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96+<9),<9C)-5-9)3,-3)!-7F*31+)HH
H.9)++1E5&?H.9)++165-:?&,-3!-/3)4-5;6,-3)+1;),)-??
<- 3) -? 9/A51+) ,- 3) 96+<9),<9C) -5-9)3 ,- 3) !-7F*31+) ? :< !-/3)4-5;6 :-D)3)5 8<- 3) 5:;1;<+1E5 ,-3
151:;-916 F*31+6 -,-9)3 -:;)9A 79-:1,1,) 769 <5 96+<9),69 -5-9)3 8<1-5 -2-9+-9A :<: );91*<+165-: 7-9:65)34-5;- 6 769
+65,<+;6 ,- 36: :-9=1,69-: 7F*31+6: :<:;1;<;6: ,-3 96+<9),69 -5 8<1-5-: 76,9A ,-3-/)9 :<: .)+<3;),-: 4-,1)5;,1:76:1+165-:,-+)9A+;-9/-5-9)367)9;1+<3)9:157-9,-9769-3363)76:1*131,),,-3-2-9+1+16,19-+;6
<- <56 ,- 36: ):7-+;6: .<5,)4-5;)3-: 8<- ,-*- =1/13)9 -:;) 5:;1;<+1E5 -: 3) ,- 79646=-9 <5) 7965;) ->7-,1;) ?
,-*1,) 796+<9)+1E5 ,- 2<:;1+1) ? 7)9) )3+)5@)9 -:6: .15-: -3 151:;-916 F*31+6 ;1-5- 3) 6*31/)+1E5 ,- 15;-9=-519 6769;<5) ?
-.1+)@4-5;- -5 :< )+;<)+1E5 +646 7)9;- -5 -3 796+-:6 7-5)3 +699-:765,1-5;- ,-:)06/)5,6 +65 7965;1;<, 3): )+;<)+165-:
796+-:)3-: ,- :< +647-;-5+1) ? *<:+)5,6 -5 ;6,6 464-5;6 -3 9-:7-;6 199-:;91+;6 ) 36: 7915+1716: ,- 3-/)31,), ?
+65:;1;<+165)31,),
<- -3 )9;C+<36 65:;1;<+165)3 :-D)3) 8<- 3) 7-9:-+<+1E5 ,- 36: ,-31;6: 15+<4*- )3 151:;-916 F*31+6 )D),1-5,6
8<-;)4*1B5+647-;-)3)631+C)<,1+1)33)8<--:;)9A*)263))<;691,),?4)5,6154-,1);6,-)8<B3
<- 56 6*:;)5;- -336 3) )+;<)+1E5 ,-3 151:;-916 F*31+6 #1;<3)9 ,-3 -2-9+1+16 ,- 3) ++1E5 -5)3 ,-*- 19 4A: )33A ,3) :1473- 7-9:-+<+1E5 ,- 36: ,-31;6: :< .<5+1E5 ,-*- :-9 +65+131),69) ? ,- 796;-++1E5 56 :E36 7)9) -3 6.-5,1,6 :156 7)9)
;6,)3):6+1-,),-5/-5-9)3);9)=B:,-39-:7-;6)-??)36:,-9-+06:,-36:,-4A:
<- +65 3) .15)31,), ,- 36/9)9 <5) 4)?69 +3)91,), -5 -3 +<473141-5;6 ,- 3): )+;<)+165-: 796+-:)3-: *A:1+): ? 0)+-9
.)+;1*3- <5) 796+<9)+1E5 ,- 2<:;1+1) +),) =-@ 4A: -8<1;);1=) -: 5-+-:)916 56 :E36 1473-4-5;)9 <5) :-91- ,- +91;-916: 8<,-*-9A5 6*:-9=)9 36: /-5;-: ,-3 151:;-916 F*31+6 -,-9)3 ),:+91;6: ) 36: <@/),6: ,- 1:;91;6 -5 );-91) -5)3 :156
;)4*1B5 ,-3-/)9 ,-;-9415),): .)+<3;),-: -5 36: :<*796+<9),69-: 7)9) 8<- 3): -2-9@)5 -5 -3 A4*1;6 ,- :<: 9-:7-+;1=):
+19+<5:+917+165-:;-991;691)3-:769368<-0-;-51,6)*1-5->7-,19-3:1/<1-5;-
"- ,-;-9415) -3 )+;<)9 ,- 36: /-5;-: ,-3 151:;-916 F*31+6 -,-9)3 ),:+91;6: ) 36: <@/),6: ,1:;91;6 9-:7-+;6 ) :< 15;-9=-5+1E5 -5 36: 796+-:6: 7-5)3-: ? :- ,-3-/)5 -5 36: "<*796+<9),69-: .)+<3;),-: -5 );-91) ,65;963,-96+-:6:
6: /-5;-: ,-3 151:;-916 F*31+6 -,-9)3 9-:765:)*3-: -5 36: <@/),6: ,- 1:;91;6 -5 );-91)
-5)3 ,-*-9A5 6*:-9=)9 -5 -3 -2-9+1+16 ,- :<: .<5+165-: 6 ,1:7<-:;6 -5 -3 E,1/6 -,-9)3 ,- 96+-,141-5;6: -5)3-: ?
,-4A: ,1:76:1+165-: 3-/)3-: 8<- 3- 9-:<3;-5 )731+)*3-: +;<)9A5 :-3-+;1=)4-5;- -5 3) 15;-976:1+1E5 ,- 9-+<9:6: ? 36:
79-:-5;)9A5 F51+) ? ->+3<:1=)4-5;- +<)5,6 3) 9-:63<+1E5 +)<:- )/9)=16 ) !-79-:-5;)+1E5 "6+1)3 =C+;14) ? 6.-5,1,6 ,,-31;6536:,-4A:+):6::--:;)9A)36,1:7<-:;6769-:;-+<-9,6
5 4);-91) ,- 9-:63<+165-: ,-*-9A5 )*:;-5-9:- ,- 15;-9765-9 36: 9-+<9:6: 8<- 796+-,)5 +65.694- )
3)-?*)26:<4A:-:;91+;)9-:765:)*131,),?+91;-916-536:+):6::1/<1-5;-:
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%1-95-:,--5-96,-
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<)5,6 -3 E9/)56 2<91:,1++165)3 ,1+;- )<;6 ,- 31*-9;), 769 .)3;) ,- -3-4-5;6: 7)9) 796+-:)9 6 ,- 56 :<2-+1E5
) 796+-:6 -5 =19;<, ,- ->1:;19 F51+)4-5;- 3) 147<;)+1E5 ,-3 ,-5<5+1)5;- 3) 5-/);1=) ,-3 15+<37),6 :15 515/F5
6;96 -3-4-5;6 796*);6916 ,- 36: 0-+06: ? 56 :- ;9);- ,- +641:165-: ,-31+;<6:): ,- 6+<3;) 9-)31@)+1E5 -5 3):
+<)3-: :- 791=13-/1- 3) =-9:1E5 ,- 3) =C+;14) 6 56 ->1:;)5 6;9): 9)@65-: 8<- 0)/)5 796*)*3- 3) 9-:765:)*131,),
,-315+<37),6
<)5,6 :- 9-:<-3=) )<;6 ,- 31*-9;), 769 .)3;) ,- -3-4-5;6: 7)9) 796+-:)9 6 ,- 56 :<2-+1E5 ) 796+-:6 769
15->1:;-5+1) ,- 36: ,1+;A4-5-: 7-91+1)3-: 15,1:7-5:)*3-: 7)9) )+9-,1;)9 ,-*1,)4-5;- -3 +<-976 ,-3 ,-31;6 6 3)
796*)*3-9-:765:)*131,),,-315+<37),6?56->1:;)-5)<;6:3)+65:;)5+1),-36:41:46:
<)5,6 3) )<;691,), 2<,1+1)3 51-/<- -3 31*9)41-5;6 ,- 3) 69,-5 ,- )79-0-5:1E5 769 56 9-<519:- 36: -3-4-5;6:
9-8<-91,6: -5 -3 9;C+<36 65:;1;<+165)3 -5 9-3)+1E5 +65 -3 9;C+<36 ,-3 E,1/6 -,-9)3 ,96+-,141-5;6:-5)3-:)3-:;)*3-+-9:-8<-560)?,-31;68<-7-9:-/<19
<)5,6 :- 9-:<-3=) )<;6 ,- 56 :<2-+1E5 ) 796+-:6 6 31*-9;), 769 .)3;) ,- -3-4-5;6: 7)9) 796+-:)9 6
:6*9-:-141-5;6 .<5,),6 -5 3) 79-:+917+1E5 ,- 3) )++1E5 7-5)3 ? 9-:<3;-5 ) 2<1+16 ,-3 151:;-916 F*31+6
+647<;),6:+6579-+1:1E5-5-39)@65)41-5;636:73)@6:9-8<-91,6:?
<)5,6 :- 9-:<-3=) )<;6 ,- 31*-9;), 769 .)3;) ,- -3-4-5;6: 7)9) 796+-:)9 6 ,- 56 :<2-+1E5 ) 796+-:6 769
+647)9-+-9 -3 ,-5<5+1)5;- ,-5;96 ,-3 ;B94156 +65:;1;<+165)3 9-;9)+;A5,6:- ,- 3) 147<;)+1E5 .694<3),)
4-,1)5;- 796*)5@): 8<- 3) 01+1-9) =-96:C413 ? :15 8<- ->1:;)5 79<-*): 8<- 0)/)5 76:1*3- 3) 796*)*39-:765:)*131,),,-315+<37),6
36: /-5;-: ,-3 151:;-916 F*31+6 -,-9)3 ),:+91;6: ) 36: <@/),6: ,- 1:;91;6 -5 );-91) -5)3
,-*-9A5 )+);)9 199-:;91+;)4-5;- 36: :1/<1-5;-: +91;-916: -:7-+C.1+6: ) -.-+;6 ,- -=1;)9 3) 15;-976:1+1E5 ,- 9-+<9:6 ,)7-3)+1E5-53)::-5;-5+1):,1+;),):769-3E9/)562<,1+1)3
<)5,6 :- ,1+;- :-5;-5+1) )*:63<;691): ? ->1:;) 3) 147<;)+1E5 ,-3 6.-5,1,6 )76?),) 769 ;-:;146516 :15/<3)9
+65;9) 3) 5-/);1=) 9-1;-9),) ,-:,- -3 151+16 ,- 3) )=-91/<)+1E5 79-=1) ,-3 :-5;-5+1),6 ? 3) ->1:;-5+1) ,- 6;9):
79<-*):8<-,-4<-:;9-5.-0)+1-5;-4-5;-:<5615;-9=-5+1E5-536:0-+06:
<)5,6 :- ,1+;-5 :-5;-5+1): )*:63<;691): ? +65.694- ) 3) =)369)+1E5 ,- 3): 79<-*): :- ),=1-9;)5
+65;9),1++165-: :<7-9.1+1)3-: 56 796*),): -5 36 4)51.-:;),6 769 3) 7)9;- 6.-5,1,) -5;9- B:;) ? 36: ;-:;1/6: ,+)9/6?6;9):79<-*):9-3-=)5;-:
5 :-5;-5+1): )*:63<;691): +65 *):- -5 -3 0-+06 ,- 8<- -3 :<2-;6 7):1=6 :- 0)?) 9-;9)+;),6 ,- :<
147<;)+1E5 -5 ,131/-5+1) ,- ,-:)06/6 ,- 79<-*): ? 0)*1-5,6 796*),6 :< 9-;9)+;)+1E5 :- :6:;-5/) -5 -3
+)9-6?56->1:;)56;9):79<-*):,-+)9/6
5 :-5;-5+1): +65,-5);691): -5 3): 8<- :- ),=1-9;) 8<- 56 :- ;64)965 -5 +<-5;) )3/<5): ,- 3):
+19+<5:;)5+1):)/9)=)5;-:,-,-31;6,-8<-:-;9);-769-:;14)9->1:;-5;-3),<,):6*9-B:;):?
5 3): :-5;-5+1): -5 3): 8<- :- ,-+3)9- ->;15/<1,) 3) )++1E5 7-5)3 769 79-:+917+1E5 ? 36: 9)@65)41-5;6:
+65.694-)36:73)@6:7)9)8<-B:;)67-9-9-:<3;-5,-*1,)4-5;-.<5,),6:)2<1+16,-3151:;-916F*31+6
- ->1:;19 ,<,) -5 +<)5;6 ) 3) 15;-976:1+1E5 ,-3 9-+<9:6 -3 /-5;- ,-3 151:;-916 F*31+6 -,-9)3 +65:<3;)9A ) :<
:<7-9169154-,1);66+65,<+-5;-
5 36: +):6: -5 8<- :- -:;14- 796+-,-5;- 3) 15;-976:1+1E5 ,- 36: 9-+<9:6: ,- 9-=6+)+1E5 )7-3)+1E5 ?
,-5-/),) )7-3)+1E5 36: /-5;-: ,-3 151:;-916 F*31+6 -,-9)3 -3)*69)9A5 <5 -:;<,16 .<5,),6 ? 46;1=),6 :6*9- 3):
+19+<5:;)5+1): 8<- ) :< +91;-916 +)<:)9A5 )/9)=16 6 3) !-79-:-5;)+1E5 "6+1)3 =C+;14) < 6.-5,1,6 +65 -3 =1:;6 *<-56 ,-3
:<7-9169154-,1);68<-+699-:765,)
5 36: +):6: 56 +65;-473),6: -5 -3 79-:-5;- +<-9,6 36: /-5;-: ,-3 151:;-916 F*31+6 -,-9)3
9-:765:)*3-: -5 <@/),6: ,- 1:;91;6 -5 );-91) -5)3 76,9A5 15;-9765-9 -3 9-+<9:6 ,- )7-3)+1E5 :1 -:;- :- -5+<-5;9)
:<:;-5;),6;B+51+)?2<9C,1+)4-5;-?79-=1)=)31,)+1E5,-:<:<7-9169154-,1);6
4 3 /-5;- ,-3 151:;-916 F*31+6 -,-9)3 796+-,-9A 79-=16 )5A31:1: 415<+16:6 ,- 3): +65:;)5+1):
796+-:)3-: ? -5 +<473141-5;6 ,- 3) 5694);1=1,), )731+)*3- ) :631+1;)9 ,-3 2<@/),6 3) :<:7-5:1E5 ,-3 796+-,141-5;6 -5 36:
+):6: ) 8<- :- 9-.1-9- -3 9;C+<36 -3 E,1/6 -,-9)3 ,- 96+-,141-5;6: -5)3-: 79-=16 =1:;6 *<-56 ,- :< :<7-9169
154-,1);6 79646=1-5,6 36 8<- 3-/)34-5;- 796+-,) 7)9) 36/9)9 ) 3) *9-=-,), 76:1*3- 3) 796:-+<+1E5 5694)3 ,-3
796+-,141-5;6
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%1-95-:,--5-96,-
!
"1 ,- 3): +65:;)5+1): 796+-:)3-: )7)9-+1-9- 8<- :- 0)5 ,-:=)5-+1,6 36: .<5,)4-5;6: 8<- 0<*1-9-5
:-9=1,6 7)9) ,-+9-;)9 3) .694)3 791:1E5 :<2-+1E5 ) 796+-:6 -5 9)@E5 ) 8<- -5 3) :-+<-3) 796+-:)3 0<*1-9- )7)9-+1,6 79<-*)
73-5) - 15,<*1;)*3- 8<- ,-:=)5-@+) ) )8<-336: 8<- :19=1-965 7)9) +64796*)9 -3 +<-976 ,-3 ,-31;6 6 796*)*3- 9-:765:)*131,),
7-5)3 8<- 5<31.18<-5 36: 8<- :19=1-965 ,- *):- 6 :<:;-5;6 7)9) 8<- -5 :< 6769;<51,), :- 0<*1-9- ,-;-9415),6 3) .694)3
791:1E5 6 :<2-+1E5 796+-:6 ,-3 6 36: 15+<37),6: -5 9)@E5 ,- 0)*-9:- +65:1,-9),6 +646 796*)*3-: 9-:765:)*3-: ,- 36:
0-+06: 15=-:;1/),6: -3 !-79-:-5;)5;-: "6+1)3 :631+1;)9A ,-3 "<*796+<9),69 8<- +699-:765,) 3) )<;691@)+1E5 7)9) 79646=-9
36 +65,<+-5;- )5;- -3 E9/)56 2<91:,1++165)3 -5 36: ;B94156: ,- 36: )9;C+<36: ? ,- E,1/6 -,-9)3 ,- 96+-,141-5;6:
-5)3-:
3 /-5;- ,-3 151:;-916 F*31+6 -,-9)3 9-:765:)*3- 691-5;)9A ) 3) =C+;14) < 6.-5,1,6 ,-3 ,-31;6 -5 3)
7)9;1,)7-5)3+699-:765,1-5;-7)9)36:-.-+;6:,-3)9-7)9)+1E5,-3,)D6
4 6: /-5;-: ,-3 151:;-916 F*31+6 -,-9)3 ),:+91;6: ) 36: <@/),6: ,- 1:;91;6 -5 );-91) -5)3
,-*-9A5 :631+1;)9 ) ,1+06: 69/)51:46: 2<91:,1++165)3-: 3) 31*-9;), 796;-:;);691) ,- 36: 15+<37),6: -5 ;6,6: ? +),) <56 ,- 36:
796+-:6:,65,-)8<-336:0)?)5)+9-,1;),636::1/<1-5;-:9-8<1:1;6:
<-3)-5)+69769)38<-,-*)14765-9:-56->+-,),-,6:)D6:,-791:1E5
<-:-)3)7914-9)=-@8<-,-3158<--315+<37),6
<- B:;- ;-5/) ,641+1316 .126 +656+1,6 -5 -3 3</)9 -5 ,65,- :- :1/<- 6 ,-*) :-/<19:- -3 796+-:6 6 ,-5;96 ,3)2<91:,1++1E5,-;91*<5)9-:7-+;1=6
<-)9-:1,-5+1),-15+<37),6-5,1+063</)9:-),-<5)D6+<)5,64-56:
<--315+<37),6;-5/)796.-:1E56.1+166+<7)+1E564-,16065-:;6,-=1=19?
<- ) 2<1+16 ,- 3) )<;691,), 8<- 3) +65+-,) 56 0)?) ;-469 ,- 8<- -3 15+<37),6 :- :<:;9)1/) ) 3) )++1E5 ,- 3)
2<:;1+1)
4 6: /-5;-: ,-3 151:;-916 F*31+6 -,-9)3 79-:-5;)9A5 36: 796+-,141-5;6: ,- 31*-9;),
796;-:;);691)+<)5,6B:;)796+-,)<69,-5-3)19-++1E5-5-9)3,-96+-:6:6-3-/),6:;);)38<-+699-:765,)
4 5 +):6 ,- ,<,) 79-=16 +656+141-5;6 ,- 3) "<*796+<9),<9C) 8<- +699-:765,) :-9A -3
19-+;69-5-9)3,-65;963,-96+-:6:6-3-/),6:;);)38<1-5-:,-+1,)59-:7-+;6)3)76:1+1E5796+-:)3)),67;)9
4 5 4);-91) ,- +65+3<:165-: 36: /-5;-: ,-3 151:;-916 F*31+6 -,-9)3 ),:+91;6: ) 36:
<@/),6: ,- 1:;91;6 -5 );-91) -5)3 ,-*-9A5 6.9-+-93): ,-5;96 ,-3 73)@6 8<- -:;)*3-+- -3 9;C+<36 ,-3 E,1/6 -,-9)3
,- 96+-,141-5;6: -5)3-: 769 36 8<- 3) 641:1E5 -5 :< 79-:-5;)+1E5 +)<:) ,-.1+1-5+1) -5 -3 :-9=1+16 79-:;),6 - 14731+)
15+<473141-5;6 ,- ,1:76:1+165-: 2<9C,1+): -5 ;)3 =19;<, -3 /-5;- ,-3 151:;-916 F*31+6 -,-9)3 8<- 15+<99) -5 -:)
199-/<3)91,), :-9A ,-:;1;<1,6 ,- :< +)9/6 6 :- 3- )731+)9A +<)38<1-9 6;9) :)5+1E5 +65.694- ) 36 -:;)*3-+1,6 -5 ) -? -,-9)3
,-!-:765:)*131,),-:,-36:"-9=1,69-:F*31+6:+6515,-7-5,-5+1),-+<)3-:8<1-9)6;9)8<-3-9-:<3;-
4 )9) -3 ,-*1,6 +<473141-5;6 ,- 36 :-D)3),6 -5 -:;- +<-9,6 ) 36: "<*796+<9),69-: -5 :<:
9-:7-+;1=6:A4*1;6:,-+647-;-5+1)?+19+<5:+917+1E5;-991;691)3:-3-:,-3-/)53)::1/<1-5;-:.)+<3;),-:
&')
<;691@)9 3): 79646+165-: ,- 36: /-5;-: ,-3 151:;-916 F*31+6 -,-9)3 769 3): 8<- :- :631+1;- 3) +)5+-3)+1E5
,- E9,-5-: ,- )79-0-5:1E5 6 +647)9-+-5+1) 6 *1-5 3) 9-+3):1.1+)+1E5 ,- 3) +65,<+;) 6 0-+06: 769 36: +<)3-:
:-0<*1-9--2-9+1;),63))++1E57-5)3?:631+1;),6-331*9)41-5;6
<;691@)9 36: 7-,14-5;6: ,- 36: /-5;-: ,-3 151:;-916 F*31+6 -,-9)3 -5 8<- :- 7964<-=) -3
:6*9-:-141-5;6 ,-3 796+-:6 ? 3) 31*-9;), )*:63<;) ,-3 15+<37),6 -5 36: +):6: 79-=1:;6: 769 -3 9;C+<36 ,-3
E,1/6-,-9)3,-96+-,141-5;6:-5)3-:):C+646;6,6)+;6796+-:)38<-;1-5,))1/<)3.15
694<3)9 < 69,-5)9 3) .694<3)+1E5 ,-5;96 ,- 3): A9-): ,- 65;963 ,- 96+-:6: 8<- +699-:765,) ,- 3):
+65+3<:165-:7-9;15-5;-:-536:+):6:,-:<641:1E5,-5;96,-3;B941563-/)3
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