ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

64

Transcript of ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

Page 1: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I
Page 2: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

�3/BC@3A /<2 �3<347BA =4 -=C@ "3E �@G3@

�)#/-*)$�� (316<=:=5G

(D>HIJG: 6C9 I:BE:G6IJG: A:K:AH 6G: 8DCHI6CIAN BDC>IDG:9 ID:CHJG: EG:8>H: 9GN>C< G:HJAIH ;DG 6 L>9: 6GG6N D; ;67G>8H� K:GNI=>C< ;GDB /�H=>GIH ID 767N 7A6C@:IH 8DB: DJI L6GB6C9 HD;I :K:GN I>B:�

�DCHI6CI BDC>IDG>C< :CHJG:H I=: ADL:HI :C:G<N JH6<:EDHH>7A: 8JII>C< 8DCHJBEI>DC 7N JE ID ��� E:G N:6G�

+&�"� ��'*�&�

.DB:I>B:H NDJ 86C�I <:I NDJG A6JC9GN G><=I L=:C I=: 7JOO:GG>C<H� MI:C9:9 +&�"� ��'*�&�<>K:H NDJ DC: =DJGD; >CI:GB>II:CI IJB7A>C< EG:K:CI>C< 8G:6H:H ;GDB H:II>C< >C6C9 JAI>B6I:AN G:9J8>C< >GDC>C< I>B:�

'B/7<:3AA 'B33: �@C;

):FFI� 9GN:GH ;:6IJG: HBDDI= HI6>CA:HH HI::A 9GJBH ;DG I=:<:CIA:HI D; 86G:�

��J �==@ �7<53

!>C6AAN 6 9GN:G 9DDG I=6I 8DBEA:I:AN DE:CH JE ID 6 ;JAA ���T� B6@>C< >I :6H>:G ID AD69 6C9 JCAD69 A6JC9GN� 26H=:G 6C99GN:G 9DDGH 6AHD DE:C >C DEEDH>I: 9>G:8I>DCH HD L=:C H:IJE H>9: 7N H>9: IG6CH;:GG>C< NDJG 96BE A6JC9GN ID I=: 9GN:G7:8DB:H 6C :;;DGIA:HH I6H@�

%C73B $3@4=@;/<13�DH8= A6JC9GN 6EEA>6C8:H JH: 7GJH=A:HH BDIDGHHJHE:C9:9 EJBE HNHI:BH 6C9 HE:8>6A HDJC9�9:69:C>C<B6I:G>6A ID @::E I=:B :M8:EI>DC6AAN FJ>:I L=>A: >C DE:G6I>DC�2=>8= B:6CH I=:N 86C 7: >CHI6AA:9 K>GIJ6AAN 6CNL=:G: >C I=:=DB: L>I=DJI 86JH>C< 6 9>HIJG76C8:�

�@G3@ &/19/=: ):FFI� 9GN:G G68@ EGDI:8IH I=: BDHI 9:A>86I: ;67G>8H DG6 E6>G D; I:CC>H H=D:H 6C9 >I 9G>:H L>I=DJI I=: IJB7A>C<� $I >HHI6C96G9 DC I=: ):FFI� +G:B>JB BD9:A DG 6K6>A67A: 6H 6C688:HHDGN�

7<B (@/>*JG A>CI IG6E >H 8DCK:C>:CIAN AD86I:9 >C I=: 6EEA>6C8: =DJH>C<7:ADL I=: 9GN:G 9DDG ;DG :6HN 688:HH� /=: A>CI IG6E�H ;>C:B:H= ;>AI:G 86EIJG:H :K:C I=: HB6AA:HI A>CI E6GI>8A:H� �C9 ID>C8G:6H: 9GN>C< :;;>8>:C8N I=:G:�H 6AHD 6 A>CI ;>AI:G A><=I I=6I>AAJB>C6I:H H=DJA9 I=: ;>AI:G C::9 >BB:9>6I: 8A:6C>C<�

!�'(��- �!�'(��- � EGD<G6BH JI>A>O: 699:9 BD>HIJG: ID =:AE G:A6M;67G>8 :6H: LG>C@A>C< 6C9 ;G:H=:C 8DIIDC 7A:C9 A6JC9GN>I:BH ID G:9J8: D9DG�

�%)�./*+� �=A3/=: �%)�./*+� #DH: HIDEH L6I:G ;ADL >C I=: :K:CI I=:=DH: :ME:G>:C8:H ;ADD9�INE: A:6@6<:�

Page 3: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

(/0:3 =4 �=<B3<BA�347<7B7=<A �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �!$#&(�"( '���(- �"'(&)�(�#"' �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

"-*0)�$)" $)./-0�/$*). �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �"'(� �(�#" �"'(&)�(�#"' �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

$CIGD9J8I>DC �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � $C;DGB6I>DC 8DC8:GC>C< L6HI: 9>HEDH6A �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �:;DG: >CHI6AA>C< I=:�9GN:G �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � $CHI6AA6I>DC d HI:E�7N�HI:E �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � A:8IG>86A 8DCC:8I>DC �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � M=6JHI 6>G 8DCC:8I>DC ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �88:HHDG>:H ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � +G:E6G>C< ID IG6CHEDGI I=: 9GN:G d HI:E 7N�HI:E ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

#$�&�(�"� �"'(&)�(�#"' ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � +6C:A ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

�227B7=</: '/43BG 7<4=@;/B7=< ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � $@=B31B7=< =4�B63 3<D7@=<;3<B ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � /C<2@G ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

$9:CI>;>86I>DC D;�;67G>8H ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �GN>C< I>EH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

$@=5@/; '3:31B7=< (/0:3 ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � *EI>DCH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � $C9>86IDG D; EGD<G6B H:FJ:C8: ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �JIDB6I>8 EGD<G6BH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ($./��- EGD<G6BH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � .E:8>6A EGD<G6BH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � />B: EGD<G6BH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

#>3@/B7=< ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 0H>C< I=: 9GN:G ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �A:6C>C< I=: A>CI ;>AI:G ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 0H>C< I=: 9GN:G G68@ �*EI>DC� ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

�:3/<7<5 /<2 1/@3 ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �A:6C>C< I=: 9GN:G ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �A:6C>C< I=: :M=6JHI 9J8I ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �A:6C>C< I=: BD>HIJG: H:CHDG ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �A:6C>C< I=: 7:6G>C< H=>:A9 ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �=6C<: I=: A><=I 7JA7 ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

(@=C0:3A6==B7<5 ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � . -1$� 6C9 - +�$- ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

'(�(�!�"( #� �!�(�� $&#�)�( +�&&�"(- ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Page 4: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

�DC<G6IJA6I>DCH DC =6K>C< H:A:8I:9 6�DH8= 8ADI=:H 9GN:G I=: 8=D>8: D;I=DH: I=6I 9:B6C9 :M8:EI>DC6A 9GN>C<E:G;DGB6C8: 6C9 86G: ;GDB I=:>G8ADI=:H 9GN:G�/=>H 9GN:G 8DBEA>:H L>I=�0'����� ��) �.������� )D���������ADI=:H �GN:GH� 9>HI>C8I>K: ;:6IJG: D; NDJG 9GN:G >H ADL:C:G<N 8DCHJBEI>DC��C :6HN DE:G6I>DC E=>ADHDE=N 6�K6G>:IND; 8JHIDB>O:9 9GN>C< EGD<G6BH 6C9 6HDA>9 IDJ8= 6C9 ;::A B6@: I=>H6EEA>6C8: 6 JH:Gc;G>:C9AN 6HH>HI6CI >CNDJG =DJH:=DA9�

/=: �DH8= 9GN:GH D;;:G I=: ;DAADL>C<HI6C96G9 ;:6IJG:H�� #><= :;;>8>:C8N EG:8>H>DC 9GN>C<

HNHI:B� '6G<: HI6>CA:HH HI::A 9GJB L>I= 6

86E68>IN D; JE ID ���� A7H �� @<�� '6G<: EDGI =DA: ���� ��� BB� 6C9

9DDG >CI:GAD8@ L>I= 6JIDB6I>8 9GJBHIDE ;JC8I>DC

� M8:EI>DC6AAN FJ>:I DE:G6I>DC� .:CHDG 8DCIGDAA:9 6JID 8N8A:H� />B:9 8N8A:H

��� .:G>:H �GN:G� �� 6C9 ��B>CJI:H��� .:G>:H �GN:G� �� ID����B>CJI:H �>C >C8G:B:CIH D; ��B>CJI:H�

� .=DGI EGD<G6B ;DG V AD69����B>CJI:H� ���� .:G>:H DCAN�

68= 9GN:G L=>8= A:6K:H DJG ;68IDGN=6H JC9:G<DC: 6 I=DGDJ<=E:G;DGB6C8: I:HI 6C9 >H >C ;JAA LDG@>C<8DC9>I>DC� $; NDJ =6K: 6CN FJ:HI>DCH:HE:8>6AAN 8DC8:GC>C< >CHI6AA6I>DC D; I=:9GN:G � DJG 8JHIDB:G H:GK>8: I:6B L>AA7: =6EEN ID 6HH>HI NDJ�!JGI=:G >C;DGB6I>DC 6C9 6 H:A:8I>DC D;DJG EGD9J8IH 86C 7: ;DJC9 DC DJG L:7H>I:�LLL�7DH8=6EEA>6C8:H�8DB

�<4=@;/B7=<

+A:6H: G:69 6C9 ;DAADL I=:H: DE:G6I>C<6C9 >CHI6AA6I>DC >CHIGJ8I>DCH 6C9 6AADI=:G >C;DGB6I>DC :C8ADH:9 L>I= I=:9GN:G�

�347<7B7=<A

� +�&"�"�+�&"�"� � /=>H >C9>86I:H I=6I9:6I= DG H:G>DJH >C?JG>:H B6ND88JG 6H 6 G:HJAI D;CDCcD7H:GK6C8: D; I=>H L6GC>C<�

� ��)(�#"��)(�#"� /=>H >C9>86I:H I=6IB>CDG DG BD9:G6I: >C?JG>:H B6ND88JG 6H 6 G:HJAI D;CDCcD7H:GK6C8: D; I=>H L6GC>C<�

"#(���"#(��� � /=>H >C9>86I:H I=6I96B6<: ID I=: 6EEA>6C8: DGEGDE:GIN B6N D88JG 6H 6 G:HJAI D;CDCcD7H:GK6C8: D; I=>H L6GC>C<�

i /=>H HNB7DA >H JH:9 ID 9G6L I=:JH:G�H 6II:CI>DC ID >BEDGI6CIB6II:GH�

� �!$#&(�"( '���(- �"'(&)�(�#"' ����� +�&"�"�/D G:9J8: I=: G>H@ D; ;>G: :A:8IG>8H=D8@ H:G>DJH >C?JGN DG 9:6I= IDE:GHDCH 6C9 DG 96B6<: L=:CJH>C< NDJG 9GN:G ;DAADL 76H>8EG:86JI>DCH >C8AJ9>C< I=:;DAADL>C<�

�� -:69 6AA >CHIGJ8I>DCH 7:;DG: JH>C<I=: 9GN:G� �DH8= 9GN:GH 6G:EGDK>9:9 L>I= *E:G6I>C< �6G: 6C9$CHI6AA6I>DC $CHIGJ8I>DCH�

�� �D CDI 9GN 6GI>8A:H I=6I =6K: 7::CEG:K>DJHAN 8A:6C:9 L6H=:9HD6@:9 DG HEDII:9 L>I= <6HDA>C:9GN 8A:6C>C< HDAK:CIH DI=:G;A6BB67A: DG :MEADH>K:HJ7HI6C8:H 6H I=:N <>K: D;; K6EDGHI=6I 8DJA9 75<7B3 DG :MEAD9:�

/D G:9J8: I=: G>H@ D; 47@3 8ADI=:H8A:6C>C< G6<H BDE =:69H 6C9 I=:A>@: L=>8= =6K: IG68:H D; 6CN

;A6BB67A: HJ7HI6C8: HJ8= 6HK:<:I67A: D>A 8DD@>C< D>AE:IGDA:JB 76H:9 D>AH DG 9>HI>AA6I:HL6M:H ;6IH :I8� BJHI CDI 7:EA68:9 >C I=: 9GN:G� /=:H: >I:BHB6N 8DCI6>C HDB: ;A6BB67A:HJ7HI6C8:�H� :K:C 6;I:G L6H=>C<L=>8= B6N HBD@: DG 86I8= 47@3 7NI=:BH:AK:H�

�D CDI EA68: >I:BH :MEDH:9 ID8DD@>C< D>AH >C NDJG 9GN:G� $I:BH8DCI6B>C6I:9 L>I= 8DD@>C< D>AHB6N 8DCIG>7JI: ID 6 8=:B>86AG:68I>DC I=6I 8DJA9 86JH: 6 AD69 ID86I8= 47@3�

� /=: 9GN:G BJHI DCAN 7: JH:9 ;DG >IH>CI:C9:9 EJGEDH:�

�� �D CDI 6AADL 8=>A9G:C ID EA6N DC DG>C I=: 6EEA>6C8: 6I 6CN I>B:�H:K:G: 7<8C@G DG 23/B6 8DJA9G:HJAI� �=>A9G:C H=DJA9 7: @:EI 6H6;: 9>HI6C8: 6L6N ;GDB6EEA>6C8:H 6I 6AA I>B:H� �=>A9G:CH=DJA9 DCAN 7: E:GB>II:9 L>I=>C 6C

6EEA>6C8:�H K>8>C>IN >; JC9:G 8ADH:8DCHI6CI 69JAI HJE:GK>H>DC�

��2=:C 8=>A9G:C 7:8DB: DA9:CDJ<= ID DE:G6I: I=: 6EEA>6C8: >I>H I=: A:<6A G:HEDCH>7>A>IN D; I=:E6G:CIH DG A:<6A <J6G9>6CH ID:CHJG: I=6I I=:N 6G: >CHIGJ8I:9 >CH6;: EG68I>8:H 7N FJ6A>;>:9E:GHDCH�

�� � !*- /# �++'$�)� $.- (*1 � !-*( . -1$� *-�$.��-� � - (*1 /# �**- /* /# �-4$)"�*(+�-/( )/�

�� �D CDI G:68= >CID I=: 6EEA>6C8: >;I=: 9GJB >H GDI6I>C<�

�� �D CDI >CHI6AA DG HIDG: I=>H6EEA>6C8: L=:G: >I L>AA 7: :MEDH:9ID I=: L:6I=:G DG I=: :A:B:CIHHJ8= 6H L6I:G BD>HIJG: 9>GI8DGGDH>K: H6AI 6>G 6C9 :M8:HH>K:8DA9�

�� �D CDI I6BE:G L>I= I=: 8DCIGDAH�

Page 5: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

�� �D CDI G:E6>G DG G:EA68: 6CN E6GI D;I=: 6EEA>6C8: DG 6II:BEI 6CNH:GK>8: JCA:HH HE:8>;>86AANG:8DBB:C9:9 >C I=:JH:GcB6>CI:C6C8: >CHIGJ8I>DCH DG>C EJ7A>H=:9 JH:G G:E6>G>CHIGJ8I>DCH I=6I NDJ JC9:GHI6C96C9 =6K: I=: H@>AAH ID 86GGN DJI�

��� �D CDI JH: ;67G>8 HD;I:C:GH DGEGD9J8IH ID :A>B>C6I: HI6I>8 JCA:HHG:8DBB:C9:9 7N I=: ;67G>8B6CJ;68IJG:G�

��� �D CDI JH: =:6I ID 9GN 6GI>8A:H8DCI6>C>C< ;D6B GJ77:G �B6N 7:A67:A:9 A6I:M ;D6B� DG H>B>A6GANI:MIJG:9 GJ77:GcA>@: B6I:G>6AH�!D6B GJ77:G B6I:G>6AH 86C 75<7B37N HEDCI6C:DJH 8DB7JHI>DC�

� � �D CDI 9GN 6GI>8A:H 8DCI6>C>C<HEJC7DC9:9 DA:;>C� .EJC7DC9:9DA:;>C 86C B:AI 6C9 86C 75<7B3 7NHEDCI6C:DJH 8DB7JHI>DC�

��� �A:6C A>CI H8G::C 7:;DG: 6C9 6;I:G:68= AD69� M8:HH A>CI 7J>A9JE 86C96B6<: I=: 9GN:G 6C9 8G:6I: 6EDI:CI>6A 47@3 6/H/@2�

��� &::E 6G:6 6GDJC9 I=: :M=6JHIDE:C>C< 6C9 69?68:CI HJGGDJC9>C<6G:6H ;G:: ;GDB I=: 688JBJA6I>DCD; A>CI 9JHI 6C9 9>GI� �C D7HIGJ8I:9EDGI B><=I G:9J8: I=: 6>G;ADL 6C986JH: DK:G=:6I>C<�

��� /=: >CI:G>DG D; I=: B68=>C: 6C9:M=6JHI 9J8I H=DJA9 7: 8A:6C:9E:G>D9>86AAN 7N FJ6A>;>:9 H:GK>8:E:GHDCC:A�

��� -:BDK>C< 6CN E6C:A DG 8DK:G>C8AJ9>C< I=: A><=I 8DK:G B6N:MEDH: A>K: :A:8IG>86A 8>G8J>IH��AL6NH 7: HJG: ID JCEAJ< I=: 9GN:G;GDB I=: :A:8IG>86A HJEEAN 7:;DG:6II:BEI>C< 6CN H:GK>8:��>H8DCC:8I I=: EDL:G 8DG9 7N<G6HE>C< I=: EAJ< CDI I=: 8DG9�

��� .IDG: 6AA A6JC9GN 8=:B>86AH 6C96>9H >C 6 8DDA 9GN EA68: 688DG9>C<ID I=: B6CJ;68IJG:G�H >CHIGJ8I>DCH�(6@:�HJG: 8=>A9G:C 86CCDI G:68=I=:B� "6HDA>C: 8DB7JHI>7A:B6I:G>6AH 6C9 ;A6BB67A: K6EDGHA>FJ>9H 6C9 HJ7HI6C8:H I=6I EDH:6 ;>G: =6O6G9 BJHI CDI 7: HIDG:9C:6G I=: 9GN:G�

��� �D CDI H>I DC IDE D; I=: 9GN:G�

�� /D 6KD>9 ;>G: =6O6G9H 9D CDI JH:6C :MI:CH>DC 8DG9 6C 696EI:G DG6CN DI=:G CDC�B6CJ;68IJG:GHJEEA>:9 :A:8IG>86A 8DCC:8IDG DG8DG9 ID 8DCC:8I I=: 9GN:G ID I=::A:8IG>86A HJEEAN� �GN:GH 6G:

EDL:G;JA B68=>C:H 6C9 BJHI=6K: 9:9>86I:9 :A:8IG>86A DJIA:IH�

��� �AL6NH 8=:8@ 8ADI=>C< ED8@:IH6C9 H=6@: DJI 6AA A6JC9GN >I:BH7:;DG: EA68>C< >CID 9GN:G�>C6EEGDEG>6I: D7?:8IH 86C 96B6<:I=: 9GN:G 6C9 8:GI6>C >I:BH A>@:8><6G:II: A><=I:GH 86C EDH: 6 47@36/H/@2�

��� /D G:9J8: I=: G>H@ D; ;>G: 6C9:A:8IG>86A H=D8@ =6O6G9H 9D CDIJH: I=: 9GN:G >; I=: EDL:G 8DG9 >H;G6N:9 DG 96B6<:9 DG >; I=: EAJ<H6G: ADDH:�

� � �D CDI DE:G6I: I=: 9GN:G >; 6CN<J6G9H 6C9 DG E6C:AH =6K: 7::CG:BDK:9 DG >; 6CN E6GIH 6G: B>HH>C<DG 7GD@:C�

��� �D CDI 7NE6HH 6CN H6;:IN 9:K>8:H�

��� �D CDI JH: 6 EA6HI>8 DG CDCcB:I6A;A:M>7A: 9J8I L>I= I=>H 9GN:G� +A6HI>8DG CDCcB:I6A ;A:M>7A: 9J8I >H 6EDI:CI>6A 47@3 6/H/@2�

��� �D CDI DE:G6I: I=>H 9GN:G JCI>A NDJ6G: HJG: I=6I I=: 9GN:G =6H�7::C>CHI6AA:9 688DG9>C< ID�I=:$)./�''�/$*) $)./-0�/$*).6C9 I=6I >CHI6AA6I>DC 6C9 :A:8IG>86A<GDJC9>C< 6G: >C 8DBEA>6C8: L>I=6AA AD86A G:<JA6I>DCH 6C9 DG DI=:G6EEA>867A: G:<JA6I>DCH 6C9G:FJ>G:B:CIH�

��� !6>AJG: ID >CHI6AA B6>CI6>C 6C9 DGDE:G6I: I=: 9GN:G 688DG9>C< IDI=:�B6CJ;68IJG:G�H >CHIGJ8I>DCHB6N G:HJAI >C 7<8C@G 6C9 DG96B6<:�

��� /D 6KD>9 ;ADDG 96B6<: 6C9 BDA9<GDLI= 9D CDI A:I HE>AAH DGHEA6H=DJI ID 86JH: HI6C9>C< L6I:G6GDJC9 DG JC9:G I=: 6EEA>6C8:�

���(6@: HJG: I=6I 6AA L6I:G8DCC:8I>DCH ID I=: 9GN:G =6K: 6H=JI�D;; K6AK: I=6I >H G:69>AN688:HH>7A:� �ADH: I=: 6EEA>6C8:L6I:G H=JI�D;; K6AK:�H� 6I I=: :C9D; :68= 96N D; JH:�

� �=:8@ I=: ;>AA =DH: 8DCC:8I>DCH DC6 G:<JA6G 76H>H ID :CHJG: I=6I I=:N6G: I><=I 6C9 CDI A:6@>C<�

"=B3A�� /=: $(+*-/�)/

.�! "0�-�. 6C92�-)$)". EG:H:CI:9 >C I=>HB6CJ6A 9D CDI 8DK:G 6AAEDHH>7A: 8DC9>I>DCH I=6I B6ND88JG��DBBDC H:CH: 86JI>DC 6C986G: BJHI 7: :M:G8>H:9 L=:C

>CHI6AA>C< B6>CI6>C>C< DGDE:G6I>C< I=: 9GN:G�

� �AL6NH 8DCI68I NDJG 9:6A:G9>HIG>7JIDG H:GK>8: 6<:CI DGI=: B6CJ;68IJG:G 67DJI 6CNEGD7A:BH DG 8DC9>I>DCH I=6INDJ 9D CDI JC9:GHI6C9�

� !DAADL I=: .6;:IN $C;DGB6I>DCEGDK>9:9 >C I=:$)./�''�/$*)$)./-0�/$*). 6C9 I=:*+ -�/$)"$)./-0�/$*).�

�&#)"��"��"'(&)�(�#"' /=>H 6EEA>6C8: BJHI 7: <GDJC9:9� $CI=: :K:CI D; B6A;JC8I>DC DG 7G:6@9DLC<GDJC9>C< L>AA G:9J8: I=: G>H@ D; :A:8IG>8A6=19 7N EGDK>9>C< 6 E6I= D; A:6HIG:H>HI6C8: ;DG I=: :A:8IG>8 8JGG:CI��=@ )�'��� 4DJG 9GN:G 8DB:H L>I=DJI 6 EDL:GHJEEAN 8DG9� /=: EDL:G 8DG9 BJHIB::I I=: ;DAADL>C< G:FJ>G:B:CIH�� 0' A>HI:9 >C I=: 0.�� ��� d ��� KDAI G6I:9 �B>C>BJB�� �� 6BEH� /NE: .-�/ DG �-/ �0' ������ !>K: ;::I ADC< �B>C>BJB�

� +�&"�"�$BEGDE:G 8DCC:8I>DC D; I=::FJ>EB:CI <GDJC9>C< 8DC9J8IDG86C G:HJAI >C 6 G>H@ D; :A:8IG>8A6=19��=:8@ L>I= 6 FJ6A>;>:9 :A:8IG>8>6CDG H:GK>8: E:GHDC >; NDJ 6G: >C9DJ7I 6H ID L=:I=:G I=: 9GN:G >HEGDE:GAN <GDJC9:9��* )*/ BD9>;N I=: EAJ<EGDK>9:9 L>I= I=: 6EEA>6C8:�$;�>I�L>AA CDI ;>I I=: DJIA:I =6K:6�EGDE:G DJIA:I >CHI6AA:9 7N6�FJ6A>;>:9 :A:8IG>8>6C�

���$ (��'��"'(&)�(�#"' �#&�)()&� &���&�"���$C 86H: D; 8=6C<: D; DLC:GH=>EB6CJ6A H=DJA9 7: 8DCK:N:9 L>I= I=:9GN:G�

'�*� (��'��"'(&)�(�#"'

Page 6: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

�"'(� �(�#" �"'(&)�(�#"' �<B@=2C1B7=< -:69 I=:H: >CHI6AA6I>DC >CHIGJ8I>DCH8DBEA:I:AN 6C9 86G:;JAAN� /=:N L>AA H6K:NDJ I>B: 6C9 :;;DGI 6C9 =:AE ID :CHJG:DEI>BJB 9GN:G E:G;DGB6C8:� �: HJG: IDD7H:GK: 6AA A>HI:9 L6GC>C<H 6C986JI>DCH�

� +�&"�"�2�-)$)" � ->H@ D; !>G:�

� �ADI=:H 9GN:G >CHI6AA6I>DC BJHI 7:E:G;DGB:9 7N 6 FJ6A>;>:9 >CHI6AA:G�

� $CHI6AA I=: 8ADI=:H 9GN:G 688DG9>C<ID I=: B6CJ;68IJG:G�H >CHIGJ8I>DCH6C9 AD86A 8D9:H�

� �D CDI >CHI6AA 6 8ADI=:H 9GN:G L>I=;A:M>7A: EA6HI>8 K:CI>C< B6I:G>6AH� $;;A:M>7A: B:I6A �;D>A INE:� 9J8I >H>CHI6AA:9 >I BJHI 7: D; 6 HE:8>;>8INE: >9:CI>;>:9 7N I=: 6EEA>6C8:B6CJ;68IJG:G 6H HJ>I67A: ;DG8ADI=:H 9GN:GH� !A:M>7A: K:CI>C<B6I:G>6AH 6G: @CDLC ID 8DAA6EH:7: :6H>AN 8GJH=:9 6C9 IG6E A>CI�/=:H: 8DC9>I>DCH L>AA D7HIGJ8I8ADI=:H 9GN:G 6>G;ADL 6C9 >C8G:6H:I=: G>H@ D; ;>G:�

� /D G:9J8: I=: G>H@ D; H:K:G: >C?JGNDG 9:6I= ;DAADL 6AA >CHI6AA6I>DC>CHIGJ8I>DCH�

� .�1 /# . $)./-0�/$*).�

$C 699>I>DC ID I=:H: >CHIGJ8I>DCH I=:9GN:G BJHI 7: >CHI6AA:9 >C 688DG96C8:L>I= 6AA AD86A 8D9:H DG >C I=: 67H:C8:D; 6 AD86A 8D9:�� $C I=: )�'��� >C 688DG96C8: L>I=

I=: )6I>DC6A A:8IG>8 �D9:�).$ )!+��� d A6I:HI:9>I>DC .I6I: 6C9 (JC>8>E6A 8D9:H6C9 DG AD86A 8D9:H�

�<4=@;/B7=< 1=<13@<7<5E/AB3 27A>=A/: �7A>=A/: =4 B63 >/19/57<5

� +�&"�"�&::E 8=>A9G:C 6L6N ;GDBH=>EE>C< 86GIDC 6C9 E68@6<>C<8DBEDC:CIH� �6C<:G D;HJ;;D86I>DC ;GDB EA6HI>8 ;D>A 6C9;DA9>C< 86GIDCH�

�AA E68@6<>C< B6I:G>6AH 6G::CK>GDCB:CI6AAN ;G>:C9AN 6C9 86C 7:G:JH:9� +A:6H: 9>HEDH: D; E68@6<>C< >C6C :CK>GDCB:CI6AAN ;G>:C9AN B6CC:G�+A:6H: 6H@ NDJG 9:6A:G DG >CFJ>G: 6INDJG AD86A 6JI=DG>IN 67DJI I=: 8JGG:CIB:6CH D; 9>HEDH6A�

�7A>=A/: =4 B63 =:2 />>:7/<13

� +�&"�"�$; 6EEA>6C8: >H CD ADC<:G JH67A:EJAA DJI B6>C EAJ< 8JI D;; EDL:G8DG9 6C9 9>H86G9 L>I= B6>C EAJ<�/D EG:K:CI 8=>A9G:C ;GDB AD8@>C<I=:BH:AK:H >C I=: 6EEA>6C8:G:BDK: I=: 9DDG�

*A9 6EEA>6C8:H 6G: CDI LDGI=A:HHGJ77>H=� 16AJ67A: G6L B6I:G>6AH 86C 7:G:8A6>B:9 ;GDB :CK>GDCB:CI6AAN ;G>:C9ANG:8N8A>C<�+A:6H: 6H@ NDJG 9:6A:G DG >CFJ>G: 6INDJG AD86A 6JI=DG>IN 67DJI I=: 8JGG:CIB:6CH D; 9>HEDH6A�

�34=@3 7<AB/::7<5 B63�2@G3@ �:;DG: >CHI6AA>C< I=: 9GN:G ID 6EG:K>DJHAN JH:9 9J8ILDG@ HNHI:B B6@:HJG: I=: HNHI:B >H 8A:6C� +GD;:HH>DC6A9J8ILDG@ 8A:6C>C< >H G:8DBB:C9:96CCJ6AAN 6C9 6AHD L=:C 6II68=>C< NDJG9GN:G ID 6 EG:K>DJHAN JH:9 9J8ILDG@HNHI:B�

(6>CI6>C>C< 8A:6C 9J8ILDG@ L>AA G:9J8:9GN>C< I>B: 6C9 L>AA >BEGDK: 9GN>C<E:G;DGB6C8:�

)<>/197<5 B63 />>:7/<13

� ��)(�#"/=: 9GN:G >H K:GN =:6KN� �D CDIA>;I >I 7N NDJGH:A;� �D CDI A>;I I=:6EEA>6C8: 7N EGD?:8I>C<8DBEDC:CIH �:�<� 9DDG� d 9J: IDG>H@ D; 7G:6@6<:�

"#(���-:BDK: I=: 6EEA>6C8:E68@6<>C< 86G:;JAAN ID EG:K:CI96B6<: ID I=: HJG;68:H�

�=:8@ I=: 9GN:G ;DG IG6CHEDGI6I>DC96B6<:� �D CDI >CHI6AA 6 9GN:G L=>8= >HK>H>7AN 96B6<:9� $; >C 9DJ7I 8DCI68INDJG 9:6A:G�

'C>>:732 1=;>=<3<BA

� ��)(�#"/=: 9GN:G >H HJEEA>:9 L>I=DJI6�EDL:G 8DG9� /=: EDL:G 8DG9BJHI 7: 8DCC:8I:9 7N 6 FJ6A>;:9I:8=C>8>6C DG 6 A>8:CH:9:A:8IG>8>6C�

"#(����;I:G G:BDK>C< I=: E68@6<>C<>BB:9>6I:AN G:BDK: 6CN D7?:8IH;GDB I=: 9GJB�

Page 7: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

)A34C: (==:A/=: ;DAADL>C< IDDAH 6G: =:AE;JA 9JG>C<>CHI6AA6I>DC�

�� /�� HI6G =:69 H8G:L9G>K:G

�� +=>A>EH H8G:L9G>K:G ����

� !A6I 7A69: H8G:L9G>K:G

�� *E:C :C9 LG:C8= � >C� ���BB�

�� �J77A: A:K:A

�6319:7AB 4=@ �<AB/::/B7=< �� 0CE68@ I=: 9GN:G�

�� -:BDK: 6AA D7?:8IH ;GDB I=: 9GJB�

� �=:8@ I=: 9GN:G ;DG K>H>7A:96B6<:�

�� +DH>I>DC I=: 9GN:G C:6G I=:>CHI6AA6I>DC AD86I>DC �H::�E6<:����

�� $; G:FJ>G:9 8=6C<: I=: 9DDG =>C<:ID I=: A:;I �H::�E6<:�����

�� $; G:FJ>G:9 >CHI6AA I=: H>9: DG7DIIDB :M=6JHI 6>G DJIA:I DC I=:9GN:G �H:: E6<:�����

�� #6K: I=: EDL:G HJEEAN 8DG9 ;>II:97N 6 FJ6A>;>:9 I:8=C>8>6C DG 6A>8:CH:9 :A:8IG>8>6C �H:: E6<: ���

�� �=:8@ ;DG P4� 8DCC:8I>DC H=DGI=DH: 6C9 �,0�./*+ #DH:>C8AJ9:9 L>I= I=: 9GN:G E68@6<>C<�H:: E6<: ���

�� �DCC:8I I=: L6I:G HJEEAN ID I=:768@ D; I=: 9GN:G �H:: E6<: � ;DG9:I6>A:9 >CHIGJ8I>DCH��

�� $CHI6AA :M=6JHI 9J8ILDG@ >;C:8:HH6GN�

!DAADL I=: >CHI6AA6I>DC >CHIGJ8I>DCH

HJEEA>:9 7N I=: 6EEGDEG>6I:9J8ILDG@ E6GIH B6CJ;68IJG:GH �H::E6<: ���

i $; HE68: >H K:GN G:HIG>8I:9 >I >HG:8DBB:C9:9 ID ;>I I=: >C>I>6A E6GIHD; I=: :M=6JHI 9J8I ID I=: 9GN:G7:;DG: I=: 9GN:G >H BDK:9 ID >IH;>C6A >CHI6AA6I>DC AD86I>DC�

���(DK: I=: 9GN:G ID >IH ;>C6A AD86I>DC�

"#(����D CDI HA>9: 9GN:G 68GDHH I=:;ADDG >; =:><=Ic69?JHI67A: ;::I=6K: 7::C :MI:C9:9� !::I 6C9 DG9GN:G 76H: B6N 7: 96B6<:9 >;9GN:G >H HA>9 68GDHH ;ADDG L>I==:><=Ic69?JHI67A: ;::I :MI:C9:9�

��� +DH>I>DC 6C9 I=:C A:K:A I=: 9GN:G�

/=: 9GN:G H=DJA9 7: A:K:A L>I= 6AA ;DJG;::I ;>GBAN DC I=: <GDJC9� /=: 9GN:GBJHI CDI LD77A:� $;�I=: 9GN:G >H CDI A:K:ADG >; >I 9D:H LD77A: I=: ;::I BJHI 7:69?JHI:9� �9?JHI I=: =:><=Ic69?JHI67A:;::I JCI>A I=: 9GN:G 9D:H CDI GD8@ 6C9 >HA:K:A 7DI= ;GDCIcIDc768@ 6C9H>9:cIDcH>9:�

� �;I:G B6@>C< EG:A>B>C6GN69?JHIB:CIH EG:HH 9DLC DC :68=8DGC:G D; I=: 9GN:G ID B6@: HJG:I=: JC>I 9D:H CDI LD77A:� $; >I 9D:HLD77A: ADL:G I=: ;DDI DC I=6I8DGC:G JCI>A I=: ;DDI IDJ8=:H I=:;ADDG ;>GBAN�

$CHI6AA I=: 9GN:G 6C9 A:K:A H>9: ID H>9:6C9 ;GDCI ID 768@� 0H: 6 7J77A: A:K:A�):K:G G:BDK: I=: =:><=Ic69?JHI67A:;::I�

� � �DCC:8I I=: :M=6JHI 9J8I ID I=::M=6JHI 6>G DJIA:I DC I=: 9GN:G �H::E6<: ����

��� $CH:GI I=: 9GN:G :A:8IG>86A EAJ< >CIDI=: L6AA G:8:EI68A: �H:: E6<: ���

��� -:69 I=: DE:G6I>C< >CHIGJ8I>DCH IDJC9:GHI6C9 =DL NDJG 9GN:GDE:G6I:H� �H:: E6<: ����

��� �DC9J8I 6C 6EEA>6C8: I:HI�

� �=:8@ I=6I I=: 9GJB >H :BEIN�

� �ADH: I=: 9GN:G 9DDG�

� .L>I8= I=: 9GN:G ID � MIG6 �GN�6C9 I=:C EG:HH I=: P.I6GI�7JIIDC�

� �;I:G ��� B>CJI:H EG:HH I=:.IDE 7JIIDC 6C9 DE:C I=: 9DDG�

� $; I=: >CI:G>DG D; I=: 9GN:G ;::AHL6GB I=: 9GN:G =6H 7::C8DCC:8I:9 EGDE:GAN�.L>I8= I=: 9GN:G ID �*!!��

� $; I=: 9GN:G 9D:H CDI LDG@HL>I8= I=: 9GN:G ID �*!!��'DD@ >C I=: IGDJ7A:H=DDI>C<H:8I>DC �E6<: ��� 6C9 ;>C9 I=:;6JAI�

�<AB/::/B7=< :=1/B7=<

� +�&"�"��* )*/ >CHI6AA I=: 9GN:G�� DJI9DDGH� >C 6C :CK>GDCB:CI L>I= 9G>EE>C<

L6I:G� C:6G ;A6BB67A: B6I:G>6AH� >C GDDBH L=>8= 6G: 6I G>H@ D; ;GDHI� >C GDDBH L=>8= B6N 8DCI6>C <6H

DG DI=:G ;J:AH� >C 8JE7D6G9H L>I= AD8@67A: 9DDGH

DG >C 6A8DK:H�

/=: >CHI6AA6I>DC GDDB BJHI 7: L:AAK:CI>A6I:9 DI=:GL>H: I=: 9GN:G L>AADE:G6I: 7:ADL DEI>BJB E:G;DGB6C8:��D CDI DE:G6I: I=: 9GN:G 6II:BE:G6IJG:H 67DK: ���°! ���°�� DG7:ADL ��°! ��°��� 'DL I:BE:G6IJG:H6;;:8I I=: 6JIDB6I>8 EGD<G6B H:FJ:C8:6C9 B6N EGDADC< I=: 9GN>C< I>B:H�/=: >CHI6AA6I>DC HJG;68: ;DG I=: 9GN:GBJHI 7: 8A:6C A:K:A 6C9 ;>GB� �D CDI>CHI6AA I=: 6EEA>6C8: DC 86GE:IH��DBE:CH6I: ;DG JC:K:C ;ADDGH L>I= I=:=:><=Ic69?JHI67A: ;::I�

Page 8: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

/=: H>O: D; I=: >CHI6AA6I>DC 6G:69:E:C9H DC I=: 9>B:CH>DCH D; I=:9GN:G� CHJG: I=6I I=:G: >H 69:FJ6I:GDDB ;DG I=: HL>K:A G6C<: D; I=: 9DDG�

�/3+49/54 %+/-.:

1 ����� ���� ==� ��� <2C ��� ;7�

2 ����� ���� ==�

��� <2C ��� ;7�

G9D83 ����� ���� ==�

G9D8@13;179>7��� <2C 4

1>7<5����� ���� ==� ��� � ���M

@13;179>7��� <2C ��� ;7�

$; >CHI6AA>C< I=: 9GN:G >C 6 8ADH:I D7H:GK:I=: B>C>BJB 9>HI6C8:H 688DG9>C< IDI=: ;DAADL>C< I67A:�(>C>BJB $CHI6AA6I>DC �A:6G6C8:H

�259+:

*945C �� �& ==�

+?@ ��� ��&� ==�

)51B� �� �& ==�

� 1C 3<?C5 D? G1<< 1C F5>D9>7 ?B G1D5B3?>>53D9?> G9<< 1<<?G�

$BEDGI6CI >C;DGB6I>DC 8DC8:GC>C<B>C>BJB 9>HI6C8:H�

� �:E:C9>C< DC I=: AD86I>DC D; I=::M=6JHI 6>G 8DCC:8I>DC 6C699>I>DC6A B>C>BJB 9>HI6C8: D;�V >C8= ��� 8B� BJHI 7: EGDK>9:9DC I=>H H>9: ;DG 9J8IH 7G68@:IH �H::E6<: ����

� �:C:;>IH D; B6>CI6>C>C< <G:6I:G9>HI6C8: �8A:6G6C8:H� I=6C I=:B>C>BJB H=DLC >C8AJ9:�� G:9J8I>DC D; I=: G>H@ D; BDA9 ;DGB6I>DC 7:=>C9 I=: 6EEA>6C8:�� G:9J8:9 CD>H: IG6CHB>HH>DC� ;68>A>I6I>DC D; >CHI6AA6I>DC 6C9 H:GK>8:�� BDG: 6>G 8DDAH I=: 9GN:G @::EH I=: 9GN:G ;GDB DK:G=:6I>C< 6C9 >BEGDK:H 9GN>C< E:G;DGB6C8:�

� $; I=: 9GN:G >H >CHI6AA:9 >C 6 HB6AAGDDB I=: 9DDGH D; I=: GDDB BJHI7: ;>II:9 L>I= K:CIH D; 6 HE:8>;>:9B>C>BJB H>O:� -:;:G ID I=:;DAADL>C< ;><JG: ;DG 699>I>DC6A>C;DGB6I>DC�

/=: 9GN:G 9DDG >H 9:A>K:G:9 L>I= =>C<:HDC I=: G><=I�$; I=: 9DDG =>C<: >H ID 7: 8=6C<:9 DK:GID I=: A:;I H::�E6<:����

+/B3@ �=<<31B7=< �II68= I=: 9GN:G L6I:G HJEEAN =DH: ID 68DA9 L6I:G ;6J8:I �I=: ;6J8:I BJHI 7:AD86I:9 L>I=>C � ;I ���� B� D; I=: L6I:G>CA:I K6AK: DC I=: 768@ D; I=: 9GN:G��

$I >H G:8DBB:C9:9 ID =6K: 6 L6I:GHJEEAN EG:HHJG: D; �� � ��� EH> ����� ����� 76G� ;DG 7:HI E:G;DGB6C8:�

� P4P 8DCC:8IDG >H EGDK>9:9 6ADC< L>I=6 H=DGI =DH: �>; C::9:9� >C DG9:G ID8DCC:8I >I ID I=: 8DA9 L6I:G ;6J8:I�

�%)�./*+ �=A3

"#(���+GDE:GAN H:8JG:9 3/ -)�' =DH:8DCC:8I>DCH 6G: I=: HDA:G:HEDCH>7>A>IN D; I=: 8JHIDB:G� /=:B6CJ;68IJG:G 6HHJB:H CDG:HEDCH>7>AIN DG A>67>A>IN ;DG>BEGDE:GAN >CHI6AA:9 3/ -)�'=DH: DG DI=:G 8DCC:8I>DCH�

/=: �%)�./*+ #DH: EG:K:CIHEDI:CI>6A ;ADD9>C< >; I=: =DH: A:6@H�

$; I=: =DH: A:6@H 6 G:9 B6G@ >H9>HEA6N:9 6C9 I=: L6I:G >CA:I >H7AD8@:9�

� �C �%)�./*+ #DH: I=6I =6H68I>K6I:9 86CCDI 7: G:H:I� �DCI68I�JHIDB:G .:GK>8: ;DG 6G:EA68:B:CI =DH: �H:: E6<: ����

!�'(��- � �@G3@ $/@BA 'C>>:732

/=: ;DAADL>C< E6GIH 6G: >C8AJ9:9 L>I=I=: H=>EB:CI D; NDJG 9GN:G�

Page 9: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

�� P4� 8DCC:8IDG

�� .=DGI B:I6A�7G6>9:9 >CA:I =DH:

� -J77:G L6H=:G

�� �%)�./*+ #DH:

�=<<31B7<5 B63 �<:3B �=A3

i /=: 9GN:G BJHI 7: 8DCC:8I:9 IDI=: P4� 8DCC:8IDG JH>C< I=:�%)�./*+ #DH:� �D CDI JH:6C DA9 =DH:�

�� /JGC D;; I=: 8DA9 L6I:G ;6J8:I 6C9G:BDK: I=: L6H=:G L6I:G HJEEAN=DH:�

�� �=:8@ ID 7: HJG: I=6I I=: GJ77:GL6H=:G >H ;JAAN >CH:GI:9 6C9 H:6I:9>C I=: ;:B6A: :C9 D; I=: H=DGI =DH:EG>DG ID 8DCI>CJ>C<� /=: GJ77:GL6H=:G >H H=DLC 6H >I:B � >C I=:HJEEA>:9 E6GIH >AAJHIG6I>DC� $I >H>AAJHIG6I:9 H:E6G6I:AN ;GDB I=: =DH:;DG 8A6G>IN�

� $; HE68: E:GB>IH 6II68= I=:>CI:GC6AAN I=G:69:9 �;:B6A:� :C9 D;I=: P4� 8DCC:8IDG 9>G:8IAN ID I=:8DA9 L6I:G ;6J8:I �DEI>DC � 6HH=DLC >C I=: >AAJHIG6I>DC 67DK:�6C9 8DCI>CJ: ID HI:E �

�=@ =>B7=</: �<AB/::/B7=< E7B6 -�=<<31B=@$; I=: P4� 8DCC:8IDG 86CCDI 7:6II68=:9 9>G:8IAN JH: I=: H=DGI=DH: EGDK>9:9 ID 8DCC:8I I=: P4�8DCC:8IDG ID I=: 8DA9 L6I:G ;6J8:I�DEI>DC � 6H H=DLC C I=:>AAJHIG6I>DC H=DLC� /<2 1=<B7<C3E7B6 AB3>A � B6@=C56 ��

�� �II68= I=: H=DGI =DH: ID I=: 8DA9L6I:G ;6J8:I� /><=I:C I=:8DCC:8I>DC 7N =6C9 JCI>A I=:8DJEA>C< >H H:6I:9 DC I=: ;6J8:I�

�� 0H: EA>:GH ID I><=I:C I=:8DCC:8I>DC 6C 699>I>DC6AILD�I=>G9H IJGC�

i �D CDI DK:GI><=I:C� �6B6<: IDI=: 8DJEA>C< 8DJA9 G:HJAI�

�� �II68= I=: P4� 696EI:G ID I=: H=DGI=DH:� /><=I:C I=: 8DJEA>C< 7N=6C9 JCI>A >I >H ;>GBAN H:6I:9 DC I=:=DH:�

�� �II68= I=: L6H=:G 8DA9 L6I:GHJEEAN =DH: ID I=: P4� 8DCC:8IDG�#6C9 I><=I:C�

�� �II68= I=: 9GN:G �%)�./*+

#DH: ID I=: DI=:G 8DJEA>C< D; I=:P4� 8DCC:8IDG� #6C9 I><=I:C�

�� /><=I:C 6AA I=G:: 8DJEA>C<H DC I=:P4� 8DCC:8IDG 6C 699>I>DC6AILD�I=>G9H IJGC JH>C< EA>:GH�

i �D CDI DK:GI><=I:C� �6B6<: IDI=: 8DJEA>C< 8DJA9 G:HJAI�

�� �II68= I=: G><=I�6C<A: 8DCC:8IDGDC I=: �%)�./*+ #DH: ID I=:>CA:I K6AK: AD86I:9 6I I=: IDE A:;I D;I=: 9GN:G�

i �=:8@ ID H:: I=6I I=: GJ77:GL6H=:G 9D:H CDI ;6AA DJI 6C9 >HEGDE:GAN H:6I:9 >C I=: G><=I�6C<A:8DCC:8IDG�

��� �/<2 B756B3< I=: 8DJEA>C< JCI>A >I>H H:6I:9 DC I=: 8DCC:8IDG� �DCDI JH: EA>:GH =6C9 I><=I:C DCAN�

i �D CDI DK:GI><=I:C� �6B6<: IDI=: 8DJEA>C< 8DJA9 G:HJAI�

��� /JGC DC I=: L6I:G ;6J8:I�

� � �=:8@ ;DG A:6@H 6GDJC9 I=: P4�8DCC:8IDG ;6J8:I 6C9 6AA =DH:H�

�:31B@71/: �=<<31B7=<

� +�&"�"�+DL:G 8DG9 BJHI 7: 8DCC:8I:97N 6 FJ6A>;>:9 I:8=C>8>6C DG 6A>8:CH:9 :A:8IG>8>6C DCAN��DCC:8I ID >C9>K>9J6A �G6C8=�>G8J>I��D CDI JH: 6C 696EI:G��D CDI JH: 6C :MI:CH>DC 8DG9��D CDI G:BDK: <GDJC9 EGDC<�

4DJG 9GN:G 8DB:H L>I=DJI 6 EDL:GHJEEAN 8DG9� /=: EDL:G 8DG9 BJHIB::I I=: ;DAADL>C< G:FJ>G:B:CIH�

� 0' A>HI:9 >C I=: 0.�

� ��� d ��� KDAI G6I:9 �B>C>BJB�

� �� 6BEH

� /NE: .-�/ DG �-/ �0' �����

� !>K: ;::I ADC< �B>C>BJB�

Page 10: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

� +�&"�"�+DL:G 8DG9 BJHI 7: 8DCC:8I:97N 6 FJ6A>;>:9 I:8=C>8>6C DG 6A>8:CH:9 :A:8IG>8>6C DCAN�0H: DCAN 6 0�'� 6EEGDK:9���6BE EDL:G 8DG9 L>I= HIG6>CG:A>:; 8A6BE � CDI: B6CJ;68IJG:G�H >CHIGJ8I>DCH��D CDI G:JH: DA9 EDL:G 8DG9��DG9 BJHI =6K: 8ADH:9 ADDE DGJEIJGC:9 :C9 L>G: I:GB>C6I>C<8DCC:8IDGH��D CDI B6@: 6 H=6GE 7:C9 DG8G>BE L>G>C< 8DC9J8IDG 6I8DCC:8I>DCH�*CAN 6 �c8DC9J8IDG 8DG9 H=6AA7:�JH:9 L=:C I=: 6EEA>6C8: >H>CHI6AA:9 >C 6 BD7>A: =DB: >C 6G:8G:6I>DC6A K:=>8A: >C 6 C:L7G6C8= 8>G8J>I >CHI6AA6I>DC DG 6C6G:6 L=:G: I=: AD86A 8D9:H 9DCDI E:GB>I <GDJC9>C< I=GDJ<=I=: C:JIG6A�

�227B7=</: 5@=C<27<5 >@=132C@3

� .DB: AD86A G:<JA6I>DCH B6NG:FJ>G: 6 H:E6G6I: <GDJC9� $C�HJ8=86H:H I=: G:FJ>G:9 688:HHDGN<GDJC9 L>G: 8A6BE 6C9 H8G:LBJHI 7: EJG8=6H:9 H:E6G6I:AN��DCI68I NDJG AD86A 9:6A:G DG8JHIDB:G H:GK>8: ;DG 699>I>DC6A9:I6>AH �H:: E6<: ����

� ):K:G <GDJC9 I=: 9GN:G ID EA6HI>8EAJB7>C< A>C:H <6H A>C:H DG L6I:GE>E:H�

�@=C<27<5 7<AB@C1B7=<

/=>H 6EEA>6C8: BJHI 7: <GDJC9:9� $CI=: :K:CI D; 6 B6A;JC8I>DC DG7G:6@9DLC <GDJC9>C< L>AA G:9J8: I=:G>H@ D; :A:8IG>8 H=D8@ 7N EGDK>9>C< 6E6I= D; A:6HI G:H>HI6C8: ;DG I=: :A:8IG>88JGG:CI�

Page 11: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

Page 12: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

Page 13: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

�F6/CAB /7@ 1=<<31B7=< /=: ;DAADL>C< L6GC>C<H BJHI 7:69=:G:9 ID L>I=DJI :M8:EI>DC�

� +�&"�"��� /D G:9J8: I=: G>H@ D; ;>G: I=>H 9GN:G(0./ � 3#�0./ �*0/�**-.�

�� /D G:9J8: I=: G>H@ D; ;>G: 9D CDIJH: 9J8ILDG@ ADC<:G I=6CG:8DBB:C9:9� -:;:G ID I=:B6M>BJB 9J8ILDG@ A:C<I= I67A:�H:: E6<: ����

� �* )*/ JH: 6 EA6HI>8 B:I6A ;D>ADG 6CN DI=:G CDCcB:I6A 9J8I L>I=I=>H 9GN:G� *CAN G><>9 DG ;A:M>7A:B:I6A 9J8I H=6AA 7: JH:9 ;DG:M=6JHI>C<� (:I6A ;D>A 6C9 ;A:M>7A:B:I6A 9J8I>C< 6G: )*/ I=: H6B:�

�� �* )*/ JH: BDG: I=6C ��� B D;;A:M>7A: B:I6A 9J8I>C<�

�� �* )*/ JH: 6 9J8I HB6AA:G I=6C �>C8=:H >C 9>6B:I:G�

�� �* )*/ :M=6JHI I=: 9GN:G >CID� 68=>BC:N L6AA 8:>A>C< 8DC8:6A:9HE68: D; 6 7J>A9>C< ;JGC68: 8DA96>G 9J8I 6II>8 8G6LA HE68: DG 6CNDI=:G 9J8ILDG@ JH:9 ;DG K:CI>C<�

�� �* )*/ >CHI6AA 6 ;A:M>7A: 9J8I >C 6C:C8ADH:9 L6AA 8:>A>C< DG ;ADDG�

�� �* )*/ 8GJH= DG @>C@ I=: 9J8I��� �D 8A:6C 6C9 >CHE:8I I=: :M=6JHIHNHI:B DC 6 G:<JA6G 76H>H� 6I A:6HIDC8: 6 N:6G�

�� /=: :M=6JHI 9J8I BJHI I:GB>C6I:L>I= 6C 6EEGDK:9 :M=6JHI K:CI=DD9 ID EG:K:CI 768@ 9G6;IH DG:CIGN D; 7>G9H DG DI=:G L>A9A>;:�

��� �* )*/ JH: :M=6JHI =DD9H L>I=B6<C:I>8 A6I8=:H�

��� �* )*/ 6HH:B7A: I=: 9J8I LDG@L>I= H8G:LH DG ;6HI:C:GH I=6I:MI:C9 >CID I=: 9J8I� /=:N H:GK:6H 6C 688JBJA6I>DC ED>CI ;DG A>CI�%D>CIH H=DJA9 7: H:8JG:9 L>I=6AJB>CJB I6E:�

�F6/CAB /7@ =CB:3B =< B63 2@G3@/=: 9GN:G >H 9:A>K:G:9 L>I= 6C :M=6JHI6>G DJIA:I DC I=: G:6G D; I=: 6EEA>6C8:�/D I6@: 688DJCI D; I=: HE6I>6AG:FJ>G:B:CIH 6C9 6C :M>HI>C< :M=6JHI6>G HNHI:B I=: ;DAADL>C< 8DCC:8I>DCDEI>DCH 6G: EDHH>7A: ;DG I=: :M=6JHI 6>GDJIA:I�� DC G><=I H>9: D; I=: 6EEA>6C8:� DC I=: JC9:GH>9: D; I=: 6EEA>6C8:�

� X �H81ECD 19B ?ED<5D ?> D85 B51B ?6 D85 1@@<91>35 �CD1>41B4�

� X �H81ECD 19B ?ED<5D ?> D85 C945 �?@D9?>1<�

� X �H81ECD 19B ?ED<5D ?> D85 E>45BC945 ?6 D85 1@@<91>35 �?@D9?>1<�

.E:8>6A :M=6JHI 6>G 8DCC:8I>DCH 86C 7:D7I6>C:9 ;GDB NDJG 9:6A:G E6GI HJEEA>:GDG 8JHIDB:G H:GK>8: ;DG :>I=:G8DCC:8I>DC INE: �H:: E6<: ����

� .>9: :M=6JHI @>I

� �DIIDB :M=6JHI @>I

� FJ6A>;>:9 I:8=C>8>6C H=DJA9 8=6C<:I=: :M=6JHI 6>G DJIA:I ID I=: DEI>DC6A8DCC:8I>DC AD86I>DC�

�C1BE=@9

/=: 9GN:G K:CI HNHI:B BDK:H BD>HI 6>G6L6N 6H NDJG 8ADI=:H IJB7A: 9GN� 4DJ86C H=DGI:C 9GN>C< I>B:H H6K: :C:G<N6C9 =:AE :CHJG: I=: H6;:IN D; I=:HNHI:B 7N B6@>C< HJG: NDJG 9GN:G�H:M=6JHI 9J8I HNHI:B >H EGDE:GAN>CHI6AA:9 6C9 B6>CI6>C:9�

�;>=@B/<B $=7<BA B= �=<A723@�

� &::E :M=6JHI 9J8I GJCH �IDI6AA:C<I= D; I=: :M=6JHI 9J8I HNHI:B;GDB I=: 9GN:G ID I=: :M=6JHI =DD9DJIH>9:� 6H H=DGI 6H EDHH>7A: �G:;:GID I=: I67A: P(6M>BJB �J8ILDG@':C<I=� DC E6<: ����

� 0H: I=: B>C>BJB CJB7:G D;:A7DLH C::9:9 L=:C >CHI6AA>C< I=::M=6JHI 9J8I HNHI:B� �KD>9EA68>C< ILD �� 9:<G:: :A7DLH69?68:CI ID DC: 6CDI=:G�

� �=:8@ 6C9 8A:6C I=: :M=6JHI 9J8IHNHI:B 6C9 :M=6JHI =DD9 6I A:6HIDC8: :68= N:6G 6C9 6CN I>B: NDJHJHE:8I 9GN:G E:G;DGB6C8: >H9:8G:6H:9�

-:BDK: 688JBJA6I:9 A>CI IDEG:K:CI 9>B>C>H=:9 6>G ;ADL DG8AD<<>C< D; I=: HNHI:B�+GD;:HH>DC6A 8A:6C>C< >HG:8DBB:C9:9 6CCJ6AAN 6C9 L=:C6II68=>C< NDJG 9GN:G ID 6 EG:K>DJHANJH:9 :M=6JHI 9J8I HNHI:B�

� -:EA68: 6CN EA6HI>8 DG B:I6A ;D>AK:CI>C< H:8I>DCH L>I= G><>9 B:I6A DG;A:M>7A: B:I6A 9J8I>C<� -><>9 B:I6A9J8I>C< >H G:8DBB:C9:9�

i �DGG:8I :M=6JHI HNHI:B >CHI6AA6I>DC>H I=: G:HEDCH>7>A>IN D; I=:8DCHJB:G�

$@=0:3;A B6/B @3AC:B 4@=;7<1=@@31B 7<AB/::/B7=< /@3 <=B1=D3@32 0G B63 />>:7/<13E/@@/<BG�

M=6JHI 9J8I>C< L=>8= >H ADC<:G I=6CHE:8>;>:9 >C I=: B6M>BJB 9J8ILDG@A:C<I= I67A: DC E6<: �� >H CDIE:GB>II:9� )DI 69=:G>C< ID I=>H I67A:L>AA :MI:C9 9GN>C< I>B: 86JH: A>CI ID688JBJA6I: 6C9 6;;:8I 9GN:GE:G;DGB6C8: 6C9 9GN:G A>;:cI>B:�

Page 14: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

�AA ?D>CIH H=DJA9 7: I><=I ID 6KD>9 A:6@H�/=: B6A: :C9 D; :68= 9J8I H:8I>DCBJHI ED>CI 6L6N ;GDB I=: 9GN:G�2=:I=:G 8DCC:8I>C< ID 6C :M>HI>C<K:CI>C< HNHI:B DG 6 C:L K:CI>C<HNHI:B B6@: HJG: I=6I 6AA 9J8I>C< >H8A:6C 6C9 ;G:: D; A>CI�/=: B6M>BJB E:GB>II:9 A:C<I= ;DGG><>9 9J8I 6C9 ;DG G><>9 9J8I JH:9 L>I=;A:M>7A: B:I6A 9J8I >H H=DLC >C I=: I67A:7:ADL� $; JH>C< ;A:M>7A: B:I6A 9J8I>C< ID8DCC:8I I=: 6EEA>6C8: ID I=: 9J8ILDG@HNHI:B I=: IDI6A A:C<I= D; ;A:M>7A:B:I6A 9J8I JH:9 H=6AA CDI :M8::9 ��� B6C9 86C DCAN 7: JH:9 ID 8DCC:8I I=:9GN:G ID I=: 9J8ILDG@ HNHI:B� �H I=:I67A: 7:ADL H=DLH I=: B6M>BJBDK:G6AA 9J8ILDG@ A:C<I= >H G:9J8:9 >;;A:M>7A: 9J8I>C< >H JH:9�

!/F7;C; �C1BE=@9 3<5B6

�;3(+8 5,�A ";84958 �2(5<9

/-/* �;): �2+=/(2+ �;):/4�53(/4':/54</:. /-/*�;):

� �� ;I� ����� 8B�

�� ;I� ����� 8B�

� �� 6D� ����� 3=�

�� 6D� ����� 3=�

� �� 6D� ����� 3=�

�� 6D� ���� 3=�

� �� 6D� ����� 3=�

�� 6D� ���� 3=�

� �� 6D� ���� 3=�

�� 6D� ���� 3=�

"=B3�.>9: 6C9 7DIIDB :M=6JHI >CHI6AA6I>DCH=6K: 6 ��S IJGC >CH>9: I=: 9GN:G� /6@:I=>H >CID 688DJCI L=:C JH>C< I=: I67A:67DK:�(DG: I=6C ILD ��° IJGCH 6G: CDI G:8DBB:C9:9� !DG 7:HI E:G;DGB6C8:H:E6G6I: 6AA IJGCH 7N 6I A:6HI � ;I� D;HIG6><=I 9J8I >C8AJ9>C< 9>HI6C8:7:IL::C A6HI IJGC 6C9 :M=6JHI =DD9�

�F6/CAB D3<B 6==2

/=: :M=6JHI 9J8I BJHI :C9 L>I= 6C6EEGDK:9 :M=6JHI K:CI =DD9 L>I=HL>C< DJI 96BE:G�H�� �* )*/ JH: 6C:M=6JHI K:CI =DD9 L>I= B6<C:I>8A6I8=:H�/D 6KD>9 :M=6JHI G:HIG>8I>DC I=: DJIA:IBJHI 7: 6 B>C>BJB D; ���>C8=:H ���8B� 67DK: <GDJC9 A:K:A DG 6CN DI=:GD7HIGJ8I>C< HJG;68:�

&3?C7@32 �C1BE=@9 $/@BA /=: E6GIH G:FJ>G:9 ;DG I=: :M=6JHI 6>GHNHI:B �:A7DLH A>C:H :M=6JHI 6>GDJIA:IH� 6G: CDI >C8AJ9:9 >C HI6C96G99:A>K:GN D; I=: 9GN:G �H:: I=:�88:HHDG>:H H:8I>DC ;DG >C;DGB6I>DC DCDG9:G>C< E6GIH��

+GD;:HH>DC6A >CHI6AA6I>DC D; 9J8ILDG@ >HG:8DBB:C9:9�

Page 15: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

�113AA=@73A /=: ;DAADL>C< DEI>DC6A 688:HHDG>:H ;DGNDJG 9GN:G B6N 7: D7I6>C:9 ;GDB8JHIDB:G H:GK>8: �H:: E6<: ��� DG ;GDBNDJG AD86A 9:6A:G� +A:6H: ;DAADL I=:>CHI6AA6I>DC >CHIGJ8I>DCH HJEEA>:9 7N I=:6EEGDEG>6I: B6CJ;68IJG:G�

'723 3F6/CAB 97B

E6GI CD� +(. ����"=B3�.:: CDI:H DC B6M>BJB CJB7:G D;:A7DLH DC E6<: ���

i � HE:8>6A IDDA >H G:FJ>G:9 ;DG 8JII>C<I=: :M=6JHI =DA: >C I=: 9GN:G H>9:E6C:A�

!DG ;JGI=:G >C;DGB6I>DC EA:6H:8DCI68I NDJG AD86A 9:6A:G�

�=BB=; 3F6/CAB 97B

E6GI CD� +(. ���"=B3�.:: CDI:H DC B6M>BJB CJB7:G D;:A7DLH DC E6<: ���

�@G3@ @/19

E6GI CD� +(.���0H: I=: 9GN:G G68@ ID 9GN L6H=67A:LDDA:C I:MI>A:H �:�<� HL:6I:GH� 6C9H=D:H�

34B 67<53 97B E6GI CD� +(.��� ;DG L=>I:E6GI CD� +(.���' ;DG HDA>9 H>AK:G IDC:6C9 ;DG 9JD�IDC: 8DADG

/=: 9DDG >H =>C<:9 DC I=: G><=I H>9: 6II=: ;68IDGN� /=: 9DDG 86I8= 86C 7:G:K:GH:9 >; C:8:HH6GN� +A:6H: 8DCI68INDJG 9:6A:G DG DJG 8JHIDB:G H:GK>8:I:6B �H:: E6<: ���

$323AB/: !=C<B7<5 �7B

� >C8= E:9:HI6A 688:HHDGN CJB7:G+(. ���� ;DG HDA>9 L=>I: 8DADG+(. ����' ;DG HDA>9 IDC: H>AK:G+(. ����$ ;DG 9JD IDC: H>AK:G L=>I:

�� >C8= E:9:HI6A 688:HHDGN CJB7:G+(. �� ;DG HDA>9 L=>I: 8DADG+(. ��' ;DG HDA>9 IDC: H>AK:G+(. ��$ ;DG 9JD IDC: H>AK:G L=>I:+(. ��� ;DG 9JD IDC:8=6BE6<C: L=>I:

$; BDJCI>C< I=: 9GN:G DC I=: E:9:HI6A;DAADL I=: >CHIGJ8I>DCH HJEEA>:9 L>I= I=:E:9:HI6A 7:;DG: EGD8::9>C< 6CN ;JGI=:G�

$@3>/@7<5 B= B@/<A>=@B B632@G3@ T AB3> 0G�AB3>

i /=:H: EGD8:9JG:H H=DJA9 DCAN 7:E:G;DGB:9 7N 6 FJ6A>;>:9 E:GHDC�

�� -DI6I: I=: EGD<G6B H:A:8IDGID��*!!��

�� �>H8DCC:8I I=: EDL:G HJEEAN �IJGC8>G8J>I 7G:6@:G D;; JCEAJ< I=:6EEA>6C8:�

� /JGC D;; I=: L6I:G ;6J8:I8DCC:8I:9 ID I=: L6I:G HJEEAN=DH:� �>H8DCC:8I I=: L6I:GHJEEAN =DH:�

�� �>H8DCC:8I I=: :M=6JHI 9J8I ;GDBI=: :M=6JHI 6>G DJIA:I DC I=: 9GN:G�

�� �DAA:8I 6CN 688:HHDG>:H 6C9E68@6<: I=:B ;DG H=>EB:CI L>I=I=: 6EEA>6C8:�

�� �ADH: I=: 9DDG 6C9 H:8JG: L>I=69=:H>K: I6E:�

�� .8G:L I=: =:><=Ic69?JHI67A: ;::I D;I=: 9GN:G >CID I=: =DJH>C< IDEG:K:CI I=:B ;GDB 7:>C< 96B6<:99JG>C< IG6CHEDGI6I>DC�

�� &37<AB/::/B7=< =4 B63 �@G3@ /B B63"3E =1/B7=< � G:;:G ID I=:$CHI6AA6I>DC $CHIGJ8I>DCH >C I=>HB6CJ6A �H:: E6<: ���

Page 16: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

#$�&�(�"� �"'(&)�(�#"' �34=@3 CA7<5

� +�&"�"��:;DG: JH>C< NDJG 9GN:G G:69 6C9;DAADL 6AA >CHI6AA6I>DC 6C9 DE:G6I>C<>CHIGJ8I>DCH�

$/<3:

�+2/)':+9 25< :+36� 'B5CC 6?BD5=@5B1DEB5�C5>C9D9F5 D5HD9<5C�5�7� 13BI<93 6925BC�� +85D5=@5B1DEB5 ?6 D85 4BI9>7 @B?35CC9C B54E354 D85 4BI9>7 D9=5 9C5HD5>454 3?BB5C@?>49>7<I�

��� +� 'B5CC 6?B 1449D9?>1<5>5B7I C1F9>7C �EC5 ?><I 6?B 3?DD?>1>4 @5B=1>5>D @B5CC 1ED?@B?7B1=C�� 'B5CC D85 ?@D9?>2EDD?> @B9?B D? CD1BD9>7 1>1ED?=1D93 @B?7B1=�

� !/-4'2 �� !+8/+9�

'B5CC D85 DG? ?@D9?> 2EDD?>C 1DD85 C1=5 D9=5 D? 5>12<5 1>13?ECD93 C97>1< D81D 9>4931D5C D855>4 ?6 D85 @B?7B1= �C55 @175 ����+85 ��� *5B95C C97>1< 9C C5D ?> D85#�� =5>E �C55 @175 ����

� �/962'>� �2;9 !+8/+9">4931D5C D85 5CD9=1D54B5=19>9>7 D9=5 ?6 @B?7B1=C�

!+8/+9">4931D5C D85 C5DD9>7C ?6 D851449D9?>1< ?@D9?>C 1>4 D855CD9=1D54 B5=19>9>7 D9=5 ?6@B?7B1=C� �*55 @175 ���

�**/:/54'2 �6:/549�+4; C5<53DC ?>5 ?6 D851449D9?>1< ?@D9?>C

!+2+): 381>75C D85 C5DD9>7C ?6D85 C5<53D54 ?@D9?>

� !:'8:��';9+ (;::54

*D1BDC 9>D5BBE@DC 1>45>4C D85 4BI9>7 @B?35CC�

� �85-8'3 !+2+):58*G9D385C D85 =1389>5 ?> 1>4 ?66 1>4C5<53DC D85�@B?7B1= �C55 @175 ���� �1> 25DEB>54 9> 2?D8 49B53D9?>C�

+? CG9D38 ?66 D85 4BI5B B?D1D5 D85 @B?7B1=C5<53D?B D? K&66��

� �4*/)':58 �/-.:9#���* <978D E@ 9> C5AE5>35 D? C8?G D853EBB5>D =?9CDEB5 CD1D5 ?6 D85 4BI9>7@B?35CC�

%8/412+ (25)1 � 1D D85 5>4 ?6 D85 4BI9>7@B?7B1= 1> 13?ECD93 C97>1< C?E>4C 1>4D85 .B9>;<5 2<?3; #�� <978DC E@� +854BE= B?D1D5C 1D C@539693 9>D5BF1<C 6?B ?>58?EB D? @B5F5>D D85 <1E>4BI 6B?= 3B51C9>7�C55 @175 �� ��

� �6:/54 (;::549�44 6E>3D9?>C D? D85 @B?7B1=C5<53D54� +85 ?@D9?> 2EDD?>#�� 9C <9D G85> D85 ?@D9?> 9CC5<53D54� 'B5CC D85 ?@D9?>2EDD?> 1719> D? DEB> D85?@D9?> ?66 �#�� DEB>C ?66��

� �/4: �/2:+8 ����2/419 '9 ' 8+3/4*+8 :5)2+'4 :.+ 2/4: ,/2:+8 (+,58+'4* ',:+8 ;9+� #9D �CD514I�G85> D85 4??B 9C ?@5>544EB9>7 1 @B?7B1= ?B 9> D855F5>D 19B6<?G 9C B54E3545>?E78 D? 3B51D5 1> ���� 5BB?B�C55 DB?E2<5C8??D9>7 7E945@175 ����

!:'8:��';9+ ��� !:':;9�/: +*� 'B?7B1= 9CBE>>9>7 1>4 �'1EC5� 31>25 13D9F1D54�

�2/41/4-� *5DD9>7C 31>25 381>754 D85 4BI9>73I3<5 31> 25 CD1BD54 ?B@B?7B1= 9C 9> K'1EC5�=?45�

�5: �/:� 'B?7B1= 9C69>9C854 ?B D85B5 9C >?@B?7B1= C5<53D54�

Page 17: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

�227B7=</: '/43BG�<4=@;/B7=<� +�&"�"��AL6NH ;DAADL I=: $(+*-/�)/.�! /4 $)./-0�/$*). �H:: E6<: ���

$@=B31B7=< =4�B633<D7@=<;3<B (7>A =< A/D7<5 3<3@5G/D H6K: :C:G<N BDC:N 6C9 I>B:�DH8= G:8DBB:C9H I=: ;DAADL>C<�� �@/7< B63 :/C<2@G B6=@=C56:G�

�:;DG: 9GN>C< HE>C I=: A6JC9GNI=DGDJ<=AN >C I=: L6H=>C<B68=>C:� 0H: I=: =><=:HI EDHH>7A:HE>C HE::9 ;DG I=: INE: D; A6JC9GN�#><=:G HE>C HE::9H G:9J8: I=:9GN>C< I>B: 6C9 I=: :C:G<N8DCHJBEI>DC�

� )A3 =>B7;C; :=/2�0H: B6M>BJB G:8DBB:C9:9AD69H� #DL:K:G 9D CDI :M8::9AD69H�

� �:3/< 47:B3@��A:6C I=: ;>AI:G 7:;DG: 6C9 6;I:G:68= 9GN>C< EGD8:HH�H::�E6<:�����

� *3<B7:/B3 B63 @==;��JG>C< I=: 9GN>C< EGD8:HH EGDK>9:6C 69:FJ6I: HJEEAN D;�;G:H= 6>G�

� �= <=B 2@G C<AC7B/0:3 ;/B3@7/:A��D CDI 9GN GJ77:G>O:9 DG 6>GcI><=I>I:BH�

� �:3/< /<2 7<A>31B B63 3F6/CABAGAB3; =< / @35C:/@ 0/A7A��AD8@6<:H B6N :MI:C9 9GN>C< I>B:DG B6N 86JH: I=: 9GN:G IDB6A;JC8I>DC�

(3;>=@/@G27A1=<<31B7=< =4B63 2@G3@*E:G6I: NDJG 9GN:G DCAN L=:C NDJ 6G:6I =DB:� $; NDJ >CI:C9 <D>C< DCK686I>DC DG 6G: CDI JH>C< NDJG 9GN:G ;DG6C :MI:C9:9 E:G>D9 D; I>B: NDJH=DJA9��� /JGC D;; I=: 8>G8J>I 7G:6@:G��� +JAA DJI I=: EDL:G HJEEAN EAJ< >;EDHH>7A:�

� �A:6C I=: A>CI ;>AI:G��� /JGC D;; I=: L6I:G HJEEAN�

/C<2@G �23<B7471/B7=< =4�4/0@71A*7H:GK: I=: IG:6IB:CI HNB7DAH DC I=:I:MI>A: A67:AH� /=:N EGDK>9: K6AJ67A:>C;DGB6I>DC 6H L:AA 6H A>B>I6I>DCH 67DJII=: 9GN>C< EGD8:HH��D CDI 9GN I=: ;DAADL>C< I:MI>A:H >C I=:9GN:G�� �>GcI><=I I:MI>A:H �:�<��GJ77:G>O:9�� �:A>86I: ;67G>8H �H>A@ HNCI=:I>8

8JGI6>CH�

i �GN LDDA:C DG LDDAcG>8= I:MI>A:HL>I= 9GN:G G68@ DCAN�

i 0H: I=: I>B: EGD<G6B P�>G ;AJ;; )D=:6I� ID 9GN 6GI>8A:H 8DCI6>C>C<;D6B GJ77:G DG H>B>A6GAN I:MIJG:9GJ77:GcA>@: B6I:G>6AH�

�@G7<5 B7>A$C EG>C8>EA: I=: ;DAADL>C< 6EEA>:H ID 6AA9GN>C< EGD<G6BH�� /D :CHJG: 6 JC>;DGB 9GN>C< G:HJAI

HDGI I=: A6JC9GN 688DG9>C< ID ;67G>8INE: 6C9 9GN>C< EGD<G6B�

� !6HI:C O>EE:GH =DD@H 6C9 :N:H�!6HI:C ADDH: 7:AIH 6EGDC�HIG>C<H:I8��

� �D CDI DK:G9GN :6HNc86G: A6JC9GN dG>H@ D; LG>C@A>C<� ':6K: A6JC9GN ID9GN >C I=: 6>G�

� �D CDI >GDC A6JC9GN >BB:9>6I:AN6;I:G 9GN>C<� +A68: I=: A6JC9GN >C 6E>A: ;DG 6 H=DGI L=>A:� -:H>9J6ABD>HIJG: L>AA I=:C 7: 9>HIG>7JI:9JC>;DGBAN�

� &C>II:9 I:MI>A:H �:�<� /cH=>GIH8DIIDC ?:GH:N A6JC9GN� D;I:C H=G>C@L=:C 9G>:9 ;DG I=: ;>GHI I>B:� �DCDI JH: I=: �1:GN 9GN MIG6 9GN�EGD<G6B�

Page 18: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

$@=5@/; A3:31B7=<�?B ?@D9=E= 4BI9>7 B5CE<DC I?EB 4BI5B ?665BC C5F5B1< @B?7B1= 7B?E@C 1>41449D9?>1< ?@D9?>C�

�;:53':/) 685-8'39 9>3<E45 )57E<1B �?DD?> 1>4 '5B=1>5>D @B5CC� 'B?7B1= C5<53D9?> 9C21C54 9> @1BD ?> D85 <1E>4BI 612B93 DI@5� +85C5 @B?7B1=C 1B5 3?>DB?<<54 F91 =?9CDEB5 C5>C?BC�'B?7B1= D9=5 9C 45D5B=9>54 2I D85 =51CEB54 457B55 ?6 =?9CDEB5 9> D85 <1E>4BI 1>4 ?> D85457B55 ?6 4BI>5CC C5<53D54 �5�7� �1=@ 4BI )57E<1B �BI �HDB1 �BI��

"/3+ 685-8'39 BE> 6?B 1 EC5B C@5396954 <5>7D8 ?6 D9=5� +85 �9B 6<E66 %? 851D D9=54 3I3<5 EC5C1=295>D 19B �B??= D5=@5B1DEB5� G9D8?ED 1 851D CE@@<I 1>4 BE>C 6?B �� =9>ED5C�

!6+)/'2 685-8'39 1B5 3ECD?= 45C97>54 6?B C@539693 DI@5C ?6 612B93 CE38 1C G??< ?B :51>C�.??< ?B G??<5> @B?4E3DC C8?E<4 ?><I 25 4BI54 EC9>7 D85 4BI5B B13;�

�EB9>7 D89C 3I3<5 1 C=1<< 1=?E>D ?6 G1D5B 9C C@B1I54 9>D? D85 4BE= G89<5 DE=2<9>7 G9D8 851D� +89C @B?35CC 9C B5@51D54 6?<<?G54 2I 1449D9?>1<DE=2<9>7 1>4 1 2B956 3??< 4?G> @5B9?4� +85 851D <5F5< 1>4 D9=5 1B5 @B5C5D 6?B D85C5 @B?7B1=C�

%?D5� )5CE<DC =1I F1BI G9D8 612B93 DI@5� 1B=5>DC D81D 1B5 ���� 3?DD?> 1>4 81F5 GB9>;<5�B5C9CD1>D 69>9C8 =1I 79F5 25DD5B B5CE<DC�

"6 D85 >?JJ<5 CD?@C C@B1I9>7 4EB9>7 ?>5 ?6 D85 ��!"��)� 3I3<5C �CI=@D?=C G?E<4 25 G1D5B 9C >?D C55> C@B1I9>7 9>D? 4BE= 3<?D85C 1B5 <5CCGB9>;<5�6B55 D81> D85I 3ECD?=1B9<I 1B5 G9D8 D89C 6E>3D9?>� 3853; D? 25 CEB5 D85 >?JJ<5 9C >?D 3<?7754� #9>D =1I 133E=E<1D5 D? 2<?3; D85 >?JJ<5 D9@ ?B81B4 G1D5B =1I 31EC5 2E9<4E@ ?> D85 >?JJ<5 �C55 @175 ����

��!"��)� 3I3<5C 1B5 25CD CE9D54 6?B C=??D89>7 ?ED GB9>;<5C 1>4 B54E39>7 ?4?BC�+85C5 @B?7B1=C C8?E<4 25 EC54 G9D8 <?14C 3?>C9CD9>7 ?6 D8B55 D? 6?EB 9D5=C =145 ?6GB9>;<5 6B55 3?DD?> 3?DD?> @?<I5CD5B 2<5>4 3?DD?> ;>9D @E<<?F5BC ?B CI>D85D93C�

#>B7=< �CBB=<A

�3:71/B3A :=E B3;>�+G:HH I=: ��:A>86I:H ADL I:BE�� 7JIIDC;DG I:BE:G6IJG: H:CH>I>K: I:MI>A:H�*7H:GK: I=: 86G: >C;DGB6I>DC DGHNB7DAH DC I=: I:MI>A:H� /=:I:BE:G6IJG: D; I=: 9GN>C< EGD8:HH >HG:9J8:9 I=: 9GN>C< I>B: >H :MI:C9:9�

��# 34DJG 9GN:G =6H 6C P:C:G<N H6K>C<H� �* DEI>DC� /=>H DEI>DC >H JH:9 DCANL>I= 8DIIDC 6C9 E:GB6C:CI EG:HH6JIDB6I>8 EGD<G6BH� ':HH =:6I >H6EEA>:9 6C9 9GN>C< I>B: >H :MI:C9:9�+G:HH I=: DEI>DC 7JIIDC EG>DG ID HI6GI>C<6C 6JIDB6I>8 EGD<G6B�

i /=: A:C<I= D; I=: �* : EGD<G6B>H 6;;:8I:9 7N I=: AD69 H>O: I:MI>A:INE: 6C9 8A>B6I>8 8DC9>I>DCH�

i �DB7>C>C< L>I= I=: �:A>86I:H ADLI:BE� 7JIIDC 86C EGD9J8: BDG:H6K>C<H�

'75</: � '3@73A

4DJG 9GN:G DJIEJIH 9>;;:G:CI H><C6AH ;DG8:GI6>C :K:CIH� 4DJ B6N :C67A: DG9>H67A: I=: H><C6A 7N H>BJAI6C:DJHAN9:EG:HH>C< I=: 7JIIDCH H=DLC� /=:;DAADL>C< 6J9>7A: IDC:H L>AA 7:<:C:G6I:9 >C9>86I>C< I=: HI6IJH D; I=:6EEA>6C8:�

!/-4'2 ">6+

*D1BD *8?BD D?>5

�>4 *5AE5>35 ?6 C8?BDD?>5C

$1<W?@5B1D9?> *5AE5>35 ?6 <?>7 D?>5C

.1B>9>7 ?6=1<6E>3D9?>

*5AE5>35 ?6 <?>7 D?>5C

i /=: H><C6A P26GC>C< D; B6A;JC8I>DC� >H 68I>K:G:<6G9A:HH D; L=:I=:G DG CDI I=:H><C6A =6H 7::C 9>H67A:9�

�� �<271/B=@A =4 $@=5@/;'3?C3<13 /=: 9GN:G JH:H 6C :A:8IGDC>8 H86CC>C<HNHI:B ;DG 6AA EGD<G6BH :M8:EI I=: I>B:EGD<G6BH � ��BD>HIJG: H:CHDG8DCI>CJDJHAN 8=:8@H I=: BD>HIJG: >C I=:A6JC9GN� �GN>C< :C9H 6JIDB6I>86AAN 6HHDDC 6H I=: H:A:8I:9 9:<G:: D; 9GNC:HH=6H 7::C G:68=:9�/=: 9GJB 8DCI>CJ:H ID GDI6I: 6IHE:8>;>8 >CI:GK6AH ;DG DC: =DJG IDEG:K:CI 8G:6H>C<� /=: 8JGG:CI 9:<G:: D; 9GN>C< 6C9 I=:A:K:A G:68=:9 9JG>C< I=: EGD<G6BH:FJ:C8: >H >C9>86I:9 K>6�>C9>86IDGA><=IH ��GN>C< �6BE 9GN -:<JA6G 9GN2G>C@A: 7AD8@��

i $; I=: >C9>86IDG A><=I P2G>C@A: 7AD8@�>AAJB>C6I:H L=:C I=: EGD<G6BH:A:8IDG >H >C *;;�+DH>I>DC � IJGC D;;I=: 8>G8J>I 7G:6@:G 6C9 86AA ;DG8JHIDB:G H:GK>8:�

Page 19: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

�;:53':/) �85-8'39

+-;2'8��5::54 ���!��!� �?B �?DD?>C 1>4 3?<?B54C =145 ?6 3?DD?> ?B <9>5>� 'B5CC D85 K�5<931D5C <?G D5=@�� ?@D9?> 2EDD?> 6?B D5=@5B1DEB5WC5>C9D9F5 D5HD9<5C�

�54 <9>5> D12<5 <9>5> D?G5<CD? 25 9B?>54

�'36 *8> �54 <9>5> 1>4 D12<5 <9>5> D?G5<C +WC89BDC C@?BDC C89BDC ?F5B1<<C D? 25 9B?>54�'36 *8>

+WC89BDC C@?BDC C89BDC 4B5CC5C DB?EC5BC ?F5B1<<C E>45BG51B

+-;2'8 *8> +5BBI D?G5<C ;9D385> D?G5<C 81>4 D?G5<C 254 <9>5> E>45BG51B 3?DD?>C?3;C

>?D D? 25 9B?>54

$+8> *8> +5BBI D?G5<C ;9D385> D?G5<C 81>4 D?G5<C 254 <9>5> E>45BG51B 3?DD?>C?3;C

>?D D? 25 9B?>54 D893; =E<D9W@<I

�=:8' *8> +5BBI 21D8B?25C 1>4 D5BBI 254 <9>5> @1BD93E<1B<I D893; ?B =E<D9W@<I

�+83'4+4: 68+99 ���!��!� �1CIW31B5 �4B9@W4BI� <1E>4BI =145 ?6 CI>D85D93 1>4 2<5>454 612B93 �5�7� 3?DD?> @?<I5CD5B�� 'B5CC D85 K�5<931D5C <?G D5=@�� 2EDD?> 6?B F5BID5=@5B1DEB5WC5>C9D9F5 D5HD9<5C�

�'36 *8> +B?EC5BC 4B5CC5C C;9BDC C89BDC 2<?EC5C <5779>7C C@?BDC 3<?D89>7 G9D8CI>D85D93WB938 6925BC <9>75B95

>?D D? 25 9B?>54 ?B ?><I <978D<I 9B?>54

+-;2'8 *8> *89BDC 2<?EC5C C@?BDC 3<?D89>7 >?D D? 25 9B?>54

$+8> *8> �54 <9>5> 1>4 D12<5 <9>5> DB13; CE9DC 3?=6?BD5BC 2<1>;5DC >?D D? 25 9B?>54 D893; =E<D9W@<I

��!"�� � �85-8'39

!�'(��- +,8+9.

�?DD?> 3?DD?>�@?<I5CD5B 2<5>4C 3?==?> ;>9DC 1>4 CI>D85D93 C89BDC 3?DD?> 2<5>4 @1>DC C;9BDC D�C89BDC 1>4 @E<<?F5BC�.B9>;<5 6B55 612B93C 79F5 25CD B5CE<DC�

!�'(��- +,8+9.!5<@C C=??D8 ?ED GB9>;<5C 1>4 B54E35 ?4?BC� ,C5 G9D8 1 <978D <?14 CE38 1C ?>5 3?>C9CD9>7 ?6 � D? � C89BDC� 'B?7B1=D9=5 9C 12?ED �� =9>ED5C�

!�'(��- %8/412+ 8+2'= !5<@C C=??D8 ?ED GB9>;<5C� ,C5 G9D8 1 <978D <?14 CE38 1C ?>5 3?>C9CD9>7 ?6 � D? � C89BDC� 'B?7B1= D9=5 9C 12?ED ��=9>ED5C�

!�'(��- "5;). ;6+89C @B?7B1= 9C EC54 D? B56B5C8 1 3?DD?> D5HD9<5 <?14 D81D 81C 255> 4B954 1>4 81C 255> <56D 9> D85 4BE= ?6 D85 4BI5B 1DD85 5>4 ?6 D85 3I3<5 ?F5B>978D� +89C �� =9>ED5 @B?7B1= B56B5C85C D85 <?14 D? 85<@ C=??D8 ?ED D85 GB9>;<5C 31EC54 2ID85 <?14 @B5CC9>7 4?G> E>45B 9DC ?G> G5978D�

�<?D89>7 3?>D19>9>7 6?1= BE225B ?B @<1CD93 =ECD 25 B56B5C854 ?> 1 3<?D85C�<9>5 ?B 2I EC9>7 D85 �9B�6<E66 %? 851D3I3<5 1C D85C5 1BD93<5C =1I 97>9D5 4E5 D? D85 851D ?6 D85 $"*+��)� @B?7B1=�

!6+)/'2 �85-8'39

%552 .1C812<5 G??<5> D5HD9<5C �5�7� CG51D5BC G??<5> @E<<?F5B C;9BDC��@G E==:3< =@ E==:�@716 B3FB7:3A E7B6 2@G3@ @/19 =<:G�

�+'49 !51FI :51> 612B93

�;/)1 ���� *5B95C� *=1<< <?14C <?14C D81D >554 1 C8?BD 4BI9>7 D9=5 �5�7� C@?BDC C89BDC G?B;�?ED 3<?D85C �3?DD?> CI>D85D93��

"/3+ �85-8'39

3/4�� � 3/4� ���� *5B95C�

�+*/;3 B5AE9B54 4BI9>7 D9=5���� *5B95C�

'B5W4B954 D5HD9<5C G9D8 <?G =?9CDEB5 3?>D5>D 9>49F94E1< C=1<< 9D5=C 5�7� 21D8 D?G5<C 21D89>7 CE9DC 49C8 3<?D8C��?B D85 C=1<<5CD <?149>7 3?>49D9?> 6B?= ���� <2 X ���� <2 �9� 5� ?>5 C=1<< D?G5<� 6?B D89C 1 D9=5 4BI @B?7B1= C8?E<4 25C5<53D54

'B5CC D85 K�5<931D5C <?G D5=@�� 2EDD?> 6?B D5=@5B1DEB5WC5>C9D9F5 D5HD9<5C ?@D9?>�

���� .:G>:H� $; NDJ 8=DDH: 6

EGD<G6B L>I= K6G>67A: I>B: �:�<� I>B:

EGD<G6BH LDDA 86G:� I=: 9>HEA6N

HI6GIH ID ;A6H=� 4DJ =6K: ID H:I I=:

I>B:�

� �?DD?>C 1>4 3?<?B54C =145 ?6 3?DD?> ?B <9>5>�

�/8 ,2;,, � �5 .+': ���� *5B95C�

�/8 ,2;,, � �5 .+': B5AE9B54D9=5 ���� *5B95C�

�B5C85>9>7 ?B 19B9>7 <9DD<5 G?B> 9D5=C ?6 3<?D89>7 1>4 4BI9>7 ?6 5HDB5=5 C5>C9D9F5 D5HD9<5C��?B 1<< D5HD9<5 DI@5C 9>3<EC9F5 6?1= BE225B �5�7� @9<<?GC CDE6654 D?IC� @<1CD93 �5�7� C8?G5B 3EBD19>C D12<5 3<?D85C�BE225B �5�7� 213;54 BE7C� C855B >I<?> ?<569>�

Page 20: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

�227B7=</: =>B7=<A � '3@73A

i �:;DG: H:II>C< 699>I>DC6A DEI>DCH8=DDH: 6 EGD<G6B L>I= I=:EGD<G6B H:A:8IDG�

.:A:8I I=: DEI>DC ID 7: 8=6C<:9 L>I=I=: P(:CJ� 7JIIDC� +G:HH I=: 7JIIDC IDBDK: ID I=: C:MI DEI>DC DC I=: 9>HEA6N�/=: 68I>K: HNB7DA HI6GIH ;A6H=>C<�

/=: 8JGG:CI 68I>K: DEI>DC H:II>C< >H9>HEA6N:9 DC I=: G><=I�

/=:H: H:II>C<H 86C CDL 7: 8=6C<:9L>I= I=: P.:A:8I� 7JIIDC� +G:HH I=:7JIIDC ID ?JBE ID I=: C:MI EDHH>7A:H:II>C<�

i +G:HH>C< I=: P(:CJ� 7JIIDC 6<6>CH6K:H I=: EG:K>DJHAN H:II>C<H�$; NDJ 9DC�I EG:HH 6CN 7JIIDC ;DG ��H:8DC9H I=: H:II>C<H 6G: H6K:96JIDB6I>86AAN�

!>3(52 �;4):/54 !+::/4-9 �=62'4':/54

*5DC D85 45<1I CD1BD D9=5?6 D85 4BI5B �*D1BD 9> �� 8?EBC��

���� 8���� 8 CD5@C�

�HDB1 31B5 �=?B5 75>D<5 D81>K�5<931D5C <?G D5=@���

&> &66 $; NDJ =6K: 8=DH:C I=: 699>I>DC6A DEI>DC P MIG6 86G:� I=: P�:A>86I:H ADL I:BE�� >C9>86IDG A><=I >AAJB>C6I:H� +G:HH>C< I=: P�:A>86I:H ADLI:BE�� 7JIIDC 86C8:AH I=: 699>I>DC6A DEI>DC P MIG6 86G:��

�89<4W@B??6 <?3; �?><I56653D9F5 G89<5 D85@B?7B1= 9C BE>>9>7�

&> &66 /=>H 699>I>DC6A DEI>DC 6AADLH NDJ ID AD8@ NDJG H:II>C<H ID EG:K:CIJC>CI:C9:9 JH: D; I=: 9GN:G�/D HI6GI I=: 9GN:G L=:C I=: .6;:IN<J6G9 >H 68I>K:� +G:HH 6C9 =DA9 I=: P.I6GI .IDE� 7JIIDC ;DG �H:8DC9H� /D JCAD8@ I=>H 699>I>DC6A DEI>DC L=:C I=: 9GN:G >H GJCC>C<�+G:HH 6C9 =DA9 I=: P.I6GI .IDE� 7JIIDC ;DG � H:8DC9H�

�HDB1 �BI9>7 +9=5 ,C5B C5<53D12<5 457B55 ?64BI>5CC

� � � ����4561E<D ��4BI5B��4BI5CD�

$; NDJ =6K: 8=DH:C I=: HI:EH ��ID � D; I=: 699>I>DC6A DEI>DC P�:<G::D; 9GNC:HH� I=: HNB7DA�� >H 9>HEA6N:9� >H HI6C96G9 H:II>C< � HNBc7DA � >H CDI 9>HEA6N:9�

-?<E=5 ?6 D85 5>4 C97>1<1>4 D85 41=@ 4BI C97>1<

&66=549E==1H9=E=

4DJG 9GN:G DJIEJIH 9>;;:G:CI H><C6AH ;DG 8:GI6>C :K:CIH� 4DJ B6N:C67A: DG 9>H67A: I=: H><C6A 7N H>BJAI6C:DJHAN 9:EG:HH>C< I=:7JIIDCH H=DLC�

*@9> C@554 ?@D9=9J544BI9>7 D9=5 3??B49>1D5CD85 B5=19>9>7 D9=549C@<1I54 6?B D85 4BI5B D?D85 C@9> C@554 1D G8938D85 <1E>4BI G1C@B5F9?EC<I C@E> 9> D85G1C89>7 =1389>5

����������������

/D DEI>B>O: I=: G:B6>C>C< I>B: 9>HEA6N I=: HE>C HE::9 6I L=>8= I=:A6JC9GN L6H EG:K>DJHAN HEJC >C I=: L6H=>C< B68=>C: 86C 7::CI:G:9 7N I=: JH:G�

�D3<B '75</:�>12<5 *97>1< *8?BD D?>5

�9C12<5 *97>1< +G? C8?BD D?>5C

*D1BD �I3<5 *8?BD D?>5

�>4 �I3<5 *5AE5>35 ?6 C8?BD D?>5C

$1<�&@5B1D9?> *5AE5>35 ?6 <?>7 D?>5C

.1B>9>7 ?6 $1<6E>3D9?> *5AE5>35 ?6 <?>7 D?>5C �=1H9=E=F?<E=5�

Page 21: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

#>3@/B7=< )A7<5 B63 2@G3@�� *E:C I=: 9DDG�

�� �=:8@ A>CI ;>AI:G�/=: ;>AI:G H=DJA9 7: 8A:6C:9 7:;DG:6C9 6;I:G JH>C< I=: 9GN:G� �A:6C>C<I=: ;>AI:G G:9J8:H I=: 9GN>C< I>B:6C9 H6K:H :C:G<N� �.:: E6<: ��;DG A>CI ;>AI:G 8A:6C>C< >CHIGJ8I>DCH��

i �A:68= B6N 86JH: 9>H8DADG6I>DC D;I=: 9GN:G�H 8DADG:9 HJG;68:�/=:G:;DG: >I >H >BEDGI6CI ID @::E7A:68= 6L6N ;GDB I=: 8DADG:9HJG;68: D; NDJG 9GN:G� $; 6CN 7A:68=HE>AAH DC I=: HJG;68: JH: 6 BD>HIE6E:G IDL:A ID I=DGDJ<=AN 8A:6C >I>BB:9>6I:AN�

� -DI6I: EGD<G6B H:A:8IDG ID I=:9:H>G:9 EGD<G6B�.:A:8I I=: EGD<G6B L=>8=8DGG:HEDC9H ID I=: A6JC9GN >C I=:9GN:G ;GDB I=: EGD<G6B H:A:8I>DCI67A: �H:: E6<: ����/=: 9GN:G A><=I IJGCH DC >CH>9: I=:9GJB�

i /=: P.I6GI .IDE� >C9>86IDG A><=IHI6GIH ;A6H=>C<�

�� $; G:FJ>G:9 H:A:8I 6C 6K6>A67A:DEI>DC ���:A>86I:H ADL I:BE� DGP �* 3�� 7N EG:HH>C< I=:8DGG:HEDC9>C< 7JIIDC �H:: ;><JG:67DK:��

�AA 6K6>A67A: �*EI>DCH� 6G::MEA6>C:9 DC E6<: ���

i /=: :HI>B6I:9 G:B6>C>C< I>B: L>AA7: 9>HEA6N:9�

�� +A68: A6JC9GN >C I=: :BEIN 9GJB�+JI :68= E>:8: D; A6JC9GN >CID I=:B68=>C: H:E6G6I:AN�!DG 7:HI G:HJAIH I=: A6JC9GN ID 7:9G>:9 BJHI 7: HDGI:9 688DG9>C< IDINE: D; A6JC9GN 6C9 9:H>G:9 9:<G::D; 9GN>C<� !DG ;JGI=:G >C;DGB6I>DCH:: E6<:����

i *7H:GK: 9GN>C< HNB7DAH D; I=:A6JC9GN B6CJ;68IJG:G� $; 9GN>C<LDDA:C 8ADI=>C< 6C9 H=D:H H::I=: >C;DGB6I>DC DC E6<: ���

CHJG: I=6I I=:G: >H DCAN A6JC9GN >C I=:9GJB� �=:8@ I=6I 6AA >I:BH 6G:8DBEA:I:AN >C I=: 9GJB�

�� �ADH: I=: 9DDG�

/=: P.I6GI .IDE� >C9>86IDG A><=I8DCI>CJ:H ;A6H=>C<�

i $; I=: 9DDG =6H CDI 7::C 8ADH:9EGDE:GAN I=: 9GN:G L>AA CDI HI6GI�

�� +G:HH I=: P'B/@B .IDE� 7JIIDC� /=:P.I6GI .IDE� >C9>86IDG A><=I>AAJB>C6I:H�

i /=: EGD<G6B HI6GIH L>I= 6C68DJHI>8 H><C6A �>; H:I��

$; 6 HI6C96G9 EGD<G6B =6H 7::CH:A:8I:9 I=: >C9>86IDG A><=IH >C9>86I:I=: EGD<G:HH D; I=: EGD<G6B H:FJ:C8:�

i �I EGD<G6B :C9 6C 68DJHI>8 H><C6A>H :B>II:9 �>; H:I� 6C9 I=: ' �P2G>C@A: 7AD8@� >AAJB>C6I:H�

i 2=:C I=: 9GN>C< EGD8:HH >H8DBEA:I: �EGD<G6B DG H:A:8I:9I>B: EGD<G6B :C9:9� I=: 9GJBGDI6I:H 6I HE:8>;>8 >CI:GK6AH ;DG��=DJG� /=>H EG:K:CIH I=: A6JC9GN ;GDB8G:6H>C<� /=: A6JC9GN G:B6>CHADDH: 6C9 ;AJ;;N JCI>A >I >H G:BDK:9� /=: A6JC9GN H=DJA9 7: G:BDK:97:;DG: I=>H I>B: =6H :A6EH:9�

�� *E:C I=: 9DDG��� /6@: I=: A6JC9GN DJI D; I=: 9GN:G�

�� -DI6I: I=: EGD<G6B H:A:8IDGID�P*;;��/=: 9GN:G A><=I <D:H DJI�

��� �A:6C I=: ;>AI:G�/=: ;>AI:G H=DJA9 7: 8A:6C:9 6;I:G:68= 9GN>C< EGD8:HH� �A:6C>C< I=:;>AI:G G:9J8:H I=: 9GN>C< I>B: 6C9H6K:H :C:G<N�

��� �ADH: I=: 9DDG�

Page 22: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

�:3/<7<5 B63 :7<B 47:B3@ � 9>GIN ;>AI:G :MI:C9H I=: 9GN>C< I>B: 6C9>C8G:6H:H :C:G<N 8DCHJBEI>DC�/=: ;>AI:G H=DJA9 7: 8A:6C:9 7:;DG: 6C96;I:G :68= 9GN>C< EGD8:HH�$; 6 L6GC>C< H><C6A 6C9 6C P ����L6GC>C< B:HH6<: 6G: :B>II:9 9JG>C< 69GN>C< EGD<G6B 8A:6C I=: ;>AI:G>BB:9>6I:AN 6C9 8=:8@ I=: :M=6JHI9J8I�

i /=: EGD<G6B >CI:GGJEIH6JIDB6I>86AAN�

�� .L>I8= D;; I=: 9GN:G 7N IJGC>C< I=:EGD<G6B H:A:8IDG ID P*;;��

� ��)(�#"/=: >CH>9: D; I=: 9DDG =:6IH JE9JG>C< I=: 9GN>C< EGD8:HH�

�� *E:C I=: 9DDG�

� -:BDK: I=: A>CI ;>AI:G�

�� -:BDK: A>CI 7N HIGD@>C< NDJG =6C9DK:G I=: ;>AI:G�

/=: ;>AI:G H=DJA9 7: A><=IAN H8GJ77:9IL>8: 6 N:6G L>I= L6GB HD6EN L6I:G�/=: ;>AI:G >H 8A:6C L=:C >I CD ADC<:G=DA9H L6I:G� /=: ;>AI:G BJHI 7: 9G>:9I=DGDJ<=AN 7:;DG: 7:>C< G:EA68:9�

�� $CH:GI I=: ;>AI:G��� �ADH: I=: 9DDG�

)A7<5 B63 2@G3@ @/19�#>B7=<� A33 >/53 ���

0H: I=: 9GN:G G68@ ID 9GN L6H=67A:LDDA:C I:MI>A:H �:�<� HL:6I:GH� 6C9H=D:H� /=: 9GN:G G68@ G:B6>CHHI6I>DC6GN L=>A: I=: 9GJB GDI6I:H��6BE LDDA H=DJA9 CDI 7: BDK:9 6H >I=6H 6 I:C9:C8N ID B6II� �GN>C< H=D:HL>I=DJI 6 G68@ 8DJA9 96B6<: I=: 9GJB�

i /=: 9GN:G G68@ BJHI 7: JH:9 ;DG9GN>C< L>I= I=: LDDA 8N8A:� $; I=:G68@ >H CDI JH:9 I=: H:CHDG L>AAH=JI I=: 9GN:G D;; 6;I:G6EEGDM>B6I:AN � B>CJI:H�

"#(����GN DCAN DC: >I:B D; 8ADI=>C< DGDC: E6>G D; H=D:H � B6M>BJB9GN AD69 �����A7H �� @<�� /=:A6JC9GN BJHI =6K: 7::C HEJC�*CAN 9GN EG:L6H=:9 H=D:H� /=:A6JC9GN BJHI CDI IDJ8= I=:9GJB� $I 8DJA9 ?6B 6C9 7:96B6<:9� �;I:G JH>C< I=: 9GN:GG68@ I6@: >I DJI D; I=: 9GN:G>BB:9>6I:AN�

�<A3@B7<5 B63 2@G3@ @/19�� *E:C I=: 9GN:G 9DDG��� �=:8@ I=6I I=: 9GJB >H :BEIN�

� -:BDK: I=: A>CI ;>AI:G�

�� +A68: I=: 9GN:G G68@ =DG>ODCI6AAN>CID I=: 9GJB�

�� +A68: I=: 9GN:G G68@ HD I=6I I=:86I8=:H 6G: >CH:GI:9 6I I=: ;GDCI >CI=: AD86I>C< =DA:H�

�� $CH:GI I=: A>CI ;>AI:G�/=: A>CI ;>AI:G BJHI 7: >CH:GI:9 ;AJH=L>I= I=: 9GJB :9<:�

�@G7<5 :/C<2@G 7B3;A =< B63 2@G3@@/19�� !DA9 A6JC9GN ID ;>I I=: 9GN:G G68@�

�� +A68: A6JC9GN ADDH:AN DC I=:76H@:I� �D CDI 8GJH=� '6JC9GNBJHI CDI IDJ8= I=: 9GJB� �D CDI6AADL >I:BH ID =6C< DK:G I=: 9GN:GG68@�

� �ADH: I=: 9DDG�

Page 23: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

�� -DI6I: EGD<G6B H:A:8IDG ID P/>B:9GN ���� B>C���

� .:A:8I I=: 9GN>C< I>B: 688DG9>C< IDI=: A6JC9GN INE:�

�@G7<5 A6=3A =< B63 2@G3@ @/19��� +G:E6G: H=D:H�� �A:6C H=D:H ID EG:K:CI I=: 9GJB

;GDB 7:8DB>C< HD>A:9�

� $; EG:E6G>C< HEDGIH H=D:H :MI:C9I=: IDC<J:�

� 'DDH:C DG G:BDK: H=D:cA68:H�

� -:BDK: >CHDA:H 6C9 =::A E69H�

�� +A68: H=D:H DC I=: G68@�� �>G:8IAN DC I=: 9GN:G G68@

DG� -DAA JE 6 IDL:A 6C9 EA68: I=:

=::AH D; I=: H=D:H DC I=: IDL:A�/=>H L>AA :CHJG: 6 BDG: JC>;DGB9GN>C< G:HJAI�

� �ADH: I=: 9DDG�

�� +G:HH I=: P'B/@B .IDE� 7JIIDC� /=:P.I6GI .IDE� >C9>86IDG A><=I>AAJB>C6I:H�

�� $; I=: >I:B D; 8ADI=>C< HI>AA 8DCI6>CHG:H>9J6A BD>HIJG: 6;I:G I=:>C9>86I:9 9GN>C< I>B:�� !DA9 I=: >I:B D; 8ADI=>C< HD I=6I

I=: 96BE E6GIH 6G: DC I=:DJIH>9:�

� -:HI6GI I=: EGD<G6B 6C9 G:9J8:I=: 9GN>C< 9JG6I>DC 9:E:C9>C<DC I=: 9:<G:: D; G:H>9J6ABD>HIJG:�

�� �;I:G 9GN>C< HEG:69 6C9 :MEDH:I=: A6JC9GN ID 6>G ;DG 6EEGDM����B>C� �H=D:H ;DG 6EEGDM����B>C���

�� -:BDK: I=: A>CI ;>AI:G�

�� /6@: I=: 9GN:G G68@ DJI D; I=:9GJB�

�� -:c>CH:GI I=: A>CI ;>AI:G�

Page 24: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

�:3/<7<5 /<2 1/@3�:3/<7<5 B63 2@G3@

� +�&"�"�(# �*#�� &�'� #� �,$ #'�#"�):K:G JH: HDAK:CIH DG =><=AN;A6BB67A: A>FJ>9H ;DG 8A:6C>C<�

"#(���$C8DGG:8I 8A:6C>C< B6N 96B6<: I=:9GN:G� �D CDI HEG6N L>I= 6 L6I:G ?:I��D CDI JH: H8DJG>C< 6<:CIH DG6AAcEJGEDH: 8A:6C:GH� �D CDI JH:HI:6B 8A:6C:GH�

2>E: I=: =DJH>C< 6C9 ;6H8>6 L>I= 6 HD;I8ADI= 6C9 HD6EN L6I:G DCAN�2>E: I=: 9GJB 9DDG H:6A 6C9 >CH>9: D;I=: 9DDG L>I= 6 96BE 8ADI= DCAN�

�:3/<7<5 B63 3F6/CAB 2C1B$CHE:8I 6C9 8A:6C I=: :M=6JHI 9J8I>C<6I A:6HI DC8: 6 N:6G ID EG:K:CI8AD<<>C<� � E6GI>6AAN 8AD<<:9 :M=6JHIL>AA A:C<I=:C I=: 9GN>C< I>B: 6C9 L>AAG:HJAI >C EDDG E:G;DGB6C8: D; I=: 9GN:G�

� /JGC D;; I=: 8>G8J>I 7G:6@:G

� +JAA DJI EDL:G HJEEAN EAJ<

� �>H8DCC:8I I=: 9J8I ;GDB I=:9GN:G�

� 168JJB 6C9 G:8DCC:8I I=: 9J8I�

�:3/<7<5 B63 ;=7ABC@3A3<A=@/=: BD>HIJG: H:CHDG =6H ID 7: 8A:6C:97:86JH: 6 ;>C: A6N:G D; IG6CHE6G:CI7J>A9JE >H 9:EDH>I:9 DC�I=: H:CHDGH�

/=>H 9:EDH>I 86C :6H>AN 7: G:BDK:9 7NL>E>C< I=: H:CHDGH �I=: ILD 76GH C:MIID I=: A>CI ;>AI:G� L>I= 6 8ADI= 6C9 6�A>IIA:L=>I: K>C:<6G� 0H: L=>I: K>C:<6G DCAN� �A:6C I=: BD>HIJG: H:CHDG DC8: 6BDCI=�

�:3/<7<5 B63 03/@7<5A673:2*K:G I>B: ;AJ;; ;GDB I=: 9GN>C< EGD8:HH8DAA:8IH >C I=: 7:6G>C< H=>:A9�

/=>H ;AJ;; 86C 7: :6H>AN G:BDK:9 JH>C<NDJG K68JJB 8A:6C:G 6I A:6HI DC8: 6BDCI=�

�:3/<7<5 B63 !�'(��- �"=HH:3*C8: 6 N:6G >CHE:8I I=: CDOOA: DJIA:I�$; NDJ HJHE:8I 7AD8@6<: L>E: I=:DJIH>9: D; I=: CDOOA: L>I= 6 8ADI=BD>HI:C:9 L>I= K>C:<6G� $; I=: CDOOA: >H8DBEA:I:AN 7AD8@:9 8DCHJAI I=:IGDJ7A:H=DDI>C< <J>9: �H:: E6<: ��� ;DGG:BDK6A 6C9 8A:6C>C< >CHIGJ8I>DCH� $;I=: CDOOA: G:B6>CH 7AD8@:9 86AA8JHIDB:G H:GK>8: �H:: E6<: ����

�6/<53 B63 :756B 0C:0/=: 9GN:G A><=I IJGCH DC >CH>9: I=: 9GJBL=:C NDJ DE:C I=: 9DDG�/D 8=6C<: I=: A><=I 7JA7�� .:I EGD<G6B H:A:8IDG ID P*;;��

� /JGC D;; I=: 8>G8J>I 7G:6@:G�

� +JAA DJI EDL:G HJEEAN EAJ<�

� *E:C I=: 9DDG 6C9 AD86I: I=: A><=I7JA7 DC I=: JEE:G A:;I H>9: D; I=:H:6A�

� 'DDH:C I=: H8G:L D; I=: 8DK:G 6C9DE:C I=: 8DK:G�

� /JGC 7JA7 8DJCI:G8AD8@L>H:�-:EA68: I=: 7JA7 L>I= 6 C:L6EEA>6C8: 7JA7 DCAN �D7I6>C67A:I=GDJ<= E6GIH 9:E6GIB:CI��

i +6GIH 6G: 6K6>A67A: 6ILLL�7DH8=6EEA>6C8:H�8DBDG 7N 86AA>C< ���������������

� -:EA68: I=: 8DK:G 6C9 H:8JG: L>I=I=: H8G:L�

� +AJ< >C 9GN:G DG G:8DCC:8I EDL:GHJEEAN�

Page 25: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

(@=C0:3A6==B7<5 � +�&"�"�/* �1*$� -$.& *! ' �/-$��' .#*�&� -:E6>GH DG G:EA68:B:CI D; E6GIHH=6AA 7: 86GG>:9 DJI 7N FJ6A>;>:9I:8=C>8>6CH DG A>8:CH:9:A:8IG>8>6CH DCAN�

�:;DG: 86AA>C< I=: 8JHIDB:G H:GK>8:8=:8@ L=:I=:G NDJ 86C G:8I>;N I=: ;6JAINDJGH:A; 7N B:6CH D; I=: ;DAADL>C<I67A:�$; 6 ;6JAI 86CCDI 7: G:8I>;>:9 DG 6�G:E6>G>H G:FJ>G:9�

�� .:I EGD<G6B H:A:8IDG ID P*;;���� /JGC D;; I=: 8>G8J>I 7G:6@:G� � +JAA I=: B6>C EAJ< DJI D; I=:HD8@:I�

�� �6AA 8JHIDB:G H:GK>8:�H::�E6<:�����

�85(2+3 �599/(2+ )';9+ +3+*/'2 '):/54�BI5B 4?5C >?D CD1BD� $19> @<E7 >?D 9>C5BD54 1D 1<< ?B >?D 9>C5BD54 3?BB53D<I� ">C5BD =19> @<E7 3?BB53D<I��BI5B 4?5C >?D CD1BD�

K*D1BD *D?@� 9>4931D?B <978D 4?5C >?D9<<E=9>1D5�

� 6EC5 ?6 @?G5B CE@@<I 81C DB9@@54� )5@<135 CG9D38 ?> 6EC5�K*D1BD *D?@� 9>4931D?B <978D 4?5C >?D9<<E=9>1D5� K*D1BD *D?@� 2EDD?> >?D @B5CC54� 'B5CC K*D1BD *D?@� 2EDD?>�9<<E=9>1D5�

%? @B?7B1= C5<53D54� *5<53D @B?7B1=�

�??B >?D 3<?C54� �<?C5 4??B�

�=295>D D5=@5B1DEB5 25<?G ��°� �� °��� ">3B51C5 B??= D5=@5B1DEB5�'B?7B1= 81C 255> 9>D5BBE@D54���G1B>9>7 C97>1< 9C 5=9DD54 1>4 D8549C@<1I C8?GC KE:01��

#9>D 69<D5B 49BDI� �<51> 69<D5B 1C 45C3B9254 ?> @175 ��� *G9D38 ?66 CG9D38 ?> 1719>���G1B>9>7 C97>1< 9C 5=9DD54 1>4 D85

49C@<1I C8?GC KE:01�� �H81ECD 19B 4E3D 9C 2<?3;54 ?B D?? <?>7� �<51> 5H81ECD 19B 4E3D� )54E35 5H81ECD 19B 4E3D D?=1H9=E= <5>7D8 1C 45C3B9254 ?> @175 ��� *G9D38 ?66 CG9D38 ?> 1719>�

�1E<D 9> @B?7B1= C5AE5>35 ?B =1<6E>3D9?>� *G9D38 ?66 4BI5B <51F5 D? 3??< 4?G> 6?B �� =9>CG9D38 ?> 1719>�)5CD1BD @B?7B1=�

+85 B??= 3129>5D 9C >?D 145AE1D5<I F5>D9<1D54� 'B?F945 1> 145AE1D5 CE@@<I ?6 6B5C8 19B� *G9D38 ?66 CG9D38 ?> 1719>�

�57B55 ?6 4BI9>7 81C >?D 255> B513854?B D85 4BI9>7 D9=5 9C D?? <?>7��9C@<1I =1I 9>4931D5 KE:03��

$?9CDEB5 C5>C?B 49BDI� �<51> =?9CDEB5 C5>C?B 1C 45C3B9254 ?> @175 ���*G9D38 ?66 CG9D38 ?> 1719>�?B D85 4BI9>7 D9=5 9C D?? <?>7�

�9C@<1I =1I 9>4931D5 KE:03�� �H81ECD 19B 4E3D 9C 2<?3;54 ?B D?? <?>7� �<51> 5H81ECD 19B 5HDB13D9?>� )54E35 5H81ECD 19B 4E3DD? =1H9=E= <5>7D8 1C 45C3B9254 ?> @175 ��� *G9D38 ?66 CG9D38 ?> 1719>�

#9>D 69<D5B 49BDI� �<51> 69<D5B 1C 45C3B9254 ?> @175 ��� *G9D38 ?66 CG9D38 ?> 1719>�

#1E>4BI G1C D?? G5D� *@9> <1E>4BI 1D 89785B C@554 9> D85 G1C89>7=1389>5� *G9D38 ?66 CG9D38 ?> 1719>�

,>CE9D12<5 @B?7B1= C5<53D54� *5<53D @B?7B1= G9D8 194 ?6 D85 @B?7B1= C5<53D9?>D12<5 �C55 @175 ���� *G9D38 ?66 CG9D38 ?> 1719>�

$1H9=E= 4BI9>7 D9=5 G1C 5H355454� �<51> <9>D 69<D5B �C55 @175 �����853; 5H81ECD 19B 5HDB13D9?>�*@9> <1E>4BI 1D 1 89785B C@554 9> I?EB G1C85B�

$?D?B <9=9D D5=@5B1DEB5 G1C 5H355454� *G9D38 ?66 4BI5B <51F5 D? 3??< 4?G> 6?B �� =9>�*G9D38 ?> 1719>� *D1BD @B?7B1=�

�57B55 ?6 4BI>5CC >?D 3?BB53D<I C5D ��� *5B95C �81>75 C5DD9>7C 6?B 457B55 ?6 4BI>5CCC55 @175 ��

�BE= <978D 4?5C >?D 6E>3D9?>� %? @B?7B1= C5<53D54� *5<53D @B?7B1=��BE= <978D 4?5C >?D 6E>3D9?>�

#978D 2E<2 45653D9F5 <978D 2E<2 2EB>54 ?ED� �81>75 <978D 2E<2 C55 @175 ���

%? @?G5B CE@@<I� E1B1>D55 @?G5B CE@@<I�#978D 2E<2 9C <??C5� +978D5> <978D 2E<2� )5=?F5 1>4 B59>CD1<< D85 3?F5B 1C

49B53D54 ?> @175 ���

K*D1BD *D?@� 9>4931D?B <978D 4?5C >?D9<<E=9>1D5� K.B9>;<5 2<?3;� 9>4931D?B<978DC�

�1E<D 9> @B?7B1= C5AE5>35 ?B =1<6E>3D9?>� *G9D38 ?66 4BI5B <51F5 D? 3??< 4?G> 6?B �� =9>CG9D38 ?> 1719>�)5CD1BD @B?7B1=�

9<<E=9>1D5� K.B9>;<5 2<?3;� 9>4931D?B<978DC� +85 49C@<1I C8?GC K000��

CG9D38 ?> 1719>�)5CD1BD @B?7B1=�

#9>D 69<D5B #�� 9C 2<9>;9>7 16D5B <9>D 69<D5B81C 255> 3<51>54

�<9>;9>7 ?6 <9>D 69<D5B #�� 9C >?D 1> 9>4931D9?> ?6 1@B?2<5=� "D 9C EC54 ?><I 1C 1 B5=9>45B�

%? 13D9?> B5AE9B54� #978D G9<< CD?@ 2<9>;9>7�

Page 26: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

(@=C0:3A6==B7<5 �1=<B7<C32�

�85(2+3 �599/(2+ )';9+ +3+*/'2 '):/54,>ECE1< >?9C5� D8E=@9>7 C?E>4 �BE= CEC@5>C9?> B?<<5BC >554 D9=5 D? G1B= E@� %? 13D9?> B5AE9B54� �C CEC@5>C9?> CICD5= B?<<5BC

G1B= E@ D8E=@9>7 G9<< 453B51C5 1>4 C8?E<4 CD?@G9D89> � D? � =9>ED5C ?6 4BI5B EC5

,>ECE1< >?9C5� *D514I F92B1D9?> �BI5B 9C >?D <5F5<� #5F5< D85 4BI5B �C55 EC5B =1>E1< C53D9?> K">CD1<<1D9?>">CDBE3D?>C�

,>ECE1< >?9C5� )8ID8=93 F92B1D9?> #1E>4BI 21<<54 E@ 31EC9>7 <?14 D? 2?E>35� *D?@ 4BI5B C5@1B1D5 <?14 9D5=C B5CD1BD 4BI5B�

.1D5B 9C >?D C@B1I54 9>D? D85 E>9D4EB9>7 ��!"��)� 3I3<5C

.1D5B D1@�C� >?D DEB>54 ?>� +EB> ?> G1D5B D1@�.1D5B 9C >?D C@B1I54 9>D? D85 E>9D4EB9>7 ��!"��)�� 3I3<5C ��#�*+&' !?C5 C165DI 651DEB5 13D9F1D54� �?>69B= 13D9F1D9?> ?6 ��#�*+&' !?C5 2I F9CE1<

9>C@53D9?> ?6 B54 9>4931D?B 9> 8?C5 �C55 @175 ��� "6B54 9>4931D?B C8?GC �8?C5 9C 13D9F1D54� B5@<135 8?C5�

�<?3;54 >?JJ<5 )5=?F5 D85 >?JJ<5 EC9>7 1 � �� 9>38 C?3;5D GB5>38�'<135 D85 >?JJ<5 9>D? 1 3?>D19>5B 69<<54 G9D8 5>?E78G89D5 F9>571B D? 3?F5B D85 >?JJ<5� �<<?G D85 >?JJ<5 D?C?1; 6?B 69F5 =9>E>D5C D85> C3BE2 D85 >?JJ<5 D9@75>D<I G9D8 1 D??D82BEC8 D? B5=?F5 B5C94E5� )9>C5D85 >?JJ<5 1>4 B59>C5BD 9D 213; 9>D? D85 4BI5B 1>481>4 D978D5> D85> D978D5> � 1449D9?>1< DEB> G9D8 D85GB5>38�

'�&*��� /<2 &�$��& � +�&"�"�

+�&"�"� � '67:A 6AA L>G:H EG>DGID 9>H8DCC:8I>DC L=:C H:GK>8>C<8DCIGDAH� 2>G>C< :GGDGH 86C 86JH:>BEGDE:G DE:G6I>DC I=6I 8DJA986JH: H:G>DJH 96B6<: ID I=:6EEA>6C8: DG E:GHDC6A >C?JGN�1:G>;N EGDE:G DE:G6I>DC 6;I:GH:GK>8>C<�

/=: �DH8= 9GN:GH G:FJ>G: CD HE:8>6A86G: DI=:G I=6C I=: 86G: 6C9 8A:6C>C<CDI:9 67DK:�

i $; NDJ 6G: =6K>C< 6 EGD7A:B L>I=NDJG 9GN:G EA:6H: G:;:G ID I=:IGDJ7A:H=DDI>C< I67A: DC E6<: ��7:;DG: 86AA>C< ;DG H:GK>8:�

$; H:GK>8: 7:8DB:H C:8:HH6GN 8DCI68INDJG 9:6A:G DG >CHI6AA:G DG 6C 6JI=DG>O:9H:GK>8: 8:CI:G� �D CDI 6II:BEI ID G:E6>GI=: 6EEA>6C8: NDJGH:A;� �CN LDG@E:G;DGB:9 7N JC6JI=DG>O:9 E:GHDCC:AB6N KD>9 I=: L6GG6CIN�

$; NDJ 6G: =6K>C< 6 EGD7A:B L>I= NDJG�DH8= 9GN:G 6C9 6G: CDI EA:6H:9 L>I=I=: H:GK>8: NDJ =6K: G:8:>K:9�

� !>GHI EA:6H: 8DCI68I NDJG >CHI6AA:GDG I=: �DH8= �JI=DG>O:9 .:GK>8:�DCIG68IDG >C NDJG 6G:6 6C9:MEA6>C ID I=:B L=N NDJ 6G: CDIH6I>H;>:9� /=>H L>AA JHJ6AAN 8DGG:8II=: EGD7A:B�

� $; 6;I:G LDG@>C< L>I= NDJG >CHI6AA:GDG H:GK>8: E:GHDC I=: EGD7A:B HI>AA=6H CDI 7::C G:HDAK:9 ID NDJGH6I>H;68I>DC EA:6H: A:I JH @CDL 7N:>I=:G LG>I>C< ID JH 6I

�.# #DB: �EEA>6C8:H �DGEDG6I>DC���� (8!699:C �K:CJ:#JCI>C<IDC �:68= �� �����DG 86AA>C< JH 6I

�S�S���S����+A:6H: 7: HJG: ID >C8AJ9: >; LG>I>C< DG=6K: 6K6>A67A: >; 86AA>C< I=: ;DAADL>C<>C;DGB6I>DC�

� (D9:A )JB7:G� .:G>6A )JB7:G� �6I: D; *G><>C6A +JG8=6H:� �6I: +GD7A:B *G><>C6I:9� MEA6C6I>DC D; +GD7A:B

�AHD >; LG>I>C< EA:6H: 7: HJG: ID>C8AJ9: 6 96NI>B: I:A:E=DC: CJB7:G6C9 6 8DEN D; I=: H6A:H >CKD>8:�

4DJ L>AA ;>C9 I=: BD9:A CJB7:G 6C9H:G>6A CJB7:G >C;DGB6I>DC DC I=: G6I>C<EA6I: AD86I:9 DC I=: >CH>9: D; I=: ;GDCIE6C:A�

/=: >B6<: 7:ADL H=DLH I=:6EEGDM>B6I: AD86I>DC D; I=: G6I>C< EA6I:�/=: BD9:A CJB7:G =6H 6 G:8I6C<A:6GDJC9 >I� /=: H:G>6A CJB7:G >H AD86I:97:ADL I=: BD9:A CJB7:G�

�C :M6BEA: >H H=DLC 7:ADL�

/=: B6CJ;68IJG:G G:H:GK:H I=: G><=I IDB6@: 8=6C<:H >C I=: EGD9J8I DGB6CJ6A L>I=DJI CDI>;>86I>DC�

Page 27: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

'(�(�!�"( #� �!�(�� $&#�)�( +�&&�"(- �DH8= ):FFI �ADI=:H �GN:G

+6/B B67A +/@@/<BG �=D3@A � +6= 7B �>>:73A B=� /=: A>B>I:9 L6GG6CIN EGDK>9:9 7N �.# #DB: �EEA>6C8:H �DGEDG6I>DC ��DH8=�>C I=>H .I6I:B:CI D; '>B>I:9 +GD9J8I 26GG6CIN 6EEA>:H DCAN ID I=: �DH8= ):FFI �ADI=:H �GN:G �P+GD9J8I�� HDA9 ID NDJ I=: ;>GHIJH>C< EJG8=6H:G 7JI HIG>8IAN 8DC9>I>DC:9 DC I=: +GD9J8I =6K>C< 7::C EJG8=6H:9� ��� ;DG NDJG CDGB6A =DJH:=DA9 �CDC�8DBB:G8>6A�JH: 6C9 =6H >C ;68I 6I 6AA I>B:H DCAN 7::C JH:9 ;DG CDGB6A =DJH:=DA9 EJGEDH:H �6CN 8DBB:G8>6A JH: DG H:II>C< D; I=: +GD9J8I���������� ����� ��� �� ������ ��� C:L 6I G:I6>A �CDI 6 9>HEA6N P6H >H� DG EG:K>DJHAN G:IJGC:9 BD9:A� EJG8=6H:9 9>G:8IAN 7N I=::C9�JH:G 8DCHJB:G 6C9 CDI ;DG G:H6A: DG 8DBB:G8>6A JH:� 6C9 ��� L>I=>C I=: 0C>I:9 .I6I:H DG �6C696 6C9 =6H 6I 6AA I>B:HG:B6>C:9 L>I=>C I=: 8DJCIGN D; DG><>C6A EJG8=6H:� /=: L6GG6CI>:H HI6I:9 =:G:>C 6EEAN DCAN ID I=: ;>GHI EJG8=6H:G D; I=: +GD9J8I 6C96G: CDI IG6CH;:G67A:� /=: L6GG6CIN >H ���������� ���� >; I=: +GD9J8I L6H 6 9>HEA6N BD9:A HDA9 P6H >H� I6BE:G:9 L>I= 696B6<:9 DG PH8G6I8= 6C9 9:CI� BD9:A DG 6 EG:K>DJHAN G:IJGC:9 BD9:A 6 ;G:: <>K:�6L6N 8=6G>I67A: 9DC6I>DC DG 8DCI:HI EG>O:�

� +A:6H: B6@: HJG: ID G:IJGC NDJG G:<>HIG6I>DC 86G9� L=>A: CDI C:8:HH6GN ID :;;:8IJ6I: L6GG6CIN 8DK:G6<: >I >H I=: 7:HI L6N ;DG�DH8= ID CDI>;N NDJ >C I=: JCA>@:AN :K:CI D; 6 H6;:IN CDI>8: DG EGD9J8I G:86AA�

�=E =<5 B63 +/@@/<BG /ABA� �DH8= L6GG6CIH I=6I I=: +GD9J8I >H ;G:: ;GDB 9:;:8IH >C B6I:G>6AH 6C9 LDG@B6CH=>E ;DG 6 E:G>D9D; I=G:: =JC9G:9 H>MIN�;>K: 96NH ����� 96NH ;GDB I=: 96I: D; EJG8=6H:� /=: ;DG:<D>C< I>B:A>C: 7:<>CH ID GJC JEDC I=: 96I: D;EJG8=6H: 6C9 H=6AA CDI 7: HI6AA:9 IDAA:9 :MI:C9:9 DG HJHE:C9:9 ;DG 6CN G:6HDC L=6IHD:K:G�

&3>/7@&3>:/13 /A -=C@ �F1:CA7D3 &3;32G� �JG>C< I=>H L6GG6CIN E:G>D9 �DH8= DG DC: D; >IH 6JI=DG>O:9 H:GK>8: EGDK>9:GH L>AAG:E6>G NDJG +GD9J8I L>I=DJI 8=6G<: ID NDJ �HJ7?:8I ID 8:GI6>C A>B>I6I>DCH HI6I:9 =:G:>C� >; NDJG +GD9J8I EGDK:H ID =6K: 7::CB6CJ;68IJG:9 L>I= 6 9:;:8I >C B6I:G>6AH DG LDG@B6CH=>E� $; G:6HDC67A: 6II:BEIH ID G:E6>G I=: +GD9J8I =6K: 7::C B69: L>I=DJIHJ88:HH I=:C �DH8= L>AA G:EA68: NDJG +GD9J8I �JE<G69:9 BD9:AH B6N 7: 6K6>A67A: ID NDJ >C �DH8=�H HDA: 9>H8G:I>DC ;DG 6C699>I>DC6A 8=6G<:�� �AA G:BDK:9 E6GIH 6C9 8DBEDC:CIH H=6AA 7:8DB: I=: EGDE:GIN D; �DH8= 6I >IH HDA: DEI>DC� �AA G:EA68:9 6C9 DGG:E6>G:9 E6GIH H=6AA 6HHJB: I=: >9:CI>IN D; I=: DG><>C6A E6GI ;DG EJGEDH:H D; I=>H L6GG6CIN 6C9 I=>H L6GG6CIN H=6AA CDI 7: :MI:C9:9L>I= G:HE:8I ID HJ8= E6GIH� �DH8=�H HDA: A>67>A>IN 6C9 G:HEDCH>7>A>IN =:G:JC9:G >H ID G:E6>G B6CJ;68IJG:G�9:;:8I>K: +GD9J8I DCANJH>C< 6 �DH8=�6JI=DG>O:9 H:GK>8: EGDK>9:G 9JG>C< CDGB6A 7JH>C:HH =DJGH� !DG H6;:IN 6C9 EGDE:GIN 96B6<: 8DC8:GCH �DH8==><=AN G:8DBB:C9H I=6I NDJ 9D CDI 6II:BEI ID G:E6>G I=: +GD9J8I NDJGH:A; DG JH: 6C JC�6JI=DG>O:9 H:GK>8:G� �DH8= L>AA =6K: CDG:HEDCH>7>A>IN DG A>67>A>IN ;DG G:E6>GH DG LDG@ E:G;DGB:9 7N 6 CDC�6JI=DG>O:9 H:GK>8:G� $; NDJ 8=DDH: ID =6K: HDB:DC: DI=:G I=6C 6C6JI=DG>O:9 H:GK>8: EGDK>9:G LDG@ DC NDJG +GD9J8I /#$. 2�--�)/4 2$'' �0/*(�/$��''4 � �*( )0'' �)� 1*$���JI=DG>O:9 H:GK>8: EGDK>9:GH 6G: I=DH: E:GHDCH DG 8DBE6C>:H I=6I =6K: 7::C HE:8>6AAN IG6>C:9 DC �DH8= EGD9J8IH 6C9 L=DEDHH:HH >C �DH8=�H DE>C>DC 6 HJE:G>DG G:EJI6I>DC ;DG 8JHIDB:G H:GK>8: 6C9 I:8=C>86A 67>A>IN �CDI: I=6I I=:N 6G: >C9:E:C9:CI:CI>I>:H 6C9 6G: ��� 6<:CIH E6GIC:GH 6;;>A>6I:H DG G:EG:H:CI6I>K:H D; �DH8=�� )DIL>I=HI6C9>C< I=: ;DG:<D>C< �DH8= L>AA CDI >C8JG6CN A>67>A>IN DG =6K: G:HEDCH>7>A>IN ;DG I=: +GD9J8I >; >I >H AD86I:9 >C 6 G:BDI: 6G:6 �BDG: I=6C ��� B>A:H ;GDB 6C 6JI=DG>O:9 H:GK>8:EGDK>9:G� DG >H G:6HDC67AN >C688:HH>7A: =6O6G9DJH I=G:6I:C>C< DG IG:68=:GDJH AD86A: HJGGDJC9>C<H DG :CK>GDCB:CI� >C 6CN HJ8=:K:CI >; NDJ G:FJ:HI �DH8= LDJA9 HI>AA E6N ;DG A67DG 6C9 E6GIH 6C9 H=>E I=: E6GIH ID I=: C:6G:HI 6JI=DG>O:9 H:GK>8: EGDK>9:G 7JINDJ LDJA9 HI>AA 7: ;JAAN A>67A: 6C9 G:HEDCH>7A: ;DG 6CN IG6K:A I>B: DG DI=:G HE:8>6A 8=6G<:H 7N I=: H:GK>8: 8DBE6CN 6HHJB>C< I=:N6<G:: ID B6@: I=: H:GK>8: 86AA�

�FB3<232 7;7B32 +/@@/<BG�

����"� �� %� ��"& !���� �� %� ��"&

� /51B #9=9D54 .1BB1>DI �B?= �1D5 ?6 'EB381C5

�?C38 G9<< @B?F945 B5@<135=5>D @1BDC 6B55 ?6 381B75 6?B 1>I 3?=@?>5>D@1BD D81D @B?F5C 45653D9F5 E>45B 3?>49D9?>C ?6 >?B=1< 8?=5 EC5 4EB9>7D85 69BCD DG? I51BC 6B?= D85 41D5 ?6 @EB381C5 >?B=1< �>?>�5H@549D54�C89@@9>7 3?CDC 9>3<E454 <12?B 381B75C 5H3<E454�

� /51B #9=9D54 .1BB1>DI ?> �<53DB?>93C �B?= �1D5 ?6 'EB381C5

�?C38 G9<< B5@19B ?B B5@<135 6B55 ?6 381B75 1>I =93B?@B?35CC?B ?B @B9>D5439B3E9D 2?1B4 D81D @B?F5C 45653D9F5 E>45B 3?>49D9?>C ?6 >?B=1< 8?=5 EC54EB9>7 D85 69BCD DG? I51BC 6B?= D85 41D5 ?6 @EB381C5 <12?B 381B75C5H3<E454�

� /51B #9=9D54 .1BB1>DI ?> $?D?B �B?= �1D5 ?6 'EB381C5

�?C38 G9<< B5@19B ?B B5@<135 6B55 ?6 381B75 1>I =?D?B ?B 3?=@?>5>D @1BD?6 D85 =?D?B D81D @B?F5C 45653D9F5 E>45B 3?>49D9?>C ?6 >?B=1< 8?=5 EC54EB9>7 D85 69BCD DG? I51BC 6B?= D85 41D5 ?6 @EB381C5 <12?B 381B75C5H3<E454�

#CB =4 +/@@/<BG $@=2C1B� �DH8= >H JC9:G CD D7A><6I>DC 6I A6L DG DI=:GL>H: ID EGDK>9: NDJ L>I= 6CN 8DC8:HH>DCH >C8AJ9>C<G:E6>GH EGD�G6I:H DG +GD9J8I G:EA68:B:CI DC8: I=>H L6GG6CIN =6H :ME>G:9�

+/@@/<BG �F1:CA7=<A� /=: L6GG6CIN 8DK:G6<: 9:H8G>7:9 =:G:>C :M8AJ9:H 6AA 9:;:8IH DG 96B6<: I=6I 6G: CDI I=: 9>G:8I ;6JAI D;�DH8= >C8AJ9>C< L>I=DJI A>B>I6I>DC DC: DG BDG: D; I=: ;DAADL>C<� ��� JH: D; I=: +GD9J8I >C 6CNI=>C< DI=:G I=6C >IH CDGB6A8JHIDB6GN 6C9 >CI:C9:9 B6CC:G �>C8AJ9>C< L>I=DJI A>B>I6I>DC 6CN ;DGB D; 8DBB:G8>6A JH: JH: DG HIDG6<: D; 6C >C9DDG EGD9J8IDJI9DDGH JH: D; I=: +GD9J8I >C 8DC?JC8I>DC L>I= 6>G DG L6I:G�<D>C< K:HH:AH�� ��� 6CN E6GIN�H L>AA;JA B>H8DC9J8I C:<A><:C8:B>HJH: 67JH: 688>9:CIH C:<A:8I >BEGDE:G DE:G6I>DC ;6>AJG: ID B6>CI6>C >BEGDE:G DG C:<A><:CI >CHI6AA6I>DC I6BE:G>C< ;6>AJG: ID

Page 28: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

;DAADL DE:G6I>C< >CHIGJ8I>DCH B>H=6C9A>C< JC6JI=DG>O:9 H:GK>8: �>C8AJ9>C< H:A;�E:G;DGB:9 P;>M>C<� DG :MEADG6I>DC D; I=:6EEA>6C8:�H >CI:GC6A LDG@>C<H�� ��� 69?JHIB:CI 6AI:G6I>DC DG BD9>;>86I>DC D; 6CN @>C9� ��� 6 ;6>AJG: ID 8DBEAN L>I= 6CN 6EEA>867A:HI6I: AD86A 8>IN DG 8DJCIN :A:8IG>86A EAJB7>C< 6C9 DG 7J>A9>C< 8D9:H G:<JA6I>DCH DG A6LH >C8AJ9>C< ;6>AJG: ID >CHI6AA I=: EGD9J8I >CHIG>8I 8DC;DGB>IN L>I= AD86A ;>G: 6C9 7J>A9>C< 8D9:H 6C9 G:<JA6I>DCH� ��� DG9>C6GN L:6G 6C9 I:6G HE>AAH D; ;DD9 A>FJ>9 <G:6H:688JBJA6I>DCH DG DI=:G HJ7HI6C8:H I=6I 688JBJA6I: DC >C DG 6GDJC9 I=: +GD9J8I� 6C9 ��� 6CN :MI:GC6A :A:B:CI6A 6C9 DG:CK>GDCB:CI6A ;DG8:H 6C9 ;68IDGH >C8AJ9>C< L>I=DJI A>B>I6I>DC G6>C L>C9 H6C9 ;ADD9H ;>G:H BJ9 HA>9:H ;G::O>C< I:BE:G6IJG:H:M8:HH>K: BD>HIJG: DG :MI:C9:9 :MEDHJG: ID =JB>9>IN A><=IC>C< EDL:G HJG<:H HIGJ8IJG6A ;6>AJG:H HJGGDJC9>C< I=: 6EEA>6C8: 6C968IH D; "D9� $C CD :K:CI H=6AA �DH8= =6K: 6CN A>67>A>IN DG G:HEDCH>7>A>IN L=6IHD:K:G ;DG 96B6<: ID HJGGDJC9>C< EGDE:GIN >C8AJ9>C<867>C:IGN ;ADDGH 8:>A>C<H 6C9 DI=:G HIGJ8IJG:H DG D7?:8IH 6GDJC9 I=: +GD9J8I� �AHD :M8AJ9:9 ;GDB I=>H L6GG6CIN 6G: H8G6I8=:HC>8@H B>CDG 9:CIH 6C9 8DHB:I>8 96B6<:H DC :MI:GC6A HJG;68:H 6C9 :MEDH:9 E6GIH� +GD9J8IH DC L=>8= I=: H:G>6A CJB7:GH =6K:7::C 6AI:G:9 9:;68:9 DG G:BDK:9� H:GK>8: K>H>IH ID I:68= NDJ =DL ID JH: I=: +GD9J8I DG K>H>IH L=:G: I=:G: >H CDI=>C< LGDC< L>I=I=: +GD9J8I� 8DGG:8I>DC D; >CHI6AA6I>DC EGD7A:BH �NDJ 6G: HDA:AN G:HEDCH>7A: ;DG 6CN HIGJ8IJG: 6C9 H:II>C< ;DG I=: +GD9J8I >C8AJ9>C<6AA :A:8IG>86A EAJB7>C< DG DI=:G 8DCC:8I>C< ;68>A>I>:H ;DG EGDE:G ;DJC96I>DC ;ADDG>C< 6C9 ;DG 6CN 6AI:G6I>DCH >C8AJ9>C< L>I=DJIA>B>I6I>DC 867>C:IGN L6AAH ;ADDGH H=:AK>C< :I8��� 6C9 G:H:II>C< D; 7G:6@:GH DG ;JH:H� /* /# 3/ )/ �''*2 � �4 '�2 /#$.2�--�)/4 . /. *0/ 4*0- 3�'0.$1 - ( �$ . 2$/# - .+ �/ /* +-*�0�/ 2# /# - /# �'�$( �-$. . $)�*)/-��/ *- /*-/ �$)�'0�$)" ./-$�/ '$��$'$/4 *- ) "'$" )� � *- */# -2$. � /#$. 2�--�)/4 $. $) '$ 0 *!�'' */# - 2�--�)/$ . 2# /# - 3+- .. *- $(+'$ �� �)4 2�--�)/4 $(+'$ � �4 '�2 2# /# - !*-( -�#�)/��$'$/4 *- !$/) .. !*- � +�-/$�0'�- +0-+*. *- */# -2$. .#�'' � !! �/$1 *)'4 !*- /# + -$*� /#�/ /#$. 3+- .. '$($/ � 2�--�)/4 $. !! �/$1 � $) )* 1 )/ 2$'' /# (�)0!��/0- - � '$��' !*-�*). ,0 )/$�' .+ �$�' $)�$� )/�' $)�$- �/ P�0.$) .. '*..� �)� *- +0)$/$1 ��(�" . '*.. . *- 3+ ). . $)�'0�$)" 2$/#*0/ '$($/�/$*) /$( �2�4 !-*( 2*-& #*/ '. �)� *- - ./�0-�)/ ( �'.- (*� ''$)" 3+ ). . $) 3� .. *! �$- �/ ��(�" . 2#$�# �- � !$)$/$1 '4 ��0. � 3�'0.$1 '4 �4 �DH8=*- */# -2$. � .*( ./�/ . �* )*/ �''*2 /# 3�'0.$*) *- '$($/�/$*) *! $)�$� )/�' *- �*). ,0 )/$�'��(�" . �)� .*( ./�/ . �* )*/ �''*2 '$($/�/$*). *) #*2 '*)" $(+'$ � 2�--�)/4 '�./. .* /# ��*1 '$($/�/$*). (�4 )*/ �++'4 /* 4*0� /#$. 2�--�)/4 "$1 . 4*0 .+ �$!$� ' "�' -$"#/. �)� 4*0 (�4 �'.*#�1 */# - -$"#/. 2#$�# 1�-4 !-*( ./�/ /* ./�/ � )D 6II:BEI ID 6AI:G BD9>;N DG 6B:C9 I=>H L6GG6CIN H=6AA 7::;;:8I>K: JCA:HH 6JI=DG>O:9 >C LG>I>C< 7N 6C D;;>8:G D; �.#�

�=E B= #0B/7< +/@@/<BG '3@D713� /D D7I6>C L6GG6CIN H:GK>8: ;DG NDJG +GD9J8I NDJ H=DJA9 8DCI68I I=: C:6G:HI �DH8=6JI=DG>O:9 H:GK>8: 8:CI:G�

�'� �=;3 �>>:7/<13A �=@>=@/B7=< � ���� (8!699:C �K:CJ: #JCI>C<IDC �:68= �� ����� ������������

Page 29: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

�/@/B3@7AB71/A G D3<B/8/A 23 :=A <3CD/ A31/2=@/

(316<=:=57/ �)#/-*)$��

'6 =JB:969 N ADH C>K:A:H 9: I:BE:G6IJG6 H:�8DCIGDA6C8DCI>CJ6B:CI: 6 ;>C 9: AD<G6G G:HJAI69DH 9: H:869DEG:8>HDH E6G6 JC6 E6A:I6 6BEA>6 9: I:?>9DH 9>;:G:CI:H��J6AFJ>:G 8DH6 9:H9: 86B>H:I6H =6HI6 A6H H]76C6H 9:A7:7^ H6A:C I>7>6H N HJ6K:H :C ID9D BDB:CID�

A BDC>IDG:D 8DCHI6CI: <6G6CI>O6 :A JHD 9: :C:G<_6 B]H76?D EDH>7A: N G:9J8: =6HI6 JC ��� 9:A 8DCHJBD EDG 6`D�

+&�"� ��'*�&�

� K:8:H CD :H EDH>7A: FJ>I6G A6 GDE6 6E:C6H HJ:C6 :AOJB7>9D� MI:C9:9 +&�"� ��'*�& ��+GDI:88>aC8DCIG6 6GGJ<69D EGDADC<696� EGDK:: JC6 =DG6 9: <>GD>CI:GB>I:CI: 9:A I6B7DG N :K>I6 A6 ;DGB68>aC 9: 6GGJ<6H N :C9:;>C>I>K6 G:9J8: :A I>:BED 9: EA6C8=69D�

(/;0=@3A 23 /13@= 7<=F72/0:3 A I6B7DG 9: A6K69D ):FFI I>:C: 8:CI:C6H 9: DG>;>8>DH 9:7DG9:H G:9D7A69DH FJ: E:GB>I:C 6 HJH EG:C96H GD96GHJ6KB:CI: H>C�EG:H:CI6G :C<6C8=:H�

�7A/5@/ 23 :/ >C3@B/ 23 ��J+DG ;>C JC6 EJ:GI6 9: H:869DG6 FJ: H: 67G: 8DBEA:I6B:CI:6 ���T N ;68>A>I6 86G<6G N 9:H86G<6G A6 GDE6� '6H EJ:GI6H 9: A6 A6K69DG6 N A6 H:869DG6H: 67G:C :C H:CI>9DH DEJ:HIDH E6G6 FJ: 6A >CHI6A6GA6H JC66A A69D 9: A6 DIG6 CD I:C<6 9>;>8JAI69 :C IG6HE6H6G HJ GDE6=bB:96 6 A6 H:869DG6�

�C<17=</;73<B= A7:3<17=A=A'DH :A:8IGD9DB^HI>8DH 9: A6K69D 9: GDE6 9: �DH8= JI>A>O6CBDIDG:H A>7G:H 9: :H8D7>AA6H H>HI:B6H 9: 7DB76HHJHE:C9>96H N B6I:G>6A:H 9: 6>HA6B>:CID 68bHI>8D 6 ;>C 9:AD<G6G JC6 B6G8=6 H>A:C8>DH6� HID FJ>:G: 9:8>G FJ: EJ:9:>CHI6A]GH:ADH EG]8I>86B:CI: :C 8J6AFJ>:G H>I>D 9:A =D<6G H>CFJ: EGD9JO86C E:GIJG768>DC:H�

�AB/<B3 23 A31/2= A :HI6CI: 9: H:869D ):FFI EGDI:<: ADH I:?>9DH 9:A>869DHD 7>:C JC E6G 9: O6E6I>AA6H H:8]C9DADH H>C <>G6G� H:HI]C96G :C :A BD9:AD +G:B>JB ):FFI D EJ:9:HDA>8>I]GH:AD 8DBD 688:HDG>D�

�7A>=A7B7D= /B@/>/>3:CA/)J:HIGD 9>HEDH>I>KD E6G6 E:AJH6H :HI] J7>869D8aBD96B:CI: :C A6 86G86H6 9:A :A:8IGD9DB^HI>8D 9:76?D9: A6 EJ:GI6 9:A H:869DG E6G6 E:GB>I>G :A ;]8>A 688:HD� A;>AIGD 9: B6AA6 ;>C6 9:A 9>HEDH>I>KD 6IG6E6E:AJH6 86EIJG6 >C8AJHD A6H E6GI_8JA6H 9: E:AJH6 B]H E:FJ:`6H� 4 E6G66JB:CI6G A6 :;>8>:C8>6 9: H:869D :A ;>AIGD 9:A 9>HEDH>I>KD6IG6E6E:AJH6 I>:C: JC6 AJO FJ: H: :C8>:C9: H> :A ;>AIGDC:8:H>I6 A>BE>:O6 >CB:9>6I6�

!�'(��- � =A >@=5@/;/A !�'(��- � JI>A>O6C =JB:969 69>8>DC6AE6G6 6NJ96G 6 9>HI:C9:G :A I:?>9D 6;AD?6G A6H 6GGJ<6H NG:;G:H86G A6H EG:C96H 9: 6A<D9aC B:O8A696H 9:A A6K69D E6G6G:9J8>G ADH DADG:H�

!/<5C3@/ �%)�./*+�

'6 B6C<J:G6 �%)�./*+� 9:I>:C: :A ;AJ?D 9: 6<J6 :C86HD 9: FJ: A6 B6C<J:G6 I:C<6 JC6 E^G9>96 EDG>CJC968>aC�

Page 30: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

K<2713�347<717=<3A �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �"'(&)���#"�' �!$#&(�"(�' �� '��)&���� �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

$)./-0��$*) . +�-� '� +0 ./� ��/$ --� ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �"'(&)���#"�' $�&� � �"'(� ���L" � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

$CIGD9J88>aC ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � $C;DGB68>aC HD7G: :A>B>C68>aC 9: G:H>9JDH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �CI:H 9: >CHI6A6G :A H:869DG ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � '6 >CHI6A68>aC E6HD 6�E6HD ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �DC:M>aC :A^8IG>86 ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �DC:M>aC 9:A IJ7D 9: 6>G: 9: H6A>96 ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �88:HDG>DH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � +G:E6G6G :A H:869DG E6G6 :A IG6CHEDGI: E6HD 6 E6HD ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

�"'(&)���#"�' �� �)"��#"�!��"(# ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � +6C:A 9: B6C:?D ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

�<4=@;/17=<3A >/@/ AC A35C@72/2 ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � $@=B3117Q< 23:�;327= /;073<B3 ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � &=>/ ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

$9:CI>;>868>aC 9: EG:C96H ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �DCH:?DH E6G6 :A H:869D ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

'3:3117Q< 23: >@=5@/;/ ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � *E8>DC:H ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � $C9>869DG 9: :HI69D 9:A EGD<G6B6 ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ($./��- EGD<G6B6 ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � +GD<G6B6H 6JIDB]I>8DH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � +GD<G6B6H I:BEDG>O69DH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

(/0:/ 23 A3:3117Q< 23 >@=5@/;/A ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �C<17=</;73<B= ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

0HD 9:A H:869DG ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � '>BE>6G :A ;>AIGD E6G6 E:AJH6H ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 0HD 9: A6 86C6HI>AA6 �DE8>DC:H� ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

7;>73H/ G 1C72/2= ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � '>BE>:O6 9:A H:869DG ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � '>BE>6G :A IJ7D 9: 6>G: 9: H6A>96 ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � '>BE>6G :A H:CHDG 9: =JB:969 ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � '>BE>:O6 9: A6 EGDI:88>aC 9:A GD96B>:CID ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �6B7>6G A6 A6BE6G>AA6 ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

=1/:7H/17Q< 23 4/::=A � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � . -1$�$* N - +�-��$*) . ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

��� �&���L" �� ��&�"(K� �!�(��� �� $&#�)�(# � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Page 31: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

'D ;:A>8>I6BDH EDG =67:G H:A:88>DC69DJC H:869DG 9: GDE6 �DH8= FJ: :A><:CID9DH 6FJ:AADH FJ: G:FJ>:G:C JCG:C9>B>:CID :M8:E8>DC6A :C HJHH:869DG 9: GDE6� A H:869DG 8JBEA: 8DC A6 CDGB60'����� ��) �.������� )D������� .:869DG:H 9: GDE6�0CD 9: A6H 86G68I:G_HI>86H;JC96B:CI6A:H 9: HJ H:869DG :H :A76?D 8DCHJBD 9: :C:G<_6�0C6 ;>ADHD;_6 ;]8>A :C :A B6C:?DJC6�<G6C K6G>:969 9: EGD<G6B6H 9:A6K69D N JC6 H:CH68>aC 9: HDA>9:O=68:C 9: :HI: H:869DG JC 6H>HI:CI:HJB6B:CI: bI>A :C HJ =D<6G� A H:869DG �DH8= EG:H:CI6 A6HH><J>:CI:H 86G68I:G_HI>86H :HI]C96G�� JC H>HI:B6 9: H:869D 9: 6AID

G:C9>B>:CID� JC I6B7DG 9: 68:GD >CDM>967A:

<G6C9: 8DC JC6 86E68>969 =6HI6���� A7H �� @<�

� "G6C 67:GIJG6 9: 86G<6 ���EJA<� ��� BB� 8DC JC H>HI:B6 9:IG676 E6G6 A6 EJ:GI6 8DC ;JC8>aC9: 9:I:C8>aC 6JIDB]I>86 9:I6B7DG

� ;JC8>DC6B>:CID :M8:E8>DC6AB:CI:H:G:CD

� 8>8ADH 6JIDB]I>8DH 8DCIGDA69DHEDG H:CHDG

� �>8ADH I:BEDG>O69DH ��� .:G>:H H:869DG6� �� N ��B>CJIDH��� .:G>:H H:869DG6� �� 6K����B>CJI:H �:C :C8G:B:CIDH D;�� B>CJIDH�

� �DGI> EGD<G6B E6G6 V 86G<6H����B>CJIDH� ���� .:G>:HHDA:B:CI:�

/D9D H:869DG FJ: 9:?6 CJ:HIG6 EA6CI6=6 6EGD769D JC 8DCIGDA 9:�G:C9>B>:CIDG:6A_HI>8D N :HI] :C�E:G;:8I6H8DC9>8>DC:H 9:�;JC8>DC6B>:CID� .> I>:C:�8J6AFJ>:G EG:<JCI6 G:HE:8ID 9:A6 >CHI6A68>aC 9: CJ:HIGDH H:869DG:HCJ:HIGD <GJED�9: H:GK>8>D 6 8A>:CI:H<JHIDH6B:CI: A: G:HEDC9:G]� C CJ:HIG6 E]<>C6 9: L:7 :C8DCIG6G]B]H >C;DGB68>aC G:;:G>96 6 CJ:HIGDHEGD9J8IDH N�HJ�H:A:88>aC�LLL�7DH8=6EEA>6C8:H�8DB�<4=@;/17Q<

-D<6BDH A::G N H:<J>G :HI6H>CHIGJ88>DC:H 9: ;JC8>DC6B>:CID:�>CHI6A68>aC 8DC?JCI6B:CI: 8DC ID96H6FJ:AA6H >C;DGB68>DC:H :CIG:<696H 8DCCJ:HIG6 B]FJ>C6 9: A6K6G�

�347<717=<3A

� ��*�&(�"�����*�&(�"��� d HID H><C>;>86 FJ:EJ:9: G:HJAI6G A6 BJ:GI: D A:H>DC:H<G6K:H 9:7>9D 6 A6 >CD7H:GK6C8>6 9::HI6 69K:GI:C8>6�

� �)����#�)����# � HID H><C>;>86 FJ:EJ:9:C G:HJAI6G A:H>DC:H A:K:H DBD9:G696H 9:7>9D 6 A6>CD7H:GK6C8>6 9: :HI669K:GI:C8>6�

�*�'#�*�'# � HID H><C>;>86 FJ: H:EJ:9:C EGD9J8>G 96`DH :C :A:A:8IGD9DB^HI>8D D :C ADH 7>:C:H9:7>9D 6 A6 >CD7H:GK6C8>6 9::HI6 69K:GI:C8>6�

i HI: H_B7DAD H: JI>A>O6 E6G6 AA6B6GA6 6I:C8>aC 9:A JHJ6G>D G:HE:8ID 9:6A<D :C E6GI>8JA6G�

� �"'(&)���#"�' �!$#&(�"(�' �� '��)&����� ��*�&(�"�����*�&(�"���� +6G6 G:9J8>G :AG>:H<D 9: >C8:C9>D 9:H86G<6H:A^8IG>86H A:H>DC:H 9: <G6K:969 DBJ:GI: N D 96`DH 6A :BEA:6G HJH:869DG IDB: A6H H><J>:CI:H EG:86J8>DC:H 7]H>86H�

�� ':6 ID96H A6H >CHIGJ88>DC:H 6CI:H9: JI>A>O6G :A H:869DG�'DH�H:869DG:H �DH8= H: :CIG:<6C8DC >CHIGJ88>DC:H 9: B6C:?D8J>969D : >CHI6A68>aC�

�� )D H:FJ: EG:C96H FJ:6CI:G>DGB:CI: =6N6C H>9DA>BE>696H A6K696H G:BD?696H DH: A: =6N6C FJ>I69D A6H B6C8=6H8DC <6HDA>C6 A>BE>69DG:H :C H:8DHDAK:CI:H DIGDH EGD9J8IDH

>C;A6B67A:H D�:MEADH>K6H 9: A6H8J6A:H EJ:96C 9:HEG:C9:GH:K6EDG:H FJ: EJ:96C 3<13<23@A3D�:MEADI6G�

+6G6 G:9J8>G :A G>:H<D 9: 7<13<27=CD EDC<6 GDE6 E6`DH E6G6 A6A>BE>:O6 :HIGDE6?DH D 8DH6H H>B>A6G:H :C :A H:869DG H>8DCI>:C:C HJHI6C8>6H >C;A6B67A:H8DBD 68:>I:H K:<:I6A:H 68:>I: 9:8D8>C6 68:>I:H 6 76H: 9: E:IGaA:DD 9:HI>A69DH 9: ^HIDH 8:G6H<G6H6H :I8� HI6H EG:C96H EJ:9:C8DCI:C:G HJHI6C8>6H >C;A6B67A:HFJ: EJ:9:C EGD9J8>G =JBD D1/CA/@ C< 7<13<27=:HEDCI]C:6B:CI: 6JC 9:HEJ^H9: =67:GA6H A6K69D�

)D J7>FJ: EG:C96H HJ8>6H 8DC68:>I: 9: 8D8>C6 :C HJ H:869DG�

+G:C96H 8DC :HI: I>ED 9: HJ8>:969EJ:9:C 8DCIG>7J>G 6 G:688>DC:HFJ_B>86H FJ: EJ:9:C 86JH6G JC7<13<27=�

� A H:869DG 9:7: JH6GH:bC>86B:CI: E6G6 AD FJ: ;J:9>H:`69D�

�� )D E:GB>I6 FJ: ADH C>`DH ?J:<J:C:C D 8DC :A :A:8IGD9DB^HI>8D :CC>C<bC BDB:CID� :HID EJ:9:EGDKD86G :3A7=<3A <G6K:H D A6;C3@B3� 'DH C>`DH 9:7:CE:GB6C:8:G 6 JC6 9>HI6C8>6H:<JG6 9: ADH :A:8IGD9DB^HI>8DH:C ID9D BDB:CID� .: 9:7:E:GB>I>G 6 ADH C>`DH :HI6G 8:G86 9:JC :A:8IGD9DB^HI>8D HDA6B:CI: H>:HI]C HJE:GK>H69DH :HIG>8I6B:CI:N :C ;DGB6 8DCHI6CI: EDG JC69JAID�

Page 32: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

�� �J6C9D ADH C>`DH AA:<6C 6 JC6:969 69:8J696 E6G6 DE:G6G:FJ>EDH :A:8IGD9DB^HI>8DH :HG:HEDCH67>A>969 A:<6A 9: ADHE69G:H D G:EDCH67A:H A:<6A:H=68:GADH >CHIGJ>G EDG E:GHDC6A69:8J696B:CI: 86A>;6869DG:HE:8ID 9: A6H B:9>96H 9:H:<JG>969 8DGG:HEDC9>:CI:H

�� �)/ . � .���- ' ' �/-*�*( ./$�* � . -1$�$* ,0$/ '� +0 -/� � ��� ..* �' �*(+�-/$($ )/*� . ���*�

�� )D >CIGD9JO86 A6H B6CDH :C :A:A:8IGD9DB^HI>8D B>:CIG6H :AI6B7DG :HI] <>G6C9D�

�� )D >CHI6A: C> 9:?: :HI::A:8IGD9DB^HI>8D 6 A6 >CI:BE:G>: D:MEJ:HID 6 :A:B:CIDH 8DBD6<J6 =JB:969 HJ8>:969 6>G:8DGGDH>KD H6A69D N ;G_D :M8:H>KD�

�� )D ?J:<J: 8DC ADH 8DCIGDA:H��� )D G:E6G6G D G::BEA6O6G C>C<JC6

E6GI: 9:A H:869DG C> >CI:CI6G8J6AFJ>:G I>ED 9: H:GK>8>D 6 B:CDHFJ: =6N6 H>9D G:8DB:C969D :CA6H >CHIGJ88>DC:H 9:B6CI:C>B>:CID D :C >CHIGJ88>DC:H9: G:E6G68>aC E6G6 JHJ6G>DH FJ:H: =6N6C 8DBEG:C9>9DEA:C6B:CI: N�E6G6 A6H FJ: H:9>HEDC<6 9:�=67>A>969�

��� )D JI>A>8: HJ6K>O69DG:H E6G6EG:C96H J DIGDH EGD9J8IDH E6G6:A>B>C6G A6H 86G<6H :HI]I>86H H6AKDFJ: :HI^C G:8DB:C969DH EDG :A;67G>86CI: 9: A6H EG:C96H�

��� )D H:FJ: 8DC 86ADG 6GI_8JADH FJ:8DCI:C<6C :HEJB6 9: <DB6�EJ:9: 9:CDB>C6GH: :HEJB6 9:A6I:M� J DIGDH B6I:G>6A:H FJ: H:E6G:O86C 6�ADH B:C8>DC69DH�'6H�:HEJB6H 9: <DB6 EJ:9:C3<13<23@A3 EDG 6JID><C>8>aC8J6C9D H: ADH 86A>:CI6 76?D 8>:GI6H8>G8JCHI6C8>6H�

� � )D H:FJ: EG:C96H FJ: 8DCI:C<6CDA:;>C6 HEJC7DC9:9� '6 DA:;>C6HEJC7DC9:9 EJ:9: 9:GG:I>GH: N3<13<23@A3 EDG 8DB7JHI>aC:HEDCI]C:6�

��� '>BE>: :A ;>AIGD E6G6 E:AJH6H 6CI:HD 9:HEJ^H 9: 8696 86G<6� A:M8:HD 9: E:AJH6 68JBJA696EJ:9: 96`6G :A H:869DG N 8G:6G JCEDH>7A: G>:H<D 9:7<13<27=�

���(6CI:C<6 :A ]G:6 6AG:9:9DG 9: A6H6A>96 9: 6>G: N A6H ODC6H69N68:CI:H A>7G:H 9: E:AJH6HHJ8>:969 N EDAKD� '6 D7HIGJ88>aC9: A6 67:GIJG6 EJ:9: G:9J8>G :A;AJ?D 9: 6>G: N EGD9J8>G JCHD7G:86A:CI6B>:CID�

��� A >CI:G>DG 9: A6 B]FJ>C6 N 9: A6H6A>96 9: 6>G: 9:7: A>BE>6GH:

E:G>a9>86B:CI: EDG E:GHDC6A86A>;>869D�

��� �H:<bG:H: H>:BEG: FJ: :A H:869DG=6 H>9D 9:H8DC:8I69D 9: A66A>B:CI68>aC :A^8IG>86 6CI:H 9:>CI:CI6G 8J6AFJ>:G IG676?D 9:B6CI:C>B>:CID� �:H8DC:8I: :A867A: 9: 6A>B:CI68>aC IDB]C9DAD9:A IDB68DGG>:CI: N CD 9:A 867A:�

��� �AB68:C: ID9DH ADH EGD9J8IDHFJ_B>8DH N 69>I>KDH :C JC AJ<6G;G:H8D N H:8D 9: 68J:G9D 8DC A6H>CHIGJ88>DC:H 9:A ;67G>86CI:��H:<bG:H: 9: FJ: ADH C>`DH CDI:C<6C 688:HD 6 :AADH� )D 9:7:8DAD86G <6HDA>C6 B6I:G>6A:H8DB7JHI>7A:H N K6EDG:H>C;A6B67A:H A_FJ>9DH C> HJHI6C8>6HFJ: G:EG:H:CI6C JC G>:H<D 9:>C8:C9>D8:G86 9:A H:869DG�

��� )D H: H>:CI: HD7G: :A H:869DG��� +6G6 :K>I6G JC G>:H<D 9: >C8:C9>D

CD JI>A>8: JC 867A: 9:EGDADC<68>aC JC 696EI69DG C>C>C<bC DIGD 8DC:8IDG D 867A::A^8IG>8D CD HJB>C>HIG69D EDG :A;67G>86CI: E6G6 8DC:8I6G :A H:869DG 6 A6 6A>B:CI68>aC 9::C:G<_6 :A^8IG>86� 'DH H:869DG:HHDC B]FJ>C6H EDI:CI:H N 9:7:C I:C:GIDB6H 9: 8DGG>:CI: :A^8IG>86:M8AJH>K6H�

��� .>:BEG: K:G>;>FJ: FJ: ADH 7DAH>AADH9: A6 GDE6 :HI^C K68_DH N FJ>I:ID9DH ADH 6GI_8JADH 9: A6 GDE6 6CI:H9: EDC:GA6 :C :A H:869DG� ADHD7?:IDH >C69:8J69DH EJ:9:C96`6G :A H:869DG N 8>:GIDH6GI_8JADH 8DBD ADH :C8:C9:9DG:HEJ:9:C EG:H:CI6G JC @73A5= 237<13<27=�

��� +6G6 G:9J8>G :A G>:H<D 9: >C8:C9>D N9:H86G<6H :A^8IG>86H CD JH: :AH:869DG H> :A 867A: 9:6A>B:CI68>aC :HI] 9:H=>A68=69D D96`69D D H> ADH :C8=J;:H :HI]CHJ:AIDH�

� � )D JI>A>8: :A H:869DG H> H: FJ>I6GDCA6H EGDI:88>DC:H N D ADH E6C:A:H H>;6AI6C E>:O6H D H> :HI]C GDI6H�

��� )D :A>B>C: A6 ;JC8>aC 9: ADH9>HEDH>I>KDH 9: H:<JG>969�

��� )D JI>A>8: 8DC9J8IDH 9: B6I:G>6AEA]HI>8D D B6I:G>6A:H ;A:M>7A:H CDB:I]A>8DH 8DC :HI: H:869DG� 'DH 8DC9J8IDH ;A:M>7A:H9: B6I:G>6A EA]HI>8D D B6I:G>6A:HCD B:I]A>8DH EJ:9:C G:EG:H:CI6G JC EDH>7A: @73A5= 237<13<27=�

��� )D =6<6 ;JC8>DC6G :A H:869DG6CI:H 9: 6H:<JG6GH: FJ: ;J:>CHI6A69D 9: 68J:G9D�8DC A6H$)./-0��$*) . � !0)�$*)�$ )/* N FJ: A6>CHI6A68>aC N EJ:HI6 6 I>:GG68JBEA:C 8DC ID9DH ADHG:<A6B:CIDH AD86A:H N J DIG6HG:<A6H N G:FJ:G>B>:CIDH 9:6EA>868>aC�

��� !6AADH :C A6 >CHI6A68>aC :AB6CI:C>B>:CID N D DE:G68>aC 9:AH:869DG G:HE:8ID 9: A6>CHIGJ88>DC:H 9:A ;67G>86CI:EJ:9:C H:G 86JH6 9: :3A7=<3AD�96`DH�

��� +6G6 :K>I6G 96`DH :C :A E>HD NI6B7>^C :C :A 8G:8>B>:CID 9:BD=D CD E:GB>I6 FJ:H6AE>869JG6H D 9:GG6B6B>:CIDH 9:6<J6 H: 68JBJA:C 6AG:9:9DG D9:76?D 9:A H:869DG�

��� �H:<bG:H: 9: FJ: ID96H A6H8DC:M>DC:H 9: 6<J6 9:A H:869DGI:C<6C JC6 K]AKJA6 9: E6HD N 9:FJ: H: :C8J:CIG:C :C JC AJ<6G;]8>AB:CI: 688:H>7A:� �>:GG: A6�H�K]AKJA6�H� 9: E6HD 9:A:A:8IGD9DB^HI>8D 6A ;>C6A 9: 86969_6 9: JHD�

� 1:G>;>FJ: A6H 8DC:M>DC:H 9: A6B6C<J:G6 9: AA:C69D 8DC;G:8J:C8>6 E6G6 6H:<JG6GH: 9: FJ::HI^C 6EG:I696H N 9: FJ: CD =6N6E^G9>96H�

"=B/A��� '6H $)./-0��$*) .

$(+*-/�)/ . � . "0-$��� N ADH''�(��*. � �/ )�$[)FJ: H: EG:H:CI6C :C :HI:B6CJ6A CD 8J7G:C ID96H A6HH>IJ68>DC:H EDH>7A:H FJ:EJ:9:C I:C:G AJ<6G� �:7:C6EA>86GH: :A H:CI>9D 8DBbCEG:86J8>aC N 8J>969D 6A>CHI6A6G B6CI:C:G D =68:G;JC8>DC6G :A H:869DG�

�� �DCHJAI6G H>:BEG: 8DC :A8DB:G8>6CI: 9>HIG>7J>9DG6<:CI: 9: H:GK>8>DD�;67G>86CI: 8J6AFJ>:GEGD7A:B6 D 7>:C 8DC9>8>DC:HFJ: CD H: =6C 8DBEG:C9>9D8DBEA:I6B:CI:�

�� /:C<6 :C 8J:CI6 I6B7>^C A6H>C;DGB68>DC:H 9: H:<JG>969FJ: H: >C8AJN:C :C A6H $)./-0��$*) . � $)./�'��$[) N A6H$)./-0��$*) . � !0)�$*)�($ )/*�

Page 33: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

�"'(&)���#"�' $�&� � $)�'(� ��(��&&� HI: :A:8IGD9DB^HI>8D 9:7:8DC:8I]GH:AD 6 I>:GG6� C 86HD 9: ;6AADH:C :A ;JC8>DC6B>:CID D�GDIJG6H A68DC:M>aC 6 I>:GG6 G:9J8: :A G>:H<D 9:9:H86G<6H :A^8IG>86H EG:H:CI6C9D JC6K_6 9: 76?6 G:H>HI:C8>6 EDG A6 FJ: EJ:9:;AJ>G A6 8DGG>:CI:��< �AB/2=A )<72=A .J H:869DG H: EGDK:: H>C :A 867A: 9:6A>B:CI68>aC� A 867A: 6 8DC:8c I6G9:7: EG:H:CI6G A6H H><J>:CI:H86G68I:G_HI>86H�� �EGD768>aC 0' :C 0.�� ��� 6 ��� KDAIH 9: K6ADG :;>86O

�B_C>BD�� �� 6BE:G:H

� />ED .-�/ D �-/ �0' ������ �>C8D E>: 9: ADC<>IJ9 �B_C>BD�

� ��*�&(�"���'6 8DC:M>aC >C69:8J696 9: A6EJ:HI6 6 I>:GG6 9: :HI: :FJ>EDEJ:9: 8DC9J8>G 6 JC G>:H<D :A:K69D9: 9:H86G<6H :A^8IG>86H�#6<6 8DCIGDA6G A6 >CHI6A68>aC EDG JC:A:8IG>8>HI6 86A>;>869D H> I>:C: 9J96H6 ;>C 9: 9:I:GB>C6G FJ: :A H:869DG:HI^ 8DGG:8I6B:CI: 8DC:8I696 6I>:GG6�)* BD9>;>FJ: :A :C8=J;:HJB>C>HIG69D 8DC :A H:869DG�.>�CD�:H 69:8J69D 6A IDB68DGG>:CI:=6<6 >CHI6A6G JC IDB68DGG>:CI:69:8J69D EDG JC :A:8IG>8>HI686A>;>869D D 86B7>: :A 867A: EDG JCDFJ: H:6 69:8J69D 6A H:869DG�

�#"'�&*� �'(�'�"'(&)���#"�' $�&��#"') (�'$#'(�&�#&�'� C 86HD 9: JC 86B7>D 9: EGDE>:I6G>D:HI: B6CJ6A 9:7: :CIG:<6GH:8DC?JCI6B:CI: 8DC :A�H:869DG�

�#"'�&*��'(�'�"'(&)���#"�'

�"'(&)���#"�' $�&� � �"'(� ���L" �<B@=2C117Q< ':6 :HI6H >CHIGJ88>DC:H 8DBEA:I6cB:CI: N 8DC 8J>969D� HID K6 6�:K>I6GFJ: E>:G96 I>:BED N�:H;J:GODE:GB>I>:C9D AD<G6G JC�;JC8>DC6B>:CIDaEI>BD 9:A H:869DG� �H:<bG:H: 9:I:C:G :C 8J:CI6 ID96H A6H 69K:GI:C8>6HN�EG:86J8>DC:H�

� ��*�&(�"�����1 -/ )�$� � ->:H<D 9:>C8:C9>D�

� '6 >CHI6A68>aC 9:A H:869DG 9: GDE69:7: H:G G:6A>O696 EDG JC>CHI6A69DG 86A>;>869D�

� $CHI6A: :A H:869DG 9: GDE6 H:<bCA6H >CHIGJ88>DC:H 9:A ;67G>86CI: NADH 8a9><DH AD86A:H�

� )D >CHI6A: JC H:869DG 9: GDE6 8DCB6I:G>6A:H 9: K:CI>A68>aC 9:EA]HI>8D ;A:M>7A:H� .> H: >CHI6A6 JC8DC9J8ID 9: B:I6A ;A:M>7A: �I>ED=D?6 B:I]A>86� 9:7: H:G 9: JC I>ED:HE:8_;>8D >9:CI>;>869D EDG :A;67G>86CI: 9:A :A:8IGD9DB^HI>8D8DBD 6EID E6G6 JC H:869DG 9:GDE6� .: H67: FJ: ADH B6I:G>6A:H9: K:CI>A68>aC ;A:M>7A:H H: =JC9:CH: 6EA6HI6C ;]8>AB:CI: N 6IG6E6CE:AJH6� HI6H 8DC9>8>DC:HD7HIGJN:C :A ;AJ?D 9: 6>G: 9:AH:869DG 9: GDE6 N 6JB:CI6C :AG>:H<D 9: >C8:C9>D�

� +6G6 G:9J8>G :A G>:H<D 9: A:H>DC:H<G6K:H D 9: BJ:GI: H><6 ID96H A6H>CHIGJ88>DC:H 9: >CHI6A68>aC�

� �*). -1 ./�.$)./-0��$*) .�

HI6H >CHIGJ88>DC:H E6G6 A6 >CHI6A6c8>aC :HI]C 9:HI>C696H E6G6 H:G JH696HEDG E:GHDC6A 86A>;>869D� �9>8>DC6AB:CI:6 :HI6H >CHIGJ8c8>DC:H :A H:869DG 9:7: >CHI6A6GH: 9:68J:G9D 8DC ID96H A6H G:<A6H AD86A:H D7>:C :C HJ 6JH:C8>6 8DC�

� :C ADH �AB/2=A )<72=A:A�)6I>DC6A A:8IG>8 �D9:�).$ )!+��� :C HJ bAI>B6 :9>8>aCN A6H G:<A6H BJC>8>E6A:H N D AD86A:HK><:CI:H�

�<4=@;/17Q< A=0@33:7;7</17Q< 23 @3A72C=A �:7;7</17Q< 23: 3;0/:/83

� ��*�&(�"���(6CI:C<6 6A:?69DH 6 ADH C>`DH I6CID9:A 86GIaC 8DBD 9: ADH 9:B]H8DBEDC:CI:H 9:A :B76A6?:� M>HI:E:A><GD 9: 6H;>M>6 8DC A6 A]B>C6EA]HI>86 N�8DC ADH 86GIDC:HEA:<69DH�

)>C<JCD 9: ADH B6I:G>6A:H 9:A :B76A6?::H 96`>CD E6G6 :A B:9>D 6B7>:CI: NEJ:9:C G:8>8A6GH:� -D<6BDH:A>B>C6GADH H:<bC A6H CDGB6H 9:EGDI:88>aC 9:A B>HBD�-D<6BDH EDC:GH: :C 8DCI68ID 8DC�HJK:C9:9DG D A6 6JIDG>969 8DBE:I:CI:G:HE:8ID 9: A6H�9>HEDH>8>DC:H K><:CI:H�

�3A316= 23 3:31B@=2=;NAB71=AD738=A

� ��*�&(�"��� C ADH 6GI:;68IDH FJ: H: K6C6�EDC:G ;J:G6 9: H:GK>8>D9:H8DC:8I: :A :C8=J;: EG>C8>E6A8DGI: :A 867A: 9: G:9 N :A>B>C: :A867A: ?JCID 8DC :A :C8=J;:�

+6G6 :K>I6G FJ: ADH C>`DH 6A ?J<6G H:EDC<6C :C E:A><GD 6A FJ:96G 6IG6E69DH6H:<JG6GH: 9: FJ: :A B:86C>HBD 9:8>:GG: 9: A6 EJ:GI6 :HI^ 9:H68I>K69D D9:HBDCI: A6 EJ:GI6�Q'DH :A:8IGD9DB^HI>8DH K>:?DH CD HDC76HJG6� +J:9:C JI>A>O6GH: B6I:G>6HEG>B6H K6A>DH6H :C JC G:8>8A69D69:8J69D 6A B:9>D 6B7>:CI:�-D<6BDH EDC:GH: :C 8DCI68ID 8DC HJK:C9:9DG D A6 6JIDG>969 8DBE:I:CI:G:HE:8ID 9: A6H 9>HEDH>8>DC:H K><:CI:H�

�<B3A 23 7<AB/:/@ 3:A31/2=@ �CI:H 9: >CHI6A6G :A H:869DG 6 JCH>HI:B6 9: 8DC9J8IDH JI>A>O69DEG:K>6B:CI: 6H:<bG:H: 9: FJ: :AH>HI:B6 :HI^ A>BE>D� .: G:8DB>:C96G:6A>O6G JC6 A>BE>:O6 EGD;:H>DC6A 9:AH>HI:B6 9: 8DC9J8IDH :C ;DGB6 6CJ6A N6A 8DC:8I6G :A H:869DG 6 JC H>HI:B6 9:8DC9J8IDH JI>A>O69D EG:K>6B:CI:�(6CI:C:G A>BE>D :A H>HI:B6 9:8DC9J8IDH G:9J8>G] :A I>:BED 9:H:869D N B:?DG6G] :A G:C9>B>:CID 9:AH:869D�

Page 34: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

�3A3;0/:/83 23:3:31B@=2=;NAB71=

� �)����#)D A:K6CI: :A :A:8IGDc 9DB^HI>8DE:GHDC6AB:CI:� /6BED8D 9:7:A:K6CI]GH:AD 9: E6GI:HEGDIJ7:G6CI:H 9:7>9D 6A G>:H<D 9:FJ:7G69JG6H�

�*�'#,J>I: :A :B76A6?:8J>969DH6B:CI: E6G6 :K>I6G96`DH :C A6H HJE:G;>8>:H�

�DCIGDA: H> :A H:869DG H: =6 96`69D9JG6CI: :A IG6CHEDGI:� )D 8DC:8I: JCH:869DG K>H>7A:B:CI: 96`69D� C 86HD9: 9J96 8DCHJAI: 8DC HJ K:C9:9DG�

*=:C;3< 23 3<B@35/

� �)����# A H:869DG H: EGDK:: H>C :A 867A: 9:6A>B:CI68>aC� A 867A: 9:6A>B:CI68>aC 9:7: 8DC:8I6GAD JCI^8C>8D 86A>;>869D D JC :A:8IG>8>HI68DC A>8:C8>6�

�*�'#0C6 K:O :A>B>C69D :A :B76A6?: FJ>I:>CB:9>6I6B:CI: ID9DH ADH D7?:IDH8DCI:C>9DH :C :A I6B7DG�

�3@@/;73<B/A RB7:3A'6H H><J>:CI:H =:GG6B>:CI6H HDC bI>A:HE6G6 A6 >CHI6A68>aC�

�� �:HIDGC>AA69DG 9: 867:O6 /��

�� �:HIDGC>AA69DG +=>AA>EH �)bB� ��

� �:HIDGC>AA69DG 9: =D?6 EA6C6

�� 'A6K: ;>?6 �� EJA<� �� BB�

�� )>K:A 9: 7JG7J?6

7AB/ 23 1=;>@=0/17Q<>/@/ :/ 7<AB/:/17Q< �� ,J>I: :A H:869DG 9: HJ :B76A6?:�

�� ,J>I: ID9DH ADH D7?:IDH 9:AI6B7DG�

� �DCIGDA: H> :A H:869DG EG:H:CI696`DH K>H>7A:H�

�� 07>FJ: :A H:869DG 8:G86 9:A H>I>D9: :BEA6O6B>:CID �8DCHJAI: A6E]<>C6 �� ��

�� .> =68: ;6AI6 86B7>: A6H 7>H6<G6H9: A6 EJ:GI6 6 A6 >OFJ>:G96 �K:GE]<>C6�����

�� .> =68: ;6AI6 >CHI6A: A6 H6A>96 9:6>G: 9:A :H86E: A6I:G6A D >C;:G>DG :C:A H:869DG �K:G E]<>C6�����

�� #6<6 8DAD86G :A 867A: 9:6A>B:CI68>aC 9: :C:G<_6 EDG JCI^8C>8D 6JIDG>O69D �K:G E]<>C6�����

�� -:K>H: A6 8DC:M>aC P4� A6B6C<J:G6 8DGI6 N A6 B6C<J:G6�,0�./*+ >C8AJ>96H 8DC:B76A6?: 9:A H:869DG �K:G E]<>C6����

�� �DC:8I: :A HJB>C>HIGD 9: 6<J6 6 A6E6GI: EDHI:G>DG 9:A H:869DG �K:GE]<>C6 �� E6G6 8DCD8:G A6H>CHIGJ88>DC:H 9:I6AA696H��

�� $CHI6A: ADH 8DC9J8IDH 9:A :H86E: H>:H C:8:H6G>D�

.><6 A6H >CHIGJ88>DC:H 9:>CHI6A68>aC EGDK>HI6H EDG :A;67G>86CI: 9: E>:O6H 9: 8DC9J8IDH

6EGDE>69D �K:G E]<>C6 ���

i .> A6H 8DC9>8>DC:H 9: :HE68>D HDCBJN G:9J8>96H H: G:8DB>:C96BDCI6G A6H EG>B:G6H E6GI:H 9: A6IJ7:G_6 6CI:H 9: J7>86G :A H:869DG:C HJ H>I>D 9: :BEA6O6B>:CID9:;>C>I>KD�

��� 07>FJ: :A H:869DG :C HJ H>I>D 9::BEA6O6B>:CID 9:;>C>I>KD�

�*�'#)D 6GG6HIG: :A H:869DG EDG :AHJ:AD H> ADH E>:H 6?JHI67A:H;J:GDC :MI:C9>9DH� C :HI: 86HDH: 96`6G_6C I6CID ADH E>:H6?JHI67A:H 8DBD A6 E6GI: >C;:G>DG9:A H:869DG�

��� +DH>8>DC: N C>K:A: AJ:<D :AH:869DG�

A H:869DG 9:7: C>K:A6GH: 8DCID9DH ADH E>:H 6?JHI67A:H;>GB:B:CI: 6H:CI69DH :C :A E>HD�)D 9:7: I6B76A:6GH:� .>�:AH:869DG CD :HI] C>K:A69D D�H> H:I6B76A:6 9:7:C G:<JA6GH: ADH E>:H6?JHI67A:H� 'DH E>:H 9:7:C6?JHI6GH: =6HI6 FJ: :A H:869DG CDH: 76B7DA:6 N :HI] C>K:A69D I6CID9: JC A69D G:HE:8ID 9:A DIGD8DBD 9: 6IG]H G:HE:8ID 9:69:A6CI:�

Page 35: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

i �:HEJ^H 9: G:6A>O6G ADH 6?JHI:HEG:A>B>C6G:H EG:H>DC: 8696:HFJ>C6 9: A6 H:869DG6 =68>6676?D E6G6 6H:<JG6GH: 9: FJ: A6JC>969 CD H: I6B76A::� .> H:I6B76A:6 76?: :A E>: 9: :H6:HFJ>C6 =6HI6 FJ: H: 6EDN:;>GB:B:CI: :C :A E>HD�

� � �DC:8I: :A IJ7D 9: K:CI>A68>aC 6 A6H6A>96 9: 6>G: 9:A H:869DG�8DCHJAI: A6 E]<>C6 ����

��� �DC:8I: :A IDB68DGG>:CI: :C :A:C8=J;: 8DGG:HEDC9>:CI: �8DCHJAI:A6 E]<>C6 ����

��� ':6 AH >CHIGJ88>DC:H 9:;JC8>DC6B>:CID E6G6 :CI:G6GH:8DBD ;JC8>DC6 HJ H:869DG�8DCHJAI: A6 E]<>C6 ����

��� ;:8Ib: JC 8DCIGDA 9:A:A:8IGD9DB^HI>8D�

� �DCIGDA: FJ: :A I6B7DG :HI^K68_D�

� �>:GG: A6 EJ:GI6 9:A H:869DG�

� �DCBJI: :A H:869DG 6 R MIG69GNU � MIG6 H:8D� N�:C8>^C96AD�

� +]G:AD 9:HEJ^H 9:6EGDM>B696B:CI: � 6 �B>CJIDH N 67G6 A6 EJ:GI6�

� .> :A >CI:G>DG 9:A H:869DG :HI]I>7>D H><C>;>86 FJ: :HI]8DGG:8I6B:CI: 8DC:8I69D��E6<J: :A H:869DG�

� .> :A H:869DG CD ;JC8>DC68DCBbI:AD 6 R*;;U��DCHJAI: :C A6 AD86A>O68>aC 9:;6AADH �K:G E]<>C6 ��� N9:I:GB>C: :A ;6AAD�

�;>:/H/;73<B=

� ��*�&(�"���)D >CHI6A: :A H:869DG�� :C :A :MI:G>DG� :C 6B7>:CI:H 9DC9: <DI:6 :A

6<J6� 8:86 9: B6I:G>6A:H >C;A6B67A:H� :C 6B7>:CI:H 8DC G>:H<D 9:

8DC<:A6B>:CID� :C 6B7>:CI:H 9DC9: EJ:9: =67:G

<6H J DIGDH 8DB7JHI>7A:H� :C 6GB6G>DH 8DC EJ:GI6H FJ: H:

EJ:96C IG676G D :C C>8=DH�

A 6B7>:CI: 9: :BEA6O6B>:CID 9:7:EDH::G JC6 7J:C6 K:CI>A68>aC 9: DIGDBD9D :A H:869DG IG676?6G] 8DCG:C9>B>:CID G:9J8>9D�)D DE:G: :A H:869DG 6 I:BE:G6IJG6HHJE:G>DG:H 6 ADH ����°! ����°��D�9:76?D 9: ���°! ���°��� '6H I:BcE:G6IJG6H 76?6H EJ:9:C 6;:8I6G A6H:8J:C8>6 :A EGD<G6B6 6JIDB]I>8D NEJ:9:C EGDADC<6G ADH I>:BEDH 9:AH:869D�'6 HJE:G;>8>: 9DC9: H: K6N6 6 >CHI6A6G :AH:869DG 9:7:C :HI6G A>BE>6H E6G:?6H N;>GB:H� Q)D >CHI6A: :A H:869DG HD7G:6A;DB7G6H� �DBE:CH: A6H>GG:<JA6G>969:H :C :A E>HD B:9>6CI: ADHE>:H 6?JHI67A:H :C 6AIJG6�$CHI6A: :A H:869DG N C>K^A:AD JC A69DG:HE:8ID 9:A DIGD N A6 E6GI: 6CI:G>DGG:HE:8ID 9: A6 E6GI: EDHI:G>DG�0I>A>8:�JC C>K:A 9: 6A8D=DA�Q)JC86�9:H:CGDHFJ: IDI6AB:CI: ADHE>:H 6?JHI67A:H� A I6B6`D 9:A ]G:6 9: >CHI6A68>aC9:E:C9: 9: A6H B:9>96H 9:A H:869DG�Q�H:<bG:H: FJ: :M>HI6 :HE68>DHJ;>8>:CI: E6G6 :A ]G:6 9: <>GD 9: A6EJ:GI6�

�+*/*'9 �+95

1 ����� ���� ==� ��� <2C��� ;7�

2 ����� ���� ==�

��� <2C��� ;7�

3?>3 ����� ���� ==�

3?>5=21<1:5��� <2C 4

Q>7E<?����� ���� ==� ��� � ���M

5=21<1:5��� <2C ��� ;7�

.> >CHI6A6 :A H:869DG :C JC G:IG:I:D7H:GK: :A 8JBEA>B>:CID 9: A6H9>HI6C8>6H B_C>B6H 9: 68J:G9D 8DC A6H><J>:CI: I67A6��>HI6C8>6H 9: >CHI6A68>aC B_C>B6H

+:8+:+

� <?C <14?C �� �� ==�

�BB921 ��� ���� ==�

�5DBQC �� �� ==�

D1> 35B31 45 <1 @1B54 3?=? <? @5B=9D1 <1F5>D9<139U> ? <1 3?>5H9U> 45 17E1

$C;DGB68>aC >BEDGI6CI: G:HE:8ID 9: A6H9>HI6C8>6H B_C>B6H�� .:<bC A6 J7>868>aC 9: A6 8DC:M>aC

9: 6>G: 9:A :H86E: H: 9:7: HJB6GJC6 9>HI6C8>6 69>8>DC6A B_C>B6 9:�V EJA<696H ��� 8B� HD7G: :HI:A69D E6G6 8DC9J8IDH HDEDGI:H �K:GE]<>C6 ����

� 'DH 7:C:;>8>DH 9: B6CI:C:G JC69>HI6C8>6 HJE:G>DG �:HE68>DH A>7G:H�6 A6 B_C>B6 FJ: H: BJ:HIG6>C8AJN:C�� G:9J88>aC 9:A G>:H<D 9: FJ: H:EGD9JO86 BD=D 9:IG]H 9:A:A:8IGD9DB^HI>8D�

� G:9J88>aC 9: A6 IG6CHB>H>aC 9:GJ>9DH

� ;68>A>I68>aC 9: A6 >CHI6A68>aC N 9:AH:GK>8>D I^8C>8D�

� =6N B]H 8>G8JA68>aC 9: 6>G: FJ::C;G_6 :A H:869DG :K>I6 FJ: :AH:869DG H: 86A>:CI: :C :M8:HD NB:?DG6 HJ G:C9>B>:CID �

� .> H: >CHI6A6 :A H:869DG :C6B7>:CI:H G:9J8>9DH A6H EJ:GI6H9:A 6B7>:CI: 9:7:G]C :HI6G:FJ>E696H 8DC K:CI>A68>DC:H 9:9>B:CH>DC:H B_C>B6H:HI67A:8>96H� �DCHJAI: A6H><J>:CI: ;><JG6 E6G6 D7I:C:G>C;DGB68>aC 69>8>DC6A�

Page 36: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

'6 EJ:GI6 9:A H:869DG H: EGDK:: 8DC7>H6<G6H HD7G: :A A69D 9:G:8=D�

.> C:8:H>I6 86B7>6G A6H 7>H6<G6H 6 A6>OFJ>:G96 K:6 A6 E]<>C6����

�=<3F7Q< 23 /5C/ �DC:8I: A6 B6C<J:G6 9: HJB>C>HIGD 9:6<J6 9:A H:869DG 6 JC <G>;D 9: 6<J6 ;G_6�:A <G>;D 9:7: :HI6G J7>869D 9:CIGD 9:ADH � E>:H ���� B� 9: A6 K]AKJA6 9::CIG696 9: 6<J6 :C A6 E6GI: EDHI:G>DG9:A H:869DG��

.: G:8DB>:C96 I:C:G JC6 EG:H>aC 9:HJB>C>HIGD 9: 6<J6 9: �� � ��� EH>����� � ���� 76G� E6G6 JC B:?DGG:C9>B>:CID�

.: EGDEDG8>DC6 JC 8DC:8IDG P4P ?JCID8DC JC6 B6C<J:G6 8DGI6 �H> :HC:8:H6G>6� E6G6 8DC:8I6GA6 6A <G>;D 9:6<J6 ;G_6�

!/<5C3@/ �%)�./*+

"#(��� A 8DGG:8ID 6H:<JG6B>:CID 9: A6H8DC:M>DC:H 3/ -)�. 9: A6HB6C<J:G6H :H 9: bC>86 N :M8AJH>K6G:HEDCH67>A>969 9:A 8A>:CI:� A;67G>86CI: CD 6HJB: C>C<JC6G:HEDCH67>A>969 C> D7A><68>aC EDGJC6 8DC:M>aC 3/ -)� 9:B6C<J:G6 J DIGD I>ED 9: 8DC:M>aCFJ: CD :HI^ 8DGG:8I6B:CI:>CHI6A696�

'6 B6C<J:G6 �%)�./*+ :K>I6 A6EDH>7>A>969 9: >CJC968>DC:H H> A6B6C<J:G6 I>:C: JC6 E^G9>96�

.> A6 B6C<J:G6 I>:C: JC6 E^G9>96 H:K>HJ6A>O6 JC6 B6G86 GD?6 N H: 7ADFJ:6 A6:CIG696 9: 6<J6�

� 0C6 B6C<J:G6 �%)�./*+ FJ:H: =6 68I>K69D CD H: EJ:9:G:EGD<G6B6G� �DCHJAI: 6 H:GK>8>D 6A8A>:CI: E6G6 D7I:C:G JC G:EJ:HID9: A6 B6C<J:G6 �K:G E]<>C6 ����

$73H/A 23: A31/2=@ !�'(��- �AC;7<7AB@/2/A

'6H H><J>:CI:H E>:O6H :HI]C >C8AJ>96H8DC :A :CK_D 9: HJ H:869DG�

�� �DC:8IDG P4�

��(6C<J:G6 9: :CIG696 9: B:I6AIG:CO69D 8DGI6

� �G6C9:A6 9: =JA:

��(6C<J:G6 �%)�./*+

$/@/ 1=<31B/@ :/ ;/<5C3@/ 233<B@/2/

i A H:869DG 9:7: 8DC:8I6GH: 6A8DC:8IDG P4� JH6C9D A6 B6C<J:G6�%)�./*+ � )D JH: JC6B6C<J:G6 K>:?6�

�� �>:GG: :A <G>;D 9: :CIG696 9: 6<J6 NG:I>G: A6 B6C<J:G6 9: HJB>C>HIGD9: 6<J6 9: A6 A6K69DG6�

A6K69DG6 H:869DG6

Page 37: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

�� 1:G>;>FJ: FJ: A6 6G6C9:A6 9: =JA::HI^ 8DBEA:I6B:CI: >CH:GI696 N6H:CI696 :C :A :MIG:BD =:B7G6 9:A6 B6C<J:G6 8DGI6 6CI:H 9:8DCI>CJ6G� '6 6G6C9:A6 9: =JA:6E6G:8: 8DBD _I:B � :C A6>AJHIG68>aC 9: A6H E>:O6HHJB>C>HIG696H� .: >AJHIG6 H:E6G6969: A6 B6C<J:G6 E6G6 B6NDG8A6G>969�

� .> :A :HE68>D AD E:GB>I: 8DC:8I: :A:MIG:BD GDH869D >CI:GC6B:CI:�=:B7G6� 9:A 8DC:8IDG P4�9>G:8I6B:CI: 6A <G>;D 9: 6<J6 ;G_6�DE8>aC � 8DBD H: BJ:HIG6 :C A6>AJHIG68>aC 6CI:G>DG� N H><6 8DC :AE6HD �

$/@/ 7<AB/:/17Q< =>17=</: 1=< 3:1=<31B=@ -.> :A 8DC:8IDG P4� CD H: EJ:9:HJ?:I6G 9>G:8I6B:CI: JH: A6B6C<J:G6 8DGI6 HJB>C>HIG696 E6G68DC:8I6G :A 8DC:8IDG P4� 6A <G>;D 9:6<J6 ;G_6 �DE8>aC � 8DBD H:BJ:HIG6 :C A6 >AJHIG68>aC� G1=<B7<R3 1=< :=A >/A=A � / ��

A6K69DG6

H:869DG6

�� �DC:8I: A6 B6C<J:G6 8DGI6 6A <G>;D9: 6<J6 ;G_6� �EG>:I: A6 8DC:M>aC 6B6CD =6HI6 FJ: :A 68DEA: :HI^6H:CI69D :C :A <G>;D�

�� 0H: E>CO6H E6G6 6EG:I6G A68DC:M>aC 8DC JC <>GD 69>8>DC6A 9:9DH I:G8>DH 9: KJ:AI6�

i )D 6EG>:I: :C :M8:HD� .: EJ:9:96`6G :A 68DEA:�

�� �DC:8I: :A 696EI69DG P4� 6 A6B6C<J:G6 8DGI6� �EG>:I: :A 68DEA:6 B6CD =6HI6 FJ: FJ:9:;>GB:B:CI: 6H:CI69D :C A6B6C<J:G6�

�� �DC:8I: A6 B6C<J:G6 9:HJB>C>HIGD 9: 6<J6 ;G_6 9: A6A6K69DG6 6A 8DC:8IDG P4�� �EG>:I: 6B6CD�

�� �DC:8I: A6 B6C<J:G6�%)�./*+ 9:A H:869DG 6A DIGD68DEA: 9:A 8DC:8IDG P4�� �EG>:I: 6B6CD�

�� �EG>:I: ADH IG:H 68DEA:H HD7G: :A8DC:8IDG P4� 8DC JC <>GD 69>8>DC6A9: 9DH I:G8>DH 9: KJ:AI6 JH6C9DE>CO6H�

i )D 6EG>:I: :C :M8:HD� .: EJ:9:96`6G :A 68DEA:�

�� �DC:8I: :A 8DC:8IDG :C ]C<JADG:8ID 9: A6 B6C<J:G6�%)�./*+ 6 A6 K]AKJA6 9::CIG696 J7>8696 :C A6 E6GI:HJE:G>DG >OFJ>:G96 9:A H:869DG�

i 1:G>;>FJ: FJ: A6 6G6C9:A6 9: =JA:CD H: 86><6 N FJ: :HI^ 7>:C6H:CI696 :C :A 8DC:8IDG :C ]C<JADG:8ID�

��� �>@73B3 / ;/<= :A 68DEA: =6HI6FJ: FJ:9: 6H:CI69D :C :A8DC:8IDG� )D JH: E>CO6H 6EG>:I: 6B6CD bC>86B:CI:�

i )D 6EG>:I: :C :M8:HD� .: EJ:9:96`6G :A 68DEA:�

��� �7G6 :A <G>;D 9: 6<J6�

� � 1:G>;>FJ: FJ: CD =6N6 E^G9>96H6AG:9:9DG 9:A 8DC:8IDG P4� 9:A<G>;D N 9: C>C<JC6 B6C<J:G6�

�=<3F7Q< 3:N1B@71/

� ��*�&(�"��� A 867A: 9: 6A>B:CI68>aC 9:7:H:G 8DC:8I69D EDG JC I^8C>8D86A>;>869D D JC :A:8IG>8>HI6 8DCA>8:C8>6 bC>86B:CI:� �DC:8I: :AH:869DG 6 JC G6B6A >C9>K>9J6A 9:A8>G8J>ID�)D JI>A>8: 696EI69DG:H�)D JI>A>8: 867A:H EGDADC<69DG:H�)D FJ>I: A6 8A6K>?6 9: EJ:HI66�I>:GG6�

.J H:869DG H: EGDK:: H>C :A 867A: 9:6A>B:CI68>aC� A 867A: 6 8DC:8c I6G9:7: EG:H:CI6G A6H H><J>:CI:H86G68I:G_HI>86H�� �EGD768>aC 0' :C 0.�� ��� 6 ��� KDAIH 9: K6ADG :;>86O

�B_C>BD�� �� 6BE:G:H� />ED .-�/ D �-/ �0' ������ �>C8D E>: 9: ADC<>IJ9 �B_C>BD�

Page 38: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

� ��*�&(�"��� A 867A: 9: 6A>B:CI68>aC 9:7:H:G 8DC:8I69D EDG JC I^8C>8D86A>;>869D D JC :A:8IG>8>HI6 8DCA>8:C8>6 bC>86B:CI:� 0I>A>8: bC>86B:CI: 867A:H 0'9:��� �BEH 8DC 9:H86G<6 9:IG688>aC� /:C<6 :C 8J:CI6 A6H>CHIGJ88>DC:H 9:A ;67G>86CI:�

)D 8DC:8I: :A 867A: 9:6A>B:CI68>aC 6 JC :C8=J;: 76?DI:CH>aC 6CI:H 9: 8DC:8I6GAD6�ADH I:GB>C6A:H 9:A:A:8IGD9DB^HI>8D N FJ: :HI^8:GG696 A6 86?6 9: 8DC:M>aCD�9:G>K68>aC H:<bC H: 9:H8G>7:676?D�

)D JI>A>8: 867A:H 9: 6A>B:CI68>aCJH69DH� A 867A: 9:7:G] :HI6GEGDK>HID 9: I:GB>C6A:H 8:GG69DHD 7>:C 9D7A69DH =68>6 6GG>76�

)D IJ:GO6 ADH 867A: :C JC ]C<JAD8:GG69D :C A6H 8DC:M>DC:H�

�:7: JI>A>O6GH: bC>86B:CI: JC867A: 9: � 8DC9J8IDG:H H> :A:FJ>ED H: >CHI6A6 :C JC6 86H6GD96CI: :C JC K:=_8JADG:8G:68>DC6A :C JC6 CJ:K6 G6B69:A 8>G8J>ID 9: >CHI6A68>aC J DIGDAJ<6G 9DC9: A6H G:<A6H AD86A:H CDE:GB>I:C JC6 EJ:HI6 6 I>:GG6 6IG6K^H 9:A 8DC9J8IDG C:JIGD�

$@=1327;73<B=A 23 >C3AB//�B73@@/ /2717=</:3A� �A<JC6H G:<A6B:CI68>DC:H AD86A:H

EJ:9:C :M><>G JC6 8DC:M>aC 6I>:GG6 69>8>DC6A� C�:HI: 86HD9:7:C 69FJ>G>GH: EDG H:E6G69D ADH688:HDG>DH G:FJ:G>9DH 8DBD :A867A: 9: 8DC:M>aC 67G6O69:G6HN�IDGC>AADH�

� )JC86 8DC:8I: :A:A:8IGD9DB^HI>8D 6 IJ7:G_6H 9:6<J6 9: B6I:G>6A EA]HI>8D IJ7:G_6H9: <6H D 9: 6<J6�

�<AB@C117=<3A >/@/ :/ 1=<3F7Q</�B73@@/ HI: :A:8IGD9DB^HI>8D 9:7:8DC:8I]GH:AD 6 I>:GG6� C 86HD 9: ;6AADH:C :A ;JC8>DC6B>:CID D�GDIJG6H A68DC:M>aC 6 I>:GG6 G:9J8: :A G>:H<D 9:9:H86G<6H :A^8IG>86H EG:H:CI6C9D JC6K_6 9: 76?6 G:H>HI:C8>6 EDG A6 FJ: EJ:9:;AJ>G A6 8DGG>:CI:�

Page 39: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

Page 40: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

Page 41: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

�=<3F7Q< 23: BC0= 23 /7@323 A/:72/

� ��*�&(�"����� � ;>C 9: G:9J8>G :A E:A><GD 9:>C8:C9>D :A 6>G: 9: H6A>96 9: :HI::A:8IGD9DB^HI>8D � � �*)�0�$-. �' 3/ -$*-�

�� +6G6 G:9J8>G :A G>:H<D 9: >C8:C9>DCD JI>A>8: H>HI:B6H 9: 8DC9J8IDHB]H A6G<DH FJ: ADHG:8DB:C969DH� �DCHJAI: A6 I67A69: 'DC<>IJ9 B]M>B6 9:A H>HI:B69: 8DC9J8IDH �K:G E]<>C6 ����

� )D JH: JC 8DC9J8ID 9: EA]HI>8D J=D?6H B:I]A>86H C> C>C<bC DIGD8DC9J8ID CD B:I]A>8D 8DC :HI:H:869DG� .aAD H: 9:7:C JH6G8DC9J8IDH 9: B:I6A G_<>9D D;A:M>7A: E6G6 A6 :MIG688>aC� 'DH8DC9J8IDH 9: =D?6H B:I]A>86H N9: B:I6A ;A:M>7A: )* HDC ADB>HBD�

�� )* JH: B]H 9: ��� B 9:8DC9J8IDH 9: B:I6A ;A:M>7A:�

�� )* JH: JC 8DC9J8ID 9: B:CDH9: � EJA<696H 9: 9>]B:IGD�

�� )* 9:H86G<J: :A 6>G: 9:A H:869DG:C� 8=>B:C:6H E6G:9:H I:8=DHAJ<6G:H 8:GG69DH 9: JC :9>;>8>D8DC9J8IDH 9: 6>G: ;G_D 9: JC=DGCD ]I>8DH =J:8DH H6C>I6G>DH C>DIGD H>HI:B6 9: 8DC9J8IDH E6G6K:CI>A68>aC�

�� )D >CHI6A: JC IJ7D ;A:M>7A::BEDIG69D :C A6 E6G:9 JC8>:ADGG6HD D E>HD�

�� )* G:IJ:GO6 C> 9D7A: :A IJ7D��� �DCIGDA: N A>BE>: A6 IJ7:G_6G:<JA6GB:CI:� �DBD B_C>BD JC6K:O 6A 6`D�

�� A IJ7D 9: H6A>96 9: 6>G: 9:7:I:GB>C6G 9: BD9D 9: :K>I6G A68>G8JA68>aC >CK:GH6 A6 :CIG696 9:E]?6GDH J DIGDH 6C>B6A:H�

��� )* 6GB: :A H>HI:B6 9: 8DC9J8IDH8DC IDGC>AADH C> HJ?:I69DG:H FJ:FJ:9:C >CIGD9J8>9DH :C ^A�

��� )* 6GB: :A H>HI:B6 9: 8DC9J8IDH8DC IDGC>AADH C> HJ?:I69DG:H FJ:FJ:9:C >CIGD9J8>9DH :C ^A� .>GK:C8DBD EJCID 9: 68JBJA68>aC 9:E:AJH6� '6H JC>DC:H H: 9:7:CHJ?:I6G 8DC 8>CI6 9: 6AJB>C>D�

'/:72/ 23 /7@3 23: A31/2=@ A H:869DG H: EGDK:: 8DC JC6 H6A>96 9:6>G: J7>8696 :C A6 E6GI: EDHI:G>DG 9:AB>HBD�+6G6 I:C:G :C 8J:CI6 ADH G:FJ:G>cB>:CIDH 9: :HE68>D N�JC�H>HI:B6 9:K:CI>A68>aC :K:CIJ6AB:CI: :M>HI:CI:H:�EDH>7>A>I6C A6H H><J>:CI:H DE8>DC:H9: 8DC:M>aC� � :C :A A69D 9:G:8=D 9:A

:A:8IGD9DB^HI>8D� :C A6 E6GI: >C;:G>DG 9:A

:A:8IGD9DB^HI>8D�

� X *1<941 45 19B5 5> <1 @1BD5 @?CD5B9?B 45< 5<53DB?4?=RCD93? �5CDQ>41B�

� X *1<941 45 19B5 5> 5< 3?CD14? 45< 5<53DB?4?=RCD93? �?@39U>�

� X *1<941 45 19B5 5> <1 @1BD5 9>65B9?B 45< 5<53DB?4?=RCD93? �?@39U>�

'6H 8DC:M>DC:H :HE:8>6A:H E6G6 :A 6>G:9: H6A>96 H: A6H EGDK:: HJ K:C9:9DG 6A><J6A FJ: E6GI: G:FJ:G>96H E6G6 8696DE8>aC �K:G�A6�E]<>C6 ����� %J:<D E6G6 H6A>96 A6I:G6A� %J:<D 9: H6A>96 >C;:G>DG A 86B7>D 9: A6 H6A>96 9: 6>G: N JC68DC:M>aC DE8>DC6A 9:7: :;:8IJ6GA6 JCI^8C>8D 86A>;>869D�

(C03@O/$C<B=A 7;>=@B/<B3A / 1=<A723@/@�

A H>HI:B6 9: G:HE>G69:GD 9:A H:869DGH:E6G6 :A 6>G: =bB:9D B>:CIG6H A6 GDE6H: H:86� 0HI:9 EJ:9: 68DGI6G I>:BEDH9: H:869D H6AK6G :C:G<_6 N 6NJ96G 66H:<JG6G A6 H:<JG>969 9:A H>HI:B68:G8>DG]C9DH: FJ: :A H>HI:B6 9:A8DC9J8ID 9: :H86E: 9: H:869DG H:6>CHI6A69D 6EGDE>696B:CI: N :HB6CI:C>9D�

� (6CI:C<6 ADH IG6BDH 9: 8DC9J8ID�A6 IDI6A>969 9:A H>HI:B6 9:8DC9J8IDH 9:A :H86E: 9:H9: A6H:869DG6 =6HI6 A6 E6GI: :MI:GC6 9:A6 86BE6C6 9:A :H86E:� AD B]H8DGIDH EDH>7A: �8DCHJAI: A6 I67A6P'DC<>IJ9 B]M>B6 9:A H>HI:B6 9:8DC9J8IDH� 9: A6 E]<>C6 ����

� 0H: A6 86CI>969 B_C>B6 9: 8D9DHC:8:H6G>6 E6G6 >CHI6A6G :A H>HI:B69: 8DC9J8IDH 9:A :H86E:� K>I:8DAD86G 9DH 8D9DH 9: �� <G69DHJCD 6A A69D 9:A DIGD�

� 1:G>;>FJ: N A>BE>: :A H>HI:B6 9:8DC9J8IDH 9:A :H86E: N A686BE6C6 9:A :H86E: EDG ADB:CDH 9DH K:8:H EDG 6`D NH>:BEG: FJ: HDHE:8=: FJ: :A;JC8>DC6B>:CID 9: A6 H:869DG6 =6:BE:DG69D�

-:I>G: A6 E:AJH6 68JBJA696 E6G6:K>I6G A6 9>HB>CJ8>aC 9:A ;AJ?D 9:6>G: D A6H D7HIGJ88>DC:H 9:AH>HI:B6� .: G:8DB>:C96 G:6A>O6GJC6 A>BE>:O6 EGD;:H>DC6A :C ;DGB66CJ6A N 6A 8DC:8I6G A6 H:869DG6 6JC H>HI:B6 9: 8DC9J8IDH 9::H86E: JI>A>O69D EG:K>6B:CI:�

� -::BEA68: 8J6AFJ>:G IG6BD 9:K:CI>A68>aC 9: EA]HI>8D J =D?6HB:I]A>86H 8DC 8DC9J8IDH 9: B:I6AG_<>9D D B:I6A ;A:M>7A:� .:G:8DB>:C96 :A JHD 9: 8DC9J8IDH9: B:I6A G_<>9D�

i '6 8DGG:8I6 >CHI6A68>aC 9:A H>HI:B69:A :H86E: :H G:HEDCH67>A>969 9:A8DCHJB>9DG�

=A >@=0:3;/A ?C3 A3>@=2CH1/< 23072= / :/7<AB/:/17Q< 7<1=@@31B/ <= 3ABM<1C073@B=A >=@ :/ 5/@/<BO/ 23:3:31B@=2=;NAB71=�

)D :HI] E:GB>I>9D :A JHD 9: JC H>HI:B69: 8DC9J8IDH 9:A :H86E: B]H A6G<DFJ: :A :HE:8>;>869D :C A6 I67A6 9:ADC<>IJ9 B]M>B6 9:A H>HI:B6 9:8DC9J8IDH :C A6 E]<>C6 �� � )D6?JHI6GH: 6 :HI6 I67A6 EGDADC<6G] :AI>:BED 9: H:869D H: 68JBJA6G]E:AJH6 N :A G:C9>B>:CID 9:A H:869DG6H_ 8DBD HJ K>96 bI>A H: K:G]C6;:8I69DH�

Page 42: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

/D96H A6H ?JCIJG6H 9: ADH IJ7DH 9:7:CH:AA6GH: E6G6 FJ: CD EG:H:CI:CE^G9>96H� A :MIG:BD 9:A IJ7D 9: B:CDG9>]B:IGD 9:7:G] H:`6A6G :C :A H:CI>9D9: 8>G8JA68>aC 9:A 6>G:�$C9:E:C9>:CI:B:CI: 9: 8DC:8I6GA6�IJ7:G_6 6 JC H>HI:B6 :M>HI:CI:D�CJ:KD 6H:<JG: FJ: :HI^ A>7G:9:�E:AJH6H� C A6 H><J>:CI: I67A6 H: >C8AJN: A6ADC<>IJ9 B]M>B6 E:GB>I>96 I6CID E6G68DC9J8IDH G_<>9DH 8DBD E6G68DC9J8IDH G_<>9DH JH69DH 8DC8DC9J8IDH 9: B:I6A ;A:M>7A:� .> H: JH6C8DC9J8IDH 9: B:I6A ;A:M>7A: E6G68DC:8I6G :A :A:8IGD9DB^HI>8D 6AH>HI:B6 9: 8DC9J8IDH A6 ADC<>IJ9 IDI6A9:A 8DC9J8ID 9: B:I6A ;A:M>7A: JI>A>O69DCD :M8:9:G] ADH ��� B N EJ:9:JI>A>O6GH: bC>86B:CI: E6G6 8DC:8I6G :AH:869DG 6A H>HI:B6 9: 8DC9J8IDH��DBD H: BJ:HIG6 :C A6 H><J>:CI: I67A6A6 ADC<>IJ9 B]M>B6 9:A H>HI:B6 9:8DC9J8IDH H: G:9J8: H> H: JI>A>O6C8DC9J8IDH ;A:M>7A:H�

=<57BC2 ;MF7;/ 23: A7AB3;/ 231=<2C1B=A �I3+85 *+)5*59 *+� A

";(5 8F-/*5

�54*;):59,2+=/(2+9 +4)53(/4')/H4)54)54*;):598F-/*59

� �� 6D������ 3=�

�� 6D� ����� 3=�

� �� 6D������ 3=�

�� 6D� ����� 3=�

� �� 6D������ 3=�

�� 6D����� 3=�

� �� 6D������ 3=�

�� 6D����� 3=�

� �� 6D� ���� 3=�

�� 6D� ���� 3=�

"=B/�'6H >CHI6A68>DC:H 9:A :H86E: A6I:G6A :>C;:G>DG I>:C:C JC <>GD 9: ��S 9:CIGD 9:AH:869DG� /DB: :HID :C 8J:CI6 6A JH6GA6 I67A6 6CI:G>DG�

)D H: G:8DB>:C96 :A JHD 9: B]H 9: �8D9DH 9: ��°� +6G6 JC G:HJAI69DaEI>BD H:E6G: ADH 8D9DH EDG AD B:CDH8DC � E>:H 9: IJ7:G_6 G:8I6 >C8AJN:C9D:C :AAD A6 9>HI6C8>6 :CIG: :A bAI>BD 8D9DN :A HDB7G:G:I:�

'=;0@3@3B3 23 D3<B7:/17Q< A IJ7D 9: K:CI>A68>aC 9:7: I:GB>C6G :CJC HDB7G:G:I: 9: K:CI>A68>aC 6EGD769D8DC A6B>C>AA6H 9: 8>:GG: 6BDGI><J69D�)* JI>A>8: JC HDB7G:G:I: 8DC H:<JGDHB6<C^I>8DH�+6G6 :K>I6G G:HIG>88>DC:H :C A6 K:CI>cA68>aC A6 H6A>96 9:7: EG:H:CI6G JC9>HI6C8>6 B_C>B6 9: ���EJA<696H ���8B� HD7G: :A HJ:AD J DIG6 HJE:G;>8>: 9:D7HIGJ88>aC�

$73H/A <313A/@7/A >/@/ 3: A7AB3;/23 1=<2C1B=A'6H E>:O6H C:8:H6G>6H E6G6 :A H>HI:B69: 6>G: 9:A :H86E: �8D9DH A_C:6HH6A>96H 9: 6>G: 9:A :H86E:� CD H:>C8AJN:C :C A6 :CIG:<6 :HI]C96G 9: A6H:869DG6 �8DCHJAI: A6 H:88>aC�88:HDG>DH E6G6 D7I:C:G >C;DGB68>aCHD7G: 8aBD HDA>8>I6G A6H E>:O6H�� .><6A6H >CHIGJ88>DC:H HJB>C>HIG696H 8DC A6HE>:O6H�

.: G:8DB>:C96 A6 >CHI6A68>aCEGD;:H>DC6A 9:A H>HI:B6 9: 8DC9J8IDH�

Page 43: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

�113A=@7=A 'DH H><J>:CI:H 688:HDG>DH DE8>DC6A:HE6G6 HJ H:869DG6 EJ:9:C HDA>8>I6GH: 6AH:GK>8>D I^8C>8D �8DCHJAI: A6 E]<>C6 ���D 6 HJ 9>HIG>7J>9DG AD86A� Q-D<6BDHI:C:G :C 8J:CI6 A6H >CHIGJ88>DC:H 9:>CHI6A68>aC FJ: EGDK:: :A ;67G>86CI:��C35= >/@/ A/:72/ :/B3@/:

)S 9: E6GI:� +(.����"=B/��DCHJAI: A6H CDI6H HD7G: A6 86CI>969B]M>B6 9: 8D9DH :C A6 E]<>C6 ���

i .: C:8:H>I6 JC6 =:GG6B>:CI6:HE:8>6A E6G6 86A6G :A DG>;>8>D 9:A:H86E: :C :A E6C:A A6I:G6A 9: A6H:869DG6�

+6G6 D7I:C:G B]H >C;DGB68>aC8DBJC_FJ:H: 8DC HJ 9>HIG>7J>9DGAD86A�

�C35= 23 A/:72/ 7<43@7=@

)S 9: E6GI:� +(.���"=B/��DCHJAI: A6H CDI6H HD7G: A6 86CI>969B]M>B6 9: 8D9DH :C A6 E]<>C6 ���

�/</AB7::/ >/@/ A31/@

)S 9: E6GI:� +(.���0I>A>8: A6 86C6HI>AA6 E6G6 H:86G EG:C96H9: A6C6 A6K67A:H �E��:?��HJ^I:G:H� N86AO69DH��C35= 23 A/:72/ >=@ :/ 7H?C73@2/ )S 9: E6GI:� +(.��� �.:8D9DG:H 9:�A6C8DH N E6G6 H:869DG:H 9: 9DH8DADG:H�)S 9: E6GI:� +(.���' �.:8D9DG:H 9:+A6I6 N IDCD 9JD��: ;]7G>86 A6 EJ:GI6 EG:H:CI6 A6H7>H6<G6H 6 A6 9:G:8=6� A 6H6 9: A6EJ:GI6 EJ:9: 86B7>6GH: 6A A69D DEJ:HID H> :HC:8:H6G>D� �DCHJAI: 8DC HJ K:C9:9DGD 8DC CJ:HIGD :FJ>ED 9: H:GK>8>D 68A>:CI:H �K:G E]<>C6 ����!=<B83 A=0@3 >323AB/:)bB:GD 688:HDG>D 9:A E:9:HI6A 9: �EJA<696H)S 9: E6GI:� +(. ���� �.:8D9DG:H 9:�A6C8DH�)S 9: E6GI:� +(. ����' �.:8D9DG:H9: +A6I6�)S 9: E6GI:� +(. ����$ �.:8D9DG:H9: +A6I6 7A6C8D 9:A IDCD 9:A 9JD�

)bB:GD 688:HDG>D 9:A E:9:HI6A 9: ��EJA<696H+(. �� E6G6 :A 8DADG 7A6C8D HaA>96+(. ��' E6G6 A6 EA6I6 HaA>96+(. ��$ 9:A IDCD E6G6 :AEA6I6 7A6C8D 9:A IDCD 9JD+(. ��� 9:A IDCD E6G6 :A8=6BE]C 7A6C8D 9:A IDCD 9:A 9JD

.> BDCI6 :A H:869DG .D7G: JC E:9:HI6A9: �DH8= H><6 A6H >CHIGJ88>DC:HHJB>C>HIG696H 8DC :A E:9:HI6A�

$@3>/@/@ 3: A31/2=@ >/@/ 3: B@/<A>=@B3� >/A= / >/A=

i HIDH EGD8:9>B>:CIDH 9:7:C H:GG:6A>O69DH EDG E:GHDC6A 86A>;>869DbC>86B:CI:�

�� ">G: :A H:A:8IDG 9: EGD<G6B6H 6�A6EDH>8>aC R*;;U�

�� �:H8DC:8I: A6 6A>B:CI68>aC�6E6<J: :A 9>HNJCIDG 9:H:C8=J;::A :A:8IGD9DB^HI>8D��

� �>:GG: :A <G>;D 9: 6<J6 8DC:8I69D6 A6 B6C<J:G6 9: HJB>C>HIGD 9:6<J6� �:H8DC:8I: A6 B6C<J:G69: HJB>C>HIGD 9: 6<J6�

�� �:H8DC:8I: :A IJ7D 9: K:CI>A68>aC9: A6 H6A>96 8DGG:HEDC9>:CI: :C :AH:869DG�

�� -:8D?6 ID9DH ADH 688:HDG>DH N:B7]A:ADH E6G6 :CK>6GADH 8DC :A:A:8IGD9DB^HI>8D�

�� �>:GG: A6 EJ:GI6 N 6H:<bG:A6 8DC8>CI6 69=:H>K6�

�� �IDGC>AA: ADH E>:H 6?JHI67A:H :C6AIJG6 =6HI6 FJ: FJ:9:C 9:CIGD 9:A6 86G86H6 E6G6 :K>I6G FJ: H:96`:C 9JG6CI: :A IG6CHEDGI:�

�� &37<AB/:/17Q< 23: A31/2=@ 3<C</ <C3D/ C071/17Q< � �DCHJAI:A6H $CHIGJ88>DC:H 9: $CHI6A68>aC :C :HI: B6CJ6A �K:GE]<>C6 ����

Page 44: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

�"'(&)���#"�' �� �)"��#"�!��"(# �<B3A 23 CA/@

� ��*�&(�"����CI:H 9: JH6G HJ H:869DG6 A:6 NH><6 ID96H A6H >CHIGJ88>DC:H 9: A6>CHI6A68>aC N ;JC8>DC6B>:CID�

$/<3: 23 ;/<38=

�+2/)':+9 25< :+36� � 56' ,/4'('0' :+36+8':;8'�� 'B5C9?>5 5<2?DU> �5<931D5C <?G D5=@� �)?@169>1 21:1 D5=@5B1DEB1� @1B1 DB1D1B@B5>41C C5>C92<5C 1 <1D5=@5B1DEB1 �@� 5:� 692B1C 4513BS<93?�� *5 B54E35 <1D5=@5B1DEB1 I C5 @B?<?>71 5<D95=@? AE5 4EB1 5< @B?35C? 45C5314? 5> <1 =9C=1 @B?@?B39U>�

��� +� 'B5C9U>5<? @1B1 18?BB1B=QC 5>5B7S1 �VC5<? CU<? @1B1 <?C@B?7B1=1C 1ED?=QD93?C @1B11<7?4U> I @<1>3814? @5B=1>5>D5��'B5C9?>5 5< 2?DU> 45 <1 ?@39U>1>D5C 45 1BB1>31B E> @B?7B1=11ED?=QD93?�

� !/-4'2 �!+G'2� �� !+8/+9�'B5C9?>5 <?C 4?C 2?D?>5C 45?@39?>5C 1< =9C=? D95=@? @1B18129<9D1B E>1 C5T1< 13VCD931 AE59>49AE5 <1 69>1<9J139U> 45<@B?7B1=1 �F5B @Q79>1 ���� #1C5T1< 45 <1 *5B95 ��� C53?>697EB1 5> 5< =5>V 45 <1@1>D1<<1 �F5B @Q79>1 ����

� �/962'>

!+8/+ � �2;9">4931 5< D95=@? B5CD1>D55CD9=14? 45 <?C @B?7B1=1C�

!+8/+ ">4931 <?C 1:ECD5C 45 <1C?@39?>5C 14939?>1<5C I 5< D95=@?B5CD1>D5 5CD9=14? 45 <?C@B?7B1=1C� �-5B @Q79>1 ���

�6)/54+9 '*/)/54'2+9�+4; ��+4I� C5<5339?>1 E>145 <1C ?@39?>5C 14939?>1<5C

!+2+): �!+2+))/54'8� 31=291 <?C1:ECD5C 45 <1 ?@39U>C5<5339?>141

� �5:H4!:'8:��';9+

�BB1>AE5 I @1B141��BB1>31 9>D5BBE=@5 I@1B1 5< @B?35C? 45C5314?�

� '3:31B=@ 23 >@=5@/;/*5<5339?>1 5< @B?7B1=1� -5B @Q79>1 ���'E545 79BQBC5<? 5> 1=21C 49B5339?>5C�

'1B1 1@171B 5< C5314?B 3?>=ED1B 5<C5<53D?B 45 @B?7B1=1 1 L&66N�

� C13A 7<271/2=@/A � ���#?C 9>49314?B5C <E=9>?C?C C5 5>395>45>5> C53E5>391 @1B1 =?CDB1B 5< 5CD14? 458E=5414 13DE1< 45< @B?35C? 45 C5314?�

�85:+))/H4 )54:8' '88;-'*5 � 1< 69>1<45< @B?7B1=1 45 C5314? CE5>1 E>1 C5T1<13VCD931 I C5 5>395>45 5< 9>49314?B<E=9>?C? .B9>;<5 2<?3; �'B?D5339U> 3?>DB11BBE714?�� �< D1=2?B B?D1 1 9>D5BF1<?C5C@53S693?C 4EB1>D5 E>1 8?B1 @1B1 5F9D1BAE5 <1 B?@1 C5 1BBE7E5 �F5B @Q79>1 �� ��

� �5:H4 �6)/54+�7B57E5 6E>39?>5C 1<@B?7B1=1 C5<5339?>14?� �<9>49314?B <E=9>?C? 5CDQ5>35>494? 3E1>4? 5< 2?DU>45 ?@39?>5C 5CDQC5<5339?>14?� 'B5C9?>5 5<2?DU> 45 ?@39?>5C>E5F1=5>D5 @1B1 1@171B <1?@39U> �5< 9>49314?B <E=9>?C?C5 1@171��

� �/4: �/2:+8 ���"/:/2' 6'8' 8+)58*'82+ 7;+ 2/36/+ +2,/2:85 6'8' 6+2;9'9 '4:+9 > *+96;E9*+2 ;95� �>35>4941 �69:1� 3E1>4? C512B5 <1 @E5BD1 4EB1>D5 E> @B?7B1=1 ? 5>31C? 45 AE5 5< 6<E:? 45 19B5 C5 B54EJ31 <?CE69395>D5 @1B1 3B51B E> 5BB?B ���� �F5B7ES1 45 <?31<9J139U> 45 61<<?C @Q79>1����

�9:'*5 *+2 /4*/)'*582;3/4595 !:'8:��';9+��88'47;+��';9'��;? :/:/2'4:+� 'E545>31=291BC5 <?C 1:ECD5C@E545 1BB1>31BC5 5< 393<?45 C5314? ? 5<@B?7B1=1 5CDQ 5> =?4?K'1EC5� �'1EC1��

�;? :/:/2'4:+� 'E545>31=291BC5 <?C 1:ECD5C@E545 1BB1>31BC5 5< 393<?45 C5314? ? 5<@B?7B1=1 5CDQ 5> =?4?K'1EC5� �'1EC1��

�5 +4)+4*/*'� �<@B?7B1=1 69>1<9JU ? >?C5 81 C5<5339?>14?>9>7V> @B?7B1=1�

�C<17=<3A /2717=</:3A

$/<B/::/ 23 3AB/2= '3:31B=@ 23 >@=5@/;/A

Page 45: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

�<4=@;/17Q</2717=</: 23A35C@72/2

� ��*�&(�"���/:C<6 H>:BEG: :C 8J:CI6 A6H$)./-0��$*) . � . "0-$���$(+*-/�)/ . �1:G E]<>C6 ����

$@=B3117Q<23:�;327=/;073<B3 �=<A38=A >/@/ :/ @/17=</:7H/17Q< 233<3@5O/

�DH8= G:8DB>:C9D AD H><J>:CI: E6G6G68>DC6A>O6G :C:G<_6 9>C:GD N�I>:BED�� I�A1C@@/ :/ @=>/ >@=:78/;3<B3�

�CI:H 9:A H:869D 8:CIG>;J<J: A6GDE6 EGDA>?6B:CI: :C A6 B]FJ>C69: A6K6G� Q0I>A>8: A6 K:AD8>969 9:8:CIG>;J<69D B]M>B6 69B>H>7A:E6G6 :A I>ED 9: GDE6 :C 8J:HI>aC�1:AD8>969:H 9: 8:CIG>;J<69D:A:K696H G:9J8:C :A I>:BED 9:H:869D N :A 8DCHJBD 9: :C:G<_6�

� I)B7:713 :/ 1/@5/ Q>B7;/�0H: A6 86G<6 B]M>B6G:8DB:C9696� .>C :B76G<D CD9:7: :M8:9^GH:A6�

� I 7;>73 3: 47:B@=�'>BE>: :A ;>AIGD 6CI:H N 9:HEJ^H 9:8696 EGD8:HD 9: H:869D �K:GE]<>C6�����

� I*3<B7:3 3: /;073<B3 233;>:/H/;73<B=�+GDK:6 JC6 HJB>C>HIGD 69:8J69D9: 6>G: ;G:H8D 9JG6CI: :A EGD8:HD9: H:869D�

� I"= A3?C3 ;/B3@7/:3A7</231C/2=A�)D H:FJ: EG:C96H :C<DB696H D>BE:GB:67A:H�

� I 7;>73 3 7<A>3117=<3 3:A7AB3;/ 23 3A1/>3 3< 4=@;/@35C:/@�'6H D7HIGJ88>DC:H EJ:9:CEGDADC<6G :A I>:BED 9: H:869D D=68:G FJ: :A H:869DG ;JC8>DC:B6A�

�3A1=<3F7Q<B3;>=@/: 23:A31/2=@#6<6 ;JC8>DC6G HJ H:869DG bC>86B:CI:8J6C9D :HI] :C HJ 86H6� .> I>:C:>CI:C8>aC 9: >GH: 9: K6868>DC:H D CD K66 JH6G :A H:869DG EDG JC I>:BEDEGDADC<69D��� �DGI: :A 8DCBJI69DG 9:6A>B:CI68>aC�

�� .> :H EDH>7A: 9:H8DC:8I: :A:C8=J;: 9: 6A>B:CI68>aC�

� '>BE>: :A ;>AIGD 9: E:AJH6H��� �>:GG: ADH <G>;DH 9: 6<J6�

&=>/ �23<B7471/17Q< 23 >@3<2/A*7H:GK: :A H_B7DAD FJ: 9:I:GB>C6 :AIG6I6B>:CID :C A6H :I>FJ:I6H 9: A6HEG:C96H� XHI6H EGDK::C >C;DGB68>aC>BEDGI6CI: G:HE:8ID 9: :K:CIJ6A:HA>B>I68>DC:H 8DC8:GC>:CI:H 6A EGD8:HD9: H:869D�)D H:FJ: I:MI>A:H 9: ADH H><J>:CI:HI>EDH�� $BE:GB:67A:H

�E� :? :C<DB696H�� -DE6 ;>C6 �H:96 8DGI>C6H

H>CI^I>86H�

i Q.:FJ: EG:C96H 9: A6C6 D 8DC 6AID8DCI:C>9D 9: A6C6 bC>86B:CI:HD7G: A6 8:HI6�

i 0I>A>8: A: EGD<G6B6 R�>G ;AJ;; CD=:6IU �.J6K>O69D 6 6>G: C>C<bC86ADG� E6G6 H:86G B6I:G>6A:H 9::HEJB6 9: <DB6 D H>B>A6G:H�

�=<A38=A >/@/ 3: A31/2= C EG>C8>E>D AD H><J>:CI: :C8J:CIG66EA>868>aC :C ID9DH ADH EGD<G6B6H�� +6G6 AD<G6G JC H:869D JC>;DGB:

H:A:88>DC: A6 GDE6 9: 68J:G9D 6AI>ED 9: EG:C96 N 6A EGD<G6B6 6JI>A>O6G�

� �>:GG: 8>:GG:H <6C8=DH N 7DIDC:H�.J?:I: 8>CI6H HJ:AI6H 9:A6CI6A:H8DG9:A:H :I8�

� )D H:FJ: 9:B6H>69D EG:C96H 9:;]8>A 8J>969D� Q M>HI: :A E:A><GD FJ:H: 6GGJ<J:C� �:?: FJ: :HI6HEG:C96H H: H:FJ:C 6A 6>G: A>7G:�

� )D EA6C8=: A6 GDE6 >CB:9>6I6B:CI:9:HEJ^H 9: H:86GA6� �:?: A6 GDE66E>A696 EDG JC BDB:CID� �: :HI6B6C:G6 H: 9>HIG>7JN: 9: BD9DE6G:?D A6 =JB:969�

� /G676?DH 9: EJCID �E� :?� 86B>H6HEG:C96H 9: ?:GH:N� BJ8=6H K:8:H:C8D<:C 8J6C9D H: A6H H:86 EDGEG>B:G6 K:O� )D JI>A>8: :A EGD<G6B6R1:GN 9GN MIG6 9GNU �(JNH:8D MIG6 H:8D��

Page 46: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

'3:3117Q< 23: >@=5@/;/ '1B1 ?2D5>5B B5CE<D14?C 45 C5314? U@D9=?C CE C5314?B ?6B535 F1B9?C7BE@?C 45 @B?7B1=1C I ?@39?>5C 14939?>1<5C�

�59 685-8'3'9 ';:53D:/)59 9>3<EI5> )57E<1B �?DD?> �%?B=1< �<7?4U>� I '5B=1>5>D @B5CC �'<1>3814?@5B=1>5>D5�� #1 C5<5339U> 45< @B?7B1=1 C5 21C1 5> @1BD5 5> 5< D9@? 45 D5:94? 45< <1F14?� �CD?C @B?7B1=1CC5 3?>DB?<1> 3?> C5>C?B5C 45 8E=5414� #1 4EB139U> 45 <?C @B?7B1=1C 45@5>45 45< 7B14? 45 8E=5414=5494? 5> <1 B?@1 I 45< 7B14? 45 C5314? C5<5339?>14? �@� 5:� �1=@ 4BI �!V=54?� )57E<1B �BI �*53?>?B=1<� ? �HDB1 4BI ��HDB1 C53?���

�EB1>D5 5CD5 393<? C5 @E<F5B9J1 E>1 @5AE5T1 31>D9414 45 17E1 5> 5< D1=2?B =95>DB1C 79B1 3?> 31<?B� �CD5 @B?35C? C5 B5@9D5 C57E94? 45 =QC 79B?C IE> 2B5F5 @5BS?4? 45 5>6B91=95>D?� '1B1 5CD?C @B?7B1=1C 5< >9F5< 45 31<?B I 5< D95=@? 5CDQ> @B51:ECD14?C�%?D1� #?C B5CE<D14?C @E545> F1B91B C57V> 5< D9@? 45 D5:94?� #1C @B5>41C 45 ���� 1<7?4U> 3?> 131214? 1>D91BBE71C @E545> 41B =5:?B5C B5CE<D14?C�*9<1 2?AE9<<1 45:1 45 @E<F5B9J1B 4EB1>D5 E>? 45 <?C 393<?C ��!"��)� �<?C CS>D?=1C C5BS1> AE5 >? C5 ?2C5BF1 @E<F5B9J139U> 45 17E1 5> 5< D1=2?B <1B?@1 D95>5 =QC 1BBE71C AE5 <? 8129DE1< 3?> 5CD1 6E>39U>� 1C57VB5C5 45 AE5 <1 2?AE9<<1 >? 5CDR ?2CDBE941� �C @?C92<5 AE5 C5 13E=E<5 @5<EC1 AE5?2CDBEI1 <1 @E>D1 45 <1 2?AE9<<1 ? 5< 17E1 4EB1 @E545 @B?F?31B 13E=E<139U> 45 C1BB? 5> <1 2?AE9<<1 �F5B @Q79>1 ����

�59 685-8'3'9 *+ :/+365 D95>5> E>1 4EB139U> 5C@539693141� �< 393<? 45 D95=@? �9B 6<E66 %? 851D�*E1F9J14? 1 19B5 %9>7V> 31<?B� 6E>39?>1 @?B �� =9>ED?C 3?> 19B5 45< =549? 1=295>D5 �D5=@5B1DEB11=295>D5� I C9> CE=9>9CDB? 45 31<?B��59 685-8'3'9 +96+)/'2+9 D95>5> E> 49C5T? @5BC?>1<9J14? @1B1 D9@?C 5C@53S693?C 45 D5:94?C D1<5C 3?=? <1>1 ? =5J3<9<<1� #?C @B?4E3D?C ? <1C@B5>41C 45 <1>1 CU<? 4525> C531BC5 EC1>4? <1 31>1CD9<<1 45< C5314?B��59 )/)259 ��!"��)� C?> =5:?B5C @1B1 5<9=9>1B 1BBE71C I B54E39B ?<?B5C� �CD?C @B?7B1=1C 4525> EC1BC5 3?> 31B71C AE5 3?>C9CD1> 5> DB5C ?3E1DB? @B5>41C 45 1<7?4U> 9>1BBE712<5 =5J3<1 45 1<7?4U> @?<9RCD5B CERD5B5C 45 1<7?4U> D5:94? ? 692B1C C9>DRD931C�

#>B7=< �CBB=<A �#>17=<3A�

�3:71/B3A :=E B3;>� �&=>/ 47</0/8/ B3;>3@/BC@/�+G:H>DC: :A 7DIaC R�:A>86I:H ADLI:BE�U �-DE6 ;>C6 76?6 I:BE:G6IJG6�E6G6 IG6I6G EG:C96H H:CH>7A:H 6 A6I:BE:G6IJG6� /:C<6 :C 8J:CI6 A6H>C;DGB68>DC:H 9: 8J>969D D ADHH_B7DADH HD7G: A6H EG:C96H� .:�G:9J8:A6 I:BE:G6IJG6 N H: EGDADC<6 :A I>:BEDFJ: 9JG6 :A EGD8:HD 9: H:869D�

��# 3.J H:869DG I>:C: JC6 DE8>aC �* E6G6P6=DGGD 9: :C:G<_6�� HI6 DE8>aC H:JH6 HaAD 8DC ADH EGD<G6B6H6JIDB]I>8DH E6G6 6A<D9aC N EA6C8=69DE:GB6C:CI:� .: G:9J8: A6 I:BE:G6IJG6N H: EGDADC<6 :A I>:BED FJ: 9JG6 :AEGD8:HD 9: H:869D� +G:H>DC: :A 7DIaC9: A6 DE8>aC 6CI:H 9: 6GG6C86G JCEGD<G6B6 6JIDB]I>8D�

i A I6B6`D 9: A6 86G<6 :A I>ED 9:I:?>9D N A6H 8DC9>8>DC:H 8A>B]I>86H6;:8I6C A6 DE8>aC �6=DGGD 9::C:G<_6� 9:A EGD<G6B6 �* :�

i �DB7>C6G :HI6 ;JC8>aC 8DC :A7DIaC �:A>86I:H ADL I:BE� �-DE6;>C6 76?6 I:BE:G6IJG6� EJ:9:<:C:G6G B]H 6=DGGD�

'75</: �'3P/:�

� '3@73

.J H:869DG :B>I: 9>K:GH6H H:`6A:H� .>H: EG:H>DC6 :A 7DIaC P.><C6A� �.:`6A� NH: :C8>:C9: A6 AJO >C9>869DG6 H:<:C:G6C ADH H><J>:CI:H IDCDH 6J9>7A:HFJ: >C9>86C :A :HI69D 9:A :A:8IGD9DB^HI>8D�

!+G'2 "/65

�BB1>AE5 *?>94? 3?BD?

�9> 45 @B?7B1=1 *53E5>391 45C?>94?C 3?BD?C

�1<<? 5> 5<6E>39?>1=95>D?

*53E5>391 45C?>94?C @B?<?>714?C

�4F5BD5>391 45 =1<6E>39?>1=95>D?

*53E5>391 45C?>94?C @B?<?>714?C

i '6 H:`6A P26GC>C< D; B6A;JC8I>DC���9K:GI:C8>6 9: B6A;JC8>DC6B>:CID� :HI] H>:BEG:68I>K6 H: =6N6 EG:H>DC69D D CD :A7DIaC P.><C6A� �.:`6A��

�<271/2=@ 23 3AB/2= 23:>@=5@/;/ A H:869DG JI>A>O6 JC H>HI:B6 9:H:<J>B>:CID E6G6 ID9DH ADH EGD<G6B6H:M8:EID ADH EGD<G6B6H 9: I>:BED� 0CH:CHDG 9: =JB:969 8DCIGDA6E:GB6C:CI:B:CI: :A <G69D 9:=JB:969 9: A6 GDE6� A H:869D8DC8AJN: >CB:9>6I6B:CI: :C 8J6CIDH: AD<G6 :A <G69D 9: =JB:9696?JHI69D� A I6B7DG H><J: <>G6C9D EDG JC6 =DG6 6>CI:GK6ADH :HE:8_;>8DH 6 ;>C 9: :K>I6GFJ: A6 GDE6 H: 6GGJ<J:� A <G69D 9: =JB:969 K><:CI: N :A C>K:AAD<G69D 9JG6CI: A6 H:8J:C8>6 9:AEGD<G6B6 H: >C9>86 6 IG6K^H 9: AJ8:H>C9>869DG6H� 9GN>C< �H:869D� 96BE 9GN�CD BJN H:8D� G:<JA6G 9GN �H:869DCDGB6A� N 2G>C@A: 7AD8@ �EGDI:88>aC8DCIG6 6GGJ<69D��

i .> H: :C8>:C9: :A >C9>869DGAJB>CDHD R2G>C@A: 7AD8@U B>:CIG6H:A H:A:8IDG 9: EGD<G6B6H :HI] :C�A6EDH>8>aC *;; 8DGI: :A HJB>C>HIGD 9::C:G<_6 :A^8IG>86 6E6<6C9D :A8DCBJI69DG 8DGG:HEDC9>:CI: NAA6B: 6A H:GK>8>D 6 8A>:CI:H�

Page 47: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

�85-8'3'9 ';:53D:/)59 +-;2'8��5::54 ���!��!� �%?B=1< �<7?4U>� '1B1 1<7?4U> I B?@1 45 3?<?B 85381 45 1<7?4U> ? <9>?� 'B5C9?>5 L�5<931D5C <?G D5=@�N �)?@1 69>121:1 D5=@5B1DEB1� @1B1 B?@1 C5>C92<5 1 1<D1C D5=@5B1DEB1C�

*Q21>1C =1>D5<5C I D?1<<1C4525 @<1>381BC5�'36 *8> �!V=54? C53?� *Q21>1C =1>D5<5C I D?1<<1C 31=9C1C 31=9C1C 45@?BD9F1C B?@1 45 DB121:? 4525 @<1>381BC5�'36 *8> �!V=54? C53?�

�1=9C1C 31=9C1C 45@?BD9F1C DB1:5C @1>D1<?>5C B?@1 45 DB121:? 5 9>D5B9?B

+-;2'8 *8> �$5491>5=5>D5C53?�

+?1<<1C 45 B9J? B5@1C14?B5C I D?1<<1C 45 =1>? CQ21>1C B?@1 9>D5B9?BC?AE5D5C 45 1<7?4U>

AE5 >? 4525 @<1>381BC5

$+8> *8> �$EI C53?� +?1<<1C 45 B9J? B5@1C14?B5C I D?1<<1C 45 =1>? CQ21>1C B?@1 9>D5B9?BC?AE5D5C 45 1<7?4U>

AE5 >? 4525 @<1>381BC5 7BE5C?C=E<D931@1

�=:8' *8> ��HDB1 C53?� *1<941C 45 21T? 45 B9J? I CQ21>1C 45 B9J? @1BD93E<1B=5>D5 7BE5C1C ?�=E<D931@1

�+83'4+4: �8+99 ���!��!� ��CD1=@14?C� )?@1 45 6Q39< 3E9414? �C9> 35>DB96E71B� 45 692B1 C9>DRD931 ? =5J3<1 1<7?4U> 3?> @?<9RCD5B�'B5C9?>5 5< 2?DU> L�5<931D5C <?G D5=@�N @1B1 @B5>41C 5HDB5=141=5>D5 C5>C92<5C 1 1<D1C D5=@5B1DEB1C�

�'36 *8> �!V=54? C53?� '1>D1<?>5C DB1:5C 61<41C 31=9C1C 2<EC1C :51>C B?@1 45@?BD9F1 3?>12E>41>D5 692B1 C9>DRD931 <5>35BS1

AE5 >? 4525 @<1>381BC5 ? C?<?<975B1=5>D5

+-;2'8 *8> �$5491>5=5>D5C53?�

�1=9C1C 2<EC1C B?@1 45@?BD9F1 AE5 >? 4525 @<1>381BC5

$+8> *8> �$EI C53?� *Q21>1C I =1>D5<5C 5AE9@?C 45 79=>1C91 1>?B1;C 6B1J141C AE5 >? 4525 @<1>381BC5 7BE5C?C=E<D931@1

��!"�� � �85-8'39

!�'(��- +,8+9.

�<7?4U> =5J3<1C 45 1<7?4U> @?<9RCD5B D5:94?C 3?=E>5C I 31=9C1C C9>DRD931C @1>D1<?>5C 61<41C 31=9C5D1C I@E<UF5B5C 45 =5J3<1 45 1<7?4U>� #?C D5:94?C 9>1BBE712<5C 41> <?C =5:?B5C B5CE<D14?C�

!�'(��- +,8+9.�IE41 1 1<9C1B <1C 1BBE71C I B54E39B <?C ?<?B5C� OC5<? 3?> E>1 31B71 <975B1 @?B 5:5=@<? � U � 31=9C1C� �< @B?7B1=14EB1 1@B?H9=141=5>D5 �� =9>ED?C�

!�'(��- %8/412+ 8+2'= �IE41 1 1<9C1B <1C 1BBE71C� OC5<? 3?> E>1 31B71 <975B1 @?B 5:5=@<? � U � 31=9C1C� �< @B?7B1=1 4EB11@B?H9=141=5>D5 �� =9>ED?C�

!�'(��- � "5;). ;6�CD5 @B?7B1=1 C5 EC1 @1B1 B5D?31B E>1 31B71 45 D5:94?C 45 1<7?4U> AE5 C5 81 C5314? I 81 AE5414? 5> 5< D1=2?B 45<C5314?B 4EB1>D5 D?41 <1 >?385 1< 69>1<9J1B 5< 393<?� �CD5 @B?7B1=1 45 �� =9>ED?C B5D?31 <1 31B71 @1B1 1IE41B 1 1<9C1B<1C 1BBE71C 31EC141C @?B 5< @B?@9? @5C? 45 <1 31B71�

#1 B?@1 AE5 3?>D95>5 5C@E=1 8E<5 ? @<QCD93? 4525 45:1BC5 C531B 5> E> D5>4545B? ? EC1>4? 5< 393<? �9B 6<E66 %? 851D�*E1F9J14? 1 19B5 %9>7V> 31<?B� I1 AE5 5CD?C 1BDS3E<?C @E545> @B5>45BC5 6E57? 45294? 1< 31<?B AE5 5=9D5 5< @B?7B1=1$"*+��)��

!6+)/'2 �85-8'39

%552 +5:94?C 45 <1>1 <1F12<5C �@�5:� CERD5B5C @E<UF5B5C 45 <1>1 61<41C�@�59 :+0/*59 *+ 2'4' 9+)59 5 )54 '2:5 )54:+4/*5 *+ 2'4' *+(+4 9+)'89+ 9H25 )54 2' )'4'9:/22' *+2 9+)'*58�

�+'49 ��+?)2/22'� +5<1 45 =5J3<9<<1 7BE5C1

�;/)1 ���� *5B95C� �1B71C @5AE5T1C 31B71C AE5 >535C9D1> @?3? D95=@? 45 C5314? �@� 5:� 31=9C1C 45@?BD9F1C @B5>41C @1B1 8135B5:5B3939?C �1<7?4U> 692B1C C9>DRD931C��

�85-8'3'9 :+3658/?'*59 3/4�� � 3/4� �*5B95 ����

�+*/;3 B5AE9B54 4BI9>7 D9=5���� *5B95C�

'B5>41C 35>DB96E7141C 3?> 21:? 3?>D5>94? 45 8E=5414 @5AE5T?C 1BDS3E<?C 9>49F94E1<5C @� 5:� D?1<<1C 45 21T? DB1:5C45 21T? B5@1C14?B5C�'1B1 <1 3?>4939U> 45 31B71 =QC @5AE5T1 45 ���� <2 1 ���� <2 �5C 4539B E>1 D?1<<1 @5AE5T1� 4525 C5<5339?>1BC5 E>@B?7B1=1 45 C5314? @?B D95=@?�

�.:G>: ���� .> H:A:88>DC6 JC

EGD<G6B6 9: 9JG68>aC K6G>67A: �E�

:?� EGD<G6B6H 9: I>:BED E6G6 A6C6�

A6 E6CI6AA6 8DB>:CO6 6 8:CI:AA:6G�

�:7: 6?JHI6G :A I>:BED�

� '1B1 1<7?4U> I B?@1 45 3?<?B 85381 45 1<7?4U> ? <9>?�

� +5HD9<5C C5>C92<5C 1 1<D1C D5=@5B1DEB1C�

�/8 ,2;,,��5 .+': �*E1F9J14? 119B5 %9>7V> 31<?B����� *5B95C�

�/8 ,2;,, � �5 .+': B5AE9B54D9=5 ���� *5B95C�

)56B5C314? ? F5>D9<139U> 45 @B5>41C 3?> @?3? EC? I C5314? 45 D5HD9<5C =EI 45<9314?C�'1B1 D?4?C <?C D9@?C 45 @B5>41C 9>3<EI5>4? 7?=1 5C@E=1 �@� 5:� 1<=?8141C 1>9=1<5C 45 @5<E385� @<QCD93?�@��5:��3?BD9>1C 45 21T? =1>D5<5C� 7?=1 �@� 5:� 1<6?=2B9<<1C� >I<?> @EB? @?<9@B?@9<5>? ?<569>��

Page 48: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

#>17=<3A /2717=</:3A '3@73 �

i Q�CI:H 9: 68I>K6G DE8>DC:H69>8>DC6A:H H:A:88>DC: JCEGD<G6B6 8DC :A H:A:8IDG8DGG:HEDC9>:CI:�

.:A:88>DC: A6 DE8>aC FJ: 9:H:686B7>6G B:9>6CI: :A 7DIaC R(:CJU�+G:H>DC: :A 7DIaC E6G6 86B7>6G 6AEJCID H><J>:CI: :C :A B:Cb� A�H_B7DAD8DGG:HEDC9>:CI: 6 A6 DE8>aC 68I>K68DB>:CO6 6�8:CI:AA:6G�

A 6?JHI: 9: A6 DE8>aC 68I>K6 :C :ABDB:CID H: >C9>86 :C :A 9>HEA6N� HIDH 6?JHI:H EJ:9:C 86B7>6GH: 6=DG6B:9>6CI: :A 7DIaC R.:A:8IU� +G:H>DC::HI: 7DIaC E6G6 H6AI6G 6A EGaM>BD 6?JHI:EDH>7A:�

i +G:H>DC6C9D CJ:K6B:CI: :A 7DIaCR(:CJU H: B:BDG>O6C ADH 6?JHI:HG:6A>O69DH 6CI:G>DGB:CI:�.> CD EG:H>DC6 7DIaC 6A<JCD :C ADH�� H:<JC9DH H><J>:CI:H ADH6?JHI:H H: B:BDG>O6C6JIDB]I>86B:CI:�

!F3(525 �;4)/H4 �0;9:+9 659/(2+9 �=62'4')/54

�:ECD1 5< B5DB1J? 45<D95=@? 45 9>939139U> 45<C5314?B ��BB1>AE5 5> ���8?B1C��

� 1 �� 8�@1C?C 45 ��� 8C�

�E9414? 9>D5>C9F? �=QC3E9414?C? AE5L�5<931D5C <?G 851DN�)?@1 69>1 21:1D5=@5B1DEB1��

&> &66 *9 ECD54 81 5<5794? <1 ?@39U> 14939?>1< �3E945 14939?>1<� <1 �D5=@5B1DEB1 21:1�5<93141 <?G�� <1 <EJ 45 9>49314?B 9<E=9>1� 'B5C9?>1B <1 �D5=@5B1DEB1 45�5<93141 <?G�� 5< 2?DU> 31>35<1 <1 ?@39U> 14939?>1< �3E9414? 14939?>1<��

�<?AE5? 45 41D?C�5653D9F? C?<1=5>D5=95>DB1C 5< @B?7B1=15CDQ 5> 3EBC?�

&> &66 �CD1 ?@39U> 14939?>1< @5B=9D5 AE5 ECD54 DB125 CEC 1:ECD5C @1B1 @B5F5>9B 5< EC?9>F?<E>D1B9? 45< C5314?B� '1B1 5>35>45B 5< C5314?B 3E1>4? 5< @B?D53D?B 45C57EB9414 5CDR 13D9F?� 'B5C9?>5 I C?CD5>71 5< 2?DU> �@B5>45B I @1B1B� @?B �C57E>4?C� '1B1 12B9B 5CD1 ?@39U> 14939?>1< 3E1>4? 5< C5314?B 5CDQ 6E>39?>1>4?�'B5C9?>5 I C?CD5>71 5< 2?DU> �@B5>45B I @1B1B� @?B � C57E>4?C�

�HDB1 �BI9>7 +9=5 B14? 45 C5314?C5<5339?>12<5 @?B 5<ECE1B9?

� � � ����4561E<D ��4BI5B��4BI5CD�

*9 ECD54 81 5<5794? <?C @1C?C � 1 � 45 <1 ?@39U> 14939?>1< �7B14? 45 <1C5AE5414� C5 5H8925 5< CS=2?<? 0� � 5C 5< 5CDQ>41B AE5 69:1 � CS=2?<?C >? C55H8925 0�

-?<E=5> 45 <1 C5T1< 4569>1<9J139U> 45 @B?7B1=1I 45 C5314?

&66�?>D9>E?$QH9=?

*E C5314?B 8135 C1<9B 49F5BC1C C5T1<5C @1B1 395BD?C 13?>D539=95>D?C� ,CD54@E545 @5B=9D9B ? 9>8129<9D1B <1 C5T1< C9=E<DQ>51=5>D5 @B5C9?>1>4? <?C 2?D?>5C45=?CDB14?C�

�< D95=@? 45 C5314??@D9=9J14? @1B1 <1F5<?39414 45 35>DB96E714?3??B49>1 5< D95=@?B5CD1>D5 =?CDB14? @1B1 5<C5314?B 3?> <1 F5<?3941445 35>DB96E714? 1 <1 3E1<C5 35>DB96E7U @B5F91=5>D5<1 B?@1 5> <1 <1F14?B1

����������������

'1B1 ?@D9=9J1B <1 @1>D1<<1 45 D95=@? B5CD1>D5 <1 F5<?39414 45 35>DB96E714? 1 <13E1< C5 35>DB96E7U @B5F91=5>D5 <1 B?@1 5> <1 <1F14?B1 @E545 C5B 9>7B5C141 @?B 5<ECE1B9?�

�D3<B '75</: �señal)'5B=9D1 <1 C5T1< +?>? 3?BD?

Inhabilite la señal �?C D?>?C 3?BD?C

�?=95>35 �< �93<? Tono corto+5B=9>5B 5< 393<? *53E5>391 45 D?>?C 3?BD?C

$1<�&@5B139?�> *53E5>391 45 D?>? <1B71C

�E9414? 45< =1<6E>39?>1=95>D? &B4B5 45 <?>7E5C D?>1<9DRC �F?<E=5>=1H9=?C�

Page 49: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

�C<17=</;73<B= )A= 23: A31/2=@�� �7G6 A6 EJ:GI6�

�� �DCIGDA: :A ;>AIGD��:7: A>BE>6GH: :A ;>AIGD 6CI:H N9:HEJ^H 9: JH6G :A H:869DG�'>BE>6G :A ;>AIGD G:9J8: :A I>:BED 9:H:869D N 6=DGG6 :C:G<_6� �1:GE]<>C6 �� E6G6 8DCHJAI6G A6H>CHIGJ88>DC:H 9: A>BE>:O6 9:A ;>AIGDE6G6 E:AJH6H��

i .> A6H HJE:G;>8>:H 8DADG:696H 9: A6H:869DG :CIG6C :C 8DCI68ID 8DC :A7A6CFJ:69DG EJ:9: D8JGG>G FJ:^HI6H H: 9:8DADG:C� +DG :AAD :H>BEDGI6CI: FJ: :A 7A6CFJ:69DG CD:CIG: :C 8DCI68ID 8DC A6HHJE:G;>8>:H B:C8>DC696H� .> H:9:HE6GG6B6G6 7A6CFJ:69DG HD7G:A6H HJE:G;>8>:H 8DADG:696H A>BE>:>CB:9>6I6B:CI: 8DC JC E6`D 9:E6E:A =bB:9D DC A6 B6NDGEGDA>?>969�

� ">G: :A H:A:8IDG 9: EGD<G6B6H6A�EGD<G6B6 9:H:69D� .:A:88>DC:H:A EGD<G6B6 FJ: 8DGG:HEDC96 6 A6GDE6 8DAD8696 :C :A H:869DG 9: A6I67A6 8DGG:HEDC9>:CI: �K:GE]<>C6����� .: :C8>:C9: A6 AJO :C:A >CI:G>DG 9:A H:869DG�

i '6 AJO >C9>869DG6 ��HI6GI HIDDE��8DB>:CO6 6 8:CI:AA:6G�

�� .> =68: ;6AI6 H:A:88>DC: JC6DE8>aC 9>HEDC>7A: �P�:A>86I:H ADLI:BE� �-DE6 ;>C6 76?6 I:BE:G6IJG6� D P.><C6A� �.:`6A��EG:H>DC6C9D :A 7DIaC8DGG:HEDC9>:CI: �K:G ;><JG66CI:G>DG��

'6H R*E8>DC:HU H: :MEA>86C :A A6E]<>C6 ���

i .: BDHIG6G] :A I>:BED G:HI6CI::HI>B69D�

�� �DADFJ: A6 GDE6 :C :A I6B7DGK68_D� �DADFJ: 8696 EG:C96 EDGH:E6G69D :C :A >CI:G>DG 9: A6B]FJ>C6�

� +6G6 JC G:HJAI69D aEI>BD 9:7:H:E6G6GH: A6 GDE6 :C ;JC8>aC 9: HJI>ED N :A <G69D 9: =JB:969G:H>9J6A 9:H:69D� +6G6 B]H>C;DGB68>aC 8DCHJAI: A6E]<>C6����

i /:C<6 :C 8J:CI6 ADH H_B7DADH E6G6:A H:869D 9: A6 GDE6 8DAD869DHEDG :A ;67G>86CI:� .>�:HI] EDG H:86GEG:C96H 9: A6C6 N 86AO69DH8DCHJAI: A6 E]<>C6 ���

�H:<bG:H: FJ: =6N6 HDA6B:CI: GDE6:C :A I6B7DG� �DCIGDA: FJ: ID96H A6HEG:C96H :HI^C 8DBEA:I6B:CI: 9:CIGD9:A I6B7DG��� �>:GG: A6 EJ:GI6�

'6 AJO >C9>869DG6 R.I6GI .IDEU 8DCI>Cb66 8:CI:AA:6G�

i .> A6 EJ:GI6 CD ;J: 8:GG6968DGG:8I6B:CI: :A H:869DG CD6GG6C86G]�

�� +G:H>DC: :A 7DIaC R'B/@B .IDEU� ':AJO >C9>869DG6 R.I6GI .IDEUFJ:96G] :C8:C9>96E:GB6C:CI:B:CI:�

i A EGD<G6B6 8DB>:CO6 8DC JC6H:`6A 68bHI>86 �H> 6H_ ;J: 6?JHI69D��

.> ;J: H:A:88>DC69D JC EGD<G6B6:HI]C96G A6H AJ8:H >C9>869DG6H H:`6A6C:A 6K6C8: 9: A6 H:8J:C8>6 9:AEGD<G6B6�

i �A ;>C6A>O6G :A EGD<G6B6 H: :B>I:JC6 H:`6A 68bHI>86 �H> 6H_ ;J:6?JHI69D� N H: :C8>:C9: :A ' �R2G>C@A: 7AD8@U �EGDI:88>aC 8DCIG66GGJ<69D��

i 0C6 K:O FJ: :A EGD8:HD 9: H:869D=6 ;>C6A>O69D �:A EGD<G6B6 D :AEGD<G6B6 9:�I>:BED =6C8DC8AJ>9D� :A�I6B7DG <>G6 :C>CI:GK6ADH :HE:8_;>8DH 9JG6CI: �=DG6� HID :K>I6 FJ: A6 GDE6 H: 6GGJ<J:�'6 GDE6 E:GB6C:8: HJ:AI6 N HJ6K:=6HI6 FJ: H: A6�FJ>I6� �:7:G] FJ>I6GH: A6 GDE6 8DBDB]M>BD JC6 K:O 8DC8AJ>9D :HI:I>:BED�

�� �7G6 A6 EJ:GI6��� .6FJ: A6 GDE6 9:A H:869DG�

Page 50: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

�� ">G: :A H:A:8IDG 9: EGD<G6B6H 6�A6EDH>8>aC R*;;U�'6 AJO 9:A H:869DG H: 6E6<6�

��� '>BE>: :A ;>AIGD� A ;>AIGD 9:7: A>BE>6GH: 9:HEJ^H 9:8696 EGD8:HD 9: H:869D� 0C ;>AIGDA>BE>D G:9J8: :A I>:BED 9: H:869DN 6=DGG6 :C:G<_6�

��� �>:GG: A6 EJ:GI6�

7;>7/@ 3: 47:B@= >/@/>3:CA/A 0C ;>AIGD HJ8>D >C8G:B:CI6 :A I>:BED 9:H:869D N 6JB:CI6 :A 8DCHJBD 9::C:G<_6� A ;>AIGD 9:7: A>BE>6GH: 6CI:H N 9:HEJ^H9: 8696 EGD8:HD 9: H:869D D 6 B]HI6G96G�.> I6CID A6 H:`6A 8DBD :A B:CH6?: 9:6A:GI6 ��� HDC DB>I>9DH 9JG6CI: 6A<bC8>8AD 9: H:869D A>BE>: :A ;>AIGD>CB:9>6I6B:CI: N 8=:FJ:: :A 9J8ID 9::H86E:�

i A EGD<G6B6 H: >CI:GGJBE:6JIDB]I>86B:CI:�

�� �E6<J: :A H:869DG� �DADFJ: :AH:A:8IDG 9: EGD<G6B6H :C P*;;���E6<69D��

� �)����#'6 E6GI: >CI:G>DG 9: A6 EJ:GI6 H:86A>:CI6 9JG6CI: :A EGD8:HD�

�� �7G6 A6 EJ:GI6�

� ,J>I: :A ;>AIGD�

�� ,J>I: A6H E:AJH6H E6H6C9D A6B6CD HD7G: :A ;>AIGD�

A ;>AIGD 9:7: H:G G:HIG:<69DHJ6K:B:CI: 9DH K:8:H 6A 6`D 8DC 6<J6I>7>6 :C?67DC696� A ;>AIGD 9:7: H:GA>BE>69D 8J6C9D CD :H 86E6O 9:B6CI:C:G :A 6<J6� A ;>AIGD 9:7: :HI:G7>:C H:8D 6CI:H 9: FJ: H:6G::BEA6O69D�

�� �DADFJ: :A ;>AIGD��� �>:GG: A6 EJ:GI6�

)A= 23 :/ 1/</AB7::/��113A=@7=� D3@ >M57</ � �

0I>A>8: A6 86C6HI>AA6 E6G6 H:86G EG:C96H9: A6C6 A6K67A:H �E� :?� HJ^I:G:H� N86AO69DH� '6 86C6HI>AA6 E6G6 H:86GE:GB6C:8: FJ>:I6 B>:CIG6H :A I6B7DG<>G6� '6 A6C6 =bB:96 CD 9:7: BDK:GH:N6 FJ: I>:C9: 6 6;:AIG6GH:� .:86G86AO69DH H>C A6 86C6HI>AA6 EJ:9: 96`6G:A I6B7DG�

i 0I>A>8: A6 86C6HI>AA6 E6G6 H:86G 8DC:A 8>8AD E6G6 EG:C96H 9: A6C6� .>CD JI>A>O6 A6 86C6HI>AA6 :A H:CHDG6E6<6G] :A H:869DG 9:HEJ^H 9:6EGDM>B696B:CI: � B>CJIDH�

�*�'#Q.:FJ: HDA6B:CI: JC6 EG:C96 D�JCE6G 9: O6E6IDH EDG K:O� Q'6�86G<6B]M>B6 E6G6 H:86G :H 9:����A7H ��@<�� Q'6 GDE6 9:7: =67:GH:8:CIG>;J<69D� Q A�86AO69D 6 H:86G9:7: EG:H:CI6G HDA6B:CI: A6=JB:969 G:H>9J6A 9:HEJ^H 9: JCA6K69D� Q'6 GDE6 CD 9:7: ID86G :AI6B7DG� +J:9: :C<6C8=6GH: :C ^HI:N 96`6GH:� 0C6 K:O JI>A>O696 A686C6HI>AA6 E6G6 H:86G H]FJ:A6>CB:9>6I6B:CI: 9:A H:869DG�

�=:=1/@ :/ 1/</AB7::/ >/@/ A31/@�� �7G6 A6 EJ:GI6 9:A H:869DG��� �DCIGDA: FJ: :A I6B7DG :HI^ K68_D�

� ,J>I: :A ;>AIGD�

�� $CH:GI: A6 86C6HI>AA6 E6G6 H:86G=DG>ODCI6AB:CI: :C :A I6B7DG�

�� �DADFJ: A6 86C6HI>AA6 E6G6 H:86G9: BD9D FJ: ADH HDEDGI:HE:C:IG:C :C ADH 6AD?6B>:CIDH;GDCI6A:H EG:K>HIDH 6 I6A ;>C�

Page 51: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

�� �DADFJ: :A ;>AIGD E6G6 A6 E:AJH6��XHI: 9:7: >CH:GI6GH: 9: BD9DFJ: FJ:9: 6A>C:69D 8DC :A 7DG9:9:A I6B7DG�

'31/@ >@3<2/A 23 @=>/ A=0@3:/�1/</AB7::/�� +A>:<J: A6 GDE6 9: BD9D FJ:FJ:E6 :C A6 86C6HI>AA6�

�� �DADFJ: A6 GDE6 HJ:AI: HD7G: A686C6HI>AA6� Q)D A6 6EA6HI:� Q'6�GDE6CD 9:7: ID86G :A I6B7DG� Q)DE:GB>I6 FJ: A6 GDE6 8J:A<J: ;J:G69: A6 86CH6HI>AA6�

� �>:GG: A6 EJ:GI6��� ">G: :A H:A:8IDG 9: EGD<G6B6H 6R/>B: 9GN ���B>CU�

� .:A:88>DC: :A I>:BED 9: H:869D9: 68J:G9D 8DC :A I>ED 9: GDE6�

'31/@ 1/:H/2= A=0@3 :/ 1/<AB7::/��� +G:E6G: :A 86AO69D�� '>BE>: :A 86AO69D E6G6 :K>I6G FJ:

:A I6B7DG H: :CHJ8>:�

� �A EG:E6G6G :A 86AO69D :MI>:C96A6 A:C<J6 9: ADH B>HBDH�

� �;AD?: D FJ>I: ADH 8DG9DC:H�

� MIG6><6 E6GI:H 69>8>DC6A:H8DBD EA6CI>AA6H�

�� �DADFJ: :A 86AO69D HD7G: A686C6HI>AA6�� �>G:8I6B:CI: HD7G: A6 86C6HI>AA6

D 7>:C

� �DADFJ: JC6 ID6AA6 N HD7G: ^HI6ADH I68DH 9:A 86AO69D� HID 8DC9J8>G] 6 JC G:HJAI69DB]H JC>;DGB: 9:A H:869D�

� 1J:AK6 6 8DAD86G :A ;>AIGD E6G6 A6HE:AJH6H�

�� +G:H>DC: :A 7DIaC R'B/@B .IDEU� ':AJO >C9>869DG6 R.I6GI .IDEUFJ:96G] :C8:C9>96E:GB6C:CI:B:CI:�

�� .> A6 EG:C96 6bC EG:H:CI6 JC6=JB:969 G:H>9J6A 9:HEJ^H 9:AH:869D�� EA>:<J: A6 EG:C96 9: BD9D FJ:

A6H E6GI:H =bB:96H :HI]C =68>6;J:G6

� KJ:AK6 6 =68:G 6GG6C86G:A�EGD8:HD 9: H:869DN�H:A:88>DC:H JC I>:BED 9:H:869D B:CDG H:<bC :A <G69D9: =JB:969 G:H>9J6A�

�� �:HEJ^H 9:A H:869D :MI>:C96 A6GDE6 6A 6>G: A>7G: EDG6EGDM>B696B:CI: ���B>CJIDH �:A 86AO69D EDG 6EGDM>B696B:CI:���B>CJIDH��

�� ,J>I: :A ;>AIGD�

�� MIG6><6 A6 86C6HI>AA6 9:A I6B7DG�

�� 1J:AK6 6 8DAD86G :A ;>AIGD E6G6 A6HE:AJH6H�

Page 52: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

7;>73H/ G1C72/2= 7;>73H/ 23: A31/2=@

� ��*�&(�"���$�&� �*�(�& I$� ��&# �� �,$ #'�#"�'�)JC86 JI>A>8: HDAK:CI:H D�A_FJ>9DH6AI6B:CI: >C;A6B67A:H E6G6 A6A>BE>:O6�

�*�'#0C6 A>BE>:O6 >C8DGG:8I6 EJ:9:96`6G :A H:869DG� )D A>BE>: 8DC8=DGGD 9: 6<J6 6 EG:H>aC� )D JI>A>8:6<:CI:H 6<G:H>KDH D A>BE>69DG:HBJAI>JHD� )D JI>A>8: A>BE>69DG:H 6K6EDG�

!G>:<J: A6 86G86H6 N :A ;G:CI: 8DC JCE6`D HJ6K: N 6<J6 8DC ?67aC�!G>:<J: :A I6B7DG A6 ?JCI6 9: A6 EJ:GI6N :A >CI:G>DG 9:A B>HBD HDA6B:CI: 8DCJC E6`D =bB:9D�

7;>7/@ 3: BC0= 23 /7@3 23A/:72/$CHE:88>DC: N A>BE>: ADH 8DC9J8IDH 9:A:H86E: EDG AD B:CDH JC6 K:O 6A 6`DE6G6 EG:K:C>G D7HIGJ88>DC:H� 0C8DC9J8ID 9: :H86E: E6G8>6AB:CI:D7HIGJ>9D EGDADC<6 :A I>:BED 9:H:869D N I>:C: 8DBD 8DCH:8J:C8>6 JC76?D G:C9>B>:CID 9:A H:869DG�

� �DGI: :A 8DCBJI69DG 9:6A>B:CI68>aC

� �:H8DC:8I: :A :C8=J;: 9:6A>B:CI68>aC

� �:H8DC:8I: :A IJ7D 9:A H:869DG�

� 168_: :A IJ7D N KJ^AK6AD6�8DC:8I6G�

7;>7/@ 3: A3<A=@ 236C;32/2*86H>DC6AB:CI: 9:7: A>BE>6GH: :AH:CHDG 9: =JB:969 N6 FJ: H: <:C:G6JC6 86E6 ;>C6 9: 9:EaH>IDH HD7G: A6HJE:G;>8>: 9:A B>HBD�

A 9:EaH>ID EJ:9: :A>B>C6GH:;]8>AB:CI: ;G:<6C9D :A H:CHDG �A6H�9DH76GG6H EGaM>B6H 6A ;>AIGD E6G6 E:AJH6H�B:9>6CI: JC E6`D N�JC ED8D 9:K>C6<G: 7A6C8D� Q0I>A>8: HDA6B:CI: K>C6<G: 7A6C8D� '>BE>: :A H:CHDG 9: =JB:969 JC6�K:O6A B:H�

7;>73H/ 23 :/ >@=B3117Q<23: @=2/;73<B=� IG6K^H 9:A I>:BED H: ?JCI6 E:AJH6G:HJAI6CI: 9: ADH HJ8:H>KDH EGD8:HDH9: H:869D :C A6 EGDI:88>aC 9:AGD96B>:CID�

HI6 E:AJH6 EJ:9: :A>B>C6GH:;]8>AB:CI: JI>A>O6C9D A6 6HE>G69DG6 EDGAD B:CDH JC6 K:O 6A B:H�

7;>73 3: !�'(��- ��<G31B=@ 0C6 K:M 6A 6`D :M6B>C: :A :C8=J;: 9:A>CN:8IDG� .> JHI:9 HDHE:8=6 A6D7HIGJ88>aC A>BE>: :A :MI:G>DG 9:A>CN:8IDG 8DC JC E6`D =JB:9:8>9D 8DCK>C6<G:� .> A6 7DFJ>AA6 :HI]8DBEA:I6B:CI: D7HIGJ>96 8DCHJAI: A6<J_6 9: AD86A>O68>aC 9: ;6AADH �K:GE]<>C6 ��� E6G6 8DCD8:G A6H>CHIGJ88>DC:H 9: G:BD8>aC N A>BE>:O6�.> A6 7DFJ>AA6 E:GB6C:8: D7HIGJ>96AA6B: 6 H:GK>8>D 6A 8A>:CI: �K:G E]<>C6����

�/;07/@ :/ :/;>/@7::/'6 AJO 9:A H:869DG H: :C8>:C9:8J6C9D 67G: A6 EJ:GI6 9:A B>HBD�+6G6 86B7>6G A6 A6BE6G>AA6�� !>?: :A H:A:8IDG 9:A EGD<G6B6 6

P*;;��� �DGI: :A 8DCBJI69DG 9:

6A>B:CI68>aC�� �:H8DC:8I: :A :C8=J;:

9:�6A>B:CI68>aC�� �7G6 A6 EJ:GI6 N AD86A>8: A6

A6BE6G>AA6 :C A6 E6GI: HJE:G>DG>OFJ>:G96 9:A A6 ?JCI6�

� �;AD?: :A IDGC>AAD 9: A6 8D7:GIJG6 N]7G6A6�

� ">G: A6 A6BE6G>AA6 :C :A H:CI>9DDEJ:HID 6 A6H 6<J?6H 9:A G:AD?�-::BEA68: A6 A6BE6G>AA6bC>86B:CI: EDG JC6 9:A I>ED E6G6:A:8IGD9DB^HI>8DH �H: 69FJ>:G: :C:A H:GK>8>D 6�8A>:CI:H��

i +>:O6H 9>HEDC>7A:H :CLLL�7DH8=6EEA>6C8:H�8DB DAA6B6C9D 6A ���������������

� 1J:AK6 6 8DAD86G A6 8J7>:GI6N�HJ?^I:A6 B:9>6CI: :A IDGC>AAD�

� 1J:AK6 6 :C8=J;6G :A H:869DG D�68DC:8I6G A6 6A>B:CI68>aC�

Page 53: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

=1/:7H/17Q< 23 4/::=A� ��*�&(�"���Q+�-� 1$/�- -$ ."* � � .��-"�. 'X�/-$��.� K:CIJ6A:H G:E6G68>DC:H DG::BEA6ODH 9: E>:O6H 9:7:C:;:8IJ6GADH :M8AJH>K6B:CI:I^8C>8DH 86A>;>869DH D:A:8IG>8>HI6H 8DC A>8:C8>6�

�CI:H 9: AA6B6G :A H:GK>8>D 6�8A>:CI:H8DCIGDA: H> CD EJ:9: G:E6G6G :A ;6AADJHI:9 B>HBD 8DCHJAI6C9D A6 :HI6I67A6�.> :H C:8:H6G>D :;:8IJ6G G:E6G68>DC:H NJHI:9 CD EJ:9: :A>B>C6G :A ;6AADB:9>6CI: A6 I67A6 H><J>:CI:�

�� ">G: :A H:A:8IDG 9: EGD<G6B6H6�R*;;U�

�� ,J>I: :A ;JH>7A:� � �:H8DC:8I: :A :C8=J;: 9:AIDB68DGG>:CI:�

�� 'A6B: 6A H:GK>8>D E6G6 8A>:CI:H�8DCHJAI: A6 E]<>C6�����

�85(2+3' �';9' 659/(2+ +3+*/5�< C5314?B >? 1BB1>31�

L*D1BD *D?@N <1 <EJ 45 9>49314?B1>?

�< 5>38E65 >? 5CDQ 3?>53D14? ? 9>3?BB53D1=5>D53?>53D14?�

�?>53D5 5< 5>38E65 3?BB53D1=5>D5�

L*D1BD *D?@N <1 <EJ 45 9>49314?B1>?9<E=9>1� *5 81 AE5=14? E> 6EC92<5 45 <1 1<9=5>D139U>� �1=295 ? B5@?>71 5< 6EC92<5�

%? 6E5 @E<C14? 5< 2?DU> L*D1BD *D?@N� 'B5C9?>5 5< 2?DU> L*D1BD *D?@N�

%? 6E5 C5<5339?>14? @B?7B1=1 1<7E>?� *5<5339?>5 E> @B?7B1=1�

#1 @E5BD1 >? 5CDQ 35BB141� �95BB5 <1 @E5BD1�

#1 D5=@5B1DEB1 1=295>D5 5CDQ 4521:? 45 <?C �� °� � °��

�E=5>D5 <1 D5=@5B1DEB1 45< 1=295>D5�

�E5 9>D5BBE=@94? 5< @B?7B1=1� *5 5=9D5 E>1 C5T1< 45 14F5BD5>391 I 5<49C@<1I 9>4931�LE:01N�

�< 69<DB? @1B1 @5<EC1C 5CDQ CE39?� #9=@95 5< 69<DB? @1B1 @5<EC1C C57V> C5 45C3B925 5>@Q79>1 ��� �@17E5 I FE5<F1 1 5>35>45B 5AE9@?�E:01

�< DE2? 45 19B5 45 C1<941 5CDQ ?2CDBE94? ? 5C45=1C914? <1B7?�

#9=@95 5< DE2? 45 19B5 45 C1<941� )54EJ31 <1 <?>79DE445< DE2? 45 19B5 45 C1<941 1 CE <?>79DE4 =QH9=1C57V> C5 45C3B925 5> @Q79>1 ��� �@17E5 I FE5<F1 1 5>35>45B 5AE9@?�

!1I ?> 61<<? 5> 5< 45C1BB?<<? 45< @B?7B1=1 ? 61<<? 5><1�=QAE9>1�

�@17E5 5< C5314?B 4R:5<? 5>6B91B @?B �� =9>ED?CI�FE5<F1 1 5>35>45B<?�!171 1BB1>31B >E5F1=5>D5 5< @B?7B1=1�

�< 1=295>D5 ? 7129>5D5 >? @?C55 <1 F5>D9<139U>CE69395>D5�

'B?F51 E> 1335C? 45 19B5 6B5C3? CE69395>D5� �@17E5 I FE5<F1 1 5>35>45B 5AE9@?�

%? C5 81 <?7B14? 5< 7B14? 45 8E=541445C514? ? 5< D95=@? 45 C5314? 5C45=1C914? <1B7?�

�CDQ CE39? 5< C5>C?B 45 8E=5414� #9=@95 5< C5>C?B 45 8E=5414 C57V> C5 45C3B925 5><1 @Q79>1 ��� �@17E5 I FE5<F1 1 5>35>45B 5< 5AE9@?�

45=1C914? <1B7?��< 49C@<1I 9>4931 LE:03N�

�< DE2? 45 19B5 45 C1<941 5CDQ ?2CDBE94? ? 5C45=1C914? <1B7?�

#9=@95 5< DE2? 45 19B5 45 C1<941� )54EJ31 <1 <?>79DE445< DE2? 45 19B5 45 C1<941 1 CE <?>79DE4 =QH9=1C57V> C5 45C3B925 5> @Q79>1 ��� �@17E5 I FE5<F1 1 5>35>45B 5AE9@?�

�< 69<DB? @1B1 @5<EC1C 5CDQ CE39?� #9=@95 5< 69<DB? @1B1 @5<EC1C C57V> C5 45C3B925 5>@Q79>1 ��� �@17E5 I FE5<F1 1 5>35>45B 5AE9@?�

#1 B?@1 5CDQ 45=1C914? =?:141� �5>DB96E7E5 <1 B?@1 1 =1I?B F5<?39414 5> <1 =QAE9>145 <1F1B� �@17E5 I FE5<F1 1 5>35>45B 5< 5AE9@?�

*5 81 C5<5339?>14? E> @B?7B1=1 >? 14=9C92<5� *5<5339?>5 5< @B?7B1=1 3?> 1IE41 45 <1 D12<13?BB5C@?>495>D5 �F5B @Q79>1 ��� �@17E5 I FE5<F11�5>35>45B 5< 5AE9@?�

*5 5H3545 5< D95=@? 45 C5314? =QH9=?� #9=@95 5< 69<DB? @1B1 @5<EC1C �F5B @Q79>1 �����?>DB?<5 <1 C1<941 45 19B5��5>DB96E7E5 <1 B?@1 1 =1I?B F5<?39414 5> CE<1F14?B1�

�< =?D?B 81 5H35494? <1 D5=@5B1DEB1 =QH9=1� �@17E5 5< C5314?B 4R:5<? 5>6B91B @?B �� =9>ED?CI�FE5<F1 1 5>35>45B<?� !171 1BB1>31B 5< @B?7B1=1�

�< 7B14? 45 8E=5414 8?>5CD1 3?BB53D1=5>D51:ECD14?

��� *5B95 �1=291 1:ECD5C @1B1 5< 7B14? 45 <1C5AE5414 FR1C5 5> <1 @Q79>1 ���

Page 54: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

�85(2+3' �';9' 659/(2+ +3+*/5%? 6E>39?>1 <1 <EJ 5> 5< D1=2?B� %? 6E5 C5<5339?>14? @B?7B1=1 1<7E>?� *5<5339?>5 E> @B?7B1=1�

#1 <1=@1B9<<1 5CDQ 45653DE?C1 ? AE5=141� �1=295 <1 <1=@1B9<<1 C57V> C5 9>4931 5> <1 @Q79>1 ���

%? 81I 1<9=5>D139U> 45 5>5B7S1� �?>DB?<5 AE5 <1 1<9=5>D139U> 45 5>5B7S1 6E>39?>53?BB53D1=5>D5�

#1 2?=29<<1 5C 6<?:1� �@B95D5 <1 2?=29<<1� (E9D5 I B59>CD1<5 <1 3E295BD1C57V> <? 49B9794? 5> <1 @P79>1 ���

%? C5 5>395>45 <1 <EJ 9>49314?B1L*D1BD *D?@N� #1�<EJ 9>49314?B1 K.B9>;<52<?3;� �'B?D5339U> 3?>DB1 1BBE714?��

�BB?B 5> 5< 45C1BB?<<? 45< @B?7B1=1 ? 61<<? 5> <1=QAE9>1�

�@17E5 5< C5314?B 4R:5<? 5>6B91B @?B �� =9>ED?CI�FE5<F1 1 5>35>45B<?�!171 1BB1>31B >E5F1=5>D5 5< @B?7B1=1�

L*D1BD *D?@N� #1�<EJ 9>49314?B1 K.B9>;<52<?3;� �'B?D5339U> 3?>DB1 1BBE714?�� �# 49C@<1I 9>4931 L000N�

=QAE9>1� I�FE5<F1 1 5>35>45B<?�!171 1BB1>31B >E5F1=5>D5 5< @B?7B1=1�

�< 69<DB? 45 <1 @5<EC1 #�� 5CD19>D5B=9D5>D5 45C@ER 45 AE5 5< 69<DB? 81C94? 31=2914?�

#1 9>D5B=9D5>391 45< 69<DB? 45 <1 @5<EC1 #�� >? 5C9>493139U> 45 AE5 81I E> @B?2<5=1� *?<? 5C EC14?3?=? E> B53?B41D?B9? @1B1 <9=@91B 5< 69<DB? 45 <1@5<EC1�

%? B5AE95B5 45 >9>7E>1 1339U>� #�� 45:1B1 45 5CD1B9>D5B=9D5>D5�

)E94? 9>ECE1< BE94? C?B4? #?C B?49<<?C 45 CEC@5>C9U> 45< D1=2?B >535C9D1>D95=@? @1B1 31<5>D1BC5�

%? C5 B5AE95B5 8135B >141� �E1>4? <?C B?49<<?C 45<C9CD5=1 45 CEC@5>C9U> C5 31<95>D5> 5< BE94? C?B4? 49C=9>E9BQ I 4525BQ 45D5>5BC5 1 <?C ��� =9>ED?C 455=@5J1B 1 EC1B 5< C5314?B�

)E94? 9>ECE1< -92B139U> 3?>CD1>D5 �< C5314?B >? 5CDQ >9F5<14?� %9F5<5 5< C5314?B �3?>CE<D5 <1 C5339U> K">CDBE339?>5C45 ">CD1<139U>� 45< =1>E1< 45< ECE1B9?��

)E94? 9>ECE1< -92B139U> BSD=931 #1 31B71 B52?D1 @?BAE5 <1 B?@1 C5 17BE@U 6?B=1>4?E>1 2?<1�

�5D5>71 5< C5314?B C5@1B5 <1C @B5>41C FE5<F1 15>35>45B 5< C5314?B�

%? C5 @E<F5B9J1 17E1 5> <1 E>94144EB1>D5 <?C 393<?C ��!"��)��

#1�C� <<1F5�C� 45 17E1 >? 5CDQ�>� 1295BD1�C�� �2B1 <1 <<1F5 45 17E1�%? C5 @E<F5B9J1 17E1 5> <1 E>94144EB1>D5 <?C 393<?C ��!"��)�� �' ,;4)/H4 *+ 9+-;8/*'* *+ 2' 3'4-;+8'

��#�*+&' 5CDQ 13D9F141��?>69B=5 <1 13D9F139U4 *+ 2' 3'4-;+8'��#�*+&' =5491>D5 9>C@5339U> F9CE1< 45<9>49314?B B?:? 45 <1 =1>7E5B1 �F5B @Q79>1 ���� *91@1B535 5< 9>49314?B B?:? �<1 =1>7E5B1 5CDQ 13D9F141�B55=@<135 <1 =1>7E5B1�

�?AE9<<1 ?2CDBE941 )5D9B5 <1 2?AE9<<1 3?> E>1 <<1F5 45 3E2? 45 � ��@E<7141� �?<?AE5 <1 2?AE9<<1 5> E> B539@95>D5 <<5>?3?> F9>17B5 2<1>3? 5> 31>D9414 CE69395>D5 @1B1 3E2B9B<1 2?AE9<<1� �5:5 <1 2?AE9<<1 5> B5=?:? 4EB1>D5 39>3?=9>ED?C I <E57? 6B957E5 <1 @E>D1 45 <1 2?AE9<<1CE1F5=5>D5 3?> E> 35@9<<? 45>D1< @1B1 5<9=9>1B <?CB5C94E?C� �>:E17E5 <1 2?AE9<<1 I FE5<F1 1 9>C5BD1B<15> 5< C5314?B� �@B9RD5<1 1 =1>? I <E57? 1@B95D5 E>1FE5<D1 =QC 3?> <1 <<1F5�

Page 55: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

'�&*���# G &�$�&���#"�'

� ��*�&(�"�����*�&(�"���� $9:CI>;>FJ:ID9DH ADH 867A:H 6CI:H 9:9:H8DC:8I6GADH 6A G:6A>O6G :AH:GK>8>D I^8C>8D 9: ADH 8DCIGDA:H�'DH :GGDG:H 9: 867A:69D EJ:9:C86JH6G JC6 DE:G68>aC >C8DGG:8I6FJ: ED9G_6 EGDKD86G <G6K:H96`DH 6A :A:8IGD9DB^HI>8D DA:H>DC:H E:GHDC6A:H� 1:G>;>FJ: A68DGG:8I6 DE:G68>aC 9:HEJ^H 9:G:6A>O6G :A H:GK>8>D I^8C>8D�

A H:869DG CD G:FJ>:G: 9: DIGDH8J>969DH :HE:8>6A:H 6E6GI: 9:6FJ:AADH :HE:8>;>869DH B]H 6GG>76�

i .> I>:C: JC EGD7A:B6 8DC HJH:869DG 6CI:H 9: AA6B6G :AH:GK>8>D 6 8A>:CI:H 8DCHJAI: A6I67A6 :C E]<>C6 ���

.> H: =68: C:8:H6G>D JC H:GK>8>DEaC<6H: :C 8DCI68ID 8DC HJ K:C9:9DG>CHI6A69DG J DIGD 8:CIGD 9: H:GK>8>DH6JIDG>O69D� )D >CI:CI: G:E6G6 :A:A:8IGD9DB^HI>8D JHI:9 B>HBD��J6AFJ>:G IG676?D G:6A>O69D EDGE:GHDC6A CD 6JIDG>O69D =6G]�869J86GA6 <6G6CI_6�

.> I>:C: EGD7A:B6H N CD :HI] 8DC;DGB68DC :A H:GK>8>D G:8>7>9D�� +G>B:GD GD<6BDH EDC:GH: :C

8DCI68ID 8DC HJ >CHI6A69DG D�7>:C:A H:GK>8>D 6JIDG>O69D N�8DCIG6I69D�DH8= 9: HJ ODC6 :MEA>86C9DEDGFJ: CD :HI] 8DC;DGB:�:MEA>86C9D 6�FJ: H: 9:7: HJ9>H8DC;DGB>969�

� .> 9:HEJ^H 9:A IG676?D G:6A>O69DEDG HJ >CHI6A69DG D I^8C>8D 9:H:GK>8>D :A EGD7A:B6 CD =6 H>9DHDAJ8>DC69D 6 HJ H6I>H;688>aC=]<6CDHAD H67:G D 7>:C:H8G>7>:C9D 6�

�.# #DB: �EEA>6C8:H �DGEDG6I>DC���� (8!699:C �K:�#JCI>C<IDC �:68= �� �����

* 7>:C AA]B:CDH 6

�S�S���S����/6CID :C 86HD 9: :H8G>7>G D 9: AA6B6G6H:<bG:H: 9: >C8AJ>G D I:C:G 6 B6CD A6H><J>:CI: >C;DGB68>aC�� )bB:GD 9: BD9:AD� )bB:GD 9: H:G>:� !:8=6 9: 8DBEG6 DG><>C6A� !:8=6 :C A6 8J6A =6 D8JGG>9D :A

EGD7A:B6� MEA>868>aC 9:A EGD7A:B6 C 86HD FJ: CDH :H8G>76 GD<6BDH>C8AJ>G I6B7>^C JC CbB:GD I:A:;aC>8D9>JGCD N JC6 8DE>6 9: A6 ;68IJG6 9:8DBEG6� C8DCIG6G] A6 >C;DGB68>aC G:HE:8ID 9:ACbB:GD 9: BD9:AD N 9: H:G>: HD7G: A68=6E6 9: 86G68I:G_HI>86H J7>8696 :C :A>CI:G>DG 9:A E6C:A ;GDCI6A�

'6 >B6<:C 6 8DCI>CJ68>aC BJ:HIG6 A6J7>868>aC 6EGDM>B696 9: A6 EA686 9:K6ADG:H CDB>C6A:H� A CbB:GD 9:BD9:AD I>:C: JC G:8I]C<JAD 6AG:9:9DG� A CbB:GD 9: H:G>: :HI] J7>869D 9:76?D9:A CbB:GD 9: BD9:AD�

0C :?:BEAD H: 9:BJ:HIG6 676?D�

A ;67G>86CI: H: G:H:GK6 :A 9:G:8=D 9:G:6A>O6G BD9>;>868>DC:H 6A EGD9J8ID D 6AB6CJ6A H>C CDI>;>868>aC�

Page 56: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

Page 57: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

Page 58: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

Page 59: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

Page 60: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

Page 61: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

Page 62: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

Page 63: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��� �&���L" �� ��&�"(K� �!�(��� �� $&#�)�(# .:869DG 9: GDE6 �DH8= ):FFI

�=03@BC@/ 23 3AB/ 5/@/<BO/ G / ?C7N<3A A3 />:71/� '6 <6G6CI_6 A>B>I696 DIDG<696 EDG �.# #DB: �EEA>6C8:H �DGEDG6I>DC��DH8=� :C :HI6 �:8A6G68>aC 9: "6G6CI_6 '>B>I696 9:A +GD9J8ID H: 6EA>86 bC>86B:CI: 6A H:869DG 9: GDE6 �P+GD9J8ID�� �DH8=):FFI � K:C9>9D 6 JHI:9 :A EG>B:G 8DBEG69DG JHJ6G>D E:GD :HIG>8I6B:CI: 8DC9>8>DC696 6 FJ: :A EGD9J8ID =6N6 H>9D 8DBEG69D���� E6G6 JHD 9DB^HI>8D �CD 8DB:G8>6A� CDGB6A N =6N6 H>9D JI>A>O69D :C ID9D BDB:CID bC>86B:CI: E6G6 ;>C:H 9DB^HI>8DH CDGB6A:H�8J6AFJ>:G JHD D EGD<G6B68>aC 8DB:G8>6A 9:A EGD9J8ID ���� ������������� � �� ������� ��� CJ:KD :C JC6 I>:C96 B>CDG>HI6�FJ: CD H:6 JC EGD9J8ID 9: :M=>7>8>aC C> JC EGD9J8ID K:C9>9D P:C A6H 8DC9>8>DC:H :C FJ: H: :C8J:CIG6� C> JC BD9:AD 9:KJ:AID6CI:G>DGB:CI:� 8DBEG69D 9>G:8I6B:CI: EDG :A 8DCHJB>9DG ;>C6A N CD :HI^ 9:HI>C69D E6G6 G:K:CI6 C> JHD 8DB:G8>6A� N ��� 9:CIGD 9:ADH HI69DH 0C>9DH D �6C69] N E:GB6C:O86 :C ID9D BDB:CID 9:CIGD 9:A E6_H 9: 8DBEG6 DG><>C6A� '6H <6G6CI_6H >C8AJ>96H :C :AEG:H:CI: H: 6EA>86C bC>86B:CI: 6A EG>B:G 8DBEG69DG 9:A +GD9J8ID N CD HDC IG6CH;:G>7A:H� '6 <6G6CI_6 H: ���� �������������H> :A +GD9J8ID ;J: JC BD9:AD 9: :M=>7>8>aC JC EGD9J8ID K:C9>9D P:C A6H 8DC9>8>DC:H :C A6H FJ: H: :C8J:CIG6� ;DGO69D JCBD9:AD 96`69D D P8DC G6AA69JG6H N 67DAA69JG6H� D JC BD9:AD 9:KJ:AID 6CI:G>DGB:CI: JC D7H:FJ>D 9DC68>aC 86G>I6I>K6 D EG:B>D9: JC 8DC8JGHD�

� �H:<bG:H: 9: 9:KDAK:G HJ I6G?:I6 9: G:<>HIGD� H> 7>:C CD :H C:8:H6G>D E6G6 =68:G :;:8I>K6 A6 8D7:GIJG6 9: A6 <6G6CI_6 :H A6 B:?DGB6C:G6 E6G6 FJ: �DH8= A: CDI>;>FJ: :C :A 86HD ED8D EGD767A: 9: FJ: H: :B>I6 JC 6K>HD 9: H:<JG>969 D H: G:I>G: 9:A B:G869DJC EGD9J8ID�

�C@/17Q< 23 :/ 5/@/<BO/� �DH8= <6G6CI>O6 FJ: :A +GD9J8ID CD I>:C: 9:;:8IDH :C ADH B6I:G>6A:H C> :C A6 B6CD 9: D7G6 9JG6CI: JCE:G_D9D 9: IG:H8>:CIDH H:H:CI6 N 8>C8D ����� 9_6H 6 E6GI>G 9: A6 ;:8=6 9: 8DBEG6� A E:G_D9D EG:8:9:CI: 8DB>:CO6 6 G:<>G 6 E6GI>G9: A6 ;:8=6 9: 8DBEG6 N CD H: >CI:GGJBE>G] 9:?6G] H>C :;:8ID :MI:C9:G] C> HJHE:C9:G] EDG C>C<bC BDI>KD�

&3>/@/17Q<@33;>:/H= 1=;= R<71= @31C@A=� �JG6CI: :A E:G_D9D 9: :HI6 <6G6CI_6 �DH8= D JCD 9: HJH EGDK::9DG:H 9:H:GK>8>D I^8C>8D 6JIDG>O69DH G:E6G6G] HJ +GD9J8ID H>C 86G<D E6G6 JHI:9 �8DC HJ?:8>aC 6 9:I:GB>C696H A>B>I68>DC:H :HE:8>;>8696H:C :A EG:H:CI:� H> H: EGJ:76 FJ: HJ +GD9J8ID =6 H>9D ;67G>869D 8DC JC 9:;:8ID :C ADH B6I:G>6A:H D :C A6 B6CD 9: D7G6� .> H: =6>CI:CI69D 9: B6C:G6 G6ODC67A: G:E6G6G :A +GD9J8ID H>C ^M>ID �DH8= G::BEA6O6G] HJ +GD9J8ID �:H EDH>7A: FJ: JHI:9 I:C<69>HEDC>7A:H BD9:ADH B:?DG69DH 6 :CI:G6 9>H8G:8>aC 9: �DH8= EDG JC 86G<D 69>8>DC6A�� /D96H A6H E>:O6H N ADH 8DBEDC:CI:H:MIG6_9DH H:G]C EGDE>:969 9: �DH8= 6 HJ :CI:G6 9>H8G:8>aC� /D96H A6H E>:O6H G::BEA6O696H N D G:E6G696H H: 8DCH>9:G6G]C8DBD A6 E>:O6 DG><>C6A 6 ADH ;>C:H 9: :HI6 <6G6CI_6 N :HI6 <6G6CI_6 CD H: :MI:C9:G] 8DC G:HE:8ID 6 9>8=6H E>:O6H� C K>GIJ9 9:AEG:H:CI: A6 bC>86 N :M8AJH>K6 G:HEDCH67>A>969 N D7A><68>aC 9: �DH8= :H bC>86B:CI: G:E6G6G :A +GD9J8ID 9:;:8IJDHD 9: ;]7G>86 6IG6K^H 9: JC EGDK::9DG 9: H:GK>8>D I^8C>8D 6JIDG>O69D EDG �DH8= 9JG6CI: :A =DG6G>D CDGB6A 9: D;>8>C6� +DG 8J:HI>DC:H 9:H:<JG>969 N 96`DH B6I:G>6A:H �DH8= G:8DB>:C96 86I:<aG>86B:CI: FJ: CD >CI:CI: G:E6G6G :A +GD9J8ID JHI:9 B>HBD C> JH: JC8:CIGD 9: H:GK>8>D I^8C>8D CD 6JIDG>O69D� �DH8= CD I:C9G] G:HEDCH67>A>969 C> D7A><68>aC 6A<JC6 EDG A6H G:E6G68>DC:H D IG676?DHG:6A>O69DH EDG JC 8:CIGD 9: H:GK>8>D I^8C>8D CD 6JIDG>O69D� .> JHI:9 EG:;>:G: FJ: JC6 E:GHDC6 FJ: CD :H JC EGDK::9DG 9: :HI:H:GK>8>D I^8C>8D 6JIDG>O69D IG676?: :C HJ +GD9J8ID ./� "�-�)/Y� . �)0'�-W �0/*(W/$��( )/ � 'DH EGDK::9DG:H 9:H:GK>8>D I^8C>8D 6JIDG>O69DH HDC 6FJ:AA6H E:GHDC6H D 8DBE6`_6H FJ: =6C H>9D :HE:8>6AB:CI: 86E68>I696H E6G6 B6C:?6G ADHEGD9J8IDH �DH8= N FJ: I>:C:C H:<bC :A 8G>I:G>D 9: �DH8= JC6 G:EJI68>aC HJE:G>DG 9: H:GK>8>D 6A 8A>:CI: N 86E68>969 I^8C>86�9:7: I:C:G :C 8J:CI6 FJ: HDC :CI>969:H >C9:E:C9>:CI:H N �� HDC 6<:CI:H HD8>DH 6;>A>69DH C> G:EG:H:CI6CI:H 9: �DH8=�� .>CE:G?J>8>D 9: AD FJ: 6CI:8:9: �DH8= CD I:C9G] G:HEDCH67>A>969 C> D7A><68>aC 6A<JC6 EDG :A +GD9J8ID FJ: H: :C8J:CIG: :C JC ]G:6G:BDI6 �6 B]H 9: ��� B>AA6H 9: JC EGDK::9DG 9: H:GK>8>D I^8C>8D 6JIDG>O69D� D :C JC AJ<6G ]G:6 8>G8JC96CI: D :CIDGCD FJ: CDH:6 688:H>7A: EDG B:9>DH G6ODC67A:H D FJ: H:6 E:A><GDHD =DHI>A D 6GG>:H<69D� :C 8J6AFJ>:G 86HD 6 HJ HDA>8>IJ9 �DH8= 9: ID96HB6C:G6H E6<6G] EDG A6 B6CD 9: D7G6 N A6H E>:O6H N :CK>6G] A6H E>:O6H 6A EGDK::9DG 9: H:GK>8>D I^8C>8D 6JIDG>O69D B]H 8:G86CDE:GD JHI:9 H:<J>G] H>:C9D IDI6AB:CI: G:HEDCH67A: EDG :A I>:BED 9: K>6?: N 9:B]H 86G<DH :HE:8>6A:H 9: A6 8DBE6`_6 9: H:GK>8>DI^8C>8D HJEDC>:C9D FJ: 68:EI: =68:G A6 K>H>I6 9: H:GK>8>D I^8C>8D�

�/@/<BO/ :7;7B/2/ 3FB3<272/�

�# ���C� �� �� �� ��"B� ������� �� �� �� ��"B�

� 1T?C 45 71B1>DS1 <9=9D141 1 @1BD9B 45 <1 65381 45 3?=@B1

�?C38 @B?F55BQ B5@E5CD?C C9> 31B7? 45 <?C 3?=@?>5>D5C AE5 C55>3E5>DB5> 45653DE?C?C 5> 3?>4939?>5C 45 EC? 4?=RCD93? >?B=1< 4EB1>D5<?C 4?C @B9=5B?C 1T?C 1 @1BD9B 45 <1 65381 45 3?=@B1 9>3<E94?C <?C 3?CD?C>?B=1<5C �>? 135<5B14?C� 45 5>FS? I C9> 9>3<E9B <?C 71CD?C @?B =1>? 45?2B1�

� 1T?C 45 71B1>DS1 <9=9D141 @1B1 C9CD5=1C 5<53DBU>93?C 1 @1BD9B 45 <1 65381 45 3?=@B1

�?C38 B5@1B1BQ ? B55=@<1J1BQ C9> 31B7? 3E1<AE95B =93B?@B?35C14?B ?D12<5B? 45 39B3E9D?C 9=@B5C? AE5 C5 5>3E5>DB5 45653DE?C? 5> 3?>4939?>5C45 EC? 4?=RCD93? >?B=1< 4EB1>D5 <?C 4?C @B9=5B?C 1T?C 1 @1BD9B 45 <165381 45 3?=@B1 C9> 9>3<E9B <?C 31B7?C @?B =1>? 45 ?2B1�

� 1T?C 45 71B1>DS1 <9=9D141 @1B1 5< =?D?B 1 @1BD9B 45 <1 65381 45 3?=@B1

�?C38 B5@1B1BQ ? B55=@<1J1BQ C9> 31B7? 3E1<AE95B =?D?B ? 3?=@?>5>D545 E> =?D?B AE5 C5 5>3E5>DB5 45653DE?C? 5> 3?>4939?>5C 45 EC?4?=RCD93? >?B=1< 4EB1>D5 <?C 4?C @B9=5B?C 1T?C 1 @1BD9B 45 <1 65381 453?=@B1 C9> 9>3<E9B <?C 31B7?C @?B =1>? 45 ?2B1�

Page 64: ˆ3/BC@3A /6C8: >; I=: 9GJB >H GDI6I>C< ˜D CDI >CHI6AA DG HIDG: I=>H 6EEA>6C8: L=:G: >I

��

$@=2C1B= 4C3@/ 23 5/@/<BO/� �DH8= CD I>:C: D7A><68>aC 6A<JC6 :C K>GIJ9 9: A6 A:N D EDG DIGD BDI>KD 9: DIDG<6GA: C>C<JC68DC8:H>aC >C8AJ>9DH G:E6G68>DC:H EGDGG6I:DH D G::BEA6OD 9:A +GD9J8ID 8DC EDHI:G>DG>969 6A K:C8>B>:CID 9: A6 <6G6CI_6�

�F1:CA7=<3A 23 :/ 5/@/<BO/� '6 8D7:GIJG6 9: <6G6CI_6 9:H8G>I6 :C :A EG:H:CI: :M8AJN: ID9DH ADH 9:;:8IDH D 96`DH FJ: CD ;J:GDCEGDKD869DH 9>G:8I6B:CI: EDG �DH8= >C8AJ>9DH :CIG: DIGDH 6A<JCD 9: ADH H><J>:CI:H� ��� JHD 9:A +GD9J8ID 9: B6C:G6H 9>HI>CI6H9:A JHD CDGB6A =67>IJ6A N EG:K>HID �>C8AJ>9DH :CIG: DIGDH 8J6AFJ>:G ;DGB6 9: JHD 8DB:G8>6A JHD D 6AB68:C6B>:CID :C :MI:G>DG:H9: JC EGD9J8ID 9>H:`69D E6G6 >CI:G>DG:H JHD 9:A +GD9J8ID :C 6:GDC6K:H D :B76G868>DC:H�� ��� 8DC9J8I6 >C9:7>96 C:<A><:C8>6JHD >C9:7>9D 67JHD 688>9:CI:H 9:H8J>9D DE:G68>aC >C69:8J696 DB>H>aC 9: B6CI:C:G >CHI6A68>aC >C69:8J696 D C:<A><:CI:69JAI:G68>aC DB>H>aC 9: H:<J>G A6H >CHIGJ88>DC:H 9: DE:G68>aC B6C>EJA68>aC >C69:8J696 H:GK>8>D I^8C>8D CD 6JIDG>O69D�>C8AJ>9DH P6GG:<ADH� D :MEADG68>aC 9: ADH B:86C>HBDH >CI:GCDH 9:A :A:8IGD9DB^HI>8D G:6A>O69DH EDG JCD B>HBD� EDG E6GI: 9:8J6AFJ>:G E:GHDC6� ��� 6?JHI: 6AI:G68>aC D BD9>;>868>aC 9: 8J6AFJ>:G I>ED� ��� >C8JBEA>B>:CID 9: ADH 8a9><DH G:<A6B:CI68>DC:H DA:N:H 9: :A:8IG>8>969 EADB:G_6 N D 8DCHIGJ88>aC AD86A:H BJC>8>E6A:H D 9: 8DC969D >C8AJ>96 A6 DB>H>aC 9: >CHI6A6G :A EGD9J8ID8JBEA>:C9D :HIG>8I6B:CI: 8DC ADH 8a9><DH N G:<A6B:CI68>DC:H AD86A:H 9: 8DCHIGJ88>aC N EGDI:88>aC 8DCIG6 >C8:C9>DH� ���9:H<6HI: =67>IJ6A 9:GG6B:H 9: 6A>B:CIDH A_FJ>9DH 68JBJA68>DC:H 9: <G6H6 J DIG6H HJHI6C8>6H FJ: H: 68JBJA:C HD7G: 9:CIGD D6AG:9:9DG 9:A +GD9J8ID� N ��� 8J6AFJ>:G ;J:GO6 N ;68IDG :MI:GCD :A:B:CI6A N D 6B7>:CI6A >C8AJ>9DH :CIG: DIGDH AAJK>6 K>:CID 6G:C6>CJC968>DC:H >C8:C9>DH 6AJ9:H 9: AD9D I:BE:G6IJG6H 76?6H :MIG:B6H =JB:969 :M8:H>K6 D :MEDH>8>aC EGDADC<696 6 A6=JB:969 G6NDH HD7G:86G<6H :A^8IG>86H ;6AA6H :HIGJ8IJG6A:H 6AG:9:9DG 9:A :A:8IGD9DB^HI>8D N 86HD ;DGIJ>ID� C C>C<bC 86HD�DH8= I:C9G] G:HEDCH67>A>969 C> D7A><68>aC 6A<JC6 EDG ADH 96`DH D86H>DC69DH 6 ADH 7>:C:H 8>G8JC96CI:H >C8AJ>9DH ADH <67>C:I:HE>HDH I:8=DH N 9:B]H :HIGJ8IJG6H J D7?:IDH FJ: H: :C8J:CIG:C 6AG:9:9DG 9:A EGD9J8ID� /6B7>^C H: :M8AJN:C 9: :HI6 <6G6CI_6A6H G6N6H =:C9>9JG6H 67DAA69JG6H B:CDG:H N 96`DH :HI^I>8DH :C HJE:G;>8>:H :MI:GC6H N E>:O6H :MEJ:HI6H� EGD9J8IDH :C ADH8J6A:H ADH CbB:GDH 9: H:G>: =6N6C H>9D 6AI:G69DH BD9>;>869DH D :A>B>C69DH� K>H>I6H 9:A H:GK>8>D I^8C>8D E6G6 :CH:`6GA: 6 JH6G :A+GD9J8ID D K>H>I6H :C A6H FJ: H: 9:I:GB>C: FJ: CD =6N C>C<bC EGD7A:B6 8DC :A +GD9J8ID� 8DGG:88>aC 9: ADH EGD7A:B6H 9:>CHI6A68>aC �JHI:9 :H :A bC>8D G:HEDCH67A: 9: 8J6AFJ>:G :HIGJ8IJG6 N HDEDGI: 9:A +GD9J8ID >C8AJ>96H A6H >CHI6A68>DC:H 9::A:8IG>8>969 N EADB:G_6 D 9:B]H >CHI6A68>DC:H 9: 8DC:M>aC 9: A6 8DGG:8I6 >CHI6A68>aC :C 76H:H E>HDH N 9: 8J6AFJ>:G 6AI:G68>aC>C8AJ>9DH :CIG: DIGDH <67>C:I:H E6G:9:H E>HDH G:E>H6H :I8��� N :A G:HI67A:8>B>:CID 9: 9>HNJCIDG:H D ;JH>7A:H� ) '� ( �$��+ -($/$�� +*- '� ' 4 ./� "�-�)/Y� ./��' � .0. - �0-.*. 3�'0.$1*. �*) - .+ �/* �' +-*�0�/*$)� + )�$ )/ ( )/ � ,0 '� - �'�(��$[) . � �*)/-��/0�' * 3/-��*)/-��/0�' �$)�'0$�� '�- .+*).��$'$��� *�% /$1� * '� ) "'$" )�$�� * � �0�',0$ - */-* (*�*� ./� "�-�)/Y� - (+'�5� /*��.'�. � (W. "�-�)/Y�. 3+- .�. * $(+'Y�$/�.� '�. "�-�)/Y�. $(+'Y�$/�. +*- ' 4 4� . � � �*( -�$��$'$���* �+/$/0� +�-� 0) !$) .+ �Y!$�* * � �0�',0$ - */-* /$+* / )�-W) 1$" )�$� \)$��( )/ +*- ' + -Y*�*� 1$" )�$� � '� +- . )/ "�-�)/Y� '$($/��� 3+- .�� ) )$)"\) ��.* ' !��-$��)/ . -W - .+*).��' +*- '*. ��Z*. �*). �0 )/ . .+ �$�' . $)�$� )/�' . $)�$- �/*. +*- P+X-�$��. �*( -�$�' .� 4 *��Z*. +0)$/$1*. +X-�$��. * "�./*. $)�'0$�*. )/- */-*. /$ (+* !0 -� � ' /-���%* #*/ ' . 4 *�*($��. ) - ./�0-�)/ . "�./*. � - (*� '��$[) ,0 .0+ - ) '*. ��Z*. �$- �/*. ,0 � !$)$/$1�( )/ #�4�) .$�* ��0.��*. � (�) -� 3�'0.$1� +*- �*.�# * � */-* (*�*� �'"0)*. ./��*. )* + -($/ ) '� 3�'0.$[) * '$($/��$[) � ��Z*. $)�$� )/�' . * �*). �0 )/ . 4 �'"0)*. ./��*. )* + -($/ ) '$($/��$*) . �*) - .+ �/* �' +'�5* � 1$" )�$� � 0)� "�-�)/Y� $(+'Y�$/�� +*- '*/�)/* . +*.$�' ,0 '�. '$($/��$*) . +- � � )/ . )* . �+'$,0 )� ./� "�-�)/Y� ' */*-"� � - �#*.' "�' . .+ �Y!$�*. 4 /�(�$X) +0 � ) �*-- .+*)� -' */-*. � - �#*. ,0 +0 � ) 1�-$�- . "\) ' ./��*� )>C<bC >CI:CID 9: 6AI:G6G BD9>;>86G D :CB:C96G A6 EG:H:CI: <6G6CI_6 :CIG6G] :C K><:C8>6 6 B:CDH FJ: ;J:G66JIDG>O69D EDG :H8G>ID EDG JC :?:8JI>KD 9: �.#�

�Q;= =0B3<3@ 3: A3@D717= BN1<71= 23 :/ 5/@/<BO/� +6G6 D7I:C:G :A H:GK>8>D I^8C>8D 9: A6 <6G6CI_6 9: HJ +GD9J8ID 9:7:8DBJC>86GH: 8DC :A 8:CIGD 9: H:GK>8>D 6JIDG>O69D 9: �DH8= B]H 8:G86CD�

�'� �=;3 �>>:7/<13A �=@>=@/B7=< � ���� (8!699:C �K:CJ: #JCI>C<IDC �:68= �� ����� ������������

�� ����� �����