /4 8+)5-4/:/54
5, 2+'*+89./6 '4* 9+8</)+ 5<+8 3'4?
?+'89 ': :.+ 8+-/54'2 (8'4). 9+):/54 58
+7;/<'2+4: 2+<+29 =/:./4 :.+ 49:/:;:+ 58
/:9 +3(+8 "5)/+:/+9 &6E6C ":89E92== :D
2 86@E649?:42= 6?8:?66C H:E9 @G6C
E9:CEJ7:G6 J62CD @7 6IA6C:6?46 :? 4@?
DF=E:?8 AC@;64E >2?286>6?E 6?8:?66C
: ? 8 > 2 ? 2 8 6 > 6 ? E 2 ? 5 3F D : ? 6 D D
56G6=@A>6?E :D AC:>2CJ 7:6=5 @7 6I
A6CE:D6 :D :? 56D:8? 4@?DECF4E:@? @A6C2
E:@? 2?5 4=@DFC6 @7 E2:=:?8D 2?5 >:?6
H2DE6 >2?286>6?E DJDE6>D 2?5 :? 6?G:
+'4/+88+#5;84/+8
! C646:G6D 2 6=
=@HD9:A @7 E96 ?8:?66C:?8 ?DE:EFE6 @7
2?252 :? C64@8?:E:@? @7 6I46=
=6?46 :? 6?8:?66C:?8 AC24E:46 2?5 6I
46AE:@?2= 4@?EC:3FE:@?D E@ E96 H6==
36:?8 @7 E96 AC@76DD:@? 2?5 E@ E96 8@@5
@7E96D@4:6EJ
# 62?&:6CC6 *@FC?:6C 6DE F? 6I
A6CE >@?5:2=6>6?E C64@??F 52?D =6
5@>2:?6 56 =2 8X@E649?:BF6 2AA=:BFX6
LQGG
30
% )%
2FI 2>X?286>6?ED 9J5C@X=64EC:BF6D 6E
:= 28:E 4@>>6 4@?DF=E2?E DFC 56D AC@;6ED
:?E6C?2E:@?2FI = C6ACXD6?E6 =6 2?252
2F @>:EX 56D M #2EXC:2FI A@FC =6D 32C
C286 6? C6>3=2: P 56 =2 @>>:DD:@?
?E6C?2E:@?2=6 56D C2?5D 2CC286D
6E := 2 28: W E:EC6 56 C2AA@CE6FC
8X?XC2= 5F 56C?:6C @?8CZD 56 =2 BF6 D6DE E6?F6 W 2C46=@?6 2F
AC:?E6>AD56C?:6C
C *@FC?:6C :D 24E:G6 @? E96 2?2
5:2? @2C5 7@C )E2?52C5D :?
86@E649?:42= 6?8:?66C:?8 E96 5G:D@CJ
@>>:EE66 @7 U4@=6 &@=JE649?:BF6 2?5
2=D@ C6AC6D6?ED 2?252 @? E96 @>>:E
E66 L#2E6C:2=D 7@C :== 2>DO @7 E96 ?
E6C?2E:@?2= @>>:DD:@? @? "2C86
2>D 6 :D 9:67 ?8:?66C 7@C J5C@
6=64EC:4 6G6=@A>6?ED 2E J5C@'F6
364 2?5 92D 24E65 2D 2? 6IE6C?2= 6IA6CE
7@CD6G6C2=:?E6C?2E:@?2=AC@;64ED
(,<90=0/,7
E 2 C646?E >66E:?8 2E +$)% 625
B F 2 C E 6 C D : ? &2 C : D C $ @ C 3 6 C E
#@C86?DE6C? +?:G6CD:EJ &C@76DD@C
>6C:EFD 2E E96 +?:G6CD:EJ @7 =36CE2
C646:G65 E96 ,2C?6D #652= 7C@> E96 ?
E6C?2E:@?2= @?D@CE:F> @? "2?5D=:56D
*96 ,2C?6D #652= :D 2H2C565 7@C :?E6C
?2E:@?2==J C64@8?:K65 =6256CD9:A :? E96
DEF5J@7=2?5D=:56D
';.:8492 :910<09.0=
!')&'(&$$!)) !'(')'!)
!')*'('2(!%)(*&$!)2'2)'!)
8+9/*+4:8D9/*+4:
&6E6C-F&?8 AHFC64@42?2524@>
$/)+8+9/*+4:#+).4/)'2
$/)+8D9/*+4:#+).4/7;+
:6E6C)E@==6&?8
DE@==6>4>2DE6C42
$/)+8+9/*+4:/4'4)/'2
$/)+8D9/*+4:';>/4'4)+
@?2=5#"6HJ4<J&?8
5@?=6HJ4<J65>@?E@?42
$/)+8+9/*+4:533;4/)':/549
$/)+8D9/*+4:*+9533;4/)':/549
#:496=CX8@:C6&?8&6@
#:496=C68@:C6H2C5C@A4@>
.'/8+5:+).4/)'2!+9+'8).5'8*
8D9/*+4: 2+549+/2*+2'!+).+8).+
+4D5:+).4/7;+
#:496=F36CE:?:?8
>:496=2F36CE:?A@=J>E=42
!+!(!&% !'('2(!%)((!+!(!&%(
52*!+-/549+5:+).4525-?
'-D5:+).4525-/+*+98D-/549,85/*+9
:>2DD:6&?8
;42DD:63846?8:?66C:?842
4-/4++8/4-+525-?'-D525-/+*+
2/4-D4/+;8
2G:5-@@5&?8?8
:?7@57H@@54@>
+5+4</8543+4:'2 '-D525-/+*+
2+4</8544+3+4:
2E96C:?6#F==:82?&?8>F==:
82?4:G:=4@?4@C5:242
+59?4:.+:/)9D59?4:.D:/7;+9
C:4=@?5:?863=@?584EE84@>
?*85-+525-? ?*85-D525-/+
(:492C5 24<D@?&?8
C;24<D@?:?E6C24@>
!5)1+).'4/)9 2'3D)'4/7;+*+9
85).+9
C:<36C92C5E&?86C:<6@DF3442
"5/2+).'4/)9'4*5;4*':/549
'3D)'4/7;+*+99529+:*+9
,54*':/549
*:>$6HD@?E?6HD@?6?8FH@42
)!&%!')&'(!')*'(()!&%(
:49>>3,9,/4,9
0:>0.394.,7:910<09.0,9/
>3% :910<09.0
-6DE:? @E6= %EE2H2 %EE2H2 @?8C6DD
6?EC6%4E@36C
*96 E96>6 @7 E9:D 4@?76C6?46 :D
LC62<:?8 C@F?5 :? E96 $2E:@?D 2A:
E2=O *96 @77:4:2= =2?8F286D 7@C E96 4@?
76C6?46H:==36?8=:D92?5C6?49
@C >@C6 :?7@C>2E:@? A=62D6 D66
===5::'='-+5)'
=>,9,/4,90:>0.394.,7
:910<09.0,9/>3:49>
% %;0.4,7>C
:910<09.0
*96 DE 2?25:2? 6@E649?:42= @?
76C6?46 2?5 E9 @:?E )$
)A64:2=EJ @?76C6?46 @? C@F?5H2E6C
H:== 36 96=5 )6AE6>36C 5
>@?E@? 55:E:@?2= :?7@C>2E:@?
H:== 36 AC@G:565 :? 7FEFC6 65:E:@?D @7
)$6HD
$'4)5;<+8+5:+).4/)'2"5)/+:?
#FDE2A9206C8@F?&?8
>K6C8@F?=6G6=E@?4@>
$'4)5;<+892'4*+5:+).4/)'285;6
2J#4?EJC6&?8
;>4:?EJC6E9FC36C42
8/4)++58-++5:+).4/)'285;6
$:4<&@=JD@F&?8
?:4<A@=JD@F2>644@>
+5:+).4/)'2"5)/+:?5,*354:54
/G6D@C>:6C&?8
JG6D4@C>:6C;24BF6DH9:E7@C54@>
'2-'8?+5:+).4/)'285;6
C25==:?8H@@5&?8
36==:?8H@@5D232E:?:2342
!+-/4''4*"'91':554+5:+).4/)'2
85;69
"J?56?&6??6C&?8&6@A6?
?6C;5>@==2C54@>
%/44/6+-"+):/54
677*FE<2=F<&?8 ;EFE<2=F<9J
5C@>342
::'='+5:+).4/)'285;6
):G2):G2E92=2J2?
D:G21D:G2E92J2=2?42C=6E@?42
#.;4*+8'?
CF46!;2CE2?D@?&?8
3<;2CE2?=2<69625F42
LQGG
30
% )%
)!&%!')&'(!')*'(()!&%( 4@?E5
#.;4*+8'?
CF46!;2CE2?D@?&?8
3<;2CE2?=2<69625F42
/4-9:5485;6
)E6G6(@D6C@D6>2=C@K4@>
#5854:585;6
@6":&?8 @6":)>6C:424@>
54*5485;6
D>:#2>>@F5&?8
92>>@F58@=56C4@>
";*(;8?85;6
2?244:@EE:&?8
52?4244:@EE:2>644@>
85;6+D5:+).4/7;+*+54:8D'2
)EXA92?:6&6CC6E:?8
DE6A92?:6A6CC6E86@=2342
$/22+*+ ;D(+)
:5:6C&6CC6E:?85A6CC6E?C42?8442
5<'")5:/'.'6:+8
C2:8"2<6&?84C2:8=2<652=42
+=8;49=/)1.'6:+8
)6C86@FCBF6&?8
D6C863@FCBF686>E64?342
+=,5;4*2'4*.'6:+8
)E6C=:?8&2CD@?DDA2CD@?D7;842
!'(&)%!%&$$!))( ('2(!%)((&$!)2('$%%)(
536;:/4-4,583':/7;+
(:492C5-2?&?8H2?F42=82CJ42
*;)':/54 *;)':/54
2>6D=2EK&?8
3=2EK;244F>2?:E@3242
+8/:'-+ D8/:'-+
6??:D&F729=&?8
56??:DAF729=FD2D<42
'4*92/*+92/99+3+4:9*+:+88'/4
(X;62?@FEFC6&6@
C4@FEFC6?C42?8442
+3(+89./6*.D9/54
$:86=6?3J&?8
?56?3J;24BF6DH9:E7@C54@>
#8'49658:':/54+5-+).4/7;+9
D5:+)./7;+*+9:8'49658:9
2E92C:?6C@H?&?8&&6@
42E3C@H?2>644@>
85,+99/54'28'):/)+ 8':/7;+
685,+99/544+22+
(@86C)<:CC@H&?8
C@86CD<:CC@H8@G2342
*",980<4.,9:910<09.0
:9%:470.3,94.=,9/
0:>0.394.,7924900<492
*96 ?E6C?2E:@?2= )@4:6EJ @7 )@:= #6
492?:4D 2?5 6@E649?:42= ?8:?66C:?8
2?5 E96 ,6?6KF6=2? 6@E649?:42= )@4:
6EJ 2C6 A=62D65 E@ :?G:E6 J@F E@ A2CE:4:
A2E6 :? E96 . &2?>6C:42? @?76C
6?46 @? )@: = # 6 4 9 2 ? : 4 D 2 ? 5
6@E649?:42= ?8:?66C:?8 *9:D 6G6?E
H:== 36 96=5 @? F=J E9
E9 2E
E96 @E6= #2C82C:E2 :=E@? @? E96 362F
E:7F= #2C82C:E2 D=2?5 ,6?6KF6=2 *96
86?6C2= E96>6 @7 E96 4@?76C6?46 :D E96
:?E68C2E:@? @7 C6D62C49 AC24E:46 2?5 65
F42E:@? :? 6@?8:?66C:?8 FCE96C :?
7@C>2E:@? 42? 36 7@F?5 @? E96 4@?76C
6?46 H63D:E6 .::6===9<*-58-<+
2?5 7C@> E96 492:C @7 E96 )@:= #6492?
:4D 2?5 @F?52E:@? :G:D:@? @7 E96 )
:4+=954+4-;=5)'
,9,/4,9,8==:.4,>4:9
:910<09.0
*96 ??F2= @?76C6?46
E96>65 L =:>2E6 @7 92?86O H:== 36
96=5 :? )E @9?D $6H7@F?5=2?5 )6AE
@C 255:E:@?2= :?7@C>2E:@?
G:D:E ===)*')' @C 4@?E24E &9:==:A
:=<D 6-/2194(65=+8)53
-&!!&
'9:8+9/*+4:8D9/*+4:'4)/+4
6??:D64<6C&?8
5364<6C8@=56C4@>
*/:58'4'*/'4+5:+).4/)'25;84'2 CF?,2=D2?8<2C&?8
+*/8+):+;8*+2'8D*'):/54*+2'!+ G2=D?8<CF?342
<;+'4'*/+44+*+D5:+).4/7;+
*/:58"+=9/8+):+;8*+9
5;<+22+9*+2'"
&9:=CF49&?8
&9:=1CF498@=56C4@>
5>:?:DEC2E:@?
"+)8+:'8?+4+8'2"+)8D:'/8+D4D8'2 ,:4E@C)@H2 &?8 &6@
G:4E@CD@H2;24BF6DH9:E7@C54@>
5>:?:DEC2E@C6DE:@??2:C6
/4>:<
"347<?.3"92
==:.4,>0%094:<
0:>0.394.,7924900<
:7/0<==:.4,>0=>/
4<=>@09?0 :<>3
%,=6,>::9%%)
&07
,B
08,47
"347+<?.32:7/0<.:8
#CD)2C29-2ED@?48D48D42
LQGG
30
#%%"''('
+ 9 6 J 6 2 C H2D > 6 C : 4 2 D
86@E649?:42= 6?8:?66C:?8 4@>>F?:EJ
H2D :? 2 E2:=DA:?
+96 7C6BF6?4J 2?5 D6
G6C:EJ @7 ?68=:86?46 4=2:>D 282:?DE
AC24E:E:@?6CD H6C6 9625:?8 7@C 2==E:>6
9:89D 2?5 AC@76DD:@?2= =:23:=:EJ :?DFC
6CD H@C=5H:56 C67FD65 E@ 92G6 2?JE9:?8
E@ 5@ H:E9 E96>
)68C6EE23=J E96
86@E649?:42= 6?8:?66C:?8 4@>>F?:EJ
H2D 72C >@C6 E96@CJ E92? C62=:EJ
+CFE9
36 E@=5 E96 L4@>>F?:EJDN =625:?8
>6>36CD 5:5 ?@E 86E 2=@?8 E@@ H6==
!E
H@F=5 E2<6 2 3:8 >2? E@ AF== E96> 2== E@
86E96C 2?5 7@CEF?2E6=J E96 4@>>F?:EJ
925 @?6 -:==:2> $
L:==N *92??@?
(
-9:=6 92C5=J 2 8:2?E :? A9JD:42=
DE2EFC6 :== A@DD6DD65 DF49 A@H6C7F=
7@C46 @7 492C24E6C 2?5 :?E6==64E ?@ @?6
BF6DE:@?65 E96 2AAC@AC:2E6?6DD @7 FD:?8
L3:8N E@ 56D4C:36 9:> 2?5 :? C6EC@DA64E
>@DE AC@323=J H@F=5 92G6 76=E >@C6
4@>7@CE23=6 H:E9 L8:2?E
N 642FD6 :==
5:5 E96 :>A@DD:3=6 6 8@E :E 5@?6
6
>@G65 ?:?6 E@F89>:?565 9:89=J :?56
A6?56?E 4@==628F6D E@ DF35F6 E96:C 68@D
2?5 7@C> DD@4:2E65 *@:= 2?5 @F?52
E:@? ?8:?66CD E@ :56?E:7J E96 42FD6D @7
E96:C 4=2:>D 2?5 E@ 56G6=@A AC@8C2>D
D6CG:46D 2?5 >2E6C:2=D E@ 96=A E96>
96=A E96>D6=G6D 2?5 E@ 6DE23=:D9 H92E
:D E@52J +6CC2 !?DFC2?46 @>A2?J E96
?2E:@?D D64@?5@=56DE M 2?5 AC@323=J
>@DE DF446DD7F= M AC@76DD:@?2= =:23:=:EJ
:?DFC6C @7 56D:8? AC@76DD:@?2=D
:==
D6CG65 2D *D 7:CDE AC6D:56?E
2?5 :D E96 @?=J A6CD@? E@ 92G6
D6CG652D64@?5E6C>
%F49 23@FE * 92D 492?865 @G6C
E96 J62CD @7 4@FCD6 :?4=F5:?8 E96 @C82
?:K2E:@?D ?2>6 ?@H 7@C>2==J *
!?4
2?5 E96 >:I @7 %6>36C :C>D
8:G6? E92E 6?G:C@?>6?E2= D6CG:46D ?@H
AC65@>:?2E6 H:E9 86@E649?:42= 4=@D6
369:?5
FE 6G6? >@C6 23@FE * 92D
DE2J65 E96 D2>6 2?5 >F49 @7 E92E
L>@C6N :D H92E >2<6D @FC 8C@FA D@ DA6
4:2= E96 H:==:?8?6DD E@ E2<6 @? 2== :D
DF6D ?@ >2EE6C 9@H 52F?E:?8 D@>6 >2J
D66> 2 5:D52:? 7@C 3FC62F4C2E:4 AC@E@
4@= 2?5 E9@D6 F?H:==:?8 E@ C@== FA E96:C
D=66G6D 2?5 E96 2>2K:?8 23:=:EJ E@ 4@>6
@FE E96 H:??6C @? 3692=7 @7 @FC %6>
36C :C>D E:>6 2?5 E:>6 282:?
?5 7@C
E9@D6 H9@ <?6H :== *92??@? H6== E96
E6C>D ;FDE FD65 E@ 56D4C:36 * 4@F=5
36 2AA=:65 E@ :== E@@
@C 96 2?5 @FC
@E96C 7@F?56CD :?7FD65 E9:D @C82?:K2E:@?
H:E9 2? :?5@>:E23=6 DA:C:E 7@C H9:49 H6
42?7@C6G6C368C2E67F=
*25=J H6 >FDE C6A@CE E92E :==
A2DD65 2H2J @? *6AE6>36C 2E
E96 286 @7 6 2?5 9:D >2CG6=@FD
H:76 ==6? &@CE9C@A *92??@? H6C6
>2CC:65 7@C J62CD DE2CE:?8 @FE E@
86E96C D@@? 27E6C :==D 8C25F2E:@?
7C@> E96 ,?:G6CD:EJ @7 -2D9:?8E@?
6
:>>65:2E6=J >@G65 E@ 2>3C:586
%2DD249FD6EED @? 2 7F== D49@=2CD9:A E@
E96 2CG2C5 *49@@= @7 ?8:?66C:?8
H96C6 96 DEF5:65 F?56C (C@76DD@C C
E9FC 2D28C2?56
7E6C 62C?:?8 9:D
%2DE6C @7 *4:6?46 568C66 7C@> 2CG2C5
:== DE2CE65 E6249:?8 E96C6
6 =2E6C
H@C<65 7@C E96 ,
*
C>J @CAD @7 ?
8:?66CD F?E:= :? 96 2?5 76==@H
2CG2C5 2=F> *E2? -:=D@? 7@C>65
* 92??@? -: = D @? : ? * 62E E = 6 -2D9:?8E@?
:== 56D:8?65 >2?J 9:89AC@7:=6 AC@
;64ED 5FC:?8 9:D 42C66C :? =2D<2 E96
(24:7:4 2?252 @C?6@ #@C62 2?5
*@FE962DE D:2
6 4@?5F4E65 2? 6IE6?
D:G6 DEF5J @7 E96 =2D<2 62CE9
BF2<6 7@C E96 @CAD @7 ?8:?66CD 2?5
A6C7@C>65 7@F?52E:@? DEF5:6D 2?5 56
D:8? 7@C *62EE=6D +@=E ):G6C H2E6C C6D6C
G@:C 52>
:==D :??@G2E:G6 56D:8? @7 2
7@@E566A E:65324< D9@C:?8 DJDE6>
7@C E96 DE@CJ *62 :CDE 2?< F:=5:?8
H2D E96 566A6DE 2E E96 E:>6 6
>@?:E@C65 E96 DJDE6> FD:?8 :?DECF>6?ED
E92E 96 2?5 *E2? -:=D@? 925 56G6=@A65
2D 4@7@F?56CD @7 E96 *=@A6 !?5:42E@C
@>A2?J
+96 @?DF=E:?8 ?8:?66CD @F?4:=
@7 -2D9:?8E@? 9@?@C65 :== 3J ?2>:?8
9:> ?8:?66C @7 E96 .62C :? !?
96 3642>6 2? @?@C2CJ %6>36C
@7 E96 >6C:42? *@4:6EJ @7 :G:= ?8:
?66CD * 7@C 9:D AC@76DD:@?2= 24
4 @ > A = : D 9 > 6 ? E D :? 8 6 @ E 6 4 9 ? : 4 2 =
6?8:?66C:?8 2?5 7@C E96 67764E:G6?6DD @7
9:D >2?286>6?E AC:?4:A=6D 2?5
AC@465FC6D
:== :D DFCG:G65 3J ==6? E9C66 D@?D
:== = 2?5 2G6 2?5 E96:C C6DA64E:G6
H:G6D 633:6 %2CJ=:? 2?5 :2?6
? : ? 6 8 C 2 ? 5 4 9 : = 5 C 6 ? 2 ? 5 D 6G6 ?
8C62E8C2?549:=5C6?
:==D 72>:=J 92D C6BF6DE65 E92E 6I
AC6DD:@?D @7 DJ>A2E9J 36 :? E96 7@C> @7
5@?2E:@?D E@ E96 =K96:>6CD *@4:6EJ @C
E96 -:==:2> $
*92??@? ?5@H65 6=
= @H D 9 : A 2E E9 6 , ? :G6 C D : E J @ 7
-2D9:?8E@?
D >F49 2D H6 H:== >:DD :== H6
<?@H E92E E9C@F89 * 96 C6>2:?D
H:E9FD6G6CJ52J
LQGG
30
.%#,",(%-'+
2ED @77 E@ E96 (C@76DD:@?2= (C24E:46
@>>:EE66 2?5 2G:5 $
L2G6N
=3:? (
*% !?4
H9@ 5:5
>F49 @7 E96 L962GJ =:7E:?8N 7@C 56G6=
@A:?8 E96 ?6H >@=5 DE2?52C5 @7 42C6
DFCG6J C6A@CE +96 6@E649?:42= ?8:
?66C:?8 2?5 ?G:C@?>6?E2= *6CG:46D
*E2?52C5D @7 2C6 H:E9 )6DA64E E@ %@=5
(@E6?E:2=D
* 564:565 E@ =62C? H92E >6>
36CD H6C6 5@:?8 23@FE >@=5 7@C E96
D2>6 C62D@? H6 4@?5F4E65 C6D62C49 E@
=62C? H92E E96J H6C6 5@:?8 H:E9 C6DA64E
E@ A92D6@?6 6?G:C@?>6?E2= D:E6 2DD6DD
>6?ED +@ 96=A >6>36CD F?56CDE2?5
H92E E96 DE2?52C5 @7 42C6 H2D 5FC:?8 2
A2CE:4F=2C E:>6 2?5 >@C6 :>A@CE2?E E@
96=A E96> AC@E64E E96>D6=G6D 282:?DE
E96 3@F89E2?5D@=5 72=D63FE2=
>@D E F?2DD2:=23=6 E6DE:>@?J @ 7
9:C658F?6IA6CED
D 6IA=2:?65 :? E96 C6A@CED @G6C
G:6H H9:49 2=D@ >:89E 36 8@@5 E@
BF@E6 7C@> :? 4@FCE L+96 DE2?52C5 @7
42C6 :D ?@E 62D:=J 6DE23=:D965
-:E9 76H
6I46AE:@?D E96 E2D< :D 2DD:8?65 E@ 2 EC:6C
@7 724E 2 ;F586 @C ;FCJ H9:49 :? 2=
>@DE 2== 42D6D >FDE 4@?D:56C E96 E6DE:
> @ ?J
A C @G : 5 6 5
3J
6I A 6 C E
H:E?6DD6DO
6DA:E6 86?6C2==J 2446AE65
8F:56=:?6D 42==:?8 7@C 6IA6CED E@ 4@?5F4E
C6D62C49 367@C6 E6DE:7J:?8 23@FE E96
DE2?52C5 @7 42C6 D@>6 5@ =:EE=6 @C ?@?6
2E 2==
*@>6 72:= E@ A6C7@C> 2AAC@AC:2E6
C6D62C49 3642FD6 E96J 2C6 F?2H2C6 @7
AC@A6C 6IA6CE AC@465FC6D 2?5 D@ E6DE:7J
E92E E96 DE2?52C5 @7 42C6 :D H92E 2 AF3
=:D965 12FE9@C:EJ D2JD D9@F=5 36 5@?6
@C M >@C6 4@>>@?=J M E96J E6DE:7J E92E
E96 DE2?52C5 @7 42C6 :D H92E E96J H@F=5
92G6 5@?6
'E96CD 72:= E@ A6C7@C> C6
D62C49 3642FD6 E96J 72:= E@ F?56CDE2?5 M
@C D:>A=J 49@@D6 E@ :8?@C6 M E96:C :>
A@CE2?E C@=6 :? E96 ;FDE:46 DJDE6> !?
DE625 @7 D6CG:?8 2D F?3:2D65 D@FC46D @7
AC@76DD:@?2= @A:?:@? E96J 24E 2D 25G@
42E6D 72D9:@?:?8 E96:C E6DE:>@?J E@ C6
:?7@C46 E96:C 4=:6?ED 4@?E6?E:@?D 2
C6AC696?D:3=6 AC24E:46 FDF2==J AFCDF65
3642FD6 @7 E96 D:8?:7:42?E 7:?2?4:2= C6
H2C5D :E 42? 86?6C2E6
)68C6EE23=J
E9@D6 H9@ E2<6 E9:D 2AAC@249 M
19:C658F? 6IA6CED M 42??@E 36 AC6
G6?E65 7C@> AC6D6?E:?8 H92E >2?J 7:?5
E2?E2>@F?E E@ 72=D6 E6DE:>@?J 3642FD6
E96 ,?:E65 *E2E6D =682= DJDE6> AC@G:56D
G:CEF2==J :C@?4=25 AC@E64E:@? E@ 6IA6CED
E@ 6?4@FC286 E96> E@ DE2E6 E96:C
@A:?:@?D H:E9@FE 762C @7 C6A6C4FDD:@?D
L*+96 6DE (6@A=6 @? 2CE9 :D
2 ?@E7@CAC@7:E 2DD@4:2E:@? H9@D6
>6>36CD 2C6 86@AC@76DD:@?2= 6?G:C@?
>6?E2= 2?5 4:G:= 6?8:?66C:?8 7:C>D E92E
6>A=@J D@>6 AC@76DD:@?2=D
H@C=5H:56 3FE AC:?4:A2==J :? E96
,?:E65 *E2E6D
?F>36C @7 E96D6 7:C>D
2?5 AC@76DD:@?2=D 92G6 C6A@CE65 E92E
E96J 2C6 @C 92G6 366? ?2>65 5676?52?ED
:? =2HDF:ED 7:=65 3J :?5:G:5F2=D 2?5 @C
82?:K2E:@?D E92E 4=2:> E@ 92G6 366?
52>2865 3J >@=5 @C E@I:4 >@=5
+JA:
42==J E96 A=2:?E:77D 2==686 E92E E96D6
7:C>D 2?5 :?5:G:5F2=D H6C6 ?68=:86?E
3642FD6 E96J 42FD65 @C 72:=65 E@ AC6G6?E
:?7:=EC2E:@? @7 E96 H2E6C 2?5 >@:DEFC6
E92E ?FCEFC6 >@DE 7@C>D @7 >@=5O
-92E
D9@F=5 86@E649?:42= 2?5 6?G:C@?>6?E2=
6?8:?66C:?8 7:C>D 92G6 366? 5@:?8
23@FE >@=5 A@E6?E:2=D 5FC:?8 E96 =2E6
D 2?5 62C=J D +@ 2?DH6C E92E
BF6DE:@? * 564:565 E@ 82:? :?7@C
>2E:@? 23@FE E96 DE2?52C5 @7 42C6 5FC
:?8 E96 D:IJ62C A6C:@5 "2?F2CJ M 646>36C *D (C@76D
D:@?2= (C24E:46 @>>:EE66 =65 E96 67
7@CE 6>A=@J:?8 2 EH@A92D6 2AAC@249
FC:?8 E96 7:CDE A92D6 :?:E:2E65 :? "F?6
E96 @>>:EE66 :DDF65 2 BF6DE:@?
?2:C6 E@ >6>36CD @7 * 2?5 E96 2=:
7@C?:2 6@E649?:42= ?8:?66CD
DD@4:2E:@? 2?5 6G2=F2E65
E96:C C6DA@?D6D
FC:?8 E96 D64@?5
A92D6 4@?5F4E65 5FC:?8 E96 7:CDE 92=7 @7
E96 @>>:EE66 4@==64E65 EJA:42=
AC@A@D2=D 7@C 86@E649?:42= 6?8:?66C:?8
2?5 6?G:C@?>6?E2= 6G2=F2E:@? D6CG:46D
:DDF65 5FC:?8 E96 DEF5J A6C:@5 2=@?8
H:E9 4@A:6D @7 E96 4@CC6DA@?5:?8
C6A@CED
@>>:EE66 >6>36CD C6G:6H65
6249 AC@A@D2= 2?5 C6A@CE 7@C 2?J
>6?E:@?@7>@=5
N
?5 H92E 5:5 E96 @>>:EE66 5:D
4@G6C D =2:5 @FE :? E96 C6A@CED DF>
>2CJ LFC:?8 E96 D:IJ62C DEF5J
A6C:@5 E96 DE2?52C5 @7 42C6 7@C 3@E9
86@E649?:42= 6?8:?66C:?8 2?5 6?G:C@?
>6?E2= D6CG:46D AC24E:46D D66>D E@ 92G6
366? E@ ?@E 4@?D:56C >@=5 2E 2== @C E@
>2<6 :E 4=62C E92E >@=5 :DDF6D H6C6 DA6
4:7:42==J 6I4=F565 7C@> 4@?D:56C2E:@?
D DF49 56A6?5:?8 @? =@42= AC24E:46D 2E
2 8:G6? E:>6 :E H@F=5 2AA62C E92E
86@E649?:42= 6?8:?66CD 2?5 6?G:C@?
>6?E2= 4@?DF=E2?ED H9@ 5:5 ?@E 4@?
D:56C >@=5 A@E6?E:2=D 4@>A=:65 7F==J
H:E9 E96 DE2?52C5 @7 42C6 AC6G2:=:?8 2E
E96E:>6
N
* :?4=F565 2 4@AJ @7 +96
6@E649?:42= ?8:?66C:?8 2?5 ?G:
C@?>6?E2= *6CG:46D *E2?52C5D @7 2C6
H:E9 )6DA64E E@ %@=5 (@E6?E:2=D
H:E9 E9:D :DDF6 @7 &6HD$@8
!7 J@F 5:5 ?@E C646:G6 :E @C :7 J@F H2?E
@?6 @C >@C6 255:E:@?2= 4@A:6D 4964<
%* @? A
@C 4@?E24E &
% ! $ # " ! ! #
(% ! # "$!#
(&#'-#'!(&&#--.&#-,(+( #+-(+,%-
+96 @2C5 @7 :C64E@CD H:== 36
E96 7:CDE :? C646?E J62CD E@ 4@>AC:D6
6:89E >6>36CD E9C66 @77:46CD 2?5 7:G6
C2E96C E92? 7@FC 5:C64E@CD2E=2C86
==
A6CD@?D D6CG:?8 @? E96 4FCC6?E @2C5
92G6 366? ?@>:?2E65 E@ D6CG6 @?6 >@C6
J62C H:E9 E96 6I46AE:@? @7 '(#)
$(% /$0 $' F8C@
@?DF=E2?ED $( H9@ 2D 2== A2DE AC6D:
56?ED H:== 36 AFE @FE E@ A2DEFC6 H96C6
@7E6? A2DE AC6D:56?ED =2E49 @? E@ 2 4@>
>:EE66 @C EH@
'(#)!) "(
LQGG
30
/"0 $#()$# (%# C@FA
!?4
92D 366? ?@>:?2E65 7@C E96 AC6D:
56?4J 2?5 ')'-'(*''
"$# /0 !. (& 6@E649?@=@8J !?4
92D 366? 2D<65 E@
D6CG6 2D AC6D:56?E6=64E
&@>:?2E65 E@
36 D D64C6E2CJEC62DFC6C ')$' # '$'" $""))
' + $*' $@FC:6
@?DF=E2?ED
')$'()' "( /-0 ')# % 2CE9 ?G:C@?>6?E2= !?4
$#! /$#0 "' +$+9@>A
D@? !?4
2?5 ! / 0
") 2CE9 *JDE6>D
*6CG:46D !?4
92G6 28C665 E@ D6CG6 2?
@E96C J62C @? E96 @2C5
+96 EH@
L?6H3:6DN H@F=5 36 ' '"'
*@:= 2?5 %2E6C:2=D ?8:?66CD
! ? 4 2 ? 5 + / +0
$#,$! 2=6J =5C:49
!?4
FCC6?E=J D6CG:?8 2D 492:C @7 E96
* FD:?6DD (C24E:46 @>>:EE66
%2C< #C2>6C :D AC6D:56?E @7 *%
9625BF2CE6C65 :? (=J>@FE9 %!
6
9@=5D 2 2496=@C @7 *4:6?46 568C66
4:G:= 6?8:?66C:?8 7C@> C:K@?2 *E2E6
,?:G6CD:EJ
6 92D 366? :? AC:G2E6 AC24
E:46 D:?46 H:E9 *% D:?46 2G6 *49@6?H@=7 4FCC6?E=J 492:CD
*D >6C8:?8 !DDF6D 2?5 +C6?5D
@>>:EE66
6 :D 2 J62C G6E6C2? @7
2=6J =5C:49 4FCC6?E=J D6CG:?8 2D 2
D6?:@C G:46 AC6D:56?E 2?5 AC:?4:A2= :?
492C86 @7 E96 7:C>D -2D9:?8E@? @7
7:46
2G6 9@=5D 2496=@C @7 *4:6?46
2?5 %2DE6C @7 *4:6?46 568C66D 7C@> E96
,?:G6CD:EJ @7 !==:?@:D
6 :D 2 A2DE AC6D:
56?E @7 E96 @?DF=E:?8 ?8:?66CD @F?
4:=%6EC@A@=:E2? -2D9:?8E@? 2?5 A2DE
492:C @7 E96 6@E649?:42= +649?:42=
C@FA @7 E96 @DE@? *@4:6EJ @7 :G:=
?8:?66CD
+96 &@>:?2E:?8 @>>:EE66 4@>
AC:D65 (C6D:56?E :3@C (C6D:56?E=64E
"@9?DE@? 2?5 !>>65:2E6 (2DE (C6D:56?E
2?: 6= $ L 2 ? N
2 C A DE 6 2 5
#=6:?76=56C !?4
* H:== :DDF6
>2:= 32==@ED E@ %6>36C :C>D :? E96
?6IE76HH66<D
('-#'.#'!.-#('(+$,
L+96 @?=J E9:?8 H@CD6 E92? 65F42E:?8
2? 6>A=@J66 H9@ =62G6D :D ?@E 65F42E
:?8 @?6 H9@ DE2JD
N ?5 E@ 96=A :? E92E
65F42E:@? 677@CE J@F ?665 E@ 4@?D:56C
E96 4@?E:?F:?8 65F42E:@? AC@8C2>D
2G2:=23=6 7C@> *+96 6DE (6@A=6
@? 2CE9
@ E96J H@C< @?D:56C E9:D
6>2:= H6 C646:G65 7C@> E96 86?6C2=
4@F?D6=@72%6>36C:C>
! H2?E65 E@ =6E J@F <?@H E92E @?6
@7 @FC AC@;64E >2?286CD H9@ 925
C646?E=J 2EE6?565 *D (C@76D
D:@?2= (C24E:46 ):D< %2?
286>6?E 2?5 (C@7:E23:=:EJ 7@C
(C@;64E %2?286CD 42==65 >6 E@
5:D4FDD 9@H E@ AC@A6C=J 564=:?6 2
AC@;64E
AA2C6?E=J 5FC:?8 9:D
D:E6 G:D:E 2?5 H9:=6 @3D6CG:?8 E96
D:E6 4@?5:E:@?D 96 D2:5 E92E 2== 96
962C5 H2D *D 8F:52?46 :?
9:D 9625 E6==:?8 9:> 23@FE 2== E96
E9:?8D E92E 4@F=5 8@ HC@?8 2?5
9@H H6 H@F=5 6?5 FA A2J:?8 7@C
:?;FC:6D 2?5 52>286D F?C6=2E65 E@
@FC D6CG:46D
!E 5:5 D@F?5 =:<6 2
AC6EEJ D42CJ AC@;64E 2?5 :E H2D 2
G6CJ H:D6 564:D:@? @? E96 A2CE @7
E96 AC@;64E >2?286C E@ H2=< 2H2J
7C@> :E 6G6? E9@F89 96 C62==J 76=E
=:<6 96 H2?E65 E@ 96=A E96 4=:6?E
!
;FDE H2?E65 E@ =6E J@F E92E *D
4@FCD6D 2C6 92G:?8 E96 56D:C65 67
764E 2?5 86EE:?8 @FC AC@;64E >2?
286CDE@E9:?<E9C@F89E9:?8D
+92?<J@F
!?E6C6DE:?8=J C6D62C49 4@?5F4E65 3J
+6CC2 !?DFC2?46 @>A2?J D9@HD E92E
@7 2== E96 E9:?8D 7:C>D 5@ E@ =@H6C E96:C
C:D< 6IA@DFC6D A6C92AD E96 >@DE :>A@C
E2?E :D H92E +6CC2 ' 2G6 @5FE@
5F3D L7:?2?4:2= 7@CE:EF56N :
6
E96 H:==
:?8?6DD E@ EFC? 5@H? AC@;64ED 2?5 4=:
6?ED E92E 4C62E6 >@C6 C:D< E92? E96J 2C6
H@CE9
-9:=6 *D 4@?E:?F:?8 65F42E:@?
M 24<.2C5 *6>:?2CD E96 (C@;64E %2?
286C +C2:?:?8 (C@8C2> 2?5 F?52>6?
E2=D @7 (C@76DD:@?2= (C24E:46 M H:== ?@E
>2<6 J@FC A6CD@??6= 3F==6EAC@@7 E96J
46CE2:?=J H:== 96=A E96> =62A >:5C:D6
3F:=5:?8D :? 2 D:?8=6 3@F?5 :?5 @FE
>@C62EHHH
2D76
@C8
!>A@CE2?E !?7@C>2E:@? 23@FE .@FC
+ /+0 !# *% !?4
H2D E96 AC:?4:A2= 2FE9@C
@7 E96 ?6H DFCG6J C6A@CE
6 2=D@ AC6
A2C65 E96 7@==@H:?8 >2E6C:2= 7@C J@FC
255:E:@?2=65:7:42E:@?
L%@=5N 67@C6 E96 >:5D
A6@A=6 H6C6 ?@E C62==J 4@?46C?65 23@FE
>@=5
!E H2D D@>6E9:?8 J@F 7@F?5 @?
4966D6 2?5 3C625 E92E H6C6 <6AE E@@
(+('(%
* 92D 366? :? E96 7@C67C@?E @7 E96
>@=5 :DDF6 56G6=@A:?8 AC@465FC6D 2?5
>2E6C:2=D E@ 96=A %6>36C :C>D 5676?5
E96>D6=G6D 7C@> DAFC:@FD 4=2:>D
-6
42==J@FC2EE6?E:@?:?A2CE:4F=2CE@
* (C24E:46 =6CE 62=:?8
H:E9%@=5
* 2D6 :DE@CJ H9:49 5@4F
>6?ED2>@=5C6=2E65=@DD2?5
6@E649?:42= ?8:?66C:?8 )6A@CE
H9:49 :?4=F56D =:>:E:?8 =2?8F286
H:E9C6DA64EE@>@=5
+96 ?6H6DE 6?ECJ 5:D4FDD65 :? E96
AC6G:@FD 2CE:4=6 :D +96 6@E649?:42=
?8:?66C:?8 2?5 ?G:C@?>6?E2= *6C
G:46D *E2?52C5D @7 2C6 H:E9 )6DA64E E@
%@=5(@E6?E:2=D
LQGG
30
%#$$!%! $ !&#! %
$&!#$!$&$
( '#!%%! '&%!!&#
#$"%#& %#
&$ $$%%#%!% %$$%
"# "$
*!&! &$%!&%'#*% $$# & %!&$ $
!!#$(!#%!&%! %#$
$ %!&$+ $%!$%#
&$ $$*!&#(*
' "!*
###$#'! !%&$#$
$$!&#!, ! &$ !-
""* !(" ! %$$
## %% %$%
! %! % *!&( %
*!&#""%! &$(
#%&# %"#!' *!&#%&# !#
&* *!%!#%$('$ %
*!&#
%#(%#%'&
%%)$
!
!# """
=@?8
J E96 =2E6 D 9@H6G6C >@=5
>@CA965 :?E@ LE@I:4 >@=5N 2 D:?:DE6C
DF3DE2?46 E92E A@D65 72CC6249:?8
962=E9 92K2C5D
+9:D :>286 @7 E@I:4:EJ
H2D 3@=DE6C65 3J 9:89=J AF3=:4:K65 ;FCJ
2H2C5D 2?5 3J E9@D6 >6>36CD @7 E96 =6
82= AC@76DD:@? H9@ 25G6CE:D65 E96:C
LJ@F5@?EA2J:7H65@?EH:?N D6C
G:46D @? 3:==3@2C5D 2?5 =2E6?:89E E6=6
G : D : @ ? D 9 @H D
+ 9 6 ? F > 3 6 C @ 7
>@=5C6=2E65 4=2:>D D<JC@4<6E65 2D 5:5
E96:C G2=F6
2C>6CD !?DFC2?46 C6A@CE65
E92E :E 925 >@=5C6=2E65 4=2:>D :?
:? +6I2D 2?5 >@C6 E92? :?
E96 7:CDE 92=7 @7 J J62CD 6?5 E96
!?DFC2?46 !?7@C>2E:@? !?DE:EFE6 !!!
D2:5 :?DFC2?46 4@>A2?:6D A2:5 >@C6
E92? 3:==:@? 7@C >@=5C6=2E65
C6A2:CD2?5=:E:82E:@?
* C64@8?:K65 2? 23D6?46 @7 6D
E23=:D965 DE2?52C5@742C6 8F:56=:?6D
2?5 H:E9@FE E9:D 7C2>6H@C< A92D6@?6
6?G:C@?>6?E2= D:E6 2DD6DD>6?ED (92D6 !
*D 2?5 86@E649?:42= 6?8:?66C:?8
DEF5:6D C6=2E65 E@ 3F:=5:?8D 96=5 E96 A@
E6?E:2= @7 4C62E:?8 6IEC2@C5:?2CJ @AA@C
EF?:E:6D 7@C >@=5C6=2E65 ?68=:86?46
4=2:>D
+9:D A@E6?E:2= :D 36:?8 5C:G6? 3J
2EE@C?6JD 2?5 L9:C658F?N 6IA6CE H:E
?6DD6D H9@ :?56A6?56?E=J 567:?6 E96
DE2?52C5 @7 42C6 H:E9 C6DA64E E@ >@=5
2?5 3:@=@8:42= A@==FE2?ED @? 2
42D63J42D6 32D:D
@C E9:D C62D@?
* 5@4F>6?E65 E96 AC6G2:=:?8 DE2?
52C5 @7 42C6 7@C E96D6 D6CG:46D 5FC:?8
E96 A6C:@5 "2?F2CJ 646>36C
FD:?8 2 EH@A92D6 2AAC@249
:?G@=G:?8 2 BF6DE:@??2:C6 2?5 >2E6C:2=D
C6G:6H
+96 C6DF=ED @7 E92E DEF5J 2C6
4@?E2:?65 :? *D +96 6@E649?:42=
?8:?66C:?8 2?5 ?G:C@?>6?E2=
*6CG:46D *E2?52C5D @7 2C6 H:E9
)6DA64E E@ %@=5 (@E6?E:2=D D E96 C6A@CE >2<6D 4=62C E96 DE2?
52C5 @7 AC24E:46 5FC:?8 E96 D:IJ62C
DEF5J A6C:@5 H2D E@ C6>2:? D:=6?E @?
>@=5 :? E96 AC@A@D2=D 2?5 C6A@CED 7@C
EJA:42= (92D6 ! *D 2?5 86@E649?:42=
6?8:?66C:?8 AC@;64ED
+9@D6 E92E 5:5 25
5C6DD >@=5 86?6C2==J 5:5 D@ E@ 6I4=F56
:ED 4@?D:56C2E:@? 7C@> E96:C D4@A6D @7
D6CG:46
+@ 52E6 >@=5 2AA62CD E@ 36 2 >F49
3:886C C:D< 7@C 3F:=56CD4@?EC24E@CD
2?5 @H?6CD>2?286CD 8:G6? E92E 4=2:>D
D66> E@ :?G@=G6 AC:?4:A2==J 4@?DECF4
E:@? >2E6C:2=D 4@?DECF4E:@? AC24E:46D
2?5 D:E63F:=5:?8 >2:?E6?2?46
%2J
%@=5 ,A52E6 6&6HD=6EE6C :D
DF65 3J E96 &2E:@?2= DD@4:2E:@? @7
%F EF 2 = ! ? D F C 2 ? 4 6 @ > A 2 ? : 6 D
&%!C6A@CE65
*:8?:7:42?E :?4C62D6D :? >@=5C6=2E65
=:E:82E:@?3682?:?
F:=56CD4@?EC24E@CD H6C6 ?2>65 :?
23@FE @?6E9:C5 @7 E96 42D6D H:E9
4=2:>D 7@4FD:?8 @? 72F=EJ 4@?DECF4
E:@?2?5@C>2E6C:2=D
'H?6CD=2?5=@C5D H6C6 ?2>65 :? E96
C6>2:?:?8 EH@E9:C5D @7 4=2>D
32D65 @? 2==682E:@?D @7 72F=EJ >2:?
E6?2?46
"FCJ 2H2C5D E@ A=2:?E:77D C2?865 7C@>
>:==:@? E@ >:==:@? :? E96 42D6D
4:E65
&@ DA64:7:4 C676C6?46D H6C6 >256 E@
56D:8?AC@76DD:@?2=D2DA=2:?E:77D
C@> 2 "F?6 :?E6CG:6H H:E9
:=D@? ):64<6? DB
)
H:E9 +6CC2
!?DFC2?46@>A2?JH6F?56CDE2?5
+6CC2 :D ?@E 6IA6C:6?4:?8 >2?J >@=5
4=2:>D 282:?DE E9@D6 :?DFC65 3J
+6CC2
+H@ @7 E96 42D6D +6CC2 6IA6C:6?465
H6C6 492C24E6C:K65 2D L<:E496? D:?<N
4=2:>D H96C6 6G6CJ@?6 :?G@=G65 @?
E96 AC@;64E H2D ?2>65 :? E96 =:E:82
E:@?
*6G6C2= 7:C>D :?DFC65 3J +6CC2 92G6
AFC492D65 :?DFC2?46 4@G6C286 7@C
4@?5F4E:?8 L24E:G6N >@=5 2DD6DD
>6?ED6CG:46D
(%,,,,&'-,
=E9@F89 ?@E J6E 2 4@>>@? 4@>A@
?6?E >@=5 2DD6DD>6?E >2J 364@>6 2
DE2?52C5 4@>A@?6?E @7 6?G:C@?>6?E2=
5F65:=:86?46 DEF5:6D 7@C AC@A6CEJ
EC2?D76CD :?G@=G:?8 3F:=5:?8D
!? "F?6
E96 %@CE8286 2?<6CD DD@4:2
E:@? % C6=62D65 2 H9:E6 A2A6C 6?E:
E=65 %@=5 *E6AD E@H2C5 =2C:EJ E@ 96=A
=6?56CD >:E:82E6 E96:C 6IA@DFC6 E@
>@=5C6=2E65 C:D<D
!? E9:D A2A6C E96
% DF886DED A6C7@C>2?46 @7 2 >@=5
2DD6DD>6?E 367@C6 E96 EC2?D24E:@? 2D
A2CE @7 2? * 2 AC@A6CEJ 4@?5:E:@? 2D
D6DD>6?E ( @C 2D 2 DE2?52=@?6 2D
D6DD>6?E
!E 2=D@ DF886DED E92E =6?56CD
6DE23=:D9 C6=2E:@?D9:AD H:E9 4@>A6E6?E
>@=5 AC@76DD:@?2=D 5F6 E@ E96 4@>A=6I
?2EFC6@7>@=5C6=2E65:DDF6D
+9:?8D D66> E@ 36 86EE:?8 36EE6C H:E9
C6DA64E E@ F?:7@C> 8F:56=:?6D 7@C >@=5
LQGG
30
D6CG:46D 3FE E96C6 DE:== :D >F49 C@@> 7@C
:>AC@G6>6?E
6?6C2= 8F:56=:?6D 6I:DE
3FE E96J 2C6 ?@E F?:7@C> 2?5 E96J 2C6
492?8:?8 2D H6 =62C? >@C6 23@FE >@=5
2?5 :ED 67764ED @? A6@A=6
@>A=:42E:?8
E96 6?E:C6 >@=5 D6CG:46D 2C6?2 :D E96
>F=E:EF56 @7 @C82?:K2E:@?D E92E 2C6 AC@
G:5:?8 46CE:7:42E:@?D 7@C >@=5C6=2E65
D6CG:46D
C@> E96 "F?6 :DDF6 @7 *
)6A@CE
DE2E6D 92G6 A2DD65 @C 2C6 :? E96
AC@46DD @7 A2DD:?8 >@=5C6=2E65 =68
:D=2E:G6:?:E:2E:G6D
,?E:= C646?E=J 2=:7@C?:2 925 A2DD65
E96 >@DE 4@>AC696?D:G6 >@=5 =68:D
=2E:@? C6BF:C:?8 M 2>@?8 @E96C
E9:?8D M 5:D4=@DFC6 @7 >@=5 :? 4@>
>6C4:2= 2?5 C6D:56?E:2= AC@A6CEJ
EC2?D24E:@?D
2=:7@C?:2D :?:E:2E:G6D
92G6 DE2==65 3642FD6 @7 3F586E :D
DF6D 9@H6G6C 2?5 ?@H +6I2D D66>D
E@ 92G6 E96 >@DE DEC:?86?E =68:D=2E:@?
:?67764E
+96 >6C:42? *@4:6EJ 7@C +6DE:?8
>6C:42? @?76C6?46 @7 !?5FDEC:2=
2?5 %2E6C:2=D *+% :D 23@FE E@ 7:
?2=:K6 E96 7:CDE DE2?52C5 @7 AC24E:46 E@
8F:56 :?DA64E:@?D 7@C G:D:3=6 >@=5
2?5 H2E6C 52>286 5FC:?8 6?G:C@?
>6?E2= 5F6 5:=:86?46 2E 4@>>6C4:2=
3F:=5:?8D
44@C5:?8 E@ ! '. C68:@?2= >2?286C 7@C E96
6?EC2= 2J )68:@? @7 #=6:?76=56C !?4
2FE9@C @7 %@=5 C@HE9 !?5FDECJ
86?6C2= 8F:56=:?6D 7@C >@=5 2DD6DD
>6?ED4@>AC:D6
>6C:42? !?5FDEC:2= J8:6?6 DD@
4:2E:@? ! :6=5 F:56 7@C E96
6E6C>:?2E:@? @7 :@=@8:42= @?
E2>:?2?ED
&6H .@C< :EJ F:56=:?6D @? D
D6DD>6?E 2?5 )6>65:2E:@? @7 F?8:
:?!?5@@C?G:C@?>6?ED
2?25:2? 8F:56=:?6D F?82= @?
E2>:?2E:@? :? (F3=:4 F:=5:?8D F:56 E@ )64@8?:E:@? 2?5 %2?286
>6?E
J8:6?:DED ! 8F:56=:?6
:@26C@D@=D DD6DD>6?E 2?5 @?
EC@=2?5
! 8F:56=:?6 :6=5 F:56 7@C
E96 6E6C>:?2E:@? @7 :@=@8:42=
@?E2>:?2?ED :? ?G:C@?>6?E2=
*2>A=6D
+96 >@DE 7C6BF6?E=J C676C6?465
8F:56=:?6D D66> E@ 36 ! D 2?5 &6H
.@C< :EJD
@H6G6C &6H .@C<D
8F:56=:?6D 6:E96C 92G6 366? @C 2C6 :? E96
AC@46DD @7 36:?8 DFA6CD6565 3J !?DE:EFE6
@7 !?DA64E:@? =62?:?8 2?5 )6DE@C2
E:@? 6CE:7:42E:@? !!) *
C6>65:2E:@? DE2?52C5D
'?6 @7 E96 @3
DE24=6D E@ 6DE23=:D9:?8 8F:56=:?6D :D E96
23D6?46 @7 6DE23=:D965 6IA@DFC6 2?5@C
5@D:?8 =6G6=D 2 D:EF2E:@? E92E :D ?@E
=:<6=J E@ 36 @G6C4@>6 :? E96 ?62C 7FEFC6
%XLOGWKH%HVW)XWXUH
ZLWKWKH
%HVW(GXFDWLRQ
2QOLQH
0DVWHURI6FLHQFHLQ
(QJLQHHULQJ
(PSKDVLV$UHDV
Š$SSOLFDWLRQVRI(QJLQHHULQJ0DQDJHPHQW
Š(QJLQHHULQJ'HVLJQ
Š&RQWURO6\VWHPV
Š6WUXFWXUDO*HRWHFKQLFDO(QJLQHHULQJ
8QLYHUVLW\RI:LVFRQVLQ3ODWWHYLOOH
/HDUQ)URPD/HDGHU
&RQWDFW8V7RGD\
ZZZXZSODWWHGXGLVWHG
'LVWDQFH(G#XZSODWWHGX
2QOLQH
0DVWHURI6FLHQFHLQ
3URMHFW0DQDJHPHQW
&HUWLÀFDWHV
Š&HUWL¿FDWHLQ3URMHFW0DQDJHPHQW
Š$GYDQFHG&HUWL¿FDWHLQ3URMHFW0DQDJHPHQW
LQGG
30
02%%))+()+#-'*.#+13.%,#' -
2'/#+('&'-%+( ,,#('%,3 (+2''('-'(0'+3 ',
&6H L2== 2AAC@AC:2E6 :?BF:CJN !
CF=6D E92E H6?E :?E@ 67764E &@G6>36C D:8?:7:42?E=J 2=E6C E96 AC@465FC6D
AFC492D6CD @7 4@?E2>:?2E65 AC@A6CE:6D
>FDE FD6 E@ 249:6G6 L:??@46?E =2?5
@H?6CN DE2EFD 2?5 E96C63J 2G@:5 E96
92CD9 7:?2?4:2= A6?2=E:6D E92E 42? 36 :>
A@D65 E9C@F89 )$
44@C5:?8 E@
!?DE:EFE6 @7 C@H?7:6=5 (C@76DD:@?2=D
!( (C6D:56?E 2?5 * (2DE (C6D:
56?E -
"6CC@=5 L"6CCJN *2>7@C5 (
)
(
L(C:@C E@ E96 ?6H ! CF=6D 8@
:?8 :?E@ 67764E E96 2AAC@AC:2E6 AC@46
5FC6 H2D 2DDF>65 E@ 36 E96 A6C7@C
>2?46 @7 2 A92D6@?6 6?G:C@?>6?E2=
D:E6 2DD6DD>6?E /*0
@C E96 >@DE
A2CE E9:D :D 2 DE2?52C5:K65 AC@465FC6
E92E H2D @7E6? 2AA=:65 3J A6@A=6 H:E9
=:EE=6 @C ?@ AC:@C 6?G:C@?>6?E2= D4:6?46
65F42E:@? @C 6IA6C:6?46
&@ >2EE6C H9@
A6C7@C>65 E96 A92D6@?6 * 9@H
6G6C :7 :ED C6DF=ED :?5:42E65 ?@ C62D@? E@
DFDA64E 2 AC@A6CEJ H2D 4@?E2>:?2E65
2?5 E96 A92D6@?6 EFC?65 @FE E@ 36
HC@?8 E96 AFC492D6C @7 E96 AC@A6CEJ
2DDF>65=J H@F=5 92G6 366? :>>F?6
7C@> 2? ( =2HDF:E 4=2:>:?8 2
)$ G:@=2E:@? 2?5 D66<:?8 C64@G
6CJ7@CE964@DE@74=62?FA
N
%C
*2>7@C5 6IA=2:?65 E92E E@ E96
36DE @7 9:D <?@H=6586 E92E 2DDF>AE:@?
H2D ?6G6C E6DE65 :? 4@FCE 2?5 ?@H :E
H:== ?@E 92G6 E@ 36
L+96 ?6H ! CF=6D
C6BF:C6 2 AFC492D6C E@ C6E2:? 2 BF2=:7:65
6?G:C@?>6?E2= AC@76DD:@?2= E@ 4@?5F4E
2? 2AAC@AC:2E6 DEF5J 2?5 7@C E96 7:CDE
E:>6 E96 7656C2= 8@G6C?>6?E 92D 56
7:? 6 5
H92E
1 6 ?G : C @ ? > 6 ? E 2 =
AC@76DD:@?2= >62?D
N
44@C5:?8 E@ E96 ?6H CF=6D 2? L6?G:
C@?>6?E2= AC@76DD:@?2=N :D 2? :?5:G:5
F2= H9@ 92D E96 65F42E:@? EC2:?:?8 2?5
6IA6C:6?46 ?646DD2CJ E@ 6I6C4:D6 E96
AC@76DD:@?2= ;F58>6?E ?66565 E@ 56
G6=@A @A:?:@?D 2?5 4@?4=FD:@?D 23@FE
4@?5:E:@?D E92E :?5:42E6 E92E
)$=:DE65 6?G:C@?>6?E2= 4@?
E2>:?2?ED 92G6 366? @C 4@F=5 36 C6
=62D65 @? 2E :? @C E@ 2 AC@A6CEJ
+96
:?5:G:5F2= 2=D@ ?665D E@ 92G6 2 DE2E6 @C
EC:36:DDF65 46CE:7:42E:@? @C =:46?D6 2?5
E9C66 J62CD @7 C6=6G2?E 7F==E:>6 H@C<
6IA6C:6?46 @C 2 32442=2FC62E6 568C66 @C
9:896C :? D4:6?46 @C 6?8:?66C:?8 2?5
7:G6 J62CD @7 C6=6G2?E 7F==E:>6 H@C<
6IA6C:6?46 @C E6? J62CD @7 C6=6G2?E
7F==E:>6H@C<6IA6C:6?46
'3G:@FD=J E96 6?G:C@?>6?E2= AC@
76DD:@?2= 4C:E6C:2 ?665 E@ 4@G6C 2 C2?86
@7 :DDF6D 2?5 2? :?5:G:5F2= H9@D6
324<8C@F?5 :D =:>:E65 E@ E6? J62CD @7
A6C7@C>:?8 A92D6@?6 *D H@F=5 ?@E
92G6 E96 23:=:EJ E@ D2768F2C5 AF3=:4
962=E9 D276EJ 2?5 H6=72C6 H96? E96
AC@A6CEJ :? BF6DE:@? :D 2 3C@H?7:6=5
L-92ED 9:556? F?56C8C@F?5 :7 :ED ?@E
56E64E65 2?5 562=E H:E9 AC@A6C=J 42?
92G6 2 9F86 :>A24E @? E96 A6@A=6 H9@
3FJ E96 AC@A6CEJ E96 A6@A=6 H9@ FD6 :E
2== E96:C ?6:893@CD 2?5 E96 4@>>F?:EJ
:ED6=7N%C
*2>7@C5D2:5
%C
*2>7@C5 H6?E @? E@ ?@E6 E92E
E96C6 42? 36 ?@ DE2?52C5 AC@465FC6 7@C
4@?5F4E:?8 2? 2== 2AAC@AC:2E6 :?BF:CJ
7@C 2 3C@H?7:6=5 D:E6
L+96 3C@H?7:6=5
AC@76DD:@?2= H9@ =625D E96 DEF5J ?665D
E96 23:=:EJ E@ :56?E:7J E96 4@?E2>:?2?ED
E92E 92G6 E@ 36 =@@<65 7@C E96 ?2EFC6 @7
E96 E6DED E92E 92G6 E@ 36 4@?5F4E65 E96
?2EFC6 @7 E96 D2>A=:?8 E649?:BF6D E92E
2C6 8@:?8 E@ 36 FD65 2?5 E96 =@42E:@?D
H96C6 D2>A=6D H:== 36 @3E2:?65
+96
AC@76DD:@?2= 2=D@ >FDE 36 23=6 E@ :?E6C
AC6E E96 C6DF=ED @7 E6DE:?8 AC6A2C6 2 C6
A@CE 2?5 6IA=2:? 7:?5:?8D 2?5 E96:C
:>A=:42E:@?D E@ @E96C >6>36CD @7 E96
3C@H?7:6=5 E62>
+96C6D 72C E@@ >F49
2E DE2<6 E@ =62G6 DF49 C6DA@?D:3:=:E:6D E@
2>2E6FCDO
@C E96:C @H? AC@E64E:@? 4=:
6?ED ?665 E@ 6?DFC6 E92E E96 6?G:C@?
>6?E2= AC@76DD:@?2=D E96J D6=64E 2C6
BF2=:7:65
N
* 6DE23=:D965 E96 !( :? =2C86
A2CE E@ 96=A :56?E:7J :?5:G:5F2=D H9@ 2C6
BF2=:7:65 E@ =625 3C@H?7:6=5 DEF5:6D 2?5
D@ H@CE9J @7 E96 !(D )68:DE6C65
C@H?7:6=5 (C@76DD:@?2= )
(
56D:8
?2E:@?
'3E2:? >@C6 :?7@C>2E:@? 23@FE
E96 !( 2?5 E96 )( 56D:8?2E:@? 3J G:D
:E:?8 '''#!' "#!$!#
LQGG
30
!& %&$' &&! )%
.7;.,162,*46:;9<5.6;*;276 .>:
716<662,42//
6;97-<,;276
-=>H >H I=: :E>HD9: D; !#( ;
I:G I=>H 58DAJBC I=: :E>HD9: =6H DC:
IDE>8 DCANU9:;DGB6I>DC BDC>IDG>C<
L>I=GD7DI>8 IDI6AHI6I>DCH
;1
: 29;1-*@
"DL 86C L: 8:A:7G6I: ID<:I=:G ,DB:
AD<>HI>86A 9>;;>8JAI>:H I=:G: JI # =6K: 6
;:L HJ<<:HI>DCHUH:: I=: 7DM
768@L:A8DB:
::9
./795*;276762;79260>2;1
$7+7;2,&7;*4%;*;276:$&%
-=: ;>GHI 8DCIG>7JI>DC >H 6C 6GI>8A: 7N
8DAA:6<J:H >C !G::8: 67DJI 6 H:G>:H D;
I:HIH ID 9:I:GB>C: I=: 688JG68N 6C9 E:G
;DGB6C8: D; K6G>DJH INE:H D; G:;A:8IDGH
I=6I 6G: JH:9 ;DG +-, BDC>IDG>C<
&:6GCI=:9:A><=IHD;6CC<A>H=<>C
CDI!#( &<I=?ED89> Q-=:
LDGA9HHBDDI=:HI<>CS >HI>AA:9>C
*ANBDJI=B>A:H;GDB=:G:6C96
;:L=JC9G:9N6G9H;GDBI=:9:E6GIJG:
ED>CID;I=:'6N;ADL:G
&:6GC67DJI>IDC
GGG@<I=?ED879>3?= -=: QH:K:C
=6C9H:A:8I:97DI6C>86AHS 6G:?JC>E:G
7:GG>:H6C<:A>86GDDI86G96BDB
ED9H8DG>6C9:GH::9HA:BDCE::ADG
6C<:E::A6C9DGG>HGDDI
>C9K>6 GGGG9>5C51B385B3?=
+:K:A>C6C:LBJH>86A:ME:G>:C8:
*85 B=54#1>#1CC6?B&5135
2I!1B< 5>;9>C 0G>II:C>C
"6K>C<:C?DN:96ABDHICDBD9:GC
8A6HH>86ABJH>8#9>H8DK:G:9I=>HG:
8:CIANRBN;>C9D;I=:9:869:
B6ODC=6HI=: +:69I=:I:MI
;>GHIIDA:6GCI=:768@<GDJC9 -=:C
EA6NIG68@H6C9 ,>C<I=:
8:AADHDADIDNDJGH:A;DG Q+>C<G>C<
G>C<G>C<S -=:CEA6N>I6AA
+:696;6H8>C6I>C<7DD@ *B1F5<C?>
#I<5@81>D2I#1B;)81>4
(DC
;>8I>DC6AI6A:7N6CC<A>H=B6C
L=D7DJ<=I6
N:6GDA9;:B6A::A:
E=6CI>C#C9>6>CI=:A6I:H6C9
GD9:=:GB>A:H -=:IG6K:AHB6@:
<DD9G:69>C<7JII=::C9:6G>C<6H
E:8ID;I=:7DD@>HI=:8=6G68I:GD;I=:
:A:E=6CII:BE:GI6CIGJBH6C96AA
B6ODC=6HI=:7DD@
ME:G>:C8:6HE:8I68JA6GG:9L>C:
89<51>31B=5>5B5 0:G:9G>C@>C<
6H6,>AK6&DH&>C<J:H7JI#86CI
;>C9I=6IDC(DGI=B:G>86CL:7H>I:H
GGGG9>5C51B385B3?= -=>HA:69H
NDJIDHJEEA>:GH6C9H:K:G6A=6K:
6H6,>AK66GB:C:G:+:H:GK:
&DL
8DHI CDC
EG>HB6I>8 G:;A:8IDGH 6G:
L>9:AN JH:9 >C I=: >C9JHIGN 6C9 6G:
H=DLC ID G:HJAI >C H><C>;>86CIAN ADL:G
688JG68N I=6C I=: BDG: :ME:CH>K: EG>H
B6I>8G:;A:8IDGH
-=6I 6GI>8A: >H ;DAADL:9 7N H>M 9>H
8JHH>DCH D; 6K>9 DD@H 6GI>8A: Q+D
7DI>8 -DI6A ,I6I>DCH 6C9 +:BDI: 6I6
6EIJG: =6AA:C<:H >C DCHIGJ8I>DCS
EJ7A>H=:9 >C :8:B7:G !#( :
86JH: I=>H >H 6 5=DI IDE>8 # HDA>8>I:9
I=:H: 9>H8JHH>DCH >C I=: =DE: I=6I L:
86C 6AA A:6GC ;GDB I=: :ME:G>:C8:H D;
DI=:GH
#<.:;276*+7<; $.*4;25.
$.57;.762;792607/*5:
$6N ,I6I:A:G 6I I=: ,IGJ8IJG6A :=6K>DG
6C9 #CHIGJB:CI6I>DC !GDJE 6I I=: .,
JG:6J D; +:8A6B6I>DC >C :CK:G =6H
6H@:9B:I=:;DAADL>C<FJ:HI>DC
-81D ?@D9?>C 1B5 1F19<12<5 6?B @5B
6?B=9>7 B5=?D5 B51<D9=5 =?>9D?B
9>7 ?6 41=C 6?B 5F945>35 ?6 >5G
1>?=1<?EC ?B 1@@1B5>D<I 381>754
C9D5 3?>49D9?>C 1=5B1 C1D5<<9D5
D85B=1< 9>6B1B54 ?D85B #?>9D?B
9>7 6?B 381>754 3?>49D9?>C 1D 1<
B514I B53?7>9J54 <?31D9?>C ?6 9>D5B
5CD CE38 1C =?>9D?B9>7 5H9CD9>7
C55@1754B19> 6<?G <?31D9?>C
3B13;C 5D3 9C >?D G81D G5 1B5 C55;
9>7 %6 9>D5B5CD 1B5 =5D8?4C G85B5
<1B75 1B51C 31> 25 C31>>54 6?B >5G
@?D5>D91<<I DB?E2<5C?=5 45F5<?@
=5>DC
#; NDJ =6K: 6CN >9:6H 67DJI I=>H
LDJA9 NDJ EA:6H: 5=19< 1I 1D
:CD1D5<5B4?EC2B7?F L>I= 6 88 ID B:
LQGG
30
!& %&$' &&! )%
" > H I: A : E = D C : C J B 7 : G > H .?;6:;9<5.6;*;2767<9:.26
4792-**9,1
-=: C:MI >CHIGJB:CI6I>DC 8DJGH: >C
ADG>96 L>AA 7: DC '6G8= 6I
,I
*:I:GH7JG<
">AIDC
GGGCD@5D589<D?>3?= :I6>AH D;
I=: 8DJGH: 6G: DC GGG4?353?>65B
5>35CE6<54E75?D538 DB: 6C9 ?D>C
JH
6;.96*;276*4%@587:2<576
2.4-.*:<9.5.6;:26
.75.,1*62,:
%.8;.5+.9
>:A9 ':6HJG:B:CIH >C !:DB:8=6C>8H
'!' L>AA 7: =:A9 >C DHIDC '
9JG>C< ,:EI:B7:G :I6>AH
6G:DCLLL;B<BDG<
2=26026$<9*4604*6-
0: A>K: >C :KDC 6 8DJCIN C:6G I=: 7DI
IDB A:;I =6C9 8DGC:G &6G<:AN 6 ;6GB>C<
8DBBJC>IN L>I= 6 HIGDC< G:<>DC6A 68
8:CI 6C9 6 59>;;:G:CI L6N D; H6N>C<
I=>C<H :B6A:H 86C 7: <G::I:9 :K:C 6I
;>GHI 8DCI68I L>I= Q":AAD B> AJKANS QB>
7DDINS DG QB> A>IIA: ;ADL:GS '6A:H L>I=
QB> 6CHDB:S #B HI>AA L6>I>C< ID :ME:
G>:C8:I=:A6HID;I=:H:E:GHDC6AAN
47:<9.
*A:6H: H:C9 8DCIG>7JI>DCH ID I=>H 8DA
JBC DG 6C 6GI>8A: ;DG !#( ID B: 6H 6C
:
B6>A 6II68=B:CI >C ',0DG9 ID
:?8>4E>>93<96653<9@C53?E; ?B 2I
61H ?B =19< "9DD<5 "51D -89CC5<G5<<
?F5I *B135I 5F?> *' " >7
<1>4*5<1>461H
)@DA: B6AJC6 "6L6>> Q?8 3? <1I
=1 <E>1S K:GH>DC D; QDIIDBH JES
-=6C@HIDD77>6J<=:GIN;DGI=>H
-=: I= #CI:GC6I>DC6A ,NBEDH>JB DC
762;79260 >2;14.,;9762,&7;*4%;*;276:
".9/795*6,.*6-,,<9*,@7/"92:5*;2,
*6- 76"92:5*;2,$./4.,;79:
(244@76;702*662%;./2796*97<*6-%;*;12:%;297:
+:;9*,;
-=: 688JG68N 6C9 E:G;DGB6C8: D;
ADL
8DHI CDC
EG>HB6I>8 G:;A:8IDGH
L>9:AN JH:9 >C <:D9:I>8 BDC>IDG>C<
EGD?:8IH >C <:DI:8=C>86A :C<>C::G>C<
L6H >CK:HI><6I:9 DC I=: 76H>H D; :ME:G>
B:CI6A B:6HJG:B:CIH #I L6H ;DJC9 I=6I
HJ8= B:6HJG:B:CIH 6G: 8=6G68I:G>H:9
7N H><C>;>86CI HNHI:B6I>8 :GGDGH L=>8=
6G: B>C>B>O:9 7N G:E:6I:9 B:6HJG:
B:CIH 7JI I=:N B6N G:HEDCH>7A: ;DG 6E
E6G:CI ;AJ8IJ6I>DCH D; BDC>IDG>C< HI6
I > D C H D G :K: C 8 D C 8 : 6 A > C < G : 6 A
9>HEA68:B:CIH
6;97-<,;276
-=: :KDAJI>DC D; :A:8IGDC>8H >C I=: A6HI
9:869:H =6H A:9 ID 6C :CDGBDJH 69K6C8:
D; HJGK:N>C< 6C9 DI=:G :< <:DI:8=C>
86A BDC>IDG>C< HNHI:BH ;DG BDC>IDG>C<
9:;DGB6I>DC D; HIGJ8IJG:H 6C9 I=:>G HJG
GDJC9>C<H -=: C:L <:C:G6I>DC D; HJG
K:N>C< >CHIGJB:CIH :A:8IGDC>8 6C9 GD
7DI>8 IDI6A HI6I>DCH 6C9 :A:8IGDC>8 A:K:AH
E:GB>I 688JG6I: ;6HI 6C9 ADL
8DHI G:
HJAIH ;DG 67HDAJI: 9>HEA68:B:CIH G:
;:GG>C< ID 6 8DBBDC G:;:G:C8: HNHI:B
-=: BDHI >BEDGI6CI 68=>:K:B:CI >H
EGD767AN 8DCI>CJDJH DG GD7DI>8 B:6
HJG:B:CIH 6C9 I=: G:6A
I>B: 68FJ>H>I>DC
6C9 EGD8:HH>C< D; A6G<: KDAJB: D; 96I6
;DG >CHI6C8: 6 ;:L I=DJH6C9H D; I6G<:IH
JH>C< !#, 6C9 DI=:G HD;IL6G: %66A7:G<
:I6A
:HE>I: I=>H :M8>I>C< 9:K:ADEB:CI
688JG68N 6C9 A>B>I6I>DCH D; BD9:GC HJG
K:N>C< >CHIGJB:CIH 6G: CDI 69:FJ6I:AN
:HI67A>H=:9 L=>A: K:GN ;:L 9:I6>A:9
BDC>IDG>C< 96I6 ;GDB G:8:CI EGD?:8IH
86C 7: ;DJC9 >C I=: A>I:G6IJG: ;DG >C
HI6C8: H:: +JA6C9 %DCID<>6CC>
6C9,I>GDH:I=:I6A
#C I=: ;DAADL>C< E6G6<G6E=H I=: E:G
;DGB6C8: 6C9 688JG68N D; 8DBBDC
CDC
EG>HB6I>8 G:;A:8IDGH 6G: 9>H8JHH:9
DC I=: 76H>H D; :ME:G>B:CI6A B:6HJG:
B:CIH -=>H G:H:6G8= >H E6GI D; 6 7GD69
G:H:6G8= DC :K6AJ6I>C< I=: DK:G6AA :;;>
8>:C8N D; BD9:GC <:D9:I>8 >CHIGJB:CIH
6C9 I:8=C>FJ:H 6I !:D9:HN &67 *6IG6H
.C>K:GH>IN!G::8:
#CK:HI><6I>DC D; I=: E:G;DGB6C8: D;
CDC
EG>HB6I>8 G:;A:8IDGH >H >BEDGI6CI
;DG ILD B6>C G:6HDCH >GHI I=:>G 8DHI
JHJ6AAN A:HH I=6C D; I=: 8DHI D; EG>H
B6I>8 G:;A:8IDGH B6@:H I=:>G JH: L>9:
HEG:69 C9 H:8DC9 7:86JH: I=:N
G:EG:H:CI I=: 9DB>C6CI HDJG8: D; :GGDG
;DG H=DGI H><=I>C< A>C:H JE ID B ADC<
HJ8= A:C<I=H G:EG:H:CI I=: K6HI B6?DG
>IN D; A>C:H >C BDHI BDC>IDG>C< 6EEA>86
I>DCH>C<:DI:8=C>86AEGD?:8IH
%7<9,.7/9979:26.7-.;2,
762;79260
>HI6C8: 6C9 6C<A: B:6HJG:B:CIH
<:DB:IG>86A 8DC;><JG6I>DC D; >CHIGJ
B:CIH 6C9 EG>HBH 6C9 :CK>GDCB:CI6A
;68IDGH >CIGD9J8: HNHI:B6I>8 :GGDGH >C
6AA B:6HJG:B:CIH 6C9 B6N A:69 ID
;6AH: 8DC8AJH>DCH DC L=:I=:G HIGJ8
IJG:H 6G: HI67A:
#C BDHI BDC>IDG>C< 6EEA>86I>DCH
=DL:K:G 6AA I=: 67DK: ;68IDGH =6K: IG>K
>6A >BE68IH DC I=: 688JG68N D; B:6HJG:
B:CIH ;DG ILD G:6HDCH >GHI 7:86JH:
67HDAJI: 9>HEA68:B:CIH 6G: 8DBEJI:9
6H I=: 9>;;:G:C8: 7:IL::C ILD H>C<A:
B:6HJG:B:CIH 6C9 <>K:C I=6I I=:N 8DC
I6>C I=: H6B: HNHI:B6I>8 :GGDGH I=:H:
:GGDGH 9D CDI >BE68I DC I=: B:6HJG:
B:CIH D; 9>HEA68:B:CIH ,:8DC9 7:
86JH: G:E:6I:9 B:6HJG:B:CIH E:GB>I 6
7:II:G8DCIGDAD;K6G>DJH:GGDGH
(:K:GI=:A:HH 6CDI=:G HDJG8: D; :GGDG
I=6I >H EDDGAN >CK:HI><6I:9 >H G:A6I:9 ID
I=: E:G;DGB6C8: D; I=: G:;A:8IDGH
LQGG
30
!& %&$' &&! )%
;A:8IDG >CIGD9J8:H 6C 699>I>DC6A :GGDG >C
9>HI6C8:6C96C<A:B:6HJG:B:CIH
#C DG9:G ID >CK:HI><6I: I=: :MI:CI D;
I=>H :GGDG 6 A6G<: CJB7:G D; :ME:G>B:C
I6A B:6HJG:B:CIH H>B>A6G ID I=DH:
I6@:C ;DG BDC>IDG>C< D; IJCC:A 8DC
HIGJ8I>DC L:G: B69: -=: :ME:G>B:CIH
6C9 I=: G:HJAIH D; I=: 6C6ANH>H 6G: 7G>:;AN
EG:H:CI:97:ADL
&1.?8.925.6;
97EB5 (56<53D9?> ?6 D85 5<53DB?=17>5D93 B1I ?6 1 75?45D93 9>CDBE=5>D # ?B D?
D1< CD1D9?> 1D 1 1 8978133EB13I @B9C=1D93 B56<53D?B 1>4 2 1 <?G3?CD >?>@B9C
=1D93B56<53D?BC9=@<96954
&DL
8DHI CDC
EG>HB6I>8 G:;A:8IDGH 6G:
L>9:AN JH:9 ;DG CJB:GDJH EGD?:8IH 7JI
I=:>G E:G;DGB6C8: 6C9 688JG68N =6H CDI
7::C :HI67A>H=:9 -=: 8JGG:CI G:H:6G8=
>C8AJ9:H :K6AJ6I>DC D; I=: E:G;DGB6C8:
6C9 688JG68N D; I=G:: 9>;;:G:CI INE:H D;
CDC
EG>HB6I>8 68GNA>8 G:;A:8IDGH I=6I 6G:
L>9:AN JH:9 >C BDC>IDG>C< IJCC:AH ;DJC
96I>DCL6AAH7J>A9>C<H:I8
8:CIG: D; I=: G:;A:8IDG "DL:K:G ;DG
CDC
EG>HB6I>8 G:;A:8IDGH I=>H >H 9:;>C:9
7N I=: IG6CHB>II>C< >CHIGJB:CI ID 6 G6C
9DB ED>CI DC I=: HJG;68: D; I=: G:;A:8
IDG -=>H D;;H:I 7:IL::C I=: <:DB:IG>8
8:CIG: D; I=: G:;A:8IDG 6C9 I=: G:6A G6C
9DB ED>CI D; B:6HJG:B:CI DC I=: G:
-=: 6>B D; I=: :ME:G>B:CIH L6H ID B:6
HJG: G:E:6I:9AN 9>HI6C8:H ID I=G:: INE>
86A CDC
EG>HB6I>8 G:;A:8IDGH 6C9 ID 8DB
E6G: I=:H: B:6HJG:B:CIH L>I= I=DH: ID
ILD =><= FJ6A>IN EG>HB6I>8 G:;A:8IDGH
6HHJB:9 ID G:EG:H:CI I=: G:6A 9>HI6C8:H
DG I=>H G:6HDC I=: ;>K: G:;A:8IDGH L:G:
;>M:9 DC 6 HI6C96G9 GJA: >: 6 EA6HI>8
76H: L>I= ;>K: B:I6A 7DAIH 6I :FJ6A 9>H
I6C8:H D; P8B 6EEGDEG>6I: ID 696EI
BDC>IDG>C< G:;A:8IDGH DC >< >H
I6C8: B:6HJG:B:CIH L:G: B69: DC 6AA
G:;A:8IDGH >C 6 QDE>>5< 6?B 31<92B1D9?> ?6
75?45D93 9>CDBE=5>DCS 6I I=: !:D9:HN
&67 *6IG6H .C>K:GH>IN !G::8: #C I=>H
QIJCC:AS C:6GAN 8DCHI6CI :CK>GDCB:C
I6A 8DC9>I>DCH C:6GAN 8DCHI6CI I:BE:G6
IJG: PD 6C9 EG:HHJG: PBB "<
E:GB>I 6 G:A>67A: 8DBE6G>HDC D; B:6
HJG:B:CIH
-=: I=G:: CDC
EG>HB6I>8 68GNA>8 I6G
<:IH 6C 68GNA>8 G:;A:8IDG 7N ,#,!)
#I6AN 6 L=>I: 68GNA>8 G:;A:8IDG 7N ,#(
(#(! !:GB6CN 6C9 6 L=>I: 68GNA>8
G:;A:8IDG 7N !)- JHIG>6 6C9
&1.".9/795*6,.7/"92:5*;2,
*6- 76"92:5*;2,$./4.,;79:
DG EG>HB6I>8 G:;A:8IDGH I=: G6N IG6CH
B>II:9 ;GDB I=: IDI6A HI6I>DC ;6AAH 6I 6
8:GI6>C ED>CI DC I=: EG>HB >H G:;A:8I:9
>CID H:K:G6A HJG;68:H >CH>9: I=: EG>HB
6C9 G:68=:H >IH 8:CI:G 6C9 I=:C G:
;A:8I:9 768@ I=GDJ<= I=: H6B: E6I= ID
I=: <:D9:I>8 >CHIGJB:CI ><6 )C I=:
8DCIG6GN ;DG CDC
EG>HB6I>8 EA6C6G
EA6HI>8 G:;A:8IDGH I=: H><C6A ;6AAH ID 6
ED>CI 9>;;:G:CI ;GDB I=: 8:CIG: D; I=: G:
;A:8IDG 6C9 >H G:;A:8I:9 768@ ;GDB I=>H
HE:8>;>8 ED>CI ID I=: IDI6A HI6I>DC
><7
DCH:FJ:CIAN L=:C JH>C< EG>HB6I>8
G:;A:8IDGH I=: B:6HJG>C< E6I= >H 9:;>C:9
7N I=: IG6CHB>II>C< >CHIGJB:CI ID I=:
97EB5 BB1>75=5>D ?6 D85 69F5 B56<53D?BC ?> D85 BE<5 @<1CD93 21C5 4EB9>7 D85 5H
@5B9=5>D (56<53D?BC 1>4 1B5 @B9C=1D93 1>4 1>4 1B5 3?==?> >?>@B9C=1D93
B56<53D?BC=1>E613DEB542I))%)$$$ 1>4%*B5C@53D9F5<I
LQGG
30
!& %&$' &&! )%
B:CI L6H G:E:6I:9 ;>K: I>B:H ':6HJG:
B:CI A:C<I=H L:G: H:A:8I:9 ID 8DGG:
HEDC9 ID I=: B:6HJG>C< 9>HI6C8:H 6I
8DBBDCBDC>IDG>C<6EEA>86I>DCH
,>C8: I=: :CK>GDCB:CI6A 8DC9>I>DCH
L:G: H>B>A6G ;DG 6AA :ME:G>B:CIH 6C9
B:6HJG:B:CIH 6I I=: EG>HB6I>8 G:;A:8
IDGH 6G: 6HHJB:9 ID G:EG:H:CI IGJ:
A:C<I=H I=: :ME:G>B:CIH 6AADL 6 9:I:G
B>C6I>DC D; I=: 688JG68N D; B:6HJG:
B:CIHIDI=:CDC
EG>HB6I>8G:;A:8IDGH
$.:<4;:
97EB5 5?=5DB931< 1BB1>75=5>D ?6
D85 DB1>C=9DD9>7 9>CDBE=5>D 1>4 D85 B5
6<53D?BC4EB9>7D855H@5B9=5>D
I=: ILD =><=
FJ6A>IN EG>HB6I>8 G:;A:8
IDGH ;>M:9 DC I=: GJA: 6H H=DLC >C ><
L:G: H:I 6I 9>HI6C8:H 7:IL::C 6EEGDM>
B6I:AN ID B ;GDB I=: IG6CHB>II>C<
>CHIGJB:CI 6C9 B:6HJG:B:CIH L:G:
B69: ID 6AA G:;A:8IDGH >< -D 8DC
IGDA I=: EG:8>H>DC D; G:HJAIH I=: :ME:G>
DBEJI:9 688JG68N D; 9>HI6C8: B:6
HJG:B:CIH ID I=: I=G:: CDC
EG>HB6I>8 G:
;A:8IDGH 6G: H=DLC >C >< GDB I=>H
;><JG: >I >H :K>9:CI I=6I H><C>;>86CI
BB :GGDGH 8=6G68I:G>O: B:6HJG:
B:CIH ID 6AA CDC
EG>HB6I>8 G:;A:8IDGH
6C9 I=6I HJ8= :GGDGH 6G: B6M>B>O:9 ;DG
H=DGI A:C<I=H B #I >H 6AHD :K>9:CI
I=6I 688JG68N D; 9>HI6C8: B:6HJG:B:CIH
>H 6 CDC
A>C:6G ;JC8I>DC D; I=: A:C<I= D;
I=: H><=I>C< 9>HI6C8: -=>H G:HJAI D7K>
DJHAN >C9>86I:H I=6I >C 86H: D; 8=6C<>C<
I=: AD86I>DC D; I=: IG6CHB>II>C< >CHIGJ
B:CI FJ>I: D;I:C 6 C:8:HH>IN 6I 8DC
HIGJ8I>DC H>I:H I=: 8=6C<:H >C H><=I>C<
9>HI6C8:H L>AA >CIGD9J8: 699>I>DC6A :G
GDGH>CB:6HJG:B:CIH
,J8= :GGDGH 6G: G:HEDCH>7A: ;DG ;AJ8
IJ6I>DCH >C G:8DG9:9 9>HEA68:B:CIH 6I
:ME:G>B:CI6A 6C9 68IJ6A B:6HJG:B:CIH
H:: :< ,I>GDH :I 6A >C EG:HH 6C9
%DCID<>6CC> 6C9 ,I>GDH G:HE:8
I>K:AN -=:N D7K>DJHAN 9D CDI ?JHI>;N
I=: HE:8>;>86I>DCH 69K:GI>H:9 7N I=: >C
9JHIGN JHJ6AAN VBB 7JI I=:N 6G:
B>C>B>O:9 7JI CDI :A>B>C6I:9 7N
G:E:6I:9B:6HJG:B:CIH
76,4<:276:
*A6HI>8 68GNA>8 CDC
EG>HB6I>8 G:;A:8
IDGH 6G: L>9:AN JH:9 >C <:DI:8=C>86A
BDC>IDG>C< EGD?:8IH 7DI= 7:86JH: D;
I=:>G HB6AA 9>B:CH>DCH 6C9 I=:>G B>C>
B6A 8DHI "DL:K:G I=:N >CIGD9J8: HDB:
:GGDGH >C B:6HJG:B:CIH L=>8= BJHI 7:
I6@:C >CID H:G>DJH 8DCH>9:G6I>DC 9JG>C<
I=: :K6AJ6I>DC D; <:D9:I>8 BDC>IDG>C<
96I6 #C E6GI>8JA6G HJ8= :GGDGH B6N 7:
G:HEDCH>7A: ;DG 6EE6G:CI ;AJ8IJ6I>DCH D;
8DDG9>C6I:H D; HDB: BDC>IDG:9 ED>CIH
8DCIGDA ED>CIH DC HIGJ8IJG:H DG DC
<GDJC9 6C9 B6N CDI G:;A:8I 6C9 B6N
:K:C 8DC8:6A G:6A 9>HEA68:B:CIH H::
;DG >CHI6C8: ,I>GDH :I 6A >C EG:HH 6C9
%DCID<>6CC>6C9,I>GDH
,367>4.-0.5.6;:
'G !:DG<: =6IO><>6CC:A>H 6C9 'G
!:DG<: *6E6HI6BDH 6G: I=6C@:9 ;DG
EGDK>9>C< I=: CDC
EG>HB6I>8 G:;A:8IDGH
JH:9>CDJG:ME:G>B:CIH
97EB5 33EB13I?649CD1>35=51CEB5=5>DCD?>?>@B9C=1D93B56<53D?BC6?B49665B5>DC978D9>749CD1>35C
LQGG
30
!& %&$' &&! )%
$./.9.6,.:
:I= ' '68@A>C , 6C9 (>8=DAH 3
%>C<H GDHH ,I6I>DC +:9:
K:ADEB:CI &DC9DC :H><C D; I=:
BDC>IDG>C< HNHI:B &B?3 ?6 D85 D8
>D5B>1D9?>1< )I=@?C9E= ?> 95<4
#51CEB5=5>DC 9> 5?=5381>93C
)HAD
%66A7:G< $ G66@B6C , 6C9 DD@
%
BHI:G96B
(DDG93J>9A>?C DC: D; I=: A6G<:HI
H:IIA:B:CI BDC>IDG>C< EGD?:8IH >C
JGDE: &B?3 ?6 D85 D8 >D5B>1
D9?>1< )I=@?C9E= ?> 95<4 #51CEB5
=5>DC 9> 5?=5381>93C )HAD
%DCID<>6CC> / 6C9 ,I>GDH , *G:9>8I>DCH 6C9 D7H:GK6I>DCH D; 8DC
K:G<:C8: >C H=6AADL IJCC:AH 86H:
=>HIDG>:H >C !G::8: >79>55B9>7 5
?<?7I
+JA6C9 + HJBB6GN D;
<GDJC9 BDI>DC :;;:8IH 6I ,& G:
HJAI>C< ;GDB I=: )8I I= :6GI=
FJ6@: &B?3 ?6 D85 >4 >D-?B;C8?@
> 335<5B1D?B <97>=5>D ,I6C;DG9
#CI:GC:I G:;:G:C8: LLLGDJE
HA68HI6C;DG9:9JB:I
# 0 - ) 4 , * 6 E : G H ++JA66E9;
,I>GDH , &DCIDJ * /DJIH>C6 *H>BDJA>H * %DCID<>6CC> /
*NI=6GDJA> , -DA:G6C8: D;
&6H:G +:;A:8IDGA:HH ' #CHIGJ
B:CIH )EBF5I(5F95G >CEG:HH
,9<<I !?>D?791>>9 )D569 !?B>1B?E
)D1D89C )D9B?C 5?45CI "12 5@D ?6
9F9< >79>55B9>7 &1DB1C +>9F5BC9DI
&1 D B1 C B5 5 3 5 5= 1 9 < F;?>DE@1DB1C7B *5< 5=19< CD9B?CE@1DB1C7B *5<
2:,<::276:7/ A$7+7;2,&7;*4%;*;276:*6$.57;.*;**8;<9.
1*44.60.:2676:;9<,;276C
*=2-773
.7;.,162,*4 .>:(74
7
.,.5+.9
88
*9;26.;1
H 6C >BEDGI6CI HI6GI>C< ED>CI # LDJA9
A>@: ID H6N I=6I 6K>9 DD@H 6GI>8A:
<>K:H 6 <DD9 6C9 8DBEA:I: HJBB6GN D;
I=: H >IJ6I>DC L >I= BDIDG>O:9
I=:D9DA>I:H 6C9 I=6I BDHI D; I=: HJ7
?:8IH =: B:CI>DCH 6<G:: L>I= DJG :ME:G>
:C8: D; BDG: I=6C JC>IH >CHI6AA:9 >C
I=:A6HII:CN:6GH
"6K>C< H6>9 I=6I # 6B CDL D7A><:9 ID
A>HI 6AA ED>CIH L>I= L=>8= # E6GI>6AAN 9>H
6<G::":G:I=:N6G:7:ADL
6;97-<,;276;7;1.9;2,4.
0: 9D CDI 7:A>:K: I=6I L: 86C B6@:
B:6HJG:B:CIH DC =DAD<G6E=>8 EG>HBH
L>I= BDHI D; I=: I=:D9DA>I:H 8JGG:CIAN
DC I=: B6G@:I 0: =6K: ;DJC9 DCAN DC:
B6CJ;68IJG:G DJI D; ;DJG I=6I L: JH:
I=6I 86C HJEEDGI >I 6C9 I=: EG:8>H>DC D;
I=:HNHI:B>HHI>AAID7:8=:8@:9
779-26*;.:
JIDB6I>8 G:
H:8I>DC D; I=: +-, 8DDG
9>C6I:H H=DJA9 7: >BEA:B:CI:9 :K:C >;
I=: I=:D9DA>I: EDH>I>DC >H DJIH>9: I=:
ODC: D; >C;AJ:C8: DG :M6BEA: I=:G: >H
6AL6NH HDB: 9:<G:: D; GDI6I>DC D; I=:
I=:D9DA>I:DC>IHDLC6M>H
6=29765.6;*4*,;79:*6(*6-*42:5
JAAN 8ADH:9 <A6HH EGDI:8I>K: :C8ADHJG:H
;DG I=: I=:D9DA>I:H 86C 7: B6CJ;68
IJG:9 EGDK>9:9 I=6I I=: G><=I <A6HH 8=6G
68I:G>HI>8H 6C9 I=: G><=I <:DB:IG>86A 9:
H><C 6G: JH:9 -=:N 6G: E6GI>8JA6GAN
JH:;JA ;DG EGDI:8I>DC 6<6>CHI K6C96A>HB
6C9 ;DG EGDI:8I>DC >C K:GN >C8A:B:CI
L:6I=:G 0: =6K: 6AHD >CHI6AA:9 =:6I:9
<A6HH=:AB:IH
"7>.9
*DL:G 9G6>C D; I=: +-, >C >IH:A; >H CDI HD
A6G<: DC I=: DG9:G D; 6 ;:L 6BEH 6I /
HD 6C JC>CI:GGJEI:9 EDL:G HJEEAN 86C
7: JH:9 "DL:K:G >I >H I=: G:HI D; I=: 68
FJ>H>I>DC 8=6>C I=6I B><=I G:FJ>G: 6
A6G<: EDL:G HJEEAN G69>D 6C9 * ;DG
:M6BEA:
6;.952;;.6;26.7/%201;
::<.:
0: =6K: CDI :ME:G>:C8:9 I=: EGD7A:B
67DJI I=: ;>GHI EG>HB >C 6 8N8A: G:FJ>G>C<
6 8A:6G A>C: D; H><=I '6N7: I=: B:CI>DC
6G>H:H ;GDB 6C 6JIDB6I>8 96I6 FJ6A>IN
>BEGDK:B:CI IDDA I=6I L: 9:K:ADE:9
6C9 >CHI6AA:9 DC I=: (DGI=
,DJI= &>C:
*GD?:8I >C BHI:G96B L>I= L=>8= 6
K>9 DD@ L6H =:6K>AN >CKDAK:9 #I JH:H
I=: EG>C8>EA: D; 8>G8A: 8ADH>C<
L:AA
@CDLC ID HJGK:NDGH -=: HNHI:B
JH:H L=6I >H 86AA:9 6C QDE:CS I6G<:I I=6I
>H H><=I:9 7DI= ;>GHI 6C9 A6HI >C I=: 8N8A:
-=>H >H JH:9 ID 9:I:8I 6C9 8DGG:8I 6CN
K6G>6I>DC D; I=: B:6HJG:B:CI 8DC9>
I>DCH 9JG>C< I=: 8N8A: ); 8DJGH: I=:
H><=I>C< ID I=>H EG>HB H=DJA9 7: D; <DD9
FJ6A>IN
$&%':.>2;126&<66.4:
)JG :ME:G>:C8: >H I=6I 9:HE>I: I=: 9>;;>
8JAI <:DB:IGN I=: EG:8>H>DC >H 7:II:G
I=6C DJIH>9: IJCC:AH 7:86JH: D; BDG:
HI67A: 6>G 8DC9>I>DCH -=: INE>86A EG:8>
H>DC DJIH>9: IJCC:AH >H <:C:G6AAN 67DJI
LQGG
30
!& %&$' &&! )%
DG BB ;DG EG>HBH L>I=>C B D; 6C +-, 6C9 BB >C IJCC:AH
<6>C I=>H L6H 6 K:GN <DD9 6GI>8A:
6C9 7N I=: L6N L: L:G: K:GN =DCDG:9 ID
H:: DC: D; DJG 2&)*, H=DLC >C ;><
JG:
2+42709*81@
":G: 6G: HDB: ;JGI=:G E6E:GH ID 699 ID
I=:DC:H>C8AJ9:9>CI=:6GI>8A:
QM86K6I>DC 6C9 >CHIGJB:CI6I>DC
L>I=>C I=: !G6C9 *6A6>H >C *6G>H 86H:
HIJ9NS I= #CI:GC6I>DC6A ,NBEDH>JB
DC !:DI:8=C>86A HE:8IH D; .C9:G
<GDJC9 DCHIGJ8I>DC >C ,D;I !GDJC9
-DJADJH: :I= ' &6K>HH: $
6C9B>8:A2
Q!GDJC9 BDK:B:CI 6C9 HIGJ8IJG6A
BDC>IDG>C< ;DG %>C<H GDHH ,I6I>DC G:
9:K:ADEB:CIS # EGD8::9>C<H :I='6C9)7G:1
QJIDB6I:9 'DC>IDG>C< D; I=: M
>HI>C< >GEDGI MEG:HH &>C: 6I (6B
=:DC< ,I6I>DCS .C9:G<GDJC9 DC;:G
:C8: ,>C<6EDG: -=JGADL * 6C9
6G6NDA,
Q%>C<H GDHH ,I6I>DC +:9:K:ADE
B:CI &DC9DC :H><C D; I=: 'DC>IDG
>C< ,NHI:BS '!' )AHD :I=
''68@A>C,6C9(>8=DAH3
#1BD9> 5D8 %@5B1D9?>C #1>175B
)?<41D1 B?E@ F5>E5 5?B75C
<5=5>351E $1>D5BB5 B1>35
*5<
5=19<=1BD9>25D8C?<41D16B
92*679>*9;
-=>H 6GI>8A: >H L:AA I=DJ<=I DJI 6C9 EG:
H:CI:9 DG B6CN N:6GH 6C9 L>I= B>M:9
HJ88:HH I=: B>C>C< >C9JHIGN =6H JH:9
I=:H: >CHIGJB:CIH ID EGDK>9: 6C :6GAN >C
9>86I>DC D; E>I HADE: 6C9 =><= L6AA
BDK:B:CI I=6I B6N >C9>86I: >CHI67>A>IN
+D7DI>8 IDI6A HI6I>DC +-, ;6>AJG:H
=6K: <:C:G6AAN 7::C I>:9 ID B>HJC9:G
HI6C9>C< D; >HHJ:H 6C9 >CHIGJB:CI 86E6
7>A>I>:H I=6I =6K: 7::C L:AA 9:H8G>7:9 >C
I=: 6GI>8A: -=>H 9>H8JHH>DC EGDK>9:H 6C
:M6BEA: D; H:K:G6A >HHJ:H JC>FJ: ID 6
HE:8>;>8 B>C>C< 6EEA>86I>DC I=6I B:G>I
;JGI=:G:BE=6H>H
?:8I <D6AH -=: HNHI:B 8DCH>HI D; 6 G:
BDK67A: GD7DI>8 I=:D9DA>I: BDC>
IDG>C< AD86I>DCH E:GB6C:CI
>CHIGJB:CI EA6I;DGBH 6C9 768@ H><=I
7:C8=B6G@H :H><C G:FJ>G:B:CIH
L:G: =DG>ODCI6A 6C9 K:GI>86A 688JG68N
8B H=DI A:C<I= B6M>BJB B
G:69>C< >CI:GK6A FJ6GI:GAN 6;I:G 76H:A>C:
96I6 :HI67A>H=:9 EG>HBH 86E67A: D; HJG
K>K>C< =6GH= B>C: 6C9 L:6I=:G :CK>GDC
B:CI >C8AJ9>C< 7A6HI>C< >8: 9JHI GD8@
;6AA I6G<:IH I=6I 86C 7: 699:9 DG HJ7
IG68I:9 ;GDB I=: BDC>IDG>C< EGD<G6B 6H
B>C>C<8=6C<:HI=:6G:6HD;8DC8:GC
26260::<.
%179;*6-760&.95
6:;9<5.6;"4*;/7957,*;276:
-=: B>C>C< >HHJ: >H HI67>A>IN D; 6C
;DDI =><= L6AA L>I= A>B>I:9 HIGJ8
IJG6A 67>A>IN ID 8DCHIGJ8I HI67A: 7:C8=:H
6H G:FJ>G:9 ;DG H6;:IN -=: =6JA GD69 IG6
K:GH:H I=: ID: D; I=: =><= L6AA +:<JA6
I>DCH G:FJ>G: EDH>I>K: GD8@ ;6AA EGDI:8
I>DC HNHI:BH ;DG LDG@:GH :CI:G>C< I=:
6G:6 7:ADL I=: =><= L6AA #I >H CDI ;>C6C
8>6AAN EG68I>867A: ID 8DCHIGJ8I HADE: G:
>C;DG8:B:CI ID H:8JG: I=: HADE: I=:G:
;DG: 6C D7H:GK6I>DC6A 6EEGD68= 6ADC<
L>I= 6C 68I>K: 6CCJ6A GD8@ H86A>C< 6C9
I:HI>C< EGD<G6B =6H 7::C 9:H><C:9 ;DG
EGDK>9>C< EGDI:8I>DC EDGI>DC D; I=>H
D7H:GK6I>DC6A HNHI:B >H 6C +-, HNHI:B
I=6I BDC>IDGH I6G<:IH HIG6I:<>86AAN
EA68:9DCI=:GD8@;68:
%@:;.5.:206
"6G9L6G: H:A:8I>DC L6H 9DC: L>I= I=:
6HH>HI6C8: D; 6 EG:
FJ6A>;>:9 :ME:GI HJG
K:NDG L=D 6AHD LDJA9 7: I=: DK:G6AA
8=>:; D; HJGK:N ;DG I=: EGD?:8I -=>H 9:
8>H>DC EGD767AN L6H I=: H>C<A: BDHI 8DHI
:;;:8I>K: 9:8>H>DC ;DG 68=>:K>C< DJG EGD
DG HNHI:B 688JG68N L: G:FJ>G:9 I=G::
HI67A: 7:C8=:H L>I=>C H><=I D; I=: >C
HIGJB:CI =J7H I=G:: >CHIGJB:CI =J7H
H>IJ6I:9 ID EGDK>9: 6 B>C>BJB D; ILD
>C9:E:C9:CI I6G<:I G:69>C<H ;DG :68=
I6G<:I L>I= CD BDG: I=6C 6 9:<G::
HL::E D; I=: >CHIGJB:CI 9:<G::H
=DG>ODCI6A 6C9 K:GI>86A EA6C: E:GE:C9>8
JA6G ID I=: =><= L6AA 6I I=: >CHIGJB:CI
=J7 AD86I>DC E>I B>C: =6H ;:L 6G:6H
6GDJC9 I=: E:G>B:I:G I=6I 6G: HJ;;>
8>:CIAN HI67A: ;DG 7DI= 6C >CHIGJB:CI
EA6I;DGB 6C9 HI>AA EGDK>9: 6 768@ H><=I ID
6 HI67A: 7:C8= -=>H E>I >H CD :M8:EI>DC
G>9<: AD86I:9 DEEDH>I: I=: E>I =><=
L6AA L6H H:A:8I:9 ;DG I=: =J7H 6C9
7:C8=:H -=: =J7H 8DCH>HI:9 D; 8J7>8
N6G9H D; 8DC8G:I: 86HI DC JC9>HIJG7:9
GD8@ *:GB6C:CI BDJCI>C< 7G68@:IH
L:G: BDJCI:9 6I :68= =J7 AD86I>DC ID
E:GB>I 688JG6I: G:EA68:B:CI D; I=: >C
HIGJB:CI -=: AD86I>DC D; I=: =J7H L6H
B>C:9 DJI L>I=>C ;DJG N:6GH D; EA68:
B:CI G:FJ>G>C< C:L =J7H -=: C:L
=J7H L>AA 7: H:I I=>H N:6G DC 6 ADL:G:9
7:C8= 6C9 8DCH>HI 6AHD D; 8DC8G:I: DC
GD8@ -=: 7:C8=:H =6K: CDI 7::C 9>H
IJG7:9 I=JH 6AADL>C< G::HI67A>H=B:CI D;
G:69>C<H 6;I:G C:L 76H:A>C: 96I6 76H: >H
:HI67A>H=:9
%.4.,;2767/&*90.;&@8.*67<6;260.;*24:
-6G<:I H:A:8I>DC L6H 8G>I>86A ID I=: HNH
I:B 688JG68N ;DG I=: G:FJ>G:9 H=DI
A:C<I=H 6C9 6C<A:H *G>HBH L:G: BB
9>6B:I:G 6C9 L:G: B69: D; <A6HH
'DJCIH L:G: JC>K:GH6A 69?JHIB:CI L>I=
6 >C8= 9>6B:I:G BDJCI>C< I=G:69
-=>H I=G:69 BDJCI:9 DC 6 HI6C96G9
I=G:69:9 GD8@ 6C8=DG -=: BDJCI>C< G:
FJ>G:9 EDGI67A: =6C9 IDDAH 6H 6AA I6G<:I
AD86I>DCH G:FJ>G:9 G:E:AA>C< H:K:G6A
=JC9G:9 ;::I 9DLC I=: =><= L6AA I=:C
>CHI6AA6I>DC 6C9 69?JHIB:CI L=>A: =6C<
>C< ;GDB I=: GDE: ;I:G 6AA I6G<:IH L:G:
BDJCI:9 I=: HJGK:NDG L>I= I=: +-, 6C9
I=: I6G<:I BDJCI>C< I:6B JH>C< G69>D
8DBBJC>86I>DC 69?JHI:9 :68= D; I=:
EG>HBHID6CDEI>B6A6A><CB:CI
6=29765.6;*4*5*0.;7
&*90.;:
-=: I6G<:I >CHI6AA6I>DC L6H 8DCH>9:G:9
E:GB6C:CI BDG: I=6C N:6GH A>;:
-=:G:;DG: I6G<:IH L:G: G:FJ>G:9 ID HJG
K>K: GD8@;6AA HCDL 6C9 >8: AD69H 6C9
9JHI 6C9 ;ANGD8@ ;GDB B>C>C< 68I>K>I>:H
-=:H: G:FJ>G:B:CIH 8DJA9 CDI 7: ;JAAN
<J6G6CI::9 >C 6 B>C: :CK>GDCB:CI
-=:G:;DG: H:A:8I>K>IN ;DG I6G<:I HI6I>DCH
6C9 G:9JC96C8N L:G: JH:9 ID G:9J8: I=:
G>H@ D; ADH>C< 6 I6G<:I HI6I>DC 68= I6G
<:I HI6I>DC =69 6 ILD EG>HBH BDJCI:9
CDI 8ADH:G I=6C B 6C9 CDI ;JGI=:G
LQGG
30
!& %&$' &&! )%
I=6C B 6E6GI ,:CH>I>K: GD8@ B6HH:H
=69 ILD ID I=G:: H:E6G6I: I6G<:I HI6I>DCH
DC I=: GD8@ B6HH -6G<:I HI6I>DCH L:G:
H:A:8I:9 DC DK:G=6C<H 6C9 >C 9GN GD8@
H:8I>DCH ID EGDI:8I 6<6>CHI ;6AAH 6C9 >8:
&DC<
I:GB 6CCJ6A B6>CI:C6C8: >H G:
FJ>G:9 ;DG 6AA I6G<:IH *G>HB 6A><CB:CI >H
8=:8@:9 6C9 69?JHI:9 >; C:8:HH6GN 6C9
7GD@:C EG>HBH G:EA68:9 >; C:8:HH6GN
99>I>DC6AAN 6AA EG>HHB A:CH:H CH:H 6G:
8A:6C:96CCJ6AAN
262606=29765.6;$.*-260
%;*+242;@
-=: B>C>C< :CK>GDCB:CI >C8AJ9:H 7A6HI
>C< ;ANGD8@ 6C9 6 =DA: >C I=: <GDJC9
-=: ;ANGD8@ 86C =>I 6CNL=:G: >C I=:
B>C: 6G:6 (D EGDI:8I>DC DI=:G I=6C I=:
DK:G=6C< ;DG GD8@ ;6AA EGDI:8I>DC L6H
EGDK>9:9 6H >I L6H 8DCH>9:G:9 ID >BE:9:
I=: G:69>C< 67>A>IN D; I=: EG>HBH -=:
H=DIH 8GDHH:9 I=: FJ6GGN E>I JG>C< I=:
96N I=: E>I 9:K:ADE:9 I=:GB6A <G69>:CIH
6ADC< I=: H=DI A>C:H -=:H: <G69>:CIH
>BE68I:9 I=: 688JG68N D; I=: G:69>C<H
+:69>C< >CI:GK6AH L:G: A>B>I:9 ID I=:
:6GAN BDGC>C< I>B: DG DC 6 8ADJ9N 96N
IDG:9J8:I=:I=:GB6A>C;AJ:C8:
762;79260$.:<4;:
,NHI:B E:G;DGB6C8: =6H 7::C L>I=>C
9:H><CG:FJ>G:B:CIH
-L:AK: EG>HBH =6K: G:FJ>G:9 G:
6A><CB:CI H>C8: >CHI6AA6I>DC I=DJ<=
DCAN DC: ;JAA I6G<:I HI6I>DC =6H 7::C
ADHI L=:C 7DI= EG>HBH L:G: =>I 7N 6C
>8:;6AA
)C: EG>HB =6H 7::C 9:HIGDN:9 7N
GD8@;6AA 6C9 G:FJ>G:9 G:EA68:B:CI
,E6G: EG>HBH DC H>I: =6K: EGDK:C
K:G N 8 D H I : ;; : 8 I >K: 9 J G > C <
G:B:9>6I>DC E:G>D9H 6H G:EA68:B:CI
EG>HBH >C FJ6CI>IN 6G: CDI AD86AAN
6K6>A67A:
)C: I6G<:I =6H 7::C G:AD86I:9 ID 6
C:L GD8@ B6HH D; 8DC8:GC 6C9 699:9
IDI=:HJGK:NBDC>IDG>C<EGD<G6B
:C8=B6G@ K:G>;>86I>DC HJGK:NH
=6K: >C9>86I:9 I=6I DC: 7:C8= >H CDI
HJ;;>8>:CIAN HI67A: 6C9 G:FJ>G:H G:
EA68:B:CI -=>H 7:C8= >H 7:>C< G:
EA68:9
+:69>C<H >C :A:K6I>DC 6C9 EDH>I>DC
6G:G:EGD9J8>7A:ID
BB
,:GK>8>C< I=: EG>HBH ;DG G:EA68:
B:CI 8A:6C>C< 6C9 G:6A><CB:CI G:
FJ>G: HJGK:N 6HH>HI6C8: 6ADC< L>I=
H@>AA:9 GD8@ 8A>B7:GH -=>H 86C DCAN
7: 9DC: >C <DD9 L:6I=:G L>I= 6AA
8G>I>86A E:GHDCC:A DC H>I: 6I I=: H6B:
I>B: -=>H =6H 7::C 9>;;>8JAI ID
H8=:9JA: 7:86JH: D; I=: A>B>I:9 GD8@
:ME:G>:C8:9 E:DEA: 6C9 I=: A>B>I:9
FJ6A>;>:9 HJGK:N HI6;; ;DG 6HH:HH>C<
I=:H:GK>8:69:FJ68N
)C: GDJC9 D; >CHIGJB:CI =J7 G:AD86
I>DC >H 7:>C< 9DC: EG:H:CIAN 6C9 >H
CDI 6CI>8>E6I:9 ID 7: 6 EGD7A:B 6H
I=: 7:C8= HJGK:NH =6K: >C9>86I:9
HI67>A>IN "DL:K:G I=: G:69>C<H
=6K: 7::C >CI:GGJEI:9 ;DG 6EEGDM>
B6I:AN DC: N:6G 6H I=: =J7 AD86I>DCH
L:G: 6AA >C I=: H6B: B>C>C< ODC:
:II:G 8DDG9>C6I>DC L>I= I=: B>C:
EA6C 8DJA9 =6K: EG:K:CI:9 I=>H 96I6
<6E
B91> ?BG1BD ,935 &B5C945>D 1<5I
1>4 <4B938 >3 B1>9D5 )DB55D
B4 <??B #1>385CD5B $ +)
*5< 5=19<23481<5I1<4B9383?=
$2,1*9-4*6*0*6
#I L6H <G6I>;N>C< ID H:: 6K>9 DD@H
G:8:CI 6GI>8A: >C !#( 5?D538>931<
$5GC 535=25B DC G:BDI: 96I6
8DAA:8I>DC JH>C< +D7DI>8 -DI6A ,I6I>DCH
+-, 7:C:;>I ID I=: <:DI:8=C>86A :C
<>C::G>C< >C9JHIGN LDJA9 7: 86H: =>H
IDGN 6GI>8A:H DC I=>H HNHI:B :HE:8>6AAN
I=DH: JH>C< L>G:A:HH 96I6 IG6CHB>HH>DC
6EEGD68=>C< C:6G G:6A I>B: BDC>IDG>C<
)EI>86A EG>HB BDC>IDG>C< ;GDB 76
H>8 6EEA>86I>DCH ID ;JAAN 6JIDB6I>8 +-,
EA6N:9 6C >BEDGI6CI GDA: >C I=: C:LAN
8DBEA:I:9 ,>C<6EDG: ::E -JCC:A
,:L:G6<: ,NHI:B *GD?:8I -,, -=:
-,, IJCC:A HNHI:B >C8AJ9:H @B D;
A6G<: 9>6B:I:G IJCC:AH :M86K6I:9 EG>
B6G>AN 7N -'H I=GDJ<= 6C JG76C
6G:6 ,>C<6EDG: >H @CDLC ;DG >IH =><=AN
K6G>67A: <GDJC9 G6C<>C< ;GDB HD;I
8A6NH >C ADL AN>C< 8D6HI6A 6G:6H ID ;G:H=
<G6C>I: ID G:H>9J6A HD>AH >C I=: >CI:G>DG
'6?DG >C;G6HIGJ8IJG: HJ8= 6H :MEG:HH
L6NH ;ANDK:GH 6C9 6 CJB7:G D; JC9:G
<GDJC9 6I
<G69: 6C9 :A:K6I:9 '6HH
+6E>9 -G6CH>I '+- G6>AL6NH L:G:
L>I=>C I=: -,, IJCC:A 8DCHIGJ8I>DC
>C;AJ:C8: 6G:6H HDB:I>B:H DCAN 6 ;:L
B:I:GH9>HI6CI
)C: HJ8= +-, 6EEA>86I>DC L6H 6C >C
HI6AA6I>DC >C 6 IL>C B:I:G 9::E '+8JI 8DK:G IJCC:A 8DCHIGJ8I:9 7N 9>6
E=G6<B L6AA B:I=D9DAD<N -=: -,,
IJCC:A E6HH:9 6I G><=I 6C<A:H JC9:GC:6I=
I=: '+- -=: 8GDHH>C< L6H 6I 6 7JHN
HJG;68: GD69L6N >CI:GH:8I>DC I=6I L6H
JC9:G<D>C< B6?DG 8DCHIGJ8I>DC L>I= 6
C:L DK:GE6HH 7G>9<: -=: '+- G:FJ>G:
B:CIH>C8AJ9:9I=:;DAADL>C<
G:FJ:CI 9>HEA68:B:CI BDC>IDG>C<
>CH>9: 7DI= '+- IJCC:AH ;DG 6AA H>9:
L6AAH8GDLCH6C9G6>AI>:H
DG H6;:IN 6C9 H:8JG>IN G:6HDCH 68
8:HH ID I=: '+- IJCC:AH L6H HIG>8IAN
A>B>I:96C98DCIGDAA:9
)EI>86A EG>HBH L:G: H:I JE DC JC>
;DGB ADC<>IJ9>C6A >CI:GK6AH DC I=: IJC
C:A 8GDLCH H>9:L6AAH 6C9 G6>A I>:H DG
:M6BEA: I=:G: L:G: EG>HB AD86I>DCH
DC :68= IJCC:A 8GDLC L>I= B6I8=>C<
ED>CIH DC I=: L6AAH 6C9 G6>A I>:H +:69
>C<H L:G: AD<<:9 H:K:G6A I>B:H 6 96N
L=>A: I=: -' 6EEGD68=:9 6C9 E6HH:9
I=: 8GDHH>C< -=: 9JG6I>DC D; I=: BDC>
IDG>C<L6HILDL::@H
*GD9J8I>DC G:69>C<H 8DBB:C8:9
L:AA 7:;DG: I=: -' :CI:G:9 >CID >IH :M
E:8I:9 :M86K6I>DC >C;AJ:C8: ODC: >C G:
A6I>DC ID I=: '+- HIGJ8IJG:H JG>C< I=:
A6II:G I>B: IDI6A 9>B:CH>DC6A 9>H
EA68:B:CIH >C I=: G6C<: D; BB L:G:
D7H:GK:9 -=>H 9>HEA68:B:CI B6<C>IJ9:
L:G: D7H:GK:9 6I C:6GAN 6AA EG>HB AD86
I>DCH DC I=: L6AAH 8GDLC 6C9 G6>A HNH
I:B 6C9 >C 7DI= IJCC:AH 6I I=: H6B:
I>B: -=: H6B: IDI6A 9>HEA68:B:CIH 6C9
E6II:GC 8DCI>CJ:9 ID 7: D7H:GK:9 6H I=:
-' E6HH:9 6C9 A:;I I=: '+- 6G:6
-=:G: L6H C:K:G 6 EA6JH>7A: :MEA6C6I>DC
6H ID L=N I=:H: 9>HEA68:B:CI B6<C>
IJ9: 6C9 E6II:GC D88JGG:9 G:<6G9A:HH D;
I=: -' :M86K6I>DC AD86I>DC (DC:I=:
A:HH I=: BDC>IDG>C< B>HH>DC L6H 68
8DBEA>H=:9 6C9 CD 6EEG:8>67A:
9>HEA68:B:CIH 6EE:6G:9 ID =6K: D8
8JGG:9 DI=:G I=6C I=: >C>I>6A BB
LQGG
30
!& %&$' &&! )%
EG:K>DJHAN CDI:9 )I=:G BDC>IDG>C<
>CHIGJB:CIH 9>9 >C9>86I: I=6I I=:G: L:G:
H=6AADL <GDJC9 BDK:B:CIH 7JI I=:H:
B6N =6K: 7::C >C;AJ:C8:9 7N 6 C:6G7N
-,, H=6;I 6C9 I=: C:L DK:GE6HH
7G>9<:8DCHIGJ8I>DC
-=>H 9>H8JHH:G =6H 7::C FJ:G>:9 7N
8DAA:6<J:H L=D L:G: >C I=: EGD8:HH D;
9:H><C>C< +-,H ,DB: D; I=: FJ:G>:H
=6K:7::C
0=6I >H I=: B6M>BJB I=:D9D
A>I:
ID
EG>HB DE:G6I>C< G6C<: -=:
B6CJ;68IJG:G H=DJA9 7: 8DCHJAI:9
;DG 688JG68N 6C9 EG:8>H>DC L>I= G:
HE:8IID9>HI6C8:
0=6I =6EE:CH L=:C 6 IG6>C 7AD8@H
I=: A>C: D; H><=I 9JG>C< 6 BDC>IDG>C<
8N8A: -=: HNHI:B 86C H>BEAN H@>E
I=: H:I D; G:69>C<H -=>H B6N CDI 7:
688:EI67A: >; I=: ;G:FJ:C8N D; 7AD8@
6<: >H <G:6IUI=:C DC: LDJA9 C::9 ID
G:
9:H><C I=: A>C: D; H><=I A6NDJI 6C9
E:G=6EH699BDG:HI6I>DCH
"DL D;I:C 9D:H DC: C::9 ID 8A:6C I=:
I6G<:IH L=:C AD86I:9 >C 6C DE:G6I>C<
G6>A IJCC:A A:6C>C< I=: EG>HB HJG
;68: D7K>DJHAN 9:E:C9H DC I=: E6G
I>8JA6G G6>A HNHI:B 8=6G68I:G>HI>8H 7JI
<:C:G6AAN :K:GN H:K:G6A L::@H
H=DJA9HJ;;>8:
-=>H 9>H8JHH:GH 699>I>DC6A HJ<<:H
I>DCH;DGI=DH:8DCH>9:G>C<+-,6G:
*GDK>9: HJ;;>8>:CI I>B: ;DG <DD9
76H:A>C: G:69>C<H L:AA >C 69K6C8: D;
8DCHIGJ8I>DC
#CKDAK: :ME:G>:C8:9 <:DI:8=C>86A
:C<>C::GH L>I= I=: 96I6 >CI:GEG:I6
I>DC I=GDJ<=DJI I=: :CI>G: BDC>IDG
>C<EGD<G6B
(9381B4 <1>171> 8956 *E>>5< >
79>55B *85 &1BD>5BC89@ 1 , ?6 &1B
C?>C B9>3;5B8?66 # #1BB9C )*,
>79>55BC *B1>C E4C?> H@B5CC
* *E>>5< &B?:53D 1D5G1I 5>
D5B D8 <??B $5G1B; $5G 5BC5I
*5< 5=19<6<1>171>B@2G?B<43?=
&9.=799..6260
6K>9 DD@H 6GI>8A: EGDK>9:H 6 I=DG
DJ<= ED>CI
7N
ED>CI HJBB6I>DC D; I=:
EG68I>86A 8DCH>9:G6I>DCH 6C9 >HHJ:H 6H
HD8>6I:9 L>I= 9:EADN>C< +D7DI>8 -DI6A
,I6I>DCH +-, >C HJEEDGI D; 9:;DGB6
I>DC BDC>IDG>C< EGD<G6BB:H "DL:K:G
H:K:G6A @:N ;68IDGH 6G: LDGI=N D; 699>
I>DC6A9>H8JHH>DC6C9:BE=6H>H
.:2067/762;79260 .;>793:
><JG: D; 'G DD@H 6GI>8A: >AAJHIG6I:H
6 INE>86A +-, BDC>IDG>C< C:ILDG@ 8DC
;><JG6I>DC 8DB7>C>C< BJAI>EA: >CHIGJ
B:CIH 6C9 EG>HBH -=: JH: D; G:;:G:C8:
EG>HBH AD86I:9 L:AA 7:NDC9 I=: ODC: D;
:ME:8I:9 9:;DGB6I>DC =><=A><=IH DC: D;
I=: B6?DG HIG:C<I=H D; 6 +-, HDAJI>DC
C6B:AN I=: 67>A>IN ID :MI:C9 ID HI67A:
<GDJC9 I=:G:7N EGDK>9>C< 6 ;>M:9 96
IJB ;DG 9>HEA68:B:CI 8DBEJI6I>DCH 6C9
IG:C9 6C6ANH>H "DL:K:G I=: HI67>A>IN D;
I=: G:;:G:C8: ED>CIH R 6C9 =:C8: D; I=:
96IJB R BJHI 7: 8DC;>GB:9 :>I=:G 9JG
>C< I=: D7H:GK6I>DC
8DBEJI6I>DC 8N8A:
DG E:G>D9>86AAN K>6 >C9:E:C9:CI B:6
HJG:B:CIH 6C9 6C6ANH>H C6ANI>86A
B:I=D9H 6G: 6K6>A67A: HE:8>;>86AAN ;DG
I=>H EJGEDH: -=: JC9:I:8I:9 BDK:B:CI
D; 6 G:;:G:C8: ED>CI 86C A:69 ID HEJG>DJH
BDC>IDG>C< ED>CI IG:C9H L>I= JC9:H>G
67A: 8DCH:FJ:C8:H >C I:GBH D; >BEGDE:G
>CI:GEG:I6I>DC 6C9 >C6EEGDEG>6I: G:B:
9>6A68I>DCH6C96HHD8>6I:98DHIH
,,<9*,@*6-762;79260
%.6:2;2=2;@B%@:;.5.:206
-=: HE6I>6A 688JG68N D; 6 +-, C:ILDG@
>H EG>B6G>AN 6 ;JC8I>DC D; I=: :FJ>EB:CI
E:G;DGB6C8: 6C9 C:ILDG@ <:DB:IGN
'G DD@ =6H =><=A><=I:9 B6CN D; I=:
H:8DC96GN :;;:8IH L=>8= 86C A:69 ID 68
8JG68N 9:<G696I>DC (DC:I=:A:HH 9JG
>C< I=: 9:H><C E=6H: >I >H 69K>H67A: ID
E:G;DGB 6 EG:
6C6ANH>H JH>C< A:6HI
HFJ6G:H I:8=C>FJ:H ID EG:9>8I I=: HE6I>6A
688JG68N D; I=: 8DBEJI:9 8D
DG9>C6I:H
D; I=: BDC>IDG>C< EG>HBH -=>H L>AA :C
HJG: I=6I I=: HNHI:B =6H HJ;;>8>:CI H:CH>
I>K>IN ID 9:I:8I IG:C9H 6I I=: G:FJ>H>I:
A:K:A D; 8DC;>9:C8: :< EGD767>A
>IN H G:6A B:6HJG:B:CIH 7:8DB:
6K6>A67A: 6 C:ILDG@ B6N G:FJ>G: B>CDG
BD9>;>86I>DCH :< I=: 699>I>DC D;
8DBBDC EG>HBH ID >BEGDK: >IH H:CH>
I>K>IN 6I 6CN >9:CI>;>:9 AD86I>DCH
);;
I=:
H=:A; HD;IL6G: >H 6K6>A67A: ;DG
I=:H:6C6ANI>86AI6H@H
.;.797470@*6-$&%
*42+9*;276
68= +-, H:IJE H=DJA9 7: :FJ>EE:9
L>I= H:CHDGH ;DG 6B7>:CI 6IBDHE=:G>8
I:BE:G6IJG: 6C9 EG:HHJG: B:6HJG:
B:CIH 6C9 B:I:DGDAD<>86A 8DGG:8I>DCH
BJHI 7: 6EEA>:9 6JIDB6I>86AAN ID I=:
G6L 9>HI6C8: D7H:GK6I>DCH H 6 GJA: D;
I=JB7 ;DG I=>H 8A6HH D; >CHIGJB:CI 6
I:BE:G6IJG: :GGDG D; 9:<G:: :AH>JH
L>AA G:HJAI >C 6 9>HI6C8: :GGDG D; E6GI
E:G B>AA>DC EEB L=>A: 6 EG:HHJG: :G
GDG D; B76G L>AA 6AHD 86JH: 6 EEB
:GGDG ,>C8: +-, 9>HI6C8: B:I:GH 6G:
JHJ6AAN HI6C96G9>H:9 6I 6GDJC9 >I >H
8A:6G I=6I A6G<: I:BE:G6IJG: K6G>6I>DCH
86C >C9J8: H><C>;>86CI :GGDGH JCA:HH I=:
8DGG:8I>DCH6G:6EEA>:9
K:GN +-,
EG>HB 8DB7>C6I>DC
H=DJA9 7: 86A>7G6I:9 ID 9:I:GB>C: I=:
68IJ6A 5EG>HB 8DCHI6CI :HE:8>6AAN >; I=:
+-, HNHI:BH 6C9 EG>HBH 9:G>K: ;GDB
9>;;:G:CIB6CJ;68IJG:GH
@+92-762;79260*6-76;974
%@:;.5:
'D9:GC +-, 8DCIGDA 6C9 6C6ANH>H HD;I
L6G: B6N >C8AJ9: >CI:G;68:H ;DG 6C8>A
A6GN <:DI:8=C>86A :FJ>EB:CI HJ8= 6H
BJAI>EA: EDH>I>DC 7DG:=DA: :MI:CHDB
:I:GH 6C9 9><>I6A >C8A>CDB:I:GH ,J8=
96I6 B6N EGDK: >CK6AJ67A: >C >CI:GEG:I
>C< IG:C9H ;>AA>C< >C <6EH >C I=: +-, D7
H:GK6I>DC 8N8A: 6C9 >C K6A>96I>C< K:GI>
86A 96IJB >HHJ:H >C H>IJ6I>DCH L=:G: I=:
G:;:G:C8: EG>HBH 6G: AD86I:9 >C 6G:6H
8=6G68I:G>O:9 7N :ME6CH>K: HD>AH
!AD76A *DH>I>DC>C< ,NHI:B !*, 96I6
B6N 6AHD 7: >C8DGEDG6I:9 >CID HDB: HNH
I:BH I=:G:7N :MI:C9>C< I=: 5G:68= D; 6
+-, HNHI:B ID G:A6I>K:AN 9>HI6CI G:;:G
:C8:ED>CIH
+-, HNHI:BH 6G: 8DBBDCAN JH:9 >C
IJCC:AH 6H I=: EG>B6GN -' <J>96C8:
9:K>8: L=>A: 699>I>DC6A H:CHDGH HJ8= 6H
>C8A>CDB:I:GH 6J<B:CI I=: >C;DGB6I>DC
6C9 >BEGDK: G:A>67>A>IN +-, HNHI:BH
6G: CDL 7:>C< JH:9 ;DG GD69
=:69:G
<J>96C8: L>I= 6JM>A>6GN >CEJIH ;GDB
9><>I6A:C8D9:GH6C9>C8A>CDB:I:GH
!;1.976:2-.9*;276:*6<;<9."97:8.,;:
H 'G DD@ =6H ED>CI:9 DJI E=NH>86A
6C9 :CK>GDCB:CI6A ;68IDGH HJ8= 6H
L:6I=:G 9>GI 688JBJA6I>DC 6C9 K6C96A
LQGG
30
!& %&$' &&! )%
>HB 86C 7: >CIG68I67A: EGD7A:BH 7JI 6G:
CDI >CHJGBDJCI67A: )I=:G ;68IDGH ID
8DCH>9:G >C8AJ9: G:;G68I>DC A6I:G6A 9>H
EA68:B:CI D; I=: DEI>86A A>C:
D;
H><=I
I=GDJ<= <A6HH :C8ADHJG:H 6C9 I=: G><
<>C< 6C9 B6>CI:C6C8: D; I=: 8DCIGDA 6C9
96I68DBBJC>86I>DCHJ7
HNHI:B
-=: 76H>8 +-, =6G9L6G: =6H 6E
E:6G:9 ID =6K: G:68=:9 HDB:I=>C< D; 6
A>B>I >C I:GBH D; 688JG68N 6C9 ;JC8I>DC
6A>IN -=:G: >H CDC:I=:A:HH GDDB ;DG
;JGI=:G 9:K:ADEB:CI D; I=: 8DCIGDA 6C9
6C6ANH>H HD;IL6G: ID >C8AJ9: 699>I>DC6A
BDC>IDG>C< 9:K>8:H :C=6C8:9 6C6ANI>
86A G><DJG #CI:GC:I >CI:<G6I>DC I=G:H=
DA99:I:8I>DC6C96A6GB9>HIG>7JI>DC
-=>H 9>H8JHH>DC =6H ;D8JHH:9 DC :M
I:C9>C< I=: 9:76I: D; 6 ;:L @:N ED>CIH
"DL:K:G 'G DD@H 6GI>8A: >H 8DB
EA:I: ID I=: ED>CI L=:G: >I 8DJA9 7: JH:9
6H 6 <J>9:A>C: ;DG I=: 9:H><C 6C9 >BEA:
B:CI6I>DC D; 6 +-, BDC>IDG>C<
EGD<G6BB:
*B5F?B B55>9>7 9B53D?B >D5B>1
D9?>1< 1>4 )@5391<DI &B?:53DC *?G9<<
>3 >F5B>5CC 9B3<5 1CD E9<49>7
$?
>7<5G??4% *5<
5=19<*B5F?B7B55>9>7D?G9<<3?=
7<04*:$7@
2.4:.6:.6
-=: 6GI>8A: 7N 6K>9 DD@ EGDK>9:H 6
C>8: HJBB6GN D; I=: 86E67>A>I>:H 6C9
A>B>I6I>DCH D; +D7DI>8 -DI6A ,I6I>DCH
+-, 6H :ME:G>:C8:9 >C JGDE: )JG
I:8=C>86A :ME:G>:C8:H >C I=: .C>I:9
,I6I:H 6G: H>B>A6G 6H CDI:9 7:ADL 6A
I=DJ<= HDB: 8DBB:G8>6A >HHJ:H 6G:
HE:8>;>8 ID I=: JH: >C JG76C =>86<D
(:L 2DG@ AD86I>DCH >C I=: .C>I:9
,I6I:H
&>@: 'G DD@ L: =6K: :ME:G>:C8:9
A>B>I6I>DCH DC G:E:6I67>A>IN D; BDC>IDG
>C< ED>CI G:69>C<H 9J: ID 6 8DB7>C6I>DC
D; ;68IDGH >C8AJ9>C< I:BE:G6IJG: K>
7G6I>DC 6C9 6IBDHE=:G>8 8DC9>
I>DCHU6H :ME:G>:C8:9 L>I= 6CN HJGK:N
76H:9 B:6HJG:B:CIH -=:H: I:C9 ID 7:
:HE:8>6AAN EGDCDJC8:9 L=:C +-, 6G:
JH:9 >C HJ7L6N IJCC:A H>IJ6I>DCH L=:G:
I=: I:BE:G6IJG:H 6C9 6IBDHE=:G>8 8DC
9>I>DCH 6G: >C;AJ:C8:9 7N I=: B:8=6C>
86A 8DBEDC:CIH D; HJ7L6N 86GH :<
7G6@:H 6C9 6>G 8DC9>I>DC>C< JC>IH .C
9:G I=:H: 8DC9>I>DCH L: =6K: ;DJC9 I=6I
G:E:6I67>A>IN >C I=: 1 6C9 2 9>G:8I>DCH
D; BB >H 68=>:K67A: L>I=
HA><=IAN 7:II:G G:E:6I67>A>IN >C I=: 3 9>
G:8I>DC 0: =6K: ;DJC9 I=6I I=: JH: D; 6
G:9 ED>CI>C< A6H:G >H =:AE;JA >C
:HI67A>H=>C< A>C: D; H><=I 6C9 EG>HB
AD86I>DCH>CADLK>H>7>A>INIJCC:AH
'G DD@ >H 8DGG:8I >C HI6I>C< I=6I >C
IJCC:AH I=: JH: D; I=G:: DG BDG: 768@
H><=IH >C 6C :;;DGI ID IG>6C<JA6I: A:6H:
HFJ6G: B:I=D9 I=: +-, AD86I>DC >H D;
A>IIA: JH: 6H I=: A>B>I:9 6C<A:H G:9J8:
I=: 688JG68N D; I=: B6I=:B6I>86A :FJ6
I>DCH 0: =6K: CDL I6@:C ID AD86I>C< >;
6I 6AA EDHH>7A: I=: +-, DJIH>9: I=: 6C
I>8>E6I:9 ODC: DC >C;AJ:C8: L>I=>C IJC
C:AH
+:A6I:9 ID EDL:G 6 =6G9 A>C: EDL:G
HDJG8: >H CDI 6AL6NH 6K6>A67A: DC DJI
H>9: 6EEA>86I>DCH L=:G: L: =6K: ;DJC9
I=6I 6 EGDE:G H>O:9 HDA6G E6C:A 6C9 9::E
8N8A: 76II:G>:H L>AA EGDK>9: 69:FJ6I:
EDL:G ID GJC I=: +-, 6C9 A>B>I:9 8DB
BJC>86I>DC
DBB:G8>6AAN I=: .C>I:9 ,I6I:H
8DCIG68I>C< EG68I>8: 6C9 A67DG 8DC9>
I>DCH =6K: B69: I=: JH: D; +-, BDG:
8DHI :;;:8I>K: I=6C B6CJ6A HJGK:N 6C9
8DH I 8DB E:I > I >K: > C A > :J D;
I>AIB:I:G
76H:9 IJCC:A 9:;DGB6I>DC
BDC>IDG>C< HNHI:BH -=:H: 8DHI H6K>C<H
DC I=: +-, 6G: CDI DCAN >C I=: ;DGB D;
I=: A>B>I:9 6BDJCI D; A67DG G:FJ>G:9 ID
>CHI6AA I=: +-, 7JI 6AHD >C 6KD>9>C< I=:
8DHIH D; JC>DC A67DG JHJ6AAN G:FJ>G:9 ID
>CHI6AA I=: ADC< 96I6 867A: GJCH L=>8=
6G: G:FJ>G:9 ;DG I>AIB:I:G
76H:9 9:;DG
B6I>DC BDC>IDG>C< HNHI:BH #I >H DJG :M
E:G>:C8: I=6I 6 +-, IJCC:A 9:;DGB6I>DC
HNHI:B 86C 7: >CHI6AA:9 >C 67DJI 6 FJ6G
I : G D ; I= : I > B : G : F J > G : 9 ; D G 6
I>AIB:I:G
76H:9 9:;DGB6I>DC HNHI:B
-=>H I>B: G:9J8I>DC >H 6AHD 6 7:C:;>I ID
I=: HJ7L6N 6JI=DG>IN 6H >I G:9J8:H I=:
IG68@ DJI6<:H DC I=: HJ7L6N HNH
I:BU;DG :M6BEA: (:L 2DG@ 6C9
=>86<DINE>86AANGJCDC676H>H
.C>I:9 ,I6I:H 8DCIG68I>C< EG68I>8:
=6H BDHI G:8:CIAN 9>8I6I:9 I=6I I=6I >C
HIGJB:CI6I>DC 7: HJEEA>:9 6C9 >CHI6AA:9
7N I=: !:C:G6A DCIG68IDGH BJ8= ID I=:
9>HI6HI: D; I=: !#( 9>IDG AI=DJ<=
CDI >9:6A >C 6 I:8=C>86A H:CH: <>K:C I=:
EDHH>7>A>IN D; ADL 8DHI DG B>C>B6AAN :M
E:G>:C8:9 HJ78DCIG68IDGH L: H:: 6
<G:6I:G >HHJ: L>I= I=: FJ6A>IN 6C9 8DC
I:CI D; I=: +-, HE:8>;>86I>DCH EGDK>9:9
7N I=: 9:H><CHE:8>;N>C< :C<>C::G G
GDGH 6C9 I:8=C>86A B>HI6@:H >C I=:H:
HE:8>;>86I>DCH D;I:C A:69 ID JCC:8:HH6GN
8DHI >C8G:6H:H ID I=: EGD?:8I 0: LDJA9
=DE: I=6I I=: :FJ>EB:CI B6CJ;68IJG:GH
LDJA9 699G:HH I=>H >HHJ: 7N :9J86I>C<
I=::C<>C::G>C<8DBBJC>IN
)C: >I:B I=6I 'G DD@ 9D:H CDI 69
9G:HH DC I=: 8DBB:G8>6A H>9: I=6I L:
E:G8:>K: 8DBBDC >C I=: .C>I:9 >H I=:
A68@ D; 8DBE:I>I>DC D; +-, B6CJ;68IJG
:GH )JG :ME:G>:C8: >H I=6I DCAN DC:
B6CJ;68IJG:G =6H EGDK>9:9 6 EGD9J8I
I=6I 86C 7: JH:9 L>I= 6JIDB6I>8 I6G<:I
G:8D<C>I>DC 6C9 =6H +-, HD;IL6G: I=6I
86C :6H>AN >CI:G;68: L>I= G:BDI:
8DBBJC>86I>DCHNHI:BH
?E7<1C ) (?I 9CDB93D %66935 #1>
175B,935&B5C945>D1>4
$95<C 5>C5> &B?:53D #1>175B /
5?>F9B?>=5>D1<?6$5G.?B;
$9>D8F5>E5D8<??B
$5G.?B;$.
*5<
1H
5=19<C4B?I7J13?=
>:5>C5>7J13?=
LQGG
30
!& %&$' &&! )%
!6.7/5@,744.*0<.::.6;
5.;1./7447>260:<00.:;276
>535CC1BI 6?B 1 069H54<?31D9?> 1@@<931
D9?>
G?E<4 CE775CD I?E 3?>D13D D85 =1>E
613DEB5BC ?6 D85 =?D?B9J54 D85?4?<9D5C
D81D 1B5 EC54 9> B?2?D93 D?D1< CD1D9?>
=?>9D?B9>7 D? 75D D859B @5BC@53D9F5 ?>
5CC5>D91< =19>D5>1>35 1>4 @B?D53D9?>
#I 9=@B5CC9?> 9C D81D D85B5 9C 1 71@ 25
DG55> G81D 9C B5AE9B54 6?B =19>D5>1>35
G85> EC9>7 D85C5 9>CDBE=5>DC 6?B 0DB149
D9?>1< CEBF5I9>7 CE38 1C 3853;9>7 D85
6135 5BB?B 14:ECD=5>DC 5D3 1>4 G81D 9C
D89>; 9D 9C F5BI 9=@?BD1>D 79F5> D81D
D85 9>CDBE=5>DC 1B5 F5BI 5H@5>C9F5 D81D
96 D85I 1B5 >?D ?@5B1D9>7 @B?@5B<I D85I
1 79F5 CE2D<5 5BB?BC D81D 1B5 025<95F
12<5 1>4 2 16653D D85 5>D9B5 =?>9D?B
9>7 CICD5= 9> 3?>DB1CD D? ?>5 ?B DG?
C5>C?BC7?9>7214?>1<?775B
G1C D?<4 2I ?>5 =1>E613DEB5BC
=19>D5>1>35 7B?E@ D81D D85 D85?4?<9D5C
C8?E<4 25 B514:ECD54 ?>35 5138 G55;
5F5BI 41IC 96 D85 9>CDBE=5>D 9C BE>
>9>7 1<=?CD 1<< D85 D9=5 *81D <5F5< ?6 1D
D5>D9?> 4?5C>D =1;5 D85 CICD5= F5BI
0B5=?D5 @1BD93E<1B<I 9> DE>>5<C G85B5
1335CC 9C 1<< 2ED 9=@?CC92<5 6?B <?>7
D9=5@5B9?4C
<DD9 HJ<<:HI>DC HD # 6H@:9 &:>86
,D@@>6 -DE8DC 6C9 -G>B7A: ;DG I=:>G
8DBB:CIH :HE>I: H:K:G6A G:FJ:HIH #
G:8:>K:9 DC: G:HEDCH: DCAN ;GDB &:>86
$
*=2-$<;4.-0.
,>C8: &:>86 =6H B6CJ;68IJG:9 >C
HIGJB:CIH ;DG GD7DI>8 IDI6A HI6I>DC BDC>
IDG>C< -=: JC>IH 6G: K:GN GD7JHI 6C9
I=:G: >H CD C::9 ID 86A>7G6I: I=:B :K:GN
L::@ #C 6 INE>86A BDC>IDG>C< EGD?:8I
I=: IDI6A HI6I>DC >H >CHI6AA:9 DC 6 HI67A:
E>AA6G 6C9 >H EGD<G6BB:9 ID I6@: B:6
HJG:B:CIH 6JIDB6I>86AAN DG BDHI EGD
?:8IH L: G:8DBB:C9 I=6I I=: >CHIGJ
B:CIH 7: H:GK>8:9 7N &:>86 DC8: E:G
N:6G DAADL>C< I=: N:6GAN H:GK>8: L:
G:8DBB:C9 I=6I I=: DC
7D6G9 86A>7G6
I>DC EGD<G6B 7: JH:9 L=:C I=: >CHIGJ
B:CI>HG:
>CHI6AA:9DCI=:E>AA6G
1F94 (ED<5475 "5931 5?CICD5=C
"1=25BD "1;5 (?14 )?>?B1 *5< 5=19<41F94BED<5475<5931EC3?=
<;179:$.84@
# LDJA9 A>@: ID I=6C@ 6AA I=: 8DCIG>7JIDGH
;DG I=:>G >CEJIH H=6G>C< :M6BEA:H D;
A:HHDCH A:6GC:9 6C9 8=6AA:C<:H DK:G
8DB:-D;DAADLJEDC6;:LED>CIH
# 8DC8JG L>I= '6GI>C :I=H 8DB
B:CIH G:<6G9>C< I=: JH: D; =DAD<G6E=>8
EG>HBH L>I= +-, -=>H E6GI>8JA6G 8DB
7>C6I>DC >H 86K:6I:9 L>I=>C I=: >CIGD
9J8I>DC ID I=: 6GI>8A: 7JI EDHH>7AN CDI
HIGDC<AN:CDJ<=
# L>AA :ME6C9 ;JGI=:G G:<6G9>C< =>H
8DBB:CI DC >CI:GB>II:CI A>C: D; H><=I >H
HJ:H -=>H EGD7A:B L6H :ME:G>:C8:9
L>I=>C 6 G6>A IJCC:A >C I=: .% 6C9 L6H
I=: QDE:CS I6G<:I 6H '6GI>C 9:H8G>7:H
'6@>C< I=>H 6 I6G<:I ;DG L=>8= I=: A>C:
D; H><=I 8DJA9 CDI 7: >CI:GGJEI:9 G:
9J8:9 I=: CJB7:G D; JCHJ88:HH;JA 8N
8A:H -=>H L6H CDI 6 G:;:G:C8: EG>HB 7JI
'6GI>CTH 8DBB:CI G:<6G9>C< 8ADHJG: >H
>BEDGI6CI -=>H B>CDG 8=6C<: EGDK:9 6
JH:;JA G:A6I>K:AN CDC
I:8=C>86A HDAJ
I>DC;DGI=:EGD7A:B:ME:G>:C8:9
+>8=6G9 A6C6<6C G6>H:H I=: >HHJ: D;
;G:FJ:C8N D; EG>HB 8A:6C>C< L=>8= 86C
K6GN 8DCH>9:G67AN ;GDB EGD?:8I ID EGD
?:8I 0: =6K: :ME:G>:C8: D; EG>HBH >C
IJCC:AH AD86I:9 6I 6 =><= A:K:A DC :A:8
IG>8 IG68I>DC G6>AL6NH G:FJ>G>C< 8A:6C
>C< 6I 6EEGDM>B6I:AN C>C: BDCI=
>CI:GK6AH 7JI ADL:G EG>HBH 8DJA9 7:
BDCI=AN 9J: ID 7G6@: A>C>C< 9JHI 6C9
:K:C BDG: ;G:FJ:CIAN L=:G: 9:IG>IJH
9>H8=6G<:99>G:8IANDCIDI=:IG68@
0=>AHI CDI G:HIG>8I:9 ID +-, # 6<G::
L>I= I=: C::9 ID EGDK>9: HJ;;>8>:CI I>B:
;DG <DD9 76H:A>C: G:69>C<H ID 7: I6@:C
EG>DG ID I=: HI6GI D; 8DCHIGJ8I>DC DE:G6
I>DCH ,D K:GN D;I:C EG:K>DJHAN JC
@CDLC 768@<GDJC9 BDK:B:CIH 6G:
B:6HJG:9 ;DG L=>8= I=: EGD?:8I LDJA9
DI=:GL>H:7:9::B:9A>67A:
DJ<A6H +DN 6C9 (>:AH $:CH:C 7G>C<
JE I=: A68@ D; 8DBE:I>I>DC D; +-, B6C
J;68IJG:GH >C I=: ., !>K:C 6 H>B>A6G H>I
J6I>DC >C I=: .% I=>H >H EG:HJB67AN 6
<AD76A>HHJ:
-=6C@ NDJ DC8: 6<6>C # LDJA9 7:
EA:6H:9 ID 699G:HH 6CN ;JGI=:G FJ:
G>:HED>CIH 9>G:8IAN DCI68I 9:I6>AH 7:
ADL
1F94 ??; CC?391D5 9B53D?B #?DD
#13?>1<4 )D >>5 ?EC5 -5<<5C<5I (?14 B?I4?> ( +"
+>9D54 !9>74?= *5< 1H 5=19< 41F943??;=?DD=133?=
LQGG
30
,*/.&)"
*'*22,,&)&
0",./,"
/"-.&*)
.:7 63F7 A8 F:7 E75A@6 4;DF:63K A8 .:7
!DAGF &;@7 ;E 3BBDA35:;@9 3@6 :7D7 I7
3D73F AGD 7;9:F: 3BBA;@F?7@F
.:7 8;DEF 3DF;5>7 8AD F:;E ;EEG7 ;E 4K
"7>7@ ,A4;@EA@ !AD6A@ '3F:7EA@ 3@6
$7EGE !A?7L A8 -5:@347> @9;@77D;@9
#F ;E D7>3F76 FA EA?7 F7EFE A@
BA>KGD7F:3@7 ?;J7E FA 47 GE76 8AD
9DAGF;@9
.:7 3DF;5>7 ;E 8A>>AI76 4K 3
E:ADF 6;E5GEE;A@ I;F: + F:7 3@EI7DE
3D7 9;H7@ 4K ,A47DF .D3K>AD !DAGF;@9
A@EG>F3@F
8F7D 8;8F77@ K73DE 6A I7 9DAGF7DE
:3H7 F:7 E3?7 D;9:FE "3E F:7 A@3>6
DG57 3DF;5>75:3@976EA?7F:;@9
'*-/,"
5AGB>7 A8 M7DD3F3 5ADD;97N 8AD F:7 7
57?47D;EEG7
*397 8;DEF 5A>G?@ BA;@F MO
9D3@G>3D AD 8;@7 EA;>E I:;5: BD7E7@F
3 :;9: B7D57@F F:7@E7 397O
O
N
#@F7D
7EF;@9 3@6 CG;F7 8G@ ;@F7DBD7F3F;A@ A8
B7D57@F397
.:7D7 ;E 3 >AF A8 83@F3EK
;@ F:7 IAD6 GF 47>;7H7 ?7 ;F ;E @AF
3FD3@E>3F;A@8DA?#F3>;3@
*397 'D !;AH3@@; G9@3@;E
5ADD75F 7?3;> ;E # !"
"3E 3@KA@7 :36 F:7 F;?7 FA EGD8 F:7 @7F
3@6 H;7I F:7 !DAGF &;@7 I74 B397
A??7@FE-G997EF;A@E#673E
-7@6 ?7 KAGD 9DAGF;@9 EFG88 B3B7DE 3D
F;5>7E AD 5A??7@FE FA % 3 03
%==%55-2- *%; 35
4 % 3 0 3 4 % 3 0 3+ % = ' 3 1
35
4%303+53870-2)'31
;3A
"-.&)$*'1/,".%)",*/.+.&*)- #*,
",()").,*/)!/++*,.
"'")*&)-*)
*,!*).%"-*)
"-5-4("2
).,*!/ .&*)
!DAGF 53@ 47 678;@76 3E 3@K ?3F7D;3>
GE76 FA 8;>> 5D35=E AD HA;6E ;@ F:7 9DAG@6
EGD8357 ;@ AD67D FA EF34;>;L7 67@E;8K AD
?A6;8K DA5= 3@6 EA;> BDAB7DF;7E
>
F:AG9: 9DAGF :3E 477@ GE76 8AD AH7D K73DE 8AD H3D;AGE BGDBAE7E F:7D7 ;E >;FF>7
6A5G?7@F3F;A@ A@ F:7 BDAB7DF;7E A8
5:7?;53> 9DAGFE B3DF;5G>3D>K
BA>KGD7F:3@7E
.:;E B3B7D EG??3D;L7E F:7 8;@6;@9E
A8 3 9DAGF D7E73D5: BDA<75F 8AD F:7
3>>;?BADF3@F BGDBAE7 A8 8;@6;@9 BDA6
G5FE 53B34>7 A8 EF34;>;L;@9 5A:7E;A@>7EE
EA;>E 3@6 BD7H7@F;@9 5A>>3BE7 3@6 EGD
8357 EG4E;67@57
#F EB75;8;53>>K 8A5GE7E
A@ F:7 GE7 A8 BA>KGD7F:3@7 9DAGFE FA
B7@7FD3F7 9D3H7>
.:7 >AI H;E5AE;FK
9DAGF ;E BG?B76 ;@FA F:7 ?3F7D;3> 3@6
A@57 F:7 9D3H7> ;E B7D?73F76 F:7 9DAGF
8A3?E K;7>6;@9 3 5A:7E;H7 ?3EE F:3F 53@
EGEF3;@ E;9@;8;53@F EFD7EE7E
.:;E BDA
9D3? 7H3>G3F76 E7H7D3> BA>KGD7F:3@7
8A3?E 3@6 53F79AD;L76 F:7? 355AD6;@9
FA 8G@5F;A@ IAD=34;>;FK 5AEF 3@6 >A@
97H;FK
*'1/,".%)",*/.
*A>KGD7F:3@7E 3D7 8AD?76 4K D735F;@9 3
BA>KA> 3@ 3>5A:A> I;F: ?AD7 F:3@ FIA
D735F;H7 :K6DAJK> 9DAGBE B7D ?A>75G>7
I;F: 3 6;;EA5K3@3F7 AD 3 BA>K?7D;5
;EA5K3@3F7 ;@ F:7 BD7E7@57 A8 EG;F34>7
53F3>KEFE 3@6 366;F;H7E >>;3@57 A8 F:7
*A>KGD7F:3@7 #@6GEFDK 3F3>KEFE
53@ 47 GE76 FA 5A@FDA> F:7 EB776 A8 F:7
D735F;A@ 4GF F:7K I;>> 38875F F:7 BDAB7D
F;7E A8 F:7 D7EG>F;@9 8A3?
.:7 8A3?
EFDG5FGD7 ;E BDA6G576 4K 3 4>AI;@9
397@F F:3F D735FE 5:7?;53>>K FA BDA6G57
53D4A@6;AJ;67
LQGG
30
%""-", %
-+85) 30<85)7,%2) %140) 351%7-32 37) +5387 *3%1-2+ 7,538+, (5%-2%+)
,30)6%77,)734%2(&37731
*A>KGD7F:3@7E 53@ 47 6;H;676 ;@FA FIA
FKB7E I3F7DD735F;H7 3@6 FIA5A?BA
@7@F
13F7D D735F;H7 BA>KGD7F:3@7E 53@
3>EA 47 EG46;H;676 ;@FA FIA 53F79AD;7E
"K6DAB:A4;5 D7E;@E D735F I;F: I3F7D 4GF
D7B7> ;F 38F7D F:7 ?3F7D;3> :3E 5GD76
"K
6DAB:;>;5 9DAGFE D735F I;F: I3F7D 4GF 5A@
F;@G7 FA 34EAD4 ;F 38F7D F:7 5:7?;53>
D735F;A@ :3E 477@ 5A?B>7F76
.IA5A?
BA@7@F BA>KGD7F:3@7E 5A@E;EF A8 FIA >;C
G;6 D7E;@E F:3F 3D7 ?;J76 FA97F:7D 3@6
8AD? 7;F:7D 3@ 7>3EF;5 97> ADD;9;68A3?
*A>KGD7F:3@7E :3H7 3 >AI FA ?A67D
3F7 FAJ;5;FK 7JB3@6 FA E7H7D3> F;?7E
F:7;D AD;9;@3> HA>G?7 3@6 3D7 5A?B3D3
F;H7>K >AI ;@ 5AEF
.:7K :3H7 D7>3F;H7>K
>AI EFDG5FGD3> EFD7@9F: 3@6 53@@AF B7@
7FD3F7 B3DF;5>7 E;L7E E?3>>7D F:3@ 3 ?7
6;G?E;L76 E3@6 :AI7H7D F:7K 3D7
73EK FA GE7 3@6 53@ 47 ?A6;8;76 D736;>K
A@ E;F7 FA ?77F EB75;8;5 7@9;@77D;@9 D7
CG;D7?7@FE
*A>KGD7F:3@7E :3H7 EGB7
D;AD I3F7DEFAB 53B34;>;F;7E 3@6 3D7
5:7?;53>>K;@7DFI:7@5GD76
-+85) 5387 %140)5-3573"2'32*-2)(3145)66-32!)67-2+
#F 4793@ I;F: 3@ ;@6GEFDK EGDH7K ;@
I:;5: 9DAGFE A8 H3D;AGE FKB7E I7D7
7J3?;@76 3@6 63F3 I3E 5A?B;>76 34AGF
735: ?3F7D;3>
'75:3@;53> BDAB7DF;7E
EG5: 3E H;E5AE;FK EFD7@9F: 67@E;FK 3@6
AB7D3F;@9 F7?B7D3FGD7 D3@97E I7D7 D7
5AD676
DA? F:;E 63F3 BA>KGD7F:3@7
9DAGFE I7D7 5:AE7@ 8AD E?3>> E53>7 F7EF
;@9
35: ?3F7D;3> I3E EFD7@9F: F7EF76
3@6 D3F76 8AD 73E7 A8 GE7 5:7?;53> :3L
3D6E3@69D3H7>B7D?73F;A@
.:7 F7EFE 5A@E;EF76 A8 ;?BD79@3F;@9
5A3DE7 9D3@G>3D ?3F7D;3> I;F: F:7 9DAGF
?;J
'3@K A8 F:7 BA>KGD7F:3@7 9DAGFE
5:AE7@ 8AD F7EF;@9 D7CG;D7 I3F7D FA 35F;
H3F7 F:7;D 5:7?;53> D735F;A@
.:7D78AD7
?A;EF 0;D9;@;3 7B3DF?7@F A8 .D3@EBAD
F3F;A@ 0). (A
EFA@7 I;F: 3
?3J;?G? E;L7 A8 P ;@5: I3E GE76 8AD
F7EF;@9
.:7 EB75;?7@ I3E B>3576 ;@E;67
3 B>3EF;5 5K>;@67D ?A>6 I;F: 3 6;3?7F7D
A8 ;@ 3@6 3 :7;9:F A8 ;@ I;F: 6D3;@397
:A>7E3FF:74AFFA?
AD 735: BA>KGD7F:3@7 9DAGF F7EF76
F:7 53F3>KEF I3E 36676 FA F:7 D7E;@ 3@6
EF;DD76
8F7D F:7 9DAGF I3E ?;J76 ;F
I3E 53D78G>>K BAGD76 AH7D F:7 399D793F7
5K>;@67D
B>3EF;5 >;6 B>3576 A@ FAB A8
F:7 5K>;@67D I3E I7;9:F76 6AI@ FA 7@
EGD7 3 8>3F F7EF;@9 EGD8357
B:AFA9D3B:
A8 F:7 EB75;?7@ 8AD?3F;A@ BDA576GD7 ;E
E:AI@ ;@ ;9GD7 .:7K I7D7 3>>AI76
FA 5GD7 8AD :AGDE 3@6 F:7@ F:7 9DAGF
EB75;?7@E I7D7 5GF AGF A8 F:7 B>3EF;5
?A>6E
.:7 I7;9:F 3@6 6;?7@E;A@E A8 F:7
5GD76 5K>;@67DE I7D7 D75AD676
/@5A@
8;@76 5A?BD7EE;A@ F7EF;@9 I3E 5A@
6G5F76 A@ 63KA>6 9DAGF E3?B>7E
.:7
E3?B>7E I7D7 >A3676 3F 3 EFD3;@ D3F7 A8
;@?;@
&3F7D3> 7JB3@E;A@ A8 F:7
EB75;?7@ I3E ?73EGD76 6GD;@9 >A36;@9
GE;@9 3 *# F3B7
*:AFA9D3B:E A8 3 E3?
B>7 BD;AD FA >A36;@9 3@6 38F7D 83;>GD7 3D7
E:AI@;@ ;9GD7E3@6
;9GD7 E:AIE 3 E7F A8 FKB;53> 63F3
8DA? F:7 /@5A@8;@76 A?BD7EE;A@
.7EFE
(AF7 F:3F F:7 EFD3;@ 3F 83;>GD7 ;@
5D73E7E I;F: ;@5D73E;@9 53F3>KEF D3F;A
AD F:;E 9DAGF F:7 EFD7@9F: I3E ?3J;
?;L76 I;F: 53F3>KEF D3F;AE A8 3@6 4K HA>G?7 8AD F:;E EB75;8;5 399D793F7
3@6?A;EFGD75A@F7@F
-;J BDA6G5FE I7D7 F7EF76 I;F: 0).
(A
EFA@7 " GF 7(778 "
-A;> 7(778 />FD38;@7 ,7E;@
LQGG
30
-+85) 5387 %140)*7)5"2'32*-2)(3145)66-32!)67-2+
'G>F;GD7F:3@7E &F6
>7J,A= #@<75
F;A@ ,7E;@ -FD3F3 .75: *D;?78>7J *D;?7 ,7E;@E #@5
3@6 1 1 ADBAD3F;A@
.:7E7 BDA6G5FE
I7D7 GE76 I;F: H3DK;@9 53F3>KEF D3F;AE
3@6 399D793F7 ?A;EFGD7 5A@F7@FE 3@6
BDA6G576 ?3J;?G? EFD7@9F:E 8DA? BE; FA BE;
;9GD7 3@6 .34>7 EG?
?3D;L7 F:7 5A?BD7EE;H7 F7EF D7EG>FE 8AD
F:7E7E;JBDA6G5FE
/((,1)!*) '/-&*)-
.:7 8A>>AI;@9 8;@6;@9E 3@6 5A@5>GE;A@E
53@ 47 ?367 38F7D 5A?B>7F;A@ A8 F:;E
BDA<75F
.:7 67@E;FK A8 F:7 399D793F7 :3E 3
?73EGD34>7 78875F A@ F:7 G@5A@8;@76
5A?BD7EE;H7 EFD7EE 3@6 5D77B 47:3H
;ADA8F:79DAGF76?3EE
.:7 ?A;EFGD7 5A@F7@F BD7E7@F ;@ F:7
399D793F7 ?3K 38875F F:7 9DAGF D735
F;A@ K;7>6 3@6 F:7 67@E;FK A8 F:7 BA>K
GD7F:3@78A3?
/@5A@8;@76 5A?BD7EE;H7 EFD7@9F:
H3>G7E E:AI76 E;9@;8;53@F E53FF7D
.:7D78AD7 D7BD7E7@F3F;H7 F7EF;@9 ;E
@757EE3DK8AD735:BDA<75F
)H7D3>> F:7 BA>KGD7F:3@7 9DAGFE :36
H7DK E;?;>3D BDAB7DF;7E 3@6 BDAH;676
G@5A@8;@76 5A?BD7EE;H7 EFD7@9F:E ;@
F:7D3@97A8FABE;
#@ 97@7D3> 3J;3> EFD3;@ 3F 83;>GD7 ;@
5D73E7E I;F: ;@5D73E;@9 53F3>KEF D3F;A
8ADBA>KGD7F:3@79DAGFE
*("-"#/'"#",") "-)!
"-&."-
>>;3@57 8AD F:7 *A>KGD7F:3@7E #@6GEFDK
M";EFADK A8 *A>KGD7F:3@7E
N G9
: F F B I I I
B A > K G D 7
F:3@7
AD9
DG57 -?A3= 1
!
!3GE7 M-77B397 A@FDA> ,7H;7I A8
!DAGFE 8AD J;EF;@9 3?EN :FFBIII
97AEKEF7?E4DG57
5A?
!3>>39:7D *3FD;5;3 '
*3EE;H7 -;F7
,7?76;3F;A@ 8AD ';F;93F;A@ A8 &;C
G7835F;A@ ,;E=
;EE
0;D9;@;3 *A>K
F75:@;5 #@EF;FGF7 3@6 -F3F7 /@;H
'3D
BD
:FFB
E5:A>3D
>;4
HF
76GF:7E7E3H3;>
34>77F6
" A D H3 F : $ A : @ - ! 7 A 8 A 3 ?
!7AEK@F:7F;5
-53DE63>7 (2
"ADH3F:@9;@77D;@9*
%3DA> ,7G47@ "
:7?;53> !DAGF;@9
3@6 -A;> -F34;>;L3F;A@
D6 76
(7I
2AD= (2 '3D57> 7==7D #@5
&;FF>7<A:@ !
-
.7JF ?3F7D;3> 8AD
!DAGF;@9 AGDE7 EBA@EAD76 4K
-AGF: 8D;53@ #@EF;FGF;A@ A8 ;H;>
@9;@77DE 3F F:7 /@;H7DE;FK A8
1;FI3F7DED3@6 $A:3@@7E4GD9 $G>K
'A@9;>3D6; 3@6 .AD@39:; ,
MA@EFDG5F;A@ A8 >3D97 G@67D9DAG@6
AB7@;@9E 3@6 GE7 A8 9DAGFE
N *DA
5776;@9E A8 F:7 #@F7D@3F;A@3> A@
87D7@57 A@ 77B AG@63F;A@E -7BF
7;<;@9B
13D@7D $3?7E
*D35F;53> "3@64AA= A8
!DAGF;@9
"A4A=7@ ($ $A:@ 1;>7K
-A@E#@5
III
3H3@F;
5A?
III
67@778
5A?
III
?G>F;GD7F:3@7E
5A?
III
BD;?7D7E;@E
5A?
-+85) !<4-'%0 %7% *531 "2'32*-2)( 3145)66-32 !)676 32 #! 3 732)
!5)%7)(:-7,%30<85)7,%2)5387
LQGG
30
-+85) %2+)3*"2'32*-2)(3145)66-9) 75)2+7,9)5686%7%0<67%7)*35
3%1145)+2%7)(#!3 732)
III
EFD3F3F75:
5A?
III
I7435
5A?
)0)2 3&-2632 )2-35 7%**
2+-2))5 ',2%&)0 2+-2))5-2+ 2'
%67 %< 75))7 $)67 ,)67)5 !)0
,53&-26326',2%&)0)2+'31
35(32 %7,)632 , 5-2'-4%0 ',2%&)0 2+-2))5
-2+ 2' !)',2303+< %5/ 5-9)
0)2 00)2 # +1%7,)6326',2%&)0)2+'31
)6@6 ?1)= , )2-35 6
63'-%7) ',2%&)0 2+-2))5-2+ 2'
%67 %< 75))7 $)67 ,)67)5 !)0
.+31)=6',2%&)0)2+'31
)!-*(" ,"'."!.*.%"
,.& '"
"AI ;@ F:7 8;7>6 53@ KAG BG?B F:7
*A>KGD7F:3@7E ;@FA F:7 EA;> DA? I:3F
# G@67DEFAA6 F:7 MBD;?7N ?3F7D;3> 5A?BA@7@FE ;E 3 EADF A8 97> EA I:3F
3D7 F:7 BDA576GD7E FA ;@<75F F:7? #
6A@F 47>;7H7 F:7 BDA576GD7 ;E E;?;>3D FA
F:7 FG47 3 ?3@5:7FF7 E>77H76 BADF B;B7
3@6 B35=7D
-A ;E F:7 9DAGF;@9 6A@7
F:DAG9:353E;@9
3@ ;F 47 6A@7 3E 3 5A?B35F;A@
9DAGF;@9 FKB7 A8 BDA576GD7 /BEF397 #
BD7EG?7
&# "! #! #"
!! # " !!
! %$!!"& & &
$!!"& ! " !
#"! " " #
"# "" ! "
!" ! " ! #! " " !" #
"# !
.A :3H7 3 5A?B3D;EA@ I;F: 3
57?7@F;F;AGE 9DAGF I:3F =;@6 A8
D7A>A9;53> 5:3D35F7D;EF;5 ?3DE: EB7
5;8;5 67@E;EFK 5A:7E;A@ 4>776;@9 A8
5AGDE7 ;E L7DA 6A7E F:7 ;@;F;3> ?;J
:3H7
& ! " ! "
%" #"! !# !
&# "! " & !
"&& #! %" "#"
#"! !# ! ""#! #"!
% " !' %" " !#!
! ! " " " "& " ! !!# " "
# # #!" # # ! "
! " "! " " "
# !" #" #"! " $!!"& " "& " # !!
!!# " " ! " # " !""&! A@E;67D;@9 F:7 H7DK >AI /- G@
5A@8;@76 5A?BD7EE;H7 EFD7@9F: A4
F3;@76 :AI 53@ F:7E7 BDA6G5FE 47 GE76
8AD B7D?3@7@F 9DAG@6 EGBBADF AD
;?B7D?734;>;L3F;A@ F:7K E77? A= 4GF
I:3F 34AGF 5A@EA>;63F;A@ EA;> EFD7@9F:
;?BDAH7?7@F
AD 5A@EA>;63F;A@ ;E@F ;F 47FF7D FA
GE7 F:7 5>3EE;53> 57?7@F 1:3F 3D7 F:7
36H3@F397E A8 F:7 *A>KGD7F:3@7E .:7
7JB3@E;A@
"& &# "!
" # !# " ! " ! !" " # " ! " "
&# " #"! & !"& ! !" " LQGG
30
$) "%$
( # " $ $ #!%$) )# $ '"
#$"$ "$" $ ( #
$ '" $ #$"$ "%$# $"$ ## '$ &") "$# "$" #$"$# " "
!%" "$%$ "%$# %
$ # "%$# ) %# $ # "#$) '# $ "$%$#
0-32),'41)".(0"'+!"**1
-01-#"**%$*3006!"**
F/4,;3=,280=>G .,99:? 149/ , -0??0=
B:=/ ?: /01490 , 4,;3=,28 B,77 >;0
.4,74>? ,9/ :39 @994.7411 =0>;:9/0/
49 ?30 1:77:B492 4>>@0 B4?3 , A0=D 1@9
;:08 :9>4/0=492 ?30 ?:;4. :1 ?30
=:@? 490 ,9/ ?30 :7/ ,20 :1 ?30 ,=?4.70
,9/ ;:08 ?3:@23? ?3,? 4? B:@7/ -0 ,
2::/ 4/0, ?: =0;@-74>3 ?308 1:= ?30
90B F2=:@?0=>G =0,/0=>0=0?30D,=0
-:@? 141?009 D0,=> ,2: :9,7/ [email protected]
B=:?0 ,9 ,=?4.70 1:= 0:?0.394.,7 "0B>
= 02 , = / 4 9 2
F2=:@?0=>G
,9/
/3"*)'(21&-00-32%01
-,"*$03#%
%.0),2%$&0-+%-2%#(,)#"*%51
-*-"0#(..
F=:@?492 /:0>9? B:=6G 1:= >:80 :1
@> ?30 ?3=00 8:>? /=0,/0/ B:=/> 49 ?30
9274>3 7,92@,20 *0 30,= 4? 1=:8 /4>47
7@>4:90/ .:9>@7?,9?> B3: 3,A0 ,> , 7,>?
/0>;0=,?0 =0>:=? -009 1:=.0/ ?: ?=D
2=:@?492 ,> ?30 4880/4,?0 >:7@?4:9 ?:
?30 48;:>>4-70 ;=:-708 *0 4910= 4?
1=:8 ?30 9@8-0= :1 8,5:= /,8 :B90=>
9:B >@110=492 1=:8 70,6D /,8> ,> , =0
>@7? :1 17,B0/ 2=:@?492 ;=,.?4.0> 49 0,=
740= /0.,/0> 9/ B0 .0=?,497D 20? 4?
1=:8 .:9?=,.?:=> B3: 3,A0 -009 =4;;0/
:11 -D >:.,770/ 0C;0=?> B3: 3,A0 -009
;,4/ -D ?30 2,77:9 :1 2=:@? ;@8;0/ ,9/
9:?-D?30=0>@7?>,.340A0/
":B B0 /: ,..0;? ?3,? 2=:@?492 7460
0A0=D :?30= >;0.4,74>? 20:?0.394.,7
?0.394<@0 3,> 4?> 7484?,?4:9> *0 /: ,.
69:B70/20 ?3,? ,>;0.?> :1 4?> /0>429 ,9/
0C0.@?4:9 0>;0.4,77D 49 ?30 (& 3,A0
9:B -009 0C;:>0/ ,> 49,;;=:;=4,?0 *0
.,99:? /09D ?3,? 4? 3,> ?=,/4?4:9,77D .=0
,?0/ 8:=0 ?3,9 4?> 1,4= >3,=0 :1 49.:80
1:= ,??:=90D> ,9/ ?304= 476 :B0A0=
?30=0 ,=0 ?3:>0 :1 @> B3: 14=87D -0740A0
?3,? 2=:@?492 .,9 -0 8,/0 ?: B:=6 4? 4>
,;?7D ,;;740/ ;=:;0=7D /0>4290/ .:9
>.409?4:@>7D 0C0.@?0/ ,9/ 0<@4?,-7D
=0B,=/0/
;,;0= =0.09?7D ;=0>09?0/ ,? ?30
& :9A09?4:9 49 &,9 =,9.4>.:
.:914=8> ?34> A40B '30 ;,;0= 4> , >?=@.
?@=0/ .:8;09/4@8 :1 ;@-74>30/ .,>0
34>?:=40> :1 8,5:= /,8 =0;,4=> -D 2=:@?
492 ? 477@>?=,?0> 3:B 8:/0=9 2=:@?492
?0.394<@0> 3,A0 -009 @>0/ ?: >0,7 0C4>?
492 .:9.=0?0 ,9/ 08-,96809? /,8>
,2,49>? >00;,20 ?3=:@23 ,=:@9/ ,9/
@9/0= ?30>0 >?=@.?@=0> ? >3:B> 3:B ?30
>,80 ?0.394<@0> .,9 -0 @>0/ ?: 1477
@9/0=A:4/> .,@>0/ -D 0=:>4:9 ,9/
>?=092?309 30?0=:2090:@> =:.6 8,>>0>
?: ;=0A09? /4110=09?4,7 >0??70809? ,9/
@9,..0;?,-70 7,?0=,7 /0170.?4:9> ':/,D
,? 70,>? ,> >429414.,9? 4> 4?> 8:=0 =0.09?
080=209.0 ,> , =0;@?,-70 ,9/ .:9?=:77,
-70 0924900=492 ?::7 ?: .:8-,?
74<@01,.?4:9 ;:?09?4,7 49 >@>.0;?4-70
1:@9/,?4:9>:47>
0>;4?0 ?34> -:/D :1 0A4/09.0 ?30
2=:@?492 -=:?30=3::/ 3,> ?30 /4>?49.?
1007492 ?3,? 4? 4> ,9 :;;=0>>0/ ,9/ =0
;=0>>0/ 849:=4?D '30 8,49 1:.@> :1 4?>
4=0 >:80 B:@7/ >,D 50,7:@>D 4> 4?> ;0=
.0;?4:9 ?3,? ?30 8,5:= /,8 =0;,4= 8,=
60? 4> 1,77492 ;=0D ?: ?30 ,;;,=09?7D
49/4>.=4849,?0 @>0 :1 ?30 /4,;3=,28
B,77 >7@==D ?=09.3 ,> ?30 @94A0=>,7 >:
7@?4:9 ?: >0,7492 0C4>?492 08-,96809?
/,8> (>492 , >;:=?492 ;,=,7707 >:80 :1
?30 -=:?30=> 74609 4? ?: ?30 .@==09? :->0>
>4:9 49 ?30 " B4?3 ?30 F=@9 ,9/
>3::?G :1109>0 ,9/ =0,/0=> 49 0?=:4?
,9/ ?7,9?, 8,D /=,B ?304= :B9
.:9.7@>4:9>
=:@?0=> 1007 ?3,? ?30 2=:B492 ;:;@
7,=4?D :1 /4,;3=,28 B,77> 49 0C4>?492
/,8> 4> , =0>@7? :1 >0A0=,7 1,.?:=> -@?
;=49.4;,77D , 34>?:=4. /4>?=@>? :1 2=:@?
492 :9 ?30 :90 3,9/ ,9/ , 1,9?,>?4. ;=:
8:?4:9,7 .,8;,429 -D A0>?0/ 49?0=0>?>
:9 ?30 :?30= '30>0 49?0=0>?0/ ;,=?40> 49
.7@/0 .0=?,49 .:9>@7?,9?> :@? ?: 0>?,-
74>3 , 90B F94.30G 49 ?30 8,=60? ,9/
.0=?,49 @=:;0,9 >;0.4,74>? .:9?=,.
?:=> B3: ,=0 ?=D492 ?: >3,;0 ?30 /,8
=080/4,?4:9 8,=60? 49 ":=?3 80=4.,
?: >@4? .0=?,49 0C.7@>4A0 >6477> ,9/
0<@4;809? *0 149/ 4? =,?30= /=:77 ?3,?
:@= @=:;0,9 -=:?30=> 9:?0 ?3,? ?30>0
>,80 @=:;0,9 >;0.4,74>? .:9?=,.?:=>
>D>?08,?4.,77D 3,A0 =0;,4=0/ ?304= 70,6D
@=:;0,9/,8>-D2=:@?492
? B:@7/ -0 B=:92 ?: ?3496 ?3,? ?34>
A40B;:49? 4> 09?4=07D /@0 ?: >:@= 2=,;0>
,9/ 08;?D ;:.60?> ,8:92>? ?30 -=:?3
0=> ": >4= 9:? 09?4=07D ,9/ 49 1,.?
8,9D :1 @> ,=0 ,7>: ,.?4A07D 49A:7A0/ 49
?30 /4,;3=,28 B,77 ?0.394<@0 ,> @>0/ 49
:?30= 8,=60?> *0 3,A0 1:77:B0/ ?30
;=:2=0>> :1 ?30>0 /4,;3=,28 B,77 .:9
?=,.?> :A0= ?30 ;,>? 10B D0,=> 49 ?30 ;:;
@7,= ,9/ ?0.394.,7 ;=0>> ,9/ ?3=:@23 ?30
>:@= 2=,;0A490 *0 B:@7/ -0 ,78:>?
?30 14=>? ?: ,/84? ?3,? ?30=0 3,A0 -009
>?@99492 >@..0>>0> B30=049 ?30 .:9
.0;? ,9/ /0>429 :1 ?30 >:7@?4:9 ,9/ ?30
011:=?> :1 ?30 .:9?=,.?:=> 3,A0 -009 :@?
>?,9/492 :B0A0= B0 B:@7/ .0=?,497D
-0 ,8:92 ?30 14=>? ?: ;:9/0= :9 >:80 :1
?30/,=60=1,.0?>:1?34>;309:809:9
( 8 3423 /,8 49 *,>3492?:9 B30=0
8,>>4A0 0>.,;0 :1 >7@==D /@=492 ?=09.3
LQGG
30
0C.,A,?4:9 .,@>0/ 1@9/,809?,7 >;74?
?492 :1 ?30 08-,96809? *4?3 2=0,?
,;7:8- 3:B0A0= ?30 .:9?=,.?:= 902:?4
,?0/ , 3@20 =080/4,7 2=:@?492 0C?=, ?:
=0;,4= ?30 /,8 I ?: ,77:B ?30 .:9?49@0/
.:9>?=@.?4:9:1?30/4,;3=,28B,77
9 48;:=?,9? @?474?D:B90/ /,8 49 ?30
":=?30,>? B30=0 ?30 27,.4,7 1:@9/,?4:9
8,?0=4,7 3,> ,2,49 /0140/ ,??08;?> ?:
0.:9:84.,77D 0C.,A,?0 4? 9 ?34> 49
>?,9.0 ,9 49?09>4A0 2=:@?492 :;0=,?4:9
B,> .:9/@.?0/ :A0= D0,=> ,2: ,9/
B34.3 D407/0/ 48;=0>>4A0 =0>@7?> B4?349
?30 -,==40=> :1 ?30 .:9?08;:=,=D ?0.3
9:7:2D
7,9/8,=6 /,8 =0;,4= 49 ?30 ,>?
B30=0 49?09>4A0 8:94?:=492 3,> -009
8,49?,490/ 1:= B077 :A0= D0,=> #90
B=4?0= =0.09?7D .:9.7@/0/G >4?0 :->0=
A,?4:9> 49/4.,?0 ?3,? ?30 08-,96809?
3,> ;0=1:=80/ 49 , >,?4>1,.?:=D 8,990=
3:B0A0= 90,= ?30 ?4049 :1 ?30 08-,96
809? B,77 ,9/ ?30 .:9.=0?02=,A4?D
>?=@.?@=0 ?30 ;40E:80?=4. 30,/ /=:;
,.=:>> ?30 B,77 3,> -009 70>> ?3,9 B,>
0C;0.?0/G
8:=0 =0.09? 0C?=0807D B077 ;@-74
.4E0/ =0;,4= :1 , 8,5:= 08-,96809?
/,8 49 ?30 &:@?3B0>? @=492 .:9>?=@.
?4:9 ?30=0 B0=0 14A0 >0;,=,?0 8,5:=
7:>>0> :1 >7@==D ,? A,=4:@> ?480> ?30
7,=20>? -0492 ,-:@? 8 :1 >7@==D ,9/
8 :1 >,9/ ,9/ 2=,A07 9 :90 49
>?,9.0 8 :1 >7@==D B,> :->0=A0/
?: 0C4? 8 F/:B9>?=0,8 ,? ?30 /,8>
2=:49G 2,49 ?30 -=:?30=> 3,A0 9:?0/
?30 .:8809? ?3,? F?30 ,=0, B,> ?309
2=:@?0/ ,9/ B,77 .:9>?=@.?4:9 B,> .:8
;70?0/ >@..0>>1@77D G &: 3,A492 14
9,77D -@47? ?34> F;:>4?4A0G .@?:11 3:B
/4/ 4? 1@9.?4:9 F'30 ,8:@9? :1 >00;,20
>?:;;0/ -D ?30 B,77 4> 3:B0A0= 9:? ,>
[email protected] ,> 3,/ -009 3:;0/ 1:= *,?0= 70A
07> 49 ?30 /:B9>?=0,8 ;:=?4:9 :1 ?30 08
-,96809? 4880/4,?07D ,/5,.09? ?: ?30
B,77 /=:;;0/ , 8,C48@8 :1 100?
'34> B,> 70>> ?3,9 ,9?4.4;,?0/G F'30
;40E:80?=4. .:9?:@=> B4?349 ?30 H.:=0
/4/ 9:? .3,920 >@->?,9?4,77DG F77
B,77 ;,907> 3,A0 .=,.6> B34.3 ,=0 ;=0
>@80/ ?: -0 .,@>0/ -D >3=496,20G ,7
?3:@23 B0 8@>? ,/84? ?3,? ?30D B0=0
F;=0/:849,9?7D 9:? :;09G F'30 5:49?>
-0?B009 ?30 ;,907> B0=0 1:@9/ ?: =,920
1=:8 .:9.=0?0 ?: .:9.=0?0 -:9/492 B4?3
, ?349 -09?:94?0 .:,?492 ?: >:80 B4?3 J
49.3 -09?:94?0 >0,8> -0?B009 ?30 .:9
.=0?0G '34> >?,?0 :1 ,11,4=> /:0> 9:?
>008 ?: 3,A0 .,@>0/ @9/@0 ,7,=8 ?: ?30
:B90= ,7?3:@23 ?30 -=:?30=> B:@7/ =0
2,=/ ?30>0 :->0=A,?4:9> 49 , .8 B4/0
808-=,90 8 /00; ,> -0492 ;0=
3,;> ;:?09?4,77D .7,>>414,-70 ,> /010.?>
&:80 :1 D:@ 8,D ?3496 B0 3,A0 -009
34237D >070.?4A0 49 0C?=,.?492 ?30 ,-:A0
491:=8,?4:9 B4?3:@? =010==492 ?: ?30
?=:@-701=00 =0;,4= :1 ?30 3,9/1@7 :1
:?30= /,8> =0;,4=0/ =0.09?7D B4?3 /4,
;3=,28 B,77> *0 /: 9:? /09D 4? +:@
8,D 0A09 ?3496 B0 ,=0 0A09 ?,6492
.30,; ,9/ C09:;3:-4. >3:?> ,? ?30 /4,
;3=,28 B,77 49/@>?=D ,> ,;;740/ ?: 0C
4>?492 /,8> ,9/ D:@ 8,D B077 -0 =423?
:B0A0= ?30 -=:?30=> 107? ?3,? B0
>3:@7/ >0? :@? ?30 :?30= >4/0 :1 ?30 ,=2@
809? -0.,@>0 1007492> ,=0 =@99492 3423
49:@=.:88@94?D
*0=0 ?4=0/ :1 -0492 ;=0A09?0/ 1=:8
/=477492 .8 /4,80?0= 3:70> ?3=:@23
/,8 .:=0> 1:= 10,= :1 .,@>492
3D/=:1=,.?@=0 B30=0,> :?30=> ,=0 ;0=
84??0/ ?: :;09 @; ,9/ 1477 B4?3 -09?:9
4?0 >7@==D >,9/ ,9/ 2=,A07 ;,907>
;0=3,;> 8 ?34.6 8 7:92 ,9/ 8
/00; *0 /:9? @9/0=>?,9/ ?30 7:24. 0>
;0.4,77D 24A09 =0.09? /0A07:;809?> 49
:A0=-@=/09/=477492?0.39:7:2D
*0=0 ?4=0/ :1 30,=492 ?3,? 2=:@?492
4> ;=0.7@/0/ F-0.,@>0 B0 ?=40/ 4? D0,=>
,2: ,9/ 4? B,> 9: 2::/G *3,? 3,;
;090/ 49 ?30 /,D> :1 :@= 49/@>?=D> /49:
>,@=> ,9/ -7,.6 8,24.4,9> ,9/
3,8>?=@92 49>;0.?:=> =0,77D 3,> 74??70
-0,=492 :9 ?30 ;:?09?4,7 :1 ?30 ?0.3
94<@0> ,9/ 8,?0=4,7> B0 9:B 3,A0 ,? :@=
/4>;:>,7?:/,D,>2=:@?0=>
=:@?0=> >3:@7/ 9:? 1,77 49?: ?30 ?=,;
:9 ?30 :?30= 3,9/ :1 ,/A:.,?492 2=:@?
492 1:= 0A0=D ;=:-708 49A:7A492 >00;
,20 >0??70809? := 74<@01,.?4:9 B0 8@>?
,.69:B70/20 3:B0A0= ;,491@7 4? 8,D
-0 ?: >:80 :1 @> ?3,? /4,;3=,28 B,77>
,=0 ?30 7:24.,7 >:7@?4:9 ,? ?480> ,9/ B0
>3:@7/-0=0,/D?:-4/,..:=/4927D
77 B0 ,>6 1:= 3:B0A0= 4> ?30 =423?
?: -0 30,=/ ?30 =423? ?: 49?=:/@.0 ,9/
/0>.=4-0 ?30 90B 2=:@?492 ?0.39:7:240>
,9/ 8,?0=4,7> ,9/ ?30 =423? ?: -4/ 2=:@?
492-,>0/ ,7?0=9,?0> ?: :;09849/0/
:B90=> 24A09 ?30 ,;;=:;=4,?0 ,;;74.,
?4:9 7=0,/D B0 30,= ?30 .=D :1 F0,?3
?: ?30 4,;3=,28G 49 .0=?,49 ,7-04? -4
,>0/ .4=.70> $0=3,;> 4? B:@7/ -0
649/0= ,9/ 209?70= ?: 49>?0,/ ;=0>> 1:=
F<@,7 %423?> 1:= =:@?0=>G ,> ?30
=,77D492.,77
%&%0%,#%1
[email protected] F'30 $=,.?4.0 ,9/
$:?09?4,7 :1 =:@?492 49 !,5:= ,8
%03,-474?,?4:9G & 99@,7 4A47
924900=492 :9A09?4:9 &,9 =,9
.4>.: ":A08-0= &0>>4:9
'
;;
[email protected] F!,5:= ,8 %03,
-474?,?4:9 -D &;0.4,74>? 0:?0.394.,7
:9>?=@.?4:9 '0.394<@0> &?,?0 :1
$=,.?4.0 %0A40BG $=:. ,9,/4,9
,8 &,10?D >>:.4,?4:9 9/ 99@,7
:910=09.0 ':=:9?: #9?,=4: &0;
?08-0=
;;
[email protected] F!0?3:/> :1 #A0=
-@=/09 =477492 49 0:?0.394.,7
:9>?=@.?4:9 090=4. 7,>>414.,
?4:9G =:@9/ 924900=492 ;;
# '=,9>,.?4:9> !49 :1
?30 &0>>4:9> ):7@80 &,9 =,9
.4>.:@90
;;
(&# F,8 :@9/,?4:9
924900=492G $=:. ?3 99@,7
(&# 0.?@=0 &0=40> "0B #=
70,9> !,=.3
LQGG
30
-0%-,2(%0-32%01
"**6),'"**
-(,3,,)#*)&&
,0%1.-,1%2-,03#%102)#*%
%.0),2%$&0-+
%-2%#(,)#"*%51
-*-3,%.
F<@,7=423?>1:=2=:@?0=>G
.=40>:9,7/[email protected]?32700
0.3,770920>?30/:@-?0=>
B4?3;@9209?=0;,=?00
&7@==DB,77:=2=:@?492
*34.380?3:/B:=6>?30B:=>?
'30-=:?30=3::/4>?:@?492
?3,?2=:@?492>3:@7/-014=>?
,>,2=,9/0>-,>4>
1:=>0,74920A0=D.=,.6
*,>F@>0-:?3-07?,9/-=,.0>G
?:3:7/?30B,?0=-,.6
&:70?>>?:;,77?30>3:@?492
,9/@>0?308:90,9/,77
'30B,77?:>0,7?302=:@?492
?302=:@??:>0,7?30B,77
'30-=:?30=>B477-0B0,7?3D
'302=,;0A490B477-0>B00?
'30/,8>B477,77-030,7?3D
,9/17:B90?>:->:70?0
)"( .((#&# #--& -
"#,,&0&& )/1 +1
/)( (!&(
&
'#&
$)"(.((#&# &#*,).%
)(--#( )+'-#)(
LQGG
30
$"'!)&$
"$&#'%
:7.3, 4:7 1&89 4.39 43+*7*3(* 4+ " &3) -*1) .3 $&3(4:;*7 .9 <&8 )*(.)*) 94 .3974):(* & 3*<
8*(9.43 .3 *49*(-3.(&1 *<8 (&11*) ?74:3)<&9*7@
#-* 74:3)<&9*7 8*(9.43 <.11 5:'1.8- 8-479 &79.(1*8 3472&11> 94 5&,*8 )*&1.3, <.9- &11 9>5*8 4+ ,74:3)<&
9*7 .88:*8 3 9-* <*' 8.9* 4+ *49*(-3.(&1 *<8 9-*7* &7* 9<4 ,:.)*1.3*8 +47 &79.(1*8 9-* 85*(.+.( 43*8 +47
*49*(-3.(&1 3897:2*39&9.43 *<8 &3) 9-* ,*3*7&1 43*8 <-.(- 9&0* 57*(*)*3(* 4;*7 85*(.+.( 43*8
".3(* <* &7* /:89 89&79.3, 9-* 574(*88 &3) '*+47* <* *89&'1.8- 85*(.+.( ,:.)*1.3*8 +47 74:3)<&9*7 9-* 57485*(
9.;* &:9-478 &7* &80*) 94 +4114< 85*(.+.( ,:.)*1.3*8 8.2.1&7 94 9-48* 4+ &3) 8*3) 2* & 94 <47) &'
897&(9'*+47*<7.9.3,&3)8:'2.99.3,9-*&79.(1*
%* *3(4:7&,* 8-479 5&5*78 9-&9 (&3 -*15 ,*48(.*39.898 &3) ,*4*3,.3**78 .3 9-*.7 57&(9.(* %* <4:1) 1.0* 94 7*
(*.;* 5&5*78 +742 57&(9.9.43*78 &'4:9 4'8*7;&9.438 &3) ).++.(:19.*8 <.9- +.*1) <470 1&'47&947> 9*898 3:2*7.(&1
24)*11.3, .3&)*6:&9* 9-*47.*8 47 *=51&3&9.438 *9( &'4:9 -4< 9-*> -&;* -&3)1*) 9-*2 &3) &'4:9 <-&9 9-*>
-&;* 1*&73*) +742 9-*.7 8:((*88*8 &3) +&.1:7*8 %* <4:1) &184 1.0* 94 7*(*.;* ?5*3).3, 6:*89.438@ <-.(- (4:1)
7*(*.;*&38<*78478:,,*89.438*.9-*7.39-*8&2*.88:*47.39-*3*=9.88:*4+*49*(-3.(&1*<8
1*&8*8*3)>4:7&'897&(95&5*747(4397.':9.43942*&8&3*2&.1&99&(-2*39.3"%47)
9474'*79(-&5:.8541>291(&
!4'*79-&5:.8*5&792*39(41*41>9*(-3.6:*4="9&$4397*&1 #*1
*=9&=
*2&.174'*79(-&5:.8541>291(&
LQGG
30
&$!"$ #!! '$&$
(% "$$"'!)&$#&'%
"$&#'%
!&$"'&"!
306/%8"5&3 4&&1"(& *4 0'5&/ */'-6
&/$&% #: 5)& ):%3"6-*$ )&"%4 8*5)*/
463'"$& 8"5&3 #0%*&4 &( %". 3&4&3
70*34 -",&4 3*7&34 8"45&8"5&3 -"(00/4
4&" &"463*/( 5)& ):%3"6-*$ )&"%
8*5)*/ " -"3(& 8"5&3 #0%: )08&7&3 #&
$0.&4 %*''*$6-5 "/% */"$$63"5& 8)&/
8"7&4 "3& 13&4&/5 !80 3"5)&3 4*.1-&
.&5)0%4 "3& 1307*%&% )&3& 50 0#5"*/ 5)&
.&"/ ):%3"6-*$ )&"% 7&3464 5*.& */ 8"
5&3 #0%*&4 8*5) 8"7&4 8*5) " 13&4463&
53"/4%6$&3 1-64 %"5" -0((&3 "/% 64*/( "
45*--*/( 8&-- 5 *4 "446.&% )&3& 5)"5 1&3
.*44*0/ )"4 #&&/ 0#5"*/&% 50 */45"-- 5)&
/&$&44"3: .0/*503*/( &26*1.&/5 !)&
*/45"--"5*0/4 13&4&/5&% )&3& "3& '03 4)035
5&3. 64& '03 " 130+&$5 0' " '&8 %":4 03
8&&,4
53"/4%6$&3 .&"463&4 5)& 505"- '03$& "$5
*/( 0/ 0/& 4*%& 0' 5)& 4&/403 5)& 05)&3
4*%& #&*/( " 8"-- 0' "/ */5&3/"- 4&"-&%
$)".#&3 $-04& 50 '6-- 7"$66. !)& %"5"
1307*%&% #: "/ "#40-65& 53"/4%6$&3
.645 #& $033&$5&% '03 #"30.&53*$ 13&4
463& "4 .0/*503&% #: "/05)&3 4&/403 03
"11"3"564 !)& 53"/4%6$&34 5)"5 "3& 64&%
*/ (306/%8"5&3 456%*&4 646"--: $0/7&35
5)& .&"463&% '03$& */50 " 8"5&3 )&*()5
"#07& 5)& 4&/403 08&7&3 5)& .&"
463&% '03$& $"/ #& 7*&8&% "4 46$) "
)&*()5 0' 8"5&3 0/-: *' 8"5&3 *4 /05 .07
*/( "#07& "306/% "/% #&-08 5)& 4&/403
.&"/ 8"5&3 -&7&- %63*/( " 4)035 5*.& */
5&37"- *(63& 03 " -0/( 5*.& */5&37"*(63& -"3(& %"5" 4&5 1307*%&4 "
3*##0/-*,& (3"1) "/% 5)& '*-5&3*/(
.&5)0% 8*-- 1307*%& 8)"5 *4 %&&.&% 50
#& 5)& .&"/ ):%3"6-*$ )&"% 8*5)*/ 5)&
8"5&3#0%:
!)& .&"/ 7"-6& 1307*%&% #: 5)&
53"/4%6$&3 $"/ 5)&/ #& 64&% "4 5)& .&"/
):%3"6-*$ )&"% 7&3464 5*.& 8)*$) *4 3&
26*3&% */ 5)& (306/%8"5&3 130+&$5 6/%&3
456%: 6$) 130+&$54 */$-6%& %&5&3.*/
*/( 5)& -&","(& 3"5& 0' " 8"45&8"5&3 -"
(00/ &( )"16*4 "/% 5*%"-
$%%'$$!%'$
!)& '*345 .&5)0% *4 50 64& " 13&4463&
53"/4%6$&3 ! 8)*$) .645 )"7& "
'*9&% 104*5*0/ "5 " 46''*$*&/5 %&15) #&
-08 5)& -08&45 8"5&3 -&7&- 03 &9".1-&
0/& .": 64& " 4641&/4*0/ $"#-& "/% "
)&"7: 8&*()5 03 "/$)03 50 8)*$) 5)&
4&/403 8*-- #& '*9&% ' 5)&3& *4 " /&"3#:
8)"3' " 1*1& $"/ #& '*9&% 40-*%-: 50 5)&
8)"3' "/% #& 64&% 50 1305&$5 5)& !
!)& %"5" -0((&3 .": #& &*5)&3 "/ &95&3
/"- %&7*$& $0//&$5&% 50 5)& ! #: " $"
#-& 03 "/ */5&3/"- %&7*$& 0' 5)& 53"/4
%6$&3 4:45&. ' 5)&3& *4 " $"#-&
$0//&$5*/( 5)& ! 50 5)& %"5" -0((&3 03
3&"%*/( 6/*5 5)*4 $"#-& 4)06-% /&7&3 #&
64&% "4 " 4641&/4*0/ $"#-& "/% *5 .645
"-40 #&1305&$5&%"("*/458"7&"$5*0/
!)& ."*/ #&/&'*5 0' " ! 8*5) " %"5"
-0((&3 *4 5)& "#*-*5: 50 5",& ."/: 3&"%
*/(4 "5 41&$*'*&% 5*.&4 8*5)065 )6."/
*/5&37&/5*0/ ! .&"463&4 5)& '03$&
"$5*/( 0/ " 4&/403 "/% $0/7&354 *5 */50 "
)&*()5 0' 8"5&3 "#07& 5)& 4&/403 3&-"
5*7& 53"/4%6$&3 *4 7&/5&% 50 "5.041)&3&
"/% 5)64 .&"463&4 5)& %*''&3&/$& #&
58&&/ 5)& '03$& "$5*/( 0/ 0/& 4*%& 0' 5)&
4&/403 "/% 5)& "5.041)&3*$ 13&4463&
"$5*/( 0/ 5)& 05)&3 4*%& / "#40-65&
.,:7*7*888:7*97&38):(*7)&9&&3)2*&3;&1:*-4:75*7.4)
8)*$) *4 /05 5)& $"4& 8)&/ 5)&3& "3&
8"7&4
*/$& " ! .&"463&4 " '03$& *54 %"5"
8*-- */$-6%& 5)& &''&$54 0' 5)& .&"/ 8"
5&3 )&*()5 "#07& 5)& 4&/403 1-64 5)& %:
/".*$ &''&$54 %6& 50 8"7&4 "/%
130#"#-: 5)& &''&$54 0' 8*/% "/%
$)"/(&4 */ #"30.&53*$ 13&4463&
3&4463& %"5" $"/ 5)&/ #& 130$&44&%
."5)&."5*$"--: 03 '*-5&3&% 50 (&5 5)&
*/'-6&/$& %63*/( " %&8"5&3*/( 130+&$5
&()"16*4&5"-
!)& 4&$0/% .&5)0% *4 50 */45"-- " 45*--*/(
8&-- "/% 3&$03% 5)& 8"5&3 -&7&-4 64*/(
&*5)&3 " /0/3&$03%*/( ."/6"- ("(& 03 "
3&$03%*/( 13&4463& 53"/4%6$&3 !)& #"
4*$ *%&" 0' 5)& 45*--*/( 8&-- *4 50 "70*%
."5)&."5*$"- '*-5&3*/( 0' 5)& %"5" &(
LQGG
30
.,:7*&9&4+&57*88:7*97&38):(*7):7.3,9.)*
*(
#: .&$)"/*$"--: '*-5&3*/( %".1
&/*/( 5)& </0*4&= %6& 50 8"7&4 %:
/".*$ 13&4463& &''&$54 8*/% &''&$54
&5$
-0/( 1*1& .645 #& '*9&% 7&35*$"--:
50 40.& 1&3."/&/5 4536$563& 8*5)*/ 5)&
8"5&3 #0%: / 40.& $"4&4 46$) "4
8"45&8"5&3 -"(00/4 )"16*4 5)& -08&3 01&/*/( 0' " = 1*1& -08&3&%
50 5)& #0550. 0' 5)& -"(00/ 646"- %&15)
0' 50 . *4 "#-& 50 %".1&/ 4."-8"7& "$5*0/ / 05)&3 $"4&4 )08&7&3
&( 4&" *5 *4 3&$0..&/%&% 50 '*9 "
$"1 "5 5)& #0550. 0' 5)& 1*1& 8*5) "
4."-- )0-& 50 -&5 8"5&3 &/5&3 03 -&"7&
!)& 1*1& "/% *54 4."-- )0-& .",& " 1&3
'&$5 '*-5&3 '03 "-- %:/".*$ &''&$54 "/%
5)64 5)& 8"5&3 -&7&- */ 5)& 1*1& 45"#*-*;&4
"5 *54 .&"/ 7"-6& *(63& !)& .&"/
7"-6& 0' 5)& 8"5&3 -&7&- $"/ #& .&"463&%
64*/( &*5)&3 " /0/3&$03%*/( ."/6"("(&03"3&$03%*/(53"/4%6$&3
*(63& 13&4&/54 5)& .&"/ 7"-6&4
0#5"*/&% '30. 5)& -"3(& %"5" 4&5 0' " 46#
.&3(&% 13&4463& 53"/4%6$&3 "/% 5)&
%"5" 1307*%&% #: "/05)&3 13&4463&
53"/4%6$&3 */45"--&% 8*5)*/ " 45*--*/(
8&-- 03 5)04& 8)0 %0 /05 )"7& "$$&44
50 4&7&3"- 13&4463& 53"/4%6$&34 "/% %"5"
-0((&34 "/% .645 .0/*503 8"5&3 -&7&-4
64*/( " ."/6"- ("(& 5)& 45*--*/( 8&-- *4
7&3:64&'6-
$!%
)"16*4 !)& "3%: &$563& 6--4$"-& ):%3"6-*$
1&3'03."/$& 0' 40*-#&/50/*5& "/%
$0.1"$5&% $-": -*/&34 "/"%*"/
&05&$)/*$"- 063/"- )"16*4 &*-"/* "/% "3%*
/"- 6.1*/( .03& 5)"/
..*/ '30. &9$"7"5*0/4 '03
01&/ "*3 ".1)*5)&"5&34 */ 5)& $*5: 0'
6&#&$ "/"%*"/ 063/"- 0' *7*/(*/&&3*/( .,:7*
425&7.8434+9-*)&25*3.3,<*11)&9&<.9-9-*'*892*&3+.9+479-*
3:2*74:8)&9&4+9-*57*88:7*97&38):(*7
LQGG
30
$0(&,!,#-,01/2"1(-,-%($*#"!*$
!01$-")$01(*$0!1'$,1!+(,!
(,$$/2
2!,!/*-0-/!6!-!**$&-0
!,($*!5
-&$/$")($
$/,*$(,
*(!5$/
$0*($+(1'
!/# (*0-,
18.'!,$/($,,$
$,/($1($,1
1/<9-#1,-=1->807;7/9)807.?8-915-6;)4814-
,1/-#2"1(-,
&2/ +<>2 +8. !-/+8 %-3/8-/= /:+<>
7/8> +6981 A3>2 >2/ 9<7+8 //@36
8=>3>?>/ 90 38381 8138//<381 +> >2/
'83@/<=3>C 90 <3>3=2 96?7,3+ 2+@/
?8./<>+5/8 + -966+,9<+>3@/ :<94/-> A3>2
&/-5 9738-9 %$ >2/ +>?<+6
%-3/8-/= +8. 8138//<381 $/=/+<-2
9?8-36 90 +8+.+ +8. >2/ 8>+738+
38/ 38 "/<? >9 -98.?-> + 03@/C/+< </
=/+<-2 :<91<+7 38@/=>31+>381 A+=>/
<9-5 2C.<9691C +8. 1/9-2/73=><C 98
@/8>398+6 :<+->3-/ 09< :</.3->381 >2/
1/9-2/73-+6 +8. 2C.<96913-+6 ,/2+@39<
90 A+=>/ <9-5 =C=>/7= </63/= 98 6+,9<+
>9<C >/=>381 -98.?->/. 98 ,/8-2=-+6/
>/=>= =?-2 += 2?73.3>C -/66= +8.
=7+66=-+6/ ,+<</6 >/=>= )236/ >2/=/ >/=>
:<9-/.?</= 09< >2/ :</.3->398 90
6981>/<7 A+=>/ <9-5 ,/2+@39< +</ A/66
./@/69:/. +8. A3./6C +.9:>/. 38 :<+-
>3-/ 63>>6/ 3= 589A8 30 >2/ </=?6>= 9,
>+38/. 0<97 >2/=/ =7+66=-+6/ >/=>= -+8
,/ ?=/. >9 ./=-<3,/ +8. :</.3-> >2/ 0?66
=-+6/ ,/2+@39< 90 A+=>/ <9-5 37:9?8.
7/8>= ?8./< 8+>?<+6 03/6. -98.3>398=
&2/ +<>3-6/ :</=/8>/. 2/</ ./=-<3,/= >2/
./=318 +8. -98=><?->398 90 03/6.=-+6/
A+=>/ <9-5 :36/= >2+> 2+@/ ,//8 ./
=318/. >9 2/6: +..</== ;?/=>398= </6+>/.
>9 =-+6/?: /00/->= +8. >2/ ,/2+@39< 90
0?66=-+6/A+=>/<9-5=C=>/7=
&2/ 03/6. /B:/<37/8>+>398 38-6?./=
03@/ 38=><?7/8>/. /B:/<37/8>+6 A+=>/
<9-5 :36/= + 8?7,/< 90 ,+<</6=3D/.
03/6. -/66= +8. + -9@/< =>?.C &2/ =>?.C
38@/=>31+>/= /+-2 38.3@3.?+6 A+=>/ <9-5
>C:/ += A/66 += -97,38+>398= 90 A+=>/
<9-5 >C:/= &23= :+:/< ./=-<3,/= >2/ ./
=318 +8. -98=><?->398 90 >2/ 03<=> /B:/<3
7/8>+6 A+=>/ <9-5 :36/ 09< + &C:/ A+=>/ <9-5 ,+=/. 98 3>= <9-5 >C:/ +8.
-98=>3>?/8>= 3/6. </=?6>= +</ 89> C/>
+@+36+,6/ 09< >23= 03<=> :36/ 29A/@/< 3> 3=
,/63/@/. >2+> >2/ ./=318 90 >2/
03/6.=-+6/ /B:/<37/8> </:</=/8>= + 8/A
=>+8.+<. 09< +.@+8-/. :<+->3-/ >2+>
=29?6. ,/ 90 1</+> 38>/</=> >9 >29=/ 38
@96@/. 38 >2/ ./=318 9:/<+>398 7+8
+1/7/8> +8. -69=?</ 90 6+<1/ @96?7/
A+=>/ <9-5 =C=>/7= 38 >2/ 738381
38.?=><C
&2/ 8>+738+ 38/ :</=/8>= +8 /B
-/66/8> 9::9<>?83>C >9 =>?.C 8/?><+6
.<+38+1/ 0<97 A+=>/ <9-5 &2/
:96C7/>+663- =5+<8 3= 89> 986C 98/ 90 >2/
6+<1/=> -97,38/. -9::/<D38- ./:9=3>=
38 >2/ A9<6. ,?> +6=9 -98>+38= 9>2/< /6/
7/8>= 90 38>/</=> &2/ =3>/ 3= 69-+>/. +:
:<9B37+>/6C 57 89<>2/+=> 90 37+
"/<? +> +::<9B37+>/6C 7 +,9@/
=/+ 6/@/6 38 >2/ 8./= 9?8>+38= &2/
><9:3-+6 6+>3>?./ /B:6+38= >2/ </7+<5
+,6C 736. -637+>/ +> + =3>/ 90 >23= /6/@+
>398 &2/ C/+< <9?8. >/7:/<+>?</= <+81/
LQGG
30
A+=>/ <9-5 :36/ ,+=/. 98 =3736+< ./=318=
?=/. 09< 2/+: 6/+-2 9:/<+>398= "36/ .3
7/8=398= A/</ -29=/8 ,+=/. 98 :</@3
9?= /B:/<3/8-/= 38.3-+>381 >2+> >23= =3D/
:<9@3./= </=?6>= +8. 9,=/<@+>398= >2+>
+</ </:</=/8>+>3@/ 90 0?66=-+6/ :36/=
A236/ =>366 :<+->3-+6 09< </=/+<-2 :<9-/
.?</=%//31?</=+8.
50(+$1$/-,01/2"1(-,
1/<9-
#15841.1-,84)6=1->7.814-6<5*-9:9-.-9;7416-:161/<9-
0<97 + 0/A ./1<//= /6=3?= ,/69A D/<9
+> 8312> >9 ,/>A//8 +8. G .?<381
>2/ .+C "</-3:3>+>398 3= +679=> +66 <+38
+8. 3= =><9816C =/+=98+6 >2/ +?=><+6
A38>/< 798>2= 90 :<36 E !->9,/< +</
.<C +8. >2/ =?77/<= +</ <+38C A3>2 +:
:<9B37+>/6C E 77 90 >9>+6
C/+<6C
:</-3:3>+>398
&2/
;?+<>D798D983>/ :9<:2C<C 3= 29=>/. 38
</>+-/9?= 637/=>98/ A23-2 :<9@3./=
+,?8.+8> 8/?><+63D+>398 :9>/8>3+6 !@/<
>2/ C/+< :6+88/. 738/ 630/ +679=>
,366398 >988/= 90 A+=>/ <9-5 A366 ,/
./:9=3>/. ,C /8..?7:381 98 =>//:
79?8>+38 0+-/= 38>9 :36/= ,/>A//8 +8.
72312
4.$/(+$,1!*(*$$0(&,!,#
-,01/2"1(-,
&2/ 03<=> /B:/<37/8>+6 :36/ +> >2/
8>+738+ 38/ A+= -98=><?->/. ,/
>A//8 /,<?+<C +8. ?1?=> 90 31?</ 366?=><+>/= >2/ =3./ @3/A 90 >2/
/B:/<37/8>+6:36/
&2/ ./=318 38@96@/. + 7 2312 ,C
7 6981 B 7 A3./ 38=><?7/8>/.
1/<9-#15841.1-,+97:::-+;1767.-?8-915-6;)4814-
&2/ +</+ 09< >2/ -98=><?->398 90 >2/ /B
:/<37/8>+6 :36/= +> >2/ 738/ =3>/ A+=
:</:+</. ,C :6+-381 A+=>/ <9-5 +8. =?,
=/;?/8>6C 6/@/6381 3> A3>238 >2/ +</+
&2/ 09?8.+>398 90 >2/ 03<=> :36/ A+= -98
=><?->/. A3>2 + 1<+.3/8> 38 >A9 :/<
:/8.3-?6+< .3</->398= ?=381 A+=>/ <9-5
+8. 2/+@C 7+-238/<C 7 >23-5
*?::/< 6+C/< 90 -97:+->/. 7+>/<3+6
A+= :6+-/. 98 >2/ 09?8.+>398 +8. -97
:+->/. >988/ -97:+->9< A+= ?=/.
>9 -97:+-> >2/ 7+>/<3+6 ?8>36 >2/ =?<0+-/
=799>28/== A+= =?3>+,6/ 09< :6+-381 +
1/97/7,<+8/ .3</->6C 9@/< >23= 6+C/< 7 2312 ,/<7 A+= -98=><?->/.
+<9?8. >2/ :/<37/>/< 90 >2/ :36/= 09?8
.+>398 &2/ ,/<7 -98=3=>/. 90 >2<// 6+C
/<= 90 >2/ =+7/ 7+>/<3+6 ?=/. 38 >2/ ?:
:/< 09?8.+>398 6+C/< /+-2 6+C/< A+=
=?,=/;?/8>6C -97:+->/. >9 38-</+=/ >2/
=>+,363>C 90 >2/ 7+>/<3+6 ':98 -97:6/>
381 >2/ 09?8.+>398 +8. ,/<7 + 736
2312 ./8=3>C :96C/>2C6/8/ "
1/97/7,<+8/ A+= 38=>+66/. .3</->6C
+,9@/ >2/ 09?8.+>398 6+C/< +8. /B
>/8./. 9@/< >2/ ,/<7 +8. + 7 :<9
>/->3@/ 6+C/< 90 -<?=2/. 7+>/<3+6 A+=
>2/8:6+-/.+8.-97:+->/.
&2/ 1/97/7,<+8/ :6+-/. 9@/< >2/
,/<7 +8. 09?8.+>398 -</+>/. + A+>/<
-+>-27/8> +</+ 7/+=?<381 7 6981 B
7 A3./ +> >2/ ,+=/ 90 >2/ :36/ ,9@/
>2/ 1/97/7,<+8/ >2/ :<9>/->3@/ 6+C/<
A+= :6+-/. A3>2 + 8/>A9<5 90 -9<<?
1+>/. :/<09<+>/. " F 38>/<8+6 .3
+7/>/< :3:/= 31?</ &2/=/
:3:/= A/</ -9@/</. A3>2 898</+->3@/
1<+@/6 38 9<./< >9 :<9>/-> >2/7 .?<381
>2/ A+=>/ <9-5 .?7:381 :<9-/== A236/
=>366 +669A381 A+>/< >9 069A 38>9 >2/
:3:/= )+>/< -966/->/. 38 >23= =C=>/7
A366 .<+38 >9 >2/ 69A/=> -9<8/< 90 >2/
6C=37/>/< 31?</ A2/</ 3> A366 ,/ .3
</->6C :3:/. >9 >2/ 38=><?7/8>+>398 2?>
09< ;?+8>3>+>3@/ +8. ;?+63>+>3@/ +8+6C=3=
+8. +669A 0?<>2/< 069A -9<</6+>398 A3>2
:</-3:3>+>398/@/8>=
LQGG
30
1/<9-#1,-807;7/9)807.4@:15-;-9:<*4@:15-;-9:)6,,9)16)/-:@:;-5);
*):-7.814-
)3>238 >2/ 7 B 7 6C=37/>/<
>2 <// 7 2 31 2 7 B 7
=?,6C=37/>/<= A/</ -98=><?->/. 31
?</ &2/ =?,6C=37/>/<= A366 :<9@3./
3809<7+>398 A3>2 </=:/-> >9 >2/ =:+>3+6
@+<3+,363>C 90 069A +8. .3=-2+<1/ -2/7
3=><C +8. +</ :9=3>398/. >9 9,=/<@/
A2/>2/< 9BC1/8 6373>+>398= +8. 069A
:+>2 6/81>2 2+@/ +8C 37:+-> ?:98 >2/
A+>/< -2/73=><C &2/ =?,6C=37/>/<
,/<7= A/</ -98=><?->/. ?=381 >2/ =+7/
7+>/<3+6= +8. 7/>29.= =/6/->/. 09< >2/
6+<1/ 6C=37/>/< &2/ 1/97/7,<+8/ A+=
+6=9 :6+-/. .3</->6C +,9@/ >2/=/ ,/<7=
-</+>381 >2/ >2<// =?,6C=37/>/<= %373
6+< >9 >2/ 6+<1/ 6C=37/>/< + 7 :<9
>/->3@/ 6+C/< 90 -<?=2/. 7+>/<3+6 A+=
:6+-/. +,9@/ >2/ 1/97/7,<+8/ !?>
069A 0<97 /+-2 =?,6C=37/>/< =/:+
<+>/6C .<+38= . 3</->6C >9 >2/
38=><?7/8>+>398 2?> >2<9?12 " F
-9<<?1+>/. :3:/= >2+> A/</ ,?<3/.
A3>238>2/:<9>/->3@/6+C/<
!01$-")*!"$+$,1!,#
,01/2+$,1!1(-,
=/-98. :<9>/->3@/ 6+C/< 90 7
>23-58/== 90 &C:/ A+=>/ <9-5 31?</
A+= :6+-/. +,9@/ >2/ :<9>/->3@/ 6+C/<
?=381 + 0<98>/8. 69+./< &23= 7+>/<3+6
A+= :</@39?=6C =>9-5:36/. 38 +8 +.4+
-/8> +</+ >9 >2/ -98=><?->398 =3>/ +8.
>2/ 6+<1/=> ,9?6./<= A/</ </79@/. '=
381 + 0<98>/8. 69+./< 7+>/<3+6 A+=
1/8>6C :6+-/. =>+<>381 0<97 98/ =3./ 90
>2/ ,+=/ 90 >2/ :36/ +8. +.@+8-381 >9
A+<.= >2/ 9::9=3>/ =3./ &2/ 0<98>/8.
69+./< </7+38/. 98 >9: 90 >2/ 7
6+C/< +> +66 >37/= !8-/ >2/ ,+=/ 90 >2/
:36/ A+= :</:+</. +8. :<9>/->/.
1/<9-9)16:1A-+<9=-7.;@8->):;-97+3
/8..?7:381 90 &C:/ A+=>/ <9-5
31?</ ,/1+8 0<97 >2/ >9: 90 >2/ +-
-/== <+7: 31?</ 7 +,9@/ >2/
,+=/ +>/<3+6 -+7/ .3</->6C 0<97 >2/
9:/8 :3> ?=381 >988/ .?7: ><?-5=
&2/ /8..?7:381 :<9-/== A+= -98
.?->/. 38 >2<// =>+1/= 0>/< /+-2 =>+1/
+ :/<39. 90 98/ A//5 A+= </;?3</. >9 38
=>+66 38=><?7/8>+>398 +6981 >2/ =69:/
+8.:<9>/->3>
66 .<+38+1/ 0<97 >2/ :36/ A366 ,/
-+:>?</. 7/>/</. +8. =+7:6/. 09<
-2/73-+6 -97:9=3>398 &2/<73=>9<=
1+= =+7:6/<= +8. =936 A+>/< =+7:6/<=
A/</ :6+-/. A3>238 >2/ :36/ >9 7983>9<
>2/ /@96?>398 90 :9</ 06?3.= A+>/< +8.
1+= /= &A /8> C > A9 &3 7 / 9
7+38</06/->97/><C &$ :<9,/= >2/<73=>9<= >/7:/<+>?</ =/8=9<= =936 A+>/< =+7:6/<= A+>/< =+7:6/= +8.
1+= =+7:6/<= 1+= =+7:6/= A/</ 38
=>+66/. A3>238 >2/ /B:/<37/8>+6 :36/
31?</ &2/ =/8=9<= +8. =+7:6/<=
A/</ :6+-/. +6981 =3B .300/</8> 38=><?
7/8>+>398 638/= 31?</= +8. 66
=/8=9<= +8. =+7:6/<= A3>238 >2/ :36/
A/</ -988/->/. >9 +8 38=><?7/8>+>398
2?> 69-+>/. +> >2/ 0<98> 90 >2/ :36/
>2<9?12 -+,6/= +8. =+7:6381 638/= &9
:<9>/-> >2/=/ -+,6/= +8. =+7:6381 638/=
>2/C A/</ :+==/. >2<9?12 =/7306/B3,6/
" F -9<<?1+>/. :3:/= </0/<</.
+= :<9>/->3@/ :3:/= )3>238 >2/ :<9>/-
>3@/ :3:/ >2/ -+,6/ <?8= >2<9?12 >2/ :36/
+8. 38>9 >2/ 38=><?7/8>+>398 2?> A2/</
3> 3= -988/->/. >9 >2/ .+>+ -966/->398
=C=>/731?</
&2/ 1+= =+7:6/<= -98=3=> 90 F :96C/>2C6/8/ >?,/= >2+> <?8 0<97 @+<3
9?= 69-+>398= A3>238 >2/ :36/ >2<9?12
>2/ :<9>/->3@/ :3:/= +8. 38>9 >2/ 38=><?
7/8>+>398 2?> )3>238 >2/ :36/ >2/
/8.:938> 90 /+-2 =+7:6381 >?,/ /B
>/8.= +::<9B37+>/6C -7 0<97 >2/
:<9>/->3@/ :3:/ A2/</ 3> A+= -9@/</.
A3>2 + 038/ :3/-/ 90 -69>2 >9 :</@/8> :+<
>3-6/= 0<97 /8>/<381 +8. 9,=><?->381 >2/
:+>2A+C 31?</ &2/ /8.:938> A+=
9<3/8>/. .9A8A+<.= >9 :</@/8> A+>/<
0<97 /8>/<381 +8. /8-69=/. ,C :/,
,6/=3D/. 7+>/<3+6 >9 +669A 09< 1+= >9
:+== 0<//6C &2/<73=>9<= A/</ 38=>+66/.
>9 7/+=?</ >/7:/<+>?</ A3>238 >2/ :36/
+-2 =/8=9< A+= :6+-/. 38 + -6/+</. +</+
+8. =?<<9?8./. ,C + -7 6+C/< 90 038/
7+>/<3+631?</
LQGG
30
:9<>= +8. -97:6/>/6C -9@/</. A3>2 038/
7+>/<3+6 31?</ &2/ :96C/>2C6/8/
>?,/= 6/+.381 >9 >2/ :<9>/->3@/ :3:/
A/</ +6=9 -9@/</. 38 038/ 7+>/<3+6
)3>238 >2/ :<9>/->3@/ :3:/ >2/ >?,/= <?8
>2<9?12 >2/ :36/ +8. 38=3./ >2/
38=><?7/8>+>3982?>
,01/2+$,1!1(-,21
1/<9-!14-16:;9<5-6;);176
1/<9-!07;7/9)807.;0-16:1,-7.;0-16:;9<5-6;);1760<;
%936 A+>/< =+7:6/<= A/</ +6=9 38
=>+66/. -98=3=>381 90 7 9?>=3./ .3
+7/>/< ,C 7 6981 "( >?,/ A3>2 +
5"+ +3</8><C @+6?/ -/<+73- -?: +>
98/ 90 >2/ /8.= &A9 =7+66/< >?,/=
A3>238 >2/ =+7:6/< A/</ -988/->/. >9
>A9 :9<>= 98 >2/ 9::9=3>/ /8. 90 >2/ -/
<+73- -?: >2+> A/</ -988/->/. >9 >A9
F :96C/>2C6/8/ >?,/= <?88381
>2<9?12 :<9>/->3@/ :3:/= +8. 38>9 >2/ 38
=><?7/8>+>398 2?> !8/ >?,/ A366 ,/
?=/. >9 -</+>/ + @+-??7 A3>238 >2/ =+7
:6/< ?=381 + @+-??7 2+8. :?7: A236/
>2/ 9>2/< A366 ,/ ?=/. >9 /B><+-> + =+7
:6/ &2/ >A9 :96C/>2C6/8/ >?,/= A/</
>2/8 -988/->/. >9 >2/ =936 A+>/< =+7:6/<
> >2/ 0<98> 90 >2/ :36/ 31?</ +8 38
=><?7/8>+>398 2?> A+= ,?36> >9 29?=/ +66
90 >2/ .<+38+1/ =+7:6381 +8. 7983>9<
381 /;?3:7/8> 9?< >3::381 ,?-5/>=
A/</ ./=318/. +8. 38=>+66/. >9 ;?+8>30C
A+>/< 069A381 0<97 >2/ 6C=37/>/< +8.
>2<// =?,6C=37/>/<= &2/ >3::381
,?-5/> 0<97 >2/ 6C=37/>/< 2+= + 7+B3
7?7 -+:+-3>C 90 738 +8. >2/ >3:
:381 ,?-5/>= 09< >2/ =?,6C=37/>/<=
2+@/ + 7+B37?7 -+:+-3>C 90 738
:6?7,381 =C=>/7 A+= ./=318/. +8.
38=>+66/. 38 ,/>A//8 >2/ .<+38+1/ :3:/=
+8. >2/ >3::381 ,?-5/>= >9 7/+=?</
/6/-><3-+6 -98.?->3@3>C >/7:/<+>?</
+8. >9 9,>+38 A+>/< =+7:6/= 31?</ 0>/< 069A381 >2<9?12 >2/ >3::381
,?-5/>= +66 >2/ A+>/< .<+38= >9 >A9 069A
=:63>>/<= 38 =/<3/= 6+<1/ A+>/< =+7:6/
A366 ,/ </>+38/. 38 + 7 -97:9=3>/
>+85 %+7:6/= >+5/8 0<97 >2/ -97:9=3>/
>+85 A366 :<9@3./ -<3>3-+6 3809<7+>398
>2+> A366 +669A A+>/< ,+6+8-/ +8. 7+==
69+.381= -+6-?6+>398= <+38 1+?1/ A+=
+6=9 38=>+66/. ?:98 >2/ <990 90 >2/ 38
=><?7/8>+>398 2?> >9 :<9@3./ >2/
:</-3:3>+>39838:?>.+>+
&A9 :+8/6= A/</ -98=><?->/. +> >2/
/8. 90 >2/ 1+= +8. A+>/< =+7:6/< 638/=
A3>238 >2/ 38=><?7/8>+>398 2?> 38 9<./<
>9 0+-363>+>/ >2/ =+7:6381 :<9-/==
&2/<73=>9<= /6/-><3-+6 -98.?->3@3>C
:<9,/= >3::381 ,?-5/>= +8. &$ 7/+
=?</7/8>= A366 +66 +?>97+>3-+66C ,/ -96
6/->/. +8. =>9</. 98 + .+>+ -966/->398
=C=>/7 >2+> 38-6?./= + +7:,/66 %-3/8
>303- $
.+>+6911/< 38 -984?8->398
A3>2 7?6>3:6/B/<= +8. 9>2/< /6/-><983./@3-/= 31?</ &23= .+>+ -966/->398
=C=>/7 A366 ,/ :9A/</. ,C + ) =96+<
:+8/6 38=>+66/. 98 >2/ <990 90 >2/
38=><?7/8>+>3982?>
4.$"1$#0$-%,%-/+!1(-,
&2/ /B:/<37/8>+6 .+>+ A366 ,/ ?=/. >9
./@/69: + -98-/:>?+6 79./6 90 >2/ >2/<
7+6 2C.<96913-+6 +8. 1/9-2/73-+6 :<9
-/==/= >2+> -98><96 >2/ </6/+=/ +8. +>>/8
LQGG
30
?+>398 90 7/>+6= 38 + 8/?><+6 .<+38+1/
=/>>381 &2/ .+>+ A366 ,/ +8+6CD/. >9 ./
>/<738/ >2/ <+>/= 90 =?603./ 9B3.+>398
,+=/. 98 >2/ 9,=/<@/. 9BC1/8 .3=><3,?
>398 2/+> 1/8/<+>398 :9</ A+>/< +8.
.3=-2+<1/ A+>/< -97:9=3>398 +8. 738
/<+6913-+6 +6>/<+>398 C.<91/96913-+6
+8. 1/9-2/73-+6 .+>+ 0<97 >2/
6C=37/>/<= A366 ,/ :+<+79?8> 38 ./>/<
738381 >2/ /@96?>398 90 7+== 69+.381
0<97 >2/ ,+=/ 90 >2/ :36/ 9@/< >37/ +8.
38 </=:98=/ >9 A/> +8. .<C =/+=98= '=
381 9?>069A -2/73=><C .+>+ 7+== ,+6
+8-/= A366 ,/ -97:?>/. 09< >2/ >/=> :36/
A3>2 </=:/-> >9 >2/ :2+=/= +8. /6/7/8>=
:</=/8>
/9-2/73-+6 79./6381 ?=381
"$# +8. " :<91<+7= A366
+6=9 ,/ ?=/. >9 38@/=>31+>/ A23-2 =/-
98.+<C 738/<+6 :2+=/= 7+C :6+C + <96/
38 -98><966381 </6/+=/ 90 /6/7/8>= &2/
</+->3@/ ><+8=:9<> 79./6381 A366 ,/ ?=/.
+= ,9>2 + .+>+ 38>/1<+>398 >996 +8. += +
7/+8= >9 ;?+8>3>+>3@/6C >/=> -98-/:>?+6
79./6= +8. 3./8>30C :<9-/==/= >2+> -98
><96 >2/ </6/+=/ +8. +>>/8?+>398 90 /6/
7/8>= 83>3+66C >2/ 79./6381 A366 09-?=
98 >2/ +8+6C=3= 90 .+>+ 0<97 >2/ 03/6.
-/66= +8. </=?6>= 0<97 :</@39?= 538/>36+, /B:/<37/8>= &2/=/ =37?6+>398= A366
,/ -98=><+38/. ,C 3809<7+>398 98 1<+38
=3D/ :9<9=3>C 738/<+6913-+6 -97:9=3
>398 >/7:/<+>?</ +8. :</-3:3>+>398
.+>+ &2/ 79./6 A366 ,/ -+63,<+>/. >9
9,=/<@/. .3=-2+<1/ <+>/= +8. 7+==
69+.381=9@/<>37/
2++!/5
>>/7:>381 >9 ?8./<=>+8. +8. :</.3->
>2/ 2C.<91/96913-+6 +8. 1/9-2/73-+6
,/2+@39< 90 6+<1/ A+=>/ <9-5 :36/= 3= .30
03-?6> ?=381 7+>2/7+>3-+6 79./6= 03/6.
-/66= 9< 6+,9<+>9<C >/=>= 98 >2/3< 9A8
$/=?6>= 0<97 >2/ /B:/<37/8>+6 A+=>/
<9-5 :36/= A366 ,/ 90 1</+> @+6?/ 38 >/<7=
90 ?8./<=>+8.381 +8. :</.3->381 >2/ ,/
2+@39< 90 0?66=-+6/ A+=>/ <9-5 =C=>/7=
+> >2/ 8>+738+ 38/ &2/ 37:6/7/8
>+>398 90 /B:/<37/8>+6 A+=>/ <9-5 :36/=
3= 37:9<>+8> +> >2/ /+<6C =>+1/= 90 738/
./@/69:7/8> .?/ >9 >2/ >37/ </;?3</. >9
9,>+38 </=?6>= +8. ./@/69: -98-6?=398=
0<97 >2/ /B:/<37/8>+6 A+=>/ <9-5 :36/=
&C:3-+66C >2/=/ /B:/<37/8>= +</ -98
.?->/. 9@/< =/@/<+6 C/+<= 8 +..3>398
=>?.3/= 7?=> ,/ -98.?->/. +> /+<6C 738/
=>+1/= 38 9<./< >9 ,/ +,6/ >9 38-9<:9<+>/
8/A6C 09?8. </=?6>= 38>9 :9==3,6/ 73>3
1+>398 :<9-/.?</= 9< ,/=> 7+8+1/7/8>
:<+->3-/= +8. >9 ./@/69: </63+,6/ 738/
-69=?</ :6+8= > 3= ,/63/@/. >2+> >2/ .+>+
9,>+38/. 0<97 >2/ 6+<1/=-+6/ A+=>/
<9-5 /B:/<37/8> +> >2/ 8>+738+ 38/
A366 ,/ + 1</+> @+6?/ 09< >2/ 37:6/7/8>+
>398 90 -69=?</ :6+8= A2/8 738/
9:/<+>398=+</-97:6/>/.
"),-3*$#&$+$,10
&2/ +?>29<= A3=2 >9 +-589A6/.1/
8>+738+ 38/ &/-5 9738-9 +8.
%$09<=?::9<>381>23=:<94/->
<)6 )947: 79)A)7 )44-/7: -96
4-16')9,'14:76
795)4 --=14 6:;1;<;- 7. 1616/
6/16--916/ $0- %61=-9:1;@ 7. 91;1:0
74<5*1) #;79-: "7),
&)6+7<=-9)6),)&$(
)61-4 # )@ "7/-9 -+31- %41 )@-9
-:41- #51;0 -8)9;5-6; 7. )9;0 )6,
+-)6 #+1-6+-: $0- %61=-9:1;@ 7. 91;
1:0 74<5*1) #;79-: "7), &)6
+7<=-9)6),)&$(
#;E80)6- 91-66- 8841-, "-:-)9+0
)6, $-+06747/@ 97<8 $-+3 7516+7
! 7? $9)14 )6),) &"
#
-691 -;1-6; 758)GF) 16-9)
6;)516) # = ) 79-:;) ;0
!1:7 %9* 0)+)9144) #)6 72) 15)
!-9H
LQGG
30
&(!&#&,
&&"(
"#+##
<D; 292C2; <3 A52 '<.1@612 2<9<4F
/<<8@ $;2 <3 :F .:/6A6<;@ 6@ A< <D;
.99 A56?AF <? :<?2 A 6@ ;<A A52 =<@@2@@6<;
<3 :<?2 /<<8@ A5.A 6;A2?2@A@ .;1 2E06A2@
:2 A 6@ B@6;4 A52 /<<8@ .;1 A5.A 6:
=962@ A?.C296;4 9<;4 16@A.;02@ A5?<B45
C.@A C6@A.@ 2E=9<?6;4 A52 42<9<4F .9<;4
A52D.F
)52 =?2:6@2 <3 2.05 /<<8 6@ @6:=92
F<B .?2 1?6C6;4 .9<;4 . 5645D.F . @A.A2
?<BA2 <? 7B@A @<:2 6;A2?2@A6;4 /F
D.FJA52 A2EA 12@0?6/2@ A52 42<9<4F <3
D5.A F<B @22 .9<;4 A52 D.F )52?2 6@ .;
6;A?<1B0A<?F @20A6<; D?6AA2; 6; =9.6;
=?<@2 /F .; 2E=2?A 12@0?6/6;4 A52 <C2?
.99 42<9<4F <3 A52 @A.A2 A5?<B45 D5605
F<B .?2 1?6C6;4 )52 .1@ .?2 A?B2 2.05
/<<8 6@ H9<.121 D6A5 :.=@ =5<A<@
0?<@@@20A6<;@ .;1 2E=2?A 12@0?6=A6<;@I
#<A 2;<B45 6;3<?:.A6<; 3<? .; 2E
=9<?.A6<; 42<9<46@A <? . :6;6;4 2;46
;22? /BA =?</./9F .@ :B05 .@ .;F
?2.@<;./92 42<A205;60.9 2;46;22?6;4
.:/96;4 .?<B;1 A52 0<B;A?F@612 ;221@
2?2 .?2 @<:2 42<9<4FA2;16;4
C64;2AA2@ <3 @A.A2@ =.@@21 A5?<B45 <; .
?202;A A?6= 3?<: .963<?;6. A< <D. .;1
/.08 .?<B;1 .4.6; A< ?6A6@5 <9B:/6.
"B05 <3 A56@ D.@ 3<?A63621 /F A52 '<.1
@6122<9<4F@2?62@
; ?<BA2 A< <D. D.@ 12
A.6;21 6; ?.;1 B;0A6<; <9<?.1< /F .
4?2.A @;<D @A<?: A5.A @D2=A 1<D; <C2?
@<BA52?; *A.5 .;1 A52 '<0862@ :.86;4
=.@@.42 .0?<@@ A52 <;A6;2;A.9 6C612
1.;42?<B@ ;@A2.1 <3 A.0896;4 @=2;A . 1.F @9<D9F 1?6C6;4 1<D; (A.A2
'<BA2 @B?29F <;2 <3 A52 :<@A /2.B
A63B9 1?6C2@ 6; .99 A52 D<?91 )52 @=20A.0
B9.? @02;2?F D.@ ;<A :F <;9F </720A6C2
52.121 3<? *?.C.; .@ D<;12?21
A5?<B45 A52 :<B;A.6;@ .;1 C.992F@ .;1
.9<;4 A52 ?6C2?@ /<B;121 /F ?21 .;1 <?
.;423.993<96.42
! 645 B= <; .; 6@<9.A21
=9.A2.B ./<C2 A52 (.; "64B29 '6C2? .?2
36C2 B?.;6B: :6;2 A.696;4@ 6:=<B;1
:2;A@ )52 36?@A 6@ A52 ?29<0.A21 =692
3?<: A52 )6A92 ?6@A<9 "6;2 B@A
./<C2 6A .A A52 52.1 <3 . @:.99 9<0.9
1?.6;.42 16C612 .?2 A52 )6A92 A.696;4@
?29<0.A21 3?<: #.AB?6A. :.;F :692@
@<BA5 <; <:6;.A6;4 .99 5<D2C2?
.?2 A52 A5?22 6;A2?96;821 6:=<B;1:2;A@
3?<: A52 *?.C.; "6;2 .;1 "699 5.1
7B@A =.?821 :F 0.? A< 9<<8 <C2? A52 C.@A
9.;1@0.=2 D52; . C.; 1?2D B= . 3299<D
4<A <BA .;1 2;>B6?21 :F =B?=<@2 A<91
56: <3 :F 1.F@ <; A52 *")' %?<720A
.;1 :F 6;A2?2@A 6; A52 36;.9 #.AB?6A.
%692 2 >B6089F .;1 =?<B19F A<91 :2 52
6@ . 3B99/9<<121 #.C.7< .;1 A52; ?2
0<B;A21 56@ 363A22; F2.?@ D<?86;4 .@ .
&& 6;@=20A<? <; A52 *")' .;1
<A52? B?.;6B: :699 =692 @A./696G.A6<;
=?<720A@ ,2 @=2;A . 4<<1 5<B? 6; A52
D.?: @B; 2E05.;46;4 @A<?62@ <3 .0
>B.6;A.;02@ .;1 =?<720A@ D2 /<A5 8;2D
D299 2 6@ =?<B1 <3 56@ :<@A ?202;A =?<
720A 0<:=92A6<; <3 09<@B?2 <3 A52
*?.C.; A.696;4@ @<<; A< /20<:2 .;<A52?
)6A92@6A2
99 A5.A ?2:.6;@ <3 *?.C.; 6@ .; <91
/<.?16;4 5<B@2 .;1 A52 0<::B;6AF
02;A2? <A5 .?2 /<.?121 B= .;1 @64;21
A< .1C6@2 ;<2;A?F )52 #.C.5< A<91 :2
A52 9<0.9 56@A<?60.9 @<062AF D.;A@ A<
822= A52 /B6916;4@ /BA A52 % D.;A@
A52: 12:<96@521 . 0<:=92E 0<;3960A <3
6;A2?2@A@ 52?2 2 =2?@<;.99F 5.@ ;<
<=6;6<; 3<? 52 D699 ?2A6?2 .;1 ?2AB?; A<
(56=?<08 :.;F :692@ .D.F <? A52
?2@A A52 :699 .;1 A52 A<D; .;1 .99 A5.A
A52F ?29621 <; .;1 @B==<?A21 .?2
4<;2J;<D 6;0<?=<?.A21 6;A< A52
A.696;4@=692.A<=A525699
# :2?2 F2.?@ .4< A52
9.@A 49.062? ?202121 92.C6;4 /256;1 .
?<996;4 9.;1@0.=2 <3 ?.;1<: ?6@2@ .;1
12=?2@@6<;@ .;1 . 0?.GF ;2AD<?8 <3
@A?2.:@ 92.16;4 A< A52 ?6C2?@ A5.A 0BA A52
@A.A2 .;1 39<D A< A52 @<BA5D2@A $; 26
A52? @612 <3 A52 @A.A2 .?2 A52 4?2.A ?6C2?@
A5.A 3<?:21 <; A52 2142@ <3 A52 49.062?@
A52 "6@@<B?6 <; A52 D2@A .;1 A52 "6@@6@
@6==6 <; A52 2.@A )52 49.062?@ 923A /2
56;1 A5<@2 122= 09.F2F @<69@ A5.A :.82
3.?:6;4@<=?<1B0A6C2
(22:@ 9682 . C2?F <91
9.;1@0.=2 <? 5B;1?21@ <3 A5<B@.;1@
<3 F2.?@ A52 @A?2.:@ .;1 ?6C2?@ 5.C2 39.A
A2;21 A52 @A.A2 @< A5.A ;<D <;2 A?.C29@
:692@ 3?<: A52 "6@@<B?6 A< A52
D2@A2?; /<?12? .9<;4 A52 %9.AA2 '6C2?
A5.A @9<D9F :2.;12?@ .9<;4 . 39.A /?<.1
39<<1=9.6; B?6;4 A52 =2?6<1@ <3 49.06
.A6<; D5692 <D. D.@ B;12? 602 A52
D6;1 /92D @69A 3?<: A52 2?<16;4 '<0862@
.0?<@@ #2/?.@8. 12=<@6A6;4 A5<@2 @<69@
A5.A ;<D ;221 6??64.A6<; A< =?<1B02 .
0?<=
$ #<D B= A5?<B45 A52
:<B;A.6; /B6916;4 A5.A 5.@ =B@521 B=
A52 '<0862@ .;1 A56@ @A.A2 3<? A52 9.@A :6996<; F2.?@ )52 9.;1@0.=2 6@ ?B4421
/BAA2@ .;1 :2@.@ :<B;A.6;@ .;1 122=
LQGG
30
C.992F@ A5.A 2E=<@2 A52 <91 @216:2;A@
9.61 1<D; 6; A52 .42 <3 A52 16;<@.B?@
D52; A56@ =.?A <3 A52 D<?91 D.@ =?</.
/9F ;2.? A52 2>B.A<? A52 A2:=2?.AB?2
D.@ 5<A .;1 C.@A 39<<1@ :<C21 5B42
>B.;A6A62@ <3 09.F .;1 @69A .;1 @.;1 6;A<
@5.99<D :B139.A@ .;1 9.82@ .;1
@D.:=@ )52@2 @216:2;A@ .?2 B=963A21
A< 322A A52 56452@A =<6;A .9<;4 .;1 A52 <;A6;2;A.9 6C612 .A 322A
A?.C2?@21 <;9F A52 2.@A2?;
2142 0<:6;4 1<D; A5?<B45 A52
,[email protected] "<B;A.6;@ A5.A .?2 A52 D2@A2?;
2142 <3 A52 '<0862@ .;1 A5.A 3.99 A5<B
@.;1@ <3 322A A< A52 <;;2C6992 9.A@
<;02 .; 2EA2;@6C2 6;9.;1 @2. .;1 ;<D .
@5?B;82;@.9A9.82
)5?<B45 A52 39.A =.?A <3
@<BA52?; 1.5< .C<616;4 A52 :<B;A.6;@
A< A52 ;<?A5 )52@2 9.;1@ .?2 A52 C.@A
<BA=<B?6;4@ <3 9.C. B=D2996;4 .@ A52
0<;A6;2;A :<C21 D2@A <C2? A52 C<90.;60
=6=2A5.AB;12?962@ -299<D@A<;2
4<A A< 8;<D A52 :<B;A.6;@
<3 ;<?A52.@A $?24<; /2AA2? A5.; A52
'<.1@612 2<9<4F <3 $?24<; 12@0?6/2@
<? A52 36?@A :692@ .0?<@@ . =.@@
A5?<B45 A52 C.@A :<B;A.6;@ A52 ?<.1
.D.@5 6; ;2D @;<D .;1 @9B@5 )52 4?2.A
/9.08 /[email protected] 09633@ ?6@2 B= 3?<: A52 ?<.1
.;1 6;A< A52 :6@A )52; 6;A< . 4?2.A C.9
92F B;A69 .; <C2?52.1 :2@@.42 /<.?1
.;;<B;02@ A5.A 05.6;@ .?2 ?2>B6?21 3<?
2.1 ".;@ %.@@ B= .52.1 $; A52 ;2EA
1.F B;12? . /?645A 092.? @8F A<D.?1@ A52
=.@@ %.@A . 5B;1?21 A?B08@ =BAA6;4 <;
05.6;@ ,<?1@ 0.;;<A 0.=AB?2 A52 6;36
;6A2 C.?62AF <3 @;<D .;1 602 .;1 D.A2?
.;1 @.;1 .;1 4?.C29 .;1 .@=5.9AJ2C2;
0<:/6;.A<?6.9 :.A52:.A60@ D<B91
@A?B4492 (<:2A6:2@ <; =B?2 @;<D
@<:2A6:2@ <; 602 0<C2?21 /F @.;1 .;1
4?.C29 @<:2A6:2@ <; @B;2E=<@21 .@
=5.9A )52 0?2@A 6@ 322A .;1 F<B
A56;8 HA5.A@ 6AI BA A5.A 6@ ;<A 6AJ3<?
2.1 ".;@ %.@@ @A699 962@ .52.1 .A
9<D2? 292C.A6<; /BA @A699 @;<D 0<C2?21
6;.99F . 0?.D9 <C2? A52 =.@@ A52 @B; <BA
.99 A52 D.F .;1 A52 :<B;A.6;@ .;1 09633@
. @=.?896;4 D56A2 D<;12?9.;1 )52; @6E
:692@ <3 @6E =2?02;A 1<D;4?.162;A
"<?2 @9<D 1?6C6;4 .;1 1<D; .;1 F2A
1<D; :<?2 B;A69 A52 C.992F .;1 092.?
?<.1@ .;1 @=221@ 4?2.A2? A5.; :692@
.;5<B?
! " )52 36?@A :692@ .?2 12@2?AJ1?F @0?B/ 1<AA6;4 A52
/[email protected] )52; A52?2 D2?2 :692@ <3
@;<D0<C2?21 5699@ .;1 09633@ .9A5<B45
A52 ?<.1 D.@ 092.? )52 36;.9 :692@ 6@
6; A52 4?22; A?22@ .;1 52.CF C242A.A6<;
<3 A52 0<.@A ?<.1 !682 1?6C6;4 1<D; A52
?.;1.;F<;
)56@ 0<B91 .99 5.C2 /22; D?6AA2;
D6A5<BA . 42<9<4F A<:2 /2@612@ :2 /BA
6A 6@ :<?2 3B; A< 86;1 <3 8;<D D5.A F<B
.?2 4<6;4 A5?<B45 "F ?20<::2;1.
A6<; 6@ A52 '<.1@612 2<9<4F @2?62@ BA
<3A2; 2;<B45 6A 6@ ;<A A52 42<9<4F .;1
B;05.;421 ;.AB?2 A5.A 129645A@ A52 A?.C
292? 2?2 .?2 @<:2 A5<B45A@ <; AF=60.9
B?/.; .?2.@ A5.A D<B91 /2 4<<1 @B/720A@
3<?./<<8<;A5242<9<4F<306A62@
!" )56@ 6@ 9.;1@0.=2 A5<?
<B459F .;1 BAA2?9F A.:21 .;1 A?.;@
3<?:21 /F 5B:.; .0A6C6AF (B?2 6; A52
3.? 16@A.;02 6@ . @;<D0.==21 C<90.;60
=2.8 "A .82? (B?2 A52?2 .?2 A<D2?
6;4 :<B;A.6;@ A< A52 ;<?A5 .;1 A52
<02.; A< A52 D2@A BA A52 6;92A 6@ 96;21
D6A5 @56= F.?1@ F299<D @B93B? /9.08
0<.9 0<?; @69<@ 5645?6@2 /B6916;4@ ?.69
F.?1@ 5<B@2@ A5.A @=9B?42 B= A52 5699@
/?6142@ /<.A@ .;1 =.?8@ )56@ 6@ .@ B?
/.; . @2AA6;4 .@ .;F -2A A52 2F2 .;1 @<B9
129645A ".F/2 6A 6@ A52 0<:/6;.A6<; <3
;.AB?.9 /2.BAF .;1 A52 D<?8@ <3 :.;
A5.A 3.@06;.A2 .;1 A5?699 ".F/2 6A 6@ A52
@52.? A.:6;4 .;1 @B/7B4.A6<; <3 ;.AB?2
A5.A =92.@2@ BA A56;8 ;<A @B@=20A 6A
6@ A52 =92A5<?. .;1 0<?;B0<=6. <3 12A.69
A5.A 2E06A2@ )52 :6;1 6@ @A6:B9.A21 A<
32C2? =6A05 .;1 A52 @2;@2@ ?229 .A A52
A56;4@ /<A5 ;.AB?.9 .;1 :.;:.12 A5.A
A.82B=A523?.:2
! ?20.9921 . 0<:
=92A29F 16332?2;A /BA H@6:69.?I @02;2
3?<: B;6C2?@6AF 1.F@ )52 =<@A4?.1B.A2
?<<: <3 A52 699:.; B6916;4 A52 5<:2
<3 A52 6C69 ;46;22?6;4 2=.?A:2;A .A
A52 *;6C2?@6AF <3 A52 ,6AD.A2?@?.;1
=2?052@ <; A52 2142 <3 A52 ?6142 A5.A
46C2@ A52 ,6AD.A2?@?.;1 6A@ ;.:2
)5?<B45 A52 D6;1<D@ <3 A56@ ?<<:
D52?2 D?<A2 :F ".@A2?@ A52@6@ 5.1
4.G21 .;1 1?2.:21 A5?<B45 :.;F . 9.GF
.3A2?;<<; .A A52 06AF @=?2.1 6; A52 C.992F
/29<D @A?2A056;4 A< A52 ?223 D52?2 4<91
D.@ 36?@A 16@0<C2?21 6; A52 ;6;2A22;A5
02;AB?F ?20.99 5<D 3<?AF F2.?@ .4< A5?69921 A52; A< A52 /B6916;4@ A52 5645
D.F A52 52.142.?@ .;1 A52 @96:2@ 1.:@
A5.A 4.C2 A5.A 3.? 16@A.;A @02;2 6A@ )<B?6@A@ D699 ;2C2? 4< A< A5.A ?<<: A< 42A
A5.A C.;A.42 =<6;A 3<? A56@ @02;2 6@ ;<A
3.:<B@ <? A52 @B/720A <3 =<@A0.?1@ BA
6A @5.?2@ A5.A 0<?;B0<=6. <3 12A.69 .;1
A52 A.:6;4 <3 A<=<4?.=5F /F 5B:.;
D<?8@ D6A5 A5.A @02;2 2;7<F21 9.@A
(B;1.F
?<: A52 0?2@A <3 A52 /?6142
D.C21 A< A5<@2 ./<.?1 A52 0?B6@2 @56=@
)52F .?2 /<B;1 3<? A52 <91 :6;6;4
A<D;@ .9<;4 A52 9.@8.; =.;5.;192
)52F D699 12@02;1 2; :.@@2 <; B;2.B
.;1 52.1 3<? A52 '21 <4 (.9<<; .;1
@;.= B= B49F )@56?A@ 7B@A 9682 A52 <;2 5.C2 <; BA 5<D :.;F D699 A.82 . D.98
B= .;1 <BA <3 A<D; A< A52 !.@A 5.;02
"6;6;4 "B@2B: .?<B;1 A52 5699 3?<:
A52 A<D; <D :.;F D699 52.1 .0?<@@
A52 6;92A A< 1:6?.9AF @9.;1 .;1 ?22;@
?228 <D :.;F D699 2C2; D<;12? .A
A52 ?2.@<; 3<? A52 A<D; /26;4 D52?2 6A 6@
?<: :6;6;4 A<D; A< 0?B6@2 @56= .AA?.0
A<? #<D A5.A 6@ @[email protected];./92 06AF 12C29
<=:2;A A .9@< 529=@ A5.A A52 D6@2
06A6G2;@ <3 9.@8. 822= A52 @A.A2@ 0.=6
A.9 <BA <3 5.?:@ D.F 6; A5.A 6@<9.A21
A<D; 3.? 3?<: A52 ?2.9 .0A6<; '2.1
:<?2 6; A52 '<.1@612 2<9<4F <3
9.@8. D5605 6;09B12@ A52 42<9<4F F<B
@223?<:A520?B6@2@56=@
LQGG
30
%!&%&*%),&)!&%# &&#
,5.A 1< F<B 1< D52; F<B D.;A A< .11
.; .116A6<; A< . /B6916;4 /BA 36;1 A52
=9.;@ 0.99 3<? . 3B99 /.@2:2;A 322A
9<D2? A5.; F<B? 2E6@A6;4 @A?B0AB?2
)5.A@ A52 @6AB.A6<; A5.A A52 *;6<;
<B;AF +<0.A6<;.9 (05<<9 6; (0<A05
%9.6;@#2D 2?@2F3<B;16A@293
!)*)!&%
)52 2E6@A6;4 @05<<9 D.@ /B69A <; . @9./
4?.12 )52F D2?2 ./<BA A< .11 <; A< A52
@05<<9 .;1 A52 .?056A20A@ ;2D 12@64;
0.9921 3<? .; .116A6<; D6A5 . 3B99 12=A5
/.@2:2;A 322A 122=2? A5.; A52 <?646
;.9 @A?B0AB?2 )56@ D<B91 6; A52 2;1 ?2
>B6?2 A5.A . 3<<A D.99 /2 2EA2;121 322A )52 @05<<9 5.1 0<;A.0A21 @2C2?.9
0<:=.;62@ 6; A52 .?2. ;<;2 <3 D5605
D2?2 D6996;4 A< A.82 <; @B05 .; B;[email protected]
7</ <? A52 6;52?2;A 96./696AF )52F
;22121 :<?2 @=.02 5.1 A52 C6@6<; .;1
A52 =9.;@ /BA ;< D.F A< 0.??F A52: <BA
$3 0<B?@2 A6:2 D.@ .9@< <3 A52 2@@2;02
.@ A52 @05<<9 0<B91;A .00<::<1.A2
@AB12;A@1B?6;4A522E=.;@6<;
&#*)!&%
3A2? .@@2@@6;4 A52 @6AB.A6<; 6A D.@ 12
A2?:6;21 A5.A A52 <;9F 0<B?@2 <3 .0A6<;
D<B91 /2 A< 6;@A.99 '.: .08 0<:
:2?06.9 /?.082A@ D6A5 122= 1?6C2; @A229
=62?@ '.: .08 6;@A.9921 0B@A<:/B69A
322A 4B612 @922C2@ .;1 I 122=
1?6C2; =<D12? 0<.A21 0.?/<; @A229 =6=2
A< 9<.1 A52 /2.?6;4 @A?.A. 322A /29<D
4?.12 A5B@ @A./696G6;4 A52 D.99 )D<
322A /29<D A52 /?.082A@ A52F 6;@A.9921
A52 36?@A ?<D <3 A62/.08@ 2C2?F 322A ?2
@B9A6;4 6; A62/.08@ =2? 2.05 1?6C2? =62?
@@2;A6.99F A52F 1B4 <BA 6; 3<<A 6;0?2
:2;A@ =BA A62/.08@ 6; .;1 .AA.0521 D6?2
D6A5 ./<BA 6;052@ <3 @5<A0?2A2 B;12?
;2.A5 A621 2C2?FA56;4 A<42A52? 23320
A6C29F /B6916;4 <;2 D.99 .99 A52 D.F
.?<B;12;0.@6;4.99<3A52=62?@
20.B@2 A52 @<69 D.@ . 3699 A56@ D.@
A52 <;9F D.F A< /?6;4 A52 D.99 1<D; A52
?2>B6?21 322A )52 <;9F .9A2?;.A6C2
3<? A52 +<0.A6<;.9 (05<<9 D<B91 5.C2
/22; A< 1< D6A5<BA A52 /.@2:2;A .;1
()% !"%!#!%(*!&% !)!&%
!)&'(+##%
&*'!
*()'#!%%)'&'
&$ %!(
)52 36?@A 216A6<; <3 A52 H%.@A2 .;1
)56082;21 ).696;4@ B612I =B/
96@521 /F A52 B@A?.96.; 2;A?2 3<?
2<:205.;60@ 6; =9.F21 .; 6:
=<?A.;A ?<92 6; 529=6;4 .0.12:60@ .;1
=?.0A6A6<;2?@ 2@A./96@5 0<::<; A2?:6
;<9<4F .;1 B;12?@A.;16;4 6; A56@ ?.=
619F .1C.;06;4 36291 !.B;0521 2.?962?
A56@ F2.? A52 @20<;1 216A6<; 3B?A52?
/B691@ <; A56@ /F 6;09B16;4 ;2D 05.=A2?@
<; @9B??F 052:6@A?F .;1 ?2.42;A@ .;1 .
@B/@A.;A6.99F 2E=.;121 0.@2 @AB162@
05.=A2?
H%.@A2 .;1 )56082;21 ).696;4@ /B691<;.@9./<;02.4.6;
((&%('%
A 6@ .9D.F@ 6:=<?A.;A A< 5.C2 A52 ?645A
A<<9 3<? A52 7</ ; A56@ 0.@2 '.: .08
<B;1.A6<; (<9BA6<;@ 5.1 A< 12C6@2 .
@<9BA6<; .;1 0B@A<: /B691 A52 A<<9@ A<
2;@B?2 A5.A A56@ D.@ A52 0.@2 A 6@ .9D.F@
4?.A63F6;4 A< @22 A5.A .;F AF=2 <3 /?.082A
0.; /2 /B69A 3<? A52 :<@A 163360B9A 6;@A.9
9.A6<; D5692 @A699 .00<:=96@56;4 A52 7</
>B6089FD6A596AA92<?;<1<D;A6:2
&%#*(!&%
)56@ B;[email protected] 7</ ?2@B9A21 6; A52 B@2 <3
=62?@ .;1 A<<8 <;9F 1.F@ A< 0<:
=92A2 ; A52 2;1 A52 *;6<; <B;AF +<
0.A6<;.9 (05<<9 D<B;1 B= D6A5 . ;2D
.116A6<; 0<:=92A2 D6A5 /.@2:2;A A5.A
D699 @2?C2 A52: D299 3<? F2.?@ A< 0<:2
B612 (20<;1 16A6<;I 0<:=?6@2@ <3
AD29C2 05.=A2?@ 2.05 D?6AA2; /F 6;A2?
;.A6<;.99F ?20<4;6@21 2E=2?A@ 0<C2?6;4
.99 .@=20A@ <3 =.@A2 .;1 A56082;21 A.69
6;4@ 3?<: =?2=.?.A6<; A5?<B45 A< @B?
3.02 .;1 B;12?4?<B;1 16@=<@.9 .;1
:6;2 09<@B?2 )52 216A<?@ ;<A2 A5.A A52
4B612 6@ ;<A . 12@64; :.;B.9 .;1 6@
?.A52? 6;A2;121 A< =?<C612 4B61.;02 .;1
.1C602 3<? =?<32@@6<;.9@ 0<;@612?6;4
6:=92:2;A6;4 . =.@A2 .;1 A56082;21
A.696;4@@F@A2:
)52 05.=A2? <; @[email protected];./696AF ;<A2@
A5.A 6A 6@ 6:=<?A.;A A< 2E.:6;2 3B99
96320F092 0<@A@ /23<?2 @2920A6;4 . A.69
6;4@ 16@=<@.9 @F@A2: =.?A 3?<: ?2
1B021 <=2?.A6;4 .;1 09<@B?2 0<@A@ =.@A2
.;1 A56082;21 A.696;4@ @F@A2:@ :.F .9@<
<332? ;<;:<;2A.?F /2;236A@ 6; A2?:@ <3
6:=?<C21 =B/960 =2?02=A6<; ?24.?16;4
2;C6?<;:2;A.9 .;1 @<06.9 6@@B2@ ;
0?2.@6;49F 3<? :.;F <=2?.A6<;@ =?<
LQGG
30
.-"(' ", %"&"- 2 0-+ /"%"%"-2
(( ))+"-"(' ( +!(%( "%
(')-, ", "&)(+-'- "' .'+,-'"'
-! $2 )+(,,, +%- -( ),- '
-!"$' -"%"' , ,2,-&, -"%"' ,
0-+"' -+',)(+- ' ",)(,% !
+!(%( 2 !)-+ )+(/", -"%
(/+/"0 ( -!, (')-, ' "'
%., -! ,. ,-"(' -!- -"%"' , ",
)(,% ,2,-&, + ," ' -( &- -!
+!(%( 2 +*."+ (+ -! ,%- ",
)(,%&-!(
! !)-+ (' &-+"% !+-+"
,-"(' '(-, -!- ,(& -"%"' , )+()+
-", !' .+"' -! )+)+-"('
-+',)(+- ' ",)(,% )+(,,, &(,," '""'- ( -!, ", -! !' "' -!
-"%"' , &"1-.+ +!(%( 2 ."%"',
(+ +%/'- &,.+&'-, (+ !+
-+","' -! -"%"' , (+ ! ( -!,
)+(,,, + )+,'- ! .-!(+
0+', -!- ! ,%() ' %, -+
&"' +(& %(+-(+2 %.& -,-,
,!(.% -+- 0"-! .-"(' , -!+
", '( )- &-!( 2- (+ )+"-"'
)(,"-"(' ,%(), +(& %(+-(+2 -,-,
! !)-+ ('%., 0"-! .,.%
!$ %",- ( &-+"% )+()+-", -!,!(.% &,.+ (+ -! -!"$'
-"%"' ,)+(#-,
- &2 -! %,- ,,"% !)-+
"' -! ." .- -! ,%.++2 !&",-+2
!)-+ %, 0"-! ",,., -!- + +"-"%
-( "&)%&'-"' ,.,,.% ,2,-&, (+
-"%"' , ('-"'"' %2 &"'+%, !
.-!(+, ,+" !(0 -! (%%("%
)+()+-", ( -! %2 ,.,)',"(', "'%.
' -! -"%"' , +!(%( 2 ' !/
"(.+ .+"' ,"&'--"(' 0-+"' - ", %"$%2 -!- .-.+ ," '""'- /', "' ),- ' -!"$' -"%"' ,
0"%% )''- (' )+()+ .'+
,-'"' (,%.++2!&",-+2
! !)-+ (' + '-, )+(/", '
"'-+,-"' !",-(+2 ( -! /%()&'( %(.%'-, ' ( .%'-, 5 &
)%, -( "'%%2 $'(0 -! "+'
-0' -! -+&, 4%(.%'-6 '
4%(.%'-6 '-, + ," '""'(,- (+ &'2 ),- ' -!"$' -"%
"' , ,2,-&, ! .-!(+, (/+/"0 ,
,",-, ," '+, ' ()+-(+, -(
()-"&", + '- ,%-"(' ' (, 2 )+(/""' (( .'+,-'"' (
%(.%-"(' ' ( .%-"(' &!
'",&, ' -! -(+, -!- - + ')+(+&'
! !)-+ (' -!"$'"' ' "%-+
-"(' )+(/", ' 1%%'- (/+/"0 (
-! -!"$'+ -2), ' -! &-!((%(
", ., (+ ,"3"' -!"$'+, !2
'(- -!- ,"3"' ),- -!"$'+, ",
%+ %2 , (' 1)+"' 0"-! ,"&"
%+ "',-%%-"(', ! /+"(., -2), (
"%-+, ., -( )+(. ),- + ,+" 0"-! -! +%-"/ /'- , '
",/'- , ( ! -2) ,.% "'
"-"/ (,-, + )+(/" (+ -!"$'
+,'"%-+,
! -+',)(+- !)-+ ",.,,, -!
%(0 !/"(.+ ( ),- ' -!"$'
-"%"' , "' )")%"', ! +%-"/ /'
- , ' %"&"--"(', ( '-+". % '
)(,"-"/ ",)%&'- ).&), + +
/"0 ' -! .-!(+ '(-, -!- %"2
% (,-, &.,- /%.- 0!'
,%-"' -! ).&) -2) +',)(+- (
),- 2 -+.$ ' ('/2(+ ", ",
.,, %-!(. ! -!, &(, + '(0"%2 ., (+ ,.+ -"%"' , ",
)(,% ! !)-+ ('%., 0"-! +
/"0 ( ,)-, -( (',"+ 0!'
.'+-$"' ' ('(&" /%.-"(' (+
(&)+",('(-+',)(+-,2,-&,
%' ,,,,&'- ( -! /'
- , ' ",/'- , ( ,.+ ",
)(,% ( ),- (+ -!"$' -"%"' ,
(&)+ 0"-! ('/'-"('% -"%"' , ",
)+,'- "' -! (/ +(.' ",)(,%
!)-+ ! .-!(+ '(-, -!- %-!(. !
-! (')- ( !" ! ',"-2 -"%"' , ",
)(,% -!'(%( 2 0, "+,- "&)%&'-
(/+ 2+, ( -! ()-"(' ( -!
-!'(%( 2 (+ ,.+ !, ' ,%(0
!", ", ,+" -( -! %$ ( +%"%
&-!(, (+ )+(."' ' -+',)(+-"'
-"%"' , "-! -! +'- /', "'
-!, +, "- ", 1)- -!- "&)%&'
--"(' +- ( ),- ' -!"$' -"%
"' , ,2,-&, 0"%% %+- !
!)-+ -"%, (',"+-"(', (+ ," '()+-"(''&' &'-
! &"' $"%% !)-+ ",.,,,
-! "'-+)'' ( $"%% (&)(
,"-"(' .'+ +(.' '"-, ' % %
(&)%"' !", ", "%%.,-+- 2 ('
,"+"' -! '"-, ( .'+ +(.'
),- ",)(,% (+ , &-% (% (%
' )%-"'.& &"', ! .-!(+ +/"0,
.'+ +(.' +($ &!'", +*."+
&'-, '/"+('&'-% +*."+&'-, '
(',"+-"(', (+ ',.+"' ,.,,.%
),- -+',)(+- 1&)%, ( -0( .'+
+(.' ),- ",)(,% )+(#-, + )+
,'- -( "%%.,-+- -! ))%"-"(' (
.'+ +(.' ),- $"%% -!'(%( 2
! %(,.+ !)-+ '(-, -!- %
-!(. ! %% &"'"' ()+-"(', !/ "
'"- %" -! &"'"' ()+-"(' +&''-,
"'%."' -! -"%"' , ,-(+ "%"-2
!/ ' %&(,- "'"'"- %" ! &"'"'
(&)'2 "' (',.%--"(' 0"-! %(%
(&&.'"-", ' .-!(+"-", &.,- /%() ,."-% "'% %(,.+ ," ' -!&-, -! +*."+&'-, ( %% ,-$
!(%+, ! !)-+ %, 0"-! ,-2
,-"%"-2 ,-!-", " &"' +"' "''"% ",,., +%&-"(' ' +!
"%"--"('
! ." ('%., 0"-! -0%/ 1
%%'- , ,-.", (+ ,.+ ",)(,%
( ),- ' -!"$' -"%"' , !
,-.", (/+ +( +' ( ,2,-&,
"%%.,-+-"' -! ))%""%"-2 ( -! -!
'(%( 2 (+ "+'- ))%"-"(', !",
!)-+ 0"%% 1-+&%2 /%.% (+
'2(' ('-&)%-"' - ),- '
-!"$' -"%"' , ,2,-& (0/+ -!
/%. ( -! , ,-.", (.% '
!' 2 &(+ (',",-'- +)(+-"' (
$2 )+&-+, +!(%( 2 '
! ,%() ' "'-""-"(' ( $2
%,,(', %+'- +(& -! ,2,-& " 0!" '(- 0(+$ !(0 -! ,2,-& 0,
"&)+(/
' ,.&&+2 -! ." &$, ' 1
-+&%2 /%.% ('-+".-"(' -( -! /'&'- ( ),- ' -!"$'
-"%"' , -!'(%( 2 - ", $2 ++'
(+%%)+(,,"('%,"'-!"%
(+ .+-!+ "'(+&-"(' (+ -( (-"'
2(.+ ()2 ( -! .,-+%"' '-+ (+
(&!'", ,- ' !"$'
"%"' , ." (' "-"('
)%, ('-- " $ %
$&$$
!%& ' ! !# !
#! #!" "$# !"#'#$#!
LQGG
30
<166=*4$8:260$.526*:
$$.*<<4..7<.,162,*4:7=8
:#7+.:<74<B!6.*A
767:*:A$A587;2=5
$.*<<4.(
8:24
!&--,/08/ '03 )*4 3&4&"3$) &%6$"5*0/"-
"/% 130'&44*0/"- "$)*&7&.&/54 0# 0-5; *4
"-40 "/ &45&&.&% .&.#&3 0' 5)& &/(*/&&3*/(
$0..6/*5: )& 4:.104*6. 8*-- '&"563&
40.& 0' 0#4 .&/5034 $0--&"(6&4 "/% '03
.&3456%&/5441&",*/(0/"3"/(&0'501*$4
)&4& */$-6%& -:%& ",&3 *,&
".*0-,084,* ": 3*;&, *-50/ "33
"33:)3*4501)&3"/%5&7&3".&3
0/5"$5 '<;E %602 <912> ??<06.@2?
;0 " (;6<; 699 %<.1 &A6@2 % 2 1 : < ; 1 * '2 9
2D @ 2 :.6 9 @>6024<912>0<:
6<.:6*<276*476/.:.6,.76
425*<.1*60.*6-*6-;42-.;
;4.7/(201<
*A
)& "*. 0' 5)& 0/'&3&/$& *4 50 &9".*/& 5)&
3*4,4 5)"5 13&%*$5&% $-*."5& $)"/(& "/% 4&"
-&7&- 3*4& 13&4&/5 '03 (306/% */45"#*-*5:
-"/%4-*%& ."/"(&.&/5 "/% $0"45"- "3&"4 */
5)&'6563&
)& 0/'&3&/$& 8*-- "44*45 (&05&$)/*$"&/(*/&&34 13"$5*5*0/&34 3&(*0/"- "/% -0$""65)03*5*&4 "$"%&.*$4 $0"45"- $0..6/*5*&4
"/% 45",&)0-%&34 */ 1-"//*/( '03 $)"/(& "/%
13*03*5*4*/( 3&4063$&4 1"35*$6-"3-: *.103
5"/5 */ "3&"4 "''&$5&% #: -"/%4-*%*/( #05) */
-"/%"/%8*5)*/$0"45"-;0/&4
0/5"$5 ;@2>;.@6<;.9 <;32>2;02 ?92 <3 *645@ 2;@>2 3<> @52 <[email protected] ;B6><;
:2;@ A192E %<.1 )2;@;<> ?92 <3 *645@
$# ( .D 2:.690<;32>2;026<C4<BA8
26<16<.:6*<276*46$2<=*6!6$2<.27:.5.-2*<276
*4<257:.*:A4*6*A
%7"/$&4 */ &/7*30/.&/5"- #*05&$)/0-0(:
$0/5*/6& 0/ " 803-%8*%& #"4*4 "/% "3& *.
1307*/( 5)& 1&3'03."/$& "/% 3&-*"#*-*5: 0'
.*$30#*"-#"4&% 130$&44&4 '03 4*5& 3&4503"
5*0/ 8"45& 53&"5.&/5 "/% 10--65*0/ 13&7&/
5*0/ / "/ 0/(0*/( &''035 50 #3*/( 50(&5)&3
*/5&3/"5*0/"- 45",&)0-%&34 13"$5*5*0/&34
"/% &91&354 '30. */%6453: "$"%&.*" "/%
(07&3/.&/5 5)*4 4:.104*6. 8*-- */5&(3"5&
5)& -"5&45 %&7&-01.&/54 */ '6/%".&/5"- 3&
4&"3$) 8*5) *//07"5*7& &/(*/&&3*/( "11-*$"
5*0/4
03&(*45&3 CCC/.@@2992<>4/6<?E:=
;<*6*-*&$#7,3.,1*62,;
$A587;2=5
'*6,7=>.:
*A
)*4 8*-- #& " +0*/5 .&&5*/( 0' 5)& "/"%*"/
0$, &$)"/*$4 440$*"5*0/ "/% 5)& .&3
*$"/ 0$, &$)"/*$4 440$*"5*0/ )&
5)&.& *4 <0$, &$)"/*$4 &&5*/( 0$*
&5:4 )"--&/(&4 "/% &."/%4= 308*/(
1016-"5*0/4 "/% 4)3*/,*/( 3&4063$&4 "3&
164)*/( 5)& (3085) 0' %&7&-01.&/5 */'3"
4536$563& */50 &7&3 .03& $)"--&/(*/( -0$"
5*0/4
)& 4:.104*6*. 8*-- */$-6%& " $0.13&
)&/4*7& 5&$)/*$"- "/% 40$*"- 130(3". */
$-6%*/( 4)035 $0634&4 803,4)014 5&$)/*$"1"1&3 13&4&/5"5*0/4 1-&/"3: ,&:/05& -&$
563&4"/%5&$)/*$"-50634
*4*5 5)& $0/'&3&/$& 8&#4*5& "5 CCC0.;
.1.A?><08:205.;60?0.
)"*65.:2,*676/.:.6,.76
$724.,1*62,;*6-.7<.,162,*4
6026..:260
*:0*:2<*;4*6-'.6.B=.4*
=4A
)& (&/&3"- 5)&.& 0' 5)& $0/'&3&/$& *4 5)&
*/5&(3"5*0/ 0' 3&4&"3$) 13"$5*$& "/% &%6$"
5*0/*/&0/(*/&&3*/(
*4*5 CCC?B14<>4B2
(*<.:87?.:)'
1*<<*6770*%
=4A
)& $0/'&3&/$& 8)*$) '0$64&4 0/ )08 50
.07& ):%30108&3 '038"3% "4 5)& 803-%4
-&"%*/( 4063$& 0' 3&/&8"#-& &/&3(: 8*-$0/5*/6& 5)& 5)&.& 0' <%7"/$*/( &$)/0-
0(:'03645"*/"#-&/&3(:=
0/5"$5 !.>9..>;2?
2:.69 :/.>;2?506=A/0<: <> B6?6@
CCC506=A/0<:
<1*6*-2*6.7<.,162,*4
76/.:.6,.
<1726<$ :7=6-?*<.:76/.:.6,.
!<<*?*!
!,<7+.:
.&/54 "/% "%7"/$&.&/54 */ (&05&$)/*$"&/(*/&&3*/("/%):%30(&0-0(:
4 " *".0/% 6#*-&& 5)& $0/'&3&/$&
8*-- #& " $&-&#3"5*0/ 0' 5)& -"45 :&"34 0'
(&05&$)/*$"- &/(*/&&3*/( "$$0.1-*4).&/54
"/% 0' $0/5*/&% *//07"5*0/ */ "%%3&44*/(
$0.1-&9 (&05&$)/*$"- "/% ):%30(&0-(0*$"$)"--&/(&4 / "%%*5*0/ 50 5)& 5&$)/*$"- 130
(3". "/% 1-&/"3: 4&44*0/4 5)& $0/'&3&/$&
8*-- */$-6%& " $0.1-&.&/5 0' -0$"- 50634
803,4)014"/%4)035$0634&4
*4*5 CCC<@@.C.42<0.
$("
*60373%1*24*6.,.5+.:
&/5) /5&3/"5*0/"- :.104*6. 0/ /7*30/
.&/5"- 446&4 "/% !"45& "/"(&.&/5 */
/&3(:"/%*/&3"-30%6$5*0/
0/5"$5 > %.7 &6;45.9 $# <D
><C3<<@ $<[email protected] #A@92@ ><C3<<@
'2>>.02 "* .94.>E ' + .;.1.
2:.69?6;45.9?5.C0.
"$
*60373%1*24*6.,.5+.:
*95&&/5) /5&3/"*50/"- :.104*6. 0/
*/&-"//*/(26*1.&/5&-&$5*0/
0/5"$5 > %.7 &6;45.9 $# <D
><C3<<@ $<[email protected] #A@92@ ><C3<<@
'2>>.02 "* .94.>E ' + .;.1.
2:.69?6;45.9?5.C0.
.7760.;;
66=*4760:.;;7/<1.
.76;<2<=<.7/$
.?!:4.*6;
*:,1
)& )"--&/(& 0' 645"*/"#*-*5: */ 5)&
&0&/7*30/.&/5
&22=.42<3@56?6??A2
<16<.:6*<276*4$A587;2=576
*6-;42-.;*6-6026..:.-$478.;
)2*6126*
=6.=4A
0/5"$5 ,AEA 52; 5.6>:.; @52 #>4.
;6F6;4 <::6@@22 56;. ;?@6@A2 <3 *.@2>
%2?<A>02? .;1 E1><=<C2> %2?2.>05 $#
<D 2676;4 56;. 2:.69
052;FE6C5>0<:.D
)& $0/'&3&/$& 5)&.& <3&",*/( 306/% */
5)& "5*0/4 "1*5"-= 3&'-&$54 5)*4 "//6"$0/'&3&/$&4 $0/5*/6&% 53"%*5*0/ 0' 1307*%
*/( " '036. '03 3&$&/5 3&4&"3$) %&7&-01
LQGG
30
! ' %$
$2@<16<.:6*<276*476/.:.6,.76
*;.2;<7:2.;26.7<.,162,*4
6026..:260*6$A587;2=526767:7/":7/.;;7:
*5.;2<,1.44
(*;1260<76
=0=;<
1&",&34 50 )0/03 *. */$-6%& *$)"3%
*5$)&-- % "7";"/+*"/ 6%: 0/"1"35&
63"/ 63(6/0(-6 &/*$)* 0(" ".&4
*$)"&-6/$"/
0/5"$5 &5.:?52> $>.8.?5 (;6B2>?6@E <3
!6??<A>6%<99. A@92> .>9@<; .99 %<<:
%<99.!#
'29
.D
2:.69 102A:>21A
6<.:6*<276*47=6-*<276;
760:.;;*6-9=285.6<
@87;2<276
'.6=.<7+.*->2;.*:,1
5)& &0/45*565& 0' "/% 5)&
*-& 3*7*/( 0/53"$5034 440$*"5*0/ 8*-"$5 "4 +0*/5 1"35/&34 */ 13&4&/5*/( 8)"5 $06-%
563/ 065 50 #& 5)& -"3(&45 &05&$)/*$"- /(*
/&&3*/( "/% &00/4536$5*0/ $0/'&3&/$&
<166=*4$17:<7=:;.76262<.
4.5.6<;26.7<.,162,*4
6026..:260
74-.6747:*-7
=6.
"4&% 0/ " 3&$&/5 &%*5*0/ 0' 5)& 46$$&44'65&95#00, $0"65)03&% #: 5)& */4536$503
=30(3"..*/( 5)& '*/*5& &-&.&/5 .&5)0%=
#: .*5) "/% 3*''*5)4 5) &%
!*-&: 5)*4 5)3&&%": $0634& $0.
#*/&4 -&$563&4 8*5) 461&37*4&% %&4,501
$0.165*/( 4&44*0/4 */ 8)*$) 1"35*$*1"/54
8*-- -&"3/ 50 36/ " 108&3'6- 46*5& 0' '*/*5& &-
&.&/5 130(3".4 3&-"5*/( 50 13"$5*$"(&05&$)*$"- &/(*/&&3*/( )& $0634& 4)06-%
3 & . 07& 4 0 . & 0 ' 5 ) & . : 4 5 * 2 6 & 0 '
<#-"$,#09= (&05&$)/*$"- 40'58"3& #: (*7
*/( 1"35*$*1"/54 "/ */4*()5 */50 5)& 803,*/(4
0' 5)& '*/*5& &-&.&/5 .&5)0% "/% 5)& #"4*$
"3$)*5&$563& 0' 5)& 130(3".4 -"44*$"(&05&$)/*$"- "11-*$"5*0/4 8*-- #& $07&3&%
&7&3 )&-% )*4 0/(3&44 8*-- '0$64 0/
'06/%"5*0/4 "/% 8*-- */$-6%& 3&-"5&% (&0&/
(*/&&3*/( "/% (&0$0/4536$5*0/ 5&$)/0-0
(*&4
0/5"$5 & &0<@ 6@82 & .99.? $.>8C.E &A6@2 .99.? '2D.?
'29
.D
2:.69?2?86;4.1?06.310<:
&( 4&55-&.&/54 4&&1"(& $0/40-*%"5*0/ "/%
4-01& 45"#*-*5: "35*$*1"/54 8*-- 3&$&*7& "
$01: 0' 5)& $0634& 5&95#00, "/% "-- 4063$&
$0%& 8)*$) $0/4*454 0' 07&3 130(3".4
$07&3*/( " 8*%& 3"/(& 0' &/(*/&&3*/( "/"-:
4*4 "11-*$"5*0/4 55&/%&&4 "3& &/$063"(&%
50 #3*/( 5)&*3 08/ -"1501 $0.165&34 40 5)"5
5)& 130(3".4 $"/ #& */45"--&% %63*/( 5)&
$0634&
03 $0634& */'03."5*0/ "/% 3&(*453"5*0/
*/'03."5*0/
4&&
8&#
4*5&
5 @ @ = C C C : 6 ; 2 ? 2 1 A # A @
>2.05<;@-132425@: 03 $0/5"$5 !29<1E
>.;06?0< .@ @52 #33602 <3 &=206.9 $><4>.:?
. ; 1 < ; @ 6 ; A 6 ; 4 1 A 0 . @ 6 < ; '2 9 .D 2:.69
:3>.;06?:6;2?21A
03 26&45*0/4 3&-"5*/( 50 $0634& $0/5&/5
03 ."5&3*"-4 $0/5"$5 5)& $0634& */4536$503
).A45.; >6336@5? '29 2:.691B4>6336@5?:6;2?21A
LQGG
30
'*+(')$&&
)*','
-)67=1; :1)=, ?); ;-4-+<-, *A <05-:1+)6 #7+1-<A 7. 1>14 6/16--:;
-? (7:3 1<A #-+<176 <7 ,-41>-: <0):-<16 # )88 4-+<=:- :1)=, ,-41>
-:-, <0- 4-+<=:- 76 -+-5*-: 16 -? (7:3 1<A .<-: <0- 4-+<=:- 0:-+-1>-, <0- ?):, .:75 <0- 0)1: 7.
<0- +7551<<-- : 1:-6 #0)? 7.
=-;-: "=<4-,/- $0- <1<4- 7. <0- 4-+
<=:- ?); C7=6,)<176 6/16--:16/ "-
+-6< ,>)6+-; 16 7?6,:)/ 76 !14-;
)<-:)44A 7),-, !14-; )6, #8:-),
77<16/ -0)>17: +78A 7. <0- 4-+<=:)476/ ?1<0 ;41,-; +)6 *- .7=6, )<
,663')342*56%07)(7&4-%7(
+$'%$(
$$'$
->16 1//): .7:5-:4A ?1<0 <0- %61>-:
;1<A 7. 4*-:<) 0); 2716-, 6/1
6--:16/ 16 <0-1: 6-?4A 78-6-, ,576
<764*-:<)7..1+-
76<)+< 1-1+))4-1+ 1'
7-6)8)17)
(021621!
!)/
%:
999&+''1+-1))4-1+'%
)%$"),)'
$)''% )'$(%&
,'%'
$0- 6/16--:16/ @+-44-6+- ?):,
+758-<1<176 1; ) 6)<176)4 8:7
/:)5 ;876;7:-, *A <0- 5-:1+)6 7=6
+14 7. 6/16--:16/ 758)61-; <0)< :-+7/61B-; 1667>)<176 -@8-:<1-;-
)6, 16/-6=1<A 16 -6/16--:16/ )+01->-
5-6< '! 8-:.7:5-, ) *:7), ;8-+
<:=5 7. -6/16--:16/ ;-:>1+-; 16+4=,16/
/-7<-+061+)4 +76;<:=+1<76 9=)41<A +76
<:74 <-;<16/ )6, ;8-+1)4 16;8-+<176 ;-:
>1+-; .7: <0- 6-? %# )<176)4 '01<-
?)<-:-6<-:47+)<-,160):47<<- $0- 5144176 +-6<-:; 5)16 )<<:)+
<176 1; <0- .1:;< 5)65,- ?01<-?)<-:
:1>-: 16 <0- %61<-, #<)<-; #-< )576/
?77,-, )+:-; )476/ <0- ;+-61+ )
<)?*) "1>-: 1< 1; )6 1667>)<1>- =;- 7.
:-+:-)<1764)6,
$0- ;<:=+<=:- ?); ,-;1/6-, )6, +76
;<:=+<-, ); ) 416-, -):<0-6 ,)5 ?1<0 )
876, )6, +0)66-4 ;A;<-5 <7 .)+141<)<?01<-?)<-: :)81,; '! =<141B-, #=:
.)+- #0-): ')>- $-;<16/ <7 ;-):+0 .7:
:7+3 )6, 8-:.7:5 ) ;8-+1.1+ ;1<- ;-1;51+
->)4=)<176 #<)<-7.<0-)-< 16;1<= <-;<
16/ -9=185-6< ;=+0 ); 4-+<:761+
!1-B7+76-; )6, ) 4)< 4),14)<75-<-: ?-:- <=141B-, <7 ->)4=)<<0- ;1<-;714 +76,1<176; )6, .)+141<)<- <0,-;1/6 =;16/ :-)4<15- ;714 >)4=-; :)<0-:
<0)6 ;714 8):)5-<-:; ,-:1>-, .:75 4)*7
:)<7:A <-;<16/ 7: +76>-6<17)64 #!$
>)4=-;
76<)+< $ 1' ,7'.
%9/); /8( 6 /)%51%6 !)/
%:
)0%-/5,;/%1(93')1+'20
)%$$%$ %$
$$'$)
"1+3 1<+76 6/ !6/ 0);
2716-, %; =:6)*A 7..1+- );
');<-?)<-: !:)+<1+- -),-: - 0); A-):; 7. -@8-:1-6+- 16 <0- ?)<-: )6,
?);<-?)<-:<:-)<5-6<.1-4,
4-@ -76/ #+ ! 0); 2716-,
% ); #-617: 6>1:765-6<)4 6/1
6--: - 0); A-):; 7. -@8-:1-6+- 16
?)<-:)6,?);<-?)<-:-6/16--:16/
76<)+< " $%;&741)
4-8) 741%&; # $
!)/
%:
&$(%$$
"%'
#<!)=4*);-, .=44;-:>1+- 4)*7:)<7:A
)6, -6/16--:16/ +76;=41<6/ .1:5
78-6-, 1<; ;1@<--6<0 7..1+- 16 761<)
#8:16/;47:1,)
$0- 6-? 7..1+- ;-:>+-; ); ) *);- 7.
78-:)<176; 16 ;7=<0?-;<-:6 47:1,) .7:
.7:-6;1+ ;-:>1+-; 8-<:7/:)80A )6, <-;<
16/ 7. +76+:-<- )6, 7<0-: +-5-6<1<17=;
+76;<:=+<176;A;<-5;
-:):, 7=4B74. ! 1; 5)6)/-: 7.
<0-6-?7..1+-
76<)+< ! 1' /)8)/%1(
8 ) 1 7 ) 2 4 6 , 6 % 7 / !)/ %:
999%0)1+6)56'20
'$$$'$
'%((%'%$*)(('
)%*"))''(
):16 "7*-:<;'7445)66 1; 67<16/
+:)+316/ )6, ,1;<:-;; 16) 8:7<7<A8*:1,/- ;0-; +76;<:=+<-, 16 &1:/16)1
$-+0; #<:=+<=:-; )6, )<-:1)4; )*7
:)<7:A 44 7. 0-: :-;-):+0 0); -@)516-,
)6, )6)4AB-, 6-? 5)<-:1)4; )6,7: 6-?
+76;<:=+<176 <-+0619=-; <0)< ?144 +:-)<
*-<<-: *:1,/-; ?1<0 158:7>-, ,=:)*141<A
)6,4-;;5)16<-6)6+-
-: 4)<-;< :-;-):+0 1; 477316/ 16<7 <0*-0)>17: 7. ) 6-? .=44,-8<0 8:-+);<
+76+:-+< *:1,/- ,-+3 8)6-4 ;A;<-5 .
<0- 6-? +76;<:=+<176 5-<07, 8:7>-;
;<:76/ )6, ,=:)*4- *:1,/-; +7=4, **=14< 9=1+3-: )6, 4);< 476/-: <0)6
*:1,/-; *=14< ?1<0 +76>-6<176)4 5-<0
7,;
76<)+< ,663999861)95)(7
5624;3,34)/;)%4-6)012
#(''!(%*$)%$
7516)<176; ):- 16>1<-, .7: <0- #!
"-;-):+0 ?):, .7: -7<-+061+)4 6/1
6--:16/"-;-):+0
&1;1< 999;2+%24+
5-:1+)6 6/16--:16/ $-;<16/ 6+ )
LQGG
30