

IFi9?<?GK;C;DJ H;9ECC7D:i;I
:7DI B7 DEJ?9; :;DJH;J?;D F7H
BKJ?B?I7J;KH EK FK8B?i;I :7DI KD;
DEJ?9; :; HiF7H7J?EDI F7H
BKJ?B?I7J;KH :EDJ LEKI 9ECFH;D;P
B; 9EDJ;DK ;J FEKH B;IGK;BB;I LEKI
:iJ;D;P B;I 9EDD7?II7D9;I ;J
B>78?B;Ji LEKBK;I
 /;?BB;P JEK@EKHI d :i8H7D9>;H B;
B7L;uB?D=; :; B7 FH?I; :; 9EKH7DJ
7L7DJ :;<<;9JK;H JEKJ; EFiH7J?ED
IKH B7FF7H;?B )EKH B; :i8H7D9>;H
I7?I?II;P JEK@EKHI I7 <?9>; CfB;
@7C7?I IED 9EH:ED :7B?C;DJ7J?ED
 )EKH Hi:K?H; B;I H?IGK;I
:?D9;D:?; LEKI :;L;P i97HJ;H :;
JEKJ; IEKH9; :?D<B7CC7J?ED
Ii9>E?HI 9ECFH?I B;I LjJ;C;DJI
9>?<<EDI :; D;JJEO7=; JjJ;I :;
87B7?I d <H7D=; ;J E8@;JI I?C?B7?H;I
GK? EDJ iJi J79>iI F7H :;I
IK8IJ7D9;I ?D<B7CC78B;I ;DJH;
7KJH;I :; B>K?B; Li=iJ7B; :; B>K?B;
:; 9K?I?D; :;I >K?B;I ;J :?IJ?BB7JI d
87I; :; FiJHEB; :;I 9?H;I ;J :;I
=H7?II;I ;I E8@;JI H?IGK;DJ ;D
;<<;J :; 9EDJ;D?H KD; EK FBKI?;KHI
IK8IJ7D9;I ?D<B7CC78B;I GK?
7FHhI B; B7L7=; :K B?D=; FEKHH7?;DJ
I; C;JJH; d <KC;H ;J FH;D:H; <;K
JEKJ;I I;KB;I
 '; B7L;P F7I 7L;9 9; B7L;uB?D=;
:; C7JiH?7KN H;D<EH9iI :; <?8H; :;
L;HH; :;DEC8H;KN H?:;7KN ;J
F7H;C;DJI FEKH <;DjJH;I
9EDJ?;DD;DJ :;I C7JiH?7KN d 87I;
:; <?8H; :; L;HH; ;F;J?J;I
F7HJ?9KB;I FEKHH7?;DJ H;IJ;H :7DI B;
B7L;uB?D=; ;J I7=H?FF;H 7K B?D=;
BEHI :;I Ii7D9;I :; B7L7=;
IK?L7DJ;I ;JFHELEGK;H 7?DI? :;I
?HH?J7J?EDI 9KJ7Di;I
 %EHIGK; B;I ;D<7DJI 7HH?L;DJ d Bf=;
:; <7?H; C7H9>;H B7FF7H;?B B;KHI
F7H;DJI EK JKJ;KHI Bi=7KN EDJ B7
H;IFEDI78?B?Ji :; L;?BB;H d 9; GK;
:;I F;HIEDD;I GK7B?<?i;I B;KH
;DI;?=D;DJ :;I CiJ>E:;I
:KJ?B?I7J?ED IrH;I
 ;J 7FF7H;?B D;IJ F7I KD @EK;J ';
F;HC;JJ;P @7C7?I 7KN ;D<7DJI :;
@EK;H :;IIKI EK :;:7DI ,KHL;?BB;P
B;I ;D<7DJI :; FHhI BEHIGK;
B7FF7H;?B <ED9J?EDD; d B;KH
FHEN?C?Ji
 BE?=D;P B;I 7D?C7KN :EC;IJ?GK;I
:K B7L;uB?D=;
 '; J;DJ;P @7C7?I :; 8H7D9>;H
:i8H7D9>;H B7 <?9>; CfB; :;
B7FF7H;?B 7L;9 B;I C7?DI
CEK?BBi;I
 '; JEK9>;P F7I B; >K8BEJ :;
9>7H=;C;DJ F;D:7DJ B; B7L7=; d
>7KJ; J;CFiH7JKH; /EKI
H?IGK;H?;P :; LEKI 8HrB;H
 )HK:;D9; BEHIGK; LEKI L?:7D=;P
:; B;7K 9>7K:;
 '; CEDJ;P F7I IKH B; B7L;uB?D=; ;J
D; LEKI 7FFKO;P F7I IKH B; >K8BEJ
EKL;HJ
 '; LEKI 7II;O;P F7I IKH B7
B7L;uB?D=;
 )EKH Hi:K?H; B; H?IGK; :; 9>E9
iB;9JH?GK; '.-"%",3 ), :;
FHEBED=7J;KH D? :; CKBJ?FH?I;I FEKH
H799EH:;H B; B7L;uB?D=; 7K I;9J;KH
:EC;IJ?GK;
 'KJ?B?I;P B; B7L;uB?D=; GK7KN <?DI
FEKH B;IGK;BB;I ?B 7 iJi 9EDgK
 +;IF;9J;P JEK@EKHI B;I 9EDI?=D;I
:;DJH;J?;D :;I J;NJ?B;I <EKHD?;I F7H
B;I <78H?97DJI :K B?D=;
 'KJ?B?I;P F7I B; B7L;uB?D=; I? IED
9f8B; :7B?C;DJ7J?ED ;IJ KIi EK I?
I7 FH?I; iB;9JH?GK; FHiI;DJ; KD
<7KN 9EDJ79J 7DI 9; 97I FH;D;P
9EDJ79J 7L;9 KD 7=;DJ :;DJH;J?;D
7=Hii
 IIKH;PuLEKI GK; JEKI B;I
8H7D9>;C;DJI :;7K IKH B;
B7L;uB?D=; 9ECFEHJ;DJ KD EK
FBKI?;KHI HE8?D;JI :; <;HC;JKH; ;J
GK?BI IEDJ <79?B;C;DJ 799;II?8B;I
+;<;HC;P B;I HE8?D;JI :K
B7L;uB?D=; d B7 <?D :; 9>7GK;
@EKHDi; :; B7L7=;
 /iH?<?;P Hi=KB?hH;C;DJ B;I @ED9J?EDI
:K JKO7K <B;N?8B; :; H;CFB?II7=;
IIKH;PuLEKI GK;BB;I IEDJ 8?;D
I;HHi;I ;J GK;BB;I D; <K?;DJ F7I
 %?I;P ;J H;IF;9J;P JEK@EKHI B;I
?DIJHK9J?EDI :K <78H?97DJ :K:;I
FHE:K?JI B;II?L?;BI 7KN?B?7?H;I :;
D;JJEO7=; FHE:K?JI
7:EK9?II;KHI ;J :;I FHE:K?JI
iB?C?D7J;KHI :iB;9JH?9?Ji IJ7J?GK;
+;IF;9J;P JEKI B;I 7L;HJ?II;C;DJI
;J FH;D;P B;I FHi97KJ?EDI
:;C7D:i;I
 +7D=;P JEKI B;I FHE:K?JI 9>?C?u
GK;I FEKH B; B?D=; ;J B;I FHE:K?JI
7KN?B?7?H;I :7DI KD ;D:HE?J <H7?I ;J
I;9 9ED<EHCiC;DJ 7KN ?DIJHK9u
J?EDI :; B;KHI <78H?97DJI
 )EKH Hi:K?H; B; H?IGK;
:;CFE?IEDD;C;DJ EK :; 8HrBKH;I
9>?C?GK;I H7D=;P JEKI B;I
FHE:K?JI :; D;JJEO7=; >EHI :;
FEHJi; :;I ;D<7DJI
 '; <7?J;I @7C7?I C7H9>;H B;
B7L;uB?D=; I? LEKI 7L;P :i<7?J BKD
:; I;I :?IFEI?J?<I :; FHEJ;9J?ED
;JEK F7DD;7KN :; 97FEJ7=;
;N9;FJ?ED B;I 8EKBEDI I;HL7DJ :;
97B;I :; JH7DIFEHJ :E?L;DJ 7LE?H iJi
;DB;LiI
 'KJ?B?I;P @7C7?I B; B7L;uB?D=; I?B BK?
C7DGK; :;I F?h9;I EK I? 9;HJ7?D;I
IEDJ 97IIi;I
 '; J;DJ;P F7I :; H;D:H; B;I
:?IFEI?J?<I :; Ii9KH?Ji ?DEFiH7DJI
 )EKH iL?J;H :;D:ECC7=;H B; IEB ;J
B7 FHEB?<iH7J?ED :; CE?I?IIKH;I
;IIKO;P ?CCi:?7J;C;DJ B;7K GK?
I;IJ HiF7D:K; 7KJEKH EK IEKI
B7FF7H;?B 7?DI? GK; B;I <B7GK;I
:;7K
 8IJ;D;PuLEKI :; <7?H; C7H9>;H 9;
B7L;uB?D=; J7DJ GK; LEKI DjJ;I F7I
IrH;
7 I? B; B7L;uB?D=; 7 iJi ?DIJ7BBi
9ED<EHCiC;DJ 7KN
"',-+.-"(',
"',-%%-"('
8 GK; JEKJ;I B;I <EHC;I :;
H799EH:;C;DJ d B;7K d
Bi=EKJ d BiB;9JH?9?Ji ;J d B7
J;HH; I; 9ED<EHC;DJ 8?;D d B7
Hi=B;C;DJ7J?ED BE97B; ;JEK d
:7KJH;I FH;I9H?FJ?EDI ;J
;N?=;D9;I
 %?DIJ7BB7J?ED B;DJH;J?;D ;JEK
BKJ?B?I7J?ED :K B7L;uB?D=; I7DI
H;IF;9J;H B;I ?DIJHK9J?EDI FK8B?i;I
F7H B; <78H?97DJ F;KL;DJ 9Hi;H :;I
9ED:?J?EDI =iDiH7JH?9;I :;
8B;IIKH;I 9EHFEH;BB;I ;JEK :;
:ECC7=; FEKH B;I 8?;DI
?CCE8?B?;HI ;DL?HEDD7DJI
 %; <7?J :;DB;L;H JEKJ F7DD;7K O
9ECFH?I B; F7DD;7K :; I;HL?9;
9?H9KB7?H; d B7L7DJ LEKI ;NFEI; d
KD H?IGK; :;DJH;H ;D 9EDJ79J 7L;9
:;I 7HjJ;I EK FE?DJ;I 9EKF7DJ;I
:;I 9EDD;N?EDI iB;9JH?GK;I ;J :;I
IKH<79;I JHhI 9>7K:;I
 )EKH iL?J;H :;D:ECC7=;H B;
>K8BEJ D;N;H9;P F7I :; FEKIIi;
9EDJH; BK? BEHIGK; LEKI :iFB79;P
B7FF7H;?B )H;D;P :;I FHi97KJ?EDI
FEKH D; F7I ;D:ECC7=;H B;
FB7D9>7H