03 lightning in a bottle

8/13/2019 03 Lightning in a Bottle

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@:4<AB5 C64468 D<32: =EF:G C1= H:F:2 5::H 56 ?E>C 1>G<6H9 ,G 3E>I:= 1H= C:1F:= 15 C: 82<GC:= 3:H:1GC

<G9 "C: D15G:2 C: ?6F:= GC: 3:GG:29 "C: C12=:2 C: GC2E5G GC: 3:GG:29 @:4<A 7261H:= 1H= D4EH7 6EG C<5 12?5

1H= 4:75 4<I: 1 D2:HJ<:= 5G12D<5C 3:D62: C: >E24:= EK <HG6 15 5?144 1 3144 15 K655<34:9 "C: >C<44 >2:KG 31>I9 /68C:2: H:12 :H:27:G<> :H6E7C9 .: H::=:= G6 I::K ?6F<H79 @:4<A 2E33:= C<5 >C:5G ;; 1H=L 6C 5C<GL 3M

=:D1E4G C<5 >6>I ;; 171<H5G GC: 36GG6? 5C::G9 &:D62: C: 72:8 6F:2:A><G:=L C: D4<KK:= 6HG6 C<5 31>I 1H=

I<>I:= C<5 4:75 <H 1 3<>M>4<H7 1>G<6H9 .: 815 812?:2 H68 3EG :AC1E5G:=9 0CL 1H= C62HM9

"C: D415C 6D C:1G 2:5E4G<H7 D26? C<5 1>2631G<>5 815 56 D4::G<H7 @:4<A ?<7CG 15 8:44 C1F: 51F:= C<5:H:27M9 "C: 3:=266? 8<H=68 815 >465:=L GC: GC<>I >E2G1<H5 =218HL 3EG GC: 12>G<> 8<H= 3415G<H7 GC:

>61>C C6E5: C1= ?1H17:= G6 D<H= 1 81M GC26E7C :F:2M >21>I G6 G62?:HG C<?9 @:4<A >6E4= 5:: 3E25G5 6D

G21H5<:HG 7C65G5 :1>C G<?: C: :AC14:=9 N<GC H6 812? 36=M G6 >E==4: EK G6 1H= H6 5K12: >15C G6 <H5G144

>:HG214 C:1G<H7L C:B= :H= EK D2::J<H7 G6 =:1GC 3:D62: GC: 8<44 815 562G:= 1H= C: 2:>:<F:= C<5 5C12: 6D GC:?6H:M9

"66 >64= G6 5G1M <H 3:=L M:G @:4<A C1= H6 =:5<2: G6 7:G EK9 )6<H7 56 86E4= ?:1H 1>IH684:=7<H7 &41>I@2<=1M C1= 5G12G:=9 .: KE44:= GC: =EF:G G<7CG:2 126EH= C<5 5C6E4=:25 1H= 2644:= 6F:2L 821KK<H7 C<?5:4D

<H 1 34E: >6>66H9 O1M3: C: 86E4=HBG 7:G EK9 O1M3: C:B= 46EH7: <H 3:= 144 =1ML 1H= 8C<4: C: 54684MGE2H:= <HG6 1H <>: K6K C:B= K2:G:H= C: C1= K4:HGM 6D ?6H:ML 1 D1<GCDE4 7<24D2<:H=L 1H= 1 D415CM 5K62G5 >129

@:4<A 71F: 32<:D >6H5<=:21G<6H G6 8C1G C:B= 4<I: ?65G 1H= C1= G6 1=?<G <G 815 GC: >129 .68 51= 815

GC1GP Q:1CL 8:44L 8C<4: C: 815 D26J:H <H =:;/<4:L C:B= 1456 H::= G6 K2:G:H= C: C1=HBG 5<7H:= 181M C<5

1H>:5G214 C6?:L GC: K41>: GC1G C1= 3::H <H C<5 D1?<4M D62 14?65G D6E2 CEH=2:= M:1259

.: GC2:8 GC: =EF:G 6F:2 C<5 D1>: 1H= >2<H7:=9 @62 GC: D<25G G<?: <H C<5 4<D:L C: 815 741= C<5 K12:HG5 8:2:

=:1=9 'E>IM D62 C<? C: =<=HBG 3:4<:F: <H 1H 1DG:24<D:L 56 GC:2: 815 H6 >C1H>: 6D GC:? 466I<H7 =68H <H

=<51KK6<HG?:HG D26? C:1F:H9 RG<44L C: =<= 3:4<:F: <H C:=7<H7 C<5 3:G5L 1H= SE5G 3:>1E5: !" =<=HBG

3:4<:F:L =<=HBG ?:1H C<5 K12:HG5 8:2:HBG 2:>4<H<H7 6H >46E=5L >4EG>C<H7 7<H 1H= G6H<>5 1H= 5>684<H7=68H 1G C<?9

TR622MLU @:4<A GE2H:= G6 ?EGG:2 <HG6 C<5 K<44689 TR622M , 4:G M6E =68H9 071<H9U

"C6E7C GC<5 G<?:L GC: ?:55 C: 815 <H 815HBG :HG<2:4M C<5 D1E4G9 "C: D1>G GC1G @:4<A C1= 2:?1<H:= <H

34<55DE4 <7H621H>: 6D C68 D12 GC<H75 C1= =:G:2<621G:= <H C<5 135:H>: 326E7CG 7E<4G C: C1= G6 4<F: 8<GCL 3EG <D C<5 D1GC:2 8:2: 14<F:L @:4<A 86E4= C1F: 5G21H74:= C<?9 @E>I<H7 <H>6H5<=:21G: G6 7:G C<?5:4D I<44:=

3:D62: @:4<A C1= 1 >C1H>: G6 =6 GC: =::=9

.: >4:H>C:= C<5 G::GC9 ,D C<5 D1GC:2 C1= 4<5G:H:= G6 C<5 D2<:H=5L 4<5G:H:= G6 C<5 1>>6EHG1HGL 4<5G:H:= G6 GC:

3466=M 8:1GC:2 D62:>15G:2 1H= H6G 76H: 6EG <H GC: 361G GC1G =1ML C: 1H= @:4<AB5 ?6GC:2 86E4= 5G<44 3:4<F<H7 <H V:F:HCE25G W15G4:X C<5 D1GC:2 86E4= 5G<44 3: GC: G8:4DGC %124 6D RC:236E2H: 1H= @:4<A 86E4= 3:

GC: K26D4<71G: 56H =6<H7 8C1G GC: DE>I C: 4<I:=9 ,H5G:1=L C: 815 H68 GC: GC<2G::HGC :124L 1H= GC: D<25GGC<H7 C:B= =6H: 815 465: GC: D1?<4M C6?:9

@:4<A 5G2:G>C:= 6EG 1H= 5CE==:2:= 8C:H C<5 D::G C<G 1H <>M K1G>C 6D 3:=9 .: 32<:D4M >6H5<=:2:= 76<H7 G6GC: 31HIL 81<G<H7 D62 GC: ?6H:M D26? GC: 514: 6D GC: C6E5: G6 3: G21H5D:22:=L 1H= :?KGM<H7 C<5 1>>6EHG9

"C: G86 ?<44<6H D26? GC: 3EM:25 1H= C<5 D62GM;5:F:H K6EH=5 1H= :4:F:H K:H>: >6E4= G1I: C<? 1 46H7

81M9

/<>: <=:1L 6H4M C: >6E4=HBG =6 <G9 @:4<A C1= :F1=:= 2:5K6H5<3<4<GM 144 C<5 4<D:L 6H>: 8<GC 5:2<6E5>6H5:YE:H>:5L 1H= H68 <G 41M G<7CG 126EH= C<5 H:>I 4<I: 1 >C6I: >644129 NC:GC:2 C: 4<I:= <G 62 H6GL C:



815 GC: GC<2G::HGC %124 6D RC:236E2H: 1H= C:B= K26?<5:= C<?5:4D GC1G 6H: =1M C:B= 3EM 31>I

V:F:HCE25G W15G4: 1H= K12I C<5 5<4F:2 05G6H O12G<H 6H GC: =2<F:9 .1F<H7 1 8<D: 1H= I<=5 ?<7CG 3: 766=

G669

"C1G GC6E7CG 71F: 2<5: G6 1 ?<2GC4:55 41E7C9 .:2?<6H:L GC: 86?1H C:B= <HG:H=:= G6 ?122ML 815 H685C1>I:= EK 8<GC C<5 C14D 326GC:2 W4<F:9 0DG:2 C<5 K12:HG5 =<:=L @:4<A =<5>6F:2:= C: C1= D6E2 C14D 5<34<H75

<H GC: 46>14<GML 144 362H G6 =<DD:2:HG ?6GC:259 044 ?14:9 044 5EKK62G:= 3M C<5 D1GC:29 044 8<GC 1 3466=M

>41<? 6H GC: :5G1G:9 W4<F:L 8C6 815 1 M:12 64=:2 GC1H @:4<AL ?E>C G6 C<5 =<5?1ML =<=HBG >12: 136EGV:F:HCE25GL 6H4M 136EG ?6H:M 1H= C<5 2<7CG5L 8C<>C 6D >6E25: <HF64F:= ?6H:M9 @:4<A 5E5K:>G:= W4<F:C1= 6H4M G1I:H .:2?<6H: D26? C<? G6 5C68 C: >6E4=9

.: 32<5G4:= 1G GC: ?:?62M9 0DG:2 M:125 6D 1F6<=<H7 :HG1H74:?:HG 1H= 2:S:>G<H7 :F:2M 86?1H 5E77:5G:=

3M C<5 D1GC:2L @:4<A C1= 821KK:= C<?5:4D 126EH= GC: 7627:6E5 2:14G62 C:B= 1KK6<HG:= G6 5:44 V:F:HCE25G9

.: GC6E7CG C: 815 <H 46F:9 R::?5 5C: 815HBG9 R6?:G<?:5 @:4<A 86H=:2:= <D GC:2: 815 1 >E25: 6H C<5D1?<4M 8C:2: GC:M :H=:= EK 4:DG 1G GC: 14G129 "C2:: :1245 C1= 3::H S<4G:= 6HL 62 >465: G6L GC:<2 8:==<H7

=1M59 0G 4:15G GC: 3<G>C C1= 814I:= 6EG :124M :H6E7C G6 1F6<= GC1G :?3122155?:HG9

.:2?<6H: C1= 3::HZC:B= GC6E7CGZ @:4<AB5 C1H= 54<= G6 C<5 =:D41G:= >6>I 1H= 71F: <G 1 7:HG4: 5YE::J:9

,H5G1HG 2:5K6H5:9 0G 4:15G GC:2: 8:2: 56?: GC<H75 C: >6E4= 2:4M 6HL EH4<I: C<5 >C:1G<H7 3<G>C 6D 1H :A;

D<1H>[: 1H= C<5 315G12=L >6HH<F<H7 326GC:29 &466= 2E5C:= G6 @:4<AB5 726<H 1H= C<5 >6>I 8:HG C12= 15 1G2::L GE2H:= 6H 3M 1H7:2 21GC:2 GC1H 4E5G9 .<5 >64= D<H7:25 4:1>C:= 812?GC D26? C<5 :2:>G<6H 15 C:

>12:55:= C<?5:4D9

@:4<A C1= D144:H <H 46F: 8<GC C<5 D<5G 6F:2 GC: 415G D6E2 ?6HGC59 \1>I<H7 6DD 815 6H: 6D C<5 D:8 >6?D62G5+D2::L >6HF:H<:HGL 1H= 2:4<134:9 .:B= =:><=:= GC: 6H4M GC<H7 GC1G 86E4= <HG:2:5G C<? D26? H68 6H 815

H6;5G2<H75;1GG1>C:= 5:A9 $HD62GEH1G:4ML GC: >6H>:KG =<=HBG :A<5G D62 ?65G 86?:HL H6 ?1GG:2 8C1G GC:M

51<=9 .: 815HBG M:G =:5K:21G: :H6E7C G6 KE2>C15: GC: 5:2F<>:5 6D 1 K265G<GEG:9 @:4<A C6K:= <G 815 ?62:GC1H 41>I 6D DEH=5 GC1G I:KG C<? 6DD GC1G K12G<>E412 G21>I9

.: 2:1>C:= D62 1 G<55E: 3:D62: C: :H=:= EK 5KE2G<H7 6F:2 GC: 3:=9 .: C1=HBG GC: <H>4<H1G<6H G6 815C

5C::G59 .: >6E4=HBG 2:?:?3:2 GC: 415G G<?: C:B= >C1H7:= GC: 6H: C: 41M 6H9 "C: =EF:G >6F:2 C1=HBG

3::H 815C:= 5<H>: C:B= ?6F:= <H 5:F:214 ?6HGC5 1769 -66= GC<H7 C: H:F:2 ?:G 1HM 86?:H C: 81HG:=G6 <HG26=E>: G6 C<5 3:=9 .:2?<6H: C1= K2:D:22:= GC:? G6 E5: C:2 1K12G?:HG 3:>1E5: <G C1= C:1G<H79

%F:H 15 C<5 C1H= 5K:= EKL @:4<A GC6E7CG 136EG 5G6KK<H79 .: =<=HBG D::4 4<I: =6<H7 GC<59 RG12G<H7 GC: =1M

3M 81HI<H7 6DD C1= 3:>6?: 1H 1HH6M<H7 C13<GL 6H4M H68 <G 815 :15<:2 G6 I::K 76<H7 GC1H 5G6K9 .:

GE2H:= 1H= >1?: EK 6H C<5 IH::59 "C: =EF:G >6F:2:= C<5 C:1=L 3EG C: >6E4= 5:: C<5 >6>I 74<5G:H<H7 8<GC K2:>E? 15 C: S:2I:= C<5 C1H= G<7CG:2 1H= D15G:2 146H7 C<5 4:H7GCL 5?66GC 5I<H 54<KK<H7 EH=:2 26E7C

D<H7:259 .<5 31445 G:H5:= 1H= 5:K121G:=L 1H= @:4<A 7261H:= C<5 2:4:15:L KE45<H7 <HG6 GC: G<55E:9

.: 8<K:= C<?5:4D 6DD 1H= :?:27:= D26? GC: =EF:G 4<I: 1 3:44<7:2:HG G62G6<5:L D2E5G21G:=L DE2<6E5L 1H=

5G<44 DE>I<H7 C62HM9

] ] ] ] ]

T.1F: , 3::H C:2: 3:D62:PU %2<H 15I:=9

RC: K::2:= GC26E7C GC: >12 8<H=68 15 GC: 8624= D415C:= K15GL C:2 D1GC:2 =2<F<H7 8:44 6F:2 GC: 5K::=

4<?<G9 0 51H=5G6H: 3E<4=<H7 51G 6H 1 =<5G1HG C<44L 466?<H7 4<I: 1 =<2GM >4<DD D1>: <H GC: D1<4<H7 4<7CG9

T/69U

T/:F:29U

RM2:HB5 TH6U C1= 3::H 1 4<GG4: YE<>IL 1H= 04<><1B5 TH:F:2U 1 4<GG4: 54689 .:2 K12:HG5 8:2: G2M<H7 ?E>CG66 C12=9 %2<H G<4G:= C:2 C:1= G6 I::K V:F:HCE25G W15G4: <H 5<7CG9 "C: H1?: 56EH=:= D1?<4<12 1H= GC:



K41>: 466I:= D1?<4<12X GC6E7C %2<H >6E4=HBG G2E5G C:2 ?:?62ML H6G M:G 1HM81M9 RG<44L 56?:GC<H7 C:2:

>144:= G6 C:29

V:F:HCE25G G66I 6H 5E35G1H>: 15 GC:M =2:8 H:12:29 0 =8:44<H7 GC1G ?E5G 6H>: C1F: 3::H DE44 6D 4<7CG

1H= 4<D:L <G H68 5::?:= 465G 1H= 1 3<G 51=9 #1GC:2 4<I: C:29 @6E2 >:HGE2<:5 176L V:F:HCE25G C1= 3::H GC:?1S:5G<> C6?: 6D GC: 46>14 H63<4<GML ?15G:2 6D GC: 41H= 126EH=L >6HG2644:2 6D GC65: 8C6 4<F:= <H <G5

F<><H<GM9 /68 5G6H:5 >2E?34:=L =21<HK<K:5 G::G:2:= <HG6 ?<=1<2L 1H= ?<5>:441H:6E5 K41HG 4<D: C1= G1I:H

266G 6H GC: >2:H:441G:= 266D9 %2<H 815 1 4<GG4: =<51KK6<HG:= C:2 H:8 C6?: =<=HBG 466I ?62: 4<I: 1 >15G4:9 /6 ?61GL =21832<=7:L 62 1HM 6D GC65: H12268 54<G5 <H GC: 5G6H:862I9

TNC1G 12: GC65: 8<H=685 >144:= GC1G 12>C:25 E5:=PU %2<H 15I:=9

T'66KC64:5LU RM2:H 51<=9

%2<H 81<G:= D62 GC: 46H7 :AK41H1G<6H G6 D64468L 3EG RM2:H I:KG YE<:GL 8C<>C ?1=: C:2 5E5K<><6E59 .:2

D1GC:2L 1 C<5G62M D1H1G<>L E5E144M SE?K:= 6H 1HM 6KK62GEH<GM G6 =<5K41M C<5 F15G IH684:=7:9 %2<H 7E:55:=

C<5 635:55<6H 8<GC GC: K15G 815 GC: 2:156H C:B= 36E7CG GC<5 K41>:9 ,G C1= G1I:H GC:? C6E25 G6 7:G C:2:L K4:HGM 6D G<?: D62 %2<H G6 <?17<H: C:25:4D 1 D1<2M K2<H>:55 3:<H7 G21H5K62G:= G6 1 >15G4: K2<56H9 RC:

C1=HBG K1<= ?E>C 1GG:HG<6H G6 GC: 41H=5>1K: GC:M K155:= GC26E7CL GC6E7C 6H>: 62 G8<>: %2<H C1= GC:

=<5G<H>G <?K2:55<6H GC:M 8:2: G21F:44<H7 <H 1 ><2>4:9

"C: G86 5<GG<H7 <H GC: D26HG 6D GC: >12 ?<7CG 62 ?<7CG H6G 3: C:2 K12:HG5L 3EG GC:M 8:2: =:D<H<G:4M C:27E12=59 "C:MB= C12=4M 4:G C:2 6EG 6D GC:<2 5<7CG D62 8::I59 RC: 815 =<5>6H>:2G:= 3M GC: D1>G GC1G GC:M

466I:= 56 M6EH79 "C:MB= G64= C:2 5C: 815 G8:HGM;D6E29 .68 >6E4= 5C: C1F: K12:HG5 <H GC:<2 ?<=GC<2G<:5P

NCM >6E4=HBG 5C: 2:?:?3:2 GC:?P NCM =<= 5C: GC<HI GC:M =<=HBG 81HG C:2 G6P %2<H 5<7C:=9 0 7268<H7?6EHG1<H 6D YE:5G<6H5 1H= H6 1H58:259

TNC1G =6 M6E GC<HIPU 04<><1 GE2H:= G6 466I 1G C:29

T,GB5Z3<7LU %2<H 51<=9

T,G 8<44 3: 1 72:1G K26S:>G 8C<4: M6E 2:>6F:2 D26?ZU 04<><1B5 F6<>: G21<4:= 181M9

@26?P /6G SE5G 2:>6F:2 C:2 ?:?62MP NC1G :45:P T, 8<5C M6EB= ;;U

T"C:2:B5 GC: 2:14G62LU 51<= RM2:H9 T$??Z8CMB5 5C: C<=<H7PU

0 54<? 346H=: <H 1 5?12G 2:= 5E<G C1= :?:27:= G6 81F: D26? GC: 5<=: 6D GC: 3E<4=<H79

T.:2?<6H: REGG6HLU 51<= 04<><19 TRC:B5 326E7CG GC: I:M59 , =<= 86H=:2 <D 5C: ?<7CG 3: 56?:6H: M6E

>6E4= 3:D2<:H=9U

T%2<H H::=5 G6 3: 4:DG 146H:9U .:2 D1GC:2 7412:= 1G C:2 ?6GC:29

%2<H C1= C:12= GC:? 127E<H7 5:F:214 G<?:5 6F:2 GC: 415G D:8 8::I5 1H= C:12= C:2 H1?: ?:HG<6H:= 6H

:1>C 6>>15<6H9 RC: D:4G 31= G6 C1F: >1E5:= K2634:?5 3:G8::H G86 K:6K4: 8C6 >4:124M 1=62:= :1>C

6GC:29 %2<H 1456 D:4G D62GEH1G: C:2 3:=266? 41M 1G GC: 6GC:2 :H= 6D GC: C6E5: D26? GC:<25L GC6E7C <G 815<?K655<34: G6 <7H62: GC: K155<6H1G: >2<:5 :F:2M D4<KK<H7 H<7CG9 OE>C ?62: >6?D62G<H7 G6 GC<HI GC:MB=

6H4M C1= 5:A 6H>: 1H= 5C: 815 GC: 2:5E4G9

RM2:H KE44:= EK <H D26HG 6D GC: 5G:K59 05 GC:M :A<G:= GC: >12L .:2?<6H: G6GG:2:= 1>2655 GC: 721F:4 <H

F:2G<7<H6E5 C::45 1H= 1 G<7CG 5E<G9 %2<H 4<I:= C<7C C::45L 3EG H6 81M >6E4= 5C: 814I <H 1HMGC<H7 4<I:GC65:L :5K:><144M 6H 5G6H:5L GC6E7C GC: 5C6:5 5G<44 ?1=: C:2 ?6EGC 81G:2 ;; 6K:H;G6:= 8<GC 1 4:1GC:2

D468:2 6H GC: D26HG9 "C: 2:14G62 815 <??1>E41G:4M ?1=:;EKL H6G 1 C1<2 6EG 6D K41>:9 %2<H =<54<I:=

.:2?<6H: 6H 5<7CG9

TO29 1H= O259 O12I6FL 46F:4M G6 5:: M6E 171<H9 "C<5 ?E5G 3: K662 %2<H9U



#$$% '%()* %2<H >4:H>C:= C:2 S189 "C: 3<G>C9 -66= G6 IH68 C:2 <H5G<H>G5 8:2:HBG 4:GG<H7 C:2 =68H9

TQ6E2 D1GC:2 G64= ?: 136EG M6E2 4<GG4: K2634:?9 R6 5622M9U

.:2?<6H: 5C66I C:2 C:1= 1H= 71F: 1 G2:?E46E5 5<7C9 %2<H GC6E7CG 5C:B= ?1I: 1H :A>:44:HG K26D:55<6H14

?6E2H:2 1H= 815 56 3E5M 86H=:2<H7 <D .:2?<6H: >6E4= 5C:= G:125 G6 62=:2L 5C: 815 1 4<GG4: 5468 G1I<H7

<H 8C1G C1= 3::H 51<=9

T'<GG4: K2634:?PU %2<H 7412:= 1G RM2:HB5 31>IL K4:15:= G6 5:: C<5 5C6E4=:25 >2<H7: 15 <D 5C:B= K6I:= C<?C12= 8<GC C:2 D<H7:29

TQ6E2 144:27M G6 5EH4<7CGLU .:2?<6H: 51<=9 T-65CL M6EB2: F:2M K14:9 #:144M K14:9U

%2<H 5G12:= 1G C:2 8<GC6EG 34<HI<H7L <?17<H<H7 C:2 71J: >6E4= D2M9

TQ6E >6E4= 1481M5 E5: D1I: G1H9 O<H:B5 GC: 2:14 GC<H7L >6E2G:5M 6D GC: W12<33:1H9U WE: 5GEK<= 7<774:9

T"C:2: 12: 56?: :A>:44:HG K26=E>G5 6H GC: ?12I:G9 , >6E4= 5E77:5G 56?: <D M6E 4<I:9U

%2<H >6HG<HE:= G6 5G12:L 8<44<H7 C:2 G6 32:1I 6EG <H 5K6G59

T"C6E7C M6E2 5I<H <5 46F:4M 15 <G <59U .:2?<6H: 3:1?:= 1G C:29

%2<H =<=HBG 3:1? 31>I9 .:2?<6H:B5 5?<4: D14G:2:=L 1H= 5C: GE2H:= G6 RM2:H9 T"C: 862I?:H C1F: 3::H

<H5<=: G6=1M 1H= D<A:= 866=:H 5CEGG:25 1G :F:2M 8<H=68 15 M6E <H5G2E>G:=9 "C: 46>I5?<GC >C1H7:= GC:

46>I5 1H= 1==:= GC: :AG21 5:>E2<GM9U RC: C1H=:= C<? 1 3EH>C 6D I:M59 T0HM K2634:?5L =6HBG C:5<G1G: G6

7:G <H G6E>C9U

^E<G: 1 G14:HG G6 51M GC1G <H 1 F6<>: GC1G 1456 51<= =6HBG 36GC:29 .:2?<6H:B5 5?<4: 815 15 D1I: 15 C:2

H1<459 NC:H 5C: 2:G2:1G:= 126EH= GC: >62H:2 G6 7:G C:2 >12L %2<H 86H=:2:= 8CM 5C:B= H6G K12I:= <H GC:

6K:H 12:1 1G GC: D26HG9 NCM 86E4= 5C: 81HG G6 I::K 6EG 6D 5<7CGP .1= RM2:H 3::H 2<7CGP RC:B= 3::H

C<=<H7P %2<H 81G>C:= 15 .:2?<6H: 5K:= =68H GC: =2<F:L 58:2F<H7 G6 1F6<= GC: K6GC64:5 1H= 5>1GG:2<H7721F:4 <H C:2 81I:9 NC1G 815 5C: 2EHH<H7 D26?P %2<H >2<H7:= G6 GC<HI GC:M C1= 1HMGC<H7 <H >6??6H9

TW6?: 1H= 466ILU 04<><1 >144:= D26? GC: =6629

%2<HB5 S18 =26KK:= 8C:H 5C: 814I:= <H5<=:L C:2 321<H 5GEHH:= <H 1 >6?3<H1G<6H 6D =:4<7CG 1H= C622629"C: ?1234:;D4662:= :HG21H>: C144 815 F:2M 721H= 8<GC 1 K1<HG:=L =6?:= >:<4<H7 D:1GE2<H7 D1G >C:2E352:>4<H<H7 6H >46E=5L GC6E7C 4127: >21>I5 ?1=: <G 466I 15 GC6E7C GC:M 8:2: <H GC: ?<==4: 6D 1H

:12GCYE1I:9 0 CE7: >638:3;41=:H >2M5G14 >C1H=:4<:2 CEH7 3:H:1GCL 2:5:?34<H7 1 2:4<> D26? 1 C1EHG:=

?1H5<6H9 0C:1= 41<= 1 >E2F<H7 5G6H: 5G1<2>15: >6F:2:= 3M 1 =<5<HG:721G<H7 2:= >12K:G9 "C: 5G1<25 =<F<=:=

1G 1 41H=<H7 G6 58::K :<GC:2 5<=: G6 GC: H:AG 4:F:49 "C: K41>: ?<7CG C1F: 3::H 721H= 6H>:L H68 <G 815D144<H7 1K12G9

T/::=5 1 4<GG4: 862I9U 04<><1 21H C:2 C1H= 146H7 1 326I:H 61I 5<=:3612= 1H= 8<H>:= 1G C:2 341>I

D<H7:259

,G H::=:= 1 3E44=6J:29 0 GC<>I 41M:2 6D =E5G 41M 6F:2 :F:2MGC<H79 "C: 1<2 815 C:1FML =1?KL 1H= 5G14:9-66= S63 %2<H =<=HBG D::4 GC: >64= 3:>1E5: GC: C6E5: 815 4<I: 1 D2<=7:9

T,GB5 76<H7 G6 3: D13E46E5LU RM2:H 51<=9 TR6 ?E>C C<5G62M9 .:H2M GC: %<7CGC 5G1M:= C:2:9 "C: 3126HB5

C144 =1G:5 31>I G6 GC: _`aa59 .1b ,G K2:=1G:5 ?:b ,G C15 GC: 62<7<H14 G<4:5 6H GC: D4662L 1H= GC: G134:5 C1F:

3::H <H GC:2: 5<H>: GC: K41>: 815 3E<4G9 @13E46E59 ':G ?: 5C68 M6E 126EH=L 1H= 8: >1H >C:>I GC:5CEGG:259U

.: G66I C64= 6D %2<HB5 C1H= 1H= 5?<4:= 1G C:29 %2<H C6K:= C: +,- C:2 D1GC:29 .: 815 >6?K4:G:4M >21JML

3EG 5C: 4<I:= C<?9 .: 815 DEHL 1H= C<5 :HGCE5<15? <HD:>G<6E59 NC:H 5C:B= 3::H ?<5:2134: 136EG C:2

21G: 6D 2:>6F:2ML <G C1= 3::H RM2:H 8C6B= 5H1KK:= C:2 6EG 6D <G9 .:B= =<5G21>G:= C:2L 2:1= G6 C:2L K41M:=71?:5 8<GC C:2L 1H= ?1=: C:2 41E7C9



RM2:H 21GG4:= GC: 5CEGG:25 <H GC: D<25G 266? GC:M >1?: G69 TO1I: 5E2: M6E I::K GC:? 46>I:=9U

%2<H IH:8 5C: >6E4=HBG 76 6EG <H 5EH4<7CG9 NC:H 5C:B= :?:27:= D26? C:2 >6?1 1H= 2:14<J:= 5C:B=

D6276GG:H :F:2MGC<H7L <H>4E=<H7 C:2 H1?:L GC:M G64= C:2 GC: 1F:25<6H G6 5EH4<7CG 815 1 7:H:G<> K2634:?9

%2<H C1= 2:>:<F:= 341HI 466I5 8C:H 5C: 15I:= 8CM 36GC K12:HG5 C1= <G9 ,G 815 1 ?6?:HG 3:D62: RM2:H:AK41<H:= 04<><1 C1= 1=1KG:= G6 1 H<7CGG<?: :A<5G:H>: G6 5K:H= ?62: G<?: 8<GC C<?9 %2<H 815HBG

>6HF<H>:= GC1G 815 GC: G2EGC9

"C:M C1= 766= 7:H:5 G66L 04<><1 C1= 2E5C:= G6 G:44 C:2L 6H:5 GC1G I:KG GC:<2 5I<H 466I<H7 M6EH7 1H= 1456

71F: GC:? :A>:44:HG C:14GC 1H= 5G26H7L D<G 36=<:59 "C:<2 5:H5:5 6D 5?:44 1H= C:12<H7 8:2: 5EK:2<62 G6?65G9 &6GC 6D M6EP %2<H C1= 81HG:= G6 15I9 RC: >6E4= 5:: 04<><1 ?<7CG 7<F: EK GC: 4<7CG D62 RM2:HL 3EG

C:2 ?6GC:2 815 15 7:H:G<>144M 1=F1HG17:= 15 C:2 D1GC:2L 8C<>C =<=HBG ?1I: 1HM I<H= 6D 5:H5: %2<H

81HG:= G6 1>>:KGL K12G<>E4124M >6H5<=:2<H7 GC:<2 D2:YE:HG 1H= H6<5M 46F:?1I<H79 ,H 1HM >15:L %2<H

815HBG >6HF<H>:= 1HM 6D <G >6?K:H51G:= D62 C1F<H7 G6 5K:H= 4<D: <H GC: 5C1=:9

05 C:2 2:>6F:2M >6HG<HE:= <G5 5468 K1GC 1H= 5C: 2:?1<H:= EH>:2G1<H 6D 8C1G 815 GC: G2EGC 1H= 8C1G

?<7CG 3: 4<:5L %2<H D62>:= C:25:4D G6 5G1M 181I: 6H: =1ML 6K:H:= 1 5CEGG:2L 1H= KEG C:2 C1H= <HG6 1 K1G>C

6D 5EH4<7CG9 RC: >1?: G6 1KK2:><1G: GC: :AK2:55<6H TWE2<65<GM I<44:= GC: >1G9U %2<H C1= 541??:= GC:

5CEGG:2 >465:=L GC6E7C H6G 3:D62: 5C:B= 34<5G:2:= 1H= 3E2H:=9 &M G<?: 5C: 86I:L GC: ?12I5 C1= 76H:9

-66= C:14:25 G669 "C:<2 514<F1 862I:= 6H ?65G >EG5 1H= 721J:59 %2<H :AK:2<?:HG:= 1H= =<5>6F:2:= <G815 G2E:9

RC: D6EH= C:25:4D 54::K<H7 3M =1ML EH134: G6 I::K C:2 :M:5 6K:H D62 46H79 ,G >6HF<H>:= C:2 RM2:H 1H=

04<><1 5K6I: ?65G4M GC: G2EGCL 6H4M GC:2: 815 56 ?E>C %2<H H::=:= G6 IH68L 1H= H68 GC1G 5C: D:4G 3:GG:2L GC:M 8:2: KE5C<H7 C:2 181ML ?1I<H7 C:2 5G1M <H GC<5 =:>2:K<G K41>:9 046H:9 NCMP

%2<H GEH:= 31>I <H G6 C:2 D1GC:29 .: 815 G14I<H7 136EG C<5 =<5>E55<6H5 8<GC GC: 12>C<G:>GL 8C1G C:B=

1221H7:= D62 862I?:H G6 =6L C68 V:F:HCE25G 86E4= 3: G21H5D62?:= <HG6 1 C6?: D62 GC:? 144 G6 5C12:9

NC:H GC:M 814I:= <HG6 GC: 64=:5G K12G 6D GC: 3E<4=<H7L GC: 3126H<14 C144L 1 5C12K 5K<I: 6D ?:?62M 5C6G<H 1H= 6EG 6D %2<HB5 C:1=9 0 F<5<6H 6D GC: K41>: 8C:H <G 815 812? 1H= 32<7CGL 1 D<2: 3E2H<H7 <H GC:

C:12GCL >1H=4:5 :F:2M8C:2:L K:6K4: 41E7C<H7 1H= =1H><H79 RC: 466I:= EK 1G GC: 866=:H D<7E2:5 4M<H7

146H7 GC: 266D S6<5G5 1H= IH:8 8<GC6EG 3:<H7 G64= GC:M 8:2: ?6=:44:= 6H GC: K:6K4: 8C6 C1= 862I:=6H GC: :5G1G:9

%2<H 5G12:= 1G GC: >:HG214 C:12GC 1H= 15I:=L TRE2: ,BF: H6G 3::H C:2: 3:D62:PU

TV65<G<F:LU >C<?:= G86 F6<>:59

05 5C: D64468:= GC:? 126EH=L 5C: D:4G ?62: 1H= ?62: <H>2:=E46E5 GC:M :AK:>G:= GC: K41>: G6 3:

G21H5D62?:= <HG6 56?:GC<H7 C13<G134:9 RM2:H ?<7CG 3: GC: 6H: 8C6 :HGCE5:= 136EG 8C1G GC: C6E5:86E4= 3:>6?:L 3EG <G 815 %2<H 8C6 C1= G6 4<F: <H <G H689

TNC:2: 8<44 , 54::KPU %2<H 15I:=L 2:72:GG<H7 GC: 54<7CG4M K1GC:G<> G6H: G6 C:2 F6<>:9

TN: GC6E7CG M6E >6E4= E5: GC: 266?5 8C:2: GC: K2:F<6E5 68H:25 5::?:= G6 C1F: 5K:HG GC:<2 G<?:LU

04<><1 51<=9T,B44 7:G GC: 2:5G 6D M6E2 GC<H75 6EG 6D GC: >12LU 51<= RM2:H9

%2<H 814I:= GC26E7C 1 4<F<H7 266? 8<GC C<=:6E5 D46214 8144K1K:2L <HG6 1 3:=266? 8<GC :YE144M C<=:6E58144K1K:2L 6H <HG6 1 GC1HIDE44M K41<H 31GC266?L 1H= 31>I GC26E7C 1H6GC:2 =662 G6 1 I<G>C:H 8<GC 8C<G:

G<4:= 81445 GC1G 466I:= 4<I: 1 58<??<H7 K6649 .:2 ?6GC:2 IH::4:= 6H GC: D4662 461=<H7 GC: D2<=7: D26?

GC: >664 36A9

T,BF: 5G1>I:= :F:2MGC<H7 <H =1G: 62=:29 Q6EB44 7:G 1 D2:5C =:4<F:2M :F:2M 5:>6H= 8::I9 )6HBG D627:G G6=2<HI 1 >12G6H :F:2M =1M9 "86 <D M6E D::4 M6E H::= <G9 V415?<A <5 DE44 6D F<G1?<H5 1H= ?<H:21459U



TO??9 R6 =:4<><6E59 .68 >1H , 2:5<5GPU

T%2<Hb , ?:1H <G9 V26?<5: M6E 86HBG D627:G9U

T(I1ML 6I1M9U

"C: 74EG<H6E5 72::H 4<YE<= G15G:= F<4:L 3EG %2<H >6E4=HBG =:HM 5C: D:4G <H5G1HG4M :H:27<J:= 1DG:2 5C:

=21HI <G9

T,BF: 326E7CG M6E 1 D:8 315<> D66=5GEDD59 "C:2:B5 1 G8:HGM;D6E2;C6E2 5EK:2?12I:G 5:F:H ?<4:5 181M9Q6E2 ?:1H5 6D 7:GG<H7 126EH= 8<44 3: =:4<F:2:= <H GC: H:AG >6EK4: 6D =1M59U 04<><1 5?<4:=9 TQ6E2 D1GC:2

G64= ?: C: 36E7CG M6E 56?:GC<H7 5K:><149U

T"C1HI M6E9U

T"C:2:B5 K4:HGM 6D ?6H:M <H GC: 72::H 36A9 Q6E ?E5G 5G1M C:2: EHG<4 8:B2: 5E2: GC:2:B5 H6 ;;U

T04<><1bU RM2:H 5H1KK:= 15 C: 814I:= <HG6 GC: 266?L 41=:H 8<GC 31759

.:2 ?6GC:2 >41?K:= C:2 4<K5 G67:GC:29

T/6L 8C1GP NCM >1HBG M6E G:44 ?: 8C1G C1KK:H:=PU

04<><1B5 ?6EGC G8<G>C:=9 RC: 821KK:= C:2 12?5 126EH= %2<H9 T&:>1E5: 8: =6HBG IH68L 58::GC:12G9 /6G144 6D <G9 &:GG:2 GC1G M6E 2:?:?3:2 6H M6E2 68H9 Q6EB2: 51D: C:2:L 1H= GC1GB5 8C1GB5 <?K62G1HG9U

TN: H::= G6 76LU RM2:H 51<=9

%2<H D64468:= GC:? G6 GC: =6629 TW1H , >6?: 1H= 5:: M6EPU

T/6G D62 GC: G<?: 3:<H7LU C: 51<=9 TRG1M C:2: 1H= :;?1<4 ?: 2:7E4124M 8<GC =:G1<45 6D C68 GC: 862I <5

K2672:55<H79U RM2:H KE44:= C:2 <HG6 C<5 12?5 1H= I<55:= GC: G6K 6D C:2 C:1=9

TN<44 M6E >6?: 1H= 5:: ?:PU %2<H 15I:=L 1HH6M:= C:2 F6<>: 56EH=:= 56 K4:1=<H79

TN:B44 3: <H G6E>CLU 51<= C:2 D1GC:29

"C1G 815 1 H6L GC:H9

0DG:2 5C: 81G>C:= GC:? =2<F: 181ML %2<H 541??:= GC: =662 15 C12= 15 5C: >6E4=9 0 >CEHI 6D K415G:2 D:44

6DD GC: 8144 1H= 41H=:= 6H C:2 C:1=9

!"#$%&' +,-

%2<H 4:1H:= 171<H5G GC: =662 1H= 2E33:= C:2 C:1=9 RC: 5G12:= 1G GC: K<:>:5 6D =<2GM 8C<G: K415G:2 4M<H7 1G

C:2 D::GL GC:H EK 1G GC: >:<4<H7 1H= 7412:=9

TQ:1CL 1H= , 46F: M6E G669U

NC<4: 5C: ?<7CG H6G 2:?:?3:2 4<D: 3:D62: C:2 TK12:HG5U 466I:= 1DG:2 C:2L 6H>: 5C:B= 3:>6?: 1812: 6D

C:2 5E226EH=<H75L 5C:B= 2:14<J:= 5C: 4<F:= <H 4EAE2M9 .6?: C1= 3::H 1 >6HF:2G:= 312H 8<GC :F:2M

?6=:2H >6HF:H<:H>:L <H>4E=<H7 1 58<??<H7 K6649 %2<H ?<7CG C1F: 3::H 362:=L 3EG 1G 4:15G 5C:B= 3::H

362:= <H >6?D62G9 "C6E7C GC:2: 8:2: 1 >6EK4: 6D >E2<6E5 GC<H75X GC: GC2:: 6D GC:? H:F:2 1G: G67:GC:21H= H6 6H: >1?: G6 F<5<G9

"C:2: 8:2: 1456 H6 ?<22625 <H GC: C6E5:9 04<><1 51<= 1 =:><5<6H C1= 3::H G1I:H ?1HM M:125 176 GC1G GC:<2

D1?<4M 86E4= H6G D144 K2:M G6 F1H<GM9 -66= 7:H:5 71F: GC:? EHE5E144M 766= 5I<H 1H= 36H: 5G2E>GE2:L

GC6E7C GC:M 8:2: H:F:2 G6 E5: GC:<2 EHE5E14 3:1EGM D62 K:256H14 71<H9 %2<H GC6E7CG 04<><1 ?E5G 2:144M



C1F: 46F:= RM2:H G6 7<F: EK ?<22625 D62 C<?9

"C: D1>G GC1G C:2 K12:HG5 8:2: 56 766=;466I<H7 ?1=: <G 56EH= 4<I: GC: G2EGCL M:G %2<H 5G<44 8622<:= <G 815

1 4<: G6 K2:F:HG C:2 D26? 5::<H7 C:2 D1>:9 .1= 5C: 3::H =<5D<7E2:= <H 1H 1>><=:HG GC1G C1= 1456 5G64:H C:2

?:?62MP ,D %2<H 518 1 ?<2262L 5C: 815 5EKK65:= G6 GE2H 181M9 #<7CG9 RC: 815 =M<H7 G6 IH68 8C1G 5C:466I:= 4<I:9 "C6E7C 5C: 5E5K:>G:= RM2:H C1= ?1=: 5E2: 144 GC: ?<22625 C1= 3::H 2:?6F:= D26? C:2 H:8

C6?:9

.:B= ?1=: GC: =:><5<6H G6 3EM GC<5 K41>: 8<GC6EG <HF64F<H7 C:29 .: 815 GC: 6H4M 6H: 8C6B= G14I:= G6

GC: 12>C<G:>GL 1H= C:B= 1KK6<HG:= 1 K26S:>G ?1H17:2 G6 6F:25:: GC: 2:H6F1G<6H59 %2<HB5 264: 815 G6 3: H6?62: GC1H 1 4<F:;<H >12:G1I:29 RC: 86E4=HBG :F:H 3: 134: G6 I::K 1H :M: 6H GC: 862I?:H9 RC:B= 3:

54::K<H79

c<>I<H7 GC: K415G:2 2:?H1HG5 15<=:L 5C: ?1=: C:2 81M G6 GC: 5E<G: 6D 266?5 8C:2: 5C:B= 4<F:9 "C:2:

8:2: H:8 46>I5 6H GC: =66259

.$/ -,0"1 2()3 -$4"+!"%" 5"//"% /$ -6""71

%2<H 7E4K:= 1<2 1H= 581M:= <H GC: :HG21H>: G6 GC: 4<F<H7 266?9 NC:2: C1= GC1G GC6E7CG >6?: D26?P0DG:2 1 ?6?:HGL C:2 C:12G 21G: >14?:= 1H= C:2 3141H>: 2:GE2H:=9 RC:B= C6K:= GC:5: ?<4= K1H<> 1GG1>I5

86E4= 5G6K 8C:H 5C: 815 C:2:9 "C: D1>G GC1G 04<><1 1481M5 81HG:= C:2 >465:L 15 <D 5C: 8:2: 56?:C:4K4:55 KEKKML C1=HBG D<44:= %2<H 8<GC >6HD<=:H>:9 %F:H ?62: 5E2K2<5<H7L C:2 K12:HG5 C1= =E?K:= C:2C:2: 146H:9

05 5C: EHK1>I:=L %2<H 5G12:= 1G C:2 K655:55<6H5 1H= G2<:= G6 2:>144 56?: ?:?62M 6D 8C:2: 5C:B= 862H

GC1G 2:= =2:55L 6D GC: 5G62: 8C:2: 5C:B= 36E7CG GC65: 366I59 /6GC<H79 )<5C:12G:H:=L 5C: 4:DG GC: 2:5G 6D

C:2 5GEDD <H 36A:5 1H= 6H4M EHK1>I:= 8C1G 5C: H::=:=9

"C:5: D:8 266?5 86E4= 3: D<H: 6H>: GC:M 8:2: >4:1H:=L GC6E7C %2<H C1G:= >4:1H<H79 RC: 1HG<><K1G:=5K<=:25 GC: 5<J: 6D 51E>:25L ?1M3: =:1= ?<>:L >:2G1<H4M ?6HGC5 6D 1>>E?E41G:= 72<?:9 ):1= K:6K4:B5

72<?:9 "C: GC6E7CG 6D <G ?1=: C:2 465: GC: 8<44 G6 4<F:9

0 "d 5G66= <H GC: >62H:29 %2<H 58<G>C:= <G 6HL 518 <G 862I:=L GC:H 58<G>C:= <G 6DD9 0 G:4:KC6H: 51G H:AG

G6 <GL GC6E7C 5C: C1= H6 6H: G6 >1449 /6 KC6H: <H C:2 K12:HG5B C6E5:9 RC: GC6E7CG 5C:B= 6H>: 5::H RM2:HE5<H7 1 >:44 KC6H:L GC6E7C C:B= =:H<:= <G9 RC:B= 15I:= <D 5C: C1= 6H: 1H= 3::H G64= H69 "C1G >6E4=HBG 3:

G2E:9 %F:2M6H: C1= 1 ?63<4: KC6H:9

%2<H G66I 6EG C:2 41KG6K 1H= 5:G <G EK 6H 1 G134:9 .:2 D1GC:2 C1= K26?<5:= 5C:B= C1F: 8<2:4:55 ,HG:2H:G

>6HH:>G<6HL 1H= 5C: 5<7C:= <H 2:4<:D 8C:H 5C: 518 GC: <>6H D415C9

NC1G =<= 5C: E5:= G6 =6P NC:2: =<= 5C: 862IP "C:M 86E4=HBG G:44 C:2L 56 %2<H 155E?:= <G C1=

56?:GC<H7 G6 =6 8<GC 8CM 5C:B= 3::H <449 ':DG G6 1H 6F:21>G<F: <?17<H1G<6HL 5C:B= >6?: EK 8<GC GC:

GC:62M 5C: 815 1 76F:2H?:HG 5><:HG<5G <HD:>G:= 8<GC 1 3<6:H7<H::2:=L ?:?62M;5E>I<H7 F<2E59 RC:

K2:D:22:= GC1G 6F:2 GC: D4::G<H7 GC6E7CG GC1G 5C:B= 3::H 21K:= 3M 1 >644:17E:L IH6>I:= 6H GC: C:1=L 1H=GC:H <HD:>G:= 8<GC GC: ?:?62M;5E>I<H7 F<2E59

R6?:GC<H7 31= C1= C1KK:H:=9 R6?:GC<H7 GC1G ?1=: C:2 F:2M 5<>I 1H= C:2 K12:HG5 >6H>:2H:= :H6E7C G6>EG C:2 6DD D26? C:2 K2:F<6E5 4<D:9 %2<H 815 >E2<6E5 8CM GC:M =<=HBG 5::? ?62: 8622<:= GC1G 5C:

>6E4=HBG 2:?:?3:2 1HMGC<H79 RC:B= G8<5G:= C:25:4D <HG6 IH6G5 G2M<H7 G6 D<7E2: GC<H75 6EG9

RC: 6K:H:= GC: D2<=7: 1H= 466I:= 1G GC: >6HG:HG59 O65G4M V415?<AL GC6E7C 04<><1 C1= 36E7CG C:2

5G2183:22M M67E2GL >21H3:22M SE<>:L 1H= 1 >12G6H 6D 34E:3:22<:59 N:2: GC:M 315<> D66=5GEDD5P RC:

>6E4=HBG :F:H 2:?:?3:2 GC1G ?E>CL GC6E7C %2<H C1= 4<GG4: <HG:2:5G <H D66=9 RC: G66I 6EG 1 >12G6H 6D

V415?<AL K<H>C:= C:2 H65:L 1H= =21HI <G9 ,G 815 C:2 5:>6H= 6D GC: =1ML 3EG 5C: H::=:= 1 3665G9 ,G C1= 3::H 1 72E:44<H7 S6E2H:ML G21F:44<H7 D62 56 46H79 /68 C:2 K12:HG5 8:2: ?1I<H7 GC: 2:F:25: G2<K9 NCM



>6E4=HBG GC:M C1F: 5G1M:= D62 1 8C<4:P %2<H 466I:= 126EH= 1G GC: =213 5E226EH=<H759 (H: 3:=9 0CL 2<7CG9

/6 266?9

&62:= 1H= 2:5G4:55L 5C: 8:HG D62 1H6GC:2 81H=:2 126EH= GC: C6E5:9 "C<5 G<?: GC: 5:H51G<6H 5C:B= 3::H

GC:2: 3:D62: 815 :F:H 5G26H7:29 %2<H 5G2E774:= G6 2:?:?3:2 56?:GC<H7 C:2 D1GC:2 C1=HBG 142:1=M 5C68HC:29 0 5:>2:G K15517:81MP 0 C<==:H 5K1>: EH=:2 GC: D4662P 0 8144 51D: 3:C<H= 1 K1<HG<H7P

0 ?6E5:9

%2<H 5CE==:2:=9 ,D 5C: 518 6H:L 5C:B= 5YE:149

] ] ] ] ]

@:4<A E5:= C<5 D62:12? G6 8<K: GC: 58:1G D26? C<5 3268 1H= 5G12:= 1G GC: 5413 6D K64<5C:= 341>I ?1234:

4M<H7 <H D26HG 6D C<?9 .68 GC: DE>I =<= M6E 5K:44 "8-/,-9* .<5 ?<H= C1= 76H: 341HI9 .: KE44:= 6DD C<54:1GC:2 746F: 8<GC C<5 G::GCL :AG2<>1G:= 1 5C::G 6D K1K:2 D26? C<5 K6>I:GL 1H= >C:>I:=9 0C 2<7CGL 766=

S63 C: C1=HBG >C<KK:= 1H :9 .: 54<KK:= GC: 746F: 31>I 6H 1H= 1=SE5G:= C<5 76774:5 3:D62: C: K65<G<6H:=

C<5 >C<5:4 6F:2 GC: 7E<=:4<H: 1H= 3:71H G6 G1K9

N<GC6EG GC: 6DD:2 6D GC2:: CEH=2:= K6EH=5 >15C D62 =6<H7 GC<5L H6 81M 86E4= @:4<A C1F: 172::= G6:H721F: 1 C:1=5G6H:L K12G<>E4124M H6G GC<5 C:1=5G6H:9 .: 815 1H 12G<5GL H6G 1 5G6H:?156HL 3EG C:B=

142:1=M 5K:HG GC: ?6H:M 2:K1<2<H7 1 4:1I <H GC: 266D 6D GC: >61>C C6E5: ;; C<5 H:8 C6?:9 0K12G D26? GC: 31GC266? C:B= C1= <H5G144:=L 144 C<5 ?6H:M 6F:2 GC: 415G D:8 ?6HGC5 C1= 76H: G6 V:F:HCE25G9 V<GM GC:2:

815 56 4<GG4: G6 5C68 D62 <G9 @:4<A C1= =6H: H6 ?62: GC1H D:H= 6DD 56?: 6D GC: ?62: 5:2<6E5 K2634:?59)1?K K1G>C:5 86E4= 2:GE2H9 R:14<H7 6H: 4:1I D62>:= GC: 21<H G6 D<H= 1H6GC:2 81M <H9 @62 :F:2M 5G6H: C:

2:K41>:=L 1H6GC:2 >2<:= 6EG D62 C<5 1GG:HG<6H9 %AG21>G<H7 6H: 26GG:H G<?3:2 6H4M :AK65:= 1H6GC:2 <H GC:

51?:L 62 8625:L >6H=<G<6H9

@:4<A C1= 3:7EH G6 =:5K1<2 6D :F:2 5:44<H7 V:F:HCE25G 8C:H .:2?<6H: C1= 814I:= <HG6 C<5 4<D:L DE44 6D6KG<?<5? 1H= :HGCE5<15?9 "C:M =8<H=4:= 146H7 8<GC C:2 1DD:>G<6H9 "C: 6H4M <HYE<2M <H ?6HGC5 C1=

>6?: D26? 1 K2:?<:2;=<F<5<6H D66G3144:29 %F:H @:4<A =2:8 GC: 4<H: GC:2:9 .: =<=HBG 81HG 56?:

1<2C:1=:= 8<D: 8C6 D1H><:= C:25:4D 15 1 G14:HG:= <HG:2<62 =:5<7H:2 KEGG<H7 1 K664 <H GC: 621H7:2M 622<KK<H7 6EG GC: 4<3212M 1H= =:5G26M<H7 C<5G62M9 V:F:HCE25G C1= 4<5G:= 3E<4=<H7 5G1GE5L 8C<>C ?:1HG

>C1H7:5 G6 GC: <HG:2<62 1H= :AG:2<62 8:2: 5E3S:>G G6 2E4:5L 3EG @:4<A =<=HBG G2E5G 2<>C 86?:H9 .??Z

=<=HBG G2E5G 86?:H9 V:2<6=9

"C:H GC: C6E5<H7 ?12I:G >6441K5:=9 "C: ?62G717: ?12I:G >6441K5:=L 1H= :F:2M H<7CGL @:4<A >6441K5:=9'6H7 C6E25 5K:HG 862I<H7 G6 ?1I: GC: >15G4: 1 ?62: 1GG21>G<F: K26K65<G<6H 1H= GC: >61>C C6E5: 1

C13<G134: =8:44<H7 4:DG C<? :AC1E5G:=9 N62I<H7 6H V:F:HCE25G 815 4<I: >C<KK<H7 1G 1 5413 6D ?1234:

8<GC 1 34EHG IH<D:9 @:4<A ?<7CG :F:HGE144M >2:1G: 56?:GC<H7 3:1EG<DE4L 6H4M <G 86E4= G1I: 5:F:2144<D:G<?:59 .: 815 1 5>E4KG62 H6G 1 266D:2L K415G:2:2L >12K:HG:2L 62 :4:>G2<><1HL GC6E7C C:B= 4:12H:= G6 3: 1

S1>I;6D;144;G21=:5 6F:2 GC: 415G D:8 ?6HGC59

"C:H >1?: GC: ?<21>4:9 &EM:259 /1?: 6D O12I6F9 @:4<A 5E5K:>G:= GC:M 8:2: #E55<1H9 "C: 5:>6H=

?<21>4: <H>4E=:= GC:? 6DD:2<H7 ?62: GC1H GC: 15I<H7 K2<>: D62 1 21K<= 514:9 @:4<A >6E4=HBG 51M H6 G6 1

>15C 3EM:29 "C: ,H41H= #:F:HE: 86E4=HBG 4:G C<?L 1H= H:<GC:2 86E4= GC: 1>>6EHG1HG5 1H= 418M:259 /68>6HG21>G5 C1= 3::H :A>C1H7:=L 1H= C: C1= D62GM;5:F:H K6EH=5 1H= :4:F:H K:H>: 4:DG <H C<5 1>>6EHG9 "C:

76F:2H?:HG 1H= 1>>6EHG1HG5 C1= GC:<2 5C12:5L 1H= D62 GC: G<?: 3:<H7L 418M:25 C:4= GC: 2:5G9

"C: 6H4M K65<G<F: GC<H7 136EG GC: 8C64: ?:55 815 GC: 81M GC: O12I6F5 C1= 1>>:KG:= GC: >41E5:5 @:4<A<H5<5G:= C<5 <H>2:=E46E5 418M:2 <H5:2G <HG6 GC: 514: >6HG21>G9 "C: 418M:2 C1= G64= C<? H6 3EM:2 <H GC:<2

2<7CG ?<H= 86E4= 172:: G6 1HM 6D GC:?9 V2:5E?134M GC: O12I6F5 8:2: H6G <H GC:<2 2<7CG ?<H=59 @:4<A

72<HH:=9

NC:H 862I?:H C1= 122<F:= GC<5 ?62H<H7 1H= 5G12G:= 31H7<H7L C:B= 3::H EH134: G6 2:5<5G 81H=:2<H7



6F:2 G6 D<H= 6EG 8C1G GC:M 8:2: =6<H79 WC1H7<H7 GC: 46>I5 1H= D<A<H7 866=:H 5CEGG:25 6F:2 :F:2M

8<H=689 /6 K6<HG <H C1H7<H7 6H G6 C<5 5K12: 5:G 6D I:M5 GC:H9 V:F:HCE25G K263134M C1= 5CEGG:25

62<7<H144ML 56 15 46H7 15 GC: H:8 68H:25 =<=HBG >6F:2 GC:? 8<GC 5G:H><45 6D D468:25 62 D46KKM;:12:=

3EHH<:5L C: 1KK26F:=9

@:4<A 5<7C:= 1H= 2:5E?:= >C<KK<H79 /6 E5: 7:GG<H7 3:HG 6EG 6D 5C1K: 136EG 8C1G GC: H:8 K:6K4: =<= ;;

4<GG4: C: >6E4= =6 136EG <G EH4:55 GC:M 326I: GC: 2E4:59 @62GEH1G:4ML GC: 12>C<G:>G GC:MB= :H717:=

C1KK:H:= G6 3: 1H 64= D2<:H= 6D C<5 ;; )14G6H &266I59 @:4<A C1= K4:1=:= 8<GC )14G6H G6 5G::2 GC:O12I6F5 <H GC: 2<7CG =<2:>G<6H9 .: C6K:= )14G6H C1= 3::H S6I<H7 136EG GC: K26K6514 G6 >6HF:2GV:F:HCE25G <HG6 1 HE=<5G >646HM9 "C: 315G12= K263134M 5E77:5G:= <G9 @:4<A C<G GC: >C<5:4 1G GC: 826H7

1H74: 1H= 1 D4:>I 6D ?1234: D4:8 EK 1H= C<G C<5 >C::I9 2;8<= /!,/ !;%/ 9

T(CL M6EB2: 34::=<H79U

@:4<AB5 C:12G 5GEGG:2:= <H 5C6>I 8C:H C: C:12= GC: 8C<5K:2;56DG F6<>: 3:C<H= C<?9 NC:H C: GE2H:=L <G5GEGG:2:= 171<H9 ,H GC: =66281M 6D C<5 862I5C6K 5G66= 1 G144L 8<4468M D<7E2: 8<GC 5C62GL >C6KKM 341>I

C1<2 1H= GC: ?65G 3:1EG<DE4 C:12G;5C1K:= D1>: C:B= :F:2 5::H9 .: G66I 6DD C<5 746F:5 1H= 76774:5 1H=

8<K:= 58:1GM C1H=5 6H C<5 S:1H59 @62 1 ?6?:HGL C: GC6E7CG C:B= 5::H C:2 3:D62: 1H= GC:H =<5?<55:=

GC: H6G<6H9 .:B= C1F: 2:?:?3:2:= 1 5GEHH:2 4<I: C:29 "C:H @:4<A =<= 2:?:?3:2 56?:GC<H7 D12 ?62:

2:4:F1HG 1H= 5>684:=9 TNC1G GC: C:44 12: M6E =6<H7 <H ?M C6E5:PURC: 466I:= 3:8<4=:2:=9 TNC1G GC: C:44 12: M6E =6<H7 <H 49 C6E5:PU

TQ6E =6HBG 4<F: C:2:L , =69U

.:2 =12I :M:5 G8<HI4:=9 TQ6E =6HBG 4<F: C:2:L , =69U

0CL 1 O12I6F9 T"C: >61>C C6E5: <5 H6G K12G 6D 8C1G M6EBF: 36E7CG9U

T(CL 5622M9U RC: 5G12:= 1G C<5 >C::I9 TQ6EB2: 5G<44 34::=<H79U

.68 C1= 5C: IH68H C: 815 34::=<H7 3:D62:P .<5 31>I C1= 3::H G6812= C:29 RC: >C:8:= C:2 36GG6?4<KL C:2 D1>: :G>C:= <H =<5G2:559 RC: D2:1I:= 6EG 1G GC: 5<7CG 6D 3466=P (C -6=L C: =<=HBG 81HG C:2 G6

D1<HG9 @:4<A 21H C<5 D<H7:2 EK GC: =2<334: 1H= 4<>I:= <G9 RC: 71F: 1 4<GG4: 8C<?K:2 1H= C<5 >6>I 5G<22:=9

>! 0;8<= 0;8<= 0;8< 9

TNC1G 12: M6E =6<H7PU 5C: 15I:=9

?"//()@ %(3(8;6$;-69 $A"%":8(/"3 9 T-:GG<H7Z:H721F<H7 1 C:1=5G6H:9U

TW1H , 5::PU

.: 5G66= G6 6H: 5<=:9 RC: 74<=:= 1>2655 GC: 266? 4<I: 1 K1HGC:2L 144 46H7 4<?35 1H= D4E<= 721>:9 .:2 :M:5

8:2: 4127: <H C:2 K14: D1>:L 5GEHH<H7 =12I 72::H 6235 ;; 1 5C1=: 6D ?141>C<G: 1H= <H>2:=<34M 3:1EG<DE49

.:2 36=M 815 4<GC: 1H= :HG<><H7 <H 468;54EH7 S:1H5 1H= 1 G<7CG ?1266H G6K9 @:4<AB5 ?6EGC 81G:2:= 1H=

C: 5814468:=9 RC: 21H 1 54:H=:2 D<H7:2 146H7 GC: 7266F:5 C:B= >C<5:44:= <H GC: 5G6H:9

TQ6E 326E7CG E5 176HM 1H= :>5G15MLU 5C: 2:1= 1H= 21<5:= KEJJ4:= :M:59 TNC1G >6?:5 1DG:2PU

T(E2 =124<H7 1H7:4 )1<5M9U

T(CL 56 51=9 "C:<2 =1E7CG:2PU

T"C:<2 K6G;3:44<:= K<79U

RC: GE2H:= 1 5H<77:2 <HG6 1H EH>6HF<H><H7 >6E7C9 T"C: 176HMPU

T"C:<2 K<7 5YE15C:= GC:<2 >1G9U

.:2 C1H= >41?K:= 6F:2 C:2 ?6EGCL 3EG 5C: >6E4=HBG 5G6K GC: 7EDD189 @:4<A 5?<4:= 1H= 8<K:= C<5 5G<44;



58:1GM D<H7:25 6H C<5 K1HG5 SE5G <H >15: C: 76G GC: >C1H>: G6 G6E>C C:29

T"C: e:>5G15MLBU 5C: 15I:=9

T, =<=HBG 4<I: G6 15IL :A>:KG , C1KK:H G6 IH68 K<75 C1F: GC<2GM;?<HEG: 62715?5ZGC: 46H7:5G <H GC:

1H<?14 I<H7=6?9U

RC: 4:G GC: 41E7C :5>1K:9 "C: 56EH= :>C6:= <H C<5 C:12G9 T(6CL <H GC: H:AG 4<D: , 81HG G6 >6?: 31>I 15 1

K<79U@:4<A 5?<4:=9 TO: G669U

B!%(-/= -!"C- @$%@"$;-9 .<5 >6>I K2:55:= ?62: D<2?4M 171<H5G C<5 J<KK:2L 2:?<H=<H7 C<? C: C1=HBG

:HS6M:= GC: 2:14 GC<H7 D62 1 8C<4:9 .6K:DE44ML 5C: 86E4=HBG 466I =68H 1H= 5:: GC: 7268<H7 G:HG <H C<5

K1HG59 .6K:DE44ML C<5 =1?H:= >6>I 86E4=HBG =:><=: G6 3E25G GC26E7C9 .6K:DE44ML 5C:B= EHD15G:H C<5J<KK:2 1H= 4:G C<? 6EG G6 K41M9 #:14<5G<>144ML C: 815 7:GG<H7 1 4<GG4: 1C:1= 6D C<?5:4D9

T,5 M6E2 CE531H= H:AG =662PU .:2 C1F<H7 1 CE531H= 86E4= 564F: C<5 7268<H7 K2634:?9 .:B= 6H4M ?1=:

GC1G ?<5G1I: 8<GC 1 86?1H 6H>:9 @6276G G6 15I 1H= GC: ?1H 8C6 1KK:12:= <H GC: =66281M G6 D<H= @:4<A

<H 3:= 8<GC C<5 8<D: C1= 3::H 3<77:2 GC1H C<?9 @:4<A C1= 3::H 4E>IM G6 :5>1K: 8<GC 1 341>I :M:9

T/6 CE531H=9U.: G66I 1 5G:K G6812= C:29 T%H717:=PU )<= C: 7<F: 1 DE>IP .<5 >6>I >:2G1<H4M =<=HBG9

T/69U

.: G66I 1H6GC:2 5G:K 1H= C:2 :M:5 =12I:H:=9 @:4<A 4<>I:= C<5 =E5GM 4<K59

T&6MD2<:H=PU .: 2:144M =<=HBG >12: <D 5C: C1= 62 H6G9 NCM GC: C:44 815 C: 15I<H7P -<F<H7 C:2 1H 6EGP

RC: =<=HBG 466I 15 GC6E7C 5C: 81HG:= 6H:9 .: >6E4= 5:: C:2 H<KK4:5 6EG4<H:= EH=:2 C:2 ";5C<2G9 N15 5C:

8:12<H7 1 321P (C -6=L ?1M3: 5C: 815 >64=L H6G 126E5:=9 (H4M 1 ";5C<2G <H GC<5 8:1GC:2P @:4<A C1=862I:= C<?5:4D <HG6 1 58:1G >C<KK<H7 1G GC: C:1=5G6H:L 3EG GC:2: 815 H6 C:1G<H7 <H C<5 5GE=<69

T/69U

/6 8C1GP RC<GL 8C1G C1= C: 15I:= C:2P .6K:DE44M <G 815HBG 3$ 9$; 0,)89 , 0;8<* .: =:D<H<G:4M =<=HBG81HG G6 C:12 H6 G6 GC1G9

T/6 7<24D2<:H= :<GC:29U RC: 72<HH:=9 T/6G GC1G , C1F: 1HMGC<H7 171<H5G 51?:;5:A 2:41G<6H5C<K59 , I<H= 6D

GC<HI G86 7EM5 7:GG<H7 <G 6H G67:GC:2 <5 5:AM9 , 46F: 466I<H7 1G 7EM5B 3EGG59 N:44L GC: D<2?L G1EG 6H:59U

@:4<A >4:H>C:= C<5 31>I5<=:9

TR6 G86 7EM5 <5 D<H: 1H= G86 7EM5 1H= 1 86?1HL 8:44ZGC1G 86E4= 3: <HG:2:5G<H7Z:2ZG86 86?:H

=6HBG C1F: YE<G: GC: 51?: :DD:>G 6H ?:L GC6E7C , 7E:55 GC1GB5 3:>1E5: ,B? 1 86?1H 1H= ;;U

T)6 M6E 5G6K G6 32:1GC:PU

RC: 5?<4:= 1H= @:4<A D:4G 15 GC6E7C 5C:B= 72133:= C<5 C:12G 1H= 5YE::J:= C12=9 NC:H 815 GC: 415G G<?:

C:B= D:4G 4<I: GC<5P .1= C: :F:2 D:4G YE<G: 4<I: GC<5 ;; 56 :H7E4D:= 3M 4E5G C: 81HG:= G6 DE>I C:2 8C:2: 5C:5G66=P

RC: G66I GC: 415G 5G:K G6 32<H7 GC:? H65: G6 H65:L 1H= @:4<A GC6E7CG 5C: 815 76<H7 G6 I<55 C<?9 #6",-"

6"/ !"% <(-- 4"9 OE>C 15 C: 81HG:= C:2L C: 5G<44 H::=:= C:2 G6 ?1I: GC: D<25G ?6F:9 RC: ?6F:=9 /6 I<55L

<H5G:1= 5C: =2:8 C:2 G6H7E: EK C<5 5>21G>C:= >C::I 1H= GC: :H5E<H7 J<H7 ?1=: C<5 IH::5 YE1I:9 >!?$3= /!,/ +,- -":99 /6G D2:1I:= 3M 3466= GC:H9

T, 81HG M6ELU 5C: 51<=9

T\:5E59U 0 5KE2G 6D K2:>E? 8:G C<5 K1HG59



@:4<A 5E5K:>G:= 5C: 815HBG 2:14L >:2G1<H C:B= >6HSE2:= C:2 EK G6 GE2H &41>I @2<=1M <HG6 56?:GC<H7 C:B=

2:?:?3:2 D62 1 =<DD:2:HG 2:156H9 RC: 466I:= K14: 15 1 7C65G9 .:2 :M:415C:5 8:2: GC<>I 1H= 5G2<I<H7

171<H5G C:2 >6?K4:A<6H9 .:B= >2:1G:= 1 86?1H 6EG 6D C<5 =2:1?5 3:>1E5: GC1GB5 8C:2: C: =:><=:= C:B=

5::H C:2X 56?:6H: C:B= <?17<H:= 15 C: 81HI:= 6DD <H 3:=9

.:2 C1H=5 ?6F:= G6 C<5 5C6E4=:25 1H= 54<= =68H C<5 31>I 15 5C: KE44:= C<? >465:9 @:4<A >6E4= C:12 C<5

C:12G GCE?K<H7 <H C<5 C:1= 15 C:2 4<K5 ?6F:= G6 C<5L GC: 1HG<><K1G<6H 6D GC: I<55 5:H=<H7 C<5 KE45: 21G:

5612<H79 '<K5 ?:G9 "C: 1>GE14 G6E>C =26F: C<5 ?<H= <HG6 1 58<24<H7 F62G:A 6D :?6G<6H 1H= C<5 >6>I <HG61 D::=<H7 D2:HJML =:?1H=<H7 G6 3: 2:4:15:= D26? C<5 K1HG59

RC: 32E5C:= C:2 4<K5 146H7 C<5L GC: D1<HG:5G >12:55L 3EG GC: 2:5E4G<H7 G<H74: G21F:44:= 144 GC: 81M G6 C<5

G6:59 05 GC: G<K 6D C:2 G6H7E: G21>:= GC: 4<H: 6D C<5 4<K5L C<5 ?6EGC 6K:H:= 1H= C<5 G6H7E: G6E>C:= C:259

@:4<A 815 K1214MJ:=9 .: 81HG:= G6 I<55 C:2 1H= >6E4=HBG9 .: >6E4=HBG :F:H 821K C<5 12?5 126EH= C:29

NC1G GC: C:44 815 C1KK:H<H7P N15 C: 1D21<= C:B= K6K GC: 3E334:P RC: 4<>I:= C<5 4<K5 1H= H<334:= 6HGC: 468:2 6H: 3:D62: 54<KK<H7 C:2 G6H7E: <HG6 C<5 ?6EGC9 .:2 12?5 G<7CG:H:= 126EH= C<? 1H= D<H144M C:

>1?: G6 C<5 5:H5:59

/6G GC: 6H:5 GC1G 51<=L D!,/ /!" !"66 ,%" 9$; 3$()@= 9$; 7(66$8<* E!"C- , 8$476"/" -/%,)@"% 9 &EG GC:

6H:5 GC1G 51<=L F$; G;-/ @$/ 6;8<9= 7,61 ?"/ !"% ),<"3 ,)3 0;8< !"% 9

!"#$%&' +"'&&

%2<H 5YE<2?:=L >1E7CG <H GC: <H:5>1K134: 72<K 6D KE2:L EH1=E4G:21G:= 4E5G ;; ?62: :DD:>G<F: GC1H GC: ?65G

5EK:2 6D 5EK:274E:59 NC:H GC: ?1H C1= 2:?6F:= C<5 76774:5 1H= 5C:B= 5::H C<5 D1>:L 56?: 21H=6?

H:E26H D415C:= <H C:2 5G2E774<H7 321<H G:44<H7 C:2 GC1G 5C: IH:8 C<?L GC1G 5C:B= 3::H <H GC<5 C6E5: 3:D62:L <H GC<5 266? 3:D62:X GC6E7C <G C1=HBG 466I:= 4<I: GC<59 "C:H GC: GC6E7CG D4EGG:2:= 181M G6 3E2M

<G5:4D 171<H <H GC: =::K 2:>:55:5 6D C:2 ?<H=9

):5K<G: C:1=;G6;G6: =E5GL GC: 7EM 815 C1H=56?: :H6E7C G6 ?1I: -2::I 76=5 76 2EHH<H7 G6 K415G<>

5E27:6H59 N:44 6F:2 5<A D::G <H C:<7CGL G1HH:=L 8<GC =12I 34E: :M:5 GC: >646E2 6D 1 5G62?M 5:1L C: C1= 15G26H7 H65: 1H= 5YE12: >C<H9 .<5 C1H=5 8:2: 4127:L C<5 5C6E4=:25 3261=L 1H= C<5 5>2EDDM C1<2 1 =<2GM

346H=9 .: 862: D1=:= 34E: S:1H5 C64:= 1G 36GC IH::59 .<5 6H>:;8C<G: 5C<2GL EHGE>I:= 6H 6H: 5<=:L 815

2644:= EK 1G GC: 54::F:5 G6 :AK65: G1EG D62:12?59 0 G1GG66 4E2I:= 1G C<5 H:>IL >E24<H7 EH=:2 C<5 >6441236H:

1H= 181M D26? <=:HG<D<>1G<6HL GC6E7C %2<H IH:8 56?:C68 <G 815 1 =2176H9 "C: G2<>I4: 6D 3466= 54<=<H7=68H C<5 >C::I K26F<=:= GC: D<H<5C<H7 G6E>C9 #6E7C9 #189 V:2D:>G9

"C: ?6?:HG C:B= 2:5K6H=:= G6 C:2 I<55L GC: 5:>6H= C<5 G6H7E: =1H>:= 146H75<=: C:25L %2<H :AK46=:=L

5:<J:= 3M 1 ?<H<62715? <H 8C<>C C:2 ?E5>4:5 >4:H>C:= 1H= >2:1? 66J:= G6 =1?K:H C:2 K1HG<:59 RC:

7261H:= <HG6 C<5 ?6EGC 15 GC:<2 G6H7E:5 G1H74:= 1H= 5E27:=9 /6 58::GL 7:HG4: I<55L 3EG C6GL C12=L 1H= K2<?14L 1H= %2<H 81HG:= ?62: ;; H::=:= ?62:9

RC: KE5C:= <HG6 C<? 1H= C: >1E7CG C:2 D1>: 1H= C:4= <GL C<5 4<K5 ?6<5G 1H= D<2? 171<H5G C:25L G1?<H7 C:21772:55<6H 1H= D::=<H7 C:2 K155<6H9 %2<H 81HG:= G6 >4<?3 <H5<=: C<?L <HF1=: :F:2M >:44L 1H= EH<G: :1>C

6H: 6D GC:<2 ?64:>E4:59 ,D 5C: C1=HBG D:4G 56 86H=:2DE4L 5C: ?<7CG C1F: 8622<:= GC:2: 815 56?:GC<H7826H7 8<GC C:29 &EG :F:2MGC<H7 815 2<7CG9 RC: >6E4= I<55 C<? D62:F:29

.: >1?: EK D62 1<2 8<GC 1 715K<H7 41E7CL 1H= GC:M 5G12:= 1G 6H: 1H6GC:2 8<GC6EG 34<HI<H79 .: K1HG:=

2177:= 32:1GC5 <HG6 C:2 D1>:L GC: C<HG 6D 1 5?<4: K41M<H7 6H C<5 4<K59 ):D<H<G:4M 64=:2 GC1H C:2L ?1M3:

:124M GC<2G<:59 .:2 K12:HG5 51<= 5C: 815 G8:HGM;D6E2L 6H4M %2<H =<=HBG :F:H 2:?:?3:2 C:2 3<2GC=1M9 )<=766= 7:H:5 C<=: GC: G2EGC 146H7 8<GC ?:?62M 4655P O1M3: -!" 815 64=:2 GC1H !(41 H,I



.<5 C1H=5 54<= EH=:2 C:2 G6K 15 C: 3:HG G6 H<334: C:2 4<K9 W1446E5:= D<H7:25 >12:55:= C:2 3:44M9 %2<H 4<I:=

C68 GC:M D:4GL GC: 26E7C 32E5C 171<H5G C:2 5I<H 5:H=<H7 ?E5>4:5 D4<>I:2<H7 EH=:2 C<5 GCE?359 .<5 G6H7E:

5E2D:= 8<GC C:25L G8<5G<H7 1H= >E24<H7 15 :1>C 6D GC:? D6E7CG G6 G1I: >C127: 6D GC: I<559 NC:H C<5 C1H=5

?6F:= EK C:2 >C:5G 1H= :H>6EHG:2:= 312: 32:15G5L %2<H 5814468:= GC: C<G>C <H C<5 32:1GC 1H= D:4G C<55?<4: 8<=:H 171<H5G C:2 ?6EGC9 .: G:15:= C:2 H<KK4:5 G6 =<1?6H= C12=H:55L C<5 GCE?3 1H= D62:D<H7:2

862I<H7 :1>C 6H: EHG<4 5C: ?61H:=9 .: >EKK:= C:2 32:15G5L 1H= %2<H 8<5C:= GC:M 8:2: 4127:2X GC6E7C

GC:M 8:2: 1 K:2D:>G D<G <H C<5 C1H=5 15 C: 7:HG4M 5YE::J:= 1H= I:KG I<55<H7 C:2 1H= 26>I<H7 C<5 :2:>G<6H171<H5G C:29

.: 2:4:15:= C:2 32:15G5 G6 7213 C:2 155 1H= GE77:= C:2 >465:2L ?:5C<H7 C<5 C<K5 G6 C:25 15 C: 41H=:=

I<55:5 6H C:2 D62:C:1=L >C::I5L H65:L :M:4<=5L 1H= GC:H C:2 :129 .: G21>:= GC: 5C:44;4<I: 6EG4<H: 8<GC C<5

G6H7E:L 32:1GC<H7 <HG6 GC: >:HG2:L 1H= %2<H ?61H:= 1G GC: 14?65G;7C65G4M 5:H51G<6H GC1G 5C<??:2:= <HG6C:2 C:1= 1H= =68H C:2 5K<H:9 %F:2M G6E>C KE5C:= C:2 D62812=L :F:2M CE5IM 7261H 86EH= C:2 G<7CG:2L 15

C: 58:KG C:2 DE2GC:2 D26? 1 >6HG2644:= 2:4:15: 1H= 6H G6812= D2:: D1449 .<5 4<K5 D64468:= GC: >E2F: 6D C:2

S18 1H= D4EGG:2:= =68H GC: >64E?H 6D C:2 H:>I G6 K41HG 4<GG4: I<55:59 .: G21>:= 8:G ><2>4:5 8<GC C<5G6H7E: 1H= 5E>I:=L =218<H7 C:2 62715? 6H9

%2<H 12>C:= C:2 31>IL >4EG>C:= C<? G<7CG:2L 81HG<H7 C<? G6 3: 26E7C:2L C12=:2L G6Z3<G: C:29 RC: 54<KK:=

C:2 D<H7:25 EH=:2 C<5 5C<2GL 21H C:2 C1H=5 6F:2 GC: ?E5>4:5 6D C<5 31>IL 1H= D:4G GC:? 5C<F:2 1G C:2 G6E>C9

TQ6E2 D<H7:25 12: >64=LU C: 8C<5K:2:= <HG6 C:2 C1<29

TW64= C1H=5L 812?Z6GC:2 3<G59U

RC: D:4G C<5 >C:5G 5C1I: 15 C: 41E7C:=9 TW1H , >C:>I GC1G 6EGPU

T)6HBG M6E 3:4<:F: ?:PU

T(C , 3:4<:F: M6EL 4<GG4: D<2:;5G12G:2L 6H4M , =6 4<I: G6 D<H= GC<H75 6EG D62 ?M5:4D9U

%2<H C1= 3::H EH>:2G1<H 6D :F:2MGC<H7 D62 GC: 415G D:8 8::I5L H6G IH68<H7 8C:GC:2 1HM 6D C:2

2:5K6H5:5 8:2: GC: 2<7CG 6H:5L M:G :F:H GC6E7C 5C: 5G<44 5G66= 6H 5C<DG<H7 51H=5L 5C: IH:8 5C: 81HG:=

GC<59

.: KE44:= EK C:2 G6KL 1H= 5C: 4<DG:= C:2 12?5 56 C: >6E4= GE7 <G 6F:2 C:2 C:1=9 N<GC6EG G1I<H7 C<5 :M:5D26? C:2L C: G655:= GC: 712?:HG 15<=:9

T(C WC2<5GL M6EB2: K:2D:>GLU C: 8C<5K:2:=9 TV:2D:>G D1>:L K:2D:>G 36=M9U

.: 21H C<5 G6H7E: 6F:2 C<5 4<K5 1H= I<55:= C:2 171<HL =2177<H7 C:2 >465: G6 C<5 >C:5GL 821KK<H7 C<5 12?5

126EH= C:29 .<5 36=M 815 812?L C<5 4<K5 2:=;C6G9 NC:H C<5 G6H7E: 3:71H G6 54<=: <H 1H= 6EG 6D C:2

?6EGC 1H= C<5 C<K5 3E>I:= 171<H5G C:25L GC: ?E5>4:5 3:G8::H C:2 4:75 G<7CG:H:= 1H= 2:41A:= <H 15G26H7:2 2CMGC?9 .6125: >2<:5 :5>1K:= %2<HB5 ?6EGC G6 3:>6?: G21KK:= <H C<59 RC: 81HG:= C<5 312:

>C:5G 171<H5G C:25 1H= 5YE::J:= C:2 C1H=5 3:G8::H GC:<2 36=<:5L C:2 D<H7:25 DE?34<H7 G6 EHD15G:H GC:

3EGG6H5 6H C<5 5C<2G EHG<4 5C: >6E4= KE5C <G 6DD C<5 5C6E4=:259

%2<H =2177:= C:25:4D 31>I 56 5C: >6E4= 466I 1G C<?9 .: 815 7627:6E59 0 ?E5>E412 >C:5GL C<5 26EH=:= K:>5 G6KK:= 3M G<7CG =12I >6KK:2 H<KK4:59 "C: G1GG66 1G C<5 H:>I 5G12G:= 6EG 6D 5<7CG 6H C<5 31>IL >2655:=

C<5 >6441236H:L 1H= >E24:= G6812= C<5 C:12G9 0 D<H:4M =:G1<4:= 341>I =2176H 32:1GC<H7 2:= 1H= M:4468 D<2:

6H C<5 56E49

T, 46F: GC<5LU 5C: 51<= 1H= G6E>C:= GC: G1GG669

.: 5?<4:= 1H= GC:H G:H5:= 15 5C: E5:= C:2 4<K5 G6 G21>: GC: =2176HB5 36=M G6 C<5 C:12GL C:2 D<H7:25G<7CG:H<H7 6H C<5 5C6E4=:25 15 5C: I<55:= 1H= 4<>I:= D<25G 6H: H<KK4:L GC:H GC: 6GC:29 NC:H 5C: G:15:=

C<?L =218<H7 C<5 D4:5C G<7CG 8<GC C:2 G::GC 1H= H<KK<H7 C12=L C: 715K:= 1H= D4:A:= C<5 C<K5 171<H5G C:259



T(C DE>IL DE>I9U .<5 D<H7:25 G8<5G:= <H C:2 C1<29

%2<HB5 C1H= 54<= G6 C<5 K1HG5 1H= C<5 :2:>G<6H KE45:= 171<H5G C:2 D<H7:259 RC: 5YE::J:= C<5 >6>I 15 5C:

5E>I:= C<5 H<KK4:9 O:?62<:5 6D =6<H7 GC<5 D4EGG:2:= <H 1H= 6EG 6D C:2 C:1=L 3EG 8<GC6EG >412<GM9 .1= 5C:

D6276GG:H 1 36MD2<:H=P .:2 K12:HG5 51<= H6G9 N15 GC1G GC: G2EGCP %2<H IH:8 5C:B= =6H: GC<5 3:D62: 1H=IH:8 GC: ?1H 8<GC C:2 815 =<DD:2:HG D26? GC: 6GC:259 >/!"%-* ?$3= !$+ 4,)9*

05 5C: >12:55:= GC: 6EG4<H: 6D C<5 >6>IL K2:55<H7 1H= 2:4:15<H7 146H7 GC: 2<7<= 4:H7GCL C<5 D<H7:25 31GG4:=

8<GC C:2 3EGG6H D4M9 .: 72684:= <H D2E5G21G<6H9 %2<H C1= C<5 K1HG5 EHD15G:H:= 1H= C<5 J<KK:2 =68H <H 1

D415C9

T, 86HLU 5C: 51<=9

.: >CE>I4:=9 T$HD1<29U \:2I<H7 31>I 3:D62: 5C: >6E4= G6E>C C<?L C: 5G12:= 1G C:2 <HG:HG4M9 T, 81HG G6 2<KGC65: S:1H5 6DD M6E2 4:759 &EGG6H D4<:5 5C6E4= 3: 31HH:=9 .:4K ?: 6EG C:2:9U

/:F:2 5C<DG<H7 C:2 71J: D26? C<?L %2<H K2:55:= :1>C 3EGG6H D2:: 1H= 5K2:1= 6K:H GC: :=7:5 6D GC:

?1G:2<149 RC: 54<= C:2 C1H= <H5<=: C:2 K1HG<:5 1H= C: 72<?1>:=9

T/6 81M >1H , >6K: 8<GC GC1G9U

%2<H 3:71H G6 G6: 6DD C:2 5C6:59T/6Z81<G9U .: 72133:= 1 32E5C 1H= 71F: GC: D4662 1 K:2DEH>G62M 58::K9 T, =6HBG 81HG M6E G6 >EG M6E2D::G9U

%2<H I<>I:= 6DD C:2 5C6:5 1H= GE2H:= G6 2:?6F: C:2 S:1H5L 3:H=<H7 G6 7<F: C<? 1 F<:8 6D C:2 155 <H C:2

G<7CG K<HI 36M K1HG59 NC:H 5C: GE2H:=L C<5 ?6EGC 815 1 GC<H 4<H:L 1H= C: C1= C<5 C1H= <H5<=: C<5 36A:259

%2<H 5?<4:=9

T'<GG4: 8<G>C9U

.: K<>I:= C:2 EK 3M GC: 81<5G 1H= 5:GG4:= C:2 171<H5G C<5 862I3:H>C9 .<5 C1H=5 54<= EK GC: 5<=:5 6D C:2

36=M 1H= 126EH= G6 C:2 32:15G59 .: GCE?3:= C:2 H<KK4:5 D62 1 ?6?:HGL GC:H =26KK:= C<5 C:1= 1H= G66I

6H: <H C<5 ?6EGC9 (H: 46H7 5E>I 1H= %2<H 715K:= 1H= 5CE==:2:=L G2:?625 6D :A><G:?:HG >6E25<H7

GC26E7C C:29 .: 5G66= 1H= 5C: S64G:= <HG6 C<5 12?5L C:2 C1H=5 >4:H>C:= 6H C<5 3<>:K5L D1>: K2:55:= <HG6C<5 5C6E4=:2 15 5C: EH21F:44:=9 .: CE77:= C:2L I<55:= C:2 C:1=L 1H= 326E7CG C:2 =68H 8<GC 58::G

862=59

TQ6EB2: C6GL C6GL C6GL '<GG4: O<55 W64= @<H7:259 (C -6=L M6EB2: >EG:L 5:AML 1H= 56 D15G9 Q6EB2: DE>I<H7

1=62134:9U

%2<H 5?<4:= 171<H5G C<5 5I<H 1H= 4<>I:= EK 1 =26K 6D 58:1G9 TQ6EB2: H6G 31=9U

.: 72684:=9 T/6G 31=P , GC<HI ,B? 76<H7 G6 G62GE2: M6E D62 1 8C<4: EHG<4 M6E >6?: EK 8<GC 56?:GC<H7

3:GG:2 GC1H GC1G9U

T/6LU 5C: 715K:= 1H= G2<:= G6 KE44 181M9 V1H<> D466=:= C:2 36=M 1H= C:2 IH::5 3E>I4:=9

T.:ML ,B? S6I<H79U .: =2:8 31>I G6 466I 1G C:29 TQ6E =<=HBG GC<HI , 815 5:2<6E5PU

%2<H D62>:= GC: 5?<4: 31>I G6 C:2 D1>: 1H= GC:H K415G:2:= C:25:4D 171<H5G C<?9 .: =<=HBG ?:1H <G9

.: I<55:= C:2 C1<29 TQ6EB2: GC: 6H: 8C6B5 G62GE2<H7 ?:9 )6 M6E IH68 C68 =:5K:21G: , 1? G6 DE>IM6EPU

.<5 C1H=5 261?:= C:2 3EGGL D<H7:25 5I<??<H7 GC: G6K 6D C:2 K1HG<:5L 54<=<H7 SE5G <H5<=:L D4EGG:2<H7 146H7

GC: :=7: 6D GC: ?1G:2<14 1H= ?1I<H7 C:2 5YE<2? 171<H5G C<5 >6>I9 NC:H C: 5G6KK:= G6E>C<H7 C:2L 5C:

7261H:=L 3EG C<5 C1H= 54<KK:= 3:G8::H C:2 4:75 1H= C: 2E33:= GC: 8:G ?1G:2<14 171<H5G C:2 58644:H



D64=59 .<5 6GC:2 C1H= C:4= GC: 31>I 6D C:2 H:>IL I::K<H7 C:2 C:1= 6H C<5 5C6E4=:29

%2<H K2:55:= C:2 K:4F<5 D62812=L 26>I<H7 <HG6 C<5 G6E>C9

(H: D<H7:2 54<= EH=:2 GC: ?1G:2<14 6D C:2 K1HG<:59 TQ6EB2: 561I:=9 /68 , =6HBG D::4 56 31= 136EG GC:

=1?K K1G>C 6H ?M EH=:28:129U

.: D6EH= GC: G<7CG IH6G 6D C:2 >4<GL 2644:= C<5 26E7C D<H7:2 6F:2 <GL 1H= 5<7C:=9 %2<H 8C<?K:2:=9

TQ6E2 4<GG4: C12=;6HL 144 D62 ?:LU C: 8C<5K:2:=9

N<5K5 6D K4:15E2: 3:71H G6 2<5: <H C:2 171<HL 7268<H7 ?62: 5E35G1HG<14 15 C: I:KG EK 1 2CMGC?<> G:15<H7;; ><2>4<H7L 2E33<H7 GC: HE3 31>I 1H= D62GC 8C<4: C: K4EH7:= 6H: D<H7:2L GC:H G86L <HG6 C:2 54<>I =:KGC59

W2:1? 7E5C:= 3:G8::H C:2 4:75 15 C:2 ?E5>4:5 >4:H>C:= 126EH= C<?9 RC: >1?: 171<HL 5CE==:2<H7 <H

C<5 12?5L 1H= C: 4:DG C<5 D<H7:25 GC:2:L >6HG<HE<H7 G6 7:HG4M KE45: <HG6 C:2 EHG<4 GC: 415G G8<5G<H7 5K<214C1= D1=:=9

.: >CE>I4:=9 T02: M6E 76<H7 G6 >6?: :F:2M G<?: , G6E>C M6EPU

#%$5,5691 J%",/!()@ $) 4" +$%<- /$$1

TQ:1CL , 3:G M6E 12:9 , >6E4= K41M 8<GC M6E 144 H<7CG9 ":44 M6E 8C1GL C68B= M6E 4<I: G6 S6<H GC: K<7

>4E3PU

(2715?5 415G<H7 GC<2GM ?<HEG:5P %F:H <D 5C: >6E4= 5G1H= <GL 815 <G K655<34:P

TN:44PU C: 15I:=9

T(I1M9U

.: H<KK:= GC: G6K 6D C:2 :12 1H= %2<H 5YE:14:=9

T.:ML K<77M9 N:4>6?: G6 GC: >4E39U

RC: 7412:=9 T,B44 7:G ?M 68H 31>I9U

T,B? >6EHG<H7 6H <G9U

%2<H KE44:= C<5 C1H= D26? 3:G8::H C:2 4:75L 4<DG:= <G G6 C:2 ?6EGCL 1H= 5E>I:= C<5 D<H7:25 6H: 1G 1 G<?:

8C<4: 5C: 5G12:= <HG6 C<5 :M:59 "C1G 5C6E4= =6 <G9

E!(/= -!(/= -!(/ 9 @:4<A 7E4K:=9 )<=HBG C:4K9 &2:1GC<H7 815 1 K2634:?9 RG1H=<H7 EK ;; 1 K2634:?9 /6G5KE2G<H7 <HG6 C<5 K1HG5 ;; GC: 3<77:5G K2634:?9 .: >4EH7 6H G6 C<5 >6HG264 3M GC: GC<HH:5G 6D GC2:1=59 "C:

4<GG4: ?<HA IH:8 :A1>G4M 8C1G 5C: 815 =6<H79 .:B= 56?:C68 D2:1I:= C:2 8<GC GC: ?:HG<6H 6D G62GE2:L

:A>:KG 8C1G GC: C:44 =<= 5C: GC<HI 5C: 815 =6<H7 G6 C<?P "86 >6E4= K41M 1G GC<5 71?:9

.: IH:4G 1H= K2:55:= C<5 D1>: <HG6 C:2 >26G>CL <HC14:= GC: 5>:HG 6D 5:A 1H= 58:1G 1H= 56?:GC<H7 :45:L56?:GC<H7 58::G9 .:2 K1HG<:5 8:2: 56==:H9 @:4<A :15:= GC:? =68H C:2 4:75 1H= 4<DG:= C:2 D::G 6H: 1G 1

G<?: 56 5C: >6E4= 5G:K 6EG 6D GC:?9 .: I:KG C64= 6D C:2 4:DG D66G 1H= I<55:= C:2 G6:5L I<55:= 146H7 GC:4<H: 6D C:2 12>CL C:2 1HI4:L EK C:2 >14DL 1 5K6G 3:C<H= C:2 IH:: GC1G C1= C:2 82<GC<H7 1H= KE44<H7 1G C<5C1<2L 1H= 6H EK C:2 GC<7C9 "C:H 5C: 5G6KK:= 82<GC<H7 1H= 5G12G:= ?61H<H79 .: I<55:= C:2 56DGL 8:GL

5C1F:= KE55M9 >! ?$3= -!"C- 8;/"9 @:4<A I<55:= 1H= I<55:= 1H= I<55:= EHG<4 5C: 6K:H:= G6 C<?L 2:41A:=

D62 C<?L 1H= 4:G C<? D:15G 6H C:29

RC: G15G:= 766=L 1 514GM;58::G G1H7 GC1G ?1=: C<5 ?6EGC 81G:29 @:4<A 5C6G C<5 G6H7E: <H 1H= 6EG 15 =::K15 C: >6E4=L GC:H G:15:= GC: G1EG 3E= 6D C:2 >4<GL 5E>I:=L D:4G <G 3:7<H G6 KE45:L 1H= 1 ?6?:HG 41G:2 5C:

>1?: 171<H 6H C<5 D1>:9 E!(/= -!"C- !$/1

O1M3: <G 815 SE5G C:2L ?1M3: <G 815 1 4<GG4: 6D C<?L 3EG @:4<A 1=62:= GC1G C: >6E4= 32<H7 C:2 G6



>6?K4:G<6H 56 D15G9 .: 81HG:= C:2 G6 >6?: 171<HL 6H4M GC<5 G<?: C:B= 3: <H5<=: C:29 @:4<A =<=HBG 2:144M

81HG G6 =6 GC<5 5G1H=<H7 EK <H C<5 5GE=<6L 3EG C: >6E4=HBG 81<G9

2;8<= 9"- K 8,)9 /6 >6H=6?9 .: 5>21?34:= G6 C<5 D::G9 T, H::= G6Z76 1H= 7:G 56?:GC<H79U

T"C:2:B5 H6 H::=9 , >1HBG 7:G K2:7H1HG9 ,B? K26G:>G:=9U

.<5 S18 G<>I:=9 TN: 6E7CG G6 5G1M 51D:9 , ?:1HL , IH68 ,B? H6GZ3EG M6EZ, =6HBG 81HGZU E!;/ ;7

5"0$%" 9$; $00")3 !"% 9T,D M6E 81HGL M6E >1H 7:G 1 >6H=6?9U RC: 5C6G C<? 1 4<GG4: 5?<4:9

.: 815 1H <=<6G 1H= C<5 8<44K68:2 2:=E>:= G6 1 K1GC:G<> 862?9 @:4<A M1HI:= =68H C<5 K1HG5 1H= 36A:25

1H= 5G:KK:= 6EG 6D GC:?9 .: 815 56 C12=L C: CE2G9 .<5 31445 8:2: 4<I: >C<H1 :7759 ,G 86E4= G1I: F:2M

4<GG4: G6 >21>I GC:? 6K:H9 RC: 2:1>C:= D62 C<?L 1H= C: 5H177:= C:2 82<5G9 Q:KL GC1G 86E4= =6 <G9 (H:G6E>C 1H= C:B= 5KE2G 144 6F:2 C:2 3:44M9

T/6G GC<5 G<?:L 58::GC:12G9U

/6G :15M G6 DE>I 6H C<5 D::GX GC:H @:4<A GC6E7CG 6D C<5 =<2GM 5C::G5L GC: 5G1G: 6D C<5 >46GC:5;5G2:8H

3:=266?L 1H= 321>:= C:2 171<H5G GC: 3:H>C9 .<K5 I<55:= C<K5X GC<7C5 I<55:= GC<7C5 15 GC:<2 ?6EGC5

S6<H:=9 RC: 4<DG:= 6H: 4:7 G6 C<5 81<5G 1H= 2:1>C:= G6 K65<G<6H GC: C:1= 6D C<5 >6>I 1G C:2 >2:1?M 4<K59@:4<A HE=7:= 1G C:2 6K:H<H7 1H= KE5C:=9 RC: 815 56 8:GL 5C: K21>G<>144M 5E>I:= C<? <H9 (H: 46H7L 5468

54<=: G6 K121=<5:9

RC: 5G26I:= C<5 >C::I 8<GC C:2 D<H7:2L 1H= C: 4<DG:= C<5 :M:5 G6 466I 1G C:29 RC: 815 C6GL 8:GL 1H= G<7CG

1H=Z6C C68 46H7 5<H>: C:B= =6H: GC<5 8<GC6EG K26G:>G<6HP .:2?<6H: ?1=: C<? 8:12 1 3466=M 2E33:2:F:H 1DG:2 GC:M 8:2: :H717:=9 .: =<=HBG :F:H IH68 GC<5 3:1EGMB5 H1?:9

T(C -6=9 @E>I9U .: >4EG>C:= C:2 C<K5 1H= G66I 1 =::K 32:1GC9 ,D 5C: ?6F:=L C:B= C1= <G9 @:4<A 3:HG C<5

C:1= 1H= I<55:= C:29

T,B? G2M<H7 D62 G:H 5:>6H=5LU C: 51<=9 T, ?<7CG ?1H17: GC2::9 .64= G<7CG9U

.: 3:71H G6 GC2E5GL 4:7 ?E5>4:5 3E2H<H7L ?6F<H7 C:2 EK 1H= =68H 6H C<5 >6>I 15 C: D4:A:= C<5 C<K59 >!

-!(/= -!" 0""6- -$ @$$3 9 "C: 266? D<44:= 8<GC GC: 56EH=5 6D DE>I<H7 ;; 8:G 5I<H 541KK<H7 G67:GC:2L 32:1GCM 7261H5 D26? C:2 1H= C6125: 72EHG5 D26? C<? 15 C: =26F: <HG6 C:29 @:4<A >6E4= D::4 C:2

G<7CG:H<H7 126EH= C<? 15 C: D<44:= C:2L C:2 ?E5>4:5 >415K<H7L 5YE::J<H79 .: H:F:2 81HG:= G6 8:12 1

2E33:2 171<H9 RC: D:4G 56 86H=:2DE49 .: 815 76<H7 G6 >6?:9 /6 >C1H>: 6D 81<G<H79 .1= C: ?1H17:= G:H5:>6H=5P /69

@:4<A GC6E7CG 136EG G2M<H7 G6 C64= 31>I 1H= 14?65G 41E7C:=9 036EG 15 >21JM 15 G2M<H7 G6 2:5G21<H 1

G622:HG 6D 81G:2 8<GC 1 5C::G 6D K1K:29 RC: 5G<DD:H:= 1H= >4:H>C:= 126EH= C<5 >6>IL 715K<H7 C:2 2:4:15:L

1H= =2177:= C<? 8<GC C:2 4<I: 1 2<KG<=:9 .<5 62715? 5C6G =68H C<5 5K<H: 1H= K6E2:= GC26E7C C<5 726<H9.<5 >E? 36<4:= 6EG 6D C<?L 5E27<H7 =68H C<5 >6>I <HG6 C:2 8:G C:1G G6 ?<H74: 8<GC C:2 >2:1?L S:G 1DG:2

KE45<H7 S:G 15 @:4<AB5 C:12G3:1G K6EH=:= 144 6F:2 C<5 36=M9

T(C -6=ZM6E D::4 56 766=LU C: 715K:=9

TQ6E G669U

.: 4:G C:2 4:75 54<=: =68H G<44 5C: 815 6H G<KG6:L 3EG C: C:4= C:2 G6 C<? 1H= 5G1M:= 8:=7:= <H5<=: C:2L5:?<C12=L 812? 1H= 51D: <H C:2 5<4IM 5C:1GC9 @:4<A >4EG>C:= C:2 G<7CG:2 1H= K2:55:= C<5 4<K5 171<H5G C:2

:129 TNC6 GC: C:44 12: M6EPU

T%2<H O12I6F9 OM D1GC:2 36E7CG V:F:HCE25G W15G4:9U

@:4<A 8<H>:= 1G GC: >6HD<2?1G<6H C: 815 H6 46H7:2 GC: 68H:29 d<5<6H5 6D GC: #E55<1H O1D<1L >266I:=



64<712>C5L 1H= K<55:=;6DD D1GC:25 =1H>:= GC26E7C C<5 C:1=9 "C1HI DE>I GC: =1M5 8:2: 76H: 8C:H C:B=

C1F: G6 K26K65: D62 8C1G GC:MB= SE5G =6H:9 .: C6K:=9

T,5 M6E2 D1GC:2 H:AG =662 86H=:2<H7 8C:2: M6E 12:PU

T/69U

T/6 6H: 81<G<H7 D62 M6E G6 >6?: 31>I 8<GC 1 K<HG 6D ?<4I 62 1 3684 6D 5E712 62 56?:GC<H7PU

RC: 41E7C:=9

TN<44 M6E 5G1MPU C: 15I:=9 T,Z, >6E4= 6K:H 1 36GG4: 6D 8<H:L D::= M6EZ815C M6E9U

T@E>I ?: 171<HPU

.<5 4<K5 >E2F:= EK9

TNC1GB5 M6E2 H1?:PU 5C: 15I:=9

T@:4<A9U

T&62H G6 ?1I: ?: C1KKM9U

.: 5G12:= 1G C:29 T,5 GC1G 2<7CGPU

RC: 34E5C:=L 1 D1<HG 2:= G<H7: 6H C:2 K14: >C::I59 @:4<A ?:4G:=9 RC: 815 56 58::G9 .: 4<DG:= C:2 6DD C<5

>6>I 1H= 5>66K:= C:2 <HG6 C<5 12?59 \::JL 5C: ?<7CG 3: 58::GL 3EG 5C: 815 >64=9

T&1GC 62 5C68:2PU C: 15I:=9

T&1GC9U

@:4<A 5?<4:=9 TNC<4: M6E 2EH GC: 81G:2L ,B44 ?1I: 1 D<2: <H GC: 4<F<H7 266?9U

T(6CL >1H , =6 GC1GPU

T)6 M6E IH68 C68PU

%2<H H6==:=9 T#E3 G86 &6M R>6EG5 G67:GC:29U

T, IH:8 M6E 8:2: >4:F:29 (H4M , 4:G GC: &6M R>6EG5 76 415G 8::I 56 M6EB44 C1F: G6 E5: ?1G>C:59U

!"#$%&' .-/'

@:4<A 4:G %2<H C:4K ?1I: GC: D<2:L 1H= 8C:H C: 815 5E2: <G C1= G1I:HL C: G66I C:2 3M GC: C1H= 1H= 4:=

C:2 EK5G1<259 NC1G =:<GM C1= 3::H 466I<H7 6EG D62 C<? 8C:H C:B= =:><=:= G6 >4:1H GC: 31GC266? 1>6EK4: 6D =1M5 176P (2 815 <G 1 8::IP .:B= C1= 1 H:8 5E<G: D<GG:= 1 D:8 ?6HGC5 31>IL 1 4127: 814I;<H

5C68:2 8<GC 1 >E2F:= 74155 8144 1H= 1 D2::5G1H=<H7L >418;D66G:= GE39 .: 71F: 1 5<4:HG 5<7C 6D 2:4<:D GC1G

GC: 266? 466I:= C14D =:>:HGL 6H4M C:B= C1F: G6 54<K 6EG 1G 56?: K6<HG 1H= D<H= 1 >4:1H 5C::G G6 KEG 6HGC: 3:=9

.: >1E7CG 5<7CG 6D C<5 D1>: <H GC: ?<2262 1H= 8<H>:=9 .: 466I:= 1 ?:55L C1<2 144 6F:2 GC: K41>:L DE44 6D

=E5G9 (H4M 8C:2: 815 GC: >EGP @:4<A 58<F:44:= C<5 C:1= 1H= G6E>C:= C<5 >C::I9 /6GC<H7 GC:2:L H6G :F:H

1 5?E=7: 6D >2<?56H9 H$+ /!"ZP .: 466I:= D62 %2<HL >6E4=HBG 5:: C:2 <H GC: ?<2262L 1H= GE2H:=9 (CLM:5L 2<7CG GC:2:L C68 C1= C: ?<55:= C:2P RC: 3:HG 6F:2 GC: 31GCL 3EGG <H GC: 1<29 .<5 321<H GE2H:= G6 ?E5C

1H= C<5 >6>I 8:HG C12= 15 1 5G6H:9

RE>C 1 58::G 31>I5<=:L H6G 1 G1H 4<H: 6H C:2L 5C: C1= K:2D:>G 141315G:2 5I<H 15 GC6E7C 5C:B= 3::H



>C<5:44:= D26? ?1234:9 "C:2: 815 56 ?E>C C: 81HG:= G6 =6 G6 C:2Z8<GC C:29 @:4<A >6E4= C12=4M 3:4<:F:

C:B= 3::H GC<5 4E>IM9 .: GC6E7CG C:B= 3: 4<F<H7 H:AG G6 K:6K4: 8C6 81HG:= G6 GE2H V:F:HCE25G <HG6 1

C64<5G<> 5K1 62 1 764D >4E3 62 1 C6?: D62 GC: C6K:4:554M <H51H:L 1H= <H5G:1= C: 76G %2<H9

RC:B= D6EH= 1 >6HG1<H:2 6D .:2?<6H:B5 265: K:G145 31GC >6HD:GG< D26? 56?:8C:2: 1H= G<KK:= <G <HG6 GC:81G:29 @:4<A 81<G:= D62 C:2 G6 15I 8C6 <G 3:46H7:= G6L 3EG 5C: =<=HBG9 RC<GL C: C6K:= 5C: =<=HBG GC<HI <G

815 C<59 .: I<>I:= C<5 72E33M G68:4 3:C<H= GC: 41EH=2M 3<HL 72133:= G86 >4:1H 6H:5L 1H= =26KK:= GC:?

6H GC: D4662 3M GC: GE39 @:4<A C:5<G1G:= 1H= GC:H 4<G GC: D<F: D1G 8C<G: >1H=4:5 GC1G 4<H:= GC: 8<H=685<449.:2?<6H: C1= 36E7CG GC:? 1H= H:F:2 4:G C<? 4<7CG GC:?9 ):>621G<6H 6H4M9 0 3<G 4<I: C:29 .: 86H=:2:=H68 8C1G C:B= 5::H <H C:29 @:4<A =<??:= GC: ?1<H 4<7CG59

%2<H 466I:= 1G C<? 6F:2 C:2 5C6E4=:29 T"2M<H7 G6 C<=: GC: 2<H7 6H GC: GE3PU

.<5 5G6?1>C 4E2>C:=9 TRC<GL <5 GC:2:PU

RC: 41E7C:=9 T/69 0CL M6EB2: G2M<H7 G6 5:=E>: ?:9U

T,5 <G 862I<H7PU

TQ6EB2: 136EG D6E2 62715?5 G66 41G:9U

@6E2P @:4<AB5 3:1? 815 56 8<=:L %2<H 41E7C:=9 0G 4:15G C: C6K:= GC1G 815 8CM 5C:B= 41E7C:=9RC: 5G:KK:= <HG6 GC: 31GC 1H= 54<GC:2:= =68H EHG<4 C:2 C:1= 54<KK:= EH=:2 GC: 81G:29 @:4<A >6E4=HBG5C1I: GC: D::4<H7 C: IH:8 C:2 D26? 56?:8C:2:L GC6E7C C:2 H1?: C1=HBG 5G<22:= 1HM ?:?62<:59 .:

81HG:= G6 =218 1H= 5>E4KG :F:2M 4<H: 6D C:29 O1M3: GC1G 815 144 <G 815L 56?:GC<H7 136EG C:2 D1>:

1KK:14<H7 G6 GC: 12G<5G <H C<?9 N6E4= 5C: K65: D62 C<?P O1M3: %2<HB5 D1GC:2 86E4= 4<I: 1 2:>4<H<H7 HE=:6D C<5 =1E7CG:29 Q:1CL 2<7CG9 @:4<A 5G12:= =68H 1G C:29 RC: 466I:= 3:1EG<DE4 4M<H7 3:H:1GC GC: 5E2D1>:L

GC: K<HI 1H= 2:= K:G145 D461G<H7 136F: 3:7<HH<H7 G6 =<5564F:9 @:4<A 71F: 1 C:1FM 5<7C9 "C<5 2:?<H=:=

C<? 6D O<441<5B5 K1<HG<H7 6D 1 =268H:= (KC:4<19

L"-;-= !$+ 6$)@ !,- -!" 5"") ;)3"%*

@:4<A M1HI:= C:2 EKL 1H= %2<H 5K1G 1 ?6EGCDE4 6D 81G:2 1G C<5 D1>:9

T, GC6E7CG M6EB= =268H:=9U .: 54<= <H 3:C<H= C:2 1H= KE44:= C:2 171<H5G C<5 >C:5G9

T, 46F: 4M<H7 <H 1 812? 31GC9U

T%F:H 8<GC 56?:GC<H7 C12= K6I<H7 <HG6 M6E2 31>IPU

T):K:H=5 <D <GB5 46H7 1H= GC<>I 15 8:449U

.: >CE>I4:= 1H= 2:1>C:= D62 GC: 561K9 TRE2: H6 6H:B5 81<G<H7 D62 M6E H:AG =662PU

TV263134M 5:F:214 GC6E51H= 5K<=:259 O1M3: 1 D:8 7C65G59U

T02: M6E2 K12:HG5 >6?<H7 41G:2PU

RC: 54<GC:2:= 126EH= G6 5<G D1><H7 C<?L C:2 IH::5 =218H EK G6 C:2 >C:5G9 T/69 "C:MBF: 76H: C6?:9 ,BF:

3::H =E?K:= <H 1 =E?K9 OM D1GC:2B5 1221H7:= D62 K:6K4: G6 5G12G 862I G6?62268L 1H= GC:MB2: 76<H7 G6 3: C:2: 5:F:H =1M5 1 8::IL 56 , 1K6467<J: <H 1=F1H>: D62 GC: H6<5: 1H= GC: =<2GL GC6E7C SE=7<H7 3M M6E2

6>>EK1G<6HL H6<5: 1H= =<2G 12: M6E2 >6H5G1HG >6?K1H<6H59U

@:4<A C1=HBG C:12= ?E>C 3:M6H= GC: 862= T=E?K9U %2<H K2<:= GC: 561K 6EG 6D C<5 C1H=L 5G12:= 1G GC:

><2>4: 6D 2<=7:5 C:B= >418:= <HG6 <GL 1H= 3:71H G6 2E3 C<5 D<H7:259

T,GB5 H6G 1 =E?KLU C: ?EGG:2:=9

%2<H 741H>:= 1G C<? 15 5C: 5?66GC:= 5E=5 6F:2 C<5 K14?9 TN:44L , >1H 5:: V:F:HCE25G ?E5G C1F: 3::H

7462<6E5 6H>:L 6H4M <GB5 76H: G6 5::=9 /6 6H:B5 G1I:H >12: 6D <G 62 46F:= <G D62 1 46H7 G<?:9U



K 6$A" (/ L @:4<A 81HG:= G6 5C6EG9 (H4M C: IH:8 C: C1=HBG >12:= 8C:H <G ?1GG:2:=9 &M GC: G<?: C:B=

5814468:= C<5 K2<=:L >6?: C6?:L 1H= G1I:H <H GC: :AG:HG G6 8C<>C V:F:HCE25G C1= 3::H 14468:= G6

=:>1ML C:B= 3::H C622<D<:=9 ,H G:H M:125 C<5 >C<4=C66= C6?: C1= GE2H:= <HG6 1Z6C DE>I <GL 1 =E?K9

.<5 K12:HG5 C1= 2:G2:1G:= <HG6 1 >6EK4: 6D 266?5 H:AG G6 GC: 5?144 I<G>C:H9 "C:M >465:= EK GC: 2:5G 6DGC: C6E5: 15 <D GC:M 81HG:= G6 K2:G:H= <G =<=HBG :A<5G9 @:4<A 5K:HG GC2:: ?6HGC5 G2M<H7 G6 K:25E1=: C<5

D1GC:2 G6 =6 56?:GC<H7L GC2:: ?6HGC5 G2M<H7 G6 ?1I: EK D62 GC: ?<5G1I: C:B= ?1=:L GC2:: ?6HGC5 6D C<5

:DD62G5 3:<H7 5KE2H:= 3:>1E5: C<5 D1GC:2 >6E4=HBG D627<F: C<?9 @:4<A 815HBG 5E2: C: >6E4= D627<F:C<?5:4D9

T)6 M6E2 K12:HG5 <HG:H= G6 >6?: 1H= 4<F: 8<GC M6EPU .: KE44:= C:2 1HI4: 6HG6 C<5 5C6E4=:2 1H= 2E33:=

<G 8<GC 1 5K6H7:9

T,BF: H6 <=:19 044 , IH68 <5 GC:M 81HG:= G6 7:G 2<= 6D ?:L 5C6F: ?: 6EG 6D 5<7CGL 1H= I::K ?: 3E5M 1G

GC: 51?: G<?:9U

@:4<A =<=HBG ?<55 GC: 3<GG:2H:55 <H C:2 F6<>:9 NC1G C1= %2<H =6H: GC1G 5C: D:4G C:2 K12:HG5 C1=131H=6H:= C:2P R6?:GC<H7 8625: GC1H C<?P ,?K655<34:9 RC: 4:1H:= D62812= G6 2E3 561K 6F:2 GC: G:H5:

?E5>4:5 <H C<5 5G6?1>C 1H= =2:8 58<24M K1GG:2H5 <H GC: D61?9 @:4<A 72133:= GC: 312 1H= 862I:= EK 1

41GC:29

T)6 M6E IH68 8C1G K41H5 GC:M C1F: D62 V:F:HCE25GPU

RC: 466I:= <HG6 C<5 :M:59 T"655 EK 3:G8::H 1 C64<5G<> 5K1 1H= 1 764D >4E39 "C6E7C , =<= C:12 GC:??:HG<6H 1 C6?: D62 GC: C6K:4:554M <H51H:9U

@:4<AB5 C:12G >4:H>C:= <H C<5 >C:5GL 1H= C: 5YE::J:= GC: 312 6D 561K 56 C12= <G 5C6G 6EG 6D C<5 D<H7:25L

D4:8 1>2655 GC: 266?L 1H= 41H=:= <H GC: G6<4:G9 TNC1GPU

%2<H 2:1>C:= 6EG 1H= 4<DG:= C<5 S18 <HG6 K41>:9 "C: 32:1GC C1= D26J:H <H C<5 4EH759 NCM GC: DE>I C1= 5C:51<= GC1GP RC: 8$;63)C/ C1F: 2:1= C<5 ?<H=9

TNC:H GC:MBF: 2<KK:= 6EG 144 GC1G 64= 866= K1H:44<H7L GC: K41>: 8<44 466I 1 46G 32<7CG:2L =6HBG M6E

GC<HIPU

&:8<4=:2?:HG 6F:2 C68 5C: IH:8 8C1G C: 815 GC<HI<H7 5E27:= G6 DE2M 1G GC1G >6??:HG9

T)6E34: 741J<H7 8<44 G1I: >12: 6D GC: =21DG5L 1H= <D , C1= GC: 6EG5<=: 6D GC: >15G4: 2:H=:2:=L =6 M6E GC<HI

GC:2:B= 3: 1HM 2:5G2<>G<6H 6H >646E25PU

@:4<A 2:12:= EK 6EG 6D GC: 31GCL 5:H=<H7 81F:5 6D 81G:2 >15>1=<H7 6F:2 GC: 5<=:59

TQ6E >1HBG DE>I<H7ZU .: >1E7CG 5<7CG 6D C:2 5?<2I 1H= 51HI =68H 171<H9 T0CZU

%2<HB5 :M:5 74<GG:2:=9 T, 815 C6K<H7 D62 K<HI9U

.: 82:H>C:= C:2 =68H 6HG6 C<5 >C:5G 1H= 5?1>I:= C:2 6H GC: 31>I5<=:9

T(E>C9U

T(E>CP , 81HG ?62: GC1H 1H e6E>C9B Q6E H:124M 71F: ?: 1 C:12G 1GG1>I9 "C: K662 GC<H7B5 YE<F:2<H7 8<GC

G:22629U

RC: =E7 C:2 >C<H <HG6 C<5 2<359 T0K12G D26? GC: D1>G GC1G M6E =6HBG 81HG G6 4<F: H:AG G6 1 C64<5G<> C:14GC5K1L 8CM 12: M6E 36GC:2:= 136EG 8C1G C1KK:H5 G6 V:F:HCE25GPU

0CL 5C: C1=HBG 2:1= GC: >6HG21>G 6D 514:9 T&:>1E5: <G 815 ?<H:LU C: 51<= <H 1 YE<:G F6<>:9

.:2 >6214 5:1 :M:5 6K:H:= 8<=:9

T&:D62: GC1G <G 815 ?M D1GC:2B5L 1H= 3:D62: GC1G C<5 D1GC:2B5 1H= 56 6H9 ,GB5 3::H 6E2 D1?<4M C6?: D62



D6E2 CEH=2:= M:1259U

TNCM =<= M6E 5:44 <GPU

@:4<A 726EH= C<5 G::GC9 T, =<= :F:2MGC<H7 G6 1F6<= <G9 ,B= 3::HZ181ML 1H= 8C:H , 518 C68 GC: C6E5:

C1= =:>1M:=L , G2<:= G6 D<H= 1 81M G6 51F: <G9 , 1KK261>C:= <HF:5G625L D2<:H=5L D<4? >6?K1H<:5L 1H=

%H74<5C .:2<G17:9 0 >12 >6?K1HM 81HG:= G6 E5: GC: K41>: 15 31>I726EH= D62 1H 1=F:2GZG:H GC6E51H= K6EH=5Z3EG ?M D1GC:2 GC2:8 GC:? 6DD GC: K26K:2GM9 .: 815 56 DE>I<H7 5GE3362H9 "C:H GC:2: 815 1

361G<H7 1>><=:HG 1H= C: 1H= ?M ?6GC:2 =<:=L ?1I<H7 GC: K2634:? 6D V:F:HCE25G 6DD<><144M ?<H:9U

T(CL <HC:2<G1H>: G1ALU %2<H 51<=9

T@62GM K:2>:HGL 1H= , >6E4=HBG K1M <G9 N:44L , ?<7CG C1F: ?1H17:= <D GC: 5E2F:M62 C1= 2:>67H<J:= GC:

=:>2:K<G 5G1G: 6D GC: K41>: 1H= 5:G GC: F14E: 1>>62=<H74M9 .: =<=HBG9 , 1KK4<:= D62 1H :A:?KG<6H 8C:2:,B= K26?<5: G6 K2:5:2F: GC: >15G4:L >6HG:HG5L 1H= 726EH=5L 1H= 14468 KE34<> 1>>:559 ,G 815 2:DE5:=9

V263134M 3:>1E5: H6 KE34<> <H <G5 2<7CG ?<H= 86E4= K1M G6 5:: 1 K<4: 6D SEHIL 1H= =:5K<G: ?M 3:5G :DD62G5

6F:2 GC: 415G D:8 ?6HGC5L , D1<4:= G6 5C68 5<7H<D<>1HG <?K26F:?:HG G6 GC: D132<>9 R6 , 465G <G9U

T(CL @:4<A9U

RC: 5G26I:= C<5 D1>:L 1H= C: D:4G 72<:D 3E334<H7 <H5<=: C<?9 "C: D<25G G<?: 5C:B= E5:= C<5 H1?: 1H= C:

>6E4=HBG >6K: 8<GC GC1G 62 GC: 5M?K1GCM9 .: =<=HBG =:5:2F: <G9

T0H= M6E >6E4=HBG 5G1H= G6 4:1F:PU

.: 466I:= <HG6 C:2 :M:59 T, GC6E7CG 136EG 814I<H7 181M9 , >1HBG9U

TQ6E 81HG G6 >C:>I GC: 3E<4=:25 E5: GC: 2<7CG ?62G12 1H= GC: K41>: =6:5HBG 7:G K1<HG:= K<HIPU

TR6?:GC<H7 4<I: GC1G9U .: 5?<4:= 1H= I<55:= C:2 C:1=9

TQ6E =6HBG H::= G6 8622M9 OM D1GC:2B5 1 C<5G62M HEG9 .:B5 82<GG:H 461=5 6D EH<F:25<GM G:AG366I5 6H%H74<5C C<5G62ML 1H= C: 7:G5 >6?K4:G:4M K<55:= 6DD <D K:6K4: 7:G GC<H75 826H79 R6?:G<?:5 C:B5 >122<:=

181MX C: 1>G5 15 <D C: 1>GE144M ?:G RC1I:5K:12:L ^E::H %4<J13:GCL 1H= 0=?<214 /:456H9 '15G 8::I C:

G64= ?: C: 71F: /:456H GC: G<K 136EG C68 G6 8<H GC: &1GG4: 6D "21D147129 .: 86HBG 4:G 1HMGC<H7

<H1KK26K2<1G: 3: =6H:9U

@:4<A D:4G 1 8:<7CG 4<DG D26? C<5 ?<H=9 R62G 6D9

T&EG C: 3:GG:2 H6G D<H= 6EG 8:B2: =6<H7 1HMGC<H7 <H1KK26K2<1G:LU %2<H 1==:=9

.: 21<5:= C<5 :M:326859

T,B? 5EKK65:= G6 3: I::K<H7 1 468 K26D<4:L 2:>6F:2<H7ZU

T#:>6F:2<H7PU

T,BF: 3::H <449U

.<5 C1H=5 >EKK:= C:2 36GG6? 1H= KE44:= C:2 171<H5G C<?9 T&:GG:2 H68PU

T, GC<HI M6EB2: 1 ?<21>4: >E2:9U

0H6GC:2 ?<H<;G<=14 81F: 546KK:= 6HG6 GC: D4662 15 C: GE2H:= C:2 56 5C: 4:1H:= D1>: D62812= 171<H5G GC::H= 6D GC: 31GC 8<GC C<? GE>I:= EK 3:C<H=L :AK462<H7 C:2 36=M 8<GC 8:G D<H7:259

T, IH:8 GC:2: C1= G6 3: 1 2:156H 8CM , 8:HG D62 1 GE3 GC<5 5<J:LU C: 8C<5K:2:= <H C:2 :129

T0H= C:2: , GC6E7CG <G 815 G6 7<F: M6E 266? G6 K41M 8<GC M6E2 2E33:2 =E>I59U

.: I<55:= C<5 81M EK GC: 2<=7: 6D C:2 5K<H:L 1H= %2<H 4:G 6EG 1 46H7 ?61H9 @:4<A 54<= 812?L 561KM C1H=5

G6 C:2 32:15G5L C<5 D<H7:25 G21><H7 :F:2M C<44 1H= C64468 6H C:2 36=M9 .:B= GC6E7CG C:2 5I<H K:2D:>GL 3EG



>465: EKL C: H6G<>:= 56?:GC<H7 EHE5E14 136EG C:2 31>I9 O<HEG: D4:>I5 41M 3:H:1GC GC: 5E2D1>:L 14?65G

<?K:2>:KG<34:L 3EG C: 815 E5:= G6 466I<H7 D62 D4185L ?1I<H7 5E2: C: C1= GC: 3:5G K655<34: K<:>: 6D

4<?:5G6H: 62 ?1234:9 .: K2:55:= C<5 4<K5 G6 C:2 5C6E4=:2 1H= G21<4:= C<5 G6H7E: G6 GC: H1K: 6D C:2 H:>I9

"C:M 8:2: 5G21H7: ?12I5L 14?65G 15 GC6E7C 5C:B= 3::H GC26E7C 1 21<H5G62? 6D G<HM 74155 5K4<HG:259

@:4<A C66I:= C<5 12?5 EH=:2 C:25 1H= 2E33:= C<5 >6>I 146H7 GC: 54<KK:2M >2:15: 6D C:2 36GG6?9 %2<H

5YE<2?:= 3:H:1GC C<?L 1H= C:2 D<H7:25 821KK:= 126EH= GC: 2<? 6D GC: GE39 .:B= 81HG:= GC<5 G<?: G6 3:

5468:2L ?62: >6HG2644:=L 3EG C: 5E5K:>G:= C:B= 142:1=M 465G GC1G 31GG4:9 .: 6H4M C1= G6 466I 1G C:2 G681HG C:29 "C: 5<7CG 6D C:2 4<GC: 36=M 74<5G:H<H7 <H GC: >1H=4:4<7CG =2177:= :F:2;<H>2:15<H7 1?6EHG5 6D K2:>E? D26? C<5 GC2633<H7 >6>I9

(H: C1H= >EKK:= C:2 32:15G 1H= K26G:>G:= C:2 D26? GC: 2<? 6D GC: GE3L GC: 6GC:2 ?6F:= 3:G8::H C:2

4:759 .:2 56DG D64=5 D:4G 4<I: F:4F:G9 (H: 46H7 KE5C 1H= C:B= 3: 31445;=::KL 821KK:= <H C:2 5<4IM 812?GC9

@:4<A H:5G4:= C<5 >6>I 3:G8::H C:2 3EGG6>I5 1H= K41M:= C:2 KE55M 8<GC C<5 D<H7:25 1H= C<5 =<>IL :=7<H71 4<GG4: 81M <H 1H= GC:H 8<GC=218<H79 .: ?<7CG ?1H17: G:H 5:>6H=5 6D GC<5 <D 5C: I:KG YE<:G 1H= =<=HBG

?6F:9 H,9 %2<H KE5C:= 31>I <HG6 C<5 G6E>C 1H= C:2 32:1GCM ?61H5 5:HG C<5 KE45: SE?K<H79 @:4<A

=26KK:= C<5 D62:C:1= G6 C:2 31>I 1H= G66I 1 =::K 32:1GC9

&2<H7<H7 C<5 C1H= D26? C:2 32:15GL @:4<A 21H <G =68H GC: >E2F: 6D C:2 36=ML 6F:2 GC: =<K 1G C:2 81<5GL

1H= 6HG6 C:2 C<K 8C:2: C<5 72<K G<7CG:H:=9 "C: D<H7:25 6D C<5 6GC:2 C1H= 2E33:= 6F:2 1H= GC:H <HG6 C:2 KE55ML C:2 C:1G =218<H7 C<? 4<I: 1 ?17H:G9 NC:H C:2 ?E5>4:5 >6HG21>G:= 126EH= C<5 D<H7:25L C:

>6E4=HBG 81<G 1HM 46H7:29 .: :15:= C<5 D<H7:25 6EG 1H= C<5 >6>I <H9 .:2 >EHG 72<KK:= C<? 4<I: 1 F<5: 1H==2177:= 1 7261H D26? C<5 GC261G9

.: 3<G C<5 4<K 15 C: C:4= C<?5:4D 5G<44L 4:GG<H7 C:2 1=SE5G9 05 @:4<A D:4G %2<H 2:41A C: =26F: D62812=L 46H7L

=:4<3:21G: 5G26I:5 D62>:DE4 :H6E7C G6 ?1I: C<5 31445 YE<F:29 .: >4EG>C:= C:2 81<5G G6 =217 C:2 31>I 6HG6

C<? 15 GC: 5K::= 1H= D62>: 6D C<5 GC2E5G5 <H>2:15:=9 R468:2L @:4<A G64= C<?5:4DL 6H4M <G 815 <?K655<34:9.: H::=:= G6 3: =::K:2L 1H= %2<H 815 KE5C<H7 31>I 171<H5G C<?L E27<H7 C<? 6H9

"C: 56DG 4<7CG 6D GC: 266? 31GC:= C:2 36=M <H 1H :GC:2:14 7468L 1H= D62 1 ?6?:HGL @:4<A <?17<H:= C:2 15

6H: 6D V:F:HCE25GB5 >4155<>14 5G1GE:5 >6?: G6 4<D:L 1 G::H17: D1HG15M 3:>6?: 2:14<GM9 %2<H K1HG:=L

715K:=L 1H= ?61H:= =::K <H C:2 GC261G 8<GC :F:2M K:H:G21G<6HL 1H= :F:2M 56EH= 5C: ?1=: =2:8 C<5>4<?1A H:12:29

0 5C12K K1<H K<:2>:= C<5 C:1=9 -6H: 15 D15G 15 <G C1= >6?:L 3EG 5:H51G<6H 2<KK4:= =68H C<5 5K<H: 1H=

>:HG2:= 6H C<5 726<HL 4<YE<= C:1G G21F:44<H7 1G 4<7CGH<H7 5K::= 1H= <?K655<34: G6 2:5<5G9 %2<H 815

<?K655<34: G6 2:5<5G9

TW6?: 8<GC ?:LU C: 715K:=9

.<5 >6>I 58<G>C:= <HG6 1H6GC:2 7:12L 1H= 81G:2 5465C:= :F:2M8C:2: 15 C: KE?K:= <HG6 C:29 .:2 >2:1?

K6E2:= 6F:2 C<5 31445L 1H= 15 5C: 5YE::J:= C<? C12=L @:4<A :AK46=:=9 "C: 81445 6D C:2 KE55M 5K15?:=

126EH= C<? 15 C: S:GG<56H:= >E? =::K <HG6 C:2 51G<HM =:KGC59 "C: 2:4:15: 6D G:H5<6H 815 56

6F:28C:4?<H7 8C<G: 5K6G5 =1H>:= <H D26HG 6D C<5 >465:= :M:59 05 GC: 415G 5KE2G 3E25G D26? C<?L @:4<A

3E2<:= C<5 D1>: <HG6 GC: 31>I 6D C:2 H:>IL C<5 C:1= 5K<HH<H7 D15G :H6E7C G6 D4M 6DD9TN68LU %2<H 8C<5K:2:=9 T"C1G 815ZYE<G: H<>:9U

.: ?1H17:= 1 C6125: >CE>I4: 1H= H<KK:= GC: 31>I 6D C:2 H:>I9 %2<H 7261H:= 1H= 12>C:= EK <HG6 C<?9

@:4<A I<55:= C:2 C1<29 T,B44 =6 3:GG:2 H:AG G<?:9U

TN:BF: 561I:= GC: D46629 (CL 1H= GC: G68:459 Q6EB44 C1F: G6 E5: GC1G =<2GM 6H: M6E I<>I:= 3:C<H= GC:

4<H:H 315I:G9U

RC12K :M:59 .:B= C1F: G6 2:?:?3:2 GC1G9



T, C6K: M6EBF: 76G 1H6GC:2 >4:1H 6H: 56?:8C:2:9U

#%$5,569 )$/1

TO1M3: M6E >1H 4<>I ?: =2M9U

(C 5C<G9 @:4<A 21H C<5 G6H7E: 146H7 C:2 5C6E4=:29 "C<5 815 3:M6H= 5E22:14L 3:M6H= 8C1G C:B= <?17<H:=

D62 GC<5 =1M C:B= =2:1=:=9 N15 GC<5 56?:GC<H7 5C: =<= 6DG:HP )<= 5C: 54::K 8<GC :F:2M 7EM 5C: ?:GP

NC1G <D C:2 D1GC:2 C1= 5:HG C:2 C:2: G6 1F6<= ?:HP (H4M O12I6F IH:8 C: 815 C:2:L =<=HBG C:P "C:>6HG21>G C1= 3::H >4:12 GC1G @:4<A 86E4= I::K GC: >61>C C6E5: 1H= GC: 6GC:2 GC<H759

TNC1G 12: M6E GC<HI<H7PU 5C: 15I:=9

T.68 GC: C:44 M6E K<>I:= G6 G:15: ?: 8<GC GC: <=:1 GC1G V:F:HCE25G ?<7CG 3: GE2H:= <HG6 1 C64<5G<> 5K1

62 1 764D >4E3 62 1 C6?: D62 GC: C6K:4:554M <H51H: 8C:H GC1G 815 :A1>G4M 8C1G , 815 8622<:= 136EG9U

TR:: C68 8:44 , IH68 M6E 142:1=MPU

/6G GC1G 8:449 ,G 815 <?K655<34:9 ,G C1=HBG 3::H GC: 6H4M GC<H7 @:4<A 815 GC<HI<H7 136EGL 3EG H6 81M <HC:44 86E4= C: 1=?<G GC: 6H: GC6E7CG GC1G C1= I:KG 2EHH<H7 GC26E7C C<5 ?<H= 5<H>: %2<H C1= G64= C<? C:2

D1GC:2 36E7CG V:F:HCE25G9 ,D @:4<A ?122<:= C:2L C:B= 7:G <G 31>I9

!"#$%&' .01&

TNC1G 86E4= M6E 4<I: G6 :1GPU @:4<A 51<= 1H= C1H=:= C:2 1 74155 6D 2:= 8<H:9

T, =6HBG ?<H=9 ,B? H6G F:2M CEH72M9U >% /!(%-/91

TV15G1PU

T@<H:9U

TQ6EB2: H6G F:7:G12<1H 62 1HMGC<H7 8:<2=PU

T/69U

@:4<A C1= 7<F:H C:2 6H: 6D C<5 5C<2G5 G6 8:129 .:B= GE77:= 6H 1 >4:1H K1<2 6D S:1H5L H6 36A:25L 3EG 8C:H

C:B= 2:1>C:= D62 1 5C<2GL %2<H 5G6KK:= C<?9 RC: 46F:= 466I<H7 1G C<5 36=M9 RC: 4:1H:= 171<H5G GC:

I<G>C:H =662 1H= 81G>C:=9 .: C1= H12268 C<K5 1H= 1 G1EGL 5:AM 31>I5<=:9 .<5 5I<H 74:1?:= EH=:2 GC:C1467:H 4<7CG5L GC: >E24 6D GC: =2176HB5 G1<4 5C12K4M 6EG4<H:= 6H C<5 5C6E4=:29 ,G 815 1H :AYE<5<G: G1GG66L

14?65G GC2::;=<?:H5<6H149 05 %2<H 5G12:=L 5C: >6E4= C1F: 5862H GC: =2176H 5C<??:2:=9 RC: 34<HI:=

C12= 1H= 5C66I C:2 C:1=9 ,G C1= G6 3: @:4<A D4:A<H7 C<5 46F:4M ?E5>4:59

RC: K1==:= 312:D66G 1>2655 GC: G<4:= D46629

TW1H , C:4KPU %2<H 21H C:2 D<H7:25 =68H C<5 5K<H:9

.: 12>C:= C<5 31>I <HG6 C:2 G6E>C9 TQ:5L M6E >1H I::K =6<H7 GC1G9U

RC: K2:55:= C12= 8<GC C:2 GCE?35 1H= ?15517:= C<5 ?E5>4:5L 862I<H7 <H ><2>4:59

T(C -6=L M6EZ2:144MZ12:Z766=Z1GZGC<5LU C: 7261H:=9 T, =6HBG IH68 8C:GC:2 G6 3: GC2<44:=

M6EBF: =6H: <G 3:D62: 62 S:146E59U

"C6E7C %2<HB5 C1H=5 =<=HBG D14G:2L C:2 ?<H= =<=9 D!$ !,A" K 3$)" /!(- 0$%* H$+ 4,)9* RC: 2:1>C:=

6F:2 C<5 5C6E4=:2 1H= 2E33:= C<5 >6441236H:9

T$C;6CL ,B? 7<F<H7 M6E2 =2176H 1 C1H=S63LU 5C: 51<=9



@:4<A 2612:= 8<GC 41E7CG:2L C<5 36=M 5C1I<H7 EH=:2 C:2 D<H7:259

T,B= 46F: 1 G1GG66 4<I: GC<59 NC:2: =<= M6E 7:G <G =6H:PU

T, =2:8 <G 1H= 76G 1Z7EM G6 >6KM <G9U

TQ6E >1H =218 15 8:44PU

T05 8:44 15 8C1GPU

%2<H 5?<4:= 1G C<5 31>I9 T%H721F: C:1=5G6H:5 D62 K<759U

@:4<A 72684:=9 T"C1GB5 H6G 8C1G , =69 /6G H62?144M9U

T-21F:5G6H:5 D62 K:6K4:PU

.: 5KEH 26EH= 8<GC GC: IH<D: <H C<5 C1H=9 %2<H 715K:=L 5G21H74<H7 GC: 5>2:1? 5E27<H7 EK C:2 GC261G9 RC: 31>I:= 181M 56 D15GL 5C: >644<=:= 8<GC GC: =662 D21?: 1H= 31H7:= C:2 C:1=9 @:4<A 466I:= 1G C:2 <H

C62262L GC:H 1G GC: IH<D: <H C<5 C1H= 1H= G655:= <G <HG6 GC: 5<HI9

T%2<HP NC1G GC: DE>IP Q6E =<=HBG GC<HI , 815 76<H7 G6 CE2G M6EPU

.: C:5<G1G:= 1H= GC:H G66I GC: D6E2 5G:K5 1>2655 GC: 266? G6 C:2 5<=:9 RC: 4:G C<? :HD64= C:2 <H C<5 12?5

1H= >415K C:2 5C1I<H7 36=M G6 C<59T, 7E:55 ,B? H6G 766= 8<GC IH<F:5LU 5C: 8C<5K:2:=9

%2<H 815HBG 5E2: 8CM 5C:B= 2:1>G:= 15 5C: =<=9 RC:B= 5::H GC: 341=: 74<HG<H7 <H GC: 4<7CG 1H= 465G >6HG264

D62 1 ?6?:HG9

TR8::GC:12GL , 2:14<J: M6E =6HBG 2:144M IH68 ?:L 1H= , >6HD:55 , C1F: 3::H IH68H G6 3:C1F: 4<I: 1 5C<GL

3EG ,B= H:F:2Z:F:2 CE2G M6E9U .: 71F: C:2 1 7:HG4: I<55 6H GC: 4<K59 TV6<56H M6EP N:44L M6EBF: H6GG15G:= ?M >66I<H79 O1M3: M6E 5C6E4= 81G>C ?: :1G GC: ?E5C266?5 D<25G9U

%2<H KE5C:= C<? 31>I G6 GC: 5G6F:9

TO62: 8<H:PU C: 15I:=9

RC: 741H>:= 1G C:2 EHG6E>C:= 74155 5<GG<H7 6H GC: >6EHG:2G6K9 T,B? D<H:L GC1HI59U

@:4<A D64468:= C:2 71J:9 T/6G 1 3<7 =2<HI:2P N6E4= M6E K2:D:2 8C<G:P , 8<5C , C1= >C1?K17H:9U

T/6L , 4<I: 2:=9 , SE5GZ=6HBG =2<HI ?E>C9U

.: 3:71H >C6KK<H7 5C<HM G6?1G6:59 TNC1G =6 M6E =6 D62 1 4<F<H7PU

%2<H G26GG:= 6EG GC: 1H58:2 C:2 K12:HG5 C1= 7<F:H C:29 T, 862I D62 1 N:3 5<G: =:5<7H >6?K1HM9 ,B? =6<H7

1H 6H4<H: >6E25: 8C<4: , 2:>6F:29U "C6E7C 5C: C1=HBG =6H: ?E>C ?62: GC1H 4:556H 6H:9 >! ,66 %(@!/=/!" 0(%-/ /") 4();/"- $0 6"--$) $)"1

@:4<A GE2H:= G6 466I 1G C:29 TO1M3: M6EB= =:5<7H 6H: D62 ?:PU

T-21F:5G6H:5D62K<759>6?PU

%2<H 5YE:14:= 8C:H C: >1?: 1DG:2 C:2 8<GC 1 866=:H 5K66H9 RC: 21H 126EH= GC: G134: 1H= SE5G ?1H17:=

G6 1F6<= C<5 D<H7:25 >1G>C<H7 C:2 5C<2G9 #1H GC: 6GC:2 81M 1H= GC:H K1E5:= G6 5:: 8C1G C:B= =69 .<55G62?M :M:5 =12I:H:= 1H= H12268:=9 0CL 5C: GC6E7CGL C: 4<I:5 GC: >C15:9

TR6?:GC<H7B5 3E2H<H79U RC: 466I:= 1G GC: 5G6F:9

TRC<G9U @:4<A 72133:= GC: C1H=4: 6D GC: K1HL M:4K:=L 1H= 4:G <G 769

%2<H GE2H:= 6H GC: G1K 1H= 5H177:= C<5 82<5GL KE44<H7 C<5 D<H7:25 EH=:2 GC: D4689



TQ6EB2: D12 G66 =<5G21>G<H7LU C: 8C<5K:2:=9 T,B? H:F:2 76<H7 G6 7:G 1HMGC<H7 =6H:9U

%2<H 2:1>C:= G6 KE44 GC: K1H 6DD GC: C:1G9

T.:ML 81G>C M6E2 D<H7:25LU C: 51<=9

T,GB5 H6G C6G H689U %2<H KEG GC: K1H 15<=:L GC:H 4<DG:= @:4<AB5 C1H= D26? GC: 81G:2 1H= I<55:= <G9 RC: 21H

C:2 G6H7E: D26? GC: C::4 6D C<5 K14? EK G6 GC: G<K 6D GC: 5?144:5G D<H7:2 1H= GC:H 5E>I:= GC: K<HI<: <HG6

C:2 ?6EGC 3:D62: 2:K:1G<H7 GC: 1>G<6H 8<GC :F:2M 6GC:2 D<H7:29T(C DE>ILU @:4<A ?E?34:=9 T.68 >6?: 1 C6G ?6EGC D::45 766= 6H 1 3E2HPU

.: 54<= C<5 D2:: C1H= EH=:2 C:2 5C<2G 1H= 5CE==:2:= 8C:H C: G6E>C:= C:2 H1F:49 05 %2<H 5E>I:= C12= 6H

C<5 ?<==4: =<7<GL @:4<A =26KK:= C<5 C1H= 1H= 54<KK:= 1 D<H7:2 <H5<=: C:2 KE55M9 %2<H 5E>I:= C12=:2 1H=

EH21F:44:= 8C:2: 5C: 5G66=9 "C: 62715? 8:1I :H6E7C D62 C:2 G6 I::K C:2 :M:5 6K:HL 5C: 5G12:= 2<7CG 1GC<? 15 2<336H5 6D K4:15E2: G8<5G:= <H C:2 36=M9 "C: 4E5G <H C<5 :M:5 ?1=: C:2 >4:H>C 171<H 126EH= C<5

D<H7:29

RC: G66I C<5 C1H= D26? C:2 ?6EGC9 T02: M6E F:2M CEH72MPU

T(H4M D62 M6E9U

.: KE44:= C<5 D<H7:25 D26? 3:G8::H C:2 4:759 (H: 58::K 6D C<5 12? 1H= GC: G134: 815 >4:12 ;; 366I5L?171J<H:5L 1H= K:H><45 5>1GG:2:= 1>2655 GC: D46629 @:4<A 4<DG:= C:2 G6 GC: :=7: 6D GC: 866=9 .: K1E5:=D62 1 ?6?:HGL 466I:= 1G C<5 D<H7:25L 1H= D268H:=9

T02: GC:M 6I1MPU %2<H 15I:=9

TO62: GC1H 6I1M9 "C:MB2: H6G :F:H G<H74<H79 , ?E5G 2:?:?3:2 GC: G2<>I 8<GC GC: 81G:29U .: 5?<4:=9

T$H4:55 <G 815 M6E 4<>I<H7 GC:?L O<55 O17<>9 ,H 8C<>C >15:L ,B44 I::K M6E <H GC: ?:=<><H: >EK3612=9U

@:4<A EH3EGG6H:= GC: 5C<2GL 54<KK:= <G 6DD C:2 5C6E4=:25L 1H= 5<7C:=9 T%F:2M G<?: , 466I 1G M6EL , 81HG G65>E4KG M6EX GC:H , GC<HI 136EG DE>I<H7 M6E 1H= GC1GB5 144 GC1G D<445 ?M C:1=9 N<44 M6E K65: 8C<4: , =218

M6EPU

%2<H 5G26I:= GC: C:1= 6D C<5 =2176H9 TN<44 M6E G1I: ?: G6 7:G 1 G1GG66 4<I: M6E25PUT/69 Q6E2 5I<HB5 G66 3:1EG<DE49 Q6EB2: G66 3:1EG<DE49 ,B44 =218 1 =2176H 6H M6E 1H= K1<HG <G <HL 1H= 8C:H

M6EB2: D:= EK 8<GC <GZK263134M 1DG:2 1 >6EK4: 6D =1M5L <G 8<44 815C 6DD9U

RC: 5?<4:=9 T"C1HI M6E9U

@:4<A 5G2<KK:= 6EG 6D C<5 S:1H5 1H= 3:HG G6 32E5C C:2 4<K5 8<GC C<59 %2<H G2:?34:= 15 5C: D:4G GC: 54<=: 6D

C<5 G6H7E: 171<H5G C:25L GC: KE44 6D C<5 G::GC 6H C:2 468:2 4<K9 "C:2: 815 1 4<GG4: K6KK<H7 H6<5: 15 GC:<2

?6EGC5 ?6F:= 1K12GL 1H= GC:H GC:M >1?: 31>I G67:GC:2 ?62: D<2?4M9 >! ?$3= !" /,-/"- -$ @$$3 9 %2<H

81HG:= ?62:9 RC: G2<:= G6 KEG C:2 12?5 6F:2 C<5 5C6E4=:25 1H= C<5 C1H=5 >41?K:= C:25 6H GC: G134:9 "C:6H4M 6GC:2 K41>: GC:M G6E>C:= 815 1G GC: ?6EGC9 05 GC: I<55 72:8 =::K:2L @:4<A :=7:= C:2 IH::5 1K12G

EHG<4 C<5 >6>IL C6G 1H= 8:G 1H= CEH72ML 2E33:= 171<H5G C:2 3:44M9

.: G<KK:= C:2 31>IL 468:2<H7 C:2 EHG<4 5C: 41M D41G 6H GC: G134:L C:2 4:75 5K2:1= 6K:HL C:2 C1H=5>4EG>C<H7 C<5 12?59 @:4<A 215K:= C:2 32:15G 8<GC C<5 G6H7E: 1H= >465:= C<5 ?6EGC 126EH= C:2 H<KK4:9%2<H 71F: 1 =::K 5<7C 1H= 5G26I:= GC: 5>21G>CM 5GE334: 6H C<5 >C::IL C6K<H7 5C:B= 566H 3: D::4<H7 GC1G

26E7CH:55 468:2 =68H9

@:4<A G8<24:= C<5 G6H7E: 126EH= GC: G<K 6D C:2 32:15GL 5E>I:=L 1H= %2<H 12>C:= EKL 81HG<H7 C<? G6 G1I:

?62:9 NC:2: @:4<A G6E>C:= C:2L 5C: >1E7CG D<2:9 .<5 C1H=5 8:2: 144 6F:2 C:2L C<5 ?6EGC :F:2M8C:2: 15C: <H>C:= =68H C:2 36=ML 41H=<H7 8:G 4<>I5L 7:HG4: 5G26I:5L 1H= G<HM 3<G:5 EHG<4 C<5 5EH;5G2:1I:= C1<2

815 D<H144M K41HG:= 3:G8::H C:2 4:759 %2<HB5 C:1= 8C<24:= 1H= C:2 4<?35 G2:?34:=9



RC<DG<H7 C:2 31>I 1 4<GG4:L C: 326E7CG C:2 D::G 6HG6 GC: G134:L 5K2:1=<H7 C:2 6K:H 8<GC C<5 C1H=5 8C<4: C:

I<55:= C:2 58644:H D64=59 R4684M ?6F<H7 EK 1H= =68HL C: G21<4:= GC: G<K 6D C<5 C6G G6H7E: 146H7 C:2

G:H=:2 D4:5CL 1H= 6H :1>C K155L C: K2:55:= 1 4<GG4: =::K:29 %2<H 8C<?K:2:= 8C:H C: D4EGG:2:= 1>2655 GC:

=:4<>1G: K:124 6D C:2 >4<G9 .:2 ?E5>4:5 46>I:= 1H= GC:H 2:4:15:=L 5:H=<H7 S64G5 6D K4:15E2: D415C<H7 4<I:>6?:G5 GC26E7C C:2 36=M G6 4:1F: D<:2M G1<45 6D 4<H7:2<H7 812?GC9 @:4<A 41KK:= 1H= 4<>I:= 1H= 5E>I:=

EHG<4 %2<H >4EG>C:= GC: :=7: 6D GC: G134: 56 G<7CGL C:2 H1<45 51HI <HG6 GC: 866=9

.: I:KG D:15G<H7 6H C:2 15 <D 5C: 8:2: 144 C: H::=:=L =2<F<H7 C:2 G6 ?:4G<H7 K6<HG 1H= GC:H =218<H7 31>I9 "C: 315G12=9 @:4<A 4<DG:= C<5 C:1=L 1H= %2<H 518 C:2 >2:1? 6H C<5 4<K5L GC: 5C<H: 6H C<5 >C<HL 1H=5C: 7E4K:=9

TN1HG 1 G15G:PU C: 15I:=9

%2<H H6==:=L <H>1K134: 6D 5K::>C9 .: 4:1H:= 6F:2L C<5 >6>I K2:55:= 3:G8::H GC:?L 1H= C: G21<4:= C<5

G6H7E: 6F:2 GC: 5:1? 6D C:2 4<K59 %2<H 5E>I:= C<? <H5<=: 1H= 3:71H G6 D<7CG D62 >6HG264 6D GC: I<55L C:2?6EGC 72::=M 1H= D62>:DE49

@:4<A =2177:= C<5 4<K5 181M9 T0C 5C<GL , C1=HBG D<H<5C:= :1G<H7 M6EL 3EG , >1HBG 81<G9U

.: 2644:= 6DD GC: G134:L GE77:= C:2 31>I G6 8C:2: 5C:B= 41<H 3:D62:L 1H= GC2E5G 5G21<7CG <HG6 C:29 "C:

?6?:HG C<5 >6>I 41M 821KK:= <H C:2 5C:1GCL 1H :2EKG<6H 6D >15>1=<H7 :4:>G2<> 5C6>I5 G62: GC26E7C%2<HB5 36=ML 5E27<H7 =::K <HG6 C:2 36H:59 @:4<A 7261H:= 3EG I:KG ?6F<H79 "C: K2:55E2: 6D C<5 >6>I54<=<H7 <HG6 C:2 21G>C:G:= GC: 5:H51G<6H5 G6 1H6GC:2 4:F:49 .:2 4:75 G8<H:= 126EH= C<5 81<5GL 1H= %2<H

3E>I:= <HG6 C<?L =2<F<H7 C:25:4D EK 15 C: GC2E5G =68H9

T(C \:5E59U @:4<A 715K:= <H 32:1GCM 72EHG5 15 C: K68:2:= <HG6 C:29

%2<H KE44:= C:25:4D EKL 72<KK:= C<? G<7CG:2 8<GC C:2 C<K5L 1H= C64=<H7 6H G6 GC: G134:L ?:G C<? GC2E5G D62

GC2E5G9 "C: G:H5<6H <H C:2 12?5 6H4M C:<7CG:H:= GC: 5K15?5 5E27<H7 GC26E7C C:29 "C:M 21>:= G67:GC:2 D62GC: D<H<5C 4<H:9

T.12=:2LU 5C: 715K:=9 TO62:9U

"C: 541??<H7 GC2E5G5 2:1>C:= =::K <HG6 C:2 36=M9 .<5 >6>I D:4G K:2D:>G9 V:2D:>G D<G9 V:2D:>G 5<J:9 RC:

>6E4= 5:: <G 15 @:4<A GC2E5G <HG6 C:29 "C: 74<5G:H<H7 4:H7GC9 "C: 58644:H F:<H59 .: D:4G 56 766=L M:G 5C:5G<44 81HG:= 56?:GC<H7 ?62:L 56?:GC<H7 6EG 6D 2:1>C9 %2<H 41EH>C:= C:25:4D <HG6 C<5 12?5L 1H= @:4<A

5G177:2:=L 3EG GC: D<H14 C12= 4EH7: 5:HG GC:? 5612<H7 <HG6 5K1>:9 %2<H 51HI C:2 D1>: 6HG6 C<5 5C6E4=:2

1H= 3<G C<?9

"6 C:2 2:4<:DL @:4<A 5G<DD:H:= <H5G:1= 6D 5>2:1?<H79 .: 2:41A:= 171<H5G C:2L G<4G<H7 C<5 C:1= G6 7<F: C:2 3:GG:2 1>>:559 %2<H IH:8 5C: 5C6E4=HBG 3: =6<H7 GC<5X 6H4M 5C: >6E4=HBG C:4K <G9 05 5C: 5E>I:= 1G C<5

H:>IL C:2 KE55M >4:H>C:= 126EH= C<? 1H= 56?:C68 326E7CG GC:? 36GC 6DD 171<H9 NC1G GC: C:44 815 5C:

=6<H7P &<G<H7P -<F<H7 C<? 1 C<>I:MP "C:M 8:2:HBG G::H17:259

"C: 2E5GM G1H7 <H C:2 ?6EGC 326E7CG C:2 31>I G6 C:2 5:H5:59 J6$$3* >! 49 ?$3= KCA" 5%$<") /!" -<()9"C: D1>G GC1G 5C: 4<I:= GC: >6KK:2M G15G: D2:1I:= C:2 >6?K4:G:4M9 %2<H =2177:= C:2 ?6EGC 181ML 518 G86

3<G: ?12I5L 1H= YE<>I4M K2:55:= C:2 D1>: 31>I 171<H5G C<5 H:>IL 4<>I<H7 GC: G2<>I4:5 6D 3466=9 >! -!(/=!$+ ,4 K @$()@ /$ ":76,() /!(-* %A>:KG 8C:H 5C: 4<DG:= C:2 ?6EGCL GC:2: 815 H6 G21>: 6D 8C1G 5C:B=

=6H:9 O1M3: 5C: C1=HBG 3<GG:H C<? 1G 1449

T(C -6=L %2<HL M6EB2: I<44<H7 ?:9 , GC6E7CG M6E 8:2:HBG CEH72MP Q6E 3:GG:2 H6G C1F: G1I:H 1 >CEHI 6EG

6D ?M H:>I9 0 YE<>I H1K 1H= GC:H <GB5 ?M GE2H G6 =:F6E2 M6E9U

@:4<A >122<:= C:2 EK5G1<25L 1H= GC:M >E24:= EK <H 3:=9 NC:H %2<H G2<:= G6 54<=: 181ML C<5 C1H= 2:1>C:=

6EG 1H= 5:GG4:= 6H C:2 C<K9 RC: 5HE774:= >465:2L 1H= C: 5:GG4:= 31>I <HG6 54::K9

K !"63 !(4 5"0$%" ,)3 6$-/ !(41



%2<H S64G:=9 .68 >6E4= 5C: C1F: IH68H C<? 3:D62:P .:B= C1F: 51<= 56?:GC<H79 "C<5 C1= G6 3: C:2

?<H= K41M<H7 G2<>I5 6H C:29 RG<44L GC:2: 815 56?:GC<H7 <H5<=: C:2 <H5<5G<H7 C: 815 D1?<4<129 N15 GC1G 8CM

C:2 K12:HG5 C1= 326E7CG C:2 C:2:P "2M<H7 G6 S67 C:2 ?:?62MP (2 815 C: K46GG<H7 8<GC GC:?P W6E4= 5C:

G2E5G C<?P R1D:2 H6G G6 G2E5G 1HM6H:9

Q:G C:2 <H5G<H>G5 G64= C:2 5C: >6E4= 2:4M 6H @:4<AL 8C6 815 :A1>G4M 15 C: 1KK:12:= ;; 1 K662L 5:A;

=:K2<F:= 12G<5G9 .: ?<7CG C1F: 3::H 2<>C 6H>:L 3EG C:B= D144:H 6H C12= G<?:59 RC: 54<= 1 4<GG4: D12GC:2

181ML 1H= 14GC6E7C @:4<A 2:1>C:= D62 C:2 171<HL GC<5 G<?: C: 4:G C:2 76 1H= =26KK:= 31>I G6 1 2CMGC?<> 32:1GC<H79

W2::K<H7 =68H G6 C<5 5GE=<6L %2<H 54<KK:= <HG6 C:2 >46GC:5 1H= GE>I:= GC: 561I:= K1HG<:5 <H C:2 K6>I:G9

.14D;D<H<5C:= K<:>:5 6D 5>E4KGE2: 41M 5>1GG:2:= 126EH=L 146H7 8<GC =218<H75 1H= 5I:G>C:59 R6?: 8:2:

135G21>G <G:?5L :HG8<H:= ><2>4:5 62 5G6H:5 8<GC 5G21H7:;5C1K:= C64:5L 6GC:25 ?62: 2:>67H<J134: 15 D<5C 62

D1>:59 .: C1= G14:HG 3EG H6 ?6H:M9 %2<H 86H=:2:= <D 5C: >6E4= K:25E1=: C:2 D1GC:2 G6 3EM 56?:GC<H7 6DC<5 GC26E7C 1 GC<2= K12GM 56 @:4<A =<=HBG 7E:55 8C1G 5C:B= =6H:9

RC: K1==:= 1>2655 GC: 721F:4 31>I G6 V:F:HCE25G9 %2<H >6E4=HBG 76 G6 54::K EHG<4 5C:B= 4:G GC: 862I?:H

<H 1H= 7<F:H GC: K26S:>G ?1H17:2 1 I:M9 RM2:H C1= K1<= GC:? G6 862I 5:F:H =1M5 1 8::IL 1H= 5C:

>6E4=HBG C:4K GC<HI<H7 GC1G C1= 56?:GC<H7 G6 =6 8<GC I::K<H7 C:2 51D: <H GC: =1MG<?:9 @26? 8C1GP

%2<H E5:= 8C1G 2:?1<H:= 6D GC: H<7CG G6 >4:1H GC: 266?5 5C:B= 3: E5<H7 1H= 86H=:2:= C68 ?E>C G<?:5C:B= 5K:H= <H GC:? H68 GC1G 5C: IH:8 8C6 4<F:= H:AG =6629 NCM =:K2<F: C:25:4D 6D 5E>C 5GEK:H=6E5

5:AP RC:B= 3: 4M<H7 G6 C:25:4D <D 5C: K2:G:H=:= GC1G 815 144 <G 8159 %2<H C1=HBG D:4G GC<5 C1KKM D62 1 46H7

8C<4:9 O1M3: <G 815HBG 76<H7 G6 3: 56 31= 5G1M<H7 C:2: 1DG:2 1449

!"#$%&' 203

05 @:4<A =26F: C6?:L C: 86H=:2:= <D C: >6E4= 5<HI 1HM 468:29 .:B= =:4<F:2:= GC: ?1234: C:1=5G6H: D62

)1<5ML 4<5G:H:= M:G 171<H G6 GC: 5G62M 6D C68 GC: K<7 =<:= ;; 5GE>I <H 1 C64:L 5YE:14<H7 D62 C:4KL 6H4M GC:

D<2:?:H 8:2: G66 41G:L 1H= GC: 5G62M 6D C68 GC: >1G =<:= ;; 5GE>I EH=:2 )1<5ML M684<H7 D62 C:4KL 3EG H66H: >6E4= 2:1>C C:29 "C:H C: 4<5G:H:= G6 GC: @65G:25 127E: 6F:2 C68 GC:M >6E4= 1DD62= 1 ?12I:2 5G6H:

D62 GC: K<7L 3EG H6G GC: >1G9 %F:2M G<?: @:4<A G2<:= G6 54<HI 181ML GC: 8<D: >1E7CG C64= 6D C<5 12?9 .:B=

D4<H>C:= 1G GC: 86?1HB5 >6K<6E5 G:125 1H= D:4G 5622M D62 C:2 3:>1E5: C:2 CE531H= 815 G66 ?:1H G6 K1M

C<? D62 1H6GC:2 721F: ?12I:29

NC<>C 815 C68 C:B= 3::H 5E>I:2:= <HG6 >122M<H7 GC: C:1=5G6H: G6 GC: 3E2<14 K46G 1G GC: 36GG6? 6D GC:<2

712=:H 1H= 5:GG<H7 <G <H K41>:9 NC:H @:4<A 518 GC: 5?144:2 21<5:= ?6EH= H:AG G6 GC: CE7: 6H:L C<5 I<H=

C:12G 76G GC: 3:GG:2 6D C<? 1H= C: 6DD:2:= G6 7:G 1 K<:>: 6D 4<?:5G6H: D26? GC: '1H= #6F:2 1H= >6?:

31>I 1G 56?: K6<HG G6 >EG GC: >1GB5 H1?: <HG6 <G9 "C: >1GB5 H1?: 3:<H7 c1G9 @:4<A C1= G6 3<G: 31>I C<55H<77:2 1G GC: 5K:44<H7L 3EG C: =<=HBG GE2H =68H GC: D<DGM YE<= GC: 8<D: 54<KK:= C<?9 "C6E7C C: 86E4=HBG

3: :H721F<H7 .%#% ',%R c0"L R0" (/ &Q )0,RQ9&M GC: G<?: C: KE44:= EK 6EG5<=: GC: >61>C C6E5:L 144 GC: F:C<>4:5 C:B= 5::H GC1G ?62H<H7 C1= 76H:9

0DG:2 2:>6F:2<H7 D26? C<5 1?1J:?:HG GC1G GC:MB= 862I GC: 8::I:H=L C:B= 3::H GC2<44:= G6 5::V:F:HCE25G 15 1 C<F: 6D 1>G<F<GM9 ,G ?1=: EK 1 4<GG4: D62 GC: D1>G GC1G C: C1=HBG 3::H GC2<44:= G6 5:: H6 %2<H

3:5<=: C<? 8C:H C: 86I:9 .:B= 2:1>C:= 6EG 6H4M G6 G6E>C 1 >64= 5C::G ;; 66K5L GC: 6H: C:B= D6276GG:H

G6 >C1H7: ;; 1H= =<51KK6<HG?:HG C1= D466=:= C<5 C:12G9

NCM C1=HBG 5C: 5G1M:=P "C: 5:A C1= 3::H 72:1GL 56 <G >6E4=HBG 3: GC1GL GC6E7C <G C1= 3::H 21GC:2 26E7C1G G<?:59 ,H D1>GL @:4<A C1= GC: =<5G<H>G 2:>644:>G<6H %2<H C1= 3<GG:H C<?9 ,G C1= GE2H:= C<? 6HL GC: 5C12K



36EH>:= D26? C<5 5G6?1>C 6HG6 C<5 341==:29 .: 815HBG 1D21<= 6D C:<7CG59 .:B= 5K:HG C6E25 EK 41==:25

2:K1<2<H7 5G6H:862IL 3EG C:B= 1481M5 3::H >4<KK:= <HG6 1 51D:GM C12H:559 .<5 D:12 815 D62 C:29 .:B= 3:

=1?H:= <D C:B= 5K:H= GC: 2:5G 6D C<5 4<D: 5>E4KG<H7 <?17:5 6D C:2 46F:4M 4<?35 144 5C1GG:2:=9 .: =<=HBG

IH68 8C:GC:2 G6 81G>C C:2 D1>: 62 C:2 D::G9 "C:H 5C: 815 GC:2:L 3:5<=: C<?L 1H= @:4<A 72133:= C:29 .:5C66I 56 C12=L C: GC6E7CG C<5 4:75 86E4= D144 6DD9

T&1>I <H5<=:LU C: ?1H17:= G6 34E2G9

"C:MB= ?6F:= GC2:: K1>:5 3:D62: GC: 8<H= >1?: 6EG 6D H68C:2:9 "C: 541? 6D GC: =662 >465<H7 56EH=:=

4<I: 1 7EH5C6G9

T(C DE>ILU C: ?61H:=9 0 K<:>: 6D 866= 51G 6H GC: G6K 5G:K <H5<=:L 1 2:?<H=:2 G6 S1? GC: =662 6K:H 1H=C:B= D6276GG:H G6 E5: <G9

TNC1GB5Z6CL H6 C1H=4:9U %2<H 71F: 1 =::K 5<7C9

@:4<AB5 IH::5 GC2:1G:H:= G6 3E>I4:9

TR<G =68H 8<GC M6E2 31>I G6 GC: =662LU %2<H 51<=9

"C1G ?1=: C<? D::4 ?127<H144M 51D:2L 4<I: <G 815 1 >12 21><H7 G6812= C<? 21GC:2 GC1H 1 G:H;G6H G2E>I9

%2<H >26E>C:= 8<GC C:2 31>I G6 GC: :=7: 6D GC: 266D9 @:4<A >6E4=HBG 466I 1G C:29 .:<7CG5 8:2: 6H: GC<H7L 3141H><H7 6H H12268 4:=7:5 GC1G >6E4= >2E?34: 1HM ?6?:HG 56?:GC<H7 :45: :HG<2:4M9

T02:HBG M6E 5>12:=PU C: 15I:=9

%2<H 4:1H:= 31>I812= 6F:2 GC: K121K:G 1H= 466I:= =68H9 @:4<A 7261H:=9 NCM >6E4=HBG C: 5CEG C<5

:M:5P

T/6LU 5C: 51<= 1H= GE2H:= G6 5?<4:9

TN:44L , 1?9 ,D M6EB= 5<G 6H ?M 41KL ,B= D::4 1 46G C1KK<:29U

(H>: C: C1= C<5 12?5 821KK:= 126EH= C:2L @:4<A G66I 1H6GC:2 32:1GCL K655<34M GC: D<25G K26K:2 4EH7DE4C:B= ?1H17:= 5<H>: C:B= 466I:= EK 1G GC: 266D 1H= 5::H C:29 "6 C<5 15G6H<5C?:HGL C: H68 C1= 1 217<H7

:2:>G<6H9 W6E4=HBG C: >6HG264 C<?5:4DP 0HM6H: 86E4= GC<HI C: 815 <H C<5 G::H59T.1KKM H68PU %2<H 15I:=9

TN: C1F: 1 K2634:?9U

T, >1H C:4K 8<GC GC1G9U

@:4<A 72684:=9 T0H6GC:2 K2634:?9 N: >1HBG 7:G 6DD GC: 266D EH4:55 56?:6H: 6K:H5 GC: =662 D26? GC:<H5<=:9U

%2<H 5G66= EK9 T, >6E4= >4<?3 6F:2 1H= 5:: ;;U

@:4<A M1HI:= GC: 4<GG4: ?1H<1> 8<GC 1 =:1GC 8<5C 31>I 6H C<5 41K9 TQ6EB2: >4<?3<H7 H68C:2:9 ,B44 KC6H:

1 D2<:H=9U

.: 54<KK:= C<5 C1H= <HG6 C<5 K6>I:G 1H= KE44:= 6EG C<5 >:44 KC6H:9

)14G6H 1H58:2:= 6H GC: D<25G 2<H79 TQ:KPU

.<5 3:5G D2<:H= D26? C<5 5>C664 =1M5 IH:8 GC: 81M G6 GC: 266D GC1G @:4<A C1= E5:=9 0 26EG: GC1G C1=>6?: <H E5:DE4 8C:H GC:M 8:2: G::H17:25 1H= H::=:= G6 5H:1I <H 1H= 6EG EH5::H9

T, H::= G6 15I M6E 56?:GC<H7LU @:4<A 51<=9

T02: M6E 76<H7 G6 8<H 1 ?<44<6H <D , 7:G GC<5 2<7CGPU



T,B? H6G 6H "dX ,B? 5GE>I 6H GC: >15G4: 266D9U

)14G6H 41E7C:=9 T0? , 14468:= G6 15I 8CMPU

T"C: =662 541??:= 5CEG 3:C<H= E59U

TQ6E D6276G GC: ;;U

TQ:59U @:4<A 72<GG:= C<5 G::GC9

T$5PU

TO: 1H= GC: 266D:29U

T,GB5 =12I9 "2M 171<H9U

@:4<A 741H>:= 1G %2<H9 /6 K6<HG 4M<H79 )14G6H 86E4= ?::G C:29 T0 >EG:L 341>I;C1<2:= 8<G>C9U

T0H= 5C: >1HBG D4M M6E =68H 6H C:2 3266?5G<>IP (2 8:2: M6E G66 3E5M K:25E1=<H7 C:2 G6 D4M 6HM6E25PU

T\E5G DE>I<H7 7:G 6F:2 C:2:9U

T0H= M6EB2: 76<H7 G6 <HG26=E>: ?:PU

0 K655:55<F: 12268 541??:= <HG6 @:4<AB5 C:12G9 TRC:B5 H6G M6E2 GMK:9U .: IH:8 5C: 8159

)14G6H 41E7C:=9 T"C<2GM ?<HEG:59U

NC:H %2<H G2<:= G6 5G1H=L @:4<A I:KG C64= 6D C:2 12?9

TQ6EB2: 5G1M<H7 2<7CG C:2:9 , =6HBG 81HG M6E 81H=:2<H7 6DD G6 >4:12 GC: 7EGG:25 62 K21>G<>: >C<?H:M;58::K 26EG<H:59 "C<2GM ?<HEG:5 1H= 8:B44 3: 51D: <H5<=:9U

.: 815 G66 G:H5:L %2<H GC6E7CG 1H= 82<774:= 6H C<5 41K9 @:4<A 7261H:=9

TQ6E H::= G6 2:41A9U RC: EHD15G:H:= GC: 3EGG6H 6H C<5 >C<H659

T%2<HbU

TR55C9U

NC:H 5C: 2:1>C:= D62 C<5 J<KK:2L C: 72133:= C:2 82<5G9 %F:H <H GC: =<?<H<5C<H7 4<7CGL 5C: >6E4= 5:: C<5

741J:= :M:59 .: 815 142:1=M C12=9 RC: EHD15G:H:= C:2 5C<2G 8<GC C:2 6GC:2 C1H= 1H= >EKK:= C:2 32:15G G65C68 C<? 5C: 862: H6 3219 @:4<A 4:G 6EG 1 7E274:= 7261H9

TQ6E 4<GG4:ZU

05 5C: D4<KK:= 6K:H C<5 K1HG5L C: 2:41A:= C<5 72<K 6H C:2 82<5G 1H= :AC14:=9

T(C 5C<G9 W1HBG M6E 81<GPU

&EG C<5 C1H=5 8:2: 142:1=M KE44<H7 C:2 D62812=L DE?34<H7 D62 C:2 32:15G5 15 C: K41HG:= I<55:5 6H C:2D1>:9

T, 81HG G6 5E>I M6E2 >6>ILU 5C: 8C<5K:2:=9

.: G<KK:= 31>I C<5 C:1=L C684:= 4<I: 1 864DL 1H= %2<H >CE>I4:=9 RC: 54<KK:= 31>I EHG<4 5C: 5G21==4:=C<5 468:2 4:759 NC<4: C<5 D<H7:25 K41M:= 8<GC C:2 H<KK4:5L 5C: GE77:= =68H C<5 36A:25 1H= D2::= C<5

:2:>G<6H9 "C: 74<5G:H<H7L K4E?;5C1K:= C:1= 2:12:= EKL 5>:HG<H7 GC: 1<29 05 %2<H 81G>C:=L 1 K:124M =26K

6D >2:1? D62?:= 1G GC: 54<G9 RC: 4<>I:= C:2 4<K5L 466I:= EKL 1H= 518 C68 <HG:HG4M C: 71J:= 1G C:29

TQ6E 12: >6?K4:G:4M >21JMLU C: 51<=L 1H= C<5 ?6EGC G8<G>C:=9



%2<H 468:2:= C:2 C:1= 1H= 5>66K:= EK GC: K2:>E? S:8:4 8<GC GC: G<K 6D C:2 G6H7E:9 RC: 2644:= <G 126EH=

C:2 ?6EGCL 51F6E2<H7 GC: 514GM G1H7L GC:H =26KK:= C:2 C:1= 171<H 1H= K1<HG:= C:2 4<K5 8<GC C<5 >6>I9

@:4<A 7261H:=9 T(CL \:5E59 -6=9 WC2<5G9U

RC: 741H>:= EK9 TNCM =6HBG K:6K4: 51M 'E><D:29 R1G1H9 &::4J:3E3PU

T)6HBG IH689U

NC:H 5C: 821KK:= 1 C1H= 126EH= GC: 315: 6D C<5 5C1DG 1H= 5YE::J:= C12=L K2:55<H7 =68H 6H C<5 31445L@:4<AB5 C<K5 265: D26? GC: >6H>2:G: 4:=7:9

TNC1G 12: M6E =6<H7PU C: 715K:=9

T, =6HBG 81HG M6E G6 >6?: G66 566H9 Q6E2 D2<:H= 51<= GC<2GM ?<HEG:5L 2<7CGPU

T(C DE>I9U

.<5 D<H7:25 5K:12:= C:2 C1<2 15 5C: 821KK:= C:2 G6H7E: 126EH= GC: >2:5G 6D C<5 >6>I 1H= 5E>I:=9

T"C2:: ?<HEG:5LU C: 34E2G:=9

%2<H 41E7C:= 126EH= C<?9 .: 5::?:= G:22<D<:= EK C:2: 6H GC: 266DL 56 GC: 4:15G 5C: >6E4= =6 815 5G6K

C<? GC<HI<H7 136EG <G9 c::K<H7 EK GC: K2:55E2: 1G GC: 315: 6D C<5 5C1DGL 5C: G66I C<? =::K <HG6 C:2?6EGC 8<GC 46H7L 5468 KE445 1H= D<H:55:= :1>C ?6F:?:HG 8<GC 1 D:1GC:2M D4<>I 6D C<5 741H5 E5<H7 GC:

:=7: 6D C:2 G6H7E:9

TO1M3: 6H: ?<HEG:LU @:4<A 51<= 8<GC 1 ?61H9

O62: F12<:GML %2<H GC6E7CGL :A><G:?:HG 5:H=<H7 C:2 H:2F: :H=<H75 <HG6 21KGE2:59 RC: 1=62:= =6<H7 GC<5L

46F:= GC1G C: 46F:= <G9 RC: =<=HBG =12: 2:4:15: GC: K2:55E2: 1G GC: 266G 6D C<5 >6>I9 &M K2:55<H7 C<5 31445=68HL %2<H I:KG C<5 62715? 1G 31ML 3EG 5C: 326E7CG C:2 6GC:2 C1H= <HG6 K41M 1H= KE?K:= C<? G6812=

C:2 ?6EGC9 @15GL 5468L 56DGL G<7CG9 RC: G66I C:2 G<?: 51F6E2<H7 GC: 51G<HM G:AGE2: 6D GC: 5:H5<G<F: C:1=

1H= GC: 81M C<5 5I<H 82<HI4:= 1H= 5G2:G>C:= 6F:2 GC: 2<7<= >62:9 %2<H E5:= C:2 514<F1 1H= C<5 SE<>: G64E32<>1G: C<5 >6>I EHG<4 C: 815 54<=<H7 C6G 1H= 54<>I <HG6 C:2 ?6EGCL 5468 1H= =::KL 5C14468 1H= D15G9

T(C -6=L GC1G D::45 56 766=ZM6E 12:Z6C DE>IZ4:G ?: >6?:Z, H::=ZU

.<5 C1H=5 8:2: 144 6F:2 GC: K41>:L <H C:2 C1<2L 6H C:2 31>IL 6H C:2 32:15G59 %2<H 58<24:= C:2 G6H7E:

126EH= C<? 1H= G:15:=L G62?:HG:=L 1H= CE??:=9 RC: D:4G C<5 >4<?1A 6H GC: 2<5: <H GC: 81M C<5 36=M

G:H5:= 1H= C<5 32:1GC<H7 >C1H7:= G6 <H>2:15<H74M 2177:= 715K59 %2<HB5 G<?<H7 815 K:2D:>G9 05 C: GC2E5GC<5 C<K5 EKL 5C: 4665:H:= C:2 D<H7:25 1H= 5814468:= C12=9 .<5 >6>I 54<KK:= G6 GC: 31>I 6D C:2 GC261GL

1H= 812? S:G5 6D >E? KE45:= <HG6 C:2 ?6EGC9 .: C:4= C:2 C:1= 1H= 715K:= 8<GC :1>C 5K15?9 %2<H

5814468:= 171<HL G<7CG:H<H7 126EH= C<5 >6>IL 1H= @:4<A 7261H:=9 .<5 GCE?35 721J:= C:2 GC261G 15 5C: KE44:= 31>I9

.: >6441K5:= 171<H5G GC: =662 8<GC C<5 :M:5 >465:=L 1H= %2<H 4<>I:= C<? >4:1HL C<5 >6>I 5G<44 5:?<:2:>G

GC6E7C C: 41M 4<?K 15 1 H66=4:9 RC: GE>I:= C<? <HL D15G:H:= C<5 K1HG5L 1H= 5:>E2:= C:2 5C<2G9

T)6HBG ?6F: 62 ,B44 C1F: G6 EHJ<K M6E 171<H9 #:5G 1 5:>6H=9 ,B44 4:G M6E IH68 8C:H , 5:: M6E2 D2<:H=B5C:1=4<7CG59U

TRG1M 181M D26? GC: :=7:LU C: ?EGG:2:=9

T,B? H6G 5GEK<=9U %2<H ?6F:= G6 5<G 6KK65<G: 1H= =1H74:= C:2 D::G 6F:2 GC: H12268 K121K:G9

.:2 C:12G 5G<44 K6EH=:=9 %2<H C1= H6G<>:= <G =<=HBG =6 GC1G F:2M 6DG:H9 RC: 5::?:= G6 C1F: 1H EHE5E144M

5468 KE45: 21G:9 %A>:KG 8C:H @:4<A 815 126EH=9 .1= 1HM6H: ?1=: C:2 D::4 4<I: GC<5 3:D62:P RC:B=

>4:124M 7<F:H 1 7EM 1 3468S63 <H GC: K15GL 3EG 8C<4: 5C: 2:?:?3:2:= GC: ?:>C1H<>5L 5C: =<=HBG



2:?:?3:2 GC: 2:><K<:HG9

"C: 4<7CG C1= 14?65G 76H:9 ,H GC: 8:5GL 1 D1<HGL 812? 7468 2:?1<H:= <H GC: 5IM 15 GC: :12GC G8<24:=

181M D26? GC: 5EH9 %2<H 5EKK65:= <G 815 >64=L GC6E7C 5C: =<=HBG D::4 >C<44:=9 NCM C1= @:4<A D2:1I:=

6EG 136EG C:2 3:<H7 6H GC: 266DP .:<7CG5 =<=HBG 36GC:2 C:29 /62 =<= D144<H7 3:>1E5: 5C: 86E4=HBG9 RC:>6E4=HBG <?17<H: C:25:4D <H KCM5<>14 =1H7:29 ,G 815 DEH EK C:2:9 NCM 8622MP

%2<H 741H>:= 1G C<? 1H= 5814468:= C12=9 %?6G<6H14 =1H7:2 815 56?:GC<H7 :45: :HG<2:4M9 @:4<A ?1=: C:2

D::4 =<DD:2:HG9 "C:2: 815 1H 6AM7:H;5E>I<H7 1GG21>G<6H 3:G8::H GC:?L 1H :4:>G2<>14 >C127: <H GC: 1<2

8C:H:F:2 GC:M >1?: G67:GC:29 RC:B= D:4G <G GC: ?6?:HG 5C:B= 5::H C<? >C<5:44<H7 GC1G 5413 6D 5G6H:9 .:C1=HBG :F:H H::=:= G6 G6E>C C:2L 3EG 8C:H C: C1=L %2<HB5 8624= C1= 3::H <22:F6>134M >C1H7:=9 RC:

326E7CG C:2 IH::5 G6 C:2 >C:5G 1H= 821KK:= C:2 12?5 126EH= C:2 4:759 @:12 6D KCM5<>14 =1H7:2 ?<7CG

H6G 3: 1H <55E: D62 C:2L 6H4M K12G 6D %2<H 815 ?62: GC1H 1 4<GG4: 5>12:= 6D C68 @:4<A ?1=: C:2 D::4 8C:H

GC:M DE>I:=L 15 GC6E7C 5C: C6F:2:= 6H GC: :=7: 6D >6HG2649 /6G 1481M5 6H GC: :=7:9 RC:B= 465G <G 8C:H5C:B= 3<GG:H C<?9

RC: !,3 3<GG:H C<?L M:G GC:2: 815 H6 ?12I9 R1?: 8<GC C<5 D<H7:259 0DG:2 =6E5<H7 GC:? <H >64= 81G:2L

5C:B= 5E>I:= GC:? 1H= D:4G GC: C:1G ?6F: 6EG 6D C<5 5I<H <HG6 C:2 ?6EGC9 %2<H IH:8 5C: >6E4= C:14

C:25:4DL 3EG H6G 56?:6H: :45:9 RC: <?17<H:= C:25:4D 5<GG<H7 <H 1 C65K<G14L G6H7E: 6EG 15 K:6K4: 8:2:

K121=:= <H D26HG 6D C:2 D62 1 4<>I<H79 RC: 81HG:= G6 41E7CL :A>:KG GC: 8C64: GC<H7 C1= =<5GE23:= C:29%2<H 8<5C:= 5C: >6E4= 2:?:?3:2 :F:H 1 4<GG4: 6D C:2 K15G9 044 5C: C1= G6 >6H5G2E>G 1 K<>GE2: 6D C:25:4D

8:2: GC: 862=5 6D G86 K:6K4: 8C6 51<= GC:M 8:2: C:2 K12:HG5L 1H= GC: :AK:2<:H>:5 5C: C1= H689 %2<H

GC6E7CG 6D GC: 81M @:4<A KEG C<5 C1H=5 6H C:2 1H= <H5<=: C:2L GC: 81M C: 4<>I:= C:2L 5G26I:= C:2L 1H=G:15:= C:29 O1M3: 64= ?:?62<:5 86E4=HBG ?1GG:2 <D 5C: C1= @:4<A G6 ?1I: H:8 6H:59

"C: 56EH= 6D 1 >12B5 :H7<H: 326I: GC: 5<4:H>:9 RC: 5G66= EK 1H= 3141H>:= 6H GC: :=7: 6D GC: 266D9 TQ6E2

D2<:H=B5 122<F:=9U

T@E>I <GL %2<H9 -:G 31>I C:2:9 Q6E >1HBG :F:H 5:: H68 GC1G <GB5 56 =12I9 (C -6=L 3: >12:DE49U

RC: >6E4= 5:: SE5G D<H:9 %2<H GC6E7CG 136EG G:15<H7 C<?L =6<H7 1 =1H>: 146H7 GC: :=7:L SE?K<H7 D26?6H: >15G:441G:= G6K G6 1H6GC:29 ,H5G:1= 5C: >1?: G6 C<5 5<=: 1H= 4:G C<? D64= C:2 <H C<5 12?59

@:4<A 5<7C:=9 T,D M6E :F:2 >6?: EK C:2: 171<HL ,B44 DE>I<H7 I<44 M6E9U

.:2 ?6EGC 465G 144 ?6<5GE2:L 1H= 5C: K2:55:= C:2 D1>: <HG6 C<5 5C6E4=:2L G:44<H7 C:25:4D C: =<=HBG ?:1H <G9

!"#$%&' 2&1&*

"C:2: 815 1 31H7 6H GC: =662 3:C<H= GC:?9

T.1H7 6H 1 5:>LU @:4<A >144:= 1H= 7412:= 1G %2<H9 TQ6E 5G1M 2<7CG 8C:2: M6E 12:9 KC66 ?6F:9U

N<GC 4<GG4: ?1H6:EF2<H7 266?L @:4<A =<=HBG 81HG C:2 4:1K<H7 6HG6 1 4:=7: GC<HI<H7 5C:B= ?1I: 4<D::15<:2 D62 C<?9 .: 5CEDD4:= EHG<4 %2<H 815 H:12:5G GC: =6629

T(I1ML )14G6HLU C: >144:=9

"C: =662 G6 GC: 266D 6K:H:=L 1H= C<5 D2<:H= 5G66= 8<GC C<5 31>I G6 GC: 4<7CGL 466I<H7 D12 G66 C1H=56?:

D62 @:4<AB5 4<I<H79 N<GC C<5 5G21<7CG D1<2 C1<2 1H= K:2D:>G 8C<G: G::GCL C: >6E4= C1F: 3::H 1H 1H7:4L

:A>:KG C: 815HBG9 )14G6HB5 71J: 46>I:= 6H %2<HL 1H= C<5 :M:5 8<=:H:=9 @:4<AB5 4:55;GC1H;K:2D:>G G::GC>4:H>C:=9



TQ6E2 K2<H>: <5 C:2:LU )14G6H 51<= 1H= C:4= 6EG C<5 C1H=9

TNC:2:PU 5C: 15I:=L K::2<H7 6F:2 C<5 5C6E4=:29

@:4<A 41E7C:= 1G GC: K::F:= :AK2:55<6H 6H )14G6HB5 D1>:9 %2<H =12G:= GC26E7C GC: 6K:H<H7L 1H= 15 @:4<A

KE5C:= C<?5:4D G6 C<5 D::GL GC: =662 541??:=L 4:1F<H7 C<? 146H: 6H GC: 266D9

Td:2M DEHHML )14G6H9 (K:H GC: DE>I<H7 =6629U

.: C:12= 1 46E= M:4KL 1H= GC: =662 >2:1I:= 1S129 0 8C<G:;D1>:= )14G6H >26E>C:= 6H GC: 5G1<25 >4EG>C<H7C<5 5G6?1>C9 %2<H 815 H68C:2: <H 5<7CG9

@:4<A 7412:=9 TNC1G =<= M6E =6PU

T/6GC<H79U

'<I: C:B= 3:4<:F: GC1G9 .: =12G:= GC26E7C GC: 71K 3:D62: C: 815 5CEG 6EG 171<H 1H= ?1=: C<5 81M

=68H5G1<25 8<GC )14G6H D64468<H79

@:4<A C1= 3::H <H 5E>C 1 CE22M G6 7:G G6 GC: 266DL C: C1=HBG G1I:H <H GC: 5G1G: 6D GC: >15G4:9 &E<4=:25B

:YE<K?:HG 41M K<4:= EK 144 6F:2 GC: K41>:L =6625 C1= 3::H 2:?6F:= D26? C<H7:5L K415G<> 5C::G<H7 CEH7:F:2M8C:2:L 1H= C: 465G >6EHG 6D GC: HE?3:2 6D 41==:259 .: ?1=: 5E2: C: 814I:= EH=:2 H6H: 6D GC:?9

&:<H7 GC: GC<2G::HGC :124 815 31= :H6E7C9

)14G6H 54EH7 1 C1H= 6F:2 C<5 5C6E4=:29 T0G 4:15G 862IB5 3:<H7 =6H:9U

TQ:1C9U

TQ6E C1= H6 >C6<>:L @:4<A9 Q6E 8:2: 4E>IM GC: KE2>C15:2 81HG:= G6 2:5G62: <G9U

T, IH689U

T"C6E7C GC: 7EM <5 1 >6?K4:G: 4EH1G<>9U

%2<H 5G66= 81<G<H7 1G GC: 36GG6? 6D GC: 5G1<259 @:4<A 6K:H:= C<5 ?6EGC G6 G:44 C<? %2<H 815 GC: 4EH1G<>B5

=1E7CG:2 1H= GC:H 5CEG <G 171<H9 #6",-" 5;%9 9$;%-"601

T#:144MPU @:4<A 51<= <H 8C1G C: C6K:= 815 1H :H>6E217<H7 81M9

T.: 1>G5 4<I: C: 518 GC<5 K41>: 3:<H7 3E<4G9 .: 1456 GC<HI5 C: ?:G @21HI '46M= N2<7CG <H ,G14M9 "C1G

86E4= ?1I: C<? 8:44 6F:2 1 CEH=2:= M:125 64=9 .: 466I5 136EG GC<2GM9U

@:4<AB5 1GG:HG<6H 5H1KK:= D26? %2<H G6 C<5 D2<:H=9 T"C<2GMPU

TN:44L H68C:2: H:12 1 CEH=2:=9U )14G6H 5?<4:= 1G %2<H9 T/68L K4:15: <HG26=E>: ?: G6 GC<5 46F:4M 41=M9U

T%2<H O12I6FL =1E7CG:2 6D RM2:H O12I6F9U @:4<A G2<:= H6G G6 56EH= 5?E79

)14G6HB5 ?6EGC D:44 6K:H9 T);=1E7CG:2PU

T(D GC: 4EH1G<>L M:5LU %2<H 51<=9

@:4<A 3<G 31>I C<5 5?<4: 8C:H C: 518 GC: D4E5C 58::K 1>2655 )14G6HB5 D1>:9 /6G 6DG:H )14G6H 815GC268H 6DD C<5 5G2<=:9

TR622M9 O: 1H= ?M 3<7 ?6EGC9 RG:KD1GC:2 62 56?:GC<H7P R622M9 ,B? )14G6H &266I5L GC: 12>C<G:>G9U

@:4<A :4368:= C<? G6812= GC: =6629 T"C1HI5 D62 >6?<H7 6F:2 G6 2:5>E: E59U

)14G6H 5GE?34:= 1H= KE5C:= C<? 31>I9 T.68 136EG 6DD:2<H7 ?: 1 =2<HI 3:D62: , 5:G 6DD 6H GC1G 46H7L

362<H7 S6E2H:M 31>I G6 ?M >64=L 46H:4M 1K12G?:HGPU

TQ6E 6H4M 4<F: 5:F:H ?<4:5 181MLU @:4<A 51<=9 T0H= M6E =6HBG IH68 GC: ?:1H<H7 6D >64=9U .: :AC14:=



1 >46E= 6D 81G:2 F1K6E2 <HG6 )14G6HB5 D1>:9 T/62 46H:4MLU C: ?EGG:2:= EH=:2 C<5 32:1GC9

TQ:1CL 3EG ,B= 21GC:2 5K:H= GC: :F:H<H7 8<GC M6E9U )14G6H 41EH>C:= 1H6GC:2 =1JJ4<H7 5?<4: 1G %2<H9 TN:

>1H G14I 136EG GC: K41H5 D62 V:F:HCE25G9U

TN:B2: 76<H7 6EGLU @:4<A 51<=9

T,B44 >6?:9U

T(C H6 M6E 86HBG9U

TNC:2: 12: M6E 76<H7PU )14G6H 15I:=9

@:4<A 72<GG:= C<5 G::GC9 T@62 1 ?:149U

TNC:2:PU

TQ6EB2: H6G <HF<G:=9U @:4<A D62>:= GC: 862=5 3:G8::H >465:= 4<K59

T(I1ML 6I1M9 0H6GC:2 G<?:9U

NC:H C: 2:1>C:= GC: =662L )14G6H GE2H:= 1H= 71F: @:4<A 1 54M 72<H9 T)662B5 46>I:=9 -6<H7 G6 4:G ?:

6EGPU

T.68 =<= M6E 7:G <HPU %2<H 814I:= 6F:2 G6 K<>I EK GC: I:M D26? 1 5<=: G134:9 T,H D1>GL C68 =<= :<GC:2 6DM6E 7:G <HPU

&:C<H= C:2 31>IL @:4<A 5C6G C<5 D2<:H= 1 K4:1=<H7 466I9

TN<H=68 815 6K:H 1G GC: 2:129 , 5CEG <G 171<H9U )14G6H C:4= 6EG C<5 C1H= G6 %2<H9 T/<>: G6 ?::G M6EX

GC6E7C , GC<HI M6EBF: K<>I:= GC: 826H7 K2<H>:9 .:B5 4<I:4M G6 GE2H 31>I <HG6 1 D267 1G 1HM ?6?:HG9 ,B44

3: K6KK<H7 <H H68 1H=ZYE<G: 6DG:H G6 >C:>I 6H K2672:559U

"C: 5<7CG 6D GC: 4<H7:2<H7 C1H=5C1I: ?1=: @:4<AB5 3466= 36<49 "C: 8<HI )14G6H 5C6G C<? ?1=: C<5 D<5G5>4:H>C9 (H4M 8C:H %2<H GE>I:= <H 1G C<5 5<=: =<= C: D::4 C<5 C:12G 21G: 54689 NC1G GC: C:44 815 GC:

?1GG:2 8<GC C<?P .68 >6E4= C: 3: GC<5 K655:55<F:P .:B= 6H4M IH68H C:2 G8:HGM;D6E2 C6E259

T)6 , H::= G6 >C1H7:PU %2<H 15I:=9

TNC1G D62PU

T, GC6E7CGZU

T(C 5C<GL M:59 /69 Q:59U

T, 46F: =:><5<F:H:55 <H 1 ?1H9 -66= S63 M6EB2: 5G<44 1 36M 1H= ,B? G64:21HG9U

@:4<A 5YE12:= C<5 5C6E4=:259 TQ6E 466I 72:1G9 /6 H::= G6 >C1H7:9 , GC6E7CGZ8: >6E4= 76 G6 1H ,G14<1H K41>: , IH689 ,G =6:5HBG 466I 4<I: ?E>CL 3EG GC: ;;U

T':G ?: 815C ?M C1H=5 1H= 7:G ?M KE25:9U

] ] ] ] ]

%2<H 72<HH:= 8C:H 5C: 518 GC: 2:5G1E21HGL <G5 8<H=685 :G>C:= 8<GC GC: H1?: ;; #,R"(#0/"%

,"0',0/(9 OE5G C1F: G1I:H GC:? 17:5 G6 GC<HI GC1G EK9 @:4<A 815 134: G6 K12I 2<7CG 6EG5<=:9 .: >1?:26EH= G6 6K:H C:2 =662 1H= %2<H G66I C<5 C1H=9

T,GB5 K263134M >21KKM D66=LU C: ?E?34:=9

TN: >6E4= 1481M5 G2M GC: 2:5G1E21HG: :5K1f64 126EH= GC: >62H:2L 62 ?1M3: GC: 2:5G1E21HG D21Hg1<5 =68H

GC: 261=9U



.: 41E7C:=9 T0DG:2 M6E9U @:4<A E5C:2:= C:2 <H5<=:9

"C: K41>: 815 4127:2 GC1H <G 1KK:12:= D26? GC: 6EG5<=: 1H= K1>I:=9 '<F:4M ?E5<> K41M:= <H GC:

31>I726EH= 1H= 8C<G:;5C<2G:= 81<G:25 74<=:= 3:G8::H G134:5L K41G:5 3141H>:= 146H7 GC:<2 12?59 %2<H

G2<:= G6 2:?:?3:2 GC: 415G G<?: 5C:B= 3::H <H 1 2:5G1E21HG 1H= >6E4=HBG9 RC: >6E4=HBG 2:?:?3:2 GC: 415GG<?: D62 1HMGC<H7 3:M6H= 1 D:8 8::I5 1769 0 314=<H7 7EM 5C68:= GC:? G6 1 5K6G 1G GC: 2:12 1H= 4:DG

GC:? 8<GC ?:HE59

%2<H 21H C:2 C1H= 6F:2 GC: K2<5G<H: 8C<G: >46GC9 T, 1481M5 81HG:= G6 C1F: 1 76 1G 2<KK<H7 1 G134:>46GC

D26? EH=:2H:1GC 1 461= 6D K41G:5 1H= 74155:59U

@:4<A 5C6G C:2 1 741H>:9 TN:44L 2:5G21<H M6E25:4D9U

.<5 D1>: 2:41A:= 1 4<GG4: 8C:H C: 466I:= 1G GC: ?:HEL 1H= %2<H 86H=:2:= <D C:B= 3::H 8622<:= <G 86E4= 3: :AK:H5<F:9

T&6GG4: 6D 2:=PU C: 15I:=9

T0 74155 <5 D<H:9 Q6EB2: =2<F<H7L 1H= , =6HBG =2<HI ?E>C9U

"C: D1>G GC1G %2<H C1= GC2:: CEH=2:= K6EH=5 <H C:2 KE25: 815 <22:4:F1HG9 RC: 5E5K:>G:= @:4<A 86E4= 3:

G66 K26E= G6 4:G C:2 K1M9.: 62=:2:= GC: >C:1K:5G K<JJ1L 1H= %2<H K<>I:= 1 5G12G:2 15 C:2 ?1<H >6E25: ;; >C::5:;D<44:= 21F<64<L8C<>C 815 :F:H 4:55 :AK:H5<F:9

T,5 GC1G 144 M6E 81HGPU C: 15I:=9

%2<H H6==:=9 RC: C6K:= 5C: 815 76<H7 G6 3: 134: G6 :1G <G9

@:4<A 2:1>C:= 1>2655 GC: G134: G6 5G26I: C:2 D<H7:259 T,B= 562G 6D :AK:>G:= G6 81I: EK GC<5 ?62H<H7 1H=

D<H= M6E <H 3:= 8<GC ?:9U

T,B? EH5:GG4:= 1G H<7CG9 , =<=HBG 81HG G6 =<5GE23 M6E9U

T,B= C1F: 4<I:= <G <D M6E C1=9 ,H D1>GL , 815 >6EHG<H7 6H <G9U

%2<H 5?<4:=9 TNC1G C1F: M6E 3::H EK G6 G6=1MPU

T, =:4<F:2:= )1<5MB5 C:1=5G6H: 1H= 76G 26K:= <HG6 =6<H7 1 ?<H< 6H: D62 GC: >1G9U

T0CZ4:G ?: 7E:559 .:2: 4<:5 6E2 >1GL 5?6GC:2:= 3M )1<5ML 8C6 G2<:= G6 7:G EK 3EG 815 SE5G G66 41JM9U

%2<H 5H<77:2:=9

.: 21<5:= C<5 :M:326859

T.68 >6?: M6EB2: 5GE>I =6<H7 GC<H75 4<I: GC1GP Q6EB2: 63F<6E54M F:2M G14:HG:=L 56 8CM 12:HBG 862I<H76H :AK:H5<F: >6??<55<6H5PU

.: 2E33:= C:2 K14? 8<GC C<5 GCE?39 T/6G :15M G6 3E<4= EK 1 2:KEG1G<6H <H GC: 12G 8624=9 ,Z=<=HBG =6

?E>C D62 1 8C<4:L 1H= GC:H , 815 3E5M G2M<H7 G6 51F: V:F:HCE25G9 /6 G<?: G6 =6 1HMGC<H7 6GC:2 GC1H K4E7 C64:5 1H= C1??:2 <H H1<459U

T/6 G<?: D62 1 7<24D2<:H=PU

T, ?1=: G<?:L 1H= , 1456 ?1=: 1 ?<5G1I:9U

TNC1G 562G 6D ?<5G1I:PU

T"2E5G<H7 C:29 &:4<:F<H7 C:29 "C<HI<H7 <D , 815 6K:H 8<GC C:2L GC:H 5C:B= 3: GC: 51?: 8<GC ?:9U

.: G<7CG:H:= C<5 C64= 6H C:2 D<H7:25L 1H= %2<H D:4G 1 D415C 6D 1H7:2 C:B= 3::H CE2G9 "C:<2 D66= 122<F:=L



1H= %2<HB5 5G6?1>C 2:3:44:= 1G GC: 5?:449

TNC1G 136EG M6EP Q6E 326I:H 56?: 7EMB5 C:12GPU

T.<5 12?59U

.: 41E7C:=9 %2<H C6K:= 5C:B= 3::H S6I<H7L 3:>1E5: 5C: C1= H6 <=:1 8C:2: GC1G 2:5K6H5: C1= >6?:

D26?9

T.68 46H7 =<= M6E 76 6EG 8<GC C<?PU

%2<H =<=HBG 81HG G6 1H58:29 RC: C1= SE5G GC: GC<H7 G6 =<5G21>G C<? 1H= D4<KK:= 6DD C:2 5C6:9

NC:H @:4<A D:4G GC: G6E>C 1G C<5 726<HL C: D26J: 8<GC C<5 D62I <H C<5 ?6EGC9 /6G C:2 C1H=5L 8C<>C 8:2:6H GC: G134:L 3EG C:2 D66G9 .: 466I:= 1G %2<HL 1H= 5C: 5?<4:=9

T"1I: M6E2 D62I 6EG 6D M6E2 ?6EGC 3:D62: M6E 32:1I M6E2 G::GCLU 5C: 8C<5K:2:=9

(H: G6E>C C1= ?1=: C<5 >6>I 3E44:G;C12=9 .:2 G6:5 ?15517:= 146H7 C<5 4:H7GCL 1H= @:4<A =2177:= GC:

D62I D26? 3:G8::H C<5 4<K5L >C:8:= GC: >CEHI 6D K<JJ1L 5814468:=L 5814468:= 171<HL GC:H >6E7C:=9T(C WC2<5G9U

T.68 YE<:G >1H M6E 3:PU

.: =2177:= C<5 >C1<2 5<=:81M5 181M D26? C:2L 1H= GC: 4:75 ?1=: 1 46E= 5>2::>C<H7 H6<5: 15 GC:M

5>21K:= 1>2655 GC: G<4:= D46629 T/6G YE<:G 1G 1449U

%2<H 5CEDD4:= C:2 >C1<2 D62812= 1H= 2:5E?:= C:2 ?15517:9 @:4<A 5C6G 31>I EH=:2 GC: G134: 56 C<5 41K 1H=

C:2 D66G 8:2: >6F:2:= 3M GC: >46GC9 .: 1GG:?KG:= 1H6GC:2 ?6EGCDE4 6D K<JJ1 1H= <G 5GE>I <H C<5 GC261G9.: 54<= 6H: C1H= G6 C<5 41K 1H= 7215K:= C:2 D66G9 .: IH:8 =1?H 8:44 C: 5C6E4= KE5C C:2 181ML <H5G:1=

C: 5G26I:= 146H7 GC: 4<H: 6D C:2 12>C 8<GC C<5 GCE?39

T$H=6 M6E2 K1HG5LU %2<H 51<=9

@:4<A C:12= 1 46H7L 468 7261H 2644 6EG 6D C<5 GC261G9 T,Z,ZU &EG C<5 D<H7:25 54<= G6 GC: 3EGG6H 6H C<5G26E5:259 .: D4<>I:= <G D2:: 1H= :15:= =68H GC: J<KK:2 6F:2 C<5 GC2633<H7 >6>IL GC<HI<H7 GC: H6<5: 815

56 46E= :F:2M6H: C1= C:12=9 W1G>C<H7 C:2 G6:5L @:4<A K2:55:= GC:? <HG6 GC: 71K <H C<5 36A:25 1H= 8:G

GC: 36GG6? 6D C:2 D66G 8<GC K2:>E?9 (C -6=L C: 815 1H <=<6G9 NC1G GC: DE>I =<= C: GC<HI C: 815 =6<H7P

.: 2:144M =<=HBG H::= G6 7:G <HG6 GC<5 562G 6D 5C<G9 d<5<6H5 6D C622<D<:= D1>:5 1H= GC: 46H7 12? 6D GC: 4182E5C:= <HG6 C<5 C:1=9 "C:H %2<H 3:71H G6 2E3 C<? 8<GC C:2 G6:5L 1H= @:4<A IH:8 <G 815 G66 41G: 1H= C1=

3::H D62 1 46H7 G<?:9 .:B= 3::H <H G26E34: D26? GC: ?6?:HG C: 518 C:29

.:2 C1H= G2:?34:= 15 5C: 2:1>C:= D62 C:2 8<H:L 1H= @:4<A 821KK:= C<5 D<H7:25 126EH= C:25 15 5C: 4<DG:=

GC: 741559

TQ6E 12: 56 31=LU C: 8C<5K:2:=9

T)6 M6E 81HG ?: G6 3: 766=PU.<5 32:1GC C<G>C:= 15 C:2 G6:5 G:15:= GC: G6K 6D C<5 >6>I9 .: 815HBG 5E2: 8C:GC:2 G6 3: K4:15:= GC1G 5C:

C1= 5E>C =:AG:26E5 D::G9 .: 6E7CG G6 5G6K C:2X 56 8CM 815 C: 2E33<H7 C<5 >6>I 3:G8::H C:2 G6:5 1H= C<5

C1H=P

T,5 :F:2MGC<H7 144 2<7CGPU

@:4<AB5 C:1= 5C6G EK G6 5:: GC: 81<G:2 C6F:2<H7 H:12 GC: 6GC:2 5<=: 6D GC: G134:9 T@<H:L GC1HI59U

%2<HB5 G6:5 D4EGG:2:= 6F:2 GC: >2:5G 6D C<5 >6>I9



TO62: 8<H:PU

R6?:C68 GC: 4<GG4: ?6HI:M ?1H17:= G6 G21<4 C:2 3<7 G6: <H GC: 5:H5<G<F: 2<=7: SE5G 3:468 GC: G6K9 @:4<A

D4<H>C:=9 T/6L 8:B2: 766=9U

"C: 81<G:2 GE2H:= 181M 1H= @:4<A 5177:=9

T%1GLU C: 51<= G6 %2<H9

TQ6E G669U

.: 81G>C:= C:2 461= 1 ?<HEG: 1?6EHG 6D D66= 6HG6 C:2 D62I9

TNC:H , >C6I: 1H= M6E C1F: G6 =217 ?: 6HG6 GC: D4662 G6 7<F: ?: WV#L C68 12: M6E 76<H7 G6 :AK41<H?M 217<H7 C12=;6HPU .: G66I 1 58<7 6D 8<H:9

T#<762 ?62G<59U

@:4<A 14?65G 5K1G GC: 8<H: 31>I 6EG9 T(C , 1? 56 76<H7 G6 7:G M6E D62 GC<59U

.: 741H>:= 126EH=L 5E2: :F:2M6H: C1= G6 3: 5G12<H7 1G GC:?9 /6 6H: 815 466I<H7 GC:<2 81M9 %2<H

=26KK:= C:2 D66G D26? C<5 41KL 1H= C: 21<5:= 741J:= :M:59

T"C1HIZURC: 5C<DG:= C:2 >C1<2 H:12:2L 1H= C:2 C1H= G66I 6F:29

T(C DE>ILU @:4<A 7261H:=9

@:4<A KEG C<5 12? 6F:2 C:2 5C6E4=:2 1H= C<5 ?6EGC 171<H5G C:2 :129 TW1HBG M6E 81<GPU

TW1H M6EPU

.: 4:G 6EG 1 >C6I:= 41E7C9 /6L C: >6E4=HBG9 /6G H689 @:4<A 815 721G:DE4 5C: 815HBG G2M<H7 G6 K2646H7

GC<59 .<5 C1H= 1H= C:2 C1H= 862I:= G67:GC:2L 5YE::J<H7L KE?K<H7L 1H= G8<5G<H7 C<? G6 2:4:15:9 .: 3<G

=68H 6H GC: <H5<=: 6D C<5 >C::I5 15 C: D:4G GC: 62715? 2<5:9 ,G 815 4<I: 1 314466H 7:GG<H7 2:1=M G6 3E25GLGC: K2:55E2: <HG:H5: 1H= ?6EHG<H79 @:4<A =<=HBG =12: G1I: 1 32:1GC <H >15: C: ?1=: 1 H6<5:9 .: GE2H:=

C<5 D1>: <HG6 C:2 C1<2L C<5 C:12G 1H= 4EH75 2:1=M G6 3E25G 146H7 8<GC C<5 >6>I9 2;8<= 0;8< 9

"C: K1<H 3:C<H= C<5 :M:5 3:>1?: 5C12K 1H= <HG:H5:L 1H= GC: ?6?:HG C:2 K14? ?6F:= 6F:2 GC: G6K 6D

C<5 >6>IL C: 4:G 769 @:4<A KE45:= <HG6 C:2 C1H=L 72<GG<H7 C<5 G::GC 1H= >4EG>C<H7 C:2 5C6E4=:29

NC:H GC: 415G =:4:>G134: 5CE==:2 C1= D1=:= 181ML C: 7E4K:= 1 ?6EGCDE4 6D 1<2 8<GC 1 H6<5M 715K9 R6

?E>C D62 I::K<H7 YE<:G9 .<5 C:12G 815 D41KK<H7 4<I: 1 D<5C 6EG 6D 81G:2L 1H= @:4<A 815 K2:GGM 5E2: :F:2M

=<H:2 >6E4= C:12 <G9 %2<H 2:?6F:= C:2 >E?;D<44:= C1H=L 1H= @:4<A GE>I:= C<5 >6>I 181M 1H= J<KK:=

C<?5:4D EK9 .: 51G 31>I <H C<5 >C1<2 1H= 81G>C:= C:29

%2<H =<KK:= 1 D<H7:2 <HG6 C:2 >EKK:= K14? 1H= 54<KK:= <G 3:G8::H C:2 4<K59 .:2 :M:5 46>I:= 6H C<5 D1>:L

5C: 2:K:1G:= GC: 1>G<6H9 @:4<A GC6E7CG C:B= H:F:2 3::H ?62: GE2H:= 6H <H C<5 4<D:9 .<5 31445 8:2: :?KGML

GC: >6HG:HG5 5<GG<H7 <H C:2 C1H=L 3EG C: D:4G GC:? G<H74<H7 15 <D 1H6GC:2 62715? 466?:=9 (H: 54<>I D<H7:2

815 6DD:2:= G6 C<? 1H= @:4<A 5E>I:= <G <HG6 C<5 ?6EGCL 4<I<H7 GC: G15G:L H6G 56?:GC<H7 C:B= :F:2 =6H:EHG<4 C:B= ?:G %2<H9 RC: 4<>I:= C:2 K14? >4:1HL G66I 1 5<K 6D 8<H:L 1H= 72<HH:=L C:2 5C<H<H7 :M:5 DE44 6D

?<5>C<:D9

T)6HBG ?6F:LU C: 51<=9

.:B= C1= 1 >21JM <=:1L 1H= 5C: 815 76<H7 G6 >65G C<? ?6H:M C: =<=HBG C1F:L 3EG @:4<A 81HG:= G6 =656?:GC<H7 5K:><14 D62 C:29 .: K1<= GC: 3<44 1H= C1= 1 862= 8<GC GC: ?1H17:29 "MK<>14 ,G14<1HL EK D62

1HMGC<H79 @:4<A 3:>I6H:= %2<H 6F:29 NC<4: 5C: C1= C:2 31>I G6 GC: G134:L 81<G:25 ?6F:= <H9 "C: K41>:

815 5G<44 >268=:= 1H= >E5G6?:25 GE2H:= <H GC:<2 5:1G5L 5:H5<H7 GC<5 815 862GC 81G>C<H79



TQ6E IH68 GC1G 56?:GC<H7 M6E 81HG:= G6 =6PU @:4<A 15I:=9 %2<H D268H:= 1H= C: GE2H:= C:2 126EH=9

T-6 D62 <G9U

"C: G134: 8C:2: GC:MB= 51G C1= 3::H 2:41<= 8<GC >4:1H K41G:5L >EG4:2ML 74155:5L 1H= 1H EH>62I:= 36GG4:9

%?KGML @:4<A C6K:=9

T0HM G<K5PU %2<H 15I:= GC: ?1H17:2L 8C6 5G12:= 1G C:2 8<GC 1 466I <H C<5 :M:5 GC1G @:4<A =<=HBG 4<I:9

T)6 <G D15G9UTOM C1H=5 12: 1 3<G 5G<>IMLU 5C: 51<= 1H= 8<HI:= 1G @:4<A9

.: 7261H:= 1H= GC:H 71K:=9 0 >644:>G<F: 715K 6D 15G6H<5C?:HG 58:KG 126EH= GC: 2:5G1E21HG9 %2<H C:4=

GC: 8C<G: 4<H:H >46GC <H C:2 C1H=9 "C: >6HG:HG5 6D GC: G134: 5G66= EH=<5GE23:=9 R6?:6H: 5G12G:= G6 >41K

1H= GC:H :F:2M6H: S6<H:= <H9 .1= C: 34<HI:= 1H= ?<55:= <GP @E>I<H7 C:44L 5C: 815 D15G9

T071<HLU 1 F6<>: 5C6EG:=9

%2<H 814I:= 6EG 6D GC: 2:5G1E21HGL 1H= 6H GC: 81M 5C: 2<KK:= GC: >46GC D26? :F:2M G134: 5C: K155:=8<GC6EG 56 ?E>C 15 21GG4<H7 1 741559 @:4<A 5G66= <H 5GEHH:= =<53:4<:D9 %2<H G66I 1 368 3M GC: =662 1H=

C1H=:= GC: K<4: 6D 4<H:H G6 1H 6K:H?6EGC:= 81<G:29

RC: 5G66= 81<G<H7 3M GC: >12 8C:H @:4<A :?:27:=9

T.68 GC: DE>I =<= M6E =6 GC1GPU .: K2:55:= C:2 EK 171<H5G GC: >12 =662L 1H= 54<= C<5 C1H=5 126EH= C:2

81<5G9 T, >6E4= 2:HG M6E 6EG D62 K12G<:59 "C: ?1H17:2 71F: ?: 1 F6E>C:2 D62 E5 G6 :1G D2:: H:AG G<?:9 ,IH:8 M6E 8:2: 76<H7 G6 >6?: <H E5:DE49U

(H4M C: C1=HBG ?<55:= GC: D1>G GC1G %2<H C1= :1G:H C12=4M 1 GC<H79

!"#$%&' 405"%

T)6 M6E C1F: 1 K2634:? 8<GC D66=PU @:4<A 15I:=9

@26? GC: 81M %2<HB5 36=M G:H5:=L C: IH:8 C:B= ?1=: 1 ?<5G1I:9

RC: GE2H:= G6 466I 1G C<?9 TNCMPU

M""7 9$;% 4$;/! -!;/ 9 TQ6E =6HBG :1G :H6E7C9 02: M6EZPU

T, 1? )$/ 1H62:A<>LU 5C: 5H1KK:=9

J,8< $00= 5,8< $001 N" ,)3 49 5(@ 4$;/!1

T)6 , 466I 1H62:A<>PU

"C:M 41M H1I:= 6H GC: >6E>C <H K65G>6<G14 2:K65:9 "C:M C1=HBG 76G 15 D12 15 GC: 3:=266?9 @:4<A C1=

>6H5<=:2:= DE>I<H7 C:2 <H GC: >12 1H= =:><=:= <G 815 G66 =1H7:26E5L 4:G 146H: >64=9

T/6L M6E =6HBGLU C: 1=?<GG:=9 T,GB5 SE5G GC1G , >6E4=HBG C:4K H6G<>: M6E =<= 4<GG4: ?62: GC1H E5: M6E2 D62I

G6 G1I: M6E2 21F<64< 6H 1 5<7CG5::<H7 G6E2 6D M6E2 K41G:9U

.: 21H 1 C1H= EK GC: >E2F: 6D C:2 C<KL <HG6 GC: =<K 1G C:2 81<5GL 1H= EK G6 C:2 32:15G9 %2<H ?<7CG 51M 5C:815HBG 1H62:A<>L 3EG ?1M3: 5C: 815 1 2:>6F:2<H7 6H:9 RC:B= 4:G <G 54<K 5C: 815 2:>6F:2<H7 D26?

56?:GC<H79 (H4M C68 >6E4= 5C: 5E2F<F: 8<GC6EG :1G<H7P @:4<A 5G26I:= C:2 H<KK4: 8<GC C<5 GCE?39

T, 815HBG CEH72ML 3EG M6E 81HG:= G6 76 6EG 1H= , =<=HBG 81HG G6 5K6<4 <G D62 M6E9U RC: 5?<4:=9 T0H= ,

C1= DEH9U



@:4<A ?:4G:=9 %2<H =<=HBG 466I GC<H9 RC: 466I:= K:2D:>G9 0K12G D26? GC65: G<HM D4185 6H C:2 31>I9 W6E4=

GC:M 3: 5G2:G>C ?12I5P O1M3: 5C:B= 6H>: 3::H GC: 5<J: 6D 1 8C14:9 &EG @:4<A <)"+ GC: CE?1H 36=M9

.:B= 5K:HG M:125 5GE=M<H7 <G D62 C<5 EH<F:25<GM =:72:: 1H= D62 C<5 K:256H14 K4:15E2:9 RG2:G>C ?12I5 8:2:

7:H:2144M D6EH= 6H D4:5C<:2 K12G5 6D GC: 36=M+ GC<7C5L 32:15G5L 1H= 5G6?1>C5L H6G 31>I59

TN<44 M6E K1<HG GC: =2176H 6H ?: G6H<7CGPU 5C: 15I:=9

T,D M6E :1G 56?:GC<H79U >! 0;8<= !$+ !,3 /!,/ -6(77"3 $;/*

%2<H 5G12G:= G6 KE44 181ML 1H= C: M1HI:= C:2 31>I9

TV4:15:9 ':G ?: ?1I: M6E 1 51H=8<>C9 Q6E >1H 2:41A 1H= H<334: 8C<4: , =6 144 GC: C12= 862I9U

%2<H 5<7C:=9 T044 2<7CGL ,B44 C1F: 1 51H=8<>C9U

TNC1G =6 M6E 81HG <H <GPU

TR:1 54E7 8<GC >15C:8 HEG59U

.: 21<5:= C<5 :M:326859

TNC1GP ,GB5 1 =:4<>1>M <H d<:GH1?LU 5C: 51<=9

T,B? 6EG 6D >15C:859UTWC::5:9U

T@<H:9 '<: GC:2: 1H= =6HBG ?6F:9 ,B44 3: 31>I 8<GC GC: K1<HG5 1H= GC: D66=9U

%2<H IH:8 5C:B= C1F: G6 :1G GC<5 51H=8<>C GC6E7C 5C: =<=HBG D::4 CEH72M9 RC: 815 D1<24M >:2G1<H 5C:

815HBG 1H62:A<>9 RE2:4M 04<><1 86E4= C1F: G64= C:29 O1M3: 5C: 5C6E4= 15I H:AG G<?: 5C: :;?1<4:= C:2

D1GC:29 "C6E7C 56 D12 GC: >6??EH<>1G<6H C1= 3::H 6H: 81M9 &:D62: 5C:B= 76H: 6HG6 GC: 266DL %2<H C1=5:HG RM2:H =:G1<45 6D :F:2MGC<H7 GC: 862I:25 C1= =6H: GC1G D<25G =1M 1H= C: C1=HBG :F:H 1>IH684:=7:=

2:>:<KG9

,G 815 1 766= <=:1 6D @:4<AB5 G6 ?:2:4M K1<HG GC: =2176H 6HG6 C:2 5I<H9 "1GG665 8:2: 1 3<G G66 K:2?1H:HGL1H= 8C:H 5C:B= 51<= 5C: 81HG:= 6H: SE5G 4<I: C<5L %2<H C1=HBG ?:1HG G6 <?K4M 1HMGC<H7 6GC:2 GC1H GC:D1>G GC1G 5C: 4<I:= GC: =:5<7H9 "C6E7C 6H GC1G ?1GG:2L C:2 C:12G 1H= C:1= =<=HBG 172::9 RC: 2:144M 4<I:=

@:4<A9 O62: GC1H 2:144M 4<I:=9 .: 815 C6H:5G 1H= 5G21<7CGD62812=L 1H= C: >12:= 136EG C:29

.: >1?: 31>I <HG6 GC: 266? >122M<H7 1 866=:H 36A 1H= 1 K41G:9 RC: 51G EK 1H= @:4<A C1H=:= C:2 GC:

51H=8<>C 8<GC 1 5G:2H 466I 3:D62: 76<H7 G6 GC268 1H6GC:2 467 6H GC: D<2:9 %2<H >C:8:= GC: :=7: 6D GC: 32:1=9

T)6 M6E 81HG :A1>G4M GC: 51?: 15 ?<H:PU C: 15I:=9

F"-9 T.68:F:2 <G >6?:5 6EG9 ,D , =6HBG 4<I: <GL , >1H 815C <G 6DD9 "C1GB5 8C1G M6E 51<=L 2<7CGPU

TQ:K9 R<G 8<GC M6E2 31>I G6812= ?: 1H= ,B44 =6 GC: G1<4 D<25G9 ,B44 =218 GC: 6EG4<H: 1H= GC:H K1<HG <G <H9U%2<H G2:?34:= 8<GC GC: D<25G G6E>C 6D GC: K:H9

TQ6E C1F: G6 C64= 5G<449U .: K1E5:=9 T0H= :1G GC1G 3466=M 51H=8<>C9U

&M GC: G<?: C:B= D<H<5C:= C:2 31>IL %2<H C1= D62>:= =68H GC2::;YE12G:25 6D 8C1G C:B= 7<F:H C:29

@:4<A 3:1?:=9 T-66= 7<249U

%2<H 5>684:=9 T,B= 21GC:2 C1F: C1= 5:1 54E79U

T,B44 I::K 1H :M: 6EG D62 <G <H GC: 726>:2M 5G62:9 , 86H=:2 <D GC: >6??6H 62 712=:H 54E7 8<GC K:1HEG5



86E4= 3: 15 G15GM9U

TQ6E >6E4= G2M <G D62 ?: 1H= 5::9U

@:4<A 5?<4:=9 T'<: 6H M6E2 31>I9 "C: K1<HGB5 =2M 56 <G 86HBG 5?E=7:9U

%2<H 81G>C:= C<5 D1>: 15 C: IH:4G 1G C:2 5<=: G6 =218 1H= K1<HG 6H C:2 36=ML C<5 >6H>:HG21G<6H <HG:H5:L

C<5 3268 DE2268:=9 .<5 =12I 34E: :M:5 H:F:2 5G21M:= D26? GC: G<K 6D C<5 32E5C9 %2<H D:4G :F:2M 5G26I: 15

GC6E7C C: >12:55:= C:2 C:12GL :F:2M G6E>C 5:HG 5K<2145 6D 812?GC <HG6 C:2 3:44M9 R<H>: C<5 >6>I 815 <26H;C12=L 5C: 7E:55:= @:4<A 815 15 GE2H:= 6H 15 C:29

TQ6E2 32:1GC<H7 <5 2:144M 5C14468LU C: ?E2?E2:=9 TQ6E C12=4M ?6F:9U

T, =6HBG 81HG M6E G6 54<K 1H= 8<GC 6H: 4<GG4: 5G26I: 6D M6E2 32E5C GE2H 1 5C:;=2176H <HG6 1 C:9U

.: 41E7C:= 1H= 466I:= 1G C:2 D1>:9 T,BF: 1 766= ?<H= G6 7<F: <G 366359U

T,BF: :1G:H 144 GC: 51H=8<>CL 466I9U %2<H 5814468:= GC: 415G ?6EGCDE4 1H= 4<>I:= C:2 4<K59

T-66=9U @:4<A 5G12:= 1G C:2 ?6EGC D62 1 ?6?:HG9 NC:H C: 466I:= =68H 171<HL C<5 S18 =26KK:=9 TNC1G

GC: DE>IPU

TNC1GB5 GC: ?1GG:2PU

T"C1GB5ZGC1GB5 H6G 8C1G , =2:89U

%2<H 3:HG C:2 C:1= 56 5C: >6E4= 466I9 TNC1GB5 826H7 8<GC <GPU

@:4<A :AC14:=9 T/6GC<H7L <GB5Z<GB5 SE5GZ, ?E5G C1F: 3::H =<5G21>G:= 3M M6E2 K:2D:>G 32:15G59 )<=HBG

2:14<J: 8C1G ,B= K1<HG:=9 )6HBG 8622M9U

T,5 GC1G e=6HBG 8622M <GB5 YE<G: 1 >EG: 5H1I:B 62 e=6HBG 8622M , 71F: GC: =2176H D<F: 4:75BPU

T,GB5 1 =2176H 144 2<7CGL :A>:KG <G C15 36GC 8<H75 DE44M 6EG9U .: 5C66I C<5 C:1=9 T,B? 76<H7 ?1=9U

%2<H >465:= C:2 :M:59 T)6 M6E IH68 C68 5:AM GC<5 <5P ,GB5 4<I: 1 3<2=B5 D:1GC:2 5G26I<H7 ?:9 %F:2M H:2F::H=<H7 <5 G<H74<H79 %5K:><144M GC: 6H:5 <H GC: K41>: M6E 5::? G6 4<I: GC2E5G<H7 <HG69U

.: 7261H:=9 T,B? G2M<H7 H6G G6 GC<HI 136EG M6E2 46F:4M H1I:= 36=M 1H= 8C1G ,B= 21GC:2 3: =6<H7 G6 <G9 ,

812H M6E ,B? :AK:>G<H7 1 3<7 GC1HI;M6E 8C:H ,BF: D<H<5C:=9U

.: 58:KG GC: 32E5C G6 C:2 H<KK4: 1H= %2<H G:H5:=9 RC:B= 3::H G2M<H7 H6G G6 GC<HI 136EG 5:A G66L 6H4MD26? GC: ?6?:HG C: 5G12G:= G6 K1<HGL C:2 5:H5:5 C1= ?6F:= G6 C<7C 14:2G9 NC:H:F:2 C<5 32:1GC D4EGG:2:=

6F:2 C:2L G2<>I4:5 6D 812?GC 5::K:= <HG6 C:2 5I<H 1H= G66I GC: D15G:5G 26EG: G6 C:2 KE55M9 RC: ?<7CG

1KK:12 G6 3: F:2M 5G<44L 3EG :F:2M 6271H YE<F:2:=9 /68 C: 815 K1<HG<H7 C:2 32:15GL <G 815 15 GC6E7C GC:

D<H14 D:8 M12=5 6D DE5: 8<2: C1= 3:7EH G6 3E2H C6GG:2 1H= 32<7CG:2L 8<GC 1 ?155<F: :AK465<6H <??<H:HG9

T"6E>C M6E25:4D9U

.<5 F6<>: 815 C6125:9 %2<H 6K:H:= C:2 :M:5 1H= 326E7CG C:2 D<H7:2 G6 C:2 H65:9

T"2M 171<H9 , 81HG G6 81G>C M6E 32<H7 M6E25:4D 6DD9U

T)6HBG 34<HILU 5C: 51<=L 1H= @:4<A 14?65G >C6I:= 41E7C<H79

RC: 5K2:1= C:2 4:75L GC:H 54<= C:2 C1H= 6F:2 C:2 3:44M 1H= =68H 3:G8::H C:2 GC<7C59 (C -6=L 5C: 815

56 8:G9 RC:B= K263134M 4:DG 1 =1?K K1G>C 6H C<5 >6E>C9 -66= S63 <G 815 >6F:2:= <H 1 =12I ?1G:2<149 %2<H

21H 1 D<H7:2 146H7 C:2 58644:H D64=5 1H= 5<7C:=9 RC: 71GC:2:= EK C:2 >2:1? 1H= 6DD:2:= <G G6 C<?9 @:4<A5E>I:= C:2 D<H7:2 <HG6 C<5 ?6EGC 1H= 5G12:= <HG6 C:2 :M:59 .: 21H C<5 G6H7E: =68H <GL KE44<H7 31>I G6

41H= 4<7CGL G:15<H7 ><2>4:5 126EH= GC: G<K 3:D62: :H7E4D<H7 <G 171<H9 @41?:5 4<>I:= 3:G8::H %2<HB5 4:75L

1H= GC: C:1FM 1>C: <H5<=: C:2 GC1G C1= 3::H 3E<4=<H7 <HG6 1 C:1K 6D K4:15E2: 5G12G:= GC: G::G:2 G6812=



>6441K5:9

@:4<A G66I C:2 C1H= D26? C<5 ?6EGC9 T$5: M6E2 6GC:2 C1H=9 "C<5 6H:B5 ?<H:9U

.: 5E>I:= C:2 D<H7:2 171<H 1H= >12:55:= C:2 8<GC C<5 812?L 56DG G6H7E:9 %2<H 54<= C:2 D2:: C1H= G6 C:2

>4<G9 (H: HE=7: 1H= 5C: 5G<DD:H:=9

T(C DE>ILU 5C: 8C<5K:2:=9 T@E>IL DE>IL DE>I9U

.: 54<KK:= C<5 D<H7:2 <HG6 C:2 ?6EGC 1H= %2<H 821KK:= C:2 4<K5 126EH= <GL 5E>I:= 1H= 2:4:15:=L 41F:= <G8<GC C:2 G6H7E:L G66I C<? =::K 1H= GC:H 5C144689 .: >6K<:= C:2 1>G<6H5 15 C: 5E>I:= C:2 D<H7:2L 1H=

C:1G KE45:= GC26E7C C:29

K +,)/ /$ 8$4"1

K 3$)C/ +,)/ /$ 8$4"1

%2<H 2E33:= 1>2655 GC: C12= HE3 6D C:2 >4<G 1H= C:2 ?E5>4:5 >6HG21>G:=9 cH68<H7 6H: G6E>C <H GC: 2<7CG

K41>: 86E4= 3: GC: :H=L 5C: 54<= 1 D<H7:2 <HG6 C:2 KE55ML 8<5C<H7 <G 8:2: @:4<A =6<H7 GC<5 8<GC C<5 >6>I9

R6?:C68 GC:M 5:7E:= <HG6 1 G2<1H7E412 2CMGC?9 @:4<A 5E>I:= C:2 D<H7:2 <HG6 C<5 ?6EGC 15 5C: KE44:= C:2D<H7:2 31>I D26? C:2 54<>I D64=5L 1H= GC:H %2<H 5E>I:= C<5 D<H7:2 <HG6 C:2 ?6EGC9 W2:1? 7E5C:=

3:G8::H C:2 4:75L GC: YE<F:2<H7 K2:55E2: <H C:2 ?E5>4:5 3E<4=<H7 3:M6H= GC: K6<HG 6D >6HG2649 RC:5E>I:= C12=:2 1G C<5 D<H7:2 1H= 56?:GC<H7 3E25G <H5<=: C:2L 1 C6GL 764=:H D466= GC1G 821KK:= C:2 <H2<KK4<H7 812?GC9 OE5>4:5 144 6F:2 C:2 36=M >6HG21>G:= 1H= 2:41A:=L 5YE::J<H7 6EG :F:2M 415G =26K 6D

K4:15E2:9 05 C:2 C1H= D:44 D26? C<5 ?6EGCL %2<H C:12= @:4<A K1HG<H79

T,B? 76<H7 G6 5K4<G 6K:H <D , =6HBG >6?:LU C: 51<= 8<GC 1 7261H9 T, H::= G6 3: <H5<=: M6E9U

@:4<A KE44:= C<5 D<H7:2 D26? C:2 ?6EGCL 1H= GC:M 36GC 715K:= 8C:H GC:M 518 >2<?56H9

TRC<Gb NC:2:B= GC: 3466= >6?: D26?P .15 1 26E7C G66GC 5>21G>C:= ?:PU C: 15I:=9

%2<H 72133:= C<5 C1H= 1H= 5E>I:= C<5 D<H7:29 W6HDE5<6H ?1=: C:2 C:1= 58<249 WC2<5GL C1= 5C: 3<GG:HC<?P 071<HP

@:4<A KE44:= C<5 D<H7:2 31>IL 466I:= 1G <GL 1H= D268H:=9 T/6G ?: GC1GB5 34::=<H79 , ?E5G C1F: >EG M6E2?6EGC 8<GC ?M H1<49 N1HG ?: G6 G1I: 1 466IPU

T/6L <GB5 D<H:9U

%2<H C1= D:4G 56?:GC<H7 5C12K D62 1 ?6?:HGL GC6E7CG 5C: ?<7CG C1F: >C<KK:= 1 G66GCL 3EG <G D:4G 6I1MH689

.: 72<HH:=9 T-66=9 , =6HBG 81HG 1HM ?:=<>14 :?:27:H><:5 8C:H , C1F: GC: 562G 6D :?:27:H>M 6H4M M6E

>1H =:14 8<GC9U

TO1M3: ,B= 4<I: M6E G6 =:14 8<GC <G9U

T0H6GC:2 G<?:9U

@:4<A 51G 6H GC: >6E>C 1H= 4<DG:= C:2 6HG6 C<5 41K9 .<5 ?6EGC 54<= G6 C:2 32:15G 1H= C: GE77:= C:2 H<KK4: 3:G8::H C<5 G::GC9

T)1?HL , ?E5GHBG =6 GC1G EHG<4 M6EBF: 1G 4:15G 5::H GC: =2176H9 ,B? 76<H7 G6 5?E=7: <G5 C:1=9 -6 1H=

>C:>I 6EG ?M ?15G:2K<:>: <H GC: 31GC266? ?<22629 ,D , C1F: 1 D:8 5:>6H=5 6D H6G 466I<H7 1G M6EL , ?<7CG

?1H17: G6 415G ?62: GC1H 1 ?<HEG:9U

%2<HB5 C:12G 5G12G:= G6 =6 8:<2= D4<K5L 1H= <G 815HBG SE5G D26? @:4<AB5 581G 6H C:2 31>I5<=: 15 5C: 76G EK9O<226259 RC: 815HBG 5EKK65:= G6 466I <H 1 ?<22629 .:2 D::G 5468:= 15 5C: 1KK261>C:= GC: =68H5G1<25

>461I266?9 (H: 466I 86E4=HBG CE2GL 86E4= <GP RC: 5G:KK:= <H D26HG 6D <G 1H= C:2 :M:5 >465:=9 %2<H



14?65G 41E7C:=9 O1M3: 5C: 815 <H>1K134: 6D 466I<H7 <HG6 1 ?<22629 RC: =<=HBG :F:H IH68 8C1G >646E2

C:2 :M:5 8:2:9

TNC1G =6 M6E GC<HIPU @:4<A >144:=9 TQ6EB2: G66 YE<:G9 )6HBG M6E 4<I: <GPU

T.1H7 6H9 ,B? 51F6E2<H7 GC: ?6?:HG9U

(H: YE<>I 741H>: 815HBG 76<H7 G6 I<44 C:29 "C:2: 8:2: H6 K12:HG5 126EH= G6 D268H <H =<51KK26F149 %2<H

6K:H:= C:2 :M:5 1H= 5G12:=9.:2 5C6E4=:25 54E?K:=9 "C:H 5C: 5?<4:=9 &466=M @:4<A 1H= C<5 G2<>I ?<22629 044 5C: >6E4= 5:: 815 GC:

8144 6KK65<G:9 #<7CG9 RC:B= K41M C<? 1G C<5 68H 71?:9 %2<H 36EH=:= 31>I <HG6 GC: 4<F<H7 266? 1H=

4:1K:= 6F:2 GC: 31>I 6D GC: >6E>C 6HG6 C<5 31>I9 RC: 82:5G4:= C<? G6 GC: 2E7 <H D26HG 6D GC: D<2: 1H=

K<HH:= C<? =68H9

T, 46F: <GLU 5C: 51<=9 T, :5K:><144M 4<I: GC: 74<HG <H C:2 :M:9U

T"C: 6H: GC1G 51M5 5C:B5 G26E34:9 -E:55 8C:2: , 76G GC: <H5K<21G<6HPU

@:4<A 2644:= 56 5C: 41M EH=:2 C<?9 .: =26KK:= C<5 C:1= G6 C:2 32:15GL 32E5C:= C<5 812?L F:4F:G;56DG 4<K5

1>2655 C:2 H<KK4:L 1H= 5E>I:=9 %2<HB5 36=M 1>C:= D62 C<?9 05 566H 15 GC:MB= ?1=: 46F:L 5C: 81HG:= G6

=6 <G 171<H9 RC: D:4G :?KGM 8C:H C: 815HBG 8<GC C:2L 815HBG <H5<=: C:29 .<5 C1H=5 54<= 146H7 C:2 12?5EHG<4 GC:<2 D<H7:25 4<HI:= 1H= C: C:4= C:2 5K2:1=;:174:=9

T, 81HG G6 4<>I GC: =2176H 6DD M6E2 5I<HL 56 , >1H K1<HG <G 31>I 171<HLU C: 8C<5K:2:=9

TQ6E 5C6E4= C1F: E5:= G15GM K1<HG59U

T,G =6:5HBG ?1GG:29 Q6E G15G: =:4<><6E5 :H6E7C9U

.: =<KK:= C<5 C:1= 1H= 4:G C<5 G::GC 721J: =68H C:2 GC261G 1H= 146H7 GC: 36=M 6D GC: =2176H G6 C:2

H<KK4:9 @:4<A D4<>I:= C<5 G6H7E: 6F:2 GC: 58644:H G<KL 1H= >6HG<HE:= G6 4<>I 1H= 5E>I EHG<4 %2<H 82<GC:= 3:H:1GC C<?9

TRC<GL %2<HL , C1F: H6 >6HG264 126EH= M6E9 %F:2M G<?: , GC<HI ?1M3: , >1H 81<G 1 4<GG4: 46H7:2 G6 DE>I

M6EL , D<H= , >1HBG9UT)6HBG 81HG M6E G6 81<G9 W1H M6E 3: YE<>IPU

.: 71F: 1 >C6I:= 41E7C 1H= 4:F:2:= C<?5:4D EK9 T/69U

TW1H M6E 3: F:2M YE<>IPU

T, >6E4= K263134M ?1H17: GC1G9U

%2<H 466I:= =68H 1G C<5 >6>IL 1 =26K 6D K2:>E? 3:1=<H7 GC: 5C<HM C:1=9

TQ6E =6 2:14<J: M6EBF: 2E<H:= ?:LU C: 8C<5K:2:=9

.: KE5C:= 171<H5G C:2 D64=5 1H= HE=7:= <H5<=:L 5G2:G>C:= C:2 1H= I:KG KE5C<H7 EHG<4 C: 815 144 GC: 81M

<H ;; 3<7L C6GL 1H= 564<=9 "C:M 5<7C:= 1G GC: 51?: G<?:9 ':G 6EG 1 7E274: 6D 41E7CG:2 1G GC: 51?: G<?:9T,GB5 4<I: 3:<H7 C:4= <H 1 56DG F:4F:G 746F:LU C: 51<=9

%2<H 5YE::J:= C:2 ?E5>4:5 1H= C: 715K:=9 T(C 5C<GL 1 G<7CGL 56DG F:4F:G 746F:9U

RC: M1HI:= C:2 C1H=5 D2::L >1E7CG C64= 6D C<5 C:1=L 1H= GC2:1=:= C:2 D<H7:25 <H C<5 C1<29 NC:H 5C:

KE44:= C<? =68H D62 1 I<55L @:4<A GC2E5G =::K:2 <H5<=: C:2L D62><H7 1 7261H D26? C:2 GC261G9 .: I<55:=C:2 4<K5L C:2 >C::I5L C:2 H:>I9

T0C 58::GC:12GL 8C1G GC: C:44 12: M6E =6<H7 G6 ?:PU



"C:<2 4<K5 ?:5C:= 1H= G6H7E:5 G1H74:= 15 C: DE>I:= C:2 8<GC C<5 ?6EGC 1H= C<5 >6>I9 %2<H =26KK:= C:2

C1H=5 G6 C<5 31>I5<=:L 1H= C<5 3EGG6>I5 >6HG21>G:= EH=:2 C:2 D<H7:259 .<5 C<K5 >215C:= <HG6 C:25 15 C:

726EH= C<?5:4D 171<H5G C:2L =218<H7 C<5 >6>I 14?65G 144 GC: 81M 6EG 3:D62: C: GC2E5G D62812= 171<H9

'6H7L =::KL =2<F<H7 <HF15<6H5 GC1G ?1=: %2<HB5 C:1= 58<? 1H= GE2H:= C:2 36=M <HG6 1 217<H7 5G62? 6D:A><G:?:HG9

"C: ?6G<6H 6D C<5 C<K5 <H>2:15:= EHG<4 C: 815 K6EH=<H7 C:2 <HG6 GC: 2E79 "C: ?62: C: KE5C:=L GC: ?62:

5C: 81HG:=9 .:2 CEH7:2 72:8 1H= GC: D<2: <H C<5 :M:5 7468:= 32<7CG:29 R6?:GC<H7 3:G8::H 1 72684 1H=1 >2M 3E25G D26? C:2 4<K59

T@:4<AbU

T\:5E5L %2<HL , >1HBGZU

.:2 4:75 8:2: C66I:= 126EH= C<?L C:2 H1<45 21I<H7 C<5 31>I 15 C: K68:2:= <HG6 C:29 @:4<A >2E5C:= C<5

4<K5 171<H5G C:25L 1H= 8<GC 6H: CE7: =2<F: GC1G 14?65G 5C6G C:2 <HG6 GC: D<2:K41>:L C: :AK46=:= <HG6 C:29

%2<H 815 >1E7CG <H GC: 31>I =21DGL =2177:= 8<GC C<? <HG6 GC: 62715?<> <HD:2H6 15 2:14 D41?:5 5>62>C:=C:2 5I<H9 @:4<A 2644:= 181ML G66I C:2 8<GC C<?L 5G<44 821KK:= <H C<5 12?5L C<5 >6>I KE45<H7 <H5<=: C:29

T,Z,Z6C DE>ILU C: 715K:=9

K 8,)C/ 6$-" !(41 H"C- 4()"1

%2<H C:4= C<? G<7CG:2L K2:55:= C:2 D1>: <HG6 C<5 C6GL 58:1GM >C:5GL 1H= 4<5G:H:= G6 C<5 K6EH=<H7 C:12G 1H=

2177:= 715K5 15 GC: 5K15?5 =<:= 181M9

TQ6EB2: 76<H7 G6 I<44 ?:LU C: 7261H:=9 T&EG 1G 4:15G ,B44 76 C1KKM9U

!"#$%&' 60*&

"C: ?6?:HG GC:M >6441K5:= 6HG6 @:4<AB5 3:=L C: D:44 154::K 6H C<5 31>IL 6H: 12? =21K:= 1>2655 C<5 :M:5L

GC: 6GC:2 2:5G<H7 6H C:2 C<K9 %2<H 21H C:2 D<H7:25 6F:2 C<5 G1GG66 1H= 34<HI:= 8C:H <G 2<KK4:=9 RC: 71F: 1YE<:G 41E7C9 (H4M C<5 ?E5>4:5 D4:A<H7 M:G D62 1 ?6?:HGL 5C:B= GC6E7CG C<5 =2176H C1= GE2H:= <G5 C:1= G6

466I 1G C:259 %2<H =<KK:= C:2 >C<H G6 5G12: 1G C:2 >C:5G9 /6 5?E=7: 8C:2: @:4<A C1= 3::H 4<>I<H79 /64655 6D >412<GM 6D GC: 6EG4<H: 62 =<??<H7 6D GC: >646E2 D26? 8C:2: GC:<2 36=<:5 C1= 2E33:= G67:GC:29 RC:

DE2268:= C:2 32689 @:4<A 51<= <G 86E4= 815C 6DD9

%2<H 54<KK:= 6EG 6D 3:= 1H= K1==:= <HG6 GC: 31GC266?9 RC: 81HG:= G6 5:: 144 C:2 =2176H9 @:4<A 86E4=HBG

C1F: D<A:= GC: ?<2262 EK5G1<25 15 8:44L 1H= <D 5C: =<=HBG G2M G6 466I 1G C:2 D1>:L ?1M3: C:2 321<H 86E4=4:G C:2 5:: GC: G1GG669 0 5C<F:2 6D 1KK2:C:H5<6H 5I<GG:2:= =68H C:2 5K<H:L 1H 1812:H:55 6D C68

<?K62G1HG <G 815 GC1G 5C: >6E4= 5:: C:2 2:D4:>G<6H9 %2<H G66I 1 =::K 32:1GC 1H= 5G:KK:= <H D26HG 6D GC:

?<22629

KC4 )$/ /!"%"1RC: >465:= C:2 :M:5 1H= GC:H 466I:= 171<H9

>! 0;8<= KC4 -/(66 )$/ /!"%"1

%2<H G2<:= G6 5814468 GC: 4E?K <H C:2 GC261G9 H$+ 8,) K )$/ 5" /!"%"* RC: 81F:= C:2 C1H=5 1H= SE?K:=

EK 1H= =68H9 O(<" /!,/ +(66 4,<" , 3(00"%")8"9 %2<H 466I:= 144 126EH= GC: ?<2262 3EG >6E4=HBG 5:: GC1G <G

C1= 3::H G1?K:2:= 8<GCL 1H= <H 1HM >15:L C68 >6E4= C: C1F: D<A:= <G G6 H6G 2:D4:>GP RC: K<>I:= EK@:4<AB5 G66GC32E5C 1H= C:4= <G <H D26HG 6D GC: 741559 >! ?$31 .$ !,)3 9 "C: 32E5C D:44 D26? C:2 D<H7:25

<HG6 GC: 315<HL 1H= %2<H 3:71H G6 5C1I:9 .68 >6E4= 5C: 5:: GC: G66GC32E5C 1H= H6G C:2 C1H=P



"C: <?K655<3<4<GM 6D <G ?1=: C:2 G2M 171<H E5<H7 GC: 561K9 .:2 :M:5 1H= ?6EGC 6K:H:= 8<=:2 15 5C:

81G>C:= GC: 8C<G: 346>I ?6F: 8<GC H6 5<7H 6D C:2 D<H7:25 >4EG>C<H7 <G9 >! ?$3 9 %2<H 76E7:= 6EG 1 4E?K

1H= 715K:=9 RC: 815 GC: <HF<5<34: 86?1H9 2;8<1 D!,/ /!" !"66 (- !,77")()@* H,A" K @$)" ()-,)"* %2<H

466I:= G6812= GC: 3:=266?L 81HG<H7 G6 81I: @:4<A 1H= 5:: <D C: 815 <HF<5<34: G669 RC: C:5<G1G:= 46H7:H6E7C G6 >C1H7: C:2 ?<H=9

%2<H >2:KG =68H5G1<25L =2:55:=L GC:H 8:HG 31>I G6 V:F:HCE25GL C:2 C:1= 1>C<H79 "C:2: C1= G6 3: 1H

:AK41H1G<6HX GC6E7C 5C: =<=HBG IH68 8C1G <G >6E4= 3:9 R<H>: H6GC<H7 467<>14 >1?: G6 ?<H=L %2<H 8:HGD62 GC: <4467<>149 RC: 815 =:1=9 0 7C65G9 &EG C68 >6E4= 5C: 3: <HG:21>G<H7 8<GC @:4<AP RE2:4M C:86E4=HBG 3: 134: G6 5:: C:2 62 DE>I C:29

$H4:55 C: 815 1 7C65G G669

NC<>C 86E4= C1F: G6 3: 5G2:G>C:= G6 <H>4E=: C:2 K12:HG5 1H= .:2?<6H: 1H= )14G6H9

/6G 1 7C65G9

%2<H K1E5:= 3M GC: D2<=7: 1H= 814I:= 6H9 "C: 51H=8<>C 51G C:1FM 6H C:2 5G6?1>C9 RC: =<=HBG D::4 4<I:

=2<HI<H7 V415?<A9 RC: C1= 1 D::4<H7 <G 86E4= >6?: 5G21<7CG 31>I EK9 %2<H 51G 8<GC C:2 >6?KEG:2 6H C:241K 1H= :;?1<4:= RM2:H9

RC: 81HG:= G6 =:?1H= 1H58:25 M:G 5E5K:>G:= GC1G 86E4= 7:G C:2 H68C:2:9 "1I<H7 1 =::K 32:1GCL %2<H 3:71H 3M GMK<H7 <H GC: =:G1<45 6D 56?:GC<H7 :45: GC: 3E<4=:25 C1= =6H: GC1G 5C: C1=HBG G64= C<? 136EG9

P!"9CA" 86",)"3 /!" 0$;)/,()1 K/ 6$$<- 6(<" )"+1 >! ,)3 59 /!" +,9= !$+ 8$4" K 8,)C/ -"" 49 0;8<()@

%"06"8/($)*

RC: 31>IG21>I:= 1H= G66I 6EG eDE>I<H7LB GC:H K2:55:= R:H= 3:D62: 5C: >6E4= >C1H7: C:2 ?<H=9 %2<H

C6K:= GC: >6??:HG 136EG GC: D6EHG1<H ?<7CG D664 RM2:H <HG6 GC<HI<H7 5C:B= 1>><=:HG144M 5K6GG:= 5C:

C1= H6 2:D4:>G<6H9 .1= 5C: H:F:2 466I:= <HG6 81G:2P /:F:2 741H>:= <H 1 ?<2262P .:2 :AK:>G1G<6H5 6D 12:K4M 8:2: H6G C<7C9 %2<H 7E:55:= RM2:H 86E4= <7H62: C:2L 3EG 15 5C: ?6F:= GC: >6?KEG:2 D26? C:2 41KL

<G 7()@"3 G6 G:44 C:2 5C: C1= ?1<49

D"C%" 8$)3(/($)"3 )$/ /$ -"" $;% %"06"8/($)-= '%()1 #%(3" 8$4"- 5"0$%" , 0,661 E/$7 6$$<()@ () 4(%%$%-1

.12=4M 1 51G<5D1>G62M 2:5K6H5:L GC6E7C 5C: 815HBG 5E2K2<5:=9 RC: IH:8 GC:2: 815 1 46G C:2 K12:HG5 >6E4=

G:44 C:2 GC1G GC:MB= >C65:H H6G G69 )<= GC:M 2:144M 81HG C:2 G6 2:?:?3:2 6H C:2 68HP O1M3: GC:M =<=HBG81HG C:2 G6 2:?:?3:2 1G 1449 044 GC: 1H58:25 41M <H5<=: C:2 56?:8C:2:L 1H= 5C: C1= G6 D<H= 1 81M 6D

7:GG<H7 G6 GC:?9 ,D 5C: >6E4= SE5G 2:?:?3:2 56?:GC<H7 ;; 1HMGC<H79 %2<H 5G12:= 1G C:2 41KG6K9

"C: 564<G12M >6HG1>G <H C:2 1==2:55 366I 815 RM2:H9 "C1G 815HBG H62?149 RC: ?E5G C1F: D2<:H=59 .1=

RM2:H 8<K:= C:2 >6?KEG:2P %2<H >C:>I:= GC: C<5G62M 76<H7 31>I 1 8::IL GC:H 1 ?6HGC9 /6GC<H79 "C:2:>M>4: 3<H 815 :?KGM9 RC: G1KK:= 1 D:8 I:M5 1H= =68H461=:= 1 D<4:;2:G2<:F14 K26721?L 3EG GC:2: 815

H6GC<H7 G6 2:G2<:F:9 "2<>I<:2 G6 2:5G62: GC: 32685:2 C<5G62ML GC6E7C <G GE2H:= 6EG G6 3: H6G 862GC GC:

:DD62G9 %2<H E5E144M =:4:G:= C:2 5K1? 8<GC6EG >C:>I<H7 <GL 3EG <G 6>>E22:= G6 C:2 GC1G <D 5C: H6 46H7:2 C1=D2<:H=5 <H C:2 1==2:55 366IL GC:H GC:<2 :;?1<45 ?<7CG 76 <HG6 GC: 54E5C K<4:9

D,/8! !"% @,-7 ,/ 9$;% )"+ -(Q"1

2$%@"/ ,5$;/ 0,(6;%"- () /!" 5"3%$$4 0$% /!%"" 4$)/!-1

F$;CA" +$) /!" RST 2$$6 O$//"%9I E")3 5,)< ,88$;)/ 3"/,(6- ,/ $)8"1

%2<H =<=HBG GC<HI GC65: 8:2: D26? C:2 D2<:H=59 "C: D6E2GC 815 D26? >6836MhF1?KE5:2F:9H:G9

%2<H >4<>I:= 6H <G9

D!"%" /!" !"66 ,%" 9$;*



RC: 815HBG 5E2: 5C: 81HG:= G6 1H58:2L :A>:KG <G 5::?:= G6 3: D26? 56?:6H: 8C6 IH:8 C:29 "C:2: 815

H6 G:?KG<H7 1GG1>C?:HGL 1H= >E2<65<GM 6F:28C:4?:= C:2 2:G<>:H>:9

D!9 3$ 9$; +,)/ /$ <)$+* %2<H GMK:= 1H= K2:55:= R:H=9

"C<5 G<?: GC:2: 815 H6 <??:=<1G: 1H58:29

] ] ] ] ]

N<GC C6E25 G6 76 3:D62: =18HL %2<H 81H=:2:= 126EH= GC: C6E5:9 N62I 5::?:= G6 3: 76<H7 6H 144 6F:2GC: K41>:9 "C: 5>:HG 6D K1<HGL 518=E5GL 1H= 8:4=:= ?:G14 H68 6F:28C:4?:= GC: 5G14: 6=6E2 6D H:74:>G9

O65G DE2H<GE2: 564= 8<GC GC: >15G4: C1= 3::H 5G62:= <H GC: 56412L GC: D1?<4MB5 K2<F1G: 12:19 ,G 815 GC: 6H4M

266? 1K12G D26? GC: 3126HB5 C144 1H= C:2 YE12G:25 GC1G 2:?1<H:= EHG6E>C:= 3M GC: 862I?:H9 %2<H

K<>I:= C:2 81M GC26E7C GC: 5G1>I5 6D >C1<25 G6 GC: 5YE<HGL 1 5?144 8<H=68 GC1G :H134:= GC: 68H:2 6DV:F:HCE25G G6 >C:>I 6EG 8C1G C<5 :?K46M::5 8:2: EK G6 <H GC: 3126HB5 C144 3:4689

%2<H D26J: 8C:H 5C: :=7:= <HG6 GC: G2<1H7E412 H66I9 V1H:44:= 8<GC 866=L 1 4<GG4: ?6E5: C1= 3::H >12F:=

<HG6 3:1=<H7 6H GC: 4:DG;C1H= 5<=:9 RC: 21H C:2 D<H7:2 6F:2 GC: C:1= 1H= =68H GC: G1<49 "C<5 815 GC:

?6E5: 5C:B= 3::H GC<HI<H7 136EG 8C:H 5C:B= D<25G 122<F:=9 %2<H 815 >6HF<H>:= 5C:B= 3::H C:2: 3:D62:L466I:= GC26E7C GC<5 5YE<HG 3:D62:L 1H= 5C:B= 3::H 8<GC 56?:6H:9 0 ?1H 8C6 466I:= 4<I: @:4<A9

"C: =<5>6F:2M 6D 1 46>I:=L 5:>6H=;5G62M 266? 1G GC: :H= 6D 1 >622<=62 5:HG C:2 31>I G6 7:G C:2 5:G 6D?15G:2 I:M59 /6H: 6K:H:= <G9 "C: 46>I 815 64= 56 %2<H 155E?:= <G C1=HBG 3::H >C1H7:= 8<GC GC: 6GC:259

"C: ?62: 5C: 5G12:= 1G GC: =662L GC: ?62: <?K:21G<F: <G 3:>1?: GC1G 5C: 6K:H <G9 RK:H=<H7 C6E25 8<GC 1 3:HG K<H 5::?:= K6<HG4:559 "C: C1??:2 4M<H7 H:123M G:?KG:= C:2 <G>C<H7 D<H7:25X <H5G:1= %2<H 8:HG

6EG5<=: 1H= >6EHG:= 8<H=685 EHG<4 5C: 815 >:2G1<H 5C:B= 46>1G:= GC: 2<7CG 6H:9

"C: ?66H 815 C<7CL GC2::;YE12G:25 DE44L GC: 5G6H:862I 7468<H7 K14: EH=:2 <G5 4<7CG9 %2<H H:<GC:2 GC6E7CG

H62 C:5<G1G:=9 RC: I<>I:= 6DD C:2 5C6:5 1H= 3:71H G6 >4<?39 @66G; 1H= C1H=C64=5 8:2: :15M G6 D<H= <HGC: 5G6H:L 14?65G 15 <D 5C: 142:1=M IH:8 8C:2: GC:M 8:2:9 RC: 54<KK:= 6H>: 1H= 54<GC:2:= 1 D:8 D::G

EHG<4 5C: >1E7CG 1 >21>I 8<GC GC: G<K5 6D C:2 D<H7:259 %2<H 41E7C:= 1H= 3:71H G6 >4<?3 171<H9

.68 5C:B= 6K:H GC: 8<H=68 8C:H 5C: 2:1>C:= <G C1= H6G 6>>E22:= G6 C:29 W4<H7<H7 G6 GC: 5G6H: 5<44L C:2

D::G 8:=7:= <HG6 1 GC<H S6<HGL %2<H K::2:= GC26E7C GC: 72<?M 741559 RC: >6E4= 5:: 4<GG4: ?62: GC1H5C1=68M 5C1K:59 /6 81M 86E4= 5C: 7<F: EK H689 %2<H KE5C:= C:2 G6:5 <H ?62: 5:>E2:4ML >E24:= C:2

D<H7:25 EH=:2 GC: 64= 8<H=68 D21?:L 1H= KE44:=9 RC: 815 2:812=:= 3M GC: 866= 7<F<H7 1 4<GG4:L 1H= 5C:

KE44:= C12=:29 .12=:2 5G<449 "C: 8<H=68 5E==:H4M 58EH7 6K:HL 1H= %2<H 58EH7 8<GC <GL C1H7<H7 6H G6GC: 36GG6? 6D GC: D21?: 15 5C: =1H74:= <H ?<=1<29 "C:2: 815 1 46E= 8%,8< L 1H= 3:D62: GC: 8C64: GC<H7

D:44 6EG 1H= G66I C:2 8<GC <GL %2<H 5>21?34:= EK GC: 5G6H: 1H= C<5G:= C:2 D::G 6F:2 GC: 5<44 G6 54<GC:2

<H5<=:9

"C: ?6?:HG C:2 31>I5<=: C<G GC: D4662L %2<H 715K:= <H 1412?9 RC: D:4G 5?6GC:2:= <H 51=H:55 15 GC6E7C5C:B= D144:H <HG6 56?: 8:<2= K<G 6D =:5K1<29 .:2 C:12G 1>C:=L 1H= G:125 8:44:= <H C:2 :M:59 %2<H C1= G6

G1I: 1 ?6?:HG G6 KE44 C:25:4D G67:GC:2 3:D62: 5C: 5G66= EK 1H= 466I:= 126EH=9 0 4127: 266? 8<GC H6

DE2H<GE2:L GC6E7C 3E4IM 2:>G1H74:5 4:1H:= 171<H5G :F:2M 81449 &:D62: 5C: 76G 15 D12 15 GC: 4<7CG 58<G>CL

%2<H 2:14<J:= 8C1G 5C:B= D6EH=9 V1<HG<H75 5G66= <H 4<H:5 146H7 GC: 814459 RC: K2:5E?:= GC:MB= 3::H5G62:= D62 51D: I::K<H7 8C<4: GC: 2:H6F1G<6H5 8:HG 6HL 3EG 86H=:2:= 8CM 5C: =<=HBG C1F: 1 I:M G6 GC<5

K12G<>E412 266?9

.<5 3:=266?9

%2<H D268H:=9 NC65:P "C:2: 815 56?:GC<H7 D1?<4<12 136EG GC: 266?9 RC: C1= GC: =<5G<H>G <?K2:55<6H5C:B= 3::H <H C:2: 3:D62: 1H= E5:= GC: 51?: ?:GC6= 6D :HG2M9 R6?:GC<H7 51= C1= C1KK:H:= C:2:9 %2<H

81<G:=L C6K<H7 D62 1 4<7CG3E43 ?6?:HGL 3EG GC: D::4<H7 6D D1?<4<12<GM D1=:=9 RC: 466I:= 126EH= 1G GC:

5G1>I5 6D 12G862I9 R6?: 6D GC:? 8:2: CE7:9 RC: KE44:= 31>I 1 >6GG6H 5C::G G6 2:F:14 1 7<4G;D21?:=



?6H5G:2 D:1GE2<H7 G86 D1G ?:H 8<GC D1H>M 8<75 5<GG<H7 6H E74M C625:59 0H6GC:2 5C68:= 1 726EK 6D 74E?

>C<4=2:H 5G1H=<H7 8<GC 1 =67 3<77:2 GC1H GC:?9 "C: K1<HG<H75 8:2: 56 4127:9 %2<H 86H=:2:= C68 GC:MB=

3::H ?1H6:EF2:= <HG6 GC: 266?9

0G GC: 6GC:2 :H= 6D GC: 5>14:L 56?: >1HF15:5 8:2: C12=4M 4127:2 GC1H GC: 5<J: 6D K1K:231>I 366I59 05%2<H 8:HG GC26E7C GC:?L 5C: 2:14<J:= 5C: 815 466I<H7 1G @:4<AB5 1H>:5G625 ;; M:125 1H= M:125 862GC 6D

GC:?9 ,G 815 4<I: 5H66K<H7 GC26E7C 56?:6H:B5 KC6G6721KC 143E?59 "C: GC6E7CG 326E7CG %2<H EK 5C62G9

RM2:H 1H= 04<><1 C1= H6 KC6G6721KC5 <H GC:<2 C6?:L H6 K<>GE2:5 6D GC:?5:4F:5 62 6D %2<H9 N15 GC1GD623<==:H G66P (2 >6E4= H6 >1?:21 >1KGE2: GC:<2 <?17:5P

%2<H =<=HBG 3:4<:F: GC: 2E33<5C 136EG GC:? 3:<H7 G66 3:1EG<DE49 ,D H6G D62 GC: D1>G GC1G @:4<A C1=HBG 2EH

181M D26? C:2 5>2:1?<H7L %2<H ?<7CG C1F: 3::H ?62: <H>4<H:= G6 3:4<:F: <G 815 3:>1E5: 5C: 815 56

E74M9 RC: G<KK:= 31>I 1H6GC:2 K1<HG<H7 G6 466I 1G <GL 1H= GC: 32:1GC >1E7CG <H C:2 GC261G9 0 4<GG4: 5G6H:

32<=7: 5G21==4:= 1 31334<H7 3266IL 1 ?1H 1H= 86?1H 4:1H:= 171<H5G GC: K121K:GL 1H= <H GC: =<5G1H>:815 1 3E<4=<H7 GC1G 466I:= 4<I: V:F:HCE25G9 "C1G 32<=7:9 %2<H >465:= C:2 :M:5 1H= G2<:= G6 2:?:?3:29

RC: >6E4= 5:: GC: 32<=7: 1H= GC: 81G:2 2EHH<H7 3:H:1GC <G9 0 C6G =1M9 0 K<>H<>9 0 5G64:H I<559 %2<HB5 :M:5

D4:8 6K:H 1H= 5C: 5G12:= 1G GC: K1<HG<H79 RC: =<=HBG 2:>67H<J: GC: =12I;C1<2:= 86?1H GC6E7C GC: 34E:

36HH:G 1H= >2:1? =2:55 >465:4M D<GG:= EH=:2 GC: 3E5G 466I:= D1?<4<129 RC: C1= 1 C:12G;5C1K:= D1>: 1H=

=1H><H7 72::H :M:59 "C: ?1H 466I:=Z %2<H 41E7C:=9 .: 466I:= 1 46G 4<I: @:4<A9 N:44L 1K12G D26? GC:>46GC:59 .: 862: 1 C<7C;>64412:= 8C<G: 5C<2GL 1 >26KK:= 2<=<H7 >61GL 1H= K14: G26E5:25 GE>I:= <HG6 366G59

%2<H D268H:=9 .68 >6E4= 5C: 2:?:?3:2 1 K<>H<>L 1 =2:55L 1H= 1 I<55P "C1G 815 >21JML C:2 6F:21>G<F:<?17<H1G<6H G2<77:2:= 3M GC<5 2:41G<F: 6D @:4<A 8C6 466I:= 56 ?E>C 4<I: C<? 8<GC C<5 5>2EDDML 5EH;

5G2:1I:= C1<2L 5YE12: >C<HL 1H= =12I 34E: :M:59

%2<H 466I:= GC26E7C GC: 2:5G 6D GC: K1<HG<H75L 1H= GC:2: 8:2: 1 D:8 ?62: GC1G 5:G 6DD 3EGG:2D4<:5 <H C:2

5G6?1>CL GC6E7C H6 ?62: 6D GC: 86?1H 1H= 6H4M 1 >6EK4: 6D GC: 766=;466I<H7 7EM9 @1>:5 5C: D6EH=D1?<4<12 62 K41>:5P %2<H C1= H6 <=:19 0 K2<>I4: 21H =68H C:2 5K<H:L 1H= 5C: 741H>:= G6812= GC: 8<H=68

G6 5:: G:44G14: 5G2:1I5 6D 5<4F:2 4<7CG D461G<H7 136F: GC: >46E=M :15G:2H C62<J6H9 RC: C1=HBG H::=:= G6

466I G6 IH68 =18H 1KK261>C:=9 %2<H D:4G <G9 RC: 4:DG GC: 266? GC: 51?: 81M 5C:B= :HG:2:=L KE5C<H7 GC:8<H=68 D<2?4M >465:= 136F: C:2 C:1=9

-6<H7 =68H K26F:= G2<>I<:2 3:>1E5: 5C: >6E4=HBG 5:: GC: C1H=; 1H= D66GC64=5 1H= C1= G6 D::4 D62 GC:?9

%2<H >6H5<=:2:= 76<H7 EK <H5G:1=L >4<?3<H7 G6 GC: 266D 1H= D<H=<H7 1H6GC:2 81M =68H9 >! ?$3= +!9 3$

K /!()< /!,/C- +!,/ K 3(3 6,-/ /(4"* %A>:KG 5C:B= K26?<5:= @:4<A H6G G6 76 EK GC:2:9 0 ?6?:HGB5<H1GG:HG<6H 1H= %2<HB5 G6:5 54<K:= D26? GC:<2 K2:>12<6E5 72<K 6H GC: 5G6H:9 RC: CEH7 <H ?<=1<2L D26J:H D62

1 5K4<G 5:>6H=L IH68<H7 5C: 815 76<H7 G6 D1449

>! -!(/1

%2<H >215C:= GC26E7C 1 G2:: 1H= 36EH>:= 6DD 1 4127: 3E5C G6 :H= EK 5K2184:= <H GC: =<2G9 U,4)1 S(77"3

49 -!(%/ 9 RC: 76G G6 C:2 D::GL 5GE>I C:2 G6:5 31>I <H C:2 5C6:5L 5C66I C:25:4D 6DDL GC:H 814I:= G6 GC:D26HG 6D GC: 3E<4=<H79 .:2 12? CEH7 1G 1 3<G 6D 1H 6== 1H74:9 ,G >2655:= %2<HB5 ?<H= 5C: ?<7CG C1F:

326I:H <GL 3EG <G =<=HBG 2:144M CE2GL 8:44 H6G ?E>C9 >$!= 4,95" (/ 3$"-9 ):41M:= 2:1>G<6H9 %2<H >4EG>C:=

<G 1H= 8<H>:=9 RC: H::=:= G6 3: <H5<=:9 .:2 :M:5 I:KG G2M<H7 G6 >465:9

RC: 46>I:= C:25:4D <HG6 C:2 K12G 6D GC: C6E5:9 $5E144M 5C: 5G1M:= 181I: 46H7:2 GC1H GC<5L >:2G1<H4M D62 14<GG4: 8C<4: 1DG:2 GC: 5EH >1?: EK9 /68 :F:2M >:44 5>2:1?:= 1G C:2 GC1G 5C: H::=:= G6 2:5G9

R:F:H ?62: 5G:K5 G6 GC: 3:=9 %2<H SE5G ?1=: <G9

] ] ] ] ]

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DE>I<H7 C13<GL 1H= C: =<=HBG 4<I: <G9 NCM GC: DE>I =<=HBG 5C: 81HG G6 5K:H= GC: H<7CG 8<GC C<?P )<= C:



5H62:P @12GP V<>I C<5 H65: <H C<5 54::KP V<>I C:2 H65:P NC1GP

.: 2:G2<:F:= 1 4127: 8:=7: 6D >41M D26? GC: K415G<> 3122:4 1H= C:1F:= <G 6HG6 C<5 862I3:H>C9 .: C1=

K4:HGM G6 6>>EKM C<5 ?<H= 8<GC6EG GC<HI<H7 136EG %2<H O12I6F 1H= 8CM 5C: =<=HBG 81HG G6 5K:H= GC:

H<7CG 8<GC C<?9 .: H::=:= 1 K<:>: D62 1 7144:2M 566H G6 3: 6K:H:= 3M 6H: 6D C<5 EH<F:25<GM 4:>GE2:259@:4<A C1= 465G ?65G 6D C<5 D2<:H=59 .: =<=HBG 81HG G6 DE>I EK GC: >C1H>:5 C: 76G 8<GC GC65: C: C1= 4:DG9 0

C625: 815 8C1G C:B= K41HH:=L M:G 15 566H 15 C: 3:71H G6 862I GC: >41ML @:4<A IH:8 GC1G 815HBG 8C1G

C:B= :H= EK 8<GC9 .<5 :?6G<6H14 >6HH:>G<6H 8<GC GC<5 K<:>: 815 <H5G1HG9

NC:H C<5 KC6H: 21H7L @:4<A 71F: C<5 C1H=5 1 26E7C 8<K: 1H= 5H1G>C:= <G EK9 .: C6K:= D62 %2<H 1H= 76G)14G6H9

T):G1<45LU )14G6H 51<=9

T@E>I 6DD9U

TN:44L ,B? >144<H7 G6 5:: C:2 G6=1M G6 ?1I: 5E2: GC: 862IB5 76<H7 6I1M9 ,B44 D<H= 6EG D62 ?M5:4D9U

@:4<A >C:8:= GC: <H5<=: 6D C<5 ?6EGC 1H= 51<= H6GC<H79

T0HM 63S:>G<6HPU )14G6H 15I:=9

T, >1HBG 5G6K M6E =6<H7 M6E2 S63L 3EG M6E ?1I: 6H: ?6F: 6H C:2 1H= ,B44 5G2<H7 M6E EK 3M M6E2 314459U

)14G6H 41E7C:=9 TQ6EB2: 4E>IM 5C: =6:5HBG 466I 4<I: GC: 31>I :H= 6D 1 3E59 "C<5 81M M6E 7:G G6 I::K

V:F:HCE25G 8<GC GC: <H:5G<?134: 36HE5 6D 1 F:2M DE>I134: 8<D:9U

@:4<AB5 C:12G 54E?K:= <HG6 C<5 5G6?1>C9 T"C1G C15 H6GC<H7 G6 =6 8<GC <G9U

T)6HBG G:44 ?: <G C15HBG 6>>E22:= G6 M6E9 )6 , H::= G6 5K:44 <G 6EGP Q6EB2: 76<H7 G6 7:G ?122<:= 566H:2 62

41G:29 NCM H6G C:2P Q6EB= C1F: V:F:HCE25G 31>I <H M6E2 >4EG>C:5L 1H= 56?:6H: :45: 8<44 C1F: K1<= D62

GC: 2:K1<259 WC2<5GL <D , =<=HBG IH68 3:GG:2L ,B= 51M M6E K41HH:= GC<59 /6 86H=:2 M6E C1= GC1G >41E5: <HGC: >6HG21>G GC1G 4:G M6E I::K GC: >61>C C6E5:9 Q6EB2: =1?H:= 4E>IM %2<HB5 56 7627:6E59 ,D M6E =6HBG

7<F: C:2 1 2<H7L ?1M3: , 8<449U

@:4<A 541??:= GC: KC6H: =68HL 15 1HH6M:= 8<GC C<?5:4D 15 C: 815 8<GC )14G6H9 OE>C 15 C: ?<7CG H6G81HG G6 1=?<G <GL GC: <=:1 6D ?122M<H7 %2<H 1H= 7:GG<H7 V:F:HCE25G 31>I C1= 5C6G <HG6 @:4<AB5 C:1= GC:?6?:HG C: IH:8 C:2 D1GC:2 815 GC: 3EM:2L 1H= <G C1= H6G 76H: 181M9

!"#$%&' +&*

NC:H @:4<A C:12= GC: =662 G6 C<5 5GE=<6 31H7 6K:H 1H= GC:H 541? >465:=L C: 8C<KK:= 1 >46GC 6F:2 GC:

>41M C: 815 862I<H7 6H9 .: GE2H:= 15 %2<H 2E5C:= <HL 36EH><H7 8<GC C1KK<H:55L 1 3261= 5?<4: 6H C:2

D1>:9 .68 >6?: C: D:4G K4:15:= G6 5:: C:2 1H= DE2<6E5 8<GC C:2 1G GC: 51?: G<?:P @:4<A C1= 5K:HG GC:

=1M DE?<H7L =:G:2?<H:= H6G G6 >C15: C:29 &M GC2:: 6B>46>I C:B= 7<F:H <HL 76H: 26EH=L 1H= 31H7:= 6HGC: =662 6D C:2 K2<F1G: 266?59 RC: C1=HBG 1H58:2:=9 /6H: 6D GC: 862I?:H C1= 5::H C:2 144 =1M9 @:4<A

155E?:= 5C:B= 76H: 6EG9 05 GC: =1M 862: 6HL 1HH6M1H>: I:KG C<5 D::G <H C<5 5GE=<6 1H= C<5 C1H=5 <H GC:>41M9 /68 5C:B= GE2H:= EK 8C:H GC: =1M 815 H:124M 6F:2 15 GC6E7C H6GC<H7 8:2: GC: ?1GG:29

TN1HG G6 >6?: D62 1 814IPU 5C: 15I:=9

@:4<A 741H>:= 6EG GC: 8<H=68 15 C: 815C:= C<5 C1H=5 1G GC: 5<HI9 T,GB5 =12I9U

TR6PU

.:B= 21GC:2 814I C:2 <HG6 3:=9 T,GB5 >64=9U



TR6PU

@<H14 G2M9 T,GB5 76<H7 G6 21<H9U

.:2 :M:5 4<G EKL 1H= 5C: 3:1?:= C:2 46F:4ML 12G4:55 72<H9 T, IH689U

@:4<A >6E4=HBG C:4K <G9 .: 41E7C:=9 TNC:2: =6 M6E 81HG G6 76PU

T/6G D129U

@:4<A 46F:= C:2 <?KE45<F:H:55L GC6E7C C: 8<5C:= 5C:B= >C65:H 1 5EHHM =1M D62 1H :A>E25<6H 1H= H6G 1

>64=L 8<H=M H<7CG9

RC: >1E7CG C<5 C1H= 1H= KE44:=9 T.E22M9U

@:4<A 5H177:= 1 S1>I:G D26? 1 C66I 15 5C: =2177:= C<? 6EG5<=:9 05 C: 5C6F:= C<5 12?5 <HG6 GC: 54::F:5L%2<H 815 142:1=M 2EHH<H7 =68H GC: =2<F:9 RC<GL 5C: 815 D15G9 .68 GC: DE>I >6E4= 5C: 3: GC1G YE<>IP .:

815 8C::J<H7 3M GC: G<?: C: >1E7CG EK 8<GC C:2 1G GC: 71G:59 %2<H 815HBG :F:H 32:1GC<H7 C12=9

T(EG 6D >6H=<G<6HPU 5C: 15I:=9

@:4<A 72684:= 1H= 5C: =12G:= 181M 15 C: ?1=: 1 7213 D62 C:29

T)6 , 68H GC1G D<:4=PU RC: H6==:= G6812= GC: 71G: 1>2655 GC: 261=9TQ:5Z3EG <GB5 4:G 6EGZG6 1 5C::K D12?:29U .: >6E4= C12=4M >1G>C C<5 32:1GC9

RC: 21H 1>2655 GC: 261= ;; 6C -6=L 8<GC6EG 466I<H7 ;; 1H= CE2=4:= GC: ?:G14 71G:9 @:4<A 34<HI:=9 .1= C:

SE5G 5::H GC1GP /6 81M9 .: ?E5G C1F: ?<55:= C:2 D66G G6E>C<H7 GC: G6K9 %F:H 56L <G 815 1H <?K2:55<F:

4:1K9 .: >C:>I:= H6GC<H7 815 >6?<H7 1H= D64468:=9

NC:H C: 2:1>C:= %2<HB5 5<=:L 5C: 815 3:H=<H7 6F:2 <H GC: ?<==4: 6D GC: D<:4= KE44<H7 56?:GC<H7 6EG 6DC:2 31>IK1>I9

TNC1GB5 GC1GPU

TV68:2 I<G:9U

@:4<A 741H>:= EK 1G GC: 5IM9 T,B? H6G 5E2: <GB5 1 766= <=:1 G6 D4M 1 I<G: <H GC<5 562G 6D 8:1GC:29U >! ?$3=

K -$;)3 6(<" 49 0,/!"%1

RC: 466I:= 1G C<? <H >6H5G:2H1G<6H9 T&EG <GB5 8<H=M9U

0H= 7:GG<H7 =12I:2L @:4<A 81HG:= G6 1==9 ,G 815 76<H7 G6 21<H9 V263134M GCEH=:29 NC<>C ?:1HG GC:2:86E4= 3: 4<7CGH<H79 E!(/ 9 W46E=5 21>:= 1>2655 GC: 5IML =12I 72:M GCEH=:2C:1=5 7268<H7 <H GC: 8:5G9 %2<H

EHD64=:= GC: I<G: 1H= 5C66I <G <HG6 GC: 8<H=9 0 7E5G >1E7CG GC: >1H6KM 1H= 82:H>C:= C:2 D62812=9 @:4<A

GC2:8 C<?5:4D 1G C:2 1H= 5H177:= C:2 81<5G 3:D62: 5C: >215C:= =68H9

T.1F: M6E =6H: GC<5 3:D62:PU .: 5E5K:>G:= C: 142:1=M IH:8 GC: 1H58:29

T/6L 3EG , 2:1= GC: <H5G2E>G<6H59U

RC: 5YE:14:= 15 GC: 8<H= GE77:= C:2 EK9 @:4<A M1HI:= C:2 =68H9

T%AK41<H C68 M6E D4M <GLU C: 715K:=9

%2<H 72<HH:=9 TVE44 4:DG G6 76 4:DG 1H= 2<7CG G6 76 2<7CGL 1H= =6HBG 4:G 769U

@:4<A 7261H:=9 T, GC<HI <G ?<7CG 3: 1 3<G ?62: >6?K4<>1G:= GC1H GC1G9U

.: 321>:= C<?5:4D 3:C<H= C:2L 21H C<5 12?5 146H7 C:25L 1H= >1E7CG C64= 6D C:2 54::F:5 15 %2<H G8<5G:=

C:2 82<5G5 G6 4:G 6EG GC: 4<H:59 "C: 32<7CG M:4468 I<G: 265: 58<DG4M <HG6 GC: 1<2L =E>I<H7 1H= =<F<H7 <H GC:

58<24<H7 >E22:HG59 @:4<A =E7 C<5 C::45 <HG6 GC: 726EH= 15 GC: 8<H= G2<:= G6 =217 GC: I<G: 181ML GC: D62>:



14?65G 5G26H7 :H6E7C G6 4<DG GC:? 36GC <HG6 GC: 1<29

>! 0;8< 9 ,G +,- 5G26H7 :H6E7C9 $K 1H= EKX GC:H 15 GC: I<G: K4E??:G:=L GC:M 541??:= 31>I G6 :12GC <H 1

K<4: 6D G1H74:= 4<?359 %2<H 41E7C:=9 @:4<A ?61H:=9 0 ?6?:HG 41G:2L GC: I<G: 815 1<2362H: 171<H 1H= GC:M

31GG4:= G6 I::K >6HG2649

T"C: 8<H=B5 G66 5G26H7LU C: 5C6EG:=9

.: 815HBG 5E2: 8CM GC:M 36GC C1=HBG 3::H C6<5G:= ?<4:5 <HG6 GC: 1<2 1H= =:4<F:2:= G6 GC: %?:214=c<H7=6?9 "C:H GC:M =<= G1I: 6DDL 265: 136EG 5<A D::GL 1H= G21F:44:= GC2:: G<?:5 GC1G =<5G1H>:9 @:4<AB5

C:12G 5G6KK:= 1H= %2<H 5YE:14:= <H S6M9 RC: 815 1 HEG>15:9 .<5 12?5 1>C:= G2M<H7 G6 >6HG264 GC: =1?H:=

GC<H7 1H= C1H7 6H G6 C:2 1G GC: 51?: G<?:9 @:4<A 815 5G26H7 3EG C64=<H7 31>I GC: I<G: 815 4<I: G2M<H7 G682:5G4: 1 72<JJ4M 3:129 .: 815HBG 76<H7 G6 8<HL 1H= C: =<=HBG K12G<>E4124M 81HG G6 C1F: C<5 12?5 2<KK:=

6EG GC:<2 56>I:G59

%2<H 86E4=HBG 7<F: EK9 O62: SE?K5L ?62: D14459 "C:MB= 3: >6F:2:= <H 32E<5:5L 3EG C:2 :HGCE5<15? 815

<HD:>G<6E5L 1H= 1DG:2 1 8C<4: @:4<A 3:71H G6 :HS6M C<?5:4D9 .68 46H7 5<H>: C:B= =6H: 56?:GC<H7 5GEK<=P@E>I <GL GC1G C1= 3::H C<5 ?<==4: H1?: D62 ?62: M:125 GC1H C: >12:= G6 2:?:?3:2 1H= 15 D12 15 C<5

K12:HG5 8:2: >6H>:2H:=L C<5 6H4M H1?:9 .: E5:= G6 3: <HG:HG 6H :HS6M<H7 4<D:L 2:712=4:55 6D GC:

>6H5:YE:H>:5X GC6E7C 1DG:2 C<5 3<7 ?<5G1I:L C:B= =6H: 1 46G 6D 7268<H7 EK9 R<H>: C:B= >6?: C6?: 1H=

1>>:KG:= GC: ?1HG4: 6D 2:5K6H5<3<4<GM GC1G 815 C<5 3<2GC2<7CGL GC: DEH C1= 76H:9 /68 %2<H C1= 814I:=<HG6 C<5 5GE=<6L <HG6 C<5 C:12GL 1H= ?1=: C<? 2:?:?3:2 8C1G <G 815 4<I: G6 K41M9

T':G ?: 769 , 81HG G6 5:: C68 C<7C , >1H D4MLU 5C: 5C6EG:=9

(F:2 C<5 =:1= 36=M9 "C: 2E?34: 6D GCEH=:2 815 YE<G: >4:12L GC: 5K415C 6D 21<H 6H C<5 D1>: EH=:H<134:9

T%2<HL 8: C1F: G6 5G6K9 ,GB5 G66 =1H7:26E59U

T"C:2:B5 H6 4<7CGH<H7LU 5C: 51<=9

TQ:1CL GC:2: <59U

0 5G2:1I 63:=<:HG4M D415C:= 1>2655 GC: 5IM G6 K26F: C<? 2<7CG9 O6?:HG5 41G:2 >1?: GC: K:14 6D GCEH=:29

0 4<GG4: G66 >465: G67:GC:2 D62 @:4<AB5 4<I<H79TN: H::= G6 8<H= GC: I<G: <HLU C: 5C6EG:=9

@:4<A G2<:= G6 32<H7 GC: =1?H:= GC<H7 EH=:2 >6HG264L 3EG <G 815 144 6F:2 GC: 5IML =12G<H7 D26? 6H: 5<=: G6

GC: 6GC:2 4<I: 1 D2<5IML 6F:25<J:= >1H12M9 0 5H1K 6D 4<7CGH<H7 4<G EK GC: 5IM G6 3: >C15:= 3M 1H6GC:2

GCEH=:26E5 726849 "C: I<G: 815 =:G:2?<H:= G6 32:1I D2::L 1H= @:4<A 71F: EK9

T':G GC: 3466=M GC<H7 76LU C: M:44:= <H C:2 :129

"C: 21<H 3415G:= =68HL <>M K:44:G5 C<GG<H7 GC:<2 D1>:59

T(H GC2::LU @:4<A 5C6EG:=9 T(H:9 "869 "C2::9U

"C: I<G: K4E??:G:=L GC:H 5612:=L 1H= 8C<4: C<5 C1H=5 8:2: H68C:2: H:12 <GL %2<HB5 8:2: 1H= D62 1

?6?:HG 5C: 5E2D:= :4:71HG4M 1>2655 GC: 72155 3:D62: 5C: 54<KK:= 1H= 815 =2177:=9 @:4<A 4:1KGD21HG<>144M 1G C:2 4:75L GC: I<G: =26KK:= 171<H 1H= ;; /!,)< 0;8< ;; GC<5 G<?: =<=HBG ?6F:9 %2<H 2644:= 6HG6C:2 31>IL 41E7C<H7L C:2 :M:5 8<=: 1H= 5C<H<H79 "C: H:AG D415C 6D =1JJ4<H7 :4:>G2<> 4<7CG ?1=: GC:? 36GC

5G12G9 "C: D64468<H7 >41K 6D GCEH=:2 56 D15GL @:4<A IH:8 GC: 5G62? C6F:2:= =<2:>G4M 6F:2C:1=9

&:D62: C: >6E4= 7213 C:2L %2<H SE?K:= G6 C:2 D::G 1H= 3:71H G6 =1H>: <H GC: 21<H9 E!(/I N15 5C: ?1=P

@:4<A =<=HBG 81HG G6 ?6F:9 /6 3E<4=<H7 H:123M G6 K26F<=: 5C:4G:2L GC:M H::=:= G6 7:G 468 <H GC: 72155L>E24 <HG6 1 3144L 3EG 5G1M 6H GC:<2 D::G9 "C: 5IM 5K12I4:=L GC: >21>I 6D GCEH=:2 56EH=:= 171<HL 1H= GC:

C1<25 6H GC: 31>I 6D C<5 H:>I 3:71H G6 G<H74:9 R!V$!1 .$/ @$$3 9 @:4<A ?1=: 6H: 7<71HG<> 4:1K G6 32<H7



C:2 =68H9 .: GC2:8 C<?5:4D 6H G6K 6D C:2L D6276G GC: >E24<H7 EKL 1H= C:4= C:2 G<7CG9

,H 1 5K4<G 5:>6H=L %2<H 2644:= 6H G6K 6D C<? 1H= K2:55:= C<? <HG6 GC: 8:G 721559 "C: 341J<H7 4<7CG

34<H=:= C<?L GC: H6<5: =:1D:H<H79 ,G D:4G 4<I: GC: GCEH=:2 C1= 2644:= GC26E7C C<5 36=M9 @62 1 ?6?:HG

@:4<A >6E4=HBG ?6F:L C:12L 62 D::49 .1= GC:M 3::H 5G2E>IP

%2<H ?6F:= 6DD C<?L 1H= C: 5<7C:= <H 2:4<:D EHG<4 1 H1I:= %2<H ?6F:= 31>I 6H G6K9 RC: DE?34:= <H C<5 K1HG5L C:2 D<H7:25 821KK:= 126EH= C<5 >6>I9 .68 GC: C:44 C1= 5C: 76G C:2 >46GC:5ZP "C:H @:4<A

5G6KK:= GC<HI<H79 .: 815 <H5<=: C:2 1H= C: D:4G :F:2MGC<H79 RC: 815 2<=<H7 C<?L 2<=<H7 GC: 5G62?L C:2

C:1= GC268H 31>I 15 5C: 726EH= C:25:4D =68H 6H C<5 <H>2:15<H74M :A><G:= >6>I9 @:4<A 815 K<55:= 6DDLDE2<6E5L 1H= F:2M 126E5:=9 .: 81HG:= G6 I<44 C:29 "C1G 86E4= C1F: G6 81<G EHG<4 C:B= DE>I:= C:29 O1M3:

C:B= 51F: G<?: 1H= DE>I C:2 G6 =:1GC9

@:4<A 41M 6H C<5 31>I <H GC: K6E2<H7 21<HL 1 H1I:= 86?1H 6H G6K 6D C<?L 1H= 86H=:2:= C68 ?E>C ?62:

8:<2= C<5 4<D: >6E4= 7:G9 .: 54<= C<5 C1H=5 G6 %2<HB5 8:G 32:15G5 1H= 7261H:=9 #1<H 21H =68H G6 3:1= 6H1H= GC:H =2<K 6DD C:2 H<KK4:59 RC: C1= G6 3: >64=L M:G 5C: 5::?:= G6 3: 7468<H79 RC: 815 56 =1?H:=

5:AML 5C:B= =2<F:H C<? >21JM9 "C:M 8:2: 6EG <H 1 GCEH=:25G62?L <H GC: D2::J<H7 >64=L DE>I<H7 <H GC:

?<==4: 6D 1 D<:4=L <H (>G63:2L 1H= C: =<=HBG >12:9

RC: >465:= C:2 :M:5 1H= C:2 C:1= D:44 31>I 15 @:4<A KE44:= C:2 =68H C12=:2 6HG6 C<5 >6>IL =2<F<H7 <HG6

C:2 54<>IL 8:G C:1G9 .<5 C:12G C1??:2:= <H C<5 >C:5GL 1H= C: 54<= C<5 C1H=5 G6 C:2 C<K59

T(C -6=LU 5C: 715K:=9

RC: K2:55:= C:25:4D =68H 6H C<? ;; 46H7L =::KL :HF:46K<H7 >415K59 @:4<A D:4G 4<I: 5C: 815 =2177<H7 C<5

>E? D26? C<5 >6>I9 .:2 :M:5 8<=: 6K:H H68L C:2 C1H=5 6H C<5 5C6E4=:25L 5C: 54<= <HG6 1 21K<= K<5G6H<H7

1>G<6H GC1G C1= C<? D21HG<> <H ?6?:HG59

TWC2<5GL %2<H9U

.:2 C1H=5 G<7CG:H:= 1H= 5C: >1?:L >4:H>C<H7 126EH= C<?L 5YE::J<H7 56 C12= <G 14?65G CE2G9 @:4<A GC2E5G

EK <H 1 D2:HJM 15 C: >1G1KE4G:= G6812= >6?K4:G<6H9 .:2 62715? 815 56 <HG:H5:L C: D:4G :F:2M 5K15?9

%2<H =26KK:= C:2 C:1= G6 C<5L 1H= 15 C:2 G6H7E: 5E27:= <HG6 C<5 ?6EGCL C: :2EKG:= <H5<=: C:2 8<GC 1

8<4=L 7EGGE214 >2M9

T(CL DE>IL DE>IL DE>I9U

RC: 54E?K:= 171<H5G C<?L G2:?34<H7L 1H= C: 821KK:= C<5 12?5 126EH= C:29 @:4<A 81<G:= D62 GC: K41H:G G6

KEG <G5:4D G6 2<7CG5 1H= 2:14<J:= C:B= 3: 81<G<H7 1 46H7 G<?:9 RC:B= IH6>I:= C<? 6DD C<5 623<GL 1H= GC:2:

815 H6 76<H7 31>I9

T"1I: M6E2 >46GC:5 6DD 1H= =1H>: 8<GC ?:LU 5C: 8C<5K:2:= <H C<5 :129

T,B? G66 >64=9U

.: 815 561I:= G6 GC: 5I<H 1H= 5C<F:2<H79 %2<H =<=HBG :F:H C1F: 1 7665: 3E?K9 @62 56?: EH1>>6EHG134:2:156HL @:4<A 5E==:H4M D:4G K<55:= 6DD 8<GC C:29 .: 4<DG:= C:2 6DD C<5 36=M 1H= 5G66= G6 J<K C<?5:4D EK9

.<5 >64=;HE?3:= D<H7:25 8:2: 56 5G<DDL C: >6E4= 312:4M ?1H17: <G9

TRC144 ;;U

T, >1H =6 <G9 VEG M6E2 >46GC:5 6HLU C: 5H1KK:=9

%2<H 5>66K:= C:2 >46GC:5 <HG6 C:2 12?5 1H= 5G66= GC:2:L 81<G<H79

T@62 WC2<5GB5 51I:L 7:G =2:55:=LU C: 5C6EG:=9

"C: 21<H 5G<44 K6E2:= =68HL 3EG GC: G<?: 417 3:G8::H GC: 4<7CGH<H7 1H= GCEH=:2 72:8 46H7:2 15 GC: 5G62?

2644:= 6H9 %2<H KE44:= C:2 5C<2G 6F:2 C:2 C:1=9 @:4<A 5G26=: G6 GC: 5G2<>I:H I<G: 1H= 71GC:2:= <G EKL GC:H



@:4<AB5 ?6EGC 465G 144 ?6<5GE2: 1H= C<5 GC261G 5:<J:= EKL 4<I: GC: G<?: C:B= 41H=:= D1>:;D<25G <H C<5

51H=K<G 1H= <HC14:=9 "C: 415G 6>>15<6H C:B= C1= 1 KC6H: >144 D26? GC: K64<>:L C:B= 4:12H:= C<5 K12:HG5B

361G C1= 3::H D6EH= >1K5<J:= 1H= GC:M 8:2: ?<55<H7L K2:5E?:= =268H:=9 "C<5 >144 815 31= H:85 G669

%2<H9

TNC1ZPU C: >C6I:= 6EG9

TN: C1F: 1 M6EH7 41=M <H GC: 5G1G<6H9 .:2 H1?:B5 %2<H O12I6F9 RC: 51M5 M6E IH68 C:29U

,H GC: K64<>: 5G1G<6H 1H= H6G <H GC: C65K<G149 @:4<A :AC14:= 1H= =2177:= 514<F1 <HG6 C<5 ?6EGC9 T.15 5C:

3::H 122:5G:=P )6:5 5C: H::= 1 418M:2PU .: =<=HBG =12: 15I 8C1G 5C:B= =6H:9 @:4<A C6K:= G6 WC2<5G

5C:B= I:KG C:2 ?6EGC 5CEGL 3EG IH:8 <G 815 EH4<I:4M9

T/69 RC: SE5G H::=5 G6 3: >644:>G:= 3MZ:2Z56?:6H: 2:5K6H5<34:9 Q6E25 815 GC: 6H4M H1?: 5C: >6E4=7<F: E59U

@:4<A C:12= GC: =<51KK26F14 1H= 32<5G4:=9 T,B? 6H ?M 81M9U

] ] ] ] ]

@:4<A KE5C:= 6K:H GC: =662 6D GC: K64<>: 5G1G<6H 1H= 518 %2<H >E24:= EK 6H 1 >C1<2 <H GC: 2:>:KG<6H 12:19

.:2 5C<2G 815 G62H 1H= 5K41GG:2:= 8<GC 3466=L 1H= GC: IH::5 6D C:2 K1HG5 8:2: 2<KK:=9 0 K1<2 6D <H;4<H:5I1G:5 41M 6H GC: D46629 %2<H SE?K:= G6 C:2 D::G 1H= 71F: C<? 1 5C::K<5C 466I9

TR622M G6 =217 M6E 6EG 6D 3:=9 , 51<= , >6E4= 5I1G: 31>IL 6H4M GC:M 86E4=HBG 4:G ?: 76 C6?: 6H ?M 68H9

"C1HI M6E D62 >6?<H79U

.:2 F6<>: 815 826H79 @41G 1H= YE<:GL H6G 4<I: C:2 1G 1449

@:4<A K2:55:= C<5 D1>: <HG6 C:2 C1<2 1H= CE77:= C:29 T02: M6E 144 2<7CGP NC1G =<= M6E =6PU

T/6GC<H7 G66 31=LU 5C: ?EGG:2:= <HG6 C<5 5C6E4=:29

TN: >1E7CG C:2 5I1G<H7 =68H "<4G6H &1HILU 51<= 1 K64<>:?1H 5G1H=<H7 3:C<H= GC: >6EHG:29 T"C2::6B>46>I GC<5 ?62H<H79 /6G SE5G D2::8C::4<H7L 3EG 5I1G<H79 R?1>I 31H7 <H GC: ?<==4: 6D GC: 261=9 "6K G6

36GG6?9U@:4<A CE77:= C:2 G<7CG:29 P(6/$) 0;8<()@ J,)<* ,G 815 4<I: 1 =6E34: 341>I =<1?6H= 5I< 546K: ;; 6H4M

5G::K:29

T.1= M6E =12:= C:2 G6 =6 <GPU GC: 6DD<>:2 51<=9

@:4<A 5KEH 26EH= G6 466I 1G C<?9 &122M OE2KCM9 @:4<A IH:8 C<? 8:449

TR::?5 GC: 562G 6D 2:>I4:55 GC<H7 56?:6H: 8C6 =<=HBG 63:M GC: 418 86E4= :H>6E217:LU GC: K64<>:?1H

51<=9

T, C1= H6GC<H7 G6 =6 8<GC GC<59U @:4<A 5G2E774:= G6 I::K C<5 G:?K:29

T,G 815 144 ?M <=:1LU %2<H 51<=9

OE2KCM 21<5:= C<5 :M:326859 T(H: 6D 6E2 K1G264 >125 2:>I6H5 C: >46>I:= C:2 6H C<5 21=12 7EH 76<H7D62GM ?<4:5 1H C6E2 <H 1 GC<2GM J6H:9U "C: 7EM 4:G 6EG 1 46E= >CE>I4:9 @:4<A =<=HBG D<H= GC<5 DEHHM9 T.:B5

76<H7 G6 C1F: C<5 4:7 KE44:= 136EG GC1G9 /6 81M >6E4= 5C: ?1H17: GC1G 5K::= 6H 5I1G:5L 3EG C:B5

<H5<5G:HG9 R1M5 8C:H 8: >C:>I GC: 5G1G<> >1?:21 1G GC: 36GG6? 6D GC: C<44 8:B44 3: :1G<H7 6E2 862=59U

TW1H , G1I: C:2 C6?:PU

TRC:B5 D2:: G6 769 /6 ?62: 5GEHG5 4<I: GC1GL =6 M6E C:12P Q6EB2: 4E>IM M6E =<=HBG 32:1I M6E2 H:>I9U

TQ:59 R622M9U



@:4<A K<>I:= EK %2<HB5 5I1G:5L G66I C:2 C1H=L 1H= 4:= C:2 6EG5<=:9

"C: ?6?:HG GC:M 76G GC26E7C GC: =662L %2<HB5 5C6E4=:25 >1?: 31>I EK 1H= 5C: 72<HH:=9 T"C1G 815 56

:A><G<H79 02: GC:2: 1HM 6GC:2 C<445 126EH=PU

.<5 >6H>:2H ?62KC:= 5G21<7CG G6 DE2M9 T/6G <D M6E =6HBG 81HG GC: K64<>: K<>I<H7 M6E EK 171<H9U

NC:H:F:2 C: 815 8<GC C:2L C: 5::?:= G6 21>: D26? 6H: :AG2:?: :?6G<6H G6 1H6GC:29 @:4<A 2:4:15:= C:2

C1H= 1H= M1HI:= 6K:H GC: K155:H7:2 =662 6D GC: '1H= #6F:29 %2<H 54<= 6HG6 GC: 5:1G9T, K2:5E?: M6E D:44LU C: 51<=L 466I<H7 1G GC: 3466= 6H C:2 5C<2G9

T/6G 6H GC: C<449 ,H 1 K12I<H7 46G 8C:H , 815 7:GG<H7 E5:= G6 GC:?9U

TNC1GPU

TOM D1GC:2 5:HG GC:?9 , D6EH= GC:? 3M GC: =662 8C:H ,ZU

.:2 F6<>: G21<4:= 6DD9 V263134M 3:>1E5: 6D GC: 81M C: 718K:= 1G C:29 TQ6EBF: H:F:2 3::H 6H <H;4<H:

5I1G:5 3:D62: 1H= M6E G1>I4:= "<4G6H &1HIPU

T, 4<I: 76<H7 D15G9U

@:4<A 5G6?K:= 126EH= GC: >12 1H= 76G <H GC: 6GC:2 5<=:9 .: GE2H:= G6 7412: 1G C:29 T/6 IH::L 82<5GL 62:4368 K1=59 /6 C:4?:G9 Q6E >6E4= C1F: 31H7:= M6E2 C:1= 1H= 3::H 321<H =1?17:=9 /6G GC1G , GC<HI <G

86E4= ?1I: ?E>C =<DD:2:H>:9 Q6EB2: 1 DE>I<H7 <=<6G9 ,B? 76<H7 G6 15I M6E 171<HL 1H= ,B? 5:2<6E59 02:

M6E G2M<H7 G6 I<44 M6E25:4DPU

T/69U

TNCM GC: DE>I =<= M6E 76 <H;4<H: 5I1G<H7 1G GC<5 G<?: <H GC: ?62H<H7P Q6EB2: H6G :F:H 8:12<H7 158:1G:29U

T&:>1E5: M6E 8:2: 1H72M 8<GC ?: 136EG GC: I<G:L 1H= , H::=:= G6 ;;U

.: 32<5G4:=9 TR6 <GB5 ?M D1E4GPU

T/69U

@:4<A 5:G 6DD 1H= G66I 1 =::KL >14?<H7 32:1GC9 ,G =<=HBG 862I9 T%AK41<H G6 ?: 8CM M6E I::K =6<H7 5E>C

=1H7:26E5 GC<H75P /62?14 K:6K4: =6HBG 81H=:2 6HG6 1 266D 1H= 4:1K 136EG 4<I: GC:MB2: 6H GC: 726EH=9 /62?14 K:6K4: =6HBG D4M I<G:5 <H 1 GCEH=:25G62?9 /62?14 K:6K4: =6HBG 5I1G: =68H 1 5G::K C<44 <H

=1M4<7CGL 4:G 146H: 8C:H <GB5 K<G>C;341>I9U

T, 7E:55 ,B? H6G H62?14LU 5C: 8C<5K:2:=9

.: 5<7C:= <H :A15K:21G<6H9 T,GB5Z56 DE>I<H7 >C<4=<5C9 )<=HBG M6E2 K12:HG5 G:1>C M6E 1HMGC<H7 136EG466I<H7 1DG:2 M6E25:4DPU

.:2 C:1= =26KK:=9 T, =6HBG IH689U

TNC1G =6 M6E ?:1HL M6E =6HBG IH68PU

T,Z, >1HBG 2:?:?3:29U

.: 741H>:= 1G C:29

T,BF: 3::H <449 ,B? H6G 5E2: C68 46H7 , 815 5<>IL 3EG 8C:H , 76G 3:GG:2L , >6E4=HBG 2:?:?3:2 1HMGC<H7

136EG ?M K15G9U

@:4<AB5 5G6?1>C >CE2H:=9

T, C1= G6 3: G64= ?M H1?:9 , 2:?:?3:2 C68 G6 2:1= 1H= 82<G: 1H= 5GEDD 4<I: GC1GL M:G H6GC<H7 K:256H149 ,



=6HBG IH68 8C:GC:2 ?M 4<D: C15 3::H C<445 1H= 26>I5 62 5468;?6F<H7 81G:29 , =6HBG 2:?:?3:2 D2<:H=5

62 :H:?<:5L 8C1G , 4<I: 62 =6HBG 4<I:L 8C1G , =<= D62 1 4<F<H7 62 8C1G , =<= D62 DEH9 OM K12:HG5 C1= G6 G:44

?: :F:2MGC<H7L 6H4M GC:M C1F:HBG G64= ?: :F:2MGC<H79 O1M3: , =6HBG 2:?:?3:2 C68 G6 I::K 51D:9 , D::4

51D:9 , 3(3 D::4 C1KKML 3EG ,B? EK5:GG<H7 K:6K4:9 ,BF: EK5:G M6EL 1H= , IH68 GC1GB5 H6G 2<7CGL 56 , 7E:5556?:GC<H7 ?E5G 5G<44 3: 826H7 8<GC ?:9U

0HM C6K: @:4<A C1= 6D I::K<H7 C<?5:4D 5G26H7 1H= =:G1>C:= :F1K621G:= <H 1 D415C9 RC: H::=:= C<? G6

I::K C:2 51D:9 (C WC2<5GL ?62: DE>I<H7 2:5K6H5<3<4<GML 6H4M GC<5 G<?: <G 815 =<DD:2:HG9 .: 81HG:= G6 I::KC:2 51D:9

TN<44 M6E2 ?:?62M >6?: 31>IPU

T, 5EKK65: 569 , I::K C1F<H7 4<GG4: ?6?:HG5 6D >412<GM ;; 5G21H7: GC<H75 , 2:?:?3:29 OM K12:HG5 5::? G6

GC<HI <D ,B? 4:DG YE<:G4M G6 GC<HIL ?M ?:?62M 8<44 2:GE2H9U

@:4<A D268H:=9 T, =6HBG 7:G GC1G9 RE2:4M M6E H::= GC:<2 5EKK62GP , ?:1HL 86E4=HBG C1F<H7 GC:? 126EH=

3: 1 C:4KPU

T"C1GB5 8C1G , GC6E7CG G66L 56 ,B? 86H=:2<H7 <D GC:M =6HBG 81HG ?: G6 2:?:?3:2 3:>1E5: , =<=56?:GC<H7 31=9 O1M3: ,B? =:4<3:21G:4M H6G 2:?:?3:2<H7L 1H= <H 8<K<H7 8C1G:F:2 C1KK:H:= D26? ?M

?<H=L ,BF: 1>><=:HG144M 8<K:= :F:2MGC<H7 :45: 15 8:449UT, =6HBG 3:4<:F: M6E =<= 1HMGC<H7 31=LU C: 51<= <H 1 YE<:G F6<>:9

T, >6E4= 3: 1 ?1= 1A: ?E2=:2:29U

T,B44 C<=: GC: 1A:L SE5G <H >15:9U

%2<H 5?<4:=9 TR622M G6 3: 5E>C 1 HE<51H>:9 ,B? 56 5GEK<=9U

TQ6EB2: H6G 5GEK<=9 Q6EB2: SE5G 1 4<GG4: 8:<2=9 "14I<H7 6D 8:<2=L , C6K: ,B? 826H7L 6H4M , GC<HI GC: >12 3:C<H= <5 D64468<H7 E59U

@:4<A 815 <?K2:55:= %2<H =<=HBG 466I 31>I9 .: >6E4=HBG 5G6K 741H><H7 <H GC: ?<22629

TNC1G ?1I:5 M6E GC<HI GC1GPUT"C:2:B5 C12=4M 1HM G21DD<> 126EH= GC<5 G<?: 6D H<7CGL 3EG GC: 51?: >12 C15 3::H 3:C<H= E5 5<H>: 8: 4:DG

-125<=:9U

TW6E4= <G 3: GC: K64<>:PU %2<H 15I:=9

@:4<A C1= G6 1=?<G <G 815 1 K655<3<4<GM9 "C:M IH:8 8C6 C: 815L 1H= C: IH:8 GC:M =<=HBG G2E5G C<?9 NCM

H6G =2<F: %2<H C6?: <H 1 5YE1= >12 <D GC:M 8:2: 8622<:= 136EG C<? G1I<H7 C:2P "C:MB= >144:= C<?

3:>1E5: GC:M >6E4=HBG 3: 36GC:2:= G6 =:14 8<GC C:2 GC:?5:4F:59

T, =6HBG GC<HI <GB5 GC: K64<>:9U

@:4<A =<=HBG 81HG G6 4:1= GC: >12 31>I G6 V:F:HCE25G9 .: GE2H:= 6DD GC: 261= 1H= =68H GC: 31HI9

%2<H >4EG>C:= GC: 5<=: 6D GC: 5:1G9 TNC1G 12: M6E =6<H7PU

T-:GG<H7 2<= 6D GC: 7EM 3:C<H= E59 $H4:55 C:B5 76G D6E2;8C::4 =2<F:9U

@:4<A 1456 C1= GC: 1=F1HG17: 6D IH68<H7 GC<5 K12G 6D GC: 12:1 4<I: GC: 31>I 6D C<5 C1H=9

T@:4<AL GC: G2::bU

E!(/1 D!$C3 76,)/"3 /!,/* .: 58:2F:= 126EH= <GL 1H= 1 D:8 M12=5 41G:2L GC: 41H= 4:F:44:= 6EG9 @:4<A >EG

1>2655 GC: D<:4=9 /6GC<H7 D64468:=9

T(6CL GC<5 <5 DEH9U %2<H 41E7C:= 15 GC:M 36EH>:= EK 1H= =68H9



.: 7261H:=9 @:4<A C1= 1 D::4<H7 GC1G <D GC:M 5E==:H4M D6EH= GC:?5:4F:5 <H GC: ?<==4: 6D 1 C:2= 6D 4<6H5L

5C:B= GC<HI <G 815 DEH9 ,G G66I C<? 1 8C<4: G6 D<H= 1 81M 31>I 6HG6 G12?1>9

T,B? 76<H7 G6 =2<F: 126EH= D62 1 3<G G6 ?1I: 5E2: H6 6H: <5 D64468<H7LU C: 51<=9

T(I1M9U

TQ6E 5::? G6 3: F:2M >14? 136EG GC: K265K:>G 56?:6H: >6E4= 3: G1<4<H7 E59U

RC: GE2H:= G6 466I 3:C<H=9 TN:44L GC:MB2: H6G H68L 12: GC:MPU

@:4<A 41E7C:=9 TQ6E 2:144M 12: 8:<2=9 @62GEH1G:4M M6E ?1I: EK D62 M6E2 8:<2=H:55 <H ?1HM 81M59U

TRE>C 15PU

TQ6E C1F: G6:;>E24<H7 I<55<H7 5I<4459U

.:2 ?6EGC G8<G>C:= <HG6 1 5?<4:9

TQ6EB2: 32<44<1HG <H 3:= 1H= 6EG 6D 3:=X GC6E7C GC:2: 12: K4:HGM 6D K41>:5 8: 5G<44 C1F: G6 G2M 3:>1E5: ,

H::= G6 ?1I: 5E2: M6EB2: G6G144M 32<44<1HG9 V2:D:2134M <H=6625 EHG<4 GC: 8:1GC:2B5 3:GG:29U

%2<H IH:8 C: 815 6H4M G2M<H7 G6 >C::2 C:2 EKL 3EG 1 5C<F:2 6D 126E514 8C<5K:2:= GC26E7C C:29

T0H= 5EK:23 1G 7<F<H7 ?: 1 3468S639 "C6E7C ,B= 4<I: G6 >C:>I GC1G 6EG G6 ?1I: 5E2: ,B? H6G ?<5G1I:H9U

%2<H 54<= C:2 C1H= 6HG6 C<5 41K9

T(H4M H6G 2<7CG 1G GC<5 ?6?:HGLU C: 51<= 8<GC 1 M:4K9

T"C:2: 12: H6 >125 6H GC: 261=9 Q6E 5C66I GC:? 6DD9U RC: D4<KK:= 6K:H GC: 3EGG6H 6H C<5 K1HG5 1H=

EHJ<KK:= C<?9

TQ:1CL GC:2: 12:9 "C: 6H: ,B? =2<F<H7 1H= <D M6E G6E>C ?:L 8:B44 :H= EK <H 1 =<G>C9U

Tc::K M6E2 :M:5 6H GC: 261= GC:H9U

%2<H EH>4<KK:= C:2 5:1G 3:4G 1H= =26KK:= <HG6 GC: D66G 8:449

T(CL -6=9 @15G:H M6E25:4D <H9U

RC: 41<= C:2 C:1= 6H C<5 GC<7C 1H= 54<KK:= C<5 36A:25 =68H G6 :AK65: C<5 >6>I9

T(CL DE>I9U @:4<A 7261H:=9

%2<H 21H C:2 D<H7:2 EK GC: GC<>IL 3E47<H7 F:<H 1G GC: 31>I 6D C<5 5C1DG 1H= 6F:2 GC: 56DGL ?6<5G C:1=9 05?144 3:1= 6D 4<YE<= 1KK:12:= <H GC: ?<==4: 6D GC: K4E?;5C1K:= >268HL >4<H7<H7 G6 GC: H12268 54<G 4<I: 1

=26K 6D 21<H 6H 741559

TW1HBG M6E 81<GPU C: 715K:=9

TW1H M6EPUT(C -6=L 8C:2:BF: , C:12= GC1G 3:D62:9U

NC:H 5C: D:4G C<? 5CE==:2L %2<H 41E7C:=9 .:2 C:1= :=7:= 3:468 C<5 12?L 1H= 5C: G21<4:= C:2 G6H7E:146H7 GC: KE45<H7 F:<HL ?6F<H7 D26? GC: 36GG6? 6D C<5 >6>I G6 GC: =:4<>1G: 2<=7: 3:468 GC: >268H9 "C:

=26K 6D K2:>E? 72:8 4127:2L 1H= @:4<AB5 32:1GC<H7 3:>1?: 2177:=9

T'<DG M6E2 31>I5<=:LU 5C: 51<=9

TNC1GPU



NC:H C<5 8:<7CG 5C<DG:=L %2<H M1HI:= 1G C<5 K1HG5 1H= KE44:= GC:? K12G81M =68H9

T\:5E5L %2<H9 NC1G 12: M6E =6<H7PU

TQ6E H::= G6 15IP R::L ,B? H6G 56 766= 1G GC<59 , C1F: G6 K21>G<>:9U

.: 72684:=9

c::K<H7 C:2 :M: 6H GC: 7268<H7L 5<4IM K:124 1G GC: G<K 6D C<5 >6>IL %2<H G21<4:= C:2 D<H7:25 =68H G6 C<5

:AK65:= 31445 1H= 5G26I:= GC:?9

TV4:15:LU C: 7261H:=9 T(C -6=L 5G6K9 Q6EB2: 76<H7 G6 ?1I: ?: >215C9U

(H: 1G 1 G<?:L 5C: 5E>I:= C<5 31445 <HG6 C:2 ?6EGCL 51F6E2<H7 GC: =<DD:2:HG G:AGE2: 6D GC: 5I<H GC1G>6F:2:= GC:?9 @:4<A G66I 1 C1H= D26? GC: 8C::4 1H= GC2:1=:= C<5 D<H7:25 GC26E7C C:2 C1<29

TQ6E C1F: G6 5G6K9 \E5G 81<G 1 D:8 ?<HEG:59 V4:15:9U

%2<H C:4= C<5 31445 <H C:2 ?6EGCL 5:K121G:= GC:? 8<GC C:2 G6H7E:L GC:H 5E>I:= 1H= ?15517:= GC:?

7:HG4M9

T%2<HLU @:4<A 3:77:=9 T(C DE>I9 V4:15:9U

.<5 K4:1=<H7 126E5:= C:29 "C: ?62: =:5K:21G: C: 3:>1?:L GC: ?62: C:2 36=M 2:5K6H=:=9 '<5G:H<H7 G6C<5 32:1GC S:2I <H 1H= 6EG 6D C<5 4EH75 ?1=: C:2 KE45: SE?K <H 1 ?1G>C<H7 2CMGC?9 W2:1? 7E5C:=

3:G8::H C:2 GC<7C5 1H= 561I:= C:2 K1HG<:59 .:2 ?E5>4:5 G<7CG:H:= 6H H6GC<H7L ?6F<H7 <HG6 GC: 5468

>4:H>C<H7 K1GG:2H GC1G K2:>:=:= 2:4:15:9 %2<H 4:G C<5 31445 4665: 1H= D:1GC:2:= C:2 G6H7E: EK GC: 4:H7GC6D C<5 <26H;C12= >6>I EHG<4 5C: 2:1>C:= C:2 76149 .:2 ?6EGC 6K:H:= 8<=:L 1H= 5C: 5814468:= 15 ?E>C

6D C<? 15 5C: >6E4= G1I:9 "C: >12 58:2F:=L 1H= @:4<A 5862: 15 C: 5G21<7CG:H:= EK9

T(C DE>IL DE>IL DE>I9U .<5 F6<>: 815 C6125: 8<GC =:5<2:9 T, C1F: G6 5G6K9U

"C: >12 SE==:2:= G6 1 C14GL 1H= %2<H G<7CG:H:= C:2 4<K5 1H= 5E>I:= C12=9 @:4<AB5 D<H7:25 KE44:= C:2 C1<29

RC: 58<24:= C:2 G6H7E: 126EH= GC: 51G<HM C:1=L ?<A<H7 C<5 514GM :55:H>: 8<GC C:2 514<F1 3:D62: 5C::H7E4D:= C<? 171<H9 @:4<A 715K:= 1H= 7261H:=L G<4G<H7 C<5 C<K5L E27<H7 C:2 G6 I::K 76<H79 %2<H >6E4= D::4

C<5 C:12G3:1G GC26E7C C<5 >6>I 15 <G GC2633:= <H C:2 ?6EGC9 NC:H C: C<G GC: 31>I 6D C:2 GC261GL GC: 3:1G SE?K:= <HG6 1 C<7C:2 7:129 .: C1= 6H: C1H= 72<KK<H7 C:2 C:1=L GC: 6GC:2 5G26I<H7 C:2 H:>IL 15 5C:862I:= C<? 2CMGC?<>144M 3:G8::H C:2 4<K5L G<7CG:H<H7 1H= 2:4:15<H79

T, >1H D::4ZU C: 715K:=9 T(CL WC2<5GL , >1H D::4 ?M >6>I <H M6E2 GC261G9 (CL DE>I9U

%2<H ?6F:= D15G:2L 5YE::J:= ?62: D<2?4M 8<GC C:2 4<K5L 1H= C:2 8624= D217?:HG:=9 RC: >2E?34:= 1G GC:

51?: ?6?:HG 15 @:4<A9 %1>C KE45: 6D C<5 5::= <HG6 C:2 ?6EGC 815 :>C6:= 3M 1 >6HG21>G<6H <H C:2 KE55M9

%2<H >6E4=HBG 5G6K 5E>I<H79

,H GC: :H=L @:4<A 4:F:2:= C:2 181M9 T, GC<HI ,B? :?KGM9 /6L H6G GC<HI9 , IH68 , 1?9U

%2<H 5?<4:= 1H= 51G EK9 05 5C: 466I:= 6F:2 @:4<AB5 5C6E4=:2L C:2 D1>: D:449 )18H9

TW1H M6E CE22MPU 5C: 8C<5K:2:=9.<5 C:1= 5KEH 26EH=9 TRC<GL 12: GC:M 31>IPU

T/6L , SE5G H::= G6 7:G C6?:9 @15G9U

@:4<A 41E7C:=9 T(CL H68 M6E 81HG G6 CE22M9U

"C: 5EH >2:KG 6F:2 GC: C62<J6HL :HF:46K<H7 GC: :15G:2H 5IM 8<GC 1 812? 7468 1H= %2<HB5 C:12G 8<GC 1

341>I =2:1=9 RC: 815 6I1M D62 1 8C<4:L 56 46H7 15 GC: >12 =<=HBG 32:1I =68H9 RC: 5CE==:2:=9 /6 81M=<= 5C: 81HG G6 G:44 @:4<A 136EG C:2 144:27M9 .: 142:1=M GC6E7CG 5C: 815 5G21H7:9



"C: ?6?:HG @:4<A KE44:= GC: >12 G6 1 C14G 6EG5<=: GC: >61>C C6E5:L %2<H D4EH7 6K:H GC: =662 1H= 21H9

TN:44L GC1HI M6ELU @:4<A 5H1KK:= 1DG:2 C:29

RC: DE?34:= 8<GC GC: I:M5 1H= =<51KK:12:= <H5<=: V:F:HCE25G 8<GC6EG 51M<H7 1 862=9

!"#$%&' +,&71&

"6 51M @:4<A 54<KK:= <HG6 1 G:?K:2 6D 7<1HG K26K62G<6H5 86E4= 3: 1 F15G EH=:25G1G:?:HG9 .: 815 15 C6G

1H= DE2<6E5 15 1 2<F:2 6D 41F19 .:B= >4:H>C:= C<5 S18 56 C12= C: 815 K2:GGM 5E2: C:B= >21>I:= 1 G66GCL

1H= C: 5E5K:>G:= C<5 3466= H:12:= 36<4<H7 K6<HG <H C<5 F:<H59 NC1G GC: DE>I 815 8<GC GC<5 86?1HP

@:4<A 541??:= <HG6 GC: >61>C C6E5: 1H= GC:H 5G62?:= 6EG 171<H9 0DG:2 144L C: 815 GC: 6H: 8C6B= 76G 6EG

6D 3:= <H GC: ?<==4: 6D GC: H<7CG G6 >644:>G C:2 D26? GC: K64<>: 5G1G<6H9 "C: 3468S63 C1= 3::H 72:1G 1H=

C:B= 3::H C6K<H7 D62 ?62:L 3EG 5C:B= 82:>I:= :F:2MGC<H7 3M 2EHH<H7 181M9

N15 GC<5 6H4M 136EG 5:AP #:4E>G1HG 15 C: 815 G6 1=?<G <GL @:4<A D:4G E5:= 1H= C: =<=HBG 4<I: <G9 "C: D1>GGC1G <G ?<7CG H6G 3: 56 =<DD:2:HG G6 GC: 81M C:B= G2:1G:= 86?:H <H GC: K15G 815 3:5<=: GC: K6<HG9 @:4<A

5<7C:=9 .: C1= 1 5C62G ?:?62M9 /6;5G2<H75;1GG1>C:= 5:A 815 8C1G C:B= 8<5C:= D62L 1H= <G 466I:= 4<I:

GC1G 815 8C1G C:B= 76G9

@:4<A 8:HG G6 GC: 5<=: 6D V:F:HCE25G9 .: E5:= GC: 3EG4:2B5 K1HG2M 26EG: <HG6 GC: C6E5: 1H= 54<GC:2:= 6HG61 G134: >6HF:H<:HG4M 5<GE1G:= 3:468 GC: 8<H=689 @12 D26? 3:<H7 G<2:=L @:4<A 815 8<=:;181I:L 1HH6M:=L

1H= <H:AK4<>134ML F:2M 126E5:=9 ,D %2<H 81HG:= GC<5 G6 3: 144 136EG 5:AL GC:H D<H:L C: 815 6I1M 8<GC GC1GL

6H4M GC<5 G<?:L C:B= 3: GC: 6H: 814I<H7 181M9

"C:2: 8:2: H6 4<7CG5 6H 1HM8C:2:9 @:4<A =<=HBG H::= <44E?<H1G<6H G6 466I 126EH=9 .: IH:8 GC: K41>:4<I: GC: 31>I 6D C<5 C1H=9

T@E>ILU C: M:4K:= 15 C: 5GE33:= C<5 G6:9

%2<H 815HBG 8C:2: C:B= :AK:>G:= G6 D<H= C:2L <H GC: K12G 6D GC: C6E5: C<5 K12:HG5 C1= G1I:H G6 E5<H79"C6E7C <D GC: =662 G6 GC: K2<F1G: 1K12G?:HG C1=HBG 3::H 4:DG EH46>I:=L @:4<A 815HBG 5E2: C68 C: >6E4=

C1F: >C:>I:=9 .: C1= H6 5:>2:G 81M <HG6 GC:2:9 NC:2: GC: C:44 815 5C:P

@<DG::H ?<HEG:5 41G:2L @:4<A 5G66= <H GC: C144L 4<7CG5 6HL D::4<H7 56?:8C1G >14?:2 1H= 21GC:2 KEJJ4:=9.:B= 466I:= :F:2M8C:2:L <H>4E=<H7 GC: 1GG<>9 @62 1 8C<4: C:B= 86H=:2:= <D 5C:B= C:12= C<? 5:12>C<H7

1H= 815 K41M<H7 C<=:;1H=;5::IL 3EG C:B= >144:= C:2 H1?:L G64= C:2 G6 5G6K K<55<H7 136EGL 1H= 76G H6

1H58:29 .: =<=HBG GC<HI 5C:B= 76H: 6EG9 RC:B= 3::H G66 =:5K:21G: G6 7:G <H5<=:L 181M D26? C<?9 NC:2::45: >6E4= C: 466IP

@:4<A 8:HG 144 GC26E7C GC: C6E5: 171<H9 .: >C:>I:= :F:2M >465:G 1H= :F:2M >C:5G9 .: 466I:= EH=:2

G134:5L 3:C<H= =E5GM =21K:5L 1H= 5C::G5 6D K415G<>9 .: :F:H 8:HG <HG6 GC: 266? 8C:2: C:B= 5G62:= GC:

D1?<4M K1<HG<H75L GC6E7C H6 6H: :A>:KG C<? C1= 1 I:M9 (H: 6D GC: >6H=<G<6H5 6D 514: C1= 3::H GC1G C:2:G1<H:= K655:55<6H 6D 1 266? <H V:F:HCE25G 8C:2: GC: D1?<4M K62G21<G5 >6E4= 3: 5G62:=9 "C: 418M:25 6H

36GC 5<=:5 C1= 41E7C:= GC:?5:4F:5 5GEK<=L 3EG GC: >6HG21>G C1= 3::H 5<7H:= 8<GC GC: >41E5: <H K41>:9

@:4<A C1= 81HG:= G6 41E7C GC:HL 6H4M 8C1G 815 6H: 266? 8C:H C: 81HG:= GC:? 144P

,G 815 :F<=:HG GC1G 56?:6H: C1= 3::H <H C:2:9 "C: K1<HG<H75 C1= 3::H =<5GE23:=L GC: 5C::G5 >6F:2<H7GC:? ?6F:=9 @:4<A 32<5G4:=9 (H: 6D C<5 72:1G;72:1G;72:1G ;; 6C DE>IL C: C1= H6 <=:1 C68 ?1HM ;; EH>4:5L

8<GC GC: 86?1H 8C6B= S<4G:= C<?L C1= 3::H KE44:= 6EG G6 4:1H 6H <G5 68H9 @:4<A 466I:= ?62: >465:4M 1G

GC: K1<HG<H79 E!" 6$$<- 6(<" '%()9 .: 41E7C:=9 R1?: =12I C1<2 1H= C:12G;5C1K:= D1>:9 .: >6E4=HBG2:?:?3:2 GC: 86?1HB5 H1?:9 .: 6H4M 2:?:?3:2:= GC: 5G62M GC1G C<5 1H>:5G62L RG:KC:H N:5G3E2ML



8C6B= 3::H GC: :4=:5G 56HL C1= H:F:2 ?122<:= 1H= =<:= 6D 1 326I:H C:12G9 -66= GC<H7 C:B= C1= 326GC:25L

62 @:4<A 86E4=HBG 3: C:2:9

.: 2:46>I:= GC: 266? 1H= 8:HG EK G6 GC: 266DL GC<5 G<?: 2:?:?3:2<H7 G6 8:=7: GC: =6629 ,D @:4<A D6EH=

%2<H C:2:L C:B= 814I 181M D62 766=9 "C:2: 815 H6 5<7H 6D C:29 .: ?1=: C<5 81M =68H5G1<25L C<5 C:12G4E2>C<H7 <H C<5 >C:5GL 31H7<H7 D26? 2<3 G6 2<3 4<I: 1H :221HG 2E33:2 31449 ,22<G1G<6H C1= GE2H:= G6 >6H>:2H9

O1M3: 5C:B= 5H:1I:= 31>I G6 C<5 K41>: 1H= 41M <H 3:= 81<G<H7 D62 C<?9 /1I:=9 .<5 >6>I 5G<22:=9 @:4<A

86E4= C1F: 4<I:= G6 3:4<:F: GC1GL 3EG C: =<=HBG9 .<5 >6>I =:D41G:=9

"C: 6H4M K41>:5 C: C1=HBG 466I:= 8:2: GC: >:4412 1H= GC: 726EH=59 "C:2: 815 1 766= 2:156H D62 H6G>C:>I<H7 GC: 315:?:HG9 ,G C1=HBG 3::H 6K:H:= <H M:1259 U(%/9 1H= 3,47 8:2: K263134M 7:H:26E5 G:2?5

G6 =:5>2<3: <G9 @:4<A =:5>:H=:= GC: 5G:K5 1G GC: 31>I 6D GC: 64= I<G>C:H 1H= 5G6KK:= <H D26HG 6D GC: >:4412

=6629 0 =12I:2 6346H7 6D 1 =<DD:2:HG >646E2 K1<HG 2:F:14:= GC: :AG:2<62 364G C1= 3::H 2:?6F:=9 "C:2:

815 1 H:8 46>I <H K41>:L 3EG GC: =662 51G 1S129 >! -!(/ 9 @:4<A =6E3G:= GC: 4<7CG5 862I:=9 (H4M 8CM GC:C:44 86E4= 5C: 76 =68H GC:2:P

/6L GC: 4<7CG5 =<=HBG 862I9 .: 8:=7:= GC: =662 6K:H 8<GC 1 3E<4=:2B5 5>2:8=2<F:2 56 1G 4:15G GC:2: 815

56?: 4<7CG D26? 136F: 1H= 5G:KK:= <H5<=:9 @:4<A I:KG 6H: C1H= D41G 6H GC: 8144L H6G 8<44<H7 G6 2<5I GC:

21<4L 1H= =:5>:H=:= 1 5G:K 1G 1 G<?:9 R?66GCL 862HL 1H= 54<?ML GC: 5G1<25 8:2: G2:1>C:26E59 >! ?$3= !,-

-!" 0,66")*T%2<HL 12: M6E =68H C:2:PU

"C: 1<2 815 C:1FM 1H= 5G14:L 3EG @:4<A GC6E7CG C: >6E4= =:G:>G 56?:GC<H7L 1 58::G 5>:HGL 56?:GC<H7 GC1G

815 %2<H9 >! 0;8<= +!,/ +,- -!" 3$()@ 3$+) !"%"* N<GC C<5 H:AG 5G:KL @:4<AB5 D66G G6E>C:= 56?:GC<H756DGL 1H= C: S:2I:=9 .<5 D<25G GC6E7CG 815 ;; 21G9 .<5 5:>6H= ;; G66 3<7 D62 1 21G9 ):5K:21G: H6G G6 5YE15C

:<GC:2 %2<H 62 1 DE22M >2:1GE2: 8<GC 5C12K G::GCL C: 465G C<5 3141H>: 1H= D:449 02?5 6EG G6 K26G:>G C<5 D1>:L

@:4<A GE?34:= GC: 415G >6EK4: 6D 5G:K5 G6 GC: >:4412 D46629 .: 58<F:44:= 26EH=L 518 %2<HB5 6EG4<H: <H GC:

=<? 4<7CGL 1H= 5>21?34:= G6 C:2 5<=:9

RC: 41M ?6G<6H4:55L >E24:= EK 6H GC: 5G:K 15 GC6E7C 5C:B= 41<H =68H 1H= 76H: G6 54::K9 F",!= %(@!/ 9 RC:

?E5G C1F: D144:H 1H= IH6>I:= C:25:4D 6EG9 >! ?$3= +,- -!" 3",3* @:4<A G6E>C:= C:2 >C::I9 W664L 3EG

GC:H 5C: 815 1481M5 >6649 .<5 32:1GC<H7 2177:=L C: =26KK:= C<5 D1>: G6 C:2 ?6EGC 1H= D:4G H6GC<H79 @621 ?6?:HGL @:4<AB5 8624= 5G6KK:= GE2H<H79 .: C1= H6 GC6E7CG5 <H C<5 C:1=L H6 1812:H:55 6D 8C:2: C:815X GC:H :F:2MGC<H7 >215C:= 6F:2 C<?9 .:B= EK5:G C:29 RC:B= 2E5C:= <H5<=: GC: C6E5:L D144:H =68H GC:

>:4412 5G:K5L 1H= 326I:H C:2 H:>I9 >! ?$3= ?$31 D!,/ /!" 0;8< !,A" K 3$)"*

0 563 4E2>C:= D26? C<5 GC261G9 .: 3:HG C<5 C:1=L K2:55:= C<5 4<K5 G6 C:25L 1H= D:4G GC: ?:2:5G 8C<5K:2 6D

1<29

T%2<HbU

"C: 2:4<:D 5E27<H7 GC26E7C C<? 815 56 5G26H7L @:4<A 86E4= C1F: >6441K5:= <D C: C1=HBG 142:1=M 3::H 6H

C<5 IH::59 (H4M 8C1G <D 5C: !,3 326I:H C:2 H:>IP .:2 4:7P @:4<A 21H C<5 C1H=5 6F:2 C:2 36=M9 /6G GC1G

C: C1= ?E>C <=:1 8C1G C: 815 =6<H7L 3EG GC:2: 815 H6 3466=L H6 4<?35 G8<5G:= 3:H:1GC C:2 62 5G<>I<H7

6EG 1G 6== 1H74:59 RC: 41M 15 2:41A:= 15 <D 5C: 8:2: <H 3:=9 .: D:4G 144 6F:2 C:2 C:1=L 2:4<:F:= G6 D<H= H65G<>IM 8:GH:559 @:4<A IH:8 3:GG:2 GC1H G6 5C<DG C:29 ,D 5C:B= =6H: 56?:GC<H7 >1G15G26KC<> G6 C:2 5K<H:L

1HM ?6F:?:HG >6E4= ?1I: <G 8625:9

T/6L =6HBGZ=6HBGLU %2<H 51<=L C:2 F6<>: G<7CG 8<GC D:129

T.:ML <GB5 6I1MLU @:4<A 51<=9 T,B? C:2:9 ,BF: 76G M6E9U

T, =6HBG 81HG M6E G6Z=6 GC1G9U

T,B? H6G =6<H7 1HMGC<H79U



T/6G ?M :M:5LU 5C: 8C<?K:2:= 1H= 5E==:H4M GC215C:=L C:2 D<5G 5C1F<H7 C<5 >C<H 15 C: S:2I:= 31>I9

/<7CG?12:L @:4<A GC6E7CG9 "C: 5:>6H= GC6E7CG >1?: 5468:2 8C<4: C: D461G:= 6H 1 >46E= 6D C1KK<H:55 ;;

%2<H C1= ?6F:= 1H= 5K6I:H9 RC: 815 6I1M9

] ] ] ] ]

"C: 266? >1?: <HG6 =2:1?M D6>E5 15 GC6E7C %2<H ?6F:= 181M D26? 1H <?K2:55<6H<5G K1<HG<H79

"C: ?1H >465:= GC: =662 1H= 46>I:= <G9 .: 815 H1I:=9 RC: 466I:= =68H9 0CL 56 815 5C:9 RC: 5G66= 3M1 ?1GG2:55 GC1G 41M 6H GC: D46629 /6GC<H7 :45: <H GC: 266?9 /6 8<H=6859 (H: =6629 #E33:2 D4662 546K<H7

G6 1 >:HG214 =21<H9 "C: ?1H 814I:= G6812= C:29 .: 815 G144 1H= 766=;466I<H7 8<GC GC<>I 5<4F:2 C1<29

T0C 4<GG4: 1H7:4L M6EB2: 56 3:1EG<DE4LU C: 51<=9

N62=5 G6 ?1I: C:2 C1KKM9 ,H5G:1= GC:M >C<44:= C:29 .: 2:1>C:= 6EGL 821KK:= 1 C1H= 126EH= C:2 GC261GL

1H= 5G12:= <HG6 C:2 D1>:L C<5 GCE?3 2644<H7 6F:2 GC: 2<=7:5 6D C:2 8<H=K<K:9

T, >6E4=HBG I::K 181MLU C: 51<=9 TQ6EB2: G:?KG1G<6H <H>12H1G: 1H= 862GC :F:2M K:HHM9U

%2<H >6E4=HBG 5C<DG C:2 71J: D26? C<5 >64= 341>I :M:59

TOM G2:15E2:L ?M S:8:49 "C: 6H4M 6H: 321F: :H6E7C G6 5C68 ?: C:2 56E49U

RC: 815 CMKH6G<J:= 3M C<5 5468L 7:HG4: F6<>:9

TQ6E IH68 8C1G , 81HGLU C: 8C<5K:2:= 1H= 4<>I:= GC: 463: 6D C:2 :129

0 5G1G:?:HGL H6G 1 YE:5G<6H9 RC: G2<:= G6 5K:1I 1H= >6E4=HBG9 O1H17:= G6 H6=9 "C1G K4:15:= C<? 1H= C:

5?<4:=9

T,GB5 8C1G , 1481M5 81HGL ?M 58::G 4<GG4: 1H7:49 W1H M6E G:44 ?:L =124<H7P ,B= 4<I: G6 C:12 M6E 51M <G9U

RC: G2<:= 1H= D1<4:= G6 5EKK2:55 C:2 5CE==:29 %2<H IH:8 <G 86E4= GE2H C<? 6H9 .<5 >6>IL G6KK:= 8<GC 1G<7CG KE2K4: C:1= 1H= 5C<H<H7 8<GC K2:>E?L 2:12:= EK G6812= C<5 5G6?1>CL 3633<H7L KE?K:= 3M C<5

=:5<2:L :A><G:= 3M C:2 D:129 %2<H G2:?34:=L G:2262 >6E25<H7 GC26E7C C:2 36=M :F:H 15 5C: G64= C:25:4D G6

5G1M >14?L GC1G 1HM K1<H 86E4= K155L 14?65G 1HM =1?17: >6E4= 3: 2:K1<2:=9 (H4M 5C: 815 1D21<= 3:>1E5:L EH4<I: GC: 6GC:25 <H GC<5 K41>:L 5C: =<=HBG =6 GC<5 8<44<H74ML 1H= 5C: GC6E7CG C: IH:89 .: D:= 6H

C:2 D:12L 72:8 ?62: K68:2DE4 8<GC :F:2M 5C<F:2 6D C:2 36=M9

T"14I G6 ?:L =124<H79U

RC: C1= 1 YE:5G<6H G6 15I C<?L GC: 8C64: K6<HG 6D C:2 =6<H7 GC<5L M:G GC: 862=5 5G1M:= <H C:2 C:1=9

%2<H =<=HBG 5:: 8C:2: GC: IH<D: >1?: D26?9 .:B= >6?: <H H1I:=L 326E7CG H6GC<H7 8<GC C<?L 3EG 5C: D:4G

GC: 5C12K G<K K<:2>: C:2 C<KL GC: 4<7CG:5G 6D G6E>C:59 0 G:5G9 %2<H =<=HBG 34<HI9

.: G<4G:= C<5 C:1= 15 C: 466I:= 1G C:29 TNC1G 86E4= M6E 4<I: ?: G6 =6L 58::G GC<H7PU

RC: 6K:H:= C:2 ?6EGCL 1H= C:2 S18 YE<F:2:=9

.: I<55:= C:2 D62:C:1=9 T'<GG4: 1H7:4L M6E IH68 , H::= M6E G6 G:44 ?:9U

RC: G2<:= 171<H G6 5K:1I 1H= D1<4:=9

.: 5<7C:=9 T, 81HG G6 5:: M6E 34::=9 ":44 ?: M6E 81HG ?: G6 >EG M6E9U

%2<HB5 C:12G 5:<J:=9 P!(- (- , 3%",41 K/ (-)C/ %",61 KC4 %"4"45"%()@1

T05I ?: G6 ?1I: M6E 34::=9U .: 2E33:= C<5 D1>: 171<H5G C:25L GC: 5GE334: 6D C<5 >C<H 215K<H7 171<H5G

C:2 >C::I9

TWEG ?:9 O1I: ?: 34::=9 , 81HG G6 5:: ?M 3466=9U



(C -6=L C1= 5C: 51<= GC1GP .1= 5C: G64= C<? G6 =6 GC1GP

T/6G ?M :M:5LU 5C: 34E2G:=L :F:H GC6E7C 5C: IH:8 8C1G 5C: 51<= ?1=: H6 =<DD:2:H>:9 T, 81HG G6 81G>C

M6E >EG ?:9U

.: 71F: C:2 1 466I 6D 1KK26F14L 1H= %2<H C6K:= C:2 :M:5 8:2: 51D:9 &466= G2<>I4:= D26? C:2 GC<7C9 "C:

812? D468 ?6F:= K15G C:2 IH::L =68H C:2 5C<H9 .: 5C<DG:= GC: IH<D: G6 C:2 GC261G 1H= ?1=: 1 =::K >EG 3:468 8C:2: C: 5G26I:= C:2 H:>I9 RC: D:4G C:2 D4:5C K12G 15 GC: 341=: 54<>:= <HG6 C:29 0 C6G G2<>I4: G:15:=

<G5 81M D26? GC: 86EH=9 .: E5:= GC: IH<D: 136F: C:2 32:15G5L 4:G 3466= G21<4 =68H C:2 >C:5G G6 >644:>G

6H C:2 H<KK4:5L 1H= C: 3:HG C<5 C:1= G6 5E>I <G 6DD9

%2<H 2:?:?3:2:= C<5 D1>: 5?:12:= 8<GC 2:=L 2:?:?3:2:= C<5 5?<4:L C<5 5C<H<H7 341>I :M:59 .: 54<>:=EH=:2 C:2 32:15G5 1H= 4<>I:= EK GC: 3466= GC1G D:44 G6 C:2 5G6?1>C9 WEG 6K:H C:2 5G6?1>C 1H= 5E>I:= 1G

GC: 2:= 5G2:1? 2EHH<H7 3:G8::H C:2 4:759 .: >6F:2:= C:2 36=M 1H= C<5 36=M 8<GC C:2 3466=L 2E33:= <G

6F:2 C<? 4<I: 56?: 762M 1KC26=<5<1>L 5?:12:= <G 6F:2 C<5 >6>I 1H= 31445 1H= DE>I:= C:2 <H GC: >EHGLGC:H GC: 155L EHG<4 5C: 71F: C<? 8C1G C: 2:144M 81HG:= 1H= 5>2:1?:= 46E= :H6E7C G6 81I: GC: =:1=9

] ] ] ] ]

@:4<A >122<:= C:2 G6 3:= 1H= >144:= GC: =6>G62L 6H4M G6 D<H= %2<H 815HBG M:G 2:7<5G:2:= 8<GC GC: 46>14

K21>G<>:9 .: E5:= 144 C<5 K68:25 6D K:25E15<6H G6 >6HF<H>: GC: =6>G62 6H >144 G6 >6?: 6EG9 NC:H @:4<A6K:H:= GC: =662L GC: 7EM 71F: C<? 1 =<2GM 466I9 @:4<A =<=HBG 7<F: 1 5C<G9 .: >6E4= KE44 144 GC: D1>:5 C:4<I:= 56 46H7 15 C: >C:>I:= %2<H 6F:29

RC:B= H6G ?6F:=9 RC: 41M DE44M >46GC:= 6H GC: 3:=L D41G 6H C:2 31>IL 12?5 3M C:2 5<=:59 RC: 5G<44 862:

GC: 5C<2G 1H= S:1H5 5C:B= 2<KK:= 8C:H 5C: D:44 <H C:2 5I1G:5L 5K1GG:2:= <H 3466=X M:G @:4<A >6E4= D<H= H6

?12I5 6H C:2 5I<H9 .: 86H=:2:= <D 5C:B= C1= 1 H65:34::=9

T"C<5 <5HBG 8C:2: M6E D6EH= C:2LU GC: =6>G62 51<=9

T/6L 5C: 815 1G GC: 36GG6? 6D GC: >:4412 5G:K59U

0H6GC:2 7412:9 TQ6E 5C6E4=HBG C1F: ?6F:= C:29 NC:2: =<= GC: 3466= >6?: D26?PU

TRC: 8:HG 5I1G<H7 :124<:2 GC<5 :F:H<H7 1H= D:449 , 86H=:2:= <D 5C:B= 31H7:= C:2 C:1=9 O1M3: GC<5 <5 1=:41M:= 2:1>G<6H9U

T%2<HPU 51<= GC: =6>G629 TW1H M6E C:12 ?:PU

.: 4<DG:= C:2 4<=5 1H= >C:>I:= C:2 :M:59 NC:H C: 5G12G:= G6 EH3EGG6H C:2 5C<2GL GC: =6>G62 741H>:= 1G

@:4<A9 TRC6E4= M6E 3: <H C:2:PU

TN:Z8:B2: G67:GC:29 , =6HBG 81HG C:2 G6 81I: EK 1H= D<H= 1 5G21H7: ?1H <H C:2 3:=266? 8<GC C<5

C1H=5 144 6F:2 C:29U

"C: =6>G62 D4<H>C:=9 TQ:5L 766= K6<HG9 RG1M 8<GC ?:9 (CL GC1GB5 YE<G: 1 G1GG669U

Q:5L <G 815L 5<H>: <G C1= =<DD:2:HG >646E2:= :M:5 G6 GC: 6H:5 @:4<A C1= K1<HG:= 1H= C1= D64=:= <G5 8<H75

<H G<7CG9 .68 GC: DE>I C1= GC1G C1KK:H:=P .:2 5I<H 2:1>G<H7 G6 GC: K1<HG ?<7CG :AK41<H GC: >646E2>C1H7:L 3EG H6G GC: 8<H759

.: 81G>C:= 15 GC: =6>G62 862I:=9 /6 326I:H 36H:5L H6 >EG5 62 32E<5:59 R<H>: @:4<A 5K62G:= 1 D:8

5K:>G1>E412 KE2K4: 721J:5 >6E2G:5M 6D GC: I<G: D4M<H7L C: 86H=:2:= C68 >6?: %2<HB5 5I<H 466I:= 56

K:2D:>G9 .:2 2:D4:A:5 8:2: D<H:9 "<>I4<H7 C:2 D::G ?1=: C:2 G8<G>CL GC6E7C H6G 81I:9 .:2 G:?K:21GE2:815 468L GC6E7C H6G 8622M<H79 .:2 C:12G3:1G ;; 8:44L GC: =6>G62 D<==4:= 126EH= G2M<H7 G6 D<H= 1 KE45: 6H

C:2 82<5G 1H= GC:H ?:55:= 136EG 8<GC C<5 5G:GC65>6K: 144 6F:2 C:2 >C:5G EHG<4 C: D<H144M 71F: EK <H

=<57E5GL ?E?34<H7 136EG 5C6==M D62:<7H 862I?1H5C<K9 &EG %2<H 815HBG =:1=9 "C: 6GC:2 GC<H7 5C:815HBGL 815 181I:9



T.68 >6?: 5C: C15HBG 86I:HPU @:4<A 15I:=9

T, =6HBG IH689 RC:B5 H6G EH>6H5><6E5 15 D12 15 , >1H G:44L SE5G <H 1 F:2M =::K 54::K9 /6 5<7H 6D 1 C:1=

<HSE2M9 W6E4= 3: 5C: 1481M5 54::K5 4<I: GC<59 Q6E C1=HBG H6G<>:=PU

@:4<A D:4G C<5 >C::I5 C:1G9 "C:MB= H:F:2 C1= ?E>C G<?: D62 54::K<H7X G66 3E5M :AK462<H7 :1>C 6GC:2B5

36=<:5 1H= GC: 6H: GC<H7 %2<H =<=HBG 5::? G6 81HG G6 =6 815 D144 54::K 8<GC C<?9 .: >6E4= C12=4M G:44GC: =6>G62 GC1G9

T,D 5C: <5HBG 181I: <H 1 D:8 C6E25L >144 ?:L GC6E7C , GC<HI 5C:B44 3: D<H:9U .: >CE>I4:=9 TRC: 2:?<H=5

?: 6D ?M G::H17: 56H9 .: 54::K5 4<I: GC: =:1= G669U

0DG:2 GC: =6>G62 C1= 4:DG 1H= 8C<4: %2<H 5G<44 54:KGL @:4<A 8:HG G6 7:G 1 D415C4<7CG 1H= 2:GE2H:= G6 GC:>:44129 .: 815HBG 5E2: 8C1G C: 815 466I<H7 D62 ;; GC: 2:156H %2<H C1= 76H: =68H GC:2:P 0 H::= G6

2:155E2: C<?5:4D 5C: C1=HBG 3::H C<=<H7 D26? C<?P @:4<A ?1=: 5E2: GC: =662 815 8:=7:= D<2?4M 6K:H9

.: 81HG:= H6 8:<2= 7E5G5 6D 8<H= 541??<H7 <G 5CEG 1H= G21KK<H7 C<?9 .: 5C6H: GC: 4<7CG 6HG6 GC: 5G:K5

15 C: =:5>:H=:=9

(4= 8<H: 21>I5 5G66= G6 GC: 4:DGL 1 >6EK4: 6D =E5GM 36GG4:5 5G<44 <H K41>:9 @:4<A 518 C<5 D<32:74155 54:=7:

C1H7<H7 6H 1 C66IL 1H= 1 >26YE:G 5:G 4:1H:= <H GC: >62H:2 H:AG G6 1 3:=9 @:4<A S:2I:= GC: D415C4<7CG 31>I90 D64=;EK 3:= 8<GC 1 72::H 54::K<H7 317 6H G6K9 &6GC H:89 .: 5G12:= <H KEJJ4:?:HG9 NCM GC: C:44

86E4= %2<H 81HG G6 54::K =68H C:2: 8C:H 5C: >6E4= 3: >6?D62G134: <H 3:= 8<GC C<?P

!"#$%&' +"0'%&&*

&M GC: G<?: @:4<A :?:27:= D26? GC: >:4412L 862I?:H C1= 3:7EH G6 122<F:9 "C: 31H7<H7 1H= >41GG:2<H7

5G12G:= 1G 6H>:L 6F:241<= 8<GC 21=<65 K41M<H7 <H :F:2M 266? 6D GC: C6E5: ;; GC: ?E5<> 6D =<DD:2:HG

5G1G<6H5 EH<G:= <H 1 >1>6KC6H6E5 21>I:G9 .: 8:HG G6 >C:>I 6H %2<HL C6K<H7 G6 D<H= C:2 4M<H7 8<GC GC:

K<4468 KE44:= 6F:2 C:2 :125L 3EG 5C: C1=HBG ?6F:=9 .68 GC: C:44 >6E4= 5C: 54::K GC26E7C GC<5 76=;18DE4H6<5:P

):><=<H7 <G 815 51D: G6 4:1F: C:2 D62 1 8C<4:L C: 81H=:2:= 126EH= GC: C6E5:L G1I<H7 <H :F:2MGC<H7 C:B=

3::H G66 5G2:55:= G6 H6G<>: 3:D62:9 044 GC: GC<H75 @:4<A GC6E7CG C:B= C1F: G6 D<7CG 136EG ;; GC: 2:K1<2 6D

GC: =6?: 1H= GC: 5G6H: >C<?H:M;32:15G5L GC: K1<HG862IL =662 C1H=4:5L 56 D12 :F:2MGC<H7 ?:G 8<GC C<51KK26F149 "C: C6E5: 5812?:= 8<GC :AK:2G 2:5G62:25L 3E5M =26H:5 126EH= %2<HL GC:<2 54::K<H7 YE::H9

NC<45G @:4<A 815 GC2<44:= GC: =:>1M C1= 76H: <HG6 2:F:25:L C: 815 1456 2:5:HGDE49 "C: 3:GG:2 GC: S63 GC:M

?1=: 6D GC<5L GC: 4:55 >C1H>: C:B= 3: 134: G6 1DD62= G6 3EM V:F:HCE25G 31>IL 155E?<H7 <G :F:2 >1?: 6H

GC: ?12I:G9 "C6E7C <D C: ?122<:= %2<HL C: 86E4=HBG H::=Z -!(/1 O",A" /!,/ ,6$)"1

.: H<KK:= 31>I G6 GC: >61>C C6E5: G6 K<>I EK C<5 5I:G>C366I 1H= K:H><45L 1H= 2:GE2H:= G6 C:2 266?9

@:4<A =<=HBG 81HG G6 4:1F: %2<H 3M C:25:4D <H >15: 5C: C1= 1H6GC:2 H<7CG?12:9 N:44L C: =<=HBG 81HG G6

4:1F: C:2 146H: ;; K:2<6=9 .: G2<:= G6 6K:H GC: 5CEGG:25 G6 4:G <H 56?: H1GE214 4<7CGL 6H4M C: D6EH= GC:?

H6G 6H4M 3122:=L 3EG 46>I:= 8<GC 1 I:M9 R:GG4:= 6H 1 >C1<2 H:AG G6 GC: 3:=L C: 3:71H G6 =2189

@:4<A 5I:G>C:= %2<H 8<GC C:2 :M:5 >465:= 1H= GC:H 8<GC C:2 :M:5 6K:H9 /6G =<DD<>E4G G6 K<>GE2: GC:? <H

C<5 C:1=9 05G6H<5C<H74M 3:1EG<DE4L GC:M 2:D4:>G:= :F:2M 72::H 7:?5G6H:L 1 =<DD:2:HG 5C1=: 6D ?141>C<G:

1H= :?:214= :F:2M G<?: C: 466I:= 1G C:29 )12I 8C:H 5C: 815 1H72ML 5K12I4<H7 8C:H 5C: 815 :A><G:=9

@:4<A 81HG:= G6 ?1I: C:2 C1KKM9 .: >6E4=HBG 5G1H= GC: GC6E7CG GC1G C:B= EK5:G C:2L ?1=: C:2 2EH D26?C<?9



054::K 4<I: GC<5L %2<H 815 GC: K:2D:>G 12G<5GB5 ?6=:4 ;; 5C: C1=HBG ?6F:= 1G 1449 /6G 1 G8<G>C9 .: >C:>I:=

C:2 32:1GC<H7 1H= C1= G6 81<G 18C<4: 8<GC C<5 KE45: K6EH=<H7 <H C<5 C:1= 3:D62: C: 815 5E2: 5C: 815

6I1M9 ,D 5C:B= 3::H 181I: 144 H<7CG 5I1G<H7 EK 1H= =68H 5G::K C<445L 5C: 815 K263134M :AC1E5G:=9

O1M3: GC: =6>G62 815 2<7CG9 RC: ?<7CG 1481M5 54::K 4<I: GC<5L 1H= <G >6E4= 3: 1 2:156H 8CM C:B= H6G86I:H 8<GC C:2 3:5<=: C<?9 RC: 815 :?3122155:= 3:>1E5: 5C: 466I:= =:1=9 .: 5H<77:2:=9

@:4<A K1==:= <HG6 GC: I<G>C:H9 "C: D2<=7: 815 1 2:F:41G<6H9 NC1G GC: C:44 815 V415?<AP 0H= 8CM =<=

5C: C1F: 1 D2<=7: DE44 6D <GP R6?: 7<??<>IM C:14GC D66=P "C:2: 815HBG ?E>C :45: <H GC:2:9 0HEHG6E>C:= >12G6H 6D 34E:3:22<:5 1H= 1 K12G;:1G:H 5G2183:22M M67E2G9 /6 ?<4I9 /6 32:1=9 /6 3EGG:29 @:4<AG2<:= GC: >EK3612=59 /6 D66= 1HM8C:2:9 NC1G 562G 6D 8:<2= =<:G 815 GC<5P .: GC6E7CG 136EG 76<H7 31>I

G6 C<5 K41>: G6 7:G 56?:GC<H7 1H= >C1H7:= C<5 ?<H=9 RC: C1= G6 81I: 566HL 1H= C: 81HG:= G6 3: C:2:

8C:H 5C: =<= G6 7<F: R4::K<H7 &:1EGM 1 I<559

.: 41M =68H 3:5<=: C:2 1H= GE77:= C:2 >465:9 @:4<A 54<KK:= C<5 C1H= 6F:2 C:25 1H= 5G26I:= C:2 46H7L54:H=:2 D<H7:259 .: =<=HBG 81HG G6 32:1I C:29 %2<H 815 8<4=4M =<DD:2:HG G6 1HM 86?1H C:B= :F:2 ?:G9 RC:

=<= 5GEK<= GC<H75 1H= 8622<:= C<? G6 C:44 1H= 31>IL :A>:KG C: =<=HBG 2:144M 81HG G6 >C1H7: C:29 RC: 815

32<H7<H7 C<? 31>I G6 4<D:L ?1I<H7 C<? 5:: GC: 8624= <H 1 =<DD:2:HG 81M9 .:B= DE>I:= GC<H75 EK 56 31=4M1H= H:F:2 GC6E7CG C:B= 7:G 1 5:>6H= >C1H>:9 044 GC: M:125 C:B= K41M:= GC: D664 1H= ?:55:= 126EH= 1H=

H6G 2:144M >12:=L <G >1?: 15 1 5C6>I C: >6E4= >12: 56 ?E>C 136EG %2<H9

$HG<4 .:2?<6H: C1= 54<KK:= <H EH=:2 C<5 =:D:H>:5L @:4<A C1= H:F:2 C1= 1 2:41G<6H5C<K GC1G 415G:=9 "C:

2:14G62 815 GC: 826H7 86?1H 1G GC: 2<7CG G<?:9 .: 518 GC1G H689 .:B= 3::H 1G 1 468 :33L 1H= 5C:B=?1=: 4<D: 466I 32<7CG:2L 6H4M 8<GC 741?6E2 15 D145: 15 C:2 H1<45 1H= C:2 5?<4:9 RC: 815HBG GC: 2:14 GC<H7X

%2<H 8159

@:4<A 5G12:= EK 1G GC: >:<4<H79 N62I?:H 8:2: 31H7<H7 =<2:>G4M 6F:2C:1=9 .1= GC1G >21>I 126EH= GC:

4<7CG D<GG<H7 7268H 8<=:2P O1M3: <G 815 76<H7 G6 6K:H EKL 7<F: 3<2GC G6 56?: 72::=M 14<:H 8C6B=5814468 C<?9 "C: 46>145 86E4= 46F: GC1G9 \E5G 56 46H7 15 <G =<=HBG 5814468 %2<H9 .: >6E4=HBG 465: C:29

] ] ] ] ]

%2<H 5G66= 8<GC C:2 31>I G6 GC: 8144 1H= 81G>C:= GC: =662 C1H=4: GE2H9 RC: 81HG:= G6 2EHL 3EG GC:2: 815

H68C:2: G6 769 &:5<=:5L 5C: 815 3:<H7 K1<= G6 =6 GC<59 /6 5?<4: 6H C<5 D1>: 8C:H C: 814I:= <H9 RC: 3<GGC: <H5<=:5 6D C:2 >C::I5 G6 G21K C:2 8C<?K:29

.: 814I:= 6F:2 G6 GC: G134:L KEG =68H C<5 3268H 4:1GC:2 821KL 1H= EHD64=:= <G9 0 4<H: 6D 341=:5

74<GG:2:= EH=:2 GC: 32<7CG 4<7CG 1H= C: 2E33:= C<5 C1H=5 G67:GC:29 %1>C IH<D: 815 4<DG:= D62 1 >12:55 1H=

1 I<559 0DG:2 C: 2:K41>:= GC: D<H14 341=:L C: 5?<4:=9

%2<H 81G>C:= <H 5<4:H>:9 "C<5 6H: 1481M5 326E7CG 56 ?1HM IH<F:59 .:B= G64= C:2 C: 4<I:= G6 >C665:1>>62=<H7 G6 C<5 ?66=L GC6E7C 5C: >6E4=HBG 2:1= C<5 C:1F<4M G1GG66:= D1>: G6 K2:=<>G 8C1G C:B= =69 .:

H:F:2 2:?6F:= 1 5<H74: <G:? 6D >46GC<H7 6D C<5 68HL 3EG C: 4<I:= G6 >EG %2<HB5 181M D26? C:2L 5G2<K 3M

5G2<K9 .: 4:DG H6 ?12I 6H C:2 5I<H 15 GC: D132<> D:44 126EH= C:29 RC: D62>:= C:25:4D G6 K21<5: C<5 :AK:2G<5:9

.: 815 5C62G:2 GC1H C:2L 3E<4G 4<I: 1 G1HI+ 5YE1GL 564<=L 1H= =:1=4M9 N1F:5 6D F<64:H>: 1H= 312:4M

5EKK2:55:= 1H7:2 2644:= 6DD C<? 1H= >2E5C:= C:2 EH=:2 GC:<2 8:<7CG9 %2<H 815 1481M5 >12:DE4 H6G G6?1I: C<? 1H72<:29 .<5 >EG5 8:2: 5?144L =::KL 1H= K1<HDE49 "C: 341=: 6D >C6<>: D62 GC1G =1ML 1 >21DG IH<D:9

.: GC6E7CG C<?5:4D 1H 12G<5G 1H= 862I:= 6H C:2 D62 C6E25L >EGG<H7 8C1G D:4G 4<I: <HG2<>1G: K1GG:2H5 <H C:2

31>I EHG<4 GC: D4662 5C6H: 2:= 8<GC C:2 3466=9 %2<H 1>>:KG:= :F:2MGC<H7L :H>6E217:= C<? G6 5K:1IL4<5G:H:= G6 GC: D:8 862=5 C: 51<=L 1H= 5G62:= GC:? 181M9

05 C<5 G<?: G<>I:= G6 1 >465: 8<GC H6 ?62: 5I<H 4:DG G6 5K6<4L 5C: 81<G:= G6 5:: 8C1G C:B= >C665: D62 C<5

56EF:H<29 #6",-" )$/ 49 "9"-1

T"6: 62 H<KK4:9U



%2<H 5EKK2:55:= C:2 5CE==:29 .: 815HBG 15I<H79 RC: C1G:= C<5 F6<>:L 1 CE5IM 72684L GC6E7C C: =<=HBG

5K:1I 6DG:HL H6G 4<I: GC: 6H: 8C6 >144:= C:2 C<5 58::GL C<5 46F:L C<5 =124<H79 "C1G 6H: G14I:= G66 ?E>C9

H$+ 6$)@ 3$ K !,A" /$ 3$ /!(-*

TNC<>C G6:PU C: 15I:=9

/68 C: +,- 15I<H79 T':DG D66GL ?<==4: G6:9U

.: 5G12G:= G6 >EG9 R>2:1?<H7 D62 C<? 815 :15M9

] ] ] ] ]

%2<H >1?: 26EH= <H 1H <H5G1HGL ?6F:= D26? =::K 54::K G6 CMK:214:2G <H GC: G<?: <G G66I G6 6K:H C:2 :M:59 /6G 146H:9 /6G 8C:2: 5C:B= 76H: G6 54::K9 R6?:6H: 8<GC C:29 /6 3466=9 "C: 2<7CG 5?:44 1H= 5C: GE2H:=L

5CE==:2<H7 <HG6 @:4<A9 .: 41M 1G C:2 5<=:L :M:5 >465:=L ?6EGC 54<7CG4M 6K:HL C<5 32:1GC<H7 2:7E4129

054::K9 %2<H 815 5:<J:= 8<GC 1 5E27: 6D 4E5G 56 K68:2DE4L GC: ?E5>4:5 3:G8::H C:2 4:75 >4:H>C:= 1H==26F: C:2 <HG6 1 ?<H<62715?9

>! ?$3 9 "C<5 C1= G6 3: 1==<>G<6HL 8C:H C:2 81I<H7 GC6E7CG 815 6D 51G<5DM<H7 1 H::=9 RC: C1= G6 C1F:

@:4<AL 86E4= =6 1HMGC<H7 D62 C<?L 1HMGC<H7 G6 I::K C<?9 RC: 54<= C:2 C1H= G6 C<5 >C:5G 1H= 41<= C:2

K14? 6F:2 C<5 C:12G9 .<5 =2176H 5C<??:2:=9@:4<A >1?: 6EG 6D 54::K 54684ML 4<I: 1 3<7 >1GL 5G2:G>C<H7 C<5 46H7 4<?35 1H= 3:1EG<DE4 H:>I 3:D62: C:6K:H:= C<5 :M:59 T.:ML M6E 86I: 1G 415GLU C: ?E?34:=9 TQ6EBF: 3::H J6HI:= 144 =1M9U .: 4:1H:= EK 6H

C<5 :4368L M18H:=L 1H= GC:H 5?<4:= 8<GC C<5 54<7CG4M >266I:= G::GC9

T.68 =<= , 7:G C:2:PU 5C: 15I:=9

T, >122<:= M6E9 , D6EH= M6E 6H GC: >:4412 5G:K59 , GC6E7CG M6EB= D144:H 1H= 31H7:= M6E2 C:1= 56 , >144:=

GC: =6>G629 , 815 76<H7 G6 7<F: C<? 1H6GC:2 >144 8C:H M6E =<=HBG 81I: GC<5 1DG:2H66HL 6H4M , ?E5G C1F:D144:H 154::K9 .68 12: M6E D::4<H7P (I1MPU

RC: H6==:=9

.: H12268:= C<5 :M:59 T$K G6 1H58:2<H7 YE:5G<6H5PU%2<H 81<G:=9

T.68 >6?: M6E C1F: 1 >6G <H GC: >:4412P NC1GB5 826H7 8<GC GC<5 3:=PU .: D268H:=9 TNC1GB5 826H7

8<GC ?M 3:=PU

TR6?:G<?:5 , C1F: GC<5 H::= G6 D::4 51D: 8C:H , 54::K ;; 1 >6?KE45<6H G6 3: 8C:2: H6 6H: >1H D<H= ?:9U

@:4<AB5 D1>: D:44L 1H= C<5 ?6EGC G<7CG:H:=9 T,D M6E =6HBG 81HG ?: G6 36GC:2 M6EL M6E 6H4M C1F: G6 51M9

Q6E =6HBG H::= G6 2EH 181M D26? ?:9U

RC: 5G26I:= C<5 >C::I9 T/6G M6EL @:4<A9 , GC<HI ,BF: 1481M5 3::H 4<I: GC<59U

.<5 5C6E4=:25 2:41A:=9 TN:44L M6E 54::K 4<I: M6EB2: =:1=9U

RC: 41E7C:=9 T)6 ,PU

T, G2<:= :F:2MGC<H7 G6 81I: M6E9U

%2<H 21<5:= C:2 :M:326859 T(C M:5PU

.: =26KK:= C<5 C:1= G6 3468 1 215K3:22M 6H C:2 3:44M9 T"C: 6H4M GC<H7 GC1G ?1=: M6E G8<G>C 815G<>I4<H7 M6E2 D::G9U

TQ6E =<=HBG G2M 56?:GC<H7 ?62: :H:27:G<>PU RC: 466K:= C:2 12?5 126EH= C<5 H:>IL 1H= C: 5G<DD:H:= 1H=

KE44:= 181M9



T)6HBG G2M G6 =<5G21>G ?:9 NCM 86E4=HBG M6E 3: 51D: <H C:2:P Q6EBF: 1 46>I 6H GC: =6629U

T, 5EKK65: , H::= G6 54::K <H 1 K41>: H6 6H: 86E4= GC<HI G6 466I9U

TRE2: M6E 8:2:HBG G2M<H7 G6 C<=: D26? ?:PU C: 8C<5K:2:=9

%2<H 466I:= 5G21<7CG <HG6 C<5 :M:59 TQ:59 /6G M6E9U

T"C:H 8C6P ,5 GC:2: 56?:6H: 8C6 81HG5 G6 CE2G M6EP ,5 GC1G 8CM 8: 8:2: D64468:=PU .: 7E4K:=9 T02:

M6E <H GC: 8<GH:55 K26G:>G<6H K26721?P , ?:1HL , IH68 M6EB2: H6G 5EKK65:= G6 51ML 3EG M6E >1H G:44?:9U

T,GB5 H6G GC1G9 N:44L EH4:55 , >1HBG 2:?:?3:29U

@:4<A 5<7C:=9 T(I1ML ,B44 >C1H7: GC: 5E3S:>G9 NCM =6HBG M6E C1F: 1HM D66= <H M6E2 D2<=7:P N:44L H6G SE5G

<H M6E2 D2<=7:9 "C:2:B5 H6GC<H7 <H GC: >EK3612=5 :<GC:29 "C: 6H4M GC<H7 M6E C1F: K4:HGM 6D <5 56?:GC<H7

>144:= V415?<A9 , H:F:2 C:12= 6D <G9 ,5 <G 56?: 562G 6D =<:G12M 1<=PU

%2<HB5 5G6?1>C 72684:=9

TQ6E =6HBG H::= G6 =<:G9 Q6E C1F: 1 72:1G D<7E2:9U @:4<A 54<KK:= C<5 C1H= 6HG6 C:2 C<K9

TV415?<A <5 1 D66= 5EKK4:?:HG9 , 815HBG 134: G6 :1G K26K:24M 8C:H , 815 <449 , GC<HI 56?:GC<H7 C1KK:H:=

G6 ?M GC261G9U

.:2 C1H= 54<= G6 C:2 H:>I9 O:?62<:5 ?<7CG 3: 5E27<H7 <H 1H= 6EG 6D C:2 C:1=L 3EG GC1G D:4G 4<I: GC: G2EGC9

RC: 51G EK 1H= 58EH7 C:2 D::G 6DD GC: 3:=9 0 =218<H7 K1= 41M 6H GC: D4662L 1H= %2<H K<>I:= <G EK9 V17:1DG:2 K17: 6D GC: 51?: 86?1H9 .:2 C:12G >4:H>C:=9 @:4<A C1= =218H GC: 86?1H <H GC: K1<HG<H79 O1M3:

<G 815HBG 1H 64= K1<HG<H7 1G 1449 O1M3: <G 815 1 ?6=:2H 6H: ?1=: G6 466I 64= 8<GC @:4<A 1H= GC: 86?1H

=2:55:= <H 1KK26K2<1G: >46GC<H79

TNC1G =6 M6E GC<HIPU @:4<A 15I:=9

TNC6 <5 5C:PU

.: 26>I:= 31>I 6H GC: 3:= 1H= 41E7C:=9 %2<H D4EH7 C:25:4D 6H G6K 6D C<? 1H= 5G21==4:= C<5 C<K59

TNC1GB5 56 DEHHMPU 5C: 15I:=9 T":44 ?: 8C6 5C: <59U

"C: 5?<4: 54<KK:= D26? C<5 D1>:9 TQ6EB2: H6G S6I<H79U

T0H 64= 7<24D2<:H=PU

.<5 4<K >E24:=9 T0 H:8 6H:9U

T(CL 8:44 , =6HBG 4<I: GC: 466I 6D C:29U

@:4<A 2644:= 56 GC1G C: K<HH:= C:2 3:H:1GC C<?9 T,GB5 M6EL M6E ?:1H 3<G>C9 OM =218<H75 12:HBG GC1G 31=9U

TO:PU

%2<H 51G EK 56 D15GL 5C: IH6>I:= C<? 6DD GC: 3:=9 RC: 5>21?34:= G6 7:G GC: 5I:G>C K1=9 "C<5 815 C:2P

RC: G21>:= GC: 5C1K: 6D GC: 86?1HB5 D1>:L 4:G C:2 GCE?3 2EH 6F:2 GC: 5C1=:= 341>I C1<29 RC: 466I:=Z:HG<><H79

@:4<A >1?: EK 1G C:2 31>I 1H= KEG C<5 >C<H 6H C:2 5C6E4=:29 T'<I: <GPU

T'6F: <G9U

T)6HBG M6E GC<HI <G 466I5 4<I: M6EPU

T\E5G 4<I: ?:LU %2<H 4<:=9 TW1H , =218 M6E G66PU



T(I1M9U

T/1I:=9U

.: 41E7C:=9 T044 2<7CG9U

%2<H 5>66G:= G6 GC: >C1<2 1H= 51G 81G>C<H7 15 @:4<A EH=2:55:=9 .: KE44:= C<5 5C<2G 6F:2 C<5 C:1= 1H=

G655:= <G 6H GC: D46629 %2<H D6EH= <G C12= G6 =217 C:2 71J: D26? GC: 3E47: <H C<5 K1HG5L 3EG C:2 :M:5

D6>E5:= 6H C<5 5G6?1>C 1H= GC: 2<=7:5 6D C<5 135 3:D62: G1I<H7 <H C<5 26EH=:= K:>5 1H= G<7CG H<KK4:5LGC:H GC: 5G26H7 >64E?H 6D C<5 H:>IL C<5 56DG 4<K5L 1H= GC65: 7627:6E5 =12I 51KKC<2: :M:5L D<:2M 8<GC

=:5<2:9

T'<I: 8C1G M6E 5::PU C: 15I:=9

%2<H C:4= EK GC: K:H><4 <H D26HG 6D C:2 H65: 1H= 5YE<HG:=9

TNC1G 12: M6E =6<H7PU

TO:15E2<H7 M6E9U

@:4<A 41E7C:=9 TN1HG G6 81<G EHG<4 , G1I: ?M K1HG5 =68HPU

RC: KEG GC: K:H><4 3:G8::H C:2 4<K5 1H= 5G12G:= G6 5E>I <G <H 1H= 6EG 6D C:2 ?6EGC9 "C1G 8<K:= GC: 5?<4:

6DD C<5 D1>:9 @:4<A EHD15G:H:= C<5 >C<H65 1H= KE44:= GC:? 6DD9 /6 EH=:28:129 "C1G 8<K:= GC: 5?<4: 6DD

C:259 .: 815 142:1=M C12=L C<5 >6>I 36EH><H7 1 4<GG4: 15 C: ?6F:=9 %2<H G66I GC: K:H><4 6EG 6D C:2 ?6EGC

3:D62: 5C: D6276G 8C1G 5C: 815 =6<H7 1H= >C6?K:= <G <H C14D9

T.68 =6 M6E 81HG ?:PU C: 15I:=9

RC: 7E4K:=9 T'<: =68H9U

.: 41M 6H C<5 5<=:L 6H: 4:7 3:HGL GC: 6GC:2 5G21<7CGL 6H: C1H= 3:C<H= C<5 C:1=L GC: 6GC:2 5G26I<H7 C<5

>6>I9 %2<H 3:71H G6 =2189 @<F: 5:>6H=5 1H= 5C:B= D<H<5C:=9 RC: G655:= GC: K1= 15<=: 1H= 3:71H G6 G1I:

6DD C:2 >46GC:59

T.:ML 4:G ?: 5::LU @:4<A 51<=9 .: 2:1>C:= 6F:2L 5H177:= GC: K1=L 1H= 41E7C:=9

044 %2<H C1= =218H 815 1 4127:L :2:>G >6>I 1H= 314459

TNC1G C1KK:H:= G6 GC: 2:5G 6D ?:PU

T"C1G 815 144 , >6E4= 5::9U

.<5 :M:5 H12268:=L 1H= C: 3:>I6H:= C:2 8<GC 6H: D<H7:29 %2<H KE44:= 6DD GC: 415G <G:? 6D >46GC<H7 1H=

41M 6H GC: 3:=9 .: =<KK:= C<5 C:1=L 1H= C<5 H65: 5I<??:= C:2 S189

TQ6E 12: 56 :=<34:LU C: 8C<5K:2:=9

T"C:H :1G ?:9U

!"#$%&' .-/'%&&*

%2<H 4:G 6EG 1 4<GG4: 7261H9 @<H7:25 5G26I:= C:2 D1>:L G21<4:= =68H C:2 >C::IL GC: 4:H7GC 6D C:2 H:>I9 "C:D415C:5 6D =:5<2: 3:71H G:15<H7 <H36EH= S6E2H:M5 D26? :F:2M K6<HG @:4<A G6E>C:=9 NC:H C: G<KK:= C:2

31>I 1H= 5:GG4:= C<5 ?6EGC 171<H5G C:2 GC261GL %2<H 14?65G >1?: EH=6H:9 .:2 32:15G5 1>C:=L C:2 KE55M

>4:H>C:=L 1H= 5C: 715K:=9 ,D C:B= 3<GG:H C:2L 5C:B= C1F: :AK46=:=9

TN1HG G6 21>: 1H= 5:: 8C6 >6?:5 D<25GPU @:4<A 8C<5K:2:=9



T#:1=M9 RG:1=M9 -69 , 86H9U

.: 41E7C:= 171<H5G C:2 H:>IL 1H= GC: F<321G<6H5 G2<>I4:= GC26E7C C:2 36=M9

T':GB5 21>: 171<HLU C: 51<= 1H= 4<>I:=L 5E>I:=L H<KK:=L 1H= H<334:= C<5 81M G6 C:2 32:15GL 41F<H7 GC:

=2176HL G:15<H7 C:2 3:M6H= :H=E21H>:9

T, =6HBG IH68 8CM GC<5 C15HBG 2E33:= 6DD9 Q6E C1F: 2:?:?3:2:= G6 815CPU

%2<H 72684:=9

T$5<H7 C6G 81G:2PU

TQ:59U

TR61KPU

T0CL GC1GB5 8C:2: ,B? 76<H7 826H79U

@:4<A >CE>I4:= 1H= 34:8 6H C:2 H<KK4:9 T'66I C68 C12= GC: 4<GG4: G<K C15 76H:LU C: 8C<5K:2:=9 T)12I

G66L 4<I: 1 2<K: D2E<G 2:1=M D62 K<>I<H79U

.<5 ?6EGC 5:GG4:= 6F:2 C:2 32:15GL 1H= 1 =::K 5<7C 2E?34:= D26? C:2 GC261G9 .68 >6E4= 5E>I<H7 GC:2:

?1I: C:2 KE55M D::4 15 GC6E7C C: C1= C<5 D<H7:25 <H5<=: C:2P "C: 364G5 6D 5:H51G<6H D415C<H7 G6 C:2 >62:?1=: %2<H D::4 4<I: 5C: 815 >1E7CG EK <H 1 5G62?L GCEH=:2 >215C<H7L 21<H 1H= C1<4 D144<H7L 8C<4:

4<7CGH<H7 4<G EK GC: 5IM9 RC: 815 4<7CGH<H7 1H= @:4<A 815 C:2 GCEH=:29 RG26H7L K68:2DE4L 1H= C:2 1H>C629

.: I:KG 5E>I4<H7 C:2 32:15GL 8<H=<H7 C:2 G6 1 D2:HJM9 .<5 D<H7:25 K<H>C:= GC: 6GC:2 H<KK4: 1H= C: 2644:=L

5YE::J:=L 1H= >12:55:= <G G6 GC: 51?: C12=H:55 15 <G5 K:2IML 8:G G8<H9 "C: 1>G<6H 6D K2:55<H7 1H=5E>I<H7 2CMGC?<>144M 8<GC C<5 4<K5 15 <D C: 8:2: DE>I<H7 C:2 GC:2: ?1=: %2<H 12>C <HG6 C<5 ?6EGC9 .:2

C:1= 26>I:= D26? 5<=: G6 5<=: 15 C:2 D<H7:25 21I:= C<5 31>I9

T@:4<ALU 5C: 715K:=9

.: 466I:= EKL C<5 ?6EGC 5G<44 D15G:H:= G6 C:2 H<KK4:L 1H= %2<H 5<JJ4:=L EH21F:44<H7 EH=:2 C<5 <HG:H5:

71J: 15 81F:5 6D K4:15E2: >215C:= 6F:2 C:29 ,G 815 GC: 81M C: 466I:= 1G C:2 15 ?E>C 15 8C1G C: =<=9

05 GC: 5G62? 131G:= 1H= C:2 C:12G3:1G 5468:=L C: 4:G C:2 6EG 6D C<5 ?6EGC 8<GC 1 4<GG4: 76$79

T-66=PU C: 15I:=9

TQ6EB2: GC1G <H5:>E2:PU

@:4<A 71F: C:2 1 41JM 5?<4:9 T, SE5G 4<I: G6 IH68 ?M 862I <5 1KK2:><1G:=9U

.: G21<4:= C<5 G6H7E: =68H GC: >:HG2: 6D C:2 36=ML K1E5<H7 G6 G:15: C:2 H1F:4L ><2>4<H7 1H= =<KK<H7

<H5<=: 3:D62: C: =26KK:= 468:2 1H= KE5C:= C:2 4:75 1K12G9

"C:H C<5 ?6EGC 815 6H C:2L 1H= 144 %2<H >6E4= =6 815 5G12: 1G C<5 ?:55ML 5EH;5G2:1I:= C1<2 8C<4: C<5G6H7E: D4EGG:2:= 6F:2 GC: 58644:H HE3 6D C:2 >4<G9 RC: 2:1>C:= D62 C<5 C:1= 1H= C: >1E7CG C:2 82<5G5L

>41?K:= C<5 C1H=5 126EH= GC:?L 1H= C:4= C:2 G<7CG9 .:2 G:H=:2 D64=5 8:2: 31GC:= 8<GC 1 5468 >12:55L EK1H= =68HL GC: K2:55E2: 1 4<GG4: C12=:2 8<GC :1>C K155L EHG<4 C<5 G6H7E: 54<KK:= <H5<=:9 ^E<>IL 5C14468 KE45:5 1H= GC:H 6H: 46H7L =::K 74<=: ?1I<H7 %2<H GC<HI <G C1= G6 3: ?62: GC1H C<5 G6H7E:9 .:2 32:1GC

>1?: 6EG <H 2177:= 715K5 15 5C: 3E>I:= 171<H5G C<5 ?6EGC9 .: 5E>I:= C12=:29

@<2:5 <7H<G:= <H E4G215:H5<G<F: C644685 144 6F:2 C:2 36=M9 @41?:5 3E<4G <H <HG:H5<GML EHG<4 GC:M 5K<44:= 6F:2

1H= 3:71H 3E44:G;D15G S6E2H:M5 146H7 H:2F: :H=<H75L 5K<2144<H7 =68H G6 C:2 >:HG2:9 05 C:2 ?E5>4:55K15?:=L >2:1? 7E5C:= 3:G8::H C:2 4:759 %2<H 815 56 8:G <G 815 1 86H=:2 @:4<A C1=HBG =268H:=9 RC:

S:2I:= 171<H5G C<?L 1H= C: 2:4:15:= C:2 C1H=5 G6 C64= C:2 C<K5 1H= I::K C:2 8C:2: C: H::=:= C:29

(2715? 2612:= G6812= %2<H 4<I: 1 G<7:2L 36EH=<H7 <H 5G26H7L K68:2DE4 4:1K5 EHG<4 <G 72133:= C:2 <H <G5



S185 1H= 5C66I C:2 C12=9

R>2:1?5 G62: GC26E7C C:2 GC261G 15 5C: >1?: 1K12G <H 1H :AK465<6H 6D 2<KK4<H7 K4:15E2:L C:2 36=M

2:K:1G:=4M D217?:HG<H7 3:D62: 541??<H7 31>I G67:GC:29 %1>C 5K15? 5:H=<H7 D<2: 5C66G<H7 31>I GC: 81M

<G C1= >6?:L EHG<4 5C: 815 1341J:9

T(C ?M -6=L @:4<AL @:4<A9U

%2<H 41M G2:?34<H7 15 C: >2184:= 31>I EK GC: 3:=9 .<5 D1>: 8:G 8<GC C:2 SE<>:5L C: I<55:= C:29 /6 H::=D62 7:HG4:L 41JM 5:=E>G<6H ;; C: 142:1=M C1= C:29 .<5 :2:>G<6H H:5G4:= 171<H5G C:2 3:44M 15 @:4<A 5K:12:=

C<5 G6H7E: <HG6 C:2 ?6EGCL ?<?<>I<H7 8C1G C:B= =6H: G6 C:2 KE55M9 02?5 821KK:= 126EH= :1>C 6GC:2L

4:75 :HG1H74:=L GC:M 465G >6HG264 <H 1 I<55 G6 :H= 144 I<55:5L 1 36H:;?:4G<H7L 3466=;36<4<H7 I<55 ;; K1<HDE4<H <G5 <HG:H5<GML 6F:28C:4?<H7 <H <G5 =:KGC9 %1>C D6E7CG G6 7:G <H5<=: GC: 6GC:2L GC: D41?:5 6D GC:<2

K155<6H 15 <H>1H=:5>:HG 15 3E2H<H7 KC65KC62E59

RC: 81HG:= ?62:9 ,G 815 4<I: 5>21G>C<H7 1 3<G:L 6H: ?6?:HG 6D 5C::2 34<55 1H= 5C: C1= G6 =6 <G 171<H9

N$%"9 "C: 862= :>C6:= <H C:2 C:1=9 N$%"1 N$%"1

%2<H G62: C:2 ?6EGC D26? C<59 T, H::= M6E <H5<=: ?:9U

%F:H 15 5C: 5K6I:L @:4<A 815 5C<DG<H7 =68H G6 GC2E5G <HG6 C:29 (H: C12= =2<F: 3E2<:= C<? G6 GC: C<4G 1H=

=2177:= 1 7261H D26? C<5 GC261G9 %2<H 72<KK:= C<5 5C6E4=:25L C<5 5I<H C6G 1H= =1?K 3:H:1GC C:2 D<H7:259.<5 ?6EGC ?6F:= 31>I G6 C:25L C1H=5 C64=<H7 C:2 C:1= 15 C: =26F: <HG6 C:2L KE44<H7 31>I 56 6H4M GC:

G<K 6D C<5 >6>I 2:?1<H:= <H5<=: C:2 3:D62: C: GC2E5G D62812= 171<H 1H= 171<H9 .: 726EH= C<?5:4D 171<H5GC:2 ?6EH= 1H= GC:H C:4= 31>I D26? C:2 36=M G6 466I 1G C:29

T\:5E5L %2<H9 NC1G 12: M6E =6<H7 G6 ?:P , >1HBG GC<HIL , >1HBGZU

"C: <HG:H5<GM 6D C<5 71J: =2:8 C:2 4<I: 1 ?6GC G6 1 D41?:9 RC: 86E4= H6G 3: =:H<:= C:2 ?6?:HG 6D 34<559

.:2 4:75 >E24:= 126EH= C<5 81<5GL 1H= 5C: KE44:= C<? =::K:2L =2177:= C<? <H EHG<4 GC:<2 36=<:5 EH<G:= <H K:2D:>G DE5<6H9 RC: >1?: 171<HL ?E5>4:5 G8<5G<H7 15 C:2 8624= =:G6H1G:= <H 5C12K 3E25G5 6D K4:15E2:L 1H=

5G<44 GC:M DE>I:=L 36=<:5 5?1>I<H7 G67:GC:2L C<5 31445 36EH><H7 171<H5G C:2 5:H5<G<F: 5I<H9 "C:M DE>I:=

1H= DE>I:= EHG<4 %2<H C1= H6 GC6E7CG <H C:2 C:1= 6GC:2 GC1H @:4<AL 6D 81HG<H7 C<?L 144 6D C<?L D62:F:29

.<5 2CMGC? ?1H<>L GC: D2<>G<6H =:4<><6E5L @:4<A :AK46=:= <H5<=: C:2L 5C6EG<H7 C<5 2:4:15:9 T@E>IL DE>IL%2<HL 6C WC2<5G9 \:5E5 8:KG9U

.: 5468:= 3EG 5G<44 KE?K:= <HG6 C:2L =<5>C127<H7 :F:2M 415G S:G 6D C<5 5::= 3:D62: C: 54E?K:= 171<H5G

C:29 RC: G8<5G:= EHG<4 5C: 41M 6H G6KL GC:H HEJJ4:= <HG6 C<5 H:>I9 .:2 G6H7E: 5>66K:= 1 3:1= 6D 58:1G9

R14GM;58::GL 56 G:?KG<H79 %2<H I<55:= 1H= 5E>I:=L I<55:= C12=:29 &<G C<?9 RC: 2:?:?3:2:= >C6>641G:D26? GC: G<?: 8C:H <G G15G:= 766=9 @:4<A 815 ?64G:H >C6>641G: K6E2<H7 <HG6 C:2 ?6EGC9 "C: ?62: 5C:

=21HIL GC: 58::G:2 C: G15G:=L GC: ?62: 5C: 81HG:=9 %>5G15M K6E2:= =68H C:2 GC261G9

@:4<A 715K:=9 NC1G GC: C:44 815 5C: =6<H7P %2<HB5 G::GC C1= K<:2>:= C<5 H:>IL 2<KK:= C<5 5I<H9 (C DE>IL

C: >6E4= C:12 C:2 5814468<H79 "C<5 >6E4= )$/ 3: C1KK:H<H79 .<5 >6>I 58:44:= <H5<=: C:29 "C:2: 815 H681M /!,/ >6E4= 3: C1KK:H<H79 .:B= 6H4M SE5G >6?:L D62 DE>IB5 51I:9 (H4M C: 81HG:= C:2 171<HL >6E4=

D::4 C:2 C6G KE55M >4:H>C<H7 126EH= C<?L 5YE::J<H7 C<? 31>I G6 C12=H:559 J;/ 49 )"8<* 05 %2<H

EH21F:44:= M:G 171<HL 72<KK<H7 C<5 >6>I 8<GC C:2 C6G 5C:1GCL @:4<A >1?: G66L C<5 36=M 21>I:= 3M GC:<HG:H5<GM 6D 1H6GC:2 62715? >6?<H7 56 D15G 6H GC: 415G9 .: 815 4:DG 5C1I<H7L C<5 C:1= 58<??<H7L 1H= C:

7E4K:= 1<29 D!,/ /!" 0;8< (- !,77")()@*

%2<H 5G<44 5E>I:= 1G C<5 H:>I9 E/(66 -;8<"3*

T%2<H9U



.: 814468:= <H 1H 176HM 6D <H=:><5<6HL 81HG<H7 1H= H6G 81HG<H79 "C: 812? G2<>I4: 2EHH<H7 =68H C<5

H:>I 6F:2 C<5 >6441236H: D4<KK:= GC: 58<G>C9

T\:5E5 WC2<5GL %2<H9 NC1G GC: DE>I 12: M6E =6<H7PU

@:4<A D4EH7 C:2 181M 1H= >41?K:= 1 C1H= G6 C<5 GC261G9 .: 5C<DG:= G6 GC: 6GC:2 5<=: 6D GC: 3:=L 1H= C<5

S18 =26KK:=9 RC:B= 3<GG:H C<?9 /6G 1 DE>I<H7 46F: 3<G:L H6G 1H 1>><=:HG14 H<K 6D K155<6H 3EG 1 K26K:2 3<G:9 &466= 6H C:2 4<K59 .<5 3466=9 @:4<A SE?K:= 6DD GC: 3:= 1H= 71K:= 1G GC: 5?E=7: 6D 2:= 6H C<5

K14?9

T02: M6E >21JMP )6HBG 1H58:2 GC1G9 @E>IL %2<HL , IH68 8C1G 8: SE5G =<= 815 <HG:H5:L 3EGZM6E 3<G ?:9U

RC: 51G EKL C:2 ?6EGC >465:=L 36=M G2:?34<H7L H6G 466I<H7 1G C<?9

@:4<A 72133:= C<5 K1HG5 1H= KE44:= GC:? 6HL D15G:H:= C<5 5C<2G 8<GC 5C1I<H7 D<H7:25L D<H=<H7 <G C12= G6 32:1GC:9 .: 54<KK:= 6H C<5 5C6:5 1H= 5G14I:= G6 GC: =6629 "C:H C: GE2H:= G6 466I 1G C:29 RC: 51G 2:DE5<H7

G6 ?::G C<5 71J:9 NC:H C:2 G6H7E: 4<>I:= 1 5K6G 6D 3466= D26? C:2 4<KL @:4<A 7261H:=9

T, H::= G6 3: 6H ?M 68H D62 1 8C<4:9 ,B? H6G 5E2:Z , C1F: G6 7:G ?M C:1= 126EH= GC<59U

%2<H 21<5:= C:2 C:1=9 T,B? 5622M9U "C:H C:2 5C6E4=:25 54E?K:=9

@:4<A 5177:=9 NC1G GC: C:44 815 C: =6<H7P "C: 51?: GC<H7 5C:B= =6H: GC1G C1= K<55:= C<? 6DD9 #EH181M9 .: C1=HBG :F:H 7<F:H C:2 1 >C1H>: G6 :AK41<H9 .: >1?: 31>I G6 GC: 3:= 1H= 51G 3:5<=: C:29

%2<H 4<DG:= C:2 C:1=9 TW1H , I<55 <G 3:GG:2PU

T/6 ?62: 3<G<H7PU

T/69U

@:4<A G66I C:2 <HG6 C<5 12?5L D:4G C:2 4<K5 >12:55 C<5 5I<H 1H= C:2 G6H7E: ?1I: 1 5468 58::K 6F:2 C<5

H:>I9 "C:H 5C: KE44:= 181M9

TR622MLU 5C: 51<=9

T)6HBG 4:G <G C1KK:H 171<H9U .: 71F: C:2 1 4<GG4: 5?<4:9

T0CL , GC<HI GC1G ?<7CG 3: =<DD<>E4GLU %2<H 51<=9

@:4<A G:H5:=9 TNCMB5 GC1GPU

RC: 6K:H:= C:2 ?6EGC 1H= 5C68:= C<? C:2 G::GC9

.: 715K:=9 TNC1GZC68ZM6EZU @:4<A 71F: EK9 "C:2: 815 H6 81M C:B= ?1H17: 1HMGC<H7 >6C:2:HG9

%2<H C1= D1H759 "86 4:GC14;466I<H7 >1H<H:59 '<I: 1 =67B59 (2 1Z >! 0;8< 9 TQ6E GC<HI M6EB2: 1

F1?K<2:PU

@:4<A >6E4= )$/ 3:4<:F: C:B= EGG:2:= GC65: 862=59 .:B= =<F:= 2<7CG <HG6 C:2 8:<2= 8624= 1H= H6G2:?:?3:2:= G6 >6?: EK G6 32:1GC:9

TN:44L , GC<HI GC: :F<=:H>: <5 K2:GGM >6?K:44<H7LU %2<H 51<= <H 1 YE<:G F6<>:9 T, =6HBG 76 6EG <H =1M4<7CG9, 54::K 144 =1M9 , C12=4M :1G 62 =2<HI :A>:KG D62 GC1G 5GEDD <H GC: D2<=7:9 "C: H1?: 562G 6D 7<F:5 181M 8C1G

<G ?<7CG 3: ;; V415?<A9 , C:14 F:2M D15G9 , >1H 2EH :AG2:?:4M D15G9 ,B? 5G26H7:2 GC1H H62?149 OM C:12<H7L:M:5<7CGL 1H= 5:H5: 6D 5?:44 12: 6EG5G1H=<H79 , C1F: H6 5:H5: 6D K:256H14 51D:GM 3:>1E5: H6GC<H7 >1H I<44

?:9 N:44L , 7E:55 1 5G1I: GC26E7C GC: C:12G 86E4=9 V4E5L , 3<G M6E 1H= =21HI M6E2 3466=9U RC: 7E4K:=9

T0H= , 4<I:= <G9 %A>:KG , EK5:G M6EL 1H= , =<=HBG 4<I: GC1G9U

@:4<A 5G12:= 1G C:2L D62 6H>: <H C<5 4<D:L 5K::>C4:559

T"C1GB5 8CM , =<=HBG 2:>67H<J: GC: 5I:G>C M6E =<= 6D ?:9 ,BF: H:F:2 5::H ?M D1>:9 /6 K6<HG 466I<H7 <H 1



?<2262 3:>1E5: , C1F: H6 2:D4:>G<6H9U

>! B!%(-/= B!%(-/= B!%(-/ 9 @:4<AB5 C:12G GCE?K:= 56 C12=L <G 32E<5:= C<5 2<359

T/68L <D M6E =6HBG ?<H=L <GB5 ?: 8C6 H::=5 G6 3: 6H ?M 68H D62 1 8C<4:LU %2<H ?E?34:=9

] ] ] ] ]

@:4<A 814I:= 6EG 6D GC: 3:=266? 1H= 6EG 6D V:F:HCE25G9 .: 741H>:= 1G C<5 C6E5:L GC:H D6>E5:= 6H C<5

'1H= #6F:29 .: S<774:= GC: I:M5 <H C<5 K6>I:GL GC:H 76G <H GC: F:C<>4: 1H= =26F: 181M9

,G 815 6H4M 8C:H C: KE44:= EK 6EG5<=: )14G6HB5 1K12G?:HG GC1G C: 3:71H G6 >6?: 31>I G6 C<5 5:H5:59 .: KEG C<5 D<H7:2 6H GC: 3EJJ:2L I:KG <G GC:2:L 1H= 5G12:= 1G GC: <HG:2>6? F<=:6 5>2::H9

TNC:2:B5 GC: D<2:PU )14G6H 15I:=9

@:4<A C:12= GC: >4<>I 6D GC: 2:4:15: 1H= M1HI:= 6K:H GC: =6629 .: 21H EK GC: 5G1<25 G6 GC: 266DG6K

1K12G?:HG9

TNC1GB5 826H7PU )14G6H 15I:=9

@:4<A 5CE==:2:= 1H= KE5C:= K15G C<?9

)14G6H D64468:=9 TQ6E 6I1MP Q6E 81HG 1 =2<HIPUT/69U

@:4<A 54E?K:= 6H GC: 3268H 4:1GC:2 >6E>CL KEG C<5 :43685 6H C<5 IH::5L 1H= 2:5G:= C<5 C:1= 6H C<5

C1H=59

TNC1GB5 826H7PU

T, SE5G C1= GC: ?65G D1HG15G<> 5:A 6D ?M 4<D:9U

)14G6H 41E7C:=9 TQ6E G2M<H7 G6 ?1I: ?: S:146E5PU

@:4<A 466I:= EK 1G C<?9 T"C:2:B5 1 3EG9U

TN:44L , D<7E2:= GC:2: 86E4= 3:L 6GC:28<5: M6EB= 5G<44 3: C1F<H7 <G 62 1G 4:15G G2M<H7 G6 2:>2:1G: GC:?6?:HG9U )14G6H 51G 6H GC: >6E>C 6KK65<G: 1H= 81<G:=9

@:4<A 6K:H:= C<5 ?6EGC 1H= GC:H >465:= <G 171<H9

T':G ?: 7E:559 Q6E D6276G GC: >6H=6?L 326I: GC: >6H=6?L 5C: 4<:= 136EG H::=<H7 1 >6H=6?L M6E E5:=

D66= 821K <H5G:1= 6D 1 >6H=6? ;; , =6HBG 1=F<5: GC1G <D M6EBF: H:F:2 G2<:= <GL G:H=5 G6 7:G 465G 1H= <GB5 1

=:F<4 G6 2:G2<:F:9U

@:4<A 7412:=9

T,5 5C: K2:7H1HGL ?122<:=L <HG6 GC2::56?:5P N:44L GC1GB= 3: 6I1M9 Q6E IH68 ,B? 1481M5 EK D62

1HMGC<H79U

TRC: GC<HI5 5C:B5 1 F1?K<2:9U

)14G6H 5H<77:2:=9 TQ6E 5:2<6E5PU

T):1=4M9U

T\:5E5L @:4<AL M6E IH68 C68 G6 K<>I GC:?9 "C<H75 8:2: ?E>C :15<:2 8C:H M6E 5GE>I G6 8C1?L 31?LGC1HI M6EL ?1B1?9 , 812H:= M6E .:2?<6H: 815 ?1=: 6D d:4>26 1H= M6E =<=HBG 4<5G:H9 , K2:5E?: GC<5 <5

%2<H 8:B2: G14I<H7 136EGP RC: 1>GE144M GC<HI5 5C:B5 1 F1?K<2:P RC:B5 H6G SE5G K41M<H7 8<GC M6EPU

@:4<A 5C66I C<5 C:1=9 T"C: GC<H7 <5U ;; C: 466I:= 5G21<7CG 1G )14G6H ;; T, GC<HI 5C: <5 G669U



"C1G 8<K:= GC: 5?E7 72<H 6DD C<5 D2<:H=B5 D1>:9

TNCMPU )14G6H 15I:=9

T0 46G 6D 2:156H59 "C: ?1<H 6H: 3:<H7 5C: 3<G ?: 1H= =21HI ?M 3466=9U

TNC:2:PU )14G6H 15I:= 1H= 741H>:= 1G C<5 726<H9 T(2 =6 , H6G 81HG =:G1<45PU

TOM H:>I9U

TRC68 ?:9U

@:4<A KE44:= =68H C<5 >64412 1H= )14G6H 814I:= 6F:29

T"C:2:B5 H6GC<H7 GC:2:9 /6 ?12I59U

@:4<A SE?K:= G6 C<5 D::G 1H= 21>:= G6 GC: 31GC266?9 D!,/ /!" 0;8<* /6GC<H79 /6G GC: 54<7CG:5G 5>21G>C9.: 21H C<5 C1H= 6F:2 C<5 H:>I9 .1= <G 3::H C<5 <?17<H1G<6HP .: GE2H:= G6 5:: )14G6H 4:1H<H7 171<H5G GC:

=662 D21?:9

T)<= 5C: 4<>I M6E 1DG:2812=PU C: 15I:=9

TQ:59U

T055E?<H7 , 76 146H7 8<GC 8C1G M6EB2: 51M<H7L 1H= G6 3: C6H:5GL , GC<HI M6EBF: C1= 1 3468 G6 GC: C:1=;; <D , 1>>:KG GC:2:B5 5E>C 1 GC<H7 15 F1?K<2:5L <GB5 1 8:44;IH68H D1>G GC1G GC:<2 514<F1 C:145 GC: 3<G:?12I59U

@:4<A 5G12:= 1G C<?9

TNC1GP )6HBG 466I 1G ?: 4<I: GC1G9 , 4<I: F1?K<2: ?6F<:59U

@:4<A >6HG<HE:= G6 71K:9

T)6HBG 1>G 56 5C6>I:=9 0 ?<HEG: 176 M6E 51<= M6E 3:4<:F:= C:29U

TQ:1CL 3EG , =6HBG9 /6G 2:144M9 .68 >1H ,P ,GB5 <?K655<34:LU @:4<A 51<= <H 1 8C<5K:29 T"C:2: 12: H6 5E>CGC<H759U

T, IH689U

T&EG ;; 1H= GC:2: 12: 1 461= 6D 3EG5 ;; 5C: =6:5HBG 76 6EG <H =1M4<7CG9 RC: =6:5HBG :1G9 RC:B5 DE>I<H7 D15G

8C:H 5C: 2EH59 RG26H79 RC: C15 H6 >6H>:KG 6D =1H7:29 RC: 312:4M 32:1GC:59 RC: C15 1 C:12G 21G: 56 468

<GB5 C12= G6 =:G:>G9U

T%F:2 5::H C:2 <H GC: ?<2262PU

@:4<A 5C66I C<5 C:1=9 TNCM 86E4= , 466I 1G C:2 <H GC: ?<2262P 04GC6E7CL 8C:H 8: C1= 1 31GCZ5C: G64=?: 5C: C15 H6 2:D4:>G<6H9 , =2:8 C:2 1H= 5C: 1>G:= 15 <D 5C: =<=HBG IH68 8C1G 5C: 466I:= 4<I:9U .:

7261H:=9 T,5 <G 144 1H 1>GP RC: >1HBG 3: 1 DE>I<H7 F1?K<2:9 , ?:1H GC: G::GC >6E4= 3: D1I:9U (H4M 8CM

C1= C: H:F:2 H6G<>:= 1HMGC<H7 5C12K <H C:2 ?6EGCP (C -6=L C: C1=9 "C1G G<?: 5C:B= 3<GG:H C<5 D<H7:29 ,D

C:2 D1H75 >1?: <H 1H= 6EGL <G 86E4= :AK41<H 8CM C: =<=HBG 1481M5 D::4 GC:?9 0H= 5C:B= 2:1= C<5 ?<H=9(C WC2<5G9 .:B= 3::H GC<HI<H7 136EG GC: >C1H>:5 6D V:F:HCE25G 3:<H7 GE2H:= <HG6 1 5K1 62 764D >6E25:

1H= 5C:B= DE>I<H7 2:1= C<5 ?<H=9

T"C:2: 12: 81M5 G6 D<H= 6EGLU )14G6H 51<=9

TRE>C 15P 0 5G1I: <H GC: C:12GPU

)14G6H D4<>I:= C<5 C:1= 8<GC C<5 GCE?3 1H= D62:D<H7:29 T0H= 7:G =6H: D62 ?E2=:2P -:G C:2 <H D26HG 6D 1

?<2262 62 G1I: C:2 D62 1 814I <H GC: 5EH9U



!"#$%&' .08%&&*

@:4<A 2:GE2H:= G6 GC: >61>C C6E5: 5G<44 5G2:55:= 1H= 1HA<6E59 .: 81HG:= G6 5K:1I G6 %2<HL 6H4M C: C1= H6

<=:1 8C1G G6 51M9 (H GC: 81M 31>IL C:B= G14I:= C<?5:4D 6EG 6D 3:4<:F<H79 "C:2: !,3 G6 3: 1H6GC:2:AK41H1G<6H9 @:4<A 2:G2:1G:= G6 C<5 5GE=<6 G6 862IL G2M<H7 H6G G6 GC<HI 136EG %2<H GC6E7C GC1G 815 K2:GGM

=<DD<>E4G 8C:H C: 815 5>E4KG<H7 C:2 D1>:9 %F:2M K2:55 6D GC: >41M ?1=: C<? GC<HI 136EG C68 5C: D:4G

8C:H C: 41M 6F:2 C:29 05 C:2 D:1GE2:5 3:>1?: ?62: =:D<H:=L @:4<A 815 =:5K:21G: G6 ?1I: GC<5 K:2D:>G9.: =<=HBG 81HG %2<H G6 5:: <G EHG<4 C: 815 =6H:L 3EG C: 8<5C:= 5C:B= >6?: 6F:2 1H= G:44 C<? GC: F1?K<2:

5GEDD 815 1 S6I: 76H: G66 D129

.<5 72684<H7 5G6?1>C =26F: @:4<A G6 GC: I<G>C:H9 .: 6K:H:= 1 36GG4: 6D 8<H: 8C<4: C: 81<G:= D62 GC:

?<>2681F: G6 =:4<F:2 56?:GC<H7 <?K655<34:L 1 G15GM ?:14L GC:H 5G66= 1G GC: >6EHG:2 G6 5C6F:4 <G <HG6 C<5?6EGC9 @:4<A 815HBG 5E2: <D <G 815 >C<>I:H 62 K62IL 62 <D C: >12:=9

.: C:12= GC: >12 3:D62: C: 518 <GL 2612<H7 EK GC: =2<F: 4<I: 1 8<4= 3:15G9 "C: F:C<>4: KE44:= EK EH=:2 GC:

5:>E2<GM 4<7CG5 H:AG G6 GC: 5G:K5 6D GC: >15G4:L 1H= @:4<A D26J: 8<GC C<5 D62I 6H C<5 81M G6 C<5 ?6EGC9 0

2:= @:2212<9 0 ?E5>4: G<>I:= <H C<5 S189 "86 ?:H 76G 6EG9 &6GC G144L 6H: 8:12<H7 1 46H7L =12I >61G9 @:4<A

KEG =68H C<5 D62I 1H= GC: D6<4 >6HG1<H:29 NC6B= 8:12 1 >61G GC1G 14?65G 2:1>C:= GC: 726EH=P 0CL GC:6H: 8C6 GE2H:= 1H= 466I:= 5G21<7CG 1G C<?9

@:4<A 5G:KK:= 6EG 6D 5<7CG9 .<5 KE45: 26>I:G:=9 %F:2MGC<H7 136EG GC:5: G86 5C6EG:= G26E34:9 .: 21H

EK5G1<25 1H=L 635>E2:= 3M GC: >E2G1<HL K::2:= 6EG9 '6H7 W61G 5G66= 1G GC: :HG21H>: G6 V:F:HCE25GL GC:6GC:2 815 814I<H7 126EH= GC: 5<=:9 @:4<A 4:1H:= 8<GC C<5 31>I 171<H5G GC: 3:=266? 8144 1H= G66I 1

=::K 32:1GC9 RC6E4= C: >144 GC: K64<>:P .: <?17<H:= GC: >6HF:251G<6H9

F"-= -(%1 D!,/C- /!" "4"%@")89*

P!"%"C- , 4,) () , 6$)@ 8$,/ <)$8<()@ $) 49 )"(@!5$;%C- 3$$%1 H" 3%(A"- , 8,% K 8$;63 )"A"% () 49

+(63"-/ 3%",4- ,00$%3= ,)3 K 3$)C/ 6(<" /!" 6$$< $0 !(41

"C1G 5C6E4= C1F: GC:? 2E5C<H7 C:2: <H 5:F:214 5YE1= >125L H6 K2634:?9 V263134M 32<H7 1 RN0" G:1?1H= 1 C:4<>6KG:2 G669 @:4<A G66I 1 5C1IM 32:1GC9 N15 C: 6F:22:1>G<H7P

.: 741H>:= GC26E7C GC: 8<H=68 171<H 1H= H68 C: >6E4=HBG 5:: :<GC:2 6D GC:?9 2;8< 9 RC6E4= C: 76 1H=

>C:>I <D %2<H 815 6I1MP 05 C: ?6F:= G6812= GC: 5G1<25L GC: =6623:44 21H79 .<5 7EG >4:H>C:=9 @:4<A

=<=HBG 81HG G6 6K:H GC: =662L 3EG C: 815HBG 1 >6812=9

'6H7 W61G 5G66= GC:2:9 .: 815 G144:2 GC1H @:4<AL 136EG C<5 17:L 8<GC 341>I C1<2 1H= 8:<2= :M:59 "C:M

8:2: 1 562G 6D 1 5<4F:2M 72:M 1H= 2:144M =::K 1H=Z@:4<A G62: C<5 71J: 181M9

TR622M G6 =<5GE23 M6ELU GC: ?1H 51<=9 T'66I5 4<I: M6E 8:2: <H GC: ?<==4: 6D 56?:GC<H79U

@:4<A 815 >6F:2:= <H 54<KL 1 2EHHM ?<AGE2: 6D 81G:2 1H= >41M9 ,G C1= =2<:= G6 4:1F: 72:M K1G>C:5 144 6F:2

C<5 D1>:L 12?5L 1H= 5C<2G9 .: K263134M 466I:= 4<I: 1 7C65G <H GC: ?<==4: 6D ?1G:2<14<J<H79TW1H , C:4K M6EPU @:4<A 15I:=9

T,B? 466I<H7 D62 %2<H9 ,5 5C: C:2:PU

&1H7 8:HG @:4<AB5 C6K: GC:M 8:2: =6E34:;741J<H7 514:5?:H 62 56?: 6F:2:HGCE5<15G<> 2:4<7<6E5 5:>G

G2M<H7 G6 7:G C<? G6 5:: GC: :2262 6D C<5 81M59

T/6LU C: 51<=9

T&EG 5C:B5 3::H C:2:PU



@:4<A =<=HBG 4<I: GC1G YE:5G<6H9 /6G 1G 1449 O1M3: C: 5C6E4= C1F: K2:G:H=:= C:B= H:F:2 C:12= 6D C:29 "66

41G:9 E!(/ 9 @:4<A G:H5:=9

TW1H , >6?: <HPU

.: =<=HBG 4<I: GC1G YE:5G<6H :<GC:29 NCM 86E4= GC: 7EM 81HG G6 >6?: <HP NCM GC: DE>I =<=HBG @:4<A

C1F: %2<HB5 >:44 KC6H: HE?3:2P (2 C:2 C<5P .: H::=:= C:2 G6 5G1M 8C:2: 5C: 8159

"C: ?1H 5?<4:=9 T,B? ":A RH689 %2<H 862I5 D62 ?:9UT(CL N:3 5<G: =:5<7HPU

"C: 7EM 71F: C<? 1 341HI 466I9 "C: G:H5<6H GC1G C1= 2:>:=:= 8<GC GC: 5?<4:L 1H= GC: 1HH6EH>:?:HG C:

815 %2<HB5 3655L 5C6G 31>IL 5:H=<H7 :F:2M 6H: 6D @:4<AB5 ?E5>4:5 2<7<=9 %2<H C1= 4<:=P

T,B? =:5K:21G: D62 GC: 31GC266?9 W6E4= , E5: M6E25PU

@:4<A C:5<G1G:=9 .:B= 465G >6EHG 6D GC: HE?3:2 6D G<?:5 C:B= 3::H >1E7CG 5C62G 6H C<5 81M D26? GC: KE39

.:B= >C2<5G:H:= ?65G 6D GC: G2::5 6H GC: 26EG: C6?:9 /6 2:156H GC<5 7EM 5C6E4=HBG =6 GC: 51?:9

T/6L 5622M9U @:4<A >465:= GC: =6629

.: =<=HBG ?<55 GC: C<55 6D 1HH6M1H>:9 .: 815 741= C: C1=HBG 4:G C<? <HL 1H= :F:H ?62: 741= 8C:H C:

C:12= GC: 72684 6D GC: @:2212< KE44<H7 =68H GC: =2<F: 1 D:8 ?<HEG:5 41G:29

] ] ] ] ]

%2<HB5 ?:?62M 815 31>I9 RC: 8<5C:= <G 815HBG9 RC: 41M 6H GC: 3:=L C:2 ?<H= 5::GC<H7 4<I: 1 317 6D

5H1I:5L <?17:5 >644<=<H7 1H= 58<24<H7 <H 1 ?1:45G26? EHG<4 5C: GC6E7CG C:2 C:1= 86E4= :AK46=:9 R6?:GC<H75 8:2: H68 13564EG: 1H= >4:12 <H C:2 ?<H=9

KC4 , 56$$3-;8<()@ 4$)-/"%1 KC4 0(8/($) 5"8$4" 0,8/1 KC4 , A,47(%"1

/6G SE5G 1HM F1?K<2:9 0 "2E:3466=9 0 F1?K<2: C1G:= 1H= D:12:= 3M GC: d1?K<2: .<7C W6EH><49 %2<H 815

1 ?:?3:2 6D 1 >41H <H C<=<H79

"2E:3466=5 8:2: F1?K<2: 26M14GM 134: G6 =1G: GC:<2 62<7<H5 G6 GC: :124M =1M5 6D GC:<2 I<H=9 "C:M C1=:HC1H>:= 13<4<G<:5 >6?K12:= G6 6GC:25L 134: G6 8<GC5G1H= ?62: 5EH4<7CG 1H= D:2G<4: 8C<4: GC: 2:5G 8:2:

H6G9 "C: >1K1><GM G6 <H>2:15: GC:<2 HE?3:25 3M H1GE214 ?:1H5 71F: GC:? 1H EH1>>:KG134: 1=F1HG17: 1H=

?1=: GC:? =:5K<5:= 3M GC: W6EH><49 "2E:3466=5 8:2: D623<==:H G6 5<2: M6EH7L :A>:KG D62 6H: >C<4=

:F:2M CEH=2:= M:125L 1H= "2E:3466=5 >6H5<=:2:= :F:H GC1G 1 G21K G6 =218 GC:? 6EG9 @:2G<4<GM 815 1 C12=GC<H7 G6 C<=: <D M6E 8:2: ?14:L 5<H>: H6 F1?K<2: 86E4= :AK:>G C:2 K12GH:2 G6 8:12 1 >6H=6?9 %15<:2 D62

%2<H 8C6B= C1= 1 C62?6H14 <?K41HG D<GG:= 5<H>: 5C: 815 M6EH7 :H6E7C G6 DE>I9

RM2:H 1H= 04<><1 +"%" C:2 K12:HG59 "C:M 466I:= M6EH7L 3EG GC:M 8:2: 64=9 R6 815 %2<H9 (4=:2 GC1H

@:4<A 3M 1 >6EK4: 6D CEH=2:= M:1259 "2E:3466=5L 4<I: 6GC:2 F1?K<2:5L =<= 17:L GC6E7C F:2M 54684M9 %2<HC1= G86 64=:2 326GC:25L 'EI1 1H= 04:IL 1H= C1=HBG 5::H GC:? D62 G86 >:HGE2<:59 $HG<4 5C: 815 5<>IL %2<H

C1=HBG 5::H C:2 K12:HG5 D62 144 GC1G G<?: :<GC:29 RC:B= SE5G >6?: <HG6 C:2 ?1GE2<GM 8C:H GC: D1?<4M C1=

3::H D62>:= <HG6 C<=<H79 "2E:3466=5 H::=:= G6 ?1<HG1<H 1 468 K26D<4: EHG<4 4:1=:25C<K 6D GC: d1?K<2:.<7C W6EH><4 >C1H7:=9

Q:G >CEHI5 6D %2<HB5 4<D: 8:2: 5G<44 ?<55<H79 R6?:GC<H7 C1= C1KK:H:= G6 C:2L 1H= 5C:B= 14?65G =<:= 15 1

>6H5:YE:H>:9 ,?17:5 6D 2:= 266?5 1H= ?:H 8<GC IH<F:5 58<24:= <H C:2 C:1=9 %2<H 5G2E774:= G6

2:?:?3:2L GC6E7C 14?65G 15 <D GC:2: 815 1H <H3E<4G ?:>C1H<5? G2M<H7 G6 5G6K C:2L C:2 ?<H= 54<= G6 @:4<AL86H=:2<H7 8C1G C: 815 =6<H7 1H= 8C1G C: GC6E7CG 6D C:2 H689

"C: 1>G 6D =2<HI<H7 C<5 3466= C1= G2<77:2:= C:2 321<H <HG6 2:>1449 ,D 6H4M 5C: C1=HBG 3::H 56 >4E?5ML

3<G<H7 1H= 5E>I<H7 15 <D <G C1= 3::H GC: D<25G G<?: 5C:B= :F:2 =2EHI D26? 1 ?62G149 RC:B= 465G >6HG264 1H=



H6G 14468:= C<? G6 5C12: C:2 K4:15E2:9 /6 86H=:2 C:B= D2:1I:= 6EG9 %2<H >2E?K4:=9 RC:B= DE>I:= EK

56?:GC<H7 5K:><149 /68L <D 5C: =<=HBG 8<K: C<5 ?<H=L 6GC:25 86E4=9

RC: 51G EK9 ,5 GC1G C68 5C:B= 465G C:2 ?:?62MP .1= RM2:H 1H= 04<><1 ?1=: 5E2: 5C: >6E4=HBG

2:?:?3:2P %2<H 5CE==:2:=9 NC1G GC: C:44 C1= C1KK:H:= G6 C:2P NC1G C1= 5C: =6H:P

%2<H G66I 1 C14DC:12G:= 5C68:29 RC: =<=HBG 81HG G6 465: GC: =2176H <?17:L GC6E7C GC:2: 5::?:= G6 3:4<GG4: =1H7:2 6D GC1G9 RC: :?:27:= 8<GC GC: K1<HG<H7 <HG1>G9 ,D 1HMGC<H7L <G 466I:= 32<7CG:29 %2<H 72133:= 1

>12G6H 6D V415?<A D26? GC: D2<=7:9 "C:H 1 5:>6H=9 O1M3: 5C:B= 465G >6HG264 1H= 3<GG:H @:4<A 3:>1E5:

5C: C1=HBG 3::H =2<HI<H7 :H6E7C9 %2<H K<H>C:= C:2 H65: 1H= =21HI D15G9 F;< 9 @:4<A C1= G15G:= 56 766= <H>6?K12<56H9 >! -!(/ 9 RC: =<= H6G 81HG G6 GC<HI GC1G9

RC: K<>I:= EK GC: 5I:G>C K1= 1H= 54E?K:= 6H GC: 3:=9 R6 GC<5 815 C:2P .:2 :125 5GE>I 6EG 1 4<GG4:9 .:2

C1<2 815 1 ?:559 .1= 1HM6H: :F:2 =218H C:2 3:D62:P %2<H K62:= 6F:2 :1>C K17: 1H= 5E==:H4M 71F: 1

5C62G 41E7C9 RC:B= S6<H:= 1 >6EK4: 6D ?:HG14 =6G59 (D >6E25: 5C: IH:8 GC: 86?1H <H GC: K1<HG<H7EK5G1<259 ,G 815 C:29 RC:B= 3::H GC: 6H: 8C6B= S<4G:= RG:KC:H N:5G3E2ML @:4<AB5 1H>:5G629

0 =:4E7: 6D ?:?62<:5 D466=:= 31>I 8<GC C<5 H1?: 1H= %2<H G2:?34:=9 >! ?$3= E/"7!")9 "86 CEH=2:=

M:125 1H= <G ?<7CG C1F: 3::H M:5G:2=1M9 RC:B= 46F:= C<? 56 ?E>C9 "C: D<25G ?1H 5C:B= 54:KG 8<GC9 .:B=

G1I:H C:2 F<27<H<GM 8<GC 5E>C >12: 1H= I<H=H:559 %2<H C1= GC6E7CG 5C:B= H:F:2 81HG 1H6GC:29 RC:B= 3::H

M6EH7 1H= D664<5CL 1H= 5G<44 ?62G149

"2E:3466=5 C1= 1 ?62G14 >C<4=C66= 8<GC H6 D1H75L H6 EHE5E14 13<4<GML 1H= GC:M 1G: 62=<H12M D66=9 /6G

YE<G: 1 H62?14 4<D: 3:>1E5: GC:M H:F:2 518 GC:<2 K12:HG5 <H =1M4<7CG9 %2<H C1= 1 4<F:;<H H1HHM EHG<4 5C:

815 G8:4F:L 1G 8C<>C 17: 5C: 815 >6H5<=:2:= 64= :H6E7C G6 3: 2:5K6H5<34: D62 C:25:4D9 "C:H <H C:2 41G:G::H5L 6H: 5>12M =1ML C:2 G21H5D62?1G<6H C1= 3:7EH9 %2<HL 8C6B= 1481M5 4<I:= C:2 3::D >2:?1G:=L C1=

15I:= D62 <G 212: 1H= 15 5C: 54<>:= <HG6 GC: ?:1GL C:2 D1H75 C1= :2EKG:=9 RC:B= 3::H 56 D2:1I:=L 5C:B=

2E5C:= G6 C:2 266? 1H= G2<:= G6 D<4: GC:? =68H9

%2<H 81HG:= G6 K2:G:H= <G 86E4=HBG C1KK:H 171<H9 (H4M <G C1=9 04<><1 326E7CG 1 5G134: C1H= G6 C:2 266?L1 M6EH7 36M H6G ?E>C 64=:2 GC1H C:2L 1H= 5C68:= %2<H C68 G6 >14? C<5 ?<H=L D::= D26? C<?L 1H= 8<K:

C<5 ?:?62M 1DG:2812=9 0G GC1G K6<HGL %2<H 2:14<J:= 5C: >6E4=HBG ?122M RG:KC:H N:5G3E2M9 /6G 3:>1E5:

5C: =<=HBG 46F: C<?L 3EG 3:>1E5: 5C: 46F:= C<? G66 ?E>C9

RG:KC:H 86E4= 7268 64= 1H= 5C:B= 2:?1<H M6EH79 NC1G 86E4= GC:<2 >C<4=2:H 3:P d1?K<2: 62 ?62G14PRC:B= 15I:= GC: CMK6GC:G<>14 YE:5G<6H 6D C:2 ?6GC:2 1H= C1= GC: 1H58:2 5C: =<=HBG 81HG9 "C:MB= 3:

F1?K<2:59 %2<H >6E4=HBG =6 GC1G G6 C<?9 )1M5 D415C:= 3M 1H= GC: ?6?:HG 1KK261>C:= 8C:H 5C:B= 3:

D62>:= G6 7<F: EK GC: 5EH 1H= 1456 G6 7<F: EK GC: ?1H 5C: 46F:=9 .68 >6E4= 5C: C1F: :AK41<H:= 8<GC6EG

RG:KC:H GC<HI<H7 5C: 815 ?1= 1H= 8<GC6EG 3:G21M<H7 C:2 K12:HG5P "C:MB= 81G>C:= 8C<4: 5C: 176H<J:=L1H= %2<H 2:14<J:= GC:M 8:2: 81<G<H7 D62 C:2 G6 1>>:KG 8C1G 5C: C1= G6 =69

RC: >6E4=HBG 32:1I GC<H75 6DD 8<GC C<? 56 5C: 21H9 /6G D129 RG:KC:H C1= 3::H D21HG<>9 %2<H 518 C<?

5:12>C D62 C:2L 2<=<H7 6EG 6H C<5 C625: =1M 1DG:2 =1M9 RC: 81G>C:= C<? >2M D62 C:29 RC: 518 C<? 7268

4<5G4:55 1H= D21<49 RC: 81G>C:= C<?L 81HG<H7 1H= H6G 81HG<H7 C<? G6 D144 <H 46F: 8<GC 56?:6H: :45:9

RG:KC:H H:F:2 G66I 1 8<D:9 %2<H D:4G C<5 C:12G >2E?34: 1H= IH:8 H6 6H: >6E4= KEG <G 31>I G67:GC:29"C: 5:H5<34: GC<H7 86E4= C1F: 3::H G6 5G1M 181M 1H= H:F:2 76 31>IL 3EG M:125 K155:= 1H= %2<H C1=

81HG:= G6 5:: C<? 6H: 415G G<?:9 RC:B= >4<?3:= EK GC: 6EG5<=: 6D V:F:HCE25G9 "C: ?6?:HG RG:KC:H 518

C:2 1G GC: 8<H=68L C: 5?<4:=9 .: GC6E7CG 5C:B= >6?: G6 G1I: C<? G6 C:1F:H9 (C -6=L 5C:B= 8<5C:=5C:B= 3::H 134: G6 =6 GC1G9 ,D 5C:B= GC6E7CG 5C: >6E4= 3: GC:2: 8<GC C<?L 5C: ?<7CG C1F: 814I:= <HG6 GC:

5EHL M:G C:1F:H 815 H6G D62 GC65: 4<I: C:29 RG:KC:H C:4= 6EG C<5 C1H=9 %2<H C1= 5YE::J:= C<5 D<H7:25 1H=

G64= C<? GC1G 5C: 46F:= C<?9 "C:H C:B= =<:=9

0 4:556H 4:12H:= GC: C12= 81M GC1G F1?K<2:5 1H= ?62G145 =6HBG ?<A9 @62 G86 CEH=2:= M:125L %2<H C1=



5G1M:= 181M D26? 2:41G<6H5C<K5 8<GC ?62G145L 1H= GC:H 146H7 >1?: @:4<A 8C6B= ?1=: C:2 C1KKM9 %2<H

8:KG GC:HL D62 8C1G 5C:B= =6H:L D62 8C1G 5C:B= 465GL D62 8C1G 5C: 815 76<H7 G6 465:9

"C:2: 815 1 46E= 31H7 1G GC: =6629 %2<H <7H62:= <G9 RC: >6E4=HBG D1>: @:4<AL M:G 5C: >6E4=HBG 7:G C<? 6EG

6D C:2 ?<H=9 .:2 C:12G CE2G 1G GC: GC6E7CG 6D C<? H6G 3:<H7 K12G 6D C:2 4<D:9

RC: 5K21H7 G6 C:2 D::G9 &:<H7 1>G<F: 86E4= 5G6K C:2 GC<HI<H79 %2<H 466I:= 126EH= 1G GC: 81445 6D GC:4<F<H7 266? 1H= >C:8:= C:2 4<K9 "C1G E74M D468:2:= K1K:2 C1= G6 769 O1M3: 5C: >6E4= 5G2<K GC:

:F:2415G<H7 4<H:5 6D <FM 6DD GC: 3:=266? 81445 G669 ,D 5C: C1= G6 =6 <G <H>C 3M <H>CL GC:H 56 ?E>C GC:

3:GG:29 ,G 86E4= I::K C:2 3E5M9 &EG GC: K1K:2 K::4:= 6DD :15<4ML 4:1F<H7 4<H<H7 K1K:2 3:H:1GCL 1H= <H H6G<?: %2<H C1= 5G2<KK:= GC: 8C64: 266?9

/6G =<5G21>G<H7 :H6E7C9 RC: >6E4=HBG =2<F: 6EG GC: <?17: 6D @:4<AB5 D1>: 8C<4: C: 5G2E774:= 8<GC GC:

<=:1 GC1G 5C:B= 3<GG:H C<?9 0 5:12>C D62 ?62: E74M K1K:2 G6 2:?6F: 4:= C:2 <HG6 1 >EK3612=9 %2<H 4<DG:=

1H 64= >46GC 4<H<H7 GC: 315: 1H= =<5>6F:2:= 1 5G6217: 12:19 "E>I<H7 C:2 D<H7:2 <HG6 GC: C64: <H GC: 4<=L%2<H KE44:= <G EK9 ,H5<=: 41<= 1 4127: 36A9 RC: 4<DG:= <G 6EG 1H= KEG <G 6H GC: D46629 NC:H GC: 4<= >1?: 6DDL

%2<H 715K:=9 @:4<A 5?<4:= EK 1G C:29 0 KC6G6721KC 6D 1 ?E>C;M6EH7:2 @:4<A9

RC: 51G 6H GC: D4662 1H= 5G12G:= G6 76 GC26E7C GC: >6HG:HG59 .<5 K12:HG5 ?E5G C1F: 51F:= 144 GC<59 %2<H

D4<>I:= 6K:H 1 5>C664 2:K62G ;; 2"6(: !,- !,3 , %,/!"%V(44,/;%" ,//(/;3" /$ -": "3;8,/($) /!(- /"%49 RC:

41E7C:=9 K0 !" ;-"3 !(- !,)3 ,- 4;8! ,- !" ;-"3 !(- 4$;/!9 RC: 41E7C:= C12=:29 H" 8,))$/ 5" /%;-/"3 /$5"!,A" !(4-"60 ,)9+!"%"Z 2"6(: 4;-/ 6",%) /!,/ 3%,+()@ $) !(- 7!9-(8- ":,4(),/($) 7,7"%= )$ 4,//"%

!$+ ,4;-()@= +(66 )$/ ()8%",-" !(- 4,%<-9 %2<H 86H=:2:= 8C1G C:B= =218H9

"C:2: 8:2: KC6G65 <H GC: 36A 6D @:4<A 6H C<5 68HL <H G:1? 5C6G5L 1H= 1 D:8 K65:= 5H1K5 6D C<? <H C<5G::H5 8<GC 1 >6EK4: 5C: 155E?:= 8:2: C<5 K12:HG59 RC: >6E4= 5:: @:4<A <H 36GC 6D GC:?9 .: C1= C<5

D1GC:2B5 S18L C<5 ?6GC:2B5 :M:59 "C:MB= :F:H I:KG 1 K415G<> 313M 321>:4:G D26? GC: C65K<G14 8<GC C<5

H1?: 1H= 8:<7CG9 "C:H %2<H D6EH= 1 5:14:= :HF:46K: 8<GC @:4<AB5 H1?: 6H <G9 "C: C1H=82<G<H7 466I:=

D468:2ML 1H= 5C: 7E:55:= <G 815 C<5 ?6GC:2B59 %2<H 5E==:H4M D:4G 4<I: 1 F6M:E29 RC: C1= H6 2<7CG G6 466IGC26E7C GC<59 RC: KEG :F:2MGC<H7 31>I 1H= 41<= GC: :HF:46K: 6H GC: G6K 3:D62: 5C: 2:K41>:= GC: 4<=9

!"#$%&' 203%&&*

%F:2 5<H>: @:4<A C1= 2:GE2H:= D26? )14G6HB5L C:B= 3::H G2M<H7 G6 :AK41<H GC: <H:AK4<>134: 1H= 821KK:=

C<5 ?<H= <H IH6G59 d1?K<2:5 =<=HBG :A<5GX GC:2:D62: %2<H 815HBG 1 F1?K<2:9 RC: ?<7CG GC<HI 5C: 815 6H:L5C: ?<7CG 3: K2:G:H=<H7 G6 3: 6H:L 3EG 5C: 815HBG 1>GE144M 6H:9 @:4<A 815 1D21<= 5C: 815 ?:HG144M <44L

1H= C: 815HBG 5E2: 8C1G G6 =6 136EG <G9 .1= C:2 K12:HG5 131H=6H:= C:2 3:>1E5: GC:M >6E4=HBG >6K:P

N15 5C: 6H ?:=<>1G<6H 1H= C1= D6276GG:H G6 G1I: <GP W6E4= C: K:25E1=: C:2 G6 76 1H= 5:: 1 =6>G62P

RC6E4= C: G2M 1H= >6HG1>G C:2 K12:HG5P

@:4<A 815 5G<44 8<=:;181I: 1G D<F: <H GC: ?62H<H79 .:B= 7<F:H EK G2M<H7 G6 54::K 1H= 41M 6H GC: >6E>C <H

D26HG 6D GC: D<2:9 NC:H C: C:12= GC: 5G21H7: /!;47 3M C<5 D26HG =662L C: SE?K:= EK 1H= CE22<:= G6 6K:H<G9 %2<H 815 814I<H7 181ML C:2 46F:4M 31>I5<=: >EKK:= <H C:2 S:1H59

T%2<H9U

RC: 5G6KK:= 1H= GE2H:=9

TNC1GZ8C1G =<= M6E 81HGPU C: 15I:=9

RC: C:5<G1G:= 1H= GC:H >1?: 31>I9 T, D6EH= GC1G <H 1 >EK3612=9 ,G 3:46H75 G6 M6E9U

@:4<A 466I:= =68H9 0 36A 41M 3M C<5 =6629 .: 21<5:= C<5 C:1=9 TN1HG G6 >6?: <HPU



%2<H 741H>:= 1G GC: 5IM 1H= GC:H H6==:=9 T(I1M9U

NCM C1= 5C: 466I:= 1G GC: 5IMP .: K<>I:= EK GC: 36A 1H= KEG <G =68H <H GC: C14481M9

T)6HBG M6E 81HG G6 466I <H <GPU 5C: 15I:=9

T,B= 21GC:2 G14I G6 M6E9U .: I<>I:= GC: =662 >465:=9

T, =6HBG 81HG G6 G14ILU %2<H 8C<5K:2:=9 T, IH68 M6E GC<HI ,B? <H51H:9 R622ML , =6HBG IH68 8C1G G6 =6

136EG GC1G9 , =6 IH68 8C1G ,B= 21GC:2 3: =6<H7 2<7CG H68L 1H= <G =6:5HBG <HF64F: E5<H7 ?M ?6EGC D625K:1I<H79U

.: 5?<4:=9 T/6 3<G<H7L 6I1MPU

T(I1M9U

@:4<A KE44:= C:2 <HG6 C<5 12?5 1H= I<55:= C:29 .: 81HG:= G6 I<55 C:2 144 3:GG:2L I<55 :F:2M 5GEK<= D1HG15M

D26? C:2 C:1=9 "C: ?6?:HG GC:<2 4<K5 G6E>C:=L C: D6276G :F:2MGC<H7 3EG C<5 H::= D62 C:29 @:4<A D:4G 4<I:

C:B= 3::H 81<G<H7 1H :G:2H<GM D62 %2<H9 .: >6E4=HBG 4:G C:2 769 O6EGC G6 ?6EGCL GC:M >1E7CG D<2:L5>62>C:= <H EH>6HG2644134: D41?:59 .:2 5I<H >664L C:2 4<K5 56 C6G GC:M 5E>I:= GC: 6AM7:H D26? C<5 4EH759

.: >2E5C:= C:2 G6 C<?L 821KK:= C<5 12?5 126EH= C:2L 1H= KE44:= C:2 C<K5 >465:29 .: 81HG:= G6 G6E>C

1H= I<55 1H= DE>I C:2 :F:2M8C:2:L 144 1G 6H>:9 .<5 >C:5G G<7CG 1H= >6H5G2<>G:=L @:4<AB5 ?<H= 21>:= 8<GC=:5<2:9 .:2 C1H=5 54<KK:= EH=:2 C<5 58:1G5C<2G G6 >12:55 C<5 31>I 15 GC:<2 4<K5 >415C:=9 .: =:F6E2:= C:2?6EGCL 5E>I<H7 1H= 4<>I<H7 C:2 G6H7E: 15 C: 54<KK:= 6EG 6D >6HG2649 .: C1= G6 C1F: ?62:L ?1I: C:2 C<5L

?1I: C:2 81HG C<? EHG<4 5C: >6E4=HBG :HF<517: 4<D: 8<GC6EG C<? 1H= 5C: D6276G 144 GC<5 <H51H<GM 136EG

3:<H7 1 F1?K<2:9 @:4<A 815 1D21<= 6D 465<H7 C:2 1H= 1D21<= 6D I::K<H7 C:29 .<5 KE45: 5K2<HG:= EHG<4 C<5C:1= K6EH=:= <H K1<H9

0 46H7L 468 ?61H :>C6:= <H C<5 :125L 1H= @:4<A 815HBG 5E2: 8C:GC:2 <G C1= >6?: D26? C<? 62 C:29 %2<H

?6F:= C:2 C1H=5 D26? C<5 31>I G6 5G26I: C<5 >C:5GL 6H: K14? D41G 171<H5G GC: G1GG66 4M<H7 6F:2 C<5 D21HG<>

C:12G9 @:4<A D:4G C<5 ?<H= D144 181M D26? GC: G8<5G<H7 G62H1=6 8C:2: <G C1= 3::H G21KK:= 5<H>: 5C:B= 3<GG:H C<?9 .<5 8624= 6K:H:= 6EG <HG6 1 F<5<6H 6D 6H: GC:M >6E4= 5C12:9 "C<H75 8:2:HBG 2<7CGL 3EG C:

>6E4= ?1I: GC:? 2<7CG ;; /!"9 >6E4= ?1I: GC:? 2<7CG9

%2<H H<334:= C<5 4<KL 1H= @:4<A 14468:= C:2 <H G6 :AK462: C<5 ?6EGC9 RC: G21>:= GC: 4<H: 6D C<5 G::GCL

5E>I:= 6H GC: D4:5CM K1= 3:C<H= C<5 468:2 4<KL 1H= G:15:= C<5 G6H7E: 8<GC C:259 .<5 12?5 KE44:= C:2G<7CG G6 C<?L 1H= @:4<A >21=4:= C:2 31>I5<=: 15 C: 26>I:= 171<H5G C:29 .<5 >6>I 815 H:F:2 76<H7 G6

D627<F: C<? D62 GC<5L 3EG C: =<=HBG 81HG G6 GC2E5G <H5<=: C:2L H6G M:G9 .: 4<DG:= %2<H EKL 1H= 5C: 466K:=

C:2 4:75 126EH= C<5 81<5G 15 C: >122<:= C:2 <HG6 GC: 4<F<H7 266?9 @:4<A 5:G C:2 =68H <H D26HG 6D GC: D<2:L1H= GC:M 5G<44 I<55:=L H:<GC:2 8<44<H7 G6 3: GC: 6H: G6 32:1I GC: >6HH:>G<6H9

R4<KK<H7 C<5 C1H=5 EH=:2 C:2 58:1G:2L @:4<A C:4= C:2 1G GC: 81<5G 1H= 5G26I:= C:2 5<4IM D4:5C 8<GC C<5

GCE?359 %2<H 7261H:= <HG6 C<5 ?6EGCL 1H= C: 541HG:= C<5 C:1= D62 1 3:GG:2 D<G 171<H5G C:2 4<K59 .:2 C1H=5

=<KK:= <H5<=: C<5 58:1GK1HG5 G6 >4EG>C C<5 31>I5<=:L 1H= C: 3E>I:= 171<H5G C:29

%2<H K::4:= C:2 ?6EGC 181M9 T/<>: 3EGG9U@:4<A GE77:= C<5 G6K 6F:2 C<5 C:1= 1H= G655:= <G 15<=:9

T/<>: K:>59U %2<H 72<HH:=9

.: 2:1>C:= D62 GC: G6K 6D C:2 58:1G:2L 1H= <H5G:1= 6D KE44<H7 <G 6DDL C: :15:= <G =68H G6 2:F:14 GC: 4<H: 6D

C:2 >6441236H:9 @:4<A I<55:= 146H7 GC: >E2F: 6D C:2 H:>IL =<KK<H7 C<5 G6H7E: <HG6 GC: C64468 6D C:2

GC261G9 %2<H G<4G:= C:2 C:1= 31>I 1H= ?61H:=9 "C: 58::G G15G: 6D C:2 D<44:= C<5 C:1=9 "C: D::4 6D C:2

C1H=5 5E27<H7 EK C<5 >C:5G 1H= GC: 81M C:2 D<H7:25 5YE::J:= C<5 H<KK4:5 G<7CG:H:= C<5 31445 G6 GC: K6<HG6D =<5>6?D62G9 @:4<A KE44:= EK C:2 58:1G:2 1H= G66I <H GC: 5<7CG 6D C:2 32:15G5 >EKK:= <H 341>I 41>:9 .:



2:5K6H=:= 4<I: 1 D41?: G6E>C<H7 715 ;; <H5G1HG >6HD41721G<6H9

T(C -6=9 ,D M6E2 K1HG<:5 ?1G>CL ,B? H6G 76<H7 G6 C1F: G<?: G6 M1HI ?M K1HG5 =68H9U

%2<H C:4= EK C:2 12?5 D62 C<? G6 G1I: 6DD C:2 G6K9 .: K::4:= <G 181M 1H= G655:= <G 15<=:9 @:4<A =26KK:=

C<5 C:1= 1H= I<55:= 146H7 GC: :=7: 6D GC: 41>: 321L =68H 6H: 5G21KL 6F:2 GC: 58:44 6D :1>C 32:15GL 1H= EK

G6 C:2 5C6E4=:29

TQ6E 12: 56 DE>I<H7 3:1EG<DE4LU C: 8C<5K:2:=9.: 466I:= <HG6 C:2 74<GG:2<H7 72::H :M:5L 5E226EH=:= 3M 1 5:1 6D =12I 415C:5 1H= D:4G 56?:GC<H7 3E25G

<H5<=: C<?L 1H 6EGK6E2<H7 6D S6M GC1G 326E7CG 1 4E?K G6 C<5 GC261G9 .<5 D<H7:25 K41M:= 8<GC C:2 32:15G5

GC26E7C GC: 41>:L 2E33<H7 GC: ?1G:2<14 171<H5G C:2 K:334:;C12= H<KK4:59 @:4<A 3:HG 1H= 5E>I:= 36GC 41>:

1H= H<KK4: <HG6 C<5 ?6EGC EHG<4 5?144L 32:1GCM 8C<?K:25 SE?K:= D26? %2<HB5 GC261G9 .:2 C1H=5 74<=:==68H C<5 31>IL D<H7:25 G21<4<H7 GC: 4:H7GC 6D C<5 5K<H: EHG<4 5C: 2:1>C:= GC: 81<5G31H= 6D C<5 K1HG59 .:

G2:?34:= EH=:2 C:2 G6E>CX :F:2M H:2F: :H=<H7 G<H74:=9

@:4<A KE5C:= GC: D4<?5M ?1G:2<14 =68H D26? C:2 32:15G5 EHG<4 C:2 H<KK4:5 K::I:= 6F:2 GC: :=7: ;;

:A1>G4M 8C:2: C: 815 C:1=<H7 <D C: =<=HBG 2:<H C<?5:4D 31>I9 .: H::=:= 1H 1F141H>C: 6D 5H68 G6 2644EH=:29 /6GC<H7 :45: 815 76<H7 G6 862I9 .<5 D<H7:25 DE?34:= D62 1 ?6?:HG 8<GC GC: >415K 6H C:2 321

3:D62: <G =26KK:= 181M9 @:4<A 5G12:=L 6F:28C:4?:= 3M GC: 5C::2L K:124:5>:HG 3:1EGM 3:D62: C<?9 %2<HB5 32:15G5 8:2: 15 K14: 15 GC: 2:5G 6D C:2L 5?144 3EG K:2D:>G4M D62?:=L G6KK:= 3M GC: 58::G:5G K<HI H<KK4:59,D C: C1= 1HM 5:H5:L C:B= 4:1F: GC:? 146H: EHG<4 C:B= =2177:= C<?5:4D 31>I D26? GC: 32<HI9 R:H5: C1=

=:5:2G:= C<? GC: ?6?:HG C:B= 6K:H:= GC: =6629 @:4<A 3:HG C<5 C:1= 1H= 1H58:2:= GC: >144L C<5 G6H7E:

58::K<H7 6F:2 6H: 215K3:22M G<K 1H= GC:H GC: 6GC:2L D4<>I<H7 D15GL 5E>I<H7 5468L EHG<4 %2<H 12>C:= <HG6C<?L GE77<H7 C<5 C1<2L E27<H7 C<? G6 G1I: ?62:9

T(CL @:4<AL @:4<A9U

NC:H 5C: 51<= C<5 H1?:L C: ?:4G:=L <H =1H7:2 6D =<5564F<H7 <HG6 1 KE==4: 6D 4E5G9 .: KE44:= 31>IL >C:5G

C:1F<H79 .:2 C1H=5 2644:= 6F:2 C<5 K:>5L K1E5<H7 G6 G:15: C<5 H<KK4:5 3:D62: 54<=<H7 =68H G6 GC:

81<5G31H= 6D C<5 K1HG59 (H: C1H= <H5<=: 1H= @:4<A 5G6KK:= 32:1GC<H79

T.68 136EG 8: 76 D15G D<25G 1H= GC:H 5468PU .: C<55:= GC: 862=5 6EG9

%2<H 41E7C:=9 RC: I<>I:= 6DD C:2 5C6:5 1H= 54<GC:2:= 6EG 6D C:2 S:1H59 TR622ML GC: K1HG<:5 =6HBG ?1G>C9U

@:4<A 4:G 6EG 1 K1<H:= ?61H9 T02: M6E 8:12<H7 1HMPU

.:B= 5::H C<5 D1<2 5C12: 6D 86?:HB5 EH=:28:12L 3EG GC<5 GC6H7 815 4<GG4: ?62: GC1H 1 K<:>: 6D 2:= 5G2<H79

.: >4:H>C:= C<5 G::GC 1H= K4:1=:= 8<GC C<5 31445 G6 C1H7 6H 1 4<GG4: 46H7:29 %2<H GE77:= 6H C<5

58:1GK1HG5L 1H= @:4<A 5G:KK:= 6EG 6D GC:?9 RC: G21<4:= C:2 H1<45 =68H C<5 726<H 1H= C: 5CE==:2:=9

T.68 ?E>C >1H M6E 5G1H=PU 5C: 15I:= 1H= 4<>I:= 1 K1GC D26? C<5 =2176HB5 C:1= =68H GC: >:HG2: 6D C<5>C:5G G6 GC: G<K 6D C<5 >6>I9

@:4<A 6K:H:= C<5 ?6EGC G6 G:44 C:2 C: >6E4=HBG 5G1H= 1H6GC:2 5:>6H=L 1H= 5C: 821KK:= C:2 C1H= 126EH=

GC: 315: 6D C<5 >6>I 1H= 5YE::J:= C12= :H6E7C G6 ?1I: C<? 8<H>:9 /68 C:B= ?1H17: D<F: 5:>6H=59RC: =26KK:= G6 C:2 IH::5 1H= G66I C<5 31445 <H C:2 ?6EGC9 @:4<A >4:H>C:= C<5 31>I5<=: 15 C: 54<= C<5D<H7:25 GC26E7C C:2 5<4IM 341>I C1<29

T(C -6=L %2<HL 313ML M6E2 ?6EGC <5ZF:4F:GZC6GZ6CL \:5E59U

RC: ?1<HG1<H:= GC: D<2? 72<K 6H C<5 5C1DG 8C<4: 5C: K41M:= 8<GC C<?L 5E>I<H7 1H= 5C<DG<H7 C<5 31445 D26?

6H: 5<=: 6D C:2 ?6EGC G6 GC: 6GC:2L 5:K121G<H7 GC:?L K2:55<H7 GC:? G67:GC:29 076HM9 %>5G15M9 .: >6E4=

>6K: 8<GC H:<GC:29 @:4<A 5H1KK:=9 .: >12:DE44M KE44:= D2::L 5KEH %2<H 126EH=L GC:H 4<DG:= C:2 6HG6 GC:>6E>C 56 5C: IH::4:= 8<GC C:2 31>I G6812= C<?9 %2<H 466I:= 6F:2 C:2 5C6E4=:2 1H= 54<= 1 C1H= G6 C:2



KE55M9

T/6LU @:4<A 7261H:=9 .: 72133:= C:2 82<5G 1H= KEG C:2 C1H= 6H GC: 31>I 6D GC: >6E>C9 T/6 G6E>C<H7

M6E25:4D9 /6 466I<H7 1G ?:9U

T, H::= M6E <H5<=: ?:9U

T, H::= ?: <H5<=: M6E G669U

@:4<A K2:55:= C<5 >C:5G G6 C:2 31>IL C<5 ?6EGC G6 GC: H1K: 6D C:2 H:>I 15 C: 5G2E774:= G6 I::K >6HG2649

T, C1F: G6 >6HF<H>: ?M 31445 G6 5G6K =1H><H79 (GC:28<5: ,B? 76<H7 G6 >6?: 144 6F:2 M6E2 1559U

%2<H 41E7C:=9

T,GB5 H6G DE>I<H7 DEHHM9 (C -6=ZU

.: 2:12:= EK 1H= 32E5C:= GC: G6K 6D C:2 C:1= 8<GC C<5 ?6EGC9 RC: 5?:44:= 4<I: 1 D<:4= 6D 5E??:2

D468:25 1DG:2 1 21<H 5C68:29 @:4<A I<55:= 1H= 4<>I:= C<5 81M 146H7 C:2 5K<H:L 1 5468 G2:I =68H GC:

2<=7:5 1H= C644685 6D C:2 36=M9 .: K1E5:= 1G GC: G86 4<GG4: =:HG5 1G GC: 36GG6? 6D C:2 31>IL GC:H G21<4:=

C<5 G6H7E: =68H GC: >2:15: 6D C:2 31>I5<=:9 U$)C/ 0%",< !"% $;/ 9 .: =26KK:= G6 C<5 IH::5L E27:= C:24:75 G6 5K2:1= D12GC:2L GC:H D4EGG:2:= C<5 G6H7E: 1>2655 GC: :AK65:= HE3 6D C:2 >4<G9

TN:G 1H= 56DG 1H= 58::G 15 C6H:MLU C: 8C<5K:2:=9

@:4<A D4<KK:= 126EH= 56 C: 51G 6H GC: D4662 8<GC C<5 31>I G6 GC: >6E>C9 .: G<KK:= C<5 C:1= 1H= KE44:= C:2

6HG6 C<5 D1>:L 4<>I<H7 1H= 5E>I<H7 15 %2<H 5C66I 136F: C<?9 @:4<A D:4G C:2 >4<?1A 3E25G D26? C:2L?E5>4:5 5K15?<H7L C:2 IH::5 >41?K<H7 126EH= C<5 :125 15 5C: 81<4:=9 RC: S:2I:= 171<H5G C<5 ?6EGCL

=2<F<H7 C:2 KE55M 6HG6 C<5 D1>:L ?6<5GE2: 5K<44<H7 D26? C:2L 1H= C: =21HI <G 144L I:KG K:GG<H7 1H= I<55<H7

EHG<4 5C: 2:41A:= 171<H5G C<?9

.: 5YE<2?:= 6EG D26? 3:H:1GC C:2 1H= 5G66= G6 KE44 C:2 EK 3M GC: C<K59

T"C1G 815 H<>:LU %2<H ?EGG:2:= <HG6 GC: >6E>C9

@:4<A 5?<4:= 1H= 2E33:= GC: 8:G C:1= 6D C<5 >6>I 6F:2 C:2 58644:H D64=59

T0HMG<?: 566HLU 5C: 72EHG:=9

TNC:H ,B? 2:1=M9U 05 <D C: C1=HBG 3::H D26? GC: ?6?:HG C: 518 C:29

%2<H 82<774:= C:2 155 171<H5G C<? 1H= @:4<A 7261H:=9

T#:1=M M:GPU 5C: 15I:=9

.: <?K14:= C<?5:4D <H 6H: 46H7 GC2E5G 1H= 71F: 1 51G<5D<:= 72EHG9 %2<H K2:55:= 31>I <HG6 C<?L 1H= @:4<A

54<= C<5 C1H=5 EH=:2 C:2 C<K5 G6 32<H7 C:2 >465:29 .: ?6F:= 15 54684M 15 C: >6E4=L 3EG :F:2M 72<KK<H7 KE45: 6D C:2 KE55M G<7CG:H<H7 126EH= C<5 >6>I GE77:= C<? G6812= GC: >4<DD :=7:9 @:4<A K41HG:= C<5 D::G

D<2?4M 6H GC: D4662L K2:55:= C<5 5C<H5 <HG6 GC: >6E>CL 1H= 3:71H G6 =2<F: <HG6 C:2 ?62: D62>:DE44M9 RC:

8C<?K:2:= 1H= ?:G :F:2M 5G26I:L KE5C<H7 31>I <HG6 C<? 15 C: GC2E5G D62812= <HG6 C:29

@:4<A >E24:= C<5 D<H7:25 G<7CG:2 126EH= C:2 C<K5 15 C<5 62715? 3E<4G9 RC: 815 56 C6GL 5YE::J<H7 C<?LG:15<H7 C<?9 .<5 31445 YE<F:2:= <H 1HG<><K1G<6HL 3EG C: 81HG:= C:2 G6 >6?: 8<GC C<?9

T@:4<ALU 5C: >2<:=9

0 G<H74<H7 <H C<5 G6:5L 1 K1<H <H C<5 C:1=L 1H= GC: G86 5:H51G<6H5 5C6G G67:GC:2 G6 EH<G: <H C<5 314459 0G

GC1G ?6?:HGL %2<H >4:H>C:= 126EH= C<? <H 1 72<K 56 G<7CGL 5C: ?<4I:= C<? <HG6 C<5 >4<?1A9 @:4<A 4EH7:=

=::K 1H= C12=L 6F:2 1H= 6F:29 .: :?KG<:= C<?5:4D <H5<=: C:2L :AK465<6H5 2<KK4<H7 GC26E7C C<?L 3E25G5 6D K4:15E2: GC1G 8:4=:= GC:? G67:GC:29



>! B!%(-/= K 6$A" !"%1

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415G G<?: 5C: >6E4= 2<5I 3:<H7 8<GC @:4<A9 RC:B= K26?<5:= H6G G6 3<G:L 1H= 5C:B= =6 C:2 3:5G G6 I::K GC1G K26?<5:L 6H4M C: 815HBG 51D: 8C:H 5C: 815 126EH=9

@:4<A G21<4:= C<5 G6H7E: 126EH= C:2 :129 T,B? 5622M , D2:1I:= 6EG 8C:H , GC6E7CG M6EB= 3<GG:H ?:9U

P!$;@!/* .: IH:8 5C:B= 3<GG:H C<?9 .:B= M:44:=L =:?1H=<H7 5C: H6G G6 =6 <G 171<HL 56 8C1G 815 C:

G14I<H7 136EGP

T, =<= 3<G: M6ELU %2<H 8C<5K:2:=9 T, =<=HBG ?:1H G6 =6 <G9 , =<=HBG 2:?:?3:2 8C1G , 815 EHG<4 ,B= ;; M6E

IH68L 5814468:= M6E2 D4E<=L 6H4M H6G GC: 562G M6EB= C1F: K2:D:22:=9 , 815HBG 4M<H7L @:4<A9 OM K12:HG5G64= ?: :H6E7C G6 I::K ?: 14<F:L H6GC<H7 ?62:9 , 86HBG 3<G: M6E 171<H9 , K26?<5:9U 0 ?:HG14 >2655 6D

C:2 D<H7:259 T, C1=HBG 3::H =2<HI<H7 :H6E7CL 1H= , 465G >6HG2649U

@:4<A 54<= 1 C1H= G6 C:2 32:15G9 T0K12G D26? GC: 3<G<H7L , I<H= 6D 4<I: <G 8C:H M6E 465: >6HG2649 Q6E ?1I:

GC: :12GC 5C1I: EH=:2 ?M D::G9U

.:2 1HA<:GM 2:>:=:=9 T,5 GC1G 2<7CGL 8<4= 36MPU

TNCM =6 , C1F: GC: D::4<H7 M6EB2: 76<H7 G6 8:12 ?: 6EGPU

TW1H , G2MP #<7CG H68PU

.: 41E7C:=L GC:H ?E?34:=L T,B? CEH72MLU <HG6 C:2 5C6E4=:29

TRC144 , 7:G M6E 56?:GC<H7PU

%2<H 5C2<:I:= 8C:H C: D4<KK:= C:2 56 5C: 41M D1>:=68H 6H C<5 3:44ML 4:75 6F:2 C<5 5C6E4=:25L 32:15G5 6HC<5 >6>I9

T/6 H::=9U

.: 5K2:1= C:2 6K:H 8<GC C<5 D<H7:25L 2E33<H7 C:2 >2:1?M 8:GH:55 6F:2 C:2 D64=5 3:D62: C: 58<K:= C<5

G6H7E: GC: 4:H7GC 6D C:2 KE55M9 %2<H 5CE==:2:= <HG6 C<?9 ,G 815 4<I: 1 =1? C1= 3E25G <H5<=: C:2 1H=

D466=:= C:2 8<GC GC: H::= G6 I::K DE>I<H79 RC: 4<DG:= C:25:4D 6HG6 C:2 IH::5L 821KK:= C<5 >6>I <H C:2

C1H=L GC:H 4<>I:= C:2 4<K5 15 5C: 466I:= 1G <G9 %2<H G66I GC: G<K <H C:2 ?6EGCL :H>465<H7 GC: 74<5G:H<H7C:1= 8<GC C:2 4<K5L 1H= 5E>I:= 7:HG4M9 .: G15G:= 56 766=L G1H7M ?14: 8<GC 1 C<HG 6D 58::GH:559 (H4M <G

815 C12= G6 >6H>:HG21G: 6H K4:15E2<H7 C<? 8C:H C: 815 <HG:HG 6H =6<H7 GC: 51?: G6 C:29

%2<H 54<= <HG6 1 2CMGC?L =218<H7 C<5 >6>I <HG6 C:2 ?6EGC 15 C: GC2E5G C<5 G6H7E: <HG6 C:2 KE55M9 .<5

D<H7:2 D6EH= C:2 >4<G9 (H: ><2>E412 2E3 1H= %2<H >1?:L ?E5>4:5 >4:H>C<H7 15 5C: 5K<2144:= <HG6 GC1G 34<55DE4 ?6?:HG 6D 634<F<6H9 "C: K6EH=<H7 <H C:2 C:1= 2:G2:1G:= 15 GC: 5K15?5 D1=:=L 1H= %2<H 58<24:=

C:2 G6H7E: 6F:2 GC: =:4<>1G: 54<G <H C<5 >6>IC:1=9 RC: G:15:= C<?L 4:GG<H7 C<? 6EG 6D C:2 ?6EGC G6 2E3 GC:

F:4F:G G<K 171<H5G C:2 >C::I9 %2<H >6E4= D::4 @:4<A >6<4:= G<7CGL 1H= 8C:H 5C: =2177:= C:2 G::GC 6F:2 C<5>2:5GL C: 3E>I:= 3:H:1GC C:29

RC: 5?<4:= 8C:H C<5 K1HG<H7 32:1GC5 C<G C:2 KE55M 1H= IH:8 5C: 815 <H >6HG264 H689 %2<H 5YE::J:= C<5

5C1DG 15 5C: 5E>I:= GC: C:1= 6D C<5 >6>IL 5>66K<H7 EK GC: :5>1K<H7 K2:>E?9 RC: 54<= C:2 D<H7:2 <HG6 C:2

?6EGC 1H= E5:= <G 1H= C:2 G6H7E: G6 ?15517: C<5 >6>I9 @:4<A 4:G 6EG 1 ?EDD4:= 8C<?K:2 1H= %2<H



41E7C:=9 "C: F<321G<6H ?1=: C<? 8C<?K:2 ?62: 46E=4M9

NC:H C:2 D<H7:2 815 766= 1H= 8:G 8<GC C:2 514<F1 1H= C<5 SE<>:L 5C: 21H <G =68H GC: >21>I 6D C<5 3EGG

1H= C<5 >6>I 4E2>C:= D62812=L 5K:12<H7 C:2 ?6EGC9

TRC<GL 5622M9U

RC:B= D6EH= C<5 8:1IH:559 %2<H KE44:= C<5 IH::5 EKL KE5C:= GC:? D12GC:2 1K12G 56 C: 815 6K:H G6 C:2L

GC:H 4<>I:= C:2 D<H7:2 1H= G21<4:= <G 126EH= C<5 1HE59T(C -6=L %2<H9U

V2:55 1H= 2:G2:1GL K2:55 1H= 2:G2:1GL EHG<4 5C: >6E4= KE5C G86 8:G D<H7:25 <HG6 C<? 1H= >E24 GC:? G6 G6E>C

C<5 4<GG4: 814HEG;5<J:= 741H=9 0G GC: 51?: ?6?:HGL 5C: 5814468:= 15 ?E>C 6D C<5 >6>I 15 5C: >6E4=9

%2<H G<?:= <G K:2D:>G4ML 1H= @:4<A D26J: 3:D62: C: =:G6H1G:= <H 1 3E25G 6D :H:27ML C<5 >E? D4M<H7 =68HC:2 GC261GL C<5 12?5 >415K<H7 C:2L C<5 3EGG6>I5 >4:H>C<H7 126EH= C:2 D<H7:259 "C: >2M C: ?1=: 815 6H:

6D >6?K4:G: 86H=:29 @:4<A 5CE==:2:= 1H= 26>I:= GC26E7C C<5 >4<?1AL GC:H 54E?K:= 3:H:1GC C:2 8<GC 1

+!$$-! 6D 1<29 0H <H5G1HG4M =:D41G<H7 1<23:=9

%2<H 4:G C<? 6EG 6D C:2 ?6EGC 1H= 58<F:44:= 56 5C: 41M 8<GC C:2 C:1= 3M C<59 .<5 :M:5 8:2: >465:=L C<5?6EGC 54<7CG4M 1S12L 15 C: G66I 5C62GL 5C14468 32:1GC59 @:4<A G21<4:= C<5 C1H= =68H C:2 31>I 1H= 5:GG4:=

C<5 K14?5 D41G 6H C:2 31>I5<=:9 .<5 :M:5 6K:H:=L 1H= C: I<55:= C:2 H65:9

TOM >6>I GC1HI5 M6E9 OM 31445 GC1HI M6EL 1H= , GC1HI M6E9 , =6HBG C1F: 862=5 G6 =:5>2<3: C68 GC1G

D:4G9U

%2<H D268H:=9 T"2M9U

.<5 >C:5G 5C66I 15 C: 41E7C:=9 T(DD GC: 5>14:9 RGEK:H=6E59 &6H: ?:4G<H79U

TR::9 , IH:8 M6E >6E4= <D M6E G2<:=9U

.: H<KK:= C:2 H65: 8<GC GC: G<K 6D C<5 G::GC9

T%2<HPU

TO??PU

T)6 M6E C1F: 1HM D1HG15<:5P "C<H75 M6E 81HG G6 G2MPU

RC: GC6E7CG 5C: >6E4= 7E:55 8C1G 815 >6?<H79 RC: >6E4= C1F: 466I:= <HG6 C<5 C:1= 1H= >C:>I:=L 3EG

5C:B= 6H4M =6H: GC1G 6H>: 3M 1>><=:HG 1H= 5C: =<=HBG 81HG G6 =6 <G 171<H9

T&0R% SE?K<H7LU 5C: 51<=9

@:4<A 72684:=9

TW1HM6H<H7LU 5C: 51<=9

.: 72684:= 46E=:2 1H= %2<H 5?<4:=9 TN:44L , 1481M5 C1= GC<5 D1HG15M GC1G 1 766=;466I<H7L 346H=;C1<2:=

5>E4KG62 86E4= DE>I ?: <H GC: 1559U RC: 5<7C:=9 T,GB5 5E>C 1 K<GM9UTNCMPU

T,D 6H4M M6EB= 3::H 766=;466I<H79U

%2<H 5YE:14:= 15 @:4<A D4<>I:= C:2 6HG6 GC: D46629 "C:M 2644:= 6H GC: 2E7 <H D26HG 6D GC: D<2: 15 C: G2<:= G6

K<H C:2 =68HL 1H= GC6E7C %2<H IH:8 5C: 815 5G26H7:2L 5C: 4:G C<? 8<H9 @:4<A 468:2:= C<5 C:1= 1H=I<55:= C:2L 21H C<5 G6H7E: 146H7 GC: 4<H: 6D C:2 4<K5 1H= K41M:= 8<GC C:2 ?6EGC EHG<4 5C: 6K:H:= 1H= 4:G

C<? <H9 %2<HB5 C1H=5 5H1I:= 126EH= C<5 31>I9

NC:H GC:M 326I: 1K12GL @:4<A 4:1H:= EK 1H= 466I:= <HG6 C:2 :M:59 T, 4 ;;U



T-6G 1HM 4E3:PU %2<H >6E4=HBG 4:G C<? 51M GC: 6GC:2 G86 862=59

.: C:5<G1G:= 1H= GC:H 76G G6 C<5 D::G9 T)6HBG ?6F:9 /6G 1H <H>C9U

%2<H 2644:= 6HG6 C:2 5<=: 1H= 5G12:= <HG6 GC: D4<>I:2<H7 D41?:59 RC: =<=HBG H::= G6 466I <H C<5 C:1= G6

IH68 8C1G C:B= 3::H 76<H7 G6 51M9 .: 46F:= C:29 RC: 46F:= C<?9 )<= GC:M C1F: 1 DEGE2:P W6E4= 5C:

G1I: GC: 2<5I 8<GC @:4<A GC1G 5C: C1=HBG 3::H 134: G6 G1I: 8<GC RG:KC:HP $H4<I: RG:KC:HL @:4<A IH:8 5C:815 1 F1?K<2:9 (I1ML C: =<=HBG EH=:25G1H= 144 GC1G <G :HG1<4:=L 3EG C: IH:8L 1H= 14GC6E7C C:B= D2:1I:= 1

3<GL C: 5G<44 81HG:= C:29

RC: 466I:= EKL 1812: <H 1H <H5G1HG C: 815 81G>C<H79 .: 815 3:1EG<DE4+ 5G26H7 5C6E4=:25 G1K:2<H7 =68H

G6 1 H12268 81<5GL C<5 5G6?1>C 4:1H 1H= ?E5>E4129 %2<H GC6E7CG GC<5 815 GC: D<25G G<?: 5C:B= 5::H C<5>6>I <H <G5 D41>><= 5G1G:L 4M<H7 GC<>I 171<H5G C<5 8<2M >E2459 ,G C12=:H:= EH=:2 C:2 71J: 1H= 3:71H G6 2<5:9

%2<H >CE>I4:=9

TQ6EB2: H6G 5EKK65:= G6 41E7C 1G ?M >6>ILU C: 51<=9

,G 72:8 DE44:2L 46H7:2L 1H= 265: <HG6 GC: 1<29 %2<H >C6I:= 31>I 1 7<774:9

T"C1G =6:5 <G9U @:4<A 41EH>C:= C<?5:4D 1G C:2 1H= 3:71H G6 G<>I4: GC: 564:5 6D C:2 D::G9

%2<H G2<:= G6 82<774: 181ML 1H= C: KE44:= C:2 31>I 56 5C: 41M D1>:=68H 1>2655 C<5 41K9 "C: 541K 6H C:2 36GG6? ?1=: C:2 SE?K9

T(C -6=L , 5C6E4=HBG C1F: =6H: GC1G9U

%2<H 81HG:= G6 2644 6F:2L 3EG C: I:KG C:2 8C:2: 5C: 8159 TNCM H6GPU

T&:>1E5: H68 , 81HG G6 =6 <G 171<H9U

%2<H 5YE<2?:= 171<H5G C<5 726<HL D::4<H7 C<5 >6>I 5E27: 171<H5G C:2 3:44M9

TRG6K <GLU @:4<A >C6I:= 6EG9

TO1I: ?:9U

T(C DE>I9U

.: 541KK:= C:2 171<H9 "C: 6K:H;C1H=:= 5?1>I 5:HG 5C<F:25 6D 126E514 8C<5K:2<H7 GC26E7C C:2LD4<>I:2<H7 D41?:5 G:15<H7 C:2 KE55M9 RC: 815 8:GL C:2 GC<7C5 54<>I 8<GC C:2 >2:1? 1H= C<5 5::=9 "C:

5G<H7 6D GC: 541K 815 C6G 1H= <HG:H5:L 3EG @:4<A 566GC:= C:2 8<GC C<5 K14?L 54<=<H7 C<5 C1H= 6F:2 C:2

3EGG9 "C:H C: 5?1>I:= GC: 6GC:2 5<=:9 %2<H 7261H:=9 .: IH:8 SE5G C68 C12= G6 C<G C:2L :H6E7C G6 GE2HC:2 6H 8<GC6EG CE2G<H7 C:29

TQ6E 12: 5E>C 1 31= 7<24LU C: 8C<5K:2:=9

T)6 , H::= 1 46G 6D KEH<5C<H7PU

T):K:H=5 C68 ?E>C , >1H G1I:9U

T,5HBG GC1G GC: 826H7 81M 26EH=PU@:4<A 41E7C:=9 T/69U

RC: D4<H>C:= 15 C: 541KK:= C:2 171<HL 6H4M GC<5 G<?: C: 54<= C<5 D<H7:25 =68H G6 C:2 >4<G 1H= K<H>C:= <G9

%2<H 5G<DD:H:= 15 GC: >4<?1A 58:KG GC26E7C C:29 ,G 815 4<I: 2<=<H7 1 81F: G6 GC: 3:1>C GC1G M6E 81HG:= G6I::K 76<H7 D62:F:29 @:4<A 5C<DG:= D26? EH=:2 C:2L G<KK:= C:2 31>I5<=: <HG6 GC: 1<2L 821KK:= C<5 12?5

126EH= C:2 4:75 G6 I::K C:2 GC:2:L GC:H 3E2<:= C<5 D1>: <H C:2 KE55M9

.: 815 2:4:HG4:55L 4<>I<H7 1H= 5E>I<H7L 3E<4=<H7 GC: K2:55E2: 171<H9 NC:H 5C: D:4G C<5 G6H7E: G6E>C GC:

6GC:2 :HG21H>: G6 C:2 36=ML %2<H 5<7C:= <HG6 GC: >12K:G9 R6 31=L 3EG 56 766=9 .:2 IH::5 5C66I 15 @:4<A



KE5C:= C<5 G6H7E: <H5<=: C:2 155C64: 1H= 1G GC: 51?: G<?: 54<= G86 D<H7:25 <HG6 C:2 KE55M9 %2<H 71F:

C:25:4D EK G6 GC: 5:H51G<6H9 @<H7:25L ?6EGCL G6H7E:L 4<K5 G:15<H7L K2:55<H7L 8<H=<H7 C:2 6H 1H= 6H9

0 5YE<2G 6D >64= 4E3: 1H= 5C: H65:;=<F:= <HG6 GC: 2E79 @:4<A 41E7C:=9 "C:H C<5 D<H7:25 8:2: <H C:2 171<HL

<H C:2 KE55ML ><2>4<H7 C:2 >4<G 1H= 1G GC: 51?: G<?: KE5C<H7 <HG6 C:2 1559

T#:41AL 313M9 )6HBG D<7CG <G9U

"C: 5:H51G<6H 6D C1F<H7 C<5 D<H7:25 <H 36GC :HG21H>:5 G6 C:2 36=ML GC2E5G<H7 G67:GC:2L ?6F<H7 <H G1H=:??1=: C:2 D::4 15 GC6E7C 5C: 815 K2<?<H7 D62 ?:4G=68H9 "C:H C<5 D<H7:25 8:2: 76H: D26? C:2 155 1H=

GC: 34EHG C:1= 6D C<5 >6>I G66I GC:<2 K41>:9 %2<H KE5C:= 31>I 171<H5G C<?L 1H= 15 @:4<A 54<= 1 4<GG4: 81M5

<HL C: 715K:=9 .: I:KG C<5 D<H7:25 <H C:2 KE55M 15 C<5 >6>I K6KK:= K15G GC: ?E5>4: 3122<:29

T(C -6=9 Q6E 6I1MPU C: 715K:=9

T$C9U ,G 815 15 ?E>C 15 %2<H >6E4= ?1H17:9

,G 3E2H:=9 .E2G9 )<=HBG CE2G9 @<44:= C:29 @:4G 766=9 N<>I:= <H>C 3M 86H=:2DE4 <H>CL @:4<A 54<KK:= =::K:2

<HG6 C:2 EHG<4 5C: D:4G C<5 31445 2E3 171<H5G C:2 KE55M9 .: 4:1H:= 6F:2 C:2 31>IL I<55:= C:2 H:>IL 1H=

2:4:15:= 32:1GCM 7261H5 <HG6 C:2 :129

TQ6EB2: 56 G<7CG9 (C -6=L M6E D::4 766=9U.: 3:71H G6 ?6F:9 R468 1G D<25GL GC: 54<>I 54<=: 6D C<5 >6>I <H C:2 G<7CG K15517: 5:H=<H7 F<321G<6H55C<??:2<H7 144 6F:2 C:2 36=M9 .:2 32:15G5 1>C:=9 .:2 H<KK4:5 5GEH79 .:2 KE55M 8:KG 15 C<5 D<H7:25

DE>I:= C:29 NC:H C<5 ?6F:?:HG5 <H>2:15:= <H D62>:L %2<H 3:71H G6 8C<?K:2 1H= @:4<A 715K:= C:2 H1?:

6F:2 1H= 6F:29 '6H7L =2<F<H7 GC2E5G5 8<GC C<5 GC<>I 5C1DG 15 C: 8<GC=2:8 C<5 D<H7:25 D26? C:2 KE55M9 ,HG6C:2 KE55M 1H= 6EG 6D C:2 1559 %2<H C6F:2:= 6H GC: 32<HI 6D :AK465<6H 8C:H C: KE44:= 6EG 6D C:29

T, 81HG G6 466I <HG6 M6E2 D1>: 8C:H M6E >6?:9U @:4<A GE2H:= C:2 6F:29

.<K5 G<4G:=L >6>I <H K65<G<6HL C: 5E27:= <H5<=: C:2 8<GC 6H: 5:1?4:55 5C<DG 6D C<5 C<K59 "C: 51F17:

D2<>G<6H 5:HG %2<H <HG6 21KGE2:59 RC: 81HG:= C<? G6 =6 GC<5 D62:F:29 .<5 D1>: 815 G1EG 8<GC >6H>:HG21G<6H

15 C: K68:2:= <HG6 C:2 1559 %2<H 5G2E774:= G6 I::K C:2 :M:5 6K:H9

T,GB5 1GZ1 G<?:Z4<I: GC<5Z8C:H , 8<5CZ, C1= G86 >6>I59U

.<5 ?6F:?:HG5 58<G>C:= G6 1 ?62: D2:HJ<:= K1>: 1H= %2<H D:4G C:25:4D D144<H79

T(C DE>I9U @:4<A 71F: 1 8<4=L 7EGGE214 7261H9

"C:M GE?34:= G67:GC:2L D2::;D144<H7 <HG6 :>5G15ML GC: D62>: 6D GC: :AK465<6H CE2G4<H7 GC:? G6812= :12GC9

%2<H D:4G 15 GC6E7C :F:2M ?64:>E4: <H C:2 36=M 815 =6<H7 56?: D2:HJ<:= =1H>:9 RC: 5C66I 8<GC GC:

<HG:H5<GM 6D GC: 62715?L 8C<4: @:4<A G2:?34:= 15 C: C:4= C<?5:4D 136F: C:29 "C26E7C <G 144L GC:M 5G12:= 1G:1>C 6GC:29

@:4<A 71GC:2:= C:2 EK 1H= 821KK:= C<?5:4D 126EH= C:29 %2<H >6E4= C:12 C<5 C:12G 3:1G<H7 <H G<?: 8<GC

C:259 /:<GC:2 ?6F:= EHG<4 GC: D<2:5G62? C1= D1=:=9

] ] ] ] ]

%2<H 51G EK 1H= 741H>:= 6EG 6D GC: 8<H=689 TRC<GL , C1F: G6 769U

TNC:2:PU .: 54<= C<5 12? 126EH= C:2 81<5G9

T&1>I G6 V:F:HCE25G9 ,GB5 14?65G =18H9U

@:4<A 2:4:15:= 1H 1HH6M:= CEDD9 TRG1M C:2:9U

T, >1HBG9 ,Z, H::= G6 3: 51D: D26? GC: 4<7CG9U



.: ?6F:= C<5 12?L C<5 C:1G 5E==:H4M 76H:9 %2<H GE2H:= G6 5:: C<? 2:1>C D62 C<5 K1HG59 T/6GC<H7B5 76<H7

G6 C1KK:H9U

.<5 F6<>: 815 826H79 %2<H D:4G 15 GC6E7C @:4<A C1= 5G133:= C:29 .: GC6E7CG 5C: 815 4M<H7P

.: 71F: C:2 1 4<GG4: 5?<4:9 TQ6EB44 3: 51D: C:2: 8<GC ?:9U

T/6L , 86HBG9 ,D ,B? 6EG5<=: 8C:H GC: 5EH 2<5:5L ,B44 3E2H 1H= :F:HGE144M GE2H G6 15C:59U .:2 F6<>:

56EH=:= >14?L 3EG D:12 71446K:= GC26E7C C:29.: I<55:= C:2 D62:C:1=L H65: 1H= 4<K5L 2EHH<H7 C<5 G6H7E: 146H7 GC: 5:1?9 T"2E5G ?:9 Q6E 86HBG9U

T"2E5G M6EPU %2<H 32<5G4:= 1H= 5G66= EK9

T(CL G14I<H7 6D G2E5GL , D6276G G6 G:44 M6E9 Q6E C1= F<5<G625 415G H<7CG9 "86 7EM5 <H 1 @:2212<9U

Td<5<G625PU

T(H: 815 >144:= ":A RH689 .: 51<= M6E 862I:= D62 C<?9U

%2<HB5 5G6?1>C >4:H>C:=9 P": E)$+9 "C: H1?: 815 D1?<4<12L GC6E7C GC: K2<>I4: 6D EH:15: 5K2:1=<H7 4<I:

<>M 81G:2 GC26E7C C:2 36=M 815 :H6E7C G6 ?1I: C:2 GC<HI 2:?:?3:2<H7 815 1 F:2M 31= <=:19

@:4<A 5G12:= 1G C:29 T.: =<=HBG 5::? G6 IH68 1HMGC<H7 136EG M6E =6<H7 N:3 5<G: =:5<7H9U>! 0;8<= 0;8<= 0;8< 9 0=2:H14<H: K6E2:= <HG6 %2<HB5 3466= 1H= D415C:= 126EH= C:2 F:<H59 .:2 ?6EGC 465G144 ?6<5GE2: 1H= 5C: D6276G G6 32:1GC:9 ":A RH689

T%A;:?K46M:2 62 :A;36MD2<:H=PU @:4<A 15I:=9 TO1M3: 36GCPU

.$/ @$$31 P!(- +,-)C/ @$$3 ,/ ,661

T%2<HL 12: M6E 6I1MPU

>! ?$31 .$1

TNC1G <5 <GP )6 M6E H::= G6 5<G =68HPU @:4<A 2:1>C:= 6EG G6 G6E>C C:2 12? 1H= 5C: D4<H>C:= 181M9

":A RH689T)6 M6E 5G<44 862I D62 GC<5 7EMPU

F"- ,)3 )$1

TQ6E =6HBG G2E5G ?: :H6E7C G6 G:44 ?: GC: G2EGCPU

%2<H C:12= GC: CE2G <H @:4<AB5 F6<>:L 1H= 56?:GC<H7 <H5<=: C:2 =<:=9 W21JM G6 GC<HI GC<5 >6E4= 862I9

TQ6E =6HBG H::= G6 76 31>I G6 V:F:HCE25G9 RG1M C:2: 8<GC ?:9 N:B44 54::K 41G:L 1H= , >1H 5C68 M6E

8C1G ,BF: 3::H 862I<H7 6H9U

RGEK<= G6 C1F: :F:2 >6H5<=:2:= GC<5 G<?: 86E4= 3: =<DD:2:HGL GC1G @:4<A >6E4= 3: =<DD:2:HG9 RC:B= 465:

C<? 15 5C:B= 465G RG:KC:H9 .<5G62M 2:K:1G<H7 <G5:4D9 %2<H >C:8:= GC: <H5<=:5 6D C:2 >C::I59 O1M3: GC<5815 GC: 81M <G 5C6E4= C1F: C1KK:H:= GC: D<25G G<?: 126EH=9

TRG1M 8<GC ?:LU @:4<A 51<=9 TN:B44 D<H= 1 81M 6D =:14<H7 8<GC GC: F1?K<2: GC<H79U

T):14<H7 8<GC <GPU

T.1F: M6E 5::H 1 =6>G62PU

%2<H 3<G 31>I 1 >C6I:= 5639 T, C1F:HBG 4<:=9U

.: 5G66= EK 1H= KE5C:= 1 46>I 6D C1<2 D26? C:2 :M:59 T, 81HG M6E G6 3: 8:449 ,Z, 46F: M6E9U



%2<HB5 C:1= =26KK:= 1H= 5C: >465:= C:2 :M:59 #<7CG 862=5L 826H7 G<?:9

T)<= M6E C:12 8C1G , 51<=PU C: 8C<5K:2:=9

%2<H H6==:=9 @:4<A 821KK:= C<5 12?5 126EH= C:29 RC: >6E4= D::4 54::K >2::K<H7 EKL GC: H::= G6 >465:

=68H 7268<H7 1H= 6H4M 2:5<5G<34: D62 1 5C62G 8C<4:9 05 1 "2E:3466= 5C: >6E4= G64:21G: GC: 5EH 3:GG:2

GC1H ?65GL 3EG %2<H C1= H6 <=:1 C68 46H7 5C: >6E4= 415G9 RC: M18H:=9

T"<2:=PU @:4<A 15I:=9RC: H6==:=9 %2<H 81HG:= G6 G:44 C<? 5C: 46F:= C<? G66L M:G GC: 862=5 86E4=HBG >6?:9 &:GG:2 GC1G 5C:

H:F:2 EGG:2 GC:? 3:>1E5: C:B= D::4 8625: 1DG:2 C:B= I<44:= C:29 %2<H 741H>:= 1G GC: 8<H=689 "C: G:44G14:

2:= G<H7: 346556?:= <H GC: :15G9 .:2 8624= C1= >1E7CG D<2:9 .:2 C:12G 21G: <H>2:15:=9

T)6 M6E 81HG I<=5PU @:4<A 8C<5K:2:=9 T,B= 46F: M6E G6 C1F: ?M >C<4=2:H9 0 7<24 8C6 466I5 4<I: M6E9 0 36M 8C6 466I5 4<I: ?:9U

T(H4M G86PU %2<H 15I:=L GC: K6EH=<H7 <H C:2 C:1= =:1D:H<H79

T05 ?1HM 15 M6E 81HG9 /6 K2<F1G: 5>C66459 , 81HG 6E2 >C<4=2:H G6 EH=:25G1H= GC: 2:14 8624=L GC1G H6G

:F:2M6H: <5 D62GEH1G:L GC1G H6 ?1GG:2 C68 =<DD:2:HG 8: ?<7CG 5::?L 8:B2: 144 GC: 51?: <H5<=:9U

%2<H 5G<D4:= 1 41E7C9

T, IH68 <GB5 6H4M 3::H 1 D:8 =1M5L 3EG , D::4 4<I: ,BF: IH68H M6E D62:F:2LU @:4<A 51<=9 T, 81HG G6 IH68

M6E D62:F:29 , 81HG E5 G6 4<F: <H V:F:HCE25G 8<GC 6E2 I<=5 1H= 6E2 721H=>C<4=2:H 1H= 76 D62 GC: C1KKM:F:2 1DG:29U

"<2:= 15 %2<H 815L 56?:GC<H7 <H 8C1G C: 51<= 2:56H1G:= 8<GC<H C:29 N15 GC1G 8CM C: 81HG:= C:2P 05 1

81M 6D I::K<H7 V:F:HCE25GP >! ?$3 9 RC: C:12= C:2 C:12G >21>I9 &26I:H C:12GL 326I:H =2:1?5L 326I:H

4<D:9

(H: 415G G2M9 RC: 466I:= <HG6 C<5 :M:59 T)6 M6E 3:4<:F: ,B? 1 F1?K<2:PU

@:4<A 5<7C:= 1H= 5C66I C<5 C:1=9 T/69U

%2<H 71F: 1 4<GG4: H6=9 T"1I: ?: 6EG5<=:9U

.: G8:1I:= C:2 H<KK4:9 TN1HG G6 7:G =2:55:=PU

T/6 H::=9U W46GC:5 86E4= ?1I: H6 =<DD:2:H>:9

.: 2644:= C<5 :M:5 1H= 5C: GC6E7CG C68 ?E>C 5C:B= ?<55 C<?9 (C 8:44L ?1M3: 5C: 86E4=HBG9 /6

1DG:24<D: 6D 2:72:G D62 C:29 RC:B= 3E2H EK 1H= =<51KK:12 1H= GC1G 86E4= 3: GC: :H=9 /6 >6?D62G134:LD4EDDM;>46E=:= C:1F:H D62 F1?K<2:5 8C6B= =:D<:= GC: H1GE214 62=:2 6D GC<H759 ,D -6= :A<5G:=L 1H= %2<H

51G 6H GC: D:H>:L C:B= 3: 741= G6 C1F: 1H <??62G14 3<G: GC: =E5G ;; 4<G:2144M9

@:4<A 5>66K:= C:2 <HG6 C<5 12?5 1H= >122<:= C:2 6EG5<=:9 "C: 5EH 815 EK9 %2<H GE2H:= C:2 D1>: G6 GC: :15G

1H= 5?<4:=9 #:= 5IM <H GC: ?62H<H7L F1?K<2:B5 812H<H79

TR::L M6EB2: D<H:LU @:4<A 51<=9

.:2 5I<H 3E334:= 15 34<5G:25 :2EKG:=9 RC12KL 3<G<H7 K1<H 5:12:= GC26E7C C:2 36=M9 E$ !$/1

.: 14?65G =26KK:= C:29 T(C ?M -6=9 %2<H9U

T,GB5 6I1MLU 5C: 8C<5K:2:=9 T&:GG:2 GC<5 81M9U

T/6L <GB5 H6G9U

@:4<A 21H9



!"#$%&' 405"%&&*

@:4<A I<>I:= GC: =662 6D V:F:HCE25G 5CEG 3:C<H= C<?9 "C1HI DE>I %2<H C1=HBG 46>I:= 1HM =66259 .:

=<=HBG =12: 76 31>I <HG6 GC: >61>C C6E5:9 RC: H::=:= G6 3: 3:C<H= 5CEGG:25 8<GC H6 2<5I 6D 5EH4<7CGG6E>C<H7 C:29 >! B!%(-/= +!,/ !,A" K 3$)"* .: 21H G6 C:2 3:=266?L 41<= C:2 =68HL GC:H 58<G>C:= 6H GC:

41?K9

T(C DE>IL ,B? 56 5622ML %2<H9 NC1G >1H , =6PU

RC: 3E2268:= EH=:2 GC: >6F:259

TRC144 , >144 GC: =6>G62P )6 M6E C1F: 1HM 6<HG?:HG 62 56?:GC<H7P (C -6=L C1F: M6E C1= GC<5 144 M6E24<D:P \:5E5L ,B? 5622M9U

TV4:15:L 7:G ?: V415?<A9U

.: 2E5C:= 6DDL GC:H 21>:= 31>I 1H= 51G H:AG G6 C:2 6H GC: 3:=9 T.:2:9U

NC:H 5C: 51G EK G6 G1I: GC: >12G6HL @:4<A >41?K:= C<5 G::GC =68H 6HG6 GC: <H5<=:5 6D C<5 >C::I59 .:2

K662 D1>:9 %2<H 5E>I:= <G =2ML C1H=:= C<? GC: :?KGM >12G6HL GC:H 41M =68H 171<H9

T":44 ?: 8C1G G6 =6LU C: 51<=9

RC: 71F: C<? 1 51= 5?<4:9 T"C:2:B5 H6GC<H7 M6E >1H =6L @:4<A9 , H::= G6 54::K H689U

RC: >465:= C:2 :M:5L 1H= C: 51HI C<5 C:1= <HG6 C<5 C1H=59 .68 GC: DE>I >6E4= C: C1F: 3::H 56 5GEK<=P.:B= SE5G GE2H:= 6H: 6D GC: 3:5G H<7CG5 <H C<5 4<D: <HG6 GC: 8625G9 .: H::=:= G6 7:G C:2 G6 GC: C65K<G14L 3EG

C: 815 1D21<= G6 G1I: C:2 6EG=66259 .: 815 1H <=<6G9 RC:B= G64= C<? 1H= C: C1=HBG 4<5G:H:=9 .: >6E4=

C1F: 5>122:= C:2 D62 4<D:9 >! B!%(-/ 9 .: 6K:H:= C<5 :M:5 1H= 715K:=9 "C: 2:=H:55 6D C:2 D1>: C1= D1=:=9.: K::4:= 31>I GC: 5C::G 1H= 15 C: 81G>C:=L GC: 34<5G:25 72:8 4:55 D<:2>:9 RC: 815 C:14<H7 <H D26HG 6D

C<?9 ,G 815 <?K655<34:9

$H4:55 5C: 815 1 F1?K<2:9.<5 5G6?1>C 26<4:= 1H= C: 265: G6 C<5 D::G9

@:4<A KE44:= GC: 3:=266? =662 >465:= 6H C<5 81M 6EG 1H= ?1=: 5E2: GC: =662 G6 C:2 1K12G?:HG 815

D<2?4M 5CEG9 ,G >6E4=HBG 3: 6K:H:= D26? GC: 6EG5<=: 8<GC6EG 1 I:M 56 H6 6H: 86E4= =<5GE23 C:2L <H>4E=<H7@:4<A9 RC: K263134M 86E4=HBG 81HG G6 5:: C<? :F:2 171<H9 "C: >21JML 5GEK<= GC<H7 815 GC1G @:4<A 5G<44

815HBG 5E2: C: 3:4<:F:=9 .:B= 5::H C:2 34<5G:2 <H GC: 8:1I 4<7CG 6D =18HL 81G>C:= C:2 C:14L 1H= C: 5G<44

DE>I<H7 >6E4=HBG 821K C<5 C:1= 126EH= <G9

] ] ] ] ]

%2<H 86I: 1H= KE5C:= 31>I GC: 5C::G9 /6G 1 ?12I 6H C:2 36=ML 3EG 1H6GC:2 5>12 6H C:2 C:12G9 V4:15:= G6

3: 14<F:P RC: 815HBG 5E2:9 @:4<A EH=:25G66= H68X 6H4M 5C:B= C1F: G6 8<K: C<5 ?<H= G6 I::K GC:? 36GC

51D:9 "C6E7C %2<H 5E5K:>G:= C:2 68H 51D:GM 815 <H 56?: =6E3G9 ":A RH689 .:B= D6EH= C:2 1H= C:B= 3: 31>I G6 7:G C:29

RC: =2:55:=L =<= C:2 <H5K:>G<6H 6D GC: 862I =6H: 6H V:F:HCE25GL 1H= >1?: 31>I G6 :;?1<4 RM2:H9 RC:

D6EH= G86 :;?1<45 81<G<H7 D26? ":A9 "C: D<25G 815 <H 2:5K6H5: G6 C:259

D!$ /!" !"66 ,4 K* KC4 9$;% 7(--"3V$00 5$--1 D!"%" 3(3 9$; @$* D!") ,%" 9$; 8$4()@ 5,8< /$ +$%<*

"C: 5:>6H= C1= 3::H 5:HG 1DG:2 C<5 F<5<G9

F$;C3 5"//"% ,)-+"% /!" 0;8<()@ 3$$% )":/ /(4" $% "6-"1



%2<H 5CE==:2:= 3:>1E5: 5C: IH:8 5C:B= 76 8<GC C<? 8C:H C: >1?:9 RC: 5:HG H6 2:K4M 3EG GMK:= 1 46H7

?:5517: D62 RM2:H =:G1<4<H7 GC: 862I 5C:B= 5::H >6?K4:G:=9 %2<H =<=HBG G:44 C:2 D1GC:2 5C:B=

2:?:?3:2:= 14?65G :F:2MGC<H79

NC:H 5C:B= >465:= =68H C:2 41KG6KL 5C: G66I 1 81H=:2 126EH= GC: >15G4: 726EH=59 N62I GC:2: C1= K26>::=:= 1G GC: 51?: D21HG<> K1>: 15 <H GC: C6E5:9 .:=7:5 C1= 3::H G2<??:=L G6K<12<:5 G1?:= 6EG 6D

GC:<2 8<4= :A>:55:5L 1H= GC: 5:1 6D 72155 >EG 31>I9 0 5G12G C1= 3::H ?1=: =<77<H7 6F:2 GC: 8144:=

I<G>C:H 712=:HL 3EG %2<H D6EH= 1 K41>: 8C:2: 8::=5 72:8 21?K1HG 1H= 3:71H M1HI<H7 GC:? 6EG 6D GC:56<49 N<GC<H 1 5C62G K:2<6= 6D G<?:L 5C: C1= 1 CE7: K<4:9 RC:B= H:F:2 2:14<J:= 712=:H<H7 815 56GC:21K:EG<>9

T)6 M6E IH68 8C1G M6EB2: =6<H7PU

RC: GE2H:= G6 5:: @:4<A 814I<H7 G6812= C:29 .:2 C:12G 81HG:= G6 4:1K <HG6 C<5 C1H=5L 1H= %2<H 821KK:=

C:2 12?5 126EH= C:2 >C:5G <H >15: <G G2<:=9 .: 2:1>C:= C:2 5<=: 1H= 466I:= =68H 1G GC: 8::= 7215K:= G6C:2 32:15G9

T-12=:H<H7 3M ?66H4<7CG 8C:H GC: G:?K:21GE2: C15 G6 3: >465: G6 D2::J<H79 /68 , IH68 M6EB2: 1

F1?K<2:9U

%2<H 5?6GC:2:= 1 5?<4:9TQ6E =<=HBG 1H58:29 )6 M6E IH68 8C1G M6EB2: =6<H7PU .: H6==:= G6812= GC: 5G21774M K41HG <H C:2

C1H=9

TVE44<H7 EK 8::=59U

TNC1GB5 GC1G GC:HPU

T0 8::=9U

T)<= M6E H6G<>: 1HMGC<H7 6== 8C:H M6E M1HI:= <G EKPU

%2<H 466I:= =68H9 T"C65: 4<GG4: IH6334M 3268H GC<H75PU

TV6G1G6 K41HG59UT(C9 , 815 G2M<H7 G6 C:4K9U

TN:44L M6E C1F: C:4K:=9 -213 GC1G D468:2K6G 1H= >644:>G 1 D:89 ,B44 >66I GC:? G6?622689U

%2<H K<>I:= GC: K6G1G6:5 6EG 6D GC: 56<49 T)6 M6E 81HG 1 862? 15 8:44PU

T/6L GC1HI59 , D<H= GC:? 1 3<G >C:8M9 ,D M6E D<H= 1 54E7L G655 GC1G <H 1H= ,B44 D2M <G D62 M6EL 5G<>I <G <H 151H=8<>C9U

NC:H 5C: 5G66=L C: KEG C<5 C1H= 6H C:2 5C6E4=:29 TR622M9U

TR622MLU %2<H 51<= 1G GC: 51?: G<?:9

T0 F1?K<2:9U .: 5<7C:=9 T, =<=HBG 81HG G6 3:4<:F: M6E9 ,BF: G2<:= H6G G6L 3EG <H 144 GC<5 >21J<H:55 <GB5 GC:6H4M GC<H7 GC1G ?1I:5 56?: I<H= 6D 5:H5:9U .: 5C<F:2:=9 TW6?: 6H9 ,GB5 >64= 6EG C:2:9 ':GB5 7:G <H5<=:9U

%2<H D:4G 1 21M 6D C6K: 812? C:2 EH=:1= C:12G9

TN1HG G6 C:12 1 S6I:PU 5C: 15I:= 15 GC:M 814I:= 31>I G6 GC: >61>C C6E5:9

T-6 6H GC:H9U

T0 F1?K<2: 31GB5 3::H 6EG 144 H<7CG 1H= 8C:H C: 7:G5 31>I G6 GC: 2665GL C<5 D1>: <5 DE44 6D 3466=9 044 GC:

6GC:2 31G5 7:G 6F:2:A><G:= 1H= 81HG G6 IH68 8C:2: C: 76G <G9 e,B44 5C68 M6ELB C: 51M5L 1H= GC:M D64468

C<? 15 C: D4<:5 6F:2 GC: >6EHG2M5<=: 1H= <HG6 1 =12I D62:5G9 eQ6E 5:: GC1G K<4: 6D 26>I5PBU C: 15I59 eQ:5LB



GC:M 51M9 eN:44L , =<=HBG9BU

@:4<A 41E7C:=9

T"C:2:B5 1 812H<H7 <H GC:2:LU 5C: 8C<5K:2:=9 T,B? I<H= 6D =1H7:26E5 G6 3: 126EH=9U

@:4<A 21<5:= C<5 :M:326859 TQ6E GC<HI , C1=HBG H6G<>:=PU .: 5YE::J:= C:2 D<H7:259 TW1H M6E GE2H <HG6 1

31GPU

T/69U

TW1H M6E =:?1G:2<14<J:L 54<=: EH=:2 1 =662L 1H= 2:?1G:2<14<J:PU

T/69U

.: 6K:H:= C<5 D26HG =6629 TW1H M6E >6?: <HG6 1 K41>: 8C:2: M6E C1F:HBG 3::H <HF<G:=PU

T/6LU 51<= %2<H 1H= 5G:KK:= 6F:2 GC: GC2:5C64=9 RC: H6G<>:= GC: 36A 41M 8C:2: C:B= KEG <G9 .1= C: H6G

466I:= <H5<=:P

@:4<A >465:= GC: =6629 T.68 >6?: M6E 814I:= 2<7CG <HG6 ?M 5GE=<6 6H @2<=1M H<7CGPU

T,Z, 815 6H>: <HF<G:= <H5<=:9 0 46H7 8C<4: 1769 "C: <HF<G1G<6H =6:5HBG 2:5><H= EH4:55 GC: K:256H 8C6

<55E:5 <G >C1H7:5 GC:<2 ?<H=9UT.68 46H7 176PU

T"86 CEH=2:= M:1259U

T(C ?M -6=LU @:4<A 715K:=9 T,G (- M6E <H GC1G K1<HG<H7 8<GC RG:KC:H N:5G3E2M9 "C: ?M5G:2<6E5 86?1H

8C6 F1H<5C:= SE5G 3:D62: GC:<2 8:==<H79U .: 54E?K:= 6HG6 GC: 5G1<259 TQ6EB2: 6F:2 G86 CEH=2:= M:125

64=P NC61L ,B? M6E2 G6M 36M9U

.: 72<HH:= 1H= %2<H D:4G 1 8:<7CG 4<DG D26? C:2 C:12G9

T)<= M6E 2EH 3:>1E5: RG:KC:H =<=HBG IH68 M6E 8:2: 1 F1?K<2:PU

O1M3: <G 815 :15<:2 G6 4:G C<? GC<HI GC1G9 0DG:2 144L C: 815HBG 76<H7 G6 2:?:?3:2 1HM 6D GC<59

TQ6EB2: H6G 76<H7 G6 2EH 6EG 6H ?: G66L 12: M6EPU @:4<A 15I:=L 1H= GC: 8:<7CG K2:55:= 31>I 6H C:2

C:12G9

.: 2:1>C:= D62 C:2 C1H=5 1H= KE44:= C:2 G6812= C<? 56 5C: 5G66= 3:G8::H C<5 4:759 %2<H =26KK:= =68H

1H= KEG C:2 ?6EGC 6F:2 GC: 3E47: <H C<5 K1HG5L 32:1GC:= C12= 1H= 815 2:812=:= 8<GC 1 G8<G>C D26? C<5>6>I 1H= 1 2E?34<H7 7261H D26? C<5 ?6EGC9 RC: 5G6KK:= GC<HI<H7 ;; GC1G 81M 4:= G6 G26E34: ;; 1H= 4:G

5:H51G<6H 4:1= C:29 %2<H KEDD:= 1<2 GC26E7C GC: ?1G:2<14 6D C<5 K1HG5L 144 GC: 81M =68H C<5 GC<7CL 1H=

146H7 C<5 >14D G6 C<5 1HI4:9 RC: KE44:= 6DD C<5 5C6: ;; H6 56>IL 1H= C: 54<= C<5 G6:5 G6 GC: d 6D C:2 36=ML K2:55<H7 171<H5G C:2 KE55M9

TQ6EB2: C6G <H GC: 2<7CG K41>:5LU C: 8C<5K:2:=9

RC: 2:K:1G:= 8C1G 5C:B= =6H: 6H GC: 6GC:2 4:7 8C<4: @:4<A GC2:1=:= C<5 D<H7:25 GC26E7C C:2 C1<2 1H=:?<GG:= 56DG 7261H59 &M GC: G<?: 5C: 2:GE2H:= G6 C<5 726<HL C<5 :2:>G<6H 5G21<H:= 171<H5G GC: J<KK:29

T"C:2:B5 3::H 1 8622M<H7 =:F:46K?:HGLU C: 51<=9 TN6E4= M6E >C:>I <G 6EGPU

.: 41M 31>I 6H GC: 5G1<25 466I<H7 56 3:1EG<DE4 <H GC: =<? 4<7CG GC1G %2<H >6E4= 312:4M 5G1H= <G9 W46GC:5

6DD 62 6HL C: 815 GC: ?65G 7627:6E5 7EM 5C:B= :F:2 5::H9

T"1I: M6E2 >46GC:5 6DDLU C: 8C<5K:2:=9

&:D62: C:B= 76G 6EG GC: 862= T6DDLU %2<H 815 H1I:=9



@:4<A 71F: 1 >2M 6D =:4<7CG9

T"C1GB5 1H6GC:2 K4E5 G6 3:<H7 1 F1?K<2:LU 5C: 51<=9

RC: EHD15G:H:= C<5 5C<2GL K1E5:= G6 2EH C:2 D<H7:25 6F:2 GC: D41G =<5I5 6D C<5 H<KK4:5L 1H= GC:H 54<KK:= <G

D26? C<5 5C6E4=:259 .: G66I C<5 8:<7CG 6H C<5 C1H=5 8C<4: 5C: KE44:= 6DD C<5 K1HG5L GC:H =26KK:= C<5

312: 31>I5<=: 6HG6 GC: 5G1<259 %2<H >26E>C:= 3:G8::H C<5 IH::5 1H= KE5C:= C<5 GC<7C5 1K12G9

T@15G 62 5468PU 5C: 15I:=9@:4<A 4:G 6EG 1 >C6I:= 72EHG9 TQ6E 2:144M GC<HI GC1GB5 1 =:><5<6H , >1H ?1I:P OM >6>I 76:5 C12= 15 1

5G6H: 8C:H:F:2 M6EB2: <H GC: F<><H<GM9 , 6H4M C1F: G6 466I 1G M6E G6 81HG M6E9 O1M3: <D M6E KEG 1

G6E2H<YE:G 126EH= ?M 31445L GC:2:B= 3: 1 >C1H>: 6D C64=<H7 ?: 1G 31MX GC6E7C ,B? H6G 5E2: :F:H GC1G

86E4= 862I9U

%2<H 5>66K:= EK 1 58:44<H7 K:124 6D K2:>E? 1H= G21<4:= C:2 8:G D<H7:2 D26? GC: >2:5G 6D C<5 >6>IL =68H

GC: 2<7<= 4:H7GCL 1H= 6F:2 C<5 314459 RC: =<=HBG 5G6K 3EG K2:55:= 146H7 GC: 5:H5<G<F: 5G2<K 6D D4:5C 3:M6H=

EHG<4 5C: 2:1>C:= C<5 1HE59 "C: ?E5>4:5 <H C<5 GC<7C5 G:H5:= 171<H5G C:29

T0CL DE>ILU C: 7261H:=9 TNCM =6 , C1F: GC: D::4<H7 ,BF: 465G GC<5 31GG4: 142:1=M9U

%2<H D4<>I:= C:2 G6H7E: 6F:2 GC: G6K 6D C<5 >6>IL 4<>I:= EK 1H6GC:2 =26K 6D K2:>E?L 1H= GC:H 34:8 6HC<? 144 GC: 81M =68H G6 C<5 314459 @:4<A K1HG:=L 4M<H7 5K41M:= 31>I 6H GC: 5G1<259 "C: G<H74<H7

1812:H:55 6D C68 ?E>C C: 4<I:= GC<5 2E5C:= GC26E7C C:29 %2<H 4<DG:= C<5 D::G G6 1 C<7C:2 5G:KL 5K2:1= C<5

IH::5 8<=:2L GC:H =26KK:= C:2 C:1= 1H= 3:71H G6 5E>I 1G GC: 12:1 3:C<H= C<5 HEG5L ?15517<H7 8<GC C:2G6H7E:L K2:55<H7 8<GC C:2 G::GCL 1H= IH68<H7 D26? GC: 81M C<5 D<H7:25 M1HI:= 1G C:2 C1<2 GC1G 5C: 815

=2<F<H7 C<? >21JM9

NC:H 5C: G66I C<5 31445 <H C:2 ?6EGCL 5C: D:4G @:4<A 5G<DD:H9 (C -6=L 815 C: 1D21<= 5C:B= 3<G:P %2<H

8:HG 31>I G6 C<5 >6>IL H<334<H7 1H= 4<>I<H7 146H7 GC: 4:H7GCL D::4<H7 <G 58:44 1H= KE45: EH=:2 C:2 ?6EGC9RC: 5H:1I:= 1 C1H= 31>I G6 C:2 KE55ML 461=:= <G 8<GC >2:1?L 1H= 8C<4: 5C: 5E>I:= C<5 =<>IL 5C: 54<= GC:

8:G D<H7:2 6F:2 C<5 155C64:9

T%2<HL 6C -6=9U

N<GC 6H: C1H= 821KK:= G<7CG 126EH= GC: 315: 6D C<5 >6>IL C:2 ?6EGC 54<KK:= 6F:2 GC: >2:5G 1H= C:2

D<H7:2 5G26I:= GC: KE>I:2:= :HG21H>: G6 C<5 36=M9 @<H7:2G<K K2:55E2:L 7:HG4: ><2>4<H7 126EH= GC: 6K:H<H7EHG<4 5C: >6E4= 54<=: 2<7CG <H9 %4:>G2<> GC2<445 5K21H7 EK =::K <H5<=: C:2 15 5C: KE45:= <H C<5 155 8<GC C:2

D<H7:2 1H= E5:= C:2 D<5G G6 S:2I C<5 >6>I <HG6 C:2 ?6EGC9

@:4<A 5::?:= G6 C1F: 465G GC: K68:2 6D 5K::>C9 -2EHG5L 715K5L 1H= 7261H5 8:2: 144 %2<H >6E4= C:129 RC:

58<K:= C:2 G6H7E: 1>2655 GC: F:4F:GM >6>IC:1= 1H= =<KK:= 2:K:1G:=4M <HG6 GC: 4<GG4: 54<G EHG<4 C<5 32:1GC<H7 72:8 56 2177:=L 5C: D:12:= C:B= 5G6K9 "86 D<H7:25 <H C<5 155 1H= @:4<A =<= 5G6K 32:1GC<H79 %2<H

>E24:= GC: G<K5 6D C:2 D<H7:25 G6 D<H= C<5 K265G1G: 1H= 2E33:= <G 7:HG4M9 $GG:2<H7 1 51F17: 7261HL @:4<A

:2EKG:= <HG6 C:2 ?6EGCL 5K<44<H7 <HG6 C:2 D15G:2 GC1H 5C: >6E4= 58144689

T(C ?M -6=L H6Z\:5E5L %2<H9 @EEEE>I<H7 C:449UNC:H GC: 415G 5K15? C1= D1=:= 1H= C: 2:41A:=L @:4<A KE44:= C:2 EK 6HG6 C<5 36=ML C66I:= C<5 C::45 6F:2GC: 31>I 6D C:2 4:75L 1H= 4<>I:= C<5 >E? D26? 126EH= C:2 4<K59 .<5 C1H=5 54<= G6 C:2 31>I5<=: 1H=

K2:55:= C:2 <HG6 C<?9 %F:2M <H>C 6D C:2 5I<H <H >6HG1>G 8<GC C<5 3E2H:=9 "C:<2 ?6EGC5 8:4=:= G67:GC:2L

C<5 G6H7E: 5E27:= 3:G8::H C:2 4<K59

%2<H GC6E7CG 5C: >6E4= I<55 C<? D62:F:29 .12= 62 56DGL D15G 62 5468L G:15<H7L G1EHG<H7L :F:2MGC<H7 126E5:=C:29 RC: =<=HBG 81HG G6 7<F: C<? EK9 )6HBG GC<HIL 5C: G64= C:25:4D9 \E5G I<559

"C: IH6>I 1G GC: =662 1 D:8 D::G 181M D26J: GC:? 36GC9



T%AK:>G<H7 56?:6H:PU %2<H 15I:=9

T02: M6E GC:2:PU 1 F6<>: >144:=9 T,GB5 \:DD REGG6H9U

TNC6B5 GC1GPU 5C: 8C<5K:2:=9

T"C: F<>129U

@:4<AB5 D<H7:25 261?:= 6F:2 GC: K14: 7463:5 6D %2<HB5 31>I5<=:9 .: 81HG:= G6 DE>I C:2 <H GC: 1559 071<H9

"C: GC6E7CG 5:HG 1 D2:5C 5E27: 6D 3466= G6 C<5 726<HL 1H= C: 7261H:=9

T0CL C:446LU GC: F6<>: >144:= GC26E7C GC: 4:GG:2 36A9 T0HM6H: GC:2:P N:BF: >6?: D62 GC: ?::G<H79 N:>1HBG 7:G 1HM 1H58:2 1G GC: >15G4:9U

@:4<A 8<H>:=9 T@E>IL DE>IL DE>I9U .: :15:= %2<H G6 C:2 D::G9

TO1M3: <D , 6K:H <GL GC:MB44 76 181M9U

.: 3<G C<5 4<K G6 5G6K GC: >CE>I4: >6?<H7 6EG9 TQ6EB= 7<F: C<? 1 C:12G 1GG1>I9U @:4<A 21<5:= C<5 F6<>:9

T.1H7 6H9 ,BF: 3::H <H ?M 5GE=<69 , SE5G H::= G6 815C ?M C1H=59U .: KEG C<5 ?6EGC G6 %2<HB5 :129 T"C:?::G<H7B5 <H GC: 3126HB5 C1449 Q6EB2: 5EKK65:= G6 3: GC:2:9 /<K 6EG GC26E7C GC: 31>I9 Q6E >1H 7:G <H

GC26E7C GC: 8<H=68 <H GC: 3EG4:2B5 K1HG2M9 &1H7 <G C12= 6H GC: 2<7CG;C1H= 5<=:9U

TQ6E =<= 2:?:?3:2 G6 G:44 GC: H:8 68H:2PU \:DD >144:=9

TQ:59U

%2<H 21<5:= C:2 :M:326859 @:4<A M1HI:= 6H C<5 K1HG59 T.:ML ,BF: SE5G G64= M6E9U

T/6 6H:B5 1H58:2<H7 GC: =662LU \:DD 51<=9

T, IH68 5C:B5 <H9 "2M 171<H9U .: GE2H:= G6 %2<H9 T,B44 :AK41<H 41G:29 #EH9U

RC: KE44:= C:2 D<H7:25 GC26E7C C:2 C1<29 T)6 , 466I 6I1MPU

TN:44 DE>I:=9U

T.68 635:2F1HG <5 GC: F<>12PU

@:4<A 5?6GC:2:= 1 41E7C9

(H>: %2<H C1= 76H:L C: D4EH7 6K:H GC: =6629 TR622M9 ,ZD6276GZGC:ZG<?:9U

.:2?<6H: 5G66= GC:2: 5?<4<H7 1G C<?L C:2 C:1= K::I<H7 6EG 136F: 1 D4EDDML D1EA;DE2 >644129 T\:DDB5 76H:

G6 IH6>I 171<H9U

T,B44 7:G ?M S1>I:G9 ,GB5 >64= <H GC:2:9U

NC:H @:4<A GE2H:=L .:2?<6H: C1= >6?: <HG6 GC: C6E5: 1H= 5G66= 2<7CG <H D26HG 6D C<?9 TQ6E >1H 5<GH:AG G6 ?:9 N:B44 I::K :1>C 6GC:2 812?9U

%F:2M 5:H5: 5C<DG:= G6 C<7C 14:2G9 R<H>: .:2?<6H: C1= =E?K:= C<?L 5C:B= 76H: 6EG 6D C:2 81M G6 1F6<=

C<?9 RC: GE>I:= C:2 12? 126EH= @:4<AB5L 1H= C: 4<DG:= <G 181M9

T)6HBG 3: 4<I: GC1GLU 5C: 51<=9

?$3= -!" 7$;/- 6(<" , @$630(-!9 .: E5C:2:= C:2 6EG 6D GC: C6E5: 1H= 46>I:= GC: =6629 W125 8:2: >6?<H7EK GC: =2<F:L C:1=4<7CG5 36EH><H7 15 F:C<>4:5 =<KK:= <H 1H= 6EG 6D GC: K6GC64:59

T,BF: C1= G<?: G6 GC<HILU .:2?<6H: 51<= 15 5C: CE22<:= 1DG:2 C<?9

T, C6K: M6E =<=HBG 5G21<H M6E2 321<H >:4459U



RC: 71F: 1 D62>:= 41E7C9 T,G 815 1 766= GC<H7 8: C1= GC<5 G<?: 1K12G9 0 2:144M 766= <=:1L @:4<A9 N:BF:

C1= >C1H>: G6 GC<HI 136EG 6E2 DEGE2:9 ,B? 2:1=M G6 >6??<G H689U

TW6H721GE41G<6H59U

.: H::=:= G6 5K:1I G6 %2<HL :AK41<H 8C1G GC<5 ?::G<H7 815 136EG 3:D62: \:DD GC2:8 C:2 <HG6 G6G14

>6HDE5<6H9

TNC1G 5C144 8: =6 G6 >:4:321G:PU@:4<A K1E5:= 1G GC: G6K 6D GC: 5G:K5 G6 V:F:HCE25G9 TN:P 02:HBG M6E >:4:321G<H7 8<GC W4<F:PU

T/6L 5<44M9U RC: 541KK:= C<5 12?9 TW4<F: 1H= , 12: D<H<5C:=9 ,B? G14I<H7 136EG ?: 1H= M6E9U

.:2?<6H: >4EH7 G6 C<5 12?5 1H= I<55:= C<5 >C::IL G1I<H7 1=F1HG17: 6D C<5 5GEHH:= =<53:4<:D9

T)6 >6?: <HLU %2<H 51<=9

2;8<= 0;8<= 0;8< 9 @:4<A 81HG:= G6 KE5C .:2?<6H: =68H GC: 5G:K5L 6H4M 5C: >4EH7 6H 4<I: 1 4::>C9

T%2<HL GC<5 <5 .:2?<6H: REGG6H9 "C: F<>12B5 5<5G:29U

T@:4<AB5 7<24D2<:H=LU 1==:= .:2?<6H:9

T"C: 2:14G629 N:BF: 142:1=M ?:GLU %2<H 51<=9

TRC:B5 H6G ?M ;;U @:4<A 3:71HL 3EG %2<H GE2H:= G6 72::G 56?:6H: :45:9

@:4<A 4<DG:= .:2?<6H:B5 C1H= D26? C<5 12?9 T':1F: ?: GC: DE>I 146H:9U

TQ6E H::= 46H7:2P "C1GB5 D<H:9U

T, =6HBG H::= 46H7:2LU @:4<A ?EGG:2:= GC26E7C >4:H>C:= G::GCL 86H=:2<H7 C68 C: >6E4= 7:G GC26E7C G6

C:29 T\E5G 4:1F: <GL .:2?<6H:9 V4:15:9U

.: 466I:= D62 %2<H9 RC: 5G66= 1G GC: >:HG2: 6D 1 726EK 71GC:2:= EH=:2 GC: >C1H=:4<:2 <H GC: :HG21H>:

C1449 @:4<A H6==:= G6 5:F:214 K:6K4:9 %F:2M6H: 3EG .:2?<6H: <7H62:= C<?9 J,-/,%3-9

"C: F<>12 >41KK:= C<5 C1H=59 TRC144 8: 76 <HG6 GC: 3126HB5 C144PU@:4<A IH:8 GC:M 8:2: :AK:>G<H7 1 2612<H7 341J: <H GC: C:12GC9 "C: 266? 815 4<I:4M G6 3: >64=:2 GC1H 1D2<=7:9 .: 815 5EKK65:= G6 C1F: 1221H7:= D62 1 D<2: G6 3: 41<HL 1H= C:B= D6276GG:H9 $H=:25G1H=134:

EH=:2 GC: ><2>E?5G1H>:59 .: D64468:= GC: 4<H: 6D K:6K4: ;; C: 815 E5:= G6 5::<H7 31>I5 ;; 1H= D15G:H:=

GC: G6K 3EGG6H 6H C<5 S1>I:G9 @:4<A 81G>C:= G6 5:: 8C:2: .:2?<6H: K12I:= C:2 3EGG 3:D62: C: G66I 1 5:1G6H GC: 6KK65<G: 5<=: 6D GC: 266?9 "C65: 6H C<5 5<=: H68 =:><=:= G6 ?6F: G6 GC: 6GC:29 #"%0"8/ 9 @:4<A 51G

6H C<5 68H 4<I: 1 H1E7CGM 5>C66436ML 1 K65<G<6H 8<GC 8C<>C C: 815 F:2M D1?<4<129

%2<H 5G66= 8<GC GC: F<>12 1G GC: :H= 6D GC: 266?9

T-66= :F:H<H7L :F:2M6H:LU \:DD 51<=9 T"C1HI M6E D62 >6?<H79 @62 GC65: 8C6 C1F:HBG C1= >C1H>: G6

?::G C:2 M:GL GC<5 <5 O<55 %2<H O12I6F9 .:2 D1GC:2 <5 GC: H:8 68H:2 6D V:F:HCE25G W15G4:L 1H= GC:

D1?<4M C15 I<H=4M 172::= G6 14468 E5 G6 >6HG<HE: GC: G21=<G<6H 6D C64=<H7 GC: 1HHE14 3144 <H GC<5 3:1EG<DE4L <D 56?:8C1G >C<44ML 3126H<14 C1449U

\:DD 7412:= 1G @:4<AL 8C6 1H58:2:= 8<GC 1 3261= 5?<4: 3:D62: C: GE2H:= G6 1==2:55 %2<H9

TN:4>6?: G6 GC: F<4417: 6D V:F:HCE25GL %2<HL 1H= 6D >6E25:L 8:4>6?: G6 V:F:HCE25G W15G4:9 ,B? 5E2: <G

8<44 3: 51D: <H M6E2 D1?<4MB5 C1H=59 ,GB5 766= G6 5:: <H=E5G2<6E5 862I 3:<H7 =6H: 1G 46H7 415G G6 2:5G62: <GG6 <G5 D62?:2 7462M9 V:F:HCE25G =:5:2F:5 1 >12<H7 68H:29U

T.:12L C:12LU 56?:6H: >144:=L 1H= GC: >2M 815 :>C6:= 3M 5:F:214 6GC:259



@:4<A 815 K2:GGM 5E2: :F:2M C:1= 3EG %2<HB5 GE2H:= <H C<5 =<2:>G<6H9 .: 5C6E4= C1F: G64= C:2 3:D62: GC1G

C:B= 3::H G6 K2<56H9 /68 56?:6H: :45: 815 76<H7 G69

!"#$%&' 60*&%&&*

%2<H >6E4=HBG C:4K H6G<>: GC: H:71G<F: 2:1>G<6H G6 @:4<AL >4:124M H6G O29 V6KE412L 56?:GC<H7 GC1G

:H=:12:= C<? G6 C:2 :F:H ?62:9 RC: 4<I:= 1 2:3:49 "C: F<>12 63F<6E54M =:5K<5:= C<?9 0H6GC:2 K4E5 15D12 15 %2<H 815 >6H>:2H:=9 \:DD REGG6H 815 1 5K1>: <HF1=:2 6D GC: 8625G I<H=9 0H6GC:2 C1H= 1HM8C:2:

H:12 C:2 3EGG 1H= C:B= 3: 465<H7 D<H7:259

NC:H 6H: 3M 6H: K:6K4: C1= 76GG:H G6 GC:<2 D::G 1H= ?6F:= G6 GC: 6GC:2 5<=: 6D GC: 266? G6 4:1F: @:4<A

5<GG<H7 6H C<5 68HL 5C: 86H=:2:= 8C1G GC: C:44 C:B= =6H:9 R6?:GC<H7 ?62: GC1H 4:G V:F:HCE25G=<5<HG:721G:P %2<H 21<5:= C:2 :M:32685 15 .:2?<6H: 51EHG:2:= 1>2655 GC: G<4:= D4662 <H C:2 5:AM C<7C

C::45 1H= 46H7 72::H >61G G6 5<G 1G @:4<AB5 5<=:9 .: <??:=<1G:4M 54<= G6 GC: D12 :H= 6D GC: 3:H>C9 %2<H 3<G

C:2 4<K9 ,D C: 8:HG 1HM D12GC:2L C:B= D144 6DD GC: :H=9

T(D >6E25:L ,B? 5E2: '62= N:5G3E2M <5 =:4<7CG:= G6 5:: V:F:HCE25G 3:<H7 7<F:H 1 H:8 4:15: 6H 4<D:LU51<= \:DD9 TN1G>C<H7 C<5 D1?<4M C6?: D144 =68H 126EH= C<5 K12:HG5B :125 ?E5G C1F: 3::H F:2MZ

=<5G2:55<H79 , IH68 GC: 41G: :124 1H= C<5 8<D: D6EH= <G =<DD<>E4G G6 4<F: 8<GC GC: =<51KK6<HG?:HG 1H=

8622M9U

,G G66I %2<H 1 ?6?:HG9 RC: 815 G66 3E5M DE?<H7 1G \:DDB5 EHI<H= 862=5 G6 G1I: <G <H9 @:4<A C1= C<5 71J:D<2?4M D<A:= 6H C<5 5C6:59 .68 5GEK<= >6E4= 5C: 7:GP (D >6E25: @:4<A 815 1 462=9 .: 815 %124 6D

RC:236E2H:L SE5G 15 RG:KC:H C1= 3::H9 (H4M 8CM =<= :F:2M6H: C1G: C<?P N:44L :F:2M6H: :A>:KG

.:2?<6H:9 %2<H GEH:= 31>I <H G6 GC: F<>12L 8C6 815 GC1HI<H7 56?: 7EM D62 F64EHG::2<H7 G6 KEG D41?<H7G62>C:5 146H7 GC: =2<F:9

%F:2M6H: 466I:= C14D D26J:H9 %2<H 5K6GG:= 1 86?1H KEGG<H7 EK GC: C66= 6H C:2 >61G9 .:2?<6H:B5 C:1=

C1= 54E?K:= 56 468 <H5<=: GC: DE2 >64412 6D C:2 72::H >61GL 5C: 466I:= 4<I: 1 5C2<F:44:= >1>GE59

T,B? 5622M GC:2:B5 H6 D<2:LU %2<H 34E2G:=9 "C: F<>12 GE2H:= 1H 1>>E51G62M :M: 6H @:4<AL 1H= %2<H SE?K:=

31>I <H9 T'62= N:5G3E2M G64= ?: C: H::=:= G6 ?1I: <GL 3EG , D6276G 1H= 8:HG 6EG 56 C: >6E4=HBG 7:G <H9U

@:4<A 5C6G C:2 1 741H>:9

T^E<G: 144 2<7CG9 N:B44 C1F: 1 C6G =2<HI9 "C1G 8<44 812? E5 EKLU 51<= \:DD9

T, =6HBG C1F: :H6E7C ?E759U /62 1HM G:1L >6DD::L 5E712L 62 ?<4I9

TQ:5L M6E =6LU 51<= 6H: 6D GC: 86?:H9 T"C:MB2: <H GC: >EK3612=L EH4:55 C<5 462=5C<KB5 G655:= GC:?

6EG9U

@:4<AB5 S18 G<>I:=L 1H= C: 5C66I C<5 C:1=9 ,G 815 ?62: 4<I:4M G6 3: GC: 3E<4=:25 8C6B= =<5K65:= 6D GC:?X

6H4M %2<H >6E4= 5:: :F:2M6H: 81HG:= @:4<A G6 3: GC: F<441<H9TN:BF: 326E7CG :F:2MGC<H7 8<GC E59 N:B44 5:: G6 <G9U

"86 86?:H =<51KK:12:=L 1H= %2<H D6EH= C:25:4D K26K:44:= 3M \:DDB5 C1H= G6 1 5:1G 6KK65<G: @:4<A9 RC:

4<5G:H:= G6 K:6K4: 5K:1I 1H= =<=HBG ?<55 GC: =<75 1G @:4<A H62 GC: 6DG;2:K:1G:= 862=5 ;; 634<71G<6HL

G21=<G<6HL 1H= C:2<G17:9 RC: 81HG:= @:4<A G6 =:D:H= C<?5:4DL 3EG C: 51G GC:2: EH5?<4<H7L C<5 46H7 4:75

5G2:G>C:= 6EGL C<5 12?5 >2655:= 6F:2 C<5 >C:5GL 8<GC .:2?<6H: 5GE>I G6 C<? 4<I: 72::H 1471:9

"C: ?::G<H7 8:HG 6H 1H= 6H9 %F:2M6H: C1= 56?:GC<H7 G6 51M9 "C: >EK5 6D G:1 >1?: 6EGL D2E<G>1I:

6DD:2:=L 1H= %2<H 815 K2:55:= <HG6 G1I<H7 36GC9



TQ6E 466I K:2<5C:=LU GC: 86?1H 6H C:2 2<7CG 51<=9 T)6 M6E 81HG G6 76 1H= 7:G 1 >61GPU

T,B? D<H:9 , =6HBG D::4 GC: >64=LU %2<H 51<=9

T'E>IM M6E9U "C: 86?1H 821KK:= C:2 5>12D G<7CG:2 126EH= C:2 H:>I9

%2<H 3:71H G6 K<:>: GC26E7C GC: D466= 6D <HD62?1G<6H G6 862I 6EG 8C1G 815 76<H7 6H9 "C:2: 815 1481M5

1H (>G63:2 &144 1G V:F:HCE25G G6 21<5: ?6H:M D62 >C12<GM9 "C: :F:HG 815 564= 6EG9 @66= 62=:2:=9 &1H=

366I:=9 W65GE?:5 >C65:H9 @<2:862I5 1221H7:=9 0H= <G 815 C1KK:H<H7 GC<5 @2<=1M <H GC: 3126HB5 C1449%2<H 81HG:= G6 76L 81HG:= G6 =1H>: 8<GC @:4<A 1H= 3: 8<GC C<? 6H: 415G G<?:9 "C:H 5C:B= 2:5E?: C:2

64= 4<D:9

TW1H 8: 3:7<H =:>621G<H7 G6?62268P N:B44 I::K 6EG 6D GC: 81M 6D GC: 3E<4=:25LU \:DD 51<=9

RC: H6==:=9 T"C1GB5 D<H:9U

T,GB5 76<H7 G6 3: 56 3:1EG<DE49U .:2?<6H: 5<7C:=9 T"C<5 C144 >6E4= 3: 1 D13E46E5 8:==<H7 F:HE:9 , 815

C6K<H7 ;;U

TV:2C1K5 56?: 6D GC: >15G4: K1<HG<H75 >6E4= 76 31>I 6H GC: 8144PU \:DD 15I:=9

@:4<A 71F: 1 5E24M 72EHG9

TN6H=:2DE49 N:B44 4:1F: GC1G G6 M6E GC:HL 5C144 8:L '62= N:5G3E2MPU

0H6GC:2 72EHG9 0CL @:4<A C1= S6<H:= GC: V<7 W4E3L %2<H GC6E7CG 1H= 5G<D4:= 1 7<774:9

TN:44L , GC<HI GC1GB5 <GL EH4:55 1HM6H: C15 1HM YE:5G<6H5LU \:DD 51<=9 T/69 #<7CG9 -66=9 %2<HL <D , >6E4=

C1F: 1 K2<F1G: 862=9U

.: 3:>I6H:= 8<GC C<5 D<H7:2L 1H= %2<H D64468:= C<? G6 GC: D12 :H= 6D GC: C1449

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C:2 D<H7:25 1H= 3:1?:=9

%2<H 54<KK:= D2:: 6D C<5 >41??M 7215K 1H= KEG C:2 C1H=5 3:C<H= C:2 31>IL G:?KG:= G6 G:44 C<? 5C:<HG:H=:= V:F:HCE25G G6 3:>6?: 1 >646HM D62 =:F<4;8625C<KK<H7 H1GE2<5G59 .: G66I 1 5G:K D62812=L 1H=%2<H G66I 1 5G:K 31>I812=9 ,HG6 GC: 81449 )1?H9

\:DD 468:2:= C<5 ?6EGC G6 C:2 :129 T, D::4 <GB5 ?M =EGM G6 812H M6E 136EG '62= N:5G3E2M9 Q6EB2: >465:

H:<7C36E25X M6E2 K1GC5 8<44 <H:F<G134M >2655L 3EG M6E ?E5G 3: 6H 7E12=9 .:B5 H6G G2E5G862GCM9 .:B5 1 4<12

1H= 1 815G2:49 .: 2E<H:= GC: 4<F:5 6D C<5 K12:HG59 "C:M H:F:2 76G 6F:2 8C1G C: =<=9 OM 5<5G:2 815<HF64F:= 8<GC C<? D62 1 8C<4:9 "C1HI 766=H:55 5C: 518 GC: 4<7CG9U

%2<H 741H>:= 6F:2 C<5 5C6E4=:29 .:2?<6H: 4:1H:= 171<H5G @:4<A9 '66I:= 4<I: 5C: H::=:= 1 3<G ?62: 4<7CG

5C<H<H7 C:2 81M9

T.: 815 KEH<5C:= D62 8C1G C: =<=L GC6E7C K:6K4: 126EH= C:2: 12:HBG 4<I:4M G6 D627:G9 .<5 K12:HG5 H:F:2

D6271F: C<?9U

T%A>E5: ?:L 3EG ,B? H6G <HG:2:5G:=9U RC: 815 3EG =<=HBG 81HG \:DD G6 G:44 C:2 8C1G @:4<A 5C6E4= C1F:9

T(CL 6D >6E25:9 ,B? 5622M9U

0DG:2 .:2?<6H: 815 =2177:= 6DD G6 C:4K 815C GC: ?E75L @:4<A ?6F:= G6 5G1H= 8<GC<H :1F:5=26KK<H7

=<5G1H>:9 \:DD >6E4=HBG 5:: C: 815 GC:2:9

T, =<=HBG 81HG M6E G6 D144 D62 C<5 >C12?5 8<GC6EG 3:<H7 1812: C:B= ;;U

TOE77:= 1H 64= 41=MPU



T/6L C: ;;U

T.1= 5:A 8<GC 1 =6HI:MPU

"C: F<>12B5 D1>: ?6F:= D26? K<HI G6 KE2K4:9 T/6b 0CL 1 S6I:9 d:2M DEHHM9U

TQ6EB2: 81HG:= 3M O259 O<44:2LU @:4<A 51<= 1G C<5 5C6E4=:29

\:DD 31>I:= 181ML 1H= @:4<A D268H:= 1G %2<H9 TR:A 8<GC 1 =6HI:MPU

T, 815 G2M<H7 G6 GC<HI 6D 56?:GC<H7 G6 5C6>I C<?9U

T, GC<HI M6E G21E?1G<J:= C<?9U

RC: 41E7C:=9

TR6 12:HBG M6E 76<H7 G6 15I ?: 8C1G , =<=PU

T/6L ,B= ?E>C 21GC:2 <?17<H: M6E2 >2<?:9 W1H 8: K41M G8:HGM YE:5G<6H5P 0H= ,B? H6G >6EHG<H7 GC: G86,BF: 142:1=M 15I:=9U

%2<H 815 2:4<:F:= G6 5:: C<? 7<F: 1 7:HE<H: 5?<4:9

T%2<Hb "C:2:B5 56?:6H: C:2: G6 5:: M6ELU .:2?<6H: >144:=9

@:4<A D268H:= 8C:H C: GE2H:= G6 5:: 8C6 814I:= <HG6 GC: 266?9 .: 741H>:= 1G %2<H9 .:2 D1>: 815

341HI9

TR622M G6 <HG2E=:LU ":A 51<= <H 1 56DGL =::K F6<>:9 T)6HBG 4:G ?: <HG:22EKG9 , >1H 81<G9U

.: ?6F:= G6 GC: 5<=: 6D GC: C144 1H= 4:1H:= 171<H5G 1 866=:H K<4412L 12?5 D64=:= 1>2655 C<5 >C:5G9 "C:

6GC:2 7EM 5G66= 1G C<5 5<=:9

T, GC<HI 8:BF: D<H<5C:= H68LU \:DD 51<=9

T&EG , ;;U .:2?<6H: 3:71H9

T)6 M6E 81HG 1 4<DG 62 H6GPU C:2 326GC:2 5H1KK:=9 T%F:2M6H: :45: C15 4:DG9 W6?: 146H7L .:2?<6H:9U

T044 2<7CG9U RC: 5<=4:= 6F:2 G6 @:4<A9 TR:: M6E 1G GC: 3144L <D H6G 3:D62:9 , >1HBG 81<G D62 M6E G6 5:: ?M

>65GE?:9U

RC: 8:HG EK 6H C:2 G6:5L 1H= C: GE2H:= C<5 C:1=L >1G>C<H7 C:2 K<21HC1 4<K5 6H C<5 >C::I9 "C: G86

5G21H7:25 D64468:= C:2 /(7V/,7 K2672:55 1>2655 GC: G<4:= D46629

"C: 541? 6D GC: =662 >465<H7 21H7 6EG 4<I: 1 7EH9 @:4<A S64G:=9 %2<H =<=HBG ?6F: 1 ?E5>4:9 05 GC: G86

?:H 814I:= G6812= GC:?L @:4<A 5G2E774:= 8<GC GC: E27: G6 G:44 C:2 G6 2EH9 .: 2:1>C:= D62 C:2 C1H= 1H=>4EG>C:= C:2 D<H7:25L H6G 5E2: 8C6 815 7<F<H7 5EKK62G G6 8C6?L M:G 741= 8C:H %2<H =<=HBG KE44 181M9

"C: K1<2 5G6KK:= <H D26HG 6D GC:?9

TN:44L M6EBF: 4:= ?: 6H 1 ?:22M >C15:LU ":A 51<=9 T, GC6E7CG M6E 8:2: =:1=;=:1=9 "C:2: 6H: ?<HEG:L

=E5G GC: H:AG9 /6G 1 862=9 V:6K4: =<51KK6<HG:=9 V:6K4: 17721F1G:=9 , 1? F:2M K<55:= 6DD9U

05 GC: 7EMB5 F6<>: 265:L @:4<A 5YE::J:= %2<HB5 D<H7:25 G<7CG:29

T&::H =6<H7 K2<F1G: 862IPU ":A 15I:=9 T&:>1E5: M6E IH68 , =6HBG 4<I: GC1G9 NC1GB5 GC: K6<HG 6D ?:6DD:2<H7 1 51D:L 5:>E2: :HF<26H?:HG 8<GC 46F:4M K:2I5 <D ?M :?K46M::5 G1I: <G <HG6 GC:<2 C:1=5 G6Z

&21H>C9 (EG9 (H9 "C:<29 (8HPU

@:4<A 715K:=9 ,H GC: 34<HI 6D 1H :M:L GC: 5?144:2 7EM C1= ?6F:= G6 821K 6H: ?:1GM D62:12? 126EH=



@:4<AB5 H:>I 1H= >41?K C<5 C1H=5 3:C<H= C<5 31>I9 ":A C:4= %2<H 3M GC: D26HG 6D C:2 GC261GL C:2 D::G

312:4M G6E>C<H7 GC: D46629

T':1F: C:2 146H:LU @:4<A >C6I:= 6EG9

":A 41E7C:=9 T(CL M6E D6EH= 1 K:G9 .:B5 F:2M K2:GGM9U

%2<H CEH7 4<?K <H GC: 7EMB5 7215K9 @:4<AB5 C:12G K6EH=:= 56 D15GL <G D:4G 4<I: GC:2: 815 H6 5K1>: 3:G8::H

GC: 3:1G59T#:1=M G6 >6?: 31>I G6 862IPU ":A 32E5C:= C<5 D<H7:25 GC26E7C %2<HB5 C1<29

TRC:B5 3::H <449 RC:B5 465G C:2 ?:?62MLU @:4<A 34E2G:=9 TRC: =6:5HBG 2:?:?3:2 8C:2: 5C: 862I59 , G64=

C:2 M6E >1?: G6 5:: C:2L 1H= 5C: =<=HBG IH68 8C6 M6E 8:2:9U

":A D268H:=9 T,5 GC1G 2<7CGPU

TNC6 12: M6EPU %2<H >261I:=9

TRC: =<=HBG :F:H IH68 8C1G 5C: 8159U @:4<A 81HG:= GC1G 31>I GC: ?6?:HG C:B= 51<= <G9

":AB5 :M:5 8<=:H:=9 .: 41E7C:= 56 C12=L G:125 5K21H7 <HG6 C<5 :M:59 .: 2:4:15:= C:2 GC261G 1H= KE44:=C:2 31>I 171<H5G C<5 >C:5GL 1 C1H= K41HG:= 6F:2 C:2 32:15G9 @:4<A >4:H>C:= C<5 G::GC9

T/<>: G2ML 3EG <GB5 H6 766= K2:G:H=<H7L 5E7129 Q6EBF: 4:DG ?: <H GC: 4E2>CL 1H= <G 86HBG =69 /6L <G 86HBG

=6 1G 1449U

T)6HBG CE2G C:29U @:4<A 5G2E774:= G6 7:G D2::9

.: 5CE==:2:= 15 ":AB5 5<4F:2M 71J: GE2H:= C<5 81M9

T':G C<? 76LU %2<H 51<=9 T.:B5 H6G K12G 6D GC<59 ':G C<? 4:1F:9U

":A G<4G:= C<5 C:1= G6 6H: 5<=: 1H= 5G12:= 1G @:4<A9 TNC1G =6:5 C: IH68PU

T, IH68 5C: GC<HI5 5C:B5 1 F1?K<2:LU @:4<A 34E2G:=9 U,4)= +!9 3(3 K !,A" /$ -/(8< /!" +$%3 GC<HI5 ()/!"%"*

":A 4:1H:= G6812= C<?9 T/6G GC<HI5L 5EH5C<H: 36M9U .: KE44:= %2<H 126EH= 56 C: >6E4= 466I 1G C:29

TQ6E =<=HBG G:44 M6E2 H:8 36MD2<:H= 8C1G M6E =6 D62 ?6H:MP NC1G M6E =6 D62 46F:PU

%2<HB5 5C6E4=:25 =26KK:=9

TRC: >1HBG 2:?:?3:2LU @:4<A 51<=9

TN:44L 4:G ?: D<H= 1 D:8 862=5 G6 S67 C:2 ?:?62M9 RC6E4=HBG G1I: ?: 46H79 (C M:1CL GC:2: GC:M 12:9%2<HB5 1 8C62:L 1 C66I:2L 1H EH=:1= >144 7<249U

@:4<A D:4G 15 GC6E7C C:B= K4EH7:= <HG6 12>G<> 81G:2 56 >64=L C<5 3466= D26J: <H C<5 F:<H59

TRC:B5 H6G ?1=: M6E K1ML C15 5C:PU ":A 15I:=9 T/6G 5E2: M6E >6E4= 1DD62= C:2L GC6E7C , =12: 51M M6EB2:

H68C:2: H:12 15 =:?1H=<H7 15 ?65G 6D ?M >4<:HG:4:9U

@:4<A G2<:= G6 6K:H C<5 ?6EGCL 1H= C<5 S18 86E4=HBG ?6F:9

TOM >E5G6?:25 81HG G6 =6 ?62: GC1H DE>I9 "C:M 4<I: G6 K41M 8<GC GC:<2 G6M5+ >EGL 3E2HL 8C<KL 3:1G ;;8:44L M6E H1?: <GL GC:M 81HG G6 =6 <G9 %A>:KG GC:M >1HBG I<44 C:2L 6D >6E25:L 3:>1E5: 5C:B5 142:1=M =:1=9U

.: 41E7C:= 1H= @:4<A 81HG:= G6 5?15C GC: 5?<2I 6DD C<5 D1>:9

TOM >4E3 <5 8:44 2EH9 "C:2: 12: 2E4:5 D62 :1>C 5E3>E4GE2:9 /6 6F:2=6<H7 GC: 5<4F:2 8<GC 8:2:864F:59 /6

>EGG<H7 GC: 8<H75 6DD GC: D1:L 1H= D62 F1?K5 ;; H6 5G1I<H7L H6 ?1I<H7 GC:? =2<HI C64M 81G:2 ;; 7<F:5 E5

>C26H<> <H=<7:5G<6H ;; 1H= H6 3:C:1=<H759 O62: 62 4:55 1HMGC<H7 :45: 76:59U



@:4<A 86H=:2:= <D C: 815 4M<H7 <H 1 >6?1 <H GC: C65K<G14L =2:1?<H7 144 GC<5L 3:>1E5: C: 815 C1F<H7

72:1G =<DD<>E4GM 1>>:KG<H7 1HM 6D <G9 .1= C: D4<KK:=L 465G C<5 ?<H=P N15 C: 5G<44 <H K2<56HL G2M<H7 G6 <HF:HG

1 8625: 5<GE1G<6HP R::?:= 4<I: C:B= ?1H17:= <G9

TQ6E2 K:GB5 466I<H7 1 3<G K:1IML 1H7:49 OE5G 3: 5C6>I9U

%2<H 71F: @:4<A 1H 1H7E<5C:= 741H>:9

T@664<5C G6 GC<HI M6E >6E4= 2EH9 RGEK<= G6 GC<HI M6E >6E4= C<=:9 , GC6E7CG M6E 8:2: 5?12G:2 GC1H GC1G9U":A I<55:= GC: G6K 6D C:2 C:1=9 TNC1G C1KK:H:=PU

TRC:B5 3::H ;;U

TRCEG EKL 5EH5C<H: 36M9 RC: >1H 5K:1I D62 C:25:4D9 W6E4=HBG 8C:H 0221H G66I M6E2 G6H7E:L GC6E7CL

>6E4= M6EPU

.:2 G6H7E:P @:4<A 7E4K:=9

T"14I G6 ?:9 /689U ":AB5 F6<>: 815 5G::4M9

T, 815 1GG1>I:= 1H= H:124M I<44:=9 , 8:HG G6 726EH=L 1H= 8C:H , >1?: 26EH=L , >6E4=HBG 2:?:?3:2 8C1GC1= C1KK:H:=9 OM ?:?62M C15 6H4M SE5G 5G12G:= G6 >6?: 31>I9 $HG<4 , 518 M6E 1H= d1HL , =<=HBG

2:?:?3:2 M6E 62 8C1G , =<=9U

":A DE2268:= C<5 32689 T"C1G 86E4= 1>>6EHG D62 M6E2 >2MKG<> :;?1<49U

.: 4:G %2<H 76 1H= 5<7H144:= D62 @:4<A G6 3: 2:4:15:=9 "C: >C6I: C64= ?<7CG C1F: 76H:L 3EG d1H =<=HBG?6F: 181ML 1H= @:4<A 815HBG 5E2: C: C1= >6HG264 6F:2 C<5 36=M9 .: C1= H6 <=:1 8C1G G6 =6L 8C1G G6

GC<HI9 .:B= 14?65G D6276GG:H C68 G6 32:1GC:9 .: 54<= C<5 C1H= G6 C<5 K6>I:GL D:4G C<5 KC6H:L 6H4M 8C1G

E5: 8:2: GC: K64<>: 171<H5G F1?K<2:5P .:B= K263134M 7:G C<5 C:1= 2<KK:= 6DD 3:D62: C:B= =<144:= mmm9

TQ6E =6HBG IH68 8C6 1GG1>I:= M6EPU ":A 15I:=9

T/69U

TNC:2:PU

T/6 <=:1LU %2<H 51<=9

T/:12 O:G1?62KC65<5PU

RC: C:5<G1G:=9 T(H ?M 81M C6?: D26? GC: >4E3L , GC<HI9U

TNC6B5 3::H G1I<H7 >12: 6D M6EPU

T@:4<A9 , 5GE?34:= 1>2655 GC<5 K41>: 1H= K2:G:H=:= G6 3: 2:41G:= G6 GC: 68H:29 "C:MB2: H6G 5G1M<H7 C:2:

8C<4: <GB5 3:<H7 2:H6F1G:=9 , GC6E7CG <G 815 1 766= K41>: G6 C<=: EHG<4 , >6E4= 2:?:?3:2 8C6 G2<:= G6 I<44?:9U

T, >1H I::K M6E 51D:LU ":A 51<=9

T&EG M6E =<=HBG9 ,GB5 4<I:4M G6 3: 56?:6H: D26? GC: >4E3 8C6 1GG1>I:= ?:9U

TQ6E >1HBG IH68 GC1GL 1H= 8C1G ?1I:5 M6E GC<HI M6EB2: 51D: C:2:P , D6EH= M6E9U

T.68PU %2<H 15I:=9

T, C1= 1 G21>: 6H M6E2 :;?1<49 V4E5 , C1= K:6K4: 466I<H7 6EG9 ,D M6E =6 6EG41H=<5C GC<H75L 56?:6H:B5

36EH= G6 H6G<>:9U

T"C: <H;4<H: 5I1G<H7LU @:4<A 51<=9

":A 5?<4:=9 T/6G SE5G 1 K2:GGM D1>:9 )6:5 5EH5C<H: 36M C1F: 1 3<7 >6>I G66PU



@:4<A G:H5:=L 3EG <G 815 %2<H 8C6 2:12:= EK 4<I: 1H 1F:H7<H7 1H7:49 T':1F: C<? 146H:9U

T, GC6E7CG ,B= 465G M6E 8C:H , 8:HG 6DD;261=LU @:4<A ?E?34:=9 T, =<=HBG 5:: M6E2 C:1=4<7CG5 3:C<H= E59U

T'65G M6EPU

TNC:H M6E D64468:= E59U

":A 5C66I C<5 C:1=9 T/6G ?:9U .: GE2H:= G6 %2<H9 T, 81HG M6E 31>I 1G 862I 6H R1GE2=1M9U

T, 2:5<7H9U

":A 5C66I C<5 C:1=9 T, =:><=: 8C:H M6E >:15: 862I<H7 1G O62KC6L H6G M6E9U

.: H6==:= G6 d1HL 8C6 D64468:= ":A G6 GC: =6629 ":A 6K:H:= <G 1H= GE2H:=9 T,D M6E =6HBG GE2H EK 1G GC:

>4E3L ,B44 3: 31>I9U

TW144 D<25GLU @:4<A 5H1KK:=9

":AB5 41E7C 5K6<4:= GC: K4:15E2: 6D C1F<H7 GC: 415G 862=9

!"#$%&' +,&*%9

"C: =662 541??:= 3:C<H= GC: G86 F1?K5 8<GC 1H :>C6<H7 31H79 @62 1 ?6?:HG H:<GC:2 %2<H H62 @:4<A

?6F:=9

T02: ;;U

T.1F: ;;U

%2<H 21<5:= C:2 C:1= 1H= 5G12:= 5G21<7CG 1G @:4<A9 RC: 81HG:= G6 I<55 :F:2M 4<H: 6DD C<5 D1>:L 566GC: C<51>C<H7 C:12GL 3EG D<7E2:= <G 86E4= G1I: 1 46G ?62: GC1H I<55:5 G6 ?1I: 144 GC<5 76 181M9

T,5 <G G2E:PU C: 15I:=9

TNC<>C 3<GPU

@:4<A 21<5:= C<5 :M:326859

T"C1G ?:H K1M G6 CE2G ?:PU %2<H G66I 1 7E4K 6D 1<2 5C: =<=HBG H::=9 TQ:59U

.<5 ?6EGC >41?K:= 5CEG 1H= C<5 5C6E4=:25 54E?K:=9

T,BF: 3::H 5G133:= D<F: CEH=2:= 1H= D62GM;GC2:: G<?:5L 5C6G G8:HGM;5:F:H G<?:5L 1H= C1= D<DGM;G86 36H:5 326I:H9 R:F:HG::H K12G5 6D ?M 36=M C1F: 3::H >EG 6EG 62 >EG 6DD9 , >1H 2:7268 :F:2MGC<H7 :A>:KG

?M C:1= 1H= ?M C:12G9 "C: ?12I5 6H ?M 31>I C1F:HBG DE44M C:14:= 3:>1E5: , 815 56 <44 8C:H GC:M 8:2:

<HD4<>G:=9 (H: 7EM C15 2:?6F:= ?M :M:5 GC2:: G<?:59 .: 51M5 GC:M 7:G K2:GG<:2 :1>C G<?: GC:M 7268

31>I9U

T(C ?M -6=L %2<Hb NC1G GC: DE>IPU .<5 IHE>I4:5 GE2H:= 8C<G:9

T":A =6:5HBG 4<I: <G 8C:H GC:M G1I: 36=M K12G5 3:>1E5: ,B? 6EG 6D >6??<55<6H D62 46H7:29 "C6E7C <G

=6:5 ?1I: E5 36GC ?62: ?6H:M9U

@:4<A 5C66I C<5 C:1=9 T/6L , =6HBG 3:4<:F: GC<59 Q6EZM6E >2<:= <H M6E2 54::K 136EG M6E2 :M:59U

T0C9 N:44L , =6HBG 4<I: ?M :M:5 3:<H7 G6E>C:=9U

T@62 DE>IB5 51I:L 8CM =6 <GPU



.68 >6E4= 5C: G:44 C<? GC: G2EGCP .: 815 <H =1H7:2 3:>1E5: C: IH:8 C:2L :F:H ?62: =1H7:2 3:>1E5: C:

IH:8 5C: 815 1 F1?K<2:L =:1= <D 5C: G64= C<? GC: 2:5G9 %2<H H::=:= GC: ?:?62<:5 6D GC: 3144 GC<5 @2<=1M

G6 I::K C:2 76<H7L G6 I::K C:2 5G26H7 D62 8C:H 5C: =<=HBG C1F: @:4<A 1HM?62:9 $HG<4 @2<=1ML C: 815

C:259 (H4M ?1M3: 5C:B= SE?K:= 1C:1= 6D C:25:4D9 )<= C: 5G<44 81HG C:2 H68 GC1G C: IH:8 8C1G 5C:B==6H:P

T)<= M6E =6 <G D62 ?6H:MPU C: >C6I:= 6EG9

"C: :15M 1H58:2L 3EG 8<GC K12:HG5 2<>C :H6E7C G6 3EM 1H= 2:5G62: 1 >2E?34<H7 V:F:HCE25GL H6G 6H: C:

86E4= 1>>:KG9

T, >1HBG 3:4<:F: M6E :HS6M <G9 , <)$+ M6EL %2<H9 Q6EB2: H6G 1 ?156>C<5G9 , 518 M6E2 2:1>G<6H 8C:H M6EGC6E7CG , 815 76<H7 G6 CE2G M6E 8<GC GC1G IH<D:9 Q6E 8:2: 5>12:=9U

NC1G GC: C:44 >6E4= 5C: G:44 C<?P

@:4<A 7412:=9 TRG6K G2M<H7 G6 GC<HI EK 1 4<:9 , 81HG GC: G2EGC9U

TQ6EB2: 2<7CG9 ,GB5 H6G 8C1G <G 5::?59 W1H 8: 76 31>I G6 M6E2 K41>:PU

TQ:5L GC:H M6EB2: 76<H7 G6 G:44 ?: GC: G2EGC9U

.: =<=HBG G6E>C C:2 15 GC:M 814I:= G6 GC: >61>C C6E5:9 %2<HB5 C:1= K6EH=:= 15 5C: 21H GC26E7C C:26KG<6H59

RC: K:2>C:= 6H GC: :=7: 6D GC: >6E>C 1H= 81G>C:= @:4<A GC268 4675 6H GC: D<2:9 .: >6HG<HE:= G6 ?:55126EH= 8<GC <GL S133<H7 8<GC GC: K6I:2 EHG<4 5K12I5 5C6G EK GC: >C<?H:M9

.: 81HG:= G6 IH68 M:G =<=HBG9

RC: 81HG:= G6 G:44 M:G >6E4=HBG9

NC:H C: 51G 6EG 6D 2:1>C 1G GC: D12 :H= 6D GC: >6E>CL =<51KK6<HG?:HG GE77:= 1G C:2 C:12G 1H= EH21F:44:=

GC: K26G:>G<F: 31H=17: 5C:B= 821KK:= 26EH= <G9

T/6 4<:59 ":44 ?: :F:2MGC<H79U

%2<H =:><=:= G6 ?<A 1 4<GG4: G2EGC 8<GC 4<:59 &:5G;>15: 5>:H12<6L C:B= 5G<44 81HG C:2L 1H= 1DG:2 @2<=1ML

5C:B= 3: 8<K<H7 C<5 ?:?62M 1HM81M9 N625G;>15: 5>:H12<6L C: 86E4=HBG 81HG C:2L 1H= 5C:B= 3: 8<K<H7

C<5 ?:?62M 566H:2 GC1H 5C:B= C6K:=9

T, C1= 1 D2<:H=9 .:2 H1?: 815 '<51L 1H= 5C: C1= 1 36MD2<:H= >144:= "21>I9U

T.1=P N15P "C:M F1?K<2:5PU

TQ:59 "21>I 862I:= 1G O:G1?62KC65<59 ,GB5 15 ":A =:5>2<3:= <GL 1 51=6?156>C<5G<> 5:A >4E3 8C:2:14?65G 1HMGC<H7 76:59 $5:= 4127:4M 3M GC: K2:G:2H1GE214 8624=L GC6E7C 56?: ?62G145 12: ?:?3:25 G669

"C65: 8C6 E5: <G K1M 1 C<7C K2<>: D62 1H6HM?<GM9 O62KC6 <5 :AG2:?:4M :A>4E5<F:L 1H= ?6H:M 3EM5

5<4:H>:9 "21>I 815HBG 5EKK65:= G6 G:44 1HM6H: C: 862I:= GC:2:L 3EG '<51 IH:8 1H= :F:HGE144M 5C: G64=

?:9UT0H= 5C: 815 6I1M 8<GC C<? DE>I<H7 6GC:2 86?:H 1H= GC:? 7:GG<H7 6DD 6H G62GE2<H7 C<?PU @:4<AB5 :M:5

74<GG:2:= <H GC: D<2:4<7CGL C<5 36=M 2<7<= 15 GC: K6I:2 4M<H7 <H GC: C:12GC9

%2<H 5814468:= C12=9 T/6G SE5G 86?:H9 '<51 EH=:25G66= 8CM C: =<= <G9 "21>I 815 1 ?:?3:2 6D 1 2:3:4

726EK G2M<H7 G6 6F:2GC268 GC: d1?K<2: .<7C W6EH><49 .: 815 466I<H7 D62 56?:GC<H7 ;; 56?:6H: ;; G6 32<H7 GC:? =68H9 "C: W6EH><4 12: =<>G1G62<14 GM21HG5 8C6 =6 8C1GB5 3:5G D62 GC:?L H6G 8C1GB5 3:5G D62

144 F1?K<2:59 "C:M 81HG G6 >6HG264 :F:2MGC<H7L D26? 3E5<H:55 G6 ?122<17:9U "66 ?E>CL %2<H GC6E7CGL

5C:B= 7<F: C:25:4D 181M9



GC: ?6?:HG C: 122<F:=9

.: C:4= %2<H EHG<4 5C: 5G6KK:= >2M<H79 .: 815HBG ?E>C E5: G6 C:2L 3EG >6?D62G<H7 C:2 8C<4: 5C: 8:KG

?1=: C<? D::4 4<I: 5C: H::=:= C<?9 ":125 76H:L C: I<55:= C:2 7:HG4M9

TQ6E GC<HI GC: K:256H 8C6 I<44:= '<51L 1H= ?1M3: C:2 36MD2<:H=L 1456 G2<:= G6 I<44 M6EPU

TQ:59 , 7E:55 , 15I:= 56?:6H: GC: 826H7 YE:5G<6H9U

TO62: 4<I: GC: 2<7CG YE:5G<6H9 Q6E =6HBG 2:?:?3:2 8C6 1GG1>I:= M6EPU

%2<H D268H:= 15 5C: >6H>:HG21G:=9 T/69U

TQ6EB2: 2:?:?3:2<H7 :F:2MGC<H7 :45:L C68 >6?: GC:2:B5 5G<44 1 71KPU

TV263134M 3:>1E5: GC1G ?:?62MB5 3::H 8<K:= 3M 56?:6H: =<DD:2:HG9 , 5E5K:>G ?M D1GC:2 2:?6F:= 144GC6E7CG5 GC1G ?<7CG EK5:G ?:L 3EG ,B= 142:1=M 8<K:= ?M ?<H= 6D GC: 1>GE14 1GG1>I :<GC:2 3M 1>><=:HG 62

6H KE2K65:9U

TNC1G <D GC: K:256H 8C6 1GG1>I:= M6E =<=HBG ?:1H G6 I<44 M6EP .: ?<7CG C1F: 8<K:= M6E2 ?<H=9U

%2<H 5C66I C:2 C:1=9 T, =6HBG GC<HI GC1GB5 <G9 , 815 GC: >465:5G ,BF: :F:H 3::H G6 =M<H79 (C C:44L , D::44<I: ,B? 5G12<H7 1G 1 GC6E51H=;K<:>: S<7518 KEJJ4: 8<GC 144 GC: :=7:5 ?<55<H79U

T.68 =<= M6E 7:G 181MPU

T@62 56?: 2:156H C: 4:DG ?: 146H:9 , =6HBG IH68 C68L 3EG , 76G 6EG5<=: 1H= 21H 8<GC GC: 4<GG4: 5G2:H7GC ,

C1= 2:?1<H<H79 , IH:8 , 815 =M<H79 , >144:= ?M D1GC:2 <H ?M ?<H=9 .: >1?:L 5415C:= 1 4<H: <H C<5 82<5GL

GC:H K2:55:= <G G6 ?M ?6EGC9 , >6E4=HBG =2<HIL >6E4=HBG 5K:1I9 , 81HG:= G6 GC1HI C<? D62 >6?<H7L GC1HIC<? D62 G2M<H7L 1H= G:44 C<? , 46F:= C<?9U

@:4<A CE77:= C:2 G<7CG:29

TOM D1GC:2 51<=L e%2<HL M6EB2: 1 "2E:3466=9 "2E:3466=5 =6HBG 7<F: <H9B 05 <D , C1= 1 >C6<>:9 .: >144:=

D62 1H 1?3E41H>:L 51<= C:B= D6EH= 1 86?1H 8C6B= 3::H 1GG1>I:= 3M 1 =67L GC1G ?M GC261G 815 31=4M

=1?17:= 1H= ,B= 465G 1 46G 6D 3466=9U

RC: 71F: @:4<A 1 2E:DE4 5?<4:9 T, =<=HBG C1F: 1 GC261G9 ,G C1= 3::H 2<KK:= 6EG9U

T(C DE>I9U

T"C: 1?3E41H>: 122<F:=9 "C: K121?:=<> G66I 6H: 466I 1H= 51<= GC:2: 815 H6GC<H7 C: >6E4= =69 , 815

=:1=9 , 81HG:= G6 41E7C 3:>1E5: <H 6H: 81M C: 815 2<7CG9 ,H5G:1= , 6K:H:= ?M :M:5 1H= 14?65G 71F: GC:

7EM 1 C:12G 1GG1>I9U

@:4<A 71F: 1 >C6I:= 7261H9

T"C:M 5:G EK 1H ,d 4<H:L 1H= RM2:H 8:HG 8<GC ?: G6 GC: C65K<G149 , IH:8 =18H =2:8 H:12L 1H= , 81HG:=

G6 G:44 C<? G6 51F: C<?5:4DX 6H4M , >6E4=HBG 5K:1IL >6E4=HBG :F:H G14I G6 C<? 8<GC ?M ?<H=9 (2 ?1M3: C:

86E4=HBG 4<5G:H9 (2 ?1M3: <G 815 GC1G :F:2M >:44 <H ?M 36=M 862I:= 8<GC 6H4M 6H: 1<? ;; G6 I::K ?:

14<F:9 "C:M 71F: ?: 1 3466= G21H5DE5<6H9 VE?K:= 4<D: 31>I <HG6 ?M F:<H59

TNC:H , H:AG 6K:H:= ?M :M:5L , 815 <H 1 =<DD:2:HG K41>: 1H= 518 G86 5G21H7:25 5G12<H7 1G ?: ;; ?M

K12:HG5 ;; 1H= , C1= H6 <=:1 8C6 GC:M 8:2:9 , =<=HBG 2:?:?3:2 1 GC<H79U

@:4<A 5G12:= 1G C:2 D62 1 ?6?:HG9 T)<= , :F:2 G:44 M6E 136EG GC: G<?: , C1= ?M 1KK:H=<A 6EGPU

%2<H 41E7C:=9

T.:ML <GB5 H6G DEHHM9 ,G CE2G9U

RC: 2E33:= C:2 H65: 171<H5G C<59 T0CL ?1H K1<H9U



TQ6E2 K12:HG5 HE25:= M6E 31>I G6 C:14GC9U

TQ:59 , =<=HBG 2:?:?3:2 1G GC: G<?:L 3EG ,B= H6G 5::H :<GC:2 6D GC:? D62 G86 CEH=2:= M:1259U

T"86 CEH=2:= M:125PU

T'6H7 5G62M9 , 81HG:= G6 76 6EG5<=:9 , =<=HBG 2:?:?3:2 GC1G , >6E4=HBG9 NC:H , =<= 1>>:KG , C1= G6 5G1M

6EG 6D GC: 5EHL RM2:H G66I ?: G6 1 K41>: H:123M 8<GC 1 CE7: G:4:5>6K: 1H= 5C68:= ?: C68 3:1EG<DE4 GC:

H<7CG >1H 3:9UT0H 635:2F1G62MPU

T,G ?E5G C1F: 3::H9U

@:4<AB5 C:12G 3:71H G6 3:1G D15G:29 TNC1GB5 M6E2 K12:HG5B C6E5: 4<I:PU

T,GB5 C<==:H 181M <H 1 =12I F144:M9 , GC<HI <G ?E5G C1F: 3::H 1 D12?:2B5 K41>: 6H>:9 ,GB5 3::H :AG:H=:=9

"C:M :F:H C1= 1 K664 <H5G144:= 1 M:12 1769 (4= 6EG5<=:L 3EG ?6=:2H <H5<=:9 , GC<HI GC1GB5 8CM RM2:H

4<I:5 V:F:HCE25G9 (4= <H5<=: 1H= 6EG9U

N15 GC1G :H6E7C G6 G21>: C:2 K12:HG5P @:4<A =<=HBG =12: K2:55 C<5 4E>I9 TNC1G 12: 8: 76<H7 G6 =6 136EG":AP , =6HBG 81HG M6E G6 76 31>I G6 GC<5 >4E3X 6H4M C: <5HBG 76<H7 G6 G1I: H6 D62 1H 1H58:29 , GC<HI ,B= 3:

136EG 15 ?E>C C:4K 15 1 4:GGE>: 4:1D 171<H5G GC65: 7EM59 W6E4= 8: 2EHPU "C6E7C GC:M 86E4=HBG 7:G D126H GC: K:HH<:5 C: C1= <H C<5 31HI 1>>6EHG9

%2<H 5C66I C:2 C:1=9 TQ6E 518 C68 :15<4M ":A D6EH= ?:9 RM2:H G64= ?: G6 I::K 1 468 K26D<4:L 1H= 8C1G=<= , =6P RI1G: =68H 1 C<44 YE<>I:2 GC1H CE?1H4M K655<34: 1H= 8C<K 181M G134:>46GC5 <H 1 2:5G1E21HG

D15G:2 GC1H 4<7CGH<H79 , :F:H 2:5K6H=:= G6 ":AB5 :;?1<49 ,B? 1H <=<6G9U

T"C6E7C M6E =<=HBG IH68 M6E 8:2: 3:<H7 1H <=<6G9U .: 5C6G C:2 1 4<GG4: 5?<4:9 T"C:2: <5 6H: GC<H7 8:

H::= G6 GC<HI 136EG9 0 >6??:HG ":A ?1=:9U

T,G 815HBG C<? 8C6 D64468:= E59U

TR6 M6E =<=HBG ?<55 GC1G9U

T&:>1E5: C: 51<= C: =<=HBGL =6:5HBG ?:1H <GB5 GC: G2EGC9U

@:4<A 815HBG 56 5E2:9 .: =<=HBG GC<HI ":A C1= 3::H 4M<H79

T,D 8: >1HBG 2EH 1H= 8: >1HBG C<=:L 8C1G >1H 8: =6PU NC:H %2<H =<=HBG 1H58:2L @:4<A 5G<DD:H:=9 TQ6E

81HG G6 76 31>I 1H= 862I D62 GC1G D2:1IPU

T/6L 3EG , 81HG G6 IH68 8C6 I<44:= '<51L ?1M3: I<44:= "21>IL 1H= H:124M I<44:= ?:9 NC1G <D "21>I <55G<44 14<F:PU

@:4<A D:4G 15 GC6E7C C: 8:2: 3:<H7 G62H 1K12G 3M 8<4= C625:5 >144:= @E2M 1H= @:129 T.68 GC: DE>I 12:

M6E 76<H7 G6 D<H= 6EGP N14I <H 15I<H7 YE:5G<6H5 1H= 4:G 8C6:F:2 1GG1>I:= M6E ?1I: 1 3:GG:2 S63 6D

I<44<H7 M6E GC<5 G<?:P ':1F: <G9U

T, >1HBG9U

TV4:15:9U

RC: 5E>I:= C:2 36GG6? 4<K 3:G8::H C:2 G::GC 1H= 5C66I C:2 C:1=9 T, >1HBG9U

@:4<A 5G2E774:= G6 ?1I: 5:H5: 6D GC<59 /6G 86HBG 3EG >1HBG9 D!9 +$;63 VV >! -!(/1 E!"C- $)" $0 /!"-"

%"5"6- /%9()@ /$ 5%()@ 3$+) /!(- A,47(%" 8$;)8(61 E!"C3 ,66 5;/ /$63 4"1 >! ?$3= ,)3 )$+ -!"C- @$()@

/$ +(7" 49 4"4$%99 .: D:4G 15C1?:= GC1G 1 K12G 6D C<? GC6E7CG GC1G 815 1 72:1G <=:19 N<K: :F:2MGC<H75<H>: C:B= 466I:= EK 1H= 5::H C:2 <H C<5 5GE=<69 .:B= 76 31>I G6 C<5 51D:L >6HG2644:=Z362<H7L ?<5:2134:

8624=9 ):5<2: 1H= 8622M G21?K4:= C<5 >6812=<>: 1H= I<>I:= <G EH=:2 GC: >6E>C9 @:4<A 2:DE5:= G6 4:G



1H6GC:2 ?<5G1I: ?:55 EK C<5 4<D:9 .: 81HG:= %2<H9 .: 815 K2:GGM 5E2: 5C: 81HG:= C<?9 .: 86E4= D<H= 1

81M G6 ?1I: <G C1KK:H9 ,H D1>GL C: =<=HBG H::= G6 D<H= 6H:X C: 142:1=M IH:8 8C1G G6 =6 G6 ?1I: 5E2:

GC:M 8:2: 4<HI:= D62:F:29

T, 81HG M6E G6 3<G: ?:LU @:4<A 8C<5K:2:=9

!"#$%&' +,&*%9:)*&

&<G: C<?P %2<HB5 :M:5 6K:H:= 8<=:X 6H4M 5C: I:KG C:2 ?6EGC 5CEG9 RC1?: D466=:= GC26E7C C:2 3:>1E5:GC: ?6?:HG C:B= 51<= GC65: 862=5 C:2 D1H75 C1= 5C6G 6EG 56 D15G 5C:B= H<KK:= C:2 G6H7E:9 "C: G:15<H7

>6KK:2M G1H7 D466=:= C:2 5:H5:5 1H= ?1=: C:2 81HG ?62:9

TN:44PU @:4<A 15I:=9

?$33,4) (/W @"/ 5,8< ()I %2<H 5C66I C:2 C:1=9

@:4<A H12268:= C<5 32685 1H= GC:H 5?<4:= 15 2:14<J1G<6H =18H:=9

T(K:H M6E2 ?6EGC9U%2<H 5C66I C:2 C:1= 56 C12= C:2 321<H 21GG4:=9 @:4<A D4<KK:= C:2 56 5C: 41M 3:H:1GC C<? 6H GC: >6E>CL C<5:2:>G<6H K2:55<H7 171<H5G C:2 3:44M9 "C1G 2:144M C:4K:= C:2 2:564F:9

.: 21H C<5 G6H7E: 146H7 GC: 5:1? 6D C:2 4<K5L GC:H KE44:= 31>I G6 466I 1G C:29 T':G ?: <H9U

T/ZHHZHHH9U

@:4<A G<>I4:= EH=:2 C:2 12?5 1H= %2<H 82<774:= 56 C12=L 5C: D:44 6HG6 GC: D4662 1H= G66I C<? 8<GC C:29

(H>: 5C:B= 5YE<2?:= 6EG 6D C<5 7215KL 5C: 21H D62 GC: =6629

T":H 5:>6H= C:1= 5G12GLU 5C: 51<=9

.: H12268:= C<5 :M:59 T":HZH<H:ZU

#:4<:F:= GC1G @:4<A 5::?:= 15 :17:2 G6 D627:G GC: 415G C6E2 15 C:2L %2<H >C:1G:=9 N<GC F1?K<2: 5K::= 5C:

>6E4= 1481M5 6EG?1H6:EF2: C<?9 RC: 41M 6H C<5 3:= 1H= 81<G:=9 .: G66I 6H: 5G:K GC26E7C GC: =662 1H=

5C: 4:1KG G6 C:2 D::GL 5>66G:= K15G C<?L 1H= 815 =68H5G1<25 3:D62: C:B= GE2H:=9 @:4<A 71F: 1 81<4 6DD2E5G21G<6H9 &1>I 6H GC: >6E>CL 5C:B= 5K2EH7 171<H 3:D62: C: 2:1>C:= C:29 c<G>C:H G134: G6 5C68:2 G6 C<5

5GE=<6 ;; 144 <H GC: 34<HI 6D 1 F1?K<2:B5 :M:9

T%2<HL ,B? 76<H7 G6 3: G66 :AC1E5G:= G6 =6 1HMGC<H7 1G GC<5 21G:LU C: M:44:=9 T0H= M6EB2: H6G =<5G21>G<H7

?:L SE5G 1HH6M<H7 ?:9U

T(CCL ,BF: D6EH= 1 >65GE?: D62 @2<=1M9 W6?: 5::9U

RC: KE44:= C:2 58:1G:2 EK G6 >6F:2 C:2 D1>: 1H= 72133:= 1 K415G:2 ?6E4= 6D 1 C625:B5 C:1=L C64=<H7 <G 6H

G6K 6D C:2 68H9

@:4<A 814I:= <H 1H= 3E25G 6EG 41E7C<H79 TNC1G =6 M6E >144 GC1G GC:HPU

T.625:;C:1= N6?1H9U

.: 4<DG:= <G D26? C:2 C1H=5 1H= KEG <G =68H9

%2<H 5<7C:=9 T(CL H68 ,B? .:1=4:55 N6?1H9U

@:4<A M1HI:= C:2 58:1G:2 =68H G6 D<H= C:2 D1>: 1H= 2EDD4:= C:2 C1<29 T-627:6E5 86?1H9U



.: 5G12:= <HG6 C:2 :M:5L 1H= %2<HB5 D1H75 K2<>I4:=9 RC: =1H>:= G6 GC: 6GC:2 5<=: 6D C<5 5GE=<69 TR6 8C1G

12: M6E 862I<H7 6HPU

TQ6E9U

%2<H >CE>I4:=9 T0H=PU

T/6L , ?:1H ,B? 5>E4KG<H7 M6E9U .: K6<HG:= G6 1 K64MGC:H:;>6F:2:= ?6EH= 5<GG<H7 6H 1 G134: <H GC:

>62H:29TW1H , 5::PU

@:4<A EH821KK:= GC: 3E5G9 %2<H 3:1?:=L GC:H D268H:=9 TOM :125 5G<>I 6EG9U

T0H= M6E2 H65:9U

T.1;C19 W1H , C1F: 1 76PU

T.68 136EG G1>I4<H7 56?:GC<H7 1 4<GG4: 5?144:29 N1HG G6 ?1I: 1 3684PU

T(I1M9U

@:4<A >6F:2:= GC: 3E5G 171<H 1H= G66I 1 5413 6D >41M D26? 1 K415G<> 3122:49 TW6KM 8C1G , =69U .: 71F:

%2<H 1 >CEHI 6D ?1G:2<14 1H= >EG 1H6GC:2 6D GC: 51?: 5<J: D62 C<?5:4D9 @:4<A 2644:= GC: >41M <HG6 1 46H7L5?66GC 51E517: 5C1K:9

%2<H 7261H:= 8C:H 5C: 466I:= 1G C:259 T, GC<HI ?M 5H1I: C15 :1G:H 1 461= 6D 4E?KM 1H<?1459U

@:4<A 41E7C:=9 T,G 86HBG ?1GG:29 N<H= <G <HG6 1 2<H7L 3E<4= EK GC: 5<=:5L 1H= GC:H 5?66GC <G =68H9

N1G>C9U

.<5 815 K:2D:>G9 .:25 1 =<515G:29 T)1?HLU %2<H 51<= 8<GC 1 5<7C9 T.1F: M6E 76G 1 8C::4P N6E4= GC1G 3::15<:2PU

T/6L 3EG <G >6E4= 3: DEH9U

T0H= ?:55MPU

Td:2M ?:55M9U

T0H= 86E4= 8: H::= 1 5C68:2PU

T):D<H<G:4M9U

%2<H 5?<4:=9 T&:GG:2 5G2<K 6DD GC:H9U

>! ?$3 9 @:4<AB5 C:12G 815 136EG G6 3E25G 6EG 6D C<5 >C:5G9 .: G2<:= H6G G6 GC<HI 136EG C<5 >E? 6H GC:F:27: 6D 3E25G<H7 6EG 6D C<5 >6>I9 &:D62: C:B= D<H<5C:= EH3EGG6H<H7 C<5 5C<2GL 1 H1I:= %2<H C1= K:2>C:=L

3:1?<H7L 6H GC: 5G664 3:C<H= GC: 8C::49 .: =<=HBG :F:H D::4 >64=L GC6E7C C: >6E4= 5:: C<5 32:1GC

3<4468<H7 D26? C<5 ?6EGC9

.: M1HI:= =68H C<5 K1HG5 1H= EH=:28:12L 1H= C<5 >6>I 5K21H7 6EG9 ,D C: 815HBG >12:DE4L C:B= 3: 1==<H71H EHE5E14 =:>621G<F: D<H<5C G6 GC: >41M9 @:4<A 58<G>C:= 6H GC: :4:>G2<>14 5EKK4M G6 GC: 8C::4 1H= >EG

1H6GC:2 >CEHI 6D ?1G:2<14 D26? GC: 3<H9

T, C1F: G6 IH:1= GC<5 D62 1 8C<4: D<25G 56 8: >1H 862I <G9U

.: 541??:= <G 6HG6 GC: 3:H>C 1H= ?1H<KE41G:= GC: >41M <H C<5 D<H7:25L KE44<H7L G8<5G<H7L 1H= K2:55<H79

TRG26H7 C1H=5LU %2<H 51<= 1H= 21H C:2 D<H7:25 6F:2 C<5 D62:12?59



T&:1EG<DE4LU C: 51<=9

T, :AK:>G M6E G6 G2:15E2: <GL H6 ?1GG:2 C68 ?E>C ?6H:M M6EB2: 6DD:2:=9U

@:4<A 41E7C:= 1H= 54<= 1 8<2: 3:H:1GC G6 4<DG <G 181M9 .:B= D<2: <G 41G:2 1H= I::K <G D62:F:29

%2<H 5<7C:=9 T'66I5 4<I: , >1H 1== GC268<H7 1 K6G G6 GC: 4<5G 6D 5I<445 , C1F:HBG 76G9 N1HG G6 5C68 ?:

C68 <GB5 =6H:PU

TN: >1H =6 <G G67:GC:29U .: 5G66= 3:C<H= C:2 1H= 5C2E77:= 6DD GC: 341HI:G9 TVEG 6H: C1H= 6H G6K 6D?<H: 1H= GC: 6GC:2 <H5<=: ?<H:9 #:?:?3:2L =6HBG K2:55 G66 C12=9U

"C: >41M 265: EH=:2 C<5 D<H7:25L 8<=:H:=L 1H= GC:H >1?: 31>I G67:GC:29

T(6C9 Q6E 12: 56 766= 1G ?1I<H7 GC: >41M =1H>:LU 5C: 8C<5K:2:=9

TD"C%" =6<H7 GC1G9U @:4<A D4<>I:= ?62: 81G:2 6F:2 GC: ><2>4<H7 ?6EH=9

.: 862I:= GC: >41M EK 1H= =68HL GC:H 54<= C<5 C1H=5 6EG5<=: %2<HB5 1H= 4:G C:2 G1I: 6F:29

T,BF: 76G <GbU 5C: 5C2<:I:=9 T, >1H =6 <G9U

@:4<A ?6F:= C<5 C1H=5 G6 C:2 32:15G5L 1H= 15 %2<H G:15:= 1H= KE44:= GC: >41ML @:4<A =<= GC: 51?: G6 C:2

H<KK4:59 .: K2:55:= C<5 ?6EGC G6 C:2 :12L H<KK:= C:2 463:L 1H= H<334:= 146H7 GC: 4<H: 6D C:2 5C6E4=:28C<4: C<5 C1H=5 54<= EK 1H= =68H GC: 5<=:5 6D C:2 36=M9 .<5 >6>I C1= 5G6KK:= 5K:1I<H7 G6 C<?9 .<5

31445 8:2: 56 C12= 1H= G<7CG @:4<A 8622<:= GC:M ?<7CG 3E25G9 .: 815 1481M5 =:5K:21G: D62 C:2L 3EG C:

H::=:= C:2 15 =:5K:21G: D62 C<?9 O62: =:5K:21G:9

T'66I 8C1G M6E ?1=:LU C: 8C<5K:2:=9

%2<H 5C66I 8<GC 41E7CG:2 EH=:2 C<5 C1H=59 0 5K:>G1>E412 >6>IL DE44M :2:>GL C66= =218H 31>I 8<GC GC:2<=7: H:1G4M 6EG4<H:=9 (H: 8:G K14? 6H GC: >2:5G 1H= <G 815 D41G 171<H9

T(E>CLU @:4<A 51<=9 T, >1H GC<HI 6D 1 4:55;K1<HDE4 ?:GC6= 6D =:D41G<6H9U .: 2:1>C:= G6 D4<>I GC: 58<G>CL

1H= GC: 8C::4 5KEH G6 1 C14G9 T"C<5 5G664 <5 SE5G GC: 2<7CG C:<7CG9U .: 58EH7 %2<H 126EH= G6 D1>: C<?9

T':75 EKLU C: 51<=9

%2<H 54<= C:2 D::G 6H :<GC:2 5<=: 6D C<5 C<K5 1H= 4:1H:= 31>I G6 2:5G C:2 :43685 6H GC: 5<=:5 6D GC: G21MC64=<H7 GC: 8C::49 ,G :AK65:= C:2 KE55M G6 C<?L 1H= @:4<A 14?65G >1?: 1G GC: 5<7CG9 %F:H 5K41GG:2:= <H

81G:2M >41ML 5C: 815 GC: ?65G 7627:6E5 GC<H7 C:B= :F:2 5::H9 .: 4<>I:= C<5 D<H7:2 >4:1H 1H= 21H <G =68H

C:2 74<5G:H<H7 D64=59 (H: G15G: G6 =2<F: C<? >21JM9 (H: =::K 54<=: 6D 1 D<H7:2 G6 ?1I: GC:? 36GC 7261H9RC: 815 C6GL 8:GL 1H= G<7CGL 1H= @:4<A G2:?34:= 8<GC GC: :DD62G 6D C64=<H7 C<?5:4D 31>I9

.: KE5C:= G86 D<H7:25 <H5<=: C:2 1H= E5:= 1H6GC:2 G6 G:15: C:2 >4<GL ><2>4<H7 1H= ><2>4<H7 EHG<4 5C: >1?:

8<GC 1 5639 .: 4:DG C<5 D<H7:25 8C:2: GC:M 8:2: 1H= >1E7CG GC: 31>I 6D C:2 H:>I 8<GC C<5 6GC:2 C1H= G6

KE44 C:2 >465:9 @:4<A G66I C:2 ?6EGC ?62: 26E7C4M GC1H C:B= <HG:H=:=L 3EG C: >6E4=HBG 4:G C:2 4:1F: C<?L>6E4=HBG 4:G C:2 >6H5<=:2 <G9 .<5 4<K5 8:4=:= C6G4M G6 C:25L C: I<55:= 8<GC 1 D<:2>:H:55 GC1G 3:G21M:= C<5

K155<6H 1H= D:129

%2<H ?6F:= C:2 C1H=5 G6 C<5 C1<2 1H= >4EH7 G6 C<?9

.: 815 465G 1H= M:G D6EH=9

.: 815 C:25 1H= M:G 5C: 815HBG C<59

@:4<A 81HG:= G6 21? C<5 >6>I <H5<=: C:2 <H5G:1= 6D C<5 D<H7:25L 3EG 56?:GC<H7 C:4= C<? 31>I9 ,D C: >6E4=6H4M ?1I: C:2 =:5K:21G: :H6E7C G6 3<G: C<?9 .: >266I:= C<5 D<H7:25 <H C:2 54<>I =:KGC5 1H= 5C: >1?:

171<HL C:2 ?E5>4:5 >4:H>C<H7 15 >2:1? 7E5C:= D26? C:2 KE55M9 .:2 >2<:5 D:44 <HG6 C<5 GC261G9

@:4<A 82:H>C:= C<5 ?6EGC 181M9 T":44 ?: M6E H::= ?:9U



T, =69 , 81HG M6ELU %2<H 715K:=9

(H4M D62 GC<5P @:4<A C1= G6 C1F: ?62:9 .: H::=:= 144 6D C:29 .<5 ?6EGC 54<= G6 C:2 32:15G 15 %2<H 12>C:=

31>I9 (H: 5E>I 1G GC: G<7CG 3E= 1H= C:2 C1H=5 2:GE2H:= G6 C<5 C1<29 (H>: C:B= 4<>I:= GC: >41M 181ML 5C:

G15G:= 56 58::G9 .: 821KK:= C<5 4<K5 126EH= C:2 H<KK4:L KE44:=L 1H= D:4G C:2 >41?K 126EH= C<5 D<H7:259

TV4:15:LU 5C: 3:77:=9 T, H::= M6E <H5<=: ?:9U

.<5 C1H=5 5:GG4:= 126EH= C:2 C<K5L C<5 >6>I K65<G<6H:= 1G C:2 54<KK:2M :HG21H>:L 1H= <H 6H: K68:2DE4?6F:?:HGL @:4<A GC2E5G C<?5:4D <HG6 C:29 .: D:4G C:2 >6?: GC: ?6?:HG C: 2:1>C:= GC: =::K:5G K12GL C:2

KE55M 72<KK<H7 C<? 56 G<7CG4M GC1G D62 1 ?6?:HG C: >6E4=HBG ?6F:L =<=HBG =12: ?6F:9 "C: 21KGE2: 6H C:2

D1>: 14?65G G<KK:= C<? 6F:2 GC: :=7:L 1H= @:4<A 5C66I 8<GC GC: 5G21<H 6D I::K<H7 C<?5:4D 5G<449

TQ6E H::= G6 KE5C <H 1H= 6EGLU %2<H 8C<5K:2:=9

.: 4:G 6EG 1 >C6I:= 41E7C9 T,5 6H>: :H6E7CPU

TO1I: <G G8<>:9U

@:4<A 26>I:= C<5 C<K5 G6 KE45: <HG6 C:2L 5468 K:H:G21G<6H5 8C:2: C: 8<GC=2:8 G6 4:1F: 6H4M C<5 >6>IC:1=

3:G8::H C:2 56DG 4<K5 3:D62: C: GC2E5G 31>I <HG6 C:2 C:1G9 N1F:5 6D D<2: 2<KK4:= 1>2655 C<5 5I<HL 8C<G:;

C6G G:H=2<45 G1I<H7 266G <H5<=: C<? 15 C: ?6F:= D15G:2L 5E2D<H7 6H C:2 8:GH:55L 5CEHG<H7 C<5 C<K5 <H 1 K6EH=<H7 2CMGC?9 "C: ?E5>4:5 6D C:2 KE55M >41?K:= 126EH= C<?L 1H= @:4<A 5G<DD:H:= 15 C<5 >4<?1A

2612:= GC26E7C C<5 36=M 4<I: 1 D<7CG:2 S:G9

T(C DE>IL DE>IL DE>ILU C: 715K:=9

.: >4EG>C:= C:2 G6 C<5 >C:5GL C<5 4<K5 K2:55:= G6 C:25 15 C<5 >E? 5KE2G:= D26? C<5 >6>I9 RCE==:25 21H

GC26E7C C<? 15 C: K6E2:= C<?5:4D <HG6 C:29 0H= :F:H <H GC: ?<=5G 6D :>5G15ML 8C:H C<5 ?<H= 8C<24:=L C:?1H6:EF2:= C:2 4<K5 G6 C<5 H:>I9

RC: 32:1GC:= C<5 H1?: <HG6 C<5 :12 3EG =<=HBG 3<G:9

%2<H 5HE774:= <HG6 @:4<AB5 12?5 15 C: >122<:= C:2 6EG 6D C<5 5GE=<6L 31>I <HG6 GC: C6E5:L 1H= EK GC: 5G1<25G6 GC: 5C68:29 "C: :DD62G H6G G6 3<G: C<? C1= 4:DG C:2 8<GC 1H 1>C: <H C:2 C:12G9 .: C1= H6 <=:1 C68?E>C 5C:B= 81HG:= G6L 3EG 5C: 815 1D21<= 6D GC: >6H5:YE:H>:5 D62 GC:? 36GC9 @:4<A 5:G C:2 =68H 1H=

2:1>C:= G6 GE2H 6H GC: 81G:29

T,D <G 8:2:HBG 56 >64= <H ?M 5GE=<6L ,B= >6H5<=:2 862I<H7 <H GC: HE=:9 OE>C :15<:2 GC1H 815C<H7

>46GC:59U .: 72<HH:=9

%2<H =26KK:= G6 C:2 IH::5 1G GC: 36GG6? 6D GC: 5C68:2 8<GC 1 >6HG1<H:2 6D 7:49 TOM D1E4G M6EB2: >6F:2:=8<GC >41ML 56 6H4M D1<2 , 5C6E4= >4:1H M6E EK9U

.: 4:1H:= 171<H5G GC: G<4:5L G<KK<H7 C<5 D1>: G6 GC: D468L 1H= %2<H 4<DG:= C<5 D66G 6HG6 C:2 41K9 %F:2MGC<H7

136EG C<? 815 3:1EG<DE4L C<5 5G26H7L ?E5>E412 36=M 15 7627:6E5 15 1HM F1?K<2:B59 %2<H 2E33:= :1>C G6:

1H= :AK462:= GC: 36H:5 6D C<5 1HI4: 3:D62: >6HG<HE<H7 EK C<5 >14DL 5YE::J<H7L K2:55<H7L 1H= 566GC<H7L C<5?E5>4:5 2<KK4<H7 EH=:2 C:2 G6E>C9 RC: 2:K:1G:= 8C1G 5C:B= =6H: 8<GC GC: 6GC:2 4:7 1H= GC:H ?15517:=

C<5 GC<7C5 8<GC 36GC C1H=5 D26HG 1H= 31>I9

-41H><H7 EKL 5C: 518 @:4<A 5G12:= 1G C:2 <HG:HG4ML C<5 >6>I 2<=<H7 C<7C 1H= C12= 171<H5G C<5 3:44M9 N1G:2

K6E2:= 6F:2 C<?L 5K415C<H7 6DD C<5 5C6E4=:25L =2<KK<H7 D26? GC: C12= HE35 6D C<5 H<KK4:5L 5E27<H7 6F:2C<5 >C<5:44:= 1359 .<5 C1H=5 K2:55:= D41G 171<H5G GC: G<4:5 15 5C: 265: G6 C:2 D::G9 .:2 561KM K14?5 74<=:=

6F:2 C<5 C<K5L EK GC: 5<=:5 6D C<5 36=ML 1H= 1>2655 C<5 >C:5G9

TQ6E ?<55:= 1 >6EK4: 6D 3<G5LU C: 8C<5K:2:=9



T,B? 51F<H7 GC: 3:5G EHG<4 415G9U %2<H 4:G C:2 D<H7:25 G21>: GC: 36=M 6D GC: =2176H 1H= D268H:=9 ,G 14?65G

D:4G 4<I: <G ?6F:= EH=:2 C:2 G6E>C9 RC: 5I<??:= GC: K41H:5 6D C<5 D1>:L C<5 >C::I36H:5L C<5 5G26H7L

5G21<7CG H65:L 1H= C<5 56DG 4<K59 0 5YE<2G 6D 5C1?K66 6HG6 C:2 K14?L 5C: GE77:= C<5 C:1= =68H 1H=

815C:= C<5 C1<2L D<H7:25 =<77<H7 <HG6 C<5 5>14KL K2:55<H7 1H= 2E33<H79

@:4<A 7261H:=9 T(C WC2<5GL GC1G D::45 56 766=9U

NC:H %2<H G2<:= G6 KE44 C<? EH=:2 GC: D468L C: 2:5<5G:=9 T/6L =6HBG 5G6K9 0H6GC:2 C6E2 6D GC1GL K4:15:9

,B? 2:?:?3:2<H7 8CM , C1= G6 5<G 8<GC 1 ?171J<H: 6H ?M 41K <H GC: C1<2=2:55:259U

RC: 1=62:= GC1G C: 46F:= <G 56 ?E>CL GC6E7C 5C: >6E4= GC<HI 6D 56?:GC<H7 C:B= 4<I: :F:H ?62:9

T"E2H 126EH=9U

.: K2:55:= C<5 D1>: 171<H5G GC: G<4:5 1H= %2<H 5G12G:= 1G C<5 5C6E4=:25 1H= 862I:= C:2 81M =68H C<5 36=ML 4<>I<H7 GC: 4:H7GC 6D C<5 5K<H:9 NC:H 5C: H<334:= =68H C<5 3EGGL @:4<A 26>I:= C<5 C<K5 <HG6 GC:

5C68:2 81449

T%2<HbU

RC: IH:4G 1H= :4368:= C<5 IH::5 1K12G 8<GC C:2 5C6E4=:259 .<5 31445 8:2: C12= 1H= G<7CGL C1H7<H7 3:468

GC: >4:DG 6D C<5 31>I5<=:9%2<H 5?:12:= I<55:5 144 6F:2 C<5 3EGGL GC:H 5K2:1= C<5 >C::I5 1H= 4<>I:= 1G GC: KE>I:2:= 6K:H<H79

@:4<A 5CE==:2:=9 T(C DE>IL DE>I9U

RC: ><2>4:= 1H= 41KK:=L 5E>I:= 1H= 4<>I:=L EHG<4 @:4<A 815 7261H<H7 1H= C<5 IH::5 5C1I<H79

T-6=Z5G6KZ=6HBGZ8C11ZS::Z?62:Z>1HBGZK4:15:9U

.<5 862=5 3:>1?: EH<HG:44<7<34:9 RG6KP O62:P %2<H 8:HG 8<GC ?62:9 NC:H C:2 G6H7E: K:H:G21G:= GC:

?E5>4: 3122<:2 1H= 54<KK:= <H5<=: C<5 1HE5L C: G:H5:= 1H= 821KK:= C<5 D<H7:25 G<7CG4M 126EH= C<5 314459

T%H6E7CLU C: ?61H:= 1H= 58<F:44:= G6 D1>: C:29 .: KE44:= %2<H G6 C:2 D::G9 TOM GE2H9U

RC: >465:= C:2 :M:5 1H= 4:1H:= 31>I 15 @:4<A 815C:= C:29 %F:2M G6E>C 6D C<5 5G26H7 C1H=5 ?1=: C:2G2:?34:9 NC:H C<5 4<K5 2:K41>:= C<5 D<H7:25L D<:2M 81F:5 2<KK4:= GC26E7C C:2 D26? :1>C K6<HG 6D >6HG1>G

EHG<4 C:2 8C64: 36=M 815 1341J:9 @:4<A I<55:= C:2 H1F:4L 2<H7:= <G 8<GC C<5 F:4F:G G6H7E:L 15 C<5 GCE?35

5G26I:= C:2 C<K 36H:59 %2<HB5 IH::5 5C66I 8C<4: C:2 H<KK4:5 G<7CG:H:= 1H= 1>C:=9

cH::4<H7 3:D62: C:2L C: 4<>I:= 1 C6G G21<4 D26? C:2 H1F:4L 6F:2 C:2 5C1F:= ?6H5L 1H= 3E2<:= C<5 D1>: 3:G8::H C:2 4:759 .: 41KK:= C:2 >2:1? 15 <D C: >6E4= H:F:2 C1F: :H6E7C9 NC:H C<5 G6H7E: 51HI <H5<=:

C:2L 5C: >1?: 6H C<5 D1>:L >6HG21>G<6H5 5:<J<H7 C:2 56 D<:2>:4M 5C: 82<GC:= 171<H5G C<? 81HG<H7 ?62:L

81HG<H7 4:559

@:4<A 5G66= 1H= >1E7CG C:2 <H C<5 12?59 .: I<55:= C:2 8<GC 5E>C 58::G 7:HG4:H:55 1 4E?K :2EKG:= <H C:2GC261G9 RC: 81HG:= G6 =6 :F:2MGC<H7 8<GC C<? <H GC: G<?: GC:M C1= 4:DGL 81HG:= H6 :AK:2<:H>: 4:DG

EHG2<:=9 NC:H %2<H KE44:= 31>I 1H= 518 GC: 46H7<H7 1H= EHC1KK<H:55 <H C<5 :M:5L 5C: IH:8 C:

EH=:25G66= 8C1G 815 C1KK:H<H7L GC1G GC:5: D:8 =1M5 8:2: 144 GC:M C1=9

T/6LU C: 51<=9 T, 86HBG 4:G M6E 769U

.:2 C:12G >4:H>C:=9 O1M3: C: =<=HBG EH=:25G1H=9 NC1G <D 5C: 815 826H7P W6E4= GC:M C1F: 1 DEGE2:P

TRG6K GC<HI<H7LU C: 8C<5K:2:= 1H= GE2H:= C:2 G6 D1>: GC: G<4:59 .: 815 <H5<=: C:2 <H 6H: GC2E5GL C<5 36=M K2:55:= C12= 171<H5G C:25L D62><H7 C:2 EK 6H C:2 G6:59 T/6 6H: :45: >1H 7<F: M6E GC<59 Q6E C1F: 144 6D

?:9 ,B? 6DD:2<H7 M6E :F:2MGC<H79 "1I: <G9U

.<5 D<H7:2 54<= <HG6 C:2 KE55M 146H75<=: C<5 >6>I 1H= %2<HB5 C<K5 3E>I:=9



T(C -6=L %2<H9U

"C:M >1?: G67:GC:2L %2<HB5 8624= 5C1GG:2<H7 <H 1 3E25G 6D 8C<G: 4<7CG 15 C:2 ?E5>4:5 5YE::J:= GC: >E?

D26? @:4<AB5 >6>I9 RC: D:4G :F:2M C6G S:G 15 C:2 C<K5 S:2I:= <H C<5 7215K9 "C:M D461G:= =68H G67:GC:2L GC:

1DG:25C6>I5 D1=<H7 15 @:4<A 8<GC=2:8 1H= KE44:= C:2 26EH= G6 D1>: C<?9 %2<H C:12= GC: 862=5 C:86E4=HBG 51M9 %F:2M >:44 5>2:1?:= D62 C:2 G6 3<G: C<?L 3EG 5C: 86E4=HBG9

@:4<A 71F: 1 5<7C 6D =:D:1G9 .: 815C:= 3:G8::H C:2 4:75L 815C:= C<5 >6>IL GC:H GE2H:= 6DD GC: 5C68:29

%2<H 5G:KK:= 6EGL 72133:= G86 G68:45L GC:H C1H=:= C<? 6H:9

T.:M 466IL 6E2 =2176H5 C1F: >C1H7:=LU @:4<A 51<=L 2EHH<H7 C<5 D<H7:2 146H7 C:259 TR6?: 6D GC: >646E2 ,

KEG 6H M6E25 C15 2E33:= 6DD 6HG6 ?<H: 1H= F<>: F:2519 (H4M , IH68 GC1GB5 <?K655<34:9 R<H>: <GB5 1456<?K655<34: GC1G M6E25 <5 H6G 6H4M 5G<44 <H K41>: 1DG:2 144 GC1G 815C<H7L 1H= ?62: 5C12K4M =:D<H:= GC1H ,

=2:8 <GL ,B? :HG<2:4M 8<44<H7 G6 1>>:KG GC1G 56?:C68 GC: G86 12: DE>I<H7 :1>C 6GC:2 <H 1H 14G:2H1G:

2:14<GM9 N:B44 K263134M 81I: EK 8<GC 1 4<H: 6D 313M =2176H5 1>2655 6E2 3EGG59U

%2<H 41E7C:= 1H= 2E33:= C<5 C1<2 8<GC C:2 G68:49

TNC1G ?1=: M6E 7:G 1 G1GG66PU 5C: 15I:=9

T, C1= 1 8:<2= F<H:4<I: 3<2GC?12I 6F:2 ?M C:12G 1H= SE5G 3:D62: ,Z8:44 6H: =1ML , C1= GC<5 5G21H7: E27:

G6 >6F:2 <G EK9 , =<=HBG 15I D62 1 =2176H9U

RC: 21H C:2 D<H7:2 126EH= C<5 H<KK4:9 TNC1G =<= M6E 15I D62PU

T"2M C12=:2 M6E 41JM 315G12= =6>G62L 62 ,B44 >6?: 31>I 1H= C1EHG M6E9U

%2<H 41E7C:=9

TN:44L <G 815 :<GC:2 GC1G 62 GC: =2176H9 ,B= H:F:2 2:144M >6H5<=:2:= 7:GG<H7 1 G1GG66L 1K12G D26? 1 D:8

?6HGC5 6D G::H17: K<7C:1=:=H:55 8C:H , 81HG:= G6 K<55 6DD ?M K12:HG5L 3EG , D6EH= ?M5:4D =66=4<H7 15I:G>C 6D 1 =2176H 6H: H<7CG 1H= >6E4=HBG 4:1F: GC: =1?H:= GC<H7 146H:9 ,G 815 <H ?M K6>I:G 8C:H ,

K155:= 1 G1GG66 K1246E2L 1H= H:AG GC<H7 , IH:8 <G 815 6H ?M >C:5G9 , =<=HBG C1F: :H6E7C ?6H:M G6 K1M

1H= GC: 7EM 51<= >6?: 31>I G6?622689 $HE5E14 D62 ?:L , =<= 76 31>I G6 G2M 1H= 5:GG4: ?M =:3GL 6H4M ,

H:F:2 D6EH= GC: K41>: 171<H9UTR::L ,B? H6G GC: 6H4M 6H: 8C6B5 8:<2=9U

@:4<A D268H:=9 T%A>:KG <G 815 ?65G 4<I:4M ?M G:22<34: 5:H5: 6D =<2:>G<6H9 "C: 7EMB5 K263134M 5G<44

81<G<H7 D62 C<5 ?6H:ML 76G 1 >6HG21>G 6EG 6H ?:L 1H= 8<44 G1GG66 eGC<5 7EM DE>I5 =6HI:M5B 6H ?M >6>I <D

C: D<H=5 ?:9U

TN6E4= GC:2: 3: 5K1>: G6 D<G 144 GC1G 6HPU

.: H<KK:= C:2 5C6E4=:29 T&: >12:DE4L 4<GG4: F1?K9 , C1F: G::GC G669U

!"#$%&' +,&*%9:+,-

@:4<A IH:8 56?:GC<H7 815 =<DD:2:HG GC: ?6?:HG C: 86I:9 .: 815 4M<H7 <H 3:= 1H= C<5 G6:5 8:2: 812?9

&:GG:2 GC1H GC1GL %2<H 41M H:AG G6 C<?L C:2 C:1= GE>I:= EH=:2 GC: >6F:259 0 741H>: 1G GC: >46>I G64= C<?

<G 815 1DG:2 ?<==1M9 RC:B= 5G1M:=9 "C: G2E5G 5C68H 3M C:2 1>G<6H ?1=: @:4<AB5 C:12G 1>C:9

.: 81HG:= G6 >C1H7: C<5 4<D: G6 D<G C:25L 54::K <H GC: =1M 1H= DE>I GC: H<7CG 181M9 .: >6E4= 5>E4KG

1HMG<?:L 6H: 1=F1HG17: 6D 862I<H7 D62 C<?5:4DL 6H4M C: >6E4=HBG GC<HI 136EG 862I 8C<4: 5C: 815

126EH=9 @:4<A 81HG:= G6 5C68 C:2 5C: >6E4=HBG 4<F: 8<GC6EG C<? 1H= C68 >21JM 815 GC1G 8C:H <G 815 GC:



6GC:2 81M 26EH=P ,G 815 C: 8C6 >6E4=HBG 4<F: 8<GC6EG C:29 '<F<H7 8<GC6EG C<? 815 :A1>G4M 8C1G %2<H

86E4= =6 3:>1E5: @:4<A 86E4= =<:L C6K:DE44M H6G M:GL 8C<4: 5C: 86E4= 4<F: D62:F:29 .: 7E:55:= GC1G 815

GC: 2:156H 5C:B= 2EH D26? RG:KC:HL C<5 72:1G;72:1G;72:1G;8C1G:F:2 C: 815L 1H= GC: 2:156H 5C: 86E4= 2EH

D26? C<?9

/68 :F:2M G<?: GC:<2 36=<:5 S6<H:=L C: 815 1D21<= <G ?<7CG 3: GC: 415G G<?:9 @:4<A 86H=:2:= <D %2<H D:4G

GC1G G66 3:>1E5: GC:2: 815 56?:GC<H7 =<DD:2:HG <H GC: 81M GC:MB= G6E>C:= 1H= I<55:= 1H= DE>I:=9 .:

2:>67H<J:= <G 15 1 =:5<2: G6 <?K2<HG 6H GC: 6GC:2L G6 5C12: GC:?5:4F:5 >6?K4:G:4ML :A>:KG 5C: 86E4=HBG4:G C<? 7<F: C:2 C<5 E4G<?1G: 7<DG9 RC:B= 3<GG:H C<? 3:D62: 1H= =21HI C<5 3466=L 8CM 86E4=HBG 5C: =6 <G171<HP

@:4<A 76G 6EG 6D 3:=L >12:DE4 G6 ?1I: 5E2: GC: >6F:25 5G1M:= 6F:2 C:29 .: >C:>I:= H6 >C<HI 6D 4<7CG

5C68:= GC26E7C GC: =21K:5 3:D62: C: =2:55:= 1H= 8:HG =68H5G1<259 .: K6E2:= 1 3684 6D >:2:14L G6KK:=

<G EK 8<GC ?<4IL GC:H 1G: 15 C: 814I:=9 "C: 36A GC1G %2<H C1= D6EH= 5G<44 41M <H GC: C1449 .: 51G 6H GC:D4662 8<GC C<5 31>I G6 GC: 8144 1H= 4<DG:= GC: 4<=9

"C: D<25G GC<H7 C: 518 815 1 4:GG:2 1==2:55:= G6 C<?9 @:4<A KEG =68H C<5 32:1ID15G9 .<5 ?6GC:2B5 82<G<H79

.: K<>I:= EK GC: :HF:46K: 1H= C:4= <G G6 C<5 H65:9 "C: D1<HG 5>:HG 6D C:2 D468:2M K:2DE?: 326E7CG 1

4E?K G6 C<5 GC261G9 ,G CE2G G6 GC<HI 136EG C:2 1H= C68 ?E>C C:B= =<51KK6<HG:= C:29

.: KEG GC: 4:GG:2 15<=: 1H= 466I:= 1G GC: >6HG:HG5 6D GC: 36A9 VC6G6721KC5 1H= 5>C664 2:K62G59 &<2GC=1M>12=5 C:B= ?1=: D62 C:29 RC:B= I:KG :F:2MGC<H7 136EG C<?9 R8<??<H7 ?:=1459 "C: D<25G >41M 3684 C:B=

:F:2 ?1=:9 .<5 >C2<5G:H<H7 >EK9 "C:2: 8:2: D1=:= H:85K1K:2 >EGG<H75 =1G<H7 31>I 5:F:214 M:1259 @:4<A

8<HH<H7 1812=5 D62 C<5 5>E4KGE2:9 @:4<A ?::G<H7 GC: YE::H9 @:4<A 76<H7 G6 K2<56H9 @E>I9 .1= %2<H 5::HGC:5:P

@:4<A =E?K:= :F:2MGC<H7 31>I <H GC: 36A :A>:KG D62 GC: 4:GG:29 .: GE2H:= <G 6F:2 <H C<5 D<H7:259 NC1G =<=

C: 81HG <G G6 51MP ?;"-- +!,/* D"C%" )$/ %",669 3",31 D"C%" 6(A()@ (/ ;7 () #,),4,1 P!$;@!/ (/ +,-

,5$;/ /(4" 9$; /$$< -$4" %"-7$)-(5(6(/9 0$% 9$;% 6(0"1

.<5 D<H7:2 54<= EH=:2 GC: 5:14 1H= C: G66I 6EG GC: 5<H74: 5C::G 6D K1K:29

U",%"-/ 2"6(:=

K /!$;@!/ 6$)@ ,)3 !,%3 ,5$;/ +!,/ /$ 7;/ () /!(- 6"//"%1 P!"%" (- -$ 4;8! K +,)/"3 /$ -,9 /$ 9$;= ,)3

)$+= (0 9$;C%" %",3()@ /!(-= (/C- /$$ 6,/"1 J;/ /!"%" ,%" $)69 /!%"" +$%3- /!,/ ,%" (47$%/,)/1 D$%3- 9$;

4;-/ )"A"% 0$%@"/ 5"8,;-" )$ 4,//"% +!,/ !,77")"3 (/ )"A"% 8!,)@"3 /!" +,9 K 0"6/ ,5$;/ 9$;= 495",;/(0;6 -$)1

K 6$A" 9$;1

J" !,779= 2"6(:1 S"4"45"% /$ 4,<" $/!"%- !,779 /$$1

F$;% 6$A()@ N,4,

:::::::

.: 4:G GC: 4:GG:2 D144 D26? C<5 D<H7:25 1H= D<H144M 14468:= G:125 G6 D144 D26? C<5 :M:59

] ] ] ] ]

@:4<A >1?: 6EG 6D C<5 5GE=<6 G6 1H58:2 GC: =662 1H= D6EH= )14G6H 6H GC: 5G:K9

TNC1G =6 M6E 81HGPU @:4<A 15I:=9



TN:44 766= 1DG:2H66H G6 M6E G669U .: KE5C:= K15G @:4<A 1H= 814I:= <HG6 GC: C6E5:9 T0HM >C1H>: 6D 1

>6DD::PU

@:4<A 5<7C:= 1H= D64468:= )14G6H G6 GC: I<G>C:H9

T, >1?: 6F:2 G6 G:44 M6E 56?:GC<H7L 6H4M =1?H:= <D , >1H 2:?:?3:2 8C1G <G 8159U )14G6H 5>21G>C:= C<5

C:1=9 T, GC6E7CG ,B= C1F: 1 862= 8<GC %2<HL 3EG 5C: =6:5HBG 1KK:12 G6 3: <H9 R<H>: , >1HBG 2:?:?3:28C1G , 81HG:= G6 51M G6 C:2 K:2C1K5 GC1GB5 SE5G 15 8:449U

@:4<A D<44:= GC: I:GG4: 1H= D4<KK:= GC: 58<G>C G6 GE2H <G 6H9 TRC:B5 EK5G1<25 <H 3:=9U

TR6 5C: =<=HBG D2M <H GC: 5EHPU )14G6H 15I:= 8<GC 1 41E7C9

TQ:1CL 5C: =<=9U

@:4<A 5G12:= 1G C<5 D2<:H= EHG<4 GC: 5?<4: D:44 6DD C<5 D1>:9

TR:2<6E54MPU

T, 81G>C:= C:2 5I<H 3E334: 1H= 3E2H9 (H>: 5C: 815 <H=6625L , 81G>C:= C:2 C:149 , =<=HBG 3:4<:F: 3:D62:

3:>1E5: , =<=HBG +,)/ G6 3:4<:F:9 /68 , C1F: H6 >C6<>:9 /6G <D , 81HG G6 I::K C:29U @:4<A 5K66H:=<H5G1HG >6DD:: <HG6 G86 ?E759 T)<= M6E :F:2 5:: C:2 K12:HG5 <H GC: =1MG<?:PU

TRM2:H 1H= 04<><1 >1HBG 3: C:2 K12:HG5L GC:M ;;U

T.E?6E2 ?: 1H= K2:G:H= GC:M 12:9 )<= M6E 5:: GC:? =E2<H7 GC: =1MPU

)14G6H D268H:=9 T/69 /:F:29U

TQ6E IH68 8C:2: GC:M 4<F:PU

TQ:5Z /6Z , >1HBG 2:?:?3:29U

T'6>14PU

.: 5>2:8:= EK C<5 32689 T,B44 2:?:?3:2 <H 1 ?<HEG:9U

@:4<A K6E2:= 36<4<H7 81G:2 6HG6 GC: >6DD::9 T, =6E3G <G9U

T@E>I <GL 8C1GB5 826H7 8<GC ?:P OM ?:?62MB5 E5E144M :A>:44:HG9 "C:2: 815 56?:GC<H7 <?K62G1HG ,

H::=:= G6 G:44 M6E9U

T)6 M6E C1F: O12I6FB5 =:G1<45 6H M6E2 &41>I&:22MPU

T(D >6E25:9 NCM =<=HBG , GC<HI 6D GC1GPU

@:4<A GC6E7CG C: IH:8 8CM9 %2<HB5 D1GC:2 C1= <HG:2D:2:= 8<GC C<5 ?:?62M9

)14G6H G66I C<5 &41>I&:22M D26? C<5 K6>I:GL G1KK:= 1 D:8 I:M5L GC:H 5C68:= @:4<A 1H :;?1<4 1==2:559T"C1GB5 144 , C1F:9 , GC6E7CG , C1= ?62:9 N:<2=9U

T%F:2 5K6I:H G6 O12I6F =E2<H7 GC: =1MP .15 C: :F:2 1H58:2:= 1H :;?1<4 =E2<H7 =1M4<7CG C6E25PU @:4<A

15I:=9

T/69U )14G6H 54E?K:= 1G GC: G134:9 TRC<G9U

@:4<A G66I GC: =2<HI5 G6 GC: G134: 1H= 51G =68H9

TQ6E ?:1HZ , >1HBGZ @E>I<H7 C:44Z RC:Z \:5E59U )14G6H :AC14:= H6<5<4M9

TRC144 , 5K:44 <G 6EGPU

)14G6H H6==:=9

Td1?K<2:5 :A<5G9 R6 =6 8:2:864F:5 1H= D1:2<:59U



TQ6EB2: S6I<H79U

T/69U

TNC1G 136EG R1HG1 W41E5PU

@:4<A 7412:=9

TNC1GP , =6HBG 5:: 8CM H6G9 OM D1GC:2 5862: C: H:F:2 36E7CG ?: GC1G 3<I: 8C:H , 815 :<7CG9U

T)14G6HL M6E2 D1GC:2 815 4M<H79 044 K12:HG5 4<: 136EG R1HG1 W41E59 "C:M G:44 E5 6DD D62 4M<H7 1H= GC:H 41M

GC: 3<77:5G 6H: <H GC: 8624= 6H E59 @62 WC2<5GB5 51I:L 5G6K 466I<H7 D4133:2715G:=L , C1F: 1 CE7: K2634:?1H= , =6HBG IH68 8C1G G6 =69U

TQ6E H::= ?M 3466=PU

@:4<A 5G12:= 5G21<7CG 1G C<?9 T,GB5 =1M4<7CG9 ,B? H6G 1 F1?K<2:9U

T, 815 GC<HI<H7 M6E H::=:= 1 >6EK4: 6D K<HG5 D62 %2<H9U

@:4<A 541??:= C<5 >EK =68H 56 C12= >6DD:: 5K415C:= :F:2M8C:2:9 T/69U

T(I1ML 6I1M9 R6 8C1GB5 GC: K2634:?PU

T"C:2: 12: 766= F1?K<2:5 1H= 31= F1?K<2:59U .: >6E4= 5:: )14G6H G2M<H7 H6G G6 5?<2I9 T%2<HB5 3:<H7GC2:1G:H:= 3M GC: 31= F1?K59 , H::= G6 D<H= C:2 D1GC:2 1H= 7:G C<5 C:4K9U

T, >6E4= C:4K9U

@:4<A 5C66I C<5 C:1=9 T"C<5 <5 G66 ?E>C D62 :<GC:2 6D E59 , 81HG G6 76 1H= 5:: RM2:H9 , 76G 1 D:8 >4E:5

D26? %2<H 136EG 8C:2: C:2 K12:HG5 4<F:9 /:12 G6 1H 635:2F1G62ML <H 1 C6E5: C<==:H <H 1 =12I F144:M9

V263134M 1 D12?:2B5 K41>: 6H>:L H68 <GB5 3::H :AG:H=:=9 0 58<??<H7 K664 815 <H5G144:= 1 M:12 1769 ,B=7E:55 GC:2:B= 3: 5CEGG:25 6H GC: 8<H=6859U

)14G6H 81<G:=9 T,5 GC1G 144 M6E IH68PU

@:4<A H6==:=9

T'6>14PU

T, GC<HI 569 , C1F: 1 D::4<H7 GC:M 81HG:= %2<H G6 GC<HI GC:MB2: 1 46H7 81M 181ML 3EG <H D1>G GC:MB2: YE<G:

H:129U

T0 D::4<H7Z2<7CG9U )14G6H 2644:= C<5 :M:59 .: G1KK:= <HG6 C<5 &41>I&:22M9 T"C: 6H4M 635:2F1G62M 8<GC KE34<> 1>>:55 <5 1G O125GC62K:9U

T, 5EKK65: GC:M ?<7CG C1F: 326I:H <HG6 1 76F:2H?:HG D1><4<GM9U

)14G6H D4<H>C:=9 TWC2<5G9 N:44L 4:GB5 5G<>I G6 GC: 4:7<G<?1G: 6H: D62 GC: G<?: 3:<H7 1H= 155E?: GC: C6E5:

<5 H:12 O125GC62K:9U .: 326E7CG EK 1 ?1K 6D GC: 12:19 TRG<44 4:1F:5 1 46G 6D F<4417:59U

T.68 136EG >C:>I<H7 8<GC GC: K664 5EKK4<:25P RG1H=5 G6 2:156H 56?:6H: 46>14 86E4= C1F: <H5G144:= <G9U

0 D:8 ?62: I:M5 K2:55:= 6H GC: &41>I&:22M 1H= )14G6H 5?<4:=9 T(H4M 6H: K664 >6?K1HM <H GC: 12:19U

TW1H , G2MPU

T-6 1C:1=9 Q6EB2: ?62: >C12?<H7 GC1H ?:9U

@:4<A 5E>I:= <H C<5 >C::I5 1H= GC:H 5?66GC:= C<5 81M G6 GC: <HD62?1G<6H C: H::=:=9 .: K2:G:H=:= G6 3:

)14G6H 466I<H7 D62 1 K664 <H5G144:= H6 ?62: GC1H 1 M:12 176 G6 5C68 K265K:>G<F: >4<:HG5 8C65: C6E5: C:

815 =:5<7H<H79 .: :AG21>G:= 1 K26?<5: D26? GC: D<2? GC:M 86E4= 15I GC:<2 >4<:HG5 <D GC:M 8:2: <HG:2:5G:=

<H >66K:21G<H79



T.68 ?1HMP \E5G G6 7<F: ?: 1H <=:19U

TN:BF: KEG <H :4:F:H K6645 6F:2 GC: 415G M:12 1H= 1 C14D9 (H4M G:H 6D GC65: ?<7CG 3: <HG:2:5G:= <H

14468<H7 M6E G6 5:: GC:?9U

@:4<A D:4G C<5 C:12G 3:1G 1 4<GG4: D15G:29 T/E?3:2 :4:F:H 4:1I<H7PU C: 51<= 8<GC 1 41E7C9

Td:2M K2<F1G: K:6K4:9 /<>:L 3EG GC:M I::K G6 GC:?5:4F:59U

T"C: O12I6F5PU

TQ:59U "C: 7EM 56EH=:= 5E2K2<5:=9 T,B= D6276GG:H GC: H1?:9 )6 M6E IH68 GC:?PU

J()@$9 T'<F: 6EG H:12 O125GC62K:PU

TQ:1CL GC1GB5 2<7CG9 '683E2G6H9U

TN:44L =6HBG 36GC:2 M6E2 6GC:2 >4<:HG59 ,B44 5K:1I G6 RM2:H D<25G 1H= GC:H 7:G 31>I G6 M6E <D C: 51M5 H69

"C1HI59U

@:4<A C1H=:= GC: KC6H: 31>I G6 )14G6H9 T&466=M C:44L M6E 12: 5?66GC9U

TQ:1CL , 54<= 144 GC: 81M G6 K2<56H9U

] ] ] ] ]

@:4<A 4:DG 1 H6G: 3M %2<HB5 C:1= G:44<H7 C:2 C:B= 3: 31>I 566H9 .:B= =2<F:H 6F:2 G6 '683E2G6H 8C<4: <G815 5G<44 =1M4<7CG 1H= D6EH= 8C1G C: GC6E7CG 815 GC: C6E5:9 /68 C: 51G 6EG5<=: <H C<5 '1H= #6F:2

81<G<H7 D62 GC: 5EH G6 5:G 8C<4: C<5 C:12G 3:1G 1 D21HG<> G1GG66 171<H5G C<5 2<359 0>GE144ML C: C1= H6 <=:1

8C:H GC: 5EH 815 76<H7 G6 5:G 3:>1E5: GC: C6E5: 815 K65<G<6H:= 56 =::K <H GC: F144:M9 @62 144 C: IH:8L

<G C1= 142:1=M 76H: =68H9 ,G 815 >:2G1<H4M 7466?M :H6E7C9

.:B= 76H: GC26E7C 8C1G C: 81HG:= G6 51M 56 ?1HM G<?:5L M:G C<5 ?6EGC 465G 144 ?6<5GE2: 1G GC: GC6E7CG

6D 51M<H7 1HMGC<H79 .: H::=:= RM2:HB5 C:4K G6 51F: %2<H9 #:712=4:55 6D 8C:GC:2 5C: 81HG:= C:2 D1GC:2

G6 IH68 8C1G 5C:B= 3::H =6<H7L @:4<A >6E4= 5:: H6 14G:2H1G<F:9 .: >6E4=HBG C:4K C:2 6H C<5 68H9 "C1G

815HBG GC: 6H4M 2:156H C:B= >6?:9 O1M3: GC<5 815 64=;D15C<6H:=L 3EG C: D<7E2:= RM2:H 815 64=;

D15C<6H:= :H6E7C G6 :AK:>G <G9

"C: G1K 1G C<5 8<H=68 ?1=: @:4<A SE?K 56 C12= C: 5?1>I:= C<5 C:1= 6H GC: 266D 6D GC: F:C<>4:9 .:

?1H17:= H6G G6 5>2:1? 1H= GE2H:= G6 466I <HG6 GC: D1>: 6D 1 7EM 8C6 =<=HBG 5::? ?E>C 64=:2 GC1H C<?9

)12I C1<2L =12I :M:5L H6 5?<4:9 @:4<A G2<:= G6 6K:H GC: =662 6D GC: '1H= #6F:2 1H= <G =<=HBG 3E=7:9 .:86EH= =68H GC: 8<H=68 1H= 6K:H:= C<5 ?6EGC G6 5K:1I9

T-6 181MLU GC: 7EM 5H1KK:=9

TR<2L ,B? ;;U

T, IH68 8C6 M6E 12:9 Q6E 5C6E4=HBG C1F: >6?: C:2:9 -6 31>I G6 V:F:HCE25G 1H= D627:G ;;U

@:4<A =2177:= C<5 71J: =68H9 TV4:15:L M6E C1F: G6 4<5G:H9 %2<HB5 <H G26E34:9U

0 K1E5: 1H= GC:H GC: >12 =662 6K:H:=9

TW6?: <HG6 GC: C6E5:9U

@:4<A 81G>C:= C<? 5G14I 6DD 1H= 2E5C:= G6 D644689 NC:H GC: =662 6D GC: C6E5: >465:= 3:C<H= C<?L D62 1?6?:HG @:4<A >6E4=HBG 32:1GC:L H6 6AM7:H <H GC: 266?X GC:H GC: D::4<H7 K155:= 1H= C: G66I 1 7E4K 6D

1<29 0 86?1H 8C6 >6E4= 6H4M 3: %2<HB5 ?6GC:2 5G66= 1G GC: D66G 6D GC: 5G1<259

TN:4>6?:L @:4<ALU 5C: 51<=9 T,B? 04<><19 V4:15: >6?: <HG6 GC: =218<H7 266?9 W1H , 6DD:2 M6E 1 =2<HIP

":1P W6DD::PU



NCM =<= , =6 GC<5P @:4<A 86H=:2:=9 NC1G =:?6H C1= 51G 6H C<5 5C6E4=:2 1H= >6HF<H>:= C<? GC<5 815 1

766= <=:1P .:2 D1GC:2 815 2<7CG9 .: 815HBG 766= :H6E7C D62 %2<H9 /68 8C1G GC: DE>I 815 C: 5EKK65:=

G6 =6P -:G EK 1H= 814I 6EG 8<GC =<7H<GMP .: ?<7CG ?1H17: GC: 7:GG<H7 EKL GC6E7C C: 815HBG 5E2: C<5

IH::5 86E4= 5EKK62G C<? <D C: G2<:= G6 814I9

T, IH68 ,B? H6G 862GCM 6D C:29 ,BF: =6H: 56?: 5GEK<= GC<H759 , K1<= 31>I ;;U

TQ6E ?<5EH=:25G1H=9 %2<H <5 1 "2E:3466= K2<H>:559 ,GB5 5C: 8C6 86E4= 3: ?122M<H7 3:468 C:25:4D9U

T, 5::9U @:4<A 5E>I:= <H C<5 >C::I59 .: >6E4=HBG 3:4<:F: GC<59 .:2 D1GC:2 =<=HBG 5::? G6 >12: GC1G @:4<A

815HBG 1 F1?K<2:L M:G C: 815HBG 76<H7 G6 4:G C<5 =1E7CG:2 ?122M 3:468 C:2 >41559

T, IH68 M6E >12: D62 %2<HL 3EG , =6HBG D::4 M6EB2: GC:Z?1H D62 C:29U

T, =6LU @:4<A 51<= YE<:G4M9

RM2:H 5?<4:=9 T, 2:14<J: GC<5 C15 3::H 1 =<DD<>E4G G<?:9 ,B? 8<44<H7 G6 ?1I: M6E 1 =:149 ":44 %2<H <GB5 6F:2 3:G8::H M6EL 1H= ,B44 7<F: V:F:HCE25G 31>I G6 M6E9 ,B44 :F:H K1M D62 GC: 2:5G 6D GC: 862I G6 3:

>6?K4:G:=9U

T/69U @:4<A 5K6I: 8<GC6EG C:5<G1G<6H9 0H= C<5 C:12G D:4G 4<7CG:2 H6G C:1F<:29 T, 81HG %2<H9U

T&: 5:H5<34:9 Q6EB2: ?62G149 NC1G >1H M6E 6DD:2 C:2PU RM2:H 15I:=9

TOM 46F: D62 15 46H7 15 , 4<F:9U

TRC: 815 6DD:2:= GC1G 3:D62: 3M 6H: 6D M6E2 1H>:5G6259 RC: 2:S:>G:= C<?L 1H= 5C: ?E5G 2:S:>G M6ELU04<><1 51<=9

@:4<A D62>:= C<?5:4D G6 C<5 D::G 1H= G2<:= C<5 3:5G H6G G6 G2:?34:9 T"C1HI M6E D62 5::<H7 ?:9 ,B? 5622M G6

C1F: <HG2E=:= 6H M6E2 K2<F1>M9 "C:2:B5 1 >65GE?: 3144 1G V:F:HCE25G 6H @2<=1M H<7CG9 V:2C1K5 M6EB=

4<I: G6 >6?:9 0G 56?: K6<HG =E2<H7 GC: :F:H<H7 , <HG:H= G6 15I %2<H G6 ?122M ?:9 ,B? 5622M GC1G , =6HBGC1F: M6E2 1KK26F14L 3EG <D 5C: 1>>:KG5 ?M K26K6514L , K26?<5: ,B44 =6 ?M 3:5G G6 >12: D62 C:2 1H= K26G:>G

C:29 ,B? 76<H7 G6 G1I: C:2 181M 1DG:2 GC: 3144 56 GC1G ":A >1HBG D<H= C:29 ,B44 =6 :F:2MGC<H7 , >1H G6 I::K

C:2 51D:9U

TQ6EB44 7:G C:2 I<44:= K26G:>G<H7 M6E9 ,D M6E 46F: C:2L M6EB44 814I 181MLU 51<= 04<><19

"C1G G2EGC 41H=:= 4<I: 1 54:=7:C1??:2 6H @:4<AB5 C:1=9 RC:B= =<: G2M<H7 G6 51F: C<?9 "C:2: 815 H6 81MC: >6E4= 4:G GC1G C1KK:H9

!"#$%&' +,&*%9:+"'&&

"C: S6E2H:M 31>I 5::?:= G6 G1I: D62:F:29 @:4<A KE44:= 6HG6 GC: 721F:4 =2<F: 4:1=<H7 G6 V:F:HCE25G

D::4<H7 D62GEH1G: C: C1=HBG C1= 1H 1>><=:HG9 .<5 ?<H= C1= 3::H 6H :F:2MGC<H7 3EG GC: 261=9 ,D C: 8:2: 1

F1?K<2:L C: >6E4= K26G:>G %2<H9 W6E4= C: 3: ?1=: 1 F1?K<2:P )<= <G CE2GP RC6E4= C: C1F: 15I:= C:2 K12:HG5 G6 =6 <GP )<= C: 81HG G6 3: EH=:1=P .68 ?E>C =<= C: 81HG %2<HP %H6E7C G6 7<F: EK 14>6C64L

D66=L 1H= GC: 5EHP ,H 2:GE2H C: 76G %2<H D62:F:2L 5EK:2D15G :F:2MGC<H7L :G:2H14 M6EGCL 1H= <H 1 81ML

V:F:HCE25G D62:F:2 G669 @:4<A 81HG:= G6 GC<HI GC:2: 815 H6 =:><5<6H G6 3: ?1=:L :A>:KG <G 815HBG G2E:9.:B= C1F: G6 =2<HI 3466= 1H= GC:2: >6E4= 3: H6 >C<4=2:H9 0G 4:15G C: GC6E7CG H6G9 &EG GC:H %2<H 466I:=

4<I: C:2 ?6GC:2 56 ?1M3: C: 815 826H79

@:4<A 58<G>C:= 6DD GC: :H7<H:9 NC:H %2<HB5 D1>: K6KK:= EK H:AG G6 C<5 8<H=68L C: 5814468:= 1 5>2:1?9

RC: KEG C:2 GCE?35 <H C:2 :125L 81774:= C:2 D<H7:25L 5>2:8:= EK C:2 D1>:L 1H= C: 41E7C:=9 %2<H 21H



126EH= GC: D26HG 6D GC: '1H= #6F:2L 6K:H:= GC: K155:H7:2 =662L D4EH7 1 4127: 317 <HG6 GC: 31>IL 1H= 76G

<H9

T"1I: ?: G6 GC: 5:1LU 5C: 51<=9

TQ:5L ?<41=M9U

@:4<A GE2H:= GC: F:C<>4: 1H= 5:G 6DD =68H GC: =2<F:L GC: DE:4 71E7: 4E2>C<H7 G6812= :?KGM9

T)6 M6E C1F: ?6H:MP , H::= G6 3EM DE:49U

%2<H KEG 1 C1H=DE4 6D H6G:5 <H GC: >:HG2: >6H5649 @:4<A 81<G:= D62 GC: +!9 3$)C/ 9$; ;-" , 8%"3(/ 8,%3*.: 815HBG 14468:= 6H:9 0H= GC: +!"%" !,A" 9$; 5"")* .: 815 G2M<H7 G6 I::K C<5 ?<H= 341HI 136EG

GC1G9

T02: 8: H:124M GC:2:PU 5C: 15I:= 15 GC:M 2:1>C:= GC: 36GG6? 6D GC: =2<F:9

@:4<A 5<7C:=9 T/6L GC: >615G <5 136EG GC2::;YE12G:25 6D 1H C6E2 181M9 NCM =6 M6E 81HG G6 76 G6 GC:

5:1PU

T, 81HG G6 5:: GC: 5EH >6?: EK 6F:2 GC: 81G:29U

.: 7412:= 1G C:29

T,GB5 6I1M9 , 326E7CG 461=5 6D 341HI:G59 Q6E >1H 821K ?: EK 1H= >122M ?: 31>I G6 GC: >129 , D<44:= 1

GC:2?65 6D >6DD:: D62 M6EL 1H= , ?1=: 1 51H=8<>C9U

TR:1 54E7PU

T)1?HL H68 <GB5 H6G 1 5E2K2<5:9U

(C -6=L @:4<A C1= 56 ?E>C C: 81HG:= G6 G:44 C:2L 1H= C: =<=HBG IH68 8C:2: G6 5G12G9

T, 518 M6E 8:HG GC26E7C M6E2 36ALU %2<H 51<=9

05 766= 1 K6<HG 15 1HM9 T)<= M6E 76 GC26E7C <G G66PU

T(H4M M6E2 5>C664 2:K62G59 NC1G 1 31= 36M9U

TQ6E C1F: H6 <=:19U

TO1M3: , >1H 7E:559U

@:4<A 5<7C:=9 T,BF: 3::H G6 K2<56H9 "C: 5C1?: =:F15G1G:= 3M K12:HG5 1H= 82:>I:= GC:<2 4<F:59 , GC6E7CG

?M ?6GC:2 C1= 81HG:= G6 D627:G :F:2 7<F<H7 3<2GC G6 ?:L 1H= <H GC: 36A , D6EH= 5C:B= I:KG :F:2MGC<H7

G6 2:?<H= C:29 ,GB5 ?62: GC1H , =:5:2F:9 , =<51KK6<HG:= C:2 1H= ?M D1GC:2L 1H= GC6E7C 5C: ?<7CG C1F:D627<F:H ?: D62 GC1GL ,B? H6G 5E2: , >1H D627<F: ?M5:4D9U

%2<HB5 C1H= >2:KG G6 C<5 IH::9 TNC1G =<= M6E =6PU

TR:G ?M5:4D EK 15 1 5>E4KGE2: =:14:2 8C6 C1H=4:= K<:>:5 3M 5:F:214 D1?6E5 12G<5G5X 6H4M GC:M 8:2: 144

?M 68H 862I9 , >C65: =:1= 5>E4KG625L 1H= , 5G<44 76G >1E7CG9 RG21<7CG G6 K2<56HL =6 H6G K155 76L =6 H6G

>644:>G GC: GC2:: 1H= 1 C14D ?<44<6H YE<= , :AK:>G:= G6 K6>I:G9 ,H5G:1= , ?1=: ?M =:3G5 8625:L 1H= ?MD1GC:2 :H=:= EK K1M<H7 ?M >2:=<G625X GC: F:2M GC<H7 ,B= 3::H G2M<H7 G6 1F6<=9 O6H:M C: 5C6E4= C1F:

5K:HG 6H V:F:HCE25G 815 5K:HG 6H ?:9 /68 , >1HBG 7:G >2:=<GL >1HBG 2EH 1 3E5<H:55L 1H= >1H 312:4M

5EKK62G ?M5:4D9U

T.68 =<= M6E 7:G >1E7CGPU

@:4<A 5?<4:=9 .: 815 E5E144M 15I:= +!,/ +,- (/ 6(<" () 7%(-$)* H,3 !" %"4"45"%"3 )$/ /$ 5")3 $A"% ()

/!" -!$+"%-*



T, ?1=: 1 K<:>: >144:= eRE22:H=:2B 1H= >41<?:= <G 815 1 862I 3M "<H7149 , >C65: GC: 5>E4KG625 >12:DE44M9

V264<D<> 6H:5L GC65: 8<GC6EG >465: 2:41G<F:5L GC65: :15M G6 >6KM9 (H4M "<H714 C1= 1H <44:7<G<?1G: =1E7CG:2

8C6B= 76GG:H C64= 6D C<5 =<12<:59 )<12<:5 <H 8C<>C C:B= D1<GCDE44M 2:>62=:= :F:2M 3466=M GC<H7 C:B= :F:2

?1=:9 0H14;2:G:HG<F: 315G12=9U

%2<H 5H62G:=9 TNCM =6HBG M6E SE5G 5:44 M6E2 68H 862IPU

T, C1F:L , =6L , =<=L 3EG <GB5 5E>C 1 5468 K26>:55L 1H= , 76G K<55:= 6DD 8C:H 6GC:25 , =<=HBG GC<HI 8:2: 15

766= :H=:= EK 8<GC :AC<3<G<6H5 1H= D15G >1259 , 815 72::=M 1H= K1<= GC: K:H14GM9 "C6E7C GC<H75 12:

466I<H7 EK9 ,B? 5EKK65:= G6 3: ?1I<H7 56?:GC<H7 D62 1 7144:2M 68H:= 3M 6H: 6D ?M D:8 2:?1<H<H7D2<:H=5L 6H4M , 76G 5<=:G21>I:= 3M M6E9 , =6HBG 81HG G6 4:G 76 6D GC: K<:>: ,B? 862I<H7 6H ;; GC: 6H: 6D

M6E9 , =6HBG 81HG G6 4:G M6E 769U

%2<HB5 72<K 6H C<5 IH:: G<7CG:H:=9 T02: 8: H:124M GC:2: M:GPU

0 5G13 6D K1<H K<:2>:= @:4<AB5 C:12G9 T,5 <G GC1G :15M G6 4:G ?: 76PU

T(C @:4<A9 , 8<5C 8: >6E4= 3: G67:GC:2 D62:F:2L 3EG ;;U

TNCM 1 3EGP N: >1H9 O1I: ?: 4<I: M6E9U

%2<H 8<GC=2:8 D26? C<? 56 D15GL C: 815 1D21<= 5C:B= 3E25G GC26E7C GC: =662 1H= D4M 6HG6 GC: 261=9 (I1ML56 GC1G C1=HBG 3::H YE<G: GC: 2:5K6H5: C:B= C6K:= D629

] ] ] ] ]

/6G =<DD<>E4G G6 D<H= 1 =:5:2G:= 5G2:G>C 6D 3:1>C 1G GC<5 G<?: 6D H<7CG9 0 =<1?6H=;5G2:8H 5IM ?:1HG 1H 1<2

G:?K:21GE2: G66 468 G6 =6 1HMGC<H7 6GC:2 GC1H >E24 EK 6H 1 >6E>C 8<GC 1 74155 6D 8<H: H:AG G6 1 5:AM

F1?K<2:9 ,H5G:1=L GC:M 51G 6H 1 341HI:G GC1G 312:4M =<57E<5:= GC: 12>G<> G:?K:21GE2: 6D GC: 51H= 1H=5G12:= 1G 1 8<4=L GC215C<H7 5:19

@:4<AB5 D<H7:25 8:2: D2::J<H79 .<5 3E? 815 142:1=M D26J:H9 %2<H 71F: 1 >6HG:HG:= 5<7C9 "C: 56EH=

GE77:= 1G C<5 C:12G 1H= C<5 >6>I 58:44:= <H C<5 K1HG59 N:44L ?1M3: GC:2: 815 56?:GC<H7 C: >6E4= =6 G6

?1I: GC:? 812? 21GC:2 GC1H <H:DD:>GE144M 8<5C <G 569 .: 468:2:= %2<H G6 C:2 31>IL KE44:= GC: 341HI:G

6F:2 GC:?L GC:H K26KK:= C<?5:4D EK 6H C<5 :4368 1G C:2 5<=:9RC: 5G12:= <HG6 GC: H<7CG 5IM9 T)6 M6E GC<HI GC:2:B5 1HM6H: EK GC:2:PU

T/6G >6EHG<H7 GC: 7EM5 <H GC: <HG:2H1G<6H14 5K1>: 5G1G<6HP Q:KL , =69 , >6E4= 3:4<:F: 1HMGC<H7 H689U

T"C: K2<?: ?<H<5G:2 <5 1 8:2:864D9U

@:4<A 715K:=9 T/6bU

%2<H 41E7C:=9 TR::L M6E >1HBG 3:4<:F: :F:2MGC<H79U

T02: M6E 5:2<6E5PU

T, C1F: H6 <=:1L GC6E7C C: 466I5 4<I: C: ?<7CG 3:9U

@:4<A 72684:=9 %2<HB5 C1H= 5H1I:= 6F:2 C<5 K1HG5 G6 2E3 C<5 5G<DD >6>I9

TR::?5 4<I: , C1F: ?M 68H :F:2 2:1=M 864D?1H9 .1F: M6E 3::H 2:K4M<H7 G6 GC65: H1E7CGM 1=5 <H M6E2

5K1? ?1<4PU

TNCM 86E4= , H::= G6 =6 GC1G 8C:H , C1F: M6EPU

.: >1E7CG C:2 D1>: 3:G8::H C<5 C1H=5 1H= K2:55:= C<5 4<K5 171<H5G C:259 .:2 ?6EGC 6K:H:=L 1H= @:4<A

54<KK:= C<5 G6H7E: <H5<=: G6 G15G: 1H= :AK462:9 .:1G D468:= =68H G6 K664 <H C<5 31445 15 GC:<2 G6H7E:5 3:71H G6 =1H>:9 .: 54<= 1 C1H= EH=:2 C:2 58:1G:2 1H= 5C<2G 1H= >1E7CG 1 H<KK4: 3:G8::H C<5 D<H7:2 1H=

GCE?39 %2<H 7261H:= 1H= 82<GC:= 3:H:1GC C<? 15 C: G:15:= C:29 .:2 C1H= >41?K:= 126EH= C<5 >6>IL C<5



C1H= >EKK:= C:2 32:15GL 1H= GC:M 465G GC:?5:4F:59

"C:M I<55:= 4<I: 1 32:1I<H7 5G62?X GC:<2 ?6EGC5 DE5:= G67:GC:2L G6H7E:5 31GG4<H7 D62 >6HG2649 @:4<AB5

?<H= 3:>1?: G21KK:= <H 1 8C<248<H= 6D 5:H51G<6H5 ;; C:2 C6G ?6EGCL GC: G<7CG 3E= 6D C:2 H<KK4: 54<KK<H7

3:G8::H C<5 D<H7:25L GC: <HIM 341>I 5IM 6F:2C:1=L 1H= 81F:5 >215C<H7 <H 1 K6EH=<H7 2CMGC? 1G GC:<2 31>I59

.: =2177:= C<5 ?6EGC 181M9 T, H::= ;;U

RC: 815 H1I:= 3:D62: C:B= D<H<5C:= GC: 5:HG:H>:9

T, 815 76<H7 G6 51M , H::= GC1G >6DD:: H689U

T(I1M9U %2<H G2<:= G6 5<G EK 1H= C: KE5C:= C:2 =68H9

T, 5EKK65: , >6E4= 81<G 1 >6EK4: 6D ?<HEG:59U

.: 4:G C:2 EH=2:55 C<?L 86H=:2<H7 <D C<5 >6>I 1H= 31445 86E4= 5G1M 812? :H6E7C G6 K:2D62?9 (H4M C<5

C:1= 2:?1<H:= :AK65:= 15 %2<H 3E2268:= EH=:2 GC: 341HI:G5L C:2 D<H7:25 1H= G::GC KE44<H7 1G C<5 S1>I:GL5C<2GL C<5 K1HG5L 56>I5L 1H= D<H144M C<5 36A:259 NC:H C: D:4G C:2 4<>I C<5 >6>IL C: 71F: 1 468 7261H 1H=

KE44:= C:2 EK9 "C<5 86E4= 3: 6F:2 <H 1 ?6?:HG <D 5C: =<= GC1G9 RC: 5YE<2?:= EK C<5 >C:5GL 1H= C:2 C:1=

:?:27:= G6 7<F: C<? 1 >C::IM 72<H9 @:4<A 54<= C<5 C1H=5 =68H C:2 31>IL C<5 GCE?35 721J<H7 GC: =<?K4:51G GC: 315: 6D C:2 5K<H: 3:D62: C: 5:GG4:= C<5 K14?5 6H C:2 31>I5<=: 1H= KE44:= C:2 171<H5G C<?9

TQ6EB2: 8:GLU 5C: 51<=9

T0H= M6EB2: H6GPU @:4<A 41E7C:=9

RC: G2<:= G6 KE5C C:25:4D 6HG6 C<5 >6>IL 1H= C: 2644:= C:2 6DD 56 5C: 41M D1>:=68H 6H GC: 341HI:G9 @:4<A

>26E>C:= 3:5<=: C:2L 6H: C1H= K2:55:= 3:G8::H C:2 5C6E4=:2 341=:5L GC: 6GC:2 54<=<H7 3:G8::H C:2 4:759

.:2 >2:1? 561I:= C<5 D<H7:259 .: 46F:= GC1G 5C: 815 1481M5 56 2:1=M D62 C<?9 @:4<A =26KK:= C<5 C:1=1H= 41<= 1 G21<4 6D 5468 I<55:5 =68H C:2 5K<H: 3:D62: C: 21I:= C<5 G::GC 6F:2 C:2 31>I5<=:9 %2<H

5CE==:2:= 171<H5G C<5 ?6EGC9

@:4<A 5C<DG:= D12GC:2 EH=:2 GC: 341HI:G 1H= K2:55:= C<5 D1>: 3:G8::H GC: G6K 6D C:2 4:75L H<334<H7 GC:

D4:5C 6D C:2 <HH:2 GC<7C5 8C<4: %2<H 5YE<2?:= 3:H:1GC C<?9 .: KE5C:= C:2 C<K5 EK EHG<4 C: >6E4= 2:1>CC:2 KE55M 1H= GC:H 4<>I:= 6F:2 1H= 6F:29 RC: G15G:= 56 58::G9 .: 8<5C:= C<5 G6H7E: >6E4= K2:55 15 =::K

1H= 15 C12= 15 C<5 >6>I9 .: I<55:= C:2 58644:H D64=5L 2EHH<H7 C<5 4<K5 146H7 GC:?L GC:H 2E33:= C:2 8<GC

C<5 5GE334:= >C<H9 "C: ?6?:HG C<5 G6H7E: K2:55:= 171<H5G C:2 >4<G 5C: >1?:L :AK46=<H7 6H C<5 D1>: 1H=@:4<A I:KG 41KK<H7 1H= I<55<H7 EHG<4 5C: >1?: =68H9

T, H::= M6E <H5<=: ?:LU %2<H 7261H:=9

T%F:HGE144M9 0DG:2 M6E =6 56?:GC<H7 D62 ?:9U

RC: 5KEH 126EH= 1H= GE2H:= G6 D1>: C<? <H GC: 7466? 6D GC: G:HG:= 341HI:G9 TNC1G =6:5 GC1G ?:1HPU

T&<G: ?:9U

%2<H 7261H:=9 T(C -6=L M6E IH68 C68 G:?KG<H7 M6E 12:P ,B? C1H7<H7 6H 3M GC: ?:2:5G GC2:1=9U

TQ6EBF: =6H: <G 3:D62:9 NCM 86HBG M6E =6 <G 171<HPU

T&:>1E5: GC:M 8:2: 1>><=:HG59U

TN<44 <G ?1I: ?: 1 F1?K<2: <D M6E I::K =6<H7 <GPU

RC: 5<7C:=9 T/6L <G 8<44 I<44 M6E <D , I::K =6<H7 <G9U

@:4<A D62?:= GC: 862=5 <H C<5 C:1=L 4:G GC:? D144 <HG6 C<5 ?6EGCL 1H= 6DD C<5 G6H7E:9 T, 81HG G6 3: 4<I:

M6E9 N<44 M6E ?1I: ?: 1 F1?K<2:PU



T)6HBG 15I ?: GC1GLU 5C: 8C<5K:2:=9

.: 5G26I:= C:2 >C::I9 TNCM H6GPU

T&:>1E5: M6EB2: 15I<H7 ?: G6 I<44 M6E9 , >1HBG G1I: M6E 181M D26? GC: 4<7CG9 V4:15: =6HBG 15I ?: G69U

,G C1=HBG 6>>E22:= G6 @:4<A 5C: 86E4= 51M H69 .: 815 GC: 6H: ?1I<H7 GC: 51>2<D<>:X GC6E7C C: >6E4= 5::

<G 815HBG 56 5<?K4:9 "C1G IH684:=7: 5G<44 =<=HBG G1I: 181M GC: D4E5C 6D 1H7:2 GC1G 5:<J:= C<?9 )<= 5C:

81HG C<? 62 H6GPT@:4<AL DE>I ?:9 , H::= M6E <H5<=: ?:9U

.: D4<KK:= C:2 3:H:1GC C<? 1H= K2:55:= C:2 IH::5 G6 C:2 >C:5G9 N15 GC<5 144 5C: H::=:= C<? D62P

@E>I<H7P N:44L C: >6E4= 634<7:9 /6G :A1>G4M 1 C12=5C<K9

T@:4<AL =6HBG9U RC: >1E7CG C<5 D1>: <H C:2 C1H=59 T)6HBG 3: 1H72M9U

.: K65<G<6H:= GC: C:1= 6D C<5 >6>I 3:G8::H C:2 ?6<5G D64=59 /6G 1H72M9 .E2G9 .: 541??:= 5G21<7CG <HG6

C:2L 6H: =2<F<H7 GC2E5G GC1G G66I C<? 15 D12 15 C: >6E4= 76L 1H= M:G H6G D12 :H6E7C 3:>1E5: C: C1=HBG2:1>C:= C:2 C:12G 1H= C: D:12:= C: H:F:2 86E4=9 .: KE44:= 31>I 1H= GC2E5G 171<HL C<5 7261H KEH>GE1G<H7

C:2 >2M9 %2<HB5 4:75 54<KK:= =68H 1H= 821KK:= 126EH= C<5 81<5GL KE44<H7 C<? G6 C:29

TO62: GC1H GC<5LU C: K1HG:=9 TN: C1F:Z O62:9 "C1H9 "C<59U

.<K5 K<5G6H<H7L @:4<A 815 2:4:HG4:55L G8<5G<H7 15 C: KE5C:=L 6H: C1H= 5EKK62G<H7 C<5 8:<7CGL GC: 6GC:2

2:1>C<H7 D62 C:2 >4<G9 05 5C: >4:H>C:= 126EH= C<?L C<5 31445 G<7CG:H:=9 /6G M:GL C: G64= C<?5:4D9

T, 86HBG 4:G M6E 76LU C: 715K:=9 T,B? 76<H7 G6 ?1I: M6E >6?: 1 ?<44<6H G<?:59 Q6E 86HBG 3: 134: G6 4:G

?: 769U

@:4<A D<44:= C:2L 6F:28C:4?:= C:2L EHG<4 GC:2: 815 H6GC<H7 <H C:2 C:1= 3EG GC: D::4 6D C<?X C<5 GC<>I >6>I

5E27<H7L C<5 C12= 31445 541KK<H7 C:2 31>I5<=:L C<5 C6G 32:1GC C<GG<H7 C:2 4<K59 RC: 46F:= C<? 56 ?E>CL:F:2M 5C1=68M K41H: 1H= C12= :=7: 6D C<5 D1>:9 '6F:= C<? 8C:H C: 41E7C:=L 46F:= C<? 8C:H C: 815

1H72M9 %4:>G2<> 5K12I5 J<KK:= 6F:2 C:2 H:2F: :H=<H75 15 C<5 >6>I 58:44:= 8<GC<H C:29 .: 468:2:= C<5 36=M 1H= C<5 C:1= =26KK:= G6 2:5G 3M C:25 15 C: 12>C:= C<5 C<K5 G6 >C1H7: GC: 1H74: 6D :HG2M9

%2<H 4<>I:= C<5 H:>I9 (H: 46H7 4<>I 146H7 GC: F:<H9 RC: C:12= C<5 3466= KE45: <H C:2 C:1=L 8:HG 7<==M 1GGC: 2612 6D <G 5CEHG<H7 <H C<5 F:<H5L 1H= C:2 D1H75 54<= 6EG9 "C:M 5C12:= GC: 51?: C:1GL GC: 51?: 1<2L GC:<2

C:12G5 3:1G <H GC: 51?: 2CMGC?9 "C:M ?6F:= 15 6H:9 .<5 >6>I 54<= 146H7 GC: 81445 6D C:2 >EHG 1H= 5:G <G

6H D<2:L 5:G C:2 6H D<2:L GC: 3E2H<H7 1>C: 5E27<H7 G6 GC: =::K:5G K12G 6D C:2 86?39 %2<H D:4G GC: >C1H7: <H@:4<A 15 C: H:12:= >6?K4:G<6H9

0G GC: ?6?:HG 6D :AK465<6HL 5C: 51HI C:2 G::GC <HG6 C<5 H:>I 1H= =21HI9 .: 5G<DD:H:=L GC:H >2<:= 6EG 15

C: KE45:= <HG6 C:29 %2<H 815 1815C 8<GC C<5 5::=L D466=:= 8<GC C<5 3466=9 .:2 36=M >41?K:= 56 C12=

126EH= C<5 >6>IL 5C: D6276G G6 5814468 1H= 3466= 6F:2D468:= C:2 ?6EGC9 RC: 41KK:= 1H= 5E>I:= 15 C:2?E5>4:5 I:KG >4:H>C<H7 1H= C:2 62715? 2644:= 6H 1H= 6H9 RG<44 @:4<A KE?K:= <HG6 C:2L C<5 C<K5 S:2I<H7

8<GC 1 D62>: GC1G =26F: GC:? =68H <HG6 GC: 51H=9

%H6E7C9

%2<H 2:G21>G:= C:2 D1H75 1H= 4<>I:= C<? >4:1H 15 C: 54E?K:= 171<H5G C:29 "C:M G2:?34:= <H :1>C 6GC:2B5

12?5L 4<?35 :HG1H74:=L C1H=5 G2M<H7 G6 566GC: 5C1I<H7 4<?359

T(C WC2<5GLU @:4<A ?EGG:2:=9 TNC1G GC: DE>I 815 GC1GPU

Td1?K<2: 5:A9U



36GG4:5 6D 5K1 81G:2 ;; 144 326E7CG 2644:= :M:5 1H= 21<5:= 326859

.: =<=HBG 81HG G6 5K:H= GC: G<?: GC:M C1= 4:DG YE122:44<H7L 1H= %2<H 815 56 :A><G:= 136EG GC: EK>6?<H7

3144L @:4<A 31>I:= =68H9 .:B= 15I:= C:2 6H>: ?62: G6 ?1I: C<? 4<I: C:2 1H= 5C:B= 2:DE5:=9 .: C1= G6

3: 1 ?1H 136EG GC<5 1H= 1>>:KG GC:M 8:2: H:124M 6F:29 (H4M C<5 C:12G 1>C:= 1G GC: GC6E7CG 6D H:F:25::<H7 C:2 171<H9 O1M3: C:B= 3: 3:GG:2 6DD <D 5C: 8<K:= C<5 ?<H=L ?1=: <G 15 GC6E7C 5C:B= H:F:2

:A<5G:=9 "C: >MH<>14 K12G 6D C<? IH:8 <D C: 326I: GC<H75 6DD 8<GC C:2L GC:H RM2:H 86E4= I::K G6 C<5

K26?<5: 1H= 7<F: C<? V:F:HCE25G9 ,D @:4<A 815 76<H7 G6 465: %2<H 1HM81ML 8CM H6G =E?K C:2P

&:>1E5: C: 46F:= C:29 N<GC :F:2M 3:1G 6D C<5 C:12GL :F:2M 32:1GC C: G66IL C: 46F:= C:29 @:4<A >6E4= 312:4M 5G1H= G6 4:1F: C:2 5<=:9 .: 81HG:= 56?: K12G 6D C<? <H >6HG1>G 8<GC C:2 1G 144 G<?:5L 1 C1H=L C<5

4<K5L 1 D66G 54<=<H7 EK C:2 >14DL 15 <D GC1G I:KG C:2 51D:L I:KG C:2 1H>C62:= <H C<5 8624=9 (H4M 5C: =<=HBG

3:46H7 <H C<5 8624= 1H= C: 815 ?1I<H7 <G ?62: =<DD<>E4G 3M 2:DE5<H7 G6 4:G C:2 769 '<I: G2M<H7 G6 G21K

4<7CGH<H7 <H 1 36GG4:L C: 815 C6K<H7 D62 GC: <?K655<34:9 %2<H 815 8C6 5C: 815 1H= @:4<A C1= G6 1>>:KG5C: 815HBG C<59

%2<H 814I:= <HG6 GC: 3:=266? 6D GC: >61>C C6E5: 8<GC 1 4127: 36A9 TOM >65GE?:B5 122<F:=9 , 815

3:7<HH<H7 G6 K1H<>9U

@:4<A K26KK:= C<?5:4D EK 6H 1H :43689 T-6<H7 G6 5C68 ?:PU

T/6K:L <GB5 1 5E2K2<5:9 Q6E C1F: G6 81<G EHG<4 41G:29U RC: =26KK:= GC: 36A 6H GC: D4662 1H= 36EH>:= 6HG6GC: 3:=9 T"C:2:B5 56 ?E>C C1KK:H<H7 H:AG =662L K:6K4: 2EHH<H7 :F:2M8C:2: 8<GC D468:25 1H= D66=L

?E5<><1H5 GEH<H7 EK9 /6 6H:B5 <H >65GE?: M:G9 N:44L EH4:55 GC: F<>12 <5 >6?<H7 15 1 F<>129U RC: 72<HH:=9

T"C:MBF: :F:H =21K:= ?1G:2<14 6F:2 GC: 3E<4=:25B :YE<K?:HG G6 =<57E<5: <G9 (CL 1H= GC:MBF: CEH7 GC65: K1<HG<H75 M6E 71F: GC:?L <H>4E=<H7 GC1G 6H: 6D ?: 1H= RG:KC:H9 "C: 3126HB5 C144 466I5 56 72:1G9U

@:4<A 5?<4:= 1G C:2 :A><G:?:HG9

T(E2 415G H<7CGLU 5C: 51<=L 1H= GC: 5?<4: D:44 6DD C<5 D1>:9

T,G =6:5HBG H::= G6 3:9U .: KE44:= C:2 =68H G6 4<: H:AG G6 C<?9 T, >1H 81<G D62 M6E9 , IH68 M6E =6HBG

81HG G6 G:44 ?: GC: 2:14 2:156H M6EB2: 76<H7 31>I G6 862I D62 ":AL 3EG , IH68 <GB5 H6G 3:>1E5: M6E :HS6M

8C1G C1KK:H5 1G GC: >4E39 R6 76 31>IL =6 8C1G M6E H::= G6 =6L 1H= GC:H >6?: 31>I C:2: G6 ?:9 , K26?<5: H6G G6 K:5G:2 M6E 136EG ?1I<H7 ?: 1 F1?K<2:L 6H4M , =6 K26?<5: G6 46F: M6E D62:F:29U

T(C @:4<A9U %2<H 7E4K:= 31>I 1 5639

.: G21<4:= C<5 D<H7:25 6F:2 C:2 D1>:L G21><H7 GC: =:4<>1G: >E2F: 6D C:2 S18L GC: >EK<=B5 368 6D C:2 4<K5L

C:2 =:4<>1G: H65:L 1H= C:2 4<GG4: 5G<>I6EG :1259

TV26?<5: ?: 56?:GC<H7LU C: 8C<5K:2:= 15 C: 5G26I:= C:2 >C::I9

TNC1GPU

TV26?<5: M6E 86HBG 4:1F: ?: D62:F:29 V26?<5: M6E 86HBG ?1I: ?: D627:G M6E9U

T, K26?<5:9U RC: 466I:= 2<7CG <HG6 C<5 :M:59 T, 46F: M6E9U

%F:2MGC<H7 @:4<A C1= C:4= 31>I <H5<=: C<? >6441K5:=9 %F:2M K:HG;EK :?6G<6HL :F:2M 6EH>: 6D 2:5G21<HG

=<5564F:= EH=:2 C:2 862=59 .<5 >C:5G CE2GL C<5 :M:5 5GEH7L C<5 32:1GC 76G >1E7CG EK <H C<5 GC261G9 .: 518

K1H<> <H %2<HB5 :M:5 1H= C: ?1=: C<?5:4D 5?<4:9

T.68 46H7 3:D62: 8: H::= G6 7:G 2:1=M D62 GC: 3144PU 5C: 15I:=9

@:4<A =<=HBG 81HG G6 76 GC: 31449 .<5 >65GE?: 815 41?: 1H= C: >6E4= GC<HI 6D GC<H75 C:B= ?E>C 21GC:2=6L 4<I: 5G1M <H 3:= 8<GC %2<HL 3EG C: IH:8 C:B= 465G GC1G 6H: 3:D62: C: 5G12G:=9 T'6H7 :H6E7CLU C: 51<=

1H= 2:1>C:= D62 GC: 3EGG6H5 6H C:2 5C<2G9



T"66 54689U

.: 41E7C:= 15 1 H1I:= %2<H 51G 15G2<=: C<?9 TQ6E IH68 <G >1H 3: YE<G: 5:AM 7:GG<H7 EH=2:55:= 54684M9U

T/:AG G<?:9U

RC: 54<= D12GC:2 =68H G6 2:4:15: C<5 >6>I D26? 3:G8::H C:2 4:75L 1H= C: D:4G 1 G2<>I4: 6D ?6<5GE2: 54<=:

=68H C<5 4:H7GC9 %2<HB5 D<H7:2 ><2>4:= GC: >2:5G 6D C<5 5C1DGL 5?:12<H7 K2:>E? 126EH= GC: G6KL 1H= GC:H

5C: 4<DG:= C:2 D<H7:2 G6 C:2 ?6EGC 1H= 5E>I:=9 @:4<A >6E4= C1F: 5862H <G 815 C<5 >6>I 3:G8::H C:2 4<K59.<5 31445 1>C:=L C<5 C:1= K6EH=:=L 1H= C<5 >E? 71GC:2:= <G5:4D D62 4<DG6DD9

T)6 M6E G2E5G ?:PU 5C: 15I:= 15 5C: >EKK:= C<5 314459

TQ:59U "C6E7C C: IH:8 GC1G 815HBG YE<G: G2E:9 .: 5G<44 D:12:= 5C:B= 8<K: C<5 ?<H= 1H= 4:1F: C<?9

T"C:2:B5 56?:GC<H7 5:AM , 81HG G6 =6 G6 M6E9U

T0H= M6E GC<HI ,B= 51M H6PU

T,G <HF64F:5 M6E2 >6>I 1H= ?M D1H759U

T02CCH666::889U .1= C: ?1H17:= 1 H6 <H GC:2:P

%2<H G21>:= GC: F:<H 2EHH<H7 =68H GC: 4:H7GC 6D C<5 :2:>G<6H9 T"C1G 815 H6G 1 ?1H4M 8C<?K:29U /6L @:4<A C1=HBG GC6E7CG 56 :<GC:29

TR6 M6E EK D62 <GPU .:2 :M:5 G8<HI4:=9

(3F<6E54M C: 815 EKL 3EG C: 815HBG 5E2: 8C:GC:2 C: 815 D62 <G9 0CL =1?H <G9 .: >6E4=HBG 51M H69 @:4<A

H6==:=L EH8<44<H7 G6 2<5I 5YE:1I<H79 %2<H 5?<4:=L =26KK:= D12GC:2 =68H GC: 3:=L GC:H KE5C:= C<5 4:75

1K12G9 "C: 4<>I EK C<5 GC<7C =2177:= 1 7261H D26? C<5 GC261G9 O1H4M :H6E7C 1H= @:4<A 2:41A:=9 O<5G1I:9"<HM 5E>I<H7 ?6G<6H5 6H GC: >2:15: 6D C<5 726<H 1H= C: >4:H>C:= GC: 5C::G5 56 G<7CG4M <H C<5 D<5G5 C: D:4G

GC: >6GG6H G:129 O<7CG 3: 3:GG:2 G6 C64= C<5 >6>I G6 1F6<= =<5721><H7 C<?5:4D9 %2<H 815 GC:2: 3:D62: C<?L

C1H= 126EH= GC: 315: 6D C<5 5C1DGL K2:55<H7 =68H 6H C<5 31445L O<55 W1HEG: KE5C<H7 31>I GC: G<=:9 "C:

46H7;176 2E4:2 6D &2<G1<H C1=HBG ?1H17:= G6 I::K GC: G<=: 31>I :<GC:29

.:2 D<H7:25 =26F: C<? 15 ?1= 15 C:2 ?6EGC9 /6L GC1G 815 1 4<:9 .68 >6?: 5C: 815 56 <HF:HG<F: 8<GC

C:2 4<K5P @:4<A >6E4= D::4 C<5 62715? 32:8<H7 <H C<5 G6:5L <H :F:2M C1<2 D644<>4: 6H C<5 C:1=9 (H:

4:<5E2:4M 4<>I D26? C<5 266G G6 C<5 >2:5G 1H= C<5 C<K5 265: 6DD GC: 3:=9

TRG:1=ML G<7:2LU 5C: 8C<5K:2:=9 T, C1F:HBG :F:H 5G12G:= M:G9U

T(C DE>I9U

RC: 41E7C:= 126EH= C<5 >6>I 1H= GC: F<321G<6H5 2<KK4:= GC26E7C C<?L 5:H=<H7 H:2F: :H=<H75 6H 1 K1GC G6C:1F:H ;; F<1 C:449 .:2 ?6EGC 815 C6G 1H= 8:G 15 5C: :H7E4D:= C<?9 NC:H 5C: 8<GC=2:8L C: 81HG:= C:2

31>I 1H= C<5 K:4F<5 12>C:= G6 D<H= C:29 RC62GL D15G 5E>I5 1G C<5 G<K 1H= @:4<A 3<G C<5 4<K 56 C12= C: G15G:=

3466=9 %2<H 815 1G C<5 ?6EGC <H 1H <H5G1HGL 41KK<H7 1G C<5 >EGL C:2 G6H7E: 5E27<H7 171<H5G C<5L 3EG 5C:

I:KG C:2 G<7CG 72<K 6H C<5 :2:>G<6H9&M GC: G<?: 5C: 2:GE2H:= G6 GC: 36GG6? 6D GC: 3:=L @:4<A C1= 8:KG :H6E7C K2:>E? G6 561I C<5 3:44M9 /6G

1 >15: 6D 34E: 31445L C: 5E5K:>G:= C<5 8:2: 341>I 1H= 136EG G6 =26K 6DD G6 G:1>C C<? 1 4:556H C: =<=HBG

81HG G6 4:12H9 .: >6E4=HBG 466I 1G C:29 .: >6E4=HBG H6G 466I 1G C:29 "C: 8<H=<H7L G8<5G<H7 5:H51G<6H<H5<=: C<? C1= 6H4M 6H: 81M G6 769 RC: 5E>I:= 1H= 4<>I:= 1H= I<55:= EHG<4 @:4<A >6E4=HBG C64= 31>I GC:

715K5 1H= 7261H59 RC: ?6F:= 56 D15G GC: D2<>G<6H ?1=: C<? 3E2HL ?6F:= 56 5468 GC: G62?:HG ?1=: C<?

36<49 0H= 5G<44 GC: K2:55E2: 6H C<5 31445L GC: 72<K 1G C<5 266GL 5G6KK<H7 C<? D26? :AK46=<H79

%2<H KE44:= 31>I 1H= 466I:= 1G C<?9 TW6?: EK 6H M6E2 IH::5 6F:2 ?:9 @E>I ?M ?6EGC9U



TWC2<5GL %2<H9U

T#:?:?3:2 , =6HBG H::= G6 32:1GC: F:2M 6DG:H9 NC:H M6E >6?:L 76 =::KL 5G1M =::KL 1H= C1H7 6H D62

GC: 2<=:9U

"C:M >C1H7:= K65<G<6H5 1H= @:4<A K41HG:= C<5 IH::5 6H :<GC:2 5<=: 6D C:2 32:15G59 %2<H 7E<=:= C<5 >6>I

<HG6 C:2 ?6EGCL 1H= 8<GC6EG C:2 72<K 6H C<?L @:4<A 86E4= C1F: 465G <G D26? GC1G 5<7CG 146H:9 .:2 58::G4<K5 821KK:= 126EH= C<?L C:2 32<7CG 72::H :M:5 5G12<H7 EK 1G C<? 15 C: KE5C:= C<5 >6>I =68H9 0H=

=68H9 0C \:5E5L 5C: 815 =::K GC261G<H7 C<?9 .<5 31445 C<G C:2 >C<H 1H= D<H144M 5C: 4:G C<? 76 1H= C: =<=

8C1G 5C: 15I:=L 8C1G C: 81HG:=L 1H= DE>I:= C:2 ?6EGC9

@:4<A C:4= 6H G6 GC: C:1=3612= 1H= 4:G C<?5:4D 5E27: 15 =::K 15 C: >6E4=9 /<>: G6 GC<HI C: ?<7CG C1F:?1H17:= ?62: GC1H 1 >6EK4: 6D GC2E5G5L 3EG H68 GC1G C<5 31445 IH:8 GC: K2:55E2: 815 6DD 1H= C<5 5::=

C1= 266? G6 5C66GL C: 815 136EG G6 ?1I: GC: 5K1>: 5CEGG4: 466I 54689 %2<HB5 C1H=5 >4EG>C:= C<5

31>I5<=: 1H= KE44:= C<? =::K:29

T(C -6=9 ,B? >6?<H79U

N<GC GC: D<25G S:G C: D:4G C:2 D1H75 <H C<5 >6>I9 "C: K1<H ?62KC:= 56 YE<>I4M G6 1>EG: K4:15E2:L @:4<A5G6KK<H7 GC<HI<H7 1H= 5<?K4M D:4G9 "C: 62715? G66I 6F:2 :F:2MGC<H79 .: 815 1G <G5 ?:2>ML <H <G5 GC2144L

465G <H 1 8624= 6D 5E>C <HG:H5: 5:H51G<6H C: >6E4=HBG 32:1GC: 1H= >6E4=HBG ?6F:9 .: >6E4= 6H4M >6?:1H= >6?: 1H= >6?:9

NC:H C: 6K:H:= C<5 :M:5L C: 815 ><2>4<H7 GC: 266?9 /6L GC1G 815HBG 2<7CG9 "C: 266? 815 5K<HH<H79 %2<H4:1H:= 6F:2L :M:5 8<=:L 1HA<:GM 82<GG:H 6H C:2 D1>:9

TNC1G C1KK:H:=PU C: 15I:=9

TQ6E D1<HG:=9U

T, DE>I<H7 =<= H6GLU @:4<A 5H1KK:= 1H= G2<:= G6 5<G EK9

%2<H 41E7C:= 1H= KE5C:= C<? =68H9

T(C ?1I: GC: 266? 5G6K ?6F<H7LU C: 7261H:=9

.:2 D1>: D:44 171<H9 TO1M3: , =21HI ?62: GC1H , GC6E7CG9 ,BF: H6G =6H: GC1G 3:D62:9U

.: G2<:= G6 5<G EK 171<H9 TNC1G =6 M6E ?:1H M6EBF: H6G =6H: GC1G 3:D62:P RE>I:= 3466= D26? 1 >6>IPQ6E 8:2: :AK:2<?:HG<H7P RC<G9 (CL ?1M3: GC1GB5 1 766= GC<H79U @:4<A 4:G C<5 C:1= D144 31>I 6H GC:

K<44689 T"C1G 815 <H>2:=<34:X 6H4M ,B? 5C1GG:2:=9 OM 4:75 D::4 4<I: GC:M =6HBG 3:46H7 G6 ?:9U

TN<44 M6E 4:G ?: C:4K M6E D::4 3:GG:2PU

,G 815 1H :DD62G G6 GE2H C<5 C:1= G6 466I 1G C:29 T.68PU

T0 4<GG4: G15G: 6D ?M 3466= 5C6E4= K:2I M6E EK9U

@:4<AB5 C:12G 14?65G >1G1KE4G:= 6EG 6D C<5 >C:5G9 N15HBG GC<5 8C1G C: 81HG:=P RC: 815 51M<H7 M:5P

T(I1M9UT,GB5 H6G 76<H7 G6 GE2H M6E <HG6 1 F1?K<2:9U

.: G2<:= H6G G6 4:G C<5 =<51KK6<HG?:HG 5C689 T)6 , 7:G G6 >C665: 8C:2: , 5E>IPU

T, 815 GC<HI<H7 ?M 31>I5<=:9U

.: 72684:=9 T, 815 GC<HI<H7 32:15G9U

%2<H 5?<4:=9 RC: 5>21G>C:= 1 4<H: 6F:2 C:2 32:15G 136F: GC: =2176H9 0 4<H: 6D 74<5G:H<H7 2E3<:5 3:1=:=

6H C:2 5I<H 1H= =2<KK:= G6 GC: =2176HB5 31>I9



>! ?$3= +!,/ (0 K 3$)C/ 6(<" /!" /,-/"*

F$; +(661

@:4<A 815HBG 5E2: <D GC: 2:5K6H5: C1= >6?: D26? C<? 62 C:2L 3EG C: =26KK:= C<5 C:1= 1H= K2:55:= C<5

?6EGC 171<H5G C:29 /6G 8C1G C:B= :AK:>G:=9 O1M3: 1 C<HG 6D ?:G14 3EG 58::GL 5G2183:22<:5L 56?:GC<H7

GC1G ?1=: C<? 81HG ?62:9 .: 5E>I:= C12=L 1H= 5?66GCL 812? D4E<= 7E5C:= <HG6 C<5 ?6EGC9 (H: ?62:=::K 5E>I 1H= %2<H KE44:= C<? 181M9

T.:ML , C1=HBG D<H<5C:=9U

TQ:5 M6E C1F:9U RC: 4<>I:= C:2 D<H7:2 1H= 21H <G 146H7 GC: 5>21G>C9 "C: ?12I =<51KK:12:=9 @:4<A 7412:=9

T"C: 266? 5G6KK:= 5K<HH<H7PU

.: 34<HI:=9 Q:KL <G C1=9 .: 51G EK9 T, D::4 72:1G9U

T-66= 3:>1E5: <GB5 G<?: G6 7:G 2:1=M D62 GC: 31449U

@:4<A 5H177:= C:2 82<5G9 T/6G 56 D15GL W<H=:2:4419 R::?5 , 815 GC: 6H: 8C6 76G GC: 3:5G 6D GC<5 =:149

Q6E2 3466= C15 3::H KEG G6 766= E5:L D468H 5G21<7CG G6 GC: 2<7CG K41>: 56 , >1H KEG <G G6 :F:H 3:GG:2 E5:9U

RC: 466I:= =68H9 .<5 >6>I 815 2<7<=9 @:4<A 5KEH C:2 6HG6 C:2 31>I 1H= 54<KK:= C<5 D<H7:25 3:G8::H C:2

4:759 TN:GL 8:GL 8:G9U

T02:HBG GC:M 1 K6K 726EKPU

@:4<A 5<4:H>:= C:2 8<GC 1 I<559 .: 54<= C<5 >6>I <H5<=: C:2 <H 6H: 5468L :15M GC2E5G9 .: 5C6E4=HBG C1F:

3::H C12= 171<H 56 D15GL 3EG %2<H 5::?:= G6 ?1I: 1HMGC<H7 K655<34:9 .: C:4= C<?5:4D 136F: C:2 15 C:26>I:= C<5 C<K5 31>I 1H= D62GCL 3E2M<H7 C<5 >6>I <H C:2 54<>I C:1G9 RC: D:4G K:2D:>GL 821KK:= 126EH= C<?

4<I: 1 F:4F:G 746F:L GC: 5:H51G<6H 58::G :H6E7C G6 ?1I: C<? 5<7C <H C1KK<H:559

%2<H >4:H>C:= 126EH= C<?L C:2 C1H=5 5G26I<H7 C<5 D62:12?59 N<GC<H ?6?:HG5 5C: 815 >6?<H7L GC:

5K15?5 6D C:2 >EHG 46>I<H7 C<? <H K41>: 15 5C: EH21F:44:=9 NC:H @:4<A D:4G >E? 5KE2G D26? C<5 >6>I G6?<A 8<GC C:2 7E5C<H7 >2:1?L C: >465:= C<5 :M:5 1H= 7261H:=9

T@:4<AL 466I9U

.: C1= G6 D62>: C<5 :M:5 6K:HL GC6E7C 8C:H C: =<= C: GC6E7CG GC:M ?E5G 3: 5G<44 >465:= 1H= C: 815

<?17<H<H7 8C1G C: 5189 "86 =2176H5 I<55<H79 "C: C:1= 6D @:4<AB5 =2176H C1= ?6F:= D26? C<5 >C:5G G6

?::G %2<HB5 K12G81M9 /6G 564<= >2:1GE2:5L ?62: 8<5KM 5C1=685L 3EG EH?<5G1I134: H6H:GC:4:559 %2<HB5 KE55M >4:H>C:= 171<HL ?<4I<H7 1H <?K655<34: DE2GC:2 62715? D26? C<?L C<5 >6>I S:2I<H7 1H= 15 GC:M

>1?:L GC: =2176H5 72:8 ?62: 5E35G1HG<14L GE2H<H7 G67:GC:2 <H 1 58<24 6D >646E2L 1H EH?<5G1I134: 466I 6D

=:4<7CG 6H GC:<2 D1>:59

T@E>I ?:LU @:4<A 715K:=9 "86 5>14M C:1=5 466I:= 1G C<?9 .: 7E4K:= 1H= 1==:=L T/6G 4<G:2144M9U

!"#$%&' +,&*%9:.01&

%2<H 54<KK:= <HG6 @:4<AB5 5K12: 3:=266? G6 >C1H7: <HG6 C:2 >65GE?:9 OE5<> >6?<H7 D26? V:F:HCE25G

5::K:= GC26E7C GC: 8<H=68 1H= CMK:= C:2 <HG6 1H :F:H 72:1G:2 5G1G: 6D :A><G:?:HG9 @:4<A C1= KEG GC:

F<5<6H 6D GC:<2 =2176H5 ?1G<H7 =68H G6 4<7CG;C:1=:=H:55L 3EG %2<H IH:8 8C1G 5C:B= 5::H 1H= 8C1G <G?:1HG9 "C: =2176H5 8:2: GC:<2 36H=?12I59 RC: 1H= @:4<A 8:2: ?1G:5L S6<H:= D62 4<D:L ?:1HG D62 :1>C

6GC:29 %A>:KG %2<H 5G<44 C1= G6 76 31>I G6 GC: >4E39 RC: 68:= <G G6 "21>I 1H= '<51 1H= GC: 6GC:259 ,G 815

C:2 2:5K6H5<3<4<GM G6 7:G GC: <HD62?1G<6HL 1H= 5C: >6E4=HBG 5C<2I <G9 ,D 5C: 5E2F<F:=L ?1M3: GC:2: 815 1



>C1H>: D62 C:2 1H= @:4<A9

RC: 54<KK:= 6H GC: >65GE?: 5C:B= 62=:2:= 6F:2 GC: ,HG:2H:G9 0 4665:L 5C62G 8C<G: =2:55 8<GC 1 >26556F:2

H:>IL 1 3:4G 6D 5<4I D468:25L 5<4F:2 51H=145 GC1G 41>:= EK G6 C:2 GC<7C5L 1H= 1 K1<2 6D 5C<??:2<H7 8<H759 0

G<121 6D ?1G>C<H7 D468:25 <HG:25K:25:= 8<GC 5K12I4<H7 7:?5G6H:5 >6?K4:G:= GC: 466I9 0 D1:2<:9 RC:>6E4= D::4 C:2 =2176H C1= ?6F:= G6 >6<4 126EH= C:2 H:>I 4<I: 1 K<:>: 6D S:8:44:2ML G<7CG:H<H7 <G5 36=M

<HG6 1 G8<5G:= 31H=L GC: C:1= >E24<H7 K26G:>G<F:4M G6812= C:2 C:12G9 R6 C68 815 @:4<A 76<H7 G6 :AK41<H

GC1GP

0 IH6>I 1G GC: =662 1H= 5C: GE2H:=9

T#:1=MPU C: 15I:=9

TW6?: <H9U

@:4<A D4EH7 6K:H GC: =662L =2:8 EK C<5 C1H=5 <HG6 >4185L 1H= C<55:=9 %2<H 3E25G <HG6 K:145 6D 41E7CG:29

.:B= 54<>I:= =68H C<5 C1<2 1H= 862: 1 341>I 5C<2GL 341>I K1HG5L 1H= 1 5G<DD;>64412:= 341>I >461I 8<GC 1

2:= 51G<H 4<H<H79 0 5:G 6D K415G<> D1H75 D<44:= C<5 ?6EGC9

TW6EHG )81>E41 1G M6E2 GC:2F<>:LU C: 4<5K:=9 @:4<A 5K1G GC: G::GC <HG6 C<5 C1H= 1H= 5GEDD:= GC:? <H C<5 K6>I:G9 TQE>IL GC:M CE2G9 N68L M6E 466IZD13E46E59U

%2<H 5?<4:=9 T"C1HI M6E9U

TNC:2:B5 M6E2 81H=PU

RC: D268H:=9 T)1?H <G9 , IH:8 GC:2: 815 56?:GC<H7 ?<55<H79U

T-6G 1HM D1:2<: =E5GP

T"C:M D6276G G6 5C<K GC1G G669 Q6EB44 C1F: G6 5G1M 1 D2679U

T, >6E4= ?1I: M6E 1 81H=9U

TN<44 <G 4:G ?: GE2H M6E <HG6 1 >EG: KEKKMPU

.: G66I C:2 C1H= 1H= KE44:= C:2 <HG6 C<5 12?59 T02:HBG , 142:1=M M6E2 >EG: KEKKMPU

%2<H I<55:= C<?9 TQ:1CL 3EG , 81HG:= 1 46H7;C1<2:= ?<H<1GE2: =1>C5CEH=L 1H= M6EB2: 1 5>2EDDM ?EGG9U

@:4<A 72684:=9 T0 ?EGG GC1G 3<G:59 ,B? G:?KG:= G6 KEG ?M G::GC 31>I <H 1H= 5<HI GC:? <HG6 M6E2 31>I5<=:9U

T-6G G6 >1G>C ?: D<25G9U

@:4<AB5 D<5G 5H1G>C:= 1<2 1H= C: 5?<4:=9 .: 8:HG 31>I G6 C<5 3:=266? 1H= 6K:H:= C<5 812=263:9 ,D C:

2:?:?3:2:= 2<7CG4ML GC: 7<DG GC1G )14G6H C1= 36E7CG C<? 415G ?6HGC D62 C<5 3<2GC=1M 5G<44 41M 8C:2: C:B=G655:= <G9 Q:K9 0 GC<>I 2:= K:H><4 136EG D<DG::H <H>C:5 46H79 "C: K:2D:>G 7<DG D62 1 86E4=;3: 12G<5G;

5>E4KG629)68H <H GC: I<G>C:HL 8<GC %2<H K:2>C:= 6H GC: G134:L C: >EG 1 5G12 5C1K: 6EG 6D >12=3612=L >6F:2:= <G <H

14E?<H<E? D6<4L 1H= 5GE>I <G G6 GC: 5C12K:H:= :H= 6D GC: K:H><49

T.:2: M6E 769 "C2:: 8<5C:5 1H= =6HBG 815G: GC:?9U

%2<H SE?K:= =68H 1H= GE>I:= GC: 81H= <HG6 C:2 3:4G9 RC: G66I C64= 6D C<5 C1H=9 T, =6HBG H::= 1HM8<5C:59 ,BF: 76G M6E9U

@:4<A 5?<4:=9 T#:1=M G6 76PU



"C: 3415G 6D >64= 1<2 8C:H C: 6K:H:= GC: =662 ?1=: C<? 715K9 %2<HB5 7E4K 815 6H: 6D S6M9

T'66I9U RC: GE77:= 1G C<5 :43689 T,GB5 1?1J<H79U

%<GC:2 5<=: 6D GC: =2<F:L 4<H:5 6D D41?<H7 G62>C:5 4<G GC: 81M G6 V:F:HCE25G9 0 C625:;=218H >122<17:

G2EH=4:= K15GL 6>>EK1HG5 581GC:= <H 341HI:G5L C64=<H7 5G:1?<H7 =2<HI5L 1H= D62 1 ?6?:HG @:4<A

<?17<H:= C:B= 76H: 31>I <H G<?:9 .: KEG C<5 12? 126EH= %2<H 15 GC:M 814I:= G6812= GC: >15G4:9 ,G7468:=9 /6 6GC:2 862= G6 =:5>2<3: <G9 "C: 3E<4=:25 C1= ?6F:= GC:<2 :YE<K?:HG 62 =<57E<5:= <GL 5:>E2<GM

4<7CG5 H68 1<?:= 1G GC: >15G4: 814459 '<7CG5 C1= 3::H 5G2EH7 <H GC: G2::59 \E774:25 G655:= 31445 6F:2 GC:

C:1=5 6D 7E:5G5 15 GC:M >6H72:71G:= 126EH= GC: :HG21H>: 1H= GC: 56EH=5 6D 1 31H= K41M<H7 56?: S1JJMHE?3:2 D461G:= 6H GC: >C<44M H<7CG 1<29

@:4<A 5E==:H4M 518 C<5 D62?:2 C6?: 15 GC: K41>: <G E5:= G6 3:L GC: 4<7CG 1H= 4<D: 6D GC: >6??EH<GM ;; <G5

56E49 .: 2:?:?3:2:= GC: K12G<:5 C<5 K12:HG5 C1= 7<F:H 8C:H C: 815 1 M6EH75G:2L C68 7:H:26E5 C<5

D1GC:2 C1= 3::H <H 5EKK62G<H7 46>14 3E5<H:55:59 "C:MB= C1= 5E??:2 D:G:5 C:2:L GC: 5>C664B5 5K62G5 =1ML 1DEHD1<2 :F:2M 5K2<H79 0 4E?K :2EKG:= <H @:4<AB5 GC261G 8C:H C: 466I:= 1G V:F:HCE25G9 .: 86E4= C1F:

4<I:= <G 31>I <H C<5 C1H=5X 6H4M 56?:C68 GC1G 815HBG 15 <?K62G1HG 15 IH68<H7 <G C1= 3::H 51F:=9 .<5

D1?<4M 86E4= 1481M5 3: K12G 6D <G5 C:2<G17:9 /6 6H: >6E4= G1I: GC1G 181M9 .:B= SE5G 76 =68H <H C<5G62M

15 GC: 6H: 8C6 465G <G9

T,B? 56 :A><G:=LU %2<H 8C<5K:2:= 15 GC:M 814I:= G6812= GC: :HG21H>:9 T)6:5HBG GC: K41>: 466I 72:1GP"C: >65GE?:5 12: D13E46E59 "C: 4<7CG5 ?1I: :F:2MGC<H7 466I ?17<>149 Q6E ?1I: 6H: ?:1H 81H=9U

@:4<A 5YE::J:= C:2 D<H7:259 T, 46F: M6E9U

RC: GE2H:= 1H= 5?<4:=9 T, 46F: M6E G669U

T)6HBG 4:1F: ?:9U

%2<H 5177:=9

TV4:15:9 ,B? 3:77<H7 M6E9 NC1G:F:2 M6E H::= G6 =6L 4:GB5 =6 <G G67:GC:29 (H4M , =6HBG 81HG M6E G6 76 31>I G6 GC1G >4E39 RG1M 8<GC ?:9U

T@:4<AL 4<5G:H9 Q6E >1HBG 3: <HF64F:= <H GC<59 ,GB5 56?:GC<H7 , C1F: G6 =:14 8<GC9 ,GB5 C12= D62 ?: G6 =<:L 3EG :15M D62 M6E G6 3: I<44:=9 ,GB5 G66 =1H7:26E5 D62 M6E9U

.<5 C:12G K6EH=:= <H C<5 C:1=9 T,GB5 =1H7:26E5 D62 M6E9 ':G ?: C:4K9U

RC: 5G26I:= C<5 >C::I9 T, >1HBG9U

T"C:H =6 15 , 15I:= 1H= ?1I: ?: 4<I: M6E9U .: 2E5C:= 6H 3:D62: 5C: >6E4= 51M H6 171<H9 TV4:15:9 ,81HG E5 G6 3: G67:GC:2 D62:F:29 ,BF: GC6E7CG 136EG <G9 , =6HBG >12: 136EG I<=5 62 D66= 62 5EH4<7CG9 , =6HBG

>12: 136EG V:F:HCE25G 15 ?E>C 15 , >12: 136EG M6E9 V4:15:L %2<H9 O1I: ;;U

RC: KEG C:2 D<H7:25 6F:2 C<5 4<K59 T/6G G6H<7CG9 )6HBG 15I ?: GC1G H689U

.: KE44:= C:2 C1H= 181M9 T,D M6E 46F: ?:L =6 GC<59U .: C1G:= C68 8:1I C: 56EH=:=L M:G C: =<=HBG

IH68 C68 G6 7:G GC26E7C G6 C:29T, 46F: M6E :H6E7C H6G G6 =6 <G9 '66IL 4:GB5 C1F: GC<5 H<7CG 1H= GC:H 8:B44 G14I 136EG <G9 (I1MPU

@:4<A >2E?34:=9 .: =<=HBG 3:4<:F: GC:MB= C1F: >C1H>: G6 G14I 136EG <GL 3EG C: KE44:= C<?5:4D G67:GC:2

1H= GE77:= C:2 G6812= V:F:HCE25G9

%2<H 715K:= 8C:H GC:M 8:HG <H5<=:L 1H= @:4<AB5 S18 =26KK:=9 ,G 815 14?65G <?K655<34: G6 3:4<:F: GC:

K41>: 815 <H GC: ?<==4: 6D 1 2:H6F1G<6H9 '6H7 581GC:5 6D 71EJM D132<> =<57E<5:= K12G;>6?K4:G:= 862I6H 81445 1H= >:<4<H759 RG2<H75 6D 8C<G: 4<7CG5 CEH7 :F:2M8C:2:9 @:4<A C1= 1 32<:D K1H<> 136EG GC:

:4:>G2<> 3<44 1H= GC:H 2:?:?3:2:= C: H6 46H7:2 C1= G6 K1M <G9 "C: K41>: 815 DE44 6D K:6K4: =2:55:= <H



04<><1 K12I:= GC: >12 1G GC: :H= 6D GC: 4<H: 6D F:C<>4:5L ?1I<H7 5E2: GC:M 86E4=HBG 7:G 346>I:= <HL 1H=

58<G>C:= 6DD GC: :H7<H:9 "C:M :A<G:= GC: >12 1H= 5G66= C64=<H7 C1H=59

T)6:5HBG V:F:HCE25G 466I ?17H<D<>:HGPU RM2:H 71F: 1 5<7C 6D 51G<5D1>G<6H9

TO??L ?17H<D<>:HG ?6H:M K<GLU 04<><1 51<=9

.:2 CE531H= 72<HH:=9 TNC1G 3:GG:2 K41>: G6 5<HI 6E2 >1K<G14PU

04<><1 2644:= C:2 :M:59 RM2:H C1= >6F:G:= V:F:HCE25G :F:2 5<H>: GC:MB= 4<F:= H:123M G86 CEH=2:= M:1251769 "C:MB= 1GG:H=:= 31445 GC:2: 1H= 3::H 766= D2<:H=5 8<GC GC: :124 1H= C<5 8<D: EHG<4 %2<H C1= D144:H

<H 46F: 8<GC RG:KC:H9 04<><1 5<7C:=9 /68 GC:<2 =1E7CG:2 C1= =6H: GC: 51?: GC<H7 144 6F:2 171<H9 04<><1

>6E4=HBG 3: ?62: K4:15:= GC1H <D 5C:B= :H7<H::2:= GC: 8C64: GC<H79 RC: 5?<4:=9

"C:M 814I:= =68H GC: G62>C;4<G 261= G6812= GC: >15G4:9

TNC1G 12: M6E 76<H7 G6 51M G6 %2<HPU 5C: 15I:=9

RM2:H >4E>I:=9 T/6G 5E2:9 , GC6E7CG , ?<7CG 81<G 1H= 5:: 8C1G 5C: 51M5 G6 ?:9U

TQ6E =6 IH68 C:B5 H6G 76<H7 G6 32:1I EK 8<GC C:2PU

T"C:<2 1DD1<2 >1H 2EH <G5 >6E25:9 ,D C: =6:5HBG D<H<5C 8<GC C:2L 5C:B44 :H= <G9 ,B44 5K:1I G6 C:2 3:D62: GC:

H<7CGB5 6F:2 136EG ":A RH689 ':GB5 SE5G :HS6M 6E25:4F:59 "C: H:AG G<?: GC:2:B5 1 3144 1G V:F:HCE25GL

8:B44 3: 4<F<H7 C:2:9U

04<><1 5?66GC:= C:2 C1H= 6F:2 C:2 3:1EG<DE4 72::H 5<4I :<7CG::HGC;>:HGE2M =2:55 1H= 5?<4:=9 ,G 815 5E>CDEH G6 8:12 >65GE?:5 GC1G C1= 6H>: 3::H GC:<2 H62?14 D12:L <D 6H4M D62 GC: 2:4<:D 6D G1I<H7 GC: =1?H

>625:G 6DD 1DG:2812=L GC6E7C <G =<= 7<F: C:2 1 5K:>G1>E412 3656?9 RM2:H I:KG 54<KK<H7 C<5 D<H7:25 <HG6 GC:

>2:15: 3:G8::H C:2 36635 1H= 5C: IH:8 =1?H:= 8:44 8C1G :45: C: 81HG:= G6 5G<>I <H GC:2:9 RG<44L <G 815

766= G6 IH68 1DG:2 144 GC:5: M:125 5C: 5G<44 C1= 56?:GC<H7 G6 G:?KG C:2 CE531H=9 "C: D::4<H7 815>:2G1<H4M ?EGE149 )2:55:= 15 1H :<7CG::HGC;>:HGE2M C<7C81M?1HL RM2:H 466I:= 36GC =1H7:26E5 1H=

21I<5C9 "C:2: 815 H6 3:GG:2 >6?3<H1G<6H9 04<><1 5C<F:2:= 8<GC :A><G:?:HG9

T, >1H C12=4M I::K ?M C1H=5 6DD M6ELU 5C: KE22:=9

TP!" 0""6()@C- 4$%" /!,) 4;/;,6 LU 5C: C:12= <H C:2 C:1=9 TQ6E 466I F:2M 5:AML 3EG M6EB2: 8:12<H7 G66?1HM >46GC:5LU C: 51<= 6EG 46E= 15 GC:M =2:8 H:12 GC: :HG21H>:9

RM2:H K4E>I:= 1 SE774:2B5 3144 D26? GC: 1<2 3:D62: <G 41H=:= 6H 04<><1B5 C:1=9 .: >1E7CG GC: H:AG D6E2

1H= ?1H<KE41G:= 144 D<F: G6 GC: =:4<7CG 6D :F:2M6H: 3EG GC: SE774:259 RM2:H G655:= GC: 31445 31>I 1H=

58:KG 04<><1 <HG6 C<5 12?59

T"C<HI 8: >1H D<H= 1 266? 8C:2: 8: >1H SE774: ?62: 4E5><6E5 31445PU 5C: 8C<5K:2:=9

T"C<HI , ?<7CG IH68 6D 6H:LU C: 2:K4<:=9

TRC144 8: D<H= %2<H D<25GPU

T/6L 1DG:29 ':G C:2 C1F: 1 >6EK4: 6D =1H>:59 RC:B5 76<H7 G6 3: C:12G326I:HL SE5G 4<I: GC: 415G G<?:9U /6G <D 04<><1 C1= 1HMGC<H7 G6 =6 8<GC <G9 RM2:H 71F: C:2 1 YE<JJ<>14 466I9 )1?HL 5C: H::=:= G6 3: ?62:

>12:DE49 .:2 CE531H= IH:8 C:2 G66 8:449

] ] ] ] ]

@2E5G21G:=L 1HH6M:=L 1H= =<51KK6<HG:= GC1G :F:2M G<?: 5C: 518 @:4<A C: 815 74E:= G6 %2<HL .:2?<6H:D<H144M 71F: EK 144 C6K: 6D :HG<><H7 C<? 31>I9 "6 ?1I: ?1GG:25 8625:L C:2 :AL @:4<AB5 C14D 326GC:2 W4<F:L

815 1456 C:2: 8<GC 1 86?1HL M6EH7:2 GC1H .:2?<6H:L GC<HH:2 GC1H .:2?<6H:L 1H= 8:12<H7 1 7627:6E5

1H7:4 >65GE?:9 .:2?<6H:B5 2:= =:F<4 6EGD<G 5::?:= >C:1K 1H= G18=2M <H >6?K12<56H9 "C: 415G 5G218 C1=



3::H \:DDB5 2:1>G<6H 8C:H C: 518 C:2 G14I<H7 G6 (8:HL GC: M6EH7:5G 6D GC: 64= :124B5 3M;346859 .:2

326GC:2 C1= 76G :HG<2:4M GC: 826H7 :H= 6D GC: 5G<>I9 N:44L H6 C: C1=HBGL 1H= 5C:B= 7<F:H C<? 1 K6I: 8<GC

C:2 K<G>CD62I G6 ?1I: GC: K6<HG GC1G 5C: >6E4= =6 8C1G 5C: 4<I:=9

"C<5 815 1 5?144 >6??EH<GM 1H= 15 1 2:14G62L 5C: IH:8 :F:2M6H:X GC6E7C 5C:B= C6K:= GC:2: 86E4= 3:D2:5C 3466= 126EH= G6H<7CG9 .:2?<6H: 815HBG YE<G: =:5K:21G: :H6E7C G6 D4<2G 8<GC 718IM G::H17:25L H62

=:5K:21G: :H6E7C G6 >C1G EK -:214=L GC: K14? G2::X 8C1G GC: C:44 C1= C: 3::H GC<HI<H7P 0H= =:D<H<G:4M

H6G =:5K:21G: :H6E7C G6 ?1I: :M:5 1G )14G6H9 O65G4M 3:>1E5: C:B= 5:: 5G21<7CG GC26E7C C:29

RC: 4<DG:= 1 74155 6D 3E334M D26? 1 K155<H7 81<G:2B5 G21M 1H= 71F: C<? 1 4<H7:2<H7 466I 3:D62:=<5?<55<H7 C<?9 /6G 31= 466I<H7L :A>:KG <D C: C1= G6 862I 15 1 81<G:2L GC:H C: =<=HBG :12H :H6E7C G6

5EKK62G C:2 :AK:H5<F: C13<G5L 62 21GC:2 GC: :AK:H5<F: C13<G5 5C: <HG:H=:= G6 1>YE<2:9 .:2?<6H: C1=HBG

2:14<J:= @:4<A 86E4=HBG 7:G 1 3:1H D26? GC: 514: 6D V:F:HCE25GL 1G 4:15G H6G D62 1 8C<4:9 RC: 5C6E4= C1F:

3::H K1G<:HG 1H= 81<G:=9 (H4M W4<F: C1= G:?KG:= 8<GC 1 265M 2:= 1KK4: GC1G GE2H:= 6EG G6 3: D<44:= 8<GC?1776G59 .: 2:144M 815 1 315G12=9

.:2?<6H: 81H=:2:= GC26E7C GC: 726EK5 6D >C1GG:2<H7 7E:5G5L <7H62:= GC: D66= ;; 46F:4M 15 <G 466I:=L D12

G66 ?1HM >1462<:5L 1H= 5G:KK:= 6EG <HG6 GC: >2<5K H<7CG 1<29 0 C:1FM D265G >61G:= GC: 72155 4<I: 1 =E5G<H7

6D >6HD:>G<6H:2B5 5E712L :F:2MGC<H7 74<GG:2<H7 7C65G4M 5<4F:2 <H GC: K14: ?66H4<7CG9 RC: 5C<F:2:=9 ,G 815

G66 >64= G6 5G1M 6EG5<=: D62 46H7L GC: 6H4M E5:DE4 GC<H7 GC: 468 G:?K:21GE2: =<= 815 K:2I EK C:2 H<KK4:59T-66= :F:H<H79U

.:2?<6H: 3<G 31>I 1 5C2<:I9 "C: ?:H <H D26HG 6D C:2 C1= 1KK:12:= 6EG 6D H68C:2:9 (6CL ?:H9 "C:

14>6C64 5C6G 6EG 6D C:2 3466=5G2:1? 15 C:2 ?<H= >1?: 31>I 6H G21>I9 @<F: ?:H9 "1449 N:44 3E<4G9.1H=56?:9 ,H GC:<2 GC<2G<:59 /6 86?:H 8<GC GC:?9 /6 86?:Hb .:2?<6H: 5?<4:= 1G GC: 6H: 8<GC 5<4F:2

C1<29

T.:44444666LU 5C: 51<= <H C:2 3:5G G1I:;?:;G6;3:=;1H=;DE>I;?:;5GEK<= F6<>:9 (H: 62 144 D<F:L 5C: 815 EK

D62 <G9

TNC1GB5 M6E2 H1?:PU C: 15I:=9

T.:2?<6H: REGG6H9 NC1GB5 M6E25PU

T-<=:6H /62GC9U

T.:446L -<=:6HLU 5C: >266H:=9 RC: 466I:= D26? C<? G6 C<5 >6?K1H<6H59 /6G 1 F:2M 5?<4:M 3EH>C9

TNC1G C1F: M6E >6?: 15PU

.: 741H>:= 1G GC: D6E2 3:C<H= C<?L GE2H:= 31>I G6 C:2L 2644:= C<5 :M:5 6F:2 C:2 >65GE?:L GC:H 5?<4:=9

TN:B2: F1?K<2:59U

.:2?<6H: G5I:=9 TQ6E2 >65GE?:5 12:HBG F:2M :A><G<H79 )12I K1HG5L =12I 2644;H:>I 58:1G:2L 1H= 341>I4:1GC:2 S1>I:G9 .12=4M <H5K<2:=9U

-<=:6H 41E7C:=9 T, 5EKK65: H6GL 58::GC:12G9 V:2C1K5 ,BF: ?1=: EK D62 <G 8<GC ?M G::GCPU .: >E24:= C<5

4<K G6 :AK65: G86 46H7 D1H759

.:2?<6H: 5YE<HG:= 1H= 5<7C:=9 T/6L 5622M9 "C:MB2: H6G 2:14<5G<> 1G 1449 Q6EB2: H6G 76<H7 G6 D2<7CG:H

1HM6H:9 @:4<AB5 12: ?E>C 3:GG:29U

044 GC: ?:H >CE>I4:=9 .:2?<6H: D:4G C:2 C:12G 21G: <H>2:15:9 RC:B= ?1=: GC:? 41E7C9

TW1H 8: >6?: <HPU -<=:6H 15I:=9

TQ:59 "C6E7C ,B? H6G 5E2: C68 ?E>C D66= <5 4:DG9U

T,B? 5E2: 8:B44 D<H= 56?:GC<H7 GC1G G1I:5 6E2 D1H>M9U



T(CL , 5C6E4= 15I D62 M6E2 G<>I:G9U

.: 58:KG C:2 <HG6 C<5 12?5 1H= K2:55:= C<5 ?6EGC 171<H5G C:2 H:>I9 0 G<H74<H7 1812:H:55 2<KK4:= 6F:2

C:2 5I<H 1H= 5C6G G6 C:2 KE55M9

T@627:G GC: G<>I:GLU 5C: 8C<5K:2:=9

T"C1HI M6EL ?M 58::G9U

(C =1?HL C: 815 76<H7 G6 7<F: C:2 1 C<>I:ML 6H4M .:2?<6H: =<=HBG 81HG C<? G6 5G6K9 @<H:L 5C:B= 8:12 15>12D9 .<5 C1H= 54<= EH=:2 C:2 4<GG4: 2:= =2:55 1H= 5C: IH:8 C: :H>6EHG:2:= 561I:= K1HG<:59 RC:B=

>2:1?:= GC: ?6?:HG 5C:B= 5::H GC: D<F: 6D GC:?9 .: 815 HEJJ4<H7 C:2 H:>I 4<I: C: >6E4=HBG 7:G :H6E7C

6D C:29 E$$$ @$$3 9 "C: GC6E7CG GC1G 5C: 5C6E4=HBG 3: 4:GG<H7 C<? =6 GC<5 D4<GG:2:= GC26E7C .:2?<6H:B5

?<H= 1H= GC:H =<55<K1G:= G6 8<5KM GC2:1=59 (H: K<H>C 6D C:2 >4<G 1H= 1 F:2M C62HM =:F<4 5K<2144:=5G21<7CG G6 C:1F:H9

NC:H GC: 415G >4:H>C<H7 5K15? =<:= 181ML C: G66I C<5 ?6EGC D26? C:2 H:>I9

TN68LU .:2?<6H: 8C<5K:2:=9 TQ6EBF: ?1=: ?: 5:: 32<7CG D415C<H7 4<7CG59U

T@<2:862I5L ?M K:G9U

RC: 7<774:=9 .:2?<6H: D:4G =2EHIL GC6E7C 5C:B= 6H4M C1= G86 74155:5 6D >C1?K17H: ;; G66 ?1HM>1462<:5 G6 >6H5E?: ?62:9 .:2 4:75 86334:= 1H= 5C: 4:1H:= 171<H5G GC: ?1H9

TNC65: K41>: <5 GC<5PU -<=:6H 15I:=9

TV:F:HCE25G W15G4:P ,G 3:46H75 G6 GC: O12I6F59 "C:M SE5G 36E7CG <G9U

TO12I6FPU

TRM2:H 1H= 04<><1 1H= GC:<2 3<G>C =1E7CG:29U .:2?<6H: 8<H>:=9 T.:ML M6EB2: CE2G<H7 ?M 12?9U

T"C: 3<G>C =1E7CG:2B5 H1?:PU

T%2<H9U

.:2?<6H: D6EH= C:25:4D D144<H79 0H6GC:2 K1<2 6D 12?5 >1E7CG C:2L KE44:= C:2 >465:9 0H6GC:2 4<H7:2<H7I<55 6H GC: H:>I9 >!!Z

] ] ] ] ]

@:4<A GE77:= %2<H 171<H5G C<? 1H= 821KK:= C<5 >461I 126EH= C:29

T,B? H6G >64=LU 5C: 51<=9

T"C1GB5 H6G 8CM ,B? =6<H7 <G9U

(EG 6D 5<7CGL C: D6H=4:= C:2 32:15G5 1H= %2<H 5HE774:= 31>I 171<H5G C<?9 %F:2M6H: C1= 71GC:2:= 1G GC:

2:12 6D GC: >15G4: G6 81G>C GC: D<2:862I5 =<5K41M9 -468<H7 31445 6D 2:=L M:4468L 1H= 72::H D<2: 3E25G <H

GC: 1<2L GC:H >C1H7:= >646E2 6H: 1DG:2 GC: 6GC:2 G6 =:G6H1G: 171<H 1H= 171<H EHG<4 D62 1 ?6?:HG GC:

8624= 5::?:= G6 3: 1 341J<H7 I14:<=65>6K:9 NC<5G4<H7 5<4F:2 5H1I:5 5K<2144:= GC26E7C GC: H<7CGL >C15<H7:1>C 6GC:2B5 G1<459 )1JJ4<H7 32<7CG 3415G5 6K:H:= 6EG G6 >15>1=: <HG6 5EK:25<J:= 21<H368;>646E2:=

8<4468 G2::59 RG125 :AK46=:= 1H= =2<KK:= 46H7 G21<45 6D 764=:H 21<H9 "C: D<H14: 815 1 >1>6KC6HM 6D K6KK<H7L 31H7<H7L 1H= 5>2:1?<H7 15 GC: 5IM :AK46=:= <H :>5G15M9

T"C1G 815 H:124M 15 46E= 15 M6E 8C:H , 5E>I M6E2 >4<GLU @:4<A 51<= 1G C:2 :129

%2<H 7<774:= 1H= 26G1G:= C:2 31>I5<=: 171<H5G C<5 726<H9

T.68 136EG 5H:1I<H7 31>I G6 GC: >61>C C6E5:PU C: 15I:=9



TQ6E C1F:HBG :1G:H M:G9U

@:4<A H<334:= C:2 :129 T,B= 21GC:2 :1G M6E9U

T, 81HG G6 =1H>: 171<H9U %2<H GE2H:= 1H= I<55:= C<?9 TV4:15:9U

.: >6E4= =:HM C:2 H6GC<H79 @:4<A G66I C:2 C1H= 1H= GC:M 8:HG 31>I <HG6 V:F:HCE25G 8<GC GC: >C1GG:2<H7

>268=59 .: 81HG:= G6 15I C:2 8C1G 5C: 815 76<H7 G6 =6 G6?622689 N1<G D62 ":A G6 >6?:P -6 G6 C<?P

(H4M @:4<A =<=HBG 2:144M 81HG G6 IH689

!"#$%&' +,&*%9:203

T@:4<AL 76 1H= :1G 56?:GC<H79U %2<H KE5C:= C:2 D1F6E2<G: K2:G:H= F1?K<2: G6812= GC: 3EDD:G 4<H:9

T,B? H6G CEH72M9U

T, =6HBG 81HG M6E K155<H7 6EG 41G:2 8C:H 8:B2: <H GC: ?<==4: 6D ?M 4<5G9U

T'<5GPU

T\E5G 1 D:8 GC<H75 8: C1F:HBG G2<:= M:G9U %2<H 21H GC: G<K 6D C:2 G6H7E: 6F:2 C:2 EKK:2 4<K 1H= @:4<A

7E4K:=9

T.68 136EG 8: D<H= 56?:8C:2: K2<F1G: 1H= M6E >1H 5C68 ?: 8C1GB5 HE?3:2 6H: 6H GC1G 4<5GPU

T0DG:2 M6EBF: D<44:= 1 K41G: 8<GC D66=L ,B44 D<H= E5 56?:8C:2: G6 5<G9U

@:4<A S6<H:= GC: YE:E:L 1H= 6H>: %2<H C1= GE2H:= 181M D26? C<? 5C: 4:G GC: 5?<4: =26K9 RC:B= >1E7CG

5<7CG 6D d1H <H GC: :HG21H>: C1449 ,D d1H C1= >6?:L GC:H ":A C1= G669 .: 815HBG 81<G<H7 D62 G6?622689

.: 81HG:= C:2 H689 O1M3: <G 815 3:GG:2 GC<5 81ML 3:GG:2 GC1G @:4<A H6G IH68L 3:GG:2 GC1G 5C: SE5G 4:1F:9

>! ?$3 9

N<GC<H ?6?:HG5 %2<H IH:8 5C: 815 3:<H7 D64468:=9 RC: 4:= C:2 KE25E:2 G6 GC: 621H7:2ML 8:44 181M

D26? GC: 12:1 3:<H7 E5:= 3M GC: 7E:5G59 "C: ?6?:HG 5C: 814I:= <HL 5C: 2:14<J:= 5C: 815 GC: 6H: 3:<H7

C:2=:=9 0221H 5G66= D1><H7 C:29 RC: D:4G 4<I: 3123:= 8<2: C1= 821KK:= 126EH= C:2 7EGX D:12 GE2H:=

5G21<7CG <HG6 KCM5<>14 K1<H9 .1= ":A GC6E7CG 5C: H::=:= GC: :AG21 K:25E15<6HP "86 F1?K5 4E2I:= <H GC:5C1=685 3M 0221HB5 5<=:L 1H= %2<H 5:H5:= 6GC:25 3:C<H= C:29 RC: 815 5G26H7 1H= D15GL 3EG H6G 5G26H7 62

D15G :H6E7C9

T.:446L 58::GC:12GLU 0221H 51<=9 T'6H7 G<?: H6 5::9U

.<5 ?6EGC >E24:= EKL C<5 71J: 5G1M:= D<A:= 6H C:29 RC: 5C6E4= C1F: 7E:55:= ":A 86E4=HBG G2E5G C:2 G62:GE2H G6 O62KC6 6H C:2 68H9 .:B= 5:HG 0221H G6 >6HF<H>: C:29

T&::H 5<>IPU C: 15I:=9

TQ:59 , H::= 1 D:8 ?62: =1M5 G6 2:>6F:29 ,B? 5G<44 H6G 8:449U

0221H 41E7C:=9 %2<H 5<7C:=9 N:44L ?1M3: GC1G 815 1 5GEK<= GC<H7 G6 51M >6H5<=:2<H7 ?1I<H7 C:2 EH8:44

815 GC: 2:156H C: F<5<G:= O62KC69

T, C:12= M6E 8:2: <HSE2:=L 1H7:49U 0221H 814I:= G6812= C:29 %2<H 5G66= C:2 726EH=9 TQ6E 466I D<H:

H689 /<>: >65GE?:9U

T"C1HI M6E9 ,B? H6G C1F<H7 ?E>C 5E>>:55 8<GC GC: 81H=9 "66 ?1HM F1?K<2:5 1H= H6G :H6E7C K2<H>:59U

T.??9 R6 8C1G C1F: M6E 3::H EK G6 5<H>: , 415G 518 M6EPU



.: 814I:= 126EH= C:2 1H= :F:2M 6H: 6D %2<HB5 C1<2 D644<>4:5 K2<>I4:=9

T#:>6F:2<H79 , 465G ?M ?:?62M9 N:44L <GB5 5G<44 H6G 31>IL H6G >6?K4:G:4M9 , 815 1GG1>I:=9 , =6HBG IH68

8C6 3M 62 8CM9U

.: 41E7C:=9 T(CL H<>: G2ML =124<H79U

%2<H D268H:=9 TNC1G =6 M6E ?:1HPU

0221H 5G66= <H D26HG 6D C:2 1H= 21H C<5 D<H7:2 =68H C:2 >C::I9 %2<H 5G2E774:= H6G G6 7E4K9 .: 5G12:= <HG6C:2 :M:5 1H= GC: 2:?1<H<H7 D217?:HG5 6D C:2 4<D: 54<KK:= <HG6 K41>:9 0221HB5 2:14 H1?: 815 -<=:6H

/62GC9 R1=<5G<> ?:?3:2 6D GC: d1?K<2: .<7C W6EH><4L 86E4=;3: 4:1=:2 6D GC: 51?:9 "C: ? 6H '<51B5

3:44M9 "C: >4E: 7<F:H 1G GC: K6<HG 6D =:1GC9 "C: 6H: 8C6B= 14?65G I<44:= %2<H 8C:H C:B= 2<KK:= 6EG C:2

GC261G9

T#:?:?3:2<H7PU C: 15I:=L C<5 :M:5 =12I:H<H79

T,BF: G2<:=L 3EG <GB5 4<I: ?:?62<:5 12: 3:<H7 5?6GC:2:=9U %2<H D62>:= 1 2E:DE4 72<H 6HG6 C:2 D1>:9 RC:

>461I:= C:2 GC6E7CG5 8<GC >6HDE5:= <?17:5 8C<4: C:2 ?<H= G21F:44:= 1G 4<7CG 5K::= G2M<H7 G6 D<7E2: 6EG

8C1G G6 =69

U$)C/ 6"/ 2"6(: 8$4" 6$$<()@ 0$% 4"1 #6",-" 6"/ !(4 5" -,0"1 H$+ 8,) K @"/ $;/ $0 /!(-* B,) K 0$$6?(3"$)*

)E2<H7 GC:<2 415G 5:55<6H 1G O62KC6L %2<H C1= G64= 0221HL 1I1 -<=:6HL GC1G "21>I E5:= G6 3: C:2

36MD2<:H=9 -<=:6H 15I:= C:2 G6 ?::G C<? 6EG5<=: GC: >4E3L 51<= C: 81HG:= ?62: G<?: 8<GC C:2L GC1G C:

C1= 1H <=:1 8C:2: "21>I C1= 76H:9 %F:H GC6E7C 5C: IH:8 <G 815 =1H7:26E5L 5C:B= 172::=9

TNC6B5 3::H 466I<H7 1DG:2 M6EP Q6E2 K12:HG5PU -<=:6H 15I:=9

>! 0;8<1 D!,/ 3(3 !" <)$+*

T%2<HP ,BF: 3::H 5:12>C<H7 :F:2M8C:2: D62 M6E9U

>! ?$31 2"6(:= @$ ,+,99 RC: GE2H:= G6 D1>: C<?9 T,B? 3E5M9U

.: I:KG 814I<H7 EHG<4 C: 2:1>C:= C:2 5<=:9 .: C66I:= C<5 4<GG4: D<H7:2 <H C:259 RGEK<=L 321F: <=<6G9

-<=:6H 41E7C:=9 T, 5C6E4= 3: <H5E4G:= 3M GC: 5G:2:6GMK<>14 >46GC<H79 &41>I >461I 8<GC 1 2:= 4<H<H7

<H=::=9 )6 M6E C1F: D1H75 15 8:44PU

T"C:MB2: <H ?M K6>I:G9 , >1HBG :1G 8<GC GC:? <H9U

0 2<KK4: 6D 1?E5:?:HG 21H 126EH= GC: 266?9 @:4<A 821KK:= C<5 C1H= 126EH= %2<HB59 RC: GE77:= 1H= C:86E4=HBG 4:G C:2 769 RC: >6E4= C1F: ?1=: C<? 2:4:15: C:2 3EG =<=HBG9

TNC:2: 12: M6E2 K12:HG5PU -<=:6H 15I:=9

TV12:HG5PU %2<H >6E4= C:12 C:2 C:12G K6EH=<H7 <H C:2 C:1=L GC: H6<5: 7:GG<H7 46E=:2 1H= 46E=:29

TNC6 :45: <5 K12G 6D M6E2 6271H<J1G<6HPUT, =6HBG IH68 8C1G M6EB2: G14I<H7 136EG9U

T':GB5 769U @:4<A KE44:= C:2 G6812= GC: =6629

%2<H 815HBG 5E2K2<5:= G6 5:: G86 F1?K<2:5 346>I<H7 GC: 81ML 6H: 6D GC:? d1H9 W6HG<HE: G6 34EDD 62 G2M

G6 51F: @:4<AP "C:2: 2:144M 815 H6 >C6<>:9

T':G @:4<A 76LU %2<H 51<=9 T,B44 >6?: 8<GC M6EL G:44 M6E 8C1G , >1H <D M6E 4:G C<? 769U

T 2"6(:= 6(-/") /$ 4"1 F$; !,A" /$ 3$ ,- K -,91 K0 9$; 3$)C/= /!"9C66 <(66 ;- 5$/!1 KC4 @$()@ /$ 3(-/%,8/ /!"4=



,)3 K )""3 /$ 9$; %;) /!%$;@! /!" -(3" 3$$% ,)3 @$ 5,8< ()/$ /!" 5,%$)C- !,661 P!" 4$%" 7"$76" ,%$;)3=

/!" -,0"% 9$; ,%"1X

%2<H =<=HBG 81<G D62 1H 1H58:29 RC: 5YE::J:= C<5 C1H=L GC:H =26KK:= <G9 %2<H 814I:= G6812= -<=:6H9

RC: 518 C<5 71J: D4<>I G6812= d1H 1H= C<5 :M:5 H12268L 1H= IH:8 @:4<A 815 15 766= 15 =:1=9 %2<H5K21H7 31>IL D4EH7 @:4<A 3:C<H= C:2L 1H= K2:K12:= G6 D<7CG9 RC: 815 YE<>I 1H= 5I<44:=L GC6E7C H6

71?34:2 86E4= 3:G 6H C:2 G6 8<H9

TN:B44 G1I: C<? 8<GC E59 .: ?<7CG 3: 1?E5<H7LU -<=:6H 51<=9

T)6HBG G6E>C C<?L 0221H9U

.: D4EGG:2:= C<5 G6H7E: 1G C:2 4<I: 1 5H1I:9 TQ6E 1>GE144M GC<HI M6E C1F: 1HM 51M <H GC<5PU

%2<H 31>I:= @:4<A G6 GC: 8144 15 GC:M 1KK261>C:= D26? 36GC 5<=:59 "C: D<25G 3468 5:HG C:2 D4M<H7 1>2655GC: 266? <HG6 1 8<H=68 D21?:9 "C: 74155 5C1GG:2:= 126EH= C:2L 1H= 5C: 54E?K:= G6 GC: D46629 -<=:6H

2:1>C:= D62 @:4<A 1H= %2<H 41EH>C:= C:25:4D 1G C<5 31>I9 RC: =<=HBG ?1I: <G9 d1H 821KK:= C<5 12?5

126EH= C:2 1H= 5YE::J:=9 %2<H 715K:= 1H= 5G2E774:= G6 7:G D2::9 d1H SE5G 72<KK:= C:2 G<7CG:2 1H= G<7CG:29

@:4<A G2<:= G6 D<7CG 3EG 5G66= H6 >C1H>:9 ,G 815 4<I: 81G>C<H7 >1G5 K41M 8<GC 1 ?6E5:9 .<5 >461I 2<KK:=181ML GC:M G655:= @:4<A 126EH= GC: 266? 15 <D GC:M K41M:= >1G>CL 6H4M GC:M =<=HBG 1481M5 >1G>C9 %F:2M

7261H 1H= >2M @:4<A ?1=: 5G2E>I 4<I: 1 =177:2 <H %2<HB5 C:12G9TRG6K GC<5LU 5C: M:44:=9

0 5H1K 6D -<=:6HB5 D<H7:25 1H= @:4<A 41M >2E?K4:= 6H GC: 726EH=9

T/666bU %2<H 5>2:1?:=9

RC: 5YE<2?:= <H d1HB5 12?5 1H= C: 5G2:H7GC:H:= C<5 C64=9 @:4<A 815 34::=<H7L G2M<H7 G6 7:G EKL 1H= <DGC:M G6E>C:= C<? 171<HL C:B= =<:9

T)6HBG CE2G C<? 1HM?62:9 ,B44 =6 1HMGC<H79 V4:15:LU %2<H K4:1=:=9

-<=:6H IH:4G 3M GC: 5:?<>6H5><6E5 @:4<A 1H= KE44:= C<? <HG6 C<5 12?59 .: 5G12:= 5G21<7CG 1G %2<HL 2<KK:=

6K:H @:4<AB5 5C<2GL GC:H 51HI C<5 G::GC <HG6 C<5 H:>I9 %2<H S64G:= 171<H5G d1H9 @:4<A D4EGG:2:= 4<I: 1 326I:H

3<2= 15 -<=:6H 5E>I:= GC: 4<D: 6EG 6D C<?9 %2<HB5 C:12G 3:71H G6 >21>I9

TV4:15:LU 5C: 3:77:=9 TV4:15: =6HBG =6 GC<59 )6HBG I<44 C<?9 Q6E >1H C1F: ?: D62:F:29 NC1G:F:2 M6E

81HGL 3EG K4:15: =6HBG I<44 C<?9U

@:4<AB5 :M:5 5H1KK:= 6K:H9 .: 466I:= D62 C:2L D6EH= C:2L 1H= G2<:= G6 5?<4:9

T, 46F: M6ELU %2<H 715K:=9

"C:H C<5 :M:5 >465:= 1H= C:2 C:12G 326I: <H G869 -<=:6H D4EH7 C<? 15<=:9 @:4<A D46KK:= G6 GC: D4662 4<I:

1 217 =644L C<5 D1>: K62>:41<H 8C<G:9 -<=:6H C1=HBG :F:H 36GC:2:= G6 5:14 GC: KEH>GE2: 86EH=5 6H C<5H:>IL GC6E7C 3466= 312:4M G2<>I4:=9 %2<HB5 8624= >:15:= GE2H<H79 RC: D:4G 15 GC6E7C C:2 4<D: D62>: C1=

=21<H:= D26? C:2 G669 .:2 =2176H 3E2H:= C:2 5I<HL G8<5G<H7 <H 1H7E<5C9 -<=:6H 5G66= EK 1H= 8<K:= C<5

?6EGC 8<GC GC: 31>I 6D C<5 C1H=9T/68L M6EB2: 144 ?<H: 171<HLU C: 51<= 1H= 5?<4:=9

/6L 5C: 815HBGL M:G %2<H ?1=: H6 K26G:5G 8C:H 1G -<=:6HB5 5<7H14L d1H =2177:= C:2 6EG5<=:9 RC: F68:=

H:F:2 G6 EGG:2 1H6GC:2 56EH=9 /6 K1<H GC1G 315G12= ?<7CG <HD4<>G >6E4= 3: 15 72:1G 15 GC1G 8C<>C H68

:H7E4D:= C:29 %2<H 81HG:= G6 =<:L 8:4>6?:= =:1GCL 1H= 8C:H <G >1?:L 5C: 86E4= H6G 3: 76<H7 146H:9

] ] ] ] ]

TNC6 =6 8: C1F: C:2:PU



&466= 8:HG :F:2M8C:2: :A>:KG =68H @:4<AB5 GC261G9 04<><1 72133:= C<5 S18 1H= 82:H>C:= C<5 ?6EGC

6K:H9 "C2:: 5:>6H=5 8C<4: 3466= 71GC:2:= 1H= 6F:2D468:=9 "86 ?62: 5:>6H=59 "C:H 1 7E4K D26? @:4<AL

1H= RM2:H 1H= 04<><1 7E4K:= G669

T02: M6E 5E2: 136EG GC<5PU RM2:H 15I:= C<5 8<D:9

T"C:M C1F: GC: 36H=?12I59 .:B5 C:2 ?1G:9 , 86HBG 4:G C:2 465: 1H6GC:2 6H:9 N: 5C6E4= C1F: =6H: GC<58<GC RG:KC:H9U

TRC: C1= H6 36H=?12I GC:H9U

TNC1G C1F: 8: C:2:PU

04<><1 5K21H7 G6 C:2 D::G 1H= K65<G<6H:= C:25:4D 3:G8::H RM2:H 1H= GC: D6E2 F1?K<2:5 8C6B= 814I:=

<HG6 GC: 266?9 "C: ?1H <H D26HG 466I:= 1G @:4<A 1H= D268H:=9 T%2<HB5 K:G9 NC1G C1F: M6E =6H: 8<GC%2<HPU

TRC:B5 76H: 1H= C:2 ?1G:B5 3::H 1GG1>I:=LU 04<><1 51<=9 TNC6 12: M6EPU

T":A RH689U

RM2:H GE2H:= G6 @:4<A9 T%H6E7CLU C: 51<= 1H= KE44:= C<5 82<5G 181ML GC:H 4<>I:= <G G6 5:14 GC: 86EH=9

T.: H::=5 ?62:LU 04<><1 51<=9

T"C:H D::= C<?9U

04<><1 51G 1H= 4<DG:= @:4<A <HG6 C:2 12?59 RC: C:4= C<5 C:1= 1G C:2 32:15G 1H= 54<>:= 1 >EG <H C:2 5I<H9

RM2:H 5G66= <H D26HG 6D ":A9 .: =<=HBG H::= G6 51M 1HMGC<H7L 62 :F:H ?6F:9 "C: GC2:: F1?K<2:5 3:C<H=":A 5E==:H4M >4EG>C:= GC:<2 C:1=5 1H= =26KK:= G6 GC: D4662 82<GC<H7 <H 176HM9

TNC6B5 0221HPU RM2:H 15I:=9

":A 5>2:1?:=9

T)6HBG 4<I: K1<HPU RM2:H 81HG:= G6 2<K GC: 7EMB5 C:1= 6DD9 TNC1G 1 5E2K2<5:9 ,B44 15I M6E 171<H9 NC6 <5

0221HPU

TW4E3 ?:?3:2LU ":A 715K:=9 T#:14 H1?: <5 -<=:6H /62GC9 '<I:5 %2<H9 0 46G9 , >1?: G6 812H C:29U

RM2:H 2:=E>:= C<5 C64= 1 D21>G<6H9 TN12H C:2 6D 8C1GPU

T(H: 6D ?M ?:HL d1H -:HG:HL C: 4<5G:H:= G6 K64<>: 21=<6 G21H5?<55<6H5L D6EH= C:2L D64468:= C:2L 1H=

G64= /62GC 8C:2: 5C: 8159 , GC6E7CG , >6E4= 7:G G6 C:2 D<25G9U

2;8<0;8<0;8<0;8<0;8< 9 RM2:HB5 ?<H= 21>:=9 04<><1 C1= 5:14:= GC: 86EH= <H C:2 >C:5G 1H= H68 5G66= 3M

C<5 5<=:9

T)6 M6E IH68 8C:2: C: 4<F:5PU 04<><1 15I:= ":A9

T/69 ,B? H6G :F:H 5EKK65:= G6 IH68 C<5 2:14 H1?:L 3EG 6H: 6D ?M 7<245 G64= ?:9 NC1GB5 76<H7 6H C:2:P

NC6 12: M6EP Q6E G2M<H7 G6 GE2H C<?PU

T/6G G2M<H7LU RM2:H 51<=9 TN: ,%" GE2H<H7 C<? 1H= 8C:H 8: C1F:L C:B44 >6?: 466I<H7 D62 M6E 1H= 8:B44

14468 C<? G69U

":A G66I 1 5G:K 31>I812=9 T'66IL , >1?: G6 812H %2<H 136EG 0221HZ-<=:6H9 , 815 G2M<H7 G6 C:4K C:29 ,

4<I: %2<H9 , 7E:55:= 5C: C1= 56?: E4G:2<62 ?6G<F: D62 862I<H7 1G GC: >4E3 1H= 56 46H7 15 5C: =<=HBG 7:G?: <HG6 G26E34:L , 815 C1KKM G6 76 146H7 8<GC <G9 02: M6E 56?: 2:5<5G1H>: 726EK 62 56?:GC<H7P , C1G:

GC: DE>I<H7 W6EH><4 G669 , D<7E2: ?M >4E3 5:2F:5 1 E5:DE4 KE2K65:9 0G 4:15G GC: D2:1I5 12:HBG 6EG GC:2:

5H1>I<H7 6H ?62G1459U



T&EG <GB5 6I1M G6 5H1>I 6H 6E2 =1E7CG:2P Q6E 3:GG:2 C6K: 8: D<H= C:2 3:D62: <GB5 G66 41G:LU RM2:H

5H1KK:=9

":AB5 :M:5 6K:H:= 8<=:29 TRC:B5 M6E2 =1E7CG:2P NC1GZ8C1G >41HPU

T"2E:3466=9U

":A =26KK:= G6 C<5 IH::59 T(C DE>I9 ':G ?: C:4K9 ,B44 =6 8C1G:F:2 M6E 81HG9U

!"#$%&' +,&*%9:2&1&*

%2<H 815 D62>:= G6 IH::4 EK2<7CG <H GC: 2:12 6D GC: >12L C:2 12?5 82:H>C:= 3:C<H= C:2 31>I9 d1H 51G 6HC:2 468:2 4:75 C64=<H7 C:2 82<5G5 G<7CG <H C<5 7215K9

T, D::4 4<I: , 86H GC: 46GG:2MLU -<=:6H 51<= 1G C:2 5<=:L 54<=<H7 C<5 C1H= EH=:2 C:2 =2:55 1H= 6HG6 C:2

GC<7C9 T, >C15: 1 31= 7<24L >1G>C C:2L 465: C:2L >1G>C C:2 171<HL 6H4M G6 D<H= 5C:B5 1 K2<J: 3:M6H= ?M

8<4=:5G =2:1?59 0 "2E:3466= K2<H>:559U

%2<H ?1=: 5E2: 5C: 5C68:= H6 2:1>G<6H9 044 5C: >6E4= GC<HI 136EG 815 @:4<AB5 >2E?K4:= 36=ML GC: 81MGC:MB= G655:= C<? 126EH= GC: 266?L GC: 5<7CG 6D C<5 8C<G: D1>: 1DG:2 -<=:6H C1= =21<H:= C<?9 T! 2"6(:=

K 6$A"3 9$; -$ 4;8!9 .:2 C:12G 815 326I:H <HG6 1 ?<44<6H K<:>:59

T"C<H75 >6E4= H6G C1F: 862I:= 6EG 3:GG:2 GC1H GC<5LU -<=:6H 51<=9 TOM D1F6E2<G: G6M 31>I <H ?M C1H=5

1H= ?62: E5:DE4 G6 ?: GC1H , >6E4= C1F: 7E:55:=9U

%2<H D62>:= 144 GC6E7CG5 6D @:4<A D26? C:2 ?<H=9 ,D 5C: 815 G6 I<44 -<=:6HL GC:2: >6E4= 3: H6=<5G21>G<6H59 ,D 5C: 5E>>::=:=L GC:H GC:2: 86E4= 3: G<?: G6 ?6E2HL 3EG EHG<4 GC1G G<?: >64= DE2M 815 GC:

6H4M :?6G<6H 5C: >6E4= 14468 C:25:4D9

-<=:6H K<H>C:= C:2 GC<7C9 TV1M 1GG:HG<6H9 Q6E2 D1GC:2L RM2:HL 1H= , 12: 64= D2<:H=5L GC6E7C , C1F:HBG

5::H C<? D62 M:1259 , IH:8 C: C1= G86 56H5L 3EG , =<=HBG IH68 C: C1= 1 =1E7CG:29 0CL M6E2 58::GL

3:1EG<DE4 ?6GC:29 , H:F:2 76G G6 DE>I 04<><1L 3EG , =<= 7:G G6 DE>I M6EL 8C<>C <5 :F:H 3:GG:29U

.: ?6F:= C<5 C1H= G6 C:2 D1>: 1H= 21H 1 D<H7:2H1<4 =68H C:2 >C::IL 5K4<GG<H7 C:2 5I<H9 -<=:6H 4<>I:=

GC: 3466= D26? C<5 D<H7:29 T/6GC<H7 G6 51ML ?M 58::GPU

F$; !,A")C/ ,-<"3 4" , Y;"-/($)= ,--!$6"1

TR6 , C1F:HBG9U .: 41E7C:=9

2;8<= 0;8< 9 RC: C1= G6 I::K C:2 ?<H= 341HI9 -<=:6H 815 64=:2 1H= 5?12G:29 RC: ?<7CG 6H4M C1F: 6H:6KK62GEH<GM9 .<5 D<H7:2 ?6F:= G6 5G26I: C:2 4<K5 1H= %2<H 815 D15G9 (H: 5H1K 6D C:2 S185 1H= 5C: 5K1G

GC: =<7<G 6EG 15 C: C684:= <H DE2M9 0 ?6?:HG 41G:2L 5C: 8<5C:= 5C:B= C1= GC: H:2F: G6 5814468 <GL

3:>1E5: -<=:6H C1= K2:55:= GC: D<H7:2 31>I <H K41>: 1H= 4<>I:= EHG<4 GC: D4:5C 3:71H IH<GG<H7 G67:GC:29

TQ6E DE>I<H7 3<G>C9 ,B44 ?1I: M6E 5622M M6E =<= GC1G9U

@E2M 2644:= 6DD C<? <H 81F:5L >15>1=<H7 6F:2 %2<HL D677<H7 C:2 C:1=9 .: KEG C<5 EH<HSE2:= C1H= 6F:2

C:2 C:12G 1H= 5YE::J:= C12=9 RC: D:4G C:2 2<35 3:H=<H7L C:2 D4:5C G:12<H79 c<44 ?:L %2<H GC6E7CG9

TQ6EB2: D62GEH1G: , =6HBG 81HG M6E =:1=ZM:G9 "C<5 G<?: M6EB2: 76<H7 G6 G:44 ?: :F:2MGC<H79 /6 ?62:

4<:59 Q6EB2: EK G6 56?:GC<H79 "C: "2E:3466=5 K41HH<H7 1H EK2<5<H7P ,5 GC:2: 56?: K46G G6 6F:2GC268 GC:W6EH><4PU

%2<H 5G12:= 5G21<7CG 1G C<?9



.<5 ?6EGC >E24:=9 T"C<HI M6EB44 5G1M 5<4:HGL ?M K2:><6E5P /6L M6E 86HBG9 "C6E7C <G K263134M =6:5HBG

?1GG:2 3:>1E5: , =6E3G RM2:H 8<44 4:1F: M6E <H ?M C1H=59 .:B44 >6?: D62 M6E 1H= 8:B44 3: 81<G<H79 0

G15G<:2 K<:>: 6D 31<GL , >6E4= H:F:2 C1F: <?17<H:=9U

"C:H C<5 ?6EGC 815 6H C:2L 1H= 15 C<5 D1H75 51HI =::K <HG6 C:2 32:15GL %2<H >465:= =68H9

] ] ] ] ]

@:4<A G2<:= G6 2:?:?3:2 8C1G C: >6E4= C1F: :1G:H GC1G ?1=: C<? D::4 GC<5 5<>I9 /6GC<H7 >1?: G6 ?<H=90K12G D26? >213L GC6E7C C: C1=HBG 3::H 5GEK<= :H6E7C G6 :1G GC1G 5<H>: GC: 415G G<?:9 V26S:>G<4:

F6?<G<H7 <H GC: GC:1G2: 815 1H EH2:K:1G134: H6;H69 .: =<=HBG 1>GE144M D::4 4<I: GC268<H7 EKL 3EG C: D:4G

6==L 15 GC6E7C 56?:GC<H7 8:2: K41M<H7 >1G>C 1H= GCE?K <H C<5 7EGL 1 C:1FM 3144 4E2>C<H7 D26? 5<=: G65<=: 5>62<H7 K6<HG5 D62 GC: 6271H <G IH6>I:= <HG6 623<G9 "C: 5:H51G<6H GE2H:= G6 6H: 6D K1<H 1H= @:4<A

7261H:=9 .1= C: >1E7CG 56?: <HG:5G<H14 3E7P .6K:DE44M GC:2: 815HBG 56?: H15GM;466I<H7 14<:H 8<GC 3<7

G::GC 7:GG<H7 2:1=M G6 K6K 6EG 6D C<5 5G6?1>C9

.<5 36=M G8<5G:=L 58:1G :2EKG:= D26? C<5 K62:5L 1H= C: 715K:=9 NC:2: 815 C:P .<5 :M:4<=5 8:2: G66C:1FM G6 6K:H9 "66 C6G9 .: K1HG:=9 2;8< 9 .: 815 K1GC:G<> 8C:H C: 815 5<>I9 N15 56?:6H: 466I<H7

1DG:2 C<?P

'%()9.<5 ?<H= 5C6G 31>I <HG6 7:12 56 D15G <G 5G144:=9 .: 6K:H:= C<5 :M:5 1H= G2<:= G6 5<G EK9 0 C1H= K2:55:= 6H

C<5 >C:5G9

T,GB5 6I1ML @:4<A9 Q6EB2: 51D:9U

.: 34<HI:= :F:2MGC<H7 <HG6 5C12K:2 D6>E5L K<:><H7 GC<H75 G67:GC:2 4<I: 1 71?: 6D W4E:=69 .: 815 <H GC:

621H7:2M 8<GC %2<HB5 3:1EG<DE4 ?6GC:2 1H= 5C: C1= ;; 6CL 6H4M 1 >46GC <H C:2 C1H=9 04<><1 4:1H:= 6F:2

C<?L C:2 :M:5 8<=:9 N622<:=P @:4<AB5 5K<H: 12>C:= EHG<4 C: 815 82:H>C:= <HG6 1H <?K655<34: 5C1K:9 .:>6E4=HBG 5G6K GC: >2M :5>1K<H79 >! ?$3= -!"C66 /!()< KC4 , +(471 B!%(-/= ,4 K 39()@*

T%2<HLU C: 715K:=9

R6?:GC<H7 >64= 566GC:= C<5 D62:C:1=9 TN:B2: 466I<H7 D62 C:29 W1H M6E D::4 C:2PU 2""6 !"%* /6L C: >6E4= D::4 GC: >64= >46GC 1G C<5 3268 1H= D<H7:25 C: 815 EHE5:= G69 /6G %2<HB59

T@:4<AL M6E C1F: G6 GC<HI 136EG %2<HL 8C:2: 5C: ?<7CG 3:9 -<F: E5 56?: >4E:59U RM2:H 466?:= 6F:2

C<?9

W4E:5P "C<5 +,- 4<I: W4E:=69

T@:4<ALU 04<><1 51<= ?62: 5C12K4M9

.: G2<:= G6 >6H>:HG21G: 6H 8C1G 5C: 815 51M<H7L G2<:= G6 2:?:?3:2 8C1G C1= C1KK:H:=L G2<:= G6EH=:25G1H= 8C1G 815 C1KK:H<H7 H689 V1<H D<44:= C<5 C:1= 1H= 1 5E==:HL EH>6HG2644134: G2:?34<H7

6F:28C:4?:= C<5 4<?359 0 5:<JE2:P 0 D:F:2P .: 815 <449 "C: GC6E7CG 2:155E2:= C<? 15 C: 4E2>C:= D26?

12>G<> G6 G26K<>5 1H= 31>I 171<H9 .<5 G::GC >C1GG:2:= 56 C12= @:4<A GC6E7CG C:B= 465: 1 D<44<H79 %F:2MGC<H7CE2G9 .<5 G6H7E:L C<5 :M:5L C<5 >6>I9 .<5 5G6?1>C >4:H>C:= 171<H 1H= GC<5 G<?: GC: >6HG:HG5 5::GC:= 1H=

36<4:= 3:D62: 5E27<H7 EK C<5 GC261G9

.: GE2H:= C<5 C:1= 1H= F6?<G:=9 R6DG C1H=5 C:4= C<?L >14?:= C<? 15 C<5 36=M :?KG<:= <G5:4D9 -66=

-6=L 8C1G GC: C:44 C1= C: :1G:HP .68 ?E>C C1= C: :1G:HP .: >6E4=HBG 5G6K GC268<H7 EK9 )12I 4<YE<= K6E2:= 6EG 6D C<? 15 ?E5>4:5 >41?K:= 144 6F:2 C<5 36=M9

.: =26KK:= G6 C<5 31>I :AC1E5G:=9

T@:4<AL >1H M6E D::4 %2<HPU



.: 81HG:= G6 D::4 C:29 '6F:4M 15 C:2 ?6GC:2B5 >664 C1H=5 8:2: 6H C<5 3268L C: 8<5C:= %2<H 8:2: C:2:9

(H4M C: =<=HBG 81HG G6 3: GC268<H7 EK <H D26HG 6D C:29 NC:2: 815 5C:P

TW144 C:29 ':G C:2 IH68 M6EB2:Z1Z51D:9U

"C1G C1=HBG 3::H 8C1G 04<><1 <HG:H=:= G6 51M9 04<F:P N:44L 8CM 5C6E4=HBG C: 3: 14<F:P

>! 0;8< 9

%H4<7CG:H?:HG 41H=:= 4<I: 1 C1??:2 3468 1H= S122:= C<5 321<H9 @:4<A 21H C<5 G6H7E: 6F:2 C<5 G::GC 1H=71F: 1 5<7C9 .: 815HBG 5E2: 8C:GC:2 <G 815 6H: 6D =<51KK6<HG?:HG 62 2:4<:D9 /6 D1H759

TQ6E H::= G6 D::=9U

%2<HB5 ?6GC:2 EHD15G:H:= GC: D26HG 6D C:2 =2:55 1H= :AK65:= GC: G6K 6D C:2 32:15G9 .$= )$= )$I @:4<A

8C<?K:2:=9

T@:4<AL <GB5 6I1M9U

/6 <G 815HBG9 .<5 >1H<H:5 C1= 7268H 1H= K2<>I:= C<5 G6H7E:L GC1G K4E?K 32:15G 466I:= :A>::=<H74M

4E5><6E5L 1H= RM2:H 5G66= 81G>C<H79 @:4<A 815HBG 5E2: 8C1G G6 3: GC: ?65G 8622<:= 136EG9 .<5 2:1>G<6HG6 %2<HB5 ?E? 62 GC: GC6E7CG GC1G RM2:H 86E4= 2<K 6DD C<5 C:1= <D C: G6E>C:= C<5 8<D:B5 32:15G9

T%2<HPU @:4<A 15I:= <H 1 C6125: F6<>:9

TQ6EB2: 6E2 3:5G >C1H>: 6D D<H=<H7 C:29 RC:B5 M6E2 ?1G:9 Q6EB2: 36H=:=9U RM2:H K1>:= 126EH= GC:

266?9

T&6H=:=PU (C 766= -6=L GC: 7EM 86E4= GC<HI C: 815 1H <=<6GL 3EG @:4<A 2:144M 815 5G2E774<H79

TQ6E2 =2176H59U

@:4<AB5 >C::I 5G12G:= G6 <G>C 1H= C: 2E33:= <G9

RM2:H H6==:=9 T,GB5 ?6F:= G6 M6E2 D1>:9 ,GB5 G2M<H7 G6 C:4K IH6>I 56?: 5:H5: <HG6 M6E2 GC<>I 5IE449 %2<H

H::=5 M6E9 , >1HBG G21>I C:2 EH4:55 5C:B5 1G GC: K6<HG 6D =:1GC9 RC: <5HBG M:GL 3EG 5C: 8<44 3:9 )6HBG 4:G

GC<H75 76 GC1G D129U

T,Z,ZU @:4<A 5GEGG:2:=9

RM2:H =26KK:= =68H 3:5<=: C<?9 T'<HI G6 %2<HLU C: =:?1H=:=9

T)6HBG 5C6EG 1G C<?LU 04<><1 51<=9

@:4<A C1= G6 D<7CG C12= H6G G6 3E2M C<5 D1>: <H C:2 >C:5G9

T@::=LU RM2:H 62=:2:=9

"C:H C<5 D1>: 815 K2:55:= G6 04<><1B5 32:15G 1H= C: 5E>I:= 1G GC: >EG 5C:B= ?1=:9 .: >6E4=HBG C:4K <GL

1H= C: 86E4= C1F: M1HI:= C<5 C:1= 181ML 6H4M 04<><1 C:4= C<? GC:2: 1H= 56 =<= RM2:H9 @:4<A 5E>I:=9

R6?:GC<H7 812? 1H= =:4<><6E5 5G2:1?:= <HG6 C<5 ?6EGC9 U$)C/ /!()< ,5$;/ +!,/ (/ (-9 .: 5E>I:= C12=:2

1H= 04<><1 5G26I:= C<5 C1<2 SE5G 4<I: C<5 ?6GC:2 E5:= G6 8C:H C: 815 5<>I9 "C:H @:4<AB5 ?6EGC 815 6HRM2:HB5 82<5GL 1H= GC: G15G: 815 5<?<412 3EG =<DD:2:HG ;; 5G26H7:29 E!(/ Z )(8"9

05 C: =21HIL ?:?62<:5 D466=:= <HG6 @:4<AB5 C:1=9 .: 2:?:?3:2:= :F:2MGC<H7 GC1G C1= C1KK:H:= 5<H>:

C: 1H= %2<H C1= 5G66= 81G>C<H7 GC: D<2:862I59 .:B= G2<:= G6 K26G:>G C:2L 1H= -<=:6H C1= G1I:H C:29

RM2:H KE44:= C<5 82<5G 181M 1H= 5:14:= GC: >EG9 @:4<A KE5C:= C<?5:4D EK2<7CG 1H= 5G66= 6H 5C1IM 4:759

TQ6EB2: 6H: 6D E5L H689 /6 G<?: D62 :AK41H1G<6H59 N: C1F: G6 D<H= %2<HLU RM2:H 51<=9

] ] ] ] ]



T%2<H9 )6HBG ?6F:9U

0 8:1I F6<>: >144:= C:2 H1?:9

T%2<H9 NC1G:F:2 M6E =6L =6HBG ?6F:9U

NC65: F6<>:P ,G 56EH=:= D1?<4<129

T%2<H9 '<5G:H G6 ?:9 Q6E ?E5GHBG ?6F:9U

T"21>IPU 5C: >261I:=9

T)6HBG ?6F: 62 M6EB44 I<44 ?:9U

%2<H 6K:H:= C:2 :M:59 RC: 51G H1I:= 6H 1 >6H>2:G: D4662L 31>I G6 31>I 8<GC "21>IL 5:>E2:= G6 C<? 1G GC:

H:>I9 .:2 D1:2<: >65GE?: 41M 1 D:8 D::G 181M9

TN:B2: D15G:H:= G67:GC:2 8<GC 1 >64412 :?3:==:= 8<GC 5<4F:2 341=:59 ,D M6E KE44 181ML M6EB44 M1HI GC:?

<HG6 ?M GC261G9U

T0H= F<>: F:251PU

TQ:59U

%2<H 34<HI:= 1H= 466I:= 126EH=9 TNC:2: 12: 8:PU

T-<=:6HB5 C6?:9 RC26K5C<2:9U

T,5 C: >465: 3ML 4<5G:H<H7PU %2<H 15I:=9 "21>I 815 8:44 H1?:= 8<GC 1H :HC1H>:= 13<4<GM G6 5:H5: 6GC:2F1?K<2:59

T/69 .:B5 K2:K12<H7 D62 56?:GC<H7L G14I<H7 G6 6GC:259U

T, GC6E7CG M6E 8:2: =:1=LU %2<H 8C<5K:2:=9

T/6G YE<G:9U

T(C -6=L =6 M6E IH68 136EG '<51PU

.: G:H5:= 171<H5G C:29 TQ:59 -<=:6H G64= ?: <H =:G1<4 8C1G C:B= =6H:9U

T":A G2<:= G6 51F: C:2L 3EG 5C: 815 G66 31=4M <HSE2:=9 , D6EH= C:2 H:AG G6 ?:9 RC:B= =218H 1 ? 6H C:2

5G6?1>C9U

"21>I 71F: 1 =::K 5<7C 1H= 2:1>C:= G6 821K C<5 D<H7:25 126EH= C:259

T,B? 5622MLU %2<H 51<=9

TN: 144 IH:8 GC: 2<5I59 '<5G:HL 8: =6HBG C1F: ?E>C G<?: 1H= M6E H::= G6 IH68 8C1G -<=:6HB5 3::H

=6<H79 .: C15 G6 3: 5G6KK:= 3:D62: GC:2:B5 1H6GC:2 812 8<GC GC: 8:2:864F:59U

%2<H EH=:25G66= 8C1G "21>I <HG:H=:= G6 =69 ":44 C:2 :F:2MGC<H7 1H= GC:H 51>2<D<>: C<?5:4D G6 G2M 1H=

51F: C:29 "C1G 815HBG 76<H7 G6 C1KK:H9

"21>I >CE>I4:=9 TQ6E 12: 5E>C 1H 6K:H 366I9U

RC: 2644:= C:2 :M:59 T":44 ?:9U

T-<=:6H H::=5 ?62: K68:2 3:>1E5: C: 81HG5 G6 >6HG264 GC: W6EH><49 .: GC<HI5 <D C: >1H 8<GC5G1H=

5EH4<7CGL 5C1K:;5C<DGL 1H= 2:=E>: C<5 2:4<1H>: 6H 3466=L GC:H C:B44 3: EH5G6KK134:9 .:B5 3::H

:AK:2<?:HG<H7 3M D::=<H7 8:2: 3466= G6 F1?K5L =21<H<H7 GC:? G6 GC: K6<HG 6D =:1GC 1H= GC:HG21H5DE5<H7 GC:?9 .: 5H1G>C:= 8:2:5 D26? 144 6F:2 GC: >6EHG2ML 3EG GC:M 3:71H G6 H6G<>: GC:

=<51KK:121H>:5 56 H68 C: C15 G6 4:G GC:<2 3466= 2:7:H:21G: 21GC:2 GC1H =21<H 1H= I<44 GC:?9 %F:H 56L C:B5



I<44:= G8:HGM;D<F: F1?K5 1H= D62GM 8:2:59U

T(C ?M -6=9 0H6GC:2 d41= GC: ,?K14:29U

NC1G -<=:6H 815 =6<H7 815 :AK2:554M 171<H5G F1?K<2: 4189 RC1K:;5C<DG:2 3466= <H 4127: :H6E7C

YE1HG<G<:5 815 IH68H G6 3: >1K134: 6D >C1H7<H7 1 F1?K<2:B5 ?:G1364<5?L GC6E7C GC: :DD:>G5 8:2: 6H4M

G:?K6212M EH4:55 GC: G21H5DE5<6H5 >6HG<HE:=9 d41=B5 1772:55<6H 815 8:44 =6>E?:HG:=L C<5 5K::= 1H=46H7 4<D: 1 K12G 6D F1?K<2: C<5G62M9 .:B= :HC1H>:= C<5 K68:25 3M E5<H7 GC: 3466= 6D GC6E51H=5 6D 8:2:5L

3EG GC: K:256H14 K2<>: 815 ?1=H:559 "C: K2<>: D62 F1?K<2:5 C1= 3::H 1 46H7 1H= 3466=M >6HD4<>G 8<GC

GC: 8:2:864F:5 1H= :G:2H14 =<5G2E5G9

T.:B5 ?1=: 56?: 562G 6D 1221H7:?:HG 8<GC 1 8:2: K1>I D26? R>6G41H=9 "C:M K26F<=: GC: 5EKK4M E5<H7?:?3:25 6D %H74<5C K1>I5L GC6E7C , =6HBG IH68 8C1G GC:M 7:G <H :A>C1H7:9U

%2<H 71F: 1 >C6I:= 41E7C9 TN: =6HBG H::= G6 5G6K C<?9 "C: W6EH><4 86E4= C1F: C<5 C:1= D62 GC<59U

"21>I 5<7C:=9 TQ:1CL 6H4M C:B5 5G1H=<H7 D62 4:1=:2 <H GC: :4:>G<6H5 1H= 8<GC GC: K26?<5: 6D 1 D:8 C6E25

<H GC: 5EH :1>C =1M D62 GC65: 8C6 5EKK62G C<?L C: ?<7CG 8:44 ?1I: <G G6 V2<?:9U

T.68 =6 M6E IH68 144 GC<5PU

TO65G C15 3::H K155:= D26? F1?K G6 F1?K <H GC<5 266? 3:D62: GC:M =<:=9 -<=:6H 5C685 6DD ;; GC:122671HG 315G12=9U

%2<H >465:= C:2 :M:59 "C1G 815 8C1G 5C: D:4G C:2:9 ):1GC9

TR6 D12 :F:2M F1?K C:B5 G21H5DE5:= C15 :F:HGE144M 76H: ?1=L GC6E7C <GB5 G1I<H7 46H7:2 1H= 46H7:29 "C:

415G ?1H17:= G:H G21H5DE5<6H59 -<=:6H 4:G5 GC: 8:2:5 I<44 GC: F1?K5 8C:H GC:M 76 >21JM9 (D >6E25: GC:M

=6HBG 2:14<J: GC:MB44 3: GC: H:AG F1?K<2:B5 ?:149 R6L H68 GC1G ,BF: G64= M6E :F:2MGC<H7 M6E C1F: G6:5>1K: 1H= 76 G6 GC: W6EH><49 @E>IL 862=5 , H:F:2 GC6E7CG ,B= EGG:29 , 81HG:= G6 32<H7 GC:? =68H 1H=

<H5G:1= 8: H::= GC:<2 C:4K9U

T.68 ?1HM G21H5DE5<6H5 C1F: M6E C1=PU %2<H 8C<5K:2:=9

T/<H:9U

%2<H 5YE::J:= C<5 D<H7:259

"21>I 5YE::J:= 31>I9 T"C1GB5 8CM M6E C1F: G6 3: GC: 6H: G6 7:G 181M9 , 81HG M6E G6 7213 GC<5 >644128<GC 36GC C1H=5L KE44 <G 181M D26? M6E2 H:>IL 1H= 32:1I <G9 Q6E2 C1H=5 8<44 3: <H 5C2:=5L 3EG =2<HI 8C1G

M6E >1H D26? ?: 1H= GC:H 2EH9U

T0H= 4:1F: M6E G6 =<:9U

T,B? 76<H7 G6 =<: 1HM81M9 Q6E H:F:2 IH68L K:2C1K5 '<51B5 81<G<H7 <H F1?K<2: C:1F:H9U .: 71F: 1 4<GG4:

>CE>I4:9

TO1M3: K =6HBG ?<H= =M<H79 -<=:6H SE5G I<44:= ?M ?1G:9U %2<HB5 F6<>: 86334:= 6H GC: 415G 5:HG:H>:9

TQ6E2 ?1G:P NC1G :45: C1F: , ?<55:= 5<H>: -<=:6H G66I ?:P NC6 815 C:PUT0 ?62G149 ,B? G2M<H7 H6G G6 GC<HI 136EG C<?9 , >1HBG 1DD62= GC: =<5G21>G<6H9 ,B? H6G 76<H7 G6 I<44 M6EL 3EG

, 1? 76<H7 G6 I<44 -<=:6H9 N: C1F: G6 862I 6EG 1 81M G6 :5>1K: D26? GC<5 >6HG21KG<6H9 &6GC 6D E59U

T/6L %2<HL 4<5G:H G6 ?:9 ,B? 142:1=M =M<H79 O1M3: GC: H:AG G21H5DE5<6H 86HBG 5:H= ?: <H51H:L 3EG GC:

6H: 1DG:2 ?<7CG 1H= GC:H C:B44 5G12G 6H M6E9 (H: 6D E5 C15 G6 5E2F<F:9U

"21>I ?6F:= C<5 C:1=9 %2<H D:4G 341=:5 >EG C:2 H:>I9

T(C DE>IL 5622M9 Q6EB2: 34::=<H7 1H= , D::4 C<? >6?<H79U



%2<H 21>:= GC26E7C GC: 8<5=6? 6D 1>G<H7 H68 62 81<G<H79 NC1G:F:2 ?:GC6= GC:M E5:= G6 D2::

GC:?5:4F:5 6D GC: >64412 86E4= 2:5E4G <H 5:F:2: 3466= 46559 -<=:6H C1= 142:1=M 8:1I:H:= C:29 "21>I

56EH=:= H6 5G26H7:29

"C: =662 6K:H:= 1H= -<=:6H 814I:= <H9 T&::H 7:GG<H7 1>YE1<HG:=P (C M:5L M6E 142:1=M IH68 6H:1H6GC:29 R::?5 ,B? 8:44 8<GC<H ?M 2<7CG5 G6 <HG:22671G: M6EL D<H= 6EG 8C6 :45: <5 <HF64F:= <H M6E2 K41H5

G6 =<52EKG GC: W6EH><49U

%2<H ?6F:= C:2 C1H=5 D26? <H5<=: "21>IB5 72<K 1H= >E24:= C:2 D<H7:25 6F:2 GC: G6K 6D C<59

T0H= M6E 12: 5E>C 1 G2:15E2:L ?M 58::G9 , >1HBG 81<G G6 5:: 8C1G C1KK:H5 8C:H , 2:K41>: 144 M6E2 3466=

8<GC GC1G 6D 1 8:2:9U

%2<H 8<44:= C:2 C:12G 21G: G6 5G1M GC: 51?: 15 C:2 ?<H= 21>:= 6F:2 K655<3<4<G<:5L 81M5 G6 GE2H GC:5<GE1G<6H 126EH=9

TW1H M6E2 D1GC:2 D<H= M6EP )6 M6E C1F: GC1G 562G 6D 4<HIP ,B? 5E2: C:B44 G21>I M6E =68HL 3EG <G 8<44 G1I:

C<? 56?: G<?:L 46H7 :H6E7C D62 ?: G6 K41M D62 1 8C<4:9 "C:H RM2:H >1H G1I: M6E2 K41>:9 NC:H ,BF:

G1I:H 8C1G , 81HGL ,B44 3: 2:812=:= 3M GC: W6EH><4 D62 32<H7<H7 1H :H:?M G6 SE5G<>:9 "2E:3466=5 8<44 3:76H: D62:F:29U

-<=:6H 814I:= 126EH= GC:?9 T)<= M6E IH68 %2<H <5 1 "2E:3466= K2<H>:55PU

%2<H D:4G "21>I G2M G6 C<=: C<5 2:1>G<6HL GC6E7C C<5 D<H7:25 541>I:H:= EH=:2 C:259

TRC: 142:1=M C15 GC: K68:2 G6 8<GC5G1H= 56?: 5EH9 RC: >1H C1F: 313<:5 G669 O1M3: ,B44 I::K M6E 1H=

32::= D26? M6EL ?M 58::G9U

%2<H KE44:= C:2 C1H=5 6DD "21>IB59

T/6GC<H7 G6 51MP Q6EB2: 362<H7 ?: H68L ?M =124<H79 , 2:144M 81HG 1 563 62 1 G:12 62 G869U

,H 1 4<7CGH<H7;D15G ?6F:L %2<H 2:1>C:= 6F:2 C:2 5C6E4=:25 G6 =217 GC: >64412 181M D26? "21>IB5 H:>I 1H=

32<H7 <G <HG6 C:2 68H9 ,>M K1<H D415C:= GC26E7C C:29 RC: 5H1KK:= GC: 31H= 1H= 82:H>C:= <G 6EG 6D C:2

GC261G9 &466= K6E2:= =68H C:2 >C:5GL 1 >2<?56H G<=:9 -<=:6H 466I:= 1G C:2 <H =<53:4<:D 1H= %2<H GC2:8

C:25:4D 6HG6 C:2 D1:2<: >65GE?:9 05 -<=:6H 41EH>C:= C<?5:4D 1G C:2L 5C: GE2H:= 6F:2L GC2E5G GC: 5C12K:H= 6D GC: K:H><4 81H= <HG6 C<5 >C:5GL GC:H G8<5G:=9 .<5 :M:5 6K:H:= 8<=: <H 1?1J:?:HG9

%2<H >6E4=HBG 5K:1IX C:2 F6<>: 36A C1= 3::H =:5G26M:= 56 5C: GC6E7CG GC: 862=5 <H C:2 C:12G9

K ,4 , P%;"56$$31 K 0$;)3 49 6$A"= ,)3 9$; 8,) )"A"% /,<" /!,/ ,+,9 0%$4 4"1

!"#$%&' +,&*%9:405"%

"21>I >2184:= 1>2655 GC: >6H>2:G:L C12=4M 134: G6 3:4<:F: 8C1G C1= SE5G C1KK:H:=9 -<=:6H 82<GC:= 6H

GC: D4662L GC: 81H= <H C<5 2<359 %2<H 41M ?6G<6H4:55L 3466= :F:2M8C:2:9 .:2 C:1= C12=4M 466I:= 1GG1>C:=G6 C:2 36=M9 .:2 D<H7:25 8:2: ?1H74:=9 >! 0;8<1 D!,/ -!,66 K 3$* NC:H -<=:6H 821KK:= C<5 C1H=5

126EH= GC: 866= 5G<>I<H7 6EG 6D C<5 >C:5GL "21>IB5 =:><5<6H 815 G1I:H D62 C<?9 .: ?<7CG 3: K1GC:G<>144M

8:1IL 3EG C: KEG :F:2MGC<H7 C: C1= 3:C<H= GC: 3468 G6 =2<F: GC: D1:2<: 81H= =::K:2 <HG6 -<=:6HB5 C:12G9

/6G 5G26H7 :H6E7C9 /6G D12 :H6E7C9 -<=:6H 2612:=L F<321G<H7 8<GC DE2M9 "21>I 5>EGG4:= 31>I812= 1H=D:4G D62 GC: 341=:= >644129 NC:H -<=:6H >1?: D62 C<?L C: 58EH7 <G 1>2655 C<5 D1>:9 "21>I C:12= 1H

:M:3144 K6K9

T"C1G 815 D62 '<51L M6E 315G12=LU C: 715K:=9



"21>I 31>I:= 181M 15 -<=:6H >2184:= 1DG:2 C<?9 .<5 D<H7:25 G6E>C:= GC: 41>: 6D %2<HB5 51H=14 1H= C:

5H1KK:= <G D2::9 .: 81<G:= EHG<4 -<=:6H 466?:= 6F:2 C<?L IH68<H7 GC: 64=:2 F1?K 86E4= GC<HI C:B=

86HL 1H= KEG 1 2:5<7H:= 466I 6H C<5 D1>:9

-<=:6H K1E5:= G6 51F6E2 C<5 F<>G62M 1H= "21>I 2:1>C:= EKL 466K:= GC: 4:1GC:2 5G2<K 126EH= C<5 H:>IL72133:= GC: 6GC:2 :H=L GC:H G8<5G:=9

-<=:6H 21<H:= 34685 6H "21>IB5 C:1=9 "21>IB5 F<5<6H 34E22:=L 3EG C: ?1<HG1<H:= GC: K2:55E2:9 ,D C: 71F:

EKL %2<HB5 51>2<D<>: 86E4= C1F: 3::H D62 H6GC<H7 1H= '<51B5 =:1GC 86E4= 3: ?:1H<H74:559 "C: 4:1GC:2

71226GG: 815 54<KK:2M 8<GC 3466=9 .12= 15 "21>I KE44:=L C: >6E4= D::4 C<5 K68:2 D1=<H79

#:KE45<F: 15 C: D6EH= GC: <=:1L GC:2: 815 D4:5C <H 2:1>C 1H= C: 51HI C<5 G::GC <HG6 -<=:6HB5 5C6E4=:21H= 5E>I:=9 .: ?1H17:= 1 ?6EGCDE4 3:D62: GC: F1?K S:2I:= 181M9

-<=:6H 5G66=L C:1F:= GC: GC<H 866=:H 5G<>I D26? C<5 >C:5GL 1H= C:4= <G 6F:2 "21>I9 "66 8:1I G6 G2M

1HMGC<H7 :45:L "21>I G<7CG:H:= C<5 ?6EGC 1H= 81<G:=9

T, 8<HLU -<=:6H 51<=L C<5 :M: 142:1=M 3:7<HH<H7 G6 C:149

T/6 M6E =6HBG9U

"21>I GE2H:= C<5 C:1=9 R:F:214 F1?K<2:5 C1= >6?: <HG6 GC: 266?9 .: 2:>67H<J:= ":A 3EG H6 6H: :45:9"C: 5G1I: =26KK:= D26? -<=:6HB5 C1H= 1H= "21>I 5<7C:=9

TRM2:HL 04<><1L D627<F: ?:LU -<=:6H K4:1=:=9 T, =<=HBG IH68 5C: 815 M6E2 =1E7CG:29U

TQ6EB2: H6G 862GCM 6D D627<F:H:55LU 51<= GC: 6H4M D:?14:9

":2262 D466=:= -<=:6HB5 D1>:9 "C: F1?K<2:5 5K2:1= 6EG 126EH= C<? 1H= C: GE2H:= <H 1 ><2>4:9 "21>I G2<:=

G6 >2184 G6 %2<HL 1H= 1 ?14: F1?K =26KK:= 1G C:2 5<=: 8<GC 1 >2M 6D 1H7E<5C9 "C:H -<=:6H 815 =68H 6H

GC: >:4412 D4662L 5>2:1?<H7L 5?6GC:2:= 3M GC: 6GC:25 EHG<4 GC: 5>2:1?<H7 5E==:H4M 5G6KK:=9 "21>I5CE==:2:=9 "C: 315G12= =<=HBG =:5:2F: G6 =<: 56 YE<>I4M9

TV4:15: C:4K %2<HLU GC: F1?K<2: H:AG G6 C:2 5C6EG:=9

"C: 6GC:25 8:HG G6 C:2 1H= "21>I 41M 31>I 8<GC 1 5<7C9 RC: 815 5G<44 14<F:9":A 3:HG 1G "21>IB5 5<=:9 .: 5?<4:= 1H= 6DD:2:= "21>I C<5 82<5G9 T)6HBG , 1481M5 466I 1DG:2 ?M

:?K46M::5P )2<HI9U

@:4<A 815 D21HG<>9 %2<H 815HBG ?6F<H7L 815HBG 32:1GC<H7L 815HBGZ1HMGC<H79 RC: C1= H6 GC261G9 RC:

14?65G C1= H6 C:1=9 .: >6E4= 5:: 3<G5 6DZ (C -6=L C: >6E4=HBG 466I9 .:2 C1H=5 8:2: >EG G6 2<336H59

RM2:H 1H= 04<><1 IH:4G 3M C:2 5<=:9 @:4<A 81G>C:= 15 RM2:H 54<G C<5 82<5G 6K:H 8<GC 1 D<H7:2H1<4 1H= G2<:=

G6 7:G %2<H G6 =2<HI9 /6GC<H7 5::?:= G6 76 <HG6 C:2 ?6EGC9

T"C<5 <5 GC: 51?: 15 3:D62:LU RM2:H 51<= 8<GC 1 7261H9 TRC: H::=5 1 G21H5DE5<6H9U

T,H 1H6GC:2 266?LU >144:= GC: 7EM ":A 815 D::=<H79 T-<=:6H C15 GC: :YE<K?:HG9UTOM 3466=LU @:4<A 51<=9 T-<F: C:2 ?<H:9U

RM2:H 58:KG C:2 <HG6 C<5 12?59 TRC: H::=5 6E2 3466= ?62:9U

04<><1 >1E7CG C<5 12?9 T@:4<A <5 C:2 36H=?1G:9 ':G C<? =6 8C1G C: >1H9U

@:4<A 81G>C:= 34E25 6D ?6G<6HX GC:M 8:2: 56 YE<>I 5:GG<H7 :F:2MGC<H7 EK9 ,G 815 SE5G 4<I: GC: 81M GC:MB=

1GG1>I:= -<=:6HB5 C6?: 8C:H C:B= 4:= GC:? GC:2:9 .: C1= H6 <=:1 C68 C: IH:8 8C:2: %2<H 815L 3EGC: C1=9 @:4<A C1= G2<:= G6 C:4K 8C:H GC:M 58:KG GC26E7C GC: 3E<4=<H7L :A>:KG C: C1= 1 D::4<H7 C: 815

?62: 6D 1 C<H=21H>:9 "C:2: 1481M5 5::?:= G6 3: 56?:6H: 5G:KK<H7 <H G6 C:4K GC: H:8362H F1?K9 ":A



C1= 51F:= C<? 5:F:214 G<?:59

/68 GC:M C1= %2<H 4M<H7 6H 1 G134:L 4<H:5 <H K41>: 3:G8::H C:2 1H= C:2 K12:HG5 8C6 =6H1G:= 5G21<7CG

D26? GC:<2 F:<H59 @:4<A D:4G 4<I: C:B= =26KK:= 6HG6 GC: 5:G 6D 56?: 762M C62262 ?6F<:9 "C:2: 815 3466=

:F:2M8C:2:L EK GC: 81445 1H= 144 6F:2 GC: D4662 1H= >:<4<H79 /6G %2<HB59 NC1G GC: C:44 C1= C1KK:H:= <HC:2:P @:4<A 81HG:= G6 C64= %2<HB5 C1H= 1H= C: >6E4=HBG9 .:2 D<H7:25 8:2: 312:4M 1GG1>C:=9 .: :=7:=

H:AG G6 04<><19

TN<44 5C: 3: 144 2<7CGPU C: 15I:=9

04<><1B5 >C<H YE<F:2:= 1H= @:4<A D:4G 15 GC6E7C C1H=5 C1= 2:1>C:= <HG6 C<5 36=M 1H= 82:H>C:= 6EG :F:2M

6271H9 "C: 3EGG:2D4<:5 <H C<5 5G6?1>C 3:71H G6 =<:9 .: K41>:= C<5 K14? 6F:2 %2<HB5 C:12GL >465:= C<5:M:5L 1H= 8<44:= C:2 G6 5E2F<F:9

#6",-" @"/ 5"//"%1 K 6$A" 9$;1 U$)C/ 6",A" 4"1 K 8,)C/ 5" , A,47(%" +(/!$;/ 9$;1 K 3$)C/ <)$+ +!,/ KC4

3$()@1 P!"9C66 ,66 6,;@! ,/ 4"1 #6",-"= '%()1 B$4" 5,8<1

T'66I 1G M6E2 12?LU 04<><1 715K:=9

.<5 =2176H C1= ?6F:=L 54<KK:= 1>2655 C<5 >C:5GL =68H C<5 12? K15G GC: G1GG:25 6D C<5 5C<2GL 1H= 146H7 C<5D<H7:25 G6 2:1>C %2<HB5 =2176H 4M<H7 6H C:2 C1H=9 .<5 5K12I4M 341>I =2176H HEJJ4:= C:2 >646E2:= 6H:9

T"2M D::=<H7 C:2 H68LU RM2:H 51<=9

.: 1H= 04<><1 =<5>6HH:>G:= GC:?5:4F:5 1H= 5:14:= GC:<2 4<HI5 <HG6 C:2 36=M9 @:4<A >6K<:= 8C1G C:B=

5::H =6H: 1H= =2:8 C<5 H1<4 1>2655 C<5 82<5G9 0 32<7CG 2:= 4<H: 6K:H:= 1H= 3466= 66J:= 6EG9 .: K2:55:=

<G G6 C:2 ?6EGC 1H= D:4G GC: 7:HG4: G6E>C 6D C:2 G6H7E:9

T)2<HILU C: 8C<5K:2:=9 T)6HBG 4:1F: ?:9 , >1HBG =6 GC<5 6H ?M 68H9 Q6E C1F: G6 7:G 8:449U

.: C:4= C<5 C1H= <H K41>: EHG<4 3466= 3:71H G6 2EH =68H GC: 5<=:5 6D C:2 ?6EGC 1H= RM2:H GE77:= C<?181M9

TR:14 M6E2 >EG9 RC: >1HBG G1I: ?62:9U

@:4<A 4<>I:= C<5 82<5G 1H= 81G>C:= <H C622<D<:= D15><H1G<6H 15 GC: 5I<H IH<GG:= G67:GC:29 .: 4<>I:= GC:=26K5 6D 3466= 8<GC 1H <H5G<H>G GC1G ?1=: C<? 7E4K9

TN<44 5C: 3: 6I1MPU C: 15I:=9

.:2 K12:HG5 =<=HBG 1H58:29

T, C1F: W12K1GC<1H 56<4LU ":A 51<= D26? GC: =66281M9 TRC: 466I5 5G134: :H6E7C G6 G21H5K62G9 ,G 8<44 7<F:

C:2 1 D<7CG<H7 >C1H>:9U

] ] ] ] ]

(H: 466I 1G GC: =12IL =1?K 266? 5:HG D:12 5E27<H7 126EH= @:4<AB5 36=M9 "C: :12GCM 5?:44 ?1=: C<? D::4

5<>I9

T, >1HBGLU C: ?E?34:=9

TQ:5 M6E >1HLU 04<><1 51<=9 TRC: H::=5 M6E9U

0 4127: C64: C1= 3::H =E7 <H GC: 56<4L 1 DE>I<H7 721F:L 1H= %2<H 41M <H <GL GC: 5K1>: H:AG G6 C:2 2:1=M D62

@:4<A9

T,B? >41E5G26KC63<>9 , 86HBG 3: 134: G6 32:1GC:9U

TQ6E =6HBG H::= G6 32:1GC:9 NCM 12: M6E C:5<G1G<H7PU RM2:H D268H:=9

@:4<A C:12= GC: 21HI =<51KK26F14 <H C<5 F6<>:9 "C<5 815HBG GC: 81M G6 3:7<H GC:<2 2:41G<6H5C<K9 (C -6=L



C68 46H7 >6E4= F1?K<2:5 4<F:P .: =<=HBG H::= G6 K<55 6DD C<5 D1GC:2;<H;4189 "C: 7EM 142:1=M GC6E7CG C:

815HBG 766= :H6E7C D62 C<5 =1E7CG:29 /68 @:4<A 815 136EG G6 K26F: <G9 .: 7E4K:= 1<2L :F:H GC6E7C C:

=<=HBG H::= <GL 1H= 41M =68H H:AG G6 %2<H9 .<5 C:12G 815 76<H7 3:25:2I G2M<H7 G6 32:1I C<5 2<35 1H= ?1I:

1 2EH D62 <G9 @:4<A K2:55:= C<5 D1>: <HG6 C:2 C1<29 "C: GCE?K 15 56<4 41H=:= 6H C<5 D::G 14?65G C1= C<?5K2<H7<H7 EK 171<HL 3EG C: 54<= C<5 12? 6F:2 %2<HB5 81<5G 1H= CE77:= C:2 G<7CG:29

"C: 8:<7CG 6D GC: 56<4 72:8 C:1F<:2 1H= GC: H::= G6 7:G GC: C:44 6EG 6D GC:2: 72:8 5G26H7:29 (C -6=L C:

>6E4=HBG =6 GC<59

TE6""7= 2"6(:1 ?(A" !"% 9$;% -/%")@/!1X

%2<HB5 ?6GC:2 <H C<5 C:1=9

)69 /6G9 @E>I9 "C<59 $KL @:4<A G64= C<?5:4D9 @217?:HG5 6D 56<4 41H=:= 6H C<5 D1>: 1H= C: D4<H>C:=9 .<5468:2 36=M D:4G 812? H689 .: G2<:= G6 ?6F: C<5 4:75 1H= 8C:H C: >6E4=L @:4<A 2:41A:= 1 4<GG4: IH68<H7

C: 815HBG G21KK:=9 044 C: C1= G6 =6 815 54::K H:AG G6 %2<H 1H= C: =<= D::4 54::KM9 R6<4 >6F:2:= C<5 D1>:

1H= C: K1H<>I:=9 .<5 C:1= 5C6G EK 1H= C: 34<HI:= GC: :12GC 6EG 6D C<5 :M:59

RM2:H 5>684:= =68H 1G C<?9

T, D6276G G6 KEG GC: 7E12= <H D26HG 6D GC: D<2:LU @:4<A ?E?34:= 1H= 3E2268:= =68H 171<H9 .: C:12=

RM2:H 41E7C <H5<=: C<5 C:1=9

&: 1 ?1HX 5E>I <G EKL @:4<A GC6E7CG9 (C H6L 3: 1 F1?K<2:L 5E>I <G EK9 .: 5?<4:= <HG6 %2<HB5 C1<29 "C:

56<4 41H=:= 6H C<5 C1<2 1H= @:4<A G<7CG:H:= C<5 C64= 6H %2<H9 .: >6E4= =6 GC<59 K 6$A" !"%1 K 6$A" !"%1 K

6$A"Z

] ] ] ] ]

@:4<A >1?: 26EH= 54684M9 N15 GC1G 1 C1H= 6H C<5 >6>IP .: C6K:= <G 815 %2<HB59 .: D:4G 46F:4M 1H= 812?

<H 3:= D62 1 >C1H7:9 .: SE5G 81HG:= G6 5HE774: =::K:2 EH=:2 GC: >6F:25 8<GC %2<H9

.<5 :M:5 6K:H:= 1H= C: >6E4= 5:: H6GC<H79 '%()* "C: 72<K 6H C<5 >6>I G<7CG:H:= 1H= @:4<A 715K:=9 "C:

?6EGCDE4 6D 56<4 5KE22:= C<? <HG6 1>G<6H9 .:B= 3::H 3E2<:= 14<F:9 .: >418:= C<5 81M G6 GC: 5E2D1>:L

14?65G 8C<?K:2:= 8C:H C<5 C:1= :?:27:= <HG6 GC: 6K:HL GC:H =E7 6EG %2<H9RC: =<= C1F: C:2 D<H7:25 821KK:= 126EH= C<5 >6>I9 .:2 C:1= 815 5G<44 6H9 /6 ?12I5 6H C:2 H:>I9 .:

72133:= 36GC C:2 C1H=59 )<= 1 D15G >6EHG9 %4:F:H D<H7:259 )<= <G 171<H9 ":H9 @:4<A 71F: 1 =::K 5<7C9

T02: M6E 6I1MPU C: 8C<5K:2:=9

TQ:59U

TNC:H , GC6E7CG 136EG 1 =<2GM 8::I:H=L GC<5 815HBG 8C1G , C1= <H ?<H=LU @:4<A 51<= 1H= D:4G C:2 41E7C9TN:B2: <H O62KC69 N:44L , 5EKK65: M6EBF: 7E:55:= , =<=HBG 3E2M E5 <H GC: 31>I 712=:H 6D V:F:HCE25G9

-<=:6H <5 =:1=9 %2Z =:1=;=:1=9 Q6E2 D1GC:2 1H= 56?: 6GC:25 =:14G 8<GC C<?9 "21>IB5 6I1M9 .: 1H= ":A

5::? G6 3: 7:GG<H7 6H 21GC:2 8:449 "C: 8:2:864F:5 <H -<=:6HB5 5G26H7C64= 8:2: 2:4:15:=9 (H: 6D GC:?815 56?:6H: <?K62G1HGL 1H= , 71GC:2 C: H68 68:5 M6E2 D1GC:2 56?: =:3G9 , GC<HI GC1GB5 326E7CG M6E EK

G6 =1G:9U

T@:4<ALU 5C: 51<= 1H= 21H C:2 D<H7:2 6F:2 C<5 4<K5L TM6E 5E2: GC:2: <5HBG 56?:GC<H7 :45: M6E H::= G6 G:44

?:PU

T, H::= 1 5C68:29U

T0H=PU

TQ6E H::= 1 5C68:2PU



T@:4<AbU

T(C M:5L ,B? 1 3466=5E>I<H7 D<:H=L SE5G 4<I: M6E9U .<5 ?6EGC G8<G>C:=9

T/6G SE5G 4<I: ?:LU %2<H 51<= 1H= 54<= C:2 C1H= 31>I <H5<=: C<5 K1HG59 .<5 31445 G<7CG:H:=9 .<5 >6>I 815

142:1=M 212<H7 G6 76 62L 21GC:2L >6?:9

TOE>C 15 ,B= 4<I: G6 5C68 M6E C68 =<DD:2:HG , 1?L >1H 8: 7:G 6EG 6D GC<5 266?L 6EG 6D GC<5 >4E3PU

%2<H 3:71H G6 D<5G C<5 >6>I 1H= @:4<A 7261H:=9

TNC:2: =6 M6E 81HG G6 76PU 5C: 15I:=9

T&1>I G6 V:F:HCE25G9U

TQ6E G86 181I:PU

"C1HI DE>I D62 F1?K<2: 5K::=9 %2<H C1= C<? J<KK:= EK 1H= C:2 C1H= H68C:2: H:12 C<5 >6>I 3M GC: G<?:

C:2 K12:HG5 C1= G1I:H 1H6GC:2 5G:K9 "C: 466I 6H RM2:HB5 D1>: G64= @:4<A C: IH:8 :A1>G4M 8C1G GC:MB=

3::H =6<H79 @:4<AB5 >6>I 2:G2:1G:= G6 1 51D: K41>: 3:C<H= C<5 5C6E4=:2 341=:59

TQ6E H::= G6 D::=L 3EG M6EB2: G66 8:1I G6 D::= :1>C 6GC:2LU 04<><1 51<=9 T%2<HL >6?:9U

@:4<A 466I:= 1G RM2:H 1H= 86H=:2:= <D F1?K<2:5 >6E4= 8:G GC:?5:4F:5 3:>1E5: C<5 341==:2 >6HG264 D:4G4<I: <G ?<7CG 3: 54<KK<H79 .<5 GC261G 5:<J:= EK 1H= C<5 4<?35 46>I:=9 %2<H >2184:= <HG6 C:2 ?6GC:2B5

12?59 RM2:H 54<>:= <HG6 C<5 82<5G 1H= 6DD:2:= <G G6 @:4<A9 (H: 5H<DD 1H= @:4<A 465G C<5 C:1=9 .: K21>G<>144M

IH6>I:= RM2:H 6F:2 <H C<5 C15G: G6 41G>C 6H9 "C: D4E<= J<H7:= GC26E7C C<5 F:<H5L D466=:= C<5 5:H5:5L 1H=6C -6=L GC: 7EM G15G:= 56 766=9

.: C1= H6 <=:1 C68 46H7 C:B= 3::H 7627<H7 8C:H RM2:H G8<5G:= C<5 :129 "C1G =<=HBG 862IL 56 C: D62>:=

C<? 6DD 3M GC: 5>2EDD 6D GC: H:>I9 @:4<A 71F: GC: ?65G :H62?6E5 3:4>C 1H= >41KK:= 1 C1H= G6 C<5 ?6EGC9

TV12=6H ?:9U

%2<H 1H= C:2 ?6GC:2 5?6GC:2:= 72<H59 RM2:H 72684:=9

TN:BF: 76<H7 31>I G6 V:F:HCE25GLU %2<H 51<=9

.:2 D1GC:2 H6==:=9 T"C: W6EH><4 8<44 81HG G6 5K:1I G6 M6E9 NC:H GC:M >144L 8:B44 144 76 G67:GC:29 ,

C1F: 1 D::4<H7 GC<H75 ?1M 3: 6H GC: >C1H7: 1G 46H7 415G9U

T"C1HI M6E D62 51F<H7 @:4<ALU 5C: 8C<5K:2:=9

TQ:5L =<= , GC1HI M6EPU @:4<A 15I:=9 T"C1HI M6E9U

RM2:H GE2H:= =12I :M:5 G6812= C<?9 T)6HBG 4:G ?: =68H9U

@:4<A C6F:2:= 6H GC: 32<HI 6D 1 36GG6?4:55 K<G 6D 1HA<:GM 1H= D:44 <H9 N15 C: 766= :H6E7CP W6E4= C:I::K %2<H 51D:L ?1I: C:2 C1KKMP W6E4= C: 5" 1 F1?K<2: 8<GC6EG :?3122155<H7 GC: 8C64: 6D GC:<2 I<H=P

TRG6K <GL )1=LU %2<H 51<=9 T':1F: C<? 146H:9U

@:4<A GE2H:= G6 C:2 D1GC:29 TQ:5L , >1H ?1I: C:2 C1KKM9 0? , 766= :H6E7C D62 C:2P ,B44 G2M G6 3:9 ,B44 =6?M 3:5G G6 I::K C:2 51D:L 6H4M , 86HBG 5G6K C:2 3:<H7 8C6 5C: <5L 8<4= 1H= >21JM 1H= GC: 4<7CG 6D ?M

4<D:9U .: 2:1>C:= C:2 D<H7:259 T,B44 46F: C:2 D62:F:29U

T0CLU 5<7C:= 04<><1 1H= GE77:= RM2:H G6812= GC: =6629

TQ6EB44 7:G ?122<:= 1G WC2<5G?159 N:B44 32<H7 GC: 2:5G 6D GC: >41HLU RM2:H 51<= 1H= GC:M 4:DG9

@:4<A D268H:=9 T"C1G 562G 6D 5G64: ?M GCEH=:29 %2<HL 8<44 ;; H6L , 2:DE5: G6 =6 GC<5 5<GG<H7 6H 1 C:1K 6D

56<4 <H GC: 315:?:HG 6D 1 5:A >4E39U



T"1I: ?: C6?:LU %2<H 51<= 1H= 821KK:= C:2 12?5 126EH= C<5 H:>I9

!"#$%&' +,&*%9:60*&

":A 1221H7:= D62 GC:? G6 3: =2<F:H 31>I G6 V:F:HCE25G 1DG:2 GC:MB= 5C68:2:=9 %2<H 51G 6H @:4<AB5 41K GC:8C64: 81M9 .: C:4= C:2 G<7CGL 3EG C<5 :M:5 2:?1<H:= >465:= <H C14D 54::K9 RC: 7E:55:= C: 815

:AC1E5G:=9 %2<H C1= 15I:= "21>I <D C: 81HG:= G6 >6?: 8<GC GC:?L 1H= C:B= 8<HI:= 1H= 51<= C:B= 5G1M8<GC ":AL GC6E7C H6G 15 1H :?K46M::9 ,G 5::?:= ":A ?<7CG 3: 1 E5:DE4 144M G6 GC:<2 >1E5:9 "21>I >6E4=

3: F:2M K:25E15<F:9

R6 ?E>C C1= C1KK:H:= <H GC: 415G G8:HGM;D6E2 C6E259 %2<H D6EH= <G 14?65G <?K655<34: G6 G1I: <G 144 <H9

RC: 81HG:= G6 3: C1KKML 6H: 31GG4: C1= 3::H 86HL GC: W6EH><4 1H= F1?K<2: 8624= 8:2: 2<= 6D -<=:6HLGC6E7C 7E<4G 7H18:= 1G C:29 ,D <G C1=HBG 3::H D62 C:2L @:4<A 86E4= 5G<44 C1F: C<5 4<D: EH=:2 GC: 5EH9 ,D

5C:B= 6H4M 814I:= 181M 8C<4: GC:2: C1= 5G<44 3::H G<?:9 "66 41G: D62 <D59 R6?:C68 <G 5::?:= 8625: GC1G

14GC6E7C @:4<A C1= 15I:= C:2 G6 ?1I: C<? 1 F1?K<2:L <H GC: :H= GC: =:><5<6H C1=HBG 3::H C<5 3EG C:2 K12:HG5B9 RC: EH=:25G66= C:B= 3::H =M<H7 1H= %2<H IH:8 5C:B= C1F: =6H: GC: 51?: 1H= GE2H:= C<? ;;

8:44 G2<:= G6L M:G GC1G =<=HBG ?:1H 8C1G C1KK:H:= 815 2<7CG9

"C: =662 G6 V:F:HCE25G 815 46>I:=9 @:4<A GE77:= C:2 126EH= GC: 5<=: 1H= GC:M 76G <H GC26E7C GC: D1E4GM

8<H=68 <H GC: 3EG4:2B5 K1HG2M9 %2<H 86H=:2:= 8C1G C: 815 GC<HI<H79 .:B= C12=4M 51<= 1 862=9 (H>:GC:M 8:2: <H C:2 5E<G: 6D 266?5L C: I<>I:= GC: =662 5CEG 3:C<H= GC:? 1H= 5<7C:=9

TNC1GB5 826H7PU 5C: 15I:=9

TOM B::GCLU C: ?EGG:2:= 8<GC C<5 ?6EGC H:124M >465:=9

TNC1GB5 GC: ?1GG:2 8<GC GC:?PU

.: 71F: C:2 1 K1<H:= 466I9 T, I::K K2<>I<H7 ?M G6H7E: 1H= ?1I<H7 <G 34::= 1H= ?M G::GC 86HBG 76 31>I

<H9U

%2<H >41?K:= C:2 4<K5 G67:GC:29

T/6G DEHHMLU C: 72684:=9

RC: =<=HBG =12: 5K:1I9 @:4<A 72133:= C:2 126EH= GC: 81<5G 1H= 5YE::J:= GC: 41E7C 6EG9

T,G <5 DEHHMLU %2<H 5K4EGG:2:=9

.: 7261H:=9 T.68 1? , 5EKK65:= G6 G14I 8<GC6EG D2:1I<H7 K:6K4: 6EGP NCM 86HBG GC:M 76 31>I <HPU

%2<H 4<DG:= C<5 EKK:2 4<K 1H= 466I:= 1G C<5 7E?9 TQ6E H::= G6 D::=9U

@:4<AB5 D1>: 8:HG K14: 1H= C<5 IH::5 5177:=9

T/:8 F1?K5 C1F: G6 D::= ?62: 6DG:H9 N: >1H 5C12: ?M V415?<A9 ,B44 >C1H7: GC: 62=:2 1H= 7:G 1=:4<F:2M D62 M6E9U

RC: KE5C:= C<? =68H G6 5<G 6H GC: 3:= 1H= 8:HG G6 7:G 1 >6EK4: 6D >12G6H5 D26? GC: D2<=7:9 %2<H C1H=:=6H: G6 @:4<A 1H= I:KG GC: 6GC:2 D62 C:25:4D9

T,G G15G:5 18DE4LU 5C: 51<= 1H= =21HI C:25 =68H <H 6H: 46H7 5814468L G2M<H7 H6G G6 72<?1>:9

@:4<A G66I 1 5<K 1H= C:1F:=9 T(C ?M -6=L GC1GB5 =<57E5G<H79 W6E4=HBG GC:M 7<F: GC: 5GEDD 1 D41F6E2 6D

56?:GC<H7 H<>: ;; 5G2183:22<:5 62 >C6>641G: 62 32E55:45 5K26EG5PU

T&2E55:45 5K26EG5PU %2<H 8<H>:=9 RC: IH:8 8C1G GC:M G15G:= 4<I:L 1H= <G 815HBG 766=9



@:4<A K6E2:= GC: 2:5G 6D GC: V415?<A =68H C<5 GC261G 1H= 715K:=9 T,G G15G:5 4<I: <GB5 ?1=: D26? D66=

GC1GB5 M:125 K15G <G5 5:44;3M =1G:9 QEIL MEI9 "C: 6H4M 766= GC<H7 <5 ?M D1H75 C1F: 2:G2:1G:=9 V263134M <H

=<57E5G9U

TO1M3: GC:2:B5 1 71K <H GC: ?12I:G D62 D41F6E2:= 3466=LU %2<H 51<= 8<GC 1 5?<4:9 T, 5EKK65: 3:>1E5: 8:C12=4M :1GL 8:BF: D6276GG:H 56?: D66= >1H G15G: H<>:9U

T, >1HBG 3:4<:F: K:6K4: =2<HI GC<59U

T/6G :F:2M6H: =6:59 "C:2: 12: 14G:2H1G<F:59U

TRE>C 15PU @:4<A 5G12:= 1G C:2 1H= 1 4127: 72<H D<44:= C<5 D1>: 15 2:14<J1G<6H =18H:=9 .: KE44:= C:2 =68H

6HG6 GC: 3:=9 TO<H:LU C: 51<= 8<GC 1 C1KKM 5<7C9

TO<H:LU %2<H :>C6:= 1H= K2:55:= C:2 4<K5 171<H5G C<59

NC:H C<5 12?5 821KK:= 126EH= C:2L D62 1 ?6?:HG %2<H GC6E7CG GC: 3E<4=<H7 815 5C1I<H7 EHG<4 5C:2:14<J:= @:4<A G2:?34:= 56 C12= C: 815 ?1I<H7 :F:2MGC<H7 F<321G:9

TQ6E H::= G6 4<: 31>ILU %2<H 8C<5K:2:=9 TV415?<A <5 721=:= D62 =<DD:2:HG 4:F:45 6D F1?K9 "C1G 815 G66

5G26H7 D62 M6E 1H= M6E =21HI <G D15G9 ,GB5 ?1=: M6E 3EJJ9 Q6EB2: YE<F:2<H7 4<I: 1 CE??<H73<2=9U

RC: 41E7C:= 8C:H <H GC: 34<HI 6D 1H :M:L C<5 >46GC:5 D4:8 6DD 1H= GC:H C:2 >46GC:59 @:4<A K65<G<6H:= C:26H C:2 31>I 1G GC: G6K 6D GC: 3:= 1H= C: IH:4G 1G GC: 36GG6?L C<5 GC<>I >6>I =12I 8<GC 3466=9

T0H= <5 GC1G 1 K2634:?PU C: 15I:=9

T/6L CMK:21>G<F: 36M9U

T)6 8: :F:2 H::= G6 7:G 6EG 6D 3:=PU "C: :A><G:?:HG <H C<5 :M:5 ?1=: C:2 C:12G 4:1K9

%2<H 41E7C:=9 T/6L <H51G<134: ?1H9U

.: KE5C:= C:2 GC<7C5 1K12GL C<5 71J: 4<H7:2<H7 6H GC: 1K:A 6D C:2 4:75 3:D62: C: 4<DG:= C<5 C:1= 1H=

5G12:= 1G C:29 .: I:KG 5G12<H7 15 C: 468:2:= C<5 ?6EGCL 5C68<H7 C:2 C<5 8:G G6H7E: 3:D62: C: 4<>I:=

D26? C:2 H1F:4 G6 C:2 KE55M9 %2<H 4:G 6EG 1 46H7 5<7C 1H= 54<= C:2 D<H7:25 <HG6 C<5 C1<2L GE77<H7 15 5C:

12>C:= 171<H5G C<5 D1>:9

.: I<55:= 1H= 4<>I:= 1H= H<334:= 15 C<5 GCE?35 5G26I:= C:2 <HH:2 GC<7C5L =218<H7 C:12G5L G21><H7 5K<21459

.:1G K2<>I4:= <H C:2 F:<H5L :1>C >12:55 3M G6H7E: 1H= D<H7:25 D::=<H7 GC: D<2:9

T(C WC2<5GL M6E G15G: 4<I: C:1F:HLU @:4<A 8C<5K:2:=9 T%F:2MGC<H7 5::?5 =<DD:2:HGL 3:GG:2L 32<7CG:29 , >1H5:: ?62: >4:124ML 1H= M6E G15G: :F:H ?62: 86H=:2DE49U .: KE5C:= 1 D<H7:2 3:G8::H C:2 8:G D64=59 TQ6E

D::4 56 56DG 1H= =:4<>1G:L 15 <D ,B? 5G26I<H7 GC: K:G145 6D 1 H:84M 6K:H:= D468:29U .: =<KK:= C<5 D<H7:2 <H

1H= 6EG 6D C:2 KE55M EHG<4 5C: 7261H:=9

T'6E=:2LU C: 51<=L T, >1HBG C:12 M6E9U

%2<H 7<774:=9 TQ:5 M6E >1H9 Q6E SE5G 4<I: G6 ?1I: ?: ?61H9U

0 5:>6H= D<H7:2 S6<H:= GC: D<25G 1H= 5C: C<55:= 1G GC: 72:1G:2 <HG2E5<6H9 @:4<A G8<5G:= C<5 82<5GL 5>2:8<H7C<5 D<H7:25 <H 1H= 6EG 6D C:2 54<>I =:KGC5 15 C: >6HG<HE:= G6 5G12: 1G C:29 %2<H 72:8 8:GG:2 8<GC :F:2M

GC2E5G 6D C<5 D<H7:259 &2:1GCM 715K5 3E25G D26? C:2 ?6EGC 15 C: 86EH= C:2 EK 4<I: 1 >46>I862I G6ML C:2

C<K5 2<5<H7 1H= D144<H7 <HG6 C<5 G6E>C 15 5C: G<7CG:H:= 1H= 2:4:15:= 126EH= C<?9 "C:H C<5 D<H7:25 8:2:76H: 1H= C<5 ?6EGC G66I GC:<2 K41>:L C<5 G6H7E: 5E27<H7 <HG6 C:2L DE>I<H7 C:2 EHG<4 %2<H IH:8 5C:B=

<?K46=:9 "C:H GC: 315G12= KE44:= 31>I G6 =218 1 G:15<H7 ><2>4: 126EH= C:2 468:2 3:44M9

TQ6EB2: =2<F<H7 ?: >21JM9U %2<H M1HI:= 1G C<5 C1<2L 1H= @:4<A =26KK:= C<5 C:1= G6 7:HG4M 3<G: =68H 6H

C:2 >4<G9



/6G C<5 D1H75L 3EG 5C: 5G<44 D4:8X C:2 4<?35 G<H74:=L C:2 C:12G K6EH=:=L 1H= C:2 F<5<6H 34E22:=9 0 2E5C 6D

C6G >2:1? D466=:= D26? C:2 KE55ML 5E27:= 6HG6 C<5 D1>:L 1H= 21H =68H C:2 GC<7C5 15 C:2 ?E5>4:5

>4:H>C:= <H :>5G1G<> 2:4:15:9 .: 41KK:= C:2L 4<>I:= EK C:2 >4<?1AL 5E>I:= <G 6EG 6D C:2L I::K<H7 <G 76<H7

1H= 76<H7 EHG<4 %2<H 5>2:1?:=9

.: I<55:= C:2 KE55M 8C<4: GC: 5K15?5 D1=:=L GC:H >2184:= EK GC: 3:= 1H= G66I C:2 ?6EGC <H 1 5468L

=::K I<559 T, 46F: M6ELU C: 8C<5K:2:=9

%2<HB5 C:12G =<= 1 C6KL 5I<KL 1H= 1 SE?K9 T, 46F: M6E G669U

@:4<A C:4= C<?5:4D 6F:2 C:2L C<5 IH::5 5K2:1=<H7 C:2 4:75L 1H= C: 2E33:= GC: G<7CG IH6G 6D C:2 >4<G 8<GC

GC: G<K 6D C<5 >6>I9

T)6 M6E ?<H= GC1G ,B? 1 F1?K<2:PU C: 15I:= <H 1 YE<:G F6<>:9

T)6 M6EPU

T, 15I:= D<25G9U

RC: 5<7C:=9 T,B? 51= D62 M6EL 3EG ,BF: H:F:2 3::H 15 C1KKM9 , 81HG:= M6E D62:F:2L 1H= H68 ,BF: 76G ?M

8<5CX 6H4M M6EB2: GC: 6H: 8C6B5 465G 6EG9U %2<H 5G12:= <HG6 C<5 :M:59 T)6 M6E ?<H= GC1G M6EB2: 1

F1?K<2:PUT,B? H6G 51=9 , 76G G6 5E>I M6E2 ?6GC:2B5 32:15G9U

%2<H D4<KK:= C<? 56 C12= C: D:44 6HG6 GC: D46629 TNC1GPU

T,GB5 6I1M9 Q6E2 D1GC:2 815 GC:2:9U .: 71F: C:2 1 >C::IM 72<H 15 C: >4<?3:= 31>I 6H GC: 3:= 1H= 6H G6K

6D C:29

%2<H 72684:=9

T, 81HG:= M6E D62:F:2 1H= H68 , C1F: M6E D62:F:29 NCM 86E4= , 2:72:G 1HM 6D <GPU C: 15I:=9

RC: 54<KK:= C:2 C1H= 3:G8::H GC:? 1H= 5YE::J:= GC: >2:5G 6D C<5 >6>IL K41M<H7 8<GC GC: =26K5 6D 5<4IM

D4E<= GC1G 71GC:2:= GC:2:L 4:GG<H7 GC:? 54<=: 3:G8::H C:2 D<H7:25L 2E33<H7 GC:? 6F:2 C:2 >4<G 1H= 6F:2

C<?9 @:4<A 5CE==:2:=9 %2<H =2177:= C:2 D<5G =68H C<5 >6>IL GC:H EK 171<H G6 >644:>G ?62: K2:>E?9 RC: 326E7CG 1 D<H7:2 G6 C:2 ?6EGC 1H= 4<>I:=L 3:D62: 54<KK<H7 1H6GC:2 <HG6 C<5 ?6EGC9 .: 5E>I:= C12= 15 C:

KE5C:= C<5 >6>I <H5<=: C:29 (H: 5468L 46H7 74<=: EHG<4 C: 815 G<7CG 171<H5G C:29 %2<H 12>C:= C:2 K:4F<51H= C: K2:55:= C:2 =68H9

T/6 ?6F<H79 , H::= 1 ?<HEG: 6GC:28<5: ,B? 76<H7 G6 4:G 144 6D F1?K<2: I<H= =68H 8<GC ?M K1GC:G<>

K:2D62?1H>:9U

%2<H >4:H>C:= C:2 KE55M ?E5>4:5 1H= C: 7261H:=9 TRG6K <G9U

TRG6K 8C1GPU 5C: 15I:= 1H= =<= <G 171<H9

@:4<A 7412:=9 .: KE44:= 31>I 1H= GC2E5G 56 C12= <HG6 C:2L C: 5C<DG:= C:2 EK GC: 3:= 1H= 5C: >644<=:= 8<GC

GC: C:1=3612=9T(C -6=L ,B? 5622M9U .: 2:1>C:= 6EG G6 2E3 C:2 C:1=9

RC: 41E7C:= 1H= 5CEDD4:= =68H 171<H9 TQ6EB2: 5G26H7:2 H68L @:4<AL 3EG ,B? 5G26H7 G669 , >1H G1I: <G9U

(H4M %2<H 815HBG 5E2: GC1G 815 G2E:9 "C: H:AG GC2E5G 5::?:= G6 2:1>C D12GC:2 <H5<=: C:2 GC1H 5C: GC6E7CG

K655<34:L GC: D2<>G<6H 6D C<5 >6>I 54<=<H7 6F:2 5:H5<G<F: G<55E: 5:H=<H7 C:2 H:2F: :H=<H75 <HG6 1 D2:HJM 6D:A><G:?:HG9 RC: 54<= C:2 C1H=5 6F:2 C<5 31>I5<=: 15 C: K68:2:= <HG6 C:2L 46F<H7 GC: 81M GC: ?E5>4:5 6D

C<5 3EGG G<7CG:H:= 1H= 2:41A:= 15 C: GC2E5G9

RC: >1?: 171<HL 81F:5 6D D<:2M K4:15E2: >122M<H7 C:2 181M 6H 1 5K<2144<H7 G8<5G:2 1H= @:4<A K2646H7:=



GC: 2<=: 3M >C1H7<H7 GC: 1H74: 6D C<5 C<K5 G6 G6E>C 1 K41>: GC1G D62>:= 1 81<4 D26? C:2 4<K59 %2<H 81HG:=

G6 3<G: C<? M:G C:4= 31>I9 RC: 8<5C:= C:B= 3<G: C:2 D<25G9 .: K2:55:= C<5 ?6EGC 171<H5G C:2 4<K5L C<5

G6H7E: 5G26I<H7 C:25 8C<4: C: =26F: <HG6 C:29 .:1G K664:= <H C:2 726<H 15 C<5 >6>I 58:44:=9 V4:15:L %2<H

GC6E7CG9 V4:15:9 &EG 5C: 86E4=HBG :F:H GC<HI GC: 862=5 ;; 3<G: ?: ;; <H C:2 C:1=9

@:4<A :AK46=:=L H6 6GC:2 862=9 "C: G6K 6D C<5 C:1= D4:8 6DDL C<5 5K<H: 12>C:= <HG6 1 368L C<5 4<?35

5:<J:= 1H= C<5 4EH75 46>I:=9 WE? 5C6G 6EG 6D C<5 >6>IL S:G 1DG:2 S:G =2:H>C<H7 C:2 KE55M9

.: 82:H>C:= C<5 C:1= 31>I 1H= >2<:= 6EG9 T(C -6=L %2<H9 , D::4 4<I: ,B? H:F:2 76<H7 G6 5G6K >6?<H79U

.<5 4<K5 54<= G6 GC: 4<H: 6D C:2 >C<HL G21F:44:= =68H GC: >E2F: 6D C:2 GC261GL 1H= C: HEJJ4:= C:2 H:>IL

41F<H7 1H= 5E>I<H79 .<5 G6H7E: K:25<5G:= <H >12:55<H7 6H: K12G<>E412 K41>:9 >! 9",!= K 6(<" (/ !"%"9 @:4<A2:14<J:= 8<GC 1 S64G <G 815 C:2 KE45: K6<HGL GC: F:<H 4M<H7 SE5G 3:468 GC: 5E2D1>: ;; 81<G<H79 D,(/()@* .:

721J:= C:2 5I<H 8<GC GC: G<K5 6D C<5 D1H75L 5>:HG:= 3466=L 1H= 465G C<5 ?<H=9 ,H5G<H>G G66I 6F:2X @:4<A

51HI C<5 G::GC <HG6 C:2 H:>I 1H= 5E>I:=9

E+""/ L"-;-= -!" /,-/"- 6(<" "A"%9/!()@ K 6$A"9 &:>1E5: 5C: +,- :F:2MGC<H7 C: 46F:=9 %2<H 7261H:= 3:H:1GC C<? 1H= C: D:4G C<5 31445 G<7CG:H9 .<5 >6>I 815 5G<44 C12=L 7:GG<H7 C12=:2 ;; !;!* KCA" $)69 G;-/

8$4"9 .<5 C<K5 26>I:= 171<H5G C:259 %2<HB5 D<H7:25 >E24:= <HG6 C<5 3EGG6>I5L C:2 KE55M ?E5>4:5 5:<J<H7C<5 >6>I <H 1 =:4<><6E5 5G21H74:C64=9 P(@!/"%= 5,599 .: 5E>I:= 15 C: KE?K:= <HG6 C:2L 1H= <G 815 4<I:C:B= 5GE>I C<5 >6>I <H 1H :4:>G2<> 56>I:G9 R<JJ4<H7 D<2: 2E5C:= GC6E7C C<5 36=ML 1H= C: >1?: 171<H9

@:4<A 5C66IL 72<KK:= 3M 1 ?6H5G:2 62715? GC1G C1= C<5 C<K5 3E>I<H7 1H= 3E>I<H7 15 C: :?KG<:= C<?5:4D9

.: D:4G %2<H >6?: G66L 6H: >4<?1A 5E2D<H7 6H GC: >2:5G 6D GC: 415G9 "C:M CEH7 6H G6 :1>C 6GC:2L 465G <H

GC: ?6?:HGL GC:<2 36=<:5 1H= ?<H=5 EH<G:= 15 GC:M 5612:= <H GC: 1<2L 8:1F<H7 1H= G8<5G<H7 3:D62:D461G<H7 31>I G6 :12GC9 .: >1E7CG 1 74<?K5: 6D C<5 =2176H KE44<H7 31>I D26? %2<HB59 N:2: GC: G86 76<H7

G6 DE>I :F:2M G<?: GC:M =<=P @:4<A 5?<4:=9 "C: <?K655<3<4<GM =<=HBG :F:H >6H>:2H C<? 1HM?62:9

.: KE44:= 181M D26? C:2 H:>IL 4<>I:= GC: ?12I5 C:B= ?1=:L 1H= 81G>C:= GC:? D1=: G6 H6GC<H79 .<5

71J: 265: G6 %2<HB5 D1>:9

T)<= , CE2G M6EPU C: 8C<5K:2:=9

RC: 72<HH:=9 TQ6EB2: S6I<H79 "C1G 815 GC: 3:5G 5:A ,BF: :F:2 C1=9U

.: G2<:= H6G G6 5?<2I 1H= D1<4:=9 @:4<A >21=4:= GC: 31>I 6D C:2 C:1= <H C<5 C1H= 1H= 5G12:= 1G C:29 .:

46F:= C:2 56 ?E>C C: CE2G9 .:2 :M:5 54<KK:= >465:=L 1H= C:2 58::G 4<K5 6K:H:= <H 1 41JM 5?<4:9 .:B=

H:124M 465G C:29 .: 3:HG C<5 C:1= 1H= G:15:= C:2 4<K5 8<GC GC: G<K 6D C<5 G6H7E:9

T/6 <G 815HBGLU C: 8C<5K:2:=9 T"C: 3:5G <5 M:G G6 >6?:9U

%2<H 6K:H:= C:2 :M:5 1H= 466I:= 1G C<?9

T, 46F: M6E 56 ?E>CX M6E C1F: H6 <=:1LU C: 8C<5K:2:=9 TQ6EBF: ?1=: ?: D::4 171<HL 3:4<:F: <H ?M5:4D171<H9 , D::4 56 4E>IM9U

T&EG ;;U

T&EG H6GC<H79U

T/6 5EHL @:4<A9U

T, =6HBG 7<F: 1 DE>I 136EG GC: 5EH9 , C1F: M6E 1H= GC1GB5 144 GC1G ?1GG:259 V4E5 ,B? H:F:2 76<H7 G6 C1F:

>64= G6:5 <H 3:=L :F:2 171<H9 R6L O<55 %2<H O12I6FL "2E:3466= K2<H>:55L 5:A 76==:55L 46F: 6D ?M 4<D:L8<44 M6E =6 ?: GC: 72:1G C6H6E2 6D 3:>6?<H7 ?M 8<D:PU

TQ:59U



,G 815 WC2<5G?15 %F: 1H= GC:M 5G66= <H GC: :HG21H>: K62>C 6D V:F:HCE25G >CE2>C 81G>C<H7 D1G D41I:5 6D

5H68 D144 D26? 1 4:1=:H 5IM9 ,D %2<H =<=HBG IH68 3:GG:2L 5C:B= C1F: GC6E7CG C:2 D1GC:2 C1= GC: 8C<G:

5GEDD 6H 62=:29

TQ6E 466I 3:1EG<DE49U RM2:H I<55:= C:2 >C::I9

T"C1HI M6E9U %2<H 466I:= =68H 1G C:2 5G21K4:55L 8C<G: 51G<H =2:55 G2<??:= 8<GC <H5:G 31H=5 6D 2:=9 RC:8<5C:= 5C: >6E4= 466I 1G C:25:4D <H 1 ?<2262L 3EG @:4<A C1= K26?<5:= G6 K1<HG C:29

T,HG:2:5G<H7 36H=?12ILU C:2 D1GC:2 >6??:HG:=9

.:2 =2176H C1= G8<5G:= G6 >E24 126EH= C:2 H:>I 1H= 5C: >6E4= D::4 <G K2<>I4<H7 C:2 31>I9

T,BF: H:F:2 IH68H 6H: 3:D62: GC1G ?6F:= 126EH= YE<G: 56 ?E>CX GC:H M6E 1481M5 8:2: 1 4<F: 8<2:9U

05 <D <H 2:5K6H5:L GC: =2176H >E24:= 31>I G6 C:2 32:15G9 RM2:H 41E7C:= 1H= 5G21<7CG:H:= %2<HB5 G<121 ;;

GC: 6H: D26? C:2 D1:2<: 6EGD<G9 RC:B= 815C:= GC: 81H= @:4<A C1= ?1=:L GC6E7C C:2 ?6GC:2 C1= KEG C:2D66G =68H C12= 8C:H %2<H 5E77:5G:= >122M<H7 GC1G <H5G:1= 6D D468:259 RC: 4<DG:= GC: 2:= 265:5 G6 C:2

>C:5G9

RC: 5?<4:= 1G C:2 D1GC:29 TRC6E4=HBG 8: 3: 76<H7 <H H68PU

T/69 O1I: C<? 81<G9 "C<5 <5 ?M ?6?:HG 8<GC M6E9 OM 4<GG4: 7<249 OM 7627:6E5 4<GG4: 7<249 )<= , G:44 M6EC68 K26E= , 1? 6D M6EP R:GG<H7 EK 1H 6271H<J1G<6H G6 G2M 1H= 32<H7 =68H GC: W6EH><4L 862I<H7 1GO62KC6 1DG:2 6H: 6D M6E2 ?:H =<51KK:12:=L G2M<H7 G6 51F: C<? 1G GC: 2<5I 6D M6E2 68H 4<D:9 Q6E 1?1J:

?:9U

%2<H 7468:=9

T,B? <H>2:=<34M K26E= 6D 8C1G M6E =<= 1H= 1G GC: 51?: G<?: 3466=M DE2<6E59 ,G 815 GC: ?65G 5GEK<=L

2:>I4:55L <=<6G<> GC<H7 M6EBF: :F:2 =6H: ;; 1H= M6EBF: =6H: ?62: GC1H M6E2 D1<2 5C12: 6D 5GEK<=L2:>I4:55L <=<6G<> GC<H759 O65G 6D M6E2 326GC:25 C1F: 3::H 1H7:45 >6?K12:= G6 M6E9U

TO65GPU "C1G 56EH=:= 826H7L 15 <D GC:2: 8:2: ?62: GC1H G869 TNC6 C15HBG 3::H 1H 1H7:4 GC:HPU

RM2:H 21H C<5 D<H7:2 =68H D26? C:2 D62:C:1=L 6F:2 C:2 H65: G6 C:2 >C<H9 0 >14?<H7 ?:>C1H<5? GC1G862I:= 8C:H 5C: 815 1 >C<4=L 3EG H68 ?1=: C:2 ?62: 14:2G9 "C<5 815HBG GC: ?6?:HGL GC6E7C %2<H C1=1 D::4<H7 5C: C1= 326GC:25 5C: IH:8 H6GC<H7 136EG9

T,D -<=:6H C1=HBG C1= GC: ?:1H5 D62 E5 G6 G21H5DE5: M6E 8<GC F1?K<2: 3466=L M6EB= C1F: =<:=9 V26?<5:

H:F:2 G6 =6 1HMGC<H7 4<I: GC1G 171<H9U

T, K26?<5:9U

RM2:H 2644:= C<5 :M:59 T,B? 5EKK65:= G6 3:4<:F: GC1GPU

TN:44L GC: =1H7:2B5 6F:2L <5HBG <GPU

.:2 D1GC:2 H6==:=9

T'<I: ,B? 5EKK65:= G6 3:4<:F: GC1GPU %2<H IH:8 "2E:3466=5 86E4= H:F:2 3: G6G144M 6EG 6D =1H7:29

)14G6H 5G:KK:= 6EG 6D GC: >CE2>C <HG6 GC: K62>C 1H= 5<7C:=9 T"C1HI -6= M6EB2: C:2:9 @:4<A <5

CMK:2F:HG<41G<H7 56 C12= C:B5 14?65G 4:F<G1G<H79 )<=HBG 1HM 6D M6E G:44 C<? C: C12=4M H::=5 G6 32:1GC:P

(C ?M -6=L M6E 466I 13564EG:4M 86H=:2DE49U .: K1E5:=9 TQ6E G66L %2<H9U

RM2:H 72684:= 15 %2<H 41E7C:=9

)14G6H 7E4K:=9 T/6G G66 41G: G6 >C1H7: M6E2 ?<H= 1H= 76 D62 GC: 3:GG:2;466I<H7 7EM 8<GC 1 5G:1=M S639U

/68 %2<H 72684:=9 RC: GE77:= C:2 D1GC:2B5 54::F:9 TN:B2: >6?<H7 <H H689U



(H>: )14G6H C1= 76H: 31>I <H5<=:L RM2:H 4<HI:= C<5 12? 8<GC C:25 1H= GC:M 814I:= <H9

%2<H C1= H:F:2 GC6E7CG 5C:B= 3: GC: GMK: G6 76 D62 GC: 46H7 8C<G: =2:55L 6271H ?E5<>L D468:25L >C6<2Z

1H 1>GE14 2:=;>12K:G:= >CE2>C9 0 >6EK4: 6D 5G:K5 =68H GC: 1<54: 5C: D6EH= C:25:4D 5G2E774<H7 G6 32:1GC:9

/6 K2634:? :HG:2<H7 1 K41>: 6D 8625C<KL =:5K<G: GC: 4:7:H=5L 56 GC: 2:5K<21G<6H <55E: C1= G6 3::A><G:?:HG 62 1 4<HI 8<GC @:4<A9 V263134M 36GC9

05 %2<H 814I:= K15G 4<H:5 6D 5?<4<H7 D1>:5 5C: 2:7<5G:2:= C:2 326GC:25 'EI1 1H= 04:I 1H= GC:<2 ?1G:5L

GC: C622<34: D:1GC:2:= C1G C:2 ?6GC:2 C1= <H5<5G:= 6H 8:12<H7L 1H= C:2 5C<H<H7L :A><G:= D1>: 3:H:1GC9

"C:H RM2:H K41>:= %2<HB5 C1H= <H GC1G 6D @:4<AL 2:4:15<H7 C:2 G6 C<5 >12:9

@62 1 ?6?:HGL %2<H D:4G G21KK:= 1H= C:2 IH::5 86334:= 15 GC: >CE2>C 5::?:= G6 >465: <H 126EH= C:29RC: =<=HBG H::= 56?:6H: G6 K26?<5: G6 G1I: >12: 6D C:29 RC: 815HBG :F:H 5E2: 5C: 3:4<:F:= <H -6=L 6H4M

GC:2: C1= G6 3: 56?: 2:156H D62 :F:2MGC<H7L =<=HBG GC:2:P %F:H D62 F1?K<2:59 0DG:2 :F:2MGC<H7 GC1G C1=

C1KK:H:=L 5C: D:4G 56?:6H: C1= 3::H 466I<H7 6EG D62 C:2 1H= D62 @:4<A9

RC: 466I:= 1G C<?L 518 1 ?1G>C<H7 D:12 D4<>I:2<H7 <H C<5 =12I :M:5L 3EG 146H75<=: GC1G 5C6H: C6K: 1H=46F:L 1H= %2<H 2:14<J:= @:4<A H::=:= C:2 15 ?E>C 15 5C: H::=:= C<?9 "C<5 815 136EG GC: G86 6D GC:?9

RE==:H4M H6GC<H7 :45: ?1GG:2:= 1K12G D26? ?1I<H7 GC<5 D62?14 =:>4121G<6H 6D GC:<2 >6??<G?:HG <H D26HG

6D GC:<2 D2<:H=5 1H= D1?<4M9 "C:M =<=HBG H::= GC: 8:==<H7 >:2:?6HML GC:M 8:2: 142:1=M 36H=:=L GC6E7C

GC<5 815 1 >C1H>: D62 1 2:14 >:4:321G<6H 1H= "2E:3466=5 C1=HBG C1= ?E>C G6 >:4:321G: D62 1 46H7 G<?:9

@:4<A 821KK:= C<5 4127: C1H= G<7CG:2 126EH= C:259 T, =6HBG 81HG G6 G21K M6ELU C: 8C<5K:2:=9 TQ6E =6HBG

C1F: G6 =6 GC<5 <D M6E =6HBG 81HG G69U

>! ?$3= !"C- %",3 49 4()31

T, >1HBG I::K 4<7CGH<H7 <H 1 36GG4:9 , IH68 GC1G9 Q6EB44 1481M5 3: 8C6 M6E 12:9 OM 8<4= 1H= >21JM %2<HL

1H= ,B44 1481M5 46F: M6E9U

.: 3:HG C<5 C:1=L 1H= 14GC6E7C %2<H 7E:55:= C:B= <HG:H=:= GC<5 G6 3: 1 32<:D I<55L C: =<=HBG 5G6K9 "C:<2

=2176H5 5C6G EK G6 ?::G 1G GC:<2 ?6EGC5 1H= I<55:= 15 GC:M =<=9 @:4<AB5 G6H7E: 54<= 146H75<=: %2<HB5 1H=

G<>I4:= C:2 ?6EGC9 RC: G:15:= C<? 3M H<334<H7 GC: <H5<=: 6D C<5 36GG6? 4<K9 .<5 D1H75 :2EKG:= G6 K2<>I

C:2 ?6EGCL GC:H C:25 =<= GC: 51?:L 1H= GC: G15G: 6D :1>C 6GC:2B5 3466= 5:HG GC:? 26>I:G<H7 <HG6 DE44; 3468H 126E5149 @:4<AB5 :2:>G<6H HE=7:= C:2 3:44M 15 C: KE44:= C:2 >465:29 W2:1? 8:G C:2 H:8 GC6H7

K1HG<:59

T 2;8<= 0;8<= 0;8< 9U %2<H C:12= C<? 58:12 <H C:2 C:1=9

\:DD >4:12:= C<5 GC261G9 TQ6EB2: H6G 5EKK65:= G6 =6 GC1G 3<G M:GLU C: 8C<5K:2:=9 TW1HBG M6E >6HG264M6E25:4F:5PU

@:4<A KE44:= 31>I 1H= GE2H:= G6 D1>: C<?L GC: 3E47: <H C<5 K1HG5 YE<G: :F<=:HG9

\:DD 34E5C:= 3::G 2:=9 T-66= '62=L ?1H9 Q6E 5C6E4= 3: 15C1?:=9U

%F:2M F1?K<2: C:12= C<? 1H= 1 2<KK4: 6D 41E7CG:2 5K2:1= 126EH= GC: >CE2>C9

] ] ] ] ]

"8:HGM;D<F: ?<HEG:5 41G:2 GC: >:2:?6HM 815 6F:29 @:4<A C1= 2:?:?3:2:= C: =<=HBG H::= G6 I::K

32:1GC<H7 1H= >14?:= =68H9 "C: ?6?:HG =<=HBG 415G9 %2<H C1= 51<= M:59 Q:59 Q%R9 .<5 KE45: 5K<I:= 1H=C: 71F: C<?5:4D 1 ?:HG14 541K9 ,D C: 76G 6F:2:A><G:= C: 86E4= H::= G6 D::=L 1H= C: =<=HBG 81HG 1HM

?62: V415?<A9 V2:D:2134M :F:2 171<H9 #:14<5G<>144M H6G EHG<4 G6?622689 .: C1= C<5 68H <H;3:= 5H1>I

4<H:= EK D62 41G:29

"C:M :?:27:= <HG6 1 K:2D:>G :F:H<H7X GC: 8624= =21K:= 8<GC 1 41>M 8C<G: F:<4L H68 GC: 5H68 C1=5G6KK:= D144<H79 %F:2M8C:2: 7468:= 5<4F:2M 8C<G: EH=:2 GC: 5G2::G4<7CG59 @:4<A 815 56 C1KKM C: GC6E7CG



C<5 C:12G 86E4= 3E25G9 .: =<=HBG =12: 2:4:15: %2<HB5 C1H=L 1D21<= C:B= 81I: 1H= D<H= GC<5 C1= 3::H 1

=2:1?9

044 GC: 7E:5G5 5G66= <H 1 4<H: 6H :<GC:2 5<=: 6D GC: K1GC 15 %2<H 1H= @:4<A 814I:= G6812= GC: 261=9 /6

>6HD:GG< ;; \:DD 86E4=HBG 14468 <G ;; 3EG GC:<2 68H K:256H14 5C68:2 6D 5H68 KE25E:= GC:? G6 GC: >129

TN689U %2<H 4<>I:= 1 4127: D41I: D26? C:2 4<K59 T@1:2<: ?17<>9 , 86H=:2 8C6 =<= GC1G9 V263134M 6H: 6DOE?B5 D2<:H=59U

@:4<A C:4K:= C:2 <HG6 GC: >129 "C:2: 815 1 46G G6 4:12H 136EG C<5 5G21H7: H:8 8624=9

%2<H 5HE774:= <HG6 C<5 12?59 T-6<H7 G6 G:44 ?: 8C:2: 8:B2: 76<H7 6H C6H:M?66HPU

T$HG<4 M:5G:2=1M <G 815 76<H7 G6 3: 1 >6GG17: <H GC: '1I: )<5G2<>G EHG<4 M6E2 326GC:2 04:I ?1=: ?: 1H

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T(6CL 8C1G C1KK:H5 GC:2:PU

TO6EHG .66= C15 GC: 4127:5G H<7CG 5I<<H7 G:221<H <H GC: RG1G:59U

.:2 D1>: 4<G EK9 T,BF: H:F:2 3::H 5I<<H79 (6CL 8: >1H 21>:9U

@:4<A C1= 1 F<5<6H 6D %2<HB5 D<25G 2EH =68H 1 F:2G<>14 D1>:9 .: 7E4K:=9 T,GB5 2:144M :15M G6 7:G <HSE2:=9U

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.:B= 3: C:2 1H>C62L C:2 D64468<H7 GCEH=:2L 1H= C:B= 466I 1DG:2 C:2 D62:F:29 @:4<A HEJJ4:= C:2 C:1=9

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] ] ] ] ]

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8<5C:25 8C6 >41KK:= 1H= >C::2:=9 @:4<A C1=HBG 3::H 14468:= <H GC: >15G4: D62 GC: 415G >6EK4: 6D =1M5

8C<4: %2<HB5 ?6GC:2 C1= 3::H =:>621G<H7 8<GC GC: C:4K 6D D2<:H=59 "C6E7C C: !,3 5::H GC: >6?K4:G:=

2:H6F1G<6H5L D<H<5C:= SE5G <H G<?: D62 GC: 8:==<H79 "C: :H= 2:5E4G 815 3:GG:2 GC1H C: >6E4= C1F: C6K:=D62L 3:GG:2 GC1H C:B= =2:1?:=9

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TO??L H6 D1:2<:9U @:4<A 21I:= C<5 :M:5 6F:2 %2<H9 T, >6E4= 5G<>I M6E 1G GC: G6K 6D GC: G2::9U

T,B= 4<I: G6 5:: M6E G2M9U

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>C<4=2:H >2184<H7 126EH=9 %2<HB5 326GC:2 04:I 1H= C<5 8<D:L \6L C1= G2<K4:G5L GC2:: 36M59

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S:G9

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TR6ZPU

RC: 5?<4:=9 T)<= M6E 81HG G6 5G12G H68PU

.: >CE>I4:=9 T/69 , 81HG M6E G6 ?M5:4D D62 1 8C<4:X GC6E7C I<=5 86E4= 3: H<>:9U

T'EI1 1H= 04:I C1= G6 I::K GC:<2 >C<4=2:H 1 5:>2:G EHG<4 2:>:HG4M9 /68 >6HG264 6D GC: W6EH><4 C15

>C1H7:=L GC:M =6HBG D1>: =:1GC9 N:44L 'EI1 ?<7CG C1F: 3::H 6I1M9 (H: >C<4= 815 K:2?<GG:= :F:2M

CEH=2:= M:125 3EG H6G GC2::9U

@:4<A 7E4K:=9

T04:IB5 3E5<H:55 K12GH:2L N<44L E5:= G6 3: 1H %HD62>:2 D62 GC: d1?K<2: .<7C W6EH><49 "C: D<H14 62=:2 6D

GC: G8:4F: I<44<H75 C: C1= G6 K:2D62? 815 G6 :4<?<H1G: 04:I 1H= \69 @62GEH1G:4M N<44 82<774:= 6EG 6D <G

6H 1 G:>CH<>14<GM ;; C: 5C6E4= 6H4M C1F: 3::H 2:YE<2:= G6 155155<H1G: 6H:L H6G G86L 1H= >:2G1<H4M H6GD<F:L 56 <G 71F: ?M 326GC:2 G<?: G6 G1I: \6 <HG6 C<=<H79 "C: H:8 W6EH><4 1KK:125 ?62: G64:21HG9U

T"C1HI5 G6 M6E9U

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?:?3:25 G127:G:= 1H= H:EG214<J:= 3M 6GC:2 726EK59 )1=B5 GC<HI<H7 6D 5G1H=<H7 <H GC: :4:>G<6H59U

0 76H7 56EH=:=9 T)<HH:2 <5 5:2F:=LU RM2:H 1HH6EH>:=9

TNC1G 12: 8: :1G<H7PU @:4<A 8C<5K:2:=9

T\E5G G1I: 1 4<GG4: 6D 1HMGC<H7 M6E D1H>M9 "C:2: 12: D66=5 F1?K<2:5 >1H G64:21G:L 1H= M6EB44 C1F: G6=<5>6F:2 M6E25 GC26E7C G2<14 1H= :22629 "C: "2E:3466= >C<4=2:H 12: ?62G14 EHG<4 GC:<2 41G: G::H5 56 GC:M

>1H :1G 1HMGC<H7 1H= 56 >1H GC:<2 H1HH<:59 OE?B5 3::H 81<G<H7 G6 C1F: 1 D1?<4M >:4:321G<6H 4<I: GC<5 D62

G86 CEH=2:= M:1259 , GC<HI 5C:B5 76H: 1 3<G ?1=L GC6E7C GC: 8:2:864F:5 8<44 =:F6E2 G6H59U

NC:H GC:M 814I:= <HG6 GC: 3126HB5 C144L @:4<AB5 S18 =26KK:=9 @1G >1H=4:5 D4<>I:2:= 146H7 8<H=684:=7:5L 46H7 G134:5 7261H:= EH=:2 ?6EHG1<H5 6D D66=L 1H= <H GC: >62H:2 5G66= 1H6GC:2 CE7: WC2<5G?15

G2:: 74<GG:2<H7 8<GC 4<7CG59 ,H GC: >:HG2: 6D GC: 266?L 6H 1 G134: 6D <G5 68HL 1 >1I: >6F:2:= <H =12I 1H=

8C<G: >C6>641G: 58<245 265: 4<I: 1 G68:2<H7 ?6EHG1<H9

@:4<A H<334:= 56?: D1?<4<12 D66=59 .: 5?<4:= G6 D<H= C: 5G<44 46F:= 32E55:45 5K26EG5L 5?<4:= C12=:2 8C:H

C: =21HI >C1?K17H: 8<GC6EG D::4<H7 5<>IL 72<HH:= 8C:H %2<H >6E4=HBG :1G GC: 8:==<H7 >1I: 1H= C:>6E4=9 .: 5G6KK:= 5?<4<H7 8C:H )14G6H 5G66= EK G6 7<F: GC: 3:5G ?1HB5 5K::>C9

0G 4:15G )14G6H ?1H17:= G6 1F6<= G:44<H7 :F:2M6H: @:4<A C1= 3::H G6 K2<56HL GC6E7C C: 34133:= 136EG

:F:2MGC<H7 :45: ;; GC: K::KC64: @:4<A 76E7:= <H GC: 8144 6D GC: 7<245B 46>I:2 266?L GC: =1M C: 21H 6F:2C<5 D1GC:2B5 H:8 764D >4E35L GC: HE=: =218<H7 C:B= K65G:= 6H GC: ,HG:2H:G 6D 1H 12G 7144:2M 68H:2 1DG:2

GC: 7EM C1= K<55:= C<? 6DD9 %F:H <D C: 815 3:GG:2 :H=68:= GC1H @:4<A C1= =218H C<?L GC: =1?17: 815

=6H:9

@<H144M )14G6H 514EG:= C<?9 T.68 4E>IM >1H M6E 7:GL @:4<AP Q6EB2: 76<H7 G6 :H= GC<5 =1M 8<GC 1



3:1EG<DE4 8<D: 8C6B5 >6E217:6E5 1H= 46F<H7 1H= :AG2:?:4M 5:A ;; 58::G9 RC:B5 1456 5?12G 1H= >EG:L 1H=

EHD62GEH1G:4M D62 ?:L 5C: 518 M6E D<25G9U )14G6H GE2H:= G6 %2<H9 T0H= %2<HZ:2ZM6EB2: 4E>IM 15 8:449

Q6E 814I 181M 8<GC 1Z:2Z46F:4M =2:55 1H= 1 7627:6E5 3EH>C 6D 265:59U

H,= 56$$39 !,1

)14G6HB5 D<H14 >6??:HG 815 G6 15I GC1G H68 @:4<A 815 G1I:H 86E4= C<5 64= D41?:5 7<F: 31>I GC:<2 I:M5P0 G21<4 6D 72<HH<H7 86?:H >1?: EK G6 GC: G134: K4E5 6H: 2:4E>G1HG 5C::KL 1 4127: I:M C1H7<H7 126EH= <G5

H:>I9 @:4<A E5:= F1?K<2: 5K::= G6 7213 GC: I:M 1H= =21K: <G 126EH= )14G6HB5 H:>I9

T)6HBG 51M ,B? H6G 7:H:26E59U @:4<A 5?<2I:= 1G C<5 D2<:H=B5 72<?1>:9

RM2:HB5 5K::>C 815 46H79 NC:H M6E2 =1E7CG:2B5 6F:2 G86 CEH=2:= M:125 64=L GC:2:B5 1 46G G6 51M9 @:4<A

5:H5:= %2<H 815 5C6>I:= G6 4:12H GC: :AG:HG G6 8C<>C C:2 K12:HG5 C1= I:KG 1H :M: 6H C:29

@:4<AB5 5K::>C 815 5C62G9 .: GE2H:= G6 RM2:H 1H= 04<><19 T"C1HI M6E D62 ?M 4<D:9 "C1HI M6E D62 GC: 7<DG

6D M6E2 =1E7CG:29 %2<HL GC1HI M6E D62 ?122M<H7 ?:9 ,B? 466I<H7 D62812= G6 EH821KK<H7 M6E 41G:29U

"C: 2:>:KG<6H 815 1 72:1G 5E>>:559 @:4<A C1= 1481M5 81HG:= G6 5:: V:F:HCE25G DE44 6D 4<7CG 1H= 4<D:9 "C:

<26HM GC1G <G 815 DE44 6D =:1= K:6K4: 8C6 >6E4=HBG 76 6EG <H GC: 5EH 815HBG 465G 6H C<?9

-21=E144M 7E:5G5 54<KK:= 181M 1H= 3M G86 <H GC: ?62H<H7L 6H4M D1?<4M 2:?1<H:=9 "C: >C<4=2:H 1H= GC:<2H1HH<:5 C1= 76H: G6 54::KL 1H= <G 815 G<?: G6 6K:H K2:5:HG59 @:4<AB5 5>E4KGE2: 6D %2<H 815 1 C<G 8<GC C:2

K12:HG59 .:2 D<H7:25 C1= G<7CG:H:= 6H C<5 12? 15 GC:M 6K:H:= GC: K1>I17: EHG<4 5C:B= 5::H C:B= H6G

7<F:H GC:? GC: HE=: 62 GC: 6H: 6D GC:? ?1I<H7 46F:9 @:4<A C1= GC268H =:>621G<F: 36845 1H= F15:5 D62C:2 326GC:25 1H= GC:<2 8<F:5L 1H= %2<H C1= K1<HG:= GC:?9 ,H 2:GE2HL GC:M 2:>:<F:= 5I< 7:129

NC:H GC: D4662 6D GC: =218<H7 266? 815 1815C 8<GC K1K:2L RM2:H 5G66=9 T/68 6E2 K2:5:HG G6 M6E 36GCL

WC2<5G?15 1H= 8:==<H7 >6?3<H:=9U .: 6K:H:= C<5 12?59 T"C<59U

@:4<A 466I:= 126EH=9 "C: >46>IP "C: WC<KK:H=14: G134:P "C: 2E7P (H4M C: GC6E7CG <G 815 D26? ,c%09

,G C1= G6 3: GC: 2E79 O$$< 76",-"3 9

%2<H GE77:= C<5 12?9 T@:4<A9 )1= ?:1H5 GC: C6E5:9U

TV:F:HCE25GPU @:4<A 715K:=9

RM2:H 5?<4:=9 T, =6HBG 81HG G6 4:G M6E C1F: <G M:G9 N:B44 466I 1DG:2 GC: K41>: D62 1 D:8 M:1259 NC:H

M6EB2: 2:1=ML >6?: 31>I 1H= C1F: >C<4=2:H9 (H: =1M GC:MB44 <HC:2<G <G D26? M6E9U

@:4<A 6K:H:= C<5 ?6EGC9 @:12<H7 H6GC<H7 5:H5<34: 86E4= >6?: 6EGL C: >465:= <G 171<H9

%2<H 72<HH:=9 TNC:H GC: I<=5 12: 64= :H6E7C G6 >6K: 8<GC6EG E5L 8:B44 ?6F: 181M 1H= 5G12G 1 H:8 4<D:

56?:8C:2: :45:9 (H>: GC: 46>145 C1F: D6276GG:H E5L 8: >1H >6?: 31>I9 "C:H 6E2 I<=5 =6 GC: 51?: D62GC:<2 I<=5 1H= 56 6H9U

@:4<A 41E7C:=9 T,B? E5:= G6 1H>:5G625 C1H7<H7 6H GC: 81445L H6G 46EH7<H7 6H GC: >6E>C:59U

TQ6EB2: 5GE>I 8<GC E5 H689 Q6EBF: 76G GC: 3<77:5G C6E5: 56 8:B44 3: 31>I 171<H H:AG M:12LU 51<= 04:I9

TN: >1H 3: 1 D1?<4M 171<HL 1H= 8:B2: 76<H7 G6 ?1I: GC: ?65G 6D <GLU 'EI1 1==:=9 TRH683144 D<7CG9 04:I

1H= , K<>I G:1?59 , 7:G D<25G K<>I9 \69U

04:I H12268:= C<5 :M:59 TWC46:9U

T,B44 G1I: )1=9U

T,B44 C1F: OE?9U

%2<H 1H= @:4<A 466I:= 1G :1>C 6GC:29



TQ6E >1H >C665:L 'EI1LU 04:I 51<=9

.<5 326GC:2 41E7C:=9 T(C 2<7CGL H68 56?:6H:B5 76G G6 3: GC: 415G K<>I , 7:G G6 >C665:9U

TN:B2: H6G 5K4<GG<H7 EKLU @:4<A 51<=9 TN:B44 3: 1 G:1?9U

%2<H 5YE::J:= C<5 D<H7:259

/6 >61G5L 746F:5L 62 366G5 H:>:5512ML GC:M K<4:= 6EG5<=: 8<GC D<F: ?<HEG:5B 721>: G6 K2:K12: 5G1>I5 6D

5H68314459 @:4<A GC6E7CG <D 1HM6H: >6E4= 5:: GC:?L 8<GC %2<H 5G<44 <H C:2 8:==<H7 =2:55L GC:MB= GC<HIGC:M 8:2: ?1=9 "C:M +"%" ?1=9

T@15G:2LU 5C: E27:= @:4<A9

.: 815 862I<H7 15 YE<>I4M 15 C: >6E4=9 NC:H C: GE2H:= G6 466I 1G %2<HL 5C: C1= 1 G2<1H7E412 K<4: <H

D26HG 6D C:29

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C:1=9 V1H=:?6H<E? :H5E:=9 0F6<=<H7 3:<H7 C<GL 8C<4: 41H=<H7 15 ?E>C 5H68 15 K655<34: 6H 1HM6H::45: 815 GC: 62=:2 6D GC: =1M9 RG<44 C6H<H7 C<5 5I<445L @:4<A H:<GC:2 ?1H17:= G6 C<G 1HM6H:L H62 1F6<= 1HM

5H683144 1<?:= 1G C<?9 0DG:2 C:B= 3::H IH6>I:= 6F:2 D62 GC: D<DGC G<?:L %2<H GE77:= C<? G6 C<5 D::G9

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T@:4<A >1HBG G1I: 1HM ?62:LU 5C: M:44:=9

.: 72684:=L K<>I:= C:2 EKL GC:H 2644:= C:2 <H GC: 5H689 TQ6E H::= G6 4:12H 56?: 2:5K:>G9U

TO<7CG GC1G <HF64F: 5K1HI<H7PU

@:4<AB5 >6>I 5K21H7 G6 4<D:9 T,D M6EB2: 4E>IM9U

03 lightning in a bottle

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