-dl6g9h *j::g +:69>c< (; &2/ 3+

46
Y"; (CAN " !69 >GA;G>:C9Z -DL6G9H *J::G +:69>C< (; &2/ 3+<C !0 *9?81 3<6 2 "+2% '' .&#-- #' )+-#% .%#%&'- ( -" +*.#+&'-, (+ -" !+ ( ,-+ ( +-, - %"(.,# '#/+,#-2 %#1 (/ (-# .!.,- 3 ()2+#!"- 2 "+2% ''

Upload: others

Post on 21-Jan-2022

1 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: -DL6G9H *J::G +:69>C< (; &2/ 3+

��

�����

Y";�(CAN�"�!69��� >GA;G>:C9�Z�

-DL6G9H���*J::G�+:69>C<�(;�&2/��3+<C�!0���*9?81��3<6�

�����

�2�����

�"�+2%������''����

�.�&#--���#'�)�+-#�%� .% #%&�'-�( �-"��+�*.#+�&�'-,� (+�-"����!+���( ���,-�+�( � +-,�

��

�-���

��%"(.,#���'#/�+,#-2���%# �1���(/����(-#��

.!.,-�������������

3��()2+#!"-��2��"�+2%������''��������

Page 2: -DL6G9H *J::G +:69>C< (; &2/ 3+

� >>�

�����������������

��,-+��-VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV���>K�

%",-�(�����+�/"�-"(',�.,��VVVVVVVVVVVVVVVVVVVVVVV�K�

��$'(0%�� �&�'-,VVVVVVVVVVVVVVVVVVVVVVVVVVVK>�

�!�)-�+����"'-+(�.�-"('VVVVVVVVVVVVVVVVVVVVVVVVV��

�!�)-�+�����''�����(',-+.�-��VVVVVVVVVVVVVVVVVVVVV��

� ������''���+�'$���" .+�%�&(-!�+VVVVVVVVVVVVV���VVVV��

� ������''���+�'$���" .+�%��!"%�VVVVVVVVVVVVVVVVVVV��

� ������''��-!��,2&�(%��-+()�,�(��)�,,"/����&"'"'"-2��"'�!(%(��.,-�+�)+�,�'-�-"('VVVVVVVVVVVV��VVV� ��

� �����-(�-!��+�,�.���)�-�+�/�'����'��'��-!��)+(&",���(��!�-�+(,�1.�%�+�)+(�.�-"('VVVVVVVVVVVVVV������

�!�)-�+�����''��+�"&� "'��VVVVVVVVVVVVVVVVVVVVVV���

� ������''���'��-!��,�',��(��.'��%(' "' VVVVVVVVVVVVV����

� �������,!"�-�"'�(+"�'-�-"('���''���'��)�-�+�+��1�&"'��VVVV�������

� ������&(-"('�%��.+�,,��'���%(,��)+(1"&"-2���''����'��)�-�+�.'��+�,�+.-"'2VVVVVVVVVVVVVVVVV������

�!�)-�+����!",-(+"��%��('-�1-��'��Y�)",-�&"��"'#.,-"��ZVVVVVVV����

� ����-!���.%-.+�%�W�!",-(+"��%�(+" "',�(��!(&()!(�"���"'�'�3"� �+&�'2VVVVVVVVVVVVVVVVVVVVVVV����

� ����-!���",,(%.-"('�(��*.��+��.%-.+��"'�'�3"� �+&�'2���'��"-,�%"' �+"' ������-,VVVVVVVVVVVVVVVVV���

�� �����)",-�&"��"'#.,-"����-!��"&� "'���-!+��-�(���

�''�\,�*.��+�-�,-"&('2VVVVVVVVVVVVVVVVVV������

�!�)-�+�����('�%.,"('VVVVVVVVVVVVVVVVVVVVVVVVV�����

Page 3: -DL6G9H *J::G +:69>C< (; &2/ 3+

� >>>�

�"�%"( +�)!2VVVV��VVVVVVVVVVVVVVVVVVVVVVVVVV����

� �

Page 4: -DL6G9H *J::G +:69>C< (; &2/ 3+

� >K�

�������

-=>H�I=:H>H�:M6B>C:H�I=:�#6CJ6GN��������:CIGN�;GDB�&2/��3+<C�90���*9?81��3<6�>C�L=>8=�

�CC:��G6C@�DE:CAN�9>H8JHH:H�=:G�DLC�FJ::G�9:H>G:��-=>H�EGD?:8I�L>AA�:MEADG:�L=N�H6>9�

E6HH6<:�=6H�G:8:>K:9�HD�A>IIA:�6II:CI>DC�;GDB�H8=DA6GH�9:HE>I:�>IH�EDI:CI>6A�ID�JC9:GB>C:�

EG:K6>A>C<�>CI:GEG:I6I>DCH�D;��CC:\H�>9:CI>IN�6C9�:ME:G>:C8:�L>I=>C�I=:��CC:M��%DD@>C<�ID�

&>G6C96��G>8@:G\H�� ��I:MI��:3=>/73-��84?=>3-/��"9A/<�+8.�>2/��>23-=�90��89A381�I=>H�

I=:H>H�L>AA�:M6B>C:�=DL�I=:�EGDADC<:9�HJEEG:HH>DC�D;��CC:\H�FJ::G�I:HI>BDCN�H:GK:H�ID�

H6;:<J6G9�=:G�8G:9>7>A>IN�6H�6�L>IC:HH�ID�I=:�IG6JB6�D;�I=:�!DAD86JHI��"�L>AA�9:BDCHIG6I:�

=DL�I=:�HJ79J6A�D;��CC:\H�=DBD:GDI>8�9:H>G:�LDG@H�ID�9:<:C9:G�6C9�9:H:MJ6A>O:�=:G�

I:HI>BDCN�:CHJG>C<�=:G�>8DC>8�HI6IJH�6H�8=>A9�L>IC:HH��I=:�HNB7DA>8�G:EG:H:CI6I>DC�D;�

>CCD8:C8:�;DG�6AA�!DAD86JHI�K>8I>BH���:86JH:�I=:�8DCHIGJ8I>DC�D;��CC:�6H�6�HNB7DA�:G6H:H�

=:G�;:B>C>C:�>9:CI>IN�6C9�H:MJ6A�6<:C8N�BN�I=:H>HX7N�EGDK>9>C<�6�FJ::G�G:69>C<�D;�&2/�

�3+<CXH::@H�ID�JC9:GB>C:�H6>9�8DCHIGJ8I>DC�6I�>IH�=:I:GDH:M>HI�;DJC96I>DCH���N�

G:8DK:G>C<��CC:\H�FJ::G�9:H>G:�BN�EGD?:8I�L>AA�G:8DCI:MIJ6A>O:��88/��<+85��&2/��3+<C�

90�+�*9?81��3<6�L>I=>C�I=:�:B:G<:CI�;>:A9�D;�*J::G�!DAD86JHI�,IJ9>:H��

� �

Page 5: -DL6G9H *J::G +:69>C< (; &2/ 3+

� K�

����������������������� �

��� � �+C=�90��+=;?/<+./����� � �3../8��969-+?=>� �

Page 6: -DL6G9H *J::G +:69>C< (; &2/ 3+

� K>�

���� �� ��������

� "�L6CI�ID�I=6C@��BN��AB6C�L=DH:�7G>:;�BJH>C<H�DC��CC:\H�FJ::G�8DC;:HH>DC�

�Y%:H7>6CH�6C9�I=:�!DAD86JHIZ�������EJH=:9�B:�ID�YG:69�7:IL::C�I=:�A>C:HZ��� ��D;�

�CC:\H�I:HI>BDCN��"�LDJA9�6AHD�A>@:�ID�I=6C@��G���DGDI6� ADL68@6�L=DH:�<J>96C8:�6C9�

H::B>C<AN�:C9A:HH�L:6AI=�D;�@CDLA:9<:�>C�!DAD86JHI�HIJ9>:H��HE:8>;>86AAN�I=:�<:C9:G:9�

:A:B:CIH�I=:G:D;��B69:�I=>H�EGD?:8I�EDHH>7A:���

Page 7: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ��

�������������� �������

�-=:�6>B�D;�I=>H�EGD?:8I�>H�ID�>CK:HI><6I:�L=N�I=:�;DAADL>C<�E6HH6<:�;GDB�#6CJ6GN���

����XL=>8=�HJ<<:HIH��CC:\H�EDI:CI>6A�FJ::G�H:MJ6A>INX=6H�CDI�7::C�6;;DG9:9�6C�>C

9:EI=�6C6ANH>H�7N�BD9:GC�!DAD86JHI�H8=DA6GH�6C9�L=N�;DG�H:K:C�9:869:H��CC:�=6H�7::C�

EG:HJB:9�HIG6><=I��"I�>H�CDI�I=:�>CI:CI>DC�D;�I=>H�EGD?:8I�ID�HDB:=DL�YEGDK:Z�I=6I��CC:�

�G6C@�L6H�<6N��'D�DC:�>H�:CI>IA:9�ID�9:I:GB>C:��CC:\H�H:MJ6A>IN�7JI��CC:�=:GH:A;�6C9�

H=:�L6H�8GJ:AAN�9:C>:9�I=:�G><=I�ID�9D�HD��"I�>H�I=:�>CI:CI>DC�D;�I=>H�EGD?:8I�=DL:K:G�ID�

8=6AA:C<:�I=:�6JIDB6I>8�6HHJBEI>DC�D;�=:I:GDH:MJ6A>IN�>C�LDB:C\H�LG>I>C<H�6C9�I=:�

8:CIG6A>IN�D;�=:I:GDH:MJ6A>IN�L>I=>C�!DAD86JHI�HIJ9>:H�BDG:�<:C:G6AAN��

�&2?<=.+C���+8?+<C����� �

!8-/�A2/8���A+=�=:/8.381�>2/�8312>�+>��+-;?/I=����-9?6.�89�6981/<�

</=><+38�7C�-?<39=3>C�+,9?>�2/<�,9.C��A23-2�=2/I.�+6A+C=�5/:>�23../8�0<97�

7/�+8.�A23-2��I.�8/@/<�=//8����+=5/.�2/<�A2/>2/<��+=�:<990�90�9?<�

0<3/8.=23:��A/�-9?6.�>9?-2�/+-2�9>2/<I=�,</+=>=���+-;?/�</0?=/.����+6=9�2+.�

+�>/<<3,6/�./=3</�>9�53==�2/<��A23-2���.3.���@/<C�>37/���=//�+�0/7+6/�8?./��

=?-2�+=�>2/�(/8?=�38�7C�+<>�23=>9<C�,995����19�38>9�/-=>+=C��%97/>37/=���

038.�>2/7�=9�/B;?3=3>/���2+@/�>9�=><?116/�>9�296.�,+-5�7C�>/+<=���0�986C���

2+.�+�13<60<3/8.���&2/��3+<C�90�+�*9?81��3<6���/0383>3@/��.3>398������

�I�EG:H:CI�CD�>C9:EI=�H8=DA6GAN�LDG@�=6H�6II:BEI:9�6�FJ::G�G:69>C<�D;�&2/��3+<C�90���

*9?81��3<6��'DG�=6K:�6CN�H8=DA6GH�E:G;DGB:9�6C�:MI:CH>K:�6C6ANH>H�D;�I=:�67DK:�:CIGN��"I�

Page 8: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ��

>H�I=:�6>B�D;�I=>H�E6E:G�ID�:MEADG:�L=N�I=>H�>H�6C9�ID�>AAJB>C6I:�I=:�EDI:CI>6A�>BE68I�D;�

L=6I�CDL�;::AH�A>@:�6�EDL:G;JA�EGD8A6B6I>DC�D;�FJ::G�H:A;9>H8DK:GN��&N�EGD?:8I�ADD@H�ID�

8DCC:8I�I=:�A68@�D;�8DCI:BEDG6GN�H8=DA6GH=>E�DC�I=>H�E6HH6<:�ID�I=:�C6GG6I>K:�HIGJ8IJG:�D;�

&2/��3+<C�90�+�*9?81��3<6��-=:�:CIG>:H�I=6I�HJGGDJC9��CC:\H�FJ::G�I:HI>BDCN�A:C9�>CH><=I�

>CID��CC:\H�DLC�8DC;JH>DC�67DJI�=:G�9:K:ADE>C<�H:MJ6A�>9:CI>IN��"BEDGI6CIAN�I=>H�

8DC;JH>DC�=6H�7::C�JH:9�6H�6�B:6CH�D;�9>HB>HH>C<��CC:\H�FJ::G�8DC;:HH>DC���N�

>B7:99>C<�=:G�FJ::G�I:HI>BDCN�6BDC<�:CIG>:H�I=6I�H::B>C<AN�<J6G6CI::�=:G�E6HH6<:�>CID�

=:I:GDH:MJ6A>IN��CC:�>C69K:GI:CIAN�C:JIG6A>O:H�=:G�DLC�FJ::G�8DC;:HH>DC�6AADL>C<�

=:I:GDH:M>HI�EG:HJBEI>DCH�67DJI�=:G�A:H7>6C�9:H>G:�ID�EG:K6>A���:86JH:�I=:�67DK:�:CIGN�>H�

EG:8:9:9�7N��CC:\H�9>H8JHH>DC�D;�=:G�;JIJG:�BDI=:G=DD9�6C9�;DAADL:9�7N�=:G�;>GHI�

B:CI>DC�D;�=:G�GDB6CI>8�;::A>C<H�;DG�):I:G�K6C��66C�I=:�DG<6C>O6I>DC�D;��CC:\H�

I:HI>BDCN�6AADLH�;DG�I=:�6HHJBEI>DC�I=6I�=:G�9:H>G:�;DG�#68FJ:�>H�6�;A::I>C<�8JG>DH>IN�6�

9:IDJG�DC�I=:�>C:K>I67A:�E6I=�ID�=:I:GDH:MJ6A�G:EGD9J8I>DC��"�L>AA�:MEADG:�L=N�>I�>H�I=6I�

;DG�HD�B6CN�N:6GH�!DAD86JHI�H8=DA6GH�=6K:�JE=:A9�I=>H�>CI:GEG:I6I>DC�6ADC:�><CDG>C<�I=:�

EDHH>7>A>IN�I=6I��CC:\H�8DC;JH>DC�B6N�=6K:�G:HDAK:9�>IH:A;�>CID�6�FJ::G�>9:CI>IN�G6I=:G�

I=6C�6�=:I:GDH:MJ6A�DC:���

"C�I=:�;>GHI�H:8I>DC�D;�BN�I=:H>H�"�L>AA�:M6B>C:�=DL�JC9:GHI6C9>C<H�D;��CC:��G6C@�6H�6�

EDI:CI>6A�BDI=:G�6H�L:AA�6H�6�EG:H:MJ6A�8=>A9�=6K:�8DB7>C:9�ID�IJGC��G6C@�;GDB�6C�

>C9>K>9J6A�>CID�6C�>8DCX>C9::9�>CID�DC:�D;�I=:�BDHI�>8DC>8�!DAD86JHI�K>8I>BH�>C�I=:�

86CDC��"�8DCI:C9�I=6I�I=:�JC9:GHI6C9>C<�D;��CC:\H�FJ::G�9:H>G:�6H�IG>K>6A�6C9�CDC

I=G:6I:C>C<�=6H�H:GK:9�ID�EGDI:8I�I=:�>CI:<G>IN�D;�=:G�>8DC>8�86CDC>86A�I:HI>BDCN�;GDB�I=:�

:E>HI:B>8�I=G:6I�D;�FJ::GC:HH���

Page 9: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ��

"C�,:8I>DCH�""�6C9�"""�"�L>AA�7:�ADD@>C<�ID�&>G6C96��G>8@:G\H�� ��I:MI��:3=>/73-�

�84?=>3-/��"9A/<�+8.�>2/��>23-=�90��89A381�ID�9:BDCHIG6I:�=DL��CC:\H�FJ::G�

8DC;:HH>DC�8DJA9�8DC8:>K67AN�96B6<:�=:G�HI6IJH�6H�6�!DAD86JHI�L>IC:HH�>C�I=:�:N:H�D;�

HDB:�6C9�?:DE6G9>O:�I=:�K6AJ:�D;�&2/��3+<C�;?+�86CDC>86A�I:MI��"�L>AA�:MEADG:�=DL�9::E

H:6I:9�EG:HJBEI>DCH�D;�=:I:GDH:MJ6A>IN�L>I=>C�6C9�7:NDC9�!DAD86JHI�H8=DA6GH=>E�=6K:�

>C;AJ:C8:9�H8=DA6GAN�G:69>C<H�D;�&2/��3+<C��0DG@>C<�6<6>CHI�I=:H:�EG:HJBEI>DCH�"�L>AA�

:M6B>C:�I=:�HJEEDH:9�<J6G6CIDGH�D;��CC:\H�=:I:GDH:MJ6A>INX=:G�9:H>G:�ID�7:�6�BDI=:G�

6C9�=:G�=:I:GDH:MJ6A�G:A6I>DCH=>E�L>I=�):I:G�K6C��66C��"�8DCI:C9�I=6I�C:>I=:G�D;�I=:H:�

:A:B:CIH�D;;:G�6CN�8DC8G:I:�EGDD;�D;��CC:\H�H:MJ6A�DG>:CI6I>DC��"C9::9�>I�>H�BN�>CI:CI>DC�

ID�G:K:6A�6�FJ::G�HJ7I:MI�I=6I�E:GB:6I:H�&2/��3+<C�6C9�ID�:M6B>C:�=DL�I=>H�HJ7I:MI�

H=DJA9�8DADG�DJG�G:69>C<�D;��CC:�6C9�):I:G\H�G:A6I>DCH=>E�6H�L:AA�6H��CC:\H�H:MJ6A�

>9:CI>IN�BDG:�<:C:G6AAN���

%DD@>C<�ID��BN��AB6CXL=DH:�6GI>8A:�Y%:H7>6CH�6C9�I=:�!DAD86JHIZ�;>GHI�>CHE>G:9�B:�ID�

I6@:�DC�I=>H�EGD?:8IX"�L>AA�:MEADG:�I=:�EDHH>7>A>IN�I=6I��CC:\H�8DC;JH>DC�67DJI�=:G�DLC�

H:MJ6A>IN�>H�CDI�HDB:=DL�EGDD;�D;�=:G�>C:K>I67A:�E6HH6<:�>CID�=:I:GDH:MJ6A>IN�7JI�6�

G:;A:8I>DC�D;�I=:�9:A6N:9�H:MJ6A�9:K:ADEB:CI�D;��:HE:8>6AAN�A:H7>6C��LDB:C�>C��CC:\H�

8JAIJG6A=>HIDG>86A�BDB:CI��"�L>AA�:MEADG:�I=:�EDHH>7>A>IN�I=6I�>I�L6H�>C�;68I��CC:\H�

G:A6I>DCH=>E�L>I=�):I:G�I=6I�L6H�I=:�9:IDJG�6C9�CDI�=:G�FJ::G�9:H>G:��

Page 10: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ��

������������� ����������� �

&2/��3+<C�90�+�*9?81��3<6�G:B6>CH�DC:�D;�I=:�BDHI�L>9:AN�G:69�LDG@H�D;�!DAD86JHI�

A>I:G6IJG:���DG�B6CN�'DGI=��B:G>86CH�>C8AJ9>C<�BNH:A;�>I�>H�I=:�;>GHI�E>:8:�D;�!DAD86JHI�

I:HI>BDCN�L:�:C8DJCI:G��&2/��3+<C�=6H�7::C�EJ7A>H=:9�>C�BDG:�I=6C�� �A6C<J6<:H�=6H�

HDA9�BDG:�I=6C�� �B>AA>DC�8DE>:H�6C9�=6H�<DC:�I=GDJ<=�:C9A:HH�G:K>H>DCH�W�L>I=�I=:�;>C6A�

�/0383>3@/��.3>398�D;�I=:�I:MI�6EE:6G>C<�>C�������"I�>H�>C�&2/��/0383>3@/��.3>398�I=6I�G:69:GH�

:C8DJCI:G�;DG�I=:�;>GHI�I>B:�H><C>;>86CI�H:8I>DCH�D;�I:HI>BDCN�G:BDK:9�;GDB�I=:�DG><>C6A�

I:MI��-=:H:�E6HH6<:HXI=:�7JA@�D;�L=>8=�9:I6>A��CC:\H�>CK:HI><6I>DC�D;�=:G�DLC�<:C9:G:9�

7D9NX9:BDCHIG6I:�6�<:C:G6A�I:C9:C8N�L>I=>C�!DAD86JHI�A>I:G6IJG:�ID�HJEEG:HH�I=DH:�

6HE:8IH�D;�!DAD86JHI�:ME:G>:C8:�L=>8=�6G:�JC>FJ:AN�;:B>C>C:�:HE:8>6AAN�L=:C�H:MJ6A���

�:86JH:�&2/��3+<C�L6H�:9>I:9�7N��CC:\H�;6I=:G�I=:�I:MI�EG:H:CIH�6�JC>FJ:��6C9�FJ>I:�

A>I:G6A��86H:�D;�E6IG>6G8=6A�8:CHDGH=>E�L>I=>C�!DAD86JHI�A>I:G6IJG:�6C9�I=JH�86C�=:AE�

>AAJB>C6I:�HDB:�D;�I=:�B:8=6C>HBH�6I�LDG@�>C�<:C9:G:9��6C9�FJ::G��H>A:C8>C<�L>I=>C�I=:�

9>H8>EA>C:���

���������������������������

�:86JH:�D;�I=:�8DBEA>86I:9�:9>IDG>6A�=>HIDGN�D;�&2/��3+<C���>I�>H�9>;;>8JAI�ID�H6N�L=>8=�

:A:B:CIH�D;�I=:�DG><>C6A�I:MI�L:G:�DB>II:9�7N��CC:�6C9�L=>8=�L:G:�DB>II:9�7N�=:G�

���������������������������������������� �����������DG�BDG:�DC�I=>H�H::��6BDC<�DI=:GH���!:>C:B6C��A>O67:I=��Y,:MJ6A>IN�6C9�'6O>HB��-=:��DJ7AN�.CHE:6@67A:�Z�6C9� DA9:C7:G<�&��Y,:M�6H:9�/>DA:C8:�6C9�I=:�)DA>I>8H�6C9��I=>8H�D;�,JGK>K6A�Z���-=:�DG><>C6A��3+<C�L6H�I=:�G:9�6C9�L=>I:�8=:8@:9�CDI:7DD@��CC:�G:8:>K:9�;DG�=:G���-=:�DG><>C6A��3+<C�L6H�I=:�G:9�6C9�L=>I:�8=:8@:9�CDI:7DD@��CC:�G:8:>K:9�;DG�=:G�I=>GI::CI=�7>GI=96N��-=>H�CDI:7DD@�6ADC<�L>I=�H:K:G6A�DI=:GH�;>AA:9�7:IL::C������6C9����B6@:�JE�L=6I�H8=DA6GH�86AA�I=:���(/<=398�D;�I=:�I:MI��0=:C� :GG>I��DA@:CHI:>C�G:FJ:HI:9�I=6I�LG>I>C<H�B69:�9JG>C<�I=:�D88JE6I>DC�7:�@:EI��CC:�G:LGDI:�=:G�DG><>C6A�9>6GN�>C�I=:�;DGB�D;�6�CDK:A��-=>H�7:86B:�(/<=398�����GDB�I=:H:�ILD�B6CJH8G>EIH�(IID��G6C@�B69:�

Page 11: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ��

;6I=:G��!DL:K:G�>I�>H�@CDLC�I=6I�I=:�;DAADL>C<�E6HH6<:XL=>8=�I:AA>C<AN�=6H�G6>H:9�

G:8:CI�8DC8:GCH�I=6I�&2/��3+<C�>H�YEDGCD<G6E=>8Z��6C9�H=DJA9�7:�76CC:9�;GDB�EJ7A>8�

H8=DDAHXL6H�G:BDK:9�;GDB�>C>I>6A�:9>I>DCH�D;�I=:�9>6GN�7N�(IID��G6C@���

�:IL::C�NDJG�A:<H�I=:G:�6G:�ILD�HD;I�8JH=>DCN�I=>C<H�6AHD�8DK:G:9�L>I=�

=6>G�L=>8=�EG:HH�ID<:I=:G�L=:C�NDJ�G:�HI6C9>C<�V�-=:N�H:E6G6I:�L=:C�

NDJ�H>I�9DLC�6C9�I=:N�G:�K:GN�G:9�6C9�FJ>I:�;A:H=N�DC�I=:�>CH>9:��"C�I=:�

JEE:G�E6GI�7:IL::C�I=:�DJI:G�A67>6�I=:G:�H�6�;DA9�D;�H@>C�I=6I�DC�H:8DC9�

I=DJ<=I�ADD@H�A>@:�6�@>C9�D;�7A>HI:G��-=6I�H�I=:�8A>IDG>H����/0383>3@/��.3>398�

�����

�CC:\H�:MEADG6I>DC�D;�=:G�;:B6A:�7D9N�6C9�=:G�;D8JH�DC�I=:�8A>IDG>H�:BE=6H>O:�I=:�

JC>FJ:C:HH�D;�=:G�<:C9:G:9�:ME:G>:C8:�6C9�>BEAN�I=:�EDI:CI>6A�;DG�JCG:<JA6I:9��E:G=6EH�

H:A;>C9J8:9��;:B6A:�H:MJ6A�EA:6HJG:��)6HH6<:H�A>@:�I=:H:XL=>8=�L:G:�G:BDK:9�;GDB�

>C>I>6A�:9>I>DCH�D;�&2/��3+<CX=:AE�8G:6I:�6�9>HI>C8I>DC�7:IL::C�I=:�HD86AA:9�=+0/�6C9�

.+81/<9?=�6HE:8IH�D;��CC:\H�I:HI>BDCN�6C9�<:C9:G:9�!DAD86JHI�I:HI>BDCN�>C�<:C:G6A��

�CC:\H�FJ::G�8DC;:HH>DC��I=:�;D8JH�D;�BN�G:H:6G8=��6H�L:AA�6H�E6HH6<:H�9:6A>C<�L>I=�

B:CHIGJ6I>DC�6C9�=:I:GDH:MJ6A�8DCI68I�L:G:�A:;I�>C�I=:�DG><>C6A�9>6GN��(IID�9>9�CDI�G:BDK:�

I=:H:�E6HH6<:H�6H�I=:N�L:G:�8DCH>9:G:9�H6;:�:CDJ<=�;DG�EJ7A>86I>DC���JI�L=N��0=6I�>H�>I�

I=6I�B6G@H�6�E6HH6<:�6H�H6;:�L>I=>C�6�<:C9:G:9�!DAD86JHI�I:HI>BDCN��-=:�;DAADL>C<�

E6HH6<:�B6N�=:AE�6CHL:G�I=>H�FJ:HI>DC���

���������������������������������������� ���������������������������������������� ���������������������������������������� ������������������������������ �I=:���(/<=398�D;�I=:�9>6GN��-=>H�;>C6A�K:GH>DC�L6H�:9>I:9�6C9�G::9>I:9�DK:G�I=:�C:MI�;>;IN�N:6GH�7N�(IID��G6C@�6C9�&>G?6B�)G:HHA:G�JCI>A�&2/��/0383>3@/��.3>398�6EE:6G:9�>C����������"C�� ���8DC8:GC:9�E6G:CI� 6>A�!DG6A:@�;>A:9�6�8DBEA6>CI�L>I=�I=:�'DGI=K>AA:�&"�H8=DDA�9>HIG>8I�I=6I�E6HH6<:H�;GDB�&2/��/0383>3@/��.3>398�>C�L=>8=��CC:�:MEADG:H�6C9�9:H8G>7:H�=:G�DLC�6C6IDBN�L:G:�YEDGCD<G6E=>8Z�6C9�I=6I�I=:�7DD@�H=DJA9�7:�76CC:9�;GDB�I=:�8A6HHGDDB��,::�!J;;>C<IDC�)DHI�6GI>8A:�DC��EG>A����� ��Y�CC:��G6C@\H��>6GN�-DD�[)DGCD<G6E=>8\�;DG��I= G69:�,IJ9:CIH��A6>BH�&>8=><6C�)6G:CI�Z�

Page 12: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ��

"�;DG<DI�ID�B:CI>DC�I=:�>BEDGI6CI�C:LH�I=6I�"\B�EGD767AN�<D>C<�ID�<:I�BN�

E:G>D9�HDDC�V�"�86C�=6G9AN�L6>I��"I\H�HJ8=�6�BDB:CIDJH�:K:CI��-DD�769�"�

86C\I�JH:�H6C>I6GN�C6E@>CH�7JI�NDJ�86C\I�<:I�I=:B�6CNBDG:�6C9�B6B6\H�

I6BEDCH�86C�7:�JH:9�DCAN�7N�LDB:C�L=D\K:�=69�6�767N����/0383>3@/�

�.3>398�� ��

�AI=DJ<=�I=>H�E6HH6<:�9:6AH�L>I=�I=:�JC>FJ:AN�;:B>C>C:�:ME:G>:C8:�D;�B:CHIGJ6I>DC�>I�>H�

H6;:�;DG�EJ7A>86I>DC�6H�I=:�A>C@�7:IL::C�B:CHIGJ6I>DC�6C9�YLDB:C�L=D\K:�=69�6�767NZ�>H�

B69:�:MEA>8>I���N�?JMI6EDH>C<��CC:\H�9:K:ADE>C<�;:B6A:�7D9N�L>I=�I=:�JAI>B6I:�:C9�D;�

BDI=:G=DD9�>I�>H�>BEA>:9�I=6I��CC:�L>AA�:K:CIJ6AAN�7:�67A:�ID�JH:�YB6B6\H�I6BEDCHZ�

6;I:G�H=:�=:GH:A;�<>K:H�7>GI=���CC:\H�>C:K>I67A:�>C9J8I>DC�>CID�I=:�G:6AB�D;�=:I:GDH:MJ6A�

G:EGD9J8I>DC�7:8DB:H�I=:�JC9:GAN>C<�;D8JH�D;�I=:�E6HH6<:�I=:G:7N�C:JIG6A>O>C<�I=:�I=G:6I�

EDH:9�7N�=:G�;:B6A:�6<:C8N���H�"�L>AA�H=DL�>I�>H�I=>H�EGDB>H:�D;�BDI=:G=DD9�I=6I�6AHD�

B6@:H��CC:\H�FJ::G�8DC;:HH>DC�=+0/���

-=:�H:8I>DC�D;�I=:�#6CJ6GN��������:CIGN�>C�L=>8=��CC:�9>H8JHH:H�=:G�FJ::G�9:H>G:�>H�

>BB:9>6I:AN�EG:8:9:9�7N�6CDI=:G�9>H8JHH>DC�D;�B:CHIGJ6I>DCXY0=:C:K:G�"�<:I�BN�

E:G>D9V"�=6K:�I=:�;::A>C<�I=6IV"\B�86GGN>C<�6GDJC9�6�HL::I�H:8G:IZ��������-=:�:CIGN�

6AHD�>C8AJ9:H��CC:\H�BJH>C<H�DC�I=:�C6IJG:�D;�BDI=:G=DD9��Y"�>B6<>C:�6�BDI=:G�6H�6�

LDB6C�L=D�;>GHI�6C9�;DG:BDHI�EDHH:HH:H�6�<G:6I�9:6A�D;�I68IZ���� ���"C9::9�>C�6�

�:8:B7:G����:CIGN��CC:�>B6<>C:H�YI=:�@>C9�D;�BDB�4H=:5\9�A>@:�ID�7:�ID�4=:G5�8=>A9G:C�

A6I:G�DCZ��������-=:H:�E6HH6<:H�:;;:8I>K:AN�<J6G6CI::�I=6I��CC:�L=D�I=GDJ<=�

B:CHIGJ6I>DC�>H�67A:�ID�>B6<>C:�=:GH:A;�6H�6�BDI=:G�L>AA�:CI:G�>CID�I=:�G:EGD9J8I>K:�

G:6AB���H�"�L>AA�H=DL�I=:�699>I>DC6A�>C8AJH>DC�D;��CC:\H�GDB6CI>8�;::A>C<H�;DG�):I:G�>C�

I=>H�H:8I>DC�EGDB>H:�I=6I�I=>H�G:6AB�L>AA�7:�G:68=:9�I=GDJ<=�=:I:GDH:MJ6A�>CI:G8DJGH:��-=:�

Page 13: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ��

>BEA>86I>DC�=:G:�>H�I=6I��CC:\H�FJ::G�9:H>G:�>H�HDB:=DL�I:BEDG6GN�9:HI>C:9�ID�7:�

9>HHDAK:9�>CID�HD86AA:9�CDGB6A�=:I:GDH:MJ6A�7:=6K>DJG��-=>H�9>HHDAJI>DC�D;��CC:\H�FJ::G�

9:H>G:�>H�;JC96B:CI6A�ID�=:G�HI6IJH�6H�6�HNB7DA�D;�I=:�!DAD86JHI�6H�H8=DA6GAN�8DC8:EI>DCH�

D;��CC:�=6K:�G:A>:9�DC�=:G�67>A>IN�ID�:B7D9N�8:GI6>C�6G8=:INE:H�D;�;:B>C>C>IN�6C9�

K>8I>B=DD9���

"C�=:G�6GI>8A:�Y+68=:A�%6B:CIH�!:G��=>A9G:C��+:EG:H:CI6I>DCH�D;�0DB:C�>C�!DAD86JHI�

&:BDG>6AHZ�#J9>I=�-N9DG��6JB:A�>9:CI>;>:H�YG:E:I>I>K:�E6II:GCHZ��� ���>C�G:EG:H:CI6I>DCH�

D;�LDB:C�>C�!DAD86JHI�6GI���6JB:A�A>HIH�I=:�EG>C8>E6A�;:B6A:�IGDE:H�>C�!DAD86JHI�

B:BDG>6AH�6H�YI=:�BDI=:G�JC>K:GH6A�<>K:G�D;�A>;:�6C9�I=JH�6HHJG:G�D;�I=:�;JIJG:Z��D;I:C�

H=DLC�EGDI:8I>C<�DG�BDJGC>C<�=:G�8=>A9G:C���� �� ����YI=:�K>G<>CZ�������D;I:C�A>C@:9�ID�

>B6<:H�D;�Y;:B6A:�HJ7?J<6I>DC�86EI>K>IN�6C9�K>DA6I>DCZ��#68D7H������YL::E>C<�6C9�

:A9:GAN�LDB:CZ���6JB:A������6C9�I=:�YL6GG>DGZ���� ���"C�B:BDG>6AH�6H�>C�86CDC>86A�

C6GG6I>K:H�I=:H:�;:B6A:�6G8=:INE:HXI=:H:�IGDE:H�D;�;:B>C>C>INX6G:�<>K:C�EG:;:G:C8:�>C�

688DJCIH�D;�I=:�IG6JB6�D;�I=:�!DAD86JHI���:86JH:�I=:H:�LDB:C�;>I�:JGD8:CIG>8�8JAIJG6A�

CDI>DCH�D;�L=6I�>I�B:6CH�ID�7:�6�LDB6C�I=:H:�HIDG>:H�6G:�:6H>:G�;DG�:JGD8:CIG>8�

6J9>:C8:H�ID�>9:CI>;N�L>I=��-=:�IG6<:9>:H�D;�I=:H:�LDB:C\H�A>K:H�7:8DB:�BDG:�IG6<>8��0:�

H::�HDB:�D;�I=:H:�6G8=:INE:H�6I�LDG@�>C�I=:�EJ7A>8�E:G8:EI>DC�D;��CC:��G6C@��

"C�Y-=:�'6O>��HH6JAI�DC�I=:�#:L>H=�,DJA�I=GDJ<=�I=:�&JG9:G�D;�I=:�#:L>H=�&DI=:GZ�

�6K>9�)6II:GHDC�9>H8JHH:H�I=:�;DJC96I>DC6A�GDA:�D;�I=:�BDI=:G�>C�#:L>H=�8JAIJG:�6C9�

G:A><>DC��!:�6H@H�Y0=6I�>H�:MI:GB>C6I:9�>C�I=:�:MI:GB>C6I>DC�D;�I=:�#:L>H=�BDI=:GZ�

��������:86JH:�I=:�G68>6AG:A><>DJH�>9:CI>IN�D;�I=:�8=>A9�>H�E6HH:9�DC�B6IG>A>C:6AAN�L>I=>C�

#J96>HB�I=:�BDI=:G�>H�I=:�A>I:G6A�6C9�;><JG6I>K:�YHDJG8:�D;�I=:�#:L>H=�E:DEA:Z���������N�

69B>II>C<�E6HH6<:H�67DJI�B:CHIGJ6I>DC�6C9�;JIJG:�EGD<:CN�I=:�:9>IDGH�D;�&2/��3+<C�

Page 14: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ��

EDH>I>DC��CC:�6H�6�ADHI�EDI:CI>6A�BDI=:G��-=JH��CC:�G:EG:H:CIH�I=:�ADHH�CDI�DCAN�D;�;JIJG:�

#:L>H=�8=>A9G:C�7JI�6AHD�D;�I=:�;DJC96I>DC�D;�#:L>H=�8JAIJG:�6C9�G:A><>DC��6H�YI=GDJ<=�

I=:�BDI=:G�L:�=6K:�I=:�-DG6=��7:6G>C<�A>;:�>CID�I=:�LDGA9�V��DG�I=:�-DG6=�>H�A>;:�V�I=:�

[-G::�D;�%>;:\�I=6I�HJHI6>CH�6AAZ��)6II:GHDC��������CC:\H�;JA;>AAB:CI�D;�I=>H�HNB7DA>8�GDA:�

G:FJ>G:H�=:G�69=:G:C8:�ID�:HI67A>H=:9�<:C9:G�CDGBH���CC:\H�FJ::G�9:H>G:XI=:�H:MJ6A�

6JIDCDBN�6C9�<:C9:G�9:K>6C8:�>I�>BEA>:HX<D�6<6>CHI�I=:H:�CDGBH�6C9�8DCK:CI>DC6A�

>B6<:H�D;�I=:�BDI=:G���

������������������������ �

"BEDGI6CIAN�L>I=>C�&2/��3+<C�I=:G:�6G:�>A9�?JMI6EDH>C<�6II:BEIH�ID�8DCIGDA��CC:\H�

<:C9:G�>9:CI>IN��(C:�EDH>IH��CC:�6H�6�EDI:CI>6A�#:L>H=�BDI=:G��I=:�DI=:G�EG:H:CIH�=:G�6H�6�

#:L>H=��=>A9XI=:�*9?81��3<6�:I:GC6A���K:C�I=DJ<=��CC:�:M8A6>BH�DC��EG>A���������Y"�

@CDL�I=6I�"\B�6�LDB6C�6�LDB6C�L>I=�>CC:G�HIG:C<I=�6C9�6�<G:6I�9:6A�D;�8DJG6<:�Z�

������H=:�=6H�7::C�8:B:CI:9�>C�I=:�8DAA:8I>K:�>B6<>C6I>DC�6H�6�8=>A9��-=:�E6HH6<:�>C�

L=>8=��CC:�:MEADG:H�=:G�DLC�K6<>C6�6C9�:M6B>C:H�=:G�8A>IDG>H�>H�96C<:GDJH�7:86JH:�>I�

8=6AA:C<:H�I=>H�K>:L���H�I=:�:9>IDGH�D;�I=:�������/0383>3@/��.3>398�CDI:�YH:K:G6A�E6HH6<:H�

9:6A>C<�L>I=��CC:\H�H:MJ6A>IN�L:G:�DB>II:9�6I�I=:�I>B:�D;�I=:�9>6GN\H�>C>I>6A�EJ7A>86I>DC�

V�46H5�>I�L6H�CDI�8JHIDB6GN�ID�LG>I:�DE:CAN�67DJI�H:M�6C9�8:GI6>CAN�CDI�>C�7DD@H�;DG�

NDJC<�69JAIHZ��K>���-=:�G:BDK6A�D;�E6HH6<:H�I=6I�9:I6>A��CC:\H�H:MJ6A�6C9�EHN8=DAD<>86A�

B6IJG6I>DC�H>A:C8:�I=:�[LDB6C\�H=:�=69�7:8DB:�L>I=>C�I=:��CC:M��-=:H:�68IH�D;�A>I:G6A�

E6IG>6G8=6A�8:CHDGH=>E�:MEDH:�CDI�DCAN�(IID\H�C::9�;DG�=>H�96J<=I:G�ID�G:B6>C�EG:H:MJ6A�

6C9�EJG:�7JI�6�8JAIJG6A�C::9�;DG�I=>H�6H�L:AA���

�CC:�BJHI�G:B6>C�[>CCD8:CI\�>C�DG9:G�ID�E:G;DGB�=:G�9DJ7A:�9JIN�6H�6�HNB7DA�D;�I=:�

!DAD86JHI��(C�I=:�DC:�=6C9��CC:�BJHI�7:�;GDO:C�>C�I>B:�6H�6�A>I:G6A�8=>A9�HD�I=6I�H=:�

Page 15: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ��

B6N�H:GK:�6H�I=:�HNB7DA>8�G:EG:H:CI6I>DC�D;�I=:�>CCD8:C8:�D;�6AA�!DAD86JHI�K>8I>BH��(C�

I=:�DI=:G�H=:�BJHI�7:�EG:H:GK:9�6H�6�031?<+6�8=>A9�HD�I=6I�H=:�86C�HI6C9�HNB7DA>86AAN�;DG�

I=:�ADHH�D;�#:L>H=�;JIJG>IN��"C�DG9:G�;DG��CC:�ID�G:B6>C�EJG:�DC�7DI=�8DJCIH�H=:�BJHI�7:�

9>KDG8:9�;GDB�=:G�H:MJ6A>IN�6H�>C�0:HI:GC�I=DJ<=I�86GC6A�@CDLA:9<:�>H�9>G:8IAN�A>C@:9�ID�

I=:�ADHH�D;�>CCD8:C8:��Y-=:�8=>A9�69JAI�9>HI>C8I>DC�>H�8GJ8>6AAN�6�9>HI>C8I>DC�7:IL::C�

H:MA:HHC:HH�6C9�H:MJ6A>INZ��!:>CO:�������H��=G>HI>C:�)>E:G�CDI:H�Y0:�;>C9�>I�9>;;>8JAI�ID�

HJHI6>C�6C�>B6<:�D;�6�8=>A9�L=D�>H�7DI=�H:MJ6A>O:9�+8.�9:H:GK>C<�D;�EGDI:8I>DCZ�������

�:86JH:�H:M�>H�8DC;A6I:9�L>I=�H>C�I=:G:�>H�6�I:C9:C8N�ID�K>:L�8=>A9G:C�L=D�6G:�H:MJ6AAN�

68I>K:�DG�H:MJ6AAN�6L6G:�6H�8DCI6B>C6I:9�HDB:=DL�>BEA>8>I�>C�I=:>G�DLC�DEEG:HH>DC�

�)>E:G�� ���Y-=:�48=>A95�9:H:GK>C<�D;�;JAA�=:AE�6C9�EGDI:8I>DC�BJHI�7:�[7A6B:A:HH\�W�I=:G:�

BJHI�7:�CD�=>CI�D;�LGDC<9D>C<�>C�I=:�DC:�H::@>C<�?JHI>8:�V�I=:�EDHH>7>A>IN�D;�

>C9:E:C9:CI�68I>DC�E6GI>8JA6GAN�D;�68I>DCH�I=6I�6G:�CDI�8=>A9A>@:�JC9:GB>C:H�>B6<:H�D;�

KJAC:G67>A>IN�6C9�9:E:C9:C8NZ�������-=JH�6H�6�HNB7DA�D;�I=:�>CCD8:C8:�D;�6AA�!DAD86JHI�

K>8I>BH��CC:�BJHI�7:�9>HI6C8:9�;GDB�=:G�DLC�H:MJ6A�6JIDCDBN�A:HI�H=:�G>H@�

8DCI6B>C6I>C<�CDI�DCAN�=:GH:A;�7JI�6AHD�I=:�B6HH�D;�K>8I>BH�;DG�L=DB�H=:�>H�I=:�

G:EG:H:CI6I>K:��-=>H�>H�L=N�E6HH6<:H�L=:G:��CC:�9>H8JHH:H�=:G�DLC�>BEA>:9�H:MJ6A�

EA:6HJG:�BJHI�7:�:G6H:9�6C9�L=N��CC:\H�EDI:CI>6A�FJ::G�9:H>G:�BJHI�7:�HJEEG:HH:9��

!:I:GD�H:MJ6A�9:H>G:�>H�96B6<>C<�ID�I=:�>CCD8:C8:�D;�6�8=>A9�I=:C�=DBDH:MJ6A>IN�6AG:69N�

A67:A:9�9:K>6CI�L>I=>C�=:I:GDH:M>HI�0:HI:GC�8JAIJG:H�BJHI�7:�86I6HIGDE=>8���

�CC:\H�>CCD8:C8:�6C9�EG:H:MJ6A�HI6IJH�BJHI�6AHD�7:�EG:H:GK:9�HD�I=6I�H=:�B6N�H:GK:�6H�6�

031?<+6�-236.�;DG�I=:�#:L>H=�E:DEA:�8JAIJG:��"C� 9��?>?</��#?//<�&2/9<C�+8.�>2/��/+>2�

�<3@/�%::��9:AB6C�:M6B>C:H�=DL�>C�0:HI:GC�8JAIJG:�I=:�8=>A9�=6H�7:8DB:�YI=:�

D7A><6IDGN�ID@:C�D;�;JIJG>INZ�������-=:�;><JG6A�8=>A9�G:EG:H:CIH�I=:�8JAIJG:�D;�L=>8=�>I�>H�6�

Page 16: -DL6G9H *J::G +:69>C< (; &2/ 3+

� � �

E6GI�6�8JAIJG:�I=6I�BJHI�7:�EGDI:8I:9�;GDB�9:HIGJ8I>K:�DJIH>9:�;DG8:H���";��CC:�G:B6>CH�

EG:H:MJ6A�6C9�EJG:�I=:C�H=:�C:K:G�B6IJG:H�7:NDC9�8=>A9=DD9��H=:�G:B6>CH�6H�&2/�

�3+<C\H�I>IA:�LDJA9�HJ<<:HI�Y��*9?81��3<6�Z��H�6�H>BJAI6C:DJH�;><JG6A�8=>A9�6C9�BDI=:G�

�CC:�86C�H:GK:�6H�6�HNB7DA�D;�I=:�ADHH�D;�I=:�#:L>H=�;JIJG:�6C9�I=:�#:L>H=�E6HI�W�7DI=�D;�

L=>8=�L:G:�7GDJ<=I�ID�I=:�7G>C@�D;�9:HIGJ8I>DC�7N�I=:�,=D6=���

�������������"�������������������������������"����

�����������������������

/>G<>C�;JIJG:�&DI=:G�8=>A9�>C�C::9�D;�EGDI:8I>DC�W��G6C@�=6H�8DB:�ID�:B7D9N�B6CN�D;�

I=:�688:EI67A:�IGDE:H�D;�;:B>C>C>IN�G:E:6I:9�L>I=>C�I=:�!DAD86JHI�86CDC��-=>H�>H�>C�>IH:A;�

9::EAN�EGD7A:B6I>8�6H�>;��CC:�7:8DB:H�6�B:G:�HNB7DA>8�G:EG:H:CI6I>DC�I=:C�=:G�DLC�

E:GHDC6A�C6GG6I>K:�>H�ADHI��(C�E6<:�����D;�&2/��3+<C��CC:�BDJGCH�I=:�ADHH�D;�=:G�;G>:C9�

!6CC:A>�L=D�H=:�H6NH�YHI>AA�HNB7DA>O:H�;DG�B:�I=:�HJ;;:G>C<�D;�BN�;G>:C9H�6H�L:AA�6H�I=6I�

D;�#:LH�>C�<:C:G6A�HD�I=6I�L=:C�"�6B�EG6N>C<�;DG�=:G�"\B�6AHD�EG6N>C<�;DG�6AA�I=:�#:LHZ�

��/0383>3@/��.3>398�������.C@CDL>C<AN��CC:�6EE:6GH�ID�9:H8G>7:�=:GH:A;�DG�6I�A:6HI�I=:�

GDA:�6HH><C:9�ID�=:G�>C�I=:�9:869:H�;DAADL>C<�I=:�L6G��-=:�86CDC>O6I>DC�D;�=:G�9:

<:C9:G:9�9:H:MJ6A>O:9�I:HI>BDCN�=6H�IG6CH;DGB:9�=:G�;GDB�E:GHDC�ID�HNB7DA�;GDB�

>C9>K>9J6A�ID�>8DC��-=>H�IG6CHBD<G>;>86I>DC�>H�96C<:GDJH�:HE:8>6AAN�ID�;:B6A:�K>8I>BH�D;�

I=:�,=D6=���H�#D6C�+>C<:A=:>B�CDI:H�IJGC>C<�LDB:C�;GDB�>C9>K>9J6AH�ID�HNB7DAH�>H�6�

@>C9�D;�Y:G6HJG:Z���������CC:��G6C@�A>@:�I=:�8=6G68I:GH�+>C<:A=:>B�6C6ANO:H�>C��GJCD�

�:II:A=:>B\H�&2/��809<7/.��/+<>�=6H�7:8DB:�6�YA:<:C96GN�;><JG:�N:I�H=:�>H�CDI�I=:�BDHI�

���������������������������������������� ����������"CI:G:HI>C<AN�>C��9:AB6C\H�7DD@�I=DH:�9:HIGJ8I>K:�DJIH>9:�;DG8:H�6G:�HD8>6A�YDI=:GHZ�A>@:�=DBDH:MJ6AH�6C9�)(��L=D�I=G:6I:C�I=:�;><JG6A�8=>A9�>CHDBJ8=�6H�I=:N�I=G:6I:C�L=>I:�=:I:GDH:MJ6A�G:EGD9J8I>DC��-=JH�>C�IG6CH;DGB>C<��CC:�>CID�6�;><JG6A�8=>A9�I=:�:9>IDGH�D;�&2/��3+<C�DC8:�6<6>C�8DCIDGI�=:G�C6GG6I>K:�JCI>A�H=:�=:GH:A;�7:8DB:H�6C9�:B7A:B�D;�I=:�=:I:GDH:M>HI�8JAIJG:�I=6I�H>A:C8:H�=:G�EDI:CI>6A�FJ::G�I:HI>BDCN��

Page 17: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

>BEDGI6CI�E6GI�D;�I=:�HIDGN��,=:�>H�JH:9�46C95�6EEGDEG>6I:9�V�7N�I=DH:�L=D�LG>I:�67DJI�

=:G��-=:�A97+8�>C�4=:G5�HIDG4N5�>H�ADHIZ������=:G�>I6A>8H����:86JH:�H=:�=6H�7:8DB:�6�

HNB7DA�E6G�:M8:AA:C8:�D;�I=:�>CCD8:C8:�6C9�ADHH�D;�6AA�!DAD86JHI�K>8I>BH��CC:\H�HIDGN�

=6H�8:6H:9�ID�7:��CC:\H�HIDGN��-=>H�7:8DB:H�9DJ7AN�EGD7A:B6I>8�6H�I=:H:�;:B>C>C:�

6G8=:INE:HXL>I=�I=:�:M8:EI>DC�D;�I=:�06GG>DG�L=D��6JB:A�CDI:H�YG:8:>K:9�G:A6I>K:AN�

A>IIA:�:MEG:HH>DC�>C�I=:�EA6HI>8�6C9�<G6E=>8�8DBB:BDG6I>K:�HE=:G:H�9JG>C<�I=:���� H�6C9�

��� HZX>BEAN�6�@>C9�D;�>CC6I:�E6HH>K>IN�DC�I=:�E6GI�D;�;:B6A:�K>8I>BH�6C9�L>IC:HH:H�D;�

I=:�,=D6=���

-=:�BDI=:G�6C9�I=:��:HE:8>6AAN�;:B6A:��8=>A9�=6K:�7DI=�7::C�>9:6A>H:9�6H�Y6H:MJ6A�

9DB:HI>8�6C9�EJG:Z��)>E:G������0>I=>C�:JGD8:CIG>8�=:I:GDH:M>HI�8JAIJG:H�7DI=�LDB:C�

6C9�8=>A9G:C�I:C9�ID�7:�H::C�6H�YKD>8:A:HH�V�>CCD8:CIZ�YKJAC:G67A:�6C9�9:E:C9:CIZ��� ���

-=>H�6HHJB:9�9:E:C9:C8:�6C9�E6HH>K>IN�6G:�6�A6G<:�E6GI�D;�L=N��CC:��G6C@�=6H�7::C�

K>:L:9�JCFJ:HI>DC>C<AN�6H�=:I:GDH:MJ6A���H��A6J9>6�,8=DEEB6CC�CDI:H�>C�=:G�7DD@��+C=�

90��+=;?/<+./���30/�%>9<3/=�90��/=,3+8=��?<381�>2/�&23<.�$/3-2���

4-5=:�EGD8:HH�D;�9>H8DK:G>C<�4DC:\H5�>9:CI>IN�6H�465�A:H7>6C45�

IDD@�B6CN�N:6GH�DG�:K:C�9:869:H�;DG�HDB:�4LDB:C5�V���

H><C>;>86CI�G:6HDC�;DG�I=>H�L6H�I=:�<:C9:GHE:8>;>8�HD8>6A>O6I>DC�

D;�<>GAH�6C9�NDJC<�LDB:C�ID�G:B6>C�H:MJ6AAN�E6HH>K:�6C9�

8=6HI:��������

-=>H�E:G8:EI>DC�D;�LDB:C�6H�[H:MJ6AAN�E6HH>K:\�=6H�>C;DGB:9�:JGD8:CIG>8�K>:LH�DC�

A:H7>6C>HB�;DG�8:CIJG>:H��"C�Y-=:�)DH>I>DC�D;�%:H7>6C�0DB:C�>C�I=:�'6O>�):G>D9Z�

,8=DEEB6CC�9>H8JHH:H�=DL�9JG>C<�I=:�'6O>�D88JE6I>DC�I=:�>B6<:�D;�LDB:C�6H�

>C=:G:CIAN�E6HH>K:�B:6CI�I=6I�Y;:B6A:�=DBDH:MJ6A>IN�L6H�CDI�E:G8:>K:9�6H�Y96C<:GDJH�ID�

Page 18: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

HD8>:INZ�������-=:�9>HHDAJI>DC�D;�I=:�0DB:C\H�&DK:B:CI�>C������6C9�I=:�G:BDK6A�D;�

LDB:C�;GDB�EJ7A>8�D88JE6I>DCH�B:6CI�I=6I�=DBDH:MJ6A�LDB:C�L:G:�A:HH�K>H>7A:�I=6C�

I=:>G�B6A:�8DJCI:GE6GIH���H�HJ8=�I=:>G�H:MJ6A>IN�L6H�9::B:9�A:HH�I=G:6I:C>C<���:86JH:�

LDB:C\H�=DBDH:MJ6A>IN�L6H�:HH:CI>6AAN�>CK>H>7A:��;DAADL>C<�I=:�9:HIGJ8I>DC�D;�A:H7>6C�

8AJ7H�6C9�B6<6O>C:H�7:<>CC>C<�>C�������>I�A68@:9�I=:�67>A>IN�ID�8DGGJEI�I=:�BDG6A>IN�D;�

I=:� :GB6C�NDJI=��"C9::9�A:H7>6C�LDB:C�I=:BH:AK:H�L:G:�K>:L:9�6H�H>BEAN�=6K>C<�

7::C�8DGGJEI:9�DG�YH:9J8:9Z��� ���-=6I�H:9J8I>DC�L6H�A6G<:AN�8DCH>9:G:9�ID�7:�

I:BEDG6GN���

"C��3../8��969-+?=>���+C�+8.��/=,3+8�"/<=/-?>398�38��/<7+8C����� �� SCI:G� G6J�

8DBE>A:H�6C�:MI:CH>K:�86I6AD<J:�D;�D;;>8>6A�'6O>�9D8JB:CIH�G:<6G9>C<�=DBDH:MJ6A>IN�6C9�

EDEJA6I>DC�EDA>8N��"C�6C�:MIG68I�;GDB�I=:�B>CJI:H�D;�6�)DEJA6I>DC�)DA>8N�HJ78DBB>II::�

B::I>C<�=:A9�&6G8=��������D;;>8>6AH�9>H8JHH�I=:�C6IJG:�D;�A:H7>6C>HB���

��DG�>I�86C�<:C:G6AAN�7:�6HHJB:9�I=6I�>;�6�LDB6C�>H�H:9J8:9�H=:�

L>AA�CDI�;DG�I=6I�G:6HDC�A6HI>C<AN�L>I=9G6L�;GDB�CDGB6A�H:MJ6A�

G:A6I>DCH�7JI�L>AA�7:�JH:;JA�6H�7:;DG:�>C�I:GBH�D;�EDEJA6I>DC�

EDA>8N����JGI=:GBDG:�I=:�EG68I>8:�D;�I=>H�K>8:�9D:H�CDI�7N�6CN�

B:6CH�9D�6H�BJ8=�96B6<:�ID�6�LDB6C\H�EHN8=:�6H�>C�I=:�86H:�

D;�6�B6C�6C9�I=:�96C<:G�;DG�I=:�HI6I:�>H�I=:G:;DG:�7N�CD�B:6CH�

6H�<G:6I�����;JGI=:G�G:6HDC�ID�G:;G6>C�;GDB�6CN�E:C6A�H6C8I>DCH�

A>:H�>C�I=:�96C<:G�D;�9:CJC8>6I>DCH�W�DC:�L=>8=�>H�:HE:8>6AAN�

���������������������������������������� ����������!:C8:;DGI=�8>I6I>DCH�I6@:C�;GDB�I=>H�6GI>8A:�L>AA�7:�8>I:9�6H��,8=DEEB6CC�������6C9�8>I6I>DCH�;GDB�,8=DEEB6CC\H�DLC�7DD@��+C=�90��+=;?/<+./�L>AA�7:�8>I:9�6H��,8=DEEB6CC����������

Page 19: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

<G:6I�7:86JH:�D;�LDB6C\H�C6IJG6A�>C8A>C6I>DC�IDL6G9�

:;;JH>K:C:HH�6C9�86G:HH>C<�������

-=:G:�>H�6�ADI�ID�JCE68@�=:G:��-=:�C6GG6I>K:�HIGJ8IJG:�D;�I=>H�:M8:GEI�::G>AN�B>GGDGH�I=:�

C6GG6I>K:�HIGJ8IJG:�D;�&2/��3+<C�>C�L=>8=��CC:\H�EDI:CI>6A�A:H7>6C>HBX6�I:BEDG6GN�

H:9J8I>DCXEDH:H�CD�I=G:6I�ID�[CDGB6A�H:MJ6A�G:A6I>DCH�\�-=:�JH:�D;�I=:�LDG9�[K>8:\�>H�

@:N�6H�I=:�EG:9DB>C6I:�8JAIJG6ABDG6A�K>:L�D;�I=:�:G6�H6L�=DBDH:MJ6A>IN�CDI�6H�6�

E:GB6C:CI�>CC6I:�6HE:8I�D;�DC:\H�>9:CI>IN�7JI�6�B>HHI:E�>C�68I>DCX6�7G:6@�>C�BDG6A�

9:8:C8N��-=>H�K>:L�L6H�:8=D:9�6C9�HJEEDGI:9�7N�B:9>86A�A>I:G6IJG:�D;�I=:�I>B:�L=>8=�

6AHD�H6L�=DBDH:MJ6A>IN�:>I=:G�6H�6�K>8:�DG�6�YE6I=DAD<>86A�6;;A>8I>DCZ��$GDC;:A9�FJDI:9�

>C� G6J�������:86JH:�I=>H�[K>8:�9D:H�CDI�V�9D�6H�BJ8=�96B6<:�ID�6�LDB6C\H�EHN8=:\�6H�

ID�B6C\H�I=:�>BEA>86I>DC�>H�I=6I�I=>H�K>8:�6C9�I=:�Y>AAC:HHZ������I=6I�86JH:9�>I�86C�7:�

8JG:9��(;I:C�>C�'6O>�9D8JB:CIH�I=:�EGDEDH:9�8JG:�>H�Y8DBEJAHDGN�B6I4>C<5Z�

�,8=DEEB6CC����� �����LDB6C�86C�7:�G:A>:K:9�D;�=:G�6;;A>8I>DC�L=:C�H=:�:C<6<:H�>C�

=:I:GDH:MJ6A�>CI:G8DJGH:��0=:I=:G�DG�CDI�H=:�8DCH:CIH�H::BH�D;�CD�8DCH:FJ:C8:��

!:I:GDH:MJ6A�>CI:G8DJGH:�I=:C�<J6G6CI::H�I=6I�6�FJ::G�LDB6C�L>AA�G:I6>C�=:G�

[JH:;JA4C:HH5\�6H�6�EGD<:C>IDG�D;�I=:�G68:�6C9�=:G�[C6IJG6A�>C8A>C6I>DC�IDL6G9�:;;JH>K:C:HH�

6C9�86G>C<\�:CHJG:H�I=6I�H=:�L>AA�I6@:�ID�BDI=:G=DD9�A>@:�6�;>H=�ID�L6I:G���

� -=:H:�8DC8:EIH�D;�;:B6A:�=DBDH:MJ6A>IN�EA6N�>CID�>9:6H�9:K:ADE:9�6I�I=:�IJGC�D;�

I=:�8:CIJGN�I=6I�8DCH>9:G:9�A:H7>6C>HB�>H�6I�7:HI�6�@>C9�D;�YEH:J9D=DBDH:MJ6A4>IN5Z�

�,8=DEEB6CC��������&:9>86A�6C9�8JAIJG6A�>9:6H�67DJI�[EH:J9D=DBDH:MJ6A>IN\�L:G:�

A>C@:9�ID��6BDC<�DI=:G�I=>C<H��I=:�EDEJA6G�K>:L�I=6I�A:H7>6C�G:A6I>DCH=>EH�L:G:�6�C6IJG6A�

:MI:CH>DC�D;�LDB:C\H�>CC6I:�YC6IJG6AAN�V�I:C9:GZ������7:=6K>DJG��Y4+5DB6CI>8�

;G>:C9H=>EHZ��,EJGA>C����7:IL::C�LDB:C�L:G:�8DBBDC�6C9�L:G:�8DBBDCAN�688:EI:9�W�

Page 20: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

6H�ADC<�6H�I=:N�:K:CIJ6AAN�9>HHDAK:9�>CID�=:I:GDH:MJ6A�B6GG>6<:H��"I�L6H�L=:C�I=:H:�

;G>:C9H=>EH�E:GH>HI:9�L=:C�I=:N�HJ<<:HI:9�6�G:;JI6I>DC�D;�688:EI:9�<:C9:G�CDGBH�I=6I�

I=:N�7:86B:�96C<:GDJH��0=:C�A:H7>6C>HB�7:<6C�ID�G:H:B7A:�6�E:GB6C:CI�E6GI�D;�6�

LDB6C\H�>9:CI>IN�H=:�6C9�=:G�H:MJ6A>IN�L:G:�A67:A:9�Y9:K>6CIZ���:��AD8@����������

-=JH�I=:�EGDB>H:�D;�=:I:GDH:MJ6A>IN�>BEA>:9�>C�I=:�C6GG6I>K:�HIGJ8IJG:�D;�&2/��3+<C�

H=>:A9H��CC:�6<6>CHI�6CN�6AA:<6I>DCH�D;�H:MJ6A�9:K>6C8:�I=6I�6�E:GB6C:CI�A:H7>6C�>9:CI>IN�

LDJA9�7G>C<���

��������������������������� ��� ����������������

��������!�������� �������

� -=:�:CIGN�I=6I�>BB:9>6I:AN�;DAADLH��CC:\H�FJ::G�8DC;:HH>DC�EGDK>9:H�I=6I�

EGDB>H:�6H�>I�>H�>C�I=>H�E6HH6<:�I=6I��CC:�;>GHI�B:CI>DCH�=:G�9:K:ADE>C<�GDB6CI>8�>CI:G:HI�

>C�):I:G�K6C��66C���H�,8=DEEB6CC�CDI:H�YI=:�'6O>�HI6I:�6HHJB:9�6�8DBEG:=:CH>K:�

[C6IJG6A\�9:E:C9:C8:�D;�LDB:C�JEDC�B:C�W�:HE:8>6AAN�>C�H:MJ6A�G:A6I>DCH�V��CN�H:A;

9:I:GB>C>C<�;:B6A:�H:MJ6A>IN�>C8AJ9>C<�A:H7>6C�;DGBH�L6H�JCI=>C@67A:�L>I=>C�6�

8:CIJG>:HDA9�E6IG>6G8=6A�IG69>I>DC�I=6I�>9:CI>;>:9�E6HH>K>IN�6H�6�;:B6A:�H:MJ6A�

8=6G68I:G>HI>8Z���������-=:�>CIGD9J8I>DC�D;�):I:G�6H�6�GDB6CI>8�>CI:G:HI�>C�I=>H�H:8I>DC�D;�

&2/��3+<C�6EE:6GH�ID�8DC;>GB�I=>H�=:I:GDH:M>HI�CDI>DC�D;�;:B6A:�H:MJ6A>IN�8:B:CI>C<�

�CC:\H�E6HH>K>IN�CDI�DCAN�6H�L>IC:HH�6C9�K>8I>B�7JI�6H�6�H:MJ6A�6<:CI��Y"I�<6K:�B:�6�

LDC9:G;JA�;::A>C<�L=:C�"�ADD@:9�>CID�=>H�96G@�7AJ:�:N:H�6C9�H6L�=DL�76H=;JA�BN�

JC:ME:8I:9�K>H>I�=69�B69:�=>B�V�47JI5�6I�I=:�H6B:�I>B:�4"�H6L5�6�;A>8@:G�D;�6L6G:C:HH�D;�

=>H�B6H8JA>C>INZ���������CC:\H�Y6L6G:C:HHZ�D;�):I:G\H�YB6H8JA>C>INZ�=:G:�6HHD8>6I:9�

L>I=�6�YLDC9:G;JA�46C9�>BEA>8>IAN�H:MJ6A5�;::A>C<Z�>BEA>:H�I=6I��CC:\H�EGDB>H:9�

>C9J8I>DC�>CID�I=:�G:EGD9J8I>K:�G:6AB�L>AA�7:�688:HH:9�I=GDJ<=�=:I:GDH:MJ6A�>CI:G8DJGH:X

Page 21: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

6C�>CI:G8DJGH:�I=6I�JE=DA9H�I=:�<:C9:G�7>C6GN���;I:G�6AA�>;�):I:G�>H�B6H8JA>C:�>C�I=>H�

H8:C6G>D�I=:C��CC:XI=:�;JIJG:�BDI=:GX>H�JCB>HI6@67AN�;:B>C>C:���

� "C�Y%:H7>6CH�6C9�I=:�!DAD86JHIZ��AB6C�7G>:;AN�9>H8JHH:H�=DL��CC:�6C9�):I:G\H�

Y=:I:GDH:MJ6A�>CI>B68NZ�=6H�8DCIG>7JI:9�ID�I=:�Y9>HB>HH6AZ�D;��CC:\H�EDI:CI>6A�A:H7>6C>HB�

������-=:�:CIGN�>C�L=>8=��CC:�9>H8JHH:H�=:G�Y68I>K:45�6IIG68I4>DC5�ID�<>GAHZ�>H�

Y8DCK:C>:CIAN�><CDG:9Z������6C9��CC:\H�G:A6I>DCH=>E�L>I=�):I:G�H::BH�ID�:MEDH:�>I�6H�

>CCD8:CI�8JG>DH>IN�W�6C�>BE:GB6C:CI�E6GI�D;�=:G�CDL�8:B:CI:9�=:I:GDH:MJ6A>IN���:86JH:�

�CC:\H�:MEADG6I>DC�D;�=:G�DLC�FJ::G�9:H>G:�>H�C:HI:9�6BDC<�HJEEDH:9�<J6G6CIDGH�D;�

=:I:GDH:MJ6A>IN�>IH�L:><=IXI=6I�>H�ID�H6N�>IH�[96C<:G\X>H�D7H8JG:9��-=:�EGDB>H:�D;�

BDI=:G=DD9�8DJEA:9�L>I=�>BEA>:9�=:I:GDH:MJ6A�>CI:G8DJGH:�LDG@�ID<:I=:G�ID�B>C>B>O:�

I=:�>BE68I�D;��CC:\H�FJ::G�I:HI>BDCN�6C9�HJ<<:HI��CC:\H�8DC;JH>DC�HJGGDJC9>C<�=:G�

H:MJ6A�>9:CI>IN���N�7:<>CC>C<�I=>H�H:8I>DC�D;�&2/��3+<C�L>I=�6�NDJC<�<>GA\H�;6CI6HN�D;�

69JAI=DD9X6C9�>C9::9��CC:�D;I:C�8DC;A6I:H�I=:�EGDB>H:�D;�=:I:GDH:MJ6A�G:EGD9J8I>DC�

L>I=�I=:�;JAAN;DGB:9�H:A;��Z(=�"�ADC<�ID�<:I�BN�E:G>D9��-=:C�"\AA�G:6AAN�7:�<GDLC�JEZ�

����X6C9�:C9>C<�>I�L>I=�I=:�>CIGD9J8I>DC�D;�):I:G�6H�6�GDB6CI>8�>CI:G:HI�I=:�C6GG6I>K:�

HIGJ8IJG:�D;�I=:�9>6GN�>BEA>:H�I=6I��CC:\H�H:MJ6A�>CI:G:HI�>C�#68FJ:�DG�I=:�Y;:B6A:�CJ9:Z�

������>C�<:C:G6A�>H�6�I:BEDG6GN�9:IDJG�DC�I=:�E6I=�IDL6G9�=:I:GDH:MJ6A�8D>IJH�6C9�

G:EGD9J8I>DC��-=>H�HIG>C<�D;�:CIG>:H�HJ<<:HI�I=6I��CC:\H�8DC;JH>DC�L>AA�:K:CIJ6AAN�G:HDAK:�

>IH:A;�6H�=:G�=:I:GDH:MJ6A�>9:CI>IN�HI67>A>O:H�6C9�7:8DB:H�E:GB6C:CI����GJ8>6AAN�

=DL:K:G�C:>I=:G��CC:\H�9:H>G:�ID�7:�6�BDI=:G�CDG�=:G�G:A6I>DCH=>E�L>I=�):I:G�K6C��66C�

6G:�68IJ6A�<J6G6CIDGH�D;�=:I:GDH:MJ6A>IN���

� �

Page 22: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

��������������������� �

-=:�9:H>G:�ID�7:8DB:�6�BDI=:G�>H�CDI�6�HIG>8IAN�=:I:GDH:MJ6A�DC:��"I�>H�6�9:H>G:�I=6I�B6CN�

LDB:C�EDHH:HH�G:<6G9A:HH�D;�H:MJ6A�DG>:CI6I>DC��-=>H�9:H>G:�L6H�:K:C�BDG:�EG:K6A:CI�>C�

�CC:\H�HE:8>;>8�8JAIJG6A=>HIDG>86A�BDB:CI��"C�I=:�B>9IL:CI>:I=�8:CIJGN�8JAIJG6AAN�

H6C8I>DC:9�<:C9:G�CDGBH�>CHI>AA:9�>C�B6CN�NDJC<�LDB:C�I=:�9:H>G:�6C9�;:AI�9JIN�ID�

EGD9J8:�8=>A9G:C���K:C��CC:�L=DH:�8=>A9G:C�LDJA9�=6K:�7::C�8DCH>9:G:9�YA>K:H�

JCLDGI=N�D;�A>;:Z�LDJA9�=6K:�7::C�:MEDH:9�ID�I=>H�G=:IDG>8��-=JH��CC:\H�9:H>G:�ID�DC:�

96N�7:8DB:�6�BDI=:G�EGDK>9:H�67HDAJI:AN�CD�8DC8G:I:�:K>9:C8:�I=6I�H=:�L6H�

=:I:GDH:MJ6A��'DG�9D:H�=:G�6EE6G:CI�H:MJ6A�8DC;JH>DC�HJ<<:HI�6CN�HE:8>;>8�DJI8DB:��

�CC:\H�8DC;JH>DC�DK:G�=:G�DLC�H:MJ6A�>9:CI>IN�;6AAH�>C�A>C:�L>I=�,8=DEEB6CC\H�6C6ANH>H�

D;�A:H7>6C�>9:CI>IN�>C�I=:�'6O>�:G6��0=>A:��CC:\H�H:MJ6A�8DC;JH>DC�=6H�A:9�B6CN�H8=DA6GH�

ID�9>HB>HH��CC:\H�FJ::G�9:H>G:�6H�I:BEDG6GN�8JG>DH>IN�>I�>H�:FJ6AAN�A>@:AN�I=6I��CC:\H�

JC8:GI6>CIN�>H�I=:�B6G@:G�D;�6�9:K:ADE>C<�A:H7>6C�>9:CI>IN�=6BE:G:9�7N�I=:�Y<:C9:G

HE:8>;>8�HD8>6A>O6I>DC�D;�<>GAH�V�ID�G:B6>C�H:MJ6AAN�E6HH>K:�6C9�8=6HI:Z�,8=DEEB6CC�

699G:HH:H��������"C9::9��CC:�=:GH:A;�CDI:H�I=6I�H=:�>H�DCAN�Y?JHI�7:<>CC>C<�ID�9>H8DK:GZ�

I=6I�H=:�>H�Y6C�>C9>K>9J6A45�L>I=�4=:G5�DLC�>9:6H�I=DJ<=IH�6C9�=67>IHZ��������-=>H�G:69>C<�

D;��CC:\H�JC8:GI6>CIN�>H�HJEEDGI:9�L=:C�JEDC�8ADH:G�>CHE:8I>DC�DC:�G:6A>O:H�I=6I�I=:�

FJ::G�HJ7I:MI�D;��CC:\H�9>6GN�:MI:C9H�;6G�7:NDC9�I=:�#6CJ6GN��������:CIGN��"C�68IJ6A>IN�

&2/��3+<C�>H�;>AA:9�L>I=�8DC;:HH>DCH�I=6I�B>GGDG�I=:�A:H7>6C�I:HI>BDCN�<6I=:G:9�>C�

,8=DEEB6CC\H��+C=�90��+=;?/<+./���

��������� ��������������������������

� �CC:\H�9>6GN�>H�=:6K>AN�B6G@:9�7N�I=:�;::A>C<�I=6I�H=:�Y9D4:H5C\I�;>I�>CZ�������,=:�

H6NH�Y"�;6AA�6HA::E�L>I=�I=:�HIG6C<:�;::A>C<�D;�L6CI>C<�ID�7:�9>;;:G:CI�I=6C�"�6B�DG�7:>C<�

Page 23: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

9>;;:G:CI�I=6C�"�L6CI�ID�7:�DG�E:G=6EH�D;�7:=6K>C<�9>;;:G:CIAN�I=6I�"�6B�DG�L6CI�ID�7:Z�

������,=:�L>H=:H� D9�LDJA9�Y<>K:�4=:G5�6CDI=:G�E:GHDC6A>INZ�7JI�688:EIH�I=6I�H=:�>H�

YHIJ8@�L>I=�I=:�8=6G68I:G�4H=:5�L6H�7DGC�L>I=�6C9�N:I�4H=:5�>H�HJG:�4H=:5�>H�CDI�6�769�

E:GHDCZ�������-=>H�@>C9�D;�8DC;JH>DC�HJGGDJC9>C<�H:A;>9:CI>IN�I=>H�BDG6A�HIGJ<<A:�L>I=�

DC:H�DLC�9>;;:G:C8:�6C9�H:CH:�D;�JC7:ADC<>C<���CC:�;:AI�I=6I�H=:�YLDJA9�6AL6NH�7:�6C�

DJIH>9:GZ�4���5��E:GH>HIH�I=GDJ<=DJI�&2/��3+<C���CC:�6AHD�9:H8G>7:H�6�;:AI�C::9�ID�Y=>9:�

4=:G5�G:6A�H:A4;5Z�������,=:�<D:H�DC�Y"�I=>C@�>I\H�=DGG>7A:�I=6I�NDJ�86C\I�:K:G�8DC;>9:�>C�

6CNDC:�CDI�:K:C�I=DH:�8ADH:HI�ID�NDJZ�������-=:H:�;::A>C<H�6G:�:8=D:9�>C�I=:�I:HI>BDC>:H�

D;�A:H7>6C�LDB:C�>CI:GK>:L:9�;DG�,8=DEEB6CC\H�7DD@��&6CN�LDB:C�9:H8G>7:�H>B>A6G�

;::A>C<H�D;�>HDA6I>DC�;GDB�I=:>G�;6B>A>:H�W�L=6I�DC:�LDB6C�86AAH�YI=:�EG:HHJG:�ID�A>K:�6�

H:8G:I�A>;:Z��3>BB:GB6C�FJDI:9����������&DHI�D;�I=:�I:HI>BDC>:H�,8=DEEB6CC�8DAA:8IH�

G:;A:8I�6�EGDADC<:9�;::A>C<�D;�YH:A;8:CHDGH=>EZ��$C>II:A�FJDI:9�>C����� ���6C9�CDI�

@CDL>C<�YL=:G:�4NDJ5�7:ADC<Z��[#D=CCN\�FJDI:9�>C����������

� �DG�I=:�A:H7>6CH�>C�,8=DEEB6CC\H�7DD@�I=6I�ADC<HDJ<=I6;I:G�H:CH:�D;�7:ADC<>C<�

86B:�L=:C�I=:N�9>H8DK:G:9�EJ7A>8�A:H7>6C�8JAIJG:�;DG�I=:�;>GHI�I>B:XDC8:�I=:N�H6L�

I=:BH:AK:H�G:;A:8I:9�7:NDC9�I=:>G�DLC�;DJG�L6AAH��"C�&2/��3+<C��CC:�9:H8G>7:H�=DL�H=:�

>H�Y9>;;:G:CI�V�;GDB�DI=:G�<>GAHZ��������"C�,8=DEEB6CC\H�7DD@�A:H7>6C�LDB:C�9:H8G>7:�

L=6I�>I�>H�A>@:�ID�B::I�DI=:G�<>GAH�L=D�A>@:�I=:B�6G:�Y9>;;:G:CI�Z�!:G:�DC:�LDB6C�

9:H8G>7:H�=:G�;>GHI�K>H>I�ID�6�A:H7>6C�8AJ7��Y>I�L6H�6�<G:6I�A>7:G6I>C<�:ME:G>:C8:�ID�H::�I=6I�

I=:G:�6G:�G:6AAN�HD�B6CN�LDB:C�A>@:�NDJGH:A;�V�I=>H�>H�L=:G:�NDJ�7:ADC<:9Z��,6C9B6CC�

FJDI:9�>C����������CC:�H::BH�ID�:ME:G>:C8:�6�H>B>A6G�H:CH:�D;�7:ADC<>C<�I=GDJ<=�=:G�

GDB6CI>8�;G>:C9H=>E�L>I=�#68FJ:��";��CC:�6C9�#68FJ:�H=6G:9�GDB6CI>8�;::A>C<H�;DG�DC:�

6CDI=:G��6H�:K>9:C8:�7N�I=:>G�H=6G:9�Y@>HHZ��I=:C�I=:N�8DJA9�=6K:�EGDK>9:9�:68=�DI=:G�6�

Page 24: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

H6;:�=6K:C�;GDB�H=6G:9�;::A>C<H�D;�JC7:ADC<>C<�W�EGDI:8I>DC�;GDB�I=:�E:GH:8JI>DC�I=6I�

8DB:H�L=:C�I=:�=:I:GDH:MJ6A�LDGA9�G:6A>O:H�>I�>H�Y9:;>C>I:AN�@CD8@>C<�DC�I=:�LGDC<�9DDGZ�

�� ���!:G:��CC:�>H�A>I:G6AAN�9>H8JHH>C<�=:G�G:68I>DC�ID�=:I:GDH:MJ6A�B6A:�HJ>IDGH���

�H�HDDC�6H�6�7DN�6H@H�>;�=:�86C�7>8N8A:�=DB:�L>I=�B:�6C9�L:�<:I�

ID�I6A@>C<�C>C:�I>B:H�DJI�D;�I:C�"�86C�7:�HJG:�=:\AA�7:8DB:�

:C6BDJG:9�DC�I=:�HEDI�6C9�LDC\I�A:I�B:�DJI�D;�=>H�H><=I�;DG�6�

H:8DC9��!>H�6G9DG�:K:CIJ6AAN�8DDAH�:HE:8>6AAN�H>C8:�"�><CDG:�=>H�

E6HH>DC6I:�<A6C8:H�6C9�E:96A�7A>I=:AN�DC�BN�L6N�V�-=:H:�6G:�I=:�

BDHI�>CCD8:CI�INE:H��(;�8DJGH:�I=:G:�6G:�I=DH:�L=D�7ADL�NDJ�

@>HH:H�DG�IGN�ID�I6@:�=DA9�D;�NDJG�6GB�7JI�I=:N\G:�9:;>C>I:AN�

@CD8@>C<�DC�I=:�LGDC<�9DDG����/0383>3@/��.3>398�� ��

�-=>H�:CIGN�L=>8=�HJ<<:HIH��CC:\H�9>H>CI:G:HI�>C�=:I:GDH:MJ6A�GDB6C8:�L6H�CDI�>C8AJ9:9�

>C�DG><>C6A�:9>I>DCH�D;�&2/��3+<C���

������������������������������ �����������!���� �

";�L:�I6@:�&2/��3+<C�6I�>IH�LDG9�>I�>H�#68FJ:�ID�L=DB��CC:�;>GHI�I6A@H�ID�67DJI�H:M��

Y0=:C�"�L6H�IL:AK:�6C9�6�=6A;�"�A:6GC:9�467DJI�H:M5�;GDB�#68FJ:�L=D�L6HC\I�6H�

><CDG6CI�6H�"�L6HZ��������"I�>H�#68FJ:�L>I=�L=DB��CC:�=6H�=:G�;>GHI��G:8DG9:9��H:MJ6A�

:ME:G>:C8:H��0=:C�DC:�YG:694H5�7:IL::C�I=:�A>C:HZ���AB6C�� �X6H�L:�BJHI�>;�L:�6G:�ID�

G:8DK:G�6CN�D;�I=:�B6CN�I=DJH6C9H�D;�ADHI�FJ::G�C6GG6I>K:H�;GDB�I=:�!DAD86JHIXI=:�

FJ::G�HJ7I:MI�D;�&2/��3+<C�K>GIJ6AAN�A:6EH�D;�I=:�E6<:��-=:�FJ::G�HJ7I:MI�D;�&2/��3+<C�

D;;:GH�6�C:L�A:CH�I=GDJ<=�L=>8=�ID�K>:L��CC:\H�I>B:�>C�I=:��CC:M��-6@:�;DG�>CHI6C8:�

I=:�;DAADL>C<�H8:C:�>C�L=>8=��CC:�6C9�):I:G�EA6N�Y9G:HH�JEZ�������+:69�I=GDJ<=�6�FJ::G�

A:CH�I=>H�E6HH6<:�I6@:H�DC�C:L�B:6C>C<���

Page 25: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

4):I:G5�6C9�"�=6K:�DC:�I=>C<�>C�8DBBDC��L:�A>@:�ID�9G:HH�JE�V�

(C:�:K:C>C<�L:�B69:�DJG�6EE:6G6C8:�L>I=�):I:G�>C�DC:�D;�

BDI=:G\H�H@>CI><=I�9G:HH:H�6C9�B:�>C�=>H�HJ>I��!:�LDG:�6�=6I��"�

=69�6�86E�DC��-=:�<GDLCJEH�HEA>I�I=:>G�H>9:H�A6J<=>C<�6C9�L:�

:C?DN:9�DJGH:AK:H�:K:GN�7>I�6H�BJ8=�������

0=:C�:M6B>C:9�I=GDJ<=�6�FJ::G�A:CH�I=>H�H8:C:�7:8DB:H�BDG:�I=6C�?JHI�Y9G:HH�JE�Z�"I�

7:8DB:H�HDB:I=>C<�BDG:�A>@:�9G6<��!:G:��CC:�G:H:B7A:H�I=:�LDB:C�;GDB�

,8=DEEB6CC\H�7DD@�L=DH:�B6H8JA>C:�HINA:�D;�9G:HH�6AADL:9�I=:B�ID�:MEG:HH�I=:>G�

9>;;:G:C8:�;GDB�DI=:G�=:I:GDH:MJ6A�LDB:C�������������"C�I=>H�H8:C:��CC:�6C9�):I:G�

:C<6<:�>C�6�@>C9�D;�H:A;;DGB>C<�HJ7K:GH>K:�<:C9:G�EA6N�I=6I�:KD@:H�#J9>I=��JIA:G��-=:>G�

EA6N�>H�YHJ7K:GH>K:�ID�I=:�:MI:CI�I=6I�>I�G:;A:8IH�DC�I=:�>B>I6I>K:�HIGJ8IJG:�7N�L=>8=�

=:<:BDC>8�<:C9:G�>H�>IH:A;�EGD9J8:9�6C9�9>HEJI:H�=:I:GDH:MJ6A>IN\H�8A6>B�DC�C6IJG6AC:HH�

6C9�DG><>C6A>INZ�������CC:�>H�8G>I>86A�D;�I=:�HIG>8IJG:H�D;�=:<:BDC>8�<:C9:G�6C9�

=:I:GDH:MJ6A>IN�:AH:L=:G:�>C�&2/��3+<C��"C�6C�:CIGN�96I:9�#JC:����������CC:�

Y8DC9:BC4H5�V�DJG�HNHI:B�D;�K6AJ:H�V�4I=6I5�9DC\I�68@CDLA:9<:�=DL�<G:6I�9>;;>8JAI�

7JI�JAI>B6I:AN�7:6JI>;JA�LDB:C\H�H=6G:�>C�HD8>:IN�>HZ���������N�&6N���������CC:�=6H�

6AG:69N�YB69:�JE�4=:G5�B>C9�ID�A:69�6�A>;:�9>;;:G:CI�;GDB�DI=:G�<>GAH�6C9�CDI�ID�7:8DB:�

6C�DG9>C6GN�=DJH:L>;:�A6I:G�DCZ���������

"BEDGI6CIAN�>C�I=>H�H8:C:�I=:�G:69:G�7:8DB:H�6L6G:�D;�6�8GJ8>6A�:A:B:CI�D;��CC:�6C9�

):I:G\H�G:A6I>DCH=>E���H�L>I=�#68FJ:�):I:G�G:EG:H:CIH�HDB:DC:�L=D�>H�6AHD�HIGJ<<A>C<�

L>I=�=>H�9:K:ADE>C<��H:MJ6A��>9:CI>IN��Y�DI=�):I:G�6C9�"�6G:�HIGJ<<A>C<�L>I=�DJG�>CC:GBDHI�

;::A>C<H��0:\G:�HI>AA�JCHJG:�D;�DJGH:AK:H�6C9�6G:�V�KJAC:G67A:�:BDI>DC6AANZ���/0383>3@/�

�.3>398�������"I�>H�7:86JH:�D;�I=>H�JC8:GI6>CIN�I=>H�KJAC:G67>A>IN�I=6I��CC:�>H�67A:�ID�;::A�

Page 26: -DL6G9H *J::G +:69>C< (; &2/ 3+

� � �

H6;:�L>I=�):I:G�W�H6;:�:CDJ<=�ID�:C<6<:�>C�<:C9:G�EA6N��"I�>H�I=>H�H:CH:�D;�H6;:IN�"�7:A>:K:�

I=6I�>H�I=:�>BE:IJH�;DG��CC:\H�9:K:ADE>C<�;::A>C<H�;DG�K6C��66C���H��CC:\H�I>B:�>C�I=:�

�CC:M�<D:H�DC�L:�68IJ6AAN�H::�=:G�JC9:G<D�6�H=>;I�>C�DG>:CI6I>DC�6H�=:G�;::A>C<H�;DG�

#68FJ:�6G:�9>HEA68:9�DCID�):I:G��Y�;I:G�':L�2:6G\H�6�H:8DC9�7><�8=6C<:�D88JGG:9��465�

9G:6B�I=GDJ<=�L=>8=�"�9>H8DK:G:9�BN�ADC<>C<�;DGV6�7DN��CDI�;DG�6�<>GA;G>:C9�7JI�;DG�6�

7DN;G>:C9Z��� �����CC:�=:GH:A;�>H�HJGEG>H:9�6I�=:G�H=>;I>C<�9:H>G:H��-=>H�9>HEA68:B:CI�>H�

B69:�:K:C�BDG:�6EE6G:CI�L=:C��CC:�CDI:H�I=:�YHIGDC<�;::A>C<�D;�;:AADLH=>EZ�H=:�;::AH�

;DG�):I:G�YL=>8=�4H=:5�DCAN�G:B:B7:G4H5�=6K>C<�=69�L>I=�4=:G5�<>GA;G>:C9Z��#68FJ:��

�������"C9::9��CC:\H�9>H8JHH>DCH�D;�H:M�D;I:C�7:<>C�L>I=�6�B:BDGN�D;�#68FJ:�6C9�

IG6CH;DGB�>CID�6�EG:H:CI�:ME:G>:C8:�L>I=�):I:G���

"C�6C�:CIGN�;GDB�&6G8=����������CC:�G:B:B7:GH�=:G�:6GAN�8DCK:GH6I>DCH�67DJI�H:M�

L>I=�#68FJ:XY#68FJ:�6C9�"�;DJC9�DJI�67DJI�I=:�=NB:CZ������X6C9�IG6CH>I>DCH�6ABDHI�

H:6BA:HHAN�>CID�Y�K:C�I=DJ<=�>I\H�,6IJG96N�"\B�CDI�7DG:9��V�"\K:�7::C�JE�>C�I=:�6II>8�

L>I=�):I:G��"�H6I�I=:G:�9G:6B>C<�L>I=�BN�:N:H�8ADH:9�6C9�>I�L6H�LDC9:G;JAZ��������-=:�

FJ>8@C:HH�D;�I=>H�IG6CH>I>DC�B6@:H�>I�9>;;>8JAI�ID�9>H8:GC�L=6I�6C9�A297��CC:�>H�

9G:6B>C<�67DJI���CC:\H�:BDI>DC6A�6C9�H:MJ6A�A:6E�;GDB�#68FJ:�ID�):I:G�>C�I=>H�:CIGN�

B>GGDGH�I=:�A:6E�I=6I�;DAADLH�=:G�FJ::G�8DC;:HH>DC�:BE=6H>O>C<�=:G�H:MJ6A�8DC;JH>DC��

"BEDGI6CIAN�I=DJ<=�>C�I=>H�H:8I>DC�I=:�:BE=6H>H�A:6CH�BDG:�ID�I=:�H>9:�D;�6�FJ::G�G:69>C<�

I=6C�6�=:I:GDCDGB6I>K:�>CI:GEG:I6I>DC���

(C�&6N����������CC:�LDC9:GH�>;�E:G=6EH�H=:�>HC\I�YB:G:AN�6�7:II:G�HJ7HI>IJI:�;DG�

�D8=:Z��):I:G\H�DA9�86I���������Y"�9DC\I�B>C9Z�H=:�<D:H�DC��Y!:\H�HD�=6EEN�?JHI�@CDL>C<�

HDB:DC:�ADK:H�=>BZ��������!:G:�>C�6C�>CI:G:HI>C<�IL>HI��CC:�H::BH�6L6G:�D;�I=:�

EDI:CI>6A�;DG�:BDI>DC6A�6C9�H:MJ6A�IG6CH;:G:C8:�7JI�;D8JH:H�>I�DC�):I:G�6C9�=>H�ADHI�86I��

Page 27: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

+:69>C<�I=>H�E6HH6<:�I=GDJ<=�6�FJ::G�A:CH�>I�>H�:6HN�ID�LDC9:G�;DG�L=DB�):I:G�>H�6�

YHJ7HI>IJI:Z�6C9�L=:I=:G��CC:�6AHD�>H�BDG:�6II68=:9�ID�I=:�;::A>C<�D;�7:>C<�ADK:9�I=6C�

I=:�G:A6I>DCH=>E�>IH:A;��-=>H�FJ:HI>DC�>H�6CHL:G:9�L=:C��CC:�69B>IH�I=6I�=:G�;::A>C<H�;DG�

):I:G�6G:�>C�68IJ6A>IN�;::A>C<H�D;�;G>:C9H=>E�I=6I�Y6JIDB6I>86AANZ�:H86A6I:9�ID�GDB6C8:�

9J:X"�7:A>:K:XID�=:I:GDCDGB6I>K:�EG:HHJG:H���

0=:C�"�;>C6AAN�<DI�=>B�ID�7:�BN�;G>:C9�>I�6JIDB6I>86AAN�

9:K:ADE:9�>CID�6C�>CI>B68N�I=6I�L=:C�"�I=>C@�67DJI�>I�CDL�

H::BH�DJIG6<:DJH��0:�I6A@:9�67DJI�I=:�BDHI�EG>K6I:�I=>C<H�7JI�

L:�=6K:C\I�N:I�IDJ8=:9�JEDC�I=:�I=>C<H�8ADH:HI�ID�BN�=:6GI�V�"�

HDDC�G:6A>O:9�=:�8DJA9�C:K:G�7:�6�@>C9G:9�HE>G>I��������

������������� ������� ����������!����"�����

� ��������� ����������"�

�AI=DJ<=�I=:�FJ::G�HJ7I:MI�D;��CC:\H�I:HI>BDCN�JC9:GB>C:H�=:I:GDH:M>HI�>CI:GEG:I6I>DCH�

D;�&2/��3+<C�H8=DA6GH�=6K:�A6G<:AN�><CDG:9�>I��!:I:GDH:M>HI�K>:LH�D;�A:H7>6C�G:A6I>DCH=>EH�

I=GDJ<=DJI�I=:�,=D6=�:HE:8>6AAN�G:A6I>DCH=>EH�;DGB:9�>CH>9:�8DC8:CIG6I>DC�86BEH�=6K:�

8DADJG:9�K>:LH�D;��CC:\H�FJ::G�I:HI>BDCN��&6CN�H8=DA6GH�6HH:GI�I=6I�Y>C�8DC8:CIG6I>DC�

86BEH�LDB:C�L=D�LDJA9�DI=:GL>H:�G:<6G9�A:H7>6C>HB�L>I=�67=DGG:C8:�8DJA9�<G69J6AAN�

HA>9:�>CID�I=:�688:EI6C8:�D;�HJ8=�A>6>HDCHZ��FJDI:9�>C��AB6C������-=>H�:8=D:H�6�8DBBDCAN�

=:A9�7:A>:;�I=6I�LDB:C�L=D�:C<6<:�>C�H6B:H:M�6;;:8I>DC�L>I=>C�I=:�86BEH�HDB:=DL�

Y<DI�I=6I�L6N�;GDB�7:>C<�AD8@:9�JE�ID<:I=:GZ��[#D=CCN\�FJDI:9�>C���������-=:�

>BEA>86I>DC�=:G:�>H�I=6I�I=:H:�LDB:C�H=>;I:9�6L6N�;GDB�I=:>G�IGJ:�DG>:CI6I>DC�L=>A:�>CH>9:�

I=:�86BEH�ID�9J:�:MIG:B:�:BDI>DC6A�9JG:HH�9:HE:G6I:�ADC:A>C:HH�6C9�8ADH:�EGDM>B>IN��

�AB6C\H�>HHJ:�L>I=�I=>H�6C9�"�L>H=�ID�:8=D�>I�=:G:�>H�I=6I�I=:H:�H6B:�E6G6B:I:GHXI=>H�

Page 28: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

H6B:�H8GJI>CNX6G:�C:K:G�6EEA>:9�ID�=:I:GDH:MJ6A�G:A6I>DCH=>EH�:K:C�L=:C�I=:N�D88JG�

JC9:G�I=:�H6B:�8>G8JBHI6C8:H���

� �CC:\H�C:L;DJC9�ADC<>C<�;DG�):I:G�>H�6�7><�8=6C<:�;GDB�=:G�I6@:�DC�=>B�6I�I=:�

7:<>CC>C<�D;�I=:�9>6GN�L=>8=�L6H�H>BEAN�Y(=��.<=�Z��� ���-D�JH:�I=:�LDG9H�D;�I=:�

=:I:GDH:M>HI�6C6ANH>H�FJDI:9�67DK:��CC:�IDD�>H�67A:�ID�Y<G69J6AAN�HA>9:�>CID�I=:�

688:EI6C8:�D;�465�A>6>HDCZ�H=:�EG:K>DJHAN�G:<6G9:9�L>I=�Y67=DGG:C8:�Z�"I�<D:H�L>I=DJI�

H6N>C<�I=6I�7DI=��CC:�6C9�):I:G�L:G:�JC9:G�:MIG:B:�:BDI>DC6A�9JG:HH�I=GDJ<=DJI�I=:>G�

HI6N�>C�I=:��CC:M�6C9�I=6I�I=>H�;:6G�A:69�ID�I=:>G�GDB6C8:��Y0:\G:�8DDE:9�JE�=:G:�8JI�D;;�

;GDB�I=:�LDGA9�6CM>DJH�6C9�;:6G;JA�:HE:8>6AAN�A6I:AN�V�0=N�H=DJA9C\I�L:�@>HH�:68=�

DI=:G�I>B:H�A>@:�I=:H:Z���/0383>3@/��.3>398��������ADH:�FJ6GI:GH�L:G:�6AHD�6�;68IDG�>C�I=:�

9:K:ADEB:CI�D;�I=:>G�G:A6I>DCH=>E���CC:�D;I:C�9:H8G>7:H�C::9>C<�ID�<D�JE�ID�):I:G\H�GDDB�

?JHI�ID�=6K:�HE68:�ID�7G:6I=:��!:G�GDDBB6I:��JHH:A�7:8DB:H�IDD�BJ8=�ID�7:6G��[�H�>;�"�

9DC\I�=:6G�[H==�H==\�:CDJ<=�9JG>C<�I=:�96N�7:86JH:�"\B�6AL6NH�B6@>C<�[IDD�BJ8=\�

CD>H:�BN�9:6G�GDDBB6I:�=6H�8DB:�JE�L>I=�I=:�>9:6�D;�H6N>C<�[H==�H==\�ID�B:�6AA�C><=I�

IDD�Z��������C�:CHJ>C<�;><=I�DK:G�6�H=6G:9�I67A:�>C�I=:>G�GDDB�EJH=:H��CC:�JEHI6>GH�?JHI�HD�

H=:�=6H�6�EA68:�ID�I=>C@��"I�>H�I=:H:�G:E:6I:9�K>H>IH�ID�):I:G\H�GDDB�I=6I�7:<>C�=:G�

:BDI>DC6A�>CI:G:HI�>C�=>B�6C9�):I:G\H�GDDB�7:8DB:H�6�H6;:�=6K:C�>C�I=:�IJBJAI�D;�A>;:�>C�

I=:��CC:M��Y";�NDJ�DCAN�@C:L�=DL�BJ8=�"�JH:9�ID�8GN�6I�C><=I�=DL�JC=6EEN�6C9�

9:HEDC9:CI�"�L6H�=DL�ADC:AN�"�;:AI�NDJ\9�JC9:GHI6C9�BN�L6CI>C<�ID�<D�JEHI6>GHZ�������

H=:�H6NH�DC�&6N���������2:I��CC:\H�G:A6I>DCH=>E�L>I=�):I:G�=6H�CDI�7::C�9>HB>HH:9�6H�

Y6C�69DA:H8:CI�68I�:M68:G76I:9�7N�9>G:�8>G8JBHI6C8:H�6C9�I=:�67H:C8:�D;�;:B6A:�

8DBE6C>DCH=>E�Z���������+6I=:G�>I�=6H�7::C�I6@:C�6H�[EGDD;\�D;�=:G�IGJ:�=:I:GDH:MJ6A>IN�W�

6�L6N�ID�9>HB>HH�I=:�8DCI:CIH�D;�=:G�FJ::G�8DC;:HH>DC���JI��K:C�6H��CC:\H�;::A>C<H�;DG�

Page 29: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

):I:G�9:K:ADE�H=:�>CH>HIH�Y2DJ�BJHIC\I�I=>C@�"\B�>C�ADK:�L>I=�):I:G�7:86JH:�"\B�CDI��";�

I=:�K6C��66CH�=69�6�96J<=I:G�>CHI:69�D;�6�HDC�"\9�=6K:�IG>:9�ID�B6@:�;G>:C9H�L>I=�=:GZ�

�������(;�8DJGH:�L:�86C�DCAN�HE:8JA6I:�L=6I�@>C9�D;�GDB6C8:�B6N�=6K:�7ADHHDB:9�=69�

I=>H�7::C�I=:�86H:��

� �

Page 30: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

������������������������!��� �&�������������������'�

� "C�I=:�>CIGD9J8I>DC�ID��+C=�90��+=;?/<+./�,8=DEEB6CC�CDI:H�Y7>D<G6E=:GH�=6K:�

D;I:C�EJG<:9�I=:�HIDG>:H�D;�A:H7>6CH�D;�I=6I�HJEEDH:9AN�G:EJI6I>DC=6GB>C<�6HE:8I�I=JH�

9:E>8I>C<�I=:�LDB:C�6H�=:I:GDH:MJ6AZ����������-=>H�>H�L=6I�"�H::�=6EE:C>C<�>C�I=:�HIDGN�

D;��CC:��G6C@��!:G�FJ::G�8DC;:HH>DC�=6H�7::C�EJG<:9�;GDB�I=:�HIDGN�D;�=:G�A>;:�ID�EGDI:8I�

=:G�;GDB�I=:�[G:EJI6I>DC=6GB>C<�6HE:8I4H5\�D;�FJ::G�H:MJ6A>IN���JI�=DL�HE:8>;>86AAN�

9D:H�FJ::G�9:H>G:�=6GB��CC:��G6C@\H�G:EJI6I>DC��(G�BDG:�>BEDGI6CIAN�=DL�9D:H�>I�

6;;:8I�=:G�HI6IJH�6H�6�L>IC:HH�ID�I=:�IG6JB6�D;�I=:�!DAD86JHI��-=:�9:EG:8>6IDGN�K>:L�D;�

�CC:\H�A:H7>6C�9:H>G:�I=6I�9:K:ADE:9�DJI�D;�=:G�DLC�6EE6G:CI�H:MJ6A�8DC;JH>DC�B>GGDGH�6AA�

IDD�L:AA�I=:�K>:L�D;�A:H7>6C>HB�HI>AA�=:A9�L>I=>C�0:HI:GC�8JAIJG:��-D�JC9:GHI6C9�=DL�

=:I:GDH:M>HI�CDI>DCH�D;�A:H7>6C�>9:CI>IN�B6C>;:HI�L>I=>C�!DAD86JHI�H8=DA6GH=>E��6C9�

HE:8>;>86AAN�L>I=>C�H8=DA6GH=>E�DC�&2/��3+<C��>I�>H�>BEDGI6CI�ID�>CK:HI><6I:�I=:�8JAIJG6A

=>HIDG>86A�DG><>CH�6C9�9:K:ADEB:CI�D;�I=:H:�CDI>DCH�HE:8>;>86AAN�L>I=>C�I=:�8DCI:MI�D;�I=:�

!DAD86JHI���

����������������$������������������������������������#��

�����"�

� �DG�8:CIJG>:H�L>I=>C�0:HI:GC�8JAIJG:H�6CNDC:�L=D�:C<6<:9�>C�H6B:H:M�H:MJ6A�

8DCI68I�L6H�H>BEAN�8DCH>9:G:9�6�HD9DB>I:��@>C9G:9�ID�I=:�9DDB:9�8>I>O:CH�D;�,D9DB��

.C9:G�I=>H�8A6HH>;>86I>DC�6�HD9DB>I:�L6H�CDI�6�INE:�D;�E:GHDC�7JI�6�E:GHDC�L=D�

8DBB>II:9�6�E6GI>8JA6G�INE:�D;�H>C��"C�H=DGI�DC:\H�8A6HH>;>86I>DC�6H�6�HD9DB>I:�=69�

CDI=>C<�ID�9D�L>I=�DC:\H�H:MJ6A�>9:CI>IN���:;DG:������6C9�I=:�>C9J8I>DC�D;�I=:��J<<:GN�

�8I�JC9:G�$>C<�!:CGN�/"""�HD9DB>I:H�L:G:�INE>86AAN�IG>:9�>C�:88A:H>6HI>86A�8DJGIH�7JI�

Page 31: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

L>I=�I=:�G>H:�D;�I=:�BD9:GC�HI6I:�:88A:H>6HI>86A�6JI=DG>IN�7:<6C�ID�L6C:�6C9�I=:�G:A><>DJH�

67=DGG:C8:�D;�=DBDH:MJ6A�EG68I>8:H�L6H�86GG>:9�DK:G�>CID�H:8JA6G�A6L���6N:G��������

.C9:G�I=:��J<<:GN��8I�HD9DBN�L6HC\I�H>BEAN�6�H>C��>I�L6H�6�8G>B:��"C9::9�HD9DBN�L6H�

8DCH>9:G:9�6�86E>I6A�D;;:C8:��Y4>5;�I=:�:K>9:C8:�L6H�����HIGDC<�:CDJ<=�V�4E:GE:IG6IDGH�

L:G:5�H:CI:C8:9�ID�9:6I=Z���9G>6:CH�6C9��:��AD8@�������0=>A:�>I�>H�9>;;>8JAI�ID�E>CED>CI�

=DBDH:MJ6A>IN\H�:M68I�BDB:CI�D;�B6C>;:HI�BDHI�=>HIDG>6CH�G:<6G9�I=:�E:G>D9�6I�I=:�:C9�

D;�I=:���I=�8:CIJGN�W�L=:C�I=:�I:GB�Y=DBDH:MJ6AZ�86B:�>CID�L>9:G�JH:�W�6H�9::EAN�

H><C>;>86CI���.CI>A�I=>H�I>B:�I=:�;>:A9�D;�H:MJ6A�E:GK:GH>DC�=69�G:B6>C:9�I=:�EG:GD<6I>K:�D;�

I=:�8DJGIH��-=:�A6L�EJC>H=:9�68IH�A>@:�HD9DBN�7JI�9>9�CDI�6HH><C�I=:�E:GE:IG6IDG�6�

E6GI>8JA6G�8G>B>C6A�HI6IJH��Y4-5=:�6GG>K6A�D;�I=:�9D8IDG�DC�6�H8:C:�I=6I�=69�7::C�G:H:GK:9�

;DG�I=:�?J9<:Z�8=6C<:9�I=>H��-6B6<C:��� ���'DL�I=:�8G>B>C6A�L6H�9:;>C:9�7N�=>H�=:G�

E:GK:GH>DC��Y4H5=:�L6H�6�=DBDH:MJ6A�E:9DE=>A:�H69>HI�DG�;:I>H=>HIZ���� ���-=:�:B:G<>C<�

H:MDAD<>HIH�L=D�HDJ<=I�ID�:MEA6>C�=DBDH:MJ6A>IN�9JG>C<�I=>H�E:G>D9�L:G:�9>K>9:9�>CID�

ILD�<GDJEH��I=DH:�L=D�H6L�=DBDH:MJ6A>IN�6H�6C�Y68FJ>G:9�8=6G68I:G>HI>8Z�6C9�I=DH:�L=D�

K>:L:9�>I�6H�Y>C7DGCZ�DG�>CC6I:���6N:G�������BDC<�I=:H:�A6II:G�I=>C@:GH�L6H�$6GA�

!:>CG>8=�.AG>8=H��"C������.AG>8=H�EG:H:CI:9�<6N�B:C�6C9�LDB:C�6H�6�[I=>G9�H:M�\�

':>I=:G�9>HI>C8IAN�B6A:�CDG�;:B6A:�.AG>8=H\�[JGC>C<H\�L:G:�B:C�6C9�LDB:C�L=DH:�HDJAH�

7:ADC<:9�ID�I=:�DI=:G�<:C9:G��.AG>8=H�I=:DG>O:9�I=6I���

-=:�=JB6C�:B7GND�EDHH:HH:9�7DI=�B6A:�6C9�;:B6A:�H:M�DG<6CH�

ADH>C<�DC:�6H�>I������9:K:ADE:9�>C�I=:�JI:GJH�����4&56A:�

=DBDH:MJ6A>IN�86B:�67DJI�L=:C�I=:�:B7GND�H=:9�I=:�;:B6A:�H:M�

DG<6C�7JI�I=:�H6B:�8=6C<:�9>9�CDI�D88JG�>C�I=:�E6GI�D;�I=:�7G6>C����������������������������������������� ��������

��-=:�I:GB�2979=/B?+63>C���979=/B?+63>E>��L6H�;>GHI�JH:9�>C������7N�$6GA�&6G>6�$:GI7:CN�6� :GB6C!JC<6G>6C�>C�=>H�6CDCNBDJH�E6BE=A:I�I=6I�86BE6><C:9�;DG�I=:�67DA>I>DC�D;�)GJHH>6\H�,D9DBN�%6L�)6G6<G6E=�������

Page 32: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

I=6I�G:<JA6I:H�I=:�H:M�9G>K:�V�4-=JH5�=DBDH:MJ6A>IN�L6H�CDI�?JHI�

6C�[>CK:GH>DC\�>C�I=:�8=D>8:�D;�H:MJ6A�D7?:8I�7JI�6C�[>CK:GH>DC\�D;�

DC:\H�7GD69:G�<:C9:G�8=6G68I:G>HI>8H�6H�L:AA���FJDI:9�>C�&>AA:G�����

-=>H�K>:L�I=6I�=DBDH:MJ6A>IN�L6H�6C�>CC6I:�8=6G68I:G>HI>8�I=6I�8DJA9�CDI�7:�6CC>=>A6I:9�

L6H�6�<>6CI�A:6E�;GDB�I=:�G:A><>DJH�I6@:�DC�I=:�HD9DB>I:�6C9�=>H�=:G�H>C��"I�L6H�6AHD�6�

BDK:B:CI�6L6N�;GDB�I=:�A:<6A�K>:L�D;�=DBDH:MJ6A>IN���N�6G<J>C<�I=6I�=DBDH:MJ6A>IN�

L6H�>C7DGC�.AG>8=H�8DJA9�>CH>HI�I=6I�>I�L6H�C:>I=:G�8G>B>C6A�CDG�H>C;JA�������-=JH�.AG>8=H�

6C9�I=DH:�L=D�HJEEDGI:9�=>H�K>:LX>C8AJ9>C<�EGDB>C:CI� :GB6C�H:MDAD<>HI�&6<CJH�

!>GH8=;:A9X7:<6C�ID�EJH=�;DG�I=:�:G69>86I>DC�D;�A:<6A�E:C6AI>:H�6<6>CHI�=DBDH:MJ6A�68IH��

�DG�!>GH8=;:A9�L=DH:�A:<68N�>H�:HE:8>6AAN�>BEDGI6CI�>C�I=>H�86H:�6H�=:�7:86B:�6�I6G<:I�D;�

'6O>�;JGDG�=DBDH:MJ6A>IN�L6H�YCD�BDG:�6�9>H:6H:�I=6C�6�K>8:��>I�>H�6�8DCHI>IJI>DC6A�

K6G>6CI�6�B>99A:�I:GB�7:IL::C�I=:�B6A:;:B6A:�DEEDH>I>DC�W�DC:�L=>8=�BJHI�:M>HI�

7:86JH:�C6IJG:�B6@:H�CD�A:6EH�7JI�:K:GNL=:G:�EG:H:CIH�;AJ>9�IG6CH>I>DCHZ��FJDI:9�>C� G6J�

�����!>GH8=;:A9�6C9�=>H�;DAADL:GH�B69:�=J<:�HIG>9:H�>C�<:C:G6I>C<�6L6G:C:HH�6C9�:BE6I=N�

;DG�L=6I�I=:N�86AA:9�I=:�YI=>G9�H:MZ�������-=GDJ<=DJI�I=:�0:>B6G�E:G>D9�FJ::G�68I>K>HI�

<GDJEH�76C9:9�ID<:I=:G�ID�8G:6I:�H6;:�EJ7A>8�HE68:H�;DG�=DBDH:MJ6AH�A>K>C<�>C�8>I>:H�A>@:�

�:GA>C�6C9�ID�;><=I�6<6>CHI�6CI><6N�A:<>HA6IJG:��!DL:K:G�I=>H�6AA�86B:�ID�6C�:C9�6H�I=:�

'6O>H�6HHJB:9�EDL:G�>C� :GB6CN���

-=:�B:9>86A>O6I>DC�D;�I=:�8G>B>C6A�HNHI:BXI=:�K:GN�H=>;I�I=6I�H6L�=DBDH:MJ6A>IN�

IG6CH;DGB�;GDB�68I�ID�>9:CI>INXL6H�6AHD�6�B6?DG�JC9:GE>CC>C<�D;�I=:�'6O>�<:CD8>9:���N�

I=:�:6GAN��� H�6G<JB:CIH�I=6I�YE:GH>HI:CIV8G>B>C6AH�L:G:�EG>B6G>AN�I=:�EGD9J8I�D;�

=:G:9>I6GN�9:<:C:G68NZ���K6CH�����7:<6C�ID�<6>C�6�EJ7A>8�;DDI=DA9�6C9�:J<:C>8H�7:<6C�ID�

:B:G<:�6H�6�EG:9DB>C6CI�HD8>DAD<>86A�I=:DGN��-=:�7:A>:;�I=6I�YL>I=�I=:�9:8A>C:�>C�I=:�

Page 33: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

:GB6C�7>GI=�G6I:V[A:HH�K6AJ67A:\�B:B7:GH�D;�HD8>:IN�L:G:�G:EGD9J8>C<�I=:BH:AK:H�

;6HI:G�I=6C�I=:�[;JAAN�K6AJ67A:\Z�7:86B:�Y6ABDHI�JC>K:GH6AZ�6BDC<�B:9>86A�6C9�EDA>I>86A�

EGD;:HH>DC6AH�>CKDAK:9�>C�9>H8JHH>DCH�D;�YI=:�HD8>6A�EGD7A:BZ�7N�I=:�:K:�D;�I=:��>GHI�

0DGA9�06G�������0>I=� :GB6CN\H�9:;:6I�>C�I=:�L6G�YI=:�HD8>6A�EGD7A:BZ�<G:L�6H�

=DB:A:HHC:HH�K6<G6C8N�6C9�EGDHI>IJI>DC�>C8G:6H:9�9J:�ID�I=:�:8DCDB>8�9:K6HI6I>DC�D;�

EGDADC<:9�8DB76I��"C�I=>H�H>IJ6I>DC�I=:�C::9�;DG�Y7DJC96G>:H�7:IL::C�G:HE:8I67A:�HD8>:IN�

6C9�>IH�DJI86HIHZ������7:86B:�>BE:G6I>K:��"9:6H�67DJI�:J<:C>8H�E6>G:9�L>I=�G6E>9AN�

9:K:ADE>C<�>9:6H�67DJI�YG68>6A�=N<>:C:Z������7:86B:�8:CIG6A�>C�8G:6I>C<�I=DH:�9:;>C>I>DCH��

0=:C�I=:�'6O>H�86B:�ID�EDL:G�I=:N�8:B:CI:9�I=:H:�9:;>C>I>DCH�>CID�A6L��"C�I=:�86H:�D;�

=DBDH:MJ6AH�I=:H:�A6LH�=69�6AG:69N�7::C�>C�:M>HI:C8:�H>C8:�I=:���� H��-=:�'6O>H�H>BEAN�

:ME6C9:9�JEDC�I=:B��

�!DBDH:MJ6AH�L:G:�8DCH>9:G:9�6�I=G:6I�ID�I=:�[KDA@\�7:86JH:�=DBDH:MJ6A�B:C�

L:G:�I=DJ<=I�ID�ADH:�I=:>G�>CI:G:HI�>C�=:I:GDH:MJ6A�G:EGD9J8I>DC�6H�6�G:HJAI�D;�I=:>G�H6B:

H:M�9:H>G:���:86JH:�I=:�'6O>H�L:G:�HD�8DC8:GC:9�L>I=�EDEJA6I>DC�EDA>8NXL>I=�:CHJG>C<�

I=6I�DCAN�I=DH:�8DCH>9:G:9�[;JAAN�K6AJ67A:\�L:G:�EGD9J8>C<�8=>A9G:CXI=>H�I=G:6I�L6H�

>CIDA:G67A:�� 6N�B:C�L=D�8DJA9C\I�7:�8JG:9�D;�I=:>G�=DBDH:MJ6A>INXI=GDJ<=�86HIG6I>DC�

DG�;DG8:9�B6I>C<XL:G:�H:CI�ID�8DC8:CIG6I>DC�86BEH��!DBDH:MJ6A�B:C�6C9�LDB:C�HIDD9�

>C�9>G:8I�DEEDH>I>DC�ID�I=:�'6O>H\�7:A>:;�>C�6C9�:C;DG8:B:CI�D;�8DC8G:I:�<:C9:G�CDGBH��

-=:H:�<:C9:G�CDGBH�L:G:�8DCH>9:G:9�8GJ8>6A�;DG�YEG:H:GK4>C<5�I=:�=:I:GDH:M>HI�HD8>6A�

HIGJ8IJG:�6C9�I=:G:7N�V�I=:�HI67>A>INZ�D;�I=:�'6O>�G:<>B:��,8=DEEB6CC����� �����-=JH�

>I�7:86B:�>BE:G6I>K:�I=6I�I=:�'6O>H�:G69>86I:�I=:H:�>C9>K>9J6AH�6H�L:AA�6AA�IG68:H�D;�I=:>G�

8JAIJG:�A>I:G6IJG:�6C9�EGD<G:HH>K:�>9:DAD<N���

Page 34: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

�������� ��������������������������������#�������"�

� �����������������������

%:H7>6C�8AJ7H�6C9�EJ7A>86I>DCH�86B:�JC9:G�;>G:�9JG>C<�I=:�'6O>�G:<>B:�6H�IDI:BH�D;�

D7H8:C>IN��(C��:7GJ6GN���������I=:�<DK:GCB:CI�>HHJ:H�6C�:9>8I�9:8A6G>C<�YI6K:GCH�

;G:FJ:CI:9�HDA:AN�DG�B6>CAN�7N�E:GHDCH�L=D�>C9JA<:�>C�?88+>?<+6�=/B?+6�:<+->3-/=V86C�

CD�ADC<:G�7:�IDA:G6I:9Z��FJDI:9�>C� G6J����=>H�>I6A>8H����DAADL>C<�I=:�>HHJ:�D;�I=>H�

HI6I:B:CI�G:<JA6G�G6>9H�D;�<6N�6C9�A:H7>6C�8AJ7H�7:<6C��Y4�5;I:G������I=:G:�L:G:�BDG:�

6C9�BDG:�G6>9HZ���CC:A>:H:�FJDI:9�>C��������JCI>A�>I�7:86B:�HD�96C<:GDJH�ID�DLC�

DE:G6I:�6C9�6II:C9�<6N�8AJ7H�I=6I�B6CN�H=JI�9DLC�6C9�EJGK:NDGH�6C9�E6IGDCH�G:IG:6I:9�

>CID�YEG>K6I:�A>;:Z��%:>I=PJH:G�FJDI:9�>C������ ���*J::G�EJ7A>86I>DCH�IDD�L:G:�76CC:9�

;GDB�6EE:6G>C<�>C�EJ7A>8��-=:�)GDI:8I>DC�D;�2DJI=�;GDB�(7H8:C:�)J7A>86I>DCH��8I�

E6HH:9�>C������7:86B:�6�K6AJ67A:�IDDA�;DG�Y6II68@>C<�I=:�=DBDH:MJ6A�B:9>6�6C9�>IH�

EJ7A>8�K>H>7>A>INZ��,8=DEEB6CC��������Y"C�I=:�>CI:G:HIH�D;�I=:�BDG6A�G:C:L6A�D;�I=:�

:GB6C�E:DEA:Z�� G6J�����D7H8:C:�EJ7A>86I>DCH�8DJA9�YCD�ADC<:G�7:�IDA:G6I:9Z�������Y�H�

:6GAN�6H�&6G8=������6AA�=DBDH:MJ6A�B6<6O>C:H�L:G:�76CC:9�L>I=>C�I=:�H8DE:�D;�'6O>�

:;;DGIH�ID�[8DB76I�D7H8:C:�LG>I>C<H\Z�����������"C��3../8��969-+?=>� G6J�G:EG>CIH�6�

'6O>�YG:EDGIZ�L=>8=�8=GDC>8A:H�I=:�9:HIGJ8I>DC�D;�&6<CJH�!>G8=H;:A9\H�8:CI:G�;DG�

G:H:6G8=�I=:�,:MJ6A�,8>:C8:�"CHI>IJI:���

�(C�I=:�BDGC>C<�D;���&6N������I=:��/<638/<��95+6+8D/31/<�

G:EDGI:9�I=6I�I=:�EJG<>C<�D;�7DD@H�L>I=�6C�JC :GB6C�HE>G>I�;GDB�

�:GA>C�A>7G6G>:H�LDJA9�I6@:�EA68:�V�HIJ9:CIH�V�L>H=:9�ID�7:<>C�

I=:�DE:G6I>DC�6I�I=:�,:MJ6A�,8>:C8:�"CHI>IJI:�V�4-5=:>G�G:6A�

8DC8:GC�L6H�CDI�ID�H:>O:�6�;:L�7DD@H�V�7JI�>9�./=><9C�>2/�

Page 35: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

38=>3>?>/�G�4'5JB:GDJH�B6CJH8G>EIH�D;�$G6;;I�77>C<�$6GA�

!:>CG>8=�.AG>8=H�6C9�DI=:GH�B6CN�D;�I=:B�JCEJ7A>H=:9�;:AA�

K>8I>B�ID�I=:�>CIGJ9:GH���FJDI:9�>C� G6J�� ����

-=:�9>HHDAJI>DC�D;� :GB6CN\H�FJ::G�HJ78JAIJG:�6ADC<�L>I=�I=:�HJEEG:HH>DC�6C9�

9:HIGJ8I>DC�D;�EGD<G:HH>K:�H8>:CI>;>8�LDG@�DC�=DBDH:MJ6A>IN�L>I=>C�I=:�8DJCIGN�B:6CI�

I=6I�I=:�DCAN�EJ7A>8AN�HJEEDGI:9�6C9�9>HH:B>C6I:9�K>:LH�DC�=DBDH:MJ6A>IN�L:G:�I=:�

=DBDE=D7>8�K>:LH�D;�I=:�'6O>�E6GIN�6C9�I=:>G�8DCH:GK6I>K:�8JAIJG6A�EG:9:8:HHDGH��-=:�

D;;>8>6A�I6@:�DC�=DBDH:MJ6A>IN�9JG>C<�I=>H�E:G>D9��6C9�;DG�9:869:H�6;I:GL6G9��=69�

G:<G:HH:9�6C9�I=:�688:EI:9�K>:L�=:A9�I=6I�=DBDH:MJ6A>IN�L6H�:>I=:G�6�BDG6A�9:;:8I�DG�6�

E6I=DAD<>86A�>AAC:HH��

-=:G:�>H�CDI�6�H=G:9�D;�8DCK>C8>C<�:K>9:C8:�;DG�I=:�=NEDI=:H>H�

I=6I�=DBDH:MJ6A>IN�>H�76H:9�JEDC�6C�>CC6I:�DG<6C>O6I>DC�D;�I=:�

7G6>C�V�DC�I=:�8DCIG6GN�>I�>H�7::C�:HI67A>H=:9�I=6I�>C�

EHN8=DE6I=DAD<>86A�E:GHDC6A>I>:H�=DBDH:MJ6A>IN�9:K:ADEH�

I=GDJ<=�I=:�:;;:8I�D;�JC;6KDJG67A:�H:MJ6A�:ME:G>:C8:H�JEDC�6C�

>BB6IJG:�V�EDDGAN�8DCIGDAA:9�H:M�9G>K:���$G6:E:A>C�FJDI:9�>C�

G6J�� ��

-=:�IDM>8�8A>B6I:�D;�=DBDE=D7>6�:C<:C9:G:9�I=GDJ<=DJI�I=:�'6O>�(88JE6I>DC�9>9�CDI�

9>HH>E6I:�L>I=�I=:�:C9�D;�I=:�06G��.CA>@:�6CI>,:B>I>HB�=DBDE=D7>6�G:B6>C:9�6C�

D;;>8>6AAN�H6C8I>DC:9�9>H8G>B>C6IDGN�EG68I>8:�ADC<�6;I:G�I=:�;6AA�D;�I=:�-=>G9�+:>8=��)6GI�D;�

I=:�G:6HDC�;DG�I=>H�>H�I=6I�I=:�6CI><6N�A6LH�:ME6C9:9�9JG>C<�I=:�'6O>�(88JE6I>DC�L:G:�

CDI�G:E:6A:9�>BB:9>6I:AN�6;I:G�I=:�L6G��"C9::9�688DG9>C<�ID��6<B6G�!:GOD<�

YE:GH:8JI>DC�D;�=DBDH:MJ6A�B:C�68IJ6AAN�:H86A6I:9�>C�I=:�EDHIL6G�N:6GHZ��������"C��9=>�

Page 36: -DL6G9H *J::G +:69>C< (; &2/ 3+

� � �

�8>37+-3/=��$/>2385381��979=/B?+63>C�'8./<� +>398+6�%9-3+63=7��0>AA>6B�,EJGA>C�

9:H8G>7:H�=DL�YE6G6<G6E=�����D;�I=:� :GB6C�):C6A��D9:�8G>B>C6A>O:9�=DBDH:MJ6A>IN�

4HD5�I=:� :GB6C�<DK:GCB:CI\H�EDH>I>DC�>C�I=:�N:6GH�>BB:9>6I:AN�6;I:G�I=:�L6G�L6H�I=6I�

I=:�H:CI:C8:H�E6HH:9�DCID�=DBDH:MJ6AH�JC9:G�I=:�'6O>�G:<>B:�L:G:�V�A:<6AAN�6C9�

HD8>6AAN�?JHI>;>:9Z��������:86JH:�D;�I=>H�A>C:�D;�I=>C@>C<�=DBDH:MJ6AH�L:G:�CDI�K>:L:9�6H�

K>8I>BH�D;�I=:�!DAD86JHI�>C�I=:�H6B:�H:CH:�I=6I�K>8I>BH�D;�>AA:<6A�G68>HI�E:GH:8JI>DC�L:G:��

"C9::9�=DBDH:MJ6AH�L:G:�CDI�D;;>8>6AAN�G:8D<C>O:9�6H�K>8I>BH�D;�I=:�,=D6=�JCI>A������

L=:C�I=:C� :GB6C�)G:H>9:CI�+>8=6G9�KDC�0:>OHP8@:G�<6K:�6�HE::8=�I=6I�DE:CAN�

68@CDLA:9<:9�I=:�YI=:�=DBDH:MJ6AH�6C9�I=:�B:CI6AAN�>AA�L=D�L:G:�@>AA:9Z��,E::8=�

�DBB:BDG6I>C<�I=:�:C9�D;�'6I>DC6A,D8>6A>HI�-NG6CCN�����,I>AA�:K:C�>C�I=>H�HE::8=�D;�

G:B:B7G6C8:�I=:�A>C@�7:IL::C�=DBDH:MJ6A>IN�6C9�E6I=DAD<N�E:GH>HIH�6C9�6C�6>G�D;�

=DBDE=D7>6�A>C<:GH���

� �99>I>DC6AAN�I=:�B:9>86A>O6I>DC�D;�8G>B>C6A>IN�I=6I�EG:K6>A:9�9JG>C<�I=:�'6O>�

(88JE6I>DC�8DCI>CJ:9�6;I:G�7DI=�>C� :GB6CN�6C9�:AH:L=:G:���K:C�6;I:G�=DBDH:MJ6A>IN�

L6H�9:8G>B>C6A>O:9�>C� :GB6CN�>I�G:B6>C:9�6H�6�E6I=DAD<N�>C�I=:��3+189=>3-�+8.�

%>+>3=>3-+6��+8?+6�90��/8>+6��3=9<./<=XI=:�HI6C96G9�8A6HH>;>86I>DC�D;�B:CI6A�9>HDG9:GH�

JH:9�7N�B:CI6A�=:6AI=�EGD;:HH>DC6AHXJCI>A������6C9�8DCI>CJ:9�ADC<�6;I:G�ID�7:�A>C@:9�ID�

>AA=:6I=���-=:�HI><B6I>O6I>DC�D;�=DBDH:MJ6A>IN�A:69�ID�I=:�9:K:ADEB:CI�6C9�E:GH>HI:C8:�

D;�=DBDE=D7>8�HI:G:DINE:H�I=6I�EDH>I�FJ::G�>C9>K>9J6AH�6H�9:K>6CI�H>8@�6C9�BDG6AAN�

8DGGJEI���

���������������������������������������� �����������DG�:M6BEA:�I=:�8A6HH>;>86I>DC�D;�!"/��"�,�6H�6�Y<6N�9>H:6H:�Z��DG�BDG:�DC�I=>H�H::� G::C:��:K:GAN�6C9� G:<DGN�&��!:G:@�����%���./8>3>C��+8.��977?83>C��&2/���(��:3./73-�+8.��/=,3+8=�+8.��+C��/8���

Page 37: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

���������������������������������� �������������(��������

��������"�

� -=:H:�HI:G:DINE:H�L=:I=:G�8DCH8>DJH�DG�CDI�>CI:G;:G:�L>I=�DJG�67>A>IN�ID�K>:L�

=DBDH:MJ6AH�6H�8G:9>7A:�L>IC:HH:H�6C9�8DCIG>7JI:�ID�L=6I�&>G6C96��G>8@:G�86AAH�I=:�

[:E>HI:B>8�>C?JHI>8:\�:M:8JI:9�6<6>CHI�FJ::G�>C9>K>9J6AH��)GDADC<:9�8JAIJG6AAN�:C<G6>C:9�

=DBDE=D7>8�>9:DAD<>:H�=6K:�8G:6I:9�L=6I��G>8@:G�86AAH�6C�Y3./8>3>C�:</4?.3-3+6�

-</.3,363>C�./03-3>Z�����;DG�FJ::G�;DA@���./8>3>C�"</4?.3-/�D88JGH�L=:C�DJG�YH=6G:9�HD8>6A

>B6<>C6I>K:�8DC8:EI>DCHZ�D;�HD8>6A�<GDJEH�G:HJAI�>C�YEG:?J9>8:H�6<6>CHI�E:DEA:�;?+�HD8>6A�

INE:Z������-=:�ADC<=:A9�H8>:CI>;>86AAN�H6C8I>DC:9�K>:L�I=6I�Y4I=:�=DBDH:MJ6A5�HJ;;:GH�

;GDB�6�E6I=DAD<>86A�9>HIJG76C8:�ID�I=:�68I>K>IN�D;�I=:�B>C9Z��(N:C�FJDI:9�>C� G6J�����

G:C9:GH�FJ::G�>C9>K>9J6AHXA>K>C<�L>I=>C�6�=:I:GDH:M>HI�HD8>:IN�I=6I�EGDBDI:H�I=:H:�

K>:LHX>C86E67A:�D;�EGDK>9>C<�I:HI>BDCN�K>:L:9�6H�G:A>67A:��-=:�9>HB>HH6A�D;�FJ::G�

I:HI>BDCN�JC9:G�I=:H:�I:GBH�>H�L=6I��G>8@:G�86AAH�>/=>37983+6�384?=>3-/��&/=>37983+6�

384?=>3-/�D88JGH�L=:C�6�E:GHDC\H�3./8>3>C�:</4?.3-3+6�-</.3,363>C�./03-3>�G:HJAIH�>C�I=:�

HE:6@:G�YG:8:>K>C<�9:;A6I:9�8G:9>7>A>IN�;GDB�I=:�=:6G:G�DL>C<�ID�>9:CI>IN�EG:?J9>8:�DC�I=:�

=:6G:G\H�E6GIZ������&/=>37983+6�384?=>3-/�>H�96B6<>C<�7:86JH:�I=:�G:8>E>:CI�>H�Y9:<G69:9�

;?+�@CDL:G�6C9�4HD5�I=:N�6G:�9:<G69:9�;?+�=JB6C��-=:N�6G:�YEG:K:CI4:95�V�;GDB�

HJ88:HH;JAAN�EJII>C<�@CDLA:9<:�>CID�I=:�EJ7A>8�9DB6>CZ��������

-=6I�I=:�HJEEG:HH>DC�D;��CC:��G6C@\H�FJ::G�I:HI>BDCN�=6H�EG:K:CI:9�I=:�:CIG6C8:�D;�=:G�

�EDHH>7AN��=DBDH:MJ6A�C6GG6I>K:�6C9�I=:G:;DG:�@CDLA:9<:�>CID�I=:�EJ7A>8�9DB6>C�>H�8A:6G��

"I�>H�I=:�8DCI:CI>DC�D;�I=>H�LDG@�I=6I�I=>H�HJEEG:HH>DC�L6H�9DC:�ID�H6;:<J6G9��CC:\H�

!DAD86JHI�I:HI>BDCN�;GDB�I=:�>/=>37983+6�384?=>3-/�I=6I�6�FJ::G�>9:CI>IN�>CK>I:H��&2/��3+<C�

90�+�*9?81��3<6�>H�DC:�D;�;:L�I:MIH�7N�;:B6A:�6JI=DGH�ID�=6K:�7::C�69B>II:9�>CID�I=:�

Page 38: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

!DAD86JHI�86CDC��-=6I�I=:�I:MI�>H�6C�6CDB6AN�>H�6AG:69N�EGD7A:B6I>8�>C�I:GBH�D;�I=:�

HNHI:B6I>8�:G6HJG:�D;�;:B6A:�I:HI>BDCN�67DJI�I=:�,=D6=�6C9�I=:�6HHJBEI>DC�I=6I�I=:G:�

8DJA9�7:�6�JC>K:GH6A��L=>8=�>C��JGD8:CIG>8�8JAIJG:�6AL6NH�B:6CH�HIG6><=I�8>H�6C9�B6A:��

E:GHE:8I>K:�DC�DG�:ME:G>:C8:�D;�>IH�=DGGDGH����99�ID�I=>H�I=:�;68I�I=6I�LDB:C\H�

I:HI>BDC>:H�6G:�6AG:69N�<>K:C�A:HH�:E>HI:B>8�8G:9>7>A>IN�I=6C�I=DH:�D;�I=:>G�B6A:�

8DJCI:GE6GIH�6C9�>I�7:8DB:H�8A:6G�L=N�I=:�8DCK:C>:CI�:G6HJG:�D;��CC:\H�FJ::G�9:H>G:�=6H�

E:GH>HI:9�;DG�HD�ADC<���:86JH:�&2/��3+<C�=6H�7:8DB:�HJ8=�6C�>C;AJ:CI>6A�I:MI�I=:�9:H>G:�

ID�EGDI:8I�I=:�8G:9>7>A>IN�D;��CC:\H�I:HI>BDCN�>H�E6AE67A:���H�6�#:L>H=�LDB6C��CC:�>H�

6AG:69N�>C�6�@>C9�D;�:E>HI:B>8�9DJ7A:�?:DE6G9N�6HX688DG9>C<�ID��G>8@:GXDJG�8DCH8>DJH�

6C9�JC8DCH8>DJH�HI:G:DINE:H�67DJI�B6G<>C6A>O:9�<GDJEH�>BE68I�DJG�67>A>IN�ID�K>:L�I=:B�

6H�G:A>67A:�IG6CHB>II:GH�D;�@CDLA:9<:��0DB:C�K>:L:9�;DG�8:CIJG>:H�6H�:BDI>DC6A�

>GG6I>DC6A�6C9�C6RK:�6AG:69N�B6@:��G>8@:G\H�A>HI�D;�I=DH:�L=D�;68:�JC;6>G�9>H8G>B>C6I>DC�

>C�I=:>G�86E68>IN�6H�@CDL:GH�������0:�=6K:�8JAIJG6AAN�9>HI6C8:9�;:B>C>C>IN�;GDB�I=:�G:6AB�

D;�D7?:8I>K:�G:A>67A:�@CDLA:9<:��,>B>A6GAN��G>8@:G�CDI:H�=DL�I=:�#:L>H=�E:DEA:�=6K:�

7::C�8JAIJG6AAN�9:69AD8@:9�7N�6�Y<G>B�86I6AD<J:�D;�8A>8=QHZ�I=6I�A67:A�I=:B�6H�YL>ANZ�

JCIGJHILDGI=N�6C9�9>H=DC:HI�������"C9::9�I=:�'6O>H�>C�I=:>G�6CI>,:B>I>8�EGDE6<6C96�

:BEADN:9�B6CN�D;�I=:�H6B:�=>HIDG>86AAN�IG6CHB>II:9�G68>HI�8A>8=QH��G>8@:G�ED>CIH�DJI��

�88DG9>C<�ID��G>8@:G�I=:C��CC:��G6C@�>H�6AG:69N�6I�6�8DCH>9:G67A:�Y8G:9>7>A>IN�9:;>8>IZ�

�����6H�=:G�<:C9:G�6C9�G68:�B6G@�=:G�6H�6C�>C=:G:CIAN�JCG:A>67A:�L>IC:HH���

� -=:�699>I>DC�D;�A:H7>6C>HB�EA68:H��CC:�>C�6C�:E>HI:B>8�IG>EA:�?:DE6G9N�6C9�>I�

BJHI�I=:G:;DG:�7:�:A>B>C6I:9�7:86JH:�I=>H�I=G:6I�=6H�N:I�ID�7:�9>HB6CIA:9�L>I=>C�

!DAD86JHI�H8=DA6GH=>E��-=>H�>B6<>C:9�I=G:6I%I=:�G:HJAI�D;�I=:�=DBDE=D7>8�8DAA:8I>K:�

���������������������������������������� �����������DG�BDG:�DC�I=>H�H::�+>C<:A=:>B�#D6C��Y0DB:C�6C9�I=:�!DAD86JHI����+:8DCH>9:G6I>DC�D;�+:H:6G8=Z���������

Page 39: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

>B6<>C>C<H�D;�6�=:I:GDH:M>HI�8JAIJG:X=6H�A:9�ID�I=:�:G6HJG:�D;�8DJCIA:HH�FJ::G�

I:HI>BDC>:H�D;�I=:�!DAD86JHI���:86JH:�D;�I=>H�A>C<:G>C<�A:<6AAN�H6C8I>DC:9�=DBDE=D7>6�

K>8I>BH\�I:HI>BDC>:H�L:G:�CDI�6C6ANO:9�I=GDJ<=�6�FJ::G�A:CH�>C�I=:�9:869:H�;DAADL>C<�I=:�

!DAD86JHI���K:C�ID�I=>H�96N�YG:H:6G8=�JH>C<�H6B:�H:M�9:H>G:�6H�6�A:CH�D;�>CFJ>GN�>CID�I=:�

=DAD86JHI�=6H�G:B6>C:9�B6G<>C6AZ��,EJGA>C����L=:G:6H�G:H:6G8=�DC��CI>,:B>I>HB�>H�I=:�

;DJC96I>DC�D;�!DAD86JHI�HIJ9>:H�6C9�<:C9:G:9�>HHJ:H�=6K:�7::C�HIJ9>:9�CDL�;DG�6ABDHI�

� �N:6GH���DG��CC:��G6C@�HE:8>;>86AAN�I=:�;D8JH�=6H�7::C�DC�=DCDG>C<�6C9�G:8DK:G>C<�=:G�

6H�6�#:L>H=�K>8I>B�D;�I=:�,=D6=��-=GDJ<=�=:G�G:EG:H:CI6I>DC�6H�6�;><JG6A�BDI=:G�6C9�8=>A9�

I=6I�G:8DK:GN�=6H�I6@:C�DC�6�9::EAN�<:C9:G:9�6HE:8I��,I>AA��CC:\H�H:MJ6A�6JIDCDBN��6C9�

BDG:�HE:8>;>86AAN�=:G�EDI:CI>6A�=DBDH:MJ6A>IN��=6H�CDI�7::C�E6GI�D;�I=:�9>H8JHH>DC���

� �K:C�L=:C�=DBDH:MJ6A>IN�L6H�>C8AJ9:9�>C�9>H8JHH>DCH�D;�I=:�!DAD86JHI�I=:�

>C>I>6A�>C8AJH>DC�D;�=DBDH:MJ6AH�6H�6�K>8I>B�<GDJE�G:6AAN�B:6CI�I=:�>C8AJH>DC�D;�

=DBDH:MJ6A�B:C��%>C<:G>C<�6HHJBEI>DCH�L>I=>C�!DAD86JHI�HIJ9>:H�I=6I��A:H7>6CH�L:G:�CDI�

6H�HNHI:B6I>86AAN�E:GH:8JI:9Z�6H�=DBDH:MJ6A�B:C��,EJGA>C�� ��B:6CI�I=:�K6AJ:�D;�I=:>G�

:ME:G>:C8:H�L6H�B>C>B>O:9��0=6I�,EJGA>C�86AAH�I=:�YB6H8JA>C>HI�7>6H�>C�C6GG6I>K:H�67DJI�

!DAD86JHI�K>8I>BH�6C9�HJGK>KDGHZ������B:6CI�I=6I�A:H7>6CH�L:G:�G:C9:G:9�>CK>H>7A:�L>I=>C�

6�<GDJE�6AG:69N�HIGJ<<A>C<�ID�7:�H::C��"C9::9�CJB:GDJH�C:LHE6E:G�6GI>8A:H�;GDB�6H�

G:8:CIAN�6H�� � �8>I:�YJEH:IZ�6BDC<�!DAD86JHI�=>HIDG>6CH�DK:G�I=:�9:8>H>DC�ID�>C8AJ9:�

A:H7>6CH�>C��:GA>C\H�&:BDG>6A�ID�!DBDH:MJ6AH�):GH:8JI:9�.C9:G�'6O>HB����

� %:H7>6C�LDB:C�=6K:�7::C�86I:<DG>86AAN�:G6H:9�;GDB�I=:�8JAIJG6A�C6GG6I>K:�D;�I=:�

!DAD86JHI��"I�>H�:MIG:B:AN�9>;;>8JAI�ID�IG68:�A:H7>6C�LDB:C\H�E6I=H�I=GDJ<=�'6O>�D88JE>:9�

�JGDE:��"I�>H�:HE:8>6AAN�9>;;>8JAI�ID�AD86I:�A:H7>6C�LDB:C�L>I=>C�I=:�8DC8:CIG6I>DC�86BE�

���������������������������������������� ����������,::�C:LH�G:EDGIH�6I�=IIE���LLL�I=:AD86A�9:�=IIE���LLL�FJ::GIN�8DB�6C9�=IIE���LLL�96>ANB6>A�8D�J@��&6G8=�� � �����

Page 40: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

HNHI:B�6H�B6CN�A:H7>6CH�L:G:�H>BEAN�B6G@:9�L>I=�I=:��A68@�-G>6C<A:�>C9>86I>C<�

6HD8>6A>IN��-=:>G�H:MJ6A>IN�L6H�CDI�A>HI:9�DC�I=:>G�G:8DG9H��"I�>H�I=JH�>BEDHH>7A:�ID�H6N�=DL�

B6CN�LDB:C�L:G:�>BEG>HDC:9�;DG�I=:>G�H:MJ6A>IN�I=DJ<=�L:�@CDL�;GDB�6C:89DI6A�

:K>9:C8:�I=6I�B6CN�L:G:�W�9:HE>I:�I=:�;68I�I=6I�I=:�A6LH�HJGGDJC9>C<�)6G6<G6E=�����9>9�

CDI�:MEA>8>IAN�I6G<:I�A:H7>6CH���:86JH:�HD�B6CN�FJ::G�LDB:C�L:G:�ADHI�>C�I=:�HNHI:B�

I=:>G�HIDG>:H�=6K:�7::C�ADHI�6H�L:AA��"C9::9�HD�;:L�A:H7>6C�HIDG>:H�D;�I=:�!DAD86JHI�=6K:�

7::C�8DAA:8I:9�I=6I�6I�I=:�I>B:�D;�I=>H�LG>I>C<�DCAN�ILD�7DD@H�:M>HI�L=>8=�8=GDC>8A:�

A:H7>6C�:ME:G>:C8:�9JG>C<�I=:�!DAD86JHI���A6J9>6�,8=DEEB6CC\H��+C=�90��+=;?/<+./�

6C9��G>86��>H8=:G\H��37//����+1?+<�� �"C�B6CN�I:MIH�G:69:GH�6G:�;DG8:9�ID�HE:8JA6I:�H>C8:�

:MEA>8>I�9>H8JHH>DC�D;�DC:\H�DLC�A:H7>6C>HB�L6H�HD�G6G:��Y-=>H�9D:H�CDI�B:6C�I=6I�DC:�

9>H8DK:GH�A:H7>6CH�L=:G:�CDC:�:M>HI��+6I=:G�V�DC:�>H�:HE:8>6AAN�86G:;JA�ID�6KD>9�

EG:HJBEI>DCH�D;�=:I:GDH:MJ6A>INZ��� ���-=>H�>H�=DL�L:�BJHI�6EEGD68=�&2/��3+<C�D;��CC:�

�G6C@���K:C�I=DJ<=��CC:�9D:H�9>H8JHH�=:G�FJ::G�9:H>G:�>C�:MEA>8>I�I:GBH�I=:�8G>I>86A�

>CI:GEG:I6I>DC�D;�=:G�H:MJ6A�8DC;JH>DC�=6H�A:9�ID�>IH�9>H6EE:6G6C8:��-=:�JC8:GI6>CIN�D;�

�CC:\H�FJ::G�H:MJ6A>IN�=6H�A:69�ID�>IH�:G6HJG:��"I�>H�BN�=DE:�I=6I�7N�G:8DK:G>C<��CC:\H�

FJ::G�8DC;:HH>DC�6C9�>AAJB>C6I>C<�I=:�FJ::G�HJ7I:MI�D;�&2/��3+<C�6�C:L�B:6CH�D;�

6C6ANO>C<�I=>H�86CDC>86A�I:MI�B6N�7:�G:K:6A:9���

� �

���������������������������������������� ��������� � G6J�H=DJA9�6AHD�7:�6EEA6J9:9�=:G:�;DG�=>H�>C8AJH>DC�D;�A:H7>6C�C6GG6I>K:H�>C�=>H�7DD@��3../8��969-+?=>G���6C9�&>8=6:A�,EJGA>C�6AHD�699G:HH:H�A:H7>6C�:G6HJG:�>C��9=>��8>37+-3/=�7JI�C:>I=:G�6G:�:M8AJH>K:AN�A:H7>6C�I:MIH���

Page 41: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

��������������������

�N�>B7:99>C<�=:G�DLC�FJ::G�I:HI>BDCN�6BDC<�:CIG>:H�I=6I�H::B>C<AN�<J6G6CI::�=:G�

E6HH6<:�>CID�=:I:GDH:MJ6A>IN��CC:\H�9:BDCHIG6I:H�6�B6G@:9�JC8:GI6>CIN�HJGGDJC9>C<�=:G�

H:MJ6A�>9:CI>IN�I=6I�=6H�>C69K:GI:CIAN�A:9�ID�=:I:GDH:M>HI�EG:HJBEI>DCH�67DJI�=:G�A:H7>6C�

9:H>G:���:86JH:�=:G�FJ::G�8DC;:HH>DC�>H�EG:8:9:9�7N�6�9>H8JHH>DC�D;�;JIJG:�BDI=:G=DD9�

6C9�;DAADL:9�7N�6�ADK:A:II:G�ID�):I:G�K6C��66C�I=:�DG<6C>O6I>DC�D;��CC:\H�I:HI>BDCN�

6AADLH�;DG�I=:�6HHJBEI>DC�I=6I�=:G�FJ::G�9:H>G:�>H�CDI=>C<�BDG:�I=6C�>CCD8:CI�8JG>DH>IN��"I�

I6@:H�K:GN�A>IIA:�H8GJI>CN�ID�9>HB6CIA:�I=:H:�HJEEDH:9�<J6G6CIDGH�D;�=:I:GDH:MJ6A>IN�6C9�

DC8:�I=>H�>H�9DC:�6�L:6AI=�D;�FJ::G�HJ7I:MI�:B:G<:H�6C9�;ADJG>H=:H�L>I=>C�&2/��3+<C��

-=>H�FJ::G�HJ7I:MI�D;;:GH�6�C:L�B:6CH�D;�6C6ANH>C<�6�86CDC>86A�I:MI�L>I=>C�!DAD86JHI�

A>I:G6IJG:�6C9�86C�=:AE�H8=DA6GH�G:8A6>B�6C9�G:9>H8DK:G�HDB:�D;�I=:�8DJCIA:HH�A:H7>6C�

C6GG6I>K:H�I=6I�=6K:�7::C�ADHI�L>I=>C�I=:�9>H8>EA>C:��-=>H�G:8DK:GN�>H�>BEDGI6CI�6H�>I�

7GD69:CH�I=:�H8DE:�D;�!DAD86JHI�HIJ9>:H�6C9�>C8DGEDG6I:H�I=:�JEL6G9�I=GJHI�D;�FJ::G�

HIJ9>:HXI=:�9:H>G:�ID�8=6AA:C<:�I=:�H>A:C8>C<�D;�% �-*��KD>8:H�>C�A>I:G6IJG:X>CID�6�

9>H8>EA>C:�L=DH:�E6HI�=6H�7::C�HDG:AN�B6G@:9�7N�6�96C<:GDJH�I:C9:C8N�ID�C:JIG6A>O:�

9>;;:G:C8:���

"�7:<6C�BN�I=:H>H�7N�6HH:GI>C<�I=6I�>I�>H�CDI�BN�<D6A�ID�[EGDK:\�I=6I��CC:��G6C@�L6H�<6N�

7JI�"�9D�L6CI�ID�;><=I�6<6>CHI�L=6I�,8=DEEB6CC�86AAH�YI=:�;:AI�C::9�ID�[EGDK:\�I=6I�6�

LDB6C�>H�6�A:H7>6C�7:;DG:�G:;:GG>C<�ID�=:G�6H�DC:Z����������"I�=6H�7::C�BN�<D6A�H>BEAN�

ID�8=6AA:C<:�I=:�6JIDB6I>8�6HHJBEI>DC�I=6I��CC:��G6C@�L6H�HIG6><=I���DG�6H��AB6C�EJIH�

>I�Y�CC:��G6C@�A>K:9�6C9�9>:9�>C�6�LDGA9�H>B>A6G�ID�DJG�DLC�6�LDGA9�I=6I�EG:HJB:9�H=:�

L6H��6C9�LDJA9�7:��HIG6><=IZ���AB6C������"I�>H�BN�=DE:�I=6I�BN�LDG@�=:G:�L>AA�H=:9�HDB:�

Page 42: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

A><=I�DC�L=N�I=:G:�=6H�7::C�HJ8=�6�9:6GI=�D;�H8=DA6GH=>E�DC��CC:��G6C@\H�H:MJ6A>INXDC�

L=N�CD�>C9:EI=�6C6ANH:H�=6K:�8=6AA:C<:9�I=:�6HHJBEI>DC�I=6I��CC:�L6H�=:I:GDH:MJ6A��

�DG�9:869:H��CC:\H�EDI:CI>6A�FJ::GC:HH�=6H�7::C�=>99:C�>C�EA6>C�H><=I�8DC8:6A:9�7N�

=:I:GDH:M>HI�6HHJBEI>DCH�67DJI�;:B6A:�H:MJ6A>IN��"I�=6H�7::C�I=:�6>B�D;�I=>H�I=:H>H�ID�EJAA�

768@�I=6I�8JGI6>C��

� �

Page 43: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

����������"�

�6JB:A,8=L6GIO�#J9>I=�-N9DG���9?,6/��/9:+<.C���/8./<�+8.�>2/��969-+?=>��%DC9DC���

/6AA:CI>C:�&>I8=:AA�������)G>CI���

��2�+���('�%�������� �����!�������������������!������ ������������������������0��

��+,�2���+#'��-('���������

�:GC6G9�DC6AH�&>8=6:A�6C9�+>8=6G9� A:?O:G�:9H���/>A//8�)3>8/==�+8.�&/=>3798C��&2/��

�969-+?=>�+8.�>2/��373>=�90�$/:</=/8>+>398��':L�2DG@��,I6I:�D;�':L�2DG@�)G:HH�

� ���)G>CI���

�GDB7:G<��6C>:A�,��6C9�0>AA>6B�(��DCD=J:�:9H���+8.,995�90��236.�+8.��.96/=-/8>��

%/B?+63>C���/@/69:7/8>+6�+8.��9</8=3-�"=C-29691C��(M;DG9���AH:K>:G�� ����

)G>CI��

�JIA:G�#J9>I=���9.3/=�&2+>��+>>/<��!8�>2/��3=-?<=3@/��373>=�90�H%/B�I�':L�2DG@���

+DJIA:9<:�������)G>CI��

�:��AD8@��C9G:6H�6C9�)>:I:G�+���9G>6:CH�:9H��Y)6I=DAD<>O>C<�,:MJ6A��:K>6C8:�����

!>HIDGNZ�&2/��9?<8+6�90�%/B�$/=/+<-2�/DA��� �'D������ ������������

�9:AB6C�%::�� 9��?>?</��#?//<�&2/9<C�+8.�>2/��/+>2��<3@/��%DC9DC���J@:�.)�� ����

)G>CI��

�AB6C��BN���%:H7>6CH�6C9�I=:�!DAD86JHI���)97/8�+8.�>2/��969-+?=>�� +<<+>3@/�+8.���

$/:</=/8>+>398���HI=:G��J8=H�:9��':L�2DG@��.)�D;��B:G>86������������)G>CI���

�K6CH�+>8=6G9��Y(JIH>9:GH�>C� :GB6C�!>HIDGN�;GDB�I=:�,>MI::CI=��:CIJGN�ID������Z��

%9-3+6�!?>=3./<=�38� +D3��/<7+8C��+D7:GI� :AA6I:AN�6C9�'6I=6C�,IDAIO;JH�:9H��

)G>C8:IDC��)G>C8:IDC�.)�� ���)G>CI��

Page 44: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

�G6C@��CC:���

��&2/��3+<C�90�+�*9?81��3<6���88/��<+85��(IID�!���G6C@�6C9�&>G?6B�)G:HHA:G�:9H���

':L�2DG@���DJ7A:96N�������)G>CI��

��&2/��3+<C�90�+�*9?81��3<6��&2/��/0383>3@/��.3>398��(IID��G6C@�&>G?6B�)G:HHA:G��

6C9�,JH6C�&6HHDIIN�:9H��':L�2DG@���DJ7A:96N�������)G>CI��

�G>8@:G�&>G6C96���:3=>/73-��84?=>3-/��"9A/<�+8.�>2/��>23-=�90��89A381��':L�2DG@���

(M;DG9�.)�� ���)G>CI��

�J8=H��HI=:G��9��)97/8�+8.�>2/��969-+?=>�� +<<+>3@/�+8.�$/:</=/8>+>398��':L�2DG@���

.)�D;��B:G>86�������)G>CI��

:AA6I:AN�+D7:GI�6C9�'6I=6C�,IDAIO;JH�:9H��%9-3+6�!?>=3./<=�38� +D3��/<7+8C���

)G>C8:IDC��)G>C8:IDC�.)�� ���)G>CI��

DA9:C7:G<�&NGC6���300/</8>��9<<9<=��%+7/��/66���/8./<�+8.�>2/��969-+?=>��,:6IIA:���

.C>K:GH>IN�D;�06H=>C<IDC�)G:HH�� ����)G>CI���

G6J� SCI:G���+C�+8.��/=,3+8�"/<=/-?>398�38��/<7+8C����� ���%DC9DC���>IOGDN��

�:6G7DGC�������)G>CI��

!6N:H�):I:G�6C9�#D=C�$��+DI=��9H��&2/�!B09<.��+8.,995�90��969-+?=>�%>?.3/=��':L��

2DG@��(M;DG9�.)�� � ��)G>CI��

!:>C:B6CC�&6GA:C:���/8./<�+8.��/=>38C��)97/8�)<3>/<=�+8.�>2/��969-+?=>��':L��

2DG@�� G::CLDD9�������)G>CI���

!:>CO:��G>8��!0��889-/8-/�+8.��?>9897C���236.</8��%/B�+8.��?7+8�$312>=��!6BEH=>G:���

�H=<6I:�� ��)G>CI��

!:GOD<��6<B6G��%/B?+63>C�38��?<9:/����&A/8>3/>2�-/8>?<C��3=>9<C��':L�2DG@���

�6B7G>9<:�.)�� ����)G>CI���

Page 45: -DL6G9H *J::G +:69>C< (; &2/ 3+

� ���

#68D7H�#6C:I�%>:7B6C���/79<3+63D381�>2/��969-+?=>��/8./<���/89-3./�+8.��966/->3@/��

�/79<C��%DC9DC��-6JG>H�� � ��)G>CI��

#:CC>C<H�$:K>C���/-97381�(3=3,6/����$/+./<�38��+C����/=,3+8��3=>9<C���DHIDC���ANHDC��

)J7A>86I>DCH�������)G>CI��

%6<:GL:N�&6GN���+:69>C<��CC:��G6C@�6C9��A>:�0>:H:A��/D>8:�6C9� :C9:G�>C�,IDG>:H�D;��

-=:�!DAD86JHI����98>/7:9<+<C��/A<C���������������������0:7��

%:K>�':>A�6C9�&>8=6:A�+DI=7:G<�:9H��&2/��969-+?=>��&2/9</>3-+6�$/+.381=��':L��

�GJCHL>8@��+JI<:GH�.)�� ���)G>CI��

�#%%�+����#%������������� ������!������������������!������������������ ����������0��

�(+$���#'-�!���(($,���������+#'-��

&SAA:G�&:A>HH6���88/��<+85��&2/��391<+:2C��':L�2DG@��&:IGDEDA>I6C�������)G>CI��

(;:G��6A>6�6C9�%:CDG:�#��0:>IOB6C�:9H��)97/8�38�>2/��969-+?=>��':L�!6K:C��26A:��

.)�������)G>CI��

)>E:G��=G>HI>C:��Y!>HIDG>86A��DCHIGJ8I>DCH�D;��=>A9=DD9�"CCD8:C8:��+:BDK>C<��

,:MJ6A>IN�Z�!0��889-/8-/�+8.��?>9897C���236.</8��%/B�+8.��?7+8�$312>=���G>8�

!:>CO:�:9��!6BEH=>G:���H=<6I:�� ��������)G>CI��

+:69>C<��CC6��&2/�%9-3+6��82/<3>+8-/�90�>2/��969-+?=>���/8./<���?6>?</��+8.��/79<C���

':L�2DG@��)6A<G6K:�� ���)G>CI��

+:CDA9��BB6�#:HH>86�+>C<GDH:�6C9��6C>:AA:��<6C���236.</8��%/B?+63>C�+8.��

%/B?+63=+>398��':L�2DG@��)6A<G6K:�&68B>AA6C�� ����)G>CI��

+DH@>:H��6K>9� ��6C9�'6DB>��>6B6CI���969-+?=>��3>/<+>?</�+��3=>9<C�+8.��?3./���

06AI=6B���G6C9:>H�.)�� ����)G>CI���

Page 46: -DL6G9H *J::G +:69>C< (; &2/ 3+

� � �

,8=DEEB6CC��A6J9>6���

���+C=�90��+=;?/<+./���30/�%>9<3/=�90��/=,3+8=��?<381�>2/�&23<.�$/3-2��':L�2DG@���

�DAJB7>6�.)�������)G>CI��

� ��Y-=:�)DH>I>DC�D;�%:H7>6C�0DB:C�>C�I=:�'6O>�):G>D9�Z��3../8��969-+?=>���+C�+8.��

�/=,3+8�"/<=/-?>398�38��/<7+8C��������� JCI:G� G6J�:9��%DC9DC���>IOGDN�

�:6G7DGC�������)G>CI��

,EJGA>C�0>AA>6B�#���9=>��8>37+-3/=��$/>2385381��979=/B?+63>C�'8./<� +>398+6��

%9-3+63=7��':L�2DG@��):I:G�%6C<�� ���)G>CI���

-6B6<C:��ADG:C8:�����3=>9<C�90��979=/B?+63>C�38��?<9:/��(96����':L�2DG@���A<DG6��

)J7A>H=>C<�� ��)G>CI��

->GDH=,6BJ:AHDC�!6K6��)97/8�+8.��/8./<�38��/A3=2�"2369=9:2C���ADDB>C<IDC���

"C9>6C6�.)�� ���)G>CI���

/DC�0:>OHP8@:G�+>8=6G9��Y,E::8=��JG>C<�I=:��:G:BDCN��DBB:BDG6I>C<�I=:�� I=��

�CC>K:GH6GN�D;�I=:��C9�D;�06G�>C��JGDE:�6C9�D;�'6I>DC6A,D8>6A>HI�-NG6CCN�Z���

&6N�������DCC��0:7����

0:>HH0:C9I��CIDC���<+.3-+>381��300/</8-/=�>2/�&</+>7/8>�90��389<3>3/=�38� +D3��

�9738+>/.��?<9:/��':L86HIA:���6B7G>9<:�,8=DA6GH�� � ��)G>CI��