ocd og progressiv afspænding - knudramian.pbworks.comknudramian.pbworks.com/f/bach 2011 casestudie...

36
OCD og progressiv afspænding -et casestudie i progressiv afspændings effekt på OCD- symptomer Udarbejdet af: Bachelorprojekt Henriette Bach Januar 2011 Skolen for Psykomotorik n

Upload: dinhthien

Post on 27-Nov-2018

225 views

Category:

Documents


0 download

TRANSCRIPT

OCD og progressiv afspænding-et casestudie i progressiv afspændings effekt på OCD-

symptomer

Udarbejdet af: Bachelorprojekt

Henriette Bach Januar 2011

Skolen for Psykomotorik

n

*H;BIF;M=ILN<AH<FM<

nf*P=N>=PKPI Ufn

nfn!&OP>\8NI!QI!OQX\8XQP Ufn

nfo!1TQ;N>O@QTO[N>TKPI Ufn

nfp!#>IT>;U=>DPKXQP Ufn

!nfq!'QTUMPKPIU8TXM>N!QI!8P=T>!;>P_Y>=>!V>QTK>T Ufo

nfr!0SI8\>PU!QS;_IPKPI Ufo

nfs!#KN8I>P> Ufp

nft!"@IT:PUPKPI Ufp

of!'QT@QTUV9>NU>P Ufp

ofn!)_SQV>U>P!;8I![P=>TURI>NU>P Ufq

pf!'QTUMPKPIUO>VQ=>TP> Ufq

pfn!3SRTI>UM>O8>V Ufq

pfnfn!68NI!8@!USRTI>UM>O8 Ufq

pfnfo!'T8!V>QTK!XN!QS>T8XQP8NKU>TKPI Ufr

pfnfp!3SRTI>UM>O8>VU![=@QTOPKPI Ufr

pfnfq!*PV>TP!\8NK=>TKPI Ufs

pfo!0;U>T\8XQP>P Uft

pfp!%>NV8I>T>PU!>I>P!UKIP8N>TKPI!S9!QSUS:P=KPIh8@US:P=KPI!QI![=U8IP!QO!MTQSUNKI>!QSN>\>NU>T Uft

pfq!#>8T;>L=PKPI!8@!=8V8 Uft

qf!*PV>T\>PXQP>P Ufu

qfn!%>NV8I>T[=\:NI>NU>!QI!<8U>UV[=K>V Ufu

qfo!,QPV8MV>P!O>=!=>NV8I>T>P Ufu

qfp!#>J8P=NKPIU@QTNR;>V Ufv

o

qfq!#>IT[P=>NU>!@QT!\8NI!8@!=>PP>!MQO;KP8XQP!8@!O>VQ=>T Ufnm

rf!4>QTK;8IIT[P= Ufnn

rfn!+8<Q;UQPU!STQIIT>UUK\>!8@US:P=KPI Ufnn

rfo!+8<Q;UQPU!U_P!S9!8@US:P=KPI>PU!KP=\KTMPKPI!S9!@RN>NU>T!QI!V8PM>T Ufno

rfp!"N>^8P=>T!-Q]>PU!QI!(T>VJ>!+RTI>PU>PU!U_P!S9!Q\>TUS:P=KPI>TU!U8OO>PJ:PI!O>=!@RN>NU>T Ufnp

rfq!#>TPUV>KPU!O>VQ=> Ufnp

rfr!,8T8MV>TKU>TKPI>P!8@!0$% Ufnq

rfs!5=\KMNKPI>P!QI!\>=NKI>JQN=>NU>P!8@!0$% Ufnr

rft!%>V!I8ON>!U_P!S9!0$% Ufnt

rfu!#>J8P=NKPI!8@!0$% Ufnu

rfufn!,QIPKX\!V>T8SK Ufnu

rfufo!&MUSQP>TKPI!QI!T>USQPUST:\>PXQP Ufnu

rfufp!.KP=@[NNP>UU Ufnv

sf!"P8N_U>8@UPKV Ufnv

sfn!"P8N_U>!8@!USRTI>UM>O8>V Ufnv

sfo!%>NV8I>T>PU!UKIP8N>TKPI!U8OO>PJQN=V!O>=!Q;U>T\8XQP>T!QI![=U8IP!QO!MTQSUNKI>!QSN>\>NU>T Ufop

tf!%KUM[UUKQPU8@UPKV Ufor

tfn!2_I=:MPKPI!QI!8TI[O>PV8XQP!@QT!;T[I>P!8@!>P!8@US:P=KPIUO>VQ=>!XN!0$%iT8OV> Ufor

tfo!)_SQV>U>P!U:Y>U!S9!STR\>!QI!=>T!MKII>U!>H>T!8P=T>!O[NKI>!IT[P=>!XN!=>P!I8\PNKI>!>B>MV Ufos

uf!.>VQ=>MTKXM Ufou

ufn!68NK=KV>V!QI!T>NK8;KNKV>V Ufov

vf!,QPMN[UKQP!QI!S>TUS>MX\>TKPI Ufpm

nmf!-KY>T8V[TNKUV> Ufpn

p

#KN8Ie

#KN8I!n!j!*P=N>=>P=>!USRTI>UM>O8

#KN8I!o!j!"@UN[Y>P=>!USRTI>UM>O8

#KN8I!p!j!0;U>T\8XQP>T!

#KN8I!q!j!'QTUMPKPIU8TXM>N

#KN8I!r!i!38OV_MM>>TMN:TKPI

#KN8I!s!j!"Y>UV!\>=Tf!;T[I!8@![T>VO:UUKI!JL:NS

"PUN8Ie!tnfvnu

q

YV! !*H;F<;HCHA! !

YVY!&GH<R6FA!IA!GIOR6OIH

%>V!J8T!KI>PP>O!J>N>!OKV![==8PP>NU>U@QTNR;!@QT>MQOO>V!OKIc!8V!=>T!O8PIN>=>!MQPMT>XU>TKPIc!KU:T!OJVf!

KP=@RTKPI!K!;T[I>P!8@!;>UV>OV>!O>VQ=>T!XN!US><KDMM>!O9NIT[SS>Tc!UQO!>P!SU_MQOQVQTKUM!V>T8S>[V!J8T!

O[NKIJ>=>P!@QT!8V!UVR=>!S9!K!UKV!\KTM>f!+>I!O8PIN>=>!KU:T!MQPMT>V>!O>VQ=>Tc!QI!KMM>!;NQV!T>VPKPIUNKPK>Tc!XN!

;T[I!K!8T;>L=>V!O>=!SU_MKUM!U_I>f!&T!=>V!@QT=Kc!\K!KMM>!J8T!PQM!>T@8TKPI!S9!QOT9=>Vc!QI!T>PV!@8MXUM!KMM>!\>=!

QO!\K!J8T!\QT>U!;>T>ZI>NU>!S9!=>Y>!QOT9=>c!>NN>T!>T!=>V!;NQV!@QT=Kc!=>P!ST8MXUM>!\K=>P!KMM>!>T!;N>\>V!U8V!K !

>P!\K=>PUM8;>NKI!UVT[MV[Tc!UQO!J8T!M[PP>V!\K=>T>IK\>U!XN!=>!UV[=>T>P=>b!+>I!>T!I9>V![=!@T8c!8V!=>V!KMM>!>T !

@RTUVP:\PV>c!=>T!>T!XN@:N=>Vc!=8!L>I!\>=c!8V!G>T>!SU_MQOQVQTKUM>!V>T8S>[V>T!>T!8PU8V!K!=>P!SU_MK8VTKUM>!

U>MVQTf!+>I!>T!=>U[=>P!U>N\!8@!=>P!O>PKPIc!8V!\K!J8T!\QT>U!;>T>ZI>NU>!S9!=>Y>!QOT9=>c!=8!>P!MTQSUNKI !

XNI8PI!XN!SU_MKUM>!STQ;N>O8XMM>T!J8T!\KUV!UKI!I8\PNKIVc!;9=>!@QT!OKI!U>N\!QI!OKP>!MNK>PV>Tf!5==8PP>NU>P!>T!

M[P!@QT!P_NKIV!;N>\>V!XNN8IV!MT8\c!UQO!MQOO>T!8@!8V!\:T>!35i;>T>ZI>Vc!QI!J8T!K!O8PI>!9T!\:T>V!STKO:TV!

>T@8TKPIU;8U>T>Vf!!+>I!VTQTc!8V!=>Y>!J8T!\:T>V!O>=!XN!8V!IRT>![==8PP>NU>PU!UVT[MV[T!QI!MQPMT>XU>TKPI!8@!

ST8MXU>TKPI>Pc![@_N=>UVIRT>P=>!XN!X=>Tf!%>P!UVRTUV>!J:OUMQ!\>=!=>Y>c!U_PV>U!L>Ic!>T!8V!\K!KMM>!S9!U8OO>!

O9=>c!UQO!8P=T>!@8IIT[SS>Tc!M8P!8TI[O>PV>T>!@QT!\QT>U!O>VQ=>Tf!+>I!;>UN[Y>=>!=>T@QT!8V!N8\>!>V !

<8U>UV[=K>c!UQO!P>VQS![P=>TURI>T!>P!;>UV>OV!O>VQ=>U!KP=\KTMPKPI!S9!>P!;>UV>OV!O9NIT[SS>f!68NI>V!@8N=V> !

S9!0$%iT8OV>!UQO!O9NIT[SS>c!=8!\K!M[P!Q\>TQT=P>V!J8T!;>J8P=N>V!8PIUVNK=>NU>T!QI!8NVU9!KMM>!>T!I9>V!K !

=_;=>P!O>=!0$%iT8OV>!UQO!>P!O[NKI!MNK>PVIT[SS>f!+>I!\KNN>!I>TP>!8@STR\>!>P!\>N;>UMT>\>V!O>VQ=>c!UQO!

SU_MQOQVQTKUM>!V>T8S>[V>Tc!J8T!>MUS>TXU>!KP=>P@QTf!*!OKP!URI>P!@8N=V!L>I!Q\>T!O>VQ=>P!STQIT>UUK\!

8@US:P=KPIc!UQO!N>\>=>!QS!XN!OKP>!MTKV>TK>Tf!&H>T!\K=>T>!UV[=K>!8@!>OP>Vc!@8P=V!L>I!=>U[=>P![=!8@c!8V !

STQIT>UUK\!8@US:P=KPI!J8T!IQ=>!T>@>T>P<>T!KHf!8PIUVNK=>NU>Tf!5=!@T8!=>Y>!;N>\!=>V!>P=>NKI>!\8NI!VT[B>Vf !

1TQIT>UUK\!8@US:P=KPIU!KP=\KTMPKPI!S9!0$%iT8OV>!UM[NN>![P=>TURI>Uf!!

YVZ!0LI9F<G=ILGQF<LCHA

+>I!RPUM>T!8V![P=>TURI>!J\KNM>P!KP=G_=>NU>!>P!@QTMQTV>V!@QTO!@QT!STQIT>UUK\!8@US:P=KPI!M8P!J8\>!S9!

S>TUQP>Tc!=>T!NK=>T!8@!0$%f!,8P!RI>V!>\P>!XN!8@US:P=KPIc!\>=!;T[I!8@!>P!@QTMQTV>V!@QTO!@QT!STQIT>UUK\!

8@US:P=KPIc![=@RTV!o!I8PI>![I>PVNKIV!K!>P!S>TKQ=>!S9!q![I>Tc!OKP=UM>!0$%iU_OSVQO>Tb

YV[!#<AL<9M;<?HCOIH

r

1TQIT>UUK\!8@US:P=KPIe!*!=>PP>![P=>TURI>NU>!J>P\KU>U!=>Tc!O>=!;>V>IP>NU>TP>!STQIT>UUK\!8@US:P=KPI!QI!

12c!XN!>P!MQO;KP8XQP!8@!=>P!QSTKP=>NKI>!STQIT>UUK\>!8@US:P=KPIc!;>UMT>\>V!QI![=\KMN>V!8@!&=O[P=!

+8<Q;UQPc!QI!>P!@QTMQTV>V!STQIT>UUK\!8@US:P=PKPIc![=\KMN>V!8@!#>TPUV>KPf!

0$%iU_OSVQO>Te!)>T!V8I>U!=>T![=I8PIUS[PMV!K!P_>T>!;>UMTK\>NU>T!8@!0$%c!J>T[P=>T!%3.i*6!@T8!;QI>P !

g5P=>TUV8P=KPI!8P=!4T>8XPI!0;U>UUK\>i$QOS[NUK\>!%KUQT=>Tgf

7=>TNKI>T>![==_;PKPI!@QT>DP=>U!K!V>QTK8@UPKY>Vf

YV\!'ILMEHCHAM6LOE<F!IA!6H;L<!9<HUP<;<!N<ILC<L

%>!STKO:T>!V>QTKIT[P=N8Ic!=>T!>T!;>P_Y>V!K!=>PP>!QSI8\>!>Tc!QO!0$%c!;QI>P!g5P=>TUV8P=KPI!8P=!4T>8XPI!

0;U>UUK\>!$QOS[NUK\>!%KUQT=>Tgf!%>PP>!V>QTK!\KN!=8PP>!>P!IT[P=@QTUV9>NU>!@QT!0$%!UQO!UKP=UNK=>NU>f!4KN !

IT[P=N8I!@QT!O>VQ=>\8NI!QI![P=>T;_IPKPI!8@!J_SQV>U>T!\KN!;QI>P!g1TQIT>UUK\>!2>N8^8XQPg!QI!M8Sf!oip!K !

;QI>P!g1TKP<KSN>U!8P=!ST8<X<>!Q@!3VT>UUO8P8I>O>PVg!;>P_Y>Uf!g"@US:P=KPIi!>P!IT[P=;QIg!QI!g%>P !

I[==QOO>NKI>!MTQSg!>T!;T[IV!XNc!K!=KUM[UUKQPU8@UPKY>Vc!8V!U>!O>=!MTKUXUM>!RLP>!S9!=>!@QT[=I9>P=>!

J_SQV>U>Tf!,8Sf!pn!K!;QI>P!g1U_MQNQIK;QI>PiQO!;RTPc![PI>!QI!\QMUP>g!>T!NKI>N>=>U!;>P_Y>V!K !

=KUM[UUKQPU8@UPKY>Vc!XN!8V![=@QT=T>!=>!STKO:T>!J_SQV>U>Tf!%>T[=Q\>T!\KN!@QTUMPKPIU8TXMN>P!g"!28P=QOK`>=!

$NKPK<8N!4TK8N!Q@!"<<>SV8P<>!8P=!$QOOKVO>PV!4J>T8S_!6>TU[U!1TQIT>UUK\>!2>N8^8XQP!4T8KPKPI!@QT!0;U>UUK\>i

$QOS[NUK\>!%KUQT=>Tgc!KP==T8I>U!UQO!T_I=:MPKPI!K!=KUM[UUKQPU8@UPKY>Vf

YV]!/KA6R<HM!IK9UAHCHA

4>QTK8@UPKY>P>!K!QSI8\>P!\KN!MQTV!T>=>IRT>!@QT!=>!VQ!O>VQ=>T!8@!12c!=>T!>T!;T[IV!K!=>PP>![P=>TURI>NU>c!U8OV!

8@US:P=KPI>PU!KP=\KTMPKPI!S9!SU_MKUM>!>N>O>PV>Tf!!%>TP:UV!>P!MQTV!I>PP>OI8PI!8@!>P!8P=>P!\KPM>N!S9!

O[UM>NUS:P=KPI>TU!U8OO>PJ:PI!O>=!@RN>NU>T!QI!V8PM>Tf!%>P!STKO:T>!NKY>T8V[Tc!=>T!>T!;T[IV!XN!@QTUV9>NU>!

8@!0$%c!;>UMTK\>Uc!J>T[P=>T!QIU9!>P!MQTV!I>PP>OI8PI!8@!=>!VT>!O>UV!;>P_Y>=>!O>VQ=>T!XN!;>J8P=NKPI!8@ !

0$%f!&P!MQTV!;>UMTK\>NU>!8@!=>V!I8ON>!U_P!S9!0$%!ST:U>PV>T>Uf!%>T>H>T!I>PP>OI9>U!=> !

@QTUMPKPIUO>VQ=>Tc!L>I!J8T!\8NIV!8V!;T[I>c!J>T[P=>T!>P!MQTV!;>UMTK\>NU>!8@c!J\QT=8P!=>P!KP=U8ON>=>!=8V8!\KN !

;NK\>!;>8T;>L=>Vf!!%>P!US><KDMM>!@QTO!@QT!12c!=>T!>T!;>P_Y>V!K![P=>TURI>NU>Pc!I>PP>OI9Uf!)>T>H>T!\KN!=>T!

@RNI>!>P!8P8N_U>!8@!=8V8>P>!@T8![P=>TURI>NU>Pc!J\QT![P=>T!=>T!\KN!@QT>DP=>U!=>NMQPMN[UKQP>Tf!* !

=KUM[UUKQPU8@UPKY>V!\KN!STKO:T!QI!U>M[P=:T!NKY>T8V[T!;>P_Y>Uf!(T[P=>P>!XN!>B>MV>P!8@!12!\KN!;>J8P=N>U !

U8OO>P!O>=!=>!@QTUM>NNKI>!U_PU\KPMN>Tc!=>T!>T!S9!\KTMPKPI>P!8@!8@US:P=KPIf!38OO>PNKIPKPI>T!8@ !

s

;>J8P=NKPIUO>VQ=>T!XN!0$%!O>=!;9=>!=>V!P_>!QI!=>V!I8ON>!U_P!S9!0$%!KP==T8I>Uf!'QTUMPKPIU8TXM>N!\KN !

J>T!;T[I>U!UQO!T_I=:MPKPIf!0IU9!J>T!\KN!@QT>MQOO>!=>NMQPMN[UKQP>Tf!.Q=!>P=>P!8@!QSI8\>P!\KN!=>T!\:T>!

>V!8@UPKV!O>=!O>VQ=>MTKXMf!)>T!\KN!USRTI>UM>O8>VU!\8NK=KV>V!QI![P=>TURI>NU>PU!T>NK8;KNKV>V![==_;>U!

P:TO>T>f!4KN!UN[V!>P!QSU[OO>T>P=>!QI!9;>P!MQPMN[UKQP!S9!J>N>!STQL>MV>Vc!O>=!KP==T8I>NU>!8@!

S>TUS>MX\>TKPIf

YV^!#CF6A<H<

)\KU!O8P!RPUM>T![==_;>NU>!8@!Q;U>T\8XQP>T!QI!USRTI>UM>O8c!>T!=KUU>!\>=N8IV!UQO!;KN8I!nc!o!QI!pf !

'QTUMPKPIU8TXMN>Pc!UQO!=>T!>T!J>P\KUV!XN!K!=KUM[UUKQPU8@UPKY>V!>T!QIU9!\>=N8IV!UQO!;KN8Ic!;KN8I!qf

YV_!"=AL8HMHCHA

%>!@_UKQNQIKUM>!MQOSQP>PV>T!=>T!M[PP>!@QT\>PV>U!KP==T8I>V![P=>T!;>J8P=NKPI>P!8@!;9=>!0$%!a>PU !

[=\KMNKPI!QI!=>P!STQIT>UUK\>!8@US:P=KPIU!>B>MV>T!>T![=>N8=Vc!@QT!8V!IK\>!SN8=U!XN!>P!;T>=>T>![P=>TURI>NU>!

8@!=>!SU_MKUM>!QI!O>T>!Q\>TQT=P>=>!MTQSUNKI>!>B>MV>T!8@!12f!1I8f!QSI8\>PU!QO@8PI!>T!=>T!\8NIV!KMM>!8V !

KP==T8I>!\K=>P!QO!=>P!UMK`Q8B>MX\>!SU_MQU>c!UQO!=>NV8I>T>P!NK=>T!8@f!'QTUMPKPIU8TXMN>Pc!=>T!>T!;>P_Y>V!

UQO!T_I=:MPKPIc!\KN!=>T!=>U[=>P!KMM>!T>=>IRT>U!@QTc!IT[P=>V!QSI8\>PU!QO@8PI!QI!=>!T>N8X\V!@9!T>@>T>P<>T!

XN!=>PP>f

ZV!'IL=ILMN7<FM<H

&P!J>TO>P>[XUM!XNI8PI!XN!@QTUMPKPI!USKNN>T!>P!UVQT!TQNN>!K!=>PP>![P=>TURI>NU>!QI!QSI8\>k#KTMN>Td!ommtc!Ufvri

nmolf!)>T[P=>T!\KN!L>I!MQTV!;>UMTK\>c!J\KNM>P!TQNN>!=>P!USKNN>T!QI!;>IT[P=>!J\QT@QTf

*!>V!<8U>UV[=K>c!UQO!=>Y>c!J\QT!L>I!U>N\!J8T!\:T>V!K!USKN!S9!8NN>!QOT9=>Tc!NKI>!@T8!=>!@8INKI>!RLP>c!L>I!J8T!N:UV!

V>MUV>TP>!O>=c!XN![=@QTOPKPI>P!8@!USRTI>UM>O8>T!QI![=@RT>NU>!8@!=>P!S9I:N=>P=>!KPV>T\>PXQPc!>T!=>V!

\KIXIV!8V!\:T>!;>\K=UV!QO!KP=\KTM>P=>!8US>MV>T!U9UQO!>I>P!@QT@QTUV9>NU>!QI!;8IIT[P=c!=T8I>!P_Y>!8@!=KUU>c !

O>P!QIU9!;>P_Y>!=KUU>!UQO!T>=UM8;!XN!8V!@QTJQN=>!UKI!MTKXUM!XN![=@8N=>Vf!

'QT@QTUV9>NU>P!>T!=>T@QT!KMM>!@QTURIV![P=I9>Vc!K!=>PP>!QSI8\>c!O>P!>T!@QT!U9!\K=V!O[NKIV!;N>\>V!=T8I>V!O>=!K !

;9=>![P=>TURI>NU>P!QI!QSI8\>Pf!%>!8@!OKP>!@QT@QTUV9>NU>Tc!=>T!KU:T!\KN!\:T>!V_=>NKI>!K!=>PP>!QSI8\>c !

t

QOJ8P=N>T!OKP!MNKPKUM>!>T@8TKPI!KP=>P@QT!=>V!SU_MQOQVQTKUM>!@>NVc!J>T[P=>T!K8IY8I>NU>!8@!=>NV8I>T>!QI!

MNK>PV>TU!IT8=!8@!8@US:P=KPIc![=@T8!8P8VQOKUMc!@_UKQNQIKUM!QI!>T@8TKPIU;8U>T>V!\K=>P!U8OV!V>QT>XUM!QI!

>T@8TKPIU;8U>T>V!\K=>P!QO!0$%!QI!STQIT>UUK\!8@US:P=KPIf!!%>Y>!J8T!=>U[=>P!=8PP>V!OKP>!@QT[=I9>P=>!

J_SQV>U>T!XN!QSI8\>Pf!

%>TO>=!KMM>!U8IVc!8V!=>T!KMM>!\KN!\:T>!9;>PJ>=!@QT!>P!P_!@QTUV9>NU>c!O>P!@QT@QTUV9>NU>P!O9!8NVU9!\:T>!OKP!

;8IIT[P=c!QI!L>I!O9!\:T>!;>\K=UV!QO!=>PP>c!@QT!8V!M[PP>!=8PP>!OKI!>P!P_!@QTUV9>NU>f!'QT@QTUV9>NU>P!\KNc!K !

US><K>NV!=KUM[UUKQPU=>N>P!8@!=>PP>!QSI8\>c!U:Y>U!S9!STR\>!O>=!V>QTK>Tc!UQO!>T!8@!8P=>P!O>PKPI!QI!J8T!>P !

8P=>P!\KPM>N!S9!STQ;N>OUXNNKPI>Pf!%>T[=Q\>T!\KN!=>T!U>N\@RNI>NKI!\:T>!9;>PJ>=!@QT!>V!8P=>V!>P=c!=>V !

@QT\>PV>=>!T>U[NV8Vf

ZVY!)UKIN<M<H!96A!QH;<LMJA<FM<H

.KP!@QT[=I9>P=>!J_SQV>U>!NKII>T!XN!IT[P=!@QT![=@QTOPKPI>P!8@!=>PP>![P=>TURI>NU>!QI!UM8N!=>T@QT !

[=S>PUN>Uf

+>I!>T!8@!=>P!O>PKPIc!8V!=>NV8I>T>P!\>=!8V!N:T>T!8V!I>PM>P=>!>IP>!QSUS:P=KPI>T!QI!MQPVTQNN>T>!QI!

8@US:P=>!=KUU>c!M8P!OKP=UM>!J_SSKIJ>=>P!8@!V\8PIUV8PM>T!QI!=>T\>=!QIU9!V\8PIUJ8P=NKPI>Tf!%>PP> !

J_SQV>U>!>T![=\KMN>V!S9!;8IIT[P=!8@!&=O[P=!+8<Q;UQPU![P=>TURI>NU>T!QI!V>QTK>Tc!=>T!\KU>T!>P!

U8OO>PJ:PI!O>NN>O!@[N=!8@US:P=KPI!QI![=>;NK\>NU>P!8@!V8PM>Tf!%>T[=Q\>T!J\KN>T!J_SQV>U>P!S9!P_>T> !

V>QTK>T!QO!0$%c!J\QT!=>T!>T!>V!RI>V!@QM[U!S9!V\8PIUV8PM>Tf!4\8PIUJ8P=NKPI>TP>!8PU>U!J>Tc!K!\K=!

[=UVT:MPKPIc!@QT!\:T>P=>!>P!T>8MXQP!S9!V\8PIUV8PM>TP>c!U9N>=>U!\KN!=>T!\>=!>P!OKP=UM>NU>!8@!V\8PIUV8PM>T !

QIU9!@QT>MQOO>!>P!OKP=UM>NU>!8@!V\8PIUJ8P=NKPI>Tf

[V!'ILMEHCHAMG<NI;<LH<

)>T[P=>T!@RNI>T!>P![=@RTNKI!;>UMTK\>NU>!8@![=@QTOPKPI>P!8@c!;>IT[P=>NU>!QI!;8IIT[P=!@QT!USRTI>UM>O8>Vc !

U8OV!>P!IT[P=KI>T>!;>UMTK\>NU>!8@!;8IIT[P=>P!@QT!Q;U>T\8XQPUS[PMV>T!QI!=>NV8I>T>PU!>IP>![=U8IP!QI !

UKIP8N>TKPI>Tf!4KN!UN[V!K!8@UPKY>V!\KN!=>T!\:T>!>P!;>UMTK\>NU>!8@c!J\QT=8P!=>P!KP=U8ON>=>!=8V8!\KN!;NK\>!

8P8N_U>T>Vf

u

[VY!2KJLA<ME<G6<N

[VYVY!56FA!6=!MKJLA<ME<G6

+>I!\8NIV>!USRTI>UM>O8iO>VQ=>P!SI8f!=>P!UP:\T>!X=UT8OO>c!=>T!\8T!S9!STQL>MV>Vf!+>I!RPUM>=>!8V!M[PP> !

STKQTKV>T>!=>!8P=T>!8US>MV>T!K![P=>TURI>NU>P!NKI>!U9!JRLVf!%>T[=Q\>T!\KNN>!L>Ic!@QT!U9!\K=V!O[NKIVc![P=I9!=>P!

;K8Uc!=>T!K!JRL>T>!IT8=!>T!@QT;[P=>V!O>=!KPV>T\K>]U!>P=!O>=!USRTI>UM>O8>Tc!J>T[P=>T!>P!UVRTT>!TKUKMQ!@QT!

S9\KTMPKPI!8@!=>NV8I>T>PU!U\8Tf!+>I!O>PV>!=>U[=>Pc!8V!:P=TKPI>T!K!=>NV8I>T>PU!0$%iU_OSVQO>T!M[PP>!

O9N>U!NKI>!U9!>B>MX\V!O>=!USRTI>UM>O8c!UQO!O>=!8P=T>!XNI:PI>NKI>!O>VQ=>Tf!"@!U8OO>!Q\>PUV9>P=>!

IT[P=>!\8NIV>!L>I!QIU9!8V![=@QTO>!>\8N[>TKPI>P!8@!@QTNR;>V!K!@QTN:PI>NU>!8@!USRTI>UM>O8>Vf!

[VYVZ!'L6!N<ILC!OF!IK<L6OIH6FCM<LCHA

4KN![=@QTOPKPI>P!8@!USRTIUO9N>P>!\>=TRT>P=>!=>NV8I>T>PU!0$%iU_OSVQO>T!>T!=>T!V8I>V![=I8PIUS[PMV!K !

%3.i*6aU!MTKV>TK>T!@QT!0$%!QI![==_;>P=>!M8T8MV>TKU>TKPI!8@!0$%!K!;QI>P!g5P=>TUV8P=KPI!8P=!4T>8XPI !

0;U>UUK\>i$QOS[NUK\>!%KUQT=>Tgf!

[VYV[!2KJLA<ME<G6<NM!Q;=ILGHCHA

3SRTI>UM>O8>V!KP=>JQN=>T!>P!MQO;KP8XQP!8@!N[MM>=>c!J8N\i9;P>!QI!9;P>!USRTIUO9Nf!%>Y>!IK\>Tc!UQO!

U>P>T>!;>UMT>\>Vc!O[NKIJ>=!@QT!KPV>TP!\8NK=>TKPI!QI!O[NKIJ>=!@QT!8V!@9!>V![==_;>P=>!;KNN>=>!8@!=>NV8I>T>PU !

\KTM>NKIJ>=f

3SRTI>UM>O8>V!>T![=@QTO>V!OJSf!8V!M[PP>!;>N_U>!=>P!Q\>TQT=P>=>!STQ;N>OUXNNKPI!U9N>=>Uc!8V!T>U[NV8V>TP>!

\KN!M[PP>!IK\>!U\8T!S9c!J\QT\K=V!=>T!UM>T!>P!:P=TKPI!K!=>NV8I>T>PU!0$%iU_OSVQO>Tf!

%>NV8I>T>P!DM![=N>\>T>V!>V!USRTI>UM>O8!KP=>P!@QTNR;>VU!UV8TV!QI!>V!>H>T!8@UN[VPKPI!8@!@QTNR;>Vf!#>II> !

USRTI>UM>O8>T!KP=>JQN=>T!=>!U8OO>!USRTIUO9N!\>=Tf!0$%iU_OSVQO>Tf!*!=>V!8@UN[Y>P=>!USRTI>UM>O8!>T !

=>T!XN@RL>V!>\8N[>T>P=>!USRTIUO9Nc!U8OV!E>TP>V!;8IIT[P=U\8TK8;N>f!

#8IIT[P=U\8TK8;N>!;N>\![=@QTO>V!OJSf!8V!UM8;>!>V!J>NJ>=UKP=VT_M!8@!=>NV8I>T>P!QI!8@!U>N\>!@QTNR;>Vc!=8!L>Ic !

K!Q\>T>PUUV>OO>NU>!O>=!8P=T>!<8U>UV[=K>TU![=@QTOPKPIc!\8T!QSU8V!S9!8V!;>N_U>!U9!O8PI>!8US>MV>Tc!UQO!

M8P!J8\>!KP=\KTMPKPI!S9!T>U[NV8V>T!QI!@QTNR;c!UQO!O[NKIVf

v

3SRTI>UM>O8>V!>T![=@QTO>V!U9N>=>Uc!8V!=>T!@RTUV!UXNN>U!T>N8X\V!P>[VT8N>!USRTIUO9N!\>=TRT>P=>!=>NV8I>T>PU!

0$%c!U9UQO!J\QT!O8PI>!XO>T!QO!=8I>P!=>PP>!;T[I>T!S9!@QTUM>NNKI>!V\8PIUU_OSVQO>Tf!-:PI>T>!P>=>!K !

USRTI>UM>O8>V!\KN!USRTIUO9N>P>!;NK\>!O>T>!S>TUQPNKI>!QI!U[;L>MX\>f!%>T!USRTI>U!KP=!XNc!J\QT=8P!0$%a>P!

S9\KTM>T!@QTUM>NNKI>!8US>MV>T!K!=>NV8I>T>PU!NK\!QI!J\QT!O>I>V!=>P!U[;L>MX\V!@_N=>T!@QT!=>PP>f!(T[P=>P!XN !

=>PP>!UVT[MV[T!8@!USRTI>UM>O8>V!>Tc!8V!O8P!\>=!8V!\>PV>!O>=!=>!O>T>!S>TUQPNKI>!QI!JQN=PKPIUQTK>PV>T>V !

USRTIUO9Nc!M8P!RI>!U\8T\KNNKIJ>=>Pk#QQNU>Pd!ommuc!Ufsplf

*!USRTI>UM>O8>V!;N>\!=>T!=>U[=>P!V:PMV!S9!8V![P=I9!P>I8XQP>Tc!N>=>P=>c!N8PI>c!J_SQV>XUM>!QI!@8IV>MPKUM> !

USRTIUO9Nk#QQNU>Pd!ommuc!Ufruisplf!3VT[MV[T>P!;N>\!JQN=V!V>O8XUMf

"@US:P=KPIU8US>MV>V!;N>\!KMM>![P=>TURIV!\J8f!USRTI>UM>O8>Vc!=8!USRTIUO9N!\>=TRT>P=>!=>Y>!\KUV>!UKI!8V !

\:T>!U\:TV[=@RTNKI>!QI!@QM[U!;N>\!>V!8P=>V!>P=!RPUM>Vf!.KP!@QT\>PVPKPI!\8Tc!8V!=>NV8I>T>P!@T8!UV8TV>P!8@!KMM> !

\KNN>!\:T>!K!UV8P=!XN!8V!;>U\8T>!USRTIUO9Nc!UQO!\KNN>!M[PP>!;>N_U>!K!J\QT!JRL!IT8=!=>PP>!\8T!K!UV8P=!XN!8V!

I>PM>P=>!QSUS:P=KPIc!\8NK=Vf!*I>PP>O!OKP!>T@8TKPI!O>=!MNK>PV>Tc!UQO!KMM>!@RT!J8T!8T;>L=>V!O>=!

MTQSU;>\K=UVJ>=c!J8T!L>I!QSN>\>V!8V!=KUU>!QH>!M[P!;NK\>T!QSO:TMUQOO>!S9!=>T>U!O[UMN>Tc!P9T!=KUU>!IRT!

QP=Vf!3SRTIUO9N>P>!;N>\!U9N>=>Uc!=8!L>I!STR\>=>!=>O!8@c!O>=!@QT!UVQTV!>V!@QM[U!S9!O[UM>NUS:P=KPI>T!UQO!

>V!STQ;N>OQOT9=>f!+>I!UVQ=!=>T@QT!O>=!\8NI>V!QO!>PV>P!8V![P=>TURI>!=>NV8I>T>PU!>\P>!XN!8V!I>PM>P=> !

QSUS:P=KPI!\J8f!&.(iO9NKPI!QI!U8OX=KI>![=U8IP!QO!QSUS:P=KPIc!>NN>T!\J8f!;>\:I>NU>hMQPVT8MXQP!8@ !

O[UMN>P!QI!U8OX=KI![=U8IP!QO!QSUS:P=KPIf!+>I!\8NIV>!=>V!UK=UV>f

[VYV\!*HN<LH!R6FC;<LCHA

3QO!P:\PV!>T!USRTI>UM>O8>VU!JQ\>==>Nc!\>=Tf!O9NKPI>P!8@!0$%iU_OSVQO>Tc![=@QTO>V!O>=!J>P;NKM!S9!8V !

M[PP>!;>N_U>c!O>=!KP==T8I>NU>!8@![P=>T;_II>P=>!V>QTK>T!QI!8P=T>!=8V8KP=U8ONKPIUO>VQ=>Tc!=>Y>!UV[=K>U !

STQ;N>OUXNNKPIf!%>Y>!>T!K!UKI!U>N\!O>=!XN!8V!RI>!\8NK=KV>V>P!K!USRTI>UM>O8>Vf!%8!JQ\>==>N>P!K !

USRTI>UM>O8>V!QOJ8P=N>P=>!0$%iU_OSVQO>Tc!\KN!;>J8P=N>U!UQO!?P!8@!=>!\KIXIUV>!>N>O>PV>T!K !

=8V8;>8T;>L=PKPI>Pc!>T!=>T!K!>\8N[>TKPI>P!UXNN>V!>V!USRTIUO9Nc!UQO!UM8N!RI>!\8NK=KV>V>P!8@!=KUU>!USRTIUO9Nf !

%>T!;NK\>T!US[TIV!KP=XN!QOc!=>NV8I>T>P!J8T!QSN>\>V!>P!:P=TKPI!K!UKP>!0$%iU_OSVQO>Tf!+>I!M8P!U9N>=>U!U>c !

QO!=>T!>T!Q\>T>PUUV>OO>NU>!KO>NN>O!U\8T>V!S9!=>Y>!USRTIUO9Nc!QI!=>V!=>T!;N>\>V!U\8T>V!S9!=>!8P=T>!

USRTIUO9N!\>=TRT>P=>!J_SSKIJ>=>P!QI!IT8=>P!8@!0$%iU_OSVQO>Tf!1N8<>TKPI>Pc!8@!=>Y>!

\8NK=>TKPIUUSRTIUO9Nc!K!>\8N[>TKPIUUSRTIUO9N>P>c!J8T!=>U[=>P!ILQTV!=>V!O[NKIV!@QT!OKI!KMM>!8V!I9!S9!

MQOSTQOKU!O>=!USRTI>UM>O8>VU!R\TKI>!UVT[MV[Tf!&P=\K=>T>!>T!=>T!K!MQO;KP8XQP>P!8@!N[MM>=>c!J8N\9;P>!QI!

9;P>!USRTIUO9N!>P!O[NKIJ>=!@QT!RIPKPI!8@!\8NK=KV>V>P!8@!USRTI>UM>O8>Vf!%>NV8I>T>P!@9T!O[NKIJ>=!@QT!U>N\!8V !

nm

[==_;>!>NN>T!XN@RL>!U\8Tf!0IU9!J>T!\KN!L>I!=>T\>=!M[PP>!VL>MM>!QOc!=>T!>T!Q\>T>PUUV>OO>NU>!KO>NN>O!

;>UMTK\>NU>TP>!K!=>!9;P>!USRTIUO9N!QI!;>U\8T>NU>TP>!K!=>!N[MM>=>f!#>II>!USRTI>UM>O8>T!;N>\!=>U[=>P!

;>U\8T>V!8@!>P!V>UVS>TUQPc!O>=!=K8IPQUXU>T>V!0$%c!KP=>P!=>!;N>\!U>P=V![=!XN!=>NV8I>T>Pc!@QT!8V!UKMT>!8V !

USRTIUO9N>P>!\8T!@QTUV9>NKI>f!k,Q<J!OGfdommqc!Uf!nuuinvnl

[VZ!/9M<LR6OIH<H

5P=>T!Q;U>T\8XQP>TP>!>T!=>T!;N>\>V!MKII>V!>H>T!KP=KM8XQP>Tc!=>T!M8P!UKI>!PQI>V!QO!IT8=>P!8@!=>NV8I>T>PU !

8@US:P=KPIf!%>T!>T!@[P=>V!KPUSKT8XQP!K!UV[=K>T![=@RTV!8@!+8<Q;UQPf!)>T[P=>T!JRT>T!Q;U>T\8XQP!8@ !

9P=>=T:Y>VU!T>I>NO:UUKIJ>=c![=>;NK\>NU>P!8@!;>\:I>NU>c!QIU9!K!RL>Pi!QI!V8N>O[UM[N8V[Tc!N8PIUQOO>T>!

UKIP8N>TKPI!>NN>T![=>;NK\>NU>!8@!=>PP>c!QI!XN!UN[V!>P!K8IY8I>NU>!8@!QO!=>NV8I>T>Pc!>H>T!>P=V!8@US:P=KPIc !

\KTM>T!=RUKI!k+8<Q;UQPd!nvrvc!Uf!smisolf!%>T!>T!G>T>!Q;U>T\8XQPUS[PMV>T!;>UMT>\>V!8@!+8<Q;UQPf!%KUU>!J8T !

L>I!T>Y>V!KP=!>H>T!OKP!>I>P!8P8VQOKUM>!QI!@_UKQNQIKUM>!\K=>Pc!U8OV!MNKPKUM>!>T@8TKPI>T!U9N>=>Uc!8V!PQIN>!>T!

>TUV8Y>V!O>=!O>T>!US><KDMM>!QIh>NN>T!8P8VQOKUM>!;>V>IP>NU>Tf!*!UV>=>V!@QT!8V!K8IY8I>!=_;=>P!8@ !

9P=>=T:Y>Vc!\KN!=>T!U9N>=>U!K8IY8I>U!QO!9P=>=T:Y>V!>T!JRL<QUV8NV!>NN>T!N8\<QUV8NVc!QI!UN8SJ>=>P!K !

O[UM>NIT[SS>P!>T!:P=T>V!XN!K8IY8I>NU>!8@![=G8=PKPI!8@!O[UM[N8V[T>Pf!%>T!>T!XN@RL>V!K8IY8I>NU>!8@!QO!

=>NV8I>T>P!UP8MM>T!>NN>T!JQUV>T![P=>T\>LUc!QO!;T_P>P>!>T!T_PM>V!QI!O[P=>P!MN>OV!U8OO>P!QI!QO!

=>NV8I>T>P!@RT>T!UKP!N>I>OU=>N!XN;8I>!XN![=I8PIUUXNNKPI>Pc!@T>O@QT!;8T>!8V!UNKSS>!=>PP>f!%>T[=Q\>T!>T!>P!

Q;U>T\8XQPc!8@!QO!=>T!T>PV!@8MXUM!>T!QSUS:P=KPIc!XN@RL>Vf!%>Y>!\KN!=>T!Q;U>T\>T>U!S9!\>=!8V!MKII>!>H>T!

MQPVT8MXQP!K!=>NV8I>T>PU!O[UM[N8V[T!U8OX=KI!O>=!KPUVT[MXQP!QO!QSUS:P=KPI!QI!K!Q\>T>PUUV>OO>NU>!O>=!

=>NV8I>T>PU!>I>P!UKIP8N>TKPI!J>TQOf!4KN!UN[V!>T!PQIN>!Q;U>T\8XQPUS[PMV>T!J>NV![=>N8=Vc!@QT=K!=>!KMM>!J8T !

\:T>V!T>N>\8PV>!K!=>PP>!<8U>c!>NN>T!@QT=K!=>V!J8T!KP=;>@8Y>V!;>TRTKPI!8@!MNK>PV>Pc!J\KNM>V!L>I!O>PV>!\KNN> !

M[PP>!I9!KP=!QI!@QTUV_TT>!MNK>PV>PU!IT8=!8@!8@US:P=KPIf!

[V[!%<FN6A<L<HM!<A<H!MCAH6F<LCHA!K7!IKMK8H;CHAW6=MK8H;CHA!IA!Q;M6AH!IG!ELIKMFCA<!IKF<R<FM<L

6KIXIV!K!8P8N_U>P!8@!>OSKTK>Pc!>T!=>NV8I>T>PU!>IP>!UKIP8N>TKPI>T![P=>T\>LU!K!8@US:P=KPI>Pf!%>PP>!O>VQ=> !

>T!@[P=>V!K!;>UMTK\>NU>P!8@!#>TPUV>KPU!STQIT>UUK\>!8@US:P=KPIk->JT>Td!nvvpc!Uftolf!)>T!>T!O>VQ=>P!

JQ\>=U8I>NKIV!;>P_Y>V!XN!8V!O9N>!QOc!=>T!UM>T!>P!STQIT>UUKQP!K!=>NV8I>T>PU!>\P>!XN!8V!O:TM>!QSUS:P=KPI!

QI!=>NV8I>T>PU!>\P>!XN!8V!8@US:P=>f!

2>N>\8PV>![=U8IP!QO!MTQSUNKI>!QSN>\>NU>T!\KN!=>U[=>P!KP==T8I>U!K!8P8N_U>P!@QT!8V!UM8;>!>V!;T>=>T>!;KNN>=!8@ !

=>NV8I>T>PU!>IP>!QSN>\>NU>T![P=>T\>LU!K!8@US:P=KPIU@QTNR;>Vc!QI!@QT!8V![P=>TUVRY>c!>NN>T!OQ=UKI>c!=>!8P=T>!

T>U[NV8V>Tc!=>T!>T!KP=U8ON>Vf

nn

[V\!#<6L9<D;HCHA!6=!;6N6

&P!UV8XUXUM!8P8N_U>!8@!USRTI>UM>O8iT>U[NV8V>TP>c!\KNN>!KMM>!IK\>!O>PKPIc!=8!=>Tc!UQO!P:\PVc!M[P!\8T!>P!

T>USQP=>PV!S9!=KUU>f!3\8T>P>!S9!=>!J8N\i9;P>!QI!N[MM>=>!USRTIUO9Nc!\>=TRT>P=>!0$%iU_OSVQO>Tc!\KN !

U9N>=>U!KUV>=>Vc!@T8!=>V!KP=N>=>P=>!QI!=>V!8@UN[Y>P=>!USRTI>UM>O8c!JQN=>U!QS!KOQ=!JKP8P=>Pc!@QT!8V!U> !

>H>T!>\>PV[>NN>!:P=TKPI>Tf!%>T[=Q\>T!>T!=8V88P8N_U>P!KPUSKT>T>V!8@!@QTUM>NNKI>!8P8N_U>O>VQ=>Tc!J>T[P=>T!

KU:T!=>P!@:PQO>PQNQIKUM>!8P8N_U>O>VQ=>!XN!;T[I!\>=!KPV>T\K>]U!k,Q<J!OGfdommpc!Ufqniqslf!%>T!RPUM>U!8V !

QSP9!>P!UVT[MV[T>TKPI!8@!U\8T>P>f!"NN>!U\8T>P>!\KN!U9N>=>U!KP==>N>U![P=>T!PQIN>!JQ\>=V>O8>Tc!=>T!DP=>U!\>= !

I>PP>ON:UPKPI>P!8@!=KUU>f!3\8T>P>c!K!;9=>!=>V!9;P>!USRTIUO9N!QI!=>!N[MM>=>c!\KN!=>U[=>P!JQN=>U!QS!KOQ=!

JKP8P=>P!QI!USRTI>UM>O8>V!\KNc!XN!UN[Vc!\8NK=>T>U![=@T8!=>Y>f!

3KIP8N>TKPI>TP>c!Q;U>T\8XQP>TP>!QI!=>NV8I>T>PU![=U8IP![P=>T\>LU!K!@QTNR;>Vc!\KN!;>J8P=N>U!U8ON>Vf!%8V8>P> !

J>T[P=>T!\KN!U8OO>PNKIP>U!@QT!8V!MKII>!>H>T![Q\>T>PUUV>OO>NU>!KO>NN>O!=>NV8I>T>PU!>I>P!QSN>\>NU>!8@ !

QSUS:P=KPI!QI!8@US:P=KPI!QI!OKP!Q;U>T\8XQP!8@!=>PP>c!QIh>NN>T!@QT!8V!N8=>!=>!@QTUM>NNKI>!=8V8>T !

[P=>TUVRY>!JKP8P=>Pf!%>T!\KN!J>T!KU:T!V8I>U![=I8PIUS[PMV!K!=8V8>T!@T8!=>P!@RTUV>!QI!UK=UV>!U>UUKQPc!@QT!8V!U> !

QO!=>T!UM[NN>!\:T>!UM>V!>P!STQIT>UUKQPc!@T8!UV8TV!XN!UN[Vf!

\V!*HN<LR<HOIH<H

\VY!%<FN6A<LQ;R8FA<FM<!IA!:6M<MNQ;C<N!

4KNO>N=KPI>TP>!XN!OKV!@QTNR;!\8T!US8TUQOO>!QI!=>V!;N>\!J[TXIV!MN8TV!@QT!OKIc!8V!L>I!O9Y>!QON:II>!

[P=>TURI>NU>P!XN!>V!<8U>UV[=K>c!O>=!;NQV!>P!=>NV8I>Tf!%>V!>T!=>U[=>P!O>=!=>P!@QTO!@QT!12c!UQO!L>I!\8NIV> !

8V!;>P_Y>c!J>PUKIVUO:UUKIV!8V!XNT>Y>N:II>!KPUVT[MXQP>TP>!>H>T!=>P!>PM>NV>f!!+>I!MQPMN[=>T>=>!=>T@QTc!8V!

=>V!\KNN>!;NK\>!@QT!X=UMT:\>P=>!8V!J8\>!>V!UVRTT>!8PV8N!=>NV8I>T>f!%>!US8TUQOO>!XNO>N=KPI>T!I8\!KMM>!

O[NKIJ>=>P!@QT!U>N\!8V!M[PP>!\:NI>!=>NV8I>T>![=!@T8!RPUM>V!QO![=>N[MM>NU>!8@!8P=T>!KP=\KTM>P=>!@8MVQT>Tc !

U9UQO!U8OX=KI!8P=>P!SU_MKUM!NK=>NU>f!$8U>UV[=K>V!J8T!=8!QIU9!UKP>!@QT=>N>c!QI!L>I!\KN!@QT!U9!\K=V!O[NKIVc!K !

<8U>UV[=K>VU!9P=c!;>N_U>!U9!O8PI>!8@!=>!@8MVQT>Tc!=>T!M8P!J8\>!USKNN>V!KP=!S9!T>U[NV8V>V!K!QSI8\>P!k28OK8Pd !

ommtc!Uf!nripolf!)\KU!=>V!KMM>!>T!O[NKIV!8V!;>N_U>!=KUU>!@8MVQT>T![=@T8!>OSKTKiKP=U8ONKPI>Pc!\KN!L>I!V>QT>XU>T>!

S9!O8PI>!8@!=>O!KUV>=>Vf!

\VZ!,IHN6EN<H!G<;!;<FN6A<L<H

no

+>I!J8\=>!V>N>@QPKUM!MQPV8MV!XN!=>NV8I>T>Pc!=8!=>PP>!KMM>!J8\=>!KPV>TP>Vc!QI!@QTMN8T>=>!\>=!=>P!@RTUV> !

U8OV8N>c!J\8=!@QTNR;>V!K!ITQ\>!VT:M!IKM![=!S9c!QI!J\KNM>P!TQNN>!J[P!\KNN>!MQOO>!XN!8V!USKNN>!K![P=>TURI>NU>Pc!

J>T[P=>T!8V!J[P!\8T!UKMT>V!8PQP_OKV>Vc!QI!8V!J[P!UM[NN>!;>U\8T>!VQ!USRTI>UM>O8>T!i!>V!@RT!QI!>V!>H>T !

@QTNR;>Vf!&H>Tc!=>NV8I>T>P!J8\=>!KP=\KNI>V!K!8V!=>NV8I>c!;N>\!USRTI>UM>O8>V!U>P=V!O>=!SQUV>Pf!5P=>T\>LU!K !

@QTNR;>V!TKPI>=>!L>I!J\>T!I8PI!>P!XO>!KP=>P!U>UUKQP>PU!UV8TVc!@QT!8V!OKP=>!=>NV8I>T>P!S9!\QT>U!8H8N>f!6>=!

=>P!8@UN[Y>P=>!U>UUKQP!DM!=>NV8I>T>P![=N>\>T>V!=>V!UK=UV>!USRTI>UM>O8c!O>=!>P!@T8PM>T>V!M[\>TVc!QI!;N>\ !

;>=V!U>P=>!=>Y>c!P9T!=>V!\8T![=@_N=Vf!

\V[!#<B6H;FCHAM=ILFJ9<N

4K=UT8OO>Pe!t!I8PI>!O>=!8@US:P=KPIc!@QT=>NV!Q\>T!q![I>Tc!O>=!VQ!U>UUKQP>T!STf![I>c!8@!<8f!qr!OKPf!\8TKIJ>= !

STf!I8PIf

%>P!STQIT>UUK\>!8@US:P=KPIc!=>T!>T!;N>\>V!;T[IV!K!=>PP>![P=>TURI>NU>c!V8I>T![=I8PIUS[PMV!K!>P!

MQO;KP8XQP!8@!=>P!@QTMQTV>=>!12c!UQO!;>UMT>\>V!8@!#>TPUV>KP!k->JT>T!OGfd!nvvpc!M8Sf!pl!QI!=>P!QSTKP=>NKI>!

12c!UQO!;NK\>T![=@RTV!QI!;>UMT>\>V!8@!+8<Q;UQP!k+8<Q;UQPd!nvrvlf!

3>UUKQP!ne!)>T!;N>\!8NN>!ns!O[UM>NIT[SS>T!QSUS:P=V!QI!8@US:P=V!VQ!I8PI>!J\>Tf!%>NV8I>T>P!;N>\!;>=V!QO!8V !

UKIP8N>T>!O>=!S>I>DPI>T>Pc!\>=!8P=>P!I>PP>OI8PIc!J\KU!=>PP>!O:TM>=>!J>PJQN=U\KUV!QSUS:P=KPI!QI !

@[N=!8@US:P=KPI!>H>T@RNI>P=>f

3>UUKQP!oe!)>T!;N>\!O[UM[N8V[T>P!K!;>II>!8TO>!I>PP>OI9>Vf!'QM[U!N9!S9!8@US:P=KPI>P!QI !

QSUS:P=KPIh8@US:P=KPI!UQO!;N>\!I>PV8I>V!QS!XN!q!I8PI>c!>NN>T!KP=XN!=>T!;N>\!UKIP8N>T>V!\>=!8=USRTIU>N!QO!

8@US:P=KPIf!

3>UUKQP!pe!"PUKIVUO[UM[N8V[T>P!;N>\!I>PP>OI9>V!J>Tc!O>=!U8OO>!@QM[U!QI!@T>OI8PIUO9=>c!UQO!\>= !

U>UUKQP!of!%>U[=>P!;N>\!=>T!KPUVT[>T>V!K!\KU[8NKU>TKPI!QI!8V!V:NN>c!KP=>!K!JQ\>=>Vc!O>=!=>V!@QTO9N!8V!QSN>\>c !

J\QT=8P!=>T!QSUVQ=!US:P=KPI!K!8PUKIVUO[UM[N8V[T>P![P=>T!=KUU>!J8P=NKPI>Tf

3>UUKQP!qe!.[UM[N8V[T>P!K!J8NUc!P8MM>!QI!;T_UV!U8OV!;T_UVT_I!;N>\!J>T!I>PP>OI9>Vc!KI>P!O>=!U8OO>!@QM[U !

QI!@T>OI8PIUO9=>c!UQO!X=NKI>T>!;>UMT>\>Vf!

3>UUKQP!re!";=QO>Pic!N:P=>T_Ii!QI!;8N=>O[UM[N8V[Tc!;N>\!J>T!I>PP>OI9>Vc!O>=!U8OO>!@QM[U!QI!

@T>OI8PIUO9=>c!UQO!X=NKI>T>!;>UMT>\>Vf

np

3>UUKQP!se!.[UM[N8V[T>P!K!;>II>!;>P!;N>\!J>T!I>PP>OI9>Vc!O>=!U8OO>!@QM[U!QI!@T>OI8PIUO9=>c!UQO!

X=NKI>T>!;>UMT>\>Vf

3>UUKQP!te!"NN>!ns!O[UM>NIT[SS>T!;N>\!J>T!I>PP>OI9>V!KI>Pc!S9!U8OO>!O9=>!UQO!\>=!nf!U>UUKQPf

7=>TNKI>T>!KPUVT[MXQP>Te!%>NV8I>T>P!DM!>P!MQTV!KPVTQ=[MXQP!XN!@_UKQNQIK>P!;8I!QSUS:P=KPIf!%>T!;N>\!

J>T[P=>T!ILQTV!QSO:TMUQO!S9c!8V!=>V!8V!US:P=>!QS!K!O[UMN>TP>!>T!>P!8MX\!J8P=NKPIc!O>PU!=>V!8V!

8@US:P=>!>T![=>;NK\>NU>!8@!J8P=NKPIf!6KIXIJ>=>P!8@c!8V!=>NV8I>T>P!KMM>!UKIP8N>T>=>c!J\KU!=>PP>!KMM> !

O:TM>=>!QSUS:P=KPI!>NN>T!8@US:P=KPIc!;N>\![P=>TUVT>I>Vf!%>NV8I>T>P!;N>\!;>=V!QO!KMM>!8V!UP8MM>!

[P=>T\>LU!K!8@US:P=KPI>Pc!@QT!8V![P=I9![PR=KI!QSUS:P=KPI!K!8PUKIV>Vf!&\>PV[>NN>!QSN>\>NU>T![P=>T\>LUc!\KNN> !

;NK\>!>\8N[>T>V!>H>T!8@UN[VPKPI!8@!8@US:P=KPI>Pf!%>NV8I>T>P!DM!QIU9!8V!\K=>c!8V!J\KU!=>T![P=>T\>LU!K !

8@US:P=KPI>P!UM[NN>!QSUV9!@QTUV_TT>NU>Tc!UM[NN>!=>PP>!;NQV!;T[I>!=>P![=>@T8MQOO>P=>!@QTUV_TT>NU>!XN!8V!

8@US:P=>!>P=P[!O>T>c!>NN>T!K!J\>TV!XN@:N=>!KMM>!V8I>!UKI!8@!@QTUV_TT>NU>Pf!3[II>UXQP!;N>\!@QTURIV!JQN=V!S9!>V !

OKPKO[Oc!=QI!;N>\!=>NV8I>T>Pc!8@!>XUM>!IT[P=>c!KP@QTO>T>V!QO!@QTO9N>V!O>=!=>P!STQIT>UUK\>!

8@US:P=PKPIf!%>NV8I>T>P!;N>\!;>=V!R\>!=>!O[UM>NIT[SS>Tc!UQO!\K!K!U>UUKQP>P!J8\=>!I>PP>OI9>Vc !

=>TJL>OO>f!6>=!J\>T!U>UUKQP!;N>\!=>Tc!KP=>P!QSUV8TVc!>\8N[>T>V!S9!=>!QSN>\>NU>Tc!MNK>PV>P!J8\=>!J8H!O>=!

JL>OO>R\>NU>TP>!QI!J\QT!O>I>Vc!=>T!\8T!;N>\>V!R\>Vf!

.KNLRe!%>P!>P>!U>UUKQP!QO![I>P!;N>\![=@RTV!K!>V!OR=>NQM8N>!K!>V!;>;Q>TJ[Uf!%>P!8P=>P!U>UUKQP!;N>\![=@RTV!K !

>P!NKNN>!U8N!S9!>P!P>=N8IV!UMQN>f

\V\!#<ALQH;<FM<!=IL!R6FA!6=!;<HH<!EIG9CH6OIH!6=!G<NI;<L

+>I!\8NIV>!8V!N8=>!OKI!KPUSKT>T>!8@!#>TPUV>KPU!O>VQ=>c!=8!=>T!KMM>!\8T!O[NKIJ>=!@QT!8V![=@RT>!+8<Q;UQPU !

QSTKP=>NKI>!12c!SI8f!X=UT8OO>P!@QT![P=>TURI>NU>Pf!%QI!;N>\!#>TPUV>KPU!O>VQ=>!XNS8UU>V!QI!=>T!;N>\!

KP==T8I>V!NK=V!G>T>!8@!+8<Q;UQPU!O>VQ=>\8NIc!K!>P!OQ=KD<>T>V![=I8\>f

+>I!U_PV>Uc!8V!#>TPUV>KPU!O>VQ=>!J8\=>!UKP>!;>IT:PUPKPI>T!K!QI!O>=c!8V!O[UM>NIT[SS>TP>![P=>T\>LU!K !

=>PP>!O>VQ=>!MQPXP[>TNKIV!;NK\>T!KP==>NVf!&V!O>T>!US><KDMV!@QM[U!S9!=>!>PM>NV>!O[UM>NIT[SS>Tc!;NK\>T !

=>T@QT!@QTUROVf!+>I!O>PV>c!8V!=>V!\8T!PR=\>P=KIVc!8V!=>NV8I>T>P!M[PP>!I>PM>P=>!QSUS:P=KPIc!KMM>!;NQV!P9T !

=>P!QSUVQ=!K!>P!IT[SS>!8@!O[UMN>Tc!O>P!QIU9!P9T!=>P!QSUVQ=!K!>PM>NV>!O[UMN>Tf!1I8f!X=U8US>MV>V!M[PP>!L>I !

=QI!KMM>!I>PP>OI9!J\>T!>PM>N!O[UM>N!@QT!UKIf!+>I!\8NIV>!=>T@QT!8V!=>N>!O[UMN>TP>!K!OKP=T>!IT[SS>T!>P=!\>=!

#>TPUV>KPU!O>VQ=>f!+>I!@QTURIV>!=>U[=>P!K!Q\>T>PUUV>OO>NU>!O>=!+8<Q;UQPU!O>VQ=>!8V![P=I9!8NV!@QT !

nq

O>I>V!U[II>UXQP!@QT!8V![P=I9!SN8<>;Qi>B>MVc!O>P!O9Y>!KI>Pc!SI8f!X=U8US>MV>V!QI!>XMc!I9!S9!MQOSTQOKUf !

4K=U8US>MV>V!USKNN>=>!KP=!J>Tc!@QT=K!L>I!O>PV>c!8V!>P!OQX\>TKPI!8@!=>NV8I>T>P!\8T!PR=\>P=KI!@QTc!8V!=>PP>!

\KNN>!I9!O>T>!KPV>PUK\V!KP=!K!@QTNR;>Vc!QI!=>U[=>P!@9!R\>V!=>TJL>OO>f!!

/9T!L>I!8NNKI>\>N!\8NIV>!8V!;T[I>!@RTUV>!QI!UK=UV>!U>UUKQP!S9!8V!I>PP>OI9!J>N>!=>NV8I>T>PU!MTQSc!QI!8NVU9 !

KP==>N>!O[UM>NIT[SS>TP>!K!UVRTT>!>PJ>=>Tc!UM_N=>U!=>Vc!8V!L>I!RPUM>=>!>V!U8OO>PNKIP>NKIV![=I8PIUS[PMV!XN !

8P8N_U>!8@!STQIT>UUKQP>P!K!@QTNR;>Vf

+>I!N8I=>!=>U[=>P!\:IV!S9c!QIU9!K!Q\>T>PUUV>OO>NU>!O>=!+8<Q;UQPU!O>VQ=>\8NIc!8V!@QTV:NN>!=>NV8I>T>Pc!8V !

=>PP>!U>N\!\8T!8PU\8TNKI!@QT!UKP!STQIT>UUKQP!K!@QTNR;>Vf

]V!3<ILC96AALQH;

]VY!+6:I9MIHM!KLIAAL<MMCR<!6=MK8H;CHA

)>T[P=>T!\KN!>P!;>UMTK\>NU>!8@!O>VQ=>P!QI!>B>MV>TP>c!U8OV!;K\KTMPKPI>T!\>=!=>P!QSTKP=>NKI>!@QTO!@QT!12!

@QT>DP=>Uf!

)Q\>=V8PM>P!;8I!12!>Tc!8V!O8P!\>=!8V!N:T>!8V!I>PM>P=>!U>N\!UO9!QSUS:P=KPI>T!K!UKP!O[UM[N8V[Tc!J8T!N8IV!>V !

@[P=8O>PVc!@QT!;>=T>!8V!M[PP>!8@US:P=>!=KUU>f!"V!M[PP>!I>PM>P=>!QSUS:P=KPI>Tc!>T!U9N>=>U!>P !

@QT[=U:VPKPI!@QT!8V!M[PP>!8@US:P=>f!%>TO>=!KMM>!U8IVc!8V!O8P!8[VQO8XUM!;NK\>T!;>=T>!XN!8V!8@US:P=>!\>= !

8V!N:T>!8V!I>PM>P=>!UKP>!QSUS:P=KPI>Tf!%>V!>T!KMM>!@QTO9N>V!8V!US:P=>!QSc!KP=>P!O8P!@QTURI>T!8V !

8@US:P=>c!UQO!O8P!IRT!=>V![P=>T!12c!O>P!;NQVc!8V!O8P!8@US:P=>T!@T8!=>V![=I8PIUS[PMV!O8P!J8Tf!* !

@QTN:PI>NU>!8@!=>Y>!M8P!UKI>Uc!8V!8@US:P=KPI>P!8PU>U!@QT!8V!\:T>!>P![=>;NK\>NU>!8@!QSUS:P=KPI!QI!8NVU9 !

KMM>!>P!J8P=NKPI!K!UKI!U>N\f!k+8<Q;UQPd!nvrvl

12!M8Pc!\8TK>T>!O>I>V!K!\8TKIJ>=f!'T8!;NQV!tiu!I8PI>!XN!8V!UVT:MM>!UKI!Q\>T!O9P>=>Tc!QI!K!PQIN>!XN@:N=>!9Tc!8NV !

8C:PIKIV!8@!MNK>PV>PU!>\P>!XN!8V!N:T>!O>VQ=>P!QI!U>N\@RNI>NKIc!J\KNM>V!@QTO9N!O>VQ=>P!UM8N!VL>P>f!+8<Q;UQPU !

QSTKP=>NKI>c!QI!=>P!=>T!;>UMTK\>U!J>T[P=>Tc!>T!>P!KPV>PUK\!@QTO!@QT!12f!%>PP>!US><KDMM>!@QTO!@QT!12c!>T !

=>U[=>P![=\KMN>V!O>=!=>V!@QTO9N!8V!M[PP>!;T[I>U!K!>V!\K=>PUM8;>NKIV!RL>O>=f!k+8<Q;UQPd!nvrvl

nr

%>PP>!12!M8Pc!UQO!@RT!P:\PVc!\8T>!K!O9P>=>Tc!>NN>T!9Tc!QI!=>T!\KN!\:T>!U>UUKQP>T!OKPKO[O!p!I8PI>!QO!

[I>Pc!UK=>NR;>P=>!O>=!JL>OO>VT:PKPI!J\>T!=8If!%>T!\KN!UQO!QH>UV!KMM>!\:T>!PQI>P!KPVTQ=[MXQPc!KP=>P!

@QTNR;>VU!UV8TVc!XN!=>PP>!@QTO!@QT!12f!(T[P=>P!XN!=>Y>!>Tc!8V!O8P!\KN![P=I9!>PJ\>T!@QTO!@QT!@QT[=I9>P=>!

KP=UXNNKPI!XN!@QTNR;>V!QI!=>P!STQIT>UUK\>!8@US:P=KPIf!#9=>!8@!=>P!SQUKX\>!QI!8@!=>P!P>I8X\>!8TVf!'8MXUM !

@QT>VT:MM>U!>P!UM>SXUM!KP=UXNNKPIc!=8!=>T!J>T\>=!KMM>!>T!TKUKMQ!@QT!SN8<>;Qi>B>MVf!3[II>UXQP!;NK\>T!=>U[=>P!

[P=I9>V![P=>T\>LU!K!J>N>!@QTNR;>Vc!8@!U8OO>!IT[P=f!'QTO9N>V!O>=!12!>Tc!8V!MNK>PV>P!N:T>T!8V!I>PM>P=>!U>N\ !

=>!OKP=UV>!QSUS:P=KPI>Tc!QI!=>T\>=!8V!M[PP>!8@US:P=>!=KUU>c!P9T!=>!QSUV9Tf!,NK>PV>PU![=I8PIUUXNNKPI!\KN !

\:T>!NKII>P=>c!O>=!8TO>P>!N8PIU!UK=>Pf!"NN>!MTQSS>PU!O[UMN>T!I>PP>OI9Uc!@QT!U9!\K=V!=>V!>T!O[NKIVc !

>PM>NV\KU!QI!=>T!M8P!;T[I>U!>P!J>N!U>UUKQP!S9!>P!>PM>NV!O[UM>Nc!QO!PR=\>P=KIVf!4>T8S>[V>P!M8P!IK\> !

OQ=UV8P=!XN!MNK>PV>PU!N>I>OU=>Nc!@QT!8V!IRT>!QSUS:P=KPI>P!V_=NKI>T!@QT!MNK>PV>Pf!&H>J9P=>P!UQO!=>T!UM>T !

STQIT>UUKQP!K!QSN>\>NU>P!8@!QSUS:P=KPIc!\KN!MNK>PV>P!KPUVT[>T>U!K!8V!N8\>!;>\:I>NU>P!OKP=T>!QI!OKP=T>c!QI!XN !

UN[V!N8\>!>P!QSUS:P=KPI![=>P!8V!N8\>!>P!U_PNKI!;>\:I>NU>!K!=>P!S9I:N=>P=>!N>IO>U=>Nf!)\KU!=>T!K8IY8I>U !

QSUS:P=KPI!8P=T>!UV>=>T!K!MTQSS>Pc!>P=!K!=>P!S9I:N=>P=>!O[UM>Nc!\KN!STQ<>=[T>P!8AT_=>U!QI!I>PV8I>Uf !

)\KU!MNK>PV>P!KMM>!@QTO9T!8V!8@US:P=>c!\KN!STQ<>=[T>P!QIU9!J>T!I>PV8I>Uf!/9T!=>P!S9I:N=>P=>!O[UM>N !

U[<<>U@[N=V!kO>=!QSN>\>NU>!8@!QSUS:P=KPI!QI!8@US:P=KPIl!>T!I>PP>OI9>Vc!\KN!MNK>PV>P!>H>TN8=>U!K!T[OO>V!K !

QS!XN!nr!OKPfc!@QT!U>N\!8V!M[PP>!MQP<>PVT>T>!UKI!QO!8V!8@US:P=>!_=>TNKI>T>f!%>Y>!>T!O>=!XN!8V!@QTUKMT>!

MNK>PV>P!QOc!8V!J>N>!@QTNR;>V!QI!STQIT>UUKQP>P!K!STQ<>UU>P!>T!>P!U>N\UV:P=KI!QSI8\>f!4>T8S>[V>PU!TQNN>!>T !

;NQV!8V!UM8;>!>P!VT_I!T8OO>c!KPUVT[>T>!QI!T>Y>!KP=c!J\KU!=>V!>T!PR=\>P=KIVf!k+8<Q;UQPd!nvrvl

12!J8T!\KUV!UKI!I8\PNKIV!S9!P>T\RU!Q\>TUS:P=KPIc!8M[V!UR\PNRUJ>=c!MTQPKUM!UR\PNRUJ>=c!V\8PIUP>[TQU>T!

k0$%lc!8PIUVP>[TQU>Tc!J_SQMQP=TKc!VT:VJ>=UNK=>NU>Tc!P>T\RU!=>ST>UUKQPc!@Q;K>Tc!JL>TV>P>[TQU>T!QI!

<_<NQVQOKUM!=>ST>UUKQPf!4K<Uc!MTQPKUM!V_MV8TOU;>V:P=>NU>c!8TV>TK>N!Q\>TUS:P=KPIc!US:P=KPIUJQ\>=SKP>c!

USKU>TRTUUS8UO>T!QI!UNKOJKP=>;>V:P=>NU>!K!V_MV8TO>P!J8T!QIU9!\KUV!UKI!8V!;NK\>!NKP=T>V!>NN>T!J>NV!J>N;T>=V!8@!

12f!k->JT>T!OGfdnvvpc!M8Sfoipl

*!12!J8T!=>T!=QI!QIU9!\KUV!UKI!8V!\:T>!TKUKMQ!@QT!PQIN>!KMM>iXNUKIV>=>!KP=\KTMPKPI>T!S9!MNK>PV>Pc!QO>P=!K !

T>N8X\V!UL:N=P>!XN@:N=>f!)>T[P=>T!UM8N!P:\P>U!KP\8=>T>P=>!V8PM>Tc!@T_IV!@QT!8V!OKUV>!MQPVTQNc!MT8OS8IXI>!

UVR=!K!MNK>PV>PU!MTQSc!@QTUV_TT>P=>!U>PUQTKUM>!QSN>\>NU>Tc!U>MU[>N!QSJK=U>NU>!QI!K!O>I>V!@9!XN@:N=>!SU_MQXUM>!

U_OSVQO>Tf!k->JT>T!OGfdnvvpc!M8Sfoipl

]VZ!+6:I9MIHM!MUH!K7!6=MK8H;CHA<HM!CH;RCLEHCHA!K7!=JF<FM<L!IA!N6HE<L

)>T[P=>T!>P!MQTV!I>PP>OI8PI!8@!+8<Q;UQPU!U_P!S9!8@US:P=KPI>PU!KP=\KTMPKPI!S9!@RN>NU>T!QI!V8PM>Tf

ns

*!+8<Q;UQPU!;>UMTK\>NU>T!8@!12!DP=>U!=>T!>V!UVQTV!8PV8N!T>@>T>P<>T!@T8!V>QT>XM>T>!QI!U8OO>P=T8I!8@!

[P=>TURI>NU>Tc![=@RTV!8@!J8O!U>N\c!UQO!8NN>!S>I>T!K!T>VPKPI!8@!>V!;>UV>OV!U_P!S9!U8OO>PJ:PI>P!O>NN>O!

MTQS!QI!SU_M>f!)_SQV>U>TP>!I9T!S9!QI![P=>TURI>NU>TP>!N8=>T!XN!8V!IK\>!;>N:I!@QTc!8V!V8PM>T!QI!@RN>NU>T!J8T !

@_UKUM>!MQOSQP>PV>Tf!*![P=>TURI>NU>TP>!>T!=>T!@[P=>V!V>IP!S9c!8V!P9T!=>T!V:PM>U!S9!>P!;>UV>OV!J8P=NKPIc!\KN !

=>!O[UMN>Tc!=>T!UM[NN>!J8\>!\:T>V!KOSNK<>T>V!K![=@RT>NU>P!8@!J8P=NKPI>Pc!MQPVT8J>T>!UKI!>P!UO[N>f!3_PUi!QI!

V8N>O[UM[N8V[Tc!U_P>U!=>U[=>P!8V!USKNN>!>P!US><K>N!TQNN>!K!U8OO>PJ:PI>P!O>=!V8PM>Tf!%>T!N8=>T!XN!8V!QSUV9!

US:P=KPI!K!V8N>O[UM[N8V[T>Pc!P9T!O8P!@RT>T!>P!KP=T>!=K8NQI!QI!>P!US:P=KPI!K!U_PUO[UM[N8V[T>Pc!P9T!O8P!

\KU[8NKU>T>f!%>V!U8OO>!O>P>U!=>T!QO!@RN>NU>Tf!!/9T!>P!@RN>NU>!QSUV9Tc!\KN!=>T!8NVU9!U8OX=KI!@QT>MQOO>!

MQPVT8MXQP>T!K!=>!O[UM>NIT[SS>Tc!=>T![=@RT>T!>NN>T!UM[NN>!J8\>![=@RTV!>P!J8P=NKPIc!@QT!8V!@QTNRU>!=>P!

S9I:N=>P=>!@RN>NU>f!+8<Q;UQP!>T!8NVU9!8@!=>P!O>PKPIc!8V!>P!V8PM>!QIh>NN>T!@RN>NU>!KMM>!M8P!@QT>MQOO>![=>P !

UKP!@_UKUM>!MQOSQP>PVc!QI!J8P!J8T!U9N>=>U!@[P=>V!V>IP!S9c!8V!V8PM>T!QI!@RN>NU>T!M8P!OKP=UM>Uc!>NN>T!J>NV !

>NKOKP>T>Uc!K!MQTV>T>!S>TKQ=>Tc!O>=!@[N=!8@US:P=KPIf!+8<Q;UQP!O>P>T!=>T@QT!QSU[OO>T>P=>c!8V!=>T!S9!

N:PI>T>!UKIVc!\>=!KP=@RTKPI!K!12!QI!=>T\>=!UVRTT>!MQPVTQN!O>=!>IP>!O[UM>NUS:P=KPI>Tc!M8P!QSUV9!>P!UVRTT>!

MQPVTQN!O>=!@RN>NU>T!QI!V8PM>T!U9N>=>Uc!8V![RPUM>=>!V8PM>T!QI!@RN>NU>T!M8P!OKP=UM>Uf!k+8<Q;UQPd!nvrvc!

M8Sfnml

]V[!"F<T6H;<L!-IS<HM!IA!(L<NB<!+JLA<HM<HM!MUH!K7!IR<LMK8H;CHA<LM!M6GG<HB8HA!G<;!=JF<FM<L

+8<Q;UQP!>T!KMM>!=>P!>P>UV>c!=>T!O>P>Tc!8V!MTQS!QI!SU_M>!J:PI>T!U8OO>Pf!)>T!UM8N!P:\P>U!VQ!V>QT>XM>T>c!

=>T!QIU9!>T!8@!=>PP>!O>PKPIc!O>P!UQO!J8T!>V!8P=>V!U_P!S9c!J\8=!8@US:P=KPI!M8P!J8\>!8@!KP=\KTMPKPI!S9 !

V8PM>T!QI!@RN>NU>Tf

"N>^8P=>T!-Q]>P!O>P>Tc!8V![P=>TVT_MV>!@RN>NU>T!U:Y>T!UKI!UQO!Q\>TUS:P=KPI>T!K!MTQSS>P!QI!;NQM>T>!@QT!>V!

@TKV!;>\:I>NU>UORPUV>T!QI!GQ]!8@!>P>TIK!K!MTQSS>Pf!)8P!O>P>T!=>U[=>Pc!8V!=>Y>!O>=@RT>Tc!8V!O8P!KMM>!J8T !

@QTP>OO>NU>!@QT!>IP>!@RN>NU>T!QI!K!UVRTT>![=UVT:MPKPI!UKI!U>N\f!'QT!8V!M[PP>!MQOO>!V:Y>T>!S9!UKI!U>N\c !

O>P>T!J8P!=>T@QTc!8V!O8P!O9!N:T>T!8V!UNKSS>!MQPVTQN!QI!IK\>!UKI!J>P!XN!UKP>!@RN>NU>Tf!%>!@_UKUM>!;NQM>TKPI>T!

U9\>N!UQO!=>!@RN>NU>UO:UUKI>c!UM8N!=>T@QT!@QTNRU>Uf!4KN!=>Y>!@QTO9N!J8T!J8P!@T>OUXNN>V!R\>NU>Tc!UQO!M8P!

NRUP>!9P=>=T:Y>V!QI!8P=T>![=UVT:MPKPIUR\>NU>Tc!UQO!J8T!=>V!@QTO9N!8V!NRUP>!O[UM>NUS:P=KPI>T!QI!=>T\>=!

@9!@RN>NU>T!@QTNRUVf!)8P!O>P>T!8NVU9c!8V!@RN>NU>T!@QTNRU>Uc!P9T!QSUS:P=KPI>T!UNKSS>Uf!3QO!U:TNKIV!\KIXI>!

MQOSQP>PV>T!K!;>UVT:;>NU>P!S9!>P!MTQS![=>P!;NQM>TKPI>T!P:\P>T!"N>^8P=>T!-Q]>P!9P=>=T:Y>Vc!IT9=!QI!

QTI8UO>Pf!k-Q]>Pdommtc!M8Sf!qirl

nt

*!U8OO>!;QN=I8=>!DP=>T!O8P!(T>V>!+RTI>PU>Pc!UQO!>T!8@!=>P!O>PKPIc!8V!8NN>!@RN>NU>T!QIU9!J8T!>P!O[UM[N:T!

MQOSQP>PV!QIc!8V![P=>TVT_MM>NU>P!8@!>P!@RN>NU>hT>8MXQP!O>=@RT>T!US:P=KPI>T!K!MTQSS>P!QIc!8V!=KUU>!

US:P=KPI>T!S9!N:PI>T>!UKIV!M8P!8@UM:T>!?P!@T8!8V!@RN>!@RN>NU>P!XN!@[N=>f!'QTO9N>V!O>=!J>P=>U!@QTO!@QT !

;>J8P=NKPI!>T!QIU9!8V!JL:NS>!MNK>PV>P!XN!8V!QSP9!>P!MTQS![=>P!;NQM>TKPI>Tc!P:TO>T>!;>V>IP>V!>P!MTQSc!J\KU!

O[UM>NVQP[U!>T!@[PMXQP>Nf!%>Y>!O>P>T!J[P!QIU9!M8P!O>=@RT>!>P!UVRTT>!;>\K=UVJ>=!QO!UKI!U>N\!QI!>I>P !

MTQSf!)[P!P:\P>Tc!8V!=>V!KMM>!>T!>P!PR=\>P=KIJ>=c!8V!=>NV8I>T>Pc!UK=>NR;>P=>!O>=!UNKS!8@!Q\>TUS:P=V !

O[UM[N8V[Tc!QSN>\>T!@RN>NU>UO:UUKI>!T>8MXQP>T!>NN>Tc!8V!OKP=>T!=[MM>!QS!XN!Q\>TG8=>Pc!O>P!8V!=>Y>!M8P!

JL:NS>!XN!>P!UVRTT>!U>N\@QTUV9>NU>f!k+RTI>PU>Pc!Uf!virrl

]V\!#<LHMN<CHM!G<NI;<

)>T[P=>T!@RNI>T!>P!MQTV!T>=>IRT>NU>!8@!=>P!@QTO!@QT!STQIT>UUK\>!8@US:P=KPIc!UQO!>T!;>P_Y>V!K!=>PP>!

[P=>TURI>NU>c!K!MQO;KP8XQP!O>=!+8<Q;UQPU!QSTKP=>NKI>!STQIT>UUK\>!8@US:P=KPIf!

%>PP>!O>VQ=>!>T!>P!@QTMQTV>V!\>TUKQP!8@!+8<Q;UQPU!12f!'QTMQTV>NU>P!N8=>T!UKI!IRT>!\>=!8V!I>PP>OI9!UVRTT> !

O[UM>NIT[SS>T![P=>T!>Vc!\>=!;T[I!8@!U[II>UXQP!QI!\>=!8V![P=N8=>!8V!8T;>L=>!O>=!I>PM>P=>NU>P!8@!IT8=\KUV !

OKP=T>!QSUS:P=KPI>Tf!

*!#>TPUV>KPU!O>VQ=>!;NK\>Tc!K!=>!@RTUV>!VT>!U>UUKQP>Tc!O[UMN>TP>!KP==>NV!K!ns!O[UM>NIT[SS>Tc!UQO![P=>T!>V!

;NK\>T!QSUS:P=V!QI!8@US:P=V!O>=!KPUVT[MXQP!@T8!V>T8S>[V>Pf!,NK>PV>P!;NK\>T!;>=V!QO!8V!UKIP8N>T>!O>=!UKP !

S>I>DPI>Tc!J\KU!=>T!O:TM>U!@[N=!8@US:P=KPI!>H>T!8P=>P!I>PP>OI8PI!8@!?P!8@!=>!ns!O[UM>NIT[SS>Tf !

0SUS:P=KPIh8@US:P=KPI!K!=>P!S9I:N=>P=>!O[UM>NIT[SS>!I>PV8I>U!QS!XN!q!I8PI>c!J\KU!MNK>PV>P!KMM>!@RN>T !

@[N=!8@US:P=KPIc!>H>T!8P=>P!I>PP>OI8PIf!7=>TNKI>T>!KP==>NKPIc!UQO!J>T[P=>T!;>UMT>\>Vc!@QT[=U:Y>Tc!8V !

MNK>PV>P!J8T!I>PP>OI9>V!QSUS:P=KPIh8@US:P=KPI!U[<<>U@[N=Vf!6>=!qf!QI!rf!U>UUKQP!\KN!O[UMN>TP>U!=>N>U!KP= !

K!t!O[UM>NIT[SS>T!QI!I>PP>OI9Uc!S9!U8OO>!O9=>c!UQO!@RT!;>UMT>\>Vf!*!U>UUKQP!s!QI!t!KP==>N>U!O[UMN>TP>!

_=>TNKI>T>!QI!;NK\>T!P[!I>PP>OI9>V!K!q!O[UM>NIT[SS>Tf!6>=!uf!U>UUKQP!;NK\>T!=>!q!O[UM>NIT[SS>T!KMM>!

N:PI>T>!QSUS:P=V!QI!8@US:P=V!S9!KPUVT[MXQP!@T8!V>T8S>[V>Pf!)>T!;NK\>T!MNK>PV>P!KPUVT[>T>V!K!8V!O:TM>!

O[NKI!QSUS:P=KPI!K!=>P!S9I:N=>P=>!O[UM>NIT[SS>c!QI!;NK\>T!=>TP:UV!;>=V!QO!8V!I>PM8N=>!UKI!@RN>NU>P!8@ !

8@US:P=KPIc!QI!J>T>H>T!8V!8@US:P=>f!1TQ<>=[T>P!;NK\>T!I>PV8I>V!KP=XN!=>T!QSN>\>U!@[N=!8@US:P=KPIf!6>= !

U>UUKQP!v!XN@RL>U!>P!V:NN>O>VQ=>f!)>T!@9T!MNK>PV>P!O[NKIJ>=!@QTc!>H>T!8V!J8\>!UKIP8N>T>V!@[N=!8@US:P=KPIc!8V !

MQOO>!K!>P!XNUV8P=!8@!>P=P[!=_;>T>!8@US:P=KPI!K!V8MV!O>=c!8V!V>T8S>[V>P!V:NN>T!@T8!n!XN!nmf!*P=!KO>NN>O!

V:NNKPI>P!MQOO>T!V>T8S>[V>P!=>U[=>P!O>=!KPUVT[MXQP>T!QOc!J\QT!@QM[U!UM8N!NKII>!K!MTQSS>Pf!6>=!=>P!

UK=UV>!QI!nmf!U>UUKQP!;>P_Y>U!V:NN>O>VQ=>P!8N>P>!XN!8V!QSP9!8@US:P=KPIf!k->JT>T!OGfdnvvpc!M8Sf!pl

nu

#>TPUV>KPU!QI!8P=T>!@QTMQTV>=>!STQIT>UUK\>!8@US:P=KPI>Tc!J8T!\KUV!UKI!8V!J8\>!SQUKX\!KP=\KTMPKPI!S9!

UR\PNRUJ>=c!I>P>T8NKU>T>V!8PIUVc!US><KDM!8PIUVc!J>T[P=>T!@Q;K>Tc!MTQPKUM!Q\>TUS:P=KPI!QI!

US:P=KPIUJQ\>=SKP>f!*!PQIN>!XN@:N=>!>T!=>T!=>U[=>P!T8SSQTV>T>V!QO!SQUKX\>!>B>MV>T!S9!8UVO8!JQU!;RTPc !

8\>TUKQP!Q\>T@QT!M>OQV>T8SKc!O>PUVT[8XQPUMT8OS>T!QI!MTQPKUM>!UO>TV>Tf!k->JT>T!OGfdnvvpc!M8Sf!pl

6>=!@QTMQTV>=>!O>VQ=>T!8@!12!>T!@QT>MQOUV>P!8@![XNUKIV>=>!\KTMPKPI>T!UVRTT>!>P=!\>=!+8<Q;UQPU!QSTKP=>NKI>!

O>VQ=>f!5=Q\>T!=>!\KTMPKPI>T!P:\PV![P=>T!I>PP>OI8PI>P!8@!+8<Q;UQPU!12c!>T!=>T!\>=!=>!@QTMQTV>=> !

O>VQ=>T!=>U[=>P!@[P=>V!RI>V!QSUS:P=KPI![P=>T\>LU!K!@QTNR;>V!QI!:PIUV>NKI>!V8PM>Tf!k->JT>T!OGfdnvvpc !

M8Sf!pl

]V]!,6L6EN<LCM<LCHA<H!6=!/$%

)>T!\KN!@RNI>!>P!I>PP>OI8PI!8@!J\8=!=>T!M8T8MV>TKU>T>!0$%iNK=>NU>Pc![=@T8!>V!P[X=KIV!S>TUS>MX\f!

0$%!>T!>P!8PIUVNK=>NU>c!KP=>JQN=>P=>!V\8PIUV8PM>T!QI!V\8PIUJ8P=NKPI>Tf!4\8PIUV8PM>T!;>UMTK\>U!UQO!

\:T>P=>!I>PV8IP>!QI!KP\8=>T>P=>!V8PM>Tc!;KNN>=>T!>NN>T!KOS[NU>Tc!UQO!IK\>T!8PN>=PKPI!XN!8PIUV!>NN>T!

:PIUV>NKIJ>=f!*P=JQN=>V!K!V\8PIUV8PM>TP>!M8P!\:T>!8@!8IIT>UUK\c!U>MU[>Nc!OQT8NUM!>NN>T!T>NKIKRU!8TVf!

4\8PIUJ8P=NKPI>T!;>UMTK\>U!UQO!\:T>P=>!I>PV8IP>!J8P=NKPI>Tc!UQO!S>TUQP>P!@RN>T!UKI!=T>\>V!XN!8V![=@RT>c !

UQO!OQ=U\8T!XN!>P!V\8PIUV8PM>c!>NN>T!K!Q\>T>PUUV>OO>NU>!O>=!;>UV>OV>!T>IN>Tf!4\8PIUJ8P=NKPI>T!QO@8Y>T !

QIU9!O>PV8N>!J8P=NKPI>Tf!4\8PIUJ8P=NKPI>TP>!>T!XN!@QT!8V!T>=[<>T>T!8PIUVc!>NN>T!@QT!8V!@QT>;_II>!@T_IV>=> !

UKV[8XQP>Tf!%QI!M8P!=>T!KMM>!8NX=!VT:MM>U!>P!NKI>!VT9=!KO>NN>O!V\8PIUJ8P=NKPI>P!QI!=>P!@T_IV>=>!UKV[8XQPc !

UQO!=>PP>!UM8N!@QTJKP=T>f!%>!@T_IV>=>!UKV[8XQP>T!QOJ8P=N>Tc!UQO!QH>UVc!>P!@T_IV!@QT!8V!MQOO>!XN!8V!UM8=>!

8P=T>c!U>N\!8V!MQOO>!XN!UM8=>c!>NN>T!8V!;NK\>!U_If!)8P=NKPI>TP>c!=>T![=@RT>Uc!M8P!QO@8Y>!Q\>T=T>\>P!QT=>Pc !

>NN>T!T>PNKIJ>=c!J8OUVTKPIc!VL>MPKPI!>NN>ThQI!I>PV8I>NU>!8@!;>UV>OV>!QT=c!V8N!>NN>T!T>OU>Tf!4\8PIUV8PM>TP>!QI!

iJ8P=NKPI>TP>!>T!=>U[=>P!L>I=_UVQP>c!=\Uf!8V!=>!KMM>!QSN>\>Uc!UQO!\:T>P=>!>P!=>N!8@!S>TUQPNKIJ>=>Pc!>NN>T !

S>TUQP>PU!\:T=KU:Vf!%QI!8P>TM>P=>U!V8PM>TP>c!UQO!>P!=>N!8@!S>TUQP>PU!>IP>!V8PM>Tc!QI!8NVU9!KMM>!>V !

[=>@T8MQOO>P=>!@:PQO>Pc!UQO!O8P!U>T!=>V!\>=!UMK`Q@T>P>!QI!SU_MQXUM>!NK=>NU>Tf!'QT!8V!@9!=K8IPQUXU>T>V!

0$%c!UM8N!>N>O>PV>T!8@!Q\>PUV9>P=>!;>UMT>\P>!0$%iU_OSVQO>T!@_N=>!OKPKO[O!n!XO>!QO!=8I>Pf !

k";T8OQ]KV`d!ommsc!M8Sf!nl

]V^!4;RCEFCHA<H!IA!R<;FCA<BIF;<FM<H!6=!/$%

%>T!>T!V>QTK>T!QO!QI!@QTUM>V!>P!=>N!Kc!J\QT\K=V!0$%!M8P!UM_N=>U!P>[TQ@_UKQNQIKUM>![;8N8P<>Tc!JQU!=>P!0$%i

T8OV>f!%KUU>!V>QTK>T!QI!@QTUMPKPIUT>U[NV8V>T!\KN!L>I!KMM>!MQOO>!KP=!S9!J>Tc!KUV>=>V!\KN!=>T!;>J8P=N>U!PQIN>!8@!

nv

=>!P[X=KI>!V>QTK>Tc!=>T!O>P>Tc!8V![=\KMNKPI>P!8@!0$%!;NQV!UM_N=>U!8PQTO8N>!U\8T!XNc!QI!@>LN@QTVQNMPKPI>T!8@!

>NN>TU!PQTO8N>!V8PM>Tf!%>T!\KN!QIU9!MQTV!T>=>IRT>U!@QT!V>QTK>Tc!=>T!UKI>T!PQI>V!QO!;8IIT[P=>P!@QT![=\KMNKPI>P!

8@!=KUU>!O>M8PKUO>T!JQU!=>P!0$%iT8OV>f!4KN!UN[V!K!8@UPKY>V!;>J8P=N>U!=>!UVT8V>IK>T!QI!O>M8PKUO>T!JQU!=>P !

0$%iT8OV>c!UQO!>T!O>=!XN!8V!\>=NKI>JQN=>!QI!@QTUV:TM>!0$%f

5RPUM>=>!QI!O>PKPIUNRU>!V8PM>T!QSUV9T!QIU9!JQU!O>PP>UM>Tc!=>T!KMM>!NK=>T!8@!0$%f!48PM>Tc!=>T!S9!O8PI>!

QOT9=>T!OKP=>T!QO!=>Oc!O8P!DP=>T!JQU!0$%iT8OV>f!%>V!U8OO>!M8P!UKI>U!QO!V\8PIUJ8P=NKPI>Tf!.8PI> !

KMM>i0$%iT8OV>c!J8T!\8P>T!QI!TKV[8N>Tc!UQO!OKP=>T!QO!=>Oc!\K!DP=>T![P=>T!;>V>IP>NU>P!V\8PIUJ8P=NKPI>Tc !

JQU!=>P!0$%iT8OV>f!'QTUM>NN>P!NKII>T!K!QSN>\>NU>P!8@!V\8PIUV8PM>TP>!QI!iJ8P=NKPI>TP>!QI!KMM>!OKP=UV !

IT8=>P!8@!=>Of

%>P!0$%iT8OV>!\[T=>T>T!QH>!;>UV>OV>!V8PM>T!UQO!\:T>P=>!8@!O>I>V!UVQT!;>V_=PKPIc!>NN>T!UQO!\:T>P=>!

VT[>P=>c!QI!=>P!>NN>TU!J8TONRU>!V8PM>!\:MM>T!=>T\>=!8PIUVc!QI!M8P![=\KMN>!UKI!XN!>P!V\8PIUV8PM>f!)>T[P=>T !

JRT>T!;>V>IP>NU>P!8PU\8TNKIJ>=U@QTVQNMPKPI>Tf!)>T!\[T=>T>U!=>P!S9I:N=>P=>!V8PM>c!UQO!\:T>P=>!>V!V>IP!

S9!UVRTT>!TKUKMQ!@QT!UM8=>!S9!?P!U>N\!>NN>T!8P=T>f!0I!V8PM>PU!>L>TO8P=c!8NVU9!=>P!0$%iT8OV>!U>N\c!\KN !

\[T=>T>U!UQO!=>P!UM_N=KI>!K!TKUKMQ>Pf!5P=>T!=>Y>!DP=>T!O8P!QIU9!;>V>IP>NU>P!4"'!k48PM>i)8P=NKPIi

'[UKQPlf!)>T!>T!=>T!V8N>!QO!>P!VTQ!S9c!8V!V8PM>PU!;NQY>!@QT>MQOUV!IRT!=>V!O>T>!U8P=U_PNKIVc!8V!=>PP>!V8PM> !

;NK\>T!XN!>P!J8P=NKPIc!>NN>T!XN!\KTM>NKIJ>=f!k";T8OQ]KV`d!ommsc!M8Sf!pl

0\>PK!=>Y>!8PU>T!=>P!0$%iT8OV>!QH>!UKI!U>N\!@QT!\:T>P=>!8PU\8TNKI!@QT!KP=JQN=>V!K!=>!V8PM>Tc!=>PP>!J8Tf !

48PM>TP>!M8P!QSN>\>U!UQO!\:T>P=>!>P!KP=KM8XQP!S9!=>P!0$%iT8OV>U!gUML[NV>g!S>TUQPNKIJ>=c!>V!g[;>\K=UVg !

RPUM>!QO!8V!UM8=>!8P=T>!QU\f!k";T8OQ]KV`d!ommsc!M8Sf!pl

.8PI>!V>QTK>T!8PI9>P=>!;8IIT[P=>P!@QT![=\KMNKPI>P!8@!0$%!>T!;N>\>V!@T>OU8Vc!QI!=>V!>P>UV>!=>T!K!=8I!M8P !

UKI>U!O>=!PQI>PN[P=>!UKMM>TJ>=!>Tc!8V!0$%!N8=>T!XN!8V!\:T>!8T\>NKIVf!%>T[=Q\>T!N8=>T!=>V!QIU9!XNc!8V!0$%i

U_OSVQO>TP>!>T!8@!\QN=UQOO>T>!IT8=!JQU!O>PP>UM>Tc!=>T!>T!T>NKIKRU>c!>NN>T!J8T!>P!T>NKIKRU!;8IIT[P=c!

O[NKI\KU!SI8f!=>c!K!PQIN>!XN@:N=>c!UVT>PI>T>!@QT>UMTKH>T!@QT!N>\>\KU!QI!OQT8Nf!%>T!UM8N!=>U[=>P!P:\P>Uc!8V!

KP=N:TKPI!QIU9!U_P>U!8V!USKNN>!>P!TQNN>!K![=\KMNKPI>P!8@!0$%f!)\KU!>V!;8TP!QS=T8I>U!XNc!8V!\KUU>!XPI!QI!

UKV[8XQP>T!>T!@8TNKI>c!QI!@QT:N=T>P>!\KU>T!UKI!UQO!S>T@>MXQPKUXUM>!TQNN>OQ=>NN>Tc!M8P!=>Y>!IK\>!8PN>=PKPI!XN!

V\8PIUO:UUKI!8=@:T=!JQU!;8TP>V!U>P>T>!K!NK\>Vf!#8IIT[P=>P!@QT![=\KMNKPI>P!8@!0$%!\:IV>U!K!=8I!KMM>!P:T!U9 !

JRLV!UQO!K!I8ON>!=8I>f!*!=8I!V8I>T!O8P!K!O>I>V!JRL>T>!IT8=![=I8PIUS[PMV!K!=>!O>M8PKUO>Tc!=>T !

\>=NKI>JQN=>T!0$%c!P9T!O8P!URI>T!>H>T!;>J8P=NKPIUO[NKIJ>=>T!XN!=>P!0$%iT8OV>f!k";T8OQ]KV`d!ommsc !

M8Sf!pl

om

48PM>MQPVTQNe

.8PI>!0$%iT8OV>!@QTURI>T!8V!MQPVTQNN>T>!QI![P=>TVT_MM>!=>T>U![RPUM>=>!V8PM>Tc!@QT=K!=KUU>c!UQO!P:\PVc!

\[T=>T>U!UQO!\:T>P=>!8@!UVQT!;>V_=PKPI!QI!UQO!\:T>P=>!VT[>P=>f!4KN!=>Y>!@QTO9N!;T[I>U!@QTUM>NNKI>!

UVT8V>IK>Te!%KUVT8MXQPc!8V!V8N>!O>=!>P!\>P!QO!=>Vc!8V!J>PN>=>!V8PM>TP>!S9!X=NKI>T>!;>M_OTKPI>Tc!8@UVT8B>NU>!

i!@^f!8V!@QTV:NN>!UKI!UKI!U>N\c!8V!PQI>V!UN>OV!\KN!UM>c!J\KU!O8P!V:PM>T!V8PM>Pc!QI!8V!V>UV>!V8PM>PU!\8NK=KV>Vf !

18T8=QMU8NV!\KN!8NN>!=KUU>!;>UVT:;>NU>T!S9!8V!MQPVTQNN>T>!QI![P=>TVT_MM>!=>!S9I:N=>P=>!V8PM>Tc!M[P!O>=@RT>!

>V!UVRTT>!@QM[U!S9!V8PM>TP>!QI!>P==8!RI>!=>T>U!J_SSKIJ>=!QI!UV_TM>f!%>Y>!J8T!U9!KI>P!>P!U>N\@QTUV:TM>P=> !

>B>MVc!QI!=>P!0$%iT8OV>!;T[I>T!>V!U9=8PV!OKUN_MM>V!@QTURI!S9!MQPVTQN!K!8TI[O>PV8XQP>P!QOMTKPIc!J\QT\K=V !

V8PM>P!>T!\8NK=!>NN>T!>Lf!%>P!0$%iT8OV>!@QTV:NN>T!UKI!U>N\c!8V!J\KU!O8P!KMM>!M8P!UNKSS>!8@!O>=!=>P![RPUM>=> !

V8PM>!KI>Pc!S9!VTQ=U!8@!KJ:T=KI>!@QTURI!J>TS9c!O9!=>V!UM_N=>Uc!8V!=>T!>T!PQI>V!QO!V8PM>Pc!>NN>T!8V!O8P!

KP=>TUV!KP=>!RPUM>T!8V!V:PM>!V8PM>Pf!k";T8OQ]KV`d!ommsc!M8Sf!ql

3>N>MX\!QSO:TMUQOJ>=!S9!VT[>P=>!N>=>VT9=>e

0$%iT8OV>!;NK\>T!O>I>V!QSO:TMUQOO>!S9!UO9!N>=>VT9=>c!=>T!M8P!8PV_=>c!8V!>P!@T_IV>V!UKV[8XQPc!>NN>T !

V8PM>!M8P!QSUV9f!%>T![=\:NI>Uc!J\KNM>!N>=>VT9=>c!=>T!M8P!V_=>U!UQO!V>IP!S9c!8V!>P!U9=8P!V8PM>c!>NN>T !

UKV[8XQP!>T!S9!\>Lf!%>Y>!IK\>T!>P!@8NUM!QSN>\>NU>!8@!8V!\:T>!S9!@QTM8PV!O>=!UKV[8XQP>Pc!O>P!@QTUV:TM>T!K !

\KTM>NKIJ>=>P!;NQV!=_U@[PMXQP>NN>!Q\>T;>\KUPKPI>T!QO!O[NKI>!@8T>f!%KUU>!N>=>VT9=>!\KN!U9!;NK\>!@QTURIV !

[P=I9>Vc!QI![=>;NK\>NU>P!8@!=>!@T_IV>=>!MQPU>M\>PU>T!k@>LNlVQNM>Uf!k";T8OQ]KV`d!ommsc!M8Sf!ql

3KMM>TJ>=UURI>P=>!8=@:T=c!iTKV[8N>T!QI!P>[VT8NKU>TKPIe

&P!=>N!V\8PIUJ8P=NKPI>T!JRT>T![P=>T!Q\>PP:\PV>!;>V>IP>NU>Tc!=8!=>c!UQO!QH>UVc!>T!XN!@QT!8V!OKPKO>T>!

TKUKMQ>P!@QT!=>!MQPU>M\>PU>T!8@!V8PM>Tc!>NN>T!QOUV:P=KIJ>=>Tc!=>T!VQNM>U!UQO!\:T>P=>!VT[>P=>f!"NVU9c!=>T!

KP=N>=>U!>P!;>UV>OV!8=@:T=!@QT!8V![P=I9c!>NN>T!OKPKO>T>!TKUKMQ>P!@QT!UM8=>f!!6>=!8V!;T[I>!=>PP>!

@QT>;_II>P=>!8=@:T=c!P9T!=>P!0$%iT8OV>!8N=TKI!8V!QSN>\>c!8V!=>!@T_IV>=>!MQPU>M\>PU>Tc!T>PV!@8MXUM!KMM>!\KN !

DP=>!UV>=f!7=>TO>T>!\KN!>P![=>;NK\>NU>!8@!MQPU>M\>PU>Tc!>H>T![=@RT>NU>P!8@!>P!UKMM>TJ>=UURI>P=>!8=@:T=c !

VQNM>Uc!8@!=>P!0$%iT8OV>c!UQO!\:T>P=>!9TU8I>P!XNc!8V!MQPU>M\>PU>TP>!>T![=>;N>\>Vf!%>Y>!RI>T!TKUKMQ>P!@QT !

8V!J8P=NKPI>P!\KN!V8I>!XN!K!J_SSKIJ>=f!"=@:T=>P!\KN!=>U[=>P!@RT>!XN!>V!RI>V!@QM[U!S9!=>P!S9I:N=>P=> !

V\8PIUV8PM>f!k";T8OQ]KV`d!ommsc!M8Sf!ql

'_UKQNQIKUM>!@8MVQT>Te

on

3QO!\>=!8P=T>!8PIUVNK=>NU>T!J8T!0$%iT8OV>!QH>!>V!@QTJRL>V!8TQ[U8NiPK\>8[c!IT[P=>V!@QT\>PVPKPI>P!QO!

O[NKI>!@8T>f!,TQSS>P!@QT;>T>=>T!UKI!S9!>PV>P!M8OS!>NN>T!G[IVf!%>Y>!O>=@RT>T!;N8f!@QTJRL>V!O[UM>NVQP[Uc !

S[NU!QI!J[TXI>T>!T>USKT8XQPf!%>PP>!@_UKQNQIKUM>!@8MVQT!M8P!QIU9!\:T>!O>=!XN!8V!\>=NKI>JQN=>!V\8PIUV8PM>T !

QI!iJ8P=NKPI>Tf!%>P!0$%iT8OV>!;T[I>T!U9N>=>U!KP=KO>NN>O!=>PP>!@8MVQT!UQO!>P!8TI[O>PV8XQP!@QTc!8V!=>T !

O9!\:T>!V8N>!QO!>P!@8T>VT[>P=>!UKV[8XQPc!UK=>P!=>T!@RN>U!8PIUV!K!MTQSS>Pf!k";T8OQ]KV`d!ommsc!M8Sf!ql

)>OO>NKIJQN=>NU>!8@!V\8PIUV8PM>T!QI!iJ8P=NKPI>Te

0H>!UML[N>U!V\8PIUV8PM>Tc!O>=!>V!U>MU[>NVc!T>NKIKRUV!>NN>T!8IIT>UUK\V!KP=JQN=c!@QT!QO\>T=>P>Pf!.8P!;>JR\>T!

\>N!P:SS>!8V![==_;>!J\QT@QTf!%>Y>!>T!=QI!O>=!XN!QIU9!8V!\>=NKI>JQN=>!V\8PIUV8PM>TP>!QI!iJ8P=NKPI>TP>c !

=8!=>P!0$%iT8OV>!;NK\>T!\>=!O>=!8V!\:T>!K!VTQ>P!QOc!8V!=>PP>!>T!=>P!>P>UV>!O>=!V8PM>T!8@!=>PP>!UN8IUf !

k";T8OQ]KV`d!ommsc!M8Sf!ql

]V_!%<N!A6GF<!MUH!K7!/$%

%>V!I8ON>!U_P!S9!0$%!TK=U>U!J>T[P=>T!QSf

'RT!K!X=>P!;N>\!0$%!8PU>V!UQO!\:T>P=>!>P!P>[TQU>f!%>T!;N>\c!K!OQ=U:VPKPI!XN!=>!P_>T>!V>QTK>T!8PI9>P=> !

0$%c!N8IV!O>I>V!\:IV!S9!;8IIT[P=>P!@QT!QI![=\KMNKPI>P!8@!V\8PIUP>[TQU>Pf!%>T!O>PV>U!U9N>=>Uc!8V!>P !

KP=N:TKPI!8@c!8V!;>UV>OV>!P8V[TNKI>!=TKH>T!QI!@RN>NU>T!\8T!@QTM>TV>!QIh>NN>T!@8TNKI>c!O>=@RTV>!>P!

V\8PIUP>[TQU>f!%>P!V\8PIUP>[TQXUM>![=\KMN>=>!=8!>V!UV:TMV!+>Ic!@QT!8V!M[PP>!N>\>!O>=!MT8HKI>!MT8\!@T8 !

0\>TL>I>V!QO!8V![P=>TVT_MM>!=>!g@QTM>TV>g!QI!g@8TNKI>g!KOS[NU>Tc!=>T!MQO!@T8!*=a>Vf!'QT!KMM>!8V!MQOO>!K!

MQPV8MV!O>=!=KUU>c!\KNN>!=>T!O>=!MQPVTQN!;>UVT:;>U!S9![P=I9>NU>c!J\QT\>=!UVRTT>!=>N>!8@!@RN>NU>UT>IKUVT>V!

;N>\!;NQM>T>Vf!2>U[NV8V>V!;N>\!>P!L>IiUVT[MV[Tc!=>T!\8T!O>I>V!TKIK=!QI!MQPVTQNN>T>Vf!%>T!;>JR\>=>U!KMM>!8NX=!

8V!M[PP>!=T8I>U!>P!NKI>!NKPK>!KO>NN>Oc!@8MXUM!\8T!=>V!UL:N=>PV!U9=8Pc!@T_IV>P!@QT!=>!@RN>NU>T!QI!=TKH>Tc!=>T!

\8T!KP=N:TV>!UQO!\:T>P=>!@QTM>TV>!QI!@8TNKI>c!QI!=>!V\8PIUV8PM>T!QI!iJ8P=NKPI>T!=>!MQO!XN![=VT_M!UQOf!

'QTO9N>V!O>=!0$%iU_OSVQO>TP>!\8T!LQ!P>VQS!>P!@QTVT:PIPKPI!8@!@RN>NU>TP>!QI!=TKH>TP>U!KP=JQN=c!U9!LQ !

O>T>!=>!;N>\!@QT\T:PI>Vc!=>U!;>=T>!M8P!O8P!UKI>c!8V!=>V!\8Tf!k+8<Q;U>Pd!nvvpl

]V`!#<B6H;FCHA!6=!/$%

4T>!8@!=>!O>UV!;>P_Y>=>!;>J8P=NKPIU@QTO>T!XN!0$%iT8OV>!I>PP>OI9>U!MQTV!J>T[P=>Tf

]V`VY!,IAHCOR!N<L6KC

oo

%>PP>!@QTO!@QT!;>J8P=NKPI!XN!0$%iT8OV>!>T!=>P!JK=XN!O>UV!8P>TM>P=V>c!O>P!MQO;KP>T>U!QH>!O>=!

O>=K<KP>TKPIc!OKP=@[NNP>UU!QI!K!>P=P[!QH>T>!XN@:N=>!>MUSQP>TKPIUO>VQ=>Pf!

4>T8SK@QTO>P!I9T!K!ITQ\>!VT:M![=!S9!8V!@9!MNK>PV>P!XN!8V!KP=U>c!8V!V\8PIUV8PM>TP>U!KP=JQN=!>T!PQTO8N>!QIc!8V !

=>V!;NQV!>T!@>LN@QTVQNMPKPI>TP>!8@!=KUU>c!=>T!UM_N=>U!0$%a>Pf!*!@QTN:PI>NU>!8@!=>Y>!>T!O9N>V!QIU9c!8V!MNK>PV>P !

@9T!>V!P_V!U_P!S9!UKP>!V8PM>Tf!%KUU>!UM8N!QSN>\>U!UQO!\:T>P=>!KMM>iVT[>P=>!QI!KMM>!PR=\>P=KI>!8V !

MQPVTQNN>T>f!*!=>P!MQIPKX\>!V>T8SK!>T!=>T!=>T@QT!UVQTV!@QM[U!S9!U8OV8N>Pc!UQO!NKP=T>P=>!T>=UM8;c!KI>PP>O!

9;>PJ>=>P!QI!8@O_UXD<>TKPI>P!8@!=>!S9I:N=>P=>!V\8PIUV8PM>T!QI!iJ8P=NKPI>Tc!U8OV!O>=!>V!@QM[U!S9!8V !

:P=T>!V8PM>TORPUVT>V!QOMTKPI!=KUU>f!38OV8N>P!;NK\>T!QH>!MQO;KP>T>V!O>=![=@_N=>NU>!8@!UM>O8>Tc!=>UKIP>V !

XN!8V!V_=>NKIIRT>!QI!:P=T>!V8PM>ORPUVT>!QIc!UQO!P:\PVc!=QI!QH>T>!K!OKN=>T>!@QTOc!>MUSQP>TKPIf!

k";T8OQ]KV`d!ommsc!M8Sf!rxvl

]V`VZ!&EMKIH<LCHA!IA!L<MKIHMKL8R<HOIH

&21k&^SQU[T>!8P=!2>USQPU>!1T>\>PXQPl!J8T!\KUV!UKI!8V!\:T>!>B>MX\V!K!;>J8P=NKPI>P!8@!0$%iT8OV>c!O>P !

J8T!=8!QIU9!UKP>![N>OS>Tf!%>T!U>U!K!O8PI>!XN@:N=>!>P!N8\!XNO>N=KPI!XN![P=>TURI>NU>T!KP=>JQN=>P=>!&21!QI!

>V!UVQTV!@T8@8N=![P=>T\>LU!K!@QTNR;>Vf!'QTOQ=>PVNKI!SI8f!=>P!8PIUWT>OM8N=>P=>!@T>OI8PIUO9=>f

*!&21!MQP@TQPV>T>U!=>P!0$%iT8OV>!O>=!@T_IV>=>!UXO[NKf!%>T!M8P!J>T!\:T>!V8N>!QO!=>P!>I>PVNKI>!@T_IV>=> !

UKV[8XQPc!>NN>T!>P!\KU[8NKU>TKPI!8@!=>P!@T_IV>V!UKV[8XQPf!%>P!0$%iT8OV>!;NK\>T!QS@QT=T>V!XN!8V!;NK\>!K !

UKV[8XQP>Pc!QI!K!=>P!8PIUV!=>T!O9Y>!QSUV9c!O>P![=>P!8V!T>8I>T>!O>=!V\8PIUO:UUKI!8=@:T=f!(T[P=>V !

J8;KV8XQP!\KN!8PIUV>P!;NK\>!OKP=T>!QI!OKP=T>c!LQ!G>T>!I8PI>!=>P!0$%iT8OV>!;NK\>T!K!UKV[8XQP>P![=>P!8V !

T>8I>T>f!6>=!8V!;NK\>!MQP@TQPV>T>V!O>=!=>P!@T_IV>=>!UXO[NKc![=>P!8V!=>P!@T_IV>=>!MQPU>M\>PU!QSUV9Tc!\KN !

=>P!0$%iT8OV>!JL:NS>U!XN!8V!@QTUV9c!8V!=>T!\8T!V8N>!QO!>P!KTT8XQP>N!@T_IVc!XN!8V!UV8TV>!O>=f!k";T8OQ]KV`d !

ommsc!M8Sf!nninol

]V`V[!.CH;=QFH<MM

.KP=@[NP>UUiO>VQ=>P!>T!>P!@QTJQN=U\KU!P_!O>VQ=>!XN!;T[I!K!;>J8P=NKPI>P!8@!0$%iT8OV>f!.KP=@[NP>UUi

O>VQ=>P!;T[I>U!K!O8PI>!U8OO>PJ:PI>!QI!S9!O8PI>!O9=>Tf!%>T!>T!=QI!PQIN>!I>PP>OI9>P=>!>N>O>PV>T!K !

OKP=@[NP>UUiO>VQ=>Pf

op

.KP=@[NP>UUiO>VQ=>P!J8P=N>T!QO!8V!R\>!UKI!K!8V!8<<>SV>T>!QI!\:T>!K!J\>T!>P!V8PM>c!@RN>NU>!QI!U8PUPKPIf !!%>T!

8P8N_U>T>Uc!;>=ROO>U!>NN>T!XNN:II>U!KMM>!>P!;>UV>OV!\:T=K!XN!=KUU>f!48PM>T!@9T!NQ\!XN![;>U\:T>V!8V!INK=>![=!

QI!KP=!8@!UKP=>Vf!%>T!UM8N!KMM>!T>8I>T>U!S9!V8PM>P!QI!=>T!UVT:;>U!KOQ=!>V!U_P!S9!V8PM>Pc!UQO!;NQV!\:T>P=>!

>P!V8PM>f!%>T!M8P!;>P_Y>U!@QTUM>NNKI>!S[PMV>T!@QT!QSO:TMUQOJ>=c!@QT!8V!QSP9!XNUV>=>\:T>NU>!K!P[>Vc!UQO!

QH>UV!U8PUPKPI>T!K!MTQSS>P!QI!9P=>=T:Y>Vf!0SUV9T!>P!@QTUV_TT>P=>!V8PM>c!\KN!=>T!KPUVT[>T>U!K!;NQV!8V!\>P=>!

QSO:TMUQOJ>=>P!XN;8I>!XN!S[PMV>V!@QT!QSO:TMUQOJ>=f!k'8KT@8^d!ommul

^V!"H6FUM<6=MHCN

(T[P=>V!=>PP>![P=>TURI>NU>U!STQ;N>OUXNNKPI!\KN!JQ\>=\:IV>P!K!8P8N_U>8@UPKY>V!NKII>!S9!=>!=8V8c!=>T !

QOJ8P=N>T!0$%iU_OSVQO>Tc!I>PM>P=>NU>!8@!QSUS:P=KPI!QI!>\P>P!XN!8V!8@US:P=>f!%QI!\KN!8P=T>!T>U[NV8V>Tc !

=>T!I9T!S9!>B>MV>P!8@!KPV>T\>PXQP>Pc!QIU9!KP==T8I>Uf

^VY!"H6FUM<!6=!MKJLA<ME<G6<N

&H>T!I>PP>ON:UPKPI!8@!U\8T>P>!;N>\!=>T!@[P=>V!r!JQ\>=V>O8>Tc!UQO!U\8T>P>!M[PP>!KP==>N>U!Kf!4>O8>TP> !

J>==>T!#8IIT[P=U\8TK8;N>c!(T8=>P!8@!0$%iU_OSVQO>Tc!,TQSUNKI>!:P=TKPI>T!QI!QSO:TMUQOJ>=>P!S9!

MTQSS>Pc!"P=T>!:P=TKPI>T!QI!4KN@T>=UJ>=>P!O>=!@QTNR;>Vf!3SRTIUO9N!\KN!\:T>!O>=!<KV8XQPUV>IP!QI!U\8T !

O>=!UMT9UMTKHf!6>=!MQPV>MUV8C:PIKI>!@QTO[N>TKPI>Tc![P=>T!=>![==_;>P=>!QI!9;P>!U\8Tc!\KN!=>T!=>U[=>P!

@QT>DP=>U!MQTV>!QSMN8T>P=>!MQOO>PV8T>Tf

#8IIT[P=U\8TK8;N>

%>NV8I>T>P!>T!>P!M\KP=>!S9!qq!9Tc!UQO!DM!UXNN>V!=K8IPQU>P!0$%!UQO!pv!9TKIf!)[P!OQ=V8I>T![P=>T!12i

@QTNR;>V!KPI>P!U8OX=KI!;>J8P=NKPI!@QT!UKP!0$%c!QI!J[P!XNM>P=>IK\>T!=>U[=>Pc!8V!J[P!J>NN>T!KMM>!U>N\!IRT !

PQI>V!K!=8INKI=8I>P!@QT!8V!8CL:NS>!UKP>!0$%XU_OSVQO>Tf!%>NV8I>T>P!J8T!=>U[=>P!=K8IPQU>P!UMK`Q8B>MX\!

SU_MQU>f!*@RNI>!=>NV8I>T>P!U>N\c!>T!V\8PIUJ8P=NKPI>T!QI!O>PV8N>!TKV[8N>Tc!=>!0$%iU_OSVQO>Tc!UQO!J[P!

;T[I>T!O>UV!X=!S9!K!UKP!J\>T=8If

(T8=>P!8@!0$%iU_OSVQO>T

38OO>PNKIPKPI>T!8@!U\8T>P>c!8PI9>P=>!0$%iU_OSVQO>Tc!K!=>V!KP=N>=>P=>!QI!8@UN[Y>P=>!USRTI>UM>O8e

oq

g)\QT!N8PI!X=!QO!=8I>P!;T[I>T!=[c!K!I>PP>OUPKVc!S9!V\8PIUV8PM>Tbge!38OO>PNKIP>T!O8P!USRTIUO9N>V!@T8 !

=>V!KP=N>=>P=>!QI!8@UN[Y>P=>!USRTI>UM>O8c!>T!=>T!KPI>P!:P=TKPI!8V!DP=>!J>Tf!%>NV8I>T>P!J8T!J>T!;>II> !

UV>=>T!MT_=U>V!8@!K!PMQ!F>5Cf!

!g)\QT!N8PI!X=!QO!=8I>P!;T[I>T!=[c!K!I>PP>OUPKVc!S9!V\8PIUJ8P=NKPI>Tbge!)>T!DP=>U!=>T!>P!@QT;>=TKPI!K !

X=>Pc!=>T!;T[I>U!S9!V\8PIUJ8P=NKPI>Tc!S9!n!XO>f!!%>NV8I>T>P!J8T!K!=>V!KP=N>=>P=>!USRTIUM>O8!MT_=U>V!8@!K!

RMS!F>5CK!QI!K!=>V!8@UN[Y>P=>!UM>O8!K!QMR!F>5Cf!

g)\QT!O>I>V!@_N=>T!V\8PIUV8PM>T!K!=KP!J\>T=8Ibge!)>T!U>T!=>V![OK==>N;8TV![=!UQO!QO!=>T!>T!UM>V!>P !

@QT\:TTKPIf!%>NV8I>T>P!J8T!K!=>V!KP=N>=>P=>!USRTI>UM>O8!MT_=U>V!8@!K!@>NV>V!O>=c!(H5C<5?!>585E!5==5C!=:4E!QI!

K!=>V!8@UN[Y>P=>!USRTI>UM>O8!K!@>NV>V!O>=!+585Ef

!g)\QT!O>I>V!@_N=>T!V\8PIUJ8P=NKPI>T!K!=KP!J\>T=8Ibge!)>T!>T!=>T!KPI>P!:P=TKPI>T!8V!U>f!%>T!>T!MT_=U>V!8@!K !

@>NV>TP>!O>=!+585EK!K!;>II>!USRTI>UM>O8>Tf

g)\QT!O>I>V!S9\KTM>T!0$%a>P!=KV!8T;>L=UNK\hUV[=K>NK\be!%>Y>!USRTIUO9N!J8T!L>I!\8NIV!KMM>!8V!8P8N_U>T>!S9c !

=8!=>NV8I>T>P!KMM>!\8T!K!8T;>L=>c!>NN>T![P=>T!UV[=K>c!K!S>TKQ=>Pc!O>=!8@US:P=KPIU@QTNR;>Vf

g)\QT!O>I>V!S9\KTM>T!0$%a>P!=KV!UQ<K8N>!NK\bge!)>T!>T!=>T!J>NN>T!KPI>P!:P=TKPI!8V!DP=>f!%>T!;N>\!MT_=U>V!8@!K !

+585E!\>=!;>II>!USRTI>UM>O8>Tf!%>NV8I>T>P![==_;>=>!U\8T>V!O>=e!*58!6A=5C!>:8!35DH2C=:8!?@8=5!80?85c!K!

=>V!@RTUV>!USRTI>UM>O8f!0I!K!=>V!8@UN[Y>P=>e!(0C!45E!DH2CEK!?1C!;58!35DA85C!>:?!H5?:?45L

g)\QT!O>I>V!S9\KTM>T!0$%a>P!=KP>!P:T>!T>N8XQP>Tbge!)>T!>T!=>T!J>NN>T!KPI>P!:P=TKPI!8V!U>f!%>T!;N>\!KI>P!

MT_=U>V!8@!K!+585E!\>=!;>II>!USRTI>UM>O8>Tf!%>NV8I>T>P![==_;>=>c!K!=>V!@RTUV>!USRTI>UM>O8c!O>=d!

*G=5075?!9@D!DADE5C!5C!5E!BC@3=5>!B80L!3C@C!=0H5C!91?4H2C<D0C35;45L!)>T!O9!O8P!I9![=!@T8c!8V!=>NV8I>T>P!

J8T!0$%iU_OSVQO>Tc!=>T!M8P!;NK\>!VTKII>V!8@!J9P=\:TMU8T;>L=>Vf

5=U8IP!QO!0$%iU_OSVQO>T!K!>\8N[>TKPIU8@UPKY>Ve

g*!J\KNM>P!IT8=!J8T!@QTNR;>V!S9\KTM>Vb!j!=KP>!0$%iU_OSVQO>Tge!%>V!N8=>T!XN!8V!=>NV8I>T>P!U>N\!QSN>\>=>!>P !

:P=TKPI!K!IT8=>P!8@!UKP>!0$%iU_OSVQO>Tf!%>T!;N>\!MT_=U>V!8@!K!@>NV>V!O>=! )!?@85?!8C04f

g"P=T>!MQOO>PV8T>T!XN!@QTNR;>Vbge!%>NV8I>T>P!MQO!O>=!MQOO>PV8T>Pe!&:<!H0D<5E!91C!@>!E@CD4085?L!

%>NV8I>T>P!J8\=>![P=>T\>LU!K!@QTNR;>V!@QTV8NV!OKIc!8V!J[P!J8\=>!STQ;N>O>T!O>=!8V!@9!\8UM>V!UKV!J9T!SI8!UKP !

or

0$%!cQI!,#$J5?!5C!3=5H5E!=:4E!>:?4C5K!6IL!E03E5!;58!>:E!90=DEAC<=245!B1!8G=H5E!:408!N=AC408O!@8!3CG8E5!45E !

:85?!G45?!DE@C5!35DH2C=:89545Cf!)>T!O9!O8P!I9![=!@T8c!8V!=>V!8V!V8;>!VRTMN:=>Vk>NN>T!8P=>P!I>PUV8P=l!S9!

I[N\>Vc!@RT!J8T!\:T>V!VTKII>T!@QT!0$%iU_OSVQO>Tf

0SU[OO>TKPIe

*!U8OO>PNKIPKPI>P!8@!U\8T>P>c!K!=>V!KP=N>=>P=>!QI!8@UN[Y>P=>!USRTI>UM>O8c!N8=>T!=>V!XNc!8V!=>T!>T!UM>V!>P!

@QT;>=TKPI!K!IT8=>P!8@![=@RT>NU>P!8@!V\8PIUJ8P=NKPI>Tc!O>P!>P!@QT\:TTKPI!K!QSN>\>NU>P!8@!V\8PIUV8PM>Tf !

,KII>T!O8P!=>TKOQ=!S9![=U8IP>P>!K!>\8N[>TKPIU8@UPKY>Vc!IK\>T!=>!=>V!KP=VT_Mc!8V!=>NV8I>T>P!J8T!QSN>\>V!>P !

@QT;>=TKPI!K!UKP>!0$%iU_OSVQO>T!O>T>!I>P>T>NVc!QI!=>T!IK\>U!=>U[=>P!KMM>!J>T![=VT_M!@QT!>P!@QT\:TTKPI!K !

V\8PIUV8PM>Tf!,[PP>!=>V!V:PM>Uc!8V!=>NV8I>T>P!;NQV!>T!;N>\>V!O>T>!;>\K=UV!QO!UKP>!V\8PIUV8PM>Tc!UK=>P!=>V !

KP=N>=>P=>!USRTI>UM>O8c!>NN>Tc!8V!=>V!;NQV!>T!>P!XN@:N=KIJ>=c!8V!J[P!J8T!U\8T>V!@QTUM>NNKIV!S9!USRTIUO9N>V!

8PI9>P=>!IT8=>P!8@!V\8PIUV8PM>T!K!=>!VQ!USRTI>UM>O8>Tb!%>V!V_=>T!KJ\>TV!XN@:N=>c!S9!8V!=>NV8I>T>P!QSN>\>T !

@QT;>=TKPI>TP>!K!0$%iU_OSVQO>TP>c!UQO!\:T>P=>!O>T>!@T>OVT:=>P=>!>P=!@QT\:TTKPI>TP>c!J\KU!=>T!>T!

PQIN>f

,TQSUNKI>!:P=TKPI>T!QI!QSO:TMUQOJ>=>P!S9!MTQSS>P

g*!J\KNM>P!IT8=!J8T!@QTNR;>V!S9\KTM>Vb!j!0SO:TMUQOJ>=>P!S9!>I>P!MTQSge!)>T!N8=>T!=>V!XN!8V!=>NV8I>T>P!>T !

;N>\>V!O>I>V!O>T>!QSO:TMUQO!S9!UKP!MTQS![P=>T\>LU!K!@QTNR;>Vf!%>T!;N>\!MT_=U>V!8@!K!@>NV>V!O>=! )!9A;!8C04f

g*!J\KNM>P!IT8=!J8T!@QTNR;>V!S9\KTM>Vb!i!,TQSUNKI>!I>P>Tge!)>T!J8T!=>NV8I>T>P!KMM>!QSN>\>V!PQI>P!:P=TKPIf !

%>T!;N>\!J>T!MT_=U>V!8@!K!@>NV>V!O>=!-=5E!:<<5f

g*!J\KNM>P!IT8=!J8T!@QTNR;>V!S9\KTM>Vb!i!"P=>Vge!%>NV8I>T>P!J8\=>!J>T!QSN>\>V!>P!O>I>V!J9P=ITK;>NKI!MTQSUNKI !

:P=TKPIf!%>NV8I>T>P!MT_=U>=>!8@!K!@>NV>V!O>=!)!?@85?!8C04!QI!=>T!;N>\![==_;>V!O>=e!+:?5!0C>5!DH:?85C!?1C !

;58!81C!EGCf!%>NV8I>T>P!J8\=>!@QTV8NV!OKIc!8V!J[P!@RT!J8\=>!I9>V!XN!@_UKQV>T8S>[V!QIc!8V!=>PP>!J8\=>!@QTV8NV !

J>P=>c!8V!J[P!UM[NN>!U\KPI>!O>=!UKP>!8TO>c!P9T!J[P!IKM!QIc!8V!J[P!P[!\8T!;>I_P=V!8V!IRT>!=>V!J>NV!8@!UKI!U>N\f

g"P=T>!MQOO>PV8T>T!XN!@QTNR;>Vbge!)>T!MQO!=>NV8I>T>P!O>=!@RNI>P=>![=U8IPe!$5E!H0C!DH2CE!3145!0E !

>2C<5!06DB2?4:?8!@8!@BDB2?4:?8!QI!/:4DE5!8@4E!:!6@CH5;5?!0E!>:?!<C@BD35H:4DE954!:<<5!5C!8@4L

0SU[OO>TKPIe

os

%>V!N8=>T!8NVU9!XNc!8V!=>NV8I>T>P!>T!;N>\>V!O>T>!QSO:TMUQO!S9!UKP!MTQSc!U>N\QO!J[P!QSN>\>=>!=>V!UQO!

U\:TV!8V!O:TM>!;9=>!QSUS:P=KPI!QI!8@US:P=KPIc!QI!U>N\QO!=>P!RI>=>!QSO:TMUQOJ>=!8NVU9!KMM>!J8T!N>=V !

XN!>P!;>=TKPI!K!MTQSUNKI>!I>P>Tf!"V!=>NV8I>T>PU!8TO>!>T!;>I_P=V!8V!U\KPI>!8@!UKI!U>N\c!P9T!J[P!I9Tc!M[PP>!=QI!

\:T>!>V!V>IP!S9c!8V!US:P=KPI>T!K!UM[N=>TQOT9=>V!>T!;N>\>V!NRUP>Vc!QI!=>T\>=!J8T!IK\>V!O>T>!SN8=U!XN !

;>\:I>NU>f

"P=T>!:P=TKPI>T

g*!J\KNM>P!IT8=!J8T!@QTNR;>V!S9\KTM>Vb!j!'QTJQN=>V!XN!=KI!U>N\ge!)>T!;N>\!=>T!MT_=U>V!8@!K!@>NV>V!O>=! )!?@85? !

8C04L

!g*!J\KNM>P!IT8=!J8T!@QTNR;>V!S9\KTM>Vb!i!%KV!J[ORTge!)>T!;N>\!=>T!MT_=U>V!8@!K!@>NV>V!O>=! )!?@85?!8C04L

g*!J\KNM>P!IT8=!J8T!@QTNR;>V!S9\KTM>Vb!j!%KV!UQ<K8N>!NK\ge!)>T!;N>\!=>T!MT_=U>V!8@!K!@>NV>V!O>=! )!=:==5!8C04L

!g*!J\KNM>P!IT8=!J8T!@QTNR;>V!S9\KTM>Vb!i!%KP>!P:T>!T>N8XQP>Tge!)>T!;N>\!=>T!QIU9!MT_=U>V!8@!K!@>NV>V!O>=! )!=:==5 !

8C04L

g*!J\KNM>P!IT8=!J8T!@QTNR;>V!S9\KTM>Vb!i!%KP>!J\>T=8IUT[XP>Tge!0IU9!J>T!;N>\!MT_=U>V!U8V!K!@>NV>V!O>=! )!=:==5 !

8C04L

0SU[OO>TKPIe

%>V!N8=>T!XN!=>NV8I>T>PU!J\>T=8Ic!P>V\:TM!QI!J[ORT!K!@QTUM>NNKI>!IT8=>T!>T!;N>\>V!;>=T>!8@!8V!I9!XN !

8@US:P=KPIU@QTNR;>Vf!

4KN@T>=UJ>=>P!O>=!@QTNR;>V

g)\KNM>!@QT\>PVPKPI>T!J8T!=[!XN!@QTNR;>V!JQU!OKIbge!)>T!;N>\!U\8T>Ve!"E!61!06D=0BB5?45!AH5=D5CK!"E!61!H0D<5E !

91C!308575C!N4A;5C!>54!304?:?8O!QI!"E!>A45!0?4C5!>54!,#$L

g*!J\QT!JRL!IT8=!U_PV>U!=[!8V!8@US:P=KPIU@QTNR;>V!N>\>=>!QS!XN!=KP>!@QT\>PVPKPI>Tbge!)>T!;N>\!MT_=U>V!8@!K !

@>NV>V!O>=!)!?@85?!8C04!QI!=>T!;N>\![==_;>V!O>=!.C@545!0E!45E!H0C!?@85E!0?45EL

ot

g)\QT=8P!\KN!=[!\[T=>T>!P>=>PUV9>P=>!8US>MV>T!8@!8@US:P=KPIU@QTNR;>Vbge!)>T!;N>\![P=>T!8NN>!@>NV>T !

MT_=U>V!8@!K!@>NV>V!O>=!.:=6C54DDF==5?45f

g"P=T>!MQOO>PV8T>T!XN!@QTNR;>Vbge!)>T!\8T!=>NV8I>T>PU![=U8IP![P=>T!=>Y>!V>O8!$5E!6A=5D!8@4E!0E!90H5 !

8;@CE!?@85E!6@C!D:?!<C@BKfff@8D1!=:4E!D;@HE!0E!=0H5!AH5=D5Cc!%==5CD!H0C!45E!DB2?45?45!0E!E2?<5!B1!0E!>0?!90C !

H2C5E!6@CDA8DB5CD@?!QI!'@4E!0E!90H5!?@85E!0E!DE1!@B!F=K!D5=H@>!45E!H0C!DH2CE!0E!<@>>5!G4!06!D5?85? f

0SU[OO>TKPIe

%>V!N8=>T!XNc!8V!=>NV8I>T>P!8NV!K!8NV!J8T!\:T>V!XN@T>=U!O>=!@QTNR;>Vf!%>T!>T!KPI>P!P>I8X\>!_VTKPI>T!8V!DP=>f!

%QI!J8T!@QTNR;>V!M[P!K!PQI>P!IT8=!N>\>V!QS!XN!J>P=>U!@QT\>PVPKPI>Tc!@QT=K!J[Pc!UQO!J[P!U>N\!UMTK\>Tc!VTQ>=>c !

8V!=>V!\8T!PQI>V!8P=>Vf!%>T!M8P!J>T!\:T>!>P!OKUV8PM>!QOc!8V!=>P!KP=N>=>P=>!U8OV8N>c!QI!KP=@RTKPI>P!K !

@QTNR;>Vc!KMM>!J8T!\:T>V!IQ=!PQMf

^VZ!%<FN6A<L<HM!MCAH6F<LCHA!M6GG<HBIF;N!G<;!I9M<LR6OIH<L!IA!Q;M6AH!IG!ELIKMFCA<!IKF<R<FM<L

/>=>PUV9>P=>!=8V8!;N>\c!@QT!8V!UM8;>!>P!UVT[MV[Tc!KU:T!K!Q;U>T\8XQP>TP>!QI!=>![=U8IP!=>NV8I>T>P!MQO!O>=!

[P=>T\>LU!K!@QTNR;>Vc!KP=U8ON>V![P=>T!VQ!@QT[=I9>P=>!=>DP>T>=>!V>O8>Tf!%>!VQ!V>O8>T!DM!Q\>TUMTKH>TP>!

&\P>P!XN!8V!O:TM>!QSUS:P=KPI!QI!&\P>P!XN!8V!8@US:P=>f!4>O8>Veg!&\P>P!XN!8V!O:TM>!MTQSS>P!I>P>T>NVg !

;N>\!XN@RL>V!\>=!I>PP>OI8PI>P!8@!=KUU>!=8V8c!=8!=>T![OK==>N;8TV!QIU9!\8T!QSUV9>V!>P!>B>MV!8@!12![P=>T !

=>Y>!V>O8f!!

&\P>P!XN!8V!O:TM>!QSUS:P=KPI

%>NV8I>T>P!J8\=>!XNU_P>N8=>P=>!KPV>V!STQ;N>O!O>=!8V!O:TM>!QSUS:P=KPI>Tf!%>T!;N>\!UKIP8N>T>V!K!J\>T !

U>UUKQP!QI!\>=!J\>T!O[UM>NIT[SS>c!\>=!8=USRTIU>N!QO!@RN>NU>P!8@!QSUS:P=KPIf!6>=!PQIN>!O[UM>NIT[SS>T!

I8\!=>NV8I>T>P!=QI![=VT_M!@QTc!8V!=>V!\8T!U\:T>T>!8V!O:TM>!QSUS:P=KPI>P!>P=!\>=!8P=T>f!5P=>T\>LU!K !

@QTNR;>Vc!\8T!ORPUVT>V!=>V!U8OO>f!%>T!M[PP>!=>U[=>P!K8IY8I>U!MQPVT8MXQP!K!O[UM[N8V[T>P!K!U8OO>PJ:PI!

O>=!KPUVT[MXQP!QO!QSUS:P=KPI!QI!K!Q\>T>PUUV>OO>NU>!O>=!=>NV8I>T>PU!UKIP8N>TKPI!J>TQOf

&\P>P!XN!8V!8@US:P=>

%>T!\8T![P=>T\>LU!K!@QTNR;>V!G>T>!KP=KM8XQP>T!S9c!8V!=>NV8I>T>P!J8\=>!U\:TV!\>=!8V!8@US:P=>f!5=Q\>T!=>P !

US8TUQOO>!UKIP8N>TKPI!\>=!8=USRTIU>N!QO!8@US:P=KPIc!M[PP>!=>T!=>U[=>P!Q;U>T\>T>U!V>IP!S9c!8V !

ou

=>NV8I>T>P!KMM>!8@US:P=V>f!%>NV8I>T>PU!9P=>=T:V!\8T!UQO!QH>UV!JRL<QUV8NVc!QH>!;N>\!N>I>OU=>N>P>!@RTV !

XN;8I>!>H>T!QSUS:P=KPIc!UO9!;>\:I>NU>T!@QT>MQO!KP=KO>NN>O!>H>T!QSUS:P=KPIc!J>T[P=>T!KU:T!\>=!

O[P=>Pc!QI!QSXO8N![=G8=PKPI!K!O[UM[N8V[T>P!QI!IK\>P!J>P!XN![P=>TN8I>V!;N>\!UL:N=>PV!Q;U>T\>T>Vf !!

7=>TO>T>!UM8N!=>T!P:\P>Uc!8V!=>NV8I>T>P!K!>P!MQTV!S>TKQ=>c!OK=V!K!@QTNR;>Vc!JQUV>=>!QI!UP8MM>=>!O>T>!>P=!

X=NKI>T>f!)QUV>P>!UM_N=>Uc![=@T8!=>NV8I>T>PU!>I>V![=U8IPc!>P!@QTMRN>NU>!QIc!8V!=>NV8I>T>P!UP8MM>=>!O>T>c !

8PU9!L>I!UQO!>V!V>IP!S9!O>T>!P_UI>TTKIJ>=!8PI9>P=>!QI!;>\K=UVJ>=!S9!>I>P!MTQSf!%>PP>!@QTVQNMPKPI !

UM_N=>U!KP=JQN=>V!K!=>NV8I>T>PU![=U8IP!QI!=>U[=>Pc!8V!=>NV8I>T>Pc!>H>T!KPUVT[MXQP!J>TQOc!UVQSS>=>!O>=!8V !

UP8MM>!KI>Pf

)QN=>T!O8P!@RTUV>!U>UUKQP!QI!UK=UV>!U>UUKQPc!J\QT!8NN>!O[UM>NIT[SS>T!;N>\!I>PP>OI9>Vc!QS!KOQ=!JKP8P=>Pc !

>T!=>T!V>IP!S9!RI>V!>\P>!XN!8@US:P=KPI!8V!DP=>f!6>=!@RTUV>!U>UUKQP!UKIP8N>T>=>!=>NV8I>T>P!S9!8=USRTIU>N !

QO!8@US:P=KPI!\>=!8PUKIVUO[UM[N8V[T>P!i!\>=!S8P=>!QI!;T_Pf!%QI!M[PP>!=>T!K8IY8I>Uc!8V!=>NV8I>T>PU!;T_P !

UV8=KI!\8T!T_PM>Vc!QI!8NVU9!KMM>!@[N=V![=!8@US:P=V>c!VTQ=U!UKIP8N>TKPI!QO!=>Y>f!6>=!UK=UV>!U>UUKQP!;N>\!=>T !

UKIP8N>T>V!\>=!8=USRTIU>N!QO!8@US:P=KPI!K!JRLT>![P=>Ti!QI!Q\>T8TOc!UM[N=T>!QI!JRLT>![P=>T;>Pf!/QI>V!

M[PP>!8NVU9!V_=>!S9c!8V!=>T!UM>V>!>P!STQIT>UUKQPc!@T8!UV8TV!XN!UN[Vc!K!=>NV8I>T>PU!>\P>!XN!8V!8@US:P=>f!6>=!

8P=>P!UK=UV>!U>UUKQPc!sf!U>UUKQPc!Q;U>T\>T>=>!L>I!=>U[=>P!\>=!=>NV8I>T>Pc!@QT!@RTUV>!I8PIc!>V!O>T>!

T>I>NO:UUKIV!QI!N8\<QUV8NV!9P=>=T:V!QI!>V!=RUKIV![=VT_M!>H>T!=>P!STQIT>UUK\>!8@US:P=KPIf!%>NV8I>T>P!

U8I=>!=8!QIU9!U>N\c!KP=>P!J[P!T>LUV>!UKIc!8V!J[P!J>NN>T>!O9Y>!MQOO>!QS!8V!UV9c!U9!J[P!KMM>!@8N=V>!K!UR\Pf !

%>PP>![=V8N>NU>![P=>TUVRY>T!T>U[NV8V>TP>!@T8!=>NV8I>T>PU!UKIP8N>TKPI>Tc!UQO!V_=>=>!S9!>P!STQIT>UUKQP!K !

>\P>P!XN!8V!8@US:P=>f

&\P>P!XN!8V!O:TM>!MTQSS>P!I>P>T>NV

%>V!NQ=!>P=\K=>T>!XNc!8V!=>NV8I>T>PU!>\P>!XN!8V!O:TM>!MTQSS>P!;N>\!@QTDP>Vf!%>PP>!S9UV8P=!MQOO>T!L>I!

O>=!S9!;8IIT[P=!8@!>P!RIPKPI!K![=V8N>NU>T!@T8!=>NV8I>T>P!8PI9>P=>!P_>!Q;U>T\8XQP>Tc!=>PP>!ILQT=>c!QO!UKP !

MTQSf!5=V8N>NU>TP>!QO@8Y>=>!;N8f!45C!H0C!6@CD<5=!B1!6A=5=D5?!:!9A;C5!@8!H5?DEC5!35?k[P=>T!

QSUS:P=KPIh8@US:P=KPIlK!;58!<@>>5C!F=!0E!<CG>>5!E25C?5!B1!9A;C5!6@4!@8D1!kJ>T!;N>\!J>PV_=>V!XNc!P9T!

MNK>PV>P!;N>\!KPUVT[>T>V!K!8V!MT[OO>!\>PUVT>!@Q=l!QI!;58!<0?!>2C<5K!0E!;58!DB2?45C!@B!:!0?D:8E5EK!?1C!;58 !

D<0=!DB2?45!@B!:!0C>5?5f!

_V!%CMEQMMCIHM6=MHCN

ov

)>T[P=>T!\KN!@RNI>!>P!=KUM[UUKQP!8@c!J\8=!=>T!M8P!\:T>!8@!IT[P=>!XN!>B>MV>P!8@!STQIT>UUK\!8@US:P=KPI!S9 !

0$%iT8OV>U!U_OSVQO>Tf!+>I!O>P>Tc!8V!=>V!>T!\KIXIV!8V!;>J8P=N>!=>Y>!>OP>c!=8!>P!;>N_UPKPI!8@!IT[P=>P!XN !

>B>MV>P!8@!=>PP>!;>J8P=NKPIc!S9!N:PI>T>!UKIVc!M8P!O>=@RT>T!>P!@QTDP>NU>!QI!KP=UM:TSPKPI!8@!@QM[U!S9!NKI> !

P>VQS!=>V!S[PMVc!=>T!UM_N=>U!>B>MV>Pc!QI!=>T\>=!O[NKI\KU!IRT>!>B>MV>P!UVRTT>f

_VY!1UA;8EHCHA!IA!6LAQG<HN6OIH!=IL!9LQA<H!6=!<H!6=MK8H;CHAMG<NI;<!OF!/$%XL6GN<

+>I!>Tc!>H>T!=>PP>![P=>TURI>NU>c!8@!=>P!O>PKPIc!8V!12!M8P!J8\>!>P!I8\PNKI!>B>MV!S9!0$%iU_OSVQO>Tc!O>P !

=8!OKP>!>IP>!T>U[NV8V>T!>T!8@!US8TUQO!QI!V\K\NUQO!M8T8MV>Tc!J8T!L>I!\8NIV!8V!;>P_Y>!>P!@QTUMPKPIU8TXM>N!!XN !

8V![P=>T;_II>!OKP!S9UV8P=f

&P!UVRTT>!I>PP>OI8PI!8@!@QTUMPKPIU8TXMN>P!\KN!KMM>!@QT>MQOO>f!%>T!UM8N!;NQV!P:\P>Uc!8V![P=>TURI>NU>P!K !

@QTUMPKPIU8TXMN>P!@8P=V!>P!@QT;>=TKPI!S9!pscn!w!K!0$%iU_OSVQO>Tc!@T8!O9NKPI>TP>!@QT>V8I>V!>P![I>!@RT !

QSUV8TV!QI!XN!=>O!V8I>V!VT>!O9P>=>T!>H>T!8@UN[VPKPIf!)>T!;N>\!;T[IV!>P!N>Y>T>!@QTMQTV>V![=I8\>!8@ !

#>TPUV>KPU!STQIT>UUK\>!8@US:P=KPIf!

,KII>T!O8P!U8OX=KI!S9!O8PI>!8@!=>!;>P_Y>=>!V>QTK>T!K!=>PP>!QSI8\>c!>T!=>T!J>T![=V8N>NU>Tc!=>T!M8P!V_=> !

S9c!8V!0$%iT8OV>!J8T!Q\>T\>L>P=>!J_S>TVQP!O[UM[N8V[Tf!3QO!P:\PV!K!V>QTK>P!8PI9>P=>!0$%c!J8T!0$%i

T8OV>!>V!MTQPKUM!@QTJRL>V!8TQ[U8NPK\>8[!QI!>V!U9=8PV!KP=>;:T>T!;N8f!>P!QSUS:P=KPI!8@!O[UM[N8V[T>Pf !

+8<Q;UQP![=V8N>T!=>U[=>Pc!8V!P>[TQU>T!@QT9TU8I>T!J_S>TVQPK!k+8<Q;UQPd!nvrvc!Uf!slf!)\KU!O8P!U8OX=KI!

JQN=>T!=>!I8ON>!V>QTK>Tc!8PI9>P=>!;8IIT[P=>P!@QT!0$%!QI!"N>^8P=>T!-Q]>PU!QI!(T>VJ>!+RTI>PU>PU!U_P!S9 !

Q\>TUS:P=PKPI>TU!QSUV9>Pc!U8OO>P!\KN!=>Y>!QIU9![P=>TUVRY>c!8V!0$%iT8OV>!J8T!>P!Q\>T\>L>P=>!J_S>TVQP !

O[UM[N8V[Tf!%>!I8ON>!V>QTK>T!8PI9>P=>!0$%!O>P>Tc!UQO!@RT!P:\PVc!8V!=>P!;8I\>=NKII>P=>!IT[P=!XN!0$% !

>T!>P!XN;8I>JQN=>NU>!8@!=TKH>T!QI!@RN>NU>Tc!QI!"f-f!QI!(f+f!O>P>Tc!8V!>P!U9=8P!XN;8I>JQN=>NU>!>T!IT[P=>P!XN !

Q\>TUS:P=V!O[UM[N8V[Tf!

!5=@T8!=>PP>!U_PU\KPM>N!\KTM>T!=>V!QSN8IVc!8V!>P!8@US:P=KPIUO>VQ=>!M8P!\:T>!I8\PNKI!@QT!0$%iT8OV>f !

3SRTIUO9N>V!>T!;NQVc!J\8=!=>V!>T!\>=!8@US:P=KPI>P!8@!=>P!J_S>TVQP>!O[UM[N8V[Tc!=>T!M8P!IK\>!=>P!I8\PNKI> !

\KTMPKPIb!)\KU!=>V!=8!Q\>TJQ\>=>V!>T!=>Vc!=>T!IK\>T!=>P!I8\PNKI>!\KTMPKPIfff

_VZ!)UKIN<M<H!M8P<M!K7!KLJR<!IA!;<L!ECAA<M!<@<L!6H;L<!GQFCA<!ALQH;<!OF!;<H!A6RHFCA<!<><EN

pm

*!=>PP>!QSI8\>!QI![P=>TURI>NU>!J8T!L>Ic!UQO!X=NKI>T>!P:\PVc!8T;>L=>V![=!@T8!>P!J_SQV>U>c!=>T!IKM!S9c!8V !

=>Vc!=>T!K!=>P!STQIT>UUK\>!8@US:P=KPI!\KNN>!JL:NS>c!\8Tc!8V!>P!R\>NU>!K!8V!I>PM>P=>!QSUS:P=KPI>Tc!QI!>P!=>T !

8@!@RNI>P=>!RI>V!<J8P<>!@QTc!8V!QSUS:P=KPI>T!K!I>P>T>N!@QTUV8P=!\KNN>!M[PP>!8@US:P=>U!\:Mc!IK\>T!>P !

I8\PNKI>!>B>MVf!-:T>T!O8P!8V!8@US:P=>!J>NVc!M8P!=>Y>!O>=@RT>T!>P!S>TKQ=>\KU!>NKOKP>TKPI!8@![RPUM>=>!

V8PM>T!QI!@RN>NU>Tf!3QO!P:\PVc!8PU>U!V\8PIUJ8P=NKPI>T!K!=8Ic!K!O8PI>!XN@:N=>c!UQO!\:T>P=>!>P!UVT8V>IK!@QT !

=>P!0$%iT8OV>c!XN!8V!V8MN>!=>!8PIUWT>OM8N=>P=>!@RN>NU>T!QI!V\8PIUV8PM>TP>c!=>T!>T!@QT;[P=>V!O>=!0$%f !

.KP!J_SQV>U>!IKM!U8OX=KI!S9c!8V!>P!>NKOKP>TKPI!8@![RPUM>=>!V8PM>Tc!QIU9!\KNN>!M[PP>!OKP=UM>!@QT>MQOUV>P!

8@!V\8PIUJ8P=NKPI>Tc!=8!=KUU>!LQ!;NQVc!K!O8PI>!XN@:N=>c!>T!>P!T>8MXQP!S9!V\8PIUV8PM>TP>f!*!8P8N_U>8@UPKY>V !

U9!\Kc!8V!OKP!=>NV8I>Tc!K!KPV>T\>PXQP>Pc!K!JRL>T>!IT8=!N>=!8@!V\8PIUJ8P=NKPI>T!>P=!8@!V\8PIUV8PM>T!QI!QIU9c!8V !

=>PP>!I8\![=VT_M!@QT!>P!OKP=UMPKPI!K!X=>Pc!=>T!;N>\!;T[IV!S9!V\8PIUJ8P=NKPI>T!>H>T!>P=V!@QTNR;f

!*!@QTUMPKPIU8TXMN>P!;NK\>T!=>T!KMM>!P:\PVc!J\QT\K=V!=>NV8I>TP>!;NK\>T!;>=T>!XN!8V!O:TM>!QSUS:P=KPI!QI!

QSP9!8@US:P=KPI![P=>T\>LU!K!@QTNR;>Vc!U9!=>PP>!M8P!8NVU9!KMM>![P=>T;_II>!J_SQV>U>Pf !!*!OKP![P=>TURI>NU>!

M8P!\K!U>!>P!STQIT>UUKQP!K!=>NV8I>T>PU!>\P>!XN!8V!QSP9!8@US:P=KPIc!\>=!>PM>NV>!O[UM>NIT[SS>Tc!O>P!>P!@[N= !

8@US:P=KPIc!O>P>T!L>I!KMM>c!8V!O8P!M8P!V8N>!QO!K!=>Y>!XN@:N=>f!*@RNI>!+8<Q;UQP!\8T!=>V!>P!@[N=!8@US:P=KPIc !

=>T!UM[NN>!XN!@QT!8V!M[PP>!>NKOKP>T>!V8PM>T!QI!@RN>NU>T!k+8<Q;UQPd!nvrvc!M8Sf!nmlf!.8P!M8P!O>=!;>N:I!J>T@QT !

=KUM[V>T>!QO!>P!@[N=!8@US:P=KPI!8@!O[UM[N8V[T>P!Q\>TJQ\>=>V!>T!O[NKIf!*@RNI>!(T>VJ>!+RTI>PU>P!>T!=>V !

KMM>e!+54>:?4C5!H:!5C!:!35H:4DE=AD!F=DE0?4!>@4E085C!H@C5!>GD<=5C!<@?DE0?E!5?!H:D!80?D<5!DH08!:??5CH0F@?LL

k+RTI>PU>Pc!Uf!onlf!)\KU!O8P!U8OX=KI!MKII>T!S9!(T>VJ>!+RTI>PU>P!QI!"N>^8P=>T!-Q]>PU!U_P!S9!

QSUS:P=KPI>TU!@[PMXQPc!>T!=>T!PQI>Vc!=>T!M8P!V_=>!S9c!8V!12!T>PV!@8MXUM!J8T!=>P!OQ=U8Y>!>B>MV!>P=!=>P!

+8<Q;UQP!V8N>T!QOf!(f+f!QI!"f-f!UP8MM>T!QOc!8V!=>T!K!Q\>TUS:P=V!O[UM[N8V[T!DP=>U![P=>TVT_MV>!@RN>NU>T!QI!

>TKP=TKPI>T!QIc!8V!=KUU>!=>T@QT!M8P!MQOO>!QS!XN!Q\>TG8=>Pc!J\KU!=>T!UM>T!>P!8@US:P=KPI!8@!=KUU>f!48PM>T!QI!

@RN>NU>T!\KN!8NVU9!KMM>!>NKOKP>T>U!K!8@US:P=KPI>Pc!O>P!O9UM>!>P==8!P>VQS!QSUV9!K!8@US:P=KPI>Pf!,KII>T!O8P !

U8OX=KI!S9!PQIN>!8@!=>!;K\KTMPKPI>Tc!=>T!>T!;>UMT>\>V!\>=![=@RT>NU>P!8@!12c!M[PP>!=>V!V_=>!S9c!8V!=>T!\8T !

PQI>V!QO!UP8MM>Pf!)>T[P=>T!UM8N!=>P!O>UV!8NOKP=>NKIV!@QTMQOP>!;K\KTMPKPI!P:\P>Uc!P>ONKI!KP\8=>T>P=>!

V8PM>Tf!&P=\K=>T>!IK\>U!=>T!>P!O[NKI!IT[P=!XN!=>!MT8OS8IXI>!8P@8N=c!MNK>PV>P!M8P!QSN>\>![P=>T\>LU!K !

8@US:P=KPI>Pc!UQO!QIU9!M[PP>!V_=>!S9c!8V!=>T!PQI>V!QO!UP8MM>P!KHf!8Vc!=>T!=[MM>T!@RN>NU>T!QI!>TKP=TKPI>T !

QS!XN!Q\>TG8=>P![P=>T!8@US:P=KPIf!%>T!P:\P>U!U9N>=>U!K!;QI>P!g3VT>UUiO8P8I>O>PVgc!8V!>V!8P@8N=!8@!=>P !

8TV!M8P!UM_N=>U!I>PQSN>\>NU>P!8@!>P!VT8[O8XUM!;>IK\>PJ>=!k.<([KI8Pd!nvvpc!Uf!pqlf!)\KU!O8P!JQN=>T!=KUU> !

V>QTK>T!QS!KOQ=!=>V!I8ON>!U_P!S9!0$%c!M8P!=>V!=QI!UV8=KI!IK\>!O>PKPI!8V!UP8MM>!QO!>P!@QT;>=TKPI!K!0$%i

U_OSVQO>T!SI8f!8@US:P=KPI!8@!O[UM[N8V[T>Pf!*!=>!I8ON>!V>QTK>T!O>P>U!=>T!P>ONKIc!8V!0$%!QSUV9T!SI8f !

[P=>TVT_MV>!@RN>NU>T!QI!=TKH>Tf!,[PP>!=KUU>!MQOO>!@T>O!K!N_U>V!QI!@QTNRU>U!\J8f!=>P!STQIT>UUK\>!8@US:P=KPIc !

pn

\KNN>!=>V!O9UM>!M[PP>!8CL:NS>!PQIN>!8@!0$%iU_OSVQO>TP>f!.8P!M[PP>!J>T!I9!KP=!QI!V8N>!QOc!8V!>P!J\KNM>P !

UQO!J>NUV!@QTO!@QT!;>J8P=NKPIc!=>T!M[PP>!J8\>!>P!8@US:P=>P=>!\KTMPKPIc!M[PP>!8CL:NS>!0$%i

U_OSVQO>TP>c!O>P!J>T!U_P>U!8NN>!V>QTK>TP>!8V!S>I>!K!T>VPKPI!8@c!8V!0$%iT8OV>!URI>T!MQPVTQNf!12!N8=>T!XN!8V !

XNN8=>!>P!\KU!MQPVTQNc!K!QI!O>=c!8V!MNK>PV>P!U>N\!UV_T>!;9=>!QSUS:P=KPI>TP>!QI!8@US:P=KPI>TP>f!

%>P!STQIT>UUK\>!8@US:P=KPI!NQ=!=>U[=>P!XN!8V!J8\>!>N>O>PV>T!UV8OO>P=>!@T8!&21!QI!OKP=@[NP>UUf!%KUU>!VQ !

O>VQ=>T!J8Tc!UQO!;>UMT>\>Vc!\KUV!UKI!I8\PNKI>!K!;>J8P=NKPI>P!8@!0$%f!,[PP>!=>V!V:PM>Uc!8V!=>V!\8T !

>N>O>PV>TP>!@T8!=KUU>c!=>T!K!=>P!STQIT>UUK\>!8@US:P=KPI!I8\!>P!I8\PNKI!\KTMPKPIb

,[PP>!=>V!V:PM>Uc!8V!;>=TKPI>P!UM[NN>!DP=>U!K!>P!KP=KT>MV>!@QTO!@QT!>MUSQP>TKPIc!UQO!=>NV8I>T>P!O[NKI\KU!

[=U:Y>U!@QT!K!>P!UKV[8XQP!O>=!STQIT>UUK\!8@US:P=KPIb!*!XN@:N=>V!O>=!OKP!=>NV8I>T!\8T!=>T!PQI>Vc!=>T!IQ=V !

M[PP>!V_=>!S9c!8V!>P!>MUSQP>TKPI!@8P=V!UV>=f!%>NV8I>T>P!P:\PV>!S9!>V!X=US[PMVc!8V!J[P!J8\=>!STQ;N>O>T !

O>=!\8TO>!QI!KN=c!QI!L>I!O9Y>!=>T@QT!G_Y>!J>P=>U!;TKNN>T!@T8!>P!\8TO>S[OS>c!=>T!UVQ=!K!T[OO>Vc!QI!T_MM>!

@_T@8=UN_Uc!L>I!J8\=>!V:P=Vc!\:M!@T8!JKP8P=>Pc!U9!=>!KMM>!>MUSNQ=>T>=>c!UQO!=>NV8I>T>P![=VT_MV>!8PIUV!@QTf !

+>I!VQI!8NX=!KOQ=!=>NV8I>T>PU!;TKNN>Tc!P9T!=KUU>!UM[NN>!E>TP>Uc!QI!N8I=>!=>O!S9!>V!;QT=!K!T[OO>Vc!>NN>T!S9!

I[N\>Vc!\>=!UK=>P!8@!=>NV8I>T>Pf!*!UV8TV>P!8@!@QTNR;>V!US[TIV>!=>NV8I>T>P!QOc!QO!=>T!P[!\8T!T>PV!PQM!=>Tc !

J\QT!L>I!N8I=>!;TKNN>TP>f!&V!S8T!>PM>NV>!I8PI>!O9Y>!L>I!G_Y>!=>Oc!@QT=K!J[P!\[T=>T>=>c!8V!=>V!KMM>!\8T !

XN@:N=>Vf!)[P!\8T!>P=\K=>T>!P>T\RU!@QTc!8V!PQIN>!UM[NN>!VT:=>!S9!=>Oc!P9T!L>I!N8I=>!=>O!S9!I[N\>Vc!QI!L>I !

@QTUKMT>=>!J>P=>!QOc!8V!=>T!\8T!=>T!KPI>Pc!=>T!ILQT=>f!&H>TJ9P=>P!NQ=!=>V!XNc!8V!@T_IV>P!@QT!=KUU>!XPI!@QTVQI!

UKIf!)[P!MQO!KMM>!N:PI>T>!O>=!MQOO>PV8T>T!8PI9>P=>!J>P=>U!;TKNN>Tf!)[P!MKII>=>!J>NN>T!KMM>!N:PI>T>!

O>=c!P9T!L>I!N8I=>!=>O!>V!UV>=!K!T[OO>Vf!%>T[=Q\>T!\8T!=>T![=U8IPc!=>T!M[PP>!V_=>!S9c!8V!=>NV8I>T>P!

J8\=>!STQ;N>O>T!O>=!UP8\Uc!K!O>T>![=;T>=V!@QTUV8P=c!J>T[P=>T!Q\>PUV9>P=>!>MU>OSN>T!O>=!;TKNN>TP>c!O>P!

QIU9![=U8IP!K!USRTI>UM>O8>V!V_=>=>!S9!STQ;N>O>T!O>=!UP8\Uf!%KUU>!QOJ8P=N>=>!@^!STQ;N>O>T!8PI9>P=> !

J9P=\:TMU8T;>L=>!QI!=>Vc!8V!V8;>!UKV!J8NUVRTMN:=>!S9!LQT=>Pf!,NK>PV>P!N9c![P=>T!U>UUKQP>TP>c!S9!>V!

NKII>[P=>TN8I!S9!I[N\>Vc!QI!\8T!K!=>PP>!U8OO>PJ:PI![=U8V!@QT!UP8\Uf!.8P!M8P!8TI[O>PV>T>!@QTc!8V !

=>NV8I>T>P!O[NKI\KU!KMM>!>T!;N>\>V![=U8V!@QT!>P!=KT>MV>!@QTO!@QT!>MUSQP>TKPIc!=8!L>I!KMM>!ST:<KUV!J8T!KP=;NKM!K !

J\KNM>V!KP=JQN=!QI!V>O8>Tc!=>NV8I>T>PU!0$%iU_OSVQO>T!J8\=>f!0I!UQO!O8P!M8P!U>!K!Q\>PP:\PV> !

>MU>OSN>Tc!VQI!L>Ic!UQO!QH>UVc!J>PU_P!XN!QI!KP=T>Y>=>!OKI!>H>T!=>P!@T_IVc!=>NV8I>T>P!I8\![=VT_M!@QTc!8V!J[P!

J8\=>f!%>V!\8T!=QI!KMM>!K!8NN>!XN@:N=>c!L>I!ILQT=>!=>Y>c!QI!=>V!\8T!J>NN>T!KMM>!K!8NN>!XN@:N=>c!8V!=>V!M[PP>!N8=>!

UKI!IRT>f!*!8NN>!XN@:N=>c!;9=>!=>O!L>I!\8NIV>!QI!=>O!L>I!M[PP>!IRT>!PQI>V!\>=c!QI!=>O!L>I!KMM>!M[PP>c!>NN>T !

\8NIV>!KMM>!8V!IRT>!PQI>V!\>=c!URTI>=>!L>I!=>TKOQ=!@QT!KMM>!8V!IRT>!>V!UVQTV!P[OO>T![=!8@!=>Vf!)\KU!=>T!K !

OKP>!U>UUKQP>T!O>=!STQIT>UUK\!8@US:P=KPI!J8T!\:T>V!KP=KT>MV>!>MUSQP>TKPIc!M[PP>!=>V!QIU9!V:PM>Uc!8V!=>V !

po

>T!XN@:N=>V!K!8P=T>![P=>TURI>NU>T!O>=!STQIT>UUK\!8@US:P=KPIc!8C:PIKIV!8@c!J\KNM>V!KP=JQN=!QI!V>O8!=>P!

>PM>NV>!MNK>PVU!0$%h@T_IV!J8Tf!

&P!8P=>P!O[NKI!IT[P=!XN!12aU!I8\PNKI>!>B>MV!UM8N!O9UM>!DP=>U!K!=>P!XNUV>=>\:T>NU>!K!P[>Vc!U8PUPKPI>P!8@ !

QSUS:P=KPI>T!QI!8@US:P=KPI>T!MT:\>Tc!QI!>P!G_VPKPI!8@!@QM[U!@T8!V8PM>T!XN!U8PUPKPI>Tf!%>PP>!KP=\KTMPKPI!

M8Pc!>V!UV_MM>!J>P!8=!\>L>Pc!UK=>UXNN>U!O>=!=>Pc!=>T!QSP9U!O>=!=>!>B>MW[N=>!P:\PV>!OKP=@[NP>UUi

O>VQ=>Tc!J\QT!=>T!8T;>L=>U!O>=!8V!\:T>!@[N=V![=!XN!UV>=>!K!P[>Vc!QI!J\QT!=>T!QIU9!G_Y>U!@QM[U!XN!U8PUPKPI>T !

K!MTQSS>Pf!%>NV8I>T>P!O9c!K!=>P!STQIT>UUK\>!8@US:P=KPIc!@QM[U>T>!S9!=>!U8PUPKPI>T!=>PP>!J8T!K!O[UMN>TP>c !

QI!8NVU9!KMM>!S9!UKP>!V8PM>Tc!QI!QS@QT=T>U!=>U[=>Pc!K!12c!XN!KMM>!8V!MQP<>PVT>T>!UKI!QO!8V!8@US:P=>c!O>P!;NQV!

XNN8=>!UKI!U>N\!KPV>V!8V!IRT>f!*!RL>;NKMM>!IK\>U!=>T!O9UM>!J>NV!UNKS!S9!V8PM>TP>c!QI!>V!@[P=8O>PVc!@QT!RI>V!>\P> !

XN!8V!IRT>!=>Y>!L:\PNKIVc!>T!;N>\>V!N8IVf!

)\KU!=>V!;NQV!>T!>N>O>PV>T!@T8!8P=T>!;>J8P=NKPIUO>VQ=>Tc!=>T!\KU>T!UKI!8V!\:T>!=>!I8\PNKI>!MQOSQP>PV>T!K !

12c!M8P!=>T!O>I>V!\>N!=KUM[V>T>U!QOc!O8P!U9!KMM>!;NQV!UM[NN>!;>P_Y>!UKI!8@!=>!O>VQ=>Tc!=>T!8NN>T>=>!>T !

[=\KMN>V!XN!=>PP>!O9NIT[SS>f!19!=>P!8P=>P!UK=>!NQ=!=>V!XNc!8V!=>NV8I>T>P!K!OKV!@QTNR;c![=Q\>T!>P!:P=TKPI!K !

0$%iU_OSVQO>Tc!QIU9!QSN>\>=>!8V!@9!RI>V!QSO:TMUQOJ>=!S9!UKP!MTQS!QI!>P==8!>P!SQUKX\!:P=TKPI!K !

J[ORT!QI!UKV!UQ<K8N>!NK\f!%>V!UM8N!KMM>!M[PP>!UKI>U!QOc!=>!8P=T>!O>VQ=>T!QIU9!J8T!PQIN>!8@!=KUU>!>B>MV>T!S9!

MNK>PV>Pc!O>P!=>V!M[PP>!V_=>!S9!8V!12!J8T!@QT=>N>c!UQO!8P=T>!O>VQ=>T!KMM>!J8Tf

%>T!M8P![=!@T8!Q\>PUV9>P=>!KMM>!UKI>U!O>=!UKMM>TJ>=c!J\8=!=>V!>Tc!=>T!>T!=>!I8\PNKI>!>N>O>PV>T!K!=>P!

STQIT>UUK\>!8@US:P=KPIf!%>V!M[PP>!O>I>V!\>N!V:PM>Uc!8V!=>V!>T!>P!MQO;KP8XQP!8@!=>!Q\>PP:\PV> !

>N>O>PV>T!QI!O9UM>!>P==8!G>T>c!UQO!KMM>!>T!;>J8P=N>V!J>Tc!J>T[P=>T!>\Vf!P>[TQ@_UKQNQIKUM>!MQOSQP>PV>Tf

`V!.<NI;<ELCOE

)>T[P=>T!\KN!@RNI>!>P!\8NK=>TKPI!8@!USRTI>UM>O8>V!QI!V8PM>T!QOMTKPI!QSI8\>PU!T>NK8;KNKV>Vf

`VY!56FC;CN<N!IA!L<FC69CFCN<N

%>![==_;>P=>!MQOO>PV8T>T!XN!=>!N[MM>=>!USRTIUO9N!K!USRTI>UM>O8>V!OQ=U8I=>!KMM>!=>!8FT_=U>=>!@>NV>Tf !

3\8T>P>!8PI9>P=>!=>NV8I>T>PU!0$%iU_OSVQO>Tc!K!>\8N[>TKPIU8@UPKY>V!QI!K!JQ\>==>N>P!8@!USRTI>UM>O8>Vc !

S>I>T!=>TKOQ=c!UQO!8NN>T>=>!P:\PVc!K!VQ!T>VPKPI>Tf!%8!L>I!8PU9!=>NV8I>T>PU!>I>V!@QTO[N>T>=>![=U8IP!QO!>P!

pp

;>=TKPI!K!0$%iU_OSVQO>Tc!UQO!\:T>P=>!=>Vc!=>T!I8\!=>V!O>UV!U8P=>!;KNN>=>!8@c!QO!=>NV8I>T>P!J8\=>!>P !

QSN>\>NU>!8@!:P=TKPI!K!UKP>!0$%iU_OSVQO>Tc!M8P!=>T!U9U!V\K\N!QOc!J\QT\K=V!JQ\>==>N>P!K!USRTI>UM>O8>V!>T !

\8NK=V!>NN>T!>Lf!*!USRTIUO9N>V!g*!J\KNM>P!IT8=!J8T!@QTNR;>V!S9\KTM>Vbgc!>T!L>I!I9>V![=@T8c!S9!;8IIT[P=!8@ !

=>NV8I>T>PU!8P=T>![=U8IPc!8V!=>T!>T!V8N>!QO!>P!SQUKX\!S9\KTMPKPIc!O>P!=>T!M[PP>!NKI>U9!\>N!\:T>!V8N>!QO!>P !

P>[VT8Nc!>NN>T!NKI>@T>O!>P!P>I8X\!S9\KTMPKPIf!'QT!O>=!UKMM>TJ>=!8V!M[PP>!UKI>c!8V!=>T!\8T!UM>V!>P!SQUKX\!

S9\KTMPKPI!S9!=>!QOT9=>Tc!UQO!=>NV8I>T>P!J8T!8FT_=U>Vc!UM[NN>!=>T!J8\>!\:T>V![==_;>P=>!USRTIUO9Nc!=>T!

IKM!S9c!J\KNM>P!M8T8MV>T!S9\KTMPKPI>P!J8\=>!\:T>V!8@f!%>NV8I>T>PU!US><KDMM>!V>O8>T!QI!KP=JQN=!K !

V\8PIUV8PM>T!QI!iJ8P=NKPI>T!UM[NN>!=>U[=>P!J8\>!\:T>V!;>N_UVc!@QT!;>=T>!8V!M[PP>!@QTUV9!=>NV8I>T>PU !

[==_;>P=>!MQOO>PV8T>Tc!QI!@QT!O>T>!\8NK=V!8V!M[PP>!=KUM[V>T>!8P=T>!O[NKI>!IT[P=>!XN!>B>MV>P!8@!=>P!

STQIT>UUK\>!8@US:P=KPIc!J>T[P=>T!KU:T!O[NKIJ>=>P!@QTc!8V!=>T!M[PP>!\:T>!@[P=>V!>MUSQP>TKPI!UV>=f!.8PI>!

\KIXI>!=8V8!M[PP>!J8\>!\:T>V!;>N_UV!IT[P=KI>T>c!QI!O>=!UVRTT>!UVT[MV[Tc!@QT!8V!IK\>!UVRTT>!;>N:I!@QT!

S9UV8P=>P>!K!=KUM[UUKQPU8@UPKY>Vf!%>T!\8T!K!=8V8KP=U8ONKPI>P!@QM[U!S9!8V!;>N_U>!>B>MV>TP>!8@!=>P !

STQIT>UUK\>!8@US:P=KPI!QI!8NVU9!KMM>!IT[P=>P!XN!>B>MV>TP>c!UQO!=>T!K!=KUM[UUKQPU8@UPKY>V!>T!@QTURIV!;>N_UVf !

%>P!@QT[=I9>P=>!J_SQV>U>c!8PI9>P=>!8@US:P=KPI>PU!KP=\KTMPKPI!S9!0$%iU_OSVQO>Tc!;N>\!=>U\:TT>!OKP !

J:OUMQc!=8!=>V!\8T!O>=!=KUU>!RLP>c!L>I![=\8NIV>!USRTIUO9N!QI!Q;U>T\8XQPUS[PMV>Tf!%>T!;N>\!J>T\>=!KMM>!

9;P>V!QS!@QT!>V!UVRTT>!S>TUS>MX\f!.8P!M8P!=>T@QT!O>=!IQ=!IT[P=!8TI[O>PV>T>!@QTc!8V!=>Tc!K!UV>=>V!@QT !

[=>N[MM>P=>!8V!J8\>!;>P_Y>V!USRTI>UM>O8>Tc!UM[NN>!J8\>!\:T>V!;>P_Y>V!KPV>T\K>]U!@RT!QI!>H>T!@QTNR;>Vf !

%>T!>T!KI>PP>O!J>N>!QSI8\>P!@QTURIV!8V!;>N_U>!U9!O8PI>!KP=\KTM>P=>!8US>MV>T!UQO!O[NKIVc!QI!

USRTI>UM>O8>V!J8T!KMM>!N>\>V!QS!XN!=>Y>!K=>8Nf!,\8NKV8X\>!KPV>T\K>]U!\KNN>c!SI8f!O[NKIJ>=>P!@QT!8V!UXNN>!

[==_;>P=>!USRTIUO9Nc!M[PP>!J8\>!@9>V!G>T>!8@!=>NV8I>T>PU!QSN>\>NU>T!O>=!QSi!QI!8@US:P=KPI>P!O>=c!QI !

J8\>!>NKOKP>T>V!V\K\N!8PI9>P=>!=>NV8I>T>PU!@QTO[N>TKPI>Tf!2>NK8;KNKV>V>P!K![P=>TURI>NU>P!>T!@QTURIV!ILQTV!

UVRTT>c!\>=!8V!U_PNKIIRT>!U9!O8PI>!8US>MV>T!8@![P=>TURI>NU>PU!KP=JQN=c!UQO!O[NKIVc!O>P!IT[P=>V!

[P=>TURI>NU>PU!ST8MXUM>!;>IT:PUPKPI>Tc!J>T[P=>T!X=!QI!RMQPQOKc!=>NV8I>T8PV8N!QI![J>PUKIVUO:UUKI>c!

Q\>P@QT!;>UMT>\P>!\8NIc!>T!8NV!KMM>!MQOO>V!O>=f!38OX=KI!J8T!8NV!K![P=>TURI>NU>Pc!UQO!P:\PV!QI!QIU9!

@QT[=U>Vc!\:T>V![P=>T!OKP!KP=G_=>NU>c!QI!>P!S9\KTMPKPI!8@!T>U[NV8V>T!S9!=>PP>!;8IIT[P=c!\KN!L>I!KMM>!M[PP>!

UKI>!OKI!@TK!8@f!"@!=KUU>!IT[P=>!O>P>T!L>I!KMM>c!8V![P=>TURI>NU>P!\KNN>!M[PP>!I>PV8I>U!8@!8P=T>c!O>=!ST:<KUV !

U8OO>!T>U[NV8V!XN!@RNI>f!.KP>!>T@8TKPI>T!J9;>T!L>I!=QIc!8V!=>T!\KNN>!M[PP>!=T8I>U!P_Y>!8@c!XN!>V!;T>=>T>!QI!

O>T>![==_;>P=>!S>TUS>MX\f!

pq

aV!,IHEFQMCIH!IA!K<LMK<EOR<LCHA

+>I!O>P>T!IQ=Vc!8V!L>Ic!>H>T!8V!J8\>!UV[=>T>V!8P=T>U![P=>TURI>NU>T!QI!V>QTK>Tc!QI!>H>T![=@RT>NU>P!8@!>I>V!

<8U>UV[=K>c!M8P!UKI>c!8V!STQIT>UUK\!8@US:P=KPI!M8P!J8\>!UKP!;>T>ZI>NU>!XN!>P!O9NIT[SS>!UQO!0$%iT8OV>f !

+>I!M8P!=QI!KMM>!O>=!UKMM>TJ>=!UKI>c!J\8=!=>PP>!>B>MV!UM_N=>Uf!+>I!O>P>T!=>T@QT!QIU9c!8V!=>T!UM8N!@QTUM>U !

O>T>!K!=>Y>c!U9!>B>MV>P!O[NKI\KU!M8P!;NK\>!>P=P[!UVRTT>f!*!@QTN:PI>NU>!8@!=>Y>!O>P>T!L>Ic!8V!=>T!O8PIN>T !

>P!\K=>PUM8;>NKI![P=>TURI>NU>!8@c!J\QT\K=V!+8<Q;UQPU!QSTKP=>NKI>!STQIT>UUK\>!8@US:P=KPI!M8P!J8\>!UVRTT>!

>B>MV!S9!0$%iT8OV>!>P=!>P!@QTMQTV>=>![=I8\>c!QI!K!U9!@8N=!>P![P=>TURI>NU>!8@!IT[P=>P>!XN!=>Y>f!*Hf!=> !

SU_MQOQVQTKUM>!V>T8S>[V>TU!;>T>ZI>NU>!S9!QOT9=>Vc!O>P>T!L>Ic!8V!=KUU>c!K!U:T=>N>UJ>=c!>T!>IP>V!XN!8V!

[=@RT>!=>P!STQIT>UUK\>!8@US:P=KPIc!;9=>!K!=>P!@QTMQTV>=>!QI!K!=>P!QSTKP=>NKI>!@QTOf!0I!O>=!>P!IT[P=KI !

KP=U:Y>NU>!K!O[NKI>!;K\KTMPKPI>T!QIc!J\QT=8P!=KUU>!V8MN>Uc!M8P!\K!=>U[=>P!O>=!IQ=!IT[P=c!K!@T>OX=>Pc!

8TI[O>PV>T>!@QT!=>PP>!O>VQ=>!XN!=>!0$%iT8OV>f

pr

+=I9E4GJE?=FG9

"6E4@BL=GOP!)BA4G<4A!0RQ!2A89EFG4A8=A;!4A8!1E94HA;!-6F9FF=K9S$B@DJ?F=K9!8=FBE89EP!+4LE9A79!%E?64J@!

"FFB7=4G9FP!ZXX]

#BB?F9AP!,9E9G9!34IQ!0DCE;9F>9@4JA89EFC;9?F9E!T!:E4!>BAFGEJ>HBA!4:!FDCE;F@5?!H?!4A4?NF9!4:!FK4E9A9P!(4AF!/9=GO9?F!&BE?4;P!YR!28;R!ZXX^

)47B6FBAP!%8@JA8Q!.EB;E9FF=K9!/9?4M4HBAP!1<9!2A=K9EF=GN!B:!$<=74;B!.E9FFP!Y_\_

*9AA4=E!-I9F9AP!+9=:!%8L4E8Q!1K4A;FG4A>9EP!">489@=F>!&BE?4;P!ZXX\

+9<E9EP!.4J?!,R!W!3BB?:B?>P!/B69EG!+RQ!.E=A7=D?9F!4A8!.E47H79!B:!0GE9FF!,4A4;9@9AGP!1<9!'J=?:BE8!.E9FFP !Y__[!U*4DR!ZS[V