0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

26
" #$%&'()*+,-./0 1,2.,* 23$%& &', 4*205$- 62*&+- 728, 7$9:+/,. 30 ;*$<,=& >?" @AAAB:*$<,=&(-+2B$*C D E,8+C-,. 30 "-&$-+2 7/+FF$*.

Upload: others

Post on 25-Jul-2020

7 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

!

!

!"!#$%&'()*+,-./0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,!

!!7$9:+/,.!30!;*$<,=&!>?"!@AAAB:*$<,=&(-+2B$*CD!!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

E,8+C-,.!30!"-&$-+2!7/+FF$*.!

Page 2: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! "!

!

G+-=,!&',!<%*0!.,=/2*,.!+&8!5,*.+=&!$F!-$&(C%+/&0!+-!&',!H,$*C,!I+99,*92-!&*+2/J!92-0!:,$:/,!'25,!A*+&&,-!,K=,//,-&!2*&+=/,8!23$%&!4*205$-!62*&+-J!&',!/,C2/!=28,J!&',!,-.,9+=!*2=+89!+-!&',!-2&+$-L8!+-8&+&%&+$-8J!2-.!9$*,B!!

M5,*0$-,!A2-&,.!&$!2..!&',+*!A$*.8!&$!&',!=$-5,*82&+$-!2-.!28!2!*,8%/&!+&!F,/&!/+N,!A,!A,*,!3,+-C!+-%-.2&,.!A+&'!=$99,-&2*0B!!O,=2%8,!A,!A$*N!A+&'!0$%-C!:,$:/,J!A,!.,=+.,.!&$!=$//,=&!8$9,!$F!&',!A*+&+-C!&'2&!A,!F$%-.!&$!3,!9$8&!2FF,=&+-C!2-.!9$8&!+//%9+-2&+-C!23$%&!&',!+88%,8!+-5$/5,.!+-!&',!4*205$-!62*&+-!=28,B!P,!&$$N!=2*,!&$!+-=/%.,!A*+&+-C!&'2&!A$%/.!3,!2==,88+3/,!&$!0$%-C!:,$:/,!A+&'!2-!Q&'!C*2.,!*,2.+-C!/,5,/B!!

4'+8!:%3/+=2&+$-!+8!2::*$:*+2&,!F$*!'+C'!8='$$/!2C,.!0$%&'!2-.!$/.,*B!?&!+-=/%.,8!2*&+=/,8J!92-+F,8&$8J!2-.!2!=$%:/,!$F!:$,98B!"&!&',!,-.J!A,!$FF,*!2!8'$*&!/+8&!$F!:$&,-&+2/!2=&+5+&+,8!2-.!2=&+$-8!&'2&!0$%-C!:,$:/,!=2-!.$B!

G:,=+2/!&'2-N8!&$!R+=&$*+2!S2A!A'$!8%CC,8&,.!8$9,!$F!&',!2*&+=/,8!&$!+-=/%.,!+-!&'+8!:%3/+=2&+$-!2-.!&$!"-&$-+2!7/+FF$*.!A'$!2-8A,*,.!$%*!=2//!F$*!2!5$/%-&,,*!C*2:'+=!.,8+C-,*B!

P,!'$:,!&'2&!0$%!F+-.!&'+8!*,8$%*=,!',/:F%/B!!

?-!:,2=,!2-.!8$/+.2*+&0J!

62*+29,!T232!

)$%-.,*!2-.!E+*,=&$*J!;*$<,=&!>?"!

@AAAB:*$<,=&(-+2B$*CD!

!

!

!

!

!

!

!

Page 3: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! #!

!

M6OMEEME!1"7?G6!

O0!1$3,*&!7B!T$,'/,*!

$%&!'()!*(+,',!+-!+./!,012)3(+0&%4*!14&!5%6!7/+8!91,'!(%*(3-%2)!)1:(!+'()/!%4!'()!;0+/%&1!:+./'/++6!+4!

<1'./&1=>!?)+/*)!@%66)/614!81,!1:A.%'')&B!C.'!&+),!'(1'!6)14!'(1'!D6)/%:14!(%,'+/=!81,B!'++>!

E()!)F9)/',!8(+!8)%*()&!%4!+4!'()!0)*10!C1''0)!),,)4'%100=!4+')&!'(1'B!%4!'()!1C,)4:)!+-!14=!8%'4),,),!+'()/!

'(14!@%66)/614B!'()!9/+,):.'%+4!:+.0&4G'!9/+2)!8(1'!(1&!(199)4)&B!+/!6+/)!'+!'()!9+%4'B!:+.0&4G'!

:+42%4:%4*0=!:+.4')/31/*.)!(%,!2)/,%+4!+-!)2)4',!H!'(1'!()!81,!/)'./4%4*!'+!(%,!:1/!8()4!E/1=2+4!I1/'%4!

1,,1.0')&!(%6!14&!'(/)8!(%6!'+!'()!*/+.4&B!-+/:%4*!(%6!'+!J%00!'()!C+=!%4!,)0-3&)-)4,)K!E/1=2+4!81,!&)1&L!

'(1'!0)-'!(%6B!0)*100=B!2+%:)0),,!14&!+.'!+-!0.:JK!

M66!K!K!K!81,4G'!'(1'!'()!:1,)!14=81=>!

E()!%4:%&)4'!C0)8!%4'+!1!41'%+410!+.'/1*)!C):1.,)B!%4%'%100=B!'()!C+=G,!J%00%4*!81,!4+'(%4*!1'!100!%4!'()!)=),!+-!

'()!018K!M)!81,!810J%4*!'(/+.*(!1!8(%')B!*1')&!:+66.4%'=B!8)1/%4*!1!(++&%)K!<'14&!=+./!*/+.4&N!E()!

9+0%:)!()0&!'()!J%00)/!-+/!1!-)8!(+./,B!'()4!0)'!(%6!*+!8%'(+.'!:(1/*),K!

OE()!9+0%:)!%4%'%100=!&%&!4+'!(12)!)2%&)4:)!'+!&%,9/+2)!@%66)/614G,!,)0-3&)-)4,)!:01%6BP!Q<D!E+&1=!

/)9+/')&B!A.+'%4*!-+/6)/!<14-+/&B!;01K!9+0%:)!:(%)-!R%00!S))B!5/K!T'!(1/&0=!61'')/)&!'(1'!'()!2%:'%6!81,!

.41/6)&K!U%*('!-/+6!'()!,'1/'B!%'!81,!+C2%+.,!'()!,'1')!(1&!4+!%4')/),'!%4!1:'.10!V.,'%:)!-/+6!E/1=2+4!

I1/'%4G,!9+%4'!+-!2%)8!H!14=!6+/)!'(14!'()!,'1')!(1,!)2)/!)2%4:)&!%4')/),'!%4!V.,'%:)!+/B!*++&!S+/&B!()10%4*!%4!

/)01'%+4!'+!%',!+84!91,'K!

W./!9/),)4'!0)*10!,=,')6!(1,!)2+02)&!-/+6!0)*10!14&!,+:%10!,'/.:'./),!'(1'!/)*1/&)&!:)/'1%4!:1')*+/%),!+-!

(.614!C)%4*,!1,!:(1'')0K!E(1'!%66+/10%'=!(1,!4)2)/!C))4!+--%:%100=!&%,+84)&K!T'!(1,!4)2)/!C))4!-.00=!14&!

:+./1*)+.,0=!1&&/),,)&!8%'(!14=!&)9'(!+-!/)6+/,)B!)%'()/!,+:%100=!+/!0)*100=K!X)G2)!4)2)/!(1&!+./!6+6)4'!

+-!41'%+410!1'+4)6)4'!-+/!,012)/=K!X)G2)!4)2)/!,'1/')&!+2)/K!

OE/1=2+4!I1/'%4G,!&)1'(!%,!14!D6)/%:14!'/1*)&=B!C.'!%'!8%00!61%40=!C)!.4&)/,'++&!1,!!

14!D-/%:143D6)/%:14!+4)BP!5)014%!7+CC!8/+')!-+/!'()!Y)8!Z+/J)/K!

!

X()/)!%,!'()!:+./'!+-!V.,'%:)!C%*!)4+.*(!'+!'/=!'(%,!:1,)!1,!'()!D6)/%:14!!

'/1*)&=!'(1'!%'!%,B!14&!'+!9.'!'()!8(+0)!:+4')F'!+-!E/1=2+4G,!J%00%4*!+4!'()!!

,'14&>!E()!*01/%4*!9/)V.&%:),!C.%0'!%4'+!+./!0)*10!,=,')6B!)2)4!%-!'()=G2)!!

C))4!)/1,)&!-/+6!'()!0)'')/!+-!'()!018B!9)/6)1')!%',!:+00):'%2)!8%00!14&!!

()1/'K!<012)/=!%,!)/1&%:1')&B!C.'!/1:%,6!/)*/+.9,K!M+8!%4!?+&G,!416)!&+!8)!!

,'+9!'(%,!+4:)!14&!-+/!100>!

!

T'G,!4+!,):/)'!'(1'!'()!9+0%:)!%4!6+,'!D6)/%:14!:+66.4%'%),!-+:.,!+4!=+.4*!!

C01:J!610),B!*+%4*!+.'!+-!'()%/!81=!'+!(1/1,,!14&!%4'%6%&1')!'()6B!-+/!'()!!

.0'%61')!9./9+,)!+-!:+//100%4*!'()6!%4'+!'()!9/%,+4!,=,')6!14&!9)/614)4'!!

,):+4&3:01,,!:%'%[)4,(%9K!E()!/),'!+-!'()!0)*10!,=,')6B!C)/+C)&!14&!!

'/1&%'%+43C+.4&B!9.,(),!'(1'!9/+:),,!10+4*!%4!1!9/)')4,)!+-!!

Page 4: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! \!

%691/'%10%'=!'(1'!%,!,)0&+6!A.),'%+4)&!+/!:(100)4*)&K!X(=!%,!+./!9/%,+4!9+9.01'%+4!,+!&%,9/+9+/'%+41')0=!!

C01:J!14&!C/+84>!E()!)F9)/',!,(/.*K!

!

E/1=2+4!81,!,(+'!14&!J%00)&!C):1.,)!()!81,!1!C01:J!9)/,+4!+.'!+-!901:)B!810J%4*!'(/+.*(!1!8(%')!

4)%*(C+/(++&K!T4!'(%,!:1,)B!'()!O:+9P!81,!+40=!1!4)%*(C+/(++&381':(!*.=!14&!:+9!81441C)B!C.'!'(1'!&%&4G'!

91/'%:.01/0=!61'')/K!D-')/81/&!@%66)/614!81,!'/)1')&!0%J)!1!:+9!H!&)C/%)-)&!14&!100+8)&!'+!810JB!4+!(1/6!

&+4)K!

E(%,!:(14*)&!+40=!C):1.,)!E/1=2+4G,!91/)4',B!%4!'()%/!*/%)-!14&!+.'/1*)B!9)'%'%+4)&!-+/!@%66)/614G,!1//),'!

14&!-%0)&!,.%'!'+!*)'!'()!9.C0%:!/):+/&,!+-!'()!:1,)K!E()!%4:%&)4'!C)*14!*)''%4*!6)&%1!1'')4'%+4!14&B!'(/))!

8))J,!1-')/!%'!+::.//)&B!8)4'!41'%+410K!]138(16N!<.&&)40=!'()!,=,')6!81,!+.'-014J)&!C=!9.C0%:!+.'/1*)!

14&!(1&!4+!:(+%:)!C.'!'+!/)2)/,)!%',)0-B!1//),'!@%66)/614!14&!:(1/*)!(%6!8%'(!,):+4&3&)*/))!6./&)/K!

E(1'G,!1!2%:'+/=!+-!,+/',!-+/!(.614!&):)4:=!14&!'()!01'')/3&1=!:%2%0!/%*(',!6+2)6)4'B!C.'!4+'!)4+.*(!+-!+4)K!

E()!-1:'!'(1'!@%66)/614!81,!1:A.%'')&!61=!8)00!(12)!14!.9,%&)B!%4!'(1'!%'!*.1/14')),!'(1'!9.C0%:!+.'/1*)!

!+2)/!'(%,!%:+4%:!%4V.,'%:)!8%00!4+'!)4&K!E()!9.,(!'+!9.'!D6)/%:14!(%,'+/=!14&!%',!0)*10!,=,')6!

!!!!!+4!'/%10!8%00!14&!6.,'!:+4'%4.)B!%4!E/1=2+4G,!416)!14&!^66)''!E%00G,!416)!14&!-+/!'()!

!!!!!!!416)0),,!6%00%+4,!8(+!(12)!,.--)/)&!14&!:+4'%4.)!'+!,.--)/!C):1.,)!+-!%'K!E()!'%6)!(1,!

!!!!!!!!:+6)!H!T!(+9)!H!'+!:(100)4*)!+./!0)*10!,=,')6!100!'()!81=!'+!%',!/1:%,'!/++',B!14&!'+!

!!!!!!!!!&)614&!'(1'!'()!,'1')!-%4&!14!%4')/),'!%4!()10%4*!'()!(1/6!%'!(1,!:1.,)&K!

!

!! ! !!!!!E10J%4*!1C+.'!@%66)/614G,!,)1/:(!-+/!14=+4)!8(+!&%&4G'!C)0+4*!%4!(%,!8(%'%,(!

!!!!G(++&B!E(+6!M1/'6144!4+')&B!+4!E()!$1%0=!E1J)B!'(1'!OE()!<+.'(!(1,!1!0+4*!(%,'+/=!+-!

!!!!!'(%,!,+/'!+-!'(%4*K!E+&1=!'()=G/)!:100)&!Y)%*(C+/(++&!X1':(),K!E()=!.,)&!'+!C)!:100)&!

!!!!!!<012)!_1'/+0,KP!

!

M1/'6144!A.+'),!'()!<012)!_1'/+0!U)*.01'%+4,!-/+6!U+814!7+.4'=B!YK7KB!:%/:1!`a"bK!M)/)G,!

/)*.01'%+4!4+K!\c!OW4)!91'/+00)/!,(100!(12)!9+8)/!'+!,)%[)!14=!4)*/+!,012)!8(+!C)(12),!

%4,+0)4'0=!'+!1!91'/+00)/B!+/!+'()/8%,)!.4018-.00=!+/!,.,9%:%+.,0=L!14&!(+0&!,.:(!,012)!%4!

:.,'+&=!.4'%0!()!:14!C/%4*!'+*)'()/!1!/)A.%,%')!4.6C)/!+-!_1'/+00)/,!'+!1:'!%4!'()!C.,%4),,KP!

!

! ! !!!!!Z)1(B!8)G2)!C./%)&!'(%,!(%,'+/=K!E()!'%6)!(1,!:+6)!'+!)F(.6)!%'K!U1:%,6!%,!10%2)!14&!8)00!!

!!!!!!!14&!)6C)&&)&!%4!+./!0)*10!,=,')6K!T'G,!'()!,+.0!+-!/)'/%C.'%2)!V.,'%:)B!8(%:(!(1,!14!!

!!!!!!!%4')/),'!%4!9.4%,(6)4'!14&!'()!:.00%4*!+.'!+-!(.614!:(1--K!S)'G,!-%4&!'()!:+./1*)!'+!

C.%0&!1!4)8!,=,')6!C1,)&!+4!()10%4*!14&!%4:0.,%+4!H!14&!V.,'%:)!-+/!'()!+4),!8)G2)!1081=,!)F:0.&)&!-/+6!%'K!

!

U+C)/'!]+)(0)/!%,!14!181/&38%44%4*B!7(%:1*+3C1,)&!V+./410%,'!14&!41'%+4100=!!

,=4&%:1')&!8/%')/K!M%,!4)8!C++JB!7+./1*)!?/+8,!<'/+4*!1'!'()!X+.4&!de)4+,!_/),,f!!

%,!4+8!121%01C0)K!7+4'1:'!(%6!1'!J+)(0)/:8g*61%0K:+6B!2%,%'!(%,!8)C,%')!1'!!

:+66+48+4&)/,K:+6!+/!0%,')4!'+!(%6!1'!h+%:),!+-!_)1:)/1&%+K!

!

U!VWXY!41?OZ>M!7[>4M>4!"HM>7#J!?>7B!

G$%*=,\!7$99$-!E*,298!@]^X]^XYD!_!!'&&:\^^=$99$-A$-.,*8B=$9^:,2=,^,93,..,.(*2=+89^!

Page 5: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! b!

!!

`%,8&/$5,\!4*205$-!62*&+-!2-.!?!"+-L&!G'+&!O0!"'9+*!`%,8&/$5,!4'$9:8$-!!"#$%&''&()*+$#,,-.$),$-*$-/-01-1)&*$&%$-$2-3#4&&5$0&,1$4.$6"7)8$9:;#,1'&<#9$!"&70,&*$)*$8#,0&*,#$1&$

=#&8+#$>)77#87-*?,$-3@;)11-'$)*$1"#$5)'')*+$&%$!8-.<&*$A-81)*B$:;#,1'&<#),$1"#$/8;77#8$%&8$1"#$C&&1,$-*/$1"#$4-*/'#-/#8$&*$S1')!Y%*('!X%'(!5%66=!;100+4B$!

Ti6!'/=%4*!4+'!'+!%4')/410%[)!'(),)!-))0%4*,!1C+.'!'()!E/1=2+4!I1/'%4!:1,)!14&!61J)!%'!1C+.'!6)!j!C.'!()=B!

%'!%,!8(1'!%'!%,B!14&!61=C)!Ti6!6)0+&/161'%:K!D00!Ti6!:+4,.6)&!8%'(!%,!6=!9+,%'%+4%4*!%4!0%-)K!

T!+-')4!')00!:.')B!,)0-3&)9/):1'%4*!:)0)C/%'=!/.43%4!,'+/%),!'(1'!)4&!8%'(!6=!+84!k9%)!%4!'()!-1:)k!6+6)4'K!

R.'!/1/)0=!&+!T!,(1/)!,'+/%),!+-!1!6+/)!,)/%+.,!41'./)B!14+'()/!*)4/)!+-!k9%)!%4!'()!-1:)k!6+6)4',B!6+,'0=!

C):1.,)!%4!'()!1*)!+-!,+:%10!6)&%1B!6+,'!9)+90)!1/)!A.%:J!'+!&%,6%,,!6=!'10),!1,!l;%/,'X+/0&_/+C0)6,K!R.'!T!

:14i'!')00!=+.!(+8!614=!'%6),!1!=)1/!Ti6!%4!1!,)/%+.,!,%'.1'%+4B!+40=!'+!()1/!'()!61*%:!8+/&,!kW(B!81%'!m!

n.),'0+2)>k!D#.$+;.,E$)1?,$:;#,1'&<#K!kX)i/)!,+!,+//=B!=+.!:14!*+Nk!S%J)B!-%2)!'+!,)2)4!'%6),!1!=)1/B!1!4%*('!

)4&%4*!%4!'()!8+/&,!kE(14J!?+&!-+/!'(1'!D-/+!+/!8)i&!4)2)/!(12)!/):+*4%[)&!=+.k!(199)4,!'+!6)K!

Ti6!%4!,:)41/%+,!100!'()!'%6)!%4!8(%:(!9/%6%'%2)B!)F+'%:30++J%4*!6)!j!,%F3-++'3'8+B!#oo!9+.4&,B!.4:%2%0%[)&!

D-/+B!-+/!,'1/')/,!j!-%4&,!(%6,)0-!%4!901:),!8()/)!9)+90)!8(+!0++J!0%J)!6)!1/)4i'!4+/6100=!-+.4&K!T!6)14B!

8(1'!:14!T!&+>!T!(12)!'+!C)!,+6)8()/)!+4!^1/'(B!:+//):'>!T4!'()!C)*%44%4*!j!0)'i,!,1=!"oo"B!8()4!'()!*1'),!

+-!kM)=B!D(6%/B!8+.0&!=+.!0%J)!'+!:+6)!'+!p,814J=!)0%'%,'!901:)q>k!+9)4)&!j!Ti&!,1=!k4+Bk!6+,'0=!C):1.,)!%'i,!

C))4!(166)/)&!%4!6=!$YD!'+!4+'!k/+:J!'()!C+1'Bk!8(%:(!6)14,!4+'!61J%4*!k:)/'1%4!9)+90)k!-))0!

.4:+6-+/'1C0)K!

!"#$%&'"()%("*+"%",-%./"0%/"(1"2*3$4"5$-*16+2/'"*#%7*&$"%"2*8$"*&"0)*,)"/16"()*&9"18"1()$-":$1:2$;+"+%8$(/"%&<",1#81-("8*-+('"=$81-$"/16-"10&4">16;-$":-17-%##$<"%&<"(%67)("()%("8-1#"()$"7%($4"!(;+"2*9$"()$"1::1+*($"18"

$&(*(2$#$&(4"

E()!9/+C0)6!%,B!T!/&!(12)!&),%/),!'+!*+!'+!:)/'1%4!901:),!14&!&+!:)/'1%4!'(%4*,!14&!)4V+=!'()!9)/J,!14&!C)4)-%',!+-!C)%4*!1!9)/,+4!8(+!8+/J,!(%,!1/,)!+--!1,!6.:(!1,!T!&+K!<+!T!*+'!+2)/!6=!(14*3.9,!+-!4+'!814'%4*!

'+!C)!'()!+&&!*.=!%4!'()!/++6!,+6)'%6)!1/+.4&!"oorK!T'i,!C))4!6%F)&!/),.0',!1'!C),'K!<+6)!+-!%'!%,!kW(B!'(1'!

81,4i'!'(1'!C1&kL!,+6)!+-!%'!%,!kX)00B!'(1'!81,!18J81/&!m!k!E(%,!%,!'()!9/%6)!/)1,+4!T!"-1#!21:1'%+4,K!T!&+4i'!-))0!0%J)!C)%4*!'()!k+&&!*.=!+.'k!1'!21:1'%+4!,9+',B!()4:)!'()!/)1,+4!6=!"oos!(+C+!V+./4)=!'/1%4!'/%9!81,!

6=!C),'!21:1'%+4!)2)/K!E()/)i,!4+!,:1/%4*!9)+90)!+4!1!'/1%4!/%&)K!I=!-/%)4&,!J4+8!'(1'!T!(1')!91/J%4*!0+',!14&!

)0)21'+/,B!4+'!C):1.,)!'()=!1/)!901:),!'(1'!&14*)/!:+.0&!+::./B!C.'!%'i,!1!9/%6)!901:)!%4!8(%:(!,+6)+4)!+-!

6=!9(=,%:10!,%[)!:14!C)!,))4!1,!1!&14*)/+.,!)0)6)4'K!T!81%'!14&!81%'!%4!:1/,!.4'%0!T!-))0!%'i,!,1-)!-+/!6)!'+!

61J)!9)+90)!-))0!,1-)K!T!J4+8!6+,'!+-!=i100!1/)!)=)3/+00%4*B!C.'!%-!=+.!,9)4'!1!*++&!'(/))!6+4'(,!%4!'(),)!,%[)!

-+./'))4,B!=+.i&!.4&)/,'14&!8(=!T!'1J)!'(1'!9+,%'%+4K!

T!/):)4'0=!'+0&!1!-/%)4&!+4)!+-!'(),)!,'+/%),c!T!0%2)!%4!1!k4%:)k!C.%0&%4*K!T!8+/J!(1/&K!Z+.!J4+8!T!8+/J!(1/&K!I=!

0+*%:!%,!d41t2)!10)/'!%4!bB!\B!#B!"!m!f!kX)00B!'()/)!:14i'!C)!14=!-)1/!+-!14=!'=9)!%4!'(%,!C.%0&%4*k!j!=+.i2)!*+'!'+!

*+!'(/+.*(!()00!14&!(%*(!81')/!V.,'!'+!*)'!1::)9')&!'+!0%2)!()/)B!0%J)!%'i,!$1/'6+.'(!+/!Q_)44K!<):+4&0=B!

'()/)!1/)B!0%J)B!-%2)!'+!)%*('!*.1/&,!+4!&.'=!"\urB!,+!'(%,!,9+'!%,!C)=+4&!,1-)K!S%J)B!W,:1/!8%44)/,!14&!J%&,!+-!

Page 6: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! v!

/+=10'=!14&!,9+/',!*.=,!14&!61-%1!*++6C1(,!0%2)!()/)K!W4)!4%*('B!T!*)'!%4!'()!)0)21'+/B!14&!V.,'!1,!'()!&++/!

:0+,),!'(%,!C)1.'%-.0!8+614!*)',!+4K!R):1.,)!+-!1!91%4!%4!'()!1/,)!:1/&!&)2%:)!=+.!(12)!'+!.,)!'+!*)'!'+!=+./!

-0++/B!%'!V.,'!61J),!%'!14!)1,%)/!9/+'+:+0!-+/!8(+)2)/!%,!9/),,%4*!-0++/,!'+!'1J)!)2)/=+4)i,!/)A.),'B!0%J)!8()4!

=+.!1/)!1'!'()!8%4&+8!+-!1!&/%2)3'(/.K!<+!T!9/),,!6=!-0++/!4.6C)/B!14&!T!1,J!()/B!kX(1'!-0++/B!61i16>k!dZ),B!

T!,1=!k61i16Bk!C):1.,)!m!,%*(B!14=81=Kf!<()!,1=,!4+'(%4*B!,'14&,!%4!'()!:+/4)/K!I%4&!=+.B!T!V.,'!&%,:+2)/)&!

'()!714&=!7/.,(!199B!,+!%-!14='(%4*B!Ti6!'()!/.&)!+4)!C):1.,)!Ti6!6+/)!+C,),,)&!8%'(!8%44%4*!'(%,!

91/'%:.01/!0)2)0!'(14!14='(%4*!)0,)K!T4!6=!()1&!Ti6!'(%4J%4*B!"#8#?,$*&$(-.$F$3-*$4#$-$1"8#-1$1&$-$(&7-*$1"),$%)*#$)%$F?7$4;8)#/$/##0$)*$1"),$+-7#$G$,&$,;8#'.$,"#$%##',$,-%#B!

E()!(.6+/!:+6),!%4!'(1'!T!'(+.*('!,()!81,!+4!6=!-0++/!C):1.,)!,()!4)2)/!1:J4+80)&*)&!6=!-0++/!/)A.),'K!

d<()!81,!10,+!C14*%4iB!,+!%4,%&)!T!81,!0%J)B!k$1=...........6B!,()!0%2),!+4!7.!-0++/>!w4&($3")35-$(&(&(wNk!T4,'14'0=!T!81,!+4!,+6)!kX(1'!&),,)/'!16!T!8)0:+6)3:+66%''))3%4*!()/!8%'(>kf!D4=8(+B!'()!

&++/!+9)4,B!14&!T!81%')&!'+!0)'!()/!+--!-%/,'!C):1.,)!T!16!1!*)4'0)614K!dW0&!6)!8+.0&i2)!/.,()&!-%/,'B!'(.,!

4+'!9.''%4*!6)!%4!'()!9+,%'%+4!'+!(12)!'+!-+00+8!()/B!?+&!-+/C%&!%-!,()B!'++B!61J),!1!0)-'!14&!%'!,))6,!0%J)!Ti6!

-+00+8%4*!()/Kf!<+!&++/!+9)4,!14&!T!-0%/'B!kS1&%),!-%/,'Kk!<()!,1=,B!kE(%,!%,!4+'!6=!-0++/Kk!E()4!T!1,,.6)!,()!%,!

6%,,%4*!()/!C.%0&%4*!:1/&B!,+!T!9.00)&!6=!:1/&!+.'!'+!'/=!'+!9/),,!()/!-0++/!=)'!1*1%4K!<()!,1=,B!kE(1'i,!+J1=Kk!

E()4!%'!(%'!6)c!kW(!?+&B!,()!9./9+,)0=!()0&!'(1'!%4-+/61'%+4!C1:JKk!E()!&++/!:0+,)&K!T'!81,!1!k9%)!%4!'()!

-1:)k!6+6)4'K!

T!01.*()&!1'!%'K!<+/'!+-K!

T4,%&)!T!:/%)&K!R.'!%-!T!:/%)&!1'!)2)/=!%4,)4,%'%2)!1:'!'(1'!*+),!+4!%4!'()!416)!+-!,1-)'=B!Ti&!(12)!'+!C)!

:+66%'')&!'+!1!9,=:(!81/&K!Ti2)!V.,'!'1.*('!6=,)0-!'(/+.*(+.'!'()!=)1/,!'+!V.,'!1::)9'!%'!14&!61=C)!)2)4!

,))!%'!1,!-.44=K!R.'!%'!J)9'!)1'%4*!1'!6)!dH#''E$F$+;#,,$,"#$*#<#8$(-13"#/$1"#$,"&($I!!A.$J*+'),"$(-,$,;0#8$3'#-8$I!F$3-''#/$"#8$97-?-79$')5#$F$(-,$H#4,1#8$I!!"&,#$1"-1$5*&($.&;$5*&($1"-1$.&;?8#$3&&'E$4;1$.&;$

/#%)*)1#'.$5*&($1"-1$.&;$-8#$-$(-'5)*+$8-0#$*)+"17-8#$G$8)+"1E$6"7)8K!L%$3&;8,#$,"#$(-,$M;,1)%)#/$)*$*&1$,-.)*+$"#8$%'&&8B$!"-1$(-,$"#8$08#8&+-1)<#N!O&;$-8#$5)*/-$,3-8.P'&&5)*+E$F$+;#,,KfK!T'i,!1!C1V%00%+4!'(+.*(',B!100!+-!'()6!,)0-3&)9/):%1'%4*!2+%:),!,0+80=!)1'%4*!6=!,+.0!181=K!

R.'!6=!-))0%4*,!&+4i'!:+.4'K!T!&+4i'!J4+8!8(=!%'i,!'(1'!81=K!I+,'0=!!

Ti2)!:+6)!'+!'()!:+4:0.,%+4!'(1'!9)+90)!+2)/!,%F!-))'!14&!+2)/!!

8)%*('!/)*.01'%+4!+/!1,!&1/J!1,!6)!d+/!%4!6=!'1F!C/1:J)'f!,%690=!!

&+4i'!(12)!-))0%4*,K!W/!%'i,!1,,.6)&!8)!&+4i'!(12)!-))0%4*,K!!

T!6)14B!%'i,!91/'%100=!/%*('c!T!0%')/100=!-%*./)&!'()!+40=!81=!-+/!6)!!

'+!4+'!*+!%4,14)!%4!1!:1/))/!'(1'!:/)1'),!V.4J%),!d+/!1'!C),'!]14=)f!!

%,!'+!&),)4,%'%[)!6=,)0-!-/+6!-))0%4*,K!E()!'(%4*!%,B!'(+.*(B!T!

i6!1!(10-81=!:/++JB!14!18),+6)!9+J)/!901=)/K!Z)1(B!T!(./'K!!

R.'!Ti00!C)!&164)&!%-!T!0)'!=+.!J4+8!'(1'K!7100!6)!1!rb!9)/:)4'!/+C+'B!!

"b!9)/:)4'!(.614!C)%4*K!

!

X()4!T!*+'!+--!1!9014)!<.4&1=!6+/4%4*B!1-')/!'()!k4+'!*.%0'=k!!

2)/&%:'!%4!'()!?)+/*)!@%66)/614!'/%10B!14&!T!81,!!

81%'%4*!%4!:.,'+6,B!T!/)1&!14!19+0+*=!)361%0!-/+6!!

1!-/%)4&!8(+!,1%&B!!

Page 7: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! r!

kT!16!8/+4*!1C+.'!614=!'(%4*,B!C.'!T!814'!'+!19+0+*%[)!-+/!'1J%4*!'(1'!91/'%:.01/!,'+/=!=+.!'+0&!6)!'++!

0%*('0=Kk!E()!+4)!1C+.'!'()!8+614!%4!'()!)0)21'+/K!D4&!%'!J%4&1!'+.:()&!6)K!I=!-/%)4&!/)01')&!'+!6)B!14&!%'!

81,!1!*.'39.4:(!T!81,4i'!)F9):'%4*!+4!14!10/)1&=!)6+'%+410!&1=B!,+!T!*.),,!T!,'1/')&!'+!106+,'!m!:/=>!

E()4!'()!U++',i!6141*)/!U%:(!(%',!6)!+4!'()!9(+4)!,):+4&,!01')/K!R++6K!T!J4+8!%'i,!,1&!'+!,1=B!C.'!8)!%4!

'()!U++',!:%/:0)!0+2)!)1:(!+'()/!0%J)!-16%0=K!R.'!4+'!)4+.*(!'+!'/.,'!)1:(!+'()/!%4!2.04)/1C0)!6+6)4',K!dE(%,!

%,!1!614!8(+!81%')&!.4'%0!()!81,!&*!'()!+9)/1'%4*!'1C0)B!6%4.'),!181=!-/+6!,./*)/=B!'+!-%4100=!/)2)10!'+!6)!

()!81,!*+%4*!'(/+.*(!1!0%-)3+/3&)1'(!:14:)/!9/+:)&./)B!,%690=!C):1.,)!()!&%&4i'!814'!'+!&%,'/1:'!6)!+/!

:/)1')!)F:.,),!1,!'+!8(=!T!&%&4i'!-%4%,(!6=!C++JKf!W4!'()!9(+4)B!T!&+!6=!C),'!k,'/1%*(')4!.9B!,'+9!,+CC%4*k!

,('%:JB!14&!()!,1=,B!kX(1'i,!8/+4*>k!T4!-+./!,):+4&,!-01'B!T!C./=!%'B!14&!Ti6!C1:J!'+!4+/610K!Ti6!4+'!9/+.&!+-!

'(1'K!Ti2)!,9)4'!)0)2)4!+-!'()!01,'!'8)4'=!=)1/,!%4!'()/19=!'/=%4*!'+!&)10!8%'(!'(1'K!<+!T!&):%&)!'+!1C14&+4!

W9)/1'%+4!R./=B!14&!T!,1=B!kX)00!m!k!

kX(1'i,!8/+4*>k!1,J,!U%:(K!

M+8!&+!T!14,8)/!'(1'>!E(%,!&+),!YWE!-))0!0%J)!14!12)/1*)!&1=K!U)6)6C)/!(+8!4%:)!)2)/=+4)!81,!9+,'H

<)9')6C)/!``>!^)/%)K!D06+,'!,.//)10K!S%J)!)2)/=+4)!%,!1:'%4*!k'++!4%:)Bk!14&!T!&+4i'!J4+8!(+8!'+!9/+:),,!

'(1'K!E()4!'()/)!1/)!9)+90)!'(1'!1/)!1:'%4*!0%J)!4+'(%4*!(199)4)&K!dkM)=B!n.),'B!8()/)!%,!$12)!7(199)00)!

1'N>kf!T'!81,!V.,'!+4)!+-!'(+,)!&1=,!'(1'!&%&4i'!-))0!4+/610!'+!6)K!R.'!U%:(!J))9,!9%:J%4*!1'!'()!A.),'%+4!0%J)!

1!'(/))36+4'(3+0&!,:1Cc!kX(1'i,!8/+4*>k!

D4&!Ti6!0%J)B!kY))&!T!,1=!%'N>k!T!:14i'!')00!%-!()i,!9/+2+J%4*!6)!+/!4+'K!T!&+4i'!J4+8!(+8!'+!4+'!%4')/410%[)!'()!

+2)/100!6),,1*)!'(%,!8(+0)!E/1=2+4!:1,)!(1,!'1.*('!6)c!

O&;$-)*?1$,")1B!

E(1'i,!'()!0),,+4!T!'++J!-/+6!'(%,!:1,)K!

Z+.!1%4i'!,(%'K!

E(),)!8+/&,!1/)!&))9!C):1.,)!'(),)!1/)!8+/&,!Ti2)!()1/&!6=!8(+0)!0%-)c!T!()1/&!-/+6!1&.0',!%4!6=!

:(%0&(++&!'(1'!T!4))&)&!'+!C)!k1C+.'!,+6)'(%4*k!+'()/!'(14!100!'(1'!C14*%4*!14&!:014*%4*!14&!6.,%:!T!901=!

100!'()!'%6)K!D,!T!*+'!+0&)/B!T!()1/&!T!81,4i'!1,!*++&!1,!,+314&3,+!%,!1'!6.,%:K!D00!'()!k=+.!1%4i'!,(%'k!,'+/%),!T!

*+'!j!5),.,B!%'i,!1!8+4&)/!T!61&)!%'K!

U%:(!1,J,B!kX1%'B!=+.i/)!4+'!,./9/%,)&B!1/)!=+.>k!Ti6!4+'!,./9/%,)&!1'!100B!C.'!'(1'!&+),4i'!6)14!%'!,'%4*,!14=!

0),,K!

T!,(+.0&!C)!14*/=B!/%*('>!T!/)6)6C)/!8()4!'()!<)14!R)00!2)/&%:'!:16)!+.'!14&!T!V.,'!J4)8B!kW(B!?+&B!Y)8!

Z+/J!%,!*+441!*+!.9!%4!-016),Kk!D4&!=)'!4+!+4)!81,!-.6%4*K!T'!81,!0%J)B!kpQ"8;+q!m!Y+!,./9/%,),!()/)K!E(1'i,!0%-)Kk!

U%:(!1,J,!1*1%4B!kD/)!=+.!,./9/%,)&!m!'(1'!=+.!1%4i'!,(%'>k!

T'!(./',!'+!()1/!%'B!14&!T!,1=B!kTi6!4+'!,./9/%,)&B!C.'!8(+!814',!'+!C)!/)6%4&)&>k!X(1'!-1'!9)/,+4!814',!'+!

()1/!'(1'!'()=!1/)4i'!90)1,%4*!'+!'()!)=)>!W/!8(1'!1&&%:'!814',!'+!()1/!'()=!1/)!1!:+4,'14'!;3.9>!X(+!

814',!'+!C)!/)6%4&)&!'(1'!j$,"8;+!j!'(1'i,!V.,'!'()!81=!%'!%,>!

Page 8: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! a!

T!*.),,!Ti6!,'/.**0%4*!'+!*)'!1'!0)1,'!`!9)/:)4'!+-!'(%,!-))0%4*!C1:JB!-/+6!100!'(%,!9/+'):'%2)!4.6C4),,!Ti2)!C.%0'!

1/+.4&!6)B!'+!J))9!6)!-/+6!-))0%4*K!R):1.,)B!1'!'()!)4&!+-!'()!&1=B!Ti6!,'%00!(.614K!

KKK!U%*('>!

`%,8&/$5,!+8!&',!2%&'$*!$F!?1;"?$(%"@26$+A"B)$"C1-2<"D,,1-<*&7"(1"E6$+(213$4"

<+./:)c!Y)8!Z+/J!I1*1[%4)!d5.0=!`vB!"o`#f!3!(''9cuu4=61*K:+6u&1%0=u%4')00%*)4:)/u"o`#uoruA.),'0+2)3

'/1=2+4361/'%4314&3%31%4'3,(%'K('60!!

"

"

"

"

"

"

"

"

"

"

"

"

"

"

"

"

"

"

"

"

"

Page 9: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! s!

4',!P'$/,!G08&,9!)2+/,.!4*205$-!62*&+-!

R=!7(1/0),!IK!R0+8!

T4!1!81=B!'()!4+'3*.%0'=!2)/&%:'!%4!'()!'/%10!+-!?)+/*)!@%66)/614!-+/!(%,!J%00%4*!+-!E/1=2+4!I1/'%4!81,!6+/)!

9+8)/-.0!'(14!1!*.%0'=!2)/&%:'!:+.0&!)2)/!(12)!C))4K!T'!81,!'()!9)/-):'!8/)4:(%4*!:+&1!'+!1!,'+/=!'(1'!

%00.,'/1'),!V.,'!(+8!.'')/0=!14&!:+690)')0=!+./!,=,')6!+-!V.,'%:)!j!C+'(!6+/10!14&!0)*10!j!-1%0)&!I1/'%4!14&!

(%,!-16%0=K!

E(%,!%,!4+'!'+!&%,9.')!'()!V./=G,!-%4&%4*!j!+4)!:14!%4')00):'.100=!/1'%+410%[)!'()!&):%,%+4!j!1,!6.:(!1,!%'!%,!'+!

(+80!1'!'()!6++4B!'+!=)1/4!-+/!1!C/%*(')/!/)10%'=!-+/!'()!9+0%'%:,!1/+.4&!&1/J!C+&%),B!'+!/1%,)!1!2+%:)!14&!,1=B!

'(%,!:1,)!%,!1!/100=%4*!:100B!4+'!1!&)1'(!&%/*)K!

E()!,=,')6!C)*14!'+!-1%0!I1/'%4!0+4*!C)-+/)!'(1'!4%*('K!

E()!,=,')6!-1%0)&!(%6!8()4!;0+/%&1G,!,)0-3&)-)4,)!018,!8)/)!8/%'')4B!100+8%4*!14!1**/),,+/!'+!:01%6!,)0-3

&)-)4,)!%4!'()!6%&&0)!+-!14!10')/:1'%+4!j!14&!'+!.,)!&)1&0=!-+/:)!%4!'(1'!&)-)4,)!j!8%'(!4+!:.091C%0%'=!-+/!

(%,!/+0)!%4!'()!)2)4',!'(1'!0)&!'+!'(1'!9+%4'K!

E()!,=,')6!-1%0)&!(%6!C):1.,)!+-!'()!&%,9/+9+/'%+41')!-+/:)!'(1'!()!14&!'()!4)%*(C+/(++&!81':(614!:+.0&!

0)*100=!C/%4*!'+!'()!10')/:1'%+4!j!@%66)/614!:+.0&!0)*100=!:1//=!1!:+4:)10)&!-%/)1/6B!8(%0)!I1/'%4B!8(+!81,!

+40=!`rB!:+.0&!4+'K!

E()!,=,')6!-1%0)&!(%6!8()4!'()!4)%*(C+/(++&!81':(614!*/1-')&!+4!,')/)+'=9),!'()!6+6)4'!()!,18!(%6B!

1,:/%C%4*!6+'%2)!14&!C)(12%+/!14&!%4')4'!14&!:/%6%410!(%,'+/=!'+!1!C+=!8(+!81,!V.,'!810J%4*!(+6)K!

E()!,=,')6!-1%0)&!(%6!8()4!'()!C.00)'!/%99)&!'(/+.*(!(%,!:(),'B!14&!'()!614!8(+!,(+'!(%6!,1%&!()!6+.4')&!

(%6!14&!,'/)':()&!(%,!1/6,!+.'!8%&)B!9/)2)4'%4*!(%6!-/+6!)2)4!:0.':(%4*!'()!,9+'!'(1'!(./'K!

E()!,=,')6!-1%0)&!(%6!%4!'(+,)!6+6)4',!V.,'!1-')/!()!81,!,(+'!8()4!()!81,!,./)0=!181/)!'(1'!()!81,!1C+.'!

'+!&%)B!C.'!C)-+/)!0%-)G,!0%*('!-.00=!91,,)&!-/+6!(%,!C+&=!j!14&!4+!+4)!:16)!'+!:+6-+/'!(%6!+/!'/=!'+!,12)!

(%6K!

E()!,=,')6!-1%0)&!(%6!8()4!'()!,019&1,(!<14-+/&!9+0%:)!&%&!1!(+//%C0)!V+C!+-!:+00):'%4*!14&!9/),)/2%4*!

)2%&)4:)K!

E()!,=,')6!-1%0)&!(%6!8()4!'(+,)!+--%:)/,!1991/)4'0=!&%&4G'!)2)4!210.)!(%,!&)1&!C+&=!)4+.*(!'+!1&)A.1')0=!

:1421,,!'()!:+690)F!'+!61J)!,./)!'(1'!4+!+4)!81,!6%,,%4*!1!'))4K!

E()!,=,')6!-1%0)&!(%6!8()4!()!81,!01C)0)&!1!5+(4!$+)!14&!(%,!0%-)0),,!!

C+&=!,9)4'!'()!4%*('!10+4)!14&!.4:01%6)&K!

!

E()!,=,')6!-1%0)&!(%6!8()4!'()!614!8(+!'()!9+0%:)!-+.4&!,'14&%4*!!

+2)/!'()!C+&=!+-!1!&)1&!'))41*)/B!1!614!8(+!1&6%'')&!'+!,(++'%4*!(%6!!

14&!,'%00!(1&!'()!8)19+4B!81,!'1J)4!%4!-+/!A.),'%+4%4*!14&!'()4!100+8)&!!

'+!810J!+.'!+-!'()!9/):%4:'!8%'(+.'!14!1//),'!+/!)2)4!1!:(1/*)B!'+!*+!!

(+6)!1-')/!'1J%4*!1!0%-)!14&!'1J)!'+!(%,!C)&K!

Page 10: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! `o!

E()!,=,')6!-1%0)&!(%6!8()4!%'!'++J!6+/)!'(14!\o!&1=,!14&!14!+.'9+./%4*!+-!41'%+410!+.'/1*)!'+!*)'!14!

1//),'K!

E()!,=,')6!-1%0)&!(%6!8()4!1!,'/14*)0=!(+6+*)4+.,!V./=!j!8(+!61=!8)00!(12)!C))4!@%66)/614G,!9))/,!

C.'!8)/)!:)/'1%40=!4+'!'()!9))/,!+-!'()!'))41*)/B!8(+!81,!%4!)--):'!C)%4*!'/%)&!%4!1C,)4'%1!j!81,!,)1')&K!

E()!,=,')6!-1%0)&!(%6!8()4!'()!9/+,):.'%+4!9.'!+4!1!:1,)!-+/!'()!I1/'%4!-16%0=!'(1'!614=!:+./'381':()/,!

-+.4&!814'%4*K!

E()!,=,')6!-1%0)&!(%6!8()4!'()!&%,:.,,%+4!1C+.'!C%1,!C):16)!,+!/)&.:'%2)!1,!'+!C)!)%'()/3+/!/1'()/!'(14!

1C+.'!,%'.1'%+410!-0.%&%'=!14&!'()!9+,,%C%0%'=!+-!21/=%4*!/),9+4,),!'+!21/=%4*!0)2)0,!+-!9)/:)%2)&!'(/)1'K!

E()!,=,')6!-1%0)&!(%6!8()4!)2)/=+4)!%4!'()!:+./'/++6!/1%,)&!/1:%10!C%1,!%4!/+.4&1C+.'!81=,B!C.'!106+,'!

4)2)/!&%/):'0=!j!-+/!)F1690)B!8()4!'()!&)-)4,)!()0&!.9!1!9%:'./)!+-!1!,(%/'0),,!I1/'%4!14&!'+0&!'()!V./+/,!

'(1'!'(%,!81,!'()!9)/,+4!@%66)/614!)4:+.4')/)&!'()!4%*('!()!,(+'!(%6K!R.'!%4!-1:'!%'!81,!4+'!'()!81=!

@%66)/614!(1&!,))4!I1/'%4K!7+4,:%+.,0=!+/!,.C:+4,:%+.,0=B!'()!&)-)4,)!901=)&!+4!14!+0&!/1:%10!'/+9)c!

1,J%4*!'()!1003-)610)!V./=!j!6+,'0=!8(%')!j!'+!-)1/!'()!%61*)!+-!'()!*0%,')4%4*!C01:J!C.:JB!1,!@%66)/614!

(1&K!

E(%,!:1,)!%,!4+'!1C+.'!14!)F'/1+/&%41/=!&)1'(!+-!14!)F'/1+/&%41/=!9)/,+4K!Q4-+/'.41')0=B!%4!D6)/%:1B!9)+90)!

1/)!0+,'!'+!*.4!2%+0)4:)!)2)/=!&1=K!I14=!+-!'()6!0++J!0%J)!I1/'%4!14&!(12)!91/)4',!8(+!9/),.61C0=!*/%)2)!

-+/!'()6K!E(%,!:1,)!%,!1C+.'!)F'/1+/&%41/=!%4)A.10%'=!%4!'()!9/),.69'%+4!+-!%44+:)4:)!14&!'()!1990%:1'%+4!+-!

V.,'%:)c!8(=!81,!I1/'%4!&))6)&!,.,9%:%+.,!14&!8(=!81,!(%,!J%00)/!100+8)&!'+!*+!(+6)>!

<+6)'%6),!9)+90)!V.,'!4))&!1!-+:10!9+%4'K!<+6)'%6),!'(1'!-+:10!9+%4'!C):+6),!1!C/)1J%4*!9+%4'K!

E()!%&)1!+-!.4%2)/,10!,.,9%:%+4!8%'(+.'!%4&%2%&.10!)2%&)4:)!%,!8(1'!D6)/%:14,!-%4&!1C(+//)4'!14&!8(1'!C01:J!

6)4!%4!D6)/%:1!6.,'!:+4,'14'0=!-%*('K!T'!%,!9)/21,%2)!%4!9+0%:%4*!9+0%:%),!j!0%J)!,'+9314&3-/%,JB!14&!%4!'(%,!

:1,)!4)%*(C+/(++&!81':(!j!/)*1/&0),,!+-!'()!:+001')/10!&161*)!&+4)!'+!'()!61V+/%'=!+-!%44+:)4',K!T'G,!0%J)!

C./4%4*!&+84!1!(+.,)!'+!/%&!%'!+-!6%:)K!

D,!1!91/)4'B!91/'%:.01/0=!1!91/)4'!+-!C01:J!'))41*)!C+=,B!T!16!0)-'!8%'(!'()!A.),'%+4B!OY+8B!8(1'!&+!T!')00!6=!

C+=,>P!

X)!.,)&!'+!,1=!4+'!'+!/.4!%4!9.C0%:!C):1.,)!'(1'!6%*('!C)!,))4!1,!,.,9%:%+.,B!0%J)!'()=G&!,'+0)4!,+6)'(%4*K!

R.'!1::+/&%4*!'+!@%66)/614B!I1/'%4!&/)8!(%,!,.,9%:%+4!1'!0)1,'!%4!91/'!C):1.,)!()!81,!810J%4*!'++!,0+80=K!

<+!8(1'!&+!T!')00!6=!C+=,!4+8>!D'!8(1'!9/):%,)!91:)!,(+.0&!1!C01:J!614!810J!'+!12+%&!,.,9%:%+4>!

D4&!:14!'()=!)2)/!,'+9!810J%4*!181=B!+/!/.44%4*!181=B!14&!,%690=!,'14&!'()%/!*/+.4&>!714!'()=!C):+6)!

/%*(')+.,0=!%4&%*414'!8%'(+.'!C)%4*!-1'100=!8+.4&)&>!

T,!'()/)!14=901:)!,1-)!)4+.*(B!+/!14=!:1/*+!%44+:)4'!)4+.*(B!-+/!1!C01:J!614!%4!'(%,!:+.4'/=>!I1/'%4!81,!

8()/)!()!81,!,.99+,)&!'+!C)!j!%4!1!*1')&!:+66.4%'=!j!:1//=%4*!:14&=!14&!1!:144)&!&/%4JK!

E()!8(+0)!,=,')6!-1%0)&!I1/'%4K!X(1'!9/)2)4',!%'!-/+6!-1%0%4*!6=!:(%0&/)4B!+/!=+./,>!

Page 11: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! ``!

T!-))0!'(1'!T!6.,'!')00!6=!C+=,!'(1'B!C.'!T!:14G'K!T'G,!,'.:J!%4!6=!'(/+1'K!T'G,!14!%69+,,%C0=!()1/'C/)1J%4*!

:+42)/,1'%+4!'+!(12)K!<+B!T!,%'!14&!81':(!%4!,%0)4:)B!14&!+::1,%+4100=!6+.'(!'()!8+/&B!OC/)1'()BP!C):1.,)!T!

J))9!-+/*)''%4*!'+K!

<+./:)c!Y)8!Z+/J!E%6),!d5.0=!`bB!"o`#f!33!(''9cuu888K4='%6),K:+6u"o`#uoru`vu+9%4%+4u'()38(+0)3,=,')63

-1%0)&K('60>x/y#z!!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

Page 12: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! `"!

4',!I+99,*92-!a%*0!4$/.!#$%-C!O/2=N!6,-!P'2&!P,!"/*,2.0!T-,A!

@/"F1-<"G$88$-+1&"

E+4%*('!1!;0+/%&1!614G,!1:A.%''10!-+/!(.4'%4*!14&!J%00%4*!1!C01:J!'))41*)/!8(+!81,!1/6)&!8%'(!+40=!1!C1*!+-!

:14&=!,)/2),!1,!1!U+/,:(1:(!'),'!-+/!'()!D6)/%:14!9.C0%:K!;+/!:+4,)/21'%2),B!%'G,!1!'/%.69(!+-!9)/6%,,%2)!*.4!

018,!14&!1!2%:'+/=!+2)/!'()!0%C)/10!6)&%1B!8(%:(!(1&!C))4!.4-1%/0=!/++'%4*!-+/!'()!&)1&!J%&!100!10+4*K!;+/!

0%C)/10,B!%'i,!1!'/1*%:!14&!*01/%4*!)F1690)!+-!'()!*19,!'(1'!901*.)!+./!:/%6%410!V.,'%:)!,=,')6K!;+/!9)+90)!+-!

:+0+/B!%'G,!1!2%2%&!/)6%4&)/!'(1'!8)!6.,'!1081=,!C)!&)-)/)4'%10!'+!8(%')!9)+90)B!+/!-1:)!'()!2)/=!/)10!:(14:)!

+-!*)''%4*!J%00)&K!

X()4!T!81,!V.4%+/!%4!:+00)*)!%4!h%/*%4%1B!6=!'()43*%/0-/%)4&!14&!T!&):%&)&!+4)!4%*('!'+!6))'!.9!-+/!1!A.%:J!

,41:J!8(%0)!,'.&=%4*!-+/!6%&')/6,K!X)!C+.*('!,+6)!,14&8%:(),!1'!1!"\3(+./!&)0%!14&B!/1'()/!'(14!81,')!

'%6)!*+%4*!'+!)%'()/!+-!+./!(+6),B!8(%:(!8)/)!%4!+99+,%')!&%/):'%+4,B!8)!&):%&)&!'+!)1'!%4!()/!:1/!%4!1!

91/J%4*!0+'!4)1/!1!-14:=!(+')0!+--3:169.,K!X)!8)/)!0%,')4%4*!'+!6.,%:!14&!01.*(%4*!1C+.'!,+6)'(%4*!8()4!T!

,18!1!,):./%'=!*.1/&G,!()1&0%*(',!%4!'()!/)1/!2%)8!6%//+/B!14&!T!,'+99)&!01.*(%4*!1,!T!81':()&!(%6j1!8(%')!

614!%4!(%,!6%&3\o,j810J!.9!'+!6=!*%/0-/%)4&G,!&++/!14&!1,J!()/!'+!,')9!+.'!+-!'()!:1/K!OQ(B!W]BP!,()!,1%&B!

:0)1/0=!1,!:+4-.,)&!1,!T!81,!1C+.'!8(1'!8)G&!&+4)!'+!81//14'!(%,!1'')4'%+4K!

M)!810J)&!()/!181=!-/+6!()/!:1/!'+81/&!(%,B!C.'!'()=!8)/)!:0+,)!)4+.*(!'(1'!T!:+.0&!()1/!'()%/!

:+42)/,1'%+4K!M)!1,J)&!()/!()/!416)B!1!,0%*('!,+.'()/4!0%0'!0)4*'()4%4*!(%,!2+8)0,K!<()!'+0&!(%6K!E()4!()!

,1%&B!OD/)!=+.!W]>!O!

OX(1'!&+!=+.!6)14>P!,()!,1%&K!

OD/)!=+.!,1-)!/%*('!4+8>P!()!1,J)&!1*1%4K!

I=!*%/0-/%)4&!81,!8(%')K!T!16!4+'K!

T!0)19'!+.'!+-!'()!:1/!14&!,:/)16)&B!OX(1'!'()!()00!&%&!=+.!V.,'!1,J!()/>P!T!814')&!'+!,))!%-!()!(1&!'()!

/),+02)!'+!,1=!%'!1*1%4B!'+!6)!'(%,!'%6)K!

E()!,):./%'=!*.1/&!'./4)&!'+!-1:)!6)K!OT'G,!,'14&1/&!9/+:)&./)B!,%/BP!()!,1%&K!OT!81,!*+%4*!'+!1,J!=+.!%-!=+.!

8)/)!10/%*('B!'++KP!

OT!'(%4J!=+.G/)!0=%4*BP!T!,1%&K!

OZ+.!:14!'(%4J!8(1'!=+.G&!0%J)BP!()!,1%&B!1!,6%0)!:/))9%4*!.9!(%,!-1:)K!OX)!:14!10,+!:100!'()!9+0%:)!/%*('!4+8!

14&!,+/'!'(%,!100!+.'B!C):1.,)!=G100!1/)4G'!,.99+,)&!'+!C)!()/)!14&!'(%,!%,!9/%21')!9/+9)/'=KP!

T!814')&!'+!(%'!(%6!%4!(%,!-.:J%4*!-1:)K!T!814')&!'+!'1J)!(%,!-01,(0%*('!-/+6!(%,!C)0'!14&!,61,(!(%,!'))'(!+.'B!

*%2%4*!(%6!1!/)10!/)1,+4!'+!:100!'()!:+9,B!1!/)1,+4!C),%&),!'()!:/%6)!+-!)1'%4*!1!,14&8%:(!%4!1!91/J%4*!0+'K!

R.'!T!81,!1!"o3=)1/3+0&!C/+84!J%&!%4!h%/*%4%1K!T'!81,!01')K!T!81,!8%'(!1!8(%')!*%/0K!T!-)0'!)6C1//1,,)&B!14&!'()!

'(+.*('!+-!C)%4*!,.//+.4&)&!C=!6+/)!%4A.%,%'%2)!8(%')!6)4!8%'(!9)99)/!,9/1=!14&!'1,)/,!14&!(14&:.--,!14&!

Page 13: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! `#!

*.4,!+40=!61&)!6=!-1:)!(+'')/K!D4&!,+!T!19+0+*%[)&K!OTG6!,+//=BP!T!,1%&K!OX)!&%&4G'!J4+8!'(%,!81,!9/%21')!

9/+9)/'=KP!

OX)00B!4+8!=+.!J4+8BP!()!,1%&K!

I=!*%/0-/%)4&!&/+2)!6)!(+6)B!8()/)!T!,')8)&!-+/!(+./,!14&!9/+6%,)&!6=,)0-!TG&!/)9+/'!'()!*.1/&!%4!'()!

6+/4%4*K!X()4!T!8+J)B!(+8)2)/B!T!/)10%[)&!T!&%&4G'!(12)!'()!*.1/&G,!416)B!4+/!&%&!T!)2)4!J4+8!8(1'!'+!

/)9+/'j%'G,!4+'!1*1%4,'!14=!/.0),!'+!1,J!1!8(%')!8+614!%-!'()!C01:J!614!%4!'()!:1/!8%'(!()/!%,!1''1:J%4*!()/K!

T'G,!4+'!1*1%4,'!14=!/.0),!'+!(.6%0%1')!,+6)+4)!%4!1!&1/J)4)&!91/J%4*!0+'!%4!-/+4'!+-!'()!9)/,+4!'()=!0+2)K!T'!

61=B!(+8)2)/B!C)!1*1%4,'!'()!/.0),!'+!)1'!-++&!%4!'()!91/J%4*!0+'!%4!'()!-%/,'!901:)K!T!4)2)/!/)9+/')&!%'K!T!'(%4J!

1C+.'!%'!'+!'(%,!&1=K!

T'!%,!1!:+690%:1')&!'(%4*!'+!C)!=+.4*B!C01:JB!14&!610)!%4!D6)/%:1K!Y+'!+40=!1/)!=+.!8)00!181/)!'(1'!614=!

9)+90)!1/)!1-/1%&!+-!=+.j=+.!:14!,))!'()6!:0.':(%4*!'()%/!9./,),!+/!,'%--)4%4*!%4!'()%/!,.C81=!,)1',!8()4!

=+.!,%'!1:/+,,!-/+6!'()6j=+.!6.,'!10,+!/)61%4!:+4,:%+.,!+-!'()!-1:'!'(1'!9)+90)!)F9):'!=+.!'+!C)!

19+0+*)'%:!-+/!'()%/!-)1/K!T'G,!=+./!V+C!'+!C)!/)6+/,)-.0!1C+.'!'()!-1:'!'(1'!=+./!2)/=!41'./)!61J),!'()6!

.4:+6-+/'1C0)B!0%J)!1!9%0+'!(12%4*!'+!19+0+*%[)!'+!1!-)1/-.0!-0=)/!-+/!C)%4*!%4!'()!,J=K!

T-!=+.G/)!1!C01:J!614!14&!=+.!&+4G'!/)61%4!2%*%014'!+-!14&!+C,)A.%+.,!'+!8(%')!9)+90)G,!914%:!%4!=+./!

9/),)4:)j%-!=+.B!,1=B!9.4:(!1!614!8(+!1::+,',!=+.!&./%4*!&%44)/!8%'(!=+./!*%/0-/%)4&!14&!,:/)16,!

OY%**)/NP!%4!=+./!-1:)B!+/!%-!=+.B!,1=B!9.4:(!1!614!8(+!%,!-+00+8%4*!=+.!8%'(+.'!:1.,)!%4!'()!&1/J!8%'(!1!

(14&*.4!1'!(%,!,%&)j'()4!=+.!6.,'!C)!9/)91/)&!'+!C)!1//),')&B!C)!C)1')4B!C)!,(+'!'(/+.*(!'()!()1/'!14&!

0.4*!14&!&%)!+4!'()!81=!(+6)!'+!81':(!1!C1,J)'C100!*16)!8%'(!=+./!-16%0=K!D4&!1-')/!=+.!1/)!&)1&B!+'()/!

C01:J,!,(+.0&!C)!9/)91/)&!-+/!9)+90)!'+!,1=!=+.!1/)!1!2%:%+.,!'(.*!8(+!&),)/2)&!%'K!Z+.!,6+J)&!8))&B!-+/!

%4,'14:)B!14&!*+'!%4!,+6)!-%*(',!1'!,:(++0!d0%J)!T!&%&fj+C2%+.,0=!=+.!(1&!%'!:+6%4*K!Z+.!8)/)!1!'%:J%4*!'%6)!

C+6CB!14&!,++4)/!+/!01')/!,+6)+4)!81,!*+%4*!'+!(12)!'+!9.'!=+.!&+84K!

<+./:)c!?18J)/!d5.0=!`#B!"o`#f!3!(''9cuu*18J)/K:+6u'()3[%66)/6143V./=3'+0&3=+.4*3C01:J36)438(1'38)3

10/)1&=3rrovboss"!!

!

!

!

!

!

!

!

!

!

Page 14: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! `\!

?F!4*205$-!62*&+-!'2.!3,,-!2!A$92-!b!

R=!516%01!D%,(1!R/+84!

X(1'!%-!E/1=2+4!I1/'%4!(1&!C))4!1!C01:J!8+614>!

7YY!(+,'!_%)/,!I+/*14!9+,)&!'(%,!(=9+'()'%:10!A.),'%+4!'+!I1/:!S16+4'!M%00!+4!E.),&1=!4%*('c!

X(1'!%-!E/1=2+4!(1&!C))4!1!=+.4*!C01:J!8+614!14&!,()!(1&!C))4!,:1/)&!C=!C)%4*!-+00+8)&!C=!'(%,!*.=>!!

T-!%'!(1&!C))4!1!=+.4*!C01:J!8+614!810J%4*!(+6)!14&!,()!(1&!'./4)&!1/+.4&!14&!9.4:()&!(%6!%4!'()!-1:)B!

-+/!1/*.6)4'i,!,1J)B!8)!8+.0&4i'!C)!(12%4*!'(%,!:+42)/,1'%+4B!8+.0&!8)>!M)!8+.0&!(12)!C))4!:+42%:')&K!

M%00!1*/))&B!/)61/J%4*!'(1'!C01:J!6)4!1/)!2%)8)&!1,!k9./2)=+/,!+-!2%+0)4:)k!14&!4+'!1,!2%:'%6,K!R.'!8(1'!

1C+.'!'()!,:+/),!+-!.4416)&!C01:J!8+6)4!8(+,)!J%00%4*,!(12)!C))4!01/*)0=!%*4+/)&!14&!100!C.'!-+/*+'')4>!D!

0++J!'(/+.*(!(%,'+/=!9/+2),!'(1'!-/+6!0=4:(%4*,B!'+!%4'%61')!91/'4)/!2%+0)4:)B!'+!9+0%:)!C/.'10%'=B!'()!

6./&)/,!+-!C01:J!8+6)4!%4!'()!Q4%')&!<'1'),!(12)!/1/)0=!)2+J)&!6.:(!)691'(=K!

7+4'/1/=!'+!'()!I+/*143M%00!'(),%,B!T!:+4')4&!'(1'!%-!E/1=2+4!I1/'%4!8)/)!1!=+.4*!C01:J!8+614B!8)!8+.0&!

4+'!)2)4!J4+8!()/!416)K!

E/1=2+4!I1/'%4i,!6./&)/!14&!,.C,)A.)4'!9/+-%0%4*!(12)!C))4!0%J)4)&!C=!,+6)!'+!'()!0=4:(%4*,!+-!C01:J!6)4!

'(1'!,'1%4)&!D6)/%:14!(%,'+/=!&./%4*!'()!`s'(!14&!"o'(!:)4'./%),B!:1,'%4*!(%6!1,!1!01'')/3&1=!^66)''!E%00K!

R.'!9+9.01/!6)6+/=!(1,!2%/'.100=!)/1,)&!'()!0=4:(%4*,!+-!I1/=!E./4)/B!I1/%)!<:+''!14&!S1./1!Y)0,+4!14&!

'()!``b!C01:J!8+6)4B!8(+!8)/)!(.4*!10+4*,%&)!'()%/!(.,C14&,B!C/+'()/,!14&!,+4,K!E()!,'/14*)!-/.%'!+-!

1,18-*+#8!,)F!'(1'!10,+!&14*0)&!-/+6!,+.'()/4!'/)),K!

E()/)!81,!4)%'()/!6.:(!,=691'(=!4+/!+.'/1*)!+2)/!'()!&)1'(!+-!$)1441!7++J!_1'/%:JB!8(+!81,!-+.4&!&)1&!

%4!()/!C1'('.C!'8+!&1=,!1-')/!,()!:100)&!s``!-+/!()09!%4!D.*.,'!"o`"K!$)1441!(1&!,.--)/)&!1!J4+84!(%,'+/=!

+-!2%+0)4:)!1'!'()!(14&,!+-!()/!1''1:J)/c!()/!)F3(.,C14&!$)02)::(%+!_1'/%:J!(1&!C))4!1//),')&!-+/!1,,1.0'%4*!

()/!'(/))!'%6),B!14&!90)1&)&!*.%0'=!'+!100!'(/))!:(1/*),K!

E(+.*(!$)1441!'+0&!'()!s``!+9)/1'+/!'(1'!$)02)::(%+!(1&!'/%)&!'+!J%00!()/!'(/))!'%6),!C)-+/)B!'()!&%,91':()/!

-1%0)&!'+!61/J!()/!:100!1,!k./*)4'k!+/!/)9+/'!%'!1,!1!k6./&)/!%4!9/+*/),,kK!

<.C,)A.)4'0=B!'8+!9+0%:)!+--%:)/,!1//%2)&!1'!$)1441i,!(+6)!bo!6%4.'),!01')/B!C.'!!!!

0)-'!8()4!4+!+4)!14,8)/)&K!

!

$+),!'()!416)!U)J%1!R+=&!,+.4&!1'!100!-16%0%1/>!W40=!8))J,!1-')/!E/1=2+4!!!!

I1/'%4i,!6./&)/B!$)'):'%2)!$14')!<)/2%4!*.44)&!&+84!'()!""3=)1/3+0&!!

U)J%1!+4!'()!8),'!,%&)!+-!7(%:1*+B!=)'!()/!416)!(1,!01/*)0=!),:19)&!

'()!6)&%1!,9+'0%*('K!!

!

S%J)!E/1=2+4B!U)J%1!81,!1!91,,)/3C=B!()/!0%-)!'1J)4!%4!'()!6%&&0)!+-!

'()!4%*('!C=!1!,%4*0)!,(+'K!X(%0)!'()!-16%0=!+-!U)J%1!R+=&!81,!

181/&)&!{\Kb6!%4!I1/:(!"o`#B!1!=)1/!1-')/!()/!&)1'(B!$)'):'%2)!

<)/2%4!-1:),!4+!:/%6%410!:(1/*),!'+!&1')K!

!

Page 15: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! `b!

<)2)43=)1/3+0&!D%=141!<'140)=35+4),!81,!,(+'!'+!&)1'(!1,!,()!,0)9'!+4!'()!:+.:(!8%'(!()/!*/14&6+'()/!

&./%4*!1!6%&4%*('!<81'!/1%&!+4!()/!(+6)!%4!"o`oK!S1,'!6+4'(B!'(/))!=)1/,!1-')/!()/!&)1'(B!'()!:(%0&i,!J%00)/B!

9+0%:)!+--%:)/!5+,)9(!X))J0)=B!810J)&!-/+6!1!$)'/+%'!:+./'/++6!1-')/!(%,!%42+0.4'1/=!614,01.*(')/!:1,)!81,!

&):01/)&!1!6%,'/%10K!X()/)!8)/)!'()!()1&0%4),!14&!9/+'),',>!

<+B!8(=!1/)!-)610)!2%:'%6,!,+!+-')4!+6%'')&!-/+6!'()!41//1'%2),!+-!2%+0)4:)!D-/%:14!D6)/%:14,!-1:)>!

R01:J!-)6%4%,'!,:(+01/!C)00!(++J,!,1=,c!

Y+!+'()/!*/+.9!%4!D6)/%:1!(1,!,+!(1&!'()%/!%&)4'%'=!,+:%10%[)&!+.'!+-!)F%,')4:)B!1,!(12)!C01:J!8+6)4!m!

X()4!C01:J!9)+90)!1/)!'10J)&!1C+.'!'()!-+:.,!')4&,!'+!C)!+4!C01:J!6)4K!

E(%,!:+.0&!)F901%4!8(=!I1/:!S16+4'!M%00!-1%0)&!'+!:%')!'()!416),!+-!D-/%:143D6)/%:14!8+6)4!0%J)!U)J%1!

R+=&B!8(+,)!-16%0=!*/%)2),!10+4*,%&)!'()!I1/'%4,K!R01:J!8+6)4i,!416),!1/)!'++!+-')4!0)-'!+.'!+-!/100=!:/%),!

1*1%4,'!,)4,)0),,!2%+0)4:)K!X)!/)6)6C)/!W,:1/!?/14'B!D61&+.!$%100+B!14&!<)14!R)00B!C.'!(+8!614=!61/:(!

-+/!E1/%J1!X%0,+4>!

T4,')1&B!'()!2%:'%6%[1'%+4!+-!=+.4*!8+6)4!%,!,.C,.6)&!%4'+!1!*)4)/10!8)00!+-!C01:J!91%4!'(1'!%,!01/*)0=!

&)-%4)&!C=!'()!,'/.**0),!+-!D-/%:143D6)/%:14!6)4K!D,!1!/),.0'B!14=!%4,%*('!1C+.'!'(%,!%69+/'14'!%4')/,):'%+4!

+-!/1:)!14&!*)4&)/!%,!0+,'!.4&)/!'()!.6C/)001!+-!1!:+00):'%2)!,)4,)!+-!9)/,):.'%+4K!

$),9%')!_%)/,!I+/*14i,!1,,)/'%+4!'(1'!%-!E/1=2+4!I1/'%4!8)/)!-)610)B!'()4!()/!:1,)!8+.0&!1,,./)!1!*.%0'=!

2)/&%:'B!100!'()!)2%&)4:)!,.**),',!+'()/8%,)K!E()!,16)!,+:%10!14&!:.0'./10!9/+'):'%+4,!1--+/&)&!8(%')!8+6)4!

1/)!4+'!/)1&%0=!*/14')&!'+!D-/%:143D6)/%:14!8+6)4!14&!*%/0,K!

T-!E/1=2+4!I1/'%4!(1&!C))4!1!=+.4*!C01:J!8+614B!4+!9+0%:)!:(%)-!8+.0&!(12)!/),%*4)&!+2)/!1!C.4*0)&!

%42),'%*1'%+4K!Y+!7YY!(+,'!8+.0&!C)!&%,:.,,%4*!'()!:1,)!+-!()/!1::.,)&!J%00)/K!D4&!8)!8+.0&4i'!C)!

0%2),'/)16%4*!()/!6./&)/!'/%10!14&!(14*%4*!+4!)2)/=!8+/&!+-!)1:(!8%'4),,K!

E()!/)10%'=!%,!8)!8+.0&!9/+C1C0=!4)2)/!(12)!()1/&!+-!()/K!

<+./:)c!E()!?.1/&%14!d5.0=!`"B!"o`#f!3!(''9cuu888K*.1/&%14K:+K.Ju:+66)4'%,-/))u"o`#uV.0u`"u'/1=2+43

61/'%43-)610)!

!

!

!

!

!

!

!

!

Page 16: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! `v!

P,!"*,!>$&!4*205$-!62*&+-!d<+./:)c!(''9cuu8)1/)4+''/1=2+461/'%4K:+6uf!!

!"D#"H1("B-%/31&"?%-(*&"

T!16!4+'!E/1=2+4!I1/'%4K!!T!16!"v3=)1/3+0&!8(%')!610)!0%2%4*!%4!'()!,'1')!+-!X=+6%4*B!1!,'1')!'(1'!(1,!1!01/*)!

8(%')!9+9.01'%+4!14&!%,!(+6)!'+!8(1'!614=!),9+.,)!1,!:+4,)/21'%2)!210.),K!!I=!,'1')!%,!8()/)!1!=+.4*!*1=!

614!81,!C)1'!'+!&)1'(!C=!'8+!+'()/!6)4!14&!.,)&!'()!O*1=!914%:k!&)-)4,)!%4!:+./'K!!X(%0)!I1''()8!

<()91/&G,!J%00)/,!1/)!%4!9/%,+4!1-')/!-1:%4*!V.,'%:)B!E/1=2+4!I1/'%4G,!J%00)/!8%00!C)!1C0)!'+!810J!'()!,'/))',!

1*1%4K!!M)!8%00!C)!1C0)!'+!+84!1!*.4!14&!199+%4'!(%6,)0-!'+!'()!4)%*(C+/(++&!81':(!1*1%4K!!E(%,!+.'/1*),!

6)K!

T!8%00!4)2)/!)F9)/%)4:)!'()!C%*+'/=!'(1'!_W7!*+!'(/+.*(!+4!1!&1%0=!C1,%,B!C.'!T!8%00!()1/!/1:%,'!,'1')6)4',!

:+6)!-/+6!'(+,)!1/+.4&!6)K!!T!8%00!()1/!1C+.'!(+8!I1/'%4!81,!1!O'(.*k!14&!@%66)/614!81,!,%690=!

&)-)4&%4*!(%6,)0-K!!T!8%00!()1/!(+8!'()!D-/%:143D6)/%:14!:+66.4%'=!%,!V.,'!9.00%4*!+.'!'()!/1:)!:1/&!14&!'(1'!

'(%,!')//%C0)!:/%6)!(1&!4+'(%4*!'+!&+!8%'(!:+0+/!C):1.,)!@%66)/614!81,!I)F%:14K!!T!8%00!10,+!()1/!1C+.'!

(+8!'()!0%C)/10!6)&%1!1/)!'()!/)10!C%*+',B!61J%4*!1!,1%4'!+.'!+-!! ! ! ! ! ! !!!!!!!!

1!O81441C)!*14*,')/k!8(%0)!'/=%4*!'+!,014&)/!1!614!8(+!! ! ! ! ! !!!!!!!

(+4),'0=!-)1/)&!-+/!(%,!0%-)K!!T!J4+8!T!8%00!()1/!'(%,!C):1.,)!T!! ! ! ! ! !!!!!!!!!!!!!!

(12)!10/)1&=!()1/&!,%6%01/!,'1')6)4',!*/+8%4*!.9!%4!'(%,!,'1')B!! ! ! ! ! ! !!!!!!!!

T!,'%00!()1/!,'1')6)4',!0%J)!'(%,K!T!8%00!()1/!'()6!14&!T!8%00!! ! ! ! ! !!!!!!!!!

9/+'),'!'()6K!

T!16!4+'!E/1=2+4!I1/'%4B!T!16!5+,(.1!YK!X++&K!

!

!

!"%#"&1("B-%/31&"?%-(*&4"

T!16!8(%')K!D!8+614K!D!/):)4'!:+00)*)!*/1&K!T!16!"#K!

R.'!%'!6%*('!,./9/%,)!=+.!'(1'!TB!'++B!0%2)!1-/1%&K!

5.,'!+2)/!1!=)1/!1*+!6=!8(%')!)F3C+=-/%)4&!81,!,)4'!'+!9/%,+4K!D-')/!'(/))!=)1/,!+-!1C.,)!T!'/%)&!'+!0)12)!

(%6K!M)!/)'10%1')&!C=!'/1,(%4*!+./!191/'6)4'B!&),'/+=%4*!14='(%4*!+-!,)4'%6)4'10!210.)B!+2)/&/1-'%4*!6=!

C14J!1::+.4'!C=!voo{B!C.=%4*!1!*.4B!,(+8%4*!.9!1'!6=!8+/J!'+!,(+8!6)!%'!,+!T!8+.0&!0)12)!8%'(!(%6B!14&!

-%4100=!,)''%4*!-%/)!'+!6=!:(%0&(++&!(+6)!14&!6=!:1/K!M)!-+00+8)&!6)!1:/+,,!'()!,'1')!14&!:100)&!6)!

:+.4'0),,!'%6),B!,1=%4*!()G&!J%00!(%6,)0-!%-!T!&%&4G'!'1J)!(%6!C1:JK!X()4!()!81,!-%4100=!1//),')&B!T!81,!'+0&!

'()=!61=!4+'!C)!1C0)!'+!(+0&!(%6B!'(1'!'()=!61=!(12)!'+!*%2)!(%,!*.4!C1:JK!

I=!-16%0=!-)1/)&!-+/!6=!0%-)!C)-+/)!T!&%&K!R.'!'%6)!14&!&%,'14:)!(12)!,(+84!6)!(+8!0.:J=!T!81,K!T!&%&!4+'!

/)10%[)!(+8!1C.,%2)!()!(1&!C))4!.4'%0!T!'++J!1!8+6)4G,!,'.&%),!:01,,K!Y+8!T!/)10%[)!'()!&161*)!()!:+.0&!

(12)!&+4)!'+!6)B!6=!-16%0=K!

R.'!C):1.,)!()!81,!8(%')B!100!:(1/*),!)F:)9'!+4)!:+.4'!+-!1/,+4!8)/)!&/+99)&K!M)!/):)%2)&!'()!6%4%6.6!

9+,,%C0)!,)4')4:)B!&),9%')!100!'()!+'()/!+--)4,),!14&!1!(%,'+/=!+-!2%+0)4'!C)(12%+/!*+%4*!C1:J!0+4*!C)-+/)!8)!

(1&!6)'K!E(/+.*(!'()!8(+0)!:+./'!9/+:),,!T!,1'!1,(16)&!'(%4J%4*!+-!(+8!0.:J=!T!81,!'(1'!T!81,!1!8(%')!*%/0B!

Page 17: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! `r!

'(1'!6=!91/)4',!(1&!C))4!1C0)!'+!1--+/&!1!(+.,)!%4!1!4%:)!4)%*(C+/(++&!8%'(!*++&!,:(++0,K!E(1'!8()4!T!

,9+J)B!'()!61*%,'/1')!C)0%)2)&!6)K!D4&!T!-)0'!14*)/!14&!&%,199+%4'6)4'K!M1&!()!C))4!C01:J!()!8+.0&!(12)!

/):)%2)&!1!"o|!0+4*)/!%69/%,+46)4'K!X(=>!X(=!:+.0&4G'!'()!018!C)!-1%/!14&!*%2)!)2)/=+4)!1!,)4')4:)!'()=!

1:'.100=!&),)/2)&>!D4&!'(+.*(!T!4)2)/!8+.0&!(12)!8%,()&!-+/!%'B!T!J4)8!(1&!()!C))4!1!C01:J!C+=!8%'(!1!*.4B!

()!8+.0&!(12)!C))4!,(+'!&+84!C=!9+0%:)B!4+'!1//),')&K!<(%'B!%'!(199)4,!'+!C01:J!C+=,!1/6)&!8%'(!4+'(%4*!

C.'!:)009(+4),!%4!6=!(+6)'+84K!

R.'!6=!)F!81,!,)4')4:)&B!14&!%4!1!=)1/!()!8%00!C)!/)0)1,)&K!E()/)!1/)!'(%4*,!T!:14!&+!'+!()09!J))9!6)!,1-)K!T!

(12)!1!/),'/1%4%4*!+/&)/!8(%:(!61=!4+'!C)!8+/'(!6.:(!,%4:)!'()!:+./'!9,=:(%1'/%,'!,1%&!()!%,!9/+C1C0=!1!

,+:%+91'(!14&!(1,!0%''0)!:+4'/+0!+-!(%,!+84!C)(12%+/K!R.'!T!:14!61J)!%'!(1/&!-+/!(%6!'+!-%4&!6)K!T!:14!6+2)!

181=K!T!:14!:(14*)!6=!(1%/!14&!(+8!T!&/),,K!T!:+.0&!:(14*)!6=!416)K!

T!:+.0&!*%2)!.9!6=!%&)4'%'=K!R01:J,!(12)!'+!&+!%'!100!'()!'%6)B!14&!%4!6.:(!6+/)!9/+-+.4&!14&!10%)41'%4*!

81=,B!8()4!'()=!(12)!'+!O1:'!8(%')Kk!T!8+/J!8%'(!1!8+614!1'!1!')0),./2)=!:+6914=!8(+!*+),!C=!E%41!8()4!

'10J%4*!'+!:.,'+6)/,!C):1.,)!()/!/)10!416)B!])%,(1B!%,!O'++!C01:JKk!T!*+!C1:J!14&!-+/'(!1C+.'!:(14*%4*!6=!

416)!C)-+/)!6=!)F!%,!/)0)1,)&K!R.'!(+8!6.:(!:14!T!:(14*)!14&!,'%00!C)!6)>!D4&!(+8!6.:(!6.,'!T!:(14*)!'+!

61J)!6)!,1-)>!X(1')2)/!T!&+!8+4G'!:(14*)!'()!-1:'!+-!6=!%&)4'%'=K!T!8%00!1081=,!C)!6)!14&!'()/)-+/)!T!8%00!

1081=,!C)!.4,1-)K!T!8%00!1081=,!C)!(%,!'1/*)'!V.,'!-+/!C)%4*!6)K!

^2)/=!&1=!T!-))0!6+/)!1-/1%&K!X()4!T!*%2)!+.'!6=!4)8!4.6C)/!TG6!8+//%)&!%'!8%00!-%4&!%'G,!81=!C1:J!'+!(%6K!

X()4!T!'8))'!1C+.'!6=!8+/JB!TG6!8+//%)&!()G00!*+!'()/)!8()4!()!*)',!+.',K!X()4!T!6+2)!,+6)8()/)!4)8!

dTG2)!6+2)&!b!'%6),!%4!'()!91,'!=)1/f!TG6!')//%-%)&!'+!')00!14=+4)!'()!1&&/),,K!X(1')2)/!T!&+B!TG00!4)2)/!'(%4J!

TG6!,1-)!)4+.*(K!T!16!,:1/)&!'+!0)'!9)+90)!:0+,)!-+/!-)1/!'(1'!()!8%00!(./'!'()6!'+!*)'!'+!6)K!T!16!,:1/)&!'+!

2%,%'!6=!(+6)'+84!+/!14=8()/)!T!J4)8!()!0%J)&!'+!*+!1-')/!()!*)',!+.'K!X(1'!%-!%!&+!100!'(%,!8+/J!'+!(%&)!14&!

()!V.,'!C.69,!%4'+!6)>!T!16!,:1/)&!'(1'!()!C016),!'(%,!100!+4!6)B!1,!()!1081=,!&%&!8()4!8)!8)/)!'+*)'()/B!

14&!'(1'!()!8%00!,))J!'+!9.4%,(!6)!1*1%4K!T!16!1-/1%&!'(1'!T!8%00!1081=,!C)!1-/1%&B!'(1'!T!8%00!1081=,!/)901=!

8(1'!(199)4)&!%4!6=!()1&K!T!16!1-/1%&!TG00!4)2)/!J4+8!8(1'!()!&%&!'+!6=!:1'!'(1'!8)4'!6%,,%4*!C.'!'()4!

1*1%4!TG6!10,+!1-/1%&!'+!J4+8K!

D4&!=)'!T!16!0.:J=K!

R+=,!0%J)!E/1=2+4!:144+'!(%&)B!0%J)!T!:14B!14&!'()!018!8%00!4+'!9/+'):'!'()6!1,!%'!&+),!6)K!E()=!8%00!1081=,!C)!

)F1:'0=!8(+!'()=!1/)B!4+!61'')/!8()/)!'()=!*+B!14&!,+!'()=!6.,'!1081=,!C)!)F9+,)&B!&)-)4,)0),,K!T!8%00!-+/!

'()!/),'!+-!6=!0%-)!-)1/!+4)!8(%')!614K!E()!E/1=2+4,!+-!'()!8+/0&!6.,'!-)1/!'()6!100K!

!

!

!

!

!

!

!

Page 18: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! `a!

4$!&',!)29+/0!$F!O*$&',*!4*205$-!62*&+-!!2-.!&$!&',!O/2=N!7$99%-+&0\!$I1=!'(%,!,'1')6)4'!-%4&!.,!%4!'()!,9%/%'!+-!9)1:)!14&!,+0%&1/%'=K!

X)!J4+8!'(1'!V.,'%:)!-+/!R01:J!0%-)!%,!V.,'%:)!-+/!(.614%'=K!

W./!(+9)!14&!:+66.4%'=!81,!,(1J)4!'(/+.*(!1!,=,')6!'(1'!%,!,.99+,)&!'+!C)!C.%0'!+4!-/))&+6!14&!V.,'%:)!

-+/!100K!X)!1/)!=+./!,+4,!14&!&1.*(')/,K!X)!1/)!'()!61/*%410%[)&!14&!&%,)4-/14:(%,)&K!X)!1/)!+4)!(.4&/)&!

4)F'!*)4)/1'%+4!0)1&)/,K!C$"%-$"()$"@2%,9">16()"I-1J$,("KLL"M@>IKLLNK!

X)!,))!'()!(+9)0),,4),,!+-!1!*)4)/1'%+4!'(1'!(1,!C))4!C/+J)4!'/=%4*!'+!-%4&!%',!901:)!%4!'(%,!8+/0&K!X)!

.4&)/,'14&!'(1'!8)!4))&!'+!'./4!14*)/!%4'+!1:'%+4!14&!91%4!%4'+!9+8)/K!

D,!8)!81%')&!'+!()1/!'()!2)/&%:'B!%4!'()!,9%/%'!+-!.4%'=B!8)!-+/6)&!1!:%/:0)!14&!0+:J)&!(14&,K!X()4!8)!()1/&!

O4+'!*.%0'=BP!+./!()1/',!C/+J)!:+00):'%2)0=K!T4!'(1'!6+6)4'B!%'!81,!:0)1/!'(1'!R01:J!0%-)!(1&!4+!210.)K!^6+'%+4,!

9+./)&!+.'!33!)6+'%+4,!'(1'!1/)!/)10B!41'./10!14&!4+/610B!1,!8)!*/%)2)&!-+/!E/1=2+4!14&!(%,!,'+0)4!(.614%'=K!

R01:J!9)+90)B!X^!SWh^!DY$!<^^!ZWQK!X)!6+./4B!C.'!'()/)G,!(+9)!1,!0+4*!1,!0+2)!)4&./),K!

E/1=2+4!81,!614%-),')&!-/+6!14:),'/10!)F:)00)4:)K!E()!,10'!81')/!-100%4*!-/+6!+./!)=),!4+8B!%,!4+'!&%--)/)4'!

-/+6!'()!,10'!81')/!8)!8)/)!'/1--%:J)&!+4!'()4K!T-!'()!,+%0!+-!'()!Q4%')&!<'1'),!:+.0&!,9)1JB!C)-+/)!,1=%4*!1!

8+/&!%'!8+.0&!:+.*(!.9!+./!C0++&K!7(+J%4*!-/14'%:100=B!:/.,'3:./&0%4*!8%'(!'()!*+/)!+-!1!+99/),,)&!9)+90),!%'!

(1,!C))4!-+/:)3-)&K!X(%')!,.9/)61:=!(1,!81')/3C+1/&)&!%'!8%'(!'()!/)6414',!+-!%',!*)4+:%&)!+-!.,K!

E(%,!6+6)4'!/)6%4&,!.,!'(1'!8)!:14G'!0++J!'+!+'()/,!'+!,))!+./!210.)!C.'!8)!(12)!'+!/):+*4%[)!+./!+84!

210.)K!T4!,9%')!+-!8(1'!81,!,1%&!%4!:+./'B!8(1'!2)/&%:'!(1,!C))4!/)1:()&B!+/!(+8!(+9)0),,!8)!-))0B!E/1=2+4!

&%&!YWE!&%)!%4!21%4K!D!6+'()/!,(+.0&!4)2)/!(12)!'+!C./=!()/!,+4K!M+8)2)/B!(%,!&)1'(!8%00!,)/2)!1,!'()!

:1'10=,'!+-!1!4)8!6+2)6)4'!8()/)!'()!,'/.**0)!-+/!V.,'%:)!8%00!9/)21%0K!

T4,')1&!+-!1!6+6)4'!+-!,%0)4:)B!8)!/1%,)!+./!2+%:),!'+*)'()/K!D,!D.&/)!S+/&)!,1%&B!R&;8$,)'#*3#$()''$SL!$

TCL!JU!$VQBW!X)!1/)!=+.4*!0)1&)/,!,'14&%4*!+4!'()!,(+.0&)/,!+-!+./!14:),'+/,B!:1//=%4*!'()!(%,'+/%:10!

'/1.61!)6C)&&)&!%4!1!0)*10!,=,')6!'(1'!8%00!YWE!_UWE^7E!Q<K!X)!1/)!'()!0)*1:=!+-!R01:J!/),%0%)4:)!'(1'!

:+69)0,!.,!'+!-%*('!-+/!+./!0%2),K!

X)!:+4'%4.)!'+!:100!+.'!X'-35$Y&<#E!X'-35$T&(#8!14&!X'-35$),$X#-;1)%;'!%4!'()!-1:)!+-!:+4'%4.)&!&)210.1'%+4!

+-!R01:J!0%-)K!X)!1--%/6!1!0+2)!+-!DSS!R01:J!0%-)B!4+!61'')/!%-!8)!1/)!%4!(++&%),!+/!C.,%4),,!,.%',B!%4:1/:)/1')&!

+/!%4!C+1/&/++6,B!+4!8)0-1/)!+/!%4!'()!XYRDB!+4!'()!:+/4)/!+/!%4!'()!X(%')!M+.,)K!X)!&):01/)!'()!

-.4&16)4'10!210.)B!C)1.'=!14&!9+8)/!+-!DSS!R01:J!9)+90)K!E()!9+)'!701.&)!I:]1=!+4:)!,1%&B!R!"&;+"$%-8$

&;1*;74#8#/E$'#1$;,$,"&($;,$48-<#I(#Z''$%-3#$1"#$7;8/#8&;,E$3&(-8/'.$0-35B$T8#,,#/$1&$1"#$(-''E$/.)*+E$4;1$%)+"1)*+$4-35NW!

GO5B!FP"QRS"BSD>TRH4!

R)=+4&!Y+2)6C)/!I+2)6)4'!

5.0=!`\B!"o`#!

!

!

<+./:)c!E()!R01:J!Z+.'(!_/+V):'!H!

(''9cuu888KC01:J=+.'(9/+V):'K:+6u"o`#uoruC=9`oou!!

!

Page 19: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! `s!

T+.8!P'$!E+,!!C=!S14*,'+4!M.*(),!

!

E(%,!%,!-+/!'()!J%&,!8(+!&%)B!

R01:J!14&!8(%')B!

;+/!J%&,!8%00!&%)!:)/'1%40=K!

E()!+0&!14&!/%:(!8%00!0%2)!+4!18(%0)B!

D,!1081=,B!

^1'%4*!C0++&!14&!*+0&B!

S)''%4*!J%&,!&%)K!

]%&,!8%00!&%)!%4!'()!,8169,!+-!I%,,%,,%99%!

W/*14%[%4*!,(1/):/+99)/,!

]%&,!8%00!&%)!%4!'()!,'/))',!+-!7(%:1*+!

W/*14%[%4*!8+/J)/,!

]%&,!8%00!&%)!%4!'()!+/14*)!*/+2),!+-!710%-+/4%1!

E)00%4*!+'()/,!'+!*)'!'+*)'()/!

X(%'),!14&!;%0%9%4+,B!

Y)*/+),!14&!I)F%:14,B!

D00!J%4&,!+-!J%&,!8%00!&%)!

X(+!&+4G'!C)0%)2)!%4!0%),B!14&!C/%C),B!14&!:+4')4'6)4'!

D4&!1!0+.,=!9)1:)K!

W-!:+./,)B!'()!8%,)!14&!'()!0)1/4)&!

X(+!9)4!)&%'+/%10,!%4!'()!919)/,B!

D4&!'()!*)4'0)6)4!8%'(!$/K!%4!-/+4'!+-!'()%/!416),!

X(%')!14&!C01:JB!

X(+!61J)!,./2)=,!14&!8/%')!C++J,!

X%00!0%2)!+4!8)12%4*!8+/&,!'+!,6+'()/!'()!J%&,!8(+!&%)B!

D4&!'()!,0)1[=!:+./',B!

D4&!'()!C/%C)3/)1:(%4*!9+0%:)B!

D4&!'()!C0++&30+2%4*!*)4)/10,B!

D4&!'()!6+4)=30+2%4*!9/)1:()/,!

X%00!100!/1%,)!'()%/!(14&,!1*1%4,'!'()!J%&,!8(+!&%)B!

R)1'%4*!'()6!8%'(!018,!14&!:0.C,!14&!C1=+4)',!14&!C.00)',!

E+!-/%*(')4!'()!9)+90)j!

;+/!'()!J%&,!8(+!&%)!1/)!0%J)!%/+4!%4!'()!C0++&!+-!'()!9)+90)j!

D4&!'()!+0&!14&!/%:(!&+4G'!814'!'()!9)+90)!

E+!'1,')!'()!%/+4!+-!'()!J%&,!8(+!&%)B!

$+4G'!814'!'()!9)+90)!'+!*)'!8%,)!'+!'()%/!+84!9+8)/B!

E+!C)0%)2)!14!D4*)0+!M)/4&+4B!+/!)2)4!*)'!'+*)'()/!

S%,')4B!J%&,!8(+!&%)j!

I1=C)B!4+8B!'()/)!8%00!C)!4+!6+4.6)4'!-+/!=+.!

^F:)9'!%4!+./!()1/',!

Page 20: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! "o!

I1=C)!=+./!C+&%),G00!C)!0+,'!%4!1!,8169!

W/!1!9/%,+4!*/12)B!+/!'()!9+'')/G,!-%)0&B!

W/!'()!/%2)/,!8()/)!=+.G/)!&/+84)&!0%J)!S)%CJ4):('!

R.'!'()!&1=!8%00!:+6)j!

Z+./!1/)!,./)!=+./,)02),!'(1'!%'!%,!:+6%4*j!

X()4!'()!61/:(%4*!-))'!+-!'()!61,,),!

X%00!/1%,)!-+/!=+.!1!0%2%4*!6+4.6)4'!+-!0+2)B!

D4&!V+=B!14&!01.*(')/B!

D4&!C01:J!(14&,!14&!8(%')!(14&,!:01,9)&!1,!+4)B!

D4&!1!,+4*!'(1'!/)1:(),!'()!,J=j!

E()!,+4*!+-!'()!0%-)!'/%.69(14'!

E(/+.*(!'()!J%&,!8(+!&%)K!

!

!!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

"o!

Page 21: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! "`!

!

4',0!P+//!T+//!#$%!

R=!J(;-8#$[B$L,-.-*/#$!

'()=!8%00!J%00!=+.!

14&!,1=!TG6!,+//=!

14&!)F9):'!=+./!6+'()/!'+!

-+/*%2)!14&!-+/*)'!

,()!)2)/!*12)!C%/'(!'+!=+.!

:1//%)&!=+.!%4!0+2)!-+/!4%4)!6+4'(,!

)4&./)&!01C+/!

14&!9.,()&!=+.!+.'!8%'(!?+&G,!6%*('!6+2%4*!%4!()/!(%9,!

)2)/!-)&!=+.!0%-)!-/+6!()/!C+,+6!

+/!(+8!=+.!,6)00)&!0%J)!()12)4!1-')/!,()!81,()&!=+.!

'(1'!,()!)2)/!81':()&!=+.!'1J)!=+./!-%/,'!,')9,!

,9)1J!=+./!-%/,'!8+/&,!

)2)/!'.:J%4*!=+.!%4'+!C)&!8%'(!,'+/%),!'(1'!/+:J)&!=+.!'+!,0))9!

'()!614=!4%*(',!,()!9/1=)&!-+/!=+./!9/+'):'%+4!

+/!(+8!)F:%')&!,()!81,!'()!&1=!=+.!*12)!=+./!-%/,'!/):%'10!

'(1'!,()!)2)/!'1.*('!=+.!'+!C)!*++&!14&!J%4&!

)2)/!C)16)&!8%'(!9/%&)!

8()4)2)/!=+.!*+'!14!D!+4!=+./!'),'!

'(1'!,()!)2)/!814')&!'()!C),'!%4!'(%,!8+/0&!-+/!=+.!

!!

'()=!8%00!J%00!=+.!

14&!,1=!TG6!,+//=!

14&!)F9):'!=+./!-1'()/!'+!-+/*%2)!14&!-+/*)'!

)2)/!(+0&%4*!=+./!'%4=!C+&=!%4!(%,!(14&,!-+/!'()!-%/,'!'%6)!

14&!0++J%4*!%4'+!=+./!)=),!14&!,))%4*!)')/4%'=!

)2)/!')1:(%4*!=+.!(+8!'+!/%&)!1!C%J)!

+/!'()!614=!4%*(',!()!()09)&!=+.!&+!=+./!(+6)8+/J!

(+8!()!8+/J)&!(1/&!'+!61J)!=+./!0%-)!)1,%)/!

+/!901=%4*!:1':(!8%'(!=+.!%4!'()!C1:J=1/&!

+/!'()!0%-)30),,+4,!()!/):%')&!'+!=+.!+2)/!'()!/(='(6!+-!(1%/!:0%99)/,!

)2)/!,:+0&%4*!=+.!8%'(!,')/4!8+/&,!14&!/)1,,./%4*!(.*,!

)2)/!J%,,%4*!=+./!:())J,!

+/!(+8!()!81,!'()/)!8))J!1-')/!8))J!:())/%4*!=+.!+4!-/+6!'()!,'14&,!

(+8!()!&/)16)&!'(1'!=+.G&!*/1&.1')!(%*(!,:(++0!

*+!'+!:+00)*)!

-100!%4!0+2)!

14&!'(1'!()!)2)/!814')&!'(%,!8+/0&!'+!0+2)!=+.!'++!

!!

'()=!8%00!J%00!=+.!

14&!,1=!T!16!,+//=!

14&!)F9):'!=+./!6+'()/!14&!-1'()/!

'+!-+/*%2)!14&!-+/*)'!

'()!&1=!'()=!0)1/4)&!+-!=+./!-1')!

Page 22: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! ""!

8()4!'()!*/+.4&!:+0019,)&!C)4)1'(!'()6!

14&!'()!)1/'(!,8100+8)&!'()%/!(+9),!14&!')1/,!

1,!%'!&%&!=+./!C0++&!

!!

'()=!8%00!J%00!=+.!

14&!,1=!T!16!,+//=!

14&!)F9):'!=+./!6+'()/!14&!-1'()/!

'+!-+/*%2)!14&!-+/*)'!

'(1'!=+.!)2)/!)F%,')&!

!!

'(1'!=+.!)2)/!)F%,')&!

!!

'()=!8%00!,(++'!=+.!

14&!9%4!=+.!&+84!%4!'()!9++0!+-!=+./!+84!C0++&!

,.--+:1')!=+.!%4!'()!'+/'./)!+-!=+./!,:/)16,!

14&!81':(!=+.!&%)!

!!

'()=!8%00!0)12)!=+.!/+''%4*!%4!'()!6+/*.)!

1,!=+./!91/)4',!0+,)!,0))9!14&!(1%/!

8+4&)/%4*!8()/)!=+.!1/)!

+4!1!'/%9!&+84!'()!C0+:J!'+!C.=!,+6)!,J%''0),!14&!%:)&!')1!

!!

'()=!8%00!&+.,)!=+./!6)6+/=!%4!'()!*1,!+-!*+,,%9!

14&!C./4!=+./!C+&=!%4!'()!)--%*=!+-!0%),!14&!/1:)!(1')!

!!

'()=!8%00!'%)!=+.!'+!C0+*!9+,',!14&!8(%9!=+./!%61*)!

'%0!%'!%,!'8%,')&!14&!&%,'+/')&!

.4/):+*4%[1C0)!'+!'()!+4),!8(+!0+2)&!=+.!-%/,'!

!!

'()=!8%00!J%00!=+.!

14&!/1%,)!6+4)=!-/+6!'()!&)1&!

C+&=!'(1'!81,!=+.!

!!

'()=!8%00!J%00!=+.!

14&!)F9):'!.,!

'+!-+/*%2)!14&!

-+/*)'K!

!!

MA%2*,!cB![8202-.,!%,$-$0&#1$-*/$0&')1)3-'$-31)<),1B$$!"#$-;1"&8$&%$,#<#8-'$4&&5,E$"),$'-1#,1$),$#*1)1'#/$$H"&,#$67#8)3-K!7+9=/%*('!"o`"!C=!^8.1/)!eK!W,1=14&)!

!

!

!

!

!

!

!

!

Page 23: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! "#!

!

!

D,(*3*(*$+"%&<"D,(*1&+"!

`K 56::1-("()$"01-9"18"()$"B-%/31&"?%-(*&"Q16&<%(*1&"3!(''9cuu'/1=2+461/'%4-+.4&1'%+4K+/*u!

"K C-*($"%"2$(($-"(1"B-%/31&B!J4+8%4*!'(1'!?)+/*)!@%66)/614!81,!-+.4&!4+'!*.%0'=!+4!ru`#u`#B!8(1'!

8+.0&!=+.!814'!'+!,1=!'+!(%6>!

#K S$%<"U%&7+(1&"V67)$+W+":1$#!O]%&,!X(+!$%)P!+/!^8.1/)!eK!W,1=14&)G,!9+)6!OE()=!X%00!]%00!Z+.P!

14&!8/%')!=+./!+84!9+)6!1C+.'!'()!E/1=2+4!I1/'%4!:1,)K!

\K <+6)!6.,%:%14,!(12)!8/%'')4!,+4*,!1C+.'!E/1=2+4!0%J)!_.C0%:!^4)6=G,!OR)=+4&!E/1=2+4P!dS=/%:,c!

(''9cuu888K1[0=/%:,K:+6u0=/%:,u9.C0%:)4)6=uC)=+4&'/1=2+4K('60f!+/!$)1&!_/)[G,!'/%C.')!'+!E/1=2+4!

OI1&)!Z+.!$%)P!dS=/%:,c!(''9cuu/19*)4%.,K:+6u$)1&39/)[361&)3=+.3&%)3'/1=2+4361/'%43'/%C.')3

0=/%:,fK!C-*($"/16-"10&"+1&7"%=16("B-%/31&"%&<X1-"()$",%+$K!bK U)1&!'()!-+00+8%4*!A.+')!H!X(1'!&+),!%'!6)14!'+!=+.>!

!

!

vK R-7%&*.$"%"Y($%,)Z*&["%=16("()$"B-%/31&"?%-(*&",%+$K!T42%')!=+./!-/%)4&,!'+!'10J!1C+.'!'()!%,,.),!'(1'!8)/)!/1%,)&K!?)'!)&.:1')&!14&!'()4!,(1/)!'()!%4-+/61'%+4!'(1'!=+.!0)1/4!8%'(!+'()/,K!

rK S$%<"()$"+(%($#$&("=/"()$"@2%,9">16()"I-1J$,(!%4:0.&)&!%4!'(%,!9.C0%:1'%+4K!X/%')!=+./!+84!

,'1')6)4'!'+!'()!-16%0=!+-!E/1=2+4!14&!'+!'()!R01:J!7+66.4%'=K!<(1/)!%'!+4!;1:)C++JB!E8%'')/B!14&!

+'()/!,+:%10!6)&%1K!

Page 24: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$

! "\!

aK U$%-&"#1-$"%=16("\5(%&<">16-"]-16&<W2%0+!3!(''9cuu'(),+:%)'=91*),K+/*u,+:%61*),u"o`#uoru`#u,'14&3=+./3*/+.4&3018,3%4:/)1,),3/1:%103C%1,3%43

V.,'%-%1C0)3(+6%:%&)3'/%10,uK!;%4&!+.'!8(+!%4!=+./!:%'=!+/!,'1')!%,!8+/J%4*!+4!)4&%4*!}<'14&!Z+./!

?/+.4&G!018,!14&!V+%4!%4!'()!-%*('K!!

sK U$%-&"#1-$"%=16("-%,*%2":-18*2*&7c!(''9cuu'(),+:%)'=91*),K+/*u,+:%61*),u"o`#uoru`ru+43/1:%103

9/+-%0%4*u!K!5+%4!1!0+:10!/1:%10!V.,'%:)!+/*14%[1'%+4!'+!-%*('!1*1%4,'!'(%,K!

`oK Q12210"()$"01-9"18"()$"^-$%#"^$8$&<$-+"0)1"%-$"6+*&7"<*-$,("%,(*1&"(1"8*7)("%7%*&+("+(%&<"/16-"7-16&<"2%0+"%&<"#1-$c!(''9cuu&/)16&)-)4&)/,K+/*u!

!

!

!

!

Page 25: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$
Page 26: 0!1,2.,*!23$%&!&',!4*205$-!62*&+-!728,! !!7$9:+/,.!30!;*$