Journal of Ethnology and Folkloristics, Vol. 7, No. 1

8/12/2019 Journal of Ethnology and Folkloristics, Vol. 7, No. 1

http://slidepdf.com/reader/full/journal-of-ethnology-and-folkloristics-vol-7-no-1 1/161

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

-$%.&/ +

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

& % / ) " ' 0 ' "$ 1 2 + 1 3 2



! " # $ % & ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2122% 45678794: ;<=>?@A122% BBB:8CD:5 ;E?F>?GA

01& 2"$/34# "5 6713"#"89 43: ;"#<#"/=>7=?> >H @IG JE>?@ <KLF>MN@>E? EO @IG *H@E?>N? '>@G=N=PQKHGKRS @IG *H@E?>N? %N@>E?NF QKHGKR N?T @IG #?>UG=H>@P EO +N=@KV

*H@NLF>HIGT >? BCC5V WKLF>HIGT OE=RG=FP NH

@ A/" 6713"#"8=4

*H@NLF>HIGT >? 4DD6122% 4XC78DD7B

@ B7$:=&> =3 ;"#<#"/& 43: A"C$#4/ D&#=8="3

*H@NLF>HIGT >? 4DD7122% 4XC784CDC

@ B7$:=&> =3 ;"#< E$#7$/&

*H@NLF>HIGT >? BCC6122% 4567844DB

&FF =>YI@H =GHG=UGT

*T>@E=8>?83I>GO *=YE8,N=@ Z[H@=>\

*T>@E=H $>H@E ![=US 1?T=G\ ![[@HS &=@ 'GG@GS &NTE '>?@=E<S W>FFG $K??GFS]FE ZNF\

QN?NY>?Y *T>@E= +E>UE 2>\\N

'N?YKNYG *T>@E=*T>@E=>NF &HH>H@N?@

/N?>GF *T^N=T &FFG? !KT>@ 0>H8,NFNH

&TU>HE=P _EN=T 'NK=> ,N=U>FNI@>S Q>I`FP ,E<<`FS _E 'a??bU>H@S 0JGFF "FHG?S &FGcN?TG= WN?MIG?\ES dUN WeMHS #F=>\N fEFO80?K@HS &?@H Z>>=GHS *FFG ZK?TG=

*T>@E=>NF &TT=GHHOE= QN?KHM=><@H

*H@E?>N? %N@>E?NF QKHGKRZGH\> 6B94C4X +N=@KS *H@E?>NWIE?Gg h 65B 569 CXB4*8RN>Fg @E>UEVH>\\NiG=RVGG

/>H@=>LK@E= *H@E?>N? %N@>E?NF QKHGKR

,ERG<NYG

/GH>Y? $EEHRN=>> 0K=U>@H

'NPEK@ +KKF> 0NNFG<

W=>?@>?Y _EE\R>FFS +N=@KS *H@E?>N

1?TGc>?Y &?@I=E<EFEY>MNF 1?TGc "?F>?GS 3G?@=NF N?T *NH@G=? *K=E<GN? "?F>?G'>L=N=P ;3V*V*V"V'VAS Q'& />=GM@E=P EO WG=>ET>MNFH ;*_23"ASQ'& 1?@G=?N@>E?NF _>LF>EY=N<IP ;*_23"AS "<G? )EF\FE=G W=EJGM@

+I>H >HHKG ^NH HK<<E=@GT LP @IG 3G?@=G EO *cMGFFG?MG >? 3KF@K=NF +IGE=P ;*#S *K=E<GN?$GY>E?NF /GUGFE<RG?@ )K?TAV



! " # $ % & ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2!"#$%& ( F -$%.&/ + F )*+,

3 " % + * % + 2

!&Q*2 & V 0&W&'j)EF\ $GF>Y>E? >? />HMEK=HG N?T W=NM@>MG V V V V V V V V V V V V V V V V V V V V V V V V V 6

! & 0 # _ 0 " 3 # $ * 0+=GG _G>?YH >? +>LG@g W=GHG?@ WE<KFN= 3E?MG<@H EO G#$ N?T H3943 NH N $GHKF@EO *MEFEY>MNF 3IN?YG V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V 4D

W 1 $ * + 0 " " 2 &2E^>?Y @IG 2GGTH EO )N>@Ig & 3NHG 2@KTP EO N? &RG=>MN? Q>HH>E?N=P >? @IG$KHH>N? %E=@I V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V 64

0 & + $ * 0 " W W * '_ETP >? %G^ &YG O=ER @IG WG=H<GM@>UG EO @IG 2KL@FG _ETPg @IG *cNR<FG EO 2EK=MG_=GN@IÊ=\ 3ERRK?>@P V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V XD

0 & 1 2 & 0 # ' & 2 & ' #1RRE=NF "LHMG?>@Pg 3G?HE=HI>< EO )EF\FE=G QN?KHM=><@ 3EFFGM@>E?H >?'N@G 2@NF>?>H@ *H@E?>N V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V 79

$ " k & ' 1 . & - # 1 - " Z&&?@I=E<EFEY>MNF 1?@G=<=G@N@>E? EO QGN?>?Y EO $>@KNF "LJGM@H >? 3E?@GR<E=N=P_KFYN=>N? #=LN? fGTT>?Y V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V :6

W 1 , ' & Q & $ 1 & 2 1 1 QWFNMGH $GU>H>@GTg +=N?H?N@>E?NF )NR>F>GH N?T 2@E=>GH EO _GFE?Y>?Y V V V V V V V V V V 4C9

0 " % 2 + & % + 1 % k & Q . & + 1 % >? $KHH>NlH )>??E8#Y=>M $G<KLF>MH V V V V V V V V V V V V V V V V V V V V V V V V V V V 4B9

%E@GH N?T $GU>G^H V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V 49X

%E@GH OE= 3E?@=>LK@E=H V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V 495





m BC46 *H@E?>N? '>@G=N=P QKHGKRS *H@E?>N? %N@>E?NF QKHGKRS #?>UG=H>@P EO +N=@K122% 45678794: ;<=>?@AS 122% BBB:8CD:5 ;E?F>?GA

ZEFV 5 ;4Ag 6n4:

6

) " ' 0 $ * ' 1 - 1 " % 1 % / 1 2 3 " # $ 2 * & % / W $ &3 + 1 3 *

!&Q*2 & V 0&W&'j'GM@K=G=S WI/

2@KTP EO $GF>Y>E?H /G<N=@RG?@

#?>UG=H>@P 3EFFGYG 3E=\"l$NI>FFP _K>FT>?YS 3E=\S 1=GFN?T

G8RN>Fg JV\N<NFEiKMMV>G

&_2+$&3+o)EF\ =GF>Y>E?l >H N ME?@GH@GT MN@GYE=P ^>@I>? @IG H@KTP EO =GF>Y>E?HS ^>@I HMIEFN=H>?M=GNH>?YFP NTUEMN@>?Y >@H NLN?TE?RG?@V +I>H <N<G= G?MEK=NYGH N ?G^ M=>@>MNF 8

HGG\ @E H>Y?>OPV )>=H@FPS 1 Gc<FE=G @IG T>HMK=H>UG ?N@K=G EO @IG ME?H@=KM@>E? EO oOEF\=GF>Y>E?l NH N MN@GYE=P EO N?NFPH>H N?T IE^ >@H HGRN?@>M FENT>?Y OK?M@>E?H @E o<>M\ =GFN@>E?NFS N HI>O@>?Y H>@G EO MER<G@>?Y NYG?M>GHV QP N=YKRG?@ >H >FFKH@=N@GT ^>@IGR<>=>MNF GcNR<FGH T=N^? O=ER G@I?EY=NM =GHGN=MI >? $ERN?>N N?T QEFTEUNV

0*.f"$/2 g OEF\ =GF>Y>E? ! UG=?NMKFN= =GF>Y>E? ! $ERN?>N ! _EK=T>GK ! $>GHGL=ET@

3 & 2 * & V ) $ " Q + , * o ) " ' 0 $ * ' 1 - 1 " # 2 ) 1 * ' / " ) W $ & 3 + 1 3 * l

8?>NV4 2IG MEKFT ?E@ =GNT E= ^=>@G LK@ TGH<>@G @I>HS E= <G=IN<H NH N ME?HGbKG?MG EO@I>HS HIG ^NH M=GT>@GT ^>@I INU>?Y @IG Y=GN@GH@ 3IC= 7$:J> S E= OEF\ \?E^FGTYGS >?@IG U>FFNYGV 2IG ^NH @IG LGH@ H>?YG= N?T HIG NFHE INT @IG ^>TGH@ \?E^FGTYG EO FEMNF 8>N? HE?YH N?T <=NPG=H OE= @IG TGNT G=G <G=OE=RGTV _GMNKHG EO IG= \?E^FGTYG N?T

Gc<G=@>HG HIG ^NH ^GFF \?E^? N?T ^NH E?G EO @IG ONUEK=>@G >?OE=RN?@H EO RN?POEF\FE=>H@H N?T G@I?EY=N<IG=H N?T N ?KRLG= EO 3/H ^G=G =GFGNHGT ^>@I IG= HE?YHN?T <=NPG=H E? @IGRV W=>E= @E IG= <NHH>?YS HIG =GME=TGT IG= =G<G=@E>=G EO <=NPG=H fIG? &K?@ 0N@NF>? T>GT E? @IG D@I EO !KFP BCC9S IG= MI>FT=G? MNFFGT @IG <J37"/ S E=MIE>= RNH@G=S NH NH MKH@ERN=P >? @IG U>FFNYGS IE =GM>@GT @IG WHNFRH >? $ERN?>N?V,E^GUG=S LGOE=G @IG WHNFRH ^G=G HK?Y &K?@ 0N@NF>?lH =GME=T>?YH EO ,K?YN=>N?EO <=NPG=H OE= @IG TGNT ^G=G <FNPGTV )E= @I=GG TNPHS N@ ?EE? N?T >? @IG GUG?>?YS

OK?G=NF ^NH IGFT E? 46@I !KFP BCC9V )E= @IG OK?G=NFS @IG LETP ^NH @N\G? >?@E @IG3IK=MI ÎG=G N RNHH ^NH HN>T OE= @IG TGMGNHGTV /K=>?Y @IG HG=RE? @IG U>FFNYG



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4AX

<=>GH@ <=EMGGTGT @E TGONRG &K?@ 0N@NF>? >? O=E?@ EO @IG U>FFNYG ME?Y=GYN@>E?V +IG MI>FT=G? @E <FNP N@ IG= ^N\GV ,G NFHE NMMKHGT IG= EO INU>?Y ^>HIGT @IN@ p@IG TGU>F@N\G @IG $ERN?>N? <=>GH@qr +IG OK?G=NF G?TGT >? HMN?TNF ^>@I <GE<FG bKN==GFF>?YN?T HIEK@>?Y NH @IG LETP ^NH NMMER<N?>GT @E @IG MGRG@G=PV

NM@>E? NYN>?H@ @IG <=>GH@V & FEMNF %-" @EE\ K< @IG MNHG N?T L=EKYI@ >@ LGOE=G @IG%N@>E?NF 3EK?M>F NYN>?H@ />HM=>R>?N@>E? HG@ K< LP @IG $ERN?>N? WN=F>NRG?@V +IG <=>GH@ ^NH N =G<=GHG?@N@>UGS INT U>EFN@GT $ERN?>N? N?@>8T>HM=>R>?N@>E? FN^ N?T ^NH K<IGFTV

8Y>E?l @IN@ OEFFE^Vo)EF\ =GF>Y>E?l >H N ME?@GH@GT MN@GYE=P ^>@I>? @IG H@KTP EO =GF>Y>E?H ^>@I HMIEFN=H

>?M=GNH>?YFP NTUEMN@>?Y >@H NLN?TE?RG?@ >? ONUEK= EO N FGHH FENTGTS RE=G ME?H>TG=GT 4D5XA N?T 'GE?N=T W=>R>N?ElH MNFF OE= @IG NLN?TE?RG?@ EO @IG @G=R >? ONUEK= EO oUG=8?NMKFN= =GF>Y>E?l ;W=>R>N?E 4DD9AS HMIEFN=H EO =GF>Y>E? INUG LGYK? @E TG<FEP NF@G=?N8@>UGHV QN=>E? _E^RN?S ÎE >? @IG GN=FP ?>?G@>GH NTUEMN@GT @IG =GINL>F>@N@>E? EO oOEF\=GF>Y>E?l NH N TGHM=><@>UG @G=R =N@IG= @IN? N <GJE=N@>UG E?G ;_E^RN? 4DDBAS INH H>?MG=G@=GN@GT O=ER @I>H H@N?MGS ?N>F>?Y IG= MEFEK=H @E @IG @G=R pUG=?NMKFN= =GF>Y>E?r ;_E^8

RN? BCCXg 7AVV

1?M=GNH>?YFP HMIEFN=FP <KLF>MN@>E?HS =GHGN=MI <=EJGM@H N?T ME?OG=G?MGH +IG @G=R INH NFHE OEK?T ONUEK= NRE?YH@ HERG @IGEFEY>N?H ÎE >? @IG>= <NH@E=NF E=R>HH>EFEY>MNF Ê=\ HGG\ N pRE=G UNFKG8O=GG N<<=ENMIr ÎG? TGNF>?Y ^>@I ME?@Gc@KNFMINFFG?YGH @E @IG YEH<GF ;HGG QE?@G>@I BCC7AV 1@ >H ?E@ RP N>R @E M=>@>bKG @I>H =GMG?@T>HMK=H>UG REUG E? @IG <N=@ EO HERG =GF>Y>E?H N?T OEF\FE=G HMIEFN=HS =N@IG=S @I>H <N<G=>H ME?MG=?GT ^>@I G?MEK=NY>?Y N ?G^ M=>@>MNF G?YNYGRG?@ ^>@I oOEF\ =GF>Y>E?l NH LE@I N @E @IG >TGEFEY>MNF T>RG?H>E?H EO MN@GYE=>GH N?T @G=RH TG<FEPGT LP HMIEFN=H N?T @E @IG

UNFKNLFG N?T GFMERG OEMKH E? @IG <N=@>MKFN= KHGH N?T bKNF>@>GH EO @IG @G=R oUG=?NMKFN==GF>Y>E?l INH <=ER<@GT RG @E I>YIF>YI@ T>H@>?M@>UG NHHEM>N@>E?H N?T HGRN?@>M FENT>?Y <=NM@>MGV

1? RP U>G^S HMIEFN=HI>< E? @IG <=ELFGR EO oOEF\ =GF>Y>E?l >H >R<E=@N?@ LGMNKHG @IG H@=KYYFG OE= FGY>@>RNMP >? =GF>Y>EKH F>OG @IN@ >H LE@I <EF>@>MNF N?T YG?TG=GTS NH RP E<G?8>?Y ?N==N@>UG HG=UGH @E >FFKH@=N@GV o)EF\ =GF>Y>E?lS GUG? >? @IG MFNHH>M KHNYG EO @IG @G=RSINH LGG? TG<FEPGT LP UN=>EKH NM@E=H @E =GOG= @E NH<GM@H EO =GF>Y>EKH F>OG ÎG=G MER8

RK?>MN@>E? ^>@I @IG T>U>?G E= RG@N<IPH>MNF >H ME?@GH@GT N?T ÎG=G NMMGHH @E H<>=>@KNF



G4C4#KL ;"#< D&#=8="3 =3 M=>?"$/>& 43: A/4?7=?& 9

N?T <=NM@>MNF =GHEK=MGH OE= @IG =GHEFK@>E? EO @I>H8Ê=FTFP @=EKLFGH N?T @IG NHHK=N?MG

LG@^GG? N<<=EUNF N?T =G<=GHH>E?S LG@^GG? <E^G= N?T ^GN\?GHHS ^GNF@I N?T <EUG=@PN?TS >? HERG Gc@=GRG MNHGHS F>OG N?T TGN@IV

N HEM>NF ME?H@=KM@>E?>H@ <G=H<GM@>UGS @IG?S T=N^>?Y E? MIN=NM@G=>HN@>E?H EO @IG =GF>Y>EKH N =N?YG EO NM@E=HS =G<=GHG?@GT <=ER>?G?@FP ;LK@ LP ?E RGN?H GcMFKH>UGFPA LP MFG=>MNFGF>@GHS ?N@>E?NF N?T <EF>@>MNF >TGEFEYKGH N?T HMIEFN=H EO OEF\FE=G N?T =GF>Y>E?HV 1 @IG? 8Y>EKH H@=KYYFGV 1 HINFF >FFKH@=N@G @I>H HGM@>E? >@I GcNR<FGH T=N^? O=ER RP =GHGN=MI N?T 8

&F@IEKYI RP ME?MFKH>E?H =GYN=T>?Y @IG H@=KM@K=G EO @IG T>HMEK=HGH E? oOEF\ =GF>Y>E?l 8H>TG *K=E<GS @IG ME?UG=HN@>E? 1 NR JE>?>?Y IG=G >H ME?MG=?GT <=>RN=>FP >@I HMIEFN=HI><E? @IG *K=E<GN? ME?@Gc@ N?T I>H@E=>MNF Gc<G=>G?MGV +IG MN@GYE=P oOEF\ =GF>Y>E?l 1 NRH<GN\>?Y NLEK@ >H @IG <=ETKM@ EO @IG *K=E<GN? Gc<G=>G?MG EO =GF>Y>E? NH N T>HMK=H>UG 8NF>HR ;Î>MI >H MK==G?@FP =GHK=YG?@ NM=EHH RKMI EO *K=E<GAS N?T *?F>YI@G?RG?@ N?THGMKFN=>H@ @IEKYI@V 1? @I>H =GYN=TS oOEF\ =GF>Y>E?l E?FP LGMERGH RGN?>?YOKF >? @IG ME?8@Gc@ EO *K=E<GN? RETG=?>@P IG? oOEF\l N?T o=GF>Y>E?l NMbK>=G @IG>= =GH<GM@>UG HGRN?@>MFENT>?YH N?T RGN?>?YHV

QP 8 N?T R>?E=>@P <GE<FGH >? ,K?YN=PS QEFTEUN N?T $ERN?>NV 1? @I>H =GYN=TS @IG <EH@8 INH K?TG=YE?G N =NT>MNF @=N?HOE=RN@>E? @IN@ INH >?UEFUGT @IG =G?GYE@>N@>E? EO @IG =GFN8 >?M=GNHGT NMMGHH @E N?T O=GGTER ^>@I>? LE@I <IPH>MNF N?T T>HMK=H>UG H<NMGS =GHK=YG?@ 8@>N@>?Y <=NM@>MGH EO @IG HGFOr ;&HNT BCC6g 9AS INUG @G?TGT @E >?@G?H>OP H@=KYYFGH OE= FGY>@>8 R>M=E8<EF>@>MH EO @IGHG H>@GH EO =GF>Y>EKH ME?@GH@N@>E?S IE^GUG=S N=G ?E@ K?>bKG @E 3G?@=NFN?T *NH@G=? *K=E<GS @IGP RG=GFP RN?>OGH@ >? Y=GN@G= O=GbKG?MP N?T >?@G?H>@PV QP =GMG?@



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A7

MER<GFFGTS N?T INUG N TK@PS @E ^=>@G @IGHG Gc<G=>G?MGH >?@E EK= @Gc@H E? =GF>Y>E? >H ?E@N@ >HHKG LK@ =N@IG= @IN@ ^G NFHE G?HK=G @IG FN?YKNYG N?T MN@GYE=>GH ^G MIEHG @E TG<FEPH<GN\ MFGN=FP EO @IG <EF>@>MNF ?N@K=G EO @IN@ Gc<G=>G?MGV

Q * + , " / " ' " - . Z * $ 2 # 2 + * $ Q 1 % " ' " - .

2MIEFN=H INUG N<<=ENMIGT @IG <=ELFGR EO oOEF\ =GF>Y>E?l O=ER @IG <G=H<GM@>UG EO LE@I EO =GF>Y>E? @E EUG=MERG @IG L>NH @E^N=TH HM=><@K=NFS I>G=N=MI>MNF N?T >?H@>@K@>E?NF OE=RH EO@IG HE8MNFFGT -=GN@ +=NT>@>E?HV +IG <=>?M><FG RG@IETEFEY>MNF H@G< @IN@ QN=>E? _E^RN?S

EO OEF\FE=>H@HS @I>H =G<=GHG?@GT N? >R<E=@N?@ ME?@=>LK@>E? @E @IG TGLN@G >? @IG 4DDCH NH@IGP =GMEY?>HGT @IN@ @IG TGM>H>E?H EO @IG HMIEFN= >? TGH>Y?>?Y N =GHGN=MI <=EJGM@ N?T @IG =G<=GHG?@ =GF>Y>EKH @=NT>@>E?HS MERRK?>@>GH N?T F>UGHV 2E >? @G=RH EO RG@IETEFEYPS HMIEF8N=H LGYN? @E GR<INH>HG @IG G?MEK?@G= LG@^GG? @IG =GHGN=MIG= N?T @IG =GHGN=MIGT >? @IG N?43?& >? H@KT>GH EO =GF>Y>E?H EO >?T>U>TKNFHS MERRK?>@>GH E= HEM>NF Y=EK<HS >?H@>@K@>E?H N?T@Gc@H ;HGG >? <N=@>MKFN= _E^RN? BCCXAV *R<N@IG@>M <G=MG<@>E? N?T K?TG=H@N?T>?Y ^NHNTUEMN@GT NH N RG@IETEFEY>MNF @EEF >? E=TG= @E G?HK=G @IN@ @IG HMIEFN=lH >?@G=<=G@N@>E?HN=G pRGN?>?YOKF @E @IG>= >?OE=RN?@Hr N?T TE ?E@ >R<EHG N p@Ê8@>G=GTr RETGF EO =GF>Y>E?

;W=>R>N?E 4DD9g XCAV 1? @I>H ^NPS @IG ELJGM@ EO H@KTP EO =GF>Y>E?H HMIEFN=H ^NH @E LG L=ENT8G?GT @E >?MFKTG N?T @N\G HG=>EKHFP @IG =GF>Y>E? EO @IG oOEF\lV

+IG <=ELFGR EO @G=R>?EFEYPS E? @IG E@IG= IN?TS H@GRH O=ER @IG =GMEY?>@>E? @IN@ @IG?47&8"/9 oOEF\ =GF>Y>E?l >R<F>GH N? N <=>E=> T>H@>?M@>E? LG@^GG? @Ê T>HM=G@G H<IG=GH EO @Ê H<IG=GH K?TG=F>?G T>H@>?M@>E?H @IN@ N=G T=N^? LG@^GG? @Gc@KNF N?T E=NFS Y=GN@ N?THRNFF @=NT>@>E?HS >?H@>@K@>E? N?T MERRK?>@PS E=@IETEcP N?T HK<G=H@>@>E? N?T HE E?V+IG >R<F>MN@>E? T=N^? O=ER @IG @G=R oOEF\ =GF>Y>E?l >H @IN@ @IG=G Gc>H@H HERG <=>H@>?G<IG?ERG?E? MNFFGT o=GF>Y>E?lV 1? @I>H ^NPS oOEF\ =GF>Y>E?l MERGH @E H@N?T >? N L><EFN=

LG>?Y @IG TG<EH>@ EO N?NMI=E?>H@>MS HK<G=H@>@>EKHS IG@G=ETEcS N?T HP?M=G@>H@>M <=NM@>MGH B +IG >?H@>@K@>E?NF

L>NH EO NMNTGR>M T>HM><F>?GH HKMI NH HEM>EFEYP N?T @IG H@KTP EO =GF>Y>E?H INUG IGF<GT @E=G>?OE=MG HKMI ME?MG<@KNF>HN@>E?H N?T =G>OP p@IG NK@IG?@>M>@P EO =GF>Y>EKH >?H@>@K@>E?H NH@IG GcGR<FN= EO IKRN? =GF>Y>EH>@Pr ;W=>R>N?E 4DD9g 6DAV

8Y>EKHl Î>MI H@GRH O=ER @IG @G=RlH MER<EH>@G ?N@K=Gg E? @IG E?G IN?T oOEF\ =GF>Y>E?l >HME?H>TG=GT <=E<G= @E @IG oOEF\lS @IG G@I?EH E= @IG ?N@>E?S N?T @IG=GOE=G ME?HE?N?@ ^>@IHGMKFN=S NFLG>@ I>YIFP oHNM=NF>HGTlS =ERN?@>M ?N@>E?NF>H@ >TGEFEYPV6



G4C4#KL ;"#< D&#=8="3 =3 M=>?"$/>& 43: A/4?7=?& 5

K?TG= @I>H MN@GYE=P MEKFT LG N?T ^G=G <K@ @E Ê=\ OE= ?N@>E?NF >TGEFEY>MNF <K=<EHGHSOE= GcNR<FGS >? @IG HPRLEF>M N?T MKF@K=NF H@=KYYFGH NYN>?H@ >R<G=>NF N?T MEFE?>NF <E^8 @IGR @E LG ME?H>TG=GT FGY>@>RN@G =G<=GHG?@N@>E?H EO @IG>= K?>bKG ME?HM>EKH?GHHV o)EF\l

=GHE?N@GH oNK@IG?@>M>@PlS N?T E?FP NMbK>=GH N <GJE=N@>UG RGN?>?Y OE= MG=@N>? NKT>G?MGH >?MG=@N>? ME?@Gc@H ;&<<NTK=N> 4D::g 65AV"? @IG E@IG= IN?TS @IG MN@GYE=P oOEF\ =GF>Y>E?lS >? @IG *K=E<GN? ME?@Gc@S >H NFHE ME?8

@>?YG?@ E? N MER<G@>?Y >TGEFEY>MNF HPH@GR =G<=GHG?@GT LP 3I=>H@>N? 3IK=MIGHS ^>@I@IG>= TEM@=>?GHS I>G=N=MI>GH N?T TEYRNHV o)EF\ =GF>Y>E?l =G<=GHG?@H @IG R>H@N\G? LGF>GOHN?T IN=ROKF <=NM@>MGH EO @IG FGHH GTKMN@GT N?T FGHH <E^G=OKF @IN@ =GbK>=G ME==GM@>E? E= @G=RH EO @IG TEM@=>?G N?T @GNMI>?YH EO 3I=>H@>N? 3IK=MIGHS oOEF\ =GF>Y>E?l LGFE?YH K?TG=@IG JK=>HT>M@>E? N?T EUG=H>YI@ EO 3IK=MI >?H@>@K@>E?HV +IG @Ê >TGEFEY>MNF HPH@GRHS?N@>E?NF =ERN?@>M N?T MFG=>MNFS Gc>H@ >? @G?H>E?V 1? RN?P MNHGHS ÎN@ >H UNFE=>HGT N?T

H<E?HE=GT LP @IG ?N@>E? N?T >@H HGMKFN= GF>@G >H T>H<N=NYGTS T>HMEK=NYGT E= HK<<=GHHGT LP 3IK=MI N?T MFG=YPV +I>H >TGEFEY>MNF H@=KYYFG INH Y>UG? =>HG @E NFF @IG ME?MG<@KNF>HN8@>E?H EO oOEF\ =GF>Y>E?l @IN@ N=G ONR>F>N= @E KH HKMI NH <NYN? HK=U>UNFS 3N@IEF>M HK<G=H@>8@>E?S TKNF LGF>GOS HP?M=G@>H@>M NTR>c@K=G EO =GF>Y>EKH @=NT>@>E?H N?T HE E?V

+IGHG MER<G@>?Y =GF>Y>EKH N?T HGMKFN= ?N@>E?NF T>HMEK=HGH >R<EHG N T>MIE@ERP E?<IG?ERG?N @IN@ FEMN@GH o@=KGl =GF>Y>EKH LGF>GOH N?T <=NM@>MGH >@I>? @IG =GNFR EO @IG K?>8UG=HNF E= @=N?HMG?TG?@ N?T oOEF\l =GF>Y>EKH LGF>GOH ^>@I>? @IG =GNFR EO @IG RN@G=>NFS @IGFEMNF N?T @IG ?N@>E?NFV "?G EK@MERG EO @I>HS GH<GM>NFFP >? @IG ME?@Gc@ EO @IG G@I?>MNFFP8H@=KM@K=GT H@N@GH EO *NH@G=? *K=E<GS >H @IN@ HMIEFN=HI>< E? oOEF\ =GF>Y>E?l INH @G?TGT @EHNM=NF>HG @IG ?N@>E? @I=EKYI @IG RP@IH N?T HPRLEFH EO <E<KFN= LGF>GOS UNFE=>H>?Y ?N==N8

8HNF RGHHNYG EO 3I=>H@>N? 3IK=MIGHV $GFN@GT @E @I>H <=ELFGR >H @IG NHHEM>N@>E? EO RN@G=>NFN?T @I>H8Ê=FTFP ME?MG=?H ^>@I @IG MN@GYE=P EO RNY>M N?T NM@H EO MEG=M>E?S N?T @=N?H8MG?TG?@ N?T E@IG=8Ê=FTFP ME?MG=?H ^>@I =GF>Y>E? <=E<G=V 1? @I>H ^NP oOEF\ =GF>Y>E?lHIEKFT LG U>G^GT ?E@ H>R<FP NH N p=GH>TKNF>H@>Mr E= pTG=EYN@E=Pr @G=RS NH W=>R>N?E;4DD9g 6DnXCA HKYYGH@HS LK@ =N@IG= NH N H>@G EO ME?@GH@GT RGN?>?YH ^>@I RKF@><FG MIN>?HEO NHHEM>N@>E?HS HERG EO Î>MI UNFE=>HG N?T E@IG=H EO Î>MI TGUNFKG >@H ELJGM@ TG<G?T8>?Y E? @IG ME?@Gc@V

fG MN? HGGS @IG=GOE=GS @IN@ H@KT>GH @IN@ YE K?TG= @IG ?NRG EO oOEF\ =GF>Y>E?l N=G @IG

MN@GYE=>GH N?T T>MIE@ER>GH HKMI NH RNY>M UHV =GF>Y>E?S <=NPG= UHV >?MN?@N@>E?S ON>@I UHVHK<G=H@>@>E? N?T HE E?V +IG HMIEFN= EO =GF>Y>E?S GTKMN@GT >? @IG fGH@G=? @=NT>@>E?S =G<=E8TKMGH @IGHG L><EFN= MN@GYE=>HN@>E?H NH IG E= HIG N<<=GIG?TH ELJGM@H EO =GF>Y>EKH <=NM@>MG @E NUE>T N?T @IGP N=G <N=@ EO @IG H@=KM@K=>?Y EO \?E^FGTYG @IN@ INH HIN<GT @IG FG?HGH@I=EKYI Î>MI ^G U>G^ @IG Ê=FTV &?T ÎN@ >H RE=GS @IGHG ELJGM@H ME?@>?KG @E LG HKL8

JGM@ @E @IG T>=GM@ N<<F>MN@>E? EO MEG=M>UG <E G= N?T =G<=GHH>UG HN?M@>E? LP UN=>EKH NM@E=H



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A:

2 " 3 1 & ' 3 " % 2 + $ # 3 + 1 " % & % / o ) " ' 0 $ * ' 1 - 1 " % l

&FF EO @I>H EKFT HGGR @E HKYYGH@ @IN@ @IG MN@GYE=P EO oOEF\ =GF>Y>E?l TEGH JKH@ NH W=>R>N?E 8bKG?@FP HIEKFT LG NLN?TE?GTV W=>R>N?E ;4DD9g 6:A NHHG=@H @IN@ psMtIN?YGH >? @IG MIE>MG

RNP ?E@ LG ^=E?YV _P GcNR>?>?Y @IG <=ELFGR O=ER N HEM>NF ME?H@=KM@>E?>H@ <G=H<GM@>UGSIE^GUG=S N?T LP @N\>?Y E? LEN=T @IG ME?MFKH>E?H @IN@ HMIEFN=H INUG =GNMIGT ^>@I =GYN=T@E @IG TGLN@GH @IN@ HK==EK?T @IG MN@GYE=P o=GF>Y>E?l n N?T >?TGGT NFHE @IG @G=RH oOEF\FE=GlN?T oOEF\l n G RNP N==>UG N@ NF@G=?N@>UG HEFK@>E?H @E @IG <=ELFGRV +IG @G=R >@HGFO TEGH ?E@>R<EHG N T>MIE@ERPS =N@IG= @IG T>MIE@ERP >H @IG =GHKF@ EO N I>H@E=P EO MER<G@>?Y T>HMK=8 oMIN>?H EO NHHEM>N@>E?Hl MN? MERRK?>MN@G HERG@I>?Y EO @IG <EF>@>MNF ?N@K=G N?T @IG <E^G=8

2MIEFN=H INUG MNFFGT OE= @IG NLN?TE?RG?@ EO @IG @G=R o=GF>Y>E?l E? >TGEFEY>MNFFP H>R8>FN= Y=EK?TH @E @IG MNFF @E T>H<G?HG >@I oOEF\ =GF>Y>E?lV 2KLH@N?@>UGFP @IG N=YKRG?@H T>O8OG= LK@ @IGP INUG @IG>= E=>Y>?H >? @IG HNRG @IGE=G@>MNF @=NT>@>E? @IN@ M>@GH @IG TER>?N?MGEO 3I=>H@>N? ;N?T MEFE?>NFA UNFKGH N?T NYG?TNH >? HIN<>?Y @IG ME?MG<@ EO o=GF>Y>E?lV +I>H>H ?E@ @IG <FNMG @E =GIGN=HG @IG N=YKRG?@H OE= N?T NYN>?H@ @IG @G=R o=GF>Y>E?lS IE^GUG=SN H@=E?Y TGOG?MG EO @IG @G=R INH LGG? REK?@GT LP 3=N>Y QN=@>?S ÎE N=YKGH E? @IG

LNH>H EO HERG LNH>M HEM>NF ME?H@=KM@>E?>H@ NHHKR<@>E?HS ?NRGFPg pfE=TH N=G @EEFH @IN@ EO Ê=TH N=G UN=>NLFGS N?T UN=>NLFG KHGH N=G NFF ^G INUGr ;QN=@>? BCCDg 49:AV & H>R>8 ?N@K=G EO @IG @G=R oOEF\FE=GlS N?T >?TGGT @IG MN@GYE=P EO @IG oOEF\lS ^NH ME?H>TG=GT LP NH _G?8&REH N?T E@IG=H INUG <E^G=OKFFP NHHG=@GT pN ?NRG MIN?YG >H ?E@ N HKLH@N?@>UG=GHEFK@>E?r ;>L>TVg B66AV 1?H@GNTS HMIEFN=H EO OEF\FE=G INUG FN=YGFP UE@GT ^>@I @IG>= OGG@N?T ME?@>?KG @E OE=RKFN@G ?G^ T>=GM@>E?H N?T Gc<FE=G HP?G=Y>GH ^>@I E@IG= T>HM><F>?GHK?TG= @IG ?NRG oOEF\FE=GlV

+IG MN@GYE=P oOEF\ =GF>Y>E?l o<>M\H K<l E= oMK@H EK@l O=ER =GNF>@P MG=@N>? @I>?YH >? @G=R <>M\H K< @I>?YH @IN@ >@ EKFT ?E@ >? QEFTEUN E= ,K?YN=PV +IG OEFFE^>?Y GcNR<FGS=GFN@>?Y @E @=NT>@>E?H EO oOEF\ <=NPG=lS E= H<GN\>?Y "=@IETEc 3I=>H@>N? R>?E=>@P F>U>?Y >? QEFTEUNS RNP HG=UG @E >FFKH@=N@G @I>H<E>?@V & FEMNF OEF\FE=>H@S >? E?G EO RP <=GF>R>?N=P T>HMKHH>E?H ^>@I IG= =GYN=T>?Y OEF\ @IG <=ETKM@ EO IG= <N=@>MKFN= >TGEFEY>MNF K?TG=H@N?T>?Y EO @IG ?N@K=G EO OEF\FE=G N?T >@H @IG 2EU>G@8QN=c>H@ RETGFV +IG @G=R oOEF\ =GF>Y>E?l OE= IG= <>M\H K< O=ER =GNF>@P @I>?YH 3"7 >?IG=>@GT O=ER @IG @=NT>@>E?H N?T LGF>GOH EO @IG ?G>YILEK=>?Y <GE<FGHV +I>H ELHG=UN@>E?



G4C4#KL ;"#< D&#=8="3 =3 M=>?"$/>& 43: A/4?7=?& D

NLFG @E o>TG?@>OPlS KH>?Y RP E^? oOEF\ =GF>Y>EKH FG?HGHl ;@IG =GHKF@ EO RP E^? @=N>?>?YN?T >TGEFEY>MNF NHHKR<@>E?HA N ÎEFG =N?YG EO <=NPG=H N?T <=NM@>MGH ^>@I N<EM=P<INFGFGRG?@HS MN?E?>MNF <=NPG=H ^>@I NF@G=?N@>UG OK?M@>E?HS $ERN?>N? <=NPG=H @=N?HFN@GT M=>@G=>N ;0N<NFe BC44g B9DnBD6AV fG ^G=G MFGN=FP ?E@ @NF\>?Y NLEK@ <=GM>HGFP @IG HNRG

@I>?Y ÎG? ^G T>HMKHHGT oOEF\ =GF>Y>E?lV +I>H Gc<G=>G?MG I>YIF>YI@H ?E@ E?FP @IG >TGE8FEY>MNFFP H@=KM@K=GT ?N@K=G EO G@>M MN@GYE=>HN@>E? O=NRGÊ=\H LK@ NFHE @IG <=ELFGRN@>M?N@K=G EO @IG >TGNF8@P<EFEY>MNF @=NT>@>E? EO YG?=G ME?H@=KM@>E? ^>@I>? OEF\FE=GS JKH@FPM=>@>M>HGT LP QN=>E? _E^RN? N?T ]FE ZNF\ ;BC4Bg 7A N?T @E Î>MI 1 HINFF =G@K=? LGFE^V

+IG ME?MFKH>E? 1 T=N^ O=ER @IG NLEUG >H @IN@ @IG @G=R oOEF\ =GF>Y>E?l OK?M@>E?H @Eo<>M\ K<l NH<GM@H EO =GNF>@P N?T ÎN@ >@ <>M\H K< >H TG<G?TG?@ E? @IG <G=H<GM@>UGS E= @IG 8=>HG =GNF>@PV +IG ME?MG<@H N?T ME?MG<@KNF HMIGRGH UN=P O=ER E?G ME?@Gc@ @E N?E@IG= N?T@IG HMIEFN= G?YNYGH >? T>HMK=H>UG <=NM@>MGH @IN@ pOE=R @IG ELJGM@H EO Î>MI @IGP H<GN\r;QN=@>? BCCDg 49:AV

E?G =GNF>@P EO oOEF\ =GF>Y>E?l EK@ @IG=G @E LG o<>M\GT K<lS LGMNKHGS NH 3=N>Y QN=@>? <E>?@HEK@ >? =GFN@>E? @E @IG @G=R o=GF>Y>E?lS ÎN@ MEK?@H NH N <N=@>MKFN= <IG?ERG?N E= ONFFH ME?H>TG=GT @E MERG K?TG= @IG KRL=GFFN EO N ?G^ ELJGM@>UG @G=RS @IN@ ÊKFT >?MFKTG

LGF>GOHS >TGNH N?T <=NM@>MGH MK==G?@FP F>H@GT K?TG= oOEF\ =GF>Y>E?l LK@ FGNUG LGI>?T @IG?GYN@>UG oMIN>?H EO NHHEM>N@>E?HlS N=GS 1 RN>?@N>?S R>H@N\G?V &?T HE OE= >?H@N?MGS =G<FNM8>?Y oOEF\ =GF>Y>E?l ^>@I oUG=?NMKFN= =GF>Y>E?lS ?E@ ?GMGHHN=>FP W=>R>N?ElH <=>RN=P >?@G?8

@>E? LK@ ?GUG=@IGFGHH N? EK@MERG EO I>H N=YKRG?@N@>E?S H>R<FP =GHKF@H >? @IG HMIEFN=

LG oF>LG=N@GTl LP HMIEFN=H EO =GF>Y>E? O=ER @IG TGG<FP =EE@GT MN@GYE=>GH @IN@ E@IG=H KHG@E TGHM=>LG @IGRV +IGP =GRN>? HKLJGM@ @E @IG >?@G=GH@H N?T ^>@I>? @IG E=L>@ EO <E^G= EO@IGHG NM@E=H N?T @>GT @E N ^GL EO NHHEM>N@>E?H N?T RGN?>?YHV 1? @I>H HG?HGS E? N T>HMK=8 MER<G@>?Y T>HMK=H>UG <=NM@>MGH N?T =GFN@>E?HV

f>@I @IG NTE<@>E? EO NF@G=?N@>UG @G=RH @E oOEF\ =GF>Y>E?l HMIEFN=H ME?HM>EKHFPS E= >?NT8UG=@G?@FPS NF@G= @IG>= o>?H@=KRG?@H EO N?NFPH>Hl >? E=TG= @E I>YIF>YI@ MG=@N>? NH<GM@H EO

E<G?H K< ?G^ N?T <G=OGM@FP UNF>T MIN>?H EO NHHEM>N@>E?H @IN@ ME??GM@ >@H ELJGM@ >@I ?G^HMIEFN=FP ME?MG=?H HKMI NH @IG M=GN@>UG N?T YG?G=N@>UG <E^G= EO FEMNF =GF>Y>E? N?T @IG EO =GF>Y>EKH >TGNH N?T @IG GRG=YG?MG EO oE<G? H<>=>@KNF>@>GHlV +IG=GOE=GS 1 NR ?E@ N=YK8>?Y IG=G NYN>?H@ >??EUN@>E? >? =GFN@>E? @E EK= HMIEFN=FP FGc>ME? N?T ?G>@IG= TE 1 ^>HI @EK?TG=R>?G @IG N?NFP@>MNF <E@G?@>NF EO @G=RH HKMI NH oUG=?NMKFN= =GF>Y>E?l @E ME?@=>LK@G 8 oOEF\ =GF>Y>E?l >@I N? NF@G=?N@>UGS RNP >?NTUG=@G?@FP IGF< @E T>UE=MG @IG ELJGM@ EO H@KTPO=ER >HHKGH EO ?N@>E?NF >TGEFEYPS <EF>@>MNF N?T GMMFGH>NF <E^G= N?T @IG ME?MG=?H EO RN=8



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A4C

Y>?NF>HGT HEM>NFS GME?ER>M E= G@I?E8F>?YK>H@>M Y=EK<HV +IGHG ME?MG=?H RNP INUG =GMGTGT>?@E @IG LNM\Y=EK?T OE= HERG HMIEFN=H Ê=\>?Y >? MG=@N>? ME?@Gc@HS IE^GUG=S NH RP>?@=ETKM@E=P ?N==N@>UG HG=UGH @E >FFKH@=N@GS =GF>Y>E? F>UGT EK@ N@ @IG >?@G=HGM@>E? EO @I>H

U>G^S RNP <E@G?@>NFFP RNH\ @IG <EF>@>MNF ?N@K=G EO @IG ELJGM@ EO H@KTP N?T ELHMK=G @IG 8N@GT N<<=E<=>N@GFPS @I>H ÊKFT ?E@ RGN? @IG =G<FNMGRG?@ EO @IG @G=R oOEF\ =GF>Y>E?l LK@ÊKFT >?H@GNT HK<<FP KH ^>@I N? NTT>@>E?NF N?T HK<<FGRG?@N=P N?NFP@>MNF MN@GYE=PV+IG HGRN?@>M RGHHNYG EO @IG @G=R oOEF\ =GF>Y>E?l HG=UGH @IG OK?M@>E? EO E=>G?@N@>?Y KH 8M>HGFP LGMNKHG EO @IG JKc@N<EH>@>E? EO MER<G@>?Y >TGEFEY>MNF HPH@GRH >?T>MN@GT LP @IGÊ=TH oOEF\l N?T o=GF>Y>E?lV

@IG UG=P ME?M=G@G TG<G?TG?MG @IN@ Gc>H@H LG@^GG? @IG <=ETKM@>E? EO \?E^FGTYG @I=EKYIT>HMK=H>UG <=NM@>MGH EO HMIEFN=H N?T @IG >?H@>@K@>E?NF>HN@>E? EO HPH@GRH EO <E^G=V 1?TGGTS 2@KM\=NT BC4Cg 49DA @IG HMIEFN= EO =GF>Y>E? E= @IG OEF\FE=>H@ TEGH ?E@ H@N?T EK@H>TG @IG @E MN@GYE=>HGS FNLGF N?T E=YN?>HG \?E^FGTYG N?T @IG=GOE=G @IG HMIEFN= <FNPH NH NM@>UG N 8 N?T ELJGM@>OP =GF>Y>EKH <=NM@>MGHS LGINU>EK=H N?T LGF>GOHV +IG G?MEK?@G= @IN@ @N\GH <FNMG

T>HMK=H>UG <=NM@>MGH EO @IG HMIEFN=S >H GHHG?@>NFFP N? G?MEK?@G= @IN@ >H LE@I <E^G=8FNTG?N?T <EF>@>MNFFP MIN=YGTV +IG TGLN@G @IN@ ^NH E<G?GT K< LP W=>R>N?E >? =GYN=T @E oOEF\ 8@>E?H N?T HGRN?@>M @=N>FH EO @IG @G=RH @IGP KHG N?T G?HK=G @IN@ M=KM>NF <EF>@>MNF NH<GM@HS

+ , * ) " ' 0 $ * ' 1 - 1 " # 2 ) 1 * ' / " ) W $ & 3 + 1 3 *

,NU>?Y T>HMKHHGT HERG EO @IG >HHKGH =GFN@>?Y @E @IG T>HMK=H>UG ME?H@=KM@>E? EO @IG MN@8

LG N=YKGT @IN@ ÎN@ 1 INUG TGHM=>LGT NLEUG =GFN@GH E?FP @E @IG T>HMK=H>UG FGUGF N?T@IN@ @IG o<=NM@>MGH EO @IG <GE<FGl TGHG=UG @E LG ME?H>TG=GT N?T IN?TFGT H>R<FP NH @IG?N@K=NF Gc<=GHH>E? EO =GF>Y>EKH >R<KFHGH N?T @IN@ >@ >H @IG =EFG EO @IG HMIEFN= @E G?HK=G@IN@ @IG <GE<FG N=G F>LG=N@GT O=ER IGYGRE?>M T>HMEK=HGHS @IKH O=GG>?Y @IG>= <=NM@>MGHN?T LGF>GOH O=ER T>MIE@ER>H>?Y MN@GYE=>GHV 1? RP U>G^S IE^GUG=S @I>H N<<=ENMI ON>FH @E MIN=NM@G=>HGT LP @IG GcG=M>HG EO MEG=M>UG <E^G=S =G<=GHH>UG HN?M@>E?HS <K?>@>UG =GY>RGHSNM@H EO H@>YRN@>HN@>E? N?T <=EMGHHGH EO RN=Y>?NF>HN@>E? N?T >H >@?GHH @E HPH@GRN@>M NM@H



G4C4#KL ;"#< D&#=8="3 =3 M=>?"$/>& 43: A/4?7=?& 44

8 D7AV 1@H RGN?>?Y >? N Y>UG? ME?@Gc@ MERGH O=ER @IG <N=@>MKFN= HPH@GR EO =GFN@>E?H @IN@

@IG H@=KM@K=G N?T T>H@=>LK@>E? EO <E^G=V +IG UN=>EKH OE=RH E= oH<GM>GHl EO <E^G=S MER8 @I>H o<E^G= <FNPl E<G=N@G >? =GFN@>E? @E @IG \GP NM@E=H ÎEHG >?@G=GH@H >?@G=HGM@ ^>@I>?

W>G==G _EK=T>GK ;4DD4AS LK>FT>?Y E? QNc fGLG=lH >TGNH ;fGLG= 4D79g BCn64AS MIN=NM8 H<GM>NF>H@HS ÎE HGG\ @E RE?E<EF>HG @IG RGN?H EO HNFUN@>E? LP RN>?@N>?>?Y ME?@=EF EOHGM=G@ =GF>Y>EKH \?E^FGTYGS N?T @IEHG GcMFKTGT O=ER HKMI \?E^FGTYGV +IG M=GN@>E? EO=GF>Y>EKH >?H@>@K@>E?H Y>UGH =>HG @E N? K?GUG? T>H@=>LK@>E? EO =GF>Y>EKH \?E^FGTYG N?T

@IG NMMKRKFN@>E? EO =GF>Y>EKH MN<>@NF >? @IG IN?TH EO =GF>Y>EKH GF>@GHV _EK=T>GK @N\GHfGLG=lH T>H@>?M@>E? LG@^GG? @IG <=>GH@ N?T @IG <=E<IG@ N?T MNH@H >@ >? =GFN@>E?NF @G=RH;*?YFG= BCC6g XX7AV &MME=T>?Y @E _EK=T>GK ;4DD4g BBnB6AS @IG <=>GH@ N?T <=E<IG@ MER<G@G 8>?Y @IG ME?HEF>TN@>E? LP @IG <=E<IG@ EO =GF>Y>EKH MN<>@NF =GHKF@>?Y >? @IG @=N?HOE=RN@>E?EO @IG <=E<IG@ >?@E @IG =EFG N?T OK?M@>E? EO <=>GH@V

+I>H MIN=NM@G=>HN@>E?S IE^GUG=S MN<@K=GH E?FP E?G RGMIN?>HR N@ <FNP >? @IG H@=KYYFG

MN=UGT EK@ HKMI N? NK@E?EREKH =GF>Y>EKH H<NMG N?T >?>@>N@GT >??EUN@>E?H E= INH N<<=E8<=>N@GT N?T NTN<@GT Gc>H@>?Y <=NM@>MGH E?MG ME?@=EFFGT LP =GF>Y>EKH GF>@GHS HN?M@>E?H N=G>?@=ETKMGT LP MFG=>MNF GF>@GH @E <=GUG?@ @IG>= KHG E= N<<F>MN@>E?V 1? @I>H NPS MIN=RH N?THKH<GM@ OE=RH EO <=NPG= ;HKMI NH @IG <=NPG=H EO &K?@ 0N@NF>? =GOG==GT @E >? @IG E<G?>?Y 8>MNFFP NLHK=T E= ^>HIP8^NHIP N?T @IEHG ÎE <=NM@>MG @IGR N=G ME?TGR?GTS GcMFKTGTO=ER @IG MERRK?>@PS <K?>HIGT N?TS E= >? Gc@=GRG MNHG HMG?N=>EHS \>FFGTV &MME=T>?Y @E@I>H HMIGRNS @IG <E^G= @E MN@GYE=>HG N?T N<<FP HN?M@>E?H N>RH N@ <=GUG?@>?Y @IG G=EH>E?EO =GF>Y>EKH MN<>@NF >? @IG IN?TH EO @IG <=>GH@FP GF>@GV +IG oRGT>N@GTl NH<GM@H EO =GF>Y>EKH<=NM@>MG ME?@=EFFGT LP @IG MFG=>MNF I>G=N=MIP @N\G E? @IG MIN=NM@G= EO FGY>@>RN@G =GF>Y>EKHNM@>E? N?T oK?RGT>N@GTl =GFN@>E?H ^>@I @IG T>U>?G E= HK<G=?N@K=NF <E^G=H N=G FNLGFFGTMEG=M>E?S RNY>M N?T HK<G=H@>@>E?V 1? @I>H K?TG=H@N?T>?YS @IGHG <=EMGHHGH Y>UG =>HG @E N 8 <=ETKM@>E? EO oLFNM\ RN=\G@l =GF>Y>EKH YEETH E= MK==G?MPV

>R<=EUGT H<>=>@KNF <=ETKM@H @IN@ TGUNFKG @IG EFT E?GH EO @IG @=NT>@>E?NF 3IK=MIr;#=LN? BCC6g B7BA NH _EK=T>GK ;4DD4g BBnB9A HKYYGH@H >H @IG MNHG ^>@I @IG GRG=YG?MGEO ?G^ =GF>Y>EKH FGNTG=H N?T ?G^ =GF>Y>EKH REUGRG?@HS LK@ =N@IG= @I=EKYI @IG H@=N@G8Y>GH EO N<<=E<=>N@>E?S HKLF>RN@>E? N?T @=N?HOG=G?MG @IN@ HKMMGGT >? oME?HGM=N@>?Yl @IG



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A4B

=GF>Y>EKH LG>?Y N?T <=NM@>MGH EO NYG?@H ;@IGHG @=N?HNM@>E?H MN? EO MEK=HG OK?M@>E? >?RKF@><FG T>=GM@>E?HAV _EK=T>GK INH LGG? M=>@>bKGT GFHGÎG=G OE= I>H =>Y>T MN@GYE=>MNF />FFE? ;BCC4A INH N=YKGT <G=HKNH>UGFP @IN@ @IG FN>@P INH @IG <E^G= @E <=ETKMG NF@G=?N8@>UG >?@G=<=G@N@>E?HS T>UG=YG?@ RGN?>?YH N?T UN=>GT N<<F>MN@>E?H EO @IG =GF>Y>EKH YEETH

<=ETKMGT LP @IG =GF>Y>EKH GF>@GV fIN@ />FFE? =GOG=H @E NH @IG pMEFFGM@>UG HKLUG=H>E?r EO_EK=T>GKlH =N@IG= RGMIN?>H@>M ?E@>E? EO =GF>Y>EKH <=ETKM@>E?S I>H <=>?M><FG EO pMEFFGM8@>UG R>H=GMEY?>@>E?rS NFFE^H OE= p=G>?@G=<=G@GT HM=><@H N?T MEY?>@>UG HMIGRNHr ;/>FFE? =GH>H@N?MG @E TER>?N@>E?V +IG OEFFE^>?Y GcNR<FG N>RH @E >FFKH@=N@G @I>H <E>?@V

3 & 2 * _ V ) $ " Q + , * o ) " ' 0 $ * ' 1 - 1 " # 2 ) 1 * ' / " ) W $ & 3 + 1 3 * lX

!4/O4/4 .$#P >H N ONREKH IGNFG= O=ER @IG U>FFNYG EO 0E<\EP >? HEK@IG=? QEFTEUNN?T N RGRLG= EO @IG +K=\>HI8H<GN\>?Y "=@IETEc 3I=>H@>N? R>?E=>@PV &O@G= @IG <=G8RN@K=G TGN@I EO IG= IKHLN?T HIG H<G?@ RN?P PGN=H NH N H>?YFG RE@IG= Ê=\>?Y E?@IG FEMNF H@N@G ON=R L=>?Y>?Y K< IG= G>YI@ MI>FT=G?V fIG? HIG =GNMIGT <G?H>E?NLFGNYG HIG H@N=@GT IGF<>?Y ?G>YILEK=H NH N R>T^>OG N?T >@ ^NH @IG?S NYGT 9CS @IN@ HIGINT N U>H>E? EO @IG QE@IG= EO -ET ÎE >?H@=KM@GT IG= @E LGY>? IGNF>?Y <GE<FGV

A434=94 s@IG QE@IG= EO -ETt MNRG @E RG N?T HN>T @IN@ 1 HIEKFT IGNFV pfIG=GUG=PEK <FNMG PEK= IN?TS @IG=G HIEKFT LG N H>Y? @IN@ @IN@ <G=HE? ^>FF LG MK=GTS @IN@<G=HE? ^>FF =>HG K<V QNPLG @IGP ^>FF REM\ PEKS @IGP ^>FF LGN@ PEKS LK@ PEK

HIEKFT?l@ GUG= H@E<Vr 2IG HN>Tg p-ET >FF HG?T PEK N <>GMG EO >=E?S >@I @IN@ >=E?PEK ^>FF MK=GVr

& OG^ TNPH FN@G= !4/O4/4 .$#P ^NH U>H>@GT LP N FEMNF <=>GH@ ÎE YNUG IG= N L=E\G?<>GMG EO MIN?TGF>G= O=ER @IG FEMNF MIK=MI @IN@ INT LGG? LFGHHGTV

&?T @IG? >@ MNRG @E RG >? N T=GNR @IN@ 1 HIEKFT IGNF <GE<FG ^>@I @I>H <>GMG EOMIN?TGF>G=V +IG=G >H NFHE N <>GMG EO MFE@I >@I I>MI 1 NFHE IGNFV -=GN@ @I>?YH INUGMERG O=ER @I>Hq &?T @IG? @IG MI>FT=G? OEK?T N IE=HGHIEGV 1 @EE\ >@ @E MIK=MI N@*NH@G= N?T INT >@ LFGHHGTS LK@ 1 I>T >@ >? RP LNY HE @IN@ ?E E?G MEKFT HGGV 1 NFHEMK=G <GE<FG ^>@I @IN@V 2E RN?P INUG LGG? MK=GT LP RGS HE RN?Pq

!4/O4/4 .$#P IGNFH KH>?Y @IG >@GRH HIG TGHM=>LGT Î>FH@ NFHE MIN?@>?Y N? "<$%4< E=MIN=RV 2>R>FN=FP @E @IG NP HIG =GMG>UGT LE@I IG= >?H@=KM@>E? @E IGNF N?T @IG >R<FG8RG?@H HIG KHGHS HIG NHM=>LGH @IG Ê=TH ^>@I Î>MI HIG IGNFH T>=GM@FP @E A434=94V E= $ERN?>N?S ?E@I>?Yq sutV +IG <=NPG= MERGH O=ER Q##41 S O=ER RG RPHGFO N?TO=ER Q##41Vr

!4/O4/4 .$#P NFHE =GMEK?@GT HERG >?H@N?MGH IG? IG= MK=GH INT LGG? HKMMGHHOKFV OE= IG= N MIN=RS HIG ^NH HEE? NLFG @E ^NF\ NYN>?V & FEMNF <=>GH@S INU>?Y HGG? IE^

R>=NMKFEKHFP @IG ?K? INT =GMEUG=GT G?bK>=GT IE^ HIG INT LGG? MK=GTV +IG <=>GH@SÎE INT H<G?@ @^GFUG PGN=H >? N ME?MG?@=N@>E? MNR< N?T INT Y>UG? K< HGN=MI>?Y



G4C4#KL ;"#< D&#=8="3 =3 M=>?"$/>& 43: A/4?7=?& 46

!4/O4/4 .$#PV 1? !4/O4/4 .$#PlH Ê=THS NO@G= INU>?Y LGG? @=GN@GT LP IG=S IG GcMFN>RGTS R0ST n +IG Ê=TH EO -ET INUG MERG@E PEK >? N T=GNRq /E?l@ GUG= Y>UG K< sIGNF>?Ytq +I>H HNRG <=>GH@S )N@IG= %>\EFN>SNMME=T>?Y @E !4/O4/4 .$#P S ^NH NFHE =G?E^?GT OE= I>H IGNF>?Y NM@>U>@>GH N?T IGNFGT

<GE<FG >? @IG 3IK=MI >? _EFY=NTS p>? GcNM@FP @IG HNRG ^NP 1 TEqr+IG \GP <E>?@ 1 NR RN\>?Y ^>@I @I>H >FFKH@=N@>E? >H @IN@ =GH>H@N?MG >? @IG oOEF\ =GF>Y>EKH =GOE=RS >@ =N@IG= Ê=\H @E =GMN<@K=G N U>@NFS E= oH<>=>@KNFFP ?GMGHHN=PlS HIN=G EO =GF>Y>EKHMN<>@NF N?T <=ETKMG E= @=N?HOG= ;EK@ EO @IG IN?TH EO @IG <=>GH@FP MFNHHA HERG oHNFUN@>E?YEETHlV !4/O4/4 .$#P TEGH ?E@ N>R @E K?TG=R>?G @IG MFG=YP LK@ M=GN@>UGFPS @I=EKYI @IGELJGM@H HIG KHGH N?T @IG ?N==N@>UG HIG ^GNUGHS HIG >H NLFG @E FEEHG? @IG RE?E<EFP EO @IGFEMNF <=>GH@IEET N?T MN<@K=G N HIN=G EO @IG MN<>@NFV !4/O4/4 .$#PUH <=NM@>MGH N<<=E<=>N@GE= @=N?HOG= HNM=GT MN<>@NF >?@E IG= IN?THV 1@ >H LGMNKHG HIG >H NLFG @E TE @I>H @IN@ HIG NFHE

=GRN>?H HKLJGM@ @E @IG <E^G= N?T >?JK?M@>E?H EO @IG FEMNF MFG=YPV !4/O4/4 .$#PUH oI>TTG?GME?ERPl >H LNHGT E? @IG HNRG MK==G?MP NH @IN@ EO @IG MFG=YPS GNMI =G>?OE=M>?Y @IG UNF>T8>@P EO @IG E@IG= Î>FH@ NFHE MER<G@>?Y OE= N HIN=G EO @IG MN<>@NFV

>H @I=EKYI N OEMKH E? GUG=PTNP =GF>Y>EKH <=NM@>MGS HKMI NH @IG MNHG NLEUGV 1? =GMG?@ TGM8NTGH HMIEFN=H EO =GF>Y>E? INUG NTUEMN@GT JKH@ HKMI N RG@IETEFEY>MNF <=>E=>@P OE= <=NM@>MG 8MNF <G=H<GM@>UG @E @IG H<IG=G EO <=NM@>MG N?T N^NP O=ER LGF>GO N?T Gc<G=>G?MGS QN=@>?$>GHGL=ET@ HKYYGH@H HMIEFN=H MN? F>LG=N@G =G<=GHG?@N@>E?H EO =GF>Y>EKH <=NM@>MG O=ER @IG

TGLN@GH N?T O=ER @E<8TE^? RETGFH EO >TGEFEY>MNF <=ETKM@>E?V $>GHGL=ET@ ;BCC6g 4CCATGF>?GN@GH @IG H<IG=G EO =GF>Y>EKH <=NM@>MG E? @IG LNH>H EO @I=GG MG?@=NF NHHKR<@>E?Hg

G?@>=GFP E? @IG NHHKR<@>E? @IN@ HK<G=IKRN? <E^G=H Gc>H@ N?T @IG NL>F>@P EO HERG E=NFF @E YN>? NMMGHH @E @IGRV &MME=T>?YFPS <=NM@>MGH E= NM@>E?H MN? LG ME?H>TG=GT =GF>Y>EKH>O @IGP N=G LNHGT E? ÎN@ $>GHGL=ET@ ;BC4Cg 5XA =GOG=H @E NH @IG p=GF>Y>EKH <=GR>HGr Gc>H@G?MGV fIN@ @I>H <=GR>HG G?HK=GH >H @IN@ @IG NK@IE=>@P EO =GF>Y>EKH >?H@>@K@>E?H >HKF@>RN@GFP FEMN@GT >? @IG RG@N<IPH>MNF =GNFR ?E@ ^>@I>? @IG >?H@>@K@>E?H @IGRHGFUGHV+I>H >? @K=? G?HK=GH @IN@ MERRK?>MN@>E? E= >?@G=MEK=HG ^>@I @IG RG@N<IPH>MNF =GNFR @=P @E HGMK=G HKMI N RE?E<EFPV &FF =GF>Y>EKH \?E^FGTYG YG?G=N@GT LP GF>@GH N?T H<GM>NF8

ME?@GH@GT ;/>FFE? BCC4g XBBAV



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A4X

p>?@G=UG?@>E?>H@r ;BC4CA <=NM@>MGHS <=>?M><FG NRE?YH@ Î>MI N=G <=NM@>MGH HKMI <=NPG=HS =GF>Y>EKH @=NT>@>E?H NH @IGP =G<=GHG?@ @IG FEY>MNF <=GME?T>@>E? EO @IG E@IG= @Ê MN@GYE=>GH

pT>HMK=H>UG <=NM@>MGHr @IN@ H<GN\ "5 HK<G=IKRN? <E^G=HS @IG>= ?N@K=GS H@N@KH N?T ^>FFSHKMI NH @IG <=NM@>MG EO @IGEFEYP ;$>GHGL=ET@ BC4Cg 59n57AV &MME=T>?Y @E $>GHGL=ET@lHRETGFS NFF E@IG= OE=RH EO <=NM@>MG INUG @IG>= LNH>H >? p>?@G=UG?@>E?>H@ <=NM@>MGHrV )E=@IEHG ÎE H@=KYYFG OE= =GF>Y>EKH MN<>@NFS @IN@ >H @E HNP @IG YEETH EO HNFUN@>E?S >?@G=UG?8@>E?>H@ <=NM@>MGH N=G @IG REH@ UNFKNLFG MK==G?MPV 1@ >H ?E ME>?M>TG?MG @IN@ @IG ME?@G?@ EO 8Y>E?lS @IG <=NM@>MGH @IN@ @IG MN@GYE=P EO oOEF\ =GF>Y>E?l INH REH@ MERRE?FP o<>M\GT K<l @IG RGN?H EO HNFUN@>E? NH @IGHG ME?H@>@K@G @IG REH@ LNH>M N?T GHHG?@>NF oYEETHl =GbK>=GT

LP @IG FN>@P E= @IG oOEF\l OE= K?RGT>N@GT NMMGHH @E N?T MERRK?>MN@>E? ^>@I @IG RG@N8<IPH>MNF =GNFRV +IG <=NM@>MNF RNH@G=P N?T TG<FEPRG?@ EO >?@G=UG?@>E?>H@ <=NM@>MGH LP@IG FN>@P G?HK=G @IG ME?@GH@GT ?N@K=G EO @I>H @P<G EO =GF>Y>EKH \?E^FGTYGV 1@ >H IG=GS >? @IGH@=KYYFG @E NMMGHHS <=ETKMG N?T RN>?@N>? N HIN=G EO >?@G=UG?@>E?>H@ <=NM@>MGHS 1 LGF>GUGS REH@ >RRGT>N@GFPV

&K?@ 0N@NF>?lH <=NPG=H >? @IG E<G?>?Y ?N==N@>UG EO @I>H N=@>MFGS LGH>TGH =G<=GHG?@8>?Y N? GcNR<FG EO $>GHGL=ET@lH p>?@G=UG?@>UG <=NM@>MGHrS NFHE ?GN@FP >FFKH@=N@G @IG FN>@P @E RN>?@N>? ME?@=EF EUG= oHNFUN@>E? YEETHlV +IG oH<>=>@KNF ^GN<E? EO @IG ^GN\lTG<FEPGT LP &K?@ 0N@NF>? <=EUGT N <E^G=OKF RGN?H EO =GH>H@N?MG @E @IG =GF>Y>EKH N?TF>?YK>H@>M RE?E<EFP >R<EHGT LP @IG FEMNF 3N@IEF>M 3IK=MIV ,G= <=NPG=H ?E@ E?FP NM@GTNH N OE=R EO H<>=>@KNF =GH>H@N?MG @E GMMFGH>NH@>MNF RE?E<EFP LK@ ^G=G NFHE @IG UGI>MFGOE= G@I?>M =GH>H@N?MG @E F>?YK>H@>M NHH>R>FN@>E? N?T ?N@>E?NF TER>?N@>E?V &K?@ 0N@NF>?lH,K?YN=>N? oOEF\ <=NPG=Hl =G<=GHG?@ N OE=R EO oI>TTG? @=N?HM=><@l EO @IG M=>@>bKG EO <E^G=

?E@ LG <N=@P @EV 1? @IG MNHG EO &K?@ 0N@NF>?lH OK?G=NFS @IG o@=N?HM=><@l @K=?GT <KLF>M N?TMINFFG?YGT @IG =GFN@>E?H LG@^GG? @IG oE<<=GHHE=l N?T @IG oTER>?N@GTlV 3IN=NM@G=>H@>8MNFFPS @IGHG <=EMGHHGH EO =GF>Y>EKH TER>?N@>E? N?T =GH>H@N?MG INUG NH<GM@H @IN@ N=G EO@G??E@ HGG? E= IGN=T >? @IG <KLF>M TERN>?V !KH@ NH >H @IG MNHG ^>@I =GY>RGH EO <EF>@>MNF 8@>E? ?GGTH @E LG <N>T @E ÎN@ YEGH E? LGI>?T MFEHGT TEE=HV 1? <KLF>MS @IEHG ÎE N=G 8@>E?V +IG ONM@ @IN@ =GF>Y>EKH TER>?N@>E? N?T <EF>@>MNF TER>?N@>E? EO@G? YE IN?T >? IN?T N?T HMIEFN=FPS N?T @IG FNP NM@E=HS EO@G? O=ER NRE?YH@ @IG REH@ GME?ER>MNFFPS <EF>@>MNFFP



G4C4#KL ;"#< D&#=8="3 =3 M=>?"$/>& 43: A/4?7=?& 49

HK<<=GHH>E? LP =GF>Y>EKH GF>@GH N?T NM@H EO =GH>H@N?MG LP @IG FN>@PV &K?@ 0N@NF>?lH <=NPG=HN?T !4/O4/4 .$#PlH IGNF>?YH N=G LE@I <E>Y?N?@ GcNR<FGH EO @I>H H@=KYYFGV

3 " % 3 ' # 2 1 " %

HEM>NF>H@ N?T <EH@8MEFE?>NF *NH@G=? *K=E<GS Î>MI >H MIN=NM@G=>HGT LP N LFG?T EO =GHK=8YG?@ =GF>Y>E?S ?N@>E?NF =G8N^N\G?>?Y N?T ?G^ o>?T>U>TKNF>H>?Yl <=NM@>MGHV o)EF\ =GF>Y>E?lNH N MN@GYE=P ^NHS N?T H@>FF >HS N? >R<E=@N?@ MER<E?G?@ EO @IG ?N@>E?NF G@I?EFEY>MNF BCC9g 44DA N?T NH HKMI >H >?IG=G?@FP <EF>@>MNFV o)EF\ =GF>Y>E?l EO MEK=HG MN? N?T HIEKFT LG 8UG=HNF E= M=EHH8MKF@K=NF <IG?ERG?E?V +IG <N=@>MKFN= MIN>?H EO NHHEM>N@>E?H TGHM=>LGT

NLEUGS IE^GUG=S TGRE?H@=N@G @IG NL>F>@P EO @IG MN@GYE=P oOEF\ =GF>Y>E?l @E <E>?@ @E N?

YFN?MGS N<<GN= @E TK<F>MN@G GN=F>G= HKLH@N?@>UG RETGFH LNHGT E? ELJGM@>UG T>H@>?M@>E?H

LG@^GG? @IG <=NM@>MGH EO @IG MFG=>MNF E= >?H@>@K@>E?NF H<IG=G N?T @IG <=NM@>MGH EO @IG OEF\S 8 =GOG=H @E N H>@G EO >?@G=HGM@>?Y >?@G=GH@HS =GFN@>E?H N?T NYG?M>GH N?T N>RH @E I>YIF>YI@ @IG

=N@IG= N HI>O@>?Y H>@G E= >?@G=HGM@>E? ÎG=G @IG >?@G=GH@H EO <E^G= IEFTG=H N?T T>UG=HG NH @IGP N=G @IG <=ETKM@ EO <N=@>MKFN= NYG?M>GH >?@G=HGM@>?Y N@ <N=@>MKFN= JK?M@K=GH >? @>RGN?T <FNMGV

o)EF\ =GF>Y>E?l NH N MN@GYE=PS 1 HKYYGH@S HG=UGH ^GFF @E H>Y?>OP @I>H oH>@Gl EO @IG >?@G=8<FNP LG@^GG? ?N@>E?NFS GMMFGH>NFS HGMKFN=>H>?Y N?T HMIEFN=FP T>HMEK=HGH N?T @IG R>M=E8G<>HETGH EO FEMNF =GF>Y>EKH NM@E=HV +IG H>@G EO ME?UG=YG?MG EO @IGHG OE=MGH N?T NYG?M>GHY>UGH =>HG @E N H@=KYYFG EUG= @IG oYEETH EO HNFUN@>E?l L=EKYI@ NLEK@ LP @IG >FF @E ME?@=EFN?T RE?E<EF>HG o>?@G=UG?@>UG <=NM@>MGHlV 1@ >H RP U>G^ @IN@ @IG TG<FEPRG?@ EO ?G^ @G=8

R>?EFEYP N?T N?NFP@>MNF MN@GYE=>GH RNPS >? HERG MNHGH ;N?T 1 TE ?E@ ^>HI @E EUG=H@N@G @E N Y=GN@G= E= FGHHG= Gc@G?@ >? o<>M\>?Y K<l O=ER =GNF>@P @IEHG <IG?ERG?N >?@G?TGT LP@IG HMIEFN=V

1? @I>H N=@>MFGS 1 INUG Gc<FE=GT @IG KHGOKF?GHH EO @IG @G=R oOEF\ =GF>Y>E?l >? @IG F>YI@EO N=YKRG?@H <K@ OE=^N=T OE= N? NF@G=?N@>UGS oUG=?NMKFN= =GF>Y>E?lV _E@I @G=RHS 1 ÊKFTN=YKGS INUG N?NFP@>MNF <E@G?@>NF @E ME?@=>LK@G @E EK= K?TG=H@N?T>?Y EO @IG TP?NR>MH EO



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A47

>TGEFEY>MNF N?T HGRN?@>M FENT>?YV _E@I @IGHG N<<=ENMIGH <E@G?@>NFFP G?MEK=NYG N^N=G8 N?T >TGEFEY>MNF OE=MGH oE? @IG Y=EK?TlV

+E LE==E^ N @IEKYI@ O=ER 0EM\K UE? 2@KM\=NTS >@ >H @IG $>& EO @IG @G=R oOEF\ =GF>8Y>E?l @IN@ >H @IG =GH<E?H>L>F>@P EO HMIEFN=H @E Gc<FN>?V o)EF\ =GF>Y>E?l N?T @IG G?YNYG8

?N@K=GV +IG=G N=G >R<E=@N?@ T>RG?H>E?H @E @IG ?G^ T>HMEK=HG E? oUG=?NMKFN= =GF>Y>E?l 8HGHHRG?@ EO @IG N?NFP@>MNF UNFKG EO H@KT>GH EO LGF>GO N?T >@H UN=>GT Gc<=GHH>E?H >? ?N=8=N@>UGHS LGINU>EK=H N?T RN@G=>NF MKF@K=G N?T @IG bKGH@>E?>?Y EO @IG >TGNF8@P<EFEY>MNFN<<=ENMI @E OEF\FE=G @Gc@H N?T YG?=GH ;_E^RN?S ZNF\ BC4Bg 9n7AV ,E^GUG=S NH W=>R>N?E N?T N? N?NFP@>MNF MN@GYE=P ?GGT ?E@ LG @>GT @ES ?E= =GHKF@ >?S @IG TGN@I EO oOEF\ =GF>Y>E?lV

% " + * 2

% 3H`?Ye8,K?YN=>N?H N=G N? G@I?E8F>?YK>H@>M N?T =GF>Y>EKH R>?E=>@P ;3N@IEF>MH >? N RNJE=>@P"=@IETEc =GY>E?A F>U>?Y >? @IG GNH@G=? <N=@ EO $ERN?>NV +IG>= E=>Y>?H N?T >TG?@>@P N=G ME?@GH@GT LP ,K?YN=>N? N?T $ERN?>N? HMIEFN=HS ÎE MFN>R @IG 3H`?YeH NH N? >?@GY=NF <N=@ EO @IG>==GH<GM@>UG G@I?>M ?N@>E?HV )=ER @IG G?T EO @IG 4D@I MG?@K=PS @IG 3N@IEF>M 3IK=MI INH <FNPGT N=EFG >? =GH@=>M@>?Y @IG KHG EO @IG ,K?YN=>N? FN?YKNYG >? 3IK=MI F>OG >? HK<<E=@ EO @IG $ERN?>N??N@>E?NF T>HMEK=HG E? @IG E=>Y>?H EO @IG 3H`?YeHV 1? BCC4S @IG 3ERR>@@GG EO Q>?>H@G=H EO @IG3EK?M>F EO *K=E<G >HHKGT N <EH>@>E? <N<G= >? HK<<E=@ EO @IG <=E@GM@>E? EO @IG MKF@K=NF @=NT>@>E?H EO@I>H UKF?G=NLFG N?T RN=Y>?NF>HGT R>?E=>@P MNFF>?Y OE= @IG <=EU>H>E? EO GTKMN@>E? N?T @IG F>@K=YP>? @IG>= ?N@>UG FN?YKNYGV 2>?MG @IG GN=FP 4DDCHS 3H`?Ye8,K?YN=>N? NM@>U>H@H INUG N<<GNFGT @E LE@I@IG FEMNF 3IK=MI I>G=N=MIP N?T T>=GM@FP @E @IG ZN@>MN? OE= @IG =>YI@ @E INUG 3IK=MI HG=U>MGH >?

& +I>H @P<G EO GUNFKN@>E? EO @IG =GF>Y>E? EO @IG OEF\ >H ?E@ ME?O>?GT @E HERG K?G?F>YI@G?GT<NH@V 3I=>H@>N? 3IK=MIGH N?T R>HH>E?H ME?@>?KG @E MNR<N>Y? NYN>?H@ pOEF\ =GF>Y>E?r KH>?Y @IGHGHNRG F>?GH EO N=YKRG?@V )E= N =GMG?@ GcNR<FG HGG ,>GLG=@ G@ NFV BCCCV -=NINR fV QE?@G>@I @EESTGH<>@G NTUEMN@>?Y N FGHH JKTYRG?@NF N<<=ENMI @I=EKYI @IG KHG EO I>H <=GOG==GT @G=R oUG=?NMKFN==GF>Y>E?l RN>?@N>?H @IN@ @IG =EFG EO @IGEFEYP =GRN>?H @E pMN<@K=G @IG @=K@Ip N?T oME==GM@l GcNR<FGHEO pHMN?@>FP Ê=\GT EK@ =GF>Y>EKH HG?@>RG?@r ;BCC7g XB7AV

' +IG #2 ME?@Gc@ <=GHG?@H N T>OOG=G?@ ME?O>YK=N@>E? N?T K?TG=H@N?T>?Y EO oOEF\ =GF>Y>E?l

FN=YGFP TKG @E @IG pNLHG?MG EO ?N@>E?NF>HR NH N MER<E?G?@ EO OEF\FE=Gr >? %E=@I &RG=>MN ;_G?8&REH 4DD:g B9DAV( +I>H >H N HF>YI@FP HIE=@G?GT UG=H>E? EO @IG NMMEK?@ <=GU>EKHFP <KLF>HIGT >? 0N<NFe BC44g

457n45:V



G4C4#KL ;"#< D&#=8="3 =3 M=>?"$/>& 43: A/4?7=?& 45

$ * ) * $ * % 3 * 2

E$#7$/4# Q371/"C"#"89V ZEFV 6S %EV 4g 67nXDV&HNTS +NFNF BCC6V ;"/%47="3> "5 71& B&?$#4/L E1/=>7=43=79T W>#4% 43: X":&/3=79V 2@N?OE=TS 3&g 2@N?OE=T

#?>UG=H>@P W=GHHV

_GFFS 3N@IG=>?G 4DDBV D=7$4# 01&"/9T D=7$4# A/4?7=?&V %G^ .E=\g "cOE=T #?>UG=H>@P W=GHHV_GFFS 3N@IG=>?G 4DD5V D=7$4#L A&/>C&?7=O&> 43: M=%&3>="3>V %G^ .E=\g "cOE=T #?>UG=H>@P W=GHHV_G?8&REHS /N? 4DD:V +IG %NRG 1H @IG +I>?YV n 01& 2"$/34# "5 Q%&/=?43 ;"#<#"/&V ZEFV 444S %EV XX4

;;"#<#"/&L Y147U> =3 4 -4%&ZAg B95nB:CV_EK=T>GKS W>G==G 4DD4V -G?GH>H N?T 2@=KM@K=G EO @IG $GF>Y>EKH )>GFTV nE"%C4/47=O& B"?=4# D&>&4/?1V

ZEFV 46g 4nXXV V 3I>MNYEg #?>UG=H>@P

EO 3I>MNYE W=GHHV_E^RN?S QN=>E? 4DDBV A1&3"%&3"#"89T ;=&#:["/< 43: ;"#< D&#=8="3V \??4>="34# N

?=47="3 5"/ 71& B7$:9 "5 D&#=8="3>] 7V s'E?TE?tg _=>@>HI &HHEM>N@>E? OE= @IG 2@KTP EO $GF>Y>E?HV

D&#=8="3L 6%C=/=?4# B7$:=&>V

/P?NR>MH EO _GF>GOV n QN=>E? _E^RN?S ]FE ZNF\ ;GTHVAV !&/34?$#4/ D&#=8="3 =3 6O&/9:49 ^=5&L

/>FFE?S Q>MIGFG BCC4V W>G==G _EK=T>GKS $GF>Y>E?S N?T 3KF@K=NF W=ETKM@>E?V n E$#7$/4# B7$:=&>

E/=7=?4# X&71":"#"8=&>V ZEFV 4S %EV Xg X44nXBDV*?YFG=S 2@GUG? BCC6V QETG=? +>RGHg $GF>Y>E?S 3E?HGM=N@>E? N?T @IG 2@N@G >? _EK=T>GKV n E$#7$/4#

B7$:=&>V )EKMNKF@S Q>MIGF 4D:DV 01& Q/?14&"#"89 "5 G3"[#&:8& ,N=FE^S 1FN?N 4DD:V 1?@=ETKM@>E?V n 01& 2"$/34# "5 Q%&/=?43 ;"#<#"/&V ZEFV 444S %EV XX4 ;;"#<#"/&L

Y147U> =3 4 -4%&ZAg B64nB6XV

_3:&/>743:=38 ;"#< D&#=8="3L Q E1/=>7=43 D&>C"3>& V &TNS Q1g _N\G= &MNTGR>MV

0N<NFeS !NRGH &FGcN?TG= BC44V

A/4?7=?& QN=@>?S 3=N>Y BCCDV /GF>R>@>?Y $GF>Y>E?V n X&71": 43: 01&"/9 =3 71& B7$:9 "5 D&#=8="3V ZEFV B4S %EV

Bg 495n457VQE?@G>@IS -=NINR fV BCC7V +IG 3E?H@=KM@>UG #HG EO oZG=?NMKFN= $GF>Y>E?lV n

01&"#"89V ZEFV 9DS %EV Xg X46nXB7V 01& `$384/=43 E>438" "5 X"#:"O4

W=>R>N?ES 'GE?N=T %E=RN? 4DD9V ZG=?NMKFN= $GF>Y>E? N?T @IG 2GN=MI OE= QG@IET >? $GF>Y>EKH

)EF\F>OGV n Y&>7&/3 ;"#<#"/&V ZEFV 9XgS %EV 4g 65n97VW=>R>N?ES 'GE?N=T %V BC4BV &O@G=Ê=Tg QN?>OGH@N@>E?H EO @IG $GF>Y>EKH ZG=?NMKFN=g &RL>YK>@PS

WE^G=S N?T 3=GN@>U>@PV n QN=>E? _E^RN?S ]FE ZNF\ ;GTHVAV!&/34?$#4/ D&#=8="3 =3 6O&/9:49 =5&L

8

F>M 1TG?@>@P N@ @IG @K=? EO @IG %>?G@GG?@I N?T +^G?@>G@I 3G?@K=>GHV n -47="34# W:&37=7=&>V ZEFV 5S%EV Bg 445n464V

$>GHGL=ET@S QN=@>? BCC6V $GF>Y>E? >? -FELNF WG=H<GM@>UGV n QN=\ !KG=YG?HRGPG= ;GTVAV H#".4# D&#=N

8="3>L Q3 W37/":$?7="3V $>GHGL=ET@S QN=@>? BCC:V +IGHGH E? N +IGE=P EO $GF>Y>E?V nW37&/347="34# A"#=7=?4# Q371/"C"#"89V ZEFV

4S %EV 4g B7nX4V



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A4:

$>GHGL=ET@S QN=@>? BC4CV 01& A/"%=>& "5 B4#O47="3L Q 01&"/9 "5 D&#=8="3V ;+=N?HFV 2@GUG? $G?TNFFVA3I>MNYEg #?>UG=H>@P EO 3I>MNYE W=GHHV

M"%=347="3 43: 71& Q/7> "5 D&>=>743?&L 01& `=::&3 0/43>?/=C7 "5 B$."/:=347&

H/"$C>

2@KTP EO $GF>Y>E?V n X&71": 43: 01&"/9 =3 71& B7$:9 "5 D&#=8="3V ZEFV BBS %EHV Bn6g 497n47DV+IERNHS 0G>@I 4DD4V D&#=8="3 43: 71& M&?#=3& "5 X48=?V 'E?TE?g WG?YK>? _EE\HV#=LN?S ,KYI _V BCC6V 2NM=GT 3N<>@NFg W>G==G _EK=T>GK N?T @IG 2@KTP EO $GF>Y>E?V n X&71": 43:

01&"/9 =3 71& B7$:9 "5 D&#=8="3V ZEFV 49S %EV Xg 69Xn6:DVfGLG=S QNc 4D79V 01& B"?="#"89 "5 D&#=8="3V 'E?TE?g QG@IKG? v 3E '@TV Y&>7&/3 ;"#<#"/&V ZEFV 66S %EV 4g Bn49V




ZEFV 5 ;4Ag 4Dn6C

4D

+ $ * * _ * 1 % - 2 1 % + 1 _ * +g 3 " % + * Q W " $ & $ .W " W # ' & $ 3 " % 3 * W + 2 " ) G ^ _ & % / H - a Q -

& 2 & $ * 2 # '+ " ) * 3 " ' " - 1 3 & ' 3 , & % - *

!&0#_ 0"3#$*0WI/ 2@KTG?@

1?H@>@K@G EO WI>FEHE<IP N?T $GF>Y>EKH 2@KT>GH)NMKF@P EO &=@HS 3IN=FGH #?>UG=H>@P >? W=NYKG

&_2+$&3++IG N=@>MFG TGNFH ^>@I @IG <G=MG<@>E? EO @=GGH >? +>LG@V 1@ OEMKHGH E? >TGNH E? HK<G=8?N@K=NF LG>?YH LGF>GUGT @E T^GFF >? @=GGHS <N=@>MKFN=FP <#$ N?T 83943 S Î>MI OE=R N K?TG=@N\G? >? @IG +>LG@N? N=GNH EO 1?T>N N?T %G<NF ;@IG 2<>@> UNFFGP N?T /EF<EANRE?Y <GE<FG EO /EF<E E=>Y>? F>U>?Y GFHGÎG=G N?T +>LG@N?H >? Gc>FG O=ER T>O8

LG@^GG? @IGHG @Ê HEK=MGH N=G H@=>\>?Yg <E<KFN= @=NT>@>E?H NHHEM>N@G @=GGH RN>?FP^>@I <#$ S ÎG=GNH @IG =>@KNF @Gc@H ^>@I 83943V +E Gc<FN>? @IG <EHH>LFG MNKHG EO @I>HT>HM=G<N?MPS ME?@GR<E=N=P @IGE=>GH NLEK@ @IG GMEFEY>MNF I>H@E=P EO @IG +>LG@N? WFN8@GNK N=G GR<FEPGTV

0*.f"$/2 g +>LG@ ! =GF>Y>E? ! <E<KFN= =GF>Y>E? ! @=GGH ! H<>=>@H ! <#$ ! 83943

1 % + $ " /# 3 + 1 " %

+IG <N<G= >H N <=GF>R>?N=P H@KTP EO @=GG LG>?YHS >VGV LG>?YH LGF>GUGT @E T^GFF >? @=GGHS >? >? @IG #<<G= /EF<E =GY>E? EO %G<NF N?T @IG 2<>@> UNFFGP >? ,>RNMINF W=NTGHIS 1?T>NS

NRE?Y /EF<E <GE<FG F>U>?Y EK@H>TG /EF<ES NH ^GFF NH Gc>FG +>LG@N?HV &F@IEKYI @IG N=GNHGFGM@>E? ^NH <N=@FP =N?TERS 1 LGF>GUG @IN@ @IG ME?MG<@H GcNR>?GT N<<GN= @I=EKYIEK@+>LG@V 1 INUG MIEHG? /EF<E NH N? GcNR<FG EO N? N=MIN>M N?T =GRE@G =GY>E? Î>MIS NFHE@IN?\H @E >@H _E? IG=>@NYGS @G?TH @E <=GHG=UG N?M>G?@ >?T>YG?EKH >TGNHV "? @IG E@IG=IN?TS 2<>@> <=GTER>?N?@FP LGFE?YH @E @IG -GFKY HMIEEF EO +>LG@N? _KTTI>HRV

8 8G?MG >? <N=@>MKFN= @=GGHS N?T ÎN@ N=G @IG <=NM@>MNF ME?HGbKG?MGH EO @IG>= <=GHG?MG OE=

FNPRG? N?T =GF>Y>EKH H<GM>NF>H@HS IEKHGIEFTG=H N?T RE?NH@>MHV +IKHS @IG <N<G= >H ?E@



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4ABC

LNHGT E? N?NFPH>?Y @Gc@KNF HEK=MGH LK@ E? @IG MER<N=>HE? EO NMMEK?@H YN@IG=GT >? @IG HEK=MGHV 1 GR<FEP <=GHG?@ H@KT>GH EO @IG GMEFEY>MNF I>H@E=P EO @IG +>LG@N? WFN@GNK @E

+ $ * * _ * 1 % - 2

+IG +>LG@N? <G=MG<@>E? @IN@ @IG Ê=FT >H >?INL>@GT ?E@ E?FP LP <GE<FGS N?>RNFH N?T<FN?@HS LK@ NFHE LP RN?P E@IG= KHKNFFP >?U>H>LFG LG>?YHS >H @I=GG8OEFTV +IKHS >@ ME?H>H@H @IN@ >H G>@IG= T>U>?G E= TGRE?>MS GNMI FNPG= NHHEM>N@GT ^>@I N <N=@>MKFN= MEFEK=V +IGHGFNPG=H N=Gg

4V +IG K?TG=Y=EK?Tg @P<>MNFFP >?INL>@GT LP NbKN@>M <#$ S @IG MEFEK= EO Î>MI >H LFKG

BV +IG HK=ONMGg >?INL>@GT LP PGFFE^ 83943 N?T =GT .7>436V +IG H\Pg >?INL>@GT LP Î>@G #14

+IGHG LG>?YH EO@G? N<<GN= @E LG NHHE=@GT >?@E G>YI@ MFNHHGHS Î>MI >HS OE= >?H@N?MGS @P<>8MNF OE= @IG %P>?YRN ;/39=38 %4A HMIEEF EO +>LG@N? _KTTI>HR ;2NRKGF 4DD6g 474AS LK@INH HF>YI@ UN=>N@>E?H TG<G?T>?Y E? <N=@>MKFN= @=NT>@>E?V & F>H@ EO @IG REH@ MERRE? @G? ."3 N RKMI Y=GN@G= ?KRLG= EO MFNHHGH N?T HKLMFNHHGH EO @IGHG LG>?YH ;4DD7g MIN<@G=H w11 OE=.7>43 S w1Z OE= 83943 S wZ1 OE= 83943 S <#$ S >4 .:48AV fG MN? NFHE T>U>TG @IGHG LG>?YH NMME=T8 8@>UG N?T IN=ROKFV +IG RNJE=>@P EO HKMI LG>?YH N=G NRL>UNFG?@ N?T =N@IG= IEH@>FG @E^N=TH<GE<FGV

&MME=T>?Y @E WI>F><<G 3E=?K ;BCCBg BX:A N?T 2NRKGF ;4DD7g 47BA E?FP @IG 839434 LG>?YHS N?T <N=@>MKFN=FP E?G HKLY=EK<H MNFFGT >1=38 83943 ;F>@G=NFFP o@=GG 83943lAS T^GFF @IN@ @=GGH N?T OE=GH@H =G<=GHG?@ @IG REH@ @P<>MNF NLETGH EO @IG 83943 LG>?YHV +IG=GOE=GS^G ÊKFT HK<<EHG @IN@ @IG RN>? MFNHH EO LG>?YH NHHEM>N@GT ^>@I @=GGH N=G @IG 83943V,E^GUG=S <E<KFN= @=NT>@>E?H EO @IG <GE<FGlH F>UGT TN>FP =GNF>@P =GUGNF N MER<FG@GFP T>O8OG=G?@ <>M@K=GV -G?G=NFFP H<GN\>?YS @IG >TGN EO @IG 83943 N?T @IG>= ME??GM@>E? >@I @=GGH>H KHKNFFP \?E^? @E =GF>Y>EKH H<GM>NF>H@HV %GUG=@IGFGHHS @IG REH@ MERRE? H@N@GRG?@ EOE=T>?N=P <GE<FG E? 83943 >H @IN@ @IGP pEO MEK=HG HERG@>RGH >?INL>@ @=GGHrV +IG>= @=GGHY=E^ >? @IG REK?@N>?HS Î>MI RGN?H @IN@ @IG @=GGH N=G ?E@ <IPH>MNFFP MFEHG @E @IG <GE8<FGS N?T NH N ME?HGbKG?MGS FNP <GE<FG N=G KHKNFFP ?E@ N^N=G EO @IGRV &? >?OE=RN?@ >?2<>@> ;N @GNMIG= >? N FEMNF U>FFNYG HMIEEFA ÎG? bKGH@>E?GT E? 83943 S @NF\GT E?FP NLEK@@IG REK?@N>? HIGG< &=YNF> ;\O=> 4%%"3AV 1? ME?@=NH@S N ^GFF8GTKMN@GT _E?<E YGHIGO=ER @IG QG?=> ;>%43 /=A RE?NH@G=P >? /EFN?J>S ,>RNMINF W=NTGHIS N ?N@>UG EO #<<G=/EF<ES ^NH NLFG @E <=EU>TG RG ^>@I RKMI RE=G TG@N>FGT >?OE=RN@>E?V

&MME=T>?Y @E @I>H RN?S N?T @E NFF HEK=MGH \?E^? @E RG N?T NFF E@IG= >?OE=RN?@HS@IG=G N=G RN?P \>?TH EO 83943 Î>MI MN? LG HE=@GT NMME=T>?Y @E @IG>= T^GFF>?Y <FNMGHg



G"?$/&<L E"37&%C"/4/9 A"C$#4/ E"3?&C7> "5 0FK 43: -?PN? 4> 4 D&>$#7 "5 6?"#"8=?4# E1438& B4

@=GG 83943 ;>1=38 83943AS YFNM>G= Y3943 ; 8438> 83943A N?T Y3943 T^GFF>?Y >? H@E?GH N?T=EM\H ;/:" 83943AVB +=GG 83943 EK@?KRLG= @IG E@IG= Y=EK<HV H3943 8G?@ N?>RNF OE=RH ;OE= >?H@N?MGS PN\S HIGG<A E= NH IKRN?HS N?T N=G NHHEM>N@GT <=>RN=8>FP ^>@I @IG MEFEK= PGFFE^S GH<GM>NFFP >? @IG>= IKRN?8F>\G OE=RV +=GG 83943 T^GFF >?RN?P H<GM>GH EO @=GGHV +IGP <=GOG= ME?>OG=EKH @=GGHS <N=@>MKFN=FP <>?GH N?T JK?><G=HS LK@

TGM>TKEKH @=GGH ^>FF TE NH ^GFFV 1O @IG>= @=GG >H MK@ TE^?S @IGP REUG @E N?E@IG= E?G N?T NHHEM>N@GT ^>@I @IGRV

)K=@IG=RE=GS NMME=T>?Y @E @IG YGHIG EO QG?=>S N<N=@ OE=R @IG 83943 S @IG=G N=G E@IG= LG>?YH >?INL>@>?Y @=GGHV +IGHG N=G <#$ S N?T FGHH O=GbKG?@FP GUG? #14, N?T .7>43VX 1 HIEKFTNTT @IN@ @IG >TGN EO #14 N?T .7>43 T^GFF>?Y >? @=GGH >H =N@IG= ?G^V +IG #14 LG>?YH =GH>T8>?Y >? @=GGH TE HE E?FP =N=GFP N?T INUG ?E MIN=NM@G=>H@>M N<<GN=N?MGV QEH@ EO@G?S @IGPY>UG <=GOG=G?MG <N=@>MKFN=FP @E JK?><G= @=GGH ; 2$3=C&/$> >CC @IG>= @=GGS @IGP HGG\ N?E@IG= @=GG @E H@NP >? N?T UG=P HGFTER T>GS >VGV @IGP N=G =GLE=?V +IG.7>43 LG>?YH N=G KHKNFFP NHHEM>N@GT >@I =EM\HS GH<GM>NFFP >@I =EM\H EO N =GT MEFEK=S LK@

.7>43 NFHE EUG=ÎGFR>?YFP <=GOG= JK?><G=H N?T >O @IG>= NLETG >H MK@ TE^? @IGP @N\G =GUG?YG

LP MNKH>?Y NMM>TG?@HV+IG=G >H NFHE N?E@IG= RETNF>@P EO @IG =GFN@>E?HI>< LG@^GG? @=GGH N?T HKMI LG>?YHV

&MME=T>?Y @E @IG QG?=> YGHIGS @=GGH MN? LG =GYN=TGT NH N TG>@PlH IN>= E= LETP IN>=V &H>R>FN= GcNR<FG >H =G<E=@GT LP #F=>\G $EGHFG= >? IG= H@KTP EO @IG $G@>?Y ;/[4 >8/&38ARE?NH@G=P >? 3G?@=NF +>LG@V +IG HK==EK?T>?YH EO @IG RE?NH@G=P N=G G?MFEHGT >? N OE=GH@SN Y=EUG EO UG=P EFT N?T FN=YG JK?><G= @=GGHV +IG OE=GH@ >H =GYN=TGT NH HNM=GT N?T INH LGG?>?ME=<E=N@GT >?@E @IG =>@KNF YGEY=N<IP EO @IG RE?NH@G=PV &MME=T>?Y @E @IG FEMNF ?N==N8

-GHIG +E?<N ;:8& .>1&> >7"3 C4AV +E MK@ @IG @=GGH TE^? ÊKFT RGN? @IG @=GH<NHH EO MK@8@>?Y @IG IN>= EO @IG RNH@G= I>RHGFO ;$EGHFG= BCC5g 46CAV )K=@IG=RE=GS >? N?E@IG= UG=H>E? -NR<E ;>/"38 .7>43 >84% C"

_P ON= @IG REH@ >R<E=@N?@ MN@GYE=P EO LG>?YH NHHEM>N@GT ^>@I @=GGH >H @IG <#$ S @E I>MI <#$ >H @IG +>LG@N? =G?TG=>?Y EO @IG 2N?H\=>@ @G=R S @IG GFF \?E^? INFO8RN? INFO8H?N\G LG>?YH EO 1?T>N? RP@IEFEYPV +IGHG N=G >@IEK@ 8N@GT >@I N@G= >? YG?G=NFS N?T NFHE >@I =N>? N?T HE>FV +IGP T^GFF >? =>UG=HS M=GG\HS H<=>?YH 8 S 4DD7g BDCA HK<<EHG @IN@ +>LG@N? <#$ G=G E=>Y>?NFFP >?T>YG?EKH LG>?YH @IN@ ^G=G ME??GM@GT@E N?T FN@G= RG=YGT >@I @IG 1?T>N? NO@G= @IG NTUG?@ EO _KTTI>HRV .G@S @IG E=>Y>? EO N?T <#$ >H EK@ EO @IG HME<G EO @I>H <N<G=V +IG +>LG@N? <#$ N=G F>\G^>HG G>@IG= EO INFO8 INUG N IEET ME?H>H@>?Y EO H?N\GHV9 +IGP N=G KHKNFFP EO Î>@G E= LFKG MEFEK=S >? =N=G MNHGHY=GG?V7 &H @IG>= MEK?@G=<N=@H >? 1?T>NS @IG +>LG@N? <#$ N=G NFHE F>?\GT @E ^N@G=S GH<GM>NFFP@E ^GFFHS H@=GNRHS FN\GH N?T =>UG=HV &MME=T>?Y @E RP >?OE=RN?@HS @=GGH NFE?Y =>UG=HS ?GN=^GFFH N?T H<=>?YH KHKNFFP LGFE?Y @E <#$V



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4ABB

+IG=G N=G HGUG=NF ^NPH @E =GMEY?>HG N <N=@>MKFN= @=GG >?INL>@GT LP N <#$V +IG @=GG >H MEKFT LG NFYNGV +IG?S NMME=T>?Y @E HERG >?OE=RN?@HS NFREH@ NFF JK?><G= @=GGH Y=E^>?Y?GN= N ^N@G= HEK=MG LGFE?Y @E N <#$ N?T NH HKMI @IGP OGN@K=G N? Gc@=NE=T>?N=P M=E^?HIN<G N?T ?GGTFGH EO N TN=\G= MEFEK= @IG? E@IG= JK?><G=HV ,E^GUG=S @IG REH@ MERRE?

N?H^G= @E @IG bKGH@>E? EO IE^ @E =GMEY?>HG N <#$ T^GFF>?Y >? N @=GG ^NHg pWGE<FG H>R<FP\?E^ Î>MI @=GGH LGFE?Y @E <#$ N?T Î>MI ?E@Vr 2GME?TFPS N MERRE? >TGN >H @IN@ HKMI@=GGH N=G =GMEY?>HGT LP N UG=P NTUN?MGT RNH@G= IE IN<<G?H @E <NHH @I=EKYI @IG <FNMGVQE=GEUG=S IG MN? NFHE NMbK>=G @I>H >?OE=RN@>E? >? N T=GNRV +I>=TFPS N UG=P MERRE? N?T=GF>NLFG RG@IET EO =GMEY?>@>E? >H LP KH>?Y @IG HPR<@ERH EO @IG HE8MNFFGT <#$ T>HGNHG ;<#$34:AV 1O HERGE?G >?@G?@>E?NFFP E= K?>?@G?@>E?NFFP IN=RH N <#$

LP N T>HGNHG MNKHGT LP @IG <N=@>MKFN= <#$ NH =GUG?YGV +IG=G N=G RN?P E=NF NMMEK?@H EO

LP IN?Y>?Y >@ E? @=GGH LGFE?Y>?Y @E <#$ MN? >?HKF@ @IGR N?T FGNT @E N =GUG?YG ;2NRKGFBCC5g B49nB47AV G#$ N=G ^>TGFP \?E^? @E MNKHG UN=>EKH \>?TH EO H\>? T>HGNHGS >?OGM@>E?S

EO@G? FG<=EHPS N?T @IG N<<GN=N?MG EO HMN=H E? H\>?V & @P<>MNF HPR<@ER >H @IG FEHH EOGPGL=E^HV &? >?OE=RN?@ =GRGRLG=GT O=ER I>H MI>FTIEET N? GUG?@ @IN@ IN<<G?GT @EI>R NO@G= L=GN\>?Y N L=N?MI EO @=GG LGFE?Y>?Y @E N <#$ RN?P H>R>FN= MNHGHV

%N@K=NFFPS <GE<FG INUG @E ME<G ^>@I @IGHG <=ELFGRH N?T <FNMG @IG>= =GFN@>E?HI><^>@I @IG <#$ <#$ T>HGNHG >? ONM@ @IG <#$ N?T N<<GNHG >@V 2KMI N =>@KNF >H MNFFGT <#$ 87"/ ;o<#$ MN\GH MNFFGT 87"/ %4 <#$ <#$ >?

bKGH@>E?S NH @IG=G N=G Î>@G N?T LFNM\ <#$ ;<#$ :<4/ C" N?T <#$ 348 C"AV +IG OE=RG= N=G RGN@V +IG RN>? HEK=MG ME?@N>?>?Y @IG RN?KNFH OE= @IGHG =>@KNFH >H n >? @IG _E?<E G?U>8=E?RG?@ n @IG 0FKLKR ;<#$ b.$%AS <N=@ EO @IG _E?<E +[?JK= ;.>743 b89$/AV +IG 0FKLKR 5 RG?@>E?H N?E@IG= ^NP EO MK=>?Y T>H8GNHGH MNKHGT LP <#$ 8TNH ;H4/$ 4AS @IG <=>?M><FG G?GRP EO @IG <#$V: %GUG=@IGFGHHS @IG H@E=P =GME=TGT LP IG= >?/EF<E ME?MG=?GT N? NTUN?MGT FNRNV +IKHS G MN? HK<<EHG @IN@ @I>H NP >H =GH@=>M@GT @ERNH@G=HS NH ?E?G EO RP >?OE=RN?@H RG?@>E?GT HKMI N <EHH>L>F>@PV

QP bKGH@>E? E? @IG ME?HGbKG?MGH EO @IG ON@NF TNRNYG EO N <#$ @=GG HGGRGT @E RP>?OE=RN?@H UG=P ^G>=TV #HKNFFPS REH@ <GE<FG NY=GGT @IN@ >? HKMI MNHG @IG <#$ ÊKFTMNKHG T>HGNHG OE= @IG MKF<=>@H N?T HGG\ N ?G^ @=GGS NF@IEKYI @IGP ^G=G K?HK=G EO @I>HV1@ >H GU>TG?@ @IN@ <GE<FG N=G ?E@ >?@G=GH@GT >? HKMI H<GMKFN@>E?HS NH @IGP <=GUG?@ @IGHG@=GGH LG>?Y OGFFGTV

G#$ N=G EO@G? F>?\GT @E @IG NM@ EO OEK?T>?Y N <N=@>MKFN= GH@NLF>HIRG?@S N RE?NH@G=P E= <#$ S N H<=>?Y N?T N @=GGV +IG 'IN8FK?Y ;#14 #$38A RE?NH@G=P EO @IG -GFK\ ;:8& #$8>A HMIEEF >? 2<>@> UNFFGPS ,>RNMINF W=NTGHI N L>Y EFT ^>FFE^ @=GG ; AV +IG @=GG >H ?GN= N H<=>?Y N?T FK?Y@NH ;/#$38 /74AS <=NPG=




M>=MKFN= H@E?G ^NFF N=EK?T Î>MI FGNTH NHIE=@ M>=MKRNRLKFN@>E? <N@I ;\E=NS ><"/.4AV %GGTFGHH @E HNPS @IG @=GG >H GU>TG?@ @E

4 N?T BAV +IG E?FP FEMNF RE?\ =GH>T>?Y N@

N?T H<=>?Y LGFE?YGT @E N <#$ H@NP>?Y @IG=GV+IG E=>Y>? EO @IG H<=>?Y MN? LG @=NMGT

LNM\ @E RNH@G= $>?MIG? kN?Y<E ;/=3 ?1&3 DD9n4C99AS @IG Y=GN@ @=N?HFN@E= EO _KTTI>HR >? +>LG@ ; C19= :4/ S 44@I MG?8@K=PAV $>?MIG? kN?Y<E =GNF>HGTS @I=EKYII>H NMI>GUGT <E^G=HS @IN@ N <#$ RKH@ LGT^GFF>?Y N@ @IG <FNMGS HE IG <FN?@GT N @=GG

OE= I>R N?TS NH @IG <=E<NYN@E= EO RE?NH8@>M _KTTI>HRS GH@NLF>HIGT N RE?NH@G=P N@@IG UG=P H<E@V +IG @=GG <FNPH N? >R<E=@N?@=EFG >? @IG =GF>Y>EKH F>OG EO @IG ?GN=LP U>F8FNYGV WGE<FG EO@G? MERG @E <G=OE=R @IGM>=MKRNRLKFN@>E? N=EK?T >@V +I>H MN? LGK?TG=@N\G? N@ N?P @>RGS LK@ @IG REH@ NKH8<>M>EKH >H @IG EMMNH>E? EO @IG PGN=FP =>@KNFTGT>MN@GT @E @IG <#$ c<#$ 87"/]V WGE<FG HKO8OG=>?Y O=ER H\>? T>HGNHGH <N=@>MKFN=FPS

@IN@S @IGP NFHE L=>?Y @IG>= E^? RGT>M>?GS MNFFGT <#$ >%43VD +IKHS ^G MN? HGG @IN@ <#$ N=G?E@ E?FP NHHEM>N@GT ^>@I MNKH>?Y T>HGNHGHS LK@ NFHE ^>@I @IG <=EMGHH EO IGNF>?YV

& H>R>FN= H@E=P N<<GN=H N@ @IG 2NRF>?Y ;.>4% 8743 8#=38A RE?NH@G=P EO /EF<E ;HGGWIE@E 6AV +I>H ONREKH _E?<E RE?NH@G=P NFHE E^GH >@H LGY>??>?YH @E N UG=P <=ER>?G?@ 8HMN<GV -PNF@H[? $>?MIG? ; 9438 >7"3 /894# .7>43 /=3 ?1&3 S <=ELNLFP 46@I MG?@K=PAS MER>?YO=ER @IG >R<E=@N?@ =>@KNF N?T @GNMI>?YHl <N@=>8TGHMG?TG?@ .N?YNF ; 94 384#A F>?GNYGS =GM8EY?>HGT @IN@ >? @IG HRNFF UNFFGP EO @IG >?H@>@K@>E? N <#$ ^NH H@NP>?YS N?T R>=NMKFEKHFPE<G?GT N H<=>?Y OE= I>RV +IG H<=>?Y INH NF^NPH LGG? @IG E?FP ^N@G= HEK=MG OE= @IG

8 -PNF@H[? $>?MIG?lH NM@ @IG <#$ INH LGMERG @IG <=E@GM@E= N?T @IG FEMNF FE=T ;>4 .:48A EO@IG <FNMG NH GFF NH EO @IG RE?NH@G=P >@HGFOV +EYG@IG= >@I N?E@IG= FEMNF TG>@PS @IG YET EO@IG ?GN=LP QK\<E=E?Y ;>%$8 C" /"38A REK?@N>?S >H Ê=HI><GT GUG=P TNP >? @IG RE=?8 N=G TG<>M@GT >? E?G @IG RN>? HI=>?GH EO @IG RE?NH@G=PV +IG <#$ >H EO PGFFE^ MEFEK= N?T @IN@ @IG <#$ >H N >4 .:48V +IG RNJE=>@P EO NMNTGR>M H@KT>GH @=GN@ >4 .:48 N?T <#$ NH HG<N=N@GMFNHHGH EO LG>?YHV

<#$ ./48A

A1"7" +V 01& \FK 7/&& =3 5/"37 "5 ^14#$38 %"34>N7&/9V BC=7=T W3:=4V A1"7"8/4C1 .9 24<". G"?$/&<T)*+)V



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4ABX

@I>H MNHGS >@ ^NH @IG _E?<E RNH@G= N?T NYN>? IEFTG= EO @IG .N?YNF F>?GNYG +NHI> -PNFM[?;.</4 >1=> /894# %7>143AV ,>H @NH\ N@ @IG <FNMG EO ÎN@ ^NH FN@G= 'KL=N ^NH ?E@ GNHPV ,GINT @E TGOGN@ N? E<<EH>?Y FEMNF TGRE? N?T I>H ^>OGS LE@I EO ÎER N<<GN=GT >? @IGOE=R EO H?N\GHV )>?NFFPS +NHI> -PNFM[? @NRGT @IGR LP EN@I @E LGMERG <=E@GM@E=H EO @IG/EM@=>?GV +IN?S @Ê <>?G ?GGTFGH ^G=G H@KM\ >? @IG Y=EK?T N@ @IG <FNMG EO @IG @NR>?YN?T ^G=G MEUG=GT LP N LNH\G@V & H>Y? ^NH Gc<GM@GT @E TGM>T>?Y ÎG@IG= @IG H>@G ÊKFT

LG HK>@NLFG OE= N U>FFNYG E= ?E@V &O@G= HGUG? TNPH N ^NF?K@ @=GG H@N=@GT @E H<=EK@ O=ER @IG?GGTFGHV +I>H ^NH HGG? NH N YEET ERG? N?T 'KL=N ^NH GH@NLF>HIGTV +IG ^NF?K@ @=GG >HH@>FF Y=E^>?Y N@ >@H MG?@=G ;$NRLFG BCC6g 759AV &? >?@G=GH@>?Y <E>?@ >H @IN@ p@IG TGHMG?T8N?@H EO .G/4 >1=> /894# %7>143 FN@G= G?@ @E /EF<ES IG=G E?G EO @IGR OEK?TGT @IG NLEUGRG?@>E?GT 2NRF>?Y RE?NH@G=P N?T E@IG= =GF>Y>EKH MG?@=GHr ;>L>TVAV

8>?Y o@IG ^>FTl ;b:$# .4 N?T MINE@>MS >H @NRGT N?T HKLHGbKG?@FP >?@GY=N@GT >?@E @IG H@=KM@K=G N?T >@H <E^G=

LNHGT E? >@H <=GU>EKH N?@>8H@=KM@K=NF <EH>@>E? >H FN@G= KHGT @E OE=@>OP @IG H@=KM@K=GV 1? @IG >? @IGHG >?H@N?MGH <#$ N=G >?@GY=N@GT >?@E @IG H@=KM@K=G N?T INUG LGMERG <=E@GM@E=H EO@IG TEM@=>?GS N?T OK=@IG=RE=G LGMERG F>?\GT @E <FNMGH =G<=GHG?@>?Y @IG TEM@=>?G >@HGFOV4C

A1"7" )V 01& \FK 7/&& =3 :&74=#V BC=7=T W3:=4V A1"7"8/4C1 .9 24<$. G"?$/&<V




1 2 + , * 3 " % + * Q W " $ & $. 2 1 + #& + 1 " % & $ * 2 # '+ " ) + , * W & 2 +

fIN@ >H @IG MNKHG EO @IG T>HM=G<N?MP LG@^GG? +>LG@N? @Gc@KNF HEK=MGH ;N?NFPHGT LP 83943 NH @IG <#$V

"?G Gc<FN?N@>E? MN? LG HEKYI@ >? Q>=MGN *F>NTGlH <IG?ERG?EFEY>MNF @IGE=>GH EO=GF>Y>E?V *F>NTG ÊKFT N=YKG @IN@ ?N@K=NFFP @IG=G >H N MFEHG F>?\ LG@^GG? ^N@G=S UGYG@N8@>E? N?T HE>FV 1? @IG @I=GG8OEFT <G=MG<@>E? EO @IG +>LG@N? Ê=FTS <#$ N=G <FNMGT >? @IGK?TG=Ê=FTV +IKHS @IGP N=G ME??GM@GT @E HE>F N?T N@G=S N?T @IG? @IG=G >H E?FP N H@G< @E

LGMERG ME??GM@GT @E UGYG@N@>E? N?T NY=>MKF@K=GV &H HKMI >@ >H ?E@ HK=<=>H>?Y @IN@ @IGP<FNP N RE=G >R<E=@N?@ =EFG >? <GE<FGlH F>UGH @IN? 83943 N?T .7>43V%GUG=@IGFGHHS O=ER @IG @Gc@H >@ >H GU>TG?@ @IN@ @IG ME??GM@>E? LG@^GG? 83943 N?T

@=GGH ^NHS N@ FGNH@ N@ @IG @>RG EO @IG>= MER<EH>@>E?S H@=E?YG=V 1@ HGGRH @E RG @IN@ @IGN^N=G?GHH EO 83943 INH Y=NTKNFFP ONTGT N?T <#$ INUG <N=@FP =G<FNMGT @IGR N?T @N\G?@IG>= =EFGHV +IG 0FKLKR >H H@>FF N <E<KFN= @Gc@ N?T >? KHGS Î>FG >? ME?@=NH@ @IG 83943b.$% INH LGMERG ?GYFGM@GTV44 +I>H <=EMGHH MN? LG IN=TFP Gc<FN>?GT LP @IG <=GHG?@GT<IG?ERG?EFEY>MNF N<<=ENMIV

1 LGF>GUG @IN@ @IG bKGH@>E? MN? LG N?H^G=GT LP =GMG?@ H@KT>GH EO GMEFEY>MNF MIN?YGHIN<<G?>?Y E? @IG +>LG@N? WFN@GNKV 2E ON=S @IG WFN@GNK INH LGG? K?TG=H@EET NH ?N@K=NFFP

@=GGFGHHS MEUG=GT LP H@G<<GS HGR>8TGHG=@ E= TGHG=@ L>E@E<GHV ,E^GUG=S -GE=Y Q>GIG N?TE@IG=H KH>?Y <EFFG? N?T MIN=MENF N?NFPH>H INUG <=EUGT @IN@ N Y=GN@ <N=@ EO @IG N=GN NH >?

A1"7" ,V B4%#=38 %"34>7&/9T M"#C"T -&C4#V A1"7"8/4C1 .9 24<$. G"?$/&<V



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4AB7

@IG <NH@ OE=GH@GTV )K=@IG=RE=GS @IGP INUGHIE^? @IN@ >? 3G?@=NF +>LG@ @IG MF>RN@G>H H@>FF HK>@NLFG OE= OE=GH@H @E Y=E^ @ETNPN?T @IN@ >@ >H <EHH>LFG @E =G<FN?@ @IG N=GN;Q>GIG G@ NFV +IG RNJE=

<N=@ EO @IG N?@>M><N@GT OE=RG= OE=GH@ MEUG=ME?H>H@GT EO @Ê H<GM>GH EO JK?><G= ; 2$3=N

C&/$> ?"3O4##=$%T 2$3=C&/$> 7=.&7=?4A Î>MIY=G^ RN>?FP E? @IG HEK@IG=? REK?@N>?HFE<GHS IG=GNH L>=MI ; >CCVA MEUG=GT@IG ?E=@IG=? HFE<GHV $>UG= LN?\H >? UNF8FGPH ^G=G TER>?N@GT LP HGN8LKM\@IE=?H;`=CC"C14& >CCVA N?T ^>FFE^H ; AV+IG =GHGN=MI ^NH RN>?FP K?TG=@N\G?

0N>HG= G@ NFV BCCDAS N?T >? &RTE ;Q>GIGG@ NFV BCCDA N?T 'E^G= QKH@N?Y ;!IN=\E@?GN= QK\I@>?N@IA ;Q>GIG G@ NFV BCC:LAV 8@>E? ^NH MNKHGT LP IKRN? NM@>U>@PV /K=8>?Y @IG R>T8,EFEMG?G MF>RN@>M E<@>RKR;5CCCn6CCC _3*A %GEF>@I>M ?ERNTH N?TON=RG=H K?TG=@EE\ @IG >?>@>NF MFGN=>?Y EO

8 _3*A ;Q>GIG G@ NFV BCC:Ng 454AS 2EK@I +>LG@ ;O=ER 679C _3*A ;0N>HG= G@ NFV BCCDg 499BAS N?T

!IN=\E@ >? QKH@N?Y ;XXCCn6:CC _3*A ;Q>GIG G@ NFV BCCDg B7BAV 2>?MG @I>H @>RG @IG OE=GH@H .>438AV +IG Y=NTKNF TGH@=KM@>E? EO @IG OE=GH@H >H <N>?@>?YH >? @IG !E\IN?Y ; d" <1438A @GR<FG >? 'INHN HIE^ IE^ FEYH O=ER @IG ?G>YILEK=8>?Y HFE<GH ^G=G MN==>GT @E @IG ME?H@=KM@>E? H>@G H>@KN@GT E? N ^G@FN?Tr ;BCC7g 7BAV +I>H>R<F>GH @IN@ @>RLG= O=ER @IG E=>Y>?NF OE=GH@H ^NH H@>FF NUN>FNLFG N@ @IG @>RG EO @IG ME?8H@=KM@>E? EO @IG !E\IN?Y @GR<FG ;7XC 3*AV 1? 3G?@=NF +>LG@ IGNU>G= IKRN? >R<NM@ N?T@IG GUEFK@>E? EO @IG <=GHG?@ TGHG=@ <NH@K=GH H@N=@GT N=EK?T 4XBC 3* TK=>?Y @IG OEK?TN8@>E? <G=>ET EO @IG FN=YG RE?NH@G=>GH N=EK?T 'INHN ;>L>TVg 77AV +IG <=EMGHH ME?@>?KGTK?@>F @IG <=GHG?@ @>RGV )E= >?H@N?MGS >? !IN=\E@S EFT <GE<FG MN? H@>FF =GRGRLG= IK?@>?Y >?N L>=MI OE=GH@ NLEUG QK\@>?N@I >? @IG 4DBCH n >? ÎN@ >H @ETNP N @=GGFGHH NF<>?G G?U>=E?8RG?@ ;Q>GIG G@ NFV BCCDg B95AV 2>R>FN=FPS N? NTT>@>E?NF @I>=@GG? FEMN@>E?H EO JK?><G= @=GGHE= OE=GH@H INUG LGG? =GME=TGT LP I>H@E=>MNF TEMKRG?@H N?T E=NF NMMEK?@HV +IGHG ^G=GTGH@=EPGT >? ^N=H E= NH FN@G NH TK=>?Y @IG 3KF@K=NF $GUEFK@>E? ;Q>GIG G@ NFV BCC:Ng 479AV

=GRN>?>?Y JK?><G= Y=EUGHS =GH>TKN EO @IG E=>Y>?NF MEUG= ;>L>TVg 45Bn457AV4B +IG L>YYGH@SREH@ ONREKH N?T <G=MG>UGT NH @IG REH@ HNM=GT NRE?Y @IGR >H @IG OE=GH@ EO $G@>?YV ,G=G

A1"7" eV 01& \FK 4?7=38 4> #"?4# :&=79 ;HN LTNYA "5 B4%#=38 %"34>7&/9V _CC&/ M"#C"T -&C4#V A1"7"N 8/4C1 .9 24<$. G"?$/&<V




@=GGH K< @E N IG>YI@ EO H>c@GG?S N?T N T>NRG@G= EO @ÊS RG@=GH INUG HK=U>UGT ;>L>TVg 45CAV2>R>FN=FPS E@IG= =GR?N?@ OE=GH@ <N@MIGH N=G U>G^GT NH HNM=GT N?T RE?NH@G=>GH INUG LGG?H>@KN@GT >? @IG>= U>M>?>@PV

&H INH LGG? TGRE?H@=N@GTS NFF @IG LG>?YH >?INL>@>?Y @=GGH G>@IG= GcMFKH>UGFP <=GOG= JK?><G=H E= HIE^ N H@=E?Y >?MF>?N@>E? OE= @IGRV 1? RP E<>?>E?S @I>H R>YI@ LG N ME?8

HGbKG?MG EO @IG OEFFE^>?Y TGUGFE<RG?@g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b.$%A N MEFFGM@>E? EO =>@KNF @Gc@H TGNF>?Y ^>@I 83943 N?T >?ME=<E=N@GT

?N@K=G G<>@ER>HGT RN>?FP LP 83943 H<>=>@H N<<GN=HV +IG bKN==GF FGNTH @E @IG T>MIE@ERP LG@^GG? QN? N?T @IG HK<G=?N@K=NF OE=MGH >?INL>@>?Y ?N@K=GV +IG H@E=P MN? LG =GNT NHN RG@N<IE= OE= TERGH@>MN@>?Y N?T @NR>?Y @IG ?N@K=NF Ê=FTV & H>R>FN= <>M@K=G >H <=G8 Ag

<4#C4 N=>HGHS IKRN? LG>?YH N=G >? <EUG=@P NH @IG>= <=EU>H>E?H TGMF>?GV ,NU>?Y <FEKYIGTN=>T Y=NHHFN?T OE= ON=R>?YS >4 83943 N=G @K=?GT K<V E1$ 83943 N=G T>H@K=LGT LP @IG B1=38

83943 N=G TGOE=GH@GT N?T /:" 83943 N=G K<=EE@GT E= EUG=@K=?GTV ;ZN=YNH BC4Cg 65DA

+IG=GOE=GS N<N=@ O=ER <=NM@>MNF =GNHE?HS MFGN=>?Y E=>Y>?NF UGYG@N@>E? MEKFT NFHE INUGINT N MEHREFEY>MNF MIN=NM@G=V +IKHS @IG @Gc@H FEMN@>?Y 83943 <=>RN=>FP >? @=GGH N?TOE=GH@H R>YI@ LG <=GHG=U>?Y @IGHG EFT >TGNHV & H@=>\>?Y ONM@ >H @IN@ @IGHG @=NT>@>E?H N=GRKMI RE=G ^>TGH<=GNT >? #<<G= /EF<ES ÎG=G @IG %P>?YRN N?T _E? @=NT>@>E?H N=G<=GUNFG?@S @IN? >? @IG -GFKY TER>?N@GT UNFFGP EO 2<>@>V +I>H ONM@ MEKFT NFHE <E>?@ @E @IGN?@>bK>@P EO @IGHG ME?MG<@HV +IG =GR?N?@H EO @IG OE=GH@H =G<=GHG?@ @IG E=>Y>?NF MINE@>MN?@>8H@=KM@K=GS ?E^ @NRGTS E= =N@IG=S TGH@=EPGTV +I>H TGUGFE<RG?@ MEKFT NFHE LG @IG=GNHE? OE= @IG>= HNM=GT?GHH N?T MERRE? <FNMGRG?@ ?GN= RE?NH@G=>GH I>MI OK?M@>E? NH@IG C=##4/> EO @IG H@=KM@K=GV +IKHS RE?NH@G=>GH HKLTKG @IG N?@>8H@=KM@K=GS >?ME=<E=N@G >@>?@E @IG H@=KM@K=G N?T LP @I>H YG?G=N@G G?G=YPS I>MI >H @IG? <NHHGT E?V & H>R>FN= Gc<FN8 .>438] Î>MIS NH <N=@ EO @IG E=>Y>?NF^>FT N?T K?TERGH@>MN@GT H<IG=GS N=G <G=MG>UGT NH G?TE^GT ^>@I <E^G=V



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4AB:

&@ @I>H <E>?@ N? >?@G=GH@>?Y <N=NFFGF O=ER QE?YEF>N MN? LG RG?@>E?GTV &FG?N "LG=8 8@>UG OE=MGH =GH>TG >? HEF>@N=P E= T=P @=GGH E= LKHIGHS KHKNFFP >? N MFEHGT >HEFN@GT =NU>?G^>@I HGUG=NF @=GGHS >? HEF>@N=P Y=EUGHS N=EK?T H<=>?YHS >? HRNFF REK?@N>? <NHHGHS E= >?=EM\H EO <GMKF>N= OE=RH E= MEFEK=Hr ;BCC5g BXBAV WN=NFFGFH ^>@I @IG +>LG@N? G?U>=E?RG?@S

<N=@>MKFN=FP ^>@I @IG 83943 S N=G MFGN=S NH >H @IG <EHH>L>F>@P @IN@ ^G N=G TGNF>?Y ^>@I N?N?M>G?@ MKF@K=NF HKLH@=N@G HIN=GT LP LE@I N=GNHV

3 " % 3 ' # 2 1 " %

&H INH LGG? HIE^? >? /EF<ES @=GGH N=G >? @IG EUG=ÎGFR>?Y RNJE=>@P NHHEM>N@GT ^>@I<#$V +IG <#$ ^G=G @IG E?FP Y=EK< EO oHK<G=?N@K=NF @=GG T^GFFG=Hl NLEK@ Î>MI 1 ^NH NLFG@E =GMG>UG TG@N>FGT >?OE=RN@>E?V 1@ >H GU>TG?@ @IN@ <#$ INUG @IG Y=GN@GH@ <=NM@>MNF >R<NM@E? @IG TN>FP F>UGH EO MERRE? <GE<FGV 1? ONM@S <#$ =G<=GHG?@ @IG H>?YFG Y=EK< EO HK<G=?N@8

K=NF LG>?YH ÎEHG F>?\ @E @=GGH >H YG?G=NFFP \?E^?V +IG =GNHE? >H ELU>EKHS NH <GE<FGlHTGNF>?YH >@I @IG <#$ INUG <=NM@>MNF ME?HGbKG?MGH OE= @IGRS N@ FGNH@ >? @IG /EF<E =GY>E?N?T >? 2<>@> >? ,>RNMINF W=NTGHIV 0FKRLKR >H N ^>TGFP KHGT @Gc@V 1? ME?@=NH@S N^N=G8?GHH EO E@IG= \>?TH EO LG>?YH N?T @IG>= ME??GM@>E? ^>@I @=GGH >H >? RP E<>?>E? =GH@=>M@GT@E =GF>Y>EKH H<GM>NF>H@HV

8GH@H N?T @=GGH <N=@>MKFN=FP >@I 83943 >?UEFUG @N\>?Y >?@E NMMEK?@ @IG MIN?YGH @IG ?N@K=NF G?U>=E?RG?@ >? +>LG@ INH K?TG=8 83943V "? @IGE@IG= IN?TS @IG <#$ INUG LGMERG <=GUNFG?@ NH @=GG8T^GFF>?Y LG>?YHS H>?MG @IG HK=U>U>?Y

@=GGH ^G=G REH@FP FEMN@GT ?GN= =>UG=H N?T E@IG= ^N@G= HEK=MGHV 1 INUG N=YKGT @IN@ OGFF8>?Y EO @IG E=>Y>?NF EETFN?T R>YI@ INUG INT N MEHREFEY>MNF T>RG?H>E? EUG= N?T NLEUGN?P <=NM@>MNF ME?H>TG=N@>E?Hg @IG OE=GH@H =G<=GHG?@GT @IG ^>FT N?T IEH@>FG LK@ <E^G=OKFH<IG=G E<<EHGT @E TERGH@>MN@>E? N?T @NRGT H<NMGV +IG 83943 N?T .7>43 ÊKFT ONFF >?@E 8@K=NFFPS N?@>8H@=KM@K=NF G?@>@>GH G?TE^GT ^>@I <E^G= EO@G? LGMERG HNM=GT ;MOV /EKYFNHBCCBAV +I>H ^NH NFHE @IG MNHG OE= +>LG@N? HNM=GT Y=EUGHV &RE?Y @IG @=GGH >? +>LG@S JK?>8

LG>?YHV +I>H R>YI@ LG TKG @E @IG H<GM>NF =EFG EO JK?><G= >? +>LG@N? MKF@K=G ;.>438 8>?YHA N?T NFHE @E >@H I>YI <=E<E=@>E? >? @IG E=>Y>?NF OE=GH@ MEUG=V

ÎG=G FEYY>?Y INH =GMG?@FP EMMK==GT ;0INRS _IK@N? N?T 2>\\>RA >? E=TG= @E MFN=>OP @IGH@=G?Y@I EO @IG F>?\ LG@^GG? @IG LG>?YH N?T <N=@>MKFN= @=GGHS >VGV @E N?H^G= @IG bKGH8@>E? EO ÎN@ IN<<G?H >O N? >?INL>@GT @=GG >H MK@ TE^?V +IG?S N? N?NFPH>H EO @IG @Gc@KNFHEK=MGHS <N=@>MKFN=FP EO 0FKLKR N?T @IG REH@ >R<E=@N?@ HEK=MG %P[?LKRS I>MI INH HEON= LGG? K?TG= >?UGH@>YN@GT LP fGH@G=? HMIEFN=HS EKFT =GUGNF RN?P >?@G=GH@>?Y <E>?@H=GFGUN?@ @E @IG @E<>MV +IG TN@N O=ER EETGT N=GNH HIEKFT LG MER<N=GT >@I @IEHG O=ERN=GNH OE=RG=FP OE=GH@GT N?T N@ @IG <=GHG?@ NFREH@ @=GGFGHHV 1? NTT>@>E?S TG@N>FGT =GHGN=MIE? @IG =GRN>?>?Y Y=EUGH N?T @IG>= =EFG >? <E<KFN= =GF>Y>E?S IE^ @IGP N=G Ê=HI><<GTSN?T FEMNF FGYG?TH Gc<FN>?>?Y @IG>= F>?\ @E <N=@>MKFN= RE?NH@G=>GHS >H ?GMGHHN=PV



G"?$/&<L E"37&%C"/4/9 A"C$#4/ E"3?&C7> "5 0FK 43: -?PN? 4> 4 D&>$#7 "5 6?"#"8=?4# E1438& BD

'G@ RG ME?MFKTG >@I N =N@IG= <=EUEMN@>UG <=GT>M@>E?g 1O =GOE=GH@N@>E? EO @IG E=>Y>?NF JK?><G= @=GGH @N\GH <FNMG >? +>LG@ >? @IG OK@K=GS R>YI@ 83943 N?T .7>43 LG>?YH LG LNM\

Q?<3"[#&:8&%&37>

8 8 2GI?NFEU`V

% " + * 2

% )E= @IG FGYG?TN=P LNM\Y=EK?T HGG 0N=RNP 4DD:g B96nB9XV +IG Ê=T 83943 INH HGUG=NF T>O8OG=G?@ ME??E@N@>E?H N?T RGN?>?YHS NFF EO @IGR ^>@I ^=N@IOKF N?T ^>FT NH<GM@Hg 4V ^>FT REK?@N>?HIGG< &=YNF> ;\O=> 4%%"3 8<E?G?@ EO ?NRGH EO FEMNF TG>@>GH NH ^GFF NH +>LG@N? \>?YHV 2GG ?E@G XV

& 83943 N=G EO@G? NHHEM>N@GT ^>@I RG@GE=EFEY>MNF ME?T>@>E?H;=N>?S ^>?TS =N>?LE^HS G@MVA N?T MGFGH@>NF LET>GH ;4DD7g B:DAV

' & YG?G=NF +>LG@N? N<<GFFN@>E? EO TG>@>GH EO I>YIG= H@N@KHV( +IG Ê=T .>743 ;N?T >@H TG=>UGT OE=R .>743 C"A INH @IG OEFFE^>?Y RGN?>?YHg 4V H@=E?YS <E^G=8

83943 S .>743 NFHE OE=RH

%PN@I=> +H[?<E ; 8394U <1/= 7>43 C"AS @IG?S OE= >?H@N?MGS 'IN@IE +IE=> %P[?@H[? ;#14 71" 71" /= 83943.7>43

)

* <#$ MEFEK=HS LK@ @IGHG @I=GG MEFEK=H ^G=G RG?@>E?GT LP RP >?OE=RN?@HV

+ 0>?T BC4Bg B7XnB75V, +IGP INUG @IG HNRG =EFG NH >? 1?T>N? RP@IEFEYPS >? I>MI @IGP N=G KHKNFFP TG<>M@GT IEFT>?Y

H?N\GH >? @IG>= MFN^HV- +I>H >H KHKNFFP LEKYI@ O=ER @IG +>LG@N? QGT>MNF 3G?@=G >? /IN=NRHNFNV%. &? N=MIG@P<NF GcNR<FG >H @IG H@E=P EO WNTRNHNRLINUN @NR>?Y FEMNF TG>@>GH E<<EHGT @E @IG

>?@=ETKM@>E? EO @IG ?G^ _KTTI>H@ =GF>Y>E?V%% "? 83943 b.$% HGG 0N=RNP BC4Cg 96n7:V%& &FHE ME?@N>?H N F>H@ EO @IG =GRN>?>?Y Y=EUGH N?T @=GGH NFE?Y >@I N L=>GO TGHM=><@>E?S >?MFKT8

>?Y @IG>= MEE=T>?N@GHV

$ * ) * $ * % 3 * 2

3E=?KS WI>F><<G BCCBV 0=.&743 Q>7/"#"89V _EH@E? v 'E?TE?g 2INRLINFNV/NHS 2N=N@ 3IN?T=N 4DD:V Q 0=.&743N638#=>1 M=?7="34/9V /GFI>g _EE\ )N>@I 1?T>NV

/EKYFNHS QN=PV A$/=79 43: M438&/L Q3 Q34#9>=> "5 E"3?&C7> "5 A"##$7="3 43: 04."" .E=\g $EK@FGTYGV






ZEFV 5 ;4Ag 64nX:

64

2 " f 1 % - + , * 2 * * / 2 " ) )& 1 + , g & 3 & 2 * 2 + # / ." ) & % & Q * $ 1 3 & % Q 1 2 2 1 " % & $ . 1 % + , *

$ # 2 2 1 & % % " $ + ,

W1$*+ 0""2&$GHGN=MIG=S Q&

*H@E?>N? %N@>E?NF QKHGKRZGH\> 6BS 94C4X +N=@KS *H@E?>N

WI/ 3N?T>TN@G/G<N=@RG?@ EO *@I?EFEYP

1?H@>@K@G OE= 3KF@K=NF $GHGN=MI N?T )>?G &=@H#?>UG=H>@P EO +N=@K

]F>\EEF> 4:S 9CCDC +N=@KS *H@E?>NG8RN>Fg <>=G@V\EEHNiYRN>FVMER

&_2+$&3+2>?MG @IG GN=FP 4DDCH OE=G>Y? R>HH>E?N=>GH INUG GNYG=FP U>H>@GT @IG $KHH>N? )GTG=N8@>E? @E T>HHGR>?N@G -ETlH Ê=T NRE?Y @IG HKLJGM@H EO @IG OE=RG=FP N@IG>H@ H@N@GV 8G=>?Y OEFFE^G=HV ,E^GUG=S @IG $KHH>N? "=@IETEc 3IK=MI N?T >@H HK<<E=@G=H INUG?E@ GFMERGT @IG GUN?YGF>H>?Y E=\ EO W=E@GH@N?@ R>HH>E?N=>GHV +IG <=GHG?@ N=@>MFGN>RH @E GcNR>?G HERG NH<GM@H EO @IG TGUGFE<RG?@ EO @I>H =GFN@>UGFP ?G^ =GF>Y>EKHT>UG=H>@P N@ @IG Y=NHH8=EE@H FGUGF LP N?NFPH>?Y @IG =EFG EO N? &RG=>MN? R>HH>E?N=P>? OE=R>?Y N? GUN?YGF>MNF ME?Y=GYN@>E? >? N HRNFF =K=NF MERRK?>@P >? @IG $G<KLF>M

<G=H<GM@>UG N?T @IG FEMNF =GH<E?HG @E I>H <=GHG?MGV

0*.f"$/2g *UN?YGF>MNF R>HH>E?N=>GH >? $KHH>N ! $G<KLF>M EO 0ER> ! "=@IETEc ! MERRK?>@P ! <FNMG

1? @IG OEMKH EO @I>H N=@>MFGy >H N MNHG H@KTP EO N? &RG=>MN? GUN?YGF>MNF R>HH>E?N=P >? @IG @IG =GF>Y>EKH H>@KN@>E? >? @IG $KHH>N? )GTG=N@>E? N?T >? @IG $G<KLF>M EO 0ER> @E EK@F>?G@IG >TG= O=NRGÊ=\ >? I>MI GUN?YGF>MNFH E<G=N@G N?T @E I>MI @IGP =GNM@V 1? @IG HKL8

N ME?Y=GYN@>E? >? N HRNFF 0ER> U>FFNYG N?T IE^ @IG HK==EK?T>?Y =K=NF G?U>=E?RG?@>H Gc<G=>G?MGT N?T =G<=GHG?@GT >? I>H ?N==N@>UGHV 1 ^>FF @IG? @NM\FG @IG ?E?8GUN?YGF>MNF;@G?@N@>UGFP "=@IETEcA =GH<E?HG @E @IG GUN?YGF>MNF G?@G=<=>HG E? @IG E?G IN?TS N?T FEE\N@ IE^ @IG &RG=>MN? >H TG<>M@GT >? @IG ?N==N@>UGH EO FEMNF GUN?YGF>MNFH N?T IN@ \>?T EO=EFG IG >H HGG? @E INUG ^>@I>? @IG MERRK?>@P IG >?>@>N@GTS E? @IG E@IG=V

y +I>H =GHGN=MI ^NH HK<<E=@GT LP @IG *K=E<GN? #?>E? @I=EKYI @IG *K=E<GN? $GY>E?NF /GUGF8E<RG?@ )K?T ;3G?@=G EO *cMGFFG?MGS 3*3+A N?T @IG *H@E?>N? 2M>G?MG )EK?TN@>E? ;Y=N?@ ?EV :669AV



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A6B

W $ " + * 2 + & % + 2 1 % + , * $ * W # _ ' 1 3 " ) 0 " Q 1

+IG G@I?EY=NM RN@G=>NF <=GHG?@GT >? @I>H <N<G= INH LGG? MEFFGM@GT EUG= @IG MEK=HG EO B >? @IG$G<KLF>M EO 0ER>V +IG $G<KLF>M EO 0ER>S ^>@I N <E<KFN@>E? EO NLEK@ DCCSCCC N?T HMN@8

@G=GT EUG= @IG @G==>@E=P EO X47S:CC \Rz >H H>@KN@GT >? @IG ?E=@I8GNH@G=? <N=@ EO *K=E<GN?$KHH>NV %GN=FP N @I>=T EO @IG =G<KLF>MlH <E<KFN@>E? F>UGH >? @IG MN<>@NFS 2P\@PU\N=V f>@IFN=YG OE=GH@ N=GNH N?T >?TKH@=>NF @E^?H TGUGFE<GT ?GN= OE=RG= 2EU>G@ <=>HE? MNR<HS0ER>FN?T >H ME?H>TG=GT @IG <G=><IG=P >? @IG ^>TG= $KHH>N? ME?@Gc@V

)E= MG?@K=>GH LE@I @IG $KHH>N? "=@IETEc 3IK=MI N?T REH@ EO >@H >?INL>@N?@H INUG =GF>Y>EKH H@=KM@K=GH ^G=G NFREH@ MER<FG@GFP NLEF>HIGTV ,E^GUG=S NMME=T>?Y @E 2G=YGP)>FN@EUlH ;BCC9g 454A GH@>RN@>E? "=@IETEc @=NT>@>E? NRE?Y FNP <GE<FG ^NH NM@KNFFP <=G8 8@>E? EO YN@IG=>?Y N@ <=NPG= RGG@>?YH ^>@IEK@ E=TN>?GT MFG=>MH ;MOV 0EEHNS 'GG@G BC44AV+I>H INH @E TE ^>@I @IG ONM@ @IN@ EO@G? G?EKYI @IG=G ^G=G H>R<FP ?E <=>GH@H =GYKFN=FPNUN>FNLFG >? @IG =GRE@G U>FFNYGH GUG? LGOE=G @IG 2EU>G@ <G=>ETV +ETNPS NF@IEKYI >?T>8U>TKNFFP <GE<FG MN? LG IGH>@N?@ >? MNFF>?Y @IGRHGFUGH "=@IETEc LGF>GUG=H LGMNKHG @IGPOGGF @IGP FNM\ @IG ?GMGHHN=P \?E^FGTYG N?T <=NM@>MG NHHKRGT LP @IG 3IK=MIS N? NUG=8 'GG@GS 0EEHN BC4BAV *UG? ?E?8LGF>GUG=H @G?T @E @I>?\ @IN@ @IG=G >H N MG=@N>? oME==GM@l NPEO LGF>GU>?Y @IN@ >H NMMG<@NLFG >? @IG 0ER> ME?@Gc@V &@ @IG HNRG @>RG <GE<FG MN? LG UG=PM=>@>MNF @E^N=TH IN@ @IGP HGG NH <KLF>M Gc<FE>@N@>E? EO ON>@I LPS OE= GcNR<FGS <EF>@>M>N?HV

fI>FG "=@IETEcP >H ME?H>TG=GT @E LG @=NT>@>E?NF NRE?Y @IG 0ER>S HRNFF W=E@GH@N?@ EO @IEHG FEMNFH IE INT ME?UG=@GT @E HERG W=E@GH@N?@ TG?ER>?N@>E? I>FG N^NP O=ER @IGIERG =GY>E? TK=>?Y @IG>= H@KT>GH E= N=RP HG=U>MGV 2EE?S @IG 2EU>G@ <=>HE? MNR<H GH@NL8F>HIGT >? 0ER> @G==>@E=P <=EUGT @E <=EU>TG N?E@IG= HEK=MG OE= >?H@>YN@>?Y ?G^ W=E@GH@N?@Y=EK<HV )E=RG= <=>HE?G=H N?T TG<E=@GGH <=GTER>?N?@FP O=ER @IG _NF@>M 2@N@GHS _GFN=KHN?T #\=N>?G ^G=G @IG >?>@>N@E=H EO HKMI MERRK?>@>GH6 @IN@ @IGP LGFE?Y @E HERG \>?T EO W=E@GH@N?@ TG?ER>?N@>E? ;&=G?N BC4Bg 4:BAV

8

GTG?@GT ?KRLG= EO OE=G>Y? R>HH>E?N=>GH O=ER UN=>EKH MIK=MIGH N?T TG?ER>?N@>E?HH@N=@GT @E N==>UG >? $KHH>N @E <=GNMI -ETlH RGHHNYG NMME=T>?Y @E @IG>= K?TG=H@N?T>?YV+I>H bK>M\FP TGUGFE<GT o=GF>Y>EKH RN=\G@<FNMGl >@I N T>UG=HG NHHE=@RG?@ EO YEETH NH>?TGGT G?@IKH>NH@>MNFFP ^GFMERGT LP RN?PS Î>FG RN?P ^G=G NFHE ME?OKHGT LP @I>HHKTTG? T>UG=H>@PV &@ @IG HNRG @>RGS @IG $KHH>N? "=@IETEc 3IK=MI ;$"3A OGF@ >?M=GNH8>?YFP K?MEROE=@NLFG ^>@I @IG ?G^ N?T NM@>UG MER<G@>@E=HV fI>FG @IG $"3 INT N@ >@HT>H<EHNF @IG N=YKRG?@H EO @=NT>@>E? N?T ME?@>?K>@P >? MFN>R>?Y N H<GM>NF <EH>@>E? >? @IG$KHH>N? )GTG=N@>E?S @IG RE=G M=>@>MNF UE>MGH >? HEM>G@P =N>HGT @IG bKGH@>E? EO @IG $"3lHEUG=FP MFEHG MEE<G=N@>E? ^>@I @IG 2EU>G@ NK@IE=>@>GH n N MIN=YG O=ER Î>MI @IG ?G^8

MIK=MIGH NFHE MNKHGT T>HME?@G?@ NRE?Y @IG "=@IETEc ÎE EO@G? H>R<FP INUG ?E@ LGG?NLFG @E MER<G@G ^>@I >@S RN>?FP FNM\>?Y @IG ?GMGHHN=P Gc<G=>G?MGV QE=GEUG=S @IG $"3



G"">4L B"[=38 71& B&&:> "5 ;4=71L Q E4>& B7$:9 "5 43 Q%&/=?43 X=>>="34/9 =3 71& D$>>=43 -"/71 66

@G?TH @E @I>?\ EO @IG R>HH>E? NM@>U>@>GH EO E@IG= 3I=>H@>N? TG?ER>?N@>E?H >? @IG $KHH>N?)GTG=N@>E? NH K?FNÔKFS NH >@ ME?H>TG=H @IG <GE<FG NF=GNTP "=@IETEc ;HGGS OE= GcNR<FGS0>=>FF 4DDDg 5Bn59AV

K?^N?@GT MER<G@>@E=H ^NH @E FNLGF @IGR oHGM@N=>N?l ;HGG _N=N? BCC7AV *UG? 3I=>H@>N?

TG?ER>?N@>E?H ^GFF GH@NLF>HIGT >? @IG #2& N?T *K=E<G INUG LGG? TG<>M@GT NH TN?8YG=EKH N?T @E@NF>@N=>N? >? @IG N?@>8HGM@N=>N? T>HMEK=HG Î>MI INH LE==E^GT N FE@ O=ER

+IG 'N^ E? )=GGTER EO 3E?HM>G?MG N?T $GF>Y>EKH &HHEM>N@>E?H NTE<@GT >? 4DD5 8N@>?Y @=NT>@>E?NF N?T ?E?8@=NT>@>E?NF =GF>Y>EKH >?H@>@K@>E?H N?T NM\?E^FGTY>?Y "=@IE8 8H>L>F>@>GH EO =GY>H@=N@>E? EO ?G^ =GF>Y>EKH MERRK?>@>GHV 1? BCCC @I>H ^NH OEFFE^GT LPN ?N@>E?NF HGMK=>@P <EF>MP TEMKRG?@ @IN@ MFGN=FP T=G^ N ME??GM@>E? LG@^GG? OE=G>Y?

oHGM@N=>N?Hl ^>@I @IG I>TTG? K?TG=R>?>?Y Ê=\ EO OE=G>Y? MEK?@=>GH >H ?E@ N ?G^ >TGNV3N@IG=>?G fN??G= ;BCCXg 5XBA INH <E>?@GT EK@ @IN@ >? @IG 2EU>G@ G=N E?G EO @IG RN>? =GN8 >? NTT>@>E?S @IG OK?TNRG?@NF>H@ W=E@GH@N?@ MIK=MIGH >? @IG fGH@ N?T GH<GM>NFFP >? @IG#2& ^G=G Gc@=GRGFP N?@>8MERRK?>H@V $GMG?@ HEM>EFEY>MNF HK=UGPH ME?@>?KG @E >?T>MN@G@IN@ &RG=>MN >H =GYN=TGT NH N? NYY=GHHE=S K?O=>G?TFP @E^N=TH $KHH>N N?T ^>@I @IG N>REO ME?@=EFF>?Y @IG Ê=FT ;kE=\NPN BC4Bg BCCS BC5nBC:AV *@I?EY=NMNF TN@N O=ER 0ER>

N?c>G@>GH NLEK@ K?ONR>F>N= =GF>Y>EKH <=NM@>MGH N=G @IG @Ê RN>? HEK=MGH EO HMG<@>M>HR^>@I =GYN=T @E =GF>Y>EKH Y=EK<H @IN@ N=G <G=MG>UGT NH OE=G>Y?V

f 1 ' ' 1 & Q & % / , 1 2 Q 1 2 2 1 " % 1 % + , * Z 1 ' ' &- * " ) / " %

N?T >R<E=@N?MG EO "=@IETEc @=NT>@>E? >? @IG F>UGH EO ME?@GR<E=N=P U>FFNYG=HV +NF\>?Y @E FGN=?GT NLEK@ @IG R>HH>E? N?T LGMNRG MK=>EKH @E MIGM\ OE= RPHGFO ÎG@IG= @IG=G =GNFFP^NH HKMI N RNHH>UG ME?UG=H>E? @E W=E@GH@N?@>HR YE>?Y E? >? @IG N=GN NH HERG EO @IG>?OE=RN?@H >R<F>GTV

/E?S ^>@I NLEK@ 9CC >?INL>@N?@HS >H H>@KN@GT 49 \R O=ER @IG =NPE? MG?@=G 0KFaRT>?V X 8 @IG HKRRG=S <>M\>?Y LG==>GH N?T RKHI=EERH >? @IG HK==EK?T>?Y EETH N?T HGFF>?Y @IGR @E



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A6X

9 >? <G=HE? ^G OEK?T I>R LKHP IGF<8

NLEK@ f>FF>NR INT TG<>M@GT I>R NH N =N@IG= NHHG=@>UG <G=HE?S @E RG IG N<<GN=GT @E LGbK>@G RETGH@ >? LE@I FEE\H N?T LGINU>EK=V 'N@G= 1 RG@ f>FF>NR HGUG=NF @>RGH IG? U>H>@8>?Y @IG HG=U>MGH N?T IG NF^NPH HGGRGT @E \GG< =N@IG= @E @IG LNM\Y=EK?TV

8U>G^V f>FF>NR ^NH LE=? N?T L=EKYI@ K< >? N ON=RG=lH ONR>FPV ,G FGO@ HMIEEF N@ N? GN=FPNYG N?T HEE? YE@ RN==>GTV +IG RN==>NYG G?TGT ^>@I T>UE=MGS N?T f>FF>NR ^NH T=NO@GT@E YE @E @IG Z>G@?NR fN=V &H OE= RN?P E@IG=HS @IG ^N= Gc<G=>G?MG INT N @=NKRN@>M>R<NM@ E? I>R N?T ÎG? IG =G@K=?GTS IG H@N=@GT T=>?\>?YV ,>H NFMEIEF>HR GHMNFN@GTSN?T IG LGMNRG NTT>M@GT @E T=KYH NH ^GFFV ,G MNKHGT HGUG=NF MN= NMM>TG?@H LGMNKHG EOT=K?\ T=>U>?Y N?T E?MG N MI>FT NH ?GN=FP \>FFGTV &H N =GHKF@ IG TGUGFE<GT N? NMK@G OGN=

EO NM@KNFFP \>FF>?Y HERGE?G N?T NO@G= K?HKMMGHHOKFFP HGG\>?Y IGF< O=ER TEM@E=H @E L=GN\O=ER T=KYH N?T T=>?\>?YS I>H N?c>G@>GH FGT I>R @E @IG FEMNF QG@IET>H@ MIK=MIV 1? FN@G4DD4 N@ @IG NYG EO X6 IG LGMNRG N? GUN?YGF>MNF 3I=>H@>N? E=S NH IG HNPHS NMMG<@GT !GHKHVf>@I @IG IGF< EO I>H ME?UG=H>E?S f>FF>NR ^NH NLFG @E bK>@ I>H NTT>M@>E?H ^>@I>? ÎN@ IG@G=RH N pR>=NMKFEKHFP HIE=@ <G=>ET EO @>RGrV

8@>E? 3N=GF>O@ INT LGG? OEK?TGT K?TG= @IG !EHI QM/E^GFF Q>?>H@=P @E pRGG@ @IG <IPH>MNFN?T H<>=>@KNF ?GGTH >? E=<IN?NYGHS IEH<>@NFHS HMIEEFHS N?T <=>HE?H >? @IG MEK?@=>GH EO@IG OE=RG= 2EU>G@ #?>E?r ;!EHIlH _>EAV ,GN=>?Y NLEK@ @IG <=EY=NRRG EUG= N 3I=>H@>N?=NT>ES f>FF>NR OGF@ @I>H ^NH HERG@I>?Y IG ^N?@GT @E @N\G <N=@ >? N?T YN@IG=GT K< @IGRE?GP ?GGTGT @E <N=@>M><N@G E? @IG @=><V #?@>F 4DD5 IG =G<GN@GTFP ;NF@EYG@IG= ?>?G @>RGHA

A1"7" +V Y=##=4% 14> d$>7 1&#C&: 7" /&C4=/ 4 3&=81."$/U> 7/$?<V A1"7"8/4C19 .9 Q/7 ^&&7&T )**iV



G"">4L B"[=38 71& B&&:> "5 ;4=71L Q E4>& B7$:9 "5 43 Q%&/=?43 X=>>="34/9 =3 71& D$>>=43 -"/71 69

@=NUGFFGT @E $KHH>N OE= HIE=@8@G=R <G=>ETH ^>@I @IG !EHI QM/E^GFF Q>?>H@=PS TGF>UG=>?Y

1? 4DD5 f>FF>NR =G@>=GT O=ER E=\>?Y NH GFTG= >? N ONM@E=P >? I>H IERG H@N@G 1FF>?E>HSHEFT I>H IEKHG N?T E@IG= <EHHGHH>E?H N?T REUGT @E $KHH>NV ,G @IG? E=\GT >? QEHME^^>@I @IG 3I=>H@>N? RGT>MNF E=YN?>HN@>E? &YN<GS I>MI MERL>?GH R>HH>E?>H>?Y >@I <=E8

U>T>?Y RGT>MNF MN=G >? UN=>EKH N=GNH EO $KHH>NS ME?MG?@=N@>?Y E? pREH@ =GRE@G N?T >HE8FN@GT <GE<FG Y=EK<H >? @IG &=M@>M N?T 2>LG=>N NH GFF NH @IG <EE= N?T EUG=FEE\GT >? =K=NF $G<KLF>M EO 0ER> N@ @IG @E^? EO .GRUNS7 NMMER<N?P>?Y /= _>FF _GM\?GFFS OEK?TG= EO @IG&YN<G R>HH>E?V +I>H >H IE^ f>FF>NR TGHM=>LGH ÎN@ IG <G=MG>UGT @IG =GY>E? @E LG F>\G5g

&?T ÎG? 1 ^G?@ @IG=GS 1 HN^ RE=G ?GGTH >? @IG %E=@I @IN? 1 T>T >? QEHME^V .GHS@IG=GlH ?GGTH >? QEHME^ NH ^GFFV _K@ @IG=GlH RE=G ?GGTH IG=G >? @IG %E=@IV &?T 1@I>?\ >@lH \>?T EO F>\G &RG=>MNS ÎG?GUG= PEK YG@ N^NP O=ER @IG L>Y M>@>GH @IN@ INH@IG RE?GPS >@ @G?TH @E YG@u @IG NREK?@H EO OK?TH N=G ?E@ NUN>FNLFG OE= <GE<FG N?T

@IGPl=G RE=G LNM\^N=THS @IG =ENTH N=G ?E@ NH YEETS @IG JEL H>@KN@>E? >H ?E@ NH YEETV

:

I>H @=KG MNFF>?Y N?T @IG LGH@ ^NP OE= I>R @E HG=UG -ET NH IG OGF@ IG ^NH ?E@ H\>FOKF ^>@IÊ=THV 2>?MG @IG &YN<G <=EJGM@ T>T ?E@ INUG @IG RGN?H @E HK<<E=@ @IG \>?T EO K?TG=@N\8>?Y f>FF>NR INT >? R>?TS IG G?@ LNM\ @E @IG #2& N?T NH NLFG @E YN@IG= G?EKYI OK?TH@E =G@K=? @E @IG $G<KLF>M EO 0ER> @E H@N=@ I>H E^? R>HH>E?V D 1? QEHME^ IG ^NH >?@=E8TKMGT @E N PEK?Y $KHH>N?S &?T=GPS ÎE ^NH ^>FF>?Y @E NMMER<N?P @IG RE?EF>?YKNFf>FF>NR NH >?@G=<=G@G= N?T OGFFE^ R>HH>E?N=PV &F=GNTP >? @IG $G<KLF>M EO 0ER>S N FEMNFPEK?Y _N<@>H@S 2GRPE?S JE>?GT @IG HRNFF @GNRV _GFE^ >H N? GcMG=<@ O=ER N? >?@G=U>G^

ÎG=G f>FF>NR TGHM=>LGH IE^ @IG @I=GG EO @IGR G?TGT K< >? @IG /E? U>FFNYGg @IG=G @E IGF< @I>H T=KY =GINL MG?@=GV &?T ^G H@NPGT @IG=G MEK<FG EO RE?@IHV &?T@IG? ^G \G<@ IGN=>?Y NLEK@ @I>H 0KFaRT>? $NPE?S 0KFaRT>? $NPE? N?T HEu E?GTNP ^G @EE\ N T=>UG N?T ^G MNRG IG=GV &?T >@ ^NH LNH>MNFFP ÎN@ 1lR FEE\>?YOE=S 1lR FEE\>?Y OE= HERG@I>?Y ÎG=G <GE<FG T>T?l@ F>UG >? N L>Y M>@>GH ÎG=G @IGPINT JELHS 1lR FEE\>?Y OE= N <FNMG ÎG=G <GE<FG ^G=G RE=G ?GGTPV fIG=G @IG=GlHRE=G IGF< ?GGTGTV &?T VVV @IN@lH LGMNKHG @IN@lH ÎG=G EK= IGN=@ >HS IGF<>?Y @IG

@E 2P\@PU\N=S EO MEK=HGS E= QEHME^V 2E ÎG? ^G MNRG @E 0KFaRT>? $NPE? ^G OGF@ LNH>MNFFP @IN@ @I>H >H @IG <FNMG -ET ^N?@GT KH @E MERGV

f>FF>NR @IG=GOE=G K?TG=H@N?TH I>H MER>?Y @E @IG 0KFaRT>? $NPE? >? @G=RH EO OEFFE^>?Y-ETlH <FN? OE= I>RV +I>H \>?T EO K?TG=H@N?T>?Y ME>?M>TGH ^>@I @IG FEMNF GUN?YGF>MNFHl f>FF>NR Gc<FN>?H I>H MIE>MG EO @IG H>@G EO I>H R>HH>E? Ê=\ >? @G=RH EO >@H <G=><IG=NFFEMN@>E? N?T EUG=NFF TG<=>UN@>E?S N@ @IG HNRG @>RG IG >H NTNRN?@ @IN@ <GE<FG @IGRHGFUGHN=G @IG HNRG GUG=PÎG=GV +I>H GR<INH>H E? @IG LNH>M H>R>FN=>@P EO IKRN? ?N@K=G HG=UGH@IG <K=<EHG EO R>?>R>H>?Y @IG <G=MG>UGT E@IG=?GHH EO &RG=>MN?H NH MER<N=GT @E ;=K=NFA 8

RG?@ N?T H@N?TN=T N?T @IKHS >? N ^NPS @E NTUEMN@G f>FF>NRlH =>YI@ @E R>HH>E?>HG >? N



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A67

OE=G>Y? FN?TV +IG N>R >H @E TE^?<FNP @IG TG?ER>?N@>E?NF T>HM=G<N?MP O=ER ÎN@ >HFEMNFFP MKH@ERN=P N?T @IKH @E GR<INH>HG @IG <EHH>L>F>@P EO T>NFEYKG N?T RK@KNF K?TG=8H@N?T>?YV +IN@ >HS =GYN=TFGHH EO ?N@>E?NFS MKF@K=NF E= TG?ER>?N@>E?NF LGFE?Y>?YS <GE<FGHl>??G= ?GGT OE= YEH<GF N?T ^NP @E HNFUN@>E? >H TGMFN=GT @E LG K?>UG=HNFFP @IG HNRGV />H8MKHH>?Y "=@IETEc8W=E@GH@N?@ =GFN@>E?H >? <EH@82EU>G@ $KHH>NS GUN?YGF>MNF HMIEFN= QN=\

M=>@>MNF >? @IG>= NHHGHHRG?@H EO "=@IETEcPV 'NK= ZNFF>\>U> ;BC44g 47S :DA =G<E=@H @IN@ @IG_N<@>H@ R>HH>E?N=>GH NM@>UG >? @IG N=GN MFEHG @E @IG =GY>E? EO RP MNHG H@KTP ME?H>TG=@IG "=@IETEc NH R>H@N\G? >TEFN@G=H E= GUG? TGU>F Ê=HI><G=HV 1? ME?@=NH@ @E @I>H \>?T @E^N=TH @IG "=@IETEcS HNP>?Y @IN@ @IG=G N=G p@=KG LGF>GUG=Hr >? GUG=P 3IK=MI ;TG?ER>8 OE= GcNR<FGS IG? f>FF>NR ME?UGPGT IE^ IG >H ?E@ NO=N>T @E T>G N?T @IN@ IG INH @EFT I>HO=>G?TH @E =GJE>MG E? @IG EMMNH>E? NH >@ RGN?H IG ^>FF LG F>U>?Y ^>@I !GHKHS IG MER<N=N8

@>UGFP JKTYGT @IG FEMNF OK?G=N=P MKH@ERHg s>R>@N@>?Y N ME?H>TG=N@G @E?G EO UE>MGtS ÎG=G GUG= PEKl=G YE>?YS IGIV .GNIVVV @IGPINUG ?E >TGNV4C

NYG?MPA N?T N=G T>HN<<=EU>?Y EO <GE<FG ÎE MNFF @IGRHGFUGH "=@IETEc LK@ HRE\G N?TME?HKRG NFMEIEFV *UG? HES >? YG?G=NF @IG /E? GUN?YGF>MNFH =N@IG= NUE>T T>=GM@FP ME?8

TGR?>?Y "=@IETEc LGF>GUG=HS GR<INH>H>?Y @IG >R<E=@N?MG EO GMKRG?>MNF <=>?M><FGVf>FF>NR H@=GHHGH @IN@ I>H NYG?TN >H ?E@ @E MER<G@G ^>@I @IG $"3 LK@ H>R<FP @E L=>?Y<GE<FG @E -ETg

2GGS 1 ?GUG= INT N <FN? @E H@N=@ MIK=MIGHV +I>H >H ?E@ RP <FN?V 1 RGN?S $KHH>N INH N 1lR YE??N TES >H HIE^ @IGR @IG NPVVV @E !GHKH 3I=>H@V fIG=G @IGP YE @E E=HI><S >HSPEK \?Eû @IN@lHu @IN@lH K< @E @IGRV s1Ot @IGP ^N??N YE @E @IG "=@IETEc MIK=MI

,E^GUG=S @IG GMKRG?>MNF N<<=ENMI >H ?E@ Y=GN@FP N<<=GM>N@GT LP @IG $"3 ;HGGS OE=GcNR<FGS )>FN@EU BCCDNg BCnB4AV +IG $"3 <=>GH@ &FGcN?TG= IE >H HG=U>?Y >? @IG 0KFaR8T>? $NPE? MG?@=G N?T ME?TKM@>?Y IERG HG=U>MGH >? /E?S >H ME==GH<E?T>?YFP M=>@>MNF EO@IG GUN?YGF>MNFH OE= GR<INH>H>?Y E?FP @IG =EFG EO !GHKH 3I=>H@ >? NMbK>=>?Y HNFUN@>E?g

,G sf>FF>NRt INH N? GMKRG?>MNF R>?THG@V sVVVt *MKRG?>MNF RGN?HS @IN@ GUG=PE?GÎE LGF>GUGH >? 3I=>H@ ^>FF =GNMI -ETV _K@ >@ >H ?E@ HE @IN@ E?G HIEKFT E?FP LGF>GUG>? 3I=>H@V "?G RKH@ NFHE =GUG=G @IG HN>?@HS @IG RE@IG= EO -ETS @IG @=NT>@>E?V

+IKH @IG <=>GH@ INH @N\G? @IG <EH>@>E? @IN@ GUG? @IEKYI @IG GUN?YGF>MNF R>HH>E?N=>GH N=GHGGR>?YFP TE>?Y YEET ÎG? IGF<>?Y <GE<FGS @IGP ?GUG=@IGFGHH INUG N ?GYN@>UG >R<NM@

E? FEMNF F>OG LP M=GN@>?Y T>HME=TH N?T HMI>HR >? @IG MERRK?>@P N?T ME?OKH>?Y <GE<FG^>@IS NMME=T>?Y @E I>RS G==E?GEKH @GNMI>?YV44



G"">4L B"[=38 71& B&&:> "5 ;4=71L Q E4>& B7$:9 "5 43 Q%&/=?43 X=>>="34/9 =3 71& D$>>=43 -"/71 65

&F@IEKYI f>FF>NR >?H>H@H @IN@ IG ?GUG= INT N?P <FN? @E H@N=@ N MIK=MI NH HKMIS >@I @IG 8F>NR TEGH ?E@ ME?H>TG= I>RHGFO @E LG N H\>FOKF <=GNMIG=S N?T OK=@IG=RE=GS IG H<GN\H ?G>@IG=0ER> ?E= RKMI $KHH>N?S @IG @=N?HFN@E= &?T=GP LGMNRG @IG <NH@E= EO @IG ME?Y=GYN@>E?V 4B

RN?P MI>FT=G? N?T PEK?Y @GG?NYG=H OEK?T @IG ?G^MERG=H N?T PEK@I GUG?@H E=YN?>HGT LP @IGR G?@G=@N>?>?YV +IG R>HH>E?N=>GH GUG? INT @E LK>FT N? Gc@G?H>E? @E @IG IEKHG @ENMMERRETN@G <N=@>M><N?@H >? 2K?TNP HG=U>MGHV %E^ >@ HGGRH @IN@ @IG >?>@>NF >?@G=GH@ INHHERGÎN@ H>RRG=GT TE^? N?T HERG 49nBC <GE<FGS >?MFKT>?Y MI>FT=G? LK@ <=GTER>8?N?@FP R>TTFG8NYGT N?T GFTG=FP ÊRG?S KHKNFFP HIE^ K< OE= @IG ^GG\FP HG=U>MGV46

+IG MIN=NM@G= EO @IG /E? ME?Y=GYN@>E? >H H>R>FN= @E @IG HE8MNFFGT ?G^ <N=NT>YR E= O=GGMIK=MIGH >?M=GNH>?YFP MERRE? >? &RG=>MN ;HGG Q>FFG= 4DD:AV +I>H \>?T EO ?E?TG?ER>8?N@>E?NF N<<=ENMI4X >H bK>@G K?@P<>MNF >? 0ER> N?T >? $KHH>N RE=G L=ENTFPV &F@IEKYIf>FF>NRlH LNM\Y=EK?T N?T >TGEFEY>MNF H@N?MG N=G HKLH@N?@>NF >? @I>H =GYN=TS @IG o&RG=>8MN?l H@PFG >H ?E@ <=ERE@GT LGMNKHG EO I>H YK>TN?MG NFE?GV WNH@E= &?T=GPS ÎE FGNTH @IG

MIK=MIS UG=P H@=E?YFP <K=HKGH @IG ?E?TG?ER>?N@>E?NF N?T MNHKNF N<<=ENMI >? @IG ME?Y=G8YN@>E?NF F>OGV 1@ >H >R<E=@N?@ @E HNP @IN@ &?T=GP >H ?E@ H>R<FP ME?Y @IG GNH>FP NUN>FNLFGE= <=G8Y>UG? RETGF LK@ UG=P ME?HM>EKHFP N?T OE= =GNHE?H ^GFF @IEKYI@ @I=EKYI <=GOG=H@IG ?E?TG?ER>?N@>E?NF N<<=ENMIV #?=GY>H@G=GT49 N?T MNFFGT H>R<FP @IG 3I=>H@>N? 3ER8 NFF TG?ER>?N@>E?HV *?MEK=NY>?Y >?@G=NM@>U>@P N?T O=GG ME?TKM@S N?T <=N>H>?Y -ET ^>@I @IG "=@IETEc N=G HKH<>M>EKH EO @IG /E? GUN?YGF>MNFHV 2ERG E@IG=HS =G<=GHG?@N@>UGH EO @IGRE=G GH@NLF>HIGT N?T ME?HG=UN@>UG W=E@GH@N?@ Y=EK<HS MN? LG HERGÎN@ TEKL@OKF EO IN@@IGP ME?H>TG= @E LG N @EE F>LG=NF N<<=ENMI NH ^GFFV 1?TGGTS HERG EO @IG RGRLG=H EO @IG

F>\G @IG MERRK?>@PlH E<G??GHH N?T =GNT>?GHH @E HEM>NF>HG >@I 3I=>H@>N?H EO NFF TG?ER>?N8

1? @IG HKRRG= EO BC44S NO@G= <FN??>?Y @E TE HE OE= N Î>FG NF=GNTPS f>FF>NR FGO@ /E?@E HG@ K< N R>HH>E? >? @IG ?G>YILEK=>?Y =NPE?V

1RRGT>N@G UG=LN@>R MERRK?>MN@>E? LG@^GG? f>FF>NR N?T ME?Y=GYN?@H E= N?P E@IG=FEMNF <GE<FG INH LGG? R>?>RNF LGMNKHG EO @IG FN?YKNYG LN==>G=V47 &F@IEKYI f>FF>NR INH@IKH ?E@ LGG? T>=GM@FP NM@>UG >? GH@NLF>HI>?Y @IG /E? ME?Y=GYN@>E?S @IG Y=EK<lH <=GHG?@ 8

LFP ME??GM@GT >@I I>RV 1? @IG ?Gc@ HGM@>E?H 1 >FF FEE\ N@ IE^ f>FF>NRlH <G=HE? N?T I>H

" # + 2 1 / * $ 2 l $ * ) ' * 3 + 1 " % 2 " % f 1 ' ' 1 & Q l 2 W $ * 2 * % 3 *

8@><FG =KREK=H ?E@ E?FP >? @IG U>FFNYG >@HGFO LK@ NM=EHH @IG ÎEFG EO 0KFaRT>? $NPE?V RN>?FP >? @IG OE=R EO MIN=>@P Ê=\ ;=G?EUN@>?Y HMIEEFHS \>?TG=YN=@G?HS E=<IN?NYGHS MFKLIEKHGHAS N^N=G?GHH EO @IG>= <=GHG?MG bK>M\FP H<=GNT LP Ê=T EO REK@I NH ^GFF NH@I=EKYI @IG RGT>NV



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A6:

+IG TER>?N?@ T>HMEK=HG @IN@ NMMER<N?>GT f>FF>NRlH =GH>TG?MG >? /E? O=ER @IG H@N=@TG<>M@GT I>R NH N OE=G>Y?G= ^>@I RE=G @IN? bKGH@>E?NLFG >?@G?@>E?HV f>FF>NR ;N?T >?ONM@ I>H NHHEM>N@GH ÎE ^G=G NFHE MN@GYE=>HGT NH o&RG=>MN?HlA ^NH TGGRGT @E LG N H U>FFNYG=H >? T>HMKHH>E?H EO I>H <G=HE? N?T I>H =GNHE?H @E MERG @E F>UG >? /E?V+I>H FNLGFF>?Y T>T ?E@ >?MFKTG GFNLE=N@>E? E? @IG MIN=YGS E= >TGNH EO ÎN@ GcNM@FP @IG=G

ÊKFT LG @E H? N U>FFNYG >? @IG 0ER> I>?@G=FN?TV 3G=@N>?FP ?E@ GUG=PE?G ÎE N?T bK>@G MNHKNFFPV %GUG=@IGFGHHS @IG @E?G N?T UEMNLKFN=P NTE<@GT MFGN=FP H>Y?>OP @IGR>H@=KH@ MERRE? <GE<FG OGGF NLEK@ @IG &RG=>MN?lH RE@>UGH OE= LG>?Y >? @IG>= =NPE?VWGE<FG UE>MG @IG E@IG=?GHH EO f>FF>NR N?T /E? GUN?YGF>MNFH <=GTER>?N?@FP LP NTT=GHH8>?Y @IGR NH oHGM@N=>N?HlS @IKH OEFFE^>?Y @IG <KLF>M T>HMEK=HG <=GU>EKHFP RG?@>E?GTV +IG HK<<EHGTFP TKL>EKH NYG?TN >H E?FP I>?@GT N@g

%E^ IG sf>FF>NRt >H =G?EUN@>?Y @IG \>?TG=YN=@G? OE= GcNR<FGS PGHV &?T QN=>N

.GUYG?PGU?N NH\GT IE^ @E <NP I>RS >@I RE?GP E= IN@V &?T IG HN>T @IN@ 1 TE?l@?GGT N?P@I>?Y LK@ s@E IGF<t PEK= MI>FT=G? N?T @IN@lH >@V fGFFS >H?l@ @IN@ >?@G=GH@>?Yq

W=ELNLFP @IEHG ÎE TE?l@ =GNFFP @I>?\ ÎP @I>H sR>HH>E?N=P NM@>U>@Pt >H HE ^>TGFPH<E?HE=GTS FGNUG s"=@IETEcP @E JE>? @IG GUN?YGF>MNFHtV ;kIN??NA

8 8MEK=HG NH ^GFFV %NTPNS N OE=RG= NFMEIEF>MS =GR>?>HMGHg

T>T?l@ NM\?E^FGTYG N?P@I>?Y LK@ @IG "=@IETEc 3IK=MIV &?T @IN@lH IN@ G MNFFGT@IGR n HGM@N=>N?HV +IG H<>GH N==>UGTS @IN@lH ÎN@ ^G HN>TV

2KMI =GMEFFGM@>E?H HG=UG @IG <K=<EHG EO Gc<F>MN@>?Y @IG K?JKH@ N?T Y=EK?TFGHH ?N@K=G EO@IG NMMKHN@>E?H E= IEH@>FG MERRG?@H NLEK@ f>FF>NR ;N?T GUN?YGF>MNFH YG?G=NFFPA RNTG

LP @IG U>FFNYG=HV&MME=T>?Y @E GUN?YGF>MNFHS HERG EO @IG REH@ EK@=NYGEKH FEMNF >?T>M@RG?@H EO HGM@N=>8

8FNYG=H HK<<EHGTFP HKH<GM@GT @IG R>HH>E?N=>GH ^G=G =GNFFP @G==E=>H@H ^>@I <FN?H @E LFE^K< @IG U>FFNYG MEK?M>F ;HGG "UMI>??>\EU BCCXAV 1? YG?G=NFS IE^GUG=S @IG E<<EH>?Y OGGF8

>?YH N=G ?E@ OEK?TGT E? HKMI Gc@=GRG Y=EK?THV $N@IG=S @IG GUN?YGF>MNFH N=G LFNRGT OE=H<=GNT>?Y @GNMI>?YH NF>G? N?T R>HME?MG>UGT O=ER @IG "=@IETEc <G=H<GM@>UGV 2ERG EO 8@N\>?YHS MERRG?@>?Y @IN@ IG ^N?@H @E pGN=? I>RHGFO N YEET F>OG NO@G= TGN@IrV

/GH<>@G ?KRG=EKH ?GYN@>UG E= TEKL@OKF MERRG?@N=>GHS UN=>EKH U>FFNYG=H >? @IG N=GNINUG ^GFMERGT @IG <=NM@>MNF IGF< f>FF>NR N?T E@IG= R>HH>E?N=>GH <=EU>TGV +IG H>@KN8@>E? INH NFHE <=ER<@GT <GE<FG @E M=>@>MNFFP NTT=GHH @IG "=@IETEc 3IK=MIS NH\>?Y ÎP >? HKMI N? NM@>UG OE=RV

&H RG?@>E?GTS @IG RGT>N @EE INH <FNPGT N =EFG >? H<=GNT>?Y \?E^FGTYG NLEK@ f>F8

F>NRlH <=GHG?MG N?TS N@ @>RGHS IGF<GT @E <=EUE\G @IG OGGF>?YH EO R>H@=KH@V "? @IG E?G IN?TSH>R<FP @IG >TGN EO N? &RG=>MN? MER>?Y @E F>UG >? N 0ER> ;$KHH>N?A U>FFNYG >H <=GHG?@GT NH



G"">4L B"[=38 71& B&&:> "5 ;4=71L Q E4>& B7$:9 "5 43 Q%&/=?43 X=>>="34/9 =3 71& D$>>=43 -"/71 6D

HERG@I>?Y I>YIFP Gc@=NE=T>?N=P N?T NH HKMIS ?G^HÊ=@IP N?T G?@G=@N>?>?YV +IGHG HE=@H 45 "? @IG E@IG=IN?TS TGHM=><@>E?H EO @IG HEM>NF Ê=\ f>FF>NR N?T E@IG= R>HH>E?N=>GH MN==P EK@ MN? LG NRE=G E= FGHH ELU>EKH ^NP @E M=>@>M>HG @IG FEMNF NK@IE=>@>GH OE= >?NM@>UG?GHH >? @I>H =GYN=T

;HGG "UMI>??>\EU BCCXAV ,E^GUG=S HERG RGT>N =G<E=@H INUG E<@GT @E <=ERE@G @IG HMN?8TNFEKH UG=?NMKFN= >TGNH N?T >?@G=<=G@N@>E?HS OEFFE^>?Y @IG RE=G YG?G=NF @=G?T >? $KHH>N?HEM>G@P N?T I>?@>?Y @IN@ @IG=G >H MEUG=@ TN?YG= >? @IG &RG=>MN?lH RE@>UN@>E?HV +I>H >H IE^f>FF>NR TGHM=>LGH @IG ?GYN@>UG Gc<G=>G?MG >@I =G<=GHG?@N@>UGH EO @IG RGT>Ng

QN?P @GFGU>H>E? =G<E=@G=H MER>?Y IG=GS ?Gc@ @>RG ^G \?E^S ^G =GNT NLEK@ >@ E=IGN= NLEK@ >@ E? @GFGU>H>E?u N?T >@lH N F>GV sVVVt +IGP ?GUG= @GFF @IG IEFG @=K@IV +IGP^>FF HNP HERG @I>?YH @IN@ PEK HN>T LK@ @IG? @IGP NTT HERG E@IG= @I>?YH @IN@ N=G JKH@?E@ @=KGV '>\G @IGP HNPS ^GFFS PEKl=G O=ER HERG L>Y E=YN?>HN@>E? >? &RG=>MNS O=ER@IG YEUG=?RG?@V 1lR N <G?H>E?G=q +I>H sÎN@ @IG RGT>N HNPHt >H ?E@ @=KGS >@lH N F>Gq

sVVVt &?T @I>H >H @IG <N=@u 1@ IK=@H -ET N?T >@ IK=@H Ru EK= =G<K@N@>E? @EEV 8@>NF EO YG?G=N@>?Y NY>@N@>?Y =KREK=H >H N? N=@>MFG <KLF>HIGT >? N? "=@IETEc ?G^H<N<G=>? Î>MI @IG =GNTG= >H >?OE=RGT @IN@ @IG pOEFFE^G=H EO &RG=>MN?Hr YE LP HMIEEFH Y>U>?YGNMI <K<>F 4C =EKLFGH HE @IN@ @IG MI>FT=G? ÊKFT MERG @E @IGR ;2KUE=EU BCC5AV

2ERGÎN@ HK=<=>H>?YFPS N? NF@G=?N@>UG UG=?NMKFN= >?@G=<=G@N@>E? EO f>FF>NRlH <G=HE? GR<INH>HG @IN@ IG E?FP INH N? >?H@=KRG?@NF =EFG >? RGT>N@>?Y -ETlH E=TS HERG <GE<FGINUG MERG @E ME?MFKH>E? @IN@ @IG MK=>EKH H@=N?YG= I>RHGFO <EHHGHHGH HERG HE=@ EO H<GM>NF<E^G=H E= ;HGM=G@A \?E^FGTYGV &FFGYGTFP HERGE?G @=NUGFFGT @E f>FF>NR GUG? O=ER @IG

BCC5AV 1?@G=GH@>?YFPS &FG\8HGP 2>TE=EU ;4DD5 s4DB:tg B7A INH =GME=TGT @IN@ >? @IG 0KFaRT>? U>FFNYGH @IG -G=RN?HÎE G?TGT K< >? @IG N=GN NH N =GHKF@ EO fE=FT fN= 1 ^G=G @IEKYI@ LP @IG FEMNFH @E LG GUN?YGF>MNFH ;K?>?@G?@>E?NFFPA G?MEK=NYGT @I>H HE=@ EO >?@G=<=G@N@>E?H LP LKP>?Y N IEKHG>? Î>MI N RN? INT IK?Y I>RHGFOV _G>?Y N^N=G EO @IG FEMNF UG=?NMKFN= >TGNH EO @IG <EF8FK@>E? EO @I>H \>?T EO <FNMG ;Î>MI N=G @IKH @E LG NUE>TGTAS @IG GUN?YGF>MNFH NHHG=@ @IN@

!KH@ NH f>FF>NRlH N==>UNF >? /E? YNUG =>HG @E =KREK=HS HE T>T I>H TG<N=@K=GV +I>H >H 8G=H @E^N=TH f>FF>NRg

IG ÊKFT LG H?Y E? HERG@I>?YV &O@G=^N=TH @IGP HERGIE^ MNFRGT @IN@ IGHERGIE^ H@N=@GT @E N>T GUG=PLETPS @E <K@ I>H RE?GP >? @I>H N>TV &?T IG T>T?l@ @N\GRE?GP sOE= IGF<>?YtV &O@G=^N=TH GUG=PLETP H@N=@GT @E F>\G f>FF>NR UG=P RKMI EOMEK=HGV %E^ @IGP NH\ ÎP T>T IG FGNUGV sVVVt %E^ @IGP HN>T >@ ^NH KH ÎE T=EUGf>FF>NR N^NPV sVVVt +IGP @IEKYI@ @IN@ ^G INT ONFFG? EK@ ^>@I I>R OE= HERG =GNHE?V

;-NF>?NA



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4AXC

,E^GUG=S <GE<FG ?E@ F>U>?Y >? /E?S @IN@ >HS ?E@ >? >RRGT>N@G <=Ec>R>@P @E f>FF>NRS INUGINT FGHH >?@G=GH@ N?T <EHH>L>F>@>GH @E =GME?H>TG= I>H <G=HE? N?T RE@>UGHV -G?G=NFFP >? @IG=NPE? @IG /E? GUN?YGF>MNFH N=G H@>FF H@=E?YFP NHHEM>N@GT >@I f>FF>NRlH <=GHG?MGV /K=>?Y RE=G @IN? N PGN= NO@G= f>FF>NRlH FGNU>?Y @IGP H@>FF INT ?E@ IGN=T NLEK@ >@V

f 1 ' ' 1 & Q l2 $ " ' * & % / 1 Q &- * 1 % * Z& % - * ' 1 3 & ' % & $ $ &+ 1 Z * 2

"?G EO @IG ME=G RGRLG=H EO @IG /E? ME?Y=GYN@>E? >H '>T>NV 2IG LGMNRG N LGF>GUG= >? @IGR>T84DDCHS IG? HIG =G<G?@GT >? N _N<@>H@ MIK=MI >? 2P\@PU\N=V &F@IEKYI IG= H>H@G= INT

LGMERG N _N<@>H@ HERG PGN=H GN=F>G=S HIG F>UGT >? @IG MN<>@NF N?T @IKH '>T>N =GRN>?GT@IG E?FP GUN?YGF>MNF 3I=>H@>N? >? IG= >RRGT>N@G HEM>NF G?U>=E?RG?@V )=ER @IG H@N=@ HIGOGF@ K?TG= <=GHHK=G O=ER LE@I IG= =GFN@>UGH N?T @IG ^>TG= MERRK?>@P LGMNKHG EO IG=MIE>MGS N?T >? ME?H@N?@ ?GGT @E JKH@>OP >@V +I>H >H IE^ '>T>N TGHM=>LGH IG= @IEKYI@H <=>E=

@E R>HH>E?N=>GHl N<<GN=N?MG N?T IE^ f>FF>NRlH N==>UNF NH -ETlH N?H^G= @E IG= <=NPG=HOE= IGF< >? IG= H@=KYYFGHg

1 H@N=@GT @E <=NP @E -ET n <FGNHGS 'E=TS 1 MN??E@ TE N?P@I>?Y NFE?GS 1 ?GGT N IGF<G=V1 ?GGT HERGE?G @E HK<<E=@ RGS HERGE?G ^>@I @=N?H<E=@S FG@lH HNPS ?E@ E?FP E?G<G=HE?V &H !GHKH ^G?@ @E U>FFNYGH N?T @NF\GT NLEK@ @IG @=K@IV &?T 1 @I>?\ @IN@ f>F8F>NR >H @IG N?H^G= @E RP <=NPG=HV sVVVt &?T NFHE &??N Z>\@E=EU?NlH sVVVtS HIG NFHEHN>T @IN@ ÎG? HIG ^NH ?E@ PG@ N LGF>GUG= >? F>U>?Y -ETS HIG ?GUG=@IGFGHH OGF@ @IN@HERG \>?T EO G?F>YI@G?G= >H ?GGTGTV &H 2@G<IG? EO WG=R4: N==>UGT >? 0ER>FN?T N?TT>HHGR>?N@GT 3I=>H@>N?>@P IG=GS HE @I>H f>FF>NR N==>UGT @EEV sVVVt &?T 1 @I>?\ n @IN?\

-ETS >@ >H N LFGHH>?Y @E EK= =NPE?S @E EK= /E? U>FFNYGS LGMNKHG &=\NT>PlH ONR>FP NHNFHE >? NTT>M@>E? sVVVtS N?T -ET RNTG @I>H R>=NMFG N?T @IGP N=G O=GG O=ER >@ ?E^V s888t+IGP H@N=@GT @E YE @E f>FF>NR N?T f>FF>NR @EFT @IGR @IG Ê=T EO -ET N?T >@ =GNFFP@EKMIGH <GE<FG @I=EKYI @IG ,EFP 2<>=>@V s888t _GMNKHG EO @IN@S ?E@ E?FP >H f>FF>NRN LFGHH>?Y LK@ NFHE @IG ONM@ @IN@ ^G INUG N MIK=MI ?E^ >? /E?V 1 ME?H>TG= >@ N Y=GN@

LFGHH>?YV 2ES @IN?\ -ET @IN@ @IG=G >H f>FF>NRS @IN@ @IG=G N=G LGF>GUG=Hq

NM@>UG =EFG >? f>FF>NRlH TGM>H>E? @E REUG @E 0KFaRT>? $NPE? >? RE=G @IN? @IG OE=R NMbKN>?@GT ^>@I '>T>N >? @IG _N<@>H@ MIK=MI >? 2P\@PU\N=V fIG? '>T>N IGN=T ÎN@ \>?T

EO HEM>NF <=EY=NRH f>FF>NR ^N?@GT @E MN==P EK@S HIG NHHK=GT @IG R>HH>E?N=P @IN@ ^>@I@IG I>YIGH@ K?GR<FEPRG?@ N?T M=>RG =N@G >? @IG =G<KLF>MS 0KFaRT>? $NPE? G<>@ER>HGT@IG \>?T EO TG<=>UGT FEMN@>E? IG ^NH FEE\>?Y OE=V &O@G= @N\>?Y HERG @>RG @E ME?H>TG= IG=<=E<EH>@>E?S f>FF>NR N==>UGT N@ @IG ME?MFKH>E? @IN@ @I>H =NPE? NH >?TGGT @IG <FNMG -ET^N?@GT I>R @E LG >?V

f>FF>NRlH GcGR<FN=P ME?UG=H>E? H@E=P EO N? NFMEIEF>M N?T N T=KY8NTT>M@ @K=?>?Y >?@EN TGG<FP =GF>Y>EKH RN? TGT>MN@GT @E IGF<>?Y ?GGTP <GE<FG HG=UGH NH N <=>RN=P GcNR<FG>? MERRK?>MN@>?Y @IG GUN?YGF>MNF RGHHNYG @E ?E?8LGF>GUG=Hg

&?T IG @GFFH GUG=PE?G @IN@ IG TEGH @I>H LGMNKHG IG LGF>GUGH >? -ETS !GHKH 3I=>H@V

_GMNKHG IG ^NHS IE^ @E HNPS IGNU>FP NTT>M@GT @E @ELNMME N?T T=KYHV &?T E?FP -ETMEKFT =GFGNHG I>R O=ER @IN@ ?E@ O=>G?THS ?E@ MET>?YS ?E@ IP<?EH>HV4D ;'>T>NA





! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4AXB

YNYG ^NH <N>T sVVVt IG INT N YEET <G?H>E? GUG? NMME=T>?Y @E &RG=>MN? H@N?TN=THB4 sVVVtV fIN@ ÊKFT LG @IG =GNHE? @E MERG @E N MEK?@=PS ÎG=G IG TEGH?l@ K?TG=H@N?T@IG FN?YKNYGS @E F>UG >? N U>FFNYGS @E IGF< <GE<FG sVVVt n >@ TEGH?l@ RN\G HG?HGq sFNKYI8>?Y @E K?TG=F>?G @IG >?M=GT>L>F>@P EO @I>H \>?T EO ME?TKM@t 1@ TEGH?l@ RN\G HG?HGV&??Ng ,G ^G?@ NLEK@ >? @E=? @=EKHG=HV

&?T=GPg s+E MERG IG=G N?Tt +E IGN@ @IG EUG?V +I>H >H @IG 'E=TV +IG 'E=T >?TGGTMIN?YGH <GE<FGHl F>UGHS IG MIN?YGH <GE<FG >?@G=?NFFPV

<=GU>EKHFP F>UGT >? L>Y M>@>GH N?T NTR>@H @IN@ F>U>?Y >? N FEY IEKHG ^>@IEK@ MG?@=NF IGN@8

2ERG RGRLG=H ME??GM@GT ^>@I @IG /E? MERRK?>@P Gc<=GHH N MG=@N>? T>HME?@G?@EUG= @IG ONM@ @IN@ GUG? @IEKYI @IGP ^G=G GUN?YGF>MNF 3I=>H@>N?H LGOE=G RGG@>?Y f>FF>NRS@IG FEMNF <GE<FG H@>FF FNLGF @IGR NH OEEFH TGFKTGT LP @IG &RG=>MN? E= NH E<<E=@K?>H@H 8

8F>HIGT N O=>G?TFP =GFN@>E?HI>< >@I N WG?@GMEH@NF R>HH>E?N=PS &FG\HGPS LNHGT >? @IG =NPE?MG?@=GV fI>FG &FG\HGP UNFKGH N?T H@=E?YFP HK<<E=@H @IG MEE<G=N@>E?S IG TEGH ?E@G @IN@@IG <E<KFN= NHHKR<@>E? @IN@ F>?\H I>H NM@>U>@P ^>@I OE=G>Y? R>HH>E?N=>GH NTTH @E @IGR>H@=KH@ IG G?MEK?@G=H O=ER @IG FEMNFHg

+I>H GUN?YGF>MNF ON>@I >H F>\G N? &RG=>MN? ON>@IS GUG? @IEKYI >? @I>H MNHG s@IG WG?8@GMEH@NFH >? @IG 0KFaRT>? $NPE?t &RG=>MN?H INUG ?E@I>?Y @E TE ^>@I >@V fG ^G=G?E@ HG?@ IG=G LP @IG &RG=>MN?HV f>FF>NRS @IG E?G ÎE >H >? /E? sVVVtS ^G T>T ?E@\?E^ I>R N@ NFFV +IGP E?FP MNRG IG=G NO@G= KHV s_K@t )E= @IGR sHMG<@>MNF LPH@N?TG=HS

@IG "=@IETEct >@ >H N? &RG=>MN? ON>@I N?P^NPV &FF @I>H >H &RG=>MN? OE= @IGRS sF>\GtHERG \>?T EO MIG^>?Y YKRS >@lH NFF TG@=>RG?@NFS >@lH NFF E?G N?T @IG HNRG OE= @IGRV

f>FF>NR >H GFF N^N=G @IN@ I>H G?TGNUEK=H @E H<=GNT @IG YEH<GF N=G EO@G? RG@ ^>@I HMG<8 ONM@S IG GUG? =GFN@GH @E HKMI =GNM@>E?H LP =GMNFF>?Y @IN@ IG @EE KHGT @E @I>?\ EO $KHH>N NHN? G?GRP @E &RG=>MNS @IN@ >HS IG =GMEY?>HGH @IN@ RKMI EO @IG E=T>?N=P <GE<FGlH T>H@=KH@>H YG?G=N@GT LP <KLF>M ;<EF>@>MNFA T>HMEK=HGV /GH<>@G NFF @IG =KREK=HS f>FF>NR ME?MFKTGH@IN@ REH@ EO @IG U>FFNYG=H @N\G N UG=P <=NM@>MNF H@N?T >? =GYN=T @E I>H N?T E@IG= R>HH>E?8N=>GHl NM@>U>@>GHg

'E@ EO <GE<FG ^>FF MNFF PEK NFF \>?TH EO ?NRGH N?T >@ IK=@H LG>?Y N? &RG=>MN? LGMNKHG n INIS &RG=>MN?S IGlH N H?YS PEK\?E^ @IN@ \>?T EOS EOu <G=HGMK@>E?V _NH>MNFFPS JKH@ Ê=T EO REK@IS ?E E?G INH@I=GN@G?GT @E \>FF RG <G= HG HE ON= E= N?P@I>?Y F>\G @IN@V QEH@ EO @IG <GE<FGS LGMNKHG^G TE IGF< @IGRS @G?T @Eu @IGP NMMG<@ KH N?T @IGP @G?T @E F>\G KHV .GNIS @IGP TE?l@

LGF>GUG >? ÎN@ ^G LGF>GUGS PGNIS @IGP Ê?l@ MERG @E _>LFG H@KTP E= <=NP E= N?P8@I>?YV _K@ @IGP F>\G KHV _GMNKHG ^G IGF< @IGRV

f>FF>NRlH REU>?Y @E N?E@IG= =NPE? INH MNKHGT UN=>EKH =GNM@>E?H N?T >?@G=<=G@N@>E?H >?@IG HRNFF GUN?YGF>MNF MERRK?>@P NH ^GFFV &<<N=G?@FPS OE= HERG RGRLG=H EO @IG MER8

RK?>@P f>FF>NR INT N ME?H>TG=NLFG G?@G=@N>?RG?@ UNFKG >? N HG?HGV "?G EO @IG FNT>GH LFK?@FP N??EK?MGT @IN@ p>@ >H UG=P LE=>?Y ^>@IEK@ f>FF>NRS ^G ^G=G NF=GNTP KHGT @E



G"">4L B"[=38 71& B&&:> "5 ;4=71L Q E4>& B7$:9 "5 43 Q%&/=?43 X=>>="34/9 =3 71& D$>>=43 -"/71 X6

I>RS s?E^t >@lH LE=>?YrS NF@IEKYI HIG H@>FF ME?@>?KGH @E U>H>@ @IG HG=U>MGH bK>@G =GYKFN=FPV+IG? NYN>?S HERG FNT>GH HGGR @E MERG @E @IG RGG@>?YH UG=P =N=GFP ?E^ @IN@ f>FF>NR >H NFF LK@ E?FP MNKHGT EK@H>TG=H @E YEHH>< N?T HNP @IN@ @IG=G ÊKFT LG ?E RE=G HG=U>MGHV

&MME=T>?Y @E E?G >?@G=GH@>?Y >?H>TG= >?@G=<=G@N@>E?S f>FF>NR FGO@ LGMNKHG IG OGF@ @IN@ @IGFEMNF <GE<FG ^G=G E?FP @N\>?Y NTUN?@NYG EO I>R N?T IG ^NH T>HN<<E>?@GT >? IE^ OG^<GE<FG NM@KNFFP MNRG @E -ETV /K=>?Y EK= >?@G=U>G^ f>FF>NR >?TGGT RNTG HERG =GRN=\HHIE^>?Y =GY=G@ @IN@ pE?FP UG=P OG^r <GE<FG N=G ^>FF>?Y @E LGF>GUG N?T NMMG<@ !GHKH N?T@IN@ <GE<FG ÎE MERG @E HGG\ IGF< @E bK>@ T=>?\>?Y OE= GcNR<FG N=G =N@IG= IE<>?Y @E @IG>= <=ELFGRHV WNH@E= &?T=GPS IE^GUG=S NH RKMI RE=G G?@IKH>NH@>M >? GUNFKN@>?Y @IGHKMMGHH EO @IG>= R>HH>E? Ê=\V 3E?H>TG=>?Y @IG>= NMMER<F>HIRG?@H EUG= D PGN=HS IG ?E@E?FP MEK?@GT HERG BC <GE<FG p@=KFP @EKMIGT LP -ETrBB LK@ HN>T @IGP G=G E?FP p@IG @><EO @IG >MGLG=Yr NH

ZG=P RN?P INUG INT @IG E<<E=@K?>@P @E IGN= @IG NF@G=?N@>UG <EHH>L>F>@>GHS @E IGN=@IG YEH<GF EO !GHKH 3I=>H@ >? N FN?YKNYG MER<=GIG?H>LFGB6 @E @IGRV sVVVt 2GGTH ^G=G BX

+IN@ >HS NMME=T>?Y @E @IG <NH@E=lH K?TG=H@N?T>?YS NFF @IEHG <GE<FG ÎE INUG HERGIE^ LGG? >? ME?@NM@ ^>@I @IG R>HH>E?N=>GH N=G <EHH>LFG ME?UG=@H NH -ET R>YI@ NF=GNTP LGÊ=\>?Y >? @IG>= IGN=@HS GUG? >O @IG <GE<FG TE ?E@ HIE^ H<GM>NF >?@G=GH@ >? @IG YEH<GFS E=

)EFFE^>?Y @IG Y=EK< RGRLG=Hl HERGÎN@ UN=>GT FGUGFH EO MERR>@RG?@ @E @IG ME?8

%GUG=@IGFGHHS NF@IEKYI ?E@ INU>?Y LGG? T>=GM@FP NM@>UG >? @IG bKE@>T>N? F>OG EO @IG ME?8Y=GYN@>E?S f>FF>NR >H K?N?>REKHFP NHM=>LGT ^>@I @IG M=GT>@ EO H@N=@>?Y @IG MIK=MIV 1?ME?@=NH@ @E EK@H>TG=HS ÎE @P<>MNFFP E?FP RG?@>E? @IG &RG=>MN?;HA NH >?>@>N@E= EO @IGME?Y=GYN@>E?S @IG RGRLG=H TE =GOG= @E &?T=GPlH N?T 2GRPE?lH =EFGH NH ^GFFV %GUG=@IG8 H<=GNT @IG YEH<GF NRE?Y @IG <GE<FG EO 0ER>V

/ 1 2 3 # 2 2 1 " % & % / 3 " % 3 ' # 2 1 " %

1@ >H <EHH>LFG @E TG@GM@ @Ê T>H@>?M@S @IEKYI >? HERG =GH<GM@H >?@G=^GNUGT ^NPH >? Î>MI@IG 0ER> U>FFNYG NH G?U>=E?RG?@ >H TG<>M@GT >? f>FF>NRlH ?N==N@>UGHV "? @IG E?G IN?TS0ER>FN?T >H <>M@K=GT >? @G=RH EO N? oN@ @IG G?T EO @IG GN=@Il T>HMEK=HG n N IN=TFP NMMGH8H>LFG ?E=@IG=? <G=><IG=P ^>@I RN?P ?GGTH N?T TG<=>UN@>E?HV _G>?Y HKMI N =GRE@G N?T 8H@N?T>?Y LGMNKHG @IG ?GMGHHN=P <=GME?T>@>E? OE= @IG 2GME?T 3ER>?Y EO 3I=>H@ >H @IN@ @IGfE=T EO -ET INH LGG? IGN=T >? GUG=P ME=?G= EO @IG Ê=FTB9 'NK= ZNFF>\>U> INH ELHG=UGT @IN@ N ME?H>TG=NLFG <N=@ EO @IG #\=N>?>N? R>HH>E?N=>GHl ?N=8 8@>GH N?T TN?YG=H >? ME?bKG=>?Y @IG oÊ=FTlH GTYGlS =N@IG= @IN? TGHM=><@>E?H EO ^>@?GHH>?Y



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4AXX

N?T ME?UG=H>E? ;BC44g 4C6n4C9AV & H>R>FN= @G?TG?MP @E GR<INH>HG G?MEK?@G=GT IN=THI><H>? N HE=@ EO K?M>U>F>HGT G?U>=E?RG?@ >H NFHE <=GHG?@ >? f>FF>NRlH N?T I>H OGFFE^8R>HH>E?8N=>GHl ?N==N@>UGHV "UG= @IG PGN=HS HGUG=NF &RG=>MN? GUN?YGF>MNFH INUG U>H>@GT f>FF>NR @EELHG=UG @IG <=EY=GHH EO I>H R>HH>E? Ê=\V )E= @IGR @EES MER>?Y @E 0ER> N?T U>H>@>?Y @IG=GRE@G U>FFNYGH @E IN?T EK@ _>LFGH E= E@IG= =GF>Y>EKH F>@G=N@K=G N?T EUG=MER>?Y MG=@N>?

H@=G?Y@IG? @IG>= E^? GUN?YGF>MNF >TG?@>@P N?T @E Gc<G=>G?MG >@ >? N RE=G >?@G?HG NP @IN?>H KHKNF >? TN>FP F>OGV "? @IG E@IG= IN?TS @I>H o^>FTG=?GHHl EO 0ER> U>FFNYGH >H HGG? LP f>F8F>NR NH HERGIE^ RE=G NK@IG?@>M E= YG?K>?G NH MER<N=GT @E @IG RE=G TGUGFE<GT fGH@ E=

L>YYG= @E^?H >? @IG HNRG =GY>E?V &MME=T>?Y @E @I>H U>G^S U>FFNYG <GE<FGS GUG? >O K?^>FF>?Y@E NMMG<@ @IG YEH<GFS N=G H@>FF RE=G E<G?8IGN=@GT N?T \>?T IG? MER<N=GT @E IN=T8LE>FGT 8NM@G= NH IG T=N^H RN?P <N=NFFGFH ^>@I @IG 4D9CH &RG=>MN? R>F>GK >? Î>MI IG Y=G^ K<V H@=G?Y@IG? I>H E^? GUN?YGF>MNF ON>@I N?T >TG?@>@PV

+IG R>HH>E?N=>GH >? /E? INUG INT RETG=N@G T>=GM@ HKMMGHH >? GUN?YGF>H>?YV .G@ @IG B7 >? @IG @=NT>@>E?NFFP "=@IE8TEc G?U>=E?RG?@ <=>RN=>FP LGMNKHG EO @IG &RG=>MN? R>HH>E?N=PS ÎE INH TG@G=R>?GT 8F>NR LGMNRG N? ELJGM@ =GYN=TFGHH EO I>H <N=@>MKFN= <G=HE?V

%E?8"=@IETEc LGF>GUG=H N=G MERRE?FP =GYN=TGT NH K?^N?@GT >? 0ER> U>FFNYGHV

JKH@ MIN=NM@G=>HG @IGR NH ?G^ N?T NF>G?S @IG <=GHG?MG EO N? &RG=>MN? R>HH>E?N=P G<>@8ER>HGH @I>H <G=MG>UGT OE=G>Y??GHHV f>FF>NR >H N<<=GIG?TGT NH N @I=GN@ @E @IG ;>RNY8>?GTA ME?H>H@G?@ MEFFGM@>UG >TG?@>@PV &H HKMIS f>FF>NRlH <=GHG?MG OK?M@>E?H @E NM@>UN@G

@IG "=@IETEc >TG?@>@P n N? NH<GM@ EO @IG EUG=NFF HGFO8<G=MG<@>E? @IN@ R>YI@ ?E@ LG HNF>G?@OE= REH@ U>FFNYG=H >? @IG MEK=HG EO @IG GUG=PTNPS LK@ GRG=YGH NH N =GNM@>E? @E @IG M=>@>MNF"@IG=V +IG? NYN>? @IG=G N=G UE>MGH @IN@ <E>?@ EK@ @IN@ @IG HEM>NF ^GFON=G Ê=\ f>FF>NRMN==>GH EK@ >H RKMI ?GGTGT >? @IG U>FFNYGH N?T @IKH I>H <=GHG?MG >H HGG? NH NMMG<@NLFGV @IG FEMNFH TE ?E@ INUG =GNF ON>@IV

+IG GUN?YGF>MNFH @IGRHGFUGHS @EES GR<INH>HG f>FF>NRlH =EFG >? H@N=@>?Y @IG>= MIK=MIN?T >?>@>N@>?Y @IG NM@>UG HIN=>?Y EO @IG YEH<GF >? @IG =NPE?V f>FF>NRlH N==>UNF >? @IG>=IERG T>H@=>M@ >H HGG? NH N H>Y? EO -ETlH MN=G OE= @IG <GE<FG @IG=GV +I=EKYI @IG IKRN?

NM@E=S f>FF>NRS -ET >H Ê=\>?Y @E HIE^ @IG ^NP @E HNFUN@>E?V &F@IEKYI N?P GFNLE=N@GT MERRK?>MN@>E? LG@^GG? f>FF>NR N?T @IG U>FFNYG=H MN? E?FP EMMK= @I=EKYI N @=N?HFN8 TGRE?H@=N@G I>H RGHHNYGV f>FF>NR >H @N\G? @E LG N RE=NF =EFG RETGF ?E@ E?FP OE= @IGME?Y=GYN@>E? RGRLG=H LK@ @E NFF E@IG=H @EEV

&H 1 INUG @=>GT @E HIE^S @IG=G >H IG@G=EYG?G>@P ^>@I>? LE@IS "=@IETEc N?T GUN?YGF>8MNFS <N=@>GHV .G@ MG=@N>? TER>?N@>?Y T>HMEK=HGH ME?MG=?>?Y f>FF>NR @G?T @E MERG OE=@IV1@ HGGRH @E RG @IN@ f>FF>NR NH N <G=HE? INH FEH@ N?P =GNF >?T>U>TKNF>@P E= <G=HE?NF>@PS 8 GUN?YGF>MNFH >?@G=<=G@ f>FF>NRlH T=NRN@>M ;N?T PG@S @P<>MNF >? @IG GUN?YGF>MNF @=NT>@>E?A



G"">4L B"[=38 71& B&&:> "5 ;4=71L Q E4>& B7$:9 "5 43 Q%&/=?43 X=>>="34/9 =3 71& D$>>=43 -"/71 X9

ME?UG=H>E? H@E=P N?T I>H N==>UNF >? 0ER>FN?T NH GU>TG?MG EO @IG ,EFP 2<>=>@ Ê=\>?Y>? I>H IGN=@ N?T -ETlH MN=G OE= @IG 0ER> <GE<FGS OE= HMG<@>MNF EK@H>TG=H @IG &RG=>MN?

% " + * 2

% +I>H =GHGN=MI NH HK<<E=@GT LP @IG *K=E<GN? #?>E? @I=EKYI @IG *K=E<GN? $GY>E?NF /GUGF8E<RG?@ )K?T ;3G?@=G EO *cMGFFG?MGS 3*3+A N?T @IG *H@E?>N? $GHGN=MI 3EK?M>F ;Y=N?@ ?EV :669AV

& _E@I @IG =NPE? N?T >@H MG?@=G N=G MNFFGT 0KFaRT>?V +IG =NPE?lH @G==>@E=P >H B7SBCC \Rz N?T@IG=G N=G NLEK@ B5SCCC >?INL>@N?@HV

' &H N =GHKF@ EO @IG 2@NF>?>H@ =G<=GHH>E?H >? @IG 4DXCH N ME?H>TG=NLFG ?KRLG= EO -G=RN? 'K@IG=8N?H ^G=G TG<E=@GT @E 0ER> @G==>@E=PV ,E^GUG=S @IG>= ;K?TG=Y=EK?TA ME?Y=GYN@>E?H ^G=G =N@IG=GcMFKH>UGFP OE= G@I?>M -G=RN?HS HG=U>MGH N?T <=NPG= RGG@>?YH ^G=G IGFT >? -G=RN? N?T NH N =KFGS

( fI>FG @IG >?T>YG?EKH 0ER>H ME?H@>@K@G NLEK@ B9 <G= MG?@ EO @IG =G<KLF>MlH EUG=NFF <E<KFN8@>E?S @IGP N=G N RNJE=>@P >? LE@I @IG 0KFaRT>? $NPE? N?T >? @IG U>FFNYG EO /E?V ,E^GUG=S @IG

) NFF E@IG=H INUG LGG? Y>UG? <HGKTE?PRHV +IG <HGKTE?PRH Y>UG? >FF >?T>MN@G @IG >?OE=RN?@Hl HGcS LK@ 1 ^>FF ?E@ Y>UG @IG>= =GH<GM@>UG NYG NH TKG @E @IG HRNFF?GHH EO @IG /E? ME?Y=GYN@>E? >@ ÊKFT

* .GRUN >H N @E^? EO NLEK@ 4XSCCCS FEMN@GT HERG 6CC \R O=ER 0KFaRT>?V+ 8

RT>? $NPE? LG@^GG? BCC7 N?T BC4B ;HGG )QAV, ,G=G N?T GFHGÎG=G f>FF>NRlH H<GGMI ^>@I MEFFEbK>NF>HRH G@MV >H FGO@ K?MIN?YGTV &FF E@IG=

bKE@N@>E?H N=G @=N?HFN@GT O=ER $KHH>N?V- f>FF>NR =GMG>UGH TE?N@>E?H RNTG K?TG= @IG ?NRG EO f>FF>NR fEET Q>HH>E?H @E $KHH>N @E

%. 3G=@N>?FP ?G>@IG= @IG $"3 YG?G=NFFP ?E= FEMNF <=>GH@H N<<=EUG EO HKMI <=NM@>MGHV %GUG=@IG8

FGHHS @IG $"3 @G?TH @E LG RE=G NMMERRETN@>?Y EO UG=?NMKFN= >TGNH N?T =>@KNFHV%% 2K<<EHGTFPS @IG <=>GH@ ^NH bK>@G ^>FF>?Y @E MEE<G=N@G ^>@I @IG GUN?YGF>MNFH K?@>F _>HIE<

8@>E?H LG@^GG? @IG "=@IETEc N?T GUN?YGF>MNF MIK=MIGH N=G REH@ F>\GFP @E EMMK= N@ N FEMNF FGUGFS NH

%& +IG HG=RE?H N=G IGFT >? $KHH>N? LK@ &?T=GP INH NFHE HIE^? >?@G=GH@ >? FGN=?>?Y @IG 0ER>

FN?YKNYGV QEH@ EO @IG ME?Y=GYN@>E? RGRLG=H N=G 0ER> N?T KHG @IG>= ?N@>UG FN?YKNYG >? TN>FP>?@G=NM@>E?HS LK@ NFF EO @IGR N=G L>F>?YKNFV%' %GUG=@IGFGHHS @IG ?KRLG= >H ?E@ HE HRNFF IG? ME?H>TG=GT @IN@ TK=>?Y EK= EMMNH>E?NF U>H>@H

@E @IG =GYKFN= 2K?TNP HG=U>MGH N@ @IG "=@IETEc MIK=MI >? 0KFaRT>? NLEK@ XCn:C MIK=MI8YEG=H

%( %E?TG?ER>?N@>E?NF 3I=>H@>N? MIK=MIGH N?T ME?Y=GYN@>E?H N=G I>H@E=>MNFFP W=E@GH@N?@ LK@ 8FE<>?Y EO ?E?TG?ER>?N@>E?NF>HR >? @IG #?>@GT 2@N@GHAV +IG /E? ME?Y=GYN@>E? RGRLG=H KHKNFFP=GOG= @E @IGRHGFUGH NH H>R<FP 3I=>H@>N?H E= GUN?YGF>MNF 3I=>H@>N?H N?T Î>FG @IGP NY=GG @IN@ @IG=G R>HH>E? NM@>U>@>GH <FNMGH @IGR >? @IG GUN?YGF>MNF @=NT>@>E?V

%) +I>H >H ?E@ N ME?MG<@KNF TGM>H>E? NH >? @IG MNHG EO @IG HE8MNFFGT #?=GY>H@G=GT _N<@>H@HV ,G=G@IG <NH@E= H>R<FP OEK?T @IN@ YE>?Y @I=EKYI @IG =GY>H@=N@>E? <=EMGHH ÊKFT LG @EE MER<F>MN@GTS



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4AX7

^>@I @IG ?E?TG?ER>?N@>E?NF N<<=ENMI @IG /E? GUN?YGF>MNFH NTUEMN@GV

%* @EE HMN=MG @E RN?NYG ME?UG=HN@>E?HV ,G INH MERRG?@GT @IN@ IG >H @EE EFT @E LG NLFG @E FGN=? N

?G^ FN?YKNYGV%+ )E= GcNR<FGS @IG U>FFNYG >H HN>T @E FEMN@G RE=G @IN? N INFO8TNP JEK=?GP O=ER @IG MN<>@NF ;HGG0EFELNPGU BCCDA ÎG? >? ONM@ >@ >H @I=GG IEK=H LP LKHV

%, 2@G<IG? EO WG=R ME?UG=@GT @IG 0ER> @E $KHH>N? "=@IETEcP N@ @IG G?T EO @IG 4X@I MG?@K=P 2@ 2@G<IG?V +IG MER<N=>HE? RNTG LP '>T>N HGGRH <G=IN<H HERGÎN@ >=E?>M @E N LPH@N?TG= NH2@ 2@G<IG? R>HH>E?>HGT >? @IG ?N@>UG FN?YKNYG EO @IG 0ER> Î>FG f>FF>NR H<GN\H ?G>@IG= 0ER>?E= $KHH>N?V ,E^GUG=S '>T>NlH RN>? <E>?@ IG=G >H @IN@ F>\G 2@ 2@G<IG?S f>FF>NR <=ERKFYN@GH @IGYEH<GF >? >@H YG?K>?G OE=RV

%- 1? $KHH>NS MET>?Y ;N ME?@=EUG=H>NF @GMI?>bKG >? Î>MI @IG @IG=N<>H@ ME?U>?MGH @IG <N@>G?@

@IN@ N METG >H >?HG=@GT >? @IG <N@>G?@lH L=N>? NO@G= Î>MI ME?HKR>?Y NFMEIEF INH HG=>EKH <IPH>MNF @E bK>@ T=>?\>?YV

&. p.GNS N RN? RNP HNPS +IEK INH@ ON>@IS N?T 1 INUG Ê=\Hg HIG^ RG @IP ON>@I ^>@IEK@ @IPÊ=\HS N?T 1 ^>FF HIG^ @IGG RP ON>@I LP RP Ê=\HVr ;!NRGH Bg4:A

&% 2K<<EHGTFP f>FF>NRlH <G?H>E? >H NLEUG @IG NUG=NYG TKG @E LG>?Y N ^N= UG@G=N?V 1@ >H IN=TOE= RG @E GUNFKN@G IE^ ^GFF8@E8TE IG ^NH >? @IG &RG=>MN? ME?@Gc@S LK@ MER<N=GT @E @IG NUG=NYG$KHH>N? <G?H>E?H f>FF>NRlH >?MERG >H MG=@N>?FP RKMI RE=G HKLH@N?@>NFV 1? NTT>@>E? @E @IG TE?N8@>E?H O=ER @IG LGF>GUG=H >? @IG #?>@GT 2@N@GHS f>FF>NR INH KHGT I>H <G=HE?NF OK?TH OE= @IG R>HH>E?

<=EY=NRH @E N ME?H>TG=NLFG Gc@G?@V&& &?T=GP =GYN=TGT ?E@ E?FP @IG MERRK?>@P RGRLG=H ÎE INT Gc<F>M>@FP =G<G?@GTS LK@ NFHE

@IEHG ÎE ^G=G YE>?Y ;E= INT <=GU>EKHFP LGG? YE>?YA @E HG=U>MGH ^>@I N MG=@N>? =GYKFN=>@P @E LGp@=KFP @EKMIGT LP -ETrV

&' ,G=G >H N? >R<F>M>@ M=>@>M>HR EO @IG $"3S Î>MI @IG GUN?YGF>MNFH =G<=ENMI OE= ME?TKM@>?YHG=U>MGH >? "FT 3IK=MI 2FNUE?>MS >?MER<=GIG?H>LFG @E REH@ MIK=MI8YEG=HS N?T ?E@ RN\>?Y N?

&( ,G=G &?T=GP >H <=ELNLFP =GOG=G?M>?Y @IG <N=NLFG EO @IG HE^G= >? Q@V 46g4nDV&) p_K@ PG HINFF =GMG>UG <E^G=S NO@G= @IN@ @IG ,EFP -IEH@ >H MERG K<E? PEKg N?T PG HINFF LG

<N=@ EO @IG GN=@IVr ;&M@H EO @IG &<EH@FGH 4g:A

&* )E= GcNR<FGS ÎG? NH\GT NLEK@ ?E?8"=@IETEc =GF>Y>EKH Y=EK<H >? @IG T>H@=>M@S <GE<FG ÎE 8?N=P &FG\HGP RG?@>E?GT >? @IG <=GU>EKH HGM@>E?S GUG? @IEKYI IG ^NH LNHGT >? @IG T>H@=>M@ MG?@=GN?T INT N==>UGT @IG=G @I=GG PGN=H GN=F>G= @IN? f>FF>NRV +IG? NYN>?S @IG T>H@=>M@ MG?@=G R>YI@ LG HERG PGN=HS &FG\HGP ^NH NM@KNFFP EO FEMNF E=>Y>?V



G"">4L B"[=38 71& B&&:> "5 ;4=71L Q E4>& B7$:9 "5 43 Q%&/=?43 X=>>="34/9 =3 71& D$>>=43 -"/71 X5

2 " # $ 3 * 2

)Q { )>GFTÊ=\ ?E@GH N?T =GME=T>?YH O=ER BCC7 @E BC46V +IG RN@G=>NF INH LGG? MEFFGM@GT >? @IG

$ * ) * $ * % 3 * 2

_N=N?S *R>FP _V BCC7V %GYE@>N@>?Y @IG '>R>@H EO $GF>Y>EKH WFK=NF>HR >? WEH@82EU>G@ $KHH>Ng +IG

&?@>MKF@ QEUGRG?@ >? @IG $KHH>N? "=@IETEc 3IK=MIS 4DDCnBCCXV n 01& D$>>=43 D&O=&[V ZEFV79S %EV Xg 765n797V

D&#=8="3 W3 64>7&/3

6$/"C&V ZEF ww111S %EV 9S 64n9CV

N

N

BCCDS :nXCV

-EFEUKHI\>?S /R>@=P &V BCCXV "? @IG 1HHKG EO $GF>Y>EKH +EFG=N?MG >? QETG=? $KHH>Ng %N@>E?NF1TG?@>@P N?T $GF>Y>EE?V n 2"$/34# 5"/ 71& B7$:9 "5 D&#=8="3> 43: W:&"#"8=&>V %EV 5g 4C4n44CV

N

!=VS Q>MINGF _EK=TGNKc ;GTHVAV QN=P\?EFFS %.g "=L>H _EE\HS 77n57V

2"$/34# "5 6713"#"89 43: ;"#<#"/=>7=?>V ZEFV 9S %EV 4g X9n74V

^&> G"%=>V

f$&>7="3> :U1=>7"=/& &7 :& ?$#7$/&

%EV 4:g B97nB59V



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4AX:

01& E1$/?1&> Y&/& \C&3&: 43: ^"7> "5 X=>>="34/=&> Q//=O&:g />NFEYKG LG@^GG? 0ER> 1TG?@>@P N?T )N>@IV n ;"#<#"/&V 6#&?7/"3=? 2"$/34# "5 ;"#<#"/&V ZEFV 94g 454n4DCV

N

Q>FFG=S /E?NFT *V 4DD:V WEH@TG?ER>?N@>E?NF 3I=>H@>N?>@P >? @IG +^G?@P8)>=H@ 3G?@K=PV n 01&

Q--Q^B "5 71& Q%&/=?43 Q?4:&%9 "5 A"#=7=?4# 43: B"?=4# B?=&3?&V ZEFV 99:S %EV 4g 4D7nB4CV"UMI>??>\EU BCCX {

{DBDLTB7MX4L5775O59B6XTMONCMXBXGN ;NMMGHHGT QN=MI B9S BC46AV

A/"71&/"T B7&C1&3 )**(V $GF>Y>EKH '>@G=NMPg fIN@ *UG=P &RG=>MN? %GGTH @E 0?E^ n &?T /EGH?l@V-&[ a"/<L 4/C&/E"##=3> A$.#=>1&/>V

N

/ V n

B9S BC46AV

ZNFF>\>U>S 'NK= BC44V fE=TH N?T 2>FG?MGg %G?G@H $G>?TGG= ,G=TG=Hl 3E?UG=H>E? @E *UN?YGF>MNF3I=>H@>N?>@PV ;/EM@E=NF T>HHG=@N@>E?S >? @IG <EHHGHH>E? EO @IG NK@IE=VA

fN??G=S 3N@IG=>?G BCCXV Q>HH>E?N=>GH EO )N>@I N?T 3KF@K=Gg *UN?YGF>MNF *?MEK?@G=H >? #\=N>?GV nB#4O=? D&O=&[V ZEFV 76S %EV Xg 56Bn599V




ZEFV 5 ;4Ag XDn7X

XD

+ , * _ " / . 1 % % * f &- * ) $ " Q + , * W * $ 2 W * 3 + 1 Z *" ) + , * 2 # _ + ' * _ " / .g + , * * w & Q W ' * " ) + , *

2 " # $ 3 * _ $ * & + , f " $ 0 3 " Q Q # % 1 + .

0&+$* 0"WW*'Q& 2@KTG?@

/G<N=@RG?@ EO *@I?EFEYP1?H@>@K@G OE= 3KF@K=NF $GHGN=MI N?T )>?G &=@H

#?>UG=H>@P EO +N=@K]F>\EEF> 4:S 9CCDC +N=@KS *H@E?>NG8RN>Fg \N@=G\E<<GFiYRN>FVMER

&_2+$&3+ +IG N=@>MFG T>HMKHHGH @IG <G=MG<@>E? EO @IG LETP NRE?Y 2EK=MG _=GN@IÊ=\ <=NM8

E? IGNF>?Y L>=@I @=NKRNS Î>MI >H K?TG=H@EET NH IGNF>?Y @IG OK?TNRG?@NF Gc<G=>8G?MG EO N? >?T>U>TKNFlH F>OGV +IG LETP >? %G^ &YG MN? LG TGHM=>LGT >@I @IG ?E@>E?EO @IG oHKL@FG LETPlS N ?E?8TKNF>H@>M N<<=ENMI @E @IG LETP @IN@ LFK=H @IG LEK?TN=>GH

ME?H>TG=GT G?G=YG@>MS >?U>H>LFG N?T ?GLKFEKHV +IG ME?MG<@ EO @IG HKL@FG LETP NH N N?T BC46 >? *H@E?>NV 1? N 2EK=MG MERRK?>@PS @IG LETP >H ME?H>TG=GT @E LG G?G=YG@>MN?T @E >?MFKTG MIN\=NHV QGRLG=H EO @IG MERRK?>@P MFN>R @IN@ @IG OK?M@>E?>?Y EO

@IG LETP N?T ^GFF8LG>?Y >? F>OG LGN= K<E? ?GYN@>UG N?T <EH>@>UG @IEKYI@H E= TGM>8H>E?H @IN@ N=G IGFT >? @IG HKLME?HM>EKH N?T GRLGTTGT N@ N MGFFKFN= FGUGF >? @IG LETPV QE=GEUG=S @IG L=GN@IÊ=\ <=NM@>@>E?G=H LGF>GUG @IN@ N? >?T>U>TKNF NF=GNTPRN\GH OK?TNRG?@NF TGM>H>E?H NLEK@ F>OG >? @IG ÊRL E= TK=>?Y L>=@IV 2>?MG @IG<G=MG<@>E? EO @IG LETP N?T L>=@I N=G MFEHGFP >?@G==GFN@GT >? @IG 2EK=MG MERRK?>@PS@IG RGN?>?Y EO L>=@I >H U>G^GT O=ER @IG <G=H<GM@>UG EO @IG HKL@FG LETPV

0*.f"$/2 g HKL@FG LETP ! G?G=YP ! L=GN@I>?Y ! L>=@I ! IGNF>?Y

1 % + $ " /# 3 + 1 " %

RG? \?E^ IE^ @E KHG @IG>= LET>GHr ;>L>TVg 5CAV &F@IEKYI >? @IG ME?@GR<E=N=P H@KTP EO@IG IKRN?>@>GH N?T HEM>NF HM>G?MGH ME?H>TG=>?Y @IG LETP N?T LET>FP <=NM@>MGH NH RE=G@IN? JKH@ L>EFEY>MNF E= <IPH>EFEY>MNF >H NH MERRE? NH @IG K?TG=H@N?T>?Y EO @IG LETPlH 8>?Y N?T @IG =EFG EO HEM>E8MKF@K=NF ME?@Gc@ >? NMbK>=>?Y @GMI?>bKGH EO @IG LETPV ->U>?Y @IG N=G RE=G ^>TGH<=GNT @IN? >? 3I>?N N?T 1?T>N NFE?GS QNKHH G?MEK=NYGT =GHGN=MIG=H @E



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A9C

H@KTP L=GN@I>?Y @GMI?>bKGH NH LET>FP @GMI?>bKGH O=ER @IG HEM>E8MKF@K=NF <G=H<GM@>UG;>L>TVg :7n:5AV 1?TGGTS <=NM@>M>?Y N L=GN@I>?Y @GMI?>bKG NFHE RGN?H NTE<@>?Y N? >TGEF8EYPS NTE<@>?Y LGF>GOH N?T K?TG=H@N?T>?YH =GFN@>?Y @E @IG LETP N?T >@H >?@G=NM@>E? ^>@I INUG LGG? =GFN@>UGFP GNH>FP NMMGHHGTS L=GN@I>?Y @GMI?>bKGH INUG YN>?GT ^>TG= <E<KFN=8

>@P NRE?Y <GE<FG >? *K=E<G N?T @IG #2 H>?MG @IG 4D7CH N?T 4D5CHV 2@=E?YFP >?@G=@^>?GT^>@I @IG LETPS GRLET>RG?@S N?T LET>FP Gc<G=>G?MGHS E?G EO @IGHG L=GN@I>?Y @GMI?>bKGH>H 2EK=MG W=EMGHH N?T _=GN@IÊ=\S Î>MI >H @IG OEMKH EO @I>H <N<G=V

N %G^ &YG4 8@NFS HEM>NF N?T H<>=>@KNF NH<GM@H EO @IG IKRN? Gc<G=>G?MGV 2EK=MG _=GN@IÊ=\ INH LGG?TGUGFE<GT O=ER N H>R>FN= <=NM@>MG MNFFGT $GL>=@I>?YS I>MI ^NH o>?UG?@GTl LP N? &RG=>8MN?S 'GE?N=T "==S >? @IG 4D7CH N?T 4D5CHS H>?MG ÎG? N ?G@Ê=\ EO 2EK=MG _=GN@IÊ=\<=NM@>@>E?G=H INH YN@IG=GT N=EK?T @IG OEK?TG= EO @IG <=NM@>MGS _>??>G &V /N?HLPVB _E=?>? 4D6D >? @IG #2S /N?HLP LGYN? @E OEMKH E? H<>=>@KNF HGFO8TGUGFE<RG?@ N?T IGNF>?Y

<=NM@>MGH TK=>?Y @IG 4D5CHV )E= RE=G @IN? 6C PGN=H /N?HLP INH LGG? G?YNYGT >? L=GN@I8Ê=\ N?T IGNF>?Y L>=@I @=NKRNS N?T INH TGUGFE<GT @IG FEHE<IP N?T RG@IETEFEYP EO2EK=MG _=GN@IÊ=\V 2>?MG @IG LGY>??>?Y EO @IG BCCCHS 2EK=MG _=GN@IÊ=\ @=N>?>?Y N?THGR>?N=H INUG =GYKFN=FP @N\G? <FNMG >? *H@E?>NV &H N =GHKF@S N FEMNF 2EK=MG MERRK?>@P6 INH GRG=YGTV /K=>?Y @IG L=GN@IÊ=\ HGHH>E?HS N <=NM@>@>E?G= L=GN@IGH =IP@IR>MNFFP ME?8?GM@>?Y >?INFN@>E? N?T GcINFN@>E?V W=NM@>@>E?G=H MFN>R @E INUG LET>FPS GRE@>E?NFS >?@GF8FGM@KNFS N?T H<>=>@KNF Gc<G=>G?MGHS Î>MI INUG N MG?@=NF =EFG >? HGFO8TGUGFE<RG?@ N?T<G=HE?NF IGNF>?YS >VGV L=>?Y>?Y @=N?HOE=RN@>E? N?T GFF8LG>?Y @E @IG <=NM@>@>E?G=Hl F>UGHV

+IG %G^ &YG R>F>GK >H MIN=NM@G=>HGT LP N =>MI N==NP EO IGNF>?Y <=NM@>MGH @IN@ EO@G?MERG N?T YEV ,E^GUG=S ÎN@ RN\GH 2EK=MG _=GN@IÊ=\ =GRN=\NLFG N?T N ONHM>?N@>?Y

<IG?ERG?E? @E H@KTP >H >@H GR<INH>H E? L>=@I N?T IGNF>?Y L>=@I @=NKRNV &MME=T>?Y @E2EK=MG _=GN@IÊ=\ @GNMI>?YHS L>=@I >H HGG? NH E?G EO @IG REH@ OK?TNRG?@NF Gc<G=>G?MGHS W=NM@>@>E?G=H O=GbKG?@FP MFN>R @IGP =G8Gc<G=>G?MGS N?TS IG?MGS =GRGRLG=S @IG>= <IPH>8MNF L>=@IS NH ^GFF NH <EH@8 N?T <=G?N@NF <G=>ETHS TK=>?Y N L=GN@I>?Y HGHH>E?V QGRLG=HEO @IG MERRK?>@P @I>?\ @IN@ L>=@I MN? LG N @=NKRN@>M Gc<G=>G?MG OE= LE@I RE@IG= N?T?G^8LE=? N?T HE >@ ?GGTH @E LG IGNFGTV QE=GEUG=S @E MIN?YG @IG Ê=FTS >R<=EUG @IG 8

L>=@I <=NM@>MGH N?T @E @IG G?U>=E?RG?@ >? Î>MI N LNLP >H LE=?V +IKHS @IG <=NM@>MG EO2EK=MG _=GN@IÊ=\ >H ?E@ JKH@ N L=GN@I>?Y @GMI?>bKG N?T >@ >H ?E@ JKH@ NLEK@ <G=HE?NF @IG ÊRG? N@ 2EK=MG MERRK?>@P GR<INH>HGS LP OEFFE^>?Y @IG>= >?@K>@>E? N?T F>H@G?>?Y@E @IG>= LET>GH TK=>?Y <=GY?N?MP @IGP R>YI@S OE= GcNR<FGS =GOKHG YG?G=NFFP NMMG<@GTRGT>MNF <=EMGTK=GH >O @IGP OGGF ?E ?GGT OE= @IGRV +IGP R>YI@ <=GOG= IERG L>=@IH @E IEH8<>@NFHS >? N H>@KN@>E? IG=G @IG OE=RG= >H H@>FF ?E@ MFGN=FP =GYKFN@GT LP FN^ >? *H@E?>NV +IG RGT>MNF T>HMEK=HG NTUEMN@GHV ,G?MGS ME?@=NT>M@>E?H N?T R>HK?TG=H@N?T>?YH LG@^GG?2EK=MG _=GN@IÊ=\ <=NM@>@>E?G=H N?T RGT>MNF Ê=\G=H RNP EMMK=V

"?G EO @IG ONM@E=H @IN@ YG?G=N@G ME?@=NT>M@>E?H LG@^GG? @IG @Ê T>HMEK=HGH n @IG =GF>8 8





! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A9B

>H MER<EHGT EO @Ê GcMFKH>UG HKLH@N?MGH n @IG <IPH>MNF N?T @IG H<>=>@KNFV /KNF>HR HG<N8=N@GH R>?T O=ER LETP N?T @IKH T>U>TGH RN? >?@E @Ê E<<EH>@G <N=@HV )GR>?>H@ @IGE8 @G=RHS ^>@I @IG R>?T @IG <=>U>FGYGT N?T @IG LETP @IG HKLE=T>?N@G @G=RV +E GH@NLF>HI >@H

LE=TG=H N?T >TG?@>@PS @IG <=>U>FGYGT @G=R RN=Y>?NF>HGH @IG HKLE=T>?N@GT @G=R RN\>?Y

>@ ?GYN@>UG E= >?U>H>LFGV ,G?MGS @IG LETP LGMERGH MFGN=FP T>H@>?M@ O=ERS NH ^GFF NH @IG WFN@E ;XB5n6X5 _3A ^=E@G NLEK@ @IG LETP8R>?T TKNF>@P GN=FP E? >? fGH@G=? FE8

HEMNF I>H@E=PV WFN@E ^NH ME?U>?MGT @IN@ @IG HEKF >H @IG o@=KGl N?T o=GNFl <N=@ EO QN?SÎ>MI >H >R<=>HE?GT LP @IG LETP ;2@KM\=NT BCC9g 4XAV 3I=>H@>N? @=NT>@>E? ME?@>?KGH @IG<=>?M><FG EO TKNF>@PS HNP>?Y @IN@ @IG >RRE=@NF HEKF >H Y>UG? LP -ETS Î>FG @IG RE=@NF

HIN=<FP HG<N=N@GT @IG HEKF O=ER ?N@K=GS LGF>GUGT @IN@ @IG LETP NFE?G MEKFT LG ME?H>T8G=GT N <N=@ EO ?N@K=GS ÎG=GNH @IG R>?T E= @IG HEKF INH ?E <FNMG >? @IG ?N@K=NF Ê=FTV_ETPS N? oGc@G?TGT HKLH@N?MGlS >H HGG? NH N RGMIN?>MNF TGU>MG @IN@ OK?M@>E?H NMME=T>?Y

@E @IG FN^H EO ?N@K=G N?T >H HKLE=T>?N@G @E @IG R>?TS @IG o@I>?\>?Y HKLH@N?MGl ;>L>TVg 7AV 8RN@GFP \?E^ >H 3"7 "$/ .":=&> LK@ @IG H@=KM@K=G EO EK= R>?TH ;OE= GcNR<FGS @IG ?N@K=G EOEK= =N@>E?NF>@PA ;!EI?HE? 4D:5g ccU>AV +I>H RGN?H @IG I>YIG= @=K@I MN? LG OEK?T ÎG?H@KTP>?Y @IG R>?TV +IG LETP LGMERGH HGME?TN=PS >H ?N@K=NF>HGT N?T FGO@ @E @IG HM=K@>?PEO @IG ?N@K=NF HM>G?MGHV

8@>E? EO @IG Ê=FTV +IG LETP >H K?TG=H@EET NH <=EOEK?TFP HGMKFN=S <IPH>MNF N?T <IPH>8

GRE@>E?NFS RG?@NF N?T H<>=>@KNF NH<GM@H EO IKRN? Gc<G=>G?MGS NH GFF NH @E HEM>NF ONM@E=H IEF>H@>M %G^ &YG @IEKYI@ ^>@I TKNF>HRS NH %G^ &YG LGF>GUG=H TE ?E@ ME?H>TG= @IG<IPH>MNF LETP NH N o<=>HE?l EO @IG HEKF ?E= N oHKLH@N?MGl @IN@ >H =NT>MNFFP T>H@>?YK>HIGT

LP @IG R>?T ;>L>TVg BBBAV &F@IEKYIS %G^ &YG INH >@H =EE@H >? @IG fGH@G=? MEK?@G=8MKF@K=GEO @IG 4D7CHS N?T N@ @IG HNRG @>RG =G<=GHG?@H N <IG?ERG?E? EO @IG <EH@RETG=? ME?8

@=NMGT LNM\ @E T>H@N?@ I>H@E=PV %G^ &YG MN? LG HGG? NH @IG ME?@GR<E=N=P RN?>OGH@N@>E? <G=MG<@>E?H EO @IG LETP >? %G^ &YG MN? NFHE LG K?TG=H@EET NH RN?>OGH@N@>E?H N?T MER8<FGc MERL>?N@>E?H EO GHE@G=>M @=NT>@>E?HV

1? NTT>@>E? @E @IG <IPH>MNF LETPS @IG=G >H N?E@IG= oLETPl n @IG HKL@FG LETP n Î>MIYN>?H OEMKH NRE?Y %G^ &YG <=NM@>@>E?G=HV /=N^>?Y E? !NP !EI?H@E? ;BC4CAS HKL@FG LET>GHINUG LGG? UN=>EKHFP ME?MG<@KNF>HGT >? *NH@G=?S fGH@G=? N?T GHE@G=>M FEHEMNF N?T X N?T HINRN?>M MKF@K=GHV ,E^GUG=SNFF @IGHG oLET>GHl N=G HGG? NH E?@EFEY>MNFFP G?G=YG@>MS ?GLKFEKH N?T >?U>H>LFGV QE=GEUG=S>@ >H LGF>GUGT @IN@ >?H@GNT EO @IG <IPH>MNF LETPS @IG HKL@FG LETP >H @IG <FNMG ÎG=G @=KG



G"CC&# 96

IGNF>?Y MERGH NLEK@V 1? ME?@=NH@ @E TKNF>HRS HKL@FG LET>GH =G<=GHG?@ LFK==GT LEK?TN8 @IG HGFO O=ER @IG T>U>?G E= 1 O=ER "@IG=V 2KL@FG LET>GH N=G LGF>GUGT @E LG MER<=>HGT

EO G?G=YG@>M oHKLH@N?MGlS >? Î>MI @IG <IPH>MNF LETP N?T @IG H<>=>@ ;E= RG@N<IPH>MNFNYG?MPA >?@G=<G?G@=N@G E?G N?E@IG=V !EI?H@E? ;BC4Cg 7Dn56A ME?MFKTGH @IN@S O=ER @I>H<G=H<GM@>UGS @IG HKL@FG LETP MN? LG K?TG=H@EET NH N? GRLET>GT >?@G=ONMG LG@^GG? @IG

LETP N?T @IG ^NP >@ >H <G=MG>UGT >? %G^ &YG E=>Y>?N@GH O=ER N FEHEMNF HPH@GR

1@ >H ?GMGHHN=P @E MFN=>OP @IN@S E? @IG E?G IN?TS @IG ME?M=G@G @G=R oHKL@FG LETPl >H 8

@FG LETP RNP LG HGG? NH N RETGF EO N <N=@>MKFN= @P<G EO LETP N?T KHGT NH N HMIEFN=FP 8H@E? BC4CAV 2E @IG @G=R INH LE@I GR>M N?T G@>M KHNYGHV 3E?H>TG=>?Y @IG HKL@FG LETP N 8HEMNF @=NT>@>E?HV 2GME?TFPS @IG RETGF EO @IG HKL@FG LETP MN? LG KHGT NH N? N?NFP@>MNF @IG RGN?>?YH EOS N?T =GNHE?H OE=S HEM>E8MKF@K=NF MIN?YGH @IN@ N=G >? >?@G=NM@>E? ^>@I @IG<G=MG<@>E?H EO IKRN? LETPV

&H OE= @IG TGHM=><@>UG MN@GYE=P >? YG?G=NFS NMME=T>?Y @E !EI?H@E?S E?G MN? T>U>TG @IGRETGF EO HKL@FG LETP >?@E @Ê @P<GHV +IGHG @Ê @P<GH MN? Gc>H@ HG<N=N@GFP NH ^GFF NH HIGN@IH E= oLET>GHl @IN@ Gc@G?T LGPE?T @IG <IPH>MNF LETPV +IGHG oLET>GHl >?@G=<G?G@=N@GN?T GcMGGT GNMI E@IG= N?T @IG <IPH>MNF LETPV ;!EI?H@E? BC4Cg 5CA +IG GcNR<FG EO @I>H@P<G EO HKL@FG LETP MN? LG OEK?T >? @IG Ê=\H >?@=ETKMGT LP @IG 2^>HH <IPH>M>N?S NFMIG8R>H@ N?T NH@=EFEYG= WN=NMGFHKH ;+IGE<I=NH@KH _ERLNH@ UE? ,EIG?IG>RA >? @IG 49@IN?T 47@I MG?@K=>GHS N?T >@ H@>FF >H OEK?T >? @IG ME?@GR<E=N=P %G^ &YG R>F>GK ;>L>TVAVWN=NMGFHKH MFN>RGT @IN@ GUG=P@I>?Y U>H>LFG n R>?G=NFHS <FN?@HS N?>RNFH N?T RG? n INUGp@IG>= >?U>H>LFG MEK?@G=<N=@H >? @IG RNM=EMEHRS ÎG=G @IGP Gc>H@ NH oNH@=NlS Î>MI =G<8

4D@I MG?@K=P LP ,GFG?N WG@=EU?N _FNUN@H\P ;4:64n4:D4A N?T IG= MER<N?>E?HS INH MN=8=>GT @IG >TGNH EO HKL@FG LET>GH @E %G^ &YG LGF>GO N?T <=NM@>MGH ;!EI?H@E? BC4Cg 5CAV2>R>FN=FP @E WN=NMGFHKHl >TGNHS @IGEHEMNF @GNMI>?YH MFN>R @IN@ @IG R>M=EMEHR EO NRN? ME==GH<E?TH @E @IG RNM=EMEHR EO K?>UG=HGV QN? N?T GN=@I INUG HGUG? LET>GHS 9 EOÎ>MI @IG E?FP U>H>LFG LETP >H @IG <IPH>MNF E?G @IN@ INH @IG I>YIGH@ ME?H>H@G?MP EO RN@8@G= ;-EET=>M\83FN=\G BCCXg 49AV +IG =GH@ EO @IG G?G=YG@>M oLET>GHl N=G MER<=>HGT EO LE@I 8



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A9X

>?Y @E %>MIEFNH -EET=>M\83FN=\GS >? IG= B&?/&7 M"?7/=3& ;4:::A _FNUN@H\P OEK?T @IN@ @IGI>YIG= <K=<EHG EO N RN? >H @E =GNMI @IG @I=GG FNH@ FGUGFH n X434> S S Q7%4 n EOGRLET>RG?@ >@I @IG IGF< EO =G>?MN=?N@>E?V "?MG <GE<FG HKMMGGTS RN?\>?T >FF LG F>\G

+IG HGME?T @P<G EO HKL@FG LETP >H MNFFGT GHE@G=>M N?N@ERPV 1@ >H LGF>GUGT @IN@ E=YN?H

>?@G=?NF <N@I^NPH EO HKL@FG G?G=YP ;!EI?H@E? BC4Cg 5CAV )E= GcNR<FGS LGF>GO >? @IG Gc>H@8G?MG EO MIN\=NHS @IG MG?@=GH EO G?G=YP @IN@ N=G FEMN@GT >? @IG IKRN? LETP E? @IG HKL8

LNM\Y=EK?TS @IG @G=R oMIN\=Nl N?T >@H >?@G=<=G@N@>E?H INUG LGG? HKMMGHHOKFFP NTN<@GT LP %G^ &YG LGF>GUG=H >@I @IG IGF< EO HE8MNFFGT GHE@G=>M H<E\GH<G=HE?H EO @IG 4D@I N?TBC@I MG?@K=>GH ;HGG NFHE ,NRRG= BCC4g D4nD5S 4:4n4D5AV &F@IEKYI @IG ?KRLG= MN? UN=PSEO@G? HGUG? MIN=\NH N=G TG<>M@GT NF>Y?>?Y K< @IG H<>?G @E @IG @E< EO @IG IGNTV *UG=P

NFF H<IG=GH EO F>OGg @IG <IPH>MNFS HEM>NFS GRE@>E?NFS H<>=>@KNFS G@MV &?E@IG= GcNR<FG EO @IGHGME?T @P<G EO HKL@FG LETP MN? LG OEK?T >? @IG @GNMI>?YH EO @=NT>@>E?NF 3I>?GHG RGT>8M>?G ;+3QA @IN@ INUG G?@G=GT @IG %G^ &YG R>F>GKV &H !EI?H@E? INH ?E@GTS j= ;E= ?1=A n N @IG >?T>U>TKNF HGFO ^>@I @IG MEHREHV 2>?MG @IG E=YN?H EO @IG LETP N=G ME?H>TG=GT @E LGG?G=YG@>M N?T ?E@ N?N@ER>MS @IG N>R EO +3Q <=NM@>@>E?G=H >H @E =GYKFN@GS E= =GT>=GM@ j= @I=EKYI @IG <IPH>MNF LETP N?T H>RKF@N?GEKHFP KHG >@ @E IGNFV ;!EI?H@E? BC4Cg 59n57A

&H RG?@>E?GT NLEUGS @IG RETGF EO @IG HKL@FG LETP MN? NFHE LG N<<F>GT NH N? N?N8 8MEK=HGH E? @IG LETP >? Î>MI @IG HKL@FG LETP MN? LG HGG? NH E?G NRE?Y E@IG=HV _G>?Y

@IG L=>TYG LG@^GG? @IG <IPH>MNF N?T @IG RG@N<IPH>MNF Ê=FTS @IG HKL@FG LETP G?NLFGHKH @E K?TG=H@N?T @IG ME?MG<@ EO @IG HGFO O=ER @IG <G=H<GM@>UG EO IEF>HRS FGNT>?Y @E @IG%G^ &YG LGF>GO @IN@ o^G N=G NFF E?Gl E= o^G N=G NFF ME??GM@GTlV fIG? ME?H>TG=>?Y N?>?T>U>TKNF NH MER<=>HGT EO N HKL@FG LETPS @IG <G=MG<@>E? EO @IG HGFO LGMERGH >?IG=G?@FPGc@G?H>UGS E<G? N?T RKF@><FGS >VGV LG>?Y pN H@N=\ ME?@=NH@ @E @IG LEK?TGT H>?YKFN= HKL8

JGM@ EO RETG=?>@Pr ;_N=MN?S !EI?H@E? BCC9g 56AV +IG >?T>U>TKNF >H >?@>RN@GFP >?@G==GFN@GT^>@I @IG G?U>=E?RG?@ N?T E@IG= <GE<FG NH @IG LEK?TN=>GH EO @IG HGFO Gc@G?T LGPE?T@IG ME=<E=GNF LEK?TN=>GH ;!EI?H@E?S _N=MN? BCC7g 6XAV +I>H @P<G EO LETP INH NFHE LGG?TGHM=>LGT ^>@I @IG @IGE=G@>MNF ME?MG<@ EO @IG oE<G? LETPlS Î>MI =G<=GHG?@H >? ME?@=NH@@E @IG oMFEHGT LETPl RNY>MNF N?T <=G8 N?T GN=FP RETG=? <G=MG<@>E?H EO @IG LETPV &H

LEK?TN=>GH LG@^GG? @IG HGFO N?T @IG EK@H>TG Ê=FT N=G FGHH T>H@>?M@S @IG E<G? LETP >HpME?H>TG=GT RE=G UKF?G=NLFG @E >?@=KH>E? O=ER @IG EK@H>TGr ;2@N=\ BCC7g 49XAV +IG FN@8@G= >H NFHE MIN=NM@G=>H@>M @E @IG HKL@FG LETPV 1? @IG %G^ &YG Ê=FTU>G^ @IG >?T>U>TKNF

LGMERGH Gc@=GRGFP HG?H>@>UG @E @IG G?U>=E?RG?@ HE @IN@ GUG=P R>?E= MIN?YG >? @IG RNM8 >H <G=MG>UGT NH <=EOEK?TFP >?TG<G?TG?@ ^>@I @IG <E^G= @E @=N?HOE=R @IG G?U>=E?RG?@V+IKHS %G^ &YG LGF>GO >H @IN@ E?GlH @IEKYI@H MN? INUG N? >R<NM@ E? <G=HE?NF =GFN@>E?8HI><HS MIN?YG HEM>G@P N?T @IG ME?T>@>E? EO <FN?G@ *N=@I N?T HE E?V )=ER @IG <G=H<GM@>UGEO @IG HKL@FG LETP @IG HGFO >H E<G? @E @IG G?U>=E?RG?@ N?T >H NLFG @E T=N^ OE=@I MIN?YGH>? @IG Ê=FTV



G"CC&# 99

&H $K@I _N=MN? N?T !NP !EI?H@E? INUG ?E@GTS %G^ &YG <=NM@>@>E?G=H N=G EO@G? HMG<8 EO @IG LETP ;>L>TVAS @IG HKL@FG LETP IGF<H @E Gc<FN>? @IG ME?@=NT>M@>E?H LG@^GG? E=@IETEc

RGT>M>?G N?T NF@G=?N@>UG ;E= UG=?NMKFN=A RGT>M>?GV +IG ME?MG<@ EO HKL@FG LETP Y>UGH NRE=G GcINKH@>UG RGN?>?Y @E GR>M @G=RH F>\G o>FF?GHHl N?T oIGNF@IlV +N\>?Y @IG RETGF EO@IG HKL@FG LETP N?T @IG Gc@G?H>UG?GHHS E<G??GHH N?T RKF@><F>M>@P EO @IG HGFO >?@E ME?8H>TG=N@>E?S >@ LGMERGH Gc<F>M>@ ÎP %G^ &YG <=NM@>@>E?G=HS >? ME?@=NH@ @E <=NM@>@>E?G=H ME?T>@>E?S NFHE RGN?H YG?G=NF IN=RE?P N?T ^GFF8LG>?Y ;4DD7g XBnX5AV

%G^ &YG LGF>GUG=H MN? LG ONR>F>N= ^>@I UN=>EKH RETGFH EO @IG HKL@FG LETP NH @IGP 8@>@>E?G=H Gc<=GHH @IGRHGFUGH T>UG=HGFP KH>?Y MER<N@>LFG UEMNLKFN=PV +IG @G=R oHKL@FG

LETPl TEGH ?E@ LGFE?Y @E @IG LNH>M @G=R>?EFEYP EO 2EK=MG _=GN@IÊ=\ @GNMI>?YHS N?T?G>@IG= TE <=NM@>@>E?G=H KHKNFFP KHG @IG @G=R ÎG? @NF\>?Y NLEK@ L=GN@IÊ=\V ,E^GUG=S@IG ^NP @IG LETP >H <G=MG>UGT GRN?N@GH O=ER @IG ME?MG<@ EO @IG HKL@FG LETPV -G?G=NFFP>? @IG @GNMI>?YH EO 2EK=MG _=GN@IÊ=\S @IG LETP >H K?TG=H@EET NMME=T>?Y @E @IG HGME?T@P<G EO HKL@FG LETPV &F@IEKYIS NH NF=GNTP RG?@>E?GTS @Ê @P<GH EO HKL@FG LETP MN? LGMERL>?GTV +IG HNRG RNP EMMK= >? @IG 2EK=MG MERRK?>@P N@ @IG >?T>U>TKNF FGUGFV ->U8>?Y N? EK@F>?G EO ME=G LGF>GOH EO 2EK=MG _=GN@IÊ=\S 1 N>R @E >?@=ETKMG N?T N?NFPHG @IG<G=MG<@>E? EO @IG LETP >? @IG MERRK?>@PV 1? 2EK=MG MERRK?>@PS @IG LETP >H ME?H>TG=GTG?G=YG@>M N?T MER<=>HGT EO MIN\=NHV QGRLG=H EO @IG MERRK?>@P MFN>R @IN@ @IG OK?M@>E?8>?Y EO @IG LETP N?T GFF8LG>?Y >? F>OG ;>VGV N <G=HE?lH IGNF@IA N=G >?@G==GFN@GT >@I ?GYN@>UG

N?T <EH>@>UG @IEKYI@H E= TGM>H>E?H @IN@ N=G pIGFT NH K?ME?HM>EKH LGF>GOHr ;/N?HLP BC4BMAN?T N=G GRLGTTGT E? N MGFFKFN= FGUGF >? @IG LETPV ,GNF>?Y <N=@>MKFN=FP @N\GH <FNMG >? @IG oMGFFKFN= RGRE=Pl ;E= oLETP RGRE=PlA N?T o@IG HKLME?HM>EKHlS KHGT LP 2EK=MG <=NM@>@>E?8G=HS HIEKFT LG <=>RN=>FP FEE\GT N@ O=ER @IG <G=H<GM@>UG EO @IG HKL@FG LETPV

+ , " #- , + 2 S * % * $- . & % / + , * _ " / .

%G^ &YG LGF>GOH N?T <=NM@>MGH INUG LGG? MIN=NM@G=>HGT NH GMFGM@>MS IG@G=EYG?GEKH N?T

QE=GEUG=S NF@IEKYI ME?UG?@>E?NF HM>G?MG MN? LG U>G^GT ?GYN@>UGFPS HGFGM@GT <>GMGH EO TGUGFE<HS @IG UEMNLKFN=P EO %G^ &YG @GNMI>?YH N?T RETGH EO Gc<=GHH>E? N=G NFHE ME?8H@N?@FP LG>?Y =G?G^GTS MER<FGRG?@GT N?T =G>?@G=<=G@GTV7 +IKHS %G^ &YG @GNMI>?YH 8G=H >?@G=<=G@ @IGR NMME=T>?Y @E @IG>= E^? Gc<G=>G?MGHS NH <G=HE?NF Gc<G=>G?MG >H UNFKGTI>YIFPV /GH<>@G @IG ONM@ @IN@ L>=@I N?T IGNF>?Y L>=@I @=NKRN MER<=>HG @IG ME=G EO /N?H8



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A97

LPlH @GNMI>?YHS @I>H TEGH ?E@ RGN? @IN@ NFF 2EK=MG <=NM@>@>E?G=H ME?H>TG= L>=@I GbKNFFP>R<E=@N?@V 1?H@GNT EO L>=@I NH @IG oHEK=MG Gc<G=>G?MGlS @IG Gc<G=>G?MG @IN@ >H LGF>GUGT @E

&H @IG OEMKH EO @I>H N=@>MFG >H NFHE E? L>=@IS 1 ^>FF <=GHG?@ <N=@ EO N FE?YG= L>=@I ?N==N8@>UG @EFT LP N 2EK=MG _=GN@IÊ=\ <=NM@>@>E?G=S 2>FJGS5 @E <=EU>TG N RE=G TGF>?GN@GT LNM\8

Y=EK?T OE= @IG N?NFPH>HV 2>FJG INH LGG? G?YNYGT >? L=GN@IÊ=\ H>?MG BCC4 N?T MFN>RH @EINUG LGG? IGNF>?Y L>=@I @=NKRN GUG= H>?MGV 1 INUG MIEHG? @I>H ?N==N@>UG NH >@ <E>?@H EK@OK?TNRG?@NF NH<GM@H EO @IG <=NM@>MG N?T FEHE<IPV )K=@IG=RE=GS @IG ?N==N@>UG >H MIN=8NM@G=>H@>M EO @IG ^NP 2EK=MG <=NM@>@>E?G=H TGHM=>LG @IG>= L>=@I Gc<G=>G?MG N?T =GFN@G >@ @E@IG>= F>UGHV 2>FJGS H>R>FN=FP @E @IG E@IG= <=NM@>@>E?G=HS MFN>RH @IN@ IG= L>=@I Gc<G=>G?MG INH

LGG? =GME?H@=KM@GT >@I @IG IGF< EO L=GN@IÊ=\ HGHH>E?H @IN@ INUG RNTG IG= =GRGRLG=IG= L>=@IV 2IG INH NFHE YN@IG=GT >?OE=RN@>E? O=ER IG= RE@IG= NLEK@ @IG L>=@IV

8

LETP Gc<FETGHV 1@ HGGRGT 1 FEH@ GUG=P@I>?Y NH @IGP >RRGT>N@GFP MK@ RP KRL>F>MNFME=TV +IG TEM@E=H N?T @IG R>T^>OG N=G N?c>EKH N?T >? <N?>MV +IGP FEE\ NO@G= RP LETPV +IGP <KFF RG H@=N>YI@ sE? @IG @NLFGt MEUG=GT ^>@I E>FMFE@IV 1 OGF@ >@S 1 INUG@IG RGRE=P EO @IG E>FMFE@I @IN@ 1 MEKFT OGGF ^>@I RP LNM\V +IGP <K@ N s?NRGt@NYN=EK?T RP FGYS 1 INUG @IN@ RGRE=PV +IG? @IGP MFGN? RP REK@I N?T GUG=P@I>?Y 8@NH@GOKFS <N>?OKF N?T HE >?ME?UG?>G?@V .EK \?E^S >O PEK INUG N @G==>LFG IGNTNMIGS@IG IGNTNMIG >H JKH@ N HF>YI@ HG?HN@>E? @IN@ =GR>?TH RG EO @IG Gc<FEH>UG?GHH EO @IG

FEUGT N?T FEUG HE RKMIS 1 MNRG IG=G E?FP OE= IG=S @E RN\G IG= N?T RP ON@IG= IN<<PV&F@IEKYIS G?@G=>?Y @IG LETP >H F>\G N @IK?TG=MFN< E= F>YI@?>?YV &M@KNFFPS @IG '>YI@S>? E@IG= Ê=TH -ET E= @IG 2<>=>@S MNRG >?@E @IG LETP n @IN@ >H @IG ^NP 1 Gc<G=>G?MG@IG L>=@IV _K@ >@ NFF IN<<G?GT HE bK>M\FPV _NH>MNFFP >? N HGME?T RP LETP INT @ENTJKH@ @E NFF @IGHG MIN?YGHV &H GUG=P@I>?Y ^NH HE >?@G?HGS 1 ^NH?l@ G?MEK=NYGT @E@N\G @IG ?Gc@ L=GN@IV _K@ 1 INT @E TE >@VVV GFF "0S 1 MIEHG @E TE >@V sVVVt &?T @IG? 1 NHH^NTTFGTV _K@ @IG LETPS E= @E LG GcNM@S @IG R>?T N?T @IG ME?HM>EKH?GHH >H KHGT @EOGGF>?Y RE@IG=lH LETPS Î>MI >H NF>UGS N?T =GMG>U>?Y >?OE=RN@>E? N?T HG?H>?Y '>OG@I=EKYI IG= LETPV +I>H Y>UGH RG @IG H>Y?NF @IN@ 1lR NF>UG N?T RP RE@IG= >H NF>UGV

_K@ ?E^ 1lR K?TG= @IG <FNH@>M TERG N?T IG? RP ME?HM>EKH?GHH <G=MG>UGH >@S @IG?1 YG@ OGGTLNM\ @IN@ @IG TERG >H ?E@ NF>UG N?T >@ RGN?H 1lR NFHE ?E@ NF>UGV QP LETP >H?E@ NF>UG LGMNKHG RP RE@IG= >H YE?GS @IG E?G ÎE =G<=GHG?@H '>OGV &?T RP RE@IG=>H TGNT sVVVtS N?T 1 INT @IG @IEKYI@ @IN@ 1 INT \>FFGT RP RE@IG=V _K@ "0V 1 INUG @IGRGRE=P @IN@ @>FF @IG RERG?@ ÎG? 1 ^NH >? @IG HNRG =EER ^>@I RP RE@IG=S @IG?>@ ^NH "0V +IG? >@ ^NH F>\G N? NTUG?@K=GS @IG NTUG?@K=G EO L>=@IS @IG NTUG?@K=G EOG?@G=>?Y @IG LETPV _K@ ÎG? 1 ^NH @N\G? N^NP O=ER @IN@ =EERS @IG? @IG @=NKRN

RP ON@IG= INH NLN?TE?GT RGV 1 @I>?\ >@ ^NH -ET @IG )N@IG= @IN@ 1 Gc<G=>G?MGTV 1

Gc<G=>G?MGT @IN@ RP M=GN@E= INT NLN?TE?GT RGS NH ^GFF NH RP =GNF ON@IG= >? @IG<IPH>MNF HG?HGV +IGP LE@I N=G NM@KNFFP @IG HNRG OE= N MI>FTV +IG >RRG?HG Y=>GO N?T



G"CC&# 95

TGH<N>= s@IN@ 1 OGF@tVVV N?T @IG? s>? @I>H H>@KN@>E?t @IG @IEKYI@H @IN@ MERG @E PEK=R>?T N?T @IG TGM>H>E?H @IN@ PEK RN\GV )>=H@FPS p1 NR TGNTrS p1 NR >? @IG LETPS N?T1 NR TGNTrS pRP RE@IG= >H TGNTrV &?T sHGME?TFPSt p>O 1 Gc<=GHH RP FEUG N?T <NH8

LG>?Y <E>?@FGHHV 1? E?G Ê=TS PEK MN? GUG? HNPS @IG LETP MERGH @E LG MER<=>HGTEO N \>?T EO FG@IN=Y>M FNPG=V +IGHG ^G=G @IG TGM>H>E?H @IN@ 1 RNTG NMME=T>?Y @E @IGME?T>@>E? EO @IG G?U>=E?RG?@V )=ER @I>H <G=H<GM@>UG 1 T>T?l@ INUG N?P E<<E=@K?>@P F>OGtV %E^ 1 MN? HNP @IN@ GUG? >O 1 \?G^ IE^ >@ >H YE>?Y @E Ê=\ EK@S 1 ?GUG= ME?8 ^NH T>H@=NM@GT LP @IGHG L>=@I Gc<G=>G?MGH OE= 65 E= 6: PGN=HS LK@ HERG <GE<FG N=GT>H@=NM@GT GUG? OE= @IG>= ÎEFG F>OGV sVVVt *UG=P@I>?Y @IN@ IN<<G?GT NO@G= @IG L>=@IS@IG OEFFE^>?Y @I=GG TNPHS N?T GUG=P@I>?Y @IN@ IN<<G?GT TK=>?Y @IG L>=@I M=GN@GH :

N LNLP >H NF=GNTP oME?HM>EKHl >? @IG ERL N?T TK=>?Y L>=@IV +I>H RGN?H N ?G^8LE=?S N?TGUG? N? GRL=PES >H N? >?@GFFGM@KNF LG>?Y @IN@ >H NLFG @E RN\GS NMME=T>?Y @E @IG HK==EK?T8>?Y G?U>=E?RG?@S TGM>H>E?H @IN@ INUG N? >R<NM@ E? N <G=HE?lH OK@K=G F>OGV /GM>H>E?H MN?

LG <EH>@>UGS OE= GcNR<FGS p1 NR FEUGT N?T ME??GM@GT ^>@I GUG=P@I>?YrS E= H>R>FN=FP @E@IG Gc@=NM@ NLEUGS ?GYN@>UGS OE= GcNR<FGS p1 NR TN?YG=EKHrS p1 TE ?E@ TGHG=UG FEUGrV+IGHG ?GYN@>UG TGM>H>E?H N=G MNFFGT oHGFO8F>R>@>?Yl TGM>H>E?H N?T N=G LGF>GUGT @E LG @IG BC4BMAV &MME=T>?Y @E 2EK=MG _=GN@IÊ=\ @GNMI>?YH TKG @E HGFO8F>R>@>?Y TGM>H>E?H N <G=8

HE? H@E<H L=GN@I>?Y TGG<FP N?T Gc<N?H>UGFPS Î>MI MNKHGH @G?H>E?H N?T LFEM\NYGH >?

INUG K?TG=H@EET N?T HGG? ÎG=G >@ NFF MNRG O=ERV &F=GNTP LGOE=G RP L>=@I 1 RNTGN TGM>H>E? @IN@ 1 INT TE?G HERG@I>?Y =E?YV &F@EYG@IG=S 1 GUG? T>T?l@ N?@ @E LE=?N?T @IN@ ^NH @IG HEK=MG EO NFF EO RP <=ELFGRHg 1 @IEKYI@ 1 INT MIEHG? @IG ^=E?Y<=EOGHH>E?S PEK HGGS 1 TE?l@ E=\ NH N TEM@E=S LK@ IP @IG? T>T 1 H@KTP N@ K?>UG=H>@P

IGlH N <EF>@>M>N? N?T IGlH ?E@ E? @IG HNRG ^NUGFG?Y@I NH 1 NRV +IG=G ^G=G HE RN?P RP HKLME?HM>EKH @IN@ 1 =G<GN@GTg PEK N=G TE>?Y ^=E?YS PEK N=G TE>?Y ^=E?YS PEK @IG G?G=YPV +IG RERG?@ NO@G= 1 INT E=\GT >@I @IG @E<>M =GFN@GT @E RP ON@IG= N?TRP L>=@IS @IG G?G=YP ^NH K?LFEM\GTS E? @IN@ QE?TNP sNO@G= @IG L=GN@IÊ=\ @=N>?8>?YtV +IG? 1 K?TG=H@EET IN@ >@ RGN?H @E F>UG >@IEK@ @IG LFEM\NYGHS PEKlFF INUG HERKMI G?G=YPV &M@KNFFP 1 INUG >?IG=>@GT N? G?E=REKH NREK?@ EO G?G=YP O=ER L>=@IV;'>?TNS 76 PGN=H EFTS BC4B >?@G=U>GÂ



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A9:

8 GUG? >? @IG %G^ &YG R>F>GKVD QGRLG=H EO @IG 2EK=MG _=GN@IÊ=\ MERRK?>@P =GFP E? NHPH@GR @IN@ >H MER<=>HGT EO HGUG? E= G>YI@ MIN\=NH4C @E @IG @E< EO @IG IGNTV *UG=P MIN\=N >H =GFN@GT @E N MEFEK=S @IGRGS TGM>H>E?S @IEKYI@ N?T

N LETP E=YN? E= <N=@ EO @IG LETP @IN@ >H =GYKFN@GT LP @IG OK?M@>E?>?Y EO @IN@ MIN\=N ;HGGNFHE /N?HLP BC4BLAV

s*tUG=P MIN\=N INH >@H E^? @IGRG N?T >@H sG?G=YG@>Mt LFEM\NYGH @IN@ N=G GRLGTTGT>? @IG MIN\=NHV +IG @I=EN@ >H ME??GM@GT ^>@I MERRK?>MN@>E?V +IEKYI@H F>\G pRPHGFO8Gc<=GHH>E? >H ?E@ ^GFMERGTS 1 MN??E@ Gc<=GHH RPHGFOr sN=G ME??GM@GT ^>@I @IG@I=EN@ MIN\=NtV 1@ >H >?@G=GH@>?Y @E HGGS IE^ <GE<FG HIN=G s@IG>= @IEKYI@Ht E? _>??>GlH@=N>?>?Y >? L>Y Y=EK<HV 2ERG <GE<FG H@N?T K< ÎG? @IG>= @I>=T @=N>?>?Y HGHH>E? >H INUG OEK?T G?EKYI MEK=NYGVr +IG RE=G PEK TE >@ sHIN=G >? N Y=EK<tS @IG RE=G HNOG

@E LG =GFGNHGTS sVVVt @IGP N=G?l@ HG=U>?Y KH N?PRE=GV ;0N>=>S B6 PGN=H EFTS >?@G=U>G^BC44A

NF=GNTP LG >?@G=OG=GT TK=>?Y @IG <=EMGHH EO L>=@IV & @=NKRN@>M L>=@I LFEM\H @IG G?G=YP

1O PEK INUG HGG? PEK=HGFO NH N OEG@KH N?T @IG RERG?@ ÎG? PEKl=G LG>?Y LE=? n N?T

TK=>?Y @IG L=GN@I>?Y HGHH>E? 1 INUG Gc<G=>G?MGT >@ NFF n @IG? @IG=GlH ?E TEKL@ @IG L>=@I >H N I>YI H<E@ OE= N MI>FTV &?T >?TGGTS L>=@I >H @IG RERG?@ ÎG=G E?G RN\GH IEH<>@NFg K?ONR>F>N= IN?TH >? =KLLG= YFEUGHS @IG? @IG KRL>F>MNF ME=T >H MK@ UG=P ONH@V ÎEFG F>OG <GE<FG @N\G MEK=HGH @E E<G? @IG MIN\=NH NYN>?V ;'>?TNS 76 PGN=H EFTS BC4B>?@G=U>GÂ

8@>NFV +IG <=ELFGRH N <G=HE? G?MEK?@G=H >? I>H E= IG= F>OG MN? E=>Y>?N@G O=ER L>=@IV /=N^8

>?Y E? 2>FJGlH N?T '>?TNlH >?@G=U>G^HS @IG <=EMGHH EO L>=@I >H TGHM=>LGT NH N =GRN=\NLFG TK=>?Y E= NO@G= L>=@I MN? INUG N @=NKRN@>M >R<NM@ E? @IG LNLP NH ^GFFV &F@IEKYI L>=@I>H >?HG<N=NLFP =GFN@GT @E @IG <IPH>MNF =GNFR N?T <IPH>MNF LET>GHS @IG RGRLG=H EO @IG2EK=MG MERRK?>@P N=G ME?U>?MGT @IN@ @IG RGN?>?Y Î>MI >H Y>UG? @E L>=@I OE=GREH@

>? @IG MIN\=NHV fIG? N<<=ENMI>?Y @IG LETP O=ER @IG <G=H<GM@>UG EO @IG HKL@FG LETPSG?G=YP LGMERGH E?G EO @IG \GP ME?MG<@HV &H L>=@I >? @IG 2EK=MG MERRK?>@P >H ME?8MG<@KNF>HGT >? @G=RH EO N? >?@G=@^>?>?Y EO G?G=YPS @IEKYI@H N?T LETPS @IG =GFN@>E?HI><

LG@^GG? @IGR ?GGTH OK=@IG= HM=K@>?PV



G"CC&# 9D

1? %G^ &YG FEHE<IPS G?G=YP p>H K?TG=H@EET @E LG N ME?H@>@K@>UG GFGRG?@ EO R>?TN?T @IG <IPH>MNF LETPS NH ^GFF NH @E GcMGGT @IG ME=<E=GNF HGFO >?@E @IG oH<NMGl LG@^GG?HGFOS E@IG= N?T Ê=FTr ;!EI?H@E?S _N=MN? BCC7g BDAV 2>R>FN=FP @E E@IG= %G^ &YG <=NM8@>MGHS G?G=YP N?T @IEKYI@ N=G MFEHGFP >?@G=@^>?GT >? @IG 2EK=MG _=GN@IÊ=\ MERRK?>@PV*?G=YP >@HGFO >H ME?H>TG=GT ?G>@IG= YEET ?E= LNTS >@ >H HERG@I>?Y @IN@ Gc>H@H N?T ME??GM@H

GUG=PLETP N?T GUG=P@I>?YV ,E^GUG=S >?@G=<=G@N@>E?H EO G?G=YPS >VGV IE^ <GE<FG @I>?\NLEK@ G?G=YPS MN? LG <EH>@>UG E= ?GYN@>UGV )E= >?H@N?MGS L=GN@IÊ=\ <=NM@>@>E?G=H EO@G?MFN>R @IN@ >O N <G=HE? OGGFH OGN= E= <N>? >? @IG LETPS >@ >H JKH@ N? Gc<=GHH>E? N?T >?@G=<=G8@N@>E? EO G?G=YPV fIG? @I>?\>?Y NLEK@ <N>? E= OGN=S >? E@IG= Ê=TH G?G=YPS >? N ?GYN@>UG^NPS @IGHG OGGF>?YH N?T GRE@>E?H >?M=GNHG >? @IG LETP NH @IGP N=G GR<INH>HGT >? @IGR>?TV +IKHS @IEKYI@H >? MERL>?N@>E? ^>@I G?G=YP M=GN@G @IG Gc<G=>G?MG EO E?GlH LETPV+E >FFKH@=N@G @IG <=>E=>@P N?T >?HG<N=NLFG ME??GM@GT?GHH EO @IG LETPS @IEKYI@H N?TG?G=YPS @IG N=YKRG?@ @IN@ @IG pLETP >H ME?TG?HGT @IEKYI@r ;2>FJGS X: PGN=H EFTS >?@G=8U>G^ BC46A >H I>YIFP =GFGUN?@V QE=GEUG=S @IG >TGN EO @IG >?@G=@^>?>?Y EO LETPS @IEKYI@HN?T G?G=YP Gc<FN>?H @IG OK?TNRG?@NF %G^ &YG LGF>GO p1 NR -ETrS p1 M=GN@G RP E^?

=GNF>@PrS pÎN@ 1 @I>?\ @IN@ 1 NRrV 1? @IG 2EK=MG MERRK?>@P >@ >H GR<INH>HGT @IN@ GUG=P<G=HE? INH N MIE>MGg IE^ @E @I>?\ NLEK@S MIN??GFS N?T N<<FP @IG G?G=YP KHGOKFFPV +E KHGT >? @IG %G^ &YG R>F>GK n N=G =GM>@GT N?T =G<GN@GT TGG< >? @IEKYI@ LP @IG 2EK=MG N=G LGF>GUGT @E IGF< =G8>?@G=<=G@ @IG TGM>H>E?H RNTG TK=>?Y L>=@IS @=N?HOE=RN@>E?S E?G EO _N=MN? BCC7g B7AS >H OEFFE^GT LP @IG <=NM@>@>E?G=HV

s+tIG=GlH ?E <E>?@ >? JKH@ =G8Gc<G=>G?M>?Y N @=NKRNS @IG <K=<EHG sEO L=GN@IÊ=\

HGHH>E?Ht >H @E MIN?YGV *c@=GRGFP <E^G=OKF MIN?YGH @N\G <FNMG >? N??KNF ^N@G=8HGHH>E?H >? H<=>?YV +IG=GlH N YKPS 2@GG?S44 O=ER 2^GTG?S ÎE >H @IG E^?G= EO @IG<EEFS N?T IG >H UG=P Gc<G=>G?MGT ^>@I Ê=\>?Y >? ^N@G= HGHH>E?HV sVVVt sftIG? N<G=HE? >H L=GN@I>?Y N?T >H =G8Gc<G=>G?M>?Y N @=NKRNS @IG? IG =N>HGH s@IG <G=HE? 84B 'EE\ N@ @IG <GE<FG ÎE N=G ^>@I PEKVr s+IG <=NM@>@>E?G=t INH @E MIN?YG @IG?GYN@>UG @IEKYI@H s@E <EH>@>UGt =>YI@ N^NPS INH @E ME?@>?KG >@I L=GN@I>?YV sVVVt +IGÎEFG >TGN >H @E KHG @IG G?G=YP @E MIN?YG EK= K?ME?HM>EKH @IEKYI@HV 2E @IN@ @IG@IEKYI@H LGMERG HK<<E=@>UGVVV ?E@ F>R>@ F>OG E= ?K=@K=G ?GYN@>U>@PV ;!N?NS X4 PGN=HEFTS >?@G=U>G^ BC44A

&H 1 INUG HIE^? HE ON=S G?G=YP >H >?HG<N=NLFP ME??GM@GT >@I @IG LETP N?T R>?TV 3IN?Y8>?Y E?GlH @IEKYI@H G?@N>FH @=N?HOE=RN@>E? >? @IG <IPH>MNF LETP N?T E@IG= =GNFRH EO F>OGS>VGV @IG <=EMGHH EO IGNF>?Y >H NM@>UN@GTV ,E^GUG=S HERG bKGH@>E?H =GRN>?V &F@IEKYI N

LNLP >H LGF>GUGT @E LG oME?HM>EKHl TK=>?Y L>=@IS IN@ >H @IG Gc<FN?N@>E? OE= =GRGRLG=>?Y

IG= >?@G=U>G^S '>?TN MFN>RH @IN@ @IG=G ^NH N F>OG8F>R>@>?Y @IEKYI@ >? IG= HKLME?HM>EKH

LETP ;MOV NFHE @IG Gc@=NM@ EO !N?NlH >?@G=U>GÂV +IG HKLME?HM>EKH >H @IG o<FNMGl ÎG=G NFF



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A7C

@IEKYI@HS TGM>H>E? N?T RGRE=>GH @IN@ M=GN@G IKRN? Gc<G=>G?MG N=G IGFTV 1@ INH @E LGGR<INH>HGT @IN@ @IG ME?MG<@ EO @IG HKLME?HM>EKH HIEKFT LG FEE\GT N@ O=ER @IG <G=H<GM8@>UG EO @IG HKL@FG LETP RETGFV &H >FF?GHHGH N=G LGF>GUGT @E E=>Y>?N@G O=ER @IG FGUGF EO@IG R>?TS @IGP ?GGT @E LG IGNFGT N@ @IG HNRG FGUGFV #H>?Y @IG G?G=YPS @IG HKLME?HM>EKH

<G=HE? IGNFGTV &H L=GN@I>?Y >@HGFO >H H>RKF@N?GEKHFP K?TG=H@EET NH N <IPH>MNF N?T RG@N8<IPH>MNF NM@>U>@PS @IG NMMGHH @E @IG HKLME?HM>EKH >H <=>RN=>FP YN>?GT @I=EKYI L=GN@I8Ê=\ HGHH>E?HV

8?GM@GT >@I @IG H<NMG EO PEK= HKLME?HM>EKHV fGFFVVV HKLME?HM>EKHVVV ?ELETP NM@KNFFP\?E^H IG=G >@ >H H>@KN@GTV 1 TE?l@ =GRGRLG= >O >@ NH _>??>G E= HERGLETP GFHG IEHN>T @IN@ @IG HKLME?HM>EKH >H EK= LETP N?T EK= F>OG H@E=PS @IG H@E=P EO EK= MK==G?@F>OGV ;+EERNHS 9C PGN=H EFTS >?@G=U>G^ BC44A

&?E@IG= >R<E=@N?@ NH<GM@ @IN@ ?GGTH @E LG RG?@>E?GT >H @IG K?TG=H@N?T>?Y @IN@ @IG

oHKLME?HM>EKH >H EK= LETPlV +I>H @N\GH KH N H@G< OE=^N=T @E @IG <E>?@ IG=G G ME?H>TG= RE=G H@=E?YFP =GFN@GT @E @IG LETPV +I>H >H @IG HNRG NP @IN@ <=NM@>@>E?G=H @NF\ NLEK@ @IG

s+tIG NH<GM@ @IN@ T>H@>?YK>HIGH _>??>GlH @GNMI>?YH O=ER E@IG= @GNMI>?YH >H @IN@ _>?8?>G OEMKHGH E? @IG IKRN? LETP N?T L=>?Y>?Y @IG H<>=>@ @E LETP N?T MGFFHV sVVVt 3ER8

N?T =G<FNMG @IGR ^>@I ?G^ @IEKYI@H E= ?G^ >R<KFHGHS LGMNKHG @IG bKNF>@P EO F>OG>R<=EUGH ÎG? 1lR =G<FNM>?Y EFT ^>@I ?G^V sVVVt )E= RGS _>??>GlH RG@IET RGN?HÊ=\>?Y ^>@I LETP RGRE=PV ;0N>=>S B6 PGN=H EFTS >?@G=U>G^ BC44A

+IG OK?M@>E? EO MGFFH >H H>R>FN= @E @IG OK?M@>E? EO @IG HKLME?HM>EKHV fIG? N LNLP >H LE=?@IG Gc<G=>G?MG EO @IG L>=@I >H =G@N>?GT >? @IG MGFFHS NH /N?HLP H@N@GHg pfG =GRGRLG= EK=YGH@N@>E? N?T L>=@I >? GUG=P MGFF EO EK= _G>?Yr ;BC4BMAV _NH>MNFFPS >@ MN? LG HN>T @IN@ LE@IMGFFKFN= RGRE=P N?T @IG HKLME?HM>EKH N=G GbK>UNFG?@g N L=GN@I>?Y HGHH>E?H Y>UGH NMMGHH@E @IG TGM>H>E?HS >?MFKT>?Y @IG RGRE=>GHS @IN@ N=G H@E=GT >? @IG MGFFHV fIG? MIN?Y>?Y EO @IG IKRN? LETPV /=N^>?Y E? !NRGH 'G^>HS 1 ?E@GT N@ @IG LGY>??>?Y EO @I>H HGM@>E?

=IG@E=>MS Î>MI INUG N? >R<E=@N?@ =EFG >? FGY>@>RN@>?Y @IG @GNMI>?YH N?T >? YN>?>?YNK@IE=>@P ;'G^>H BCC5g BBCAV46 1?H@GNT EO @NF\>?Y NLEK@ @IG HKLME?HM>EKH E?FPS >? @IG NYGEO MGFF L>EFEYP N?T YG?G@>M G?Y>?GG=>?Y >@ >H RE=G =GFGUN?@ N?T RETG=? @E >?MFKTG @IGME?MG<@H EO MGFFH N?T MGFFKFN= RGRE=P >? 2EK=MG _=GN@IÊ=\ @GNMI>?YV ,E^GUG=S IG=GNYN>? E?G RKH@ \GG< >? R>?T @IN@ MGFFH N=G ?E@ K?TG=H@EET JKH@ NH <N=@ EO @IG L>EFEY>MNF

LGFE?Y>?Y @E @IG =GNFR EO @IG HKL@FG LETPV +IG OK?M@>E?>?Y EO @IG MGFFH >H LGF>GUGT @E LGT>=GM@GT LP @IEKYI@H N?T TGM>H>E?HS >? HIE=@S LP G?G=YP @IN@ >? @K=? ME??GM@H N <G=HE?

^>@I I>H E= IG= HK==EK?T>?Y G?U>=E?RG?@ ;HGG NFHE /N?HLP BC4BLAV



G"CC&# 74

,E^GUG=S IN@ >H @IG =EFG EO @IG <IPH>MNF LETP IG? @IEKYI@HS TGM>H>E?HS RGRE=>GH RETG OE= =GNMI>?Y T>=GM@FP @I=EKYI @IG <IPH>MNF LETP @E @IG HKL@FG FGUGFHS @IG <IPH>MNF

LETP LGMERGH N @EEF @IN@ <NUGH @IG NP @E >??G= N?T ME?MGNFGT FGUGFH EO N IKRN? LG>?YV

ÎN@ >H IN<<G?>?Y N@ @IG FGUGF EO @IG R>?TS OE= GcNR<FG NH '>?TN MFN>RHg p+IG LETP @IG? IGNTH OE= @IG <IPH>MNF FGUGF RN?>OGH@>?Y >@HGFO >? <N>?H N?T <N@IEFEY>GHVr ;'>?TNS 76PGN=H EFTS BC4B >?@G=U>GÂ +IG GRG=YG?MG EO >FF?GHH >H F>\G N H>Y?NF >?OE=R>?Y N <G=HE? @EMIN?YG I>H E= IG= F>OG N?T @IEKYI@HV 2ES @IG LETP LGMERGH N p<3"[=38 E=YN?>HRr ;_N=MN?BCCDg BB4A @IN@ IEFTH UNFKNLFG \?E^FGTYG OE= <=NM@>@>E?G=HV +I>=TFPS 2EK=MG <=NM@>@>E?G=HGR<INH>HG @IN@ E?G HIEKFT LG ME?H@N?@FP oME?HM>EKHl EO LG>?Y >? @IG LETPV QE=GEUG=S @IG

LETP HIEKFT LG oF>H@G?GTl @E NH NFF HG?HN@>E?H >? @IG LETP INUG RGN?>?YH n @IGP MN? LG=GFN@GT @E K?ME?HM>EKH @IEKYI@HV +IKHS @IG LETP LGMERGH N F>U>?Y RG@N<IE=S pN HG@ EOH>Y?H @E LG TGMETGT N?T =G?TG=GT RGN?>?YOKFr ;_N=MN?S !EI?H@E? BCC9g 75AV

) 1 % & ' $ * Q & $ 0 2 g _ 1 $ + , ) $ " Q + , * W * $ 2 W * 3 + 1 Z *" ) + , * 2 # _ + ' * _ " / .

1? @IG 2EK=MG MERRK?>@P L>=@I >H U>G^GT O=ER @IG <G=H<GM@>UG EO %G^ &YG @IEKYI@V_>=@I >H ?E@ ME?H>TG=GT JKH@ NH N RGT>MNF <=EMGTK=GS LK@ OE=GREH@ N H<>=>@KNF N?T UG=P>?@>RN@G NM@V +IG <G=MG<@>E? EO @IG LETP N?T @IG >R<E=@N?MG EO L>=@I N=G MFEHGFP >?@G=8=GFN@GTV /=N^>?Y E? @IG HKL@FG LETP RETGF N?T @IG Gc@=NM@H EO >?@G=U>G^H @IN@ 1 INUG<=GU>EKHFP <=GHG?@GT >? @I>H N=@>MFGS 1 @EKMI E? HERG EO @IG NH<GM@H @IN@ IGF< KH @E K?TG=8

H@N?T ÎP L>=@I >H ME?H>TG=GT OK?TNRG?@NFFP >R<E=@N?@ LP 2EK=MG <=NM@>@>E?G=HV&H 1 INUG HIE^?S >? 2EK=MG _=GN@IÊ=\ MERRK?>@P @IG <G=MG<@>E? EO @IG LETP E=>Y>8

?N@GH O=ER @IG HKL@FG LETP RETGFV 2>?MG HKL@FG LET>GH LFK= @IG LEK?TN=>GH LG@^GG? oRN@8 8 @IG <IPH>MNF LETPS LK@ N@ @IG HNRG @>RG @IGP N=G @IG IEFTG=H EO @IEKYI@H N?T <NH@ Gc<G=>8 \GP ME?MG<@ EO @IG HKL@FG LETPS ME??GM@H N <G=HE? ^>@I E@IG= <GE<FG N?T @IG Ê=FT N@ @IGMGFFKFN= FGUGFV 1O N? >?T>U>TKNF >H <G=MG>UGT O=ER @IG <G=H<GM@>UG EO @IG HKL@FG LETPS @IG HGFO

N?T @IG LETP LGMERG Gc@G?H>UG N?T E<G? @E @IG G?U>=E?RG?@V +IG LEK?TN=>GH EO @IG HGFON=G ?E@ LEK?TGT LP @IG <IPH>MNF LETPS LK@ @IGP Gc@G?T LGPE?T ME=<E=GNF>@PV 1? @I>H HG?HGS@IG LETP N?T @IG HGFO LGMERG RE=G UKF?G=NLFG N?T HG?H>LFG NLEK@ @IG G?U>=E?RG?@V _>=@I>H HGG? NH N? G?E=REKH MIN?YG OE= @IG HGFO n >@ >H @IG RN?>OGH@N@>E? EO N? GRLET>GT H<>=>@SNH 2>FJG NFHE H@N@GTg ps+tIG '>YI@S >? E@IG= Ê=TH -ET E= @IG 2<>=>@S MNRG >?@E @IG LETPrV+IG ?G^8LE=? >H ME?H>TG=GT @E LG >?@>RN@GFP ME??GM@GT ^>@I @IG T>U>?>@P N?T @IG=GOE=GS NR ME?@G?@ ^>@I RPHGFOV 1 INUG N <G=OGM@ LETPS 1 NR <G=OGM@rAV ,E^GUG=S <K=>@PS FEUG N?TT>U>?>@P NFHE G?@N>F @IG UKF?G=NL>F>@P EO @IG ?G^8LE=?V

+IG L=GN@I>?Y HGHH>E?H N=G LGF>GUGT @E Y>UG <=NM@>@>E?G=H \?E^FGTYG EO ÎN@ @IGG?@G=>?Y EO @IG 2<>=>@ >?@E @IG LETP N?T L>=@I RGN?S NH @IG RGRE=>GH EO @IGHG Gc<G8



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A7B

=>G?MGH N=G =G@N>?GT >? @IG HKL@FG LETPS E=S >? @IG MNHG EO @IG 2EK=MG MERRK?>@PS >?@IG HKLME?HM>EKH N?T @IG MGFFH E= MGFFKFN= RGRE=PV /=N^>?Y E? @IG Gc<G=>G?MGH @IN@N=G =GME?H@=KM@GT TK=>?Y @IG HGHH>E?HS <=NM@>@>E?G=H MFN>R @IN@ L>=@I MN? LG N @=NKRN@>M EO @IG KRL>F>MNF ME=T >? @IG MEFT L>=@I>?Y =EER N?T @IG <IPH>MNF <N>? @IN@ >@ MNKHGHS @IG

>? =KLLG= YFEUGH @EKMI>?Y @IG LETP RNP LG <G=MG>UGT NH @=NKRN@>MS H>?MG @IG ?G^8LE=? HIEM\qr ;'>?TNS 76 PGN=H EFTS BC4B >?@G=U>GÂV QE=GEUG=S NH NFF <GE<FG N=G LGF>GUGT @E LG 8G?MG @IG ?G^8LE=?lH TGM>H>E?H NLEK@ @IG>= ME?HGbKG?@ F>OGS NH 2>FJG HN>Tg p+IG TEM@E=HN?T @IG R>T^>OG N=G N?c>EKH N?T >? <N?>MrV +IG ?GYN@>UG TGM>H>E?H N=G @IEKYI@ @E LFEM\ MIN\=Nr ;'>?TNS 76 PGN=H EFTS BC4B >?@G=U>GÂV &MME=T>?Y @E @IG IEF>H@>M ME?MG<@>E? EO@IG E=FTS @I>H RGN?H @IN@ @IG IEFG?GHH EO N <G=HE? >H T>H=K<@GTV 2ES O=ER @IG <G=H<GM8

N?T R>?T E= LETP N?T H<>=>@S >? E@IG= Ê=TH NH 2>FJG Gc<=GHHGT @I>H >?@G=OG=G?MGg p1 ^NHT>H@=NM@GT LP @IGHG L>=@I Gc<G=>G?MGH OE= 65 E= 6: PGN=HrV 2>?MG @IG HGFOS >? NTT>@>E? @E @IGE<G??GHHS >H K?TG=H@EET NH oRKF@><FGlS @IG LFEM\NYGH EO G?G=YP MNKHG T>HHE?N?MGH >? NFF=GNFRH EO F>OGV

&F@IEKYIS @IG HGFO >H HG?H>@>UG @E @IG G?U>=E?RG?@S ^>@I>? %G^ &YG Y=EK<H @IG >?T>8 E^? F>OGV & <G=HE? NF^NPH INH N MIE>MG N?T N? E<<E=@K?>@P @E LGMERG IGNFGTV ,GNF>?Y>? YG?G=NF N?T IGNF>?Y L>=@I @=NKRN RGN?H KH>?Y p@IG G?G=YP OE= MIN?Y>?Y EK= K?ME?8HM>EKH @IEKYI@Hr ;!N?NS X4 PGN=H EFTS >?@G=U>G^ BC44AV *c<G=>G?MGH YN>?GT TK=>?Y @IG

HGHH>E?H N?T @IG @GNMI>?Y EO 2EK=MG _=GN@IÊ=\ IGF< N <=NM@>@>E?G= @E NM@>UN@G @IG ME?8?GM@>E? LG@^GG? LETP N?T H<>=>@g p_>??>G OEMKHGH E? @IG IKRN? LETP N?T L=>?Y>?Y @IGH<>=>@ @E LETP N?T MGFFHV sVVVt 3ER>?Y LNM\ @E PEK=HGFO N?T GUG? RE=GS MER>?Y @E PEK=

% " + * 2

% 1 KHG @IG @G=R %G^ &YG NH N? KRL=GFFN @G=R @E =GOG= @E N ^>TG N==NP EO H<>=>@KNF <=NM@>MGHN?T LGF>GOH Î>MI N=G MERRE?FP <G=MG>UGT NH oNF@G=?N@>UGl O=ER @IG <G=H<GM@>UG EO ME?@GR<E=N=P

& ' 2GG NFHE *H@E?>N? 2EK=MG <=NM@>@>E?G=Hl ^GL<NYG &FYNFF>\N *GH@> ]IG?TKHV( )E= GcNR<FG HGG NFHE +K=?G= BC44V) 4V WIPH>MNF _ETP ; !"#$AS BV Z>@NF>@P ; %&$'$()*+$AS 6V &H@=NF _ETP ; ,*'-$ /0$&*&$AS XV &?>RNF

2EKF ; 1$2$(!"#$AS 9V ,KRN? 2EKF ; 3$'$4AS 7V 2<>=>@KNF 2EKF ; 5"660*AS 5V 2<>=>@ ; 782$A ;-EET=>M\83FN=\G BCCXg 45AV

* 8G@I MG?@K=PV &F@IEKYI @IG RNJE=>@P EO bKN?@KR HM>G?@>H@H U>G^ bKN?@KR RGMIN?>MH NH MER<FG@GFP 8G=? <IPH>MH RE=G FEHEMNFFPg %G^ &YG @I>?\G= /GG<N\ 3IE<=N GUG?@KNFFP ME>?GT @IG @G=R

obKN?@KR IGNF>?Yl ;,NRRG= BCC4g B57nB55AV+ ,G=G N?T IG=GNO@G= @IG ?NRGH EO @IG >?OE=RN?@H N=G <HGKTE?PRHV



G"CC&# 76

, - )E= GcNR<FGS <=NM@>@>E?G=H EO NK=N@=N?HOE=RN@>E? N>R @E JE>? HGUG? MIN\=NH @E MIN?YG N <G=8

HE?lH Gc@G=?NF NK=NV &MME=T>?Y @E @IG @GNMI>?Y EO NK=N@=N?HOE=RN@>E?S N <G=HE? YN>?H @IG 1?T>YE&K=N ÎG? HGUG? MIN\=NH INUG LGG? ME?JE>?GT >?@E @I=GGV 1? @IG MNHG EO @IG 3=PH@NF &K=N E?FPE?GS @IG IGN=@ MIN\=NS >H NM@>UN@GTV "? @IG ME?@=N=PS >? %G^ &YG +N?@=N @IG N>R >H @E E<G? HGUG? 8

%. &TT>?Y @IG G>YI@I MIN\=N @E @IG HGUG?8MIN\=N ?G@Ê=\ >H N =GFN@>UGFP =GMG?@ HK<<FGRG?@V_>??>G &V /N?HLP INH ?NRGT >@ @IG =GHK==GM@>E? MIN\=N N?T >@ >H H>@KN@GT LG@^GG? @IG IGN=@ MIN\=NN?T @IG HEFN= <FGcKH MIN\=NV

%% 2@GG? >H N L=GN@IÊ=\ @IG=N<>H@ ÎE INH Ê=\GT ^>@I _>??>G &V /N?HLP OE= RE=G @IN? @G?PGN=HV

%& NR TN?YG=EKHVVV QP LETP IK=@Hr @E N <EH>@>UG E?GV ;2GG RE=G /N?HLP BC4BNVA

%'

%G^ &YGV "? IG= ^GL<NYG _>??>G &V /N?HLP bKE@GH @IG LEE\ X"#&?$#&> "5 6%"7="3L 01& B?=&3?& LP 3N?TNMG _V WG=@ ;4DDDAS Î>MI ME?MFKTGH @IN@ @IG LETP >H @IG HKL8ME?HM>EKH N?T IG?MG LETP N?T R>?T LGMERG E?GV &?E@IG= <E<KFN= LEE\ >? @IG 2EK=MG MERRK?>@P>H LP _=KMG ,V '><@E?;BCC9A >? Î>MI @IG LETP8R>?T ME??GM@>E? N@ @IG MGFFKFN= FGUGF >H H@=GHHGTV ->U>?Y GcNR<FGH O=ERI>H H@KTP EO MFE?GT G?TE@IGF>NF MGFFHS '><@E? >H ME?U>?MGT @IN@ LGF>GOH MN? ME?@=EF @IG <IPH>MNF LETPS>VGV <EH>@>UG @I>?\>?Y <=GUG?@H @IG GRG=YG?MG EO T>HGNHGHV )E= RGRLG=H EO 2EK=MG MERRK?>@P LEE\H

2 " # $ 3 * 2

1?@G=U>G^H ME?TKM@GT LP @IG NK@IE= LG@^GG? BC44 N?T BC46 >? *H@E?>NV +IG >?@G=U>G^H N?T @IG>=

$ * ) * $ * % 3 * 2

_N=MN?S $K@I BCCDV 1?@K>@>E? N?T $GNHE? >? @IG %G^ &YGg & 3KF@K=NF 2@KTP EO QGT>MNF 3FN>=UEP8

N?MGV n /NU>T ,E^GH ;GTVAV _N=MN?S $K@I BC4CV 2<>=>@KNF _EK?TN=P fE=\g ,E^ 2<>=>@KNF ,GNFG=H N?T QGT>MNF 3FN>=UEPN?@H W37&/347="34# B7$:=&> =3

D&#=8="3 43: B"?=&79V ZEFV 44V 8

<>GHV n W"[4 2"$/34# "5 E$#7$/4# B7$:=&>V ZEFV 5g 76n:4V

^>@I &?@E>?G )NU=GS $EGFEO UN? TG? _=EG\S !GN?8W>G==G _=NMI ;GTHVAV M=?7="34/9 "5 H3">=> 43:

Y&>7&/3 6>"7&/=?=>% 3I=>H@>GS !V !V $V 4DD:V +IG WN=NMGFH>N? _ETPV n "FG WG@G= -=GFF ;GTVAV A4/4?&#>$>L 01& X43 43: `=>

D&C$747="3T `=> W:&4> 43: 01&=/ 0/43>5"/%47="3

;NMMGHHGT QNP 4CS BC46AV



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A7X

/N?HLPS _>??>G &V BC4BMV fGFMERG @E *MH@N@>M '>OGg 2GFO8T>HMEUG=P ^>@I @IG 2EK=MG W=EMGHH N?T_=GN@IÊ=\ 2PH@GR EO ,GNF>?YV 8TKM@>E? ;NMMGHHGT QNP 4CS BC46AV

-EET=>M\83FN=\GS %>MIEFNH BCCXV V fGH@G=? *HE@G=>M QNH@G=H 2G=>GHV _G=\GFGPS 3&g%E=@I &@FN?@>M _EE\HV-EET=>M\83FN=\GS %>MIEFNH BCC:V 01& Y&>7&/3 6>"7&/=? 0/4:=7="3>L Q `=>7"/=?4# W37/":$?7="3

%G^ .E=\g "cOE=T #?>UG=H>@P W=GHHV V _FEER>?Y@E?S 1%g 1?T>N?N #?>8

UG=H>@P W=GHHV,NRRG=S "FNU BCC4V E#4=%=38 G3"[#&:8&L B7/47&8=&> "5 6C=>7&%"#"89 5/"% 01&">"C19 7" 71& -&[ Q8& V

-&[ Q8& D&#=8="3 43: Y&>7&/3 E$#7$/&L 6>"7&/=?=>% =3 71& X=//"/ "5 B&?$N

#4/ 01"$817

3I=>H@E<IG= WN=@=>TYG ;GTHVAV D&#=8="3> =3 71& X":&/3 Y"/#:L 0/4:=7="3> 43: 0/43>5"/%47="3>V !EI?HE?S QN=\ 4D:5V

!EI?H@E?S !NP BCC:V

*bK>?Ec WKLF>HI>?YV

_K=?H 3EFGRN?S 0GU>? fI>@G ;GTHVAV W37&/347="34# B7$:=&> =3 D&#=8="3 43: B"?=&79V ZEFV 44V X&:=N

,GNF@I W=NM@>MGHV n W37&/347="34# 2"$/34# "5 E$#7$/4# B7$:=&>V ZEFV DS %EV 4g B9nXXV

'G^>HS !NRGH $V 4DDBV &<<=ENMIGH @E @IG 2@KTP EO @IG %G^ &YG QEUGRG?@V n !NRGH $V 'G^>HS-E=TE? QGF@E? ;GTHVAV A&/>C&?7=O&> "3 71& -&[ Q8&V &FLN?PS %.g 2@N@G #?>UG=H>@P EO %G^ .E=\W=GHHS 4n4BV

'G^>HS !NRGH $V BCC5V 2M>G?MG N?T @IG %G^ &YGV n /N=G? 0GR<S !NRGH $V 'G^>H ;GTHVAV`43:.""<

"5 -&[ Q8&V '><@E?S _=KMG ,V BCC9V N

?#&> QNKHHS QN=MGF 4D56 s4D69tV +GMI?>bKGH EO @IG _ETPV n 6?"3"%9 43: B"?=&79V ZEFV BS %EV 4S 5Cn::V

BDS BC46AVWG=@S 3N?TNMG _V 4DDDV V %G^ .E=\g

+EKMIH@E?GV2@N=\S 'NK=N BCC7V V

;; E"%%$3=?47="3> %EV BDCV ,GFH>?\>g 2KERNFN>?G? +>GTGN\N@GR>NV2@KM\=NTS 0EM\K UE? BCC9V

"N\U>FFGS 3+g *bK>?Ec WKLF>HI>?YV+K=?G=S +G=G?MG BC44V +IG _ETP _GPE?T @IG _ETPg 2EM>NFS QN@G=>NF N?T 2<>=>@KNF />RG?H>E?H EO

_ET>F>?GHHV n )=N?MGH *V QNHM>N8'GGH ;GTVAV

6%.":=%&37V





! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A77

@IG OEF\FE=G N=MI>UGH Y>UG >?@G=GH@>?Y MER<N=>HE?H >@I E@IG= RGRE=P >?H@>@K@>E?H HKMINH I>H@E=P N=MI>UGHS F>L=N=>GH N?T RKHGKRHV

1? @IG N=@>MFGS @IG ME?MG<@ EO MG?HE=HI>< >H KHGT @E TG?E@G @IG <=EMGHH EO TGH@=EP>?YN=MI>UNF RN@G=>NFH E= =GH@=>M@>?Y NMMGHH @E @IGR >? E=TG= @E MIN?YG @IG RGRE=>GH N?THGFO8=G<=GHG?@N@>E? EO N HEM>G@PV 3E?MG<@H EO H@=KM@K=NF N?T >?H@>@K@>E?NF>HGT MG?HE=HI><

;_EK=T>GK 4DDXA INUG NFHE LGG? KHGOKFV ,E^GUG=S MG?HE=HI>< TK=>?Y @IG 2EU>G@ <G=>ET >? @IG OEFFE^>?YV 1@ HIEKFT LG ?E@GT @IN@ MG?HE=HI>< >H ?E@ E?FP @IG MIN=NM@G=>H@>M EO@E@NF>@N=>N? HEM>G@>GHS @IG I>H@E=P EO MG?HE=HI>< >H <N=NFFGF @E LEE\ I>H@E=P ;&N=RN 4DD9g:AV ,E^GUG=S ;HGFOAMG?HE=HI>< INH LGG? TGHM=>LGT NH E?G EO @IG RN>? MIN=NM@G=>H@>MH EO@IG 2EU>G@ <G=>ET >? *H@E?>N ;&??K\ BCC6g BCnBBAV +IG=GOE=GS >? @IG N=@>MFGS 1 >FF T>HMKHH

LE@I IE^ MG?HE=HI>< >H ME??GM@GT @E OEF\FE=G N?T @IG ^>TG= 2EU>G@ RGMIN?>HRH EO ME?8@=EFF>?Y >?OE=RN@>E?V

1? @IG >?H@>@K@>E?NF HG?HGS @IG QN>? &TR>?>H@=N@>E? OE= 2NOGYKN=T>?Y 2@N@G 2GM=G@H >?@IG W=GHH ;\?E^? NH -FNUF>@A INT @IG @NH\ EO ME?@=EFF>?Y NFF <=>?@GT ME?@G?@V ,E^GUG=S

@IG IEFT>?YH EO @IG N=MI>UGH ^G=G YEUG=?GT LP @IG WGE<FGlH 3ERR>HHN=>N@ EO *TKMN@>E?V+IG YENF EO MG?HE=HI>< ^NH @E =GH@=>M@ @IG <KLF>MN@>E? N?T T>HHGR>?N@>E? EO RN@G=>NFH @IN@NY>@N@GT NYN>?H@ @IG 2EU>G@ =GY>RGS TG<>M@GT H@N@G HGM=G@GHS ME?@N>?GT ONFHG >?OE=RN@>E?@IN@ ÊKFT MNKHG N?c>G@P >? HEM>G@PS Y>UG =>HG @E ?N@>E?NF E= =GF>Y>EKH ON?N@>M>HR E= ^G=G<E=?EY=NM ;ZGH\>R[Y> 4DD7g B4AV +IGHG MN@GYE=>GH N=G L=ENT N?T Y>UG N FE@ EO =EER OE=>?@G=<=G@N@>E?H LP @IG <GE<FG N?T >?H@>@K@>E?H Ê=\>?Y ^>@I HKH<>M>EKH RN@G=>NFHV

1? @I>H N=@>MFGS 1 KHG @IG @G=R ?&3>"/>1=C >? N L=ENT HG?HGg >@ RGN?H LN??>?Y E= =GH@=>M@8>?Y OE=RH EO Gc<=GHH>E?V 1 H@=GHH @IG L=ENT?GHH EO @IG ME?MG<@ OE= @Ê =GNHE?HV )>=H@FPSNF@IEKYI @IG N=@>MFG OEMKHGH E? N <N=@>MKFN= GcNR<FG EO N=MI>UGT OEF\FE=G @Gc@HS @IG MG?8HE=HI>< EO N=MI>UGH ^NH FN=YGFP <N=@ EO OE=R>?Y N ?G^S 2EU>G@ OEF\FE=GV +IG LN??>?Y EO

OEF\FE=G @Gc@H @EE\ <FNMG H>RKF@N?GEKHFP ^>@I MIN?YGH >? @IG <=>?M><FGH EO OEF\FE=G MEF8FGM@>?Yg N ?G^S >TGEFEY>MNFFP ME==GM@ ME?@GR<E=N=P OEF\FE=G ^NH HEKYI@V +IG=GOE=GS @IGMG?HE=HI>< EO OEF\FE=G @Gc@H >? @IG N=MI>UGH ^NH <N=@ EO N FN=YG= MG?HE=HI>< <=EMGHH @IN@ 8@K@>?Y >?H@>@K@>E?NF>HGT ME?@=EF ^>@I N? >??G= N?T K?ME?HM>EKH ME?@=EF ;MER<N=G ^>@I_EK=T>GKN? @G=RHA N?T @I=EKYI @IN@ MIN?Y>?Y HEM>G@PV +IG HGME?T =GNHE? OE= H@=GHH8 N?T =NT>E >H KHKNFFP T>HMKHHGT HG<N=N@GFP O=ER @IG <=EMGHH EO MFNHH>OP>?Y >?OE=RN@>E? >?@IG N=MI>UGHV +IG MG?HE=HI>< EO OEF\FE=G N=MI>UGH >H >?@G=GH@>?Y LGMNKHG >@ INH MERRE?OGN@K=GH ^>@I LE@I <=EMGHHGHg @IG ME?@G?@ EO @IG @Gc@H ?GGTGT @E LG N?NFPHGT F>\G @IGF>@G=N=P E=\HS IG=GNH @IG RN@G=>NFH G=G @N\G? @E 3G?@=NF 2@N@G &=MI>UGH E= @E H<GM>NFTG<N=@RG?@ N@ @IG '>@G=N=P QKHGKRV +IG >?H@>@K@>E? EO OEF\FE=G N=MI>UGH T>H@>?YK>HIGHO=ER @IG MEFFGM@>E?H EO TEMKRG?@H IGFT >? E@IG= N=MI>UGHS LGMNKHG @IG ME?@G?@ EO OEF\FE=GN=MI>UGH >H GHHG?@>NFFP ?E?8>?H@>@K@>E?NFV

2 " # $ 3 * 2

TEMKRG?@H T>=GM@>?Y E= TG<>M@>?Y MG?HE=HI><V +IG T>=GM@>UGH Y>UG? LP UN=>EKH >?H@>@K8@>E?HS Ê=\>?Y HMIGTKFGH N?T =G<E=@H EO @IG <GE<FG Ê=\>?Y N@ @IG )EF\FE=G &=MI>UGHS



G$#4>4#$L E&3>"/>1=C "5 ;"#<#"/& X43$>?/=C7 E"##&?7="3> =3 ^47& B74#=3=>7 6>7"3=4 75

@=N?HM=><@H EO RGG@>?YH N?T ME==GH<E?TG?MGH MN? LG OEK?T >? @IG IEFT>?YH EO @IG *H@E8?>N? )EF\FE=G &=MI>UGHS @IG *H@E?>N? '>@G=N=P QKHGKRS UN=>EKH MEFFGM@>E?H EO @IG *H@E8?>N? 2@N@G &=MI>UGH N?T >? @IG N=MI>UGH EO @IG *H@E?>N? &MNTGRP EO 2M>G?MGHV

+IG HGME?T Y=EK< EO HEK=MG RN@G=>NFH N=G @IG MG?HE=GT RN@G=>NFH @IGRHGFUGHV +IG=G

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c@H @IN@ N=G >FFGY>LFG TKG @E MG?HE=HI>< N=G OEK?T >? @IG RN?K8 <GE<FG MIGM\>?Y @IG RN?KHM=><@H ?GGTGT @E ?E@G @IG>= ?NRGS @IG TN@G EO MIGM\>?Y N?T

@IG ?KRLG=H EO <NYGH @IN@ ^G=G MK@ EK@V "? @IG LNH>H EO @IGHG RN@G=>NFHS 1 MER<>FGT N? 8H>LFG =GNHE? OE= MG?HE=HI><S @IG <G=HE? MIGM\>?Y @IG RN?KHM=><@S TN@G EO MIGM\>?YS N?TSÎG=G <EHH>LFGS @IG TN@G EO IN?T>?Y EUG= @IG RN@G=>NF @E N?E@IG= >?H@>@K@>E?V ,E^GUG=S1 T>T ?E@ MIGM\ @IG NREK?@ EO >FFGY>LFG @Gc@H >? NFF @IG RN?KHM=><@H LGMNKHG @I>H Ê=\ >HUG=P @>RG8ME?HKR>?Y N?T NH @IG RN?KHM=><@H N=G EFTS L=E^H>?Y @IGR ÊKFT MNKHG TNR8NYGS @IG=GOE=GS @IG >FFGY>LFG @Gc@H ^G=G MIGM\GT E?FP <=EU>H>E?NFFPV

+IG F>H@ EO =GNHE?H EO MG?HE=HI>< ^NH M=GN@GT E? @IG LNH>H EO @IG MN@GYE=>GH OEK?T >?@IG ME?@G?@ EO @IG MK@ EK@ RN@G=>NFV +Ê FN=YG= MN@GYE=>GH GRG=YGTg <EF>@>MNF N?T RE=NFVWEF>@>MNF =GNHE?H >?MFKTG ?NRGH EO <N=@>MKFN= <GE<FG N?T >?H@>@K@>E?HS EUG=FP <N@=>E@>M

*H@E?>N?8=GFN@GT RN@G=>NFHS ?GYN@>UG TG<>M@>E? EO MERRK?>H@HS MERRK?>HRS $KHH>N?HS !G^H E= E@IG= 2EU>G@ ?N@>E?HV +IG RE=NF =GNHE?H >?MFKTG MG?HE=>?Y NFF @IG @Gc@H @IN@RG?@>E? E= TG<>M@ YG?>@NF>NS GcM=GRG?@H N?T HGcV 2ERG@>RGHS MN@GYE=>GH R>?YFGTV +IGHG @IG R>?TH EO @IG <GE<FG IE MIGM\GT @IG RN?KHM=><@HV ,E^GUG=S @IG MN@GYE=>GH EO =GNM8@>E?N=P E= N?@>82EU>G@ RN@G=>NF @IN@ ^G=G RG?@>E?GT >? @IG T>=GM@>UGHS N=G ON= @EE L=ENTOE= N?NFP@>M <K=<EHGHV

) " ' 0 ' " $ 1 2 + 1 3 2 1 % * 2 + " % 1 &

1? @IG 4D@I MG?@K=PS @IG @G==>@E=P EO *H@E?>N ^NH <N=@ EO @IG $KHH>N? *R<>=GS Î>FG >@H=K=NF N?T K=LN? GF>@G NH TER>?N?@FP -G=RN?8H<GN\>?YV 1? @IG R>T84D@I MG?@K=PS *H@E8?>N? ?N@>E?NF REUGRG?@H GRG=YGTS N?T >?@G=GH@ >? *H@E?>N? OEF\FE=G ^NH N <N=@ EO @IG?N@>E?NF REUGRG?@V 2MIEFN=FP HEM>G@>GH TER>?N@GT LP _NF@>M -G=RN? >?@GFFGM@KNFH F>\G@IG '>@G=N=P #?>E? EO *H@E?>N N?T EO @IG *H@E?>N? 'GN=?GT 2EM>G@P INT OE=RGT @IG>= E^? >? @IG HGME?T INFO EO @IG MG?@K=P LP UEFK?@GG= MEFFNLE=N@E=HV !N\EL ,K=@ INT H@N=@GT MEF8 OE= *H@E?>NlH REH@ NM@>UG HE?H N?T TNKYI@G=Hr >? <E<KFN= ?G^H<N<G=H ;\#&O=< S A">7=%&&> S



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A7:

!=/$#43& S 6&>7= A">7=%&&>A N?T NH\GT <GE<FG @E MEFFGM@ UN=>EKH YG?=GH EO OEF\FE=GV ,K=@lH IGF< EO UEFK?@N=P ME==GH<E?TG?@HV +IG=G ^G=G N=EK?T 4XCC ME==GH<E?TG?@H N?T ,K=@KHGT ?G^H<N<G=H @E MERRK?>MN@G ^>@I @IGRV +IG <=EMGHH ^NH NFHE >R<E=@N?@ LGMNKHG>@ >?UEFUGT HE RN?P *H@E?>N?H >? N ?N@>E?8^>TG MKF@K=NF <=EJGM@ ;MOV !NNYE BCC9AV QN@8

@I>NH !EIN?? *>HG? LGMNRG N RNJE= MEFFGM@E= N@ @IG HNRG @>RG N?T I>H MNR<N>Y? @E TEMK8RG?@ OEF\FE=G ^NH NFHE E=YN?>HGT U>N ?G^H<N<G=H ;HGG 0KK@RN BCC9AV*H@E?>N YN>?GT >@H >?TG<G?TG?MG >? 4D4:V 1? @IG PEK?Y H@N@GS N L=ENT ?G@Ê=\ EO

MKF@K=NF >?H@>@K@>E?H ^NH M=GN@GTV +IG *H@E?>N? )EF\FE=G &=MI>UGH ^NH OEK?TGT >? 4DB5V1@ ^NH N? NK@E?EREKH HKLT>U>H>E? EO @IG *H@E?>N? %N@>E?NF QKHGKR N?T @IG MG?@=NFOEF\FE=G N=MI>UG >? *H@E?>NS H>@KN@GT >? +N=@KV +IG EFTG= MEFFGM@>E?H RG?@>E?GT >? @IG <=G8U>EKH <N=NY=N? @IG ?G^FP OE=RGT >?H@>@K@>E?V +IG N=MI>UG

OEF\FE=G KH>?Y @IG bKGH@>E??N>=G RG@IETV & ^>TG ?G@Ê=\ EO ME==GH<E?TG?@H ^NH M=G8

N@GT N?T HGUG=NF MER<G@>@>E?H EO OEF\FE=G MEFFGM@>?Y OE= UEFK?@GG= ME==GH<E?TG?@H ^G=GE=YN?>HGTV 1? @IG *H@E?>N? )EF\FE=G &=MI>UGHS OEF\FE=G RN@G=>NFH G=G LEK?T >? UEFKRGHEO 6CCn7CC <NYGHV +IG RN@G=>NFH G=G Y=EK<GT >? MEFFGM@>E?H NMME=T>?Y @E @IG >?H@>@K@>E? "H\N= 'EE=>@HV ,G GR<INH>HGT @IG >R<E=@N?MG EO E=YN?>H>?Y @IG RN@G=>NF <=E<G=FP @ERN\G >@ GNH>FP NMMGHH>LFG @E HMIEFN=HV "?G EO @IG YENFH EO OEF\FE=G MEFFGM@>?Y TK=>?Y @IG YG?=GHS @E<>MH N?T YGEY=NMNF T>H@=>LK@>E? ;Z[H@=>\ BCC9g BC7nBC:AV

Q * Q " $. 1 % 2 + 1 + # + 1 " % 2 " ) 2 "Z 1 * + * 2 + " % 1 & g3 " % + $" ' & % / 3 * % 2 " $ 2 , 1 W

+IG <EF>@>MNF E=TG= MIN?YGT =N<>TFP TK=>?Y fE=FT fN= 11V +IG $G<KLF>M EO *H@E?>N ^NHEMMK<>GT N?T N??GcGT LP @IG 2EU>G@ #?>E? >? 4DXCV & PGN= FN@G=S -G=RN? EMMK<N@>E?

LGYN?V 1? 4DXX @IG 2EU>G@ #?>E? =GEMMK<>GT *H@E?>N N?T K?@>F 4DD4 @IG MEK?@=P ^NH E?GEO @IG =G<KLF>MH EO @IG 2EU>G@ #?>E?g @IG *H@E?>N? 2EU>G@ 2EM>NF>H@ $G<KLF>MV +IG 2@NF>?8>H@ <G=>ET ^NH RN=\GT LP RNHH TG<E=@N@>E?HS MEFFGM@>U>HN@>E? N?T N?@>82EU>G@ YKG==>FFN NH ^GFFV ,>H@E=PS F>@G=N@K=G N?T N=@ ?GGTGT @E LG =G8GUNFKN@GT N?T NMME=T>?Y @E @IG ?G^

H@N@G >TGEFEYP @IG MEFFGM@>E?H EO RGRE=P >?H@>@K@>E?H HIEKFT ME?@N>? E?FP >@GRH N<<=E8<=>N@G OE= @IG 2EU>G@ <GE<FGV

8 FE@ ÎG? MER<N=GT @E @IG <=G8fE=FT fN= 11 <G=>ET ;ZNF\ BC4Cg 975AV %E@^>@IH@N?T>?Y@I>HS HERG EO @IG @E<>MH MEKFT ?E FE?YG= LG H@KT>GTS OE= >?H@N?MGS OEF\ =GF>Y>E? ^NH FGO@EK@ EO @IG =GHGN=MI bKGH@>E?HS NF@IEKYI >@ ^NH ?E@ N LN??GT @E<>M >? E@IG= 2EU>G@ H@N@GH;'GG@G G@ NFV BCC:g 6CAV %GUG=@IGFGHHS O=ER @IG 4D6CH E?^N=TH N ME?MG<@ EO 2EU>G@ OEF\FE=G^NH >?@=ETKMGTg ME?@GR<E=N=P OEF\FE=G @IN@ >H >? @IG NMME=TN?MG ^>@I 2EU>G@ >TGEFEYPV)EF\FE=>H@H G=G @IG? Gc<GM@GT @E >?H@=KM@ <GE<FG >? M=GN@>?Y @IN@ \>?T EO OEF\FE=G ;">?NH4D56g X:n9BAV 1? @IG FN@G 2@NF>?>H@ <G=>ETS *H@E?>N? OEF\FE=>H@H ^G=G ELF>YGT @E MEFFGM@





! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A5C

2@N@G '>@G=N=P QKHGKRS4 ^NH OEK?TGT E? @IG LNH>H EO OEK= HKLT>U>H>E?H EO @IG OE=RG=*H@E?>N? %N@>E?NF QKHGKRV +IG *H@E?>N? )EF\FE=G &=MI>UGH N?T @IG *H@E?>N? 3KF@K=NF,>H@E=P &=MI>UGH =GMG>UGT @IG H@N@KH EO TG<N=@RG?@ >? @IG ?G^ RKHGKRS N?T @IG *H@E8?>N? )EF\FE=G &=MI>UGH ^G=G =G?NRGT @IG /G<N=@RG?@ EO )EF\FE=GV &H @IG >?H@>@K@>E?HOEFFE^GT 2EU>G@ <=NM@>MG N?T GUG=P 2EU>G@ =G<KLF>M INT N H>R>FN= HG@ EO >?H@>@K@>E?HS @IG

1?H@>@K@G EO 'N?YKNYG N?T '>@G=N@K=G NH OE=RGT >? 4DX7 NH N T>U>H>E? EO @IG &MNTGRP EO2M>G?MGH EO @IG *H@E?>N? 22$V +IG >?H@>@K@G NFHE INT N HKLT>U>H>E? OE= OEF\FE=Gg @IG 2GM@E=EO )EF\FE=GS I>MI INT >@H E^? MEFFGM@>E?H NH GFFV +IG HME<G EO @I>H N=@>MFG >H @IG MG?HE=8 E? @IG MEFFGM@>E?H EO @IG OE=RG= ;N?T MK==G?@A *H@E?>N? )EF\FE=G &=MI>UGHS @IG GcNR<FGHN?T T>HMKHH>E? N=G LNHGT RN>?FP E? MG?HE=HI>< <=NM@>MGH >? @IG @Gc@H N?T MG?HE=HI><<=NM@>MGH EO @IG /G<N=@RG?@ EO )EF\FE=G EO @IG 2@N@G '>@G=N=P QKHGKRV 3E?@=EF EUG= @IG B

3 " % + $ " ' ' 1 % - ) " ' 0 ' " $ * 3 " ' ' * 3 + 1 " % 2

'>@G=N=P QKHGKR ^G=G GUNMKN@GT O=ER +N=@K @E =K=NF N=GNH >? 4DX6 N?T 4DXXV &HHK=>?Y@IG <IPH>MNF <=GHG=UN@>E? EO @IG MEFFGM@>E? ^NH @IG <=>E=>@PV ,EFT>?YH EO F>L=N=>GH N?T OEF\FE=G MEFFGM@>E?H ^NH =G8GUNMKN@GT LP QN=MI 4DX9 ;Z>>TNFG<< 4D7Dg 456n4:XAV 3IGM\8>?Y @IG ME?@G?@H EO @IG MEFFGM@>E?H >? N H>@KN@>E? F>\G @IN@ ÊKFT INUG LGG? @EE MER<F>8

@IG '>@G=N=P QKHGKR E= ME?@N>? =GNM@>E?N=P E= N?@>82EU>G@ RN@G=>NFr6 N==>UGT E? QNP4BS 4DX9 N?T ^NH H>Y?GT LP *FG?G WNUFEUNS IGNT EO @IG QKHGKR 2GM@E= EO @IG WGE<FGlH3ERR>HHN=>N@ EO *TKMN@>E?V QE=G <=GM>HG >?H@=KM@>E?HX OEFFE^GT E? 4: QNP O=ER !|=>%KK@S @IG WGE<FGlH 3ERR>HHN= EO *TKMN@>E?V ,G YNUG E=TG=H OE= @IG MIGM\ EO NFF EO @IGTG<N=@RG?@H EO @IG '>@G=N=P QKHGKRV +IG OEF\FE=G MEFFGM@>E?H G=G MG?HE=GT NMME=T>?Y 8 EO F>L=N=>GH N?T N=MI>UGHV *UG=P H>?YFG <>GMG EO OEF\FE=G ?GGTGT @E LG =GNTS >@H ME?@G?@

N?NFPHGT ;>TGNFFP >? @IG ME?@Gc@ EO >@H M=GN@>E?AS N?T NH<GM@H EO @IG @>RG EO @IG MEFFGM@>E?N?T <GE<FG ME??GM@GT @E >@ ?GGTGT @E LG @N\G? >?@E NMMEK?@V &H @IG MEFFGM@>E?H G=G UG=PFN=YGS9

,E^GUG=S @IG=G ^NH N HGME?T ^NUG EO MG?HE=HI><S H@N=@>?Y O=ER 4D9CV +IG=G ^G=G 8 @IG 2EU>G@ #?>E? NMMKHGT @IG FGNTG=H EO @IG 3ERRK?>H@ WN=@P EO *H@E?>N EO ONUEK=>?Y

LEK=YGE>H>G ?N@>E?NF>H@HV %E@ E?FP @IG FGNTG=H EO @IG <N=@P LK@ NFHE NLEK@ XCC =GHGN=MI8G=HS NK@IE=HS N=@>H@H N?T RKH>M>N?H ^G=G =G<=GHHGT N?T NMMKHGT EO ?N@>E?NF>HR N?T OE=8RNF>HRV +IG <=EMGHH H@=G?Y@IG?GT @IG MN?E? EO HEM>NF =GNF>HR >? *H@E?>NV +IG QN=MIWFG?KR ^NH ?E@ E?G EO @IG \>?TS H>R>FN= GUG?@H INT @N\G? <FNMG >? E@IG= =GY>E?H EO @IG2EU>G@ #?>E? NH ^GFF ;0N=JNI[=RS 'K@H BCC9g 44Bn449AV



G$#4>4#$L E&3>"/>1=C "5 ;"#<#"/& X43$>?/=C7 E"##&?7="3> =3 ^47& B74#=3=>7 6>7"3=4 54

&?E@IG= =GNHE? @E LG HKH<>M>EKH NLEK@ @IG ME?@G?@ EO OEF\FE=G RN@G=>NFH ^NH @IN@&F>MG ,NLG=RN?S @IG IGNT EO @IG '>@G=N=P QKHGKRS INT K?>?@G?@>E?NFFP <KLF>HIGT E?GEO @IG *H@E?>N? 'GY>E?lH7 HE?YH NH N? GcNR<FG EO @IG 2EU>G@ N=RP HE?YV5 +IG =GF>NL>F8

$0QA ^G=G MIGM\GT NH ^GFF NH @IG *$& MEFFGM@>E?H O=ER @IG <G=>ET EO @IG $G<KLF>M EO*H@E?>NV QN?P EO @IG MG?HE=GT @Gc@H ^G=G N=RP HE?YHS LK@ @IG RN>? OEMKH EO MG?HE=HI><^NH E? ELHMG?G @Gc@H N?T RE@>OHV

&F@IEKYI @IG OEMKH EO @I>H N=@>MFG >H E? @IG RN?KHM=><@ MEFFGM@>E?HS @IG <IE@EY=N<IHS %E@ NFF @IG RN?KHM=><@ MEFFGM@>E?H ^G=G MIGM\GTg @IG MEFFGM@>E? EO !N\EL ,K=@ =GRN>?GTK?MG?HE=GT @I=EKYIEK@ LE@I NUGH EO MG?HE=HI><V +I>H LKF\P MEFFGM@>E? NH @IG ME=?G=8H@E?G EO @IG *H@E?>N? )EF\FE=G &=MI>UGHS LG>?Y E?G EO @IG EFTGH@V +IG @>RG T>H@N?MG MEKFTINUG LGG? E?G EO @IG =GNHE?H @IN@ @I>H MEFFGM@>E? =GRN>?GT K?MG?HE=GTS LGMNKHG >@ MEKFT?E@ ME?@N>? <EF>@>MNFFP HKH<>M>EKH @Gc@HV ,E^GUG=S HERG ELHMG?>@>GH N=G RG?@>E?GT IG=G

N?T @IG=G >? ,K=@lH MEFFGM@>E?S NF@IEKYI @IGP ^G=G ?E@ G=NHGTV +IG=G ^G=G E?FP @ÊGcMG<@>E?H @E @IG =KFG @IN@ ,K=@lH MEFFGM@>E? NH ?E@ MG?HE=GTg *H@E?>N? FGO@8^>?Y <EF>@>8M>N? ,N?H WaaYGFRN??: X=<>O&3&#4>&: dk/=>&O4:ZAD ^G=G G=NHGTV

8FE=G MEFFGM@>?Y MNR<N>Y?HV 3ER<N=GT @E ,K=@S *>HG?lH <EH>@>E? >? *H@E?>N? OEF\FE=>H8 O=ER ,K=@lH N?T @IG <=>?>M><FGH EO E=YN?>H>?Y @IG MEFFGM@>E?H >? @IG *H@E?>N? )EF\FE=G&=MI>UGH ^NH LNHGT E? @IG RETGF EO ,K=@lH MEFFGM@>E?V *>HG?lH MEFFGM@>E?H ^G=G ME?8H@N?@FP HG@ NYN>?H@ @IG MEFFGM@>E?H EO !N\EL ,K=@ N?T @IG ME?@=>LK@>E? EO *>HG? T>T ?E@

*>HG?lH MEFFGM@>E?H ^G=G MG?HE=GT Î>FG ,K=@lH ^G=G ?E@V ,E^GUG=S *>HG?lH MEFFGM@>E?HME?@N>?GT RE=G ME?@GR<E=N=P @E<>MHS NRE?Y E@IG=HS N MEFFGM@>E? EO JE\GH NLEK@ ^GFF8 E?FP @IG ?G^G= <N=@H EO >@ ^G=G MIGM\GTV4C

"@IG= RN?KHM=><@ MEFFGM@>E?H ^G=G NFHE MIGM\GTV +Gc@H MEFFGM@GT >? @IG <G=>ET EO @IG$G<KLF>M EO *H@E?>N N?T TK=>?Y fE=FT fN= 11 ^G=G @IG REH@ IGNU>FP MG?HE=GTV +Gc@HMEFFGM@GT TK=>?Y @IG <G=>ET EO -G=RN? EMMK<N@>E? ;4DX4n4DXXA ^G=G FN=YGFP <EF>@>MNFN?T TG<>M@GT 2EU>G@ NK@IE=>@>GH N?T $KHH>N?H >? N ?GYN@>UG NPV +IN@ >H IP MG?HE=HI><>? 4DX9 N?T 4DX7 ^NH OEMKHGT E? @IGHG <G=>ETHV "LHMG?G @Gc@H N=G ?E@ @IN@ MFKH@G=GT >?

@IGR NRE?Y @IG IK?T=GTH EO @IEKHN?TH EO RN?KHM=><@ <NYGHS NH HERG bKGH@>E??N>=GHN=G RE=G F>\GFP @IN? @IG E@IG=H @E YG@ <GE<FG @E HG?T ELHMG?G @Gc@H E= YG?=GH F>\G JE\GHN?T HE?YH @G?T @E LG N FE@ LN^T>G= @IN? FGYG?TH E= <=EUG=LHV ,E^GUG=S >? YG?G=NFS @E <=NM@>MGH EO ELHMG?G @Gc@H HIE^S @IG=GOE=GS IE^ @IE=EKYIFP @IG MEFFGM@>E?H ?GGTGT @E LGMIGM\GT N?T @IG H@=KYYFGH EO @IG GR<FEPGGH ^>@I @I>H JEL HIE^H @IG IE^ TGRN?T>?Y@IG @NH\ ^NHV

1@ HIEKFT LG ?E@GT @IN@ @IG <GE<FG MIGM\>?Y @IG ME?@G?@ EO @IG OEF\FE=G RN?KHM=><@H



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A5B

+IG RN@G=>NFH @IGP MIGM\GT N?T MG?HE=GT ^G=G EO@G? MEFFGM@GT LP @IG>= MEFFGNYKGH N?THERG@>RGH LP @IGRHGFUGHV +IG EUG=NFF N@REH<IG=G EO =G<=GHH>E? NHHK=GT @IN@ @IG Ê=\^NH TE?G <=E<G=FPV )E= GcNR<FGS OEF\FE=>H@ ,G=LG=@ +NR<G=G ^NH N==GH@GT N?T TG@N>?GTOE= N PGN= >? 4DX9 LGMNKHG IG ^NH NMMKHGT >? IEFT>?Y MEK?@G=8=GUEFK@>E?N=P RN@G=>NFH;0NF\K? BCC9g B:BAV 2ERG E@IG= OEF\FE=>H@H F>\G $KTEFO W}FTR[G N?T &KYKH@ &??>H@ ^G=G

NFHE N==GH@GT ;'GG@G G@ NFV BCC:g B:AV "H\N= 'EE=>@HS @IG IGNT EO @IG *H@E?>N? )EF\FE=G ^NH E?G EO @IG =GNHE?H OE= MG?HE=>?Y OEF\FE=G @Gc@H N?T I>H <IE@EH G=G =GREUGT O=ER @IG<IE@E MEFFGM@>E? EO @IG N=MI>UGHV +IG=GOE=GS <GE<FG E=\>?Y N@ @IG /G<N=@RG?@ EO )EF\FE=G

8

@IGR O=ER @IG MEFFGM@>E?H ;ZGH\>R[Y> 4DD7g 46Cn46XAV "O MEK=HGS OE= H@=>M@G= MG?HE=HI><

8EKH N?T EKFT INUG ?GGTGT N? N=RP EO MIGM\G=HV +IG MG?HE=>?Y LP F>L=N=>N?H N?T N=MI>8U>H@H ^NH <=EU>H>E?NFFP ME?@=EFFGT N?T @IG=GOE=G >@ ^NH ME?TKM@GT @IE=EKYIFP G?EKYIV

MG?HE=H N?T HIEKFT ?E@ LG NMMKHGT EO @IG TNRNYG TE?G @E @IG RN?KHM=><@HS @IGP H>R8<FP MN==>GT EK@ @IG @NH\H Y>UG? @E @IGR >? OGN=OKF @>RGHV +IG IGNT EO @IG /G<N=@RG?@ EO)EF\FE=G N?T @IG T>=GM@E= EO @IG '>@G=N=P QKHGKR ?GGTGT @E TGHM=>LG @IG <=EY=GHH EOMIGM\>?Y @IG RN?KHM=><@H >? @IG>= =G<E=@HV )E= @IG ME?@G?@ EO @IG N=MI>UGHS >@ ^NH YEET@IN@ OEF\FE=>H@H ÎE \?G^ @IG RN@G=>NFH MN==>GT EK@ @IG MG?HE=HI><V ,E^GUG=S >? 4DX9SHERG EO @IG RN?KHM=><@H ^G=G MG?HE=GT LP @IG <GE<FG Ê=\>?Y >? @IG +N=@K _=N?MI EO

@IG 2@N@G 3G?@=NF &=MI>UGHS44 ÎE MK@ EK@ RN?P RE=G <NYGH <G= RN?KHM=><@ @IN? @IGOEF\FE=>H@H T>TV4B

=GTNM@GT ^>@I >?\S <N<G= ^NH YFKGT EUG= @IGR E= @IG <NYGH ^G=G MK@ EK@ ;HGG WIE@E 4 EO IG= E= I>H ?NRGS @IG TN@G N?T @IG ?KRLG=H EO <NYGH @IN@ ^G=G MK@ EK@V

1? 4D96S N H<GM>NF MERR>HH>E? OE=RGT LP @IG *H@E?>N? &MNTGRP EO 2M>G?MGH MIGM\GT@IG ME?@G?@H EO @IG MEFFGM@>E?H >? @IG '>@G=N=P QKHGKRV +IG MERR>HH>E? OEK?T HERG<=ELFGRN@>M @Gc@H O=ER @IG MEFFGM@>E?H EO @IG /G<N=@RG?@ EO )EF\FE=Gg @IG *H@E?>N? fN=EO 1?TG<G?TG?MG NH RG?@>E?GT N?T HERG Gc@=GRGFP ELHMG?G @Gc@H INT =GRN>?GT >? @IGOEF\FE=G RN?KHM=><@H ;&IUG? BCC5g 46BAV %GUG=@IGFGHHS ?E L>YYG= ^NUG EO MG?HE=HI>< EO@IG OEF\FE=G MEFFGM@>E?H OEFFE^GTV

+IG HIGG@H MK@ EK@ O=ER @IG RN?KHM=><@H TK=>?Y @IG 4D9CH G=G >? @IG TG<N=@RG?@ EOH<GM>NF H@E=NYG EO @IG '>@G=N=P QKHGKR N?T ^G=G =G@K=?GT @E @IG /G<N=@RG?@ EO )EF\8FE=G >? 4D55n4D5:S N@ @IG FN@GH@V +IGHG <N<G=H G=G ?E@ =G@K=?GT @E @IG>= E=>Y>?NF <FNMGH >?@IG RN?KHM=><@HS @IGP G=G \G<@ HG<N=N@GFP O=ER E@IG= MEFFGM@>E?HV 1? BCCBS RE=G <N<G=HF>\G @I>H G=G OEK?T IG? @IG TG<EH>@ =EERH G=G =GE=YN?>HGTV +IGHG G=G @IG MK@8EK@HO=ER 4DX9n4DX7 @IN@ INT LGG? \G<@ >? @IG H<GM>NF TG<N=@RG?@ EO @IG +N=@K _=N?MI EO @IG2@N@G 3G?@=NF &=MI>UGHV +IGHG <N<G=H ^G=G =G@K=?GT @E @IG '>@G=N=P QKHGKR >? 4D7:N?T ^G=G \G<@ >? @IG TG<N=@RG?@ EO H<GM>NF H@E=NYG @IG=GV fIG? @IGP ^G=G =G@K=?GT @E



G$#4>4#$L E&3>"/>1=C "5 ;"#<#"/& X43$>?/=C7 E"##&?7="3> =3 ^47& B74#=3=>7 6>7"3=4 56

&H RG?@>E?GT LGOE=GS @IG=G ^NH N?E@IG= >?H@>@K@>E? ^>@I @IG>= E^? OEF\FE=G MEFFGM@>E?HS@IG 2GM@E= EO )EF\FE=G EO @IG 1?H@>@K@G EO 'N?YKNYG N?T '>@G=N@K=GV +IG >?H@>@K@G ^NH

L=N?MIV 1? "M@ELG= 4DX:S @IG=G ^NH N ME?OG=G?MG E? @IG @E<>M EO RKHGKRH N@ Î>MI HGU8G=NF RN?KHM=><@H EO T>NFGM@ GcNR<FGH ^G=G <K@ E? GcI>L>@>E?V 2ERGE?G ?E@>MGT N? N?@>82EU>G@ HG?@G?MGS NO@G= Î>MI NFF @IG MEFFGM@>E?H EO T>NFGM@ GcNR<FGH ;NLEK@ BCSCCC <NYGHA^G=G MIGM\GTV 2ERG <NYGH ^G=G MK@ EK@ N?T HG?@ @E @IG TG<N=@RG?@ EO H<GM>NF H@E=NYGEO @IG '>@G=N=P QKHGKR ;&IUG? BCC5g 9CAV fIN@ >H RE=GS @IG MEFFGM@>E?H EO @IG )EF\FE=G

2GM@E= G=G NFHE MIGM\GT N?T HGUG=NF <NYGH G=G MK@ EK@V +IG MG?HE=HI>< <=NM@>MGH G=GRKMI H@=>M@G= @IN? >? @IG )EF\FE=G &=MI>UGHV *UG=P@I>?Y @IN@ ^NH GUG? HF>YI@FP ELHMG?G^NH ME?H>TG=GT >?N<<=E<=>N@GV *UG? UG=P @P<>MNF N?T bK>@G R>FT JE\GH N?T N?GMTE@GH^G=G MK@ EK@S OE= GcNR<FG 01& \#: X4=: "3 71& D""5 ; Q0_ +e(lm AS46 Î>MI TGHM=>LGH N @IGHG OEF\FE=G @Gc@H ^G=G MEFFGM@GT TK=>?Y @IG 2EU>G@ EMMK<N@>E?S @IG=G ^NH ?E@ RKMI@IN@ MEKFT LG ME?H>TG=GT N?@>82EU>G@ >? @IG H@=>M@ HG?HGV +IG MG?HE=GT @Gc@H N=G REH@FPR>FTFP ELHMG?G E= RG?@>E? HERG EO @IG _>LFG MIN=NM@G=HV



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A5X

3 * % 2 " $ 1 % - " _ 2 3 * % 1 + 1 * 2

1? @IG *H@E?>N? )EF\FE=G &=MI>UGH EO @IG <=G82EU>G@ <G=>ETS ELHMG?>@>GH ^G=G MEFFGM@GTNRE?Y E@IG= OEF\FE=G RN@G=>NFHV "O MEK=HGS NFF @IG FNPG=H EO <EHH>LFG HGFO8MG?HE=HI><MEKFT ?E@ LG @=NMGTS LK@ @IG=G N=G ELHMG?G Ê=TH N?T RE@>OH >? @IG OEF\FE=G >@GRH MEF8FGM@GT LP @IG OEF\FE=>H@H E=\>?Y >? @IG N=MI>UGH N?T HG?@ LP ME==GH<E?TG?@HV 2ERG@>RGHS@IG ?NRGH EO @IG <GE<FG ME??GM@GT @E @IGHG ELHMG?G <>GMGH ^G=G ?E@ RG?@>E?GTS E?FP

N LEE\ =G@K=?GT @E @IG @E^? F>L=N=PrAV4X

)EF\FE=>H@H Ê=\>?Y N@ @IG &=MI>UGH MEFFGM@GT <G=>ETS @IGP ^G=G =GMEY?>HGT NH OEF\FE=G >@GRHV

1? @IG FN@G 2@NF>?>H@ 2EU>G@ #?>E?S <EF>@>MNF N?T RE=NF H<IG=GH ^G=G @>YI@FP >?@G=8@^>?GTS @IG=GOE=G @IG MG?HE=HI>< EO ELHMG?G RN@G=>NFH INT N <EF>@>MNF T>RG?H>E?V ,E^8GUG=S @IG T>H@>?M@>E? LG@^GG? @IG <EF>@>MNF N?T RE=NF MNKHGH EO MG?HE=HI>< EO OEF\FE=GRN@G=>NFH >H ?E@ H>R<FP N? N?NFP@>MNF MN@GYE=PV "UG= 4SCCC OEF\FE=G >@GRH ^G=G MK@ O=ERRN?KHM=><@H LGMNKHG EO @IG>= ELHMG?>@P >? @IG 4D9CHV +IG NREK?@ >H H@=>\>?Y ÎG? MER8<N=GT >@I @IG RE=G <EF>@>MNF MNKHGH EO MG?HE=HI>< HKMI NH @IG ?NRGH EO N?@>82EU>G@ <GE8

<FG ;@IG =GNHE? OE= @IG MG?HE=HI>< EO X7 @Gc@ >@GRHAS EUG=FP ?N@>E?NF>H@>M @Gc@H ;XD >@GRHAS?GYN@>UG TG<>M@>E? EO 2EU>G@ ?N@>E?H E= EUG=FP <EH>@>UG TG<>M@>E? EO -G=RN?H ;NLEK@ 4CC

A1"7" )V 6DQ WW i*T gnlL C4C&/ 8#$&: "3 %43$>?/=C7 C48&V





! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A57

WE^G= N?T ME?@=EF YE NH ON= >?@E <=>UN@G F>OG NH HGcKNF>@PV WE=?EY=N<IP ^NH LN??GT>? @IG 2EU>G@ #?>E? K?TG= &=@>MFG BB: EO @IG M=>R>?NF METGV 3G?HE=>?Y ELHMG?G RE@>OHO=ER OEF\FE=G N=MI>UGH MEKFT LG HGG? NH <N=@ EO @I>H YG?G=NF LN?V +IG @Ê REH@ MERRE? 8MNF H@N@KH bKE N?T HGME?TFP @E ME?@=EF @IG RE=NFH EO @IG <GE<FGV 1? TGREM=NM>GHS LE@I

\>?TH EO LN? N=G ?E@ @IN@ H@=>M@S NF@IEKYI @IGP TE Gc>H@V 3E?@=EFF>?Y RE=NF>@P >H H@>FF N?>R<E=@N?@ >HHKGV QEH@ H@N@GH N<<FP HERG \>?T EO =N@>?Y HPH@GR OE= REU>GH N?T MER<K@G= GRG=YG ^>@I ?G^ \>?TH EO MG?HE=HI><S 1?@G=?G@ MG?HE=HI>< LG>?Y @IG FN=YGH@ N?T REH@ME?@=EUG=H>NFV 3G?HE=>?Y OEF\FE=G N?T 1?@G=?G@ MG?HE=HI>< N=G H>R>FN= >? RN?P ^NPHV-EUG=?RG?@H E= <=>UN@G E=YN?>HN@>E?H RNP @=P @E LN? NMMGHH @E MG=@N>? ^GLH>@GHS LK@ 8 +IGHG N=G @IG MIN=NM@G=>H@>MH EO OEF\FE=G NH ^GFFV &?T >? TGREM=NM>GHS NMMGHH =GH@=>M@>E?H@E N=MI>UGH H@>FF Gc>H@V +IG =GNHE?H OE= @IGR UN=PS ^>@I <G=HE?NF <=>UNMPS N?T H@N@G N?T

<KLF>M HGMK=>@P LG>?Y @IG REH@ KHKNFV ,E^GUG=S >? @IG FN@G 2@NF>?>H@ 2EU>G@ #?>E?S @IGHPH@GR EO MG?HE=HI>< ^NH ME?@>?KEKHFP H@=>M@V &FF \>?TH EO >?OE=RN@>E? @IN@ R>YI@ LGKHGOKF @E N? G?GRP MEKFT ?E@ LG =GFGNHGTV 2>R>FN= <=GMNK@>E?H N=G MIN=NM@G=>H@>M EO ^N=8@>RGV /K=>?Y ^N=@>RG N?T >? @IG 2@NF>?>H@ <G=>ETS LG>?Y NLFG @E KHG @IG N=MI>UGH ^NH N?GcMG<@>E?S ?E@ @IG =KFGV

8HI>< >? @IG HEM>G@P NF@EYG@IG=V W>G==G _EK=T>GK ?E@GH @IN@ @IG=G NF^NPH >H >?@G=?NF>HGTMG?HE=HI><S @IG \>?T EO HGFO8MG?HE=HI>< @IN@ MEKFT LG ?E@>MGT >? @IG <EF>@>MNFFP ME==GM@

MG?HE=HI>< TG@G=R>?GH @IG NK@IE=>@P @IN@ N <G=HE? INHV &K@IE=>@P TG@G=R>?GH Gc<=GH8 NFFE^GT ;_EK=T>GK 4DDXg 46:AV 1?H@>@K@>E?H >? @IG H@N@G N<<N=N@KH @IN@ INUG @IG YENF EOME?@=EF EO Gc<=GHH>E?S Ê=\ E? @IG <K=<EHG EO MIN?Y>?Y HEM>G@P >? N ^NP @IN@ G=NHGH @IG <=NM@>MGHV 1? @E@NF>@N=>N? H@N@GH HKMI NH @IG FN@G 2@NF>?>H@ 2EU>G@ #?>E?S H@=KM@K=NF MG?HE=8 FE@V *=NH>?Y @IG T>HMEK=HGH EO FKH@OKF HGcKNF>@P ÊKFT IGF< @E M=GN@G N Ê=FT ÎG=G HGc

IN<<G?H OE= =G<=ETKM@>E?S ?E@ OE= =GM=GN@>E? E= E@IG= <K=<EHGH >@IEK@ MFGN= NTUN?@NYGOE= HEM>G@PV & H>R>FN= F>?G EO @IEKYI@ ^NH LGI>?T MG?HE=HI>< >? @IG Q>TTFG &YGHV +IG=G>H NFHE @IG NH<GM@ EO @IG >TGEFEY>MNF UN?@NYG EO @IG 2EU>G@ #?>E? MER<N=GT @E @IG E@IG=

3E?@=EFF>?Y N=MI>UGH T>T ?E@ RGN? ME?@=EFF>?Y OEF\FE=G n >? >@H E=NF>@P N?T U>=NF>@PSOEF\FE=G MN? IN=TFP LG ME?@=EFFGTV _K@ >@ ME?@=EFFGT @IG =G<=GHG?@N@>E?H EO OEF\FE=G >? T>O8OG=G?@ ME?@Gc@HS @IG <EHH>LFG ?G^ >?@G=<=G@N@>E?H EO OEF\FE=GV fIG? E?FP N MG=@N>? \>?T &F@IEKYI @IG H@N@G ?GUG= INT @I>H EUG=N=MI>?Y <E^G= EO ME?@=EFF>?Y NFF EO @IG <EHH>LFGT>HMEK=HGH ;OE= NF@G=?N@>UG T>HMEK=HGH MOV .K=MIN\ BCC7AS @I>H T=GNR NF^NPH Gc>H@GT N?T



G$#4>4#$L E&3>"/>1=C "5 ;"#<#"/& X43$>?/=C7 E"##&?7="3> =3 ^47& B74#=3=>7 6>7"3=4 55

M=GN@GT @IG LNM\Y=EK?T OE= MG?HE=HI><V 1@ NH NFHE @IG LNM\Y=EK?T OE= HEM>NF>H@ =GNF>HRS N RG@IET N?T NGH@IG@>M MN?E? GF>R>?N@GT NF@G=?N@>UG Gc<G=>G?MGHV 1@ MERL>?GT @IG MFNH8 <GE<FGV +IG MN?E? EO HEM>NF>H@ =GNF>HR NFHE RGN?@ @IG TG?>NF EO <=GU>EKH N=@ OE=RH n N=@

?GGTGT @E LG =G8GUNFKN@GTV 1? *H@E?>NS N=@ N?T N=@>H@H EO @IG <G=>ET EO >?TG<G?TG?MG G=GHKH<GM@GT ;0N=JNI[=RS 'K@H BCC9g ::AV +IG QN=MI WFG?KR N?T HKLHGbKG?@ =G<=GHH>E?H

/GH>=G >H =GH>H@N?@ LE@I @E @IG MEK=@ N?T @E @IG GME?ERPV 2GcKNF>@P TG@G=R>?GH @IG >TG?8@>@P EO N RETG=? IKRN? LG>?YV & LETP @IN@ <G=MG>UGH N?T TGH>=GH O=GGFP >H >? T>HME=T >@IN @E@NF>@N=>N? H@N@G LGMNKHG TGH>=G >H N =GUEFK@>E?N=P NM@ ;'N=HE? 4DDDg XB7nXB:AV 1? N H@N@GSGH<GM>NFFP N @E@NF>@N=>N? H@N@GS @IG <GE<FG JKH@>OP @IG>= Gc>H@G?MG N?T @IG>= <N=@ >? HEM>G@P LP

LG>?Y <=ETKM@>UGV W=ETKM@>U>@P RN?>OGH@H >@HGFO >? Ê=\ N?T =G<=ETKM@>E?V )=GG HGcKNF>@P

>?OE=RN@>E? NLEK@ <GE<FG IGF<H @E M=GN@G <FN?H N?T INUG OKFF ME?@=EF EUG= @IGHG <GE<FGVWGE<FG >@I K?Gc<GM@GT TGH>=GH RN\G >@ RE=G MER<F>MN@GT @E OE=G@GFF @IG NPH E<>?>E?H >?

@E &??N $E@\>=MIS @IG "M@ELG= $GUEFK@>E? L=EKYI@ HGcKNF =GOE=R NRE?Y RN?P E@IG==GOE=RHV 4DBCH ^G=G @IG <G=>ET EO HGcKNF F>LG=@Pg HGc8=GFN@GT @E<>MH ^G=G <N=@ EO <KLF>MT>HMEK=HGV 1? @IG 2@NF>?>H@ <G=>ETS IE^GUG=S HGcKNF @E<>MH ^G=G @NLEEGT N?T >TGEFEYPONUEK=GT E?FP @IG RN==>GT RE?EYNREKH IG@G=EHGcKNF MEK<FG ;$E@\>=MI BCCXg D9AV 1?@IG 4DBCHS @IG >TGEFEYP LGI>?T HGcKNF F>LG=@>GH N=EHG O=ER @IG M=>@>bKG EO LEK=YGE>H UNF8KGHV +IG >TGN EO RE?EYNRP ^NH ME?H>TG=GT @E LG MN<>@NF>H@ NH >@ INT @IG ME??E@N@>E?

3ETG EO 4DBBV 2G=U>MGH F>\G <KLF>M \>?TG=YN=@G?H ^G=G ?E@ M=GN@GT ^>@I @IG <K=<EHG EOGRN?M><N@>?Y ÊRG?S @IGP ^G=G HK<<EHGT @E RN\G F>U>?Y >? L>Y MEFFGM@>UGH <EHH>LFGN?T ^GN\G? @IG H@=G?Y@I EO @IG @=NT>@>E?NF ONR>FP OE=R ;3FN=\ BCC:g 4:5AV

2EU>G@ T>HMEK=HG EO @IG 4DBCH T>T ?E@ I>TG @IG T>HMKHH>E?H EO HGcKNF>@PV +IGHG T>HMKH8H>E?H H@=G?Y@IG?GT @IG >TGN @IN@ HGcKNF>@P N?T <E^G= N=G >?@G=@^>?GT ;%N>RN? 4DD5gBBAV &F@IEKYI HGcKNF>@P N?T <E^G= =GFN@>E?H G=G Gc<=GHHGT >? @IG <KLF>M T>HMEK=HGS @IG H@N@G n NH E<<EHGT @E @IG MN<>@NF>H@ H@N@G n TEGH ?E@ EUG=HGcKNF>HG @IG Ê=FTV &MME=T>?Y

@E @IG =GFGUN?@ 2EU>G@ @IGE=>GHS IKRN? HGcKNF>@P ^NH @IG =GHKF@ EO HEM>NF =GFN@>E?HS ?E@ L>EFEY>MNF ONM@E=HS I>MI >H IP >@ MEKFT LG MIN?YGT LP HEM>NF ME?T>@>E?H ;>L>TVg 4B5n4B:AV

2@N=@>?Y O=ER @IG 4D6CHS @IN@ >HS @IG LGY>??>?Y EO 2@NF>?>HRS @IG ONR>FP =GYN>?GT >@H>R<E=@N?MGV +I>H \>?T EO MIN?YG ^NH H@>FF @IG =GHKF@ EO @IG >?@G=GH@ EO HEM>G@P NH N ÎEFGV+IG H@N@G ?GGTGT Ê=\G=H N?T @IG=GOE=G L>Y ONR>F>GHV +IN@ >H ÎP ME?@=NMG<@>UGH ^G=G?E@ @IN@ NUN>FNLFG N?P RE=G N?T >? @IG PGN=H 4D67n4D99 NLE=@>E? ^NH LN??GTV />UE=MG Ê=\GT N?T =N>HGT MI>FT=G?S IGF<>?Y @E LK>FT K< @IG ?G^ HEM>G@PV W=EH@>@K@GH N?T IERE8HGcKNFH ^G=G HGG? NH HEM>NF N?ERNF>GHS ÎEHG HGcKNF TGH>=GH ^G=G ?E@ ME?@=EFFGT N?T @E@NF>@N=>N? H@N@GHV 3I>?GHG HMIEFN=HS OE= >?H@N?MGS INUG TGHM=>LGT @IG ^NP @IG HGcKNF>@P



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A5:

N?T T=NRN >? @IG 4DBCHV f>@I @IG FGNTG=HI>< EO QNE kGTE?Y >@ MIN?YGTg TGHM=><@>E?HEO HGcKNF NM@>U>@>GH ^G=G ME?H>TG=GT LEK=YGE>HV +IG <K=<EHG EO HGc ^NH HK<<EHGT @E LGE?FP <=EM=GN@>E?S TGH>=G N?T <FGNHK=G INT ?E <FNMG >? MERRK?>H@ 3I>?NV /K=>?Y @IG<G=>ET EO @IG 3KF@K=NF $GUEFK@>E?S NFF =GOG=G?MGH @E HGc ^G=G G=NHGT N?T RN==>NYG ^NH

ME?H>TG=GT @E LG E?G EO @IG NH<GM@H EO =GUEFK@>E?V "?FP H@N=@>?Y O=ER @IG 4DDCH ^G=GHGcKNF @E<>MH T>HMKHHGT n N?T >TGFP T>HMKHHGT >? ?EUGFHS REU>GH N?T E@IG= RGT>N ;'N=8HE? 4DDDg X6CnX64AV

/GHM=>L>?Y @IG =G<=GHHGT @E<>MH >? F>@G=N=P OE=R R>YI@ M=GN@G EUG=@ >?@G=GH@ >? @IGHG<=NM@>MGH NFE?Y ^>@I @IG ^>HI @E @=P @IGRV +I>H INH LGG? @IG RE@>UN@>E? OE= MG?HE=HI>< EO Z>M@E=>N? *?YFN?T HGG fGG BC4Cg 4:BAV +IG H@E=>GH >? OEF\FE=G N=MI>UGH NLEK@ FKH@OKFHGcS JE\GH NLEK@ IEREHGcKNF>@P N?T HE?YH NLEK@ <=EH@>@K@GH TGHM=>LGT @IG T>HMEK=HGHN?T <=NM@>MGH =G<=GHHGT N?T LN??GT LP @IG H@N@GV +IG=GOE=G @IGP ÊKFT ?E@ INUG LGG?=GNTNLFG OE= NFF @IG <GE<FG U>H>@>?Y @IG OEF\FE=G N=MI>UGHV +IG H@N@G >H @I=GN@G?GT ?E@ E?FP

^GFFV 0GG<>?Y @Gc@H F>\G @I>H >? N=MI>UGH OE= GUG=PE?G @E =GNT ÊKFT E<G? @IG TEE= @EK?<=ETKM@>UG N?T K?<=GT>M@NLFG ^NPH EO KH>?Y E?GlH LETPV +I>H Ê=\H @IG E@IG= ^NPN=EK?T NH ^GFFg K?ME?@=EFFGT ^NPH EO KH>?Y E?GlH <G=MG<@>E? N?T YN>?>?Y Gc<G=>G?MGH NH O=GG NH @IG <EHH>L>F>@>GH EO <G=MG<@>E?V

3 " % 3 ' # 2 1 " %

_G@^GG? 4DX9 N?T 4D9BS @IG OEF\FE=G MEFFGM@>E?H EO *H@E?>N ^G=G MIGM\GT N?T @IG>= ME?8@G?@H MG?HE=GTV +I>H NH N <N=@ EO N RE=G YG?G=NF @=G?T EO ME?@=EFF>?Y RGRE=P >?H@>@K@>E?H@P<>MNF @E N @E@NF>@N=>N? H@N@GV %E@ E?FP G=G OEF\FE=G N=MI>UGH MG?HE=GT LK@ H<GM>NF TG<N=@8 IE^GUG=S OE=R N? >?@G=GH@>?Y GcNR<FG LGMNKHG EO @IG>= ?N@K=G NH LG>?Y LG@^GG? N=MI>UGHN?T F>@G=N@K=GV )EF\FE=G MEFFGM@>E?H EO OE=RG= N?T MK==G?@ *H@E?>N? )EF\FE=G &=MI>UGH G=G

RN@G=>NFH EO @IN@ \>?T ^G=G MK@ EK@ E= G=NHGTV +IG ?Gc@ ^NUG ^NH NLEK@ RE=NF MG?HE=HI><N?T RGN?@ =GREU>?Y NFF \>?TH EO ELHMG?>@>GH H@N=@>?Y O=ER @IG RG?@>E?>?Y EO ONGMGH >? @IG=KL=>M EO OEF\ RGT>M>?G N?T @N\>?Y >? NFFGYE=>MNF HGcKNF RE@>OH >? JE\GHV 3G?HE=>?Y ELHMG?>8@>GH ^NH RE=G MER<F>MN@GT @IN? <EF>@>MNF MG?HE=HI>< N?T @IG Ê=\ ^>@I @IG RN?KHM=><@H 8@>M EO OEF\FE=G MEFFGM@>E?H N?T <KLF>MN@>E?H O=ER @IG LGY>??>?Y EO OEF\FE=G MEFFGM@>?YV +IGT>H@>?M@>UG ?GGT OE= RE=NF MG?HE=HI>< >? N 2EU>G@ H@N@G MEKFT LG Gc<FN>?GT LP @IG EUG=NFF?E@>E? EO I>T>?Y <K=<EHGFGHH HGcKNF>@P N?T HKLH@>@K@>?Y >@ ^>@I N Ê=FT ÎG=G HGc IN<8<G?H E?FP OE= <=EM=GN@>E? N?T HGcKNF>@P >H GNH>FP <=GT>M@NLFGV



G$#4>4#$L E&3>"/>1=C "5 ;"#<#"/& X43$>?/=C7 E"##&?7="3> =3 ^47& B74#=3=>7 6>7"3=4 5D

% " + * 2

% +IG ?NRG EO @IG >?H@>@K@>E? MIN?YGT @I=EKYI @IG 2EU>G@ <G=>ETg O=ER 4DX7 >@ ^NH <N=@ EO @IG @IG MER<>FG= EO @IG *H@E?>N? ?N@>E?NF G<>MV 1? @IG OEFFE^>?Y <N=NY=N<IHS @IG YG?G=NF ?NRG EO '>@G=8

& +IG @I>=T >?H@>@K@>E? TGT>MN@GT @E @IG H@KTP EO OEF\FE=GS @IG 3IN>= EO *H@E?>N? N?T 3ER<N=N@>UG)EF\FE=G N@ @IG #?>UG=H>@P EO +N=@K ^NH =GE=YN?>HGT TK=>?Y @IG 2@NF>?>H@ <G=>ET >?@E N HKL8<=EY=NRN?T F>?\GT @E @IG 3IN>= EO *H@E?>N? '>@G=N@K=GS ÎE INT @IG>= E^? OEF\FE=G MEFFGM@>E?V

' *0Q N=I>>US ? 4S H 4BS F 6V( *0Q N=I>>US ? 4S H :S F XV) +E ?NRG @IG FN=YGH@ MEFFGM@>E?H >? @IG PGN= 4DX9g !N\EL ,K=@lH MEFFGM@>E? ME?H>H@GT EO 44XS7D7

2NRKGF 2ERRG=lH MEFFGM@>E? 4BXS7X: <NYGH ;0E=L G@ NFV 4DD9g 5n:AV

* +

, , 111 BCS 69CV- , 1 BS XXC ;:AV%. &MME=T>?Y @E @IG ?E@GH >? @IG RN?KHM=><@HS @IG UEFKRGH ^G=G MG?HE=GT O=ER @IG 9B?T

%% )E= GcNR<FGS *$& 11 4C n *$& 11 47V &MME=T>?Y @E @IG ?E@GH N@ @IG LGY>??>?Y EO @IG RN?KHM8

=><@HS B9 UEFKRGH ^G=G MIGM\GT LP EK@H>TG=HS NFF EO @IGHG O=ER @IG *$& MEFFGM@>E?S @IN@ >HS O=ER @IG

%& +IG NUG=NYG ?KRLG= EO OEF\FE=G >@GRH MK@ O=ER @IG RN?KHM=><@H NH BV9D >@GRH <G= RN?KHM8=><@V fIG? MEK?@>?Y E?FP @IG RN?KHM=><@H MIGM\GT LP @IG OEF\FE=>H@HS @IG ?KRLG= =GTKMGH @E CV7V RN?KHM=><@ HIEKFT LG MK@ EK@V

%' 001 4S 4C6 ;79AV%( *$& 11 5XS X59 ~ +N=@K FV n QV WK\>@H ;4D6XAV%) 2GGS OE= GcNR<FGg *$& 11 9DS BB6 ;B7AS *$& 11 45S 946S *$& 11 4CS 9DB ;XAV%* %+ %, &FF @IG <GE<FG MG?HE=>?Y @IG RN?KHM=><@H >? @IG 4D9CHS ^G=G OGRNFGV%- *)&QS >@GR pfE=\ <FN?HS HMIGTKFGHS =G<E=@H 4D94n4D96rV&.

2 " # $ 3 * 2

*$& n *H@E?>N? )EF\FE=G &=MI>UGHV, n OEF\FE=G MEFFGM@>E? EO !N\EL ,K=@V*$& n OEF\FE=G MEFFGM@>E? EO @IG *H@E?>N? )EF\FE=G &=MI>UGHV001 n OEF\FE=G MEFFGM@>E? EO @IG 1?H@>@K@G EO 'N?YKNYG N?T '>@G=N@K=GV$0Q n OEF\FE=G MEFFGM@>E? EO @IG 2@N@G '>@G=N=P QKHGKRV*0Q N=I>>U n @IG N=MI>UG EO @IG *H@E?>N? '>@G=N=P QKHGKR NH N? >?H@>@K@>E?V*)&Q n RN@G=>NFH EO @IG I>H@E=P EO *H@E?>N? OEF\FE=>H@>MH >? @IG *H@E?>N? )EF\FE=G &=MI>UGHV



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A:C

$ * ) * $ * % 3 * 2

&N=RNS '>>U> 4DD9V +HG?HKK= JN \>=JNH}?N *GH@>H 47Vn45V HNJN?T>FV n W>=G@ 'E@RN? ;@E>RAV N

71&?4& -47="34#=> 6>7"3=4& 6&>7= D41O$>/44%47$<"8$ 7"=%&7=>&: Xg _$/=%$>= 7>&3>$$/=>7V A4C&/> "3

E&3>"/>1=CV +NFF>??g *GH@> $NIUKH=NNRN@K\EYKS :n77V

&IUG?S *GUN BCC5V +NFF>??g*GH@> 0GGFG 2>I@NHK@KHV

!k=% d4 <$#7$$/V +N=@Kg *GH@> 0>=JN?TKHRKKHGKRS *GH@> \KF@KK=>FEE JN OEF\FE=>H@>\N @><<8\GH\KHS 46nXCV

_EK=T>GKS W>G==G 4DDXV ^438$48& 43: B9%."#=? A"[&/V 3FN=\S &??N BCC:V /G==>TNS !NbKGH 4DD7V Q/?1=O& ;&O&/L Q ;/&$:=43 W%C/&>>="3V 3I>MNYEg #?>UG=H>@P EO 3I>MNYE W=GHHV

n '>>U> &N=RN ;@E>RAV G=/d4#=<$ <"%%$3=<47>=""3= C/".#&&%& N

7="3>V 04##=334 A&:48""8=<4P#=<""#= 7"=%&7=>&:T & T `$%43="/4 B9V +NFF>??g s+NFF>??N WGTNYEEY>\N8|F>\EEF> \>=JNH@KHtS 97n74V

)EKMNKF@S Q>MIGF 4DD4V V 'E?TE?g WG?YK>? _EE\HV !NNYES +>>K BCC9V !N\EL ,K=@g +IG _>=@I EO *H@E?>N?8FN?YKNYG )EF\FE=G $GHGN=MIV n 0=>H@>? 0KK@RNS

+>>K !NNYE ;GTHVAV +N=@Kg +N=@K #?>UG=H>@P W=GHHS X9n7XV

0NF\K?S &?T=GNH BCC9V ,G=LG=@ +NR<G=Gg "? @IG W=ELFGR EO $IP@IR >? @IG "FT *H@E?>N? )EF\2E?YV n 0=>H@>? 0KK@RNS +>>K !NNYE ;GTHVAV B7$:=&> =3 6>7"3=43 ;"#<#"/=>7=?> 43: 6713"#"89L Q

+N=@Kg +N=@K #?>UG=H>@P W=GHHS B59n6CXV

4DXCn4D96V +NFF>??g &=YE 0>=JNH@KHV

0G@GFNN=S *=>M BCC5V +IG WN?E<@>MNF &=MI>UGV n )=N?M>H wV _FEK>? !=VS f>FF>NR -V $EHG?LG=Y ;GTHVAV Q/?1=O&>T M"?$%&3747="3T 43: W3>7=7$7="3> "5 B"?=4# X&%"/9L 6>>49> 5/"% 71& B4[9&/ B&%=34/V &??&=LE=S Q1g #?>UG=H>@P EO Q>MI>YN? W=GHHS 4XXn49CV

6>7"3=43 ;"#<"/& Q/?1=O&>V +N=@Kg *H@E8?>N? )EF\FE=G &=MI>UGHV

0K\\S 1?YG BCCDV 0K> 0=GRF> @[I@ UNFYKH@NH RKKHGKR>g 2@NF>?>HR>NGYHG@GH@ |RLG=\E==NFTKH@GH@*GH@> RKKHGKR>TGHV n Q<4:&&%=4V %= Xg 7DCn5CBV

0KK@RNS +>>K !NNYE ;GTHVAV

`=>7"/9V +N=@Kg +N=@K #?>UG=H>@P W=GHHS 5DnDDV'N=HE?S fG?TP 4DDDV %GUG= +I>H f>FTg 2Gc>?Y @IG 3KF@K=NF $GUEFK@>E?V n X":&/3 E1=34V ZEFV B9S

%EV Xg XB6nX9CV

%N>RN?S *=>M 4DD5V V W=>?MG@E?S %!g W=>?MG@E?

#?>UG=H>@P W=GHHV">?NHS )GF>c !V 4D56V )EF\FE=G N?T WEF>@>MH >? @IG 2EU>G@ #?>E?V nB#4O=? D&O=&[V ZEFV 6BS %EV 4g X9n9:V"=NHS !N?>\N BCC:V !==& )*V >4d43:= 34=>& /&8=#4$#$%44=#%L 4/1==O=7&<>7=:T <"8&%$>&: d4 %S#&>7$>&:V E"%N

%&3747="3&> Q/?1=O= 0/4:=7="3$% A"C$#4/=$% 6>7"3=4& B5V +N=@Kg *GH@> 0>=JN?TKHRKKHGKRVWN\NF?HS -K?@>H 4DDDV %}K\EYKTG >?>RG?G HKKTNL \}>\G n JK@KH@NR>H@GGRN HE@H>NF>HR> JN <EH@8

HE@H>NF>HR> NJNH@KFV n *TN 0NFR=G ;@E>RAV G$$#:$>7N3S17$>7V 0S34CS&O4 5"#<#""/=>7 XV +N=@Kg *GH@>

0>=JN?TKHRKKHGKRS X9n7CV



G$#4>4#$L E&3>"/>1=C "5 ;"#<#"/& X43$>?/=C7 E"##&?7="3> =3 ^47& B74#=3=>7 6>7"3=4 :4

W>=H\ES W=>>@ BCC9V !KK=TG<[[HK<>>=N?YKT N=I>UNNF>TGFG *GH@> %2ZHV n +}?K +N??LG=Y ;@E>RAV 2$$/:&CSS>$C==/438$: 4/1=O44#=:&#& 6$/""C4> d4 !&3&%44#L Qd4#""#=3& <$d$3&%=3& d4 7S34CS&OV 6&>7=

Qd4#""4/1==O= 7"=%&7=>&:V Q?74 &7 ?"%%&3747="3&> 4/?1=O& 1=>7"/=?= 6>7"3=4& 46 ;BCAV +N=@Kg *GH@> &JN8FEEN=I>>US :4n4C6V

+I=GG 2EU>G@ -G?G=N@>E?HV /N?>GF _G=@NKcS WNKF +IER<HE?S &??N $E@\>=MI ;GTHVAV \3 ^=O=3801/"$81 B"O=&7 D$>>=4V

_$/=%$>=

7>&3>$$/=>7V 6&>7= D41O$>/44%47$<"8$ 7"=%&7=>&: XV +NFF>??g *GH@> $NIUKH=NNRN@K\EYKS 75n:5V

G&&# d4 G=/d43:$>V %= :nDg 974n95XVZGH\>R[Y>S 0NFJE8"FGU 4DD7V -k$<"8$:& $3&#44:3& &#$L 0>&3>$$/ 6&>7= -B!N> d4 7&%4 C&/&%&1&:V +NF8

F>??g 0V8"V ZGH\>R[Y>VZ>>TNFG<<S $>MIN=T 4D7DV $NIUNFKKFG\EYKTG GUN\KGG=>R>?G JN =GGUN\KGG=>R>?G 4DXXV NNH@NFV •

A44/ >4%%$<&>7 &&>7= <=/d43:$>& $$/=%=>& 7&&:L _$/=%$>= d4 %47&/d4#& Z1V +NFF>??g *GH@> $NNRN@S

47Dn4:XV EO )EF\FE=G &=MI>UGHV n 0=>H@>? 0KK@RNS +>>K !NNYE ;GTHVAV B7$:=&> =3 6>7"3=43 ;"#<#"/=>7=?> 43:

+N=@Kg +N=@K #?>UG=H>@P W=GHHS BC6nB49V 0"[3 04#<V n !=?7"/=43

B&?/&?9L 6?"3"%=&> "5 G3"[#&:8& 43: E"3?&4#%&37V )N=?INRg &HIYN@GS 45Dn4DBV.K=MIN\S &FGcG> BCC7V 6O&/971=38 Y4> ;"/&O&/T _37=# W7 Y4> -" X"/&L 01& ^4>7 B"O=&7 H&3&/47="3 V






ZEFV 5 ;4Ag :6n4CX

:6

& % + , $ " W " ' " - 1 3 & ' 1 % + * $ W $ * +& + 1 " % " )+ , * Q * & % 1 % - " ) $ 1 + #& ' " _ ! * 3 + 2 1 % + , *

3 " % + * Q W " $ & $ . # $ _ & % f * / / 1 % -1 % _ # ' - & $ 1 &

$"k&'1.& -#1-"Z&WI/S 'GM@K=G= >? &=@ ,>H@E=P N?T *@I?EFEYP

49 +HN= "HUELET>@GF _FUTV

&_2+$&3++I>H <N<G= T>HMKHHGH @IG MIN?Y>?Y HPRLEF>M <E@G?@>NF EO >@GRH >? @IG _KFYN=>N?

^GTT>?Y MN\G N?T E@IG= >@GRHS 1 >?UGH@>YN@G MKF@K=NF MIN?YG >? RETG=? _KFYN=>N?HEM>G@P ?E@ E?FP NH N =GHKF@ EO @IG E?G8^NP <=EMGHH EO @=N?HOG=G?MGS NTN<@N@>E? N?T>?ME=<E=N@>E? EO RNHH <=ETKMGT MERRET>@>GH >?@E _KFYN=>N? MKF@K=G LK@ NFHE NH N<=EMGHH EO MKF@K=NF MIN?YG N?T UN=>N@>E?V 1? @IN@ HG?HGS 1 >?UGH@>YN@G @IG NF@G=?N@>E?

LG@^GG? YFELNF N?T FEMNF <G=H<GM@>UGH EO @IG OE=RH EO RN@G=>NF MKF@K=G >? Î>MIMG=@N>? FGUGFH EO RGN?>?YS >?IG=G?@ @E ELJGM@HS <FNP N M=KM>NF =EFGS NH OE= GcNR<FG@IG HEM>NF MERRK?>MN@>E? ONM@E=S \>?HI>< @>GHS M=EHH8YG?G=N@>E?NF ME?@>?K>@PS FEMNF=>@KNF N?T HPRLEF>M HPH@GRHS FEMNF OEET MKF@K=GS N?T GUG? @IG <G=HE?NF ON@G N?T <=>8UN@G F>OG EO N? ELJGM@lH E^?G=V 1? @I>H N=@>MFG 1 OEMKH RN>?FP E? @IG ^GTT>?Y MN\G NH

8 N?T FEMNF MKF@K=GV )K=@IG=RE=GS @N\>?Y NH RP GcNR<FG @IG GTT>?Y MN\G N?T E@IG==>@KNF ELJGM@H ;@IG ^GTT>?Y MI>M\G?S @IG ^GTT>?Y L=GNTS N?T @IG H<E?HE=lH H@>M\A 1 EO RN@G=>NF MKF@K=G >? ME?@GR<E=N=P HEM>G@PV

0*.f"$/2g ^GTT>?Y MN\G ! ^GTT>?Y MI>M\G? ! ^GTT>?Y L=GNT ! ^GTT>?Y =>@KNFH! YFELNF>HN@>E? ! RN@G=>NF MKF@K=G

1 % + $ " / # 3 + 1 " %

QN?P ELJGM@HS >? @=NT>@>E?NF MKF@K=G NH GFF NH @ETNPS <EHHGHH N TKNF ?N@K=G LGMNKHG @IGPMN? LG o>R<FGRG?@GTl NH ELJGM@H N?T NH H>Y?HV 1? @I>H HG?HGS >? HERG <KLF>MN@>E?H OEMKHGT K@>F>@N=>N? N?T HPRLEF>M bKNF>@>GH INH LGG? GH@NLF>HIGTS N?T @IG=GOE=G <E@G?@>NFFP @IGHG @IN@ ELJGM@H INUG N MERRK?>MN@>UG OK?M@>E?g @IGP >GFT N METG LP RGN?H EO I>MI @=N?H8OG=G?MG EO RGHHNYGH >H =GNF>HGTV "LJGM@H E<G=N@G NH GFGRG?@H EO @IN@ METG N?T @IG=GOE=G

TGUGFE<H @IG >TGN @IN@ N?@I=E<EFEY>H@H HIEKFT HK=REK?@ @IG IP<E@IGH>H EO @IG <=GTER>8



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A:X

?N@>E? EO @IG ME?HKRG= UNFKG EO ELJGM@HS >VGV @IG>= <=NYRN@>M H@N@KHV _NKT=>FFN=T ;4D5Bg6nB4A GH@NLF>HIGH @IG E<>?>E? @IN@ ME?HKR<@>E? N?T OK?M@>E? N=G E?FP @Ê =GUGNFGT T>H8MEK=HGH EO >@GRHS >? =GOG=G?MG @E Î>MI @IG>= HEM>NF T>HMEK=HG N<<GN=H @E LG OK?TNRG?@NFV1? E@IG= Ê=THS @IG UG=P <IPH>MNF>@P EO N? ELJGM@S Î>MI RN\GH >@ HGGR HE >RRGT>N@GSHG?HKNF N?T oNHH>R>FNLFGlS LGF>GH >@H NM@KNF ?N@K=GV 1? @IN@ HG?HGS RN@G=>NF MKF@K=G >H E?G

EO @IG REH@ =GH>H@N?@ OE=RH EO MKF@K=NF Gc<=GHH>E?S HE ON= NH MKF@K=G >H K?TG=H@EET NHN TP?NR>M =GFN@>E?HI>< @I=EKYI Î>MI ELJGM@H N=G ME?H@>@K@GT NH HEM>NF OE=RH ;Q>FFG=4D:5g 44AV )=ER @IN@ <E>?@ EO U>G^S >? @I>H N=@>MFGS 1 >FF N?NFPHG HERG >?@G=GH@>?Y NH<GM@HEO @IG HPRLEF>M RGN?>?Y EO =>@KNF ELJGM@H @IN@ @ETNP EMMK@>E?H N@ @IGK=LN? _KFYN=>N? GTT>?Y n @IG GTT>?Y MN\GS @IG GTT>?Y MI>M\G?S @IG ^GTT>?Y L=GNTN?T @IG H<E?HE=lH H@>M\V

)K=@IG=RE=GS >? @I>H N=@>MFGS 1 N>R @E N?NFPHG K=LN? MKF@K=G >? _KFYN=>N @I=EKYI @IG<=>HR EO YFELNF>HN@>E? N?T RNHH8<=ETKM@>E?S @N\>?Y NH N? GcNR<FG @IG =>@KNF ELJGM@HKHGT N@ RETG=? K=LN? ^GTT>?YHV &?NFPH>?Y FEMNF8YFELNFS @=NT>@>E?NF8RETG=? N?T _KF8YN=>N?8fGH@G=? <G=H<GM@>UGH E? @IGHG >@GRHS 1 =GME?H>TG= MKF@K=NF MIN?YG >? RETG=?

_KFYN=>N? HEM>G@P N?T bKGH@>E? @IG >TGN EO @IG YFELNF>HN@>E? N?T IEREYG?>HN@>E? EO @IG 8<=G@GT >? E=TG= @E N=YKG @IN@ o=GNTP8RNTGlS oYFELNFl >@GRH @IN@ MN? LG ELHG=UGT >? RN?P @E INUG IEREY8 HEM>NF H>@KN@>E?S >? <N=@>MKFN= >? _KFYN=>N? K=LN? MKF@K=GV 1@ >H HK=G @IN@ bKGH@>E?H NLEK@@IG RGN?>?Y EO N=@GONM@H N=G >?M=GNH>?YFP @>GT K< >@I FN=YG= >HHKGH F>\G IE^ ON= N=@GONM@H 8 4DD9AV +IG=GOE=GS @IG HPRLEF>M <E@G?@>NF EO RN@G=>NF MKF@K=G MEKFT LG K?TG=H@EET ?E@

E?FP NH N E?G8^NP <=EMGHH EO NTN<@N@>E? N?T >?ME=<E=N@>E? EO RNHH8<=ETKMGT ELJGM@H>?@E _KFYN=>N? MKF@K=GS LK@ NFHE NH N <=EMGHH EO MKF@K=NF UN=>N@>E?V 1? @IN@ HI>O@ LG@^GG?YFELNF N?T FEMNF <G=H<GM@>UGH EO RN@G=>NF MKF@K=G RN?P FGUGFH EO RGN?>?YS >?IG=G?@ @E>@GRHS <FNP N M=KM>NF =EFGS NH OE= GcNR<FG @IG HEM>NF MERRK?>MN@>E? ONM@E=S \>?HI>< @>GHSM=EHH8YG?G=N@>E?NF ME?@>?K>@PS FEMNF =>@KNF N?T HPRLEF>M HPH@GR N?T GUG? @IG <G=HE?NFON@G N?T <=>UN@G F>OG EO N? ELJGM@lH E^?G=V

@IG ^GTT>?Y MN\G @IN@ MN? LG ELHG=UGT N@ ^GTT>?YH >? RN?P *K=E<GN? MEK?@=>GH N?T

LG@^GG? @IG MN\G NH N oYFELNF >@GRlS N?T FEMNF MKF@K=GV 1? @I>H HG?HGS HERG GcNR<FGH MN? LG Y>UG?g @IG TGME=N@>E? EO ^GTT>?Y MN\GH NTE=?GT ^>@I MEFEK=OKF HKYN= RE@>OH @IN@ TN?MG=H IEFT GTT>?Y MN\G E= GTT>?Y MI>M\G? >? @IG>= IN?THV QN?P H>R>FN= GcNR<FGH ÊUG? >@GRHS RNHH8<=ETKMGT MERRET>@>GHS HEKUG?>=HS N?T TERGH@>M <EHHGHH>E?H N?T>@GRH LGFE?Y>?Y @E <E<KFN= MKF@K=G N?T @IG LK>F@ G?U>=E?RG?@ N=G NFF ME?H>TG=GT @E LGMFKGH @E K?TG=H@N?T>?Y YFELNF8FEMNF >?@G=ME??GM@>E?HV 3I=>H@RNHS I>MI INH GRG=YGT NH @IG OEMKH EO N?@I=E<EFEY>MNF =GHGN=MI ;Q>FFG= 4DD6AV +IKH 3I=>H@RNH HEKUG?>=H N?T E@IG=ELJGM@H o>R<E=@GTl O=ER fGH@G=? MKF@K=G >?@E _KFYN=>N? MKF@K=G HG=UG NH N?E@IG= GcNR8<FGH EO YFELNF8FEMNF E= fGH@G=?8*NH@G=? T>NFEYKGV



H$=8"O4 :9

+IG ^GTT>?Y MN\G INH LGMERG <N=@ EO N =N?YG EO =>@KNF NM@>E?H >? @IG ME?@GR<E8=N=P ^GTT>?Y =>@KNF >? _KFYN=>N N?T <=GHG?@H >?@G=GH@ OE= @IG =GHGN=MIG=V )E= GcNR<FGS N=>@KNF TN?MG ^>@I ^GTT>?Y MN\G N?T TGME=N@GT LN\GT MI>M\G? >H <G=OE=RGT TK=>?Y @IG^GTT>?YS Î>MI >H ?E@ ELHG=UGT >? E@IG= MEK?@=>GHS OE= GcNR<FGS _=>@N>?S N?T MEKFT LG

N<<E=@>E?>?YS Î>MI >H MERRE? @E RN?P MKF@K=GHS >H =GYN=TGT NH N MG?@=NF <N=@ EO @IG @IG fGH@ *K=E<GN? ^GTT>?YS Î>MI INH <G=IN<H LGYK? @E N<<GN= >? @IG ME?@GR<E=N=PK=LN? GTT>?Y MG=GRE?P >? _KFYN=>N >? @IG FNH@ TGMNTGHS NF@IEKYI 1 @I>?\ @IN@ >@ >FF LG EO @IG =GH@NK=N?@ ÎG=G @IG ^GTT>?Y @N\GH <FNMG E= >H LEKYI@ O=ER N HIE<S >? ME?@=NH@@E N?E@IG= =>@KNF ELJGM@S TGME=N@GT ^GTT>?Y L=GNTV fGTT>?Y L=GNT >H H^GG@ ;?E=RNFFPMEUG=GT ^>@I IE?GPA N?T @ETNPS TK=>?Y @IG ^GTT>?Y MG=GRE?PS >@ >H MK@ >?@E <>GMGH>? N H>R>FN= ^NP @E @IG ^GTT>?Y MN\GV +ETNP ^GTT>?Y L=GNT >H G>@IG= HIE<8LEKYI@ E=

E= @IG L=>TGlH RE@IG=V +IG @>G=GT >MGT MN\GS MEUG=GT >@I UN?>FFN M=GNR N?T GRLGFF>HIGT^>@I TGME=N@>UG GFGRG?@H RNTG EO HKYN=S NFHE N<<GN=H >? E@IG= OGH@>U>@>GH >? _KFYN=>NHKMI NHS OE= GcNR<FGS 3I=>H@RNHS %G^ .GN=lH *UGS L>=@ITNP <N=@>GHS N??>UG=HN=>GH N?TME=<E=N@G <N=@>GHV +IGHG @>G=GT >MGT MN\GH KHGT OE= NFF EMMNH>E?H n O=ER ^GTT>?Y MG=8GRE?>GH @E ME=<E=N@G <N=@>GH n NFF INUG H>R>FN= >?Y=GT>G?@HS @NH@G N?T OE=RV +IG T>H@>?M8@>E? >H >? @IG HKYN= TGME=N@>UG GFGRG?@H N?T HPRLEFHg TEFFH EO ?G^FP^GTH <FNMGT E? @IG

1? @I>H N=@>MFG @IG GTT>?Y MN\G NH GFF NH E@IG= >@GRH GRLETP>?Y MG=@N>? HEM>NF ME?8

N<<E=@>E?>?YA OK?M@>E?H NH N ME??GM@>E? LG@^GG? <GE<FG >?UEFUGT >? @IG ^GTT>?YS OE=GcNR<FGS NH N @>G LG@^GG? H<E?HE=H N?T ?G^FP^GTHV QE=GEUG=S >@ <FNPH N =EFG NH N?>?@G=NM@>E? LG@^GG? @IEHG <=GHG?@ N@ @IG GTT>?Y >? @IN@ >@ >H HERG@I>?Y HIN=GT LG@^GG?NFF @IG GTT>?Y YKGH@HS >?T>MN@>?Y @IG >TGN EO K?>@PS I>MI >H NFHE Gc<=GHHGT LP @IG JE>?@

8FN@GH @IGHG >?@G=NM@>E?H ;kI>U\EU 4D:4g XAV

_GMNKHG EO @IG F>R>@GT NREK?@ EO =GHGN=MI E? @IG MIEHG? HKLJGM@ EO >?UGH@>YN@>E? Gc>H@8 ME?TKM@GT >? HGUG=NF _KFYN=>N? K=LN? =GY>E?HV +I>H E=\ LGYN? >? BCCC IG? 1 H@N=@GT RPWI/ =GHGN=MI <=EJGM@ N?T G?TGT >? BC46V4 >?MFKTGH >?@G=U>G^HS <IE@E8TEMKRG?@N@>E? N?T <G=HE?NF ELHG=UN@>E?V f>@I>? @IG O=NRG8 B ^G=G >?@G=U>G^GT >? Y=EK<H =>@KNF ELJGM@HV 1 MN==>GT EK@ 6B >?@G=U>G^H >@I >?OE=RN?@H IE G=G NFF ERG?S GcMG<@ E?GRN? ÎE ^NH N@ @IN@ @>RG Ê=\>?Y <N=@8@>RG NH N ^GTT>?Y /!V QP >?OE=RN?@H LGFE?YGT 8



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A:7

kNYE=NS ÎG=G 1 ^NH >?U>@GT NH N YKGH@V 1? NTT>@>E?S 1 OEFFE^GT HGUG=NF ^GTT>?Y OE=KRH >?@G=GH@>?Y <=>RN=P HEK=MG EO >?OE=RN@>E? =GYN=T>?Y ME?@GR<E=N=P ^GTT>?Y MKH@ERHV 1?@I>H H@KTP 1 MER<N=G N=@>MFGH <KLF>HIGT >? ^GTT>?Y JEK=?NFH ^>@I E<>?>E?H Gc<=GHHGT >?1?@G=?G@ OE=KRHV )K=@IG=RE=GS 1 JKc@N<EHG >?@G=U>G^H ^>@I N=@>MFGH <KLF>HIGT >? <E<KFN=

RGT>N@E= EO >?OE=RN@>E? >? ME?@GR<E=N=P <E<KFN= MKF@K=GV QP G@I?EY=NM Ê=\ >?@IGHG =GY>E?H INT OEMKHGT E? RN@G=>NF MKF@K=G N?T HEM>NF HPRLEF>HR EO @IG RN@G=>NF E=FTN?T RP MG?@=NF ME?MG=? ^NH @E MEFFGM@ >?OE=RN@>E? >?T>MN@>?Y IE^S LP RGN?H EO >@GRHS OE=GcNR<FG @IG GTT>?Y MN\G N?T @IG GTT>?Y MI>M\G?S <GE<FG @NF\ NLEK@ @IG>= \>?HI>< =GFN8 N?T ME?@GR<E=N=P YEETHS bKGH@>E?>?Y @IG >TGN EO @IG YFELNF>HN@>E? N?T fGH@G=?>HN@>E? EOOE=RH EO RN@G=>NF MKF@K=G >? _KFYN=>NV

3 " % + * Q W " $ & $. # $ _& % f * / / 1 % - 3 # 2 + " Q 2 1 % _# ' - & $ 1 &

Gc@G?H>UG =>@KNF >@I RN?P FEMNF UN=>N@>E?H N?T I>MI >?ME=<E=N@GH RN?P MER<FGc HPR8

>? @IG ME?@GR<E=N=P K=LN? _KFYN=>N? GTT>?YS @N\>?Y NH GcNR<FG HGUG=NF GTT>?Y MG=8

+IG ME?@GR<E=N=P K=LN? ^GTT>?Y >? _KFYN=>N >H ?E@ N UG=P FE?Y =>@KNF NM@>E? n >@@N\GH E?G NO@G=?EE? E= E?G ?>YI@S K?F>\G @=NT>@>E?NF _KFYN=>N? ^GTT>?YH Î>MI @EE\K< @E @I=GG TNPHV +IG=G N=G ?EE? ^GTT>?YH ÎG=G FK?MI >H HG=UGT N?T ?>YI@ ^GTT>?YH

ÎG=G T>??G= >H HG=UGT @E @IG YKGH@HV )>=H@ EO NFFS @IG Y=EER YEGH @E @IG IEKHG EO H<E?8HE=H ;@IG LGH@ RN? N?T @IG RN>T EO IE?EK=AS HERG@>RGH NMMER<N?>GT LP N Y=EK< EO<GE<FG <FNP>?Y @=NT>@>E?NF _KFYN=>N? RKH>MV #<E? I>H N==>UNFS @IG Y=EER @=NT>@>E?NFFPY>UGH ^>?G ;E= E@IG= NFMEIEFA N?T NH\H @IG IEH@ ÎG@IG= IG NY=GGH @E LGMERG H<E?HE=N@ I>H ^GTT>?YV +IG? @IG ^GTT>?Y <=EMGHH>E? ME?@>?KGHS IGNT>?Y @E @IG L=>TGlH IERGVfIG? @IG <=EMGHH>E? EO TGME=N@GT MN=H N==>UGHS HIG G?@G=H E?G EO @IG =EERH EO IG= IEKHGN?T IG= =GFN@>UGH YKN=T @IG TEE= N?T TE ?E@ NFFE^ @IG Y=EER @E G?@G= K?@>F IG <NPHV2ERG@>RGH @IG YKN=TH EO @IG =EER TGRN?T N RE?GP <NPRG?@S HERG@>RGH @IG Y=EERRN\GH HERG \>?T EO <=ER>HGHS OE= GcNR<FG @E @N\G MN=G EO @IG L=>TG E= @E @=NUGF ^>@IIG= NL=ENTS G@MV 1? HERG MNHGHS @IG Y=EERS @IG LGH@ RN? N?T @IG>= O=>G?TH @=P @E RN\G

N L=GN\@I=EKYI N?T G?@G= @IG =EERV +IG?S @IG Y=EERS @IG H<E?HE=H N?T @IG YKGH@H N=GY=GG@GT LP @IG L=>TGlH <N=G?@H N?T N=G T>=GM@GT @E @IG =EER ÎG=G @IG L=>TG >H I>T8TG?V +IG Y=EER <NPH ;NLEK@ BC FGUNA N?T =GMG>UGH @IG L=>TGV $GYN=TFGHH EO IE^ RKMIRE?GP >H Y>UG? @E @IG YKN=TH EO @IG L=>TGlH =EERS FN@G= @IGP INUG @E =G@K=? @IG RE?GP

@E <K@ >@ E? @IG L=>TGlH OEE@S LK@ HIG HN>T @IN@ @IG HIEG ^NH @EE L>YV 1? @I>H H>@KN@>E?S @IGY=EER HIEKFT <K@ RE?GP >? @IG HIEG @E RN\G >@ MEROE=@NLFGV

+IG=G >H N @=NT>@>E? @IN@ @IG ON@IG= E= @IG L=E@IG= EO @IG L=>TG FGNTH @IG ?G^FP^GTHNM=EHH @IG @I=GHIEFT EO @IG IEKHG IEFT>?Y N MFE@IS Î>MI @IGP IEFT N@ @IG E<<EH>@G G?TV'GNU>?Y @IG IEKHGS @IG L=>TG <EK=H N@G=S N?T HERG@>RGH \>M\H N JKYS @I=E^H N <FN@G8OKFF



H$=8"O4 :5

EO ME=? LGI>?T IG= LNM\ E= L=GN\H N YFNHHV +IG? @IG ^GTT>?Y <=EMGHH>E? YEGH ME?HGMK8@>UGFP @E @IG MIK=MI N?T @E @IG 3>U>M 3EK?M>FV fIG? FGNU>?Y @IG 3>U>M 3EK?M>FS ÎGN@SME>?HS N?T MN?T>GH N=G @I=E^? EUG= @IG ?G^FP^GTHV +IG? @IG ^GTT>?Y <=EMGHH>E? YEGH@E @IG =GH@NK=N?@ ÎG=G HERG GFNLE=N@G =>@KNF NM@>E?H INUG @E LG <G=OE=RGTg @IG ?G^FP8

MEK<FGlH OK@K=G MI>FT=G?V +IG ?G^FP^GTH N?T @IG YKGH@H TN?MG 1"/" ;AV

+IG ?Gc@ =>@KNF NM@>E? @E LG <G=OE=RGT >H @IG L=GN\>?Y EO @IG ^GTT>?Y L=GNTS Î>MI>H <G=OE=RGT H>RKFN@>?Y N H@=KYYFG LG@^GG? @IG ?G^FP^GTH n @IG ?G^FP^GTH L=GN\ @IG^GTT>?Y L=GNT >?@E @Ê <N=@HV 1@ >H LGF>GUGT @IN@ >O @IG L=>TG RN?NYGH @E L=GN\ N L>YYG= >O @IG Y=EER L=GN\H N L>YYG= <>GMG @IG E<<EH>@G ^>FF OEFFE^V &O@G=^N=TH @IG @I=E^>?Y EO@IG L=>TNF LEKbKG@ N?T YN=@G= >H <G=OE=RGTV ,G=GS >@ >H LGF>GUGT @IN@ @IG K?RN==>GT Y>=F

ÎE MN@MIGH @IG LEKbKG@ ^>FF LG @IG ?Gc@ @E RG==P N?T @IG K?RN==>GT LEP ÎE MN@MIGH@IG YN=@G= ^>FF RN==P HEE?V +IG ?Gc@ =>@KNF NM@>E? >H @IG TN?MG ^>@I @IG MN\G N?T @IG

+IG GTT>?Y =>@KNF HPH@GR >? _KFYN=>N >H RKMI RE=G MER<FGc N?T >?MFKTGH N UN=>G@PEO =>@KNF NM@>E?HS NF@IEKYI 1 NR ?E@ YE>?Y @E Gc@G?T RP TGHM=><@>E? EO @IG _KFYN=>N?ME?@GR<E=N=P ^GTT>?Y NH >@ >H ?E@ @IG RN>? <K=<EHG EO RP >?UGH@>YN@>E?V ,E^GUG=S 1@I>?\ @IN@ @I>H ME?@Gc@ >H >R<E=@N?@ OE= @IG N?NFPH>H EO @IG ELJGM@H E? I>MI 1 ME?MG?@=N@GRP =GHGN=MI n @IG ^GTT>?Y MN\G N?T @IG ^GTT>?Y MI>M\G?V

+ , * f * / / 1 % - 3 & 0 * & % / 1 + 2 3 # + + 1 % -

1? _=>@>HI ^GTT>?Y @=NT>@>E?S NH TGUGFE<GT O=ER @IG HGUG?@GG?@I @E @IG @^G?@>G@I MG?8@K=>GH ;3IN=HFGP 4DDBg 4X4AS @IG ^GTT>?Y MN\G6 ^NH TGUGFE<GT ?E@ NH N? >?@GY=NF <N=@ EON?P RGNF LK@ NH N OGH@>UG E= MGFGL=N@E=P GFNLE=N@>E? EO L=GNT ;3IN=HFGP 4D::g B6BnBX4AV OEETH NH <N=@ EO N T>H@>?M@>UGFP _=>@>HI NO@G=?EE? @GNV "@IG= OEET >@GRH INUG LGG? NHHE8M>N@GT ^>@I ^GTT>?YHS EO@G? RE=G E= FGHH E=T>?N=P T>HIGH Y>UG? N H<GM>NF KHG >? @IG^GTT>?Y ME?@Gc@ ;3IN=HFGP 4DDBAV 'N@G= E?S @IG GTT>?Y MN\G N<<GN=GT FEE\>?Y F>\G @IG

ME?@GR<E=N=P >@GRV _=GNT N?T MN\GH N=G MERRE?FP KHGT >? ^GTT>?YH >? RN?P *K=E8<GN? MEK?@=>GHV +ETNP @IG ^GTT>?Y MN\G >H N MERRE? >@GR >? ^GTT>?YH NFF EUG= @IGÊ=FT N?T INH <=EUE\GT @IG >?@G=GH@ EO RN?P N?@I=E<EFEY>H@HV )E= GcNR<FGS @IG @>G=GT>MGT GTT>?Y MN\G >H N? >R<E=@N?@ GFGRG?@ EO @IG ME?@GR<E=N=P 'N@U>N? GTT>?Y RGNF >H N?E@IG= GcNR<FG EO N LE==E^GT GFGRG?@ >?ME=<E=N@GT ;NH N HPRLEF EO OG=@>F>@PA >?@EGc>H@>?Y =>@KNFH @IN@ <=GHG?@H N <=ELFGR OE= HPRLEF>M N?NFPH>H ;*T^N=TH BCCDAV +IG GT8 >@GR OK?M@>E?>?Y >? @IG ME?@Gc@ EO QNMGTE?>N? GTT>?Y MKH@ERH ;/>R>HI\EUH\N BCC:AV1@ >H =GRN=\NLFG @IN@ @I>H OEET8>@GR INH LGG? FEMN@GT GUG? >? &O=>MN? HEM>G@>GH LP N?@I=E8<EFEY>H@H ÎE =N>HG @IG bKGH@>E? EO ÎP N?T IE^ <N=@>MKFN= =>@KNF MIN?YGH EMMK= N?T



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A::

ÎN@ @IG HPRLEF>M ME?@G?@ EO @IG MN\G >H ;f>FHE? 4D5Bg 4:5nBC4AV ,G=GS 1 Y>UG E?FP N OG^GcNR<FGH N?T ^>FF ?E@ ^>TG? RP N?NFPH>H LP RN\>?Y N MER<N=N@>UG H@KTP EO @IG RGN?8 MKF@K=GV +IG=GOE=GS >? @I>H N=@>MFG 1 NR YE>?Y @E MG?@=G RP =GHGN=MI E? @IG HPRLEF>HR EO@I>H ELJGM@ >? @IG ME?@Gc@ EO @IG _KFYN=>N? GTT>?Y MG=GRE?PV %GUG=@IGFGHHS N MER<N=N8

@>UG N?NFPH>H NRE?Y HGUG=NF MKF@K=GH >H N? >?@G=GH@>?Y N?T <=ER>H>?Y >HHKG @IN@ MEKFT LGK?TG=@N\G? >? OK=@IG= >?UGH@>YN@>E?H EO @IG HKLJGM@V+IG @>G=GT N?T >MGT ^GTT>?Y MN\G >H N ^>TGH<=GNT >@GR >? @IG ^GTT>?Y @=NT>@>E?

>? _KFYN=>N @ETNP N?T EO@G? EMMK<>GH N MG?@=NF <EH>@>E? N@ @IG ^GTT>?Y MG=GRE?PV 1@ >H 8=N=P _=>@>HI ^GTT>?Y MN\G E= H>R>FN= @E N?P fGH@G=?8H@PFG ^GTT>?Y MN\GV +IG _KFYN=>N? M=GNR N?T ?E=RNFFP >@ INH N =EK?T OE=R N?T N H^GG@ MIEMEFN@GS UN?>FFN E= O=K>@ @NH@GV

@IGHG N=G ?E=RNFFP UG=P TG@N>FGT N?T GFNLE=N@G TGME=N@>UG RE@>OHS =GbK>=>?Y Y=GN@ ME?8

L>Y IN?T8MN=@V &MME=T>?Y @E E?G EO RP >?OE=RN?@HS HERG@>RGH N@ >@H @E< <FNH@>M E= HKYN= HK=ONMGVX RE@>OH ?E=RNFFP EL@N>? HEO@ =GTS PGFFE^ E= U>EFG@ @E?GHV 2ERG@>RGHS >?H@GNT EO HKYN= T=GHHGT >? @=NT>@>E?NF _KFYN=>N? YN=RG?@HV

+IG ^GTT>?Y MN\G >H ?E@ N IERGRNTG ELJGM@ n >@ >H N YE=YGEKH >@GR @IN@ >H NF^NPH LEKYI@ O=ER N <NH@=P HIE< N?T >H RNTG LP N <=EOGHH>E?NF ME?OGM@>E?G=V %E?G@IGFGHHS

>@ >H ?E@ N? Gc<G?H>UG >@GR n >@H <=>MG8=N?YG UN=>GH O=ER 9C @E B9C FGUN9 N?T @IG=GOE=G ^GTT>?Y MN\G @IG pL=>TNF MN\GrS T>H@>?YK>HI>?Y >@ O=ER @IG pH<E?HE=lH MN\GrV 1@ ÊKFT

=GYN=TGT NH N H>Y? EO HEM>NF H@N@KHV 1? ME?@=NH@S N? Gc<G?H>UG GTT>?Y T=GHHS LEKYI@ O=ERN L=N?T HIE< E= N? Gc<G?H>UG ^GTT>?Y F>REKH>?G N=G ME?H>TG=GT LP RP >?OE=RN?@H @E

LG ELJGM@H =GUGNF>?Y HEM>NF T>H@>?M@>E?V _GN=>?Y >? R>?T @IN@ H@N@KH HGG\>?Y >H =GYN=TGT

>? G@I?EFEYP NH <N=@ EO N MER<FGc EO LGINU>EK=H >? Î>MI >?T>U>TKNFH ME?HM>EKHFP E= @IG =N?\ I>G=N=MIP EO @IG Y=EK< ;f>GHH?G= 4DD5g Bn9AS >? @I>H H@KTP 1 =GYN=T @IG MER<G@>8@>UG TN?MG ^>@I @IG @Ê OEET8>@GRH n @IG ^GTT>?Y MN\G N?T @IG ^GTT>?Y MI>M\G? n NHN ^NP @E >?M=GNHG @IG HEM>NF H@N@KH EO N <G=HE? ^>@I>? @IG Y=EK< N?T NH N RG@IET EOGH@NLF>HI>?Y ?G^ ONR>FP =GFN@>E?HI><H LG@^GG? @IG ONR>FP EO @IG Y=EER N?T EO @IG L=>TGV

;fGTT>?YAS Î>MI >? @IG ME?@Gc@ EO @IG K=LN?HEM>NF G?U>=E?RG?@ E<G=N@GH NH N <E<KFN= RGT>KR N?T H<=GNTH N MG=@N>? @P<G EO oK=LN? 8@ERHAS ?G^FP^GTH =GMG>UG >?OE=RN@>E? ME?MG=?>?Y @IG ^GTT>?Y MN\GV +IKHS 1 =GNT >?





! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4ADC

MN\G >? GNMI E@IG=lH REK@IH >? E=TG= @E INUG N H^GG@ N?T IN<FP F>OGV &O@G=@IN@S @IGP INUG @E OGGT @IG H<E?HE=H N?T @IG K?RN==>GT MEK<FGHS <FNM>?Y >? @IG>=

RN==>GT HEE?V D

1? E?G _KFYN=>N? 1?@G=?G@ JEK=?NF 1 OEK?T N?E@IG= <E>?@ EO U>G^ Gc<=GHHGT >? N? >?@G=8U>G^ ^>@I N OEET TGH>Y?G= ÎE Gc<FN>?GT IG= >?@G=GH@>?Y >?@G=<=G@N@>E? EO @IG HPRLEF8>HR EO @IG ^GTT>?Y MN\Gg

8MKF>?G N?T OGR>?>?GS Î>MI N=G K?>@GT N@ @IG @E<V +IG MN\G INH N <P=NR>T H@=KM@K=G 8

?>?G RKH@ NFHE LG =G<=GHG?@GT N@ @IG LNHGV )E= @I>H <K=<EHG TGME=N@>E? >H >R<FG8RG?@GT ME?H>H@>?Y EO @Ê <N==E@HS @Ê TEUGH E= @Ê =>?YHV fG F>UG >? N TKNF>@P n @IG INUG @E LG UG=P GN=@ILEK?T n @IN@ >H @P<>MNF EO EK= HEM>G@P n ^G N=G @EE RN@G=>NFV+IG=G RKH@ LG N IN=RE?P n ^G INUG @E LG RK?TN?GS LK@ N@ @IG HNRG @>RG ^G INUG@E H@=>UG OE= @IG H<>=>@KNFV s/GH>Y?G=gt %ES @IGP N=G ^>TGFP KHGTV +IG MN\G MN? NFHE LG MER<FG@GT ^>@I HERG

s/GH>Y?G=gt 1 FEUGT @IG MN\G ^>@I _KFYN=>N? GRL=E>TG=PS GH<GM>NFFP @I>H E?G @IN@FEE\H H>R<FG=V & FE?Y @>RG NYE 1 ^N?@GT @E RN\G N MN\G F>\G @I>HV 1@ >H ?GN@FP N?TUG=P <=GM>HGFP RNTGV4C

2GUG=NF ^GTT>?Y MN\GH GRLGFF>HIGT ^>@I TGME=N@>UG RE@>OH =G<=GHG?@>?Y @=NT>@>E?NF 8 8@>E?G=P +GMI?EFEYPV 1 @I>?\ @IN@ RNPLG MN\GH ^>@I H>R>FN= @=NT>@>E?NF RE@>UGH MEKFT LGOEK?T OK?M@>E?>?Y >? _KFYN=>N? GTT>?Y =>@KNF HPH@GRV "?G EO @IG ^GTT>?Y MN\GH RG?8@>E?GT NLEUG >H TGME=N@GT ^>@I HKYN= RE@>OH =G<=GHG?@>?Y MEFEK=OKF @=NT>@>E?NF _KFYN=8

_KFYN=>N? YN=RG?@HV1? @IG >?@G=U>G^S @IG TGH>Y?G= Gc<FN>?GT IG= NRKH>?Y <G=HE?NF >?@G=<=G@N@>E? EO @IG

>@GRS Î>MI RNTG RG @I>?\ @IN@ EO@G? @IG >?@G=<=G@N@>E? Y>UG? LP @IG >?OE=RN?@ RNP @IG <EH>@>E? EO @IG <G=HE? ÎE <=ETKMGT @IG ELJGM@S @IG <EH>@>E? EO >@H ME?HKRG= N?T@IG <EH>@>E? EO N LPH@N?TG=S I>MI HERG@>RGH FGNTH @E p>?ME?Y=K>@Pr >? @IG >@GRlH >?@G=8<=G@N@>E? ;2GYNF 4D7:g 6DAV +IG >R<NM@ EO @IG >@GR >H =GFN@GT @E @IG ONM@ @IN@ GUG=PLETPo=GNTHl @IG RGHHNYG O=ER N MG=@N>? FGUGFS N@ Î>MI RN?P ONM@E=H <FNP M=KM>NF =EFGHS OE=

GcNR<FGS <=EOGHH>E?NF NM@>U>@>GH N?T >?@G=GH@HS GTKMN@>E? LNM\Y=EK?TS NYGS @IG HEM>NFME?@Gc@ EO @IG ELJGM@lH <=ETKM@>E? N?T >R<FGRG?@N@>E?V



H$=8"O4 D4

_KFYN=>NV &@ RN?P ^GTT>?YH @ETNP @IG ?G^FP^GTH IEFT EK@ @IG>= IN?THS MK@ @IG MN\G@EYG@IG= N?T NO@G=^N=TH <K@ N <>GMG EO MN\G >? GNMI E@IG=lH REK@IH ; AV44 &MME=T>?Y @E E?G EO RP >?OE=RN?@HS @IG ?G^FP^GTH IN?TH MERG @EYG@IG= IG? IEFT>?Y 4B %E=RNFFP @IG ?G^FP^GTH INUG E?FP E?G <FN@GS OE=\ N?T

\?>OGV &@ HERG ^GTT>?YH @IG L=>TG <FNMGH IG= =>YI@ IN?T EUG= @IG IN?T EO IG= OK@K=G 46 &@ HERG ^GTT>?YH @IG RN>T EO IE?EK= <K@H IG= IN?T EUG= @IG IN?TH EO @IG ?G^FP^GTH >? IG= REK@IV 1? E@IG= ^GTT>?Y MG=GRE?>GH @IG L=>TG RKH@ IEFT @IG \?>OG >@I IG= =>YI@ Î>MI NMME=T>?Y @E RP >?OE=RN?@H >H N HPRLEF EO @IG pLGY>??>?Y EO @IG>= F>OG @EYG@IG=rV4X

49

$ 1 + #& ' /& % 3 * f 1 + , & f * / / 1 % - 3 & 0 * & % /& f * / / 1 % - 3 , 1 3 0 * %

1? ONM@S >? RN?P ME?@GR<E=N=P ^GTT>?YH >? _KFYN=>NS @Ê ^GTT>?Y MN\GH N=G ?GGTGT nE?G FN=YGS @>G=GTS ^GTT>?Y MN\G @IN@ RN?P >?OE=RN?@H ?NRG @IG pL=>TNF MN\GrS Î>MI >H RP >?OE=RN?@H TG?ER>?N@G @IG pH<E?HE=lH MN\GrS Î>MI >H >?UEFUGT >? @IG pEK@8TN?MGr;AV47 +I>H >H N @=NT>@>E?NF TN?MG E= N TN?MG MER<G@>@>E? @IN@ >H <G=OE=RGT

LG@^GG? @Ê E= RE=G <GE<FGS KHKNFFP H<E?HE=H EO @IG ^GTT>?YS ÎE INUG @E <=EUG @IN@ 8?G?@V +IG H<E?HE=lH MN\G >H ?E=RNFFP HRNFFG= @IG? @IG L=>TNF MN\G n >@ INH @E LG HRNFFG?EKYI @E LG MN==>GT >? E?G IN?T N?T >@ RKH@ LG <EHH>LFG @E TN?MG ^>@I >@V 1@ >H N =EK?T>MGT MN\GS RNTG EO @IG HNRG >?Y=GT>G?@H NH @IG L=>TNF MN\G N?T >H TGME=N@GT ^>@I HERG

+IG=G >H N?E@IG= ELJGM@ >?UEFUGT >? @IG TN?MG n N MI>M\G?S Î>MI >H EO@G? MNFFGT @IGpH<E?HE=lH MI>M\G?r E= @IG p^GTT>?Y MI>M\G?rV -G?G=NFFPS @I>H >H N LN\GT E= LE>FGTMI>M\G?S TGME=N@GT >@I HERG NTT>@>E?NF GFGRG?@H >? E=TG= @E NMbK>=G N?@I=E<ERE=M @IG MI>M\G?lH IGNT KHGT @E LGV +IG GYY >H TGME=N@GT NH N IGNT ^>@I GPGH N?T N REK@IT=N^? >? <G?M>FS N?T HERG@>RGH N \>?T EO N LGN\ >H ONHI>E?GT O=ER N <>GMG EO MN==E@ >@IN =GT <G<<G= <K@ EUG= @IG GYY NH N IN@V & JNM\G@ >H RNTG O=ER N <N?MN\G N?T N? N<=E?>H RNTG O=ER =GT <G<<G=HV &=EK?T @IG TGME=N@GT MI>M\G?S GYYH TGME=N@GT NH <>YFG@HSFNRLH E= MI>M\H N=G <FNMGT N?T HERG@>RGH PGFFE^ <FNH@>M MI>M\H N=G KHGT NH TGME=N@>E?V



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4ADB

-G?G=NFFPS @IG ^GTT>?Y MI>M\G? =G<=GHG?@H N <GNHN?@ HK==EK?TGT LP MI>M\H E= <>YFG@HV1? N? 1?@G=?G@ OE=KR >? _KFYN=>N ÎG=G <GE<FG GcMIN?YG >?OE=RN@>E? N?T <IE@EH EO@IG>= ^GTT>?YHS 1 OEK?T RN?P <>M@K=GH EO H<E?HE=lH MI>M\G?H N?T NFHE HERG >?@G=GH@>?Y _KFYN=>Ng

&@ RP GTT>?YS @IG=G NH HKMI N TN?MG >@I @IG MI>M\G? N?T >O PEK NFFE^ RG 1 >FF

L=GNTV +IG MI>M\G? INH @E =GHGRLFG N L=>TG n >@ >H <>??GT >? N H@N?T>?Y <EH>@>E?S @IG ?EHGS N?T @IG REK@I N=G <N>?@GTV 1@ MEKFT LG GUG? TGME=N@GT ^>@I N LK?MI EO @I>H MI>M\G? N?T @IN@lH >@V & OG^ IEK=H N@ FGNH@ N=G ?GMGHHN=P >? E=TG= OE= >@ @E LG <=G8<N=GTg >@lH @=>M\P E=\V +IG=G >H N @=NT>@>E? >? @IG GTT>?Y n TN?M>?Y >? O=E?@ EO @IGH<E?HE=V ->=FH N?T ÊRG? O=ER @IG L=>TGlH ONR>FP TN?MG ^>@I MI>M\G?S MN\G N?T<NH@=PV +IG >TGN >H @IN@ @IG H<E?HE= H@GNFH E= LKPH @IG MI>M\G? N?T @IG E@IG= @I>?YHV,G @I=E^H RE?GP EUG= @IG MI>M\G? LK@ @IG <G=HE? ÎE TN?MGH ^>@I >@ TEGH?l@ Y>UG>@ @E I>RV 1@ >H N Y=N@G TN?MGq .EK \?E^V45

A1"7" +V Y&::=38 ?1=?<&3> :/&>>&: 4> >1&C1&/:>V 01& [&::=38 ?1=?<&3 =3 71& %=::#& => 5&%4#& 43: 71&/&5"/&





! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4ADX

@IG H<E?HE= TEGH ?E@ GUG? TN?MG LK@ @N\GH N HGN@S ELHG=UGH @IG <=EOGHH>E?NF TN?MG=H N?T 2GUG=NF PGN=H NYE 1 =GMG>UGT N? >?U>@N@>E? @E N GTT>?Y N@ I>MI 1 ELHG=UGT IE^ @IG LGH@8RN? TN?MGT >? O=E?@ EO @IG L=>TGHRN>TS ÎE IGFT @IG ^GTT>?Y MN\G N?T NFHE TN?MGTV+IG TK=N@>E? EO @IG TN?MG TG<G?TGT E? @IG MK??>?Y EO @IG H<E?HE= N?T I>H TGH>=G @EYN>? @IG ELJGM@HV "? @I>H EMMNH>E? IG @I=G^ RE?GP N=EK?T N?T EUG= @IG MN\G >? E=TG=@E LKP >@ LNM\V 1? @IG MEK=HG EO @IG TN?MG IG Y=NH<GT @IG L=>TGHRN>T >? I>H IN?THS IGFTIG= K< N?T ME?@>?KGT TN?M>?Y ^>@I IG= >? I>H N=RHS @=P>?Y @E <=EUG >? @I>H ^NP @IN@ IG

BB

1 % + * $ W $ * +& + 1 " % 2

1? @I>H HGM@>E? RP MG?@=NF ME?MG=? >H @E N?NFPHG @IG RGN?>?Y EO @IG GTT>?Y MN\G >? =GFN8@>E? @E @IG <IG?ERG?EFEYP EO MKF@K=NF MIN?YGV &H N? >@GRS o>R<E=@GTl >? =GMG?@ TGMNTGHO=ER fGH@G=? MKF@K=GS >@ Gc>H@H >? FEMNF MKF@K=G NH N? ELJGM@ @IN@ LE@I <=GHG=UGH HERG EO MKF@K=NF ME?@Gc@V +IKHS 1 bKGH@>E? @IG MKF@K=NF YFELNF>HN@>E? N?T IEREYG?>HN@>E? EO @IG

OE=RH EO RN@G=>NF MKF@K=G N?T @=NMG @IG T>NFGM@>M EO MKF@K=NF T>NFEYKG Gc<=GHHGT @I=EKYIELJGM@HV

-=<"#"OV



H$=8"O4 D9

MN\G >? GNMI E@IG=lH REK@IH >H ELU>EKHFP N MKH@ER <E<KFN= >? RN?P MKF@K=GHS NF@IEKYI

QP >?OE=RN?@H LGF>GUG @IN@ @IG ^GTT>?Y MN\G >H N <N=@ EO @IG $ERN? RN==>NYG MG=8GRE?PS HPRLEF>H>?Y OG=@>F>@P N?T YEET OE=@K?GV +I>H >?OE=RN@>E? M>=MKFN@GH E? RN?P1?@G=?G@ H>@GH >? _KFYN=>N TGT>MN@GT @E @IG ^GTT>?Y MG=GRE?PV "? @IG HNRG 1?@G=?G@H>@GHS N?T E? HERG >?@G=?N@>E?NF GLH>@GHS 1 OEK?T >?OE=RN@>E? NLEK@ <=G<N=N@>E? EO @IG^GTT>?Y MN\GS OE= GcNR<FGS @IG LGH@ MER<E?G?@H INUG @E LG KHGT >? @IG <=G<N=N@>E? N?T

8H>LFP <GE<FG LGF>GUG @IN@S >? @I>H ^NPS ^>@I <=E<G= ^>@MIM=NO@S RE=G EO @IN@ <=EOK?T>@P NHM=>LGT @E @IG GTT>?Y MN\G >H UG=P H>R>FN= @E @IG GTT>?Y L=GNT >? @=NT>@>E?NF _KFYN=8>N? MKF@K=GS Î>MI >H TGME=N@GT ^>@I ?K@HS LGN?H N?T E@IG= <=ETKM@H HPRLEF>H>?Y OG=@>F8>@PV +ETNPS NMME=T>?Y @E LGF>GOH M>=MKFN@>?Y >? <E<KFN= K=LN? MKF@K=GS N ^GTT>?Y MN\G EO @IG MN\G INH @E LG MK@ LP @IG L=>TG HE @IN@ @IG MEK<FG ^>FF ?E@ LG MI>FTFGHHV +ETNP @IGIKHLN?T INH @E IGF< >? @IN@ <=EMGTK=GS <FNM>?Y I>H IN?T EUG= @IG L=>TGlHS @IG MERRE?



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4AD7

EO Î>MI @IG L=>TG >?U>@GH @IG L=>TGY=EER @E @N\G GUG=P@I>?Y @IN@ HIG <EHHGHHGH N?T EO @IG MN\G N?T RN\>?Y N ^>HIV ;"<>GS +N@GR 4D:Dg X6XA &F@IEKYI @I>H >H N? GcNR<FG fGH@G=? MKH@ERH N=G >?ME=<E=N@GT >?@E ME?@GR<E=N=P _KFYN=>N? MKF@K=G NFREH@ >@IEK@

MIN?Y>?Y @IGRS K?F>\G HERG E@IG= =>@KNF H>@KN@>E?H ÎG=G fGH@G=? MKH@ERH N=G R>cGTE= T>HHEFUGT >?@E FEMNF =>@KNF HPH@GRV

MEUG= @IG>= ONMGH ^>@I MN\G M=GNR n N? NM@>E? @IN@ @IG <N=G?@H HERG@>RGH TE ?E@ NY=GGT^>@IV "?G EO RP >?OE=RN?@H @EFT RGg p+IG @I>?Y @IN@ 1 MN? ?E@ N<<=EUG EO >H @IN@ @IGPMEUG= @IG>= ONMGH ^>@I MN\G M=GNR N?T @IN@ NM@>E? >H <G=OE=RGT Î>FG @IG LNM\Y=EK?TRKH>M >H <FNP>?YV +IG RE@IG=8>?8FN^ @I>?\H @IN@ @IG=GLP @IG>= F>OG >FF LG H^GG@G=VrB6 +IG^GTT>?Y MN\GS NH H^GG@ OEETS Gc<=GHHGH @IG >TGN EO N IN<OG N?T OG=@>F>@P N?T @IG=G8OE=G >@I @IG NM@>E? EO H<=GNT>?Y EO MN\G HKLH@N?MG E? @IG ONMGH EO @IG ?G^FP^GTH N<<N=8

N



H$=8"O4 D5

+IG GTT>?Y MN\GlH OK?M@>E? NH N =>@KNF ELJGM@ >? @IG K=LN? GTT>?Y >? _KFYN=>NS RNP @IG=GOE=G >@ NMbK>=GH @IG RGN?>?Y EO OG=@>F>@PV 1? RN?P K=LN? GTT>?YH @ETNP 1 ELHG=UGT

LE@I >@GRHS MN\G N?T L=GNTS OK?M@>E?>?Y >? @IG =>@KNF HPH@GRV +IG MN\G NH N =>@KNF ELJGM@>H TK<F>MN@GT >? HERG ^GTT>?YH N@ Î>MI @Ê MN\GH N=G LEKYI@ N?T LE@I N=G <FNMGT E?

@IG GTT>?Y @NLFG E= N=G >?UEFUGT >? @IG =>@KNF TN?MGV & H>R>FN= TN?MG ^NH <G=OE=RGT >?@IG @=NT>@>E?NF _KFYN=>N? ^GTT>?Y LK@ ^>@I =>@KNF ^GTT>?Y L=GNT ; A =N@IG=@IN? >@I GTT>?Y MN\GV %E?G@IGFGHHS @IGHG ELJGM@H N=G ?E@ =G<FNM>?Y GNMI E@IG= LK@ N=GKHGT >? N <N=@>MKFN= HGbKG?MGV "O@G? @Ê E= @I=GG FENUGH EO GTT>?Y L=GNT N=G <=G<N=GTg N?E@IG= >H HIE<8LEKYI@ N?T >H L=E\G? LP @IG ?G^FP^GTH H>RKFN@>?Y HERG@I>?Y F>\G^=GH@F>?YV +IGHG =>@KNF NM@>E?H N=G <G=OE=RGT >? @IG =GH@NK=N?@S OEFFE^GT LP @IG TN?MG MN\G >H <G=OE=RGTV

1@ >H ^GFF \?E^? @IN@ RN?P H^GG@ T>HIGH E<G=N@G NH =>@KNF ELJGM@H >? @IG _KFYN=>N?

^GTT>?Y @ETNP n ^GTT>?Y MN\GHS =>@KNF L=GNTH ; ASBX H^GG@HS =N>H>?HS N?TIE?GPV +IG MN\G >@HGFO >H RKF@><F>GT >? HERG _KFYN=>N? GTT>?YH NH HERG@>RGH NH RN?PNH @I=GG ^GTT>?Y MN\GH N=G RNTG OE= E?G ^GTT>?Y MG=GRE?PV &H H^GG@ OEET >@ TK<F>8MN@GH @IG HPRLEF>HR EO OG=@>F>@PS ^GFF8LG>?Y N?T N oH^GG@ F>OGlS RGN?>?YHS Gc<=GHHGT LPE@IG= >@GRH E<G=N@>?Y >? @IG ^GTT>?Y =>@KNF HKMI NH =EK?T =>@KNF L=GNT MEUG=GT ^>@I 8H@=KM@GT EO HP?E?PR>M GFGRG?@HV +IGP N=G E=YN?>HGT E? @IG <=>?M><FG EO =G<G@>@>E?S HKL8H@>@K@>E? N?T TK<F>MN@>E? EO HKLH@N?MGH N?T RGN?>?YH LGMNKHG @IG HGRN?@>M TGH>Y?N@>E?EO @IG =>@G >H EO@G? ME?@N>?GT >? N ME?TG?HGT OE=R >? GUG=P E?G EO >@H ME?H@>@KG?@ <N=@H

;Q>\EU 4D:6g 65nXBAV +IKH @IG ?E@>E? EO OG=@>F>@P >H RKF@><F>GT >? N ?KRLG= EO ELJGM@HKHGT >? @IG ME?@GR<E=N=P ^GTT>?YV

^>@I HERG =>@KNF NM@>E?H >? @IG _KFYN=>N? @=NT>@>E?NF ^GTT>?YS @IG RGN?>?YH EO Î>MIMN? LG GNH>FP =GNTV $GYN=TGT NH N =>@G EO <NHHNYG ;UN? -G??G< 4DCDAS @IG RN==>NYG >? 8<FG >H @IG RK@KNF ?EK=>HIRG?@ EO @IG ?G^FP^GTH @IN@ >H <G=OE=RGT ?E@ ^>@I N <>GMG EOMN\GS F>\G @ETNPS LK@ LP >?@G=MIN?YG EO RE=HGFH EO L=GNT N?T HNF@V )E= GcNR<FGS >? @IG_KFYN=>N? U>FFNYG EO k?G<EFG N @NLFG >H FN>T >? O=E?@ EO @IG ?G^FP^GTH >@I E?FP E?G T>HIS

L=GNT >? @IG HNF@ E? IG= IKHLN?TlH \?GG N?T GN@H >@V +IG E?G T>HIS OE=\ N?T H<EE? <FNMGTE? @IG @NLFG H>Y?>OP @IG K?>@P EO @IG ?G^FP^GTHS NH N=G @IG ^>HIGH @IN@ @IGP p?GUG= LGHG<N=N@GTS LG K?>@GTrVB9 &? >?@G=GH@>?Y MER<N=>HE? MEKFT LG RNTG IG=G LG@^GG? @I>H@=NT>@>E?NF MKH@ERS NH TEMKRG?@GT >? @IG N=MI>UG RN@G=>NFHS N?T ME?@GR<E=N=P _KFYN=8 OE=\V +IG >?@G=<=G@N@>E? EO @IG RK@KNF ?EK=>HIRG?@ >@I MN\GS I>MI RGN?H @IG pLGY>?8?>?Y EO @IG MERRE? F>OG EO @IG ?G^FP^GTHrSB7 >H MERRE? >? RN?P MKF@K=GHV

&H H@N@GT LP HERG N?@I=E<EFEY>H@HS HIN=>?Y >H N H@N?TN=T >?@G=<=G@N@>E? EO OEET T>H8



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4AD:

8 @E ?E@G @IN@ @Ê <GE<FG MK@ @IG MN\GS Î>MI >H ?E=RNFFP @IG <=G=EYN@>UG EO E?G N?T @IKH

>H ?E@ TE?G >? ?E=RNF TERGH@>M ME?T>@>E?H LP @Ê <GE<FGS =N@IG= @IN? LP E?FP E?G <G=8HE?V _P @I>H RGN?HS @IG L=>TG N?T @IG Y=EER MEKFT LG HGG? NH N<<=E<=>N@>?Y @IG MN\G n@IGP N<<E=@>E? >@S E? N? EMMNH>E? >? @IG>= F>UGH ÎG? @IGP N=G NFHE T>H@=>LK@E=HV +IGP

LE@I RN\G @IN@ ELJGM@ @IG>=H n >@ LGFE?YH @E @IGR >? E=TG= @E HIN=G >@ >@I @IG>= YKGH@H >?E?G H>@KN@>E? ÎG=G @IN@ NM@>U>@P >HS >? REH@ MNHGHS @IG ELF>YN@>E? EO @IG <N=G?@HV 1? H<>@GEO @IG ONM@ @IN@ @IG L=>TG N?T @IG Y=EER YG@ RN==>GT N?T N=G <FNMGT N@ @IG MG?@=G EO @IGGUG?@S RE=G EO@G? @IG <N=G?@H @N\G @IG =EFG EO IEH@H N?T @IG ÎE N=G Gc<GM@GT @E <NP OE=@IG ^GTT>?YV 1? @IN@ H>@KN@>E? @IG ?G^FP^GTH N=G @=GN@GT N@ @IG HNRG @>RG NH YKGH@HS

LGMNKHG @IG ^GTT>?Y <N=@P >H E=YN?>HGT N?T <N>T OE= LP @IG>= <N=G?@HS N?T NH IEH@H

LGMNKHG @IGP MK@ N?T N<<E=@>E? @IG MN\GS N IEH@lH =GH<E?H>L>F>@P >? N?E@IG= H>@KN@>E?V @IG=G >H NRL>YK>@P >? @IG <EHHGHH>E? EO @I>H >@GRS Î>MI >H @IG MG?@=G EO @IG =>@KNF ;>L>TVAV

N?T T=GHHGT >? Î>@GS N<<=Ec>RN@GH @IG OE=R N?T @IG MEFEK= EO @IN@ H^GG@RGN@ N?T >? >?@G=GH@>?Y @IN@ HERG K=LN? LGF>GOH >? _KFYN=>N H@><KFN@G @IN@ @IG ^GTT>?Y MN\G HIEKFT@N\G @IG MEFEK=H EO @IG L=>TGlH T=GHH N?T HIEKFT =GHGRLFG @IG ^GTT>?Y T=GHH >? HIN<GV

&? >?@G=GH@>?Y NH<GM@S =GFGUN?@ @E @IG GTT>?Y MN\GS N=G @IG =>@KNF G?NM@RG?@H >?UEFU8>?Y @IG MN\G >? N =N?YG EO =>@KNFHS OE= GcNR<FG @IG TN?MGV +IG H<E?HE=H TN?MG >? O=E?@EO <=EOGHH>E?NF TN?MG=H E= ONR>FP RGRLG=H N?T @=P @E L=>LG @IGR E= @E H@GNF @IG =>@KNFELJGM@H n @IG MN\G N?T MI>M\G?V ,G?MGS ^G MEKFT ELHG=UG IE^ N? >?T>U>TKNF ;E= G?@>=GMERRK?>@PA oG?@G=Hl >?@E MG=@N>? =>@KNF =EFGS Î>MI >H MERRE? @E RN?P =>@KNF <=NM@>MGHN?T >H =GYN=TGT NH N \>?T EO N o<FNPl RETGF ;kI>U\EU 4D:4g B6AV +IG =G8GRLET>RG?@SÎ>MI >H ME?H>TG=GT N OK?TNRG?@NF @IGN@=>MNF OGN@K=GS MEKFT LG ELHG=UGT >? @IG <G=8OE=RN?MG EO RN?P =>@GHS MKH@ERH N?T RNY>MNF NM@>E?HV #HKNFFPS @IG <G=OE=RG=H =G<=G8 8<EH>@>E? LG@^GG? H@NYG N?T NKT>@E=>KRS Î>MI >H @IG RN>? OEMNF <E>?@ EO GUG=P @IGN@=G;_EYN@P=PEU 4D54g 59AV

1? @IG _KFYN=>N? @=NT>@>E?NF ^GTT>?Y HGUG=NF \>?TH EO =>@KNF L=GNT N=G TEMKRG?@GT 8<E=N=P GTT>?Y MG=GRE?PS @Ê \>?TH EO ^GTT>?Y MN\GH MN? LG ELHG=UGTg @IG H<E?HE=lHMN\G N?T @IG L=>TNF MN\GV +ETNPS @IG H<E?HE= >H HK<<EHGT @E LKP LNM\ @IG H<E?HE=lHMN\GS Y>U>?Y RE?GP @E I>H E<<E?G?@S LK@ NO@G=^N=TH @IG MN\G >H Y>UG? @E I>R NH N Y>O@N?T >H <FNMGT >? O=E?@ EO I>R E? @IG ^GTT>?Y @NLFGV +IG MG?@=NF <FNMGRG?@ EO @IG MN\GSN?T @IG =>@KNF G?NM@RG?@ N=G MER<N=NLFG >@I @IG H<E?HE=lH H@>M\ ; A >? @=N8T>@>E?NF _KFYN=>N? MKF@K=GV +IG H<E?HE=lH H@>M\ >H N =>@KNF ELJGM@ RNTG EO @IG L=N?MI EO N 8



H$=8"O4 DD

G=GT ^>@I IE?GP N?T ?K@HV 1? @IG @=NT>@>E?NF _KFYN=>N? ^GTT>?Y @IG H<E?HE=lH H@>M\ >HTGF>UG=GT @E @IG H<E?HE= OE= =N?HER RE?GP ;LN\HIGGHIAS >H <FNMGT E? @IG GTT>?Y @NLFG>? @IG Y=EERlH IERGS N?T <EH>@>E?GT >? O=E?@ EO @IG H<E?HE= ;1UN?EUN 4D:XAV /EMKRG?8@NF HEK=MGH <=EUG @IN@ H>R>FN= =>@KNF TN?MG ^NH <G=OE=RGT >? @IG =GY>E? EO @IG U>FFNYGEO W=EUNT>NS ÎG=G N RN>TG? LGFE?Y>?Y @E @IG L=>TNF ONR>FP TN?MGH </=O" 1"/" ^>@I @IG

H<E?HE=lH H@>M\ N?T ME?HGbKG?@FP @IG RN>TG? Y>O@H >@ @E @IG H<E?HE=V1 INUG ?GUG= HGG? @I>H =>@KNF ELJGM@ >? N ME?@GR<E=N=P ^GTT>?Y MG=GRE?P N?T RP

>?OE=RN?@H ?GUG= RG?@>E?GT >@ >? @IG >?@G=U>G^HB5 LK@ @IG <=Ec>R>@P EO @IG @G=RH TGH>Y8 @ETNP n >H >?@G=GH@>?YV _E@I >@GRH N=G H<E?HE=lH ELJGM@HS LGFE?Y @E @IG H<E?HE=S N?T N=GY>O@GT @E @IG H<E?HE= E= IG =GMG>UGH @IGR NO@G= >??>?Y @IG TN?MG MER<G@>@>E?V _E@I ELJGM@H MER<N=>HE? MEKFT LG UG=P >?@G=GH@>?YS <=EU>TGT @IN@ @IG ^GTT>?Y MN\G >H ME?H>TG=GT NfGH@G=? >@GR >?ME=<E=N@GT >?@E _KFYN=>N? MKF@K=G >? @IG FNH@ TGMNTGHV +I>H OE=RNF N?T=>@KNF <=Ec>R>@P LG@^GG? @IGHG >@GRH TGRE?H@=N@GH @IG RG@IETH EO @=N?HOE=RN@>E? >@I>?

@IG OE=RH EO RN@G=>NF MKF@K=GV &<N=@ EO @IG H<E?HE=lH H@>M\S >? @=NT>@>E?NF ^GTT>?YH ^NHTEMKRG?@GT @IG Gc>H@G?MG EO F>UG MI>M\G?H @IN@ ^G=G TGF>UG=GT @E @IG H<E?HE= @IG HNRG^NPS LP LN=YN>?>?Y N?T LP Y>U>?Y N =GTGR<@>E? <NPRG?@V #HKNFFPS L=>TGlH O=>G?TH LN=8YN>? >? E=TG= @E =GMG>UG @IG MEM\ ;E= MI>M\G?AS Î>MI >H NF>UG N?T KHKNFFP TGME=N@GT ^>@I N@E^GFS H@=>?YH EO @I=GNTGT <E<ME=?S N ^=GN@I N?T H@=>?YH EO =GT <G<<G=HV

"? @IG LNH>H EO @IGHG H@KT>GHS >@ MEKFT LG NHHKRGT @IN@ @IG MN\G >H N =>@KNF >@GRS <=EL8 >?H@N?MGS >@ MEKFT LG N =>@KNF ^NP EO GH@NLF>HI>?Y ?G^ \>?HI>< @>GHS <G=IN<H LG@^GG?H<E?HE=H N?T ?G^FP^GTHS >VGV >@ >H N RGN?H EO >?ME=<E=N@>E? N?T EO HEM>NF MERRK?>MN8@>E?V 2EM>EFEY>H@H IE GcNR>?G HEM>NF ?G@Ê=\H >? M=EHH8?N@>E?NF MER<N=>HE?S GH<GM>NFFP

@IG NHHKR<@>E? @IN@ >? RETG=? HEM>G@>GH \>? @>GH N=G FEEHG?>?Y Î>FG ?E?8\>? @>GH N=GYN>?>?Y >R<E=@N?MG >? <GE<FGlH HEM>NF ?G@Ê=\HS ME?MFKTG @IN@ @I>H NHHKR<@>E? N<<F>GHE?FP OE= @IG ?E=@I^GH@ *K=E<GN? MKF@K=NF N=GN Î>FG 1@NF>N?HS ,K?YN=>N?H N?T E@IG=?N@>E?H O=ER 2EK@I N?T *NH@ *K=E<G TE H@>FF RN>?@N>? UG=P MFEHG \>? =GFN@>E?H ;,aFF>?YG=S,NFFG= 4DDCg 4C6n4BXAV +I>H MN? LG NHHKRGT OE= @IG _KFYN=>N? N?T _NF\N? ONR>FP NH GFFV

@E <FNP N UG=P >R<E=@N?@ <N=@ >? ME?@GR<E=N=P _KFYN=>N? HEM>G@PV 2EM>NF =GFN@>E?HI><HST>H<FNPGT @I=EKYI H<E?HE=HI>< @ETNPS MN? LG JKc@N<EHGT ^>@I @IG @=NT>@>E?NF ME?MG<@@IN@ @IG RN@=>RE?P EO @IG RN? N@ ÎEHG ^GTT>?Y E?G INH NM@GT NH N H<E?HE=S HPRLEF>8MNFFP TG<G?TH E? @IG H<E?HE= I>RHGFO N?T @IG H<E?HE= >H ELF>YGT @E NHHK=G @IN@ RN@=>8RE?P ;1UN?EUN BCC4g 54AV 1? N L=ENT HG?HGS >? @=NT>@>E?NF MKF@K=G N?T >? ME?@GR<E=N=PK=LN? HEM>G@PS @IG ^GTT>?Y N<<GN=H @E LG N =GE=YN?>HN@>E? EO G?@>=G \>?HI>< Y=EK<HV_E@I >? @IG <NH@ N?T @ETNPS @IG HEM>NF H@N@KHGH EO ?G^FP^GTH N?T ONR>FP RGRLG=H N=G OE= GcNR<FGS @IG RN>TG? N?T @IG Y=EER LGMERG ^>OG N?T IKHLN?TS @IG <N=G?@H EO @IG?G^FP^GTH LGMERG ON@IG=8>?8FN^ N?T RE@IG=8>?8FN^ ;>L>TVg XAV



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A4CC

3 " % 3 ' # 2 1 " %

_P T=N^>?Y GcNR<FGH O=ER UN=>EKH MKF@K=NF ME?@Gc@H @IG T>NFGM@>M EO @=NT>@>E? N?TRETG=?>@P >H HGG? >? @I>H H@KTP @I=EKYI @IG <=>HR EO RN@G=>NF MKF@K=GV 1 @I>?\ @IN@ >@ >HELU>EKH @IN@ @IG RGN?>?Y EO ELJGM@H >H ?E@ @N\G? OE= Y=N?@GT GUG? >? @ETNPlH YFELNF MKF8

@K=G >? Î>MI HERG ELJGM@H F>\G @IG ^GTT>?Y MN\G MN? LG HGG? >? ?GN=FP GUG=P *K=E<GN?MEK?@=PV +IG=GOE=GS >O @IG RGN?>?Y EO ELJGM@H TG=>UGH O=ER @IG E=TG=H >?@E Î>MI @IGPN=G >?ME=<E=N@GTS @IN@ RGN?H @IN@ @IG HNRG N=@GONM@ RNP MIN?YG >@H >R<F>MN@>E? N?T H>Y8 &?@I=E<EFEY>H@H TGUGFE< @IG >TGN @IN@ @IG @G?H>E? LG@^GG? IEREYG?>HN@>E? N?T IG@G=E8YG?>HN@>E? EO MKF@K=GS HGG? LP RGN?H EO RN@G=>NF MKF@K=G H@KT>GHS N<<GN=H @E LG E?G EO@IG <=ELFGRH EO YFELNF >?@G=NM@>E?V +IG=GOE=GS @IG ?G^ YFELNF MKF@K=G MN? ?E FE?YG= LGHGG? LP @IG N?@I=E<EFEY>H@H @I=EKYI MG?@=G8<G=><IG=P RETGFHS =N@IG= NH N MER<FGcS T>H8

JK?M@>UG E=TG=V &RG=>MN?>HN@>E? N?T MERRET>@>HN@>E? EO RN@G=>NF MKF@K=G INH N?E@IG=T>RG?H>E? NH ON= NH OE=MGH O=ER UN=>EKH RG@=E<EF>HGH ÎG? L=EKYI@ >?@E ?G^ HEM>G@>GH

@G?T @E LGMERG >?T>YG?>HGT >? E?G E= N?E@IG= ^NP ;&<<NTK=N> 4DD7g 6BAV,G?MGS >? H<>@G EO @IG ?KRG=EKH N?T @E HERG Gc@G?@ ME?@=NT>M@E=P RGN?>?YH @IN@

MEKFT LG TGTKMGT O=ER @IG ^GTT>?Y MN\G N?T T>HIGH OK?M@>E?>?Y >? @IG ME?@GR<E=N=P^GTT>?Y NH =>@KNF ELJGM@HS >@ MEKFT LG ME?MFKTGT @IN@ @IGP N=G =>@KNF ELJGM@HS >?UEFUGTNH RGT>N@E=H NRE?Y RGRLG=H EO @IG ONR>FPV +I=EKYI @IGHG ELJGM@H ?G^ \>?HI>< =GFN8 MERRK?>MN@>E?V +IGP N=G M=GN@GT OE= MERRE? GN@>?YS N?T >? @IN@ HG?HG OE= TGH@=KM@>E?N?T @IG=GOE=G >? HERG =GH<GM@ @IGP NMbK>=G RGN?>?Y E?FP ÎG? GN@G? N?T TGH@=EPGTV&H $EFN?T _N=@IGH <E>?@H EK@S OEET >H pN HPH@GR EO MERRK?>MN@>E?S N LETP EO >RNYGHSN <=E@EMEF EO KHNYGHS H>@KN@>E?HS N?T LGINU>E=r ;BCC:g BDAV _=GNT >H ?E@ JKH@ L=GNT n T>O8 8MNFFP H<GN\>?YV +IG HG?HG EO OEET >H ?E@ GFNLE=N@GT N@ @IG FGUGF EO >@H MEH@S LK@ =N@IG= N@@IG FGUGF EO >@H <=G<N=N@>E? N?T KHG ;>L>TVg 6CAV

+IG GTT>?Y MN\G E<G=N@GH >? @IG =>@KNF HPH@GR NH N? Gc<=GHH>E? EO @IG >TGN EO OG=@>F8>@PV +IG MERRE? GN@>?Y EO @IG MN\G >H MERRE? oGN@>?Yl EO @IG UNFKGH @IN@ >@ Gc<=GHHGHV1? @I>H ^NP @IG HPRLEF EO NLK?TN?MG N?T OG=@>F>@P >H RKF@><F>GT >? N =N?YG EO H>R>FN=>8@>GH HKMI NH OE=RS OK?M@>E?S <=G<N=N@>E?S N?T HGRN?@>MH ELJGM@H H>R>FN=FP @E @=NT>@>E?NFMKF@K=G @IN@ E<G=N@GH ^>@I >TG?@>@>GH N?T =G<G@>@>E?H >?NHRKMI NH RN?P OE=RH EO =>@KNFRN@G=>NF MKF@K=G N=G ME?H@=KM@GT EO HP?E?PREKH GFGRG?@H ;Q>\EU 4D:6g 65nXBAV +IGP N=GE=YN?>HGT E? @IG <=>?M><FGH EO =G<G@>@>E?S RK@KNF HKLH@>@K@>E? N?T HGFGM@>E? LGMNKHG @IGOK?M@>E?NF N?T HGRN?@>M <K=<EHGH EO @IG =>@GH N=G ME?@N>?GT >? N o=GTKMGTl OE=R >? GUG=PE?G EO >@H ME?H@>@KG?@ <N=@HV

+IKHS @IG GTT>?Y MN\GS @IG GTT>?Y MI>M\G?S N?T @IG GTT>?Y L=GNT >? @IG _KFYN=8>N? GTT>?Y o@NF\l ?E@ E?FP NLEK@ @IG>= <K=<EHG NH ELJGM@HS LK@ NFHE >?T>MN@G @IG <EH>@>E?EO @IG>= <EHHGHHE= >? @IG HEM>NF H<NMGV _P RGN?H EO @IGHG ELJGM@HS @IG HEM>NF <EH>@>E?H EO @E N?E@IG=V +IG=GOE=GS @IG E=TG= EO @I>?YH >H MKF@K=NFFP ME?H@=KM@GTV +IG ONM@ @IN@ ^G ?E@E?FP E=TG= @I>?YH LK@ N=G >? @K=? E=TG=GT LP @I>?YH >?T>MN@GH @IN@ N=@GONM@H EL@N>? N RKF8@><F>M>@P EO RGN?>?YH N?T >TG?@>@>GHS N?T @IN@ @IG ME??GM@>E? LG@^GG? OE=R N?T RGN?>?Y>H MER<FGc N?T HERG@>RGH NRL>YKEKH ;Q>FFG= 4DDXg XC7AV )K=@IG=RE=GS ELJGM@H Gc<=GHH



H$=8"O4 4C4

<EH>@>E?g @IG <EH>@>E? EO @IG <G=HE? ÎE <=ETKMGT @IG ELJGM@S @IG <EH>@>E? EO >@H ME?8HKRG= N?T @IG @I>=T <EH>@>E? EO E?FEE\G=S Î>MI HERG@>RGH FGNTH @E >?ME?Y=K>@P EO @IG =GNTH @IG RGHHNYG O=ER N <N=@>MKFN= FGUGFV

% " + * 2

% +I>H N=@>MFG >H LNHGT E? RP WI/ =GHGN=MI =GNF>HGT N@ @IG 1?H@>@K@G OE= *@I?EFEYP N?T )EF\FE=G MER<N=NLFG OE=RH EO RN@G=>NF MKF@K=GS N?T TGUGFE<GT @IG H@=KM@K=G N?T @IGE=G@>MNF O=NRGÊ=\ EO@IG N=@>MFG N@ @IG #?>UG=H>@P EO Z>G??N @IN?\H @E N? "G&/ HMIEFN=HI><V

& N? >R<E=@N?@ GME?ER>M MG?@=G @IN@ INH N <E<KFN@>E? EO 46:SB5BV 2U>FG?Y=NT >H N @E^? H>@KN@GT N@@IG LE=TG= EO +K=\GP N?T -=GGMG ^>@I <E<KFN@>E? EO 4:S46BV

'

( 8

T>?Y >? 4DDDV) 9C _KFYN=>N? FGUN ME==GH<E?TH N<<=Ec>RN@GFP @E B9 GK=EH N?T B9C FGUN @E N<<=Ec>RN@GFP 4B9

GK=EHV*

+ +IG /! ;T>HM JEM\GPA >H ?E=RNFFP GR<FEPGT LP @IG ?G^FP^GTH E= LP @IG =GH@NK=N?@S IG YG?8

G=NFFP Ê=\H OE= T>HME@IGbKGH N?T ?>YI@MFKLH LK@ >? =GMG?@ PGN=H RN?P /!H H@N=@GT Ê=\>?Y OE=^GTT>?Y <N=@>GH NH ^GFFV +IG>= @NH\H N=G @E <FNP RKH>M >? @IG =GH@NK=N?@ N?T @E N??EK?MG E? @IG 8RG?@H >? E=TG= @E G?@G=@N>? @IG YKGH@HV

, 2GG 2UN@LG?N@N @E=@NV- 1 OEK?T @I>H <EH@ >? N? 1?@G=?G@ OE=KR ;HGG +GTP BC4BA%. 1 @=N?HFN@GT O=ER _KFYN=>N? N <N=@ EO N? >?@G=U>G^ ^>@I N? N=@>H@8TGH>Y?G= N?T FGM@K=G= N@

2IG ^NH N RGRLG= EO @IG JK=P EO @IG <KLF>HIGT >? @IG 1?@G=?G@ JEK=?NF ;'EFEUN BC4BAV

%% o41/43O43& OEET ;?E=RNFFP L=GNTA >? HERGE?GlH REK@I ;>@ >H YG?G=NFFP <G=OE=RGT LG@^GG? @Ê RGRLG=H EO NONR>FPAV +ETNP >@ >H N ^>TGH<=GNT MKH@ER N?T >H <G=OE=RGT TK=>?Y @IG ^GTT>?Y MG=GRE?PV

%& NLEK@ IG= L=E@IG=lH ^GTT>?Y >? 2U>FG?Y=NT M>@P >? BCC4V%' +IG >?OE=RN?@ >H @IG NLEUG8RG?@>E?GT ÊRN? O=ER 2U>FG?Y=NTV%( +IG >?OE=RN?@ >H N 9X8PGN=8EFT N=@ @GNMIG=S ÎE Ê=\H >? N HGME?TN=P HMIEEF N?T ÎE ?N=8

=N@GH NLEK@ IG= HE?lH ^GTT>?YV%) +IG >?OE=RN?@ >H @IG NLEUG8RG?@>E?GT 9X8PGN=8EFT N=@ @GNMIG=V%* 1 @=N?HFN@G @I>H _KFYN=>N? Ê=T ;34:=8/4O43&A NH oEK@8TN?MGlV +I>H >H N @=NT>@>E?NF _KFYN=>N?

TN?MG >? Î>MI @Ê E= RE=G <GE<FG MER<G@G @I=EKYI TN?MGV -G?G=NFFPS @IG E<<E?G?@H TN?MG@=NT>@>E?NF TN?MGHS OE= GcNR<FGS 1"/"V

%+ ^GL <E=@NF;BC4CAV

%, `"/" N M>=MFG TN?MG E=>Y>?N@>?Y >? @IG _NF\N?HV +IG @=NT>@>E?NF _KFYN=>N? TN?MG 1"/" TEGH?E@ ?GMGHHN=>FP >?UEFUG LG>?Y >? N M>=MFGS LK@ RE=G MERRE?FP >? N MK=U>?Y F>?GV 1? _KFYN=>N? @=N8



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A4CB

T>@>E?NF MKF@K=G @IG 1"/" 1"/" H@G<H @N\G?V

%- +IG >?OE=RN?@ >H N 798PGN=8EFT <G?H>E?G= ÎE Ê=\GT NFF IG= F>OG NH N @GNMIG= >? N HGME?T8N=P HMIEEF @GNMI>?Y I>H@E=P N?T -G=RN?V 2IG @EFT RG NLEK@ IG= TNKYI@G=lH ^GTT>?Y >? 2@N=NkNYE=N M>@P >? 4DD7V

&. +IG >?OE=RN?@ >H N 9X8PGN=8EFT @GNMIG= ÎE @GNMIGH N=@ >? N HGME?TN=P HMIEEF N?T ÎE @NF\HNLEK@ IG= HE?lH ^GTT>?YV

&% +IG >?OE=RN?@ >H @IG Y>=F ÎE ?N==N@GH NLEK@ @IG ^GTT>?Y >? 2U>FG?Y=NTV&& +IG >?OE=RN?@ >H N X98PGN=8EFT RN? ÎE Ê=\H NH N @GNMIG= EO RN@IGRN@>MH N?T >? I>H O=GG

@>RG Ê=\H NH N /! OE= ^GTT>?YH N?T MGFGL=N@>E?H OE= HERG Gc@=N RE?GPV 1 ^NH >?U>@GT LP I>R @EN ^GTT>?Y MG=GRE?P ÎG=G IG Ê=\GT NH N /!V +IG ^GTT>?Y @EE\ <FNMG >? BCCB >? 2@N=N kNYE=NV

&' +IG >?OE=RN?@ >H N 9X8PGN=8EFT @GNMIG= ÎE @NF\H NLEK@ IG= TNKYI@G=lH ^GTT>?Y @IN@ @EE\<FNMG >? 2@N=N kNYE=N >? @IG PGN= 4DDDV

&( $>@KNF L=GNT >H N? >?T>H<G?HNLFG MER<E?G?@ EO N?P <E<KFN= MKH@ER >? @=NT>@>E?NF _KFYN=8>N? MKF@K=G NHHEM>N@GT ^>@I RN==>NYGS L>=@IS OK?G=NFHS @IG <E<KFN= MNFG?TN=S RGT>MNF <=NM@>MG N?T

^GFF8LG>?Y EO @IG ONR>FP E= MFN?V $>MIFP TGME=N@GT =>@KNF L=GNTH N=G RNTG OE= ^GTT>?YHS 3I=>H@8RNHS *NH@G=S N?T 2@V -GE=YGlH TNPV $>@KNF L=GNTH N=G TGME=N@GT ^>@I TEKYI L>=THS TEKYI MI>M\HSU>?GHS @IG HIG<IG=TlH M=EE\S N?T @IG <FEKYIRN?V +ETNPS OE= NFREH@ GUG=P _KFYN=>N? ^GTT>?YS MEUG=GT ^>@I IE?GPV $GYN=T>?Y @IG ^GTT>?Y L=GNT HGG !N?GUN 4D:DV

&) &=MI>UGH EO @IG 1?H@>@K@G EO *@I?EFEYP N?T )EF\FE=G 2@KT>GH >@I @IG *@I?EY=NM QKHGKRS_KFYN=>N? &MNTGRP EO 2M>G?MGHS UEFV 49CS <V 47V

&* S 4DD7S UEFV 7S <<V 6nBXV&+ %GUG=@IGFGHHS 1 NMbK>=GT N ^GTT>?Y <IE@EY=N<IPS TN@GT O=ER BCC:S ÎG=G @IG ^NP >?

Î>MI N PEK?Y RG? >H Y>O@>?Y @IG H<E?HE=lH H@>M\ @E @IG ?G^FP^GTH MN? LG MFGN=FP HGG?V

2 " # $ 3 * 2

&=MI>UG RN@G=>NFH O=ER @IG &=MI>UGH EO @IG 1?H@>@K@G EO *@I?EFEYP N?T )EF\FE=G 2@KT>GH ^>@I @IG*@I?EY=NM QKHGKRS _KFYN=>N? &MNTGRP EO 2M>G?MGHV

1?@G=?G@ <NYGH N?T OE=KRHg

1?@G=U>G^H ME?TKM@GT LG@^GG? BCCC N?T BCCX >? @IG <EHHGHH>E? EO @IG NK@IE=V

$ * ) * $ * % 3 * 2

&<<NTK=N>S &=JK? 4DD7V V Q>??GN<EF>Hg #?>8UG=H>@P EO Q>??GHE@N W=GHHV

8TK=N> ;GTVAV /K=INRS %3g /K\G #?>UG=H>@P W=GHHS 4nB4V

_N>LK=>? 4D:6 { V





! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A4CX

T

ZNFG?MG@E BC4C {

f>GHH?G=S WEFFP 4DD5V 1?@=ETKM@>E?g )EETS 2@N@KHS 3KF@K=GS N?T %N@K=GV n WEFFP f>GHH?G=S fKFO2MI>GOG?IaUGF ;GTHVAV ;"": 43: 71& B747$> f$&>7L Q3 W37&/:=>?=C#=34/9 A&/>C&?7=O& "cOE=Tg _G=YINI? _EE\HS 4n4:V

f>FHE?S QE?>MN 4D5BV +IG fGTT>?Y 3N\GHg & 2@KTP EO $>@KNF 3IN?YGV n !V 2V s!GN? 2PL>Ft 'N )E?8@N>?G ;GTVAV 01& W37&/C/&747="3 "5 D=7$4#L 6>>49> =3 `"3"$/ "5 QV WV D=?14/:>V 'E?TE?g +NU>H@EM\WKLF>MN@>E?HS 4:5nBC4V




ZEFV 5 ;4Ag 4C9n4BX

4C9

W ' &3 * 2 $ * Z 1 2 1 + * / g + $ & % 2 % &+ 1 " % & ' )& Q 1 ' 1 * 2& % / 2 + " $ 1 * 2 " ) _ * ' " % - 1 % -

W1,'& Q&$1& 211QWI/ 2@KTG?@

#?>UG=H>@P EO *NH@G=? )>?FN?T&HH>H@N?@

/G<N=@RG?@ EO *H@E?>N? N?T 3ER<N=N@>UG )EF\FE=G#?>UG=H>@P EO +N=@K

]F>\EEF> 478BC:S 94CC6 +N=@KS *H@E?>NG8RN>Fg <>IFNVH>>RiK@VGG

&_2+$&3+ RGRLG=H EO @=N?H?N@>E?NF ONR>F>GH M=GN@GS RN>?@N>? N?T ?GYE@>N@G =GFN@>E?H @E RKF8@><FG <FNMGHV WGE<FG N=G ?E@ E?FP HIN<GT LP @IG <FNMGH >? @IG>= F>UGHS LK@ @IGP NFHE @E E@IG=H ;=GFN@>UGH N?T ^>TG= HEM>G@PAV fI>FG TE>?Y @I>HS <GE<FG INUG @E LG RE=G @IGP INUG @E^N=TH MG=@N>? <FNMGHV 1? @I>H N=@>MFGS 1 ME?MG?@=N@G E? @IG GRE@>E?NF N?THEM>NF H>TG EO <GE<FGHl <FNMG8=GFN@GT Gc<G=>G?MGHV

+IG N=@>MFG >H LNHGT E? >?@G=U>G^ RN@G=>NF 1 INUG MEFFGM@GT OE= RP WI/ T>HHG=@N8@>E? >? OEF\FE=GV 1?@G=U>G^H ^G=G RNTG ^>@I >RR>Y=N?@H O=ER @IG OE=RG= 2EU>G@

#?>E? F>U>?Y >? )>?FN?T N?T @IG>= ONR>FP RGRLG=H F>U>?Y >? @IG MEK?@=P EO E=>Y>?;>? $KHH>N? 0N=GF>N N?T *H@E?>NAV +IG N>R >H @E MN<@K=G @IG Gc<G=>G?MGH EO LE@I ONR8>FP RGRLG=H =GFEMN@>?Y N?T @IEHG H@NP>?Y <K@S N?T @E T>HMKHH @IG RGN?>?Y EO <FNMG>? @IG >TG?@>@P OE=RN@>E? EO <GE<FG F>U>?Y REL>FG E= @=N?H?N@>E?NF F>UGHV

0*.f"$/2g @=N?H?N@>E?NF ONR>F>GH ! H@E=P@GFF>?Y ! <FNMG8=GFN@>E?H ! >TG?@>@P ! LGFE?Y>?Y

1 % + $ " / # 3 + 1 " %

fG INUG N? N<<FG @=GG RE@IG= Y=G^ O=ER N HGGTV 1@ >H N UG=P >?@G=GH@>?Y N<<FG @=GGSYNUG HKMI IKYG N<<FGHV _K@ ÎG? sRE@IG= N?T ON@IG=t REUGT N^NPS @IG N<<FG @=GGNFHE MGNHGT @E LGN= N<<FGHS >@ ^NH FE?Y>?YS PEK HGGV ;fERN?S F>UGH >? @IG $G<KLF>MEO 0N=GF>NS ,66g 497A4

+IG OEFFE^>?Y N=@>MFGy Gc<FE=GH IE^ IERG N?T LGFE?Y>?Y N=G ?GYE@>N@GT >? =GFN@>E?8

y +I>H =GHGN=MI NH HK<<E=@GT LP @IG *H@E?>N? $GHGN=MI 3EK?M>F ;Y=N?@ ?EV DB54 N?T 1#+B8X6AS@IG *K=E<GN? #?>E? @I=EKYI @IG *K=E<GN? $GY>E?NF /GUGFE<RG?@ )K?T ;3G?@=G EO *cMGFFG?MGS

3*3+AS N?T @IG 0E?G )EK?TN@>E? ;@IG )NR>F>GH E? @IG QEUG &M=EHH _E=TG=Hg 3I>FT=G?lH WG=H<GM8@>UGH E? 'NLEK= Q>Y=N@>E? >? *K=E<G <=EJGM@AV





B==% 4C5

8U>G^GGH N=G HE8MNFFGT =G@K=? R>Y=N?@H N?T @IG>= ONR>FP RGRLG=HS NF@IEKYI >@ INH @E LG\G<@ >? R>?T @IN@ @IGHG MN@GYE=>GH N?T =GNHE?H @E REUG EUG=FN<V5 $G@K=? R>Y=N?@H O=ER@IG OE=RG= 2EU>G@ #?>E? YG?G=NFFP INUG 1?Y=>N? )>??>HI =EE@H n @IGP N=G TGHMG?TN?@H EO<GE<FG ÎE R>Y=N@GT O=ER @IG @G==>@E=P EO <=GHG?@8TNP )>?FN?T @E @IG GNH@G=?REH@ <N=@

EO @IG 2^GT>HI *R<>=G H@N=@>?Y >? @IG 45@I MG?@K=PV +ETNPS @I>H N=GN F>GH >? %E=@I8fGH@$KHH>NS >? @IG U>M>?>@P EO 2@V WG@G=HLK=YV &H N =GHKF@ EO ^N=HS TG<E=@N@>E?H N?T <G=HGMK8@>E?H TK=>?Y @IG BC@I MG?@K=PS RN?P <GE<FG EO 1?Y=>N? )>??>HI LNM\Y=EK?T G?TGT K<F>U>?Y >? *H@E?>N N?T >? $KHH>N? 0N=GF>NV "@IG= Y=EK<H EO )>??>HI E=>Y>? >? @IG N=GN EO@IG OE=RG= 2EU>G@ #?>E? N=G TGHMG?TN?@H EO )>??H ÎE REUGT @IG=G LG@^GG? @IG PGN=H4D4: N?T 4D6D N?T NO@G= fE=FT fN= 11V )>??H ÎE REUGT LGOE=G fE=FT fN= 11 ^G=GG>@IG= HE8MNFFGT o$GTl GR>Y=N?@HS >FFGYNF >RR>Y=N?@H TK=>?Y @IG Y=GN@ TG<=GHH>E? >? )>?8FN?TS E= )>??H IE REUGT @E @IG #?>@GT 2@N@GH N?T 3N?NTN N?T O=ER @IG=G @E @IG 2EU>G@ @IG 2EU>G@ <G=>ET \GG<>?Y K< )>??>HI >TG?@>@P N?T FN?YKNYG ^NH ?E@ GNHPS N?T >? ONM@

RN?P EO @IGHG ONR>F>GH N=G RKF@>F>?YKNF N?T ^>@I R>cGT G@I?>M LNM\Y=EK?THV

@IGR ;MOV +KN? BC44g 7AV 1 NR >?@G=GH@GT >? IE^ <GE<FG ME?MG>UG IERG;HA N?T E@IG= H>Y8 O=ER Î>MI 1 H@KTP @IG <FNMG8=GFN@>E?H EO RGRLG=H EO @=N?H?N@>E?NF ONR>F>GHV +IG T>H8MKHH>E? EO @IG RGN?>?Y EO NYG?MPS =EK@>?GH N?T MG=@N>? \>?T EO ?N@K=G OE= @IG >?@G=U>G^8GGH >H OEFFE^GT LP @IG N?NFPH>H EO HERG@>RGH8?GMGHHN=P <=EMGHHGH EO T>H@N?M>?Y E?GHGFO;GRE@>E?NFFPA O=ER @IG OE=RG= IERGFN?TV +IG OEMKH EO @I>H N=@>MFG >H E? @IG HEM>NF NH<GM@

EO <FNMGH n N?T E? @IG >R<E=@N?MG EO <GE<FG ME??GM@GT ^>@I @IGR n N?T T>HMK=H>UG<=EMGHHGH LP I>MI HERG@I>?Y oOE=G>Y?l >H RNTG E?GlH oE^?l N?T IE^ HERG@I>?Y @IN@ >HE?GlH oE^?l LGMERGH oOE=G>Y?lV 1? @IG FNH@ HGM@>E? 1 ^>FF ME?MG?@=N@G E? >TG?@>@P ?GYE@>N8@>E?H >? RKF@>MKF@K=NF N?T @=N?H?N@>E?NF ME?@Gc@HV +IG K?TG=H@N?T>?Y 1 @N\G E? >TG?@>@PMERGH O=ER MKF@K=NF H@KT>GH ;,NFFS TK -NP 4DD7AS GR<INH>H>?Y @IG H>@KN@GTS ME?@>?YG?@ RKF@><FG I>H@E=>GHV +IG R>Y=N?@ >TG?@>@P >H ME?@>?KEKHFP ME?H@=KM@GT N?T =GME?H@=KM@GT@I=EKYI RGRE=PS ON?@NHPS N?T ?N==N@>UGHS >? =GFN@>E? @E ;>RNY>?N=PA IERGFN?TH N?TMERRK?>@>GHS NH ^GFF NH @E @IG <FNMGH ÎG=G <GE<FG MK==G?@FP =GH>TG ;HGG ,NFF 4DDCAV 8

W ' &3 * & 2 & Q * & % 1 % - ) # ' ' " 3 &+ 1 " %

8



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A4C:

+KN? BC44g 7S 467AV 1O G N=G >?@G=GH@GT >? @IG HG?HG EO <FNMGS @IG HKLJGM@>UG N?T GRE@>E?NF

3E?@GR<E=N=P @>GH EO LGFE?Y>?Y N=G RE=G H<N@>NFFP T>UG=HG @IN? LGOE=G ;0KKH>H@E8&=<E?G? BC44g 4A n >?M=GNH>?YFPS <GE<FG N=G =GbK>=GT @E M=GN@GS RN>?@N>? N?T ?GYE@>N@GN =N?YG EO =GFN@>E?H @E RKF@><FG <FNMGHV +IG Y=E^>?Y REL>F>@P N?T FNM\ EO H>R<FG <FNMG8=GFN@GT >TG?@>@>GH LE@I bKGH@>E?H @IG H@NLFG HG?HG EO <FNMGS N?T RN\GH <GE<FG FE?Y OE=@I>H ONR>F>N= N?T HNOG <FNMG ;HGG ,N=UGP 4D:DAV "?GlH =GFN@>E?HI>< ^>@I E?GlH <FNMG EO EO =GFEMN@>E?S @IG =GFN@>E?HI><H >@I LE@I EFT N?T ?G^ <FNMG EO =GH>TG?MG INUG @E LG ME?8@GR<FN@GT RE=G ME?HM>EKHFP ;MOV 0N=JNFN>?G? 4DD5g X4AV WGE<FG EO@G? RN>?@N>? =GFN@>E?H

LE@I ME??GM@ N?T MIN?YG <FNMGH EO LE@I TG<N=@K=G N?T N==>UNF ;HGG ,P?P?G? BCCXg B4BAV

1? @I>H N=@>MFGS 1 NR GH<GM>NFFP >?@G=GH@GT >? @IG GRE@>E?NF N?T HEM>NF H>TG EO <GE8 <FNMG OGGF>?Y F>\G IERG MN? E?FP LG N<<=ENMIGT @I=EKYI @IG GRE@>E?H @IN@ N <G=HE? INHE= TEGH ?E@ INUG @E^N=TH N MG=@N>? <FNMGV )E= >?@G=U>G^GGH F>U>?Y >? )>?FN?TS @IG Gc<F>M>@=GNHE?H OE= REU>?Y @IG=G INUG EO@G? LGG? HEM>NF E= GME?ER>MS LK@ H@>FF N? GRE@>E?NFME??GM@>E? @E N ?G^ <FNMG EO =GH>TG?MG INH @E LG GH@NLF>HIGTV +I>H =G<EH>@>E?>?Y >H NME?H@N?@ <=EMGHH @IN@ @N\GH <FNMG >? N MG=@N>? HEM>G@NF N?T MKF@K=NF ME?@Gc@V 1?TGGTS >@HIEKFT LG \G<@ >? R>?T @IN@ NF@IEKYI OGGF>?YH <GE<FG INUG @E^N=TH MG=@N>? <FNMGH RNP

LG UG=P <G=HE?NFS @IGP N=G HIN<GT @E N FN=YG Gc@G?@ LP @IG HEM>NFS MKF@K=NF N?T GME?ER>M

FGO@8LGI>?T =GFN@>UGHS N?T @E @IG HK==EK?T>?Y <GE<FG >? @IG IEH@ MEK?@=PV fIG? IE<>?Y@E GH@NLF>HI N =GFN@>E?HI>< ^>@I N ?G^ <FNMG EO =GH>TG?MGS @E RN\G >@ OGGF F>\G oIERGlS MG=@N>? \>?T EO IERGF>?GHHV +IGP R>YI@ NFHE INUG @E MINFFG?YG @IG <=GUN>F>?Y T>HMEK=HGHE= >TG?@>@P <EH>@>E?H Y>UG? @E @IGR LP E@IG=HV

8

RGRLG=H IE =GRN>? T>HMKHH @IG RGN?>?Y EO <FNMG N?T @IG ONM@E=H L>?T>?Y @IGR @E T>O8OG=G?@ FEMN@>E?HS @IG GR<INH>H >H E? E@IG= NH<GM@H NH MER<N=GT @E @IG>= =GFEMN@GT ONR>FP O=ER E<<EH>?Y =EE@FGHH REL>F>@P N?T =EE@GT LGFE?Y>?YV _G>?Y Y=EK?TGT TEGH ?E@ ?GMGH8 Ê=\ EO RN\>?Y IERG >H N? E?8YE>?Y <=EMGHHV QEUGRG?@ TEGH ?E@ NF^NPH @N\G <FNMGpN^NP O=ER IERGrS N?T H@NP>?Y <K@ NFHE >?MFKTGH REUGRG?@V ;&IRGT G@ NFV BCC6g 4S 4CA



B==% 4CD

+ , * Q * & % 1 % - " ) &- * % 3 . & % / & 3 * $ +& 1 % 0 1 % / " ) % &+ # $ *

ONM@E=H >H N MG=@N>? \>?T EO ?N@K=GS N?T @IG ;H<GM>NFA =GFN@>E?HI>< <GE<FG MFN>R @E INUG

^>@I ?N@K=GV QN?P EO @IG >?@G=U>G^GGHS GH<GM>NFFP <GE<FG IE N=G O=ER $KHH>N? 0N=GF>NSH<E\G N FE@ NLEK@ REU>?Y >? ?N@K=GS U>U>TFP TGHM=>L>?Y @IG G?U>=E?RG?@ HK==EK?T>?Y NFHE H@=GHHGT @IG <N=@>MKFN= bKNF>@P EO @IG>= =GFN@>E?HI>< ^>@I ?N@K=G NH MER<N=GT @E @IG)>??HV &H TGHM=>LGT LP E?G ÊRN? E? IG= @^G?@>GHS @IG =GFN@>E?HI>< )>??H INUG ^>@I?N@K=G HGGRH @E FNM\ N MG=@N>? YG?K>?G @EKMIg

s1t? RP R>?TS <GE<FG >? )>?FN?T TE?l@ INUG @IN@ =GNFS NK@IG?@>M @EKMI ^>@I ?N@K=GS @E @IG OE=GH@ @IGP <K@ E? %>\G @=N>?G=H N?T N? &T>TNH IEET>G N?T @IG? @IGP YE N?T

1? HERG ONR>F>GHS H@E=>GH NLEK@ REU>?Y >? ?N@K=G OE=R @IG ME=G EO @IG>= ONR>FP H@E=P ME=8<KHV %N@K=G R>YI@ NFHE INUG OE=RGT >R<E=@N?@ HK==EK?T>?YH OE= H@E=P@GFF>?YV 1? HERG =G<G@>@>UG ?N@K=G EO @IGHG NM@>U>@>GHV fIG? @I>?\>?Y NLEK@ N <G=HE?lH H<N@>NF >TG?@>@P N?T N=G NFHE >R<E=@N?@g<FNMGH NFHE MERG >?@E LG>?Y @I=EKYI <=Nc>HS ?E@ JKH@ @I=EKYI ?N==N@>UGH ;$ETRN? 4DDBg7XBAV $EK@>?GHS MPMFGH N?T =G<G@>@>E? N=G ^NPH EO RN\>?Y N?T H@=G?Y@IG?>?Y HEM>E8H<N8@>NF @>GH ;HGG 0KKH>H@E8&=<E?G? BC44g XAV

W>IFNg ,E^ INUG PEK OGF@ IG? PEK @I>?\ NLEK@ PEK= G@I?>M >TG?@>@PS IE INUG PEK N <NHH<E=@V +IG=G ^NH @I>H ?N@>E?NF>@PV 1 @IEKYI@ @I>H ^NPg RP RE@IG= >H 1?Y=>N?S 8@>UGHS 1 TE?l@ \?E^ @IG FN?YKNYGS 1 INUG NF^NPH F>UGT IG=G >? 0N=GF>NS >? @IG R>TH@ EO0N=GF>N?H N?T 0N=GF>N? MKF@K=G N?T H<E\G? 0N=GF>N?V &?T 1 @I>?\ 1lR RE=G 0N=GF>N?N?T ^=E@G @IG=G 1lR 0N=GF>N?V &FHE ?E^ 1 @I>?\ N?T OGGF 1lR 0N=GF>N?V 1@lH <=ELNLFP

LGMNKHG 1lUG H<G?@ N FE@ EO @>RG ^>@I RP Y=N?TON@IG= sutV fG NF^NPH ^G?@ @E OE=GH@

^>@I I>R N?T IG @EFT sH@E=>GHtS >@ NF^NPH IN<<G?GT >? 0N=GF>N?V sut ,G @NF\GT N?T IE^ @E =E^ N?T MIGM\ @IG ?G@H N?T sut NFF @IG @I>?YH F>\G @IN@V fG ^G=G @EYG@IG=N?T IG H<K? @IG ?G@HS 1 ^NH NF^NPH ^>@I I>RS H<G?T N FE@ EO @>RG N?T HK=GFP HERG8@I>?Y INH \>?T EOS 1 TE?l@ \?E^S F>\G N MI>FT HEN\H K< NFF EO @I>HV &?T @IG? MERGH@IN@ \>?T EO K?TG=H@N?T>?Y @IN@S N?T N OGGF>?YV ;fERN?S F>UGH >? @IG $G<KLF>M EO0N=GF>NS ,BDg 4:A

+IG >R<E=@N?MG EO N MG=@N>? \>?T EO ?N@K=G INH NFHE LGG? RG?@>E?GTS ÎG? <GE<FG @NF\NLEK@ @IG>= NTN<@N@>E? @E )>?FN?TV +IG <FNMG >H RE=G F>\GFP @E OGGF F>\G IERG >O ?N@K=G >HHERGIE^ H>R>FN= @E @IG ?N@K=G EO @IG OE=RG= <FNMG EO =GH>TG?MGV +IG >R<E=@N?MG EO @IG^N@G= GFGRG?@ >? N ?G^ <FNMG EO =GH>TG?MGS OE= GcNR<FGS INH LGG? H@=GHHGT LP @IG TNKYI8



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A44C

MI>FT=G? N?T ^>OG @E )>?FN?Tg

/NT INT @E sREUGtS NF@IEKYI REU>?Y ^NH IN=T @E I>RV ,G sINTt LK>F@ N HKRRG= 46 PGN=H @I>H LEN@V &?T IG T>T?l@ INUG @IN@ H@=G?Y@I N?PRE=GV fGFF @IG? IG NH YFNTÎG? IG REUGT N?T =GNF>HGT @IN@ @IG=G >H N FN\G IG=G N?T @IGP LEKYI@ N LEN@ N?T @=>GT @E GNHG I>H OGGF>?YHS sHNP>?Yt @IN@ PGH ^G TE =GRGRLG= IE^ ^G LEN@GTS @IGÊ?TG=OKF HMG?G=P N?T IE^ FEUGFP >@ NH >@I PEKV 1 MEKFT HGG IG ^NH <FGNHGT N?TsFNKYIHtS >@ >H @=KGV 1@ NFF >H @=KGV &FHE RP H>H@G= =GRGRLG=H >@ NFFV ;fERN?S O=ER @IG$G<KLF>M EO 0N=GF>NS ,B4g X9A

_E@I @IG H@N@GRG?@H NHHG=@>?Y @IN@ @IG TNKYI@G=H =GRGRLG= @IG>= MERRE? @=><H >? @IG?N@K=NF HK==EK?T>?YHS N?T IE^ H>R>FN= ?N@K=G ^NH >? @IG OE=RG= N?T MK==G?@ <FNMGH EO

=GH>TG?MG ;RN\>?Y >@ <EHH>LFG @E ME?@>?KG ONR>F>N= NM@>U>@>GH >? @IG ?G^ FEMN@>E?AS IGF< @EM=GN@G ME?@>?K>@P E? @IG>= <N=@H N?T @IKH IGF< @IGR NTJKH@ @E @IG ?G^ G?U>=E?RG?@ RE=GGNH>FPV %N@K=NF ;N?T =GF>Y>EKHA <FNMGH MN? LG K?TG=H@EET @E INUG N \>?T EO RG@N<IPH>8MNF T>RG?H>E?g @IGP MN? LG Gc<G=>G?MGT NH Gc@G?H>E?H EO @IG H<IG=G EO IKRN? Gc>H@G?MGS 8MNFFP E=>Y>?N@>?Y O=ER ?N@K=G ;HGG 'GOGLU=G 4DD4AV +IG Y=GN@ Ê=FT =GF>Y>E?HS F>\G ?N@K=GSN=G YFELNF N?T RNP IGF< @E M=GN@G N HG?HG EO MERRK?>E? >? E?GlH F>OGV ;,P?P?G? BCCXgB45nB4:A

"? @IG E@IG= IN?TS RP >?@G=U>G^GGHl =GFN@>E?HI><H ^>@I ?N@K=G N=G KHKNFFP ?G>@IG=

8>?YS MEFFGM@>?Y LG==>GHS RKHI=EERH N?T IG=LHV WGE<FG NFHE ^N?@ @E <NHH H\>FFH N?T @IG@=NT>@>E? EO REU>?Y >? ?N@K=G E? @E OK@K=G YG?G=N@>E?HV

+IG HNRG YEGH OE= YN=TG?>?Y ;N?T RN\>?Y <=GHG=UGHAS Î>MI >H >R<E=@N?@ OE= RN?PEO @IG >?@G=U>G^GGHS N?T NFHE OE= @IEHG IE INUG REUGT @E )>?FN?TV 1? @IG>= MEK?@=>GH EO

>RR>Y=N?@H >@ MN? LG n N<N=@ O=ER LG>?Y N <=ETKM@>UG IELLP n N ^NP @E RN\G O=>G?TH^>@I FEMNFH ÎE INUG @IG HNRG >?@G=GH@Hg

2>?MG >? HKRRG= @IG=G >H ?E@I>?Y GFHG @E TE HE ;Wg E\NPAS @E LG ^>@IEK@ Ê=\ IG=GS

>@lH JKH@ @IG=NUGH N FNKYIt ;Wg PGHAV &?T @IN@ \>?T EOS <=ETKM@>UG IELLP sY>UGH INUG @EFT KH @IN@ @IGP INUG REUGT O=ER @IN@ N=GNS LGOE=G @IG N= N?T @IG>= <N=G?@HN=G O=ER @IG=G ;Wg E\NPAV ;fERN?S O=ER @IG $G<KLF>M EO 0N=GF>NS ,47g 4DA

NRE?Y @IG <GE<FG Ê=\>?Y E? @IG>= UGYG@NLFG NFFE@RG?@Hg REH@ EO @IGR n >?MFKT>?Y)>??H n INUG @IG>= =EE@H >? @IG HNRG N=GNS @IG N=GN @IN@ >H ?E^ <N=@ EO $KHH>N? 0N=GF>NV: 1?NTT>@>E?S E@IG= >?@G=U>G^GGH INUG NHHKRGT @IN@ @IG ^N=R =GMG<@>E? @IGP E= @IG>= ONR8>FP Gc<G=>G?MGT MEKFT LG TKG @E @IG H>R>FN= Gc<G=>G?MGH >? @IG ONR>FP I>H@E=>GH EO FEMNF

<GE<FGg p&?T @IN@ s@E^?t >H NFHE @IN@ \>?T ÎG=G >H FE@ EO @IEHG GUNMKGGH O=ER 0N=GF>NS



B==% 444

@IGP ^G=G GH<GM>NFFP \>?TV +IGP INUG MERG @IG=G NFREH@ @IG HNRG ^NPS INT ?E@I>?Ys^>@I @IGRtVr ;,67&g 9CA

f>@I @IGHG <=NM@>MGHS N? >R<E=@N?@ <N=@ EO @IG OE=RG= F>UGH EO @IG >RR>Y=N?@H INH LGG? ÎE INUG R>Y=N@GTS YN=TG?>?Y LE@I RN>?@N>?H F>?\H @E @IG <NH@ N?T <FN?@H ?G^ =EE@HV 1?YN=TG?>?YS @N\>?Y N <FNMG >?@E E?GlH <EHHGHH>E? LP LG>?Y NM@>UG >H GR<INH>HGTV $EK@>?GH;REU>?Y >? ?N@K=GS RN\>?Y <=GHG=UGHS E@IG= IELL>GHS G@MVA @IN@ MN? LG ME?@>?KGT >? @IG?G^ <FNMG EO =GH>TG?MG IGF< @IG OGGF>?Y EO IERG @E GRG=YGVD

+IG NH<GM@ EO NYG?MP >H EO Y=GN@ >R<E=@N?MG ÎG? @NF\>?Y NLEK@ OGGF>?Y N@ IERG >? NMG=@N>? <FNMGV +IG=G RKH@ LG @IG <EHH>L>F>@P @E TE HERG@I>?Y RGN?>?YOKFV "? @IG E@IG=IN?TS F>OG >? )>?FN?T MN? NFHE LG HGG? NH <EH>@>UG >? @IG HG?HG @IN@ @IG=G >H ?E ?GGT @E:" HERG@I>?Y NFF @IG @>RGg N <G=HE?lH G?G=YP >H ?E@ ?GGTGT JKH@ @E ME<G ^>@I GUG=PTNP <N=@ EO <G=HE?NF TGUGFE<RG?@AV )E= GcNR<FGS NMME=T>?Y @E E?G >?@G=U>G^GGS IG= <N=G?@H

T>T ?E@ INUG G?EKYI @>RG >? $KHH>N @E RGG@ =GFN@>UGH N?T O=>G?THS GUG=PE?G ^NH LKHPTE>?Y IEKHGIEFT @NH\H N?T Ê=\>?Y >? @IG>= UGYG@NLFG <N@MIGH ;,66g 49CAV)>?T>?Y N JEL >H ?N@K=NFFP N ONM@E= @IN@ RN\GH <GE<FG RE=G GNH>FP NTJKH@ @E @IG>= ?G^

G?U>=E?RG?@S @E =GYN=T @IG <FNMG NH @IG>= E^?V 1O GR<FEPGTS <GE<FG NFHE RE=G GNH>FP OGGF@IGP N=G NMMG<@GT LP @IG RNJE=>@PV 2ERG EO @IG >?@G=U>G^GGH INUG HN>T @IN@ @IGP INUG NH oO=GGFENTG=HlV &H E?G EO @IG NYG>?Y ÊRG? OE=RKFN@GT >@g p+IG=G N=G G?EKYI <GE<FG@E LG @N\G? MN=G EO >? )>?FN?TV "? @IG E@IG= IN?TS ÎG? 1 @I>?\ @IN@ RP MI>FT=G? N?T >H >?TGGT @E LG NMMG<@GT NH <N=@ EO @IG MERRK?>@PS NH N OKFF RGRLG=S N?T @E OGGF HNOG

<FNMGHS FEMNFGH N?T >TG?@>@>GH <GE<FG OGGF @IGP TE ?E@ N?T MN??E@ LGFE?Y @ES GUG? >O @IGP^N?@ @EV 3E?MG=? NLEK@ LGFE?Y>?Y >H >?TGGT H@=E?YFP NM@>UN@GT <=GM>HGFP N@ @IG RERG?@HÎG? @IG=G >H N HG?HG EO GcMFKH>E?S EO ?E?8LGFE?Y>?Y ;&?@I>NH BCC7g B4AV

$ * 2 , & W 1 % - + , * + 1 * 2 + " + , * ' & % / " ) " $ 1 - 1 %

1? HERG >?@G=U>G^HS @IG OE=RG= <FNMG EO =GH>TG?MG >H TGHM=>LGT >? LGNK@>OKF MEFEK=HV+IG=G N=G H>Y?H EO HERG \>?T EO ?EH@NFY>N OE= <=GU>EKH @>RGH N?T <FNMGHg <GE<FG R>YI@S

OE= GcNR<FGS ^>HI @IN@ @IG>= MI>FT=G? MEKFT INUG @IG HNRG \>?T EO MI>FTIEET NH @IGPINTV 2ERG <GE<FG INUG NFHE <=N>HGT @IG NM@>UG MKF@K=NF F>OG EO @IG>= FN?T EO E=>Y>?V &H E?G @IG=G ^NH ?E@I>?Y IN<<G?>?YV ,E^GUG=S >@ HGGRH @IN@ HIG MIN?YGT IG= R>?T FN@G= E?V TNP N?T EUG= @IG H<N? EO PGN=HV sut +IG OGGF EO <FNMG >H =GY>H@G=GT >? E?GlH RKHMFGH N?T

LE?GHVr ;+KN? BC44g 45Dn4:XA+IG=G N=G >?@G=U>G^GGH IE N=G ?E@ GcNM@FP IN<@I @IG>= F>UGH >? )>?FN?T N?T N=G

ME?H>TG=>?Y REU>?Y LNM\ @E @IG>= OE=RG= IERGFN?THV 1? @IG>= TGHM=><@>E?HS @IG FN?T EO

?GMGHHN=>FP YFE^>?YV



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A44B

F>OG >? $KHH>NV WG=IN<H RP H@ERNMI ^NH?l@ NF^NPH @IN@ OKFFS LK@ >@ ^NH?l@ >R<E=@N?@OE= RGV _K@ F>OG ^NH ?E=RNFS 1 INT N YEET JELS N?T 1 TE?l@ \?E^S RNPLG >@ ^NH N

^G T>T?l@ YG@ EK= HNFN=>GH E? @>RG N?T GUG=P@I>?YS N?T 1 INT @Ê MI>FT=G?V +IG=G RNPLG 1 JKH@ HIEKFT INUG LE=?G >@ N?T @=>GT @E F>UG @IG=GV QNPLG >@ EKFT INUG LGG?

;fERN?S O=ER @IG $G<KLF>M EO 0N=GF>NS ,B9g 6CA

+IG=G ^G=G ?E <GE<FG ÎE INT =G@K=?GT NRE?Y RP >?@G=U>G^GGHS LK@ HERG EO @IG>=ONR>FP RGRLG=H ;MI>FT=G?S Gc8H<EKHGHA INUGS OE= GcNR<FG NO@G= N T>UE=MG >? )>?FN?TV2ERG <GE<FG INUG H@N@GT @IN@ OE= @IGR >@ HGGRH @IN@ HEM>G@P >? $KHH>N E= >? *H@E?>N INHMIN?YGT HE RKMI @IN@ @IGP MN??E@ ME?H>TG= REU>?Y LNM\ @IG=Gg @IGP ÊKFT ?E@ OGGF

N@ IERG @IG=G N?PRE=GS NO@G= F>U>?Y >? )>?FN?T OE=S OE= GcNR<FGS @G? PGN=HV "?G EO @IG>?@G=U>G^GGH IE HN>T @I>HS IE^GUG=S E^?GT N? N<N=@RG?@ >? I>H OE=RG= IERGFN?T K?@>F=GMG?@FPS Î>MI HKYYGH@H @IN@ IG R>YI@ INUG ^N?@GT @E \GG< @IG LNM\TEE= E<G?S JKH@ >?

"O@G? <GE<FG IE INUG REUGT E= N=G <FN??>?Y @E REUG @E )>?FN?T HGGR @E LG =N@IG=M=>@>MNF EO @IG>= OE=RG= IERGFN?T N?T @IG F>U>?Y ME?T>@>E?H @IGP KHGT @E INUG @IG=GVWGE<FG INUG >? @IGHG MNHGH Y=E^? N<N=@ O=ER @IG>= OE=RG= F>UGH NH ^GFF NH @IG>= OE=RG=<FNMGH EO =GH>TG?MGV *H<GM>NFFP >? @IG ?N==N@>UGH EO @IG PEK?YG= YG?G=N@>E? @IG ?N@>UGFN?T >H EO@G? TG<>M@GT NH o@IG E@IG=lS H>?MG @IG >?@G=U>G^GGH INUG F>UGT REH@ EO @IG>= F>UGH>? )>?FN?TV &H E?G 4X8PGN=8EFT Y>=F ÎE REUGT @E )>?FN?T N@ @IG NYG EO @I=GG HN>Tg p1

ÊKFT?l@ YE @E F>UG >? $KHH>N N@ N?P MEH@S LGMNKHG 1 OGGF @IN@ 1 ÊKFT LG NH RKMI N? EK@8H>TG= @IG=G NH N?P E@IG= OE=G>Y?G=Hr ;,B5g 6:AV 2ERG EO @IG PEK?YG= >?@G=U>G^GGH INUGOGF@ @IN@ @IGP INUG N IERG@E^? >? @IG>= MEK?@=P EO E=>Y>?S GUG? >O @IGP TE ?E@ =GOG= @E @IGFN?T NH @IG>= IERGFN?TV #HKNFFP HERG MFEHG =GFN@>UGH F>UG @IG=GS N?T @IKH @IGP OGGF MN?REUG N=EK?T @IG=G >@IEK@ <=ELFGRH ;HGG ,BCg 7BAV +IG =G<=GHG?@N@>UGH EO @IG PEK?YG=YG?G=N@>E? ;<GE<FG IE REUGT @E )>?FN?T IG? @IGP G=G 49 PGN=H EFT E= PEK?YG=g @IGHE8MNFFGT YG?G=N@>E? E?G8N?T8N8INFOA R>YI@ OGGF bK>@G >==>@N@GT NLEK@ LG>?Y ME??GM@GT @E@IG OE=RG= IERGFN?T EO @IG>= <N=G?@HS N?T NLEK@ @IG ?GGT @E NF^NPH LG =GNTP @E Gc<FN>?@IG>= =EE@H N?T =GNHE?H OE= LG>?Y >? )>?FN?T @E E@IG=HS GUG? @E H@=N?YG=H ;MOV $NH@NH BC46g9CAV +IGP R>YI@ NFHE LG @>=GT EO IGN=>?Y NLEK@ @IG NTUN?@NYGH EO @IG>= RKF@>MKF@K=NF

LNM\Y=EK?T N?T \?E^>?Y HGUG=NF FN?YKNYGHV2ERGÎN@ HK=<=>H>?YFPS EFTG= YG?G=N@>E? >RR>Y=N?@H INUG NFHE T>H@N?MGT @IGR8HGFUGH O=ER @IG>= OE=RG= <FNMGH EO =GH>TG?MGV )E= GcNR<FGS E?G ÊRN? @EFT RG @IN@ @E ME?O=E?@ @IG <NH@V )EET HG=UGT >? @IG ?N@>UG FN?T NFHE HGGRGT HE TKL>EKH @IN@ HIGINT @N\G? OEET ^>@I IG= O=ER )>?FN?T ;,47g 55AV & OGRNFG >?@G=U>G^GG >? IG= @I>=@>GH YEET?GHHS >@I RP RE@IG=S n 1 @I>?\ s>@ >Ht HNOGS PGHS 1 TE @=KH@ RP RE@IG=r ;,B4g 57AV +IG

HERGE?G GFHGS E? @IG E@IG= IN?T 1 K?TG=H@N?T @I>H IGH>@N@>E? NFHE @E LG =GFN@GT @E @IG@=NUGF TGH@>?N@>E?S GUG? >O @I>H >H IG= OE=RG= IERGFN?TV



B==% 446

&RE?Y @IG @I>?YH @IN@ T>H@N?MG <GE<FG O=ER @IG>= OE=RG= IERGFN?TH N?T RE@>UN@G@IGR @E REUG N^NPS N OGGF>?Y EO >?HGMK=>@P INH EO@G? LGG? @IG REH@ >R<E=@N?@ @I>?YV"?G EO @IG >?@G=U>G^GGH RG?@>E?GT =G<GN@GT LK=YFN=>GHS @IGO@H O=ER @IG UGYG@NLFG <N@MISN?T LEN@H @IN@ G=G H@EFG? n =G<GN@GT <G?G@=N@>E?H >?@E @IG ONR>FPlH <=>UN@G H<IG=G ;,47g9BAV 1? NTT>@>E?S E@IG= >?@G=U>G^GGH INUG RG?@>E?GT @IN@ @IG K?MG=@N>?@P EO @ERE==E^

INUG LGG? N HIEM\>?Y Gc<G=>G?MG @E LGY>? ^>@IV +IG =IP@IR EO F>OG >? )>?FN?T INH EO@G?

*c<G=>G?M>?Y @IG OE=RG= ?N@>UG FN?T NH HERG@I>?Y OE=G>Y? N?T K?HNOG MN? NFHE LG

<N=@ EO @IG ?GMGHHN=P GRE@>E?NF T>H@N?M>?Y @IN@ >H ?GGTGT ÎG? LK>FT>?Y LE?TH ^>@I N?G^ IERGFN?TV "?G R>YI@ INUG @E L=GN\ FEEHG O=ER E?G <FNMGS N@ FGNH@ @E HERG Gc@G?@S@E LG NLFG @E LK>FT N =GFN@>E?HI>< ^>@I N?E@IG= <FNMGV fIG? MN==P>?Y EK@ >?@G=U>G^H >? 8

@IGHG <GE<FG @E @IG>= OE=RG= IERGFN?THS Î>MI R>YI@ OGGF F>\G N OE=MGT =G@K=? @E @IGH@N@G O=ER Î>MI @IGP INUG LGG? @=P>?Y @E MK@ FEEHG @I=EKYI N FE?Y N?T GRE@>E?NF <=E8MGHH ;/NUPTEUN BCCXg B9XnB99AV

W * " W ' * Q & 0 1 % - W ' & 3 * 2 S W ' & 3 * 2 Q & 0 1 % - W * " W ' *

1? RP RN@G=>NFS N =GFN@>E?HI>< ^>@I YGEY=NMNF <FNMGH >H EO@G? ?N==N@GT U>N >R<E=@N?@ >@H ?N@K=Gg LP pF>U>?Y N <FNMGr <GE<FG RN\G >@ RGN?>?YOKF ;QN=>? BCC6g B6AV +IG ONR>FP

MERRE?FP LGMERGH @IG OEMNF <E>?@ @I=EKYIS E= ^>@I Î>MIS <GE<FG F>UG <FNMGHV 2ERG @IG =>YI@ <GE<FGS @I>?YH N?T <FNMGH N=G bK>M\FP T=N>?GT EO RGN?>?Y ;HGG +KN? BC44g 4XCAV

fIN@ MERGH @E >?@G=U>G^GGH ÎE INUG REUGT >H @IN@ @IG ?G^ <FNMG EO =GH>TG?MG >?)>?FN?T INH EO@G? LGG? MIEHG? LGMNKHG @IG=G N=G =GFN@>UGH E= E@IG= NMbKN>?@N?MGH F>U>?Y E= O=>G?THV WGE<FG REU>?Y O=ER $KHH>N? 0N=GF>N EO@G? <=GOG= @E F>UG ?GN= @IG LE=TG=SÎ>MI RN\GH >@ <EHH>LFG @E U>H>@ $KHH>N RE=G EO@G?S N?T @E L=>?Y Y=EMG=>GH N?T ME?HG=UGHRNTG LP =GFN@>UGH LNM\ @E )>?FN?TV $GNF>H>?Y @IG >R<E=@N?MG EO =GFN@>UG T>H@N?MG >H NFHE *NH@G=? )>?FN?TA @IN? @E HERG E@IG= FEMNF>@>GH >? $KHH>N? 0N=GF>NS NF@IEKYI !EG?HKK >H E?@IG E@IG= H>TG EO N ?N@>E?NF LE=TG=V QN?P EO @IG >?@G=U>G^GGH O=ER $KHH>N INUG NFHE ?E@ RE=G O=GbKG?@FPV

)E= @IG EFTG= YG?G=N@>E?S FGNU>?Y @IG>= MEK?@=P EO L>=@I >? E=TG= @E REUG @E )>?FN?T >HEO@G? ?E@ IN@ @IGP INUG LGG? T=GNR>?Y EOV QN?P EO @IG EFTG= <GE<FG 1 >?@G=U>G^GT OGGF @IG>= IERG MEK?@=PV +IGP R>YI@ U>H>@ E@IG= MEK?@=>GHS LK@g p+IG? LNM\ IERGS IERG s>Ht

4C /^GFF>?YS MEK?@=P IEKHGS O=>G?THS =GFN@>UGHS E=\8>?Y <FNMG N?T @IG <EHH>L>F>@P OE= N? NM@>UG F>OG N=G KHKNFFP RG?@>E?GT NH =GNHE?H OE= ?E@REU>?YV p+IG=G >H ?E@I>?Y @E TE @IG=Gr ;,64/g 6BAS NH E?G >?@G=U>G^GG F>U>?Y >? $KHH>N?



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A44X

0N=GF>N <K@ >@S =GOG==>?Y @E @IG >R<E=@N?MG EO LG>?Y NLFG @E ME?@>?KG N? NM@>UG F>OG NO@G= N?T OE=GREH@ @E @IG GME?ER>M H>@KN@>E? N?T <G=HE?NF HNOG@PAS LK@ <GE<FGlH 1&4/7> N=G HN>T@E LGFE?Y @E @IG>= IERG MEK?@=>GHV

"?G EFTG= >?@G=U>G^GGS 1=NS @NF\H NLEK@ IG= TGN= NK?@ ÎE INT REUGT @E )>?FN?T

NLEK@ @G? PGN=H LGOE=G @IG >?@G=U>G^ N?T ÎE <G=HKNTGT @IG >?@G=U>G^GG @E REUGV 2IG NFF IGF<>?Y GNMI E@IG= N?T GUG=P@I>?Y ^NH HE ?>MGV &?T ?E^S NFF ÎE T>GTS ÎE ^G?@ 4DA /GH<>@G @I>HS HIG TEGH ?E@ ^N?@ @E REUG O=ER IG= IERGFN?T N?T Gc<FN>?H @IN@ @I>H>H RN>?FP LGMNKHG EO @IG >R<E=@N?MG EO <GE<FG MFEHG @E IG=S N?T LGMNKHG EO @IG MFEHG?GHH

LG@^GG? <GE<FG >? YG?G=NFV

1@ >H LGNK@>OKF @E F>UG @IG=GS LK@ N?E@IG= @I>?Y >H FE?Y>?YV 1 TE?l@ \?E^ IE^S RNPLGPEK TE?l@ K?TG=H@N?T LK@ 1 \?E^ ^G TE?l@ INUG N \>?T EO F>OG ^GlT F>\G @E INUGV

_K@ G TE INUG <GE<FG N=EK?T KHS <GE<FG @E @NF\ @E N?T @E LG >@IS G NF^NPH RGG@ LK@ ?>MG N@ PEK= <FNMGV _K@ @IG ^NP >@ >HS FG@ >@ LGS IP MIN?YGV "O MEK=HGS HIG >?U>@GHRGS <G=HKNTGH RG @E MERG @E IG=S HIG F>UGH NFE?G N?T >H >? FE^ H<>=>@HV _K@ ÎG=G E?GlH E^?V 2IG INH MI>FT=G? N?T N FE@ EO Y=N?TMI>FT=G? @IG=GV ;fERN?S F>UGH >? @IG$G<KLF>M EO 0N=GF>NS ,6Bg BCA

1?@G=U>G^GGH INUG LP N?T FN=YG H@=GHHGT @IG >R<E=@N?MG EO MFEHG =GFN@>E?H N?T N ^>TG?G@Ê=\ EO =GFN@>UGHV 3ER<N=GT @E @IG>= ONR>F>GHS @IG ONR>FP F>UGH EO )>??H HGGR @E LG

MG?@=GT RE=G N=EK?T @IG ?KMFGN= ONR>FPV QP >?@G=U>G^GGH NFHE EO@G? H@=GHH @IN@ >? @IG>=ONR>F>GH @IG MFEHG ME??GM@>E? LG@^GG? MI>FT=G? N?T <N=G?@H TEGH ?E@ T>HN<<GN= ÎG?@IG MI>FT=G? Y=E^ K<V +IG RGN?>?Y EO ONR>FP HK<<E=@ >H KHKNFFP GR<INH>HGT TK=>?Y NH HKMIV 3FEHG =GFN@>E?H ^>@I ONR>FPS =GFN@>UGH N?T ?G>YILEK=H IGF< @IG OGGF>?Y EO IERG@E GRG=YGV 1O ?G^MERG=H TE ?E@ RN?NYG @E RN\G O=>G?TH ^>@I FEMNFHS @IG =EFG EO @IG>=ONR>FP >H GUG? RE=G GHHG?@>NFV ,ERG MN? NFHE LG OEK?T >? @IG =GFN@>E?HI>< ^>@I E?GlH<N=@?G=V "?G PEK?YG= >?@G=U>G^GGS >? IG= @^G?@>GHS HN>T @IN@ HIG TEGH ?E@ =GNFFP =GF8>HI G>@IG= )>??>HI HEM>G@P HK==EK?T>?Y IG= E= @IN@ EO IG= <N=G?@H8>?8FN^V ,ERG OE= IG=GbKN@GH @E IG= IKHLN?Tg

1 INUG @IN@ \>?T EO @IGE=P NYN>?S @IN@ ^>@I $>\K ^G INUG EK= E^? Ê=FTS ^G F>UG@EYG@IG=S ^G INUG LK>F@ EK= E^? Ê=FT >? @I>H N<N=@RG?@ N?T F>UG IG=G ^>@I GNMIE@IG=S N?T F>UG Gc@=GRGFP ^GFFV _GMNKHG 1 MEKFT?l@ MFN>R OE= GcNR<FG @IN@ 1 F>\G)>??>HI HEM>G@PV 1 TE?l@ <N=@>MKFN=FP F>\G )>??>HI <GE<FG N?T 1 INUG?l@ @N\G? @E )>??8>HI HEM>G@PV _K@ @I>H >H ?E@ @E HNP 1 MEKFT?l@ F>UG IG=GS EO MEK=HG 1 MN? F>UG IG=GV _K@s<NKHGHtS LK@ 1 F>\G F>U>?Y >@I $>\K IG=G =N@IG= @IN? TGNF>?Y @EE NM@>UGFP >@I )>??8>HI HEM>G@PV 2E >? @IN@ ^NP 1 @I>?\ EK= F>OG \>?T EO INH EK= FEE\V ;fERN?S O=ER @IG_NF@>M 2@N@GHS ,69g 49A

$GFN@>UGH ÎE =GRN>? >? @IG ?N@>UG MEK?@=P R>YI@ OGGF RE=G H@=E?YFP ;E= H<GN\ RE=G

E<G?FPA NLEK@ ?G@Ê=\H EO =GFN@>UGH ^GN\G?>?Y ÎG? ONR>FP RGRLG=H REUG NL=ENTV



B==% 449

+IG =GFN@>UGH IE REUG N^NP MN? LGS >? @IG MEK=HG EO @>RGS MEK?@GT EK@ O=ER @IG >RRG8T>N@G ONR>FP M>=MFGS N@ FGNH@ E? N? GRE@>E?NF FGUGFV QN?P >?@G=U>G^GGH ÎE INUG H@NPGT>? @IG MEK?@=P EO E=>Y>? Î>FG @IG>= ONR>FP RGRLG=H REUGT @E )>?FN?TS INUG TGHM=>LGTIE^ @IG>= =GFN@>UGH N?T ONR>FP RGRLG=H @K=?GT >?@E OE=G>Y?G=HV +IEHG ÎE FGO@ OE= )>?8FN?T N=G H@N=@>?Y @E @I>?\ N?T NM@ F>\G )>??HV WGE<FG HERG@>RGH OGGF @IN@ @IG>= =GFN@>UGH

>? )>?FN?T TE ?E@ K?TG=H@N?T ME?@GR<E=N=P F>UGH >? @IG>= OE=RG= IERG MEK?@=>GHV 1? RG?@NF>@P >? YG?G=NF EO@G? N<<GN=H OE=G>Y? @E @IGRV ,E^GUG=S NH <GE<FG NYG @IGP R>YI@ME?H>TG= REU>?Y LGMNKHG EO @IG OE=GHGGNLFG ?GGT OE= ;RE=G >?@G?H>UGA MN=G N?T N OGN=@IN@ ?ELETP ^>FF LG @IG=G @E IGF< @IGR @IG?V &?E@IG= ME?MG=? >H NLEK@ ÎE ^>FF @N\GMN=G EO @IG Y=NUGH EO @IG ONR>FPS >O =GFN@>UGH INUG =GFEMN@GTV

fIG? >@ MERGH @E RN\>?Y O=>G?TH >? )>?FN?TS RN?P EO RP >?OE=RN?@H INUG OGF@ @IN@ >@>H GNH>G= @E LGO=>G?T E@IG= $KHH>N?H E= *H@E?>N?HS E= E@IG= <GE<FG O=ER @IG OE=RG= 2EU>G@#?>E?V 2ERGIE^ @IGP OGGF RE=G ONR>F>N=V 1?@G=U>G^GGH INUG ?N@K=NFFP NFHE RNTG O=>G?TH^>@I )>??H ;>? @IG NFFE@RG?@HS OE= GcNR<FGS NH TGHM=>LGT GN=F>G=AV 2ERG <GE<FG @G?T @E

H@=GHH IE^ p<GE<FG N=G <GE<FG GUG=PÎG=GrS HERG EO @IGR RE=G E<G? N?T IN<<>G= @IN@E@IG=H ;,47g 59AV 1 ÊKFT HNP @IN@ @IG=G N=G @Ê ;HGGR>?YFPA ME?@=NT>M@E=P T>HMEK=HGH<=GHG?@ NFF @IG @>RGS GUG? >@I>? E?G >?@G=U>G^V "? @IG E?G IN?T <GE<FG GR<INH>HG T>O8OG=G?MGHS N?T E? @IG E@IG= H>R>FN=>@PV fIG@IG= @IG <=NM@>MGH N?T <GE<FG N=G ME?MG>UGTNH OE=G>Y? E= ?E@ TG<G?TH E? H>@KN@>E?V 1? E?G ME?@Gc@ N <G=HE? MN? HNP @IG=G N=G ?E T>O8

QN?P EO RP >?@G=U>G^GGH INUG NFHE HN>T @IN@ >@ >H GNH>G= @E RN\G O=>G?TH ^>@I E@IG=OE=G>Y?G=H @IN? ^>@I )>??HV ,E^GUG=S >@ >H >?@G=GH@>?Y @E ?E@G @IN@ @IG=G N=G MFGN= I>G=8

O=ER @IG N=GN EO @IG OE=RG= 2EU>G@ #?>E?V &? >FFKH@=N@>E? EO @I>H >H IE^ ?E@ NFF EO RP>?OE=RN?@H NY=GG @E LG MNFFGT >RR>Y=N?@S N?T @=P @E HG<N=N@G @IGRHGFUGH O=ER E@IG= <GE8<FG O=ER @IG HNRG N=GNV )E= GcNR<FGS PEK?Y >?@G=U>G^GGH @NF\GT ^>@I N ME?TGHMG?T>?Y@E?G NLEK@ @IEHG EO @IG>= HMIEEFRN@GH ÎE TE ?E@ @=P @E HEM>NF>HG ^>@I )>??>HI <K<>FHN?T @NF\ >? $KHH>N? ^>@I GNMI E@IG= ;,B5g 44AV "?G EO @IG Y>=FH H@N@GTg

_K@S 1 TE?l@ OGGF @IN@ 1lR $KHH>N? RPHGFOS N?T ^GFFS PGH sut 1lR INFO )>??>HIS lMNKHGRP RKR >H INFO )>??>HI N?T RE@IG=lH ON@IG= N?T RE@IG=lH Y=N?TRE@IG= N=G )>??8 1lR NFHE MNFF>?Y E@IG= $KHH>N?H p@IEHG $KHH>N? Y>=FHr sut ;,B5&g 4XA

fIG? 1 NH\GT N? EFTG= >?@G=U>G^GG IE^ <GE<FG INUG @=GN@GT IG= >? )>?FN?TS HIG @EFT RG

,GFR>g fGFF @IG @=GN@RG?@ IG=GS @IG=G INH ?E@ LGG? N?P @IN@ \>?T EOS ME?@=NT>M@>E?H W=EOGHH>E? >? )>?FN?T MEK=HGS ÎG? N $KHH>N? ÊRN? @EFT RG HERG@I>?YV 2IG INTRN==>GT N )>??>HI RN? N?T RNPLG @IGP INT @NF\GT NLEK@ >@ >? @IG ONR>FP M>=MFG

LGMNKHG HIG HN>TS p^GFF @IGHG 1?Y=>N?HrS N?T HIG IG=HGFO ^NH INFO -=GG\ N?T INFO

$KHH>N?S O=ER QEHME^V 1 ^NH NF^NPH =GNFFP N??EPGT ÎG? sY>UGH N FNKYIt sHIGtH<E\G F>\G @IN@ N?T >? @IG G?T 1 HN>TS ÎN@ TE PEK \?E^ NLEK@ @IGHG <GE<FG s@Et



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A447

8@KTGS N?T NFHE >? $KHH>NS MNFF>?Y KH 44 sY>UGH N FNKYItS PGHV ;fERN?S O=ER@IG $G<KLF>M EO 0N=GF>NS ,47g 9DA

8?>N? H<GN\>?Y R>?E=>@P <GE<FGA >? )>?FN?TS >@ >H ?E@ <EHH>LFG @E H<GN\ NLEK@ N IEREYG8?EKH Y=EK< E= MERRK?>@PV4B &H @IG <=GMGT>?Y GcNR<FGH NFHE HIE^S @IG=G N=G HERG@>RGHbK>@G N OG^ @G?H>E?H NRE?Y <GE<FG ÎE N=G Y=EK<GT @EYG@IG= LP EK@H>TG=HS E= LP @IGRNJE=>@PV QGRLG=H EO R>?E=>@P Y=EK<H HGGR @E INUG NTE<@GT @IG <KLF>M T>HMEK=HGH E?TGH>=NLFG N?T K?TGH>=NLFG >RR>Y=N?@HS N?T HERG@>RGH Ê=\ IN=T @E HG<N=N@G @IGR8 8 @IG H<GM>NF <EH>@>E? EO @IGHG <GE<FG INH NFHE LGG? <NHH>E?N@GFP T>HMKHHGT >? HERG >?@G=8

E?FP LGMNKHG @IGP OGF@ @IGP INT =EE@H >? )>?FN?Tg @IGP =G@N>?GT N HG?HG EO )>??>HI >TG?8@>@PS N OGGF>?Y EO @IN@ )>?FN?T ^NH @IG>= G@I?>M IERGFN?T ;,4Dg B:AV "? @IG E@IG= IN?TSN?E@IG= >?@G=U>G^GG MFN>RH bK>@G @IG E<<EH>@GS I>FG @NF\>?Y NLEK@ IG= RE@IG= N?T E@IG= F>\G IG= E^? IKHLN?TS @IN?\H @E IEHG >?>@>N@>UG @IGP REUGT @E )>?FN?TV p_K@ @IEHG /&4# 1?Y=>N?HS ÎE HIEKFT LG IG=GS @IGP N=G H@>FF @IG=G sut N?T <=ELNLFP ^>FF ?GUG= YG@ IG=GV+IEHG @IN@ ÊKFT RNPLG ?E@ LGG? ?GGTGT N@ NFFS @IGP N=G NFF IG=G NF=GNTPVr ;,:&g B6A

1 / * % + 1 + 1 * 2 & % / )& Q 1 ' 1 * 2 1 % Q & 0 1 % -

,ERG MN? NFHE LG OEK?T >? =GF>Y>E? E= >? FN?YKNYGS Î>MI N=G ?E@ ?GMGHHN=>FP <FNMG8 LEK?TGT @I>?YHV 1?TGGTS =GF>Y>E? MN? G>@IG= L>?T <GE<FG @E <FNMG E= O=GG @IGR O=ER >@SK?>UG=HNF =GF>Y>E?H =N@IG= @G?T @E Y>UG O=GGTER ;HGG +KN? BC44g 49BAV &H RG?@>E?GT GN=8F>G=S @IG =GFN@>E? @E @IG ?N@K=G N?T =GF>Y>E? MN? M=GN@G ME?@>?K>@P >? <GE<FGlH F>UGHS ÎG?E@IG= @I>?YH N=G MIN?Y>?YV 2ERG EO @IG >?@G=U>G^GGH INUG TGHM=>LGT =GF>Y>EKH ME?@>?K>@P@I=EKYI YG?G=N@>E?HS NH Y=N?T<N=G?@H INUG LGG? <NHH>?Y @IG =GF>Y>EKH \?E^FGTYG @EY=N?TMI>FT=G?V

&FRNg fGFFS >@ >H sY>UGH N FNKYItV -=N?TRE@IG= @NKYI@ KH REH@FP ÎG? ^G ^G=G 8RE@IG= HNP>?Y GUG?>?Y <=NPG=HS @IG 'E=TlH W=NPG=V fG T>T?l@ FGN=? >@ LP IGN=@S LK@^G T>T K?TG=H@N?T @IG RGN?>?YS LGMNKHG Y=N?TRE@IG= INT N? >ME? @IG=GS N <>M@K=GEO !GHKH @IG=G N@ @IG ME=?G=V &?T E? @IG LGT=EER ^NFF @IG=G ^NH N FEUGFP <>M@K=GS

!GHKH \?EM\>?Y E? @IG TEE= N?T @IN@ \>?T EO YEETS @IN@ \>?T EO ^N=R <>M@K=G >@ NH1 @I>?\S N@ FGNH@ >@ F>UGT E? >? RP RGRE=>GHV fGFF HIG NF^NPH @EFT @IN@ @IG=G >H N !GHKH\?EM\>?Y N?T @IG? HIG @EFT @IG ÎEFG _>LFG @E KHS 1 =GRGRLG= GUG=P@I>?YS ?E^ EOMEK=HG NO@G=^N=TH 1 H@KT>GT >@S TK=>?Y @IG H@KT>GHS LK@ O=ER @IEHG TNPH 1 \?G^ >@S @IGÎEFG H@E=P IE^ >@ IN<<G?GTg ,E^ IG HIN=GT L=GNT sut N?T 1 MN?l@ =GRGRLG= NFF



B==% 445

8H@EET GUG=P@I>?Y H>?MG 1 =GRGRLG= GUG=P@I>?YV &FRNg %ES 'K@IG=N? ;Wg 'K@IG=N?S PGHVA &?T ^G INUG NFHE LGG? LN<@>HGTV QPPEK?YG= H>H@G= INH ?E@ LGG? LN<@>HGTV _K@ RGS RP L=E@IG= N?T 1 INUG LGG? LN<@>HGT

E@IG=^>HG ^G ÊKFT INUG LGG? Gc<GFFGT O=ER HMIEEFV "= HERGE?G HN>TS ON@IG= E=RE@IG= HN>T @IN@ TE?l@ @NF\S N@ HMIEEFV &@IG>H@S >@ NH N? N@IG>H@>M MEK?@=P LNM\ @IG?V;,B4g 95n9:A

+IG =GMK==G?@ @IGRG >? @IG >?@G=U>G^H EO =G8R>Y=N?@H >H IE^ LE@I @IG G@I?>M LNM\Y=EK?T 1?Y=>N? =G8R>Y=N?@HS @IG =GFN@>E? @E 'K@IG=N? MIK=MI >H EO@G? H@=GHHGTV _G>?Y 'K@IG=N?=N@IG= @IN? "=@IETEc INH LGG? E?G EO @IG MG?@=NF GFGRG?@H >? RN\>?Y EO 1?Y=>N? >TG?8@>@PS NF@IEKYI >@ INH NFHE LGG? ME?@GH@GTV QN?P EO @IG 1?Y=>N? LNM\Y=EK?T ONR>F>GH 1 INUG

>?@G=U>G^GT N=G 'K@IG=N?S LK@ >? @IG ONR>F>GH EO RP >?OE=RN?@HS >@ >H N@ @IG HNRG @>RG ?E@GcMG<@>E?NF @IN@ RKF@>MKF@K=NF>@P INH =GNMIGT NFHE @IG =GF>Y>EKH H<IG=GV WGE<FG @N\G <GNMG8OKFFP E= GUG? <FNPOKFFP @IG ONM@ @IN@ E?G EO @IG MI>FT=G? EO @IG ONR>FP RNP LG "=@IETEcSN?E@IG= 'K@IG=N? N?T @I>=T N@IG>H@ ;,64g BXnB9AV 1?@G=U>G^GGH INUG NFHE TGHM=>LGT <GNMG8OKF ME8Gc>H@G?MG EO =GF>Y>E?H >? @IG HRNFF FEMNF>@P >? $KHH>N 0N=GF>Ng 'K@IG=N? N?T "=@IETEcME?Y=GYN@>E?H N=G KH>?Y @IG HNRG =EERH E?G NO@G= N?E@IG=S N?T RN?P EFTG= ÊRG? N=G 8Y>E? R>YI@ NFHE LG OEK?T NO@G= REU>?Y @E )>?FN?TS ÎG? >@H RGN?>?Y MN? LG GR<INH>HGT

2ERG EO @IG =G8R>Y=N?@H ^>@I 1?Y=>N? )>??>HI LNM\Y=EK?T INUG FGN=?GT E= N@ FGNH@IGN=T )>??>HI FN?YKNYG NF=GNTP >? MI>FTIEETV "?G EO RP >?OE=RN?@H H@N@GTg p)>?FN?T^NH ?E@ OE=G>Y?S )>??>HI FN?YKNYG ^NH F>\G E^? @E IGN=@r ;,BXAV &FHE N?E@IG= >?@G=8 )>??>HIS NFHE HIG MNFRGT TE^?S OGF@ RE=G F>\G IERGV p s+tIN@ \>?T EO ONR>F>N=S ?N@>UGSOGF@ F>\G >@ ^NH @IG HNRG NH >? EK= MI>FTIEETS @IG HNRG FN?YKNYGS NFF @IG Ê=TH ^G=GK?TG=H@N?TNLFGVr ;,64&g 69A

+IG UG=P HNRG FN?YKNYGS @EYG@IG= >@I )>??>HI LNM\Y=EK?TS R>YI@ INUG MNKHGT <GE8<FG @E OGGF pE@IG=?GHHr Î>FG @IGP ^G=G F>U>?Y >? @IG>= MEK?@=P EO E=>Y>?V "?G ÊRN? >?

Y>=FH T>T ?E@ K?TG=H@N?T IG= >?@G=GH@ >? )>??>HI FN?YKNYG N?T MKF@K=GV p_K@ >@ ^NH RPE^?rS HIG HNPHV ;,B4g 4XA fI>FG @NF\>?Y NLEK@ G@I?>M >TG?@>@P EO <GE<FG ^>@I )>??>HI

LNM\Y=EK?T MER>?Y O=ER @IG OE=RG= 2EU>G@ #?>E? N=GNS @IG ME?MG<@ EO OE=MGT E= TEK8 LFGT E@IG=?GHH INH HERG@>RGH LGG? KHGTS =GOG==>?Y @E ME?@=NT>M@>E? LG@^GG? @IG ^NPH 2EU>G@ #?>E?S @IGHG <GE<FG INUG LGG? MNFFGT )>??H N?T RN?P INUG LGG? @GNHGT LGMNKHGEO @IN@V fIG? @IGP INUG REUGT @E )>?FN?T NH =G@K=?>?Y R>Y=N?@HS @IGP EO@G? ME?H>TG=GT@IGRHGFUGH NH )>??H >? H<>@G EO <EHH>LFG FN?YKNYG <=ELFGRH N?T <EHH>LFP R>cGT G@I?>M

LNM\Y=EK?TV %GUG=@IGFGHHS >? @IG GPGH EO RNJE=>@P EO )>??H @IGHG <GE<FG N=G $KHH>N?H E=

*H@E?>N?H ;HGG !NH>?H\NJN8'NI@>S '>GL\>?T BCCCg 4B7AV '>\G E?G >?@G=U>G^GG <K@ >@g



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A44:

1 INUG NMbKN>?@N?MGH ÎE F>UG >? s)>?FN?Tt N?T @GFFg >? $KHH>N ^G N=G ?E@ $KHH>N?HH>?MG >? <NHH<E=@ ^G ^G=G )>??HS LK@ >? )>?FN?T ^G N=G NFHE ?E@ )>??HS LGMNKHG ^G=G@K=?GT O=ER $KHH>NV 1? )>?FN?T ^G N=G ?E@ )>??H LK@ $KHH>N?HV 1? $KHH>N ^G N=G?E@ $KHH>N?HS ^G N=G )>??HS UG=P MER<F>MN@GTV +IG=G ^G N=G ?E@ @IG HNRG NH ^G N=GIG=GV ,G=G ^G N=G NM@KNFFP ?ELETPS E?FP OE=G>Y?G=HV ;fERN?S O=ER @IG $G<KLF>M EO

0N=GF>NS ,B9g 9AWGE<FG ÎE INUG REUGT @E )>?FN?T ^>@I N H@N@KH EO N =G8R>Y=N?@ INUG N <=E?EK?MGT?GGT @E H@=GHH @IG>= )>??>HI?GHHV $G8R>Y=N?@H H@=>UG @E FGY>@>R>HG @IG>= F>OG >? N ?G^ MEK?8@=P ;>? @IG GPGH EO E@IG= <GE<FGA LP <=EU>?Y @IG>= )>??>HI?GHH N?T )>??>HI =EE@HV "?G EO@IGRGH KHGT @E N=YKRG?@ @IG>= )>??>HI?GHH >H N ;H@=E?YA =GFN@>E?HI>< >@I @IG IERGFN?TEO ;Y=N?TA<N=G?@H n @E )>?FN?T E= @E 1?Y=>N n N?T ME?HM>EKH?GHH EO E^? =EE@H ;/NUPTEUN ONR>FP H@E=>GH N=G NM@>UGFP =GRGRLG=GT N?T @EFTV 1? @IG >?@G=U>G^H <GE<FG INUG HIE=@FPRG?@>E?GT OE= GcNR<FG $KHH>N? E= !G^>HI LNM\Y=EK?T EO @IG>= OE=GON@IG=HS N?T @IG?

ME?MG?@=N@GT E? @GFF>?Y NLEK@ )>??>HI L=N?MI EO @IG>= ONR>FPV+IEHG >?@G=U>G^GGHS IE INUG ?E@ =GFEMN@GTS NFHE INUG @E TGHM=>LG @IG>= LGFE?Y>?Y >?@IG ME?@Gc@ EO R>Y=N@>E? EO ONR>FP RGRLG=H E= ?G>YILEK=HV fIG? HERG RGRLG=H EO @IGONR>FP E= MERRK?>@P REUGS E@IG=H R>YI@ INUG @E UG=LNF>HG @IG =GNHE?H OE= H@NP>?Y <K@SN?T NFHE ?GYE@>N@G @IG>= =GFN@>E?H @E E@IG= <GE<FG ^>@I HNRG G@I?>M LNM\Y=EK?TV &FHEPEK?YG= <GE<FG >? @IG HG?T>?Y MEK?@=>GH RNP LG bK>@G M=>@>MNF NLEK@ @IG HE8MNFFGT =G@K=?R>Y=N@>E? @E )>?FN?TV +I>H M>@N@>E? >H O=ER N <G=HE?S ÎEHG MEKH>?HS NK?@ N?T HERGE@IG= =GFN@>UGH F>UG >? )>?FN?TS Î>FG HIG IG=HGFO N?T IG= <N=G?@H INUG H@NPGT >? $KHH>NV

W>IFNg fGFF IE^ NLEK@ PEK E= PEK N?T PEK= <N=G?@HS ÎG? MNRG @I>HS @I>H <EHH>L>F8>@P @IN@ @E )>?FN?TS >@ >H <EHH>LFG @E REUG @E )>?FN?T NH N =G@K=? R>Y=N?@S T>T PEK

W>IFNg .GH s1 NFHE FNKYIt RP RE@IG= ^NH LE=? IG=GS IG= IERGFN?T >H $KHH>NS HIG INH F>UGT NFF IG= F>OG IG=G >? 0N=GF>N?V ;fERN?S F>UGH >? @IG $G<KLF>M EO 0N=GF>NS ,BDg 67A

*N=F>G= TK=>?Y @IG >?@G=U>G^ 1FE?N INH @EFT NLEK@ IG= OGGF>?YH EO GH@=N?YGRG?@ NRE?Y@IG )>??>HI <GE<FG >? $KHH>N? 0N=GF>NV

s.tGH @IGP ^G=G N L>@ F>\GS @IGP INT N? E^? \>?T EO M>=MFGS ÎG=G ^G=G E?FP E^?s<GE<FGtV 1 @I>?\ NFHE ?E^ >@lH F>\G @I>HV &?T 1 MN? HNP 1lR NFHE )>??>HIS LGMNKHG ,BDg B4A

'N@G= >? @IG >?@G=U>G^ HIG NFHE TGHM=>LGH >? TG@N>F IE^ >R<E=@N?@ >@ >H OE= N <G=HE? @E ^N?@H @E GR<INH>HGV 1FE?N INH TGM>TGT @E I>YIF>YI@ IG= 0N=GF>N? =EE@HS N?T Y>UGH FGHH



B==% 44D

1 NR HK=G @IN@ 1 NR 0N=GF>N?V 1 \?E^ RP =GFN@>UG K< @E H>c@I YG?G=N@>E? N?T 1 \?E^@IN@ RP IERGFN?T >H RP 0N=GF>NS %E=@I80N=GF>NV46 1 \?E^ @IEHG MKH@ERH N?T 1 NRNF^NPH >?@G=GH@GT NLEK@ @I>HV &?T 1 NR HK=G >? F>OGS ÎE 1 NRV &?T 1S 1 \?E^ ÎN@OE= @I>HS ÎN@ 1 s^>FFt TE sut ÎN@ OE= 1 ^>FF TE >@V &?T 1 @I>?\ @IN@ >@ >H >R<E=@N?@

N <G=HE?V &?T Y>UGH K?TG=H@N?T>?Y NLEK@ @IG YENFHS YENFH EO F>OGV ;fERN?S F>UGH >?@IG $G<KLF>M EO 0N=GF>NS ,BDg 96A

+IG >R<E=@N?MG Y>UG? @E =EE@H N?T G@I?>MNF LNM\Y=EK?T MN? NFHE MIN?YG >? @>RGV 2ERG8@>RGH @IG HEM>G@NF H>@KN@>E? ?GGTH @E MIN?YG E= E?G INH @E YE OK=@IG= N^NP O=ER IERG @E=GMEY?>HG @IG >R<E=@N?MG N?T H<GM>NF>@P EO IERG N?T E?GlH E^? =EE@HV +=NUGFF>?Y N^NPMN? @IKH OE=R N H<N@>NF <=NM@>MG @IN@ MN? OK=@IG= =EE@ LNM\ IERG ;HGG _N\G= BC4Bg BDAVxKGH@>E?H =GFN@GT @E >TG?@>@P ?GGT @E LG <E?TG=GT RE=G ME?HM>EKHFP IG? MER<N=GT @E?G^ G?U>=E?RG?@ N?T @E pE@IG=HrV

fIG? ONR>FP RGRLG=H TE ?E@ H@NP >? @IG HNRG MEK?@=PS ONR>FP =GFN@>E?H N?T =GH<E?8

H>L>F>@>GH INUG @E LG ?GYE@>N@GT N?G^V _GMNKHG EO @IG EO@G? H<E=NT>M RGG@>?YH >@I E@IG=ONR>FP RGRLG=HS @IG ?E@>E? EO N ONR>FP N?T >@lH GRE@>E?NF N?T GME?ER>M K@>F>@P INH @E LG ME?H@=KM@GT RE=G TGF>LG=N@GFPS =N@IG= @IN? @N\>?Y >@ OE= Y=N?@GT @I=EKYI ME?@>?K8EKH TNP8@E8TNP >?@G=NM@>E? ;_=PMGHE?S ZKE=GFN BCCBg 49AV fIG? N ONR>FP TEGH ?E@ F>UG@EYG@IG=S E@IG= H>Y?NFH N=G ?GGTGT @E HIE^ @IN@ @IG <GE<FG >? bKGH@>E? TE OE=R N ONR>FPN?T OGGF @IN@ @IGP LGFE?Y @EYG@IG= ;!NFF>?EJN BCCCg BC5AV 1? N H>@KN@>E? F>\G @I>HS @IG ONR>FP>H >?M=GNH>?YFP ME?H@=KM@GT N?T RN>?@N>?GT @I=EKYI T>HMEK=HGV +Ê EO @IG REH@ >R<E=8@N?@ @I>?YH L>?T>?Y ONR>FP RGRLG=H @EYG@IG= N=G HIN=GT =EE@H N?T N MERRE? <NH@S LE@IEO Î>MI N=G =G<GN@GT N?T ME?H@=KM@GT >? H@E=>GH NLEK@ @IG Ê=TH N?T TGGTH EO ONR>FP

>@GRHS O=ER E?G YG?G=N@>E? @E N?E@IG=V )NR>FP H@E=>GH MN? IGF< @E >?M=GNHG HGFO8K?TG=8H@N?T>?Y N?T HGFO8=GH<GM@V 1? N RN=Y>?NF>H>?Y H>@KN@>E?S N H@=E?Y <EH>@>UG >TG?@>@P R>YI@ 8 8RG?@ MN? LG N bKGH@>E? EO RGRE=Pg @E OGGF N@ IERG >? N MG=@N>? <FNMGS E?G R>YI@ INUG @E=GME??GM@ ^>@I @IG <NH@V 2@E=>GH EO T>HFEMN@>E? MN? NFHE IGF< E?G @E =GFEMN@G LP Y>U>?Y NHIN<G @E @IG <NH@V ;&IRGT BCCCg :XS DCnD4A

+I=EKYI <IE@EY=N<IH N?T H@E=>GHS >@ >H <EHH>LFG @E LK>FT N =GFN@>E?HI>< ^>@I )>?FN?TN?T >@I @IG GUG=PTNP F>UGH EO =GFN@>UGH ?E^ F>U>?Y @IG=GV f>@I @IG IGF< EO <IE@EY=N<IH<GE<FG MN? OGGF @IGP N=G <N=@ EO @IG>= =GFN@>UGHl GUG=PTNP F>UGH >? )>?FN?TS NFREH@ NH >O

@IGP HGG N?T Gc<G=>G?MG ÎN@ >H TG<>M@GT >? @IG <IE@EY=N<IHV fIG? E?G EO RP >?@G=8U>G^GGH ^NH @GFF>?Y RG NLEK@ @IG F>OG EO IG= HE? N?T I>H ONR>FP >? )>?FN?TS Î>FG HIE^8>?Y RG <IE@EY=N<IH @IGP INT HG?@ IG=S >@ OGF@ NH >O HIG ^NH @GFF>?Y RG NLEK@ GUG?@HS N?TN FN?TS HIG INT HGG? N?T Gc<G=>G?MGT IG=HGFOV )>?FN?T NH N MEK?@=P ^NH L=EKYI@ MFEHG=@E IG= IGN=@ @I=EKYI @IGHG <>M@K=GH N?T H@E=>GHV

"? @IG E@IG= IN?TS >@ >H ?E@ NF^NPH <EHH>LFG @E @NF\ NLEK@ @IG ONR>FP NH N T>HMK=H>UGFP<=ETKMGT K?>@S H>?MG HERG NH<GM@H EO ONR>FP F>OG n OE= GcNR<FG MN=GY>U>?Y n MNFF OE= @IG>RRGT>N@G <=GHG?MG EO ONR>FP RGRLG=H N?T @IKH L>?T <GE<FG @E <FNMGH >? N UG=P ME?8M=G@G ONHI>E?V 1? MG=@N>? MNHGH >@ >H <EHH>LFG @E @NF\ NLEK@ pMN=>?Y O=ER N T>H@N?MGrS LK@MN=GY>U>?Y YG?G=NFFP >?UEFUGH NM@>U>@>GH @IN@ TGRN?T ONMG8@E8ONMG >?@G=NM@>E?S <IPH>MNF

ME?@NM@S @>RG N?T <=GHG?MG ;HGG kGMI?G= BCC:g 67n65AV _GN=>?Y >? R>?T @IG @=NT>@>E? N?TME?@>?KEKH >R<E=@N?MG EO >?@G=YG?G=N@>E?NF MN=G MIN>?H >? $KHH>N N?T *H@E?>NS E=YN?>H8



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A4BC

>?Y @=N?H?N@>E?NF MN=G >? N ^NP @IN@ ÊKFT LG NMMG<@NLFG @E NFF ONR>FP RGRLG=H <=E8U>TGH N MINFFG?Y>?Y @NH\S Î>MI EO@G? INH @E LG HEFUGT LP ÊRG?V /GM>H>E?H @E =GFEMN@G 4X LK@ N@ @IG HNRG @>RGR>Y=N?@H INUG @E TGM>TG IE^ @E @N\G MN=G EO @IG>= NY>?Y <N=G?@H ;E= >? HERG MNHGH NFHEMI>FT=G? ÎE INUG LGG? FGO@ LGI>?TAS ÎE R>YI@ ?E@ LG >?@G=GH@GT >? =GFEMN@>E?V 3N=8

>?Y @=N?H?N@>E?NFFP RGN?H @IN@ R>Y=N?@H INUG @E NM@ H>RKF@N?GEKHFP ^>@I>? @Ê HG@H TGRN?TH ;>L>TVg 65nXBAV

3 " % 3 ' # 2 1 " %

NHHEM>N@GT ^>@I RKF@><FG <FNMGH >? <GE<FGlH F>UGHV *UG? >? @IG H<NMG EO E?G >?@G=U>G^S

NH @IG OGGF>?YH EO LGFE?Y>?Y @E @IN@ <FNMG N?T ?E?8LGFE?Y>?Y @E N?E@IG=V +IG ?N==N@>UGMN? LG HGG? @E LG ME?H@=KM@GT NH N \>?T EO N?H^G= E= GUG? NH N LNM\FNHI @E @IG ^NP ONR8 ME?H@=KM@ KH N?T @IGRS ÎN@ >H EK= E^? N?T ÎN@ >H OE=G>Y?V

1? R>Y=N@>E? H@KT>GHS @IG H@=GHH INH EO@G? LGG? <K@ E? N MG=@N>? \>?T EO TG@NMIRG?@E= <FNMGFGHH?GHH EO N REL>FG HKLJGM@V ,E^GUG=S NH _N\G= INH H@N@GTS TGH<>@G >?M=GNH>?YREL>F>@PS EK= <IPH>MNF H>@KN@GT?GHH >? @>RG N?T H<NMG <FNMGH KHV "K= LET>GH =GRN>?S

@IEKYI REL>FGS H>@KN@GT >? E?G <FNMG E= N?E@IG=S N?T @I>H FEMNF>HGH N@ FGNH@ HERG NH<GM@HEO EK= F>UGH N?T >TG?@>@>GHV ;_N\G= BC4Bg B6nB7AV 1?TGGTS NH 2N=N &IRGT G@ NFV ;BCC6g 6A INUG?E@GTS =EE@FGHH REL>F>@P HIEKFT ?E@ LG K?TG=H@EET @E H@N?T NYN>?H@ =EE@GT LGFE?Y>?YV 1?NTT>@>E?S <GE<FG F>U>?Y REL>FG E= @=N?H?N@>E?NF F>UGH TE INUG OGGF>?YH EO LGFE?Y>?Y N?TM=GN@G =GFN@>E?H @E <FNMGH >R<E=@N?@ @E @IGRV "? @IG E@IG= IN?TS LG>?Y Y=EK?TGT >H ?E@

LG <=EMGHHKNF >? ?N@K=GS @IGP N=G ?GYE@>N@GT ÎG? <GE<FG @IGRHGFUGH EH@G?H>LFP HGGR@E H@NP <K@V

WFNMGH N?T @IG <G=HE?NF n <IPH>MNFS HG?HKNF N?T GRE@>E?NF n Gc<G=>G?MGH =GFN@GT @E@IGR ME?@>?KG @E LG EO GHHG?@>NF >R<E=@N?MG >? >TG?@>@P OE=RN@>E?V +IG OGGF>?Y EO LGFE?Y8>?Y @E N MG=@N>? <FNMG >H NFHE >R<E=@N?@ OE= RGRLG=H EO @=N?H?N@>E?NF ONR>F>GHS N?T <GE<FG FN?YKNYGS ?N@K=GS ME?@>?K>?Y =EK@>?GHS ONR>FP I>H@E=P N?T =GFN@>E?HI><HS NRE?Y E@IG= ONM8@E=HS INUG RNTG RGRLG=H EO @=N?H?N@>E?NF ONR>F>GH OGGF N@ IERG >? MG=@N>? <FNMGHV WGE<FG ?G^ IERG E= IERGFN?T ÊKFT N<<GN= @E MNFF OE= TG@NMIRG?@ O=ER @IG OE=RG= IERGFN?TV

% " + * 2

% , N?T N ?KRLG= =GOG=H @E N MG=@N>? ?KRLG=GT >?@G=U>G^ N?T @IG ?KRLG= NO@G= @IG MEFE? @E N MG=8







B==% 4B6

&?@I>NHS )FEPN BCC7V _GFE?Y>?YH >? N -FELNF>H>?Y N?T #?GbKNF fE=FTg $G@I>?\>?Y +=N?HFEMN8@>E?HV n %>=N .KUNF8/NU>HS 0NF<N?N 0N??NL>=N?S #F=>\G QV Z>G@G? ;GTHVAV01& B=7$47&: A"#=7=?> "5

_N\G=S 0GFFP BC4BV 1TG?@>@PS QGRE=P N?T WFNMGV n 01& Y"/: `"4/:V ZEFV 4S %EV 4S &=@>MFG XV

;NMMGHHGT )GL=KN=P 4CS BC46AV_NP?INRS Q>\G BCC5V WG=OE=R>?Y 2GFOS )NR>FP N?T 3ERRK?>@P >? QE=EMMN? %N==N@>UGH EO Q>Y=N8

M=>?"$/?& 43:

W:&37=79V B7$:=&> =3 W37&/4?7="34# B"?="#=38$=>7=?> B6V 3NRL=>TYGg 3NRL=>TYG #?>UG=H>@P W=GHHS657n6D5V

n /GLE=NI _=PMGHE?S #FFN ZKE=GFN ;GTHVAV 01& 0/43>347="34# ;4%=#9L -&[ 6$/"C&43 ;/"37=&/> 43:

H#".4# -&7["/<> 3=GHH^GFFS +>R BCCXV A#4?&L Q B1"/7 W37/":$?7="3V

2>=\\N 'N>I>NFN80N?\N>?G?S 2N=> W>G@>\[>?G?S ,N??GFG /KOUN ;@E>RVAV X"3=SS3=3&3 B$"%=L <=&#=T

!PU[H\PF[g 2EUGF@NUN? \>GFG?@K@\>RK\HG? \GH\KHS !PU[H\PF[? PF>E<>H@ES

49Xn47:V/NUPTEUNS "FYN BCCXV N

7$%=3&3V &? K?<KLF>HIGT F>MG?M>N@G @IGH>H >? )EF\FE=GV #?>UG=H>@P EO !EG?HKKV)>?YG==EEHS "K@> BCC:V 0N=GF>Ng & WFNMG EO QGRE=>GH N?T #@E<>NHV n \/4# 0/4:=7="3V ZEFV B6S %EV

Bg B69nB9XV ;NMMGHHGT &KYKH@ 47SBC46AV

-EFLG=@S $GLGMMN BCC4V +=N?H?N@>E?NF "=>G?@N@>E?H O=ER ,ERGg 3E?H@=KM@>E?H EO 1H=NGF N?T +=N?H8?N@>E?NF 2<NMG NRE?Y #\=N>?>N? !G^>HI .EK@IV n 2"$/34# "5 6713=? 43: X=8/47="3 B7$:=&>V ZEFVB5S %EV Xg 546n564V

,NFFS 2@KN=@ 4DDCV 3KF@K=NF 1TG?@>@P N?T />NH<E=NV n !E?N@IN? $K@IG=OE=T ;GTVAV W:&37=79L E"%%$N

V 'E?TE?g 'N^=G?MG v f>HIN=@S BBBnB65V

,NFFS 2@KN=@ BCCCV +IG QKF@>MKF@K=NF xKGH@>E?V n _N=?E= ,GHHG ;GTVAV M=4>C"/4>T 637438#&%&37>T 0/43>/$C7="3>V

f$&>7="3> "5 E$#7$/4# W:&37=79V %G^ /GFI>g 2NYGV

,N=UGPS /NU>T 4D:DV 01& E"3:=7="3 "5 A">7%":&/3=79L Q3 63j$=/9 =37" 71& \/=8=3> "5 E$#7$/4# E1438&V

B==/7"N

#4=>$$>NX=8/47="3V ZEFV B7S %EVXg 47nBBV,P?P?G?S &=> BCCXV WFNMGH EO 1?@GY=N@>E? n &<<=E<=>N@>E? EO #=LN? 2<NMG LP 1RR>Y=N?@HV n ZGHN

-&[ E14#N

#&38&> 5"/ 71& Y&#54/& B"?=&79V _3=O&/>=79 "5 2"&3>$$T A$.#=?47="3> "5 G4/&#=43 W3>7=7$7& 4XBV !EG?HKKg

!EG?HKK? PF>E<>H@ES BC:nBBBV A&/1&&3 4=<4V ,GFH>?\>g "@NUNV 8

N

<=%$<>&3 O4#">>4V ,GFH>?\>g -NKTGNRKHS 4BXn465V

n 0=&:&C"#=7==<<4V ZEFV BBS %EV Xg X4nX7V

'N?THMN<GV n 2"$/34# "5 ;"#<#"/& D&>&4/?1V ;2<GM>NF 1HHKGg )E=G>Y?G=H N?T )E=G>Y??GHH >? *K=E<Gg*c<=GHH>UG 3KF@K=G >? +=N?HMKF@K=NF *?MEK?@G=HA ZEFV 6CS %EV 4g X9n7CV

0KKH>H@E8&=<E?G? BC44V +=N?H?N@>E?NF 2G?HG EO WFNMGg 3>?GRN@>M 2MG?GH EO )>??>HI fN= 3I>FTQGRE=>GHV n 2"$/34# "5 Q&>71&7=?> 43: E$#7$/&V ZEFV 6V ;NMMGHHGT &KYKH@ 47S BC46AV



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A4BX

N

8

'GOGLU=GS ,G?=> 4DD4V 01& A/":$?7="3 "5 BC4?&V B==/N

8@GRLG= 49S BC46AV

N

2>H[NH>N>?R>?>H@G=>a? JKF\N>HKV ;+N=\V BV <VA,GFH>?\>g 2>H[NH>N>?R>?>H@G=>aV

!PU[H\PF[g W28\KH@N??KHS BBnXBV

$NH@NHS &??N BC46V *@I?>M 1TG?@>@>GH N?T +=N?H?N@>E?NF 2KLJGM@>U>@>GHV n WNKF 2<>M\N=T ;GTVAV X$#N

7=C#& W:&37=7=&>L X=8/437>T 6713=?=79T 43: X&%.&/>1=CV 8

UG=H>@P W=GHHS X4n7CV$ETRN?S QN=YN=G@ 3V 4DDBV *R<E^G=>?Y WFNMGg QKF@>FEMNF>@P N?T QKF@>UEMNF>@PV n Q%&/=?43

Q371/"C"#"8=>7V %G^ 2G=>GHS ZEFV DXS %E 6g 7XCn797V$EHGS ->FF>N? 4DD9V WFNMG N?T 1TG?@>@Pg & 2G?HG EO WFNMGV n /E=GG? QNHHGPS WN@ !GHH ;GTHVAV Q A#4?&

'E?TE?g "cOE=T #?>UG=H>@P W=GHH >? NHHEM>N@>E?^>@I @IG "<G? #?>UG=H>@PS :5n46BV

$E@\>=MIS &??N BCCCV 01& X43 f$&>7="3L ^"O&> 43: ^=O&> =3 ^47& )*71 E&37$/9 D$>>=4V #?>UG=H>@P ,GFH>?\>V

+KERNH QN=@>\N>?G?S QN=JN +>>F>\N>?G? ;@E>RVAV

79h 8

2@N@>H@>MH )>?FN?T BC4BNV n ;NMMGHHGT &KYKH@ 4BS BC46AV

2@N@>H@>MH )>?FN?T BC4BLV n ;NMMGHHGT &KYKH@ 4BS BC46AV

2@N@>H@>MH )>?FN?T BC4BMV V n ;NMMGHHGT &KYKH@ 4BS BC46AV

+KN?S .>8)K BC44 s4D55tV Q>??GN<EF>Hg #?>UG=H>@P EOQ>??GHE@N W=GHHV

f>\FK?TS '>HN BC4BV 3=GN@>UG 3EHRE<EF>@N?>HRV %G^ )>GFTH EO fE=\ $GbK>=G %G^ )>GFTÊ=\V n 'NK=N ,>=U>S ,N??N 2?GFFRN? ;GTHVAV

71/"$81 71& A/=>% "5 6713"8/4C1=? ;=&#:["/<V B7$:=4 ;&33=?4 6713"#"8=?4 4XV ,GFH>?\>g )>??>HI '>@8G=N@K=G 2EM>G@PS 4CDn4B5V

2"$/34# "5 Q8=38 B7$:N

=&>V ZEFV 66S %EV 4g 6BnXXV ;NMMGHHGT QN=MI 47S BC46AV




ZEFV 5 ;4Ag 4B9n496

4B9

" ) ) 1 3 1 & ' 2 +& + # 2 & 2 & + " " ' " ) ' & % - #& - *

$ # 2 2 1 & l2 ) 1 % % " 8# - $ 1 3 $ * W # _ ' 1 3 2

0"%2+&%+1% k&Q.&+1%$GHGN=MIG=S WI/ 3N?T>TN@G

/G<N=@RG?@ EO )>??>HIS )>??E8#Y=>N? N?T 2MN?T>?NU>N? 2@KT>GH#?>UG=H>@P EO ,GFH>?\>

WV"V _Ec BXS )1%8CCC4XS )>?FN?T

&_2+$&3++I>H H@KTP Gc<FE=GH @IG FGYNF N?T >?H@>@K@>E?NF <EH>@>E? EO )>??E8#Y=>M FN?YKNYGHNMME=T>?Y @E @IG FN?YKNYG FN^H EO @IG ?N@>E?NF =G<KLF>MH >? <EH@82EU>G@ $KHH>NV +IG TGH>Y?N@>E? EO H@N@G FN?YKNYG NH N <EF>MP TGU>MG >@I I>MI @E G?HK=G @IG =GU>UNF EO@>@KFN= FN?YKNYGHV +IG N<<=ENMI EO @IG H@KTP >H @E @GH@ =GU>UNF>H@ @IGE=>GH @IN@ GH@NL8 MER<N=>HE?S @IG H@KTP OEMKHGH E? GTKMN@>E? N?T Ê=\ G?U>=E?RG?@ NRE?Y @IGTERN>?H ^>@I>? @IG <KLF>M H<IG=G EO FN?YKNYG KHGV +IG =GHKF@H TGRE?H@=N@G @IN@ 8@K?>@>GH OE= @IG Gc<N?H>E? EO FN?YKNYG KHGS Î>FG @IG Gc@G?@ EO @IG>= >?H@>@K@>E?NF>8HN@>E? T>=GM@FP ME==GFN@GT ^>@I @IG FGUGF EO <EF>@>MNF =G<=GHG?@N@>E? EO G@I?>M GF>@GHV

0*.f"$/2 !

FN?YKNYG =GU>UNF!

FN?YKNYG FN^H!

)>??E8#Y=>M<GE<FGH ! $KHH>N

1 % + $ " / # 3 + 1 " %

3IN?YG >? FN?YKNYG LGINU>EK= >H N? EK@MERG EO N MER<F>MN@GT UN=>G@P EO HEM>EF>?YK>H@>MS<EF>@>MNF N?T FGYNF <=EMGHHGHS N?T @IG H@KTP EO FN?YKNYG <EF>MP NFE?G MN??E@ Gc<FN>? NFF@G?TG?M>GH >? FN?YKNYG <=NM@>MGHV .G@S >@IEK@ TEKL@S @IG >R<NM@ EO H@N@G FN?YKNYG <EF>MP>H NRE?Y @IG REH@ >R<E=@N?@ MNKHGH OE= MIN?YG >? N HEM>EF>?YK>H@>M H>@KN@>E?S NF@IEKYI

@I>H MIN?YG ^>FF ?E@ NF^NPH LG E?G @IN@ <EF>MP8RN\G=H G?U>HNYG NH @IG>= YENFV +IG REH@ 8@KHS Î>MI >R<EHGH MER<KFHE=P KHG EO @I>H FN?YKNYG E? NK@IE=>@>GH N?T <E<KFN@>E? >? 8 >H GU>TG?MG O=ER HERG MEK?@=>GH @IN@ <=E8NM@>UG YEUG=?RG?@ <EF>MP G?IN?MGT FN?YKNYG Y=NHH8=EE@H G?@IKH>NHR EO NM@>U>H@H ;2NFFNLN?\ BC4Bg 447n445AV 3N? TGH>Y?N@>E? EO N FN?8

+I>H ^NH N @E<>MNF bKGH@>E? >? $KHH>N >? @IG 4DDCH N?T H@>FF >H @ETNPV 1? @IG GN=FP4DDCH TERGH@>M HMIEFN=H ELHG=UGT @IG F>?\ LG@^GG? @IG >TGEFEYP EO FN?YKNYG =GU>UNF >?



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A4B7

@IG #?>E? N?T &K@E?EREKH $G<KLF>MH ;22$H N?T &22$HA EO @IG #?>E? EO 2EU>G@ 2EM>NF8>H@ $G<KLF>MH ;#22$A N?T TGH>Y?N@>E? EO @IG>= H@N@G FN?YKNYGH LK@ TG?>GT @IG H>?MG=>@P 8

@>M =GHGN=MI H@KT>GH INUG LGG? ME?TKM@GT >?@E FN?YKNYG FGY>HFN@>E? >? $KHH>NlH =G<KL8F>MHS H@KT>GH @IN@ OEK?T @IG >R<E=@N?MG EO FN?YKNYG FN^H OE= FN?YKNYG RN>?@G?N?MG @I>HS @IG=G >H ?E ME?HG?HKH E? @IG ?N@K=G EO @IG F>?\ LG@^GG? @IG H@N@G FN?YKNYGH EO @IG=G<KLF>MH N?T FN?YKNYG =GU>UNFV +I>H F>?\ INH LGMERG <N=@>MKFN=FP <=ELFGRN@>M H>?MG @IGPGN= BCCCS ÎG? ^>@I @IG GFGM@>E? EO N ?G^ $KHH>N? <=GH>TG?@ @IG=G ^NH N <EF>@>MNF @K=?@E^N=TH =GMG?@=NF>HN@>E? EO @IG MEK?@=PV &H <N=@ EO @IG ?G^ <EF>MPS HGFO8YEUG=?N?MG EO@IG =G<KLF>MH NH HKLH@N?@>NFFP ME?H@=>M@GTS N?P =GOG=G?MG @E oHEUG=G>Y?@Pl NH =GREUGTO=ER @IG>= ME?H@>@K@>E?HS @IG OGTG=NF NK@IE=>@>GH H@N=@GT @E >?@G=OG=G RE=G N?T RE=G >@I=GY>E?NF FN?YKNYG <EF>M>GH ;HGG kNRPN@>? BC4BNg XCnXBAV 1? @I>H H>@KN@>E?S FN?YKNYG HI>O@

N?T E@IG= <=ELFGRH EO R>?E=>@P FN?YKNYGH ÊKFT LG >Y?E=GT K?FGHH G?HK=GT NH @IG<EF>MP YENFV fNH FN?YKNYG =GU>UNF N ME?MG=? EO @IEHG ÎE T=NO@GT @IG =G<KLF>MHl FN?8

+IG <K=<EHG EO @I>H H@KTP >H @E Gc<FE=G @IG FGYNF N?T >?H@>@K@>E?NF <EH>@>E? EO @>@K8FN= FN?YKNYGH NMME=T>?Y @E @IG FN?YKNYG FN^H EO @IG )>??E8#Y=>M =G<KLF>MH >? E=TG= @E 8F>?G @IG OE=RN@>E? EO @IG H@N@KH <FN??>?Y NH @IG RN>? <EF>MP TGU>MG >? <EH@82EU>G@ $KHH>NN?T >FF GH@NLF>HI @IG ME?@Gc@ OE= @IG MER<N=>HE?V 1? @IG MNHG EO R>?E=>@P FN?YKNYGHS @I>H<EF>MP N<<=ENMI TGRN?TH Gc@G?H>UG =GYKFN@>E?H @E G?HK=G @IG>= >?H@>@K@>E?NF N?T E@IG=

HK<<E=@ UN=>GT Y=GN@FP >? @IG =G<KLF>MHV +IG N<<=ENMI EO @I>H H@KTP >H @E @GH@ @IG <=GHK<8 T>T HG=UG NH @IG RGN?H EO FN?YKNYG =GU>UNFV +IG HGME?T HGM@>E? ^>FF <=GHG?@ @IG TN@N EON MER<N=N@>UG H@KTP E? @IG FN?YKNYG =GYKFN@>E?H >? @IG )>??E8#Y=>M =G<KLF>MH N?T @IGM>=MKRH@N?MGH EO @IG>= NTE<@>E?V +IG MNHGH EO @IG )>??E8#Y=>M =G<KLF>MH N=G >?@G=GH@>?Y

>? <EF>MP RN\>?Y @E LG I>YIF>YI@GTV &RE?Y @IG MNHGH H@KT>GTS 0N=GF>N =G<=GHG?@H N?EK@F>G= MNHGS ÎG=G @IG <EF>MP ^NH <K=HKGT >? N H>@KN@>E? >? Î>MI @IG @>@KFN= FN?YKNYG^NH ?E@ GH@NLF>HIGT NH N H@N@G FN?YKNYG N?T OE= N FE?Y @>RG @IG=G ^NH ?E FN?YKNYG

8 @IGE=G@>MNF GFKM>TN@>E? EO @IG >R<NM@ EO OE=RNF FN?YKNYG H@N@KH K<E? NM@KNF FN?YKNYG<=NM@>MGHS NH ^GFF NH @IG HME<G N?T F>R>@H EO @I>H >R<NM@V



o4%947=3L Q B7$:9 "5 71& ^438$48& ^4[> =3 D$>>=4U> ;=33"N_8/=? D&C$.#=?> 4B5

' * - & ' / * 2 1 - % & + 1 " % & 2 + , * f & . + " * % 2 # $ * ' & % - # & - *$ * Z 1 Z & ' _ . Q * & % 2 " ) 3 " Q W # ' 2 " $ . # 2 *

HIN=GT UNFKGH N?T N MERRE? FN?YKNYG OE= HEM>G@P N?T @IG H@N@G @E OK?M@>E? <=E<G=FPV1? @IG @=NT>@>E? EO F>LG=NF @IEKYI@ @IG N=YKRG?@ >H @IN@ NFF RGRLG=H EO HEM>G@P \?E^>?YN MERRE? FN?YKNYG >H N <=G=GbK>H>@G OE= E?8YE>?Y <EF>@>MNF TGLN@GS >? Î>MI HIN=GT 8YKNYGS HG=>EKH RGNHK=GH N=G ?GGTGT OE= @IG RN>?@G?N?MG EO R>?E=>@P FN?YKNYGHV "?G

8 8YKNYG E<G=N@GH NH 4A @IG E=\>?Y FN?YKNYG EO H@N@G NK@IE=>@>GH N?T E=YN?>HN@>E?HS BA @IG 8

BC46Mg 4BXn4B9AV +IGHG OK?M@>E?H MN? LG <G=OE=RGT LE@I >? @IG RNJE=>@P N?T R>?E=>@P <KLF>M HG=U>MGH @E @IEHG R>?E=>@P RGRLG=H ÎE TE ?E@ H<GN\ @IG RNJE=>@P FN?YKNYGS E= ?N@>E?NF MERRK?>@PV

GH@NLF>HIGT NH @IG GcG=M>HG EO @IG =>YI@ @E ?N@>E?NF HGFO8TG@G=R>?N@>E? EO @IG>= o@>@KFN=<GE<FGHl ;OE= N T>HMKHH>E? E? @IG G@I?>M ?N@K=G EO $KHH>N? OGTG=NF>HRS HGG _E^=>?Y BCCCg

B47nB4DAV +I>H =>YI@ MN? LG GcG=M>HGT >?@G=?NFFP >? @IG OE=R EO NK@E?ERP OE= N <=EU>?MGE= E@IG= I>H@E=>MNF @G==>@E=>NF K?>@ ^>@I>? N FN=YG= H@N@GV _G>?Y >? @IG R>?E=>@P ^>@I>? NFN=YG= HEM>G@PS G@I?>M Y=EK<H E= o@>@KFN= <GE<FGHl N=G ME?H@>@K@GT >? @IG <EF>@>MNF H<NMG NHMEFFGM@>UG G?@>@>GH ^>@I @IG>= oE^?l @G==>@E=>GHS @IN@ >HS @>@FGT NO@G= @IGRV & @G==>@E=>NF K?>@RN=\HS @IG?S N MERRK?>@P ^>@I @IG ?GGT EO N MERRE? FN?YKNYG E= FN?YKNYGH >? E=TG=@E OK?M@>E?V &FF >? NFFS ?E@ @IG <G=HE?NF>@P <=>?M><FG LK@ @IG @G==>@E=>NF <=>?M><FG EO NMMER8RETN@>?Y FN?YKNYGH >? HEM>G@P LGMNRG @IG <EF>MP ME=?G=H@E?G >? $KHH>NV +IG HPRLEF>M=EFG EO MERRE? FN?YKNYGH OE= MERRK?>@>GH >H KHGT NH N? N=YKRG?@ LP NK@IE=>@>GH @E 8

:& 54?7"



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A4B:

>R<E=@N?@ OE= =N>H>?Y <=GH@>YG EO N :& 54?7" R>?E=>@P FN?YKNYGS @IN@ >HS OE= =G>?OE=MGRG?@EO ;G@I?E8A?N@>E?NF >TG?@>@PV

^438$48& A"#=?9 O&/>$> 438$48& D=817>L Q =>7"/=?4# \$7#=3& "5 B747$> A#433=38 =3 D$>>=4

+IG /GMFN=N@>E? E? @IG 2@N@G 2EUG=G>Y?@P EO @IG $KHH>N? 2EU>G@ )GTG=N@>UG 2EM>NF>H@$G<KLF>M ;$2)2$A ^NH <=EMFN>RGT E? N TNP ;4B !K?G 4DDCA @IN@ >H MGFGL=N@GTS HERGÎN@>?ONREKHFP >? =GMG?@ PGN=HS NH $KHH>NlH >?TG<G?TG?MG TNPV fI>FG @IG /GMFN=N@>E? =GMEY8?>HGT @IG O=GGTER @E KHG E?GlH ?N@>UG FN?YKNYGS >@ INH ?E@ TGH>Y?N@GT H@N@G FN?YKNYG;HA?E= INH >@ E@IG=^>HG @EKMIGT K<E? FN?YKNYG >HHKGHV +IG OEK?TN@>E?H EO $KHH>NlH FN?8YKNYG <EF>MP ^G=G FN>T HERGÎN@ FN@G=S >? @IG GN=FP 4DDCHS N?T >?MFKTGTS =37&/ 4#=4 S @IGO=GGTER @E MIEEHG E?GlH FN?YKNYGH EO MERRK?>MN@>E? N?T GTKMN@>E?S @IG <=>?M><FGH

EO GbKNF>@P EO FN?YKNYGH N?T <=EI>L>@>E? EO T>HM=>R>?N@>E? E? @IG LNH>H EO FN?YKNYGS @IGHG TEMKRG?@H GH@NLF>HIGT $KHH>N? NH @IG H@N@G FN?YKNYG EO @IG MEK?@=P N?T =GMEY8?>HGT @IG =>YI@ @E >@H ?N@>E?NF =G<KLF>MH @E GH@NLF>HI @IG>= E^? H@N@G FN?YKNYGHV

2>?MG @IG 2EU>G@ <G=>ET $KHH>N? ^NH @IG :& 54?7" MG?@=NF NK@IE=>@>GH LK@ NFHE EO =GY>E?NF NK@IE=>@>GHV %E?8$KHH>N? FN?YKNYGH OK?M@>E?GTNH @IG E=\>?Y FN?YKNYGH EO @IG &22$ NK@IE=>@>GH E?FP >? HERG #22$ 3ERRK?>H@ WN=@P FN?YKNYG @I=EKYIEK@ @IG 2@N@G N<<N=N@KH ;HGG 1H\IN\EUN BCCBg Dn4CAV /K=>?Y C&/&>7/"=<4

<E<KFN= REUGRG?@H N=EHG EK@ EO T>HHN@>HONM@>E? ^>@I @IG H@N@G8EO8<FNP >? >?@G=8G@I?>M EO ?E?8$KHH>N?H >? @IG $2)2$V +IG FGNTG=HI>< EO ?N@>E?NF REUGRG?@H >? $KHH>NlH &22$HGc<=GHHGT @IG>= ME?MG=?H ^>@I @IG F>?YK>H@>M H>@KN@>E? EO FE^8<=GH@>YG ?E?8$KHH>N? FN?8YKNYGH N?T @IG ME?@>?K>?Y FN?YKNYG HI>O@ @E^N=TH $KHH>N?V 1? @IG U>G^ EO @I>H FGNTG=8 :& 54?7" S N?T H>?MG 4DD4 :& d$/& H@N@KH EO $KHH>N? NH @IG HEFG H@N@G FN?YKNYG EO @IG MEK?@=P YNUG >@ N RE=G ONUEK=NLFG<EH>@>E? N?TS @IKHS ME?@=NT>M@GT @IG OE=RNFFP <=EMFN>RGT GbKNF>@P EO FN?YKNYGHS FGNT>?Y@E @IG>= NM@KNF HEM>EF>?YK>H@>M N?T <EF>@>MNF >?GbKNF>@PV

1? @IG ME?T>@>E? EO @IG @=N?H>@>E? <G=>ETS @G==>@E=>NF FN?YKNYG =>YI@HS R>?E=>@P FN?8

YKNYG =>YI@H E= HERG E@IG= =>YI@ RETGF MEKFT LGMERG N RGMIN?>HR @E RN?NYG T>UG=8H>@P N?T @E HEFUG @IG <=ELFGR EO >?GbKNF>@P EO FN?YKNYGH >? $KHH>NV ,E^GUG=S OE= N?KRLG= EO =GNHE?HS >?MFKT>?Y 2EU>G@ FGYNM>GH N?T N ON>FK=G EO TGREM=N@>HN@>E?S ?E@ @IG=>YI@H8LNHGT N<<=ENMI LK@ @IG <EF>MP8LNHGT N<<=ENMI INH LGMERG @IG RGMIN?>HR OE= @IG MKF@K=G8<=E@GM@>UG N?T FGYNF RETGFH EO F>?YK>H@>M REL>F>HN@>E? HKYYGH@GT LP Z>\@E=_>=>? G@ NFV BCC9g 4Cn4BAV +IEHG OG^ =>YI@H @IN@ ^G=G =GMEY?>HGT >? FGY>HFN@>E?S OE=GREH@>? @IG GTKMN@>E? FN^ ;'N^ EO @IG $KHH>N? )GTG=N@>E?u 4C !KFP 4DDBAS N=G OE=RKFN@GTE?FP NH TGMFN=N@>UG N?T ?E@ HGFO8GcGMK@>?Y =>YI@HV )E= GcNR<FGS ?E@ E?FP OGTG=NF FN^ LK@NFHE GUG=P =GY>E?NF FN?YKNYG FN^ ME?@N>?H N MFNKHG E? @IG =>YI@ @E =GMG>UG GTKMN@>E? >?E?GlH RE@IG= @E?YKGV 1? <=NM@>MGS >@H >R<FGRG?@N@>E? TG<G?TH E? @IG FN?YKNYG <FN?8



o4%947=3L Q B7$:9 "5 71& ^438$48& ^4[> =3 D$>>=4U> ;=33"N_8/=? D&C$.#=?> 4BD

?>?Y NM@>U>@>GH EO @IG =G<KLF>MHS Î>MI R>YI@ M=GN@G @IG <EHH>L>F>@>GH N?T R>YI@ ?E@V 1ON? >?T>U>TKNF ÊKFT YE @E MEK=@ ^>@I @IG MNHG OE= I>H E= IG= =>YI@S ?E?8GcGMK@>E? ^>FF

LG GcMKHGT LP MEH@ N=YKRG?@N@>E? N?T ?KRG=EKH E@IG= oELJGM@>UGl ELH@NMFGHV f>@I>? @IG=>YI@H8LNHGT N<<=ENMIS KHGT >? HERG E@IG= MEK?@=>GHS >?T>U>TKNFH INUG =>YI@H @IN@ @IGP

H@PFG FN?YKNYG FN^H N=G ?E@ T>=GM@FP G?OE=MGNLFG LK@ ?GGT NTR>?>H@=N@>UG =GYKFN@>E?H OE=@IG>= >R<FGRG?@N@>E?VQE=GEUG=S N FNM\ EO FN?YKNYG =>YI@H >H ?E@ MER<G?HN@GT LP >?@G=?N@>E?NF @=GN@>GHS

)=NRGÊ=\ 3E?UG?@>E? OE= @IG W=E@GM@>E? EO %N@>E?NF Q>?E=>@>GH >@I >@H R>?>RNF FGUGFEO <=E@GM@>E?S LK@ ?E@ @E @IG 3IN=@G= OE= $GY>E?NF E= Q>?E=>@P 'N?YKNYGHS Î>MI @IGR8HGFUGHS IE^GUG=S TE ?E@ ME?@N>? =>YI@H LK@ H@N@G ELF>YN@>E?H ;HGG kNRPN@>? BC46Mg 4C5AV

^438$48& D&O=O4#L ;/"% ;"/%4# 7" &84# M&>=8347="3 "5 ^438$48&>

1? @IG ME?T>@>E?H EO @IG <EF>MP8LNHGT N<<=ENMIS G@I?>M GF>@GH MNRG K< ^>@I @IG >TGN EOoFN?YKNYG =GU>UNFl NH N? NF@G=?N@>UG HEFK@>E? @E F>?YK>H@>M <=ELFGRHV +I>H >TGN OEK?T >@HHIN<G >? @IG <EF>MP YENF EO Gc<N?H>E? EO @IG KHG EO ?E?8$KHH>N? FN?YKNYGH >? @IG <KLF>M @IG 2EU>G@ <G=>ETS @IG @>@KFN= FN?YKNYGH G=G ?E@ KHGT E= G=G E?FP HPRLEF>MNFFP KHGT >? =GU>UNF RGMIN?>HR LGMNKHG >@ ^NH N FGYNF =GY>RG @IN@ MEKFT >R<FP @IG MER<KFHE=P KHGEO @>@KFN= FN?YKNYGH >? @IG <KLF>M H<IG=GS Î>MI MEKFTS =37&/ 4#=4 S HG=UG NH N? >?H@=KRG?@EO <=GOG=G?@>NF @=GN@RG?@ EO @>@KFN= Y=EK<H N?T @IG>= GF>@GHV

WPE@= ZE=E?G@H\>P ;BCCDA N=YKGT O=ER N ?E=RN@>UG <G=H<GM@>UG @IN@ @IG TGH>Y?N@>E? EO 8@>E? N?T HK<<E=@ EO @IG FN?YKNYG NH N MKF@K=NF UNFKGS LGMNKHG @I>H @NH\ INH @E LG HEFUGT LPE@IG= RGMIN?>HRHV ,E^GUG=S >? @IG F>YI@ EO @IG U>=@KNF NLHG?MG EO @IG E@IG=S @IN@ >HS =>YI@RGMIN?>HRHS @IG GF>@GH INT E?FP N HIE=@ RG?K EO E<@>E?HV 1? ONM@S NH ?E?8>?@G=UG?@>E? LP

LGMNRG N? GFGRG?@ NHHEM>N@GT >@I TGREM=N@>HN@>E?S @IG <EF>MP MEKFT ?E@ T>=GM@FP NTT=GHH@IG <=ELFGR EO L=E\G? >?@G=YG?G=N@>E?NF FN?YKNYG @=N?HR>HH>E? >? @IG ONR>FPS Î>MIÊKFT LG N H@=N>YI@OE=^N=T N<<=ENMI @E @IG FN?YKNYG HI>O@V &@ @IG HNRG @>RGS LGMNKHG@IG <=>?M><FG EO G@I?>M OGTG=NF>HR GH@NLF>HIGT N F>?\ LG@^GG? @G==>@E=>GHS G@I?>M>@P N?T FN?8

Y=EK<H >? @IG>= @>@KFN= =G<KLF>MH N?T FEE\GT OE=^N=T @E N <EF>MP EO H@N@G HK<<E=@ OE= @IG>=FN?YKNYGH NH N? N<<=E<=>N@G NP @E NMI>GUG GbKNF>@P EO FN?YKNYGHV

2>RKF@N?GEKHFPS LE@I @>@KFN= G@I?>M GF>@GH N?T $KHH>N? =GY>E?NF GF>@GH HN^ @IG>= JE>?@>?@G=GH@ >? TGH>Y?N@>E? EO @IG H@N@G FN?YKNYGH EO =G<KLF>MH LP @IG TGMFN=N@>E?H EO H@N@G YEUG=?N?MG U>H8€8U>H @IG OGTG=NF MG?@=G ;kNRPN@>? BC46Ng 499n495AV 1? @I>H F>YI@S @IG $KH8H>N? =GY>E?NF GF>@GH GUG? NY=GGT NH N ME?MGHH>E? @E >?MFKTG >? @IG GF>@G <NM@ @IG H@N@G FN?8YKNYGH NH G@I?>M >?H@>@K@>E?H GH@NLF>HIGT NMME=T>?Y @E @IG ME?H@>@K@>E?H EO @IG =G<KLF>MH;kNR8PN@>? BC46Lg 6X4n6X6AV .G@S >? NFF &22$HS >? <=NM@>MG $KHH>N? ^NH TGH>Y?N@GT NHN?E@IG= H@N@G FN?YKNYG N@ @IG =G<KLF>M FGUGFS Î>MI >R<FN?@GT @IG <=ELFGR OE= >R<FG8



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A46C

NMMER<N?P>?Y FN?YKNYG <=GOG=G?MGH ;HGG kNRPN@>? BC46Mg 447n44:AV

8 8

YKNYG =GU>UNF NH @IG Gc<N?H>E? EO FN?YKNYG KHG RNTG HG?HG E?FP LGPE?T OE=RNF =GM8EY?>@>E? NH N? >?M=GNHG >? @IG ?KRLG= EO OK?M@>E?H <G=OE=RGT LP @IG @>@KFN= FN?YKNYGV ÊKFT F>H@ @IG TERN>?H N?T HGM@E=H EO MER<KFHE=P KHG EO @>@KFN= H@N@G FN?YKNYGHV fI>FGHKMI FGYNF TGH>Y?N@>E? ^NH NMI>GUGT =GFN@>UGFP bK>M\FP >? HERG =G<KLF>MHS >? E@IG=HS?E@NLFP @IEHG ÎEHG @>@KFN= Y=EK< ^NH >? @IG R>?E=>@PS >@ LGMNRG <=ELFGRN@>M OE= @IG 8

& H@KTP EO @IG FN^H EKFT HIGT F>YI@ E? @IG <EF>MP YENFH LGI>?T @IGHG TEMKRG?@H N?T@IG FGUGF EO >?H@>@K@>E?NF>HN@>E? EO @>@KFN= FN?YKNYGHV +IG=G ^G=G HERG MER<N=N@>UG FGYNFH@KT>GH E? @IG FN?YKNYGH FN^HS OE= GcNR<FGS >? @IG =G<KLF>MH N?T E@IG= =GY>E?H EO 2>LG=>N @E @IG TERN>?H EO <KLF>M F>OGg GTKMN@>E?S MEK=@HS NTR>?>H@=N@>E?S RNHH RGT>NS MKF@K=NFN?T GME?ER>M F>OG N?T E@IG=H ;HGG 1H\IN\EUN BCCBg Dn44AV 1? @IG ?Gc@ HGM@>E?S @IG H@KTP<=EMGGTH ^>@I N MER<N=>HE? EO @IG FGYNF =GYKFN@>E?H >? @IG )>??E8#Y=>M =G<KLF>MH E?g 4A@IG MER<KFHE=P H@KTP EO @>@KFN= H@N@G FN?YKNYGH LP NFF H@KTG?@H E= MER<KFHE=P H@KTP EO?N@>UG FN?YKNYG N?T >@H OK?M@>E?>?Y NH @IG FN?YKNYG EO >?H@=KM@>E?S N?T BA FN?YKNYG <=GO8

G=G?MGH OE= HERG <=EOGHH>E?HV +I>H H@KTP K?TG=@N\GH MER<N=>HE? E?FP >? @IG HGM@E=H EOGTKMN@>E? N?T @IG Ê=\ G?U>=E?RG?@ LGMNKHG @IG ^NP FN?YKNYG OK?M@>E?H >? @IGHG @Ê 8MN?@ =GHEK=MGH OE= >@H >R<FGRG?@N@>E? N?T ^NHS @IKHS @IG REH@ TGLN@GTV &<N=@ O=ER @I>HS@IG MER<KFHE=P KHG >? @IGHG HGM@E=H >H ?E@ T>=GM@FP ME??GM@GT ^>@I >?H@=KRG?@NF KHG N?T<=GOG=G?@>NF @=GN@RG?@ LGMNKHG >@ TEGH ?E@ INUG LGI>?T >@ @IG >HHKG EO H@N@KH N?T NMMGHH @E 8 1? NTT>@>E?S @IGHG HGM@E=H N=G @IG REH@ >FFKH@=N@>UG EO FN?YKNYG <=ERE@>E?V ,E^GUG=S N

=GH@=>M@>E? EO @I>H H@KTP >H @IN@ >@ TEGH ?E@ GUNFKN@G @IG NM@KNF >R<FGRG?@N@>E? EO @IG FGYNF<=EU>H>E?HS Î>MI >H NMMER<F>HIGT OE= @IG H<IG=G EO GTKMN@>E? ;kNRPN@>? BC4BMAV

' * - & ' / * 2 1 - % & + 1 " % " ) 2 + & + * ' & % - # & - * 2 1 % + , * ) 1 % % " 8# - $ 1 3 $ * W # _ ' 1 3 2 g + , * $ * 2 # '+ 2 " ) & 3 " Q W & $ &+ 1 Z * 2 + # / .

G"%=

&RE?Y @IG )>??E8#Y=>M $G<KLF>MHS @IG $G<KLF>M EO 0ER> >H @IG E?G @IN@ =GYKFN@GT @IGFN?YKNYG >HHKGH bK>@G GN=FP LP GH@NLF>HI>?Y @IG FGYNF N?T >?H@>@K@>E?NF LNH>H OE= >@H H@N@G



o4%947=3L Q B7$:9 "5 71& ^438$48& ^4[> =3 D$>>=4U> ;=33"N_8/=? D&C$.#=?> 464

FN?YKNYGHV 1? 0ER> NF=GNTP NO@G= @IG GFGM@>E?H >? QN=MI 4DDCS @IG 2K<=GRG 3EK?M>F M=G8 N?T 1?@G=?N@>E?NF>@P +=NT>@>E?HS W=E@GM@>E? EO ,>H@E=>MNF ,G=>@NYGS Î>MI H@N=@GT NM@>U>8@>GH E? FN?YKNYG FN^ O=ER @IG UG=P LGY>??>?Y EO >@H Ê=\ ;WE<EUS %GH@G=EUN BCCCg X7AV

+IG 3ERR>HH>E? E=TG=GT @IG 1?H@>@K@G EO 'N?YKNYGS '>@G=N@K=G N?T ,>H@E=P @E <=G8

OE= >@H ^GN\?GHH >? @IG N=GN EO FN?YKNYG =GU>UNF N?TS >? <N=@>MKFN=S OE= @IG E=>Y>?NFFP<FN??GT FE?Y8@G=R >R<FGRG?@N@>E? <G=>ET @IN@ INT @E FNH@ K< @E @G? PGN=HV 1? @IG>= U>G^S@IG 0ER> FN?YKNYG ^NH TGUGFE<GT N?T H@N?TN=T>HGT G?EKYI @E OK?M@>E? >? @IG <KLF>MH<IG=GS NF@IEKYI @IG=G ^G=G HERG T>HMKHH>E?H =GYN=T>?Y @IG bKGH@>E? EO ÎG@IG= @IG=G <NHH>?Y @IG L>FF ^NH @IN@ LP C&/&>7/"=<4 S G@I?>M 0ER>H MER<EHGT E?FP NLEK@ N bKN=@G=EO @IG @E@NF <E<KFN@>E?V 1? 4D:9S 65 <G= MG?@ EO @IG TG<K@>GH ^G=G G@I?>M 0ER> >? @IG2K<=GRG 3EK?M>FS @IG 2EU>G@8H@PFG =GY>E?NF FGY>HFN@K=GS N?T 64V7 <G= MG?@ G=G GFGM@GT >?4DDC ;WE<EUS %GH@G=EUN BCCCg 4X:S +NLFG :AV

?N@>E?NF REUGRG?@V .G@S >@ <=EUGT @E LG <EHH>LFG OE= G@I?>M GF>@GH @E =GNMI N? NY=GGRG?@^>@I RNJE=>@P GF>@GH bK>@G GN=FPS >? 4DDBS TKG @E @IG H@=N@GYP EO MEE<G=N@>E? ^>@I =G<KL8F>MN? NK@IE=>@>GHS MIEHG? LP FGNTG=H EO @IG ?N@>E?NF REUGRG?@S HKMI NH ZNFG=>P QN=\EU TG<K@>GH EO @IG 2K<=GRG 3EK?M>FV +I>H LGMNRG <EHH>LFG <N=@FP TKG @IG <EH>@>E? EO .K=>P +IG HK<<E=@ E? @IG <N=@ EO 2<>=>TE?EU ^NH MER<N@>LFG ^>@I @IG ?GGT EO @IG =GY>E?NF<EF>@>MNF GF>@GH @E G?HK=G @IG>= <EH>@>E? UG=HKH @IG MG?@=NF NK@IE=>@>GHV +I>H MEE<G=N@>E?

N?T <N=@>M><N@>E? EO G@I?>M GF>@GH >? GFNLE=N@>E? EO @IG FN^H E? FN?YKNYG ;'N^ EO @IG$G<KLF>M EO 0ER>u B: /GMGRLG= 4DD6A N?T MKF@K=G ;'N^ EO @IG $G<KLF>M EO 0ER>uBB /GMGRLG= 4DDXA NFHE G?IN?MGT @IG>= GN=FP NTE<@>E? ;WE<EUS %GH@G=EUN BCCCg 65n6DAV

INT bK>@G H@=E?Y <=EU>H>E?HV +IG=G ^G=G FN?YKNYG =GbK>=GRG?@H OE= HERG <=EOGHH>E?H@E \?E^ LE@I H@N@G FN?YKNYGH ;N=@>MFGH 5S 46S 4:AV +IG F>H@ EO HKMI <=EOGHH>E?H TGRN?T>?Y\?E^FGTYG EO LE@I H@N@G FN?YKNYGH N?T E@IG= FN?YKNYGH >? @IG H@N@G NK@IE=>@>GH INT @E

8>?Y @E @IG FN^S p0ER> N?T $KHH>N? H@N@G FN?YKNYGH N=G H@KT>GT >? NFF HMIEEFHr ;N=@>MFG4DAS Î>MI RGN?@ @IN@ >? @IGE=P >@ LGMNRG MER<KFHE=P OE= NFF H@KTG?@H EO @IG $G<KL8

F>M @E H@KTP 0ER> NH N?E@IG= H@N@G FN?YKNYGS LK@ >? <=NM@>MG @^G?@P PGN=H FN@G= E?FPNLEK@ E?G @I>=T EO H@KTG?@H TE ;HGG kNRPN@>? BC4BMg ::AV 0ER> INH ?E@ LGG? KHGT NH@IG FN?YKNYG EO >?H@=KM@>E? H>?MG @IG 4D5CH N?T >@H Gc<N?H>E? >? @I>H T>=GM@>E? ^NH ?E@>?MFKTGTS NF@IEKYI >@ ^NH <FN??GT OE= @IG OK@K=GV 2ES @IG =>YI@ @E MIEEHG @IG FN?YKNYGEO K<L=>?Y>?Y N?T >?H@=KM@>E?S GUG? >O >? @IG FN^S ^NH ?E@ G?OE=MGNLFG >? 0ER>V +IG FN^>?MFKTGT @IG =>YI@ @E MIEEHG 0ER> E= $KHH>N? >? E=TG= @E G?@G= I>YI <=EOGHH>E?NF >?H@>@K8@>E?HS I>YIG= GTKMN@>E? >?H@>@K@>E?H N?T @E NMMER<F>HI =GHGN=MIS Î>MI NFHE =GRN>?GTE? <N<G=V &MME=T>?Y @E N H@KTP @>@FGT pWKLF>M "<>?>E? EO @IG WE<KFN@>E? EO @IG $G<KLF>MEO 0ER> E? @IG 1HHKGH EO 2@N@GIEET N?T 2EUG=G>Y?@Pr ME?TKM@GT HEE? NO@G= NTE<@>E?EO @IG FN^S 65 <G= MG?@ EO G@I?>M 0ER>H N?T BX <G= MG?@ EO @IG @E@NF <E<KFN@>E? ^G=G >?ONUEK= EO MER<KFHE=P 0ER> OE= NFF H@KTG?@HV 1? BCCX @IG ?KRLG=H >? ONUEK= ^G=G 69V:



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A46B

<G= MG?@ EO 0ER>H N?T 46V6 <G= MG?@ EO $KHH>N?H E= B7V7 <G= MG?@ EO @IG @E@NF <E<KFN@>E?;2INLNPGU G@ NFV BCCDAV

&O@G= @IG MNR<N>Y? @E psL=>?Yt =GY>E?NF FGY>HFN@>E?H >?@E ME?ME=TN?MG ^>@I @IG OGT8G=NF FGY>HFN@>E?r ^NH >?>@>N@GT LP @IG OGTG=NF MG?@=GS NRG?TRG?@H ^G=G RNTG @E @IG0ER> FN?YKNYG FN^ >? @IG T>=GM@>E? EO >@H TG@G=>E=N@>E?S NF@IEKYI HERGÎN@ FN@G= @IN?

>? @IG E@IG= =G<KLF>MH ;'N^ EO @IG $G<KLF>M EO 0ER>u 47 !KFP BCCBAV &H GFHGÎG=GS RN?PFGYNF <=EU>H>E?H ^G=G ^GN\G?GT >? HKMI N ^NP @IN@ ?E^ NM@>E?H INT @E LG <G=OE=RGT 8M>NF N?T <KLF>M HG=UN?@H @E \?E^ @IG H@N@G FN?YKNYGH ^NH HKLH@>@K@GT ^>@I @IG TGRN?T@E \?E^ JKH@ E?G EO @IG H@N@G FN?YKNYGHS Î>MI >? <=NM@>MG RGN?@S EO MEK=HGS $KHH>N?V+IG F>H@ ^>@I FN?YKNYG =GbK>=GRG?@H ^NH ?E@ RG?@>E?GTV ,E^GUG=S N? ELF>YN@>E? ^NH>R<EHGT E? IGNTH EO NK@IE=>@>GH N?T RK?>M><NF>@>GH @E M=GN@G ME?T>@>E?H OE= NMbK>=>?Y ^NH =GREUGT >? @IG ?Gc@ ^NUG EO NRG?TRG?@H ;'N^ EO @IG $G<KLF>M EO 0ER>u 7 !KFPBCCDAV +IG NRG?TRG?@H NFHE G?HK=GT @IN@ @IG FN?YKNYGH EO K<L=>?Y>?Y N?T >?H@=KM@>E?

H@N@G FN?YKNYGH N?T FN?YKNYG =GbK>=GRG?@H N=G H@>FF >? @IG FN?YKNYG FN^V 2>R>FN=FPS @IGNRG?TGT GTKMN@>E? FN^ INH ?E@ GcMFKTGT MER<KFHE=P H@KTP EO FN?YKNYGH ;'N^ EO @IG$G<KLF>M EO 0ER>u 49 %EUGRLG= BCC7AV

X4/= 6#

1? @IG $G<KLF>M EO QN=> *F @IG 2K<=GRG 3EK?M>F M=GN@GT >@H 3ERR>HH>E? E? 1?@G=?N8

Y=EK< EO @IG 2K<=GRG 3EK?M>F N?T <KLF>HIGT OE= T>HMKHH>E? >? @I=GG FN?YKNYGH ;$KH8H>N?S N?T @IG @Ê RN>? UN=>G@>GH EO QN=>g ,>FF QN=> N?T QGNTE^ QN=>A >? 4DDB ;0E?8T=NHI\>?N BCCCg 47CAV ,E@ TGLN@GH N=EHG N=EK?T @IG <=E<EHGT MER<KFHE=P H@KTP EO @IGH@N@G FN?YKNYGH OE= NFF H@KTG?@H ;FN@G= N=@>MFG 44A N?T @IG FN?YKNYG =GbK>=GRG?@H @IN@ EO @IG QN=> WGE<FG HKYYGH@GT @IN@ @IGHG <=EU>H>E?H ÊKFT LG UE@GT E? E<G?FP >? @IG2K<=GRG 3EK?M>F ;$GHEFK@>E? "? 'N?YKNYGu 64 "M@ELG= 4DDBAV ,E^GUG=S N@ @IN@ @>RGTG<K@>GH EO QN=> G@I?>M E=>Y>? =G<=GHG?@GT E?FP N<<=Ec>RN@GFP E?G @I>=T >? <N=F>NRG?@N?T @IG T=NO@ FN?YKNYG FN^ ^NH ?E@ GUG? T>HMKHHGT >? HGHH>E?V +I=EKYI @IG NLHG?MG EON FN?YKNYG FN^S @IG FN^H E? GTKMN@>E? ;'N^ EO @IG $G<KLF>M EO QN=> *Fu X %EUGRLG= H>R>FN= OK?M@>E?H >? @IG>= =GH<GM@>UG H<IG=GHV 1? 4DDXn4DD9S ÎG? @IG =G<KLF>MN? ME?H@>8@K@>E?H G=G NTE<@GTS @IG ?N@>E?NF REUGRG?@H @I=EKYIEK@ @IG ÎEFG MEK?@=P G?@G=GT N KHG FN?YKNYG N?T E@IG= G@I?>M>@P8=GFN@GT <IG?ERG?N NH MIN??GFH OE= <EF>@>MNF REL>F>HN8@>E? ;-E=G?LK=Y BCC6g 59S NFHE kNRPN@>? BC46LAV %GUG=@IGFGHHS @IG >?G=@>N EO @IG HEUG=8G>Y?>HN@>E? <=EMGHHGHS Î>MI H@N=@GT >? @IG M>=MKRH@N?MGH TGHM=>LGTS RNTG <EHH>LFG @IGNTE<@>E? EO FN?YKNYG FN^HS NH IN<<G?GT >? QN=> *FV

8M>F EO 4D:9 ^NH XB <G= MG?@S >? 4DDC >@ ^NH 6C <G= MG?@ ;2IN=EU BCC4Ng D7AV 1? @IG 2@N@G



o4%947=3L Q B7$:9 "5 71& ^438$48& ^4[> =3 D$>>=4U> ;=33"N_8/=? D&C$.#=?> 466

&HHGRLFP EO @IG $G<KLF>M EO QN=> *F GFGM@GT >? /GMGRLG= 4DD6 @IG HIN=G EO QN=> ^NHX7VB <G= MG?@V 46 EK@ EO 6C TG<K@>GH >? @IG $G<KLF>MN? WN=F>NRG?@ ^G=G EO QN=> G@I>M G@I?>M H@=KM@K=G EO @IG <E<KFN@>E? ;_GFE\K=EUNS /G?>HEUN BCC6g 95AV 1? E@IG= Ê=THS >?4DD9 @IG @>@KFN= GF>@G ^NH =G<=GHG?@GT <E^G=OKFFP G?EKYI >? <EF>@>MNF GH@NLF>HIRG?@ @E

<NHH @IG FN?YKNYG FN^V +IG T>H<K@G >?H>TG @IG @>@KFN= GF>@G NLEK@ ÎG@IG= @IG ,>FF QN=>FN?YKNYG NFHE INT @E LG Y=N?@GT @IG H@N@KH EO PG@ N?E@IG= H@N@G FN?YKNYG EO @IG $G<KLF>M ^NH <=GTER>?N?@ >? <E^G= N@ @IN@ @>RG N?T @IG W=GH>TG?@ NH EO ,>FF QN=> E=>Y>? ;0NH>8REU 4DDBAV & MER<=ER>HG ^NH NMI>GUGT @I=EKYI N? NY=GGRG?@ @IN@ @IG N<<F>MN@>E? EO@IG QN=> H@N@G FN?YKNYG INT @E LG <G=OE=RGT NMME=T>?Y @E @IG N=GNH EO =GH>TG?MG EO @IG,>FF N?T QGNTE^ QN=>V

+IG TGLN@G =GHKF@GT >? @IG FN?YKNYG FN^ EO 4DD9 N OG^ RE?@IH NO@G= @IG NTE<@>E?EO @IG 3E?H@>@K@>E? EO @IG $G<KLF>M EO QN=> *F ;BX !K?G 4DD9AS >? Î>MI @I=GG FN?YKNYGH

<KLF>M HG=UN?@H ?E^ INT @E INUG N MERRN?T EO $KHH>N? N?T NFHE EO E?G EO @IG H@N@G FN?8YKNYGHS @IN@ >HS QGNTE^ QN=> E= ,>FF QN=>S @E @IG Gc@G?@ ?GGTGT @E MN==P EK@ @IG>= <=E8OGHH>E?NF TK@>GH ;N=@>MFG 4XAV QE=GEUG=S pIGNTH N?T GR<FEPGGH EO GTKMN@>E? >?H@>@K@>E?HN=G MIEHG? @N\>?Y >?@E NMMEK?@ @IG>= \?E^FGTYG EO @IG FN?YKNYGH EO >?H@>@K@>E?r ;'N^ EO 8F>M EO QN=> *Fu B7 "M@ELG= 4DD9AV ,E^GUG=S TGH<>@G HERG <=NM@>MGS @IGHG <=EU>H>E?H^G=G ?GUG= >R<FGRG?@GT >? <=>?M><FGV 1? @IG H<IG=G EO GTKMN@>E?S @IG FN^ >?MFKTGT @IG=>YI@ @E MIEEHG O=GGFP @IG FN?YKNYG EO K<L=>?Y>?Y N?T >?H@=KM@>E? NH ^GFF NH @IG GbKNF=>YI@ @E =GMG>UG GTKMN@>E? >? E?GlH MIEHG? ?N@>UG FN?YKNYGV 1? NTT>@>E? @E O=GG MIE>MG EO

GTKMN@>E? >?H@>@K@>E?S @IG FN^ >?MFKTGT @IG TGRN?T @IN@ QN=> N?T $KHH>N? NH @IG H@N@G >? NFF GTKMN@>E? >?H@>@K@>E?H ;N=@>MFG 44S 7BAV )>?NFFPS @IG =>YI@ @E p<NHH GcNRH >? E?G EO @IGH@N@G FN?YKNYGHr NH RG?@>E?GTS NF@IEKYI ?GUG= NM@KNFFP G?OE=MGTV

1? @IG 4DD7 GFGM@>E? @E @IG 2@N@G &HHGRLFP 9C TG<K@>GH INT @E LG GFGM@GT <G=HE?NFFPN?T 45 TG<K@>GH =G<=GHG?@GT @IG NTR>?>H@=N@>UG K?>@H EO @IG $G<KLF>M EK@ EO @IG @E@NF?KRLG= EO 75 TG<K@>GHV +I>H RGN?@ @IN@ B: TG<K@>GH INT @E LG GFGM@GT O=ER K=LN? N=GNHN?T 6D O=ER =K=NF N=GNHS Î>MI HIEKFT INUG G?HK=GT I>YIG= G@I?>M <EF>@>MNF =G<=GHG?@N8@>E?V ,E^GUG=S >? <=NM@>MG E?FP 45 GFGM@GT TG<K@>GH G=G EO G@I?>M QN=> E=>Y>?S >?MFKT>?YE?G =G<=GHG?@>?Y @IG ?N@>E?NF E=YN?>HN@>E? QN=> #HIGR ;QN=> #?>E?AV +IKHS @IG HIN=GEO G@I?>M QN=> TG<K@>GH ^NH E?FP B9VX <G= MG?@ ;_GFE\K=EUNS /G?>HEUN BCC6g 7XAV

8FGR EO @IG FE^ G@I?>M <EF>@>MNF =G<=GHG?@N@>E?V +IG ME?Y=GHH Gc<=GHHGT >@H HK<<E=@ OE=G@I?>M QN=> MN?T>TN@GH >? @IG 2@N@G &HHGRLFP GFGM@>E? MNR<N>Y? EO BCCCV ,E^GUG=S @IGNRG?TRG?@H @E @IG QN=> 3E?H@>@K@>E? N?T @E @IG GFGM@>E? FN^ NLEF>HIGT @IG <=GU>EKHFPOE=RGT @G==>@E=>NF N?T NTR>?>H@=N@>UG8@G==>@E=>NF GFGM@E=NF T>H@=>M@H N?T OE=RGT E?FP @G=8=>@E=>NF T>H@=>M@HV +I>H ^NP G@I?>M =G<=GHG?@N@>E? ^NH =GTKMGT LGMNKHG EO @IG FEH@ Gc@=NHGN@H O=ER =K=NF NTR>?>H@=N@>UG8@G==>@E=>NF T>H@=>M@HV +IGHG NRG?TRG?@H ^G=G N <N=@ EO@IG MNR<N>Y? EO L=>?Y>?Y @IG =G<KLF>MlH FGY>HFN@>E? >?@E ME?ME=TN?MG ^>@I OGTG=NF FGY>H8FN@>E? ;>L>TVg 59n55AV



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A46X

N?T <=E@GH@GT NYN>?H@ @IGHG <>GMGH EO FGY>HFN@>E? @E @IG W=GH>TG?@ N?T IGNT EO <N=F>NRG?@EO @IG $G<KLF>M >? &KYKH@ N?T 2G<@GRLG= BCCCV 1? !N?KN=P BCC4 @IG WKLF>M W=EHGMK@E=<=E<EHGT I>H E^? NRG?TRG?@HS >? Î>MI @IG=G ^NH N =GbK>=GRG?@ @E MIN?YG BX EO 79

<=EU>H>E?H EO @IG MK==G?@ FN?YKNYG FN^V *UG? >O @IG <=E<EHGT NRG?TRG?@H G=G RN>?FPEO TGME=N@>UG MIN=NM@G= N?T T>T ?E@ T>=GM@FP @EKMI @IG <=EU>H>E?H E? @IG H@N@KH EO @IG 8H>N? FN?YKNYGV 'GNTG=H EO @IG QN=> ?N@>E?NF REUGRG?@ N?T HERG TG<K@>GH EO G@I?>MQN=> E=>Y>? H@=E?YFP E<<EHGT @I>H <=E<EHNFV & ME?M>F>N@E=P MERR>HH>E? ^NH OE=RGT @ET>HMKHH T>HNY=GGRG?@H ;D&>1&3=&

1? @IG 2@N@G &HHGRLFP EO @IG $G<KLF>M EO QN=> *F GFGM@GT >? BCCC E?FP 65V6 <G= MG?@ EONFF TG<K@>GH G=G EO G@I?>M QN=> E=>Y>?S N?T @IGP ^G=G K?NLFG @E M=GN@G N? ELH@NMFG OE= @IG 8

@GRLG= BCC4S B /GMGRLG= BCC:S 47 QN=MI BCCDS 4B QN=MI BC44AV +IG MER<KFHE=P H@KTPEO @IG QN=> FN?YKNYG OE= NFF H@KTG?@H ^NH ?E@ GcMFKTGT NH @IG ?E=R O=ER @IG FN?YKNYGFN^S LK@ @IG GTKMN@>E? FN^ ^NH NL=EYN@GT NH ME?@=NT>M@>?Y OGTG=NF FGY>HFN@>E?V +IG ?G^FN^ E? =GYKFN@>E? EO =GFN@>E?H >? @IG H<IG=G EO GTKMN@>E? GcMFKTGT MER<KFHE=P H@KTP EOQN=> NH @IG H@N@G FN?YKNYG LP NFF H@KTG?@H ;'N^H EO @IG $G<KLF>M EO QN=> *Fu BD QN=MI NRE?Y G@I?>M QN=>H >? HK<<E=@ OE= @IG MER<KFHE=P @GNMI>?Y EO @IG H@N@G FN?YKNYGH @E NFFO=ER 9DVB <G= MG?@ @E 74VB <G= MG?@ N?T N TGM=GNHG >? HK<<E=@ NRE?Y $KHH>N?H O=ER B4V:<G= MG?@ @E 4DVX <G= MG?@ ;0KT=PNU@HGUNS 2INLP\EU BCCBg B:S 2INLP\EU BCC7AV

X"/:"O=4

2K<=GRG 2EU>G@ 3EK?M>F LGMNKHG @IG TG<K@>GH E<<EHGT @IG TGRN?T OE= MER<KFHE=PH@KTP EO @IG @>@KFN= FN?YKNYGH >? NFF HMIEEFH N?T @IG TGRN?T EO FN?YKNYG <=GOG=G?MGH BCC4g ::S DCAV #?F>\G @IG E@IG= =G<KLF>MHS <EF>@>MNF =G<=GHG?@N@>E? >? @IG =G<KLF>MlH <N=F>N8

^NH 6BV9 <G= MG?@ EO @IG <E<KFN@>E? EO @IG =G<KLF>MS >? @IG 2K<=GRG 3EK?M>F EO 4DDC @IG>=HIN=G ^NH 6XVD <G= MG?@S >? @IG 2@N@G 3EK?M>F EO 4DD9 >@ ^NH 66 <G= MG?@ ;X6V9 <G= MG?@NMME=T>?Y @E WEFK@>? BCCCA N?T >? BCCC >? @IG 2@N@G 3EK?M>F >@ ^NH 6:V7 ;/EFYNPGUNBCC4AV ,E^GUG=S GUG? @IG TG<K@>GH EO @>@KFN= E=>Y>? G=G =GFKM@N?@ @E E<G?FP HK<<E=@ @IGT=NO@ FN^ ;QEH>? BCC4AV

"?FP @IG HGME?T 3E?Y=GHH >? QN=MI 4DD9 TGRN?TGTS NFE?Y ^>@I @IG TGH>Y?N@>E? EO@IG QE=TU>? FN?YKNYGH NH @IG H@N@G FN?YKNYGHS @IG NTE<@>E? EO N FN^ E? H@N@G FN?YKNYGH;$GHEFK@>E?u BX QN=MI 4DD9AV 2ERG NM@>E?H ^G=G N==N?YGT @E H<GGT K< @IG <=EMGHH EO@IG NTE<@>E? EO @IG FN?YKNYG FN^V )E= GcNR<FGS @IG <EF>@>MNF TGUGFE<RG?@H >? QE=TEU>N





! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A467

MG?@ EO @IG TG<K@>GHV ,E^GUG=S ÎG? @IG 2EU>G@ HPH@GR ^NH NLEF>HIGTS @IG R>?E=>@P<EF>@>MNF =G<=GHG?@N@>E? >? <N=F>NRG?@ <=EUGT @E LG N? >?HK=REK?@NLFG ELH@NMFGS Î>MI NFF 9B G@I?>M #TRK=@H EK@ EO BCC TG<K@>GH EO @IG 2K<=GRG 3EK?M>F >? 4DD4 MER<EHGT N

TG<K@P Y=EK< LNM\>?Y G@I?>M>@P N?T FN?YKNYG TGRN?THV ,E^GUG=S >? #TRK=@>N @IG=G^NH ?GUG= N RERG?@ ÎG? G@I?>M =G<=GHG?@N@>E? ÊKFT =GNMI INFOS NH =GbK>=GT OE= @IGNTE<@>E? EO FN^H >? @IG FGY>HFN@>UG <=EMGTK=GS NH >@ ^NH @IG MNHG >? QN=> *F N@ E?G <E>?@V

&H >? E@IG= =G<KLF>MHS G@I?>M =G<=GHG?@N@>E? TGM=GNHGT =N<>TFP ^>@I @IG NLEF>@>E? EO2EU>G@ <=NM@>MGH EO G@I?>M>@P <=GOG=G?MGH N?T bKE@NHV 1? HERG PGN=H <EF>@>MNF =G<=GHG?8 <E<KFN@>E?V 1? GFGM@>E?H @E @IG 2@N@G 3EK?M>F >? 4DD9 #TRK=@ 0G?GHI T>T ?E@ ^>? N H>?8YFG HG@V "?FP 47 EO 4CC TG<K@>GH EO @IG 2@N@G 3EK?M>F 4DD9nBCCC G=G G@I?>M #TRK=@H N?T FN?YKNYG FN^ ^NH IN=TFP <EHH>LFG N@ NFF NO@G= 4DD9 N?T @IG <G=>ET EO TGMF>?G EO ?N@>E?NF

REUGRG?@ NM@>U>HR >? @IG ME?T>@>E?H EO RNJE=>@P =KFGVQE=GEUG=S GUG? >? 4DDCS ÎG? @IG RNJE=>@P ^NH ?E@ H@=E?YFP NYN>?H@ @IG NTE<@>E? EO

N FN?YKNYG FN^S >@ <=EUGT >R<EHH>LFG @E T=NO@ N FN^ OE= N =N@IG= @GMI?>MNF =GNHE?g @IG=G^NH ?E NK@IE=>@N@>UG MG?@=G @IN@ MEKFT <=ETKMG N T=NO@ FN?YKNYG FN^V "?FP >? 4DD7 NH N @IG GFGRG?@H EO MER<KFHE=P FN?YKNYG KHGS E?FP @IG MFNKHG E? MER<KFHE=P H@KTP EO H@N@GFN?YKNYGH LP NFF H@KTG?@H ^NH FGO@ ;/=NO@ 'N?YKNYG 'Nû 4DD7AV ,E^GUG=S @I>H T=NO@T>T ?E@ <NHHV +IG NLHG?MG EO N FN?YKNYG FN^ TGFNPGT N?T MER<F>MN@GT @IG H@N=@ EO @IGFN?YKNYG =GU>UNF <=EJGM@V +I>H ^NH <N=@FP MER<G?HN@GT LP @IG NTE<@>E? EO @IG FN^H E?

GTKMN@>E? ;'N^ EO @IG #TRK=@ $G<KLF>Mu 64 !N?KN=P 4DD7A N?T E? MKF@K=G ;'N^ EO @IG#TRK=@ $G<KLF>Mu 4: /GMGRLG= 4DD7AV +IG GTKMN@>E? FN^ ^NH <N=@>MKFN=FP >R<E=@N?@OE= @IG >?>@>N@>E? EO FN?YKNYG =GOE=R LGMNKHG >@ YKN=N?@GGT @IG =>YI@ @E FGN=? @IG ?N@>UGFN?YKNYG N?T ELF>YGT @IG =G<KLF>MN? NK@IE=>@>GH @E M=GN@G ONM>F>@>GH OE= @IG H@KTP EO @IG N HKLJGM@ E?FPS >? @IG RN>?S OE= G@I?>M #TRK=@ MI>FT=G?V $KHH>N? =GRN>?GT @IG FN?YKNYGEO >?H@=KM@>E? >? NFF HMIEEFHV

+IG MNHG EO #TRK=@>N TGRE?H@=N@GT @IG >R<E=@N?MG EO >?H@>@K@>E?NF HK<<E=@ OE= F>?YK>H8@>M TGRN?TH >? @IG GcGMK@>UG L=N?MI EO <E^G=V #?F>\G >? 0ER>S >? #TRK=@>N @IG #TRK=@3E?Y=GHH INT ?E =>YI@ EO FGYNF >?>@>N@>UG N?T MEKFT ?E@ <=GHG?@ >@H TGRN?TH T>=GM@FP @E

<N=F>NRG?@V &H @IG FGY>HFN@K=G =GRN>?GT >?NM@>UGS @IG GcGMK@>UG NK@IE=>@P INT @E <=ETKMG 8 ^NH ?ER>?NFFP M=GN@GT E?FP >? 4DDXV +IG NK@IE= EO @I>H N=@>MFG Ê=\GT NH N FN^PG= >? @I>H N@ @IG FN^ ONMKF@PV _GMNKHG EO @IG ON>FK=G EO @IG <=GU>EKH T=NO@HS @IG <=EMGTK=G NH MIEHG?@E =GMG>UG N<<=EUNF N@ @IG YEUG=?RG?@ FGUGF N?T @E <=GHG?@ @IG T=NO@ FN^ NH N YEUG=?RG?@>?>@>N@>UGV +IG <=EMGHH EO GFNLE=N@>E? EO @IG ?G^ T=NO@ ^NH RE=G HEH@>MN@GT @IN? ^>@I<=GU>EKH T=NO@HV 2GUG=NF Gc>H@>?Y FN?YKNYG FN^H EO E@IG= =G<KLF>MHS ?E@NLFP 0ER>S QN=> >? @IG ?NRG EO @IG YEUG=?RG?@S @IG T=NO@ INT @E LG HK<<E=@GT LP E@IG= R>?>H@=>GH N?T



o4%947=3L Q B7$:9 "5 71& ^438$48& ^4[> =3 D$>>=4U> ;=33"N_8/=? D&C$.#=?> 465

YEUG=?RG?@ NYG?M>GH EO @IG $G<KLF>MV QN?P GcGMK@>UG NK@IE=>@>GH ^G=G NYN>?H@ @IG T=NO@SÎ>MI NH ?E@ ?GGTGT >? @IG>= E<>?>E?S E= G=G =GFKM@N?@ @E HK<<E=@ >@V +IG <=EMGTK=G NFHE>?MFKTGT N? Gc<G=@>HG LP @IG H<GM>NF>HGT OGTG=NF NK@IE=>@>GH EO LE@I FGY>HFN@>UG N?T GcGMK8@>UG L=N?MIGH N?T ME?HKF@N@>E?H ^>@I ?N@>E?NF E=YN?>HN@>E?H EO NFF G@I?>M Y=EK<H n o@IG 8

8@>E?H @IG =G<KLF>MN? 2EM>G@P EO $KHH>N? 3KF@K=G ^NH NYN>?H@ RN?P EO @IG T=NO@ <=EU>H>E?H@IN@ ONUEK=GT @IG #TRK=@ FN?YKNYGV

"?FP 44 EO 4CC TG<K@>GH EO @IG 2@N@G 3EK?M>F EO BCCCnBCC9 N?T 45 TG<K@>GH EO @IG 2@N@G3EK?M>F EO BCC9nBC4C G=G G@I?>M #TRK=@HV &O@G= N TGMNTG @IN@ >?MFKTGT GFGUG? ME?H>T8G=N@>E?H N@ @IG FGUGF EO MERR>HH>E? EO @IG 2K<=GRG 3EK?M>F N?T FN@G= 2@N@G 3EK?M>FS @IGFN?YKNYG FN^ >? #TRK=@>N NH <NHHGT E?FP >? BCC4 N?T K?HK=<=>H>?YFP NH bK>@G GN\V >?H@=KM@>E?S I>MIS IE^GUG=S =GRN>?GT E? <N<G=V +I>H =>YI@ N?T @IG =>YI@ @E =GMG>UG <=G8HMIEEFS <=>RN=P N?T HGME?TN=P HMIEEF GTKMN@>E? >? E?GlH ?N@>UG FN?YKNYG N=G =GH@=>M@GT

@E @IG <E@G?@>NF>@>GH <=EU>TGT LP @IG GTKMN@>E? HPH@GRV +IGHG =>YI@H INT @E LG G?HK=GT LP M=GN@>E? N?T HK<<E=@ EO p?N@>E?NF HMIEEFHS MFNHHGH N?T Y=EK<HrV +IG FN^ <=EMFN>RGT@IN@ $KHH>N? N?T #TRK=@ NH @IG H@N@G FN?YKNYGH N=G H@KT>GT NH HKLJGM@H pNMME=T>?Y @E _N??>\EUN BCCBg BBnBXAV +>R>?Y >H E?G EO @IG =GNHE?H OE= @IG GN\?GHH EO @IG <=EU>H>E?HEO @IG FN?YKNYG FN^ >? #TRK=@>NS GUG? >? MER<N=>HE? @E QE=TEU>NS LGMNKHG LP @IG PGN=BCCC N? EUG=NFF HI>O@ >? @IG <EF>MP INT NF=GNTP H@N=@GTV

%GUG=@IGFGHHS @IG FN^ INT >@H >R<NM@V $>YI@ NO@G= >@H NTE<@>E? @IG HK<<E=@ OE= MER8<KFHE=P H@KTP EO #TRK=@ >? NFF HMIEEFH NRE?Y G@I?>M #TRK=@H NH 64 <G= MG?@ N?T G@I8

?>M $KHH>N?H 6VX <G= MG?@ ;2R>=?EUN BCCBg 9C9AV %E@^>@IH@N?T>?Y @I>HS @IG HEM>EFEY>MNF=GHGN=MI @>@FGT %N@>E?NF $GFN@>E?H >? #TRK=@>N E=TG=GT LP @IG Q>?>H@=P EO %N@>E?NF>@>GHWEF>MP >? BCC6 INH HIE^? @IN@ E?FP E?G bKN=@G= EO =GH<E?TG?@H EO LE@I RNJE=>@P N?TR>?E=>@P LNM\Y=EK?T ^NH >? ONUEK= EO HKMI RGNHK=GHV &? NRG?TRG?@ @E @IG FN?YKNYG FN?YKNYGH N?T E@IG= FN?YKNYGH EO @IG <E<KFN@>E? >? @IG N=GNH EO MER<NM@ =GH>TG?MG^>@I>? <E@G?@>NF>@>GH <=EU>TGT LP @IG GTKMN@>E? HPH@GR ;NRG?TRG?@ @E @IG 'N^ EO @IG#TRK=@ $G<KLF>Mu B4 !K?G BC4CAV & ?G^ GTKMN@>E? FN^ T>T ?E@ ME?@N>? @IG ELF>YN@>E? @IG #TRK=@ $G<KLF>Mu 49 /GMGRLG= BCCDAV

G4/&#=4

&? N?ERNFP EO FN?YKNYG <EF>MP >? 0N=GF>N >H @IN@ >@ INH ?E@ TGH>Y?N@GT @IG @>@KFN= FN?8YKNYG NH >@H H@N@G FN?YKNYGV &RE?Y @IG =GNHE?H OE= @I>H HIEKFT LG F>H@GT @IG KHG EO )>??8>HI NH @IG :& 54?7" OE=R EO 0N=GF>N? K?@>F 4D:DS <=EI>L>@>E? LP @IG NRG?TRG?@ @E $KHH>NlH FN?YKNYG FN^;'N^ EO @IG $2)2$u B9 "M@ELG= 4DD4 NRG?TGT LP @IG )GTG=NF 'Nû 44 /GMGRLG=BCCBA EO @IG H@N@G FN?YKNYG EO N =G<KLF>M @E LG LNHGT E? @IG 'N@>? HM=><@ NH ^GFF NH N FE^HIN=G EO @IG @>@KFN= Y=EK< N?T FE^ <EF>@>MNF =G<=GHG?@N@>E?S G@MV ;HGG kNRPN@>? BC46Ng



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A46:

46Dn4X4AV &RE?Y @IG =G<KLF>MH EO $KHH>NS 0N=GF>N >H @IG =G<KLF>M ^>@I @IG FE^GH@ HIN=GEO @IG @>@KFN= Y=EK<V fIG=GNH K< @E 4D:9 @IG HIN=G EO G@I?>M 0N=GF>N?H >? @IG 2K<=GRG 8YNFHIMI>\EUN BCCCg 479AV

0N=GF>N >H E?G EO @Ê =G<KLF>MH ;@IG HGME?T >H /NYGH@N?A ÎG=G N FN?YKNYG FN^ ^NH?E@ NTE<@GT >? @IG OE=R @IN@ >@ ^NH >? E@IG= =G<KLF>MHV /GH<>@G @IG ?KRG=EKH T=NO@ FN?8YKNYG FN^H N?T RE@>E?H @E <NHH FN?YKNYG FGY>HFN@>E?S >? 0N=GF>N OE= N FE?Y @>RG FN?8YKNYG >HHKGH =GRN>?GT K?=GYKFN@GTV &H N =GHKF@S @IG M=GN@>E? EO N FGY>HFN@>UG O=NRGÊ=\ HERGÎN@ MER<G?HN@GT OE= LP @IG NTE<@>E? EO FN^H E? GTKMN@>E? ;'N^ EO @IG $G<KLF>MEO 0N=GF>Nu 4: !N?KN=P 4DDXA N?T E? MKF@K=G ;'N^ EO @IG $G<KLF>M EO 0N=GF>Nu BX !N?K8N=P 4DD9AV 0N=GF>NlH GTKMN@>E? FN^ ME?@N>?GT H>R>FN= FN?YKNYG <=EU>H>E?H @E @IG GTKMN8@>E? FN^H EO @IG E@IG= =G<KLF>MH N?T H@N@GT @IN@ @IG =G<KLF>M M=GN@GH @IG ME?T>@>E?H OE=0N=GF>N?HS ZG<H N?T E@IG= ?N@>E?NF>@>GH @E G?HK=G @IG>= =>YI@ @E =GMG>UG YG?G=NF GTKMN@>E?

>? @IG ?N@>UG FN?YKNYGH N?T @E MIEEHG @IG FN?YKNYG EO GTKMN@>E? ^>@I>? @IG <E@G?@>NF>8@>GH <=EU>TGT LP @IG GTKMN@>E? HPH@GR ;N=@>MFG 7AV

8@>MG N?T <=E<EHGT $KHH>N? NH @IG HEFG H@N@G FN?YKNYG ;/=NO@ 'N?YKNYG 'N^ 1 N?T 11u B6QN=MI 4DDXAV +IG=G ^NH ?E >?@G?@>E? NRE?Y @IG T=NO@G=H @E Y>UG @IG 0N=GF>N? FN?YKNYG 8=>@E=>GH ÎG=G ME?MG?@=N@>E?H EO 0N=GF>N?H F>UGV "?G EO @IG T=NO@H <=E<EHGT @IG KHG EO$KHH>N? N?T )>??>HI LP <KLF>MN@>E? EO FN^HS N?T >? @IG @Gc@H EO OE=RHS HGNFHS H@NR<H N?TH>Y?LEN=THV &?E@IG= T=NO@ FN^ ÊKFT GH@NLF>HI @IG <EHH>L>F>@P @E KHG )>??>HI NFE?Y >@I

8

@IG GH@NLF>HIRG?@ EO @Ê UN=>G@>GH EO 0N=GF>N? ;"FE?G@H 0N=GF>N? N?T 0N=GF>N? W=E<G=A BC4Bg 45:AV &O@G=OK=@IG= GFNLE=N@>E? N?T GcMFKH>E? EO @IG T>H@>?M@>E? EO UN=>G@>GHS @IG T=NO@ FN^ ^NH <KL8F>HIGT >? @IG RNHH RGT>N OE= <KLF>M T>HMKHH>E? ;/=NO@ 'N?YKNYG 'N^ 111 N?T 1Zu BCQN=MI 4DD7S 6 2G<@GRLG= 4DD7AV +IG ?GGT OE= @IG H@N@KH EO H@N@G FN?YKNYG OE= 0N=GF>N?

8?N@>E? EO )>??>HI NH N H@N@G FN?YKNYG @IG TN@N EO @IG HEM>EFEY>MNF =GHGN=MI ^NH Y>UG?S FN?YKNYG ;_>=>? G@ NFV BCC9g 44Bn44XAV

+IG=G ^G=G RN?P <KLF>MN@>E?H H<GN\>?Y NYN>?H@ @IG T=NO@S >?MFKT>?Y @IG RKF@><FG >R<E=@N?@ NRE?Y @IG>= N=YKRG?@H ^NH @IG >HHKG EO MEH@V QE=GEUG=S MEK?@G=8NM@>U>@>GH^G=G N==N?YGTg @IG =G<KLF>MN? TG<N=@RG?@ EO @IG '>LG=NF /GREM=N@>M WN=@P EO $KHH>NS\?E^? OE= >@H KHG EO $KHH>N? ?N@>E?NF>H@ =IG@E=>MS GUG? >?>@>N@GT @IG MEFFGM@>E? EO H>Y?N8



o4%947=3L Q B7$:9 "5 71& ^438$48& ^4[> =3 D$>>=4U> ;=33"N_8/=? D&C$.#=?> 46D

NYN>?H@ )>??>HI LGMNKHG >@ >H N OE=G>Y? FN?YKNYGV +IG $KHH>N? ?N@>E?NF>H@ E=YN?>HN@>E?$KHH\EPG HEYFNH>PG ;$KHH>N? 3E?HG?@A Gc<=GHHGT @IG >TGN @E TGH>Y?N@G E?FP $KHH>N? NH@IG H@N@G FN?YKNYG EO @IG $G<KLF>MV &? NF@G=?N@>UG T=NO@ FN^S Î>MI <=E<EHGT $KHH>N?NH @IG HEFG H@N@G FN?YKNYGS ^NH HK<<E=@GT LP @IG '>LG=NF /GREM=N@>M WN=@P EO $KHH>NS@IG #?>E? EO 3ERRK?>H@H EO 0N=GF>NS $KHH\EPG HEYFNH>PG N?T E@IG= $KHH>N? ?N@>E?NF>H@

E=YN?>HN@>E?HV &? >TGN ^NH Gc<=GHHGT =GYN=T>?Y @IG <=EMGTK=NF >HHKG @IN@ H@N@G FN?8YKNYGH MEKFT LG TGH>Y?N@GT E?FP LP =GOG=G?TKR ;_>=>? G@ NFV BCC9g 4X5S 49Xn497S 49:n49DS 479S 454n45BS 4:Bn4:6S 4DBn4DXAV 2GUG=NF RE=G T=NO@H ^G=G GFNLE=N@GT >? 4DD5n4DD:;/=NO@ 'N?YKNYG 'N^ ZnZ111AV 1? 4DD:S N T=NO@ FN^ ^NH <=GHG?@GT @E @IG <N=F>NRG?@ LK@ NO@G= @IG 4DD: GFGM@>E? @IG ?G^ <N=F>NRG?@ ÊKFT <NHH @IG FN^V .G@S @IG ?G^ 3E?H@>@K8@>E? EO @IG $G<KLF>M EO 0N=GF>N ;B4 )GL=KN=P BCC4A TGH>Y?N@GT E?FP $KHH>N? NH @IG H@N@GFN?YKNYG EO @IG =G<KLF>MV

N?P HKMMGHHV "?G >?@G=GH@>?Y ?EUGF@P ^NH @IG >TGN @E TGH>Y?N@G 0N=GF>N? NH N =GY>E?NF

FN?YKNYG >? @IG ME?@Gc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

LFPS E? 4D QN=MI BCCXV

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bK>=GT ?KRLG= EO MFNHHGH E= Y=EK<HV ,E^GUG=S @IG=G N=G ?E FN?YKNYG<=GOG=G?MGH N?T ?E MER<KFHE=P H@KTP EO 0N=GF>N? OE= NFF H@KTG?@H >? @IG $G<KLF>MV .G@S

>? @IG GN=FP 4DDCH @IG=G ^NH N <=NM@>MG EO NTT>?Y N LE?KH @E ^NYGH OE= \?E^FGTYG EO @IG@>@KFN= FN?YKNYGV 0N=GF>N? >H MER<KFHE=P OE= H@KTP LP NFF H@KTG?@H >? @IG N=GNH EO TG?HG@>@KFN= <E<KFN@>E?V +IG ?G^ FN^ E? GTKMN@>E? ;'N^ EO @IG $G<KLF>M EO 0N=GF>Nu BD &<=>F

EO @IG <E<KFN@>E? ;HGG 0FGRG?@PGU G@ NFV BC4BAV 1? @IG =GHGN=MI NRE?Y @IG ?E?80N=GF>N?<E<KFN@>E? N==N?YGT >? BCC6nBCCX @IG <E<KFN= <=GOG=G?MGH EO @IG <EHH>LFG H@N@G FN?YKNYGH =GH<E?TG?@H LGF>GUGT @IN@ >O 0N=GF>N? LGMERGH N H@N@G FN?YKNYGS >@ ÊKFT LG TGH>=NLFG OE=@IEHG >@IEK@ \?E^FGTYG EO @IG FN?YKNYG @E FGN=? >@ ;0EUNFPEUN BCC7g 4Bn46AV



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A4XC

+ , * 2 + & + # 2 " ) 2 + & + * ' & % - # & - * 2 & 2 & + " " ' " ) ' & % - # & - *$ * Z 1 Z&' g / 1 2 3 # 2 2 1 " %

A"C$#4/ X".=#=>47="3T A"#=7=?4# D&C/&>&3747="3 43: 71& 01/&>1"#: 5"/ -47="34# M&%43:>

+IG =GY>E?NF FN?YKNYG FGY>HFN@>E?H N=G EO@G? ?E@ @=N?H<N=G?@ E? @IG YENF;HA EO FN?YKNYG 8 %GUG=@IGFGHHS @IG N?NFPH>H EO @IG <=EMGHHGH N=EK?T @IG NTE<@>E? EO @IG FN?YKNYG FN^H >? TEMKRG?@H EO ?N@>E?NF E=YN?>HN@>E?H ?E= @IG FN^H ME?@N>? @IG @G=R oFN?YKNYG =GU>UNFlS<=ELNLFP LGMNKHG >@ ^NH NHHEM>N@GT ^>@I @IG H>@KN@>E? EO FN?YKNYGH E? @IG UG=YG EOGc@>?M@>E?V +IG OE=RKFN KHGT >?H@GNT >? @IG =G<KLF>MHl FN^H >H LE==E^GT O=ER $KHH>NlH

FN^ N?T =GNTH NH pRN>?@G?N?MG N?T TGUGFE<RG?@ EO FN?YKNYGHrV fI>FG Gc<=GHH>?Y ME?8MG=?H NLEK@ @IG FN?YKNYG HI>O@S G@I?>M GF>@GH T>T ?E@ TN=G @E RN\G H@=E?YG= H@N@GRG?@HN?T =GFN@G @IG @>@KFN= FN?YKNYGH @E @IG Y=EK< EO G?TN?YG=GT FN?YKNYGH LGMNKHG @IGP^G=G <N=@ EO N <EF>@>MNF MKF@K=G >? Î>MI >@ ^NH KHKNF @E IP<EM=>@>MNFFP <=GHG?@ @I>?YH NH

OE= @IG @>@KFN= FN?YKNYGHV .G@S @IG <EF>MP EO H@N@G HK<<E=@ ^NH MINFFG?YGT N?T LNFN?MGTSE? @IG E?G IN?TS LP @IG N=YKRG?@ NLEK@ @IG GbKNF>@P EO FN?YKNYGH N?T ?E?8T>HM=>R>8?N@>E?S GR<FEPGT LP @IG RNJE=>@P GF>@GH N?T HK<<E=@GT LP @IG <E<KFN@>E?S N?TS E? @IGE@IG= IN?TS LP @IG <=>U>FGYGT <EH>@>E? EO $KHH>N? NH @IG H@N@G FN?YKNYG EO @IG ÎEFGMEK?@=PV 1? @IGHG M>=MKRH@N?MGHS @IG FGUGF EO >?H@>@K@>E?NF>HN@>E? EO @IG GFGRG?@H EO N?

&H @IG FN?YKNYGH FN^H ?E@ E?FP <=GHM=>LG MER<KFHE=P FN?YKNYG KHG LP NK@IE=>@>GH

>R<E=@N?@ UN=>NLFG >? @IG MNHG EO O=NR>?Y @IG <EF>MP LP FN?YKNYG FN^ @IN? >? @IG MNHGEO HPRLEF>M N?T OE=RNF =GMEY?>@>E? LP TGMFN=N@>E? E= ME?H@>@K@>E?V WKLF>M TGLN@G >? @IGRNHH RGT>N ^NH NFHE >R<E=@N?@ @E =GUGNF <KLF>M E<>?>E?V 2EM>EFEY>MNF =GHGN=MI H@KT>GH^G=G N==N?YGT O=ER @>RG @E @>RG >? @IG =G<KLF>MHS IE^GUG=S REH@FP 457&/ @IG NTE<@>E? EO@IG FN?YKNYG FN^HV +IG H@KT>GH Gc<FE=GT <E<KFN= E<>?>E? E? @IG F>?YK>H@>M >HHKGH >? @IG

<KLF>M H<IG=GV )E= GcNR<FGS /R>@=P -E=G?LK=Y ;BCC6g B69nBXCA RGNHK=GT HK<<E=@ OE= "K@ EO NFF $KHH>NlH =G<KLF>MH HKMI HK<<E=@ N<<GN=GT @E LG @IG FE^GH@ NRE?Y @IG @>@KFN=Y=EK<H EO @IG )>??E8#Y=>M =G<KLF>MHV &MME=T>?Y @E I>H TN@NS HK<<E=@ OE= @IG H>?YFG @>@K8FN= H@N@G FN?YKNYG MEK?@GT O=ER 46 <G= MG?@ NRE?Y 0N=GF>N?HS K< @E 4: <G= MG?@ NRE?Y#TRK=@HS B6 <G= MG?@ NRE?Y QN=>S N?T B7 <G= MG?@ NRE?Y LE@I 0ER> N?T QE=TU>?HV-E=G?LK=Y >?@G=<=G@H @IGHG =GHKF@H NH K?^>FF>?Y?GHH @E @=GN@ ?E?8@>@KFN= Y=EK<H NH pHGM8 @>@KFN= FN?YKNYGH LP NFF >?INL>@N?@H NH HK<<E=@GT LP 64 <G= MG?@ EO QN=> N?T QE=TU>?HS

H@KTP EO @IG @>@KFN= FN?YKNYGH >? NFF HMIEEFH ^NH Gc<=GHHGT LP 67 <G= MG?@ EO #TRK=@HS65 <G= MG?@ EO QE=TU>?HS XB <G= MG?@ EO QN=>S X6 <G= MG?@ EO 0ER> N?T 9B <G= MG?@ EO







o4%947=3L Q B7$:9 "5 71& ^438$48& ^4[> =3 D$>>=4U> ;=33"N_8/=? D&C$.#=?> 4X6

H@KTG?@H >? @IG =G<KLF>MS @IG OK?M@>E?>?Y EO @IG @>@KFN= FN?YKNYGH NH @IG RGN?H EO >?H@=KM8@>E?S FN?YKNYG <=GOG=G?MGH OE= HERG <=EOGHH>E?HS N?T RE=GV +IG FN@G= @IG FN?YKNYG FN^ 8YKNYG TGRN?THS LGMNKHG @IG HIE=@ <G=>ET ÎG? $KHH>N? N?T G@I?>M GF>@GH INT RK@KNF>?@G=GH@ @E NM@ JE>?@FP >? @IG ONMG EO MG?@=NF NK@IE=>@>GH ^NH EUG= ;HGG kNRPN@>? BC46Ng

FN?YKNYG FN^ >? @IN@ @IGP ME?@N>? RN?P TGMFN=N@E=P H@N@GRG?@H LK@ OG^ <=GHM=><@>UG FN?YKNYG FN^H KHKNFFP OE=RKFN@G @IG <=>?M><FGH EO FN?YKNYG KHG EO LE@I H@N@G FN?YKNYGHN?T E@IG= FN?YKNYGH EO @IG <GE<FGH EO @IG =G<KLF>MH LK@ TE ?E@ <=EU>TG N F>H@ EO TERN>?HOE= MER<KFHE=P FN?YKNYG KHGS >? @IG HNRG UNYKG RN??G= EO $KHH>NlH FN?YKNYG FN^V+IG ^>TG HME<G EO N<<F>MN@>E? >H <N=@FP @IG =GNHE? ÎP @IG H@=KM@K=G EO @IG FN^H E?FP 8 8

@>GHS FN?YKNYG KHG LP <KLF>M N?T E@IG= >?H@>@K@>E?HS FN?YKNYGH EO YGEY=NMNF ELJGM@HSFN?YKNYGH >? >?@G=?N@>E?NF ME?@NM@HS N?T =GH<E?H>L>F>@P OE= L=GNMIGH EO @IG FN?YKNYG FGY8>HFN@>E?V +IG HME<G EO N<<F>MN@>E? EO @IG FN^H EO 0ER> N?T QE=TEU>N N=G =GH@=>M@GT E?FP 8F>HGT ?N@>E?NF REUGRG?@ @IG @>@KFN= FN?YKNYG ^NH ?E@ TGH>Y?N@GT NH N H@N@G FN?YKNYGN?T NTE<@>E? EO @IG FN?YKNYG FN^ @EE\ N FE?Y @>RGV

+IG =GY>E?NF <EF>@>MNF FN?THMN<GH EO @IG FN@G 2EU>G@ <G=>ET FN=YGFP <=G8TG@G=R>?GT@IG H@N@KH EO FN?YKNYGH >? @IG <EH@82EU>G@ <G=>ETV "?G EO @IG N=YKRG?@H EO @IG G@I?>M

LG N FN?YKNYG FN^S OE= GcNR<FG >? 0N=GF>NS LGMNKHG @IG=G N=G FN?YKNYG FN^H >? E@IG==G<KLF>MHV &@ @IG HNRG @>RGS Î>FG @IG NK@E?EREKH T>H@=>M@H MEKFT ?E@ TGH>Y?N@G @IG>=H@N@G FN?YKNYGHS HERG EO @IGR INT FN?YKNYG FN^HS NFLG>@ @IG>= FN?YKNYGH MEKFT INUG 8 @>@FGT NO@G= @IG )>??E8#Y=>M N?T 2NREPGT <GE<FGHS FN?YKNYG FN^H ^G=G NTE<@GT >? @IG0IN?@P8QN?H>PH\ &K@E?EREKH />H@=>M@ ;'N^ EO @IG 0IN?@P8QN?H>PH\ &K@E?EREKH/>H@=>M@u X /GMGRLG= BCC4A N?T >? @IG .NRNFE8%G?G@H &K@E?EREKH />H@=>M@ ;'N^ EO@IG .NRNFE8%G?G@H &K@E?EREKH />H@=>M@u 9 &<=>F BC4CAV 1? @IG %G?G@H &K@E?EREKH/>H@=>M@S @IG GbK>UNFG?@ T=NO@ ^NH <=GHG?@GT @E N HGHH>E? EO @IG />H@=>M@ &TR>?>H@=N@>E?

E?FP >? &KYKH@ BC4B ;/=NO@ 'N^ EO @IG %G?G@H &K@E?EREKH />H@=>M@u &KYKH@ BC4BAV_E@I >? 0N=GF>N N?T NK@E?EREKH T>H@=>M@H @IG FNM\ EO H@N@KH EO N H@N@G FN?YKNYG T>T ?E@<=GUG?@ @IG NTE<@>E? EO N FN?YKNYG FN^ N?T >R<FGRG?@N@>E? EO FN?YKNYG =GU>UNFV 1?@IGHG =GY>E?H FN^RN\G=H MEKFT ?E@ LEEH@ @IG =GU>UNF EO @>@KFN= FN?YKNYGH @I=EKYI @IGRGMIN?>HRH @IN@ >R<EHGT MER<KFHE=P KHG EO @IG H@N@G FN?YKNYGHV .G@S 0N=GF>NlH FN^ >?@=ETKMGT N@ @IG RK?>M><NF FGUGFV +IG NLHG?MG EO H@N@G FN?YKNYG H@N@KH ^NH N? ELH@NMFG

LK@ T>T ?E@ GcMFKTG FN?YKNYG =GU>UNF >? @I>H $G<KLF>MV

NK@E?EREKH T>H@=>M@HS NH ^NH <E>?@GT EK@ NLEUGS N MERRE? 2EU>G@ >?IG=>@N?MG ^NH @IN@@IG <EF>MP8LNHGT N<<=ENMIS N?T ?E@ @IG =>YI@H8LNHGT N<<=ENMIS NH MIEHG? LP FN^RN\8



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A4XX

G=H NH N H@=N@GYP @E NTT=GHH FN?YKNYG >HHKGHV f>@I>? @IG <EF>MP8LNHGT N<<=ENMI MG=@N>?RGNHK=GH ^G=G <FN??GT >? FN^ NH OK@K=G NM@>U>@>GHV +IG N?NFPH>H TGRE?H@=N@GT @IN@S OE=8RKFN@>?Y ?E=RHS FN^RN\G=H KHGT @IG FN?YKNYG EO @IG @I>=T <G=HE? <FK=NFS E= @IG <NHH>UG@G?HGg HERG@I>?Y p>H LG>?Y TE?GrS Î>MI HIEKFT RGN? N? ELF>YN@E=P =KFGV ,E^GUG=S

<=ELFGRH >? G?OE=MGRG?@ N?T >R<FGRG?@N@>E?V 1? ONM@S @IEHG >R<FGRG?@>?Y @IG FN^ @N\G@IGHG ?E@ NH ELF>YN@>E?HS LK@ NFREH@ NH =GMERRG?TN@>E?HV 1? NTT>@>E? @E I>MI @IG=G N=GRN?P ?E=RH ^>@I =GOG=G?MGH =GT>=GM@>?Y @IG =GNTG= @E FGY>HFN@>E? @IN@ TEGH ?E@ Gc>H@V

01& D4=>& 43: M&%=>& "5 ^438$48& D&O=O4#L 71& E"//=:"/ "5\CC"/7$3=7=&> =3 6>74.#=>1=38 W3>7=7$7="3>

1? N H>@KN@>E? >? I>MI TGF>UG=P EO =GU>UNF <=EJGM@H N?T @IG>= ?GMGHHN=P HK<<E=@ TG<G?TGT

EO ?N@>E?NF REUGRG?@H @E MEE<G=N@G ^>@I =G<KLF>MN? NK@IE=>@>GHV 1? 0ER> N?T QN=>*FS NH >? HERG E@IG= =G<KLF>MHS ?N@>E?NF REUGRG?@H LGMNRG H@=E?Y G?EKYIS bK>M\FPG?EKYIS @E FELLP OE= @IG HK<<E=@ EO @IG =GY>E?NF YEUG=?RG?@H OE= H@N@G FN?YKNYGHS @IN@>HS OE=GREH@S OE= @IG @>@KFN= FN?YKNYGHV /GH<>@G @IG FE^ <=E<E=@>E? EO G@I?>M 0ER> >? @IG<E<KFN@>E?S @IG H@=N@GYP EO @IG ?N@>E?NF REUGRG?@lH FGNTG=HI>< ^NH T>=GM@GT N@ MEE<8G=N@>E? >@I @IG =GY>E?NF NK@IE=>@>GH N?T =GHKF@GT >? @IG GN=FP NTE<@>E? EO N bK>@G H@=E?YFN?YKNYG FN^V 1? QN=> *F N MER<N=NLFG HIN=G EO G@I?>M QN=>H N?T $KHH>N?H N?TS ME?HG8bKG?@FPS NTGbKN@G <=E<E=@>E?NF <EF>@>MNF =G<=GHG?@N@>E? G?NLFGT @IG FGNTG=HI>< EO @IG?N@>E?NF REUGRG?@ @E FELLP OE= @IG NTE<@>E? EO N FN?YKNYG FN^ ;'N^ EO @IG $G<KLF>M EO

TE^? TKG @E T>HNY=GGRG?@ NLEK@ ÎG@IG= E?G E= @Ê QN=> FN?YKNYGH HIEKFT LG @IG 8@>E? >? @IG FE?Y =K? ^NH @IN@ >? 0ER> RN?P FN?YKNYG <=EU>H>E?H N=G H@>FF >? OE=MG Î>FG>? QN=> *F @IGP INUG LGG? @E N Y=GN@ Gc@G?@ NLEF>HIGTV %GUG=@IGFGHHS >? 0ER> N?T QN=>*FS NH >? +N@N=H@N? N?T 3IKUNHI>NS @IG FGY>HFN@>UG LNH>H OE= @IG OK?M@>E?>?Y EO @IG H@N@GFN?YKNYGH ^NH RN>?FP M=GN@GTS ÎG=GNH >? #TRK=@>NS QE=TEU>N N?T 0N=GF>N @IGHG <=E8MGHHGH G=G <=E@=NM@GTV

1? QE=TEU>N N?T #TRK=@>N G@I?>M GF>@GH N<<GN=GT @E LG =GFN@>UGFP GN\S I>MI FGT @E 'N^ EO @IG #TRK=@ $G<KLF>Mu B5 %EUGRLG= BCC4AV +IG MNHGH EO QE=TEU>N N?T #TRK=8

@>N HIE^ @IN@ >? @IG =G<KLF>MH G=G Gc>H@>?Y G@I?>M GF>@GH IE<GT OE= 2EU>G@ ?N@>E?NF bKE@NHPH@GRHS ?N@>E?NF REUGRG?@H FN=YGFP ON>FGT TK=>?Y @IG <G=>ET EO =N<>T HEM>NF @=N?H8OE=RN@>E?V 1? LE@I =G<KLF>MH @IG NK@IE=>@>GH RN?NYGT @E ME8E<@N@G @IG MEFFNLE=N@>E?>H@FGNTG=H N?T @E REL>F>HG @IGR NYN>?H@ @IG RE=G =NT>MNF HGYRG?@H EO @IG REUGRG?@HV1? QE=TEU>N @IG=G ^NH N? GN=FP H<F>@ >? @IG FGNTG=HI>< EO @IG ?N@>E?NF REUGRG?@V .G@S@IG =GY>RG ME?HEF>TN@>E? O=ER @IG R>T84DDCH ^NH RN=\GT LP @IG MIN?YG >? =G<KLF>MN?FGNTG=HI>< >? 4DD: N?T >?MFKTGT N FN?YKNYG FN^ >? @IG GF>@G <NM@V 1? #TRK=@>N =GY>RGME?HEF>TN@>E? @EE\ <FNMG >? @IG ME?T>@>E?H EO @IG EUG=NFF HI>O@ >? $KHH>NlH <EF>@>MNF =GY>RG>? BCCCnBCC4V +IG FN?YKNYG FN^ ^NH NTJKH@GT @E N MIN?YGT <EF>@>MNF H>@KN@>E? N?T T>T?E@ <=>E=>@>HG HK<<E=@ OE= @IG #TRK=@ FN?YKNYGV &H N ME?HGbKG?MG EO @IG FN@G NTE<@>E?S@IG TEM@=>?G EO @IG FN?YKNYG FN^H >? #TRK=@>N N?T QE=TEU>N >H N R>c@K=G EO FN?YKNYG



o4%947=3L Q B7$:9 "5 71& ^438$48& ^4[> =3 D$>>=4U> ;=33"N_8/=? D&C$.#=?> 4X9

8<=ER>HGS @IG G@I?>M GF>@GH G=G OE=MGT @E =GOKHG RN?P >?>@>NF TGRN?THS HKMI NH FN?YKNYG<=GOG=G?MGH N?T MER<KFHE=P FN?YKNYG @GNMI>?YV +IG H@KTP EO T=NO@ FN^H >? #TRK=@>N>H N HI>?>?Y GcNR<FG EO IE^ @IG <=EU>H>E?H LGMNRG HEO@G= N?T HEO@G= >? @IG FN@G= T=NO@HS 8

@>E?H HKMI NH p>O <EHH>LFGr E= p>O ?GMGHHN=PrV"? @IG ÎEFGS @IG TN@N =G>?OE=MG @IG N=YKRG?@ NLEK@ @IG MG?@=NF =EFG EO G@I?>M GF>@GHNH @IG T=>U>?Y OE=MG EO H@N@KH <FN??>?Y N?T GH@NLF>HIGH N T>=GM@ F>?\ LG@^GG? G@I?>M =G<8=GHG?@N@>UG?GHH N?T @IG NTE<@>E? EO FN?YKNYG FN^HV QE=GEUG=S @IG TN@N E? G@I?>M =G<8=GHG?@N@>E? ;+NLFG 4A ME==GFN@G ^>@I @IG TN@N E? @IG GH@NLF>HIRG?@ EO >?H@>@K@>E?H NM=EHH@IG =G<KLF>MH ;HGG +NLFG BAV

04.#& )V 'N?YKNYG =GbK>=GRG?@H N?T FN?YKNYG @GNMI>?Y NMME=T>?Y @E FN?YKNYG FN^HV

0ER> QN=> *F QE=TEU>N #TRK=@>N 0N=GF>N

'N?YKNYG FN^ 1 4DDB 4DD9 4DD: BCC4 BCCX

'N?YKNYG <=GOG=G?MGH .GH .GH %E %E %E

'N?YKNYG FN^ 11NRG?TGT BCCBS BCCD BCC4S BCC:nBC44 BC4C BC4C n

'N?YKNYG <=GOG=G?MGH %E %E %E %E %E

'N?YKNYG FN^ 1 4DDB 4DD9 4DD: BCC4 BCCX

%N@>UG FN?YKNYG>?H@=KM@>E? %E .GH .GH %E %E

3ER<KFHE=P H@N@GFN?YKNYG .GH .GH %E %E %E

*?@G=>?Y GcNRH .GH .GH .GH %E %E

'N?YKNYG FN^ 11NRG?TGT BCCBS BCCD BCC4S BCC:nBC44 BC4C BC4C n

%N@>UG FN?YKNYG>?H@=KM@>E? %E %E .GH %E %E

3ER<KFHE=P H@N@GFN?YKNYG %E %E %E

*?@G=>?Y GcNRH %E %E %E %E %E

_G>?Y >? @IG R>?E=>@PS @IG G@I?>M GF>@GH INT @E >?UEFUG E@IG=S LE@I HEM>EF>?YK>H@>M N?T>?H@=KRG?@NFS >TGNH @E HK<<E=@ @IG>= MFN>RHV "?G MER<F>MN@>E? @IN@ MNKHGT TGFNPH >?NTUN?M>?Y @IG FGY>HFN@>UG LNH>H ^NH @IG Gc>H@G?MG EO RE=G @IN? E?G OE=R EO @>@KFN= FN?8YKNYGS NH >? QE=TEU>NS QN=> *F N?T 0N=GF>NV "@IG=^>HGS Gc@=N8F>?YK>H@>M UN=>NLFGH <FNPGT@IG MG?@=NF =EFG >? FN?YKNYG <FN??>?YV &@ @IG @>RG EO @IG NTE<@>E? EO @IG ME?H@>@K@>E?H

T>T ?E@ >R<FP T>=GM@ Gc<G?T>@K=GHV &@ @IG @>RG EO NTE<@>E? EO FN?YKNYG FN^H @IG >HHKG





o4%947=3L Q B7$:9 "5 71& ^438$48& ^4[> =3 D$>>=4U> ;=33"N_8/=? D&C$.#=?> 4X5

@IN@ @I>H NM@>E? HIEKFT INUG FN?YKNYG =GU>UNF NH >@H RN>? YENFV +IGHG ^G=G G@I?>M GF>@GHÎE HN^ H@N@KH <FN??>?Y NH @IG NP LE@I @E G?HK=G @IG>= E^? >?@G=GH@ >? @IG >?H@=KRG?8@NF KHG EO FN?YKNYGH N?T NFHE @E <=ERE@G @IG @>@KFN= FN?YKNYGH NRE?Y @IG <E<KFN@>E?@I=EKYI @IG>= Gc<N?H>E? >? @IG <KLF>M H<IG=GV +IG =GY>E?NF NK@IE=>@>GH EO )>??E8#Y=>M=G<KLF>MH INUG @N\G? @I>H TGRN?T >?@E NMMEK?@ >? T=NO@>?Y FN?YKNYG FN^H N?T >TG?@>8

U>=@KNF ?E?8OK?M@>E?NF>@P EO @IG RGMIN?>HR OE= @IG <=E@GM@>E? EO >?T>U>TKNF FN?YKNYG 8@>E? EO @IG :& 54?7" R>?E=>@P FN?YKNYG >? @IG FE?Y @G=RS >O >@ ^NH <EHH>LFG @E TE N?P@I>?YN@ NFF >? @IG R>?E=>@P H>@KN@>E?V

fI>FG TK=>?Y @IG 4DDCH @IG=G ^NH =GFN@>UG HKMMGHH >? @IG Y=NTKNF OE=RN@>E? EO @IGME?T>@>E?H >? Î>MI @IG @>@KFN= FN?YKNYGH MEKFT OK?M@>E? >? @IG <KLF>M H<IG=G >? @IG)>??E8#Y=>M =G<KLF>MHS O=ER BCCC @IG>= Gc<N?H>E? H@N=@GT @E ONMG ELH@NMFGHS N?T HEE?REH@ EO @IG GFGRG?@H EO MER<KFHE=P KHG ^G=G =GREUGTV +ETNP @IG TP?NR>MH >? ME?8 :& d$/& N?T

:& 54?7" TER>?N?@ <EH>@>E? EO $KHH>N? N?T @IG <EF>MP EO >@H <=ERE@>E? <=GHG?@H N MINF8FG?YG @E @IG H@N@G FN?YKNYGH EO @IG =G<KLF>MHV 1? @I>H ME?@Gc@S FN?YKNYG =GU>UNF =IG@E=>M >HH@>FF KHGT NH N HKLH@>@K@G OE= ?N@>E?NF =IG@E=>MS NF@IEKYI >? <=NM@>MG @IG =GU>UNF >H FN=YGFP 8YKNYG <EF>MP INT NF=GNTP LGG? GRLET>GT >? @IG OE=R EO FGYNFFP L>?T>?Y TEMKRG?@HV'N^H N=G H@>FF LG>?Y >R<FGRG?@GT N?T @IG H@N@KH EO @IG H@N@G FN?YKNYGH >@HGFO Ê=\H NH NHEM>NF >?H@>@K@>E? N?T N MER<EH>@>E? EO =KFGH @E OE=R N HEM>NF =GNF>@PS N?T @IG H>@KN@>E? >HK?F>\GFP @E MIN?YG >? @IG ?GN= OK@K=GV

E=TG= @E GR<FEP @IG RGMIN?>HR EO MER<KFHE=P KHG OE= @IG Gc<N?H>E? EO @>@KFN= FN?8

:& 54?7" R>?E=>@P FN?YKNYG

L>F>?YKNF>HR INH LGMERG N? ELH@NMFG OE= @IG Gc<N?H>E? EO @>@KFN= FN?YKNYGHS LGMNKHG >?<=NM@>MG >@ N??KFFGT @IG ELF>YN@>E? @E @IG KHG @>@KFN= FN?YKNYGH NFE?YH>TG $KHH>N?V 'N?8 N @I=GHIEFT ^>@I N M=>@>MNF RNHH EO NM@>E?H LK@ N=G =N@IG= N? Gc@G?TGT <=EMGHH ^>@I >@HE^? T>=GM@>E? N?T H<GGTV +IG MER<N=N@>UG H@KTP EO @IG NTE<@>E? EO @IG FN?YKNYG FN^H EO @IG @>@KFN= FN?YKNYGH ^G=G NMI>GUGT GUG? NRE?Y @IG HNRG MN@GYE=P EO @IG =G<KLF>MHlH@N@G FN?YKNYGH TKG @E N UN=P>?Y FGUGF EO <EF>@>MNF =G<=GHG?@N@>E? EO G@I?>M GF>@GH N?T GU>TG?@FP T>UG=Y>?Y >R<NM@ E? FN?YKNYG <=NM@>MGHV QN\>?Y N MN@NFEYKG EO @IG UN=>EKH >?H@>@K@>E?NF>HN@>E? EO @IG =G<KLF>MHl @>@KFN= FN?YKNYGHV +IG FN?YKNYG FN^H HIEKFT LGNHHGHHGT MFEHGFP @E NHMG=@N>? IE^ @IGP N=G NM@KNFFP LG>?Y >R<FGRG?@GT NYN>?H@ @IG>=E^? ELJGM@>UGH N?TS OK=@IG=S >R<FGRG?@GT NYN>?H@ RGNHK=GH <=GHM=>LGT @I=EKYI @IG @N=8YG@GT <=EY=NRHV 2KMI N HK=UGP EKFT <=EU>TG OK=@IG= TN@N E? ÎN@ >R<NM@ @IG TGH>Y?N8



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A4X:

2 " # $ 3 * 2

3IN=@G= EO @IG 0ER>8WG=R>N\ &K@E?EREKH />H@=>M@ EO 4D /GMGRLG= 4DDXV3E?H@>@K@>E? EO @IG $G<KLF>M EO 0N=GF>N EO B4 )GL=KN=P BCC4V3E?H@>@K@>E? EO @IG $G<KLF>M EO 0ER> EO 45 )GL=KN=P 4DDXV

3E?H@>@K@>E? EO @IG $G<KLF>M EO QN=> *F EO BX !K?G 4DD9V3E?H@>@K@>E? EO @IG $G<KLF>M EO +N@N=H@N? EO 6C %EUGRLG= 4DDB ;NRG?TGT 4C QNP BCCBAV3E?H@>@K@>E? EO @IG $KHH>N? )GTG=N@>E? EO 4B /GMGRLG= 4DD6V

EO @IG WEH@ EO @IG W=GH>TG?@ >? #TRK=@>N EO 44 %EUGRLG= 4DDBV/GMFN=N@>E? E? @IG 2@N@G 2EUG=G>Y?@P EO @IG $KHH>N? 2EU>G@ )GTG=N@>UG 2EM>NF>H@ $G<KLF>M EO 4B

!K?G 4DDCV/GM=GG EO @IG 2@N@G &HHGRLFP EO @IG $G<KLF>M EO QN=> *F "? @IG "=TG= EO *?OE=MGRG?@ EO @IG 'N^

EO @IG $G<KLF>M EO QN=> *F "? @IG 'N?YKNYGH EO @IG $G<KLF>M EO QN=> *F EO B7 "M@ELG= 4DD9V/=NO@ 'N^ 1 "? @IG 'N?YKNYGH EO @IG WGE<FGH EO @IG $G<KLF>M EO 0N=GF>NS B6 QN=MI 4DDXV/=NO@ 'N^ 11 "? @IG 'N?YKNYGH EO @IG WGE<FGH EO @IG $G<KLF>M EO 0N=GF>NS B6 QN=MI 4DDXV

/=NO@ 'N^ 111 "? @IG 'N?YKNYGH EO @IG $G<KLF>M EO 0N=GF>NS BC QN=MI 4DD7V/=NO@ 'N^ 1Z "? @IG 'N?YKNYGH EO @IG $G<KLF>M EO 0N=GF>NS 6 2G<@GRLG= 4DD7V/=NO@ 'N^ Z "? @IG 2@N@KH EO @IG 2@N@G 'N?YKNYG >? @IG $G<KLF>M EO 0N=GF>NS 4C !N?KN=P 4DD5V/=NO@ 'N^ Z1 "? @IG 'N?YKNYGH EO @IG $G<KLF>M EO 0N=GF>NS )GL=KN=P 4DD5V/=NO@ 'N^ Z11 "? @IG 'N?YKNYGH EO @IG $G<KLF>M EO 0N=GF>NS &<=>F 4DD5V/=NO@ 'N^ Z111 "? @IG 'N?YKNYGH EO @IG WGE<FGH EO @IG $G<KLF>M EO 0N=GF>NS !N?KN=P 4DD:V/=NO@ 'N^ "? @IG 'N?YKNYGH EO @IG #TRK=@ $G<KLF>MS 4DDBV/=NO@ 'N^ "? @IG 2@N@G 'N?YKNYGH EO @IG #TRK=@ $G<KLF>MS 4DD4V/=NO@ 'N^ "? @IG 2@N@G 'N?YKNYGH N?T @IG "@IG= 'N?YKNYGH EO @IG WGE<FGH EO @IG #TRK=@ $G<KL8

F>MHS 4DD7V/=NO@ 'N^ "? @IG %N@>UG 'N?YKNYGH EO @IG %KRG=>MNFFP 2RNFF 1?T>YG?EKH WGE<FGHS '>U>?Y E? @IG

+G==>@E=P EO @IG %G?G@H &K@E?EREKH />H@=>M@S &KYKH@ BC4BV)GTG=NF 'N^ "? @IG 2@N@G 'N?YKNYG EO @IG $KHH>N? )GTG=N@>E? EO 4 !K?G BCC9V)GTG=NF 'N^ "? *TKMN@>E? >? @IG $KHH>N? )GTG=N@>E? EO BD /GMGRLG= BC4BV'N^ EO @IG 3IKUNHI &22$ "? @IG 'N?YKNYGH >? @IG 3IKUNHI &22$ EO B5 "M@ELG= 4DDCV'N^ EO @IG 0IN?@P8QN?H>PH\ &K@E?EREKH />H@=>M@ "? @IG %N@>UG 'N?YKNYGH EO @IG %KRG=>MNFFP

2RNFF 1?T>YG?EKH WGE<FGHS '>U>?Y E? @IG +G==>@E=P EO @IG 0IN?@P8QN?H>PH\ &K@E?EREKH />H8@=>M@ EO X /GMGRLG= BCC4V

'N^ EO @IG 0NFRP\ &22$ "? @IG 'N?YKNYGH >? @IG 0NFRP\ &22$ EO 6C !N?KN=P 4DD4V'N^ EO @IG $G<KLF>M EO 0N=GF>N "? 3KF@K=G EO BX !N?KN=P 4DD9V'N^ EO @IG $G<KLF>M EO 0N=GF>N "? *TKMN@>E? EO 4: !N?KN=P 4DDXV'N^ EO @IG $G<KLF>M EO 0N=GF>N "? *TKMN@>E? EO BD &<=>F BCC9V'N^ EO @IG $G<KLF>M EO 0N=GF>N "? @IG 2@N@G 2K<<E=@ EO @IG 0N=GF>N?S ZG<H N?T )>??>HI 'N?YKNYGH

>? @IG $G<KLF>M EO 0N=GF>N EO 4D QN=MI BCCXV'N^ EO @IG $G<KLF>M EO 0ER> "? 3KF@K=G EO BB /GMGRLG= 4DDXV'N^ EO @IG $G<KLF>M EO 0ER> "? *TKMN@>E? EO B: /GMGRLG= 4DD6V'N^ EO @IG $G<KLF>M EO 0ER> "? @IG &RG?TRG?@ @E @IG 'N^ EO @IG $G<KLF>M EO 0ER> "? *TKMN8

@>E? EO 49 %EUGRLG= BCC7V'N^ EO @IG $G<KLF>M EO 0ER> "? @IG &RG?TRG?@ @E @IG 'N^ EO @IG $G<KLF>M EO 0ER> "? @IG 2@N@G

'N?YKNYGH EO @IG $G<KLF>M EO 0ER> EO 47 !KFP BCCBV'N^ EO @IG $G<KLF>M EO 0ER> "? @IG &RG?TRG?@ @E @IG 'N^ EO @IG $G<KLF>M EO 0ER> "? @IG 2@N@G

'N?YKNYGH EO @IG $G<KLF>M EO 0ER> EO 7 !KFP BCCDV

'N^ EO @IG $G<KLF>M EO 0ER> "? @IG 2@N@G 'N?YKNYGH EO @IG $G<KLF>M EO 0ER> EO B: QNP 4DDB;NRG?TGT 47 !KFP BCCBS 7 !KFP BCCDAV



o4%947=3L Q B7$:9 "5 71& ^438$48& ^4[> =3 D$>>=4U> ;=33"N_8/=? D&C$.#=?> 4XD

'N^ EO @IG $G<KLF>M EO QN=> *F "? 3KF@K=G EO 64 QNP 4DDXV'N^ EO @IG $G<KLF>M EO QN=> *F "? *TKMN@>E? EO X %EUGRLG= 4DDBV'N^ EO @IG $G<KLF>M EO QN=> *F "? $GYKFN@>E? EO $GFN@>E?H >? @IG 2<IG=G EO *TKMN@>E? E? @IG +G=8

=>@E=P EO @IG $G<KLF>M EO QN=> *F EO BD QN=MI BCC4V'N^ EO @IG $G<KLF>M EO QN=> *F "? @IG 'N?YKNYGH EO @IG $G<KLF>M EO QN=> *F EO B7 "M@ELG= 4DD9

;=GU>HGT 4D 2G<@GRLG= BCC4S NRG?TGT B /GMGRLG= BCC:S 47 QN=MI BCCDS 4B QN=MI BC44AV'N^ EO @IG $G<KLF>M EO QE=TEU>N "? *TKMN@>E? >? @IG $G<KLF>M EO QE=TEU>N EO 6C %EUGRLG=

4DD:V'N^ EO @IG $G<KLF>M EO QE=TEU>N "? @IG &RG?TRG?@ @E @IG 'N^ "? *TKMN@>E? >? @IG $G<KLF>M

EO QE=TEU>N EO 4 /GMGRLG= BCC7V'N^ EO @IG $G<KLF>M EO QE=TEU>N "? @IG 2@N@G 'N?YKNYGH >? @IG $G<KLF>M EO QE=TEU>N EO BX &<=>F

4DD: ;NRG?TGT 4B QN=MI BC4CAV'N^ EO @IG $2)2$ "? @IG 'N?YKNYGH EO @IG WGE<FGH EO @IG $2)2$ EO B9 "M@ELG= 4DD4 ;NRG?TGT LP

@IG )GTG=NF 'N^H EO BX !KFP 4DD: N?T 44 /GMGRLG= BCCBAV'N^ EO @IG $KHH>N? )GTG=N@>E? "? *TKMN@>E? EO 4C !KFP 4DDB ;=GU>HGT 46 !N?KN=P 4DD7AV'N^ EO @IG #TRK=@ $G<KLF>M "? 3KF@K=G EO 4: /GMGRLG= 4DD7V

'N^ EO @IG #TRK=@ $G<KLF>M "? WGE<FGlH *TKMN@>E? EO 64 !N?KN=P 4DD7V'N^ EO @IG #TRK=@ $G<KLF>M "? $GNF>HN@>E? EO WE^G=H EO @IG #TRK=@ $G<KLF>M >? @IG 2<IG=G EO*TKMN@>E? EO 49 /GMGRLG= BCCDV

'N^ EO @IG #TRK=@ $G<KLF>M "? @IG 2@N@G 'N?YKNYGH EO @IG #TRK=@ $G<KLF>M N?T "@IG= 'N?8YKNYGH EO @IG WGE<FGH EO @IG #TRK=@ $G<KLF>M EO B5 %EUGRLG= BCC4 ;NRG?TGT B4 !K?G BC4CAV

'N^ EO @IG #22$ "? @IG 'N?YKNYGH EO @IG WGE<FGH EO @IG #22$ EO BX &<=>F 4DDCV'N^ EO @IG +KUN? &22$ "? @IG 'N?YKNYGH >? @IG +KUN? &22$ EO 4X /GMGRLG= 4DDCV'N^ EO @IG .NRNFE8%G?G@H &K@E?EREKH />H@=>M@ "? @IG %N@>UG 'N?YKNYGH EO @IG %KRG=>MNFFP

2RNFF 1?T>YG?EKH WGE<FGHS '>U>?Y E? @IG +G==>@E=P EO @IG .NRNFE8%G?G@H &K@E?EREKH />H@=>M@EO 9 &<=>F BC4CV

$GHEFK@>E? "? 'N?YKNYG EO @IG +I>=T 3E?Y=GHH EO @IG QN=> WGE<FG EO 64 "M@ELG= 4DDBV

4DD9V

$ * ) * $ * % 3 * 2

&\FNPGU

49nX6V

&?TKYN?EU BCCC { V 8 V n 8

&<<GNF 4DD5 { &<<GNF EO %N@>E?NF 1?@GFFGM@KNFH @E &K@IE=>@>GHg ZV &V 0GMI\>?S 3IN>=RN? EO @IG2@N@G &HHGRLFP EO @IG $G<KLF>M EO QE=TEU>NV 3E<>GHg %V 1V QG=\KHI\>?S ,GNT EO @IG $G<KL8F>M EO QE=TEU>NS ZV ZV 0E?N\EUS WFG?><E@G?@>N=P $G<=GHG?@N@>UG EO @IG W=GH>TG?@ EO @IG $KH8H>N? )GTG=N@>E? >? @IG $G<KLF>M EO QE=TEU>NS ZV /V ZEF\EUS 3IN>=RN? EO @IG -EUG=?RG?@ EO !K?G DS BC46AV

_

BCCBV



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A49C

_GFE\K=EUNS / V

V V V 2N<<E=Eg 2FNU>M $GHGN=MI3G?@G=S ,E\\N>TE #?>UG=H>@PS BCC6S B6n445V

_>=>? G@ NFV BCC9 { V

_E^=>?YS _>FF BCCCV &?M>G?@ WGE<FGH N?T %G^ %N@>E?H >? @IG $KHH>N? )GTG=N@>E?g xKGH@>E?H EO+IGE=P N?T W=NM@>MGV n 2@G<IG? +>G=?GP ;GTVAV Q??"%%":47=38 -47="34# W:&37=79L -&[ QCC/"4?1&>

=3 W37&/347="34# 43: M"%&>7=? ^4[V +IG ,NYKGg 0FK^G= 'N^ 1?@G=?N@>E?NFS B44nB6BV/EFYNPGUN

BCC4S :XnD9V

-NFT>NS QN=MKH BCCDV $KHH>NlH '>?YK>H@>M 'GY>HFN@>E? >? @IG '>YI@ EO @IG *K=E<GN? 3IN=@G= OE=$GY>E?NF E= Q>?E=>@P 'N?YKNYGHV s$G<E=@ OE= @IG !E>?@ W=EY=NRRG EO @IG 3EK?M>F EO *K=E<GS*K=E<GN? #?>E? N?T $KHH>N? Q>?>H@=P EO $GY>E?NF /GUGFE<RG?@ o%N@>E?NF R>?E=>@>GH >? ;NMMGHHGT !K?G DS BC46AV

-E=G?LK=YS /R>@=P WV BCC6V %G^ .E=\S %.g 3NRL=>TYG #?>UG=H>@P W=GHHV

,[R[F[>?G?S 0 N

V 8

1 8

1K=MIG?\EUS Z

-47="34#=7=&> A4C&/>V ZEFV BDS %EV 4g :9nD9V0N=Y>?S &FGcN?TG= 4DD9V +IG 'N^ E? 'N?YKNYGH >? @IG $G<KLF>M EO QE=TEU>NV n ,G>\\> 'GH\>?G?

;=GTVAS WNNUE WKF\\>?G?S S +}?K 2G>FG?@INF ;MK=VAV E"38/&>>$> \?74O$> W37&/347="34N V WN=H 11g B$%%4/=4 4?/"4>=$% =3 >&?7="3=.$> &7 >9%N

C">==> 54?74/$%V !PU[H\PF[g QETG=N@E=GHS 9CV0

V

0N@K?>?

0 8 N



o4%947=3L Q B7$:9 "5 71& ^438$48& ^4[> =3 D$>>=4U> ;=33"N_8/=? D&C$.#=?> 494

0IN>=EUS 2INR>F 'N?YKNYG 'N^ >? @IG $G<KLF>M EO 0N=GF>NV n +E>UE )F>?\S 0N@JN ,>=UNHNIE ;GTHVAV

V ;B7$:=4 B#4O=?4 ;=3#43N

:&3>=4V +ERKH w1wA ,GFH>?\>g )>??>HI 1?H@>@K@G OE= $KHH>N? N?T *NH@ *K=E<GN? 2@KT>GHS B6:nB97V0>=\ÊETS Q>MINGF 4D:DV 'N?YKNYG WFN??>?Yg 2ERG QG@IETEFEY>MNF W=GF>R>?N=>GHV n Q>MINGF

0>=\ÊET ;GTVAV ^438$48& A#433=38 =3 71& B"O=&7 _3="3V _NH>?YH@E\Gg QNMR>FFN?S 4nBBV0

N

8

0 8V 8 n N

0 BC4BV 01& G4/&#=43 ^438$48& =3

Y"/<=38 A4C&/> =3 6$/"C&43 ^438$48& M=O&/>=79V ;NMMGHHGT &KYKH@ 46S BC46AV

0FGRG?@PGUS 0 BC4B { V 8 N

<TO ;NMMGHHGT &KYKH@ 46S BC46AV

0 8 V n N

0EUNFPEUN 8

0KT=PNU@HGUNS 2INLP\EU 8 N

8

0

' N

V 8

Q

Q N

Q 8 n g



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A49B

Q

n

+lllV % 8

5"/ M&O&#"C%&37g S N

W S &FN? f>FF 0PRF>M\N BCC6V 1?@=ETKM@>E?g 'N?YKNYG $>YI@H N?T WEF>@>MNF +IGE=Pg 3E?@Gc@S

^438$48& D=817> 43: A"#=7=?4# 01&N

"/9 W

2N<<E=Eg 2FNU>M $GHGN=MI 3G?@G=S ,E\\N>TE #?>UG=H>@PS

BCCCS 494nB9CVWE<EUS %GH@G=EUN N

D&>1&3=& BCC4 2NFFNLN?\S !KF>N BC4BV />UG=H>@P N?T 'N?YKNYG WEF>MP OE= *?TN?YG=GT 'N?YKNYGHV n _G=?N=T 2<EF8

H\P ;GTVAV 01& E4%./=:8& 43:.""< "5 438$48& A"#=?9V 3NRL=>TYGg 3NRL=>TYG #?>UG=H>@P W=GHHS4CCn4B6V

2 8 8

2INLP\EU N

2IN=EU

2IN=EU 8

2 8

N

2IN=EU 8

V N

" 5nDV2

V

" 2

V n 2 N



o4%947=3L Q B7$:9 "5 71& ^438$48& ^4[> =3 D$>>=4U> ;=33"N_8/=? D&C$.#=?> 496

2

N

+HP<N?EUS *

WG=>ETV n -47="34#=7=&> A4C&/>V ZEFV BDS %EV 4g 4CDn4B:V+

+

+HP<N?EUS !

+gV++V)**eV V ZEFV 7Xg D5n4C5V+HP<N?EUS !aFY>? ;!GUYG?>A BCCDV WG=R>F[>H@G? \>GF@G? ?P\P@>FNV n01& f$4>j$=?&37&33=4# "5 71& ;=33"N

_8/=43 B"?=&79V B$"%4#4=>N_8/=#4=>&3 B&$/43 0"=%=7$<>=4V XI%"=/&> :& #4 B"?=I7I ;=33"N\$8/=&33&V ZEFV B9:g BC5nBBXV

.GYE=EUS Q V

/ 2N<<E=Eg 2FNU>M $GHGN=MI 3G?@G=S,E\\N>TE #?>UG=H>@P T BCCCg B75nX7DV

ZE=E?G@H\>P

V 8

kNRPN@>?S 0E?H@N?@>? ;GTHVAV D$>>=43 ;&:&/47="3 )*+)L B1"/7N7&/% A/"83">=>V +N=@Kg +N=@K #?>UG=H>@P W=GHHS ZEFV 44g7Bn77V

kNRPN@>?S 0E?H@N?@>? BC4BLV +IG *TKMN@>E? $GOE=R >? $KHH>N N?T >@H 1R<NM@ E? +GNMI>?Y EO @IG 2"$/34# "3 6713"C"#=7=?> 43: X=3"/=79

W>>$&> =3 6$/"C&V ZEFV 44S %EV 4g 45nX5VkNRPN@>?S 0E?H@N?@>?

+>@KFN= 'N?YKNYGH >? @IG %N@>E?NF $G<KLF>MH EO WEH@82EU>G@ $KHH>NV n 2"$/34# "3 6713"C"#=7=?>

43: X=3"/=79 W>>$&> =3 6$/"C&V ZEFV 44S %EV Bg 59n4CBVkNRPN@>?S 0E?H@N?@>? BC46NV 2EUG=G>Y?>HN@>E? N?T 2@N@G 'N?YKNYGHg *N=FP )E=RN@>E? EO 'N?8

YKNYG WEF>MP EO $KHH>NlH )>??E8#Y=>M $G<KLF>MH >? @IG 3E?T>@>E?H EO @IG #22$ />H>?@GY=N@>E?Vn ZEFV 67g 4B6n479V

kNRPN@>?S 0E?H@N?@>? BC46LV )>??E8#Y=>M $G<KLF>MH N?T +IG>= 2@N@G 'N?YKNYGHg _NFN?M>?Y WE^G=H>? 3E?H@>@K@>E?NF "=TG=V B$"%4#4=>N_8/=#4=>&3 B&$/43 Q=<4<4$><=/d4V ZEFV DXg 6X4n6:XS OE=@IMER>?YV

kNRPN@>?S 0E?H@N?@>? BC46MV *UEFK@>E? >? 'N?YKNYG 1TGEFEYP EO WEH@82EU>G@ $KHH>N N?T @IG)N@G EO 2@N@G 'N?YKNYGH EO 1@H %N@>E?NF $G<KLF>MHV n ,G>\E )V QN=@G?S Q>MINGF $>GƒFG=S !N??G 6j$4##9 M=O&/>&L E"%C4/=38 ^438$48& 43: E$#7$/& X=3"/=7=&> =3

71& D$>>=43 ;&:&/47="3 43: 71& 6$/"C&43 _3="3V _G=F>?g 2<=>?YG=S 4C7n49BS OE=@IMER>?YV„>H<KKS !NN? BCCCV 0N=JNFNHGTS \N=JNFN \GGF JN 0N=JNFN \GGFGHGNTKHV n 6%4<&&#& B&#7>= Q4>74/44%47V

0TV XXnX9S 4DD:n4DDDV +N=@KS 467n475V



!"#$%&' ") *+,%"'"-. & %/ )"'0'"$12+13 2 5 ;4A49X

% " + * 2 & % / $ * Z 1 * f 2

H&3:&/&: D$/4# BC4?&>V B7$:=4 ;&33=?4V 6713"N#"8=?4 4BV *T>@GT LP W>N "FHHE? N?T ,GFG?N$KE@HNFNV ,GFH>?\>g )>??>HI '>@G=N@K=G 2EM>G@PBCCDS 49: <NYGHV

+I>H LEE\ ME?H>H@H EO N? >?@=ETKM@E=P MIN<8@G= N?T G>YI@ N=@>MFGHS Î>MI @IG NK@IE=H INUGME?TKM@GT ^>@I>? N MERRE? =GHGN=MI ?G@8Ê=\V fI>FG @IG NK@IE=H NM\?E^FGTYG @IG 8 H<NMGH NH YG?TG=GTV +IG >?@=ETKM@>E?S LP W>N"FHHE? N?T ,GFG?N $KE@HNFNS Y>UGH N L=>GO N?T oMEK?@=PH>TGl N?T @IG>= <EH>@>E?H >? )>??8>HI =GHGN=MI I>H@E=PS N?T EO @IG N<<=ENMIGH @EoH<NMGl N?T o<FNMGlV "FHHE? N?T $KE@HNFN NFHET>HMKHH ME?@GR<E=N=P <=EMGHHGH MIN?Y>?Y@IG =K=NF FN?THMN<G NH >@ >H >? HERG ^NP >?@G8

Y=N@GT >?@E @IG K=LN? R>F>GKS N?T <E>?@ EK@@IN@ =K=NF N?T K=LN? H<NMGH N=G ?E@ E<<EH>@GH

LK@ INUG =N@IG= LGG? MER<FGRG?@N=P >? @G=RHEO oOGGT>?Yl GNMI E@IG=V

fI>FG @IG MEK?@=PH>TG N?T <GNHN?@ MKF8@K=G INUG >?TGGT LGG? @=NT>@>E?NF HKLJGM@H EO =K=NF H<NMGH N?T =GH>TG?@H N<<=ENMIGH @IGHG 8

TGNF>?Y ^>@I =K=NF bKGH@>E?H ^NH H>RKF@N?G8EKHFP LNHGT E?S N?T OE=RKFN@GT LPS YG?TG=>TGNFHV _E@I @IG RNFG N?T @IG OGRNFG INUG

LGG? @IG HKLJGM@ >? @=NT>@>E?NF =GHGN=MI E?<GNHN?@ MKF@K=G LK@ @IG GR<INH>H INH LGG?E? @IG Gc@G=?NF ME?HGbKG?MGH EO YG?TG= ;HKMINH YG?TG=GT T>U>H>E? EO Ê=\A N?T >@H RE=G 8>?YH ^G=G ?E@ >?MFKTGT >? @IGHG T>HMKHH>E?H;<V 5AV fI>FG @IG @=NT>@>E?NF U>G^<E>?@ INH

LGG? YG?TG= ?GK@=NFS <=ERE@>?Y @IG >TGN EO

=K=NF IEREYG?G>@PS @IG >?@G?@>E? EO @I>H UEF8KRGlH NK@IE=H >H @E L=>?Y>?Y @IG IG@G=EYG?G8EKH =GNF>@P @E @IG OE=GV

N I>H@E=>MNF <G=H<GM@>UG E? @IG >HHKGH EO YG?8TG=GT H<NMGHV &??83N@=>? …H@RN? N?NFPHGHIE^ <GNHN?@=P ^NH =G<=GHG?@GT >? @IG >?@G=8T>HM><F>?N=P HG=>GH N/=4 ;)>??>HI 3KF@K=NF ,>H@E=PA <KLF>HIGT >?@IG 4D6CHV _P Gc<FE=>?Y @IG NH<GM@H @I=EKYIÎ>MI @IG <GNHN?@H ^G=G <=GHG?@GT >? @IG ^NH TG<>M@GTV ,E^GUG=S E?FP @IG <GNHN?@ RG?^G=G GR<E^G=GT N?T NHM=>LGT ^>@I NYG?MPV#?TG=H@N?T>?YH EO RNHMKF>?>@P N?T >?T>U>TK8NF>@P NH N H>Y? EO RN?IEET ^G=G >?UE\GT N?TGR<FEPGT >? E=TG= @E <FNMG @IG <GNHN?@=P N?T<GNHN?@ HEM>G@P >? @IG =GNFRH EO I>H@E=PV WGNH8

N?@ ÊRG? ^G=G ?E@ HGG? NH NM@E=H >? FEMNFMERRK?>@>GH N?T <KLF>M H<NMGHS @IGP ^G=G?E@ =GFN@GT @E Ê=\>?Y OE= @IG MERRE? YEETS

8IEFT N?T @IKH =G?TG=GT >?U>H>LFGV

1? 4D:9 N bKGH@>E??N>=GS +IG 2@N@KH EO NfERN?S ^NH M>=MKFN@GT >? )>?FN?TV W>N "FH8 8@>E??N>=G ^>@I @IG N>R EO H@KTP>?Y IE^ @IG2GME?T fE=FT fN= MIN?YGT >?T>U>TKNF ÊR8

ÊRG? INUG Gc<G=>G?MGT >? REL>F>@P N?TKHG EO H<NMG >? =GFN@>E? @E RG? >? =K=NF N=GNHV"FHHE? >H M=>@>MNF EO @IG OGR>?>H@ =GHGN=MI @IN@INH HGG? @IG ME??GM@>E? LG@^GG? IERGS YG?8TG= N?T HGcKNF>@P RN>?FP >? <EH>@>UG @G=RH TGHM=>LG IERG >? N? EUG=@FP <EH>@>UG F>YI@ n>? @IG =GR>?>HMG?MGH @IG IERG =N@IG= N<<GN=HNH N? ELH@NMFGS NH Gc<=GHHGT @I=EKYI @>YI@FPHMIGTKFGT Ê=\ N?T I>G=N=MI>MNF ONR>FP =GFN8



-"7&> 43: D&O=&[> 499

8>@P >? @IG )>??>HI =K=NF ME?@Gc@ NO@G= @IG^N= OEFFE^GT @IG HNRG <N@=>N=MINF MKH@ERHÊRG? INT LGMERG NMMKH@ERGT @E LGOE=G@IG ^N=V 2IG TG@GM@H ?E E<G? M=>@>M>HR EO @IG

YG?TG= HPH@GR >? @IG N?NFPHGT F>OG I>H@E=>GH 8>?Y LP RN\>?Y @IG >?GbKNF>@P LG@^GG? RG?N?T ÊRG? U>H>LFGS GUG? @IEKYI @IGP TE?E@ TGRN?T MIN?YGV

1? IG= <N<G= 0N@N=>>?N ,G>\\>F[ ME?H>T8G=H IE^ ME?@GR<E=N=P OGRNFG G?@=G<=G8?GK=H E? ON=RH =G8>?@G=<=G@ N?T =GHIN<G @IG=K=NF H<NMG N=EK?T @IGR >? E=TG= @E F>UG >?@IG MEK?@=PH>TGV 2IG HIE^H IE^ @IG @=NT>8@>E?NF YG?TG=8=GFN@GT T>H@=>LK@>E? EO Ê=\ >H=G8GcNR>?GT @I=EKYI OGRNFG G?@=G<=G?GK=8HI>< LP MINFFG?Y>?Y E@IG= ONR>FP RGRLG=HlMKH@ERN=P INL>@H N?T Ê=\>?Y =EFGHV *UG?@IEKYI @IG FE?Y T>H@N?MGH N?T <EE= <KLF>M@=N?H<E=@ @IN@ =GH@=>M@GT ÊRG?lH REL>F>@P>? @IG <EH@8^N= <G=>ET GcNR>?GT LP "FH8HE? MN? H@>FF LG <=GHG?@ @ETNPS @IG ON=R>?YÊRG? INUG NMbK>=GT RN?P ?G^ =GHEK=MGH^>@I Î>MI @E EUG=MERG @IGHG ELH@NMFGHV

#?TG=H@N?T>?Y H<NMG NH LE@I <IPH>MNF N?T

HEM>NFS ,GFG?N $KE@HNFN GcNR>?GH @IG =G>?8TGG= OE=GH@ NH N YG?TG=GT H<NMG N?T G?bK>=GH>O @IG=G >H H<NMG OE= ÊRG? >? >@V &F@IEKYI@=NT>@>E?NFFP @IG =G>?TGG= E^?G=H ^G=G KHK8 ÎEFG ONR>FPV ,E^GUG=S $KE@HNFN <E>?@H EK@@IN@ @I>H NTT>@>E?NF E=\ MN==>GT EK@ LP E@IG= 8@>E? >? GN=F>G= H@KT>GHV _NHGT E? IG= >?H>TG=lH\?E^FGTYG N?T Gc<G=>G?MGH $KE@HNFN NHHK=GH

KH @IN@ >? <=NM@>MG @IG YG?TG=GT T>U>H>E? EOÊ=\ >H EO@G? IN=T @E H<E@V %GUG=@IGFGHHS @IGME?@=>LK@>E? EO ÊRG? INH LGG? H@N@>H@>MNFFPN?T <KLF>MFP >?U>H>LFGV $G>?TGG= IG=T>?Y >HH@>FF =GYN=TGT NH N RNHMKF>?G EMMK<N@>E? N?T@IG =G>?TGG= OE=GH@ NH N RNHMKF>?G H<NMG GUG?@IEKYI NLEK@ N bKN=@G= EO E^?G=H N=G ERG?N?T ERG? <G=OE=R RN?P @NH\H ?GMGHHN=P >?=G>?TGG= IG=T>?YV 1?@=>YK>?YFPS @ETNP ERG?EMMKH>UG <EH>@>E? LGMNKHG OE= RN?PONR>F>GH @IG GR<FEPRG?@ EO ÊRN? EK@H>TG

@IG @=NT>@>E?NF IG=T>?Y ONR>FP H<NMG >H GHHG?8@>NF >O @IG ONR>FP >H @E ME?@>?KG IG=T>?YV

%N?MP &??G 0E?UNF>?\NlH N?T QN=>1RRE?G?lH H@KT>GH NTT N? >?@G=?N@>E?NFT>RG?H>E? @E @IG <=GTER>?N?@FP )>??>HI

RN@G=>NF N?NFPHGT >? @IG LEE\V 0E?UNF>?\N<=EU>TGH G?F>YI@G?>?Y >?H>YI@ >?@E YG?TG=8F>?\GT KHGH EO FN?T @I=EKYIEK@ @IG BC@I EO @IGHG KHGH E? RG?lH N?T ÊRG?lH <EH>8@>E?>?Y >? @IG U>FFNYGlH HEM>NF H<NMG @ETNPV-G?TG=GT T>U>H>E? EO E=\ FGNT @E YG?TG=GTKHGH EO FN?T n Î>FG @IG RG? INT N T>=GM@=GFN@>E?HI>< ^>@I @IG FN?TS @IG ÊRG?lH=GFN@>E?HI>< ^NH ?GMGHHN=>FP @I=EKYI RG?V&H N =GHKF@S ÊRG? ^G=G <=GUG?@GT O=ERRN\>?Y T>=GM@ KHG EO @IG>= <=E<G=@PV .EK?YRG? ONMG N?E@IG= <=ELFGR =GHKF@>?Y O=ER@I>H YG?TG=GT KHG EO FN?T NH >@ \GG<H @IGR >?@IG U>FFNYG N?T G?MEK=NYGH ÊRG? @E ME?8@>?KG H@KTP>?Y N?T @E HGG\ Ê=\ EK@H>TG EO@IG U>FFNYGV 1? IG= N=@>MFG 1RRE?G? ME?H>T8G=H >?@G=ME??GM@>?Y HEM>NF >HHKGH =GFN@GT @E@IG H<NMG N?T <FNMG EO PEK@I >? N U>FFNYG >?QN=> *F ;$KHH>NAS N?T INH N H<GM>NF >?@G=GH@>? PEK?Y ÊRG? >? @I>H =GH<GM@V +IG >?T>Y8

G?EKH QN=> >TG?@>@P >H H@=E?YGH@ >? @IG MEK?8@=PH>TGS NF@IEKYI @ETNP @IG PEK?YG= YG?8G=N@>E? @G?TH @E HGG @IG>= OK@K=G >? @IG M>@PV+IG PEK?Y @G?T @E GbKN@G F>OG >? @IG U>FFNYG^>@I ?GUG= G?T>?Y MIE=GH bK>@G H>R>FN=FP @E@IG ÊRG? >? "FHHE?lH RN@G=>NFV '>OG >? M>@8

LG@^GG? Ê=\ N?T FG>HK=G @>RG N?T NRG?>8@>GH HKMI NH =K??>?Y ^N@G=V +I>H >H ÎP NO@G=MER<FG@>?Y @IG>= H@KT>GH @IG PEK?YS N?T

GH<GM>NFFP ÊRG? @G?T @E H@NP >? @IG M>@PV+IG FNH@ @Ê N=@>MFGH EO @IG UEFKRG H@KTPH<NMGH NH <G=MG>UGT LP OE=GH@=P <=EOGHH>E?8NFHV +>>?N 2KE<NJ[=U> >H >?@G=GH@GT >? IEÔE=GH@=P Ê=\G=H ÎE ^G=G MI>FT=G? >? @IG4D5CH N?T 4D:CH TG<>M@ @IG OE=GH@ NH Gc<G8=>G?MGT >? MI>FTIEET >? @IG>= L>EY=NMNF 8>?Y GN=FP MI>FTIEETS NM@>E?H >? @IG OE=GH@ N=GTGHM=>LGT H>R>FN=FP =GYN=TFGHH EO @IG YG?TG=EO @IG ?N==N@E=V -G?TG= LGMNRG =GFGUN?@ TK=8



! " # $ %& ' " ) * + , % " ' " - . & % / ) " ' 0 ' " $ 1 2 + 1 3 2 5 ;4A497

>?Y Ê=\>?Y IEK=HS ÎG? @IG OE=GH@ ^NH N EO @IG H@KT>GT <=EOGHH>E?NFH @IG <=GUN>F8>?Y ?E=R ^NH @IN@ LEPH ^G?@ @E @IG ÊETH^>@I ON@IG=HS I>FG Y>=FH H@NPGT N@ IERG >@I

@IG>= RE@IG=HV &H OE=GH@=P Ê=\ >H H@>FF UG=PRNFG TER>?N@GTS 2KE<NJ[=U> ME?MFKTGH @IN@ÊRG? IE INUG MIEHG? @E E=\ >? OE=GH@=PINUG M=EHHGT ?E@ E?FP @IG <=GUN>F>?Y YG?TG==EFGHS LK@ NFHE N UG=P @I>M\ F>?G EO @IG YG?8TG=GT NY=>MKF@K=NF RETGF EO FNLEK=V

0N@=> 0NK?>H@ElH N=@>MFG >H @IG E?FP E?G @IG U>G^<E>?@ EO RG?V 3E?H>TG=>?Y @IG OE=8GH@=P Ê=\G=Hl Gc<G=>G?MGH EO MIN?YGH >?OE=GH@=P NO@G= @IG 4D7CHS HIG >H >?@G=GH@GT>? IE^ @IG EMMK<N@>E?NF MIN?YGH HKMI NHRGMIN?>HN@>E? N?T UEMN@>E?NF GTKMN@>E?INUG MIN?YGT @IG UNFKGH N?T >RNYG EO @IG>TGNF OE=GH@=P Ê=\G=V +=NT>@>E?NFFPS <=NM8@>MNF H\>FFH INUG LGG? RE=G =GH<GM@GT @IN? @=N?HOE=RN@>E?H >? E=\ <=NM@>MG INUG RNTG 8 N=G =GH<GM@GTV &F@IEKYI @IG=G INH LGG? ?E

H@=>M@ F>?G LG@^GG? @=NT>@>E?NF N?T RETG=?RNHMKF>?>@PS @IG GTKMN@GT RETG=? E=\G= >HN Y=E^>?Y MINFFG?YG @E Ê=\G=H ÎE =G<=G8HG?@ @=NT>@>E?NF RNHMKF>?>@PV

+IG NK@IE=H EO @I>H UEFKRG KHG UN=>EKHHEK=MGH @E K?TG=H@N?T IE^ LE@I HEM>G@PN?T >?T>U>TKNF F>UGH N=G H@=KM@K=GT LP YG?8TG=V )EMKH>?Y E? @IG FGUGF EO >?T>U>TKNF N?TRKF@>8UEMNF Gc<G=>G?MGHS MIN?Y>?Y =K=NF <=E8

MGHHGH N=G N?NFPHGT LP FEE\>?Y N@ H<NMGH N?T<FNMGH NH YG?TG=GTV QP R>?E= M=>@>M>HR INH@E TE >@I @IG ONM@ @IN@ @IG OEMKH EO REH@ N=@>8MFGH >H E? ÊRG?lH <E>?@H EO U>G^S 1 ÊKFTINUG LGG? MK=>EKH @E FGN=? RE=G E? RG?lH<G=H<GM@>UGH E? MIN?Y>?Y =K=NF H<NMGHV 1?YG?G=NFS @I>H LEE\ >H N ^GFMERGT NTT>@>E?>? @IG ME?@Gc@ EO ME?@>?K>?Y >?@G=GH@ >? H<NMGN?T <FNMG N?T NFHE OE= HMIEFN=H >?@G=GH@GT >?@IG <=EMGHHGH EO <=ETKM>?Y YG?TG=V

W>=G@ 0EEHN



495

% " + * 2 ) " $ 3 " % + $ 1 _ # + " $ 2

2"$/34# "5 6713"#"89 43: ;"#<#"/=>7=?> ; 26;AS @IG JEK=?NF EO @IG #?>UG=H>@P EO +N=@KS @IG *H@E?>N?%N@>E?NF QKHGKR N?T @IG *H@E?>N? '>@G=N=P QKHGKRS ^GFMERGH N=@>MFGH >? @IG =GHGN=MIN=GNH EO G@I?EFEYPS OEF\FE=>H@>MHS RKHGEFEYPS MKF@K=NF N?T HEM>NF N?@I=E<EFEYPV 26; >H N <GG=8

=GU>G^GT JEK=?NFS >HHKGT @Ê @>RGH <G= PGN=V12345256789 8: ;59<=>2746= HIEKFT YG?G=NFFP ?E@ GcMGGT BC <NYGHS HIE=@G= <>GMGH R>YI@ >?MFKTG M=>@>MNF GHHNPHS MERRG?8 8

*NMI <N<G= HIEKFT >?MFKTG N HGFO8ME?@N>?GT NLH@=NM@ >? *?YF>HI EO N RNc>RKR EO 49C Ê=THS HKRRN=>H>?Y @IG N=@>MFGlH RN>?

GNMI NK@IE=V

V *?T?E@GH N?T <N=G?@IG@>MNF >?8@Gc@ M>@N@>E?H >? NK@IE=8TN@G H@PFG HIEKFT LG KHGT NH OEFFE^Hg ;_P?KR 4D:5g :6AV & MER<FG@G F>H@ EO =GOG=G?MGH M>@GTHIEKFT LG <=EU>TGT N@ @IG G?T EO @IG N=@>MFG NH N<<=E<=>N@Gg

_P?KRS 3N=EF>?G fNF\G= 4D:5V Y"%&3V _G=\GFGPg #?>UG=H>@P EO 3NF>OE=?>N W=GHHV

2"$/34# "5 ;"#<#"/& D&>&4/?1V ZEFV B7S %EV Bg 4B6n4XDV

$NTFGPS &FN? 4DDCV &=@GONM@HS QGRE=P N?T N 2G?HG EO @IG WNH@V n /NU>T Q>TTFG@E?S /G=G\ *T^N=TH

;GTHVAV E"##&?7=O& D&%&%.&/=38V 'E?TE?g 2NYG WKLF>MN@>E?HS X7n9DV

V +IG GT>@E=H ^>FF ME?H>TG= NFF RN?KHM=><@H =GMG>UGT N?T ^>FF @N\G ?E=GH<E?H>L>F>@P OE= @IG>= <KLF>MN@>E? E= =G@K=?V +IG GT>@E=H NHHKRG @IG =>YI@ @E RN\G GT>@E=>NF=GU>H>E?HS Î>FG RNJE= MIN?YGH ^>FF ?E@ LG RNTG ^>@IEK@ @IG <G=R>HH>E? EO @IG NK@IE=V 1ONMMG<@GT OE= <KLF>MN@>E? >? 26; S @IG N=@>MFG HIEKFT ?E@ LG <KLF>HIGT GFHGÎG=G >? @IG HNRGOE=RS >? N?P FN?YKNYG ^>@IEK@ @IG <=GU>EKH NY=GGRG?@ ^>@I @IG GT>@E=H EO 26;V

V *NMI NK@IE= ^>FF =GMG>UG @Ê ME<>GH EO @IG >HHKG ME?@N>?>?Y @IG>= N=@>MFGV +IGNK@IE= EO N HIE=@G= <>GMG ^>FF =GMG>UG E?G ME<PV

*T>@E=>NF NTT=GHHg 2"$/34# "5 6713"#"89 43: ;"#<#"/=>7=?>*H@E?>N? %N@>E?NF QKHGKRZGH\> 6BS 94C4X +N=@KS *H@E?>N*8RN>Fg @E>UEVH>\\NiG=RVGG E= G=YE8IN=@VUNH@=>\iK@VGG





! & Q * 2 & V 0 & W& ' j)EF\ $GF>Y>E? >? />HMEK=HG N?T W=NM@>MG

! & 0 # _ 0 " 3 # $ * 0+=GG _G>?YH >? +>LG@g W=GHG?@ WE<KFN= 3E?MG<@H EO G#$ N?T H3943

NH N $GHKF@ EO *MEFEY>MNF 3IN?YG

W 1 $ * + 0 " " 2 &2E^>?Y @IG 2GGTH EO )N>@Ig & 3NHG 2@KTP EO N? &RG=>MN? Q>HH>E?N=P

>? @IG $KHH>N? %E=@I

0 & + $ * 0 " W W * '_ETP >? %G^ &YG O=ER @IG WG=H<GM@>UG EO @IG 2KL@FG _ETPg

@IG *cNR<FG EO 2EK=MG _=GN@IÊ=\ 3ERRK?>@P

!"# $ %&' ") *+ , %"'" - .& % / ) " ' 0 ' " $ 1 2 + 1 3 2

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

!"#

Documents

Journal of Ethnology and Folkloristics, Vol. 7, No. 1