sexting and young people: a qualitative study - minerva access

178
!"#$%&' )&* +,-&' .",/0"1 2 3-)0%$)$%4" 5$-*6 "#$%%$& '(& )*%+$, -#./ 0#$/./ ./ /123.00$4 .5 0(0*% 61%6.%%3$50 (6 0#$ ,$71.,$3$50/ (6 0#$ 8$9,$$ (6 :*/0$, (6 ;,.3*,& <$*%0# =*,$ >2& ,$/$*,?#@ :*& ABCA 8$D*,03$50 (6 E$5$,*% ;,*?0.?$ F*?1%0& (6 :$4.?.5$G 8$50./0,& *54 <$*%0# "?.$5?$/ H5.I$,/.0& (6 :$%2(1,5$ "#$%&'(% $) *#'+,-*. /&*.,01 2*2(#

Upload: khangminh22

Post on 01-Mar-2023

0 views

Category:

Documents


0 download

TRANSCRIPT

!!!

!"#$%&'()&*(+,-&'(.",/0"1(

2(3-)0%$)$%4"(5$-*6(!

!

"#$%%$&!'(&!)*%+$,!

!

-#./!0#$/./!./!/123.00$4!.5!0(0*%!61%6.%%3$50!(6!0#$!,$71.,$3$50/!(6!0#$!

8$9,$$!(6!:*/0$,!(6!;,.3*,&!<$*%0#!=*,$!>2&!,$/$*,?#@!

:*&!ABCA!

8$D*,03$50!(6!E$5$,*%!;,*?0.?$!!

F*?1%0&!(6!:$4.?.5$G!8$50./0,&!*54!<$*%0#!"?.$5?$/!

H5.I$,/.0&!(6!:$%2(1,5$!

!

!!!!!!!

"#$%&'(%!$)!*#'+,-*.!/&*.,01!2*2(#!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( %!!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( %%!!

"#$%&'(%!-#./!/014&!./!(5$!(6!0#$!6.,/0!N1/0,*%.*5!/014.$/!0(!4$/?,.2$!0#$!D#$5(3$5(5!(6!/$R0.59!6,(3!0#$!

D$,/D$?0.I$! (6! &(159! D$(D%$S! T"$R0.59UG! V#.?#! .5I(%I$/! 0#$! D,(41?0.(5! *54! 4./0,.210.(5! (6!

/$R1*%%&! $RD%.?.0! .3*9$/! I.*! .56(,3*0.(5! *54! ?(3315.?*0.(5! 0$?#5(%(9.$/! >L=-/@! #*/! %$4! 0(!

&(159! D$(D%$! 2$.59! $R?%14$4! 6,(3! 6,.$54/#.D! 9,(1D/G!3(I.59! /?#((%/G! /166$,.59! *5R.$0&! *54!

4$D,$//.(5G!*54!.5!$R0,$3$!?*/$/!2$.59!?#*,9$4!V.0#!0#$!D,(41?0.(5!*54!4./0,.210.(5!(6!?#.%4!

D(,5(9,*D#&S! -#$,$! ./! *5! *2/$5?$! (6! D12%./#$4! /014.$/! 154$,0*+$5! .5! 0#./! *,$*G! D*,0.?1%*,%&!

6,(3!*5!N1/0,*%.*5!D$,/D$?0.I$! *54! 6,(3! 0#$!D(.50!(6! I.$V!(6! &(159!D$(D%$! 0#$3/$%I$/S!:&!

/014&!*44,$//$/!0#./!9*D!2&!$RD%(,.59!0#$!3$*5.59!(6!/$R0.59!.5!&(159!D$(D%$U/!%.I$/S!L0!6(?1/$/!

.5! D*,0.?1%*,! (5! 0#$! 5*01,$! (6! /$R0.59G! 0#$! ,$*/(5/! V#&! &(159! D$(D%$! *,$! .5I(%I$4! .5! 0#$!

2$#*I.(1,!*54!D(0$50.*%!/(%10.(5/!6(,!*44,$//.59!#*,361%!?(5/$71$5?$/S!!

N! 71*%.0*0.I$!3$0#(4(%(9&! .5I(%I.59! 0V(! D#*/$/! V*/! 1/$4S! -#$! 6.,/0! D#*/$! .5I(%I$4! *! 6(?1/!

9,(1D!*54!.54.I.41*%!.50$,I.$V/!V.0#!0V$%I$!+$&!.56(,3*50!D,(6$//.(5*%/!0(!4$I$%(D!*!?(50$R0!

0#*0!V(1%4!.56(,3!0#$!/$?(54!D#*/$G!V#.?#!.5I(%I$4!.54.I.41*%!/$3.W/0,1?01,$4!.50$,I.$V/!V.0#!

XX!&(159!D$(D%$!*9$4!CYWAB!&$*,/!>6$3*%$!Z5[C\]^!3*%$!Z5[CY]@S!O(159!D$(D%$!V$,$!/(1,?$4!

I.*! &(10#! #$*%0#G! ,$?,$*0.(5*%! *54! $41?*0.(5*%! /$00.59/! 1/.59! D1,D(/.I$! /5(V2*%%! /*3D%.59S!

_$/1%0/!V$,$!0#$3*0.?*%%&!*5*%&/$4!1/.59!*!9,(154$4!0#$(,&!*DD,(*?#S!

`$&! .56(,3*50! 6.54.59/!#$%D$4! 6,*3$! .50$,I.$V/!V.0#!&(159!D$(D%$G!*54!*66.,3$4!0#*0!&(159!

D$(D%$U/!I(.?$/!5$$4$4!0(!2$!#$*,4S!:*5&!(6!0#$!I.$V/!(6!+$&!.56(,3*50/!V$,$!*%/(!,$6%$?0$4!

.5!0#$!I.$V/!(6!&(159!D$(D%$S!!

F.54.59/! $RD(/$4! *! 5132$,! (6! 0#$3$/G! .5?%14.59! .5! D*,0.?1%*,G! 0#$! 9$54$,$4! 5*01,$! (6! 0#$!

2$#*I.(,S!P6!D*,0.?1%*,!?(5?$,5! ./!0#*0!&(159!V(3$5!6$$%!D,$//1,$4!2&!&(159!3$5G!V#(!6$$%!

D,$//1,$4! 2&! $*?#! (0#$,! 0(! 2$! .5I(%I$4! .5! 0#$! 2$#*I.(1,^! &(159! D$(D%$! (2/$,I$4! 0#*0! (1,!

/$R1*%./$4!3$4.*!?1%01,$!D%*?$/!D,$//1,$!(5!&(159!V(3$5!*54!3$5!0(!?(56(,3!0(!9$54$,$4!

/0$,$(0&D$/! 0#*0! .56%1$5?$! 0#$! 2$#*I.(,! (6! /$R0.59S! =(5I$,/*0.(5/! V.0#! &(159! D$(D%$!

#.9#%.9#0$4!?(3D%$R.0.$/!(6!0#$!D#$5(3$5(5!5(0!,$I$*%$4!D,$I.(1/%&G!.5?%14.59!0#*0!4$6.5.0.(5/!

1/$4! .5! D,$I*%$5?$! /014.$/! 5$$4! 0(! ,$D,$/$50! ?#*59$/! .5! &(159! D$(D%$/! 1/$! (6! L=-/S! O(159!

D$(D%$U/! I.$V/!(5! /(%10.(5/! #.9#%.9#0! 0#*0! $41?*0.(5! *2(10! 0#$! .3D%.?*0.(5/!(6! /$R0.59! ./! 5(0!

0#$!(5%&!*5/V$,G!$/D$?.*%%&!9.I$5!&(159!D$(D%$U/!I.$V/!(5! 0#$!(,.9.5/!(6! /$R0.59!*54!V#*0! ./!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( %%%!!

+5(V5! *2(10! &(159! D$(D%$! *54! ,./+! 0*+.59! 6,(3! *! 4$I$%(D3$50*%! D$,/D$?0.I$S! a(0#! &(159!

V(3$5!*54!3$5!V$,$!?(5?$,5$4!*2(10!0#$!D(0$50.*%!#*,361%!(10?(3$/!6(,!0#(/$!.5I(%I$4!.5!

0#$!2$#*I.(,G!V.0#!,$?(95.0.(5!0#*0!&(159!D$(D%$!/#(1%4!2$!.5I(%I$4!.5!0#$!4$/.95!(6!/(%10.(5/S!

F.54.59/!D,$/$50!.3D(,0*50!.3D%.?*0.(5/!6(,!6101,$!D,$I$50.(5!*DD,(*?#$/S!

!

!

!

!

!

!

!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( %4!!

)*(+'&'%,-.!-/!-&,0,.'+,%1!-#./!./!0(!?$,0.6&!0#*0b!

• -#./!0#$/./!?(3D,./$/!(5%&!3&!(,.9.5*%!V(,+!0(V*,4/!0#$!:*/0$,!(6!;,.3*,&!<$*%0#!=*,$!

>,$/$*,?#@^!

• 81$!*?+5(V%$49$3$50!#*/!2$$5!3*4$!.5!0#$!0$R0!0(!*%%!(0#$,!3*0$,.*%/!1/$4^!

• -#$!0#$/./!./!*DD,(R.3*0$%&!XcGcde!V(,4/!.5!%$590#G!$R?%1/.I$!(6!0*2%$/G!,$6$,$5?$/!*54!

*DD$54.?$/!

!

".95$4!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!>"#$%%$&!)*%+$,@!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!>8*0$@!

!

!

!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( 4!!

"(2.-3+*40*5*.%$!H54$,0*+.59!0#./!,$/$*,?#!D,(f$?0!*54!V,.0.59!0#$!0#$/./!#*/!2$$5!(5$!(6!0#$!3(/0!,$V*,4.59!

$RD$,.$5?$/!.5!3&!V(,+.59!?*,$$,S!

L! V(1%4! %.+$! 0(! *?+5(V%$49$! 0#$! 6.5*5?.*%! /1DD(,0! (6! 0V(! ;,.3*,&! <$*%0#! =*,$! _$/$*,?#G!

JI*%1*0.(5! *54! 8$I$%(D3$50! >;<=_J8@! F$%%(V/#.D/! 6154$4! 2&! 0#$! N1/0,*%.*5! E(I$,53$50!

8$D*,03$50!(6!<$*%0#!*54!N9$.59S!

F.,/0!*54!6(,$3(/0!L!V(1%4!%.+$!0(!0#*5+!0#$!&(159!D$(D%$!V#(!/(!9$5$,(1/%&!9*I$!0#$.,!0.3$!

*54! ?(33.03$50! 0(! D*,0.?.D*0$! .5! .54.I.41*%! .50$,I.$V/S! ).0#(10! 0#$.,! .5I(%I$3$50G! 0#$!

,$/$*,?#! ?(1%4! 5(0! #*I$! 2$$5! ?(3D%$0$4S! L! *3! $R0,$3$%&! 9,*0$61%! 6(,! 0#$.,! (D$55$//G!

$50#1/.*/3!*54!V.%%.595$//!0(!/#*,$!g!$/D$?.*%%&!9.I$5!0#$!/$5/.0.I.0&!*54!?(56,(50.59!5*01,$!(6!

/(3$!(6! 0#$! .//1$/!4./?1//$4S!:&! /0,(59$/0!#(D$! ./! 0#*0! 0#$! /0(,.$/G! I.$V/!*54! .5/.9#0/! 0#$&!

#*I$!/#*,$4!!>V#.?#!*,$!*0!0#$!#$*,0!(6!0#./!,$/$*,?#@G!V.%%!?(50,.210$!0(!3*+.59!*!4.66$,$5?$!.5!

0#$!%.I$/!(6!(0#$,!&(159!D$(D%$S!

L!V(1%4! %.+$!0(!0#*5+!0#$!+$&! .56(,3*50/!V#(!D*,0.?.D*0$4! .5! 6(?1/!9,(1D/!*54! .50$,I.$V/!6(,!

0#$.,!I*%1*2%$! .5/.9#0/!*54!?(50,.210.(5/S! L5!D*,0.?1%*,! L!V(1%4! %.+$!0(!0#*5+!N5*/0*/.*!;(V$%%G!

E.5*! =*,,(%%G! '$55&! )*%/#G! :*,.*! ;*%%(00*W=#.*,(%%.G! :*,$$! =,*22$G! :.?#*$%! =*,,WE,$99G!

:.?#$%%$!a%*5?#*,4G!M.?(%$!Q$$G!_(2&5!-,$&I*14G!"?(00!<$54$,/(5!*54!"(D#.$!_$.4S!!

L! V(1%4! %.+$! 0(! $/D$?.*%%&! *?+5(V%$49$! *54! 0#*5+! :$,$4.0#! -$3D%$W"3.0#! *54! Q$5*! "*5?.G!

V#(3!L!6$%0!2%$//$4!0(!#*I$!*/!/1D$,I./(,/S!L!*3!9,*0$61%!6(,!0#$!+5(V%$49$!*54!V./4(3!0#$&!

#*I$!/#*,$4!V.0#!3$!*%%!*%(59!0#$!V*&G!*/!V$%%!*/!0#$.,!(59(.59!/1DD(,0!*54!$5?(1,*9$3$50S!

-#$&! ,$3*.5$4! 6(,$I$,! .50$,$/0$4! *54! D(/.0.I$! *2(10! 3&! V(,+G! D*,0.?1%*,%&! V#$5! 3&!

$50#1/.*/3!*54!?(56.4$5?$!V*/!V*5.59G!*54!0#$.,!?(32.5$4!2$%.$6! .5!3&!*2.%.0&! 0(!?(3D%$0$!

0#./!D,(f$?0!V*/!0#$!0#.59!0#*0!+$D0!3$!9(.59!*0!0.3$/!(6!15?$,0*.50&!*54!/0,199%$S!

8./?(I$,.59! 0#$! f(&! (6! ,$/$*,?#! #*DD$5$4! 6(,! 3$! .5! 3&! <$*%0#! ;,(3(0.(5! ,(%$! *0! `5(R!

=(3315.0&!<$*%0#!"$,I.?$!>`=<"@G!154$,!0#$!91.4*5?$!*54!/1DD(,0!(6!N55$00$!_144S!L!V(1%4!

%.+$! 0(! 0#*5+! N55$00$! 6(,! $5?(1,*9.59!3$! 0(! *DD%&! 6(,! *! ,$/$*,?#! 6$%%(V/#.D! .5! ABB\G!V#.?#!

9*I$!3$! 0#$! +5(V%$49$! *54! /+.%%/! 0(! $32*,+! (5! 0#./! f(1,5$&S! L!V(1%4! *%/(! %.+$! 0(! 0#*5+!3&!

?(%%$*91$/!.5!0#$!<$*%0#!;,(3(0.(5!0$*3!*0!`=<"!6(,!0#$.,!(59(.59!.50$,$/0!*54!?1,.(/.0&!*2(10!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( 4%!!

3&!,$/$*,?#S!L5!D*,0.?1%*,!LU4!%.+$!0(!0#*5+!a$%.54*!=,(?+$00!*54!*9*.5!N55$00$!_144G!V#(!#*I$!

2(0#!D,(I.4$4!(59(.59!.5/D.,*0.(5G!/1DD(,0G!91.4*5?$!*54!$5?(1,*9$3$50!V#$5!LUI$!5$$4$4!.0S!

L!V(1%4! %.+$! 0(! 0#*5+! 0#$!3*5&! /0*66! *54! /014$50/! .5! 0#$! ;,.3*,&! =*,$! _$/$*,?#!H5.0! (6! 0#$!

8$D*,03$50! (6! E$5$,*%! ;,*?0.?$! *0! 0#$! H5.I$,/.0&! (6! :$%2(1,5$G! V#(! V$,$! /1DD(,0.I$! *54!

/#(V$4! *5! .50$,$/0! .5! 3&! ,$/$*,?#S! -#$,$! *,$! 0((! 3*5&! 0(! 3$50.(5! $I$,&(5$! .54.I.41*%%&G!

#(V$I$,! L! V(1%4! %.+$! 0(! *?+5(V%$49$! .5! D*,0.?1%*,! N5.0*G! <*9*5G! "1/*5! *54! =*0#&! >*%%! ;#8!

/014$50/G!V#(! 0((+!3$!154$,! 0#$.,!V.59/G!*54!2((/0$4!3&!?(56.4$5?$!*/!*! ,$/$*,?#$,@G! *54!

<$%$5G!h*%G!h.,9.5.*!*54!h*5$//*!>V#(!/1DD(,0$4!3&!*43.5./0,*0.I$!5$$4/@S!L!V(1%4!*%/(!%.+$!0(!

0#*5+! _(9$,! <1,?(32$G! V#(! %$4! (1,! -#$/./! ),.0.59! =.,?%$! .5! 0#$! 8$D*,03$50! (6! E$5$,*%!

;,*?0.?$G! 6(,!/#*,.59!#./!V./4(3!*54! .56$?0.(1/!D*//.(5! 6(,!V,.0.59^! L! %$*,50!/(!3*5&!I*%1*2%$!

%$//(5/!*2(10!0#$/./!V,.0.59S!

F.5*%%&!LU4!%.+$!0(!$RD,$//!3&!9,$*0$/0!9,*0.014$!0(!3&!6*3.%&G!.5?%14.59!3&!D*,05$,!Q*5?$G!V#(!

#*/!*%V*&/!/1DD(,0$4!*54!$5?(1,*9$4!3&!D,(6$//.(5*%!$54$*I(,/S!<$!9*I$!3$!0#$!0.3$!*54!

/D*?$!0(!0#.5+!*54!V(,+G!*54!/1DD(,0$4!3$!0#,(19#!0#$!3*5&!?#*%%$59$/G!.5?%14.59!0,.D/!*V*&!

0(! D,$/$50! *0! ?(56$,$5?$/G! ?(D.59!V.0#!3&! 5$V! ,(%$! .5! ,*4.(! .50$,I.$V.59G! 4$*%.59!V.0#! 0#$!

3(I$!0(!NDD%$!:*?!0$?#5(%(9&G!*%%(V.59!3$!0(!(D0!(10!(6!6*3.%&!%.6$!6(,!V$$+$54/!*V*&!0(!9$0!

0#$! %*/0! (6! 0#$! 0#$/./! ?(3D%$0$! V#$5! 0#$! $54! V*/! .5! /.9#0G! *54! f1/0! 2*/.?*%%&! 2$.59! 3&!

/(1542(*,4! *54! /1DD(,0!V#$5! L! 5$$4$4! .0S! N54! %*/0G! 210! ?$,0*.5%&! 5(0! %$*/0G! L! V(1%4! %.+$! 0(!

*?+5(V%$49$!*54! 0#*5+!3&! 0V(!9(,9$(1/!2(&/!8*,?&!*54!F.55G!V#(!V./#$4! L!V*/5U0! T(5! 0#$!

?(3D10$,!*%%!0#$!0.3$UG!210!3*5*9$4!0(!*??$D0!0#./!*/!*!9.I$5S! L0! ./!0#$&!V#(!3(0.I*0$!3$!0(!

?(50.51$!V(,+.59!*0!3*+.59!0#$!V(,%4!*!2$00$,!D%*?$!6(,!&(159!D$(D%$S!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( 4%%!!

6'#+*!-/!7-.%*.%$!275$8)9$(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(%%!

;"90)8)$%,&(,<(,8%'%&)0%$6(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(%4!

29=&,>0"*'"?"&$5(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(4!

@%5$(,<($)70"5()&*(<%'-8"5(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(#%%%!

A)70"5(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(#%%%!

B%'-8"5(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(#%%%!

298,&6?5()&*('0,55)86(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(#%4!

.5"-*,&6?5(<,8(3-,$"5(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(#%4!

A"8?5($,(8"/8"5"&$(/)8$%9%/)&$5(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(#%4!

;"<%&%$%,&5(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(#%4!

.8"<)9"(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(#4%!

.-70%9)$%,&5(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(#4%!

.8"5"&$)$%,&5(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(#4%!

2>)8*5()&*(8"9,'&%$%,&(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(#4%%!

C"*%)(%&$"84%">5(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(#4%%!

!9,/"(,<(8"5")89D(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(#4%%%!

E:(F&$8,*-9$%,&(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(E!

E:E(! !%'&%<%9)&9"(,<(5$-*6(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(G!

E:G(! 2%?(,<(5$-*6(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(G!

E:H(! AD",8"$%9)0(<8)?">,8=(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(H!

E:I(! J-$0%&"(,<(5$-*6(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(I!

E:K(! J4"84%">(,<($D"5%5(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(I!

G:(L)9='8,-&*(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(M!

G:E! F&$8,*-9$%,&(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(M!

G:G! !")89D(5$8)$"'6(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(M!

G:H! J4"84%">(,<(0%$"8)$-8"(5,-89"*(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(N!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( 4%%%!!

G:I! AD"(D%5$,86(,<(5"#$%&'(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(O!

G:K! P,>(5"#$%&'(%5(*"598%7"*(%&($D"(0%$"8)$-8"(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EQ!

ASYSC! 8$6.5.0.(5/!*54!4$/?,.D0.(5/!(6!/$R0.59!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!CB!

ASYSA! :$4.*!,$D(,0.59!(6!/$R0.59!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!CA!

ASYSX! "014.$/!$RD%(,.59!&(159!D$(D%$U/!I.$V/!(5!/$R0.59!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!CA!

G:M! @%$"8)$-8"(,&($D"(,8%'%&5(,<(5"#$%&'(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EH!

AScSC!! E$54$,G!D,$//1,$!*54!/$R1*%!I.(%$5?$!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Cd!

AScSA! O(159!D$(D%$!.5!0#$!5$V!3.%%$55.13!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Cc!

AScSX! N4(%$/?$5?$!*/!*!4$I$%(D3$50*%!/0*9$!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!C\!

AScSd! N!#&D$,W/$R1*%./$4!?1%01,$!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!C\!

G:N! !-84"65()&*(5$-*%"5(,&(/8"4)0"&9"(,<(5"#$%&'(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EO!

G:R! @%$"8)$-8"(,&(0"')0(%55-"5()&*(5"#$%&'(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(GH!

G:O! @%$"8)$-8"(,&(8"5/,&5"5($,(5"#$%&'(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(GM!

ASiSC! )*,5.59!&(159!D$(D%$G!D*,$50/!*54!0$*?#$,/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Ac!

ASiSA! P0#$,!/(%10.(5/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Ae!

ASiSX! O(159!D$(D%$!5$$4!0(!2$!.5I(%I$4!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!A\!

G:EQ! C,8"(3-"5$%,&5(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(GR!

G:EE! S,&90-5%,&(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(HQ!

H:! T"5")89D(;"5%'&(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(HE!

H:E! F&$8,*-9$%,&(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(HE!

H:G! C"$D,*,0,'6(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(HE!

H:H! ;)$)(9,00"9$%,&(?"$D,*5(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(HG!

XSXSC! F(?1/!9,(1D!>+$&!.56(,3*50/!(5%&@!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!XA!

XSXSA! L54.I.41*%!/$3.W/0,1?01,$4!.50$,I.$V/!>+$&!.56(,3*50/!*54!&(159!D$(D%$@!SSSSSSSSSS!XX!

H:I! !)?/0"(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(HM!

XSdSC! `$&!.56(,3*50/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Xc!

XSdSA! O(159!D$(D%$!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Xc!

XSdSX! ;*,0.?.D*0.(5!(6!3.5(,/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Xe!

H:K! T"98-%$?"&$(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(HR!

XSYSC! _$?,1.03$50!(6!+$&!.56(,3*50/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!X\!

XSYSA! _$?,1.03$50!(6!&(159!D$(D%$!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Xi!

H:M! U$D%9)0(9,&5%*"8)$%,&5(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(IQ!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( %#!!

XScSC! ;,(0$?0.59!&(159!D$(D%$!6,(3!#*,3!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!dC!

XScSA! 8./?%(/1,$!(6!.%%$9*%!*?0.I.0&!>?,.3.5*%!(66$5?$/!(,!*%%$9$4!(66$5?$/@!SSSSSSSSSSSSSSSSSSSSS!dA!

H:N! ;)$)()&)065%5(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(IH!

H:R(! S,&90-5%,&(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(II!

I:(T"5-0$51("#/"8$5V(4%">5(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(IK!

I:E(! F&$8,*-9$%,&(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(IK!

I:G(! U#/"8$5V(4%">5(,&($D"(&)$-8"(,<(5"#$%&'(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(IM!

dSASC! "0(,.$/!6,(3!0#$!6.$%4!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!dc!

A)70"(O(U?"8'%&'($D"?"5(<8,?(="6(%&<,8?)&$(%&$"84%">5(::::::::::::::::::::::::::::::::::::::::::::::::(IN!

dSASA! JI$,&(5$!./!/$R0.59!(,!3$4.*!#&D$j!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!de!

dSASX! )#(!./!/$R0.59!*54!3(/0!*0!,./+j!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!d\!

I:H! (U#/"8$5V(4%">5(,&($D"(,8%'%&5(,<(5"#$%&'(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(IR!

dSXSC! !:(2.%$!D#(5$b!0#$!3$?#*5./3!(,!0#$!?*1/$j!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!d\!

dSXSA! M*01,$!(6!*4(%$/?$5?$!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!di!

dSXSX! "(?.$0&!./!5(0!*44,$//.59!0#$!.//1$!(6!/$R0.59!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!YC!

dSXSd! N!/$R1*%./$4!?1%01,$!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!YC!

dSXSY! E$54$,!$RD$?0*0.(5/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!YA!

I:I(! U#/"8$5(4%">5(,&($D"(/-8/,5"(,<(5"#$%&'(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(KH!

dSdSC! L4$50.0&!$RD%(,*0.(5!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!YX!

dSdSA! ;$$,!*DD,(I*%!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Yd!

dSdSX! a1%%&.59!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Yd!

I:K! U#/"8$5(4%">5(,&(%?/0%9)$%,&5(,<(5"#$%&'(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(KK!

dSYSC! Q$9*%!?(5/$71$5?$/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!YY!

dSYSA! :1%0.W4.3$5/.(5*%!*/D$?0/!(6!,$%*0.(5/#.D/!5(0!$RD%(,$4!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Yc!

dSYSX! E$54$,!.//1$/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Ye!

dSYSd! "*3$W/$RW*00,*?0$4!&(159!D$(D%$!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Ye!

I:M(! U#/"8$5(4%">5(,&(5,0-$%,&5(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(KR!

dScSC! Q$9*%!,$/D(5/$/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Y\!

dScSA! J59*9$!V.0#!&(159!D$(D%$!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Y\!

dScSX! J41?*0$!0#$!a&/0*54$,!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!cB!

dScSd! =,$*0$!*!5$V!D12.?!4./?(1,/$!*2(10!,$/D$?061%!$0#.?*%!,$%*0.(5/#.D/!SSSSSSSSSSSSSSSSSSS!cB!

I:N(! S,&90-5%,&(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(ME!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( #!!!

K:(T"5-0$51(6,-&'(/",/0"V5(4,%9"(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(MG!

K:E(! F&$8,*-9$%,&(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(MG!

K:G(! !)?/0"(,<(6,-&'(/",/0"(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(MG!

K:H(! +,-&'(/",/0"V5(4%">5()7,-$($D"(&)$-8"(,<(5"#$%&'(:::::::::::::::::::::::::::::::::::::::::::::::::(MK!

YSXSC!! O(159!D$(D%$!4(!5(0!1/$!0#$!0$,3!T/$R0.59U!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!cY!

YSXSA!! "$R1*%%&!$RD%.?.0!.3*9$/!(6!9.,%/G!2(&/!*54!?(1D%$/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!cc!

YSXSX!! O(159!D$(D%$!*,$!?(5?$,5$4!*2(10!/$R0.59!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!ce!

YSXSd!! ;(%*,./$4!I.$V/!(5!D,$I*%$5?$!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!ci!

K:I(! +,-&'(/",/0"V5(4%">5(,&(5"#$%&'(8,0"5()&*(7"D)4%,-85(::::::::::::::::::::::::::::::::::::::::::(NQ!

YSdSC!! "$%6WD,(41?$4!/$R1*%%&!$RD%.?.0!.3*9$/!(6!9.,%/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!eC!

YSdSA!! "$%6WD,(41?$4!/$R1*%%&!$RD%.?.0!.3*9$/!(6!2(&/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!eA!

YSdSX!! "$R1*%%&!$RD%.?.0!.3*9$/!4./0,.210$4!(5!/(?.*%!5$0V(,+.59!/.0$/!SSSSSSSSSSSSSSSSSSSSSSSSSSSS!eX!

K:K(! W%">5(,&()$$%$-*"5($,($D,5"(%&($D"(5"#$"*(%?)'"5(::::::::::::::::::::::::::::::::::::::::::::::::::(NI!

YSYSC!! TE.,%/!*,$!/%10/kU!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!ed!

YSYSA!!! )#(!./!0(!2%*3$j!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!eY!

YSYSX!!! =(5?$,5!6(,!0#$!9.,%!.5!0#$!/$R0$4!.3*9$!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!ec!

YSYSd! "$R0.59!.5!,$%*0.(5/#.D/!(+*&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!ee!

K:M(! +,-&'(/",/0"V5(4%">5(,&($D"(,8%'%&5(,<(5"#$%&'(::::::::::::::::::::::::::::::::::::::::::::::::::::::(NR!

YScSC!! ;,$//1,$!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!e\!

YScSA! N!/$R1*%./$4!?1%01,$!0(!2%*3$!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!\A!

YScSX!! ;(,5(9,*D#&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!\d!

K:N! +,-&'(/",/0"V5(4%">5(,&($D"(/-8/,5"(,<(5"#$%&'(::::::::::::::::::::::::::::::::::::::::::::::::::::(RI!

YSeSC! "$R0.59!6(,!,$I$59$!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!\d!

YSeSA! "$R1*%!$RD$,.3$50*0.(5!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!\Y!

YSeSX! _./+W0*+.59!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!\Y!

YSeSd! N%?(#(%!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!\Y!

YSeSY! "$R0.59!T6(,!*!%*19#U!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!\Y!

YSeSc! N00$50.(5!/$$+.59!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!\c!

YSeSe! a(,$4(3!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!\c!

K:R(! +,-&'(/",/0"V5(4%">5(,&(5,0-$%,&5(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(RM!

YS\SC! "?#((%/!*54!$41?*0.(5!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!\e!

YS\SA! J41?*0.59!D*,$50/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!\\!

YS\SX! J41?*0.(5!*2(10!%$9*%!.3D%.?*0.(5/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!\i!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( #%!!

YS\Sd! "(?.*%!3*,+$0.59!D,$I$50.(5!?*3D*.95/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!iC!

YS\SY! )$2!2*/$4!$41?*0.(5!*54!.56(,3*0.(5!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!iC!

YS\Sc! F.%0$,.59!/&/0$3/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!iA!

YS\Se! Q$9*%!,$/D(5/$/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!iX!

YS\S\! =#*%%$59$!0#$!3$4.*!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!iX!

YS\Si! "$R0.59!./!0((!4.66.?1%0!0(!4$*%!V.0#!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!iX!

YS\SCB! L5I(%I$!&(159!D$(D%$!.5!,$/D(5/$/!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!id!

K:O! S,&90-5%,&(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(OI!

M:! ;%59-55%,&(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(OK!

M:E! F&$8,*-9$%,&(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(OK!

M:G! @%?%$)$%,&5()&*(!$8"&'$D5(,<($D"(5$-*6(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(OK!

M:H! AD"(&)$-8"(,<(5"#$%&'(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(OM!

cSXSC! 8$/?,.2.59!/$R0.59!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!ie!

cSXSA! _(%$/!*54!V#(!./!.5I(%I$4!.5!/$R0.59!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!ie!

cSXSX! =(5/$71$5?$/!(6!0#$!2$#*I.(1,!(6!/$R0.59!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!i\!

M:I! AD"(,8%'%&5(,<(5"#$%&'(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(OO!

cSdSC! O(159!D$(D%$!6$$%!D,$//1,$4!0(!/$R0!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!ii!

cSdSA! N!/$R1*%./$4!?1%01,$!.56%1$5?$/!/$R0.59!2$#*I.(1,!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!CBB!

cSdSX! "$R0.59!.56%1$5?$4!2&!4$I$%(D3$50*%!*/D$?0/!(6!*4(%$/?$5?$!SSSSSSSSSSSSSSSSSSSSSSSSSSSS!CBC!

M:K! T"5/,&5"5($,(/8"4"&$(D)8?5(9)-5"*(76(5"#$%&'(:::::::::::::::::::::::::::::::::::::::::::::::::::::(EQE!

cSYSC! J41?*0.(5!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!CBA!

cSYSA! =#*%%$59$!/$R1*%./$4!?1%01,$!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!CBX!

cSYSX! _$/$*,?#!*54!$I*%1*0.(5!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!CBd!

N:(S,&90-5%,&(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EQM!

R:! T"<"8"&9"5(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EQR!

O:! 2//"&*%9"5(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EGK!

2//"&*%#(E1(@%$"8)$-8"(8"4%">(5")89D($"8?5(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EGM!

2//"&*%#(G1(.0)%&(0)&'-)'"(5$)$"?"&$(X.@!Y(Z="6(%&<,8?)&$5[(::::::::::::::::::::::::::::::::::::::::(EGN!

2//"&*%#(H1(S,&5"&$(<,8?(Z="6(%&<,8?)&$5[(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EGR!

2//"&*%#(I1(F&$"84%">('-%*"(Z="6(%&<,8?)&$5[(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EGO!

2//"&*%#(K1(.@!(Z6,-&'(/",/0"[(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EHQ!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( #%%!!

2//"&*%#(M1(S,&5"&$(<,8?(Z6,-&'(/",/0"[(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EHG!

2//"&*%#(N1(+,-&'(/",/0"V5(9,&$)9$(*"$)%05(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EHH!

2//"&*%#(R1(.@!(Z/)8"&$(\('-)8*%)&[(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EHI!

2//"&*%#(O1(S,&5"&$(<,8?(Z/)8"&$(\('-)8*%)&[(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EHM!

2//"&*%#(EQ1(T"5,-89"(/)9=(9,&$"&$5(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EHN!

2//"&*%#(EE1(+,-&'(/",/0"V5(,/$(F&(<06"8(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EHR!

2//"&*%#(EG1(AD%8*(/)8$6(598%/$(Z6,-&'(/",/0"[(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EHO!

2//"&*%#(EH1(T"5")89D"8(598%/$(Z6,-&'(/",/0"[(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EIQ!

2//"&*%#(EI1(C)$-8"(C%&,8(.8,9"55(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EIE!

2//"&*%#(EK1(F&$"84%">('-%*"(Z6,-&'(/",/0"[(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EIG!

2//"&*%#(EM1(;%5$8"55(\(*%590,5-8"(/8,$,9,0(::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EII!

2//"&*%#(EN1(+,-$D(!$-*%"5(2-5$8)0%)(],-8&)0()8$%90"(::::::::::::::::::::::::::::::::::::::::::::::::::::::(EIK(

2//"&*%#(EO1(S,??-&%$6(T"/,8$(<,8(/)8$%9%/)&$5(:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::(EIK!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( #%%%!!

Q./0!(6!0*2%$/!*54!6.91,$/(

-NaQJ"!

-*2%$!Cb!:&!4$6.5.0.(5/!,$%*0.59!0(!/$R0.59!1/$4!0#,(19#(10!0#$/./llllSllllllllSllSSSSRI!

-*2%$!Ab!-$,3/!*54!*?,(5&3/!,$%*0.59!0(!/$R0.59!llllllllllllSSllllllllllllSSSSRI!

-*2%$!Xb!PI$,I.$V!(6!D#*/$/!(6!,$/$*,?#llllllllllllllllllllllllllllllSSld!

-*2%$!db!;12%./#$4!*54!15D12%./#$4!/1,I$&/!*54!/014.$/lllllllllllllllllllSSllSS\!

-*2%$!Yb!JR*3D%$/!(6!/$R0.59!4$6.5.0.(5/!.5!0#$!%.0$,*01,$llllllllllllllllllSSSllSCC!

-*2%$!cb!_$D(,0$4!,*0$/!(6!/$R0.59!*?,(//!9$54$,lllllllllllllllllllllllSSllSCd!

-*2%$!eb!"(1,?$/!(6!,$?,1.03$50!(6!&(159!D$(D%$llllllllllllllllllllSllSlSlSSdB!

-*2%$!\b!`$&!.56(,3*50!D*,0.?.D*50!.4$50.6.?*0.(5lllllllllllllllllSllllllSSlSSSdY!

-*2%$!ib!J3$,9.59!0#$3$/!6,(3!+$&!.56(,3*50!.50$,I.$V/!lllllllllllllllllSllSSSde!

-*2%$!CBb!;/$14(5&3/G!*9$/!*54!$41?*0.(5!%$I$%/!(6!&(159!D$(D%$!lllllllSllllSSlllcY!

-*2%$!CCb!-#$3$/!$,3$,9.59!6,(3!.50$,I.$V/!V.0#!&(159!D$(D%$llllllSSlllllllSllSScc!

-*2%$!CAb!-#$3$/!,$%*0.59!0(!&(159!D$(D%$m/!I.$V/!(5!0#$!5*01,$!(6!/$R0.59lllllllSllSSeA!

-*2%$!CXb!-#$3$/!,$%*0.59!0(!&(159!D$(D%$m/!I.$V/!(5!(,.9.5/!(6!/$R0.59lllllllllllSlei!

-*2%$!Cdb!-#$3$/!,$%*0.59!0(!&(159!D$(D%$m/!I.$V/!(5!/(%10.(5/llllllllSllllllSSlSSSiB!

-*2%$!CYb!"133*,&!(6!,$?(33$54*0.(5/lllllllllllllllllSllllSSllllSSlSSSSSCB\!

FLEH_J"!

F.91,$!Cb!M132$,/!(6!&(159!V(3$5!*54!3$5!.5!$*?#!*9$!9,(1D!lllllllllllllSSlSSScY!

F.91,$!Ab!"133*,&!(6!D,$I$50.(5!/0,*0$9.$/lllllllllllllllllllllllllllSCBX!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( #%4!!

"(&-.15$!'.4!0+-$$'&1!;"JH8PMO:"!FP_!nHP-J"!

• `$&!.56(,3*50!D*,0.?.D*50/!*,$!,$6$,,$4!0(!2&!5132$,!>6(,!$R*3D%$!;*,0.?.D*50!e![!;e@!!

• O(159!D$(D%$!*,$!,$6$,,$4!0(!1/.59!*!D/$14(5&3!(,!5132$,!>6(,!$R*3D%$!"(%*,6%*,$!(,!

EYG!V#$,$!E!/0*54/!6(,!9.,%@S!

-J_:"!-P!_J;_J"JM-!;N_-L=L;NM-"!L! #*I$! 4$%.2$,*0$%&! ?#(/$5! 0(! 4$6.5$! 0#(/$! .5I(%I$4! .5! 3&! /014&! */! T&(159! D$(D%$UG! .5! D*,0!

2$?*1/$!0#$!*9$!,*59$!(6!D*,0.?.D*50/!?,(//$/!*!V.4$!/D$?0,13!6,(3!0$$5!(,!*4(%$/?$50!>CYWCi!

&$*,/@! 0#,(19#! 0(! $*,%&! *41%0! >C\WAB! &$*,/@S! F1,0#$,3(,$G! L! 1/$! 0#$! 0$,3! T&(159! D$(D%$U! 0(!

,$3.54! 1/! 0#*0! 0$$5*9$,/! *54! &(159! *41%0/! *,$! D$(D%$! *54! 0#*0! 0,*4.0.(5*%! 2(154*,.$/! *,$!

2%1,,&! 2$0V$$5! ?#.%4#((4! *54!*41%0#((4! >)$2$,! *54!8.R(5!ABCB@S!:(/0! &(159!D$(D%$!V#(!

D*,0.?.D*0$4! .5! 0#./! /014&! 1/$4! 0#$! 0$,3/! T9.,%o/U! (,! T2(&o/U! 0(! 4$/?,.2$! &(159! D$(D%$G! 0#1/G!

0#$/$!0$,3/!*,$!1/$4!.5!0#./!0#$/./!V#$5!,$6$,,.59!0(!D*,0.?.D*50/U!I.$V/!(6!(0#$,!&(159!D$(D%$S!

• ;*,0.?.D*50/!(6!0#./!/014&![!&(159!D$(D%$G!&(159!V(3$5!(,!&(159!3$5!

• O(159!D$(D%$!,$6$,,$4!0(!2&!D*,0.?.D*50/![!9.,%o/!(,!2(&o/!

8JFLML-LPM"!!F(,!0#$!D1,D(/$!(6!0#./!0#$/./!0#$!0$,3!T/$R0.59U!./!4$6.5$4!*/!0#$!D,(41?0.(5!*54!4./0,.210.(5!(6!

/$R1*%%&! $RD%.?.0! .3*9$/! >"JL/@! I.*! .56(,3*0.(5! *54! ?(3315.?*0.(5! 0$?#5(%(9.$/! >L=-/@S! "$$!

0*2%$! A! 6(,! *! /133*,&! (6! 4$6.5.0.(5/! ,$%*0.59! 0(! /$R0.59S! -*2%$! C! D,(I.4$/! *! 3(,$! 4$0*.%$4!

4$/?,.D0.(5!(6! 0$,3/!*54!*?,(5&3/!1/$4! .5!0#./! 0#$/./! .5!,$%*0.(5!0(!/$R0.59S!-*2%$!A!D,(I.4$/!

0#$!3$*5.59!(6!(0#$,!*?,(5&3/!1/$4!0#,(19#(10!0#$!0#$/./S!

!!!!!!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( #4!!

!!-*2%$!Ab!-$,3/!*54!*?,(5&3/!,$%*0.59!0(!/$R0.59!

! !

N?,(5&3! -$,3! 8$6.5.0.(5!

FSA((( L56(,3*0.(5!*54!

?(3315.?*0.(5!

0$?#5(%(9&!

-$?#5(%(9.?*%!0((%/!*54!,$/(1,?$/!1/$4!0(!?(3315.?*0$G!

D,(41?$G!/0(,$G!3*5*9$!*54!4.//$3.5*0$!>.5?%14$/!3(2.%$!

D#(5$/G!?(3D10$,/G!.;*4/G!.;(4/G!$0?S@!

!^!(( (

(

"(?.*%!5$0V(,+.59!/.0$/! N!V$2/.0$!0#*0!$5*2%$/!1/$,/!0(!?,$*0$!D12%.?!D,(6.%$/!(5!0#*0!

/.0$G!*54!0#$5!?(3315.?*0$!*54!4$I$%(D!,$%*0.(5/#.D/!V.0#!

(0#$,!1/$,/!6,(3!0#$!/*3$!V$2/.0$!>.5?%14$/!?#*0!,((3/G!

(5%.5$!4./?1//.(5!6(,13/G!V$2/.0$/!(,!*5&!(0#$,!(5%.5$!/(?.*%!

/D*?$@!

C!^( ( -#$!:.?,(/(60!M$0V(,+! N!?(%%$?0.(5!(6!L50$,5$0!/.0$/!*54!/$,I.?$/!D,(I.4$4!2&!

:.?,(/(60!>$S9S!<(03*.%!*54!:$//$59$,@!

!C!(( "#(,0!3$//*9$!/$,I.?$! ! N!0$R0!3$//*9.59!/$,I.?$!

-*2%$!Cb!:&!4$6.5.0.(5/!,$%*0.59!0(!/$R0.59!1/$4!0#,(19#(10!0#$/./!

!"#$%&'( ;,(41?0.(5!*54!4./0,.210.(5!(6!"JL/!I.*!L=-/!

!UF5( "$R1*%%&!$RD%.?.0!.3*9$/!

;%5$8%7-$"*( "$50G!/#(V$4!(,!D(/0$4!(5%.5$!

F?)'"5( ;#(0(/!*54o(,!I.4$(/!

!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( #4%!!

8&*/'(*!_$?(95.0.(5!(6! 0#$!,$/$*,?#!,$D(,0$4! .5! 0#./! 0#$/./!#*/!2$$5!,$?$.I$4!I.*! f(1,5*%!D12%.?*0.(5G!

(,*%!*54!D(/0$,!D,$/$50*0.(5/G!3$4.*!.50$,I.$V/G!*!F$%%(V/#.D!*V*,4!*54!*5!.5I.0*0.(5!6,(3!0#$!

h.?0(,.*5!Q*V!_$6(,3!=(33.00$$!0(!V,.0$!*!/123.//.(5!6(,!0#$!ABCA!;*,%.*3$50*,&!L571.,&!.50(!

"$R0.59S!8$0*.%/!(6!$*?#!(6!0#$/$!*,$!D,(I.4$4!2$%(VS!!

;HaQL=N-LPM"!)*%+$,G!"SG!"*5?.G!QS!p!-$3D%$W"3.0#G!:S!>ABCC@S!"$R0.59!*54!&(159!D$(D%$b!JRD$,0/U!I.$V/S!

3$&0+!40&%,(5!6&50#*.,*7!89>d@S!!

;_J"JM-N-LPM"!)*%+$,G! "SG! "*5?.G! QS!p!-$3D%$W"3.0#G!:S! >M(I$32$,!ABCC@S! :4()%!;(!*!<$$%=>?@! 4(A0,)B!*)%!

1$&)B!2($2.(S!>P,*%!D,$/$50*0.(5@S!O(10#!<$*%0#!ABCCb!L0U/!0(0*%%&!.3D(,0*50k!-#$!\0#!N1/0,*%.*5!

p!M$V!q$*%*54!N4(%$/?$50!<$*%0#!=(56$,$5?$G!"&45$&S!

)*%+$,G!"SG!"*5?.G!QS!p!-$3D%$W"3.0#G!:S!>"$D0$32$,!ABCC@S!4(A0,)B!*)%!1$&)B!2($2.(@!"#(55&#(!

2$,)05S!>P,*%!D,$/$50*0.(5@S!"$R!.5!0#$!=.0&b!N1/0,*%*/.*5!"$R1*%!<$*%0#!=(56$,$5?$G!=*52$,,*S!

)*%+$,G!"SG!"*5?.G!QS!p!-$3D%$W"3.0#G!:S!>'1%&!ABCC@S!3$&)B!2($2.(?5!-,(C5!$)!:5(A0,)B?S!>;(/0$,!

;,$/$50*0.(5@S!;,.3*,&!<$*%0#!=*,$!_$/$*,?#!=(56$,$5?$G!a,./2*5$S!

)*%+$,!"SG!"*5?.G!QS!p!-$3D%$W"3.0#G!:S!>'1%&!ABCB@S! :D$0!",'5?!*)%!1$&)B!2($2.(@!E(!)((%!0$!

&)%(#50*)%! :5(A0,)B?! F#$;! 0+(,#! 2(#52('0,-(>! >;(/0$,! ;,$/$50*0.(5@S! ;,.3*,&! <$*%0#! =*,$!

_$/$*,?#!=(56$,$5?$G!8*,V.5S!!

)*%+$,G! "SG! "*5?.G! QS! p! -$3D%$W"3.0#G! :S! >M(I$32$,! ABBi@S! 4(A0,)B! *)%! 3$&)B! "($2.(@! 6!

/&*.,0*0,-(! 50&%1! 0$! (A2.$#(! 0+(! 2+()$;()$)! $F! :5(A0,)B?! F#$;! 1$&)B! 2($2.(?5! 2(#52('0,-(G!

>P,*%! D,$/$50*0.(5@S! X,4! N551*%! h.?0(,.*5! ;,.3*,&! <$*%0#! =*,$! _$/$*,?#G! JI*%1*0.(5! p!

8$I$%(D3$50!>;<=_J8@!=(56$,$5?$G!:$%2(1,5$S!!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( #4%%!!

N)N_8"!NM8!_J=PEML-LPM!L5I.0*0.(5!6,(3!h.?0(,.*5!Q*V!_$6(,3!=(33.00$$!0(!V,.0$!/123.//.(5!6(,!ABCA!;*,%.*3$50*,&!

L571.,&!.50(!"$R0.59S!

;,.3*,&!<$*%0#!=*,$G!_$/$*,?#G!JI*%1*0.(5!p!8$I$%(D3$50!>;<=_J8@!F$%%(V/#.DG!ABCC!

:J8LN!LM-J_hLJ)"!_*4.(!N4$%*.4$!>=(3315.0&!_*4.(@G!Ad!P?0(2$,!ABCCS!L50$,I.$V!V.0#!-.3!a,15$,(S!

Na=!8,.I$!M$V?*/0%$G!Y!P?0(2$,!ABCCS!L50$,I.$V!V.0#!E*,0#!_1//$%%S!

Na=!8,.I$!:$%2(1,5$G!X!P?0(2$,!ABCCS!L50$,I.$V!V.0#!"*%%&!)*,#*60S!

Na=!8,.I$!<(2*,0G!X!P?0(2$,!ABCCS!L50$,I.$V!V.0#!Q(1./$!"*154$,/S!

-,.D%$!'''!N1/0,*%.*G!XB!"$D0$32$,!ABCCS!L50$,I.$V!V.0#!J%.r$!"0,&4(3S!

N9$5?&!F,*5?$!:$4.*S!L50$,I.$V!XB!"$D0$32$,!ABCCS!!

<$,*%4!"15!"&45$&S!L50$,I.$V!V.0#!M.?(%$!<*/#$,G!XB!"$D0$32$,!ABCCS!!

!

!

!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ( #4%%%!!

9(-:*!-/!&*$*'&(;!N/! #.9#%.9#0$4! .5! ?#*D0$,! AG! V#$5! L! 6.,/0! $32*,+$4! (5! 0#$! f(1,5$&! (6! ,$/$*,?#.59! 0#$!

D#$5(3$5(5!(6!/$R0.59!*3(59/0!&(159!D$(D%$! .5!ABB\G!I$,&!6$V!*?*4$3.?!/014.$/!#*4!2$$5!

?(541?0$4!*54!I$,&!%.00%$!*?*4$3.?!%.0$,*01,$!V*/!*I*.%*2%$!(5!0#$!0(D.?S!81,.59!0#$!?(1,/$!(6!

0#./!,$/$*,?#G!#(V$I$,G!*!9,(V.59!2(4&!(6!%.0$,*01,$!#*/!2$$5!$3$,9.59G!0#1/!.0!V*/!.3D(,0*50!

0(! ?,$*0$! *! ?10W(66! D(.50! 6(,! /(1,?.59! 5$V! %.0$,*01,$! 6(,! 0#./! 0#$/./S! -#1/G! 5(! %.0$,*01,$! V*/!

/(1,?$4!2$&(54!8$?$32$,!ABCCG!$R?%14.59!(5$!f(1,5*%!*,0.?%$!2&!:.0?#$%%G!F.5+#$%#(1,G!'(5$/!

*54!)(%*+!>ABCA@S!

!

!

!

!

!

!

!

!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

C!!

<=!>.%&-4?(%,-.!!L5!ABB\G!0#$!N1/0,*%.*5!P5%.5$!:*?71*,.$!8.?0.(5*,&!*44$4!0#$!V(,4!T/$R0.59U!0(!.0/!,$D$,0(.,$!

(6!\Y!5$V!V(,4/G!.54.?*0.59!0#$!V(,4!#*4!2$$5!1/$4!6(,!*0!%$*/0!Y!&$*,/!*54!V*/!%.+$%&!0(!2$!*!

D$,3*5$50! V(,4! .5! 0#$! J59%./#! %*591*9$! >:*?71*,.$! 8.?0.(5*,&! ABB\@S! -#./! $I$50! .54.?*0$4!

0#*0! 0#$! D#$5(3$5(5! V*/! V$%%! $/0*2%./#$4! *54! T.5?,$*/.59%&! *! D*,0! (6! D(D1%*,! ?1%01,$U!

>E*&%(,4! F(,2$/! ABCC@S! -#$! 0$,3! V*/! 4$/?,.2$4! */! 0#$! T/$54.59! *54! ,$?$.I.59! (6! /$R1*%%&!

$RD%.?.0!.3*9$/!I.*!3(2.%$!D#(5$U!>N1/0,*%.*5!:*?71*,.$!8.?0.(5*,&!ABB\@S!L0!V*/!*0!0#./!0.3$!.5!

ABB\G! V#.%/0! 2*/$4! *0! `5(R! =(3315.0&! <$*%0#! "$,I.?$! >`=<"@! .5! 0#$! =.0&! (6! `5(R! .5! (10$,!

$*/0$,5!3$0,(D(%.0*5!:$%2(1,5$G!0#*0!L!6.,/0!2$?*3$!*%$,0$4!0(!0#$!.//1$!(6!/$R0.59S!-#$!=.0&!(6!

`5(R!./!%(?*0$4!*DD,(R.3*0$%&!AY!+.%(3$0$,/!$*/0!(6!0#$!:$%2(1,5$!=$50,*%!a1/.5$//!8./0,.?0S!L0!

?(I$,/! *5! *,$*! (6! CCd! /71*,$! +.%(3$0$,/G! *54!#*/! *5! $/0.3*0$4!D(D1%*0.(5!(6! CdYGAiiG!V.0#!

*DD,(R.3*0$%&!CBs!(6! .0/!D(D1%*0.(5!*9$4!CYWABS! L5!ABBc!`5(R!#*4!*5! .54$R!(6!4./*4I*50*9$!

/?(,$!(6!CBYBG! ,*5+.59!ci0#! >(5!*! /?*%$!(6!2$/0! 0(!V(,/0@!(6!*%%!ei! %(?*%!9(I$,53$50!*,$*/! .5!

h.?0(,.*S! :(/0! `5(R! ,$/.4$50/! (,.9.5*0$! 6,(3! J59%./#! /D$*+.59! ?(150,.$/G! V.0#! eYs! 2(,5! .5!

N1/0,*%.*G!*54!Ces!2(,5!(6!D*,$50/!(6!*!5(5WJ59%./#!/D$*+.59!2*?+9,(154!>Na"!ABBcG!=$5/1/!(6!

;(D1%*0.(5!*54!<(1/.59@S!

N0!*!&(10#!/$,I.?$!D,(I.4$,!6(,13!0(!D,$/$50!6.54.59/!*54!%*15?#!,$?(33$54*0.(5/!(6!*!%(?*%!

5$$4/! /014&G! ?(5?$,5/! V$,$! ,*./$4! 6(,! 0#$! /*6$0&! *54! V$%%2$.59! (6! `5(R! &(159! D$(D%$! .5!

,$%*0.(5!0(!/$R0.59S!N0!0#./!0.3$!%$I$%/!(6!3(2.%$!D#(5$!(V5$,/#.D!*3(59/0!&(159!D$(D%$!V$,$!

9,(V.59G!*/!V*/!0#$!*2.%.0&!0(!/$54!.3*9$/!I.*!3(2.%$!D#(5$S!:*5&!V(,+.59!.5!0#$!`5(R!&(10#!

#$*%0#!/$?0(,G! .5?%14.59!/$?(54*,&!/?#((%!D,.5?.D*%/G!&(10#!V(,+$,/!*54!D(%.?$G!V$,$!*%*,3$4!

2&!.5?,$*/.59!,$D(,0/!(6!/$R1*%%&!$RD%.?.0!D#(0(/!*54!I.4$(!?%.D/!2$.59!?.,?1%*0$4!*3(59/0!*54!

2&! &(159! D$(D%$S! -#,$$! .//1$/! V$,$! (6! D*,0.?1%*,! ?(5?$,5S! F.,/0%&G! .3*9$/! (6! &(159! V(3$5!

V$,$!,$D(,0$4%&!2$.59!4./0,.210$4!V.0#(10! 0#$.,!?(5/$50^! /$?(54%&G!V#$,$!*5! .3*9$!V*/!(6!*!

3.5(,!154$,!C\!&$*,/!$59*9$4!.5!/$R1*%!*?0.I.0&!(,!4$D.?0$4!.5!*5!.54$?$50!V*&G!&(159!D$(D%$!

V$,$! *%%$9$4%&! 2$.59! ?#*,9$4! 154$,! 0#$! =,.3$/! N?0! ZceN]! >CiY\@! V.0#! 0#$! D,(41?0.(5! *54!

4./0,.210.(5! (6! ?#.%4! D(,5(9,*D#&S! F.5*%%&! &(159! D$(D%$! V$,$! ,$D(,0$4! 0(! 2$! V.%%.59%&!

4./0,.210.59!.3*9$/!(6!0#$3/$%I$/G!15*V*,$!(6!0#$!?(5/$71$5?$/S!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

A!!

L5! ,$/D(5/$! 0(! 0#./! V.4$/D,$*4! ?(3315.0&! ?(5?$,5G! *54! ,$D(,0/! (6! &(159! D$(D%$! /166$,.59!

/$,.(1/!/(?.*%G!$3(0.(5*%!*54! %$9*%!?(5/$71$5?$/!*/!*! ,$/1%0!(6! /$R0.59G! L! /1??$//61%%&!*DD%.$4!

6(,! 6154.59t! 0(! 61,0#$,! 4$I$%(D!3&! ,$/$*,?#! /+.%%/G! /(! 0#*0! L! ?(1%4! $RD%(,$! 0#$! D#$5(3$5(5!

%(?*%%&S!"12/$71$50%&!L!$5,(%%$4!.5!*!_$/$*,?#!<.9#$,!8$9,$$!>:*/0$,!.5!;,.3*,&!<$*%0#!=*,$@!0(!

.5I$/0.9*0$!0#$!D#$5(3$5(5!3(,$!?(3D,$#$5/.I$%&S!

CSC!! "LEMLFL=NM=J!PF!"-H8O!N%0#(19#! %.0$,*01,$! *2(10! /$R0.59! *54! &(159! D$(D%$! #*/! 2$$5! 9,(V.59! ,*D.4%&! /.5?$!

154$,0*+.59! 0#./! ,$/$*,?#G! 0#$,$! #*/! 2$$5! %.00%$! *?*4$3.?! /014&! (6! 0#$! D#$5(3$5(5G!

D*,0.?1%*,%&! 6,(3!*5!N1/0,*%.*5!D$,/D$?0.I$G!*54! 6,(3!0#$!D(.50!(6!&(159!D$(D%$! 0#$3/$%I$/S!

:*5&!4$2*0$/!*2(10!/$R0.59!*DD$*,!0(!6(?1/!(5!&(159!D$(D%$!*/!0#$!D,(2%$3!>;(V$%%!ABCB@G!

*54! 5*3$! 0#$! 2$#*I.(1,! */! ,./+&! (,! 4*59$,(1/G!V.0#(10! *?+5(V%$49.59! 0#$! 2,(*4$,! ?(50$R0!

V.0#.5!V#.?#! &(159! D$(D%$U/! %.I$/! *,$! %.I$4S! -#$! D#$5(3$5(5!(6! /$R0.59! #*/! ,$?$.I$4!31?#!

/?,10.5&!6,(3!*41%0/G! .5?%14.59!0#(/$!V(,+.59! .5!/?#((%/G!D*,$50/G!0#$!3$4.*!*54!,$/$*,?#$,/S!

:*5&!*//13D0.(5/!#*I$!2$$5!3*4$!*2(10!0#$!2$#*I.(1,!*3(59!&(159!D$(D%$G!V.0#!/(3$!(6!

0#$/$! 5(0.(5/! #*I.59! 61$%%$4! *! T3(,*%! D*5.?U! >=(#$5! ABBY@! 0#*0! ./! 5$.0#$,! #$%D61%! 5(,!

,$D,$/$50*0.I$!(6!&(159!D$(D%$U/!$RD$,.$5?$/!(,!154$,/0*54.59!(6!0#$!D#$5(3$5(5S!!

N41%0!(D.5.(5/!4(!5(0!5$?$//*,.%&!3.,,(,!0#$!I.$V/!(6!&(159!D$(D%$G!*/!&(159!D$(D%$!*,$!(60$5!

$R?%14$4! 6,(3! 0#$! /(?.*%! D,(?$//$/! 0#,(19#!V#.?#! +5(V%$49$! *2(10! 0#$3! ./! ?(%%$?0$4! >a$/0!

ABBe@S!M(0!15%.+$!3*5&!(0#$,/!V#(!?#((/$!0(!4(!&(10#!,$/$*,?#^!L!V*50$4!0(!,$I$*%!0#$!0,10#!

*2(10!0#$!V*&/!.5!V#.?#!0#$.,!%.I$/!*,$!(60$5!D(D1%*,%&!3./,$D,$/$50$4!><$*0#G!a,((+/G!=%$*I$,!

p!L,$%*54!ABBi@S!:&!/014&!./!*5!*00$3D0!0(!,.9#0!0#./!2*%*5?$!2&!?*D01,.59!0#$.,!I.$V/!*/!0#$.,!

I(.?$/!#*4!2$$5!3.//.59!6,(3!0#$!4./?1//.(5!*54!4$2*0$!*2(10!/$R0.59^!0#1/G!L!V*/!D*,0.?1%*,%&!

.50$,$/0$4!.5!15?(I$,.59!0#$!3$*5.59!(6!0#$!D#$5(3$5(5!6,(3!0#$.,!D(.50!(6!I.$VS!

CSA!! NL:!PF!"-H8O!-#$!*.3!(6!0#./!/014&!./!0(!4$I$%(D!*5!154$,/0*54.59!(6!0#$!D#$5(3$5(5!(6!/$R0.59!6,(3!0#$!

D$,/D$?0.I$! (6! N1/0,*%.*5! &(159! D$(D%$^! 0(! .56(,3! 6101,$! D,$I$50.(5! /0,*0$9.$/! ,$9*,4.59!

/$R0.59!*54!&(159!D$(D%$S!-#$!/014&!6(?1/$/!(5!0#$!6(%%(V.59!*,$*/!.5!D*,0.?1%*,b!

• -#$!5*01,$!(6!/$R0.59!>4$6.5.0.(5/G!4$/?,.D0.(5/!(6!0#$!2$#*I.(1,G!V#(!./! .5I(%I$4!*54!

0#$.,!,(%$/@!!

t;<=_J8! >;,.3*,&! <$*%0#! =*,$G! _$/$*,?#! p!

JI*%1*0.(5!8$I$%(D3$50@!;,(9,*3!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

X!!

• -#$!,$*/(5/!V#&!&(159!D$(D%$!*,$!.5I(%I$4!.5!/$R0.59!

• -#$!.3D%.?*0.(5/!(6!/$R0.59!*54!V#*0!V$!/#(1%4!4(!*2(10!0#./!.6!*5&0#.59!

CSX!! -<JP_J-L=NQ!F_N:J)P_`!-#./! /014&! ./! 2*/$4!(5! 0#$! ,$?(95.0.(5! 0#*0! $*?#! &(159!D$,/(5! ./! 15.71$G! 210! 0#*0! *%%! &(159!

D$(D%$!*,$!/#*D$4!2&!4$I$%(D3$50*%!6*?0(,/!>.5?%14.59!0#$!2.(%(9.?*%!*54!D/&?#(/(?.*%!?#*59$/!

(6!D12$,0&@G!?1%01,$!*54!9$54$,S!O(159!D$(D%$!5$$4!0(!2$!154$,/0((4!V.0#.5!*!6,*3$V(,+!0#*0!

*?+5(V%$49$/!0#$!+$&!4$I$%(D3$50*%!0*/+/!(6!*4(%$/?$5?$!g!.4$50.0&G!*10(5(3&G!.50.3*?&!*54!

/$R1*%.0&! g! *54! 0#$! 2.(%(9.?*%G! ?(95.0.I$! *54! /(?.*%! ?#*59$/! 0#*0! .56%1$5?$! 0#$3! ><.%%! Ci\X^!

"12,*#3*5&*3!p!E,$$56.$%4!ABB\^!"0$.52$,9!ABB\@S!

-#./! /014&! *%/(! ,$?(95./$/! 0#$! ?(W?(5/0,1?0.(5! 3(4$%G! V#.?#! V*/! 6.,/0! D,(D(/$4! .5! Ci\dG!

>"12,*#3*5&*3G!E,$$56.$%4!p!-&5$/!ABBd@! .5!,$?(95.0.(5!0#*0!0#$!*4(%$/?$50!D#&/.?*%G!/(?.*%!

*54! 4.9.0*%! V(,%4/! *,$! .50$,0V.5$4! *54! .50$,?(55$?0$4S! ).0#.5! 0#./! 6,*3$V(,+G! 0#$! 4.9.0*%!

V(,%4! ./! ?(5/.4$,$4! *5(0#$,! /(?.*%! ?(50$R0! 6(,! *4(%$/?$50! 4$I$%(D3$50G! *%(59! V.0#! 6*3.%&G!

D$$,/! *54! /?#((%S! -#$,$6(,$G! 0#$! 4.9.0*%! V(,%4! ./! ?(5/.4$,$4! *! D%*&.59! 9,(154! 6(,! .3D(,0*50!

.//1$/!.5!&(159!D$(D%$U/!(66%.5$!%.I$/G! .5?%14.59!0#$!4$I$%(D3$50*%!0*/+/!(6!/$R1*%.0&G! .4$50.0&G!

.50.3*?&!*54!.50$,D$,/(5*%!?(55$?0.(5!>"12,*#3*5&*3!p!"3*#$%!ABCC@S!-#./!D$,/D$?0.I$!./!.5!

?(50,*/0!0(!I.$V/!0#*0!0#$!L50$,5$0!*%%(V/!&(159!D$(D%$!0(!D,$/$50!0#$.,!(5%.5$!/$%I$/!.5!*!V*&!

0#*0!./!/$D*,*0$!6,(3!0#$.,!(66%.5$!V(,%4/!>a&*3!CiiY@S!

-#./!/014&!*%/(!/.0/!V.0#.5!*!D(/0W3(4$,5!6$3.5./0!6,*3$V(,+G!2*/$4!(5!*5!154$,/0*54.59!0#*0!

9$54$,! ./! /(?.*%%&! ?(5/0,1?0$4G! *54! .56%1$5?$/! #(V! V$! 6$$%G! *?0! *54! ,$%*0$! 0(! (5$! *5(0#$,!

>`$55&! Ciid^! "133$,/! Ciid@S! H5%.+$! (0#$,! 6$3.5./3/G! 0#$! 3(,$! ,$?$50! D(/0W3(4$,5!

D$,/D$?0.I$! ./! 6(?1/$4!(5!?$%$2,*0.59!4.66$,$5?$!*54!4.I$,/.0&G!2$%.$I.59!*%%!V(3$5!/#(1%4!2$!

6,$$! 0(! ?#((/$! 0#$.,! (V5! 6$3*%$! /$%I$/^! *54! 0#*0! 0#$,$! ./! 5(! ?(,,$?0! 6$3.5./3! >a10%$,! CiiB^!

O(159! CiiB^! Q(,4$! Ci\d@S! F,(3! 0#./! I.$VD(.50G! L! *3! 5(0! */! .50$,$/0$4! .5! ?(3D*,.59! &(159!

V(3$5! *54! &(159! 3$5G! */! */+.59! 71$/0.(5/! *2(10! 0#$! .3D*?0! (6! 9$54$,! (5! 0#$.,! 6$$%.59/G!

2$#*I.(1,!*54!,$%*0.(5/#.D/!>_*(?#!N5%$1!CiiY@G!.5!,$%*0.(5/#.D!0(!/$R0.59S!

F.5*%%&G!0#./!/014&!./!2*/$4!(5!*!I.$V!0#*0!&(159!D$(D%$!#*I$!?,.0.?*%!*54!15.71$!D$,/D$?0.I$/!

(5!0#$.,!%.I$/G!V#.?#!*,$!.5I*%1*2%$!0(!(1,!154$,/0*54.59!(6!0#$3!>N_N=O!p!M")!==O;!ABB\@S!

-#$! H5.0$4! M*0.(5/! =(5I$50.(5! (5! 0#$! _.9#0/! (6! 0#$! =#.%4! >HM=_P=! Ci\i@! D,(I.4$/! *5!

.3D(,0*50! 4(?13$50! 6(,! D,(3(0.59! 0#$! ,.9#0/! (6! &(159! D$(D%$! 0(! 2$! .5I(%I$4! .5! ,$/$*,?#!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

d!!

*2(10! .//1$/! 0#*0! *66$?0! 0#$3! >-#(3*/! *54!PU`*5$!Cii\^! =(,/*,(!ABBY@S!N/! /(?.(%(9./0/! *54!

?#.%4,$5U/! ,.9#0/! *4I(?*0$/! #*I$! *9,$$4G! &(159! D$(D%$! 5$$4! 0(! 2$! ?(5/.4$,$4! *10(5(3(1/!

/(?.*%!*?0(,/!*54!*9$50/! .5! 0#$.,!(V5! %.I$/! >=#,./0$5/$5!p!;,(10!ABBC@G!*54!0#1/!/#(1%4!#*I$!

0#$!(DD(,015.0&!0(!#*I$!0#$.,!I(.?$/!#$*,4S!

CSd!! PH-QLMJ!PF!"-H8O!N!71*%.0*0.I$!4$/.95!V*/!1/$4!6(,!0#./!/014&G!V#.?#!V*/!?(541?0$4!.5!0V(!D#*/$/S!E.I$5!/(!%.00%$!

%.0$,*01,$! V*/! *I*.%*2%$! *2(10! /$R0.59! *54! &(159! D$(D%$G! .0! V*/! *5! .3D(,0*50! $*,%&! /0$D! 0(!

4$I$%(D!*! %(?*%!?(50$R0!6(,!0#$!/014&G!V#.?#!V(1%4! .4$50.6&!0(D.?/!6(,!$RD%(,*0.(5!V.0#!&(159!

D$(D%$S!

;#*/$!(5$! >$RD$,0/U!I.$V/@! .5I(%I$4!4*0*!?(%%$?0.(5!I.*! 6(?1/!9,(1D!*54! .54.I.41*%! .50$,I.$V/!

V.0#! 0V$%I$! +$&! .56(,3*50! D,(6$//.(5*%/! 6,(3! 0#$! &(10#! #$*%0#G! $41?*0.(5G! ?&2$,W/*6$0&! *54!

*?*4$3.?!/$?0(,/S!

;#*/$! 0V(! >&(159! D$(D%$U/! I(.?$@! *.3$4! 0(! *44,$//! *! 9*D! .5! *I*.%*2%$! %.0$,*01,$! *2(10! 0#$!

D#$5(3$5(5!(6!/$R0.59!6,(3!0#$!D$,/D$?0.I$!(6!N1/0,*%.*5!&(159!D$(D%$S!-#./!D#*/$!.5I(%I$4!

.54.I.41*%! .50$,I.$V/!V.0#! XX! &(159! D$(D%$! >3*%$! Z5[CY]^! 6$3*%$! Z5[C\]@! *9$4! CYgAB! &$*,/G!

V#(!V$,$! /(1,?$4! I.*! &(10#! #$*%0#G! ,$?,$*0.(5*%! *54! $41?*0.(5*%! /$00.59/G! *54! I.*! /5(V2*%%!

/*3D%.59S!"$$!0*2%$!X!6(,!*5!(I$,I.$V!(6!$*?#!D#*/$!(6!0#$!,$/$*,?#S!

CSY!! PhJ_hLJ)!PF!-<J"L"!=#*D0$,! A! D,(I.4$/! 2*?+9,(154! .56(,3*0.(5! *2(10! /$R0.59! *54! &(159! D$(D%$! 6(154! .5! 0#$!

%.0$,*01,$G! .5?%14.59! *5! #./0(,.?*%! D$,/D$?0.I$G! 0#$! 5*01,$! (6! 0#$! 2$#*I.(1,G! D(0$50.*%! (,.9.5/!

*54! D,$I*%$5?$S! -#$! %.0$,*01,$! #.9#%.9#0/! *! 9*D! .5! $3D.,.?*%! D$$,! ,$I.$V$4! /014.$/! ,$9*,4.59!

0#$!D#$5(3$5(5G! *54!*! %*?+!(6!N1/0,*%.*5! %.0$,*01,$S! =#*D0$,! X!4$/?,.2$/! 0#$!3$0#(4/!1/$4!

-*2%$!Xb!PI$,I.$V!(6!D#*/$/!(6!,$/$*,?#!

;#*/$! N.3!

;#*/$!Cb!JRD$,0/!I.$V/U! -(!4$I$%(D!*!?(50$R01*%!6,*3$V(,+!6(,!.50$,I.$V/!V.0#!&(159!D$(D%$!!

;#*/$!Ab!O(159!D$(D%$U/!I(.?$! -(!4$I$%(D!*5!154$,/0*54.59!(6!0#$!D#$5(3$5(5!(6!/$R0.59!6,(3!0#$!D$,/D$?0.I$!(6!&(159!D$(D%$!!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Y!!

*54! 0#$.,! ,*0.(5*%$! 6(,! 9*0#$,.59! 4*0*! 6,(3! +$&! .56(,3*50/! *54! &(159! D$(D%$S! J0#.?*%!

?(5/.4$,*0.(5/! ,$%*0.59! 0(! 0#$! .5I(%I$3$50!(6!3.5(,/! ./! *%/(!4./?1//$4S! =#*D0$,! d! ,$D(,0/!(5!

6.54.59/!(6!+$&!.56(,3*50!.54.I.41*%!*54!6(?1/!9,(1D!.50$,I.$V/^!#.9#%.9#0$4!./!0#$!?(3D%$R.0&!

(6!0#$!D#$5(3$5(5G!0#$!D(%*,./$4!I.$V/!(5!*/D$?0/!(6!/$R0.59G!*54!0#$!.3D(,0*5?$!(6!,$/$*,?#!

0(!?*D01,$!0#$!I(.?$!(6!&(159!D$(D%$S!=#*D0$,!Y!D,(I.4$/!,$/1%0/!(6!.54.I.41*%!.50$,I.$V/!V.0#!

&(159!D$(D%$S!N00$50.(5! ./! 4,*V5! 0(! *! ,*59$!(6! 0#$3$/G! .5?%14.59! *! I.$V! 0#*0! &(159!D$(D%$!

$RD$,.$5?$!D,$//1,$!0(!2$!.5I(%I$4!.5!/$R0.59G!0#*0!*!#.9#%&!/$R1*%./$4!?1%01,$!.56%1$5?$/!0#$.,!

2$#*I.(1,! *54! 0#*0! $41?*0.I$! ,$/D(5/$/! *,$! 5(0! 5$?$//*,.%&! 0#$! (5%&! *5/V$,S! =#*D0$,! c!

D,(I.4$/! *5! *5*%&/./! (6! 0#$! 4*0*G! .5?%14.59! 5$V! 6.54.59/! *2(10! 0#$! D#$5(3$5(5! (6! /$R0.59!

*3(59/0! &(159! D$(D%$G! *54! 0#$! D(0$50.*%! .3D%.?*0.(5/! (6! 0#$/$! 6.54.59/S! F.5*%%&G! ?(5?%1/.(5/!

*,$!4,*V5!.5!?#*D0$,!eS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

c!!

@=!A'(20&-?.4!ASC! LM-_P8H=-LPM!-#./! ?#*D0$,! D,(I.4$/! *5! (I$,I.$V! (6! %.0$,*01,$! /(1,?$4! 6(,! 0#./! /014&G! .5?%14.59! 3*5&!

15D12%./#$4! D,$I*%$5?$! /014.$/G! 4./?1//.(5! D*D$,/! *54! (0#$,! .3D(,0*50! 9,$&! %.0$,*01,$S! N!

4$/?,.D0.(5!(6!0#$!/0,*0$9&!1/$4!0(!/$*,?#!6(,!%.0$,*01,$G!6(%%(V$4!2&!*5!(10%.5$!(6!0#$!#./0(,.?*%!

2*?+9,(154! (6! /$R0.59! *54! #(V! /$R0.59! ./! 4$/?,.2$4! .5! 0#$! %.0$,*01,$! ./! D,(I.4$4S! h.$V/! *54!

6.54.59/! .5! 0#$! %.0$,*01,$! .5! ,$%*0.(5! 0(! 0#$! (,.9.5/! (6! /$R0.59! *3(59/0! &(159! D$(D%$! *,$!

4./?1//$4G!V.0#!*!6(?1/!(5!D,$//1,$!*54!/$R1*%!I.(%$5?$G!&(159!D$(D%$!.5!0#$!5$V!3.%%$55.13G!

*4(%$/?$5?$! */! *! 4$I$%(D3$50*%! /0*9$G! *54! 0#$! .56%1$5?$! (6! *! #&D$,W/$R1*%./$4! ?1%01,$S! N5!

$R*3.5*0.(5!(6!D,$I*%$5?$!4*0*!/(1,?$4!./!9.I$5G!6(%%(V$4!2&!*!4./?1//.(5!(6!0#$!%$9*%!.//1$/!.5!

,$%*0.(5!0(!/$R0.59G!*54!?1,,$50!D(%.?&!*54!D,*?0.?$!,$/D(5/$/!0(!0#$!.//1$S!F.5*%%&!0#./!?#*D0$,!

?(5?%14$/! 2&! D(.50.59! 0(! 9*D/! .5! +5(V%$49$! *2(10! /$R0.59! *54! &(159! D$(D%$G! .5?%14.59!

,$?(33$54*0.(5/! 6(,! ,$/D(54.59! 0(!*! %*?+!(6! ,$%.*2%$!$I.4$5?$!*2(10! 0#$! 0,1$!5*01,$!(6! 0#$!

D#$5(3$5(5S!

ASA! "JN_=<!"-_N-JEO!N5! (5W%.5$! /$*,?#! (6! 0$5! *?*4$3.?! 4*0*2*/$/! >;/&?#(%(9&! *54! a$#*I.(1,! "?.$5?$/G!:$4%.5$G!

;/&?LMFPG! )$2! (6! "?.$5?$G! ;12:$4G! =LMN<Q! ;QH"G! N?*4$3.?! "$*,?#! ;,$3.$,G! JRD*54$4!

N?*4$3.?!N"N;G! '"-P_!*54!E((9%$!"?#(%*,@!V*/!154$,0*+$5!I.*! 0#$!H5.I$,/.0&!(6!:$%2(1,5$!

/$*,?#!$59.5$! >"1D$,"$*,?#@G! *0! 0#$!2$9.55.59!(6! 0#$!D,(f$?0G! *54! 0#$5! ,$91%*,%&! *0!2$0V$$5!

0#,$$!*54!/.R!3(50#%&!.50$,I*%/S!<*54!/$*,?#.59!0#,(19#!0#$!,$6$,$5?$!%./0/!(6!I*%1*2%$!*,0.?%$/!

V*/! *%/(! 154$,0*+$5S! N/! D,$I.(1/%&! 3$50.(5$4G! $R?%14.59! (5$! /014&! >:.0?#$%%G! F.5+#$%#(1,G!

'(5$/!p!)(%*+!ABCA@G!5(!%.0$,*01,$!V*/!/(1,?$4!6(,!0#./!0#$/./!2$&(54!8$?$32$,!ABCCS!

L5!,$/D(5/$!0(!*!%*?+!(6!*I*.%*2%$!D12%./#$4!%.0$,*01,$G!0#$!(5%&!D*D$,/!$R?%14$4!V$,$!0#(/$!5(0!

6(?1/$4!(5! &(159!D$(D%$G! *54!5(5WJ59%./#! %*591*9$!D*D$,/S! F1,0#$,3(,$G! 9.I$5! 0#$! ,$%*0.I$!

5$V5$//!(6! 0#$!D#$5(3$5(5G! 0#$,$!V*/!5(!5$$4!0(!$R?%14$!D*D$,/!2$&(54!*!?$,0*.5!4*0$!g!

0#$!$*,%.$/0!%.0$,*01,$!/(1,?$4!6(,!0#./!/014&!V*/!*10#(,$4!.5!ABBYS!>"$$!*DD$54.R!C!6(,!/$*,?#!

4*0$/!*54!/$*,?#!0$,3/!1/$4S@!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

e!!

ASX! PhJ_hLJ)!PF!QL-J_N-H_J!"PH_=J8!!h$,&!%.00%$!/?.$50.6.?*%%&!/(154!%.0$,*01,$!*2(10!/$R0.59!*54!&(159!D$(D%$!V*/!6(154S!E.I$5!0#./!

%*?+! (6! D12%./#$4! $3D.,.?*%! 4*0*G! 9,$&! %.0$,*01,$!V*/! *5! .3D(,0*50! /(1,?$! (6! .56(,3*0.(5! 6(,!

0#./! /014&S! P5%&! 0V(! D*D$,/! (6! D12%./#$4! D,.3*,&! /014.$/! V$,$! /(1,?$4G! $R?%14.59! 3&! (V5!

D*D$,!4(A0,)B!*)%!1$&)B!2($2.(@!HA2(#05?!-,(C5G!4$/?,.2.59!0#$!,$/1%0/!(6!0#$!6.,/0!D#*/$!(6!0#./!

D,(f$?0! >/$$! *DD$54.R! Ce@S! J%$I$5! *44.0.(5*%! 15D12%./#$4! /1,I$&/! *54! /014.$/!V$,$! /(1,?$4^!

6.I$!V$,$!N1/0,*%.*5G!(5$!V*/!6,(3!0#$!H`G!*54!0#(/$!,$3*.5.59G!V$,$!6,(3!0#$!H"S!L5!0(0*%G!XX!

4./?1//.(5! D*D$,/! V$,$! /(1,?$4! *2(10! /$R0.59! *54! &(159! D$(D%$G! 0#$! 6.,/0! (6! 0#$/$! V*/!

D12%./#$4! .5! ABBeS! P5%&! *! #*5461%! V*/! ?.0$4! .5! D$$,! ,$I.$V! f(1,5*%/^! 6(1,! V$,$! 6,(3! *5!

N1/0,*%.*5!D$,/D$?0.I$G!*54!0#$!,$3*.5.59!D*D$,/!V$,$!6,(3!*!M(,0#!N3$,.?*5!D(.50!(6!I.$VS!

N0!%$*/0!#*%6!(6!0#$!4./?1//.(5!D*D$,/!V$,$!/(1,?$4!6,(3!H"!Q*V!_$I.$V!'(1,5*%/G!V.0#!(0#$,/!

*DD$*,.59! .5! #$*%0#G! /$R1*%! I.(%$5?$! D,$I$50.(5! *54! $41?*0.(5! ,$I.$V/G! f(1,5*%/! (,!

5$V/%$00$,/S!!

!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

\!!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

i!!

ASd! -<J!<L"-P_O!PF!"JK-LME!-#$!V(,4! /$R0.59! V*/! ,$D(,0$4%&! 6.,/0! 1/$4! 0(! 4$/?,.2$! 0#$! 0,*5/3.//.(5! (6! /$R1*%%&! ,$%*0$4!

.3*9$/!I.*!3(2.%$!D#(5$!.5!N1/0,*%.*!.5!ABBY!.5!*5!N1/0,*%.*5!5$V/D*D$,G!-#$!I*,.1!J(.(B#*2+G!

D12%./#$4!.5!"&45$&!>=*,0&!ABCC@S!-V(!&$*,/!%*0$,!.5!ABBeG!0#$!6.,/0!3*,+$0!,$/$*,?#!(5!/$R0.59!

V*/!?(541?0$4G!.5!*5!*00$3D0!0(!4$0$,3.5$!D,$I*%$5?$!*3(59/0!&(159!D$(D%$S!-#$!N1/0,*%.*5!

E.,%6,.$54!3*9*r.5$!D(%%G!V#.?#!.5I(%I$4!Y\\!0$$5*9$!9.,%/!*9$4!CXWCcG!,$I$*%$4!dBs!(6!&(159!

V(3$5!V#(!D*,0.?.D*0$4!.5!0#$!/1,I$&!#*4!2$$5!*/+$4!0(!/$54!*!5*+$4!(,!/$3.W5*+$4!.3*9$!

(6!0#$3/$%I$/!(I$,!0#$!L50$,5$0!>a*00$,/2&!ABB\^!N4*3/!ABBi@S!-#./!6.91,$!V*/!?.0$4!.5!3$4.*!

(10%$0/!V(,%4V.4$G!#(V$I$,!0#$!(,.9.5*%!,$D(,0!(6!0#./!/014&!V*/!15*2%$!0(!2$!/(1,?$4G!4$/D.0$!

?(50*?0.59!0#$!$4.0(,!(6!0#$!3*9*r.5$S!!!!

L5!:*&! ABB\! 0#$! 6(%%(V.59! &$*,G! *5! C\W&$*,W(%4! 9.,%! 6,(3! =.5?.55*0.G! .5! 0#$!H"G! '$//$! Q(9*5G!

,$D(,0$4%&!/$50!514$!D.?01,$/!(6!#$,/$%6!0(!#$,!2(&6,.$54S!)#$5!0#$&!2,(+$!1D!#$!6(,V*,4$4!

0#$!D#(0(/G!V#.?#!V$,$!?.,?1%*0$4!*3(59/0!/?#((%!?%*//3*0$/!*54! 6,.$54/S!"#$!V*/!#*,*//$4!

*54!?*%%$4!5*3$/G!*54!0#$5!*DD$*,$4!(5!H"!0$%$I./.(5!0(!0$%%!#$,!/0(,&!*54!V*,5!(0#$,!&(159!

D$(D%$!(6!0#$!D(0$50.*%!?(5/$71$5?$/!(6!0#$!2$#*I.(1,S!-V(!3(50#/!%*0$,!/#$!#*59$4!#$,/$%6S!

>a*,+*?/!p!a*,+*?/! ABCB^! _&*5! ABCB^!:1/?*,.! ABBi^! =#*%6$5! ABBi^! a(V+$,! ABCB@S! -#./! /0(,&!

?*19#0!0#$!*00$50.(5!(6!0#$!3$4.*!.5!0#$!H"G!*54!*,(154!0#$!V(,%4G!.5?%14.59!N1/0,*%.*S!!

-#$! H"! M*0.(5*%! =*3D*.95! 0(! ;,$I$50! -$$5*9$! ;,$95*5?&! *54! =(/3(E.,%S?(3! >*! D(D1%*,!

&(159!V(3$5U/!3*9*r.5$! .5!0#$!H"@!,$%$*/$4!,$/1%0/!(6!0#$.,!?(5/13$,!/1,I$&G!4(A!*)%!J('+!

>ABB\@G!*!6$V!3(50#/!%*0$,G!,$D(,0.59!Cis!(6!CXWCi!&$*,!(%4/!>AAs!9.,%/^!C\s!2(&/@!#*4!/$50!*!

514$!(,!/$3.W514$!D.?01,$!(,!I.4$(!0(!/(3$(5$!$%/$!I.*!?$%%!D#(5$!(,!0#$!L50$,5$0S!N!D%$0#(,*!

(6!3$4.*!,$D(,0/!*54!3*5&!4./?1//.(5!D*D$,/!.5!D$$,W,$I.$V$4!f(1,5*%/!?.0$4!0#$!,$/1%0/!(6!0#./!

/1,I$&G! V.0#! 3*5&! 71(0.59! T(5$! .5! 6.I$U! &(159! D$(D%$! #*4! 2$$5! .5I(%I$4! .5! /$R0.59S! -#$!

/0*0./0.?! ?,$*0$4!*%*,3! 6(,! /?#((%/G!D*,$50/!*54!?#.%4,$5m/! ,.9#0/!9,(1D/! >F155$%%!ABBi@! .5! 0#$!

H"G!0#$!H`!*54!#$,$!.5!N1/0,*%.*G!*54!/$R0.59!2$?*3$!*!21rrV(,4!V(,%4V.4$S!!

Q*0$,!.5!ABB\G!*5(0#$,!/$R0.59!?*/$!.5!0#$!H"!,$?$.I$4!*!9,$*0!4$*%!(6!3$4.*!?(I$,*9$G!/D*,+.59!

0#$!2$9.55.59!(6!*!4$2*0$!(I$,!V#$0#$,! .0! ./!*DD,(D,.*0$!0(!D15./#!0$$5*9$,/!V#(!$59*9$! .5!

/$R0.59! 0#,(19#! 0#$! ?,.3.5*%! f1/0.?$! /&/0$3! >)*/0%$,! ABCB@S! -#$! ?*/$! .5I(%I$4! 0#,$$! &(159!

V(3$5! *0! *! /?#((%! .5! ;$55/&%I*5.*G! V#(! #*4! 0*+$5! 514$! *54! /$3.W514$! D.?01,$/! (6!

0#$3/$%I$/!*54!0$R0$4!0#$3!0(!0#$.,!0#,$$!3*%$!?%*//3*0$/S!"?#((%!4./0,.?0!(66.?.*%/!01,5$4!0#$!

D#(5$/! (I$,! 0(! 0#$! %(?*%! 8./0,.?0! N00(,5$&! >P/0,*9$,! ABCB^!)*/0%$,! ABCB^! J,*+$,! ABCB@G!V#(!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CB!!

/12/$71$50%&! 5(0.6.$4! 0#$! D*,$50/! (6! 0V$50&! /014$50/! V#(! *DD$*,$4! .5! (,! #*4! /0(,$4! 0#$!

D#(0(/! (5! 0#$.,! D#(5$/S! "014$50/! V$,$! 9.I$5! 0#$! ?#(.?$! (6! D*,0.?.D*0.59! .5! *! 4.I$,/.(5*,&!

D,(9,*3! (,! 6*?.59! D,(/$?10.(5! 6(,! 4./0,.210.59! ?#.%4! D(,5(9,*D#&! *54! ?,.3.5*%! 1/$! (6! *!

?(3315.?*0.(5! 4$I.?$S! -#$! N00(,5$&U/! 4$?./.(5! 2,(19#0! 0(! D12%.?! *00$50.(5! 0#$! .//1$/! (6!

D15./#.59! *54! D,(/$?10.59! .5! ,$%*0.(5! 0(! 0#$! 0,*5/3.//.(5! (6! /$R1*%%&! $RD%.?.0! .3*9$/! *3(59!

3.5(,/! >=*,0&!ABCC@S!N!/$,.(1/!4$2*0$!#*/!?(50.51$4!*2(10!0#$!*DD,(D,.*0$5$//!(6!?,.3.5*%%&!

?#*,9.59! 0$$5*9$,/! $59*9$4! .5! /$R0.59G! V.0#! /$I$,*%! 4./?1//.(5! D*D$,/! 6,(3! 0#$! H"! *54!

N1/0,*%.*! $RD%(,.59! 0#./! .//1$! >a*,,&! ABCB^! -*&%(,! ABBi^! "*50$%%.! ABBe^! _(33$%3*55! ABBi^!

_.?#*,4/!p!=*%I$,0!ABBi^!P/0,*9$,!ABCB^!'1/0.?$!;(%.?&!L5/0.010$!ABBi^!=#*%6$5!ABBi@S!!

ASY! <P)!"JK-LME!L"!8J"=_LaJ8!LM!-<J!QL-J_N-H_J!!

!"#"$% &'()*)+),*-%.*/%/'-01)2+),*-%,(%-'3+)*4%%

M(! /.59%$! 4$6.5.0.(5! ./! 1/$4! 0(! 4$/?,.2$! /$R0.59! .5! 0#$! %.0$,*01,$S! =(5/$71$50%&G! *?,(//! 0#$!

/014.$/!*54!4./?1//.(5!D*D$,/!?.0$4!.5!3&!%.0$,*01,$!,$I.$VG!/$R0.59!./!4$6.5$4!*54!4$/?,.2$4!.5!

*!,*59$!(6!4.66$,$50!V*&/S!N!5132$,!(6!4$6.5.0.(5/!/199$/0!/$R0.59! .5I(%I$/! .3*9$/!*/!V$%%!*/!

3$//*9$/^!/(3$!4$6.5.0.(5/!.5I(%I$!0#$!0,*5/6$,!(6!0#$/$!.3*9$/!(,!3$//*9$/!I.*!3(2.%$!D#(5$!

(5%&G!V#$,$*/!(0#$,/!.5?%14$!*%%!3(4$/!(6!L=-/S!"$$!0*2%$!d!6(,!$R*3D%$/!(6!4$6.5.0.(5/!/(1,?$4!

.5!0#$!%.0$,*01,$S!"$$!0*2%$!Y!6(,!*!/133*,&!(6!/$R0.59!4$6.5.0.(5/!/(1,?$4!.5!0#$!%.0$,*01,$S!

"(3$!*10#(,/!#*I$!4$I$%(D$4!4$/?,.D0.(5/!(6!0#$!4.66$,$50!*/D$?0/!(6!/$R0.59!0#$&!2$%.$I$!*,$!

*0!D%*&S!_&*5!>ABCB@!4./?1//$/!0#$!6(1,!4.66$,$50!,(%$/!(6!&(159!D$(D%$! .5I(%I$4!.5!/$R0.59b!C@!

0#$!/12f$?0!(6!0#$!D#(0(G!A@!0#$!D$,/(5!V#(!0((+!0#$!D#(0(G!X@!0#$!4./0,.210(,/!(6!0#$!D#(0(G!

*54!d@!0#$!,$?.D.$50/!(6!0#$!D#(0(S!"#$!,$6$,/!0(!D,.3*,&!/$R0.59!V#$5!0#$!/12f$?0!(6!0#$!D#(0(!

*%/(!4./0,.210$/!.0G!*54!/$?(54*,&!/$R0.59!V#$5!*5(0#$,!D$,/(5!4./0,.210$/!0#$!.3*9$!0(!(0#$,/!

>_&*5!ABCB@S!=(5I$,/$%&G!"#*#!>ABCB@!/.3D%&!4$/?,.2$/!0#$!,(%$/!.5I(%I$4!.5!/$R0.59!*/!TI.?0.3G!

,$?$.I$,G!6(,V*,4$,!*54!/*I$,US!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CC!!

-*2%$!Yb!JR*3D%$/!(6!/$R0.59!4$6.5.0.(5/!.5!0#$!%.0$,*01,$!

!

L5! 4$/?,.2.59! *! D,(D(/$4! %$9*%! ,$/D(5/$! 0(! /$R0.59! 6(,! &(159! D$(D%$G! P/0,*9$,! >ABCB@!

4$I$%(D$4!*!XW0.$,$4!3(4$%^!0.$,!C!.5I(%I$/!&(159!D$(D%$!V#(!/$R0!*!D.?01,$!0(!(5$!D$,/(5!(,!

D(//$//!(5$!D.?01,$!210!4(!5(0!4.//$3.5*0$^!0.$,!A!.5I(%I$/!T3*//!/$R0$,/U!V#(!/$54!(,!6(,V*,4!

0#$!D.?01,$!0(!1D!0(!0$5!D$(D%$G!(,!T,$D$*0!/$R0$,/U!V#(!/$54!(,!6(,V*,4!0#$!.3*9$!0(!1D!*!0(0*%!

N10#(,(p(-.0%$!(6!;*D$,o"014&( 8$6.5.0.(5!(6!/$R0.59!

:1/?*,.!>ABBi@G!"$R0.59b!M$V!-$?#5(%(9&G!P%4!;,(2%$3!!

-#$!/$54.59!(6!/$R1*%%&!?#*,9$4!3$//*9$/!(,!.3*9$/!I.*!?$%%!D#(5$!

Q$5#*,0!>ABBi@G!-$$5/!*54!"$R0.59! Z"$50!(,!,$?$.I$4]!/$R1*%%&!/199$/0.I$!514$!(,!5$*,%&!514$!D#(0(!(,!I.4$(l!1/.59!&(1,!?$%%!D#(5$!

'(.50!"$%$?0!=(33.00$$!(5!=&2$,W"*6$0&!>ABCC@G!N,$!&(1!/*6$j!"1,I$&!

;(/0$4!514$!(,!/$3.W514$!D#(0(/!0(!(0#$,/!I.*!0$R0!3$//*9$!(,!$3*.%!

=(/3(SE.,%!>ABB\@G!"$R!p!-$?#!"1,I$&! "$50G!(,!D(/0$4!(5%.5$G!514$!(,!/$3.W514$!D.?01,$/!(,!I.4$(!(6!0#$3/$%I$/!

=,.3$/!N9*.5/0!=#.%4,$5!_$/$*,?#!=$50$,_(;,$I*%$5?$!p!=#*,*?0$,./0.?/!(6!O(10#!"$R0.59b!N!M*0.(5*%!"014&(

_$?$.I.59G!6(,V*,4.59!D(/0.59!(,!*DD$*,.59!.5!T514$!(,!5$*,%&!514$U!D#(0(/!(,!I.4$(/!

J,*+$,!>ABCB@G!"0$33.59!"$R0.59! -#$!/$%6WD,(41?0.(5!*54!4./0,.210.(5!2&!?$%%!D#(5$!(6!"JL/!

;#.DD$5!>ABBi@G!"$R0.59!"1,I$&! "#*,.59!(6!$RD%.?.0!.3*9$/o$%$?0,(5.?*%%&!.50.3*0$!D.?01,$/oI.4$(/!V.0#!*!2(&6,.$54o9.,%6,.$54!

N;W:-h!>ABBi!p!ABCC@G!N!-#.5!Q.5$!8.9.0*%!N21/$!"014&!

"$54.59!(,!6(,V*,4.59!514$G!/$R1*%%&!/199$/0.I$G!(,!$RD%.?.0!D.?/!(5!&(1,!?$%%!(,!(5%.5$!

=(R!=(3315.?*0.(5/!!>ABBi@G!-$$5!P5%.5$!p!).,$%$//!"*6$0&!"1,I$&!

"$54.59!/$R1*%%&!/199$/0.I$!0$R0!3$//*9$/!(,!$3*.%/!V.0#!514$!(,!5$*,%&W514$!D#(0(/!

q#*59!>ABCB@!G!=#*,9.59!?#.%4,$5!V.0#!?#.%4!D(,5!W!H/.59!%$9*%!/&/0$3!0(!#*54%$!D,(2%$3!(6!u/$R0.59v!

H/$!(6!3(2.%$!D#(5$/!V.0#!21.%0W.5!?*3$,*/!0(!D,(41?$!*54!4./0,.210$!.3*9$/!(6!(5$/$%6!.5!*!/$R1*%%&!D,(I(?*0.I$!(,!,$I$*%.59!D(/.0.(5!

"I*50$//(5!>ABCC@G!T"$R0.59U!*54!0#$!Q*V!!

J%$?0,(5.?!?(3315.?*0.(5!(6!5(5WD,(6$//.(5*%!.3*9$/!(,!I.4$(/!D(,0,*&.59!(5$!(,!3(,$!D$,/(5/!.5!*!/0*0$!(6!514.0&!(,!(0#$,V./$!.5!*!/$R1*%!3*55$,!

=#*%6$5!>ABBi@G!TL0U/!(5%&!*!D.?01,$Ub!/$R0.59G!T/3100&U!/5*D/#(0/!*54!6$%(5&!?#*,9$/!

<(3$3*4$!D(,5(9,*D#.?!.3*9$/!

F$,91/(5!>ABCB@G!"$R0.59!a$#*I.(,/!N3(59!O(159!<./D*5.?!)(3$5!

"$50!$,(0.?!(,!514$!D#(0(!>(6!0#$3/$%I$/@!0(!*5(0#$,!D$,/(5!*54!,$?$.I$4!514$o$,(0.?!D#(0(9,*D#/!6,(3!*5(0#$,!D$,/(5!

:?E,*0#!>ABBi@G!O(159!;$(D%$!p!-$?#5(%(9&b!N!,$I.$V!(6!0#$!?1,,$50!%.0$,*01,$!

=#.%4!D(,5(9,*D#&!g!1D%(*4.59!*!D#(0(!(6!/(3$(5$!154$,W*9$!V#(!./!5*+$4!(,!>.6!154$,W*9$@!0*+.59!*!D#(0(!(6!(5$/$%6!5*+$4!*54!1D%(*4.59!.0!0(!*!V$2/.0$!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CA!!

(6! 6.I$!D$(D%$! .5!(5$!3(50#^! 6.5*%%&G!P/0,*9$,! >ABCB@!4$/?,.2$/!-.$,!X! .5I(%I.59!&(159!D$(D%$!

V#(! /$54! *! 3*//! /$R0! 0(! $%$I$5! (,! 3(,$! D$(D%$! *0! 4.66$,$50! 0.3$/! V.0#.5! (5$! 3(50#S! ! L5!

?(50,*/0G!"r&:.*%./!>ABCB@!/199$/0/!/$R0.59!9$5$,*%%&!(??1,/!.5!0#,$$!/.01*0.(5/G!6.,/0%&!2$0V$$5!

D*,05$,/! .5! ,$%*0.(5/#.D/G! /$?(54%&! V#$,$! .3*9$/! 6,(3! 0#./! ,$%*0.(5/#.D! *,$! 4./0,.210$4! 0(! *!

0#.,4!D*,0&G!*54!6.5*%%&!0#$!$R?#*59$!(6!.3*9$/!.5!0#$!#(D$!(6!?(33$5?.59!*!,$%*0.(5/#.DS!!

:1/?*,.! >ABBi@! *,91$/! 0#$,$! *,$! 4.66$,$5?$/! (60$5! 5(0! ,$?(95./$4! 2$0V$$5! /$R0.59G!

?&2$,21%%&.59G!#*,*//3$50!*54!/$R1*%!(66$54.59b!

N!CcW&$*,!(%4!/$54.59!*!514$!D#(0(!(6!#$,/$%6!0(!#$,!2(&6,.$54!./!/$R0.59^!3$*5!9.,%/!

/$?,$0%&! 0*+.59! *54! /$54.59! D#(0(/! (6! *! D$$,! 154,$//.59! .5! *! %(?+$,! ,((3! ./! ?&2$,W

21%%&.59^!*!I.54.?0.I$!CYW&$*,W(%4!/$54.59!514$!D#(0(/!(6!#./!CYW&$*,W(%4!$RW2(&6,.$54!

0(! 0#$! ?%*//! l! V.0#(10! 0#$! 2(&6,.$54/! +5(V%$49$! ./! #*,*//3$50^! *54! *! CeW&$*,W(%4!

4(V5%(*4.59! *54! ?(%%$?0.59! D#(0(/! (6! 514$! CXW&$*,W(%4/! ./! *! /$R! (66$54$,! >:1/?*,.!

ABBiG!DS!d@S!

!"#"!% 5'/).%1'2,1+)*4%,(%-'3+)*4%

N!?(5/.4$,*2%$!*3(150!(6!*00$50.(5!#*/!2$$5!9.I$5!0(!0#$!0(D.?!(6!/$R0.59!*54!&(159!D$(D%$!.5!

0#$!3$4.*S! N! D*00$,5! (6! .5?,$*/$4! ,$D(,0.59! *2(10! 0#$! D#$5(3$5(5! *DD$*,/! 0(! (??1,! *60$,!

,$/1%0/!(6!*!5$V!/1,I$&!(,!/014&!#*I$!2$$5!,$%$*/$4S!:1?#!,$D(,0.59!#*/!6(?1/$4!(5!?,$*0.59!

*%*,3! *54! D*5.?! >a(1?$+! ABBi^! _(33$%3*55! ABBi^! "*50$%%.! ABBi@G! V#.%$! (0#$,! 3$4.*!

,$D(,0.59!#*/!4(V5D%*&$4!0#$!5$9*0.I$!?(5/$71$5?$/!>NF;!ABBi^!F155$%%!ABBi^!a(V+$,!ABCB@S!

!"#"6% 7+8/)'-%'329,1)*4%:,8*4%2',29';-%<)'=-%,*%-'3+)*4%

P5%&! 0#,$$! /014.$/! 9*0#$,$4! .56(,3*0.(5! *2(10! &(159! D$(D%$U/! I.$V/! (5! /$R0.59S! -#$! J(()!

K).,)(! *)%!E,#(.(55! 4*F(01! 4&#-(1! >=(R! =(3315.?*0.(5/! ABBi@G! *! H"! /014&! (6! 0#$! M*0.(5*%!

=$50,$! 6(,! :.//.59! *54! JRD%(.0$4! =#.%4,$5G! .5I(%I.59! cYY! &(159! D$(D%$! *9$4! CXWC\! &$*,/G!

/#(V$4! 3(/0! 0$$5/! 0#(19#0! /$R0.59! V*/! V,(59G! .5?%14.59! 0#(/$! V#(! #*4! $59*9$4! .5! 0#$!

2$#*I.(1,^!5$*,%&!*%%!0#(19#0!.0!V*/!4*59$,(1/G!*54!*2(10!#*%6!2$%.$I$4!*41%0/!(I$,W,$*?0S!P5!

0#$! (0#$,! #*54! *! /014&! 2&! 0#$! ;$V! L50$,5$0! *54! N3$,.?*5! Q.6$! ;,(f$?0G! J(()5! *)%! 4(A0,)B!

>Q$5#*,0! ABBi@G! V#.?#! .5I(%I$4! \BB! &(159! D$(D%$! *9$4! CAWC\! &$*,/G! *54! #*/! 2$$5! ?.0$4! .5!

31?#!%.0$,*01,$G!,$D(,0$4!*!3.R01,$!(6!I.$V/!$RD,$//$4!2&!&(159!D$(D%$^!/(3$!0#(19#0!.0!V*/!

*!3*f(,!.//1$G!(0#$,/!0#(19#0!.0!V*/!.5*DD,(D,.*0$G!4*3*9.59!(,!.%%$9*%G!*54!(0#$,/!I.$V$4!.0!*/!

*5! *%0$,5*0.I$! 0(! ,$*%! %.6$! /$R1*%! *?0.I.0&S! L5! 2(0#! ABBi! *54! ABCCG! :-h! D*,05$,$4! V.0#!

N//(?.*0$4! ;,$//! .5! 0#$! H"G! *54! ?(541?0$4! *! /1,I$&! 0#*0! /(19#0! .56(,3*0.(5! *2(10! /$R0.59!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CX!!

*3(59/0!(0#$,!0$?#5(%(9&!1/$! .//1$/!*3(59/0!&(159!D$(D%$S!-#$!ABBi!/014&!>N;W:-h!ABBi@!

V*/! 0#$! (5%&! /014&! /(1,?$4! 0#*0! ,$D(,0$4! 4.66$,$5?$/! .5! *00.014$/! 0(! /$R0.59! *?,(//! 9$54$,^!

&(159!3$5!V$,$!%$//!?(5?$,5$4!*2(10!0#$!D#$5(3$5(5!0#*5!&(159!V(3$5S!!

ASc! QL-J_N-H_J!PM!-<J!P_LELM"!PF!"JK-LME!h$,&! %.00%$! ,$%.*2%$! 4*0*! V*/! /(1,?$4! *2(10! 0#$! D(0$50.*%! (,.9.5/! (6! /$R0.59! *3(59/0! &(159!

D$(D%$G!#(V$I$,!*!5132$,!(6!$RD$,0!(D.5.(5!D*D$,/!#*I$!6(?1/$4!(5!0#$!.//1$S!;*,0.?.D*50/!(6!

(5%&! 6(1,! D,$I*%$5?$! /014.$/! V$,$! */+$4! 71$/0.(5/! *2(10! V#&! 0#$&! /$R0^! (5%&! (5$! (6! 0#$/$!

/014.$/!9*0#$,$4!71*%.0*0.I$!.56(,3*0.(5S!-#$!J(()5!*)%!4(A0,)B!/014&!>Q$5#*,0!ABBi@!,$I$*%$4!

0#,$$!,$*/(5/!6(,!.5I(%I$3$50!.5!/$R0.59^!6.,/0G!0(!9*.5!0#$!,(3*50.?!*00$50.(5!(6!/(3$(5$!$%/$G!

/$?(54G! */! *5! $RD$,.3$50*%! D#*/$! 6(,! &(159! D$(D%$! V#(! V$,$! 5(0! &$0! /$R1*%%&! *?0.I$G! *54!

6.5*%%&! */! *! ?(3D(5$50! (6! *! /$R1*%! ,$%*0.(5/#.DS! -#$! /014&! *%/(! 9*0#$,$4! .56(,3*0.(5! *2(10!

&(159! D$(D%$U/! *00.014$/! 0(! /$R0.59S! F(?1/! 9,(1D! 4./?1//.(5/! ,$I$*%$4! V.4$%&! I*,.$4! I.$V/!

*2(10!0#$!*??$D0*2.%.0&!(6!/$R0.59!*3(59/0!&(159!D$(D%$G!V.0#!/(3$!D*,0.?.D*50/!6$$%.59!I$,&!

?(5?$,5$4!*2(10! 0#$!D(0$50.*%!4*3*9$!*54! %$9*%! .3D%.?*0.(5/! 6(,! 0#(/$! .5I(%I$4G!*54!(0#$,/!

6$$%.59!.0!V*/!*!/*6$,!*%0$,5*0.I$!0(!,$*%!%.6$!/$R1*%!*?0.I.0&S!N!?,.0.?./3!(6!0#$!,$D(,0.59!(6!0#$/$!

6.54.59/!./!0#*0!.56(,3*0.(5!V*/!5(0!*I*.%*2%$!*2(10!5132$,/!(6!&(159!D$(D%$!D*,0.?.D*0.59!.5!

6(?1/! 9,(1D/! >V#$,$! 31?#! (6! 0#$! 71*%.0*0.I$! 4*0*! V*/! 9*0#$,$4@G! *54! %.3.0$4! .4$50.6&.59!

.56(,3*0.(5!*??(3D*5.$4!&(159!D$(D%$U/!71(0$/S!

-#$! %*0$/0! D*D$,! /(1,?$4G!"#(-*.()'(! *)%! L+*#*'0(#,50,'5! $F! 3$&0+! 4(A0,)B@! 6!<*0,$)*.! 40&%1!

>:.0?#$%%G! F.5+$%#(,G! '(5$/!p!)(%*+!ABCA@G!V*/!(5$!(6!(5%&! 0V(! /014.$/!D12%./#$4! .5!*!D$$,W

,$I.$V$4!f(1,5*%S!-#./!D*D$,!,$D(,0$4!(5!6.54.59/!6,(3!0#$!J+,#%!3$&0+!M)0(#)(0!4*F(01!4&#-(1!

>OL""WX@G!V#.?#! .5I(%I$4!CGYcB!&(159!D$(D%$!*9$4!CBWCeG!V#.?#!*.3$4! 0(!71*50.6&!*54!4$0*.%!

15V*50$4!*54!D,(2%$3*0.?!0$?#5(%(9&W6*?.%.0*0$4!$RD$,.$5?$/!*3(59!&(159!D$(D%$G!.5?%14.59!

/$R0.59S! -#$! 3(/0! ?(33(5! ,$D(,0$4! ,$*/(5! 6(,! /$R0.59! 2&! &(159! D$(D%$! .5! 0#./! /014&! V*/!

T,(3*5?$! */! D*,0! (6! *5! $R./0.59! ,$%*0.(5/#.DUG! D,*5+/! (,! f(+$/G! (,! 0,&.59! 0(! /0*,0! *! 5$V!

,$%*0.(5/#.DS!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Cd!!

N!5132$,!(6!$RD$,0!(D.5.(5!*54!4./?1//.(5!D*D$,/!#*I$!*%/(!$RD%(,$4! 0#$!(,.9.5/!(6! /$R0.59S!

F(1,! 0#$3$/! $3$,9$4! 6,(3! 0#$! %.0$,*01,$! .5! ,$%*0.(5! 0(! 0#./^! 0#$! 6.,/0! 0#$3$! ,$%*0$4! 0(!

D,$//1,$G!V#.?#!./!*%/(!4./?1//$4!.5!0#$!?(50$R0!(6!/$R1*%!I.(%$5?$^!/$?(54!V*/!0#$!.56%1$5?$!(6!

*!#&D$,W/$R1*%./$4!?1%01,$^!0#.,4!.5I(%I$4!0#$!5*01,$!(6!0#$!0$?#5(%(9.?*%!/D*?$!.5!V#.?#!&(159!

D$(D%$!5(V!,$/.4$^!*54!6.5*%%&!0#$!,$*/(5/!&(159!D$(D%$!3.9#0!2$!.5I(%I$4!.5!0#$!2$#*I.(1,!(6!

/$R0.59!.5!,$%*0.(5!0(!*4(%$/?$5?$!*/!*!4$I$%(D3$50*%!/0*9$G!V*/!$RD%(,$4S!!

!">"$%% ?'*/'1@%21'--81'%.*/%-'38.9%<),9'*0'%

L5! 0$,3/! (6! /1,I$&/! *54! /014.$/! 0#*0! 9*0#$,$4! 9$54$,$4! .56(,3*0.(5! *2(10! D,$I*%$5?$! (6!

/$R0.59G!3(/0! ,$D(,0$4!9,$*0$,!5132$,/!(6! /$R1*%%&!$RD%.?.0! .3*9$/!(6! &(159!V(3$5! 0#*5!(6!

*1/&(159!3$5S!P5%&!(5$!/014&!,$D(,0$4!0#*0!2(0#!9$54$,/!V$,$!$71*%%&!%.+$%&!0(!#*I$!/$50!*!

/199$/0.I$!D.?01,$!0(!*5(0#$,!D$,/(5!>Q$5#*,0!ABBi@S!-*2%$!c!/#(V/!,$D(,0$4!,*0$/!(6!/$R0.59!

*3(59/0!&(159!V(3$5!*54!3$5S!!

-#,$$! D,$I*%$5?$! /1,I$&/! .5?%14$4! *! 71$/0.(5! ,$9*,4.59! D,$//1,$! $RD$,.$5?$4! .5! ,$%*0.(5! 0(!

/$R0.59S!-#$!"(C!M)0(#)(0!*)%!6;(#,'*)!N,F(!"#$O('0!>Q$5#*,0!ABBi@!,$D(,0$4!%.00%$!$I.4$5?$!(6!

N10#(,!(6!"014&! O(159!V(3$5! O(159!3$5!

=,.3$/!N9*.5/0!=#.%4,$5!_$/$*,?#!=$50,$!>ABCC@!

cCs!(6!&(10#/!V#(!*DD$*,$4!.5!.3*9$/!

Xis!(6!&(10#/!V#(!*DD$*,$4!.5!.3*9$/!

'(.50!"$%$?0!=(33.00$$!(5!=&2$,W"*6$0&!>ABCC@!

AAs!/$54!514$!(,!/$3.W514$!.3*9$/!0(!(0#$,/!

Ces!/$54!514$!(,!/$3.W514$!.3*9$/!0(!(0#$,/!

N//(?.*0$4!;,$//!p!:-h!>ABBi@! CXs!D,(41?$!.3*9$/!

is!,$?$.I$!.3*9$/!

is!D,(41?$!.3*9$/!

Cds!,$?$.I$!.3*9$/!

=(R!=(3315.?*0.(5/!p!M*0.(5*%!=$50,$!6(,!:.//.59!p!JRD%(.0$4!=#.%4,$5!>ABBi@!

cYs!#*4!/$50!*!514$!(,!/$3.W514$!.3*9$!

XYs!#*4!/$50!*!514$!(,!/$3.W514$!.3*9$!

;$V!L50$,5$0!p!N3$,.?*5!Q.6$!;,(f$?0!>ABBi@!

M(!6.91,$/!*I*.%*2%$G!#(V$I$,!0#$!6(%%(V.59!V*/!,$D(,0$4b!T-#$,$!*,$!5(!/0*0./0.?*%%&!/.95.6.?*50!4.66$,$5?$/!.5!,$D(,0/!(6!/$R0.59!2&!9$54$,US!

=(/3(SE.,%!>ABB\@! AAs!#*I$!/$50oD(/0$4!514$!(,!/$3.W514$!D.?01,$/!(,!I.4$(/!(6!0#$3/$%I$/!!

C\s!#*I$!/$50oD(/0$4!514$!(,!/$3.W514$!D.?01,$/!(,!I.4$(/!(6!0#$3/$%I$/!

!!

-*2%$!cb!_$D(,0$4!,*0$/!(6!/$R0.59!*?,(//!9$54$,!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CY!!

4.66$,$5?$!.5!0#$!2$#*I.(1,!(6!/$R0.59!,$%*0$4!0(!9$54$,G!#(V$I$,!,$/1%0/!4.4!#.9#%.9#0!0#*0!9.,%/!

(60$5! 6$$%!D,$//1,$! 0(! /#*,$! .3*9$/!(6! 0#$3/$%I$/S! -#$!4(A!*)%!J('+!4&#-(1! >=(/3(9.,%S?(3!

ABB\@!*%/(!/#(V$4!*!/.95.6.?*50!4.66$,$5?$!.5!D,$//1,$!$RD$,.$5?$4!2&!$*?#!9$54$,^!YCs!(6!9.,%/!

/*.4!0#$&!/$R0$4!2$?*1/$!(6!D,$//1,$!6,(3!*!2(&G!V.0#!(5%&!C\s!(6!0$$5!2(&/!/*&.59!D,$//1,$!

6,(3!*!9.,%!V*/!0#$!,$*/(5!0#$&!/$50!*!/$R1*%%&!$RD%.?.0!.3*9$S!F1,0#$,3(,$G!*,(154!*!71*,0$,!

(6!2(&/! *54!9.,%/! ,$D(,0$4!#*I.59!2$$5!D,$//1,$4!2&! 6,.$54/! 0(! /$54!(,!D(/0! /$R1*%! ?(50$50S!

N2(10!#*%6! (6! 0#$! ,$/D(54$50/!(6! 0#$!ABCC!H"!6"PQJR!I,B,0*.!6S&5(! 40&%1! >ABCC@G!V#(!#*4!

/$50! *! 5*+$4! D#(0(! (,! I.4$(! (6! 0#$3/$%I$/G! *%/(! ,$D(,0$4! 0#$&! #*4! 2$$5! D,$//1,$4! 2&!

/(3$(5$!$%/$!0(!4(!/(!*0!%$*/0!(5?$S!-#$!/014&!,$D(,0$4!0#*0!0#(/$!V#(!#*4!2$$5!.5I(%I$4!.5!

/$R0.59!0#$3/$%I$/!V$,$!3(,$!%.+$%&!0(!#*UI$!*!D(/.0.I$!*00.014$!0(!/$R0.59!?*%%.59!.0!T#(0UG!T615U!

*54! T$R?.0.59UG!V#.%$! 0#(/$!V#(!#*4!5(0!2$$5! .5I(%I$4! .5! 0#$!2$#*I.(1,!V$,$!3(,$! %.+$%&! 0(!

6.54! .0! T/01D.4UG! T/%100&U! (,! T4*59$,(1/US! F1,0#$,3(,$G! 2(&/!V$,$!3(,$! %.+$%&! 0(! #*I$! D(/.0.I$!

*00.014$/!0(!/$R0.59!0#*5!9.,%/S!

"(3$! *10#(,/! ><*54G! =#159!p! ;$0$,/! ABBi^! `$$! ABBY^! ;(V$%%! ABBi^! F%((4! ABB\@! *,91$! .0! ./!

&(159!V(3$5U/! /$R1*%! .3*9$/! .5!D*,0.?1%*,! 0#*0!*,$!2$.59!4./0,.210$4!V.0#(10! 0#$.,! ?(5/$50G!

*54! 0#*0! /$R0.59! ./! f1/0! *5(0#$,!3$*5/! 6(,! ?(50,(%%.59!*54!$R$,0.59!D(V$,!(I$,!V(3$5S! L5! *!

D*D$,!2&! 0#$!N1/0,*%.*5!8(3$/0.?!h.(%$5?$!=%$*,.59#(1/$! >ABBi@! 0#./!*,913$50! ./! /1DD(,0$4G!

V.0#! *! I.$V! 0#*0! 0#$! 3./1/$! (6! L=-/! D,(I.4$/! 5$V! *54! 3(,$! $R0$5/.I$! 0$?#5.71$/! 6(,! 0#$!

?(50,(%!*54!*21/$!(6!V(3$5S!8./?1//.(5!D*D$,/!>)*/0%$,!ABCB^!E*&%(,4!F(,2$/!ABCC@!#*I$!*%/(!

#.9#%.9#0$4! *! ?(5?$,5! 0#*0! 0#(/$! V#(! *,$! 0#$! /12f$?0/! (6! 0#$! D#(0(/! >1/1*%%&! 6$3*%$/@G! *,$!

(60$5!D,(/$?10$4G!V#.%$!0#(/$!#*I.59!,$?$.I$4!(,!6(,V*,4$4!0#$!.3*9$/!*,$!5(0G!D(.50.59!0(!*!

9$54$,!9*D!.5!0#$!%$9*%!0,$*03$50!(6!/$R0.59!?*/$/S!!

N!/3*%%!5132$,!(6!4./?1//.(5!D*D$,/!V$,$!*%/(!/(1,?$4!0#*0! 6(?1/$4!(5!?(5?$,5/!*2(10!"M"!

*54!L=-/!*54!0#$.,!1/$!*/!I$#.?%$/!6(,!0#$!D$,D$0,*0.(5!(6!/$R1*%!*//*1%0G!D*,0.?1%*,%&!.5!,$%*0.(5!

0(!/$R0.59! >;(V$%%!ABCC^!;(V$%%!ABCB@S!;(V$%%!*,91$/!0#*0!5$V!0$?#5(%(9.$/!D,(I.4$!31%0.D%$!

*I$51$/! 6(,! /$R1*%! I.?0.3./*0.(5G! *54! 0#*0! /$R0.59! D(0$50.*%%&! /.0/! V.0#.5! 0#$! ?(50.5113! (6!

9$54$,$4!/$R1*%!I.(%$5?$!*54!#*,*//3$50!0#*0!0*,9$0/!V(3$5S!F1,0#$,3(,$G!n1*4*,*!>ABCB@!

/199$/0/!L=-/!#*I$!0#$!?*D*?.0&!0(!5(,3*%./$!/$R1*%!I.(%$5?$!*54!D,(I.4$!5$V!V*&/!(6!/$R1*%!

(66$54.59S!!

L5!?(50,*/0G!F155$%%!>ABBi@!4./*9,$$/!V.0#!0#$!I.$V!0#*0!9.,%/!*,$!.5I(%I$4!.5!/$R0.59!.5!,$/D(5/$!

0(! /$R1*%! D,$//1,$! (,! *! #&D$,W/$R1*%./$4! ?1%01,$^! /#$! /199$/0/! 0#$! (,.9.5/! (6! /$R0.59! ?*5! 2$!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Cc!!

6(154! .5! 0#$!$,(/.(5!(6! 0#$!D12%.?WD,.I*0$!4.I.4$G!V#.?#!#*/!?,$*0$4!*! ?(5?$D0!(6!D,.I*?&! 6(,!

&(159! D$(D%$! 0#*0! ./! 4.66$,$50! 0(! 0#*0! (6! *41%0/S! "#$! *%/(! D,(D(/$/! 0#*0! /$R0.59! D,(I.4$/! *5!

(DD(,015.0&!6(,!&(159!D$(D%$!0(!0$/0!(10!0#$!/$R1*%!0$,,.0(,&!V.0#(10!#*I.59!0(!#*I$!/$RG!*54!

V.0#(10!0#$!,./+!(6!?(50,*?0.59!"$R1*%%&!-,*5/3.//.2%$!L56$?0.(5/S!

N!9*D! .5!/014.$/!*2(10!/$R0.59!*54!0#$!,(%$!9$54$,!D%*&/! .5!0#./!2$#*I.(1,!#*/!D,(3D0$4!0#$!

N1/0,*%.*5!=$50,$!6(,!0#$!"014&!(6!"$R1*%!N//*1%0!>N=""N!ABCC@!0(!154$,0*+$!*!,$/$*,?#!D,(f$?0!

.5!0#./!*,$*S!-#$!/014&G!V#.?#! ./! 6154$4!2&!0#$!Q$9*%!"$,I.?$/!a(*,4!(6!h.?0(,.*! ./! 6(?1/.59!(5!

0#$!$RD$,.$5?$/!(6!h.?0(,.*5!&(159!D$(D%$!*9$4!CcWAB!&$*,/G!*54!*.3/! 0(!$RD%(,$! 0#$!1/$!(6!

5$V! ?(3315.?*0.(5! 0$?#5(%(9.$/G! /D$?.6.?*%%&! /(?.*%! 5$0V(,+.59! /.0$/! *54! 3(2.%$! D#(5$!

0$?#5(%(9&!.5!0#$!6*?.%.0*0.(5!(6!/$R1*%!I.(%$5?$S!!

!">"!% A,8*4%2',29'%)*%+B'%*'=%C)99'**)8C%

)#.%$! 0#$,$! ./! /(3$! 4$2*0$! *2(10! V#$0#$,! (,! 5(0! /$R0.59! ./! *! 5$V! .0$,*0.(5! (6! D,$I.(1/!

D,*?0.?$/!>:1/?*,.!ABBi^!N%21,&G!F155$%%!p!M((5*5!ABCB^!=#*%6$5!ABBi@G!3*5&!*10#(,/!*9,$$!

0#*0! *4I*5?$/! .5! .56(,3*0.(5! 0$?#5(%(9&! #*I$! 3*4$! 0#$! 0,*5/3.//.(5! (6! .3*9$/! 6*/0$,! *54!

3(,$! *5(5&3(1/G! *54! *??$//! $*/.$,G! *54! 0#*0! .0! ./! 0#./! */D$?0! (6! /$R0.59! 0#*0! ./! 5$V! ><*54G!

=#159!p!;$0$,/!ABBi^!=#*%6$5!ABBi^!:1/?*,.!ABBi^!F%((4!ABBi@S!

-#$! V*&/! .5! V#.?#! &(159! D$(D%$! 5(V! 9*.5! *??$//! 0(! .56(,3*0.(5G! ?(3315.?*0$! V.0#! $*?#!

(0#$,G!*54!4$6.5$!*54!154$,/0*54!D,.I*?&! ./! ?#*59.59G!V.0#!4.9.0*%! ?1%01,$!5(V!$32$44$4! .5!

0#$.,!$I$,&4*&!$RD$,.$5?$!>)$2$,!p!8.R(5!ABCB@S!O(159!D$(D%$!2(,5!/(3$V#$,$!2$0V$$5!0#$!

3.4WCieB/! *54! CiiB/! *,$! (60$5! ,$6$,,$4! 0(! */! E$5$,*0.(5! OS! <(V$! p! "0,*1//! >ABBB@G! V$%%!

+5(V5!*10#(,/!.5!0#./!*,$*G!1/$!Ci\A!*54!ABBC!*/!0#$!/0*,0!*54!$54!&$*,/!(6!0#./!9$5$,*0.(5G!

,$/D$?0.I$%&S!)#.%$! 3*5&! 4.66$,$50! 0$,3/G! .5?%14.59! T8.9.0*%! M*0.I$/UG! T:.%%$55.*%! E$5$,*0.(5U!

*54!TM$0!E$5$,*0.(5UG!#*I$!2$$5!1/$4!0(!4$/?,.2$!0#./!?(#(,0!(6!&(159!D$(D%$G!$*?#!4$6.5.0.(5!

0$54/! 0(! ,$6$,! 0(! &(159! D$(D%$! 9,(V.59! 1D! .5! *!V(,%4! 0#*0! ./!3*,+$4! 2&! .5?,$*/$4! 1/$! *54!

6*3.%.*,.0&!V.0#!4.9.0*%G!3$4.*!*54!?(3315.?*0.(5!0$?#5(%(9.$/!>)$2$,!p!8.R(5!ABCB^!;,$5/+&!

ABBC@S!H56(,015*0$%&!#(V$I$,G!,$/$*,?#!(5!&(159!D$(D%$U/!D*00$,5/!(6!4.9.0*%!0$?#5(%(9&!1/$G!

*54! 0#$! $66$?0/! (5! 0#$.,! #$*%0#! *54! V$%%2$.59G! #*I$! /0,199%$4! 0(! +$$D! 1D! V.0#! 0#$! ,*D.4%&!

/#.60.59!0$?#5(%(9.?*%!$5I.,(53$50!>a,(V5!p!a(2+(V/+.!ABCC@S!-#$!6(1,0#!5*0.(5*%!/0*0./0.?*%!

,$D(,0!(5!0#$!#$*%0#!*54!V$%%2$.59!(6!N1/0,*%.*5!&(159!D$(D%$!*9$4!CAWAd!&$*,/!>NL<)!ABCC@!

#.9#%.9#0/! *!4*0*!9*D! ,$%*0.59! 0(!3$4.*!*54! ?(3315.?*0.(5/! >.5?%14.59! L=-/@G! *54!*%(59!V.0#!

$5I.,(53$50*%! .//1$/! *54! /%$$D! 4./(,4$,/G! 0#./! *,$*! ./! ,$9*,4$4! */! (5$! (6! 0#$! 0#,$$! 3(/0!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Ce!!

/.95.6.?*50! $3$,9.59! .//1$/! (6! ?(5?$,5! 6(,! &(159! D$(D%$S! _$/$*,?#! .50(! &(159! D$(D%$U/!

154$,/0*54.59! *54! $RD$,.$5?$! (6! 0#./! $3$,9$50! *54! ?#*59.59! 4.9.0*%! ?1%01,$! ./! 0#1/!

.5?,$*/.59%&!,$%$I*50!*54!.3D(,0*50S!!!

L5! 0$,3/! (6! 4.9.0*%! 3$4.*G! 3(2.%$! D#(5$! 0$?#5(%(9.$/! *,$! ?(5/.4$,$4! *3(59/0! 0#$! 6*/0$/0!

9,(V.59G!V.0#!&(159!D$(D%$!(60$5! ,$6$,,$4! 0(!*/!$*,%&!*4(D0$,/! .5! 0#$!3(2.%$!D#(5$!3*,+$0!

>E105.?+G! _(22G! -*+$1?#.! p! `(0%$,! ABCC^! =(%%.5G! _*#.%%&G! _.?#*,4/(5! p! -#.,4! ABCC^! M")!

=(33.//.(5!6(,!=#.%4,$5!*54!O(159!;$(D%$!Z==O;]!ABBi@S! L5! 6*?0G!/.5?$!0#$!I$,&!2$9.55.59!(6!

0#./!D,(f$?0G!31?#!#*/!?#*59$4!*%,$*4&! .5! ,$%*0.(5! 0(!&(159!D$(D%$U/!1/$!(6!4.9.0*%!3$4.*S! L5!

ABBeG! 0#$!N1/0,*%.*5!=(3315.?*0.(5/! *54!:$4.*!N10#(,.0&! >N=:N@! 6(154!eYs!(6!N1/0,*%.*5!

CAWCd! &$*,! (%4/! *54! iBs! (6! CYW! Ce! &$*,! (%4/! (V5$4! *! 3(2.%$! D#(5$S! a&! ABCBG! *! /014&! 2&!

M.$%/(5!,$I$*%$4!ies!(6!CcWAi!&$*,!(%4/!(V5$4!*!3(2.%$!D#(5$S!:(,$(I$,G!.5!ABB\!V#$5!0#$!

0$,3!/$R0.59!$50$,$4! 0#$!N1/0,*%.*5!:*?71*,.$!8.?0.(5*,&G!(V5$,/#.D!(6!3(2.%$!D#(5$/!V.0#!

?*3$,*!?*D*2.%.0.$/!V*/!.5?,$*/.59!>M")!==O;!ABBi@G!#(V$I$,!*0!0#./!0.3$!/3*,0!D#(5$/!V.0#!

L50$,5$0! ?*D*2.%.0.$/! V$,$! (5%&! 2$.59! 0*%+$4! *2(10S! N! H"! 4./?1//.(5! D*D$,! *2(10! /$R0.59!

*10#(,$4!.5!ABBiG!/0*0$4G!T-(4*&!3(/0!0,*4.0.(5*%!3$4.*!?(50$50!./!*??$//.2%$!(5!0#$!L50$,5$0G!

*54!/((5!V.%%!2$!V.4$%&!*I*.%*2%$!Adoe!(5!#*54#$%4!4$I.?$/U! >a,(V5G!`$%%$,!p!"0$,5!ABBi@S! L5!

N1/0,*%.*! .5! ABBiG! Xds! (6! C\! 0(! Ad! &$*,! (%4/! *??$//$4! 0#$! L50$,5$0! (5! 0#$.,!3(2.%$! D#(5$/G!

3*+.59! .0! 0#$! 6.60#!3(/0! ?(33(5!1/$! 6(,!3(2.%$! D#(5$/! .5! 0#./! *9$! 9,(1D! >NL:LN!ABBi@S! a&!

ABCB! 0#$! 6&50#*.,*)! M)0(#)(0! *)%! J('+)$.$B1! T(2$#0! ,$D(,0$4! 0#*0! cds! (6! 3(2.%$! D#(5$/!

(V5$4!2&!CcWAi!&$*,!(%4/!V$,$!L50$,5$0!?*D*2%$^!0#./!6.91,$! ./!$RD$?0$4!0(!,./$S!F1,0#$,3(,$!

"M"! /1?#! */! F*?$2((+! #*I$! 9*.5$4! $/?*%*0.59! D(D1%*,.0&! >)*.0$! ABCC^! ;$V! _$/$*,?#! =$50$,!

ABBi^! _.4$(10G! F($#,! p! _(2$,0/! ABCB@G! V.0#! 0#$! N=:N! .5! ABBi! ,$D(,0.59! "M"! 1/$! */! 0#$!

5132$,!(5$!(5%.5$!*?0.I.0&!6(,!CcWAi!&$*,!(%4/!V.0#!iBs!(6!CAWCe!&$*,!(%4/!*54!ies!(6!CcWCe!

&$*,!(%4/!,$D(,0.59!0#$&!1/$!"M"!(5!*!,$91%*,!2*/./!>M.$%/(5!ABCB@S!N5!N1/0,*%.*5!/014&!*2(10!

&(159!D$(D%$! *54! "M"! >4$! qV*,0G! Q.54/*&G!<$54$,/(5!p!;#.%%.D/! ABCC@! *%/(! /#(V$4! 0#*0! 0#$!

3(/0! ?(33(5! ?(50$50! &(159!D$(D%$! D(/0! 0(! "M"! ./! D#(0(/! (6! 0#$3/$%I$/! >cBSis@G! 6(%%(V$4!

?%(/$%&!2&!D#(0(/!(6!6,.$54/!>YAScs@S!!

F155$%%!>ABBi@!2$%.$I$/!?(3D*,$4!0(!(%4$,!9$5$,*0.(5/G!0$$5/!D%*?$!*!6154*3$50*%%&!4.66$,$50!

I*%1$!(5!D,.I*?&!*54!V#*0! .0!3$*5/!0(!2$!/$$5!5*+$4G!D*,0%&!41$!0(!0#$!L50$,5$0m/!$,(/.(5!(6!

0#$!D12%.?WD,.I*0$!4.I.4$S!8.9.0*%!D,.I*?&!#*/!2$$5!*!?(5/./0$50!?(5?$,5!/.5?$!0#$!CiiB/G!*/!L=-/!

#*I$! ?,$*0$4! *5! $5I.,(53$50! V#$,$! 4$0*.%/! (6! D$,/(5*%! .56(,3*0.(5! *,$! $*/.%&! *??$//$4!

>a100$,6.$%4!ABBi^!:*,V.?+G!:1,9.*!p!;*%6,$&!ABCB@S!)#.%$!0#$,$!./!*5!*//13D0.(5!0#*0!&(159!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

C\!!

D$(D%$!4(!5(0!?*,$!*2(10!0#$.,!D,.I*?&!2$?*1/$!0#$&!D(/0!/(!31?#!.56(,3*0.(5!(5%.5$G!/014.$/!

#*I$!/#(V5!0#*0!&(159!D$(D%$!4(!.5!6*?0!?*,$!4$$D%&!*2(10!0#$.,!D,.I*?&G!D*,0.?1%*,%&!.5!,$9*,4!

0(!0#$.,!D*,$50/!*54!0$*?#$,/!>:*,V.?+!$0!*%!ABCB@S!!

!">"6% D/,9'-0'*0'%.-%.%/'<'9,2C'*+.9%-+.4'%

F,(3! *5! *4(%$/?$50! 4$I$%(D3$50! D(.50! (6! I.$VG! 0#$! 0$?#5(%(9.?*%! V(,%4! ./! 0#$! 5$V! /D*?$!

V#$,$! 0#$! .4$50.0.$/! (6! &(159! D$(D%$! *,$! 2$.59! ?(5/0,1?0$4! >n1*4*,*! ABCB@S! )$.//! >ABCB@!

2$%.$I$/!/$R0.59!?#*%%$59$/!/(?.$0&U/!154$,/0*54.59!(6!5(,3*%!*4(%$/?$50!2$#*I.(1,G!#(V$I$,G!

*5(0#$,! I.$V! ./! 0#*0! /$R0.59! ./! *! 4((,V*&! 0(! /$R1*%! *?0.I.0&! >:*00$&!8.%.2$,0(! ABBi@S! =#*%6$5!

>ABBi@! /199$/0/! 0#*0! 3(/0! D12%.?! ?(5?$,5! *2(10! /$R0.59! ./! 2*/$4! (5! V#*0! *41%0/! 2$%.$I$! ./!

.5*DD,(D,.*0$!2$#*I.(1,! 6(,! &(159!D$(D%$S!<$!4./?1//$/! 0#$!5(0.(5! 0#*0! /$R0.59!5$$4/! 0(!2$!

154$,/0((4!V.0#.5! 0#$! ?(50$R0! (6! 6(1,! 4.66$,$50! /12?1%01,$/!V#.?#! *66$?0! &(159! D$(D%$b! 0#$!

T3$4.*!?1%01,$U!(6!.5?,$*/$4!D,.I*0$!*54!D12%.?!1/$!(6!?*3$,*/G!V#$,$!D12%.?!.3*9$,&!./!3(,$!

/$R1*%G! *54! &(159!D$(D%$! *,$!3$4.*W3*+$,/! */!V$%%! */! ?(5/13$,/^! 0#$! T0$?#5(! ?1%01,$U! (6! *!

V(,%4! 4,.I$5! 2&! 0$?#5(%(9&G! V#$,$! &(159! D$(D%$! *,$! %*2$%$4! T4.9.0*%! 5*0.I$/U^! 0#$! TI./1*%!

?1%01,$U!.5!V#.?#!&(159!D$(D%$!D%*?$!I*%1$!(5!D$,/(5*%!*DD$*,*5?$!*54!T#(V!D$(D%$!%((+U^!*54!

6.5*%%&! 0#$! T*4(%$/?$50! ?1%01,$U! .56%1$5?$4! 2&G! *3(59! (0#$,! 0#.59/G! #(,3(5$! ?#*59$/G! /$R1*%!

*V*+$5.59G!.4$50.6&!/$$+.59!*54!?(5/0,1?0.(5S!

:1?#!9,$&!%.0$,*01,$!#.9#%.9#0/!0#*0!&(159!D$(D%$!4(!5(0!154$,/0*54!(,!,$?(95.r$!0#$!/$,.(1/!

?(5/$71$5?$/! (6! 0#$.,! *?0.(5/! >a*,,&! ABCB@G! */! 0#$! D,$6,(50*%! ?(,0$R! ./! 0#$! D*,0! (6! 0#$! 2,*.5!

,$/D(5/.2%$! 6(,! ,$*/(5.59! *54! 4$?./.(5! 3*+.59G! *54! ./! 5(0! 61%%&! 4$I$%(D$4! 150.%! 0#$! 3.4!

0V$50.$/! >P/0,*9$,!ABCB^! '(#5/(5G!a%13!p!E.$44!ABBi@S!-#./!$RD%*.5/!V#&! 0#$! .3D1%/.I$!*54!

$3(0.(5*%!,$/D(5/$!(6!*4(%$/?$5?$!0(!,./+W0*+.59!./!5(0!*%V*&/!*2(10!*!4$6.?.0!.5!+5(V%$49$G!*/!

3*5&!&(159!D$(D%$!D*,0.?.D*0$!.5!#.9#W,./+!2$#*I.(1,/!$I$5!0#(19#!0#$&!+5(V!0#$&!/#(1%4!5(0!

>:1/?*,.!ABBi^!N4*3/!ABBi@S!F(,!$R*3D%$!0#$!N;W:-h!/014&!>ABCC@!/#(V$4!eCs!(6!CdWAd!&$*,!

(%4/! ?(5/.4$,! /$R0.59! *! /$,.(1/! D,(2%$3! 6(,! D$(D%$! 0#$.,! *9$G! $I$5! 0#(19#! (5$! .5! 0#,$$!

,$D(,0$4!#*I.59!$59*9$4!.5!0#$!D,*?0.?$S!!

!">"E% D%B:2'1F-'38.9)-'/%089+81'%

"(3$!*10#(,/!/#*,$!*!I.$V!0#*0!.0!./!0#$!.56%1$5?$!(6!*!#.9#%&!/$R1*%./$4!?1%01,$!0#*0!./!*0!%$*/0!

D*,0%&!,$/D(5/.2%$!6(,!/$R0.59S!-#$!/$R1*%./*0.(5!(6!9.,%/!./!5(V!?(5/.4$,$4!*!D12%.?!#$*%0#!.//1$!

>Q$I&!ABBc^!8.5$/!ABCB^!)*%0$,!ABCB@!*54!#*/!?,$*0$4!31?#!4$2*0$!.5!0#$!D12%.?!*,$5*G!V.0#!*!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Ci!!

6(?1/! (5! 0#$! /(?.*%! *54! D/&?#(%(9.?*%! ?(/0/! (6! 9.,%/! 9,(V.59! 1D! .5! *! T/$R! /*01,*0$4! ?1%01,$U!

>-*5+*,4!_$./0!ABBiG!DY@S!)#.%$!0#$!(DD(,015.0.$/!*I*.%*2%$!0(!V(3$5!#*I$!$RD*54$4G!&(159!

V(3$5!*,$!T154$,!D,$//1,$!0(!?(56(,3!0(!D*,0.?1%*,!I$,/.(5/!(6!/(W?*%%$4!$3D(V$,$4!6$3*%$!

/$R1*%.0&U!>;(V$%%!ABCBG!DS!CX@S!"(3$!*10#(,/!*,91$!3*,+$0.59!*54!*4I$,0./.59!,$.56(,?$!0#./!2&!

4$%.2$,*0$%&! ,$D,$/$50.59! 9.,%/! *54! &(159! V(3$5! */! /$R1*%! (2f$?0/! 6(,! 3*%$! ?(5/13D0.(5!

>_1/#!p! Q*! M*1r$! ABBc^! ;(V$%%! ABCB@S! !:1/?*,.! >ABBi@! *,91$/! 0#*0! */! /(60! D(,5! ./! 5(V! 0#$!

5(,3G!.0!./!5(!V(54$,!&(159!D$(D%$!*,$!/$R0.59G!9.I$5!0$$5/!#*I$!*!#./0(,&!(6!6.54.59!V#*0$I$,!

0$?#5(%(9&! ./!*I*.%*2%$! 0(!$RD,$//!*54!/#*,$! 0#$.,! /$R1*%!2$#*I.(,!V.0#!(0#$,/S!N5!N1/0,*%.*5!

(5W%.5$!/1,I$&!.5I(%I.59!dBB!?#.%4,$5!*54!&(159!D$(D%$!*9$4!iWCc!&$*,/G!2&!0#$!N_=!=$50,$!(6!

JR?$%%$5?$! 6(,! =,$*0.I$! L541/0,.$/! *54! L55(I*0.(5! >E,$$5G! a,*4&G! w%*6//(5G! <*,0%$&! p! Q132&!

ABCC@G! ,$D(,0$4!A\s!(6!D*,0.?.D*50/!#*4! /$$5! /$R1*%%&!$RD%.?.0!3*0$,.*%!(5! 0#$! L50$,5$0G!V.0#!

Ces! #*I.59! /$$5! 9$5.0*%/G! *54! Ccs! #*I.59! /$$5! .3*9$/! (6! /$R1*%! *?0/! 2(0#! 2&! ?#(.?$! *54!

.5*4I$,0$50%&S!

ASe! "H_hJO"!NM8!"-H8LJ"!PM!;_JhNQJM=J!PF!"JK-LME!:(,$! 0#*5!x!(6! 0#$! /014.$/! *54! ?(5/13$,! /1,I$&/! /(1,?$4! *2(10! /$R0.59! *54! &(159!D$(D%$!

V$,$!71*50.0*0.I$G!#(V$I$,!0#$.,!,$%.*2.%.0&!.5!4$0$,3.5.59!0,1$!D,$I*%$5?$!(6!0#$!D#$5(3$5(5!

./! 15?$,0*.5S! "0.%%G! 3*5&! (6! 0#$! ,$/1%0/! (6! 0#$/$! /014.$/! *54! /1,I$&/! #*I$! ?(50.51$4! 0(! 2$!

D12%.?./$4! .5!3$4.*!,$D(,0/G!$RD$,0!(D.5.(5!*54!9(I$,53$50!,$D(,0/!V(,%4V.4$^! 0#$!3*f(,.0&!

V$,$!154$,0*+$5! .5!M(,0#!N3$,.?*G!(5%&! 6.I$!V$,$!N1/0,*%.*5G!*54!(5$!V*/!?(541?0$4! .5!0#$!

H5.0$4!`.594(3S!!

N/!D,$I.(1/%&!3$50.(5$4G! 0V(! /1,I$&/!V$,$! %$4!2&!&(159!V(3$5m/!3*9*r.5$/G!(5$!(6!V#.?#!

V*/! 0#$! 6.,/0! 0(! 9*0#$,! D,$I*%$5?$! 4*0*! *2(10! /$R0.59! V(,%4V.4$! >N1/0,*%.*5! E.,%6,.$54!

:*9*r.5$!ABBe@^!0#./!D(%%!,$D(,0$4!dBs!(6!9.,%/!#*4!2$$5!.5I(%I$4!.5!/$R0.59!>a*00$,/2&!ABB\@S!

N/! D,$I.(1/%&!3$50.(5$4G! 156(,015*0$%&! 0#$! (,.9.5*%! ,$D(,0! (6! 0#./! /1,I$&! V*/! 15*2%$! 0(! 2$!

/(1,?$4G! 4$/D.0$! ?(50*?0.59! 0#$! $4.0(,/! (6! 0#$! 3*9*r.5$S! a$?*1/$! 5(! 4$3(9,*D#.?!

?#*,*?0$,./0.?/!(0#$,! 0#*5!*9$!V$,$! ,$D(,0$4G! .0! ./!4.66.?1%0! 0(!4$0$,3.5$! .6! ,$/D(54$50/!V$,$!

,$D,$/$50*0.I$!(6! 0#$!D(D1%*0.(5!(,!5(0G!#(V$I$,! .0! ./!15%.+$%&S! L5!?(50,*/0G! 0#$!4(A!*)%!J('+!

/014&G! %$4! 2&! 0#$! H"! &(159! V(3$5U/! 3*9*r.5$! =(/3(S9.,%! >ABB\@G! ,$D(,0$4! Cis! (6! 0#(/$!

/1,I$&$4!#*4!2$$5! .5I(%I$4! .5!/$R0.59G!*54!V*/!*%/(!15%.+$%&! 0(!#*I$!2$$5!,$D,$/$50*0.I$!(6!

0#$!&(10#!D(D1%*0.(5!.5!9$5$,*%S!F1,0#$,3(,$!0#$!4$6.5.0.(5!(6!/$R0.59!1/$4!.5!0#./!/014&!V*/!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

AB!!

T514$!(,!/$3.W514$UG!V#.?#!3*&!#*I$!.5?%14$4!.3*9$/!0#*0!*,$!5(0!5$?$//*,.%&!/$R1*%%&!$RD%.?.0S!

a(0#!/014.$/!#*I$!2$$5!?.0$4!V.4$%&!.5!9,$&!%.0$,*01,$!*54!f(1,5*%!*,0.?%$/S!

-#$! N//(?.*0.(5! (6! L54$D$54$50! "?#((%/! (6! h.?0(,.*! >NL"h@! L1S(#L1&.0&#(! 4&#-(1! >ABB\@G!

.5I(%I.59! dGeeB! /014$50/! *9$4! CdWC\! &$*,/G! *54! 0#$!U,%5!D(.2! N,)(! "$..! >ABBi@! 2(0#! .5?%14$4!

71$/0.(5/! *2(10! /$R0.59S! Xis! (6! 0#(/$! V#(! D*,0.?.D*0$4! .5! 0#$! `<Q! (5%.5$! /1,I$&! ,$D(,0$4!

#*I.59!$59*9$4!.5!T/$R0.59U^!3*&2$!5(0!*!/1,D,./.59!6.91,$!9.I$5!0#*0!*%%!Yd\!D*,0.?.D*50/!V$,$!

/$%6W.4$50.6&.59!?&2$,21%%&!I.?0.3/G!*54!3(,$!0#*5!0#,$$!71*,0$,/!V$,$!6$3*%$S!-#$!NL"h!"1,I$&!

(5!0#$!(0#$,!#*54G!,$D(,0$4!(5%&!eSXs!(6!&(159!D$(D%$!#*4!/$50!*!514$!D.?01,$G!V.0#!6.91,$/!

#.9#$/0!*3(59/0!&(159!V(3$5S!Q.3.0$4!$I.4$5?$!./!*I*.%*2%$!2$&(54!0#$/$!,$/1%0/G!V.0#!%.00%$!

.56(,3*0.(5!.54.?*0.59!V#$0#$,!.3*9$/!V$,$!/$%6WD,(41?$4!(,!5(0G!*54!V#(!0#$&!V$,$!/$50!0(!

*54!V#&S!M$.0#$,!/1,I$&!V*/!,$D,$/$50*0.I$!(6!0#$!N1/0,*%.*5!&(10#!D(D1%*0.(5S!

-#$! D,$I.(1/%&! 3$50.(5$4! N1/0,*%.*5! /014&! 2&! 0#$! N_=! =$50,$! 6(,! JR?$%%$5?$! 6(,! =,$*0.I$!

L541/0,.$/!*54!L55(I*0.(5!>E,$$5G!a,*4&G!w%*6//(5G!<*,0%$&!p!Q132&!ABCC@!?(541?0$4!*!/1,I$&!V.0#!*!,*54(3!/*3D%$!(6!dBBG!i!0(!Cc!&$*,!(%4/!*54!0#$.,!D*,$50/!*2(10!(DD(,015.0.$/!*54!,./+/!

*//(?.*0$4! V.0#! L50$,5$0! 1/$S! is! (6! D*,0.?.D*50/! #*4! 2$$5! /$50! T/$R0/U! I.*! 0#$! L50$,5$0G! ds!

,$D(,0$4!#*I.59!/$50!T/$R0/U!(5%.5$!0#$3/$%I$/G!*54!Xs!#*4!2$$5!*/+$4!6(,!*!D#(0(!(,!I.4$(!(6!

0#$.,!TD,.I*0$!D*,0/US!-#./!/014&!V*/!5(0!D(D1%*0.(5!,$D,$/$50*0.I$S!

P5%&! 6.I$! D,$I*%$5?$! /014.$/! V$,$! ,$D(,0$4%&! ,$D,$/$50*0.I$! (6! 0#$! &(10#! D(D1%*0.(5! .5! 0#$!

*,$*!0#$&!V$,$!?(541?0$4^!*%%!V$,$!6,(3!0#$!H"S!-#$!6.,/0!(6!0#$/$G!0#$!D,$I.(1/%&!3$50.(5$4!

J(()!K).,)(!V!E,#(.(55!4*F(01!4&#-(1!>=(R!=(3315.?*0.(5/!p!-#$!M*0.(5*%!=$50,$!6(,!:.//.59!

*54! JRD%(.0$4! =#.%4,$5! ABBi@G! V*/! 154$,0*+$5! %$//! 0#*5! (5$! &$*,! *60$,! 0#$! 4(A! *)%! J('+!

/1,I$&G! *54! *%/(! ,$?$.I$4! *! 9,$*0! 4$*%! (6! D12%.?.0&S! -#./! /014&! V*/! V$.9#0$4! 0(! 2$!

,$D,$/$50*0.I$!(6!0#$!H"!D(D1%*0.(5!(6!0$$5/!*9$4!CXWC\!&$*,/S!TP5$!.5!6.I$!0$$5/!#*/!$59*9$4!

.5!/$R0.59UG! ./! 0#$!3(/0!?(33(5%&!?.0$4!,$D(,0!(6! 0#./!/014&! >Q(15/21,&G!:.0?#$%%!p!F.5+$%#(,!

ABCC@S!-#./!/0*0./0.?!#(V$I$,G!,$6%$?0$4!(5%&!0#(/$!V#(!,$?$.I$4!0#$!.3*9$/!>Cis@^!is!*?01*%%&!

D,(41?$4! *54! /$50! 0#$! 3$//*9$/! 0#$3/$%I$/! *54! (5%&! Xs! 6(,V*,4$4! 0#$! 3$//*9$/S!

F1,0#$,3(,$!0#$!/*3D%$!6(,!0#./!/014&!V*/!4,*V5!6,(3!*5!(5%.5$!D*5$%G!V#.?#!$RD$,0/! .5!0#$!

H"! #*I$! *4I./$4! *9*.5/0! 1/.59! 6(,! 5*0.(5*%! D,$I*%$5?$! $/0.3*0$/! >N3$,.?*5! N//(?.*0.(5! (6!

;12%.?!PD.5.(5!_$/$*,?#!ABCB@S!!

-#$! D,$I.(1/%&! 3$50.(5$4! W99X! I,B,0*.! 6S&5(! 40&%1! >N;W:-h! ABBi@! ,$D(,0$4! 0#,$$! .5! 0$5!

&(159!D$(D%$!*9$4!CdWAd!#*4!2$$5!.5I(%I$4!.5!/(3$!6(,3!(6!T5*+$4!/$R0.59UG!*54!*,(154!(5$!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

AC!!

.5!0$5!/#*,$4!*!5*+$4!D#(0(!(,!I.4$(!(6!0#$3/$%I$/!V.0#!/(3$(5$^!6$3*%$/!V$,$!3(,$!%.+$%&!

0(! 4(! 0#./! >CXs! I/S!3*%$/! is@S!P5! 0#$! (0#$,! #*54G! 0#$!N;W:-h! ABCC! /014&! ,$D(,0$4! (5$! .5!

0#,$$! &(159! D$(D%$! #*4! $59*9$4! .5! /(3$! 6,(3! (6! /$R0.59G! V.0#! &(159! 3$5! 3(,$! %.+$%&! 0(!

,$?$.I$!0#*5!/$54!514$!D#(0(/S!F.60$$5!D$,?$50!,$D(,0$4!#*I.59!/$50!5*+$4!D#(0(/!(,!I.4$(/!

(6! 0#$3/$%I$/G! V.0#! ACs! #*I.59! ,$?$.I$4! .3*9$/! (6! (0#$,/S! F.5*%%&! *3(59! 0#(/$! V#(! #*4!

/$R0$4G!CBs!,$D(,0$4!#*I.59!4(5$!/(!V.0#!D$(D%$! 0#$&!(5%&!+5$V!(5%.5$G!3*,+.59!*!/.r$*2%$!

4$?,$*/$!6,(3!Ais!.5!ABBi!>N;W:-h!ABCC@S!N44.0.(5*%%&!*2(10!#*%6!(6!0#(/$!V#(!/$50!*!514$!

D#(0(! ,$D(,0$4! 6$$%.59! D,$//1,$4! 0(! 4(! /(S! N%0#(19#! 0#$! 3$0#(4! (6! ,$?,1.03$50! 6(,! 0#$/$!

/014.$/!V*/! ?(5/.4$,$4! 0(! 2$!H"! D(D1%*0.(5! ,$D,$/$50*0.I$G! 0#$! /*3D%$!V*/! 4,*V5! 6,(3! *5!

(5%.5$! D*5$%! *54! 6.54.59/!V$,$! 5(0! 2,(+$5! 4(V5! 2&! *9$G! /(! .0! ./! .3D(//.2%$! 0(! 4$0$,3.5$! .6!

6.91,$/!V$,$!*DD%.?*2%$!0(!&(159!*41%0/!.5!0#$!/014&!*9$4!C\WAd!&$*,/G!(,!0#(/$!.5!0#$.,!0$$5/S!!

-#$!D,$I.(1/%&!3$50.(5$4!J(()5!*)%!4(A0,)B!/014&!>Q$5#*,0!ABBi@!,$D(,0$4!(5%&!ds!(6!CAWCe!

&$*,!(%4/!(V5.59!3(2.%$!D#(5$/!#*4!/$50!T/$R1*%%&!/199$/0.I$!514$!(,!5$*,%&!514$!.3*9$/U!(6!

0#$3/$%I$/! 0(! /(3$(5$!$%/$!I.*! 0$R0!3$//*9$G!*54!CYs!(6!&(159!D$(D%$!#*4! ,$?$.I$4! 0#$/$!

.3*9$/! 6,(3!/(3$(5$! 0#$&!+5$VS!)#.%/0! 0#./! /014&!*%/(! .5I(%I$4!*!5*0.(5*%%&! ,$D,$/$50*0.I$!

/*3D%$G!(5%&! 0#(/$!V#(!(V5$4!*!3(2.%$!D#(5$!V$,$!$%.9.2%$!0(!D*,0.?.D*0$G!V#.?#!3*&!#*I$!

$R?%14$4!/(3$!9,(1D/!(6!&(159!D$(D%$S!!

-#$! 6.,/0! D$$,W,$I.$V$4! D*D$,! >F$,91/(5! ABCB@! (6! *5! $3D.,.?*%! /014&! V*/! ?.0$4! .5! *! H"!

D/&?#.*0,&!3$4.?*%! f(1,5*%S! -#$! /014&! .5I(%I$4! *! ?(5I$5.$5?$! /*3D%$! (6! ABe! D,$4(3.5*50%&!

<./D*5.?! &(159! D$(D%$! *9$4! CcWAY! *54! 9*0#$,$4! 4*0*! *2(10! .5?.4$5?$! (6! /$R0.59! *54!

*//(?.*0$4!#.9#W,./+!/$R1*%!2$#*I.(1,/S!ABSYs!(6!D*,0.?.D*50/!,$D(,0$4!/$54.59!(,!$59*9.59! .5!

/$R0.59G! V#.?#! V*/! 4$6.5$4! */! #*I.59! /$50! (,! ,$?$.I$4! T$,(0.?! (,! 514$! D#(0(9,*D#/! >(6!

0#$3/$%I$/@! 0(!(,! 6,(3!*5(0#$,!D$,/(5US! -#$! /014&! ,$D(,0$4! 0#*0! /$R0.59!V*/!5(0! ,$%*0$4! 0(!

(0#$,! #.9#W,./+! /$R1*%! 2$#*I.(1,/! V.0#! 0#$! $R?$D0.(5! (6! #*I.59! /$R! V.0#(10! 0#$! 1/$! (6!

?(50,*?$D0.(5S!!

-#$! D,$I.(1/%&! #.9#%.9#0$4! J+,#%! 3$&0+! M)0(#)(0! 4*F(01! 40&%1! >:.0?#$%%! $0! *%! ABCA@! ,$?,1.0$4!

D*,0.?.D*50/! 6,(3!*!5*0.(5*%! /*3D%$!(6!#(1/$#(%4/!V.0#! 0$%$D#(5$/G! 2&! ,*54(3!4.9.0! 4.*%.59S!

iScs!ZCdi]!(6!&(159!D$(D%$!.5!0#$!/014&!,$D(,0$4!.5I(%I$3$50!.5!/$R0.59!>ASYs!*DD$*,$4!.5!(,!

?,$*0$4!514$!(,!5$*,%&W514$!.3*9$/G!*54!eSCs!,$?$.I$4!.3*9$/@S!P6!0#(/$!V#(!*DD$*,$4!.5!(,!

?,$*0$4! .3*9$/G! cCs! V$,$! 6$3*%$G! *54! 6(,! 0#(/$! V#(! ,$?$.I$4! .3*9$/G! Ycs! V$,$! 6$3*%$S!

H5%.+$! (0#$,! /014.$/! *2(10! /$R0.59G! D*,0.?.D*50/! V$,$! */+$4! V#$0#$,! 514$! (,! 5$*,%&! 514$!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

AA!!

.3*9$/!0#$&!#*4!*DD$*,$4!.5G!?,$*0$4!(,!,$?$.I$4!#*4!T/#(V$4!2,$*/0/G!9$5.0*%/G!(,!/(3$(5$U/!

2(00(3US! '1/0!(I$,!#*%6! >Yds@!,$D(,0$4!0#*0!D.?01,$/!#*4!3$0! 0#$/$!?,.0$,.*S! L3*9$/!(6!&(159!

D$(D%$!V$*,.59!154$,V$*,!(,!2*0#$,/G!.5!/$R&!D(/$/!V.0#!?%(0#$/!(5G!*54!D.?01,$/!6(?1/$4!(5!

?%(0#$4!9$5.0*%/!3*4$!1D!0#$!(0#$,!dcsS!-#$!*10#(,/!(6!0#./!/014&!V$,$!D*,0.?1%*,%&!?(5?$,5$4!

*2(10! 0#$! D$,?$50*9$! (6! &(159! D$(D%$!V#(! *DD$*,$4! .5! (,! ?,$*0$4! /$R1*%%&! $RD%.?.0! .3*9$/!

0#*0!D(0$50.*%%&!I.(%*0$!?#.%4!D(,5(9,*D#&!%*V/G!,$D(,0.59!0#$!6.91,$!3*&!#*I$!2$$5!*/!%(V!*/!

CsS! _$D(,0/! (6! 6(,V*,4.59! (,! D(/0.59! .3*9$/! 2&! D*,0.?.D*50/! V$,$! %(VG! *54! D#(0(/! V$,$!

,$D(,0$4%&! 4./0,.210$4! .5! (5%&! CBs! (6! .5?.4$50/! V#$5! &(159! D$(D%$! *DD$*,$4! .5! (,! ?,$*0$4!

.3*9$/!*54!.5!(5%&!Xs!V#$5!&(159!D$(D%$!,$?$.I$4!.3*9$/S!-#$!*10#(,/!/0*0$4G!!

L5!0#$!6*?$!(6!/(3$!V.4$%&!?.0$4G!210!6%*V$4!/014.$/!?%*.3.59!0(!/#(V!*/!3*5&!*/!C!.5!Y!

&(10#! T.5I(%I$4! .5! /$R0.59U! 0#$/$! ,$/1%0/! *,$! 0(! /(3$! $R0$50! ,$*//1,.59S! P5%&! *! %(V!

D$,?$50*9$!(6!&(159!D$(D%$!*,$!*DD$*,.59!.5!(,!?,$*0.59!/$R0.59!.3*9$/!0#*0!?(1%4!2$!

?(5/.4$,$4!?#.%4!D(,5(9,*D#&S!>:.0?#$%%!ABCAG!DS!c@!!

:.0?#$%%!$0!*%! >ABCA@!#.9#%.9#0!#(V!,*0$/!(6!/$R0.59!3*&!I*,&!?(5/.4$,*2%&!4$D$54.59!(5!#(V!

&(159!D$(D%$!4$6.5$!0#$!2$#*I.(1,S!F(,!$R*3D%$G!0#$!D#,*/$!T514$!(,!5$*,%&!514$U!3.9#0!6(,!

/(3$! &(159! D$(D%$! .5?%14$! 0#$! +.54/! (6! .3*9$/! 0#*0! *,$! /$$5! (5! 0#$! 2$*?#! >:.0?#$%%! $0! *%!

ABCA@S!F1,0#$,3(,$G!9.I$5!*%%!/(1,?$4!D,$I*%$5?$!/014.$/!*54!/1,I$&/!1/$4!4.66$,$50!0$,3/!0(!

4$/?,.2$!0#$!2$#*I.(1,!(6!/$R0.59G!4$0$,3.5.59!0,1$!D,$I*%$5?$!(6!0#$!D#$5(3$5(5!./!4.66.?1%0S!

-#./! 3*&! $RD%*.5! 0#$! ?(50,*4.?0.(5/! .5! D,$I*%$5?$! ,*0$/! 4./?1//$4G! V.0#! ,$D(,0$4! ,*0$/! (6!

/$R0.59!,*59.59!6,(3!*5&0#.59!2$0V$$5!d!*54!dBsS!!

-#$!D,$I.(1/%&!3$50.(5$4G!J+,#%!3$&0+!M)0(#)(0!4*F(01!40&%1!*54!0#$!J(()5!*)%!4(A0,)B!/014&!

,$D(,0$4!/(3$!(6!0#$!%(V$/0!,*0$/!(6!/$R0.59!*3(59/0!&(159!D$(D%$S!a(0#!/014.$/!*%/(!/(19#0!

?(5/$50! (6! *! D*,$50! (,! 91*,4.*5! I.*! *! 0$%$D#(5$! .50$,I.$V! D,.(,! 0(! 0#$! &(159! D$,/(5! 2$.59!

.50$,I.$V$4S!)#.%$!2(0#!0#$/$!/014.$/!V$,$!%*,9$!*54!&(10#!D(D1%*0.(5!,$D,$/$50*0.I$G!.0!./!3&!

I.$V! 0#*0! 0#$! ,$71.,$3$50/! 6(,! D*,$50o91*,4.*5! ?(5/$50!3*&! #*I$! 2$$5! *! 2*,,.$,! 0(! &(159!

D$(D%$U/!D*,0.?.D*0.(5S!N%0#(19#!.0! ./!5(0!*DD*,$50!V#$0#$,!*!D*,$50!(,!91*,4.*5!V*/!.5!?%(/$!

,*59$! V#.%$! 0$%$D#(5$! .50$,I.$V/! 0((+! D%*?$G! 9.I$5! 3*5&! &(159! D$(D%$! 4(! 5(0! 6$$%!

?(36(,0*2%$! 0*%+.59! V.0#! D*,$50/! *2(10! /$R1*%! .//1$/! >)*%/#! ABBi^! "3.0#G! N9.1/G! :.0?#$%%G!

a*,,$00!p!;.00/!ABBi@G!0#./!6*?0!3*&!#*I$!*66$?0$4!&(159!D$(D%$U/!?*D*?.0&!0(!0*%+!(D$5%&!V.0#!

0#$! .50$,I.$V$,S! F1,0#$,3(,$G! .0! ./!D(//.2%$! 0#*0! /$R0.59!V*/!154$,W,$D(,0$4! .5! 0#$/$! /014.$/!

2$?*1/$!D*,0.?.D*50/!V$,$!15V.%%.59! 0(! 4./?%(/$! .5I(%I$3$50! .5! 0#$!2$#*I.(1,! 41$! 0(! 6$*,! (6!

/(?.*%!4./*DD,(I*%!(,!%$9*%!D,(/$?10.(5!>N4*3/!ABBi^!E*&%(,4!F(,2$/!ABCC@S!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

AX!!

=(541?0$4! .5!ABCCG! 0#$!6#(!1$&!4*F(Y!4&#-(1!V*/!4$I$%(D$4!*54!*43.5./0$,$4!0(!9*0#$,!0#$!

(D.5.(5/!*54!$RD$,.$5?$/!(6!&(159!D$(D%$!.5!N1/0,*%.*!(5!0#$!0(D.?/!(6!?&2$,W/*6$0&!*54!?&2$,W

21%%&.59! 6(,! 0#$! '(.50! "$%$?0! =(33.00$$! (5! =&2$,W"*6$0&S! N%0#(19#! 0#$! /1,I$&! .5I(%I$4! 0#$!

2.99$/0!/*3D%$!(6!&(159!D$(D%$!>5[XXGeYC@!6(,!*!D,$I*%$5?$!/014&!*2(10!/$R0.59G!.0!V*/!*!/$%6W

/$%$?0.59!/*3D%$G!(5%&! .5?%14$4!0V(!71$/0.(5/!*2(10!/$R0.59G!*54!D*,0.?.D*50/!,*59$4!6,(3!YW

C\! &$*,/S! AAS\s! (6! 6$3*%$/! *9$4! C\! &$*,/! ,$D(,0$4! 0#$&! TV(1%4! /$54! 514$! (,! /$3.W514$!

D#(0(/UG!*54!CeSXs!(6!C\W&$*,W(%4!3*%$/!,$D(,0$4!0#$&!T4(!/$54!514$!(,!/$3.W514$!D#(0(/!0(!

(0#$,/US!P5!?*,$61%!$R*3.5*0.(5!(6!0#$!,$/1%0/!#(V$I$,G!.0!V*/!,$I$*%$4!0#*0!C\Ses!(6!6$3*%$!YW

&$*,W(%4/! *54! AXSAs! (6! 3*%$/! .5! 0#./! /*3$! *9$! 9,(1D! ,$D(,0$4! /$54.59! 514$! (,! /$3.W514$!

D.?01,$/G!V.0#!/.3.%*,!6.91,$/!6(,!cW&$*,W(%4/G!?*/0.59!4(120!(5!0#$!,$%.*2.%.0&!(6!0#$!6.54.59/S!!

4+*#,)B!"(#5$)*.!M;*B(5!*)%!R,%($5!6;$)B!3$&)B!"($2.(!>;#.DD$5!ABBi@G!V*/!0#$!(5%&!/014&!

/(1,?$4! 6,(3! 0#$! H`S! ;,$%.3.5*,&! ,$/1%0/! V$,$! *55(15?$4! .5! ABBiG! *54! /#(V$4! dBs! (6!

/014$50/! +5$V! 6,.$54/!V#(!#*4!2$$5! .5I(%I$4! .5! /$R0.59S!Aes!(6! ,$/D(54$50/! ,$D(,0$4! 0#$&!

6$%0!/$R0.59!#*DD$5$4!,$91%*,%&!(,!*%%!0#$!0.3$S!_$%.*2.%.0&!(6!0#$!4*0*!./!71$/0.(5*2%$G!9.I$5!0#*0!

/014$50/!V$,$!(5%&!*/+$4!*2(10! 0#$.,!D$,?$D0.(5!(6!(0#$,/U!2$#*I.(1,S!)#.%/0! 0#./!3*&!#*I$!

2$$5!*! /*6$,!*DD,(*?#! 0#*5!*/+.59!*2(10!&(159!D$(D%$U/!(V5!D$,/(5*%!$RD$,.$5?$G! .0!3$*50!

0#*0!*3(59/0!/014$50/!*0!0#$!/*3$!/?#((%G!D*,0.?.D*50/!3.9#0!#*I$!1/$4!0#$!/*3$!/3*%%!9,(1D!

(6! /014$50/!*/!*! ,$6$,$5?$!D(.50S!N44.0.(5*%%&G! 0#$! 0$,3! T/$R0.59U!V*/!(5%&! %((/$%&!4$6.5$4!*/!

T0#$!/#*,.59!(6!$RD%.?.0!.3*9$/!$%$?0,(5.?*%%&UG!V.0#!5(!?(5/$5/1/!*3(59/0!/014$50/!*2(10!V#*0!

T$RD%.?.0U!(,!T/#*,.59U!3$*50S!!

AS\! QL-J_N-H_J!PM!QJENQ!L""HJ"!NM8!"JK-LME!P5$!(6! 0#$!3*f(,! ?(5?$,5/! ,$9*,4.59! /$R0.59!*54!&(159!D$(D%$!#*/!2$$5! 0#*0! &(159!D$(D%$!

6*?$! 0#$! ,./+! (6! 2$.59! ?,.3.5*%%&! ?#*,9$4! 6(,! 0#$! D,(41?0.(5! *54! 4./0,.210.(5! (6! ?#.%4!

D(,5(9,*D#&!V#$5!*!/$R0$4!.3*9$!./!(6!*!3.5(,!>;,.5?$!p!'(,4*5!ABBd^!`,*1/$!!p!_1//$%%!ABB\^!

)$.//!p!"*3$5(V!ABCB^!=*,0&!ABCC^!J,*+$,!ABCB@S!

L0! ./!4.66.?1%0! 0(! 6.54!*??1,*0$!5132$,/!(6!&(159!D$(D%$!V#(!#*I$!2$$5!?,.3.5*%%&!?#*,9$4! .5!

N1/0,*%.*!.5!,$%*0.(5!0(!/$R0.59!$D./(4$/S!8*3.$5!J*4$/!6,(3!"&45$&!>V#(!V*/!C\!*0!0#$!0.3$@!

,$?$.I$4!31?#!3$4.*!*00$50.(5!6(,!2$.59!.5I(%I$4!.5!0#$!6.,/0!/$R0.59!?*/$!.5!N1/0,*%.*!.5!ABB\G!

*60$,! *! CXW&$*,W(%4! /?#((%W9.,%! /$50! *! 514$! D#(0(! (6! #$,/$%6! 0(! #./!3(2.%$! D#(5$S! J*4$/!V*/!

?#*,9$4!V.0#!.5?.0.59!*!D$,/(5!154$,!Cc!&$*,/!(%4!0(!?(33.0!*5!*?0!(6!.54$?$5?&!0(V*,4/!#.3G!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Ad!!

*54! (5$! ?(150! (6!D(//$//.59! ?#.%4! D(,5(9,*D#&! >;*?$! Q$9*%! ABCB@S! L5! P?0(2$,! ABCCG! (5%.5$!

3$4.*! >-.5! ABCC@! ,$D(,0$4! 0#*0! .5! 0#$! D*/0! 0#,$$! &$*,/G! 3(,$! 0#*5! dYB! ?#.%4! D(,5(9,*D#&!

?#*,9$/! #*4!2$$5! %*.4! *9*.5/0! &(159!D$(D%$! 2$0V$$5! 0#$! *9$/!(6! CB! *54!Ce! .5!n1$$5/%*54G!

.5?%14.59!CCX!?#*,9$/!(6!3*+.59!?#.%4!$RD%(.0*0.(5!3*0$,.*%S!_$D(,0/!/0*0$4!0#*0!3(,$!0#*5!CcB!

?#*,9$/! V$,$! %*.4! .5! ABCB! *%(5$G! &$0G! 0#$,$! ./! 5(! D12%.?! $I.4$5?$! 0#*0! *5&! (6! 0#$/$! ?*/$/!

.5I(%I$4!0#$!D,(41?0.(5!(,!4./0,.210.(5!(6!/$R1*%%&!$RD%.?.0!.3*9$/!2&!&(159!D$(D%$!0#$3/$%I$/G!

$I$5!0#(19#!0#./!,$D(,0!,$6$,/!0(!0#$/$!?*/$/!*/!/$R0.59S!!

-#$,$!#*I$!2$$5!6$V$,!,$D(,0$4!?,.3.5*%!?*/$/!*9*.5/0!*!&(159!D$,/(5!.5!N1/0,*%.*!0#*5!.5!0#$!

H"!.5!,$%*0.(5!0(!/$R0.59!>;*?$!Q$9*%!ABCB@^!*!,$D(,0!2&!)(%*+!*54!F.5+$%#(,!>ABCC@!D,$/$50/!*!

0&D(%(9&!(6!/$R0.59!$D./(4$/!.5I(%I.59!&(159!D$(D%$!2*/$4!(5!*!,$I.$V!(6!3(,$!0#*5!YYB!?*/$/!

6,(3! %*V! $56(,?$3$50! *9$5?.$/! .5! 0#$! H"S! -#$! ?*/$/! *%%! .5I(%I$4! T&(10#! D,(41?$4! /$R1*%!

.3*9$/UG! 4$6.5$4! */! .3*9$/! (6! 3.5(,/! ?,$*0$4! 2&! 3.5(,/G! 0#*0! ?(1%4! 71*%.6&! */! ?#.%4!

D(,5(9,*D#&!154$,!*DD%.?*2%$!?,.3.5*%!/0*01,$/S!!

"(!6*,G!31?#!(6!0#$!4$2*0$!*2(10!/$R0.59!*54!0#$!%*V!*,$!6(?1/$4!(5!?,.3.5*%! %*VG!*54!3(,$!

/D$?.6.?*%%&G!?#.%4!D(,5(9,*D#&!(66$5?$/S!<(V$I$,!.5!N1/0,*%.*!*,$*/!(6!%*V!*66$?0.59!/$R0.59!*,$!

,$91%*0$4!2&!*! ?(3D%$R! /&/0$3!(6!(I$,%*DD.59! /0*0$G! 6$4$,*%G! ?.I.%! *54!?,.3.5*%! %*VG!*54!3*&!

*%/(!2$!,$91%*0$4!2&!?.I.%! %*V!/1?#!*/!4$6*3*0.(5!%*VG!D,.I*?&!%*VG!/1,I$.%%*5?$!%*VG!51./*5?$G!

?(56.4$50.*%.0&!*54!?(D&,.9#0!%*V!>"I*50$//(5!ABCC!DS!dA@S!!

P5%&!(5$!%*V!*54!D(%.?&!,$I.$V!*,0.?%$!V*/!/(1,?$4!6,(3!N1/0,*%.*!>"I*50$//(5!ABCC@G!#(V$I$,G!

3(,$!0#*5!*!4(r$5!V$,$!/(1,?$4!6,(3!0#$!H"!>_&*5!ABCB^!)((4!ABBi@S!:(/0!6(?1/$4!(5!0#$!

5$$4! 6(,! ,$I.$V! (6! ?#.%4! D(,5(9,*D#&! %*V/! .5! ,$/D(5/$! 0(! 0#$! $I(%I.59! 0$?#5(%(9&! >P/0*9$,!

ABCB^!)*/0%$,! ABCB^! a*,,&! ABCB^! ;(V$%%! ABBi^! P/0,*9$,! ABCB^! E*&%(,4! F(,2$/! ABCC@S! `,1D*!

>ABCB@! *,91$4! 0#*0! 9(I$,53$50/! *,$! ?(50.51*%%&! 0,&.59! 0(! 3*+$! ?1,,$50! %*V/! 6.0! 0#$! 5$V!

0$?#5(%(9&^!<132*?#!>ABBi@!*9,$$4b!!

-#$/$!%*V/!*54!D,(/$?10.(5/!,$D,$/$50!*!/0*,+!$R*3D%$!(6!0#$!?(50,*4.?0.(5/!0#*0!?*5!

(??1,! V#$5! 9(I$,53$50*%! D(%.?.$/! *54! .5.0.*0.I$/! 21.%0! (5! D*/0! 0,10#/! *54! I*%1$/!

?(%%.4$!V.0#!5$V!*54!15*50.?.D*0$4!D#$5(3$5*!>DS!Xe@S!

F1,0#$,3(,$b!

"$I$,*%! D,(2%$3/! $3$,9$! 6,(3! %13D.59! /$R0.59! 0$$5/! .50(! 0#$! /*3$! ?*0$9(,&! */!

4$D,*I$4! ?,.3.5*%/! V#(! .56%.?0! #*,3! (5! 3.5(,/S! F.,/0G! *54! D$,#*D/! 3(/0! (2I.(1/G!

0$$5*9$,/!$59*9$4!.5!/$R0.59!*,$!5(0!+5(V.59%&!#*,3.59!3.5(,/!.5!0#$!/*3$!V*&!0#*0!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

AY!!

0,*4.0.(5*%! ?#.%4! D(,5(9,*D#$,/! 4(S! ZSSS]! "$?(54G! 0#$! 4,*?(5.*5! D$5*%0.$/! 0#*0! /0$3!

6,(3! ?#.%4! D(,5(9,*D#&! ?(5I.?0.(5/! ?*5! 4$?.3*0$! *! 0$$5*9$,m/! %.6$!3*+.59! .0! *%%! 210!

.3D(//.2%$! 6(,! 0#$! 0$$5! 0(!2$?(3$!*!D,(41?0.I$!3$32$,!(6! /(?.$0&S! ZSSS]! F.5*%%&G! 0#$!

/0.93*!*00*?#$4!0(!2$.59!%*2$%$4!Z/.?]!*!?#.%4!D(,5(9,*D#$,!./!%*/0.59S!F$V!?,.3$/!?*,,&!

/1?#! *! D$f(,*0.I$!3*,+$,G! *54!3$32$,/! (6! 0#$! D12%.?! (60$5! %.5+! ?#.%4! D(,5(9,*D#&!

V.0#!D$4(D#.%.*!Z/.?]!*54!(0#$,!#$.5(1/!?,.3$/!W!/(3$0.3$/!6(,!9((4!,$*/(5S!>_.?#*,4/!

p!=*%I$,0!ABBiG!DS!XY@!

:(,$!,$?$50%&!*!5132$,!(6!/0*0$/!.5!M(,0#!N3$,.?*!#*I$!.50,(41?$4!5$V!%*V/!0#*0!,$41?$!0#$!

D$5*%0&!6(,!&(159!D$(D%$! .5I(%I$4!.5!/$R0.59S!F(,!$R*3D%$! .5!'15$!ABCC!.5!M$I*4*!*!5$V!%*V!

V*/! D*//$4! 0#*0! *DD%.$/! (5%&! 0(! 3.5(,/! ?*19#0! /$R0.59G! *54! L%%.5(./! .5! ABCB! 3*4$! /$R0.59!

2$0V$$5!3.5(,/!.%%$9*%!/(!0#$&!V(1%4!5(0!2$!D,(/$?10$4!154$,!0#$!?#.%4!D(,5(9,*D#&!%*V/!*54!

(,! ,$71.,$4! 0(! ,$9./0$,! */! *! /$R! (66$54$,S! L5! ABBi! 0#$! "0*0$! (6! M$2,*/+*! *%/(! D*//$4! *! %*V!

3*+.59!.0!*!?,.3$!0(!/$54!/$R1*%%&!$RD%.?.0!.3*9$/!(6!*!3.5(,!2&!V*&!(6!0$R0!3$//*9.59G!/(!0#*0!

.54.I.41*%/!154$,!0#$!*9$!(6!C\!V(1%4!5(0!2$!D,(/$?10$4!6(,!,$?$.I.59!*!/$R1*%%&!$RD%.?.0!.3*9$!

(6! *!3.5(,! CY! &$*,/! (6! *9$! (,! (%4$,G! D,(I.4$4! 0#*0G! 0#$! .3*9$!V*/! 0*+$5! I(%150*,.%&! 2&! 0#$!

/12f$?0! (6! 0#$! .3*9$! *54! 0#$! ,$?.D.$50! (6! 0#$! .3*9$!4.4! 5(0! 4./0,.210$! 0#$! .3*9$! 0(! *5&(5$!

$%/$S! F.5*%%&G! .5! F%(,.4*G! */!(6!P?0(2$,! ABCC!*5&!3.5(,!V#(! ./! ?*19#0! /$54.59G! D(//$//.59G! (,!

?,$*0.59! 514$! .3*9$/! (6! *!3.5(,! ?*5!2$! ?#*,9$4!V.0#! *! 5(5W?,.3.5*%! I.(%*0.(5! 6(,! 0#$.,! 6.,/0!

(66$5/$! *54! /12f$?0! 0(! *! H"ycB! 6.5$! (,! $.9#0! #(1,/! (6! ?(3315.0&! /$,I.?$! */! V$%%! */! 2$.59!

,$71.,$4! 0(! *00$54! 0,*.5.59! (,! .5/0,1?0.(5*%! ?%*//$/! (5! 0#$! 4*59$,/! (6! /$R0.59! >:(2.%$!:$4.*!

E1*,4!ABCC@S!

L5!ABCB!0#$!N1/0,*%.*5!"$5*0$!"0*54.59!=(33.00$$!(5!Q$9*%!*54!=(5/0.010.(5*%!N66*.,/!#$%4!*5!

.571.,&!.50(!0#$!=,.3$/!Q$9./%*0.(5!N3$543$50!>"$R1*%!P66$5?$/!N9*.5/0!=#.%4,$5@!a.%%!ABCBS!N!

/123.//.(5! 2&! 0#$! N1/0,*%.*5! ;,.I*?&! F(154*0.(5! >N;F@! 0(! 0#$! "$5*0$! L571.,&! >ABCB@G! *,91$4!

0#*0!0#$!a.%%!T,$D,$/$50/!*!9((4!(DD(,015.0&!0(!$5/1,$!0#*0!N1/0,*%.*5!%*V!4($/!5(0!6(%%(V!0#$!

/*3$! D*0#! */! 0#$! %*V! .5! 0#$! H"U! >DS! Y@G! A! &(159! D$(D%$! #*I$! 2$$5! $RD(/$4! 0(! ?,.3.5*%!

D,(/$?10.(5G! */! *! ,$/1%0! (6! .5I(%I$3$50! .5! /$R0.59S! -#$! N;F! $RD,$//$4! ?(5?$,5! *2(10! 0#$!

D(0$50.*%!.3D*?0/!(6!0#$!a.%%G!*54!0#$!?#.%4!/$R1*%!(66$5?$/!,$9.3$!3(,$!2,(*4%&!.5!,$%*0.(5!0(!

/$R0.59G!*,91.59!0#$!?#.%4!/$R1*%!(66$5?$/!,$9.3$!/#(1%4!0*+$!*??(150!(6!/$R0.59!*/!*!?(33(5!

D,*?0.?$!*3(59!&(159!D$(D%$G! .5!(,4$,!0(!*I(.4!?,.3.5*%./.59!(,!/0.93*0./.59!&(159!D$(D%$!*/!

?#.%4! /$R! (66$54$,/S! F1,0#$,3(,$G! 0#$! h.?0(,.*5! N00(,5$&WE$5$,*%! .5! "$D0$32$,! ABCC!

*55(15?$4! 0#$! 0$,3/! (6! ,$6$,$5?$! 6(,! *! D*,%.*3$50*,&! M)/&,#1! ,)0$! 4(A0,)BG! 0(! $R*3.5$! 0#$!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Ac!!

*DD,(D,.*0$5$//! *54! *4$71*?&! (6! $R./0.59! %*V/! .5! ,$%*0.(5! 0(! 0#$! 2$#*I.(,! >h.?0(,.*5! Q*V!

_$6(,3!=(33.00$$!ABCC@S!-#$!P66.?$!(6! 0#$!h.?0(,.*5!;,.I*?&!=(33.//.(5$,U/!O(10#!N4I./(,&!

E,(1D! ./!4$I$%(D.59!*! /123.//.(5! 6(,! 0#./! .571.,&G! *54!#*I$! .5I.0$4! &(159!h.?0(,.*5/! 0(! 0*+$!

D*,0!.5!*!/1,I$&G!D*-(!3$&#!4*1!$)!4(A0,)B7!/(!&(159!D$(D%$!?*5!/#*,$!0#$.,!I.$V/!(5!V#$0#$,!

(,!5(0!/$R0.59!2&!D$(D%$!154$,!C\!/#(1%4!2$!.%%$9*%!*54G!.6!/(G!V#*0!0#$!%$9*%!?(5/$71$5?$/!6(,!

&(159!D$(D%$!/#(1%4!2$!>P66.?$!(6!0#$!h.?0(,.*5!;,.I*?&!=(33.//.(5$,!ABCC@S!

ASi! QL-J_N-H_J!PM!_J";PM"J"!-P!"JK-LME!:(/0! %.0$,*01,$! *2(10! /$R0.59! *54! &(159! D$(D%$! /(1,?$4! 6(,! 0#./! /014&G! .5?%14$4!

,$?(33$54*0.(5/!*2(10!#(V!V$!/#(1%4!,$/D(54!0(!0#$!.//1$G!.5?%14.59!D,$I$50.(5!/0,*0$9.$/!

*54!*DD,(*?#$/!6(,!4$*%.59!V.0#!#*,361%!?(5/$71$5?$/!(6!0#$!2$#*I.(1,S!

!"G"$% H.1*)*4%:,8*4%2',29'@%2.1'*+-%.*/%+'.0B'1-%

:1?#!(6!0#$!D(D1%*,! %.0$,*01,$!*54!D(%.?&!,$/D(5/$/!4./?1//!0#$!5$$4!6(,!$41?*0.(5!0*,9$0.59!

&(159! D$(D%$! *2(10! 0#$! D(0$50.*%! ?(5/$71$5?$/! (6! /$R0.59! >:1/?*,.! ABBi^! a,(V5G! `$%%$,! p!

"0$,5!ABBi@S!L0!#*/!2$$5!D(/$4!2&!*!5132$,!(6!*10#(,/G!>:*,V.?+G!:1,9.*!8.*r!p!;*%6,$&!ABCB@!

0#*0!.6!&(159!D$(D%$!154$,/0((4!0#$!D(0$50.*%!?(5/$71$5?$/!(6!0#$.,!2$#*I.(1,!0#$&!V(1%4!5(0!

2$! /$R0.59^! *! I.$V! ?(50,*,&! 0(! $I.4$5?$! (5! ,./+! 0*+.59! *3(59! &(159! D$(D%$! >q.,+$%! ABBi@S!

8$/D.0$!0#./G!.5!N1/0,*%.*!*!5132$,!(6!9(I$,53$50!?*3D*.95/!>M")!E(I$,53$50!ABBe^!:*00$&!

8.%.2$,0(!p!:*00$&!ABBi^!N1/0,*%.*5!E(I$,53$50!ABCB@!#*I$!*00$3D0$4!0(!V*,5!&(159!D$(D%$!

*54!D*,$50/!*2(10!0#$!D(0$50.*%!#*,361%!$66$?0/!(6!/$R0.59S!N!,*59$!(6!*14.(G!D,.50!*54!(5%.5$!

,$/(1,?$/! #*I$! 2$$5! D,(41?$4! 2&! ?(3315.0&! *54! #$*%0#! (,9*5./*0.(5/! .50$,5*0.(5*%%&! >/$$!

-*2%$! e! 6(,! /(3$! $R*3D%$/@S! L5! N1/0,*%.*! .5! ABBi! 0#$! M")! E(I$,53$50! %*15?#$4! 0#$! "*6$!

"$R0.59!g!M(!"1?#!-#.59!?*3D*.95G!6(%%(V$4!.5!ABCB!2&!0#$!%*15?#!*54!,(%%(10!(6!0#$!N1/0,*%.*5!

F$4$,*%! E(I$,53$50! J+,)Z[U)$C! D,(9,*3! *54! J+(! N,)(! ?*3D*.95! >2*/$4! (5! *!

,$?(33$54*0.(5! 6,(3! *! -.3$! 6(,! N?0.(5b! 0#$! M*0.(5*%! =(15?.%U/! ;%*5! 0(! _$41?$! h.(%$5?$!

*9*.5/0!)(3$5! *54! =#.%4,$5! ABBi@S! -#$,$! ./! 5(! $I.4$5?$! 0#*0! 0#$/$! ?*3D*.95/! #*I$! 2$$5!

.56(,3$4!2&!&(159!D$(D%$U/!154$,/0*54.59!(,!$RD$,.$5?$!(6!0#$!D,*?0.?$^!0#$.,!$66$?0.I$5$//!.5!

4$*%.59!V.0#! 0#$!D#$5(3$5(5! ,$3*.5/! 0(!2$! /$$5S!N44.0.(5*%%&G! *! ,*59$!(6!(5%.5$!*54!I.4$(!

,$/(1,?$/! #*I$! 2$$5! 4$I$%(D$4! 6(,! 1/$! .5! /?#((%/G! #(V$I$,! 0#$,$! ./! 5(! $I.4$5?$! 0#$/$!

,$/(1,?$/!#*I$!2$$5!$I*%1*0$4!6(,!0#$.,!$66$?0.I$5$//!.5!D,$I$50.59!0#$!5$9*0.I$!.3D%.?*0.(5/!

(6!/$R0.59S!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Ae!!

N!5132$,!(6!4./?1//.(5!D*D$,/!#*I$!2$$5!0*,9$0$4!*0!0#(/$!V(,+.59!.5!/?#((%/!>:*5r(!ABBi^!

a,(V5G!`$%%$,!p!"0$,5!ABBi^!a,(/?#!ABB\^!:*/(5!ABB\^!"#.$%!ABBi@G!D,(I.4.59!/199$/0.(5/!*54!

*4I.?$!0(!0$*?#$,/!*54!*43.5./0,*0(,/!*2(10!D,$I$50.(5!/0,*0$9.$/S!a(1?$+!>ABBi@!*,91$/!0#*0!

D(%.?.$/! *54! D,(?$41,$/! #*I$! 5(0! +$D0! D*?$! V.0#! ,*D.4! ?#*59$/! .5! 0$?#5(%(9&G! *54! *4I./$/!

/?#((%/! (6! 0#$! 5$$4! 0(! ,$I.$V! *54! ,$I./$! ?1,,$50! D(%.?.$/! 0(! D,$I$50! .//1$/! *,./.59S! -#$,$! ./!

/(3$! $I.4$5?$! .5! 9,$&! %.0$,*01,$G! .5?%14.59! 3$4.*! ,$D(,0/! *54! %*V! *54! D(%.?&! ,$I.$V/G! 0#*0!

/?#((%! D,.5?.D*%/! .5! 0#$! H"! #*I$! 2$$5! ?,.3.5*%%&! ?#*,9$4! 6(,! D(//$//.59! ?#.%4! D(,5(9,*D#&G!

V#.?#! #*/! 1/1*%%&! 2$$5! ?(56./?*0$4! 6,(3! /014$50/! .5I(%I$4! .5! /$R0.59! >:*5r(! ABBi^! a(1?$+!

ABBi^!)((4!ABBi^!-*&%(,!ABBi@G!#.9#%.9#0.59!0#$!.3D*?0!5(0!(5%&!(5!/014$50/G!210!(5!0$*?#$,/!

*54!*43.5./0,*0(,/!0((S!

N! 6$V! 4./?1//.(5! D*D$,/! >N3$,.?*5! N?*4$3&! (6! ;$4.*0,.?/! ABBi^! "?#1,9.5! Pm`$$6$! ABCC^!

:*00$&! 8.%.2$,0(! ABBi@! #*I$! 6(?1/$4! (5! 0#$! ,(%$! (6! D*,$50/! .5! 0#$! D,$I$50.(5! (6! /$R0.59G!

*,91.59! 0#$&! 5$$4! 0(! 2$! 2$00$,! $41?*0$4! *54! *V*,$! (6! 0#$! 5*01,$! (6! 0$?#5(%(9.$/! &(159!

D$(D%$! *,$! 1/.59! .5! (,4$,! 0(! *4I./$! 0#$.,! ?#.%4,$5! (6! D(0$50.*%! ,./+/G! .5?%14.59! 0#$! D(0$50.*%!

.3D%.?*0.(5/!(6!.5I(%I$3$50!.5!0#$!2$#*I.(1,S!

!"G"!% I+B'1%-,98+),*-%

n1*4*,*! >ABCB@! /199$/0/! 0#$,$! *,$!3*5&! ?#*%%$59$/! .5!4$I$%(D.59!D,$I$50.(5! /0,*0$9.$/! *54!

D(%.?.59!0#$!/D*?$!V.0#.5!V#.?#!/$R0.59!*54!&(159!D$(D%$!/.0S!"#$!#.9#%.9#0/! 6.,/0%&! 0#$!/D$$4!

*54!D(0$50.*%!,$*?#!(6!/$R1*%%&!$RD%.?.0!.56(,3*0.(5!2$.59!?.,?1%*0$4G!0#$!%.3.0*0.(5/!(6!?1,,$50!

%$9./%*0.(5!>*/!D,$I.(1/%&!3$50.(5$4@G!*54!/#$!,$3.54/!1/!(6!0#$!?#*%%$59$/!D(/$4!2&!0#$!6*?0!

0#*0!/(?.*%!5$0V(,+.59!*54!(0#$,!(5%.5$!?(3315.?*0.(5/!*,$!?$50,*%!6(,3/!(6!?(3315.?*0.(5!

6(,! &(159!D$(D%$! >n1*4*,*!ABCB@!5(V*4*&/S! F1,0#$,3(,$G!;(V$%%! >ABCB@!4./?1//$/! 0#$!5$$4!

6(,!#$*%0#!*54! %$9*%!D,(6$//.(5*%/! 0(!V(,+! 0(9$0#$,G! 0#*0!$R./0.59! %$9./%*0.(5!5$$4/! ,$I.$V.59!

*54!0#*0!,$/D(5/$/!*,$!5$$4$4!*0!0#$!D,.3*,&G!/$?(54*,&!*54!0$,0.*,&!D,$I$50.(5!$54/!(6!0#$!

/D$?0,13S!

L5!'15$!ABCCG!0#$!N1/0,*%.*5!'(.50!"$%$?0!=(33.00$$!(5!=&2$,W"*6$0&!?(541?0$4!*5!L571.,&!.50(!

?&2$,W/*6$0&G!?*%%$4!D,B+PE,#(!6'0@!L1S(#P4*F(01!*)%!0+(!3$&)BS!-#$!,$D(,0!D,(I.4$4!4$0*.%/!(6!

/123.//.(5/! 0(! 0#./! .571.,&! .5! ,$%*0.(5! 0(! /$R0.59G! V#.?#! V$,$! ,$?$.I$4! 6,(3! *! 5132$,! (6!

N1/0,*%.*5! (,9*5./*0.(5/G! .5?%14.59! 0#$! N%*5*! *54! :*4$%.5$! F(154*0.(5G! a(&/-(V5G! 0#$!

N1/0,*%.*5!H5.I$,/.0&!=&2$,21%%&.59!_$/$*,?#!N%%.*5?$G! .`$$D"*6$G!8$I.?$!=(55$?0.(5/!;0&!Q04G!

=#.%45$0! L50$,5*0.(5*%! a$,,&! "0,$$0G! *54! 0#$! M(,0#$,5! -$,,.0(,&! E(I$,53$50S! -#$! ,$D(,0!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

A\!!

#.9#%.9#0$4!*!5132$,!(6!,$?(33$54*0.(5/G!.5?%14.59!3*5&!0#*0!6(?1/!(5!$41?*0.(5!/0,*0$9.$/!

0*,9$0.59! /?#((%/G! 0$*?#$,/! *54! V#(%$W(6W/?#((%! ?(3315.0.$/S! P0#$,! /0,*0$9.$/! D,(D(/$4!

,$%*0$! 0(! D(%.?.59! *54! %*V! $56(,?$3$50G! V.0#! *! /.95.6.?*50! *3(150! (6! *00$50.(5! 9.I$5! 0(! *!

D,(D(/$4! 5*0.(5*%! 3*54*0(,&! 6.%0$,.59! /?#$3$! /(! 0#*0! L50$,5$0! /$,I.?$! D,(I.4$,/! >L";/@! ?*5!

,$3(I$! *??$//! 0(! ,$61/$4! ?%*//.6.?*0.(5!3*0$,.*%! (5%.5$S! 8$2*0$! ?(50.51$/! .5! N1/0,*%.*! *2(10!

0#$!$66$?0.I$5$//!(6!*!3*54*0(,&!L";!6.%0$,.59!/&/0$3!>N=:N!ABBe@!0(!6.%0$,!#*,361%!?(50$50!(5!

0#$! L50$,5$0G! .5?%14.59! /$R1*%%&! $RD%.?.0! .3*9$/! (6! &(159! D$(D%$S! ;(0$50.*%! .56,.59$3$50! (5!

6,$$4(3!(6!/D$$?#G!%*?+!(6!$I.4$5?$!0(!/1DD(,0!0#$!$66.?*?&!(6!/1?#!*!/&/0$3G!*54!0#$!D(0$50.*%!

0#*0!*!/&/0$3!3*&!D,$I$50!*??$//!0(!(0#$,!.3D(,0*50!#$*%0#!.56(,3*0.(5G!*,$!*3(59!?(5?$,5/!

,*./$4!*2(10!0#$!.50,(41?0.(5!(6!/1?#!*!6.%0$,.59!/&/0$3!.5!N1/0,*%.*!>8I(,*+!ABCB@S!!

!"G"6% A,8*4%2',29'%*''/%+,%J'%)*<,9<'/%

:*5&!/123.//.(5/!0(!0#$!*2(I$!3$50.(5$4!?&2$,W/*6$0&!L571.,&!#.9#%.9#0$4!0#$!.3D(,0*5?$!(6!

&(159! D$(D%$U/! .5D10! .50(! 0#$! 4$I$%(D3$50! (6! 5$V! 3$0#(4/! 0(! D,(3(0$! ?&2$,W/*6$0&! *54!

,$41?$!?&2$,W21%%&.59S!-#$,$!V*/!31?#!*?+5(V%$49$3$50!0#*0!&(159!D$(D%$!#*I$!*!V$*%0#!(6!

$RD$,.$5?$!.5!0#$!*,$*!(6!5$V!0$?#5(%(9.$/!*54!*,$!.5!6*?0!3(,$!$71.DD$4!0(!,$/D(54!0(!(5%.5$!

,./+/G!0#*5!*41%0/!(60$5!*//13$!>N%*55*#!*54!:*4$%.5$!F(154*0.(5!ABCC^!O(10#!N66*.,/!=(15?.%!

(6!"(10#!N1/0,*%.*!ABCC@S!<$%$5!:?E,*0#!6,(3!0#$!N1/0,*%.*5!;/&?#(%(9.?*%!"(?.$0&!?(33$50$4!

0#*0G!

O(159!D$(D%$!5$$4! 0(!2$!D*,0!(6! Z0#$]!D,(?$//G!2$?*1/$! .6!V$!4(!5(0! %./0$5! 0(!V#*0!

0#$&!#*I$!0(!/*&!*2(10!V#*0!V(,+/!*54!4($/!5(0!V(,+G!V$!*,$!9(.59!0(!9(!4(V5!/(3$!

4$*4!$54/S!>-,*5/?,.D0!(6!JI.4$5?$G!i!8$?$32$,!ABCBG!DS!="Y\@!!

-#$! %.0$,*01,$!3*+$/! .0!?%$*,!0#*0!&(159!D$(D%$!5$$4!0(!2$! .5I(%I$4! .5!/(%10.(5/G!9.I$5!3*5&!

*,$!*%,$*4&!9((4!*0!154$,/0*54.59!*54!3*5*9.59!(5%.5$!,./+/S!!

ASCB!:P_J!nHJ"-LPM"!N!9((4!4$*%!(6!%.0$,*01,$!#.9#%.9#0$4!*!%*?+!(6!71*%.0&!,$/$*,?#!*2(10!/$R0.59!*54!&(159!D$(D%$G!

V.0#! /(3$! *,91.59! 0#*0! /$R1*%! *//*1%0! ?(15/$%%(,/G! D(%.?$! *54! (0#$,! %$9*%! D$,/(5*%! *54!

$41?*0(,/!5$$4!0(!0*+$!*!,(%$!.5!91.4.59!0#$!,$/$*,?#!*9$54*!.5!0#./!*,$*!>n1*4*,*!ABCB@S!

L5!"#(-*.()'(!*)%!L+*#*'0(#,50,'5!$F!3$&0+!4(A0,)B@!6!)*0,$)*.!50&%1G!0#$!*10#(,/!*,91$!0#*0G!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Ai!!

E((4! ,$/$*,?#! *54! /&3D*0#$0.?! ?%.5.?*%! *//$//3$50! ./! 5$?$//*,&! 0(! 154$,/0*54! 0#$!

5*01,$!*54!$R0$50!(6!*?0.I.0.$/!/1?#!*/!/$R0.59!2$6(,$!/0,(59!,$?(33$54*0.(5/!*2(10!

#(V!0(!?(15/$%!*54!$41?*0$!&(10#!*54!0#$.,!6*3.%.$/!*,$!4$I$%(D$4!*54!4.//$3.5*0$4!

>:.0?#$%%!ABCAG!DS!e@S!

F$,91/(5!>ABCB@!,$?(33$54/!6101,$!,$/$*,?#!5$$4/!0(!$RD%(,$!3(,$!?%(/$%&!0#$!D,(2%$3*0.?!

?(5/$71$5?$/! 0#*0! 3*&! 2$! *//(?.*0$4! V.0#! /$R0.59G! /1?#! */! 4$D,$//.(5G! 21%%&.59! *54! (0#$,!

5$9*0.I$!$RD$,.$5?$/S!!

Q(15/21,&G! :.0?#$%%! *54! F.5+$%#(,! >ABCC@! *,91$! 6(,! *! /0*54*,4./$4! 4$6.5.0.(5! (6! /$R0.59G!

/199$/0.59! 0#$!D(D1%*,! 0$,3! T/$R0.59U! ./!5(0!*DD,(D,.*0$! 6(,! 6(,3*%! ,$/$*,?#G!*/! .0! ?(I$,/! 0((!

2,(*4!*!/D$?0,13!(6!*?0.I.0.$/S!-#$&!/199$/0! 0#$!D#,*/$! T&(10#!D,(41?$4!/$R1*%! .3*9$/U!*/!*!

3(,$!*DD,(D,.*0$!4$6.5.0.(5G!*,91.59!,$/$*,?#!/#(1%4!2$!*2(10!T.3*9$/!?,$*0$4!2&!3.5(,/!0#*0!

4$D.?0!3.5(,/!*54!0#*0!*,$!(,!?(1%4!2$!?(5/.4$,$4!?#.%4!D(,5(9,*D#&U!>DS!d@S!-#$.,!*,913$50!./!

2*/$4! (5! *! I.$V! 0#*0! 0#$! 3*.5! ?(5?$,5! ,$9*,4.59! /$R0.59! ./! *2(10! &(10#WD,(41?$4! ?#.%4!

D(,5(9,*D#&^!/199$/0.59!,$/$*,?#$,/!/#(1%4! %.3.0!/*3D%$/!0(!(5%&! .5?%14$!3.5(,/!>*9$4!Ce!(,!

&(159$,@S!-#$&!*%/(!/199$/0!,$/$*,?#!./!5$$4$4!,$9*,4.59!V#(!./!/#*,.59!.3*9$/!*54!V#*0!0#$.,!

,$*/(5/!*,$!6(,!4(.59!0#./G!0(!4$0$,3.5$!#(V!2$/0!0(!,$/D(54S!

)$.//!>ABCB@!?*%%$4!6(,!,$/$*,?#!*54!$3D.,.?*%!/014.$/!,$9*,4.59!D,$I*%$5?$G!#.9#%.9#0.59!0#*0!

3(/0!4*0*!#*/!2$$5!9*0#$,$4!6,(3!15,$%.*2%$!/(1,?$/!/1?#!*/!/3*%%!D(%%/G!15?(50,(%%$4!/014.$/!

*54!0#$!3$4.*S!<$!*,91$/!V$!*%/(!5$$4!0(!#*I$!*!2$00$,!154$,/0*54.59!*2(10!V#(!./!3(/0!*0!

,./+!.5!0#./!*,$*G!*54!V#*0!D,$I$50.(5!*54!0,$*03$50/!V(,+!2$/0S!!

N! 5132$,! (6! *10#(,/! #.9#%.9#0$4! 9*D/! .5! +5(V%$49$! ,$71.,.59! 61,0#$,! $RD%(,*0.(5S! =#*%6$5!

>ABBi@!/199$/0/!V$!5$$4!0(!?(5/.4$,G!!

l!V#*0!+.54/!(6!?(3315.?*0.(5!*,$!6(154!.5!/$R0.59G!V#(!./!/#(V.59!V#*0!0(!V#(3G!

6(,! V#*0! ,$*/(5/G! 154$,! V#*0! ?.,?13/0*5?$/G! V.0#! V#*0! $66$?0G! *54! 6(,! V#*0!

*50.?.D*0$4!*54!15*50.?.D*0$4!,$/1%0/!>DS!AcC@S!!

<$! *%/(! *,91$/! %.00%$! ./! +5(V5! *2(10!V#*0! #*DD$5/! 2$6(,$! *54! *60$,! 0#$! /$R0.59! $D./(4$! >.5!

0$,3/! (6! 3(0.I*0.(5/! *54! ?(5/$71$5?$/! (6! 0#$! 2$#*I.(1,@S! ;(V$%%! >ABBi@! ,$?(33$54/! *!

5132$,!(6!*,$*/!(6! .5I$/0.9*0.(5!*,$!5$$4$4G! 6(,!$R*3D%$!V#(! ./! /$R0.59G!V#$0#$,! 0#$,$!*,$!

4.66$,$5?$/!2$0V$$5!0#$!2$#*I.(1,!(6!/$R0.59!6(,!#$0$,(/$R1*%!*54!/*3$!/$R!*00,*?0$4!&(159!

D$(D%$G!*54!V#$0#$,!0#$,$!*,$!*9$G!,*?.*%G!$0#5.?!(,!,$%.9.(1/!4./D*,.0.$/S!"#$!*%/(!D(/$/!0#*0!*5!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

XB!!

154$,/0*54.59! (6! 0#$! ?#*,*?0$,./0.?/! (6! 0$$5/! V#(! D*,0.?.D*0$! .5! /$R0.59G! #(V! .0! ,$%*0$/! 0(!

/$R1*%! 2$#*I.(1,G! *54! #(V! .0! ?(3D*,$/! V.0#! (0#$,! 6(,3/! (6! /$R1*%! ?(3315.?*0.(5! *,$! *%%!

$//$50.*%!D.$?$/!(6!.56(,3*0.(5!5$$4$4!0(!*44,$//!0#./!D12%.?!#$*%0#!.//1$S!!

ASCC!=PM=QH"LPM!N3(59/0! 0#$! %.0$,*01,$! /(1,?$4! *2(10! /$R0.59! *54! &(159! D$(D%$G! I$,&! 6$V! *?*4$3.?! /014.$/!

V$,$! 6(154G! *54! $I$5! 6$V$,! V$,$! D12%./#$4! .5! D$$,! ,$I.$V$4! (,! *?*4$3.?! f(1,5*%/S! :&!

%.0$,*01,$!,$I.$V!V*/!0#$,$6(,$!,$%.*50!(5!*!9,$*0!4$*%!(6!9,$&! %.0$,*01,$S!:(/0!(6!0#$!/014.$/!

?(541?0$4! 9*0#$,$4! .56(,3*0.(5! *2(10! D,$I*%$5?$G! V.0#! ,*0$/! (6! /$R0.59! *3(59/0! &(159!

D$(D%$! I*,&.59! ?(5/.4$,*2%&! 4$D$54.59! (5! 0#$! /014&! /*3D%$! *54! 4$6.5.0.(5! (6! /$R0.59! 1/$4G!

,*./.59!?(5?$,5/!*2(10!0#$!,$%.*2.%.0&!(6!0#$!4*0*S!N!9*D!V*/!.4$50.6.$4!.5!$3D.,.?*%!.56(,3*0.(5!

*2(10!0#$!(,.9.5/!(6!/$R0.59G!#(V$I$,!*!5132$,!(6!4./?1//.(5!*54!$RD$,0!(D.5.(5!D*D$,/!V$,$!

/(1,?$4! (5! 0#./! 0(D.?S! :(/0! V$,$! V,.00$5! 6,(3! *! M(,0#! N3$,.?*5! D$,/D$?0.I$G! *54! 3*5&!

6(?1/$4!(5!%$9*%!?(5?$,5/!,$%*0.59!0(!0#$!2$#*I.(1,!(6!/$R0.59!*3(59/0!&(159!D$(D%$S!N!,*59$!

(6! /(%10.(5/! *,$! D(/$4! .5! 2(0#! 9,$&! %.0$,*01,$! *54! D12%./#$4! 4./?1//.(5! D*D$,/S! :(/0! *,$!

6(?1/$4!(5!$41?*0.I$!,$/D(5/$/!0(!D,$I$50!0#$!#*,361%!$66$?0/!(6!/$R0.59G!210!V.0#!5(!*I*.%*2%$!

.56(,3*0.(5! (5! 0#$.,! $66$?0.I$5$//S!)#.%/0! 0#$,$! ./! /(3$! %.0$,*01,$! D(.50.59! 0(! 0#$! 5$$4! 6(,!

&(159!D$(D%$U/!.5I(%I$3$50!.5!0#$!4$/.95!(6!/(%10.(5/G!*54!(0#$,!%.0$,*01,$!#.9#%.9#0.59!9*D/!.5!

+5(V%$49$!*2(10!V#(!./!/$R0.59G!V#&!*54!V#*0!V$!/#(1%4!4(!*2(10!.0G!0#$,$!./!%.00%$!$I.4$5?$!

(6!&(159!D$(D%$U/!I.$V/!(5!0#$/$!0(D.?/S!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

XC!!

B=!C*$*'&(;!)*$,0.!XSC! LM-_P8H=-LPM!!-#./! ?#*D0$,! (10%.5$/! 0#$! ,$/$*,?#! 4$/.95! 1/$4! 6(,! 0#./! /014&G! .5?%14.59! 0#$! ,*0.(5*%$! 6(,!

?#((/.59!*!71*%.0*0.I$!3$0#(4(%(9&!.5I(%I.59!0V(!D#*/$/S!:$0#(4/!1/$4!0(!9*0#$,!*54!*5*%&/$!

4*0*! 6,(3!+$&! .56(,3*50/!*54!&(159!D$(D%$! .5!2(0#!D#*/$!(5$!*54!0V(G!V.%%!2$!4./?1//$4! .5!

D*,*%%$%!0#,(19#(10!0#./!?#*D0$,S!8$/?,.D0.(5/!(6!+$&!.56(,3*50!*54!&(159!D$(D%$!/*3D%$/!V.%%!

2$!D,(I.4$4G!*%(59!V.0#!3$0#(4/!1/$4!6(,!0#$.,!,$?,1.03$50S!F.5*%%&!$0#.?*%!?(5/.4$,*0.(5/!*,$!

$RD%(,$4!,$9*,4.59!0#$!.5I(%I$3$50!(6!&(159!D$(D%$G!.5?%14.59!D(0$50.*%!,./+/!*54!/0,*0$9.$/!0(!

D,(0$?0!0#$3!6,(3!D(0$50.*%!#*,3S!!

XSA! :J-<P8PQPEO!-#./! /014&! 1/$4! *! 71*%.0*0.I$! 3$0#(4(%(9&S! -#$! 4$?./.(5! 0(! ?#((/$! 0#./! 3$0#(4(%(9&! (I$,!

(0#$,/!V*/!2*/$4!(5!*!,*59$!(6!6*?0(,/G!.5?%14.59!0#$!*.3!(6!0#$!/014&G!*I*.%*2%$!,$/(1,?$/G!*54!

0#$! 0#$(,$0.?*%! 6,*3$V(,+!154$,D.55.59! 0#$! ,$/$*,?#! >=,*20,$$!p!:.%%$,!Ciii^!F,*/$,G!Q$V./G!

8.59G! `$%%$00! p! _(2.5/(5! ABBd@S! N! 71*%.0*0.I$! *DD,(*?#! ./! ?(33(5%&! 1/$4! V#$5! %.00%$! (,!

5(0#.59! ./! +5(V5! *2(10! *! D#$5(3$5(5^! 0#./! ,$/$*,?#! D,(f$?0! 0#1/! %$50! .0/$%6! V$%%! 0(! 0#./!

3$0#(4(%(9&S!!

)#$,$*/! 71*50.0*0.I$! ,$/$*,?#! ./! 154$,D.55$4! 2&! *! D(/.0.I./0! D*,*4.93G! 2*/$4! (5! 0#$!

*//13D0.(5! 0#*0! 0#$!V(,%4!?*5!2$! .5I$/0.9*0$4!1/.59! /?.$50.6.?!3$0#(4G!*54! 0#*0!3$*/1,*2%$!

.56%1$5?$/! *66$?0! 3$*/1,*2%$! (10?(3$/! .5! *! ?*1/$W$66$?0! 3*55$,! >E,2.?#! Ciii@G! 71*%.0*0.I$!

,$/$*,?#! /.0/! V.0#.5! *! ?(5/0,1?0.I./0o.50$,D,$0.I./0! D*,*4.93! 2*/$4! (5! *5! 154$,/0*54.59! 0#*0!

0#$!V(,%4! ./! ?(5/0,1?0$4! /(?.*%%&! *54! 0(! 154$,/0*54!#13*5! *?0.(5/! *54! 2$#*I.(1,/G!V$! 6.,/0!

5$$4! 0(! 154$,/0*54! 0#$! 3$*5.59! D$(D%$! 9.I$! 0(! 0#$.,! (V5! *54! (0#$,U/! *?0.(5/G! *54! 0(!

/.01*0.(5/! *54! $I$50/! ><*5/$5! ABBc@S! L5! (0#$,!V(,4/G! 71*50.0*0.I$! ,$/$*,?#!3$*/1,$/! /(?.*%!

D#$5(3$5(5! *54! 71*%.0*0.I$! ,$/$*,?#! *.3/! 0(! 154$,/0*54! /(?.*%! D,(?$//$/! >a*13! CiiA@G!

2*/$4!(5!*!2$%.$6!0#*0!,$*%!0,1/0V(,0#&!+5(V%$49$!./!6(154!2&!#$*,.59!V#*0!D$(D%$!/*&!*2(10!

0#$.,!(V5!$RD$,.$5?$!><*5/$5!ABBc^!<(%/0$.5!p!E12,.13!Ciie@S!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

XA!!

-#$!.541?0.I$!5*01,$!(6!0#./!,$/$*,?#!3$*50!0#$!/014&!V*/!*2%$!0(!$I(%I$!V.0#!0.3$!.5!,$/D(5/$!

0(!?#*59.59!?.,?13/0*5?$/!><*5/$5!ABBc@S!N/!/(!%.00%$!V*/!+5(V5!*2(10!/$R0.59!*3(59!&(159!

D$(D%$G! .0! V*/! ?,.0.?*%! 0#$! /014&! ?(1%4! 2$! *DD,(*?#$4! V.0#(10! /$0! *//13D0.(5/! (,!

D,$4$0$,3.5$4! .4$*/^! 0#./! ?,$*0$4! (D$55$//! 0(! 0#$! 9$5$,*0.(5! (6! 5$V! .4$*/! *54! +5(V%$49$!

0#*0!3*&!(0#$,V./$!5(0!#*I$!2$$5!15?(I$,$4S!

L!V*/!3(,$!?(5?$,5$4!*2(10!0#$!71*%.0&!(6!4*0*!2$.59!9*0#$,$4!D$,!/*3D%.59!15.0!*/!(DD(/$4!

0(! 0#$!5132$,!(6! /*3D%$/G! 0#1/!D1,D(/.I$! /*3D%.59!V*/!1/$4! 0(! ,$?,1.0! D*,0.?.D*50/! 6(,! 0#./!

/014&S! H/.59! 0#./! 4*0*! ?(%%$?0.(5! 3$0#(4! 3$*50! .0! V*/! D(//.2%$! 0(! %(?*0$! .3D(,0*50! *54!

.56(,3*0.(5W,.?#! ?*/$/! 2&! 4$%.2$,*0$%&! /$$+.59! 0(! .5?%14$! 0#$3! >a*,2(1,! ABBC^! _.?$G!

Q.*3D100(59!p!Jrr&!Ciii@S!-#./!?,$*0$4!*!4$9,$$!(6!?(50,(%!.5!/$%$?0.59!0#$!/*3D%$!0(!$5/1,$!

4*0*!9*0#$,$4!D,(I.4$4!*!61%%!154$,/0*54.59!(6!0#$!D#$5(3$5(5S!L5!(0#$,!V(,4/!0#./!3$0#(4!

(6!,$?,1.03$50!$5/1,$4!71*%.0&!4*0*!V*/!9*0#$,$4S!!!

XSX! 8N-N!=PQQJ=-LPM!:J-<P8"!8*0*!V*/!?(%%$?0$4!6(,!0#./!/014&!I.*!*!6(?1/!9,(1D!*54!.54.I.41*%!/$3.W/0,1?01,$4!.50$,I.$V/^!

0#$/$!3$0#(4/!*,$!*3(59/0!0#$!6(1,!3(/0!?(33(5%&!1/$4!.5!71*%.0*0.I$!,$/$*,?#!>a$,9!ABBd@S!

6"6"$% K,08-%41,82%LM':%)*(,1C.*+-%,*9:N%

L5.0.*%!4*0*!V*/!?(%%$?0$4!6,(3!+$&!.56(,3*50/!I.*!*!6(?1/!9,(1DG!*5!(,9*5./$4!9,(1D!4./?1//.(5!

1/$61%! 6(,!,$/$*,?#!D,(f$?0/!0#*0!*.3!0(!4$I$%(D!*!D12%.?!154$,/0*54.59!*54!/(?.*%!?(50$R0!(6!

*5! .//1$! >`.0r.59$,! Ciid^! <*5/$5! ABBc@S! -#$,$! *,$! /$I$,*%! ,$*/(5/! .5.0.*%! 4*0*!V*/! ?(%%$?0$4!

1/.59! 0#./! 3$0#(4S! :*5&! *10#(,/! >`.0r.59$,! Ciid^! :(,9*5! Ciic@! *9,$$! 0#*0! 0#$! 3*.5!

*4I*50*9$!(6!9*0#$,.59!.56(,3*0.(5!I.*!*!6(?1/!9,(1D!./!0#$!D1,D(/$61%!1/$!(6!9,(1D!.50$,*?0.(5!

0(!9$5$,*0$!4*0*G!*54! .0! ./! 0#./! 0#*0!4./0.591./#$/! 0#./!3$0#(4!(6! .50$,I.$V! 6,(3!0#$!2,(*4$,!

?*0$9(,&!(6!9,(1D! .50$,I.$V/^! 0#./!V*/!*5! .3D(,0*50! 6*?0(,! 6(,! .0/!1/$! .5! 0#./! /014&S!N/!_12.5!

*54!_12.5!>CiiY@!#.9#%.9#0G!D*,0.?.D*50/!?*5!T/D*,+!(66!(5$!*5(0#$,U! >DS!CdB@!0(!9$5$,*0$!5$V!

.4$*/^! 0#$,$6(,$! 0#$! .50$,*?0.(5! 2$0V$$5! D*,0.?.D*50/! 2$?(3$/! *! /(1,?$! (6! 4*0*G! V.0#! 0#$!

9,(1D!D,(?$//!$5?(1,*9.59!D*,0.?.D*50/! 0(! ,*./$!5$V! .//1$/!5(0!*50.?.D*0$4!2&! 0#$! 6*?.%.0*0(,S!

F1,0#$,3(,$G!1/.59!*!6(?1/!9,(1D!./!*5!$?(5(3.?*%!V*&!0(!9*0#$,!*!%*,9$!*3(150!(6!4*0*!.5!*!

/#(,0!0.3$!/D*5!><$*0#!$0!*%S!ABBi^!a$,9!ABBd@G!V#.?#!V*/!.3D(,0*50!.5!0#$!6.,/0!D#*/$!(6!0#$!

/014&G!*%%(V.59!3(,$!(6!3&!?*54.4*01,$!0.3$!6(,!.50$,I.$V/!V.0#!&(159!D$(D%$S!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

XX!!

M.5$! D*,0.?.D*50/!V$,$! .5I(%I$4! .5! 0#$! 6(?1/! 9,(1DG! .5?%14.59! 0#$! 6*?.%.0*0(,! *54!3&/$%6S! -#$!

9,(1D!V*/!D1,D(/$61%%&! /3*%%!$5(19#! 0(!$5/1,$!*%%!D*,0.?.D*50/!#*4!*5!(DD(,015.0&! 0(!/#*,$G!

210!%*,9$!$5(19#!0(!?,$*0$!*!/0.31%*0.59!4./?1//.(5S!N5!$R0$,5*%!6*?.%.0*0(,!V.0#!$RD$,.$5?$!.5!

0#$! D,.3*,&! ?*,$! /$?0(,! ,*5! 0#$! 6(?1/! 9,(1DG! $5?(1,*9.59! .50$,*?0.(5! *54! 4$2*0$! 2$0V$$5!

,$/$*,?#! D*,0.?.D*50/G! *54! V(,+.59! V.0#! 9,(1D! 4&5*3.?/! 0(! *%%(V! $I$,&(5$! *5! (D.5.(5! 0#*0!

$5?(1,*9$4!,$/$*,?#!D*,0.?.D*50/! 0(!/$0! 0#$!D,.(,.0.$/! 6(,!4./?1//.(5G!*/!V$%%!*/!#$%D.59! 0#$3!

?%*,.6&! 0#$.,! I.$V/! *54! $RD*54! 0#$.,! (V5! 0#.5+.59! >`.0r.59$,! Ciid@S! -#$! 4./?1//.(5! V*/! #$%4!

*,(154!*5!(I*%!0*2%$!.5!0#$!%.2,*,&!(6!0#$!8$D*,03$50!(6!E$5$,*%!;,*?0.?$!*0!0#$!H5.I$,/.0&!(6!

:$%2(1,5$G!*54!%*/0$4!*DD,(R.3*0$%&!0V(!#(1,/S!;,.(,!0(!0#$!6(?1/!9,(1DG! %15?#!D,(I.4$4!*5!

.56(,3*%!.?$2,$*+$,!0(!#$%D!D*,0.?.D*50/!6$$%!3(,$!,$%*R$4!*54!?(36(,0*2%$!V.0#!$*?#!(0#$,S!N0!

0#$!2$9.55.59!(6!0#$!/$//.(5!D*,0.?.D*50/!V$,$!.5I.0$4!0(!/#*,$!*!?#*%%$59$!*54!#.9#%.9#0!(6!0#$!

D,$I.(1/!V(,+V$$+!0(!61,0#$,!T2,$*+!0#$!.?$UG!*54!9$50%&!2,.59!D*,0.?.D*50/U!6(?1/!2*?+!0(!0#$!

D,(6$//.(5*%!/$00.59!*60$,!%15?#S!

N5! .50$,I.$V! 91.4$!V*/! 4$I$%(D$4! *54! 1/$4! .5! 0#$! 6(?1/! 9,(1DG!V#.?#! /$,I$4! *! 5132$,! (6!

D1,D(/$/!>/$$!*DD$54.R!d!6(,!0#$!+$&!.56(,3*50!.50$,I.$V!91.4$@S!F.,/0%&G!0#$!91.4$!3*DD$4!(10!

2,(*4!*,$*/!(6!.571.,&!6(,!0#$!6(?1/!9,(1D!><$*0#!$0!*%!ABBi@^!/$?(54%&!.0!/$,I$4!*/!*!91.4$!6(,!

0#$! 6*?.%.0*0(,^!*54! 6.5*%%&! .0!$5/1,$4!*%%!4$/.,$4! .56(,3*0.(5!/(19#0! 6,(3!+$&! .56(,3*50/!V*/!

9*0#$,$4! >:?Q*66$,0&!ABBd@S! -#$!91.4$!V*/!4$I$%(D$4!2&!$/0*2%./#.59!*! %./0!(6! +$&! .//1$/! 6(,!

$RD%(,*0.(5G!2*/$4!(5!3&!%.0$,*01,$!,$I.$V!(6!9,$&!%.0$,*01,$!*54!D$$,W,$I.$V$4!*,0.?%$/!*2(10!

0#$! D#$5(3$5(5S! -#$! %./0! V*/! *,,*59$4! .50(! 2,(*4! 0#$3$/G! V#.?#! V$,$! 4,.%%$4! 4(V5! 0(!

4$I$%(D!0#$!.50$,I.$V!D%*5S!Q(6%*54!*54!Q(6%*54!>Ci\d@!4$/?,.2$!0#./!D,(?$//!*/!2$9.55.59!V.0#!

2,(*4!4$/?,.D0.I$!71$/0.(5/!*54!6(%%(V.59!1D!V.0#!3(,$!D,(2.59!71$/0.(5/!6(,!3(,$!4$0*.%S!!

6"6"!% O*/)<)/8.9%-'C)F-+180+81'/%)*+'1<)'=-%LM':%)*(,1C.*+-%.*/%:,8*4%2',29'N%

N44.0.(5*%!4*0*!6(,!0#./!/014&!V*/!?(%%$?0$4!I.*!.54.I.41*%!/$3.W/0,1?01,$4!.50$,I.$V/G!V#.?#!./!

*! D(D1%*,! 3$0#(4! (6! 4*0*! ?(%%$?0.(5! .5! #$*%0#! ,$%*0$4! ,$/$*,?#! >_.?$G! Q.*3D100(59! p! Jrr&!

Ciii@G!D*,0.?1%*,%&!6(,!.5I$/0.9*0.59!*!D#$5(3$5(5!V#$5!I$,&!%.00%$!./!+5(V5!><*5/$5!ABBc@S!!

-#$! 71*%.0*0.I$! .50$,I.$VG! 5(0! 15%.+$! 0#$! 6(?1/! 9,(1DG! *%%(V/! 0#$! ,$/$*,?#$,! 0(! $RD%(,$! #(V!

D$(D%$! I.$V! 0#$.,! (V5! *54! (0#$,/! 2$#*I.(1,/! *54! 154$,/0*54.59/G! T*54! 0#$!3$*5.59/! 0#$&!

*00,.210$! 0(! 0#$3U! ><$*0#! ABBcG! DS! ic@S! L0! ./! 2*/$4! (5! *5! *//13D0.(5! 0#*0! $*?#! D$,/(5U/!

(D.5.(5/! *54! I.$V/! *,$! I*%.4! *54! 0#*0! 2&! .50$,I.$V.59! ?*,$61%%&! /$%$?0$4! .54.I.41*%/G! .5/.9#0/!

.50(!0#$!D#$5(3$5(5!V.%%!2$!15I$.%$4G!0#*0!3*&!5(0!#*I$!(0#$,V./$!2$$5!15?(I$,$4!>:*,I*/0.!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Xd!!

ABBd@S!F1,0#$,3(,$G!0#$!.50$,I.$V!./!*5!.50$,*?0.I$!D,(?$//!V#$,$2&!0#$!.50$,I.$V$,!*54!0#(/$!

2$.59!.50$,I.$V$4!?(3$!0(9$0#$,!0(!f(.50%&!?(5/0,1?0!/(?.*%!,$*%.0&!0#,(19#!0#./!.50$,*?0.(5S!

L5!?(50,*/0!0(!0#$!6(?1/!9,(1DG!0#$!.54.I.41*%!.50$,I.$V!./!*!3(,$!D,.I*0$!D,(?$//!(6!.50$,*?0.(5!

2$0V$$5!0#$! .50$,I.$V$,!*54! .50$,I.$V$$S!N%0#(19#! %*?+.59!0#$!4&5*3.?!9,(1D! .50$,*?0.(5!(6!

0#$!6(?1/!9,(1DG!0#$!.54.I.41*%!.50$,I.$V!D,(I.4$/!*5!(DD(,015.0&!0(!21.%4!9,$*0$,!,*DD(,0!V.0#!

D*,0.?.D*50/G! *54! *??(33(4*0$! .54.I.41*%! 5$$4/S! -#$! .50$,I.$V! *%/(! *%%(V/! D*,0.?.D*50/! 0(!

4./?1//!/$5/.0.I$!*54!D$,/(5*%! .//1$/! 0#*0! 0#$&!3*&!5(0!#*I$! 6$%0!?(36(,0*2%$!4./?1//.59! .5!*!

9,(1D! /$00.59^! *5! .3D(,0*50! 6*?0(,! 6(,! 0#./! ,$/$*,?#! 9.I$5! 0#$! 5*01,$! (6! 0#$! 0(D.?! 154$,!

.5I$/0.9*0.(5G! .5?%14.59! .5! D*,0.?1%*,! 0#$! /$R1*%! 5*01,$! (6! 0#$! 2$#*I.(1,! (6! /$R0.59! *54! 0#*0!

/$R0.59!D(/$/!%$9*%!.3D%.?*0.(5/!6(,!0#(/$!.5I(%I$4S!!

)[( F&$"84%">5(>%$D(="6(%&<,8?)&$5(

=#((/.59!.54.I.41*%!.50$,I.$V/!*/!*5!*44.0.(5*%!3$0#(4!(6!4*0*!?(%%$?0.(5!6,(3!+$&!.56(,3*50/!

3$*50!L!V*/!*2%$!0(!21.%4!(5!.56(,3*0.(5!9*0#$,$4!.5!0#$!6(?1/!9,(1D!0(!21.%4!*!3(,$!?(3D%$0$!

D.?01,$! (6! 0#$! D#$5(3$5(5! 2$.59! $RD%(,$4S! L! V*/! *2%$! 0(! .5?%14$! I*%1*2%$! /(1,?$/! 0#*0!

(0#$,V./$!?(1%4!5(0!2$! .5?%14$4! .5! 0#$!/014&G! .5?%14.59!+$&! .56(,3*50/!5(0!V*50.59! 0(!/#*,$!

(D.5.(5/!.5!*!9,(1D!/$00.59!*54!0#(/$!15*2%$!0(!*00$54!0#$!6(?1/!9,(1DS!!

L!?(541?0$4!.54.I.41*%!.50$,I.$V/!V.0#!6.I$!+$&!.56(,3*50/^!6(1,!.50$,I.$V/!V$,$!?(541?0$4!.5!

0#$! D*,0.?.D*50/U!V(,+D%*?$! >.5! *5! (66.?$! (,! .50$,I.$V! ,((3@G! *54! (5$!V*/! ?(541?0$4! .5! 0#$!

#(3$!(6!0#$!D*,0.?.D*50!>V#(!V*/!V(,+.59!6,(3!#(3$!(5!0#*0!D*,0.?1%*,!4*&@S!!

N5!.50$,I.$V!91.4$!V*/!*4*D0$4!6,(3!,$/1%0/!(6!0#$!6(?1/!9,(1D!4./?1//.(5!>/$$!*DD$54.R!CY@S!

L0! 3$*50! 0#$,$! V*/! 6%$R.2.%.0&! 0(! $RD%(,$! 15*50.?.D*0$4! 0#$3$/! *54! ?(55$?0.(5/! .5! 9,$*0$,!

4$0*.%! ><$*0#! $0! *%S! ABBi@! */! 0#$&! *,(/$! .5! .54.I.41*%! .50$,I.$V/S! -#./! D,(?$//! *%%(V$4!

,$/$*,?#$,!,$6%$R.I.0&G!*54!?,$*0$4!*!4&5*3.?!?&?%$!(6!(59(.59!4*0*!?(%%$?0.(5!*54!*5*%&/./S! L0!

3$*50!6(,!0#./!/014&G!*/!5$V!4*0*!$3$,9$4G!5$V!71$/0.(5/!V$,$!9$5$,*0$4!>;*00(5!ABBA@S!!

7[( F&$"84%">5(>%$D(6,-&'(/",/0"((

L0!V*/! *! D,.(,.0&! (6! 0#./! /014&! 0#*0! 4*0*! ?(%%$?0.(5!3$0#(4/!V$,$! ,$/D$?061%! (6! 0#$! *2.%.0&! (6!

&(159!D$(D%$! 0(! ?(50,.210$! .5! *!3$*5.5961%!V*&! 0(! +5(V%$49$! 9$5$,*0.(5! *2(10! .//1$/! 0#*0!

*66$?0!0#$3S!-#$,$6(,$G!4(?13$50.59!T0#$!V(,%4!6,(3!0#$!D(.50!(6!I.$V!(6!0#$!D$(D%$!/014.$4!

l!,*0#$,!0#*5!D,$/$50.59!.0!6,(3!0#$!D(.50!(6!I.$V!(6!0#$!,$/$*,?#$,U!><*3$,/%$&!CiiAG!DS!dY@!

V*/!*!D,.(,.0&!6(,!0#./!D,(f$?0S!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

XY!!

L! ?(541?0$4!*%%! .54.I.41*%! .50$,I.$V/!V.0#! &(159!D$(D%$G! *V*,$!(6! 0#$!D(V$,! .32*%*5?$! 0#*0!

.5$I.0*2%&!$R./0/!2$0V$$5! 0#$!D,(6$//.(5*%! .50$,I.$V$,! >V#.?#!?*5!*%/(!2$!$R*?$,2*0$4!2&!*5!

*9$!4.66$,$5?$@!*54!0#$!&(159!D$,/(5!>:?Q$(4!p!:*%(5$!ABBB^!a$55$0G!=.$/%.+!p!:.%$/!ABBX^!

E,.66.5!CiiX^!=(#$5!ABBY^!F,*5?$!ABBd@S!L!V*/!0#$,$6(,$!?(33.00$4!0(!,$41?.59!0#./!.32*%*5?$!

V#$,$I$,! L! ?(1%4G! 2&! #*54.59! (I$,! */! 31?#! ?(50,(%! */! D(//.2%$! 0(! &(159! D$(D%$! .5! 0#$!

.50$,I.$V!D,(?$//S! L!1/$4!*! ,*59$!(6!/0,*0$9.$/! 0(!21.%4! ,*DD(,0!*54!/1DD(,0!&(159!D$(D%$! 0(!

6$$%! ?(36(,0*2%$! *54! *0! $*/$! .5! 0#$! .50$,I.$V! /$//.(5S! O(159! D$(D%$! V$,$! D,(I.4$4!

.56(,3*0.(5! *2(10! 0#$! .50$,I.$V! D,(?$//! *54!V#*0! .0! V(1%4!3$*5! 6(,! 0#$3! 0(! 2$! .5I(%I$4G!

.5?%14.59!0#$!D1,D(/$!(6!0#$!/014&G!*2(10!0#$.,!*5(5&3.0&!*54!(D0.(5!0(!T(D0!(10U!*0!*5&!0.3$!

><*5/$5!ABBcG!DCBC@G!*54!6.5*%%&!*2(10!/(1,?$/!(6!.56(,3*0.(5!*54!/1DD(,0!*I*.%*2%$!.5!(,!*60$,!

0#$! .50$,I.$V! .6! 0#./!V*/!5$$4$4S!;*,0.?.D*50/!V$,$!*%/(!9.I$5!*!?#(.?$!*2(10! 0#$! %(?*0.(5!(6!

0#$.,!.50$,I.$V^!6(,!$R*3D%$!(5$!&(159!D$,/(5!?#(/$!0(!2$!.50$,I.$V$4!.5!0#$.,!?*,G!*/!0#./!6$%0!

3(/0! ?(36(,0*2%$! 6(,! 0#$3! .5! 0$,3/!(6! 6$$%.59! /*6$! 0(! /#*,$!D,.I*0$! *54!D$,/(5*%! I.$V/S!N5!

.;#(5$!V*/!1/$4!6(,!*14.(!,$?(,4.59!*54!D*,0.?.D*50/!V$,$!/#(V5!#(V!0(!/0(D!0#$!.50$,I.$V!

,$?(,4.59!0#$3/$%I$/!.6!0#$&!V./#$4S!N!3$0#(4!0$,3$4!TD,(?$//!?(5/$50U!2&!<$*0#!$0!*%S!>ABBi@!

V*/!*%/(!1/$4!V#.?#!./!2*/$4!(5!0#$!5(0.(5!0#*0!?(5/$50!/#(1%4!2$!5$9(0.*0$4!(5!*5!(5W9(.59!

2*/./G!,*0#$,!0#*5!2$.59!*2(10!.5.0.*%!?(5/$50!(5%&G!V#.?#!3$*50!&(159!D$(D%$!?(1%4!$RD,$//!*!

4$/.,$!0(!(D0!(10!(6!/(3$!(,!*%%!$%$3$50/!(6!0#$!,$/$*,?#!*0!*5&!0.3$G!4$/D.0$!#*I.59!*%,$*4&!

*9,$$4! 0(!D*,0.?.D*0$S! -#$,$6(,$! .0!V*/! $RD%*.5$4! 0(! &(159!D$(D%$! *0!3*5&!D(.50/! *%(59! 0#$!

V*&! 0#*0!(D0.59!(10!V*/! *! I*%.4!(D0.(5G! .5?%14.59!2$6(,$! 0#$! .50$,I.$V!2$9*5G! (5?$! .50(! 0#$!

.50$,I.$VG!*54!*60$,!0,*5/?,.D0/!V$,$!?(3D%$0$4S!!

N/!D,$I.(1/%&!3$50.(5$4!*5!.50$,I.$V!91.4$!V*/!*%/(!4$I$%(D$4!0(!%$*4!0#$!.50$,I.$V!D,(?$//S!

-#$!91.4$!V*/!2*/$4!(5! 0#$3$/!$%.?.0$4! 6,(3! 0#$! %.0$,*01,$! ,$I.$V!*54! 0#$3*0.?! *5*%&/./!(6!

+$&!.56(,3*50!4*0*G!*54!.5?%14$4!2(0#!2,(*4!*54!3(,$!/D$?.6.?!(D$5W$54$4!71$/0.(5/S!-(D.?/!

V$,$!5(0!*%V*&/!$RD%(,$4!2&!4.,$?0!71$/0.(5.59^!/(3$0.3$/!D*,0.?.D*50/!V$,$!/.3D%&!*/+$4!0(!

,$6%$?0!(5!0#$.,!I.$V!(,!154$,/0*54.59!(6!*!D*,0.?1%*,!*/D$?0!(6!/$R0.59!><$*0#!$0!*%S!ABBi@S!!

-#$! .50$,I.$V! D,(?$//!V*/! 6%$R.2%$! $5(19#! 0(! *%%(V! 0#$! 4./?1//.(5! 0(!V*54$,! 0(! D%*?$/! 0#*0!

.50$,$/0$4!0#$!&(159!D$(D%$!/(!0#$&!?(1%4!0*+$!0#$!%$*4!V#$5!0#$&!V*50$4!0(S!L0!3$*50!0#$&!

V$,$! 6,$$! 0(! $RD%(,$! 0(D.?/G!V#.?#!3*&!#*I$!2$$5!$71*%%&! ,$%$I*50! T$I$5! .6! 0#$! ?(55$?0.(5/!

V$,$! 5(0! *%V*&/! /0,*.9#06(,V*,4%&! 0,*5/D*,$50U! ><$*0#! $0! *%S! ABBi! DS! \C@! 0(! 3$! */! 0#$!

,$/$*,?#$,S!N/!0#$!,$/$*,?#!4$I$%(D$4!*54!5$V!D*,0.?.D*50/!V$,$! .50$,I.$V$4G! 0#$! .50$,I.$V!

91.4$!V*/!*4*D0$4!0(!?*D01,$!5$V!*54!.3D(,0*50!*,$*/!(6!.571.,&^!0#./!.541?0.I$!5*01,$!(6!0#$!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Xc!!

/014&!3$*50! .0!V*/! *2%$! 0(! $I(%I$!V.0#! 0.3$! ><*5/$5!ABBc@G! /(! 0#$!(,.$50*0.(5!(6! 0#$! /014&!

?#*59$4!*/!5$V!4*0*!V*/!9*0#$,$4!6,(3!&(159!D$(D%$S!!

XSd! "N:;QJ!!=*,$61%!?(5/.4$,*0.(5!V*/!0*+$5!0(!/$%$?0!*5!*DD,(D,.*0$!5132$,!(6!,$/$*,?#!D*,0.?.D*50/!6(,!

$*?#!/0*9$!(6!0#$!/014&S!)#$,$*/!9$5$,*%./*0.(5!(6!,$/1%0/!0(!0#$!V.4$,!D(D1%*0.(5!./!V.0#.5!0#$!

*32.0! (6! 71*50.0*0.I$! /014.$/G! .5! ?(50,*/0G! 71*%.0*0.I$! 3$0#(4/! *%%(V! 0#$! /*3D%$! /.r$! 0(! 2$!

4$0$,3.5$4! 2&! /*01,*0.(5G! 0#$! D(.50! *0! V#.?#! 5(! 5$V! 4*0*! $3$,9$/G! 0#1/! *! /*3D%$! /.r$!

?*%?1%*0.(5! V*/! 5(0! 5$?$//*,&S! "*01,*0.(5!3*&! (??1,! */! $*,%&! */! 2$0V$$5! $.9#0! *54! /.R0$$5!

.50$,I.$V/!><*5/$5!ABBc@S!

6"E"$% P':%)*(,1C.*+-%%

-#$! +$&! .56(,3*50! /*3D%$! V*/! /3*%%$,! 0#*5! 0#*0! (6! &(159! D$(D%$G! */! 0#$! 6.,/0! /0*9$! (6! 0#$!

,$/$*,?#! V*/!3$,$%&! *2(10! 21.%4.59! *! ?(50$R0! 6(,! D#*/$! 0V(! *54! /$00.59! 0#$! /?$5$! 6(,! 0#$!

?$50,*%!6(?1/!(6!0#$!,$/$*,?#!.5I(%I.59!&(159!D$(D%$S!

E.I$5! I$,&! %.00%$! V*/! +5(V5! *2(10! 0#$! D#$5(3$5(5! (6! /$R0.59! *3(59/0! &(159! D$(D%$G! +$&!

.56(,3*50/!V$,$!?#(/$5!6(,! 0#$.,! %$I$%!(6!$RD$,0./$!*54!+5(V%$49$! .5! 0#./!*,$*S!-#1/G! 0V$%I$!

+$&!/0*+$#(%4$,/!V.0#!4.I$,/$!$RD$,.$5?$!*54!I.$V/!V$,$!,$D,$/$50$4G!.5?%14.59!D,(6$//.(5*%/!

5(0*2%$! .5! 0#$.,! 6.$%4S! _$/$*,?#$,/G! ?&2$,W/*6$0&! $RD$,0/! *54! .54.I.41*%/! V(,+.59!V.0#! &(159!

D$(D%$!.5!*!0$*?#.59G!/1DD(,0!(,!?(15/$%%.59!,(%$!V$,$!,$D,$/$50$4!>/$$!0*2%$!\!6(,!3(,$!4$0*.%@!

6,(3!*?,(//! *! 4.I$,/$! ,*59$!(6! (,9*5./*0.(5/! *54! /$00.59/S! N%0#(19#! /(3$!D*,0.?.D*50/! +5$V!

$*?#!(0#$,G!(0#$,/!#*4!5(0!3$0!D,$I.(1/%&S!!!

6"E"!% A,8*4%2',29'%%

N/!D,$I.(1/%&!4./?1//$4G!/*3D%.59!V*/!5(0!4$/.95$4!0(!2$!,$D,$/$50*0.I$G!V#.?#!(5%&!*DD%.$/!0(!

%*,9$W/?*%$!71*50.0*0.I$!/*3D%$/G!#(V$I$,G! .0!V*/! .3D(,0*50! 0(!#*I$!,$D,$/$50*0.(5!(6!&(159!

D$(D%$! 6,(3! *! 2,(*4! /D,$*4! (6! *9$/G! 9$54$,/! *54! $RD$,.$5?$S! -#1/G! &(159! D$(D%$! V$,$!

,$?,1.0$4!6,(3!*!I*,.$0&!(6!/(1,?$/! .5!*5!*00$3D0!0(!$5/1,$!0#./!V*/!0#$!?*/$G! .5?%14.59!6,(3!

,$?,$*0.(5*%!*54!#$*%0#!/$00.59/!*54!CY!4.66$,$50!$41?*0.(5*%!/$00.59/S!8$0*.%/!(6!0#$!/*3D%$!(6!

&(159!D$(D%$!*,$!(10%.5$4!.5!?#*D0$,!YS!

! %

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Xe!!

6"E"6% Q.1+)0)2.+),*%,(%C)*,1-%

N/! D,$I.(1/%&! /0*0$4G! 3$4.*! *54! *5$?4(0*%! ,$D(,0/! *2(10! 0#$! D#$5(3$5(5! (6! /$R0.59! #*I$!

,*./$4!D*,0.?1%*,!?(5?$,5/!6(,!&(159!D$(D%$!*9$4!C\!&$*,/!*54!154$,S!:*5&!(6!0#$/$!?(5?$,5/!

,$%*0$!0(!0#$!6*?0!0#*0G!*??(,4.59!0(!0#$!%*VG!*5!.3*9$!(,!I.4$(!0#*0!4$D.?0/!*!D$,/(5!V#(!./G!(,!

*DD$*,/!0(!2$G!154$,!0#$!*9$!(6!C\!$59*9.59!.5!/$R1*%!*?0.I.0&!(,!4$D.?0$4!.5!*5!.54$?$50!/$R1*%!

3*55$,! (,! ?(50$R0G! ./! ?(5/.4$,$4! ?#.%4! D(,5(9,*D#&S! -#1/G! *! D$,/(5! V#(! ./! 6(154! 0(! #*I$!

D,(41?$4! *54o(,! 4./0,.210$4! 0#$/$! .3*9$/! (,! I.4$(/! ?(1%4! 2$! ?,.3.5*%%&! ?#*,9$4! >E,.66.0#! p!

".3(5!ABB\^!h.?0(,.*5!=,.3$/!N?0!ZceN]!CiY\@S!!

)#.%$! 0#$,$! *,$! I$,&! 6$V! +5(V5! ?*/$/! (6! N1/0,*%.*5! &(159! D$(D%$! .5I(%I$4! .5! /$R0.59! 2$.59!

?#*,9$4! V.0#! 0#$! D,(41?0.(5! (,! 4./0,.210.(5! (6! ?#.%4! D(,5(9,*D#&G! 0#(/$! V#(! D,(41?$! (,!

4.//$3.5*0$!.3*9$/!(6!&(159!D$(D%$!154$,!C\!&$*,/!4(!6*?$!0#./!,./+^!0#1/!0#$!5$$4!6(,!&(159!

D$(D%$!.5!$*,%&!*4(%$/?$5?$!0(!D*,0.?.D*0$!.5!0#./!/014&!V*/!?(5/.4$,$4!.3D(,0*50S!!

:(/0!,$/$*,?#!.5I(%I.59!3.5(,/!,$71.,$/!&(159!D$(D%$!0(!(20*.5!D*,$50o%$9*%!91*,4.*5!?(5/$50!

0(!D*,0.?.D*0$S!<(V$I$,G!.0!V*/!3&!2$%.$6!0#*0!,$71.,.59!0#./!D$,3.//.(5!V(1%4!?,$*0$!*!2*,,.$,!

0(! 0#$! .5?%1/.(5! (6!3*5&! &(159! D$(D%$! *54!V(1%4! 4$5&! 0#$.,! *10(5(3&S! JI.4$5?$! /199$/0/!

&(159!D$(D%$!4(!5(0!0*%+!0(!D*,$50/!*2(10!?&2$,W21%%&.59!6(,!6$*,!(6!,$3(I*%!(6!0$?#5(%(9.?*%!

D,.I.%$9$/S!F(,!$R*3D%$!*!H"!/014&!>M*0.(5*%!=,.3$!;,$I$50.(5!=$50,$!ABBi@!6(154!(5%&!CBs!(6!

?#.%4,$5!V#(!V$,$!?&2$,W21%%.$4!0(%4!0#$.,!D*,$50/!*2(10!0#$!.5?.4$50S!F1,0#$,3(,$G!,$/$*,?#!

2&! 0#$!N1/0,*%.*5!=*0#(%.?!H5.I$,/.0&! >ABCA@! /199$/0/!5132$,/!(6!&(159!D$(D%$!2$.59!21%%.$4!

3*&! 2$!31?#! #.9#$,! 0#*5! ./! 2$.59! ,$D(,0$4G! 9.I$5!3*5&! ?#.%4,$5! 4(! 5(0! ,$D(,0! 6(,! 6$*,! (6!

%(/.59! *??$//! 0(! 0$?#5(%(9.?*%! D,.I.%$9$/S! -#$,$6(,$! .5/./0.59! (5! (20*.5.59! D*,$50o91*,4.*5!

?(5/$50! 6,(3! D*,0.?.D*50/! >.5?%14.59! 3.5(,/@! ,*5! 0#$! ,./+! (6! &(159! D$(D%$! 5(0! ?#((/.59! 0(!

D*,0.?.D*0$! *54! D(0$50.*%%&! ?(3D,(3./.59! ,$/$*,?#! I*%.4.0&! >"*5?.G! "*V&$,G! )$%%$,G! a(54! p!

;*00(5!ABBd@S!!

N%0#(19#! ?(5?$,5! $R./0/! *2(10! &(159! D$(D%$U/! *2.%.0&! 0(! ?(5/$50! 0(! ,$/$*,?#! V.0#(10! 0#$.,!

D*,$50/! *DD,(I*%! >J5/.95! ABBX^! M*0.(5*%! <$*%0#! p! :$4.?*%! _$/$*,?#! =(15?.%! ABBe^! Q(0#$5W

`%.5$G! <(V*,4G! <*321,9$,G! )(,,$%%! p! a($+$%((! ABBX@G! .5! N1/0,*%.*! 0#$! %*V! /*&/! *! 3.5(,! ./!

?*D*2%$!(6!9.I.59!.56(,3$4!?(5/$50!.6!0#$&!*,$!?(5/.4$,$4!0(!#*I$!/166.?.$50!154$,/0*54.59!*54!

.50$%%.9$5?$!0(!2$!*2%$!0(!154$,/0*54!61%%&!V#*0!./!D,(D(/$4!>a.,4!ABCC@S!F1,0#$,3(,$G!*!,$I.$V!

(6!D/&?#(%(9.?*%!,$/$*,?#!.50(!*4(%$/?$50/U!4$?./.(5W3*+.59!?*D*?.0.$/!#*/!6(154!0#*0!0#(/$!*0!

%$*/0! */! &(159! */! Cd! &$*,/! *,$! ?*D*2%$! (6! 3*+.59! .56(,3$4! 4$?./.(5/! >"*5?.! $0! *%S! ABBd@S!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

X\!!

H56(,015*0$%&!0#$,$!*,$!5(!91.4$%.5$/!0#*0!.54.?*0$!V#.?#!6*?0(,/!,$D,$/$50!/166.?.$50!3*01,.0&!

0(!2$!?(5/.4$,$4!*!3*01,$!3.5(,!><*,,./(5!CiiA@S!-(!4$0$,3.5$!3*01,$!3.5(,!/0*01/!(6!&(159!

D$(D%$G!?#*,*?0$,./0.?/!0#*0!V$,$!0*+$5! .50(!*??(150!V$,$!*5!*2.%.0&!0(!V$.9#!1D!*54!$RD,$//!

(D0.(5/!*54!?(5/$71$5?$/!>D(/.0.I$!*54!5$9*0.I$@!(6!.5I(%I$3$50!.5!0#$!,$/$*,?#!*54!*5!*2.%.0&!

0(! (,9*5./$! *54! *,,*59$! 0(! D*,0.?.D*0$! .5! ,$/$*,?#! .50$,I.$V/! V.0#(10! 0#$.,! D*,$50/! >"*5?.G!

"*V&$,G! `*59G! <*%%$,! p! ;*00(5! ABBY^! "+$5$! ABBd@S! N/! *! ,$9./0$,$4! 51,/$! V.0#! *! V$*%0#! (6!

$RD$,.$5?$! V(,+.59! V.0#! 3*5&! 4.66$,$50! 9,(1D/! (6! &(159! D$(D%$! .5! 0#$.,! 0$$5/G! L! V*/! V$%%!

$71.DD$4!0(!154$,0*+$! 0#./!3*01,$!3.5(,!*//$//3$50S!"$$!*DD$54.R!Cd! 6(,!*!4.*9,*3!(6! 0#$!

3*01,$!3.5(,!*//$//3$50!D,(?$//!6(,!0#./!/014&S!

N%%! 3.5(,/! V$,$! */+$4! .6! 0#$&! V(1%4! %.+$! 0(! (20*.5! D*,$50o91*,4.*5! ?(5/$50^! 0#(/$! 5(0!

?(5/.4$,$4! *! 3*01,$! 3.5(,G! V$,$! .5$%.9.2%$! 0(! D*,0.?.D*0$! P5$! 71*,0$,! (6! 3.5(,/! ?#(/$! 0(!

(20*.5!D*,$50o91*,4.*5!?(5/$50!>/$$!*DD$54.?$/!\!*54!i!6(,!/*3D%$/!(6!D*,$50o91*,4.*5!D%*.5!

%*591*9$!/0*0$3$50/!*54!?(5/$50!6(,3/@S!

-#$! 6*?0! 0#*0!3(/0!&(159!D$(D%$!*9$4!154$,!C\!&$*,/!V#(!D*,0.?.D*0$4! .5! 0#./! /014&!4.4!5(0!

V*50!0(!(20*.5!D*,$50!?(5/$50G!V*/!*66.,3*0.(5!0#*0!$RD$?0.59!*%%!3.5(,/!0(!(20*.5!0#./!?(5/$50!

3*&!#*I$!$R?%14$4!D(0$50.*%!D*,0.?.D*50/S!F1,0#$,3(,$G!(6! 0#(/$!V#(!4.4!V./#!0(!D*,0.?.D*0$!

V.0#(10!D*,$50!?(5/$50G!*%%!V$,$!*//$//$4!*/!3*01,$!3.5(,S!

XSY! _J=_HL-:JM-!!

6"#"$% R'018)+C'*+%,(%M':%)*(,1C.*+-%%

`$&!.56(,3*50/!V$,$!/(1,?$4!0#,(19#!3&!(V5!D,(6$//.(5*%!5$0V(,+/!*54!/5(V2*%%!/*3D%.59G!*!

6(,3! (6! D1,D(/.I$! /*3D%.59! >Q(6%*54! p! Q(6%*54! Ci\d@! 0#*0! *%%(V/! D*,0.?.D*50/! 0(! /199$/0!

*44.0.(5*%! /(1,?$/! 6(,! 0#$! /014&S! L5.0.*%! ?(50*?0! V*/! 3*4$! V.0#! D(0$50.*%! D*,0.?.D*50/! *54!

.50$,$/0$4! .54.I.41*%/! V$,$! /$50! D%*.5! %*591*9$! /0*0$3$50/! >;Q"@! *54! ?(5/$50! 6(,3/! >/$$!

*DD$54.?$/! A! *54! X@S! PI$,*%%G! ?(50*?0! V*/! 3*4$! V.0#! Ad! .54.I.41*%/^! #(V$I$,! (5%&! /$I$5!

D*,0.?.D*0$4! .5! 0#$! 6(?1/! 9,(1D! *54! 6.I$! D*,0.?.D*0$4! .5! .54.I.41*%! .50$,I.$V/S! -V$%I$!

.54.I.41*%/!V$,$!4$$3$4!15/1.0*2%$G!.5!0$,3/!(6!5(0!#*I.59!/166.?.$50!+5(V%$49$!(,!$RD$,0./$!

.5!0#$!*,$*!(6!/014&G!(,!V$,$!15*2%$!0(!*00$54!*5!.50$,I.$V!(,!0#$!6(?1/!9,(1D!41,.59!0#$!/014&!

D$,.(4S!

%

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Xi!!

6"#"!% R'018)+C'*+%,(%:,8*4%2',29'%

O(159! D$(D%$! V$,$! ,$?,1.0$4! 3(/0%&! 6,(3! (,9*5./*0.(5*%! /$00.59/! I.*! 3&! (V5! D,(6$//.(5*%!

5$0V(,+/G! V#.?#! D,(I.4$4! *??$//! 0(! &(159! D$(D%$! 6,(3! *! ,*59$! (6! &(10#! *54! $41?*0.(5*%!

D,(9,*3/! *54! (,9*5./*0.(5/S! -$*?#$,/G! %$?01,$,/! *54! &(10#! V(,+$,/! *?0$4! */! 0#.,4! D*,0.$/S!

N44.0.(5*%! &(159! D$(D%$! V$,$! ,$?,1.0$4! I.*! 3&! (V5! D$,/(5*%! 5$0V(,+/S! "$$! 0*2%$! e! 6(,! *!

/133*,&!(6!/(1,?$/!(6!,$?,1.03$50!6(,!&(159!D$(D%$S!!

)#$,$!0#.,4!D*,0.$/!V$,$!.5I(%I$4G!0#$&!.5.0.*%%&!4./?1//$4!0#$!D,(f$?0!V.0#!&(159!D$(D%$!*54!

0#$5! L! V*/! .5I.0$4! 0(! *00$54! 0#$! ?%*//! (,! /$//.(5! 0(! 4./?1//! 0#$! D,(f$?0! .5! 3(,$! 4$0*.%! *54!

*5/V$,! D(0$50.*%! 71$/0.(5/! >/$$! *DD$54.R! CA! 6(,! 0#.,4! D*,0&! /?,.D0! *54! *DD$54.R! CX! 6(,!

,$/$*,?#$,! /?,.D0@S! L50$,$/0$4! &(159! D$(D%$!V$,$! 9.I$5! ;Q"! *54! ?(5/$50! 6(,3/G! *54! ?(50*?0!

4$0*.%/!V$,$!(20*.5$4!0(!*,,*59$!*!/1.0*2%$!0.3$!*54!%(?*0.(5!6(,!0#$!.50$,I.$VS!!

"5(V2*%%! /*3D%.59! V*/! 1/$4! 0(! ,$?,1.0! *44.0.(5*%! &(159! D$(D%$S! ;*,0.?.D*50/! V$,$! 9.I$5!

.56(,3*0.(5!0(!D*//!(5!0(!(0#$,/G!V.0#!4$0*.%/!6(,!?(50*?0.59!3$!.6!0#$&!V$,$!.50$,$/0$4S!

"(3$! *10#(,/! *,91$! ><$*0#! $0! *%S! ABBi@! 0#*0! &(159! D$(D%$! 2$.59! (66$,$4! D*&3$50! 6(,! 0#$.,!

.5I(%I$3$50! 3.9#0! 2$! ?(5/0,1$4! */! *! /120%$! 6(,3! (6! ?($,?.(5! V#.?#! 3*&! .56%1$5?$! &(159!

D$(D%$U/! 4$/.,$! 0(! D*,0.?.D*0$! *54! 0#1/! .56%1$5?$! 0#$! ?(#(,0! (6! &(159! D$(D%$! ,$?,1.0$4S! L!

2$%.$I$!#(V$I$,G!,$?(3D$5/.59!&(159!D$(D%$!6(,!0#$!0.3$!0*+$5!0(!9$0!0(!0#$!.50$,I.$VG!*54!

2$.59!D,$D*,$4!0(!0*%+!*2(10!V#*0!3*&!2$!?(5/.4$,$4!*!?#*%%$59.59!*54!/$5/.0.I$!0(D.?! ./!*5!

.3D(,0*50! V*&! 0(! /#(V! 9,*0.014$! >:?8(V$%%! ABBC^! '(#5/(5! p! )#.0$! ABBd@S! -#1/! 0(!

*?+5(V%$49$! *54! /#(V! 9,*0.014$! 6(,! 0#$.,! ?(50,.210.(5G! &(159! D$(D%$! V$,$! 9.I$5! *! 9.60!

I(1?#$,!*0!0#$!?(3D%$0.(5!(6!.50$,I.$V/S!!! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

dB!!

XSc! J-<L=NQ!=PM"L8J_N-LPM"!!-#$!D*,0.?.D*0.(5!(6!&(159!D$(D%$! .5! 0#./! /014&! %$4! 0(!*!5132$,!(6!$0#.?*%!?#*%%$59$/! 6(,! 0#$!

,$/$*,?#$,G!#(V$I$,!0#$!D(0$50.*%!2$5$6.0/!(6!0#$.,!.5I(%I$3$50!6*,!(10V$.9#$4!*5&!D(0$50.*%!

,./+/S!!

-#$! 6.,/0!D#*/$!(6! 0#./!D,(f$?0! .5I(%I.59!+$&! .56(,3*50/!V*/!?(5/.4$,$4!3.5.3*%! ,./+!*54!V*/!

9,*50$4!$0#.?/!*DD,(I*%!>BiXA\dXSA@!.5!8$?$32$,!ABBiS!-#$!/$?(54!D#*/$!#(V$I$,G!.5I(%I.59!

&(159! D$(D%$G! /*0!V.0#.5! *! D*,0.?1%*,%&! $0#.?*%%&! ?#*%%$59.59! *,$*G! *54! 4.4! 5(0! ,$?$.I$! $0#.?/!

*DD,(I*%! >BiXC\YASC@! 150.%! F$2,1*,&! ABCBG! 6(%%(V.59! 3&! *00$54*5?$! *0! *! H5.I$,/.0&! (6!

:$%2(1,5$!<13*5!_$/$*,?#!J0#.?/!=(33.00$$! ><_J=@!3$$0.59! 0(!D,$/$50!*5!(I$,I.$V!(6!*%%!

D(0$50.*%!,./+/!0(!D*,0.?.D*50/G!*54!#(V!0#$/$!V(1%4!2$!D,$I$50$4!*54!*44,$//$4S!L//1$/!*2(10!

*??$//!*54!D(V$,!>:?8(V$%%!ABBC@G!*54!0#$!D(0$50.*%%&!/$5/.0.I$!5*01,$!(6!0#$!,$/$*,?#!0(D.?!

V$,$!0#$!3*.5!*,$*/!(6!$0#.?*%!?(5?$,5S!!

N!6.5$!2*%*5?$!$R./0$4!2$0V$$5!3.5.3./.59!D(0$50.*%!,./+!0(!&(159!D$(D%$G!V#.%$!$5/1,.59!0#$!

D,(?$//!(6!,$?,1.03$50!V*/!.5?%1/.I$!6(,!0#(/$!V#(/$!I(.?$!5$$4$4!0(!2$!#$*,4S!N!V.4$!,*59$!

(6! /0,*0$9.$/! *54! D,(?$//$/! V$,$! 4$I$%(D$4! *54! .3D%$3$50$4! 0(! D,$I$50! *54! 3.5.3./$!

D(0$50.*%!,./+/!*54!4$*%!V.0#!*5&!D(0$50.*%!*4I$,/$!(10?(3$/!*,./.59!*/!*!,$/1%0!(6!D*,0.?.D*0.(5!

.5!0#$!/014&S!-#$/$!*,$!4./?1//$4!.5!3(,$!4$0*.%!%*0$,!.5!0#./!?#*D0$,S!

%

-*2%$!eb!"(1,?$/!(6!,$?,1.03$50!(6!&(159!D$(D%$!

P,9*5./*0.(5!! ;,(9,*3! N9$!(6!D*,0.?.D*50/!!

-#.,4!;*,0&!;$,/(5!

-$,0.*,&!N54!F1,0#$,!J41?*0.(5!>-NFJ@!

=EJN!>=$,0.6.?*0$!.5!E$5$,*%!J41?*0.(5!6(,!N41%0/@!!

CYWC\!! -$*?#$,!

H5.I$,/.0.$/! <$*%0#!D,(3(0.(5oD12%.?!#$*%0#!/014$50/!!

CiWAB!! Q$?01,$,!

Q(?*%!9(I$,53$50!&(10#!/$,I.?$!!

O(10#!*4I./(,&!?(15?.%! CYWAB!! O(10#!V(,+$,!

"$?(54*,&!/?#((%! <$*%0#!p!?(3315.0&!D,(9,*3/! CYWC\!! "?#((%!51,/$!

:*,0.*%!*,0/!(,9*5./*0.(5! `*,*0$!/?#((%! CYWC\! `*,*0$!/?#((%!D,.5?.D*%!

!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

dC!!

6">"$% Q1,+'0+)*4%:,8*4%2',29'%(1,C%B.1C%%

N/! *! ,$9./0$,$4! 51,/$G! L! *3! D,(6$//.(5*%%&!3*54*0$4! 0(! ,$D(,0! 0(! h.?0(,.*5! =#.%4! ;,(0$?0.(5!

"$,I.?$G!4./?%(/1,$/!(6!D#&/.?*%!(,!/$R1*%!*21/$!(6!3.5(,/G!V#$,$!0#$!D*,$50/!(,!91*,4.*5/!#*I$!

5(0!D,(0$?0$4G!(,!*,$!15%.+$%&! 0(!D,(0$?0! 0#$3! 6,(3! 0#./!#*,3^!*/! /((5!*/! ./!D(//.2%$!*60$,!*!

4./?%(/1,$!>M*0.(5*%!=#.%4!;,(0$?0.(5!=%$*,.59#(1/$!ABCB@S!-#./!D%*?$4!3$G!*/!0#$!.50$,I.$V$,G!

.5!*!D(/.0.(5!(6!$0#.?*%!*54!%$9*%!,$/D(5/.2.%.0&!0(!*?0!.6!*!&(159!D$,/(5!V*/!D$,?$.I$4!0(!2$!*0!

,./+! (6! #*,3G! *54! *%0#(19#! .0! V*/! ?(5/.4$,$4! 15%.+$%&! *! &(159! D$,/(5! V(1%4! 4./?%(/$!

.56(,3*0.(5! *2(10! D#&/.?*%! (,! /$R1*%! *21/$! (,! #*,3G! .0! V*/! ?(5/.4$,$4! .3D(,0*50! 0(! #*I$!

D,(?$//$/!.5!D%*?$!0(!D,$I$50!*54!4$*%!V.0#!0#./!.6! .0!4.4!(??1,S!-#$,$6(,$G!*0!0#$!2$9.55.59!(6!

$*?#!.50$,I.$V!3.5(,/!V$,$!*4I./$4!0#*0!L!V*/!$0#.?*%%&!*54!%$9*%%&!2(154!0(!.56(,3!/(3$(5$!

.6! 0#$&! 4./?%(/$4! .56(,3*0.(5! *2(10! 0#$.,! 2$.59! *0! ,./+! (6! #*,3.59! 0#$3/$%I$/! (,! (0#$,/G! (,!

2$.59!#*,3$4!2&!/(3$(5$!$%/$S!-#*0! ./G! .6!*!3.5(,!4./?%(/$4! .56(,3*0.(5!0#*0!/199$/0$4!0#$&!

V$,$! *0! ,./+! (6! D#&/.?*%! (,! /$R1*%! *21/$G! (,! 5$9%$?0G! L! V*/! ,$71.,$4! 0(! ,$D(,0! 0#./! 0(! 0#$!

h.?0(,.*5!=#.%4!;,(0$?0.(5!"$,I.?$S!N!4./0,$//o4./?%(/1,$!D,(0(?(%!V*/!4$I$%(D$4! 0(!D,(I.4$!*!

D,(?$//!6(,!4$*%.59!V.0#!$3(0.(5*%!4./0,$//!(,!0,*13*^!4./?%(/1,$!(6!/$R1*%!(,!D#&/.?*%!*21/$^!

(,! .5I(%I$3$50! .5! .%%$9*%! *?0.I.0&! $RD$,.$5?$4!2&! &(159!D$(D%$! .5! (,! *60$,! 0#$! .50$,I.$VS! "$$!

*DD$54.R!Cc!6(,!0#$!4./0,$//o4./?%(/1,$!D,(0(?(%S!

:*5&!(6! 0#$!4./0.5?0.I$! $0#.?*%! ?(5?$,5/! ,$9*,4.59! ,$/$*,?#!V.0#! &(159!D$(D%$! ,$%*0$! 0(! 0#$!

D(V$,! .32*%*5?$! (6! 0#$! *41%0W?#.%4! ,$%*0.(5/#.DG! V#.?#! ?*5! %$*4! 0(! I1%5$,*2.%.0&! *54!

D(V$,%$//5$//!6(,!&(159!D$(D%$!.5!0#$!,$/$*,?#!D,(?$//!>:*00#$V/!ABBC^!:*00#$V/!p!-1?+$,!

ABBB^!<$*0#!$0! *%S! ABBi@S!N/! +5(V%$49$! ?,$*0$/!D(V$,! >_(*?#!N5%$1!CiiY@G! .0!V*/! 0#$,$6(,$!

.3D(,0*50! 0#*0! &(159! D$(D%$!V$,$! 9.I$5! .56(,3*0.(5! .5! *! %*591*9$! 0#*0!V*/! T&(159! D$(D%$!

6,.$54%&U!*0!*!5132$,!(6!/0*9$/!0#,(19#(10!0#$!.50$,I.$V!D,(?$//G!.5?%14.59!D,.(,G!41,.59!*54!*0!

?(3D%$0.(5!(6!0#$!.50$,I.$VS!L56(,3*0.(5!V*/!D,(I.4$4!*2(10!V*&/!.5!V#.?#!0#$!.50$,I.$V!V*/!

0(!2$!?(541?0$4G!.5?%14.59!0#$!%(?*0.(5G!41,*0.(5!*54!0(D.?/!6(,!4./?1//.(5G!V#.?#!3$*50!&(159!

D$(D%$!V$,$!*2%$!0(!3*+$!*5!.56(,3$4!?#(.?$!*2(10!V#$0#$,!(,!5(0!0(!2$!.5I(%I$4S!

P??*/.(5*%%&! D*,0.?.D*0.59! .5! *5! .50$,I.$V! (,! ,$6%$?0.59! 2*?+! (5! .5I(%I$3$50! 3*&! 9$5$,*0$!

.//1$/!5(0!*50.?.D*0$4G!0#1/!3(/0!.50$,I.$V/!V$,$!?(541?0$4!*0!D%*?$/!V.0#!(5W?*%%!/1DD(,0!(6!*!

&(10#! V(,+$,! (,! ?(15/$%(,G! 0(! /1DD(,0! &(159! D$(D%$! (,! D,(I.4$! /$?(54*,&! ?(5/1%0*0.(5!

4$2,.$6.59! 6(,!3$! .6! 5$$4$4S! O(159! D$(D%$!V$,$! *%/(! 9.I$5! 0#$! (DD(,015.0&! 6(,! *! 6(%%(VW1D!

/1DD(,0!D#(5$W?*%%!.6!5$$4$4S!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

dA!!

O(159!D$(D%$!V$,$!*4I./$4!0#*0!D/$14(5&3/!V(1%4!2$!1/$4!0(!4./91./$!0#$.,!.4$50.0&G!*54!0#*0!

*%%! .56(,3*0.(5! 9*0#$,$4! V(1%4! 2$! +$D0! ?(56.4$50.*%! *54! /$?1,$4G! .5! %(?+$4! /0(,*9$! *0! 0#$!

H5.I$,/.0&! (6! :$%2(1,5$G! /12f$?0! 0(! %$9*%! ,$71.,$3$50/! .5! *??(,4*5?$! V.0#! 0#$! H5.I$,/.0&U/!

91.4$%.5$/! 6(,! 0#$! ?(541?0! (6! ,$/$*,?#S! F1,0#$,3(,$G! D*,0.?.D*50/!V$,$! *4I./$4!5(0! 0(! /#*,$!

.56(,3*0.(5!*2(10!0#$.,!(V5!D$,/(5*%!.5I(%I$3$50!.5!/$R0.59G!*/!0#$!D1,D(/$!(6!0#$!/014&!V*/!

0(!4$I$%(D!*5!154$,/0*54.59!(6!0#$!D#$5(3$5(5!(6!/$R0.59!*3(59/0!&(159!D$(D%$!.5!9$5$,*%S!

-#$&!V$,$!*4I./$4!0(!1/$!0#$!3$0#(4!T(5$!D$,/(5!,$3(I$4U!>F,.$43*5!p!:.%%$,!ABBX@G!V#.?#!

.5I(%I$/!1/.59!*!3*4$!1D!5*3$!0(!0$%%!*!/0(,&!*2(10!0#$3/$%I$/!(,!/(3$(5$!0#$&!+5(VS!!

N!&(159!D$(D%$U/!T"$,I.?$/!*54!"1DD(,0/!_$/(1,?$!;*?+U!V*/!4$I$%(D$4!*54!(66$,$4!0(!&(159!

D$(D%$!*0!0#$!?(3D%$0.(5!(6!.50$,I.$V/G!V#.?#!?(50*.5$4!.56(,3*0.(5!*2(10!*!,*59$!(6!/$,I.?$/!

*54! /1DD(,0/G! /#(1%4! 0#$&! #*I$! ,$71.,$4! ?(15/$%%.59! (,! /1DD(,0! *60$,! D*,0.?.D*0.59! .5! 0#$!

,$/$*,?#!>/$$!*DD$54.R!CB!6(,!?(50$50/!(6!,$/(1,?$!D*?+@S!P5%&!*!6$V!&(159!D$(D%$!*??$D0$4!

0#./! .56(,3*0.(5^!3(/0!&(159!D$(D%$!$RD,$//$4!.0!V*/!$.0#$,! .56(,3*0.(5!0#$&!*%,$*4&!#*4!(,!

4.4!5(0!5$$4S!

6">"!% &)-09,-81'%,(%)99'4.9%.0+)<)+:%L01)C)*.9%,(('*0'-%,1%.99'4'/%,(('*0'-N%

N/! D,$I.(1/%&!3$50.(5$4G! .5! N1/0,*%.*! *! &(159! D$,/(5! .5I(%I$4! .5! /$R0.59! ?*5! D(0$50.*%%&! 2$!

?,.3.5*%%&!?#*,9$4!V.0#!D,(41?.59!(,!4./0,.210.59!?#.%4!D(,5(9,*D#&!>"I*50$//(5!ABCB@S!L!V*/G!

#(V$I$,G! 5(0! %$9*%%&! (,! $0#.?*%%&! (2%.9$4! 0(! ,$D(,0!4./?%(/1,$/!(6! ?,.3.5*%! *?0.I.0&G! 15%$//! 0#$!

(66$5?$! V*/! (5$! 0#*0! L! V*/!3*54*0$4! 0(! ,$D(,0! >D#&/.?*%! (,! /$R1*%! *21/$! (6! *!3.5(,@S! -#$!

N1/0,*%.*5!;/&?#(%(9.?*%!"(?.$0&!>N;"@!$RD%*.5/!0#./!.5!0#$.,!$0#.?*%!91.4$%.5$/!*/!6(%%(V/b!

L5!?,.3.5*%!%*V!0#$!3*00$,!(6!?(5?$*%3$50!(6!.56(,3*0.(5!*2(10!*!?,.3$G!./!?(I$,$4!2&!

0#(/$! D*,0/! (6! 0#$! ?,.3.5*%! ?(4$/! *54! /0*01,$/! ?(5?$,5.59! *??$//(,.$/! 0(! ?,.3$/S! L5!

/$?0.(5/! (6! 0#$! ?,.3.5*%! ?(4$/! ?(5?$,5.59! *??$//(,.$/G! .0! ./! 9$5$,*%%&! 0#$! ?*/$! 0#*0!

/.3D%&! +5(V.59! *2(10! *5! (66$5?$! ./! .5/166.?.$50! 6(,! /1?#! *! ?(5I.?0.(5! 0(! (??1,S!

F1,0#$,3(,$G!6*.%1,$!0(!/.3D%&!*?0!(5!.56(,3*0.(5!*2(10!*5!(66$5?$G!.S$S!6*.%1,$!/.3D%&!

0(! ,$D(,0! *5!(66$5?$G! ./! *%/(! .5/166.?.$50! 6(,! *!D$,/(5! 0(!2$! 6(154!91.%0&!(6! 2$.59! *5!

*??$//(,&!*60$,!0#$!6*?0!0(!0#*0!(66$5?$S!>N1/0,*%.*5!;/&?#(%(9.?*%!"(?.$0&!ABBdG!DS!Y@!

F1,0#$,3(,$G!0#$!h.?0(,.*5!8$D*,03$50!(6!<$*%0#G!<13*5!_$/$*,?#!J0#.?/!=(15?.%!TE1.4$%.5$/!

(5!_$/$*,?#!.50(!L%%$9*%!a$#*I.(1,/U!>ABB\@G!/0*0$/!0#*0b!!

SSS.0! ./!5(0!5$?$//*,&! 0(!/D$%%!(10! .5!D,$?./$!4$0*.%! 0#$!5*01,$!(6! 0#$!?.,?13/0*5?$/! .5!

V#.?#! *! %$9*%! (2%.9*0.(5! 3*&! *,./$! 0(! ,$I$*%! .56(,3*0.(5! 0(! D(%.?$G! D,(/$?10.59!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

dX!!

*10#(,.0.$/! (,! 0(! *! ?(1,0! SSS! ,$/$*,?#$,/!3*&! ?(5/.4$,! ,$3(I.59! 71$/0.(5/! 0#*0!3*&!

4./?(I$,! ,$D(,0*2%$! .56(,3*0.(5! (,! ?(%%$?0! (5%&! *5(5&3(1/! 4*0*S!)#$,$! 0#./! ./! 5(0!

D(//.2%$! (,! 4$/.,*2%$G! ,$/$*,?#$,/! /#(1%4! $RD%*.5! .5! 0#$! ;Q"! 0#$! ,./+/! *54! *5&!

(2%.9*0.(5! 0#$&! 3*&! #*I$! 0(! ,$D(,0! 0#$! 4./?%(/1,$! (6! .%%$9*%! *?0.I.0.$/S! >h.?0(,.*5!

8$D*,03$50!(6!<$*%0#!ABB\G!DS!C@!

-#1/G!.0!V*/!4$?.4$4!0#*0!0(!/D$%%!(10!,$3(0$!D(//.2.%.0.$/!(6!,$/$*,?#!2$.59!/12D($5*$4G!V*/!

?(5/.4$,$4!.5*DD,(D,.*0$G!*/!&(159!D$(D%$!V(1%4!2$!%$//!%.+$%&!0(!*5/V$,!#(5$/0%&G!V#.?#!3*&!

#*I$! .5I*%.4*0$4! 0#$!$50.,$!D,(f$?0S!N/! *!D,$?*10.(5!#(V$I$,G! D,.(,! 0(! $*?#! .50$,I.$V!&(159!

D$(D%$! V$,$! 9.I$5! .56(,3*0.(5! *2(10! %*V/! .5! h.?0(,.*! .5! ,$9*,4/! 0(! 0#$! D,(41?0.(5! *54!

4./0,.210.(5!(6!?#.%4!D(,5(9,*D#&S!-#$&!V$,$!*4I./$4!0#*0!0#$!.50$,I.$V$,!?(1%4!5(0!91*,*50$$!

*2/(%10$!?(56.4$50.*%.0&!V.0#!,$/D$?0!0(!.%%$9*%!2$#*I.(1,!4./?%(/$4S!!

XSe! 8N-N!NMNQO"L"!-#$!6(?1/!9,(1D!*54!.50$,I.$V/!V$,$!*14.(W,$?(,4$4G!0,*5/?,.2$4!I$,2*0.3!2&!*!0,*5/?,.D0.(5!

?(3D*5&!*54!,$01,5$4! .5!:.?,(/(60!)(,4!6(,3*0! 6(,!*5*%&/./S!;/$14(5&3/!V$,$!*//.95$4!0(!

&(159! D$(D%$! 0(! D,(0$?0! 0#$.,! .4$50.0.$/G! *54! .5?,$*/$! 0#$.,! ?(50,(%! .5! 0#$! ,$/$*,?#! D,(?$//S!

-#$&! V$,$! (66$,$4! 0(! ?#((/$! 0#$.,! (V5! D/$14(5&3^! /(3$! ?#(/$! 5*3$/G! (0#$,/! ?#(/$!

*?,(5&3/S! N5&! (0#$,! .4$50.6&.59! .56(,3*0.(5! V*/! *%/(! ,$3(I$4S! F(,! $R*3D%$G! V#$,$!

D*,0.?.D*50/!,$6$,,$4!0(!5*3$/!(6!/121,2/!(,!%(?*%!/$?(54*,&!?(%%$9$/G!0#$/$!V$,$!,$3(I$4!0(!

61,0#$,!D,(0$?0!0#$!.4$50.0&!(6!D*,0.?.D*50/S!!

L0!V*/!*%/(!?(5/.4$,$4!$/D$?.*%%&!.3D(,0*50!0(!2$!*??(150*2%$!0(!D*,0.?.D*50/!6(,!(I$,*%%!,$/1%0/!

(6! 0#$! ,$/$*,?#S!-#1/G!*0! 0#$!?(3D%$0.(5!(6! .50$,I.$V/G! ,$/D(54$50!I*%.4*0.(5!V*/!(66$,$4! 0(!

2(0#!+$&!.56(,3*50/!*54!&(159!D$(D%$!V#(!V./#$4!0(!,$*4!0#$.,!(V5!0,*5/?,.D0/S!'1/0!(I$,!#*%6!

(6!+$&! .56(,3*50/!*54!&(159!D$(D%$!?#(/$!0(!#*I$!0,*5/?,.D0/! ,$01,5$4S!-V(!+$&! .56(,3*50/!

*54! 6(1,! &(159!D$(D%$! .4$50.6.$4!3.5(,! *3$543$50/! 0#*0!V$,$! .5?(,D(,*0$4! .50(! 0#$! /014&!

6.54.59/S!`$&!.56(,3*50/!*54!&(159!D$(D%$!V$,$!*4I./$4!0#$&!?(1%4!,$?$.I$!*!?(D&!(6!0#$!6.5*%!

,$D(,0!.6!0#$&!?#(/$S!!

N!71*%.0*0.I$!/(60V*,$!D*?+*9$! >Mh.I(!i@!V*/!$3D%(&$4! 0(! .5.0.*%%&!3*5*9$!*54!(,9*5./$! 0#$!

4*0*! .50(! $3$,9.59! ?*0$9(,.$/! *54! 0#$3$/S! L! 0#$5! 4$I$%(D$4! *! /&/0$3! (6! ?(%(,W?(4.59!

?*0$9(,.$/!0(!61,0#$,!$RD%(,$!$3$,9.59!0#$3$/S!-#./!/&/0$3*0.?!*5*%&/./!V*/!?(541?0$4!1/.59!*!

9,(154$4! 0#$(,&! *DD,(*?#! ><*5/$5! ABBc@! *54! $%.?.0$4! *! ,*59$! (6! 0#$3$/G!V#.?#!V$,$! 0#$5!

?(3D*,$4!*54!?(50,*/0$4!*9*.5/0!?1,,$50!%.0$,*01,$S!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

dd!!

N/! D,$I.(1/%&! 5(0$4G! +$&! .56(,3*50! 4*0*!V*/! *5*%&/$4! 0(! .56(,3! 0(D.?/! 6(,! $RD%(,*0.(5!V.0#!

&(159!D$(D%$!.5!0#$!/$?(54!D#*/$!(6!0#$!,$/$*,?#^!.0!V*/!5(0!#(V$I$,!V.0#.5!0#$!/?(D$!(6!0#./!

/014&!0(!?(3D*,$!4*0*!6,(3!+$&!.56(,3*50/!0(!0#*0!(6!&(159!D$(D%$S!!

-#,$$!,$/$*,?#$,/!,$I.$V$4!4*0*!6,(3!+$&!.56(,3*50/!*54!&(159!D$(D%$G!2$6(,$!.0!V*/!*9,$$4!

0#*0!/*01,*0.(5!V*/!,$*?#$4S!!!

XS\!! =PM=QH"LPM!-#$! 71*%.0*0.I$! 3$0#(4/! 1/$4! .5! 0#./! /014&! %$50! 0#$3/$%I$/! V$%%! 0(! 4$I$%(D.59! *5!

154$,/0*54.59! (6! 0#$! D#$5(3$5(5! (6! /$R0.59S! -#$! 1/$! (6! *! +$&! .56(,3*50! 6(?1/! 9,(1D! *54!

.54.I.41*%! .50$,I.$V/!V$,$! I*%1*2%$! 0(! D,(I.4$! *! ?(50$R0! *54! +$&!V(,4/! 6(,! .50$,I.$V/!V.0#!

&(159!D$(D%$S!-#$! .541?0.I$!D,(?$//!1/$4!3$*50!0#$!,$/$*,?#!?(1%4!$I(%I$!*/!5$V!4*0*!V*/!

9*0#$,$4G! /(! 0#*0! +$&! .56(,3*50! 6.54.59/!V$,$! *2%$! 0(! .56(,3! .50$,I.$V/!V.0#! &(159!D$(D%$G!

*54!*/!5$V! .5/.9#0/!V$,$!D,(I.4$4!2&!&(159!D$(D%$G!5$V!*,$*/!(6! .571.,&!?(1%4!2$!$RD%(,$4!

V.0#!0#$3^!0#./!V*/!D*,0.?1%*,%&!.3D(,0*50!9.I$5!0#$!D#$5(3$5(5!V*/!5$VG!*54!/(!%.00%$!V*/!

+5(V5S!H/.59!/$3.W/0,1?01,$4! .54.I.41*%! .50$,I.$V/!0(!?(%%$?0!4*0*! 6,(3!&(159!D$(D%$!3$*50!

5$V! +5(V%$49$! V*/! 9$5$,*0$4! 0#*0! 3*&! 5(0! #*I$! (0#$,V./$! 2$$5! ,$I$*%$4G! */! .50$,I.$V/!

?(1%4! 2$! *DD,(*?#$4! V.0#(10! /$0! *//13D0.(5/S! F1,0#$,3(,$G! 1/.59! 0#./! 3$0#(4! 3$*50! V$!

V$,$! *2%$! 0(! 9.I$! I(.?$! 0(! 0#$.,! $RD$,.$5?$! *54! ?(5?$,5/! ><*5/$5! ABBc@! *54! 4$I$%(D! *5!

154$,/0*54.59!(6!0#$!D#$5(3$5(5!.5!0#$.,!(V5!0$,3/!><$*0#!$0!*%!ABBi@S!N!,*59$!(6!/0,*0$9.$/!

V$,$!1/$4!0(!*44,$//!$0#.?*%!?(5?$,5/G!*54!0(!$5/1,$!&(159!D$(D%$!V$,$!9.I$5!D(V$,!.5!0#$!

,$/$*,?#!D,(?$//^!0#$/$!3$0#(4/!*%/(!D*I$4!0#$!V*&!6(,!0#$.,!I(.?$!0(!2$!#$*,4S!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

dY!!

D=!C*$?+%$E!*F:*&%$G!H,*3$!!dSC!! LM-_P8H=-LPM!-#$! 6(%%(V.59! ?#*D0$,! ,$D(,0/! (5! 0#$! 6.54.59/! (6! D#*/$! (5$! (6! 0#./! ,$/$*,?#! D,(f$?0G! V#.?#!

.5I(%I$4! 6(?1/! 9,(1D! *54! .54.I.41*%! /$3.W/0,1?01,$4! .50$,I.$V/! V.0#! 0V$%I$! +$&! .56(,3*50/G!

0#*0! (??1,,$4! 2$0V$$5! M(I$32$,! ABBi! *54! ND,.%! ABCBS! -#$! D1,D(/$! (6! +$&! .56(,3*50!

.50$,I.$V/! V*/! 0(! 4$I$%(D! *! 2*/.?! %(?*%! 154$,/0*54.59! (6! /$R0.59! *3(59/0! N1/0,*%.*5! &(159!

D$(D%$G! 9.I$5! *! %*?+! (6! *I*.%*2%$! %.0$,*01,$! *2(10! 0#$! D#$5(3$5(5S! `$&! .56(,3*50/! .5?%14$4!

D,(6$//.(5*%/!6,(3!0#$!*?*4$3.?G!$41?*0.(5!*54!#$*%0#!/$?0(,/S!"$$!0*2%$!\!6(,!+$&!.56(,3*50!

D*,0.?.D*50! .4$50.6.?*0.(5! ?(4$/S! _$/1%0/! (6! 0#./! D#*/$! (6! 0#$! /014&! V$,$! D12%./#$4! .5! O(10#!

"014.$/! N1/0,*%.*! .5! 8$?$32$,! ABCCS! "$$! 0*2%$! i! 6(,! *! /133*,&! (6! 0#$3$/! ,$/1%0.59! 6,(3!

.54.I.41*%!*54!6(?1/!9,(1D!.50$,I.$V/!V.0#!+$&!.56(,3*50/G!*54!/$$!*DD$54.R!Ce!6(,!*!?(D&!(6!

0#$!61%%!f(1,5*%!*,0.?%$!!

-*2%$!\b!`$&!.56(,3*50!D*,0.?.D*50!.4$50.6.?*0.(5!

;,(6$//.(5*%!,(%$!(6!D*,0.?.D*50/!! ;*,0.?.D*50!L8!

=&2$,!/*6$0&!$RD$,0! Z;e!>D*,0.?.D*50!e@G!FE!>6(?1/!9,(1D@]!

J41?*0.(5!D(%.?&!*?*4$3.?!>/$R1*%.0&!$41?*0.(5@! Z;XG!FE]!

"$?(54*,&!/?#((%!0$*?#$,!o!/014$50!V$%%2$.59!! Z;dG!FE]!

"$R1*%!I.(%$5?$!D,$I$50.(5!>/?#((%/@!! Z;CG!FE]^!Z;cG!FE]^!Z;YG!FE]!

"$R1*%!I.(%$5?$!D,$I$50.(5!,$/$*,?#!*?*4$3.?! Z;CBG!Lh!>.50$,I.$V@]!

"(?.*%!4.I$,/.0&!*?*4$3.?!o!*10#(,!>&(10#!?1%01,$@! Z;AG!FE]!

-$$5!3*9*r.5$!*10#(,!o!&(10#!*54!6*3.%&!D/&?#(%(9./0! Z;CAG!Lh]!

-$%$?(3315.?*0.(5/!/$?1,.0&!*54!/*6$0&!$RD$,0! Z;CCG!Lh]!

O(10#!#$*%0#!*?*4$3.?! Z;\G!Lh]^!Z;iG!Lh]!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

dc!!

!dSA!!JK;J_-"U!hLJ)"!PM!-<J!MN-H_J!PF!"JK-LME!!!

E"!"$% 7+,1)'-%(1,C%+B'%()'9/%

:(/0! /0(,.$/! *2(10! /$R0.59! /#*,$4! 2&! 0#(/$!V#(!V(,+!V.0#! &(159! D$(D%$G! .5I(%I$4! #*,361%!

?(5/$71$5?$/!6(,!0#(/$!.5I(%I$4G!D*,0.?1%*,%&!6(,!&(159!V(3$5S!-#(/$!V#(!4.4!5(0!V(,+!V.0#!

&(159!D$(D%$!4./?1//$4!0#$.,!/$?(54!#*54!+5(V%$49$!(6!0#$!D#$5(3$5(5G!V.0#!/.3.%*,!/0(,.$/S!!

Lm3!0#.5+.59!*2(10!0#$!V(,/0!?*/$/! LmI$!/$$5!l!a(2!2*/.?*%%&!#*4!D*,$50/! .5!a,.9#0(5!

*54! 0#$! D*,$50/! /12/?,.2$4! 0(! 0#$! D#.%(/(D#&! (6G! T%$*I$! 0#$3! *%(5$! *54! 9(! (5!

#(%.4*&US!"(!0#$&!4.4S!-#./!2(&!#*4!*!D*,0&S!-#$&!*%%!9(0!4,15+S!-#$,$!V$,$!*!V#(%$!%(0!

(6!+.4/!0#$,$!0#*0!0#./!9.,%!4.45U0!+5(VS!"#$!9(0!0(0*%%&!D.//$4S!)(+$!1D!.5!*!2$4!514$S!!

<*4!V,.00$5!*%%!(I$,!#$,!.5!0$R0*!0#$!3(/0!T6(1%U!0#.59/S!a10!f1/0!*2(I$!#$,!2$%%&!2100(5!

0#$!V(,4/!T/((5!0(!2$!/$$5!(5!O(1-12$US!>;CAG!.50$,I.$V@!

N!CXW&$*,W(%4!9.,%!3$0!*!91&!(5W%.5$!l!#$!V*/!(%4!$5(19#!0(!4,.I$G!/(!/.RG!/$I$5!&$*,/!

*9$! 4.66$,$5?$S! <$! ?(5I.5?$4! #$,! 0(! 4(! 0#$! /$R0.59! W! /$54! /(3$! D.?01,$/! (I$,! 0#$!

L50$,5$0S! 8.45U0! 0#.5+! *5&0#.59! (6! .0S! 8(V5! 0#$! 0,*?+! TLU3! 9(.59! 0(! /$54! *%%! 0#$/$! 0(!

&(1,!6*3.%&!*54!*%%!&(1,!6,.$54/! .6!&(1!4(5U0!?(3$!*54!3$$0!3$US!"#$!V$50!*54!3$0!

#.3!*54!2*/.?*%%&! .0!01,5$4!(10! .0!V*/!*!6*.,%&!I.(%$50!,*D$!l!*54!#$!*?01*%%&!4.4! .0!0(!

#$,!*5(0#$,!0V(!0.3$/S!"#$!4.45U0!0$%%!*5&2(4&S!"#$!0#(19#0G! TP#!LU3!9(.59!0(!9$0! .5!

0,(12%$US!>;YG!6(?1/!9,(1D@!!

-#$,$!V*/!*!/$5/$!*3(59/0!D*,0.?.D*50/!0#*0!/$R0.59!./!MP-!*!V(,4!&(159!D$(D%$!1/$S!!

M(G! 5$I$,! #$*,! 0#*0! V(,4! .6! 0#*0U/! V#*0! .0! ./! l! &(1UI$! 9(0! 0(! 2$! ?*,$61%! *//13.59!

$I$,&(5$!+5(V/!V#*0!.0!3$*5/S!>;XG!.50$,I.$V@!

L!0#.5+!/(3$0.3$/!V$UI$!9(0!0(!2$!I$,&!?*,$61%!V#$5!V$!0*%+!0(!&(159!D$(D%$!0#*0!V$!

4(5U0!1/$!(1,!%*2$%/!6(,!2$#*I.(1,/!SSS!-#$&!0*%+!*2(10!V#*0!#*DD$5/!,*0#$,!0#*5!0#$!

%*2$%S!>;eG!6(?1/!9,(1D@!

!

%

%

!

!!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

de!!

-*2%$!i!J3$,9.59!0#$3$/!6,(3!+$&!.56(,3*50!.50$,I.$V/!

%

E"!"!% S<'1:,*'%)-%-'3+)*4%,1%C'/).%B:2'T%

h.$V/!V$,$! D(%*,./$4! *2(10! 0#$! D,$I*%$5?$! (6! /$R0.59S! P5$! I.$V! $RD,$//$4! 2&! *5! *?*4$3.?!

,$/$*,?#$,!V#(!V(,+/!.5!/$?(54*,&!/?#((%/G!V*/!0#*0!0#$!3$4.*!./!(I$,W,$D(,0.59S!

-#$! &(159! D$(D%$! 0#*0! LUI$! V(,+$4! V.0#SSS#*I$! 5$I$,! 4./?%(/$4! 0#*0! 0#$&! #*I$!

$59*9$4! .5! /$R0.59! 2$#*I.(1,S! <(V$I$,G! V#$5$I$,! L! 4(! D,(6$//.(5*%! 4$I$%(D3$50!

V(,+/#(D/! 6(,! 0$*?#$,/G! 6(,! D*,$50/G! $I$,&(5$U/! 0*%+.59! *2(10! .0! /$$3/! 0(! 2$! l!

/$5/*0.(5*%./$4!(,!(I$,!,$D(,0$4!2&!0#$!3$4.*S!>;\G!.50$,I.$V@!

F1,0#$,3(,$G!?(5?$,5!V*/!,*./$4!*2(10!0#$!,(%$!(6!0#$!3$4.*b!

!L!4(!0#.5+!0#$,$U/!*!2.0!(6!*!3$4.*!2$*0!1D!*2(10!.0!SSS!210!.5!3*5&!,$/D$?0/!0#$!3$4.*!

2$*0!1D!*?01*%%&!$5?(1,*9$/!.0S!>;CAG!.50$,I.$V@!

!F(,!(0#$,/!V#(!/D$54!0.3$!.5!/?#((%/!#(V$I$,G!0#$,$!V*/!*!/0,(59!/$5/$!0#*0!0#$!2$#*I.(1,!./!

V.4$/D,$*4!*3(59!&(159!D$(D%$S!

-#$!5*01,$!(6!

/$R0.59!

;(%*,./$4!I.$V/!(5!D,$I*%$5?$!"(3$!T*0!,./+U!&(159!D$(D%$!3(,$!%.+$%&!0(!2$!.5I(%I$4!.5!/$R0.59!;(%*,./$4!I.$V/!*2(10!V#$0#$,!.0!./!*!5$V!2$#*I.(1,!

-#$!(,.9.5/!(6!

/$R0.59!

-$?#5(%(9&!./!5(0!0(!!2%*3$!6(,!/$R0.59G!.0!./!f1/0!0#$!3$?#*5./3!2&!V#.?#!0#$!2$#*I.(1,!./!154$,0*+$5!N!/$R1*%./$4!?1%01,$!./!0(!2%*3$!6(,!/$R0.59!O(159!D$(D%$!6$$%!D,$//1,$4!0(!?(56(,3!0(!9$54$,!$RD$?0*0.(5/!

JRD$,0/!I.$V/!(5!

0#$!D1,D(/$!(6!

/$R0.59!6(,!&(159!

D$(D%$!!

L4$50.0&!$RD%(,*0.(5!

;$$,!*DD,(I*%!

a1%%&.59!!!

JRD$,0/!I.$V/!(5!

0#$!.3D%.?*0.(5/!

(6!/$R0.59!

Q$9*%!?(5/$71$5?$/!

:1%0.W4.3$5/.(5*%!*/D$?0/!(6!,$%*0.(5/#.D/!*,$!5(0!$RD%(,$4!F(,!/*3$!/$RW*00,*?0$4!&(159!D$(D%$!.3D%.?*0.(5/!3*&!2$!D(/.0.I$!=(5/$71$5?$/!(6!0#$!2$#*I.(1,!*,$!4.66$,$50!6(,!$*?#!9$54$,!

JRD$,0/!I.$V/!(5!

/(%10.(5/!0(!

#*,361%!

?(5/$71$5?$/!(6!

/$R0.59!

Q$9*%!,$/D(5/$/!

J59*9$!V.0#!&(159!D$(D%$!J41?*0$!0#$!2&/0*54$,!=,$*0$!*!5$V!D12%.?!4./?(1,/$!*2(10!,$/D$?061%!$0#.?*%!,$%*0.(5/#.D/!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

d\!!

N60$,! *! D,$/$50*0.(5! 0(! /014$50/! .5! *! /?#((%! *2(10! ?&2$,! /*6$0&G! *54! .5! D*,0.?1%*,!

/$R0.59G! 0#$&!V$50! (10!V.0#! 0#$! 0$*?#$,o?((,4.5*0(,! SSS! Z*54]! /*.4! T(#!3&! 9((45$//!

&(1UI$!,$*%%&!,*00%$4!0#$!?*9$/!2$?*1/$!SSS!0#$!+.4/!V*%+$4!(10!*54!/*.4G!u(#!3&!9(4G!

V$!*%%!4(!0#*0vUS!>;eG!6(?1/!9,(1D@!

O(1!(5%&!$I$,!Z#$*,]!0#$3!/*&.59!T.0!4.45U0!#*DD$5!0(!3$G! .0!#*DD$5$4!0(!*!6,.$54!(6!

3.5$UG!210!0#$&!31/0!*%%!2$!$59*9.59!.5!Z0#./]!/(3$V#$,$!(5!0#$!Z/D$?0,13]S!>;XG!6(?1/!

9,(1D@!

E"!"6% HB,%)-%-'3+)*4%.*/%C,-+%.+%1)-MT%

L5!0$,3/!(6!V#(!./!.5I(%I$4G!0#$,$!V*/!9$5$,*%!?(5/$5/1/!0#*0!&(159!3$5!*,$!3(,$!(60$5!0#$!

4./0,.210(,/!(6! .3*9$/S! "(3$!+$&! .56(,3*50/! 6$%0!3(/0! &(159!D$(D%$! *,$! .5I(%I$4! .5! /$R0.59G!

V#.%$!(0#$,/!*//13$4!V$!(5%&!#$*,!*2(10!0#$!V(,/0!?*/$W/?$5*,.(/S!

L5!0$,3/!(6!V#(!./!?(5/.4$,$4!3(/0!*0!,./+G!V#.%$!0#$!?(5/$5/1/!V*/!0#*0!$I$,&2(4&!./!*0!,./+G!

&(159!V(3$5!V$,$! 6$%0! 0(! 2$!3(,$! *0! ,./+! 0#*5! &(159!3$5S! O(159! D$(D%$!V.0#! 4./*2.%.0.$/!

V$,$!*%/(!?(5/.4$,$4!*5!*0!,./+!9,(1DS!!

ZO(159! D$(D%$! V.0#]! N/D$,9$,m/! SSS! #*I$! 2$$5! .5I(%I$4! .5! 0#./! 0#.59! SSS! 6(,! 0#$3! .0U/!

,$*%%&!/*6$S! L!+5(V!*!9.,%!*0!/?#((%!V#(U/!I$,&!6%.,0*0.(1/!l!#$,!?(3D10$,! ./!*!9.,%!*54!

/#$! 1/$/! 0#*0! */! *! I$#.?%$! 0(! 6%.,0! D,$00&! 6$,(?.(1/%&G! V#.?#! V(1%4! 154(120$4%&! l!

.5?%14$!,$*%%&! .5*DD,(D,.*0$!3$//*9$/!*54! .3*9$/!0(!*!I*,.$0&!(6!D$(D%$!*/!*!V*&!(6!

?(55$?0.59G!V#$5!?(55$?0.59!.5!,$*%!%.6$!./!V*&!/?*,.$,S!>;dG!6(?1/!9,(1D@!

dSX! !JK;J_-"U!hLJ)"!PM!-<J!P_LELM"!PF!"JK-LME!

E"6"$% %5,J)9'%2B,*'U%+B'%C'0B.*)-C%,1%+B'%0.8-'T%

N!?(33(5%&!#$%4!I.$V!V*/!0#*0!/$R0.59!./!3$,$%&!*!5$V!3*5.6$/0*0.(5!(6!(%4!3(0.I*0.(5/!*54!

2$#*I.(1,/!*3(59!&(159!D$(D%$S!!

)$!*,$!1/.59!*!5$V!0$?#5(%(9&!.5!(,4$,!0(!4(!.0G!210!*0!0#$!$54!(6!0#$!4*&!.0U/!5(0!5$V!

SSS!$I$5!0#$!/#*,.59!(6!.3*9$/!(6!V(3$5G!L!3$*5!0#*0U/!5(0!5$VS!>;CBG!.50$,I.$V@!

)$! 4(5U0! 5$?$//*,.%&! *?+5(V%$49$! 0#*0! 0#$! 2$#*I.(1,! #*/! 2$$5! /.3.%*,! 6(,! *! %(59!

D$,.(4! (6! 0.3$S! L0U/! f1/0! 0#*0! 0#$! 0$?#5(%(9&! 6*?.%.0*0$/! 0#$! 2$#*I.(1,! .5! *! /%.9#0%&!

4.66$,$50!V*&G!*54!SSS!3*&2$!.0!3*+$/!4.//$3.5*0.(5!(6!0#.59/!%.+$!D#(0(9,*D#/!$*/.$,!

2$?*1/$!5(,3*%%&!&(1!V(1%4!#*I$!#*4!0(!#*I$!D#(0(?(D.$4!0#$3!*54!#159!0#$3!1D!

(5! 0#$!V*%%G!V#$,$*/!5(V! .0U/!*!?%.?+!(6!*!2100(5!V#.?#!3*&! 6(,! /(3$!&(159!D$(D%$!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

di!!

3$*5!0#*0!0#$!?(5/$71$5?$/!*,$!3(,$!/$I$,$!2$?*1/$!0#$&!4(!9$0!(10!0#$,$!71.?+$,S!

>;\G!.50$,I.$V@!

L0! V*/! *?+5(V%$49$4! 0#*0! 3(2.%$! D#(5$! (V5$,/#.D! ./! .5?,$*/.59! *3(59! &(159! D$(D%$G! *54!

9.I$5! 3(/0! 3(2.%$! D#(5$/! 0(4*&! #*I$! .5W21.%0! ?*3$,*/! *54! a%1$0((0#G! 0#*0! 6*/0! *54! $*/&!

4./0,.210.(5!(6!.3*9$/!./!.5$I.0*2%$S!!

Z-#$&]!*,$!31?#!3(,$!/*II&!V.0#!1/.59! 0#$.,!D#(5$/! SSS!3(2.%$!D#(5$/!*,$!D,(2*2%&!

0#$!9,$*0$/0!0,*5/3.00$,!(6!D(,5(9,*D#&!(10!0#$,$S!>;CBG!.50$,I.$V@!

:(,$(I$,G!0#$!3(2.%$!D#(5$!V*/!?(5/.4$,$4!0#$!3$?#*5./3!0#*0!$5*2%$/!0#$!2$#*I.(1,S!!

L0m/! 9(0! 5(0#.59! 0(! 4(! V.0#! 0#$! 0$?#5(%(9&! SSS! .0m/! 9(0! $I$,&0#.59! 0(! 4(! V.0#! 0#$!

2$#*I.(1,SSS!>;CCG!.50$,I.$V@!

N!4$2*0$!(??1,,$4!2$0V$$5!+$&! .56(,3*50/! .5! 0#$! 6(?1/!9,(1DG!*2(10!V#$0#$,! 0$?#5(%(9&! ./!

/#*D.59!(1,!?1%01,$!(,!0#$!(0#$,!V*&!*,(154S!

L/5U0!.0!3(,$!0#*5!*!3.,,(,!W!./5U0!.0!71.0$!?&?%.?*%!W!0#*0!V#*0!./!#*DD$5.59!.5!0#$.,!%.I$/!

./!,$6%$?0$4!.5!0$?#5(%(9&!210!0#$5!l!0$?#5(%(9&!./!/#*D.59!V#*0U/!#*DD$5.59!.5!&(159!

D$(D%$m/!%.I$/G!/(!*0!0#$!3(3$50!V$!#*I$!0#./!?&?%$!.5!V#.?#!V#*0!./!2$?(3.59!5(,3*%!

./! *?01*%%&! /#*D$4! 2&! *5! $5(,3(1/! 3*,+$0! *54! 2&! *! V#(%$! %(0! (6! 6*?0(,/! 0#*0! *,$!

5$V./#S!>;cG!6(?1/!9,(1D@!

E"6"!% V.+81'%,(%./,9'-0'*0'%%

E.I$5! *4(%$/?$5?$! ./! *5! .3D(,0*50! /0*9$! 4$I$%(D3$50*%%&! 6(,! /$R1*%.0&! *54! 9$54$,! .4$50.0&!

$RD%(,*0.(5^!/(3$!+$&!.56(,3*50/!6$%0!?(5/$5/1*%!/$R0.59!*3(59/0!&(159!D$(D%$!3*&!.5!6*?0!2$!

*!#$*%0#&!6(,3!(6!$RD$,.3$50*0.(5!.5!0#$!?(50$R0!(6!4$I$%(D3$50*%!?#*59$/S!"(3$!D*,0.?.D*50/!

4./?1//$4! 0#$! 6*?0! 0#*0! 4$I$%(D3$50*%%&! &(159! D$(D%$! 5$$4! 0(! $RD%(,$! 0#$.,! /$R1*%.0&G! *54!

4$5&.59!0#./!./!5(0!#$%D61%S!

"(3$! (6! 0#$! I.$V/! V$! *,$! #$*,.59! Z.5! 0#$! 3$4.*]! *,$! *?01*%%&^! V$%%! &(159! D$(D%$!

/#(1%45U0! 2$! 4(.59! 0#./! .5! 0#$! 6.,/0! D%*?$S! ! O(159! D$(D%$! /#(1%45U0! 2$! 2$.59! /$R1*%S!!

O(159!D$(D%$!/#(1%45U0!2$! 0#.5+.59! .5! 0#$/$!V*&/!l! L! 0#.5+!5(0!(5%&! ./! .0!15,$*%./0.?G!

210!L!3$*5!.0!4($/5U0!*?#.$I$!*5&0#.59!0(!/(,0!(6!4$5&!0#*0!&(159!D$(D%$!*,$!Z/$R1*%!

2$.59/]S!>;CBG!.50$,I.$V@!

)$!5$$4!0(!I.$V!.0!.5!0#$!?(50$R0!(6!*4(%$/?$50!4$I$%(D3$50G!*54!0#*0!&(159!D$(D%$!

#*I$! (60$5! $RD$,.3$50$4!V.0#! /$R1*%! .4$50.0&! *54! /$R1*%! 2$#*I.(1,! .5! *4(%$/?$5?$G!

*54!6(,!3$!Z/$R0.59]!./!(5$!V*&!0#*0!&(159!D$(D%$!*,$!4(.59!0#*0S!>;\G!.50$,I.$V@!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

YB!!

P5$! (6! 0#$! (0#$,! ?(5/.4$,*0.(5/G! *54! .0! 3.9#0! 2$! 71.0$! ?(50,(I$,/.*%G! ./! 0(! *?01*%%&!

,$6%$?0!(5!V#(!./!2$.59!#1,0!2&!0#$!2$#*I.(1,!l!LU4!D,(2*2%&!,*0#$,!0#*0!&(159!D$(D%$!

V$,$!I.$V.59!/0166!(5!0#$.,!3(2.%$!D#(5$/!0#*5!.6!0#$&!V$,$!SSS!9$00.59!0#$3/$%I$/!.50(!

2*,/!*54!#((+.59!1D!V.0#!(%4$,!91&/S!>;\G!.50$,I.$V@!

"(3$!+$&!.56(,3*50/!0*%+$4!*2(10!0#$!$3(0.(5*%!.33*01,.0&!*54!2,*.5!4$I$%(D3$50!(6!&(159!

D$(D%$!2$.59!*!?*0*%&/0!6(,!0#$!2$#*I.(,!(6!/$R0.59S!

)$U,$! 4$*%.59! V.0#! $3(0.(5*%%&! .33*01,$! &(159! D$(D%$! .5! 3*5&! ?*/$/G! &(1! +5(VG!

2$?*1/$!Z/$R0.59]!/0*,0/!.5!*2(10!&$*,!e!V#$,$!V$UI$!9(0!l!?(I$,0!21%%&.59S!>;eG!6(?1/!

9,(1D@!

L! 0#.5+! Z/$R0.59]! #*DD$5/! 2$?*1/$! +.4/m! 2,*.5/! *,$! *! V(,+! .5! D,(9,$//! *54! *! 15.71$!

?#*,*?0$,./0.?!(6! *%%! (6! 0#$/$!+.4/! ./! *5! .5*2.%.0&! 0(!D,$4.?0! 0#$! ?(5/$71$5?$/!(6! 0#$.,!

*?0.(5/S!>;CAG!.50$,I.$V@!

O(159!D$(D%$!5(0!#*I.59!*!/$5/$!(6!6101,$G!V*/!*%/(!4./?1//$4G!*/!*!6*?0(,!?(50,.210.59!0(!0#$!

2$#*I.(1,!(6!/$R0.59!*3(59!&(159!D$(D%$S!

a$?*1/$!(5$!(6!0#$!0#.59/!V#$5!LUI$!/D(+$5!0(!+.4/!*2(10!Z/$R0.59]G!./!0#*0!&(1U%%!0*%+!

*2(10!&(1,!6((0D,.50!0#*0!&(1U,$!9(.59!0(!%$*I$!(5!0#$!V(,%4G!*/!6*,!*/!(5!0#$!L50$,5$0G!

*54!&(1U,$!0*%+.59!*2(10!&(1!+5(V!0#./!?(1%4!*66$?0!&(1,!6101,$!$3D%(&3$50G!2$?*1/$!

(6!V#*0!#*DD$5$4!W!0#$&!4(5U0!?*,$G!?(1%45U0!?*,$!%$//S!>;YG!6(?1/!9,(1D@!

-#$&U,$!*4(%$/?$50/G!0#$&!4(5U0!?*,$l!>;XG!6(?1/!9,(1D@!

P5$! D*,0.?.D*50! 0*%+$4! *2(10! &(159! D$(D%$! 6,(3! 4.66$,$50! ?1%01,*%! 2*?+9,(154/! 6$$%.59! 0#$!

5$$4!0(!2$!.5I(%I$4!.5!/$R0.59!.5!(,4$,!0(!T6.0!.5US!

N!%(0!(6!&(159!D$(D%$!?(3$!.50(!0#./!?1%01,$!*54!0#$&!+5(VG!0#$&!+.54!(6!+5(V!V#*0!

0#$!?1%01,$U/!*2(10G! *54! .0/! .50$,$/0.59!#$*,.59! 6,(3! 0#$3G! 0#*0! 0#$!?1%01,$! ./! *2(10!

9$00.59!*%%!0#$!Z/$R1*%%&!$RD%.?.0!.3*9$/]!*54!1/.59!.0!6(,!0#$/$!D1,D(/$/^!0#*0U/!D*,0!(6!

2$.59!N1/0,*%.*5S!>;AG!6(?1/!9,(1D@!

"(3$!D*,0.?.D*50/!0*%+$4!*2(10!0#$!6*?0!0#*0!&(159!D$(D%$!#*I$!9,(V5!1D!.5!*!3$4.*!?1%01,$!

0#*0!$5?(1,*9$/!/$%6WD12%./#.59S!

-#$&! %(I$! D,(41?.59! 0$R0! *54! D,(41?.59! .3*9$/^! D,(41?.59! /0166! 0#*0! ./! *! +.54! (6!

.5I.0*0.(5^!Z0#(/$]!CY!3.510$/G!6.I$!3.510$/G!6.I$!/$?(54/!(6!6*3$S!>;AG!6(?1/!9,(1D@!

).0#!0$$5*9$,/!.0m/!*%%!*2(10!D12%./#S!;12%./#!*54!4./D%*&G!D12%./#!*54!4./D%*&G!D12%./#!

*54!4./D%*&!SSS!/(!6(,!0#*0!9$5$,*0.(5!.0!./!*%%!*2(10!D12%./#.59S!>;iG!.50$,I.$V@!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

YC!!

E"6"6% 7,0)'+:%)-%*,+%.//1'--)*4%+B'%)--8'%,(%-'3+)*4%

:(/0!+$&!.56(,3*50/!6$%0!0#*0!*41%0/!>.5?%14.59!0#(/$!.5!/?#((%/@!*,$!5(0!4$*%.59!V.0#!0#$!.//1$!

(6!/$R0.59G!/(!.0!./!5(!V(54$,!.0!./!#*DD$5.59S!

-#$!D,(2%$3!V$mI$!9(0!./!0#*0!.0m/!/1?#!*!4./0*/0$61%!/12f$?0!0#*0!&(1m,$!0*%+.59!*2(10G!

0#*0!D$(D%$!4(5m0!V*50! 0(! 0*%+!*2(10! .0S!-#$! %$//! 0#$&! 0*%+!*2(10! Z/$R0.59]G! 0#$!3(,$!

D,$I*%$50!.0!2$?(3$/!2$?*1/$!+.4/!*,$5m0!2$.59!0(%4!*2(10!.0S!>;CCG!.50$,I.$V@!

Q((+!*0!/(?.$0&!0#(19#^!/(?.$0&!4($/5U0!V*50!0(!4$*%!V.0#!Z/$R0.59]S!"(?.$0&!4($/!5(0!

V*50!0(!4$*%!V.0#!0#$!.//1$!(6!/$RS!>;YG!6(?1/!9,(1D@!

O(1!+5(V! .0U/! f1/0!*5(0#$,!3*5.6$/0*0.(5G!*!I$,&!4*59$,(1/!(5$!(6! /0166! 0#*0!V$!*,$!

5(0!*44,$//.59!$66$?0.I$%&!.5!(1,!/?#((%/!*54!.5!(1,!/(?.$0&S!>;AG!6(?1/!9,(1D@!

N! 9,$*0! 4$*%! (6! 4./?1//.(5! (??1,,$4! *2(10! /$R1*%! #$*%0#! $41?*0.(5! .5! /?#((%/! *54! %.3.0$4!

,$/(1,?$/!0(!4$%.I$,!.0!$66$?0.I$%&S!

"(! L! 91$//! 3&! #(22&! #(,/$! V(1%4! 2$! 0#*0! SSS! V$U,$! 6*.%.59! 0(! /1DD(,0! 0$*?#$,/! .5!

,$/(1,?.59!0#$3!.5!#(V!0(!4$*%!V.0#!/(3$0#.59!0#*0U/!,$%$I*50!0(!&(159!D$(D%$!*54!

.0U/!5(0!0#*0!0#$&!*,$!15V.%%.59!0(!4(!.0G!0#$&!f1/0!4(5U0!+5(V!#(V!0(!4(!.0!*54!(6!?(1,/$!

.0U/! 4.66.?1%0! 2$?*1/$! V#$5! &(1! 0*%+! 0(! *! 9,(1D! (6! &(159! D$(D%$! *2(10! /$R! *54!

,$%*0.(5/#.D/!*54!/$R1*%! .3*9$,&!&(1!*,$!0*%+.59!*2(10!/0166!0#*0U/!9(.59!(5!*3(59/0!

0#$3!*54!.0U/!,$*%%&!6,*19#0S!>;XG!6(?1/!9,(1D@!

F1,0#$,3(,$G! 3*5&! +$&! .56(,3*50/! #.9#%.9#0$4! 0#*0! 3(/0! 0$*?#$,/! 4(5U0! 6$$%! ?(36(,0*2%$!

0*%+.59!*2(10!/$R1*%!3*00$,/!%.+$!/$R0.59S!

-#$,$U/!*!%(0!(6!,$/$*,?#!*,(154!V#*0!/0(D/!0$*?#$,/!6,(3!4(.59!/$R!$4!.5!/?#((%/!*54!

0#$! ,$/$*,?#! /*&/! 0.3$! *54! *9*.5! 0#*0! .0U/! ?(5?$,5! *2(10! 6%*?+! 6,(3! D*,$50/G! .0U/! *!

6$$%.59! 0#$&UI$!5$I$,!2$$5! 0,*.5$4! /(! 0#$&!4(5U0! +5(V!#(V! 0(!4(! .0! *54! 0#$&!3.9#0!

#1,0!0#$!+.4/!/(3$#(V!(,!0#$&!3.9#0!9$0!.50(!#(0!V*0$,!*54!0#$&!4(5U0!+5(V!#(V!0(!

9$0!(10S!>;XG!6(?1/!9,(1D@!

E"6"E% D%-'38.9)-'/%089+81'%

N!?(33(5%&!#$%4!(D.5.(5!V*/!0#$!5$$4!0(!?(5/.4$,!/$R0.59!V.0#.5!0#$!2,(*4$,!?(50$R0!(6!0#$!

/$R1*%./*0.(5!(6!?1%01,$S!!

-#$,$!./!*%/(!0#$!/$R1*%./*0.(5!.//1$G!V#.?#!L!0#.5+!D%*&/!*!#19$!,(%$S!!L6!&(1!*%%(V!0#./!

0#.,4! D*,$50! .50(! &(1,! #(3$! 0#,(19#! 0#$! 0$%$I./.(5! /$0! g! I.4$(/G! O(1-12$G! 6*/#.(5S!

a*/.?*%%&!L!0#.5+!0#$!V#(%$!0#.59!#*/!2%1,,$4!0#$!%.5$!2$0V$$5!V#*0!./!*!9.,%!*54!V#*0!./!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

YA!!

*!V(3*5! SSS! L! /$$! 0#./! */! .5?,$4.2%&! /.5./0$,! SSS! ?,$$D.59! ?(,D(,*0$!D*$4(D#.%.*S! >;CAG!

.50$,I.$V@!

:(,$(I$,G!/(3$!+$&!.56(,3*50/!V$,$!?(5?$,5$4!0#*0!&(159!D$(D%$!#*I$!2$?(3$!4$/$5/.0./$4!

*/!*!,$/1%0!(6!0#$.,!.5?,$*/$4!$RD(/1,$!0(!D(,5(9,*D#&G!V.0#!*!I.$V!0#*0!0#$!#*,4!?(,$!$49$!(6!

D(,5(9,*D#&!#*/!/#.60$4G!/(!0#*0!V#*0!(5?$!V*/!#*,4!?(,$G!./!5(V!?(5/.4$,$4!5(,3*%S!

-#$! 3*.5/0,$*3.59! (6! D(,5(9,*D#&G! .5?%14.59! 0#$! .5?,$*/.59%&! #*,4W?(,$! 5*01,$! (6!

V#*0!./!V.4$%&!*I*.%*2%$G!./!.3D*?0.59!(5!V#*0!/$$3/!5(,3*%!*54!*??$D0*2%$S!L0!3*+$/!

/$R0$4!.3*9$/!(6!514.0&!6(,!$R*3D%$!%((+!71.0$!0*3$S!>;cG!6(?1/!9,(1D@!

L0!V*/!*%/(!?(5/.4$,$4!0#*0!/$R0.59!*3(59!&(159!D$(D%$!./!D(//.2%&!*!,$6%$?0.(5!(6!V#*0!(??1,/!

.5!0#$!*41%0!V(,%4S!

N%(59!0#$!%.5$/!(6!2.59$!4,.5+.59G!*41%0/!*,$!4(.59!.0!*54!0#$!+.4/!*,$!4(.59!.0S!L6!&(1!9(!

4(V5!0(!*!D12!(5!*!F,.4*&!5.9#0!*54!91&/!V.%%!2$!9(.59G!T=#$?+!0#./!(10UG!*54!0#$&UI$!

9(0!/(3$0#.59G!*54!.0!3.9#05U0!2$!?#.%4!D(,5(9,*D#&!(,!&(159!+.4/!210!.0U/!/(3$!I.4$(!

0#*0U/! ?(3$! (66! HW-12$! (6! /(3$! (6! 0#$! 514$! /0166! *54! D$(D%$! *,$! /0*54.59! *,(154!

%*19#.59!*54!&(1!+5(V!&(1UI$!9(0!&(159$,!91&/!.5!0#$!?,.?+$0!?%12/!*54!/0166!*54!0#$&!

/$$!.0!*54!.0U/!%.+$G!T)#*0U/!0#$!2.9!.//1$G!(#!/$54!.0!(5!0(!3$US!>;YG!6(?1/!9,(1D@!

N54!/(!0#$,$U/!*!%(0!(6!D,$//1,$!(5!(0#$,!2(&/!L!0#.5+!0(!+.54!(6!9(!*%(59!V.0#!.0!0((S!

>;CG!6(?1/!9,(1D@!

L! 4(5U0! 0#.5+! 0#*0U/! 4.66$,$50! 0(! V#*0U/! #*DD$5.59! .5! 0#$! *41%0! V(,%4S! L! 0#.5+! 0#*0U/!

$R*?0%&!0#$!/*3$!*/!V#*0U/!#*DD$5.59!.5!0#$!*41%0!V(,%4S!>;dG!6(?1/!9,(1D@!

E"6"#% ?'*/'1%'32'0+.+),*-%

-#$! 9$54$,$4! $RD$?0*0.(5/! (6! &(159! D$(D%$!V$,$! 4./?1//$4! .5! ,$%*0.(5! 0(! 0#$! 2$#*I.(1,! (6!

/$R0.59G! .5?%14.59! *! I.$V! 0#*0! &(159! V(3$5! 6*?$! D,$//1,$! 0(! D,$/$50! 0#$3/$%I$/! .5! /$R1*%!

V*&/G!*54!&(159!3$5!*,$!$RD$?0$4! 0(!2$! .50$,$/0$4! .5! 0#./S!N!?(5/$5/1/! 0#*0!&(159!V(3$5!

$RD$,.$5?$!D,$//1,$!6,(3!*!/$R1*%./$4!3$4.*!?1%01,$!V*/!$RD,$//$4S!

"(3$0#.59!0#*0!/$$3/!0(!2$!D,(5(15?$4!*0!0#$!3(3$50!Z./]!0#$!$RD$?0*0.(5!(5!&(159!

V(3$5! 0(! D,$/$50! 0#$3/$%I$/! .5! /$R1*%! V*&/! SSS! */! (2f$?0/! 6(,! ?(5/13D0.(5S! >;CBG!

.50$,I.$V@!

-#*0!0(!2$!*!V(3*5!0(!9(!.50(!*41%0#((4!./!0(!2$!/$R&!*54!./!0(!2$!4$/.,*2%$!*54!0(!

D(/.0.(5! 0#$3/$%I$/! .5! 0#$/$! V*&/! l! /(! 0#$,$! *,$! *! V#(%$! %(0! (6! D,$//1,$/! V#.?#!

V(1%4!3$*5!0#*0!L!?*5!/$$!I$,&!$*/.%&!#(V!/(3$!&(159!V(3$5!V(1%4!6$$%!0#*0!0#$&!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

YX!!

#*I$!0(!2$!/$54.59!/$R!3$//*9$/!*54!0#*0!3.9#0!2$!*!D,$//1,$!0#*0!0#$&!*,$!0*+.59!(5S!

>;CBG!.50$,I.$V@!

-#$! ,(%$!3(4$%/! *54! 0#$! .3*9$/! (6!V(3$5! 0#*0!V$! *,$! /$$.59! 4(! /$$3! 0(! 2$! I$,&!

5*,,(V%&! /$R1*%./$4S!)#$0#$,!(,!5(0! 0#*0U/!5$VG! L! 4(5U0! +5(V! 0#*0! .0U/! *%%! 0#*0!5$VG!

210!.0!4($/!/$$3!0(!2$!#*DD$5.59!0(!D$,#*D/!*!3(,$!$R0,$3$!4$9,$$!0#*5!D$,#*D/!V$!

*,$!1/$4!0(!/$$.59S!>;CBG!.50$,I.$V@!

-#$!6*?0! ./!*%%!(6!0#(/$!0#.59/!/$54!*!3$//*9$!0#,(19#!0(!CX!&$*,!(%4!9.,%/!0#*0!.6!&(1!

V*50! 0(!2$!(+*&G! 0#$!(5%&!V*&!&(1!?*5!4(!0#*0! ./! >*@!2&!2$.59!/$R1*%G! >2@!2&!D100.59!

(10G!*54!>?@!2&!4,$//.59!.5!*!V*&!0#*0!./!9(.59!0(!2$!/$R1*%%&!D,(I(?*0.I$!*54!0#*0!5(!

3*00$,! #(V! 2$*10.61%! &(1! 0#.5+! &(1! *,$G! &(1! V.%%! 5$I$,! ,$*%%&! 2$! 2$*10.61%! $5(19#!

15%$//!&(1!V$*,!0#$/$!?(/3$0.?/G!V$*,!0#$/$!?%(0#$/G!#*I$!0#./!0&D$!(6!3(2.%$!D#(5$!

*54!$59*9$!.5!0#*0!/(,0!(6!2$#*I.(1,S!>;CAG!.50$,I.$V@!

:(/0!+$&!.56(,3*50/!$RD,$//$4!?(5?$,5!*2(10!D,$//1,$!&(159!V(3$5!$RD$,.$5?$!6,(3!2(&/S!

-#*0!2(&/!*,$!/(,0!(6!/*&.59!0(!9.,%/G!T.6!&(1!%(I$4!3$!&(1!V(1%4!/$54!3$!*!/$R!.3*9$UG!

(,! TLU3! 5(0! .50$,$/0$4! .5! /(3$(5$! V#(! ./! 5(0! 9(.59! 0(! 4(! 0#./UG! &(1! +5(VG! T0#$!

,$%*0.(5/#.D!./!(66SU!>;CBG!.50$,I.$V@!

"(3$! +$&! .56(,3*50/! *%/(! $RD,$//$4! ?(5?$,5! *2(10! 0#$! D,$//1,$! $RD$,.$5?$4! 2&! 2(&/! 0(!

D*,0.?.D*0$!.5!/$R0.59S!

P5$!V(3*5!SSS!/*.4!/#$!#*/!*!0$$5*9$!/(5!*0!*5!*%%!2(&U/!/?#((%!*54!0#*0!#$,!/(5!#*/!

6$%0!D,$//1,$!0(!2$!9$00.59!/$R&!.3*9$/!(5!#./!3(2.%$!D#(5$!(6!9.,%6,.$54/!*54!9.,%/!#$!

./!/$$.59!/(!0#*0!#$!?*5!/$54!0#$3!(5!0(!0#$!91&/!l!210!*%/(!.0!2$?(3$/G!5(0!(5%&!/(!

0#*0!#$!%((+/!%.+$!0#$!?((%G!&(1!+5(VG!TL!?*5!/?(,$!V(3$5UG!210!*%/(!0#*0G!*/!*!3*%$!.6!

&(1!*,$!5(0!D*,0.?.D*0.59!.5!0#*0!?1%01,$!0#$5!&(1!9$0!21%%.$4!.5!0$,3/!(6!#(3(D#(2.?!

,$/D(5/$/S!>;CBG!.50$,I.$V@! !

L! 0#.5+! .0! V(1%4! 9$5$,*%%&! 2$! 3(,$! 3*%$/! /$54.59! .0! (5! l! *54! /(! 0#$,$U/! *! %(0! (6!

D,$//1,$!(5!(0#$,!2(&/!L!0#.5+!0(!+.54!(6!9(!*%(59!V.0#!.0!0((S!>;CG!.50$,I.$V@!

dSd!! JK;J_-"!hLJ)"!PM!-<J!;H_;P"J!PF!"JK-LME!!

E"E"$% O/'*+)+:%'329,1.+),*%

N!6$V!D*,0.?.D*50/!6$%0!/$R0.59!3*&!2$!*!/*6$!V*&!6(,!&(159!D$(D%$!0(!$RD%(,$!0#$.,!/$R1*%.0&G!

D*,0.?1%*,%&!6(,!/*3$!/$R!*00,*?0$4!&(159!D$(D%$S!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Yd!!

P5$! (6! 0#$! (0#$,! ?(5/.4$,*0.(5/G! *54! .0! 3.9#0! 2$! 71.0$! ?(50,(I$,/.*%G! ./! 0(! *?01*%%&!

,$6%$?0!(5!V#(!./!2$.59!#1,0!2&!0#$!2$#*I.(1,!2$?*1/$!.5!3&!3.54!LU4!D,(2*2%&!,*0#$,!

0#*0!&(159!D$(D%$!V$,$!I.$V.59!/0166!(5!0#$.,!3(2.%$!D#(5$/!0#*5!.6!0#$&!V$,$!9(.59!

4(V5! 0(! =#*D$%! "0,$$0! *54! 9$00.59! 0#$3/$%I$/! .50(! 2*,/! *54!#((+.59! 1D!V.0#! (%4$,!

91&/S!Q.+$!L!0#.5+!6(,!/(3$!&(159!D$(D%$G!./!0#./!*!/*6$!V*&!(6!$RD%(,.59!0#$.,!.4$50.0&G!

*54!.0!3.9#0!2$!0#$!/*3$G!&(1!+5(VG!I.$V.59!D(,5(9,*D#&!(5%.5$!SSS!*54!/(!6(,!3$!0#*0!

/$$3/!0(!2$!(5$!(6!0#$!+$&!.//1$/G!./!I.$V.59!.0!.5!0#$!?(50$R0!(6!&(159!D$(D%$U/!/$R1*%!

4$I$%(D3$50!*54!./!0#./!*9$!*DD,(D,.*0$!2$#*I.(1,!6(,!*!CYG!CcG!Ce!&$*,!(%4!SSS!0#$,$U/!

2$$5!,$D(,0/!.5!0#$!3$4.*!(6!+.4/!*/!&(159!*/!iG!CBG!CCG!Z*54]!CAS!L!#*I$5U0!/$$5!*5&!

$I.4$5?$!(6! 0#*0!#*DD$5.59G!210! .6!&(1! %((+!*0! 0#$/$!&(159!D$(D%$! .5! 0#$!?(50$R0!(6!

4$I$%(D3$50SSS!!>;\G!.50$,I.$V@!

E"E"!% Q''1%.221,<.9%

"(3$! +$&! .56(,3*50/! 6$%0! &(159! D$(D%$! V$,$! .5I(%I$4! .5! /$R0.59! .5! (,4$,! 0(! 2((/0! 0#$.,!

,$D10*0.(5G!V#$0#$,!*2(10!*!/$R1*%!2,*I*4(G!(,!f1/0!T/#(V.59!(66US!

L! 0#.5+!0#$,$! ./!*5!$%$3$50!(6!9.,%/!D,(41?.59! .0! 6(,!0#$!;*,./!<.%0(5!$66$?0^! 0#$!*.3! ./!

*?01*%%&!*2(10!21.%4.59!*! ,$D10*0.(5!2$?*1/$! .0U/!2$00$,! 0(!#*I$! /(3$!D,$//! 0#*5!5(!

D,$//!SSS!/(!.0U/!2$00$,!0(!2$!/(3$2(4&!V.0#!*5!.3*9$!*54!*!/0(,&!0#*5!*!,$*%%&!2(,.59!

5(2(4&S!>;dG!6(?1/!9,(1D@!

a10!L!0#.5+!0#$,$U/!D,(2*2%&!*!?(3D(5$50!(6! SSS!&(159!D$(D%$!V*50.59!0(!/#(V!(66!0(!

0#$.,! 6,.$54/! (,! 0#*0! +.54! (6! /$R1*%! 2,*I*4(! +.54! (6! /0166! l! %.+$G! 91&/! #*I$! *%V*&/!

2,*99$4! 0(! 0#$.,! 6,.$54/! *2(10! V#(! 0#$&UI$! /%$D0! V.0#S! E.,%/! 0((! SSS! D,(2*2%&!

.5?,$*/.59%&G!*/! L! 0#.5+!&(159!V(3$5!#*I$!2$?(3$!3(,$!?(36(,0*2%$!V.0#!#*I.59!*!

/$R1*%!.4$50.0&S!!>;\G!.50$,I.$V@!

"(3$! +$&! .56(,3*50/! *%/(! /#*,$4! *! I.$V! 0#*0! &(159!D$(D%$!3*&!2$! .5I(%I$4! .5! /$R0.59! */! *!

f(+$S!

l!L0U/!0#$!D*,0&!(5!"*01,4*&!5.9#0!*54!/(3$2(4&!4$?.4$/!0(!I.4$(!*!/$R!*?0!9(.59!(5!SSS!

*54! 0#$&U,$! 4(.59! .0! */! *! f(+$G! .0U/! 3*%.?.(1/! 210! 0#$&U,$! 5(0! 0#.5+.59! *2(10! .0S! >;YG!

6(?1/!9,(1D@!

E"E"6% W899:)*4%

F.5*%%&G!0#$,$!V*/!*!I.$V!0#*0!&(159!D$(D%$!*,$!/$R0.59!0(!9*.5!TD(V$,!(I$,U!(0#$,/G!*/!*!6(,3!

(6!21%%&.59S!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

YY!!

Lm3! f1/0! 0#.5+.59! .0U/! *! +.54! (6! 5.?$! D*//.I$!V*&! (6! 21%%&.59! /(3$(5$! 0((G! ./5U0! .0G! 0(!

/$54!*5!.3*9$S!>;XG!6(?1/!9,(1D@!

N2/(%10$%&!W!&$*#G!*!I$,&!D(V$,61%!6(,3!(6!21%%&.59S!>;cG!6(?1/!9,(1D@!

dSY! JK;J_-"!hLJ)"!PM!L:;QL=N-LPM"!PF!"JK-LME!!)#.%/0!0#$!D,$I*%$5?$!(6!/$R0.59!.5!N1/0,*%.*! ./!15?$,0*.5G!/0(,.$/!/#*,$4!2&!D*,0.?.D*50/! %$*I$!

5(!4(120!0#*0!/(3$!&(159!D$(D%$!#*I$!/166$,$4!*/!*!,$/1%0!(6!D*,0.?.D*0.59!.5!0#$!2$#*I.(1,S!

"0(,.$/! (6! &(159!D$(D%$! 6$$%.59!15/*6$G! $32*,,*//$4G! #13.%.*0$4G! 21%%.$4! *54! */#*3$4!V$,$!

/#*,$4S! "(3$0.3$/! 0#./! %$4! 0(! &(159! D$(D%$! %$*I.59! /?#((%! (,! 2$.59! ./(%*0$4! 6,(3! 0#$.,!

6,.$54/#.D!9,(1D/S!"(3$!+$&!.56(,3*50/!?(5/.4$,$4!5(5W?(5/$5/1*%!/$R0.59G!V#$,$!*5!.3*9$!./!

3./1/$4!*54!/$50!(5!V.0#(10!D$,3.//.(5!*!6(,3!(6!/$R1*%!I.(%$5?$S!!

L!0#.5+!.6!V$!%((+!*0!.0!.5!0$,3/!(6!4*3*9.59!,$D10*0.(5/!(,!$5#*5?.59!,$D10*0.(5/G!0#$!

D12%.?! #13.%.*0.(5! .6! &(1! #*I$! #*4! &(1,! .3*9$! /$50! I.,*%%&! ./! $5(,3(1/SSS! >;eG! 6(?1/!

9,(1D@!

N!215?#!(6!9.,%/!9(0!0(9$0#$,SSS?(5I.5?$4!0#./!Z(0#$,]!9.,%!V#(!#*4!*!?,1/#!(5!*!2(&G!0(!

4(!*!/0,.D0$*/$S!-#$&!*?01*%%&!6.%3$4!.0! SSS!*54!0#$!?(5?$D0!V*/!0#*0!0#$&!V(1%4!/$54!

0#./!/0,.D0$*/$!I.*!0$%$D#(5$!0(!0#$!2(&G!0#$!2(&!V(1%4!/$$!.0G!6*%%!.5/0*50%&!.5!%(I$!V.0#!

0#$!9.,%!Z*54]!,$*%./$!0#*0!SSS!#./!4,$*3!#*4!?(3$!0,1$!SSS!2*/.?*%%&!0#$!2(&!/$50!2*?+!*!

3$//*9$! /*&.59! T/%10G! /+*5+G! V#(,$UG! *54! /$50! .0! 0(! $I$,&2(4&! .5! #./! ?%*//S! >;CAG!

.50$,I.$V@!

-#$,$! V*/! #(V$I$,! ?(5?$,5! 0((G! 6(,! 0#(/$! V#(! 3*&! 5(0! #*I$! 0(%4! *5&(5$! *2(10! 0#$.,!

$RD$,.$5?$!6(,!6$*,!(6!*%%!(6!0#$!*2(I$!g!0#$/$!&(159!D$(D%$!V$,$!?(5/.4$,$4!D(0$50.*%%&!$I$5!

3(,$!*0!,./+S!

-#*0U/!/(3$(5$!V#(U/!#*4!>L!+5(V!0#./!/(154/!,.4.?1%(1/@G!*!D(/.0.I$!$5(19#!5$9*0.I$!

$RD$,.$5?$! 0(! 6$$%! 0#*0! 0#$&! ?*5! g! &$*#! 0#$&U,$! *?01*%%&! ,$D(,0.59! .0G! /(! 0#*0!3$*5/!

0#*0! 0#$&UI$! 0(%4! /(3$(5$G! (,! 0#$&! 6$%0! 9((4! $5(19#! *2(10! 0#$3/$%I$/! 0(! 9(! TLU3!

9(.59!0(!,$D(,0!0#*0US!>;dG!6(?1/!9,(1D@!

E"#"$% X'4.9%0,*-'Y8'*0'-%

-#$!D(0$50.*%! 6(,! &(159!D$(D%$! 0(!2$! ?#*,9$4!V.0#! 0#$!D,(41?0.(5!(,! 4.//$3.5*0.(5!(6! ?#.%4!

D(,5(9,*D#&! .6! 0#$! .3*9$! ./!(6!*!D$,/(5!154$,!C\!&$*,/!4$D.?0$4! .5!*!/$R1*%!3*55$,G!V*/!(6!

?(5?$,5!0(!+$&! .56(,3*50/G!V.0#!*!?(33(5!I.$V!0#*0!?1,,$50! %$9./%*0.(5!4($/!5(0!D,(I.4$!*5!

$66$?0.I$!,$/D(5/$S!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Yc!!

)#*0U/!#*DD$5.59! ./! 0#$/$!+.4/!*,$!2$.59! ?*19#0!1D! .5! %$9./%*0.(5! 0#*0!V*/5m0!D10! .5!

D%*?$!0(!?*0?#!0#$3S!>;CCG!.50$,I.$V@!

-#$,$! V*/! #(V$I$,! *5! 154$,/0*54.59! 2&! (5$! D*,0.?.D*50! 0#*0! &(159! D$(D%$! V#(! V$,$! 5(0!

.50$54.59!0(!D,(41?$!?#.%4!D(,5(9,*D#&!V(1%4!5(0!2$!?#*,9$4S!

LU3! 0(%4! SSS! 0#*0! 0#$&U,$! 5(0! (60$5! ?#*,9$4! V.0#! 0#$! D,(41?0.(5! (6! .0! 2$?*1/$! 0#$!

.50$50.(5! V*/! 5(0! 0(! D,(41?$! ?#.%4! D(,5(9,*D#&! *54! .50$,$/0.59%&! 0#$! %*V! ?%$*,%&!

/0*0$/!0#*0!SSS! .6!/#$!/$54/!.0!*54!.0! f1/0!/0*&/!0#$,$!.0U/!*!D,.I*0$!3*00$,!2$0V$$5!0V(!

&(159!D$(D%$G!0#*0!V(1%4!2$!0#$!$54!(6!.0S!!a10!0#$!3.510$!.0!./!/$50G!$.0#$,!1D%(*4$4!

0(!0#$!L50$,5$0G!(,!/$50!0(!(5$!(0#$,!D$,/(5G!.0!0#$5!2$?(3$/!?#.%4!D(,5(9,*D#&S!>;eG!

6(?1/!9,(1D@!

-#$,$!V*/! *%/(! *! I.$V! 0#*0! &(159! D$(D%$! 4(! 5(0! 154$,/0*54! 0#$! D(0$50.*%! ?(5/$71$5?$/! (6!

0#$.,!2$#*I.(1,S!

=#*,9$/! ?*5! 2$! %$I$%%$4! *0! 4.66$,$50! D$(D%$! .5! 0#$! /$71$5?$! (6! $I$50/! *54! *! %(0! (6!

0#$3!9(!T(#!3&!E(4!V$!f1/0!4.45U0!+5(V!0#*0US!>;eG!6(?1/!9,(1D@!

E"#"!% 589+)F/)C'*-),*.9%.-2'0+-%,(%1'9.+),*-B)2-%*,+%'329,1'/%

-#$,$!V*/! *! 9,$*0! 4$*%! (6! ?(5?$,5! 0#*0! &(159! D$(D%$! *,$! 5(0! %$*,5.59! *2(10!3101*%.0&! *54!

,$/D$?0!2$?*1/$!/$R0.59!4($/!5(0!?,$*0$!*5!(DD(,015.0&!6(,!0#./S!

L0U/!5(0!5$?$//*,.%&!0#*0!0#$!$RD(/1,$!0(!/$R1*%!0#$3$/!(,!?(50$50!./!.5!.0/$%6!#*,361%G!

.0U/!V#$,$!0#*0!/$R1*%!?(50$50!./!D,$/$50.59!*!I$,&!5*,,(V!I$,/.(5!(6!/$R1*%.0&!SSS!0#$5!

V$!*,$!+.54!(6!/$00.59!&(159!D$(D%$!1D!f1/0!0(!6(%%(V!.5!0#*0!3(4$%S!>;CBG!.50$,I.$V@!

O(1! V(5U0! /$$! 3101*%.0&! *54! ,$/D$?0! *54! 0#(/$! +.54! (6! ?(5?$D0/! 3(4$%%$4! .5! /$R!

2$?*1/$!/$R0.59! .3*9$/!*54! 0#$!I*/0!3*f(,.0&!(6!D(,5(9,*D#&!4($/5U0! ?(50*.5! 0#(/$!

+.54!(6!?(5?$D0/S!"(!/$R! ./!*!I$,&!D(V$,61%!/D*?$!6(,!1/!0(!V(,+!(10!(1,!9$54$,!*54!

(1,!?(5?$D0/!(6!V#(!V$!*,$G!*54!&$0!&(159!D$(D%$!*,$!9$00.59!0#(/$!.3*9$/!*/!D*,0!(6!

0#$.,! /#*D.59! /$5/$! (6! V#*0! /$R! ./G! *54! V#*0! 9$54$,! ./G! V.0#(10! 0#$,$! 2$.59! 0#$!

2,(*4$,!+.54!(6!3(4$%%.59l!>;cG!6(?1/!9,(1D@!

;*,0.?.D*50/!/#*,$4!?(5?$,5/!*2(10!0#$!6*?0!0#*0!0#$!31%0.4.3$5/.(5*%!5*01,$!(6!,$%*0.(5/#.D/!

?*55(0!2$!$RD%(,$4!0#,(19#!0$?#5(%(9&!>f1/0!0#$!D#&/.?*%.0&@SSS!

L! 0#.5+!0#$,$U/!/(3$0#.59!*2(10!0#$!31%0.4.3$5/.(5*%!5*01,$!(6!,$%*0.(5/#.D/!0#*0!2&!

+.54!(6!4$6.5.0.(5!?*5U0!2$!$RD%(,$4!0#,(19#!0$?#5(%(9&!*54!0#*0!.6!&(159!D$(D%$!*,$!

3*&2$! 2$.59! /0,$590#$5$4! .5! (5$! #*54! *54! 5(0! 9$00.59G! &(1! +5(V! $RD$,.$5?$! *54!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Ye!!

2$.59! /0,(59! .5! (0#$,! 6(,3/! (6! ?(3315.?*0.(5! 0#$5! 0#*0! ?*5! 2$! .32*%*5?$4l! >;cG!

6(?1/!9,(1D@!

-#$!(0#$,!0#.59!0#*0!/0,.+$/!3$!*2(10!0#./!0$?#5(%(9&!*54!0#./!V*&!(6!%$*,5.59!./!0#*0!

.0U/!*!(5$WV*&!0#.59S!>;XG!6(?1/!9,(1D@!

E"#"6% ?'*/'1%)--8'-%

"(3$!D*,0.?.D*50/!/#*,$4!*!?(5?$,5!0#*0!&(159!V(3$5!*,$!D100.59!$*?#!(0#$,!4(V5G!*54!0#*0!

V.0#.5!0#./!D(V$,!.32*%*5?$G!0#$&!?(50.51$!0(!2$!0#$!I.?0.3/S!

-#$,$U/! *! ,$*%%&! .50$,$/0.59! 9.,%U/! ,$*?0.(5! 0(! .0! */! V$%%S! -#$,$U/! *! %(0! (6! +.54! (6! /$%6!

2%*3$!(5!(0#$,!9.,%/G!%.+$G!TV#*0!0#$!#$%%!4.4!/#$!4(!0#*0!6(,UG!%.+$G!T/#$!*/+$4!6(,!.0U!l!

0#$5!V#$5!V$!/0*,0$4!0(!D,(2$!*!%.00%$!2.0!4$$D$,!0#$&!V$,$!%.+$G!T(#G!210!&(1!+5(VG!.6!

0#$!9.,%U/!/$50!Z*!/$R0]G!*54!/#$!4.45U0!,$*%%&!3.54G!0#$5!.0U/!(+*&US!!>;CG!6(?1/!9,(1D@!

=*5! L! f1/0! /*&! 0#*0! 6(,! 3$! (5$! (6! 0#$! /0,.+.59! 0#.59/! .5! 0#$! /0(,.$/! ./! 0#$! 9$5$,*%!

.32*%*5?$! .5! 0#$! .3D%.?*0.(5/! /(! 0#*0! &(159! V(3$5! *,$! 6.54.59! 0#$3/$%I$/! .5! *!

I.?0.3./$4!D(/.0.(5!*54!&(159!3$5! ?*5!#*I$!$R*?0%&! 0#$! /*3$! .3*9$/! 9(.59!*,(154!

210! 0#$&U,$! 0#$! /014G! /(! .0U/! 0#$! *9$! (%4! 4.66$,$5?$! l! 0#$! ?(5/$71$5?$/! 6(,! &(159!

V(3$5!*54!9*&!3$5!*,$!L!0#.5+!4.66$,$50!0(!0#$!?(5/$71$5?$/!6(,!#$0$,(!3*%$/!SSS!5(0!

0#*0!.0U/!5(0!D,(2%$3*0.?!6(,!0#$!(0#$,!9,(1D/G!210!0#$!D(V$,!.32*%*5?$!./S!>;cG!6(?1/!

9,(1D@!

E"#"E% 7.C'F-'3F.++1.0+'/%:,8*4%2',29'%

-#$,$! V*/! *5! *?+5(V%$49$3$50! 0#*0! /$R0.59! 3*&! .5! 6*?0! 2$! *! D(/.0.I$! 0#.59! 6(,! /*3$! /$R!

*00,*?0$4!&(159!D$(D%$S!!

L!91$//!6(,!*!/*3$!/$R!*00,*?0$4!&(159!D$,/(5!%.+$!(5W%.5$!0#$&!*?01*%%&!?*5!/$D*,*0$!

0#$!0V(!V(,%4/G! L!/1DD(/$G!2$?*1/$!.6!0#$&!4(5U0!6$$%!0#*0!0#$&!?*5!2$!V#(!0#$&!6$$%!

0#$&! *,$! .5! ,$*%! %.6$! 2$?*1/$!313! *54! 4*4! 4(5U0! *9,$$! (,! 0#$! +.4/! *0! /?#((%!V(5U0!

*9,$$!(,!0#$&U,$!f1/0!0$,,.6.$4!0#$&!?*5!(6!?(1,/$!$RD,$//!0#$3/$%I$/S!>;dG!6(?1/!9,(1D@!

-#*0U/! ,.9#0S! ! N5(5&3.0&! ?*5! 2$! D(/.0.I$! .6! &(1m,$! Z/*3$! /$R! *00,*?0$4]S! >;cG! 6(?1/!

9,(1D@!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Y\!!

dSc!! JK;J_-"!hLJ)"!PM!"PQH-LPM"!)#.%/0!0#$,$!V*/!*!9$5$,*%!6$$%.59!*3(59/0!+$&!.56(,3*50/!0#*0!/$R0.59!./!.5!6*?0!*5!.//1$G!0#$,$!

V*/! 31?#! ?(5?$,5! 0#*0! V$! *,$! 5(0! *44,$//.59! 0#$! D,(2%$3! *54! 0#*0! /?#((%/G! D*,$50/! *54!

0#(/$!V#(!V(,+!V.0#!&(159!D$(D%$!4(!5(0!+5(V!V#*0!0(!4(S!

PI$,!0#$!%*/0!6$V!&$*,/!3(,$!*54!3(,$!D$(D%$!*,$!/*&.59!T#(V!4(!V$!4$*%!V.0#!0#./!

D,(2%$3jU!*54!/(!0#$&!4(5U0!+5(V!#(V!0(!*44,$//!.0S!>;XG!6(?1/!9,(1D@!

)#.%$! *! I*,.$0&! (6! ,$/D(5/$/!V$,$! $RD,$//$4! ,$9*,4.59! /0,*0$9.$/! 6(,! 4$*%.59!V.0#! D(0$50.*%!

,./+/!*//(?.*0$4!V.0#!/$R0.59G!(5$!D*,0.?.D*50! 6$%0! 0#$!5*01,$!(6!*4(%$/?$5?$!4$I$%(D3$50*%%&!

3*+$/!.0!0((!4.66.?1%0!0(!3*5*9$S!!

L!V(1%4!*,91$!0#*0!V#$5!.0!?(3$/!0(!V#*0!?*5!V$!4(!*2(10!.0G!0#$!*5/V$,!./!5(0#.59G!

2$?*1/$!&(1!?*5U0! %$9./%*0$!*9*.5/0!*4(%$/?$50!2,*.5/! SSS! 0#$! 6*?0! ./G!4$I$%(D3$50*%%&G!

+.4/!4(!4132!0#.59/S!>;CAG!.50$,I.$V@!

E">"$% X'4.9%1'-2,*-'-%

-#$!D(0$50.*%! 6(,! &(159!D$(D%$! 0(!2$! ?#*,9$4!V.0#! 0#$!D,(41?0.(5!(,! 4.//$3.5*0.(5!(6! ?#.%4!

D(,5(9,*D#&! .6! 0#$! .3*9$! ./!(6!*!D$,/(5!154$,!C\!&$*,/!4$D.?0$4! .5!*!/$R1*%!3*55$,G!V*/!(6!

?(5?$,5! 0(!+$&! .56(,3*50/G!V#(!*9,$$4!0#*0!?1,,$50! %$9*%! ,$/D(5/$/! 0(!4$*%!V.0#!/$R0.59!*,$!

.5*DD,(D,.*0$S!!

"(!L!0#.5+!0#*0U/!*!I$,&!4*59$,(1/!,(*4!0(!9(!4(V5!*54!L!0#.5+!V$!4(!5$$4!0(!3*+$!*!

71*%.0*0.I$!4./0.5?0.(5!2$0V$$5!&(159!D$(D%$!(6!*!/.3.%*,!*9$!2*/.?*%%&!$RD%(,.59!0#$.,!

/$R1*%.0&! *54! 0#$! I$,&! /$,.(1/! (66$5?$! (6! ?#.%4! /$R1*%! $RD%(.0*0.(5! 2$?*1/$! 0#$&! *,$!

5(0! $71.I*%$50! SSS! 0#*0U/! 5(0! 0(! /*&! 0#*0! V#$,$! .0! 9($/! V,(59! *54! 0#$,$U/! 0#$! 5(5!

?(5/$50! *54! 0#$,$U/! 4./0,.210.(5! (6! *5! .3*9$G! L! 0#.5+! 0#*0! 4($/! 5$$4! 0(! 2$! 0*+$5!

/$,.(1/%&G! 210! L! 4(5U0! 0#.5+! .0U/! 0#$! /*3$! */! ?#.%4! D(,5(9,*D#&! l! V$! 4(! 5$$4! *!

%$9./%*0.I$!3(4$%!V#.?#!/*&/!0#*0!0#$!V.4$/D,$*4!4./0,.210.(5!(6!/(3$(5$U/!D$,/(5*%!

/$R1*%!.3*9$!./!V,(59S!-#*0!$I$5!.6!0#$!.5.0.*%!.3*9$!./!/$50!.5!?(5/$50G!&(1!?*5U0!0#$5!

/$54!.0!$%/$V#$,$S!>;CBG!.50$,I.$V@!

E">"!% S*4.4'%=)+B%:,8*4%2',29'%

-#$,$! V*/! 9$5$,*%! ?(5/$5/1/! 0#*0! ,$/$*,?#! V.0#! &(159! D$(D%$! ./! 5$$4$4! 0(! 4$0$,3.5$! 0#$!

$R0$50!(6!/$R0.59G!.5!(,4$,!0#*0!*DD,(D,.*0$!,$/D(5/$/!*,$!4$I$%(D$4S!-#$!5$$4!6(,!N1/0,*%.*5!

D,$I*%$5?$! 4*0*! 0(! 4$0$,3.5$! 0#$! ,$*%! $R0$50! (6! 0#$! D#$5(3$5(5! V*/! #.9#%.9#0$4S!

F1,0#$,3(,$G!*5!$3D#*/./!V*/!/#*,$4!(6!0#$!5$$4!0(!0*%+!TV.0#UG!,*0#$,!0#*5!T*0U!&(159!D$(D%$G!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Yi!!

0#*0! /?*,$! 0*?0.?/! 4(! 5(0! V(,+G! *54! (6! 0#$! .3D(,0*5?$! (6! 4./?1//.59! 0#$! 2$5$6.0/! (6! 1/.59!

0$?#5(%(9&!*/!V$%%!*/!0#$!,./+/S!!

L! 0#.5+!0#*0U/! 0#$!+$&!D(.50! SSS!V$!#*I$!0(!0*%+!V.0#!0#$3G!,*0#$,! 0#*5!*0! 0#$3G!(,! 0(!

0#$3G! *54! L! 0#.5+!V#*0U/! 5(0!V(,+.59! .5! 0#./! /D*?$G! V#$0#$,! .0U/! 0#$! /$R0.59! (,! 0#$!

?(I$,0! 21%%&.59G! (,! $RD(/1,$! 0(! D(,5G! *%%! (6! 0#$/$! /(,0/! (6! 0#.59/G! .0U/! 0#$! /#(?+! f(?+!

/0166!f1/0!4($/!5(0!9$0!0#$,$S!>;eG!6(?1/!9,(1D@!

L! 6.54! 0#*0!&(1!?*5!#*I$! /(3$!?(5I$,/*0.(5/!V.0#!&(159!D$(D%$!210! L!#*I$! 0(!D10! .0!

V.0#.5! 0#$! ?(50$R0! (6! T(+*&G!V#*0U/! *! #$*%0#&! /$R1*%.0&^! %$0U/! 0*%+! *2(10! *%%! 0#$! 9((4!

/0166! *2(10! /$RG! *54! 0#$! ?(50.5113UG! *54! &(1! +5(V! %.+$! 9$0! 0#$3! .50(! T#$&! /#$U/!

*%,.9#0G!/#$U/!5(0!15?(36(,0*2%$G!/#$U/!5(0!l!6,(3!*5(0#$,!ZD%*5$0]US!"(!&(1!0*%+!*2(10!

*%%!0#$!9((4!/0166!l!L!(60$5!/*&!0#.59/!%.+$!g!L!/$$!/(3$!0$*?#$,/!.5!0#$!2*?+9,(154!+.54!

(6! +$$%.59! (I$,! g! L! /*&! 0#.59/! %.+$! TV#($I$,G! V#$5$I$,G! V#*0$I$,! &(1! 4(G! /$R1*%%&!

0#*0U/!5(0!0#$!.//1$S!-#$!.//1$!./!/*6$!/$R!*54!/$%6W,$/D$?0US!>;AG!6(?1/!9,(1D@!

=(5/$5/1/! V*/! /#*,$4! *2(10! 0#$! 5$$4! 6(,! *41%0/! 0(! #*I$! ?(5I$,/*0.(5/! V.0#! &(159! D$(D%$!

*2(10! 0#$.,! 1/$! (6! 0$?#5(%(9&! .5! 0#$! ?(50$R0! (6! 2,(*4$,! 4./?1//.(5/! *2(10! ,$%*0.(5/#.D/G!

.50.3*?&G!9$54$,G!/$R1*%.0&!*54!$0#.?/S!!

)$! 5$$4! 0(! 2$! 2(%4! $5(19#! 0(! 9(! 0#$,$! V.0#! V#*0! 0#$! 4$$D$,! .//1$/! *,$! SSS! 6.54!

/0,*0$9.$/!0(!$59*9$!V.0#!&(159!D$(D%$!0(!D(0$50.*%%&!/#.60!0#$.,!4./?(1,/$G!/(!0#$&U,$!

%$*,5.59!*2(10!/$R!*54!9$54$,!SSS!0#*0!/$R!?*5!2$!6*50*/0.?G!.0!?*5!2$!615G!*54!3101*%%&!

,$/D$?061%G! *54!$59*9.59!&(1!+5(VS!)$!#*I$! 0(!#*I$! 0#*0!4./?(1,/$G!2$?*1/$! .6! &(1!

?,$*0$!*!I*?113G!.0!9$0/!6.%%$4!/0,*.9#0!2*?+!V.0#!V#*0$I$,!./!0#$,$!l!V$!5$$4!0(!6.54!

/0,*0$9.$/!0(!$59*9$!V.0#!&(159!D$(D%$!0(!D(0$50.*%%&!/#.60!0#$.,!4./?(1,/$G!/(!0#$&U,$!

%$*,5.59!0#*0!/$R!?*5!2$!6*50*/0.?G!.0!?*5!2$!615G!*54!3101*%%&!,$/D$?061%G!*54!$59*9.59!

&(1!+5(VS!>;cG!6(?1/!9,(1D@!

L0! V*/! *?+5(V%$49$4! #(V$I$,! 0#*0! #*I.59! 0#$/$! 4./?1//.(5/! V.0#! &(159! D$(D%$! ./! 5(0!

/(3$0#.59!0$*?#$,/!*54!D*,$50/!6.54!$*/&S!!

PI$,!0#$!%*/0!6$V!&$*,/!3(,$!*54!3(,$!D$(D%$!Z.5!/?#((%/]!*,$!/*&.59!T#(V!4(!V$!4$*%!

V.0#!0#./!D,(2%$3jU!*54!/(!0#$&!4(5U0!+5(V!#(V!0(!*44,$//!.0!l!V$U,$!#*I.59!0,(12%$!

+$$D.59!1D!V.0#!0#$!0$?#5(%(9&S!>;XG!6(?1/!9,(1D@!

a10!&(1UI$!*%/(!9(0!0$*?#$,/G!V#(!*,$!0#$!+$&!D$(D%$G!V#(!9(!TL!V(1%45U0!$I$5!+5(V!

#(V!0(!2$9.5!0#$!?(5I$,/*0.(5US!>;dG!6(?1/!9,(1D@!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

cB!!

;*,0.?.D*50/! $3D#*/./$4! 0#$! .3D(,0*5?$! (6! 5(0! (5%&! 6(?1/.59! (5! 5$9*0.I$! */D$?0/! (6! 0#$!

2$#*I.(1,S!!

L6! V$! 9(! .5! *//13.59G! 0#*0! /$54.59! V#*0! L! 0#.5+! ./! *! /$R&! D.?01,$! (6! 3&/$%6! 0(! 3&!

2(&6,.$54G!./!*!D,(2%$3G!0#$5!V$!4(5U0!9$0!*5&V#$,$G!2$?*1/$!L!3.9#0!/$$!0#*0!*/!f1/0!

*5!$R0$5/.(5!(6!(1,!,$%*0.(5/#.DS!>;XG!6(?1/!9,(1D@!

-#$/$!#(,,(,!/0(,.$/!*,$!?(3.59!(10!*54!&(1!%((+!*0!0#$!6,(50!D*9$!(6!0#$!<$,*%4!"15!

L0m/!f1/0!5(0!0#$!V*&!0(!4(!.0S!)#*0!&(1mI$!9(0!0(!4(!./!2$!,$*%%&!D(/.0.I$!*2(10!.0!*54!

/*&! %./0$5G! V$! +5(V! &(1m,$! (5%.5$G! &(1! +5(VG! &(1mI$! 9(0! *! 9,$*0! F*?$2((+G! Z*54]!

&(1UI$!9(0!*!9,$*0!ta$2(!/.0$!(,!*!t:&"D*?$!/.0$S!!)$!+5(V!V#*0!&(1m,$!1D!0(!g!9,$*0!

W!.0m/!9((4!0#*0!&(1m,$!1/.59!0#$!0$?#5(%(9&S!>;CCG!.50$,I.$V@!

E">"6% S/80.+'%+B'%W:-+.*/'1%

"(3$! +$&! .56(,3*50/! 4./?1//$4! 0#$! 5$$4! 6(,! .50$,I$50.(5/! 0*,9$0$4! *0! 0#$! D$$,! 9,(1D! %$I$%!

,*0#$,!0#*5!*0!.54.I.41*%/!.5I(%I$4!.5!/$R0.59S!!

P1,!2&/0*54$,/!*,$!,$*%%&!D(V$,61%!D$(D%$G! %.+$!0#$&U,$!0#$!(5$/!V#(!*,$!/%.DD.59!1/!

0#$!.56(,3*0.(5SSS!>;dG!6(?1/!9,(1D@!

L! 0#.5+! 0#$! .//1$! (6! 0#$! 2&/0*54$,! ./! *! ,$*%%&! .3D(,0*50! (5$! *54! *! 9((4! 6(?1/! 6(,!

V(,+.59!.5!/?#((%/S!!L6!&(1!/$$!0#./!./!9(.59!(5!V#*0!?*5!&(1!4(jU!*54!0#$!V#(%$!.//1$!

(6!T/#(1%4!&(1!,$/D(54jU!L!0#.5+!/0*,0.59!V.0#!0#*0G!%.+$!TL/!.0!?((%!0(!f1/0!%$0!.0!#*DD$5jU!

>;CG!6(?1/!9,(1D@!

L!0#.5+!0#$,$!?$,0*.5%&!5$$4/!0(!2$!/(3$!V(,+!4(5$G!D,(2*2%&!%$4!2&!&(159!D$(D%$G!0(!

$41?*0$! 0$*?#$,/G! D*,$50/! *54! #$*%0#?*,$! D,(6$//.(5*%/! *,(154! 0#$! V*&! .5! V#.?#!

&(159! D$(D%$! 4(! 1/$! 0$?#5(%(9&G! *54! 0#$! 3$*5.59! 0#*0! 0#$&! D%*?$! (5! 0#$! 1/$! (6!

0$?#5(%(9&S!>;\G!.50$,I.$V@!

E">"E% Z1'.+'%.%*'=%28J)0%/)-0,81-'%.J,8+%1'-2'0+(89%'+B)0.9%1'9.+),*-B)2-%

`$&!.56(,3*50/U!?(33$50/!#.9#%.9#0$4!0#$!5$$4!6(,!6,*5+!4./?1//.(5/!V.0#!&(159!D$(D%$!*2(10!

,$/D$?0!*54!,$/D(5/.2.%.0&S!

)$!,$*%%&!#*I$!0(!0*+$!/$,.(1/%&G!3*/?1%.5.0&!*54!0#$!V*&!0#*0!/0*01/!*54!2$.59!*!3*5!

./!4$6.5$4!.5!(1,!?1%01,$!*54!0#*0!(5$!(6!0#$!+$&!+.54!(6!6*?0(,/!(,!?1%01,*%!3*,+$,/!6(,!

/1??$//61%! 3*/?1%.5.0&! ./! *,(154! ?(5/13D0.(5! (6! V(3$5G! ?(5/13D0.(5! (6! *! /$R1*%!

.3*9$!SSS!V$!4(!5$$4!0(!2$!#*I.59!4./?1//.(5/!V.0#!&(159!D$(D%$!*2(10!0#$!$0#.?*%!1/$!

(6!0#$/$!0$?#5(%(9.$/S!)$!5$$4!0(!2$!0*%+.59!0(!0#$3!*54!$5?(1,*9.59!0#$3!0(!,$6%$?0!

ta$2(o:&"D*?$![!/(?.*%!5$0V(,+.59!/.0$/!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

cC!!

*2(10!.0S!M(0!1/!/*&.59G!T8(5U0!4(!0#./!2$?*1/$!.0U/!V,(59UG!210!*?01*%%&!*/+.59!0#$3!0(!

0#.5+! *2(10! V#*0U/! 0#$! ,.9#0! 0#.59! 0(! 4(! l! T.6! *! 3*0$! /$54/! &(1! *5! .3*9$! (6! 0#$.,!

9.,%6,.$54G!V#*0U/!0#$!,.9#0!0#.59!6(,!&(1!0(!4(j!L/!0#$!,.9#0!0#.59!6(,!&(1!0(!4(!0(!/$54!

.0!(5!(,!./!0#$!,.9#0!0#.59!6(,!&(1!0(!4(!0(!/*&!0(!0#*0!91&G!uQ((+!3*0$G!4(5U0!/$54!3$!

0#./!/0166G!0#*0U/!2$0V$$5!&(1!*54!#$,G! L!4(5U0!V*50! .0Sv!P,! ./!0#$!,.9#0!0#.59!0(!4(!0(!

,$D(,0!#.3j!!-(!,$D(,0!#.3!0(!*!0$*?#$,!(,!0(!0#$!D(%.?$!(,!/(3$0#.59!%.+$!0#*0SU!>;CBG!

.50$,I.$V@!

dSe!! =PM=QH"LPM!F(?1/!9,(1D!*54!.50$,I.$V!4*0*!6,(3!+$&!.56(,3*50/!#*/!#.9#%.9#0$4!0#$!?(3D%$R!5*01,$!*54!

D(%*,./$4!*00.014$/!0#*0!$R./0!.5!,$%*0.(5!0(!/$R0.59!*3(59/0!&(159!D$(D%$S!h.$V/!,*59$4!6,(3!

0#$!D,*?0.?$! 2$.59! *! ,$/1%0! (6! (1,! /$R1*%./$4! ?1%01,$G! 0(! &(159!D$(D%$! /.3D%&! $RD%(,.59! 0#$.,!

/$R1*%!.4$50.0&!*/!0#$&!#*I$!*%V*&/!4(5$S!;*,0.?.D*50/!4.4!5(0!*9,$$!(5!V#$0#$,!(,!5(0!/$R0.59!

./! /(3$0#.59! V$! /#(1%4! 2$! ?(5?$,5$4! *2(10G! (,! V#*0! V$! /#(1%4! 2$! 4(.59! *2(10! 0#$!

D#$5(3$5(5S!!

-#$,$! V*/! #(V$I$,G! 2,(*4! /1DD(,0! 6,(3! +$&! .56(,3*50/! 6(,! 61,0#$,! .5I$/0.9*0.(5! ,$9*,4.59!

/$R0.59!*54!&(159!D$(D%$G!V.0#!6101,$!,$/$*,?#!$66(,0/!5$$4.59!0(!.4$50.6&!#(V!&(159!D$(D%$!

4$6.5$!/$R0.59G!0#$!,(%$! .0!D%*&/! .5!0#$.,! %.I$/!*54!0#$.,!/199$/0.(5/!6(,!#(V!2$/0!0(! .50$,I$5$S!

<(V$I$,!3(,$!?,.0.?*%G!.5!0#$!I.$V!(6!+$&!.56(,3*50/G!V*/!0#$!5$$4!6(,!&(159!D$(D%$U/!I(.?$/!

0(!2$!#$*,4S! ".3.%*,%&G! +$&! .56(,3*50/!V$,$!15*5.3(1/! 0#*0! /(%10.(5/!4(! .54$$4!5$$4! 0(!2$!

/#*D$4!2&!0#$!$RD,$//$4!$RD$,.$5?$!(6!&(159!D$(D%$!

!

!

!

!

!

!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

cA!!

I=!C*$?+%$E!1-?.0!:*-:+*G$!H-,(*!YSC!! LM-_P8H=-LPM!-#$!6(%%(V.59!?#*D0$,!,$D(,0/!(5!0#$!6.54.59/!(6!.54.I.41*%!/$3.W/0,1?01,$4!.50$,I.$V/!V.0#!XX!

&(159!D$(D%$!*9$4!CY!0(!AB!&$*,/!?(541?0$4!2$0V$$5!N191/0!ABCB!*54!N191/0!ABCCS!-(D.?/!(6!

.571.,&!V$,$!$/0*2%./#$4! 6(%%(V.59!3&! ,$I.$V!(6! 0#$! %.0$,*01,$!*54! 6(%%(V.59!*5*%&/./!(6!4*0*!

6,(3!+$&!.56(,3*50/S!E.I$5!0#$!/$5/.0.I$!5*01,$!(6!/(3$!*,$*/!(6!.571.,&G!3(/0!&(159!D$(D%$!

*DD$*,$4!I$,&!?*54.4!*54!(D$5!.5!0#$.,!,$/D(5/$/S!:*5&!.5!6*?0!$RD,$//$4!9,*0.014$!6(,!2$.59!

9.I$5! 0#$! (DD(,015.0&! 0(! D*,0.?.D*0$! *54! /#*,$! 0#$.,! I.$V/! *54! ?(5?$,5/S! L50$,I.$V/! V$,$!

2$0V$$5!CYWYB!3.510$/S!!

F.,/0G! *! 4$/?,.D0.(5! (6! &(159! D$(D%$! .5I(%I$4! .5! 0#$! /014&! ./! 9.I$5G! 6(%%(V$4! 2&! *! 4$0*.%$4!

4./?1//.(5!(6!0#$!5*01,$!(6!/$R0.59!6,(3!&(159!D$(D%$U/!D$,/D$?0.I$G!.5?%14.59!0#$!0$,3/!0#$&!

1/$! 0(! 4$/?,.2$! 0#$! 2$#*I.(1,G! I.$V/! (5! D,$I*%$5?$! *54! 0#$.,! ?(5?$,5/S! N%/(! D,(I.4$4! *,$!

4$0*.%/!*2(10! 0#$! /$R0$4! .3*9$/G! .5?%14.59!V#(! .5.0.*%%&!D,(41?$4!*54!4./0,.210$4! 0#$3G!V#(!

*54!V#$,$!0#$&!V$,$!4./0,.210$4G!I.$V/!(5!*00.014$/!0(!0#(/$!,$D,$/$50$4!.5!0#$!.3*9$/G!V#(!

./!0(!2%*3$G!*54!?(5/$71$5?$/!(6!0#$!2$#*I.(1,!6(,!0#(/$!.5I(%I$4S!"$?(54%&G!&(159!D$(D%$U/!

/$5/$!(6!0#$!(,.9.5/!(6!/$R0.59!./!4$/?,.2$4G!V.0#!*!D*,0.?1%*,!6(?1/!(5!0#$!D,$//1,$!0#$&!6$$%!./!

$RD$,.$5?$4! 2&! 9.,%/! *54! 2(&/G! *54! 0#$! /$R1*%./$4! ?1%01,$! 0#$&! 4$/?,.2$! */! #*I.59! D%*&$4! *!

/.95.6.?*50! ,(%$! .5! .56%1$5?.59! 0#$! 2$#*I.(1,S! F.5*%%&G! &(159! D$(D%$U/! I.$V/! *2(10! D(0$50.*%!

/(%10.(5/! ,$9*,4.59! 0#$! 5$9*0.I$! .3D*?0/! (6! /$R0.59! *,$! /#*,$4G! .5?%14.59! .5! D*,0.?1%*,G!

$41?*0.I$!/0,*0$9.$/!.5I(%I.59!/?#((%/G!&(159!D$(D%$G!D*,$50/!*54!"M"S!S!

YSA!! "N:;QJ!PF!OPHME!;JP;QJ!'1/0! (I$,! #*%6! 0#$! D*,0.?.D*50/! V$,$! 6$3*%$G! 0#*0! ./G! C\! &(159! V(3$5! *54! CY! &(159! 3$5!

D*,0.?.D*0$4! .5! .50$,I.$V/S! -#./! %(V$,! ,$D,$/$50*0.(5! (6! 3*%$/! ./! ,$6%$?0.I$! (6! *5! (59(.59!

4.66.?1%0&!.5!,$?,1.0.59!&(159!3$5!.50(!/$R1*%.0&!,$/$*,?#!>=*,3(4&!ABBi@S!P6!0#$/$!D*,0.?.D*50/!

/$I$50$$5! V$,$! *9$4! CYWCe! &$*,/G! *54! /.R0$$5! V$,$! *9$4! C\WAB! &$*,/S! N%%! &(159! D$(D%$!

,$/.4$4!.5!0#$!$*/0!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

cX!!

$,5! 3$0,(D(%.0*5! /121,2/! (6! :$%2(1,5$G! V.0#! *%%! $R?$D0! (5$! D*,0.?.D*0.59! .5! /(3$! 6(,3! (6!

$41?*0.(5S!N%0#(19#!*5!*00$3D0!V*/!3*4$!0(!.5?%14$!*/!3*5&!&(159!D$(D%$!6,(3!3*,9.5*%./$4!

/$00.59/! *54!4.66$,$50! /(?.(W$?(5(3.?! *54! ?1%01,*%! 9,(1D/G! %.3.0$4!5132$,/!(6! &(159!D$(D%$!

V$,$! ,$D,$/$50$4! 6,(3! 0#$/$! 0*,9$0! ?(#(,0/S! -V(! &(159! D$(D%$! .4$50.6.$4! */! /*3$! /$R!

*00,*?0$4G! (5$! &(159! D$,/(5! #*4! *! 4./*2.%.0&G! (5$! &(159! D$,/(5! V*/! 15$3D%(&$4! *54! (5$!

&(159!D$,/(5!V*/!6,(3!*!5(5WJ59%./#!/D$*+.59!2*?+9,(154S!P5$!0#.,4!(6!D*,0.?.D*50/!#(V$I$,!

V$,$!D*,0.?.D*0.59!.5!*5!*%0$,5*0.I$!$41?*0.(5!D,(9,*3!*0!-NFJ!*54!/(3$!(6!0#$/$!D*,0.?.D*50/!

,$D,$/$50$4!T*0!,./+U!&(159!D$(D%$!V.0#!/12/0*5?$!1/$!*54!3$50*%!#$*%0#!.//1$/!

a,*?+$0/!*60$,!$*?#!71(0$! .5?%14$!6.,/0%&!0#$!D/$14(5&3!?#(/$5!2&!(,!*%%(?*0$4!0(!0#$!&(159!

D$,/(5G! 6(%%(V$4!2&!0#$.,!9$54$,!*54!*9$S!-*2%$!CB!/#(V/!D*,0.?.D*50!D/$14(5&3/!*54!2*/.?!

4$3(9,*D#.?!.56(,3*0.(5!.5?%14.59!*9$!*54!$41?*0.(5!/0*01/S!F.91,$!A!D,$/$50/!*!/133*,&!(6!

5132$,/!(6!&(159!V(3$5!*54!3$5!.5!$*?#!*9$!9,(1DS!-*2%$!CC!D,(I.4$/!*!/133*,&!(6!0#$3$/!

$3$,9.59!6,(3!.50$,I.$V/!V.0#!&(159!D$(D%$!-*2%$!CCb!-#$3$/!$3$,9.59!6,(3!.50$,I.$V/!V.0#!

&(159!D$(D%$!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

cd!!

! !

=EJN![!=$,0.6.?*0$!.5!E$5$,*%!J41?*0.(5!6(,!N41%0/G!*0!*!-NFJ!>-$,0.*,&!p!F1,0#$,!J41?*0.(5!=(%%$9$@!!

F.91,$!Cb!M132$,/!(6!&(159!V(3$5!*54!3$5!.5!$*?#!*9$4!9,(1D!!

!

-*2%$!CBb!;/$14(5&3/G!*9$/!*54!$41?*0.(5!%$I$%/!(6!&(159!D$(D%$!

! O(159!V(3$5! O(159!3$5!

EK`EN(

6")85(

JQQJG!O$*,!CA! FN:G!=EJN!!

QO8LNG!O$*,!i! acG!=EJN!

=N"JOG!O$*,!CC! 8J)NQLPG!O$*,!CC!

:PQQOG!O$*,!CB! 'PJG!O$*,!CB!

ML=<PQJG!=EJN! aCG!=EJN!

JQQLP-G!=EJN!! aYG!=EJN!

8N_=LJG!=EJN!! ""G!=EJN!!

EYG!=EJN! !

EcG!O$*,!i! !

EeG!O$*,!i! !

ER`GQ(

6")85(

EiG!H5.I$,/.0&! aAG!=EJN!!

_CXG!H5.I$,/.0&! aeG!=EJN!!

"NM8_NG!O$*,!CA! L"NN=G!-NFJ!

=N:LQQJG!H5.I$,/.0&! :E:CG!H5.I$,/.0&!

ECcG!H5.I$,/.0&! "PQN_FQN_JG!O$*,!CA!

"<JQaOG!H5.I$,/.0&! aCCG!O$*,!CA!

_P"LJG!H5.I$,/.0&! 8N_LH"G!O$*,!CA!

;PQQOG!H5.I$,/.0&! :N--<J)G!H5$3D%(&$4!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

cY!!

-*2%$!CCb!-#$3$/!$3$,9.59!6,(3!.50$,I.$V/!V.0#!&(159!D$(D%$!

!

YSX!! OPHME!;JP;QJU"!hLJ)"!NaPH-!-<J!MN-H_J!PF!"JK-LME!

#"6"$%% A,8*4%2',29'%/,%*,+%8-'%+B'%+'1C%[-'3+)*4;%

"$R0.59U!./!5(0!*!V(,4!&(159!D$(D%$!1/$!0(!4$/?,.2$!0#$!D,(41?0.(5!(,!4./0,.210.(5!(6!/$R1*%%&!

$RD%.?.0!.3*9$/!>"JL/@S!:(/0G!210!5(0!*%%!#*4!#$*,4!0#$!V(,4!T/$R0.59UG!210!6$%0!.0!V*/!*!V(,4!(5%&!

1/$4! 2&! 0#$! 3$4.*! *54! *41%0/S! :(,$(I$,G! 0#$,$! V*/! 5(! (5$! V(,4! 0#*0! 4$/?,.2$4! 0#$!

D#$5(3$5(5!6(,!*%%!&(159!D$(D%$S!"(3$!0$,3/!0#$&!1/$4!0(!4$/?,.2$!0#$!2$#*I.(1,!.5?%14$4!

+,-&'(/",/0"(4%">5(,&($D"(&)$-8"(,<(5"#$%&'(

O(159!D$(D%$!4(!5(0!1/$!0#$!0$,3!T/$R0.59U!"$R1*%%&!$RD%.?.0!.3*9$/!V$,$!(6!9.,%/G!2(&/!*54!?(1D%$/!"$R0.59!.3*9$/!V$,$!D#(0(9,*D#/!(,!I.4$(/!L3*9$/!*,$!/$%6WD,(41?$4!(,!0*+$5!(6!(0#$,/!O(159!V(3$5!3(,$!(60$5!,$D,$/$50$4!"#!$%&'(%&")"#*!'%)+)!

O(159!D$(D%$!*,$!?(5?$,5$4!*2(10!/$R0.59!;(%*,./$4!I.$V/!(5!D,$I*%$5?$!

W%">5(,&()$$%$-*"5($,($D,5"(%&($D"(5"#$"*(%?)'"5(

TE.,%/!*,$!/%10/kU!!=(5?$,5!6(,!0#$!9.,%!.5!0#$!/$R0$4!.3*9$!"$R0.59!.5!,$%*0.(5/#.D/!./!(+*&!

+,-&'(/",/0"V5(

4%">5(,&($D"(,8%'%&5(

,<(5"#$%&'(

;,$//1,$!N!/$R1*%./$4!?1%01,$!0(!2%*3$!;(,5(9,*D#&!

+,-&'(/",/0"5(4%">5(

,&($D"(/-8/,5"(,<(

5"#$%&'(<,8(6,-&'(

/",/0"((

"$R0.59!6(,!,$I$59$!"$R1*%!$RD$,.3$50*0.(5!_./+W0*+.59!N%?(#(%!"$R0.59!T6(,!*!%*19#U!N00$50.(5!/$$+.59!a(,$4(3!

+,-&'(/",/0"V5(4%">5(,&(5,0-$%,&5($,($D"(D)8?<-0(9,&5"3-"&9"5(,<(5"#$%&'(

"?#((%/!*54!$41?*0.(5!J41?*0.59!D*,$50/!J41?*0.(5!*2(10!%$9*%!.3D%.?*0.(5/!5(0!0#$!(5%&!*5/V$,!"(?.*%!3*,+$0.59!D,$I$50.(5!?*3D*.95/!)$2!2*/$4!$41?*0.(5!*54!.56(,3*0.(5!5$$4/!0(!2$!2$00$,!D,(3(0$4!F.%0$,.59!/&/0$3/!Q$9*%!,$/D(5/$/!=#*%%$59$!0#$!3$4.*!"$R0.59!./!0((!4.66.?1%0!0(!4$*%!V.0#!L5I(%I$!&(159!D$(D%$!.5!,$/D(5/$!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

cc!!

T4.,0&!D.?01,$/UG!T/$R&!D.?01,$/UG!T514$/UG!T5((4rU!*54!T5*+$4!D.?01,$/US!"(3$!&(159!D$(D%$!*%/(!

4$/?,.2$4!/$R0.59!*/!0#$!/$54.59!(6!T/$R&!3$//*9$/U!*54!*!?(1D%$!(6!&(159!3$5!$I$5!4$/?,.2$4!

.0!*/!/$54.59!TD(,5(9,*D#.?!.3*9$/US!!

#"6"!%% 7'38.99:%'329)0)+%)C.4'-%,(%4)19-@%J,:-%.*/%0,829'-%

:(/0!/$R0.59!/0(,.$/!/#*,$4!2&!D*,0.?.D*50/! .5I(%I$4!/$R1*%%&!$RD%.?.0!D#(0(/!(6!514$!(,!/$3.W

514$! .54.I.41*%/G! ?(1D%$/! (,! 9,(1D/! (6! &(159! D$(D%$S! P6! 0#$! /0(,.$/! .5I(%I.59! D#(0(/! */!

(DD(/$4!0(!I.4$(/G!3(/0!.5I(%I$4!"JL/!(6!9.,%/G!*%0#(19#!/(3$!/0(,.$/!.5I(%I$4!"JL/!(6!2(&/!0((S!

-#$,$U/! 0#$! 3(,$! .55(?$50! /(,0! (6! 0#.59/! 0#*0! *,$! f1/0! %.+$! l! 514$! *54! V(3$5U/!

2(4.$/S!-#$5!0#$,$U/!0#$!,$*%%&!%.+$!5.00&W9,.00&!l!f1/0!%.+$!0#$!9$5.0*%G! %.+$!f1/0!61%%!(5S!

>_(/.$G!6$3*%$!*9$4!Ci@!

LUI$! /$$5! D.?01,$/! (6! 9.,%/! 9.I.59! 2%(V! f(2/! *0! D*,0.$/! V#$5! 0#$,$U/! %.+$! 6.I$! (0#$,!

D$(D%$!4(.59! 0#$!/*3$!0#.59! .5! 0#$!/*3$!/D(0G! 0#*0!+.54!(6!/0166!*54!0#$&U,$! %.+$!CY!

*54!CdS!>8*,?.$G!6$3*%$!*9$4!Ce@!

N!5132$,!(6!/0(,.$/!*%/(!.5I(%I$4!I.4$(/!(6!&(159!D$(D%$!.5I(%I$4!.5!/$R1*%!*?0.I.0&!>.5?%14.59!

/$R1*%! .50$,?(1,/$!*54!3*/01,2*0.(5@^! /(3$0.3$/! 0#$/$! .3*9$/!V$,$!/$%6!D,(41?$4G!*0!(0#$,!

0.3$/!&(159!D$(D%$!V$,$!I.4$($4!(,!D#(0(9,*D#$4!2&!/(3$(5$!$%/$S!

;$(D%$!#*I$!/*0!.5!0#$!,((3!V#$5!0#$.,!6,.$54/!#*I$!2$$5!#*I.59!/$R!*54!I.4$($4!.0!

*54!0#$5!f1/0!%.+$!9(5$!0(!*!?%12!*54!/$50!.0!0(!$I$,&(5$l!>J%%.(0G!6$3*%$!*9$4!Ce@!

-#$,$U/!0#./!(5$!/0(,&^!#$!*%/(!V$50!0(!3&!/?#((%S!<$!V*/!9(.59!(10!V.0#!0#./!9.,%!*54!

l!LU3!5(0!,$*%%&!/1,$!l!0#$,$!V*/!*!I.4$(!0#(19#!*54!LU3!D,$00&!/1,$!.0!V*/!f1/0!#.3!

?(3.59!(5!#$,!6*?$!*54!/#$!V*/5U0!,$*%%&! .3D,$//$4!V.0#! .0!*54!0#$5!0#$&!2,(+$!1DS!

>_CXG!6$3*%$!*9$4!AB@!

"(3$!&(159!D$(D%$! 0*%+$4!(6! .5?.4$50/!V#$,$! &(159!D$(D%$!#*4! ?,$*0$4! "JL/! (6! 0#$3/$%I$/!

3*/01,2*0.59!*%(5$S!!

L0/!+.54!(6!9,(//G! %.+$!.0U/!g!LU%%!9$0!.0!(10!0#(19#S!"(!&$*,!CB!l!/#$!+.54!(6!f1/0!#*4!*5!

.3D1%/$! ?*5G! &$*#G! 1/$! &(1,! .3*9.5*0.(5! l! 0((+! *! D#(0(G! /$50! .0! 0(! 5(0! $I$5! #$,!

2(&6,.$54G! f1/0! /(3$!91&!*54! L!4(5U0!+5(VG! 0#$&!?*19#0! 0#$!21/! 0(9$0#$,!*54! .0! f1/0!

9(0!4./0,.210$4!*54! L!$I$5!/*V!0#$!D#(0(!*54! .0!V*/5U0!I$,&!5.?$S! >_CXG! 6$3*%$!*9$4!

AB@!

N! 5132$,! (6! /0(,.$/! V$,$! 4./?%(/$4! *2(10! "JL/! (6! 9.,%/! 2$.59! 4./0,.210$4! 2&! 2(&/! *60$,! *!

,$%*0.(5/#.D!$54$4!V.0#(10!0#$!9.,%/U!?(5/$50S!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

ce!!

-#$!2(&!*/+/!0#$!9.,%!0(!/$54!#.3!/(3$!.3*9$/!(,!I.4$(/!(,!/(3$0#.59!*54!0#$5!g!/(!

/#$!4($/!0#*0!*54!#$!+$$D/!0#$3!6(,$I$,G!&(1!+5(VG!.5!?*/$!(6!2%*?+3*.%!(,!V#*0$I$,!

#$!V*50/!0(!4(!V.0#!0#$!.3*9$/S!-#$5!0#$&!4(!#*I$!*!6.9#0!*54!0#$5!g!(,!0#$&!2,$*+!1D!

(,! /(3$0#.59!*54! 0#$5!#$! 0#.5+/G! TV$%%G! /#$U/!5(!9((4!*5&3(,$!*54! %$0U/!$32*,,*//!

#$,!.5!0#$!2$/0!V*&!L!?*5UG!*54!/$54/!.0!(10l!>acG!3*%$!*9$4!Ce@!

:*5&!/0(,.$/!V$,$!/#*,$4!(6!2(&/!/#(V.59!"JL/!(6!9.,%/!0(!6,.$54/G!(,!2(&/!4./?(I$,.59!*!6,.$54!

#*4!*5!"JL!(6!*!9.,%!(5!#./!D#(5$!*54!,$71$/0.59!0(!/$$!.0G!#.9#%.9#0.59!0#$!$*/$!*0!V#.?#!"JL/!

?*5!2$!/#*,$4!V.0#!0#$!V(,%4S!

-#$,$!V*/!*!9.,%!*0!/?#((%!0#*0!#*4!/$50!*!D.?01,$!(6!#$,/$%6!0(!(5$!(6!0#$!91&/!*54!0#*0!

9(0!2%1$! 0((0#$4!0(!*%3(/0!$I$,&! 6,.$54! .5!/?#((%!*54!/#(V5!*,(154S! >Q&4.*G! 6$3*%$!

*9$4!CY@!

a$?*1/$! &(1! /#(V!(5$!3*0$G! *54! 0#$5! 0#*0!3*0$!V.%%! /#(V! (5$!3*0$! *54! /(! (5S! L!

#*I$!/$$5!D#(0(/!(6!*!6,.$54!#*I$!/$R!V.0#!*!9.,%S!>F*3G!3*%$!*9$4!Cc@!

"(3$!&(159!D$(D%$!0*%+$4!*2(10!/$R1*%%&!$RD%.?.0!.3*9$/!2$.59!/#(V5!0(!D$(D%$!.5!D$,/(5!(5!*!

3(2.%$!D#(5$!(,!(0#$,!L-!4$I.?$S!

O$*#G! D$(D%$! #*I$! D#(0(/! (5! 0#$.,! D#(5$/G! %.+$! 0#$.,! 9.,%6,.$54/G! *54! /#(V! 0#$3! 0(!

0#$.,!3*0$/!*54! /0166S!:(,$!(60$5! 0#$&!4(5U0! /$54! .0! W! 0#$&! f1/0! /#(V! .0S! >"(%*,6%*,$G!

3*%$!*9$4!C\@!

O$*#S!L6!*!9.,%!#*4!*!D#(0(!(5!#$,!D#(5$!0#$&!V(1%4!f1/0!/#(V!&(1!l!0#$&!V(1%45U0!9(!

0(!0#$!$R0,$3$!$66(,0!0(!/$54!.0!*54!/0166S!>EcG!6$3*%$!*9$4!CY@!

#"6"6%% A,8*4%2',29'%.1'%0,*0'1*'/%.J,8+%-'3+)*4%%

N%%!&(159!V(3$5!V$,$!?(5?$,5$4!0(!/(3$!$R0$50!*2(10!0#$!.//1$!(6!/$R0.59G!$I$5!.6!0#$&!4.4!

5(0!6$$%!.0!V*/!D,$I*%$50S!"(3$!0$,3/!1/$4!0(!4$/?,.2$!0#$.,!15$*/$!V$,$!0#*0!.0!V*/!T4$6.5.0$%&!

#*,361%UG!T5(0!?((%UG!T?(3D%$0$%&!V,(59U!*54!T/01D.4US!:(/0!&(159!3$5!*%/(!$RD,$//$4!*0!%$*/0!

/(3$! 4$9,$$! (6! ?(5?$,5! *2(10! 0#$! D#$5(3$5(5G! 4$/?,.2.59! .0! */! TV,(59UG! T$32*,,*//.59UG!

T(66$5/.I$UG!*54!T*!2.9!0#.59!&(1!V*50!0(!/0(DUS!P6!0#$!6$V!&(159!3$5!V#(!4.4!5(0!0#.5+!.0!V*/!

*5! .//1$! D*,0.?1%*,%&G! *%%! 4.4! *?+5(V%$49$! #(V$I$,G! 0#*0! .0!3*&! 2$! *5! .//1$! 6(,! /(3$! &(159!

V(3$5!.5!/(3$!?.,?13/0*5?$/S!M$I$,0#$%$//G!*3(59/0!0#$/$!I.$V/!0#$,$!V*/!*!6$$%.59!0#*0!.0!

V*/!0#$!&(159!V(3*5U/!6*1%0!6(,!/$54.59!0#$!.3*9$!.5!0#$!6.,/0!D%*?$S!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

c\!!

JI$5!.6!0#$!D#(0(!V.%%!2$!(10!0#$,$!l!*54!.6!/#$!#*0$/!.0!W!.0U/!/0.%%!#$,!4$?./.(5!0#*0!/#$!

/$50!.0S!LUI$!9(0!5(0#.59!*9*.5/0!0#*0S!L0/!f1/0!.6!0#$!D$,/(5!4($/5U0!%.+$!.0!W!0#$5!/#$U/!*5!

.4.(0!6(,!/$54.59!.0!.5!0#$!6.,/0!D%*?$S!>aYG!3*%$!*9$4!Ce@!!!

L!0#.5+!Z/$R0.59]!./!%.+$!0#$!$*/.$/0!V*&!0(!9$0!,$I$59$!(5!/(3$(5$S!L0U/!.5!&(1,!#*54/S!

8$6.5.0$%&! $/D$?.*%%&!V#.%$! %.+$! #(,3(5$/! *,$! ,155.59S! O$*#! /(! L! 0#.5+! .0! ./! 4$6.5.0$%&!

#*,361%S!>ECG!6$3*%$!*9$4!Cc@!

P6!D*,0.?1%*,!?(5?$,5!6(,!&(159!D$(D%$!.50$,I.$V$4G!V$,$!0#$!/0(,.$/!(6!"JL/!(6!9.,%/!2$.59!/$50!

(5! (,! /#(V$4! 0(! /(3$(5$! V.0#(10! 0#$.,! ?(5/$50G! V#.?#! 1/1*%%&! ,$/1%0$4! .5! #*,361%!

?(5/$71$5?$/! 6(,! 0#*0! &(159! D$,/(5S! ;*,0.?.D*50/! 0*%+$4! (6! &(159! V(3$5! 3(I.59! /?#((%/G!

6*?.59!6*3.%&!*54!D$$,!4./*DD,(I*%!*54!/0.93*S!!

-#$&!f1/0!/#*,$4!0#$3!*,(154!*54!*%%!0#*0!*54!L!+5(V!0#*0!*!6$V!(6!0#$!9.,%/!$54$4!1D!

2$?(3.59!71.0$!4./0,$//$4!l! .0! ?*5! ,1.5! 0#$! ,$D10*0.(5!(6! 0#*0!D$,/(5! W! .0! ?*5!?*1/$!

0#$3!0(!2$!21%%.$4G!0$*/$4S!>aCCG!3*%$!*9$4!C\@!

L!0#.5+!0#*0!.0U/!71.0$!/?*,,.59!*54!?*5!4$6.5.0$%&!?,(D!1D!.5!0#$!6101,$G!*54!V.%%!4*3*9$!

D$(D%$S!>"#$%2&G!6$3*%$!*9$4!C\@!

"(3$!&(159!V(3$5!*%/(!0*%+$4!*2(10!0#$!.3D*?0!/(3$(5$U/!.5I(%I$3$50!.5!/$R0.59!3*&!#*I$!

(5!0#$.,!6,.$54/S!

"(!D$(D%$!V(1%4!?(3$!1D!0(!3$!*54!0#$&U4!2$!%.+$!T*,$!&(1!6,.$54/!V.0#!/(!*54!/(jU!

*54!L!4(5U0!+5(VG! LU4!6$$%!$32*,,*//$4!0(!0$%%!D$(D%$! L!V*/!6,.$54/!V.0#!#$,!l!.0!V*/!

+.54!(6!$32*,,*//.59!f1/0!6(,!D$(D%$!0(!%.5+!3$!V.0#!#$,!*54!/*&!TL!V(54$,!.6!_CX!4($/!

0#*0!0((jU!>_CXG!6$3*%$!*9$4!AB@!

P6!0#$!/0(,.$/!/#*,$4G!(5%&!*!6$V!$R*3D%$/!V$,$!9.I$5!(6!"JL/!/#*,$4!2$0V$$5!0V(!D$(D%$!0#*0!

V$,$! 5(0! 6(,V*,4$4! (5! 0(! (0#$,/^! 1/1*%%&! 0#./! V*/! 2$0V$$5! &(159! D$(D%$! .5! *! ,(3*50.?!

,$%*0.(5/#.DG!*54!V*/!?(5/.4$,$4!(+*&S!!

L! 0#.5+! 3*&2$! .6! .0! 9$0/! .50(! 0#$! V,(59! #*54/! .0! 3.9#0! 2$! #*,361%S! L! 4(5U0! +5(VS!

a$0V$$5!9.,%6,.$54!*54!2(&6,.$54!L!4(5U0!,$*%%&!/$$!.0!*/!#*,361%S!>aCG!3*%$!*9$4!C\@!

L!0#.5+!.0U/!*5!.//1$!.6!.0!9$0/!(10!(6!#*54S!L6!/(3$(5$U/!/$50!.0!0(!/(3$(5$!*54!0#$&UI$!

/$50!.0!(5!0(!#$*D/!(6!D$(D%$!*54!0#*0!(0#$,!D$,/(5!4($/5U0!+5(VG!L!0#.5+!0#*0U/!V#$5!

.0!2$?(3$/!*5!.//1$S!>M.?#(%$G!6$3*%$!*9$4!Ce@!

N44.0.(5*%%&G!*!?(1D%$!(6!&(159!V(3$5!/#*,$4!*!?(5?$,5!*2(10!0#$!$*/$!*0!V#.?#!"JL/!?*5!2$!

?*D01,$4!*54!4./0,.210$4!6,(3!V$2?*3!I.*!0#$!D,.50!/?,$$5!615?0.(5S!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

ci!!

O(1!6$$%!,$*%%&!*V+V*,4!*54!$32*,,*//$4!%.+$!LUI$!#*4!.0!#*DD$5!0(!3$^!LUI$!0#(19#0!.0!

V(1%4!2$!(+*&!0(!/#(V!/(3$(5$!/(3$0#.59!(5!V$2?*3!*54!0#$5!*!6$V!3(50#/!%*0$,!L!

#*4!/(3$!91&!g! L!V*/!0*%+.59!0(!(5$!(6!3&!6,.$54/!(5!*!6,.$54/!:"M!*54!L!V$50!*54!

/D(+$! 0(!(5$!(6!#./! 6,.$54/!*54!#$!V*/! f1/0! %.+$! T(#G! &(1U,$! 0#*0!9.,%US! L!V*/! %.+$! TLU3!

V#*0!9.,%jU!'1/0!%.+$!T5(G!LUI$!/$$5!&(1!(5!3&!6,.$54U/!?(3D10$,U!*54!L!0#$5!L!/144$5%&!

V*/!%.+$G!T)#*0j!)#*0!#*DD$5$4!0#$,$jU!`.54!(6!%.+$G!2$?*1/$!0#$&!D,.50!/?,$$5$4!*54!

L!#*4!5(!.4$*!*54!L!4.4!5(0!0*+$!.0!V$%%S!>J%%.(0G!6$3*%$!*9$4!Ce@!

#"6"E%% Q,9.1)-'/%<)'=-%,*%21'<.9'*0'%

N/! 0#./! /014&! 4.4! 5(0! .5I(%I$! 9*0#$,.59! D,$I*%$5?$! 4*0*G! 4$0$,3.5.59! 0#$! $R0$50! (6! 0#$!

D#$5(3$5(5! *?,(//! D(D1%*0.(5! 9,(1D/!V*/! 5(0! D(//.2%$S! <(V$I$,G! D*,0.?.D*50/!V$,$! */+$4!

*2(10! 0#$.,! /$5/$! (6! D,$I*%$5?$! *3(59/0! &(159! D$(D%$! 0#$&! +5$VG! *54! *3(59/0! 2,(*4$,!

9,(1D/!(6! &(159!D$(D%$G! */!V$%%! */!V#$0#$,! 0#$&!2$%.$I$! 0#$!D,$I*%$5?$!(6! /$R0.59! *3(59/0!

&(159!D$(D%$!#*/!2$$5!154$,!(,!(I$,!,$D(,0$4S!O(159!D$(D%$U/!I.$V/!*2(10!D,$I*%$5?$!V$,$!

D(%*,./$4G!V.0#!*!3.R01,$!(6!,$/D(5/$/!*?,(//!2(0#!9$54$,/!*54!*%%!*9$!9,(1D/S!N%%!D*,0.?.D*50/!

#(V$I$,!4.4!#*I$!/0(,.$/!0(!/#*,$!*2(10!D$(D%$!0#$&!+5$V!>*%0#(19#!5(0!*%%!+5(V5!D$,/(5*%%&@!

V#(!#*4!2$$5!.5I(%I$4!.5!/$R0.59!.5!/(3$!6(,3!(,!(0#$,G!V#.?#!.5?%14$4!.54.I.41*%/!#*I.59b!!

• ;,(41?$4!*5!"JL!(6!0#$3/$%I$/G!*54!/#*,$4!0#./!V.0#!(0#$,/!>/$50!(,!D(/0$4!(5%.5$@^!

• 8./0,.210$4! *5! "JL! (6! (0#$,/! >/$50G! D(/0$4! (5%.5$! (,! /#(V$4! /(3$(5$! (5! 0#$.,! (V5!

#*54#$%4!L-!4$I.?$!(,!?(3D10$,^!!

• h.$V$4!*5!"JL!(6!(0#$,/S!!

N,(154!(5$!0#.,4!(6!*%%!&(159!D$(D%$!6$%0!/$R0.59!V*/!D,$I*%$50!*3(59/0!*%%!9,(1D/S!!

L0U/! ,155.59! ,.6$! *0! 0#$! 3(3$50S! L! ,$?+(5! .0U/! f1/0! *! I$,&! (??1,,.59! 0#.59! l! &$/G! .0!

#*DD$5/!*!%(0S!L!#*I$!*!%(0!(6!6,.$54/!0#*0!4(!.0!*54!9$0!.5!0,(12%$!V.0#!.0S!>EYG!6$3*%$!

*9$4!Ce@!

L0!4$6.5.0$%&!./!(10!0#$,$!$I$,&V#$,$S!L0U/!#*DD$5.59!*%%!0#$!0.3$!l!L!f1/0!+5(V!*!%(0!(6!

D$(D%$!4(!.0S!>acG!3*%$!*9$4!Ce@!

N2(10! *5(0#$,! 0#.,4! (6! *%%! &(159! D$(D%$! $RD,$//$4! *! I.$V! 0#*0! T.0U/! 5(0! 0#*0! ?(33(5US!

<(V$I$,G!0#$/$!D*,0.?.D*50/!*%%!2$%.$I$4!.0!V*/!#*DD$5.59!*0!%$*/0!0(!/(3$!$R0$50S!!

)$%%!L!*?01*%%&!4(5U0!2$%.$I$!.0U/!#*DD$5.59!*/!31?#!*/!*!%(0!(6!D$(D%$!2$%.$I$!l!0#$,$!

*,$!D$(D%$!V#(!/$54!D#(0(/!(10G!*54!0#$,$!*,$!*!3.5(,.0&!(6!0#(/$!D#(0(/!0#*0!V(1%4!

2$!/#*,$4S!>aCCG!3*%$!*9$4!C\@!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

eB!!

L!91$//!.0!#*DD$5/!(5!,*,$!(??*/.(5/!l!LU3!5(0!9(.59!0(!/.0!#$,$!*54!/*&!0#*0!.0!4($/5U0!

#*DD$5!g!.0!4($/!#*DD$5S!a10!L!4(5U0!0#.5+!0#*0!.0!#*DD$5/!*/!31?#!*/!D$(D%$!/*&!0#*0!

.0!4($/S!>J%%$G!6$3*%$!*9$4!Ce@!

F1,0#$,3(,$G!*!6$V!&(159!D$(D%$!$RD,$//$4!*!/$5/$!0#*0!/3*%%!5132$,/!(6!&(159!D$(D%$!*,$!

.5I(%I$4!.5!/$R0.59G!210!0#*0!0#$!3$4.*!./!(I$,W,$D(,0.59!0#./!6*?0S!

L0U/!%.+$!0$$5*9$,/!2*/#.59!(%4!D$(D%$S!L0U/!*!/3*%%!3.5(,.0&G!210!2$?*1/$!.0U/!*!2*4!0#.59!

.0!/$%%/!5$V/D*D$,/S!>"(%*,6%*,$G!3*%$!*9$4!C\@!!

M(0!*/!2.9!*!4$*%!*/!0#$!5$V/!*54!/0166!*,$!/*&.59!l!O$*#G!L!,$?+(5!0#$&!f1/0!4(!.0!0(!

/$%%!5$V/D*D$,/!l!L!0#.5+!(%4!D$(D%$!*54!D*,$50/!3*+$!.0!(10!*!%(0!2.99$,!4$*%!0#*5!.0!

,$*%%&!./S!>EcG!6$3*%$!*9$4!CY@!!

:*5&!&(159!V(3$5!*54!3$5!$RD,$//$4!*!I.$V!0#*0!/$R0.59!./!3(,$!D,$I*%$50!*3(59/0!0#(/$!

*9$4!154$,!CY!&$*,/S!!

)$%%G! .0/! *%V*&/! 2$$5! *,(154! L! 0#.5+! .5! 0#$! (%4$,! *9$! 9,(1D/G! %.+$! Cc! *54! CeG!V#$5!

#(,3(5$/!,$*%%&!/0*,0!0(!+.?+!.5!*54!.0U/!%.+$G!T#$&G!%((+!*0!3$UG!210!.0/!4$6.5.0$%&!9$00.59!

&(159$,! *54! 0#$! 0$?#5(%(9&U/! #$%D.59! 0#*0S! -#$! 6*?0! 0#*0! LUI$! /$$5! CBW&$*,W(%4/!

V*%+.59!*,(154!V.0#!D#(5$/l!>"(%*,6%*,$G!3*%$!*9$4!C\@!

:(,$(I$,G!&(159!V(3$5!V$,$!D*,0.?1%*,%&!?(5?$,5$4!*2(10!0#$!I1%5$,*2.%.0&!(6!&(159$,!9.,%/S!!

l!L!+5(V!&(159$,!9.,%/!*0!CX!*54!Cd!*,$! f1/0!D100.59!0#$3/$%I$/!(10!0#$,$S!-#$!2(&/!

(5%&!%.+$!0#$3!2$?*1/$!(6!0#$!V*&!0#$&!*,$!*54!0#$&!4(5U0!,$*%./$!0#*0!2$?*1/$!0#$&U,$!

/(!&(159!*54!.33*01,$S!>8*,?.$G!6$3*%$!*9$4!Ce@!

-#$,$!3*&!2$!3(,$!&(159$,!9.,%/!*0!/?#((%!W!3*&2$!f1/0!D,(2*2%&!5(0!0(0*%%&!*V*,$!(6!

0#$!,./+/G!(,!3*&2$!6$$%!*!2.0!D,$//1,$4G!5(0!*2%$!0(!/0*54!1D!6(,!0#$3/$%I$/G!*/!&(1!

*,$!V#$5!&(1U,$!*!2.0!(%4$,S!>ECcG!6$3*%$!*9$4!C\@!

YSd!! OPHME!;JP;QJU"!hLJ)"!PM!"JK-LME!_PQJ"!NM8!aJ<NhLPH_"!:(/0!(6!0#$!/0(,.$/!/#*,$4!V$,$!(6!/$%6WD,(41?$4!"JL/!(6!9.,%/S!L3*9$/!V$,$!/$50!0(!2(&6,.$54/G!

2(&/!0#$!9.,%/!%.+$4!(,!6*5?.$4!>V#(!V$,$!5(0!2(&6,.$54/@G!2(&/!V#(!#*4!$50.?$4!0#$3!0(!/$54!

*5!.3*9$G!*54!/(3$0.3$/!0#$/$!.3*9$/!V$,$!/$50!(,!/#(V5!0(!9,(1D/!(6!D$(D%$G!(,!D(/0$4!(5!

"M"S!F$V$,!/0(,.$/!V$,$!/#*,$4!(6!/$%6WD,(41?$4!"JL/!(6!2(&/!4./0,.210$4!(,!/#(V5!0(!9.,%/!(,!

D(/0$4!(5!"M"S!F1,0#$,3(,$G!0#$,$!V$,$!*%/(!/0(,.$/!(6!"JL/!D,(41?$4!2&!0#(/$!(0#$,!0#*5!0#$!

D$,/(5! (,! D$(D%$! .5! 0#$! .3*9$o/^! 0#$/$! V$,$! /(3$0.3$/! /$50! (,! /#(V5! 0(! .54.I.41*%/G!

/(3$0.3$/! /$50! 0(! 9,(1D/! (6! D$(D%$G! *54! /(3$0.3$/! D(/0$4! (5! "M"S! -*2%$! CA! D,(I.4$/! *!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

eC!!

/133*,&!(6! 0#$! 0#$3*0.?! *5*%&/./! 0#*0! 4$/?,.2$/! 0#$!5*01,$!(6! /$R0.59! $D./(4$/! 6,(3!&(159!

D$(D%$U/!D(.50!(6!I.$VS!

%

#"E"$%% 7'9(F21,/80'/%-'38.99:%'329)0)+%)C.4'-%,(%4)19-%%

"(3$!&(159!D$(D%$!/#*,$4!+5(V%$49$!(6!9.,%/!#*I.59!/$50!/$R1*%!D#(0(/!(6!0#$3/$%I$/!0(!0#$.,!

2(&6,.$54/S!!

LUI$!#*4! 6,.$54/! 0#*0!#*I$!#*4!9.,%6,.$54/! /$54!D#(0(/! 0(! 0#$3l! >8*,.1/G!3*%$! *9$4!

C\@!

-*2%$!CAb!-#$3$/!,$%*0.59!0(!&(159!D$(D%$m/!I.$V/!(5!0#$!5*01,$!(6!/$R0.59!

-#$3$! 8$/?,.D0.(5!

;"598%7%&'($D"(!UF(

• "JL/!(6!.54.I.41*%!9.,%/!(,!2(&/!>5*+$4!(,!/$3.W5*+$4G!2,$*/0/G!D$5./$/@!

• L3*9$/!(6!?(1D%$/!#*I.59!/$R!>.50$,?(1,/$G!&(159!V(3$5!9.I.59!&(159!3$5!T#$*4!f(2/UG!*!2(&!?(3.59!(5!*!9.,%U/!6*?$@!

• L3*9$/!(6!9.,%/!.5I(%I$4!.5!3*/01,2*0(,&!/$R1*%!*?0.I.0.$/!>/(3$0.3$/!V.0#!(2f$?0/@!!

aD,(%&%$%)006(/8,*-9"*(b(*%5$8%7-$"*(!UF5(b($,(>D,?(b(>D"8"((

• "$%6WD,(41?$4!"JL/!(6!9.,%/!/$50!0(!2(&6,.$54/G!2(&/!0#$&!%.+$G!(,!2(&/!V#(!,$71$/0$4!*5!.3*9$!!

• "$%6WD,(41?$4!"JL/!(6!2(&/!/$50!0(!9.,%/!>1/1*%%&!0(!$50.?$!9.,%/!0(!/$54!"JL/@!!

• "$%6WD,(41?$4!"JL/!(6!9.,%/o2(&/!D(/0$4!(5!"M"G!$S9S!F*?$2((+G!=#*0!_(1%$00$G!_*0$!3&!KWE.,%6,.$54G!F(,3/D,.59!

• P0#$,/!D,(41?.59!"JL/!(6!.54.I.41*%/G!?(1D%$/!(,!9,(1D/!>1/1*%%&!*0!D*,0.$/@!!

T,0"5( • ;,(41?$4!po(,!4./0,.210$4!"JL/!(6!/$%6!!

• ;,(41?$4!po(,!4./0,.210$4!"JL/!(6!(0#$,/!

• _$?$.I$4!"JL/!(6!(0#$,/!

P,>(*,"5(5,?",&"(8"9"%4"\4%">(!UF(

• ;$,/(5*%%&!,$?$.I$4!"JL/!I.*!(V5!3(2.%$!D#(5$G!.;(4!(,!(0#$,!L=-G!$S9S!3(2.%$!D#(5$G!?(3D10$,!

• h.$V$4!"JL/!.5!D$,/(5!(5!/(3$(5$!$%/$U/!L=-!>/(3$0.3$/!2$.59!/#(V5@!!

• h.$V$4!"JL/!(5!"M"G!$S9S!F*?$2((+!(,!KWE.,%6,.$54!V$2D*9$!

aD)$(D)//"&5(,&9"(!UF(*%5$8%7-$"*((

M$9*0.I$!.3D*?0!6(,b!!

! ;$,/(5o/!.5!"JL!!

! F,.$54o/!(6!D$,/(5!.5!"JL!

! ;$,/(5o/!V#(!4./0,.210$4!"JL!

! ;$,/(5o/!V#(!,$71$/0$4!0#$!"JL!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

eA!!

O$*#G! D$(D%$! #*I$! D#(0(/! (5! 0#$.,! D#(5$/G! %.+$! 0#$.,! 9.,%6,.$54/G! *54! /#(V! 0#$3! 0(!

0#$.,!3*0$/!*54!/0166S!>"(%*,6%*,$G!3*%$!*9$4!C\@!

"$?(54%&G!?*/$/!(6!/$%6WD,(41?$4!"JL/!(6!9.,%/!/$50!0(!2(&/!0#$&!%.+$4!(,!6*5?.$4!V$,$!,$?(150$4!

2&!2(0#!&(159!V(3$5!*54!3$5G!V#.?#!V*/!(60$5!0(!*00,*?0!0#$!2(&U/!*00$50.(5S!

N!%(0!(6!0#$!9.,%/!0#*0!LmI$!#$*,4!(6!9$00.59!.5I(%I$4!.5!Z/$R0.59]G!0#$&!4(!.0!0(!/$54!.0!0(!

*!91&!0#*0!0#$&!0#.5+!%.+$/!0#$3S!"(!0#$&!0#.5+G!TLm%%!,$*%%&!/$0!0#$!#((+!(5!#.3!*54!,$$%!

#.3!.5US!>"(%*,6%*,$G!3*%$!*9$4!C\@!

"(3$! &(159! D$(D%$! 0*%+$4! *2(10! 0#$! 5$9*0.I$! ?(5/$71$5?$/! 0#./! %$4! 0(! 6(,! /(3$! &(159!

V(3$5!0#$&!+5$V!V#(!#*4!/$50!/$%6WD,(41?$4!"JL/!0(!*!2(&!0#$&!%.+$4^!V#$,$!0#$!.3*9$!V*/!

0#$5!/$50!(5!(,!/#*,$4!V.0#!(0#$,/!V.0#(10!0#$.,!?(5/$50S!

-#$,$!V*/!*!9.,%!*0!/?#((%!V#(!/$50!*!3$//*9$G!*!D.?01,$!(6!#$,/$%6G!5(0!,$*%%&!$RD%.?.0!

210! 154$,V$*,! *54! /0166G! 0(! *! 91&! 0#*0! /#$! 0#(19#0! %.+$4! #$,S! <$! 0#(19#0G! T-#./! ./!

9,$*0UG!*54!/$50!.0!*,(154!0(!*%%!#./!3*0$/S!>"(%*,6%*,$G!3*%$!*9$4!C\@!

:&!2$/0! 6,.$54!/$50!*!D.?01,$!(6!#$,!2((2/!0(!*!91&!0#*0!/#$! %.+$4!*0!#$,!/?#((%!*54!

0#(19#0!0#*0!#$!V(1%45U0!/#(V!*5&(5$!*54!0#$5!.0!V*/!(2I.(1/%&!9(.59!0(!9$0!*,(154!

*54!.0!4.4S!L0!9(0!*,(154!0#$!V#(%$!/?#((%S!>EYG!6$3*%$!*9$4!Ce@!

-#.,4%&G!D*,0.?.D*50/!0*%+$4!(6!"JL/!/$50!0(!2(&/!V#(!#*4!*/+$4!6(,!*!D#(0(^!/(3$0.3$/!0#$/$!

2(&/!V$,$!?*%%$4!T,*54(3/UtS!!

O$*#S! L!4(5U0!+5(VG! f1/0!*!91&S!Q.+$!&(1!4(5U0!+5(V!0#$3!I$,&!V$%%!(,!V#*0$I$,!*54!

&(1U,$!0*%+.59!0(!0#$3!*54!0#$&U%%!f1/0!*/+!&(1!6(,!D#(0(/S!>EcG!6$3*%$!*9$4!CY@!!

N!?(1D%$!(6!D*,0.?.D*50/!*%/(!,$?(150$4!/0(,.$/!(6!9.,%/!/$54.59!/$%6WD,(41?$4!"JL/!0(!9,(1D/!(6!

D$(D%$S!!

L0U/!5(0!*%V*&/!*!9.,%!/$54.59!*!D#(0(!f1/0!0(!0#$!91&/!.5!*!,$%*0.(5/#.DS!a$?*1/$!V$!#*4!

(5$!9.,%!*0!(1,!/?#((%!l!/#$!#*4!*!,$D10*0.(5!0#*0!V$!#$*,4!0#*0!/#$!V*/!l!/$54.59!

514$/G! *54! /#$!V(1%4! f1/0! /$54! .0! 0(! *! ,(154!(6! D$(D%$S! "#$!V*/! *!2.0!V$.,4! .5! 0#$!

#$*4S!>aYG!3*%$!*9$4!Ce@!

#"E"!%% 7'9(F21,/80'/%-'38.99:%'329)0)+%)C.4'-%,(%J,:-%%

"(3$! &(159! D$(D%$! ,$%*&$4! /0(,.$/! (6! /$%6WD,(41?$4! /$R1*%%&! $RD%.?.0! .3*9$/! (6! &(159!3$5!

>1/1*%%&!(6!0#$.,!D$5./@!#*I.59!2$$5!/$50!0(!9.,%/!0#$&!%.+$4!>(60$5!0(!$50.?$!0#$!9.,%!0(!/$54!*5!

"JL!2*?+@S!

t_*54(3/! [! 0$,3! 1/$4! 0(! 4$/?,.2$! F*?$2((+! 6,.$54/! V#(! *,$!6,.$54/!(6!6,.$54/!(,!*?71*.50*5?$/!5(0!+5(V5!.5!D$,/(5!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

eX!!

LUI$! #*4! D$(D%$! 6,(3!V(,+! /$54.59!3$! D.?01,$/! l! LUI$! 2$$5!V.0#!3&! 2(&6,.$54! 6(,!

*%3(/0!*!&$*,!*54!0#./!#*/!2$$5!#*DD$5.59!V#.%$!LUI$!2$$5!V.0#!#.3!*/!V$%%S!-#$!3(/0!

,$?$50!V*/!*0!M$V!O$*,/US! L!V*/!Z(5!#(%.4*&]!V.0#!3&!6*3.%&!*54!L!#*4!3&!D#(5$!(5!

0#$!?(150$,!*54!*!3$//*9$!?*3$!.5S!:&!4*4!V*/!0#$!(5$!V#(!D.?+$4!1D!3&!D#(5$S!"(!

0#*0!V*/!.0!W!*V+V*,4!?(5I$,/*0.(5S!>J%%$G!6$3*%$!*9$4!Ce@!

:(/0!91&/!V.%%!9$0!*!9.,%! 0(!/$54!0#$3!/(3$0#.59!V.0#! 0#$!D,(3./$! 0#*0! 0#$&U%%! /$54!

/(3$0#.59!2*?+!(,!0#$&U%%!/$54!/(3$0#.59!0(!0#$3!6.,/0!0(!0,&!*54!9$0!0#$!9.,%!0(!V*,3!

1D!0(!.0!*!%.00%$!3(,$S!>J%%.(0G!6$3*%$!*9$4!Ce@!

N44.0.(5*%%&!/$%6WD,(41?$4!"JL/!(6!2(&/!V$,$!,$D(,0$4!*/!#*I.59!2$$5!D(/0$4!(5!"M"S!

L!1/$4!0(!+5(V!0#./!91&!2*?+!V#$5!L!V*/!CdG!#$!$54$4!1D!0*+.59!*!D.?01,$!(6!#./!D$5./!

*54!D100.59!.0!1D!(5!#./!:"M!D.?01,$!0#.59!*54!#*I.59!0#*0!*/!#./!4./D%*&!D.?01,$!V#.?#!

L!6.54!./!*!2.0!V$.,4G!L!V(1%45U0!2$!4(.59!0#*0!3&/$%6S!>aAG!3*%$!*9$4!C\@!

:(/0!&(159!V(3$5G!V#(!0*%+$4!(6!/$%6WD,(41?$4!"JL/!(6!2(&/G! /#*,$4!0#$.,!2$V.%4$,3$50!*0!

V#&!*!&(159!3*5!V(1%4!/$54!*!D#(0(!(6!#./!D$5./S!

L0U/!D,$00&!31?#!(5$!V*&!L!,$?+(5S!L!3$*5!L!4(5U0!+5(V!3*5&!9.,%/!V#(!V*50!0(!#*I$!*!

D.?01,$!(6!0#$.,!2(&6,.$54U/!D$5./!Z%*19#/]S!>:(%%&G!6$3*%$!*9$4!Cc@!

:(,$(I$,G! (5$! &(159! V(3*5! V#$5! */+$4! .6! /#$! 0#(19#0! 9.,%/! %.+$4! /$$.59! D#(0(/! (6! 2(&/U!

D$5./$/G!?(33$50$4b!!

M(S!-#$&U,$!D,$00&!4./91/0.59S!;,$00&!19%&S!>EcG!6$3*%$!*9$4!CY@!!

#"E"6%% 7'38.99:%'329)0)+%)C.4'-%/)-+1)J8+'/%,*%-,0).9%*'+=,1M)*4%-)+'-%%

:*5&! &(159! D$(D%$! /#*,$4! /0(,.$/! (6! #*I.59! I.$V$4! "JL/! (5! "M"! /1?#! */! F*?$2((+G! =#*0!

_(1%$00$!*54!_*0$!:&!KWE.,%6,.$54S!P6!0#$!"M"!V#$,$!/$R1*%!D#(0(/!*54!I.4$(/!V$,$!D(/0$4G!

F*?$2((+!V*/!?(5/.4$,$4!0#$!3(/0!?(33(5S!

"(!.6!&(1!V*50!/(60!D(,5!&(1U4!f1/0!9(!(5!F*?$2((+!.6!&(1!,$*%%&!V*50$4!0(G!*54!/$*,?#!

.5!*!?(1D%$!(6!5*3$/!*54!&(1U,$!*V*&S!>'($G!3*%$!*9$4!Cc@!

-#$,$U/!#$*D/!(5!0#$!L50$,5$0!(5!F*?$2((+S!L!$I$5!?(5/.4$,!g!&(1!+5(V!V#$5!9.,%/!D10!

1D! 0#(/$! D.?01,$! /#(0/! (6! 0#$3/$%I$/! *54! 0#$&U,$! *%3(/0! 5*+$4G! L! 4(5U0! +5(VG! L!

?(5/.4$,! 0#*0! *! 0&D$! (6! /$R0.59G! 2$?*1/$! $I$,&2(4&! $%/$! #*/! 0(! /$$! 0#*0S! >"*54,*G!

6$3*%$!*9$4!C\@!

P5$!&(159!3*5!5(0$4!0#$!$*/$!*0!V#.?#!F*?$2((+!?*5!2$!*??$//$4!(5!3(2.%$!D#(5$/G!%$*4.59!

0(!*5!.5$I.0*2%$!$*/.$,!*??$//!0(!0#$!/$R0$4!.3*9$/!.5!0#$/$!?*/$/S!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

ed!!

M(V!V.0#!*%%!0#$!.;#(5$/!0#*0!#*I$!F*?$2((+!(5!0#$.,!D#(5$/!*54!/0166!*54!.6! .0U/!(5!

0#$,$!0#$&U%%!f1/0!9(!0#,(19#!*54!%((+!*0!.0S!>"(%*,6%*,$G!3*%$!*9$4!C\@!

"(3$!&(159!V(3$5!0*%+$4!*2(10!"JL/!(6!9.,%/!2$.59!D(/0$4!(5!T_*0$!:&!JRWE.,%6,.$54U!/.0$/S!!

-#$,$U/! $50.,$! V$2/.0$/! (5! 0#$! L50$,5$0! V#$,$! 2(&/! ?*5! 9(! *54! D(/0! D#(0(/! (6! $RW

9.,%6,.$54/!0#*0!#*I$!?#$*0$4!(5!0#$3!*54!/0166!%.+$!0#*0S!>_(/.$G!6$3*%$!*9$4!Ci@!

-#$,$! ./! 0#./! 4./91/0.59!V$2/.0$! *54! .0/! *2(10!l! 2(&6,.$54/!V#(! D10! D.?01,$/! 1D! (6!

0#$.,! $RW9.,%6,.$54/G! *54! 0#$&U,$! %.+$! T?#$?+! 0#./! 2.0?#! (10U! *54! *%%! 0#./! /0166S! >"*54,*G!

6$3*%$!*9$4!C\@!

=#*0! _(1%$00$! ./! *! "M"G!V#$,$! D$(D%$! ?*5! ?(55$?0! 0(! (0#$,/!V(,%4V.4$! I.*!V$2?*3S! L0!V*/!

3$50.(5$4!*!5132$,!(6!0.3$/!2&!&(159!V(3$5!.5!D*,0.?1%*,G!*/!*!/D*?$!V#$,$!/$R1*%%&!$RD%.?.0!

.3*9$/!(6!&(159!D$(D%$!*,$!/#*,$4S!!!

"(3$! D$(D%$! %.+$! 0(! 1/$! .0! */! *! /$R1*%!V*&! *54! 4(! 5*/0&! 0#.59/! (5! 0#$,$! SSS! &$/! .0U/!

4./91/0.59!l! 0#$,$U/!3$5! f1/0! f$,+.59! (66! *54! 0#$,$U/!V(3$5! 9$00.59! 5*+$4! (,!3$5!

9$00.59!5*+$4!*54!0$%%.59!&(1!0(!9$0!5*+$4!2$?*1/$!&(1U,$!%((+.59!*0!0#$3!*54!0#$&U,$!

%((+.59!*0!&(1l!>EYG!6$3*%$!*9$4!Ce@!!

L!0#.5+!L!V*/!(5!0#$,$!6(,!*2(10!#*%6!*54!#(1,!V.0#!/(3$!3*0$/!*54!V$!/*V!*2(10!CY!

D$5./$/S! ;$(D%$! %.0$,*%%&! /.0! 0#$,$G! D10! 0#$! ?*3$,*! 1D! 0(! 0#$.,! 9$5.0*%/! *54! f1/0!

3*/01,2*0$! 6(,! (0#$,! D$(D%$! 0(! /$$S! O$DS! N54! 0#$&! *%/(! %.+$! ,$71$/0! 0(! /$$G! L! 4(5U0!

+5(VG!&(1,!2,$*/0/!(,!9$0!.5I(%I$4!0(9$0#$,!*54!3*/01,2*0$!0(9$0#$,G!/(!.0U/!*?01*%%&!

71.0$!*!2.9!0#.59S!>:(%%&G!6$3*%$!*9$4!Cc@!

L0U/! f1/0! *! 215?#!(6! .4.(0/G! D,$00&!31?#G! f1/0! 9$00.59! 0#$.,! f15+! (10! (5! ?*3$,*!l!3&!

6,.$54U/!#*I$!D.?01,$/!V#$,$!0#$&UI$!D10!(5!*!/.%%&!#*0!*54!0#$&!0*+$!*!D#(0(!(6!0#*0G!

210!0#$5!0#$!(0#$,!/?,$$5!./!(6!/(3$(5$!$%/$U/!5*+$4!2(4&S!>J%%.(0G!6$3*%$!*9$4!Ce@!

YSY!! hLJ)"!PM!N--L-H8J"!-P!-<P"J!LM!-<J!"JK-J8!L:NEJ"!!

#"#"$%% [?)19-%.1'%-98+-\;%

N/!D,$I.(1/%&!3$50.(5$4!3(/0! /$R0.59! /0(,.$/! .5I(%I$4!"JL/!(6! 9.,%/G!V.0#!*!5132$,!(6! &(159!

D$(D%$! >D*,0.?1%*,%&! &(159! V(3$5@G! 4./?1//.59! 0#$! 5$9*0.I$! I.$V! (6! 0#$! 9.,%! .5! 0#$! /$R0$4!

.3*9$S!"(3$!(6!0#$!V(,4/!D*,0.?.D*50/!#*4!#$*,4!1/$4!0(!4$/?,.2$!9.,%/!V$,$!T/%10UG!T/%100&!9.,%UG!

TV#(,$UG!T/+*5+&!%.00%$!9.,%UG!T4.,0&U!(,!Tf1/0!*5!.4.(0!6(,!/$54.59!.0!.5!0#$!6.,/0!D%*?$US!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

eY!!

L0U/! +.54! (6! #*,361%! 0(! #$,! D$,/(5*%%&! 2$?*1/$! $I$,&(5$! V.%%! 2$! %.+$! T(#G! 0#./! 9.,%U/!

4.,0&Ul!0#$,$U/!/(3$!,$*%%&!W!#(V!?*5!L!/*&!0#./!.5!*!5.?$!V*&j!N%%!,.9#0G!/%100&!9.,%/!(10!

0#$,$!V#(!f1/0!4(5U0!?*,$S!-#$&U%%!/$54!5*+$4!D.?01,$/!*54!/0166l!>F*3G!3*%$!*9$4!Cc@!

L!#*I$!*!%(0!(6!91&!6,.$54/!*54!0#$&!f1/0!/*&G!T(#!%((+!*0!0#./!2.0?#U!*54!*%%!0#*0S!-#*0U/!

0#$!V*&!0#$&!/*&!.0S!-#$&!1/$!I$,&!5*/0&!V(,4/l!>8*,?.$G!6$3*%$!*9$4!Ce@!

-#$,$!V*/!*%/(!*5!(2/$,I*0.(5!2&!/(3$!&(159!V(3$5!(6!*!9$54$,!2.*/G!.5!0$,3/!(6!#(V!9.,%/!.5!

0#$!"JL/!*,$!I.$V$4!*/!(DD(/$4!0(!2(&/!.5!0#$!.3*9$/S!!

-#$,$U/!*!/%10!*/!*!9.,%!*54!0#$5!0#$,$U/!*!2(&!0#*0U/!5(0!*!/%10!l!L!4(5U0!2$%.$I$!.5!0#*0S!

L!#*0$!0#$!%*2$%!/%10!*54!/0166!W!&$/!V$!9$0!?*%%$4!*!%(0!3(,$!0#*5!V#*0!91&/U!4(G!V#.?#!

./!D,$00&!21%%/#.0S!>EYG!6$3*%$!*9$4!Ce@!

L6!.0!#*DD$5/!V.0#!*!91&G!.0U/!5(0#.59S!L6!.0!#*DD$5/!0(!*!9.,%G!0#$,$U/!*!%(0!3(,$!/0.93*!

*00*?#$4S!L6!6*3.%&!6.54/!(10!W!4./*DD,(I*%!*/!V$%%S!>EiG!6$3*%$!*9$4!C\@!

F1,0#$,3(,$G!/(3$!&(159!D$(D%$!>D*,0.?1%*,%&!&(159!3$5@!0#(19#0!0#$,$!V$,$!?$,0*.5!0&D$/!(6!

9.,%/!0#*0!*DD$*,!.5!0#$!/$R0$4!.3*9$/S!

O(1!/$$!0#$3!.5!/?#((%!*54!0#$!%$590#!(6!0#$!/+.,0G!&(1!+5(V!V#*0!&(1U,$!%((+.59!*0!

*54!&(1!+5(V!V#*0!&(1U,$!9(.59!0(!9$0!l!&$/!(5!F*?$2((+S!O(1!+5(V!#$,!5*3$G!9(!

*54!/$*,?#!#$,!5*3$!*54!#*I$!*!%((+G!TP#!0#$,$!V$!9(SU!>'($G!3*%$!*9$4!Cc@!

L! 0#.5+! 0#$,$! *,$! D,(2*2%&! 3(,$! D#(0(/! (6! 9.,%/G! 210! 0#*0U/! D,(2*2%&! 2$?*1/$! 2(&/U!

+5(V!0(!*/+!0#$!,.9#0!9.,%/!g!.6!&(1!+5(V!V#*0!L!3$*5S!-#$&!+5(V!0(!*/+!0#$!(5$/!0#*0!

0#$&U,$!%.+$%&!0(!9$0!*!D#(0(!6,(3S!>J%%$G!6$3*%$!*9$4!Ce@!

N!6$V!&(159!3$5!0*%+$4!*2(10!6$$%.59!4.66$,$50%&!*2(10!0#$!9.,%!V#(!0#$&!#*4!/$$5!.5!*!"JLS!

O$*#G!?*1/$!V#$5!&(1!%((+!*0!0#*0!D$,/(5!&(1!?*5!5$I$,!%((+!*0!0#$3!0#$!/*3$!V*&!l!

&$*#G!&(1!0#.5+!/#$U/!*!2.0!(6!*!/%10G!(,!&$*#G!/#$!%((+/!*!2.0!4.66$,$50G!%.+$!*!/%10S!"#$!

?(1%4!2$!$*/&S!>aXG!3*%$!*9$4!Ce@!

L6!.0U/!/(3$(5$!&(1!+5(VG!.0!D,(2*2%&!V(1%4!3*+$!&(1!3(,$!V*50!0(!#*I$!*!%((+!*0!.0!

2$?*1/$! &(1! +5(V! 0#$3! *54! &(1! V*50! 0(! /$$! V#*0! 0#$! D.?01,$U/! *2(10! Z*54]! l! .0!

D,(2*2%&!V(1%4!?#*59$!V#*0!#$!0#.5+/!(6!0#$!9.,%S!>aYG!3*%$!*9$4!Ce@!

#"#"!%%%HB,%)-%+,%J9.C'T%%

"(3$!D*,0.?.D*50/!V$,$!(6!0#$!I.$V!0#*0!.0!V*/!9.,%U/!6*1%0!6(,!/$54.59!*5!"JL!(6!0#$3/$%I$/!.5!

0#$!6.,/0!D%*?$S!

O(1!?*5U0!f1/0!2%*3$!.0!(5!0#$!2(&S!"#$!4.4!/$54!.0!0(!#.3S!>aXG!3*%$!*9$4!Ce@!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

ec!!

L!0#.5+!*5&(5$!0#*0!/$54/!D.?01,$/!%.+$!0#*0!./!*5!.4.(0S!L6!&(1U,$!4(.59!.0G!&(1U,$!*/+.59!

6(,!.0!0((S!>J%%.(0G!3*%$!*9$4!Ce@!

N%0$,5*0.I$%&G!*!/3*%%$,!5132$,!(6!D*,0.?.D*50/!$RD,$//$4!*!5$9*0.I$!*00.014$!0(V*,4/!0#$!2(&/!

V#(!D(/0$4!(5!"M"!(,!/$50! 0(!9.,%/!"JL/!(6! 0#$3/$%I$/S!N! 6$V!&(159!3$5!*%/(! 6$%0! .0!V*/! 0#$!

2(&/!6*1%0G!*/!#.9#%.9#0$4!2&!0#./!?(33$50b!

)$%%!0#$!3$4.*!?(I$,/!0#$/$!/0(,.$/!*54!l!*!%(0!(6!0#$!0.3$!.0!D10/!0#$!2%*3$!(5!0#$!

6$3*%$!,*0#$,!0#*5!(5!0#$!3*%$/!V#(!*,$!/#*,.59!.0!l!%.+$!0#$!D$(D%$!.5!0#(/$!D#(0(/G!

0#$&U,$! 5(! 4.66$,$50! 6,(3! *5&(5$! $%/$G! 0#$&U,$! f1/0! $RD,$//.59! 0#$.,! /$R1*%.0&! *54!

0#$&UI$!4(5$!/(! 0(!/(3$(5$!0#$&! 0,1/0!V#(G! .5! 0#./!?*/$G!#*/!2$0,*&$4! 0#$3G!/(! .0U/!

5(0! 0#$! D$,/(5! .5! 0#$! D#(0(! V#(! L! I.$V! 5$9*0.I$%&G! .0U/! 0#$! D$,/(5! V#(! /#*,$4! .0!

*,(154S!>aCCG!3*%$!*9$4!C\@!

#"#"6%%% Z,*0'1*%(,1%+B'%4)19%)*%+B'%-'3+'/%)C.4'%

"(3$!&(159!V(3$5!0*%+$4!*2(10!6$$%.59!/(,,&!6(,!0#$!9.,%!.5!0#$!/$R0$4!.3*9$S!

L!5$I$,!,$*%%&!/D(+$!0(!#$,!*2(10!.0!g!L!0#(19#0!.0!V*/!*!2.0!/$5/.0.I$!*54!L!4.45U0!$I$5!

0$%%!#$,!0#*0!L!+5$V!*2(10!.0!2$?*1/$!L!6$%0!,$*%%&!/(,,&!6(,!#$,S!>;(%%&G!6$3*%$!*9$4!Ci@!

LUI$!#*4!0(!0$%%!*!?(1D%$!(6!9.,%/!0#*0!D.?01,$/!#*I$!2$$5!/$50!*,(154!*54!0#*0!V*/!*!2.0!

*V+V*,4!l!/(!.6!D.?01,$/!%.+$!0#*0!9$0!(10G!0#*0!D$,/(5U/!9(.59!0(!?(D!.0!*!%(0S!O(1!f1/0!

6$$%! 2*4! 6(,! 0#$3!3(,$! 0#*5!*5&0#.59^! L! 5(,3*%%&! f1/0! .95(,$! .0S! L! 4(5U0!V*50! 0(! 9$0!

.5I(%I$4! .5! .0! *54!3*+$! 0#$3! 6$$%! $I$5! V(,/$! 0#*5! 0#$&U,$! ?%$*,%&! *%,$*4&! 6$$%.59S!

>J%%.(0G!6$3*%$!*9$4!Ce@!

"0(,.$/!V$,$!*%/(!/#*,$4!(6!2(&/!6$$%.59!,$3(,/$!*60$,!0#$&!#*4!/$50!(,!/#*,$4!"JL/!(6!9.,%/!V.0#!

(0#$,/S!!!

N!%(0!(6!D$(D%$!6$$%!2*4!*60$,!.0U/!/$50!(10S!Q.+$!0#$!91&!6$$%/!2*4S!>""G!3*%$!*9$4!Ce@!

L!9(0!I$,&!*59,&!*0!0#*0!91&G!210!5(VG!%.+$!*60$,V*,4/G!#$!6$%0!,$*%%&!2*4S!<$!/*.4!#$U4!

f1/0!D,.50!/?,$$5$4! .0!/(!#$!?(1%4!/$$! .0!*9*.5!*54!*5(0#$,! 6,.$54!#*4!/$$5! .0S! >J%%.(0G!

6$3*%$!*9$4!Ce@!

"(3$!&(159!3$5!$I$5!0*%+$4!*2(10!?*/$/!V#$,$!0#$!/$54.59!(5!(6!*!"JL!(6!*!9.,%!2&!*!2(&!V*/!

/0(DD$4!2$?*1/$!*!2(&!/D(+$!1D!*2(10!.0!5(0!2$.59!(+*&S!!

L!0#.5+!/#$!f1/0!/$50!*!0(D%$//!D#(0(!(,!l!L!0#.5+!.0!f1/0!9(0!/D,$*4!*,(154!0(!*!?(1D%$!

(6!0#$!2(&/G!210!LU3!D,$00&!/1,$!.0!9(0!/0(DD$4!D,$00&!71.?+%&S! L!0#.5+!(5$!(6!0#$!91&/!

V*/!%.+$!T0#*0U/!,$*%%&!3$*5SU!>;(%%&G!6$3*%$!*9$4!Ci@!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

ee!!

-#$!91&!V*/!3&!3*0$S! L5!0#$!$54!V$!9(0!#.3!0(!/*&G! T5(G!4(5U0!/#(V!.0!*,(154U!*54!

Z#$]!4$%$0$4!.0S!>aeG!3*%$!*9$4!C\@!

#"#"E% 7'3+)*4%)*%1'9.+),*-B)2-%,M.:%

-#$,$!V*/!*!I.$V!2&!/(3$!D*,0.?.D*50/! 0#*0!"JL/!/$50!2$0V$$5!2(&6,.$54!*54!9.,%6,.$54!V$,$!

(+*&G!(,!*0!%$*/0!T5(0!*/!2*4U!*/!0#(/$!/$50!0(!(0#$,/S!

a$0V$$5!2(&6,.$54!*54!9.,%6,.$54!L!4(5U0!,$*%%&!/$$!.0!*/!#*,361%S!>aCG!3*%$!*9$4!Ce@!

L!+5(V!*!%(0!(6!D$(D%$!V#(!3*&2$!#*I$!9(5$!*V*&!6(,!15.!(,!6(,!f(2/!*54!0#.59/!%.+$!

0#*0S! -#$.,! 2(&6,.$54/! *,$! .5! 4.66$,$50! ?(150,.$/S! LUI$! 9(0! *! 6,.$54! 0#*0! ./! *!3(4$%! .5!

Q(54(5S!<$,!2(&6,.$54!%.I$/!Z(I$,/$*/]S!-#$&!"+&D$!*%%!0#$!0.3$!*54!/#$!0$%%/!3$!*2(10!

.0S!-#*0U/!(+*&!2$?*1/$!0#$&U,$!.5!*!?(33.00$4!,$%*0.(5/#.D!*54!.0U/!0#$!2(0#!(6!0#$3!

V*50.59!0(!4(!.0S!>=*3.%%$G!6$3*%$!*9$4!AB@!

L5!?(50,*/0!*!6$V!&(159!V(3$5!0*%+$4!*2(10!/$R0.59!5(0!2$.59!/(3$0#.59!0#*0!#*DD$5/!(5?$!

&(159! D$(D%$! *,$! .5! *! ,$%*0.(5/#.DG! 210! ,*0#$,! *5! *?0.I.0&! 154$,0*+$5! .5! 0#$! 21.%4! 1D! 0(! 0#$!

,$%*0.(5/#.D!(,!V.0#!T,*54(3/US!

O$*#S! L!4(5U0!+5(VG! f1/0!*!91&S!Q.+$!&(1!4(5U0!+5(V!0#$3!I$,&!V$%%!(,!V#*0$I$,!*54!

&(1U,$!f1/0!0*%+.59!0(!0#$3!*54!0#$&U%%!f1/0!*/+!&(1!6(,!D#(0(/!l!&$*#S!:(/0!D$(D%$!.6!

0#$&! #*I$! *! 0#.59G! 0#$&! /$54! D#(0(/^! 0#$&! 4(5U0! ,$*%%&! (5?$! 0#$&! /0*,0! 9(.59! (10!l!

&$*#! L! ,$?+(5! .0U/! %.+$!V#$5! 0#$&!/0*,0! 0(! %.+$!$*?#!(0#$,! 0#$&U,$!/$54.59!$*?#!(0#$,!

D#(0(/!*54!/0166S!>EcG!6$3*%$!*9$4!CY@!

N44.0.(5*%%&G!*!?(1D%$!0#(19#0!2(&/!V(1%4!(5%&!/#*,$!D#(0(/!(6!RW9.,%6,.$54/!>0#*0!./G!(5?$!0#$!

,(3*50.?!,$%*0.(5/#.D!V*/!(I$,@S!!

L! 4(5m0! ,$?+(5! #$m4! /#(V! 0#$! D.?01,$! l! 210! (5?$! 0#$&m,$! (I$,! (,! V#*0$I$,G! #$m4!

D,(2*2%&!/#(V!.0G!&$*#S!>aYG!3*%$!*9$4!Ce@!

P5%&!(5$!/0(,&!/#*,$4!V*/!*2(10!D#(0(/!D,(41?$4!*54!4./0,.210$4!*3(59/0!/*3$!/$R!*00,*?0$4!

&(159! D$(D%$G! V#.?#! .5I(%I$4! 0V(! /*3$! /$R! *00,*?0$4! 9.,%/! V#(! $R?#*59$4! "JL/^! 0#./! V*/!

?(5/.4$,$4!*??$D0*2%$S!

)$%%!(5$!(6!3&!6,.$54/!W!/#$U/!*?01*%%&!9*&!l!L!+5(V!0#*0!0#$,$!#*/!2$$5!g!0#$&UI$!/$50!

D.?01,$/S! L0!#*/5U0!2$$5!*%%!(6!#$,!D*/0! ,$%*0.(5/#.D/G!210!3*&2$!(5$!(,! 0V(!l! .0! f1/0!

/0*&$4!2$0V$$5!0#$3S!"(!0#*0!V*/!0#$!9((4!0#.59S!>ECcG!6$3*%$!*9$4!C\@!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

e\!!

YSc!! OPHME!;JP;QJU"!hLJ)"!PM!-<J!P_LELM"!PF!"JK-LME!O(159! D$(D%$! #*4! *! %(0! 0(! /*&! *2(10!V#&! 0#$&! 0#(19#0! /$R0.59!V*/! #*DD$5.59S!P6! 9,$*0$/0!

/.95.6.?*5?$!V$,$!&(159!D$(D%$U/!I.$V/!*2(10!*!D,$//1,$!0#$&!6$$%!$R./0/!0(!2$!.5I(%I$4!.5!0#$!

2$#*I.(1,^!2(0#!&(159!3$5!*54!V(3$5!/D(+$!(6!0#./!D,$//1,$G!#(V$I$,!0#$!$RD$,.$5?$!0((+!*!

4.66$,$50!6(,3!6(,!$*?#!9$54$,S!N!/.95.6.?*50!5132$,!(6!&(159!D$(D%$!/#*,$4!?(5?$,5!*2(10!*!

/$R1*%./$4! 3$4.*! ?1%01,$G! *54! 0#*0! 0#./! D%*?$/! D,$//1,$! (5! &(159! D$(D%$! 0(! ?(56(,3! 0(!

9$54$,$4! /0$,$(0&D$/! .5! (,4$,! 0(! 6.0! .5S! -*2%$! CX! D,(I.4$/! *! /133*,&! (6! 0#$3$/! ,$%*0$4! 0(!

&(159!D$(D%$U/!I.$V/!(5!0#$!(,.9.5/!(6!/$R0.59S!

#">"$%% Q1'--81'%

;,$//1,$!V*/!*!0(D.?!4./?1//$4!2&!3(/0!&(159!D$(D%$G!.5?%14.59!*!I.$V!0#*0!9.,%/!6$$%!D,$//1,$!

2&! 2(&/! 0(! D,(41?$! *54! 4./0,.210$! "JL/G! *54! 0#*0! 2(&/! 6$$%! D,$//1,$4! 6,(3! $*?#! (0#$,! 0(!

,$71$/0G!/#(VG!D(/0!*54!/$54!0#$/$!.3*9$/S!

)[( c%805(/8"55-8"*(76(7,65((

"0(,.$/!V$,$!/#*,$4!2&!3*5&!6$3*%$!*54!3*%$!D*,0.?.D*50/!(6!9.,%/!6$$%.59!?($,?$4G!0#,$*0$5$4G!

2,.2$4!(,!D,$//1,$4!0(!D,(41?$!(,!/$54!*5!.3*9$!0(!*!2(&!>V#.?#!V*/!5(0!*%V*&/!*!2(&6,.$54@S!

"(3$0.3$/!2(&/!*/+$4!6(,!*!D#(0(G!V.0#!0#$!D,(3./$!0#$&!V(1%4!5(0!D*//! .0!(5!(,!/#(V!.0!0(!

*5&(5$!$%/$^!/(3$!&(159!D$(D%$!6$%0!0#./!D,$//1,$!3(/0%&!$R./0$4!.5!,(3*50.?!,$%*0.(5/#.D/S!!

-*2%$!CXb!-#$3$/!,$%*0.59!0(!&(159!D$(D%$m/!I.$V/!(5!(,.9.5/!(6!/$R0.59(

-#$3$! 8$/?,.D0.(5!

.8"55-8"! • a(&/!D,$//1,$!2(&/!0(!/$54!>0(!6.0!.5!*54!2$!*??$D0$4@(• a(&/!D,$//1,$!9.,%/!0(!/$54!>V.0#!D,(3./$/!0#$&!V(5U0!/$54!0#$!.3*9$!(5@(

2(5"#-)0%5"*(9-0$-8"!

• "$R1*%./$4!31/.?!I.4$(/G!-h!D,(9,*3/!*54!3*,+$0.59!(6!D,(41?0/!5(,3*%./$/!/$R0.59!*54!?,$*0$/!$RD$?0*0.(5/!(5!&(159!D$(D%$!0(!2$!.5I(%I$4!.5!/$R0.59!(

.,8&,'8)/D6! • L5?,$*/.59!*??$//.2.%.0&!*54!#*,4!?(,$!>I.(%$50!*54!*21/.I$@!5*01,$!(6!D(,5(9,*D#&!5(,3*%./$/!/$R0.59!2$#*I.(1,!*54!*66$?0/!V#*0!2(&/!V*50!6,(3!9.,%/!/$R1*%%&(

2$$"&$%,&(5""=%&'!

• E.,%/!/$R0!0(!*00,*?0!*00$50.(5!6,(3!2(&/!0#$&!%.+$(

L-006%&'! • O(159!D$(D%$!21%%.$4!V.0#!0#$!0#,$*0!(6!.3*9$!4./0,.210.(5!V.0#(10!?(5/$50(

+,-&'(/",/0"(7"%&'(6,-&'(/",/0"(!

• O(159!D$(D%$!4(!5(0!?*,$G!*,$!2(,$4G!4(!.0!6(,!615!>/(3$0.3$/!61$%%$4!2&!*%?(#(%@(• O(159!D$(D%$!+5(V!0#$!D(0$50.*%!?(5/$71$5?$/!210!4(!.0!*5&V*&(• O(159!D$(D%$!*,$!,./+W0*+$,/(

%

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

ei!!

"(3$0.3$/! 2(&/! D,$//1,$! f1/0! 9.,%/G! 210! L! 0#.5+! 0#$&! D,$//1,$! 0#$.,! 9.,%6,.$54/! *54!

D*,05$,/!3(,$!l!0#$&!4(!0#*0G!TL!0#(19#0!&(1!%(I$4!3$!0#.59US!L!TI$!/$$5!0#*0!#*DD$5!*!

%(0!*0! /?#((%!l!&$*#! .0U/!*%3(/0!*! 0#,$*0S! TL6! &(1!4(5U0! /$54!*!D#(0(G! .6! &(1!4(5U0!4(!

0#./G!.6!&(1!4(5U0SU!>:*00#$VG!3*%$!*9$4!C\@!

-#$,$!4$6.5.0$%&!./!D,$//1,$!(5!/(3$!9.,%/!?(3.59!6,(3!/(3$!(6!0#$!91&/G!/(!/(3$!(6!

0#$!3(,$!.33*01,$!3*%$/!V(1%4!D10!D,$//1,$!(5!9.,%/S!>aCCG!3*%$!*9$4!C\@!

"0(,.$/!V$,$!/#*,$4!(6!2(&/! /$54.59!5*+$4!D#(0(/!(6! 0#$3/$%I$/! 0(!9.,%/G!(60$5!*/!*! 6(,3!(6!

?($,?.(5!0(!?(5I.5?$!0#$!9.,%!0(!/$54!*5!"JLS!!

<$U/!Cc!l!#./!9.,%6,.$54!#*4!*!2(&!/$54!*!D.?01,$!0(!#$,!W!(6!L!0#.5+!.0!V*/!#./!D$5./!*54!

#$!1/$4!0#*0!*/!D,$//1,$!0(!9$0!#$,!0(!/$54!*!D.?01,$S!L!4(5U0!0#.5+!0#./!9.,%U/!0((!2,.9#0G!

/(!/#$!/$50!*!D.?01,$l!>8*,.1/G!3*%$!*9$4!C\@!

P5$!&(159!V(3*5!0*%+$4!*2(10!*!9*3$!0#*0!9$0/!D%*&$4!(10!2$0V$$5!2(&/!*54!9.,%/S!

T'1/0!/$54!3$!*!D.?!(6U!g!.0!/0*,0/!(10!*/!*!9*3$S!L0!/0*,0/!(10!%.+$!V#$5!&(1U,$!0*%+.59!0(!

91&/! *2(10! 0#*0! +.54! (6! 0#.59! .0U/! *! ,$*%! 9*3$S! L0U/! %.+$! &(1U,$! 0,&.59! 0(! 4(49$! 0#$!

/12f$?0!*54!0#$&U,$!0,&.59!0(!?(,5$,!&(1S!L0U/!61%%!(5l!>=*/$&G!6$3*%$!*9$4!CY@!

P5$!&(159!V(3*5!*%/(!/D(+$!(6!*5!$RD$?0*0.(5!0#*0!$R./0$4!6(,!9.,%/!0(!D,(41?$!*54!4./0,.210$!

"JL/S!

-#$!91&/!&$*#G!0#$&!4(!/0*,0!0(!$RD$?0!*!?$,0*.5!((3D#!6,(3!9.,%/G!L!4(5U0!+5(V!#(V!0(!

4$/?,.2$! 0#*0! $R*?0%&! 210! &$*#G! 0#$&! 4(! $RD$?0! /0166! *54! .0! 9$0/! 0(! 0#$!D(.50!V#$,$!

/(3$!9.,%/! 0#.5+! T(+*&! .6! L!V*50!*!2(&6,.$54! 0#*0U/!V#*0! LU3!9(.59! 0(!#*I$! 0(!4(S! LU3!

9(.59!0(!#*I$!0(!2$?(3$!0#*0!D$,/(5G!/(!L!?*5!9$0!0#*0!91&US!>=*/$&G!6$3*%$!*9$4!CY@!

L0U/!/(3$0.3$/!9.,%/!$I$5!6$$%!0#*0! .0U/!*5!$RD$?0*0.(5G!$I$5!.6!0#$!2(&/!4(5U0!*?01*%%&!

*/+S! LUI$! #$*,4! (6! 9.,%/! l! L! 3$*5! 2(&6,.$54/! #*I$5U0! $I$5! /*.4! TLU4! %.+$! 0(! /$$! &(1,!

2,$*/0/UG!210! 0#$&!/$54!D.?01,$/!*5&V*&!l! L!91$//! 0#$&! 6$$%! 0#*0! 0#*0U/! 0#$!V*&! 0#*0!

0#$&!?*5!2$!%(I$4S!>:(%%&G!6$3*%$!*9$4!Cc@!

P5$!&(159!V(3*5!4./?1//$4!#$,!(V5!/0,*0$9&!6(,!4$*%.59!V.0#!,$71$/0/!6(,!"JL/!6,(3!2(&/S!

L!5(,3*%%&!f1/0!+.54!(6!/$$!.0!*/!2(&/!2$.59!2(&/!*54!f1/0!0$%%!0#$3!0#*0!3&!3*.5!$R?1/$!

#*/!5(,3*%%&!f1/0!2$$5!T/(,,&G!L!?*5U0!/$54!*54!,$?$.I$!D.?01,$!3$//*9$/UG!V#.?#!6(,!*!

V#.%$!V*/!*?01*%%&! 0,1$S!a10!5(V!0#*0! L! ?*5!/$54!*54!,$?$.I$!D.?01,$/!3$//*9$/G! LU3!

/0.%%!9(.59!0(!2$!9(.59!V.0#!0#$!$R?1/$!(6!L!?*5U0!/$54!*54!,$?$.I$!0#$3!l!L!#*I$!0(5/!

(6!6,.$54/!0#*0!9$0!3$//*9$/!%.+$!0#*0!*54!0#$&!4(!0#$!/*3$!0#.59!*/!3$!l!/*&.59!T5(G!L!

4(5U0! #*I$! D.?01,$!3$//*9.59US! ZL0]! V(,+/! $I$,&! 5(V! *54! 0#$5! 210! 0#$5! V#$5! 0#$&!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

\B!!

,$*%%&! D$,/./0! *54! &(1!D,$00&!31?#! f1/0! 0$%%! 0#$3! 0(! T/#10! .0US! L0/! f1/0! %.+$!V$%%! .6! &(1!

V*50!0(!9(!6.54!0#(/$!/(,0!(6!D.?01,$/G!0#$,$U/!(5$!(5!0#$!L50$,5$0S!O(1!?*5!9(!%((+!*0!

0#*0S!>J%%.(0G!6$3*%$!*9$4!Ce@!

N54!6.5*%%&!/(3$!&(159!V(3$5!0*%+$4!*2(10!0#$!$RD$?0*0.(5!>(,!3(,$!/120%$!D,$//1,$@!0(!2$!

.5I(%I$4!.5!/$R0.59G!/.3D%&!*/!*!,$/1%0!(6!#*I.59!I.$V$4!.3*9$/!(6!9.,%/!0#$&!+5(VS!

`.54! (6! %.+$G! L! 4(5m0! +5(VG! .0! 9.I$/! &(1! *! 2.0! %$//! ?(56.4$5?$S! ! :*+$/! &(1! 2.0!

15?(36(,0*2%$!2$?*1/$!.0!+.54!(6!3*+$/!&(1!6$$%!%.+$^!T*3!L!$RD$?0$4!0(!4(!0#*0!0((jU!

>Q&4.*G!6$3*%$!*9$4!CY@!!

7[( L,65(/8"55-8"*(76(")9D(,$D"8((

:(/0!&(159!3$5!$RD,$//$4!*!I.$V! 0#*0!D,$//1,$!$R./0/!*3(59/0!2(&/! 0(!2$!$.0#$,!(20*.5.59!

"JL/!6,(3!9.,%/!(,!0(!2$!/#(V.59!$*?#!(0#$,!0#$/$!.3*9$/S!!!

F(,! $R*3D%$G! /*&! .6! L! 4(5m0! 0#.5+! .0/! (+*&! 210! 3&! 3*0$/! /*&G! T(#! ?#$?+! Z0#./! (10]UG!

0#$&mI$!9(0!*%%!0#$/$!.3*9$/G! L!9(!.5!*54!/*&G! T(#!&$*#!0#*0m/!/(!?((%SU!>aeG!3*%$!*9$4!

C\@!

-#$&!f1/0!4(!Z.0]!2$?*1/$!0#$&!V*50!0(!2,*9!0(!0#$.,!3*0$/G!TL!9(0!0#./!9.,%!0(!/$54!3$!

D#(0(/UG!*54!/0166!%.+$!0#*0!l!0#$&!%.+$!0(!.3D,$//!(0#$,!D$(D%$G!0#$.,!3*0$/!*54!/0166G!

&(1!+5(VG!T%((+!V#*0!L!9(0kU!>F*3G!3*%$!*9$4!Cc@!

O(159!V(3$5! *%/(! 0*%+$4! (6! 0#$! D,$//1,$! 0#$&! 2$%.$I$! 2(&/! $RD$,.$5?$! 6,(3! $*?#! (0#$,! 0(!

,$71$/0!"JL/!6,(3!0#$.,!9.,%6,.$54/S!!!

O$*#!LU4!/*&!0#*0!2(&/!D,$//1,$!9.,%/!*54!LU4!D,(2*2%&!/*&!2(&/!D,$//1,$!2(&/!*/!V$%%!

V.0#!0#$!V#(%$!/#(V.59!$*?#!(0#$,!.3*9$/!*54!&(1!+5(V!T%((+!V#*0!L!9(0U!*54!0#$&U,$!

%.+$G!T(#G!LUI$!9(0!0(!9$0!(5$!0((G!/(3$0#.59!0(!/#*,$!2*?+!/(,0!(6!0#.59S!ZLU%%]!0*+$!(5$!

(6!3&!9.,%6,.$54SU!>=*/$&G!6$3*%$!*9$4!CY@!

O$/G! L! 0#.5+! 0#$,$m/! D,$//1,$! *3(59/0! 91&/! */!V$%%G! 2$?*1/$! .6! 0#$.,! 6,.$54/! *%%! #*I$!

4.,0&!D.?01,$/!0#$5!0#$&!V.%%!V*50!0(!*/+!0#$.,!9.,%6,.$54!*/!V$%%G!$I$5!.6!0#$&m,$!0(0*%%&!

5(0! %.+$! 0#*0S! LmI$! /$$5!91&/! 0#*0!#*I$!#*4! 0(! 6.0! .5!V.0#! 0#(/$!+.54!(6!2(&/!2$?*1/$!

0#$&!6$%0!0#$&!4.45m0!#*I$!*5&!(0#$,!6,.$54/S!>"*54,*G!6$3*%$!*9$4!C\@!!

"(3$!&(159!3$5! 0*%+$4!(6! 0#$!/.%$50! 0,$*03$50! 0#$&!9(0! .6! 0#$&!V$,$!5(0! .50(!/$R0.59G!(,!(6!

2$.59!?*%%$4!T9*&UG!*/!#.9#%.9#0$4!2&!0#$/$!?(33$50/S!

O$/G!.0U/!3(,$!%.+$!0#*0!/.%$50!0,$*03$50!&(1!9$0G!%.+$!L!4(5U0!%((+!*0!D(,5!*54!0#$5!0#$&!

4(5U0!0*%+!0(!&(1S!>'($G!3*%$!*9$4!Cc@!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

\C!!

)$%%!/(3$!D$(D%$!V.%%!2$!%.+$G!T(#!&(1U,$!9*&!(,!/(3$0#.59SU!>aeG!3*%$!*9$4!C\@!

P5$!&(159!3*5!,$6%$?0$4!(5!*!/0(,&!(6!*!2(&!*0!#./!/?#((%!V#(!0(%4!D$(D%$!#$!#*4!*5!"JL!(6!*!

9.,%!(5!#./!D#(5$G!*54!,$?$.I$4!D,$//1,$!0(!/#(V!(0#$,/!0#$!.3*9$S!!!

-#$,$!V*/!3*.5%&!(5$!+.4!V#(!V*/!.5!3&!/?#((%!W!#$!#*4!*!D#(0(!(,!#$!,$?+(5$4!#$!

#*4!*!D#(0(S!!a10!#$!V(1%45m0!/#(V!*5&(5$S!a10!$I$,&(5$!$%/$!V*/!D,$//1,.59!#.3!0(!

%$0!0#$3!/$$!.0S!-#*0!V$50!(5!6(,!%.+$!*!V$$+G!*54!L!4.45m0!#$*,!*5&0#.59!*60$,!0#*0!l!

<$!D,(2*2%&!4.45m0!#*I$!0#$!D#(0(SSS!<$!V*/!9$00.59!D,$//1,$4!.50(!.0G!210!0#$&!V$,$!

2$.59!.4.(0/!*2(10!.0G!/(!V*/!#$S!a10!0#$&!V$,$!/0.%%!D,$//1,.59!#.3!.50(!.0S!>:*00#$VG!

3*%$!*9$4!C\@!

N2(10! #*%6! (6! *%%! &(159!3$5!V#(!D*,0.?.D*0$4! .5! .50$,I.$V/! *%/(! /#*,$4! 0#$.,! ?(5?$,5! *2(10!

0#./!D,$//1,$S! "(3$!$RD,$//$4! 0#*0!*3(59/0! 0#$.,! 6,.$54/! .0!V(1%4!2$!(+*&! 0(!5(0! %((+!*0!(,!

4./0,.210$!"JL/G!*54!$I$5!0(!?#*%%$59$!0#$.,!2$#*I.(1,!.5!,$%*0.(5!0(!D*//.59!0#$!.3*9$!(5S!!!

L! #*4!D$(D%$! (66$,! 0(! /$54! .0! 0(!3$! *54! L!V*/! %.+$G! T5(G! LU3! 6.5$G! L! 4(5U0! ,$*%%&! 5$$4!

0#*0SU!>"(%*,6%*,$G!3*%$!*9$4!C\@!

L6!.0U/!%.+$!*!3*0$U/!9.,%6,.$54!&(1!f1/0!9(G!TV#*0!*,$!&(1!4(.59jU!O(1!f1/0!%((+!*0!0#$3!

*54!&(1!f1/0!9(G!T(#G!5(0!?((%SU!>'($G!3*%$!*9$4!Cc@!

7[( .8"55-8"($,(4%">(>%$D,-$(=&,>%&'(>D)$(%$(%5((

N5! .//1$! 0#*0! ?*3$! 1D! ,$91%*,%&! *3(59/0! 2(0#! 9$54$,/G! &$0! 3(,$! ?(33(5%&! 4./?1//$4! 2&!

&(159!3$5G!V*/!(6!2$.59!/$50!(,!/#(V5!"JL/G!V.0#(10!*?01*%%&!#*I.59!*9,$$4!0(!I.$V!0#$3!6.,/0S!

-#./!V*/!/(3$0.3$/!(6!D$(D%$!0#$&!+5$VS!

O$*#G!0#$&!4(5m0!/*&G!T#$&!?#$?+!(10!0#./!D#(0(!(6!/(!*54!/(US!!L0m/!f1/0!%.+$!T?#$?+!0#./!

(10U!l!0#$&!/#(I$!.0!.5!&(1,!6*?$!l!.0m/!2$?*1/$!.0m/!f1/0!#*54W#$%4G!0#$&!?*5!f1/0!4(!.0S!

-#$&!?*5!2$!,.9#0!.5!&(1,!6*?$!*2(10!.0S!>"(%*,6%*,$G!3*%$!*9$4!C\@!

H/1*%%&!V#$5!/(3$(5$!#*/!D#(0(/!0#$&!4(5m0!/*&G!T(#G!LmI$!9(0!5*+$4!D#(0(/G!4(!&(1!

V*50!0(!/$$jU!-#$&!9(!0(!0#$!D$,/(5!*54!/*&G! T&$*#G! %((+!*0!0#./U!l!*54!&(1!V*50!0(!

%((+!*0!.0G!%.+$G!T(#G!V#*0m/!0#$!D#(0(jU!N54!0#*0m/!#(V!.0!./!3(/0!(6!0#$!0.3$S!M$*,%&!iY!

D$,!?$50!(6!0#$!0.3$G!T(#G!#*I$!*!%((+!*0!0#./U!*54!0#$5!0#$&!%((+!2$?*1/$G!&(1!+5(VG!

V#&!V(1%45m0!&(1j!"(! .0m/!5(0! %.+$!$I$,&(5$m/!9(0!D#(0(/!(5!0#$.,!D#(5$!*54!0#$&m,$!

%.+$G!T(#G!LmI$!9(0!*!5*+$4!D#(0(U!*54!0#$&m,$!/V*DD.59!0#$3!*,(154!*54!/0166^!.0m/!f1/0!

%.+$G!T(#!&$*#G!%((+!*0!0#./!9.,%!L!9(0!*!D#(0(!(6!%*/0!5.9#0U!l!O$*#G!0#$&!/$54!D#(0(/!0(!

$*?#!(0#$,!/(3$0.3$/G!210!3*.5%&!.0m/!f1/0!/#(V.59!$*?#!(0#$,S!>F*3G!3*%$!*9$4!Cc@!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

\A!!

:(/0%&!.0m/!f1/0!%.+$G!.6!&(1!#*I$!&(1,!2%1$!0((0#!(5G!(5!&(1,!D#(5$!(,!/(3$0#.59!*54!

/(3$(5$!$%/$!#*/!9(0!*!D.?01,$G!0#$&m%%!2$!%.+$G!T(#!*??$D0!0#./US!-#$5!.6!&(1!4(5m0!+5(V!

V#*0!.0!./G!*54!0#$&!V(5m0!0$%%!&(1!*54!&(1G!*??$D0!.0G!0#$5!.0m/!(5!&(1,!D#(5$S!>Q&4.*G!

6$3*%$!*9$4!CY@!!!

#">"!% D%-'38.9)-'/%089+81'%+,%J9.C'%

N!5132$,!(6!&(159!3$5!0*%+$4!*2(10!*!3$4.*!?1%01,$!0#*0!D%*?$/!D,$//1,$!(5!&(159!D$(D%$!0(!

2$#*I$!.5!3(,$!/$R1*%./$4!V*&/S!!

8$6.5.0$%&!D,$//1,$S!TL6!0#$&!?*5!Z/$R0]G!V#&!?*5U0!&(1UG!0(!0#$.,!9.,%6,.$54/!l!&$*#!*54!

0#$! 6.%3! ?%.D/G! *54! .0U/! D,$//1,$! 6,(3! 2(&6,.$54/G! 210! 0#$! 2(&6,.$54/! D,(2*2%&! 9$0! .0!

6,(3!0#$!3$4.*G!0#.5+.59!0#*0U/!5(,3*%S!a10!.0U/!,$*%%&!5(0S!>:*00#$VG!3*%$!*9$4!C\@!!

L! 0#.5+! *! %(0! (6! &(159! D$(D%$! V(1%4! /*&! 0#*0! Z0#$! 3$4.*]! V(1%45U0! ?(3$! .50(! 0#$!

$71*0.(5G! 210! 0#$5! L! 4(5U0! 2$%.$I$! 0#$&!V(1%4! 61%%&! 154$,/0*54! 0#$! .3D*?0! 0#*0! 0#$!

3$4.*! 4($/! #*I$! 1D(5! 0#$3! *54! #(V! /0,(59%&! 0#$! 3$4.*! *?01*%%&! *66$?0/! $*?#!

.54.I.41*%S!>aCCG!3*%$!*9$4!C\@!

)[( !"#-)0%5"*(?"*%)((

O(159!V(3$5!*%/(!/#*,$4!?(5?$,5/!*2(10!0#./!3$4.*!?1%01,$S!

L!#*I$!0#./!I.$V!0#*0!Z/$R0.59!./]!4$6.5.0$%&!?(3.59!6,(3!?(3D*5.$/!0#*0!V*50!0(!D1/#!

0#$.,!D,(41?0/!(50(!&(159$,!*54!&(159$,!?#.%4,$5!l!L!0#.5+!.0m/!*%/(!(5$!(6!0#$!$*/.$/0!

/(,0!(6!*,$*/!V#$,$!&(1!?*5!/$%%!D,(41?0/S!-(!2$!4$/.,*2%$!&(1!#*I$!0(!4(!NG!aG!=!*54!

8S!L6!&(1!3*+$!*!?#.%4!6$$%!%.+$!0#*0m/!V#*0!0#$&!/#(1%4!2$!4(.59G!0#*0!0#$&!/#(1%4!#*I$!

*!2(&6,.$54!(,!*!9.,%6,.$54G! 0#$5!4$6.5.0$%&!&(1!#*I$!&(1,!?1/0(3$,/S! >:(%%&G! 6$3*%$G!

*9$4!Cc@!

-#$!(0#$,!4*&G!V$!V$50! .50(! 0#$!5$V/*9$5?&S!)#*0m/! 0#*0!3*9*r.5$!?*%%$4G! F<:!(,!

V#*0$I$,j! L0m/!5(0!;%*&2(&G!210! L!#(5$/0%&!0#.5+!0#$!?(I$,!(6! .0!D,$00&!31?#! ./S!)#*0!

*55(&$4!3$!0#$!3(/0!V*/!3$!*54!3&!2(&6,.$54!V$,$!/0*54.59!0#$,$!*54!0#$5!#$!V*/!

0$%%.59!3$!#(V!0#$!+.4/!=#,./03*/!?*0*%(91$!V*/!(5!0#$!1DD$,!/#$%I$/!*54!0#$!3$5U/!

3*9*r.5$!V*/!(5! 0#$!2(00(3!/#$%6S! L6! *! +.4!V*%+/! .5G!#$m/! 9(.59! 0(! /$$! 0#*0G!5(0! 0#$!

+.4m/!=#,./03*/!?*0*%(91$G!/(!0#$&!/#(1%4!#(5$/0%&!/V*D!.0!*,(154!(,!$I$5!D10!.0! .5!*!

2*?+!/$?0.(5S!L6!9.,%/G!$/D$?.*%%&!O$*,!eG!O$*,!\G!/$$!0#*0G!0#$&!0#.5+G!T&$/G!L!V*50!0(!9$0!

.5! #(0! D(/.0.(5/! %.+$! 0#*0G! *54! L! V*50! 0(! /$54! 0#*0! *,(154G! 2$?*1/$! (2I.(1/%&! 91&/!

0#.5+!0#*0m/!5.?$SU!>"*54,*G!6$3*%$!*9$4!C\@!

(

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

\X!!

7[( !"#-)0%5"*(?-5%9(4%*",5((

N! I.$V! ,$6%$?0$4! 2&! /(3$! &(159! D$(D%$!V*/! /(59/!V.0#! %&,.?/! *2(10! /$R0.59! *54! /$R1*%./$4!

I.4$(/! .5! D(D1%*,! 0$$5! 31/.?! 5(,3*%./$/! 0#$! 2$#*I.(1,! (6! /$R0.59S! "(3$! &(159! D$(D%$!

,$6%$?0$4!(5!0#$!/(59! T"$54!:$!*!8.,0&!;.?U!2&!`$/#*G!*!/(59!*2(10!/$R0.59!,$%$*/$4! .5!ABCBG!

D(D1%*,!V.0#!&(159!0$$5!9.,%/!*0!0#$!0.3$S!

O(1!+5(V!0#*0!/(59G!T-*+$!*!8.,0&!;.?01,$jU!"$$G!/(59/!%.+$!0#*0!#(5$/0%&!l!$I$5!0#*0!

_.#*55*U/!/(59!*2(10!#$,!%.+$!.5!?#*.5/!*54!/0166G!&(1!+5(VG!#(5$/0%&G!&(1!4(5U0!/.59!

0#*0!(5! 0#$! ,*4.(!V#$5!CA!&$*,!(%4/!?*5! %./0$5! 0(! .0S! L0! ,$*%%&!4($/G!&$/G! .0! .56%1$5?$/!

0#$.,! /$R1*%.0&G! 2$?*1/$! 0#$5! 0#$&!V*50! 0(! 2$! %.+$! 0#*0G! 0#$&!V*50! 0(! 0*+$! D.?01,$/S!

-#$&!/$54!.0!(10!*54!.0/!0$,,.2%$S!>"*54,*G!6$3*%$!*9$4!C\@!

L!0#.5+!V.0#!31/.?!*54!%.+$!31/.?!I.4$(/!*54!0#.59/!%.+$!0#*0!g!L!+5(V!&(1!V(1%45U0!%$0!

&(1,!+.4!V*0?#!:-h!(,!*5&0#.59!f1/0!2$?*1/$!*5&!/(59!0#*0!?(3$/!(5!0#$!,*4.(!5(V!./!

/(3$#(V! *2(10! /$R! (,! /(3$0#.59! *%(59! 0#(/$! %.5$/S! "(! L! 0#.5+! ?#.%4,$5! *,$! 2$.59!

.56%1$5?$4!g!5(0!.56%1$5?$4G!210!#*I.59!0#.59/!(6!*!/$R1*%!5*01,$!D1/#$4!(5!0#$3!*0!*!

31?#!&(159$,!*9$G!V#.?#!./!3*+.59!0#$3!/(,0!(6!%.+$!3*01,$!71.?+$,!l!)$!#*I$!&$*,!

/$I$5/!.5!(1,!/?#((%!5(V!9(.59!*,(154!/*&.59!%.+$!T(#G!LU3!5*19#0&!W!?*%%!3$SU!LU3!5(0!

$I$5!+.44.59S!-#*0!#*/!#*DD$5$4S!>J%%$G!6$3*%$!*9$4!Ce@!

9[( F&<0-"&9"(,<()*-0$(8,0"(?,*"05((

"(3$!(%4$,!&(159!V(3$5! 0*%+$4!*2(10! 0#$! .56%1$5?$!(6! 0$$5! ,(%$!3(4$%/! 6(,!9.,%/G! *54!#(V!

0#$.,!2$#*I.(1,!.56%1$5?$/!0#(/$!V#(!%((+!1D!0(!0#$3S!

L! 0#.5+!V(3$5!V*50! 0(! 4./D%*&!V#*0! 0#$&m,$! 4./D%*&.59! (5! 0#$! I.4$(/G! 0#$&!V*50! 0(!

%((+!3(,$!2.99$,!2,$*/0/!(,!9$0!/+.55.$,!*54!0#$&!V*50!0(!4(!*%%!0#*0!+.54!(6!/0166!*54!

0#$&!V*50!0(!,$D%.?*0$!V#*0!0#$&U,$!4(.59!l!&$/G!4$6.5.0$%&!2&!31/.?!*54!,(%$!3(4$%/G!

%.+$! "5((D!8(9S!)#(*! %((+! *0! #.3G! #$m/! 4(.59! 0#./!V.0#! *%%! 0#$/$! 9.,%/! *54! /0166! *54!

=#*,%.$! "#$$5G! #(V! #$! 9($/! *2(10! #*I.59! D(,5! /0*,/! %((+.59! *60$,! #./! +.4/S! L0m/! %.+$G!

T#$m/!3&!#$,(UG!L!0#.5+!.6!*5&0#.59!.0!#*/!*5!.3D*?0G!D,(2*2%&!f1/0!4$/$5/.0./.59!D$(D%$!

0(!.0G!L!/1DD(/$S!>;(%%&G!6$3*%$!*9$4!Ci@!!!

L0/! ,$*%%&! 0$,,.2%$! g! L! ,$*%%&! 0#.5+! 0#*0! 0#$! D,(2%$3! ?(1%4! $54! 1D! 9$00.59! V(,/$! .6!

/(3$0#.59! ./5U0!4(5$!2$?*1/$! L! 0#.5+!+.4/!*,$!$RD(/$4! 0(! .0! *0!*!31?#!&(159$,!*9$S!

O(1!+5(V!<*55*#!:(50*5*!*54!0#$!9.,%!6,(3!<.9#!"?#((%!:1/.?*%j!-#$&UI$!2(0#!#*4!

514.$!D#(0(/^!0#$&UI$!0*+$5!0#$3!(6!0#$3/$%I$/S!>_(/.$G!6$3*%$!*9$4!Ci@!

! %

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

\d!!

#">"6%% Q,1*,41.2B:%

-#$!0(D.?!(6!D(,5(9,*D#&!1/$!$3$,9$4!.5!$*,%&!.50$,I.$V/!V.0#!&(159!D$(D%$G!V.0#!4./?1//.(5/!

3(/0%&!*2(10!0#$!*??$//.2.%.0&!(6!D(,5(9,*D#.?!3*0$,.*%G!*54!.0/!.5?,$*/.59%&!#*,4W?(,$!5*01,$G!

*54!#(V!0#./!D(0$50.*%%&!.56%1$5?$/!0#$!2$#*I.(1,!(6!/$R0.59!*3(59!&(159!D$(D%$S!

L!6$$%!*/!0#(19#!*!%(0!(6!Z/$R0.59!./]SSSm?*1/$!(6!0#$!$*/&!*??$//!0(!D(,5(9,*D#.?!3*0$,.*%!

*54!*%/(!;%*&2(&!*54!*! %(0!(6! 0#(/$!+.54/!(6!3*9*r.5$/G! /$$.59!*/! 0#(19#! 0#$&m,$! /(!

$*/&!0(!21&G!0#$&m,$!(5!0#$!5$V//0*54/S!>aCG!3*%$!*9$4!Ce@!

L!91$//!.0/!9$00.59!2.99$,!6(,!91&/G!2$?*1/$!3(/0!2(&/!(10!0#$,$!1/$!D(,5G!/(!V#$5!&(1!

?*5U0!*??$//! .0! 0#$5!&(1!9(! 0(! 0#$!/%100.$/0!9.,%!(,! 0#$!I$,&!(D$5!*54!(10/D(+$5!9.,%/!

*54!&(1!9(! 0(! 0#$3!*54!0#$&U,$!(D$5!0(!/$54!*54! 0#$5! .0!+.54!(6! /D,$*4/!(10S! >'($G!

3*%$!*9$4!Cc@!

"(3$!&(159!D$(D%$!0*%+$4!*2(10!0#$!5(,3*%./$4!5*01,$!(6!D(,5(9,*D#&!1/$!*3(59/0!*41%0/G!

*54!#(V!0#./!.56%1$5?$/!&(159!D$(D%$U/!/$R0.59!2$#*I.(1,S!

LU3!f1/0!0#.5+.59!2$?*1/$!#*/5U0!/(?.$0&!/(,0!(6!4.?0*0$4!.0/!(+*&!0(!/#(V!D(,5(9,*D#.?!

.3*9$,&!(5!$%$?0,(5.?! %.+$! 0$?#5(%(9&j! L!3$*5! .6! 0#$,$U/!D(,5!(5! 0#$! L50$,5$0! 0#$5! L!

4(5U0! 0#.5+! .0U/! 0#*0!31?#!(6! *! /0$D! 0(! 9(! 0(!3(2.%$! D#(5$/S! L0! ./! 0,1$! 0$$5*9$,/! 4(!

%$*,5! 6,(3! *41%0/! *54! .6! *41%0/! *,$! 0*+.59! D*,0! .5! 0#*0! /(,0! (6! *?0.I.0&! 0#$5! V#&!

V(1%45U0!V$j!>:(%%&G!6$3*%$!*9$4!Cc@!

YSe! OPHME!;JP;QJU"!hLJ)"!PM!-<J!;H_;P"J!PF!"JK-LME!!"3*%%$,! 5132$,/! (6! &(159! D$(D%$! 4./?1//$4! 0#$! D1,D(/$61%! 2$#*I.(1,! (6! /$R0.59! *3(59/0!

&(159!D$(D%$S!!

#"]"$% 7'3+)*4%(,1%1'<'*4'%

N! 5132$,! (6! &(159! D$(D%$! ,$6%$?0$4! (5! /0(,.$/! (6! "JL/! #*I.59! 2$$5! 4./0,.210$4! V.0#! 0#$!

D1,D(/$!(6!#1,0.59!/(3$(5$S!

)$%%!&(1!3.9#0!/$54!.0!6(,!,$I$59$S!"(!&(1!?(1%4!2$!/$54.59!.0!0(!9$0!2*?+!*0!/(3$(5$S!

>=*/$&G!6$3*%$!*9$4!CY@!

-#$&!3.9#0!2,$*+!1D!(,!0#$&!3.9#0!2$!6.9#0.59!(,!/(3$0#.59G!*54!0#$5!0#$&!9$0!/$50!

(10!0(!0#$.,!6,.$54/!l!0(!9$0!2*?+!*0!0#$3G!&(1!+5(VG!#1,061%S!>acG!3*%$!*9$4!Ce!&$*,/@!

! %

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

\Y!!

#"]"!% 7'38.9%'32'1)C'*+.+),*%

P5%&!0V(!&(159!D$(D%$!0*%+$4!*2(10!/$R0.59!2$.59!*2(10!*4(%$/?$50!/$R1*%!$RD$,.3$50*0.(5S!

)$%%G! .0U/!9(.59!0(!#*DD$5S!L0U/!/(,0!(6! %.+$!0$$5*9$,/!$RD$,.3$50.59!V.0#!/$R1*%!/0166S!

L0U/!#(,3(5$/!0#*0!Z*,$]!9(.59!510/S!L0U/!9(.59!0(!#*DD$5S!>"(%*,6%*,$G!3*%$!*9$4!C\@!

#"]"6% R)-MF+.M)*4%

"(3$! D*,0.?.D*50/! 0*%+$4! *2(10! /$R0.59! */! *! 6(,3! (6! ,./+W0*+.59! 2$#*I.(1,G! V.0#! ,$6%$?0.(5/!

6,(3!/(3$!D*,0.?.D*50/!0#*0!&(159!D$(D%$!4(!5(0!0#.5+!0#,(19#!0#$!D(0$50.*%!?(5/$71$5?$/!(6!

0#$.,!2$#*I.(1,!*0!0#$!0.3$S!

O$*#G!+.4/!*,$!*%V*&/!4(.59!.%%$9*%!/0166G!L!91$//G!%.+$!4,.5+.59!*54!V#*0$I$,S!a10!L!4(5U0!

+5(VG! L! 91$//!D$(D%$!4,.5+! 6(,! *! ,$*/(5!210!D$(D%$!4(5U0! ,$*%%&! #*I$! *5&! ,$*/(5! 0(!

/$54!D.?01,$/!*,(154S!>EeG!6$3*%$!*9$4!CY@!!!

L! 0#.5+!D$(D%$!+.54!(6!V*50!0(!0*+$!*!2.0!(6!*!,./+S! TL! 6$$%! %.+$!/1?#!*!2*4!*//! .6! L!4(! .0!

2$?*1/$!.0U/!.%%$9*%SU!L0U/!0#$!/*3$!0#.59!*/!%.+$!9(.59!(10!V.0#!*!6*+$!L8!(,!9$00.59!&(1,!

(%4$,!2,(0#$,!0(!21&!&(1!*%?(#(%S!L0U/!0#$!/*3$!0#.59^!&(1!f1/0!4(5U0!0#.5+!31?#!(6!.0S!

>_CXG!6$3*%$!*9$4!AB@!

L!0#.5+!*!%(0!(6!0#$!0.3$!.0/!*5!.3D1%/$!0#.59S!L0U/!5(0!*%V*&/!0#$!3(/0!0#(19#0W(10!.4$*S!

-#$&U%%! 0#.5+G! T(#G! L! V*50! 0(! 4(! 0#./G! L! V*50! 0(! /$54! 0#./! D#(0(G! L! V*50! 0(! /$54! 0#./!

3$//*9$UG!*54!0#$&!D$,#*D/!4(5U0!0#.5+!.0!0#,(19#!71.0$!*/!31?#G!(,!*0!0#$!0.3$!0#.59/!

*,$!9((4!/(!.0!4($/5U0!/$$3!%.+$!.0!?(1%4!#*I$!*!5$9*0.I$!(10?(3$S!>EiG!6$3*%$!*9$4!

C\@!

#"]"E% D90,B,9%

"0(,.$/!V$,$!/#*,$4!*2(10!/$R0.59G!V#.?#!.5I(%I$4!0#$!1/$!(6!*%?(#(%S!

L! #*I$! *! 6$V! 6,.$54/! 0#*0! 9$0! 4,15+! *54! 0#$5! %((+! *0! 0#$.,! D#(5$! 0#$! 5$R0!3(,5.59!

2$.59!%.+$!TP#!3&!E(4G!V#&!4.4!L!/$54!0#*0!0(!0#*0!91&jU!>J%%.(0G!6$3*%$!*9$4!Ce@!

M(0!V$$4!(,!*5&0#.59!%.+$!0#*0!210!4,19/!?(1%4!2$!/(3$0#.59G!210!4$6.5.0$%&!*%?(#(%S!L0!

.56%1$5?$/! &(1! *! %(0! *54! l! L! 4(5U0! ,$*%%&! 4,.5+! *0! *%%! 210! &(1! f1/0! /$$! #(V! 0,*/#$4!

D$(D%$! 9$0! *54! 0#$&! 4(5U0! +5(V!V#*0! 0#$&U,$! 4(.59!V#$5! 0#$&U,$! 4(.59! /(3$0#.59!

V.0#!*!91&!l!V#$5!D$(D%$!*,$!0*+.59!D.?01,$/S!>8*,?.$G!6$3*%$!*9$4!Ce@!

#"]"#% 7'3+)*4%[(,1%.%9.84B;%

N!6$V!&(159!V(3$5!0#(19#0!2(&/!/$50!D#(0(/!(6!0#$.,!D$5./!0(!(0#$,/!6(,!*!f(+$S!!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

\c!!

L!0#.5+!91&/!V(1%4!2$!%.+$!LU3!9(.59!0(!/$54!*!D#(0(!(6!3&!D$5./!*54!.0U/!9(.59!0(!2$!

,$*%%&!6155&S!>_(/.$G!6$3*%$!*9$4!Ci@!!

-#$&! f1/0!4(! .0!2$?*1/$! 0#$&!V*50! 0(!2,*9! 0(! 0#$.,!3*0$/G! TL! 9(0! 0#./!9.,%! 0(! /$54!3$!

D#(0(/G!*54!/0166! %.+$!0#*0US! L0U/!5(0! 6(,?$4!0(!4(! .0^! 0#$&! f1/0!4(! .0! 6(,!*! %*19#S! >F*3G!

3*%$!*9$4!Cc@!

#"]">% D++'*+),*%-''M)*4%

"(3$!3*%$!*54! 6$3*%$!D*,0.?.D*50/! 6$%0! 0#*0!9.,%/! .5!D*,0.?1%*,!D,(41?$!*54!4./0,.210$!"JL/!(6!

0#$3/$%I$/!6(,!*00$50.(5S!!!

L0U/!?(33(5!+5(V%$49$!0#*0!&(1U,$!9(.59!0(!/$54!0#./!D#(0(!0(!*!91&!0#*0!&(1!2*,$%&!

+5(VG!&(1UI$!(5%&!2$$5!0$R0.59!#.3!6(,!*!?(1D%$!(6!V$$+/!g!210!*0!0#$!2*?+!(6!0#$.,!

3.54/G!0#$&!31/0!#*I$!/(3$!.5+%.59!0#*0!.0U/!9(.59!0(!#*DD$5S!a10!0#$&!4(!.0!*5&V*&!

2$?*1/$! 0#$&! 5$$4! 0#$! *00$50.(5S! Q.+$! &(1! /$$! (5! /(?.*%! 5$0V(,+.59! /.0$/! *%%! 0#$/$!

D#(0(/!(6!9.,%/!0*+.59!D#(0(/!(6!0#$3/$%I$/! .5!2*0#,((3/!*54!g! f1/0!(6!0#$3/$%I$/!g!

.0U/!/0.%%!*!?,&!6(,!*00$50.(5G!L!0#.5+S!>=*3.%%$G!6$3*%$!*9$4!AB@!

-#$&!%.+$!*00$50.(5!6,(3!91&/G!/(!0#$&!0*+$!*!D.?01,$!(6!0#$3/$%I$/G!/$54!.0!/(!0#*0!0#$!

91&U/! %.+$! T(#! &$*#G! &(1U,$! 9((4! %((+.59! *54! #(0U! *54! /0166! %.+$! g! 0#$&! %.+$! 0#$!

*00$50.(5S!>F*3G!3*%$!*9$4!Cc@!

#"]"]% W,1'/,C%

N!?(1D%$!(6!&(159!D$(D%$!0#(19#0!&(159!D$(D%$!/$R0$4!2$?*1/$!0#$&!V$,$!2(,$4S!

-#$&U,$! 2(,$4G! L! 4(5U0! +5(VS! L!3$*5! 6,(3! $RD$,.$5?$G! 5(0!3&! (V5! $RD$,.$5?$G! 210!

$I$,&(5$! $%/$U/! $RD$,.$5?$! %.+$! 0#$&! f1/0! /$$3! *! 2.0! 2(,$4! (,! *00$50.(5! /$$+.59S!P,!

0#$&! #*I$5U0! 9(0! $5(19#! *00$50.(5! *0! #(3$! /(! %$0U/! ?,$*0$! /(3$!4,*3*! *0! /?#((%G! L!

4(5U0!+5(VS!>_CXG!6$3*%$!*9$4!AB@!

YS\!! OPHME!;JP;QJU"!hLJ)"!PM!"PQH-LPM"!;*,0.?.D*50/! V$,$! */+$4! 0(! ?(33$50! (5! ?1,,$50! /0,*0$9.$/! 1/$4! 0(! D,$I$50! 0#$! 5$9*0.I$!

?(5/$71$5?$/! (6! /$R0.59! .5?%14.59! $41?*0.I$! ,$/D(5/$/G! V$2! 2*/$4! ,$/D(5/$/G! *54! %$9*%!

,$/D(5/$/! >/$$! 0*2%$! Cd! 6(,! *! /133*,&!(6! 0#$3$/! ,$%*0.59! 0(! /(%10.(5/@S!:(/0! &(159!D$(D%$!

/#*,,$4! .56(,3*0.(5! ,$9*,4.59! $*?#! (6! 0#$/$! *,$*/G!V.0#! *%3(/0! *%%! 4./?1//.(5/! .5! /(3$!V*&!

,$%*0$4! 0(! 0#$! 5$$4! 6(,! 3(,$! .56(,3*0.(5! *54! $41?*0.(5! *2(10! /$R0.59! *54! .0/! D(0$50.*%!

5$9*0.I$!.3D%.?*0.(5/S!!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

\e!!

L! 0#.5+! f1/0! $41?*0.59! D$(D%$G! /(! 0#$&! +5(V!V#*0! 0#$&U,$! 9$00.59! 0#$3/$%I$/! .50(! .6!

0#$&!*?01*%%&!D10!*!D#(0(!(10!0#$,$G!#(V!.0!?*5!2$!/$50!0(!(0#$,!D$(D%$S!>ECcG!6$3*%$!

*9$4!C\@!

:*&2$! .6! D$(D%$! +5$V!$R*?0%&!#(V!D$,3*5$50! /0166! %.+$! 0#*0! ./G! #(V!&(1! ?*5!5$I$,!

,$*%%&!4$%$0$!*5&0#.59!(66!0#$!L50$,5$0G!3*&2$!/(3$0#.59!%.+$!0#*0S!>EC\G!6$3*%$!*9$4!

Ci@!

#"^"$% 70B,,9-%.*/%'/80.+),*%

N!5132$,!(6! &(159!D$(D%$! 6$%0! /?#((%/! /#(1%4!#*I$!*! ,(%$! .5!$41?*0.59! &(159!D$(D%$!*2(10!

/$R0.59G!V.0#! ?,.0.?./3/! *2(10! 0#$!V*&! .5!V#.?#! /?#((%/! *,$! ?1,,$50%&! 4$*%.59!V.0#! .0! >(,! 5(0!

4$*%.59!V.0#!.0@S!!

L! 4(5U0! 0#.5+! /?#((%/! .3D%$3$50! $5(19#! ,$/D(5/.2.%.0&! V.0#! V#*0! 9($/! (5! V.0#! 0#$!

/014$50/! (10/.4$! (6! 0#$! ,((3!V#$0#$,! 0#*0! 2$! 0$R0.59G! 21%%&.59! (,! D$$,! /1DD(,0! (,!

*5&0#.59!%.+$!0#*0S!L!4(5U0!0#.5+!/?#((%/!4(!$5(19#S!>a\G!3*%$!*9$4!C\@!

)$!9$0! ,$91%*,! $3*.%/! *2(10! /*6$0&!(5! 0#$!5$0! *54! /0166! %.+$! 0#*0!V#.?#!3(/0! (6! .0/!

D,$00&!D(.50%$//!?(33(5W/$5/$!/0166S!>ECdG!6$3*%$!*9$4!CY@!

L6! 0#$&! #*4! /$R! $4! I.4$(/! V.0#! 3*&2$! *?01*%! &(159! D$(D%$! 0*%+.59! *2(10! Z/$R0.59]G!

2$?*1/$! 0#$&!#*I$! %(0/!(6! /$R!$4!I.4$(/!V.0#!&(159!+.4/! 0*%+.59! .5! 0#$3!210! 0#$&U,$!

6,(3!%.+$!dB!&$*,/!*9(S!>EXG!6$3*%$!*9$4!Ce@!

"(3$!&(159!D$(D%$!0*%+$4!*2(10!0#$.,!D,$6$,$5?$!6(,!$41?*0.(5!*2(10!.//1$/!%.+$!/$R0.59!0(!2$!

4$%.I$,$4!2&!$RD$,0/!6,(3!(10/.4$!0#$!/?#((%!/$00.59S!

M(G!5(0!0$*?#$,/!2$?*1/$!5(!(5$!,$*%%&!%./0$5/!0(!0#$3!W!.0U/!0((!*V+V*,4!6(,!0$*?#$,/S!

T=*1/$! 0#$&! /.0! 0#$,$! *54! $I$5! 0#(19#! 0#$&U,$! D$(D%$G! $I$,&(5$! %((+/! *0! 0#$3! %.+$!

0$*?#$,/G!0#$&!4(5U0!#*I$!*!%.6$S!-#$&!%((+!*0!0#$3!%.+$!*5!*10#(,.0&!6.91,$l!>a\G!3*%$!

*9$4!C\@!

L!,$*%%&!0#.5+!0#$,$!5$$4/!0(!2$!*!%(0!3(,$!0*%+.59!*2(10!Z/$R0.59]G!D,(2*2%&!5(0!6,(3!*!

0$*?#$,! (,! /(3$(5$! %.+$! 0#*0G! /(3$(5$!V#(! ?(3$/! 6,(3! /(3$V#$,$! $%/$! $50.,$%&S!

M(0! $I$5! *! 9(I$,53$50! *9$50G! f1/0! /(3$(5$!V#(! ?*5! ,$*%%&! 0*%+! 0(! +.4/G! ZV#(]!V.%%!

%./0$5!0(!0#$3!*54!/*&G!T<$&G!91$//!V#*0!#*DD$5/!V.0#!*%%!0#$!.56(,3*0.(5!&(1!D10!(5!

0#$!L50$,5$0U!*54!0#$5!/0*,0!V.0#!0#*0S!>ECYG!6$3*%$!*9$4!Ci@!

-V(!&(159!V(3$5!/199$/0$4!D$$,!$41?*0.(5!3.9#0!2$!*!1/$61%!/0,*0$9&!6(,!$41?*0.59!&(159!

D$(D%$!*2(10!/$R0.59!*54!.0/!D(0$50.*%!?(5/$71$5?$/S!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

\\!!

;$(D%$!*,$!3(,$!%.+$%&!0(!%./0$5!0(!D$(D%$!0#$.,!(V5!*9$!(,!D$(D%$!0#*0!#*I$!#*4!D*/0!

$RD$,.$5?$SSS!>ECcG!6$3*%$!*9$4!C\@!

:*&2$!Z.0]!V(1%4!2$!9((4!#*I.59!$I$5!*!9,(1D!(6!D$(D%$!3&!*9$!9(.59!.50(!*!/?#((%!

*54!0*%+.59!0(!+.4/!*2(10!Z/$R0.59]S!>ECYG!6$3*%$!*9$4!Ci@!

<(V$I$,G!/(3$!&(159!D$(D%$!4.4!5(0!%.+$!0#$!.4$*!(6!%$*,5.59!*2(10!/$R0.59!6,(3!0#$.,!D$$,/S!

L!V(1%4!D,(2*2%&!,*0#$,!#$*,!0#./! .56(,3*0.(5!6,(3!*!0$*?#$,!,*0#$,!0#*5!(5$!(6!3&!

D$$,/! 2$?*1/$! L! 3.9#0! 5(0! 2$%.$I$! 0#$3S! "014$50/! (2I.(1/%&! *,$5U0! */! /3*,0! */!

0$*?#$,/!l!>EeG!6$3*%$!*9$4!CY@!

#"^"!% S/80.+)*4%2.1'*+-%

"(3$!&(159!D$(D%$!0*%+$4!*2(10!0#$!5$$4!0(!$41?*0$!D*,$50/!*2(10!0$?#5(%(9&!1/$S!!

)$%%!D*,$50/!5$$4!0(!2$!$41?*0$4!(5!#(V!0(!$41?*0$!0#$.,!+.4/G!L!0#.5+!*54!0(!/0*,0!*0!

*5!$*,%&!*9$S!>aCCG!3*%$!*9$4!C\@!

L0!V(1%4!2$!,$*%%&!9((4!0(!$41?*0$!D*,$50/!g!2$?*1/$!L!0#.5+!*!%(0!(6!*41%0/!4(5U0!,$*%%&!

154$,/0*54!*2(10!0#$!L50$,5$0!*54!0#$&!4(5U0!,$*%%&!154$,/0*54!0#*0!$I$5!.6!&(1!#*I$!

&(1,!F*?$2((+!D,(6.%$!(5!D,.I*0$G!.0/!5(0!#*,4!0(!6.54!g!2$?*1/$!F*?$2((+!/$%%/!*%%!&(1,!

.56(,3*0.(5! 0(! 0#.,4! D*,0&! ?(3D*5.$/S! -#*0U/! #(V! 0#$&! 3*+$! 0#$.,! 3(5$&S! >ECYG!

6$3*%$!*9$4!Ci@!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

\i!!

!

#"^"6% S/80.+),*%.J,8+%9'4.9%)C29)0.+),*-%

"(3$!&(159!D$(D%$!0*%+$4!*2(10!0#$!5$$4!6(,!3(,$!$41?*0.(5!*2(10!0#$!%$9*%!.3D%.?*0.(5/!(6!

/$R0.59G!6$$%.59!0#*0!.6!&(159!D$(D%$!+5$V!*2(10!0#$!D(0$50.*%!?(5/$71$5?$/!>.5!,$%*0.(5!0(!0#$!

D,(41?0.(5!*54!4.//$3.5*0.(5!(6!?#.%4!D(,5(9,*D#&@!0#$&!V(1%4!5(0!/$R0S!

L0!V(1%4! /?*,$! (66! 71.0$! *! 6$V!D$(D%$! g! 5(0! $I$,&2(4&! 210! 71.0$! *! 6$VS! L! 0#.5+!l! .6!

/(3$! (6! 0#$3! V$,$! 3(,$! *V*,$! (6! 0#$! .3D%.?*0.(5/! *54! (10?(3$/! (6! V#*0! ?(1%4!

-*2%$!Cdb!-#$3$/!(6!&(159!D$(D%$U/!I.$V/!(5!/(%10.(5/!

-&D$!(6!/(%10.(5! O(159!D$(D%$U/!I.$V/!

!9D,,05( • =,.0.?./3!*2(10!V*&!/?#((%/!4$*%!V.0#!/$R0.59!!• J41?*0.(5!*2(10!/$R0.59!5$$4/!0(!2$!4$%.I$,$4!2&!$RD$,0/!6,(3!(10/.4$!

/?#((%!/$00.59!>5(0!0$*?#$,/@!!• -$*?#$,/!5$$4!0(!1/$!1DW0(W4*0$!,$/(1,?$/!

.)8"&$5( • J41?*0$!D*,$50/!*2(10!0$?#5(%(9&G!/(!0#$&!?*5!$41?*0$!?#.%4,$5!!• ;*,$50/!+5(V!%$//!0#*5!?#.%4,$5!*2(10!L50$,5$0!/*6$0&!*54!/$?1,.0&!

@"')0(%?/0%9)$%,&5( • L6!&(159!D$(D%$!+5$V!D(0$50.*%!?(5/$71$5?$/!>D,(41?0.(5!*54!4.//$3.5*0.(5!(6!?#.%4!D(,5@!0#*0!0#$&!V(1%45U0!/$R0!

• O(159!D$(D%$!4(!+5(V!*2(10!%$9*%!?(5/$71$5?$/G!210!4(!.0!*5&V*&!!• `5(V.59!D(0$50.*%!.%%$9*%.0&!(6!/$R0.59!3$*5/!.0!./!3(,$!*DD$*%.59!6(,!/(3$!

&(159!D$(D%$!0(!2$!.5I(%I$4!!• Q*V/!,$9*,4.59!?#.%4!D(,5(9,*D#&!5(0!*DD,(D,.*0$!6(,!4$*%.59!V.0#!/$R0.59!!

B%0$"8%&'(565$"?5( • "+$D0.?./3!*2(10!L50$,5$0!6.%0$,.59!/&/0$3/!!

!,9%)0(?)8="$%&'(( • "(?.*%!3*,+$0.59!D,$I$50.(5!?*3D*.95/!$66$?0.I$!6(,!,*./.59!*V*,$5$//!*2(10!D(0$50.*%!5$9*0.I$!.3D%.?*0.(5/!(6!/$R0.59!!

a"7(7)5"*("*-9)$%,&(

• -#$!L50$,5$0!./!5(0!*!D%*?$!&(159!D$(D%$!9(!6(,!.56(,3*0.(5!*2(10!/0*&.59!/*6$!(5%.5$!

• O(159!D$(D%$!#*I$!*!%*?+!(6!,$9*,4!6(,!9(I$,53$50!V$2!/.0$/!• L56(!0*,9$0$4!*0!&(159!D$(D%$!*2(10!/$R0.59!5(0!D,(3(0$4!V$%%!$5(19#!• h.$V.59!V$2/.0$/!.5!/?#((%!?%*//!0.3$!./!*!9((4!.4$*!!

B)9"7,,=( • F*?$2((+!9((4!D%*?$!6(,!/(?.*%!3*,+$0.59!D,$I$50.(5!?*3D*.95/!• F*?$2((+!*!/(?.*%!/D*?$!&(159!D$(D%$!4(!5(0!V*50!.56(,3*0.(5!*2(10!

.//1$/!%.+$!/$R0.59!

SD)00"&'"($D"(?"*%)(

• =#*%%$59$!0#$!5$9*0.I$!.56%1$5?$!(6!0#$!3$4.*!

+,-&'(/",/0"(&""*($,(7"(%&4,04"*(

• -*%+!V.0#G!5(0!*0!&(159!D$(D%$!• ;$$,!$41?*0.(5!• <*I$!2(&/!/#*,$!0#$.,!I.$V/!*2(10!0#$!9.,%!.5!0#$!/$R0$4!.3*9$!!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

iB!!

#*DD$5!V#$5!4(.59!0#*0G!0#$,$!V(1%4!2$!*!%$//$,!?#*5?$!(6!.0!#*DD$5.59S!>EiG!6$3*%$!

*9$4!C\@!

L!4(!0#.5+!0#*0!/(3$0#.59!0#*0!V(1%4!4$0$,!2(&/G!$/D$?.*%%&!*!2.0!(%4$,!2(&/!6,(3!0#*0!

/(,0!(6!0#.59G!./!0#$!%$9*%!Z.3D%.?*0.(5/]G!2$?*1/$!L!4(5U0!0#.5+!*!%(0!(6!0#$3!,$*%./$!Z.6]!

0#$&!#*I$!*!D#(0(!(6!*!Cd!&$*,!(%4!(5!0#$.,!D#(5$!*54!0#$5!0#$&!0$R0! .0!0(!/(3$(5$!

$%/$G! 0#$&U,$! 0,*66.?+.59! ?#.%4! D(,5(9,*D#&S! L6! 0#$&! 9$0! 21/0$4G! .6! 0#$&! 9$0! ?*19#0! 6(,!

0#*0G!(,!/(3$(5$!0$%%/!/(3$(5$!W!0#*0U/!/$,.(1/!0,(12%$S!>ECYG!6$3*%$!*9$4!Ci@!

:(/0!&(159!D$(D%$!#(V$I$,G!6$%0!0#*0!+5(V.59!*2(10!0#$!D(0$50.*%!%$9*%!?(5/$71$5?$/!V(1%4!

5(0!3*+$!*!4.66$,$5?$S!

O(159!D$(D%$!+5(V!*! %(0!*2(10!V#*0U/! %$9*%!*54! .%%$9*%!(5!0#$!L50$,5$0!*54!0#$&!/0.%%!

2,$*+!0#$!%*V!,$9*,4%$//S!:(/0!D$(D%$!g!&$/!0#$!3*f(,.0&!(6!D$(D%$!L!+5(V!4(V5%(*4!

31/.?!*54!3(I.$/!*54!*%%!0#*0!*54!.0U/!?(5/.4$,$4!0#$!5(,3G!4$/D.0$!0#$!6*?0!0#*0!.0U/!

.%%$9*%S!>aCCG!3*%$!*9$4!C\@!

L!3$*5G!.6!&(1!9$0!?*19#0!0#$5!0#$,$!/#(1%4!2$!g!(,!0#$,$!./!D$5*%0.$/!g!210!0#$!?#*5?$!

(6!9$00.59!?*19#0!./!/(!/%.3!0#*0!L!4(5U0!0#.5+!.0!2(0#$,/!D$(D%$!.6!0#$&!+5(VS!>aCG!3*%$!

*9$4!Cc@!

L! 4(5U0! 0#.5+! 0#$&! V(1%4! /0(D^! 0#$&! V(1%45U0! 2$?*1/$! 0#*0U/! 0#$! /*3$! V.0#! ?&2$,!

21%%&.59S!-#$&U,$!5(0!9(.59!0(!/0(D!f1/0!2$?*1/$!0#$&!/*&!&(1!?*5!9$0!.5!0,(12%$!6(,!.0S!

>ECBG!6$3*%$!*9$4!C\@!

)#$5!*/+$4!.6!+5(V.59!*2(10!0#$!D(0$50.*%!#*,361%!.3D%.?*0.(5/!(6!/$R0.59!>.5?%14.59!0#$!%$9*%!

?(5/$71$5?$/! .5! D*,0.?1%*,@! V(1%4! 3*+$! *! 4.66$,$5?$! 0(! &(159! D$(D%$U/! 2$#*I.(1,G! 3*5&!

&(159! D$(D%$! 0#(19#0! 5(0S! -#$,$! V*/! *! 9$5$,*%! 6$$%.59! 0#*0! &(159! D$(D%$! 4(! 5(0! 0#.5+! .0!

0#,(19#G!*54!2$%.$I$!T.0!V(50!#*DD$5!0(!3$US!

)#$5!&(1U,$!&(159!.0U/!D,$00&!31?#!#*,4!0(!0#.5+!(6!V#*0U/!#*DD$5.59!*0!0#$!0.3$G!.0U/!

f1/0!&(1!V*50!0(!9$0!$I$,&0#.59!4(5$!#$,$!*54!5(VS!>aAG!3*%$!*9$4!C\@!

"(3$!D$(D%$! 2$%.$I$! .6! &(159! D$(D%$! +5$V! *2(10! 0#$! ?(5/$71$5?$/G! 0#$&!V(1%45U0!

Z/$R0]j!L!4(5U0!0#.5+!0#*0U/!0,1$S!L!0#.5+!0#*0!g!2$?*1/$!.0/!%.+$!&(1!9$0!0(%4!T4(5U0!4,.I$!*!

?*,!6*/0$,!0#*5!0#$!/D$$4!%.3.0US!JI$,&(5$!+5(V/!&(1!4(5U0!4(!.0G!$I$,&(5$!+5(V/!0#*0!

.6! &(1! 4(! .0! 0#$,$! ./! *! ?#*5?$! 0#*0! &(1U%%! #*I$! *5! *??.4$50! 210! 5(! (5$! 0#.5+/! .0!V.%%!

#*DD$5!0(!0#$3S!>_(/.$G!6$3*%$!*9$4!Ci@!

N!?(1D%$!(6!&(159!V(3$5! 6$%0! 0#*0!+5(V.59! 0#$!D(0$50.*%! .%%$9*%.0&!(6! 0#$!2$#*I.(1,!3*4$! .0!

$I$5!3(,$!*DD$*%.59!6(,!/(3$!&(159!D$(D%$!0(!D*,0.?.D*0$!.5!/$R0.59S!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

iC!!

L0!V(1%45U0!/0(D!0#$3S!L6!*5&0#.59!.0!?(1%4!D(//.2%&!3*+$!0#$3!4(!.0!3(,$S!a$?*1/$!.6!

.0U/!.%%$9*%!0#$5!.0U/!3(,$!,$2$%%.(1/!0(!2$!4(.59!Z/$R0.59]!W!.0U/!3(,$!615S!>J%%.(0G!6$3*%$!

*9$4!Ce@!

L! 4(5U0! 0#.5+! .0U4!3*+$!31?#!(6! *! 4.66$,$5?$!V#$5! .0! ?(3$/! 0(! %$9*%! I$,/1/! .%%$9*%G! L!

0#.5+!D$(D%$!+.54!(6!V*50! 0(! 0*+$!*!2.0!(6!*! ,./+S! TL! 6$$%! %.+$!/1?#!*!2*4!*//! .6! L! Z/$R0]!

2$?*1/$!.0U/!.%%$9*%SU!L0U/!0#$!/*3$!0#.59!*/!%.+$!9(.59!(10!V.0#!*!6*+$!L8!(,!9$00.59!&(1,!

(%4$,!2,(0#$,!0(!21&!&(1!*%?(#(%S!L0U/!0#$!/*3$!0#.59^!&(1!f1/0!4(5U0!0#.5+!31?#!(6!.0S!

>_CXG!6$3*%$!*9$4!AB@S!

#"^"E% 7,0).9%C.1M'+)*4%21'<'*+),*%0.C2.)4*-%

"(3$!&(159!D$(D%$!0#(19#0!/(?.*%!3*,+$0.59!?*3D*.95/!V$,$!*5!$66$?0.I$!/0,*0$9&!6(,!,*./.59!

*V*,$5$//!*2(10!0#$!D(0$50.*%!5$9*0.I$!.3D%.?*0.(5/!(6!.5I(%I$3$50!.5!/$R0.59S!!

-h!*4/!*,$!$66$?0.I$!2$?*1/$!&(1U,$!V*0?#.59!-h!*54!l!&(1U,$!2$.59!6(,?$4!0(!/$$!.0S!

>adG!3*%$!*9$4!Cc@!

LUI$!/0*,0$4!0(!/$$!3(,$!*4/!6(,!*50.W21%%&.59!/0166!*54!*%%!0#*0!/(!L!0#.5+!3*&2$!0#$&!

5$$4!0(!4(!*!6$V!*4/!6(,!0#./!0&D$!(6!/0166!*54!3*&2$!g!0(!/#(V!D$(D%$!V#$,$!0#$&!

?*5!9(!6(,!#$%DS!>ECAG!6$3*%$!*9$4!CY@!

#"^"#% H'J%J.-'/%'/80.+),*%.*/%)*(,1C.+),*%

O(159! D$(D%$! V$,$! */+$4! 0(! ?(33$50! (5! 0#$.,! I.$V/! (6! 0#$! 1/$! (6! (5%.5$! ,$/(1,?$/! *54!

.56(,3*0.(5!0(!$41?*0$!*2(10!/$R0.59S!:(/0!&(159!D$(D%$!6$%0!0#$!V$2!V*/!5(0!*!D%*?$!&(159!

D$(D%$!0$54!0(!9(!0(!6(,!.56(,3*0.(5!*2(10!0#./!+.54!(6!.//1$S!

L!4(5U0! 0#.5+!D$(D%$!V(1%4! %((+!*0!V$2/.0$/S! L6! L!#$*,4G! T(#! 0#$,$!V*/!*!V$2/.0$!&(1!

?*5!%((+!1D!(5!/$R0.59U!L!V(1%45U0!9(!.50(!.0S!>ECBG!6$3*%$!*9$4!C\@!

N! 5132$,! (6! &(159! V(3$5! *54! 3$5! 0*%+$4! /D$?.6.?*%%&! *2(10! 0#$.,! %*?+! (6! ,$9*,4! 6(,!

9(I$,53$50!V$2!/.0$/S!

M(G!L!V(1%4!5$I$,!9(!.50(!*!9(I$,53$50!V$2/.0$!l!9(I$,53$50!V$2/.0$/!*,$!*V61%%&!

4(,+&!l! &$*#! 0#$&! ?(1%4! 2$!V(,4$4! *! %(0! 2$00$,! *54! L! 4(5U0! +5(VG! 2$! *! 2.0! ?((%$,!

3*&2$S!>aCXG!3*%$!*9$4!C\@!

N5&0#.59!0#*0U/!9(0!0#$!N1/0,*%.*5!E(I$,53$50!/0*3D!(5!.0G!&(1!0#.5+!T(#G!V#*0$I$,kU!

>ECYG!6$3*%$!*9$4!Ci@!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

iA!!

P6!0#$!6$V!&(159!D$(D%$!V#(!0#(19#0!V$2/.0$/!V$,$!*!1/$61%!/D*?$!0(!D%*?$!.56(,3*0.(5!*54!

,$/(1,?$/!*2(10!0#$!D(0$50.*%!5$9*0.I$!.3D%.?*0.(5/!(6!/$R0.59G!0#$,$!V*/!*!I.$V!0#$&!V$,$!5(0!

*4I$,0./$4!V$%%!$5(19#G!/(!&(159!D$(D%$!4(!5(0!+5(V!V#$,$!0(!6.54!0#$!.56(,3*0.(5S!

L!0#.5+!(5%.5$!/0166U/!,$*%%&!9((4G!$I$,&(5$!?*5!*??$//! .0!*54!&(1!4(5U0!,$*%%&!#*I$!0(!

2$!$32*,,*//$4!*2(10!/$$+.59!(10!/(3$!/(,0!(6! .56(,3*0.(5S!a10!+5(V.59!*2(10! .0U/!

*5(0#$,!0#.59S!>E\G!6$3*%$!*9$4!AB@!

N44.0.(5*%%&G!0#$!.4$*!(6!$RD%(,.59!V$2/.0$/!.5!?%*//!0.3$!V*/!/199$/0$4!*!1/$61%!/0,*0$9&S!

L!4(5U0!,$?+(5!D$,/(5*%%&!*5&(5$!V(1%4!f1/0!9(!0(!0#$!/.0$!l!210!4(.59!.0!.5!?%*//$/!(,!

/(3$0#.59!g!0#*0!V(1%4!2$!*!9((4!.4$*S!>EYG!6$3*%$!*9$4!Ce@!

"(3$!&(159!D$(D%$!0#(19#0!F*?$2((+!V(1%4!2$!*!9((4!D%*?$!6(,!/(?.*%!3*,+$0.59!D,$I$50.(5!

?*3D*.95/!*2(10!/$R0.59S!

a10!3*&2$! .6! &(1! #*4! *4/! (5! 0#$! /.4$! (6! 0#$! ZF*?$2((+]! D*9$! 0#*0! 0#$&U,$! *?01*%%&!

/$$.59!l!2$?*1/$! L!+5(V!0#$,$U/! %.00%$!*4/!(5! 0#$!/.4$!(6!F*?$2((+!l!&(1!3.9#0!5(0!

*%V*&/!0*+$!5(0.?$!(6! SSS!210!&(1!+5(V!.0/!0#$,$S!O(1!3*&!,$*4!.0! .6!&(1U,$!2(,$4!f1/0!

%((+.59!*0!0#$!/?,$$5S!>ECcG!6$3*%$!*9$4!C\@!

F(,!(0#$,/G!F*?$2((+!V*/!*!/(?.*%!/D*?$!0#$&!4.4!5(0!V*50!V*,5.59/!*2(10!.//1$/!%.+$!/$R0.59S!

F*?$2((+! *54! D%*?$/! %.+$! 0#*0! *,$5U0! 0#$! 2$/0! V*&! 0(! ?(3315.?*0$! .4$*/G! L! 91$//G!

2$?*1/$! 0#*0U/! 0#$! V*&! &(1U,$! #*I.59! 615S! O(1! 4(5U0! V*50! 0(! ?(5/0*50%&! #*I$! 0#./!

V*,5.59!*9*.5/0!&(1S!>ECdG!6$3*%$!*9$4!CY@!

#"^">% K)9+'1)*4%-:-+'C-%%

N!5132$,!(6!&(159!D$(D%$!V$,$!/+$D0.?*%!*2(10!6.%0$,.59!/&/0$3/S!!

L0!V(1%4!2$!D,$00&!/*4!V#$5!V$!#*I$!0(!3(I$!4(V5!0(!6.%0$,.59S!>aCXG!3*%$!*9$4!C\@!

<(5$/0%&G!.0!f1/0!0*+$/!*!2.0!(6!4$0$,3.5$4!,$/$*,?#!*54!&(1!?*5!9$0!D*/0!0#*0!+.54!(6!

/0166S! -#$,$U/! /(! 3*5&! V*&/! &(1! ?*5! 9$0! *,(154! 0#*0! +.54! (6! /0166G! ,(10.59! /0166G!

,$,(10.59G!9(.59!0#,(19#!4.66$,$50!/$,I$,/G!*54!$I$5!%.+$!9(I$,53$50!2*5/!l!.0!0*+$/!

3$!6.I$!/$?(54/!0(!4(V5%(*4!*!4.66$,$50!,(10$,!*54!9(!0#,(19#!*!4.66$,$50!?(150,&U/!

/$,I$,! *54! 0#$5! &(1! 9$0! *??$//! 0(! V#*0$I$,! .0! V*/! &(1! V$,$! 0,&.59! 0(! 9$0S! >ECXG!

6$3*%$!*9$4!C\@!

%

%

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

iX!!

#"^"]% X'4.9%1'-2,*-'-%%

-#$,$! V*/! *?+5(V%$49$3$50! 2&! 3(/0! D*,0.?.D*50/! 0#*0! ?1,,$50! %*V/! ,$9*,4.59! ?#.%4!

D(,5(9,*D#&!*,$!5(0!*DD,(D,.*0$!6(,!4$*%.59!V.0#!/$R0.59S!

L! 0#.5+! D$(D%$! /#(1%45U0! 2$! ?#*,9$4! 6(,! 2$.59! *! /$R1*%! (66$54$,! f1/0! 6(,! /$54.59! *!

D#(0(G!2$?*1/$!&(1!4(5U0!$I$5!+5(V! 0#$!?*/$S!-#$&!3*&!$I$5!2$!D,$//1,$4! .50(! .0S!

>ECcG!6$3*%$!*9$4!C\@!

-#$,$! /#(1%45U0! 2$! *! %*V! V#$,$! &(1! ?*5U0! 0*+$! *! D#(0(! (6! &(1,/$%6G! 210! .6! &(1U,$!

?(5/$50.59!.0!/#(1%4!2$!*%%!,.9#0S!a10!.6!0#*0!D$,/(5!/$54/!.0!*,(154!0#$,$!/#(1%4!2$!*!

%*V!0(!/0(D!0#*0S!>adG!Cc@!

#"^"^% ZB.99'*4'%+B'%C'/).%

N!?(1D%$!(6!&(159!D$(D%$!/199$/0$4!?#*%%$59.59!0#$!5$9*0.I$!.56%1$5?$!(6!0#$!3$4.*S!

-#$!2$/0!V*&!0(!4(!0#*0!V(1%4!D,(2*2%&!2$!0(!.56%1$5?$!0#$!3$4.*!0(!?#*59$!0#$!V*&!

.0!$RD,$//$/! Z.0/$%6]G!V#.?#!(6!?(1,/$! ./!71.0$!4.66.?1%0! 0(!4(G!2$?*1/$!0#$!3$4.*U/! f1/0!

%((+.59!0(!/$%%S!>aCCG!3*%$!*9$4!C\@!

L! 0#.5+! 0#*0! /(3$0#.59! 0#*0! V$! /#(1%4! 2$! 4(.59! *2(10! .0! ./G! L! 0#.5+! 0#*0! 3(,$!

%$9./%*0.(5/!5$$4!0(!2$!3*4$!0(!?(50,(%!V#*0!0#$!3$4.*!?*5!*54!?*5U0!4(!l!%.+$!/(3$!

(6!0#$!31/.?!I.4$(!?%.D/S!"(3$!(6!0#(/$!/#(1%45U0!2$!/#(V5!2$0V$$5!/.R!*54!5.5$!l!

*%/(!%.+$!$I$5!%*3$!/#(V/!%.+$!M$.9#2(1,/S!a$?*1/$!0#*0U/!%.+$!0#$!0.3$!0#*0!+.4/!*,$!.5!

0#$!?*,!*54!/0166!W!%.+$!0#(/$!*4/!6(,!h.*9,*S!=*5!&(1!.3*9.5$!0,&.59!0(!$RD%*.5!0#*0!0(!*!

?#.%4!*/!&(1U,$!4,.I.59!0#$3!0(!?#.%4?*,$!(,!/(3$0#.59S!>ECCG!6$3*%$!*9$4!Ce@!

#"^"G% 7'3+)*4%)-%+,,%/)(()089+%+,%/'.9%=)+B%%

-#$,$!V$,$!*!5132$,!(6!&(159!D$(D%$!V#(! 6$%0! 0#$! .//1$!(6!/$R0.59!V*/! 0((!4.66.?1%0! 0(!4$*%!

V.0#G!$I$5!0#(19#!0#$&!0#(19#0!./!V*/!/(3$0#.59!0#*0!5$$4$4!*44,$//.59S!!!

O$*#G! &(1! ?*5U0! ,$*%%&! 4(! *5&0#.59! *2(10! .0! 0#(19#G! .0! V(1%4! 2$! ,$*%%&! 9((4! 210G! L!

3$*5G!D$(D%$!*,$!*%V*&/!9(.59!0(!#*I$!?*3$,*/!*54!/0166!(5!0#$.,!D#(5$/l!>acG!3*%$!

*9$4!Ce@!

L0U/!*!%.00%$!2.0!#*,4!0(!/*&!V#*0!0(!4(!2$?*1/$!$I$,&(5$U/!9(0!0#./!.56(,3*0.(5!(5!4,19/!

*54!*%?(#(%G!210!$I$,&2(4&!/0.%%!4($/!4,19/!*54!$I$,&2(4&!/0.%%!4($/!*%?(#(%S! L0/!#*,4!

2$?*1/$! &(1! ?*5! /*&G! &(1! +5(VG! .0/! 2*4! *54! &(1! ?*5! /*&! 0#*0! 9.,%/! #*I$! ?(33.00$4!

/1.?.4$!*54!0#$!$66$?0/!(6! .0!*54!/0166G!210!/(3$!9.,%/!*,$! f1/0!9(.59!0(!0*+$! .0!*54!2$!

%.+$G! T&$*#G!&$*#G!V#*0$I$,U!*54!+$$D!4(.59!V#*0!0#$&U,$!9(.59!0(!4(S!"(! .0U/!*!,$*%%&!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

id!!

#*,4! 71$/0.(5! 0(! *5/V$,S! Q.+$! L! V(1%45U0! $I$5! +5(V! V#$,$! 0(! 2$9.5l! >EdG! 6$3*%$!

*9$4!Ce@!

#"^"$_%O*<,9<'%:,8*4%2',29'%)*%1'-2,*-'-%%

"(3$! D*,0.?.D*50/! 0*%+$4! *2(10! 0#$! .3D(,0*5?$! (6! .5I(%I.59! &(159! D$(D%$! .5! 4$/.95.59!

,$/D(5/$/! 0(! 0#$! .//1$G! *54! 0#*0! ?(5I$,/*0.(5/! 5$$4! 0(! 2$! 6*?.%.0*0$4! V.0#! &(159! D$(D%$! .5!

(,4$,!6(,!0#./!0(!#*DD$5S!

L!0#.5+!.6!&(1!,$*%%&!V*50!0(!3*+$!*!4.66$,$5?$!&(1!*?01*%%&!#*I$!0(!/.0!4(V5!*54!0*%+!0(!

0$$5*9$,/!2$?*1/$! 0#$&U,$!5(0! 9(.59! 0(!3*+$! 0#$!$66(,0! 0(! *?01*%%&! ?#$?+! .0! (10! SSS! L!

,$?+(5!0#$!3(/0!$66$?0.I$!0#.59!0(!4(!V(1%4!*?01*%%&!2$!D,(2*2%&!0(!#*54!.0!(I$,!.50(!

0#$!0$$5*9$!?(3315.0&S!>ECG!6$3*%$!*9$4!Cc@!

-*%+! 0(! 0#$3! *2(10! .0! .5/0$*4! (6! f1/0! g! &$*#G! f1/0! 0*%+! 0(! 0#$3! *2(10! .0! l! /(! 0#$&!

154$,/0*54!.0!,*0#$,!0#*5!/?,$*3.59!*0!0#$3!(,!/(3$0#.59S!>acG!3*%$!*9$4!CY@!

P5$!&(159!V(3*5!0#(19#0!.0!?(1%4!2$!1/$61%!6(,!9.,%/!0(!#$*,!V#*0!2(&/!0#(19#0!(6!9.,%/!.5!0#$!

/$R0$4!.3*9$/S!

lL!0#.5+!3*&2$!#*I.59!/(3$!+.54!(6G! L!4(5U0!+5(V!#(V!&(1U4!4(!.0!210!2$.59!*2%$!0(!

/D$*+!0(!2(&/!(6!0#*0!*9$!9,(1DG!V#*0!0#$.,!(D.5.(5/!(6!9.,%/!*,$!0#*0!4(!.0G!V#*0!0#$.,!

#(5$/0!(D.5.(5/!(6!0#$/$!9.,%/!*,$!0#*0!4(!.0l!>ECYG!6$3*%$!*9$4!Ci@!

YSi! =PM=QH"LPM!L50$,I.$V/!V.0#!&(159!D$(D%$!#*I$!,$I$*%$4!f1/0!#(V!?(3D%$R!0#$!D#$5(3$5(5!(6!/$R0.59!./S!

"0(,.$/! /#*,$4! #*I$! #.9#%.9#0$4! *! ,*59$! (6! 4.66$,$50! ?(32.5*0.(5/! (6! /?$5*,.(/! .5I(%I.59! 0#$!

?,$*0.(5G! /$54.59G!D(/0.59G! /#(V.59!*54!4./0,.210.(5!(6! /$R1*%%&! $RD%.?.0! .3*9$/S!P6!D*,0.?1%*,!

?(5?$,5! ./! 0#$! D,$//1,$! &(159! D$(D%$! 6$$%! $R./0/G! 0(! 2$! .5I(%I$4! .5! 0#$! 2$#*I.(1,G! V#$0#$,!

6,(3!$*?#!(0#$,G!(,!*/!*!,$/1%0!(6!*!#.9#%&!/$R1*%./$4!3$4.*!?1%01,$S!P6!D*,0.?1%*,!/.95.6.?*5?$!./!

0#$!9$54$,$4!5*01,$!(6!&(159!D$(D%$U/!I.$V/!(5!2(0#!0#$!5*01,$!*54!(,.9.5/!(6!/$R0.59S!O(159!

D$(D%$U/! I.$V/! (5! /0,*0$9.$/! 6(,! 4$*%.59! V.0#! D(0$50.*%! ?(5/$71$5?$/! (6! /$R0.59! #*I$!

#.9#%.9#0$4! .3D(,0*50! .3D%.?*0.(5/!6(,!0#$!4$/.95!(6!6101,$!D,$I$50.(5!/0,*0$9.$/G! .5?%14.59! .5!

D*,0.?1%*,!0#$!5$$4!6(,!.5I(%I.59!&(159!D$(D%$!.5!0#$!4$I$%(D3$50!*54!4$/.95!(6!/(%10.(5/S!!

!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

iY!!

J=!),$(?$$,-.!cSC! LM-_P8H=-LPM!-#./! /014&! V*/! D,$?.D.0*0$4! 2&! ?(5?$,5/! *2(10! 0#$! D(0$50.*%! #*,3/! 6(,! &(159! D$(D%$! (6!

.5I(%I$3$50! .5! 0#$! 2$#*I.(,! (6! /$R0.59S! E.I$5! ,$/$*,?#! ,$9*,4.59! 0#$! D#$5(3$5(5! ./! .5! .0/!

.56*5?&G!*54! %.00%$!4*0*! ./!*I*.%*2%$G! 0#./! /014&! /(19#0! 0(!15?(I$,!#(V!&(159!D$(D%$!4$/?,.2$!

/$R0.59!*54! .0/! ?(5/$71$5?$/G! 0#$.,! I.$V/!(5! ,$*/(5/! 6(,! &(159!D$(D%$U/!D*,0.?.D*0.(5! .5! 0#$!

2$#*I.(,G!*54!6.5*%%&!V#*0!0#$&!0#.5+!V$!/#(1%4!4(!*2(10!.0G!.6!*5&0#.59S!)#.%$!*!?(5/.4$,*2%$!

*3(150! (6! 9,$&! %.0$,*01,$! #*/! ?(5?$50,*0$4! (5! 0#$/$! 0(D.?/G! %.00%$! ./! +5(V5! 6,(3! 0#$!

D$,/D$?0.I$! (6! &(159!D$(D%$S!:&! .54.I.41*%! .50$,I.$V/!V.0#! &(159!D$(D%$! #*I$!15?(I$,$4! *!

V$*%0#!(6!I*%1*2%$!5$V!.56(,3*0.(5!*54!.5/.9#0!.50(!0#$/$!3*00$,/G!*54!*,$!0#$,$6(,$!6.%%.59!*5!

.3D(,0*50!9*DS!L0!./!(6!/.95.6.?*5?$!0#*0!3*5&!(6!0#$!I.$V/!(6!&(159!D$(D%$!V$,$!*%/(!,$6%$?0$4!

.5!?(33$50/!(6!+$&!.56(,3*50/S!N!/D$?.6.?!4./?1//.(5!(6!+$&!.56(,3*50!6.54.59/!6,(3!D#*/$!(5$!

(6!0#$!/014&!?*5!2$!6(154!.5!3&!D$$,W,$I.$V$4!f(1,5*%!*,0.?%$!.5!*DD$54.R!CeS!-#./!4./?1//.(5!

?#*D0$,! *2(10! /0,$590#/! *54! %.3.0*0.(5/G! *54! 0#$! D%*?$! (6!3&! 6.54.59/! .5! 0#$!V.4$,! ,$/$*,?#!

6,*3$V(,+! 6(?1/$/! D,.3*,.%&! (5! D#*/$! 0V(! ?(5?$,5.59! &(159! D$(D%$U/! I.$V/! (5! 0#$!

D#$5(3$5(5! (6! /$R0.59G! ,*0#$,! 0#*5! 0#$! 6.,/0! D#*/$! .5I(%I.59! +$&! .56(,3*50/G! V#.?#! /$,I$4!

D,.3*,.%&!0(!D,$D*,$!6(,!.50$,I.$V/!V.0#!&(159!D$(D%$S!

L! V.%%! 4./?1//! +$&! 6.54.59/! .5! ,$%*0.(5! 0(! *.3/! (6! 0#$! /014&G! V#.?#! V*/! 0(! $RD%(,$! 0#$!

D#$5(3$5(5!(6!/$R0.59!6,(3!0#$!D(.50!(6!I.$V!(6!&(159!D$(D%$G!V.0#!*!D*,0.?1%*,!6(?1/!(5!0#$!

5*01,$! (6! /$R0.59G! D$,?$.I$4! (,.9.5/! *54! D(0$50.*%! ,$/D(5/$/! 0(! *44,$//! 0#$! #*,361%!

?(5/$71$5?$/!(6!0#$!2$#*I.(,S!!

-#$!4*0*!#*/!61,0#$,! %*&$,/!g!0#$!$RD%(,*0.(5!(6!V#.?#! ./!(10/.4$!0#$!/?(D$!(6!0#./!0#$/./S!:&!

4./?1//.(5!V.%%!$RD%(,$!.3D(,0*50!6$*01,$/!(6!0#$!6.54.59/G!,*0#$,!0#*5!*%%!(6!0#$!6.54.59/S!!

L!V.%%!2$9.5!3&!4./?1//.(5!2&!#.9#%.9#0.59!%.3.0*0.(5/!*54!/0,$590#/!(6!0#$!/014&S!!

cSA! QL:L-N-LPM"!NM8!"-_JME-<"!PF!-<J!"-H8O!)#.%/0! $I$,&! *00$3D0! V*/! 3*4$! 0(! .5?%14$! &(159! D$(D%$! 6,(3! *! ,*59$! (6! 4.66$,$50!

2*?+9,(154/G!*2.%.0.$/!*54!9,(1D/G!.5?%14.59!/*3$!/$R!*00,*?0$4!&(159!D$(D%$G!0#(/$!6,(3!5(5W

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

ic!!

J59%./#! /D$*+.59! 2*?+9,(154/G! #(3$%$//! &(159! D$(D%$! *54! 0#(/$! 6,(3! %(V! /(?.(W$?(5(3.?!

9,(1D/G! *! %.3.0*0.(5! (6! 0#./! /014&! ./! 0#*0! (5%&! *! /3*%%! 5132$,! (6! 0#$/$! &(159! D$(D%$! V$,$!

,$D,$/$50$4G!0#1/!3(,$!,$/$*,?#!V.0#!0#$/$!0*,9$0!9,(1D/!./!5$$4$4!0(!?(3D*,$!*54!?(50,*/0!

4*0*! V.0#! 0#$! 9$5$,*%! D(D1%*0.(5S! N! D(0$50.*%! %.3.0*0.(5! ./! 0#*0! D*,0.?.D*50/! V$,$! .5I.0$4! 0(!

/#*,$! 0#$.,! I.$V/!(6! 0#$!2$#*I.(1,! (6! /$R0.59! *3(59!(0#$,/G! ,*0#$,! 0#*5! 0#$.,! (V5!D$,/(5*%!

$RD$,.$5?$! (6! /$R0.59S! E.I$5! 0#$! /*3D%$! (6! &(159! D$(D%$! V$,$! *%%! 6,(3! 0#$! (10$,! $*/0! (6!

:$%2(1,5$G!.0!./!D(//.2%$!0#*0!/(3$!D*,0.?.D*50/!3*&!#*I$!1/$4!0#$!/*3$!9,(1D!(6!/014$50/!*/!

*! ,$6$,$5?$!D(.50G!#(V$I$,G!9.I$5!&(159!D$(D%$!?*3$!6,(3!*0! %$*/0!CY!4.66$,$50!/?#((%/!*54!

15.I$,/.0.$/G! 0#./! ./! 15%.+$%&! 6(,!3(/0! D*,0.?.D*50/S! F.5*%%&G! .5! 0$,3/! (6! %.3.0*0.(5/G! .0! V*/! 5(0!

V.0#.5!0#$!?*D*?.0&!(6! 0#./!/014&!0(!*5*%&/$!*54!?(3D*,$!4*0*! 6,(3!+$&! .56(,3*50/! 0(!&(159!

D$(D%$G!*54!6,(3!&(159!D$(D%$!*?,(//!$*?#!*9$!?(#(,0G!$R?$D0!(5!,*,$!(??*/.(5/!V#$,$!I$,&!

(2I.(1/!*54!.3D(,0*50!,$/D(5/$/!V$,$!3*4$S!

L5! ?(50,*/0G! *5! .3D(,0*50! /0,$590#! (6! 0#./! /014&! ./! 0#*0! .0! #*/! ,$I$*%$4! N1/0,*%.*5! &(159!

D$(D%$U/!154$,/0*54.59/!(6!0#$!D#$5(3$5(5!(6!/$R0.59!.5!0#$.,!(V5!V(,4/G!*54!./!(5$!(6!0#$!

6.,/0! 71*%.0*0.I$! /014.$/! *2(10! /$R0.59! *54! &(159! D$(D%$! ?(541?0$4S! F1,0#$,3(,$G! 9.I$5!

/$R1*%.0&! ,$%*0$4! /014.$/! #*I$! 4.66.?1%0&! *00,*?0.59! 3*%$! D*,0.?.D*50/! >=*,3(4&G! ABBi@G! 0#$!

*%3(/0!$71*%!D*,0.?.D*0.(5!(6!&(159!V(3$5!*54!3$5!.5!0#./!/014&!./!*5!*44.0.(5*%!/0,$590#G!*/!

./!0#$!6*?0!0#*0!$0#.?*%!*DD,(I*%!V*/!D,(I.4$4!0(!*%%(V!D*,0.?.D*0.(5!(6!3*01,$!3.5(,/!V.0#(10!

D*,$50o91*,4.*5!?(5/$50G! 9.I$5! ,$/$*,?#! /#(V/!&(159!D$(D%$!V#(!#*I$!2$$5!21%%.$4!4(!5(0!

0*%+! 0(! D*,$50/! *2(10! ?&2$,W21%%&.59! 6(,! 6$*,! (6! ,$3(I*%! (6! 0$?#5(%(9.?*%! D,.I.%$9$/! >M*0.(5*%!

=,.3$!;,$I$50.(5!=$50,$! ABBi@^! 0#./!V*/! *5! .3D(,0*50! 6*?0(,! .5! $5?(1,*9.59! &(159!D$(D%$U/!

D*,0.?.D*0.(5S! =(541?0.59! 0V(! /0*9$/! (6! 4*0*! ?(%%$?0.(5!V*/! /0,$590#! (6! 0#./! /014&G! V.0#! 0#$!

.5I(%I$3$50!(6!+$&!.56(,3*50/!$5/1,.59!+$&!.//1$/!V$,$!.4$50.6.$4!*54!D%*?$4!.5!*!%(?*%!?(50$R0!

2$6(,$!4*0*!?(%%$?0.(5!V.0#!&(159!D$(D%$!?(33$5?$4S!

M(V!L!V.%%!,$01,5!0(!*!4./?1//.(5!(6!0#$!,$/$*,?#!6.54.59/!.5!,$%*0.(5!0(!3*f(,!*.3/!(6!0#$!/014&S!

cSX! -<J!MN-H_J!PF!"JK-LME!!N%0#(19#!0#$!*.3!(6!0#./!/014&!V*/!5(0!0(!$R*3.5$!D,$I*%$5?$!(6!/$R0.59G!0#*0!*%%!&(159!D$(D%$!

#*4!/0(,.$/!0(!/#*,$G!*54!0#*0!3(/0!.5I(%I$4!/(3$(5$!0#$&!+5$V!./!(6!/.95.6.?*5?$G!$/D$?.*%%&!

9.I$5! &(159! D$(D%$! V$,$! ,$D,$/$50$4! *?,(//! *! ,*59$! (6! 4.66$,$50! *9$/G! /?#((%/! *54! 9,(1D!

/$00.59/S!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

ie!!

>"6"$% &'-01)J)*4%-'3+)*4%

-#./!/014&!,*./$/!.3D(,0*50!71$/0.(5/!*2(10!#(V!/$R0.59!/#(1%4!2$!4$6.5$4S!L0!./!/.95.6.?*50!0#*0!

0#$!N1/0,*%.*5!P5%.5$!:*?71*,.$!8.?0.(5*,&!>ABB\@!4$6.5.0.(5!(6!/$R0.59G!(,.9.5*%%&!1/$4!6(,!0#./!

/014&G! ./! 5(0! ,$D,$/$50*0.I$! (6! 3*5&! */D$?0/! (6! /$R0.59! $RD,$//$4! .5! D*,0.?.D*50/U! /0(,.$/S!!

_$/$*,?#! 6.54.59/!/199$/0! 0#./!3*&!2$!41$!0(!*!9*D! .5!+5(V%$49$!*2(10! 0#$!D#$5(3$5(5!*0!

0#$! 0.3$! 0#$! 0$,3!$50$,$4! 0#$!4.?0.(5*,&G!(,! 0(! 0#$!$3$,9$50!*54!?#*59.59!5*01,$!(6!&(159!

D$(D%$U/!1/$!(6!5$V!4.9.0*%!3$4.*!0$?#5(%(9.$/S!

)#.%$! T/$R0.59U! ./! *! 0$,3! 1/$4! 2&! %$9./%*0(,/G! %*V! $56(,?$3$50G! $41?*0(,/! *54! 3*//! 3$4.*G!

,$/1%0/! /#(V! 0#*0! &(159! D$(D%$! 4(! 5(0! 1/$! 0#./! 0$,3S! -#./! 6.54.59! #*/! .3D%.?*0.(5/! 6(,! 0#$!

4$/.95!(6!D,$I*%$5?$!/1,I$&/G!$41?*0.(5*%!,$/(1,?$/!*54!.56(,3*0.(5!0*,9$0.59!&(159!D$(D%$G!

V#.?#! /#(1%4! .5?%14$! %*591*9$! 0#*0! ./! ,$%$I*50! 6(,! 0#$3S! F1,0#$,3(,$G!:.0?#$%%! $0! *%! >ABCA@!

*,91$G! T0#$!0$,3!/$R0.59!3*&!2$!6*0*%%&!?(3D,(3./$4!2&! .0/!31%0.D%$!*54!$RD*5/.I$!?(%%(71.*%!

1/$U!>DS!Ci@S!!Q(15/21,&!>ABCC@!/199$/0/!0#$!0$,3!#*/!2$$5!1/$4!0(!4$/?,.2$!*!V.4$!I*,.$0&!(6!

*?0.I.0.$/!0#*0!3*&!2$!2$00$,!4$/?,.2$4!*/!T&(10#WD,(41?$4!/$R1*%!.3*9$/U^!,$/1%0/!(6!0#./!/014&!

*%/(! /#(V! 0#./!3*&! .5! 6*?0!2$!*!3(,$!*??1,*0$!V*&! 0(!4$/?,.2$! 0#$!2$#*I.(1,! *3(59!&(159!

D$(D%$S!!

O(159! D$(D%$! /#*,$4! 3*5&! /0(,.$/! (6! /$R1*%%&! $RD%.?.0! .3*9$/! >"JL/@! D(/0$4! (5! /(?.*%!

5$0V(,+.59!/.0$/!>"M"@G!V#.?#!./!5(0!/1,D,./.59!9.I$5!"M"!1/$!./!0#$!3(/0!D(D1%*,!(5%.5$!*?0.I.0&!

6(,! &(159! D$(D%$! >N=:N! ABBi@S! -#./! 6*?0! ./G! #(V$I$,G! 5(0! ?*D01,$4! .5! 3(/0! %.0$,*01,$! (5!

/$R0.59S!N5(0#$,! .3D(,0*50!6.54.59!./!0#*0!/$R1*%%&!$RD%.?.0! .3*9$/!*,$!5(0!*%V*&/!/#*,$4!V.0#!

(0#$,/!I.*!0$R0G!$3*.%!(,!D(/0.59!(5!"M"G!*/!./!,$6$,,$4!0(!.5!3(/0!%.0$,*01,$G!V.0#!/(3$!&(159!

D$(D%$!/199$/0.59!0#*0!2$.59!/#(V5!.3*9$/!(5!(0#$,!D$(D%$U/!#*54!#$%4!4$I.?$/!.5!D$,/(5!3*&!

2$!3(,$!?(33(5!0#*5!2$.59!/$50!*5!"JL!I.*!":"S!-#./!6.54.59!#.9#%.9#0/!*!9*D!.5!4*0*!9*0#$,$4!

6,(3!D,$I*%$5?$!/014.$/G!*54!#*/!.3D(,0*50!.3D%.?*0.(5/!6(,!6101,$!,$/$*,?#S!!

>"6"!% R,9'-%.*/%=B,%)-%)*<,9<'/%)*%-'3+)*4%

=(5I$,/*0.(5/!V.0#!&(159!D$(D%$!#*I$!#.9#%.9#0$4!0#*0!0#$!,(%$/!(6!&(159!D$(D%$!.5I(%I$4!.5!

/$R0.59!*,$!D(0$50.*%%&!3(,$!?(3D%$R!0#*5!#*/!2$$5!,$D(,0$4!.5!D,$I.(1/!/1,I$&/G!/014.$/!*54!

%.0$,*01,$!(5! 0#$! 0(D.?S! F(,!$R*3D%$G! 0#$! 0$,3/! T/12f$?0G!D,(41?$,G!4./0,.210(,G!*54! ,$?.D.$50U!

>_&*5!ABCB@G!(60$5!(I$,%*DG!*/!.50$,I.$V/!V.0#!&(159!D$(D%$!#*I$!,$I$*%$4!0#*0!T/12f$?0/UG!V#(!

*,$! 1/1*%%&! 9.,%/G! *,$!3(/0! (60$5! TD,(41?$,/U! 0((G! *54! T,$?.D.$50/UG!V#(! *,$! 1/1*%%&! 2(&/G! *,$!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

i\!!

(60$5! T4./0,.210(,/U! 0((S!F1,0#$,3(,$G! 0#$! 0$,3/! TI.?0.3G! ,$?$.I$,G! 6(,V*,4$,!*54!/*I$,U! >"#*#!

ABCB@!6*.%!0(!,$?(95./$!0#*0!0#$!I.?0.3!./!5(0!*%V*&/!0#$!D$,/(5!.5!0#$!"JLG!*5!*//13D0.(5!(60$5!

3*4$S! N/! 3*5&! &(159! D$(D%$! /#*,$4! /0(,.$/! (6! #*I.59! 2$$5! /#(V5! (,! /$50! "JL/! V.0#(10!

*?01*%%&!?(5/$50.59!0(!0#./!6.,/0G!0#$.,!,(%$!?(1%4!2$!4$6.5$4!*/!T,$?$.I$,/U!(6!0#$!.3*9$G!210!*%/(!

TI.?0.3/UG!2$?*1/$!0#$&!V$,$!6,$71$50%&!4./91/0$4!2&!0#$!.3*9$/!0#$&!I.$V$4S!F.5*%%&G!6.54.59/!

(6!0#./!/014&!#*I$!*%/(!,$I$*%$4!*5!*44.0.(5*%!,(%$!5(0!4./?1//$4!.5!0#$!%.0$,*01,$!g!0#*0!(6!0#$!

T,$71$/0$,U!(6!0#$!"JLG!V#(!.5?.4$50*%%&!./!1/1*%%&!*!3*%$G!*54!(60$5!,$D(,0$4%&!1/$/!D,$//1,$!(,!

?($,?.(5!0(!(20*.5!0#$!.3*9$S!

N%0#(19#! 3(/0! /014.$/! *54! /1,I$&/! /#(V$4! *0! %$*/0! /(3$! 4.66$,$5?$! .5! /$R0.59! 2$#*I.(,!

2$0V$$5!9.,%/!*54!2(&/G!/(3$!*10#(,/!#*I$!?(50.51$4!0(!*,91$!0#$,$!./!%.00%$!4.66$,$5?$!.5!0#$!

2$#*I.(1,!*?,(//!9$54$,!>F155$%%!ABBi^!Q$5#*,0!ABBi@^!3&!,$/1%0/!?(50,*4.?0!0#./!I.$VS!"$R1*%%&!

$RD%.?.0! .3*9$/!V$,$!31?#!3(,$! %.+$%&!0(!2$!(6!9.,%/G!3(/0!V$,$!,$D(,0$4%&!/$50!0(!2(&/G!*54!

3(/0! .5I(%I$4! /$%6WD,(41?$4! .3*9$/S! )#.%/0! 0#$,$! V$,$! ,$D(,0/! (6! /$%6WD,(41?$4! .3*9$/! (6!

2(&/!>1/1*%%&!.5I(%I.59!0#$.,!D$5./$/@!/$50!0(!9.,%/G!0#$/$!,$D(,0/!V$,$!31?#!6$V$,S!

N5(0#$,! .3D(,0*50! 6.54.59!(6! 0#./! /014&! 0#*0!#*/! .3D%.?*0.(5/! 6(,! 6101,$! ,$/$*,?#! ./! 0#$! I.$V!

0#*0! 0#(/$! .5! 0#$! 3.44%$! &$*,/! >*9$4! iWCd@G! V#(! *,$! 0,*5/.0.(5.59! 6,(3! ?#.%4#((4! 0(!

*4(%$/?$5?$G! V$,$! 3(,$! %.+$%&! 0(! 2$! .5I(%I$4! .5! /$R0.59S! -#./! ,$/1%0! ./! .5! %.5$! V.0#! V#*0! ./!

+5(V5! *2(10! 4$I$%(D3$50*%! /0*9$/! (6! *4(%$/?$5?$! *54! 2,*.5! 4$I$%(D3$50^! 0#(/$! .5! 0#$.,!

$*,%&!0$$5/!*,$!3(,$!.5?%.5$4!0(!*?0!(5!.3D1%/$G!$59*9$!.5!,./+&!2$#*I.(1,!*54!2$!%$//!?*D*2%$!

(6! 0#.5+.59!0#,(19#!D(0$50.*%!?(5/$71$5?$/!(6! 0#$.,!2$#*I.(,! >'(#5/(5G!a%13!p!E.$44!ABBi@S!

E.I$5!?(5?$,5/!$R./0!,$9*,4.59!0#$!5$$4/!(6!0#./!?(#(,0G!#*I.59!,$?$.I$4!%.00%$!D(%.?&!*00$50.(5!

.5! N1/0,*%.*! *54! /(3$0.3$/! 4122$4! 0#$! T6(,9(00$5! &$*,/U! >M")! E(I$,53$50! ABBi^! N_N=O!

ABCC^! =(33(5V$*%0#! (6!N1/0,*%.*! ABBi@G! 6101,$! ,$/$*,?#! *2(10! /$R0.59G! /#(1%4! $54$*I(,! 0(!

$59*9$!V.0#!0#./!0*,9$0!9,(1DS!!

>"6"6% Z,*-'Y8'*0'-%,(%+B'%J'B.<),81%,(%-'3+)*4%

-#$!#*,361%!?(5/$71$5?$/! 6(,!&(159!V(3$5! .5!D*,0.?1%*,G!(6!D,(41?.59!*54!/#*,.59!/$R1*%%&!

$RD%.?.0! .3*9$/! (6! 0#$3/$%I$/G! #*I$! 2$$5! #.9#%.9#0$4! 2&! 0#$! 6.54.59/! (6! 0#./! /014&G! V.0#! *!

?(33(5%&!#$%4!I.$V!2&!D*,0.?.D*50/!0#*0!&(159!V(3$5!*/!(DD(/$4!0(!&(159!3$5G!*,$!3(,$!

%.+$%&! 0(! 2$! 5$9*0.I$%&! .3D*?0$4! 2&! 0#$! 2$#*I.(1,^! *! 0#$3$! *%/(! ,$6%$?0$4! .5! +$&! .56(,3*50!

4*0*G!3$4.*!,$D(,0/!*54!$RD$,0!(D.5.(5!D*D$,/S!E.I$5!3(/0!(6!0#$!/0(,.$/!/#*,$4!.5I(%I$4!"JL/!

(6! 9.,%/! */! (DD(/$4! 0(! 0#(/$! (6! 2(&/G! .0!3*&! 2$! (6! 5(! /1,D,./$! 0#*0! 0#$!3*f(,.0&! (6! ?(5?$,5!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

ii!!

$RD,$//$4! V*/! 6(,! 9.,%/S! ND*,0! 6,(3! 0#$! (??*/.(5*%! ,$D(,0! (6! *! 2(&! 6$$%.59! $32*,,*//$4! 6(,!

/$54.59!*5!"JL!(6!0#$3/$%I$/!(,!6$$%.59!,$9,$0!(,!,$3(,/$!*2(10!#*I.59!4./0,.210$4!*5!"JL!(6!*!

9.,%! 0(! (0#$,/! V.0#(10! #$,! ?(5/$50G! 6$V! /0(,.$/! V$,$! /#*,$4! (6! 2(&/! /166$,.59! 5$9*0.I$!

?(5/$71$5?$/!6(,!D,(41?.59G!/$54.59G!D(/0.59!(,!4./0,.210.59!"JL/S!"0(,.$/!V$,$!/#*,$4!(6!9.,%/!

3(I.59!/?#((%/G!2$.59!21%%.$4!*54!0$*/$4G!,$?$.I.59!6*3.%&!4./*DD,(I*%!*54!$RD$,.$5?.59!,1.5$4!

,$D10*0.(5/! */! *! ,$/1%0! (6! .5I(%I$3$50! .5! /$R0.59G! V#.?#! 6.0/! V.0#! *5$?4(0$/G! +$&! .56(,3*50!

/0(,.$/!*54!3$4.*!,$D(,0/!(6!?(5/$71$5?$/!6(,!0#(/$!.5I(%I$4S!N5!*44.0.(5*%!.3D(,0*50!6.54.59!

.5!,$%*0.(5!0(!0#$!.3D*?0!(6!/$R0.59!(5!&(159!V(3$5G!./!0#$!.3D*?0!(5!*!9.,%6,.$54!(6!0#$!9.,%!.5!

0#$! /$R0$4! .3*9$S! N! 5132$,! (6! &(159!V(3$5! 0*%+$4! (6! 0#$! $32*,,*//3$50! $RD$,.$5?$4! 2&!

2$.59! *! 6,.$54!(6! 0#$!D$,/(5! .5! 0#$! /$R1*%%&! $RD%.?.0! .3*9$! >"JL@G! *54! 0#$!$RD$?0*0.(5! 0(! /$R0!

0#,(19#!0#./!*//(?.*0.(5G!V#.?#!#.9#%.9#0/!0#*0!9.,%/!V#(!*DD$*,!.5!"JL/!*,$!5(0!0#$!(5%&!(5$/!*0!

,./+^!0#$!D$,?$.I$4!/0.93*!*00*?#$4!0(!2$.59!*!6,.$54!(,!D$$,!(6!0#$!9.,%!.5!0#$!"JL!D10/!0#$3!*0!

,./+!0((S!!

F.54.59/!,$.56(,?$!0#$!5(0.(5!(6!*!/$R1*%!4(12%$!/0*54*,4!V#$,$2&!2(&/U!/$R1*%.0&!./!,*0$4!6(,!

2$.59!*?0.I$!*54!D1,/1.59!/$R!*54!&(159!V(3$5!*,$!,*0$4!6(,!/*&.59!5(!(,!2$.59!T9((4!9.,%/U!

><.,4!p! '*?+/(5!ABBC@S!O(159!V(3$5!0,$*4!*! 6.5$! %.5$!(6!2$.59!?*%%$4!*! T/%10U! .6! 0#$&!/$R0G!(,!

6$*,!2$.59!413D$4!(,!,$f$?0$4!.6!0#$&!4(!5(0S!!

JI$5!0#(19#!3(,$!D*,0.?.D*50/!6$%0!9.,%/!/#(1%4!2$!2%*3$4!6(,!/$54.59!*!/$R1*%%&!$RD%.?.0!.3*9$!

(6!0#$3/$%I$/!.5!0#$!6.,/0!D%*?$G!0#*5!2(&/!6(,!4./0,.210.59!0#$!"JL!V.0#(10!0#$!9.,%/U!?(5/$50G!.0!

./!(6!/.95.6.?*5?$!0#*0!2(0#!&(159!V(3$5!*54!3$5!V$,$!?(5?$,5$4!6(,!0#$!9.,%! .5!0#$!/$R0$4!

.3*9$^! *! ?(5?$,5! *%/(! $RD,$//$4! 2&! +$&! .56(,3*50/! *54! ,$D(,0$4! .5! 0#$! 6$V! /014.$/! *54!

/1,I$&/!0#*0!9*0#$,$4!.56(,3*0.(5!*2(10!&(159!D$(D%$U/!I.$V/!(5!/$R0.59!>;#.DD$5!ABBi^!N;W

:-h!ABBi^!Q$5#*,0!ABBi^!=(/3(9.,%S?(3!ABB\@S!!

cSd! -<J!P_LELM"!PF!"JK-LME!!

>"E"$% A,8*4%2',29'%(''9%21'--81'/%+,%-'3+%

N/!#.9#%.9#0$4!.5!=#*D0$,!dG!3*5&!&(159!D$(D%$!0*%+$4!*2(10!*!D,$//1,$!$RD$,.$5?$4!2&!9.,%/!

*54! 2(&/! 0(! 2$! .5I(%I$4! .5! /$R0.59S! -#./! D,$//1,$! #(V$I$,! 0((+! *! 4.66$,$50! 6(,3! 6(,! $*?#!

9$54$,S!N%0#(19#!/(3$!*10#(,/!#*I$!4./?1//$4!?(5?$,5/!*2(10!0#./!D,$//1,$!><*54G!=#159!p!

;$0$,/!ABBi^!`$$!ABBY^!;(V$%%!ABBi^!F%((4!ABB\@G!*/!4.4!+$&!.56(,3*50/!.5!0#./!/014&G!0#$,$!#*/!

2$$5! %.00%$! ,$%.*2%$! $I.4$5?$! (0#$,! 0#*5! /3*%%! 3$50.(5! (6! D,$//1,$! $RD$,.$5?$4! 2&! &(159!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CBB!!

D$(D%$! .5! 0#,$$! D,$I*%$5?$! /014.$/! >Q$5#*,0! ABBi^! =(/3(S9.,%S?(3! ABB\^! N;W:-h! ABCC@S! L5!

?(50,*/0G! *5! (I$,V#$%3.59! 5132$,! (6! /0(,.$/! V$,$! /#*,$4! 2&! &(159! D$(D%$! (6! 9.,%/! 6$$%.59!

?($,?$4G!0#,$*0$5$4!(,!2,.2$4!0(!D,(41?$!(,!/$54!*5!"JL!0(!*!2(&G!.5?%14.59!/0(,.$/!>*%0#(19#!

6$V$,@!(6!/$%6WD,(41?$4!"JL/!(6!2(&/!>1/1*%%&!(6!0#$.,!D$5./$/@!/$50!0(!9.,%/!0(!?($,?$!0#$!9.,%!0(!

/$54!*5!.3*9$!2*?+S!-#$!4$/?,.D0.(5/!(6!0#$!2$#*I.(,!(6!/$R0.59!2&!&(159!D$(D%$!.5!0#./!/014&G!

6.0! V.0#! 0#$! 9$54$,$4! ,1%$! 0#*0! 2(&/! *,$! /$R1*%%&!3(0.I*0$4! *54! D1,/1$! 9.,%/! >2&! D,$//1,.59!

0#$3! 0(! /$54! .3*9$/@G! *54! 0#*0! 9.,%/! *,$!D*//.I$!(2f$?0/! >;(V$%%! ABCB^!<(%%(V*&!Ci\d@G!V#(!

/$54!2(&/!/$R1*%%&!$RD%.?.0!.3*9$/!(6!0#$3/$%I$/!*0!0#$!2(&/U!,$71$/0S!!

F.54.59/! #*I$! ?(56.,3$4! 0#$! ?(5?$,5! (6! /(3$! 6$3.5./0! *10#(,/! >;(V$%%! ABCB^! ;(V$%%! ABCC^!

n1*4*,*!ABCB^!F%((4!ABB\@G!0#*0!L=-/!*54!"M"!*,$!2$.59!1/$4!*/!I$#.?%$/!.5!0#$!D$,D$0,*0.(5!(6!

9$54$,$4! /$R1*%! I.(%$5?$! 0*,9$0.59! V(3$5S! -#./! I.$V! ./! 2*/$4! (5! *! ?(5?$D0! 4$I$%(D$4! 2&!

6$3.5./0! *10#(,! Q.r! `$%%&! >Ci\e@G! 0#*0! D%*?$/! /$R1*%! I.(%$5?$! (5! *! ?(50.5113G! .5! ,$?(95.0.(5!

0#*0G!!

l!*!V(3*5!4($/!5(0!#*I$!0(!$RD$,.$5?$!D#&/.?*%!6(,?$!0(!$RD$,.$5?$!/$R1*%!I.(%$5?$G!

*54!0#*0!/120%$!/&/0$3*0.?!6(,3/!(6!/$R1*%!#*,*//3$50G!D,$//1,$!*54!?($,?.(5!*,$!D*,0!

(6!0#$!/*3$!2$#*I.(1,!*/!0#$!3(/0!I.(%$50!(6!D#&/.?*%!*//*1%0/S!!>;(V$%%!ABCBG!DS!C\@S!!

-#$!N=""N!>ABCC@! ,$/$*,?#!D,(f$?0!*.3.59!0(!$RD%(,$! 0#$!1/$!(6! L=-/G!"M"!*54!3(2.%$!D#(5$!

0$?#5(%(9&! .5! 0#$! 6*?.%.0*0.(5! (6! /$R1*%! I.(%$5?$! *3(59/0! &(159! D$(D%$! V.%%! 2$! *! V$%?(3$!

*44.0.(5!0(!*5!154$,/0*54.59!(6!/$R0.59!.5!0#./!,$9*,4S!

N5!*44.0.(5*%!.3D(,0*50!6.54.59!(6!0#./!,$/$*,?#!5(0!,$D(,0$4!.5!(0#$,!/014.$/G!./!0#$!D,$//1,$!

2(&/!$RD$,.$5?$!6,(3!D$$,/!0(!2$!.5I(%I$4!.5!/$R0.59G!V.0#!3*5&!&(159!3$5!#*I.59!4./?1//$4!

0#$!$RD$?0*0.(5!0#$&!6$$%!$R./0/!*3(59/0!D$$,/S!F$*,!(6!$R?%1/.(5!(,!2$.59!?*%%$4! T9*&U! .6! 0#$&!

?#((/$!5(0!0(!I.$V!"JL/!(6!9.,%/!0#$&!+5(VG!(,!4(!5(0!#*I$!.3*9$/!(5!0#$.,!(V5!D#(5$/!./!*5!

$RD$,.$5?$! (6! /(3$! 2(&/^! 0#./! ?$,0*.5%&! #*/! .3D%.?*0.(5/! 6(,! 6101,$! ,$/D(5/$/! 0(! 0#$! .//1$S!

-#$/$!6.54.59/!#.9#%.9#0!0#*0!&(159!3$5!*,$!5(0!5$?$//*,.%&!0(!2%*3$G!210!*,$!*%/(!I.?0.3/!(6!*!

/$R1*%./$4!$5I.,(53$50!0#*0!D%*?$/!D,$//1,$!(5!0#$3!0(!?(56(,3!0(!9$54$,$4!/0$,$(0&D$/S!

>"E"!% D%-'38.9)-'/%089+81'%)*(98'*0'-%-'3+)*4%J'B.<),81%

:*//!3$4.*!D%*&/!*!D(V$,61%!,(%$!.5!0#$!/(?.*%./*0.(5!(6!&(159!D$(D%$!>Q$I&!ABBc^!<*,,./!ABBY^!

:?M*&! ABBB^! E(%43*5! ABBB@G! /#*D.59! 0#$.,! /$R1*%! +5(V%$49$G! *00.014$/! *54! 2$#*I.(1,/!

>-*5+*,4W_$./0! ABBi@S! L0! ./! 0#$,$6(,$! (6! D*,0.?1%*,! ?(5?$,5! 0#*0! &(159! D$(D%$! 2$%.$I$! /$R0.59!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CBC!!

#*/!2$?(3$!5(,3*%./$4!*/!*!,$/1%0!(6!*!3$4.*!?1%01,$!0#*0!D,$/$50/!V(3$5!.5!#.9#%&!/$R1*%./$4!

V*&/G!.5?%14.59!.5!*4I$,0./.59G!31/.?!I.4$(/G!?(33$,?.*%!0$%$I./.(5!*54!D(,5(9,*D#&!>;,.3*?+G!

E(%4G!"?#V*,r!p!8*%0(5!ABB\^!-*5+*,4!_$./0!ABBi@S!)#.%$! 0#$,$! ./!(59(.59!4$2*0$!*2(10! 0#$!

$66$?0/!(6!D(,5(9,*D#&!1/$! >F%((4!ABB\^!F%((4!ABBi^!:?`$$G!N%21,&!p!Q132&!ABB\@G! 0#$,$! ./!

$I.4$5?$! 0#*0!D(,5(9,*D#&!$RD(/1,$!?*5! %$*4! 0(!(2f$?0.6&.59!154$,/0*54.59/!(6!V(3$5G!*54!

/$R./0!*54!15#$*%0#&!5(0.(5/!(6!/$R!*54!,$%*0.(5/#.D/!>"*2.5*G!)(%*+!p!F.5+$%#(,!ABB\^!"0*,+!p!

)#./5*50!ABBd^!=*,,(%G!;*4.%%*W)*%+$,G!M$%/(5G!P%/(5G!:?M*3*,*!p!:*4/$5!ABB\@G!*!I.$V!*%/(!

$RD,$//$4! 2&! /(3$! +$&! .56(,3*50/S! =(5I$,/*0.(5/! V.0#! &(159! D$(D%$! .5! 0#./! /014&! #*I$!

,$6%$?0$4! ?(5?$,5/! *2(10! 0#$/$! I$,&! /*3$! .//1$/G!V.0#! 2(0#! &(159!V(3$5! *54!3$5! 6$$%.59!

15?(36(,0*2%$! *54! ?(5?$,5$4! *2(10! *! 4$$D%&! $32$44$4! D(,5! ?1%01,$! >8.5$/! ABCB@! 0#*0! ./!

.5?,$*/.59%&!V.4$/D,$*4G! *??$//.2%$! *54! #*,4W?(,$! >*21/.I$! *54! /(3$0.3$/! I.(%$50@G! *54! #*/!

5(,3*%./$4!0#$!2$#*I.(1,!(6!/$R0.59S!!

>"E"6% 7'3+)*4%)*(98'*0'/%J:%/'<'9,2C'*+.9%.-2'0+-%,(%./,9'-0'*0'%

a$?*1/$!(6!*!9,(V.59!2(4&!(6!,$/$*,?#!0#*0!*4(%$/?$5?$! ./!*!0.3$!(6!?(50.51$4!2,*.5!9,(V0#!

*54!?#*59$G!V#$,$2&!0#$!6,(50*%!%(2$/!,$/D(5/.2%$!6(,!615?0.(5/!/1?#!*/!3$3(,&G!D%*55.59!*54!

.3D1%/$! ?(50,(%! *,$!(5$!(6! 0#$! %*/0! *,$*/! 0(!3*01,$! >'(#5/(5G!a%13!p!E.$44!ABBi^!P/0,*9$,!

ABCB@G! .0! ./! 5(0! /1,D,./.59! 0#*0!3*5&! &(159! D$(D%$! 6$%0! (0#$,/! D*,0.?.D*0$4! .5! 0#$! 2$#*I.(1,!

V.0#(10! *?01*%%&! 0#.5+.59! 0#,(19#! 0#$! D(0$50.*%! ?(5/$71$5?$/S! N5! 154$,/0*54.59! (6! &(159!

D$(D%$!6,(3!*!4$I$%(D3$50*%!D$,/D$?0.I$!#.9#%.9#0/!0#*0!/(3$!&(159!D$(D%$!3*&!2$!15*2%$!0(!

*50.?.D*0$!0#$!D(0$50.*%! ,*3.6.?*0.(5/!(6! 0#$.,!*?0.(5/G! 0#./!I.$V! ./!,$6%$?0$4! .5! 6.54.59/!(6!0#./!

/014&!2&!2(0#!+$&!.56(,3*50/!*54!&(159!D$(D%$G!*54!6.0/!V.0#!V#*0!./!+5(V5!*2(10!,./+W0*+.59!

*/! *! 5(,3*%! 4$I$%(D3$50*%! 3.%$/0(5$! (6! *4(%$/?$5?$! >"#*,%*54! ABBY^! <*//*5! p! =,$*0/*/!

ABBB@S!!

N5! *44.0.(5*%! 6.54.59! 0#*0! ./! .5! ?(50,*/0! 0(! /(3$! %.0$,*01,$! >F155$%%! ABBib! `*0r3*5! ABCB^!

:*00$&!8.%2$,0(!p!:*00$&! ABBi@! *54! +$&! .56(,3*50! I.$V/G! ./! 0#*0! &(159! D$(D%$! 4(! 5(0! 6$$%!

(0#$,/!/$R0!2$?*1/$!.0!./!*!/*6$!V*&!0(!0$/0!(10!0#$!/$R1*%!0$,,.0(,&!.5!*!V*&!0#*0!4($/!5(0!D(/$!

0#$!,./+!(6!D,$95*5?&!(,!?(50,*?0.59!/$R1*%%&!0,*5/3.00$4!.56$?0.(5/S!!

cSY! _J";PM"J"!-P!;_JhJM-!<N_:"!=NH"J8!aO!"JK-LME!!Q.3.0$4!$I.4$5?$!$R./0/!(6!&(159!D$(D%$!2$.59!*/+$4!0(!/#*,$!0#$.,!I.$V/!,$9*,4.59!D(0$50.*%!

/(%10.(5/!0(!0#$!.//1$!(6!/$R0.59^!3&!6.54.59/!*,$!*44,$//.59!0#./!9*DS!a(0#!+$&!.56(,3*50/!*54!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CBA!!

&(159!D$(D%$!.4$50.6.$4!/(%10.(5/!6,(3!V.0#.5!0#$!*,$*/!(6!$41?*0.(5G!,$/$*,?#!*54!$I*%1*0.(5G!

*54! ?#*%%$59.59! (1,! /$R1*%./$4! ?1%01,$S! N! 6.,3! I.$V! V*/! $RD,$//$4! (6! 0#$! 5$$4! 6(,! &(159!

D$(D%$U/! .5I(%I$3$50! .5! 0#$! 4$/.95! *54! $I*%1*0.(5! (6! 0#$/$! ,$/D(5/$/S! "$$! 6.91,$! Y! 6(,! *!

/133*,&!(6!D*,0.?.D*50!I.$V/!(5!D,$I$50.(5!/0,*0$9.$/S!!!

!

%

>"#"$% S/80.+),*%

:(/0!(6!0#$!%.0$,*01,$!*2(10!*44,$//.59!#*,3/!*//(?.*0$4!V.0#!/$R0.59G!./!2*/$4!(5!0#$!D,$3./$!

0#*0!.6!&(159!D$(D%$!154$,/0((4!0#$!D(0$50.*%!?(5/$71$5?$/!(6!0#$.,!2$#*I.(1,!0#$&!V(1%4!5(0!

D*,0.?.D*0$! .5!/$R0.59!>`*0r3*5!ABBi^!:1/?*,.!ABBi^!_&*5!ABCB^!a,(V5G!`$%%$,!p!"0$,5!ABBi@S!

-#./!I.$V!./!?(50,*,&!5(0!(5%&!0(!$I.4$5?$!,$%*0$4!0(!,./+W0*+.59!*54!&(159!D$(D%$!>q.,+$%!ABBi@G!

210!*%/(!0(!$I.4$5?$!D,(I.4$4!2&!&(159!D$(D%$!.5!0#./!/014&^!3(/0!V$,$!*V*,$!(6!0#$!D(0$50.*%!

5$9*0.I$!?(5/$71$5?$/!(6!/$R0.59G!.5?%14.59!0#$!%$9*%!.3D%.?*0.(5/G!#(V$I$,!0#$&!6$%0!0#./!V*/!

5(0! *! 6*?0(,! 0#*0! V(1%4! D,$I$50! &(159! D$(D%$U/! D*,0.?.D*0.(5! .5! 0#$! 2$#*I.(1,S! -#$,$6(,$G!

*%0#(19#!3*5&! &(159! D$(D%$! 2$%.$I$4! .0! V*/! .3D(,0*50! 0#$&! ,$?$.I$4! *??1,*0$! .56(,3*0.(5!

*2(10! 0#$!D(0$50.*%! .3D%.?*0.(5/!(6! .5I(%I$3$50! .5! 0#$!2$#*I.(,!(6! /$R0.59G! (0#$,! 6.54.59/!(6!

0#./!/014&!#.9#%.9#0!0#*0!$41?*0.(5!./!?%$*,%&!5(0!0#$!(5%&!*5/V$,S!!

L5I(%I$!&(159!D$(D%$!

J8H=N-LPM!M(0!0#$!(5%&!/(%1z(5!J41?*0$!D*,$50/!"1DD(,0!p!,$/(1,?$!/?#((%/!P5%.5$!,$/(1,?$/!!

_J"JN_=<!p!JhNQHN-LPM!_$/$*,?#!>D,$I*%$5?$!p!(,.9.5/!(6!/$Rz59@!JI*%1*0$!D,(9,*3/!p!,$/D(5/$/!!_$I.$V!/$R!({$54$,!%*V/!

=<NQQJMEJ!"JKHNQL"J8!=HQ-H_J!a&/0*54$,!*DD,(*?#$/!"$R1*%!$0#.?/!6,*3$V(,+/!=#*%%$59$!3$4.*!,$D,$/$50*z(5!(6!9$54$,!/0$,$(0&D$/!

F.91,$!Ab!"133*,&!(6!D,$I$50.(5!/0,*0$9.$/!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CBX!!

N%0#(19#!/(3$!&(159!D$(D%$!6$%0!0#$!/?#((%/!0#$&!*00$54$4!#*4!4$%.I$,$4!1/$61%!.56(,3*0.(5!

*2(10!/$R0.59G!.0!./!(6!?(50.51$4!?(5?$,5!0#*0!3*5&!(0#$,/G!.5?%14.59!+$&!.56(,3*50/G!?,.0.?./$4!

/?#((%/! 6(,! 5(0! 4(.59! 0#./! $66$?0.I$%&G! (,! 5(0! 4(.59! .0! *0! *%%S! N%0#(19#! 0#$,$! *,$! /.95/! (6!

.3D,(I$3$50! .5! 0#./! *,$*! >"3.0#! $0! *%S! ABBi@G! +$&! .56(,3*50/! ,$?(33$54*0.(5/! 6(,! 3(,$!

?(5/./0$50G!?(3D,$#$5/.I$!/$R1*%!#$*%0#!$41?*0.(5!0#*0!D,(I.4$/!(DD(,015.0.$/!0(!$RD%(,$!0#$!

5(5W2.(%(9.?*%!*/D$?0/!(6!/$R!*54!,$%*0.(5/#.D/G!.5?%14.59!.//1$/!%.+$!/$R0.59G!./!/0.%%!5$$4$4S!

8$/D.0$! 0#$! 6*?0! 0#*0! 3*5&! (5%.5$! ?*3D*.95/! *54! I.4$(! ,$/(1,?$/! #*I$! 2$$5! 4$I$%(D$4! 0(!

V*,5! &(159! D$(D%$! *54! D*,$50/! (6! 0#$! D(0$50.*%! 4*59$,/! (6! /$R0.59G! 0#*0! 3(/0! D*,0.?.D*50/!

V$,$!5(0!*V*,$!(6!0#$/$!,$/(1,?$/G!./!*!6.54.59!0#*0!*%/(!#*/!.3D(,0*50!.3D%.?*0.(5/!6(,!D(%.?&!

*54!D,*?0.?$!.5!0#$!*,$*!(6!D,$I$50.(5S!;*,0.?.D*50/U!4./0,1/0!6(,!$41?*0.I$!,$/(1,?$/!4$I$%(D$4!

2&!9(I$,53$50!*9$5?.$/G!*54!*!I.$V!0#*0!&(159!D$(D%$!4(!5(0!*??$//!$41?*0.I$! .56(,3*0.(5!

*2(10!.//1$/!%.+$!/$R0.59!(5%.5$G!./!*%/(!(6!/.95.6.?*5?$!0(!0#(/$!4$/.95.59!$41?*0.I$!,$/D(5/$/G!

*/! ./! 0#*0! 3(/0! (6! 0#$! ?1,,$50! $41?*0.(5! ?*3D*.95/! *54! ,$/(1,?$/! 0*,9$0.59! &(159! D$(D%$!

*2(10!/$R0.59G!4(!5(0!*DD$*,!0(!#*I$!2$$5!.56(,3$4!2&!&(159!D$(D%$U/!I.$V/S!!

N! ,$/$*,?#! D,(f$?0! ?(541?0$4! 2&! 0#$! =((D$,*0.I$! _$/$*,?#! =$50,$! 6(,! O(159! ;$(D%$G!

-$?#5(%(9&! *54! )$%%2$.59! >-#.,4G! _.?#*,4/(5G! =(%%.5G! _*#.%%&! p! a(%r*5! ABCC@G! 0#*0! .5I(%I$4!

&(159!D$(D%$!$41?*0.59!*41%0/!*2(10!+$$D.59!/*6$!(5%.5$G!#*/!.3D%.?*0.(5/!6(,!/(%10.(5/!.5!0#./!

*,$*S! -#$!D,(f$?0! /(19#0! 0(! *44,$//! 0#$! 0$?#5(%(9.?*%! 4./?(55$?0!2$0V$$5!*41%0/! *54! &(159!

D$(D%$!*54!#.9#%.9#0$4!3*5&!2$5$6.0/!(6! .5I(%I.59!&(159!D$(D%$! .5!0$*?#.59!*41%0/!>.5?%14.59!

D*,$50/!.5!D*,0.?1%*,@!*2(10!/(?.*%!5$0V(,+.59!*54!?&2$,/*6$0&S!!

>"#"!% ZB.99'*4'%-'38.9)-'/%089+81'%

-#$! /199$/0.(5! 2&! /(3$! &(159! D$(D%$! 0#*0! 0#$! #.9#%&! /$R1*%./$4! 3$4.*! ,$D,$/$50*0.(5! (6!

V(3$5! *54! .5?,$*/.59! *??$//! 0(! D(,5(9,*D#&! 5$$4/! 0(! 2$! ?#*%%$59$4! 6(,! 5(,3*%./.59! 0#$!

2$#*I.(1,!(6!/$R0.59G!./!3.,,(,$4!2&!6$3.5./0!*10#(,/!>-*5+*,4!_$./0!ABBi^!;(V$%%!ABCB^!F%((4!

ABB\^!_1/#!p!Q*!M*1r$!ABBc@!*54!+$&! .56(,3*50/G!*54!#*/! .3D(,0*50! .3D%.?*0.(5/! 6(,!3$4.*!

*10#(,.0.$/!*54!?(,D(,*0$!*4I$,0./.59! %$9./%*0.(5S!F.54.59/!(6! 0#./! /014&! /199$/0!(DD(,015.0.$/!

5$$4! 0(! 2$! ?,$*0$4! 6(,! &(159! D$(D%$! 0(! $59*9$! .5! 4./?1//.(5/! *2(10! 9$54$,$4! *//13D0.(5/!

$RD,$//$4! .5! 3*//! 3$4.*! 0#*0! D,(I.4$! 5*,,(V! 4$/?,.D0.(5/! (6! 9$54$,! *54! /$R1*%.0&G! V#.?#!

D(0$50.*%%&!%$*4!0(!0#$!2$#*I.(1,!(6!/$R0.59S!!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CBd!!

-#$! 1/$! (6! I.4$(! *54!(5%.5$! $41?*0.I$! ,$/(1,?$/! 0#*0! #*I$! ,$?$.I$4! ?,.0.?./3! 6(,! ,$.56(,?.59!

9$54$,!/0$,$(0&D$/!2&!/#*3.59!0#$!.5.0.*%!/$54$,G!V#(!./!1/1*%%&!*!9.,%!>E*%6(V*&!ABCB@G!?(1%4!

2$!*!1/$61%!0((%!6(,!4$2*0.59!0#$/$!.//1$/!V.0#!&(159!D$(D%$S!;12%.?!#$*%0#!6,*3$V(,+/!/1?#!*/!

0#$!h.?0(,.*5!;%*5!0(!;,$I$50!h.(%$5?$!N9*.5/0!)(3$5!>h.?0(,.*5!E(I$,53$50!ABCB@G!*%/(!(66$,!

1/$61%!D(%.?&!6,*3$V(,+/!6(,!0#./!V(,+S!!

-#./! /014&!*%/(!#*/! .3D%.?*0.(5/! 6(,! 0#$!1/$!(6! 0#$! T2&/0*54$,!*DD,(*?#U! .5! 0#$!D,$I$50.(5!(6!

.//1$/! ,$%*0$4! 0(! /$R0.59S! -#./! 5$V!3(4$%G! V#.?#!V*/! D,(D(/$4! 2&! +$&! .56(,3*50/G! .5I(%I$/!

$59*9.59!V.0#!3$5!*/!2&/0*54$,/! 0(! I.(%$5?$!*9*.5/0!V(3$5! >a1,5!ABBe^!a*5&*,4!ABBe@G! 0(!

?#*%%$59$!0#$!2$#*I.(1,/!*54!*00.014$/!(6!(0#$,!&(159!3$5!>;(V$%%!ABCB^!;(V$%%!ABCC@S!"0(,.$/!

(6!2(&/!#*I.59!$RD,$//$4!0#$.,!4./D,(I*%!(6!/$R0.59!2$#*I.(,!*3(59/0!D$$,/G!*54!?(5?$,5! 6(,!

0#$! 9.,%! .5! 0#$! /$R0$4! .3*9$G! #.9#%.9#0! 0#$! D(0$50.*%! (6! 0#./! *DD,(*?#! .5! /0$33.59! 0#$!

15*10#(,./$4! 4./0,.210.(5! (6! /$R1*%%&! $RD%.?.0! .3*9$/! (6! &(159! V(3$5S! N! /$R1*%! $0#.?/!

6,*3$V(,+G! 4$I$%(D$4! 2&! =*,3(4&! >ABBi@G! *54! #.9#%.9#0$4! 2&! +$&! .56(,3*50/G! *%/(! D(/$/! *!

D(0$50.*%%&! 1/$61%! *DD,(*?#! .5! 0#$! D,.3*,&! D,$I$50.(5! (6! 0#$! #*,361%! $66$?0/! (6! /$R0.59S! a&!

%$*,5.59! *2(10! /$R! *54! ,$%*0.(5/#.D/! 6,(3! V.0#.5! *! /$R1*%! $0#.?/! 6,*3$V(,+! 3$*5/! &(159!

D$(D%$! ?*5! 4./?1//! 0#$! ?(3D%$R.0.$/! (6! /$R0.59!V.0#! *! 6(?1/! (5! .//1$/! (6! ?(5/$50! *54! /*6$0&!

>=*,3(4&!ABBi@!2&!$5?(1,*9.59!2(0#!&(159!V(3$5!*54!3$5!0(!2$!*V*,$!(6!0#$.,!(V5!5$$4/!

*0!0#$!/*3$!0.3$!*/!2$.59!3.5461%!(6!0#$!5$$4/!(6!(0#$,/S!!

>"#"6% R'-'.10B%.*/%'<.98.+),*%

)#.%$! D(%.?&!3*+$,/G! $41?*0(,/! *54! D*,$50/! ?(50.51$! 0(! 4$2*0$! 0#$! .//1$/! ,$9*,4.59! &(159!

D$(D%$U/!$RD$,.$5?$!*54!1/$!(6!5$V!4.9.0*%!0$?#5(%(9.$/G!T0#$!I(.?$/!*54!$RD$,.$5?$/!(6!&(159!

D$(D%$!,$3*.5!%*,9$%&!*2/$50U!>)$2$,!p!8.R(5!ABBeG!DS!Y@S!P5$!(6!0#$!3(/0!.3D(,0*50!6.54.59/!

(6!0#./!/014&!0#$,$6(,$G! ./!0#*0!&(159!D$(D%$!2$%.$I$!0#$&!/#(1%4!2$!.5I(%I$4!.5!0#$!4$/.95!(6!

/(%10.(5/G! *! I.$V! *%/(! ,$6%$?0$4! .5! 0#$! %.0$,*01,$! >)$2$,! p! 8.R(5! ABBe^! =(%%.5G! _*#.%%&G!

_.?#*,4/(5!p! -#.,4! ABCC@! *54! *3(59/0! +$&! .56(,3*50/S!:&! ,$/1%0/! #.9#%.9#0! *54! *66.,3! 0#*0!

V#$5!&(159!D$(D%$!*,$!.5I.0$4!0(!D*,0.?.D*0$!.5!4./?1//.(5!*2(10!.//1$/!0#*0!*66$?0!0#$3G!0#*0!

0#$&!V.%%! #*I$! I*%1*2%$! 0#.59/! 0(! /*&S! -#$!3$*5.5961%! *54! .5/.9#061%! ?(50,.210.(5/! /#*,$4! 2&!

&(159!D$(D%$!.5!0#./!/014&!#*I$!D,(I$4!0#$&!?$,0*.5%&!#*I$!0#$!?*D*?.0&!0(!#$%D!/#*D$!0#$!V*&!

V$!,$/D(54!0(!0#$!.//1$/!?,$*0$4!2&!/$R0.59S!

-#./!/014&!#*/!15?(I$,$4!5$V!+5(V%$49$G!#(V$I$,!3*5&!9*D/!/0.%%!$R./0S!N??1,*0$!N1/0,*%.*5!

D,$I*%$5?$!4*0*! ./!5$$4$4!0(!4$0$,3.5$!V#(! ./! .5I(%I$4G!#(V!(60$5!*54! .5!V#*0!?*D*?.0&S! L5!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CBY!!

D*,0.?1%*,! D,$I*%$5?$! 4*0*! ./! ,$71.,$4! 6,(3! 0#(/$!V#(!3*&! 2$!3(/0! *0! ,./+G! V.0#! D*,0.?1%*,!

*00$50.(5! 0(! 9,(1D/! .4$50.6.$4! 2&! +$&! .56(,3*50/! *54! &(159! D$(D%$! .5! 0#./! /014&G! .5?%14.59!

&(159!D$(D%$!.5!0#$.,!$*,%&!0$$5/G!&(159!D$(D%$!6,(3!5(5!J59%./#!/D$*+.59!2*?+9,(154/G!*54!

&(159!D$(D%$!V.0#!4./*2.%.0.$/S!!

N%0#(19#!/(3$!&(159!D$(D%$!V$,$!?(5?$,5$4!0#*0!/$R0.59!V*/!0((!D,$I*%$50!*54!4.66.?1%0! 0(!

4$*%! V.0#G! .0! ./! (6! /.95.6.?*5?$! 0#*0! 3(/0! 6$%0! 5(0! $5(19#! V*/! 2$.59! 4(5$! 0(! D,$I$50! 0#$!

D(0$50.*%! #*,361%! ?(5/$71$5?$/! 6(,! 0#(/$! .5I(%I$4S! _$/1%0/! 0#$,$6(,$! /1DD(,0! 0#$! 5$$4! 6(,!

/(%10.(5/! *0! 2(0#! 0#$! 0,$*03$50! *54! D,$I$50*0.I$! $54! (6! 0#$! #$*%0#! ?*,$! /D$?0,13S! N0! 0#$!

0,$*03$50! $54G! 0#$! 3$50*%! #$*%0#! ?(5/$71$5?$/! 6(,! &(159! D$(D%$! V#(! $RD$,.$5?$! 91.%0G!

/#*3$!*54!I.?0.3./*0.(5G!*%(59!V.0#!6$*,!(6!?,.3.5*%!?#*,9$/!2$.59!D,$//$4G!#.9#%.9#0!0#$!5$$4!

6(,! #$*%0#! D,(6$//.(5*%/!V#(!V(,+!V.0#! &(159! D$(D%$! 0(! 154$,/0*54! 0#$! .3D%.?*0.(5/! (6! 0#$!

D#$5(3$5(5!*54!#(V!0(!*44,$//! 0#$/$S!:(/0!(6! 0#$!/(%10.(5/!4./?1//$4!2&!&(159!D$(D%$! .5!

0#./!/014&G!#(V$I$,G!6(?1/$4!(5!/0,*0$9.$/!6(,!D,$I$50.59!0#$!D(0$50.*%!#*,361%!$66$?0/!(6!0#$!

2$#*I.(,G!V#.?#!#*/!2$$5!0#$!6(?1/!(6!0#./!4./?1//.(5S!

N!15*5.3(1/!I.$V!*3(59/0!&(159!D$(D%$G!V#.?#!V*/!/1DD(,0$4!2&!+$&!.56(,3*50/!*54!.5!0#$!

%.0$,*01,$! >:?E,*0#! ABBi^! ;(V$%%! ABBi@! 0#*0! ?1,,$50! %$9./%*0.(5! 0(! 4$*%! V.0#! /$R0.59! ./! 5(0!

*DD,(D,.*0$G! /199$/0/! 0#$! 5$$4! 6(,! %$9./%*0.I$! ?#*59$! .5! 0#./! *,$*! ./! ?,.0.?*%! 0(! $5/1,$! &(159!

D$(D%$! *,$! 5(0! 4(12%&! I.?0.3./$4! 2&! *! %$9*%! /&/0$3! 0#*0! 4($/! 5(0! ,$?(95./$! 0#$! 154$,%&.59!

/(?.*%! D,$//1,$/! 0#*0! ?(50,.210$! 0(! 0#$! 2$#*I.(1,S! -#$! D,$I.(1/%&! 3$50.(5$4! h.?0(,.*5!

;*,%.*3$50*,&!Q*V!_$6(,3!L571.,&! .50(!"$R0.59G!V#.?#!#*/!$R0$54$4!0#$!4*0$!6(,!/123.//.(5/!

0(!0#$!L571.,&!150.%!8$?$32$,!ABCAG!./!?,$*0.59!*5!.3D(,0*50!6(,13!6(,!0#$!$RD,$//.(5!(6!D12%.?!

(D.5.(5!.5!0#./!*,$*G!0(!*//./0!0#./!,$I.$V!D,(?$//S%

-#$!?1,,$50!,*D.4!*54!.5?,$*/.59!D*?$!(6!?#*59$!.5!0#$!*,$5*!(6!?(3315.?*0.(5!0$?#5(%(9.$/!

*54!4.9.0*%!?1%01,$G!V#.?#!#*/!2$$5!#.9#%.9#0$4!2&!0#$!,$/1%0/!(6!0#./!/014&G!?,$*0$/!*5!1,9$50!

?#*%%$59$! 6(,! ,$/$*,?#$,/^!#(V$I$,!?(50.51$4!,$/$*,?#!0(!154$,/0*54!0#$!5*01,$!*54!(,.9.5/!

(6! /$R0.59! ./!5$?$//*,&! 6(,!4$I$%(D.59!*DD,(D,.*0$! /(%10.(5/! 0(!D,$I$50!#*,3/! ?*1/$4!2&! 0#$!

2$#*I.(1,S!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CBc!!

K=!7-.(+?$,-.!-#./!/014&!#*/!6.%%$4!*5!.3D(,0*50!*54!/.95.6.?*50!9*D!.5!%.0$,*01,$!*2(10!/$R0.59!*3(59/0!&(159!

D$(D%$S! :*5&! 6.54.59/! #*I$! /1DD(,0$4! V#*0! ./! +5(V5! *5$?4(0*%%&G! *54! V#*0! #*/! 2$$5!

,$D(,0$4! .5! 9,$&! %.0$,*01,$! *54! 0#$! /3*%%! /$%$?0.(5! (6! ,$/$*,?#! D12%.?*0.(5/! *I*.%*2%$! (5! 0#$!

0(D.?S!

N! 9*D! ?(50.51$/! 0(! $R./0! .5! *??1,*0$! D,$I*%$5?$! 4*0*G! D*,0.?1%*,%&! 6,(3! *5! N1/0,*%.*5!

D$,/D$?0.I$S! _$/1%0/! #.9#%.9#0! 0#$! .3D(,0*5?$! 6(,! 0#(/$! 9*0#$,.59! 0#./! 4*0*G! (6! $5/1,.59! 0#*0!

3$*/1,$/! 1/$! 4$6.5.0.(5/! 0#*0! 4$/?,.2$! *54! $5?(3D*//! *%%! */D$?0/! (6! 0#$! D,(41?0.(5! *54!

4./0,.210.(5!(6! /$R1*%%&! $RD%.?.0! .3*9$/!2&! &(159!D$(D%$G! ,*0#$,! 0#*5!2,(*4!4$/?,.D0.(5/! 0#*0!

%$*I$!(10!.3D(,0*50!*/D$?0/!(6!0#$!2$#*I.(1,^!0#./!/014&!D,(I.4$/!1/$61%!4*0*!0#*0!?*5!2$!1/$4!

6(,!0#./!D1,D(/$S!

-#$!9$54$,$4!5*01,$!(6!0#$!D#$5(3$5(5!(6!/$R0.59G!0#*0!3$*5/!&(159!V(3$5!6$$%!D,$//1,$4!

2&!&(159!3$5!0(!D,(41?$!*54!4./0,.210$!/$R1*%%&!$RD%.?.0!.3*9$/!(6!0#$3/$%I$/!*54!&(159!3$5!

6$$%! D,$//1,$4! 2&! $*?#! (0#$,! 0(! /(1,?$! 0#$/$! .3*9$/G! #*/! .3D(,0*50! .3D%.?*0.(5/! 6(,!

D,$I$50.(5! /0,*0$9.$/G! */! 4($/! 0#$! 6$$%.59! 2&! 3*5&! &(159! D$(D%$! 0#*0! *! /$R1*%./$4! 3$4.*!

?1%01,$!./!,$/D(5/.2%$!6(,!.56%1$5?.59!0#./!2$#*I.(1,S!!

P6!D*,0.?1%*,!/.95.6.?*5?$!6(,!0#(/$!.5I(%I$4!.5!4$I$%(D.59!D(%.?&!*54!$41?*0.(5*%!/0,*0$9.$/!./!

0#*0!&(159!D$(D%$!*,$!D(0$50.*%%&!*V*,$!(6!0#$!.3D%.?*0.(5/!(6!.5I(%I$3$50!.5!/$R0.59G!*54!&$0!

?(50.51$!0(!D*,0.?.D*0$!.5!0#$!2$#*I.(1,!4$/D.0$!0#./S!F.54.59/!#*I$!#.9#%.9#0$4!0#*0!*!,*59$!(6!

4.66$,$50!*DD,(*?#$/!*,$!,$71.,$4!6(,!D,$I$50.59!0#$!#*,361%!.3D%.?*0.(5/!(6!/$R0.59S!_$I.$V!(6!

%$9*%!6,*3$V(,+/G!0#$!4$I$%(D3$50!(6!(5%.5$!/*6$0&!3$*/1,$/G!$41?*0.59!D*,$50/!*2(10!(5%.5$!

,./+/G!/1DD(,0.59!/?#((%/!0(!#*I$!4./?1//.(5/!V.0#!&(159!D$(D%$!*2(10!5$V!9$54$,!4./?(1,/$/G!

?,$*0.59!2&/0*54$,!*DD,(*?#$/!*54!3(/0! .3D(,0*50%&! .5I(%I.59!&(159!D$(D%$! .5!0#$!4$/.95!(6!

/(%10.(5/G! *,$! *%%! D,$I$50.(5! /0,*0$9.$/! 0#*0! /#(1%4! 2$! ?(5/.4$,$4S! F(,! *! /133*,&! (6!

,$?(33$54*0.(5/!/$$!-*2%$!CYS!!

!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CBe!!

-*2%$!CYb!"133*,&!(6!,$?(33$54*0.(5/!

!-??)86(,<(8"9,??"&*)$%,&5(

N??1,*0$!N1/0,*%.*5!D,$I*%$5?$!4*0*!./!5$$4$4!0(!4$0$,3.5$!0#$!0,1$!$R0$50!(6!0#$!2$#*I.(1,S!

_$/D(5/$/!0(!D,$I$50!0#$!#*,361%!.3D%.?*0.(5/!(6!/$R0.59!31/0!0*+$!.50(!?(5/.4$,*0.(5!0#$!D(0$50.*%!(,.9.5/!(6!0#$!2$#*I.(1,G!5*3$%&!*!/$R1*%./$4!?1%01,$!0#*0!D%*?$/!D,$//1,$!(5!&(159!D$(D%$!0(!?(56(,3!0(!5*,,(V!4$/?,.D0.(5/!(6!9$54$,!*54!/$R1*%.0&S!

O(159!D$(D%$!5$$4!0(!2$!.5I(%I$4!.5!0#$!4$/.95!(6!/(%10.(5/S!

! ! !!

O(159!D$(D%$U/!?(3315.?*0.(5!D,*?0.?$/!#*I$!2$$5!0,*5/6(,3$4!2&!L=-"!V.0#!31?#!,$/$*,?#!

#.9#%.9#0.59! 0#$! 3*5&! 2$5$6.0/! *54! D(0$50.*%! (DD(,015.0.$/! 0#$&! D,$/$50S! N%0#(19#! 0#$!

?#*%%$59$/! *54! ,./+/!3*&!*0! 0.3$/!2$!(I$,W$3D#*/./$4! .5!D(D1%*,!3$4.*! *54! /(?.*%! ,$/$*,?#!

>ON)W=_=! ABCC@G! ,$/1%0/! (6! 0#./! /014&! #.9#%.9#0! 0#*0! L=-/G! #*I$! ?$,0*.5%&! D,(I.4$4! *! 5$V!

3$4.13!6(,! ,./+W0*+.59G! /$R1*%! ?($,?.(5!*54!I.(%$5?$G!*54! 6(,! ,$.56(,?.59!9$54$,!/0$,$(0&D$/!

*54!0#$!/$R1*%./*0.(5!(6!?#.%4,$5S!;,$I*%$5?$!(6!/$R0.59!./!&$0!0(!2$!4$0$,3.5$4G!#(V$I$,!0#*0!

&(159! D$(D%$! *,$! 15$*/&! *54! *5R.(1/! *2(10! 0#$! D(0$50.*%! #*,3/! ?*1/$4! 2&! 0#$! 2$#*I.(,! ./!

?*1/$!6(,!?(5?$,5S!

N/!)$2$,!*54!8.R(5!D(.50!(10G!

L0!./!V#$5!5$V!0$?#5(%(9.$/!#*I$!2$?(3$!l!*5!*??$D0$4!*/D$?0!(6!$I$,&4*&!?1%01,$G!

0#*0! 0#$&! *,$! 0#$! 3(/0! D(V$,61%! *54! 0,*5/6(,3*0.I$G! 4$I$%(D.59! 0#$! D(0$50.*%! 0(!

/#*D$!/(?.*%!5(,3/!>)$2$,!*54!8.R(5!ABCBG!DS!Y@S!

L6!.54$$4!0#./!./!0#$!?*/$G!.0!#.9#%.9#0/!0#$!.3D(,0*5?$!(6!0#./!,$/$*,?#G!*54!0#$!5$$4!6(,!6101,$!

,$/$*,?#!0(!154$,/0*54!0#$!D#$5(3$5(5!3(,$!61%%&S!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CB\!!

L=!C*/*&*.(*$!N=:NS!>ABBi@S!L.,'Z!*)%!'$))('0@!3$&)B!6&50#*.,*)5\!&5(!$F!$).,)(!5$',*.!;(%,*!]9^@!_&*.,0*0,-(!

#(5(*#'+!#(2$#0`S!=*52$,,*b!N1/0,*%.*5!E(I$,53$50S!DDS!eW\S!!

N4*3/G!-S!>ABBi@S!T(52$)5(!0$!0+(!6&50#*.,*)!L#,;(!L$;;,55,$)!a6LLb!,)/&,#1!,)0$!52(',*.,5(%!

0+(#*2(&0,'!5(#-,'(5!0$!'+,.%#()!C,0+!5(A&*.,5(%!$#!5(A&*.!$FF()%,)B!S(+*-,$&#5S!;*,%.*3$50!(6!

N1/0,*%.*b!a(&/-(V5S!

N4*3/G!-S!>ABCB@S!M)/&,#1!,)0$!'1S(#P5*F(01@!6!5&S;,55,$)!0$!0+(!c$,)0!4(.('0!L$;;,00((!$)!

L1S(#P4*F(017!;*,%.*3$50!(6!N1/0,*%.*b!a(&/-(V5S!

N%*55*#!*54!:*4$%.5$!F(154*0.(5S!>ABCC@!Z"123.//.(5!AAG!DS!AA]S!L5!'(.50!"$%$?0!=(33.00$$!(5!

=&2$,W"*6$0&S!D,B+PE,#(!6'0@!L1S(#P5*F(01!*)%!0+(!1$&)BS!=*52$,,*b!N1/0,*%.*5!E(I$,53$50S!!

N%21,&G!`SG!F155$%%G!MSG!p!M((5*5G!JS!>ABCB@S!J+(!2$.,0,'5!$F!5(A0,)B@!1$&)B!2($2.(7!5(.FP

#(2#(5()0*0,$)!*)%!',0,=()5+,2!Z15D12%./#$4!*,0.?%$]S!H5.I$,/.0&!(6!M$V!"(10#!)*%$/G!"&45$&G!

N1/0,*%.*S!!

N3$,.?*5!N?*4$3&!(6!;$4.*0,.?/!ZNN;]!>ABBi@S!<$%D!+.4/!V.0#!?$%%!D#(5$/!9$0!0#$!3$//*9$b!"*&!

5(!0(!m/$R0.59mS!66"!<(C57!89>\@S!

N3$,.?*5!N//(?.*0.(5!(6!;12%.?!PD.5.(5!_$/$*,?#!ZNN;P_]S!>ABCB@S!66"KT!#(2$#0!$)!$).,)(!

2*)(.5G!H"Nb!N10#(,S!

N;!ZN//(?.*0$4!;,$//]W:-hS!>ABBi@S!6!0+,)!.,)(@!W99X!6"PQJR!%,B,0*.!*S&5(!50&%1S!H"Nb!N10#(,S!

N;W:-hS!>ABCC@S!HA('&0,-(!5&;;*#1@!W9^^!6"PQJR!%,B,0*.!*S&5(!50&%1G!H"Nb!N10#(,S!

N_N=OS!>ABCC@S!TS(0C,A0!*)%!S(0C(()?!6!#(2$#0!$)!6T6L3\5!Q,%%.(!3(*#5!"#$O('0@!d$'&55,)B!$)!

0+(!%(-(.$2;()0*.!)((%5!$F!6&50#*.,*)!'+,.%#()!*B(%!XP^eG!=*52$,,*b!N10#(,S!

N//(?.*0.(5!(6!L54$D$54$50!"?#((%/!(6!h.?0(,.*!ZNL"h]S!>ABBi@S!6M4R!'1S(#'&.0&#(!5&#-(1!

]"#(.,;,)*#1!5&#-(1!#(5&.05`S!:$%2(1,5$b!N10#(,S!DS!XS!

N1/0,*%.*5!a1,$*1!(6!"0*0./0.?/!ZNa"]S!>ABBc@S!L()5&5!$F!2$2&.*0,$)!*)%!+$&5,)BS!_$0,.$I$4!6,(3!

#00DbVVVS*2/S9(IS*1o*1//0*0/o*2/|S56/o;,(41?0/oXAC\SB}:*.5~F$*01,$/S!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CBi!!

N1/0,*%.*5!=$50,$!6(,!0#$!"014&!(6!"$R1*%!N//*1%0!ZN=""N]S!>ABCC@S!6L446!#(B,50(#!$F!'&##()0!

#(5(*#'+!,)0$!5(A&*.!*55*&.0G!N1/0,*%.*5!L5/0.010$!(6!F*3.%&!"014.$/G!N1/0,*%.*5!E(I$,53$50S!

_$0,.$I$4!6,(3!#00DbooVVVS*.6/S9(IS*1o*?//*o,$9./0$,S!

N1/0,*%.*5!=(3315.?*0.(5/!*54!:$4.*!N10#(,.0&!ZN=:N]S!>ABBe@S!I(-(.$2;()05!,)!M)0(#)(0!

F,.0(#,)B!0('+)$.$B,(5!*)%!$0+(#!;(*5&#(5!F$#!2#$;$0,)B!$).,)(!5*F(01S!=*52$,,*b!N1/0,*%.*5!

E(I$,53$50S!!

N1/0,*%.*5!=(3315.?*0.(5/!*54!:$4.*!N10#(,.0&!ZN=:N]S!>ABBi@S!L.,'Z!*)%!'$))('0@!3$&)B!

6&50#*.,*)?5!&5(!$F!$).,)(!5$',*.!;(%,*@!9W@!_&*)0,0*0,-(!#(5(*#'+!#(2$#07!L$;;$)C(*.0+!$F!

6&50#*.,*7!41%)(17!<4EG!T(0#,(-(%!F#$;!

+002@ffCCG*';*GB$-G*&fC(SC#f*S*f*S$&0f#('#&,0;()0f'.,'Zg*)%g'$))('0P

9Wg/&*)0,0*0,-(g#(2$#0G2%FG!

N1/0,*%.*5!F$4$,*%!;(%.?$!>NF;@!p!:.?,(/(60!N1/0,*%.*S!>ABCA@S!J+,)Z[U)$C!6&50#*.,*S!_$0,.$I$4!

6,(3!#00DbooVVVS0#.5+1+5(VS(,9S*1oS!

N1/0,*%.*5!L5/0.010$!(6!<$*%0#!*54!)$%6*,$!ZNL<)]S!>ABCC@S!3$)B!6&50#*.,*)5@!0+(,#!+(*.0+!*)%!

C(..S(,)B!W9^^G!=*0!5(S!!;<J!CdB!=*52$,,*b!NL<)S!!

N1/0,*%.*5!;,.I*?&!F(154*0.(5S!>ABCB@S!4&S;,55,$)!0$!0+(!4()*0(!40*)%,)B!L$;;,00((!$)!N(B*.!

*)%!L$)50,0&0,$)*.!6FF*,#5!#(B*#%,)B!0+(!,)/&,#1!,)0$!0+(!L#,;(5!N(B,5.*0,$)!6;()%;()0!]4(A&*.!

KFF()'(5!6B*,)50!L+,.%#()`!h,..!W9^9S!N1/0,*%.*S!

N1/0,*%.*5!;/&?#(%(9.?*%!"(?.$0&!ZN;"]S!>ABBC@S!i&,%(.,)(5!$)!#(2$#0,)B!'+,.%!*S&5(!*)%!)(B.('07!

*)%!'#,;,)*.!*'0,-,01S!N1/0,*%.*b!N;"S!!

N1/0,*%.*5!;/&?#(%(9.?*%!"(?.$0&!ZN;"]S!>ABBd@S!6"4!H0+,'*.!i&,%(.,)(5S!!

N1/0,*%.*5!_$/$*,?#!N%%.*5?$!6(,!=#.%4,$5!ZN_N=O]!*54!O(10#!p!0#$!M")!=(33.//.(5!6(,!

=#.%4,$5!*54!O(159!;$(D%$!Z==O;]!>ABB\@S!M)-$.-,)B!'+,.%#()!*)%!1$&)B!2($2.(!,)!#(5(*#'+!

Z$%$?0,(5.?!,$/(1,?$]b!*!?(3D$54.13!(6!D*D$,/!*54!,$6%$?0.(5/!6,(3!*!0#.5+!0*5+!?(W#(/0$4!2&!

0#$!N1/0,*%.*5!_$/$*,?#!N%%.*5?$!6(,!=#.%4,$5!*54!O(10#!*54!0#$!M$V!"(10#!)*%$/!=(33.//.(5!

6(,!=#.%4,$5!*54!O(159!;$(D%$!(5!CC!M(I$32$,!ABB\S!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CCB!!

a*5&*,4G!hS!QSG!:(&5.#*5G!:S!:S!p!;%*50$G!JS!ES!>ABBe@S!"$R1*%!I.(%$5?$!D,$I$50.(5!0#,(19#!

2&/0*54$,!$41?*0.(5b!N5!$RD$,.3$50*%!$I*%1*0.(5S!c$&#)*.!$F!L$;;&),01!"51'+$.$B17!8j>d@G!

dcXWd\CS!

a*,2(1,G!_S!"S!>ABBC@S!=#$?+%./0/!6(,!.3D,(I.59!,.9(1,!.5!71*%.0*0.I$!,$/$*,?#b!*!?*/$!(6!0#$!0*.%!

V*99.59!0#$!4(9j!hQc7!8WW>eAid@G!CCCYWCCCeS!

a*,+*?/G!QS!QS!p!a*,+*?/G!=S!aS!>ABCB@S!8(!&(1!0#.5+!Lm3!/$R0&j!:.5(,/!*54!/$R0.59b!-$$5*9$!6*4!

(,!?#.%4!D(,5(9,*D#&j!c$&#)*.!$F!N(B*.!H0+,'*.!*)%!T(B&.*0$#1!M55&(57!^8>A@G!AXWXCS!

a*,,&G!'S!QS!>ABCB@S!-#$!?#.%4!*/!I.?0.3!*54!D$,D$0,*0(,b!Q*V/!D15./#.59!f1I$5.%$!T/$R0.59US!

R*)%(#S,.0!c$&#)*.!$F!J#*)5,0,$)*.!N*C7!^8>C@G!CAiWCYXS!

a*00$,/2&G!QS!>ABB\@S!4(A0,)B@!F(*#5!*5!0(()5!0*#B(0(%S!-#$!"&45$&!:(,5.59!<$,*%4G!'1%&!CBS!

_$0,.$I$4!6,(3!#00DbooVVVS/3#S?(3S*1o*,0.?%$/oABB\oBeoCBoCACYA\AieiceCS#03%S!

a*13G!FS!>CiiX@S!8$?(5/0,1?0.59!0#$!71*%.0*0.I$W71*50.0*0.I$!4.I.4$!.5!#$*%0#!,$/$*,?#S!D(*.0+!

4$',$.$B1!T(-,(C7!8S!

a$55$00G!NSG!=.$/%.+G!:SG!p!:.%$/G!"S!>ABBX@S!T(5(*#'+,)B!1$&0+S!a*/.59/0(+$b!;*%9,*I$S!

a$,9G!aS!QS!>ABBd@S!_&*.,0*0,-(!#(5(*#'+!;(0+$%5!F$#!0+(!5$',*.!5',()'(5S!H"Nb!;$*,/(5!

J41?*0.(5S!

a$/0G!NS!>ABBe@S!_$D,$/$50.59!&(10#b!:$0#(4(%(9.?*%!.//1$/!.5!?,.0.?*%!&(10#!/014.$/S!<(C!3$#Z!

[),-(#5,01!"#(55G!>C@G!cWC\S!M$V!O(,+S!

a.,4G!"S!>ABCC@S!=(5/$50!0(!3$4.?*%!0,$*03$50b!-#$!3*01,$!3.5(,S!6&50#*.,*)!d*;,.1!"+15,',*)7!

e9>X@G!CYiWCcBS!

a(1?$+G!"S!ES!>ABBi@S!8$*%.59!V.0#!0#$!5.9#03*,$!(6!m/$R0.59mS!4'+$$.!6%;,),50#*0$#7!kk>e@G!XcS!

a(V+$,G!NS!p!"1%%.I*5G!:S!>ABCB@S!"$R0.59b!_./+&!*?0.(5/!*54!(I$,,$*?0.(5/S!dhM!N*C!

H)F$#'(;()0!h&..(0,)7!lX>e@G!AeWXCS!

a,*4&G!MS!>ABCC@S!m"$R0.59m!&(10#/!D%*?$4!(5!/$R!(66$54$,/!,$9./0$,S J+(!6B(S!_$0,.$I$4!6,(3!

#00DbooVVVS0#$*9$S?(3S*1oI.?0(,.*o/$R0.59W&(10#/WD%*?$4W(5W/$RW(66$54$,/W,$9./0$,W

ABCCBeAXWC#191S#03%!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CCC!!

a,(/?#G!NS!>ABB\@S!-$R0W3$//*9.59!*54!.0/!$66$?0!(5!&(10#m/!,$%*0.(5/#.D/S!<(C!H%&'*0,$)*.!

T(-,(C7!^e>C@G!iCWCBCS!

a,(V5G!'S!p!a(2+(V/+.G!;S!"S!>ABCC@S!P%4$,!*54!5$V$,!3$4.*b!;*00$,5/!(6!1/$!*54!$66$?0/!(5!

*4(%$/?$50/m!#$*%0#!*54!V$%%W2$.59S!c$&#)*.!$F!T(5(*#'+!$)!6%$.(5'()'(7!W^>C@G!iYWCCXS!

a,(V5G!'SG!`$%%$,G!"S!p!"0$,5G!"S!>ABBi@S!"$RG!/$R1*%.0&G!/$R0.59G!*54!/$R$4b!N4(%$/?$50/!*54!0#$!

3$4.*S!J+(!"#(-()0,$)!T(5(*#'+(#7!^k>d@S!

a1,5G!"S!:S!>ABBe@S!N!/.01*0.(5*%!3(4$%!(6!/$R1*%!*//*1%0!D,$I$50.(5!0#,(19#!2&/0*54$,!

.50$,I$50.(5S!4(A!T$.(57!k9>CCWCA@G!eeeiWeeiAS!

a10%$,G!'S!>CiiB@S!i()%(#!J#$&S.(@!d(;,),5;!*)%!0+(!5&S-(#5,$)!$F!,%()0,01S!M$V!O(,+b!

_(10%$49$S!

a100$,6.$%4G!QS!>ABCB`G!"#,-*'17!I,B,0*.!L,0,=()5+,2!*)%!3$&)B!L+,.%#()G!)*0?#!0#./!"D*?$b!

=#.%4,$5G!O(159!;$(D%$!*54!;,.I*?&!=(56$,$5?$S!:$%2(1,5$S!!

a&*3G!MS!`S!>CiiY@S!-#$!$3$,9$5?$!(6!?(3315.0&!.5!?(3D10$,W3$4.*0$4!?(3315.?*0.(5S!L5!"S!

ES!'(5$/!>J4S@G!L1S(#5$',(01@!L$;2&0(#P;(%,*0(%!'$;;&),'*0,$)!*)%!'$;;&),01S!>DDS!CX\W

CcX@S!-#(1/*54!P*+/G!=*%.6(,5.*b!"NEJS!

=*,3(4&G!:S!>ABBi@S!4(A!V!H0+,'5@!3$&)B!2($2.(!*)%!(0+,'*.!5(AG!:$%2(1,5$b!;*%9,*I$!

:*?3.%%*5S!

=*,,(%G!'S!"SG!;*4.%%*W)*%+$,G!QS!:SG!M$%/(5G!QS!'SG!P%/(5G!=S!8SG!:?M*3*,*G!aS!=S!p!:*4/$5G!"S!8S!

>ABB\@S!E$5$,*0.(5!KKKb!;(,5(9,*D#&!*??$D0*5?$!*54!1/$!*3(59/0!$3$,9.59!*41%0/S!c$&#)*.!$F!

6%$.(5'()0!T(5(*#'+7!W8>c@G!cWAiS!

=*,0&G!'S!'S!>ABCC@S!M5!0+(!0(()!)(A0!%$$#!*!'+,.%!2$#)$B#*2+(#Y!"*#()0,)B7!2#$5('&0,)B7!*)%!

0('+)$.$B1!'.*5+!$-(#!\5(A0,)B\!,)!Q,..(#!RG!4Z&;*),'ZG!>M(0$!*54!=(33$50/@S!

=#*%6$5G!_S!>ABBi@S!L0m/!(5%&!*!D.?01,$b!/$R0.59G!m/3100&m!/5*D/#(0/!*54!6$%(5&!?#*,9$/S!R,5&*.!

40&%,(57!We>X@G!AY\WAc\S!

=#,./0$5/$5G!;S!p!;,(10G!NS!>ABBC@S!)(,+.59!V.0#!$0#.?*%!/&33$0,&!.5!/(?.*%!,$/$*,?#!V.0#!

?#.%4,$5G!L+,.%+$$%7!X>d@G!DDS!deegdieS!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CCA!!

=(#$5G!"S!>ABBY@S!d$.Z!%(-,.5!*)%!;$#*.!2*),'5@!0+(!'#(*0,$)!$F!0+(!;$%5!*)%!#$'Z(#5S!M$V!O(,+b!

_(10%$49$S!!

=(%%.5G!;SG!_*#.%%&G!`SG!_.?#*,4/(5G!LS!p!-#.,4G!NS!>ABCC@S!J+(!S()(F,05!$F!5$',*.!)(0C$#Z,)B!

5(#-,'(5@!N,0(#*0&#(!#(-,(CG!:$%2(1,5$b!=((D$,*0.I$!_$/$*,?#!=$50,$!6(,!O(159!;$(D%$G!

-$?#5(%(9&!*54!_$/$*,?#!ZON)W=_=]S!

=(33.//.(5$,!6(,!=#.%4,$5!*54!O(159!;$(D%$G!)$/0$,5!N1/0,*%.*S!>ABCC@S!>"123.//.(5!YdG!DS!d@!

L5!'(.50!"$%$?0!=(33.00$$!(5!=&2$,W"*6$0&S!D,B+PE,#(!6'0@!L1S(#P5*F(01!*)%!0+(!1$&)BS!

=*52$,,*b!N1/0,*%.*5!E(I$,53$50S!

=(33(5V$*%0#!(6!N1/0,*%.*S!>ABBi@S!M)-(50,)B!,)!0+(!(*#.1!1(*#5@!6!)*0,$)*.!(*#.1!'+,.%+$$%!

%(-(.$2;()0!50#*0(B1G!N5!.5.0.*0.I$!(6!0#$!=(15?.%!(6!N1/0,*%.*5!E(I$,53$50/!>A!'1%&!ABBi@S!

=*52$,,*b!N1/0,*%.*5!E(I$,53$50S!

=(,/*,(G!)S!NS!>ABBY@S!J+(!5$',$.$B1!$F!'+,.%+$$%7!W)%!(%)GG!-#(1/*54!P*+/G!=*%.6(,5.*b!;.5$!

F(,9$!;,$//S!!

=(/3(9.,%S?(3!p!-#$!M*0.(5*%!=*3D*.95!0(!;,$I$50!-$$5!*54!H5D%*55$4!;,$95*5?&S!>ABB\@S!

4(A!*)%!J('+@!T(5&.05!F#$;!*!5&#-(1!$F!0(()5!*)%!1$&)B!*%&.05G!H"Nb!N10#(,S!

=(R!=(3315.?*0.(5/!p!M*0.(5*%!=$50,$!6(,!:.//.59!*54!JRD%(.0$4!=#.%4,$5!>ABBi@S!J(()!K).,)(!

*)%!E,#(.(55!4*F(01!4&#-(1G!H"Nb!N10#(,S!

=,*20,$$G!aS!FSG!p!:.%%$,G!)S!QS!>Ciii@S!I$,)B!/&*.,0*0,-(!#(5(*#'+@!4('$)%!(%,0,$)G!=*%.6(,5.*b!

"NEJ!;12%.?*0.(5/S!

=,.3$/!N?0!CiY\!>h.?@S!>ABCA@!!>h$,/.(5!M(S!AXB@G!ND,.%!ABCAS!!

8*,%.590(5G!OSG!p!"?(00G!8S!>ABBA@S!_&*.,0*0,-(!#(5(*#'+!,)!2#*'0,'(@!40$#,(5!F#$;!0+(!F,(.%G!=,(V/!

M$/0G!M$V!"(10#!)*%$/b!N%%$5!p!H5V.5S!

8*V/(5G!=S!>ABBA@S!"#*'0,'*.!#(5(*#'+!;(0+$%5S!M$V!8$%#.b!Ha"!;12%./#$,/!8./0,.210(,/S!

4$!qV*,0G!:SG!Q.54/*&G!8SG!<$54$,/(5G!:S!p!;#.%%.D/G!:S!>ABCC@S!J(()*B(#57!.(B*.!#,5Z5!*)%!5$',*.!

)(0C$#Z,)B!5,0(5G!:$%2(1,5$b!N10#(,S!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CCX!!

8$D*,03$50!(6!F*3.%.$/G!<(1/.59G!=(3315.0&!"$,I.?$/!*54!L54.9$5(1/!N66*.,/S!>ABBi@S!J+(!

)*0,$)*.!L$&)',.?5!2.*)!F$#!6&50#*.,*!0$!#(%&'(!-,$.()'(!*B*,)50!C$;()!*)%!0+(,#!'+,.%#()7!W99XP

W9W^S!=*52$,,*G!N1/0,*%.*5!E(I$,53$50S!!

8.5$/G!ES!>ABCB@S!"$#).*)%@!D$C!2$#)!+*5!+,O*'Z(%!$&#!5(A&*.,01S!a(/0(5b!a$*?(5!;,$//S!

8I(,*+G!"S!>ABCB@S!=(5,(&m/!6.%0$,!V.%%!5(0!3*+$!0#$!L50$,5$0!/*6$,S!J+(!I#&;!K2,),$)S!_$0,.$I$4!

6,(3!#00DbooVVVS*2?S5$0S*1o15%$*/#$4oXA\BBS#03%S!

J5/.95G!'S!>ABBX@S!J0#.?*%!.//1$/!.5!71*%.0*0.I$!#$*%0#!,$/$*,?#!V.0#!#(3$%$//!&(10#/S!c$&#)*.!$F!

6%-*)'(%!<&#5,)B7!e8>C@G!dXWYBS!

J,*+$,G!JS!=S!>ABCB@S!"0$33.59!/$R0.59b!"$5/.2%$!%$9*%!*DD,(*?#$/!0(!0$$5*9$,/m!$R?#*59$!(6!

/$%6WD,(41?$4!D(,5(9,D*#&S!h(#Z(.(1!J('+)$.$B1!N*C!c$&#)*.7!WjG!YYYWYicS!

F*3.%&!;%*55.59!h.?0(,.*!>F;h@G!_(&*%!)(3$5m/!<(/D.0*%!>_)<@!p!-#$!=$50,$!6(,!N4(%$/?$50!

<$*%0#!>=N<@S!>ABBc@S!J+(!5(A&*.!*)%!#(2#$%&'0,-(!+(*.0+!$F!1$&)B!R,'0$#,*)5S!F;hG!_)<!p!

=N<S!

F$,91/(5G!=S!'S!>ABCB@S!"$R0.59!a$#*I.(,/!N3(59!O(159!<./D*5.?!)(3$5b!L5?.4$5?$!*54!

N//(?.*0.(5!V.0#!P0#$,!<.9#W,./+!"$R1*%!a$#*I.(,/S!"51'+,*0#!_G!

F$,91/(5G!=S!'S!p!<*,0%$&G!_S!8S!>ABBi@S!-#$!D%$*/1,$!./!3(3$50*,&SSS0#$!$RD$5/$!4*35*2%$j!

-#$!.56%1$5?$!(6!D(,5(9,*D#&!(5!,*D$!*54!/$R1*%!*//*1%0S!6BB#(55,$)!*)%!R,$.()0!h(+*-,$&#7!

^e>Y@G!XAXWXAiS!

F%((4G!:S!>ABB\@S!h$157!5(A7!*)%!2$#)@!<(C!0('+)$.$B,(5!*)%!$.%!%*)B(#5G!E+*0(-(#!+*22()(%!

0$!'+,.%!5(A&*.!*S&5(Y!;*D$,!D,$/$50$4!*0!aN";"=NM!*54!M(00.59#*3!-,$50!H5.I$,/.0&!H5.0!6(,!

=,.0.?*%!"014.$/!.5!:$5!*54!:*/?1%.5.0.$/G!Ai!M(I$32$,G!Q(54(5S!

F%((4G!:S!>ABBi@S!O(10#G!/$R!*54!0#$!L50$,5$0S!L$&)5(..,)B7!251'+$0+(#*217!*)%!+(*.0+7!j>C@G!

CXCWCdeS!

F,*5?$G!NS!>ABBd@S!O(159!D$(D%$S!L5!F,*/$,G!"SG!Q$V./G!hSG!8.59G!"SG!`$%%$00G!:SG!p!_(2.5/(5G!=S!

>J4/S@G!I$,)B!#(5(*#'+!C,0+!'+,.%#()!*)%!1$&)B!2($2.(G!Q(54(5b!"NEJ!;12%.?*0.(5/S!

F,*/$,G!"SG!Q$V./G!hSG!8.59G!"SG!`$%%$00G!:SG!p!_(2.5/(5G!=S!>ABBd@S!I$,)B!#(5(*#'+!C,0+!'+,.%#()!

*)%!1$&)B!2($2.(G!Q(54(5b!"NEJ!;12%.?*0.(5/S!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CCd!!

F,.$43*5G!aSG!p!:.%%$,G!`S!>ABBX@S!h$15PJ*.Z@!6!;*)&*.!F$#!S$1\5!(%&'*0,$)S!`15151,,*G!)$/0$,5!

N1/0,*%.*b!N10#(,S!

F,.0#G!<S!>ABBB@S!F(?1/.59!(5!/$Rb!H/.59!6(?1/!9,(1D/!.5!/$R!,$/$*,?#S!4(A&*.,0,(57!8>X@G!AeYWAieS!

F155$%%G!MS!>ABBi@S!\4(A0,)B\!B,-(5!0(()5!;$#(!'$)0#$.!>H5D12%./#$4!$//*&@G!"&45$&b!N10#(,S!

E*%6(V*&G!QS!>ABCB@S!-#132/!4(V5b!*5!*50.W�/$R0.59�!I.4$(!$54/!1D!I.?0.3W2%*3.59!,)50(*%!

d(;,),50!T(52$)5(!0$!"$2!L&.0&#(@!h,0'+!Q(%,*G!DS!CBS!

E*&%(,4!F(,2$/G!"S!>ABCC@S!"$RG!?$%%/G!*54!/(,5*S!E,..,*;!*)%!Q*#1!N*C!T(-,(C7!jWG!CeCeWCedcS!

E(%43*5G!'S!>ABBB@S!"$R1*%.0&!$41?*0.(5!6(,!0$$5*9$,/!.5!0#$!5$V!3.%%$55.13S!3$&0+!40&%,(5!

6&50#*.,*!^X>d@G!CCWCiS!

E,2.?#G!=S!>Ciii@S!_&*.,0*0,-(!#(5(*#'+!,)!+(*.0+@!6)!,)0#$%&'0,$)S!"0!Q$(5*,4/G!M$V!"(10#!

)*%$/b!"NEJ!;12%.?*0.(5/S!

E,$$5S!QSG!a,*4&G!8SG!w%*6//(5G!`SG!<*,0%$&G!'S!p!Q132&G!`S!>ABCC@S!T,5Z5!*)%!5*F(01!F$#!6&50#*.,*)!'+,.%#()!$)!0+(!,)0(#)(0@!F&..!F,)%,)B5!F#$;!0+(!6[!U,%5!K).,)(!5&#-(1!$F!Xm^k!1(*#!$.%5!*)%!0+(,#!

2*#()05S!"&45$&b!N_=!=$50,$!(6!JR?$%%$5?$!6(,!=,$*0.I$!L541/0,.$/!*54!L55(I*0.(5G!ABCCS!!

E,.66.5G!=S!>ABBC@S!L3*9.5.59!5$V!5*,,*0.I$/!(6!&(10#b!O(10#!,$/$*,?#S!L+,.%+$$%7!n>Cde@S!

E,.66.0#G!E!p!".3(5G!`S!>ABB\@S!L+,.%!"$#)$B#*2+1!N*C!]h#,(F,)B!2*2(#!)$G!Xf9n`G!M$V!"(10#!

)*%$/!;*,%.*3$50*,&!Q.2,*,&!_$/$*,?#!"$,I.?$S!

E1*,4G!:S!:S!>ABCA@S!HS"S!/$R0.59!%*V/!*54!,$91%*0.(5/S!"*#()0,)B!Q$),0$#,)B!4(#-,'(!F$#!

Q$S,.(!"+$)(5G!_$0,$.I$4!6,(3!#00Dboo3(2.%$3$4.*91*,4S?(3oS!

E105.?+G!NS!QSG!_(22G!:SG!-*+$1?#.G!QS!p!`(0%$,G!'S!>ABCC@S!6.C*15!'$))('0(%@!J+(!)(C!%,B,0*.!

;(%,*!+*S,05!$F!1$&)B!'+,.%#()G!M$V!O(,+G!H"Nb!-#$!'(*5!E*5r!=((5$&!=$50,$!*0!"$/*3$!

)(,+/#(DS!

<*33$,/%&G!:S!>CiiA@S!8$?(5/0,1?0.59!0#$!71*%.0*0.I$W71*50.0*0.I$!4.I.4$S!L5!a,*55$5G!'S!>J4S@G!

Q,A,)B!;(0+$%5@!_&*.,0*0,-(!*)%!/&*)0,0*0,-(!#(5(*#'+G!N%4$,/#(00G!NI$21,&S!

<*54G!-SG!=#159G!8SG!p!;$0$,/G!:S!>ABBi@S!J+(!&5(!$F!,)F$#;*0,$)!*)%!'$;;&),'*0,$)!

0('+)$.$B,(5!0$!'$(#'(!*)%!'$)0#$.!,)!%$;(50,'!-,$.()'(!*)%!F$..$C,)B!5(2*#*0,$)!>"0*+$#(%4$,!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CCY!!

;*D$,!c@S!N1/0,*%.*5!8(3$/0.?!p!F*3.%&!h.(%$5?$!=%$*,.59#(1/$G!H5.I$,/.0&!(6!M$V!"(10#!

)*%$/S!

<*5/$5G!JS!=S!>ABBc@S!4&''(55F&.!/&*.,0*0,-(!+(*.0+!#(5(*#'+@!6!2#*'0,'*.!,)0#$%&'0,$)G!=,(V/!

M$/0G!M")b!N%%$5!*54!H5V.5S!

<*,,./G!NS!>ABBY@S!hLLS!8./?(1,/$/!(6!4$/.,$!*/!9(I$,53$50*%.0&b!O(159!V(3$5G!/$R1*%.0&!*54!0#$!

/.95.6.?*5?$!(6!/*6$!/D*?$/S!d(;,),5;!*)%!"51'+$.$B17!^j>C@G!XiWdXS!

<*,,./(5G!:S!>CiiA@S!)#*0m/!5$V!.5!6*3.%&!%*Vj!;*,$50*%!*10#(,.0&!*54!.0/!?(5/0,*.50/b!-#$!?*/$!

(6!m:*,.(5mS!6&50#*.,*)!M)50,0&0(!$F!d*;,.1!40&%,(57!8WG!CBWCAS!

<*//*5G!JSG!NS!*54!ES!=,$*0/*/G!=S!>ABBB@S!N4(%/$?5$0!"$R1*%.0&b!N!4$I$%(D3$50*%!3.%$/0(5$!(,!

,./+W0*+.59!2$#*I.(,j!-#$!,(%$!(6!#$*%0#!?*,$!.5!0#$!D,$I$50.(5!(6!/$R1*%%&!0,*5/3.00$4!4./$*/$/S!

c$&#)*.!$F!"(%,*0#,'!*)%!6%$.(5'()0!i1)('$.$B17!^8>X@G!CCiWCAdS!

<$*0#G!"SG!a,((+/G!_SG!=%$*I$,G!JSG!p!L,$%*54G!JS!>ABBi@S!T(5(*#'+,)B!1$&)B!2($2.(\5!.,-(5S!

Q(54(5b!"NEJ!;12%.?*0.(5/!Q04S!

<.%%G!'S!>Ci\X@S!J*,%&!*4(%$/?$5?$b!N!6,*3$V(,+S!c$&#)*.!$F!H*#.1!6%$.(5'()'(7!8>C@G!CWACS!

<.,4G!:S!'S!p!'*?+/(5G!"S!:S!>ABBC@S!)#$,$!T*59$%/U!*54!TV1//$/U!6$*,!0(!0,$*4b!"$R1*%!?($,?.(5!

.5!*4(%$/?$50!4*0.59!,$%*0.(5/#.D/S!c$&#)*.!$F!4$',$.$B17!8l>C@G!AeWdXS!

<(%%(V*&G!)S!>Ci\d@S!i()%(#!%,FF(#()'(!*)%!0+(!2#$%&'0,$)!$F!5&SO('0,-,01G!Q(54(5b!"NEJS!

<(%/0$.5G!'SG!p!E12,.13G!'S!>Ciie@S!N?0.I$!.50$,I.$V.59S!L5!".%I$,3*5G!8S!>J4S@G!_&*.,0*0,-(!

#(5(*#'+@!J+($#17!;(0+$%!*)%!2#*'0,'(G!Q(54(5b!"NEJ!;12%.?*0.(5/S!

<(V$G!MS!*54!"0,*1//G!)S!>ABBB@S!Q,..()),*.5!#,5,)B@!J+(!)(A0!B#(*0!B()(#*0,$)S!H"Nb!h.50*9$!

a((+/S!

<132*?#G!'S!NS!>ABBi@S!\4(A0,)B\!*)%!0+(!F,#50!6;()%;()0G!)#.0$!;%*.5/G!M$V!O(,+b!;*?$!

H5.I$,/.0&!"?#((%!(6!Q*VS!

'(#5/(5G!`SG!p!)#.0$G!`S!>ABBd@S!a.59$W4,.5+.59!.5!6$3*%$!15.I$,/.0&!/014$50/b!*!0#$(,&!(6!

D%*55$4!2$#*I.(1,!D$,/D$?0.I$S!3$&0+!40&%,(5!6&50#*.,*7!W8>A@G!ABWAAS!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CCc!!

'(#5/(5G!"S!aSG!a%13G!_S!)SG!*54!E.$44G!'S!MS!>ABBi@S!N4(%$/?$50!3*01,.0&!*54!0#$!2,*.5b!-#$!

D,(3./$!*54!D.06*%%/!(6!5$1,(/?.$5?$!,$/$*,?#!.5!*4(%$/?$50!#$*%0#!D(%.?&S!c$&#)*.!$F!

6%$.(5'()0!D(*.0+7!ejG!ACcWAACS!

'(.50!"$%$?0!=(33.00$$!(5!=&2$,W"*6$0&S!>ABCC@S!D,B+PE,#(!6'0@!L1S(#P5*F(01!*)%!0+(!1$&)BG!

=*52$,,*b!N1/0,*%.*5!E(I$,53$50S!!!

'1/0.?$!;(%.?&!L5/0.010$S!>ABB\@S!T(B,50(#,)B!+*#;@!D$C!5(A!$FF()'(!#(B,50#,(5!F*,.!1$&0+!*)%!

'$;;&),0,(5G!)*/#.590(5!8=G!H"b!N10#(,S!

`$$G!'S!"S!>ABBY@S!L&.0,-*0,)B!-,$.()'(!0+#$&B+!0('+)$.$B1Y!HA2.$#,)B!0+(!'$))('0,$)5!S(0C(()!

,)F$#;*0,$)!'$;;&),'*0,$)!0('+)$.$B,(5!*)%!-,$.()'(!*B*,)50!C$;()S!N//(?.*0.(5!(6!

;,(9,$//.I$!=(3315.?*0.(5/!)(3$5U/!M$0V(,+.59!"1DD(,0!;,(9,*33$G!H"NS!

`$%%&G!QS!>Ci\e@S!J+(!'$)0,)&&;!$F!5(A&*.!-,$.()'(!E$;()7!-,$.()'(!*)%!5$',*.!'$)0#$.G!>J4/S!

<*53$,G!'S!p!:*&5*,4G!:S@S!Q(54(5b!:*?3.%%*5S!

`$55&G!"S!>Ciid@S!I(-(.$2,)B!'$;;&),0,(5!F$#!0+(!F&0&#(@!L$;;&),01!%(-(.$2;()0!,)!0+(!

F&0&#(G!:$%2(1,5$b!-#(3*/!M$%/(5!N1/0,*%.*S!

`.0r.59$,G!'S!>Ciid@S!-#$!3$0#(4(%(9&!(6!6(?1/!9,(1D/b!-#$!.3D(,0*5?$!(6!.50$,*?0.(5!2$0V$$5!

,$/$*,?#!D*,0.?.D*50/S!4$',$.$B1!$F!D(*.0+!*)%!M..)(557!^k>C@S!

`,*1/$G!"S!)S!p!_1//$%%G!aS!>ABB\@S!J*,%&!/$R1*%!$RD$,.$5?$/b!-#$!,(%$!(6!L50$,5$0!*??$//!*54!

/$R1*%%&!$RD%.?.0!3*0$,.*%S!L1S(#"51'+$.$B1!*)%!h(+*-,$#7!^^>A@G!CcAWCc\S!

Q$5#*,0G!NS!>ABBi@S!J(()5!*)%!5(A0,)B@!D$C!*)%!C+1!;,)$#!0(()5!*#(!5()%,)B!5(A&*..1!

5&BB(50,-(!)&%(!$#!)(*#.1!)&%(!,;*B(5!-,*!0(A0!;(55*B,)BS!;$V!L50$,5$0!*54!N3$,.?*5!Q.6$!

;,(f$?0S!)*/#.590(5G!8S=Sb!;$V!_$/$*,?#!=$50$,S!

Q$I&G!NS!>ABBc@S!d(;*.(!'+*&-,),50!2,B5@!E$;()!*)%!0+(!#,5(!$F!#*&)'+!'&.0&#(S!Q(54(5b!;(?+$0!

a((+/S!

Q(6%*54G!'SG!p!Q(6%*54G!QS!>Ci\d@S!6)*.15,)B!5$',*.!5(00,)B5!>X,4!$45@S!=*%.6(,5.*b!)*4/V(,0#S!

Q(,4$G!NS!>Ci\d@S!6!5,50(#!$&05,%(#@!H55*15!*)%!52(('+(5!>15D12%./#$4!$//*&@S!-,13*5/21,9G!

M$V!O(,+b!N10#(,!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CCe!!

Q(0#$5W`%.5$G!=SG!<(V*,4G!8S!JSG!<*321,9$,G!JS!`SG!)(,,$%%G!`S!8SG!p!a($+$%((G!aS!PS!>ABBX@S!

-,10#!*54!?(5/$71$5?$/b!J0#.?/G!?(56.4$50.*%.0&G!*54!4./?%(/1,$!.5!*4(%$/?$50!%(59.014.5*%!

D,$I$50.(5!,$/$*,?#S!ZJ0#.?/]S!c$&#)*.!$F!6%$.(5'()0!D(*.0+7!88G!X\YWXidS!

Q(15/21,&G!`SG!:.0?#$%%G!`S!'SG!p!F.5+$%#(,G!8S!>ABCC@S!J+(!0#&(!2#(-*.()'(!$F!:5(A0,)B?G!H"Nb!

=,.3$/!N9*.5/0!=#.%4,$5!_$/$*,?#!=$50$,S!

:*?71*,.$!8.?0.(5*,&!P5%.5$S!>ABCB@S!:*?3.%%*5!;12%./#$,/S!_$0,.$I$4!6,(3!

#00DbooVVVS3*?71*,.$4.?0.(5*,&S?(3S*1!

:*5r(G!`S!`S!>ABBi@S!N43.5./0,*0(,/!?(56,(50!/014$50!m/$R0.59mS!H%&'*0,$)!E((Z7!8jG!\S!

:*,I*/0.G!NS!aS!>ABBd@S!_&*.,0*0,-(!#(5(*#'+!,)!5$',$.$B1@!*)!,)0#$%&'0,$)S!Q(54(5b!"NEJ!

;12%.?*0.(5/S!

:*/(5G!`S!QS!>ABB\@S!=&2$,21%%&.59b!N!D,$%.3.5*,&!*//$//3$50!6(,!/?#((%!D$,/(55$%S!"51'+$.$B1!

,)!0+(!4'+$$.57!ej>d@G!XAXWXd\S!

:*00$&!8.%.2$,0(G!ES!p!:*00$&G!JS!>ABBi@S!"$R0.59b!'1/0!#(V!31?#!(6!*!4*59$,!./!.0!*54!V#*0!?*5!

/?#((%!51,/$/!4(!*2(10!.0j!<64<!4'+$$.!<&#5(7!WeG!AcAS!

:*00#$V/G!<S!>ABBC@S!;(V$,!9*3$/!*54!3(,*%!0$,,.0(,.$/b!J0#.?*%!4.%$33*/!V#$5!V(,+.59!V.0#!

?#.%4,$5!*54!&(159!D$(D%$S!Z"#(,0!=(3315.?*0.(5/]S!H0+,'57!".*'(!*)%!H)-,#$);()07!e>A@G!CCeW

Ce\S!

:*00#$V/G!<SG!p!-1?+$,G!FS!>ABBB@S!=(5/1%0.59!?#.%4,$5S!c$&#)*.!$F!i($B#*2+1!,)!D,B+(#!

H%&'*0,$)7!WeG!AAiWXCBS!

:?8(V$%%G!QS!>ABBC@S!TL0U/!0#*0!Q.54*!*9*.5Ub!J0#.?*%G!D,*?0.?*%!*54!D(%.0.?*%!.//1$/!.5I(%I$4!.5!

%(59.014.5*%!,$/$*,?#!V.0#!&(159!3$5S!H0+,'57!".*'(!*)%!H)-,#$);()07!e>A@G!\eWCBBS!

:?E,*0#G!<S!>ABCC@S!>-,*5/?,.D0!(6!$I.4$5?$!ABCBG!DS!="Y\@S!N1/0,*%.*5!;/&?#(%(9.?*%!"(?.$0&G!L5!

'(.50!"$%$?0!=(33.00$$!(5!=&2$,W"*6$0&S!D,B+PE,#(!6'0@!L1S(#P5*F(01!*)%!0+(!1$&)BG!=*52$,,*b!

N1/0,*%.*5!E(I$,53$50S!

:?`$$G!NSG!N%21,&G!`S!p!Q132&G!=S!>ABB\@S!J+(!"$#)!T(2$#0G!:$%2(1,5$b!:$%2(1,5$!H5.I$,/.0&!

;,$//S!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CC\!!

:?Q*66$,0&G!LS!>ABBd@S!F(?1/!9,(1D!.50$,I.$V/!*/!*!4*0*!?(%%$?0.59!/0,*0$9&S!>:$0#(4(%(9.?*%!

.//1$/!.5!51,/.59!,$/$*,?#@S!c$&#)*.!$F!6%-*)'(%!<&#5,)B7!en>A@G!C\eWCidS!

:?Q$(4G!'SG!p!:*%(5$G!`S!>ABBB@S!T(5(*#'+,)B!1$&0+S!<(2*,0G!-*/3*5.*b!N1/0,*%.*5!

=%$*,.59#(1/$!6(,!O(10#!"014.$/S!

:?M*&G!QS!>ABBB@S!i()%(#!*)%!*B()'1@!T('$)F,B&#,)B!0+(!5&SO('0!,)!F(;,),50!*)%!5$',*.!0+($#1S!

=*32,.49$b!;(%.0&!;,$//S!

:.0?#$%%G!`S!'SG!F.5+$%#(,G!8SG!'(5$/G!QS!:S!p!)(%*+G!'S!>ABCA@S!;,$I*%$5?$!*54!?#*,*?0$,./0.?/!(6!

&(10#!/$R0.59b!N!5*0.(5*%!/014&S!"(%,*0#,'57!^WX>C@S!

:(2.%$!:$4.*!E1*,4S!>ABCA@S![G4G!4(A0,)B!N*C5!*)%!T(B&.*0,$)5!;*,$50.59!:(5.0(,.59!"$,I.?$!

6(,!:(2.%$!;#(5$/S!_$0,$.I$4!6,(3!#00Dboo3(2.%$3$4.*91*,4S?(3o/0*0$Ä3*.5S#03%S!

:1/?*,.G!:S!JS!>ABBi@S!"$R0.59b!M$V!0$?#5(%(9&G!(%4!D,(2%$3j!Q(%5'*2(!"&S.,'!D(*.0+!*)%!

"#(-()0,$)G!!

M*0.(5*%!=#.%4!;,(0$?0.(5!=%$*,.59#(1/$!>ABCB@S!Q*)%*0$#1!#(2$#0,)B!$F!'+,.%!*S&5(G!=*52$,,*b!

N1/0,*%.*5!L5/0.010$!(6!F*3.%&!"014.$/G!N1/0,*%.*5!E(I$,53$50S!

M*0.(5*%!=,.3$!;,$I$50.(5!=(15?.%!>ABBe@S!J(()5!*)%!L1S(#S&..1,)B@!HA('&0,-(!5&;;*#1!$F!*!

#(2$#0!$)!#(5(*#'+G!h*5?(1I$,b!N10#(,S!

M*0.(5*%!<$*%0#!*54!:$4.?*%!_$/$*,?#!=(15?.%S!>ABBe@S!<*0,$)*.!50*0(;()0!$)!(0+,'*.!'$)%&'0!

,)!+&;*)!#(5(*#'+G!_$0,.$I$4!6,(3!#00DbooVVVS5#3,?S9(IS*1o2((+o?#*D0$,WdWAW?#.%4,$5W*54W

&(159WD$(D%$S!

M$V!"(10#!)*%$/!ZM")]!E(I$,53$50S!>ABBi@S!L+,.%#()!*)%!1$&)B!2($2.(!*B(%!XP^e!1(*#5!,)!

<4E@!J+(!;,55,)B!;,%%.(7!=(33.00$$!(5!=#.%4,$5!*54!O(159!;$(D%$G!"&45$&b!M")!

E(I$,53$50S!!

M.$%/$5S!>ABCB@S!J+(!6&50#*.,*)!M)0(#)(0!*)%!0('+)$.$B1!#(2$#0!W99XPW9^9!>J4.0.(5!CA@S!

N1/0,*%.*b!N10#(,S!

M")!=(33.//.(5!6(,!=#.%4,$5!*54!O(159!;$(D%$!>ABBi@S!65Z!0+(!'+,.%#()@!Q$S,.(!;(!P!Z,%5!

52(*Z!$&0!*S$&0!;$S,.(!2+$)(5S!"&45$&b!N10#(,S!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CCi!!

M")!E(I$,53$50S!>ABB\@S!4*F(!5(A0,)B@!<$!5&'+!0+,)B!P!M)F$#;*0,$)!5+((0!F$#!2"*#()05S!

"&45$&b!N10#(,S!

M")!E(I$,53$50S!>ABCB@S!d*'0!5+((0@!JoJ,)Bf4HoJ,)BG!J+(!,55&(@!4*F(!0*.Z!*)%!0(A0!P!0+(!%$?5!

*)%!%$)?05!$F!;$S,.(!2+$)(!&5(!F$#!Z,%G!"&45$&b!N10#(,S!

P66.?$!(6!0#$!h.?0(,.*5!;,.I*?&!=(33.//.(5$,S!>ABCC`G!<*I$!O(1,!"*&!(5!"$R0.59S!R,'0$#,*)!

"#,-*'1!L$;;,55,$)(#?5!3$&0+!6%-,5$#1!i#$&2G!_$0,.$I$4!6,(3!#00Dboo!VVVSD,.I*?&SI.?S9(IS*1S!

P/0,*9$,G!aS!>ABCB@S!":"S!P:Ek!QPQk!--OQb!-,*5/%*0.59!0#$!%*V!0(!*??(33(4*0$!0(4*&m/!0$$5/!

*54!0#$!$I(%10.(5!6,(3!0$R0.59!0(!/$R0.59S!d*;,.1!L$&#0!T(-,(C7!en>d@G!eCAWeAcS!

;*?$!Q$9*%!P5%.5$!a1/.5$//!>ABCB@S!6&50#*.,*\5!F,#50!5(A0,)B!#(.*0(%!'$&#0!'*5(S!_$0,.$I$4!6,(3G!

#00DbooD*?$%$9*%S?(3S*1o*1/0,*%.*/W6.,/0W/$R0.59W?(5I.?0.(5oS!

;*00(5G!:S!nS!>ABBA@S!_&*.,0*0,-(!#(5(*#'+!*)%!(-*.&*0,$)!;(0+$%5!>X,4!$45@S!=*%.6(,5.*b!"NEJ!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

;12%.?*0.(5/S!

;$V!_$/$*,?#!=$50$,S!>ABBi@S!J#()%!%*0*!F$#!0(()5G!_$0,$.I$4!6,(3!

#00DbooVVVSD$VL50$,5$0S(,9o/0*0.?WD*9$/o0,$54W4*0*W6(,W0$$5/o(5%.5$W*?0.I.0.$/W0(0*%S*/DRS!

;#.DD$5G!NS!>ABBi@S!4+*#,)B!2(#5$)*.!,;*B(5!*)%!-,%($5!*;$)B!1$&)B!2($2.(G!H5.I$,/.0&!(6!

;%&3(10#G!H`b!N10#(,S!

;(V$%%G!NS!>ABBi@S!M$V!0$?#5(%(9.$/G!15*10#(,./$4!I./1*%!.3*9$/!*54!/$R1*%!*//*1%0S!6&50#*.,*)!

L()0#(!F$#!0+(!40&%1!$F!4(A&*.!655*&.07!W8G!cWCAS!

;(V$%%G!NS!>ABCB@S!=(56.91,.59!?(5/$50b!J3$,9.59!0$?#5(%(9.$/G!15*10#(,./$4!.3*9$/!*54!

/$R1*%!*//*1%0S!J+(!6&50#*.,*)!*)%!<(C!p(*.*)%!c$&#)*.!$F!L#,;,)$.$B17!e8>C@G!ecWiBS!

;(V$%%G!NS!>ABCB@S!"*6$!"$R0jS!IRTLR!aI$;(50,'!R,$.()'(!T(5(*#'+!L()0#(!$F!R,'0$#,*b!_&*#0(#.17!

W>).50$,@S!

;(V$%%G!NS!>ABCB@S!4(A7!2$C(#!*)%!'$)5()0@!3$&0+!'&.0&#(!*)%!0+(!&)C#,00()!#&.(5G!:$%2(1,5$b!

=*32,.49$!H5.I$,/.0&!;,$//S!

;(V$%%G!NS!>ABCC@S!T(-,(C!$F!S150*)%(#!*22#$*'+(5!,)!5&22$#0!$F!2#(-()0,)B!-,$.()'(!*B*,)50!

C$;()G!=*,%0(5b!h.?<$*%0#!p!Q*!-,(2$!H5.I$,/.0&G!h.?0(,.*5!<$*%0#!;,(3(0.(5!F(154*0.(5S!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CAB!!

;,$5/+&G!:S!>ABBC@S!8.9.0*%!5*0.I$/G!4.9.0*%!.33.9,*50/S!K)!0+(!D$#,=$)7!X>Y@S!

;,.3*?+G!aSG!E(%4G!:SG!"?#V*,rG!JS!p!8*%0(5G!:S!>ABB\@!8$9,*4.59!*54!M(5W8$9,*4.59!"$R!.5!

;(D1%*,!:1/.?b!N!=(50$50!N5*%&/./S!"&S.,'!D(*.0+!T(2$#057!"$D0$32$,WP?0(2$,!ABB\G!DDS!YiXW

cBBS!

;,.5?$G!;S!p!'(,4*5G!_S!>ABBd@S!L#,;(5!N(B,5.*0,$)!6;()%;()0!]J(.('$;;&),'*0,$)5!KFF()5(5!

*)%!K0+(#!Q(*5&#(5`!h,..!W99eG!L56(,3*0.(5!*54!_$/$*,?#!"$,I.?$/G!;*,%.*3$50*,&!Q.2,*,&G!

8$D*,03$50!(6!;*,%.*3$50*,&!"$,I.?$/G!N1/0,*%.*5!E(I$,53$50S!

n1*4*,*G!NS!>ABCB@S!P5%.5$!?(3315.?*0.(5!0$?#5(%(9.$/!*54!/$R1*%!*//*1%0S!6L446!]6&50#*.,*)!

L()0#(!F$#!0+(!40&%1!$F!4(A&*.!655*&.0`!6E6THG!=*52$,,*b!N1/0,*%.*5!E(I$,53$50S!!

_*(?#!N5%$1G!"S!QS!>CiiY@S!I(-,*)'(7!'$)F$#;,01!*)%!'$)0#$.G!A54!$4.0.(5S!:$%2(1,5$b!N44./(5!

)$/%$&!Q(593*5!N1/0,*%.*!;0&!Q04S!

_.?$G!;S!QSG!Q.*3D100(59G!;SG!p!Jrr&G!8S!>Ciii@S!_&*.,0*0,-(!#(5(*#'+!;(0+$%5@!6!+(*.0+!F$'&5G!

PR6(,4b!PR6(,4!H5.I$,/.0&!;,$//S!

_.?#*,4/G!_S!8S!p!=*%I$,0G!=S!>ABBi@S!)#$5!/$R!*54!?$%%!D#(5$/!?(%%.4$b!L5/.4$!0#$!D,(/$?10.(5!(6!

*!0$$5!/$R0.59!?*/$S!D*50,)B5!L$;;&),'*0,$)5!*)%!H)0(#0*,);()0!N*C!c$&#)*.G!

_.4$(10G!hS!'SG!F($#,G!HS!ES!p!_(2$,0/G!8S!FS!>ABCB@S!i()(#*0,$)!QW7!Q(%,*!,)!0+(!.,-(5!$F!nP!0$!

^nP1(*#P$.%5@!6!U*,5(#!d*;,.1!d$&)%*0,$)!40&%1G!a(/0(5b!-#$!<$5,&!'S!`*./$,!F*3.%&!F(154*0.(5S!

_(33$%3*55G!MS!>ABBi@S!N5*0(3&!(6!*!=#.%4!;(,5(9,*D#$,S!T(*5$)7!e^>X@G!XBWXeS!

_12.5G!<S!'SG!p!_12.5G!LS!>ABBY@S!_&*.,0*0,-(!,)0(#-,(C,)B@!J+(!*#0!$F!+(*#,)B!%*0*S!=*%.6(,5.*b!

"NEJ!;12%.?*0.(5/S!

_1/#G!JS!p!Q*!M*1r$G!NS!>ABBc@S!L$#2$#*0(!2*(%$2+,.,*@!4(A&.*,5*0,$)!$F!'+,.%#()!,)!6&50#*.,*!

>8./?1//.(5!;*D$,!M132$,!iB@S!-#$!N1/0,*%.*5!L5/0.010$G!:$%2(1,5$S!

_&*5G!JS!>ABCB@S!"$R0.59b!<(V!0#$!"0*0$!?*5!D,$I$50!*!3(3$50!(6!.54./?,$0.(5!6,(3!%$*4.59!0(!*!

%.6$0.3$!(6!15.50$54$4!?(5/$71$5?$/!6(,!3.5(,/!*54!&(159!*41%0/S!M$C*!N*C!T(-,(C7!Xk>XYe@G!

XYeWX\XS!

"*2.5*G!=SG!)(%*+G!'S!p!F.5+$%#(,!>ABB\@S!-#$!5*01,$!*54!4&5*3.?/!(6!L50$,5$0!D(,5(9,*D#&!

$RD(/1,$!6(,!&(10#S!L1S(#"51'+$.$B1!V!h(+*-,$#7!^^>c@G!ciCWciXS!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CAC!!

"*5?.G!QS!NSG!"*V&$,G!"S!:SG!`*59G!:S!"WQSG!<*%%$,G!8S!:SG!p!;*00(5G!ES!=S!>ABBY@S!=(56.4$50.*%!

#$*%0#!?*,$!6(,!*4(%$/?$50/b!_$?(5?.%.59!?%.5.?*%!$I.4$5?$!V.0#!6*3.%&!I*%1$/S!Z)$%%2$.59!W!

h.$VD(.50]S!Qc67!^n8>\@G!dCBWdCdS!

"*5?.G!QS!NSG!"*V&$,G!"S!:SG!)$%%$,G!;S!'SG!a(54G!QS!:SG!p!;*00(5G!ES!=S!>ABBd@S!O(10#!#$*%0#!

,$/$*,?#!$0#.?/b!0.3$!6(,!*!3*01,$W3.5(,!?%*1/$j!ZF(,!8$2*0$]S!Qc67!^n9G!XXcWXX\S!

"*50$%%.G!'S!>ABBi@S!-$$5!m/$R0.59m!*00,*?0/!*00$50.(5!(6!D,(/$?10(,/S!L$)0(;2$#*#1!4(A&*.,017!

e8>Y@G!\S!

"?#1,9.5!Pm`$$6$G!ES!p!=%*,+$W;$*,/(5G!`S!>ABCC@S!-#$!.3D*?0!(6!/(?.*%!3$4.*!(5!?#.%4,$5G!

*4(%$/?$50/G!*54!6*3.%.$/G!6;(#,'*)!6'*%(;1!$F!"(%,*0#,'5G!\BBW\BdS!

"$5*0$!"0*54.59!=(33.00$$!(5!Q$9*%!*54!=(5/0.010.(5*%!N66*.,/!>ABCB@S!M)/&,#1!,)0$!0+(!L#,;(5!

N(B,5.*0,$)!6;()%;()0!]4(A&*.!KFF()'(5!6B*,)50!L+,.%#()`!h,..!W9^9G!F$2,1*,&!ABCB!>),.00$5!

(5!2$#*%6!(6G!*54!V.0#!.5D10!6,(3!(0#$,!3$32$,/!(6!0#$!N1/0,*%.*5!;,.I*?&!F(154*0.(5@S!

"#*#G!`S!NS!>ABCB@S!"$R0.59b!,./+&!(,!Z6],./+&j!N5!$R*3.5*0.(5!(6!0#$!?1,,$50!*54!6101,$!%$9*%!

0,$*03$50!(6!/$R0.59!.5!0#$!H5.0$4!"0*0$/S!6.S*)1!N*C!4'+$$.!c$&#)*.G!H"NS!

"#*,%*54G!JS!>ABBY@S!O(159!D$(D%$G!,./+!0*+.59!*54!,./+!3*+.59b!"(3$!0#(19#0/!6(,!/(?.*%!V(,+S!

h#,0,5+!c$&#)*.!$F!4$',*.!E$#Z7!8k>A@G!AdeWAcYS!

"#.$%G!hS!>ABBi@S!L54$?$50!$RD(/1,$S!H"Nb!J+(!J,;(5!H%&'*0,$)*.!4&22.(;()0!>F$*01,$@S!

"+$5$G!QS!>ABBd@S!N*C!*)%!;(%,'*.!2#*'0,'(@!#,B+057!%&0,(57!'.*,;5!*)%!%(F()'(5S!>A54!$4S@!

"&45$&b!Q$R./M$R./!a100$,V(,0#/S!

"3.0#G!NSG!N9.1/G!;SG!:.0?#$%%G!NSG!a*,,$00G!=S!p!;.00/G!:S!>ABBi@S!4('$)%*#1!50&%()05!*)%!5(A&*.!

+(*.0+@!T(5&.05!$F!0+(!e0+!)*0,$)*.!5&#-(1!$F!6&50#*.,*)!5('$)%*#1!50&%()057!DMRf6MI4!*)%!

5(A&*.!+(*.0+!W99nS!:$%2(1,5$b!N1/0,*%.*5!_$/$*,?#!=$50,$!.5!"$RG!<$*%0#!p!"(?.$0&G!Q*!-,(2$!

H5.I$,/.0&S!

"0*,+G!=S!p!)#./5*50G!_S!>ABBd@S!<$0!F$#!5*.(@!d(;,),505!#(5,50,)B!2#$50,0&0,$)!*)%!2$#)$B#*2+1G!

:$%2(1,5$b!"D.5.6$R!;,$//!;0&!Q04S!

"0$.52$,9G!QS!>ABB\@S!6%$.(5'()'(G!M$V!O(,+b!:?E,*VW<.%%S!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CAA!!

"12,*#3*5&*3G!`SG!p!E,$$56.$%4G!;S!>ABB\@S!P5%.5$!?(3315.?*0.(5!*54!*4(%$/?$50!

,$%*0.(5/#.D/S!d&0&#(!$F!L+,.%#()7!^n>C@G!CCiWCdcS!

"12,*#3*5&*3G!`SG!p!"3*#$%G!8S!>ABCC@S!I,B,0*.!1$&0+@!J+(!#$.(!$F!;(%,*!,)!%(-(.$2;()0G!

a%((3.590(5b!"D,.59$,S!

"12,*#3*5&*3G!`SG!E,$$56.$%4G!;S!:SG!p!-&5$/G!aS!>ABBd@S!=(5/0,1?0.59!/$R1*%.0&!*54!.4$50.0&!.5!

*5!(5%.5$!0$$5!?#*0,((3S!c$&#)*.!$F!622.,(%!I(-(.$2;()0*.!"51'+$.$B17!Wj>c@G!cYCWcccS!

"133$,/G!NS!>Ciid@S!I*;)(%!C+$#(5!*)%!i$%\5!2$.,'(S!:$%2(1,5$b!;$591.5!a((+/S!

"I*50$//(5G!8S!>ABCC@S!m"$R0.59m!*54!0#$!%*V!W!<(V!N1/0,*%.*!,$91%*0$/!$%$?0,(5.?!

?(3315.?*0.(5!(6!5(5WD,(6$//.(5*%!/$R1*%!?(50$50S!h$)%!N*C!T(-,(C7!WW>A@S!

"r&:.*%./G!'S!'S!>ABCB@S!"$R0.59b!N!,$/D(5/$!0(!D,(/$?10.59!0#(/$!9,(V.59!1D!V.0#!*!9,(V.59!

0,$54S!M)%,*)*!N*C!T(-,(C7!ee>C@G!XBCWXXiS!

-*5+*,4!_$./0G!:S!>ABBi@S!i(00,)B!#(*.@!L+*..()B,)B!0+(!5(A&*.,5*0,$)!$F!B,#.5G!:$%2(1,5$b!

"D.5.6$R!;,$//S!

-*&%(,G!`S!_S!>ABBi@S!T"$R0.59Ub!F15!(,!6$%(5&j!"#,)',2*.!N(*%(#5+,27!X>\@G!cBWcXS!

-#.,4G!NSG!_.?#*,4/(5G!LSG!=(%%.5G!;SG!_*#.%%&G!`S!p!a(%r*5G!MS!>ABCC@!M)0(#B()(#*0,$)*.!*00,0&%(5!

0$C*#%5!5$',*.!)(0C$#Z,)B!*)%!'1S(#5*F(01@!6!.,-,)B!.*SG!=((D$,*0.I$!_$/$*,?#!=$50,$!6(,!

O(159!;$(D%$G!-$?#5(%(9&!*54!)$%%2$.59S!:$%2(1,5$S!

-#(3*/G!MS!p!PU`*5$G!=S!>Cii\@S!-#$!$0#.?/!(6!D*,0.?.D*0(,&!,$/$*,?#!V.0#!?#.%4,$5S!L+,.%#()!V!

4$',(017!^WG!DDS!XXcgXd\S!!

-.5G!'S!>ABCC@S!Q$#(!0+*)!ej9!'+,.%!2$#)$B#*2+1!'+*#B(5!.*,%!*B*,)50!1$&0+5!*B(%!^9!0$!^l!,)!

2*50!0+#((!1(*#5G!-#$!"154*&!:*.%S!nQ8G!N1/0,*%.*S!_$0,.$I$4!6,(3!

#00DbooVVVS?(1,.$,3*.%S?(3S*1o5$V/o71$$5/%*54o3(,$W0#*5WdYBW?#.%4WD(,5(9,*D#&W

?#*,9$/W%*.4W*9*.5/0W&(10#/W*9$4WCBW0(WCeW.5WD*/0W0#,$$W&$*,/o/0(,&S!

HM!E$5$,*%!N//$32%&G!L$)-()0,$)!$)!0+(!T,B+05!$F!0+(!L+,.%G!AB!M(I$32$,!Ci\iG!H5.0$4!M*0.(5/G!-,$*0&!"$,.$/G!I(%S!CYeeG!DS!XG!*I*.%*2%$!*0b!#00DbooVVVS15#?,S(,9o,$6V(,%4o4(?.4oX*$c2X\6BS#03%!Z*??$//$4!AY!'15$!ABCA]!h.?0(,.*5!8$D*,03$50!(6!<13*5!"$,I.?$/S!>ABB\@S!T(5(*#'+!,)0$!,..(B*.!S(+*-,$&#5S!<13*5!

_$/$*,?#!J0#.?/!=(33.00$$S!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CAX!!

h.?0(,.*5!8$D*,03$50!(6!<13*5!"$,I.?$/S!>ABB\@S!R&.)(#*S.(!1$&0+!F#*;(C$#Z!%,5'&55,$)!

2*2(#@!I(-(.$2;()0!$F!*!2$.,'1!F#*;(C$#Z!F$#!R,'0$#,*\5!-&.)(#*S.(!1$&)B!2($2.(G!:$%2(1,5$b!

N10#(,S!

h.?0(,.*5!E(I$,53$50S!>ABCB@S!6!#,B+0!0$!#(52('0@!R,'0$#,*\5!2.*)!0$!2#(-()0!-,$.()'(!*B*,)50!

C$;()!W9^9PW9W9S!:$%2(1,5$b!N10#(,S!

h.?0(,.*5!Q*V!_$6(,3!=(33.00$$S!>ABCC@S!M)/&,#1!,)0$!5(A0,)BS!=*52$,,*b!N10#(,S!

)*.0$G!=S!>ABCC@S!"(?.*%.0&!(5%.5$b!N5!$RD%(,*0(,&!/014&!.50(!0#$!(5%.5$!#*2.0/!(6!&(159!

N1/0,*%.*5/S!3$&0+!40&%,(5!6&50#*.,*7!89>d@G!CeWAdS!

)*%/#G!"S;SG!)#.0$G!`S!:S!p!O(159G!_S!:S!>ABB\@S!PI$,W?(55$?0$4j!N!71*%.0*0.I$!$RD%(,*0.(5!(6!

0#$!,$%*0.(5/#.D!2$0V$$5!N1/0,*%.*5!&(10#!*54!0#$.,!3(2.%$!D#(5$/S!c$&#)*.!$F!6%$.(5'()'(7!

8^>C@G!eeWiAS!

)*%0$,G!MS!>ABCB@S!N,-,)B!%$..5@!J+(!#(0&#)!$F!5(A,5;G!Q(54(5b!h.,*9(!;,$//S!

)*/0%$,G!"S!>ABCB@S!-#$!#*,3!.5!T/$R0.59Ujb!N5*%&r.59!0#$!?(5/0.010.(5*%.0&!(6!?#.%4!D(,5(9,*D#&!

/0*010$/!0#*0!D,(#.2.0!0#$!I(%150*,&!D,(41?0.(5G!D(//$//.(5G!*54!4.//$3.5*0.(5!(6!/$R1*%%&!

$RD%.?.0!.3*9$/!2&!0$$5*9$,/S!D*#-*#%!c$&#)*.!$F!N*C!V!i()%(#7!88G!c\eWeBAS!

)$2$,G!"S!p!8.R(5G!"S!>ABBe@S!i#$C,)B!&2!$).,)(@!3$&)B!2($2.(!*)%!%,B,0*.!0('+)$.$B,(5G!M$V!

O(,+b!;*%9,*I$!:*?3.%%*5S!

)$.//G!_S!p!"*3$5(VG!=S!;S!>ABCB@S!"3*,0!D#(5$/G!/(?.*%!5$0V(,+.59G!/$R0.59!*54!D,(2%$3*0.?!

/$R1*%!2$#*I.(,/ÅN!?*%%!6(,!,$/$*,?#S!4(A&*.!6%%,'0,$)!*)%!L$;2&.5,-,017!^lG!AdCWAdcS!

)(%*+G!'S!p!F.5+$%#(,G!8S!>ABCC@S!4(A0,)B@!6!012$.$B1S!H"Nb!N10#(,S!

)(%*+G!'SG!F.5+$%#(,G!8S!p!:.0?#$%%G!`S!'S!>ABCC@S!<(V!(60$5!*,$!0$$5/!*,,$/0$4!6(,!/$R0.59j!8*0*!

6,(3!*!5*0.(5*%!/*3D%$!(6!D(%.?$!?*/$/S!"(%,*0#,'57!^WX>C@S!

)((4G!_S!<S!>ABBi@!-#$!6.,/0!*3$543$50!.3D%.?*0.(5/!(6!/$R0.59!*0!D12%.?!/?#((%/b!N!71*54*,&!

6(,!*43.5./0,*0(,/!V#(!.50$,?$D0!I./1*%!%(I$!5(0$/S!H"Nb!c$&#)*.!$F!N*C!*)%!"$.,'1S!

O(159G!LS!>CiiB@S!-#$!.4$*%!(6!?(3315.0&!*54!0#$!D(%.0.?/!(6!4.66$,$5?$S!L5!QS!M.?#(%/(5!>J4S@G!

d(;,),5;f"$50;$%(#),5;S!M$V!O(,+b!_(10%$49$S!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CAd!!

O(10#!N66*.,/!=(15?.%!(6!"(10#!N1/0,*%.*S!>ABCC@S!>"1DD%$3$50*,&!"123.//.(5!AYSCG!DS!X@S!L5!'(.50!

"$%$?0!=(33.00$$!(5!=&2$,W"*6$0&S!D,B+PE,#(!6'0@!L1S(#P5*F(01!*)%!0+(!1$&)BS!=*52$,,*b!

N1/0,*%.*5!E(I$,53$50S!

q.,+$%G!;S!NS!>ABBi@S!N%%!*!0V.00$,!*2(10!/$R0.59S!U*22*)7!X^G!ecWeeS!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CAY!!

M=!"::*.4,(*$!

!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CAc!!

N;;JM8LK!Cb!Q.0$,*01,$!,$I.$V!/$*,?#!0$,3/!`$&!/$*,?#!0$,3/!1/$4!6(,!%.0$,*01,$!,$I.$V!I.*!"1D$,!"$*,?#!>/$*,?#!$59.5$!(6!0#$!H(:@!

"$*,?#!4*0$/!W!CiodoABCBG!AXoYoABCBG!AdoYoABCBG!CcoCCoABCB!

!

!

!

"$*,?#!4*0$/!W!cocoABCCG!C\oioABCCG!CioCAoABCC!

!

! !

"$R0t!(,!0$R0!3$//*9t!P_!

.5/0*50!3$//*9t!P_!":"!P_!?$%%t!D#(5$!P_!

3(2.%$!D#(5$!P_!::"!P_!?(3315.?*z5!-$?#5(%(9t!

O(10#!P_!*4(%$/?$5t!P_!&(159!D$,/(5!P_!&(159!

D$(D%$!P_!0$$5!

"$Rt!P_!514t!P_!;(,5t!

=&2$,21%%&t!P_!$%$?0,(5.?!21%%&t!P_!4.9.0*%!

O(10#!P_!*4(%$/?$5t!P_!&(159!D$,/(5!P_!&(159!D$(D%$!P_!0$$5!

"$Rt!P_!514t!P_!;(,5t!

=&2$,21%%&t!P_!$%$?0,(5.?!21%%&t!P_!

4.9.0*%!

O(10#!P_!*4(%$/?$5t!P_!&(159!D$,/(5!P_!&(159!

D$(D%$!P_!0$$5!"$R0t!

O(10#!P_!*4(%$/?$5t!P_!&(159!D$,/(5!P_!&(159!

D$(D%$!P_!0$$5!

=$%%!D#(5$t!P_!:(2.%$!;#(5$t!P_!-$R0!3$//*9t!P_!":"!>"#(,0!:$//*9$!"$,I.?$@!P_!-$?#5(%(9t!P_!?&2$,!P_!

$%$?0,(5.?!P_!4.9.0*%!!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CAe!!

N;;JM8LK!Ab!;%*.5!%*591*9$!/0*0$3$50!Z;Q"]!>+$&!.56(,3*50/@!

!"#$%&'(b(+,-&'(.",/0"(!$-*6(L! *3! *! :*/0$,/! /014$50! .5! 0#$! 8$D*,03$50! (6! E$5$,*%! ;,*?0.?$! >8E;@! *0! 0#$! H5.I$,/.0&! (6!:$%2(1,5$!>H(:@S!:&!,$/$*,?#!D,(f$?0!./!*!71*%.0*0.I$!/014&!0(!154$,/0*54!0#$!D#$5(3$5(5!(6! T/$R0.59U! 6,(3! 0#$! D$,/D$?0.I$! (6! &(159! D$(D%$S! :&! "1D$,I./(,/! *,$! 8,S! Q$5*! "*5?.! *54!N//(?.*0$!;,(6$//(,!:$,$4.0#!-$3D%$W"3.0#S!O(1!*,$!2$.59!.5I.0$4!0(!0*+$!D*,0!.5!0#./!,$/$*,?#!/014&S!;%$*/$!,$*4!0#$!6(%%(V.59!.56(,3*0.(5!*54!D%$*/$!*/+!1/!.6!0#$,$!./!*5&0#.59!0#*0!./!5(0!?%$*,!(,!.6!&(1!V(1%4!%.+$!3(,$!.56(,3*0.(5!2$6(,$!&(1!4$?.4$!0(!0*+$!D*,0S!!

aD)$(%5($D"(/-8/,5"(,<($D"(5$-*6d(

-#$! .//1$! (6! T/$R0.59U! ./! .5?,$*/.59%&! 9*.5.59! 3$4.*! *00$50.(5! 2(0#! 5*0.(5*%%&! *54!.50$,5*0.(5*%%&G! #(V$I$,! I$,&! %.00%$G! .6! *5&G! 6(,3*%%&! *DD,*./$4! +5(V%$49$! *2(10! 0#$!D#$5(3$5(5!$R./0/G!D*,0.?1%*,%&!6,(3!&(159!D$(D%$U/!D$,/D$?0.I$S!!<$5?$!.0!./!4.66.?1%0!0(!3*+$!*5&! I*%.4! f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f$?0!.5I(%I$/!*!6(?1/!9,(1D!*54!.54.I.41*%!.50$,I.$V/!V.0#!+$&!.56(,3*50/G!0(!4$I$%(D!*!?(50$R01*%!6,*3$V(,+!6(,!0#$!.//1$S!!!

aD6(D)4"(F(7""&()5="*($,(/)8$%9%/)$"d(

O(1!#*I$!2$$5! .5I.0$4!0(!D*,0.?.D*0$!2*/$4!(5!&(1,!,$/$*,?#G!D,(6$//.(5*%!+5(V%$49$!*54o(,!$RD$,.$5?$!(6!0#$!.//1$S!a$0V$$5!6(1,!*54!0$5!D*,0.?.D*50/!V.%%!2$!.5I(%I$4!.5!0#./!6(?1/!9,(1D!0(! D,(I.4$! 1/! V.0#! *! 2,(*4! D$,/D$?0.I$! (6! 0#$! I.$V/! *54! 0#$(,.$/! /1,,(154.59! 0#$! .//1$! (6!T/$R0.59U!*3(59/0!&(159!D$(D%$S!

aD)$(>%00(D)//"&($,(?"(%<(F($)="(/)8$d(

-#$! 6(?1/! 9,(1D! >cB! g! iB! 3.5/@! V.%%! 2$! #$%4! *0! 0#$! H5.I$,/.0&! (6! :$%2(1,5$! *54! V.%%! 2$!6*?.%.0*0$4! 2&! *5! $RD$,.$5?$4! ,$/$*,?#! 6*?.%.0*0(,S! L! V.%%! 2$! D,$/$50! 0(! 0*+$! 5(0$/! (6! 0#$!4./?1//.(5S! L0! V.%%! 2$! 4.9.0*%%&! ,$?(,4$4! *54! 0,*5/?,.2$4! I$,2*0.3! V.0#! &(1,! D$,3.//.(5S! N%%!.56(,3*0.(5! ?(%%$?0$4! *2(10! &(1! 41,.59! 0#$! ?(1,/$! (6! 0#$! ,$/$*,?#G! V.%%! 2$! +$D0! /0,.?0%&!?(56.4$50.*%S!N!D/$14(5&3!V.%%!2$!1/$4!0(!.4$50.6&!&(1G!/(!0#*0!&(1!?*55(0!2$!,$?(95./$4S!L0!./!.50$54$4!0#*0!,$/1%0/!V.%%!2$!D12%./#$4!*54!D,$/$50$4!*0!?(56$,$5?$/S!)$!V.%%!/$54!&(1!*!?(D&!(6! 0#$! ,$/1%0/! .6! &(1!V(1%4! %.+$S! L0! ./!1D! 0(!&(1! 0(!4$?.4$!V#$0#$,!(,!5(0! 0(! 0*+$!D*,0S! L6! &(1!4$?.4$!0(!0*+$!D*,0!&(1!*,$!/0.%%!6,$$!0(!V.0#4,*V!*0!*5&!0.3$!*54!V.0#(10!9.I.59!*!,$*/(5S!!

S,&$)9$(<,8(B-8$D"8(F&<,8?)$%,&( ( L6!&(1!#*I$!*5&!71$/0.(5/G!?(5?$,5/!(,!V(1%4!f1/0!%.+$!3(,$!.56(,3*0.(5! *2(10! 0#$!D,(f$?0G! D%$*/$! ?(50*?0!3&/$%6G!3&! /1D$,I./(,/!(,! 0#$!_$/$*,?#!J0#.?/!P66.?$S! "#$%%$&! )*%+$,b! /SV*%+$,|15.3$%2S$41S*1G! ieYd! XBYe! (,! BdBB! \Cd! \iA^! Q$5*! "*5?.b!%S/*5?.|15.3$%2S$41S*1G! \Xdd! cCYA^! :$,$4.0#! -$3D%$W"3.0#b! 3S0$3D%$W/3.0#|15.3$%2S$41S*1G! \Xdd! XXeCS! L6! &(1! #*I$! ?(5?$,5/! (,! ?(3D%*.50/! *2(10! 0#$! V*&! 0#$!,$/$*,?#! #*/! 2$$5! ?(541?0$4G! D%$*/$! ?(50*?0! 0#$! <13*5! _$/$*,?#! J0#.?/! P66.?$! *0! 0#$!H5.I$,/.0&!(6!:$%2(1,5$b!\Xdd!ABeXS(

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CA\!!

N;;JM8LK!Xb!=(5/$50!6(,3!>+$&!.56(,3*50/@!

!"#$%&'(b(+,-&'(.",/0"(!$-*6(

M*3$!(6!D*,0.?.D*50b!! ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ!

M*3$!(6!.5I$/0.9*0(,b!!!!!ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ!

!

CS!! L!?(5/$50!0(!D*,0.?.D*0$!.5!0#./!D,(f$?0G!0#$!4$0*.%/!(6!V#.?#!#*I$!2$$5!$RD%*.5$4!0(!3$G!*54!L!#*I$!2$$5!D,(I.4$4!V.0#!*!V,.00$5!D%*.5!%*591*9$!/0*0$3$50!0(!+$$DS!

AS!! L!154$,/0*54!0#*0!*60$,! L! /.95!*54!,$01,5!0#./!?(5/$50! 6(,3G! .0!V.%%!2$!,$0*.5$4!2&! 0#$!,$/$*,?#$,S!

XS!! L! 154$,/0*54! 0#*0! 3&! D*,0.?.D*0.(5! V.%%! .5I(%I$! *! 6(?1/! 9,(1D! *54! L! *9,$$! 0#*0! 0#$!,$/$*,?#$,!3*&!1/$!0#$!,$/1%0/!*/!4$/?,.2$4!.5!0#$!D%*.5!%*591*9$!/0*0$3$50S!!

dS!! L!*?+5(V%$49$!0#*0b!

• -#$!D(//.2%$!$66$?0/!(6!D*,0.?.D*0.59!.5!0#$!6(?1/!9,(1D!#*I$!2$$5!$RD%*.5$4!0(!3$^!• L! #*I$! 2$$5! .56(,3$4! 0#*0! L! *3! 6,$$! 0(! V.0#4,*V! 6,(3! 0#$! D,(f$?0! *0! *5&! 0.3$!

V.0#(10! $RD%*5*0.(5! (,! D,$f14.?$! *54! 0(! V.0#4,*V! *5&! 15D,(?$//$4! 4*0*! L! #*I$!D,(I.4$4^!

• -#$!D,(f$?0!./!6(,!0#$!D1,D(/$!(6!,$/$*,?#^!• L!#*I$!2$$5! .56(,3$4!0#*0!0#$!?(56.4$50.*%.0&!(6!0#$! .56(,3*0.(5! L!D,(I.4$!V.%%!2$!

/*6$91*,4$4!/12f$?0!0(!*5&!%$9*%!,$71.,$3$50/^!• L! #*I$!2$$5! .56(,3$4! 0#*0!V.0#!3&! ?(5/$50! 0#$! 6(?1/! 9,(1D!V.%%! 2$! *14.(W0*D$4!

*54! L!154$,/0*54! 0#*0!*14.(W0*D$/!V.%%!2$!/0(,$4!*0!H5.I$,/.0&!(6!:$%2(1,5$!*54!V.%%!2$!4$/0,(&$4!*60$,!6.I$!&$*,/^!!

• :&! 5*3$! V.%%! 2$! ,$D%*?$4! 2&! *! D/$14(5&3! .5! D12%.?*0.(5/! *,./.59! 6,(3! 0#$!,$/$*,?#^!

• L!#*I$!2$$5!.56(,3$4!0#*0!*!?(D&!(6!0#$!,$/$*,?#!6.54.59/!V.%%!2$!6(,V*,4$4!0(!3$G!/#(1%4!L!*9,$$!0(!0#./S!

• !

L!?(5/$50!0(!0#$!6(?1/!9,(1D!2$.59!*14.(W0*D$4!!!! ! ! !&$/!!! !5(!!!!

L!V./#!0(!,$?$.I$!*!?(D&!(6!0#$!/133*,&!,$D(,0!(5!,$/$*,?#!6.54.59/!!! !&$/!!!! !5(!!!!

;*,0.?.D*50!/.95*01,$b!! !!!!!!!!!!!!!!ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ! !

8*0$b! ! ! ! ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ!!!!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CAi!!

N;;JM8LK!db!L50$,I.$V!91.4$!>+$&!.56(,3*50/@!

!"#$%&'(b(+,-&'(.",/0"(!$-*6(

F&$8,*-9$%,&(

-#./! 6(?1/! 9,(1D! ./! 0#$! 6.,/0! D#*/$!(6! 0#$!D,(f$?0G!V#.?#! ./! *2(10!1/!4$I$%(D.59!*! ?(50$R01*%!6,*3$V(,+! 6(,! 0#$! .//1$G! 9.I$5! 0#$! %*?+! (6! D12%.?! ,$/$*,?#! *54! %.0$,*01,$! *2(10! 0#$!D#$5(3$5(5S! -#$! /$?(54! D#*/$! V.%%! .5I(%I$! .54.I.41*%! 6*?$W0(W6*?$! .50$,I.$V/! V.0#! &(159!D$(D%$!0(!4$I$%(D!*5!154$,/0*54.59!*54!3$*5.59!(6!0#$!.//1$!6,(3!0#$.,!D$,/D$?0.I$S!

aD)$(>%00(D)//"&(%&($D"(<,9-5('8,-/d(

-#$!6(?1/!9,(1D!V.%%!9(!6(,!cBWiB!3.510$/S!"1/*5!V.%%!2$!*/+.59!71$/0.(5/G!*54!L!V.%%!2$!0*+.59!5(0$/!(6!0#$!0#.59/!0#*0!*,$!4./?1//$4S!)$!V.%%!*%/(!2$!*14.(!0*D.59!0#$!4./?1//.(5S!!L0U/!P`!0(!.50$,,1D0! 1/! 0(! /0(D! 0#$! 9,(1DG! (,! 0#$! *14.(0*D$G! .6! &(1! 4(5U0!V./#! 0(! ?(50.51$! >.6! /(3$(5$!6$$%/!15?(36(,0*2%$!(,!1D/$0!*2(10! 0#.59/! 0#*0!*,$!2$.59! /*.4@S!-#$,$6(,$G! .0U/!P`! 6(,!&(1! 0(!V.0#4,*V!*0!*5&!0.3$G!*54!&(1!4(5U0!5$$4!0(!9.I$!1/!*!,$*/(5!$.0#$,S!

e-"5$%,&5(

• L?$2,$*+$,!• <(V!V(1%4!&(1!4$/?,.2$o5*3$!0#$!D#$5(3$5(5!T/$R0.59Uj!• <(V!V(1%4!&(1!4$/?,.2$!0#$!4.66$,$50!4.3$5/.(5/o6(,3/!(6!T/$R0.59Uj!• )#*0!,./+/!4(!&(1!6$$%!T/$R0.59U!D(/$/!6(,!&(159!D$(D%$j!• <(V!D,$I*%$50!4(!&(1!0#.5+!0#$!.//1$!(6!T/$R0.59U!./!*3(59/0!O;j!• )#.?#!O;!4(!&(1!0#.5+!*,$!3(/0!*0!,./+!.5!0$,3/!(6!T/$R0.59Uj!• )#*0!4(!&(1!/$$!*/!0#$!$66$?0/!(6!T/$R0.59U!1D(5!&(159!D$(D%$j!• )#*0G!.6!*5&0#.59!4(!&(1!0#.5+!5$$4/!0(!2$!4(5$!*2(10!T/$R0.59Uj!

S,&90-5%,&(

<(V!4.4!&(1! 6.54!2$.59! .5I(%I$4! .5! 0#$! 6(?1/!9,(1Dj! L6! &(1!#*I$!*5&!71$/0.(5/G! ?(5?$,5/!(,!V(1%4! f1/0! %.+$!3(,$! .56(,3*0.(5! *2(10! 0#$! ,$/$*,?#! D,(f$?0! &(1! ?*5! ?(50*?0! 0#$! _$/$*,?#!J0#.?/! P66.?$G! "#$%%$&! (,! #$,! /1D$,I./(,/S! -#$! ,$/1%0/! (6! 0#$! ,$/$*,?#! V.%%! 2$! D12%./#$4! .5! *!,$D(,0G!.5!f(1,5*%!*,0.?%$/!*54!D(0$50.*%%&!.5!0#$!3$4.*!*54!*0!?(56$,$5?$/S!)$!V.%%!/$54!&(1!*!?(D&!(6!0#$!,$/1%0/!.6!&(1!V(1%4!%.+$G!V#.?#!*,$!%.+$%&!0(!2$!D12%./#$4!*0!0#$!$54!(6!ABCBG!*54!0#$!,$/1%0/!V.%%!2$!*I*.%*2%$!(5!*!V$2/.0$!6(,!&(1!0(!*??$//S!F.5*%%&G!V$U4!%.+$!0(!0#*5+W&(1!6(,!D*,0.?.D*0.59!p!/#*,.59!&(1,!+5(V%$49$G!$RD$,0./$!p!$RD$,.$5?$!V.0#!1/S!!!

!

!

!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CXB!!

N;;JM8LK!Yb!;Q"!>&(159!D$(D%$@!

!"#$%&'(b(+,-&'(.",/0"(!$-*6(:&!5*3$!./!"#$%%$&!)*%+$,S!L!*3!*!:*/0$,/!/014$50G!*54!L!*3!4(.59!*!,$/$*,?#!D,(f$?0!0(!6.54!(10!V#*0!D$(D%$!&(1,!*9$!0#.5+!*2(10!0#$!.//1$!(6!T/$R0.59US!T"$R0.59U!./!*!5$V!V(,4!0#*0!3$*5/!u0#$! /$54.59!(6! /$R1*%%&!$RD%.?.0!D#(0(/!(,! I.4$(/!I.*!(5$/!3(2.%$!D#(5$vS!)#$5! L! 6.5./#!3&!D,(f$?0! .0! V.%%! 3$*5! 0#*0! L! V.%%! #*I$! ?(3D%$0$4! *! :*/0$,/! .5! _$/$*,?#S! L! #*I$! 0V(! D$(D%$!#$%D.59!3$!V.0#!3&!D,(f$?0G!V#(!*,$!?*%%$4!3&!/1D$,I./(,/S!-#$.,!5*3$/!*,$!Q$5*!"*5?.!*54!:$,$4.0#! -$3D%$W"3.0#S! )$! *%%! V(,+! .5! 0#$! 8$D*,03$50! (6! E$5$,*%! ;,*?0.?$! *0! :$%2(1,5$!H5.I$,/.0&S! ! -#$! D,(f$?0! #*/! #*4! 2$$5! *DD,(I$4! 2&! 0#$! <13*5! _$/$*,?#! J0#.?/! =(33.00$$!><_J=@!*0!0#$!H5.I$,/.0&!(6!:$%2(1,5$S!!

O(1!*,$!2$.59! .5I.0$4!0(!0*+$!D*,0! .5!0#./!,$/$*,?#!/014&G!210!2$6(,$!&(1!4$?.4$! .6!&(1!V(1%4!%.+$! 0(! 0*+$! D*,0G! .0! ./! .3D(,0*50! 6(,! &(1! 0(! 154$,/0*54!V#&! 0#$! ,$/$*,?#! ./! 2$.59! 4(5$! *54!V#*0!.0!V.%%!.5I(%I$S!;%$*/$!,$*4!0#$!6(%%(V.59!.56(,3*0.(5!?*,$61%%&!*54!4./?1//!.0!V.0#!(0#$,/!.6!&(1!V./#G! *54! D%$*/$! */+! 1/! .6! 0#$,$! ./! *5&0#.59! 0#*0! ./! 5(0! ?%$*,! (,! .6! &(1!V(1%4! %.+$!3(,$!.56(,3*0.(5S!!

aD)$(%5($D"(/-8/,5"(,<($D"(5$-*6d(((

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

aD)$(>%00(D)//"&($,(?"(%<(F($)="(/)8$d(((

L0!./!1D!0(!&(1!0(!4$?.4$!V#$0#$,!(,!5(0!0(!0*+$!D*,0S!L6!&(1!4$?.4$!0(!0*+$!D*,0!&(1!*,$!/0.%%!6,$$!0(!V.0#4,*V!*0!*5&!0.3$!*54!V.0#(10!9.I.59!*!,$*/(5S!L6!&(1!V*50!0(!2$!D*,0!(6!0#$!D,(f$?0G!&(1!V.%%!D*,0.?.D*0$!.5!*5!.54.I.41*%!.50$,I.$V!0#*0!V(1%4!0*+$!*2(10!*5!#(1,S!!-#$!(5%&!D$,/(5!V.0#!&(1! .5! 0#$! .50$,I.$V! V(1%4! 2$! 3$G! V#(! V(1%4! 2$! */+.59! &(1! *! ,*59$! (6! 71$/0.(5/S! ! -#$!.50$,I.$V!V.%%! 2$!*14.(! ,$?(,4$4G! *54! L!V.%%! 0*+$! /(3$!5(0$/!*/!V$%%S! -#$! .50$,I.$V!V.%%! 0*+$!D%*?$!*0!`5(R!O(10#!"$,I.?$/G! `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

!

((

a%00(?6($)=%&'(/)8$(%&($D%5(5$-*6(7"(="/$(9,&<%*"&$%)0d(((

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CXC!!

N%%!.56(,3*0.(5!?(%%$?0$4!*2(10!&(1!41,.59!0#$!?(1,/$!(6!0#$!,$/$*,?#!V.%%!2$!+$D0!?(56.4$50.*%!.5! *! %(?+$4! ?*2.5$0G!V#$,$!(5%&! 0#$! ,$/$*,?#$,/!#*I$!*??$//! 0(! 0#./! .56(,3*0.(5S! O(1!V.%%! 2$!,$6$,,$4!0(!2&!*!D/$14(5&3!*54!*5&!.56(,3*0.(5!*2(10!&(1!V.%%!#*I$!&(1,!5*3$!*54!*44,$//!,$3(I$4!0(!D,$I$50!&(1!6,(3!2$.59!,$?(95./$4S!!

aD)$(>%00(D)//"&($,($D"(8"5-0$5(,<($D"(8"5")89D(5$-*6d(((

-#$!,$/1%0/!(6!0#$!,$/$*,?#!V.%%!2$!D12%./#$4! .5!*!,$D(,0G! .5! f(1,5*%!*,0.?%$/!*54!D(0$50.*%%&! .5!0#$!3$4.*!*54!*0!?(56$,$5?$/S!)$!V.%%!/$54!&(1!*!?(D&!(6!0#$!,$/1%0/!.6!&(1!V(1%4!%.+$G!V#.?#!*,$! %.+$%&! 0(! 2$! D12%./#$4! *0! 0#$! $54! (6! ABCBS! O(1! V.%%! 5(0! 2$! .4$50.6.$4! .5! *5&! ,$D(,0/! (,!D12%.?*0.(5/S!O(1,!,$/$*,?#! .56(,3*0.(5!*54!,$?(,4/!V.%%!2$!+$D0!6(,!*!3.5.313!(6!6.I$!&$*,/!*60$,! V$! D12%./#! 0#$! 4*0*G! *54! 0#$5! 0#./! .56(,3*0.(5! V.%%! 2$! 4$/0,(&$4! */! D$,! H5.I$,/.0&!91.4$%.5$/S!

S,&$)9$(<,8(B-8$D"8(F&<,8?)$%,&((((

L6!&(1!#*I$!71$/0.(5/G!?(5?$,5/!(,!V(1%4!f1/0!%.+$!3(,$!.56(,3*0.(5!*2(10!0#$!D,(f$?0G!D%$*/$!?(50*?0!3&!/1D$,I./(,/!(,!3&/$%6b!!"#$%%$&!)*%+$,!g!/SV*%+$,|15.3$%2S$41S*1G!D#S!ieYd!XBYe!(,!BdBB!\Cd!\iA!Q$5*!"*5?.!g!%S/*5?.|15.3$%2S$41S*1G!D#S!\Xdd!cCYA!N//(?.*0$! ;,(6$//(,! :$,$4.0#! -$3D%$W"3.0#! W! 3S0$3D%$W/3.0#|15.3$%2S$41S*1G! D#S! \Xdd!XXeC!

S,&9"8&5(,8(S,?/0)%&$5(((

L6!&(1!#*I$!*5&!?(5?$,5/!(,!?(3D%*.50/!*2(10!0#$!V*&!0#$!,$/$*,?#!#*/!2$$5!?(541?0$4G!&(1!?*5! ?(50*?0! 0#$! JR$?10.I$! P66.?$,! (6! 0#$! <13*5! _$/$*,?#! J0#.?/! P66.?$! *0! 0#$! H5.I$,/.0&! (6!:$%2(1,5$!g!D#S!\Xdd!ABeXG!6*Rb!iXde!ceXi!!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CXA!!

N;;JM8LK!cb!=(5/$50!6(,3!>&(159!D$(D%$@!

!"#$%&'(b(+,-&'(.",/0"(!$-*6(

M*3$!(6!D*,0.?.D*50b!! ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ!

M*3$!(6!.5I$/0.9*0(,b!!!!!ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ!

CS!! L!?(5/$50!0(!D*,0.?.D*0$!.5!0#./!D,(f$?0G!0#$!4$0*.%/!(6!V#.?#!#*I$!2$$5!$RD%*.5$4!0(!3$G!*54!L!#*I$!2$$5!D,(I.4$4!V.0#!*!V,.00$5!D%*.5!%*591*9$!/0*0$3$50!0(!+$$DS!

AS!! L!154$,/0*54!0#*0!*60$,! L! /.95!*54!,$01,5!0#./!?(5/$50! 6(,3G! .0!V.%%!2$!,$0*.5$4!2&!0#$!,$/$*,?#$,S!

XS! L! 154$,/0*54! 0#*0! 3&! D*,0.?.D*0.(5! V.%%! .5I(%I$! *5! .50$,I.$V! *54! L! *9,$$! 0#*0! 0#$!,$/$*,?#$,!3*&!1/$!0#$!,$/1%0/!*/!4$/?,.2$4!.5!0#$!D%*.5!%*591*9$!/0*0$3$50S!!

dS! L!*?+5(V%$49$!0#*0b!

• -#$!D(//.2%$! $66$?0/! (6! D*,0.?.D*0.59! .5! 0#$! .50$,I.$V!#*I$!2$$5!$RD%*.5$4! 0(!3&!/*0./6*?0.(5^!

• L! #*I$! 2$$5! .56(,3$4! 0#*0! L! *3! 6,$$! 0(! V.0#4,*V! 6,(3! 0#$! D,(f$?0! *0! *5&! 0.3$!V.0#(10! $RD%*5*0.(5! (,! D,$f14.?$! *54! 0(!V.0#4,*V! *5&! 15D,(?$//$4! 4*0*! L! #*I$!D,(I.4$4^!

• -#$!D,(f$?0!./!6(,!0#$!D1,D(/$!(6!,$/$*,?#^!• L!#*I$!2$$5! .56(,3$4!0#*0!0#$!?(56.4$50.*%.0&!(6!0#$! .56(,3*0.(5!L!D,(I.4$!V.%%!2$!

/*6$91*,4$4!/12f$?0!0(!*5&!%$9*%!,$71.,$3$50/^!• L!#*I$!2$$5!.56(,3$4!0#*0!V.0#!3&!?(5/$50!0#$!.50$,I.$V!V.%%!2$!*14.(W0*D$4!*54!L!

154$,/0*54!0#*0!*14.(W0*D$/!V.%%!2$!/0(,$4!*0!H5.I$,/.0&!(6!:$%2(1,5$!*54!V.%%!2$!4$/0,(&$4!*60$,!6.I$!&$*,/^!!

• :&!5*3$!V.%%!2$!,$6$,,$4!0(!2&!*!D/$14(5&3!.5!*5&!D12%.?*0.(5/!*,./.59!6,(3!0#$!,$/$*,?#^!

• L!#*I$!2$$5!.56(,3$4!0#*0!*!?(D&!(6!0#$!,$/$*,?#!6.54.59/!V.%%!2$!6(,V*,4$4!0(!3$G!/#(1%4!L!*9,$$!0(!0#./S!

! !

L!?(5/$50!0(!0#$!.50$,I.$V!2$.59!*14.(W0*D$4!!! ! ! ! !&$/!!! !5(!!!!

L!V./#!0(!,$?$.I$!*!?(D&!(6!0#$!/133*,&!,$D(,0!(5!,$/$*,?#!6.54.59/!!! !&$/!!!! !5(!!!!

;*,0.?.D*50!/.95*01,$b!! ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ! !

8*0$b! ! ! ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ!!!!! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CXX!!

N;;JM8LK!eb!O(159!D$(D%$U/!?(50*?0!4$0*.%/!

!"#$%&'(b(+,-&'(.",/0"(!$-*6(

GENDER (please tick one box) Male ! Female ! Unspecified !

AGE (please tick one box) 15 – 17 years ! 18 – 20 years !

Would you like to receive the final report? Yes ! No ! Contact details (for getting in touch & sending final report)

Name: ___________________________________________________

Email: __________________________________________________

Phone: __________________________________________________

Postal Address: (if you’d like a copy of the report sent to you)

_________________________________________________________

_________________________________________________________!

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CXd!!

N;;JM8LK!\b!;Q"!>D*,$50!o!91*,4.*5@!

!"#$%&'(b(+,-&'(.",/0"(!$-*6(F&$8,*-9$%,&(((

:&!5*3$!./!"#$%%$&!)*%+$,S!L!*3!*!_$/$*,?#!F$%%(V!*0!0#$!H5.I$,/.0&!(6!:$%2(1,5$G!*54!L!*3!4(.59!*!,$/$*,?#!D,(f$?0!0(!6.54!(10!V#*0!&(159!D$(D%$!+5(V!*54!154$,/0*54!*2(10!0#$!.//1$!(6! T/$R0.59US! T"$R0.59U! ./! *! 5$V!V(,4! 0#*0!3$*5/! u0#$! /$54.59! (6! /$R1*%%&! $RD%.?.0! D#(0(/! (,!I.4$(/! I.*! (5$/! 3(2.%$! D#(5$vS! ! )#$5! L! 6.5./#! 3&! D,(f$?0! .0! V.%%! 3$*5! 0#*0! L! V.%%! #*I$!?(3D%$0$4! *!:*/0$,/! .5! _$/$*,?#S! L! #*I$! 0V(! D$(D%$! #$%D.59!3$!V.0#!3&! D,(f$?0G! V#(! *,$!?*%%$4! 3&! /1D$,I./(,/S! -#$.,! 5*3$/! *,$! 8,S! Q$5*! "*5?.! *54! N//(?.*0$! ;,(6$//(,! :$,$4.0#!-$3D%$W"3.0#S!)$! *%%!V(,+! .5! 0#$!8$D*,03$50! (6!E$5$,*%! ;,*?0.?$! *0!:$%2(1,5$!H5.I$,/.0&S!!-#$!D,(f$?0!#*/!#*4!2$$5!*DD,(I$4!2&!0#$!<13*5!_$/$*,?#!J0#.?/!=(33.00$$! ><_J=@!*0! 0#$!H5.I$,/.0&!(6!:$%2(1,5$S!O(1,!?#.%4o&(159!D$,/(5!.5!&(1,!?*,$!./!2$.59!.5I.0$4!0(!0*+$!D*,0!.5!0#./!,$/$*,?#!/014&G!210!2$6(,$!&(1!4$?.4$!V#$0#$,!(,!5(0!&(1!V(1%4!%.+$!0#$3!0(!0*+$!D*,0!.5!0#$!,$/$*,?#G!.0!./!.3D(,0*50!6(,!&(1!0(!154$,/0*54!V#&!0#$!,$/$*,?#!./!2$.59!4(5$!*54!V#*0!.0!V.%%! .5I(%I$S!;%$*/$! ,$*4! 0#$! 6(%%(V.59! .56(,3*0.(5! ?*,$61%%&! *54!4./?1//! .0!V.0#!(0#$,/! .6! &(1!V./#G! *54! D%$*/$! */+! 1/! .6! 0#$,$! ./! *5&0#.59! 0#*0! ./! 5(0! ?%$*,! (,! .6! &(1! V(1%4! %.+$! 3(,$!.56(,3*0.(5S!!

aD)$(%5($D"(/-8/,5"(,<($D"(5$-*6d(((

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

;,"5(?6(9D%0*\6,-&'(/"85,&(%&(?6(9)8"(D)4"($,($)="(/)8$d(((

L0! ./!1D! 0(!&(1! 0(!4$?.4$!V#$0#$,!(,!5(0! 0#$&! 0*+$!D*,0S! L6! &(1!4$?.4$! 6(,! 0#$3!0(! 0*+$!D*,0G!0#$&!*,$!/0.%%!6,$$!0(!V.0#4,*V!*0!*5&!0.3$!*54!V.0#(10!9.I.59!*!,$*/(5S!!

aD)$(>%00(D)//"&($,(?"(%<(F($)="(/)8$d(((

L6!&(1!*,$!#*DD&!6(,!&(1,!?#.%4o&(159!D$,/(5! .5!&(1,!?*,$!0(!2$!D*,0!(6!0#$!D,(f$?0G!0#$&!V.%%!D*,0.?.D*0$! .5! *5! .54.I.41*%! .50$,I.$V! (6! XBWdB! 3.510$/S! L! V.%%! 2$! 6*?.%.0*0.59! 0#$! .50$,I.$V/G!V#.?#!V.%%! 2$! *14.(! ,$?(,4$4G! *54!V.%%! 0*+$! D%*?$! *0! `5(R! O(10#! "$,I.?$/G! `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

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CXY!!

a%00(?6(9D%0*(\(6,-&'(/"85,&(%&(?6(9)8"($)=%&'(/)8$(%&($D%5(5$-*6(7"(="/$(9,&<%*"&$%)0d(((

N%%! .56(,3*0.(5G!V#.?#! ./!?(%%$?0$4!*2(10!0#$3!41,.59!0#$!?(1,/$!(6!0#$!,$/$*,?#!V.%%!2$!+$D0!?(56.4$50.*%!.5!*!%(?+$4!?*2.5$0G!V#$,$!(5%&!0#$!,$/$*,?#$,/!#*I$!*??$//!0(!0#./!.56(,3*0.(5S!L5!0#$!/014&!0#$&!V.%%!2$!,$6$,,$4!0(!2&!*!D/$14(5&3!*54!*5&!.56(,3*0.(5!*2(10!0#$3!V.%%!#*I$!0#$.,!5*3$!*54!*44,$//!,$3(I$4!0(!D,$I$50!0#$3!6,(3!2$.59!,$?(95./$4S!!

aD)$(>%00(D)//"&($,($D"(8"5-0$5(,<($D"(8"5")89D(5$-*6d(((

-#$!,$/1%0/!(6!0#$!,$/$*,?#!V.%%!2$!D12%./#$4! .5!*!,$D(,0G! .5! f(1,5*%!*,0.?%$/!*54!D(0$50.*%%&! .5!0#$!3$4.*!*54!*0!?(56$,$5?$/S!)$!V.%%!/$54!&(1,!?#.%4o&(159!D$,/(5!.5!&(1,!?*,$!*!?(D&!(6!0#$!,$/1%0/!.6!0#$&!V(1%4!%.+$G!V#.?#!*,$!%.+$%&!0(!2$!D12%./#$4!*0!0#$!$54!(6!ABCBS!-#$&!V.%%!5(0!2$!.4$50.6.$4! .5!*5&! ,$D(,0/!(,!D12%.?*0.(5/S!-#$.,! ,$/$*,?#! .56(,3*0.(5!*54!,$?(,4/!V.%%!2$!+$D0!6(,! *! 3.5.313! (6! 6.I$! &$*,/! *60$,! V$! D12%./#! 0#$! 4*0*G! *54! 0#$5! 0#./! .56(,3*0.(5! V.%%! 2$!4$/0,(&$4!*/!D$,!H5.I$,/.0&!91.4$%.5$/S!

S,&$)9$(<,8(B-8$D"8(F&<,8?)$%,&((((

L6!&(1!#*I$!71$/0.(5/G!?(5?$,5/!(,!V(1%4!f1/0!%.+$!3(,$!.56(,3*0.(5!*2(10!0#$!D,(f$?0G!D%$*/$!?(50*?0!3&/$%6!(,!3&!/1D$,I./(,/b!!"#$%%$&!)*%+$,!g!/SV*%+$,|15.3$%2S$41S*1G!D#S!ieYd!XBYe!(,!BdBB!\Cd!\iAG!Q$5*!"*5?.!g!%S/*5?.|15.3$%2S$41S*1G!D#S!\Xdd!cCYAG!:$,$4.0#!-$3D%$W"3.0#!W! 3S0$3D%$W/3.0#|15.3$%2S$41S*1G! D#S! \Xdd! XXeC! (,! 0#$! JR$?10.I$! P66.?$,! (6! 0#$! <13*5!_$/$*,?#!J0#.?/!P66.?$!*0!0#$!H5.I$,/.0&!(6!:$%2(1,5$!g!D#S!\Xdd!ABeXG!6*Rb!iXde!ceXiS!! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CXc!!

N;;JM8LK!ib!=(5/$50!6(,3!>D*,$50!o!91*,4.*5@!

!"#$%&'(b(+,-&'(.",/0"(!$-*6( M*3$!(6!D*,0.?.D*50b!! ! ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ!

M*3$!(6!D*,$50o91*,4.*5b!! ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ!

M*3$!(6!.5I$/0.9*0(,b!!!!! ! ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ!

CS! L! ?(5/$50! 0(! 0#$! D*,0.?.D*0.(5! (6! 3&! ?#.%4o0#$! &(159! D$,/(5! .5! 3&! ?*,$! .5! 0#./! D,(f$?0G! 0#$!4$0*.%/! (6! V#.?#! #*I$! 2$$5! $RD%*.5$4! 0(!3$G! *54! L! #*I$! 2$$5! D,(I.4$4!V.0#! *!V,.00$5! D%*.5!%*591*9$!/0*0$3$50!0(!+$$DS!

AS!! L!154$,/0*54!*60$,!L!/.95o,$01,5!0#./!6(,3!.0!V.%%!2$!,$0*.5$4!2&!0#$!,$/$*,?#$,S!

XS! L! 154$,/0*54! 0#*0! 0#$! D*,0.?.D*0.(5! (6!3&! ?#.%4o0#$! &(159! D$,/(5! .5!3&! ?*,$!V.%%! .5I(%I$! *5!.50$,I.$V!*54!L!*9,$$!0#*0!0#$!,$/$*,?#$,!3*&!1/$!0#$!,$/1%0/!*/!4$/?,.2$4!.5!0#$!D%*.5!%*591*9$!/0*0$3$50S!!

dS! L!*?+5(V%$49$!0#*0b!

• -#$!D(//.2%$!$66$?0/!(6!D*,0.?.D*0.59!.5!0#$!.50$,I.$V!#*I$!2$$5!$RD%*.5$4!0(!3$^!• L!#*I$!2$$5!.56(,3$4!0#*0!3&!?#.%4o0#$!&(159!D$,/(5!.5!3&!?*,$!./!6,$$!0(!V.0#4,*V!6,(3!0#$!

D,(f$?0!*0!*5&!0.3$!V.0#(10!$RD%*5*0.(5!(,!D,$f14.?$!*54!0(!V.0#4,*V!*5&!15D,(?$//$4!4*0*!L!#*I$!D,(I.4$4^!

• -#$!D,(f$?0!./!6(,!0#$!D1,D(/$!(6!,$/$*,?#^!• L!#*I$!2$$5!.56(,3$4!0#*0!0#$!?(56.4$50.*%.0&!(6!0#$!.56(,3*0.(5!3&!?#.%4o0#$!&(159!D$,/(5!.5!

3&!?*,$!D,(I.4$/!V.%%!2$!/*6$91*,4$4!/12f$?0!0(!*5&!%$9*%!,$71.,$3$50/^!• L!#*I$!2$$5!.56(,3$4!0#*0!V.0#!3&!?#.%4o0#$!&(159!D$,/(5!.5!3&!?*,$U/!.50$,I.$V!V.%%!2$!*14.(W

0*D$4!*54!L!154$,/0*54!0#*0!*14.(W0*D$/!V.%%!2$!/0(,$4!*0!H5.I$,/.0&!(6!:$%2(1,5$!*54!V.%%!2$!4$/0,(&$4!*60$,!6.I$!&$*,/^!!

• :&! ?#.%4o0#$! &(159! D$,/(5! .5! 3&! ?*,$U/! 5*3$! V.%%! 2$! ,$6$,,$4! 0(! 2&! *! D/$14(5&3! .5! *5&!D12%.?*0.(5/!*,./.59!6,(3!0#$!,$/$*,?#^!

• L! #*I$!2$$5! .56(,3$4! 0#*0!*! ?(D&!(6! 0#$! ,$/$*,?#! 6.54.59/!V.%%! 2$! 6(,V*,4$4! 0(!3&!?#.%4o0#$!&(159!D$,/(5!.5!3&!?*,$G!/#(1%4!L!*9,$$!0(!0#./S!

L!?(5/$50!0(!0#$!.50$,I.$V!2$.59!*14.(W0*D$4!!! ! ! !&$/!!!! !5(!!!!

)$!V(1%4!%.+$!0(!,$?$.I$!*!?(D&!(6!0#$!/133*,&!,$D(,0!(5!,$/$*,?#!6.54.59/!!! ! !! ! ! ! ! ! ! ! ! !&$/!!!! !5(!!!!

;*,0.?.D*50!/.95*01,$b!! ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ! !

8*0$b!!!!!!!!!!!!!!!!!!! ! ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ! !

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CXe!!

N;;JM8LK!CBb!_$/(1,?$!D*?+!?(50$50/!

!"#$%&'(b(+,-&'(.",/0"(!$-*6( For minors to give to Parent/Guardian

• Talking Sexual Health – A Guide for Parents Booklet • SAFE SEXTING: No Such Thing brochure • Cybersmart Guide for Parents (Aust. Communication & Media

Authority) • Parentline (telephone counselling, info. & referral for parents)

brochure • Parentzone (resources and support for parents) brochure • Who’s looking out for your child online? brochure (Aust. Gov Net

Alert) • Parent/Guardian Consent Form • Parent/Guardian PLS

For young people after individual interviews

• List of local services & supports • Information for Opting-in via Snowball Sampling • Cybersmart Kids Online Resources (ACMA)

" The Cybersmart Guide to Socialising " How to be Phone Smart & Stay Safe

• Am I Old Enough: common legal issues for YP – Victorian Legal Aid

• Sexual Assault: the law, your rights as a victim – Vict. Legal Aid

• KISS: Guide to Safe Sex • Services & Support Brochures/Resources

" Knox Community Health Service " Same Sex Attracted YPs Support Group " Eastern Centre Against Sexual Assault " Eastern Drug & Alcohol Service " Action Centre (Youth Health Service) " Knox Youth Services " EACH Youth Health Clinic " Beyond Blue (Depression info/support) " Kids Help Line

! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CX\!!

N;;JM8LK!CCb!O(159!D$(D%$U/!(D0!L5!6%&$,!

Giving meaning to the phenomenon of ‘sexting’ from young people’s perspective

We’re looking for 15-20 year olds who’d like

to participate in some research about technology & young people!

Don’t know what ‘sexting’ is... It’s the sending or receiving of sexually explicit images

& videos via a mobile phone

We don’t want to know about your experience of sexting.

We are interested in what you know & think about it!

If you’re interested contact Shelley Walker 0400 814892 [email protected]

Shelley is completing a Masters in Research at the Department of General Practice at The University of

Melbourne !! !

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CXi!!

N;;JM8LK!CAb!-#.,4!D*,0&!/?,.D0!>&(159!D$(D%$@!

!"#$%&'(b(+,-&'(.",/0"(!$-*6( Shelley Walker, the Youth Health Worker from Knox Community Health Service is completing some research with the University of Melbourne to find out what young people know and think about the issue of ‘sexting’. ‘Sexting’ is when someone sends or receives a sexually explicit photo or video via their mobile phone. Shelley is seeking young people your age to be involved in individual interviews to talk about what they know and think about the issue of ‘sexting’ amongst young people. She would like to talk to you about the possibility of your being involved. Shelley has been invited to our class/group (TAFE/University/SSAY program/youth council/JPET to talk more about the project and what it would mean for you to be involved, and to provide an opportunity for you to ask questions so that you can make a decision about whether you want to be involved or not. As this is happening at the end of our class/group session you do not have to stay if you are not interested. You are under no obligation to participate if you don’t want to, and it is important that you understand that if you decide NOT to participate that this will not affect your assessments / grades / or the way you are treated within this course / program.!! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CdB!!

N;;JM8LK!CXb!_$/$*,?#$,!/?,.D0!>&(159!D$(D%$@!

!"#$%&'(b(+,-&'(.",/0"(!$-*6(.D)5"(G1(AD"(4,%9"5(,<(6,-&'(/",/0"((

<$%%(k!:&!5*3$!./!"#$%%$&S!LU3!*!/014$50!*0!0#$!H(:G!*54!LU3!4(.59!*!,$/$*,?#!D,(f$?0!0(!6.54!(10!V#*0!D$(D%$!&(1,!*9$!0#.5+!*2(10!T/$R0.59UG!V#.?#!3$*5/!T0#$!/$54.59!(6!/$R1*%%&!$RD%.?.0!D#(0(/!(,!I.4$(/!I.*!(5$/!3(2.%$!D#(5$US!L0U/!1D!0(!&(1!V#$0#$,!(,!5(0!0(!0*+$!D*,0G!*54!.6!&(1!4$?.4$!0(!0*+$!D*,0!&(1!?*5!V.0#4,*V!*0!*5&!0.3$!V.0#(10!9.I.59!*!,$*/(5S!!

F&4%$)$%,&($,(7"(%&4,04"*(((

LU4! %.+$! 0(! .5I.0$! &(1! 0(! 2$! *! D*,0! (6! 0#./! /014&G! 210! 2$6(,$! &(1! 4$?.4$! .6! &(1U4! %.+$! 0(! 0*+$! D*,0G! .0U/!.3D(,0*50!&(1!154$,/0*54!V#&!0#$!,$/$*,?#!./!2$.59!4(5$!*54!V#*0!.0!V.%%! .5I(%I$S!N/!&(1U,$!D,(2*2%&!*V*,$G! 0#$,$U/! 2$$5! %(0/! (6! .56(S! .5! 0#$!3$4.*! *2(10! 0#$! .//1$! (6! T/$R0.59U! *54!V$U,$! #$*,.59! %(0/! (6!/0(,.$/!*2(10!?*/$/!.5!/?#((%/!p!6,(3!D(%.?$S!!)$U,$!?(5?$,5$4!&(159!D$(D%$U/!I(.?$/!*,$!3.//.59!6,(3!0#$!4./?1//.(5G!/(!V$!6$$%! .0U/!,$*%%&! .3D(,0*50!0#*0!V$!0*%+!0(!0#$3G!0(!9$0!*!D.?01,$!(6!0#$!.//1$!6,(3!0#$.,!D(.50!(6!I.$VS!O(159!D$(D%$!V(5U0!2$!$RD$?0$4!0(!/#*,$!.56(,3*0.(5!*2(10!0#$3/$%I$/!>*D*,0!6,(3!0#$.,!*9$!*54!9$54$,@S!)$U,$!3(,$! .50$,$/0$4! .5! 0#$.,! I.$V/!p!154$,/0*54.59!(6! 0#$! .//1$!(6! T/$R0.59U!*3(59/0! (0#$,! &(159!D$(D%$S! O(1U,$! 154$,! 5(!(2%.9*0.(5! 0(! D*,0.?.D*0$! .6! &(1!4(5U0!V*50! 0(G! *54! .0U/!.3D(,0*50! 0#*0! &(1! 154$,/0*54! 0#*0! .6! &(1! 4$?.4$! MP-! 0(! D*,0.?.D*0$! 0#*0! 0#./! V.%%! 5(0! *66$?0! &(1,!*//$//3$50/o9,*4$/o(,!0#$!V*&!&(1!*,$!0,$*0$4!V.0#.5!0#./!?(1,/$!o!D,(9,*3S!

aD)$(>,-0*(7"%&'(%&4,04"*(?")&d(((

L6!&(1!V*50!0(!2$!D*,0!(6!0#$!D,(f$?0G!&(1!V(1%4!D*,0.?.D*0$!.5!*5!.50$,I.$V!6(,!XBWdB!3.510$/S!O(1!V.%%!2$!9.I$5!*!;Q"!V.0#!3(,$!.56(!*2(10!0#$!D,(f$?0G!*54!*!6(,3!6(,!&(1!(,!&(1,!D*,$50o91*,4.*5!0(!/.95!0(!/#(V!&(1!154$,/0*54!V#*0!&(1U,$!2$.59!.5I(%I$4!.5S! L6!&(1U,$!154$,!C\!&$*,/!&(1U%%!2$!,$71.,$4!0(!9$0!D*,$50o91*,4.*5!?(5/$50G!15%$//!0#$,$U/!*!9((4!,$*/(5!V#&!&(1!?*5U0!4(!0#./S!!LU%%!9.I$!&(1!/(3$!.56(S!0(!0*+$!#(3$!*54!*!6(,3!6(,!&(1,!D*,$50o91*,4.*5!0(!/.95S!LU%%!2$!0#$!(5%&!(5$!.5!0#$!.50$,I.$V/!V.0#!&(1G!V#.?#! V.%%! 2$! *14.(! ,$?(,4$4G! *54! V.%%! 0*+$! D%*?$! *0! `5(R! O(10#! "$,I.?$/G! `5(R! =(3315.0&! <$*%0#!"$,I.?$!(,!"V.521,5$!-NFJS!-#$,$!V.%%!2$!*!,$D(,0!(6!0#$!,$/$*,?#G!V#.?#!&(1U%%!2$!*2%$!0(!9$0!*!?(D&!(6S!-#$!.56(!3.9#0!*%/(!2$!,$D(,0$4!.5!0#$!3$4.*G!210!&(1!V(5U0!2$!.4$50.6.$4!.5!0#$/$S!

a%00(?6($)=%&'(/)8$(%&($D%5(5$-*6(7"(="/$(9,&<%*"&$%)0d(((

N%%!.56(S!?(%%$?0$4!V.%%!2$!+$D0!?(56.4$50.*%!.5!*!%(?+$4!?*2.5$0G!V#$,$!(5%&!0#$!,$/$*,?#$,/!#*I$!*??$//G!p!&(1U%%!2$!,$6$,,$4!0(!2&!D/$14(5&3G!/(!*5&!.56(S!*2(10!&(1!V.%%!#*I$!&(1,!5*3$o*44,$//!,$3(I$4!/(!.0U/! #*,4! 6(,! &(1! 0(!2$! ,$?(95./$4S!_$/1%0/!V.%%! 2$!D12%./#$4! .5! *! ,$D(,0G! f(1,5*%! *,0.?%$/!p!3*&2$! 0#$!3$4.*!p!?(56$,$5?$/S!)$U%%!/$54!&(1!*!?(D&!(6!0#$!,$/1%0/!.6!&(1U4!%.+$G!V#.?#!*,$!%.+$%&!0(!2$!D12%./#$4!*0!0#$!$54!(6!ABCBS!!

aD)$(*,(6,-(&""*($,(*,(%<(6,-(>)&$($,(7"(%&4,04"*d(((

LU3!9(.59! 0(!9.I$!&(1! /(3$!V,.00$5! .56(S! *2(10! 0#$!D,(f$?0! >;Q"U/@! *54!?(5/$50! 6(,3/! 6(,! &(1!(,! &(1,!D*,$50o91*,4.*5!0(!/.95G!*/!V$%%!*/!*!6(,3!0(!,$?(,4!&(1,!?(50*?0!4$0*.%/!/(!0#*0!L!?*5!9$0!.5!0(1?#!V.0#!&(1!*2(10!V#$5!0#$!.50$,I.$V/!V.%%!#*DD$5S!! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CdC!!

N;;JM8LK!Cdb!:*01,$!:.5(,!;,(?$//!

!"#$%&'(b(+,-&'(.",/0"(!$-*6(

! !

N//$//!3*01,$!3.5(,!$%.9.2.%.0&!(6!&(159!D$,/(5!O(159!D$,/(5!*//$//$4!*/!

MP-!3*01,$!3.5(,!O(159!D$,/(5!*//$//$4!*/!

3*01,$!3.5(,!

O(159!D$,/(5!4($/!MP-!)L"<!-P!(,!./!HMNaQJ!0(!(20*.5!D*,$50!o91*,4.*5!?(5/$50!

O(159!D$,/(5!*9$4!CY!W!Ce!.54.?*0$/!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!0#$&!*,$!.50$,$/0$4!.5!D*,z?.D*z59!.5!0#$!,$/$*,?#!

N//$//!V.%%.595$//!p!*2.%.0&!0(!(20*.5!D*,$50o91*,4.*5!?(5/$50!

!MP-!$%.9.2%$!!! JQLELaQJ!0(!D*,0.?.D*0$!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CdA!!

N;;JM8LK!CYb!L50$,I.$V!91.4$!>&(159!D$(D%$@!

!"#$%&'(b(+,-&'(.",/0"(!$-*6(

<.k! LU3!"#$%%$&S! LU3!9(.59!0(!0$%%!&(1!*!2.0!*2(10!3&/$%6!*54!0#$!,$/$*,?#!D,(f$?0!*54!V#*0! .0!3$*5/! 0(! 2$! D*,0.?.D*0.59! .5! 0#./! .50$,I.$VS! "(3$! (6! 0#$! .56(,3*0.(5! L! 0$%%! &(1! 3.9#0! 2$! *!,$D$*0! (6! .56(,3*0.(5! &(1! *%,$*4&! +5(V! >6,(3!&(1,! 0$*?#$,! o! &(1,! D#(5$! ?*%%!V.0#!3$! o! *5!$3*.%! o!$0?S@G!210! L!5$$4! 0(!9(! 0#,(19#! .0! *9*.5G! f1/0! 0(!3*+$! /1,$!&(1!*,$! ,$*%%&! ?%$*,!*2(10!V#*0!.0!./!&(1!*,$!0*+.59!D*,0!.5G!*54!V#*0!0#./!3$*5/!6(,!&(1S!!LU3!*!"-H8JM-!*0!0#$!H(:G!*54!LU3!4(.59!*!,$/$*,?#!D,(f$?0!0(!6.54!(10!V#*0!D$(D%$!&(1,!*9$!0#.5+!*2(10!0#$!.//1$!(6!T/$R0.59US!T"$R0.59U!./!*!5$V!V(,4!0#*0!3$*5/!u0#$!/$54.59!(6!/$R1*%%&!$RD%.?.0! D#(0(/! (,! I.4$(/! I.*! (5$/! 3(2.%$! D#(5$vS! L! #*I$! 0V(! D$(D%$! #$%D.59! 3$! V.0#! 3&!D,(f$?0G! V#(! *,$! ?*%%$4!3&! /1D$,I./(,/S! -#$.,! 5*3$/! *,$! Q$5*! "*5?.! *54!:$,$4.0#! -$3D%$W"3.0#S!)$!*%%!V(,+!.5!0#$!8E;!*0!HP:S!!!

aD)$(%5($D"(/-8/,5"(,<($D"(5$-*6d(

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

aD)$(>%00(D)//"&(%&($D"(%&$"84%">d(

-#$!.50$,I.$V!V.%%!9(!6(,!XBWdB!3.510$/S!L!V.%%!2$!0*+.59!5(0$/G!*54!!V.%%!*%/(!2$!*14.(!0*D.59!0#$!4./?1//.(5S!L0U/!,$*%%&!.3D(,0*50!0#*0!&(1!+5(V!.0U/!P`!6(,!1/!0(!/0(D!0#$!.50$,I.$V!*0!*5&!0.3$G!(,! 0(!/0(D! 0#$!*14.(! 0*D$G! .6!&(1!4(5U0!V./#! 0(!?(50.51$! >.6!&(1! 6$$%!15?(36(,0*2%$G!(,!1D/$0!*2(10! 0#.59/! 0#*0! ?(3$! 1D! 6(,! &(1! .5! 0#$! .50$,I.$V@! (,! &(1! f1/0! 4(5U0! V*50! 0(! 9(! (5! *54!?(3D%$0$!0#$!.50$,I.$VS!!"(!.0U/!P`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a10!&(1!?*5!*%/(!D#(5$!3$!.6!&(1!5$$4!0(S!!!LU3!9(.59!0(!2$!*/+.59!&(1!71$/0.(5/!*2(10!0#$!.//1$!(6!/$R0.59G!0(!9$0!*!2$00$,!D.?01,$!(6!V#*0!&(159! D$(D%$! +5(V! *54! 154$,/0*54! *2(10! 0#$! .//1$S! ;%$*/$! 4(5U0! /#*,$! .56(,3*0.(5! *2(10!&(1,/$%6G!*/!0#*0U/!5(0!V#*0!V$!*,$! .50$,$/0$4! .5S!)$U4!,*0#$,!+5(V!V#*0!&(1!0#.5+!*2(10! .0G!*54! +5(V! *2(10! .0! *3(59/0! (0#$,! &(159! D$(D%$S! L6! &(1! *2/(%10$%&! 6$$%! 0#$! 5$$4! 0(! /#*,$! *!/0(,&!*2(10!/(3$(5$!&(1!+5(VG!&(1!?*5!3*+$!1D!*!5*3$!(,!f1/0!0*%+!*2(10!0#./!D$,/(5!.5!0#$!X,4!D$,/(5!>0#$&G!#$G!/#$!(,!0#$3@S!-#./!3$*5/!&(1,/!*54!&(1,!6,.$54/!(,!0#$!D$(D%$!&(1!+5(V/!?(56.4$50.*%%&!?*5!2$!D,(0$?0$4!*/!31?#!*/!D(//.2%$S!O(1,!5*3$!V.%%!5(0!*DD$*,!.5!0#$!,$/1%0/!(6!0#$!,$/$*,?#!g!V$!V.%%!1/$!*!D/$14(5&3G!V#.?#!3$*5/!V$!V.%%!3*+$!1D!*!5*3$!6(,!&(1G!/(!.0!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CdX!!

V.%%! 2$! #*,4! 6(,! (0#$,/! 0(! ,$?(95./$! &(1,! ?(33$50/S! N%/(G! D%$*/$! 8P! MP-! /#*,$! *5&!.56(,3*0.(5!*2(10!.%%$9*%!2$#*I.(1,/G!*/!L!?*5U0!91*,*50$$!*2/(%10$!?(56.4$50.*%.0&!.5!,$%*0.(5!0(!.%%$9*%!2$#*I.(1,!0#*0!&(1!0*%+!*2(10S!-#$!(5%&!(0#$,!0#.59!L!5$$4!0(!3$50.(5!./!0#*0!.6!&(1!/#*,$!/(3$0#.59! 0#*0! L! 0#.5+!3$*5/! 0#*0! &(1!*,$!*0! ,./+!(6!#1,0.59! &(1,/$%6! (,!(0#$,/G!(,! *0! ,./+!(6!2$.59!#1,0G!0#*0!L!*3!$0#.?*%%&!2(154!0(!.56(,3!/(3$(5$!V#(!?*5!#$%D!&(1S!!

e-"5$%,&5(

<(V!V(1%4!&(1!4$/?,.2$!(,!5*3$!0#$!D#$5(3$5(5!0#*0!./!?*%%$4!/$R0.59j!<(V!V(1%4!&(1!4$/?,.2$!0#$!4.66$,$50!0&D$/!(,!6(,3/!(6!/$R0.59j!)#*0!4(!&(1!0#.5+!0#$!,./+/!(6!/$R0.59!*,$!6(,!&(159!D$(D%$j!<(V!D,$I*%$50!4(!&(1!0#.5+!0#$!.//1$!(6!/$R0.59!./!*3(59/0!&(159!D$(D%$j!)#.?#!&(159!D$(D%$!4(!&(1!0#.5+!*,$!3(/0!*0!,./+!.5!0$,3/!(6!/$R0.59j!)#*0!4(!&(1!/$$!*/!0#$!$66$?0/!(6!/$R0.59!1D(5!&(159!D$(D%$j!)#*0G!.6!*5&0#.59!4(!&(1!0#.5+!5$$4/!0(!2$!4(5$!*2(10!0#$!.//1$!(6!/$R0.59j!

S,&90-5%,&(

_$3.54$,!(6!0#$!,*0.(5*%$!6(,!D,(f$?0!<(V!V*/!0#$!$RD$,.$5?$!(6!2$.59!.50$,I.$V$4j!E(! 0#,(19#! ,$/(1,?$! D*?+G! ,$3.54.59! 0#*0! .//1$/! 3*&! *,./$! %*0$,! (5G! *54! 0#$&! ?*5! ?(50*?0!/$,I.?$/G!/1DD(,0/!(,!*??$//!V$2/.0$/!6(,!.56(,3*0.(5S!!L6!&(1!#*I$!*5&!71$/0.(5/G!?(5?$,5/!(,!V(1%4! f1/0! %.+$! 3(,$! .56(,3*0.(5! *2(10! 0#$! ,$/$*,?#! D,(f$?0! &(1! ?*5! ?(50*?0! 3$! (,! 3&!/1D$,I./(,/!(,!0#$!_$/$*,?#!J0#.?/!P66.?$S!-#$!,$/1%0/!(6!0#$!,$/$*,?#!V.%%!2$!D12%./#$4! .5!*!,$D(,0G! .5! f(1,5*%!*,0.?%$/!*54!D(0$50.*%%&! .5!0#$!3$4.*!*54!*0!?(56$,$5?$/S!)$!V.%%!/$54!&(1!*!?(D&!(6!0#$!,$/1%0/!.6!&(1!V(1%4!%.+$G!V#.?#!*,$!%.+$%&!0(!2$!D12%./#$4!*0!0#$!$54!(6!ABCBG!*54!0#$!,$/1%0/!V.%%!2$!*I*.%*2%$!(5!*!V$2/.0$!6(,!&(1!0(!*??$//!0((S!! !

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Cdd!!

N;;JM8LK!Ccb!8./0,$//!o!4./?%(/1,$!D,(0(?(%!

!"#$%&'(b(+,-&'(.",/0"(!$-*6(F(,!,$/D(54.59!0(!$3(0.(5*%!4./0,$//G!p!4./?%(/$,!(6!$3(0.(5*%o/$R1*%!*21/$o.%%$9*%!*?0.I.0&!

2(/)8$%9%/)&$(7"9,?"5("?,$%,&)006(*%5$8"55"*(

• -1,5!*14.(!,$?(,4$,!(66^!*54!*/+!.6!0#$&!V(1%4!%.+$!0(!/0(D!0#$!.50$,I.$V^!• Q./0$5!$3D*0#.?*%%&!0(!#(V!0#$&U,$!6$$%.59!*54!V#*0!.//1$/!0#$&!*,$!?(5?$,5$4!*2(10^!• JRD%(,$!V#$0#$,!0#$&!+5(V!/(3$(5$!0#$&U4!%.+$!0(!0*%+!0(G!p!$5?(1,*9$!.6!0#$&!0#.5+!

.0U4!2$!#$%D61%G!D*,0.?1%*,%&!D*,$50/!.6!/1DD(,0.I$^!• L6!5(0G!,$6$,!0(!,$/(1,?$!%./0!6(,!*DD,(D,.*0$!?(15/$%%.59!(,!/1DD(,0!(,9*5./*0.(5S!

;%590,5-8"(,<(/D65%9)0(,8(5"#-)0(D)8?5(,8()7-5"((

L6!4./?%(/1,$!./!3*4$!2&!O;!%$//!0#*5!C\!&$*,/!0#$!6(%%(V.59!D,(0$?0.I$!*?0.(5/!*,$!0*+$5b!

• N/+!.6!0#./!./!0#$!6.,/0!$I$,!4./?%(/1,$!(,!.6!0#$&!#*I$!0(%4!(0#$,/S!!• _$3.54! 0#$! &(159! D$,/(5! 0#*0! 0#$! ,$/$*,?#$,! ./! (2%.9$4! 0(! 0$%%! /(3$(5$! *2(10! 0#./!

4./?%(/1,$G!2*/$4!(5!0#$!,$71.,$3$50/!(6!3*54*0(,&!,$D(,0.59!%$9./%*0.(5G!4$0*.%$4!0(!&(159!D$,/(5!*0!0#$!2$9.55.59!(6!0#$!.50$,I.$V!*54!.5!0#$!;Q"!*54!=(5/$50!F(,3S!

• _$D(,0!0#$!.5?.4$50!0(!0#$!h.?S!8$D0!(6!<$*%0#G!=#.%4!;,(0$?0.(5!H5.0S!L6!0#$,$!./!*!2$%.$6!0#*0! 0#$! ?(5?$,5/! ,*./$4! ,$71.,$! *! 6*3.%&! /$,I.?$/! ,$/D(5/$G! ,*0#$,! 0#*5! ?#.%4!D,(0$?0.(5G!0#$/$!/$,I.?$/!V.%%!2$!$59*9$4S!!

• N/+! V#*0! ?1,,$50! /1DD(,0! 0#$&! #*I$! p! .6! 0#$&U4! %.+$! 0(! 0*%+! 0(! /(3$(5$! *2(10! .0^!$5?(1,*9.59! 0#$3! 0(! 4(! /(! .6! 0#./! ./! 0#$! ?*/$S! L6! 5(0G! 0#$&! V.%%! 2$! ,$6$,,$4! 0(! 0#$!,$/(1,?$!%./0!*54!*//./0$4!0(!6.54!*DD,(D,.*0$!?(15/$%%.59!(,!/1DD(,0S!!

• 8(?13$50!4./?%(/1,$!p!?(50*?0!_$/D(5/.2%$!_$/$*,?#$,!>Q$5*@G!"1D$,I./(,!>:$,$4.0#@!(,!=(15/$%%(,!*0!`5(R!=(3315.0&!<$*%0#!"$,I.?$!6(,!4$2,.$6.59!(,!(5W?*%%!/1DD(,0S!

• -#$!h.?0(,.*5!=#.%4!;,(0$?0.(5!H5.0! ?*5!*%/(!2$!?(50*?0$4! >*54! 0#$!*5(5&3.0&!(6! 0#$!&(159!D$,/(5!3*.50*.5$4@!6(,!*4I.?$!*2(10!V#$0#$,!0#$!?*/$!,$71.,$/!,$D(,0.59S!!

;%590,5-8"(,<(%00"')0()9$%4%$6((

L6!*!O;!4./?%(/$/!+5(V%$49$!(6!.5I(%I$3$50!.5!.%%$9*%!*?0.I.0&b!!• :*+$!O;!*V*,$!0#*0!0#$&!(,!/(3$(5$!$%/$!#*/!D(0$50.*%%&!?(33.00$4!*!?,.3$S!• N4I./$! O;! 0#*0! ?(56.4$50.*%.0&! .5! ,$%*0.(5! 0(! 0#./! ?,.3$!V.%%! 2$!3*.50*.5$4! 15%$//! >*/!

/0*0$4!*2(I$@!0#$!(66$5?$!./!(5$!0#*0!"#$%%$&!./!3*54*0$4!0(!,$D(,0S!!• =(50*?0!h.?0(,.*5!;(%.?$!"$R1*%!P66$5?$!p!=#.%4!N21/$!H5.0!6(,!?(56.4$50.*%!*4I.?$S!• "1DD(,0!O;!0(!*??$//!?(15/$%.59o/1DD(,0!0(!$RD%(,$!(D0.(5/!0(!4$*%!V.0#!/.01*0.(5S!

S,&$)9$5(<,8(9,&<%*"&$%)0()*4%9"(,8(*"78%"<%&'(

• 8,S!Q$5*!"*5?.!W!\Xdd!cCYA!>p!3(2.%$!5132$,@! !• N//(?.*0$!;,(6$//(,!:$,$4.0#!-$3D%$W"3.0#!g!\Xdd!XXeC!>p!3(2.%$!5132$,@!• h.?0(,.*5!=#.%4!;,(0$?0.(5!H5.0!>J*/0$,5!:$0,(!_$9.(5@!W!CXBB!XcB!XiC!!• `5(R!;(%.?$!"$R1*%!P66$5?$!p!=#.%4!N21/$!H5.0!>"P=NH@!g!i\\CeiXi!• '$55.!-#(3D/(5!>=(15/$%%(,G!`5(R!=(3315.0&!<$*%0#!"$,I.?$@!g!ieYe!cABB!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CdY!!

N;;JM8LK!Ceb!O(10#!"014.$/!N1/0,*%.*!f(1,5*%!*,0.?%$!

8 Youth Studies Australia VOLUME 30 NUMBER 4 2011

Dby Shelley Walker, Lena Sanci & Meredith Temple-Smith

aniel and Abbey are 15 years old and have been together for two months. Daniel texts Abbey, “Send me a ‘noodz’ ”. Abbey is worried Daniel will “dump” her if she doesn’t, so she sends a naked photo of herself via mobile phone text, asking him to promise he

won’t show anyone else. Daniel assures Abbey he won’t, but then can’t resist texting the photo to his mate. Within a week, almost everyone in school has seen the photo. It is anecdotes such as these, echoed by secondary school staff, local police and youth health service workers in Melbourne’s outer east, which prompted this study.

Young people are growing up in an increasingly sexualised world driven by technology (McGrath 2009), with mobile phone ownership among Australian young people aged 15 to 17 years having risen to 90% (Australian Communications and Media Authority (ACMA) 2010). Sending and receiving text messages, taking photos and accessing the internet are mobile phone activities that have been taken up at ever-increasing rates by young people (Mackay & Weidlich 2009; Brown & Bobkowski 2011). “As digital culture becomes increasingly pervasive and embedded in young people’s everyday experiences” (Weber & Dixon 2010), young people’s relationships with each other, in terms of how they interact and socialise, are being transformed.

Advances in technology offer many opportunities to improve youth health; however, this progress also brings potential risks. The introduction of text, Bluetooth and webcam mean

Young people’s ‘sexting’ – de!ned by the Macquarie Dictionary Online (2010) as the sending and receiving of sexually explicit images via mobile phones – has become a focus of much media reporting; however, research regarding the phenomenon is in its infancy. This paper reports on the !rst phase of a study to understand this activity more comprehensively. Interviews were conducted with notable key informants (including teen culture authors and professionals from the academic, education and health sectors) to create a context for a second phase involving interviews with young people. Insights were offered into reasons for young people’s participation, potential consequences and solutions. Highlighted was a gap in reliable data from the perspective of young people themselves, and the importance of their voice in understanding and developing effective strategies to prevent and deal with this phenomenon.

Sexting and young peopleExperts’ views

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Cdc!!

Youth Studies Australia VOLUME 30 NUMBER 4 2011 9

The viral spread of these images and the associated shame has reportedly led to social, psychological and legal consequences for victims.

sexual images can be forwarded to cyberspace easily and rapidly. These images then “become part of a young person’s digital footprint, which may last forever and potentially damage future career prospects or relationships” (NSW Government 2008). Of particular concern is that images of young women are reportedly being distributed without their consent, and mobile phone technologies are being used “as vehicles for the perpetration of sexual assault” (Quadara 2010; Powell 2009).

The viral spread of these images and the associated shame have reportedly led to social, psychological and legal consequences for victims (Katzman 2010). A wealth of local anecdotes abound of young people being excluded from friendship groups and moving schools, with reports of their having experienced emotional distress and school suspension (O’Keefe & Clarke-Pearson 2011), and, in the more extreme cases, committing suicide (Tomazin & Smith 2007; Chalfen 2009). Furthermore, young people face the risk of criminal charges for the production and distribution of child pornography (Prince & Jordan 2004; Krause 2009; Weiss & Samenow 2010), although there has only been one criminal case against a young person in Australia to date in relation to sexting (Pace Legal 2010). However, the story in the US is quite different. A report by Wolak and Finkelhor (2011) presents a typology of sexting episodes involving young people based on a review of more than 550 cases from law enforcement agencies there. At least a dozen peer-reviewed law and policy journal articles were sourced regarding this topic in the US (examples include Ryan (2010) ‘How the state can prevent a moment of indiscretion from leading to a lifetime of unintended consequences for minors and young adults’, and Wood (2009) ‘The failure of sexting criminalization: A plea for the exercise of prosecutorial restraint’).

Issues relating to the practice of sexting among young people have been increasingly

gaining media attention both nationally and internationally. An online search (see Table 1) of 10 academic databases (Psychology and Behaviour Sciences, Medline, PsycINFO, Web of Science, PubMed, CINAHL PLUS, Academic Search Premier, Expanded Academic ASAP, JSTOR and Google Scholar) revealed very little reliable literature, particularly from an Australian perspective.

A few expert opinion papers were sourced; most are authored from a North American viewpoint. The little available quantitative data is of poor quality, and contradictory. Two consumer surveys by young women’s magazines in Australia (Battersby 2008) and the US (Cosmogirl 2009), and the !rst quantitative study to be cited in a peer review journal, involving 16- to 25-year-old Hispanic women (Ferguson 2010), have indicated that as many as 20%–40% of respondents aged 12–19 years have been asked to send or have posted nude or semi-nude pictures or videos of themselves in cyberspace. In contrast, a Victorian independent schools survey (Association of Independent Schools of Victoria (ASIV) 2009) and a US report (Lenhart 2009) found as few as 4%–7% of 12- to 17-year-olds were involved in this behaviour.

Only one qualitative study about young people and sexting was sourced. Pew Research Center in the US conducted a mixed-methods study (Lenhart 2009) involving telephone surveys and focus groups with young people aged 12 to 18 years. This report describes sexting as one of three main categories of behaviour that involves the exchange of images between young people. It is suggested that images are sent 1) between romantic partners, 2) between partners and shared with others, and 3) between young people where at least one person hopes to be in a relationship with the other. Lenhart’s report showed very little evidence of difference in the behaviour of sexting related to gender. However, many other authors (Hand, Chung & Peters 2009; Kee 2005;

TABLE 1 Key terms used for online search

Sext* AND Teen* ‘OR ‘Young person’ OR ‘Young people’ OR Youth OR Adolescen*

‘Cell phone*’ OR ‘Mobile Phone*’ OR ‘Text messag*’ OR SMS (Short Message Service) OR Technolog* OR ‘cyber’ OR ‘electronic’ OR digital AND Teen* ‘OR ‘Young person’ OR ‘Young people’ OR Youth OR

Adolescen* AND Sex* OR porn* OR nud*

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Cde!!

10 Youth Studies Australia VOLUME 30 NUMBER 4 2011

Powell 2009; Flood 2008) argue it is young women’s sexual images in particular that are being distributed without their consent, and that ultimately this is just another means of controlling and exerting power over women.

Muscari (2009) suggests “the topic of sexting is nonexistent” in health research literature and, along with Katzman (2010), believes we must recognise sexting as a public health problem.

Much of the popular literature discusses the need for education targeting young people about the potential consequences of sexting (Muscari 2009; Brown, Keller & Stern 2009). It has been posed in the literature and in policy responses (Marwick et al. 2010) that if young people understood the potential consequences of their behaviour they would not be sexting, a view contrary to evidence on risk-taking among young people (Zirkel 2009). Despite this, in Australia a number of government campaigns (NSW Government 2008; Diliberto & Mattey 2009; Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA) 2010) have attempted to warn young people and parents about the potential harmful effects of sexting. In 2009 the NSW Government launched the Safe Sexting – No Such Thing campaign, followed in 2010 by the launch and rollout of the Australian Federal

Government ThinkUKnow program and The Line campaign (based on a recommendation from a Time for Action: the National Council’s Plan to Reduce Violence against Women and Children (The National Council to Reduce Violence against Women and their Children 2009). Apart from a video resource for schools (Developing Ethical Digital Citizens 2009), to promote discussion about sexting among students (which was developed with and by young people), there is no evidence that these campaigns have been informed by young people’s understanding or experience of the practice, and therefore their effectiveness in dealing with the phenomenon remains to be seen.

Understanding sexting from the perspective of young people is fundamental to the development of strategies for preventing potential harms (Heath et al. 2009). This paper reports on the !rst of two phases of a study that aims to give young people a voice to promote a better understanding of the phenomenon. Phase two is currently under way and involves the gathering of qualitative data from young people aged 15 to 20 years. An important early step was the development of a local context for the study, which would identify appropriate language and recruitment strategies for individual interviews with young people. Thus, in Phase one, discussions were held with experts from the youth health, education and cyber safety sectors (Table 2 describes the informants and lists their participant IDs). Initially, results of these consultations were not intended for publication; however, given the current sparse academic literature on sexting and young people, we felt that placing the results of our expert consultation phase in the public arena would stimulate much-needed debate on the topic. Although the data collected for this paper is not exhaustive, the systematic analysis of the data obtained from key informants raises important issues for discussion among those who work with young people as well as for young people themselves.

MethodsGiven the relative newness of the phenomenon of sexting among young people, a qualitative approach of inquiry was used, as is often the

TABLE 2 Key informant participants

Professional role of participants Participant ID

Cyber safety expert FG(P7)

Education policy academic (sexuality education)

FG(P3)

Secondary school teacher / student wellbeing

FG(P4)

Sexual violence prevention (schools)FG(P1), FG(P6), FG(P5)

Sexual violence prevention research academic

I(P10)

Social diversity academic / author (youth culture)

FG(P2)

Teen magazine author / youth & family psychologist

I(P12)

Telecommunications security and safety expert

I(P11)

Youth health academic I(P8), I(P9)

P=Participant FG=Focus Group I=Interview

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Cd\!!

Youth Studies Australia VOLUME 30 NUMBER 4 2011 11

strategy when little or nothing is known about a phenomenon. This meant we were able to approach the study without set assumptions or being constrained by pre-determined categories for exploration (Patton 1990).

A mixed-methods approach was used, with initial information collected via a focus group of seven participants, and subsequent data gathered via !ve individual interviews. It was hoped that the initial group process would lead participants to raise issues not anticipated by the interviewer, and that participants would challenge each other’s views or opinions to create a lively and stimulating discussion (Hansen 2006). Thus, it was anticipated that the purposeful use of group interaction would generate data (Kitzinger 1994; Morgan 1996). Furthermore, focus groups are considered an economical way to gather a large amount of data in a short time span (Heath, Brooks & Cleaver 2009). As this phase of the research was about setting a backdrop for interviews with young people, this was an important factor for the research, given the limited time available.

Choosing individual semi-structured interviews as an additional means of collecting data meant we were able to support an expansion of the study group to include valuable sources that otherwise would not have been involved in the study, including those not wanting to share opinions in a group setting and those unable to attend the focus group. A preliminary analysis of focus group data was completed to provide new themes for questioning in individual interviews. This mixed-method approach allowed us to build on information gathered in the focus group to create a more complete picture. Data were reviewed by three researchers, and it was agreed that saturation was reached at this point.

Careful consideration was taken to select an appropriate number of research participants for each stage of data collection. Purposive sampling was used to recruit key informants, which meant we were able to locate important and information-rich cases by deliberately seeking to include people (Barbour 2001). It meant the researcher had a degree of control in selecting the sample, to ensure data gathered provided a “full and sophisticated understanding of the phenomenon under study” (Rice & Ezzy

1999). Twelve key stakeholders with diverse experience and views were sourced through the !rst author’s own professional networks and snowball sampling. Those recruited were professionals notable in their !eld including researchers; cyber safety experts; those working with individual young people in a teaching, support, counselling or sexual violence prevention role; an author who writes for the general public; and a popular teen-magazine psychologist.

Individual and group interviews were digitally recorded, transcribed, thematically coded and systematically analysed using a grounded-theory approach (Hansen 2006).

ResultsMobile phone: The mechanism or the cause?A commonly held view was that sexting is merely a new manifestation of motivations and behaviours among young people that have been around forever:

We are using a new technology in order to do it, but at the end of the day it’s not new … even the sharing of images of women, I mean that’s not new. (Violence prevention research academic [P10])

We don’t necessarily acknowledge that the behaviour has been similar for a long period of time. It’s just that the technology facilitates that behaviour in a slightly different way, and … maybe it makes dissemination of things like photographs easier because normally you would have had to have photocopied them and hung them up on the wall, whereas now it’s a click of a button, which may for some young people mean that the consequences are more severe because they do get out there quicker. (Youth health research academic [P8])

It was acknowledged that mobile phone ownership is increasing among young people and, given most mobile phones today have in-built cameras and Bluetooth, that fast and easy distribution of images is inevitable:

[They] are much more savvy with using their phones … mobile phones are probably the greatest transmitter of pornography out there. (Violence prevention research academic [P10])

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

Cdi!!

12 Youth Studies Australia VOLUME 30 NUMBER 4 2011

A commonly held opinion was the need to consider sexting within the broader context of the sexualisation of culture.

Are all young people sexting or is it just media hype?Views were polarised about the prevalence of sexting. One view expressed by an academic researcher who works in secondary schools, was that the media is over-reporting:

The young people that I’ve worked with … have never disclosed that they have engaged in sexting behaviour. However, whenever I … do professional development workshops for teachers, for parents, everyone’s talking about it … it seems to be … sensationalised or over-reported by the media. (Youth health academic [P8])

However, for others who spend time in schools, there was a strong sense that the behaviour is widespread among young people:

After a presentation to students in a school about cyber safety, and in particular sexting, they went out with the teacher/coordinator … [and] said “Oh my goodness you’ve really rattled the cages because … the kids walked out and said, ‘Oh my god, we all do that’ ”. (Cyber safety expert [P7])

You only ever [hear] them saying, “It didn’t happen to me, it happened to a friend of mine”, but they must all be engaging in [this] somewhere on the continuum. (Education policy academic [P3])

I’m saying of course it’s out there … when people say it’s not happening, yes, it’s not being reported. (Telecommunications security and safety expert [P11])

Furthermore, concern was raised about the role of the media:

I do think there’s a bit of a media beat-up about it … but in many respects the media beat-up actually encourages it. (Teen magazine author/youth and family psychologist [P12])

A sexualised cultureThe gendered expectations of young people were discussed in relation to the behaviour of sexting, including a view that young women face pressure to present themselves in sexual

ways, and young men are expected to be interested in this:

… something that seems to be pronounced at the moment, [is] the expectation on young women to present themselves in sexual ways … as objects for consumption. (Sexual violence prevention research academic [P10])

I think it would generally be more males sending it on … and so there’s a lot of pressure on other boys I think to kind of go along with it too. (Sexual violence prevention – schools [P1])

A commonly held opinion was the need to consider sexting within the broader context of the sexualisation of culture:

There is also the sexualisation issue, which I think plays a huge role. If you allow this third parent into your home through the television set … videos … YouTube … fashion … Basically I think the whole thing has blurred the line between what is a girl and what is a woman … I see this as incredibly sinister … creeping corporate paedophilia. (Teen magazine author/youth and family psychologist [P12])

Moreover, some key informants were concerned that young people have become desensitised as a result of their increased exposure to sexually explicit images that were once considered “hard core porn”:

The mainstreaming of pornography, including the increasingly hardcore nature of what is widely available, is impacting on what seems normal and acceptable. It makes “sexted” images of nudity, for example, look quite tame. (Sexual violence prevention – project worker [P6])

It was also considered that sexting among young people is possibly a re!ection of what occurs in the adult world:

We’d better remember this isn’t a youth issue; this is affecting everybody across society … I don’t think it’s different to what’s happening in the adult world. (Secondary school teacher / student wellbeing [P4])

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CYB!!

Youth Studies Australia VOLUME 30 NUMBER 4 2011 13

Should we be concerned?While the prevalence of sexting in Australia is uncertain, participants’ stories did demonstrate reasons for concern. Non-consensual sexting, where an image is misused and sent on without permission, was considered a form of sexual violence by some key informants:

Where there is pressure … coercion … those are harassing, potentially aggressive behaviours, even if that image is sent consensually … the risk then of it being sent on without consent is of concern. (Sexual violence prevention research academic [P10])

There was, however, a view that consensual sexting may in fact be acceptable:

… one of the other considerations, and it might be quite controversial, is to actually re!ect on who is being hurt by the behaviour … I’d probably rather that young people were viewing stuff on their mobile phones than if they were … getting themselves into bars and hooking up with older guys. (Youth health research academic [P8])

What should we do, if anything?While a variety of responses were expressed regarding strategies for dealing with potential risks associated with sexting (Table 3), one participant felt that the developmental nature of adolescence makes it too dif!cult to manage. Others were concerned that assumptions are made about young people’s behaviour that may be untrue; and, consistent with much media reporting and expert opinion, was a view by key informants that current legal responses to sexting are inappropriate. The potential for young people to be charged with the production or dissemination of child

pornography, if the image is of a person under 18 years depicted in a sexual manner, was of concern to key informants, who agreed that current legislation is ineffective:

I think that’s a very dangerous road to go down and I think we do need to make a qualitative distinction between young people of a similar age basically exploring their sexuality and the very serious offence of child sexual exploitation because they are not equivalent … (Violence prevention research academic [P10])

Consensus was shared about the need for adults to have conversations with young people about their use of technology in the context of broader discussions about relationships, intimacy, gender, sexuality and ethics:

We need to … "nd strategies to engage with young people to potentially shift their discourse, so they’re learning … that sex can be fantastic, it can be fun and mutually respectful, and engaging … (Sexual violence prevention project worker [P6])

It was acknowledged, however, that having these discussions with young people is not something teachers and parents !nd easy:

Over the last few years more and more people [in schools] are saying, “How do we deal with this problem?” and so they don’t know how to address it … we’re having trouble keeping up with the technology. (Education policy academic [P3])

Participants emphasised the importance of talking “with” rather than “at” young people, ensuring discussions are not framed to focus on the negative aspects of behaviour:

TABLE 3 Summary of suggested solutions

Proposed solutions to manage potential risks of sexting among young people

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CYC!!

14 Youth Studies Australia VOLUME 30 NUMBER 4 2011

think there certainly needs to be some work done, probably led by young people, to educate teachers, parents and healthcare professionals around the way in which young people do use technology, and the meaning that they place on the use of technology. (Youth health research academic [P8])

Finally, but not least importantly, key informants expressed consensus regarding the need for Australian prevalence data to determine the real extent of the phenomenon among young people.

DiscussionThis study con!rmed a gap in rigorous research about the phenomenon of sexting among young people. Furthermore, it has highlighted the complex nature and polarised attitudes that exist in relation to almost every aspect of the behaviour. A range of views were raised by key informants about whether sexting is common practice among young people or just “media hype”; whether the practice is a result of our sexualised culture, or just young people exploring their sexual identity as they have always done; whether or not sexting is something we should be concerned about; and, !nally, what (if anything) we should be doing about the phenomenon.

There was no doubt among key informants that sexting is “a new iteration of previous practices” with advances in information technology making the transmission of images faster and access easier (Hand, Chung & Peters 2009; Australian Mobile Telecommunications Association (AMTA) 2010); it is this aspect of sexting that is new. These views are consistent with media reports and expert opinion (Chalfen 2009; Muscari 2009).

A particular concern raised by key informants in our study was the potential gender bias of the behaviour. A commonly held view was that young women are more likely to be negatively impacted by this behaviour, a theme also re"ected in media reports and expert opinion. The possibility of a link between sexting and gendered sexual violence targeting women (Powell 2009; Flood 2008), where young women are being coerced or pressured to send images, was a view shared by key informants, albeit with varying levels of concern.

The !ndings of this study support the need for solutions at both the treatment and preventative end of the health care spectrum. At the treatment end, the mental health consequences for young people who experience guilt, shame, victimisation, along with fear of criminal charges being pressed, highlight the need for health professionals who work with young people to understand the implications of the phenomenon and how to address these. An obvious response posed by key informants, and supported elsewhere in the literature, is the need for legislative change (Powell 2009) to deal with what some refer to as “e-crime” (McGrath 2009), an area that to date has not managed to keep up with the fast-paced growth of technology. There was consensus among key informants on the need to educate young people, their parents and teachers of the potential risks involved in the behaviour; this view is re"ected in much of the literature (Katzman 2010; Muscari 2009; Ryan 2010; Brown, Keller & Stern 2009). Participants emphasised the need for prevention education to be taught within a sexual ethics framework that provides young people with the skills necessary to make informed ethical decisions. In line with this view, Carmody (2009) argues for a new approach to sexuality and sexual assault prevention education based on developing skills in ethical intimacy.

Finally, key informants were unanimous in their view that effective solutions need to be shaped by the expressed experience of young people, with reference to developmentally appropriate changes. In line with this, a recent literature review suggests that “much popular writing (and some research) includes descriptions of young people, online technologies, and privacy in ways that do not re"ect the realities of most children and teenagers” (Diliberto & Mattey 2009). It is vital, therefore, that opportunities are created for young people’s voices to be heard.

ConclusionThis paper was precipitated by concerns about the potential short- and long-term harms for young people involved in the behaviour of sexting. Reliable prevalence data is lacking, as is qualitative data about the meaning of

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CYA!!

Youth Studies Australia VOLUME 30 NUMBER 4 2011 15

sexting from the perspective of young people in an Australian context. Not surprisingly there was broad support from key informants for further investigation regarding sexting and young people. Future research efforts need to identify how young people de!ne sexting, the role it plays in their lives and their suggestions for how best to intervene. Combined with prevalence data, this information will inform and support responses to prevent and minimise harm to young people.

AcknowledgementsThe Australian Government Department of Health and Ageing provided the funding for the work presented in this paper. Shelley Walker was supported by a Primary Health Care Research, Evaluation and Development Fellowship. The authors would like to thank those who participated in focus groups and interviews for their valuable insights and contributions. In particular we would like to thank Nicole Lee; Maria Pallotta-Chiarolli, School of Health and Social Development at Deakin University; Jenny Walsh, Australian Research Centre in Sex Health & Society (ARCSHS) at La Trobe University; Gina Carroll, Croydon Community School; SH; Maree Crabbe, Reality and Risk Project at Brophy Family and Youth Services; Robyn Treyvaud, Cyber Safe Kids and iKeepSafe; Michelle Blanchard, Inspire Foundation and Orygen Youth Health Research Centre; Sophie Reid, Centre for Adolescent Health; Anastasia Powell, School of Social Sciences at La Trobe University; and Michael Carr-Gregg, well-known adolescent psychologist.

ReferencesAssociation of Independent Schools of Victoria (AISV)

2009, ‘The AISV CyberCulture Survey: Preliminary survey results’, AISV, Melbourne, v.3, n.1.

Australian Communications and Media Authority (ACMA) 2010, ‘Trends in media use by children and young people: Insights from the Kaiser Family Foundation’s Generation M2 2009 (USA) and results from the ACMA’s media and communications in Australian families 2007’, Australian Communications and Media Authority, Commonwealth of Australia.

Australian Mobile Telecommunications Association (AMTA) 2010, New inquiry into cyber-safety, retrieved

from, <http://www.amta.org.au/articles>.Barbour, R.S. 2001, ‘Checklists for improving rigour

in qualitative research: A case of the tail wagging the dog?’, British Medical Journal, v.322, n.7294, pp.1115-17.

Battersby, L. 2008, ‘Sexting: Fears as teens targeted’, Sydney Morning Herald, 10 July, retrieved from, <http://www.smh.com.au/articles/2008/07/10/1215282979671.html>.

Brown, J. & Bobkowski, S. 2011, ‘Older and newer media: Patterns of use and effects on adolescents’ health and well-being’, Journal of Research on Adoles-cence, v.21, n.1, pp.95-113.

Brown, J., Keller, S. & Stern, S. 2009, ‘Sex, sexuality, sexting, and sexed: Adolescents and the media’, The Prevention Researcher, v.16, n.4, pp.12-13.

Carmody, M. 2009, Sex and ethics: Young people and ethical sex, Palgrave Macmillan, Melbourne.

Chalfen, R. 2009, ‘ “It’s only a picture”: Sexting, “smutty” snapshots and felony charges’, Visual Studies, v.24, n.3, pp.258-68.

Cosmogirl 2009, ‘Sex and tech: Results from a survey of teens and young adults’, National Campaign to Prevent Teen & Unplanned Pregnancy 2009, retrieved from, <http://www.thenationalcam-paign.org/sextech/PDF/SexTech_Summary.pdf>.

Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA) 2010, The line, Australian Government, retrieved from, <http://www.theline.gov.au/about/press_youth_girl_photos>.

Developing Ethical Digital Citizens, CentaCare Sandhurst Loddon-Mallee Cyber Safety Project 2009, Photograph, DVD ROM, CentaCare Sandhurst Loddon-Mallee, Victoria.

Diliberto, G. & Mattey, E. 2009, ‘Sexting: Just how much of a danger is it and what can school nurses do about it?’, NASN School Nurse, v.24, pp.262-67.

Ferguson, C.J. 2010, ‘Sexting behaviors among Hispanic women: Incidence and association with other high-risk sexual behaviors’, Psychiatr Q, retrieved from, <http://www.ncbi.nlm.nih.gov/pubmed/21153441>.

Flood, M. 2008, Boys, sex and porn: New technologies and old dangers: Whatever happened to child sexual abuse?, BASPSCAN & Nottingham Trent University Unit for Critical Studies in Men & Masculinities, London.

Hand, T., Chung, D. & Peters, M. 2009, ‘The use of information and communication technologies to coerce and control in domestic violence and following separation’, Stakeholder Paper 6, Australian Domestic & Family Violence Clearinghouse, Canberra.

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CYX!!

16 Youth Studies Australia VOLUME 30 NUMBER 4 2011

Hansen, E. 2006, Successful qualitative health research: A practical introduction, Allen & Unwin, Melbourne.

Heath, S., Brooks, R., Cleaver, E. & Ireland, E. 2009, An introduction in researching young people’s lives, Sage Publications, London.

Katzman, D.K. 2010, ‘Sexting: Keeping teens safe and responsible in a technologically savvy world’, Paediatric Child Health, v.15, n.1, pp.41-2.

Kee, J. 2005, ‘Cultivating violence through technology: Exploring the connections between information and communication technologies (ICT) and violence against women (VAW)’, APC WNSP Issues Paper, retrieved from, <http://www.genderit.org/content/cultivating-violence-through-technology-exploring-connections-be-tween-internet-communication>.

Kitzinger, J. 1994, ‘The methodology of focus groups: The importance of interaction between research participants’, Sociology of Health & Illness, v.16, n.1, pp.103-21.

Krause, H. 2009, ‘Porn has gone interactive – and your kids are at risk: From “sexting” to video chats, here’s how to !ght back’, Readers Digest, August, Australia.

Lenhart, A. 2009, Teens and sexting: How and why minor teens are sending sexually suggestive nude or nearly nude images via text messaging, Pew Internet & American Life Project, Pew Research Center, Washington DC.

Mackay, M.M. & Weidlich, O. 2009, Australian mobile phone lifestyle index, 5th edition – special topic: Mobile commerce, Australian Interactive Media Industry Association, Sydney.

Macquarie Dictionary Online 2010, Macmillan Publishers, retrieved from, <http://www.macquar-iedictionary.com.au>.

Marwick, M., Murgia Diaz, D. & Palfrey, J. 2010, Youth, privacy and reputation: Literature review, research publication 2010–5, The Berkman Centre for Internet & Society at Harvard University, Massachusetts.

McGrath, H. 2009, Young people and technology: A review of the current literature, The Alannah & Madeline Foundation, Melbourne.

Morgan, D.L. 1996, ‘Focus groups’, Annual Reviews: Sociology, v.22, pp.129-52.

Muscari, M. 2009, ‘Sexting: New technology, old problem’, Medscape Public Health & Prevention, May.

The National Council to Reduce Violence against Women and their Children 2009, Time for action: The National Council’s plan for Australia to reduce violence against women and their children, 2009–2021,

Department of Families, Housing, Community Services and Indigenous Affairs, Canberra.

New South Wales (NSW) Government 2008, SAFE SEXTING: ‘No such thing’ information sheet for parents, NSW Government, retrieved from, <http//www.schools.nsw.edu.au>.

O’Keefe, G.S. & Clarke-Pearson, K. 2011, ‘Clinical report – the impact of social media on children, adolescents, and families’, Paediatrics, v.127, n.4.

Pace Legal 2010, ‘Australia’s !rst sexting related court case’, Pace Legal Intellectual Property (IP) Law Profes-sionals, retrieved from, <http;//www.pacelegal.com.au/austrlias-!rst-sexting-conviction/>.

Patton, M. 1990, Qualitative evaluation and research methods, 2nd edn, Sage Publications, California.

Powell, A. 2009, ‘New technologies, unauthorised visual images and sexual assault’, ACSSA Aware, n.23, pp.6-12.

Prince, P. & Jordan, R. 2004, Act (67A) in Crimes Leg-islation Amendment (Telecommunications Offences and Other Measures) Bill 2004, Australian Government Department of Parliamentary Services, Canberra.

Quadara, A. 2010, ‘Online communication tech-nologies and sexual assault’, ACSSA Aware, n.25, pp.15-19.

Rice, P.L. & Ezzy, D. 1999, Qualitative research methods: A health focus, Oxford University Press, Melbourne.

Ryan, E. 2010, ‘Sexting: How the state can prevent a moment of indiscretion from leading to a lifetime of unintended consequences for minors and young adults’, Iowa Law Review, v.96, pp.357"83.

Tomazin, F. & Smith, B. 2007, ‘The bully you can’t see’, The Age, retrieved from, <http//www.theage.com.au/news/in-depth/the-bully-you-cant-see>.

Weber, S. & Dixon, S. (eds) 2010, Growing up online: Young people and digital technologies, Palgrave Macmillan, New York.

Weiss, R. & Samenow, C.P. 2010, ‘Smart phones, social networking, sexting and problematic sexual behaviours – a call for research’, Sexual Addiction & Compulsivity, v.17, pp.241-46.

Wolak, J. & Finkelhor, D. 2011, Sexting: A typology, Crimes Against Children Research Center, University of New Hampshire, New Hampshire.

Wood, R.H. 2009, ‘The failure of sexting criminali-zation: A plea for the exercise of prosecutorial restraint’, Michigan Communications and Technical Law Review, v.16, pp.151"78.

Zirkel, P. 2009, ‘All a Twitter about sexting’, Phi Delta Kappa International, Kappa, v.91, n.2, pp.76-77.

Shelley Walker is a Masters by Research candidate at the University of Melbourne. She is a registered nurse who has worked in the youth health sector for the past 15 years, with particular experience in the areas of young people’s sexuality and sexual health.

Lena Sanci is a senior lecturer and Deputy Head of the General Practice and Primary Health Care Academic Centre at the University of Melbourne. She leads the department’s research program in young people’s health in primary care.

Meredith Temple-Smith is a senior lecturer and Director of Research Training in the General Practice and Primary Health Care Academic Centre at the University of Melbourne. She has a longstanding interest in sexual health.

AUTHORS

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CYd!!

!

!"#"$%&'($%)*+)"'%#,'($+-%$.'/"%&*0'1%$"''2)%,"-+)'1"#*$"'''($+-%$.'1%$"'3"4"%$)0'5#+*'

!""#$%&%6'718'9:;9'

!!

!!

!!

!!

!!

2'4*<,.'*='<#,"$4*%#,'*0"'>0"#=-"#=#'=?'4"@*+#A''''?$=-'*0"'>"$4>")*+B"'=?''''2<4*$%&+%#'.=<#A'>"=>&"'

!

!

!

!

"!

!!

!!

!!

!

!! ! ! !

! ! ! ! ! ! !!

" !!

!!

!!

!!

" !!!

!

!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CYY!!

General Practice and Primary Health Care !

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

" !

"!

!

!

" !

!

"!

#

$

%

&

'

(#

($

)*+,- ./0-

(1"(2!34567

('"$#!34567

!!

"!

!

"!

!

"

!

!

!

"

"

"

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CYc!!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

"!

!

"

" !

!

!

!

!

!

!

!

"!

!!

!

!

!

!

! !

!!

!

"!

!

!

!

!

!!

!

!

!

!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CYe!!

!

!

!

!

!

!

!

!

!!

!

!

!

!

!

!

!

!

!

!!

!

!!!!!

!

!

!

!

!

!

!

!

""

!

!

!

!!!!!"JK-LME!NM8!OPHME!;JP;QJ(!

CY\!!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

Minerva Access is the Institutional Repository of The University of Melbourne

Author/s:Walker, Shelley Joy

Title:Sexting and young people: a qualitative study

Date:2012

Citation:Walker, S. J. (2012). Sexting and young people: a qualitative study. Masters Researchthesis, Medicine, Dentistry & Health Sciences - General Practice, The University ofMelbourne.

Persistent Link:http://hdl.handle.net/11343/37683

Terms and Conditions:Terms and Conditions: Copyright in works deposited in Minerva Access is retained by thecopyright owner. The work may not be altered without permission from the copyright owner.Readers may only download, print and save electronic copies of whole works for their ownpersonal non-commercial use. Any use that exceeds these limits requires permission fromthe copyright owner. Attribution is essential when quoting or paraphrasing from these works.