CQ.com - House Financial Services Subcommittee on Capital Markets, Insurance and Government...

8/8/2019 CQ.com - House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enter…

http://slidepdf.com/reader/full/cqcom-house-financial-services-subcommittee-on-capital-markets-insurance 1/57

!"#$%&'&!%'(#)*'&+!*%,)+!-./01223-.45#61403./2+1789#:;<#:=>=

!"#$%&'()*)+(*,&-%./(+%$&-#0+"11(22%%&")&3*4(2*,&5*.6%2$78)$#.*)+%&*)9&:"/%.)1%)2&-4")$".%9&;)2%.4.($%$&!",9$&!%*.()<

")&2=%&-%+#.(2(%$&8)/%$2".&>."2%+2(")&?+2&@(1(2*2(")$

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

&&&&&&&&&&&&

A?BCDE-A8F

G=%&3"11(22%%&")&3*4(2*,&5*.6%2$&8)$#.*)+%&*)9&:"/%.)1%)2H-4")$".%9&;)2%.4.($%$I(,,&+"1%&2"&".9%.J

>#.$#*)2&2"&+"11(22%%&.#,%$&*)9&4.(".&9($+#$$(")$&I(2=&2=%&.*)6()<&1%10%.7&%*+=&$(9%&I(,,=*/%&KL&1()#2%$&M".&"4%)()<&$2*2%1%)2$J

N(2="#2&"0O%+2(")7&*,,&1%10%.$P&"4%)()<&$2*2%1%)2$&I(,,&0%&1*9%&4*.2&"M&2=%&.%+".9J

?)9&8&Q(%,9&M(/%&1()#2%$&M".&1Q$%,MJ

B%*.,Q&2I"&Q%*.$&=*/%&4*$$%9&$()+%&2=%&1*$$(/%&RST&0(,,(")&5*9"MM&>")U(&$+=%1%&+*1%&2",(<=2J&-()+%&2=%)&I%&=*/%&%)*+2%9&2=%&V"99H'.*)6&N*,,&-2.%%2&E%M".1&*)9&3")$#1%. >."2%+2(")&?+2J&?1")<&1*)Q&"2=%.&2=()<$7&2=($&,*I&*1%)9%9&2=%&-%+#.(2(%$&8)/%$2".

>."2%+2(")&?+27&2=%&$2*2#2%&2=*2&I".6$&2"&.%2#.)&1")%Q&*)9&$%+#.(2(%$&2"&+#$2"1%.$&"M&M*(,%9 0."6%.*<%$J

G"&0%22%.&4."2%+2&2=%&+#$2"1%.$&"M&M*(,%9&0."6%.*<%$&<"()<&M".I*.97&2=%&V"99H'.*)6&?+2()+.%*$%$&+*$=&4."2%+2(")&,(1(2$&*)9&0",$2%.$&2=%&.%$"#.+%$&"M&2=%&.%$%./%&M#)9&#$%9&2".%4,*+%&+#$2"1%.$P&1($$()<&+*$=&*)9&$%+#.(2(%$J

G=($&)%I&,*I&*,$"&W#()2#4,%$&4%)*,2(%$&M".&1($.%4.%$%)2*2(")$&"M&1%10%.$=(4&()&".

4."2%+2(")$&"MM%.%9&0Q&2=%&$%+#.(2(%$&()/%$2".&4."2%+2(")&+".4".*2(")J

5".%"/%.7&2=%&$2*2#2%&1*6%$&(14".2*)2&+=*)<%$&2"&4.%/%)2&.*2=%.&2=*)&$(14,Q&.%4,*+%&2=%,"$$&"M&+#$2"1%.$P&4."4%.2Q7&()+,#9()<&)%I&+#$2"9Q&X4=Y&$*M%<#*.9$&M".&+#$2"1%.$P&*$$%2$&=%,9

0Q&+%.2*()&M()*)+(*,&4."M%$$(")*,$J

G=%&V"99H'.*)6&?+2&*99(2(")*,,Q&.%W#(.%$&2=%&*#9(2".$&"M&0."6%.H&9%*,%.$&2"&.%<($2%.&I(2=2=%&4#0,(+&+"14*)Q&*++"#)2()<&"/%.$(<=2&0"*.9J&?)9&2=($&0"9Q&=*$&2=%&*#2=".(2Q&2"&.%<#,*2%2=%$%&1*.6%2&<*2%6%%4%.$J

G=($&+=*)<%&"#<=2&2"&4#2&()+"14%2%)2&*)9&#)$+.#4#,"#$&")%H1*)&*#9(2".&$="4$&,(6%&2=%

"1&H&!"#$%&'()*)+(*,&-%./(+%$&-#0+"11(22%%&")&3*4(2*,&5*.6%2$7&8)JJJ =224F[[III J+WJ+"1[9"+[M()*)+(*,2.*)$+.(42$H\]\^]SK_I.`0:',

] K[b[cLKK



")%&I=(+=&0,%$$%9&2=%&0""6$&"M&2=%&5*9"MM&0."6%.*<%&"#2&"M&0#$()%$$&0%M".%&()/%$2".$&<%2=*.1%9J

5#+=&1".%7&="I%/%.7&.%1*()$&2"&0%&9")%&2"&4."2%+2&()/%$2".$J&G=%&/(+2(1$&"M&2=%&5*9"MM

>")U(&$+=%1%&*)9&2=%&-*)M".9&M()*)+(*,&M.*#9&()+,#9%&1*)Q&=*.9HI".6()<&M*1(,(%$&*)9&M.#<*,.%2(.%%$7&I="&()/%$2%9&2=%(.&=*.9H%*.)%9&1")%Q&I(2=&)"I&(14.($")%9&".&()9(+2%9&+")&*.2($2$J

B#1%."#$&4.%$$&$2".(%$&=*/%&.%,*Q%9&*++"#)2$&*0"#2&="I&2=%$%&/(+2(1$7&I="&$"#<=2&2" 4,*Q&0Q&2=%&.#,%$7&=*/%&)"I&=*9&2"&<.%*2,Q&1"9(MQ&2=%&I*Q$&2=%Q&,(/%J&G=%&/(+2(1$&"M&2=%$%

M.*#9$&0%,(%/%&2=*2&-8>3&=*$&M*,,%)&$=".2&()&1%%2()<&2=%&.%$4")$(0(,(2(%$7&*)9&2=%Q&I*)2+=*)<%J&8&9"&2""J

N%&2=%.%M".%7&=*/%&1*)Q&W#%$2(")$&2"&%d4,".%&2"9*QJ&'".&%d*14,%7&*,2="#<=&-8>?

4."2%+2(")$&9"&)"2&+#..%)2,Q&%d2%)9&2"&+#$2"1%.$&"M&()/%$21%)2&*9/($".$&I%&1#$2&%d4,".%&2=%($$#%&"M&%d4*)9()<&-8>?P$&+"/%.*<%7&*$&()/%$21%)2&*9/($".$&1*Q&*,$"&+"11(2&M.*#9J

8)&*)Q&$%.("#$&%MM".2$&2"&.%M".17&I%&1#$2&*,$"&+")$(9%.&I=*2&.%$4")$(0(,(2(%$&-8>3&=*$&2"

=")".&2=%&0."6%.&X()*#9(0,%Y&+#$2"1%.$&.%+%(/%J

-8>3&=*$&9%)(%9&2=%&+,*(1$&"M&+#$2"1%.&0*$%9&$%%1()<,Q&,%<(2(1*2%&4*4%.I".6&4."/(9%9

2"&2=%1&0Q&2=%&0."6%.$7&Q%2&-8>3&%d4%+2$&+#$2"1%.$&2"&#$%&2="$%&/%.Q&$*1%&$2*2%1%)2$&2".%4".2&#)*#2=".(U%9&2.*9()<&()&2=%(.&*++"#)2$J&G=($&()+")$($2%)+Q&($&#)*++%42*0,%J&?)9&I%

1#$2&I".6&2"&.%$",/%&(2J

8)/%$2".&2.#$2&M".&I=(+=&-8>?&I*$&9%$(<)%9&2"&4.%$%./%&=*$&0%%)&$%.("#$,Q&%."9%9&0Q->83P$&X$(+Y&)*.."I&()2%.4.%2*2(")&"M&(2$&$2*2#2".Q&1*)9*2%J&N=(,%&-8>3P$&*+2(")$&1*Q&M",,"I2=%&,%22%.&"M&2=%&,*I7&1*)Q&I"#,9&*.<#%&2=*2&-8>?&=*$&(<)".%9&2=%&$4(.(2&"M&2=%&,*IJ

N%7&2=%.%M".%7&1#$2&+")$(9%.&2=%&0%$2&I*Q&2"&+=*)<%&2=%&2")%&"M&-8>3&*)9&.%M"+#$&2=($

0"9Q&")&1*()2*()()<&+")M(9%)+%&()&2=%&M()*)+(*,&$Q$2%1&*)9&4."1"2()<&()/%$2".&4."2%+2(")J

8)&2=%&%d2%)2&HH&2"&2=%&%d2%)2&4"$$(0,%7&I%&"#<=2&2"&*,$"&%d4,".%&="I&-8>3&+"#,9&,%*.)

M."1&2=%&$#++%$$&"M&2=%&'%9%.*,&V%4"$(2&8)$#.*)+%&3".4".*2(")&()&1*()2*()()<&2=%&4#0,(+P$2.#$2J&G"&*99.%$$&2=%$%&W#%$2(")$&*)9&1*)Q&"2=%.$7&-8>3&=*$&M"+#$%9&")&1"9%.)(U*2(")&2*$6 M".+%7&*)9&$%/%.*,&1%10%.$&"M&2=($&4*)%,&I(,,&*44%*.&0%M".%&#$&2"9*Q&()&2=%(.&4%.$")*,+*4*+(2(%$J

87&M".&")%7&%d4%+2&2=($&2*$6&M".+%&2"&+"14,%2%&(2$&I".6&I(2=&<.%*2&2.*)$4*.%)+Q7+")$(9%.*0,%&"#2.%*+=7&*)9&1#+=&$4%%9J&5".%"/%.7&2=($&2*$6&M".+%&1#+=&HH&1#$2&/(%I&(2$1($$(")&*$&0."*9,Q&*$&4"$$(0,%&*)9&I".6&2"&4."/(9%&3")<.%$$&I(2=&*&+"14.%=%)$(/%&4,*)&M".

.%M".1J

8)&+,"$()<7&I%&+*)&M#.2=%.&(14."/%&-8>?&0Q&0#(,9()<&")&2=%&.%M".1$&V"99H'.*)6&?+2J&G=%I(2)%$$%$&0%M".%&#$&2"9*Q&*.%&.%+"<)(U%9&$%+#.(2(%$&%d4%.2$J&G=%(.&.%+"11%)9*2(")$7&*,")<I(2=&2="$%&"MM%.%9&0Q&2=%&5*9"MM&/(+2(1$&*2&"#.&=%*.()<&,*$2&V%+%10%.7&I(,,&#)9"#02%9,Q

=%,4&#$&()&"#.&I".6&2"&#49*2%&-8>?&*)9&0%22%.&4."2%+2&+#$2"1%.$J


] K[b[cLKK



G=%&+=*(.&.%+"<)(U%$&2=%&<%)2,%1*)&M."1&B%I&C%.$%Q&M".&KL&1()#2%$J

:?EE;GGF

G=*)6&Q"#J

e?$&1*9&*$&8&*1&*2&5*9"MM&8P1&%/%)&1".%&#4$%2&*2&1Q&"I)&<"/%.)1%)2&"/%.&2=%&I*Q&8P/% 0%%)&2.%*2%9&()&2=%&*M2%.1*2=&"M&2=($&M.*#9Je

G=*2&($&2=%&<($2&"M&*&W#"2%&M."1&")%&"M&1Q&+")$2(2#%)2$&I="&I*$&9%M.*#9%9&0Q&f%.)(%5*9"MM7&*)9&I="&M%%,$&M*(,%9&0Q&2=%&-;3&*)9&'8BE?&()&4."2%+2()<&=(1&I=(,%&2=%&M.*#9&I*$<"()<&")J&X()*#9(0,%Y&)"I&M*+%$&*&+(/(+&2.#$2%%&I="&($&2=.%*2%)()<&2"&+,*I0*+6&M#)9$&=%I(2=9.%I&M."1&=($&1*9%H#4&*++"#)2&"/%.&2=%&+"#.$%&"M&2=%&,*$2&KT&".&cL&Q%*.$J

8)&*&$%)$%7&2=%$%&*.%&HH&())"+%)2&()/%$2".$&*.%&0%()<&=%,9&2"&*&=(<=%.&$2*)9*.9&2=*)&0"2=&2=%<"/%.)1%)2&2=*2&I*$&$#44"$%9&2"&4."2%+2&2=%1&*)9&2=*2&<,*9,Q&2""6&2=%(.&2*d&4*Q1%)2$&*)9

2=%&".<*)(U*2(")&-8>?&2=*2&I*$&$#44"$%9,Q&$%2&#4&2"&4."2%+2&2=%1&I=(,%&()$2*,,()<&*)9()$2(,,()<&<.%*2%.&+")M(9%)+%&()&"#.&$%+#.(2(%$&1*.6%2J

N%&*.%&=",9()<&2"9*QP$&=%*.()<&2"&*$$%$$&2=%&,(1(2*2(")$&"M&2=%&-%+#.(2(%$&8)/%$2".$>."2%+2(")&?+27&2=%&-8>?7&*)9&2=%&-%+#.(2(%$&8)/%$2".$&>."2%+2(")&3".4".*2(")7&-8>3J&?)9&2"(9%)2(MQ&I=%2=%.&2=%.%&*.%&4"2%)2(*,&.%M".1$&2=*2&I"#,9&0%22%.&4."2%+2&2=%&()/%$2".$J

82&I"#,9&$%%1&2"&1%&2=*2&")%&1*O".&*)9&M#)9*1%)2*,&.%M".1&I"#,9&0%&M".&2=%17&2=."#<=2=%&*+2(")$&"M&2=%&2.#$2%%&*$&0%%)&*44"()2%97&2"&$%%&(2$%,M&*$&*)&*9/"+*2%&M".&.*2=%.&2=*)&*)*9/%.$*.Q&*<*()$2&())"+%)2&9%M.*#9%9&()/%$2".$&$"&2=*2&2=%Q&M%%,&*$&2="#<=&2=%Q&*.%&0%()<

*$$($2%9&0Q&+(/(+&4."+%$$&.*2=%.&2=*)&=#)2%9&9"I)&*)9&*++#$%9&$"1%="I&"M&2=%1&9"()<$"1%&$".2&"M&I.")<&9"()<J

-"&2=%.%P$&")%&4(%+%&"M&,%<($,*2(")&2=*2P$&"#2&2=%.%&2=*2&+"#,9&<"&*2&,%*$2&4*.2&"M&2=%&I*Q&()1*6()<&2=()<$&.(<=2&M".&")+%&*)9&4"2%)2(*,,Q&2I(+%&X()*#9(0,%Y&/(+2(1(U()<&2=%&5*9"MM

()/%$2".$J

?&+",,%*<#%&"M&1()%&()&B%I&C%.$%Q7&f(,,&>*$+.%,,7&=*$&()2."9#+%9&*&0(,,7&!JEJ&TLT^J&82P$+*,,%9&2=%&>")U(&-+=%1%&g(+2(1$&G*d&E%,(%M&?+2J&N=*2&(2&I"#,9&9"&($&,(0%.*,(U%&2=%&*0(,(2Q&"M 2="$%&I="&*.%&/(+2(1$&"M&2=%M2&2"&.%+%(/%&*&.%M#)9&M".&2*d%$&2=*2&2=%Q&4*(9&")&<*()$&2=*2&2=%

$4%+(M(+&2.#$2%%&($&)"I&2.Q()<&2"&2*6%&0*+6&M."1&2=%1J

8P1&*&+"H$4")$".&"M&2=($&0(,,&I=(+=&*+2#*,,Q&$="#,9&4%.=*4$&<"&*&,(22,%&M#.2=%.&2=*)&2=%KLHQ%*.&,""6&0*+6&$()+%&2=%(.&2.#$2%%&($&<"()<&0*+6&M#.2=%.&2=*)&2=%&KL&Q%*.$&()&+*,+#,*2()<

2=%&$"H+*,,%9&)%2&I())%.$&*)9&,"$%.$J

?)"2=%.&*$4%+2&"M&2=%&2.#$2%%$&=*)9,()<&2=($&+*$%&*.%&)"I&()&2=%&4."+%$$&"M&I".6()<&2=%(. I*Q&2=."#<=&2=%&+"#.2&$Q$2%1$7&I=(+=&HH&1*22%.$&I(,,&0%&9%+(9%9J&8P1&+")+%.)%97&2="#<=7*0"#2&*&,""1()<&9%*9,()%&2=*2P$&+"1()<&#47&*)9&2=*2P$&()&V%+%10%.&I=%)&2=%&2.#$2%%&I(,,

9%+(9%&I=%2=%.&2"&<"&M".I*.9&I(2=&4"2%)2(*,,Q&2="#$*)9$&"M&+,*I0*+6$&X4=Y&M."1&2=%$%


] K[b[cLKK



())"+%)2&HH&())"+%)27&9%M.*#9%9&()/%$2".$J

X()*#9(0,%Y&,%*9%.$=(4&*)9&2=%&2.#$2%%&=*/%&()9(+*2%9&2=*2&(2&I(,,&)"2&0%&<"()<&*M2%.&2=%$"H+*,,%9&".9()*.Q&4%"4,%&HH&4%"4,%&I="&*.%&)"2&,%*9()<&*&,*/($=&,(M%$2Q,%&*)9&I="&=*9&)"

6)"I,%9<%&"M&2=%&M.*#9J&f#2&(M&Q"#&=%*.&M."1&1Q&"MM(+%&".&1Q&$2*MM7&2=*2P$&)"2&I=*2&8P1=%*.()<&M."1&1Q&+")$2(2#%)2$&*)9&"2=%.$7&*)9&2=%&4%"4,%&8&2*,6&2"&I=%)&8&<"&0*+6&2"&="1%J

8&$4"6%&I(2=&")%&<%)2,%1*)&I="&Q%*.$&*<"&I(2=9.%I&1")%Q&2"&4*Q&M".&+",,%<%&*)9&I=",(/%$&*&/%.Q&1"9%$2&,(M%$2Q,%&)"IJ&!%&+")2*+2%9&2=%&2.#$2%%$&M(.1&2"&<%2&+,*.(M(+*2(")&I=*2&=%

I"#,9)P2&0%&+,*I%9&0*+6&HH&2=*2&=%&I"#,9)P2&0%&+,*I%9&0*+6J&f#2&=%&I*$&2",9&2=*2&"2=%.$7&()M".<(/()<&*&$1*,,&4%.+%)2*<%&"M&I=*2&2=%&2.#$2%%&=*9&+*,+#,*2%9&2=*2&=%&"I%97&=%&"2=%.I($%

,""6$&,(6%&=%&I"#,9&0%&")&2=%&=""6&M".&2=%&.%$2J

8)&*99(2(")&=%&I*$&2",9&2=*2&*)Q2=()<&=%&1(<=2&.%+"/%.&()&2=%&M".1&"M&2*d&.%M#)97&2=*2&2""1(<=2&0%&$#0O%+2&2"&$%(U#.%&0Q&2=%&2.#$2%%J&-"&8P1&*,$"&+")+%.)%9&2=*2&I=(,%&2=%$%&+"#.2&+*$%$

*.%&#)9%.&I*Q7&X()*#9(0,%Y&2.#$2%%&=*$&9%)(%9&*++%$$&2"&5*9"MMP$&.%+".9$&M".&2=%&/(+2(1$&*)92=%(.&*22".)%Q$J

-"&*++%$$&2"&2=%$%&.%+".9$&($&(14".2*)2&M".&$%/%.*,&6%Q&*$4%+2$&"M&2=%&+*$%7&()+,#9()<I=%2=%.&".&)"2&*2&*,,&2.*)$*+2(")$&.%+".9%9&0Q&5*9"MM&"/%.&2=%&Q%*.$&I%.%&*+2#*,,Q

M.*#9#,%)2&2.*)$*+2(")$J&8M&$"1%&"M&2=%1&I%.%)P27&2=%)&2=%&2.#$2%%$&)%2&%W#(2Q&M".1#,*2(")I"#,9&+"14,%2%,Q&0%&+*,,%9&()2"&W#%$2(")J

8)%W#(2*0,%&*++%$$&2"&2=%$%&.%+".9$&.%$#,2$&()&*&M#)9*1%)2*,&(10*,*)+%&"M&2=%&$+*,%$&"M O#$2(+%&()&2=($&+*$%7&*)9&*,$"&+*,,$&()&2"&W#%$2(")&I=%2=%.&#,2(1*2%,Q&2=%.%&I(,,&0%&*&M*(.&2.(*,&*22=%&%)9&"M&2=%&9*Q&()&2=%&$2*2%$&X4=YJ

-"&*,,&"M&2=($7&I=%)&Q"#&2=()6&*0"#2&(27&$="#,9&1*6%&*,,&"M&#$&M%%,&/%.Q&#)+"1M".2*0,%J&G=%+(/(+&X4=Y&9%+*,&($&$#44"$%9&2"&1%*)&4."2%+2(")J&G=%&-;3&I*$&$#44"$%9&2"&4."/(9%

4."2%+2(")J&G=%&8E-&2*6()<&2*d&4*Q1%)2&*,$"&$%./%$&*$&*&<"/%.)1%)2&(14.(1*2#.J&82P$$#44"$%9&2"&4."/(9%&#4&2"&RTLL7LLL&()&4."2%+2(")&0*$%9&")&2=%7&W#"2%7&e.%*$")*0,%%d4%+2*2(")&"M&+#$2"1%.$Je

8)&M*+2&HH&()&M*+2&-8>3&I*$&+.%*2%9&*2&2=%&0%=%$2&"M&2=%&$%+#.(2(%$&()9#$2.Q&2"&%)+"#.*<%+")M(9%)+%&()&*&1".%&%MM(+(%)27&4*4%.,%$$&4."+%$$&M".&()/%$2".$&I="&)"&,")<%.&=*/%&2"&HH&*

4(%+%&"M&1()9&")%&<%2$&M."1&=",9()<&")&2"&2=*2&*+2#*,&$2"+6&+%.2(M(+*2%&,(6%&I%&#$%9&2"&9"&()2=%&",9&9*Q$J

8)&2=%(.&4,*+%7&+#$2"1%.$&<.%I&*++#$2"1%9&2"&9%4%)9()<&")&2.*9%&+")M(.1*2(")$&*)9*++"#)2&$2*2%1%)2$7&I=(+=&I%.%&.%<#,*2%97&"M&+"#.$%7&0Q&2=%&-;3&*)9&'8BE?&2"&$%2&2=%(. .%*$")*0,%&%d4%+2*2(")$&2=*2&2=%Q&$="#,9&=*/%&HH&X()*#9(0,%Y&()$2%*9&"M&X()*#9(0,%Y&()/%$2".$P.%*$")*0,%&%d4%+2*2(")$7&)"I&(2&$%%1$&*$&2="#<=&2=*2&2=%QP.%&0,*1()<&2=%&/(+2(1$&()$2%*9J

8)$2%*9&"M&+#$2"1%.$&0%()<&*0,%&2"&.%,Q&")&2=%(.&*++"#)2&$2*2%1%)2$&2"&+*,+#,*2%&2=%(.&+(/(+

4."2%+2(")7&(2P$&0*$(+*,,Q&*2&2=%&1%.+Q&"M&2=%&2.#$2%%P$&M".1#,*2(")&"M&)%2&%W#(2Q&2=*2&9"%$)P22*6%&()2"&*++"#)2&".&+")$(9%.*2(")&()2%.%$2&%*.)()<&M".&2=%&2(1%&/*,#%&"M&1")%QJ


] K[b[cLKK



B".&9"%$&2=($&$"H+*,,%9&+#$2"1%.HM.(%)9,Q&1%2="9","<Q&2*6%&()2"&*++"#)2&2=%&.%+%(/()<&"M -8>3&4."2%+2(")&*$&$%4*.*2%&*)9&9($2()+2&M."1&2=%&9($2.(0#2(")&"M&*$$%2$&.%+"/%.$J&D)%&"M&2=%.%$#,2$7&#)M".2#)*2%,Q7&($&2=*2&-8>3&=*$&+,%*.,Q&,"$2&2=%&2.#$2&"M&1*)Q&()/%$2".$&*$&I%,,&*$&2=%

2.#$2&"M&1*)Q&1%10%.$&=%.%7&"M&3")<.%$$&*$&I%,,J

N%,,7&2=($&=%*.()<7&5.J&3=*(.1*)7&($&2(1%,QJ&-8>3&+,%*.,Q&)%%9$&2=%&-8>3&1"9%.)(U*2(")2*$6&M".+%&2"&*$$($2&()&(2$&.%HM"+#$()<&")&(2$&4."4%.&.",%&<"()<&M".I*.9J&-"&8&9"&,""6&M".I*.9&2"

2%$2(1")Q&I%P,,&=%*.&*)9&2=%&W#%$2(")()<&M."1&2=($&4*)%,J

:?EE;GGF

N(2=&2=*27&8&Q(%,9&0*+6J

A?BCDE-A8F

X()*#9(0,%Y&I(,,&)"I&=%*.&M".1&2=%&<%)2,%1*)&M."1&X()*#9(0,%YJ

?3A;E5?BF

G=*)6&Q"#&/%.Q&1#+=7&3=*(.1*)&A*)O".$6(7&2=($&/%.Q&(14".2*)2&=%*.()<J

82P$&0%%)&)%*.,Q&2I"&Q%*.$&$()+%&f%.)*.9&5*9"MM&+")M%$$%9&2"&1*$2%.1()9()<&2=%&,*.<%$2*)9&,")<%$2&.#))()<&>")U(&$+=%1%&()&=($2".Q&*)9&2#.)%9&=(1$%,M&()J&?M2%.&2=*2&M*2%M#,&9*Q&()V%+%10%.&cLL^&2=%&-%+#.(2(%$&8)/%$21%)2&>."2%+2(")&3".4".*2(")&I=(+=&($&2*$6%9&I(2=()$#.()<&/(+2(1$&"M&0."6%.&M.*#9&".&M*(,#.%&*)9&.%+"/%.()<&*$$%2$&M."1&2=%&M.*#9&"M&2="$%

/(+2(1$&.%+%(/%9&"/%.&KS7LLL&()$#.*)+%&+,*(1$&M."1&5*9"MMP$&())"+%)2&/(+2(1$J

DM&2=%17&2"&9*2%7&-8>3&=*$&<.*)2%9&"),Q&c7cLLJ&G=*2&1%*)$&2=*2&.(<=2&)"I7&*2&2=($&/%.Q

1()#2%&1*)Q7&(M&)"2&1"$2&"M&2=%&"/%.&K\7LLL&())"+%)2&/(+2(1$&"M&f%.)*.9&5*9"MM7&I="&M". Q%*.$7&.%*$")*0,Q&2="#<=2&2=*2&2=%Q&I%.%&%)2(2,%9&$"&-8>3&()$#.*)+%&")&2=%&0*,*)+%&()&2=%(.

*++"#)2$&()&2=%&#),(6%,Q&%/%)2&2=*2&2=%(.&()/%$21%)2$&I%.%&%)2*)<,%9&()&*&0."6%.&9%*,%.&M.*#9".&M*(,#.%7&()$2%*9&*.%&9%$2(2#2%&*)9&"#2&"M&,#+6J

?)9&()&HH&*)9&2="$%&*.%&O#$2&2=%&()/%$2".$&I="&M(,%9&*+2#*,&+,*(1$J

N=*2&+.(1%&9(9&2=%$%&()/%$2".$&+"11(2_&G=%$%&K\7LLL&4%"4,%&*)9&2=%(.&M*1(,(%$&,(6%1(,,(")$&*)9&1(,,(")$&"M&4%"4,%&I="&()/%$2&()&"#.&1*.6%2$&4#2&2=%(.&2.#$2&()&"#.&M()*)+(*,

$Q$2%17&(2$&.%<#,*2".$&*)9&(2$&$*M%<#*.9$J&GI"&Q%*.$&*M2%.&5*9"MM&2#.)%9&=(1$%,M&()7&2I"Q%*.$&*M2%.&2=%$%&K\7LLL&4%"4,%&=*/%&0%%)&2#.)%9&*I*Q&2(1%&*)9&2(1%&*<*()&M."1&2=%

4."2%+2(")&2"&I=(+=&2=%Q&.%*$")*0,Q&0%,(%/%&2=%Q&I%.%&%)2(2,%9J&82&=*$&0%+"1%&/%.Q&+,%*.&2=*25*9"MM&."00%9&2=%17&"#.&$Q$2%1&0%2.*Q%9&2=%1&*)9&"#.&<"/%.)1%)2&M*(,%9&2=%1J

N="&($&.%$4")$(0,%_&N="&+*#$%9&2=($&4."0,%1_&N="&9"&I%&2#.)&2"_&N="&9"&2=%&/(+2(1$2#.)&2"_&h"#&6)"I7&4%"4,%&=*/%&.%*$")*0,%&%d4%+2*2(")&"M&<"/%.)1%)27&(2$&*<%)+(%$&*)9&2=%".<*)(U*2(")$&2=*2&*.%&+.%*2%9&0Q&2=%1J

N=%.%&8&+"1%&M."1&(M&2=%&4",(+%&9")P2&9"&2=%(.&O"0&*)9&$2*)9&(9,Q&0Q&I=%)&2%..(0,%&2=()<$


] K[b[cLKK



=*44%)J&(M&*&9"+2".&O#$2&$2*)9$&*."#)9&*)9&9"%$)P2&9"&I=*2&=%P$&$#44"$%9&2"&9"7&(M&%1%.<%)+Q.%$4")9%.$&$="I&#4&()&2=%&*10#,*)+%7&2=%Q&O#$2&$(2&*)9&I*2+=&2=%&*++(9%)2&4%"4,%&I()9&#4

$#()<&2="$%&*<%)+(%$&*)9&2=%&+(2Q&*)9&2=%&1#)(+(4*,(2Q&*)9&2=%&<"/%.)1%)2&M".&)%<,(<%)+%J-"1%")%&($&,(*0,%&I=%2=%.&(2P$&0%+*#$%&"M&()+"14%2%)+%&".&1($M%*$*)+%&".&1*,M%*$*)+%7$"1%0"9Q&($&.%$4")$(0,%&M".&)"2&M#,M(,,()<&2=%&.%*$")*0,%&%d4%+2*2(")$&2=*2&4%"4,%&=*/%&*)9+"1%&2"&.%,Q&")J

?)9&=%.%&()&2=%&M%9%.*,&<"/%.)1%)27&(M&2=%.%P$&)"2&*&,%<*,&.%$4")$(0(,(2Q7&2=%.%&+%.2*(),Q&($&*1".*,&.%$4")$(0(,(2Q&M".&+.%*2()<&2=%&+,(1*2%&2=*2&4%"4,%&9%4%)9%9&")J&G=*2&I%&=*/%&M*(,%92=%$%&()/%$2".$&($&=%*.20.%*6()<&%)"#<=&()&2%.1$&"M&=#1*)&2.*<%9Q&0#2&2=%&9*1*<%&2=*2&=*$

0%%)&9")%&2"&()/%$2".&+")M(9%)+%&*2&2=($&+.(2(+*,&2(1%&()&"#.&%+")"1(+&*)9&M()*)+(*,&.%+"/%.Q*$&*&.%$#,2&2"&$*M%<#*.9&*)9&4."2%+2&2=%$%&())"+%)2&5*9"MM&/(+2(1$&*)9&"#.&+"#)2.QP$

)%<,(<%)+%&()&,%*9()<&2=%1&2"&0%,(%/%&2=*2&2=%Q&I%.%&()$#.%9&($&*$&M.(<=2%)()<&*$&(2&($&$%,M 9%M%*2()<J

G"9*QP$&=%*.()<&I(,,&M"+#$&")&2=%&-%+#.(2(%$&8)/%$2".$&>."2%+2(")&?+2&*)9&2=%&4.%$%)2&*)9M#2#.%&.",%&"M&-8>3&4."/(9()<&*$$#.*)+%&2"&()/%$2".$&()&"#.&1*.6%2$&2=*2&2=%Q&*.%&4."2%+2%97.%*,,Q&4."2%+2%97&)"2&M*6%&4."2%+2%9&*<*()$2&0."6%.&9%*,%.&M.*#9&".&M*(,#.%J

82&($&1Q&$2.")<&="4%&2=*2&2=($&=%*.()<&($&*&4.%,#9%&2"&2=%&$#0+"11(22%%P$&+")$(9%.*2(")&"M 2=%&>")U(&-+=%1%&8)/%$2".&>."2%+2(")&?+27&*&0(4*.2($*)&0(,,&2=*2&8P/%&()2."9#+%9&*,")<&I(2=

)#1%."#$&1%10%.$&"M&2=($&$#0+"11(22%%&*)9&2=%&="#$%&2"&4."/(9%&$"1%&.%,(%M&2"&1*)Q&"M 2="$%&())"+%)2&/(+2(1$&"M&>")U(&$+=%1%$&"M&*,,&6()9$&I="&=*/%&0%%)&$4#.)%9&0Q&-8>3&*)9&2"

4."*+2(/%,Q&*$$#.%&()/%$2".$&()&"#.&$%+#.(2(%$&1*.6%2&2=*2&2=%Q&*.%&4."2%+2%9&*<*()$2&M.*#9.%<*.9,%$$&"M&(2$&$+"4%&".&,")<%/(2QJ

5.J&3=*(.1*)7&2=*)6&Q"#&/%.Q&1#+=&*<*()&M".&$+=%9#,()<&2=%&=%*.()<&*)9&8&2""&,""6 M".I*.9&2"&=%*.()<&M."1&"#.&I(2)%$$%$J

8&Q(%,9&0*+6&2=%&0*,*)+%&"M&1Q&2(1%J

A?BCDE-A8F

G=*)6&Q"#&5.J&?+6%.1*)J

B"I&I%P,,&=%*.&M."1&2=%&"2=%.&<%)2,%1*)&M."1&B%I&h".6&M".&*&M%I&1()#2%$7&5.J&A()<J

A8B:F

G=*)6&Q"#7&5.J&3=*(.1*)J&?2&2=%&"#2$%2&,%2&1%&2=*)6&Q"#&/%.Q&1#+=&M".&=",9()<&2=($=%*.()<&*)9&8&6)"I&(2P$&(14".2*)2&2"&<%2&")&2"&2=%&=%*.()<&$"&8P,,&6%%4&1Q&.%1*.6$&0.(%MJ&8I*)2&2"&M#,,Q&(9%)2(MQ&1Q$%,M&I(2=&2=%&$2*2%1%)2&"M&5.J&:*..%22&0"2=&()&4.%+($%&+")2%)2&*)9

*,$"&()&$4(.(2J

G=%&M*+2&($&2=*2&2=%&()/%$2".$&"M&5*9"MM&I%.%&,%2&9"I)7&I%.%&M*(,%9&0Q&"#.&<"/%.)1%)2&0Q-;37&0Q&'8BE?&9%$4(2%&)#1%."#$&.%*$")$&I=Q&2=($&M.*#9&$="#,9&=*/%&0%%)&$2"44%97&(2

I*$)P2J


] K[b[cLKK



-"&2=%$%&()/%$2".$&1*9%&2=%&1($2*6%&"M&)#10%.&")%&.%,Q()<&")&5*9"MM&*)9&)#10%.&2I"*)9&1".%&(14".2*)2,Q7&.%,Q()<&")&"#.&M%9%.*,&<"/%.)1%)2$J&?)9&)"I&2=*2&2=%Q&*.%&/(+2(1$2=%Q&*.%&0%()<&2.%*2%9&0Q&2=%&2.#$2%%&*$&(M&2=%Q&I%.%&+"H+")$4(.*2".$&"M&5*9"MM&.*2=%.&2=*)

/(+2(1$J

?)9&8P/%&9")%&$"1%&4.*+2(+%&"M&,*I&"/%.&2=%&Q%*.$&*)9&I=%)&Q"#&,($2%)&2"&2=%&()/%$2".$*)9&.%*,(U%&2=*2&HH&*)9&Q"#&,($2%)&2"&2=%&2*+2(+$&*)9&1%2="9$&0%()<&#$%9&*<*()$2&2=%1&0Q&2=%

2.#$2%%7&$(1(,*.&2"&4%"4,%&#)9%.&()9(+21%)2&".&#)9%.&()/%$2(<*2(")&0Q&*&<.*)9&O#.Q&0Q&i)(2%9-2*2%$&*22".)%Q7&0Q&2=%&-;3&2=%&Q%*.$&"M&.%+".9$&*.%&0%()<&9%1*)9%9&<"()<&0*+6&KL7&KT7&cLQ%*.$J

;/%.Q&%d+#$%7&%/%.Q&4"$$(0(,(2Q&=*$&0%%)&,""6%9&*2&0Q&2=%&2.#$2%%&2"&2.Q&2"&$#+6&4%"4,%&()2"

2=($7&2"&0.()<&2=%1&()7&)"2&<(/()<&2=%1&2=%&0%)%M(2&"M&2=%&9"#02&0#2&*<*()7&2.%*2()<&2=%1&*$&(M 2=%Q&I%.%&+.(1()*,&9%M%)9*)2$&.*2=%.&2=*)&/(+2(1$&*)9&2"&1%7&*$&*&HH&1Q&<""9&M.(%)9&5.J?+6%.1*)&$*(9&*2&*&2(1%&I=%)&I%P.%&2.Q()<&2"&.%0#(,9&()/%$2".&+")M(9%)+%7&I%&*.%&$%)9()<2=%&I".$2&4"$$(0,%&1%$$*<%&2"&2=%&HH&2"&()/%$2".$&2"&$="I&2=*2&)"2&"),Q&9"%$&2=%&<"/%.)1%)2

,%2&2=%1&9"I)&0#2&2=%)&()&%MM%+27&2=%&<"/%.)1%)2&*,,"I$&2=%&2.#$2%%&2"&<"&*M2%.&2=%1&I=%)2=%Q&*.%&/(+2(1$&*$&(M&2=%Q&*.%&<#(,2Q&2=%1$%,/%$J

?)9&I%P.%&2*,6()<&*0"#2&4%"4,%&I="&=*/%&*,.%*9Q&,"$2&1(,,(")$&"M&9",,*.$&0%+*#$%&"M&2=($

>")U(&$+=%1%&"M&5*9"MM&)"I&=*/()<&2"&$4%)9&1(,,(")$&*)9&1(,,(")$&"M&9",,*.$&()&,%<*,&M%%$&2"9%M%)9&2=%1$%,/%$&I=%)&"#.&<"/%.)1%)2&$="#,9&0%&I".6()<&2"&=%,4&2=%17&2=%&<"/%.)1%)2&($

<"()<&"#2&"M&(2$&I*Q&*)9&2=%&2.#$2%%P$&<")%&"#2&"M&(2$&I*Q&2"&1*6%&2=%1&/(+2(1$&*<*()J

8&M()9&2=($&%)2(.%&4."+%$$&I.")<&*)9&$"1%2(1%$&I%&+*)&<%2&+*#<=2&()&"#.&"I)&#)(/%.$%&*)9

I%&$2*.2&9%0*2()<&="I&1*)Q&*)<%,$&+*)&9*)+%&")&2=%&=%*9&"M&*&4()&*)9&)"2&.%*,(U()<&2=*2<""97&<""9&4%"4,%&I="&*.%&0%()<&=#.2&")+%&)"I&0%()<&=#.2&%/%)&I".$%&0Q&2=%&2*+2(+$&"M&2=($

2.#$2%%J

-"&8&2=()6&(2P$&(14".2*)2&2"&6%%4&2=*2&()&1()9&*$&I%&<"&M".I*.9&*)9&9%0*2%&2=%2%+=)(+*,(2(%$&*)9&,%<*,(2(%$7&.%*,(U%&2=%&1".*,&=*.1&2=*2P$&0%()<&9")%&=%.%J

N(2=&2=*2&8&Q(%,9&0*+6&2=%&0*,*)+%&"M&1Q&2(1%J

A?BCDE-A8F

G=*)6&Q"#7&5.J&A()<J

:%)2,%1*)&M."1&3",".*9"7&5.J&>%.,1#22%.&.%+"<)(U%9&M".&X()*#9(0,%Y

>;E@5iGG;EF

G=*)6&Q"#&5.J&3=*(.1*)J&8&*<.%%&I(2=&")%&4"()2&.*($%9&0Q&5.J&:*..%22&*)9&5.J&A()<&*)9&89($*<.%%&I(2=&*)"2=%.&4"()2J&8P,,&$2*.2&I=%.%&I%&9($*<.%%J

8)&2%.1$&"M&2=%&2(1()<&"M&2=($7&(2&I*$&#)9%.&*)&-;3&*)9&#)9%.&*91()($2.*2(")&"M&:%".<%

f#$=&*)9&2=%.%&I*$&.%*,,Q&)"2&*&,"2&"M&4",(+%&")&N*,,&-2.%%2&%/%)&2="#<=&5.J&5*.+"4",($&".


] K[b[cLKK



5*.+"4",($&.*($%9&2=%&.%9&M,*<$&*&9"U%)&2(1%$J

-"&<"2&2"&2*6%&*&,""6&*2&I="P$&()&"MM(+%&2"&9%+(9%&I=%2=%.&2=%&$Q$2%1&($&I".6()<&".&)"2&0#2(2&9(9&)"2&I".6&I%,,&*2&2=*2&2(1%J

8&*<.%%&I(2=&2=%&<%)2,%1%)&2=*2&2=($&($&()$#,2&*99%9&2"&()O#.QJ&?)9&2=*2&.%*,,Q&($&I=*2&I%P.%2*,6()<&*0"#2&=%.%&*)9&2=*2&$%%1$&2"&0%&2=%&#)M*(.)%$$&"M&2=%&$Q$2%1&2=*2&()9(/(9#*,$&I="

2=."#<=&)"&.%*,&Q"#&6)"I7&2=%Q&I%.%&)"2&*+2(/%&4*.2(+(4*)2$&()&*&M.*#9J&G=%Q&I%.%&())"+%)2/(+2(1$&"M&*&M.*#9&4%.4%2.*2%9&0Q&5.J&5*9"MMJ

G=%.%&$="#,9&0%&*)&"44".2#)(2Q&M".&2=%1&2"&.%+"/%.&%(2=%.&2=."#<=&2=%(.&2*d%$7&2=."#<=+,*(1$&I(2=&-8>3&".&2"&)"2&=*/%&2"&M*+%&*&+,*I&0*+6&(M&2=%QP.%&)"2&*+2(/%&4*.2(+(4*)2$J&?)92=%&,*I7&8&2=()67&($&*&.%*,&4."0,%1&()&2=($&*.%)*&*)9&)%%9$&2"&0%&+=*)<%9&*)9&8&,""6&M".I*.9&2"

I".6()<&I(2=&2=%&<%)2,%1%)&")&2=%$%&/%.Q&$#0O%+2$J

G=*)6&Q"#J

A?BCDE-A8F

G=%&+=*(.&I(,,&.%+"<)(U%&5.J&3=(,9%.$&M".&2=.%%&1()#2%$J

3!8@V;E-F

G=*)6&Q"#J&8&I*)2&2"&2=*)6&2=%&3=*(.1*)&M(.$2&M".&=",9()<&2=($&(14".2*)2&*)9&/%.Q&2(1%,Q7&82=()67&=%*.()<&2"&*99.%$$&2=%&$%+#.(2(%$&()/%$2".&4."2%+2(")&*+2J&8&I(,,&2=*)6&"#.&I(2)%$$&M".

0%()<&=%.%&2"9*QJ

G=($&$#0+"11(22%%&=*$&,""6%9&*2&*&)#10%.&"M&($$#%$&.%,*2%9&2"&-8>3&9#.()<&2=($&+")<.%$$M"+#$()<&")&2=%&5*9"MM&>")U(&$+=%1%&*$&I%,,&*$&2=%&-2*)M".9&M()*)+(*,&>")U(&$+=%1%J

8P1&=%.%&2"9*Q&*$&*)&*9/"+*2%&"M&2=%&/(+2(1$&"M&2=%&-2*)M".9&M()*)+(*,&$+=%1%J

N=(,%&2=%&/(+2(1$&"M&2=%&5*9"MM&-+=%1%&*)9&2=%&-2*)M".9&M()*)+(*,&$+=%1%&I(,,72=."#<="#2&X$(+Y&"#.&+"#)2.Q7&8&.%*,(U%&2=*2&0#2&2""&1*)Q&"M&2="$%&-2*)M".9&M()*)+(*,&$+=%1%

/(+2(1$&,(/%&()&2=%&9($2.(+2&2=*2&8&$%./%7&2=%&)".2=%.)&4".2(")&"M&5($$($$(44(J

G=%Q&*.%&)".2=&5($$($$(44(&M*1(,(%$&I="&)"I&,(/%&*)&#)+%.2*()&M#2#.%J&2=%Q&()/%$2%9&1#+=

"M&2=%(.&,(M%P$&$*/()<$&()&+%.2(M(+*2%$&"M&9%4"$(2&I(2=&2=%&-2*)M".9&:."#4&3"14*)QJ&?&-8>31%10%.&*)9&.%<($2%.%9&0."6%.&9%*,%.7&(2&($&%$2(1*2%9&2=*2&()&5($$($$(44(&*,")%7&"#.&M*1(,(%$

,"$2&RS^&1(,,(")J&G=*2&($&)"&$1*,,&1*22%.&2"&1%&*)9&2"&2=%&$2*2%&"M&5($$($$(44(J

-8>3&=*$&9%)(%9&+"/%.*<%&2"&2=%&-2*)M".9&/(+2(1$&I=%.%&2=%&-;3&=*9&2=%&O#.($9(+2(")&2"M(,%&%)M".+%1%)2&*+2(")&*<*()$2&-2*)M".9&()&cLLjJ&G=%$%&()&HH&2=%$%&()/%$2".$&4#.+=*$%9

$%+#.(2(%$&2=%Q&9(9)P2&<%2J&G=%Q&4#.+=*$%9&2=%1&M."1&*&-8>3&1%10%.J&-8>3P$&%)2(.%&M#)+2(")($&2"&.%2#.)&$%+#.(2(%$&2"&+#$2"1%.$&"M&*&0."6%.&9%*,%.&I=%)&*&M(.1&0%+"1%$&()$",/%)2J

G=%.%&*.%&$%/%.*,&,%<*,(2(%$&M".&2=%&+*$%&M".&%d2%)9()<&-8>3&+"/%.*<%&2"&-2*)M".9&/(+2(1$


] K[b[cLKK



*)9&8&9")P2&I*)2&2"&<%2&()2"&*,,&"M&2=*2&0#2&2=%$%&()/%$2".$&*.%&".9()*.Q&?1%.(+*)$7&".9()*.Q5($$($$(44(*)$&I="&4,*))%9&*)9&$*/%9&M".&*&.%2(.%1%)2&2=*2&2=%Q&1*Q&)%/%.&%)O"Q&*)9&2=%Q

9%$%./%&2=%&4."2%+2(")&*$$#.%9&0Q&2=%&-8>3&1%10%.J&-2*)M".9&:."#4&3"14*)QJ

?$&I%&%d*1()%&(9%*$&2"&(14."/%&-8>?&*)9&I".6&2"I*.9$&*&.%$",#2(")&M".&1*6()<&2=%$%-2*)M".9&/(+2(1$&I=",%7&8&#.<%&*,,&4*.2(+(4*)2$&2"&6%%4&2=%$%&/(+2(1$&*)9&2=%(.&=*.9&I".6()<

M*1(,(%$&()&1()9J&?)9&2=%&M*+2&2=*2&2=%Q&I".6%9&1*)Q&2(1%$7&*&,(M%2(1%&2"&*++#1#,*2%&2=($1")%Q&2=*2&2=%QP/%&,"$2J

8&Q(%,9&0*+6&1Q&2(1%J

G=*)6&Q"#7&5.J&3=*(.1*)J

A?BCDE-A8F

G=*)6&Q"#&/%.Q&1#+=J

N%&I(,,&)"I&=%*.&M."1&"#.&4*)%,&"M&I(2)%$$%$J&G=*)6&Q"#&/%.Q&1#+=&M".&*44%*.()<&0%M".%2=%&$#0+"11(22%%&2"9*Q&*)9&I(2="#2&"0O%+2(")7&Q"#.&%)2(.%&I.(22%)&$2*2%1%)2&I(,,&0%&1*9%&*

4*.2&"M&2=%&.%+".9J&h"#&I(,,&%*+=&0%&.%+"<)(U%9&M".&M(/%&1()#2%$&2"&$#11*.(U%&Q"#.

$2*2%1%)2&$"&4.%$%)2&(2&()&*)Q&I*Q&Q"#&$%%&M(2J

N%P,,&<%2&.(<=2&9"I)&2"&(2J&M(.$2&I%&=*/%&5.J&C"$%4=&f".<7&V(.%+2".7&?,*0*1*&-%+#.(2(%$

3"11($$(")J

5.J&f".<_

fDE:F

G=*)6&Q"#7&5.J&3=*(.1*)7&E*)6()<&5%10%.&:*..%22&*)9&1%10%.$&"M&2=%&$#0+"11(22%%J

8P1&C"%&f".<&*)9&2=*)6&Q"#&M".&2=%&()/(2*2(")&2"&4*.2(+(4*2%&2"9*QJ

D#.&"MM(+%&=*$&*91()($2.*2(/%7&+(/(,7&*)9&+.(1()*,&*#2=".(2Q&#)9%.&2=%&?,*0*1*&-%+#.(2(%$?+2&*)9&I%P/%&0."#<=2&9"U%)$&"M&()/%$2(<*2(")$&"M&>")U(&*)9&4Q.*1(9&$+=%1%$7&(,,%<*,&0,()9

4"",$7&M.*#9#,%)2&4.(/*2%&4,*+%1%)2&"MM%.()<$&*)9&"2=%.&$+*1$&I=(+=&=*/%&,%9&2"&)#1%."#$%)M".+%1%)2&+*$%$&*)9&+.(1()*,&4."$%+#2(")$J

8P/%&$#01(22%9&I.(22%)&2%$2(1")Q&I=(+=&=*$&*99(2(")*,&9%2*(,$&*)9&9($+#$$(")&"M&2=%&0#,,%2 4"()2$&8&I(,,&"#2,()%&=%.%&2"9*QJ

!%.%&*.%&$"1%&"M&1Q&4*.2(+#,*.&*.%*$&"M&+")+%.)J

'(.$2&($&2=%&,%/%,$&"M&4."2%+2(")J&82&($&1Q&0%,(%M&2=*2&2=%&,%/%,&"M&4."2%+2(")&I(2=&.%<*.9&2"2=%&-8>3&M#)9&$="#,9&0%&()+.%*$%9&M."1&RTLL7LLL&2"&RK&1(,,(")J&?&,*.<%&4".2(")&"M .%2(.%1%)2&$*/()<$&+")$($2&"M&$%+#.(2(%$&()/%$21%)2$&*)9&HH&*)9&1"$2&4%"4,%&O#$2&9"&)"2&,%*/%=#<%&*1"#)2$&"M&.%2(.%1%)2&1")%Q&()&0*)6$J&82P$&*2&2=%&0."6%.*<%&="#$%$J


] K[b[cLKK



G=%&RK&1(,,(")&,%/%,&"M&4."2%+2(")&I"#,9&*,$"&1*2+=&-8>3P$&3*)*9(*)&+"#)2%.4*.27&2=%38>'7&2=%&3*)*9(*)&8)/%$2".&>."2%+2(")&'#)9&I=(+=&($&+#..%)2,Q&*2&RK&1(,,(")&3*)*9(*)J

8&*,$"&0%,(%/%&2=*2&2=%&,%/%,$&"M&4."2%+2(")&$="#,9&0%&()9%d%9&2"&()M,*2(")&*)9&()9%d()<I"#,9&*,,"I&$"1%&()+.%1%)2*,&1%*$#.%&"M&()+.%*$%9&4."2%+2(")&<"()<&M".I*.9J

D)&2=%&($$#%&"M&M(+2(2("#$&$%+#.(2(%$7&*&1*O".&($$#%&($&2=%&2.%*21%)2&"M&+,*(1$&0*$%9&")

$%+#.(2(%$&4"$(2(")&I=(+=&)%/%.&*+2#*,,Q&%d($2%9J&G=%.%&*.%&+")M,(+2$&0%2I%%)&9%+($(")$&M."12=%&$%+")9&*)9&$(d2=&+(.+#(2&+"#.2&"M&*44%*,$&*)9&8&0%,(%/%&2=*2&4*.2&"M&2=%&4."0,%1&$2%1$M."1&-8>?P$&9($2()+2(")&0%2I%%)&+*$=&*)9&$%+#.(2(%$J

G=%&9($4*.*2%&4."2%+2(")&0%2I%%)&+,*(1$&M".&+*$=&*)9&$%+#.(2(%$&*)9&+,*(1$&M".&+*$=&*)9$%+#.(2(%$&HH&*)9&+,*(1$&M".&$%+#.(2(%$&$="#,9&0%&%,(1()*2%9J&'".&%d*14,%7&(M&8&=*/%&*&=#)9.%97RTLL7LLL&()&$%+#.(2(%$7&8&$%,,&R\TL7LLL&*)9&2=%&0."6%.*<%&="#$%&($&+,"$%9&0%M".%&8&%(2=%.&+*$=

2=%&+=%+6&".&2=%&1")%QP$&$2(,,&()&2=%&*++"#)27&8P/%&O#$2&,"$2&RKLL7LLL&0%+*#$%&"M&2=%&RcTL7LLL,(1(2J

8&I"#,9&*,$"&)"2%&2=*2&(M&2=%&3*)*9(*)$&%,(1()*2%9&2=%&9($2()+2(")&0%2I%%)&+,*(1$&M".&+*$=*)9&+,*(1$&M".&$%+#.(2(%$&0*+6&()&Kjj^J&8)&*&9($+#$$(")&I(2=&-8>3&$2*MM7&*&+=*)<%&()&M*/".&"M

%,(1()*2()<&2=%&+*$=&/%.$#$&$%+#.(2(%$&9($2()+2(")&I"#,9&)"2&*,2%.&2=%&.($6&1"9%,$&#$%9&0Q-8>3J&82&I"#,9&HH

G=%&)%d2&(2%1&($&2=%&()+.%*$%&()&2=%&,()%&"M&+.%9(2&M."1&2.%*$#.QJ&8M&I%&%d4%+2&+")2()#%9

<."I2=&()&2=%&$%+#.(2(%$&1*.6%27&*)9&*&+=*)<%&"M&+"/%.*<%&2"&4%.=*4$&")%&1(,,(")&9",,*.$&+*$=".&$%+#.(2(%$&*)9&Q"#&()/%$2&(2&2"&X()*#9(0,%Y&()M,*2(")7&(2&1*Q&.%W#(.%&*)&()+.%*$%&()&2=%&,()%&"M

+.%9(2&M".&2.%*$#.%J

8&6)"I&(2&=*$)P2&0%%)&2*44%9&$"&M*.&()&=($2".Q&0#2&I%P/%&*$6%9&2=%&-8>3&$2*MM&2"&.%/(%I&2=%%MM%+2&"M&4."2%+2(")$&*2&2=%&")%H1(,,(")&9",,*.&,%/%,J&82P$&1Q&4%.$")*,&M%%,()<&2=*2&*&,()%&"M +.%9(2&"M&RT&0(,,(")&1*2+=%9&I(2=&.%$%./%$&"M&RT&0(,,(")&M."1&2=%&()9#$2.Q&I(,,&0%&*)

*44."4.(*2%&*1"#)2&<"()<&M".I*.9J

?2&2=%&+#..%)2&,%/%,&"M&*$$%$$1%)2$7&(2&I(,,&2*6%&*&)#10%.&"M&Q%*.$&2"&.%*+=&2=%&RcJT&0(,,("),%/%,J&8&2=()6&2=%&$2*MM&=*$&2",9&#$&*0"#2&M(/%&Q%*.$&HH&0#2&8&2=()6&(M&I%&2*.<%2&M".&RKL&0(,,(")

*)9&I%&$2*.2&2"&0%&HH&,%2P$&0%&.%*,($2(+&*)9&$2*.2&4,*))()<&M".&2=%1&)"IJ&2=*2&4,*))()<&$="#,9$2*.2&)"IJ

D)&*$$%$$1%)2$7&4.(".&2"&2=%&%)*+21%)2&"M&V"99&'.*)6&-8>3&=*9&*&M,"".&"M&RKTL7.(9(+#,"#$,Q&,"IJ&G=%.%&*.%&)"I&$"1%&-8>3&1%10%.$&2="#<=&I="&4*Q&U%."&*$$%$$1%)2$

0%+*#$%&2=($&($&2=%&+=*)<%&()&2=%&,*IJ&8&2=()6&2=*2P$&O#$2&*)&#)()2%)9%9&+")$%W#%)+%J

82P$&1Q&0%,(%M&2=*2&2=%.%&$="#,9&0%&*&1()(1#1&*$$%$$1%)2&"M&$"1%&*1"#)27&4%.=*4$RK7LLLJ&8P9&4.%M%.&*&.*)<%&$"1%I=%.%&"M&Rc7LLL&2"&Rc7TLLJ&?,$"7&8&I*$&/%.Q&$#.4.($%9&2",%*.)&2=*2&()&+"14#2()<&*$$%$$1%)2$&2=*2&.%/%)#%$&")&1#2#*,&M#)9$&*.%&)"2&()+,#9%9J&?)9&8P1"M&2=%&"4()(")&2=*2&$()+%&*,,&()/%$2".$&0%)%M(2&M."1&4."2%+2(")&".&$="#,9&0%)%M(2&M."1

4."2%+2(")&*)9&0."6%.&9%*,%.$&0%)%M(2&M."1&-8>3&*/*(,*0(,(2Q&2=*2&.%/%)#%$&")&1#2#*,&M#)9$$="#,9&0%&()+,#9%9&M".&*$$%$$1%)2&4#.4"$%$&*$&I%,,J


T] K[b[cLKK



8&I"#,9&*,$"&$#<<%$2&2=*2&*)Q&2(1%&2=*2&*&2*.<%2&,%/%,&($&.%*+=%97&I=%2=%.&(2P$&*&0(,,(")&". RcJT&0(,,(")&".&RT&0(,,(")7&2=%.%&$="#,9&0%&*)"2=%.&9%2%.1()*2(")&"M&I=%2=%.&*$$%$$1%)2$&*.%*9%W#*2%&0*$%9&")&2=%&+#..%)2&,%/%,&"M&()/%$2".$P&*$$%2$&()&2=%&1*.6%2$J

@%2&1%&$#<<%$2&2=*2&2=%&+#..%)2&*..*)<%1%)2&I(2=&2=%&2.%*$#.Q&M".&2=%&,()%&"M&+.%9(2&2=*2

%d($2$&I=(+=&($&)"I&*&2%.1&,"*)&$="#,9&*+2#*,,Q&0%&*&.%/",/()<&,"*)&()&".9%.&2"&%)$#.%+")2()#(2Q&*)9&M,%d(0(,(2Q&*)9&2=%&*0(,(2Q&"M&-8>3&2"&4."2%+2&()/%$2".$&I=%.%&*)9&I=%)

)%%9%9J

D)&()/%$2".&%9#+*2(")J&G=%&<%)%.*,&4#0,(+&=*$&2=%&1($+")+%42(")&2=*2&-8>3&($&$"1%&2Q4%

"M&()$#.*)+%&O#$2&,(6%&'V83&()$#.*)+%&M".&0*)6$J&8M&I%P.%&<"()<&2"&1*6%&*&+=*)<%7&(2P$&<"()<&2"+=*)<%&2=%&%)2(.%&9Q)*1(+$&*)9&8P1&)"2&$#<<%$2()<&I%&9")P2&+=*)<%&(2J&0#2&8&2=()6&2=*2&2=%

4*.*1%2%.$&"M&I=*2&2=($&2*$6&M".+%&($&<"()<&2"&,""6&*2&($&<"()<&2"&+=*)<%&9%4%)9()<&")3")<.%$$(")*,&()2%)2J

8M&(2&I*$&)"2&()2%)9%9&2"&0%&()$#.*)+%&M".&M.*#9&0#2&"),Q&M".&.%4,*+()<&+*$=&*)9&$%+#.(2(%$7&8

2=()6&2=($&1($+")+%42(")&I*$&%d*+%.0*2%9&0Q&.%M%.%)+%$&2"&'V837&2Q()<&2=%&*1"#)2$&"M

+"/%.*<%&2"&2=%&$*1%&,%/%,$&"M&'V83&*)9&*&+"14*.($")&0Q&2=%&0."6%.&9%*,%.&+"11#)(2Q&I(2=X()*#9(0,%Y&$4%+(M(+&4."2%+2(")&,%/%,$J

-#<<%$2(")&2"&M(d&(2J&Gg&*9$&*)9&HH&*)9&$%1()*.$&*)9&4#0,(+*2(")$&*.%&<.%*2&0#2&2=*2P$&)"2

="I&Q"#P.%&<"()<&2"&%9#+*2%&2=%&4#0,(+J&8)+,#9%&()&2=%&0."6%.*<%&$2*2%1%)2$&%/%.Q&W#*.2%.&". %/%.Q&1")2=&2=*2&2=%Q&<"&"#2&*&$%+2(")&")&-8>3&4."2%+2(")J&N=*2&(2&($7&0#2&1".%&(14".2*)2I=*2&(2P$&)"2J

8&2=()6&Q"#P.%&<"()<&2"&)%%9&*&+")$2*)2&%9#+*2(")&%MM".2&")&*&.%<#,*.&0*$($&2"&<%2&"/%.&2=%1($+")+%42(")$&2=*2&HH&2=*2&=*/%&*&HH&=*/%&"++#..%9J&?)9&8&I"#,9)P2&9"&*)&()$%.2J&h"#&6)"I7I=*2&8&9"&I(2=&()$%.2$7&Q"#&2=."I&2=%1&*I*Q7&Q"#&.%*9&2=%&$2*2%1%)2J&82&)%%9$&2"&0%&4*.2&"M 2=%&0."6%.*<%&$2*2%1%)2J

8&6)"I&2=*2&-8>3&9"%$&)"2&=*/%&2=%&4"I%.&2"&9"&2=*27&2=*2&I"#,9&=*/%&2"&+"1%&M."1&-;3*)9&'8BE?J

8&6)"I&1Q&2(1%P$&#4J&8&=*/%&$#01(22%9&1*2%.(*,$&I(2=&.%<*.9&2"&()9(.%+2&()/%$2()<&I(2=

.%<*.9&2"&.%2(.%1%)2&4,*)$&*)9&=%9<%&M#)9$J&8&2=()6&2=%Q&"#<=2&2"&0%&1*2+=%9&#4&2"&2=%&I*Q2=*2&'V83&*)9&'3i?&*.%&,""6()<&2=."#<=&2="$%&4."+%9#.%$&*2&2=%&4.%$%)2&2(1%&#2(,(U()<&2=%8E-&+"9%&bLK&V7&bLK&?&*)9&()+,#9()<&bT]&4,*)$J

fDE:F

?)9&8&I"#,9&,*$2,Q&$*Q&()&+")+,#$(")&2=*2&#)9%.&()2%.)*2(")*,&.%,*2(")$&8P/%&0%%)$4%+(M(+*,,Q&2*$6%9&0Q&2=%&2*$6&M".+%&2"&,""6&()2"&1*22%.$&()/",/()<&()2%.)*2(")*,&()/",/%1%)2"M&-8>3J&G=%.%&($&*&HH&-8>3&O#$2&0%+*1%&*&1%10%.&"M&2=%&8D-3D7&8)2%.)*2(")*,&-%+#.(2(%$

D.<*)(U*2(")$&*$&*)&*MM(,(*2%&1%10%.J&-"1%&"M&2=%&2=()<$&I%P.%&<"()<&2"&,""6&*27&8&2=()6 I"#,9&0%&M".1*,&.#,%$&")&+."$$&0".9%.&4."2%+2(")7&+.%*2%&*&9($4#2%&.%$",#2(")&1%+=*)($1

I(2=&*&2%*1&"M&%d4%.2$J


T] K[b[cLKK



G=($&($&M."1&2=%&@%=1*)&f."2=%.$&1*22%.7&%$2*0,($=&+""4%.*2(/%&4.()+(4,%$&*)9&9%/%,"4&* 4,*2M".1&2"&%d+=*)<%&()M".1*2(")J

8&2=*)6&Q"#&*<*()&M".&2=%&()/(2*2(")7&2=%&"44".2#)(2Q&2"&0%&=%.%&2"9*Q&*)9&8P,,&0%&=*44Q&2"*)$I%.&*)Q&W#%$2(")$J

A?BCDE-A8F

G=*)6&Q"#&5.J&f".<J

B%d2&I%&=*/%&2=%&=")".*0,%&D.,*)&C"=)$")7&2=%&+=*(.1*)&"M&2=%&f"*.9&"M&-%+#.(2(%$8)/%$21%)2&>."2%+2(")&3".4".*2(")J

3=*(.1*)&C"=)$")_

CD!B-DBF

G=*)6&Q"#7&5.J&3=*(.1*)J

3=*(.1*)&A*)O".$6(7&E*)6()<&5%10%.&:*..%22&*)9&1%10%.$&"M&2=%&$#0H+"11(22%%7&8P9,(6%&2"&2=*)6&Q"#&M".&2=%&"44".2#)(2Q&2"&*44%*.&0%M".%&Q"#&2"9*Q&*)9&9($+#$$&2=%&I".6&"M -8>3&*)9&2=%&4"$$(0,%&(14."/%1%)2$&2"&2=%&$%+#.(2(%$&()/%$21%)2&4."2%+2(")&*+2J

8P1&D.,*)&C"=)$")&*)9&8P1&2=%&3=*(.1*)&"M&-8>3&*)9&8&*,$"&$%./%&*$&+=*(.1*)&"M&2=%&-8>31"9%.)(U*2(")&2*$6&M".+%&I=(+=&($&+")9#+2()<&*&+"14,%2%&*)9&+"14.%=%)$(/%&.%/(%I&"M -8>3P$&"4%.*2(")$&*$&I%,,&*$&2=%&+=*)<%$&2"&-8>?J

G=%&2*$6&M".+%&I*$&+")/%)%9&()&C#)%&K]2=&"M&2=($&Q%*.&*)9&(2&+")$($2$&"M&*&/%.Q&I(9%&.*)<%"M&%d4%.2$&*)9&I%P.%&()&2=%&1(9$2&"M&*&.%/(%I&"M&*,,&2=%&+")$(9%.*2(")$&2=*2&*.%&)%+%$$*.QM."1&*&$2*2#2".Q&$2*)94"()27&M."1&*&4."+%9#.*,&$2*)94"()2&*)9&"2=%.&.%M".1$&*$&(2&.%,*2%$&2"-8>?&*)9&-8>3J

?2&1Q&+")M(.1*2(")&=%*.()<&0%M".%&2=%&-%)*2%&f*)6()<&3"11(22%%&,*$2&V%+%10%.7&8&1*9%+.Q$2*,&+,%*.&2=*2&1Q&()2%)2&M."1&2=%&0%<())()<&I*$&2"&+"1%&()&*)9&2"&=*/%&*&+"14.%=%)$(/%.%/(%I&*)9&2=($&.%/(%I&($&0%()<&#)9%.2*6%)J

3=*(.1*)&A*)O".$6(7&2=%.%*M2%.7&+")2*+2%9&#$&*)9&$#<<%$2%9&*&)#10%.&"M&(14".2*)2&2"4(+$

M".&2=%&2*$6&M".+%&2"&+")$(9%.&*)9&2"9*Q&8P,,&0.(%M,Q&9%$+.(0%&-8>3&*)9&2=%&I".6&"M&2=%&2*$6 M".+%&()&*99(2(")&2"&4."/(9()<&.%$4")$%$&2"&($$#%$&2=*2&2=%&$#0+"11(22%%&4.%$%)2%9&2"&1%&()2=%(.&,%22%.&9*2%9&"M&-%42%10%.&KS2=J

G=%&2*$6&M".+%&=*$&9.*I)&(2$&1%10%.$&M."1&*,,&.*)6$7&M."1&*,,&4*.2$&"M&2=%&i)(2%9&-2*2%$7I%P/%&9.*I)&.*)6$&M."1&2=%&.*)6$&"M&$2*2%&.%<#,*2".$7&*22".)%Q$&I="&.%4.%$%)2&()/%$2".$7*+*9%1(*7&2=%&$%+#.(2(%$&()9#$2.Q7&2.#$2%%&"M&2=%&,*.<%$2&$%+#.(2(%$&0."6%.*<%$&*)9&$",/%)+Q&()=($2".QJ


T] K[b[cLKK



N%P/%&()+,#9%9&*,$"&2=%&+=*(.1*)&"M&-8>3P$&+"#)2%.4*.2&()&3=()*&*)9&"0$%./%.&M."1&2=%-;3J&N%&*)2(+(4*2%&2=%&9(/%.$(2Q&"M&/(%I4"()2&.%$#,2$&()&I=*2&8&I"#,9&+*,,&2=%&.(<"."#$*)*,Q$($&"M&2=%&($$#%$&2=*2&+")+%.)&()/%$2".$&2"9*QJ

N%&=*/%&0%<#)&"#.&I".6&()&%*.)%$2&*)9&I%&*.%&%d*1()%9&X$(+Y&2=%&%d2%)2&"M&2=%

4."2%+2(")&*)9&*,$"&2=%&4."0,%1$&2=*2&=*/%&0%%)&"++#..%9&*$&2=%&.%$#,2&"M&()9(.%+2()/%$21%)2$J&G=%&#$%&"M&0*)6.#42+Q&*/"(9*)+%&4"I%.$&*)9&"2=%.&M#)9*1%)2*,&($$#%$&"M

+")+%.)$&2"&()/%$2".$&*)9&2=%&3")<.%$$J

N%&*)2(+(4*2%&2=*2&$"1%&"M&"#.&.%+"11%)9*2(")$&*.%&)"2&<"()<&2"&1*6%&%/%.Q")%&=*44QJ

B%/%.2=%,%$$7&(2&($&2=%&.",%&"M&2=($&2*$6&M".+%&2"&=*/%&%/%.Q2=()<&")&2=%&2*0,%J&?,,&*$4%+2$&"M I=*2&I%&)%%9&2"&0%&,""6()<&*27&*,,&*$4%+2$&"M&I=*2&)%%9$&2"&0%&.%/(%I%9J

N%&=*/%&*,$"&+.%*2%9&*&4#0,(+&()4#2&4,*2M".1&")&"#.&I%0&()&I=(+=&2=%&4#0,(+&($&()/(2%9&2"

$=*.%&2=%(.&+"11%)2$&*)9&M".&*,,&2"&$%%J

N%P/%&*,$"&#)9%.2*6%)&*&1*O".&4#0,(+&"#2.%*+=&2"&%)$#.%&2=*2&1*)Q&()/%$2".$&*$&4"$$(0,%

I(,,&,%*.)&*0"#2&2=($&4."+%$$&*)9&<%2&*)&"44".2#)(2Q&2"&4*.2(+(4*2%J

8)&#$()<&"#.&I%0$(2%&4".2*,$&I%&=*/%&+")9#+2%9&*)&"4%)&"),()%&M".#1J&N%&9(9&"#.&M(.$2")%&")&-%42%10%.&2=%&Kb2=J&N%&=*/%&*)"2=%.&")%&2=*2P$&<"()<&2"&0%&2*6()<&4,*+%&M*(.,Q&$"")JN%&*,$"&*.%&="4()<&2"&".<*)(U%&*&,(/%&%/%)2&$"&2=*2&I%&+*)&=*/%&1%10%.$&"M&2=%&4#0,(+

4.%$%)2&2=%(.&/(%I$&9(.%+2,Q&2"&2=%&2*$6&M".+%J

?M2%.&9($+#$$(")&"M&$"1%&"M&2=%&($$#%$7&$%/%.*,&1%10%.$&"M&2=%&2*$6&M".+%&=*/%/",#)2%%.%9&2"&=%,4&#$&9.*M2&*&)#10%.&"M&.%+"11%)9*2(")$&I=(+=&I%&()2%)9&2"&4.%$%)2&2"&2=%-8>3&0"*.9&*)9&(2P$&"#.&<"*,&2"&<%2&*&M#,,&$%2&"M&.%+"11%)9*2(")$&$"1%2(1%&()&2=%&%*.,Q&4*.2

"M&2=%&M(.$2&W#*.2%.&"M&cLKKJ

5Q&I.(22%)&$#01($$(")&2"&2=%&+"11(22%%&*99.%$$%$&*&)#10%.&"M&2=%$%&$4%+(M(+&($$#%$&"M +")+%.)$&2"&3")<.%$$&*)9&-8>3P$&I".6&($&HH&M"+#$&"M&*22%)2(")&*$&(2&)%/%.&=*$&0%%)&()&2=%&,*$2bL&Q%*.$J

V"99&'.*)67&N*,,&-2.%%2&.%M".1&*)9&3")$#1%.&>."2%+2(")&?+27&-8>?&*)9&<(/%$&-8>?&*)%I&*)9&9(MM%.%)2&.",%&()&2=%&I()9H9"I)&"M&$Q$2%1(+*,,Q&$(<)(M(+*)2&M()*)+(*,&+")<,"1%.*2%$I=%.%&-8>3&1%10%.&0."6%.*<%&M(.1&($&()/",/%9J

8&I"#,9&="4%&2=*2&2=%&2*$6&M".+%&I(,,&$"")&4.%$%)2&*99(2(")*,&.%+"11%)9*2(")$&2=*2&I(,,,%*9&2"&*99(2(")*,&,%<($,*2(")&*)9&2"&M#.2=%.&%)=*)+%&*)9&#49*2%&2=%&-8>3&4."<.*1&()&*)9&"M

()/%$2".$J

8)&+")+,#$(")7&8&I*)2&2"&*$$#.%&2=%&$#0H+"11(22%%&2=*2&2=%&2*$6&M".+%&($&1*6()<&4."<.%$$

*)9&I(,,&+")2()#%&2"&(2P$&I".6&*(1%9&*2&9%/%,"4()<&*)9&.%+"11%)9()<&$#0$2*)2(*,&.%M".1$&2"-8>?&*)9&-8>3J

8P9&,(6%&2"&2=*)6&Q"#&M".&2=%(.&2(1%&*)9&8&I"#,9&,(6%&2"&2=*)6&Q"#&M".&=*/()<&1%10%.$&"M


T] K[b[cLKK



"#.&2*$6&M".+%&I(2=&Q"#&*)9&8P9&0%&4,%*$%9&2"&*)$I%.&*)Q&W#%$2(")$&2=*2&2=%&1%10%.$&"M&2=%$#0H+"11(22%%&1*Q&=*/%J

G=*)6&Q"#&*<*()7&5.J&3=*(.1*)J

A?BCDE-A8F

G=*)6&Q"#&/%.Q&1#+=7&3=*(.1*)&C"=)$")J

B%d27&I%&=*/%&5.J&C"=)&3"MM%%7&2=%&?9",M&?J&f%.,%&>."M%$$".&"M&@*I&*2&3",#10(*i)(/%.$(2QJ

5.J&3"MM%%_

3D'';;F

XD''H58A;Y&X()*#9(0,%Y

?.%&I%&)"I&")_&DAJ&G=*)6&Q"#J

8P/%&"),Q&2I"&4"()2$&2"&1*6%&()&1Q&0.(%M&.%1*.6$J&G=%.%&*.%&2=()<$&3")<.%$$&$="#,9&9"&2"*1%)97&%d2%)9&*)9&1"9%.)(U%&2=%&$%+#.(2(%$&()/%$2".&4."2%+2(")&*+2J

f#2&2I"7&2=%.%&*.%&2=()<$&3")<.%$$&$="#,9&)"2&9"J&1Q&="4%$&M".&I=*2&3")<.%$$&+"#,9&9"

1#$2&0%&0*,*)+%9&*<*()$2&1Q&M%*.$&"M&I=*2&3")<.%$$&1(<=2&9"J

G=%&M(.$2&.#,%&*,I*Q$&=*$&2"&0%&9"&)"&=*.1J&?)9&8&2=()6&2=%.%&*.%&$"1%&=*.1$&=%.%&()+"1()<&2"&4"2%)2(*,&.%M".1$J

@%2&1%&$2*.2&I(2=&1Q&="4%$J&8&*<.%%&/%.Q&1#+=&I(2=&5.J&f".<P$&+"11%)2$J&8&2=()6&8&I")P2+"/%.&2=%&$*1%&<."#)9&=%P$&+"/%.%9J&f#2&,%2&1%&$2*.2&I(2=&*&9(MM%.%)2&4"()2J

3")<.%$$&$="#,9&%d2%)9&2=%&9%M()(2(")&"M&+#$2"1%.&2"&.%*+=&0%)%M(+(*,&*)9&()9(.%+2&"I)%.$()&*&/*.(%2Q&"M&+",,%+2(/%&()/%$21%)2&/%=(+,%$J&?1%.(+*)$&2"9*Q&()/%$2&2=."#<=&+",,%+2(/%()/%$21%)2&/%=(+,%$J&G=%&=(<=%$2&4.(".(2Q&$="#,9&0%&2"&+"/%.&2=%&$1*,,%.&4%)$(")&M#)9$&*)9

"2=%.&+",,%+2(/%&()/%$21%)2&/%=(+,%$&I=%.%&2Q4(+*,,Q7&2=%&,%<*,&"I)%.&=*$&M*(,%9&".&)%<,%+2%92"&()M".1&2=%&+"/%.%9&0."6%.&"M&*,,&"M&2=%&()9(/(9#*,&*++"#)2$&2=*2&*.%&.%4.%$%)2%9&()&2=*2

+",,%+2(/%&M#)9J

G=%&4.%$#142(")7&2=%&$2.")<&4.%$#142(")&$="#,9&0%&()&M*/".&"M&*&4*$$&2=."#<=&*44."*+=J

G=*2&($&I=*2&0"2=&2=%&'%9%.*,&V%4"$(2&8)$#.*)+%&3".4".*2(")&?+2&*)9&2=%&'%9%.*,&3.%9(2i)(")&?+2&*,.%*9Q&*9"42%9&*&9%+*9%&*<"J

-8>?7&2=%&-%+#.(2(%$&8)/%$2".&>."2%+2(")&?+2&($&0%=()9&2=%&4*+6&()&)"2&=*/()<&*9"42%9&*

4*$$&2=."#<=&*44."*+=&2=*2&.%*+=%$&2=%&0%)%M(+(*,&*)9&()9(.%+2&"I)%.$J&-#+=&*&4*$$&2=."#<=*44."*+=&($&$#4%.(".&2"&I=*2&($&0%()<&4."/(9%9&()&4."4"$%9&!E&TL\c&I=(+=&"),Q&*1"#)2$&2"


T] K[b[cLKK



*&RKLL7LLL&*9/*)+%&2"&2=%&()9(.%+2&"I)%.&*)9&(2&.%W#(.%$&2=%&()9(.%+2&"I)%.&2"&I*(/%&2=%(. .(<=2&2"&$#%&2=%&M%%9%.&M#)9$&I="&4#2&2=%1&()2"&2=%&>")U(&$+=%1%J

8&+*)&$%%&)"&.%*$")&()&2=%&I".,9&I=Q&3")<.%$$&I*)2$&2"&%d%142&0"9(%$&,(6%&'*(.M(%,9

:.%%)I(+=&2=*2&*44%*.&2"&=*/%&0%=*/%9&/%.Q7&/%.Q&.%+6,%$$,Q&*2&2=%&,%*$2J

B"I7&8&.%*,(U%&2=*2&I=*2&8P1&$*Q()<7&2=*2&I%&$="#,9&+"/%.&0%)%M(+(*,&".&()9(.%+2&"I)%.$

I"#,9&0%&+"$2,Q&M".&HH&M".&-8>3J&?)9&2=#$7&8&2=()6&(2P$&)%+%$$*.Q&2"&4.(".(2(U%J&8&9")P2&2=()6&8I"#,9&()(2(*,,Q&2.Q&2"&+"/%.&2=%&,*.<%&1#2#*,&M#)9&".&2=%&/%.Q&,*.<%&4%)$(")&M#)9&0%+*#$%&2=%Q

*.%7&0Q&,*I7&9(/%.$(M(%9&*)9&+*))"2&$%/%.&HH&$#MM%.&.%*,,Q&$(<)(M(+*)2&,"$$%$&M."1&*&>")U($+=%1%J

f#2&2=%&$1*,,%.&M#)9$&*)9&2=%&$1*,,%.&4%)$(")&M#)9$&I"#,9&0%&1Q&4.(".(2Q&2"&+"/%.&M(.$2J

?)9&Q%$7&2=($&1*Q&.%W#(.%&$"1%&()+.%*$%&()&2=%&*$$%$$1%)2&I=(+=&.(<=2&)"I&$2*.2$&*2&")%&=*,M "M&")%&4%.+%)2&"M&Q"#.&<."$$&.%/%)#%$&#)2(,&2=%&M#)9&.%*+=%$&*&+%.2*()&$(U%J

8&2=()6&2=%&*/%.*<%&$1*,,&0#$()%$$&1*)&()&?1%.(+*&$4%)9$&1".%&2=*)&")%&=*,M&"M&")%

4%.+%)2&"M&2=%(.&<."$$&.%/%)#%$&")&+"/%.()<&()$#.*)+%&"M&$(1(,*.&+"$2J

5Q&0*$(+&4"()27&2="#<=7&($&I%&)"I&=*/%&*&$Q$2%1&2=*2&9"%$)P2&+"/%.&2=%&$1*,,%.&4%.$")

0%+*#$%&2=%QP.%&1".%&,(6%,Q&2"&0%&2=%&4%.$")&I="&($&()&2=%&()9(.%+2&4"$(2(")&"M&0%()<&* 0%)%M(+(*,&"I)%.J

B%d2&4"()2&I=(+=&5.J&f".<&*,$"&$*(97&8P,,&O#$2&$*Q&(2&/%.Q&0.(%M,Q7&8&2=()6&I%&$="#,9&*0",($=2=%&9($2()+2(")&0%2I%%)&+*$=&*)9&$%+#.(2(%$J&82&4."9#+%$&*.0(2.*.Q&9($2()+2(")$&0%+*#$%&(2P$&*=*44%)$2*)+%&I=*2&Q"#.&*++"#)2&+")$($2$&"M&")&2=%&1"1%)2&2=*2&2=%&0."6%.H9%*,%.&M*(,$J

B"I7&")&2=%&"2=%.&$(9%&"M&2=%&,%9<%.7&2=%.%&*.%&4."4"$%9&.%M".1$&2=*2&8&I"#,9&#.<%3")<.%$$&)"2&2"&*9"42J&>*.2(+#,*.,Q7&8&I"#,9&*9/($%&Q"#&*<*()$2&,(1(2()<&2=%&4"I%.$&"M&2=%

-8>3&2.#$2%%&2"&$#%&2=%&)%2&I())%.$&()&*&>")U(&$+=%1%&0%+*#$%&()&.%*,(2Q7&>")U(&$+=%1%$&*.%+"14"$%9&"M&)%2&I())%.$&*)9&)%2&,"$%.$J&G"&2=%&%d2%)2&I%&4."2%+2&2=%&)%2&I())%.$7&I%&()O#.%

2=%&)%2&,"$%.$J

N=%)&5.J&>*+*.97&2=%&5*9"MM&2.#$2%%&$#%$&2=%&)%2&I())%.$7&=%P$&)"2&<(/()<&2=*2&1")%Q&2"2=%&M%9%.*,&<"/%.)1%)27&=%P$&$%%6()<&2"&*(9&2=%&)%2&,"$%.$J&?,2="#<=&8&+*)&$Q14*2=(U%&I(2=2=%&4"$(2(")&"M&$"1%&"M&2=%&)%2&I())%.$7&2=%(.&%d4%.(%)+%&I*$&M*.&,%$$&2.*<(+7&M*.&,%$$

2.*#1*2(+&2=*)&2=*2&"M&2=%&)%2&,"$%.$J&?)9&8&9")P2&2=()6&3")<.%$$&$="#,9&$#0".9()*2%&2=%&)%2&HH2=%&)%2&,"$%.$&2"&2=%&)%2&I())%.$J

8&)"2%&2=*2&5.J&>*+*.9&=*$&M(,%9&*$&"M&?4.(,&$"1%&Kb&*+2(")$&$%%6()<&RKbJ^&0(,,(")J&G="$%

Kb&*+2(")$&*.%&)"2&*<*()$2&4"".7&#)$#$4%+2()<&4%"4,%J&G=%Q&*.%&*<*()$2&/%.Q&,*.<%&%)2(2(%$&*)9(M&TL\c&4*$$%$&()&(2$&+#..%)2&M".17&8&2=()6&2=%&$%22,%1%)2&/*,#%&"M&2="$%&+*$%$&I"#,9&0%9.*1*2(+*,,Q&.%9#+%J

G=#$7&8P1&#.<()<&Q"#&()&1Q&I.(22%)&2%$2(1")Q&2=*2&(M&Q"#&I*)2&2"&9"&$"1%2=()<&M".&2=%&)%2

I())%.$&2=*2&Q"#&2=()6&*.%&#)$#$4%+2()<7&#)M".2#)*2%&/(+2(1$7&(2&I"#,9&0%&0%22%.&2"&+.%*2%%(2=%.&*&9(1()(1"#$&X4=Y&%d+%42(")&$*Q()<&)"&.%+"/%.Q&#)2(,&2=%&M(+2(2("#$&4."M(2$&<"&*0"/%&*


T] K[b[cLKK



+%.2*()&,%/%,&".&#$%&I=*2&8P,,&+*,,&*)&(14#2%9&()2%.%$2&M*+2".J

8M&Q"#&4#2&1")%Q&()&KL&Q%*.$&*<"7&Q"#P.%&%)2(2,%9&2"&*2&,%*$2&^&H&KL&4%.+%)2&.%2#.)&*&Q%*. *)9&2=*2&I"#,9&9"#0,%&2=%&.%+"/%.QJ&f#2&(M&Q"#&#$%&2=%&+#..%)2&*44."*+=7&2=%.%&*.%&<"()<&2"

0%&4%"4,%&I="7&*++".9()<&2"&*&4#0,($=%9&*.2(+,%&()&2=%&N*,,&-2.%%2&C"#.)*,7&=*/%&"MM%.%9&2"$%22,%&()&2=%&)%(<=0".=""9&"M&Rc&0(,,(")&()&O#$2&")%&+*$%7&I="&*.%&<"()<&2"&M()9&2=*2&2=%&HH

I%P.%&<"()<&2"&M()9&2=*2&2=%&$%22,%1%)2&/*,#%&"M&2=*2&6()9&"M&.%+"/%.Q&I(,,&0%&<.%*2,Q&.%9#+%9*)9&(2P$&<"()<&2"&0%&/%.Q&9(MM(+#,2&2"&4."/%&2=*2&*)Q0"9Q&I*$&+"14,(+(2&()&5*9"MMP$&M.*#9&". 2=*2&2=%Q&I%.%&)%<,(<%)2&I=%.%&2=%QP,,&$*Q&2=%Q&I%.%&.%,Q()<&#4")&*#9(2(/%&M()*)+(*,()M".1*2(")J

@*$2,Q&*)9&O#$2&")%&$%+")97&8&9"&2=()6&2=*2&2=%&*44."*+=&2*6%)&()&2=%&M()*)+(*,&$%./(+%$*44."4.(*2(")&0(,,&I=(+=&I"#,9&+"14%,&2=%&-8>3&2"&+"/%.&*,,&2=%&,"$$%$&()&2=%&-*)M".9$+*)9*,&4."0*0,Q&<"%$&0%Q")9&I=*2&2=%&-8>3&+*)&4"$$(0,Q&=*)9,%J

82&I*$&%$2*0,($=%9&2"&+"/%.&$%+#.(2(%$&2=*2&I%.%&()&2=%&+#$2"9Q&"M&2=%&0."6%.&".&2=*2&I%.%&()2=%&0."6%.&HH&")&2=%&0."6%.P$&0""6$J&?$6()<&2=%&-8>3&2"&+"/%.&*,,&M.*#9&.%,*2%9&,"$$%$&+"#,92=.%*2%)&2=%&$",/%)+Q&"M&2=%&-8>3&*)9&$="#,9&)"2&0%&9")%&.%2."*+2(/%,QJ

?2&2=($&4"()2&8P,,&$2"4J&!*44Q&2"&*)$I%.&M#.2=%.&W#%$2(")$J

A?BCDE-A8F

G=*)6&Q"#&/%.Q&1#+=&5.J&3"MM%%J

B%d2&I%&=*/%&5.J&8.*&!*11%.1*)7&-%)(".&5*)*<()<&V(.%+2".&*)9&:%)%.*,&3"#)$%,7-%+#.(2(%$&8)9#$2.Q&'()*)+(*,&5*.6%2$&?$$"+(*2(")J

5.J&!*11%.1*)_

!?55;E5?BF

G=*)6&Q"#7&5.J&3=*(.1*)7&E*)6()<&5%10%.&:*..%22&*)9&1%10%.$&"M&2=%&$#0H+"11(22%%J

8&*1&4,%*$%9&2"&2%$2(MQ&")&0%=*,M&"M&2=%&$%+#.(2(%$&()9#$2.Q&*)9&M()*)+(*,&1*.6%2$*$$"+(*2(")&")&2=($&(14".2*)2&$#0O%+2J&5Q&2%$2(1")Q&M"+#$%$&")&-8'5?P$&4.%,(1()*.Q.%+"11%)9*2(")$&.%<*.9()<&.%/($(")$&2"&-8>?&()&,(<=2&"M&($$#%$&%1%.<()<&M."1&.%+%)2

,(W#(9*2(")$&*)9&2=%&*MM%+2&"M&2=%&V"99&'.*)6&?+2J

-8>?P$&M#)9*1%)2*,&4#.4"$%&($&2"&4."1"2%&()/%$2".&+")M(9%)+%&()&2=%&+*4(2*,&1*.6%2$&0Q 4."2%+2()<&+#$2"1%.$&*<*()$2&2=%&,"$$&"M&+*$=&M".&$%+#.(2(%$&()&2=%&M*(,#.%&"M&2=%&0."6%.

=",9()<&$#+=&4."4%.2QJ

82&($&)"2&()2%)9%9&2"&4."2%+2&()/%$2".$&*<*()$2&,"$$%$&")&2=%(.&()/%$21%)2$&"),Q&*<*()$2,"$$%$&"M&2=%(.&()/%$21%)2J&N=%)&*&0."6%.&M*(,$7&-8>?&4."/(9%$&M".&2=%&9($2.(0#2(")&"M&2=%+#$2"1%.&4."4%.2Q&4."&.*2*&2"&*,,&+#$2"1%.$&*)9&2"&2=%&%d2%)2&2=%.%&*.%&$=".2&M*,,$7&RTLL7LLLM."1&-8>3&($&*/*(,*0,%&2"&.%$2".%&2=%&%*+=&+#$2"1%.P$&1($$()<&+*$=&".&$%+#.(2(%$J


T] K[b[cLKK



8)/%$2".$&I="&,"$%&1")%Q&0%+*#$%&"M&*&9%+,()%&()&2=%&/*,#%&"M&2=%&$%+#.(2(%$&4#.+=*$%9&M". 2=%(.&*++"#)2$7&="I%/%.7&*.%&)"2&4."2%+2%9&0Q&-8>?&*<*()$2&$#+=&,"$$%$J&N=%2=%.&2=%&9%+,()%($&9#%&2"&1*.6%2&M".+%$&".&%/%)&9#%&2"&M.*#9J

8)&2=($&.%<*.97&-8'5?&"44"$%$&2=%&3#,0%.$")&?1%)91%)2&*$&(2&I"#,9&%d2%)9&-8>3P$

4."2%+2(")&2"&+"/%.&M.*#9&0Q&2=%&($$#%&"M&$%+#.(2(%$&I=(+=&*.%&)%(2=%.&,"$2&)".&$2",%)&0#2&()M*+27&2=%QP.%&()&2=%&+#$2"1%.P$&4."2%+2(")J

-8>?P$&+#$2"1%.&4."2%+2(")&M.*1%I".6&=*$&0%%)&+=*,,%)<%9&,(6%&)%/%.&0%M".%&0Q&2I".%+%)2&%/%)2$J&G=%&5*9"MM&>")U(&$+=%1%7&*&1*$$(/%7&,")<H2%.1&M.*#9&2=*2&()M,(+2%9

$(<)(M(+*)2&=*.1&")&1*Q&()/%$2".$&()+,#9()<&()9(/(9#*,$7&M*1(,(%$7&+=*.(2*0,%&*)9&%9#+*2(")*,()$2(2#2(")$&=(<=,(<=2%9&W#%$2(")$&*0"#2&2=%&$+"4%&"M&+#$2"1%.&4."2%+2(")&#)9%.&-8>?

%$4%+(*,,Q&*$&(2&*44,(%$&2"&2=%&+*,+#,*2(")&"M&*&+#$2"1%.P$&)%2&%W#(2Q&()&*&>")U(&$+=%1%&*)92=%&*44,(+*2(")&"M&-8>3P$&4."2%+2(")&2"&()9(.%+2&()/%$2".$J

G=%&()$",/%)+Q&"M&@%=1*)&f."2=%.$&%d4"$%9&()+")$($2%)+(%$&0%2I%%)&-8>?&*)9&2=%&-;3P$

+#$2"1%.&4."2%+2(")&.#,%J&N=%)&*&M*(,%9&0."6%.&I*$&"4%.*2%9&*$&*&>")U(&$+=%1%7&I%&0%,(%/%

2=*2&+#$2"1%.&4."4%.2Q&$="#,9&0%&9($2.(0#2%9&2"&2=%&/(+2(1$&0*$%9&")&2=%&)%2&*1"#)2$%)2.#$2%9&2"&2=%&M*(,%9&0."6%.7&.%9#+%9&0Q&*)Q&9($2.(0#2(")$&.%+%(/%9&I(2="#2&.%<*.9&2"M(+2(2("#$&4."M(2$&$="I)&")&M.*#9#,%)2&*++"#)2&$2*2%1%)2$J

G=%&4."4%.2Q&=%,9&0Q&*&>")U(&$+=%1%&*)9&*/*(,*0,%&M".&9($2.(0#2(")&2"&2=%&()/%$2".$&($$(14,Q&2=%&4"",&4."4%.2Q&"M&*,,&2=%&/(+2(1$&*)9&9($2.(0#2(")$&0*$%9&")&*)Q2=()<&"2=%.&2=*)2=%(.&)%2&()/%$21%)2&I"#,9&0%&M#)9*1%)2*,,Q&#)M*(.J

8)9(.%+2&()/%$2".$&I="&9"&)"2&=*/%&*++"#)2$&I(2=&*&M*(,%9&0."6%.&0#2&()/%$2%9&()&*)"2=%. %)2(2Q&,(6%&*&=%9<%&M#)9&2=*2&=*9&*)&*++"#)2&*.%&)"2&%,(<(0,%&M".&-8>3P$&4."2%+2(")J&-8>3<%)%.*,,Q&$="#,9&)"2&4."/(9%&<.%*2%.&4."2%+2(")&2"&()$2(2#2(")$&2=*)&2"&()9(/(9#*,$&*)9*++".9()<,Q7&-8'5?&"44"$%$&*)&()+.%*$%&()&2=%&4."2%+2(")&4."/(9%9&2"&+#$2"1%.$&2=*2&*.%

=%9<%&M#)9$7&+".4".*2(")$&".&4*.2)%.$=(4&HH&".&4*.2)%.$=(4$J

G=($&4.()+(4,%7&="I%/%.7&1*Q&)"2&*44,Q&2"&2.#$2$&".&%14,"Q%%&0%)%M(2&4,*)$&I=(+=.%4.%$%)2&2=%&()2%.%$2&"M&2=%(.&0%)%M(+(*.(%$&()&*&1".%&$2.*(<=2&M".I*.9&I*QJ

f%M".%&%d4*)9()<&-8>3&4."2%+2(")&2"&2=%$%&()9(.%+2&()/%$2".$7&="I%/%.7&3")<.%$$&$="#,9+")$(9%.&2=%&*99(2(")*,&+"$2J&-8>?&*)9&2=%&-;3P$&+#$2"1%.&4."2%+2(")&.#,%$&$="#,9&I".6 2"<%2=%.J&G=($&.#,%&.%W#(.%$&%*+=&0."6%.&2"&1*()2*()&4"$$%$$(")&"M&(2$&+#$2"1%.$P&M#,,Q&4*(9*)9&%d+%$$&1*.<()&$%+#.(2(%$&*)9&9%4"$(2&()2"&*&.%$%./%&*++"#)2&*)&*1"#)2&<%)%.*,,Q&%W#*,&2"

(2$&)%2&1")%2*.Q&"0,(<*2(")$&2"&+#$2"1%.$J

8)&*&-8>?&,(W#(9*2(")7&2=%&+#$2"1%.&$%+#.(2(%$&*)9&2=%&.%$%./%&*++"#)2&*.%&*/*(,*0,%&M". 9($2.(0#2(")&2"&+#$2"1%.$J&8M&-8>?&*)9&2=%&+#$2"1%.&4."2%+2(")&.#,%&*.%&=*.1")(U%97&*&M*(,%9

0."6%.&2=*2&+"14,(%9&I(2=&2=%&.#,%$&$="#,9&=*/%&$#MM(+(%)2&+#$2"1%.&4."4%.2Q&2"&$*2($MQ&2=%

)%2&%W#(2Q&+,*(1$&"M&*,,&+#$2"1%.$J&i)M".2#)*2%,Q7&2=%&2I"&*.%&)"2&M#,,Q&=*.1")(U%9&2"9*QJ

?99(2(")*,,Q7&*$&2=%&-;3&0%<()$&2"&9%/%,"4&2=%&.%W#(.%1%)2$&*44,(+*0,%&2"&2=%&$%+#.(2(%$ 0*$%9&$I*4&9%*,%.$7&2=%&9(/%.<%)+%$&0%2I%%)&2=%&-;3P$&+#$2"1%.&4."2%+2(")&.%W#(.%1%)2$


T] K[b[cLKK



*)9&-8>?&I(,,&"),Q&()+.%*$%J

V"99&'.*)6&*1%)9%9&2=%&,(W#(9*2(")&4."/($(")$&"M&2=%&0*)6.#42+Q&+"9%&2"&2.%*2&*++"#)2$=",9()<&$%+#.(2(%$&0*$%9&$I*4$&*$&$%+#.(2(%$&*++"#)2$&0#2&)"&$(1(,*.&*1%)91%)2&I*$&1*9%&2"

-8>?&,%*/()<&#)+,%*.&2=%&2.%*21%)2&()&*&-8>?&,(W#(9*2(")&"M&+#$2"1%.&$%+#.(2Q&0*$%9&$I*4$*)9&.%,*2%9&1*.<()J

@*$2,Q7&-8>?&4."/(9%$&M".&2=%&9($2.(0#2(")&"M&*&$()<,%&2"",&"M&4."4%.2Q&4."&.*2*&*1")<&*,,+#$2"1%.$&I=(+=&1*Q&#)M*(.,Q&(14"$%&.($6$&"M&2=%&1".%&+"14,%d&2Q4%$&"M&*++"#)2$&,(6%

4".2M",("&1*.<()&*++"#)2$&")&2=%&+#$2"1%.$&I="&=*/%&$(14,%.&*++"#)2$&,(6%&+*$=&*++"#)2$J

G"&4."2%+2&+#$2"1%.$&I(2=&2=%&$(14,%.&*++"#)2$7&+#$2"1%.$&$="#,9&0%&9(/(9%9&()2"&$%4*.*2%*++"#)2&+,*$$%$7&2=%&.#,%$&2*(,".%9&2"&+.%*2%&*&$%4*.*2%&4"",&"M&+#$2"1%.&4."4%.2Q&M".&%*+=

*++"#)2&+,*$$&*)9&-8>?&*)9&2=%&0*)6.#42+Q&+"9%&$="#,9&4."/(9%&M".&2=%&9($2.(0#2(")&*$&%*+=$#+=&$%4*.*2%&4"",&2"&2=%&+#$2"1%.$&()&2=%&.%,*2%9&*++"#)2&+,*$$J

G=%&0%$2&I*Q&2"&=*.1")(U%&2=%&+#$2"1%.&4."2%+2(")&.#,%$&I*$&2=%&,(W#(9*2(")&4."+%$$&*)9

+*)&2*(,".&0"2=&2"&$%4*.*2%&*++"#)2&+,*$$%$&($&M".&3")<.%$$&2"&*#2=".(U%&2=%&-;3&2"&1*6%*44."4.(*2%&.#,%$&#)9%.&-8>?7&2=%&0*)6.#42+Q&+"9%&*)9&2=%&;d+=*)<%&?+2J

!?55;E5?BF

N%&*,$"&0%,(%/%&2=*2&2=%&0*$($&")&I=(+=&1%10%.$&+")2.(0#2%&2"&-8>3P$&M#)9&1*Q&0%"#29*2%9&*)9&$="#,9&0%&.%/(%I%9&()&,(<=2&"M&2=%&1*))%.&()&I=(+=&1%10%.$&+#..%)2,Q&"4%.*2%J

8)&+")+,#$(")&-8'5?&($&$2.")<,Q&+"11(22%9&2"&I".6()<&+")$2.#+2(/%,Q&I(2=&2=%&-8>3&2*$6 M".+%&*)9&2=($&$#0&+"11(22%%&2"&.%+"11%)9&I*Q$&2"&0%22%.&4."2%+2&()/%$2".$&*)9&2=%.%0Q

()+.%*$%&()/%$2".&+")M(9%)+%&()&2=%&M()*)+(*,&1*.6%2J

8&I"#,9&0%&4,%*$%9&2"&*)$I%.&*)Q&W#%$2(")$&Q"#&1*Q&=*/%J

G=*)6&Q"#J

A?BCDE-A8F

G=*)6&Q"#&/%.Q&1#+=7&5.J&!*11%.1*)J

'()*,,Q7&I%&=*/%&5.J&-2%/%)&3*.#$"7&4*.2)%.&()&5*99"d7&!*.<%22&*)9&3*.#$"J

5.J&3*.#$"_

3?Ei-DF

G=*)6&Q"#&3=*(.1*)&A*)O".$6(7&E*)6()<&5%10%.&:*..%227&1%10%.$&"M&2=%$#0H+"11(22%%7&1Q&)*1%&($&-2%/%)&3*.#$"J&8P1&*)&*22".)%Q&M."1&B%I&h".6&3(2Q&I(2=&2=%,*I&M(.1&"M&5*99"d7&!*.<%22&*)9&3*.#$"J


T] K[b[cLKK



D#.&,*I&M(.1&.%4.%$%)2$&()/%$2".$J&G&=*2&($&I=*2&I%&9"J&8&*1&*,$"&*&1%10%.&"M&2=%&-8>35"9%.)(U*2(")&G*$6&'".+%&*)9&8&/(%I&1Q&.",%&")&2=*2&2*$6&M".+%&*$&,""6()<&M".I*.9J&N=*2+*)&I%&9"&2"&1*6%&$#.%&2=*2&I=*2&I%&=*/%&%d4%.(%)+%9&()&2=%&4*$2&M%I&Q%*.$&9"%$&)"2

=*44%)&*<*()J

G=%.%P$&*&,"2&"M&0,*1%&2"&<"&*."#)9J&N%&+*)&0,*1%&2=%&-;3J&N%&+*)&0,*1%&'8BE?&X4=YJN%&=%*.9&%*.,(%.&$"1%0"9Q&0,*1()<&2=%&4.(".&*91()($2.*2(")J&G=*2&9"%$)P2&*)$I%.&2=%

W#%$2(")J

G=%.%&*.%7&()&1Q&1()97&2I"&W#%$2(")$&I=%)&I%&,%*/%&=%.%&2"9*QJ

D)%F&I=*2&9"&I%&9"&2"&6%%4&*)Q2=()<&2.*<(+&M."1&=*44%)()<&*$&I%&1"/%&M".I*.9J&?)92I"F&I=*2&9"&I%&9"&2"&.%1%9Q&I=*2&=*$&=*44%)%9&2"&()/%$2".$&()&5*9"MM&*)9&-2*)M".9&*)9()&*&="$2&"M&"2=%.&$(2#*2(")$&I=%.%&()/%$2".$&=*/%&0%%)&$+.%I%9_

>,*()&*)9&$(14,%J&G=*27&()&1Q&/(%I7&($&I=*2&2=($&+"11(22%%&)%%9$&2"&+")$(9%.&<"()<M".I*.9J&N%&=*/%&=%*.9&M."1&"2=%.&+",,%*<#%$&")&2=($&4*)%,&*0"#2&()+.%*$()<&-8>3P$

+"/%.*<%&2=*2&=*$&2"&0%&9")%J&N%&=*/%&=%*.9&*0"#2&()+.%*$()<&2=%&2*.<%2&,%/%,J&G=*2&1#$2&0%9")%J

C#$2&2=()6&"/%.&2=%&4*$2&M%I&Q%*.$&I=*2&I%&=*/%&*,,&$%%)J&@%=1*)&f."2=%.$&($&<")%J&f%*. -2%.)$&($&<")%J&N="P$&)%d2_&?)9&I=*2&=*44%)$&(M&$"1%0"9Q&)%%9$&2"&$2%4&#4&2"&+"/%.&2=%%d4"$#.%&*$$"+(*2%9&I(2=&2="$%&M(.1$_

h"#&)%%9&2"&%,(1()*2%&2=%&9($2()+2(")&0%2I%%)&+*$=&*)9&$%+#.(2(%$J&;/%.Q&()/%$2".&M". +"/%.%9&$%+#.(2(%$&$="#,9&<%2&4,*()&*)9&$(14,%&*2&,%*$2&*&1(,,(")&9",,*.$&"M&+"/%.*<%J&G=*2&($2=%&"),Q&M*(.&*)9&9%+%)2&2=()<&2"&9"J

G=%.%&*.%&"2=%.&$#<<%$2(")$&*)9&"2=%.&W#%$2(")$&2=*2&8&=*/%&4#2&()&1Q&1*2%.(*,&0#2&1*6%)"&1($2*6%&*0"#2&(27&5*9"MM&I(,,&=*44%)&*<*()J&G=%.%&*.%&4%"4,%&"#2&2=%.%&I="&*.%&<.%%9QJ-2*)M".9&I(,,&=*44%)&*<*()J&@%=1*)&f."2=%.$7&(2P$&<"()<&2"&=*44%)&*<*()J

-"&I=*2&9"&I%&9"_&N%&0#(,9&()&4."2%+2(")$&<"()<&M".I*.9&0#2&(2&0%<$&2=%&W#%$2(")&I=*2&9"

I%&9"&*0"#2&*,,&2=%$%&4%"4,%&I="&=*/%&0%%)&=#.2&()&2=%&4*$2_

B"I7&8P1&)"2&*I*.%&"M&*)Q&,%<($,*2(")&=*/()<&0%%)&()2."9#+%9&0Q&2=%&3")<.%$$&2=*2&I"#,9 4."/(9%&*)Q&M()*)+(*,&.%$2(2#2(")&2"&2=%$%&4%"4,%J&*)9&(2P$&/%.Q&+")/%)(%)2&2"&1*6%&-8>3&2=%

I=(44()<&0"Q&M".&I=*2P$&=*44%)%9&0#2&(M&I%&I*)2&2"&2*6%&+*.%&"M&2="$%&4%"4,%&2=%)&87&2"9*Q7+*,,&")&3")<.%$$&2"&()2."9#+%&,%<($,*2(")&()&*99(2(")&2"&2=%&2*d&.%,(%M&2=*2&I"#,9&4."/(9%&*

1%*)$&"M&.%$2(2#2(")&*I*Q&M."1&2=%&-8>3&4."+%$$J&G=*2P$&2=%&1"$2&%W#(2*0,%&*)9&2=%&M*(.%$22=()<&2"&9"J

8&2=*)6&Q"#&M".&()/(2()<&1%&2"9*QJ&?)9&8P9&0%&4,%*$%9&2"&*)$I%.&*)Q&W#%$2(")$J

A?BCDE-A8F

G=*)6&Q"#&/%.Q&1#+=&5.J&3*.#$"J&8&2=*)6&2=%&%)2(.%&4*)%,&M".&Q"#.&2%$2(1")QJ&8&6)"I&HH&8


T] K[b[cLKK



2=()6&I%&*,,&=*/%&$"1%&W#%$2(")$&*)9&8P,,&0%<()&I(2=&1Q&"I)&*)9&2*6%&M(/%&1()#2%$&%*+=&*)9<"&*$&1*)Q&."#)9$&*$&*)Q0"9Q&I"#,9&,(6%J

8P,,&<"&0*+6&*)9&$2*.2&I(2=&*&$2*2%1%)2&2=*2&HH&2=*2&5.J&3*.#$"&O#$2&1*9%&*)9&2=*2&($&$%%()<

2=%&1($$(")&($&,""6()<&M".I*.9J&N=%)&8&,""6&M".I*.9&8&$%%&0%M".%&1%&$"1%&"M&2=%&I"#)9%9I*..(".$&"M&2=%&4*$2J&G=%&/(+2(1$J&?2&,%*$2&*&2="#$*)9&"M&I="1&I%.%&2.*#1*2(U%9&0Q&f%.)*.9

5*9"MM&*)9&*.%&)"I&0%()<&2%..".(U%9&0Q&2=%&2.#$2%%J

G=*2P$&I=*2&8&$%%&,""6()<&M".I*.9&M."1&4%"4,%J&?)9&8&0%,(%/%&(2&I*$&5.J&3"MM%%&I="&$*(97

.%+*,,()<&2=%&=(44"+.*2(+&"*2=&2"&M(.$2&9"&)"&=*.1J&f#2&,""6&*2&2=%&$(2#*2(")&2=*2&I%&*.%&9"()<2.%1%)9"#$&=*.1&I(2=&2=%&($$#%&"M&2=%&+,*I&0*+6J&5*)Q7&1*)Q&4%"4,%J

8&2=()6&")%&"M&2=%&2%..(0,%&2=()<$&2=*2&HH&2=*2&I%P/%&9")%&=%.%&($&0%+*#$%&"M&2=%&I*Q&2=($

U%."&$"1%&<*1%&4,*Q$&()&I".9$J&G=*2&I%&=*/%&+.%*2%9&+,*$$%$&"M&/(+2(1$J

8&9")P2&HH&8&9")P2&#)9%.$2*)97&.%*,,Q&*)9&8&6)"I&HH&8&6)"I&2=%&1*2=J&B%2&I())%.$&*)9&)%2,"$%.$J&8&HH&%d+%42&M".&HH&M".&2=%&M%I&I="&=*/%&Q%2&2"&0%&(9%)2(M(%9&$="#,9&2=%.%&0%&2="$%&I="

*.%&+"14,(+(2&I(2=&5*9"MMJ&;/%.Q0"9Q&%,$%&($&*&/(+2(1J&>%"4,%&I="&1(<=2&=*/%&2*6%)&1".%1")%Q&"#2&"M&1")%Q&2=*2&2=%Q&2=()6&($&2=%(.$&=*/%&0%%)&/(+2(1(U%9J&>%"4,%&I="&=*/%&4#22=%(.&1")%Q&()&*&0*)67&*)9&8&6)"I&2=*2P$&*&9(MM%.%)2&$Q$2%1&I=%)&Q"#P.%&2*,6()<&*0"#2&2=%

'V83&*)9&)"2&-8>3J

'".&#$()<&2=%(.&"I)&1")%Q&*)9&$#99%),Q&$"1%0"9Q&$*Q$&2=*2&I*$)P2&.%*,,Q&Q"#.&1")%Q 0%+*#$%&Q"#&I*$)P2&HH&I%.%)P2&%)2(2,%9&2"&2=*2&$%/%)&4%.+%)2&()2%.%$2&".&I=*2%/%.&(2&I*$72=%QP.%&/(+2(1$J&h"#P.%&2%,,()<&4%"4,%&2=%(.&I=",%&,(M%$2Q,%&)"2&O#$2&()&2=%&M#2#.%&0#2&()&2=%&4*$2=*$&2"&0%&.%/%.$%9&2=*2&2=%Q&+*)&)"&,")<%.&,(/%&()&2=%(.&="#$%&".&HH&".&1*()2*()&2=%(.&0#$()%$$

".&HH&".&9.(/%&()&2=%(.&+*.&".&+")2()#%&2"&4*Q&M".&2=%(.&+=(,9.%)&".&<.*)9+=(,9.%)P$&%9#+*2(")2=%Q&*.%&/(+2(1$J

G=*2P$&2.*#1*2(+J&?)9&2"&+.%*2%&+,*$$%$&"M&4%"4,%&0Q&$*Q()<&$"1%&*.%&.(+=7&I%*,2=Q&%)2(2(%$*)9&$"1%&*.%&)"2J&?&<#Q&9(%$&*)9&2=%&()$#.*)+%&+"14*)Q&*()P2&9"()<&$"&I%,,&$"&Q"#&$*Q&2"2=%&I(9"I&8&6)"I&Q"#&=*9&*&4",(+Q&0#2&Q"#P.%&DAJ

8P,,&<(/%&(2&2"&$"1%")%&%,$%J&8M&Q"#&2=()6&2=%&1")%Q&($&Q"#.$&*)9&Q"#&4*Q&M".&2=%&4.%1(#17*)9&8&9")P2&6)"I&I=*2&6()9&"M&4.%1(#17&0Q&2=%&I*Q&Q"#&2=()6&Q"#&<%2&RTLL7LLL&I".2=&"M

()$#.*)+%&M".&RKTL&*&Q%*.J&?)9&2=%&$Q$2%1&4.%2%)9$&2=*2&4%"4,%&=*9&.%*,&()$#.*)+%J

?)9&2=%&-;3&*<.%%$&2=*2&2=*2P$&.%*,&()$#.*)+%J&?)9&2=%QP.%&$#44"$%9&2"&0%&$#4%./($()<&2=%

*<%)+QJ&G=%&iJ-J&3")<.%$$&I=(+=&($&+"14,(+(2&()&2=($&2=()<&*$&I%,,&0%+*#$%&I%P.%&$#44"$%9&2" 0%&"/%.&$%%()<&HH&*)9&%/%.Q0"9QP$&O#$2&4.%2%)9()<J

h"#&6)"I7&*2&,%*$2&9#.()<&2=%&+"11%.+(*,$7&2=%&<#Q&$*Q$&8P1&)"2&*&.%*,&9"+2".&8P1&O#$2 4,*Q()<&")%&")&GgJ&N%,,&2=($&($)P2&O#$2&.%*,&()$#.*)+%7&I%P.%&O#$2&1*6()<&0%,(%/%&2"&1*6%&Q"#M%%,&0%22%.J

5Q&W#%$2(")&($&*0"#2&+,*I&0*+6J&8M&I%P.%&<"()<&2"&1"/%&M".I*.9&="I&9"&Q"#&1"/% 0*+6I*.9_&G=*2P$&W#%$2(")&)#10%.&")%J&X()*#9(0,%Y&?)Q")%_&;/%.Q0"9QJ


T] K[b[cLKK



8&HH&8&I"#,9&HH

A?BCDE-A8F

X()*#9(0,%Y

3D'';;F

8&I"#,9&O#$2&$#<<%$2&2"&Q"#&2=*2&I%&,""6&*2&*,,&"M&2=%&4*.2(+(4*)2$&I="&M*,,&()2"&2=($&=%*9()<"M&)%2&I())%.$&I="&2""6&1".%&+*$=&"#2&2=*)&4#2&1".%&HH&2=*)&2=%Q&4#2&+*$=&()J&G=%.%&($&*

+")2()##1J&G=%.%&1*Q&0%&4%"4,%&2=*2&3")<.%$$&I*)2$&2"&4."2%+2J&h"#&+"#,9&4."2%+2&2=%1I(2=&*&9(1()(1"#$&X4=Y&2%$2&$*Q()<&2=*2&"),Q&M(+2(2("#$&4."M(2$&"/%.&9",,*.&$(<)&a&+"#,9&0%

.%+"/%.%9J&h"#&+"#,9&4."2%+2&2=%1&I(2=&I=*2&8P,,&+*,,&*)&(14#2%9&()2%.%$2&2%$2&0%+*#$%&(M&Q"# 4#2&2=($&1")%Q&()&2%)&Q%*.$&*<"7&2=%&M*+2&2=*2&Q"#&1*9%&KL&4%.+%)2&*&Q%*.&I"#,9&%)2(2,%&Q"#2"&2*6%&"#2&KLL&4%.+%)2&".&1".%&*0"/%&2=%&1")%Q&Q"#&4#2&()J

f#2&Q"#&9"&)"2&)%%9&2"&4."2%+2&2=%&M%%9%.&M#)9$&*)9&2=%&"2=%.&4%"4,%&I="&,""6&,(6%2=%QP/%&0%=*/%9&(..%$4")$(0,Q&*)9&4."0*0,Q&+"..#42,QJ&G="$%&)*1%$&*.%&I%,,&6)"I)&2"&2=%M()*)+(*,&4.%$$&I=%2=%.&(2P$&'*(.M(%,97&:.%%)I(+=7&5.J&5%.6&*)9&-2*),%Q&3=*$%7&C%MM.%Q>(+6%.I".2=J&G="$%&4%"4,%&*.%&+=%%.()<&Q"#&")&.(<=2&)"I&0%+*#$%&(M&Q"#&1"/%&2=%&$2*)9*.9

#47&*)Q&2(1%&Q"#&1*6%&2=%&.%+"/%.Q&=*.9%.&M".&2=%&2.#$2%%7&Q"#&I(,,&.%9#+%&2=%&$*,(/*)2&X4=Y/*,#%&"M&2=%&2.#$2%%$P&+,*(1$&*<*()$2&2=%1&*)9&2=%&2.#$2%%&+*)&<%2&0(,,(")$&"M&9",,*.$&0*+6&M."1

2=%1&M".&2=%&)%2&,"$%.$J

8&9")P2&2=()6&3")<.%$$&$="#,9&1*6%&(2&=*.9%.&2"&.%+"/%.&0Q&2=%&2.#$2%%&")&0%=*,M&"M&2=%&)%2

,"$%.$&M."1&2=%&4%"4,%&I="&8&2=()6&I%.%&/%.Q&+#,4*0,%J&?)9&2=%.%&I%.%&*&)#10%.&"M&2="$% 4%"4,%J&G=#$7&(M&Q"#&I"#,9&4."2%+2&2=%&4%"4,%&Q"#&I*)2&2"&4."2%+2&0Q&()$2%*9&"M&#$()<&*

9(1()()"#$&X4=Y&2%$2&".&*)&(14#2%9&()2%.%$2&2%$27&8&2=()6&Q"#&I(,,&*H&+"/%.&HH&Q"#&I(,,&*+=(%/%

1"$2&"M&Q"#.&"0O%+2(/%&I(2="#2&4."2%+2()<&2="$%&4%"4,%&I="&*.%&+#,4*0,%J

A?BCDE-A8F

8P,,&.%$4")9&()&*&9(MM%.%)2&."#)9&".&HH&4."0%&2=*2&*&,(22,%&0(2J

5.J&:*..%22_

:?EE;GGF

G=*)6$J&-"&<"()<&M".I*.97&9"%$&*)Q")%&=*/%&*&.%+"11%)9*2(")&I(2=&.%<*.9&2"&2=%&-8>3,"<"_&?)9&$"1%&4%"4,%&=*/%&$#<<%$2%9&2=*2&I%&4#2&*&,(22,%&*$2%.($6&0Q&(2&$*Q()<&2=*2&I*.)()<Q"#&2=*2&2=%&$2*2%1%)2$&2=*2&Q"#P.%&.%+%(/()<&1*Q&0%&()2%.4.%2%9&()&*&9(MM%.%)2&I*Q&*)9&1*Q

Q"#P,,&0%&$#0O%+2&2"&+,*I&0*+6$&()&2=%&M#2#.%&".&"2=%.&()2%.4.%2*2(")$_

8&$*Q&2=*2&M*+%2("#$,Q&0#2&1*Q0%&)"2&0%+*#$%&*&+"#4,%&"M&Q"#.&HH&Q"#.&+"11%)2$&HH%/%.Q")%P$&+"11%)2$&$%%1&2"&(14,Q&2=*2&2=%&()/%$2".&=*9&*&1($()2%.4.%2*2(")&"M&%d*+2,Q&I=*2

2=%Q&I%.%&<%22()<&I=%)&2=%Q&HH&(M&2=%Q&#)9%.$2""9&2=*2&-8>3&I*$&2=%.%&*)9&I=*2&2=%Q&I%.%.%,Q()<&#4")J&?)9&HH&*)9&HH&0#2&$"1%&"M&Q"#&=*/%&$#<<%$2%9&HH&*)9&5.J&!*11%.1*)7&(M&8&I*$M",,"I()<&X()*#9(0,%Y&*)9&$"1%&"M&2=*2&HH&8&2=()6&Q"#&$*(9&9(MM%.%)2&4"",$&M".&+,*$$(M(+*2(")$


T] K[b[cLKK



*)9&I=*2&=*/%&Q"#J

5.J&3"MM%%7&Q"#P.%&HH&Q"#P.%&*&4."M%$$".&HH&Q"#&I%.%&HH&Q"#&I%.%&2*,6()<&*0"#2&(2&*)9&)"2&()2="$%&2%.1$&0#2&()&$(1(,*.&*44."*+=&".&HH&".&<%22()<&2"&()&4,*+%&X$(+Y&87&*$&2=%&2Q4(+*,&,(22,%

()/%$2".&<"()<&()2"&1Q&,"+*,&$="4&2"&1*6%&1Q&()/%$21%)2&*)9&$%%()<&2=%&-8>3&,"<"&2=%.% 4."0*0,Q&($&)"2&<"()<&2"&6)"I&.(<=2&*I*Q7&5.J&!*11%.1*)&9"&8&M*,,&()&4"",&)#10%.&?7&f7&3

".&($&2=%.%&)"&".9%.&()&1Q&4"",&*2&2=%&%)9&"M&2=%&9*Q&0%+*#$%&8&1($H+*,+#,*2%9_

?)9&$"1%")%&"/%.&2=%.%7&5.J&3"MM%%&".&5.J&C"=)$")7&$"1%0"9Q&1*9%&2=%&+"11%)2&0#2

)"2&HH&)"7&(2&I*$&5.J&f".<&*0"#2&)"2&.%*9()<&HH&.%*9()<&*,,&2=%&9($+,*(1%.$&*)9&%/%.Q2=()<&2=*2Q"#&<%2&()&2=%&1*(,&,(6%&O#$2&,(6%&)")%&"M&#$&.%*9&"#.&X()*#9(0,%Y&9($+,*(1%.$&2=*2&I%&<%2&M."1

2=%&+.%9(2&+*.9&+"14*)(%$&*)9&*,,&2="$%&2=()<$J

f#2&="I&9"&I%&HH&="I&9"&I%&*99.%$$&2=*2_&N%P.%&<"()<&2"&+.%*2%&*&I=",%&0#)+=&"M +,*$$(M(+*2(")$_&8P,,&$2*.2&I(2=&5.J&!*11%.1*)&2=%.%J&?)9&HH&*)9&2=%)&1%7&2=%&,(22,%&<#Q&2=*2

O#$2&9"%$)P2&M",,"I&2=($&2"&0%<()&I(2=_

!?55;E5?BF

8&2=()6&(2&HH&2=%&=%*.2&"M&Q"#.&W#%$2(")&($&()/%$2".&%9#+*2(")J&?)9&()M".1()<&2=%&4#0,(+&2"&*

0%22%.&%d2%)2&2=*)&I%P/%&0%%)&9"()<&=($2".(+*,,Q&*$&2"&I=*2&-8>3&($&*,,&*0"#2J&?)9&*<*()7I=%)&8&2*,6&*0"#2&-8>37&(2P$&2=%&-8>3&"M&2=%&,*$2&bL&Q%*.$7&2=%.%P$&*&,"2&"M&9($+#$$(")&*0"#2I=%.%&2=($&$="#,9&<"&()&2=%&M#2#.%J

f#2&+%.2*(),Q&M."1&2=%&()9#$2.Q&$2*)94"()27&I%&I"#,9&0%&I(,,()<&2"&I".6&I(2=&*,,&%d4%.2$7-8>37&B?-?7&2=%&-;37&'8BE?7&+")$#1%.&<."#4$7&I="%/%.&2=%&HH&2=%&.(<=2&4%"4,%&()&2=%

.""1&*.%&(M&2=%.%P$&*&I*Q&2"&9"&*&0%22%.&O"0&"M&()/%$2".&%9#+*2(")&$"&2=*2&()/%$2".$&#)9%.$2*)9HH&*)9&(2P$&)"2&O#$2&*&")%H2(1%&2=()<J&-"&(2P$&)"2&O#$2&*&9($+,"$#.%&*2&2=%&"4%)()<&"M&*)&*++"#)2

*$&5.J&f".<&$*(9&2=($&)%%9&2"&0%&()<.*()%9&"/%.&2(1%J

XiBABDNBY

f#2&.%*,($2(+*,,Q&)"&HH&8&1%*)&HH&8&9")P2&6)"I&="I&*0"#2&Q"#7&8&<%2&1Q&$2*2%1%)2$&.%<#,*.,Q

*)9&8&<%2&2=%1&*,,&2=%&2(1%&*)9&8&,""6&*2&2=%&)#10%.&*)9&=""7&8P1&9"()<&4.%22Q&<""9J&E(<=2)"I7&8P1&9"()<&4.%22Q&4"".,QJ&8P1&HH&8P1&)"2&.%*9()<&2=."#<=&2=%&.%$2&"M&*,,&2=%&M()%&4.()2J

5*Q0%&8P1&*)&*0)"&HH&*0)".1*,&()&2=*2&.%<*.9J

5*Q0%&"2=%.&4%"4,%&.%*9&2=."#<=&*,,&2=*2&$".2&"M&$2#MM&0#2&8&9")P2&HH&$"&(M&I%&9"&2.Q&2"

.%H%9#+*2%&M",6$&*)9&2%,,&2=%1&2=*2&()&2=%&M#2#.%7&8&2=()6&I%&$="#,9&HH&8&2=()6&8&*<.%%&")&2=($&HH()&2=%&M#2#.%7&2=%&?1%.(+*)&4#0,(+&$="#,9&)"2&.%,Q&#4")&2=%&M%9%.*,&<"/%.)1%)2&2"&0%

4."2%+2()<&2=%1&2"&2=%&%d2%)2&2=*2&2=%Q&2="#<=2&2=*2&2=%&M%9%.*,&<"/%.)1%)2&I*$&4."2%+2()<

2=%1&()&2=%&4*$2J

f%+*#$%&I%P/%&$="I)&2=*2&2=%&M%9%.*,&<"/%.)1%)27&()&2=%$%&*.%*$&2=%&/*.("#$&*<%)+(%$

+*)P2&9"&(2J&-"&8&2=()6&2=*2P$&")%&,%*.)()<&,%$$")&2=*2&2=%&?1%.(+*)$&X()*#9(0,%Y

XiBABDNBY


T] K[b[cLKK



?&/%.Q&<""9&W#%$2(")J&8&2=()6&Q"#.&W#%$2(")&($&*&4."M"#)9&")%&0%+*#$%&I=%)&Q"#&<(/%()/%$2".&HH&()/%$2".&%9#+*2(")&*)9&Q"#&$="I&2=*2&2=%.%&*.%&$"1%&*.0(2.*.Q&,()%$7&(2&.%*,,Q

0%+"1%$&()+#10%)2&#4")&3")<.%$$&2"&+=*)<%&2="$%&,()%$&*)9&)"2&()$($2&")&*.0(2.*.Q

9($2()+2(")$J

5.J&f".<7&8&*)9&"2=%.$&=*/%&2",9&Q"#&2=*2&2=%&9%M()(2(")&"M&+#$2"1%.$&X()*#9(0,%Y&.*2=%. 2=*)&2%,,&*,,&()/%$2".$&2=*2&2=%&9%M()(2(")&"M&+#$2"1%.&($&,(1(2%9&*)9&*.0(2.*.Q&(2&($&0%22%.&2"

+=*)<%&2=%&9%M()(2(")&"M&+#$2"1%.&$"&(2&1*6%$&*&,(22,%&0(2&1".%&$%)$%&*)9&(2&()+,#9%$&2=%$1*,,%.&4%.$")&I="&2="#<=2&=%&=*9&+"/%.*<%&0#2&9"%$)P2J

fDE:F

8&*44.%+(*2%&2=*2&*)9&1*Q0%&(M&Q"#&9"&*&."#)9&0#2&8&I*)2&2"&<%2&1Q&"2=%.&W#%$2(")&M".&5.JC"=)$")J

8)&Q"#.&$2*2%1%)2&Q"#&+,*(1&2=*2&()&2=%&4*$2&2=%&+"#.2$&*)9&-8>3&=*/%&.%O%+2%9&#$()<&2=%

+#$2"1%.$P&,*$2&$2*2%1%)2&*$&*&<#(9%&M".&2=%&-8>3&+"/%.*<%&()&+*$%$&I=%.%&M(+2(2("#$&4."M(2$*.%&()/",/%97&DAJ&f#2&()&*&,%*9()<&+*$%&()&2=%&$%+")9&+(.+#$&X4=Y&)%I&2(1%$&")%&X4=Y&()&M*+272=%&+#$2"1%.$P&M()*,&$2*2%1%)2&I*$&#$%97&8&#)9%.$2*)9&()&+*,+#,*2()<&-8>3&.%(10#.$%1%)2J

3"11%)2$_

CD!B-DBF

N%&=*/%&*&)#10%.&"M&+*$%$&*)9&*,$"&2=%&0*)6.#42+Q&+"#.2$&=*/%&*,I*Q$&,""6%9&*2

I=%2=%.&".&)"2&2=%.%&I*$&.%*$")&2"&0%,(%/%&2=*2&2=%&,*$2&$2*2%1%)2&2=*2&Q"#&=*9&.%+%(/%9*+2#*,,Q&I*$&2=%&()M".1*2(")&2=*2&I*$&*++#.*2%J&D)%&"M&2=%&2=()<$&2=*2&I%P/%&0%%)&9"()<&($2.Q()<&2"&M(<#.%&"#2&="I&9"&I%&1*6%&$#.%&2=*2&I%&+*)&#2(,(U%&2=%$%&$2*2%1%)2$&()&*&I*Q&2=*2

I%P.%&4."2%+2()<&*,,&2=%&()/%$2".$_

N=*2&2=%&4.(1*.Q&+")+%.)&($&.%<*.9()<&2=%&M()*,&$2*2%1%)2&($&1*6()<&$#.%&2=*2&I%&9")P2+.%*2%&*)&%)/(.")1%)2&I=%.%&2=%&I.")<H9"%.&*+2#*,,Q&=*$&*)&"44".2#)(2Q&2"&+.%*2%&=%&M".#1M".&I="&I"#,9&0%&$#++%$$M#,&*)9&I="&I"#,9&)"2&0%&$#++%$$M#,J

G=%&.%*$")&2=*2&($&(14".2*)2&($&0%+*#$%&Q"#&+"#,9&=*/%&*&$(2#*2(")&HH&,%2P$&2*6%&2=%&5*9"MM +*$%&HH&I=%.%&Q"#&=*/%&$"1%")%&I="&2%,,$&Q"#&$"1%2=()<&2=*2&M."1&2=%&/%.Q&0%<())()<&I*$)"2&2.#%J

f#2&2=%&M()*,&$2*2%1%)2&2=%Q&2%,,&Q"#&($&0#2&<#%$$&I=*2_&h"#&=*/%&)"2=()<&2"&I"..Q&*0"#2

0%+*#$%&I=*2%/%.&8&<"2&")&2=*2&M()*,&$2*2%1%)2&($&I=*2&Q"#P.%&<"()<&2"&0%&4."2%+2%9&M."1JG=*2&I"#,9&0%&2=%&"),Q&2.#%&$2*2%1%)2&2=*2&I"#,9&+"1%&"#2&"M&2=%(.&1"#2=&*)9&I=*2&I%I"#,9&9"&($&0%&+.%*2()<&*)&%)/(.")1%)2&I=%.%&2=%&I.")<H9"%.&)"I&<%2$&*)&"44".2#)(2Q&2"$%2&2=%&2")%&M".&="I&2=%&<"/%.)1%)2&2=%)&I(,,&0%&.%$4")$(0,%&M".&.%$4")9()<J

?)9&$"&2=%&4.(1*.Q&($$#%&2=*2&I%P.%&+")+%.)%9&I(2=&($&1*6()<&$#.%&2=*2&I=*2%/%.&1%2="92=*2&I%&#$%&*.%&<"()<&2"&%)$#.%&2=*2&I%P.%&)"2&<"()<&2"&*,,"I&2=%&I.")<H9"%.&2"&*+2#*,,Q&$%22=%&4*.*1%2%.$&"M&="I&I%&I"#,9&<"&*0"#2&1*6()<&M()*,&9%+($(")$J&?)9&4#22()<&3")<.%$$&()&*


T] K[b[cLKK



4"$(2(")&I=%.%&2=%Q&%)9&#4&9"()<&$"1%2=()<&2=*2&1*Q&0%&#)()2%)9%9&*$&I%,,J

fDE:F

DA&I%,,&Q"#&HH&Q"#&HH&Q"#&I%.%&$".2&"M&<"()<&9"I)&*&HH&*&$,(<=2,Q&HH&$,(<=2,Q&9(MM%.%)2&."&HH."*9&")&2=*2&0#2&8&#)9%.$2*)9&I=*2&Q"#&I%.%&$*Q()<&0#2&2=%.%P$&HH&2=%.%P$&+*$%&,*I&)"I&2=*2

$*Q$&2=%&M()*,&$2*2%1%)2&+*)&0%&#$%9&0Q&Q"#&M".&2=%&.%(10#.$%1%)2&4#.4"$%$&$"&<"()<M".I*.9&")&HH&")&2=*2&+*$%&,*I&+")2.*.Q&2"&2=%&4"$(2(")&"M&-8>3&2=%)J

CD!B-DBF

G=%.%P$&+*$%&,*I&2=*2&=*$&$*(9&2=*2J&G=%.%P$&*,$"&0*)6.#42+Q&.#,()<$&2=*2&=*/%&1%)2(")%92=%&M*+2&2=*2&Q"#&+*)&,""6&*2&2=()<$&M."1&*&9(MM%.%)2&$2*)94"()2&*$&(2&.%,*2%$&*,$"&2"&)"2&"),QI=%2=%.&".&)"2&Q"#P/%&<"2&2=($&M(+2(2("#$&$2*2%1%)2&0#2&*,$"&I=%2=%.&".&)"2&Q"#P.%&*&)%2I())%.&".&*&)%2&,"$%.J

?)9&4*.2&"M&2=*2&+*,+#,*2(")&2*6%$&()2"&+")$(9%.*2(")&I=%2=%.&".&)"2&2=($&M(+2(2("#$

$2*2%1%)2&".&2=%&$2*2%1%)2&Q"#&=*/%&($&")%&2=*2P$&/*,(9J&B"I7&I=%2=%.&".&)"2&(2&$="#,9&0%

2*6%)&()2"&+")$(9%.*2(")&(2&$="#,9&0%7&0#2&*2&2=%&%)9&"M&2=%&4."+%$$7&2=%.%&=*$&2"&0%&$"1%*)*,Q$($&2"&9%2%.1()%&I=%2=%.&".&)"2&2=*2&*+2#*,&$2*2%1%)2&($&I=*2&Q"#&$="#,9&%)9&#4&#$()<*$&*&0*$($&"M&="I&Q"#&I"#,9&<"&*0"#2&1*6()<&*&4*Q1%)2&")&*&+,*(1J

fDE:F

f#2&Q"#P.%&<"()<&2"&+")2()#%&2"&.%O%+2&2=%&#$%&"M&2=*2&*$&*&<#(9%&M".&Q"#.&+"/%.*<%&()+*$%$_

CD!B-DBF

N=*2&I%&HH&I=*2&I%&I(,,&9"&($&I%P,,&+")2()#%&2"&,""6&*2&2=%&$2*2%1%)2$&2=*2&+"1%&()&*)92=%)&I%&I(,,&+")2()#%&2"&,""6&*2&I=*2&I%&I"#,9&+*,,&2=%&<,"0*,&*$4%+2&"M&I=*2&=*44%)%9&()&*

4*.2(+#,*.&$%2&"M&+(.+#1$2*)+%$&*)9&2=%)&(M&2=%.%&($&*&+")M,(+27&I%&I(,,&2*6%&(2&2"&2=%&+"#.2&*)9

*,,"I&*&2=(.9&4*.2Q&2"&=%,4&#$&2"&1*6%&*&9%+($(")&I=%2=%.&".&)"2&I%&$="#,9&1"/%&M".I*.9&". )"2J

?,,&I%P.%&2.Q()<&2"&9"&($&="4%M#,,Q&/(<"."#$,Q&4#.$#%&2=%&,*I&*$&I%&#)9%.$2*)9&(2&*)9()2%.4.%2&(2&*)9&I%&#)9%.$2*)9&2=*2&2=%.%&+*)&0%&.%*$")*0,%&1()9$&2=*2&1*Q&9(MM%.&")&="IQ"#&()2%.4.%2&2=%&,*IJ&f#2&")+%&I%&*.%&2",9&M".1&*&2=(.9&4*.2Q&".&*)Q4,*+%&%,$%&2=*2&I%$="#,9&0%&"4%.*2()<&9(MM%.%)2,Q&2=%)&I%&()2%)9&2"&/(<"."#$,Q&1"/%&M".I*.9&()&2=*2&/%()&*$

I%,,J

XiBABDNBY

5.J&3*.#$"7&8&9")P2&I*)2&2"&4#2&Q"#&")&2=%&$4"2&")&2=*2&")%J&8)&.%$4")$%&2"&2=*2&$()+%&86)"I&I=%.%&Q"#&+"1%&M."1J&8M&)"27&2=*2P$&M()%J

3?Ei-DF

N%,,&8&HH&+,%*.,Q7&2=%.%&I%.%&<"()<&2"&0%&9(MM%.%)+%&"M&HH&9(MM%.%)+%&"4()(")$&M."1&9(MM%.%)2


T] K[b[cLKK



+(.+#(2$&M."1&9(MM%.%)2&+"#.2$J&>*.2&"M&2=%&+")M#$(")&2=*2&%d($2$&($&2=*2&2=%.%&($&)"&I%,,H9%M()%9$2*)9*.9&2=*2&($&#)(/%.$*,&2=."#<="#2&2=%&+"#)2.QJ&?)9&2=%&"),Q&I*Q&2=*2&8&6)"I&"M&2=*2&2=*2

M()*,,Q&+"#,9&0%&.%$",/%9&I"#,9&0%&2=."#<=&2=%&3")<.%$$&"M&2=%&i)(2%9&-2*2%$&0%+*#$%&Q"#P.%<"()<&2"&=*/%&9(MM%.%)2&+"#.2&"4()(")$&")&%/%.Q&($$#%J

XiBABDNBY

8&2=()6&")%&"2=%.&4"()2&2=*2P$&I".2=&1%)2(")()<&()&.%<*.9&2"&2=%&$%+")9&+(.+#(2&+*$%&($&(2*,$"&4"()2$&"#2&2=%&M*+2&2=*2&I=%.%&2=%&9%+($(")&.%<*.9()<&I=%2=%.&2="$%&*1"#)2$&")&2=%$2*2%1%)2&*.%&*.0(2.*.Q7&*)9&()&2=($&+*$%7&I%P.%&,""6()<&*2&*&$(2#*2(")&I=%.%&2=%&)#10%.$7&M".

%d*14,%&()&2=%&5*9"MM&$2*2%1%)2$&I%.%&*.0(2.*.Q7&2=%)&2=*2&I"#,9&0%&2*6%)&()2"+")$(9%.*2(")&()&2%.1$&"M&+"1()<&2"&*&M()*,&*)*,Q$($&*$&I%,,J

?3A;E5?BF

G=*)6&Q"#J

B%d27&1Q&+"H+",,*0".*2".&*)9&+"H$4")$".&"M&2=%&>")U(&$+=%1%&()/%$2".&4."2%+2(")&*+2&5.J

A()<J

A8B:F

G=*)6&Q"#&5.J&?+6%.1*)J

h%$7&*$&8P1&,($2%)()<&2"&2=($7&8&9")P2&2=()6&I%P.%&<%22()<&2=%&M#,,&()4#2&".&()&HH&(14*+2&"M&2=%.%*,(2Q&2=*2&I=(,%&-8>3&I*$&$%2&#4&2"&4."2%+2&()/%$2".$J&8)&2""&1*)Q&+*$%$&.(<=2&)"I&2=%

2.#$2%%&($&*+2()<&*$&*&4."$%+#2".&"M&/(+2(1$J&?)9&I%&+*)&2.Q&2"&%d4,*()&(2&*)Q&I*Q&I%&I*)2 0#2&2=%&M*+2&($&2=*2&2=%$%&4%"4,%&*.%&/(+2(1$&*)9&2=%Q&*.%&)"I&0%()<&$#0O%+2%9&2"&2=%&$*1%

2Q4%&"M&2.%*21%)2&2=*2&9%M%)9*)2$&*.%&4#2&2=."#<=&()&1*$$(/%&+.(1()*,&+")$4(.*+(%$&*)9&Q%22=%.%P$&)"&%/(9%)+%&2=*2&*)Q&"M&2=%$%&4%"4,%&*.%&+"H+")$4(.*2".$J&G=%QP.%&/(+2(1$J

?)9&Q"#&6)"I7&8&,""6&*2&2=%&-8>3&I%0$(2%&*)9&(2&$*Q$&*,2="#<=&)"2&%/%.Q&()/%$2".&($ 4."2%+2%9&0Q&-8>37&)"&M%I%.&2=*)&jj&4%.+%)2&"M&4%.$")$&I="&*.%&%,(<(0,%&<%2&2=%(.

()/%$21%)2$&0*+6&M."1&-8>3J&-"&+,%*.,Q&I=*2P$&0%()<&9")%&()&.%*,(2Q&($&9(MM%.%)2&M."1&I=*2 4%"4,%&I"#,9&=*/%&%/%.Q&.%*$")&2"&%d4%+2J

G=%Q&.%,(%9&")&2=%&$2*2%1%)2$&2=%Q&.%+%(/%9&M."1&5*9"MM7&2=%Q&.%,(%9&")&$2*2%1%)2$&M."1

-8>3&2=*2&jj&4%.+%)2&"M&()/%$2".$&0%&4."2%+2%9J&?)9&Q%2&2=%Q&*.%7&()&*99(2(")&2"&*,,&2=%

1")%Q&2=%QP/%&,"$2&0%+*#$%&"M&5*9"MM7&2=%Q&*.%&)"I&.#))()<&#4&()+.%9(0,%&,%<*,&M%%$J&G=%Q=*/%&0%%)&.%W#(.%9&2"&4."9#+%&9"+#1%)2$&<"()<&0*+6&cT&*)9&\L&Q%*.$&*)9&(2P$&0%()<&9")%&()78&0%,(%/%7&*&/%.Q&*.0(2.*.Q&*)9&=(<=&=*)9%9&I*Q&*)9&*&/%.Q&=%*/Q&=*)9%9&I*Q&I=(+=&($&O#$2

4%.4%2#*2()<&2=%&2%..(0,%&()O#$2(+%&2=*2&I*$&()M,(+2%9&")&2=%1&()&2=%&M(.$2&4,*+%J

B"I7&*$&M*.&*$&<"()<&M".I*.9&I(2=&-8>?&(M&8&+"#,9&O#$2&0%&+,%*.&()&1Q&1()9&="I&($&2=%

2.#$2%%&HH&="I&I*$&>(+*.9&*44"()2%9_

CD!B-DBF


T] K[b[cLKK



N%,,&=%P$&*7&.%*,,Q&*44"()2%9&0Q&2=%&0*)6.#42+Q&+"#.2J&G=%Q&=*/%&*)&"44".2#)(2Q&2"&.%/(%II="&2=%&4"2%)2(*,&2.#$2%%$&1*Q&0%J&G=%.%P,,&0%&.%+"11%)9*2(")$&2=*2P,,&0%&1*9%J&G=%Q&I(,,+=%+6&2"&$%%&(M&2=%.%&*)Q&+")M,(+2$&"M&()2%.%$2&*)9&2=%)&2=%Q&I(,,&<"&M".I*.9&*)9&<"&2=."#<=

2=*2&$%,%+2(")&4."+%$$J

5.J&>(+*.9&($&"0/("#$,Q&$"1%")%&I="P$&0%%)&()/",/%9&()&2=($&()9#$2.Q&M".&*&,")<&HH

A8B:F

X()*#9(0,%Y&$2"4&Q"#&0%+*#$%&2(1%&I(,,&0%&.#))()<J&V(9&-8>?&1*6%&*)Q&.%+"11%)9*2(")

")&I="&2=%&2.#$2%%&I(,,&0%_

CD!B-DBF

h%$J&N%&9"&1*6%&*&.%+"11%)9*2(")&.%<*.9()<&I="&I%&2=()6&I"#,9&0%&*&<""9&2.#$2%%J

A8B:F

?)9&I="&9"&Q"#&.%+"11%)9_

CD!B-DBF

N="&9(9&I%&.%+"11%)9_

A8B:F

h%$J

CD!B-DBF

8&0%,(%/%&I%&.%+"11%)9%9&5.J&>(+*.9J

A8B:F

>(+*.9J&-"&()&%MM%+2&I%&=*/%&2=%&+"#.2&$%,%+2()<&*&2.#$2%%&2=*2&Q"#&.%+"11%)9%9&*)9&2=%*.<#1%)2&+"#,9&0%&1*9%&2=*2&=%&($&)"I&4#22()<&*&2.%1%)9"#$&%MM".2&()&2"&4."2%+2()<&-8>?P$M#)9$7&2=*2&.*2=%.&2=*)&4."2%+2()<&()/%$2".$&=%P$&*+2#*,,Q&I".6()<&2"&4."2%+2&-8>?J&?)9&2"&1%7

2=%.%P$&*,1"$2&*)&()=%.%)2&+")M,(+2&"M&()2%.%$2&()&(2J

8&6)"I&2=%&+"#.2&1*9%&2=%&M()*,&9%+($(")&0#2&2=%&.%+"11%)9*2(")&I*$&1*9%&0Q&-8>?&*)9(2&$%%1$&2"&1%&(M&I%P.%&<"()<&M".I*.9&I(2=&.%+"11%)9*2(")$&M".&2=%&M#2#.%7&1*Q0%&2.Q()<&2"+"..%+2&2=%&()/%$2".$&"M&2=%&4.%$%)27&I%&I"#,9&M()9&*&I*Q&2"&=*/%&*&1#+=&1".%&()9%4%)9%)2

4%.$")&*44"()2%9&*$&2.#$2%%&()&I=(+=&-8>?&I"#,9&=*/%&)"&()4#2&I=*2$"%/%.J

CD!B-DBF

N%,,&,%2&1%&1*6%&")%&2=()<&+,%*.J&8&9")P2&2=()6&2=*2&I%&)%%9&*&2.#$2%%&2"&4."2%+2&-8>3M#)9$&#)9%.&*)Q&+(.+#1$2*)+%$&0%+*#$%&2=%$%&M#)9$7&M."1&1Q&$2*)94"()27&9")P2&0%,")<&2"&*)Q


T] K[b[cLKK



"M&#$J&G=%$%&*.%&M#)9$&2=*2&$="#,9&0%&#2(,(U%9&()&".9%.&2"&4."2%+2&2=%&+#$2"1%.$J

N=*2&I%P.%&2.Q()<&2"&9"&($&1*6%&$#.%&2=*2&I=*2%/%.&2=%&.",%&2=%&2.#$2%%&($&<"()<&2"&0%#2(,(U()<&($&<"()<&2"&0%&()&+"14,(*)+%&I(2=&2=%&,*IJ&B"I&I%&9"&=*/%&*&+%.2*()&.%$4")$(0(,(2Q

*$&I%&1*)*<%&2=($&M#)9&0#2&I%P.%&)"2&()&2=%&0#$()%$$&"M&2.Q()<&2"&M(<#.%&"#2&="I&2"&<%2&*$&M%I 4%"4,%&=%,4%9&*$&4"$$(0,%J&f#2&I%&*.%&()&2=%&0#$()%$$&"M&1*6()<&$#.%&2=*2&I=*2%/%.&4",(+(%$

*)9&4."+%9#.%$&2=*2&I%&#$%&+*)&0%&4."2%+2%9&#)9%.&2=%&,*IJ

A8B:F

f#2&2"&1%7&,""6()<&*2&2=%&.%+".9&I=*2&2=%&2.#$2%%&($&9"()<&($&)"2&2.Q()<&2"&4."2%+2&*$&1*)Q

4%"4,%&*$&4"$$(0,%&0#2&=%&($&#$()<&HH&*4*.2&M."1&2=%&M*+2&2=*2&=%P$&*,.%*9Q&<"22%)7&8&0%,(%/%&R\S1(,,(")&()&M%%$&*#2=".(U%9&M".&=(1$%,M&HH&(2P$&HH&8&O#$2&2=()6&HH&Q"#&6)"I7&8P/%&$%%)&.#)*I*Q

4."$%+#2".$7&$4%+(*,&4."$%+#2".$&*)9&2"&1%7&I=*2&8P1&$%%()<&()&2=($&($&*&.#)*I*Q&2.#$2%%&I="($&4#22()<&())"+%)27&I"#)9%9&4%"4,%&2=."#<=&()+.%*$%9&$#MM%.()<J

?)9&8&6)"I&2=*2&%/%)&HH&1*Q0%&*$&>."M%$$".&3"MM%%&$*(9&()&=($&$2*2%1%)27&=%&$*(9&4%"4,%I="&I%&1(<=2&2=()6&"M&())"+%)27&I%,,&9")P2&I%&=*/%&2"&*$$#1%&2=%QP.%&())"+%)2_&8&1%*)&($

2=%.%&*)Q&.%*$")&2"&2=()6&2=*2&*)Q&"M&2=%&4%"4,%&()&2=($&.""1&I="&,"$2&1(,,(")$&"M&9",,*.$&*)9*.%&)"I&0%()<&4#2&")&2=%&.*+6&HH&($&2=%.%&*)Q&.%*$")&2"&*$$#1%&2=%QP.%&)"2&())"+%)2_

G=%.%P$&*,1"$2&*)&()M%.%)+%&=%.%&2=*2&2=%&2.#$2%%P$&0%()<&=(.%9&0%+*#$%&X()*#9(0,%Y&=($&O"0($&2"&M()9&"#2&2="$%&I="&1*Q&=*/%&0%%)&()/",/%9&*)9&I%&2=()6&"2=%.$&*.%&()/",/%9&I=%)2=%.%P$&)"&%/(9%)+%&2=*2&2=%Q&I%.%J&?)9&2"&1%&2=%&4.%$#142(")&$="#,9&0%&2=*2&2=%$%&4%"4,%

*.%&())"+%)2J

!"I&9"&I%&=%,4&2=%1&)"2&4#2&2=%1&2=."#<=&2=%&()+.%9(0,%&.*/*<%$&*)9&$#MM%.()<&2=*22=%QP.%&<"()<&2=."#<=&.(<=2&)"I_&2=%.%P$&$"1%2=()<&I.")<&*0"#2&2=%&$Q$2%1J&8&2=()6&$"1%="I

I%P.%&$2*)9()<&0*+6&*2&Q"#&6)"I7&\L7LLL&M%%2&*)9&I%P.%&$*Q()<&DA&I%,,7&I%&9."44%9&2=% 0"10J&G=%.%&1*Q&0%&+",,*2%.*,&9*1*<%&0#2&I%P.%&)"2&.%*,,Q7&Q"#&6)"I7&2=*2P$&I=*2&=*44%)$()&I*.J

N%,,&2=%&M*+2&($&2=%.%P$&*&,"2&"M&+",,*2%.*,&9*1*<%&.(<=2&)"I&*)9&(2P$&M."1&4%"4,%&I="&*.%

*,.%*9Q&9*1*<%9&)"I&0%()<&+",,*2%.*,&9*1*<%9&*<*()J&?)9&8&9")P2&6)"I&(M&I%P.%&.%*,,Q*99.%$$()<&2=*27&2=%&()%W#(2Q7&2=%&()O#$2(+%7&2=%&="..".&"M&2=*2J

CD!B-DBF

8&2=()6&3")<.%$$1*)&A()<7&2=%&4"()2&($&I%,,&2*6%)&*)9&")%&"M&2=%&2=()<$&2=*2&8P/%&2.(%9&2"9"&*$&+=*(.1*)&($&2"&1*6%&$#.%&2=*2&I%&$2*.2&"#2&I(2=&2=%&4."4%.&2")%&*$&2"&="I&I%P.%&<"()<2"&<"&M".I*.9&9%*,()<&I(2=&*)Q&"M&2=%&()9(/(9#*,$&I="&=*/%&0%%)&/(+2(1(U%9J

8&2=()6&2=%&.",%&"M&2=%&2.#$2%%&($&")%&2=*2&($&9(MM(+#,2&*)9&+"14,%d&()&2=*2&I=%)&Q"#&0%<()&2"$2*.2&2"&<"&2=."#<=&2=%&4."+%$$&(2P$&#)+,%*.&I="&1*Q&0%&+"14,(+(27&I="&1*Q&=*/%&%)<*<%9&()

I.")<&9"()<&*)9&I="&=*$&)"2J

f#2&2=%&")%&2=()<&I%&=*/%&1*9%&+,%*.&($&2=*2&I%&I*)2%9&2"&1*6%&$#.%&2=*2&%/%.Q")%&=*9


T] K[b[cLKK



*)&"44".2#)(2Q&%/%)&(M&Q"#&<"2&W#"2%&#)W#"2%&.%+%(/%9&*&$%./(+%&"M&*&9"+#1%)2&2=*2&Q"#&=*9*)&"44".2#)(2Q&2"&+"1%&()&*)9&$4%*6&I(2=&2=%&2.#$2%%&0%+*#$%&"#.&<"*,&($&2"&1*6%&$#.%&2=*2

I%&*.%&<"()<&*M2%.&2=%&+"..%+2&()9(/(9#*,$J

N%&*.%&)"2&2.Q()<&2"&$(14,Q&<"&*M2%.&*)Q0"9Q&M".&2=%&$*6%&"M&<"()<&*M2%.&*)Q0"9QJ&N%#)9%.$2*)9&2=*2&2=($&($&*&/%.Q&$%)$(2(/%&($$#%&*)9&I%&$Q14*2=(U%&I(2=&$"1%&"M&2=%&="..".$&2=*2

()9(/(9#*,$&=*/%&<")%&2=."#<=&*)9&I%&I*)2&2"&1*6%&$#.%&2=*2&*2&2=%&%)9&"M&2=%&9*Q&2=*2&2=*2 4."+%$$&=*$&2*6%)&4,*+%&()&*&I*Q&2=*2&I%&I(,,&*,,&0%&+"1M".2*0,%J

?)9&2=*2P$&0*$(+*,,Q&2=%&+"11(21%)2&2=*2&8P9&,(6%&2"&+")2()#%&2"&1*6%&=%.%&2"9*QJ

A8B:F

5.J&?+6%.1*)7&O#$2&<(/%&1%&2(1%&M".&")%&1".%&W#%$2(")&*)9&")%&1".%&$2*2%1%)2J

8M&2=*2P$&2=%&+*$%&2=%)&8&2=()6&$"1%")%&$="#,9&2%,,&5.J&>(+*.9&0%+*#$%&8&=*/%&$4"6%)&2"1*)Q&"M&2=%$%&4%"4,%&*)9&2=%Q&9%$+.(0%&2"&1%&I=*2&2=%QP.%&<"()<&2=."#<=J&G=%Q&*.%&)"2

0%()<&2.%*2%9&*$&+(2(U%)$J&G=%Q&*.%&0%()<&2.%*2%9&*$&9%M%)9*)2$J&G=%Q&*.%&0%()<&2.%*2%9&*$+.(1()*,$J&?)9&2=%.%P$&*&=(<=H=*)9%97&*.."<*)2&*22(2#9%&0Q&2=%&2.#$2%%&2"I*.9&2=%$%&4%"4,%J

?)9&8&2=()6&$"1%2=()<&=*$&2"&0%&9")%&*)9&2=%&1%$$*<%&$="#,9&+"1%&M."1&Q"#&".&M."1&2=%+"#.2&".&$"1%")%&2"&2%,,&=(1&2"&6)"+6&(2&"MM&*)9&2.%*2&2=%1&,(6%&/(+2(1$7&)"2&*$&+.(1()*,$J

CD!B-DBF

G=%&4"()2&($&)"2%97&3")<.%$$1*)&A()<J

3!?8E5?BF

?)9&8&I(,,&*,$"&)"2%&M".&2=%&.%+".9&2=*2&2=%.%&*.%&+"14*$$(")*2%&+")$%./*2(/%$J

X@?i:!G;EY

CD!B-DBF

8&2*6%&%d+%42(")&2"&2=*2J

X@?i:!G;EY

XiBABDNBY

N%,,&Q"#&*.%&%d+%42(")*,J

-%/%.*,&2=()<$J&G=%$%&,%22%.$&2=*2&*.%&<"()<&"#2&*.%)P2&HH&*.%)P2&=%Q7&8P1&M."1&2=%<"/%.)1%)2&8P1&=%.%&*)9&8&I*)2&2"&=%,4&Q"#J&G=%$%&HH&2=%$%&HH&2=%$%&,%22%.$&$%2&2=%&2")%&"M&*/%.Q&*9/%.$*.(*,&.%,*2(")$=(4J&?)9&(2P$&$+*.()<&*&,"2&"M&4%"4,%J&82P$&HH&(2P$&)"I&#$&*<*()$2&Q"#J

h"#&*<*()$2&#$&*)9&2=%$%&*.%&4%"4,%&)"2&(M&2=%Q&1(<=2&=*/%&0%%)&/(+2(1(U%97&2=%QP.%&/(+2(1$J


T] K[b[cLKK



8&1%*)&I=*2&6()9&"M&*22(2#9%&($&(2&2=%Q&1(<=2&=*/%&0%%)&/(+2(1$_&8$&2=%.%&*)Q&W#%$2(")&2=*22=%QP/%&0%%)&/(+2(1(U%9_&>%"4,%&HH&4%"4,%&I="&HH&I="&9(.%+2%9&2=%(.&%)2(.%&,(/%$&*)9&2=%M#2#.%&"M&2=%(.&M*1(,(%$&*M2%.&I".6()<&=*.9&*,,&2=%(.&,(/%$&*)9&9"()<&2=%&.(<=2&2=()<&I()9&#4

I(2=&)"2=()<&()&*)&*++"#)2_

?)9&0%()<&2",9&2=%QP.%&*++"14,(+%$&2"&$4%)9()<&$2",%)&1")%Q_&8&1%*)&2=*2P$&4.%22Q*9/%.$*.(*,&*)9&Q"#&<"2&2"&<(/%&(2&0*+6&%/%)&(M&Q"#&9")P2&=*/%&(2_&?)9&Q"#&<"2&*&4."0,%1&I(2=

2=*27&+"1%&*)9&2*,6&2"&1%_&h"#&6)"I7&8&1%*)&8&HH&8&#)9%.$2*)9&Q"#.&*.<#1%)27&3=*(.1*)C"=)$")&2=*2&Q"#&9")P2&I*)2&2"&4#2&2=%&+.""6&()&+=*.<%&"M&$%22()<&2=%&9(*,"<#%&0Q&=*/()<&2=%>")U(&$+=%1%&"4%.*2".$&$%)9&Q"#&*&$2*2%1%)2&2=*2&HH&0#2&Q"#&6)"I7&O#$2&0%+*#$%&2=%&<#Q&,(%9*)9&4#2&2=*2&*$&2=%&0"22"1&,()%&")&2=%&$2*2%1%)27&Q"#&0%,(%/%9&(2&*)9&2=%.%M".%&Q"#P.%&<#(,2Q

"M&$"1%2=()<_&?)9&2=%.%M".%&2=%&+.""6$&*.%&()&+=*.<%&"M&2=%&*<%)9*_&?)9&(2P$&Q"#.&M*#,2&M". 0%,(%/()<&2=%&0"22"1&,()%_

N%,,&,%2&1%&2%,,&Q"#&$"1%2=()<J&h"#.&<"/%.)1%)27&1Q&<"/%.)1%)27&"#.&<"/%.)1%)27&2=%8)2%.)*,&E%/%)#%&-%./(+%&I*$&/%.Q&4,%*$%97&I*$&=*44Q7&I*$&9%,(<=2%9&2"&.%,Q&")&2=%&0"22"1

,()%&()&+",,%+2()<&2*d%$&*)9&<"()<&*M2%.&2=%1&(M&4%"4,%&9(9)P2&4*Q&0*$%9&")&2=*2&0"22"1&,()%J

N%&%1&HH&I%&%14"I%.%9&2=*2&0"22"1&,()%&*$&HH&*$&0%()<&<"$4%,&*)9&2%,,()<&4%"4,%&2=%Q&=*92"&4*Q&0*$%9&")&2=*2&0"22"1&,()%&0%+*#$%&2=*2&0"22"1&,()%&I*$&2=%&0"22"1&,()%J&?)9&I=Q

9(9)P2&2=%&<"/%.)1%)2&()/%$2(<*2%_&N=Q&9(9)P2&2=%&<"/%.)1%)2&9"&*)Q&HH&8&1%*)&2=($&I=",%2=()<&($&0(U*..%7&(2P$&X()*#9(0,%Y

8&1%*)&M(.$2&9"&)"&=*.1&$="#,9&0%&HH&$="#,9&0%&2=%&.#,%&HH&8&1%*)&(2&I*$&HH&(2&I*$X()*#9(0,%Y&*)9&4."4%.,Q&$"&0#2&()$2%*9&"M&HH&()$2%*9&"M&*&!(44"+.*2(+&D*2=&I%P/%&2*6%)&2=%

!(44"+.*2(+&D*2=J&N%P.%&$*Q()<&M(.$2&9"&)"&=*.1&*)9&2=%)&I%P.%&<"()<&*M2%.&2=%$%&4%"4,%J

G=%&I=",%&)"2(")&($&I%(.9J&h"#&6)"I7&1Q&HH&1Q&+",,%*<#%&5.J&HH&5.J&:*..%22&2*,6%9&*0"#2-8>3&,"<"&2=($&($&2=%&-8>3&,"<"J&>%"4,%&HH&4%"4,%&,""6&HH&Q"#&6)"I7&4%"4,%&X()*#9(0,%Y&2=%

,""6&*2&$Q10",$7&2=%Q&,""6&M".&2=()<$&*)9&2=%Q&HH&*)9&2=%Q&HH&2=($&($&2=%&I*Q&I%&+")9#+2&"#. ,(/%$&M".2#)*2%,Q&".&)"2&*)9&I%&*,,&<%2&2="$%&,(22,%&$2*2%1%)2$7&Q"#&6)"I7&M."1&"#.&M()*)+(*,

()$2(2#2(")$&KT&2(1%$&*&I%%6&I(2=&*,,&2=*2&M()%&4.()2&*)9&M",9%9&()&KS&4(%+%$&*)9&I%&9")P2&.%*9(2&*)9&I%&2=."I&(2&"#2&*)9&$"1%2(1%$&2=%Q&HH&I="&1*9%&2=%$%&4%"4,%&$%)9&2=($&"#2&*)9&2=%)&8$+.*2+=&1Q&=%*9&*)9&8&$*Q&"=&1Q&:"97&I=*2&=*/%&I%&9")%_

f#2&I%&9")P2&.%*9&2="$%&2=()<$J&N%&HH&I%&HH&I%&9"&2=%&$=".2&=*)9J&h"#&6)"I7&*)9&HH&*)9&HH

*)9&(2&$*Q$&Q"#&6)"I7&4%"4,%&<"&()2"&2=%&0*)6&(2&$*Q$&4."2%+2%9&0Q&2=%&'V83&*)9&4%"4,% 0%,(%/%&2=%Q&6)"I&I=*2&2=*2&($J&82P$&2=%&<"/%.)1%)2&$2*)9()<&0%=()9&*)9&2=%Q&<"2&()$#.*)+%

#4&2"&*&+%.2*()&*1"#)2&2=*2&I%&O#$2&()+.%*$%9&()&2=($&HH&2=($&,*$2&3")<.%$$J

?)9&2=%Q&6)"I&2=%Q&<"2&()$#.*)+%&*)9&2=%&<"/%.)1%)2P$&$2*)9()<&0%=()9&(2&*)9&2=%Q&<"&2"2=%(.&0."6%.&*)9&2=%Q&$%%&2=($&*)9&(2&,""6$&6()9&"M&,(6%&2=%&$*1%&6()9&"M&9%*,&*)9&HH&*)9&HH&*)9Q"#&<"&2"&Q"#.&HH&Q"#&<"&2"&Q"#.&HH&Q"#&<"&2"&Q"#.&<#Q&*)9&Q"#&1*6%&*)&()/%$21%)2&*)9&=%=*)9$&Q"#&=($&0#$()%$$&+*.9&*)9&I%&O#$2&4#,,%9&2I"&"#2&"M&2=%&M($=&0"I,&2=*2&I%&<"2J&?)9&")

(27&(2&$*Q$&=%P$&*&1%10%.&"M&2=%&B?-V&*)9&=%P$&*&1%10%.&"M&-8>3J

?)9&%/%.Q0"9QP$&0#$()%$$&+*.97&2=%QP.%&4."#9J&G=%QP.%&*&1%10%.&"M&-8>3J&G=*2&HH&2=*2HH


T] K[b[cLKK



2=*2P$&+"9%&M".&Q"#P.%&4."2%+2%9&*)9&i)+,%&-*1&*)9&2=%&<"/%.)1%)2&($&$2*)9()<&0%=()9&(2&*)9Q"#&<"&HH&Q"#&<"&()2"&2=%&<#QP$&$="4&*)9&Q"#&<"&2"&Q"#.&0."6%.&9%*,%.&*)9&Q"#&<"2&2=($&")&2=%

9"".&*)9&(M&Q"#&,""6%9&2=%1&#4&,(6%&8&#$%9&2"&9"&)"2&2""&1*)Q&Q%*.$&*<"&*)9&2="$%&"M&#$&I="*.%&2%+=)","<(+*,,Q&+=*,,%)<%9&*)9&Q"#&<"&2"&2=%&Q%,,"I&4*<%$7&=($&*9&=*$&2=($&()&(2J&!($$2*2(")*.Q&=*$&2=($&")&(2J&!($&.*9("&*9&2%,,$&Q"#J&!($&Gg&*9&2%,,$&Q"#J&h"#&<"&2"&2=%&8)2%.)%2*)9&=%P$&*9/%.2($()<&=%P$&*&1%10%.&"M&-8>3&*)9&Q"#&$%%&I=*2&(2&$*Q$&.(<=2&#)9%.&2=%&,"<"7

$%+#.(2Q&()/%$2%9&X()*#9(0,%Y&4."2%+2(")J&G=*2P$&I=*2&8&)%%9&+""4%.*2(")J&G=*2P$&I=*2&8&<"2*)9&()$2%*9&"M&*&9"2&")&2=%&e8e&<#%$$&I=*2&I%&<"2_&N%&<"2&2=%&?1%.(+*)&%*<,%&O#$2&,(6%&")

1Q&$2*2(")*.Q&*)9&")&2=%&$=(%,9&"M&2=%&>.%$(9%)2&"M&2=%&i)(2%9&-2*2%$&*)9&2=%&-#4.%1%&3"#.2J

G=*2P$&$=".2=*)9&M".&Q"#.&<"/%.)1%)2&($&$2*)9()<&0%=()9&2=($&*)9&I%P/%&*,,"I%9&2=($&2"=*44%)J&f%+*#$%&8P1&)"2&*&.%*,&9"+2".&0#2&8P1&4*Q()<&HH&4,*Q()<&")%&2"&M"",&Q"#&*)9&Q"#.

<"/%.)1%)2&($&*++%42()<&(2J&?)9&Q"#&<"2&()$#.*)+%&M".&RTLL7LLL&%d+%42&Q"#&*()P2&<"2&)"2=()<J

?)9&I%&<"2&HH&I%&<"2&*&1".*,&.%$4")$(0(,(2Q&2"&2=%$%&4%"4,%&9"&I%&)"2_&D.&*1&8&1($$()<

$"1%2=()<_

X()*#9(0,%Y

CD!B-DBF

8&2=()6&I%&9"&=*/%&*&.%$4")$(0(,(2Q&2"&2=%$%&4%"4,%&*)9&8&2=()6&I=%)&I%&,""6&*2&2=()<$&I%=*/%&*&.%$4")$(0(,(2Q&2"&%/%.Q&/(+2(1&2=*2&I*$&4*.2&"M&*&$+=%1%&*)9&")%&"M&2=%&2=()<$&2=*2&I%=*/%&2"&M(<#.%&"#2&="I&I%&0*,*)+%9&*)9&I=%2=%.&I%&9"&(2&2=%&.(<=2&I*Q&".&9"&(2&2=%&I.")<

I*Q&($&="I&9"&I%&%)$#.%&2=*2&I%&*.%&)"2&$(14,Q&<"()<&2"&0%)%M(2&2="$%&2=*2&0Q&2=%&,#+6&"M 2(1%&<"2&"#2&*2&2=%&.(<=2&2(1%&*$&"44"$%9&2"&2="$%&()9(/(9#*,$&2=*2&1*Q&)"2&=*/%&0%%)&*$

M".2#)*2%J

XiBABDNBY

-"&(M&Q"#&<"2&*&2.*)$M#$(")&M(.$2&I%&$="#,9&2*6%&"#2&2=%&0,""9&2"&<(/%&(2&2"&$"1%0"9Q&I="P$*&4()2&$=".2_

CD!B-DBF

N%,,7&8&I"#,9)P2&2*6%&"#2&2=%&0,""97&3")<.%$$1*)7&()&".9%.&2"&=*/%&$"1%0"9Q&2*6%&2=%(. ,(/%$&*I*Q&0#2&I%&9"&<(/%&0,""9&2"&"2=%.$&M."1&2(1%&2"&2(1%&I="&*.%&()&)%%9J&?)9&")%&"M&2=%2=()<$&2=*2&HH

XiBABDNBY

f#2&$="#,9)P2&HH&$="#,9)P2&2=*2&0%&*&+",,%+2(/%&9%+($(")&2=*2&I%&9"&*$&*&$"+(%2Q&*)9&)"2=*/%&*&2.#$2%%&9%+(9%&2"&I="&2"&<"&*M2%.&*)9&2*6%&2=%(.&0,""9&0*+6_

CD!B-DBF

N%,,7&*)9&8&2=()6&1*Q0%&2=%&I".,9&"M&3")<.%$$&I(,,&%)9&#4&2*6()<&($&2"&=%,4&#$&2"&<%2&1".%$4%+(M(+&<#(9%,()%$&*$&2"&="I&2=*2&)%%9$&2"&2*6%&4,*+%&*)9&8&2=()6&I%P,,&0%&1".%&2=*)&=*44Q&2"


T] K[b[cLKK



/(<"."#$,Q&M",,"I&2=*2&.#,%&()&I=*2%/%.&I*Q&3")<.%$$&9%+(9%$&2"&1"/%&M".I*.9J

XiBABDNBY

h%$7&0#2&I%P.%&HH&I%P.%&,""6()<&HH&I%P.%&,""6()<&2"&Q"#7&8&1%*)&2=($&HH&2=($&($&HH&2=($&($&)"2Q"#&6)"I7&A()<&-","1")P$&+"#.2&*)9&HH&*)9&Q"#&6)"I7&)")%&"M&#$&4.%2%)9$&2"&0%&2=*2&*)9&(2P$

*)&*I%$"1%&.%$4")$(0(,(2Q&*)9&HH&*)9&Q"#7&0Q&/(.2#%&"M&2=%&M*+2&2=*2&2=%&.",%&2=*2&Q"#&=*/%,""6()<&M".I*.9&I=(+=&8&*<.%%&($&Q"#.&.",%&*)9&$"1%2(1%$&I%&=*/%&2"&$%%&="I&2"&M(d&2=%

4."0,%1&,""6()<&M".I*.9J

N=*2&I%&9"&*0"#2&2=%&+",,*2%.*,&9*1*<%$&*$&A()<&$*(9&2=*2&I%&HH&2=*2&I%P/%&,%M2&0%=()97

2=%&+*.)*<%&=%.%J&N%&$="#,9)P2&0%&2.*14,()<&")&2=%&0"9(%$&"M&2="$%&I="&*.%&()O#.%9&()&".9%. 2"&=%,4&4%"4,%&()&2=%&M#2#.%J&N%&=*/%&2"&2.Q&2"&=%,4&%/%.Q0"9QJ

?)9&Q"#&9")P2&9"&2=*2&0Q&M#.2=%.&I"#)9()<&2="$%&4%"4,%&I="&*.%&$#MM%.()<J&h"#&6)"I7&(2P$

)"2&2*6()<&*I*Q&M."1&2=($&HH&Q"#&6)"I7&I%&*.%&I=%.%&I%&*.%J&82P$&*&$2*2(+&$(2#*2(")&.(<=2&)"IJV"&Q"#&<"&()&*)9&HH&*)9&M#.2=%.&4."0%&2=%&I"#)9&"M&2="$%&4%"4,%&I="&1*Q&".&1*Q&)"2&=*/%2=%&I=%.%&I(2=&*,,&2"&9"&*)Q2=()<&2"&<(/%&2"&4%"4,%&I="&*.%&W#"2%7&e)%2&,"$%.$e&I="&1*Q&0%

.(+=%.&2=*)&2=%&)%2&I())%.$J

8&1%*)&8&HH&8&9")P2&6)"I&="I&Q"#&M(<#.%&2=($&2=()<&"#2J&8&1%*)&Q"#&6)"I7&I%&=*/%&$"1%,%<($,*2(")&")&2=%&HH&")&2=%&4%"4,%&I="&I%)2&2=."#<=&HH&2=."#<=&0."6%.&9%*,%.$&*)9&2=(.9

4*.2(%$&*)9&*,,&2=*2&2"&Q"#&6)"I7&<(/%&#4&2"&RKLL7LLL&()$#.*)+%$J&V"&I%&=*/%&2=*2_&Q"#6)"I7&*$&*&HH&*$&*&$"+(%2Q&1*Q0%&HH&1*Q0%&I%&I="&*.%&+"14,(+(2&()&(2&I=(+=&($&$"+(%2Q&*)9&#$

*)9&Q"#&*)9&%/%.Q0"9Q&%,$%&M".&,%22()<&2=($&=*44%)&2"&$*Q&DA&2=($&($&Q"#&6)"I7&2=($&($&2=%=%,4&I%&=*/%&2"&<(/%&4%"4,%&*)9&I%&*,,&0".%&2=%&.%$4")$(0(,(2Q&*)9&I%&=*/%&2"&4*Q&M".&(2J

82P$&)"2&O#$2&/"2%.&%9#+*2(")J&h"#&6)"I7&I%&*,,&6)"I&Q"#&+*)P2&<"&"/%.&2=%&$4%%9&,(1(2&0#2

I%&$2(,,&4#2&+"4$&"#2&2=%.%&*)9&4%"4,%&.%,Q&")&2=%&+"4$&2"&%)M".+%&2=%&,*I&*)9&"#.&+"4$=*/%)P2&9")%&2=*2J&;/%.Q0"9Q&2="#<=2&2=%Q&I%.%&HH&2=%Q&I%.%&9"()<&I=*2&2=%Q&I%.%$#44"$%9&2"&0%&9"()<&*)9&2=%)&M()9&"#2&2=%(.&I=",%&I".,9&($&2"4$Q&2#./QJ

5Q&2(1%J

XiBABDNBY

G=*)6&Q"#J&h%$J

-"&8&I*$)P2&$#.%&I=%.%&Q"#&I%.%&<"()<&I(2=&2=($&A()<&-","1")&2=()<&".&.%M%.%)+%&0#2&Q"#6)"I7&()&HH&()&HH&()&HH&()&2=%&+*$%&"M&A()<&-","1")7&"M&+"#.$%7&I%&HH&I%&HH&I%&*,,&6)"I&2=%$2".Q&M."1&2=%&",9&2%$2*1%)2&*2&2=%&%)9&"M&2=%&9*Q7&"M&+"#.$%7&=%&9(9)P2&$,(+%&2=%&0*0Q&()&=*,M *)9&HH&*)9&2=%&0*0Q&$#./(/%9J

8&2="#<=2&=%&I*$&<"()<&2"&<"&*)9&$#<<%$2&2=*2&()&2=($&+*$%&I%&*.%&$,(+()<&2=%&0*0Q&()&=*,M

*)9&1*6()<&2=*2&I.")<&9%+($(")&*)9&2=%)&2=%&4%)*,2Q&($&")&HH&")&HH&")&HH&")&0"2=&2=%&1"2=%. *)9&HH&*)9&HH&*)9&2=%&9%*9&+=(,9J&-"&O#$2&2"&M(,%&*,")<&*)9&2=%)&*,$"&I=%.%&>%2%.7&2=%

<%)2,%1*)&M."1&B%I&h".67&%d+#$%&1%7&I*$&$*Q()<&I(2=&.%<*.9&2"&2=%&2.#$2%%&O#$2&2I"&W#(+6


T] K[b[cLKK



W#%$2(")$&2=%.%J

D)%&W#%$2(")&2=*2&I%&<%2&"M2%)2(1%$&($&9"&I%&6)"I7&9"&Q"#&6)"I&I=*2&2=%&2.#$2%%&=*$ 0(,,%9&-8>3&$"&M*._&?)9&I=%.%&9"&2="$%&M#)9$&+"1%&M."17&*+2#*,,Q_

CD!B-DBF

h%$J&8&2=()6&=%P$&0(,,%9&2=%&+"#.2&*0"#2&R\j&1(,,(")J

XiBABDNBY

R\j&1(,,(")J&?)9&HH&*)9&I=%.%&($&HH&DA7&2=%&W#%$2(")&M."1&2=%&HH

XiBABDNBY

8&1#$2&0%&2=%&4%*)#2&<*,,%.Q&"/%.&=%.%J

XiBABDNBY

JJJ&M."1&1Q&+",,%*<#%&=%.%&($&HH&9"%$&=%&<%2&4*(9&")&2(1%&*)9&I=%.%&9"&HH&I=%.%&9"&2="$%

M#)9$&+"1%&M."1_

CD!B-DBF

G=%Q&+"1%&M."1&M%%$&2=*2&*.%&4*(9&0Q&-8>3&1%10%.$J

XiBABDNBY

DAJ&-"&2=($&()&%$$%)+%&(2&=*$&2"&0%&.(<=2&$"&()&2=%&$*1%&4"2&"M&HH&$*1%&4"2&"M&1")%QJ&?)9>%2%.&I*$&HH&8P1&$"..Q7&2=%&W#%$2(")&I*$&*$6%9&0Q&2=%&<%)2,%1*)&M."1&B%I&h".6&()&.%<*.9&2"2=%&*44"()21%)2&"M&2=%&2.#$2%%&*)9&8&#)9%.$2*)9&Q"#.&*)$I%.&0#2&"/%.&2(1%7&)"2&O#$2&()&2=($+*$%7&($&(2&O#$2&2=%&)".1&I(2=&.%<*.9&2=*2&-8>3&1*6%$&9(.%+2&HH&1*6%$&*&.%+"11%)9*2(")&M".&*

2.#$2%%_&?)9&($&(2&2=%&)".1&2=*2&2=%&HH&2=%&O#9<%&I"#,9&*44."/%&2=*2&HH

CD!B-DBF

82P$&*&)".1&M".&-8>3&2"&1*6%&2=%&.%+"11%)9*2(")&*)9&(2P$&$(14,Q&#4&2"&2=%&O#9<%J&8&+*)P2$*Q&2=*2&8&6)"I&*,,&2=%&+(.+#1$2*)+%&I=%.%&2=%&O#9<%&1*Q&)"2&=*/%&*++%42%9&2=*2.%+"11%)9*2(")&0#2&*2&2=%&%)9&"M&2=%&9*Q&(2P$&+"14,%2%,Q&()&2=%&O#9<%P$&9%+($(")J

XiBABDNBY

V"&HH&9"&I%&6)"I&HH&()&HH&($&()&HH&"2=%.&+*$%$&($&HH&9"%$&2=%&()/%$2".&+,*$$&".&*)Q")%&%,$%

1*6%&.%+"11%)9*2(")$&2"&2=%&+"#.2&*$&2"&="I&2=%Q&I"#,9&HH&X()*#9(0,%YJ

CD!B-DBF

N%,,&I%&1*6%&2=%&9%$(<)*2(")&0*$(+*,,Q&0Q&$2*2#2%$&$"&(M&2=%&$2*2#%&I*$&9(MM%.%)2&2=%)&(2


T] K[b[cLKK



I"#,9&*,,"I&"2=%.$&2"&1*6%&2=%&+*,,&0#2&I%P.%&9%$(<)*2%9&0Q&$2*2#2%&2"&9"&$"7&$"&2=*2P$&I=QI%&.%*,,Q&9")P2&=*/%&*)Q&"2=%.&2=(.9&4*.2(%$&2=*2&*.%&()/",/%9J

3?Ei-DF

8&9")P2&HH&8&9")P2&0%,(%/%&*10*$$*9".$&I"#,9&=*/%&2=%&.(<=2&2"&4."4"$%&2=%(.&"I)&2.#$2%%7&*2

,%*$2&()(2(*,,QJ

XiBABDNBY

DAJ&?)9&O#$2&*$&HH&W#(+6&W#%$2(")&HH&9"%$&*)Q")%&HH

XiBABDNBY

h"#.&$2*2%1%)2&I*$&+"..%+2&(2&($&-8>3&I="&1*6%$&2=%&.%+"11%)9*2(")&2=%&2.#$2%%&HH&2=*22=%&+"#.2&$(14,Q&9%+(9%$&(M&2=%&4."4"$%9&2.#$2%%&($&W#*,(M(%9J&-"&(M&2=%.%P$&*&$2.")<

4.%$#142(")&()&M*/".&"M&2=%&-8>3&)"1()%%J

XiBABDNBY

V"%$&*)Q")%&=%.%&")&2=%&4*)%,&$#<<%$2&2=*2&2=*2&($&<""97&0*9&".&$="#,9&0%&+=*)<%9_

XiBABDNBY

8&2=()6&-8>3&($&/%.Q&1#+=&"/%.$%%)&0Q&2=%&-;3&()&2=($&.%<*.9&*)9&(2P$&2=%&-;3&I="&=*$*$6%9&-8>3&2"&<%)%.*2%&*&,($2&"M&4"2%)2(*,&2.#$2%%$&()&*9/*)+%J&-"&8&2=()6&(2P$&*&+"10()*2(")&"M 2=%&-;3&*)9&-8>3&2=*2&=*$&9%/%,"4%9&2=($&*44."*+=&"M&9%/%,"4()<&*&,($2&"M&4"2%)2(*,&2.#$2%%$()&*9/*)+%J

XiBABDNBY

DAJ&?)9&9"%$&*)Q0"9Q&$#<<%$2&2=*2&2=*2&($&)"2&2=%&*44."4.(*2%7&*$&$"1%&"M&Q"#&$*(9,""6()<&M".I*.97&2=*2&,""6()<&M".I*.9&($&2=%.%&$"1%2=()<&2=*2&I%&$="#,9&0%&,""6()<&*2_

CD!B-DBF

N%,,&()&2%.1$&"M&2=*2&I=",%&4."+%$$&8&1%*)&2=*2P$&")&2=%&2*0,%&()&2%.1$&"M&I=*2&I%P.%,""6()<&*2&9#.()<&2=%&2*$6&M".+%J&G=%&I*Q&I%P.%&,""6()<&*2&2=%&2*$6&M".+%&($&I%&I*)2&2"&2*6%&*

,""6&*2&%/%.Q2=()<&2=*2&I%P.%&9"()<&M."1&2"4&2"&0"22"1J

N%&O#$2&I%)2&*)9&=*9&*&+"14,%2%7&M#,,&/(%I&"M&2=%&"4%.*2(")$&"M&2=%&$2*MM&I=(+=&I*$$"1%2=()<&2=*2&8&I*)2%9&2"&=*/%&*)&"44".2#)(2Q&2"&2*6%&*&,""6&*2&$"&I%P/%&<"2&%/%.Q2=()<&")

2=%&2*0,%&()&2%.1$&"M&="I&I%&2=()6&I%&+*)&0%$2&4."2%+2&()/%$2".$&*)9&+#$2"1%.$&I=%)&2=($&($*,,&$*(9&*)9&9")%J

XiBABDNBY

DAJ&N=*2&HH&")%&"M&2="$%&"2=%.&2=()<$&*)9&*)Q0"9Q&I="&+*)&*)$I%.&2=($&W#%$2(")&($&HH&*)9


T] K[b[cLKK



2=($&I*$&()&1Q&"4%)()<&$2*2%1%)2&I*$&*&W#%$2(")&.%<*.9()<&="I&)%2&%W#(2Q&$="#,9&0%+*,+#,*2%9J&?)9&2=%&W#%$2(")&*$&M*.&*$&*++%$$&2"&2=%&.%+".9$&2"&2=%&()/%$2".&+,*$$&()&".9%.&2"

=%,4&1*6%&2="$%&9%2%.1()*2(")$J

8&#)9%.$2*)9&2=*2&2=%&HH

XiBABDNBY

N%,,&"0/("#$,Q&(2P9&0%&+.(2(+*,,Q&(14".2*)2&M".&2=%&()/%$2".&+,*$$&2"&0%&*0,%&2"&=*/%&2="$%

()M".1*2(")&*$&,")<&HH&*$&I%,,&*$&-8>?&=*$&2=%1&0#2&.(<=2&)"I&8&<#%$$&2=%QP.%&)"2&9")%J&8#)9%.$2*)9&2=*2&-8>3&2.#$2%%$&HH&-8>3P$&M".1#,*2(")&+"#,9&0%&+*,,%9&()2"&W#%$2(")&(M&Q"#&I%.%

2"&,""6&*2&2=%&HH&=*/%&*++%$$&2"&2="$%&.%+".9$&*)9&2"&,""6&*2&2="$%&.%+".9$&*)9&2"&$*Q&()&2="$%%d*14,%$&"M&$"1%&"M&Q"#&*.%&.*($()<&2=*2&I%,,&Q%$7&$"1%&"M&2=%$%&2.*)$*+2(")$&"/%.&2=%&,*$2="I&1*)Q&HH&*&+"#4,%&"M&9%+*9%$&I%.%&*+2#*,,Q&,%<(2(1*2%&2.*)$*+2(")$7&.(<=2_

-"&I=%)&8&<"2&1Q&$2*2%1%)2&8&4#2&()&*&=*,M&1(,,(")&9",,*.$&*)9&(2&$*(9&2=.%%&1(,,(")&9",,*.$1*Q0%&]TL7LLL&"M&2=%1&I%.%&*+2#*,,Q&,%<(2(1*2%&2.*)$*+2(")$7&.(<=2&$"&I=%)&Q"#&*,,&M(<#.%"#2&2=%&()&HH&)%2&/*,#*2(")&")&2=*27&Q"#&I*)2&2"&6)"I&2=*27&.(<=2_

f#2&(M&2=%&()/%$2".&M",6$&9")P2&=*/%&*++%$$&2"&()M".1*2(")7&2=%Q&*.%&)"2&()&*&4"$(2(")&2"

*.<#%&2=*2&$"&I=*2&*.%&I%&9"()<&I(2=&2="$%&.%+".9$_

CD!B-DBF

N%,,&2=*2&4"()2&($&I%,,&)"2%9&*)9&8&2=()6&M."1&1Q&$2*)94"()27&8&9")P2&.%*,,Q&$%%&*&.%*$")I=Q&2=%Q&$="#,9)P2&=*/%&*++%$$&2"&2=*2&9"+#1%)2*2(")J&?)9&2=*2P$&")%&"M&2=%&($$#%$&2=*2&I%P,,

,""6&*2&*)9&1*6%&*&.%+"11%)9*2(")&X()*#9(0,%Y&2*$6&M".+%J

XiBABDNBY

f#2&I=%.%&*.%&I%&.(<=2&)"I&")&2=%&HH&8&1%*)&HH

CD!B-DBF

8P1&$"..Q_

XiBABDNBY

82P$&HH&(2P$&HH&(2P$&()&HH&(2P$&()&2=%&+"#.2&.(<=2&)"IJ&8&1%*)7&($&2=($&$"1%2=()<&2=*2&+*)&0%+=*)<%9_&D.&I(2=&.%<*.9&I(2=&I=*2P$&<"()<&")&.(<=2&)"I_&D.&($&2=($&O#$2&HH&*)9&8P1&)"2&2*,6()<

X()*#9(0,%Y&5.J&3*.#$"P$&M()%&+"11%)2&"M&$*Q()<&I=*2&9"&I%&9"&()&2=%&M#2#.%&")&2=%&)%d25*9"MM_&N%P.%&2*,6()<&*0"#2&2=%&$(2#*2(")&.(<=2&)"I7&8&<#%$$7&M".&$"1%&"M&2=%&M",6$&0%=()9

Q"#J

3*)&I%&$*Q&2=*2&Q"#&6)"I7&2"1".."I&2=%$%&()M".1*2(")&HH&2=($&()M".1*2(")&($&*/*(,*0,%&". I=%.%&*.%&I%_

CD!B-DBF


T] K[b[cLKK



N%,,&()&2%.1$&"M&I=%.%&I%&*.%&.(<=2&)"I&8P1&)"2&$#.%&(M&I%P/%&<"2&2=%&*#2=".(U*2(")&2"1*6%&2=*2&*/*(,*0,%&0#2&2=*2P$&$"1%2=()<&2=*2&I%&+*)&2*6%&*&,""6&*2&*)9&(M&I%&=*/%&2=%*#2=".(U*2(")&2"&9"&$"7&I%&I(,,J

XiBABDNBY

?,,&.(<=2J&-"&HH&$"&2=%.%&($&*&W#%$2(")&"M&I=%2=%.&-8>?&M%,2&HH&)%%9&HH&1*Q&)%%9&2"&0%

*1%)9%9&()&".9%.&M".&2=*2&2"&"++#._&8$&2=*2&X()*#9(0,%Y&HH

CD!B-DBF

G=*2P$&+,%*.,Q&2=%&+*$%J&8&1%*)&8&O#$2&9")P2&I*)2&2"&HH&8&1*9%&/%.Q&+,%*.&2=*2&2=($&($&*&$2*2#2%

2=*2&.%*,,Q&=*$)P2&0%%)&.%/(%I%9&M".&*0"#2&bL&Q%*.$&()&*&$%.("#$&I*Q&*)9&2=*2P$&4*.2&"M&2=%.%*$")&2=*2&I%P.%&2.Q()<&2"&M(<#.%&"#2&="I&2"&<%2&2=%&$2*2#2%&2"&0%&1".%&M,%d(0,%&2"&0%&*0,%&2"9%*,&I(2=&2=%&($$#%$&2=*2&I%P.%&+#..%)2,Q&Q"#&6)"I7&9%*,()<&I(2=&()&2=($&2Q4%&"M&1*.6%2&()&2=($2Q4%&"M&()/%$21%)2&*)9&#)9%.$2*)9()<&2=%&2Q4%&"M&()/%$2".$&I%P.%&9%*,()<&I(2=&.(<=2&)"IJ

XiBABDNBY

DAJ&C#$2&HH&O#$2&$"&8P1&+,%*.&2=%)&$"&2=*2&)%%9$&2"&0%&9")%&*)9&I%&HH&I%&HH&Q"#&9")P2&=*/%M,%d(0(,(2Q&#)9%.&2=%&+#..%)2&,*)<#*<%&($&I=*2&8P1&$*Q()<J

CD!B-DBF

N%,,&I%P.%&.%/(%I()<&(2&*)9&I%P,,&9%2%.1()%&I=%2=%.&".&)"2&I%&=*/%&2=%&M,%d(0(,(2Q&#)9%.

2=%&+#..%)2&,*)<#*<%J&-"&I=*2&HH&(M&()&2=%&%/%)2&2=*2&I%&9"&)"27&2=*2&1*Q&0%&*.%+"11%)9*2(")&2=*2&I%&1*Q&1"/%&M".I*.9&I(2=J

XiBABDNBY

?,,&.(<=2&I%,,&2=%)&Q"#&O#$2&"4%)%9&#4&2=%&)%d2&W#%$2(")&2=%)&I=%)&Q"#&$*(9&I%P.%&2.Q()<2"&9%2%.1()%&2=($J&!"I&,")<&9"%$&2=*2&2*6%&()&".9%.&2"&9%2%.1()%&0%+*#$%&8&$".2&"M&2=()6&2=*2

2=*2P$&2=%&()M".1*2(")&2=*2&8&I*)2&Q%$2%.9*QJ

CD!B-DBF

N%,,&2=*2P$&()M".1*2(")&2=*2&I%&+*)&M()9&"#2&/%.Q&W#(+6,Q&*)9&*$&$"")&*$&8&=*/%&2=*2.%$4")$%&8&+*)&<%2&(2&0*+6&2"&Q"#7&3")<.%$$1*)&0#2&8&+*)P2&(1*<()%&(2&$="#,9&2*6%&#$&*&,")<2(1%&2"&1*6%&2=*2&9%2%.1()*2(")J

XiBABDNBY

G=*)6&Q"#&*)9&<%)2,%1%)&)%d2&X()*#9(0,%Y

XiBABDNBY

8&I*$&$+*.%9&HH&8&I*$&HH&8&I*$&<"()<&2"&1*6%&*)&*)*,"<Q&2"&$"1%&"M&2=%&+*$%$&2=*2&*.%&)")-8>3J&5"$2&"M&2=%&+*$%$&8&4."$%+#2%7&1Q&"MM(+%&4."$%+#2%$&*.%&>")U(&$+=%1%$&I(2=&M(+2(2("#$


T] K[b[cLKK



$%+#.(2(%$&*)9&I=*2)"2&0#2&2=%.%P$&)"&-8>3&+"/%.*<%&".&2=%.%&=*$)P2&0%%)&()&2=%&4*$2&Q"#6)"I7&8P9&,(6%&2"&$%%&)"2=()<&0%22%.&2=*)&%/%.Q0"9Q&<%2&*,,&2=%(.&1")%Q&0*+6J

8P1&)"2&2""&$#.%&="I&Q"#&I"#,9&9"&2=*2J

XiBABDNBY

X()*#9(0,%Y&=",9&2=*2&2="#<=2J&h"#&X()*#9(0,%Y&%d4,*()&I=Q&2=%Q&HH&="I&9"&2=%Q&+"1%*0"#2&2=*2&2=%QP.%&)"2&<"()<&2=."#<=&-8>3&_

XiBABDNBY

!($2".(+*,,Q&0%+*#$%&2=%&$%+#.(2(%$&*.%&)"2&%(2=%.&=%,9&0Q&2=%&0."6%.&9%*,%.&M".&%d*14,%7

4.(/*2%&4,*+%1%)2$&($&*&0(<&*.%*&M".&#$&2=%&X()*#9(0,%Y&I%&HH&I%P/%&+"14,*()%9&*0"#2&2=($1*)Q7&1*)Q&2(1%$J&G=%&HH&2=%&$*,%$&I(,,&"++#.&2=."#<=&*&0."6%.H9%*,%.J&82&1(<=2&0%&*&4.(/*2%

4,*+%1%)2&I=%.%&2=%Q&<%2&*&@@3&4*.2)%.$=(47&,(1(2%9&4*.2)%.$=(4&2Q4%&+%.2(M(+*2%&". $"1%2=()<J

G=%&+%.2(M(+*2%&($&)"2&=%,9&*2&2=%&0."6%.&9%*,%.J&82P$&)"2&()&()/%)2".QJ&G=%Q&9"&<%2&*++"#)2$2*2%1%)2$&0%+*#$%&2=%.%P$&*&.%4".2&*)9&2=%QP,,&*+2#*,,Q&<%2&$*Q&2=*2&*++".9()<&2"&Q"#.&"(,&*)9

<*$&I%,,&".&I=*2%/%.&(2&1*Q&=*/%&0%%)7&Q"#P/%&<"2&a&H&a&9",,*.$J

!($2".(+*,,Q7&2=*2&=*$&)"2&<")%&2=."#<=&-8>3&*)9&8&<#%$$&8P/%&=*9&2=($&9($+#$$(")&I(2=&-8>3$()+%&2=%&1(9&PjL$&")&2=*2&0#2&2=%.%&I*$&)"&()2%.%$2&M."1&*)Q&<"/%.)1%)2&0"9Q&*2&2=%&2(1%&2"HH&2"&2*6%&2=*2&")&#4J&G=($&<"%$&0*+6&2"&2=%&1(+."&+*4&*.%*&2=*2&8&2%$2(M(%9&2"&()&2=%&$%)*2%

0*+6&()&KjjSJ

?$&*&4.*+2(+*,&1*22%.7&2=."#<=7&2=%&HH&2=%&>")U(&$+=%1%$&2=*2&I%&"/%.$%%&%)9&#4&=*/()<&*/%.Q&,(1(2%9&4"",&"M&M#)9$J&?,2="#<=&I%&/%.Q&.*.%,Q&$%%&2=%&+,*I&0*+6&($$#%&+"1%&#4

0%+*#$%&W#(2%&=")%$2,Q&2=%$%&>")U(&$+=%1%$&#$#*,,Q&9")P2&,*$2&cL&Q%*.$J

G=%&")%$&I%&$%%&")&*&1".%&,"+*,&,%/%,&*.%&*&,"2&$=".2%.&()&9#.*2(")&*)9&2=%.%M".%&2=%&2(1%/*,#%&1")%Q&($&)"2&.%*,,Q&2=*2&$(<)(M(+*)2&*)9&,%2P$&M*+%&(27&1"$2&"M&2=%$%&M",6$&9")P2&I*)2&2=%+=%%$%7&2=%Q&O#$2&I*)2&"#2&"M&2=%&2.*4&*)9&<%2&2=%(.&1")%Q&0*+6&2=*2&2=%Q&+*)J&5"$2&"M&2=%2(1%&(2P$&4%))(%$&")&2=%&9",,*.J

8&*1&<"()<&2"&$#<<%$27&2="#<=&2=*2&(M&I%&*.%&,""6()<&*2&2=()<$&,(6%&+"/%.()<&2=%&-2*)M".91*22%.7&8P/%&<"2&M(/%&+*$%$&.(<=2&)"I&()&2=%&,*$2&Q%*.J&G=*2P$&*)"2=%.&R]&0(,,(")&2=*2&)%%9&2"&0%

*99%9&2"&2=*2J

N=*2&($&)"2&.%4".2%9&($&2=*2&-2*)M".9&*)9&5*9"MM&O#$2&0%+*#$%&"M&$=%%.&$(U%&*.%&)"2#)#$#*,&+*$%$J&G=%QP.%&#)#$#*,&0%+*#$%&"M&2=%&$(U%&*)9&2=%&HH&8P/%&<"2&")%&+*$%&2=*2&=*9K^7LLL&/(+2(1$&()&(2&0#2&2=%&HH&2=%&9",,*.&)#10%.$&I%.%&$1*,,&0%+*#$%&I%&+*#<=2&(2&%*.,QJ&f#22=*2&0%()<&$*(97&2=%.%&HH&2=%.%&I*$&)"&+"/%.*<%&2=%.%J

8&HH&8&2=()6&2=*2&*$&1#+=&*$&8&I"#,9&,(6%&2"&<%2&%/%.Q0"9Q&+"/%.*<%J&8M&Q"#P.%&<"()<&2"+"/%.*<%&2=%&M(+2(2("#$&$%+#.(2(%$&"#2$(9%&"M&2=%&0."6%.&9%*,%.&+#$2"9Q&*.%*&Q"#P.%&4."0*0,Q


T] K[b[cLKK



<"()<&2"&,""6&*2&*&$%/%.*,&=#)9.%9&0(,,(")&9",,*.&M#)9&2=*2&)%%9$&2"&0%&M#)9%9J&?)9&2=*2P$<"()<&2"&2*6%&#4&2(1%&9%4%)9()<&")&I=*2&Q"#&9"&I(2=&2=%&*$$%$$1%)2$J

8&I"#,9&,"/%&2=*2&2"&=*44%)J&8&9")P2&2=()6&(2P$&4.*+2(+*,7&*2&,%*$2&#)9%.&2=%&+#..%)2

$2*)9*.9$J&f#2&8&9"&2=()6&HH&,%2P$&)"2&M".<%27&8&2=()67&2=*2&(2P$&HH&2=%.%&*.%&"2=%.&M.*#9$&"#2&2=%.%2=*2&(M&I%&*.%&<"()<&2"&%d4*)9&+"/%.*<%7&I%&)%%9&2"&9"&(2&M".&*,,&?1%.(+*)$&*)9&*,,&M.*#97&)"2

O#$2&-*)M".9&M.*#9&*)9&5*9"MM&M.*#9&*)9&Q"#&6)"I7&8&+*)&<(/%&Q"#&*&,($2&"M&cL&2=*2&HH&2=*2I%P/%&4."$%+#2%9&()&2=%&,*$2&Kc&1")2=$&I(2=&*&.*)<%&*)QI=%.%&M."1&=*,M&*&1(,,(")&9",,*.$&2"&*+"#4,%&=#)9.%9&1(,,(")&9",,*.$J

?)9&2=%&*MM%+2&"M&,"$()<&Q"#.&.%2(.%1%)2&M#)9$&2"&5*9"MM&HH

XiBABDNBY

8M&8&1(<=27&8&2=()6&HH&8&2=()6&*,,&"M&2=%&,%<($,*2(")&2=*2&I%P/%&+(2%9&=%.%&2=*2&I%P/%&4."4"$%9

*.%&)"2&5*9"MM&$4%+(M(+&0#2&2=%Q&HH&2=%Q&*44,Q&2"&*,,&HH&*,,&>")U(&$+=%1%$&X()*#9(0,%Y$+=%1%$7&$"1%&"M&2=%1&I(2=()&*&2(1%&M.*1%J

XiBABDNBY

?)9&8&HH&*)9&8&2=()6&2=*2P$&$"1%2=()<&2=*2&.%*,,Q&9"%$&)%%9&2"&0%&,""6%9&*2&*)9&8+"14,(1%)2&Q"#&M".&2=*2J

?3A;E5?BF

5.J&A()<_

A8B:F

G=*)6&Q"#7&5.J&?+6%.1*)J

5.J&C"=)$")7&I=*2&I%(<=27&(M&*)Q7&9"%$&-8>3&<(/%&2"&2=%&M()*,&$2*2%1%)2$_

CD!B-DBF

8P1&$"..Q_

A8B:F

-"&I=*2&I%(<=27&(M&*)Q7&9"%$&-8>3&<(/%&2"&2=%&M()*,&$2*2%1%)2&()&HH&()&5*9"MM_

CD!B-DBF

D=J&N%,,7&2=%&M()*,&$2*2%1%)2&=*$&2"&0%&4*.2&"M&2=%&*)*,Q$($&0%+*#$%&2=*2P$&I=%.%&I%&0%<()2"&9%2%.1()%&%d*+2,Q&="I&I%&<"2&2"&2=($&4"()2&*)9&2=%)&I%&$2*.2&2"&,""6&0*+6&M".1&2=%.%J&-"

()&2%.1$&"M&2=%&M()*,&$2*2%1%)27&I%&=*/%&2"&0%<()&I(2=&$"1%2=()<&*)9&2=%)&")+%&I%&$2*.2&2"&<"2=."#<=&2=%&*)*,Q$($&.%<*.9()<&="I&9"&I%&<%2&2"&2=*2&4"()2&2=*2P$&I=%)&I%&=*/%&2"&9%2%.1()%I=%2=%.&".&2"&(2P$&M(+2(2("#$J


T] K[b[cLKK



?)9&2=%&0*)6.#42+Q&+"#.2$&*)9&-8>3&*)9&2=%&2.#$2%%$&=*/%&.%/(%I%9&2=($&($$#%&M".&*)#10%.&"M&Q%*.$&*)9&I%&=*/%&M"#)9&2=*2&()&()$2*)+%$&I=%.%&(2&($&M(+2(2("#$&2=*2&2=%&+"#.2$&I(,,+"1%&()&*)9&1*6%&*&9%+($(")&*)9&2=*2P$&$"1%2=()<&2=*2&I%&=*/%&2"&,""6&2=."#<=&*)9&<"&M()9

"#2&I=*2&2=%&.%*,&,"$$&($&<"()<&2"&0%J

-"&I%&9"&=*/%&2"&0%<()&I(2=&2=*2J&?)9&2=%)7&="4%M#,,Q7&2.Q&2"&9.*I&$"1%&2Q4%&"M&*)*,"<Q*$&2"&I=%.%&I%P.%&$#44"$%9&2"&%)9&#4J

XiBABDNBY

V"%$&(2&I%(<=&*2&*,,&()&9%2%.1()()<&*&.%*$")*0,%&%d4%+2*2(")&"M&2=%&()/%$2".&".&*.%*$")*0,%&0%,(%M&"M&2=%&()/%$2".$_

CD!B-DBF

D=&$#.%7&8&1%*)&)"&")%P$&$*Q()<&2=*2&I%&=*/%&*&$(2#*2(")&I=%.%&Q"#&<%2&2=($&$2*2%1%)2&2=*2

$"1%")%P$&+"14,(+(2&*)9&2=%.%M".%&$="#,9&)"2&=*/%&=*9&$"1%&2Q4%&"M&.%*$")*0,%&0%,(%MJ

N=*2&I%P.%&2.Q()<&2"&9"&($&1*6%&$#.%&2=*2&%/%)&I=%)&I%&<"&2=."#<=&2=*2&*)*,Q$($&2=*2&I%

=*/%&*&0(<<%.&4(+2#.%&2"&#)9%.$2*)9&(2&*,2="#<=&Q"#&1*Q&=*/%&0%,(%/%9&2=($&I*$&2=%&+*$%J?)9&()&1"$2&>")U(&$+=%1%$7&Q"#&=*/%&*&,"2&"M&()9(/(9#*,$&2=*2&0%,(%/%&2=*2&$"1%2=()<

*+2#*,,Q&0%,")<%9&2"&2=%1J

?)9&2=%&.%$4")$(0(,(2Q&"M&2=%&2=(.9&4*.2Q&($&2"&+"1%&()&*)9&2"&1*6%&+,%*.&I=*2&.%*,,Q 0%,")<%9&2"&$"1%0"9Q&%,$%&*)9&2.Q&2"&M(<#.%&"#2&="I&Q"#&0*,*)+%&2=*2&%W#*2(")&$"&2=*2&1".%

4%"4,%&*.%&<"()<&2"&0%&0%)%M(2%9&I=%)&(2P$&*,,&$*(9&*)9&9")%&*)9&2=*2P$&2=%&$*1%&4.*+2(+%&2=*2I%&I(,,&<"&2=."#<=J

XiBABDNBY

5"/()<&")7&(2P$&1Q&+")+%.)&($&HH&*)9&M(.$2&"M&*,,&8&2=*)6&*,,&"M&Q"#&M".&Q"#.&2%$2(1")Q7"0/("#$,Q&0%+*#$%&2=%QP.%&/%.Q&HH&+"14,%d&$(2#*2(")J

f#2&8P1&O#$2&I")9%.()<&*M2%.&*,,&"M&2=($7&(M&*)"2=%.&5*9"MM&$+=%1%&"++#.$&2%)&Q%*.$&M."1)"I7&($&2=%.%&*)Q&.%*$")&2"&0%,(%/%&2=*2&()/%$2".$&I"#,9&.%+%(/%&*)Q&1".%&%W#(2Q&2=*)&2=%Q*.%&.(<=2&)"I_&8&1%*)&I(2=&*,,&"M&2=%&HH&%/%)&2=%&.%+"11%)9*2(")$&2=*2&*.%&+"1()<&"#2&=%.%#),%$$&I%&$%2&#4&I=*27&*&M#)9&"M&$%/%.*,&=#)9.%9&0(,,(")&9",,*.$&(2&I"#,9&*44%*.&2=*2&I%+"#,9&0%&0*+6&()&2=%&$*1%&4,*+%&2%)&Q%*.$&M."1&)"IJ

N=%.%&Q"#&=*/%&())"+%)2&4%"4,%&I="&2""6&2=%&1")%Q&"#2&.%,Q()<&")&2=%&$2*2%1%)2$I=(+=&2=%Q&2="#<=2&I*$&<#*.*)2%%9&0Q&2=%&<"/%.)1%)2&*)9&2=%Q&2=%)&<%2&+,*I%9&0*+6&*)92=%)&"2=%.$&I="&,%M2&2=%(.&1")%Q&()&*,$"7&2=%QP.%&()&*&2%..(0,%&$(2#*2(")&2""J

f#2&*.%&I%&HH&($&2=%.%&*)Q2=()<&2=*2P$&+"1()<&"#2&"M&2=($&=%*.()<&".&*)Q&"M&2=%&.%/(%I&2=*2I"#,9&1*6%&(2&*)Q&HH&2=%&$(2#*2(")&*)Q&0%22%.&2%)&Q%*.$&M."1&)"I&M".&())"+%)2&4%"4,%&()&*5*9"MM&,(6%&$+=%1%J


T] K[b[cLKK



CD!B-DBF

G=*2&I"#,9&0%&2=%&="4%J&G=%&(9%*&($&HH&($&2=*2&Q"#&6)"I7&I=%)&Q"#&,""6&0*+6&2"&I=%)&2=%

M(.$2&>")U(&$+=%1%&+*1%&()2"&4,*Q7&I%&I"#,9&=*/%&="4%9&2=*2&I%&I"#,9&=*/%&)%/%.&=*9&2"$%%&2=*2&=*44%)&*<*()&*)9&"#.&4.(1*.Q&<"*,$&*$&="4%M#,,Q&2.Q()<&2"&4#2&()&4,*+%&$"1%1"9%.)(U*2(")&2=*2&I(,,&1*6%&"#.&$2*2#2%&M,%d(0,%&%)"#<=&2"&0%&*0,%&2"&9%*,&I(2=&2="$%&2=()<$2=*2&I%&+*)P2&(1*<()%J

G=%$%&($$#%$&2=*2&I%&=*/%&($&*&Kj]L7&2=%&+#..%)2&$2*2#2%&I%&=*9&+"#,9&)"2&=*/%&*)2(+(4*2%92=($J&?)9&I%P.%&="4()<&I%P.%&<"()<&2"&4#2&$"1%2=()<&()&4,*+%&X()*#9(0,%YJ

XiBABDNBY

f#2&)"I&2=*2&I%&6)"I7&8&<#%$$&I=*2&8P1&$*Q()<&($7&0%$(9%$&="4%7&($&2=%.%&*)Q&.%*$")*0,%%d4%+2*2(")_

CD!B-DBF

N%,,&HH

XiBABDNBY

'".&2=%&="4%&2=*2&I%&I(,,&0%&*0,%&2"&4."2%+2&*&4%.$")&I="&2""6&=($&1")%Q&"#2&*)9&$*Q7$Q$2%1*2(+*,,Q&.%,Q()<&")&2=%&$2*2%1%)2$7&2""6&2=%&1")%Q&"#2&"/%.&2=%&Q%*.$&*)9&)"I&($$#99%),Q&+")M.")2%9&I(2=&*&1*$$(/%&+,*I&0*+6&I=(+=&($&<"()<&2"&9%$2."Q&2=*2&4%.$")7&9%$2."Q

2=%(.&M*1(,Q7&9%$2."Q&2=%(.&0#$()%$$&*)9&*,$"&9%$2."Q&*)Q&="4%&"M&M()*)+(*,&$%+#.(2Q&M".&2=%(. +=(,9.%)&*)9&<.*)9+=(,9.%)J

8$&2=%.%&*)Q&HH&9"&Q"#&$%%&*)Q2=()<&+"1()<&"#2&"M&2=%&9($+#$$(")&$"&M*.&I=(+=&I"#,9 4."2%+2&2="$%&4%"4,%&()&2=%&M#2#.%_&8)&*&,*.<%&$+*,%&$+=%1%&$#+=&*$&2=($_

XiBABDNBY

8&2=()6&HH&*)9&8&,($2%)%9&2"&>."M%$$".&3"MM%%P$&(9%*J&8&9")P2&2=()6&HH&8&9")P2&2=()6&2=*2&#)9%.

2=%&+#..%)2&$Q$2%1&(M&*)"2=%.&5*9"MM&=*44%)%9&()&KL&Q%*.$7&Q"#P9&0%&*)Q&9(MM%.%)2J&8&2=()6 I=%.%&Q"#&I"#,9&0%&9(MM%.%)2&($&(M&Q"#&9"&$%2&2=%&,(1(2*2(")$&")&2=%&+,*I&0*+6&2=*2&>."M%$$".

3"MM%%&=*$&$#<<%$2%9J&f%+*#$%&M."1&1Q&4"()2&"M&/(%I7&2=%.%P$&*,I*Q$&*&,(1(2%9&4"",&"M 1")%QJ

?)9&=($2".(+*,,Q&()&2=%&+*$%$&2=*2&I%&=*/%7&*<*()7&2=%&)")&-8>3&0%+*#$%&2=*2P$&I=%.%&1"$2"M&"#.&%d4%.(%)+%&($7&I%&*,I*Q$&=*/%7&M".&%d*14,%7&RKL&1(,,(")J&G=*2P$&*,,&8P/%&<"2J&G=*2P$

%/%.Q&*$$%2J&N%P/%&2*6%)&2=%&="#$%$&*)9&2=%&,*)9&*)9&I=*2&)"2&*)9&8P/%&<"2&RKLL&1(,,(")I".2=&"M&+,*(1$J&G=%&"),Q&M*(.&I*Q&8P/%&0%%)&*0,%&2"&9"&(2&I(2="#2&=*/()<&*)Q&-8>3&+"/%.*<%($&2"&$*Q&(M&Q"#&4#2&()&RKLL7LLL&*)9&Q"#&2""6&RTL7LLL&"#2&Q%$7&8&6)"I&2=*2&Q"#&I%.%%d4%+2()<&2=*2&I*$&()2%.%$2J

f#2&8P/%&<"2&$"1%0"9Q&"/%.&=%.%&I="&4#2&RKLL7LLL&()&*)9&)%/%.&2""6&*)Q2=()<&"#2JG=%.%M".%7&Q"#.&,"$$&=*$&<"2&2"&0%&RTL7LLL&*)9&2=%(.&,"$$&($&KLL&*)9&I=%)&8&9"&2=%


T] K[b[cLKK



1*2=%1*2(+$&4."&.*2*7&Q"#P.%&*,,&<"()<&2"&<%2&2=%&$*1%&$".2&"M&$=*.%&"M&2=%&,"$$&*$&"44"$%9&2"2.Q()<&2"&1*6%&Q"#&I=",%J

8M&Q"#&=*/%&*)&#),(1(2%9&M#)9&".&*&M#)9&"M&RTLL&0(,,(")&".&$"1%2=()<&,(6%&2=*2&2=%)7&"M

+"#.$%7&Q"#&+*)&9"&9(MM%.%)2J&8M&Q"#&=*/%&2=*2&%d4%+2*2(")&*)9&Q"#&+*)&+"/%.&%/%.Q0"9QP$%d4%+2*2(")J&8&9")P2&2=()6&(2P$&4.*+2(+*,&2"&+"/%.&%/%.Q0"9QP$&%d4%+2*2(")&M".&2=%&M#,,&*1"#)2

I(2="#2&$"1%&,(1(2*2(")$J&G%)&Q%*.$7&M(/%&4%.+%)27&2%)&4%.+%)2&I=*2%/%.&(2&($J&G="#<=&8&9"2=()6&2%)&4%.+%)2&($&=(<=&()&2=%&+#..%)2&%+")"1QJ

8&I"#,9&,"/%&2"&<%2&2%)&4%.+%)2&")&*&3V&*2&*&0*)6&(M&8&+"#,9J&f#2&I=*2%/%.&2=%&)#10%.&($7&82=()6&2=%&(14".2*)2&2=()<&($&2=*2&I%&=*/%&*&M()(2%&)#10%.&2"&$2*.2&I(2=&*)9&2=*2P$&*&M()(2%

)#10%.&2=*2&=*$&2"&0%&9(/(9%9J&8M&8P/%&<"2&M(/%&4%"4,%&()&1Q&M*1(,Q&*)9&2=%.%P$&*&,%1")&4(%7&8+*)&+#2&(2&()2"&M(/%&4(%+%$&0#2&(M&$"1%0"9QP$&*,.%*9Q&<"2&*&4(%+%7&8P1&)"2&$#.%&2=%QP.%&%)2(2,%92"&*&M#,,&4(%+%&2=%&)%d2&2(1%&*."#)9J

?)9&HH

XiBABDNBY

@%2&1%&$2*.2&I(2=&>."M%$$".&3"MM%%&")&2=*2J

!*/%&Q"#&9")%&*)Q&"M&2=%&1*2=&2=*2&.%*$")*0,%&%d4%+2*2(")&I*$&0#(,2&()&"/%.&2=%&Q%*.$_

5.J&f".<P$&%d*14,%&HH

3D'';;F

8P,,&2*6%&(2&")%&$2%4&M#.2=%.J&8M&Q"#&4#2&()&")%&1(,,(")&*)9&Q"#&2*6%&"#2&RTL&1(,,(")&*)9

2=%.%&*.%&2="$%&+*$%$&()&5*9"MM7&8&9"&)"2&I*)2&2"&2"2*,,Q&9($*.1&2=%&2.#$2%%J&G.#$2%%$&() 0*)6.#42+Q&M".&2=%&,*$2&TLL&Q%*.$&=*/%&=*9&2=%&4"I%.&2"&*22*+6&M.*#9#,%)2&+")/%Q*)+%$J

8&2=()6&I%&I"#,9&0%&$I%%4()<&2""&0."*9,Q&(M&I%&2"2*,,Q&9($*.1%9&2=%&2.#$2%%J&8&#)9%.$2*)9

Q"#.&+")+%.)J&8&2=()6&2=%&0%22%.&I*Q&2"&9%*,&I(2=&2=%&4%"4,%&Q"#P.%&1"$2&$Q14*2=%2(+&2"&($&2"+.%*2%&%(2=%.&*&9(1()(1"#$&2%$2&$*Q()<&(M&(2P$&"),Q&RTLL7LLL&X()*#9(0,%Y&$"1%&)#10%.&,(6%&2=*22=*2&Q"#&2""6&"#27&2=*2P$&(11#)%J

D.&Q"#.&4%.$")*,&*$$%2$J&h"#.&="1%&($&(11#)%J&D.&I%&+"#,9&$*Q&I%P.%&<"()<&2"&<(/%&Q"#&*

1()(1#1&.%2#.)&"M&KL&4%.+%)2&*&Q%*.&0%+*#$%&Q"#P/%&0%%)&()/%$2%9&()&=%.%&M".&KL&Q%*.$J&?,,"M&2="$%&2%+=)(W#%$&I"#,9&.%*+=&1"$2&"M&2=%&4%"4,%&Q"#P.%&2*,6()<&*0"#2J

f#2&(M&I%&I%.%&2"&9($*.1&2=%&2.#$2%%&%)2(.%,Q&2=%&)%d2&+*$%&1*Q&+"1%&*,")<&*)9&Q"#P.%

<"()<&2"&0%&=(22()<&*&+")<.%$$(")*,&=%*.()<&*$&2"&I=Q&2=($&2.#$2%%&+"#,9)P2&9"&*)Q2=()<&I=%)2=%.%&I*$&.%*,&M.*#9&<"()<&")&=%.%J

-"&8P1&$*Q()<&0%&+*.%M#,&*0"#2&="I&0."*9,Q&Q"#&9($*.1&2=%&2.#$2%%J

XiBABDNBY


T] K[b[cLKK



8&.%*,(U%&2=*2&X()*#9(0,%Y&2=%&$2*MM&8P1&O#$2&I")9%.()<&=*$&*)Q")%&9")%&*)Q&.%$%*.+=&")I=*2&2=%&(14*+2&I"#,9&0%&(M&(2&I*$&%(<=2&4%.+%)2&".&)()%&4%.+%)2&".&2%)&4%.+%)2&=*9&0%%)

0#(,2&()&*$&2=%&.%*$")*0,%&.*2%&"M&.%2#.)&"/%.&2=%&Q%*.$7&="I&2=*2&I"#,9&*MM%+2&5*9"MM

()/%$2".$J

3D'';;F

5*9"MM&I%)2&")&M".&"/%.&cL&Q%*.$7&1*Q0%&cT&Q%*.$&".&1".%J&8M&Q"#&#$%&+"14"#)9%9()2%.%$27&Q"#P9&0%&*0,%&2"&<%2&#4&2"&M"#.7&2=.%%&".&M"#.&2(1%$&I=*2&Q"#&()/%$2%9&*)9&0%&%d%142M."1&*)Q&6()9&"M&+,*I&0*+6J

XiBABDNBY

G=*)6&Q"#&/%.Q&1#+=J

XiBABDNBY

3*)&8&+"1%&0*+6&HH&+*)&8&+"1%&0*+6&2"&2=%&4(%_&N=*2&(M&Q"#&9($+"/%.%9&$#99%),Q&2=*2&Q"#

=*9&1".%&4(%&2=*)&Q"#&2="#<=2_

XiBABDNBY

8&+*)&2%,,&Q"#&M."1&1Q&%d4%.(%)+%&")&2=%&"++*$(")&2=*2&I%&9"&=*/%&1".%&4(%&2=*)&I%2="#<=27&I%&1*6%&2=%&4."&.*2*&9($2.(0#2(")$&<"&#4J&82P$&*,1"$2&,(6%&*,,&2=%&/(+2(1$&I"#,9&<%2&*9",,*.&HH

X3ED--G?@AY

XiBABDNBY

N"#,9&Q"#&+")2()#%&2"&2.Q&2"&$2"1*+=&4#14&2=%&<#Q&2=*2&*2%&2=%&M(.$2&4(%+%&"M&4(%_

XiBABDNBY

8M&8&=*9&%)"#<=&2"&<"&*."#)9J&8&4%.$")*,,Q&I"#,9)P2J&8&2.Q&HH&8&9"&)"2&,(6%&+,*I&0*+6$J&8

=*/%&/%.Q7&/%.Q&.*.%,Q&%/%.&9")%&*&+,*I&0*+6&0#2&2=%)&*<*()7&1"$2&"M&1Q&>")U(&$+=%1%$&*.%)"2&cL&Q%*.$&,")<&>")U(&$+=%1%$&$"&2=%&+,*I&0*+6$&=*/%)P2&0%%)&$(<)(M(+*)2&%)"#<=&2"&%/%)1*6%&2=*2&9%2%.1()*2(")J&f#2&(M&Q"#P/%&<"2&1".%&*$$%2$&*)9&Q"#&+*)&+"/%.&*,,&M",6$7&2=%)&I=Q9"&2=%&+,*I&0*+6_

XiBABDNBY

N%,,&(M&Q"#&HH&(M&Q"#&$"1%="I&9($+"/%.&2=*2&Q"#&=*/%&1".%&4(%&8P1&$#.%&(2P$&)"2&<"()<&2"&0%

%)"#<=&2"&+"/%.&%/%.Q0"9QP$&2"2*,&%d4%+2*2(")$J&?)9&4."0*0,Q&)"2&%/%)&(M&Q"#&9"&2=%(14#2%9&()2%.%$2&2=*2&,(6%&X()*#9(0,%Y&A()<&I*$&()W#(.()<&*0"#2&0#2&I"#,9&Q"#&9($+")2()#%

9"()<&=*.1&2"&2="$%&4%"4,%&I="&*,.%*9Q&*2%&2=%&4(%_

XiBABDNBY


T] K[b[cLKK

Ackerman



8&I"#,9&HH

XiBABDNBY

8&1%*)&2=%Q&+"#,9&=*/%&%*2%)&2=*2&4(%&2=.%%&Q%*.$&*<"J

XiBABDNBY

G=*2P$&2.#%J&f#2&2=%.%&*.%&$"1%&M",6$&I="&2.Q&2"&$*/%&2=*2&4(%&*)9&4#2&(2&"/%.&()&2=%&M.(9<%*)9&9(9)P2&%*2&(2&*)9&)"I&2=%Q&9")P2&=*/%&(2&*2&*,,&$"&2=%Q&)%/%.&<"2&2=%&0%)%M(2&"M&2=%&M(.$2

4(%+%&"M&4(%&()&2=%&M(.$2&4,*+%J

XiBABDNBY

h%$7&0#2&2="$%&4%"4,%&HH&2="$%&4%"4,%&1*Q&=*/%&$(d&"2=%.&4(%$J

XiBABDNBY

h%$J&f#2&Q"#&6)"I7&2=%&4."0,%1&I(2=&2=*2&($&I%&9")P2&<%2&()2"&HH&*2&,%*$2&8&=*/%)P2&*)9&8P1

)"2&2*,6()<&*0"#2&2=%&5*9"MM&$(2#*2(")&0%+*#$%&8P1&)"2&()/",/%9&()&2=%&5*9"MM&2.#$2%%&+*$%$"&8&9")P2&6)"I&2=%&9%2*(,$J&f#2&()&2=%&+*$%$&I%&=*/%7&I=%.%&I%P/%&$%%)&2=*2&$"1%")%&%,$%

=*$&*&,"2&"M&*$$%2$7&2=%&4"()2&($&2=%QP.%&$2(,,&%)2(2,%9&2"&4."2%+2(")&#)9%.&1Q&$2*2#2%&*)9&2=%QP.%%)2(2,%9&2"&HH

XiBABDNBY

;d*+2,QJ

XiBABDNBY

HH&2"&+"/%.&2=*2J&8M&8&=*/%&%d+%$$&4."4%.2Q&8&4."0*0,Q&9")P2&=*/%&1#+=&"M&*&+*$%&2"&I"..Q*0"#2&0%+*#$%&8P/%&<"2&%)"#<=&1")%Q&2"&<"&*."#)9&HH

XiBABDNBY

B"&)"2&HH&)"2&%d+%$$&HH&)"2&%d+%$$&0#2&1".%&2=*)&Q"#&2="#<=2&Q"#&=*9&0%+*#$%&)"0"9QP$<"()<&2"&<%2&%d+%$$&0%+*#$%&2=%.%&I*$)P2&%)"#<=&1")%Q&<%)%.*2%9&HH

XiBABDNBY

N%&9"&=*/%&*&RTL&0(,,(")&,"$$&=%.%J&?)9&%/%)&(M&2=%.%P$&1".%&4(%&(2P$&<"()<&2"&*99&O#$2&*M%I&1".%&4%))(%$7&*&M%I&1".%&9",,*.$&2"&2=%&.%+"/%.Q&"M&2=%&%)2(.%&+,*$$&"M&/(+2(1$J

XiBABDNBY

D)%&"M&2=%&2=()<$&2=*2&8&2=()6&I%P9&,(6%&2"&,""6&2"&Q"#&2"I*.9&Q"#&HH&Q"#P.%&2*$6%9&I(2=&2=%.%$4")$(0(,(2Q&"M&I=*2&I%&9"&()&2=%&M#2#.%J&-"7&2"&1*6%&2=($&$(2#*2(")&0%22%.&M".&M#2#.%()/%$2".$&*)9&Q"#&<#Q$&*.%&,""6()<&*2&2=($&()&*&,"2&1".%&9%42=&2=*)&2=%&2"2*,&3")<.%$$&".&%/%)


T] K[b[cLKK



2=($&+"11(22%%7&8&1%*)&I%&=*/%&,"2$&"M&"2=%.&,%<($,*2(")&*)9&$2#MM&2=*2&I%&9"&9%$4(2%&2=%&M*+22=*2&2=%&/(+2(1$&I"#,9&,(6%&2"&2=()6&2=*2&I%P.%&9"()<&2=($&*)9&2=($&%d+,#$(/%,Q&M#,,&2(1%J

8&1%*)7&%/%.Q0"9Q&6)"I$&I%&=*/%&*&,"2&"M&"2=%.&0*,,$&2=*2&I%P.%&2.Q()<&2"&6%%4&()&2=%&*(.

$"&Q"#&<#Q$7&2=($&HH&2=($&($&Q"#.&O"0&*$&I%,,J&N%P.%&)"2&0%<<()<&"MM&*2&*,,J&f#2&(2&I"#,9&0%#$%M#,&M".&#$&2"&=%*.&Q"#.&$#<<%$2(")$&M".&2=%&M#2#.%7&I=Q&2"&2.%*2&4%"4,%&M*(.,Q&*)9&%W#(2*0,Q

*)9&O#$2,Q7&I=Q&I"#,9)P2&2="$%&.%+"11%)9*2(")$&2=*2&="4%M#,,Q&Q"#&I(,,&1*6%&$"")%.&2=*),*2%.&0%&*44,(+*0,%&2"&2=%&4%"4,%&I="&I%.%&*,.%*9Q&/(+2(1(U%9&*$&M*.&*$&="I&I%&*44."*+=2=($_

8M&2=($&($&2=%&I*Q&I%&$="#,9&=*/%&9")%&(27&0%+*#$%&I%P.%&<"()<&2"&9"&2=($&()&2=%&M#2#.%7&I=Q

+*)P2&I%&HH&I%&0*+6&M(,,&*)9&$%%&(M&I%&+"#,9&0%&=%,4M#,&2"&4%"4,%&2=*2&I*Q_

CD!B-DBF

N%,,&8&1%*)&.%*,,Q7&I=*2&2=*2&0"(,$&9"I)7&(2&I(,,&0%&*&,%<*,&W#%$2(")J&8M&(2&2#.)$&"#2&2=*2 4#.$#*)2&2"&2=%&,*I&2=*2&I%&+*)&,""6&0*+6&2=%)&2=*2P$&$"1%2=()<&2=*2&I%&+*)&2*6%&()2"+")$(9%.*2(")J

f#2&(M&2=%&,*I7&M".&%d*14,%7&$%2$&#4&$4%+(M(+&<#(9%,()%$7&,(6%&M".&%d*14,%7&I%P/%&0%%)

2*,6()<&*0"#2&="I&M*.&0*+6&2=%&2.#$2%%&+*)&<"7&2=%&,*I&*+2#*,,Q&=*$&*&,(1(2&2"&="I&M*.&0*+6 2=%&2.#$2%%&+*)&<"&*)9&2=*2P$&$(d&Q%*.$J&h"#&+*)P2&<%2&0%Q")9&2=*2&2(1%&M.*1%&()&2%.1$&"M 9"()<&*&*)*,Q$($&$"7&I=*2&I%&I"#,9&0%&,""6()<&2"&9"&($&.%*,,Q&2"&0%&()&+"14,(*)+%&I(2=&2=%,*IJ

82&2#.)$&"#2&2=*2&2=%&,*I&*,,"I$&#$&2"&0%&*0,%&2"&,""6&0*+6&()&$"1%&I*Q&2=%)&2=*2&I(,,&=*/%

2"&0%&2*6%)&()2"&+")$(9%.*2(")&*$&I%&<"&M".I*.9&*)9&1*6%&*&.%+"11%)9*2(")J&f#2&2=*2P$ 0*$(+*,,Q&HH&I"#,9&0%&I=*2&I%&I"#,9&#$%&*$&2=%7&="4%M#,,Q7&*&4*.*1%2%.&*$&2"&="I&I%&+*)

1*6%&*&9%+($(")&0#2&I%&+"#,9&9"&.%2."*+2(/%,QJ

XiBABDNBY

8M&Q"#P.%&2*$6%9&I(2=&2=%&.%$4")$(0(,(2Q&"M&,""6()<&M".I*.9&(2&9"%$)P2&1%*)&2=*2&Q"#&+*)P2

,""6&"/%.&Q"#.&$="#,9%.J

CD!B-DBF

N%,,&8&9")P2&2=()6&I%&+*)&.%*,,Q&*9%W#*2%,Q&6)"I&I=*2&2"&9"&M".&(2&#),%$$&I%&=*/%&,""6%9

0*+6&"/%.&"#.&$="#,9%.&2"&9"&*&.%*,&*)*,Q$($&2"&I=%.%&I%&+*1%&M."1J

XiBABDNBY

5Q&W#%$2(")&($&HH&1Q&W#%$2(")&($&(M&Q"#P.%&HH&(M&Q"#P.%&1*6()<&O#9<1%)2&0*$%9&")&HH&0*$%9")&I=*2&($&HH&I=*2&Q"#&0%,(%/%&($&O#$27&8P1&*$6()<&*&2=%".%2(+*,&W#%$2(")&I=Q&$="#,9&)"2&2=*2

0%&*44,(+*0,%_&N=Q&$="#,9&)"2&I%&#$%&2=*2&*$&2=%&$2*)9*.9_

XiBABDNBY


T] K[b[cLKK



N%&$Q14*2=(U%J&?)"2=%.&2=()<&I%&+*)P2J&f#2&2=($&($&*&4.(/*2%&()$#.*)+%&$Q$2%1J&?)9&(M&Q"#$#99%),Q&9%+(9%&Q"#&I*)2&2"&+"/%.&,"$$%$&2=*2&2=%&()$#.*)+%&$Q$2%1&)%/%.&.%$%./%9&M".7Q"#P.%&<"()<&2"&$()6&2=%&()$#.*)+%&$Q$2%1J

XiBABDNBY

G=*2&($&2=%&4."0,%1&"M&?,*)&-*)M".9J&8M&Q"#&*$6&0."6%.&9%*,%.$&2"&+"/%.&M.*#9&.%,*2%9

9*1*<%$7&2=*2P$&2=%&6()9&"M&,(*0(,(2Q&2=*2&9I*.M$&I=*2P$&()&2=%&M#)9J

XiBABDNBY

N%,,&8&9")P2&I*)2&2"&<"&0*+6&*)9&0%*2&*&9%*9&=".$%&0#2&8&HH&8&HH&8&6)"I&2=*2&I%&*,,&6)"I

2=*2&2=($&4.(/*2%&()$#.*)+%&$Q$2%1&I*$&()*9%W#*2%,Q&M#)9%9J&N="$%&M*#,2&2=*2&($7&($&*&1*22%. "M&$4%+#,*2(")&")&4%"4,%$&4*.2&*)9&8&2=()6&2=%.%P$&*&0(<7&$=*.%9&.%$4")$(0(,(2Q&=%.%J

N="&8&HH&I="&8&I"#,9&$*Q&(2&($&)"2&2=%&M*#,2&"M&($&2=%&<#Q&2=*2&I*,6%9&()2"&*&0."6%.P$&"MM(+%

*)9&$*I&2=($J&82P$&)"2&HH&(2P$&)"2&=($&M*#,2&".&=%.&M*#,2J&N%P/%&HH&I%P/%&*,,"I%9&2=*2&2" 4%.4%2#*2%&()&*&1Q2=&2=*2&2=%$%&4%"4,%&I%.%&*9%W#*2%,Q&4."2%+2%9J

h"#&6)"I7&*&="$4(2*,&=(.%$&*&<#Q&2=*2P$&)"2&*&.%*,&9"+2".&*)9&=%&"4%.*2%$&")&Q"#.&6(97&:"9M".0(97&2=%.%&($&*&,(*0(,(2Q&=%.%J

h"#&6)"I7&2=($&<#Q&2=*2&=#)<&#4&2=($&HH&2=($&+%.2(M(+*2%&2"&"4%.*2%&")&Q"#.&M()*)+%$&I*$)P2 4."2%+2%9&I(2=&2=%&()$#.*)+%&2=*2&Q"#&2="#<=2&=%&=*9J&?)9&Q"#.&<"*,&($&2"&2.Q&2"&M(d&2=*2&()2=%&M#2#.%&0#2&2=%&I*Q&2=*2&Q"#&M(d&(2&()&2=%&M#2#.%&8&HH&8&I"#,9&2=()6&I"#,9&$%2&*&1".*,&2")%

2"&2=%&.%$4")$(0(,(2Q&2=*2&I%&=*/%&2"&,""6&*2&*$&M*.&*$&="I&9"&I%&=%,4&2=%&4%"4,%&2=*2&*,,&HH2=*2&*,.%*9Q&2""6&*&=(2J

?)9&)"2&"),Q&2=*2&2=%Q&*,.%*9Q&2""6&*&=(2&0#2&I(2=&2=%&+,*I&0*+6&2=()<&*.%&<"()<&2"+")2()#%&2"&0%&2.*#1*2(U%9J&?)9&0%M".%&8&1"/%&")&2"&1Q&+",,%*<#%&8&O#$2&I*)2&2"&HH&2=($&($&)"2

Q"#.&.%$4")$(0(,(2Q&%(2=%.&0#2&2=%&<"/%.)1%)2&$="#,9&)"2&0%&2=%&#,2(1*2%&0%)%M(+(*.Q&"M&2=%&(,,<"22%)&<*()$&"M&f%.)*.9&5*9"MMJ

?)9&2=*2P$&"#.&O"0&2"&2.Q&2"&M(<#.%&"#2&="I&2"&M(d&2=*2J&-"1%&"M&#$&=*/%&$"1%&,%<($,*2(")2=*2P$&1"/()<&M".I*.9J

5.J&:*..%22_

:?EE;GGF

G=*)6$J

?)9&HH&*)9&$"&O#$2&2"&I.*4&#47&$"&2=%&<%)2,%1*)&M."1&B%I&h".6&=",9$&2=*2&0*))%.&".&2=*2,"<"&#4&*)9&I=*2&=*/%&Q"#&*)9&2=%&($$#%&"M&I=*2&2=%&%d4%+2*2(")&I*$J&?$&8&$(2&=%.%&,($2%)()<2"&2=*2&*)9&$(2&=%.%&*,$"&2=()6()<&*0"#2&I=*2&I%&=*/%&9")%&()&3")<.%$$&"/%.&2=%&,*$2&Q%*. *)9H*H=*,M&*)9&I=*2&2=%&M%9%.*,&HH&2=%&M%9&=*$&9")%&*)9&I=*2&=*/%&Q"#7&8&2=()6&I%P.%

4."0*0,Q&%/%)&()&*&1".%&9(MM(+#,2&4"$(2(")&2=*)&%/%.&0%M".%&*$&M*.&*$&,"I%.()<&2=%&,%/%,&"M


T] K[b[cLKK



%d4%+2*2(")$&.%<*.9,%$$&"M&I=*2&-8>3&9(9&".&9(9)P2&9"&()&2=($&$(2#*2(")J

8&(M&+*)&1*6%&2=%&$#<<%$2(")&Q"#&6)"I&I=*2&I%&.%*,,Q&$="#,9&9"&($&O#$2&$%)9&"#2&*&0,*)6%2)"2(+%&2"&%/%.Q")%&2=*2&+"1%$&()2"&2=%&9%*,%.P$&"MM(+%&*)9&$*Q$&Q"#P.%&)"2&4."2%+2%9&M".&a7&h

*)9&k&()&0(<7&0",9&,%22%.$&".&$"1%2=()<&,(6%&2=*2&$"&%/%.Q")%&I"#,9&6)"I&*)9&Q"#&*,$"&HH%9#+*2(")&*)9&I=*2&=*/%&Q"#J

f#2&I%&*,.%*9Q&=*9&*&,*I&2"&2=*2&*MM%+27&*+2#*,,Q&")&$"1%&"M&2=%$%&8&#$%&*)9&2=*2&($&*1")%Q&1*.6%2&M#)9J&?)9&%/%.Q&2(1%&8&+*,,%9&#4&1Q&1")%Q&1*.6%2&M#)9&8&I"#,9&<%2&*)

*#2"1*2(+&.%+".9()<&*2&2=%&0%<())()<&".&2=%&%)9&"M&2=%&4=")%&+*,,&2=*2&$*Q$&2=%$%&*.%&)"2'V83&()$#.%9&$"&2=%.%&($&)"&4."2%+2(")&0Q&2=%&M%9%.*,&<"/%.)1%)2J&?)9&8&6)%I&2=*2&<"()<&()

2=*2&2=%.%&*0$",#2%,Q&)"&<#*.*)2%%J

f#2&<#%$$&I=*2_&?2&2=%&%)9&"M&2=%&9*Q&I=%)&2=%&.%$%./%&M#)9&=*9&*&4."0,%1&*)9&2=%.%I*$&*&4."0,%1&")&N*,,&-2.%%27&*,,&"M&2=%&$#99%)7&2=%Q&0*$(+*,,Q&I%.%&<#*.*)2%%9&*)9&2=%Q

9(9)P2&I*)2&*,,&2=%&M#)9$&2"&0.%*6&2=%&9",,*.&*2&2=*2&4"()2J

?)9&I%&O#$2&+.%*2%9&$"1%2=()<&HH&*)9&8&<#%$$&2=%&4"()2&"M&2=($&I*$&1*9%&2=($&,*$2&I%%6&"M *&)%I&3'>?7&3")$#1%.&'()*)+(*,&>."2%+2(")&f#.%*#&".&?<%)+Q&".&$"1%2=()<&,(6%&2=*2J&-")"I7&2=%&?1%.(+*)&4#0,(+&.%*,,Q&9"%$)P2&=*/%&2"&I"..Q&*0"#2&*)Q2=()<&(M&Q"#&,($2%)&2"&2=%

2%$2(1")Q&"M&2=%&,*$2&$%/%.*,&1")2=$&0%+*#$%&I%&=*9&*)&*<%)+Q&"#2&2=%.%&2=*2&I(,,&4."2%+2&#$M."1&"#.$%,/%$&*)9&*)Q&()/%$21%)2&".&*)Q&HH&*)Q&)"2&$%+#.(2(%$7&4%.&$%&#)9%.&2=%&3'>?&0#2*)Q&()/%$21%)2&HH&*)Q&M()*)+(*,&4."9#+2&2=*2P$&"#2&2=%.%&0%+*#$%&2=%&3'>?&($&<"()<&2"&0%I*2+=()<&"#2&M".&#$J

-"&.%<*.9,%$$7&8&<#%$$7&I=*2&-8>3&9"%$&()&2=($&.%<*.97&I%&6)"I&2=*2&2=%&HH&2=%&<""9&M*(2=

*)9&+.%9(2&"M&2=%&i)(2%9&-2*2%$&M%9%.*,&<"/%.)1%)2&I(,,&0%&0%=()9&*)Q&M#2#.%&M()*)+(*,*+2(/(2Q&2=*2&8&%)<*<%&()&*)9&8&$="#,9&0%&*0,%&2"&,""6&2"&2=%&M%9%.*,&<"/%.)1%)2J

8&2=()6&2=*2&($&*&4."0,%1&2=*2&Q"#&I(,,&=*/%&<"()<&M".I*.9&2"&0%&*0,%&2"&*+2#*,,Q&HHI=*2%/%.&Q"#.&.%+"11%)9*2(")$&*.%&($&9%,()%*2%&%d*+2,Q&I=*2&Q"#.&.%$4")$(0(,(2(%$&*.%I=%2=%.&(2P$&RTLL7LLL&".&*&1(,,(")&9",,*.$&*$&$"1%&4%"4,%&$*Q&".&$"1%2=()<&%,$%J

'",6$&*2&="1%&*.%&<"()<&2"&2=()6&)"7&(2P$&)"2J&G=%&M%9P$&<"()<&2"&$2%4&()J&3")<.%$$&($&<"()<2"&$2%4&()&O#$2&,(6%&2=%Q&9(9&()&2=%$%&"2=%.&$(2#*2(")$&*)9&(2&HH&(2P$&(..%,%/*)2J&-"&Q"#&=*/%&*&HH&*

9(MM(+#,2&O"0&*=%*9&"M&Q"#&2"&2.Q&2"&.%H%9#+*2%&*)9&HH&*)9&+")/()+%&2=%&4#0,(+&2=*2&2=%.%&($,(1(2*2(")$&2"&2=($J

D)%&W#%$2(")&")&2=*2&2="#<=7&*)9&8&6)"I&Q"#&I%.%)P2&*."#)9&0*+6&2=%)&0#2&0*+6&()&PL\&". Q"#&I%.%&*."#)9&$"1%4,*+%&()&PL\&0#2&HH

XiBABDNBY

8&="4%&$"J

XiBABDNBY


T] K[b[cLKK



HH&0#2&Q"#&I%.%)P2&=%.%J&G=%&:?D&*)9&1%10%.$&"M&3")<.%$$&I*.)%9&2=*2&2=%&$(U%&"M&2=%M#)9&I*$)P2&2=%&.(<=2&$(U%7&8&<#%$$7&*)9&(2&$="#,9&0%&()+.%*$%97&8&<#%$$7&2=*2&I*$&9")%J

-"&(M&Q"#&I*)2&?7&I*)2&2"&+"11%)2&")&Q"#.&#)9%.$2*)9()<&"M&I=*2&1*Q&=*/%&"++#..%9 0*+6&2=%)&2"&()/%$2".&*)*,Q$($7&Q"#.&0%$2&"4()(")&")&2=*2&0#2&1".%&2"&2=%&4"()2&I=%.%&Q"#&*.%

.(<=2&)"IJ&B"I&Q"#&=*/%&2I"&*)9H*H=*,M&0(,,(")J&8$&2=%.%&$2*2($2(+$&M".&*)&*+2#*.(*,&*)*,Q$($&2"$*Q&2=*2&2=*2P$&2=%&.(<=2&$(U%_&f%+*#$%&8&2=()6&$"1%&"2=%.&M",6$&=%.%&I%.%&$#<<%$2()<&2=*2&2=*2

$="#,9&0%&*&1#+=&=(<=%.&M(<#.%J

CD!B-DBF

N%,,7&2=*2P$&*+2#*,,Q&")%&"M&2=%&HH&8&I"#,9&$*Q7&")%&"M&2=%&.%*,&+")/%.$*2(")&4"()2$&2=*2&I%

=*/%&*$&(2&.%,*2%$&2"&2=%&2*$6&M".+%J&!"I&9"&I%&.(<=2&$(U%&2=*2&)#10%._&?)9&*&,"2&"M&(2&.%*,,Q 0"(,$&9"I)&2"&I=*2&I"#,9&0%&2=%&#,2(1*2%&.%$4")$(0(,(2Q&2=*2&I%&I"#,9&0%&2*6()<&")&*2&-8>3_

8M7&M".&%d*14,%7&3")<.%$$&I%.%&2"&9%+(9%&2=*2&-8>3&$="#,9&0%&()&2=%&0#$()%$$&"M&4."2%+2()<

*<*()$2&M.*#9&2=%)&2=*2&)#10%.&I"#,9&=*/%&2"&0%&*&+"14,%2%,Q&9(MM%.%)2&*)*,Q$($&2=*2&I%I"#,9&=*/%&2"&<"&2=."#<=J&82&+"#,9&0%&*&$(2#*2(")&I=%.%&Q"#&2*6%&2=%&)#10%.&#4&2"&RKL

0(,,(")&1*Q0%&2=*2&I%P.%&.*($()<&M."1&M%%$&*)9&2=%.%M".%&Q"#&)%/%.&2*4&2=%&HH&2=%&2.%*$#.Q,()%J&G=*2&I"#,9&0%&*)&*)*,Q$($&"M&="I&I%&+"#,9&M(<#.%&"#2&I=*2&)#10%.&I%&)%%9&2"&0%&*2J

f#2&4*.2&"M&I=*2&I%P.%&<"()<&2=."#<=&*2&2=%&2*$6&M".+%&($&.%*,,Q&<"()<&2=."#<=&*)&*)*,Q$($()&=(.()<&2="$%&2"&0%&4*.2&"M&2=%&4."+%$$&2"&=%,4&#$&M(<#.%&"#2&="I&9"&I%&.(<=2&$(U%&I=*2&2=*2)#10%.&($&*)9&I=*2&(2&.%*,,Q&0"(,$&9"I)&2"&($&I=*2&*.%&2=%&.%$4")$(0(,(2(%$&2=*2&3")<.%$$&I*)2#$&2"&2*6%&1"/()<&M".I*.9J&G=*2&I"#,9&=%,4&#$&2"&0%&*0,%&2"&<%2&2"&2=*2&4"()2J

XiBABDNBY

?)9&HH&*)9&"M&+"#.$%7&2=%&($$#%&"M&M.*#97&1"$2&4%"4,%&+"1()<&()&2"&2=%&0."6%.$&9"%$)P29(MM%.%)2(*2%&I=*2&=%P$&0%()<&4."2%+2%9&M".&.(<=2&)"IJ&G=%Q&HH

CD!B-DBF

E(<=2J

XiBABDNBY

HH&O#$2&,(6%&8&9")P2&2=()67&9(MM%.%)2(*2%&#)9%.&2=%&'V83&I=*2&8P1&0%()<&4."2%+2%9J&8P1&O#$2

4."2%+2%9&2"&2=%&,(1(2$&I=(+=&<"%$&2"&*&W#%$2(")&5.J&f".<&I*$&$*Q()<&2=*2&Q"#&9%*,2&I(2=+*$%$&"#2$(9%&"M&-8>3&.(<=2_&-"&(2&$%%1$&2"&1%&2=*2&I%P.%&2*,6()<&*0"#2&1*Q0%&2I"&9(MM%.%)22=()<$&=%.%&I=%)&Q"#P.%&2*,6()<&*0"#2&+,*I&0*+6$&*)9&I=*2&=*/%&Q"#&0%+*#$%&()&Q"#.&)")

-8>3&+*$%7&2=%)&Q"#P.%&O#$2&9%*,()<&I(2=&I=*27&*)&%$2*2%7&.(<=2_&?)9&Q"#P.%&2*6()<&2=($&,(22,%%$2*2%&".&0(<&%$2*2%&*)9&$*Q()<&="I&*1&8&<"()<&2"&9(/&(2&#4&HH&9(//Q&(2&#4_

?)9&1*Q0%&#$%&$"1%&"M&HH&(M&(2&I*$&,")<H2%.1&HH&*2&2=%&4.%$%)2&/*,#%&"M&1")%Q&Q"#&1(<=2

=*/%&9")%&2=*2&*2&$=".2&2%.17&Q"#P.%&)"2&<"()<&2"&9"&2=*27&.(<=2_

XiBABDNBY


T] K[b[cLKK



G=*2P$&+"..%+2J&3*$=&()J&3*$=&"#2&0*$(+*,,Q&HH

X3ED--G?@AY

XiBABDNBY

;d*+2,Q7&%d*+2,QJ&f#2&=%.%7&I%P.%&9%*,()<&I(2=&2=*2&*)9&$"&Q"#&=*/%&2"&1*6%&2="$%

9%+($(")$&*)9&8&#)9%.$2*)9&2=*2&*)9&(M&HH&(M&HH&I(2=&.%<*.9&2"&2=%&($$#%&*0"#2&2=%&$2*2%1%)2$*)9&%/%.Q2=()<&*)9&Q"#&#)9%.$2*)9&2=*2&0#2&=%.%&Q"#P.%&2*,6()<&*0"#2&$"1%2=()<&%,$%&I(2=-8>3&.(<=2_&f%+*#$%&Q"#P.%&9%*,()<&I(2=&I=*2_&-".2&"M&1Q&I*Q&"M&2=()6()<&*)&()$#.*)+%&0#2

*&$%4*.*2%&4"2&"M&M#)9&2=*2&Q"#P/%&+",,%+2%9&"/%.&2=%&Q%*.$&M."1&2=%&9%*,%.$J

G=%.%7&2=*2P$&9(MM%.%)2&()&1Q&%$2(1*2(")&I(2=&.%<*.9&2"&="I&2=*2&$="#,9&0%&2.%*2%9&0%+*#$%2=*2P$&.%*,,Q&I=%.%&2=%&%d4%+2*2(")&HH&I=%)&8&+"1%&()7&8&$%%&2=*2&2=()<&8&2=()67&(M&8P1&$1*.2

%)"#<=&8&0%2&Q"#&1"$2&4%"4,%&9")P2&%/%)&*$6&="I&1#+=&8P1&+"/%.%9&M".&0#2&(M&(2P$&#4&2"RTLL7LLL&2=%)&(2&<"%$&2"&5.J&3"MM%%P$&+"11%)2J

8M&8&()/%$2%9&RTLL7LLL&cL&Q%*.$&*<"&*)9&8&4#2&HH&*)9&)"I&(2P$&RTL&0(,,(")&*)9&8&2""6&"#2&RTL 0(,,(")&8&$2(,,&=*/%&*)&%d4%+2*2(")&O#$2&,(6%&8&=*/%&HH&8P1&$"..Q&8&#$%9&2=%&I".9&HH&*)&()$#.*)+%

4",(+Q&M".&RTLL7LLL&I".2=&"M&+"/%.*<%&.%<*.9,%$$&"M&I=%2=%.&8&2""6&(2&"#2&".&)"2J&G=*2P$9(MM%.%)27&()&1Q&%$2(1*2(")&"M&I=*2&Q"#&I%.%&9"()<&".&Q"#P.%&HH&Q"#P.%&*,$"&9"()<&I(2=&2=%

%$2*2%&.%$(9#*,J&8$&2=*2&+"..%+2_

XiBABDNBY

h%$7&$(.J&G=*2P$&*0$",#2%,Q&+"..%+2J&G=*2P$&I=Q&8&I*$&2.Q()<&2"&9($2()<#($=&2=%&-8>3+"/%.*<%&M."1&2=%&)")H-8>3&+"/%.*<%J&D),Q&M."1&2=%&4"()2&"M&/(%I&"M&*)Q2=()<&"/%.&2=*2*1"#)27&I%&$2(,,&=*/%&2"&9"&$"1%&$".2&"M&4."H.*2(")J

5Q&4"()2&I*$&.%*,,Q&2=*2&2=%&HH&2=%&HH&2=%&+"/%.*<%&($&<"()<&2"&9%4%)9&")&="I&0(<&Q"#P/%

<"2&*&4"2&2"&9%*,&I(2=J

XiBABDNBY

f#2&"),Q&M".&2=%&.%$(9#*,J&B"2&M".&2=%&RTLL7LLL

XiBABDNBY

8&2=()6&I%P.%&$*Q()<&2=%&$*1%&2=()<&0#2&8&I*$&#$()<&2=*2&*$&*)&%d*14,%&2"&$="I&I=*2&%,$%&($"#2&2=%.%J

XiBABDNBY

f#2&5.J&3"MM%%&I=%)&Q"#&1*6%&HH

XiBABDNBY


T] K[b[cLKK



D)&2=%&)%2&HH&")&2=%&)%2&/*,#%&HH&")&2=%&)%2&%W#(2Q&2Q4%&+*,+#,*2(")$J

XiBABDNBY

E(<=2J&-"&I=%)&Q"#&<(/%&2=%&%d*14,%&HH&Q"#&9(9&0%M".%&Q"#&()/%$2&(27&$"1%0"9Q&()/%$2%9&*

1(,,(")&0#+6$&0#2&=%&2=()6$&=%&=*$&RTLL7LLL&.(<=2_&?)9&Q"#&2""6&"#2&I=*2&9(9&Q"#&$*Q7&RTL1(,,(")&"/%.&2=%&,*$2&Q%*.$&0#2&2=%&$2*2%1%)2&+"1%$&"#2&*)9&$2(,,&$*Q$&8&=*/%&RK&1(,,(")&")&1Q

$2*2%1%)2&2"9*Q7&.(<=2_&G=*2&4%.$")&$="#,9&$2(,,&=*/%&2=%&+"..%+2&()2%.4.%2*2(")&2=*2&=%&=*$=*,M&*&1(,,(")&9",,*.$&I".2=&"M&+"/%.*<%&".&4."2%+2(")&*)9&2=%.%&$="#,9&0%&*0$",#2%,Q&)"&+,*I 0*+6&M".&2=*2&RTLL7LLL7&+"..%+2_

XiBABDNBY

E(<=2J

CD!B-DBF

82P$&M".&2=%&*1"#)2$&2=*2&I%.%&%*.,(%.&HH

X3ED--G?@AY

CD!B-DBF

HH&2=*2&2=%.%&I%.%&M.*#9#,%)2&+")/%Q*)+%$&*.<#*0,QJ

XiBABDNBY

E(<=2J&G=*2P$&X()*#9(0,%Y&+,*.(M(+*2(")&")&5.J&X()*#9(0,%Y&G=*)6&Q"#J&?)9&2=*)6&2=%&4*)%,

2""&X()*#9(0,%YJ

XiBABDNBY

D)%&W#%$2(")&2=%)&X()*#9(0,%Y&!*$&HH&=*$&*)Q&2="#<=2&0%%)&<(/%)&2"&*$&Q"#&4"()2&"#27

4.(/*2%&$%+2".&X()*#9(0,%Y&4.(/*2%&$%+2".&()$#.*)+%J&G=%&4.(/*2%&$%+2".&2=*2&1*9%&$"&1#+=1")%Q&"/%.&2=%&Q%*.$&")&4%"4,%P$&()/%$21%)2$&=#<%&4."M(2$&#)9%.&4*Q()<&()$#.*)+%&2"&<(/%

4%"4,%&2=*2&HH&2=*2&()&%MM%+2&<*/%&4%"4,%&*&M*,$%&$%)$%&"M&+")M(9%)+%&2=*2&2=%Q7&$2%44()<&#4&2"2=%&4,*2%&*)9&()+.%*$()<&2=%&$(U%&"M&2=%&4(%&0Q&4#22()<&()&I=*2%/%.&0Q&I=*2%/%.&M".1#,*2(+&HHM".1#,*.(+&HH&+(.+#1$2*)+%&*99(2(")*,&*1"#)2$7&4%.=*4$&0*$%9&")&2=%&.%H+*,+#,*2(")&"M&I=*2&*.%*$")*0,%&4.%1(#1&$="#,9&=*/%&0%%)J

f%+*#$%&2=%Q7&()9%%97&2%)9&2"&HH&1*9%&*&4."M(2&*)9&$2*)9$&2"&4."M(2&*99(2(")*,,Q&0Q.%$2".()<&()/%$2".&+")M(9%)+%&()&2=%&1*.6%2J

CD!B-DBF

N%,,&8&2=()6&2=%&.",%&"M&HH

XiBABDNBY


T] K[b[cLKK



D.&($&2=*2&2""&$%)$(2(/%&*)&($$#%&M".&Q"#&<#Q$&2"&<"&2"_

CD!B-DBF

N%,,&Q"#&6)"I7&8&2=()6&2=%&.",%7&8&<#%$$&I=*2&8&I*$&2.Q()<&2"&6()9&"M&1#,,&2=."#<=&1Q

1()9&($&2=%&.",%&"M&HH&"M&4.(/*2%&()$#.*)+%J&82&$"#)9$&,(6%&I=*2&I%P.%&2*,6()<&*0"#2&2"&*+2#*,,Q*+2&*$&*)&*99(2(")*,&0*+6$2"47&($&2=*2&I=%.%&I%P.%&<"()<&I(2=&2=*27&3")<.%$$1*)_

XiBABDNBY

B"J&8P1&$*Q()<&=%Q&0"Q$7&,%2P$&+=(4&()&*)9&1*6%&2=($&2=()<&<""9J

CD!B-DBF

D=J&8&$%%&I=*2&Q"#P.%&$*Q()<J&N%,,7&Q"#&6)"I7&I=*2&I%&%)9&#4&9"()<7&.%*,,Q7&($&()+.%*$()<2=%&*$$%$$1%)2$&0%+*#$%&()+.%*$()<&2=%&*$$%$$1%)2$&*2&$"1%&4"()2&($&2=%&"),Q&I*Q&2=*2&I%

I(,,&*+2#*,,Q&%)9&#4&<%22()<&2=%&M#)9()<J

A?BCDE-A8F

B"7&8&HH&8&6)"I&0#2&I%P/%&1*9%&*&9%+($(")&2=*2&2=%&HH&2=*2&2=%&*$$%$$1%)2$&$="#,9&=*/%

0%%)&*&=%+6&"M&*&,"2&,*.<%.&2"&0%<()&I(2=J&N%P.%&<"()<&2"&M(d&2=*2&()&2=%&M#2#.%&0#2&=*$*)Q0"9Q&<(/%)&*)Q&2="#<=2&2"&$*Q()<&2=%&<#Q$&2=*2&*.%&<"()<&2"&4."M(2&0Q&6%%4()<&()/%$2".$&*$()/%$2".$&1*6()<&<""9&2"&.%$2".%&+")M(9%)+%&*)9&4*Q()<&I=*2&2=%Q&$="#,9&=*/%&4*(9&()&2=%M(.$2&4,*+%&()2"&2=%&M#)9_

CD!B-DBF

G=*2P$&*)&*.%*&2=*2&I%&+*)&2*6%&#)9%.&+")$(9%.*2(")&()&2%.1$&"M&="I&2=*2&.",%&I"#,9&0%<"()<&M".I*.9J&8P1&#)+,%*.&")&="I&(2&I"#,9&4,*Q&"#2&0#2&2=*2&($&$"1%2=()<&2=*2&I%&+*)&2*6%&*

,""6&*2J

A?BCDE-A8F

8&2=()6&2=*2&1(<=2&0%&*&<""9&2=()<J

5.J&A,%()&M."1&',".(9*J

A@;8BF

G=*)6&Q"#&/%.Q&1#+=&5.J&3=*(.1*)&*)9&8&2=*)6&2=%&4*)%,&*)9&4%"4,%&=%.%&2"9*Q&()$#44".2&"M&*&M#,,&#)9%.$2*)9()<&"M&I=*2&+*)&0%&9")%&2"&M(d&2=($J

D0/("#$,Q7&2=%.%P$&2=%&<"()<&M".I*.9&*$$%$$1%)2&"M&I=*2&+*)&I%&9"&2"&*/"(9&$"1%2=()<&()

2=%&M#2#.%&0#2&8&2=()6&I%P/%&*,,&=%*.9&M."1&()&"#.&+"11#)(2(%$&4%"4,%&2=*2&=*/%&$#MM%.%9&*)9=*/%&,"$2&2=($&HH&2=%$%&.%$"#.+%$&*)9&=*9&+%.2*()&%d4%+2*2(")$&0*$%9&")&2=%&-8>3P$&$(<)&")&2=%9"".&*)9&*,,&2=%&.%$2&"M&2=%$%&2=()<$J


T] K[b[cLKK



-"&8&HH&M(.$2&8&I*)2&2"&*$$"+(*2%&1Q$%,M&I(2=&5.J&?+6%.1*)&*)9&5.J&A()<P$&+"11%)2$J&82=()6&2=%Q&I%.%&$2.")<&*)9&8&HH&8&*<.%%&2=%Q&+%.2*(),Q&9")P2&=*/%&2"&0%&.%4%*2%9J

3%.2*(),Q7&.%4.%$%)2()<&$"#2=&',".(9*&I=%.%&8P1&M."17&I%P/%&=*9&*&I=",%&,"2&"M&4%"4,%&2=*2*.%&/%.Q7&/%.Q&+")+%.)%9&*0"#2&2=%&I=",%&+,*I&0*+6&($$#%J

?<*()7&0*$%9&")&%d4%+2*2(")$7&0*$%9&")&2=%&M*+2&2=%Q&HH&2=%Q&4*(9&2*d%$&")&HH&")&1")%Q$

2=%Q&.%+%(/%9&*)9&Q"#&6)"I7&2=%.%&9"%$)P2&$%%1&2"&0%&*)Q&.%,(%M&M."1&2=*2&I=",%&$2".QJ&G=($($&*&$%.("#$&4."0,%1J&?)9&2=%&M*+2&2=*2&2=%&HH&2=%.%P$&*&,(1(2%9&*1"#)2&"M&4"",%9&.%$"#.+%$*/*(,*0,%&($&HH&($&1*6()<&(2&%/%)&1".%&+"14,(+*2%97&4*.2(+#,*.,Q&0*$%9&")&5.J&?+6%.1*)P$&,*$2

+"11%)2&2=*2&2=%.%&I*$&*)&#)9%.H*$$%$$1%)2&()&2=%&M(.$2&4,*+%J

?)9&8&I"#,9&*<.%%&I(2=&2=*2J&8&2=()6&2=%.%&.%*,,Q&I*$&*&.(9(+#,"#$,Q&#)9%.&*$$%$$%9&($$#%

-"&8&<#%$$7&8&I*)2&2"&$2.%$$&2=%&4"()2&"M&HH&*0"#2&*99.%$$()<&2=%&+,*I&0*+6&*)9&%/%)&(M&I%

=*/%&2"&+=*)<%&2=%&9%M()(2(")&"M&)%2&%W#(2Q&2"&<%2&2"&2=%&.(<=2&4,*+%&=%.%J&8&2=()6&*<*()7&2=% 4%"4,%&I="&=*/%&+"1%&2"&1%&*)9&2*,6%9&2"&1%&*0"#2&2=($&HH&*)9&(2P$&0%%)&")&0"2=&$(9%$&"M&2=%

%W#*2(")&=%.%&0#2&*<*()&O#$2&()&I=*2P$&HH&I=*2P$&M*(.&()&2%.1$&"M&2.Q()<&2"&1*6%&(2&I=",%&*)91*6%&$#.%&2=%&-8>3&,(/%$&#4&2"&(2$&"0,(<*2(")$&1*Q0%&5.J&?+6%.1*)P$&+"11%)2$&*.%&2=%&I*Q

2"&<%2&2=%.%&0#2&8P9&+%.2*(),Q&I*)2&2"&%)+"#.*<%&Q"#&6)"I7&*$&W#(+6,Q&*$&4"$$(0,%J

G=($&=*$&2*6%)&*&,")<7&,")<&2(1%&2"&<%2&2=."#<=&*,,&2=%$%&2=()<$J&>%"4,%&=*/%&0%%)$#MM%.()<7&Q"#&6)"I7&2=."#<=&=*/()<&,"$2&2=%$%&.%$"#.+%$7&9")P2&6)"I&I=%.%&2"&2#.)J&-"1%&"M

2=%1&=*9&2"&1*6%&4.%22Q&9.*1*2(+&+=*)<%$&()&HH&()&2=%(.&,(/%$J

8&*,$"&I*)2&2"&1%)2(")&2=%&-2*)M".9&($$#%&*,$"&0%+*#$%&*,2="#<=&(2P$&+"14,(+*2%97&*<*()7&(2$%%1$&2"&1%&2=*2&2=%$%&/(+2(1$&*,$"&$="#,9&0%&+"14%)$*2%9&#)9%.&2=%&-8>3&*$&I%,,J

-"&8&HH&*<*()7&8&9")P2&HH&8&2=()6&2=%&W#%$2(")$&=*/%&0%%)&*$6%9&*)9&8&HH&8&O#$2&I*)2&2"&0%&=%.%2"&$#44".2&/%.Q&$2.")<,Q&*$&W#(+6,Q&*$&4"$$(0,%&*&,"2&"M&M.#$2.*2(")&=*$&<")%&")&2=."#<=&2=($I=",%&2=()<&*)9&*<*()7&8&,""6&*2&2=%&/(+2(1$&*)9&2=*2P$&")%&,%/%,&0#2&8&*,$"&,""6&*2&2=%&()/%$2".

4#0,(+&2=*2&.%*,,Q&9%4%)9$&HH&*)9&"#.&+"#)2.QP$&%+")"1Q&9%4%)9$&")&+")M(9%)+%&()&HH&()

()/%$2()<J&?)9&(M&I%&9")P2&=*/%&2=*2&6()9&"M&+")M(9%)+%7&(2&+.%*2%$&*&I=",%&,"2&"M&"2=%. 4."0,%1$&*)9&I%P.%&)"2&,""6()<&2"&<"&0*+6&2"&2=%&4"()2&()&2(1%&I=%.%&4%"4,%&*.%&4#22()<

1")%Q&()&2=%(.&1*22.%$$J

N%&I*)2&4%"4,%&2"&M%%,&2=*2&I=%)&2=%Q&()/%$2&*)9&2=%Q&<%2&*&$2*2%1%)2&*)9&2=%QP.%&9%*,()<

I(2=&4%"4,%&()&2=%&*0$%)+%&"M&M.*#9&2=*2&Q"#&6)"I7&2=%Q&HH&2=%Q&6)"I&I=%.%&2=($&1")%Q&($*)9&="I&2=%Q&+*)&.%+"14%)$%&2=%1$%,/%$&*)9&I%&=*/%&2"&=*/%&*&$2.#+2#.%&<"()<&M".I*.9

2=*2&($&$%2&#4&()&*&I*Q&2"&1*6%&$#.%&2=*2&2=%&.%$"#.+%$&HH&*)9&2="$%&4%"4,%&I="&*.%&0%)%M(2()<M."1&(27&2=%&+"14*)(%$&=*/%&2"&$2*)9&#4&M".&(2&*)9&Q"#&6)"I&8&2=()6&2=*2&2=*2P$&O#$2&4*.2&"M&2=%9%*,J

-"7&5.J&3=*(.1*)7&8&I")P2&2*6%&#4&1".%&2(1%&0#2&8&I*)2%9&2"&.%M,%+2&")&2=*2&*)9&HH&*)9&2=%($$#%&*$&$2.")<&*$&4"$$(0,%&$2*2%1%)2&2"&<%2&2=%&-8>3&.(<=2&")&2=($&*)9&2"&<%2&"#.&M",6$&2=*2

=*/%&0%%)&(14*+2%9&1*9%&I=",%J


T] K[b[cLKK



A?BCDE-A8F

G=*)6&Q"#7&5.J&A,%()J

G=%&HH&2=%&+"11(22%%&I"#,9&O#$2&,(6%&")%&+,*.(M(+*2(")&"M&$"1%2=()<&2=*2&8&2=()6&3=*(.1*)

C"=)$")&1(<=2&=*/%&$*(9&")&HH&")&2=%&($$#%&"M&+,*I&0*+6$J

V(9&Q"#&$*Q&2=*2&2=%&HH&2=*2&2=%&2.#$2%%&I*$&,""6()<&")&<"()<&0*+6&,(1(2%9&2"&"),Q&$(d&Q%*.$")&2=%&+,*I&0*+6_

CD!B-DBF

N%&=*/%&*&$2*2#2%&"M&,(1(2*2(")&8&0%,(%/%&*$&2"&="I&M*.&0*+6&I%&+*)&<"&()&2%.1$&HH

XiBABDNBY

-(d&HH&$(d&Q%*.$&($&2=%&B%I&h".6&.#,%&*)9&2=%&$2*2#2%&X()*#9(0,%Y&($&2=%&M%9%.*,&.#,%&".&2=%

$2*2%&.#,%_

CD!B-DBF

-(d&Q%*.$&($&B%I&h".6P$J

3?Ei-DF

-"&I%P.%&#)9%.&B%I&h".6&,*I&")&2=($_

XiBABDNBY

G=%&$2*2#2%&,%2$&Q"#&#$%&%(2=%.&2=%&M%9%.*,&.#,%&I=(+=&8&0%,(%/%&($&2I"&Q%*.$&".&2=%&$2*2%.#,%&I=(+=&($7&()&B%I&h".6P$&+*$%7&$(d&Q%*.$J

3?Ei-DF

-"&Q"#&=*/%&+="$%)&2=%&B%I&h".6&$2*2#2%_

3D'';;F

8P/%&+="$%)&)"2=()<J&8P1&O#$2&*&=#10,%&*+*9%1(+J

X@?i:!G;EY

A?BCDE-A8F

5.J&C"=)$")_

CD!B-DBF


T] K[b[cLKK



G=*2P$&I=*2&2=%&2.#$2%%&=*$&+="$%)J&h%$J

XiBABDNBY

-"&HH&$"&2=%&+,*I&0*+6&+*)&<"&0*+6&$(d&Q%*.$&*)9&)"&M#.2=%.J

CD!B-DBF

G=*2P$&+"..%+2J

A?BCDE-A8F

N%,,&,%2&1%&HH&,%2&1%&2=*)6&2=%&4*)%,J&h"#P/%&0%%)&/%.Q7&/%.Q&=%,4M#,J&G=($&($&*&/%.Q+"14,(+*2%9&*)9&%1"2(")*,,Q&+=*.<%9&($$#%J&N%&*44.%+(*2%&*,,&2=%&2="#<=2&*)9&2=%&I".6&2=*2Q"#P/%&4#2&()2"&(2J

N%&6)"I&2=*2&%/%.Q0"9Q&($&<"()<&2"&)"2&0%&+"14,%2%,Q&$*2($M(%9J&-"1%&4%"4,%&I(,,&0%

%1"2(")*,,Q&*$&I%,,&*$&M()*)+(*,,Q&$+*..%9&M".&%/%.&*)9&I%&6)"I&Q"#P.%&9"()<&2=%&0%$2&2=*2Q"#&+*)J&N%&=*/%&2"&9"&$"1%&I".6&*$&I%,,&0#2&Q"#P/%&0%%)&/%.Q&=%,4M#,&2"&#$&()&"#.

9%,(0%.*2(")J

8&2=*)6&2=%&1%10%.$&"M&2=%&+"11(22%%&*$&I%,,J&2=%&3=*(.&I"#,9&*,$"&)"2%&2=*2&$"1%1%10%.$&1*Q&=*/%&*99(2(")*,&W#%$2(")$&M".&2=%&4*)%,&*)9&2=%Q&I(,,&$#01(2&2=%1&2"&Q"#&(M Q"#&I"#,9&*)$I%.&2=%1&()&I.(2()<&2"&#$7&I%&I"#,9&0%&*44.%+(*2(/%&*)9&2=*2&I"#,9&0%&1*9%&*

4*.2&"M&2=%&"MM(+(*,&.%+".9J

N(2="#2&"0O%+2(")7&2=%&=%*.()<&I(,,&2=%.%M".%&I(,,&.%1*()&"4%)&M".&\L&9*Q$&M".&1%10%.$&2"$#01(2&2="$%&W#%$2(")$&()&I.(2()<&*)9&M".&2=%&*)$I%.$&2"&0%&4#2&()&2=%&.%+".9J&N(2="#2

"0O%+2(")7&2=*2&($&".9%.%9J

G=%.%&0%()<&)"&M#.2=%.&0#$()%$$&0%M".%&2=%&+"11(22%%7&2=%&4*)%,&($&9($1($$%9&I(2=&"#. 2=*)6$J

8&<"2&*&$+.(42J&f%M".%&I%&*9O"#.)7&2=%&M",,"I()<&I.(22%)&$2*2%1%)2$&I(,,&0%&1*9%&4*.2&"M&2=%.%+".9&"M&2=($&=%*.()<J&G=%&$2*2%1%)2&"M&5.J&E")&-2%()7&>.%$(9%)27&B%2I".6&'".&8)/%$2". ?+2(")&*)9&>."2%+2(")J&G=%&$2*2%1%)2&"M&5$J&E"))(%&-#%&?10."$()"7&3"".9()*2".&"M&5*9"MM g(+2(1$&3"*,(2(")J&?&,%22%.&9*2%9&'%0.#*.Q&cc7&cLKL&M."1&5.J&-2%/%)&!*.0*+67&>.%$(9%)2&"M

-%+#.(2(%$&8)/%$21%)2&>."2%+2(")&3".4".*2(")&.%$4")$%&2"&1%10%.$P&W#%$2(")$&9#.()<&2=%V%+%10%.&j7&cLLj&=%*.()<&%)2(2,%9&?99(2(")*,&E%M".1$&"M&2=%&-%+#.(2(%$&8)/%$21%)2

>."2%+2(")&?+2J&?&,%22%.&9*2%9&5*.+=&b7&cLKL&M."1&3=*(.1*)&A*)O".$6(&2"&5.J&-2%/%)!*.0*+67&>.%$(9%)2&"M&-8>3&%)+"#.*<()<&2=%&0."*9&.%4.%$%)2*2(")&")&2=%&)%I,Q&+.%*2%9&2*$6 M".+%&2"&+")$(9%.&-8>?&.%M".1$J&?&,%22%.&9*2%9&?#<#$2&cL7&cLKL&M."1&3=*(.1*)&A*)O".$6(*)9&E*)6()<&5%10%.&-+"22&:*..%22&2"&5.J&-2%/%)&!*.0*+67&>.%$(9%)2&"M&-8>3&.%W#%$2()<

+,*(1$&9*2*J&?)9&M()*,,Q&*&,%22%.&9*2%9&V%+%10%.&]7&cLKL&X$(+Y&M."1&5.J&-2%/%)&!*.0*+67>.%$(9%)2&"M&-8>3&()&.%$4")$%&2"&*&.%W#%$2&M."1&3=*(.1*)&A*)O".$6(&*)9&E*)6()<&5%10%.

:*..%22&.%W#%$2()<&+,*(1$&9*2*J

N(2="#2&"0O%+2(")7&2=*2&($&$"&".9%.%9J&G=%&4*)%,&($&9($1($$%9&I(2=&2=%&2=*)6$&"M&2=%


T] K[b[cLKK



+"11(22%%&*)9&2=%&3")<.%$$&*)9&2=%&=%*.()<&($&*9O"#.)%9J

3Z&G.*)$+.(42(")$7&-%42J&c\7&cLKL

@($2&"M&>*)%,&5%10%.$&*)9&N(2)%$$%$

>?B;@&5;5f;E-F

E;>J&>?i@&;J&A?BCDE-A87&VH>?J&3!?8E5?B

E;>J&:?Eh&@J&?3A;E5?B7&VHBJhJ

E;>J&fE?V&-!;E5?B7&VH3?@8'J

E;>J&583!?;@&;J&3?>i?BD7&VH5?--J

E;>J&Eif;B&!8BDCD-?7&VHG;a?-

E;>J&3?ED@hB&533?EG!h7&VHBJhJ

E;>J&CD;&f?3?7&VH3?@8'J

E;>J&-G;>!;B&'J&@hB3!7&VH5?--J

E;>J&fE?V&58@@;E7&VHBJ3J

E;>J&V?g8V&-3DGG7&VH:?J

E;>J&BhV8?&5J&g;@?kZi;k7&VHBJhJ

E;>J&3?ED@hB&fJ&5?@DB;h7&VHBJhJ

E;>J&5;@8--?&f;?B7&VH8@@J

E;>J&:N;B&5DDE;7&VHN8-J

E;>J&>?i@&NJ&!DV;-7&VHBJ!J

E;>J&EDB&A@;8B7&VH'@?J

E;>J&;V&>;E@5iGG;E7&VH3D@DJ

E;>J&CD;&VDBB;@@h7&VH8BVJ


T] K[b[cLKK



E;>J&?BVE;&3?E-DB7&VH8BVJ

E;>J&C?3A8;&->;8;E7&VH3?@8'J

E;>J&GE?g8-&3!8@V;E-7&VH58--J

E;>J&3!?E@8;&N8@-DB7&VHD!8D

E;>J&f8@@&'D-G;E7&VH8@@J

E;>J&N?@G&58BB83A7&VH8V?!D

E;>J&CD!B&?V@;E7&VHBJCJ

E;>J&5?Eh&CD&A8@EDh7&VHD!8D

E;>J&-ik?BB;&AD-5?-7&VH'@?J

E;>J&?@?B&:E?h-DB7&VH'@?J

E;>J&C85&!85;-7&VH3DBBJ

E;>J&:?Eh&>;G;E-7&VH583!J

E;>J&f?EB;h&'E?BA7&VH5?--J&;a&D''838D

E;>J&-3DGG&:?EE;GG7&EHBJCJ&E?BA8B:&5;5f;E

E;>J&C;f&!;B-?E@8B:7&EHG;a?-

E;>J&GD5&>E83;7&EH:?J

E;>J&583!?;@&BJ&3?-G@;7&EHV;@J

E;>J&>;G;E&GJ&A8B:7&EHBJhJ

E;>J&'E?BA&VJ&@i3?-7&EHDA@?J

E;>J&VDB?@V&5?Bki@@D7&EH8@@J

E;>J&;V&EDh3;7&EH3?@8'J


T] K[b[cLKK



E;>J&CiVh&f8::;EG7&EH8@@J

E;>J&-!;@@;h&5DDE;&3?>8GD7&EHNJg?J

E;>J&?V?5&!J&>iGB?57&EH'@?J

E;>J&CJ&:E;-!?5&f?EE;GG7&EH-J3J

E;>J&C85&:;E@?3!7&EH>?J

E;>J&CD!B&3?5>f;@@7&EH3?@8'J

E;>J&583!;@;&f?3!5?BB7&EH58BBJ

E;>J&G!?VV;i-&533DGG;E7&EH583!J

E;>J&E?BVh&B;i:;f?i;E7&EHG;a?-

E;>J&A;g8B&533?EG!h7&EH3?@8'J

E;>J&f8@@&>D-;h7&EH'@?J

E;>J&@hBB&C;BA8B-7&EHA?BJ

E;>J&->;B3;E&f?3!i-7&EH?@?J&;a&D''838D

N8GB;--;-F

5EJ&CD-;>!&fDE:7&V8E;3GDE7&?@?f?5?&-;3iE8G8;-&3D558--8DB

DE@?B&CD!B-DB7&3!?8E5?B&D'&G!;&fD?EV7&-;3iE8G8;-&8Bg;-GDE >EDG;3G8DB&3DE>DE?G8DB

CD!B&3D'';;7&?VD@'&?J&f;E@;&>ED';--DE&D'&@?N7&3D@i5f8?&@?N-3!DD@

8E?&!?55;E5?B7&-;B8DE&5?B?:8B:&V8E;3GDE&?BV&:;B;E?@&3DiB-;@7

-;3iE8G8;-&8BVi-GEh&?BV&'8B?B38?@&5?EA;G-&?--D38?G8DB

-G;g;B&3?Ei-D7&>?EGB;E7&5?VVDa7&!?E:;GG&l&3?Ei-D

+-?0@1A#!"#$%&'()%*+,*-'(

!""#$%&'()%"*#+'('),#%('#-(.&'/&'0#12#3,)&'0#4&%&'*#/.-2()5+&#"%6#%,0#$%2#,.&#1'#('-(.07/'08#0)*&()17&'08&(%,*$)&&'08#0)*-"%2'08#-71")*+'0#.(#1(.%0/%*&#6)&+.7&#&+'#-().(#6()&&',#-'($)**).,#.9#:;#<(%,*/()-&).,*=#>.7#$%2

,.&#%"&'(#.(#('$.?'#%,2#&(%0'$%(@8#/.-2()5+&#.(#.&+'(#,.&)/'#9(.$#/.-)'*#.9#&+'#/.,&',&=


T] K[b[cLKK



B#:=>=#!"#*-55#!455#'55#*3/C82#*1210D1E9


CQ.com - House Financial Services Subcommittee on Capital Markets, Insurance and Government...

Documents

Transcript of CQ.com - House Financial Services Subcommittee on Capital Markets, Insurance and Government...