cassiodore, de anima : introduction, traduction,et notes · cassiodore, de anima : introduction,...

223
Cassiodore, De Anima : introduction, traduction,et notes Amand G´ evaudan To cite this version: Amand G´ evaudan. Cassiodore, De Anima : introduction, traduction,et notes. Litt´ eratures. Universit´ e Paul Val´ ery - Montpellier III, 2015. Fran¸cais. <NNT : 2015MON30054>. <tel- 01304044> HAL Id: tel-01304044 https://tel.archives-ouvertes.fr/tel-01304044 Submitted on 22 Apr 2016 HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci- entific research documents, whether they are pub- lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers. L’archive ouverte pluridisciplinaire HAL, est destin´ ee au d´ epˆ ot et ` a la diffusion de documents scientifiques de niveau recherche, publi´ es ou non, ´ emanant des ´ etablissements d’enseignement et de recherche fran¸cais ou ´ etrangers, des laboratoires publics ou priv´ es.

Upload: dinhtu

Post on 25-Feb-2019

254 views

Category:

Documents


1 download

TRANSCRIPT

Cassiodore, De Anima : introduction, traduction,et

notes

Amand Gevaudan

To cite this version:

Amand Gevaudan. Cassiodore, De Anima : introduction, traduction,et notes. Litteratures.Universite Paul Valery - Montpellier III, 2015. Francais. <NNT : 2015MON30054>. <tel-01304044>

HAL Id: tel-01304044

https://tel.archives-ouvertes.fr/tel-01304044

Submitted on 22 Apr 2016

HAL is a multi-disciplinary open accessarchive for the deposit and dissemination of sci-entific research documents, whether they are pub-lished or not. The documents may come fromteaching and research institutions in France orabroad, or from public or private research centers.

L’archive ouverte pluridisciplinaire HAL, estdestinee au depot et a la diffusion de documentsscientifiques de niveau recherche, publies ou non,emanant des etablissements d’enseignement et derecherche francais ou etrangers, des laboratoirespublics ou prives.

!!

"! !

!!!!!!!!!

!!!

!

!

!

!

!

!

!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

!

!

!

!

!

!

!

!!!!!!!!!

!#$%&'($!)*(!%+,-./012.34!56,7!/67418!9:-35077.01!...!!

!!"#$%&#$'!&(!)'*+!,'!-.$/0-'!,0/10#&-'!23456789!2:;;<=3;6=789!>62;6=789!>:?:2:83;:@48!'1!,'!-A(+*1$!,'!='/B'#/B'!!>C=C:C8C7C8C!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!;0#!<=>!

!

!!!!!!!!!!!8%$/*&-*1$!D!<;6E78!5=7>F678!7;!23;:478!

!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!5($?@AB$@!)*(!696-#!C4/6,#6-!!

!!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!

!

!

!

2DEB@AE@!%@!?*F@G&!HI!#$J@FK(@!LMH<!N!HI!OPM!G@'*AB!EA!QE(R!JDF)D?$!G@!"!!

S$*B(&J@!S6TU:,VU0W! !)(DX@??@E(!G@! %*B&AW!EA&'@(?&B$!9DAB)@%%&@(! ...!;G&(@JB@E(>!!

S(EAD!S,106,W!)(DX@??@E(!G@!%*B&AW!EA&'@(?&B$!7RDA!...!!

.G*!C&%G*!96231:1:26W!)(DX@??@E(!GYO&?BD&(@! (DF*&A@W!EA&'@(?&B$!G@!Z%D(@AJ@!;(*))D(B@E(>!!

5*E%! 96330.W! )(DX@??@E(! $F$(&B@! G@! %*B&AW! EA&'@(?&B$! 7RDA! ..!;(*))D(B@E(>!!

!

!!!!!!!!!!!!!!!!!!!!>&))*0,0#'9!!"#$%&'(!

!!!:+1#0,(/1*0+9!;#&,(/1*0+!'1!401')!

!!

!

!

!

"#$%&#!

!

!!!7@!'(!)*+,)!F*([E@!EA!BDE(A*AB!G*A?!%*!'&@!G@!V*??&DGD(@W!*(&?BDJ(*B@!(DF*&AW!

A$!'@(?!I=IW!GDAB!%*!X*F&%%@!?+$B*&B!F&?@!*E!?@('&J@!G@?!(D&?!CDBO?\!6R*AB!B@(F&A$!

?DA!)*(JDE(?!)D%&B&[E@W!&%!*!X*&B!J@![E+&%!*!*))@%$!?*!]!JDA'@(?&DA!^![E&!%+*F_A@(*!N!

XDAG@(! %@! FDA*?B_(@! G@! /&'*(&EF! @B! N! ?+R! (@B&(@(\! V+@?B! *E! FDF@AB! G@! J@!

JO*A`@F@AB! G@! '&@! [E+&%! $J(&'&B! EA! B(*&B$! ?E(! %+aF@! @B! ?@?! '@(BE?W! ($X%@b&DA!

*ABO(D)D%D`&[E@W! )?RJOD%D`&[E@! @B! FD(*%@W! [E&! ?+*))ER*&B! ?E(! G@?! $J(&B?!

)O&%D?D)O&[E@?W!G@?!$J(&B?!)OR?&D%D`&[E@?!@F)(EAB$?!N!%*!B(*G&B&DA!F$G&J*%@W!F*&?!

*E??&!?E(!%@?!$J(&B?!?J(&)BE(*&(@?!@B!%+cE'(@!G@!?*&AB!6E`E?B&A\!V+@?B!EA!B(*&B$!)%@&A!

G@! G$'DB&DA!d! JO@(JO*AB! N! JDAA*eB(@! ?DA! aF@W! V*??&DGD(@! '@EB! *((&'@(! N! %*!

JDAA*&??*AJ@!G@!#&@EW!@B!J@B!&B&A$(*&(@!G@!%+aF@!N!#&@E!JDA?B&BE@!%@!JcE(!GE!B(*&B$\!

V*??&DGD(@! *! JO(&?B&*A&?$! %@! )($J@)B@! G@! 2DJ(*B@! *-./(! 0(! +1.2,W! @B! *! ?E&'&! %*!

G$F*(JO@!G@!?*&AB!6E`E?B&A!"!3(2,!(0!)*+,),!./+4(!/21+-5!

!!!7*!?@E%@!B(*GEJB&DA!X(*Af*&?@W!N!)@E!)(_?!JDF)%_B@!;&%!F*A[E@!%@!JO*)&B(@!g..!@B!

%*!)(&_(@!X&A*%@>W![E@!ADE?!*'DA?W!@?B!G@!2B$)O*A@!G@!1DE'&%%@!d!@%%@!G*B@!G@!H=hI\!

.%!ADE?!*!)*(E! &AB$(@??*AB!G@!)(D)D?@(!EA@!ADE'@%%@! B(*GEJB&DA!G@!J@! B@bB@W!G@! %@!

JDFF@AB@(!@B!G@!%+*AADB@(\!V+@?B!%@!KEB!G@!J@!B(*'*&%\!

G01)!/-$)!"!aF@W!*AB&[E&B$!B*(G&'@W!?*&AB!6E`E?B&AW!$J(&B?!?J(&)BE(*&(@?W!%&BB$(*BE(@!

*E!9DR@A!i`@\!

!

!

!

!

#

#

)$**+,!,-.*/#-*H'#!!"#(%&'(/#1'I19!1#&+)-&1*0+9!/0JJ'+1&#*')!&+,!

&++01&1*0+)!

!

$%&&6"7!

!!!3O@! '(! )*+,)! F*(j?! *! BE(A&A`! )D&AB! &A! BO@! %&X@! DX! V*??&DGD(@W! *A! 1DF*A!

*(&?BDJ(*BW!KD(A!*(DEAG!I=IW!kOD?@!X*F&%R!k*?!*B!BO@!?@('&J@!DX!BO@!j&A`?!CDBO?\!

lO@A! O@! @AG@G! O&?! )D%&B&J*%! J*(@@(W! O@!F*G@!kO*B! O@! J*%%@G! O&?! ]!JDA'@(?&DA!^!

kO&JO!k&%%!K(&A`!O&F!BD!J(@*B@!BO@!BO@!FDA*?B@(R!DX!/&'*(&EF!kO@(@!O@!(@B&(@G\!6B!

BO&?! JO*A`@! DX! O&?! %&X@W! O@! k(DB@! *! B(@*BR! DA! BO@! ?DE%! *AG! &B?! '&(BE@?W! *A!

*ABO(D)D%D`&J*%W!)?RJOD%D`&J*%!*AG!FD(*%!(@X%@JB&DAW!kO&JO!%@*A@G!DA!)O&%D?D)O&J!

*AG!)OR?&D%D`&J*%!k(&B&A`?!KD((Dk@G!X(DF!BO@!F@G&J*%!B(*G&B&DAW!KEB!&B!*%?D!%@*A@G!

DA!?J(&)BE(*%!k(&B&A`?!*AG!DA!BO@!k(&B&A`?!DX!2*&AB!6E`E?B&A!\!.B!&?!*!B(@*BR!XE%%!DX!

G@'DB&DA!?@@j&A`!BD!X&AG!RDE(!?DE%\!V*??&DGD(@!k*AB?! BD!*BB*&A! BO@!jADk%@G`@!DX!

CDGW! *AG! BO&?! (DEB@! DX! BO@! ?DE%! BD! CDG! JDA?B&BEB@?! BO@! O@*(B! DX! BO@! B(@*BR\!

V*??&DGD(@! JO(&?B&*A&m@G! BO@! (E%@! DX! 2DJ(*B@?! *-./(! 0(! +1.2,W! *AG! XD%%Dk@G! BO@!

*))(D*JO!DX!?*&AB!6E`E?B&A!"!3(2,!)*3!)*+,),!./+4(!/21+-\!

!!!!3O@! DA%R! X(@AJO! B(*A?%*B&DAW! *%FD?B! JDF)%@B@! ;BO@! JO*)B@(! g..! *AG! BO@! X&A*%!

)(*R@(!*(@!F&??&A`>W!BO*B!k@!O*'@W!&?!DX!2B$)O*A@!G@!1DE'&%%@!X(DF!H=hI\!.B!?@@F?!

&AB@(@?B&A`!BD!E?!BD!)(D)D?@!*!A@k!B(*A?%*B&DA!DX!BO&?!B@bB!k&BO!DE(!JDFF@AB?!*AG!

*AADB*B&DA?\!.B!&?!BO@!)E()D?@!DX!BO&?!kD(j\!

K'L!M0#,)!"!?DE%W!%*B@!*AB&[E&BRW!?*&AB!6E`E?B&AW!?J(&)BE(*%!k(&B&A`?W!%&B@(*BE(@!&A!BO@!

9&GG%@!6`@?!!!!

!

!

!

!

!

!

!

"(,(4/+(,(*0.!

!

!

!!!9@?! (@F@(J&@F@AB?! 'DAB! N! 9F@! S$*B(&J@! S*jODEJO@! [E&! F+*! *JJE@&%%&! N!

%+,A&'@(?&B$!5*E%!/*%$(RW!F+*!&AB$`($!*E!?$F&A*&(@!?E(! %@!)?@EGDS_G@W!@B!)(D)D?$!

J@! B(*'*&%! [E+@%%@! *! ?E&'&! *'@J! EA@! (&`E@E(W! EA@! G&?)DA&K&%&B$! @B! G@?! [E*%&B$?!

(@%*B&DAA@%%@?W!BDEB!N!X*&B!(@F*([E*K%@?\!

!!!.%?! 'DAB! @A?E&B@! N! %+$[E&)@! GE! )?@EGDS_G@W! 9R%_A@! S*[E@((@W! V$J&%@! S&*?&W!

4F&%&@! S(EAW! .?*K@%%@! CDE&XX(@W! .?*K@%%@! 5*?J*%W! [E&! F+DAB! GDAA$! EA! K*&A! G@!

QDE'@AJ@\!

!!!.%?!'DAB!@AX&A!N!2*(*W!FDA!$)DE?@![E&!*!X*&B!)(@E'@!G+EA@!`(*AG@!)*B&@AJ@\!

!

!

!

!

!!

!

!

3*K%@!G@?!F*B&_(@?!

:+1#0,(/1*0+NNnnnnnnnnnnnnnnnnnnnnnnnnnnnnn\\!H!

!!!!!7Y*EB@E(!!!$-*!*-,888555nnnnnnnnnnnnnnnnnnn\nnnnL!!!!!!!!!!!!!!!!!!!!!$)!9+(W!.-*!:294(!!n\nnnnnnnnnnnnnnnnnnnnnn\\P!!!!!!!

!!!!!7*!JDA'@(?&DA!G@!V*??&DGD(@nnnnnnnnnnnnnnnnnnnn\\nnn\\!=!!!!

!!!!!7*!JDF)D?&B&DA!!GE!'(!6*+,)nnnnnnnnnnnnnnnnnn\\nnn\\!n\HM!!!!!!

!!7@!JDAB@AE!GE!'(!6*+,)!nnnnnnnnnnnnnnnnnnnnnnnn\\!!H<!!!!!!!

!!!!!!!!!!!';<+*+0+-*!(0!#0=,->-?+(!\nnnnnnnnnnnnnnnnnnnnnnn\\H<!!

!!!!!!!!!!@)024(!(0!)004+A20.!3(!BCD,(!nnnnnnnnnnnnnnnnnnn\\\\\\\\\\\!\\H=!!!!!!!

!!!!!!!!!!B(!/-41.!nnnnnnnnnnnnnnnnnnnnnnnnnnnn\\\\\\\!!LH!!!!!!

!!!!!!!!!!BC2*+-*!3(!>CD,(!(0!32!/-41.!!nnnnnnnnnnnnnnnnnnnnnnLH!!!!

!!!!!!!!!!BCD,(!.(*.+0+9(!nnnnnnnnnnnnnnnnnnnnnnnnnnn\\LP!!!!!!!!!!

!!!!!!!!!!!BCD,(!+*0(>>(/0+9(!!nnnnnnnnnnnnnnnnnnnnnnnn\\\n\\LI!!!!!!!

!!!!!!!!!!!B)!,-4)>(!(0!>)!>-+!3+9+*(!nnnnnnnnnnnnnnnnnnnnnnn!\L<!!!!!!!

!!!!!!!!!!!!BC-4+?+*(!3(!>CD,(!nnnnnnnnnnnnnnnnnnnnnnnnn!\!\Lo!!!!!!!!!

!!!!!!!!!!!B)!3(.0+*;(!3(!>CD,(nnnnnnnnnnnnnnnnnnnnnnnnn!!Lh!!!!!!!!!

!!!!!!!!!!!!'+(2!(0!>CD,(!!!!!nnnnnnnnnnnnnnnnnnnnnnn\\\nn\\Lh!!!!!!!!!

!!!!!2DE(J@?!@B!)D?B$(&B$!GE!#@!6A&F*nnnnnnnnnnnnnnnnnnnnn\Lp!!!!!!!

!!!!!!!!!!!!$-24/(.!!!!!nnnnnnnnnnnnnnnnnnnnnnnnnnn\n\!\!PM!!!!!!

!!!!!!!!!!!!E-.0;4+0;!!nnnnnnnnnnnnnnnnnnnnnnnnnnnn\\\\\PP!!!!!!!!!!!

!!!!!!2BR%@!GE!#@!6A&F*nnnnnnnnnnnnnnnnnnnnnnnnnnnPI!!!!!!

!!!!!!7@?!9*AE?J(&B?!nnnnnnnnnnnnnnnnnnnnnnnnnnnn!IM!!!!!!

;#&,(/1*0+\nnnnnnnnnnnnnnnnnnnnnnnnnnnnn\\\IL!!!!!!!!!!!!!!!401')nnnnnnnnnnnnnnnnnnnnnnnnnnnnn\\\\\\\\\\\\=o!!!!!!!!

O*H-*0P#&%B*'!'1!:+,'Innnnnnnnnnnnnnnnnnnnnnnn\\!H<p!!!!!!!!!!!!!!!!!!!

!!!!!!!!!!V&B*B&DA?!@B!($X$(@AJ@?!S&K%&[E@?\nnnnnnnnnnnnn\\nnnnnnnHhL!

;'I1'!2&1*+nnnnnnnnnnnnnnnnnnnnnnnnnnnnnHhP!!!!

!

H!!

!

,)*2!F-,+*+A2.!14)(3+/)4(W!3+?+0+.!>+*?2).!)1(4+4(W!.)>20(,!!

,-40)>+A2.!0)/+0),!3)4(W!(0!/-*04)!3+)A->+!.2A4(10+-*(.!!

+>>+/+0).!/)>),-!)04),(*0-G2(!12?*)4(H5!

!!!!!!!!!V*??&DGD(@W!H*.0+020+-*(.W!.W!ggg\!

!

!

!

!

!

!

:+1#0,(/1*0+!P$+$#&-'!

!

!

!

!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!H! ! ]!)(qJO@(! *Eb!ODFF@?! *'@J! %*!F*&AW! DE'(&(! %@?! %*A`E@?! )*(! %@!FDR@A!G@?!GD&`B?W! GDAA@(! *Eb!FD(B@%?!%@!?*%EB!@A!?@!B*&?*ABW!@B!JDFK*BB(@!%@?!@FKrJO@?!@B!%@?!B@AB*B&DA?!GE!G&*K%@!*'@J!EA@!)%EF@!@B!G@!%Y@AJ(@!^!;B(*GEJB&DA\!C\!S*(GR>\!\!

!

L!!

!!!!s! %*! A*&??*AJ@! G@! V*??&DGD(@W! %Y0F)&(@! (DF*&A! GY:JJ&G@AB! $B*&B! ?DE?! %*!

GDF&A*B&DA! G@?! 4B*B?! `@(F*A&[E@?! "! Z(*AJ?! @A! C*E%@W! l&?&`DBO?! @B! 2E_'@?! @A!

0?)*`A@W!:?B(D`DBO?!@A!.B*%&@L\!7Y@F)@(@E(!@AX*ABPW!1DFE%E?!6E`E?BE%@W!*'*&B!$B$!

G$)D?$! )*(! :GD*J(@! @A! IhoW! @B! 3O$DGD(&J! %@! C(*AGW! G$BDE(A$! '@(?! %+.B*%&@! )*(!

%+@F)@(@E(! t$ADAW! %E&! ?EJJ$G*! @A! %Y*??*??&A*AB! @A! IpPI! d! &%! ($D(`*A&?*! %Y4B*BW!

F*&AB&AB! EA@! ?B(&JB@! ?$)*(*B&DA! @AB(@!CDBO?! @B!1DF*&A?W! JDAX&*! *Eb! )(@F&@(?! %@?!

*XX*&(@?! F&%&B*&(@?! @B! ?+*))ER*! ?E(! %Y*GF&A&?B(*B&DA! (DF*&A@! G@F@E($@! @A! )%*J@\!

6(&@AW! &%! F@A*! EA@! )D%&B&[E@! G@! BD%$(*AJ@! (@%&`&@E?@\! 7@?! ($?E%B*B?! XE(@AB!

(@F*([E*K%@?\! #@Eb! ODFF@?! ?RFKD%&?@AB! J@BB@! JD%%*KD(*B&DA<W! SD_J@! @B!

V*??&DGD(@\! SD_J@W! GDAB! %*! X*F&%%@! $B*&B! G@! '&@&%%@! B(*G&B&DA! (DF*&A@W! $B*&B!

JDA'*&AJE!G@!%*!)$(@AA&B$!@B!G@!%*!`(*AG@E(!G@!1DF@![E+&%!)@A?*&B!?@('&(!@A!?@('*AB!

3O$DGD(&J\! V*??&DGD(@W! %E&W! @AB(*! G@! )%*&Au)&@G! G*A?! %Y_(@! ADE'@%%@! @B! XEB! %@!

)*(B&?*A!JDA'*&AJE!GYEA!4B*B!(DF*ADu`DBO&[E@o\!7*!FD(B!G@!3O$DGD(&J!@B!%*!`E@((@!

G@!(@JDA[EqB@!G@!vE?B&A&@A!F&(@AB!X&A!N!%*!J*E?@![E+&%!*'*&B!@FK(*??$@\!.%!?@!(@B&(*!

*%D(?!G*A?!%@!FDA*?B_(@!G@!/&'*(&EF![E+&%!*'*&B!XDAG$!*Eb!@A'&(DA?!G@!2[E&%%*J@W!

@B!G@'&AB!%+$GEJ*B@E(!G@!?@?!FD&A@?\!!

!

2A&(1'(#!

$-*!*-,h!!

!!!V*??&DGD(@! ?@! ADFF*&B! &)?*2.! 624(>+2.! I)..+-3-42.! ;DE! I)..+-3-4;+>2.>!

$(*)0-45!7@!)(@F&@(!ADF!@?B!G$JD(*B&XW!JDFF@!J>)9+2.![E&!%E&!@?B!*GQD&AB!)*(XD&?\!

624(>+2.! (@A'D&@! N! %+*%%&*AJ@! *'@J! %*! `@A?! 624(>+)W! )%E?! )($J&?$F@AB! *'@J!

2RFF*[E@!@B! ?DA!`@AG(@!SD_J@\!$(*)0-4W!*E!G$KEB!EA!?E(ADFW!G@'&AB! ?DA!ADFW!

)E&?! *E! 9DR@A! i`@K! EA! B&B(@! ODAD(&X&[E@\! I)..+-3-4+2.! ?@! JDAXD(F@! *Eb!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!L!v\!9DD(O@*GW!LF(!"-,)*!(,1+4(!3+9+3(3W!0G&AKE(`OW!5@*(?DA!0GEJ*B&DA!7&F&B@GW!LMMHW!))\!P<uIP\!P!7+@b)(@??&DA!@?B!G@!v\!U@@(?W!E4;/+.!3MF+.0-+4(!32!&-=(*!N?(W!5*(&?W!5,ZW!Hpo=W!)\!Ho\!I!v\!9DD(O@*GW!HA+3(,W!))\!IPuIp\!<!C\!S*(GRW!BC;?>+.(!(0!>(.!3(4*+(4.!"-,)+*.W!5*(&?W!1DK@(B!7*XXDABW!HpI=W!)\!Hop\!o!Z\!S(EAOw%m%W!O+.0-+4(!3(!>)!>+00;4)024(!>)0+*(!32!&-=(*!N?(W!S($)D%?W!HppMW!3\!.W!'D%\!HW!)\!Ph\!h! #\9\! V*))ERA?W!'+/0+-**)+4(! 3MO+.0-+4(! (0! 3(! P;-?4)1F+(! Q//>;.+).0+G2(W! 5*(&?W! HpHLW! 3\! HHW!JD%DAA@!HP<MW!*(B&J%@!]!V*??&DGD(@!^W!@B!6\!'*A!G@!/R'@(W!]!V*??&DGD(@!@B!?DA!cE'(@!^W!"(92(!A(>?(!3(!1F+>->-?+(!(0!3MF+.0-+4(W!HouL!;HpPh>!"!)\!IMW!ADB@!I\!

!

P!!

)*B(DARF@?! G+D(&`&A@! `(@J[E@=! @B! ?@! %&B! G*A?! %@?! F*AE?J(&B?! G@! ?@?! G@(A&_(@?!

cE'(@?\!6)(_?!/&'*(&EFW! DA! A@! B(DE'@! )%E?! [E@!I)..+-3-42.! DE!I)..+-3-4;+>2.!

$(*)0-4p\!!

$)!9+(K!.-*!:294(!

!!!.%! $B*&B! &??E! G+EA@! X*F&%%@! )(DK*K%@F@AB! G+D(&`&A@! ?R(&@AA@! d! RSTUVWXYZ[! ?@!

(@AJDAB(@!@A!2R(&@!@B!?@!(*BB*JO@!*E!JE%B@!G@!t@E?!R\TUZ[!;)(_?!G+6AB&DJO@>HM\!2DA!

K&?*x@E%! *'*&B! JDFK*BBE! %@?! /*AG*%@?! JDAGE&B?! )*(! C@A?$(&JW! @A! 2&J&%@! @B! @A!

V*%*K(@W! DKB@AE! %@! B&B(@! GY+>>2.04(HH! @B! %@! `DE'@(A@F@AB! G@! J@?! )(D'&AJ@?\! 7*!

X*F&%%@! XEB!*%D(?!*BB*JO$@!N!2[E&%%*J@!Dy!@%%@!)D??$G*&B!EA@!(&JO@!)(D)(&$B$\!VY@?B!

?E(!J@!?(*+0)>(!.->2,HL![E@!V*??&DGD(@!@?B!?*A?!GDEB@!A$!'@(?!I=I!DE!)@E!*)(_?\!.%!

@?B! )(DK*K%@! [EY&%! X&B! ?@?! $BEG@?! N! 1DF@HPW! @A! )*(B&@! GE! FD&A?W! @B! [E+&%! R! (@fEB!

JDFF@! BDEB! Q@EA@! *(&?BDJ(*B@! EA! @A?@&`A@F@AB! @??@AB&@%%@F@AB! XDAG$! ?E(! %*!

`(*FF*&(@!@B!%*!(O$BD(&[E@HI\!:A!%E&!@A?@&`A*!$`*%@F@AB!%@?!*(B?!%&K$(*Eb!@B!%@!`(@J!

[E+&%!?@FK%@!A+*'D&(!Q*F*&?!'(*&F@AB!F*eB(&?$!d!DA!*??&?B*&B!G@)E&?![E@%[E@!B@F)?!N!

J@![EYDA!*!*))@%$!]!%+DEK%&!GE!`(@JH<^5!2DA!)_(@W!)($X@B!GE!)($BD&(@W! %E&!DE'(&B! %@!

JO@F&A! G@! %*! )D%&B&[E@W! @B! *%D(?! [EY&%! *'*&B! EA@!'&A`B*&A@! GY*AA$@?! ?@E%@F@ABW! &%!

G@'&AB! ?DA! *??&?B*AB! ;/-*/+>+)42.>\! .%! DKB&AB! %*! [E@?BE(@! G@! ?@)B@FK(@! <MouG$KEB!

<Mh!QE?[EY@A!<HH!DE!<HLW!@B!@A!<HI!%@!B&B(@!ODAD(&X&[E@!G@!/-*.2>!-43+*)4+2.Ho\!.%!

)@(G&B! ?DA! )_(@! N! J@! FDF@ABu%N! @B! )@AG*AB! EA@! G&m*&A@! G+*AA$@?! A+@EB! *EJEA@!

XDAJB&DA!N! %*!JDE(\! .%! XEB! (*))@%$!)*(!3O$DGD(&J!@B!G@'&AB!&)?+.0(4!-<<+/+-42,!@A!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!=!9*`A&!6E(@%&&!V*??&DGD(&W!:)@(*!DFA&*W!E)04->-?+(!3(!&+?*(W!BDFE?!)D?B@(&D(W!]!VDFF@AB*(&EF!G@!D(*B&DA@!^W!5*(&?W!H=IhW!JD%DAA@\!HLLL!"!(0!)3!(-42,!.+,+>+023+*(,!+*!+2.!0(4,+*)*024W!.(3!+*!F-/!3+./(4*2*024W!20!Q2)*34+2.!E)>>).W!1)04-*=,2.!(.0\!p!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HP<MW!@B!*E??&!5\!VDE(J@%%@W!B(.!B(004(.!P4(/G2(.!(*!]//+3(*0W!5*(&?W!#@!SDJJ*(GW!HpIPW!)\!P<M\!HM!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HP<M\!HH!v\!:+#DAA@%%W!I)..+-3-42.W!HphpW!JO*)&B(@!H\!z@A!%&`A@{!OBB)"||X*JE%BR\`@D(`@BDkA\@GE|QDG|J*??u!uKDDj|BDJ\OBF%\!HL!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HP<M\!HP!5\!1&JO$W!#32/)0+-*!(0!/2>024(!3)*.!>M-//+3(*0!A)4A)4(W!5*(&?W!2@E&%W!HpoLW!)\!o<\!HI!5\!1&JO$W!#32/)0+-*W!)\!oL!@B!#\!9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HP<H\!H<!}E+DA!*!*??DJ&$!N!%+&G$@!G@!G$J*G@AJ@W!*%D(?![E+&%!X*EG(*&B!)%EB~B!R!'D&(!EA@!*XX&(F*B&DA!"!%+$F*AuJ&)*B&DA!GE!FDAG@!%*B&A![E&!'*!?@!?$)*(@(!!GE!FDAG@!`(@J!d!J+@?B![E+DA!?+$%D&`A@!GE!/�!?&_J%@!@B![E@!%+DA!'*!'@(?!%@!9DR@A!i`@\!5DE(!BDEB!J@J&W!'D&(!15!9\!9J!CE&(@W!]!BO@!G@J%&A@!DX!!`(@@j!&A!BO@!k@?B!X(DF! J\! H<M! BD! BO@! G@*BO! DX! V*??&DGD(E?!^W!I>)..+/)>! J->+)W! HPW! Hp<pW! ))\! PuL<W! 6\! C*%DAA&@(W!^-_/(W!]12./2>)!$)/4)W!LMMhW!)\!I=W!U\.\!9*((DEW!$)+*0!62?2.0+*!(0! >)! <+*!3(! >)!/2>024(!)*0+G2(W!5*(&?W! Hp<=W! )\! PMW! )\! I<! @B! )\! op=W!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W! JD%\! HPIpuHIM=W! @B! 5\!VDE(J@%%@W!B(.!B(004(.!?4(/G2(.W!HpIPW!)\!PHP!@B!)\!PLM\!Ho!v\!:+#DAA@%%W!I)..+-3-42.W!JO*)&B(@!HW!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HP<MW!@B!6\'*A!G@!/R'@(W!I)..+-3-4(!(0!.-*!:294(W!)\!LI<\!

!

I!!

<LPW!(@F)%*f*ABW!?*A?!$B*B!G+aF@!?@FK%@uBu&%HhW!SD_J@![E&!'@A*&B!GYqB(@!*((qB$!)DE(!

B(*O&?DA!d!3O$DGD(&J!FDE(EB!@A!<Lo!d!V*??&DGD(@!(@?B*!@A!XDAJB&DA!?DE?!%*!($`@AJ@!

G@! ?*! X&%%@W! 6F*%*?DABO@W! )E&?W! N! )*(B&(! G@! <LhW! DA! A@! %@! 'D&B! )%E?! ?E(! %*! ?J_A@!

)D%&B&[E@! d! @%%@! %@! (*))@%%*!@A!<PPW! %@!ADFF*AB!)($X@B!GE!)($BD&(@H=d! &%!)DE(?E&'&B!

?DA!*JB&DA!?DE?!%@?!(D&?!3O$DG*O*G!@B!/&B&`$?W!*)(_?!%+*??*??&A*B!G+6F*%*?DABO@!@A!

*'(&%!<P<Hp\!2DA!*JB&'&B$!%&BB$(*&(@W!GE(*AB!J@BB@!)$(&DG@W!JDA?&?B@!@A!G@?!>)23(.!DE!

)*A$`R(&[E@?!(DR*Eb![E&!%E&!GDAA_(@AB!EA!`(*AG!)(@?B&`@W!EA@!IF4-*+G2(!$J(&B@!@A!

<HpW! @B! G@?B&A$@! N! 0EBO*(&JW! %YO$(&B&@(! )($?DF)B&X! G@! %*! JDE(DAA@W! FD(B!

)($F*BE(@F@AB! ;&%! ?+*`&B! G+EA@! ?E&B@! G@! JO(DA&[E@?! @B! G@! %&?B@?! JDA?E%*&(@?LM! [E&!

J$%$K(*&@AB! %@?!CDBO?>W! @B! >CO+.0-+4(! 3(.!P-0F.LHW! cE'(@! [E&! 'DE%*&B! GDAA@(! N! %*!

GRA*?B&@!6F*%@!EA!)*??$!`%D(&@EbLL\!7*!`E@((@!F@A$@!)*(!vE?B&A&@A!)DE(!(@?B*E(@(!

%Y@F)&(@! 1DF*&A! %@!F@E(B(&BLP\! .%! )@A?*! [E@! %*! )*&b! )DE'*&B! qB(@! DKB@AE@! )*(! %*!

A$`DJ&*B&DAW! F*&?! S$%&?*&(@W! %@! `$A$(*%! KRm*AB&AW! JDAB&AE*! %*! `E@((@! @B! @AB(*! N!

1*'@AA@! @A! <IM\! V*??&DGD(@! [E&! *'*&B! [E&BB$! ?*! JO*(`@! X&A! <Phu! G$KEB! <P=W! R!

($?&G*&BLI! d! &%!*'*&B!`*(G$!GY@bJ@%%@AB@?! (@%*B&DA?!*'@J! %*!JDE(L<! @B! (@fE! %@! B&B(@!G@!

E)04+/+2.5!VY@?B!N!J@!FDF@ABu%N![EY&%!)EK%&*! %YcE'(@! %*!)%E?! &F)D(B*AB@!G@!J@BB@!

)$(&DG@W! %@?! GDEm@! 'D%EF@?! G@?!`)4+)(W! %@BB(@?! ;(1+.02>)(! @?B! ?DE?u@AB@AGE>! [E&!

(@)($?@AB@AB!%*!JD%%@JB&DA!G@?!*((qB$?!@B!$J(&B?!DXX&J&@%?!($G&`$?!G*A?!EA!?BR%@!*G*)B$!

*Eb!G&XX$(@AB?!G@?B&A*B*&(@?W!J@![E&!@b)%&[E@!?DA!B&B(@W!@B![E&!XE(@AB!)EK%&$@?!@A!<P=!

DE!)@E!*)(_?W!)DE(!?@('&(!G@!FDG_%@?!N!?@?!?EJJ@??@E(?Lo!d!DA!*!)E!'D&(!*E??&W!G*A?!

J@BB@! )EK%&J*B&DA! EA@! *)D%D`&@! G@! %*! KE(@*EJ(*B&@! %*B&A@! F&?@! *E! ?@('&J@! G@! %*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Hh! 2\3\!SDA&ADW! ]!5O&%D?D)O@(! X*J@! *Eb! K*(K*(@?!^W!^2>>(0+*! 3(! B+00;4)024(!Q//>;.+).0+G2(W! HMLuI!;LMMH>!"!)\!PM<!"!]!7@?!`)4+)(!A@!)*(%@AB!)*?!G@!J@B!$)&?DG@!^\!V*))ERA?!W!'OPQW!I)..+-3-4(W!JD%\!HPoh>!ADE?!)($'&@AB! "! ]!&%!A@! %&'(@(*![E@! %@?! *JB@?![E+&%! *!)E! (@B(DE'@(W! @AB@AGDA?![E+&%! *!A$`%&`$!J@Eb![E&!)DE((*&@AB!%@!X*&(@!*))*(*eB(@!?DE?!EA!QDE(!G$X*'D(*K%@!^\!V+@?B!)@EBuqB(@!%@!(@FD(G![E&!%E&!*!X*&B!J$%$K(@(!2RFF*[E@!@B!SD_J@!G*A?!>M]43-!?(*(4+.\!;#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HIMI>\!H=!Z\!S(EAOw%m%W!O+.0-+4(!3(!>)!>+00;4)024(W!)\!P<!@B!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HP<P\!Hp!v\l\!U*%)D(AW!]!9*`A&!6E(@%&&!V*??&DGD(&!2@A*BD(&W!7&K@(!#@!6A&F*!^!"!.AB(DGEJB&DA!*AG!J(&B&J*%!B@bBW!ZD(GO*F!EA&'@(?&BRW!L4)3+0+-W!Ho!;HpoM>!"!PpuHMp!;IM>\!LM!Z\!S(EAOw%m%W!O+.0-+4(!3(!>)!>+00;4)024(W!))\!PouPh\!LH!#DAB!ADE?!*'DA?!G@!%*(`@?!)*??*`@?!JDA?@('$?!)*(!vD(G*A_?!G*A?!?*!C@B&J*!;Z\!S(EAOw%m%W!O+.a0-+4(!3(!>)!>+00;4)024(W!)\!Ph!@B!ADB@!LW!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HPo<uooW!@B!6!'*A!G@!/R'@(W!I)..+-3-4(!(0!.-*!:294(W!))\!L<hu<=>\!LL!3(*'*&%!O&?BD(&D`(*)O&[E@!JDF)D?$!N!%*!G@F*AG@!GE!?DE'@(*&A\!]!5(@F&_(@!O&?BD&(@!G+EA!)@E)%@!*E!9DR@A!i`@!^W!!ADE?!G&B!Z\!S(EAOw%m%W!O+.0-+4(!3(!>)!B+00;4)024(W!)\!P=\!LP!V*??&DGD(@W!'(!)*+,)W!:(*B&D"!;!'+)A->2.b!+*9+3+0W!14-!3->-4W!0),!,)?*+.!1-12>+.\!LI!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HP<I!@B!v\!:+#DAA@%%W!I)..+-3-42.W!JO*)&B(@!I\!L<!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HP<I!@B!v\!:+#DAA@%%W!I)..+-3-42.W!JO*)&B(@!I\!Lo!Z\!S(EAOw%m%W!O+.0-+4(!3(!>)!>+00;4)024(W!)\!Pp\!!

!

!

<!!

GRA*?B&@!*F*%@!@B!EA@!J(&B&[E@!G@!%*!)D%&B&[E@!G@!vE?B&A&@ALh\!.%!$J(&'&B!*E??&!%+]43-!

?(*(4+.W!%+O&?BD&(@!G@!?*!X*F&%%@W![E&!*!)@(F&?!G+*EBO@AB&X&@(!%@?!$J(&B?!BO$D%D`&[E@?!

G@!SD_J@L=\!

!!!:A!ADB@!N! J@!FDF@ABu%NLpW! JO@m!V*??&DGD(@W!EA!)(DXDAG!JO*A`@F@AB! &AB$(&@E(\!

VY$B*&B!EA!JO($B&@A!J*BOD%&[E@!d!&%!*'*&B!)(DQ@B$!@A!<P<!*'@J!%@!)*)@!6`*)@B!H@(!G@!

XDAG@(W!N!1DF@W!?E(!%@!FDG_%@!G@!%Y&A?B&BEB!BO$D%D`&[E@!G@!-&?&K@!@B!G@!%Y$JD%@!G@!

J*B$JO_?@!GY6%@b*AG(&@W!EA@!$JD%@!G@!BO$D%D`&@W!)(DQ@B![E&!A@!)EB!*KDEB&(!N!J*E?@!

G@!%*!`E@((@!@B!G@!%*!FD(B!GE!)*)@PMd! &%!FDAB(@!*%D(?!EA!&AB$(qB!J(D&??*AB!)DE(!%@?!

JOD?@?! (@%&`&@E?@?! @B! N! )*(B&(! G@! ?*! JO*(`@! G@! )($X@B! GE! )($BD&(@PHW! DA! %@! 'D&B! ?@!

)@AJO@(!?E(!%*!>(/0+-!3+9+*)PLW!?+&AB$(@??@(!*Eb!)(DK%_F@?!G@!%+4`%&?@W!)*(?@F@(!?@?!

$J(&B?!G@!($X%$b&DA?!)&@E?@?PP!d!DA!@AB(@!G*A?!%*!)$(&DG@!G@!?*!'&@![EY&%!*!*))@%$!?*!

/-*9(4.+-PI5!.%!$J(&'&B!*E??&B~B!*)(_?!%@?!`)4+)(W!%@!'(!)*+,)W!B(*&B$!?E(!%+aF@!@B!?E(!

?@?! '@(BE?W! [E&! @A! JDA?B&BE@! %@! B(@&m&_F@! %&'(@W! @B! [E&! ?DE%&`A@! ?*! JDA'@(?&DA!

&AB$(&@E(@!@B!?DA!ADE'@*E!J@AB(@!G+&AB$(qBP<\!!

!!!-DE?! (@B(DE'DA?! V*??&DGD(@! @A! <<M! N! VDA?B*AB&AD)%@W! *'@J! GY*EB(@?! ($XE`&$?!

&B*%&@A?\! .%! X*&B! )*(B&@! GE! J@(J%@! [E&! @ABDE(@! %@! )*)@! /&`&%@\! VY@?B! N! %E&! [E@!

V*??&DGD(@! JDA?*J(*! ?DA! Qc1-.+0+-! 1.)>,-42,W! ?DA! $J(&B! %@! )%E?! *F)%@W! G*A?!

%@[E@%! &%! ?E&B! %@?! Q*)44)0+-*(.! +*! 1.)>,-.! GY6E`E?B&A! F*&?! G@! F*A&_(@!

&AG$)@AG*AB@!@B!@A!R!FDAB(*AB!EA@!'*?B@!$(EG&B&DAPo\!.%!*'*&B!JDFF@AJ$!J@!B(*'*&%!

N!1*'@AA@W!%@!JDAB&AE*!@A!`(*AG@!)*(B&@!N!VDA?B*AB&AD)%@W!@B! %@!(@)(&B!)%E?!B*(G!N!

/&'*(&EF!d!J+@?B!EA!B(*'*&%!GY@b$`_?@![E&!?@!B@(F&A@!)*(!EA@!)(&_(@W!JDFF@!%@!'(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Lh!/D&(!9\!2\!SQD(A%&@W!E->+0+/.!)*3!L4)3+0+-*!A(0d((*!"-,(W!")9(**)!)*3!I-*.0)*0+*-1>(W!LMHP\!!\!!!!!!!!!!!!!!!!!!1@J@A?$!)*(!2JDBB\C\!S(EJ@W!V%*??&J*%!1@'&@k!LMHP\HL\IP!!!

L=!Z\!S(EAOw%m%W!O+.0-+4(!3(!>)!>+00;4)024(W!)\!IM\!5DE(!EA!($@b*F@A!G@!%+O&?BD&(@!G@!%+]43-!?(*(4+.W!'D&(!6\!C*%DAA&@(W!]!6A@JGDBDA!UD%G@(&!DE!:(GD!C@A@(&?!V*??&DGD(D(EF!^W!6*0+G2+0;!L)43+9(W!IW!;Hppo>!"!))\!LppuPHL\!Lp!#\9\!V*))ERA?W!'OPQK!I)..+-3-4(W!JD%\!HP<<W!?&BE@!J@!JO*A`@F@AB!N!)*(B&(!G@!?*!)($X@JBE(@\!PM!V*??&DGD(@W! H*.0+020+-*(.W! ;V57MpMo>W! )(*@XW! )*(\! HW! )\! PW! %\! h! "!G2-*+),!*-*!F)A(0! >-/2,! 4(.!0(,1-4+A2.!+*G2+(0+.\!PH! #\9\! V*))ERA?W!'OPQW!I)..+-3-4(W! JD%\! HP<<W! G*B@! EA! )(DXDAG! JO*A`@F@AB! N! )*(B&(! G@! J@!FDF@ABu%N! ;<PP>W! F*&?! &%! @?B! G&XX&J&%@! G@! K&@A! J@(A@(! EA@! $'D%EB&DA! (@%&`&@E?@! [E&! *! )E! qB(@!)(D`(@??&'@!@B!)@EB!(@FDAB@(!K@*EJDE)!)%E?!O*EB\!/D&(!v\!:+#DAA@%%W!I)..+-3-42.W!JO*)\!I\!PL!V*??&DGD(@W!`)4+)(W!;V75!Mp=o>W!%&K\!oW!@)&?B\!L<W!%\!hL!"!F-.!+?+024!,-4(.!>(/0+-!3+2+*)!.->+3)2+0\!PP!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HP<<\!5DE(!EA!(@J@A?@F@AB!J(&B&[E@!G@!J@?!GDAA$@?W!'D&(!v\!:+#DAA@%%W!I)..+-3-42.W!JO*)\I\!PI!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\HP<<\!

!!!!!!!!!!!!P<!Z\!S(EAOw%m%W!O+.0-+4(!3(!>)!>+00;4)024(W!)\!PH\!!!!!!!!!!!!!Po!6\!'*A!G@!/R'@(W!I)..+-3-4(!(0!.-*!:294(W!)\!L<IW!@B!Z\!S(EAOw%m%W!O+.0-+4(!3(!>)!>+00;4)024(W!)\!IP\!

!

o!!

)*+,)\!.%!?@!(@B&(*!G*A?!?@?!B@((@?!'@(?!<<I!@B!R!XDAG*!EA!FDA*?B_(@Ph!;,-*(.0)4+2,!

`+9)4+(*.(!DE!I).0(>>(*.(>!GDAB!%@!ADF!/&'*(&EF!'&@AB!G@?!ADFK(@Eb!'&'&@(?![E+&%!

R! *F$A*`@*! G*A?! %@?! (DJO@(?W! @B! G@! %+@(F&B*`@W! %@!9DAB! V*?B@%%EFW! G@?B&A$! *Eb!

FD&A@?!G$?&(@Eb!G@!?Y&?D%@(P=\!V@?!G@Eb!FDA*?B_(@?!)@(F@BB*&@AB!N!/&'*(&EF!G+qB(@!

N!%*!XD&?!EA@!$JD%@!G+*?J_?@!@B!EA!J@AB(@!G+$BEG@?!(@%&`&@E?@?Pp\!7@!FDA*?B_(@!$B*&B!

EA! %&@E!G@!)(&_(@!@B!G+$BEG@?! ;F$FD(&?*B&DA!GE!)?*EB&@(W! %@JBE(@!G@! B@bB@?! ?*J($?W!

GYDE'(*`@?!GY@b$`_?@!@B!G@?!5_(@?!G@!%Y$`%&?@>\!7@!B(*'*&%!F*AE@%!JDA?&?B*&BW!)DE(!

%@?!FD&A@?!)@E!&A?B(E&B?!@B!)@E!*)B@?!N!*))(@AG(@W!N!Q*(G&A@(!@B!N!JE%B&'@(W!F*&?!)DE(!

%@!)%E?!`(*AG!ADFK(@!&%!JDA?&?B*&BW!G*A?!%@!./4+10-4+2,W!N!JD((&`@(!%@?!F*AE?J(&B?W!N!

JD)&@(!%@?!B@bB@?!?*A?!X*EB@!@B!N!%@?!)DAJBE@(IMd!V*??&DGD(@!@A!*'*&B!X*&B!EA!G@'D&(!

FDA*J*%IH\! .%! *'*&B!)DE(!J@%*! $J(&B!EA! B@bB@W! %@!'(!?4),,)0+/)IL! @B! $J(&(*! @AJD(@!

)DE(!?@?!FD&A@?W!N![E*B(@u'&A`BuGDEm@!*A?W!%@!'(!-40F-?4)1F+)IP\!.%!A@!XEB!A&!*KK$W!

A&! FD&A@IIW! F*&?! EA! D(`*A&?*B@E(\! .%! AY@EB! )*?! EA@! (_`%@! JDFF@! S@ADeBI<W! ?DA!

JDAB@F)D(*&AW!F*&?! EA! )(D`(*FF@! GY$BEG@?! [E@! ADE?! GDAA@AB! %@?! H*.0+020+-*(.W!

?DA! %&'(@! %@! )%E?! J$%_K(@! [EYDA! G*B@! @AB(@! <<H! @B! <oL\! .%! %Y*! ($'&?$! N! )%E?&@E(?!

(@)(&?@?!@B!B(_?!B~B!G&'&?$!@A!G@Eb!)*(B&@?W!%*!?J&@AJ@!?*J($@!@B!%@?!?J&@AJ@?!)(DX*A@?\!

.%! *'*&B! BDEQDE(?! $B$! JDA'*&AJE! G@! %*! A$J@??&B$! G+EA! @A?@&`A@F@AB! (@%&`&@Eb! d!

)(DX&B*AB!G@!?DA!?$QDE(!N!VDA?B*AB&AD)%@W!&%!?+$B*&B!?*A?!GDEB@!(@A?@&`A$!?E(!%+&A?B&BEB!

BO$D%D`&[E@! G@! -&?&K@W! @B! J+@?B! %@! )(DQ@B! G+EA&'@(?&B$! JO($B&@AA@! [E+&%! A+*'*&B! )E!

F@A@(! N! K&@A! *'@J! %@! )*)@! 6`*)@BIo! [E@! V*??&DGD(@! B@AB*! G@! ($*%&?@(! G*A?! ?DA!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Ph!2E(!%*!XD(F*B&DA!G@!/&'*(&EFW!'D&(!%@?!OR)DBO_?@?!G@!v\!:+#DAA@%%W!I)..+-3-42.W!JO*)\o\!P=!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\HP<=\!!Pp!5\!1&JO$W!#32/)0+-*W!))\!LMIuLM<\!!IM!5\!1&JO$W!#32/)0+-*W!))\!LMhuLM=\!IH!V*??&DGD(@W!H*.0+020+-*(.!;V75MpMo>W!%&K\HW!JO*)\PMW!)*(*\HW!)\h<W!%\P!e!(?-!0),(*!<)0(-4!2-02,!,(2,W!G2-3!+*0(4!2-.!G2)(/2,G2(!1-..2*0!/-41-4(-!>)A-4(!/-,1>(4+W!)*0+G2)4+-42,!,+F+!.023+)!;.+! 0),(*! 2(4)/+0(4! ./4+A)*0>! *-*! +,,(4+0-! <-4.+0)*! 1>2.! 1>)/(4(! ;J@)@AG*AB!FDA! ?DEO*&BW! Q@! %@!(@JDAA*&?W!J+@?B![E@!)*(F&!BDEB!J@![E@!'DE?!)DE'@m!*JJDF)%&(!)*(!EA!B(*'*&%!F*AE@%W!J@![E&!)@EBuqB(@!QE?B@F@AB!F@!)%*eB!%@!)%E?W!J+@?B!%@!B(*'*&%!G@?!?J(&K@?!;?&!GE!FD&A?!&%?!$J(&'@AB!JD((@JB@F@AB>\!3(*G\!5@(?DAA@%%@\!IL!1@JE@&%!@B!JDFF@AB*&(@?!GE!'(!$/F(,)0+A2.!G@!2*J@(GD?!@B!G@!>M64.!,)f-4!@B!,+*-4!G@!#DA*BW!*E[E@%!$B*&B!QD&AB!EA!'(!(0=,->-?+)\!IP!V*??&DGD(@W!H*.0+020+-*(.!;V57!MpMo>!)(*@X\W!)*(\!IW!)*`\!pHW!%&A@*!P!"!3(!)40(!?4),,)0+/)W!G2)(!(.0!2+3(>+/(0!-4+?-!(0!<2*3),(*02,!>+A(4)>+2,!>+00(4)42,\!V*??&DGD(@!$B*&B!EA!]!)O&%D%D`E@!A$!^!;Z\!S(EAw%m%W!O+.0-+4(! 3(! >)! >+00;4)024(W! )\! IP>\! 7*! `(*FF*&(@! $B*&B! *E! XDAG@F@AB! G@! %*! JE%BE(@! @B!)@(F@BB*&B!G@!G$JO&XX(@(!F*&?!*E??&!G@!JDF)(@AG(@!%@?!B@bB@?!;v\!7@J%@(J[W!BM6,-24!3(.!B(004(.!(0!>(!3;.+4!3(!'+(2W!V@(XW!LMM=W!)\!LI>\!II!]!.%!A@!?@!JDF)B@!)D&AB!)*(F&!@Eb!^!;6!'*A!G@!/R'@(W!I)..+-3-4(!(0!.-*!:294(W!)\!LoP>\!]!.%!A@!)@A?@!)*?!@A!FD&A@W!&%!A+@A!*!Q*F*&?!@E!%*!'DJ*B&DA!@B!J@BB@!@b)$(&@AJ@!%E&!F*A[E@!^!;v\!7@J%@(J[W!BM6,-24!3(.!B(004(.W!)\!L<>\!I<!7*!"(?2>)!&)?+.04+!A+*!)*?!$B$!JDF)D?$@!)*(!V*??&DGD(@!;VX\!v\!:+#DAA@%%W!I)..+-3-42.W!JO*)\!o!@B!Z\!S(EAOw%m%W!O+.0-+4(!3(!>)!>+00;4)024(W!)\!IPW!ADB@!o\!Io!5\!1&JO$W!#32/)0+-*W!)\!Hh<W!ADB@!LHh\!

!

h!!

FDA*?B_(@\!9*&?! &%! 'DE%*&B! *E??&! J($@(! EA@! $JD%@! FDA*?B&[E@! @BW! )*(! %+$BEG@! G@?!

$J(&B?!)(DX*A@?W!XDE(A&(!N!?@?!FD&A@?!%@?!&A?B(EF@AB?!A$J@??*&(@?!)DE(!*))(DXDAG&(!

%+&AB@%%&`@AJ@! G@! %+4J(&BE(@Ih\! B(.! H*.0+020+-*(.W! G*A?! ?@?! &AG&J*B&DA?!

K&K%&D`(*)O&[E@?! ADE?! XDAB! )$A$B(@(! G*A?! %*! K&K%DBO_[E@! G@!/&'*(&EFI=! [E&! $B*&B!

(&JO@F@AB!)DE('E@!G@!F*AE?J(&B?!'@AE?!G+.B*%&@!@B!G+6X(&[E@\!7@!FDA*?B_(@!A+$B*&B!

)*?! JDE)$! GE! FDAG@Ipd! &%! (@J@'*&B! G@?! )*E'(@?W! G@?! )$%@(&A?! @B! G@?! O~B@?<M\!

V*??&DGD(@! ?+@ABDE(*! *&A?&! G@! B(*GEJB@E(?W! JDFF@! 9EB&@AW! S@%%*BD(W! 4)&)O*A@<H!

)DE(!F@A@(!N!K&@A!%+EA!G@?!*?)@JB?!%@?!)%E?!&AB$(@??*AB?!G@!?DA!)(DQ@BW!%*!B(*GEJB&DA!

G+D@E'(@?!`(@J[E@?<L![E&!DAB!)E!qB(@!B(*A?F&?@?!*E!9DR@A!i`@\!.%!($EA&B!%@!B@bB@!G@!

%+4J(&BE(@! @A! A@EX! `(DE)@?! G+$J(&B?! [E@! %+DA! )@EBW! ?@FK%@uBu&%W! %&(@! G*A?! %@!I-3(c!

6,+)0+*2.W!EA!F*AE?J(&B!G@!%*!/E%`*B@<P\!.%!($G&`@*!@AX&A![E@%[E@?!JDFF@AB*&(@?!

?E(! %@! -DE'@*E! 3@?B*F@AB! @B! $J(&'&B! %+O+.0-4+)! 04+1)40+0)W! EA@! O&?BD&(@!

@JJ%$?&*?B&[E@! G@! '*%@E(!F$G&DJ(@!F*&?! [E&! JDAAEB! EA! J@(B*&A! ?EJJ_?! N! )*(B&(! G@!

%+$)D[E@!J*(D%&A`&@AA@<I\!!

!!!V*??&DGD(@!?+@?B!$B@&AB!*E!)%E?!B~B!@A!<=M<<\!7@!FDA*?B_(@!A+*!`E_(@!?E('$JE!N!?DA!

XDAG*B@E(!@B!?*!(&JO@!JD%%@JB&DA!G@!%&'(@?!A@!?@(*!)*?!@b)%D&B$@!F*&?!G&?)@(?$@W!?@!

(@B(DE'*AB! @A! `(*AG@! )*(B&@! G*A?! %*! K&K%&DBO_[E@! GE! 7*B(*A! d! %@?! )*)@?! @A!

)@(F@BB(DAB! %*! JD)&@! @B! %*! G&XXE?&DA<o\! V*??&DGD(@! A+@EB! )*?! G@! ADBD(&$B$! G*A?!

%+&FF$G&*B!@B! %@! ?D(B!G@!?DA!cE'(@! %E&!*!$JO*))$! d!C($`D&(@! %@!C(*AG! &`AD(@!?DA!

ADF! @B! %@! )(@F&@(! N! %@! J&B@(! @?B! S_G@! %@! /$A$(*K%@W! F*&?! EA@! B(*G&B&DA! %DJ*%@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Ih!V*??&DGD(@W!H*.0+020+-*(.W!;V75!MpMo>!%&K\HW!JO*)\!PhW!)*(*\!HW!)\!o=W!%\HP!"!(.0!(*+,!4(42,!+.0)a42,!14-/2>! 32A+-W! .+/20! (0!E)04+A2.! *-.04+.! 2+.2,!(.0W!20+>+.! (0! *-*! 4(<2?+(*3)! /-?*+0+-W!G2)*3-!(),! +*! >+00(4+.! .)/4+.! 0)*G2),! +*! -4+?+*(! ?(*(4)>+.! 1(4<(/0)(G2(! .)1+(*0+)(! 2A+G2(! 4(1(4+! (..(!3+<<2.),!;%*!JDAA*&??*AJ@!G@!J@?!F*B&_(@?!@?BW!JDFF@!%@!(@F*([E@AB!AD?!5_(@?W!?*A?!*EJEA!GDEB@!EB&%@!@B!A@!GD&B!)*?!qB(@! (@Q@B$@!)E&?[E+DA! %*! (@B(DE'@!($)*AGE@!G*A?! %@?! %@BB(@?!?*J($@?!*E??&!K&@A![E+N! %+D(&`&A@! G@! %*! ?*`@??@! EA&'@(?@%%@! @B! )*(X*&B@>\! 3(*G\! )@(?DAA@%%@\! ]!&%! *'*&B! ?@AB&! %@! G*A`@(!G+EA@!JE%BE(@!J%$(&J*%@!$B(D&B@!^W!*QDEB@!5\!VDE(J@%%@W!B(.!B(004(.!P4(/G2(.W!)\!PHo\!I=!2E(!%*!K&K%&DBO_[E@!G@!/&'*(&EFW!JX\!5\!VDE(J@%%@W!B(.!B(004(.!P4(/G2(.W!))\!PHPu==\!Ip! v\S\! S*(A&?OW! ]!3O@! kD(j! DX! V*??&DGD(E?! *XB@(! O&?! JDA'@(?&DA!^W! B)0-,2.W! I=! ;Hp=p>! "! H<hu=h\;H<=>\!<M!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HPoM\!<H!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HPoM\!!<L!6\!'*A!G@!/R'@(W!I)..+-3-4(!(0!.-*!:294(W!))\!LoIuoo!@B!Z\!S(EAOw%m%W!O+.0-+4(!3(!>)!>+00;4)024(W!)\!Ih\!<P!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HPoP\!<I!!Z\!S(EAOw%m%W!O+.0-+4(!3(!>)!>+00;4)024(W!)\!I=\!<<!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\HPoP\!<o!Z\!S(EAOw%m%W!O+.0-+4(!3(!>)!>+00;4)024(W!)\!I=\!

!

=!!

JE%B&'@(*! ?DA! ?DE'@A&(W! JDFF@! %+&AG&[E@! %*! BD)DARF&@! G@! %*! ($`&DA<hW! @B! EA@!

B(*G&B&DA! O*`&D`(*)O&[E@! X@(*! G@! %E&! EA! F*(BR(<=\! .%! A@! XEB! A&! )O&%D?D)O@! A&!

BO$D%D`&@A! JDFF@! SD_J@!d! ?DA!FDA*?B_(@! A+@EB! )*?! %*! )D?B$(&B$! G@?!FDA*?B_(@?!

K$A$G&JB&A?!F*&?!?DA!*JB&'&B$!*E!?@('&J@!G@!?@?!FD&A@?! X&B!G@!J@!`(*AG!$GEJ*B@E(!

FDA*?B&[E@!%+EA!G@?!XDAG*B@E(?!GE!9DR@A!i`@\!

!

2&!/0+Q'#)*0+<p!,'!>&))*0,0#'!

!!!6R*AB! B@(F&A$! ?DA!)*(JDE(?!)D%&B&[E@!G*A?!G@?!JDAG&B&DA?![E&!ADE?!$JO*))@ABW!

V*??&DGD(@! X&B! J@! [E+&%! *! *))@%$! ?*! /-*2(4.+-! d! &%! X*EB! @AB@AG(@! )*(! %N! EA!

JO*A`@F@AB! G@! '&@W! EA@! (E)BE(@W! J@! [E@W! )*(! @b@F)%@W! %*! JDA'@(?&DA! G@! ?*&AB!

6E`E?B&A!G*A?!%@!)@B&B!Q*(G&A!G@!9&%*A!)@EB!ADE?!$'D[E@(oM\!I-*2(4.+-!@?B!EA!FDB!

G+*))($O@A?&DA! G$%&J*B@5! :A! B(DE'@! G*A?! %*! 1_`%@! G@! ?*&AB! S@ADeB! %*! XD(FE%@!

/-*2(4.)0+-! ,-42,oH! GDAB! %+&AB@()($B*B&DA! G@'*&B! qB(@! G&XX&J&%@! )E&?[E+@%%@! *! $B$!

(@F)%*J$@!)*(!%+@b)(@??&DA!/-*2(4.+-!,-42,![E&!)*(*&??*&B!)%E?!J%*&(@!*Eb!FD&A@?!

JD)&?B@?oL\!}E@%%@![E@!?D&B!%*!XD(FE%@W![E+@A!@?Bu&%!GE!?@A?!@b*JB!�!JO*A`@F@AB!G@!

'&@! �! FDG@! G@! '&@! �! 7+$BRFD%D`&@! )@(F@B! G+*'D&(! [E@%[E@?! &AG&J*B&DA?\!

I-*2(4.)0+-!'&@AB!G@!/-*2(4.)4+! ;?@A?!GE(*B&XW!G@F@E(@(>! d! &%!G$?&`A@!%*!JDAGE&B@!

G@!'&@!@BW!G*A?!%@!%*A`*`@!FDA*?B&[E@W!%*!'&@!*?J$B&[E@!d!F*&?!&%!)@EB!G$(&'@(!*E??&!

G@! /-*2(4.)4(! ;?@A?! &AJOD*B&XW! JO*A`@F@ABW! *%B@(A*AJ@>! G$?&`A*AB! %+@AB($@! @A!

(@%&`&DAW! @B! GDAA*AB! *%D(?! %+&F)(@??&DA! [E+&%! ?@! JDAXDAG! *'@J! /-*2(4.+-oP\! 2&!

/-*2(4.)0+-!G$?&`A@!EA!JO*A`@F@AB!G@!'&@W!%*!/-*2(4.)0+-!GE!FD&A@!?E))D?@!EA@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!<h!!#*A?!%*!($`&DA!G@!2[E&%%*J@W!%@?!(E&A@?!G@!2*AB*!9*(&*!G@!/@B@(@!?DAB!*))@%$@?!)*(!%@?!)*R?*A?W!$`%&?@!DE!BDFK@*E!G@!V*??&DGD(@W!@B!&%!@b&?B@!EA@!?DE(J@!ADFF$@!<-*0)*)!3+!I)..+-3-4-\!/D&(!5\!VDE(J@%%@W!&;>)*?(.!3M64/F;->-?+(!(0!3MO+.0-+4(W!<<!;HpP=>!"!))\!L<puPMh\!<=!U\!#@%@O*R@W!]!2*&AB!V*??&DGD(@!^W!G*A?!9$%*A`@?!5*E%!Z*K(@W!#023(.!3MO+.0-+4(!32!&-=(*!N?(W!5*(&?W!5&J*(GW!HpMLW!)\!IM\!<p!v\v\!:+#DAA@%%W!I)..+-3-42.W!JO*)&B(@!IW!Z\!S(EOw%m%W!O+.0-+4(!3(!>)!>+00;4)024(W!))\!P<!@B!IHW!@B!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HP<<u<h\!oM!/D&(!S\!S*jODEJO@W! ]!7*! JDA'@(?&DA! G@! ?*&AB!6E`E?B&A! "!FDG_%@! )*(*G&`F*B&[E@! DE! @b@F)%@!*BR)&[E@! �!^W!I)F+(4.! 3C;023(.! 32! 4(>+?+(2c\!"(/F(4/F(.! +*0(43+./+1>+*)+4(.W! oW! LMMp! z0A! %&`A@{!OBB)"||J@((&\(@'E@?\D(`|<LM\!oH! S@ADeB! G@! -E(?&@W! "(?2>)! ;V57! H=<L>! J*)\! <=W! '@(?E?\! HhW! %&A@*! H! "! .2./+1+(*32.! )20(,! +*!-4)0-4+-! /-4),! -,*+A2.! 14-,+00)0! 3(! .0)A+>+0)0(! .2)! (0! /-*2(4.)0+-*(! ,-42,! .2-42,! (0!-A-(3+(*0+)!;@B!G@'*AB!qB(@!(@fE!G*A?!%+D(*BD&(@![E+&%!)(DF@BB@!G@'*AB!BDE?W!G@!(@?B@(!?B*K%@W!G@!'&'(@!@A!FD&A@W!@B!G+DK$&(>\!3(*G\!)@(?DAA@%%@\!/D&(!v\!:+#DAA@%%W!I)..+-3-42.W!JO*)&B(@\!IW!ADB@!p\!oL! 5\! C*%B&@(W! ]!5$A&B@AB?! @B! VDA'@(B&?!^W! "(92(! 3MO+.0-+4(! Q//>;.+).0+G2(W! 3\! ggg...W! 7DE'*&AW!HpPhW!))\!<uLoW!;HpW!ADB@!I>\!oP!V\!9D(O(F*AAW!#023(.!.24!>(!B)0+*!3(.!IF4;0+(*.W!1DF@W!HpoHW!))\!PIHuPI<\!

!

p!!

/-*2(4.+-oI5! 5*(! ?*! /-*2(4.+-W! V*??&DGD(@! G$?&(*&B! (@ADAJ@(! *E! FDAG@! @B! ?@('&(!

#&@E!;.(422.!3(+!@?B!EA@!@b)(@??&DA![E+&%!EB&%&?@!G$?D(F*&?o<!@B!(c+?22.!.(422.!'(+!

+),!'-,+*-!14)(.0)*0(! /-*2(4.2.!@?B! %@! B&B(@! G@?! ?DE?J(&)B&DA?! G@! ?@?! G@(A&_(@?!

cE'(@?>oo\! V+@?B! EA@! *BB&BEG@! [E&! $B*&B! %D&A! G+qB(@! D(&`&A*%@! d! @%%@! $B*&B! EA@!

JDA?$[E@AJ@! G@?! G&?JE??&DA?! [E&! )D(B*&@AB! ?E(! %*! )(*B&[E@! )$A&B@AB&@%%@! @B! [E&!

X*&?*&B! )%*J@W! N! J~B$! G@! %*! )$A&B@AJ@! )EK%&[E@W! G@! %*! )D??&K&%&B$! G+EA@! )$A&B@AJ@!

?@F&u)EK%&[E@! DE! )(&'$@\! C@AA*G@! G@! 9*(?@&%%@! *'*&B! *))@%$! ]!?*B&?X*JB&DA!

?@J(_B@!^!G*A?! ?@?! '-?,)0)! (//>(.+).0+/)W! EA@! ($F&??&DA! GE! )$JO$! )*(! EA@!

JDAGE&B@! G@! '&@! G&XX$(@AB@W! ?*A?! @A`*`@F@AB! @A'@(?! #&@E! A&! $%D&`A@F@AB! GE!

?&_J%@oh\! 6((&'$! *E! B@(F@! G+EA@! '&@! )EK%&[E@! GDAB! &%! *'*&B! )E! F@?E(@(! %@?!

'&J&??&BEG@?W!V*??&DGD(@!?@!BDE(A*&B!'@(?!#&@E!@B!&%!$J(&'&B!@AB(@!<Ph!@B!<IM!%@!'(!

)*+,)5!:A!*!?DE%&`A$!%Y$J%*&(*`@!)D%&B&[E@![E@!)DE'*&B!?E``$(@(!J@BB@!G$F*(JO@W!@B!

?DA!%&@A!$B(D&B!*'@J!%*!G$J&?&DA!G@!)EK%&@(!@A?@FK%@!%@?!`)4+)(!@B!%@!'(!)*+,)!;%@?!

`)4+)(! *))*(*&??*AB!JDFF@!EA!@b@(J&J@!GY*EBDQE?B&X&J*B&DA!)D%&B&[E@W!@B! %@?!G@Eb!

B@bB@?!?YD))D?*AB!@B!?@!JDF)%$B*AB!G*A?!EA@! %D`&[E@!)$A&B@AB&@%%@!@b)%&J&B@o=>\!7@!

'(! )*+,)! @?B! %@! )(@F&@(! $J(&B! (@%&`&@Eb! G@! V*??&DGD(@opd! &%! R! FDAB(@! EA@!

*EBO@AB&[E@!X*F&%&*(&B$!*'@J!%+4J(&BE(@!2*&AB@hM\!,A!J@(B*&A!ADFK(@!G+$%$F@AB?!'DAB!

JDAX&(F@(! J@BB@! ADE'@%%@! *BB&BEG@\!V*??&DGD(@! ?@!F&B! B(_?! '&B@! N! %+$J(&BE(@! G@! ?DA!

Qc1-.+0+-! E.)>,-42,5!s! VDA?B*AB&AD)%@W! Dy! &%! )DE(?E&'(*! J@B! $J(&BW! &%! &AB@('&AB!

)DE(! @??*R@(! G@! ($JDAJ&%&@(! %@! G&*J(@! 1E?B&JE?W! G*A?! %*! G&?)EB@! G@?! 3(D&?!

VO*)&B(@?hHW! *'@J! ?DA! DAJ%@W! %@! )*)@! /&`&%@hLd! J@%E&uJ&W! G*A?! EA@! %@BB(@W! [E*%&X&@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!oI!v\!7@J%@(J[W!BM6,-24!3(.!B(004(.W!)\!L<\!o<!!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HP<o\!oo!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HPoP\!oh!5\!C*%B&@(W!E;*+0(*0.W!))\!ou=W!v\!7@J%@(J[W!BM6,-24!3(.!B(004(.W!)\!L<!@B!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HP<o!@B!JD%\!HPoP\!

!!!!!!!!!!!!o=!VO(&?B&*A!C&m@k?j&W!]!#&@!TDA'@(?&DA!V*??&DGD(?!*%?!3R)E?!)D%&B&?JO@A!U*AG@%A?!^\!0A!%&`A@!?E("!!!!!!!!!!!!!!!!!!OBB)?"||*`&k\X*jH\BEuK@(%&A\G@|2J(&)BD(&EF|2o\OBF\!

op!#\9\!V*))ERA?!;'OPQW!I)..+-3-4(W!JD%\!HPop>W!)@A?@![E+&%!A@!)@EB!qB(@!)D?B$(&@E(!N!<P=!d!v\l\!U*%)D(A!;&)?*+!624(>++W!)\!IH>W!%@!G*B@!G@!<Ph|<P=!d!6!'*A!G@!/R'@(!;I)..+-3-4(!(0!.-*!:294(W!)\L<PW!%@!?&BE@!EA!)@E!*'*AB!<IM!dv\v!:Y#DAA@%%!;I)..+-3-42.W!JO*)&B(@!I>W!@AB(@!<P=!@B!<IM\!!!hM!!C\!S*(GRW!]!V*??&DGD(@!@B!%*!X&A!GE!FDAG@!*AJ&@A!^!W!BM)**;(!0F;->-?+G2(W!5*(&?W!o!;HpI<>!"!))\!P=PuIL<!;)\!IML>!hH!,A@! %DA`E@!J(&?@!*'*&B! ?E&'&! %@!JDAJ&%@!G@!VO*%J$GD&A@! ;I<H>W!D))D?*AB!FDAD)OR?&B@?!@B!A$DuJO*%J$GDA&@A?W!?E(!%*!A*BE(@!GE!VO(&?B\!7+@F)@(@E(!t$ADA!@??*R*!G+&F)D?@(!%+EA&B$!)*(!%+U$ADB&[E@W!?*A?!?EJJ_?!d!vE?B&A&@A!X&B!*%B@(A@(!($)(@??&DA!@B!)D%&B&[E@!G+*)*&?@F@AB!@B!)(DFE%`*!@AX&A!%*!JDAuG*FA*B&DA! G+$J(&B?! *BB(&KE$?! N! 3O$DGD(@! G@!9D)E@?B@W! N! 3O$DGD(@BW! @B! N! .K*?! G+0G@??@W! [E+DA! *!*)@%%$@! %@?!3(D&?!VO*)&B(@?\!/D&(! v\!#*A&$%DE! @B!U\.\!9*((DEW!@-29(>>(!O+.0-+4(!3(! >M#?>+.(W!3(.!]4+?+*(.! g! .)+*0! P4;?-+4(! >(! P4)*3W! 5*(&?W! 2@E&%W! HpoPW! ))\! P=hu! IHPW! 6\/*A! G@! /R'@(W!I)..+-3-4(!(0!.-*!:294(W!))\!L<<u<pW!7\!#EJO@?A@W!BM;?>+.(!)2!`h!.+_/>(W!E)4+.W!HpL<W!))\!=huLH=W!2\v\S\! S*(A&?OW! LF(! i-4j! -<! I)..+-3-42.W! ))\! H<=u<p! @B! 5&@(! Z(*AJD! S@*B(&J@W! ]!#@! 1EX&A! N!V*??&DGD(@W! %*! ($J@)B&DA! G@?! O&?BD&(@?! @JJ%$?&*?B&[E@?! `(@J[E@?! G*A?! %+:JJ&G@AB! %*B&A!^! &A!

!

HM!!

V*??&DGD(@! G@! 4(>+?+-.2.! 2+4! +0(,! <+>+2.! *-.0(4! $(*)0-4hP\! V@! B&B(@! ?DE%&`A@!

%+@XX*J@F@AB!G*A?! %@[E@%!'&'*&B! N! J@!FDF@ABu%N! %+*AJ&@A!F&A&?B(@!G@!3O$DGD(&JhIW!

[E&! @AB(*! )*(! *&%%@E(?! @A! JDAB*JB! *'@J! G+*EB(@?!2+4+! 4(>+?+-.+! JDFF@! vD(G*A@?W! %@!

JDFB@!9*(J@%%&A! @B! %@! [E@?B@E(! vEA&%&E?W! EA! BO$D%D`&@A! %*x[E@! d! &%! @AB(*! *E??&! @A!

JDAB*JB!*'@J!G@?!$'q[E@?W!5(&F*?&E?W!Z*JEAGE?W!@B! *'@J!0E?_K@! X$(E!@A!?J&@AJ@?!

?*J($@h<\!#*A?! %*! )($X*J@! G@?! H*.0+0+0+-*(.W! &%! (@A'D&@! *E! B(*&B$! [E@! vEA&%&E?! *'*&B!

($G&`$!?E(! %+@A?@&`A@F@AB!)(DX@??$!N! %+&A?B&BEB! BO$D%D`&[E@!G@!-&?&K@ho!d!J+@?B!N!J@!

FDF@ABu%N![E+&%!Fr(&B!?DA!)(DQ@B!G@!FDA*?B_(@!N!2[E&%%*J@hh\!.%!@?B!J%*&(![E@!JY@?B!

%@!)@B&B!D)E?JE%@!GE!'(!)*+,)![E&!F*([E@!%@!FDF@AB!J(EJ&*%!G@!%*!/-*2(4.+-!G@!

V*??&DGD(@W!FqF@!?&!G*A?!%@!'(!-40F-?4)1F+)W! &%!G*B@!?DA!JO*A`@F@AB!G@!'&@!GE!

FDF@AB!Dy!&%!X&B!?@?!JDFF@AB*&(@?!?E(!%@?!5?*EF@?h=\!

!!!#*A?! %@! '(! )*+,)W! V*??&DGD(@! F_A@! EA@! ($X%@b&DA! *ABO(D)D%D`&[E@W!

)?RJOD%D`&[E@!@B!FD(*%@!d!&%!($EA&B!G@?!F*B$(&*Eb!)O&%D?D)O&[E@?!@B!@F)(EAB@!G@?!

F*B$(&*Eb! )OR?&D%D`&[E@?! N! %*! B(*G&B&DA!F$G&J*%@hp\!9*&?! &%! $J(&B! *E??&! EA! B(*&B$!

)%@&A! G@! G$'DB&DA! [E&! ?+*))E&@! ?E(! %@?! $J(&B?! ?J(&)BE(*&(@?! @B! ?E(! %+cE'(@! G@! ?*&AB!

6E`E?B&AW!*Eb[E@%?!&%!*JJD(G@!EA@!)*(B&JE%&_(@!&F)D(B*AJ@=M\!

2&!/0J%0)*1*0+!,(#!"#$%&'(#

!!!!#*A?!%@?!G@Eb!)(@F&@(?!JO*)&B(@?!G@!%+$G&B&DA!G+U*%)D(A=H![E&!JD((@?)DAG@AB!N!%*!

)($X*J@!G@!%+$G&B&DA!G@!C*(@B=LW!V*??&DGD(@!ADE?!@b)%&[E@![E@!J+@?B!?E(!%+&A?&?B*AJ@!

G@!?@?!*F&?! ;.2)2(!/->>(?+2,>![E+&%!*!$J(&B!J@! B(*&B$W!@B!ADE?!(*))@%%@![E+&%!*!G$QN!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BMO+.0-4+-?4)1F+(! 3(! >M#?>+.(! 3(.! 14(,+(4.! .+_/>(.W! S\! 5DEG@(DA! @B! 8\9\! #E'*%W! 5*(&?W!S@*EJO@?A@W!LMMH!;3O$D%D`&@!U&?BD(&[E@\!HHI>W!))\!LPhuL<p\!hL!#*A?! J@BB@! )D%$F&[E@! BO$D%D`&[E@! *EBDE(! G@! %*! GDEK%@!A*BE(@! GE!VO(&?BW!V*??&DGD(@! ?@! ?&BE*&B!F*A&X@?B@F@AB!@A!X*'@E(!G@?!3(D&?!VO*)&B(@?!;2\v\S\!S*(A&?O\!LF(!i-4j!-<!I)..+-3-42.W!)\!HoH>\!hP!!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%!HP<h\!hI!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%DAA@\!HP<h\!h<!#\9\!V*))ERA?W!'OPQWI)..+-3-4(W!JD%\HP<h\!ho!6\!'*A\G@\!/R'@(W!I)..+-3-4(!(0!.-*!:294(W!)\!L<p\!hh!]!V@![E&!$B*&B!%D&A!G+qB(@!@bJ@)B&DAA@%!)DE(!EA!%*x[E@!N!%+$)D[E@!^!;6\'*A\G@\!/R'@(W!I)..+-3-4(!(0!.-*!:294(W!)\!LoM>\!h=!#\9\!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%\!HP<oW!@B!v\l\!U*%)D(AW!&)?*+!624(>++W!)\!IL\!hp! 2\! C@(?OW! G*A?!'+/0+-**)+4(! 3(.! 1F+>-.-1F(.! )*0+G2(.W! ?DE?! %*! G&(@JB&DA! G@! 1\! CDE%@BW! 5*(&?W!V-12W!HppIW!3\!..W!))\!LPLuPI\!=M!6\!2JOA@&G@(W!]!#&@!0(j@AABA&?%@O(@!K@&!S@`&AA!G@(!2JOD%*?B&j!^W!EF+>-.-1F+.F(.!k)F4A2/FW!PPuPI!;HpLH>!"!))\!LLhuL<LW!;LLh>!"!]!V*??&DGD(!@AB?)(@JO@AG!G@F!VO*(*jB@(!?@&A@(!,(B@&%?k@&?@!G&@!/@(K&AGEA`!F&B!G@(!5*B(&?B&j!G*(!^!;%+$B*B!G+@?)(&B!G@!V*??&DGD(@W!G*A?!?*!F*A&_(@!G@!QE`@(W!%@!(@%&@!N!%*!)*B(&?B&[E@>\!=H!v\l\!U*%)D(AW!&)?*+!624(>++W!))\!PpuHMp\!=L!v\!C*(@BW!&)?*+!624(>++!I)..+-3-4+W!]1(4)!-,*+)W!BDFE?!)D?B@(&D(W!5*(&?W!H=IhW!JD%DAA@?\!HLhpuHPM=\!

!

HH!!

EB&%&?$!J@B!*(`EF@AB!*E!G$KEB!G@?!`)4+)(=P!;+*!.)>2,!424.2.>!d!?*A?!)($QE`@(!GE!(~%@!

[E+*!)E!QDE@(!%*!)(@??&DA!G@!?@?!*F&?W!DA!)@EB!X*&(@!%@?!FqF@?!(@F*([E@?![E@!)DE(!

%@! G$KEB! G@?! `)4+)(=I! "! &%! ?+*`&B! G+EA@! X&JB&DA! %&BB$(*&(@! d! %@! ($J&B! [E@! ADE?! X*&B!

V*??&DGD(@! G@! %*! G&XX&JE%B$! GE! ?EQ@BW! G@! ?*! ($?&?B*AJ@! @B! X&A*%@F@AB! G@! ?*!

($?&`A*B&DA!)*(*eB!EA!)@E!B(D)!(O$BD(&[E@W!@B! X*&B!*))*(*eB(@! %*!X*E??@!FDG@?B&@!G@!

V*??&DGD(@!d!%*!)@(B&A@AJ@!G@?![E@?B&DA?![E&!%E&!?DAB!)D?$@?!?E``_(@!G+*EB(@!)*(B!EA!

)(DQ@B!G$QN!K&@A!($X%$JO&\!!

!!!-DE?!A+&`AD(DA?!)*?!BDB*%@F@AB!ADB(@!aF@W!?&ADA!ADE?!A+*E(&DA?!)*?!%+&G$@!G@!%*!

(@JO@(JO@(W! F*&?! ?&! ADE?! %*! JDAA*&??&DA?W! ADE?! A+*E(&DA?! )*?! %@! G$?&(! G+@A!

*))(@AG(@! G*'*AB*`@=<d! ADE?! @A! *'DA?! EA@! J@(B*&A@! (@)($?@AB*B&DAW! F*&?! K&@A!

[E+@%%@!?D&B!N!)D(B$@!G@!F*&AW!@%%@!@?B!G+*JJ_?!G&XX&J&%@!d!&%!@?B!)DE(B*AB!&AG&?)@A?*K%@!

G@! %*! JDAA*eB(@! ?&! ADE?! 'DE%DA?! *JJ$G@(! N! G@?! '$(&B$?! )%E?! O*EB@?=o\! V+@?B! %*!

G$F*(JO@! G@! ?*&AB! 6E`E?B&A! [E@! ?E&B! &J&! V*??&DGD(@! "! JDAA*eB(@! #&@E! @B! ADB(@!

aF@=h\!.%!%@!G&B!G@!X*fDA!*%%E?&'@W!ADE?!(@A'DR*AB!?@E%@F@AB!*E!)($J@)B@!G@!2DJ(*B@!

*-./(!0(!+1.2,![E+&%!A@!JO(&?B&*A&?@(*![E@!)%E?!%D&A!G*A?!%@!B(*&B$==!d!J@!X*&?*AB!&%!A@!

?@(*!`E_(@!D(&`&A*%W!(@)(@A*AB!J@![E+*'*&@AB!X*&B!*'*AB!%E&!%@?!5_(@?!G@!%+4`%&?@W!F*&?!

&%!?@(*!?E&'&!)*(!%@?!)O&%D?D)O@?!GE!9DR@A!i`@!JDAGE&?*AB!N!J@![E@!%+DA!*!*))@%$!

%@! ]!?DJ(*B&?F@! JO($B&@A=p!^\! V*??&DGD(@! ?@! )D?@! @B! ADE?! )D?@! GDEm@! [E@?B&DA?!"!

5DE([ED&!%+*))@%%@uBuDA!aF@!�!}E@%%@!@?B!?*!G$X&A&B&DA!�!}E@%%@!@?B!?*!A*BE(@!�!6uBu

@%%@! EA@! XD(F@! �! }E@%%@?! ?DAB! ?@?! '@(BE?! FD(*%@?! �! }E@%%@?! ?DAB! ?@?! '@(BE?!

A*BE(@%%@?!�!}E@%%@!@?B!?DA!D(&`&A@!�!:y!?&_`@uBu@%%@!�!}E@%%@!@?B!%*!JDF)D?&B&DA!G@!

?DA!JD()?!�!}E@%%@!JDAA*&??*AJ@!*uBuDA!G@?!F$JO*AB?!�!}E@%%@!JDAA*&??*AJ@!*uBuDA!

G@?!ODFF@?!KDA?!�!}E@%%@?!?DAB!%*!G@?B&A$@!@B!%*!'&@!XEBE(@!G@!%+aF@pM!�!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!=P!V@BB@!)O(*?@![E@!%+DA!B(DE'@!G*A?!%*!G@Eb&_F@!)($X*J@!G@?!`)4+)(!;.(3!1-.0G2),!32-3(/+,!>+aA4+.!-12./2>2,!*-.042,!3(.+3(4)0-!<+*(!/-*/>2.(4),W!3(!)*+,)(!.2A.0)*0+)(W!2(>!3(!2+4020+A2.!(f2.!),+/+! ,(! 3+..(4(4(! /-(?(42*0>W! *! $B$W! ?@FK%@uBu&%W! E%B$(&@E(@F@AB! *QDEB$@W! &AG&[E*AB! [E@! %@!'(!)*+,)!*!$B$!$J(&B!*'*AB!%*!)EK%&J*B&DA!G@?!`)4+)(!;v\l\!U*%)D(AW!&)?*+!624(>++W!)\!IH>\!=I!!0A!'D&(!%*!J(&B&[E@!G*A?!�j@\v\!Z(&GOW!L(4,+*->-?+(!(0!<-4,2>(.!3)*.!>(.!`)4+)(!3(!I)..+-3-4(W!CwB@KD(`W!Hp<oW!))\!HuL!@B!G*A?!C\!S*(GRW!BM;?>+.(!(0!>(.!3(4*+(4.!4-,)+*.W!5*(&?W!7*XXDABW!HpI=W!)\!L=hW!ADB@!I<\!=<!!4\!C&%?DAW!H*04-32/0+-*!g!>M;023(!3(!.)+*0!62?2.0+*W!5*(&?W!/(&AW!HpopW!)\!HPM\!=o!3@bB@!%*B&AW!JO*)&B(@\!.W!�L!!"!/2+!.21(4*(!3)02,!(.0!0)*0)!3+./20(4(5!=h!3(2,!(0!)*+,),!./+4(!/21+-5a*+F+>*(!1>2.!�!u*+F+>!-,*+*-\!6E`\W!$->+>\!.W!hW!H\!==! !3@bB@! %*B&AW! JO*)&B(@\!g/..W! �P! ! "! +*0(>>(?),2.! (2,W! 3+>+?),2.! +1.2,W!(0! 02*/!)*+,).!*-.04).!2(4(!/-?*-./+,2.5!=p!4\!C&%?DAW!BM(.14+0!3(!>)!1F+>-.-1F+(!,;3+;9)>(W!5*(&?W!/(&AW!Hph=W!)\!LHp\!pM!7+$G&B&DA!G+U*%)D(A!JDF)(@AG!G&buOE&B!JO*)&B(@?W!J@%%@!G@!C*(@BW!GDEm@W!@B!J+@?B!J@!JO&XX(@![E+&%!ADE?!X*EB!(@B@A&(!JDFF@!%@!(@JDAA*eB!U*%)D(AW!&)?*+!624(>++W!)\!IP\!

!

HL!!

!!!!!!!!}E+&%! R! *&B! GDEm@! [E@?B&DA?! A+@?B! )*?! *ADG&A\! :A! )@EB! ADB@(! &J&! EA! )(@F&@(!

@b@F)%@!GE!?RFKD%&?F@!AEF$(&[E@![E@!ADE?!(@B(DE'@(DA?!BDEB!*E!%DA`!GE!B(*&B$\!

V*??&DGD(@!(@'&@AB!)%E?! %D&A!?E(!J@!ADFK(@!GDEm@pH"!]!-DE?!*'DA?!GDAJ! B@(F&A$!!

ADB(@!)@B&B! B(*'*&%!*'@J! %@!ADFK(@!GDEm@W![E&!*!D(A$! %@?!J&@Eb!G@! %*!G&'@(?&B$!G@?!

JDA?B@%%*B&DA?W![E&!*!G&?)D?$!%Y*AA$@!G*A?!%@!JO*(F@!G@?!FD&?W![E&!*!X*&B!*K*AGDA!

G@?!)(&AJ&)*Eb!'@AB?!*Eb!K@?D&A?!B@((@?B(@?!G*A?!EA@!D(`*A&?*B&DA!)($'DR*AB@W![E&!

*!G&'&?$!%@?!&AB@('*%%@?!GE!QDE(!@B!G@!%*!AE&B!@A!EA!QE?B@!ADFK(@!GYO@E(@?!G@!?D(B@!

[E@!JY@?B!N!KDA!G(D&B![E@!%YDA!*))%&[E@!*E??&!)DE(!$J%*&(@(!%*![E@?B&DA!G@!%YaF@!J@!

(*&?DAA@F@AB!XDAG$!?E(!%@!ADFK(@!GDAB!%*!'*%@E(!@?B!JDA?*J($@!)*(!%Y*`@AJ@F@AB!

G@!?&!`(*AG@?!($*%&B$?!A*BE(@%%@?!^!\!7@!?RFKD%&?F@!G@?!ADFK(@?W!GDAB!%*!B(*G&B&DA!

'@A*&B!G@?!)RBO*`D(&J&@A?W!$B*&B!($)*AGE!G*A?!%Y*&(@!`($JDu(DF*&A@W!]!:A!R!)E&?*&B!

%@! ?@AB&F@AB! GYEA@! A$J@??&B$! FR?B$(&@E?@pL!^\! 7@?! qB(@?! ?@%DA! SD_J@! $B*&@AB!

*2,(4-42,! 4)0+-*(! <-4,)0)pPW! @B! G*A?! %@?! H*.0+020+-*(.W! V*??&DGD(@! ADE?! G&B! "!

*2,(42.!(.0!G2+!/2*/0)!3+.1-*+0pI\!#&@E!*!BDEB!J($$!@A!)D&G?W!F@?E(@!@B!ADFK(@p<W!

@B!J+@?B!J@!ADFK(@![E&!GDAA@!N!%*!'&?&DA!GE!FDAG@!EA!$J%*&(*`@!@?BO$B&[E@W!F*&?!

*E??&!DKQ@JB&XpoW![E&!JDA?B&BE@!]!%+&A'&?&K%@!A@('E(@!G@! %*!J($*B&DAph!^\!7@?! (@A'D&?!

($`E%&@(?! *E! ?RFKD%&?F@! AEF$(&[E@! ADE?! G@F*AG@(DAB! EA@! *BB&BEG@!

JDF)($O@A?&'@!)DE(!?RF)*BO&?@(!*'@J!EA@!F@AB*%&B$![E&!?@!?&BE@!%D&A!GE!FDF@AB!

Dy! %*! (*&?DA! *F_A@(*! ]!%+$)E&?@F@AB! GE! (_`A@! G@! %+&A'&?&K%@p=!^\! #DEm@! @?B! %@!

ADFK(@!G@! %*!)%$A&BEG@! d!V*??&DGD(@!)@A?@!*&A?&!J@(A@(! %@!)(DK%_F@!G@! %+aF@!G@!

F*A&_(@!*JO@'$@\! .%!G$'@%D))@!%@?![E@?B&DA?!G*A?!J@B!D(G(@W!R!*QDEB@!EA!JO*)&B(@!

?E(!#&@EW!EA@!($J*)&BE%*B&DA!@B!@AX&A!EA@!)(&_(@\!.%!?@!?DE'&@AB!'(*&?@FK%*K%@F@AB!

GE![E@?B&DAA*&(@!G+4'DG&E?pp![E&!JDF)(@AG!%+D(&`&A@!G@!%+aF@!;2*3(!.+0!)*+,)>!d!%*!

A*BE(@!G@!%+aF@!;G2)>+.!.+0!)*+,)>!d!%*!G&F@A?&DA!G@!%+aF@!;G2)*0)!.+0!)*+,)>!d!%*!

J*E?@!G@!%+EA&DA!G@!%+aF@!@B!GE!JD()?!;/24!/-41-4+!<2(4+0!3)0)>!d!%+EA&DA!G@!%+aF@!@B!

GE!JD()?!N!%*!A*&??*AJ@!;/2,!)3!/-412.!2(*(4+0!G2)>+.!(<<+/+)024>!d!@B!?*!A*BE(@!EA@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!pH!3@bB@!%*B&AW!JO*)&B(@\!g/..W!�L!\!pL!U\!G@!7EK*JW!Qc;?_.(!&;3+;9)>(W!5*(&?W!6EK&@(W!HpoIW!?@JDAG@!)*(B&@W!..W!)\=\!pP!SD_J@W!64+0F\! .W!L! "!-,*+)!G2)(/2,G2(!)!14+,)(2)!4(42,!*)024)!/-*.042/0)!.2*0W!*2,(4-42,!2+3(*024!4)0+-*(!<-4,)0)5!pI!V*??&DGD(@W!H*.0+0\!..W!IW!h\!p<!2*`@??@W!llW!ml\!po!/D&(!U\!G@!7EK*JW!Qc;?_.(W!))\!hu!IM!;=>W!@B!*E??&!9\!#&\!9*(JD!"!]!-DB@!?E%%*!?&FKD%D`&*!G@&!AEF@(&! A@%!'(! )*+,)! G&! V*??&DGD(D!^W! &A!I)..+-3-4-! "! 3)>>)! /-40(! 3+! ")9(**)! )>! `+9)4+2,! 3+!$G2+>>)/(W!1EKK@BB&ADW!S&K%DBO@J*!/&'*(&@A?&?W!L!;HppP>!"!))\!HppuLHL\!ph!V&B$!)*(!U\!G@!7EK*JW!Qc;?_.(W!)\!=\!p=!!0b)(@??&DA!G@!9\!C*EJO@BW!B(!3;.(*/F)*0(,(*0!32!,-*3(W!5*(&?W!C*%%&F*(GW!Hp=<W!)\!...>\!pp!6E`\W!n2)*0\!HW!HW!@B!v\!7*`DE*A_(@W!H*0;4+-4+0;!(0!4;<>(c+9+0;!3)*.!>)!1(*.;(!3(!.)+*0!62?2.0+*W!.A?B&BEB!G+4BEG@?!6E`E?B&A&@AA@?W!5*(&?W!LMHLW!)\!Ip\!

!

HP!!

XD&?!?$)*($@!GE!JD()?!;G2)>+.!/2,!)A./(..(4+0>\!9*&?!G+*EB(@!)*(B!@A!(@`(DE)*AB!%@?!

[E@?B&DA?!G@!V*??&DGD(@!@A!EA!J@(B*&A!ADFK(@!G@!BO_F@?W!DA!(@B(DE'@!%@!)%*A![E&!

?@!G$`*`@!GE!'(!)*+,)!G@!3@(BE%%&@A!"!%*!A*BE(@!G@!%+aF@W!?DA!&AJ*(A*B&DAW!%@!?D(B!!!

G@!%+aF@!&AJ*(A$@W!%+@?JO*BD%D`&@W!J*G(@!O*K&BE@%!G@?!B(*&B$?!?JD%*&(@?!G@?!..�!@B!...�!

?&_J%@?HMM\! 0A! $J(&'*AB! %@!'(! )*+,)W! V*??&DGD(@! @AB(*&B! G*A?! EA! `@A(@! %&BB$(*&(@!

)*(B&JE%&@(W![E&!*'*&B!EA@!*?J@AG*AJ@W!@B![E&!*E(*!EA@!%*(`@!)D?B$(&B$HMH\!

!!!!!!!7*! JDAJ@)B&DA! G@! %+aF@! OEF*&A@! *! %@AB@F@AB! $F@(`$! G@! %+@A?@FK%@! G@?!

J(DR*AJ@?! *AJ&@AA@?W! JDAJ@(A*AB! %+*EuG@%NHML! @B! %@! JE%B@! G@?! O$(D?HMPd! %@! JO@F&A!

?@(*! %DA`! G@! ]!%+aF@uDFK(@!^! G+UDF_(@HMI! N! %+aF@! ?)&(&BE@%%@! @B! &FFD(B@%%@HM<W!

)(&AJ&)@! G@! '&@! @B! G@! )@A?$@W! G@! 5%*BDA\! ,A! JO($B&@A! )DE'*&B! B(DE'@(! EA@!

(@)($?@AB*B&DA!G@!%+aF@!G*A?!%*!S&K%@\!:A!%&B!G*A?!C$A_?@W!mW!o!"!]!7+4B@(A@%!#&@E!

XD(F*!%+ODFF@!G@!%*!)DE??&_(@!G@!%*!B@((@W!&%!?DEXX%*!G*A?!?@?!A*(&A@?!EA!?DEXX%@!G@!

'&@!@B! %+ODFF@!G@'&AB!EA!qB(@!'&'*AB!^W! %&BB$(*%@F@AB!EA@!aF@!'&'*AB@! ;*(1F(./F!

/F)=)>\! 2+&%! %*! JO@(JO*&B! '*&A@F@AB! G*A?! %+@A?@&`A@F@AB! G@! v$?E?W! &%! @A! B(DE'*&B!

[E@%[E@?! *))(DJO@?! JO@m! %+*)~B(@! 5*E%! *'@J! ?*! ADB&DA! G@! %+ODFF@! &AB$(&@E(W! ?*!

(@)($?@AB*B&DA! !]!B(&JODBDF&?B@!^!G@! %+ODFF@W! X*&B@!G+EA!JD()?W!G+EA@!aF@!@B!G+EA!

@?)(&B!d!F*&?!5*E%!G&?B&A`E@!%@!JD()?!G+EA!J~B$W!%+aF@!@B!%+@?)(&B!G@!%+*EB(@W!@B!G*A?!%@!

-DE'@*E!3@?B*F@AB!%@!FDB!pqrs!G$?&`A@!%@!)%E?!?DE'@AB!%@!?DEXX%@!G@!'&@HMo\!#E!

(@?B@W! J+@?B! %*! ($?E(@JB&DA! [E&! &AB$(@??*&B! %@?! )(@F&@(?! JO($B&@A?HMh! )%E?! [E@!

%+&FFD(B*%&B$! DE! %*! ?)&(&BE*%&B$! G@! %+aF@\! .%?! B(DE'*&@AB! G*A?! %@?!F&%&@Eb! JE%BE(@%?!

GDAB! &%?! $B*&@AB! &??E?HM=! EA! J@(B*&A! ADFK(@! G+$%$F@AB?! )DE(! $%*KD(@(! %@E(!

JDAJ@)B&DA!G@! %+aF@W! @B! ?&! %@!)%*BDA&?F@!@?B! %@!)%E?! ?DE'@AB! JDA?&G$($!JDFF@! %*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!HMM! 6\v\! Z@?BE`&$(@W!B)! 4;9;>)0+-*! 3MO(4,;.! L4+.,;?+.0(W! 5*(&?W! 7@?! S@%%@?! 7@BB(@?W! Hp=pW! 3\! ...W!)($X*J@W!)\!gW! @B!9\!#&!9*(JDW!]!2J@%B*! @!EB&%&?*B&DA@!G@%%@! XDAB&! A@%!'(!)*+,)! G&!V*??&DGD(D!^W!$023+!(!,)0(4+)>+!3+!.0-4+)!3(>>(!4(>+?+-*+W!<H!;Hp=<>!"!)\!pI\!HMH!4\!C&%?DAW!B)!EF+>-.-1F+(!)2!&-=(*!N?(W!)\!H<H!"!]!%@!'(!)*+,)!G@!V*??&DGD(@!@?B!EA!D)E?JE%@!GDAB!DA!)@EB!G&(@![E+&%!(@AB(@!G*A?!EA!`@A(@!%&BB$(*&(@!)*(B&JE%&@(!"!&%!R!*!G@?!'(!)*+,)!JDFF@!&%!R!*E(*!G@?!'(!+*0(>>(/02!^\!Z\!S(EAOw%m%W!O+.0-+4(!3(!>)!B+00;4)024(W!)\!IH!"!]!V*??&DGD(@!)(@AG!GDAJ!(*A`!G*A?!J@BB@!%&`A$@!^!\!HML!Z\!VEFDABW!B2c!E(41(02)W!5*(&?W!7&K(*&(&@!:(&@AB*%&?B@W!HpIpW!))\!HPuL=\!HMP!6Eb[E@%?!%@?!G&@Eb!)DE'*&@AB!GDAA@(!%+&FFD(B*%&B$\!/D&(W!9\!U*%Kk*JO?W!]!7*!(@)($?@AB*B&DA!G@!%+aF@! JO@m! %@?!C(@J?!^W!"(92(! 3(!&;0)1F=.+G2(! (0! 3(!&-4)>(W! 3\! PhW!-D\! I! ;:JBDK(@u#$J@FK(@!HpPM>W!)\!<M=\!HMI!9\!U*%Kk*JO?W!B)!4(14;.(*0)0+-*!3(!>MD,(W!)\!IpI\!HM<!.G$@![E&!$B*&B!(@Q@B$@!)*(!4)&JE(@!;:\!C&`DAW!B(.!?4)*3.!14-A>_,(.!3(!>)!1F+>-.-1F+(!)*0+G2(W!5*(&?W!5*RDBW!HpoHW)\!LIH>\!HMo!V\!CE&`A@K@(BW!]!1@F*([E@?!?E(![E@%[E@?!JDAJ@)B&DA?!JO($B&@AA@?!*AB&[E@?!BDEJO*AB!%+D(&`&A@!@B!%*!A*BE(@!G@!%+aF@!^W!"(92(!3MF+.0-+4(!(0!3(!1F+>-.-1F+(!4(>+?+(2.(W!p!;HpLp>!"!))\!IPMuPL\!HMh!!4\!C&%?DAW!BM(.14+0!3(!>)!1F+>-.-1F+(!,;3+;9)>(W!5*(&?W!/(&AW!Hph=W!))\!Hhouhp\!HM=!V\!CE&`A@K@(BW!"(,)4G2(.W!)\!IPP\!

!

HI!!

)O&%D?D)O&@! A*BE(@%%@! G+EA! JO($B&@AW! &%?! ?DAB! @AB($?! @A! JDAB*JB! *'@J! G+*EB(@?!

JDE(*AB?!)O&%D?D)O&[E@?W! %@! ! ! ?BDxJ&?F@!ADB*FF@ABW![E&!*! QDE$!EA! (~%@! &F)D(B*AB!

G*A?!J@BB@!$%*KD(*B&DAHMp\!:A!A@!B(DE'@!)*?!EA@!B@(F&AD%D`&@!K&@A!G$X&A&@!JO@m!%@?!

5_(@?!G@!%+4`%&?@\!vE?B&A!@B!3*B&@AW!)_(@?!*)D?BD%&[E@?W!($)E`A@AB!N!EA@!&FFD(B*%&B$!

A*BE(@%%@! [E+&%?! JDAXDAG@AB! *'@J! %+$B@(A&B$HHM! d! &%! R! *! G@Eb! aF@?W! %+EA@! JO*(A@%%@W!

%+*EB(@! (*&?DAA*K%@! JO@m! V%$F@AB! G+6%@b*AG(&@W! EA@! aF@! )($@b&?B*AB@W! F*&?! ADA!

@b@F)B@! G@! JD()?W! XrBu&%! ?EKB&%! DE! $BO$($W! JO@m!:(&`_A@HHHW! EA@! aF@! )*(! *&%%@E(?!

@F)(&?DAA$@!@B!?DE&%%$@!)*(!%*!JO*&(!d!EA@!aF@!&FFD(B@%%@!F*&?!JD()D(@%%@!G$(&'*AB!

G+EA@! ?@E%@! @B!FqF@! aF@! )DE(!3@(BE%%&@AHHL! [E&! @??*&@! G@! ?)&(&BE*%&?@(! J@! JD()?W!

F*&?![E&!]!@AB@AG!K&@A!)*(%@(!G@!JD()?!^![E*AG!&%!)*(%@!G@!%*!?EK?B*AJ@!G@!%YaF@W!

?@FK%*AB! DEK%&@(! %Y&(($GEJB&K&%&B$! G@! %*! F*B&_(@! @B! G@! %Y@?)(&BHHP\! #E! )@??&F&?F@!

G+6(ADK@![E&!A@!)@EB!)*?!)@A?@(![E@!#&@E!*&B!)E!J($$(!EA@!aF@!*E??&!F*E'*&?@HHI!N!

%+D)B&F&?F@!G@!7*JB*AJ@![E&!A+*!*EJEA!GDEB@!?E(!%+&FFD(B*%&B$!G@!%+aF@!@B!'D&B!G*A?!

%*!J($*B&DA!EA!ORFA@!N!#&@EHH<W!&%!X*EG(*!GE!B@F)?!)DE(!*((&'@(!N!%*!JDAJ@)B&DA![E@!

?*&AB!6E`E?B&A!G@'*&B!G$'@%D))@(!*'@J!*F)%@E(\!6E!G$KEB!GE!./�W!?*&AB!C($`D&(@!

G@!-R??@!'D&B!%YaF@!&AJD()D(@%%@W!)($?@AB@!G*A?!%@!JD()?!N!%*!F*A&_(@!GYEA!@?)(&B!d!

&%!@?B!%@!)(@F&@(!N!'D&(!G*A?!%YaF@!%Y&F*`@!G@!%*!3(&A&B$\!-$F$?&D?!$BEG&@!%YaF@!@A!

)O&%D?D)O@!@B!ADE?!GDAA@!EA@!$BEG@!XDE&%%$@HHo!G@!%*!A*BE(@!GYEA@!aF@!?)&(&BE@%%@W!

&FFD(B@%%@W!J($$@!*'*AB!%@!JD()?!*E[E@%!@%%@!@?B!EA&@\!2*&AB!6E`E?B&A!AY*!)*?!$J(&B!

G@! B(*&B$! ?E(! %YaF@! F*&?! G*A?! ?DA! cE'(@! &%! *KD(G@! BDEB@?! %@?! [E@?B&DA?! [E&! %*!

JDAJ@(A@AB\!#*A?! %*! %&`A$@!G@!5%*BDA!@B!G@?!A$D)%*BDA&J&@A?! &%! %*!G$J(&(*! JDFF@!

EA@!A*BE(@!?&F)%@W!&FFD(B@%%@W!?)&(&BE@%%@W!EA&@!N!EA!JD()?!)DE(!X*&(@!EA!ODFF@!d!

%+D(&`&A@!G@!%YaF@!%@!BDE(F@AB@(*!BDEB@!?*!'&@HHh!d!JDAB(@!%@?!5$%*`&@A?W!&%!?DEB&@AG(*!

%*!B(*A?F&??&DA!GE!)$JO$!D(&`&A@%W!@B!&%!?@(*!%@!BO$D%D`&@A!G@!%*!3(&A&B$\!9*&?!?&!%@!

`(*AG!GDJB@E(!*X(&J*&A!G@'*&B! &AX%E@AJ@(! %+4`%&?@!)*(! %*!)(DXDAG@E(!G@!?DA!cE'(@W!

J@! A@! XEB! )*?! ?*A?! ($?&?B*AJ@W! @B! *Eb! /�u/.�! ?&_J%@?! G*A?! %@! ?EG! G@! %*! C*E%@W! N!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!HMp!9\!2)*AA@EBW!B(!.0-t/+.,(!3(.!1_4(.!3(!>M#?>+.(W!5*(&?W!2@E&%W!Hp<hW!)\!PP\!HHM!v\!3&b@(DABW!O+.0-+4(!3(.!'-?,(.!3)*.!>M6*0+G2+0;!L)43+9(W!5*(&?W!C*K*%G*W!HpPHW!3\!.W!)\!L<p!@B!4\!C&%?DAW!BM(.14+0W!)\!Hh=W!ADB@!L\!HHH!v\!3&b@(DABW!O+.0-+4(!3(.!'-?,(.W!)\!L==!@B!))\!PHMuHP\!HHL!6\!V(DJJDW!]!.%!7&K@(!'(!)*+,)!G&!V*??&DGD(D!^!W!$)1+(*u)!"!1&'&?B*!&AB@(A*m&DA*%@!G&!X&%D?DX&*!@!G&!B@D%D`&*!L<!;HphL>!"!))\!HPPuop\!

!!!!!!!!!!!!HHP!'+/0+-**)+4(!3(!LF;->-?+(!/)0F->+G2(W!*(B&J%@!]!iF@!^W!#DJB(&A@!G@?!B(D&?!)(@F&@(?!?&_J%@?W!JD%\!p=h!!!!!!!!!!!!!HHI!v\!3&b@(DABW!O+.0-+4(!3(.!'-?,(.W!)\!IM<\!HH<!v\!3&b@(DABW!O+.0-+4(!3(.!'-?,(.W!)\!IMo!@B!S\!S*jODEJO@!@B!2\!7EJ&*A&W!B)/0)*/(W!]1+<+/+-!'(+W!!!)\!PI\!

!!!!!!!!!!!!HHo!5DE(!C($`D&(@!@B!-$F$?&D?!W!'D&(!'+/0+-**)+4(!3(!LF;->-?+(!/)0F->+G2(W!BDF@!HW!JD%\!HMML\!!!HHh!0\!5D(B*%&$W!6E`E?B&A!;?*&AB>W!'+/0+-**)+4(!3(!0F;->-?+(!/)0F->+G2(W!3\!.W!JD%\!LP<huLPoM\!

!

H<!!

9*(?@&%%@W! *EBDE(! G@! V*??&@A! G+*KD(GW! )E&?! *EBDE(! G@?! FD&A@?! G@! 7$(&A?! @B! G@?!

$'q[E@?!G@!5(D'@AJ@W!XE(@AB!*&A?&!(@Q@B$?!%*!BO$D(&@!G@!%*!`(aJ@!G+6E`E?B&A!@B!?DA!

)%*BDA&?F@! ?)&(&BE*%&?B@HH=\!,A@!)D%$F&[E@! ?+@A! ?E&'&B! @B! J+@?B! *&A?&! [E@!V%*EG&@A!

9*F@(BHHpW! (@)(@A*AB! %*!JDAJ@)B&DA!*E`E?B&A&@AA@!G@! %+aF@W!$J(&'&B! JDAB(@!Z*E?B@!

G@!1&@mHLM!?DA!'(!.0)02!)*+,)(W!$J(&B!GDAB!%*!)%E)*(B!G@?!*EB@E(?!?+*JJD(G@AB!N!G&(@!

[E+&%! @?B! %+EA@! G@?! ?DE(J@?! G@! V*??&DGD(@! G*A?! ?DA! '(! )*+,)HLH5! 7@! JDAJ&%@!

GY:(*A`@! ;<Lp>!JDAG*FA*W!G*A?!EA! %*A`*`@!F@?E($HLLW! %@! ?@F&u)$%*`&*A&?F@![E&!

(@??D(B&??*&B! N! J@BB@! )D%$F&[E@! @B! JY@?B! G*A?! %*! %&`A$@! G@! J@BB@! *ABO(D)D%D`&@!

JO($B&@AA@![E@!?Y&A?B*%%*!V*??&DGD(@\!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!2'!/0+1'+(!,(!!"#(%&'(!

!!!!!!!!7@! )(DQ@B! @?[E&??$W! V*??&DGD(@! '*! )DE'D&(! G&??$[E@(! %+aF@! @B! G$JDE'(&(! ?@?!

)*(B&@?HLP\! -DE?! *%%DA?! @??*R@(! G@! %@! ?E&'(@! @A! `(DE)*AB! ?@?! &G$@?! @A! EA! J@(B*&A!

ADFK(@!G@!BO_F@?\!

';<+*+0+-*.!(0!;0=,->-?+(!

!!!!!!!!0A! ?@! G@F*AG*AB! )DE([ED&! DA! %+*))@%%@! aF@HLIW! V*??&DGD(@! ADE?! GDAA@! EA@!

B@(F&AD%D`&@!G@?!X*JE%B$?!G@!%+aF@![E+&%!*))E&@!)*(!EA@!$BEG@!$BRFD%D`&[E@\!#*A?!

%+)*+,)W!)(&AJ&)@!G@!'&@W!&%!G&?B&A`E@!)%E?&@E(?!XDAJB&DA?!"!%+)*+,2.!@?B!EA!)(&AJ&)@!

(*&?DAA*K%@!F*&?! *E??&! EA! )(&AJ&)@! '&B*%!d! ?DA! EB&%&?*B&DA! N! B(D&?! (@)(&?@?! G*A?! %@!

B@bB@HL<!?@FK%@!@A!X*&(@!%@!?&_`@!G@?!)*??&DA?!;�����>HLo! d!,(*.!;%*!)@A?$@>!@?B!%*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!HH=! 4\! S($O&@(W! B)! 1F+>-.-1F+(! 32!&-=(*! N?(W! 5*(&?W! 6%K&A!9&JO@%W! 7+$'D%EB&DA! G@! %+OEF*A&B$W!!HphHW!)\!LL\!

HHp!#+D(&`&A@!`*E%D&?@W!&%!)DE((*&B!qB(@!A$!N!/&@AA@\!.%!@?B!FD(B!'@(?!IhI\!!HLM!7DA`B@F)?!FD&A@!N!%+*KK*R@!G@!7$(&A?W!)E&?!$'q[E@!G@!1&@mW!&%!$B*&B!($B&J@AB!N!%+$`*(G!G@!%*!GDJuB(&A@!?)&(&BE*%&?B@!G@!%+aF@W!F*&?!@?B!FD(B!@ABDE($!G@!'$A$(*B&DAW!FqF@!?+&%!*'*&B!)(qB$!%@!X%*AJ!N!%*!J(&B&[E@\! v\! #*A&$%DE! @B! U\.\! 9*((DEW! @-29(>>(! O+.0-+4(! 3(! >M#?>+.(W! )\! I<=! @B! 4\! S($O&@(W! B)!1F+>-.-1F+(W!)\!Lo\!HLH!/D&(!)%E?!%D&AW!)\!PH!)DE(!EA@!*))(DJO@!J(&B&[E@!G@!J@BB@!GDAA$@\!HLL!7*A`*`@!F@?E($!J*(!%@?!)D%$F&[E@?!*F@A*&@AB!N!EA!(*&G&??@F@AB!G@?!XD(FE%@?\!/D&(!v\!#*A%$%DE!@B!U\.\!9*((DEW!@-29(>>(!O+.0-+4(!3(!>M#?>+.(W!))\!I<=u<p\!HLP!3@bB@!%*B&A!VO*)&B(@!./W!�H!"!<)/+>+2.!3+./(4(!G2)(!3+2+.)!1-..2*0!(2+3(*0+2.!(>2/(4(\!HLI!VO*)&B(@!./\!HL<!V*??&DGD(@W!'(!)*+,)!"!JO*)&B(@?!/...W!�H!W!g.W!�p!@B!g...W!�o\!HLo!v\!7*`EDE*A_(@W!H*0;4+-4+0;W!)\!opW![E&!)*(%@!G@!?*&AB!6E`E?B&A!d!F*&?!V*??&DGD(@!@A!(@)(@AG!N!)@E! )(_?! %*! B@(F&AD%D`&@! ;'D&(! 4\! C&%?DAW! H*04-32/0+-*W! ))\! <ou<h>\! 5DE(! %@! %&@A! @AB(@! )*+,)! @B!)*+,2.!'D&(!v\!7*`DE*A_(@W!H*0;4+-4+0;W!))\hHuho\!

!

Ho!!

)*(B&@!?E)$(&@E(@!G@!%+aF@!(*&?DAA*K%@!@B!+*0(>>(/02.!;%+&AB@%%&`@AJ@>!*))*(B&@AB!N!%*!

F@A?HLh! d! .1+4+02.! *! B(D&?! *JJ@)B*B&DA?! "! &%! (@A'D&@! *E! ?DEXX%@! G&'&AW! N! %+@?)(&B! @B!

*E??&!*E!?DEXX%@!G@!'&@\! !6*+,2.W!.1+4+02.! @B!,(*.!!A@!)@E'@AB!?&`A&X&@(! %+aF@! d! &%!

?+*`&B!%N!G@!X*JE%B$?!G@!%+aF@!F*&?!J@%%@uJ&!`*(G@!?DA!EA&B$HL=\!:A!'D&B!G*A?!%@!B@bB@!

G@! V*??&DGD(@! [EY)*+,2.! )@EB! qB(@! @F)%DR$! N! %*! )%*J@! GY)*+,)HLp!d! V*??&DGD(@!

?E&B! *%D(?! ?*&AB! 6E`E?B&A! [E&! %YEB&%&?*&B! G@! )($X$(@AJ@! )DE(! G$?&`A@(! %YaF@! G@!

%YODFF@!@A!R!'DR*AB!EA!)(&AJ&)@!'&B*%!@B!EA@!?EK?B*AJ@!(*&?DAA*K%@HPM\! .%! ?J(EB@!

@A?E&B@!%+$BRFD%D`&@!G@?!B@(F@?!EB&%&?$?!d!)*+,)W![E&!?E``_(@!)*+,)4(!)E&?[E+@%%@!

*A&F@!%@!JD()?W!'&@AB!)DE(!%E&!GE!`(@J!)*)+,)W!J+@?BuNuG&(@!G&?B&AJB@!GE!?*A`HPHW!J@!

[E&!G&XX$(@AJ&@!%+ODFF@!G@?!*A&F*Eb!d!)*+,2.!'&@AB!GE!`(@J!)*(,-.W!$'D[E*AB!%*!

(*)&G&B$! GE! '@ABHPLW! @B! ,(*.! G@! ,(*(W! %*! %EA@W! [E&! ?DE%&`A@! ?DA! J*(*JB_(@!

JO*A`@*AB\!7*!JDAJ@)B&DA!*AB&[E@!@B!F$G&$'*%@!G@!%+$BRFD%D`&@!'DR*&B!EA@!(@%*B&DA!

@AB(@!%@!FDB!@B!%*!JOD?@W!@BW!G*A?!%@!FDBW!EA@!&AG&J*B&DA!G@!%*!A*BE(@!G@!%*!JOD?@HPP!d!

%+*))(DJO@!$B*&B!?)$JE%*B&'@!@B!ADA!%&A`E&?B&[E@W!%D&A!G@!%*!JDAJ@)B&DA!FDG@(A@!G@!

%+$BRFD%D`&@HPIW!@B!ADE?!)*(*eB!GDAJ!&A*JBE@%%@W!FqF@!?&!%*!)O&%D?D)O&@!FDG@(A@!*!

)E!ADE?!F@BB(@!@A!`*(G@!"!%@!FDB!@?Bu&%!BDB*%@F@AB!*(K&B(*&(@!�!-@!ADE?!G&BuBu&%!)*?!

[E@%[E@!JOD?@!G@! %*! X*fDA!GDAB!DA! %@!)@(fD&BHP<! �!7@!FDB!]!%D&A!G+qB(@! %@! ?&F)%@!

?&`A@! G@?! DKQ@B?! @B! G@?! ?&`A&X&J*B&DA?W! O*K&B@! %@?! JOD?@?! @B! '$O&JE%@! %@?!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!HLh!v\!7*`DE*A_(@W!H*0;4+-4+0;W!)\op\!HL=!V@BB@!EA&B$!G@!%+aF@!@B!G@!?@?!X*JE%B$?!@?B!EA@!)($DJE)*B&DA!JDA?B*AB@!JO@m!%@?!*EB@E(?!JO($B&@A?![E&!R!'D&@AB!EA!(@X%@B!G@!%*!3(&A&B$!@B!G@!%+EA&DA!JDA?EK?B*AB&@%%@!G@?!)@(?DAA@?\!V*??&DGD(@W!JDFF@!?*&AB!6E`E?B&A!R!B(DE'@!G@?!B(&*G@?![E&!?DE%&`A@!J@B!$J%*&(*`@!;4\!C&%?DAW!H*04-32/0+-*W!)\!LpMW!)DE(!J@! [E&! JDAJ@(A@! ?*&AB! 6E`E?B&A>\! 5DE(! ?DA! &AX%E@AJ@! *E!9DR@A! i`@W! 'D&(!9&JO*Ebu}E*AB&A! 5W!]!,A@!G&'&?&DA!*E`E?B&A&@AA@!G@?!)E&??*AJ@?!G@!%+aF@!*E!FDR@A!a`@!^W!"(92(!3(.!#023(.!62?2.a0+*+(**(.W!5*(&?WHp<hW!/D%\!...!W!-�!PW!)\!LP<uLI=\!/D&(!*E??&!9\!Z@((*mW!'(!>)!1.=/F->-?+(!3(!.)+*0!62?2.0+*W!5*(&?W!3OD(&AW!H=opW!)\!=IW![E&!(@?B@!EA@!F&A@!G@!(@A?@&`A@F@AB?\!

!!!!!!!!!!!!HLp!/D&(!3(*GEJB&DAW!ADB@?!IMW!<HW!o=W!=L!@B!HII\!!!!!!!!!!!!!HPM!4\!C&%?DAW!H*04-32/0+-*W!)\!<o\!!!

HPH!5DE(!0F)$GDJ%@W! %@!?*A`!@?B! %+D(`*A@!Dy!?&_`@! %*!JDA?J&@AJ@! d!)DE(!V(&B&*?W! %+aF@!@?B!G@!?*A`!;v\5\!#EFDABW! >(.!E4;.-/4)0+G2(.W! 5*(&?W!7*!5%$&*G@W! Hp==W! ))\! PoL! @B! HHP<>\V@BB@! OR)DBO_?@! @?B!ADB$@!)*(!5%*BDA!;EF;3-*W!poK>W!V&J$(DA!;L2./2>)*(.\!.Wp>W!7EJ(_J@!;'(!*)024)!4(42,W!...\!IPuII>!@B! ($XEB$@! )*(! 7*JB*AJ@! ;/D&(! S\! S*jODEJO@! @B! 2\! 7EJ&*A&W! B)/0)*/(W!'(! -1+<+/+-! '(+W! )\Hh<>\!V*??&DGD(@!A@!(@B&@AB!)*?!J@BB@!OR)DBO_?@!F*B$(&*%&?B@\!HPL! 5DE(!6A*b&F_A@W! 6A*b&F*AG(@W! 6A*b*`D(@W! @B! 6(JO$%*D?W! %+*&(! @?B! %*! ?EK?B*AJ@! A*BE(@%%@! G@!%+aF@!;v\5\!#EFDABW!>(.!E4;.-/4)0+G2(.W!)\!P=>W!@BW!?@%DA!?*&AB!6E`E?B&AW!#&D`_A@!G+6)D%%DA&@!G&?*&B![E@! %+*&(! @?B! %*!F*B&_(@! N! )*(B&(! G@! %*[E@%%@! BDEB@! JOD?@! @?B! XD(F$@W! @B! [E+&%! (@AX@(F@! EA@! (*&?DA!G&'&A@!;v\5\!#EFDABW!>(.!E4;.-/4)0+G2(.W!)\!hMLW![E&!J&B@!6E`5!I+9W!/...W!L>\!7*JB*AJ@!($XEB@!J@BB@!'E@! F*B$(&*%&?B@! ;S\! S*jODEJO@! @B! 2\! 7EJ&*A&W! B)/0)*/(W! '(! -1+<+/+-! '(+W! )\! <M>\! }E*AB! N!V*??&DGD(@W!?Y&%!$'D[E@!%*!A*BE(@!&`A$@!G@!%YaF@W!&%!AY@A!(@B&@AG(*![E@!?*!A*BE(@!%EF&A@E?@\!HPP!Z\!S(EAw%m%W!O+.0-+4(!>+00;4)+4(W!)\!IH!"!]!?@%DA!EA@!*AB&[E@!J(DR*AJ@W!&%!R!*E(*&B!@AB(@!EA@!JOD?@!@B!%@!FDB!GDAB!DA!%*!G$?&`A@!EA@!(@%*B&DA!?@J(_B@!d!%@!FDB!)D(B@(*&B!@A!?DFF@![E@%[E@!JOD?@!G@!%*!A*BE(@!G@!%*!JOD?@W!G@!B@%%@!F*A&_(@![E@!?&!%YDA!)*('@A*&B!N!?*&?&(!%@!'(*&!?@A?W!%@!?@A?!)(D)(@!GE!FDBW!DA!*))(DJO@(*&B!GE!FqF@!JDE)!%Y@??@AJ@!G@!%*!JOD?@!^\!HPI!7\9!G@!1&QjW!B)!1F+>-.-1F+(!)2!&-=(*!N?(W!Hp=<W!7@&G@AW!0\v\!S(&%%W!))\!HIhuHI=\!HP<!S$($A&J@!7@'@BW!B)!0F;-4+(!32!?(*4(W!5*(&?W!C(*??@BW!LMHI\!

!

Hh!!

?&`A&X&J*B&DA?HPo!^\! V*??&DGD(@! ADE?! GDAA@! G@Eb! G$X&A&B&DA?! G@! %+aF@W! J@%%@! G@?!

)O&%D?D)O@?W! )DE(! %@?[E@%?! ]!@%%@! @?B! EA@! ?EK?B*AJ@! ?&F)%@W! EA@! XD(F@!A*BE(@%%@W!

G&?B&AJB@!G@!%*!F*B&_(@!G@!?DA!JD()?W!&A?B(EF@AB!G@?!)*(B&@?!GE!JD()?W!@B!)D??$G*AB!

EA@! XD(J@!'&B*%@HPh!^! W! @B! J@%%@!G@?!GDJB@E(?!G@! %*! XD&!)DE(! %@?[E@%?!@%%@!@?B!]!EA@!

?EK?B*AJ@!?)&(&BE@%%@!@B!)*(B&JE%&_(@W!J($$@!)*(!#&@EW!'@(BE!'&'&X&*AB@!G@!?DA!JD()?W!

GDE$@!G@!(*&?DA!@B!&FFD(B@%%@W!F*&?!?E?J@)B&K%@!G@!?@!BDE(A@(!'@(?!%@!K&@A!@B!'@(?!

%@!F*%!^\!V*??&DGD(@!)($X_(@!&AG&?JEB*K%@F@AB!%*!G$X&A&B&DA!G@?!5_(@?!G@!%+4`%&?@!@B!

G@?!GDJB@E(?!JO($B&@A?!)E&?[E@!J+@?B!J@%%@![E+&%!'*!G$'@%D))@(!d!&%!%E&!*((&'@(*!FqF@!

G@!F*%F@A@(!%@?!)@A?@E(?!)(DX*A@?![E&!]!?E&'@AB!%Y@((@E(!G@?!ODFF@?HP=!^!d!DA!R!*!

'E!EA!(@Q@B!G@!%*!)O&%D?D)O&@HPp!d!)@EBuqB(@!X*EBu&%!A+R!'D&(![E@!%@!(@Q@B!G+EA@!(*&?DA!

%*&??$@! N! @%%@uFqF@! ?*A?! %@! ?@JDE(?! G@! %*! XD&\! #@! X*&B! %*! G&?B&AJB&DA! @AB(@!

)O&%D?D)O@?!@B!GDJB@E(?!G@!%*!XD&!)*(*eB!FD&A?!)@(B&A@AB@![EYEA@!D))D?&B&DA!@AB(@!

B@A*AB?!GYEA@!)?RJOD%D`&@!F*B$(&*%&?B@!@B! B@A*AB?!GYEA@!)?RJOD%D`&@!?)&(&BE*%&?B@\!

:A!)@EB!GE!(@?B@!ADB@(!EA!K*%*AJ@F@AB!@AB(@!%@?!B@(F@?!G@?!G@Eb!G$X&A&B&DA?HIM\!!

!!!!!!!!!!!!!0A!G$X&A&B&'@!)DE(!V*??&DGD(@W!%+aF@!*!$B$!J($$@!)*(!#&@E!@BW!)(&AJ&)@!'&'&X&*AB!

G@! ?DA! JD()?HIHW! @%%@! @?B! EA@! ?EK?B*AJ@! ?)&(&BE@%%@W! &FFD(B@%%@W! (*&?DAA*K%@W!F*&?!

?EQ@BB@!*E!JO*A`@F@AB\!!!!

!!!!B)!*)024(!(0!>(.!)004+A20.!3(!>MD,(!

!!!!!!!!!!!!!}E@!%+aF@!*&B!$B$!J($$@!)*(!#&@EW! %@?!4J(&BE(@?!ADE?! %@!G&?@AB\!3DEB@!?EK?B*AJ@!

@?B!J($$@!DE!*!$B$!J($$@!d!?@E%@!%*!G&'&A&B$!)@EB!J($@(W!@B!ADA!?@E%@F@AB!@%%@!J($@!G@?!

qB(@?!F*&?!]!@%%@!%@?!JDA?@('@!@B!%@?!?DEB&@AB!G*A?!%+@b&?B@AJ@HIL!^\!7@!#&@E![E&!J($@!

@?B!*E??&!5(D'&G@AJ@\!

!!!!!!!!0%%@! @?B! G@!A*BE(@! ?)&(&BE@%%@W! @B! %*! (*&?DA!ADE?! %@!)(DE'@\!0%%@! B(DE'@!G*A?! %@?!

JD()?W!$B@AGE@W![E*AB&B$!@B!)*(B&@?W![E&!?DAB!*K?@AB@?!G*A?!%+aF@\!VDFF@AB!%+aF@!

?*&Bu@%%@![E+@%%@!A+*!)*?!G+$B@AGE@!�!@%%@!*E(*&B!)E!%@!?DE)fDAA@(![E*AG!@%%@!F@B!@A!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!HPo!9\!9@(%@*Eu5DABRW!EF;*-,;*->-?+(!3(!>)!1(4/(10+-*W!5*(&?W!C*%%&F*(GW!Hpho!;JD%%@JB&DA!3@%>W!))\!LMHuLHI\!HPh! 4\! S(@O&@(W! B)! EF+>-.-1F+(W! )\! LhW! ADB@\! <PW! (@A'D&@! %*! )(@F&_(@! @B! %*! B(D&?&_F@! N! 5%*BDAW! %*!G@Eb&_F@!@B!%*![E*B(&_F@!N!6(&?BDB@\!HP=!3@bB@!%*B&A!"!JO*)&B(@!g..W!�H!"!.(3!F2,)*2,!1-0+2.!.(G22*024!(44-4(,5!HPp!!/D&(!4\!S($O&@(W!EF+>-.-1F+(W!)\!Lh!@B!6\!C*%DAA&@(W!BC(*/=/>-1;3+.,(W!)!<P\!HIM!!/D&(!3(*GEJB&DAW!ADB@!Pp\!HIH!3@bB@!%*B&AW!JO*)&B(@!./W!�H!"!.2+!/-41-4+.!2+2+<+/)04+c\!HIL!v\!3&b@(DABW!O+.0-+4(!3(.!3-?,(.W!)\!Pop\!

!

H=!!

cE'(@! EA@! &AB(D?)@JB&DA! )*(! A*BE(@! ?)&(&BE@%%@HIPW! DE! @AJD(@! [E*AG! @%%@! ?@! ?@AB!

*K?D(K$@!G*A?!?*!?B(&JB@!&AB&F&B$HIIW!F*&?!J+@?B!?E(BDEB![E*AG!@%%@!?@!'D&BW!*??DJ&$@!N!!

EA!JD()?W!(@?B@(!EA!@?)(&B![E&!G$JDE'(@W!$'*%E@W!F$G&B@W!JO@(JO@!N!JDAA*eB(@![E+@%%@!

)@EB! *%D(?! ?@! JDAJ@'D&(! JDFF@! )@A?$@W! N! )*(B&(! G@! %N! ?@! JDAA*eB(@! @B! ?*'D&(! J@!!!!!!!!!

[E+@%%@!A+@?B!)*?HI<\!0%%@!@?B!*BB&($@!)*(! %@?!JOD?@?!?)&(&BE@%%@?W! (@JDAA*&??*AB!*'@J!

@%%@?! EA@! ?&F&%&BEG@! G@! J($*B&DAHIo\! 0%%@! A+*! A&! [E*AB&B$! A&! XD(F@W! @B! )*(! XD(F@!

V*??&DGD(@!@AB@AG!%*!X&`E(@!G@?!`$DF_B(@?W!&A?J(&B@!G*A?!%+@?)*J@W!&%!A@!%Y@A'&?*`@!

)*?! JDFF@! J@! [E&W! G*A?! %@! %*A`*`@! *(&?BDB$%&J&@AW! G$B@(F&A@! DE! *JBE*%&?@! %*!

F*B&_(@\! 2&! %@?! 4J(&BE(@?! )*(%@ABW! N! )(D)D?! G+$'$A@F@AB?! ! ?)&(&BE@%?W! G@! XD(F@?!

JD()D(@%%@?W! G@! )O$ADF_A@?! ?@A?&B&X?W! &%! A@! ?+*`&B! [E@! G+EA! %*A`*`@! &F*`$W! G+EA!

%*A`*`@! F$B*)OD(&[E@\! V*??&DGD(@! (@Q@BB@(*! N! )%E?&@E(?! (@)(&?@?!

%+*ABO(D)DFD()O&?F@!K&K%&[E@HIh\!

!!!7+aF@!@?B!&FFD(B@%%@\!V*??&DGD(@!@A!B(DE'@!%*!)(@E'@!G*A?!%*!%&BB$(*BE(@!)(DX*A@!

*'@J![E*B(@!?R%%D`&?F@?!G+D(&`&A@!)%*BDA&J&@AA@!"!%+aF@!@?B!'&@HI=W!%+aF@!@?B!?&F)%@!

@B!A+@?B!)*?!EA@!O*(FDA&@HIpW! %+aF@!A@!)@EB!qB(@!JD((DF)E@!)*(!EA!'&J@!)(D)(@H<MW!

@AX&A!%+aF@!GDE$@!G@!(*&?DA!?@!F@EB!?*A?!J@??@H<H\!!

!!!!!!!!7*! ?)&(&BE*%&B$! @B! %+&FFD(B*%&B$! G@! %+aF@W! V*??&DGD(@! '*! $'&G@FF@AB! %@?!

(@JO@(JO@(!G*A?!%@?!4J(&BE(@?![E&!ADE?!G&?@AB![E@!#&@E!*!X*&B!%+ODFF@!N!?DA!&F*`@!

@B!N!?*!(@??@FK%*AJ@H<Ld!@B!&%!@?B!$'&G@AB![E+&%!@?B!&J&![E@?B&DA!G@!%+aF@W![E&!A@!)@EB!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!HIP!3@bB@! %*B&AW! JO*)&B(@! .W! �H! "! .+A+! 14)(.0-! (.0\!/D&(!9\!Z@((*mW!'(! >)!1.=/F->-?+(W! )\! IoW! @B!4\!C&%?DAW!H*04-32/0+-*W!)\!HMH\!HII! 3@bB@! %*B&AW! JO*)&B(@./W! �HI"! .2A+0-! /-?+0)0+-*+A2.! ),-9(,24\! /D&(! 9\! Z@((*mW! 3(! >)!1.=/F->-?+(W!)\!<P\!HI<!4\!C&%?DAW!H*04-32/0+-*W!))\!<puoM\!HIo!3@bB@!%*B&AW!JO*)&B(@!./W!�P!"!)3!.1+4+0)>+)!0(*3)0W!G2+A2.!.(!.+,+>(,!/-?*-./+0!(..(!<-4,)0),\!HIh!3@bB@!%*B&AW!JO*)&B(@!/.W!�L!"!*(/!+>>(!>+*?2)!>-/202.!(.0!G2),!/-*.0)0!(..(!/-41-4(),\!HI=!5%*BDA!W!EF_34(W!LI<J\!HIp!5%*BDAW!EF;3-*W!pLG\!H<M!5%*BDAW!B)!";12A>+G2(W!oMpK\!/D&(!*E??&!1\!S*JJDE!;!7*!1$)EK%&[E@W!C*(A&@(uZ%*FF*(&DAW!HpooW!ADB@!hPh\!H<H!5%*BDAW!EF_34(W!LI<GW!(@)(&?!)*(!9*J(DK@W!$-,*\!..W!HPW!HL\!!H<L!Z*E?B@!G@!1&@mW!Q1\!<!"!./+(*32,!(4?-!(.0W!G2+)!+3(-!,-4.!)3!)*+,),!*-*!1(42(*+0W!G2+)!+*!(),!3-,+*2.! +,)?+*(,! .2),! (0! .+,+>+023+*(,! /-*>-/)2+0! ;&%! X*EB! ?*'D&(! [E@! %*!FD(B! A@! )*('&@AB! )*?!QE?[E+N!%+aF@W![E@!%@!9*eB(@!R!*!G$)D?$!?DA!&F*`@!@B!?*!(@??@FK%*AJ@>\!V%*EG&@A!9*F@(BW!6*\!.W!<!"!3(! 2(4-! F-,+*(W! F-/! (.0! 3(! F-,+*+.! )*+,),! G2)(4+,2.! ;D(! N! )(D)D?! G@! %+ODFF@! J@! [E@! %+DA!JO@(JO@! N! ?*'D&(W! J+@?B! %+aF@! G@! %+ODFF@>\! 3(*GEJB&DA?! )@(?DAA@%%@?\! ]!%+4J(&BE(@! G&B! K&@A! [E@!%+ODFF@!*!$B$!J($$!N!%+&F*`@!G@!#&@EW!F*&?!)*(!ODFF@!&%!X*EB!@AB@AG(@!&J&!%+ODFF@!'$(&B*K%@W!J+@?BuNuG&(@! %+aF@! OEF*&A@!^! ?DE%&`A@! 0\7! ZD(B&A! ;IF4+.0+)*+.,(W! )\! h=>W! [E&! *QDEB@! [E+6FK(D&?@! @B!6E`E?B&A! *))%&[E*&@AB! N! %+aF@! OEF*&A@! %@?! )*??*`@?! G@! %*! C$A_?@! (@%*B&X?! N! %+ODFF@! J($$! N! %*!(@??@FK%*AJ@! G&'&A@W! JDFF@! C($`D&(@! G@! -R??@! ;'(! )*+,)! (0! 4(.244(/0+-*(>! @B! 9*b&F@! %@!VDAX@??@E(!;Q1\!o>\!

!

Hp!!

GDAJ! ! )@A?@(! [E@! #&@EW! [E&! %+*! J($$@! N! ?DA! &F*`@W! )E&??@! @A?E&B@! %E&! D))D?@(!

%+DEB(*`@!G@!%*!FD(B\!V*??&DGD(@!?@!)%*J@!G*A?!EA@!@b$`_?@!G@!BR)@!*%@b*AG(&A@![E&!

*'*&B! $B$! JDFK*BBE@! )*(! %@?! ?@F&u)$%*`&@A?W! %D(?! G@! %@E(! )D%$F&[E@! *AB&u

*E`E?B&A&@AA@!d!&%?!(@)(DJO*&@AB!N!?*&AB!6E`E?B&A!EA!GE*%&?F@!)?RJOD%D`&[E@!@B!EA!

J@(B*&A! &FF*A@AB&?F@! $%D&`A$! GE!#&@E! B(*A?J@AG*AB! G@! %*!S&K%@\! V*??&DGD(@! A@!

G$B*&%%@! )*?! %@?! G&?JE??&DA?! [E+DA! )DE'*&B! B(DE'@(! JO@m! %@?! 5_(@?! G@! %+4`%&?@!"!

)(DK%_F@!G@!%+&F*`@!G&'&A@!G@!%+aF@W!G@!%*!(@??@FK%*AJ@!G@!%+aF@!*'@J!#&@EW!GE!

7D`D?W!&F*`@!)*(X*&B@!G@!#&@EH<P\!9*&?!DA!)@EB!A$*AFD&A?!`%*A@(![E@%[E@?!$JOD?!

G@!J@?!JDAB(D'@(?@?!"!%@!)D(B(*&B![E&!*F_A@!EA@!J@(B*&A@!(@??@FK%*AJ@!F*&?!%D&A!G@!

%*!($*%&B$!@B!G@!%*!'$(&B$W!%*!)D??@??&DA!)*(!%+ODFF@!G+*BB(&KEB?![E+DA!)DE((*&B!J(D&(@!

G&'&A?W! F*&?! [E&W! @A! #&@EW! ?@! JDAXDAG@AB! *'@J! ?*! ?EK?B*AJ@! *%D(?! [E@! JO@m!

%+ODFF@! &%?!A+@A! ?DAB![E+EA@!)*(B&J&)*B&DAH<I\!V+@?B!EA!$J%*&(*`@!)%*BDA&J&@A![E+&%!

X*EB!ADB@(!&J&W!$J%*&(*`@!?E(!%@[E@%!ADE?!*E(DA?!%+DJJ*?&DA!G@!(@'@A&(\!!

!!!!!!!!!7+aF@!@?B!(*B&DAA@%%@W!@B!/+@?B!J@![E&!%+$%_'@!*EuG@??E?!G@?!KqB@?\!V*??&DGD(@!%*!

G$X&A&B!JDFF@!%@!FDE'@F@AB!G@!%+aF@![E&!)@EB!G$FDAB(@(H<<!d!7+aF@!*!EA@!*JB&'&B$!

G&?JE(?&'@H<o!d!@%%@!)@EB!*%%@(!GE!JDAAE!N!%+&AJDAAE!)DE(!*BB@&AG(@!%*!'$(&B$\!

!!!!!!!!}E*AG!V*??&DGD(@!*KD(G@!%*![E*%&B$!?EK?B*AB&@%%@!G@!%+aF@W!&%!?DE%&`A@!G+*KD(G!%@!

J*(*JB_(@!&`A$![E@!%E&!GDAA@AB!J@(B*&A?!*EB@E(?!)DE(!(@B@A&(!X&A*%@F@AB!?*![E*%&B$!

%EF&A@E?@\! 7@! B@bB@! G@! V*??&DGD(@! $'D[E@! %+&%%EF&A*B&DA! *E`E?B&A&@AA@W! BO$D(&@!

G+D(&`&A@!A$D)%*BDA&J&@AA@W!F*&?! [E+6E`E?B&A! *'*&B! (@B(DE'$!G*A?! %*! JD?FD`DA&@!

F*A&JO$@AA@!@B![E&!X*&B!G@!#&@E!%@!?D%@&%!&AB@%%&`&K%@!G@?!aF@?\!.%!A+R!*W!K&@A!?r(W!!!

*EJEA!(*))D(B!@AB(@!%*!%EF&_(@!J($$@!G@!%+aF@!@B!J@%%@W!&A*J@??&K%@W![E@!#&@E!@?B!%@!

?@E%!N!)D??$G@(H<h\!V*??&DGD(@!(@B(DE'*&B!J@BB@!ADB&DA!G*A?!%@?!4'*A`&%@?!@B!ADE?!R!

(@A'D&@H<=W! @B! &%! *GD)B@! BDEB! A*BE(@%%@F@AB! J@BB@! '&?&DA! [E&! )D?@! [E@%[E@?!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!H<P!2E(!%+H,)?-!'(+!'D&(W!1\6\!9*(jE?W!�+,)?-+!*AG!M.+,+>+023-Y!+*!62?2.0+*(W!.A?B&BEB!G+4BEG@?!6E`E?B&A&@AA@?W!5*(&?W!LuP!;HpoI>!"!))\HL<uHIPW!@B!U\!2DFF@(?W!]!.F*`@!G@!#&@E!"!%@?!?DE(J@?!G@!%+@b$`_?@!*E`E?B&A&@AA@!^!W!"(92(!3(.!#023(.!)2?2.0+*+(**(.W!h;HpoH>!"!))\!HM<uL<\!H<I! 3@bB@! %*B&AW! JO*)&B(@! ./W! �HM! "! )432)(! 2+4020(.! +*! .2,,+0)0(! +>>)! 1>(*+..+,)(! )0G2(!1(4<(/0+..+,)(! .2*0! G2)(! /4()024+.! 2*+2(4.+.! +1.+2.! >)4?+0)0(! 14-! .2-!,-32>-! /-*/(32*0245!/D&(!*E??&!4\!C&%?DAW!H*04-32/0+-*W!))\!Lh<uh=\!H<<!3@bB@!%*B&AW!JO*)&B(@!./W!�h!"!")0+-*(,!2(4-!3+/-!)*+,+!14-A)A+>(,!,-02,\!H<o! 6\! 2JOA@&G@(W!'+(! Q4j(**0*+.>(F4(W! )\! LPh\! ]!#&@! (*B&D! K@G@EB@B! &A?DX@(A! G*?Q@A&`@! #@Aj@AW!k@%JO@?!G&@!C(&@JO@A!?@&B!5%*BD?!t@&B@A!*%?!G&*AD&*!K@m@&JOA@B!O*K@A!^!;7*!(*B&D!(@)($?@AB@!GDAJ!%*!(*&?DA![E@!%@?!C(@J?!G$X&A&??*&@AB!G@)E&?!5%*BDA!)*(!3+)*-+)>\!H<h!!/D&(!3(*GEJB&DAW!ADB@!HM=\!H<=!v@*A5!HW!v!"!]!V@BB@!%EF&_(@!$B*&B!%*!'$(&B*K%@!%EF&_(@W![E&W!@A!'@A*AB!G*A?!%@!FDAG@W!$J%*&(@!BDEB!ODFF@!^!7*!/E%`*B@!G&B!!e!(4)0!>2c!2(4)!G2)(!+*>2,+*)0!-,*(,!F-,+*(,!2(*+(*0(,!+*!,2*32,5!

!

LM!!

)(DK%_F@?!G+&AB@()($B*B&DA\!}E*AG!&%!ADE?!)*(%@!G@!%EF&_(@!?EK?B*AB&@%%@W!)*(%@uBu&%!

G*A?!EA! %*A`*`@! &F*`$H<p!DE!*E!?@A?!)(D)(@HoM\! .%! ?@FK%@![E@!J@! ?D&B! %@! %*A`*`@!

F$B*)OD(&[E@![E+&%!ADE?!X*&%%@!(@B@A&(W! %*!%EF&_(@!$B*AB!EA!)(&AJ&)@!F*B$(&@%!*E??&!

)(DJO@! [E@! )D??&K%@! G@! %+@?)(&BHoH\! 7+aF@! ?@! (*))@%%@! *'D&(! (@fE! J@BB@! %EF&_(@!

)@AG*AB! %*! J($*B&DAHoLd! %+ODFF@! *! GDAJ! EA! &AB@%%@JB! [E&! %E&! @?B! )(D)(@HoPW! F*&?!

JDFF@! ADE?! %@! (@'@((DA?! %+&%%EF&A*B&DA! G&'&A@! G@! J@B! &AB@%%@JB! @?B! &AG&?)@A?*K%@!

)DE(!%*!JDAA*&??*AJ@!JDFF@!)DE(!%@?!(_`%@?!G@!%+*JB&DA\!!

!7+aF@!@AX&A!*!EA@!FDK&%&B$!XER*AB@W!@B!ADE?!JDAA*&??DA?!%@!G*A`@(!G+EA@!'D%DAB$!

[E&! A+@?B! )*?! &AX%@b&K%@\!0%%@! @?B! G+OEF@E(! JO*A`@*AB@W! '@(?*B&%@W! &AX%E@Af*K%@W! ?@!

BDE(A*AB!'@(?!%@!K&@A!DE!'@(?!%@!F*%\!2EQ@BB@!*E!JO*A`@F@ABW!%+aF@!A@!)@EB!qB(@!EA@!

)*(B&@!G@!#&@E![E&!?@E%!@?B!&FFE*K%@!d!J+@?B!7E&![E&!%+*!J($$@W!F*&?!N!)*(B&(!GE!A$*AB!

@B! ADA! N! )*(B&(! G@! ?*! )(D)(@! ?EK?B*AJ@! d! @B! ADE?! 'DRDA?! G@! %*!FqF@! X*fDA! [E@!

%+aF@W! ?EK?B*AJ@! ?)&(&BE@%%@W! @?B! G&XX$(@AB@! G@?! *A`@?! J*(! @%%@! @?B! JO*(`$@! G@!

JO*&(HoI\!

!!!!!!!!!!B(!/-41.!

!!!!!!!#&@E!@A!@XX@B!A+*!)*?!J($$!EA@!aF@W!&%!*!J($$!EA!ODFF@W!J+@?BuNuG&(@!EA@!aF@!@B!

EA!JD()?\!0A!)*(%*AB!GE!JD()?!OEF*&AW! B@F)%@!G@!%+aF@Ho<W!V*??&DGD(@!A+$J(&B!)*?!

EA!B(*&B$!G+*A*BDF&@W!K&@A![E+&%!ADE?!G$J(&'@![E@%[E@?!)*(B&@?!GE!JD()?!@B!JDA?*J(@!

EA! )*??*`@! N! %*! XDAJB&DA! AEB(&B&'@! @A! EB&%&?*AB! G@?! GDAA$@?! F$G&J*%@?\! .%! ADE?!

GDAA@! EA@! G@?J(&)B&DA! ?RFKD%&[E@! GE! JD()?! OEF*&A! "! ?RFKD%&?F@! AEF$(&[E@!

;J(aA@! XD(F$!G@! ?&b! D?W! JO&XX(@! )*(X*&B! d! )*(B&@?!GE! JD()?! *))*(&$@?! G@Eb! N! G@EbW!

GE*%&B$!(@A'DR*AB!*Eb!G@Eb!3@?B*F@AB?W!G&b!GD&`B?!@B!G&b!D(B@&%?![E&!(@A'D&@AB!*E!!

#$J*%D`E@>W! F*&?! *E??&! ?RFKD%&?F@! *(JO&B@JBE(*%! ;)D?BE(@! G(D&B@W! $%@'$@W!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!B2cW!J+@?B!%*!?DE(J@!%EF&A@E?@!@B!>2,(*W!%*!%EF&_(@!G&XXE?$@\!V*??&DGD(@!A@!G&XX$(@AJ&@!)*?!J@?!G@Eb!B@(F@?\!H<p!VDFF@!%@!%*A`*`@!*E`E?B&A&@A\!VX\!4\!C&%?DAW!H*04-32/0+-*W!)\!HM<\!HoM! VDFF@! %@! )@A?@! 6\! 2JO@&AG@(W!'+(! Q4j(**0*+.>(F4(W! )\LIL! "! ]!6%?! 7&JOB! @(?JO@&AB! &OF! G&@!2@@%@WEAG!mk*(!j@&A@?k@`?&A!@&A@F!AE(!K&%GOJO@AW!�K@(B(*`@A@A!2&AA@W!?DAG@(A!'&@%F@O(! &A!G@?!lD(B@?! @&`@AB%&JO?B@(! S@G@EBEA`!^! ;%YaF@! %E&! *))*(*eB! JDFF@! EA@! 7EF&_(@W! J@J&! ADA! *E! ?@A?!X&`E($W!F*&?!)%EB~B!G*A?!%@!?@A?!)(D)(@!GE!FDB>\/D&(!*E??&!6\!V(DJJDK!H>!>+A(4W!))\!HIpu<M\!HoH!!4\!C&%?DAW!H*04-32/0+-*W!)\hIW!ADB@!P\!HoL!3@bB@!%*B&AW!JO*)&B(@!/W!�L!"!G2)*02,!+>>+!14-!,-32>-!.2-!*(/(..)4+2,!<2+0W!3(/(*0(4!)//(1+..(!,(,-4)0245!HoP!4\!C&%?DAW!H*04-32/0+-*W!)\HMo\!HoI! 3@bB@! %*B&AW! JO*)&B(@! ./W! �HP! "! *-*! +*0(>>(?(*3)! (.0! 1)4.! 3(+W! 20! G2+! 3(,(*0+2,! +44(>+?+-.)!2->2*0)0(!120)2(42*0W!G2+)!/-*2(40+A+>+.!(.0!d!*(G2(!)*?(>-42,W!G2+)!/)4*+!.-/+)A+>+.!(.0\!Ho<!3@bB@!%*B&AW!JO*)&B(@W!gW!�<!"!.(3!/-*2(*+0!20!(0!3(!(+2.!0(,1>-!3+/),2.\!

!

LH!!

)@(F@BB*AB!%*!!JDAB@F)%*B&DAHooW!%@!J@('@*E!G*A?!EA!J(aA@!*((DAG&!JDFF@!%*!'DrB@!

J$%@?B@W! JD%DAA@! J@('&J*%@! ?D%&G@! JDFF@! %*! XD&>\! 2*! G@?J(&)B&DA! @?B! ?E(BDEB! EA!!

ORFA@! N! #&@E! )DE(! %*! K@*EB$! G@! ?*! J($*B&DAHoh! @B! )DE(! %*! )%*J@! $F&A@AB@! G@!

%+ODFF@! G*A?! %@! (_`A@! *A&F*%W! N! %*! F*A&_(@! G@! 7*JB*AJ@! G*A?! ?DA!'(! -1+<+/+-!!

'(+Ho=\! V@! JD()?! @?B! JDAfE! )DE(! [E@! ?@?! )*(B&@?! JDD)_(@ABW! )DE(! [E+&%! )E&??@! ?@!

G$X@AG(@W! `$A$(@(! @B! )@()$BE@(! %Y@?)_J@W! ($*%&?@(! *'@J! ?@?! G@Eb!F*&A?! J@! [E@! ?*!

)@A?$@! *! $%*KD($W! G&?JDE(&(! *'@J! ?*! 'D&b! d! &%! @?B! *E??&! *`($F@AB$! G@! )*(B&@?!

F$G&*A@?![E&! *QDEB@AB! N! ?DA!$[E&%&K(@! @B! N! ?*!K@*EB$W! &%! @?B! O*(FDA&@Eb!@B! G&`A@!

G+$%D`@?!d!F*&?!F*%O@E(@E?@F@AB!&%!@?B!?DE&%%$!)*(!%@!)$JO$!D(&`&A@%\!7@!(*))@%!GE!

)$JO$! ?DE%&`A@! ADB(@! ?EQ$B&DA! N! %*! %D&! G@! %*! JO*&(Hop! d! ?&! %+aF@! ?+R! ?DEF@BW! @%%@!

?+DK?JE(J&B!@B!DEK%&@!?*!'(*&@!A*BE(@![E+&%!%E&!X*EG(*!@??*R@(!G@!(@G$JDE'(&(HhM!)DE(!

)DE(?E&'(@!?DA!&B&A$(*&(@!'@(?!#&@E\!!

!BM2*+-*!3(!>MD,(!(0!32!/-41.!

!!!!!!!!VDFF@AB!%+aF@W!?EK?B*AJ@!&AB@%%&`&K%@W!)@EBu@%%@!qB(@!EA&@!N!EA!JD()?!F*B$(&@%!�!

V*??&DGD(@!?+$BDAA@!G@!%+EA&DA!G+EA@!?EK?B*AJ@!?)&(&BE@%%@!@B!G+EA!JD()?!?D%&G@HhH\!

7+aF@W!@?BW!G&Bu&%W!EA!?DEXX%@! &`A$!($)*AGE!?E(! BDEB! %@!JD()?HhL! d! &%! (@)(@AG!&J&! %*!

BO$D(&@! ?BDxJ&@AA@! G+*)(_?! %*[E@%%@! %+aF@! GDAA@! *E! JD()?! ?*! JO*%@E(!F*&?! *E??&!

EA@! B@A?&DA! ;�����>HhPW! [E+DA! B(*GE&B! G@)E&?! V&J$(DA! )*(! +*0(*0+-HhI! d! %+aF@! @?B!

G*A?! BDEB! ! ! %@! JD()?! @B! G*A?! JO*[E@! )*(B&@! @A! )*(B&JE%&@(! d! @%%@! '@&%%@! @A!

)@(F*A@AJ@! ?E(! %@! JD()?W! @B! J@BB@! *BB@AB&DA! '&B*%@! ;9+0)>+.! +*0(*0+->! '*(&@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Hoo!U\!2DFF@(?W!H,)?(!3(!'+(2W!))\!HHLuHHI\!7&@E!JDFFEA!G@!%*!)O&%D?D)O&@!`(@J[E@!%@!BO_F@!G@!%*!?B*BE(@!G(D&B@W!JDA?B*FF@AB!)($?@AB!G*A?!%+D@E'(@!G@!?*&AB!6E`E?B&AW!?@!(@B(DE'@!JO@m!7*JB*AJ@W!C($`D&(@! G@! -R??@W! S*?&%@! F*&?! *E??&! V&J$(DAW! :'&G@W! 9&AEJ&E?! Z@%&bW! @B! X*&B! )*(B&@! G@?!JDAB(@'@(?@?!B(*G&B&DAA@%%@?!G@?!5_(@?!G@!%+4`%&?@\!Hoh!3@bB@! %*B&AW!JO*)&B(@!gW!�<"!G2-*+),!+>>)! +,)?-!3(+!*-*!1)0+024!20!/-41-4+!3(<-4,+!/-*+2*/0)!(..(!9+3()0245/D&(!S\!S*jODEJO@!@B!2\!7EJ&*A&W!7*JB*AJ@W!))\!PPuPI\!Ho=!/D&(!S\!S*jODEJO@!@B!2\!7EJ&*A&W!B)/0)*/(W!'(!-1+<+/+-!'(+W!))\!PPuPI\!Hop! 3@bB@! %*B&AW! JO*)&B(@! ./W! �I"! G2)*3-! )*+,)! 3+>(/0-! /-41-4+! +*32>?(*0+2.! 4(,+00(*3-! >-/2,!*-./+024!14)(A(4(!1(//)0-5!HhM!4\!C&%?DAW!H*04-32/0+-*W!)\!HP<\!HhH!3@bB@!%*B&AW!JO*)&B(@!./W!�o!"!,+42,!14)(0(4()!2+3(024!4(,!+*/-41-4(),!,(,A4+.!.->+3+..+,+.!/->>+?)0),5!HhL!5DE(!%@?!?BDxJ&@A?!"!]!%+aF@!@?B!G@!%+*&(!JO*EGW![E&!)*(JDE(B!%@!JD()?!BDEB!@AB&@(\!V@!?DEXX%@!&`A$!?+$B@AG! N! B(*'@(?! BDE?! %@?!F@FK(@?!^! ;9\! 2)*AA*@EBW!B(! .0-t/+.,(W! )\! HPP>\! /D&(! *E??&! S\! S*juODEJO@!@B!2\!7EJ&*A&W!B)/0)*/(W!3(!-1+<+/+-!'(+W!S(@)D%?W!LMMpW!)\!LMHW!ADB@!HMpW!)\!LLMW!ADB@!LIoW!@B!v\l\!U*%)D(AW!&)?*+!624(>++W!HpoMW!)\!I<\!HhP!9\!2)*AA@EBW!B(!.0-t/+.,(W!)\!HPP\!!HhI!V&J@(DAW!L2./\!..W\!LhW!o<!"!F)(/!1)0+(*0+)!3->-42,!G2),!.)(1(!+),!)*+,+!+*0(*0+-*(!3+c+!(..(!<+4,)*3),!;!]!J@BB@!)*B&@AJ@!G*A?!%@?!?DEXX(*AJ@?W!GDAB!Q+*&!?DE'@AB!G&B![E+@%%@!GD&B!)E&?@(!?*!XD(J@!G*A?!%*!B@A?&DA!G@!%+aF@!^\!3(*G\!v\!UEFK@(B>W!@B!v\!7*`DE*A_(@W!H*0;4+-4+0;W!)\<L\!

!

LL!!

G+&AB@A?&B$!?@%DA!%*!A*BE(@!G@!%+D(`*A@!@B!?@%DA!%@?!J&(JDA?B*AJ@?Hh<\!V*??&DGD(@!A@!

?+$B@AG!)*?!%DA`E@F@AB!?E(!J@BB@!EA&DA\!.%!(@JDAA*eB!%+EA&DA!G@!%+aF@!@B!GE!JD()?!

G*A?!%@!X*&B![E+EA@!K%@??E(@!G@!A+&F)D(B@![E@%%@!)*(B&@!GE!JD()?!X*&B!?DEXX(&(!%+aF@!

BDEB@!@AB&_(@W!(@)(@A*AB!J@!![E+*'*&@AB!G$QN!G&BW!*'*AB!%E&W!6%@b*AG(@!G+6)O(DG&?@!

@B!?*&AB!6E`E?B&AHho\!.%!?DE%&`A@!%*!G$%@JB*B&DA!G@!%+aF@!)DE(!?DA!JD()?Hhh!d!F*&?!&%!

?@!?$)*(@!G@!?*&AB!6E`E?B&A!N!)(D)D?!GE!?&_`@!G@!%+aF@\!V@%E&uJ&!A@!%*!?&BE*&B!)*?!

G*A?!EA@!)*(B&@!?)$J&*%@!GE!JD()?!F*&?!G*A?!%@!JD()?!BDEB!@AB&@(Hh=\!7*!)D?&B&DA!G@!

V*??&DGD(@!@?B!*FK&`�@!)E&?[E+*)(_?!*'D&(!ADB$![E+@%%@!@?B!($)*AGE@!?E(! BDEB! %@!

JD()?W! &%! %E&! B(DE'@! EA! %&@E! )(&'&%$`&$W! G*A?! EA@! G$F*(JO@! [E&! JO@(JO@!

F*A&X@?B@F@AB! EA! $J%*&(*`@! ?RFKD%&[E@! d! *%D(?! [E@! J@! ?&_`@! @?B! )DE(! J@(B*&A?!

G*A?!%@!JD@E(HhpW!%E&!%@!'D&B!G*A?!%*!BqB@\!7@!J(aA@!*!@A!@XX@B!EA@!XD(F@!?)O$(&[E@W!

?&`A@!G@!)@(X@JB&DAW!&%!@?B!O*EB!)%*J$!!!JDFF@!#&@E![E&W!ADE?!G&?@AB!%@?!4J(&BE(@?W!

?&_`@!G*A?!%@?!J&@EbW!@B!%+aF@W!JDFF@!GE!O*EB!G+EA!B(&KEA*%W!)@EBW!*'@J!%+*&G@!G@!

#&@EW! ($`%@(! %@! JDF)D(B@F@AB! OEF*&A\! V*??&DGD(@! X*&B! *))@%! N! G@?! GDAA$@?!

F$G&J*%@?! @B! )OR?&D%D`&[E@?! )DE(! JDAXD(B@(! J@BB@! OR)DBO_?@W! @A! )(@A*AB! )DE(!

@b@F)%@!%@!J*&%%DB!?*A`E&A!J$($K(*%!DE!%@!(@B@AB&??@F@AB!G+EA@!XD(B@!$FDB&DA!*E!

A&'@*E! G@! %*! BqB@! )%EB~B! [E@! G*A?! EA@! *EB(@! )*(B&@! G@! JD()?\! .%! *'*&BW! G*A?! EA!

)(@F&@(! B@F)?! $'D[E$! %@! ]!JD()?u)(&?DAH=M!^! ?@FK%*AB! ADE?! (@A'DR@(! *E!

GE*%&?F@! )%*BDA&J&@A! d! %+aF@! )(&?DAA&_(@! G@! ?DA! JD()?! @?B! EA@! ADB&DA! G+D(&`&A@!

D()O&[E@!@B!)%*BDA&J&@AA@W![E&!?@(*!(@)(&?@!)*(!:(&`_A@!@B![E@!V*??&DGD(@!)DE'*&B!

B(DE'@(!G*A?!%@?!Q**;)3(.!G@!5%DB&A!DE!G*A?!%*!'@(?&DA!%*B&A@![E+@A!*'*&B!GDAA$@!

9*(&E?!/&JBD(&AE?\!.%!)DE'*&B!%*!(@B(DE'@(!*E??&!JO@m!2*&AB!6E`E?B&A![E&!@A!)*(%@!

G*A?! %@!I-*04)!6/)3(,+/-.!$J(&B! QE?B@! *)(_?! ?*!JDA'@(?&DAW!F*&?![E+&%! (@Q@BB@(*!

G*A?!?@?!"(04)/0)0+-*(.! d!?*&AB!6E`E?B&A!A+*'*&B! Q*F*&?!*GF&?!%@!)@??&F&?F@!G@!!!!

%*!?D%EB&DA!(@B@AE@!)*(!:(&`_A@\!2DA!)%*BDA&?F@!%YD(&@AB*&B!'@(?!%YaF@W!F*&?!?DA!

JO(&?B&*A&?F@!'@(?!%YEA&DA!GYEA@!aF@!@B!GYEA!JD()?\!6)(_?!*'D&(!$A@(`&[E@F@AB!

?DEB@AE! %*! ?)&(&BE*%&B$! G@! %+aF@! @A! ($*JB&DA! JDAB(@! ?DA! F*B$(&*%&?F@! &A&B&*%W!

6E`E?B&A! ?@! `*(G*! G+*%%@(! B(D)! %D&A! G*A?! J@BB@! G&(@JB&DA! @B! '&B! %+ODFF@! JDFF@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Hh<!4\!C&%?DAW!H*04-32/0+-*W!)\!oPuoI!@B!3(*GEJB&DAW!!ADB@!<p\!Hho!V&B$?!)*(!0\7\!ZD(B&AW!IF4+.0+)*+.,(W!)\!HH=W!ADB@!=\!Hhh!3@bB@! %*B&AW!JO*)&B(@! ./W!�I! "!-/2>-42,!.1(/2>)0+-*(!3(1)./+024W!.-*-4+.!3(>(/0)024!)23+0+A2.W!.2)2+..+,+.!+2/2*3)024!-3-4+A2.W!*(/(..)4+)!?2.02.!(12>)0+-*(!3(>(*+024\!Hh=!0\!5D(B*%&$W!62?2.0+*W!JD%\!LP<p\!Hhp!6\!2JO@&AG@(!"!]!)@(&)*B@B&?JOu?BD&?JO@A!6EXX*??EA`!^!;GDJB(&A@!)$(&)*)$B&J&@AA@!@B!?BDxJ&@AA@>\!'+(!Q4j(**0*+.>(F4(W!)\!LLp!H=M!3@bB@!%*B&AW!JO*)&B(@!./W!�I!"!+*(<<)A+>+!/-*3+0+-*(!3+>+?+0!/)4/(4(,!.22,\!

!

LP!!

EA@!A*BE(@!Dy! %*!F*B&_(@! @B! %+@?)(&B! ?+EA&??@AB! ?*A?! ?@! JDAXDAG(@H=H! d! G*A?! J@BB@!

EA&DAW!?&!%YaF@!?@!BDE(A@!B(D)!'@(?!%*!F*B&$(@W!%@!JD()?!*%D(?!%Y@F)(&?DAA@\!2*&AB!

6E`E?B&A!(@XE?*&B!)*(!*&%%@E(?!G+*BB(&KE@(!*E!?@E%!JD()?!%*!?DE&%%E(@!G@!%+ODFF@H=LW!

F*&?!J@BB@!EA&DA!$B*&B!BDEQDE(?!(@?B$@!)DE(!%E&!EA!)(DXDAG!FR?B_(@H=P\!7@!B@bB@!G@!

V*??&DGD(@! ?@! B(DE'@! *E! J@AB(@! G@! J@BB@! *ABO(D)D%D`&@! @B! ?DA!'DJ*KE%*&(@! ADE?!

)*(*eB!B(*O&(!?*!?DE(J@!@B!?@?!O$?&B*B&DA?H=I\!!

!!!!!!!7+aF@!@?B!GDAJ!%+*A&F*B(&J@!GE!JD()?\!9*&?!%+ODFF@!A@!?@!JDAB@AB@!)*?!G@!'&'(@W!!!!!

&%!?@ABW!&%!)@A?@W!&%!*`&B\!

!!!!!!!!!BMD,(!.(*.+0+9(\!!

!!!!!!!!V*??&DGD(@!*)@(fD&B!G@Eb!'D%@B?!G*A?!%*!?@A?&K&%&B$!"!EA@!'&`E@E(!@?B!GDAA$@!*Eb!

?@A?! )*(! %+aF@! d! @B! )*(! %+&F*`&A*B&DA! ADE?! )DE'DA?! *JJ$G@(! N! BDEB! J@! [E&! @?B!

&AJD()D(@%\!7@!JD()?!ADE?!F@B!@A!(*))D(B!*'@J!%@!FDAG@!@bB$(&@E(!)*(!%@?!?@A?H=<W!

?*A?! [E@! %+aF@! ?D(B@! G+@%%@uFqF@! d! J+@?B! EA! (*))D(B! @AB(@! DE'(&@(! @B! DEB&%! [E@!

V*??&DGD(@W! ?E&'*AB! 5%DB&A! @B! ?*&AB! 6E`E?B&AW! ADE?! )(D)D?@H=od! %+aF@! ?@A?&B&'@!

GDAA@! G@! %*! XD(J@! ;9+?-4>! *Eb! ?@A?! JD()D(@%?! [E@! ?DAB! %*! 'E@W! %+DEx@W! %@! `DrBW!

%+DGD(*BW! %@! BDEJO@(W! `(aJ@! N! ?DA! ]!*BB@AB&DA! '&B*%@!^\! 7*! 'E@W! )E&??*AJ@!

&FF*B$(&@%%@! G@! %+aF@W! ?D(B! )*(! %*! )E)&%%@! G@! %+c&%! )DE(! *BB@&AG(@! %+DKQ@B! d! %+DEx@!

]!(@fD&B! %@?!?DA?!*E!FDR@A!G+D(@&%%@?!JDAJ*'@?!@B!@A!?)&(*%@?!^! W!F*&?!J+@?B!)*(! %*!

(*&?DA! [E@! ?DAB! G&?J@(A$@?! %@?! '&K(*B&DA?H=h\! 7*! JDAA*&??*AJ@! ?@A?&K%@! A+@?B! )*?!

?@E%@F@AB!EA@!)*??&DA!?EK&@!)*(!!%@!JD()?W!@%%@!@?B!@A`@AG($@!BDEB!N!%*!XD&?!)*(!J@!

[E&! JDAA*eB! @B! )*(! J@! [E&! @?B! JDAAEH==W! @B! J+@?B! %+aF@! [E&! QE`@! ;3++23+/)*.>\! :A!

ADFF@! ?@A?*B&DA! %+*JB@! G+*BB@AB&DA! @b@(J$@! )*(! %+aF@! ?E(! %@?! FDG&X&J*B&DA?! [E@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!H=H!0\!5D(B*%&$W!62?2.0+*W!JD%\!LP<=\!H=L! 0\! #EK(@EJ[W! ]!VD()?W! JO*&(! @B! aF@W! %@?! XD(FE%*B&DA?! G@! %+aF@! JO@m! ?*&AB! 6E`E?B&A!^W! "(a/F(4/F(.!3(!./+(*/(!4(>+?+(2.(W!'D%\!=IW!P!;Hppo>!"!))\P<HuhL!;P<o>\!H=P!/D&(!4\!C&%?DAW!H*04-32/0+-*W!)\!oL\!H=I!}E&!*))*(*&??@AB!G*A?!%@?!G$X&A&B&DA?!?EJJ@??&'@?![E@!?*&AB!6E`E?B&A!ADE?!GDAA@!G@!%+ODFF@!;0\!5D(B*%&$W!62?2.0+*W!JD%\!LP<=>\!H=<!3@bB@!%*B&AW!JO*)&B(@\!g.W!�o!"!F-/!)20(,!/-412.!)*+,)02,!G2+*G2(!.(*.+A2.!)3,+*+.04)024!)/!4(?+024!H=o!4\!C&%?DAW!H*04-32/0+-*W!)\hI\!H=h!3@bB@!%*B&AW!JO*)&B(@!g.W!�o!"!/-*/)2+.!)/!/-/>()0+.!)24+A2.!.-*-.!)//+1+0!z555{!3++23+/)*.!G2+3!.+0!)23+02,5!H==!2*&AB!6E`E?B&AW!L4+*\W!gW!HL!"!)A!204-G2(!(*+,!*-0+0+)!1)4+024W!)!/-?*-./(*0(!(0!/-?*+0-\!

!

LI!!

?EK&B! %@! JD()?H=p\! 7*! ?@A?&K&%&B$! (@A'D&@! G+*EB(@! )*(BW! N! %+&F*`&A*B&DAW! @B! J@%%@uJ&!

ADE?! X*&B! *JJ$G@(! *Eb! JOD?@?! &AJD()D(@%%@?W!F*&?! %+aF@!A@! )@EB! &F*`&A@(! [E@! J@!

[E+@%%@!*!G$QN!)@(fEHpM!@B![E+@%%@!`*(G@!@A!F$FD&(@!"!]!)%*J$@!G*A?!EA!JD()?!%+aF@!

'D&B! G@! ADFK(@E?@?! JOD?@?! B*AB~B! *'@J! %+D@&%! G@! %*! JO*&(! ;-/2>+! /)4*)>(.>W! B*AB~B!

G*A?! %@?! JO&F$(@?! G@! ?DA! &F*`&A*B&DA! ;1F)*0).0+/)! +,)?+*)0+->HpH!^\! V*??&DGD(@!

ADE?!*!(@A'DR$!N!?*&AB!6E`E?B&A!;E)0(4!62?2.0+*2.>!@B!N!?*!BO$D(&@!G@!%*!?@A?*B&DAW!

F*&?! &%! ?+@?B! JDAB@AB$! G@! ADE?! ?E``$(@(! %@?! JDAJ@)B&DA?! *E`E?B&A&@AA@?! G@! %*!

?@A?&K&%&B$W!@A!ADE?!@A!GDAA*AB!?@E%@F@AB![E@%[E@?!%*FK@*Eb!

!!!!!!!!!!!BMD,(!+*0(>>(/0+9(!

!!!!!!!!7+aF@!@?B!GDE$@!G@!(*&?DA!d!)*+,)!4)0+-*)>+.!@?B!EA@!@b)(@??&DA![E@!V*??&DGD(@!

EB&%&?@! N! G@Eb! (@)(&?@?HpL! G*A?! ?DA! B(*&B$W! @B! [E&! )@(F@B! G@! G&XX$(@AJ&@(! %+aF@! G@!

%+ODFF@!G@!J@%%@!G@?!*A&F*Eb\!7+ODFF@!*!EA@!*JB&'&B$! &AB@%%@JBE@%%@![E&! %E&! X*&B!

G$JDE'(&(! %@?! *(B?W! %*! ?J&@AJ@W! %@?! ]!G&?J&)%&A@?!^W! F*&?! [E&! %E&! )@(F@B! *E??&!

G+*BB@&AG(@! %+&AB@%%&`&K%@\!5DE(!?*&?&(!J@BB@! BO$D(&@!G@! %*!JDAA*&??*AJ@W! &%!ADE?! X*EB!

(@B(DE'@(! %*!F$B*)OD(@!G@! %+&%%EF&A*B&DA!G&'&A@! "! %*!)@A?$@!@?B!EA@! %EF&_(@!J($$@!

)*(! #&@EW! F*&?! @%%@! GD&B! qB(@! &%%EF&A$@! )*(! %@! J($*B@E(HpP! d! )DE(! [E@! %+&AB@%%@JB!

)E&??@! )@A?@(W! &%! %E&! X*EB! %+&%%EF&A*B&DA! G&'&A@HpI\! 7+aF@! *! EA@! %EF&_(@!

?EK?B*AB&@%%@W!ADE?!ADE?!@A!*)@(J@'DA?![E@%[E@XD&?Hp<W!F*&?!@A!A@!?+$%D&`A*AB!)*?!

G@! %*! `(aJ@! G@! #&@EW! %+&%%EF&A*B&DA!FD(*%@! @B! ?)$JE%*B&'@! G@! %+aF@! G@'&@AB! )%E?!

&AB@A?@\! V+@?B! [E@! %+&%%EF&A*B&DA! G&'&A@! [E&! )D(B@! ?E(! %@?! &AB@%%&`&K%@?HpoW! $J%*&(@!

*E??&! ADB(@! JDAGE&B@\! .%! A+R! *! *EJEA@! B(*J@! G+&AA$&?F@! *E! ?@A?! )%*BDA&J&@A! G*A?!

J@BB@!BO$D(&@!)E&?[E@!V*??&DGD(@!A@!(@B&@AB!)*?!%*!BO$D(&@!G@!%*!($F&A&?J@AJ@HphW!@B!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!H=p! 4\! C&%?DAW! H*04-32/0+-*W! )\=L! @B! V\! #&! 9*(B&AD! "! ]!)&y! ?@F)%&J@F@AB@W! %*! ?@A?*m&DA@! $! %*!(@*m&DA@!G@%%+!*A&F*!*G!EA*!)*??&DA@!G@%!JD()DW!?E%%*![E*%@!%+*A&F*!?&!JDAJ@AB(*!^W!"(95!3(.!#0235!62?\!LW!LMMMW!)\!H=<\!HpM!4\!C&%?DAW!H*04-32/0+-*W!)\hP\!HpH!/D&(!3(*GEJB&DAW!!ADB@!hL\!!HpL!/D&(!3@bB@!%*B&AW!JO*)&B(@!!./W!�p!@B!JO*)&B(@!!gW!�H\!HpP!v@*AW!HW!v\!HpI! 4\! C&%?DAW! H*04-32/0+-*W! )\HM=! "! ]!%+&%%EF&A*B&DA! @?B! &AG&?)@A?*K%@! )DE(! [E@! %+&AB@%%@JB! ?D&B!J*)*K%@!G@!)@A?@(!^\!Hp<!3@bB@!%*B&AW!JO*)&B(@!/W!�I!"!/-?+0)0+-*(!1-.+0+W!*(./+-!G2+3!0(*2(W!2->2A+>(W!/>)42,!+*!*-A+.!(..(!.(*0+,2.W!G2-3!4(.1+/+0!.+*(!.->(W!G2-3!2+3(0!.+*(!(c04)*(-!>2,+*(\!Hpo!!4\!C&%?DAW!H*04-32/0+-*W!)\!HHI\!Hph!2*&AB!6E`E?B&A![E&!)*(*&B!)*(%@(!G@!%*!(@F&A&?J@AJ@!*E!?@A?!)%*BDA&J&@A!G*A?!%@?!2D%&%D[E@?W!%*!($B(*JB@(*!)%E?!B*(G!;'D&(!3(*GEJB&DAW!ADB@!ph>\!VX\!6\2JO@&AG@(W!'+(!Q4j(**0*+.>(F4(W!)\!LPp!"!]!&A!?@&A@A! ?)�B@(@A! 2JO(&XB@A! ?*`B@! ?&JO! *EJO! 6E`E?B&A! 'DA! &O(! %D?W! DOA@! G@?O*%K! G&@! 6AA*OF@!*A`@KD(@A@(!0%@F@AB@!&A!EA?@(@(!0(j@AABA&?!*%?!?D%JO@!(*G&j*%!mE!'@(k@(X@A!;]!G*A?!?@?!$J(&BE(@?!)%E?! B*(G&'@?! 6E`E?B&A! ?+@A! G$B*JO*&B! *E??&! ?*A?! )DE(B*AB! (@Q@B@(! (*G&J*%@F@AB! %+OR)DBO_?@!

!

L<!!

?&! %YaF@! ?@! ?DE'&@ABW! JY@?B! G*A?! EA! ?@A?! B(_?! G&XX$(@AB!"! DA! *))(@AG! GE! 9*eB(@!

&AB$(&@E(!@A!@b)%D(*AB!%@!JDAB@AE!G@!ADB(@!JDA?J&@AJ@Hp=\!

!!!!!!!!!B)!,-4)>(!(0!>)!B-+!3+9+*(!

!!!!!!!!!!!!7+aF@W! ADE?! %+*'DA?! 'E! @?B! ]!?E?J@)B&K%@! G@! ?@! BDE(A@(! '@(?! %@! K&@A! @B! '@(?! %@!

F*%Hpp!^! d! %*! ?*`@??@W! ADE?! G&B!V*??&DGD(@W! ]!A@! ADE?! *! )*?! $B$! *BB(&KE$@! JDFF@!

[E@%[E@! JOD?@! GY&FFE*K%@LMM!^! @B! ?&! ADE?! *`&??DA?! JD((@JB@F@ABW! %Y&%%EF&A*B&DA!

G&'&A@! '*! ADE?! )(@?J(&(@! G@?! (_`%@?! *Eb[E@%%@?! &%! ADE?! X*EG(*! DK$&(! J*(! %+aF@!A@!

)@EB! &`AD(@(! J@%E&! [E&! )(D)D?@! %*! %D&LMH\! }E*B(@! '@(BE?! ADE?! ?DAB! *BB(&KE$@?! "! %*!

QE?B&J@! [E&! GDAA@! N! JO*JEA! J@! [E&! %E&! @?B! GrW! %*! )(EG@AJ@! [E&! ADE?! )@(F@B! G@!

G&?B&A`E@(! %@! K&@A! GE! F*%W! %*! XD(J@! [E&! )@(F@B! G+@AGE(@(! %+*G'@(?&B$W! @B! %*!

B@F)$(*AJ@![E&!(@X($A*AB!%*!JO*&(!JDA?@('@!%*!GDF&A*B&DA!G@!%+@?)(&BLML\!V*??&DGD(@!

R!*GQD&AB!%*!JDAB@F)%*B&DA![E&!)*(!%+)/+(.!,(*0+.LMPW!%*!X&A@!)D&AB@!G@!%+&AB@%%&`@AJ@W!

ADE?!)@(F@B!G@!)@(J@'D&(! %@?!DKQ@B?! &AB@%%&`&K%@?LMIW! %@! QE`@F@AB![E&!X*&B!@AB(@(! %*!

(*&?DA! G*A?! %+$'*%E*B&DA! GE! K&@A! @B! GE! F*%LM<W! @B! @AX&A! %*! F$FD&(@! [E&! F@B! @A!

($?@('@!%@?!?@J(@B?!G@!%+aF@LMo\!.%!ADE?!FDAB(@!@AJD(@!EA@!XD&?!?DA!*BB*JO@F@AB!*E!

?RFKD%&?F@W! )*(! J@BB@! B(&*G@! [E&! (@A'D&@! N! %*! B(&*G@! *E`E?B&A&@AA@W! ]!(*&?DAW!

F$FD&(@!@B!'D%DAB$!^W!@B!N! %*!3(&A&B$\!:A!*!)E!?+$BDAA@(![E@!V*??&DGD(@!F@BB@!?*!

)?RJOD%D`&@!*E!?@('&J@!G@!%*!FD(*%@LMhW!F*&?!J@![E&!%+&AB$(@??@W!J+@?B!?*!G@?B&A$@!@B!

DA! )@EB! *BB(&KE@(! N! V*??&DGD(@! J@! [E@! 4\! C&%?DA! G&B! G@! ?*&AB! 6E`E?B&A!"! ]!?DA!

*ABO(D)D%D`&@!@B!?*!)?RJOD%D`&@!?DAB!?E?)@AGE@?!N!EA@!FD(*%@![E&!(@AG!(*&?DA!G@!!!

%@E(?!J*(*JB_(@?!@??@AB&@%?LM=!^\!7+aF@!?DEF&?@!)*(!%*!JO*&(!@?B!EA@!aF@!)(&'$@!G@!

'&@\!2&!#&@E!(@`*(G@!'@(?!@%%@W!%E&!GDAA*AB!%*!XD(J@!G@!?@!?*E'@(W!%+ODFF@!B(DE'@(*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!G+$%$F@AB?! &AA$?! G*A?! ADB(@! JDAA*&??*AJ@\^>\! 9*&?! &%! A+R! *! )*?! $%$F@AB?! &AA$?! *E! ?@A?! G@! GDA!JDA`$A&B*%!d!%*!'$(&B$!A@!'&@AB!A&!G@?!JOD?@?!A&!G@!ADE?W!F*&?!G@!#&@E!;4\!C&%?DAK!H*04-32/0+-*W!)\!HMLW![E&!)*(%@W!N!)(D)D?!G@!?*&AB!6E`E?B&AW!G+&AB(&A?$J&?F@>\!

!!!!!!!!!!!!Hp=!5DE(!BDEB!J@J&!'D&(!\!C&%?DAW!H*04-32/0+-*W!))\!pouHMM\!\Hpp!3@bB@!%*B&AW!JO*)&B(@!./W!!�H"!.(3!+*!A-*2,!,)>2,!G2(!/-*2(40+A+>+.\!!!LMM!3@bB@!%*B&AW!JO*)&B(@!./W!�HL!"!1423(*0+),!*-*!(..(!*-A+.!+,,20)A+>(,!/-*04+A20),\!LMH!3@bB@!%*B&AW!JO*)&B(@!g..W!�H!"!.+!>)0-4(,!>(?+.!+?*-4(0!�!?4)3+024!.+*(!2+)K!4(.1+/+0!.+*(!>2,+*(5!LML!3@bB@!%*B&AW!G$KEB!GE!JO*)&B(@!/..\!LMP!/D&(!3(*GEJB&DAW!ADB@!HP<\!LMI! 3@bB@! %*B&AW! JO*)&B(@! /..W! �L! "! /-*0(,1>)0+-! G2)(! )/+(,! *-.04)(! ,(*0+.! (c0(*3+0! )3! 4(.!.2A0+>+..+,).!+*02(*3).5!LM<!3@bB@!%*B&AW!JO*)&B(@!/..W!�L!"!A-*+!,)>+G2(!4)0+-*)A+>+!)(.0+,)0+-*(\!LMo!3@bB@!%*B&AW!JO*)&B(@!/..W!�L!e!+*!)*+,+!1(*(04)>+A2.\!LMh! C\!9*BODAW!BM)*0F4-1->-?+(! /F4;0+(**(! (*!]//+3(*0! 3(! .)+*0! 62?2.0+*! g! k()*! $/-0! #4+?_*(\!1@JO@(JO@?! ?E(! %@! ?D(B! G@?! BO_?@?! G@! %+*ABO(D)D%D`&@! *E`E?B&A&@AA@! GE(*AB! %@! U*EB!9DR@A!i`@W!7&%%@W!Z*JE%B$!G@!3O$D%D`&@W!3O_?@!;P!'D%\>W!'D%\!.W!)\!HPP\!LM=!4\!C&%?DAW!H*04-32/0+-*W!)\<=\!

!

Lo!!

%@!KDAO@E(\!#&@E!)@EB!DE!ADA!BDE(A@(!?DA!(@`*(G!'@(?!%+aF@W!J+@?B!%*!`(aJ@!G&'&A@\!

7+ODFF@!)@EB!DE!ADA!EB&%&?@(!%*!XD(J@![E&!%E&!@?B!GDAA$@W!J+@?B!%*!%&K@(B$!OEF*&A@\!

7+*&G@! G@!#&@E! @?B! ($`E%&_(@F@AB! $'D[E$@! )*(!V*??&DGD(@! ;14)(.0)*0(!'(-W!'(-!

<)9(*0(W!3+9+*+0)0+.!)2c+>+-W!'(+!?4)0+)>W![E&! JDA?*J(@!)*(! *&%%@E(?!G@Eb!JO*)&B(@?W!

%+EA! ?E(! %+ODFF@! KDAW! %+*EB(@! ?E(! %+ODFF@! F$JO*ABW! [E&! ?DAB! J@(B*&A@F@AB! %@?!

JO*)&B(@?!%@?!)%E?!'&'*AB?!G@!?DA!B(*&B$\!.%!?DE%&`A@!%Y*))*(@AJ@W!%*!)OR?&DADF&@W!%@!

JDF)D(B@F@ABW!%@?!?@AB&F@AB?!G@!J@Eb![E&!X&G_%@?!N!%*!2*&AB@!3(&A&B$W!?DAB!*BB*JO$?!

N!%*!GDJB(&A@!*)D?BD%&[E@!@B!JDFF*AG@AB!*E!JD()?W!@B!%@?!JDF)*(@W!@A!%@?!D))D?*AB!

)D&AB!)*(!)D&AB!N!J@Eb![E&! &`AD(*AB!J@%E&![E&!)(D)D?@! %*!7D&W!?E&'@AB! %Y@((@E(!G@?!

ODFF@?W! @B! ?DAB! ?DEF&?! *Eb! ?$GEJB&DA?! G@! %*! JO*&(! @B! *E! G$FDA\! V@BB@! $BEG@!

)OR?&D`ADFDA&[E@! ?@FK%@! G@'D&(! ADE?! &AJ&B@(! N! ?J(EB@(! AD?! ?@AB&F@AB?W! AD?!

*BB&BEG@?W!@B!AD?!'D%DAB$?W![E&!?DAB!%@!F&(D&(!G@!ADB(@!aF@LMp\!

!!!!!BM-4+?+*(!3(!>MD,(!!

!!!!!!!!7+aF@!G+6G*F!A+@?B!)*?!EA@!)*(B&@!G@!#&@E!d!@%%@!*!$B$!J($$@!%D(?[E+@%%@!*!$B$!EA&@!

*E!JD()?!GE!)(@F&@(!ODFF@W!]!@A!EA!?@E%!JDFF*AG@F@ABW!@A!EA!?@E%!&A?B*ABLHM!^W!!

[E@! %@?! 4J(&BE(@?! G$J(&'@AB! @A! EA@! F$B*)OD(@! "! %+&A?EXX%*B&DA! G@! #&@E\! 9*&?!

JDFF@AB! DAB! $B$! J($$@?! %@?! aF@?! G@?! X&%?! G+6G*F! �! 0%%@?! )@E'@AB! )(D'@A&(! G@!

%+aF@!G@?!)*(@AB?!DE!@%%@?!)@E'@AB!*'D&(!$B$!J($$@?W!%*!)(@F&_(@!?D%EB&DA!($`%*AB!%@!

)(DK%_F@!G@!%*!B(*A?F&??&DA!GE!)$JO$!D(&`&A@%\!2E(!J@?!OR)DBO_?@?!2*&AB!6E`E?B&A!

*! BDEQDE(?! @E! G@?! G&XX&JE%B$?! )DE(! B(*AJO@(! @B! V*??&DGD(@! ADE?! X*&B! )*(B! G@! ?@?!

O$?&B*B&DA?W! %DE@! ?*&AB!6E`E?B&A! )DE(! ?DA! *BB&BEG@W! @BW! JDAX@??*AB! ?DA! &`AD(*AJ@W!

(@B&@AB!X&A*%@F@AB!EA@!J($*B&DA!)*(!#&@E!G+aF@?!*JJE?$@?!]!)DE(!EA@!(*&?DA![EY&%!

`*(G@! J*JO$@\\\! GYqB(@! %&$@?! *E! )$JO$! GE! )(@F&@(! ODFF@\! LHH!!^\! }E+@A! @?Bu&%! G@!

%+aF@!GE!VO(&?B!�!%@!/@(K@!?+@?B!X*&B!JO*&(W!&%!*!)(&?!%@?!&AX&(F&B$?!G@!%*!JO*&(W!J+@?BuNu

G&(@![E+&%! $B*&B! J*)*K%@!G@! ?DEXX(&(W!G+*'D&(!GE!)%*&?&(! @B! [E+&%! $B*&B!FD(B@%! JDFF@!

BDE?! %@?! ODFF@?\! 9*&?! JDAfE! ?*A?! JDAJE)&?J@AJ@! &%! *! $B$! @bJ%E! GE! )$JO$!

D(&`&A@%LHL\!V*??&DGD(@!?DE%&`A@!%@!(~%@!G@!9*(&@W!%*!F_(@!GE!VO(&?BW!@B!?*!'&(`&A&B$!

)@()$BE@%%@! d! 6G*F! @B! �'@! *'*&@AB! )@(GE! %+OEF*A&B$! d! v$?E?! @B! 9*(&@! %*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LMp!3@bB@!%*B&AW!JO*)&B(@!g.W!�=!!"!.1(/2>2,!G2-33),!(.0!)*+,)(!.2)(\!LHM!VO*)&B(@!/W!�P!"!2*)!+2..+-*(W!2*-!,-,(*0-\!LHH!3@bB@! %*B&AW!JO*)&B(@! .gW!�H! ! "!3(2,!)*+,).!/4()4(!(0!-//2>0)!G2)3),!4)0+-*(! +2.0+..+,(! +>>+.!+,120)4(!G2-3!14+,+!F-,+*+.!1(//)0-!0(*(*024!-A*-c+)(5!LHL!!0\!5D(B*%&$W!62?2.0+*W!JD%\!LPoHuLPoL\!

!

Lh!!

?*E'@(DABLHP\!7@! (~%@! GE!VO(&?B! @?B! J@%E&! G+EA!F$G&*B@E(! d!#&@E! ?+@?B! X*&B! ODFF@!

)DE(!?@!($JDAJ&%@(!%@!JcE(!G@?!ODFF@?\!

!!!!!!!!!B)!3(.0+*;(!3(!>MD,(!

!!!!!!!!6)(_?!%*!FD(BW!%@?!aF@?!(@f@'(DAB!EA@!)*(B&@!G@?!($JDF)@A?@?!DE!G@?!JOaB&F@AB?!

[E+@%%@?! *E(DAB! F$(&B$@?W! ?*JO*AB! [E@! BDEB! ?@(*! QE`$! N! %*! ($?E((@JB&DALHI\! 7*!

($?E((@JB&DA!G@!%*!JO*&(!JDA?@('@(*!%@!?@b@!;%*!JO*&(!(@?B@(*!JO*&(!@B!A@!G@'&@AG(*!

)*?! @?)(&B>LH<! d! )DE(! %@?! ($)(DE'$?! J@! ?@(*! %+$B@(A&B$!G@! %+@AX@(! d! %@?!)@&A@?! ?@(DAB!

G&XX$(@AB@?!?@%DA!%@E(!G@`($!G@!JE%)*K&%&B$LHo\!}E*AB!*Eb!K&@AO@E(@EbW!J@!?@(*!)DE(!

@Eb! %*! X$%&J&B$W! %*! )*&bW! EA! KDAO@E(! $B@(A@%W! %+O*(FDA&@! JDF)%_B@! G@! %+aF@! @B! GE!

JD()?\!.%?!'@((DAB!%*!G&'&A&B$!G*A?!?*!`%D&(@!d!J+@?B!EA!FDAG@!ADE'@*E![E&!*))*(*eB(*!

Dy!&%?!)DE((DAB!JDAB@F)%@(!%@!J($*B@E(!G*A?!?*!F*Q@?B$\!

!!!!!'+(2!(0!>MD,(!

!!!!!!!V*??&DGD(@!@?B!)*(B&!GE!*-./(!0(!+1.2,!N!%*!(@JO@(JO@!G@!?DA!aF@W!F*&?!*!&AX%$JO&!

%@! )($J@)B@! ?DJ(*B&[E@!G*A?!EA! &B&A$(*&(@! '@(?!#&@E\!}E@%%@! &G$@! *uBu&%! G@!#&@E! �!

2DA!@b&?B@AJ@!@?B!EA@!$'&G@AJ@!)DE(!V*??&DGD(@!d!%+EA&'@(?!B$FD&`A@!)DE(!%E&!d!%*!

J($*B&DA!@?B!EA!%DE*A`@!@A'@(?!%@!J($*B@E(W! BO_F@![E&!*%&F@AB@(*!BDEB@!EA@!)*(B&@!

GE! ?RFKD%&?F@!F$G&$'*%\!7@!#&@E!GDAB! ADE?!)*(%@!V*??&DGD(@! @?B! ]!&F)*??&K%@W!

&FFE*K%@W! G@F@E(*AB! )@()$BE@%%@F@AB! G@! %*! FqF@! F*A&_(@LHh!^W! ]!%E&! [E&! AY*!

Q*F*&?!$B$!*EB(@F@ABW![E&!A@!?@(*!Q*F*&?!*EB(@F@ABLH=!^\!7+�B(@W!J+@?B!J@%E&![E&!A@!

JO*A`@! )*?W! %+wxyX[! wx! )%*BDA&J&@ALHp\! 2*&AB!6E`E?B&A! %+*'*&B! G$QN! $J(&B!"! ]!F-,-!

+*0(4+-4!)23+)0K!,(*.!/)1+)0!2(4(! (..(! d!(.0! (*+,! .(,1(4! (-3(,!,-3-!(..(LLM!^\!

V+@?B!N!EA@!BO$D%D`&@!G@!%+@??@AJ@![E@!ADE?!?DFF@?!JDA'&$?\!VDFF@AB!*JJ$G@(!N!

%*! JDAA*&??*AJ@! G@!#&@E! �!V*??&DGD(@! ADE?! )*(%@! G@! ?@?! )@(X@JB&DA?! "! )E&??*AJ@!

'&'&X&*AB@!N!%*[E@%%@!BDEB!@?B!?DEF&?W!K$*B&BEG@!F@('@&%%@E?@W!DFA&)DB@AJ@!d!J+@?B!%@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LHP!!0\!5D(B*%&$W!62?2.0+*W!JD%\!LPhI\!LHI!VO*)&B(@\!g./! "! 02*/!)20(,!4(/+1+(,2.! <)/0-42,!-,*+2,!1>(*+..+,2,! <42/02,W!G2)*3-!2-/(!3-,+*+!)20!4(123+)0+!<2(4+,2.!)20!)3!4(?*2,!1(4(**+0)0+.!)3,+..+5!LH<!v\!3&b@(DABW!O+.0-+4(!3(.!3-?,(.W!)\IPH\!LHo!v\!3&b@(DABW!O+.0-+4(!3(.!3-?,(.W!)\!ILp\!LHh!3@bB@!%*B&AW!JO*)&B(@\!/.W!�P!!e!+1.2,!G2-G2(!)2/0-4(,!+,1)..+A+>(,W!+,,20)A+>(,W!1(4(**+0(4!2*-!,-3-!,)*(*0(,5!LH=!3@bB@!%*B&AW!JO*)&B(@\!g/W!�<!"!G2+!*2,G2),!)>+0(4!<2+0W!*2,G2),!)>+0(4!(4+0\!LHp!4\!C&%?DAW!H*04-32/0+-*W!))\!LhuL=\!LLM!2*&AB!6E`E?B&AW!Q95!k-F\!P=W!HM"!]![E@!%+ODFF@!&AB$(&@E(!$JDEB@W![E@!%+@?)(&B!JDF)(@AA@!J@![E@!J+@?B! G+qB(@! '(*&F@AB! "! @O! K&@AW! J+@?B! qB(@! BDEQDE(?! G@! %*! FqF@! F*A&_(@!^\! 3(*GEJB&DA! 9\! Z\!S@((DE*(G\!

!

L=!!

%*A`*`@! G@! %+*XX&(F*B&DA! d! F*&?! &%! ADE?! G&B! *E??&! [E@! #&@E! @?B! EA@! )E&??*AJ@!

&AJDF)($O@A?&K%@W!&A?*&?&?*K%@W!&A?DAG*K%@!"!@??*R@(!G@!JDAA*eB(@!#&@E!)*(!'D&@!G@!

A$`*B&DAW! J+@?B!FDAB(@(! [E+DA! A@! )@EB! %@! ADFF@(LLH\!}E*AG!V*??&DGD(@! )*(%@! G@!

#&@EW! &%! )*(%@! G@! %*! A*BE(@! G&'&A@W! J+@?BuNuG&(@W! GE! #&@Eu3(&A&B$W! %*! G&'&A&B$! [E&!

?+$)*ADE&B!?*A?!?EJJ@??&DA!G@!B@F)?!DE!G@!A*BE(@!@A!B(D&?!)@(?DAA@?LLL!%@!5_(@W!%@!

Z&%?! @B! %@! 2*&ABu0?)(&B! "! ]!FR?B_(@! &A@XX*K%@! )($?@AB! BDEB! @AB&@(! )*(BDEB! GYEA@!

F*A&_(@! &A'&?&K%@LLP!^W! GDAB! DA! A@! )DE((*! )(@AG(@! JDAA*&??*AJ@! [E@! )%E?! B*(G!

[E*AG!ADE?!%@!'@((DA?!X*J@!N!X*J@\!V*??&DGD(@!&A?&?B@!G+*EB(@!)*(B!?E(!%+&F)D(B*AJ@!

G@! %+&AJ*(A*B&DA\! 5*(! *&%%@E(?! &%! ADE?! ?E``_(@! )%E?&@E(?! )&?B@?! )DE(! *))(DJO@(! J@!

#&@E![EYDA!A@!)@EB!)*?!JDAA*eB(@!F*&?![E@!ADE?!A+&`AD(DA?!)*?! "! %*!)E(&X&J*B&DA!

[E&! )@(F@B! N! %+aF@! G@! (@JDAA*eB(@! ?DA! D(&`&A@W! %+$%*A! FR?B&[E@! z;)&$B$! ;1+(0).>W!

?&%@AJ@! ;.+>(4(>W!F$G&B*B&DA! ;14-<2*3(! 04)/0)4(>{W!F*&?! ?E(BDEB! %*! (*&?DA!@B! %*! XD&\!

7+aF@!&AB@%%@JB&'@!ADE?!$%_'@!*E!G@??E?!GE!(@?B@!G@?!qB(@?!'&'*AB?LLIW!ADE?!)@(F@B!

G+*%%@(!GE!JDAAE!N!%+&AJDAAEW!G+*JJ$G@(!*Eb!?@J(@B?!G@!%*!/$(&B$!d!F*&?!%*!(*&?DA!A@!

?EXX&B!)*?!d!&%!ADE?!X*EB!*E??&!%*!XD&![E&!?+*))E&@!?E(!%*!'$(&B$!G@?!4J(&BE(@?!d!?*A?!%*!

XD&W!%@?!)O&%D?D)O@?!A@!?E&'@AB!)*?!%*!%D&!GE!J($*B@E(!F*&?!%+@((@E(!G@?!ODFF@?\!s!!

%+$JD%@!GE!VO(&?BW!]!&%!A+R!*!)*?!G@!JcE(!(@K@%%@LL<^W!@B!%@?!aF@?!X&G_%@?!N!%*!GDJB(&A@!

*)D?BD%&[E@! JDA?@('@AB! %@E(! (@??@FK%*AJ@! G&'&A@W! *`&??@AB! K&@A! `(aJ@! N!

%+&%%EF&A*B&DA!G&'&A@!@B!$'&B@AB! %@?!)$JO$?![E&!DK?JE(J&??@AB! %*!'E@W!J*(!]!&%!@?B! %@!

?@E%!F*eB(@!)E&??*AB!@B!)*(X*&BW!J*)*K%@!G@!G&(@! %*!'$(&B$!N!ADB(@!aF@!@B!)DE(!)@E!

[EY&%!%Y*&B!G&B@W!N!%*!X*&(@!JDAB@F)%@(!@A!&%%EF&A*AB!%*!)@A?$@LLo!^!\!V+@?B![E@!%+aF@!

($`&B! EA! JD()?W! @BW! )%DA`$@! G*A?! %@! ?@A?&K%@W! EA! G*A`@(! %*! `E@BB@! "! [E+@%%@! ?D&B!

'&JB&F@!G@?!?$GEJB&DA?!G@!%*!JO*&(W![E+@%%@!JDFF@AJ@!N!*&F@(!J@![E&!@?B!G@!A*BE(@!

N!)$(&(!d!JY@?B!J@BB@!G$F*(JO@W!@B!ADA!%@!JD()?![E&!@?B!%@!BDFK@*E!G@!%YaF@\!.%! %E&!

X*EB!?@!(*))@%@(![E+@%%@!@?B!EA@!%EF&_(@LLh!@B![E@!%*!F&?$(&JD(G@!G&'&A@!]!*!)($'E!G@!

?DEF@BB(@!%@!JD()?!N!%+aF@W!%+aF@!N!%E&uFqF@W!@B![E@!%@!BDEB!(@`*(G@!)DE(!?DA!?*%EB!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LLH!VO*)&B(@\!/W!�L!"!*),!G2(,)3,-32,!<).!(.0!.2<<+/+(*0(4!3(!+>>-!3+/+!G2+!/4()024)(!.(*.2!*-*!1-0(.0!/-,14(F(*3+!�!LLL!0\!5D(B*%&$W!62?2.0+*W!JD%\!LPIh\!LLP!3@bB@!%*B&AW!JO*)&B(@\!/W!�L!"!G2-3!+*(<<)A+>(!2(4(,2.!)4/)*2,W!G2-3!2A+G2(!0-02,!(0!+*2+.+A+>(4!14)(.(*.!(.05!LLI!6E`\!L4+*\!gW!IW!e!*),!(0!)*+,)(!A(.0+)42,!2+22*0!.(3!*-*!+*0(>>(?2*0!;!]!%@?!aF@?!G@?!KqB@?W!@%%@?!*E??&W!'&'@AB!F*&?!A@!JDF)(@AA@AB!)*?!^\!3(*GEJB&DA!5\!6`*�??@>\!LL<!6E`\!$(4,\!Lp=!"!+*!2*)!./F->)!/-,,2*+.!,)?+.042,!+*!/-(>+.!F)A(,2.!;]!!+G&?J&)%@?+!G*A?!EA@!FqF@! $JD%@W! @B! ADE?! *'DA?! BDE?! EA! JDFFEA!F*eB(@! G*A?! %@?! J&@Eb!^\!3(*GEJB&DA!U\!S*((@*E! @B!JD%%>\!LLo!3@bB@!%*B&AW!JO*)&B(@!g/..W!�P!"!+1.(!(*+,!,)?+.0(4!1-0(*.!)0G2(!1(4<(/02.!(.0!G2+!(0!2(4)!3+/)0!)*+,)(!*-.04)(!(0!G2)(!3+c(4+0W!(),!<)/+)0!+>>2,+*)0)!,(*0(!/-*.1+/(4(\!LLh!7+aF@!&AB@%%@JB&'@!?+D))D?@!N!%+ODFF@!@bB$(&@E(!;v\!7*`DE*A_(@W!H*0;4+-4+0;W!)\!<p>\!

!

Lp!!

'@(?! %@! #&@E! J($*B@E(LL=!^\! #*A?! J@BB@! G$F*(JO@! V*??&DGD(@! ADE?! F@B! @A! `*(G@!

JDAB(@!%+D(`E@&%W!?DE(J@!G@!J@BB@!JE)&G&B$!G@!%+@?)(&B!LLp[E&!?EKD(GDAA@!BDEB!N!?D&\!.%!

ADE?! G@F*AG@! G@! ADE?! &A?B*%%@(! G*A?! %+OEF&%&B$! d! J*(! ?&! %@! VO(&?B! *! '*&AJE! J+@?B!

)*(J@! [E@! #&@E! ?+@?B! OEFK%@F@AB! EA&! N! %+OEF*A&B$\! V@! IF4+.02.! F2,+>+.K!

V*??&DGD(@!%+&F)%D(@!@A!%E&!G@F*AG*AB!G@!%E&!GDAA@(!%*!XD(J@!G@!%@!(@QD&AG(@!d!J+@?B!

%E&![E&!@?B!*E!J@AB(@!G@!%*!)(&_(@![E&!J%~B! %@! B(*&B$W!@B!GDAB!DA!)DE((*!*))($J&@(! %*!

?*'@E(!BDEB@!*E`E?B&A&@AA@LPM\!!

!

80(#/')!'1!%0)1$#*1$!,(!!"#(%&'(LPH!

!

!!!3DE?!%@?!*EB@E(?![E&!?@!?DAB!)@AJO$?!?E(!%@!'(!)*+,)!G@!V*??&DGD(@!?DAB!?$'_(@?!

)DE(! %Y*EB@E(W! ?DE%&`A*AB! %@! )@E! G+D(&`&A*%&B$! G@?! &G$@?! [E+DA! B(DE'@! G*A?! ?DA!

B(*&B$LPL\! V*??&DGD(@! ADE?! *'*&B! *'@(B&?!"! &%! *%%*&B! (*??@FK%@(! ;/-?(4(>! EA! J@(B*&A!

ADFK(@! G@! GDAA$@?\! 7*! %@JBE(@! G@! ?DA! B(*&B$! GDAA@! %+&F)(@??&DA! G+EA! *EB@E(! [E&!

$J(&B! ?DA! B@bB@W! XD(B! G+EA@! %*(`@! $(EG&B&DAW! @B! @A! G$(DE%*AB! G@?! &G$@?! [E+&%! *!

)*(X*&B@F@AB! &AB$`($@?! d! %*! ?@JDAG@! &F)(@??&DA! [E&! (@??D(B! G@! J@BB@! %@JBE(@! J+@?B!

%+&F)D(B*AJ@![E+&%!GDAA@!N!%*!JE%BE(@!JO($B&@AA@!d!@B!J+@?B!J@!GDEK%@!*?)@JB!)(DX*A@!

@B!JO($B&@A![E@!'DAB!?DE%&`A@(!%@?!?DE(J@?!G@!V*??&DGD(@!d!?*&AB!6E`E?B&A!?J&AG*&B!

%@?!JOD?@?!@A!G@Eb!J*B$`D(&@?!"!J@%%@?!GDAB!DA!GD&B!E?@(W!20+W!@B!J@%%@?!GDAB!DA!GD&B!

QDE&(W!<42+W!J+@?BuNuG&(@!J@%%@?![E&!*))D(B@AB!%@!KDAO@E(LPP\!!

]!}E*AB!N!ADE?![E&!QDE&??DA?!@B![E&!EB&%&?DA?W!ADE?!ADE?!B(DE'DA?!)%*J$?!@AB(@!%@?!

EA@?! @B! %@! *EB(@?W! @B! ?&! ADE?! 'DE%DA?! QDE&(! G@! J@%%@?! [E&! ?DAB! X*&B@?! )DE(! %+E?*`@W!

'D&%N! ADB(@! JDE(?@! `$A$@W! @B! )*(XD&?!FqF@! G$'&$@W! ?&! K&@A! [E@! ADE?! ?DFF@?! DE!

K&@A!(@B*(G$?!G*A?!%+*JJ_?!N!%*!)D??@??&DA!G@?!JOD?@?!X*&B@?!)DE(!%*!QDE&??*AJ@W!DE!

K&@A!FqF@!(*F@A$?!@A!*((&_(@W!@AB(*'$?![E@!ADE?!?DFF@?!)*(! %+*FDE(!G@?!K&@A?!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LL=!3@bB@!%*B&AW!JO*)&B(@!g.W!�HH!"!3+2+*)!,+.(4)0+-*(!14-2+.2,!20!/-412.!.2A3(4(0!)*+,)(W!)*+,),!.+A+W!0-02,!G2(!.)>20)4+0(4!)3!3(2,!4(.1+/(4(0!/4()0-4(,\!LLp!/D&(!4\!C&%?DAW!H*04-32/0+-*W!)\!H<I!@B!ADB@!P!d!%*!/21+3+0)?!@?B!%@!JDAB(*&(@!G@!%*!/F)4+0).\!LPM!7+@b)(@??&DA!@?B!G@!C\!S*(GRW!BM#?>+.(!(0!>(.!3(4*+(4.!"-,)+*.W!)\!LH<\!LPH!5DE(!BDEB!J@!JO*)&B(@W!'D&(!v\l\!U*%)D(AW!&)?*+!624(>++!I)..+-3-4+W!))\!I=u<LW!@B!1\!9*?E%%DW!]!.%!?DBBDXDAGD!JE%BE(*%@!G@%!'(!)*+,)!G&!V*??&DGD(D!^W!/>g.+/)5Q.023+-.!>)0+*-.!=!;Hpp<>"H=HupL\!LPL!5\!1&JO$W!BC;32/)0+-*W!)\!LMo\!

!!!!!!!!!!!!LPP!U\.\9*((DEW!$)+*0!62?2.0+*!(0!>)!<+*!3(!>)!/2>024(!)*0+G2(W!)\PIP\!

!

PM!!

&AX$(&@E(?LPI!^!\!7@!S&@A!GDAB!DA!GD&B!QDE&(!@?B!#&@EW!%@!(@?B@!)@(F@B!GY*BB@&AG(@!J@!

KEB\! VY@?B! J@! [E@! X*&B! V*??&DGD(@W! @A! F@BB*AB! ?*! JE%BE(@! )(DX*A@! *E! ?@('&J@! G@!

%Y4J(&BE(@!2*&AB@\!!

$-24/(.!32!]!#@!*A&F*!z!!

!!!V*??&DGD(@! X*&B! *))@%! *Eb! F*eB(@?! )(DX*A@?W! %@?! ]!,)?+.04+! .)(/2>)4+2,!

>+00(4)42,!^W! [E+&%! *))@%%@!)*(XD&?!)2/0-4(.! DE!2(0(4(.K!@B! *Eb!GDJB@E(?! JO($B&@A?W!

%@?! 2(4)/(.! 3-/0-4(.\! .%! A@! J&B@! )*?! ?@?! ?DE(J@?W! J@! [E&! $B*&B! EA@! )(*B&[E@! *??@m!

O*K&BE@%%@W! F*&?! [E&! )@EB! ADE?! *F@A@(! N! )@A?@(! *E??&! [EY&%! $J(&BW! ?r(! G@! ?DA!

$(EG&B&DAW!?*A?!*))ER@(!?DA!B@bB@!?E(!G@?!)2/0-4(.!?E?J@)B&K%@?!G@!%E&!*))D(B@(!)%E?!

G@!'*%&G&B$\!6E!G$KEB!GE!B(*&B$W! %+&F*`@!GE!)D(B!B(*A[E&%%@!*BB@&AB!*)(_?!%*!B@F)qB@!

@?B! EA@! &F*`@! *??@m! K*A*%@! [E&! )DE((*&B! qB(@! EA! $JOD! G+6)E%$@LP<! F*&?! [E@!

V*??&DGD(@!)DE'*&B! B(DE'@(!*E??&!JO@m!3@(BE%&@A!DE!?*&AB!6E`E?B&ALPo\!V*??&DGD(@!

ADE?!(@A'D&@!@A?E&B@!*E!J$%_K(@!)($J@)B@!G@!2DJ(*B@LPh!*-./(! 0(! +1.2,\!s!)(D)D?!

G@! %*! JDE(?@! G@?! *?B(@?! @B! G@! %@E(! O*(FDA&@W! &%! EB&%&?@! 9*J(DK@! ;H*! .-,*+2,!

$/+1+-*+.>!@B!SD_J@!;H*.0+020+-!)4+0F,(0+/)>!d!?@?!@bJE(?&DA?!$BRFD%D`&[E@?!GD&'@AB!

K@*EJDE)! N! /*((DA! ;'(! >+*?2)! >)0+*)>W! F*&?! '&@AA@AB! ?r(@F@AB! *E??&! G@! ?*&AB!

6E`E?B&A!;I-*<(..+-*2,!>+A4+! 04(3(/+,W!gW!HH>LP=!d!G*A?!?*!G$X&A&B&DA!G@! %+aF@!@B!

?E(! ?DA! &FFD(B*%&B$W! &%! X*&B! *))@%! N! 5%*BDA! @B! 6(&?BDB@! ?*A?! [E+DA! ?*JO@! ?+&%! '*!

G&(@JB@F@AB!N!%*!?DE(J@LPpW!@B!N!9*J(DK@!;I-,,(*0)4++!+*!$-,*+2,!$/+1+-*+>\!7*!

ADB&DA!G@! %+aF@W!)(&?DAA&_(@!GE!JD()?W!ADB&DA!G+D(&`&A@!D()O&[E@!@B!)%*BDA&J&@AA@!

(@FDAB@!N!5%DB&A!d!F*&?!@%%@!*!)E!'@A&(!*E??&!G@!5D()OR(@!DE!G@!9*(&E?!/&JBD(&AE?!

@B!%*!FqF@!(@F*([E@!?+&F)D?@!)DE(!?*'D&(!?+&%!?+*`&B!G+EA@!?DE(J@!G&(@JB@!DE!ADAW!

J@BB@!ADB&DA!?@!(@B(DE'*AB!JO@m!?*&AB!6E`E?B&A!;JO@m![E&!@%%@!*!$'D%E$W!ADE?!%Y*'DA?!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LPI!!6E`\W!'-/04\!.W!P!"!*-.!2(4-W!G2+!<42+,24!(0!20+,24!+*0(4!204).!204).G2(!/-*.0+020+W!.+!(+.W!G2+A2.!20(*32,! (.0W! <42+! 2->2(4+,2.! +,1(3+024! /24.2.! *-.0(4! (0! )>+G2)*3-! (0+),! 3(<>(/0+024W! 20! )A! F+.!4(A2.W! G2+A2.! <42(*32,! (.0W! -A0+*(*3+.! 2(>! 4(0)43(,24! 2(>! (0+),! 4(2-/(,24! +*<(4+-42,! ),-4(!14)(1(3+0+\! 3(*GEJB&DA! .\! SDJO@B! @B!C\!9*G@J\!/D&(!U\.\!9*((DEW!$)+*0! 62?2.0+*! (0! >)! <+*! 3(! >)!/2>024(!)*0+G2(W!5*(&?W!G@!SDJJ*(GW!Hp<=W!)\!PIP\!LP<!6)E%\!&5!g.W!HI!"!,2>0+.!(0!2)4++.!(c)*/>)0+.! >)A-4+A2.!,)?*+.!G2(!J-402*)(!0(,1(.0)0+A2.!(0!,)c+,+.!)/02.!14-/(>>+.!)3!1-402,!n2+(0+.!(0!)4),!&+.(4+/-43+)(! 0)*3(;,>W!B2/+W!9(*+.0+! ;6)(_?!B*AB!G+$)(@E'@?!@??ER$@?!@B!G@! BDEB@! ?D(B@W! ?@JDE$!)*(! %@?! (EG@?!*??*EB?!G@! %*!ZD(BEA@!@B! %@?!)%E?!'&D%@AB@?!B@F)qB@?W!B@!'D&%N!@AX&A!)*('@AEW!7EJ&E?W!*E!)D(B!GE!1@)D?!@B!N!%+*EB@%!G@!%*!9&?$(&JD(G@\!3(*G\!5\!/*%@BB@>\!:A!(@B(DE'@!G*A?!J@(B*&A?!F*AE?J(&B?!GE!'(!)*+,)W!G2+(0+.!N!%*!)%*J@!G@!G2+(02.\!/D&(!*E??&!3(*GEJB&DAW!ADB@!H!

!!!!!!!!!!!!LPo!/D&(!3(*GEJB&DAW!!ADB@!H\!LPh!/D&(!3(*GEJB&DAW!ADB@\!HL\!LP=!/D&(!1\!9*?E%%DW!H>!.-00-<-*3-!/2>024)>(!W!)\!H=I\!LPp!/D&(!3(*GEJB&DAW!ADB@!ho\!!

!

PH!!

'E>W!V&J$(DAW!9*J(DK@!DE!V*%J&G&E?\!6E!JO*)&B(@!/..W!N!)(D)D?!G@?!'@(BE?!FD(*%@?!

G@! %+aF@! &%! (@)(@AG! %@?! *A*%R?@?! [E@! V&J$(DA! *! X*&B@?! G*A?! %@!'(! +*9(*0+-*(K! G@!

X*fDA! %@!)%E?!?DE'@AB! %&BB$(*%@\!:A! (@B(DE'@! %@?![E*B(@! XD(J@?!G$J(&B@?!*E!JO*)&B(@!

/..! ?E(! %*! XDAJB&DA! AEB(&B&'@! G@! %YaF@! G*A?!9*J(DK@! ;!$)024*)>+)! hW! IW! HI>\! 7@?!

]!F*eB(@?!G*A?!%Y*(B!F$G&J*%LIM!^!![E+&%!&A'D[E@W!?DAB!G+&G@AB&X&J*B&DA!G&XX&J&%@!d!)*(!

JDAB(@! *E! JO*)&B(@!gW! %@! B(*'*&%! G@?!,(3(*3+! 1(4+0+..+,+W! JDAJ@(A*AB! %+O$F*BDF@!

J$($K(*%!@B!%*!GE(@uF_(@W!(@A'D&@!'(*&??@FK%*K%@F@AB!N!C*%&@ALIHd!%@?!)(D)D?!?E(!%*!

?@A?&K&%&B$W! %*! JO*%@E(! A*BE(@%%@! G@! %+aF@! @B! %*! (@?)&(*B&DA! (@A'D&@AB! @AJD(@! N!

6(&?BDB@! ;E)40+(.! 3(.! )*+,)2cW!'(! >)! 4(.1+4)0+-*>LILd! G*A?! %@! JO*)&B(@!g.W! ?E(! %*!

G&?)D?&B&DA!GE!JD()?W!?+&%!?E&B!%@!)%E?!?DE'@AB!7*JB*AJ@!;'(!-1+<+/+-!'(+>W!DA!B(DE'@!

$`*%@F@AB!G@?!$JOD?!G@!V&J$(DA!;'(!*)024)!3(-42,>W!9&AEJ&E?!Z@%&b!;]/0)9+2.>!

@B!:'&G@!;%@?!&;0),-41F-.(.>\!1@?B@!J@![E+DA!)DE((*&B!*))@%@(!]!%@!J*?!V%*EG&@A!

9*F@(B!^\! VDFF@! ADE?! %Y*'DA?! G$QN! ADB$W! *'@J! ?*&AB! 6E`E?B&AW! %@! '(! .0)02!

)*+,)(! G@! V%*EG&@A!9*F@(B! @?B! JDA?&G$($! )*(! %*! )%E)*(B! G@?! *EB@E(?! JDFF@! %*!

?DE(J@! )(&AJ&)*%@! GE! '(! )*+,)! G@! V*??&DGD(@\! 5DE(B*AB! DA! A@! B(DE'@! *EJEA@!

J&B*B&DA!%&BB$(*%@!G@!V%*EG&@A!9*F@(B!G*A?!%@!'(!)*+,)W!*%D(?![E@!?*&AB!6E`E?B&A!

@?B!J&B$!@B![E@!%@!B@bB@!G@!V*??&DGD(@!ADE?!(@A'D&@!?*A?!J@??@!N!%E&\!S&@A!@AB@AGE!

?*&AB!6E`E?B&A!$B*AB!EA@!?DE(J@!)(&AJ&)*%@!)DE(!V%*EG&@A!9*F@(BW!%@?!G@Eb!B(*&B$?!

DAB! EA! *&(! G@! X*F&%%@W! F*&?! DA! A@! (@B(DE'@! )*?! G*A?! %@! B@bB@! G@! V*??&DGD(@!

[E@%[E@?uEA@?!G@?!@b)(@??&DA?!F*eB(@??@?!GE!'(!.0)02!)*+,)(!"!G@?!B@(F@?!JDFF@!

+*>-/)>+0).W! +*>-/)>+.W! EB&%&?$?! )DE(! %@! J*(*JB_(@! ADA! ?)*B&*%! G@! %+aF@W! G@?! B@(F@?!

JDFF@! .0)A+>+.! ,-02.W! [E&! ?DE%&`A@AB! %+*JB&DA! )@(F*A@AB@! G@! #&@EW! A$*AFD&A?!

&FFDK&%@W! DE! @AJD(@! +*/-*<2.+A+>+0(4! ,+./(4+! [E&! G$?&`A@! %+EA&DA! ?)&(&BE@%%@! G@!

%+aF@! @B! GE! JD()?W! %+&G$@! *E??&! [E@! %@! JD()?! B(DE'@! ?DA! ?&_`@! G*A?! %+aF@! @B! ?+@A!

G$B*JO@! N! %*! FD(BLIPW! BDEB! J@%*! A+*))*(*eB! )*?! G*A?! %@! B@bB@! G@! V*??&DGD(@\! S&@A!

@AB@AGE! %@! X*&B! G@! A@! )*?! ADFF@(! ?@?! ?DE(J@?! @?B! EA@! *BB&BEG@! K*A*%@! )DE(!

%Y$)D[E@!d!F*&?!BDE?!%@?!)*??*`@?![E&!)DE((*&@AB!'@A&(!G@!V%*EG&@AW!)@E'@AB!'@A&(!

*E??&!G@!?*&AB!6E`E?B&A\!.%!@?B!GDAJ!G&XX&J&%@!G@!(@B@A&(!EA@!X&%&*B&DA!X@(F@!@AB(@!%@?!

G@Eb!B@bB@?LII\!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LIM!3@bB@!%*B&AW!JO*)&B(@!.gW!!�H"!,(3(*3+!)40+<+/(.\!LIH!1\!9*?E%%DW!H>!.-00-<-*3-!/2>024)>(W!)\!H=<!@B!6\!C*%DAA&@(W!BM(*/=/>-1;3+.,(W!)\!oI\!LIL!!/D&(!1\!9*?E%%DW!H>!.-00-<-*3-!/2>024)>(W!)\!H=I!@B!6\!C*%DAA&@(W!BM(*/=/>-1;3+.,(W!)\!<p\!LIP!/D&(!0\7\!ZD(B&AW!IF4+.0+)*+.,(W!)\HLpuPM\!LII!V+@?B!N!EA@!($X%@b&DA!?@FK%*K%@![E+*KDEB&??@AB!!v\l\!U*%)D(AW!&)?*+!624(>++W!)\!IpW!@B!1\!9*?E%%DK!+>!.-00-<-*3-!/2>024)>(W!))\!H=hu==\!

!

PL!!

!!!2*&AB!6E`E?B&A!@?B! %@! ?@E%!5_(@!G@! %+$`%&?@!J&B$\!V*??&DGD(@! %@!J&B@! %&BB$(*%@F@AB!

G@Eb! XD&?! @B! FDAB(@! EA@! JDAA*&??*AJ@! $B@AGE@! G@! ?@?! B(*&B$?\! 7@!'(! )*+,)! @?B!

&F)($`A$! G@! ?*&AB!6E`E?B&AW! [E@!V*??&DGD(@! )D??$G*&B! )*(X*&B@F@AB!d! %@?! BO_F@?!

*E`E?B&AA&@A?! [EYDA! R! (@B(DE'@! (@A'D&@AB! *Eb! G&XX$(@AB?! DE'(*`@?! G@! ?*&AB!

6E`E?B&A! "! %@!'(! G2)*0+0)0(! )*+,)(W! %@!'(! /+9+0)0(! '(+W! %@!'(! L4+*+0)0(W! %@!'(!

?(*(.+! )3! >+00(4),W! %@?!I-*<(..+-*2,! >+A4+! 04(3(/+,W! %@!'(! >+A(4-! )4A+04+-W! @B! %*!

>(004(!l{{!?DAB!%*(`@F@AB!)($?@AB?\!7@?!(@A'D&?!*Eb!"(04)/0)0+-*(.W!*Eb!$->+>-G2+)W!

*E! I-*04)! 6/)3(,+/-.W! *E! '(! -43+*(W! *E! '(! ,2.+/)W! N! %*! B(004(! l|}W! *E! '(!

3+9(4.+.! G2(.0+-*+A2.W! I-*04)! J)2.02,! &)*+/F)(2,W! I-*04)! )39(4.+-.! >(?+.! (0!

14-1F(0)42,W! *&A?&! [E+*E! '(! *)024)! (0! -4+?+*(! )*+,)(W! ?DAB! FD&A?! X($[E@AB?\!

7Y*EBD(&B$! G@! ?*&AB!6E`E?B&A! $B*&B! JDA?&G$(*K%@! d! %*! )(DXDAG@E(! G@! ?DA!cE'(@! @A!

X@(*! %@! )%E?! &F)D(B*AB! G@?! 5_(@?! G@! %+$`%&?@! (DF*&A@\! 7@! )*)@!C$%*?@! H@(! K%aF@W!

G*A?! ?*! %@BB(@!GE!AD'@FK(@!IpPW! %@?! $'q[E@?![E&! J(&B&[E@AB! ?*&AB! v$(~F@!@B! ?*&AB!

6E`E?B&A! d! G*A?! EA@! %@BB(@! (@fE@! @A! <LMW! %@! )*)@! UD(F&?G*?! (@A'D&@! N! ?*&AB!

6E`E?B&A! *E! ?EQ@B! G@! %*! `(aJ@! d! @AX&A! %@?! J*ADA?! GE! JDAJ&%@! G+:(*A`@! ;<PM>! A@!

ADFF@AB!)*?!?*&AB!6E`E?B&A!F*&?!?DAB!G@?!@bB(*&B?!G@!?DA!cE'(@LI<\!V*??&DGD(@W!

@A!?E&'*AB!?*&AB!6E`E?B&AW!?@!FDAB(*&B!*E??&!EA!X&%?!G@!%+4`%&?@\!

!!!V*??&DGD(@! X*&B! @A?E&B@! G@! ADFK(@Eb! @F)(EAB?! *Eb! 7@BB(@?! 2*J($@?! d! &%! J&B@!

%+4JJ%$?&*?B@! ;lmW!o>W! .?*x@! ;~oW!l{>W! %*!2*`@??@! ;llW!m>W! %+4'*A`&%@!G@! v@*A! ;lW!v>W!

%+4'*A`&%@!G@!7EJW!;lW!}~>!@B! %@?!7@BB(@?!G@!5*E%!"!.!3&FDBO$@!;{W!l{>W!5O&%&))&@A?!

;lW! {>W! 1DF*&A?W! ;llW! }|>W! .! VD(&ABO&@A?W! ;l}W! v! @B! lmW! mlam}>\! .%! (@A'D&@! N! G@!

ADFK(@Eb!$)&?DG@?!G@!%*!S&K%@W!@A!@F)(EAB@!EA!N!?*&AB!v$(~F@!;`+0)!.)*/0+!E)2>+>!

@B!EA!*EB(@!N!%*!'&@!G@!?*&AB!5*JO~F@!;`+0)!.)*/0+!E)/F-,++!)AA)0+.!L)A(**(*.+.>5!!

!!!0A!?+*))ER*AB!?E(!%@?!G@Eb!?DE(J@?!)(DX*A@?!@B!?*J($@?W!V*??&DGD(@!(@F)%&??*&B!%*!

BaJO@![E+&%!?+$B*&B!X&b$@!d!%@!'(!)*+,)!G@'*&B!*'D&(!EA@!)D?B$(&B$!d!DA!?+R!($X$(@(*!@B!

&%!?@(*!)%*`&$!*E??&LIo\!0A!B(*A?F@BB*AB!*E!9DR@A!i`@!?DA!cE'(@!@B!%@?!F*AE?J(&B?!

G@!/&'*(&EFW!V*??&DGD(@!@AB(*&B!G*A?!%*!%&`A$@!G@?!]!)*??@E(?!GE!9DR@A!i`@LIh!^\!

!!!!!!!!!E-.0;4+0;!32!]!#@!*A&F*!^!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LI<!0\!5D(B*%&$W!62?2.0+*W!JD%\!LIoIuo<\!LIo!4\!C&%?DAW!>)!EF+>-.-1F+(!W!)\!H<H!LIh!4\!C&%?DAW!>)!EF+>-.-1F+(W!)\!Hhp!"!!&%!]!)D(B*&B!?*!)&@((@!N!%*!JDA?@('*B&DA!G+EA@!B(*G&B&DA!%*B&A@!N!KDEB!G@!JDE(?@![E&!*%%*&B!$F&`(@(!'@(?!G@?!B@((@?!'&@(`@?!Dy!@%%@!GDAA@(*&B!G@!ADE'@*Eb!X(E&B?\!^!

!

PP!!

!!!V*??&DGD(@W!ADE?!%+*'DA?!ADB$W!A+@EB!)*?!G@!ADBD(&$B$! &FF$G&*B@!F*&?!?@?!$J(&B?!

X&(@AB!%+DKQ@BW!)*(!%*!?E&B@W!G+EA@!%*(`@!G&XXE?&DA!d!&%!*))*(*eB!G*A?!EA!`(*AG!ADFK(@!

G@!J*B*%D`E@?!F$G&$'*EbLI=!@B!%@!ADFK(@!&F)D(B*AB!G@!F*AE?J(&B?![E@!%+DA!)D??_G@!

)DE'*&@AB! G$QN! %@! %*&??@(! )(@??@AB&(\! V+@?B! S_G@! %@! /$A$(*K%@! [E&! @A! )*(%@! %@!

)(@F&@(W!?@FK%@uBu&%!d!&%!*'*&B!JDFF@AB$!G@!ADFK(@Eb!)*??*`@?!G@!%*!S&K%@W!@B!DA!

)@EB! %&(@! G*A?! H*! Qu4),! (0! @((,+),! @B! G*A?! H*! 14+*/+1+2,! P(*(.+.! 2.G2(! )3!

*)0+2+0)0(,! H.))/! EA! (@A'D&! N! V*??&DGD(@! "! G2)>+.! <2+0! I)..+-3-42.! G2-*3),!

.(*)0-4! 4(1(*0(! (//>(.+)(! 3-/0-4LIp\!2*! (@ADFF$@! G$KEB@! *'@J! %@?! J*(D%&A`&@A?\!

1*K*A!9*E(W!G*A?!?DA!L4)/0)02.!3(!)*+,)W! X*&B! ($X$(@AJ@!N!V*??&DGD(@!*E[E@%! &%!

@F)(EAB@!EA@!)*(B&@!GE!B(*&B$W!R!*QDEB*AB!G@?!@bB(*&B?!GE!'(!9+0)!/-*0(,1>)0+9)!G@!

vE%&@A!5DF_(@L<M! "!G2)(!/2*/0)!(c!/2f2.3(,!&)?*+!624(>++!I)..+-3-4+!$(*)0-4+.!

3+/0+.!(c/(41.+W!@B!@A!(@)(@AG!%@?!XD(FE%@?!;L4)/0)02.!3(!)*+,)W!JO*)&B(@!H!"!)*+,)!

+?+024! F-,+*2,! 14-14+(! 3+/+024W! *-*! (0+),! 1(/-42,W! @B! EA! )@E! *)(_?! "! +3(-G2(!

4(/0(!3+/+024!)*+,)W!G2).+!)*)+,)W!+3!(.0W!3+./4(0)!>-*?(!)!.)*?2+*(L<H>\!U&AJF*(!

G@!1@&F?W!G*A?!?DA!'(!3+9(4.)!)*+,)(!4)0+-*(! %@!J&B@!"!I)..+-3-42.!G2-G2(W!2+4!

)//(44+,+! +*?(*++! (0! +*.+?*+.! (423+0+-*+.W! +*! >+A4-!G2(,!'(!)*+,)!/-*./4+1.+0W! @B!

B(*A?J(&B! EA! X(*`F@AB! GE! JO*)&B(@! ./W! G@! ,+42,! 14)(0(4()! N! +*0(4+4(L<L\! :A! *!

?E``_($! [E@! G*A?! %@?! #0=,->-?+(.! G+.?&GD(@W! %+$BRFD%D`&@! G+)*+,2.! @B! G@! ,(*.!

)DE((*&B!'@A&(!GE!B(*&B$!G@!V*??&DGD(@W!F*&?!BDE?!%@?!*EB@E(?!A@!(@B&@AA@AB!)*?!J@BB@!

OR)DBO_?@L<P\! 3DEB! *E! %DA`! GE! 9DR@A! i`@! %@?! ($X$(@AJ@?! N! V*??&DGD(@! ?@(DAB!

ADFK(@E?@?\!1*BO&@(!G@!/$(DA@!GDAA@!EA@!G$X&A&B&DA!G@!%+aF@![E+&%! %E&!@F)(EAB@!

*??@m!%&K(@F@AB!;`(0(;4(.>!"!)*+,)!(.0!.+,1>(c!.2A.0)*0+)!.1(/+(.!*)024)>+.!3+.0)*.!

)!,)0(4+)! /-41-4+.! .2+! -4?)*2,!,(,A4-42,! (0! 2+4020(,! 2+0(! F)A(*.\!-;D?B>1.\!

)*+,)!(.0!.1+4+0)>+.!14-14+)!G2(!.2A.0)*0+)!.2+!/-41-4+.!2+2+<+/)04+c!)!3(-!)20(,!(c!

*+F+>-! /4()0)! 4)0+-*)A+>+.! G2+3(,! .(3! +*! A-*2,! ,)>2,! G2(! /-*2(40+A+>+.L<I>\!

6%JO@(! G@! V%*&('*EbW! G*A?! %@! '(! .1+4+02! (0! )*+,)! ?+&A?)&(@! F*A&X@?B@F@AB! G@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LI=!U*%)D(A!ADB@!B(@AB@u[E*B(@!($X$(@AJ@?!*E!'(!)*+,)!G*A?!%@?!J*B*%D`E@?!F$G&$'*Eb\!7@?%&@!l\!vDA@?W!!]!3O@!.AX%E@AJ@!DX!V*??&DGD(E?!DA!9@G&*@'*%!VE%BE(@!^!W!$1(/2>2,W!/D%\!LMW!-D\!I!;:JB\W!HpI<>W!))\!IPpW!A+@A!G$ADFK(*&B![E@!?@)B\!LIp! S_G@! %@! /$A$(*K%@W! H*! Qu4),! (0! @((,+),! >+A4+! ...! ;V57! HPIp>! %&K\! LW! %&A@*! L=P! @B! H*!14+*/+1+2,!P(*(.+.!2.G2(!)3!*)0+2+0)0(,!H.))/!@BJ\!;V57!HPII>!%&K\!HW!J*)\!HW!%&A@*!hpH\!

!!!!!!!!!!!!!!L<M!/D&(!Z\!S(EAOwm%mW!O+.0-+4(!3(!>)!>+00;4)024(!>)0+*(W!BDF@!.W!'D%!\LW!)\!pI\!L<H!S\!1*K*A&!9*E(&W!!]1(4)!-,*+)W!E)04->-?+(!3(!&+?*(W!H=<LW!BDF@\!./W!JD%\!HHMpuHM\!L<L! U&AJF*(! G@! 1@&F?\!]1(4)! -,*+)W!E)04->-?+(! 3(!&+?*(WBDF@\! .W! H=<LW!'(! 3+9(4.)! )*+,)(!4)0+-*(W!JD%\!pPo\!L<P!2B@)O@A\6\!S*(A@RW!l\v\!7@k&?W!v\6\!S@*JO!*AG!:%&'@(!S@(`ODXW!LMMoW!J*FK(&G`@!EA&'@(?&BR!)(@??!"!LF(!#0=,->-?+(.!-<!H.+3-4(!3(!$;9+>>(!"!OBB)"|)DBu)DE((&\B@bB@|&?&GD(E?|@BRFD%D`R\)GX!L<I! 1*BO@(&E?! /@(DA@A?&?! ;7@DG&@A?&?! ?&E@! 7DK&@A?&?>! u! @-0)(! )20-?4)1F+/)(! &A! F?\! 3(&@(W!2B*GBK&K%&DBO@j!HIp|HHp<!=�W!ADB*!"!PIMW!)*`\!LHI!;X\!HHP'!u!HHId!6A\!IW!Huh!@B!PW!=uLo>\!!

!

PI!!

V*??&DGD(@!;)*+,)!(.0!.2A.0)*0+)!4)0+-*)>+.K!+*0(>>(/02)>+.K!)!'(-!<)/0)!.1+4+02)>+.K!

*-*! (c! '(+! *)024)K! .(3! 1-0+2.! /4()024)! (c! *+F+>-! <)/0)K! +*! A-*2,! ,)>2,! G2(!

/-*9(40+A+>+.>L<<\! 6@%(@G! G@! 1&@'*E%bW! G*A?! ?DA!'(! )*+,)W! $'D[E@! %+$)&?DG@! G@!

7*m*(@!@B!GE!(&JO@W!$)&?DG@!?J(&)BE(*&(@![E+&%!*!)E!%E&!@F)(EAB@(L<o\!6E!g..�!?&_J%@!

CE&%%*EF@! G@! 2*&AB! 3O&@((R! X*&B! EA@! J&B*B&DA! )(@?[E@! %&BB$(*%@! G*A?! %@!'(! )*+,)!

/-41-4+.! (0! )*+,)(! "! 1-44-! .(/2*32,! *-.04-.W! +3! (.0! (//>(.+).0+/-.! 3-/0-4(.W!

)*+,)! .1+4+02)>+.! 14-14+)! G2(! (.0! .2A.0)*0+)! )! '(-! /4()0)W! .2+! /-41-4+.!

2+2+<+/)04+cW! 4)0+-*)A+>+.W! +,,-40)>+.W! .(3! +*! A-*2,! ,)>2,! G2(! /-*2(40+A+>+.L<h\!

V*??&DGD(@!@B!%@!'(!)*+,)!?DAB!J&B$?!)*(!v@*A!G@!2*%&?KE(R!"!V)..+-3-42.!2(4-!+*!

>+A4-! 3(! )*+,)! 0)>+! 20+024! 3(<+*+0+-*(L<=\! 0AX&A! *E! g...�! ?&_J%@! ?*&AB! 3ODF*?!

GY6[E&A!X*&B!($X$(@AJ@?!*E!'(!)*+,)!G*A?!%@?!n2)(.0+-*(.!3+.120)0)(!3(!2(4+0)0(!"!

14)(0(4()K! /)..+-3-42.! 3+/+0! +*! >+A4-! 3(! )*+,)K! G2-3! )*+,)! )! /-41-4(! .(1)4)0)!

.2+.!.(*.+A2.!(<<+/)/+2.!)23+0!(0!2+3(0!G2),!32,!(.0!+*!/-41-4(!;!]!V*??&DGD(@!G&BW!

G*A?!?DA!%&'(@!?E(!%+aF@W![E@!%+aF@!?$)*($@!GE!JD()?!'D&B!@B!@AB@AG!G+EA@!F*A&_(@!

*E??&! @XX&J*J@! [E+$B*AB! G*A?! %@! JD()?!^>L<p! @B! G*A?! %@!n2-3>+A(0)! .! "!I)..+-3-42.!

(*+,! 3+/+0! +*! >+A5! 3(! )*+,)K! G2-3! )*+,)! .+*(! /-41-4(! 2+3(0! (0! )23+0K! (0! 4(>+G2+.!

.(*.+A2.! 2+?(0!!! ! ;!]!V*??&DGD(@! G&BW! G*A?! ?DA! %&'(@! ?E(! %+aF@W! [E@! %+aF@! ?*A?! %@!

JD()?! 'D&BW! @AB@AGW! @B! *! G@! %*! XD(J@! *'@J! %@! (@?B@! G@?! ?@A?!^>LoM\! 0AX&A! v@*A!

5@JjO*FW! G*A?! ?DA! n2)(.0+-*(.! 3(! )*+,)! J&B@! V*??&DGD(@! ?*A?! (@)(@AG(@! ?DA!

B@bB@LoH\!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!2'!81L-'!,(#!"#(%&'(LoL#

!!!4J(&'*&A!%*B&A!B*(G&XW!V*??&DGD(@!$B*&B!*E??&!EA!*EB@E(!JO($B&@A\!.%!R!*!%DA`B@F)?!

F*&AB@A*AB![E+DA!?+@?B!$%D&`A$!G@!%+D?B(*J&?F@!GDAB!%*!%&BB$(*BE(@!%*B&A@!JO($B&@AA@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!L<<!!6%JO@(E?!V%*(*@E*%%@A?&?!;GEK&EF>!z�!6E`E?B&AE?!;)?@EGD>{W!'(!.1+4+02!(0!)*+,)W!J*)\!=W!JD%\!h=IW!%&A@*!Lp\!\!L<o!6@%(@GE?!1&@E*%%@A?&?W!'+)>-?2.! 3(! )*+,)W! %&K\! PW! %&A@*!IMo! "!*),!20(4G2(!,-4022.! (4)0W!(0!3+2(.!(0!>)u)42.W!.(12>0+.!204+2.G2(!/-41-4+A2.W!)>0(4+2.!)*+,)!+*!+*<(4+.!/42/+)A)024W!)>0(4+2.!+*!.+*2!)A4)F)(!/-*.->)A)0245!L<h!CE&%%@%FE?!G@!2*AJBD!3O@DGD(&JDW!'(!*)024)!/-41-4+.!(0!)*+,)(W!3(!)*+,)W!)*(\!<HW!)*`\!HLHW!%&A@*!oLL\!!L<=!.*ADA@?!2*(&?K@(&@A?&?W!&(0)>-?+/-*W!!./W\!Ho\!L<p! 2*&AB! 3ODF*?! G+6[E&AW! n2(.0+-*(.! 3+.120)0)! 3(! 9(4+0)0(W! G2(.0+-\! LL! z)*(B&F{! u! Lp! ?@J\!EA&E@(?&B*BEF!B(*G&B&DA@F>!G2)(.0+-"!LoW!)40+/2>2."!HW!.(3!/-*04)!PW!%\!HW!;)*`\!I=HW!JD%\L>\!LoM!2*&AB!3ODF*?!G�6[E&AW!n2-3>+A(B!.W!g.W!G2-3>+A(02,!HMW!G2)(.0+-!IW!)40+/2>2?!LW!)4?2,(*02,!HW!%\!HW!)\\!LMPW!JD%!L\!LoH!.DO*AA@?!5@JO*FW!n2)(.0+-*(.!3(!)*+,)W!G2)(.0+-!HHW!!IW!)\!IPIW!\LL!"!I)..+-3-42.W!I!J*)5!'(!)*+,)! "! )*+,)! 1-.0! F2+2.! .)(/2>+! ),+..+-*(,! 9+3(0W! )23+0! (0! )00+*?+0W! )20! 4(>+G2+.! .(*.+A2.!(<<+/)/+2.!20+0245!LoL!5DE(!J@!JO*)&B(@!'D&(!6\!S%*&?@W!&)*2(>W!GDAB!Q+*&!?E&'&!%@?!)($J&@E?@?!(@F*([E@?\!

!

P<!!

$B*&B! %+DKQ@B\! V+@?B! EA! @A?@&`A@F@AB! J%*??&[E@! [E&! $B*&B! GDAA$! N! J@!FDF@AB! %NW!

JDF)*(*K%@!N!J@%E&![E+*'*&B!(@fE!%@?!%@BB($?!G@!%+0F)&(@W!EA!@A?@&`A@F@AB!GDF&A$!

)*(!%*!`(*FF*&(@!@B!%*!(O$BD(&[E@\!7*!JE%BE(@!)(DX*A@!*'*&B!BDEQDE(?!$B$!EA!?EQ@B!

G@! G&?JE??&DA! G*A?! %@?! F&%&@Eb! JO($B&@A! d! @%%@! $B*&B! '&D%@FF@AB! J(&B&[E$@! )*(!

J@(B*&A?W! *%D(?! [E@! G+*EB(@?! JO@(JO*&@AB! EA@! ?D%EB&DA! F$G&*A@LoP\! VO@m!

V*??&DGD(@W!DA!A@!B(DE'@!)*?!%@?!)O(*?@?!GE(@?![E@!?*&AB!6E`E?B&A!@F)%D&@!N!%@E(!

?EQ@BW! @B! DA! *! )E! (@F*([E@(! [E+$J(&'*AB! N! ?@?! *F&?W! &%! EB&%&?*&B! G@?! &F*`@?!

FRBOD%D`&[E@?! B(*G&B&DAA@%%@?LoI\! V@(B@?! &%! ?+$B*&B! &AB$(@??$! *E! (@ADE'@*E! G@!

%+@A?@&`A@F@AB!(@%&`&@Eb!)E&?!&%!*'*&B!XDAG$!EA!FDA*?B_(@W!@B!?+&%!*'*&B!&A?&?B$!?E(!

%+EB&%&B$!G@?!%@BB(@?!)(DX*A@?!J+$B*&B!)DE(!*((&'@(!N!%+&AB@%%&`@AJ@!G@?!4J(&BE(@?\!:A!*!

)E! )DE(B*AB! ?DE%&`A@(! [E@! )*??@W! )*(! FDF@AB?! G*A?! J@! B@bB@W! %@! ?DEXX%@! G@! %*!

JE%BE(@! *AB&[E@! J%*??&[E@! "! ?>-A2.! +.0(! .->+.! /2,! F+/! .(4(*2.! +*<2>.(4+0W!

G2(,)3,-32,!)*+,+!*-.04+!.(*.)!1(4,2>/(0!�! >2,(*!G2-G2(! 0(44(*2,W!G2)*0)!

*-.! +,1>(0! ?4)0+)! /2,! 2+3(024!�!).1(/0+! <>-4(.! ?4)0+..+,)! *-.! +2/2*3+0)0(!

4(<+/+2*0! d! 0(44),! 2+4+3(,W! ,)4(! /)(42>(2,W! )(4+.! 124+0)0(,W! .0(>>).! ,+/)*0(.!

(c+,++.!*2*/!3(>(/0)0+-*+A2.! +*02(,245!n2-3!.+!,)?*),!14)(.0)*0!32>/(3+*(,K!

/2,! )3! -A0202.! *-.04-.! 2(*(4+*0! 4(.! /4()0)(W! G2+3! +>>)! ,)+(.0).! 02*/! 2+.)!

/-*<(44(!/4(3+024!/2+!*+F+>!.+,+>(!4(1(4+024Lo<!�!^\!

!!!V@BB@!$FDB&DA!G@'*AB!%*!A*BE(@!*!*F@A$!N!G&(@!G@!V*??&DGD(@![E+&%!*'*&B!"!]!%*!

?@A?&K&%&B$!G+EA!`(@J!@ABODE?&*?B@!G@!%EF&_(@!@B!G@!JDE%@E(!^!W!DE!@AJD(@![E@!?DE?!

?DA!&F)E%?&DA!"!]!EA!%*(`@!X%@E'@!G+@?BO$B&[E@W!G+EA@!*EBO@AB&[E@!*AB&[E&B$W!JDE%@!

@A!G&(@JB&DA!GE!9DR@Au6`@Loo!^W!FqF@!?&!V*??&DGD(@!JO(&?B&*A&?@!*E??&B~B!J@BB@!

$FDB&DA! "! G2-3! .+! ,)?*),! 14)(.0)*0! 32>/(3+*(,W! /2,! )3! -A0202.! *-.04-.!

2(*(4+*0! 4(.! /4()0)(W! G2+3! +>>)! ,)+(.0).! 02*/! 2+.)! /-*<(44(! /4(3+024! /2+! *+F+>!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LoP!5\!1&JO$K!#32/)0+-*W!)\!HLh\!LoI! ]!%D(?[E@! 2&GD&A@W! #(*JDAB&E?W! V*??&DGD(@! DE! 0AADG@! DXX(*&@AB! EA! $)&BO*%*F@! N! EA! *F&W! &%?!AYO$?&B*&@AB! )*?! N! (@)(@AG(@! %@?! &F*`@?! FRBOD%D`&[E@?! B(*G&B&DAA@%%@?! )DE(! $'D[E@(! %@?! Q@Eb! G@!/$AE?!@B!G@!VE)&GDAW!J*(!JY$B*&B!%*!%D&!GE!`@A(@!^\!5\!1&JO$W!#32/)0+-*W!)\!HLhW!ADB@\!<o\!Lo<!3@bB@!%*B&AW!JO*)&B(@!g/W!!�p"!]!V@!`%DK@!?D%*&(@!@A!K(&%%*AB!&J&!?*A?!AE*`@?W!JDFF@!&%!JO*(F@!%@?!)@A?$@?!G@!ADB(@!aF@!�!7*!%EF&_(@!B@((@?B(@!*E??&W!G@![E@%%@!`(aJ@!ADE?!(@F)%&Bu@%%@![E*AG!@%%@!*))*(*eB!�!7@?!X%@E(?![EYDA!*)@(fD&B!ADE?!(@GDAA@AB!G@?!XD(J@?!)*(!%@!)%E?!*`($*K%@!G@?!JO*(F@?!"!ADE?!JDAB@F)%DA?!*'@J!EA!)%*&?&(!F*&AB@A*AB!?E)$(&@E(!%*!B@((@!'@(GDR*AB@W!%*!F@(!K%@E@W!%*!)E(@B$!G@!%Y*&(W!%@?!$BD&%@?![E&!?J&AB&%%@AB!^\!Loo! !,(?!'DA!S*%BO*?*(! "!B)!?>-+4(!(0! >)!/4-+cW!]!./!%@!GDF*&A@!G@!%*!F$B*)OR?&[E@W! %@?!JDA?B(EJuB&DA?!^!W!5*(&?W!6EK&@(W!Hp=LW!)\!H=\!

!

Po!!

.+,+>(! 4(1(4+024Loh! �!^! 5DE(B*AB! FqF@! ?+&%! '@EB! ?+$%@'@(! '@(?! #&@EW! J*E?@! G@!

BDEBLo=W!V*??&DGD(@!?@!($QDE&B!GE!?)@JB*J%@!GE!FDAG@\!!

!!!!7+EA@! G@?! )(@F&_(@?! JOD?@?! [E@! %+DA! ADB@! G*A?! %@! %*B&A! B*(G&X! @?B! %+@b&?B@AJ@!

G+@ABD(?@?!*E!%*B&A!J%*??&[E@![E+DA!)@EB!J@(B@?!(@B(DE'@(!JO@m!%@?!*EB@E(?!*AJ&@A?W!

F*&?! [E&! G@'&@AA@AB! )%E?! X($[E@AB@?\! 5@E'@AB! *&A?&! qB(@! (@%@'$?! "! 7+*GQ@JB&X!

*BB(&KEB! GE! ?EQ@B! *E! %&@E! G+EA! *G'@(K@W! BDE(AE(@! G+D(&`&A@! `(@J[E@! ;+4)./+024!

1>)/+32.W! f23+/)0! 04)*G2+>>2.>! d! %@?!)*(B&J&)@?!)($?@AB?!*E!)%E(&@%!EB&%&?$?!JDFF@!

ADF?W! FqF@! *'@J! EA! JDF)%$F@AB! ;! /4(3(*0+A2.! /-*02>+0! 4(?*(! /�>-42,>! d!

%Y*G'@(K@!)%*J@! *'*AB! %@!ADF!)(@A*AB! %@! ?@A?!G+EA! *GQ@JB&X! ;G2),!2(4(! .)1+(*.!

/4(3+0>! d! %@?!ADF?!@A!u0-4!DE!@A!u04+c!)DE'*AB!(@F)%*J@(!EA!'@(K@!;.2+!/-41-4+.!

9+9+<+/)04+c>!d!?E(!%*!)%*A!`(*FF*B&J*%W!DA!)@EB!ADB@(!%+EB&%&?*B&DA!GE!)($?@AB!N!%*!

)%*J@! GE! XEBE(W! %+EB&%&?*B&DA! X($[E@AB@! G@! ,(*0(! G*A?! EA! JDF)%$F@AB!

J&(JDA?B*AJ&@%! ;)9+3)! ,(*0(W! 124)! ,(*0(W! +>>2,+*)0)! ,(*0(>! [E&! *AADAJ@W! @A!

X(*Af*&?W! %*! XD(F*B&DA! G+*G'@(K@! @A! u,(*0Lop\! S&@A! [E@! %@E(! E?*`@! G*A?! %@!'(!

)*+,)!(@?B@!%@!)%E?!?DE'@AB!J%*??&[E@W!DA!ADB@!$`*%@F@AB!%+EB&%&?*B&DA!&AG&XX$(@AB@!

GE!?E)@(%*B&X!@B!GE!JDF)*(*B&X!;A420+..+,+LhMW!<)/+>>+,(LhHW!@B!3(0(4+2.LhL>\!

!!!!!:A! )@EB! (@F*([E@(! %*! FqF@! JOD?@! N! )(D)D?! G@?! X&`E(@?! G@! ($BOD(&[E@! [E&!

(@?B@AB! B(*G&B&DAA@%%@?! F*&?! [E&! ?DAB! K@*EJDE)! )%E?! *KDAG*AB@?! "! 2BR%@!

)%$DA*?B&[E@! "! *+,+.! <(>+/+..+,-.W! ,->(! 14)(?4)9(024W! .1+4),+*(! ,=.0+/-W!

.(G2(.04)0+,! 3+9+3(*024!W! EB&%&?*B&DA! N! )%E?&@E(?! (@)(&?@?! G@! \\\(0555G2-G2(LhP!d!

UDF$D%@EB@?!"!1)4+>+0).!+*W!)(G2)>+0).!+*W!2*+0).!+*!d!6A*)OD(@!"!3(!0-0-553(!0-0-!

DE! +A+555+A+5DE! .+*(555.+*(K! GDAB! V*??&DGD(@! X*&B! EA! `(*AG! E?*`@W! DE! @AJD(@! "!!!

.+,2>555.2)W! .+,2>555.2)W! [E&! *??DJ&@! *A*)OD(@! @B! ODF$DB$%@EB@!! d! 5*(*ADF*?@! "!

9+*/2*0! 9-0)! G2+! 9-/)*024!d! Z&`E(@! DbRFD(&[E@! @B! *AB&BO_?@! "! G2+(.! -1(4-.)W!

-1(4)! G2+(0)W! .(4(*2.! /-42./)0W! 1242.! <2>,+*)0W!,-4.! 9+0)>+.! )/! 9+0)! ,-40)>+.!d!

UR)*%%*`@! "!3+9+0+.! H*3+)(!1+?,(*0)LhI\!:A!)DE((*&B!FE%B&)%&@(! %@?!@b@F)%@?\!:A!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Loh!3@bB@!%*B&AW!JO*)&B(@!g/W!�p!"!]!?&! %@?!JOD?@?!J($$@?W!?YDXX(*AB!N!AD?!(@`*(G?W! B$FD&`A@AB!GYEA!`(*AG!*BB(*&BW![EY@?B!J@A?$@!*))D(B@(!F*&AB@A*AB![EYDA!%*!'D&B!J@BB@!F*Q@?B$!N!%*[E@%%@!DA!A@!B(DE'@!(&@A!G@!(@??@FK%*AB!^!\!Lo=!0\!G@!S(ERA@W!BMQ.0F;0+G2(W!)\o=\!Lop!!6\!S%*&?@W!&)*2(>W!)\!pMW!�!HMp\!LhM!!3@bB@!%*B&AW!JO*)&B(@!./W!�HH\!LhH!3@bB@!%*B&AW!JO*)&B(@!g.W!�p\!LhL!3@bB@!%*B&AW!JO*)&B(@!g/W!�H\!LhP!�\!Z(&GOW!I-*04+A20+-*.!g!>)!/4+0+G2(W!)\!LM\!LhI!3@bB@!%*B&AW!JO*)&B(@!g...W!�o\!

!

Ph!!

ADB@!G@?!FDB?!G+D(&`&A@!`(@J[E@!"!/)0F->+/)W!A)10+.,)0+.W!1.)>0(4+2,W!,)40=4!d!%@?!

*EB@E(?! JO($B&@A?! @A! *'*&@AB! J($$! @B! *GD)B$!EA!`(*AG!ADFK(@\!V*??&DGD(@! XD(`@!

G@?! F)1)c! >(?-,(*-*! "! 1)4024+)>+.W! 14)(/-*+)>+.W! /-/F>()02.K! /4)12>)0+-K!

9)4+/)0+-*(5!9*&?!J@!?DAB!?E(BDEB!%@!%*A`*`@!?RFKD%&[E@!@B!%@!%*A`*`@!X&`E($![E&!

XDAB! %+D(&`&A*%&B$! G@! J@BB@! %&BB$(*BE(@\! -DE?! *'DA?! G$QN! *KD(G$! %@! )(DK%$F@! GE!

?RFKD%&?F@! AEF$(&[E@! @B! ADB$! [E@! V*??&DGD(@! %E&! *??DJ&*&B! EA! ?RFKD%&?F@!

*(JO&B@JBE(*%W! @B! [EY&%! A@! ?Y*`&B! )*?! G@! ?&F)%@?! X&`E(@?! G@! (O$BD(&[E@\!}E*AB! *E!

%*A`*`@!X&`E($W!V*??&DGD(@!ADE?!@A!GDAA@!G@!ADFK(@Eb!@b@F)%@?!"!!

!!!!!#@?!JDF)*(*&?DA?!"!&F*`@!G@!%*!?)O_(@!J$%@?B@!)DE(!%*!BqB@W!0-1-.!J%*??&[E@!&%!@?B!

'(*&W! GE! )%@JB(@! )DE(! %*! 'D&bW! G+EA! KDEJ%&@(! )DE(! %*! )D&B(&A@\! #@?! F$B*)OD(@?!

JDAJ%E*AB! %@! )%E?! ?DE'@AB! EA! JO*)&B(@! "! 1-402.! G2+(02.W! O*'(@! G@! )*&b! ;JO*)&B(@!!

g...>W!%+*KDAG*AJ@!G@?!ADF?!@B!G@!%@E(!*A*%D`&@W!2-/)A2>)42,!/-*.-*)*0+2,!.+>9)!

2,A4-.+.! +,)?+*+A2.! 9+3()024! +*0(c(4(! ;JO*)&B(@! ..>W! %*! <;/-*3+0;! G@! %*!G$X&A&B&DA!

G@!%+aF@!@B!?*!3;>+94)*/(W!?4)9+3)!3(<+*+0+-\\\<-(0)!(.0!;JO*)&B(@!./>!W!>)!,-+..-*!3(!

1)4->(.W! ,)*+12>+.555! F-44(+.! ,(,-4+)(! ;JO*)&B(@! g/.>W! N! )(D)D?! G@! #&@EW!

%++>>2,+*)0+-*! 3+9+*(W! +>>2,+*)0)! )! /4()0-4(! ;! JO*)&B(@!gW! �I>5!:A!ADB@! *E??&! EA@!

(@JO@(JO@!G+@b)(@??&'&B$!*'@J!G@?!XD(FE%@?!JDFF@!"!/)(>(.0(!1.)>0(4+2,!;JO*)&B(@!

g.W! �HH>W! <+3(+! 0(,1>2,! ;JO*)&B(@!g.W! �HH>W! /-0+A2.! 3+./+1>+*)42,! ;JO*)&B(@!g..W!

�H>W! \)(42?+*(.! .21(4.0+0+-*+.! ;JO*)&B(@! g..W! �H>! #@?! [E*%&X&J*B&X?! ?@! ?EK?B&BE@AB!

?DE'@AB! N! G@?! ADB&DA?! JO($B&@AA@?! &F)D(B*AB@?!d! 7@! )$JO$! *F_A@! *Eb! XD(FE%@?!

?E&'*AB@?!"! F2,)*2,555(44-4(,! ;JO*)&B(@! g..W! �H>W! .+*(! 9+)! ;JO*)&B(@! g..W! �H>W!

?4)9)*0+A2.! -*(4)0)! ;JO*)&B(@! g.W! �HH>W! /4+,+*2,! >)1.2.! ;JO*)&B(@! gW! �I>W!

<2*+.555G2-!*-.!>+?)A)*024!;JO*)&B(@!.gW!�L>W!)(?4)!;JO*)&B(@!g..W!�L>W!)/2>(2,!>(0+!

;!JO*)&B(@!g/..W!�I>\!

!!!!!V*??&DGD(@! )E&?@! G+*EB(@! )*(B! %*(`@F@AB! G*A?! %*!S&K%@! @B! %@?!5_(@?! G@! %+4`%&?@!

)DE(!*`($F@AB@(!?DA!B@bB@!G@!JDF)*(*&?DA?W!G@!F$B*)OD(@?!DE!G+*%%$`D(&@?\!!

!!!0AX&A! &%! X*&B! JO*AB@(! ?DA! B@bB@\! 7@?! 7*B&A?! X*&?*&@AB! (RBOF@(! %@E(! )(D?@! @A!

B@(F&A*AB! %@E(?! )O(*?@?! @A! EA@! ?EJJ@??&DA! G@! ?R%%*K@?! K(_'@?! DE! %DA`E@?W! %@?!

J%*E?E%@?!d!J+$B*&B!%*!)(D?@!F$B(&[E@!GDAB!%@?!J%*E?E%@?!J&J$(DA&@AA@?!?DAB!%@?!)%E?!

J$%_K(@?Lh<\!5E&?!)(D`(@??&'@F@AB!%+*JJ@AB!FE?&J*%!*!GDAA$!A*&??*AJ@!N!EA!*JJ@AB!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Lh<!/D&(!7\!-DE`*(@BW!L4)+0;!3(!&;04+G2(!B)0+*(!I>)..+G2(W!))\!HHouLo\!

!

P=!!

G+&AB@A?&B$! ?E(! %@?! G@Eb! G@(A&@(?! FDB?W! %@! JE(?E?! (RBOF&[E@Lho\! :A! (@B@A*&B!

)(&AJ&)*%@F@AB! [E*B(@! J%*E?E%@?Lhh! "! ! %@! /24.2.! 1>)*2.W! Dy! %+*JJ@AB! )D(B*&B! ?E(! %*!

)$AE%B&_F@!?R%%*K@!)DE(!%@!)(@F&@(!@B!%@!G@Eb&_F@!FDB!;BDEQDE(?!G@!B(D&?!?R%%*K@?>!

d!%@! /24.2.! 0)432.! Dy! %+*JJ@AB! )D(B*&B! ?E(! %*! )$AE%B&_F@! )DE(! %@! )(@F&@(! FDB! @B!

%+*AB$)$AE%B&_F@!)DE(!%@!?@JDAG!;!BDEQDE(?!G@![E*B(@!?R%%*K@?>!d!%@!/24.2.!9(>-cW!Dy!

%@!)(@F&@(!FDB!@?B!*JJ@ABE$!?E(! %+*AB$)$AE%B&_F@!@B! %@!?@JDAGW! BDEQDE(?!G@![E*B(@!

?R%%*K@?W! ?E(! %*! )$AE%B&_F@! d! @AX&A! %@! /24.2.! G&?)DAG*x[E@! DE! B(&?)DAG*x[E@W! Dy!

%+*JJ@AB! )D(B@! ?E(! %*! )$AE%B&_F@! )DE(! %@! )(@F&@(! @B! %@! ?@JDAG! FDBW! BDEQDE(?! G@!

[E*B(@!?R%%*K@?\!:A!)@EB!@A!'D&(!%@?!@b@F)%@?!?E&'*AB?!JO@m!V*??&DGD(@Lh="!

JE(?E?!)%*AE?!"!;..(!3+./4;0)W!J($B&[E@u?)DAG$@!;JO*)\!gW!�I>\!!

JE(?E?!'@%Db!"!/-;1(4+0!/-,,-2;4(W!J($B&[E@uG&JOD($@!;JO*)\!.gW!�H!>\!!

JE(?E?!B*(GE?!"!/�*.0)0!)A.�>2+,2.W!GDEK%@!J($B&[E@!;JO*)\!g/..W!�H>\!

JE(?E?!B(&?)DAG*x[E@!"!;..(!9+3(�024W!)$DA!H@(u?)DAG$@!;JO*)\!g.W!�HL>\!!

!!!5*(! (*))D(B! N! %*! )(D?@! F$B(&[E@W! J@?! JE(?E?! JD((@?)DAG@AB! N! G@?! J%*E?E%@?!

F$B(&[E@?W!@B!JO@m!V*??&DGD(@!%*![E*AB&B$!?@FK%@!QDE@(!EA!(~%@!*E??&!&F)D(B*AB![E@!

%+*JJ@ABLhp!d! %+$'D%EB&DA!G@! %*!)(D?@! *'*&B! $B$! @A! @XX@B! )*(*%%_%@! N! %+$'D%EB&DA!G@! %*!

'@(?&X&J*B&DA! [E&! JDE((*&B! '@(?! %+*JJ@AB! G+&AB@A?&B$! F*&?! *'@J! G@?! )D_B@?! [E&!

)DE'*&@AB!(@?B@!X&G_%@?!*Eb!'@(?!'&(`&%&@A?L=M\!V@?!J%*E?E%@?!?@! B(DE'@AB!@A!X&A!G@!

)O(*?@?! F*&?! *E??&! @A! F&%&@E! G@! B@bB@W! BDEB! *E! %DA`! GE! '(! )*+,)L=H! @B! )*?!

?@E%@F@AB!G*A?!%*!)(&_(@!X&A*%@!JDFF@!DA!%+*'*&B!?E``$($L=L\!

!!!1@?B@!N!@A'&?*`@(!EA!G@(A&@(!*?)@JB!G@!J@!?BR%@W!%@!%*A`*`@!*XX@JB&X\!:A!(@B(DE'@!

&J&! %*! BDA*%&B$W! %*! JO*%@E(W! %+$%*A! '@(?! #&@E! [E&! J*(*JB$(&?@! J@BB@! %&BB$(*BE(@!

JO($B&@AA@!&AX%E@AJ$@!)*(!%*!%@JBE(@!G@!%*!S&K%@!@B!G@?!5_(@?!G@!%+4`%&?@\!,A!J@(B*&A!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Lho!2\9\!:K@(O@%F*A!@B!1\C\!U*%%!"!]!*!A@k!?B*B&?B&J*A!*A*%R?&?!DX!*JJ@ABE*%!)(D?@!(RBOF?!&A!&Fu)@(&*%!%*B&A!*EBOD(?!^!W!I>)..+/)>!1F+>->-?=W!hLu!L!;Hp=I>!"!HHIuPM\!Lhh!9\\C\!-&JD%*EW!]!-DB@?!?E(!%+O&?BD&(@!GE!JE(?E?!(RBOF&[E@!^!W!6>,)!;!64/F+92,!B)0+*+0)0+.!&(3++!6(9+>W!HpPL!/D%\!hW!..u9$%*A`@?W!))\!PouP=\!Lh=!9\!v\!2E@%m@(W!]!3O@!V%*E?E%*@!&A!V*??&DGD(E?!^!W!$023+(.!+*!&(3+(9)>!)*3!"(*)+..)*/(W!B)0+*!B)*?2)?(! )*3! B+00;4)024(W! /D%\! HhW! V*BOD%&J! ,A&'@(?&BR! DX! 6F@(&J*! 5(@??W! HpIIW! )\! o\! 5DE(! EA!(@`*(G! J(&B&[E@! ?E(! J@! B(*'*&%W! 'D&(!�\! Z(&GOW!#023(.! /4+0+G2(.! (0! .=*0)c+G2(.! 3)*.! >(.!`)4+)(! 3(!I)..+-3-4(W!CwB@KD(`W!Hp<oW!)\!h\!Lhp!�\!Z(&GOW!#023(.!/4+0+G2(.!(0!.=*0)c+G2(.!3)*.!>(.!`)4+)(!3(!I)..+-3-4(W!CwB@KD(`W!Hp<oW!)\!p\!L=M!7\!-DE`*(@BW!L4)+0;!3(!&;04+G2(W!)\!HLP\!!!L=H!9\!v\!2E@%m@(W!LF(!I>)2.2>)(W!)\!L\!L=L!7\!VDEBE(@W!]!7@!JE(?E?!DE!(RBOF@!)(D?*x[E@!^W!"(92(!3(.!G2(.0+-*.!F+.0-4+G2(.W!'&A`Bu?&b&_F@!*AA$@W!BDF@!/..W!BDF@!/..W!5*(&?W!H=pLW!)\!L<p\!z@A!%&`A@{!C*%%&J*\KAX\X(\!

!

Pp!!

ADFK(@! G@! FDB?! )(@AA@AB! EA! $J%*&(*`@! ADE'@*EW! JDFF@! 1+(0).W! ,+.(4+/-43+)W!

/>(,(*0+)W!)*(!%@E(!($)$B&B&DAW!%@E(!*??DJ&*B&DA\!V*??&DGD(@!&A?&?B@!?E(!%*!)(Db&F&B$!

G@!#&@E!"!14-!*-A+.! <>(c2.W!2+,! 0(!14(/+A2.!*-.04+.!1)0+!1-..(! 0(.0)4+.W!12>.),2.!

G2+)! 14)(/+1+.\! 9*&?! J+@?B! *E??&! EA! #&@E! +,,-A+>+.W! +*/-,,20)A+>+.W!

+*/-,14(F(*.+A+>+.W!! %@! )($X&b@! +*!G@! J@?! B@(F@?! D(&@AB@AB! '@(?! EA@! JDAA*&??*AJ@!

A$`*B&'@! G@! #&@EW! @B! ?DE%&`A@! %@! K@?D&A! G+*K?D%E\! }E*AB! *E! G$?&(! GE! J&@%W! &%! @?B!

?J*AG$!)*(!%*!($)$B&B&DA!G+*G'@(K@!JDFF@!+A+W!+>>+/!\!!

!!!7@!?BR%@!G@!V*??&DGD(@!(@X%_B@!*E??&!%+&F)D(B*AJ@![E@!%*!(O$BD(&[E@!*'*&B!)(&?@!N!

%*!X&A!G@!%+0F)&(@\!9*&?!G@'*AB!%+*KDAG*AJ@!G@?!X&`E(@?![E+&%!EB&%&?@W!&%!@?B!G&XX&J&%@!

G@! 'D&(! J@! [E&! (@'&@AB! N! %+@A'&@! G@! K(&%%@(! )*(! %*! XD(F@! @B! J@! [E&! (@'&@AB! N!

%+@b)(@??&'&B$!G+EA@! aF@!)(DXDAG$F@AB! JO($B&@AA@L=P\!:A!*! ?DE%&`A$!*E??&! [E@! J@!

?BR%@! %*&??*&B! ]!)(@??@AB&(! [E@%[E@! JOD?@! G@! %+&AB$(&D(&?*B&DA! @B! G@!

%+*))(DXDAG&??@F@AB![E&!?+*JJDF)%&??*&B!JO@m!%+*EB@E(L=I^!\!

!

!

!

!

!

!

!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!L=P! !5DE(! BDEB!J@J&!'D&(!G*A?! %@!&)*2(>!32! >)0+*!/F4;0+(*!G@!S%*&?@W! %@!JO*)&B(@!/W!?E(! %*! %*A`*`@!*XX@JB&X\!))\!<Luoo!L=I!Z\!S(EAOw%m%W!O+.0-+4(!3(!>)!>+00;4)024(W!)\IL\!

!

IM!!

!

2')!J&+()/#*1)!

!!!!!!!!7@?!F*AE?J(&B?!GE!'(!)*+,)!?@!G&'&?@AB!@A!G@Eb!J*B$`D(&@?!"!%@?!F*AE?J(&B?!A@!

JDAB@A*AB![E@!%@!'(!)*+,)!@B!%@?!F*AE?J(&B?!JDAB@A*AB!%@?!`)4+)(!@B!%@!'(!)*+,)W!

@B!&%!@?B!J@(B*&A![E@!V*??&DGD(@!*!)EK%&$!%@!'(!)*+,)!JDFF@!%@!B(@&m&_F@!%&'(@!G@?!

`)4+)(L=<! [E&! )%E?! B*(G! *! )E! qB(@! $G&B$! ?$)*(@F@AB! d! U*%)D(A! )@A?@! [E@! J@%*!

(@FDAB@! *E! .g�! ?&_J%@\! ! 7@?! F*AE?J(&B?! [E&! A@! JDAB&@AA@AB! [E@! %@! '(! )*+,)!

)(D'&@AA@AB! G@! G@Eb! ?DE(J@?!"!%@?! EA?! G+EA! F*AE?J(&B! &A?E%*&(@W! %@?! *EB(@?! G+EA!

F*AE?J(&B! *%%@F*AG! N! )*(B&(! G+EA!J@AB(@! @A! (*))D(B! )@EBuqB(@! *'@J! %+*KK*R@! G@!

7D(?JO\!7@?!F*AE?J(&B?![E&!JDAB&@AA@AB!%@?!`)4+)(!)(D'&@AA@AB!G+EA!F*AE?J(&B!G@!

%+*KK*R@! G@! 7D(?JO\!:A! )D??_G@! EA! J@(B*&A! ADFK(@! G+$G&B&DA?! &F)(&F$@?! GE!'(!

)*+,)\! 0A! HohpW! v@*A! C*(@B! )EK%&*! ?DA! &)?*+! 624(>++! I)..+-3-4+! $(*)0-4+.W!

]1(4)!-,*+)! d!J@BB@!$G&B&DA!?@(*! (@)(&?@!@A!HhLp!N!/@A&?@!@B!J+@?B!J@%%@![E@! %+DA!

(@B(DE'@!G*A?!%*!E)04->-?+(!B)0+*(!G@!9&`A@\!!

!!!!!!!-DE?!*'DA?!?E&'&!@B!ADE?!*'DA?!B(*GE&B!%@!B@bB@!GE!'(!)*+,)![E@!v\l\!U*%)D(A!*!

$G&B$! ;ZD(GO*FW! HpoM! (@)(&?@! G*A?! IIB! HphP>! @B! [E&! JDF)(@AG! EA! &F)D(B*AB!

*))*(@&%!J(&B&[E@\!7@?!F*AE?J(&B?!EB&%&?$?!)*(!U*%)D(A!?DAB!*E!ADFK(@!G@!?@)B\!5DE(!

%@?!F*AE?J(&B?!G+D(&`&A@! &A?E%*&(@W! &%! ?+*`&B!G+EA!F*AE?J(&B!GE!1&Qj?EA&'@(?&B@&B!G@!

7@RG@A! ;B>W! )(D'@A*AB! '(*&??@FK%*K%@F@AB! G@! VD(K&@! DE! S@*E'*&?W! @B! G+EA!

F*AE?J(&B! )(D'@A*AB! G@! %*! ?B**B?K&K%&DBO@j! G@! 9EA&JO! ;&>! @B! [E&! G*B@! GE! .g�!

?&_J%@W! GDAB! &%! F*A[E@! %@?! JO*)&B(@?! g..! @B! g...\! 7@?! F*AE?J(&B?! G+D(&`&A@!

*%%@F*AG@! '&@AA@AB! G@! %*! K&K%DBO_[E@! A*B&DA*%@! G@! 5*(&?! ;E>W! G@! %*! K&K%&DBO_[E@!

(DR*%@!G@!7DAG(@?!;J>W!G@!%*!2B*GBK&K%&DBO@j!G@!3(_'@?!;'>!@B!G@!%*!2B&XB?K&K%&DBO@j!

G@!2*&AB!C*%%!;Q>\!U*%)D(A!*!@AX&A!EB&%&?$!EA!F*AE?J(&B!)(D'@A*AB!G@!7D(?JO![E&!?@!

B(DE'@!N!%*!S\-!G@!5*(&?!;�>\!3DE?!J@?!F*AE?J(&B?!?DAB!G$J(&B?!G*A?!%+&AB(DGEJB&DA!

G@!?DA!$G&B&DAL=o\!

v+*&!*))D(B$!G@Eb!FDG&X&J*B&DA?!*E!B@bB@!G+U*%)D(A!"!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!L=<!v\l\!U*%)D(AW!&)?*+!624(>++W!)\!<L\!/D&(!9\!2O*A@!SQD(A%&@W!E->+0+/.!)*3!L4)3+0+-*!A(0d((*!"-,(W!")9(**)!)*3!I-*.0)*0+*-1>(W!LMHPW!JO*)\!HMW![E&!)@A?@![E@!V*??&DGD(@!*!'DE%E!*QDEB@(!EA!$J%*&(*`@!FD(*%!*Eb!`)4+)(!@B!*E??&!%Y.AB(DGEJB&DAW!ADB@!op\!L=o!v\l\!U*%)D(AK!&)?*+!624(>++W!))\!<puo<\!

!

IH!!

!!!6E!JO*)&B(@!/.W!�PW!vY*&!*GD)B$!%*!%@fDA!GE!F*AE?J(&B!&!;+*.042(*3)>W!@A!'DR*AB!

G*A?!J@B! *GQ@JB&X! @A! u*32.W! EA!)*(B&J&)@!)($?@AB!)*??&X! "!E)42,!(.0! (*+,!G2-3!3(!

/4()024)! +.0)! ,(,-4)*024! )3! /-*.2(023+*(,! F2,)*+! ?(*(4+.! +*.042(*3)! ;'D&(!

-D(K@(`!#*`W!&)*2(>!14)0+G2(!3(!>)0+*!,;3+;9)>W!Hp=MW!5&J*(GW!)\!HMI>\!!

!!!6E!JO*)&B(@!/..W!�L!"!1(*(04)>+.!;)%*J$!G*A?!%+@AG(D&B!%@!)%E?!(@B&($!G+EA@!F*&?DA>!

)*(*eB! )%E?! )@(B&A@AB! [E@! 1(*(04)A+>+.! ;[E&! )@EB! qB(@! )$A$B($>\! V+@?B! %*! %@fDA! G@?!

F*AE?J(&B?!B!@B!�!"!0(40+)W!,(,-4+)W!/2,!4(.!+*.1(/0)(!)0G2(!3(>+A(4)0)(!+*!)*+,+!

1(*(04)>+A2.5!

!!!v+*&!)*(!*&%%@E(?!FDG&X&$!%*!)DAJBE*B&DA!*Eb!@AG(D&B?!?E&'*AB?!"!!

VO*)&B(@!...W!�!H!"!+,,-A+>+.!>-/-!(0!9->2*0)0(W!�0(4*2.W!*E!%&@E!G@!+,,-A+>+.!>-/-!(0!9->2*0)0(!�0(4*2.!

VO*)&B(@!./W!�!o!"!/->>+?+0!+*!2*2,!)0G2(!/-12>)0!,(,A4)!.2)!d!*-*!.+*+0!3(<>2(4(!2(>!/-*0)A(./(4(W!*E!%&@E!G@!/->>+?+0!+*!2*2,!)0G2(!/-12>)0!d!,(,A4)!.2)!*-*!.+*+0!3(<>2(4(!2(>!/-*0)A(./(4(!

VO*)&B(@!./W!�!p!"!(c+?+0!0(44).W!04)*./244+0!)A=..-.!)>)0-!*)2+?+-W!2).0-.!,-*0(.!+*!2.2,W!*E!%&@E!G@!(c+?+0W!0(44).!04)*./244+0W!)A=..-.!)>)0-!*)2+?+-W!2).0-.!,-*0(.!+*!2.2,!

VO*)&B(@!g...!�!o!"!+*2+3+),!*-*!F)A(0!<4)042,W!*2>>+!>-G2+024W!*E!%&@E!G@!+*2+3+),!*-*!F)A(0W!<4)042,!*2>>+!>-G2+024!

U*%)D(AW!GE!(@?B@W!(@)(@AG!J@BB@!)DAJBE*B&DA!)DE(!%*!B(*GEJB&DA!G@!?DA!B@bB@!

;H*.0+020+-*.!-<!'+9+*()*3!$(/2>)4!B()4*+*?!]*!0F(!$-2>>\!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

IL!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

3(2.!.(,1(4!+3(,K!*-2(4+,!,(K!*-2(4+,!0(L=h!!

!

!

!

!

!

!

;#&,(/1*0+!'1!3++01&1*0+)!

!

!!!!!!!!

!

!

!

!

!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!L=h!:!#&@E![E&!qB@?!BDEQDE(?!%@!FqF@W!X*&B@?![E@!Q@!F@!JDAA*&??@W!X*&B@?![E@!Q@!'DE?!JDAA*&??@W!$->\!.W!H\!

!

IP!!

!

V622.:#:10\!316.34!#0!7+i90\!

!

:C! >'!R('!J')!&J*)!0+1!,'J&+,$!

!!!!v@!F@!($QDE&??*&?!G$QN!GYqB(@!*((&'$!*E!B@(F@!B*AB!G$?&($!G@!%+cE'(@![E@!QY*'*&?!

@AB(@)(&?@W! @B! EA! )D(B! B(*A[E&%%@&! FY*BB@AG*&B! FD&! [E&! *'*&B! $B$! K*%%DBB$! )*(! F@?!

GDEm@!'D%EF@?&&u! QYR!$B*&?! *((&'$! ?*A?!$%D`@?! ?*A?!GDEB@!F*&?!GE!FD&A?! ?DE%*`$u!

[E*AG!%@!GDEb!J@(J%@!G@!F@?!*F&?&&&!FY@A`*`@*!N!ADE'@*E!?E(!%*!O*EB@!F@(!G@!%*!

)@A?$@W! F@! G@F*AG*AB! G@! G$'D&%@(! [E@%[E@?uEA@?! G@?! G&XX&JE%B$?! [E@! Q+*'*&?!

G$JDE'@(B@?! B*AB! G*A?! %@?! %&'(@?! ?*J($?! [E@! G*A?! %@?! %&'(@?! )(DX*A@?&'! ?E(! %*!

?EK?B*AJ@!@B!%@?!'@(BE?!G@!%+aF@'!N!%*[E@%%@'&!&%!*!$B$!*JJD(G$!G@!)@(J@(!%@?!?@J(@B?!

G@!?EQ@B?!?&!&F)D(B*AB?'&&! d!.%!@?B!B(D)!*K?E(G@W!*QDEB*&@ABu&%?W!GY*JJ@)B@(!GY&`AD(@(W!

JDFF@!?&!@%%@!A@!ADE?!JDAJ@(A*&B!)*?W!J@BB@!aF@![E&!ADE?!)@(F@B!G+*))(@AG(@!EA!

*??@m!`(*AG!ADFK(@!G@!JOD?@?'&&&W!*%D(?![E@!)DE(!BDEB! &%!@?B!EB&%@!G@!?*'D&(!J@![E&!

ADE?!(@AG!?*`@?&b\!V@!A+@?B!)*?!EA@!JOD?@!$B(*A`@![E@!G@!)*(%@(!GYEA!?@A?![E&!ADE?!

@?B!)(D)(@!J*(W!&AB@((D`$@W!%*!A*BE(@!($)DAG!)DE(!@%%@W!@B!z%YaF@{!A@!'*!)*?!K&@A!%D&A!

)DE(!)DE'D&(! ?@! B(DE'@(\!V@BB@!aF@![E@!ADE?!JO@(JODA?!@?B! BDEQDE(?!*'@J!ADE?! d!

@%%@!@?B!%NW!@%%@!*`&BW!@%%@!)*(%@W!@B!)DE(B*ABW!?&!QYD?@!G&(@W!*E!JcE(!G@!J@?!*JB&'&B$?!DA!

%+&`AD(@\!5*(!JDA?$[E@AB! &%! X*EB![E+DA! %*!JDAA*&??@!@%%@![E&!@?B! %N!)($?@AB@!N!@%%@u

FqF@b&W! )E&?[E@! %@!FDF@AB! Dy! @%%@! ?@!F@B! %@!F&@Eb! @A! X*J@! GY@%%@uFqF@! JY@?B!

[E*AG!DA!@A!B(*&B@!G@!F*A&_(@!)%E?!)$A$B(*AB@\!

!!!!#@! X*&B! &%! *! $B$! (@JDFF*AG$! )*(! %@?! ?*`@?! G@! ADE?! JDAA*eB(@! ADE?uFqF@?b&&W!

F*&?! JDFF@AB! )DE'D&(! ?DEB@A&(! J@%*W! ?&! ADE?! ADE?! JDA?&G$(DA?! JDFF@! G@?!

&AJDAAE?! �!-DE?! G$?&(DA?! @A! @XX@B! JDAA*eB(@! %*!F*(JO@! G@?! )%*A_B@?! JDAB(*&(@! N!

J@%%@!GE!J&@%W!%*!JDE(?@!O*(FDA&@E?@!G@?!JDA?B@%%*B&DA?b&&&\!5*(F&!J@?!JD()?!J$%@?B@?W!

&%! R! @A! *! [E&! G@F@E(@AB! @B! ?DAB! G$)DE('E?! G@! FDE'@F@ABW! *%D(?! [E@! GY*EB(@?!

BDE(A@AB! @A! EA@! (DB*B&DA! (*)&G@! JDAB&AE@! ?*A?! Q*F*&?! qB(@! @A! (@)D?b&'\! }E*AB! N!

J@EbuJ&W!JDFF@!%@?!?*'*AB?!)(DX*A@?!DAB!JO@(JO$!N! %@!G$JDE'(&(W! &%?! (DE%@AB!*'@J!

%@?!JO*(F@?!G@!%YO*(FDA&@!@A!EA@!F$%DG&@!&A@?B&F*K%@W!%@E(!?DA!@B!G@!%@E(!*JJD(G!

)(DGE&?*AB! [E*AG! &%?! ?DAB! EA&?! EA! JO*AB! *`($*K%@b'\! -DE?! G$?&(DA?! @A! DEB(@!

@FK(*??@(!)*(!%*!)@A?$@!%*!O*EB@E(!G@!%+$BO@(W!%@?!G&F@A?&DA?!G@!%*!B@((@W!%@?!AE*`@?!

!

II!!

)D(B@E(?!G@!)%E&@W!%*!XE(&@!GYEA!D(*`@!G@!`(q%@W!%@!B(@FK%@F@AB!G@?!?D%?!X@(F@?W!%*!

A*BE(@!G@?!'@AB?!JO*A`@*AB?W! %*!)(DXDAG@E(!GYEA@!F@(!J*)(&J&@E?@W! %@?!'@(BE?!G@?!

?&F)%@?W!%@?!*??@FK%*`@?!G@?![E*B(@!$%$F@AB?![E&!?@!G&?B(&KE@AB!@A!JO*[E@!JD()?b'&d!

@B! &%! X*EG(*&B! ?E))D(B@(! [E@! J@BB@! aF@! N! [E&! &%! *! $B$! GDAA$! GY@A! O*EB! %@! ?D&A! G@!

($?DEG(@!G@!?&!`(*AG?!)(DK%_F@?W!A@!)rB!?@!JDAA*eB(@!@%%@uFqF@!�!S&@A!?r(!ADE?!A@!

)(D)D?DA?! )*?! EA! B@%! ?EQ@B! G@! G&?JE??&DA! G*A?! EA! @?)(&B! )D%$F&[E@! d! JY@?B! B(_?!

OEFK%@F@AB! *E! JDAB(*&(@! [E@! ADE?! G$?&(DA?! JDAA*eB(@! %@?! JOD?@?! %@?! )%E?!

)(DXDAG@?\!

!!!!6))(@ADA?! GDAJ! GY*KD(G! )DE([ED&! DA! %*! ADFF@! aF@W! @A?E&B@! [E@%%@! @?B! ?*!

G$X&A&B&DA!d!B(D&?&_F@F@ABW![E@%%@!@?B!?*![E*%&B$!?EK?B*AB&@%%@!d![E*B(&_F@F@ABW!?Y&%!

X*EB!J(D&(@![EY@%%@!*![E@%[E@!XD(F@! d!J&A[E&_F@F@ABW![E@%%@?!'@(BE?!FD(*%@?!@%%@!

)D??_G@W!'@(BE?![E@! %@?!`(@J?!ADFF@AB!)4(0)&b'&&W!JDAJDE(*AB!N!?*!`%D&(@!@B!N!?DA!

ODAA@E(! d! ?&b&_F@F@ABW! [E@%%@?! ?DAB! )DE(! @%%@! %@?! '@(BE?! A*BE(@%%@?! G@?B&A$@?! N!

JDAB@A&(!%*!?EK?B*AJ@!;K&@A!@AB@AGE!GE!JD()?>!d!?@)B&_F@F@ABW!DA!)DE((*!G&??@(B@(!

G@!%YD(&`&A@!G@!%YaF@!d!OE&B&_F@F@ABW![ED&[E@!($)*AGE@!N!B(*'@(?!BDEB!%@!JD()?W!Dy!

&%! X*EB! J(D&(@! [EY@%%@! ?Y&A?B*%%@! G@! )($X$(@AJ@! d! A@E'&_F@F@ABW! ADE?! G@'DA?!

*))(@AG(@! N! JDAA*eB(@! %*! XD(F@! @B! %*! JDF)D?&B&DA! GE! JD()?! %E&uFqF@! d!

G&b&_F@F@ABW! [EYDA! ADE?! FDAB(@! )*(! G@?! ?&`A@?! *))(D)(&$?! [E@%%@?! )(D)(&$B$?!

)D??_G@! %YaF@! G@?! )$JO@E(?! d! DAm&_F@F@ABW! )*(! [E@%%@! G&XX$(@AJ@! DA! )@EB! %*!

G&?B&A`E@(! zG@! %+aF@{! G@?! QE?B@?! G*A?! %*! F@?E(@! Dy! J@Eb! [E@! ADE?! A@! )DE'DA?!

G&?J@(A@(! G@! AD?! R@Eb! ADE?! %@?! G&?B&A`EDA?! ?E(! G@?! &AG&J@?! '(*&??@FK%*K%@?!d!

GDEm&_F@F@ABW!N!)(D)D?!G@!%*!($?E((@JB&DAW!@A!%*[E@%%@!J(D&B!%@!'(*&!?*`@b'&&&W!ADE?!

*'DA?!%@!)%E?!`(*AG!G$?&(!G@!?*'D&(!J@![E@!%YDA!)@A?@!G@!%*!G@?B&A$@!G@!JO*JEA!@A!

)*(B&JE%&@(W! G*A?! %*! F@?E(@! Dy! %@?! JcE(?! X(*`&%@?! G@?! FD(B@%?! ?DAB! )DE??$?! '@(?!

%Y@?)$(*AJ@!)(DF&?@!'@A*AB!G@!#&@Eb&b\!1$)DAG?uADE?!?E(!BDEB!J@%*W!*'@J!%Y*&G@!G@!

#&@EW!@A!JDA?@('*AB!J@B!D(G(@W!)DE(![E@W!ADE?W!ADE?!)E&??&DA?!ADE?!@A!&F)($`A@(!

X*J&%@F@AB!@B![E@!BD&!BE!?D&?!*))@%$!N!*J[E$(&(!%*!`%D&(@!GE!?*'*AB\!

!!!!!!

!!!!!!!!::C!>'!R(A0+!-'(#!&!#$%0+,(!

!!!!V@?!)(D)D?&B&DA?W!*&uQ@!G&BW!A@!JDA'&@AA@AB!)*?!*Eb!)($J@)B@?!G@?!(D&?W!GDAB!&%!

$B*&B![E@?B&DA!A*`E_(@bbW!F*&?!*Eb!@AB(@B&@A?!)(DXDAG?!@B!)*(B&JE%&@(?!GDAB!DA!*!%*!

!

I<!!

)(@E'@! [EY&%?! ($J%*F@AB! FD&A?! %YD(@&%%@! JD()D(@%%@! [E@! %Y*BB@AB&DA! @B!

%Y@AB@AG@F@AB!%@!)%E?!)E(!G@!%+ODFF@!&AB$(&@E(bb&\!0B!&%!AY@?B!)*?!X*J&%@!G@!)DE'D&(!

)*(%@(! G@! J@BB@! aF@W! )E&?[E@!ADE?! ?*'DA?![E@! JY@?B! )*(! @%%@! [EY@?B! @b)%&[E$!EA!

ADFK(@! &AJ*%JE%*K%@!G@!JOD?@?bb&&\!0A!@XX@B! %Yc&%W![E&!?@!)D(B@! QE?[EY*Eb!$BD&%@?W!

A@!)@EB!?@!'D&(!d!@B!ADB(@!)*%*&?W!*%D(?![EY&%!)@(fD&B!)*(!%@!`DrB!G&XX$(@AB@?!JOD?@?W!

&`AD(@!G@![E@%%@!?*'@E(!%E&uFqF@!@?B\!7@?!A*(&A@?!$`*%@F@AB!J*)B@AB! %@?!DG@E(?!

'*(&$@?! G@?! JD()?! )*(XEF$?W! F*&?! A@! ?@AB@AB! )*?! %YDG@E(! [EY@%%@?uFqF@?!

@bO*%@AB\! 0AX&A! ADB(@! J@('@*E! )@EB! K&@A! B(*A?F@BB(@! G@?! ?@A?*B&DA?! *E! (@?B@! GE!

JD()?W!&%!AY*!)DE(B*AB!)*?W!N!J@![EYDA!%&BW!G@!?@A?!%E&uFqF@bb&&&\!!

!!!!0B!)E&?W!$)E&?$!JDFF@!Q@!?E&?W![E@%%@?!&G$@?!)DE((*&?uQ@!G$'@%D))@(W!FD&![E&!F@!

OaB*&?W!%Y@?)(&B!&F)*B&@ABW!G@!J%D(@!EA@!KDAA@!XD&?!FDA!DE'(*`@bb&'�!0AX&AW!*F&?!?&!

GDEbW!'DE?!FY&F)D?@m!N!ADE'@*E!G@!JD`&B@(!;/-?+0)4(>W!FDB!GDAB!&%!@?B!$B*K%&W!G@!

F*A&_(@!J%*&(@!'DE?!%@!?*'@mW![EY&%!'&@AB!G@!(*??@FK%@(!;/-?(4(>bb'!d!?E(BDEB![E@!J@!

?EQ@B!G&?JEB$!)*(!K&@A!G@?!`@A?!)*(*eB!*'D&(!$B$!JDF)%_B@F@AB!*K*AGDAA$!F*&?!?*A?!

qB(@!)(_?!GY*'D&(!$B$!BDB*%@F@AB!@b)%&J&B$\!9*&?!JDFF@!Q@!A@!)DE'*&?!B(&DF)O@(!G@!

%@E(! $B*B! GY@?)(&B! )*(! J@?! ADFK(@E?@?! *%%$`*B&DA?! @B! *EB(@?! G@! J@! `@A(@! @B! [EY&%?!

*'*&@AB!G$J&G$!G@!A@!)*?!FY*JJD(G@(!J@![E@!Q@!'DE%*&?W!EA@!XD&?!'*&AJEW!Q@!%@E(!*&!

G@F*AG$!G@!F+*BB@AG(@!*E!FD&A?![E@%[E@?!QDE(?!?*A?!($J%*F@(!&FF$G&*B@F@AB!%@!

?EQ@B! )%@&A! G@! G&XX&JE%B$?! [EY&%?! @b&`@*&@AB\! .%! FY*((&'*! GDAJ! %*! F$?*'@ABE(@! G@!

5(DB$@bb'&W! [E&! JO*(`$! G@! JO*eA@?W! $B*&B! DK%&`$! GY@b)D?@(! J@! [EY&%! A@! 'DE%*&B! )*?!

'D%DAB*&(@F@AB!G&'E%`E@(\!7Y$)(@E'@!)DE(B*AB!F@!)*(EB!G_?!%D(?!?E))D(B*K%@W!)*(J@!

[EYDA!F@!)(@??*&B!?E(!EA! B@%!?EQ@B!G@!G&(@!J@![E&W!?&!DA! %Y@b)D?@!X&G_%@F@AB!*'@J!

%Y*&G@!G@!#&@EW!N!%*!XD&?!JDAXD(B@!*'@J!(*&?DA!J@%E&![E&!$JDEB@!@B!$J%*&(@!%*!)@A?$@!

G@!J@%E&![E&!)@(?E*G@!JDFF@!&%!X*EB\!!

!!!!.%!ADE?!X*EB!GDAJ!?E))(&F@(W!@A!*BB@AG*AB!GY@AB(@(!G*A?!%@!'&X!GE!?EQ@BW!GY*KD(G!

%@?!*A*%D`&@?!G@!ADF?W!JDFF@!%@?!K(*AJO@?![E&!K*((@AB!%@!)*??*`@W!G@!)@E(![E@!%*!

XD(qB!G@!FDB?!*R*AB! %@!FqF@!?DA!A@!)*(*&??@!@AJO@'qB(@(!*'@J!G@?!JDF)*(*&?DA?!

DFK(@E?@?W!%@!?@AB&@(!G@!ADB(@!G&?JE??&DAbb'&&\!

:::C!"0(#R(0*!0+!-A&%%'--'!SJ'bb'&&&!�!!

!!!:A!)*(%@!GDAJ!@A!)(D)(@!G@!%YaF@!JO@m!%YODFF@W!F*&?!)*?!JO@m!%@?!*A&F*EbW!J*(!

&%! @?B! (@JDAAE! [E@! %*! '&@! G@! J@?! G@(A&@(?! ($?&G@! G*A?! %@! ?*A`\! :(! J@BB@! aF@W!

!

Io!!

)E&?[EY@%%@!@?B! &FFD(B@%%@W!DA!*!(*&?DA!G@! %Y*))@%@(!)*+,)bb&bW!)*(,)!@A![E@%[E@!

?D(B@W!J+@?BuNuG&(@!K&@A!G&?B&AJB@!GE!?*A`bbbW!)E&?[E@!FqF@!*)(_?!%*!FD(B!GE!JD()?!

?*!?EK?B*AJ@W!JY@?B!EA!X*&B!$B*K%&W!@?B!)*(X*&B@!JDFF@!J@%*!@?B!J%*&(@F@AB!FDAB($!N!

?*!)%*J@!)*(! %*!?E&B@\!#Y*EB(@?!G&?@ABW! &%!@?B!'(*&W![EY@%%@!*!$B$!*))@%$@!aF@!)*(J@!

[EY@%%@!*A&F@!%*!?EK?B*AJ@!G@!?DA!JD()?!@B!%*!'&'&X&@\!}E*AB!N!)*+,2.bbb&!&%!@?B!G&BW!

)1-!02!)*+,2W!J+@?BuNuG&(@!'@A*AB!G@!]!'@AB!^W!)*(J@![E@!?*!)@A?$@!B(_?!)(DF)B@!?@!

($)*AG!GYEA!FDE'@F@AB!(*)&G@!N!%Y&F*`@!GE!'@AB\!0B!J@!FDE'@F@AB!)(D'&@AB!GYEA!

)@AJO*AB!A*BE(@%!G@! %YaF@!@A! XDAJB&DA!G@! %*!A*BE(@!G@!?@?!G$?&(?\!#Y*EB(@!)*(B! %@!

FDB!,(*.!;)@A?$@>W!'&@AB!G@!,(*(W!J+@?BuNuG&(@!G@!]!7EA@!^W! %*[E@%%@!K&@A![EY@%%@!

JO*A`@!%D(?!G@!?@?!G&XX$(@AB@?!)O*?@?!?@!($B*K%&B!)DE(B*AB!G*A?!J@![EY@%%@!$B*&B!*)(_?!

*'D&(! ($*%&?$! EA@! ?D(B@! G@! (@ADE'@*E! d! %*! )@A?$@! @A! @XX@B! B*AB~B! *XX*&K%&@! )*(! ?@?!

B(&KE%*B&DA?W! ?@! B(DE'@! @A! [E@%[E@! ?D(B@! DK?JE(@W! B*AB~B! )*(! EA! B(*A?)D(B! G@! QD&@!

(@B(DE'@!N!ADE'@*E!?*!'&`E@E(!A*BE(@%%@bbb&&\!:A!)*(%@!G@!.1+4+02.! ;@?)(&B>!G@! B(D&?!

F*A&_(@?\!.%!@?B!K&@A!?r(!*))@%$!*'@J!(*&?DA!@B!*E!?@A?!)(D)(@!]!?DEXX%@!^!AY*R*AB!

K@?D&A!G@!(&@AW!*%D(?![E@!%E&uFqF@!@?B!&AG&?)@A?*K%@!N!%Y@A?@FK%@!G@?!J($*BE(@?!d!

&A?EXX%*AB!J@![EY&%!'@EB!@B!G&?B(&KE*AB!BDEB!?@%DA!?@?!G$?&(?!d!(@F)%&??*AB!%YEA&'@(?W!

BDEB!@AB&@(!@A!BDEBW!&FFDK&%@!G*A?!%@!%&@E!@B!)*(!?*!'D%DAB$W!$B@(A@%W!@B!)E&??*AB!G@!

F*A&_(@!EA&[E@! ?E(! BDEB! J@![E&! @?B! %@!)%E?!O*EB\!-DE?!*))@%DA?!*E??&! @?)(&BW! EA@!

?EK?B*AJ@! X&A@! @B! &A'&?&K%@! )DE(! ADE?W! J($$@W! &FFD(B@%%@W! GDB$@! G@! BDEB@! %*!

)E&??*AJ@![E&! %E&! *! $B$!EB&%@F@AB! *JJD(G$@\!0A! B(D&?&_F@! %&@EW! ADE?!)*(%DA?!GYEA!

]!@?)(&B!^!($)*AGE!@B!(@JE@&%%&!?E(!BDEB@!%Y$B@AGE@!GE!JD()?bbb&&&!d!%*!'&@!G@?!FD(B@%?!

@?B!A$J@??*&(@F@AB!JDAB@AE@!)*(!J@!?DEXX%@W!@B!JDFF@!&%!A@!)(@AG!Q*F*&?!G@!(@)D?W!

&%! @?B! ($`$A$($! )*(! J@BB@!FDK&%&B$! ?*A?! X&A\! .%! X*EB! ?*'D&(! @A! DEB(@! [E@!)*+,2.! @B!

,(*.! A@! ?DAB! )*?! *))@%$?! ]!aF@!^! *E! ?@A?! )(D)(@W! F*&?! [EYDA! )*(%@! *&A?&!

[E@%[E@XD&?! )*(! *KE?! G@! %*A`*`@! )*(J@! [E@! J@?! X*JE%B$?! )($GDF&A@AB! G*A?!

%YaF@bbb&'\! 0B! G@! BDEB@! X*fDA! DA! A@! F@B! )*?! G&?B&AJB@F@AB! ]!@?)(&B!^! N! %*! )%*J@!

]!G+aF@!^!J*(! ?DA!ADF! %E&! @?B! JDFFEA!*'@J! BDEB! %@! (@?B@!G@?!qB(@?W! N! ?*'D&(W! %@?!

*A`@?W!%@?!)E&??*AJ@?!*$(&@AA@?W!@B!BDEB!J@![E&!@?B!@FK(*??$!)*(!%Y@?)(&B\!0B!&%!AY@?B!

)*?!'(*&![E@!)E&??@!qB(@!*'@J!@b*JB&BEG@!*))@%$!]!aF@!^!J@B!@?)(&Bu%N![E&!?@!G&??&)@!

)*(! %*! J*G@AJ@! G@! %Y*&(W! )E&?[E@! J@BB@! )(D)(&$B$! %E&! @?B! JDFFEA@! *'@J! %@?!

*A&F*Ebbbb'\!

!!!.%! (@?B@![E@!?$)*($F@AB!@B!G@!F*A&_(@! ?&`A&X&J*B&'@!DA!)*(%@!G@! %YaF@!OEF*&A@!

JDFF@! GYEA@! ?EK?B*AJ@! ?)&(&BE@%%@! [E&! AY@?B! @A! *EJEA@! F*A&_(@! G$B(E&B@! )*(!

!

Ih!!

@XXE?&DA! G@! ?*A`\!9*&AB@A*AB! G&??@(BDA?! )%E?! %&K(@F@AB! G@! %*! ?EK?B*AJ@! G@! J@BB@!

aF@W! )E&?[E@! ADE?! %Y*'DA?! G&?B&A`E$@! G@! J@! [E&! %E&! (@??@FK%@! @A! D)$(*AB! EA@!

A$J@??*&(@! G&?B&AJB&DA! B@(F&AD%D`&[E@\! 6'*AB! BDEB! $%*KD(DA?! GDAJ! EA@! G$X&A&B&DA!

X$JDAG@! !)*(!EA@!$BEG@! B(_?!)(EG@AB@!)DE(![E@! %@?!JDA?$[E@AJ@?![E&!)DE((DAB!@A!

A*eB(@!)*(*&??@AB!qB(@!B(_?!X*J&%@F@AB!(@JDAAE@?!@A!?@!XDAG*AB!?E(!%@E(!`$A$*%D`&@\!

:?C!2&!,$T*+*1*0+!,'!-ASJ'!

!!!!7@?!F*eB(@?!G@?!%@BB(@?!)(DX*A@?bbb'&!G&?@AB![E@!%+aF@!@?B!EA@!?EK?B*AJ@!?&F)%@W!

EA@! XD(F@! A*BE(@%%@W! G&?B&AJB@! G@! %*! F*B&_(@! G@! ?DA! JD()?bbb'&&W! &A?B(EF@AB! G@?!

)*(B&@?!GE!JD()?W!@B!)D??$G*AB!EA@!XD(J@!'&B*%@bbb'&&&\!#+*EB(@!)*(B!%+aF@!G@!%+ODFF@W!

JDFF@!%Y*EBD(&B$!G@?!?*'*AB?!G&`A@?!G@!XD&bbb&b!?+*JJD(G@!N!%@!(@JDAA*eB(@W!@?B!EA@!

?EK?B*AJ@!J($$@!)*(!#&@EW!?)&(&BE@%%@!@B!)*(B&JE%&_(@W![E&!'&'&X&@!?DA!JD()?b%\!0%%@!@?B!

J@(B@?!GDE$@!G@!(*&?DA!@B!&FFD(B@%%@W!F*&?!?E?J@)B&K%@!G@!?@!BDE(A@(!'@(?!%@!K&@A!@B!

'@(?!%@!F*%b%&d!@%%@!*!$B$!F&?@!*E!FDAG@!JDFF@!EA!cEX!@A!B(*&A!G+qB(@!JDE'$b%&&W!Dy!

?DAB!@AX@(F$@?!%*!'&@!G+EA!D&?@*E!N!'@A&(!@B!%*!G&'@(?&B$!JO*(F*AB@!G@?!)%EF@?b%&&&\!

}E+@%%@!?@!G$JDE'(@!N!)($?@AB!?@%DA!?@?!)*(B&@?W!)E&?[E@!%@?!ODFF@?!DAB!%+O*K&BEG@!

G+*))(@AG(@!)%E?!X*J&%@F@AB!%@?!JOD?@?![E&W!?$)*($@?W!)@E'@AB!?@!($'$%@(!G@!X*fDA!

)%E?!J%*&(@\!!

!!!!5@(?DAA@!)*(F&! %@?! ?*`@?!AY&`AD(@![E@! %@?! aF@?! ?DAB! J($$@?!DE!DAB! $B$! J($$@?!

)*(!#&@EW! J*(! BDEB! J@![E&! @b&?B@! @?B! ?D&B! J($*B@E(! ?D&B! J($*BE(@b%&'\!5*(! JDA?$[E@AB!

*EJEA@! ?EK?B*AJ@! J($$@! A@! )@EB! qB(@! J($*B(&J@W! J*(! )DE(! [EY@%%@! ?EK?&?B@! @%%@! *!

K@?D&A!G@!#&@E!@B!A@!)@EB!GDAA@(!N!EA!*EB(@!%YqB(@![EY@%%@!*!(@fE!?&F)%@F@AB!)DE(!

@A! *'D&(! %*! QDE&??*AJ@\! .%! ADE?! (@?B@! N! *JJD(G@(! [E@! J@BB@! ?EK?B*AJ@! *! B(_?!

'$(&B*K%@F@AB! $B$! J($$@! )*(! %*! G&'&A&B$! [E&! ?@E%@! *! %@! )DE'D&(! G@! J($@(! %@?! qB(@?!

FD(B@%?!@B!%@?!qB(@?!&FFD(B@%?\!#@!X*&B!DA!%&B!G*A?!2*%DFDA!G@!F*A&_(@!B(_?!J%*&(@!"!

(0!>)!1-2..+_4(!4(0-24*(4)!g!>)!0(44(!/-,,(!(>>(!;0)+0W!(0!>C(.14+0!4(0-24*(4)!g!'+(2!

G2+!>C)!3-**;b%'!d!@B!*&%%@E(?!"!/F)G2(!.-2<<>(W!/C(.0!,-+!G2+!>C)+!<)+0b%'&5!6&A?&!GDAJ!

%*! (*&?DA! [E&! G$FDAB(@! )*(X*&B@F@ABb%'&&! (@JDAA*eB! [E@! J@BB@! ?EK?B*AJ@! @?B!

?)&(&BE@%%@W! J*(W! BDEB@?! %@?! JOD?@?! JD()D(@%%@?! $B*AB! J&(JDA?J(&B@?W! ADE?! %@! ?*'DA?W!

)*(!B(D&?!%&`A@?u!%DA`E@E(W!%*(`@E(W!@B!)(DXDAG@E(u!&%!@?B!)(DE'$![E@!(&@A!G@!B@%!A@!?@!

(@B(DE'@!G*A?!%YaF@b%'&&&\!!

!

I=!!

!!!!}EY@A?E&B@! *??DJ&$@! N! EA! JD()?W! BDEB@! *JJ*K%$@![EY@%%@! ?D&B! )*(! %@! )D&G?! G@! J@!

JD()?b%&bW! @%%@! $'*%E@! %@?! &G$@?! ?E(! %@! FDAG@! *'@J! EA@! JE(&D?&B$! *BB@AB&'@%W! @%%@!

F$G&B@! *'@J! )(DXDAG@E(! %@?! [E@?B&DA?! J$%@?B@?W! @%%@! G$JDE'(@! )*(! EA@! (@JO@(JO@!

F&AEB&@E?@! %@?!)O$ADF_A@?!A*BE(@%?W!@B!@%%@!(@`(@BB@! %*!JDAA*&??*AJ@![EY@%%@!*!@E!

G@?! O*EB@?! '$(&B$?! JDAJ@(A*AB! *E??&! ?DA! J($*B@E(\! :(! ?&! @%%@! $B*&B! G@! A*BE(@!

JD()D(@%%@W! )*(! ?@?! )@A?$@?! G@! BDEB@! X*fDA! @%%@! A@! G&?J@(A@(*&B! )*?! %@?! JOD?@?!

?)&(&BE@%%@?! @B! A@! %@?! '@((*&B! )*?\! }EYDA! J@??@! GDAJ! G@! ?EKDGD(@(! ?*! A*BE(@!

F*B$(&@%%@%&W!)E&?[E@! %YaF@!($)_B@!G@! BDEB@?! %@?!F*A&_(@?![E@! %@!JD()?! B@%![EY&%!?@!

G$X&A&B! %E&! @?B! $B(*A`@(! @B! [E@! GY*EB(@! )*(B! @%%@! JO@(JO@! N! G$JDE'(&(! G@?! J*E?@?!

*Eb[E@%%@?!?@E%!EA!@?)(&B!?EK%&F@!B@AG!N!)*('@A&(\!VY@?B!G@!%N![E@!'&@AB!$`*%@F@AB!

%@!JDA?@&%!B(_?!QE?B@!GDAA$!)*(!%@?!2*&AB@?!4J(&BE(@?!G@!F$)(&?@(!BDEB@?!%@?!JOD?@?!

'&?&K%@?! G@! J@!FDAG@!d! J*(! J@BB@! aF@! @?B! &AJD()D(@%%@W! ?&! K&@A! [EY@%%@! ?@! )D(B@! N!

QE?B@! B&B(@! '@(?! %@?! JOD?@?! ?)&(&BE@%%@?W!?*JO*AB! [EY@%%@! *! $B$! XD(F$@! G@! F*A&_(@!

?@FK%*K%@!N!@%%@?C!

!!!!0%%@!)D??_G@!@A!BDEB!J*?!EA@!?EK?B*AJ@!)*(B&JE%&_(@W!)E&?[E@!*EJEA!*EB(@!@?)(&B!

A@!?@!JO*(`@!G@!JO*&(!)DE(!?DEXX(&(!DE!?@!($QDE&(!?DE?!%Y@XX@B!G@!?@?!)*??&DA?\!}E*AB!

N!J@![E@!ADE?!*'DA?!G&BW!]!!@%%@!'&'&X&@!?DA!JD()?!^W!JY@?B!)*(J@![E@!G_?![EY@%%@!*E(*!

$B$!GDAA$@!N!EA!JD()?W!@%%@!JO$(&B!?*!)(&?DA!GYEA@!F*A&_(@!&AG&J&K%@%&&W!@%%@!*&F@!J@!

[E&! %Y@F)qJO@! G@! )DE'D&(! qB(@! %&K(@%&&&\! 0%%@! @?B! '&'@F@AB! *XX@JB$@! )*(! %@?!

?DEXX(*AJ@?!G@!?DA!JD()?!d!@%%@!(@GDEB@!GYqB(@!*A$*AB&@!@%%@![E&!A@!)@EB!FDE(&(W!@B!

@%%@! B(@FK%@! )DE(! %@?! (&?[E@?! [E@! JDE(B! ?DA! JD()?W! ?&! K&@A! [EYDA! J(D&(*&B! )%EB~B!

[EY@%%@!*BB@AG!%@!)&(@W!@%%@![E&!A@!)@EB!)*(!A*BE(@!G&?)*(*eB(@\!0%%@!QDE&B!*E??&!GYEA@!

B(_?! ?*&A@! @B! O@E(@E?@!D(`*A&?*B&DA!GE! JD()?W! @%%@! ?@! ADE((&B! GE! (@`*(G!G@?! R@EbW!

@%%@!@?B!JO*(F$@!)*(!%@?!K(E&B?![EY@%%@!@AB@AGW!@%%@!@?B!($QDE&@!)*(!%@?!)%E?!*`($*K%@?!

DG@E(?W!?DA!)*%*&?!?@!G$%@JB@!GYEA!(@)*?!A$J@??*&(@!N!%*!'&@W!@B!K&@A![EY@%%@!A@!?D&B!

@A!(&@A!(*??*?&$@!)*(!J@?!?@A?W!?&!J@)@AG*AB!G@!B@%?!)%*&?&(?!%E&!?DAB!(@B&($?!@%%@!@?B!

(DA`$@! )*(! EA! B(_?! %DE(G! JO*`(&A!d! (@`(@BB*AB! ADA! J@! [E&! )*(! A*BE(@! %E&! JDA'&@ABW!

F*&?! J@! [E&! GD&B! qB(@! EB&%@! *Eb!F@FK(@?! GE! JD()?! [E&! %E&! ?DAB! $B(D&B@F@AB! EA&?\!

VY@?B!N!)*(B&(!G@!%N![E@!?Y&A?&AE@AB!)*(XD&?!G@?!'&J@?!JDAB(*&(@?!N!%*!(*&?DAW!J*(!DA!

?*&B! [E@! %YaF@! XDE(A&B! *E! JD()?! *&F$! *'@J! B(D)! GY&AGE%`@AJ@! EA! )($B@bB@! N!

JDA?@AB&(! *E!)$JO$%&'\!7*!'&@!GE! JD()?! @?B! GDAJ!)($?@AJ@!G@! %YaF@! (@fE@! d! B*AG&?!

[EY&%!@?B!)(DE'$![E@!%*!FD(B!@?B!?DA!G$)*(B%'\!6&A?&!ADE?!)*(%DA?!G@!QDE(!*%D(?![E@!

%@!?D%@&%!)*(JDE(B!%@!J&@%!@B!G@!AE&B![E*AG!&%!*!G&?)*(E\!7@!JD()?!'&B!)*(!JDA?$[E@AB!

!

Ip!!

?DE?!%*!)(DB@JB&DA!G@!%YaF@!@B!JY@?B!GY@%%@!QE?B@F@AB![EY&%!(@fD&BW!DA!%@!?*&BW!J@![E&!

)@EB!%@!FDE'D&(\!

!!!!9*&?!)E&?[EYDA! (@JDAA*eB![E@!J@J&!*E??&!*))*(B&@AB!*E!`@A(@!G@!'&@!GDAB!ADE?!

)*(%DA?W!&%!X*EB!?*'D&(![E@!JDFF@!J@BB@!XD(J@!'&B*%@!&`A$@!?Y@?B!($)*AGE@!G*A?!%@?!

)*(B&@?!GE!JD()?!@B![E@!J@!?DEXX%@!'&'&X&*AB%'&!?Y@?B!@bO*%$!?E(!%*!F*B&_(@!JO*(A@%%@W!

BDEB@?! %@?! XD&?! [EYEA@! K%@??E(@! *! $B$! (@fE@! )*(! O*?*(GW! %YaF@! ?DEXX(@! *E??&B~B!

'&'@F@ABW! )*(J@! [EY@%%@! @?B! )*(! @??@AJ@! &F)%*AB$@! )*(BDEB%'&&\! :(! ?&! JY$B*&B!

?@E%@F@AB! ?*! XD(J@! @B! ?*! JO*%@E(! [E&! %Y*A&F*&@ABW! @%%@! A@! )DE((*&B! (@??@AB&(!

%Y*F)EB*B&DA!GYEA!GD&`B\!#@!FqF@![E@!%@!?D%@&%W!JY@?B!(@JDAAEW!A@!?@AB!(&@AW!?&!%YDA!

@??*&@! G@! JDE)@(! ?@?! (*RDA?\! 7YaF@! )*(! JDA?$[E@AB! @?B! BDEB@! @AB&_(@! G*A?! ?@?!

)*(B&@?W!@%%@!AY@?B!)*?!)%E?!)@B&B@!&J&W!)%E?!`(*AG@!%N%'&&&W!F*&?!&J&!*'@J!)%E?!G@!XD(J@W!

*&%%@E(?!GYEA@!F*A&_(@!)%E?!(@%aJO$@W!)*(BDEB!Dy! !?Y$B@AG!%Y*BB@AB&DA!'&B*%@%&b\!0%%@!

($EA&B! @A?@FK%@! @B! *BB*JO@! X@(F@F@AB! ?@?! )*(B&@?%b! d! @%%@! A@! )@(F@B! )*?! [E@! ?@!

(@%aJO@! DE! [E@! G$)$(&??@W! J@! [E+@%%@! )(DB_`@! G@! ?*! XD(J@! '&B*%@! d! @%%@! G&?B(&KE@!

)*(BDEB!G@?!*%&F@AB?![E&!JDA'&@AA@ABW!%@E(!JDA?@('*AB!$[E&%&K(@!@B!QE?B@!F@?E(@%b&\!!

!!!!.%!)*(*eB!@A!DEB(@!$BDAA*AB![EYEA@!JOD?@!&FF*B$(&@%%@!*&B!$B$!%&$@!N!G@?!F@FK(@?!

?&! JDA?&?B*AB?W! @B! [E@! G@?! A*BE(@?! G&??@FK%*K%@?! *&@AB! $B$! *F@A$@?! N! EA! *JJD(G!

EA&[E@W!N!B@%!)D&AB![E@!%YaF@!A@!)@EB!?@!?$)*(@(![E*AG!)DE(B*AB!@%%@!%@!?DEO*&B@W!A&!

?@!F*&AB@A&(!*%D(?![EY@%%@!*!(@JDAAE!%YD(G(@!GE!J($*B@E(%b&&\!7YEA&'@(?!@AB&@(!%E&!@?B!

X@(F$W![E*AG!&%!%E&!@?B!)(@?J(&B!G@!?@!X&b@(!d!BDEB!@?B!(@AGE!DE'@(BW![E*AG!&%!%E&!@?B!

D(GDAA$!G@!)*(B&(\!V*(!?&!DA! %E&! &AX%&`@! %*!J(E@%%@!?DEXX(*AJ@!GYEA@!K%@??E(@W!?*A?!

%YD(G(@!G@!?DA!*EB@E(!@%%@!AY@?B!)*?!)@(GE@!G@!FqF@![E@!?*A?!?*!K&@A'@&%%*AJ@!@%%@!

AY@?B! )*?! )($?@('$@\! #@! %N! '&@AB! [E@! X($[E@FF@AB! ADE?! 'DRDA?! G@?! `@A?!

?$(&@E?@F@AB! K%@??$?! ?@! B&(@(! GY*XX*&(@W! @B! @A! (@'*AJO@! FDE(&(! G*A?! G@?!

J&(JDA?B*AJ@?!*ADG&A@?\!

!!!}E@!%YODFF@!?D&B!&AG$A&*K%@F@AB!GDE$!G@!(*&?DAW![E&!)DE((*&B!@A!GDEB@(%b&&&�!V*(!

&%! ?YDJJE)@!G@?! JOD?@?!G&'&A@?W! &%! )D??_G@!EA@! ?*`@??@!OEF*&A@%b&'W! &%! @?B! &A?B(E&B!

G*A?!G@?!*(B?!(@F*([E*K%@?W! &%!@?B!)@(X@JB&DAA$!G*A?!G@?!F*B&_(@?!$F&A@AB@?%b'W!@B!

G@! %N! &%! ?Y$%_'@!*E??&!G@!K@%%@!F*A&_(@!*EuG@??E?!GE!(@?B@!G@?!qB(@?!'&'*AB?!)*(J@!

[E@!%*!(*&?DA!G*A?!?*!K@*EB$!%@!`DE'@(A@%b'&\!#@!X*&B!QY*))@%%@!(*&?DA!%@!FDE'@F@AB!

G$FDA?B(*B&X%b'&&! G@! %+aF@%b'&&&W! JDAGE&?*AB! )*(! J@! [E&! @?B! *GF&?! @B! G$QN! JDAAE! N!

%Y&AJDAAE%b&bW!*JJ$G*AB!*E!?@J(@B!G@!%*!'$(&B$\!VY@?B!@%%@![E&!G$?&(@!?@!OaB@(!)*(!G@?!

!

<M!!

OR)DBO_?@?!@B!)*(!G@?!*(`EF@AB?!'@(?!J@![E&!?@!B(DE'@W!@%%@!%@!?*&BW!G*A?!%*!A*BE(@%bb\!

V@BB@! (*&?DA!K&@A!?r(!GD&B!qB(@![E*%&X&$@!G@!'(*&@W!)E(@!@B!J@(B*&A@W![E*AG!@%%@!@?B!

(@AGE@!$B(*A`_(@!N!BDEB@!&F*`@!GE!X*Eb\!.%!%E&!*!GDAJ!$B$!GDAA$!GY*))($O@AG@(!@A!

[E@%[E@! X*fDA! ?@?! )(D)(@?! )@A?$@?W! @B! N! %Y*&G@! GYEA@! %*A`E@! DK$&??*AB@! G@! %@?!

@AJO*eA@(!G*A?!EA!FDE'@F@AB!&AJ@??*AB!z!G@!%*!%*A`E@!@B!G@?!%_'(@?{!%!bb&\!!

!!!!5%*J$@!G*A?!EA!JD()?W![E@!G@!JOD?@?!'D&B!%+aF@!�!2*A?![EY@%%@!?D(B@!GY@%%@uFqF@W!

[E@!G@!JOD?@?!D))D?$@?!@%%@!@b*F&A@!�!0%%@!?@!G$)%D&@!)DE(!*&A?&!G&(@!)*(BDEBW!@B!

)DE(B*AB!&%!AY@?B!)*?!)(DE'$![E@!?@!)(DGE&?@!EA!G$)*(B!G@!%YaF@\!0%%@!?@!F@EBW!@%%@!

?Y$%_'@W! DA! %*! ?*&B! &(($?D%E@W! @B! @%%@! ?Y$`*(@! @A! @%%@uFqF@W! JDFF@! ?&! @%%@! JDE(*&B!

G*A?! EA! `(*AG! @?)*J@\! V@BB@! aF@! A@! ?D(B! )*?! )DE(! ?Y*XX*&(@(! F*&?! )*(! ?@?!

G$%&K$(*B&DA?!@%%@!?@!(@)($?@AB@!J@![EY@%%@!@?B!J*)*K%@!GY@A'&?*`@(!)*(!?*!)@A?$@!d!

B*AB~B! J@! [EY@%%@! *! 'E! *'@J! %Yc&%! G@! %*! JO*&(W! B*AB~B! J@! [EY@%%@! *! JDAfE! G*A?! %@?!

JO&F_(@?! G@! ?DA! &F*`&A*B&DA%bb&&\! 0%%@! )@A?@! %@?! JOD?@?! J%*&(@F@AB! EA@! N! EA@!

JDFF@!GY*&%%@E(?!@%%@!?Y@b)(&F@!d!@%%@!AY*JJDF)%&B!(&@A!)*(!%@!J*A*%!G@?!?@A?W!*%D(?!

[EY@%%@!?@!Fq%@!N!%*!G&'@(?&B$!G@?!JOD?@?W!J*(!JY@?B!N!%*!G&'&A&B$![EY&%!*))*(B&@AB!@A!

)(D)(@!G@!G&?)D?@(!%*!)%E(*%&B$!@B!G*A?!%@!FqF@!B@F)?!G@!BDEB!F@BB(@!@A!D(G(@!?@%DA!

G@?!(_`%@?!*))(D)(&$@?%bb&&&\!0B!*&A?&!GDB$@!*'@J!%*(`@??@!G@!(*&?DA![E@!G@!K&@A?!@%%@!

G$JDE'(@!)*(!EA!GDA!G@!%*!G&'&A&B$!�!@%%@!*!B(DE'$!%*!XD(F@!G@?!%@BB(@?W!@%%@!*!)(DGE&B!

%@?! G&'@(?! @B! EB&%@?!F$B&@(?! @B! %@?! ?*'D&(?! %bb&'W! @%%@! *! J@&AB! %@?! J&B$?! G@!FE(*&%%@?!

J*)*K%@?! G@! G$X@AG(@W! @%%@! *! )(DGE&B! G@?! 'qB@F@AB?! G@! `@A(@?! '*(&$?W! )*(! ?DA!

*JB&'&B$!@%%@!*!($J%*F$!N!%*!B@((@!G@!F@&%%@E(?!)(DGE&B?W!@%%@!*!)*(JDE(E!%@?!*KeF@?!

?E(! EA! '*&??@*E! *&%$W! @%%@! *! B(DE$! GY&FF@A?@?! FDAB*`A@?! )DE(! %YE?*`@! G@?!

'DR*`@E(?W!@%%@!*!@ABDE($!%@?!)D(B?!GYEA@!@AJ@&AB@!@A!G@F&u%EA@!N!%YE?*`@!G@!J@Eb!

[E&! A*'&`E@ABW! @%%@! *! D(A$! %*! B@((@! GYEA! B(_?! K@%! *??D(B&F@AB! G+$G&X&J@?%bb'\! }E&!

GDEB@(*&B! @AJD(@! G@! ?*! (*&?DAW! )E&?[E@! &%%EF&A$@! )*(! ?DA! J($*B@E(! @%%@! X*&B!

*)@(J@'D&(!)*(!?DA!*(B!G@?!($*%&?*B&DA?!@A!BDE?!)D&AB?!`%D(&@E?@?!@B!%DE*K%@?!�!

!!!!.%!JDA'&@AB!F*&AB@A*AB!G@!B(*&B@(!G@!?DA!&FFD(B*%&B$%bb'&\!7@?!*EB@E(?!G@?!%@BB(@?!

)(DX*A@?!DAB!)(DE'$!G@!K&@A!G@?!X*fDA?!%Y&FFD(B*%&B$!G@?!aF@?W!@A!G&?*AB!"!?&!BDEB!

J@! [E&! GDAA@! '&@! N! *EB(@! JOD?@! @b&?B@! )*(! ?D&uFqF@W! �! J@%*! @?B! XD(J$F@AB!

&FFD(B@%�!d!D(!%YaF@W!)E&?[EY@%%@!GDAA@!'&@!*E!JD()?W!'&B!)*(!@%%@uFqF@!d!@%%@!@?B!

XD(J$F@AB! &FFD(B@%%@%bb'&&\! .%?! G&?@AB! @AJD(@! "! BDEB@?! %@?! JOD?@?! ?&F)%@?! ?DAB!

&FFD(B@%%@?!d! !D(! %YaF@! AY@?B! )*?! EA@! O*(FDA&@W! @%%@! AY@?B! )*?! JDF)D?$@! G@!

!

<H!!

)%E?&@E(?!)*(B&@?W!F*&?!JY@?B!EA@!A*BE(@!?&F)%@!d!%YaF@!@?B!GDAJ!&FFD(B@%%@%bb'&&&\!0B!

&%?! XDAB! EA@! ADE'@%%@! )(D)D?&B&DA! "! BDEB! J@! [E&! AY@?B! )*?! JD((DF)E! )*(! EA@!

D))D?&B&DA!D(&`&A@%%@!(@?B@!N!BDEB!Q*F*&?!&FFD(B@%%bb&b!d!7YaF@!@A!@XX@B!)E&?[EY@%%@!

@?B! ?&F)%@!@B!)E(@W!@?B! ?*A?!*EJEA!GDEB@! &FFD(B@%%@\! .%?!*QDEB@AB!*E??&! "! BDEB!qB(@!

GDE$!G@!(*&?DA![E&!?@!F@EB!?D&uFqF@W!@?B! &FFD(B@%! d!D(!%YaF@!GYEA!qB(@!GDE$!G@!

(*&?DA! ?@! F@EB! @%%@uFqF@W! @%%@! @?B! GDAJ! &FFD(B@%%@%bbb\! }E*AB! N! ADE?W! ADE?!

(@JDAA*&??DA?! *&?$F@AB! N! %Y*&G@! G@! B@bB@?! '$(&G&[E@?! [E@! %@?! aF@?! ?DAB!

&FFD(B@%%@?%bbb&d!J*(!@A!%&?*AB![EY@%%@?!DAB!$B$!X*&B@?!N!%Y&F*`@!@B!N!%*!(@??@FK%*AJ@!

G@!%@E(!J($*B@E(%bbb&&W![E&!D?@(*&B!%@?!G&(@!FD(B@%%@?!JDAB(*&(@F@AB!N!%*!?*&AB@!*EBD(&B$!

@A! ?DEB@A*AB!)%EB~B!G@!F*A&_(@! &F)EG@AB@![EY@%%@?! ?Y$J*(B@AB!G@! %Y&F*`@!G@! %@E(!

J($*B@E(! �!V*(! JDFF@AB! %YaF@! *E(*&B! )E! qB(@! N! %Y&F*`@! @B! N! %*! (@??@FK%*AJ@! G@!

#&@EW! ?&! %@?!aF@?!'DR*&@AB! %@E(! %&F&B@!KD(A$@!)*(! %*!FD(B!G@! %YODFF@!�!0A!@XX@B!

7E&! [E&! '&B! BDEQDE(?! GYEA@! F*A&_(@! &A@XX*K%@W! G@F@E(@! ?*A?! J@??@! G@! F*A&_(@!

&A@XX*K%@W!?@!JDA?@('@!7E&uFqF@!$B@(A@%%@F@AB!d!7E&![E&!JDAB&@AB!BDEBW![E&!G&?)D?@!

BDEBW! &%! @?B! OD(?! G@! GDEB@! [EY&FFD(B@%! &%! *! %*! J*)*J&B$! G@! J($@(! G@?! qB(@?!

&FFD(B@%?%bbb&&&!@B!G@!GDAA@(!N!?*!QE?B@!F@?E(@!%Y*)B&BEG@!N!'&'(@\!!

!!!!}E@%[EYEA!G&B!"!JDFF@AB!?E&?uQ@!?@FK%*K%@!N!#&@EW!*%D(?![E@!Q@!AY*&!)*?!GE!BDEB!

%@! )DE'D&(! G@! J($@(! G@?! qB(@?! &FFD(B@%?%bbb&'�!s! J@BB@! )@(?DAA@! &%! X*EB! ($)DAG(@W!

?@%DA!ADE?W!)E(@F@AB! @B! ?&F)%@F@AB!)*(!EA@!JDF)*(*&?DA\!0?BuJ@![E@! %@!)D(B(*&B!

[E&!ADE?!(@??@FK%@!)@EB!(@AG(@!J@![E@!ADE?!X*&?DA?!�!7Y&F*`@!@A!@XX@B!)@EB!*'D&(!

[E@%[E@! (@??@FK%*AJ@W!F*&?!@%%@!A@!)@EB!*JJDF)%&(!J@![EY@?B! %*! ($*%&B$%bbb'\!-DE?!

G@'DA?!*E??&!(@JDAA*eB(@!%Y&FFD(B*%&B$!G@!%YaF@W!G*A?!%@!X*&B![EY@%%@!G$?&(@!F$G&B@(!

*E! ?EQ@B! G@! %Y$B@(A&B$\! 0%%@! ?DEO*&B@! @A! @XX@B! *)(_?! %*! FD(B! GE! JD()?! %*&??@(! EA@!

(@ADFF$@! *BB*JO$@! N! ?DA! ADFW! @%%@! G$?&(@! qB(@! %DE$@! ?*A?! X&AW! @B! ?*! KDAA@!

JDA?J&@AJ@!@?B!G*'*AB*`@!)($DJJE)$@!)*(!%Y*'@A&(!J(*&`A*AB![E@W!(*JDAB$@W!@%%@!A@!

?D&B!X%$B(&@!)*(!?@?!G@?J@AG*AB?\!#@!%N!'&@AB![E@!)*(F&!%@?!*EB@E(?!)*(B&JE%&_(@F@AB!

$%@'$?!&%!@?B!$B*K%&![E@!BDEB!J@![E&!@?B!(@%@'$!)*(!%@!)(@?B&`@!G@!%*!(*&?DA!A@!)@EB!qB(@!

*K*&??$! )*(! %YDEB(*`@! G@! %*! FD(B%bbb'&\! 6QDEB@m! [E@! %*! /$(&B$! G$J%*(@! G@! X*fDA!

*K?D%E@![EY@%%@! X(*))@(*! %@?!F$JO*AB?!GYEA! ?E))%&J@!)@()$BE@%W![EY@%%@! *JJD(G@(*!

EA@! QD&@! $B@(A@%%@! *Eb!KDA?W!G@! ?D(B@![EY&%!A@! ?D&B!)*?!)@(F&?![E@! ?D&B! (@fE!*'@J!

O$?&B*B&DAW!J@![E@!%*!G&'&A&B$!GE!3DEBu5E&??*AB!QE`@!G&`A@!G@!)(DF@BB(@%bbb'&&\!s!'(*&!

G&(@!ADE?!A@!G@'DA?!)*?!)@(J@'D&(!J@BB@!&FFD(B*%&B$!G@!%YaF@!JDFF@!AY*GF@BB*AB!

*EJEA@! )*??&DA\! 0%%@! @?B! @A! ($*%&B$! ?DEF&?@! *E! JO*A`@F@AB! @B! DE'@(B@! *Eb!

!

<L!!

BDE(F@AB?W!F*&?!J@)@AG*AB!*E!F&%&@E!G@!BDE?!J@?!@AAE&?!DE!G@!BDEB@?!J@?!*A`D&??@?!

@%%@!)@(?$'_(@!`(aJ@!N!?*!JDA?B*AJ@%bbb'&&&\!VY@?B!GYEA@!F*A&_(@!EA&[E@![E@!#&@E!@?B!

&FFD(B@%W! GYEA@! F*A&_(@! EA&[E@! [EY&%! @?B! QE?B@W! GYEA@! F*A&_(@! EA&[E@! [EY&%! @?B!

)E&??*ABW!GYEA@!F*A&_(@!EA&[E@![EY&%!@?B!KDAW!GYEA@!F*A&_(@!EA&[E@![EY&%!@?B!?*&AB\!

V*(! K&@A![EY&%! ?D&B! )@(F&?! G@!G&(@![E@! J@?! [E*%&B$?! DE!G@?! [E*%&B$?! ?@FK%*K%@?! N!

J@%%@?uJ&!*))*(B&@AA@AB!*Eb!ODFF@?!DE!*Eb!*A`@?W!*EJEA@!J@)@AG*AB!AY*BB@&AB!N!%*!

O*EB@E(!G@!J@BB@!)E&??*AJ@!'$A$(*K%@\!.%!R!*!@A!@XX@B!G*A?!J@!)D&AB!JE%F&A*AB!BDEB@?!

%@?! O*EB@?! '@(BE?! G*A?! %@E(! )%$A&BEG@! @B! %@E(! *JJDF)%&??@F@AB! *K?D%E?W! [E@! ?*!

`$A$(D?&B$!JDAJ_G@!N!BDEB@?!%@?!J($*BE(@?!?@%DA!?*!(_`%@%bbb&b\!!

!!!!9*&AB@A*AB!&%!X*EB!?*'D&(!JDFF@AB!DA!)@A?@![E@!'&B!J@BB@!aF@!&FFD(B@%%@\!0%%@!

'&B! @A! @%%@uFqF@! *)(_?! %*! )@(B@! G@! J@BB@! '&@! B@((@?B(@W! ?*A?! qB(@! *A&F$@! )*(! EA!

?DEXX%@!JDFF@!%@!JD()?W!F*&?!`(aJ@!*E!FDE'@F@AB!($`E%&@(![E&!%E&!*!$B$!*BB(&KE$!"!

)E(@W! ?EKB&%@W! '$%DJ@W! $B@(A@%%@W! @%%@! 'D&BW! @%%@! @AB@AGW! @%%@! BDEJO@W! @B! @%%@! *! EA@!

)E&??*AJ@!)%E?!@XX&J*J@bJ![E@!BDE?!%@?!*EB(@?!?@A?!d!A@!JDF)(@A*AB!)%E?!%@?!JOD?@?!

GY*)(_?! %@E(?! )*(B&@?W! F*&?! JDAA*&??*AB! %Y@A?@FK%@! G*A?! ?DA! &AB$`(*%&B$! GYEA@!

F*A&_(@!?)&(&BE@%%@\!#E!(@?B@!&%!@?B!*K?E(G@!G@!)@A?@(![EY@%%@!)@EB!qB(@!FD&A?!%&K(@!

[E@! %D(?[EY@%%@! $B*&B! JO*(`$@! GE! )D&G?! GYEA! JD()?! ?&! F*B$(&@%\! V*(! &%! AY@?B! )*?!

GDEB@Eb![EYN! %*! XD&?! %@?! *A`@?W! %@?!)E&??*AJ@?! *$(&@AA@?bJ&! DE! BDEB! %@! (@?B@![EYDA!

?*&B!qB(@!JDA?B&BE$!GYEA@!?EK?B*AJ@!?EK%&F@!@B!&FFD(B@%%@!)E&??@AB!JDF)(@AG(@!G@!

B@%%@?!JOD?@?\!

!!!!.%!ADE?! (@?B@!F*&AB@A*AB! N!FDAB(@(!)D&AB!)*(!)D&AB![E@!J@BB@! aF@!@?B! ?EQ@BB@!N!

EA@!FDK&%&B$!XER*AB@\!0B!)DE(B*AB!)%rB!*E!J&@%![E@!J@!XrB!&AJ@(B*&AW!@B![E@!ADE?!A@!

'$(&X&&DA?!)*?!X*J&%@F@AB!G*A?![E@%%@!G&?)D?&B&DA!GY@?)(&B!ADE?!ADE?!)($?@ABDA?!%@!

)%E?! ?DE'@AB\! :(! [E&! GDEB@(*&B! [E@! ADE?! ?DFF@?! )*(XD&?! B(*A?)D(B$?! G@! QD&@W!

)*(XD&?! *JJ*K%$?! G@! GDE%@E(W! B*AB~B! *&F*K%@?! ?DE?! %Y@XX@B! G@! %*! B@AG(@??@W! B*AB~B!

@XX(*R*AB?!GY&((&B*B&DAW![E@!ADE?!G(@??DA?!)*(XD&?!AD?!aF@?!'@(?! %@?!'@(BE?W![EY@A!

(@'*AJO@!ADE?!)@AJODA?!)*(XD&?!'@(?!%@?!'&J@?!�!3*AB~B!ADE?!ADE?!*))(D)(&DA?!%@?!

JOD?@?!*'@J!DK?B&A*B&DAW! B*AB~B!ADE?!%@?!(@Q@BDA?!G*A?!%YDEK%&! d!J@![E&!F*&AB@A*AB!

)%*eBW! G$)%*eB! )%E?! B*(G\! -DE?! ?DFF@?! *E??&! $G&X&$?! )*(! %@?! )(D)D?! G@?! KDA?W! %*!

JDA'@(?*B&DA!G@?!F$JO*AB?!ADE?!G$B(E&BW!@B!*EB*AB!ADE?!)(D`(@??DA?!*'@J!%@?!`@A?!

FD(*%@F@AB! G(D&B?W! *EB*AB! ADE?! ?*'DA?! [E@! ADE?! ?DFF@?! )&(@?! *'@J! %@?! )%E?!

F$JO*AB?\!V*(!?&!EA@!?@E%@! &AX%@b&K&%&B$W!EA@!?@E%@! ($?D%EB&DAW!ADE?!F*&AB@A*&@ABW!

!

<P!!

ADE?!A@! ?@(&DA?! *F@A$?! N! J*E?@!G@!ADB(@! &AJDA?B*AJ@W! A&! G@!F$JO*AB?! N! G@'@A&(!

KDA?! A&! G@! ($)(DE'$?! N! G@'@A&(! K&@AO@E(@Eb\! 9*&?! )DE(! [E@! %*! J*E?@! G@! J@BB@!

'@(?*B&%&B$!)E&??@!qB(@!JDAAE@!G@!X*fDA!)%E?!J%*&(@W!?DE'@ADA?uADE?W!JDFF@!&%!*!$B$!

G&BW! [E@! %*! )(EG@AJ@! A@! ADE?! *! )*?! $B$! *BB(&KE$@! JDFF@! [E@%[E@! JOD?@!

GY&FFE*K%@\!0B!)DE(!J@BB@!(*&?DA!ADE?!?DFF@?!&AB@%%&`@AB?W![E*AG!ADE?!*`&??DA?!

K&@A! `(aJ@! N! %Y&%%EF&A*B&DA! G&'&A@! d! @B! @A! (@BDE(! ADE?! *'DA?! DEK%&$! %*! ?*`@??@W!

[E*AG!ADE?!?DFF@?!*'@E`%$?!)*(!G@?!)$JO$?![E&!DK?JE(J&??@AB!%*!'E@\!0A!@XX@B!EA!

$B*B!*XX@JB&X![E&!'*!@B![E&!'&@AB!@?B!BDEQDE(?!&AJ@(B*&A\!7@!#&@E!BDEBu)E&??*AB!@?B!%@!

?@E%W! )DE(! [E&! @b&?B@(! JY@?B! qB(@! ?*`@W! )DE'D&(! JY@?B! '&'(@W! 'DE%D&(! JY@?B! X*&(@W! @B!

%$`&B&F@F@ABW!)E&?[E@!BDEB!J@![E&!@?B!'(*&F@AB!KDA!A@!'*!)*?!'@(?!%E&!F*&?!)(DJ_G@!

QE?B@F@AB!G@!%E&!\!

!!!!0A!JDA?$[E@AJ@!B@%%@!@?B!%YD(&`&A@!G@!%YaF@!GDAB!ADE?!*'DA?!)*(%$!"!DA!A@!GD&B!

)*?!%Y@AB@AG(@!JDFF@!EA@!)*(B&@!G@!#&@EbJ&&W!*&A?&![E@!J@(B*&A?!)*(F&!%@?!&A?@A?$?!

%YDAB!J(E!G*A?!EA!?@AB&F@AB!&F)&@W!)E&?[EY@%%@!@?B!?E?J@)B&K%@!G@!JO*A`@F@AB!d!A&!

EA@!)*(B&@!G@?!*A`@?W!)E&?[EY@%%@!)@EB!?YEA&(!N!%*!JO*&(W!A&!)(D'@A*AB!G@!%Y*&(W!A&!G@!

%Y@*EW! A&! G@! %*! B@((@W! A&! G@! J@?! JOD?@?! [E&! ?DAB! EA&@?! )*(! EA! *??@FK%*`@!FEBE@%\!

9*&?!JY@?B!EA@!A*BE(@!?&F)%@!@B!)*(B&JE%&_(@bJ&&&!@B!EA@!?EK?B*AJ@!?$)*($@!G@?!*EB(@?!

A*BE(@?! ?)&(&BE@%%@?W! [EY&%! ADE?! X*EB! (@F*([E@(! K&@A! )%E?! ?EKB&%@! [E@! %Y*&(! @B! )%E?!

%EF&A@E?@W!)E&?[E@!ADE?!(@`*(GDA?!JDE(*FF@AB!J@B!*&(W!@B![EY@A!(@'*AJO@!ADE?!A@!

)DE'DA?!*)@(J@'D&(!J@BB@!aF@!G*A?!EA@!J($*BE(@!JO*(A@%%@\!

!!!!2*!FDK&%&B$!A*BE(@%%@!)DE??@!?*A?!J@??@!EA@!A*BE(@!G@!J@BB@!@?)_J@!N!G$'@%D))@(!

G@!KDAA@!`(aJ@!?@?!)@A?$@?bJ&'\!#@!%N!'&@AB![E@!G$B@AGE?!G*A?!%@!(@)D?W!*%D(?![E@!%@!

XDAG! G@! %*! ($X%@b&DA! D(G&A*&(@! ADE?! *! $B$! @A%@'$! @B! [E@! ADE?! A@! ?DFF@?! )*?!

*BB@AB&X?! JDFF@! G@! JDEBEF@! *Eb! *JB&'&B$?! [EDB&G&@AA@?W! ADE?! (q'DA?! G@! JOD?@?!

G&'@(?@?W!G*A?!G@?!'&?&DA?!B*AB~B!X*E??@?!B*AB~B!'(*&@?\!VY@?B!)@E!G@!JOD?@![E@!G@!

ADE?! %*&??@(! B(DF)@(! )*(! EA@! &F*`&A*B&DA! &AJDA?B*AB@! *%D(?! [E@! AD?! ?@A?! ?DAB!

@A`DE(G&?W!)E&?[E@!X($[E@FF@ABW!FqF@!$'@&%%$?W!ADE?!?DFF@?!G$BDE(A$?!G@!ADB(@!

JDAB@F)%*B&DA\!2DE'@AB!@A!@XX@B![E*AG!ADE?!ADE?!G&?)D?DA?!N! %*!)(&_(@!*'@J!EA@!

`(*AG@!*))%&J*B&DAW!ADE?!?DFF@?!G$BDE(A$?!?DEG*&A!)*(!G@?!)@A?$@?!&A?)&($@?!)*(!

Q@!A@!?*&?![E@%!@AX*AB&%%*`@W!@B! &%!*((&'@!*&A?&![E@!?D&B!?E``$($!N! %Y@?)(&B!EA! Q@uA@u

?*&?u[ED&! G@! JDAB(*&(@! N! ADB(@! G@??@&AbJ'\! .%! @?B! GDAJ! $B*K%&! [E@! %YaF@! G*A?! J@!

FDAG@!JO*A`@!N!J*E?@!GYEA@!'D%DAB$!&A?B*K%@!@B!'*(&*K%@W!@B![EY@%%@!@?B!J*)*K%@!G@!

!

<I!!

)@(G(@! @B! G@! (@J@'D&(! G@?! K&@A?W! ?*A?! BDEQDE(?! G@F@E(@(! G*A?! ?DA! &AX%@b&K%@! @B!

EA&[E@! 'D%DAB$W!F*&?! [E+@A! DEB(@! @%%@! ?@!FDG&X&@! )*(! G@?! JO*A`@F@AB?! ($)$B$?! N!

%Y@AJDAB(@!G@!?@?!)(D)(@?!G&?)D?&B&DA?bJ'&\!!

!!!!0B!ADE?!A@!?DFF@?!)*?!G@!J@Eb![E&!G&?@AB![E@!%@?!aF@?!)(*B&[E@AB!G@!ADE'@*E!

)%EB~B! [EY@%%@?! AY*))(@AA@AB! %@?! *(B?! D(G&A*&(@?! @B! %@?! *EB(@?! G&?J&)%&A@?W!

)E&?[EY@%%@?! DAB! $B$! )($)*($@?! *Eb! [E@?B&DA?! [EYDA! %@E(! )D?@W! [EY@%%@?! ?@(DAB!

?E?J@)B&K%@?! G@! B(*&B@(! )*(! EA@! *))(DJO@! &AB@%%@JBE@%%@W! @B! [E@! GY*EB(@! )*(B! @%%@?!

$JDEB@AB!G@?!JOD?@?!ADE'@%%@?!JDFF@!?&!@%%@?!AY*'*&@AB! (&@A!*))(&?!*E)*(*'*AB!N!

%@E(!?EQ@BbJ'&&\!!

!!!!/D&%N![E@!J@BB@!G$X&A&B&DA!`(*'&G@!*!@AX&A!*JJDEJO$W!'D&%N![EY*!$J%*B$!*E!`(*AG!

QDE(! ;?&! Q@!A@!F@! B(DF)@>!J@![E&!?@! B@A*&B!J*JO$bJ'&&&\! .%!AY*! (&@A!$B$!G$%*&??$!G*A?!

%Y@b)D?$![E@!%YDA!?Y$B*&B!X&b$!d!%*!F*B&_(@!G@!J@!z?EQ@B{!@?B!G@!A*BE(@!N!G$'@%D))@(!@B!

N!J&(JDA?J(&(@!J@![EY@%%@!?DEB&@ABW!?*A?!)*(*eB(@!*'D&(!G&B![E@%[E@!JOD?@!G@!)%E?!DE!

G@!FD&A?\!9*&AB@A*AB!*KD(GDA?W! %*!)@A?$@! &A[E&_B@W!?*![E*%&B$!?EK?B*AB&@%%@W!GDAB!

'DE?!'DE?!(*))@%@m![EY@%%@!DJJE)@!%@!B(D&?&_F@!)D&AB!G@!'DB(@![E@?B&DAA*&(@\!

!

?C!2&!R(&-*1$I/*I!,'!-ASJ'!

!!!!6&A?&! G@?! *EB@E(?! DAB! G&B! [E@! J@BB@! ?EK?B*AJ@! @?B! G@! [E*%&B$! &`A$@J! )*(J@! [E@!

?@%DA!@Eb!@%%@!@?B!*A&F$@!G+EA@!FDK&%&B$!BDEQDE(?!'&'@!@B![E+EA&@!N!EA!JD()?!@%%@!@A!

'&'&X&@!%@?!F@FK(@?!)*(!?*!JO*%@E(J&\!0A?E&B@!&%?!(*))D(B@AB![E@!BDEB@?!%@?!J($*BE(@?!

J$%@?B@?! ?E))D?@AB! EA@! '&`E@E(! G@! A*BE(@! @AX%*FF$@W! ADA! )*?! ADB(@! '&`E@E(!

XEF@E?@W! )$(&??*K%@W! @B! B@((@?B(@W! F*&?! J@%%@! G+EA! X@E! )*&?&K%@W! ADE((&??*ABW! @B!

&FFD(B@%J&&\!V@!X@E!A@!G&F&AE@!)*?!@B!A@!?Y*JJ(DeB!)*?J&&&W!F*&?!)@(?&?B@!?*A?!($)&B!@E!

$`*(G!N!%*!G&`A&B$![EY&%!*!(@fE!N!?DA!D(&`&A@J&'\!0B!&%!A@!)@EB!)*?!qB(@!%&F&B$W!)*(J@!

[EYEA@! aF@! AY@?B! XD(F$@! GY*EJEA@! G&'@(?&B$! GY$%$F@AB?W! JDFF@! EA! JD()?J'\! 0A!

@XX@B! EA&[E@! @B! ?*A?! F$%*A`@! @%%@! A@! )@EB! JDAA*eB(@! GY$B*B! JDAB(*&(@! @B! %YaF@!

?EK?&?B@! BDEQDE(?! )E&?[E@! )DE(! J@BB@! (*&?DA! &%! AYR! *! )*?! G@! G$?*JJD(G! G*A?! ?DA!

@??@AJ@J'&\! V@?! *EB@E(?! DAB! *&A?&! ADFF$! &FFD(B@%%@?! BDEB@?! %@?! JOD?@?! J($$@?!

*Eb[E@%%@?!EA@!?EK?B*AJ@!?)&(&BE@%%@!*!$B$!*JJD(G$@\!!

!

<<!!

!!!}E*AB!N!ADE?!@A!(*&?DA!G@!?*!(@??@FK%*AJ@!*'@J!#&@EW!ADE?!G&(&DA?!)%EB~B!?*A?!

&F)EG@AJ@W! [EY@%%@! @?B! EA@! %EF&_(@J'&&! [E+@%%@! ?@! (*))@%%@! *'D&(! (@fE@! GYEA@!

F*A&_(@!JDA'@A*K%@!)@AG*AB!%*!J($*B&DAW!*EB*AB![E@!?@%DA!?*!F@?E(@!J@%*!%E&!$B*&B!

A$J@??*&(@\!V*(!#&@E!%E&uFqF@!%@!BDEBu)E&??*AB!@?B!]!?@E%!N!)D??$G@(!%Y&FFD(B*%&B$!

@B!N!O*K&B@(!EA@!%EF&_(@!&A*JJ@??&K%@J'&&&!^W!J@![EYEA!@?)(&B!?@A?$!JDF)(@AG!JDFF@!

?&`A&X&*AB! *EuG@%N! G@! BDEB@! J%*(B$! DE! G@! BDEB@! *GF&(*B&DAW!F*&?! )DE(B*AB! %Y&F*`@!

`*(G@! EA@! J@(B*&A@! *A*%D`&@!d! @%%@! A@! )@EB! *'D&(! GY*&%%@E(?! J@BB@! %EF&_(@! [E+*! %*!

'$(&B$\!:(!J@![E@!ADE?!($'$(DA?!JDFF@!EA!FR?B_(@!&A@XX*K%@W![E&!@?B!)($?@AB!BDEB!

@AB&@(!)*(BDEB!@B!GYEA@!F*A&_(@!&A'&?&K%@W!JY@?B!%@!5_(@W!%@!Z&%?W!@B!%@!2*&AB!0?)(&BJ&bd!

EA@! ?EK?B*AJ@! EA&[E@! @B! EA@! `(*AG@E(! &AG&'&?&K%@W! EA@! ?)%@AG@E(! *EuG@??E?! G@!

BDEB@!%EF&_(@W!EA@!`%D&(@!*EuG@??E?!G@!BDEB!$%D`@W!J@![E@!%*!)@A?$@!%*!)%E?!)E(@!@B!

?DEF&?@!N!#&@E!)@EB!J@(B@?!)@(J@'D&(!)*(![E@%[E@!)*(B&@W!F*&?!AY@?B!)*?!@A!$B*B!G@!

(@AG(@! J%*&(@! GYEA@! F*A&_(@! JDA'@A*K%@\! V*(! JDFF@AB! @?Bu&%! )@(F&?! G@! )*(%@(!

GYEA@! F*A&_(@! *G$[E*B@! G@! V@%E&! [E@! %@?! ?@A?! GYEA@! J($*BE(@! A@! )@E'@AB! )*?!

*))($O@AG@(!�!!

!!!!.%!ADE?!@?B!%D&?&K%@!G@!X(*AJO&(!)*(!EA@!)&$B$!@bB(qF@!%@?!%&F&B@?!G@!ADB(@!aF@!@B!

N! %Y*&G@!GYEA! &FF@A?@! ?J(E)E%@! (@%&`&@Eb!ADE?! $%@'@(! G*A?! %@! ?&%@AJ@! *EuG@%N! G@!

ADE?uFqF@?!G*A?!EA@!F$G&B*B&DA!)(DXDAG@\!5*??DA?!?E(!%@?!)DE'D&(?!G@?!J($*BE(@?!

J$%@?B@?!@B!@b*F&ADA?!)(DXDAG$F@AB![E@%!@?B!J@%E&![E&!*!X*&B!G@!?&!`(*AG@?!JOD?@?W!

@A!EA!?@E%!JDFF*AG@F@ABW!@A!EA!?@E%!&A?B*AB!d!@B!@AJD(@![ED&[E@!ADE?!*GF&(&DA?W!

.%! z$BDAA@{!G*'*AB*`@W![ED&[E@!ADE?!JDF)(@A&DA?W! .%!@?B!*EuG@%NW!)E&?[E@! %Y@?)(&B!

OEF*&A!A@!)$A_B(@!)*?!QE?[EYN!J@BB@!`(*AG@E(!&A*JJ@??&K%@C!5*(!JDA?$[E@AB!%*!?@E%@!

JDAGE&B@! )*(! (*))D(B! N! J@BB@! )E&??*AJ@! @?B! G@! %*! '$A$(@(! )*(J@! [EY@%%@! @?B!

&A?DAG*K%@JbW!G@!A@!)*?!JO@(JO@(!*'@J!)($J&?&DA!?*!A*BE(@!@B!?*!`(*AG@E(\!

!!!!0B! *&A?&! &A?B(E&B?! )*(! J@?! DK?@('*B&DA?W! ADE?! )*(*&??DA?! (@F*([E@(! G@! X*fDA!

JD((@JB@![E@!%@?!aF@?!)D??_G@AB![E@%[E@!%EF&_(@!?EK?B*AB&@%%@W!)E&?[EYDA!%&B!G*A?!

%Y4'*A`&%@!"!>)!>2,+_4(!G2+!+>>2,+*(!0-20!F-,,(!9(*)*0!3)*.!/(!,-*3(Jb&5!0A?E&B@!

&A?B*%%$?!G*A?!ADB(@!($X%@b&DAW!ADE?!?@ABDA?!@A!ADE?!@?B!EA!Q@!A@!?*&?![ED&!G@!B@AEW!

G@! X%E&G@W! GY$J%*B*ABW! [E&! (@`*(G@! ?*A?! ?D%@&%W! [E&! 'D&B! ?*A?! %EF&_(@! $B(*A`_(@Jb&&\!

V*(!?&!J@%*!)($J&?$F@AB!AY$B*&B!)*?!K(&%%*AB!@A!?D&W!%YaF@!AY*E(*&B!)*?!EA@!'E@!*E??&!

`(*AG@!G@?!JOD?@?Jb&&&\!V@!GDAB!DA!)*(%@!AY*!)*?!$B$!GDAA$!*Eb!DKQ@B?! B$A$K(@Eb!d!

BDEB@?!%@?!JOD?@?!)(&'$@?!G@!%EF&_(@!?Y@A`DE(G&??@AB\!#@!X*&B!%*!%EF&_(@!GYEA@!B@%%@!

!

<o!!

aF@!@?B!?&!&AB@A?@![EYDA!)@EB!FqF@!'D&(!%@?!JOD?@?!*K?@AB@?Jb&'\!V@?!aF@?!)DE(B*AB!

G@'&@AA@AB!*%D(?!K@*EJDE)!)%E?!%EF&A@E?@?!@B!&FFE*K%@?W!@A!A@!?Y$%D&`A*AB!)*?!G@!

%*! `(aJ@! G@!#&@E! )*(! %@E(?! KDAA@?! *JB&DA?Jb'\!V*(! &%! @?B! BDEB! N! X*&B! J@(B*&A! [EY@A!

(*&?DA!G@!%@E(!)E&??*AJ@!?)$JE%*B&'@!K@*EJDE)!G@!G&XX&JE%B$?!G&??&FE%$@?!G*A?!%@?!

FR?B_(@?!G@!%*!A*BE(@!?DAB!)*(!J@B!E?*`@!FqF@!@b*F&A$@?!@B!?*&?&@?\!!

!!!!/DRDA?!F*&AB@A*AB!?&!%YDA!J(D&B![E@!%@?!aF@?!GDAB!ADE?!*'DA?!G$QN!G&B![EY@%%@?!

?DAB!&AJD()D(@%%@?!DAB!EA@!XD(F@\!

!

?:C!2.SJ'!+A&!%&)!,'!T0#J'!

!!!!3DEB!GY*KD(G!&%!JDA'&@AB!G@!?*'D&(!J@![EY@FK(*??@!%@!)%E?!($@%%@F@ABW!?@%DA!%@?!

*AJ&@A?W!%*!ADB&DA!FqF@!G@!XD(F@C!#@!X*&B!Q+*))@%%@!XD(F@!J@![E&!?@!G$%&F&B@!@A!EA!

@?)*J@! )*(! EA@! DE! )%E?&@E(?! %&`A@?Jb'&W! @B! &%! @?B! *&A?&! X*J&%@F@AB! GDAA$! N!

JDF)(@AG(@W!?&! %@?!aF@?W!GDAB! &%!@?B!J@(B*&A![EY@%%@?!@b&?B@AB!`(aJ@!N!EA@!'&`E@E(!

?)&(&BE@%%@W!?DAB!?E?J@)B&K%@?!G@!%*!(@J@'D&(\!0A!@XX@B!*%D(?![E@!BDEB@!XD(F@!JDA?&?B@!

DE!K&@A!@A!EA@!?E(X*J@!DE!K&@A!@A!EA!JD()?W!%*!?E(X*J@!A+@b&?B*AB![E@!G*A?!EA!JD()?!

u!EA!JD()?!@A! (@'*AJO@!?D%&G@!@B!)*%)*K%@! u!@B![EY&%!@?B!F*A&X@?B@F@AB!$B*K%&![E@!

%+aF@!@?B!?DE?B(*&B@!N!J@?!JDAG&B&DA?W!&%!(@?B@![E@!%@?!aF@?!GD&'@AB!qB(@!JDA?&G$($@?!

JDFF@! A+*R*AB! @A! *EJEA@! F*A&_(@! G@! XD(F@! F*&?! JDFF@! (@?B*AB! G@! X*fDA!

)@(?&?B*AB@!G*A?!%@E(![E*%&B$!?*A?!X&`E(@!@B!?*A?!JD()?\!!

!!!!0B! [E@! J@! [E@! %Y6)~B(@! G&B! GE! 2@&`A@E(! VO(&?B! A@! ADE?! B(DEK%@! )*?! "!B2+W! 3(!

/-*3+0+-*!3+9+*(W!*(!4(0+*0!1).!f)>-2.(,(*0!>(!4)*?!G2+!>M;?)>)+0!g!'+(2Jb'&&W!@BJ\!0A!

@XX@B! G*A?! J@! )*??*`@! &%! '@EB! [EYDA! JDF)(@AA@! ?*! A*BE(@\!#E! (@?B@!#&@E! [E&! @?B!

&AJD()D(@%W! [E&! @?B! BDEB! @AB&@(! )*(BDEB! @B! [EYDA! A@! )@EB! ?*&?&(Jb'&&&W! [E@%%@! XD(F@!

)DE((*&Bu&%! *'D&(! �! :A! %&B! G+*EB(@! )*(B! G*A?! %Y4'*A`&%@! [E@W! [E*AG! )DE(! %E&! XEB!

$B@&AB@! %*! %EF&_(@! GY&J&uK*?W! %@! )*E'(@! 7*m*(@! XEB! (@fE! G*A?! %@! ?@&A! GY6K(*O*FW!

B*AG&?! [E@! %@! (&JO@! BDE(F@AB$! )*(! %*! K(r%E(@! G@?! X%*FF@?! G@F*AG*&B! EA@! `DEBB@!

GY@*E! [E&! )E&??@! B@F)$(@(! ?DA! @FK(*?@F@ABJb&bd! J@! )*??*`@! @?B! F&?! %NW! DA! %@!

JDF)(@AGW! )DE(! [E@! %*! )($?DF)B&DA! [E&! (E&A@! %@?! *JB@?! GE! `@A(@! OEF*&A!

(@JDAA*&??@!J@![EY@%%@! *E(*&B!Gr! (@GDEB@(\!9*&?!J@B!ODFF@!A@! ?Y@?B!)*?!@b)(&F$!

*'@J!EA@!%*A`E@!GDAB!&%!@?B!$B*K%&![EY@%%@!?D&B!G@!JO*&(W!@B!&%!AY*'*&B!)*?!G@!GD&`B?!

!

<h!!

%*&??*AB!BDFK@(!G@?!`DEBB@?!GY@*E!?E?J@)B&K%@?!G@!)DE'D&(!B@F)$(@(!%Y@FK(*?@F@AB!

GE!(&JO@Jbb\!

!!!!V+@?B! [E+&%! X*EB! @AB@AG(@! G@! J@BB@! X*fDA! %@?! *EB(@?! )*??*`@?! zG@! %+4J(&BE(@{! [E&!

)D(B@AB! @A! @Eb! EA@! &AB@()($B*B&DA! ?@FK%*K%@\! .%! A@! ?EXX&B! )*?W! @A! @XX@BW! [EYDA!

@F)%D&@! *E! ?EQ@B! G+EA@! J($*BE(@! J@?! )*(D%@?! [E&! ?@! FEA&??@AB! G@?! O*K&BEG@?! GE!

`@A(@! OEF*&A\! V+@?B! *E??&! %@! V($*B@E(! @A! )@(?DAA@W! &F)*??&K%@W! &FFE*K%@W!

G@F@E(*AB!)@()$BE@%%@F@AB!G@!%*!FqF@!F*A&_(@Jbb&W![E&!@?B!@A!JD%_(@W!%&?DA?uADE?W!

[E&! ?Y@AGD(BW! *'DA?uADE?! X($[E@FF@AB! @AB@AGEW! ADA! [E@! G@! B@%?! JDF)D(B@F@AB?!

)E&??@AB!JDA'@A&(!*E!2@&`A@E(!F*&?!)DE(![EYDA!(@JDAA*&??@!J@(B*&A@?!JOD?@?!)%E?!

X*J&%@F@AB!@B!)%E?!(*)&G@F@AB!JDAXD(F$F@AB!N!J@![E&!@?B!O*K&BE@%!JO@m!%YODFF@\!

6&A?&!ADE?!%&?DA?![E@!%@?!aF@?W!)DE(!ADE?!?*A?!XD(F@W!@A!(@fD&'@AB!X($[E@FF@AB!

EA@\!!

!!!!.%!@?B!O*K&BE@%!*E??&![E@!J@(B*&A?!?D&@AB!B(DEK%$?!N!%Y&G$@![E@!%YaF@!AY*&B!)*?!G@!

[E*AB&B$W!*%D(?![EY&%!@?B!$B*K%&![E@!J@BB@!aF@!@?B!JDAB@AE@!G*A?!EA!JD()?!OEF*&A!d!

F*&?! ?&! ADE?! (*F@A&DA?! ?DE?! AD?! R@Eb! %*! G$X&A&B&DA! %*! )%E?! &AJDAB@?B*K%@! G@! %*!

[E*AB&B$W! %*! '$(&B$! )E(@! [E&! B(*GE&B! BDEQDE(?! G@! X*fDA! JDAJ&?@! JO*[E@! JOD?@W! ?@!

FDAB(@(*&B! N! ADE?! ?*A?! )@&A@\! VY@?B! *&A?&! [EY@A! @XX@B! %@?! *(&BOF$B&J&@A?! %*!

G$X&A&??@AB!)*(!EA@! XD(FE%@!?EJJ&AJB@! "! BDEB@![E*AB&B$!?@!JDF)D?@!?D&B!G@!)*(B&@?!

JDAB&AE@?! JDFF@! %Y*(K(@W! %YODFF@W! @B! %*! FDAB*`A@W! ?D&B! G@! )*(B&@?! G&?QD&AB@?!

JDFF@!%@!JOcE(W!%@!)@E)%@W!DE!%@!B*?Jbb&&W!@BJ\!9*&?!JDFF@!%YaF@!AY@?B!JDF)D?$@!

A&!G@!)*(B&@?!JDAB&AE@?!A&!G@!)*(B&@?!G&?QD&AB@?W!)*(J@![EY@%%@!AY@?B!)*?!EA!JD()?W!&%!

@?B!J%*&(![EY@%%@!AY*!*K?D%EF@AB!)*?!G@![E*AB&B$W!F*&?![EY@%%@!@?B!)*(BDEBW![EY@%%@!

A@!(@fD&B!)*?!G@!XD(F@!@B![E+@%%@!A+*W! &%!ADE?!X*EB! %@!G&(@W!*EJEA@![E*AB&B$\! .%! X*EB!

J(D&(@!J@)@AG*AB![E@!%@E(?!)*(B&JE%*(&B$?!@B!%@E(?![E*AB&B$?!)E&??@AB!qB(@!$'&G@AB@?!

)DE(! %@!V($*B@E(W! ]!)E&?[EY&%! *! BDEB! J($$! *'@J!F@?E(@W! ADFK(@W! @B! )D&G?Jbb&&&!^W! @B!

@%%@?! ?DAB! '(*&F@AB! JDAAE@?! G@! %E&! ?@E%W! %E&! [E&! %@?! *! X*&B@?W! %E&! [E&! )*(! EA@!

)E&??*AJ@!$BDAA*AB@!'D&B!*E??&!AD?!)@A?$@?!JDFF@!?&!@%%@?!$B*&@AB!'&?&K%@?W!%E&![E&!

@AB@AG!J(&@(!%@!?*A`!G@!%Y&AADJ@ABJbb&'d!@AX&AW!%E&![E&!*!JDAAE!BDEB@?!JOD?@?W!*'*AB!

FqF@![EY@%%@?!A@!?D&@ABJbb'\!

!!!!.%!@?B!B@F)?!GY@A!'@A&(!*Eb!'@(BE?!FD(*%@?![E&!?DAB!G@?!(&JO@??@?!N!G$?&(@(!@B![E&!

JDA?B&BE@AB!@A!($*%&B$!%*!)($J&@E?@!XD(BEA@!G@?!aF@?W!@%%@?![E@!%@?!C(@J?!*))@%%@AB!

!

<=!!

)4(0)+W! )*(! %@?[E@%%@?! JDAB(@! %*! ?DE&%%E(@! JD()D(@%%@Jbb'&! %*! JDA?J&@AJ@! KDAA@!

?Y@XXD(J@!G@!G$X@AG(@!%*!)E(@B$\!!

!

!

!!

!!!!!!!!?::0#2')!Q'#1()!J0#&-')!,'!-ASJ'!

!

!!!#Y*KD(G!X*J@!*E!F*%!@B!N! %Y&A&[E&B$!DA!*!)%*J$! %@! (@F)*(B!G@! %*! QE?B&J@!GDAB!DA!

?*&B![E@!%*!A*BE(@W!JDFF@!%@?!6AJ&@A?Jbb'&&!DAB!'DE%E!%*!G$X&A&(W!@?B!%*!?E&'*AB@!"!7*!

QE?B&J@!@?B!EA@!G&?)D?&B&DA!GY@?)(&BW!($?@('$@!N!%*!G$X@A?@!G@!%Y&AB$(qB!JDFFEAW!@B!

[E&! *JJD(G@! N! JO*JEA! J@! [E&! %E&! @?B! GrJbb'&&&\! Z*J@! N! %*! JDAXE?&DA! @B! N!

%Y&AJ@(B&BEG@Jbb&b! DA! @F)%D&@! EB&%@F@AB! %*! )(EG@AJ@\! 7*! )(EG@AJ@! @A! @XX@B! @?B! %*!

?J&@AJ@!'$(&G&[E@!GE!K&@A! @B! GE!F*%Jbbb\!Z*J@! N! %Y*G'@(?&B$!DE! N! %*!)(D?)$(&B$!DA!

D))D?@! %*! XD(J@! ?*%EB*&(@\! 0B! %*! XD(J@! @?B! %*! J*)*J&B$! GY*XX(DAB@(! G@! F*A&_(@!

($X%$JO&@!%@?!G*A`@(?!@B!G@!?DEB@A&(!QE?[EY*E!KDEB!%@?!)@&A@?Jbbb&\!5*(!*&%%@E(?!JDAB(@!

%@?!)%*&?&(?!&AB@(G&B?!@B!%@?!'D%E)B$?!*(G@AB@?!%*!B@F)$(*AJ@![E&!FDG_(@!ADE?!@?B!EA!

?DEB&@A\! 7*! B@F)$(*AJ@! @?B! K&@A! ?r(! %*! GDF&A*B&DA! X@(F@! @B!F@?E($@! G@! %Y@?)(&B!

JDAB(@! %*! G$K*EJO@! @B! *EB(@?!F*E'*&?! &A?B&AJB?Jbbb&&\! 0A! JDA?$[E@AJ@! `(aJ@! N! J@?!

G$X@A?@?! *JJD(G$@?! )*(! %@! ?@JDE(?! G&'&AW! JDFF@! ?&! @%%@! $B*&B! @ABDE($@! GYEA@!

[E*G(E)%@!*(FE(@Jbbb&&&W!%YaF@![E&!*!F$(&B$!GYqB(@!*(F$@!GYEA@!B@%%@!)(DB@JB&DA!'D&B!

?DA!?*%EB!JDA?@('$!G*A?!J@!FDAG@!FD(B&X_(@!@B!?@!B(DE'@!G*A?!%Y&F)D??&K&%&B$!GYqB(@!

*BB@&AB@!)*(!%@?!'&J@?\!

!!!!9*&?!%Y$J%*B!G@?!'@(BE?!?$)*($!@A![E*B(@!@?B!JDF)%$B$!;)DE(!*&A?&!G&(@>!)*(!B(D&?!

$%$F@AB?Jbbb&'\!7@!)(@F&@(!@?B!%*!JDAB@F)%*B&DA![E&!*JJ(DeB! %*!)D&AB@!X&A@!G@!ADB(@!

&AB@%%&`@AJ@Jbbb'! )DE(! (@`*(G@(! *BB@AB&'@F@AB! %@?! JOD?@?! %@?! )%E?! ?EKB&%@?\! 7@!

?@JDAGW!@?B! %@! QE`@F@AB![E&!*))(DXDAG&B! %*!G&?B&AJB&DA!GE!K&@A!@B!GE!F*%!)*(!EA@!

@?B&F*B&DA! (*B&DAA@%%@\! 7@! B(D&?&_F@W! @?B! %*! F$FD&(@Jbbb'&W! %D(?[E@! %@?! JOD?@?!

@b*F&A$@?!@B! B(*AJO$@?!?DAB!F&?@?!@A!($?@('@!G*A?! %@?!?@J(@B?!G@! %YaF@!*'@J!EA@!

(@JDFF*AG*B&DA! G&`A@! G@! XD&W! *X&A! GY*JJE@&%%&(! JDFF@! G*A?! EA@! ?D(B@! G@!

($J@)B*J%@W!J@!GDAB!ADE?!ADE?!)$A$B(DA?!G*A?!EA@!F$G&B*B&DA!(@JDFF@AJ$@\!-D?!

!

<p!!

*(FD&(@?! G_?! %D(?! [EY@%%@?! ?DAB! )%@&A@?W! AY*GF@BB@AB! )%E?! (&@A! z! B*AG&?![E@{! J@BB@!

B&(@%&(@!AY@?B!)*?!*%DE(G&@!K&@A![EY@%%@!*&B!$B$!JO*(`$@!F*&?!*E!JDAB(*&(@W!*R*AB!F&?!

K@*EJDE)!@A!($?@('@W!@%%@!G@F*AG@!G*'*AB*`@Jbbb'&&!G*A?!?*!?D&X!G@!JDAA*&??*AJ@\!

-DE?! *'DA?! B(*&B$! G@?! $%$F@AB?! ?E?uG&B?! Jbbb'&&&W! JDFF@! GYEA@! O*(FDA&@! N! B(D&?!

JD(G@?!"!!J*(!%YaF@!?@!($QDE&B!GYEA!B@%!ADFK(@!d!JY@?B!)*(!%E&![E@!%*!G&'&A&B$W!DA!%@!

?*&BW!$)(DE'@!G@!%*!QD&@Jbbb&b\!!

!!!!#Y*EJEA?!DAB! %YO*K&BEG@!GY*`&B@(! %@?![E@?B&DA?! %@?!)%E?!?EKB&%@?! "!?&! %*!G&'&A&B$W!

G&?@ABu&%?W! J($@! G@?! aF@?! )*(X*&B@?! @B! (*&?DAA*K%@?W! )DE([ED&! %@?! )@B&B?! @AX*AB?!

'&'@ABuBu&%?! ?*A?! %@! FD&AG(@! QE`@F@AB! DE! K&@A! )DE([ED&! B(DE'@uBuDA! G@?! Q@EA@?!

`@A?!G$AE$?!G@!(*&?DA!�!9*&?![E&!A@!)DE((*&B!?DEB@A&(![E@!%@?!aF@?!G@?!BDE?!Q@EA@?!

@AX*AB?!GE!X*&B!G@! %*!X*&K%@??@!G@! %@E(!JD()?!A@!)@E'@AB!G$)%DR@(!A&! %@?!XDAJB&DA?!

G@?!?@A?W!A&!%YE?*`@!G@?!F@FK(@?!�!VY@?B!JDFF@!?&!%YDA!@AX@(F*&B!EA!X@E!G*A?!EA!

'*?@! (@??@(($W! &%! A@! ?@(*&B! )*?! J*)*K%@! JDFF@! JY@?B! ?DA! O*K&BEG@W! G@! JO@(JO@(! N!

?+$%@'@(W!)E&?[EYDA!'D&B!K&@A![EYEA!DK?B*J%@!B(_?!$B(D&B!%Y*((qB@\!0A!@XX@B!?*!)(D)(@!

XD(J@! ?@FK%@! ?EXX&(@! N! JO*[E@! JOD?@! ?@E%@F@AB! [E*AG! (&@A! G@! JDAB(*&(@! AY@?B! @A!

F@?E(@!G@!%Y@AB(*'@(\!6&A?&!*Eb!Q@EA@?!`@A?!?BE)&G@?!?YD))D?@!%@!X*&B![EYEA@!B*(@!

*R*AB!$B$!?EK&@!G*A?!%@!?@&A!F*B@(A@%W!?D&B!)*(!EA!G$?$[E&%&K(@!G@?!)*(B&@?!?D&B!)*(!

%*!G@A?&B$!G@?!OEF@E(?W! %YaF@!G$(*&?DAA*K%@!@?B!@AXDAJ$@!)%E?![EY&%!A@!X*EB!G*A?!

?DA!GDF&J&%@!@B!A@!)@EB!@b@(J@(!?*!XD(J@W!`qA$@!G@!?$QDE(A@(!G*A?!EA@!G@F@E(@![E&!

A@! %E&! JDA'&@AB! )*?! d! JY@?B! J@! [E@! ADE?! 'DRDA?! @AJD(@! *EQDE(GYOE&! *((&'@(! *Eb!

&A?@A?$?![E@! %@?!C(@J?!*))@%%@AB!*+*+-*(.\!V*(!)DE(!)*(%@(!*E??&!G@!J@![E&!*((&'@!

JDE(*FF@ABW!JDFK&@A!G@!`@A?!B(DEK%$?!)*(!%*!?E('@AE@!GYEA@!F*%*G&@!DE!)*(!EA@!

*BB*[E@!J$($K(*%@!DE!)*(!EA@!)*(*%R?&@!G@?!'&?J_(@?!DAB!)@(GE!%*!)$A$B(*B&DA!G@!%@E(!

&AB@%%&`@AJ@! D(G&A*&(@! �!VDFK&@A! @AJD(@! DAB! $B$! JO*A`$?! N! %*! ?E&B@! GYEA@! %$?&DA!

FDF@AB*A$@!�!V*(!FqF@!J@%E&![E&!@?B!JDA?&G$($!EA*A&F@F@AB!JDFF@!?*`@W!`*'$!

GYEA!(@)*?!*KDAG*ABW!*'@J![E@%%@!X*J&%&B$!?Y$BDE(G&Bu&%!EA@!XD&?!BDFK$!G*A?!%Y&'(@??@!

�!!2&! K&@A! [EYDA! J(D&(*&B! G&XX&J&%@F@AB! [E@! J@B! ODFF@! G&?JEB@! *'@J! K@*EJDE)! G@!

?*`@??@!'D&(@!FqF@!@?B!@A!'&@!%E&![EYDA!(@F*([E@!&AJ*)*K%@!G@!?@!FDE'D&(\!.%!R!*!

EA@! JOD?@! J@)@AG*AB! [E@! Q@! ?*&?! G@! X*fDA! B(_?! ?r(@! D! %@?! ?*`@?! [E&! G@'&@AA@AB!

)*(B&JE%&_(@F@AB!O@E(@EbW!?DAB!J@Eb![E&!?DAB!(@AGE?!$B(*A`@(?!N!G@!B@%%@?!$)(@E'@?!

)*(!!%*!F&?$(&JD(G@!GE!2@&`A@E(\!!

!

oM!!

!!!!.%! )@EB! GY*'@ABE(@! R! *'D&(! *E??&! GY*EB(@?! (*&?DA?! ?E?J@)B&K%@?! G@! )*(*eB(@!

?YD))D?@(! N! %YaF@! (*&?DAA*K%@! )DE(! G$'@%D))@(! %@E(?! )(D)(@?! FDE'@F@AB?\! #E!

(@?B@!%@?!aF@?!A@!`(*AG&??@AB!)*?!@A!FqF@!B@F)?![E@!%@?!BDEBu)@B&B?!@B!&%!A@!?Y@A!

*BB(&KE@! )*?! GY*EB(@?! G@! '*(&$B$! G&XX$(@AB@! *Eb! &A?@A?$?W!F*&?! G@!FqF@! [EY@%%@?!

QDE&??@AB!JDAB&AE@%%@F@AB!G@!%Y&FFD(B*%&B$W!G@!FqF@!*E??&!%@?!QE`@uBuDA!@A!`$A$(*%!

(*&?DAA*K%@?\!0A!@XX@B!JY@?B!%*!(*&?DA!GE!BDEBu)@B&B![E&!?@!G$'@%D))@!)*(!EA@!%DA`E@!

F$G&B*B&DAW! )*?! %YaF@Jb%\! 9*&AB@A*AB! )*??DA?! N! %*! ?E&B@! @A! %*! )*(JDE(*AB! G*A?!

%YD(G(@\!

!

!!!!!!!?:::0#2')!Q'#1()!+&1(#'--')!,'!-ASJ'!

!!!!7@?! *AJ&@A?! 'DE%*&@AB! [E@! %@?! '@(BE?! A*BE(@%%@?! G@! %YaF@! XE??@AB! ($)*(B&@?! @A!

J&A[!J*B$`D(&@?\!7*!)(@F&_(@W!%*!'@(BE!?@A?&K%@Jb%&!?@!B(DE'@!G*A?!JO*JEA!G@?!G@Eb!

GDF*&A@?![E&!ADE?!GDAA@! %Y*)B&BEG@!N!JDF)(@AG(@W!ADE?!)@(F@BB*AB!G@!)@(J@'D&(!

BDEB!J@![E&!@?B!&AJD()D(@%!N!%Y*&G@!GYEA@!&F*`&A*B&DA!X$JDAG@\!0%%@!GDAA@!*E??&!G@!

%*! '&`E@E(! *Eb! ?@A?! JD()D(@%?W! J+@?BuNuG&(@W! %*! 'E@W! %+DEx@W! %@! `DrBW! %+DGD(*BW! @B! %@!

BDEJO@(![E&!ADE?!)@(F@BB@AB!G@!?@AB&(!%@?!JOD?@?!GE(@?!@B!FD%%@?W!%@?!JOD?@?!GDEJ@?!

@B! (E`E@E?@?Jb%&&\! 7*! G@Eb&_F@! @?B! %*! '@(BE! GE! JDFF*AG@F@AB! [E&! D(GDAA@! *Eb!

D(`*A@?! JD()D(@%?! %@?! G&XX$(@AB?! FDE'@F@AB?! [EY@%%@! *! G$J&G$! GY*JJDF)%&(W! N!

?*'D&(W!)*??@(!GYEA!%&@E!N!EA!*EB(@W!$F@BB(@!G@?!?DA?W!X%$JO&(!%@?!F@FK(@?\!zVY@?B!N!

B&B(@!GY@b@F)%@![E@!ADE?!*'DA?!GDAA$!J@%*!X*&?*AB!JDFF@!?&!ADE?!*'&DA?!)*(%$!N!

J@! ?EQ@B! G@! JOD?@?! ?@FK%*K%@?Jb%&&&\{! -DE?! @b@(fDA?! %*! B(D&?&_F@W! %*! )(&AJ&)*%@W!

%D(?[E@! %D&A! G@! BDEB@! *JB&DAW! %*&??$?! *E! (@)D?W! @B! %@?! ?@A?! JD()D(@%?! @A! ?DFF@&%W!

ADE?! G&?JEBDA?! *'@J! )%E?! G@! )(DXDAG@E(! @B! G@! X@(F@B$\! VY@?B! J@! [E&! X*&B! QE`@(!

[EY*'@J!%+a`@W!%@?!ODFF@?!Fr(?!?DAB!)%E?!?*`@?W!J*(W!JDFF@!%@?!F@FK(@?!GE!JD()?!

'&@&%%&??@AB! @B! [E@! %@?! ?@A?! JD()D(@%?! ?�$FDE??@ABW! &%?! ?@! )D(B@AB! )DE(! %Y@??@AB&@%!

'@(?!%*!($X%@b&DA\!0A!?YR!@F)%DR*AB!G*'*AB*`@W!%*!)@A?$@!@?B!(@AGE@!)%E?!?D%&G@!)*(!

%*!XD(J@!G@!?*!JDAJ@AB(*B&DAW!F*&?!@A!(@'*AJO@!DA!DEK%&@!%*!?*`@??@![E*AG!DA!@?B!

*K*BBE! ?DE?! %Y@XX@B! GYEA@! X*&K%@??@! @bJ@??&'@W! )E&?[EY&%! *! $B$! GDAA$! *Eb! aF@?! G@!

J$G@(! ?@%DA! %@?! J&(JDA?B*AJ@?! *Eb! A$J@??&B$?! G@! %@E(! JD()?\! 7*! [E*B(&_F@W! @?B! %*!

'@(BE!'&B*%@W!JY@?BuNuG&(@W!%*!JO*%@E(!A*BE(@%%@!G@!%YaF@Jb%&'W![E&!ADE?!*JJD(G@!%*!'&@!

@B!%*!?*AB$!@A!&A?)&(*AB!%@?!?DEXX%@?!G@!%Y$BO@(!@B!@A!%@?!@bO*%*ABJb%'!)DE(!B@F)$(@(!?*!

!

oH!!

)(D)(@!@XX@('@?J@AJ@\!7*!J&A[E&_F@!@?B!%@!)%*&?&(W!JY@?BuNuG&(@!%@!G$?&(!GE!K&@A!@B!GE!

F*%W![E@!%Y@?)(&B!JDA'D&B@!?DE?!%Y@XX@B!G@!%Y*`($F@AB\!!

!!!!/D&%N![EY@A!(@BDE(!)DE(!@b)D?@(!J@![E&!ADE((&B!%@!JD()?!J@BB@!G@(A&_(@!'@(BE!ADE?!

@?B! (@?B&BE$@!@A!EA@!?EKG&'&?&DA![E*G(&)*(B&B@\!7*!)(@F&_(@!@?B! %*!XD(J@!*BB(*JB&'@W!

[E&!?*&?&B!G@!X*fDA!A*BE(@%%@!J@![EY@%%@!QE`@!A$J@??*&(@!)DE(!@%%@\!7*!?@JDAG@!@?B!%*!

XD(J@! G$B@AB(&J@W! [E&! (@B&@AB! %@?! JOD?@?! [EY@%%@! ?Y@?B! *))(D)(&$@?! *E??&! %DA`B@F)?!

[EYEA@!G&`@?B&DA!EB&%@!@A!@?B!DKB@AE@\!7*!B(D&?&_F@!@?B!%*!XD(J@!G@!B(*A?%*B&DA![E&!

FDG&X&@!@B! B(*A?)D(B@!G*A?!EA!*EB(@!@AG(D&B!J@![E&!*!$B$!(@fE\!7*![E*B(&_F@!@?B!%*!

XD(J@!GY@b)E%?&DA![E&!JO*??@!J@![E&!'*!%E&!AE&(@W!)DE(!%&K$(@(!%*!A*BE(@Jb%'&\!

!!!!-DE?! *'DA?! G$ADE$W! ?@%DA! J@! [E&! ADE?! *! $B$! GDAA$W! )DE(! *&A?&! G&(@! EA! *EB(@!

AD@EGW! ADE?! *'DA?! *K*&??$! JDFF@! EA@! ?&b&_F@! zJD%%&A@{! )DE(! *'*AJ@(! ?*A?!

@AJDFK(@! '@(?! %@! (@?B@W! *)(_?! *'D&(! *)%*A&! %@! ?DFF@B! G@! %*! G&XX&JE%B$Jb%'&&\!

9*&AB@A*AB!'@ADA?u@A!N!%YD(&`&A@!G@!%YaF@!*'@J!G@!`(*AG@?!)($J*EB&DA?!J*(!@%%@!@?B!

(@F)%&@!G@!G&XX&JE%B$?\!

!

:UC#2A0#*P*+'!,'!-ASJ'!

!!!!!-DE?!%&?DA?![E@!G*A?!%*!J($*B&DA!GE!FDAG@!%@!JD()?!zG@!%+ODFF@{!*!@A?E&B@!$B$!

XD(F$! N! )*(B&(! GE! %&FDA! G@! %*! B@((@W! [E+*E??&B~B! %@! 2@&`A@E(! *! ?DEXX%$! G@??E?! @B!

[EY6G*F!*!$B$!X*fDAA$!@A!EA@!aF@!'&'*AB@Jb%'&&&\!0A!X*&B!]!&%!?DEXX%*!G@??E?!^!@?B!G&B!

)DE(!@b)(&F@(! %*!`(*AG@E(!G@!?DA!D@E'(@W!)DE(![EYDA!(@JDAA*&??@![E@!J@![E&!@?B!

?D(B&! G@! ?*! KDEJO@! @?B! [E@%[E@! JOD?@! G+$F&A@ABJb%&b\! #E! (@?B@! %@! ?@A?! G@! ?DA!

&A?EXX%*B&DA!J+@?B!D(G(@!@B!JDFF*AG@F@ABJ%\!V*(!JDFF@AB!)@EB! ?DEXX%@(!J@%E&![E&!

A@! %&K_(@! )*?! ?DA! ?DEXX%@! @B! A+*! )*?! G@! QDE@?! JOD?@?! [E&! F*A&X@?B@F@AB! ?DAB!

JD()D(@%%@?!�!}E@%[E@?uEA?! ?E&'*AB! J@B! @A?@&`A@F@AB! DAB! G&B! [EYN! %Y&A?B*AB! Dy! %*!

?@F@AJ@!OEF*&A@!?Y@?B!$)*&??&@J%&!@A!EA@!?EK?B*AJ@!'&B*%@!*E??&B~B!%@?!aF@?!J($$@?!

?DAB! GDAA$@?! *Eb! JD()?W! ?$)*($@?! @B! )*(X*&B@?J%&&\! 9*&?! %@?! F*eB(@?! G*A?! %Y*(B!

F$G&J*%!G&?@AB![E@! %@! XcBE?!OEF*&A! @B!FD(B@%!A@! (@fD&B! %+aF@![E+*E![E*(*AB&_F@!

QDE(J%&&&W![E*AG!&%!JDFF@AJ@!N!KDE`@(!G*A?!%@!'@AB(@!G@!?*!F_(@J%&'\!2@%DA!%+D)&A&DA!

G@![E@%[E@?uEA?!DA!(*))D(B@!*E??&![E@!%@!J($*B@E(!BDEBu)E&??*ABW!G@!%*!FqF@!X*fDA!

[E+&%!X*&B!?D(B&(!G@!ADB(@!JD()?!%*!?@F@AJ@!G@!JO*&(W!)@EB!$`*%@F@AB!@A`@AG(@(!EA@!

!

oL!!

aF@! ADE'@%%@! N! )*(B&(! G@! %*! [E*%&B$! G@! %YaF@W! ?&! K&@A! [E+DA! )@EB! FDAB(@(! %+aF@!

JDE)*K%@! G@! X*EB@! )*(! %*! B(*A?F&??&DA! GE! )$JO$! D(&`&A@%! [E@! )(DX@??@! %Y4`%&?@!

V*BOD%&[E@J%'W! N! FD&A?! [EY@%%@! A+@A! ?D&B! G$%&'($@! )*(! %@! GDA! GE! K*)BqF@J%'&\! V*(!

JDFF@AB!%Y@AX*AB![E&!AY*!)*?!%@!G$?&(!G@!)$JO@(W!G@'(*&B!?@!B(DE'@(!N![E@%[E@!$`*(G!

JDE)*K%@W!?&!%*!X*EB@!A@!)*(*&??*&B!)*?!qB(@!B(*A?F&?@!GYEA@!X*fDA!DE!GYEA@!*EB(@!N!

%YD(&`&A@!FqF@!G@?!aF@?J%'&&!�!#@!%N!'&@AB![E@!%@!'$A$($!6E`E?B&AW![EY&%!X*EB!%DE@(!

)DE(!EA!GDEB@! ?&!)&@EbW!G&B![EY&%!A@! X*EB! (&@A!*XX&(F@(!N! %*! %$`_(@W!F*&?![E@!J@%*!

G@F@E(@!G*A?!%@!?@J(@B!G@!#&@E!G@!FqF@![E@!K@*EJDE)!GY*EB(@?!JOD?@?![E@!ADB(@!

)@B&B@??@! A@! )@EB! JDAA*eB(@J%'&&&\! :(! 'D&%N! J@! [EY&%! X*EB! J(D&(@! G@! X*fDA! @b*JB@! @B!

X@(F@W!N!%*!XD&?![E@!#&@E!J($@!%@?!aF@?!@B![EY&%!%@E(!&F)EB@!)DE(!EA@!(*&?DA![EY&%!

`*(G@!J*JO$@W!F*&?!@A! BDEB@! QE?B&J@W!G@! (@?B@(! %&$@?!*E!)$JO$!GE!)(@F&@(!ODFF@\!

2E(! EA! ?EQ@B! *E??&!FR?B$(&@Eb! &%! '*EB! F&@Eb! @A! @XX@B! *'DE@(! ?DA! &`AD(*AJ@! [E@!

?Y*((D`@(! EA@! *EG*J@! )@EBuqB(@! G*A`@(@E?@W! [E*AG! %Y6)~B(@! G&B! "! G2+! (*! (<<(0! )!

f),)+.! /-**2! >)! 1(*.;(! 32! $(+?*(24! -2! G2+! (*! <20! f),)+.! >(! /-*.(+>>(4J%&b!�! 0B!

@AJD(@!"!!!1)40+(>>(!(.0!*-04(!./+(*/(W!1)40+(>>(!)2..+!*-04(!14-1F;0+(J%b5!

!!!!9*&?!)E&?[EYN!J@B!@AG(D&B! %@!JDE(?!G@! %*!G&?JE??&DA!ADE?!*!JDAGE&B?!N!*XX&(F@(!

[E@! %@?! aF@?! ?DAB! JDE)*K%@?! G*A?! %@E(! @A?@FK%@J%b&)*(! %*! B(*A?F&??&DA! GE! )$JO$!

D(&`&A@%W! &%! JDA'&@AB! G+@b)D?@(! *E! `(*AG! QDE(! %+aF@! GE! VO(&?B! ADB(@! 2@&`A@E(! G@!

)@E(! [E@! G*A?! EA@! &AB@AB&DA! J*%DFA&@E?@! EA! @?)(&B! )@('@(?! A@! %*! JDA?&G_(@!

@AJO*eA$@! )*(! EA@! JDAG&B&DA! ?@FK%*K%@\! 0A! JDA?$[E@AJ@! (@JDAA*&??DA?! [E@! %*!

A*&??*AJ@! GE! VO(&?B! *! $B$! *AADAJ$@! N! %*! ?*&AB@! 9*(&@! BDEQDE(?! '&@(`@J%b&&)*(! EA!

G&`A@!F@??*`@(\! 7Y*A`@! G&B! "!]!7Y0?)(&Bu2*&AB! '&@AG(*! ?E(! BD&! @B! %*! )E&??*AJ@! GE!

3(_?uU*EB! B@! )(@AG(*! ?DE?! ?DA! DFK(@\! V+@?B! )DE([ED&! %+qB(@! ?*&AB! [E&! A*eB(*! ?@(*!

*))@%$! X&%?! G@!#&@EJ%b&&&! ^5!}E&W! Q@! %@! G@F*AG@W! )@EB! J(D&(@! [E@! %*! X*EB@!GE!)$JO$!

D(&`&A@%! ?@! B(DE'@!G*A?!EA@!A*&??*AJ@!GYEA@! B@%%@!`(*AG@E(J%b&'! DE! ?E?)@JB@(*!EA@!

DXX@A?@!&F)&@!G@!%*!JO*&(!�!.%!@?B!J@(B*&A![EY&%!@?B!'@AE!?*A?!)$JO$!J@%E&![E&!G@'*&B!

*K?DEG(@!%@?!)$JO$?!G@!BDE?\!VDAfE!)*(!EA!?DEXX%@!FR?B&[E@J%b'W!A$!GYEA@!'&@(`@W!&%!

AY*!(&@A!B&($!GY6G*F!J@%E&![E&!@?B!A$!)DE(!'*&AJ(@!%@!)$JO$!GY6G*F\!V@BB@!JD(G@!?&!

%DA`E@! [E&! ADE?! %&*&B! ?Y@?B! (DF)E@\! 7@! BD((@AB! [E&! ADE?! @AB(*eA*&B! ?Y@?B! *%D(?!

G@??$JO$\!7*!FD(B!)@(G&B! ?@?!G(D&B?! B*AG&?![E@!ADB(@!JDAG&B&DA! (@J@'*&B! %*!'&@!GE!

1$G@F)B@E(\!V*(!%@!)(@F&@(!ODFF@!*!B(*A?F&?!%*!FD(B!N!?@?!G@?J@AG*AB?!d!)*(!?*!

'@AE@! %@!VO(&?B!ADB(@!2@&`A@E(!*! *))D(B$! *Eb!J(DR*AB?! %@! (DR*EF@!G@?! J&@EbJ%b'&\!

C(aJ@!N!%E&!@A!@XX@B!%YODFF@!($`$A_(@!?*!A*BE(@!G$JOE@!%E&![E&!N!J*E?@!GE!)(@F&@(!

!

oP!!

ODFF@!A+@A!$B*&B!)%E?!G&`A@\!-$!G*A?!%*!`%D&(@W!G@F@E($!?*A?!B*JO@W![E@!)DE'*&Bu&%!

)(@AG(@! G@! J@BB@! A*BE(@! [EY&%! @?B! '@AE! (@A'@(?@(! )*(! EA@! *JB&DA! JDAB(*&(@! �! 7*!

?*&AB@B$!G@!?*!'&@!*!($)DAGE!N!%*!?*&AB@B$!G@!?DA!D(&`&A@\!V@%E&![E&!*!$B$!@A`@AG($!

?*A?!)$JO$W!*EJEA@! ?DE&%%E(@!GE!FDAG@!A@! %Y*!'*&AJE\! .%! *! *??EF$!'$(&B*K%@F@AB!

%YOEF*A&B$!G*A?!?*!A*BE(@!@B!ADA!G*A?!?@?!'&J@?\!.%!*!(@Q@B$!%*!X*EB@![E@!%@!)(@F&@(!

ODFF@!*!JDFF&?@!@B!*!(@'qBE!%*!A*BE(@!OEF*&A@!B(_?!)E(@![EY&%!*!J($$@\!2*A?!?@!

JO*(`@(! GE! )$JO$! F*&?! @A! *??EF*AB! %*! JO*&(! )$JO@(@??@! ?*A?! %YDXX@A?@! G@! %*!

?DE&%%E(@J%b'&&\!!

!!!!:A! *! X*&B! N! FDA! *'&?! EA@! G&`(@??&DA! K&@A! *`($*K%@! J@(B@?W! @A! JO@(JO*AB! N!

$%D&`A@(!%@?!F$JO*AB?!?DE)fDA?W!F*&?!*%D(?![E@!ADE?!ADE?!BDE(ADA?!'@(?!EA!*EB(@!

?EQ@BW! ADE?! A@! ?*E(&DA?! N! )*(B&(! G@! %N! G&(@! K@*EJDE)! G@! JOD?@?\! .%! ADE?! (@?B@! N!

)($?@AB!?E&'*AB!%+D(G(@!GE!B(*&B$J%b'&&&!N!G@'D&(!)*(%@(!GE!?&_`@!G@!%YaF@\!!

!

UC!2'!)*VP'!,'!-ASJ'!

!!!!}E@%[E@?uEA?! ?DEB@A*AB![E@! %@! ?&_`@!G@! %+aF@W!K&@A![E+@%%@! ?D&B! ($)*AGE@!G*A?!

BDEB! %@! JD()?J%b&bW! ?@! B(DE'@!G*A?! %@! JcE(J%bbW! G&?@AB![E@! %@! ?*A`! %@!)%E?!)E(! @B! EA!

?DEXX%@!'&B*%!R!?DAB!@AX@(F$?!*X&A!G@!JDAX&(F@(! %Y&G$@![E@! %@?!)@A?$@?!KDAA@?!DE!

F*E'*&?@?!)(D'&@AA@AB!*E??&!G@!%N!d!J@![E@!?*A?!*EJEA!GDEB@!%*!XD(J@!G@!%+aF@!@?B!

J*)*K%@!GY@XX@JBE@(\!9*&?!%@!)%E?!`(*AG!ADFK(@!FDAB(@![EY@%%@!?&_`@!G*A?!%*!BqB@W!

?@%DA!EA@!J@(B*&A@!(@??@FK%*AJ@!*'@J!%*!G&'&A&B$W!?&!BDEB@XD&?!DA!)@EB!*'@J!(@?)@JB!

D?@(!%@!G&(@!d!K&@A![E@!J@%%@uJ&!(@F)%&??@!BDEB!G@!?*!?EK?B*AJ@!&A@XX*K%@W!%Y4J(&BE(@!

*BB@?B@!)DE(B*AB![EY@%%@!?&_`@!G*A?!%@?!J&@EbJ%bb&\!.%!$B*&B!QE?B@![E@!J@%%@![E&!?@!?*'*&B!

O*EB!)%*J$@!)*(! %YD)$(*B&DA!G&'&A@!JO@(JOaB!N!*BB@&AG(@!J@BB@!J&B*G@%%@J%bb&&W! @B!)%E?!

[E@! BDEB! %@! (@?B@! ?@! B(DE'aB! G*A?! EA! %&@E! G+Dy! %@! (@?B@! GE! JD()?! XrB! DK%&`$! G@! ?@!

%*&??@(! `DE'@(A@(J%bb&&&! )*(! EA! JDFF*AG@F@AB! *G*)B$J%bb&'\! VY@?B! [EY*E??&! J@BB@!

XD(F@! G@! %*! BqB@! @?B! ?)O$(&[E@W! %*! )%E?! K@%%@! XD(F@! "! %YaF@! &FFD(B@%%@! @B!

(*&?DAA*K%@!)DE'*&B!R!$%&(@!EA@!G@F@E(@!G&`A@!GY@%%@\!

!!!!9*&?!'DRDA?!%@?!($*%&B$?!JD()D(@%%@?\!V@!X@E!FD(B@%!B@AG!BDEQDE(?!'@(?!%@!)D&AB!%@!

)%E?!O*EB!@B!)*(J@![EY&%!)D??_G@!EA@!A*BE(@!B(_?!?EKB&%@J%bb'!&%!?@!OaB@!?*A?!O$?&B*B&DA!

'@(?!%@?!($`&DA?!?E)$(&@E(@?\!.%!R!*!FqF@!EA!J@(B*&A!ADFK(@!G@!)(@E'@?!N!)(D)D?!

!

oI!!

G@!J@BB@!J(DR*AJ@\!0A!@XX@B!%D(?[E@!G@!B(_?!O*K&%@?!F$G@J&A?!JO@(JO@AB!N!(*F@A@(!N!

?*! ?D%&G&B$! )(@F&_(@! EA! J(aA@! OEF*&A! K(&?$! N! %*! ?E&B@! GYEA! JDE)! B(_?! '&D%@ABW! &%?!

*BB@&`A@AB! ?DE'@AB! %*! F@FK(*A@! [E&! )(DB_`@! %*! B@AG(&B$! GE! J@('@*EW! [E*AG! &%?!

G$?&(@AB! %@! A@BBDR@(! GYEA! G$)~B! G@! ?*A`\!0B! G_?! [E@! J@BB@!F@FK(*A@! ?@! B(DE'@(*!

BDEJO$@W! %YODFF@! @A! '&@AB! N! EA! B@%! $B*B! GY&A?@A?&K&%&B$! [EY&%! A@! )@EB! ?@AB&(! %@?!

JDE)?!)D(B$?!*&%%@E(?!FqF@!*'@J!XD(J@\!9*&?!@A!(@BDE(!*E??&B~B![E@! %*!F*&A!*E(*!

J@??$!GY*))ER@(!?E(!%@!J@('@*EW!&%!(@'&@AB!N!?*!?@A?&K&%&B$!D(G&A*&(@W!(@JDE'(*AB!?*!

'D&b!@B!?@?!?@A?!d!&%!?@!(@AG!JDF)B@!G$?D(F*&?!G@!J@![EYDA!%E&!X*&BJ%bb'&\!0B!&%!AY@?B!

)*?! )(DE'$! [E@! J@%*! ?@! )(DGE&?@! *E??&! G*A?! %@?! *EB(@?! )*(B&@?! GE! JD()?! ?&! %*(G$?!

[EY@%%@?!?D&@AB!GY*XX(@E?@?!)%*&@?!K$*AB@?\!6QDEBDA?!*E??&![E@!FqF@!G*A?!EA!JD()?!

?*&A! ?@! )(DGE&?@AB! G@?! ?&`A@?! @B! ADA! G@?!FD&AG(@?! [E&! JDAJ@(A@AB! ADB(@! )(D)D?\!

6&A?&! %D(?[E+DA! ?@! B(DE'@! @AX%*FF$! )*(! EA@! &AG&`A*B&DA! @bJ@??&'@! @B! [E@! ADB(@!

@?)(&B!@?B!@FK(*?$!)*(! %@!KDE&%%DAA@F@AB!G@! %*!)@A?$@W!J@!AY@?B!A&!)*(!EA! B(DEK%@!

G@?!@AB(*&%%@?!A&!)*(!EA@!*`&B*B&DA!GE!JcE(![EY&%!@?B! BDE(F@AB$W!F*&?!&%!@?B!X(*))$!

*E??&B~B! G@! F*Eb! G@! BqB@! ?&! K&@A! [E@! %YaF@! ?@FK%@! *'D&(! %*&??$! G@?! ?&`A@?! G@!

X*B&`E@!N!%Y@AG(D&B!Dy!@%%@!*!)*(E!X*&(@!@XXD(B!*'@J!EA@!`(*AG@!$A@(`&@\!

!!!!VY@?B!%N!*E??&![E@!G@!X*fDA!J%*&(@!ADE?!?@ABDA?!?@!)(DGE&(@!J@(B*&A@?!*`&B*B&DA?!

G@!ADB(@!aF@W!J@(B*&A?!$%*A?!*??@m!XD(B?W!*E!)D&AB![E@!'&@AA@AB!?DE?!AD?!R@Eb!G@?!

JOD?@?! GDAB! )@(?DAA@! AY&`AD(@! [E+@%%@?! ?DAB! *K?@AB@?\!V+@?B! [E@! ADE?! B@AGDA?! %*!

'&`E@E(!G@!ADB(@!@?)(&B!'@(?!G&'@(?!J~B$?!@B!G*A?!G@!ADFK(@E?@?!G&(@JB&DA?!@B!)*(!

%@?!JO&F$(@?!G@!?DA!&F*`&A*B&DA!)*('&@AB!*E!QE`@F@AB!G@!ADB(@!BqB@!J@![E@!%YDA!?*&B!

*'D&(!$B$!(@JO@(JO$!G*A?!G&XX$(@AB@?!($`&DA?!GE!FDAG@!\!5DE(!X&A&(W!ADE?!*'DA?!%@!

(@`*(G! X&b@! [E*AG! ADE?! ?DFF@?! BDEB! N! AD?! )@A?$@?J%bb'&&W! ADE?! KDEJODA?! AD?!

D(@&%%@?W!ADB(@!`DrB!J@??@W!AD?!A*(&A@?!A@!?@('@AB!)*?W!%*!%*A`E@!A+*!)*?!G@!'D&bW!@B!

DA!(@JDAA*eB!G@!F&%%@!F*A&_(@?!)*(!G@!B@%?!?&`A@?![E@!%YaF@!@?B!*K?D(K$@!G*A?!?*!

)(D)(@!&AB&F&B$!@A![E@%[E@!?D(B@\!VY@?B!@%%@!)*(!JDA?$[E@ABW!*&A?&![EYDA!%@!?E))D?@W!

[E&!&A?B*%%$@!G*A?!EA!%&@E!$%@'$W!JDFF@!?&!@%%@!?&$`@*&B!GE!O*EB!G@!?DA!B(&KEA*%W!@?B!

(@JDAAE@!qB(@!%*!($`E%*B(&J@!G@!?@?!)@AJO*AB?!A*BE(@%?W!%+*(K&B(@!GE!K&@A!@B!GE!F*%W!

G&?B&A`E*AB!%+*FK&`EW!(@Q@B*AB!%@!AE&?&K%@W!G_?!%Y&A?B*AB!BDEB@XD&?!Dy!%*!`(aJ@!G&'&A@!

*!K(&%%$!@A!@%%@\!!

!!!.%! R! *'*&B! K&@A! EA@! K$*B&BEG@! A*BE(@%%@! G*A?! %@! )(@F&@(! ODFF@W!F*eB(@! G@! ?DA!

%&K(@u*(K&B(@!@B!N!%*!)@A?$@!JO*?B@J%bb'&&&W!F*&?!*KE?$!)*(!EA@!X*EB@!XEA@?B@W!)@(G*AB!

!

o<!!

)*(!%*!(E?@!GE!G&*K%@!J@![EY&%!*'*&B!(@fE!N!B(*A?F@BB(@!N!?@?!G@?J@AG*AB?W!&%!AY*!)E!

ADE?! %$`E@(! J@![EY&%! *! %*&??$!$JO*))@(\!#@! %N! %*!)(D)*`*B&DA!G@! %*!FD(BW!G@! %N! %@!

G$'@%D))@F@AB!G@!%*!X*&K%@??@!OEF*&A@W!G@!%N!%Y&`AD(*AJ@!JDAB(*&(@!N!%*!(*&?DAW!G@!

%N!%@?!BDE(F@AB?!G@!%*!X*EB@W!G@!%N!%@?!($?D%EB&DA?!(@`(@BB*K%@?W!G@!%N!%*!JDAA*&??*AJ@!

DK?JE(J&@W!%@!G$?&(!ODAB@EbW!%*!A$`%&`@AJ@!G@!%*!QE?B&J@!d!G@!%N!F&%%@!JOEB@?!G*A?!%@!

)$JO$! @B! G*'*AB*`@! G@! )D&AB?! JDFFEA?! *'@J! %@?! KqB@?! *%D(?! [E@!#&@E! %@?! *'*&B!

J($$?!G&XX$(@AB?\!V*(W!~!GDE%@E(W!%@!JDEJO@(!GE!?D%@&%!ADE?!*AADAJ@!%Y*((&'$@!GYEA!

J&@%! J*%F@W!ADE?!G&?J@(ADA?! %@?! XEBE(@?! B@F)qB@?!)*(! %Y*`&B*B&DA!G@?!'@AB?W!)*(! %*!

F*(JO@!GE!B@F)?!ADE?!J*%JE%DA?!%*!(&JO@??@!N!'@A&(!G*A?!%@?!?*&?DA?W!%@?!)($'&?&DA?!

G@! ADB(@! @?)(&B! &`AD(*AB! ADE?! )(DF@BB@AB! )*(XD&?! %*! QD&@! d! F*&?! )DE([ED&! %YaF@!

*E(*&Bu@%%@!)E!&`AD(@(!G@?!JOD?@?!G@!J@BB@!A*BE(@!?&!?*!G&`A&B$!*'*&B!$B$!)(DB$`$@!�!

VY@?B! QE?B@F@AB! [EY@%%@! *! $B$! )($J&)&B$@! G*A?! %+&`AD(*AJ@! @%%@! [E&! 'DE%*&B! *'@J!

DK?B&A*B&DA!JDAA*eB(@!%@?!JOD?@?!G$X@AGE@?\!0A!X*&B!JY@?B!?@E%@F@AB!)*(!G@?!?&`A@?!

DE! G@?! JDAQ@JBE(@?! [EY@%%@! ?*&B! J@(B*&A@?! JOD?@?! [EY@%%@! *E(*&B! )E! ?*A?! )@&A@!

JDAA*eB(@!G*A?!%@E(!@A?@FK%@\!-$*AFD&A?W!(*JO@B$@!)*(!EA@!JDAGE&B@!?*&AB@W!@%%@!*!

(@)(&?!*'@J!%+*&G@!G@!%*!G&'&A&B$!J@![EY@%%@!*!)@(GE!)*(!%@!)&_`@!GE!F*%&A!d!&%%EF&A$@!

)*(!%@!V($*B@E(!@%%@!'D&B!J@![E@!)(&'$@!G@!%EF&_(@!@%%@!@?B!&AJ*)*K%@!G@!(@JDAA*eB(@!

)*(!@%%@uFqF@\!!

!!!!:A!*!@b)D?$!*E!?EQ@B!G@!%YaF@!BDEB!J@![E&!@?B!)(DE'$!%E&!*'D&(!$B$!*JJD(G$W!F*&?!

&%!JDA'&@AB![E@!ADE?!)*(%&DA?!*E??&!G@!?DA!B@F)%@W!)E&?[E@!J@BB@!&F*`@!G@!#&@E!A@!

?E))D(B@!)*?!G@!)*(*eB(@!EA&@!N!EA!JD()?!O&G@EbJ%bb&b\!!

!

U:C!E*)%0)*1*0+!,(!/0#%)J%bbb!

!!!!7+ODFF@! @?B! EA! *A&F*%! G@KDEB! @B! G(@??$! N! %*! F*A&_(@! G+EA@! B(_?! K@%%@! BDE(!

G+DK?@('*B&DA! )DE(! %*! JDAB@F)%*B&DA! G@?! JOD?@?! G&'&A@?! @B! (*B&DAA@%%@?J%bbb&d! ?DA!

D(`*A&?*B&DA!O*(FDA&@E?@!ADE?!($'_%@!G+&FF@A?@?!FR?B_(@?\!0A!)(@F&@(!%&@E!ADB(@!

BqB@W!*??@FK%*`@!G@!?&b!D?W!*!$B$!FDG@%$@!N!%+&F*`@!G@!%*!JDAJ*'&B$!*((DAG&@!G@!%*!

?)O_(@!J$%@?B@W!G@!X*fDA![E@!%@!?&_`@!G@!ADB(@!J@('@*EW!D(`*A@!G@!%*!)@A?$@W!JDABeAB!

%@!ADFK(@!%@!)%E?!)*(X*&BW!?&bJ%bbb&&\!

!

oo!!

!!!!s!)*(B&(!G@!%N!?DAB!F&?!@A!)%*J@!%@?!R@EbW!JDFF@!G@Eb!B(_?!K@*Eb!(DE%@*Eb!G@?!

2*&AB?!3@?B*F@AB?J%bbb&&&d!N!%@E(!&F*`@!G$JDE%@AB!BDEB!J@![E&!ADE?!*!$B$!*GQD&AB!)*(!

G@Eb!"!JDFF@! %@?! D(@&%%@?W! %@?! A*(&A@?W! %@?! %_'(@?W! %@?! K(*?W! %@?! )DEFDA?W! %@?!

Q*FK@?W!%@?!B&K&*?W!%@?!)&@G?J%bbb&'\!V+@?B!G*A?!J@BB@!GE*%&B$!FR?B&[E@!@A!@XX@B![E+@?B!

F*&AB@AE! EA&! %+$G&X&J@! GE! JD()?! BDEB! @AB&@(J%bbb'! @B! JDFF@! J@?! B@?B*F@AB?! ?@!

BDE(A@AB!G*A?!EA@!?@E%@!G&(@JB&DAW!A+DAB![E+EA@!?*`@??@W!J@?!XDAJB&DA?!?+EA&??@AB!@A!

EA!?@E%!@A?@FK%@!@B!EA!?@E%!DE'(*`@J%bbb'&\!

!!!!9*&?! K&@A! [E@! J@BB@! ?RF$B(&@! ?YO*(FDA&?@! G*A?! EA@! G&?B(&KEB&DA! K@%%@! @AB(@!

BDEB@?!@B!@F)(EAB@!)DE(!@%%@uFqF@!%+EA@!DE!%+*EB(@!)*(E(@W!&%!R!*!*E??&!G@?!$%$F@AB?!

[E&!?DAB!EA&[E@?W!?&BE$?!*E!F&%&@E!)DE(!$'&B@(![E@!)@AJO*AB!GYEA!?@E%!J~B$!G@!X*fDA!

)($QEG&J&*K%@J%bbb'&&! &%?! A@! )(&'@AB! %+*EB(@! J~B$! G+EA! D(A@F@AB! *G*)B$! "! %@! A@mW! %*!

KDEJO@W!%@!`D?&@(W!%*!)D&B(&A@W!%@!ADFK(&%W!%*!'@(`@!)@AG*AB@!G@?!)*(B&@?!?@bE@%%@?W!

JOD?@?! GDAB! DA! 'D&B! K&@A! [EY@%%@?! ?DAB! G&`A@?! G+$%D`@?! @B! G@! JDA?&G$(*B&DA!

)E&?[E+@%%@?!?@!)($?@AB@AB!)%*J$@?!*E!F&%&@E\!

!!!!#+*EB(@! )*(B! ?DE?! ADB(@! BqB@W! [E&! (@AX@(F@! %+@A?@FK%@! G@?! ?@A?W! @?B! )%*J$@! EA@!

AE[E@! (@JB&%&`A@! JDFF@! EA@! ?D(B@! G@! JD%DAA@W! ADE?! @A?@&`A*AB! [E@! %*! ?*&AB@!

(@%&`&DA! JDA?&?B@! G*A?! %*! ?@E%@! B(_?! X@(F@! ?D%&G&B$! G@! %*! XD&J%bbb'&&&\! 7*! %*A`E@!

$`*%@F@AB! )%@JB(@! XD(B! K&@A! X*&B! G@! ADB(@! 'D&bJ%bbb&bW! *! $B$! GDAA$@! )DE(! ($`%@(!

%+O*(FDA&@! G@! AD?! G&?JDE(?W! *X&A! [E@! %@?! )*(D%@?! *(B&JE%$@?! ADE?! G&?B&A`E@AB! GE!

K(DEO*O*! G@?! *A&F*Eb\! 0B! [EY&%! A@! )*(*&??@! )*?! G$)DE('E! G@! ?@A?! [E@! G@Eb!

@FK(*AJO@F@AB?!?D&@AB!B(&KEB*&(@?!GYEA!?@E%!`D?&@(JbJW!)DE(![E@!K&@A!@AB@AGE!BDEB@!

%+&AB@%%&`@AJ@! G+EA@! aF@! )(EG@AB@W! N! %*! X*fDA! G+EA! *%&F@AB! (@fE! @B! G&`$($! )*(! %*!

JO*%@E(!G@!%*!(*&?DAJbJ&W!?@!G$)%D&@!G*A?!G@?!?@(FDA?!*))(D)(&$?!N!B(*'@(?!%@!GDEK%@!

JO@F&A!G@?!B@?B*F@AB?\!0B!)E&?[E@!%*!XD(F@!GE!JD()?!OEF*&A!AY*!)*?!%*!XD(J@!G@!?@!

G$X@AG(@! A&! )*(! %*! JD(A@W! A&! )*(! %*! G@ABW! A&! )*(! %*! XE&B@W! JDFF@! GY*EB(@?!

*A&F*EbJbJ&&W!EA!KE?B@!?D%&G@!@B!G@?!K(*?!%E&!DAB!$B$!*JJD(G$?!)DE(!(@)DE??@(!G@!%*!

F*&A!%@!GDFF*`@![E&!%E&!@?B!)D(B$!@B!?@!G$X@AG(@!@A!&AB@()D?*AB!?*!)D&B(&A@!JDFF@!

EA@!?D(B@!G@!KDEJ%&@(JbJ&&&\!

!!!!}E*AB! N! AD?! D(`*A@?! ?@bE@%?! [E&! GDEB@(*&B! [E@! J+@?B! @A! 'E@! G+EA! `(*AG!

FR?B_(@JbJ&'![E+&%!ADE?!DAB!$B$!*BB(&KE$?!�!V+@?B!)*(!@EbW!*'@J!%+*&G@!G@!#&@EW![E@!?@!

)DE(?E&B!%@!(@ADE'@*E!X$JDAG!G@!%YODFF@W!)*(!@Eb![E@!%@?!FD(B@%?!A@!)@E'@AB!)*?!

G&?)*(*eB(@W!J*(!DA!?*&B![E+EA@!(*J@!)@EB!BDEQDE(?!)@(?$'$(@(!*%D(?![E@!%@?!&AG&'&GE?!

!

oh!!

F@E(@ABJbJ'\! S@%%@! )*(B&@! GE! JD()?! ?&! @%%@! A@! ?+$B*&B! B(DE'$@! ?DE&%%$@! )*(! EA@!

G$K*EJO@!ODAB@E?@JbJ'&\!0B![E+R!*E(*&Bu&%!G@!)%E?!F*`A&X&[E@W!?&!?@E%@F@AB!%@!`@A(@!

OEF*&A!@A!G@?J@AG*&B!?*A?!X*EB@!�!6&A?&!BDEB!J@%*!@rB!$B$!J($$!G&`A@!G+$%D`@?JbJ'&&W!

?&!DA!A@!%+*'*&B!)*?!(@AGE!&FFDAG@!)*(!%*!?DE&%%E(@!GE!)$JO$\!

!!!!9*&?!@A!DEB(@!J@!JD()?!*A&F$!@?B!`DE'@(A$!@B!($`&!)*(!%@?!J&A[!?@A?!d!K&@A![E+DA!

%@?! *&B! @A! JDFFEA! *'@J! %@?! KqB@?W! ADE?! %@?! G&?B&A`EDA?! F&@Eb! )DE(B*AB! @B! %@?!

(@AGDA?! JDF)%@B?! `(aJ@! N! EA! QE`@F@AB! JDAXD(F@! N! %*! (*&?DAJbJ'&&&\! 7@! )(@F&@(!

G+@AB(@!@Eb!@?B!%*!'E@![E&!`(aJ@!N!%+&%%EF&A*B&DA!G@!%+*&(!'D&B!%@?!JDE%@E(?!G@?!JD()?!

@B! ?*&?&B! @A! JO*JEA@! ?@?! )(D)(&$B$?! )*(B&JE%&_(@?\! 7*! '&?&DA! @A! @XX@BW! JDFF@!

&AJ%&A*&@AB!N! %*!J*(*JB$(&?@(! %@?!*AJ&@A?W!@?B!EA@!)E&??*AJ@! &FF*B$(&@%%@!G@! %+aF@W!

[E&! ?D(B! )*(! %*! )E)&%%@! G@! %+c&%W! ?*A?! *BB@&AG(@! %@?! DKQ@B?! B(D)! $%D&`A$?! F*&?!

G&?J@(A*AB!J@Eb!'@(?!%@?[E@%?!@%%@!)DE((*!)*('@A&(W!'DR*AB!J@![E+@%%@!@?B!G@?B&A$@!N!

'D&(JbJ&b\!#@!X*&B!?&!JY$B*&B!N!)*(B&(!G@! %@E(!)(D)(@! &AB$(&@E(![E@! %@?!R@Eb!'DR*&@ABW!

J+@?B!*E??&!@EbuFqF@?![E+&%?!*)@(J@'(*&@AB!?*A?!O$?&B*B&DA\!V+@?B!@AJD(@!EA@!XD&?!J@!

[E@! )@A?*&B! %@! '$A$($! 6E`E?B&AJJ\! 7@! G@Eb&_F@! @?B! %+DEx@! [E&! (@fD&B! %@?! ?DA?! *E!

FDR@A!G+D(@&%%@?!JDAJ*'@?!@B!@A!?)&(*%@JJ&d!@%%@?!XDAB!(@B@AB&(!%@?!'&K(*B&DA?!G@!%+*&(!

@B! G&?J@(A@AB! )*(! %*! (*&?DA! J@![E&! *! $B$! @AB@AGEJJ&&\!7@! B(D&?&_F@! @?B! %+DGD(*BW! [E&!

(@J@'*AB! G&'@(?@?! DG@E(?W! $'*%E@! @A! OEF*AB! JDA'@A*K%@F@AB! %@?! )(D)(&$B$?! G@?!

JD()?!DGD(*AB?W!JDFF@!?&!EA@!?D(B@!G@!XEF$@!&A'&?&K%@!$B*&B!(@fE@!)*(!%@?!A*(&A@?\!

7@![E*B(&_F@!@?B!%@!`DrBW!)*(!%@[E@%!ADE?!(@JDAA*&??DA?!*E!QE`@F@AB!GE!)*%*&?JJ&&&!

%*!?*'@E(!G@!ADFK(@Eb!*%&F@AB?\!7@!J&A[E&_F@!@?B!%@!BDEJO@(![E&!*!`$A$(*%@F@AB!

$B$!*BB(&KE$!*E??&W!DA!%@!?*&BW!N!BDEB@?!%@?!)*(B&@?!GE!JD()?\!

!!!!7@!BDEJO@(!%@!)%E?!G$%&J*B!($?&G@!G*A?!AD?!F*&A?JJ&'![E&!DAB!$B$!GDAA$@?!N!JO*JEA!

@A!)*(B&JE%&@(!)DE(!@b)D?@(!N! BDE?!AD?!ADFK(@E?@?!)@A?$@?\!6&A?&!N! B(*'@(?!@%%@?!

J+@?B! EA@! ?@JDAG@! @B! )%E?! ?D%&G@!F$FD&(@! [E&! *G'&@AB\!V*(! J@! [E@!ADE?!)DE'DA?!

DEK%&@(W![E*AG!J@?!F*&A?!%+$J(&'@ABW!ADE?!%@!(@B@ADA?!?*A?!@XXD(B\!/DE?!'DR@m!%N!%@?!

DE'(&_(@?!G@!G&XX$(@AB?!*(B?!@B!J@![E&!*JJDF)%&B!)(@?[E@!BDEB@!ADB(@!*JB&'&B$\!s![ED&!

?@('&(*&B! @A! @XX@B! [E@! %+&AB@%%&`@AJ@! JDAfD&'@! G@?! BaJO@?! N! ($*%&?@(! ?&! J@BB@! F*&A!

*JB&'@!A@!B(DE'*&B!KDA!G@!%+*JJDF)%&(!�!0B! Q@!A@!)@A?@!)*?![E+&%!X*&%%@!)*??@(!?DE?!

?&%@AJ@!%@!X*&B![E@!AD?!)&@G?!@B!AD?!F*&A?!?D&@AB!XD(F$?!G+EA!ADFK(@!G@!GD&`B?!$`*%!

N! G&b! d! J+@?B! )DE(! [E@! %@! JDE(?! @B! %@?!cE'(@?! G@!ADB(@! '&@! (@AX@(F@AB! @A! @Eb! %@?!

!

o=!!

FR?B_(@?!GE!#$J*%D`E@!G&'&AJJ'!ADE?!$'&B*AB!G+*'D&(!N!)@A?@(!DE!N!*`&(!@A!G@OD(?!

G@!%*!%D&!GE!2@&`A@E(\!!

!!!!7*! X&`E(@! N! @%%@! ?@E%@! A@! G$'D&%@uB! @%%@! )*?! %@?! ?&`A@?! G@! ?*! )(EG@AJ@! �! 7@?!

)@A?$@?!J*JO$@?!Q*&%%&??@AB!?E(!ADB(@!'&?*`@!@B!DA!*))(@AG!)*(!%N![E@%?!?@AB&F@AB?!

@B!'D%DAB$?!?+*`&B@AB!&AB$(&@E(@F@AB\!2&!'(*&F@AB!ADB(@!)OR?&DADF&@!;92>02.>JJ'&![E&!

B&(@!?DA!ADF!G@!]!%*!'D%DAB$!^!;9->2*0).JJ'&&>W!@?B!EA@!?D(B@!G@!F&(D&(!G@!%+aF@!*%D(?!

J@! [E&! A+@?B! )*?! )*(! @??@AJ@! G&?J@(A$! ?+@b)(&F@! B(_?! J%*&(@F@AB! )*(! ?DA! *?)@JB!

@bB$(&@E(\!

!!!!}E@!G@!JOD?@?!DA!)DE((*&B!G&(@!*E!?EQ@B!G@?!*EB(@?!F@FK(@?!GE!JD()?!�!5DE([ED&!

%*!%&`A@!G@!AD?!`@AJ&'@?!@?Bu@%%@!J%DE$@!G@!B(@AB@!G@Eb!G@AB?!�!5DE([ED&!ADB(@!JDE!

@?B! %+*??@FK%*`@! G@! ?@)B! '@(B_K(@?W! ADB(@! $)&A@! GD(?*%@! G@! '&A`BuB(D&?!

?)DAGR%@?JJ'&&&�!7@?!'&A`Bu[E*B(@!J~B@?! ?@!JDE(K@AB!@A!*(J?!)DE(! %*!)(DB@JB&DA!G@?!

'&?J_(@?!G@!)@E(![E@!%*!B@AG(@B$!G@?!@AB(*&%%@?!A@!?D&B!@AGDFF*`$@!B(D)!X*J&%@F@AB!

)*(! EA@! F*%@AJDAB(@E?@! K%@??E(@\! 5*(! [E@%%@! G&?B(&KEB&DA! *))(D)(&$@! %@?! A@(X?!

DJJE)@AB! %+@A?@FK%@! GE! JD()?! �! VDFF@AB! %@?! '@&A@?! )@E'@ABu@%%@?! &((&`E@(!

JDA'@A*K%@F@AB! %@!JD()?!@A!%@!ADE((&??*AB!G@!?*A`JJ&b!�!#@![E@%%@!F*A&_(@!%@?!D?!

(@F)%&?!G@!FD@%%@!)@E'@ABu&%?!ADE?!XD(B&X&@(!�!5DE([ED&!*))*(B&@ABu&%!N!AD?!DA`%@?!

G@!)DE??@(!?*A?!&AB@((E)B&DA!*'@J!AD?!JO@'@Eb!�!6'@J![E@%%@!K@*EB$W!*'@J![E@%%@!

EB&%&B$W!%*!)@*E!(@JDE'(@!AD?!JO*&(?!*X&A![E@!%@?!OEF@E(?!&AB@(A@?!A@!?+$JDE%@AB!G@!

F*A&_(@! O&G@E?@! @B! [E@! %*! K@*EB$! A@! G&?)*(*&??@! [E*AG! %@! JO*(F@! *! $B$! (@B&($! N!

%+$J%*B!GE!B@&AB!�!

!!!!9*&?!*%D(?![E@!JO*JEA!G@?!F@FK(@?!)*(*eB!DXX(&(!G&'@(?!?@('&J@?!*E!JD()?W![E@!

)DE(!ADE?! %+EA!@?B!)%*J$!@A!O*EBW!EA!*EB(@!*E!F&%&@EW!EA!*EB(@!@A!K*?W! &%?! ?@! ?DAB!

($EA&?!G*A?!EA!*??@FK%*`@!?&!`(*J&@Eb![E@!BDEB!@?B!A$J@??*&(@W!BDEB!@?B!K&@A!*G*)B$W!

JDFF@!G&B!%+6)~B(@W!*%D(?![E+&%!EA&??*&B!%+$`%&?@!G*A?!%+*FDE(!G@!%*!JO*(&B$!"!>M:+>!*(!

1(20!1).!3+4(!g!>)!,)+*! "! f(!*M)+!1).!A(.-+*!3(!0-+W!*+! >)!0�0(!g!.-*!0-24!3+4(!)2c!

1+(3.!"!f(!*M)+!1).!A(.-+*!3(!9-04(!)+3(5!^+(*!1>2.W!>(.!,(,A4(.!32!/-41.!G2+!.-*0!

0(*2.!1-24!1>2.!<)+A>(.!.-*0!*;/(..)+4(.!d!(0!/(2c!G2(!*-2.!0(*-*.!1-24!>(.!,-+*.!

F-*-4)A>(.!32!/-41.!.-*0!/(2ca>g!,�,(.!G2(!*-2.!(*0-24-*.!3(!1>2.!3MF-**(2(JJb\!

#&@E! @A! @XX@B! *! G&?)D?$! @B! ($`%$! %@! JD()?! *X&A! ?@?! )*(B&@?! (@??@AB@AB! %*! A$J@??&B$!

G+EA@!*&G@!FEBE@%%@\!

!

op!!

!!!9*&?! )DE(! ?@! B@A&(! N! J~B$! G+EA! K*'*(G*`@! @bJ@??&X! [E+@A! ?DFF@! J@BB@! )*(D%@!

?EXX&?@! *F)%@F@AB! "! *EJEA! qB(@! JD()D(@%! A@! ?+@?B! B(DE'$!FDG@%$! )DE(! ?RFKD%&?@(!

*EB*AB! %@?!FR?B_(@?\!0A! ($*%&B$! &%!G@'*&B!qB(@!J($$!*'@J! %*!)%E?!`(*AG@!?*`@??@! %E&!

[E&! )*(*&??*&B! EA&! N! EA@! aF@! (*&?DAA*K%@\! :! *GF&(*K%@! J($*BE(@! GE! 3(_?! U*EB!

V($*B@E(! [E&! *! F&?! @A! )%*J@! %@?! JDABDE(?! GE! JD()?! OEF*&A! G@! ?D(B@! [E@! ?&! @%%@!

A+*'*&B!$B$!*JJ*K%$@!)*(!%@!)D&G?!G@?!)$JO$?!GE!)(@F&@(!ODFF@!@%%@!AY*E(*&B!)*?!$B$!

G$)DE&%%$@!G@!B@%?!GDA?\!V*(W![E*AG!@%%@!$B*&B!%&K(@W![E@!F$(&B*&Bu@%%@!G+*'D&(!@A!?*!

)D??@??&DA!@%%@![E&!@?B!J@A?$@!JDA?@('@(W!F*&AB@A*AB![E+@%%@!@?B!G*FA$@W!EA!*E??&!

`(*AG!ADFK(@!G@!K&@A?!�!9*&?! @A!'$(&B$! %*! JO*&(! GDAB!DA!)*(%@W! K&@A![E+@%%@! ?D&B!

B@AB$@!)*(!G&XX$(@AB?!'&J@?W!@B!?DEF&?@!N!G@!ADFK(@E?@?!K%@??E(@?![E&!%*!G$JO&(@ABW!

(@?B@! J@)@AG*AB! J@%%@u%N! FqF@! [E&! JO*AB@! %@! )?*EB&@(! J$%@?B@W! J@%%@! [E&! (@AG! %@?!

F*(BR(?!`%D(&@EbW!J@%%@![E&W!'&?&B$@W!*!F$(&B$!?DA!J($*B@E(W!J@%%@![E&!*!*JJE@&%%&!*E??&!

%*!J(D&b!G@!?DA!?*&AB!($G@F)B@E(!N!@%%@!?@E%@!?DE(J@!G@!'&@!d!J+@?B!G_?!%D(?!N!QE?B@!

B&B(@! [E+DA! %*! J(D&B! G@?B&A$@! N! qB(@! )E(! @?)(&B! )E&?[E@! @AJD(@!FD(B@%%@! &J&! @%%@! ?@!

`%D(&X&@!G+*'D&(!*JJDF)%&!EA@!?&!`(*AG@!BaJO@\!0A!@XX@B!'D&%N!JDFF@AB!J@BB@!A*BE(@!

ADK%@! J@(B@?! F*&?! @b)D?$@! )*(! %@! )$JO$! D(&`&A@%! N! G@?! X*EB@?! [EDB&G&@AA@?W! ?@!

JDAJ&%&@! %+*))E&!G&'&A!*E!FDR@A!G@! Q@rA@?W!G+*EF~A@?W!@B!G@!)(&_(@?!JDAB&AE@%%@?W!

'D&%N! JDFF@AB! *E??&B~B! %*'$@! G@! %*! ?DE&%%E(@! G@?! )$JO$?W! @%%@! )($)*(@! EA! @?)(&B!

)%@&A!G@!)E(@B$!)DE(!F$(&B@(!G+*JJE@&%%&(!?DA!J($*B@E(W!B@F)%@!G@!%*!XD&W!@%%@![E&!A@!

?Y@?B!Q*F*&?!*K*&??$!N!?@('&(!GYO~B@!*Eb!)$JO$?\!v@!J(D&?![E@!%*!F&?$(&JD(G@!G&'&A@!

*! )($'E! G@! ?DEF@BB(@! %@! JD()?! N! %+aF@W! %+aF@! N! %E&uFqF@W! @B! [E@! %@! BDEB! (@`*(G@!

)DE(!?DA!?*%EB!'@(?!%@!#&@E!J($*B@E(JJb&\!

!!!!6R*AB!F@A$!QE?[E+*E!KDEB!J@![E+&%!X*%%*&B!G&(@W! &%!)*(*eB!JDA'@A*K%@!G+@AJO*eA@(!

?E(!%@?!?&`A@?!@B!%@?!F*([E@?!G@?!aF@?\!V*(!K&@A![E@!%@E(!?EK?B*AJ@!)*(*&??@!qB(@!

EA@W! %@?!aF@?!G&XX$(@AB!A$*AFD&A?!)*(!G@?![E*%&B$?!G&?B&AJB@?\!0B!G+*KD(G! Q@!G&(*&!

JDFF@AB!?@! B(*O&??@AB! %@?!O*K&BEG@?!@B! %@?!FcE(?!G@?!ODFF@?!F$JO*AB?!G*A?! %*!

F@?E(@! Dy! J@Eb! [E@! ADE?! A@! )DE'DA?! QE`@(! &AB$(&@E(@F@ABW! ADE?! )DE'DA?! %@?!

$'*%E@(!GE!G@OD(?!?E(!J@(B*&A?!&AG&J@?\!

!

U::0#>0JJ'+1!0+!#'/0++&W1!-')!J$/B&+1)!

!

hM!!

!!!!2*A?! %*! '(*&@! XD&! )*(! JDA?$[E@AB! BDEB@?! %@?! aF@?JJb&&! ?DAB! G@?! )%E?! *KQ@JB@?W!

JDFF@!J@%%@?!G@?!)O&%D?D)O@?![E&!A@!?E&'@AB!)*?!%*!%D&!GE!J($*B@E(JJb&&&!F*&?!)%EB~B!

%Y@((@E(!G@?!ODFF@?JJb&'W!@B!K&@A![E+&%?!*&@AB!%+*&(!G+qB(@!G@?!)(DX@??@E(?!G@!FD(*%@!

@B![E+&%?! ?+@XXD(J@AB!G@! ?@! X(DBB@(! ?E(! %*!)&@((@!N!)D%&(!G@?!G&?J&)%&A@?W! &%?!A+$'&B@AB!

)*?!J@)@AG*AB!%*!(DE&%%@!G@!%*!?E)@(?B&B&DAJJb'\!}E@%%@!XD%&@!@A!@XX@B!G@!?Y*BB*JO@(!N!

J@B!ODFF@!?DE?!)($B@bB@![EY&%!@?B!F@&%%@E(!@B!G@!%@!J(D&(@!J*)*K%@!G@!)(qB@(!F*&A!

XD(B@!%E&![E&!AY*!)*?!%*!XD(J@!G@!?@!'@A&(!@A!*&G@!�!.%!A@!?@(B!N![E&JDA[E@!@A!@XX@B!

GY*'D&(! $'&B$! %@?! )*??&DA?! JDE)*K%@?W! G@! A@! )*?! *&F@(! EA@! '&@! 'D%E)BE@E?@!

G$K*EJO$@W! GY$JO*))@(! N! %*! )@(X&G&@! B(DF)@E?@W! G@! ?@! (@AG(@! $B(*A`@(! *Eb! '&J@?!

B@((@?B(@?W! J*(! JY@?B! XD(J$F@AB! @A! '*&A! [EY&%! ?@! F@B! @A! )@&A@! J@%E&! [E&! (@AG! %@!

($FEA$(*B@E(JJb'&!G@!BDE?!%@?!K&@A?!&((&B$!JDAB(@!%E&\!6Eb!)($J@)B@?!G@![E&!DK$&(*uBu&%!

@A!@XX@BW! ?Y&%! &`AD(@!J@%E&![E&!)(D)D?@! %*! %D&JJb'&&\! .%! *'*AJ@! ?*A?! (DEB@W! &%! DK?@('@!

?*A?! %EF&_(@W! &%!F$G&B@!?*A?!`DrBW! &%!JDE(B!GYEA!)*?!*`&%@!@B! &%!A@! (@B(DE'@!)*?!J@!

'@(?![ED&!&%!?@!)(D)D?@!GY*%%@(\!

!!!!V@EbuJ&!)@E'@AB!qB(@!X%D(&??*AB?!)DE(!%@!FDF@ABW!F*&?!DA!A@!JDA?B*B@!)*?![EY&%?!

)D(B@AB!G@?! X(E&B?W!J*(! %@E(!`(aJ@!AY*!)*?!)(&?!'&`E@E(!G*A?! %@?! (*J&A@?!F*&?!?Y@?B!

KD(A$!N!?@!'*AB@(!@A!$B*%*AB!?DA!X@E&%%*`@\!V*(!&%?!?DAB!*E??&!G*A?!%@!FqF@!?*J!J@Eb!

[E&W! K&@A! [E@! J(DR*AB! JDFF@! &%! X*EBW! ?DAB! J@)@AG*AB! ?DE&%%$?! )*(! G@?! J(&F@?!

ODAB@Eb!d!)E&?[E@! ?Y@AJO*eA*AB! N! G@! %DE(G?! )$JO$?W! &%?! ?@! ?$)*(@AB! GE! J($*B@E(\!

7YaF@!&FFD(B@%%@!F@E(B!*%D(?!)*(!?@?!)(D)(@?!B$A_K(@?!d!@%%@!JDFF@AJ@!N!*&F@(!J@!

[E&! @?B! G@! A*BE(@! N! )$(&(W! @%%@! JDFF@AJ@! N! G$B@?B@(! J@! [E&! '&BW! @%%@! G$B@?B@! %@?!

'@(BE?W!@%%@!@?B!BDEQDE(?!@A![EqB@!G@!'&J@?W!)%DA`$@!G*A?!EA!G$)%D(*K%@!K(DE&%%*(G!d!

@%%@! AY*! )*?! EA! QE`@F@AB! B(_?! A@B! J*(! @%%@! ?Y@?B! &FF@(`$@! G*A?! EA! `DEXX(@! G@!

G$)(*'*B&DA!d!K&@AB~B!J*)B&'@!GE!'&@&%!@AA@F&W!@%%@!?@!)($J&)&B@!%*!BqB@!%*!)(@F&_(@!

G*A?! %@?! '&J@?! @B! N! B(*'@(?! %@?! ?$GEJB&DA?! G@! %*! JO*&(! @%%@! J(&@! '&JBD&(@! G@! ?*!

?DEF&??&DAJJb'&&&\!0A!X*&B!@%%@!@?B!F*%*G@!@B!?*A?!J@??@!BDE(F@AB$@!)*(!%@!)$JO$!d!?@!

JDAG*FA*AB! @%%@! [E@! AE%! AY*JJE?@W! G@! ?D(B@! [E@! )DE(! G@! B@%%@?! `@A?! JY@?B! N! KDA!

G(D&BW! G&BuDAW! [E@! %@! ($?E%B*B! @?B! EA@! FD(B! [E&! X*&B! '&'(@! @B! EA@! '&@! [E&! X*&B!

FDE(&(JJb&b\!2&!%@!F&?$(&JD(G&@Eb!BDE(A@!?DA!(@`*(G!'@(?!@%%@!@B!?Y&%!*!G*&`A$!$J%*&(@(!

%+c&%! G@! %Y@?)(&B! *'@E`%$! )*(! %@?! @bJ_?! G@! %*! JO*&(W! &%! %Y@AB(*eA@! '@(?! %@! (@)@AB&(!

%&K$(*B@E(W!&%!%E&!*JJD(G@!%*!XD(J@!G@!?Y$JO*))@(JJbbW!@%%@![E&!)*(*&??*&B!*'D&(!@E!BDEB!

G+*KD(G!%@!G$?&(!G@!)$(&(\!0%%@!?@(*!GY*EB*AB!)%E?!O@E(@E?@![EY@%%@!)%@E(@(*W!GY*EB*AB!

)%E?! O*EB@! [EY@%%@! ?@! )(D?B@(A@(*! d! @%%@! ($`$A_(@! )*(! %@?! %*(F@?! J@! [EY@%%@! *'*&B!

!

hH!!

)@(GE!@A!QDE&??*ABW!@B!J@%%@![E&!JDA'&$@!)*(!%@?!)%*&?&(?!@?B!)*('@AE@!N!%Y@AA@F&W!?@!

OaB@!JDAB(&?B$@!'@(?!%@!#&@E!?@JDE(*K%@!*'@J!K@*EJDE)!G@!KDAO@E(\!!

!!!!9*&?! K&@A! [E+&%! ?D&B! &AB@(G&B! *Eb! ODFF@?! G@! %@?! 'D&(! X*J@! N! X*J@W! %@?! aF@?!

($'_%@AB! )DE(B*AB! %@E(?! [E*%&B$?! )*(! G@?! &AG&J@?! $'&G@AB?JJbb&! ?&! K&@A! [E@! ADE?!

)DE'DA?!(@F*([E@(!*E??&!J@Eb!?E(!%@?[E@%?!ADE?!AY*'DA?W!DA!%@!?*&BW!(&@A!@AB@AGE!

G&(@\!7@?!F$JO*AB?!DAB!EA!*&(!(@FK(EA&!F*%`($!%@?!*BB(*&B?!)OR?&[E@?![EYDA!'DEG(*!

d!! B(&?B@?!!FqF@![E*AG!&%?!?@!($QDE&??@ABW! &%?!XDAB!G@?!JOD?@?!GDAB!)@E!*)(_?!&%?!?@!

(@)@AB@AB\! 6K*AGDAA$?! )*(! %Y$%*A! G@! %@E(! 'D%E)B$W! &%?! (@)(@AA@AB! ?DEG*&A! %@E(!

J*(*JB_(@! ?DFK(@W! %@E(?! R@Eb! ?Y*`&B@AB! )*(XD&?! )%E?! [EY&%! AY@?B! A$J@??*&(@\! 0B! @A!

(@'*AJO@! [E*AG! &%?! ($X%$JO&??@AB! &%?! ?DAB! )*(*%R?$?W! &AJ@(B*&A?W! &AJDA?B*AB?W!

'@(?*B&%@?W!B(@FK%*AB?!)DE(!BDEBW!?E?)@AGE?!N!%*!'D%DAB$!G@!BDE?W!BDE(F@AB$?!)*(!%@?!

?DEJ&?W! B(DEK%$?! )*(! %@?! ?DE)fDA?W! &%?! ?J(EB@AB! *'@J! &A[E&$BEG@! %@?! QE`@F@AB?!

G+*EB(E&! N! %@E(! ?EQ@BW! )*(J@! [EY&%?! DAB! )@(GE! G+EA@! F*A&_(@! XD%%@! J@! [E&! %@E(! @?B!

)(D)(@!d!@A!JO@(JO*AB!%*!'&@!&%?!?@!)($J&)&B@AB!G*A?!%@!F*%O@E(!GYEA@!FD(B!&AX@(A*%@W!

@B! @A! G$?&(*AB! *'&G@F@AB! %*! %EF&_(@! GE!FDAG@W! &%?! DKB&@AA@AB! %@?! B$A_K(@?! G+EA@!

AE&B!)@()$BE@%%@JJbb&&\!.%?!%*&??@AB!?DE'@AB!%@E(?!)(D)D?!?*A?!%@?!G$'@%D))@(!QE?[EY*E!

KDEBW! &%?! )*??@AB! G+EA! KDAG! N! *EB(@! JOD?@W! *%D(?! [EY&%?! A@! XDAB! (&@A! DA! %@?! J(D&B!!

BDEQDE(?!DJJE)$?\! .%?!'&'@AB!*'@J!*A`D&??@!FqF@![E*AG!)@(?DAA@!A@! %@?!O*(J_%@\!

7@E(!)EA&B&DA!@?B!%@E(!JDA?J&@AJ@!@B!&%?!@AGE(@AB!BDEB!GY@EbuFqF@?W!*%D(?![EY&%?!A@!

?EK&??@AB! (&@A!G@!)$A&K%@!G@?!*EB(@?! d! %@E(!DG@E(!FqF@!@?B! aJ(@!N!FD&A?![E@! %@?!

)@(?DAA@?!)($?@AB@?!A@!?D&@AB!)*(XEF$@?!)*(!%@?!)%E?!*`($*K%@?!X(*`(*AJ@?\!V*(!&%!

X*EB![EYEA@!DG@E(!$B(*A`_(@!JO*(F@!J@%E&![E&!@?B!&AJDFFDG$!)*(!?*!)(D)(@!DG@E(\!

!!!!/@ADA?u@A! *Eb! aF@?! X&G_%@?! N! %*! ?*&AB@! 3(&A&B$! [E&! ?Y*BB*JO@AB! N! %*! GDJB(&A@!

*)D?BD%&[E@! )(qJO$@! @B! [E&! ?@! B@A*AB! X@(F@F@AB! G*A?! %*! )%E?! `%D(&@E?@! 'D%DAB$!

JDA?@('@AB!($@%%@F@ABW!DA!%@!(@JDAA*eBW!%*!(@??@FK%*AJ@!G@!%Y&F*`@!G&'&A@\!!

!

!!!!!!!!!U:::C!>0JJ'+1!0+!#'/0++&W1!-')!H0+)!

!!!!7*!'@(BE!G@?!aF@?!?*&AB@?!@?B!GDAJ!G$QN!`(*AG@!FqF@!G*A?!J@BB@!'&@!G@!BDE?!%@?!

QDE(?\!6&A?&!)*(! %@! (@)D?! zG@! %YaF@{JJbb&&&! @%%@?! B(&DF)O@AB!G@! %*!JO*&(![E&! ?@! (@AG!

F*&B(@??@!G@!%+ODFF@W!@%%@?!(@F)D(B@AB!EA@!'&JBD&(@!?E(!@%%@?uFqF@?!JO*[E@!XD&?!

!

hL!!

[E@!?+*))%&[E*AB!N!%@E(!JDA?J&@AJ@!@%%@?!?DAB!O@E(@E?@?!G+&AX%&`@(!%*!FD(B!*E!JD()?!

'&'*ABJJbb&'\!9*&?!F*%O@E(!N!%*!JO*&(![E&!AY*E(*!)*?!$B$!GDF)B$@!&J&uK*?!�!V*(!J+@?B!

J@%%@![E&!@?B!'*&AJE@!G*A?!J@BB@!'&@![E&!@?B!?*A?!AE%!GDEB@!JDE(DAA$@!%NuO*EB\!

!!!!!0A! ?DFF@! %+ODFF@! ($?D%EW! )E(W! &AADJ@ABW! %DE@! BDEB! %@!FDAG@W! ?@! K%aF@! ?*A?!

J@??@! @B! *%D(?![EY&%! )%*eB! N! BDE?W! JY@?B! N! %E&! ?@E%![EY&%! G$)%*eB\! .%! R! *! @A! @XX@B! EA@!

`(*AG@E(! @bB(qF@! N! JDF)(@AG(@! ?*! )@B&B@??@W! @B! &%! AY@?B! )*?! )D??&K%@! G@! %*!

JDAA*eB(@W!?&!J@!AY@?B!@A!JDFF@Af*AB!N!?YDE'(&(!G$?D(F*&?!*E!G&'&A\!0A!'D&%N![E&!

?Y@A'D%@AB!G+*EB*AB!)%E?!X*J&%@F@AB!'@(?!%@?!JOD?@?!G&'&A@?![EY&%?!?@!FD(B&X&@AB!)%E?!

%DE(G@F@AB!GE(*AB! %@E(!'&@! zG+ODFF@{\! .%?! JDFF*AG@AB! *E! JD()?!)*(J@![EY&%?! ?@!

?DEF@BB@AB! N! %@E(! *EB@E(W! @B! @A! ?@! (@JDAA*&??*AB! )@B&B?W! &%?! )*('&@AA@AB! *E! X*eB@!

GYEA@! `(*AG@! )@(X@JB&DA\! 2+&%?! A@! ?DEO*&B@AB! DXX@A?@(! )@(?DAA@W! &%?! )*(GDAA@AB!

BDEQDE(?! [E*AG! &%?! ?DAB! DXX@A?$?! d! &%?! )(DG&`E@AB! %*! JO*(&B$!FqF@! N! J@Eb! [E&! %@?!

)DE(?E&'@AB!GYEA@!O*&A@!F@E(B(&_(@\!!

!!!!#@! B@%%@?! aF@?W! *'@J! %Y*&G@! GE! 2@&`A@E(W! JDFF*AG@AB! QE?[EY*Eb! @?)(&B?!

F*E'*&?W!@B!J@Eb!GDAB!%@!FDAG@!@AGE(@!%+OD?B&%&B$W!?DAB!GDF)B$?!)*(!EA@!J($*BE(@!

)%E?! X*&K%@\!0AJD(@!)%*J$@?!G*A?!EA! JD()?! @%%@?! ?DAB!)%E?! XD(B@?![E@! %@?!F*E'*&?!

*A`@?W!@AJD(@!%&$@?!N!%*!JO*&(!@%%@?!JDFF*AG@AB!*Eb!)E&??*AJ@?!*$(&@AA@?JJbb'd!A@!

J$G*AB! )*?! N! %@E(?! B@AB*B&DA?W! @%%@?! %@?! GDF&A@AB! )*(! %@E(! '@(BE! G+@??@AJ@! G&'&A@\!

V@?! aF@?u%N! &%! X*EB! )(D)(@F@AB! %@?! *))@%@(! &FFD(B@%%@?! @%%@?! [EY*EJEA! (@`(@B! A@!

BDE(F@AB@W! [EY*EJEA@! B(&?B@??@! AY*K*BW! [E&! ?DAB! &AJ*)*K%@?! G@! ?Y*))(D)(&@(! %@?!

G$?*`($F@AB?!GDAB!DA!'$(&X&@!%Y@b&?B@AJ@\!#*A?!%@!G$AE@F@AB!@%%@?!?Y@A(&JO&??@ABW!

@A!)(&?DA!@%%@?!?@!($QDE&??@ABW!@B!)@AG*AB!J@!B@F)?u%N!%@!KDAO@E(!%@E(!DK$&B!N!QE?B@!

B&B(@!)*(J@![EY&%!?E&B!BDEQDE(?!%@?!KDA?\!VDAB(@!%@?!)@(?$JEB@E(?!@%%@?!?@!(@G(@??@AB!

?*A?!J@??@!*'@J!EA@!O*(G&@??@!)%E?! XD(B@W!*BB@AGE![E@! %@! B@(F@!G@! %*!'&@!@?B!)DE(!

@%%@?!%@!JDFF@AJ@F@AB!G@?!K&@A?W!@B!@%%@?!(@JE@&%%@AB!G*A?!%*!K$*B&BEG@!$B@(A@%%@!J@!

[EY@%%@?!DAB!*JJDF)%&!GE(*AB!%*!'&@!B@((@?B(@\!

!!!!6&A?&!%@?!aF@?!G@?!?*&AB?![E&!?Y*BB*(G@AB!@AJD(@!G*A?!J@!FDAG@W![ED&[E@!B@AE@?!

$%D&`A$@?! )*(! %+@AB(*'@! JDAB&AE@! G@! %@E(! G@F@E(@W! )*(*&??@AB! )DE(B*AB! qB(@! G@?!

JDAJ&BDR@AA@?!)DE(!%@?!KDA?!*A`@?W!@A!`(*AG@!)*(B&@!FqF@!G@?!?cE(?\!0B!G@!X*&BW!

9Dx?@W!DE'(&B!EA@!'D&@!B@((@?B(@!*E!F&%&@E!G@!%*!F@(JJbb'&W! &%!B(*'@(?*!N!)&@G!?@J!%*!

G@F@E(@! G@?! @*EbW! @B! GY*E??&! `(*AG?! X%DB?W! JDFF@! KaB&?! G@?! G@Eb! J~B$?W! ?@!

GE(J&(@AB!)*(!EA@!?D%&G&B$![E&!%@E(!$B*&B!$B(*A`_(@!)DE(!GDAA@(!%Y*?)@JB!GYEA@!)*(D&!

!

hP!!

(DJO@E?@\! 4%&@!F$(&B*! [E+&%! A@! )%rB! )*?W! &%! DKB&AB! *E??&! [E@! ?@! G$'@(?@! EA@! )%E&@!

G$?&($@JJbb'&&W! @B! EA! ?@E%! ODFF@! X&B! )*(! G@! ?*&AB@?! )(&_(@?! J@! [E@! %*! FE%B&BEG@W!

(@?B*AB!G*A?!%@!GDEB@W!A@!F$(&B*&B!)*?!GYDKB@A&(\!s!J@?!ODFF@?u%NW!@A!@XX@BW![E&!?@!

)E(&X&@AB!G*A?!EA@!'&@!J$%@?B@!@?B!*JJD(G$@!)*(!%*!F&?$(&JD(G@!G&'&A@!EA@!'@(BE![E@!

%YODFF@!A@!)@EB!)D??$G@(![E*AG!&%!@?B!J($$W!N!J*E?@!GE!)$JO$!D(&`&A@%\!3(*'@(?*AB!

%@! FDAG@! &%?! ?DAB! ?*A?! J@??@! *BB*JO$?! N! %*! F*Q@?B$! zG&'&A@{W! @Eb! N! [E&! G@?!

F@('@&%%@?! ?DAB! *JJD(G$@?! G@! X*fDA! ?&! JDAB&AE@! [EY*'@J! (*&?DA! @%%@?! J@??@AB!

)(@?[E@!G+qB(@!G@?!F&(*J%@?\!4%&?$@!DE'(&B! %@?!R@Eb!G@!?DA!G&?J&)%@W!*'@E`%@?!N! %*!

F&%&J@! J$%@?B@JJbb'&&&W! X(*))*! G@! J$J&B$! %Y*(F$@! G@?! @AA@F&?JJbb&b\! }E@%[E@?uEA?!

@A%@'_(@AB! %@! X@E! *Eb! X%*FF@?W! @B! (@AG&(@AB! *Eb! J*G*'(@?! `%*J$?! %@E(! JO*%@E(!

'&B*%@JJbbb\!.%?!X&(@AB!(*??@FK%@(!G@?!%&DA?!X*(DEJO@?!)DE(!@A?@'@%&(!EA!JD()?JJbbb&!@B!

ADE?! *'DA?! %E! [E@! G@?! J(DJDG&%@?! @A! `E&?@! G@! (*G@*E! DAB! B(*A?)D(B$! G@?!

ODFF@?JJbbb&&d!&%?!DAB!JO*A`$!%+@*E!@A!EA!J*&%%DE!GE(JJbbb&&&W!&%?!DAB!X*&B!?Y$JDE%@(!%@?!

@*Eb!G@?! (DJO@(?! ?@J?JJbbb&'W! ADE?! *'DA?! *))(&?! [E@!G@?! JO*(KDA?! *(G@AB?! *'*&@AB!

$B$! B(*A?)D(B$?! ?*A?! [E@! %@?! 'qB@F@AB?! *&@AB! $B$! @AGDFF*`$?JJbbb'd! ! &%?! DAB! X*&B!

F*(JO@(! %@!KD&B@EbJJbbb'&W! X*&B!*((qB@(! %@!?D%@&%JJbbb'&&!?&!(*)&G@\!V+@?B!?E(!EA@!)*(D%@!

[E&! AY$B*&B! [EYOEF*&A@! [E@! ?Y@?B! D)$($@! EA! KDE%@'@(?@F@AB! G@! %*! A*BE(@! @B! J@?!

ODFF@?!DAB!$B$!(@fE?!G*A?!EA@!B@%%@!`(aJ@![EY*E(*&B!)E!%@E(!qB(@!?DEF&?!J@![E@!%@!

FDAG@!?Y$F@('@&%%*&B!G@!'D&(!*E!?@('&J@!GE!J($*B@E(\!

!!!!}E@! G&(@! G_?! %D(?! G@! %Y*EBD(&B$! G@! %*! 'D&b! [E*AG! BDEJO@(! %@E(! O*K&B! GDAA@!

@XX@JB&'@F@AB!%@!?*%EBW![E*AG!%YDFK(@!GE!JD()?!G@!%Y*)~B(@!$%D&`A@!%@!G*A`@(!G@!%*!

FD(BJJbbb'&&&!�!6&A?&!%*!?E(*KDAG*AJ@!G@?!F$(&B@?!)*(*&??*&B!`E$(&(!*E??&!)*(!J@![E&W!

J+@?B! EA! X*&B! (@JDAAEW! AY*! )*?! G@! ?EK?B*AJ@\! ,A@! aF@! ?@FK%*K%@! @?B! )%@&A@F@AB!

)@(fE@!*%D(?!FqF@![E@!?DA!@b&?B@AJ@!A@!?@!'D&B!)*?\!!

!!!!7YODFF@! KDA! *! %@! '&?*`@! BDEQDE(?! `*&! @B! )*&?&K%@W! &%! @?B! (DKE?B@! G*A?! ?*!

F*&`(@E(W! F&?! @A! '*%@E(! )*(! ?DA! B@&AB! )a%@W! ($QDE&! )*(! G@?! %*(F@?! &AJ@??*AB@?W!

'$A$(*K%@! )*(! ?*! %DA`E@! K*(K@W! B(_?! )(D)(@! ?*A?! %@!FD&AG(@! *))(qB! d! *&A?&! )*(! %*!

G(D&BE(@! G@! %@E(! @?)(&B! %@?! ODFF@?! G@'&@AA@AB! )%E?! K@*Eb! ?DE?! %Y@XX@B! G@?!

F*%O@E(?!"!!7@?!R@Eb!(&*AB?!@B!GDEb!*'@J!G$J@AJ@W!%*!)*(D%@!?&AJ_(@W!*JJ@??&K%@!*E!

JcE(!G@?!KDA?W!G$?&(@Eb!G+&A?)&(@(!N! BDE?! %Y*FDE(!G@!#&@E!GDAB! &%!@?B! (@F)%&\!7*!

'D&b!FqF@!@?B!G@![E*%&B$!FDR@AA@!A&!X*&K%@!JDAX&A*AB!*E!?&%@AJ@!A&!@AX%$@!)*(!EA!

J(&!@b*`$($W!@%%@!AY@?B!)*?!K(&?$@!)*(!EA@!?DAD(&B$!(*E[E@W!A&!$K(*A%$@!)*(!%@?!*JJ_?!

!

hI!!

G@!QD&@!d!&%!@?B!EA!G*A?!?DA!J*(*JB_(@!@B!?DA!@b)(@??&DAJJbbb&b\!VY@?B!EA!B@F)%@!?*&ABW!

%*! G@F@E(@! G@?! '@(BE?W! %E&! GDAB! %@! '&?*`@! @?B! &AJ*)*K%@! G@! JO*A`@(! *%D(?! [E+&%!

?Y@F)%D&@!?*A?!J@??@W!JY@?B!*'$($W!N!%*!JDA?B*AJ@\!2*!)(D)(@!*%%E(@!$`*%@F@AB!&%!A@!

%*!'D&B!A&!%@AB@!A&!(*)&G@W!&%!A@!QE`@!(&@A!G*A?!?DA!)(D)(@!&AB$(qBW!&%!A@!F*(JO*AG@!

(&@A!)DE(!%Y&AB$(qB!G+*EB(E&W!&%!@?B!EA!JDA?@&%%@(!GE!K&@A![E&!@A?@&`A@!?*A?!*((D`*AJ@W!

&%!@?B! %&K(@!*'@J!OEF&%&B$W!?$'_(@!*'@J!JO*(&B$W!*E!)D&AB![EYDA!*!*EB*AB!G@!)@&A@!N!

%+*K*AGDAA@(![E+DA!*!*E??&!G@!(@`(@B!N![E&BB@(!J@BB@!'&@\!6FDE(@Eb!GYEA@!?D%&BEG@!

?*%EB*&(@!Dy!*EJEA!G$?&(!A@!%@!K%@??@W!*EJEA!JDAX%&B!A@!%Y@AX%*FF@W!*EJEA!D(`E@&%!

A@!%Y@AX%@W!&%!A@!JDAA*eB!)*?!%*!Q*%DE?&@!G@!?@?!X(_(@?W!&%!A@!G&B!N!)@(?DAA@!(&@A![EY&%!

)DE((*&B!(@`(@BB@(W!&%!A+$JDEB@!(&@A!G+&AJDA'@A*AB\!7*!XDE%@!*KDAG*AB@!G@?!'&J@?!@?B!

'*&AJE@!?*A?!JDFK*B!*'@J!%Y*))E&!G+EA@!)($J&@E?@!?D%&BEG@\!0AX&A!?*!BEA&[E@W!K&@A!

[EY&%!A@!)D(B@![EY@%%@!N!%*!F*A&_(@!GYEA@!)@*EW!&%!%*!(@F)%&B!G@?!)%E?!?E*'@?!DG@E(?!

d! @%%@! @FK*EF@W! J*(! @%%@! ?E()*??@! %@?! (&JO@?! )*(XEF?!G@! %+! .AG@JJb%\!:A! (@JDAA*eB!

G*A?!J@?!ODFF@?![E@!%@!JD()?!OEF*&A!)D??_G@!?@?!)(D)(@?!@XX%E'@?W!AY$B*AB!`D(`$W!

&%!'*!?*A?!G&(@W!GY*EJEA!@bJ_?!G@!B*K%@JJb%&W!&%!AY@bO*%@!)*?!%@?!)%E?!*&`(@?!(@%@AB?\!.%!

@?B!X*J&%@!G@!'D&(!J@%E&![E@!%*!)E&??*AJ@!G&'&A@!QE`@!KDA!G@!'&?&B@(\!V*(!)DE(!?*!)*(B!

ADB(@! @?)(&B! *E??&! ?@! ($QDE&B! '&B@!G@'*AB!EA@!)@(?DAA@!G@! J@BB@![E*%&B$! @B! ?*A?! @A!

qB(@!*'@(B&!JDF)(@AG!J@%E&![EY&%!(@JDAA*eB!)*(!EA@!&A?)&(*B&DA!G&'&A@\!

!!!!9*&?!)DE(B*AB!J@!AY@?B!)*?! ?@E%@F@AB!G*A?! %@! ?@b@! %@!)%E?! XD(B![EY&%!ADE?! X*EB!

*GF&(@(!J@?!JOD?@?\!V*(![E&!?@(*&B!*??@m!XD(B!)DE(!@b)D?@(!JDFF@!@%%@?!%@!F$(&B@AB!

%@?!B(_?!`(*AG@?!'@(BE?!G@?!'&@(`@?!@B!G@?!'@E'@?JJb%&&!@F)D(B$@?!)*(!EA!*FDE(!?*J($!

'@(?!%@?!JDFF*AG@F@AB?!G@!#&@E!N!B@%!)D&AB![EY@%%@?!?@!BDE(F@AB@AB!J(E@%%@F@AB!

*'@J! %Y$A@(`&@!GYEA@!`(*AG@! @AGE(*AJ@! @B! *JJ_G@AB! N! %*! JDE(DAA@!GE!F*(BR(@! @A!

B(&DF)O*AB!G@!%*!X*&K%@??@!G@!%*!JO*&(JJb%&&&�!

!!!!-DE?!*'DA?!K@*EJDE)!)*(%$!G@!%YaF@!d!ADE?!*'DA?!G&B!*E??&!J@![E@!ADE?!)@A?DA?!

G@! ADB(@! JD()?\! #&(&`@DA?! F*&AB@A*AB! %Y*BB@AB&DA! G@! ADB(@! @?)(&B! '@(?! %@?!

($JDF)@A?@?! XEBE(@?\! .%! JDA'&@AB! @A! @XX@B! [EY*)(_?! ?YqB(@! JDAAE@W! %*! J($*BE(@! ?@!

OaB@W!%Y@?)(&B!)E(W!'@(?!?DA!J($*B@E(\!

!

U:?C!>'!R('!T0+1!-')!SJ')!&%#V)!/'11'!Q*'!

!

h<!!

!!!!/DE?!'DE?!G@F*AG@m!)@EBuqB(@!J@![E@!XDAB!AD?!aF@?!*)(_?!J@BB@!'&@!)($?@AB@!@B!

G*A?![E@%!$B*B!@%%@?!G@F@E(@AB!)DE(!%Y$B@(A&B$\!-DE?!($)DAG(DA?JJb%&'!JDAXD(F$F@AB!

N! J@! [E@! ADE?! *'DA?! (@JE@&%%&! G@! G&XX$(@AB@?! %@JBE(@?\! 7*!FD(B! @?B! %*! ?$)*(*B&DA!

@XX@JB&'@! G@! %YaF@! @B! GE! JD()?W! %*! )@(B@! G@! J@BB@! '&@W! @A! EA!FDB! %+&`AD(*AJ@! G@?!

G$?&(?! @B! G@?! A$J@??&B$?! G@! %*! JO*&(\! 0A! @XX@BW! EA@! XD&?! G$)DE&%%$?! G@! %*! %EF&_(@!

GY&J&uK*?! ?E(! %YD(G(@! GE! J($*B@E(W! ADE?! *K*AGDAA@(DA?! @A! FqF@! B@F)?! %@?!

)@AJO*AB?! A*BE(@%?! @B! %@?! X*&K%@??@?! GE! JD()?\! V*(! %@! %*K@E(! GD($A*'*AB! A@! ADE?!

*K*BB(*!)*?W!%*!ADE((&BE(@!A@!ADE?!(@GDAA@(*!)*?!G@!XD(J@W!%*!%DA`E@E(!GE!Q@rA@!A@!

ADE?!*XX*&K%&(*!)*?W!@B!@A!)@(?$'$(*AB!G$X&A&B&'@F@AB!G*A?!%*!A*BE(@!G@!ADB(@!aF@W!

ADE?! A@! X@(DA?! (&@A! G@! K&@A! A&! G@!F*%! d! *E! (@?B@! QE?[EY*E!FDF@AB! GE! QE`@F@AB!

G@(A&@(! DE! K&@A! ADE?! ADE?! *XX%&`@(DA?! G@! %*! G$)(*'*B&DA! G@! AD?! *JB@?! )*??$?! DE!

K&@A! ADE?! ADE?! ($QDE&(DA?! G@! %+ODAAqB@B$! G@! ADB(@! JDAGE&B@\! 0B! ADE?! (@J@'(DA?!

*%D(?!%@!X(E&B!%@!)%E?!JDF)%@B!G@!BDEB@?!AD?!*JB&DA?!*E!FDF@AB!DyW!)*(!%*!'D&b!GE!

2@&`A@E(W!ADE?!*E(DA?!$B$!(@Q@B$?!DE!K&@A!*GF&?!*E!(DR*EF@!G@!%Y$B@(A&B$JJb%'\!VY@?B!

GDAJ! %*! FD(B! [E@! %@! ?DFF@&%! )*&?&K%@! &F&B@! N! )@E! )(_?! G*A?! J@BB@! '&@! )E&?[E@!

%+@?)(&B!(@ADAJ@!*Eb!G$?&(?!@B!*Eb!&AB(&`E@?!G@!J@!?&_J%@W!@B![E@!BDEB!J@![E&!?@!)*??@!

&J&uK*?W!&%!%+&`AD(@W!)*&?&K%@W!G*A?!%+*??DE)&??@F@AB!G@!%*!)@A?$@JJb%'&\!

!

U?C!2AXP'!Y!Q'+*#!

!!!!V*(! %@! QDE(! G@! %*! ($?E((@JB&DAW! *E! FDF@AB! Dy! %@?! JD()?! *E(DAB! (@JDE'($! %@E(!

?@b@JJb%'&&! *'@J! %*! FqF@! (*)&G&B$! [E@! J@%%@! *'@J! %*[E@%%@! BDEB! *! $B$! J($$W! [E@%!

G$?*?B(@!)DE(!%@?!F*%O@E(@Eb![E@!GYqB(@!N!Q*F*&?!BDE(F@AB$?!?*A?![E@!J@%*!Q*F*&?!

A@! X&A&??@! �! 7+aF@! @?B! %&'($@! @A! @XX@B! N! EA@! )@&A@! $B@(A@%%@JJb%'&&&! ?&! K&@A! [EY@%%@!

?+*'_(@!qB(@!?*A?!J@??@!G*A?!%@!F*%O@E(!"!GDE%@E(!?*A?!X&AW!?DEXX(*AJ@!?*A?!(@)D?W!

BDE(F@AB?! ?*A?! @?)D&(W! F*%! &FFE*K%@\! VY@?B! [E@! ?DA! &AJDA?B*AJ@! )@('@(?@! @?B!

)EA&@!?*A?![E@!?*!G*FA*B&DA!A@!?D&B!FDG&X&$@!%@!FD&A?!GE!FDAG@\!0A!)@(G*AB!J@!

[EY&%?! *&F@AB! @B! @A! @AGE(*AB! ?*A?! X&A! J@! [EY&%?! A@! '@E%@AB! )*?W! J@! ?DAB! %@?! )%E?!

F*%O@E(@Eb! G@! BDE?! %@?! ODFF@?! "! $B@(A&B$! ?*A?! %*! GDEJ@E(! G@! %*! '&@W!FD(B! ?*A?!

($G@F)B&DA!X&A*%@W!J&B$!?*A?! QD&@W!)*B(&@!@b$J($@W!G@F@E(@?!*F_(@?W!*??@FK%$@!G@!

`@A?!?&A&?B(@?W!XDE%@![E&!?@!%*F@AB@JJb%&bd!@B!%@!)&(@!*EuG@%N!G@!BDE?!J@?!F*EbW!J+@?B!

[E+&%?!(@JDAA*&??@AB![E@!J@EbW![EY*KE?$?W!&%?!DAB!)(&?!)DE(!G@?!G&'&A&B$?W!)@E'@AB!R!

qB(@!BDE(F@AB$!*'@J!@Eb\!

!

ho!!

!!!5DE(B*AB! &%! R! *! G&?)*(&B$! QE?[E@! G*A?! %@! ?E))%&J@! @A! (*&?DA! G@! %*! A*BE(@! G@?!

F$(&B@?\! VY@?B! GYEA! J~B$! EA@! K$*B&BEG@! G&XX$(@AB@! [E&! (*??@FK%@! %@?! KDA?! @B! G@!

%Y*EB(@! EA! JOaB&F@AB! &A$`*%! [E&! @AJO*eA@! %@?! &F)&@?! JJ%\! .%! R! *E(*! GE!FD&A?! )DE(!

BDE?! EA! *`@! EA&[E@! @B! )*(X*&B\! V*(! JDFF@AB! ?@(*uBuDA! )%E?! Q@EA@! %N! Dy! DA! A@!

`(*AG&B! )*?W! DE! )DE([ED&! ?@(*uBuDA! EA! '&@&%%*(G! %N! Dy! DA! A@! G$J%&A@! )*?! �! 7@?!

JO*A`@F@AB?!G@!J@BB@!?D(B@!F_A@AB!N!%*!G@?B(EJB&DAW!?@E%!@b&?B@!($@%%@F@AB!BDEB!J@!

[E&!GE(@!BDEQDE(?JJ%&\!

!!!!#@!J@!X%@E'@!@A![E@%[E@!?D(B@!G$F@?E($!DA!'D&B!GDAJ!?D(B&(!EA@!@?)_J@!G@!)@B&B!

(E&??@*E!G@!JDAB(D'@(?@! "![E@! %+$B@(A&B$! ?D&B! *JJD(G$@!N!EA@!)@&A@!JDAB&AE@W!*%D(?!

[E@!%+$)E&?@F@AB!)@(F@B!N!)@&A@!N!%*!?EK?B*AJ@!GY@b&?B@(W!?*A?!%E&!)@(F@BB(@!Q*F*&?!

G@!?@!($`$A$(@(JJ%&&\!9*&?!&%!@?B!BDEB!N!X*&B!?E)@(X%E!G@!F$G&B@(!J@%*!?E(!%*!(*&?DA!G@?!

J*E?@?! $B@(A@%%@?\! V*(! %@! JOaB&F@AB! )@EB! qB(@! *E??&! G@! A*BE(@! N! BD(BE(@(W! ?*A?!

G$B(E&(@d!@B!%*!?EK?B*AJ@!)@EB!qB(@!G@!A*BE(@!N!*E`F@AB@(!%@!?@AB&F@AB!G@!GDE%@E(W!

?*A?! *((&'@(! N! %*! G@?B(EJB&DA! G@! ?*! JDAG&B&DA!FD(B@%%@JJ%&&&\! Z&A*%@F@AB! G@! [E@%%@?!

?DEXX(*AJ@?! ADB(@! aF@! @?B! )DE(! ?*! )*(B! *XX@JB$@! &J&uK*?W! *%D(?! [E@! )DE(B*AB! @%%@!

AY@?B!)*?!G&??DEB@!�!7@?!FDAB*`A@?!*E??&!N![E@%!)D&AB![E@%[E@?uEA@?!?@!JDA?EF@AB!

G*A?!EA!&AJ@AG&@!@bJ@??&XW!@B!)DE(B*AB!@%%@?!B&@AA@AB!KDAW!X@(F@?!*E!F&%&@E!G@!%@E(?!

)(D)(@?! X%*FF@?!�! 7*! ?*%*F*AG(@! ?@! ($`$A_(@! G*A?! %@! K(*?&@(! @B! (@A*eB! G*A?! %*!

JO*%@E(!GE!X@EJJ%&'\!V@(B*&A?!)@B&B?!'@(?!?@!ADE((&??@AB!GY@*Eb!KDE&%%DAA*AB@?\!6&A?&!

J@![E&!F@A*J@!%@?!EA?!G@!FD(B!GDAA@!N!G+*EB(@?!%@E(!ADE((&BE(@JJ%'\!:(!?&!G@!)*(@&%?!

@b@F)%@?!)(&?!)*(F&!J@?!F*B&_(@?!)$(&??*K%@?!JD((DKD(@AB!ADB(@!G$FDA?B(*B&DAW![E@!

X*EBu&%!)@A?@(!G@!J@BB@!$B@(A&B$!Dy!%@!JOaB&F@AB!A@!B(DE'@!(&@A!G@!FD(B@%![EY&%!)E&??@!

G$B(E&(@!�!.%!R!*E(*!GDAJ!)DE(!J@?!F*%O@E(@Eb!EA!@FK(*?@F@AB!&A@bB(&J*K%@!@B!EA!

X@E!$B@(A@%\!

!!!!9*&?![E&!GDEB@(*&B![E@!%@?!($JDF)@A?@?!G@?!KDA?!A@!?D&@AB!$B@(A@%%@?W![E*AG!&%?!

?@! ?*'@AB! $)(DE'@(! G@! %Y*%%$`(@??@! ?*A?! J(*&AG(@! @A?E&B@! %*! B(&?B@??@W!F$(&B@(! EA@!

QD&@! [E&W! &%?! %@! ?*'@ABW! A@! ?+&AB@((DF)(*! )*?! �!7N! %+@?)(&B! A@! ?Y@XX(*&@(*! )*?! G@! ?*!

)(D?)$(&B$! F*&?! %@! KDAO@E(! JDAfE! )DE(! %Y$B@(A&B$! JDA?@('@! N! Q*F*&?! ?*! )(D)(@!

QEK&%*B&DA\! VY@?B! [EY&%?! (@F*([E@AB! [E@! %@E(! K$*B&BEG@JJ%'&(@)D?@! ?E(! EA@! )%@&A@!

B(*A[E&%&B$! G@! %YaF@W! @A! ?@! (@AG*AB! JDF)B@! [E+&%?! A@! )@E'@AB! )%E?! )$JO@(\! 7N!

*EJEA@! '@(?*B&%&B$! AY$K(*A%@! G$?D(F*&?! ADB(@! B(*A[E&%&B$! d! %Y@?)(&B! X@(F@! A@!

JO*AJ@%%@!)*?W!AY@?B!)*?!&(($?D%EW!A@!?Y*`&B@!)*?W!@B! &%!?@!X&b@!G*A?!EA@!)*&b!GYEA@!

!

hh!!

B@%%@!X@(F@B$![EY&%!AY@?B!(&@A!GY*EB(@![EY&%!BD%_(@![E@!G@!(@JO@(JO@(!DE!G@!?DA`@(!N!

J@BB@!JDAB@F)%*B&DAJJ%'&&\!6&A?&!&%!@A!($?E%B@!BDEQDE(?!G@?!FDB&X?!G@!QD&@!)E&?[E+&%!AYR!

@A!*E(*!)*?!G@!(@`(@B\!-DE?!ADE?!R!JDA?*J(@(DA?W!?&!GE!FD&A?!%*!X*'@E(!GE!J($*B@E(!

%@! JDAJ_G@W! ADA! )*?! (@%aJO$?! G*A?! %*! BD()@E(! G@! %Y&A*JB&DAW! F*&?! B@AGE?! '@(?! %*!

`(aJ@!G@! %*!)@(X@JB&DA\!-D?!?@A?!?@(DAB!(@F)%&?!G@! %*!)%E?!GDEJ@!)E(@B$! d! BDEB!J@!

[E@! ADE?! ?DEO*&BDA?! ?@(*! )*&?&K%@W! ADE?! JDF)(@AG(DA?! ?*A?! ($X%$JO&(W! ADE?!

QE`@(DA?!?*A?!@((@E(\!}E*AB!*E!F*%!@AX&A!&%!A@!?@(*!)*?!(@fE!GYEA!*EB(@!A&!@A`@AG($!

?*A?![E@!ADE?!%@!'DE%&DA?\!

!!!!-DE?! JDAA*eB(DA?! J@BB@! X*&F! )(D)(@! N! ADE?! ($QDE&(W! ADE?! *E(DA?! J@BB@!

)@(?$'$(*AJ@![E@!%Y@?)(&B!A@!?*E(*&B!G$G*&`A@(W!@A!*&F*AB!?*A?!($)&B!%@!J($*B@E(!@B!

@A!JDAB@F)%*AB!*'@J!GDEJ@E(!?*A?!J@??@!?*!`%D&(@\!7N! %@?!?DEJ&?!G$?*`($*K%@?!A@!

ADE?!$J(*?@(DAB!)*?W!%Y&AJDA?B*AJ@!G$K&%@!A@!ADE?!K(DE&%%@(*!)*?!%Y@?)(&BW!J*(!J@![E&!

ADE?!*XX@JB@!@?B!B@%![E@!ADE?!A@!?*E(&DA?!?DEXX(&(!GY@A!G$?&(@(!%*!X&A!"!(@)D?!*JB&XW!

*JB&'&B$! B(*A[E&%%@JJ%'&&&W!EA&B$! &A$K(*A%*K%@!G@! %YaF@\!VY@?B![E@!ADE?!?DFF@?!N!J@!

FDF@ABu%N! (@F)%&?! G@! %*! JDAA*&??*AJ@!G@! %*! ?*`@??@!G&'&A@W! @B! J@BB@! &AB@%%&`@AJ@!

B(_?!QE?B@!G@?!JOD?@?!AY@?B!)*?!&AJE%[E$@!)*(!G@?!?*'D&(?!)$A&K%@?!F*&?!($'$%$@!)*(!

%*!%EF&_(@W!*J[E&?@!?*A?!)@&A@JJ%&bW!G@!%Y@?)(&B\!7N!%@!ADFK(@W!*E??&!`(*AG!?D&Bu&%W!DA!

@A!DKB&@AB!%*!JDAA*&??*AJ@W!%N!DA!JDF)(@AG!)*(X*&B@F@AB!%*!G&?B&AJB&DA!G@?!%&`A@?W!

%N! %YO*(FDA&@! G@! %*! FE?&[E@! @?B! $'&G@AB@W! %N! %+DK?@('*B&DA! '&?E@%%@! (@AG! %@!

FDE'@F@AB!G@?!*?B(@?!G@?!)%E?!)($J&?W!%N!%*!'$(&B$!'@AE@!GY@AuO*EB!@?B!JDAAE@!)*(!

%*!'E@JJ%b\!-DE?!DK?@('@(DA?!%*!?*`@??@!G@!#&@EW![E&!)@EB!G&?)D?@(!)*(!?*!F*Q@?B$!

BDEB@!JOD?@JJ%b&\!7N!ADE?!'@((DA?!JDFK&@A!%Y0`%&?@!$B*&B!'*&A@F@AB!G$JO&($@!)*(!G@?!

J*BOD%&[E@?\!7N!ADE?! %*!'@((DA?! ?@!G(@??@(!G*A?!EA!O*K&B!GD($!N! %*!G(D&B@!G@! ?DA!

$)DEb!@B!G@!?DA!(D&JJ%b&&\!7N!ADE?!*))(@AG(DA?![E@%%@!*!$B$!?DE?!%@!?D%@&%!%*!'*A&B$!

G@?! '*A&B$?JJ%b&&&\! 7N! ADE?! '@((DA?! @XX@JB&'@F@AB! JDFK&@A! ADE?! $B&DA?! *'@(B&?! G@!

X*fDA!?*%EB*&(@!]!VY@?B!%@!2@&`A@E(!BDA!#&@E![E@!BE!*GD(@(*?!@B!N!%E&!?@E%!BE!(@AG(*?!

EA!JE%B@JJ%b&'!^!d!BDEB!J@![E&!%E&!@?B!JDF)*($!@?B!?*A?!%*!FD&AG(@!'*%@E(W!%E&![E&!AY*!

Q*F*&?!$B$!*EB(@F@ABW![E&!A@!?@(*!Q*F*&?!*EB(@F@ABJJ%b'W!*'@J![E&!DA!A@!)@EB!'&'(@!

[EY*'@J! KDAO@E(W! ?*A?! %@[E@%! DA! A@! )@EB! '&'(@! [E@! G*A?! %@! F*%O@E(\! 6&A?&! @A!

G$(DE%*AB! EA@! JDAA*&??*AJ@! G@! J@BB@! A*BE(@W! %YaF@! (*&?DAA*K%@! @B! )E(&X&$@! G@!

?E(J(DeBW!A@!?*E(*&B!(&@A!R!G$JDE'(&(![E+@%%@!G$?&(@!G*'*AB*`@\!

!

h=!!

!!!!-DE?! )DE'DA?! J@(B@?! &F*`&A@(! [E@%%@?! ?DAB! %@?! J*E?@?! GDAB! %@! )%*&?&(! ADE((&B!

%+ODFF@! ?)&(&BE@%W!F*&?! [E@%%@! @?B! %*!F@?E(@! G@! %*! QDE&??*AJ@W! JDFF@! DA! %@! %&BW!

%Y@?)(&B!A@!)@EB!%@!?*&?&(W!A&!%@?!G&?JDE(?!%Y@b)%&[E@(JJ%b'&\!U@E(@Eb!J@Eb![E&!DAB!BDEB!

J@![EY&%?! '@E%@AB! @B! [EY*EJEA@!*G'@(?&B$!A@! X(*))@\!7N! @A! @XX@B! %*! JO*&(! @B! %YaF@!

*??@FK%$@?!G*A?!EA@!)*&b!$B@(A@%%@!A@!)@E'@AB!?@AB&(!GYD))D?&B&DA!@AB(@!@%%@?W!%N!&%!

R!*E(*!G@?!JD()?![E&!*'@J!%+*??@AB&F@AB!G@!%+@?)(&B!?DAB!X*&B?!)DE(!D(A@(W!ADA!)DE(!

?Y*'&%&(! G*A?! %*! JDAJE)&?J@AJ@! G@! %*! JO*&(W! %N! @AX&A! z%@?! aF@?{! K(&%%@(DAB! G*A?! %*!

?DK(&$B$! J$%@?B@W! ?*A?! [E@! %*! JO*&(! @B! %+aF@! ?D&@AB! ?DE&%%$?! G*A?! %Y&'(@??@! G@?!

)@A?$@?!)(DX*A@?\!7@E(?!GDF&J&%@?W!*&A?&![E@!ADE?!%@!)@A?DA?W!?@(DAB!@AB&_(@F@AB!

G*A?! %Y@?)*J@! J$%@?B@! ?*A?! G$?&(@(! %*! B@((@! GDAB! &%?! AY*E(DAB! )%E?! A$J@??*&(@F@AB!

K@?D&A\!

!!!!5*(! JDA?$[E@AB! %@E(?!G@F@E(@?!A@! ?@(DAB!)*?!Fq%$@?W! JDFF@!G*A?! J@!FDAG@W!

F*&?! %@?! $%E?! ?@(DAB! ($)*(B&?! N! %Y$J*(B! G@?! &F)&@?! )*(! %*! `(*AG@! zG&XX$(@AJ@{! G@!

A*BE(@! @B! %*! ?&BE*B&DA! `$D`(*)O&[E@! G@?! %&@Eb\! V&B$! J$%@?B@W! ?$QDE(! @b@F)B! G@!

?DEJ&?W! )*B(&@! [E&! (@AX@(F@! BDEB@?! %@?! ?DE(J@?! G@! )%*&?&(\! 5@E)%@! ?*A?!FE(FE(@W!

O*K&B*AB?!B(*A[E&%%@?W!ODFF@?![E&!A@!JDAA*&??@AB!)*?!%@!F*A[E@!G@!K&@A?!OEF*&A?W!

%&@E!Dy!AE%!AY@?B!&AJDFFDG$!)*(!EA@!X*&F!&A?*B&*K%@W!Dy!AE%!AY@?B!JDA?EF$!)*(!EA!

JO*`(&A!FD(K&G@\! -E%W! DA! %@! ?*&BW! A@! (DE`&B! GYEA@! AEG&B$! ?*A?! @AB(*'@! @B! AE%! A@!

?+*BB(&?B@!G+EA!X(D&G!)$A&K%@W!%*!JO*%@E(!A@!K(r%@!)*?!%@!JD()?!O*%@B*ABW!AE%!A@!G$?&(@!

EA!?DFF@&%!($)*(*B@E(![E*AG!AE%!A@!?@!(@JDAA*eB!X*B&`E$\!3DEB!@?B!J*(@??*ABW!BDEB!

@?B! *`($*K%@W! BDEB! @?B! )*&?&K%@JJ%b'&&&W! )E&?[E@! FqF@! J@! FDAG@! (@ADAf*AB! N! EA!

G$(_`%@F@AB! )($QEG&J&*K%@! *E(*! %YEA&B$! %*! )%E?! ?*%EB*&(@! G*A?! %*! )@()$BE&B$! G@?!

?&_J%@?\!

!!!!.%!R!*E(*!FqF@!@A!J@B!@AG(D&B!EA!QDE(!JDAB&AE!@B!EA!J*%F@!$B@(A@%\!6EJEA!AE*`@!

K&@A! ?r(! AYR! DK?JE(J&(*! %@! 2D%@&%! F*&?! BDEB! K(&%%@(*! G*'*AB*`@! )*(! %*! `(aJ@! GE!

J($*B@E(\! 7N! @A! @XX@B! )DE(! %@?! K&@AO@E(@Eb! %Y$J%*B! G@! %Y@?)(&B! @B! %*! %EF&_(@! G@!

%Y&AB@%%&`@AJ@!?DAB!B@%?![EY&%?!?DAB!G&`A@?!G@!'D&(W!JDFF@!DA!%Y*!G&BW!%@!J($*B@E(!%E&u

FqF@W!B@%![EY&%!@?B!G*A?!?*!F*Q@?B$JJ%b&b\!VY@?B!)DE([ED&!%@?!%&'(@?!G@?!*AJ&@A?!ADE?!

(*))@%%@AB! *'@J! (*&?DA! [E@! JY@?B! J@BB@! )*(B&@! G@! %YaF@! $)E($@! @B! *F@AG$@! )*(! %*!

X*'@E(!G&'&A@![E&!JDAB@F)%@!@A!($*%&B$!%@!J($*B@E(JJ%bbW!@%%@![E&!BDEB!G@!FqF@!)D(B@!

@A!@%%@!?DA! &F*`@JJ%bb&\!-DE?!'@((DA?!@AX&A! %*!?DE(J@!G@!ADB(@!J(DR*AJ@W!@B!)*(! %N!

!

hp!!

ADE?! JDAB@F)%@(DA?! J@B! qB(@! ?E)$(&@E(JJ%bb&&W! $F&A@ABW! EA&[E@! [E&! G@! BDEB@! X*fDA!

ADE?!(@AG!F@&%%@E(?\!!

!!!!V@!`%DK@! ?D%*&(@! @A!K(&%%*AB! &J&! ?*A?!AE*`@?W! JDFF@! &%! JO*(F@! %@?! )@A?$@?! G@!

ADB(@!aF@!�!7*!%EF&_(@!B@((@?B(@!*E??&W!G@![E@%%@!`(aJ@!ADE?!(@F)%&Bu@%%@![E*AG!@%%@!

*))*(*eB!�!7@?!X%@E(?![EYDA!*)@(fD&B!ADE?!(@GDAA@AB!G@?!XD(J@?!)*(!%@!)%E?!*`($*K%@!

G@?! JO*(F@?! "! ADE?! JDAB@F)%DA?! *'@J! EA! )%*&?&(! F*&AB@A*AB! ?E)$(&@E(! %*! B@((@!

'@(GDR*AB@W!%*!F@(!K%@E@W!%*!)E(@B$!G@!%Y*&(W!%@?!$BD&%@?![E&!?J&AB&%%@ABJJ%bb&&&\!V*(!?&!

%@?! JOD?@?! J($$@?W! ?YDXX(*AB! N! AD?! (@`*(G?W! B$FD&`A@AB! GYEA! `(*AG! *BB(*&BW! [EY@?B!

J@A?$@!*))D(B@(!F*&AB@A*AB![EYDA!%*!'D&B!J@BB@!F*Q@?B$!N!%*[E@%%@!DA!A@!B(DE'@!(&@A!

G@!(@??@FK%*ABJJ%bb&'!�!!

U?:C!E*'(!

!!!!s!J@!FDF@ABu%N!ADE?!JDAA*eB(DA?!)*(X*&B@F@AB!J@![E@!ADE?!J(DRDA?!F*&AB@A*AB!

)DE(! ADB(@! ?*%EBJJ%bb'\! V+@?B! [E@! ADE?! A@! ?@(DA?! G&`A@?! G@! %@! (@JDAA*eB(@! [E+@A!

)(DJ%*F*AB! G_?! N! )($?@AB! %*! /$(&B$JJ%bb'&!"! N! ?*'D&(W! %*! 3(&A&B$! JD$B@(A@%%@W!

&FFE*K%@W! G&?B&AJB@! @A! ?@?! )@(?DAA@?! @B! &AG&'&?&K%@W! [E&! (@F)%&B! BDEB! @A! FqF@!

B@F)?!)*(!?*!'@(BE!@??@AB&@%%@JJ%bb'&&W!EA!@A!B(D&?!@B!B(D&?!@A!EA!?&F)%@JJ%bb'&&&d!)*(&B$!

G*A?! %*! BDEB@u)E&??*AJ@W! $`*%&B$! G*A?! %*! JO*(&B$W! EA&B$! G*A?! %*! A*BE(@JJ%bb&b\! VY@?B!

@%%@![E&!G+EA@!F*A&_(@!$F&A@AB@!@B!EA&[E@!N!%*!XD&?!QE`@!)*(!?*!QE?B&J@W!$)*(`A@!)*(!

?*!)&$B$W!*&G@!@A!FqF@!B@F)?!)*(!?*!'@(BEJJ%bbb\!!

!!!!VY@?B! EA@! )E&??*AJ@! &AJDF)($O@A?&K%@JJ%bbb&W! EA@! K$*B&BEG@JJ%bbb&&! F@('@&%%@E?@!

[E&! (@AG! K&@AO@E(@Eb! BDEB! J@! [E&! @?B! O@E(@EbW! '&'&X&@! BDEB! J@! [E&! @?B! '&'*ABW!

F*&AB&@AB!EA&! BDEB! J@![E&! @b&?B@! d! @%%@! ?DE)_?@! BDEBW! @%%@!G&?B&A`E@! BDEB! @A!FqF@!

B@F)?JJ%bbb&&&W! @%%@! [E&W! )DE(! J@%*W! A@! K(DAJO@! )*?! @A! QE`@*ABW! )E&?[EY@%%@! A@! ?@!

B(DF)@!)*?!@A!JDAA*&??*AB\!S&@A![EY@%%@!A@!?D&B!)*?!'&?&K%@W!@%%@!@?B!)($?@AB@!)DE(!

%@?!KDA?W!@B!K&@A![EY@%%@!A@!X*??@!Q*F*&?!G$X*EBW!@%%@!@?B!*K?@AB@!)DE(!%@?!F$JO*AB?\!

.FFDK&%@!)*(J@![EY@%%@!@?B!BDEB!@AB&_(@!)*(BDEBJJ%bbb&'W!&A&AB@((DF)E@!)*(J@![EY@%%@!

@b@(J@! BDEB! %@! B@F)?! ?@?! 'D%DAB$?\! 0%%@! @?B! BDEB! @AB&_(@! *EG&B&DAW! @%%@! @?B! BDEB!

@AB&_(@! '&?&DAW! @B! ADA! G*A?! ?@E%@F@AB! EA@! G@! ?@?! )*(B&@?JJ%bbb'W! JDFF@! ?&! @%%@!

(@`*(G*&B!GYEA@!)*(B&@!GE!JD()?W!F*&?!JDAA*&??*AB!)*(!?*!)E&??*AJ@!G@!)$A$B(*B&DA!

BDEB!)*(BDEB!B@%![E@!J+@?B\!:A!G&B!@AJD(@![EY@%%@!?@ABW![EY@%%@!`DrB@W![EY@%%@!F*(JO@W!

F*&?! J+@?B! )DE(! ADB(@! JDF)($O@A?&DA! [E+DA! (*))D(B@! J@! [E+@%%@! X*&B! N! %+*&G@! GE!

!

=M!!

%*A`*`@!JDE(*AB!G@!%+ODFF@W!*%D(?![E@!)*(!%@!)DE'D&(!&AG&J&K%@!G@!?*!F*Q@?B$!@%%@!

*JJDF)%&B!BDEB!G@!F*A&_(@!K&@A!G&XX$(@AB@JJ%bbb'&\!!

!!!!2*!'@(BE!?*J($@W![E&!J($@!@B!D(`*A&?@!%Y@A?@FK%@!G@?!JOD?@?W!(_`A@!)*(!?*!)(D)(@!

F*Q@?B$! @B! ?*! `%D&(@! $B@(A@%%@\! 2*! )E&??*AJ@! &A?*&?&??*K%@W! &A@?B&F*K%@! @B!

)@()$BE@%%@!XD(B&X&@!%@?!J&@Eb!@A!%@?!B@A*AB!F@('@&%%@E?@F@AB!?E?)@AGE?W!)%*AB@!%@?!

B@((@?!*EuG@??E?!G@!%*!F@(W!GDAA@!%@E(!JDE(?!*Eb!?DE(J@?W!X&b@!EA@!%&F&B@!N!%*!F@(!d!

EA!J&@%!?@(@&A!%*AJ@!G@?!$J%*&(?W!EA!J&@%!)E(!%*AJ@!%*!XDEG(@W!%@!O*EB!@B!%@!K*?!?DAB!

($`%$?!)*(!%*!%D&!G@!?*!?*`@??@W!J*(!A*BE(@%%@F@AB!BDEB@?!%@?!JOD?@?!?@!B&@AA@AB!?DE?!

?*! )(D)(@! *EBD(&B$! ?*A?! qB(@! *K*AGDAA$@?! N! %@E(! )(D)(@! )DE'D&(\! .%! ?+&((&B@! *'@J!

J*%F@W! &%! QE`@!)*&?&K%@F@ABJJ%bbb'&&W!@B! &%! %E&!*((&'@W!?*A?![E+&%!JO*A`@W!G@!(@JE@&%%&(!

%@?!X*EB@?!G@?!JDE)*K%@?\!C(*AG@F@AB!F&?$(&JD(G&@Eb!@A'@(?!%@?!JOD?@?!OEF*&A@?W!

&%!$)*(`A@!?E(u%@uJO*F)!%@?!JDA'@(B&?W!JD((&`@!G*A?!%Y*BB@AB@!%@?!)$JO@E(?W!@B!K&@A!

[EY&%! A@!)E&??@! (&@A! ?E))D(B@(! G@! JDAB(*&(@! &%! @AGE(@! %+*G'@(?&B$! *'@J!EA@!`(*AG@!

)*B&@AJ@JJ%bbb'&&&\!

!!!!VDFF@! @?B! )@E! G@! JOD?@! J@! [E@! ADE?! )@(J@'DA?! &J&uK*?! G@! J@BB@! A*BE(@!

&A@XX*K%@!�!7NuK*?!ADE?!?*E(DA?!)%@&A@F@AB!N![E@%!)D&AB!J@![E@!ADE?!*GF&(DA?!@?B!

?DEF&?! *E! (@`*(G! G@! 2*! `%D&(@W! N! %*[E@%%@! %*! )E&??*AJ@! G@?! *A`@?! DXX(@! ?DA!

JDAJDE(?W!N! %*[E@%%@!?DAB!?DEF&?@?! %@?!)(&AJ&)*EB$?!J$%@?B@?!G*A?!EA@!DK$&??*AJ@!

G@?! )%E?! JO_(@?W! N! %*[E@%%@! DK$&??@AB! X@(F@F@AB! @B! *'@J! JDA?B*AJ@! %@?!

&AADFK(*K%@?! )E&??*AJ@?W! 7E&! GDAB! BDEB@! @bJ@%%@AJ@! %*! )%E?! O*EB@! *! BDEQDE(?!

K@?D&A\!

!!!!}E@%%@! &G$@!ADE?! X*EBu&%! @AX&A!*'D&(!G@! ?*! ?&A`E%&_(@!)E&??*AJ@![E*AG!ADE?!A@!

ADE?!?DFF@?!)*?!?@E%@F@AB!J*)*K%@?!G@!?*&?&(![E@!ADE?!)DE'DA?!%E&!DK$&(!?*A?!%*!

FD&AG(@!O$?&B*B&DA!�!,A@!XD&?!G$%&'($?!ADE?!JDF)(@AG(DA?!N![E&W!G*A?!ADB(@!XD%&@W!

ADE?! B@AB&DA?! G@! ($?&?B@(! d! '@(?! [E@%%@?! ?)%@AG@E(?! ADE?! )*(*&??&DA?! @AB(*eA$?W! N!

[E@%?!)$JO$?!ADE?!ADE?!FDAB(&DA?!?DEF&?!�!.%!?EXX&(*&B!G@!'D&(!EA!&A?B*AB!J@!GDAB!%*!

'(*&@! GDJB(&A@! ADE?! )(DF@B! %*! 'E@! $B@(A@%%@\! 7NuK*?! DA! @?B! JDA'*&AJE! G@! BDEB@!

%+@((@E(!G@?!&AB@((D`*B&DA?W!%NuK*?!%@!'&?*`@!G@!%*!?@E%@!'$(&B$!*`&B!?E(!%@?!F*E'*&?@?!

J(DR*AJ@?!"!(_`A@!?*A?!X&AW! %EF&_(@!?*A?!AE&BW!JD()?!?*A?!'&J@?W!'&@!?*A?!FD(B\!0B!

)E&?[E@!BDEB!@?B!G&(&`$!'@(?!%Y$B@(A&B$W!?@E%@!%*!FD(B!?EJJDFK@(*!%NuK*?\!.%!@?B!K@*E!

G@! QDE&(! G@!J@?!K&@AX*&B?W!F*&?!K&@A!)%E?!K@*E!G+qB(@! J@(B*&A![EYN!)*(B&(!G@! %N!DA!

AY@A!'@((*!)*?!%*!X&A\!.%?!'&@AA@AB!N!KDEB!G@!%@E(?!'D@Eb!J@Eb![E&!?DAB!*))@%$?!*Eb!

!

=H!!

($JDF)@A?@?JJ%bbb&b\!.%?!(@JDAA*&??@AB!*%D(?!'(*&F@AB!*'@J![E@%!KDAO@E(!&%?!DAB!$B$!

J($$?!)DE(!qB(@!)*('@AE?!N!G@!?&!`(*AG@?!JOD?@?\!!

!!!!�! F*Q@?B$! @B! KDAB$! &AJDF)($O@A?&K%@?! �! @A! '$(&B$! )*(F&! %@?! D@E'(@?! [E&!

(@F)%&??@AB!%+@AJ@&AB@!GE!FDAG@!G@?!%DE*A`@?!GE!J($*B@E(!&%!AY@b&?B@!(&@A!G@!)%E?!

(@F*([E*K%@W! DA! %+*BB@?B@W! [E@! %@?! ?EK?B*AJ@?! ?)&(&BE@%%@?! JDAAE@?! )DE(! )@A?@(!

GYEA@! aF@! )E(@! %@E(! J($*B@E(JJbJ\! V*(! %@! (@?B@! *! $B$! X*&B! )DE(! %Y*`($F@AB! G+qB(@?!

&AB@%%&`@AB?! d! B*AG&?! [E@! J@! [E&! '$A_(@! %@! J($*B@E(! *! $B$! X*&B! )DE(! ?*! )(D)(@!

K$*B&BEG@\!!

!!!!.%!@?B!B@F)?!)DE(!ADE?W!%*&??*AB!G@!J~B$!%*!'*(&$B$!G@?![E@?B&DA?W!G@!($EA&(!J@BB@!

B(_?! (&JO@! FD&??DA! G@! )*(D%@?! @A! [E@%[E@?! `@(K@?! *X&A! [E@! G$ADFK($@?! )*(! EA!

J*%JE%!?D%&G@!@%%@?!?D&@AB!@A`(*A`$@?W!K(&_'@F@AB!($?EF$@?W!G*A?!%@!`(@A&@(!G@!%*!

F$FD&(@JJbJ&\!

U?::C!=$/&%*1(-&1*0+!

!

!!!!0O! K&@A! )(@F&_(@F@AB! JDFF@! 'DE?! 'DE?! @A! ?DE'@A@mW! *EG&B@E(?! )%@&A?! G@!

?*`@??@JJbJ&&W! ADE?! *'DA?! @A?@&`A$! [E@! %YaF@! G@! %YODFF@! @?B! ADFF$@! *E! ?@A?!

)(D)(@!)*(!JDAXD(F&B$!G@!?DAJJbJ&&&*'@J!?DA!$BRFD%D`&@W!@A!@A!$J*(B*AB!%@?!FDB?![E&!

*E(*&@AB!)E!)*(!*A*%D`&@!Q@B@(!%*!JDAXE?&DA!G*A?!%+*EG&BD&(@\!#@Eb&_F@F@ABW!?E(!%*!

G$X&A&B&DA! G@! J@BB@! ?EK?B*AJ@! @B! ?@?! @b)%&J*B&DA?W! ?@%DA! J@! [EYDA! JDA?B*B@! ADE?!

*'D&(!$B$!GDAA$W!ADE?!*'DA?!BDEB!G&B\!3(D&?&_F@F@ABW!DA!@A!@?B!'@AE!N!?*![E*%&B$!

?EK?B*AB&@%%@\!}E*B(&_F@F@ABW!ADE?!*'DA?!FDAB($!%*!(*&?DA!)DE(!%*[E@%%@!%YaF@!A@!

)@EB! *'D&(! G@! XD(F@\! V&A[E&_F@F@ABW! DAB! $B$! (*))D(B$@?! %@?! '@(BE?!FD(*%@?! [E&!

?YD))D?@AB!*'@J!XD(J@!B@%%@?!G@?!*(F@?!*Eb!'&J@?!G@!J@!?&_J%@\!2&b&_F@F@ABW!DA!AY*!

)*?!)@E!)*(%$!G@?!'@(BE?!A*BE(@%%@?!G@!%YaF@\!2@)B&_F@F@ABW!ADE?!*'DA?!@b)D?$!J@!

[E@! ADE?! *'DA?! %E! ?E(! %YD(&`&A@! G@! %YaF@\!UE&B&_F@F@ABW! ADE?! *'DA?! G$J(&B! ?DA!

?&_`@!@B!?*!X*JE%B$!G@!QE`@(\!-@E'&_F@F@ABW!DA!*!B(*&B$!G@!%*!G&?)D?&B&DA!G@!ADB(@!

JD()?\!#&b&_F@F@ABW! %YaF@!&AX&G_%@!*!$B$!@b)D?$@!*'@J!?@?!J*(*JB$(&?B&[E@?!?@%DA!

J@! [E&! ?@FK%@! FY*'D&(! $B$! *JJD(G$JJbJ&'\! :Am&_F@F@ABW! JDF)B@! B@AE! G@! AD?!

)D??&K&%&B$?JJbJ'! ADE?! *'DA?! *KD(G$! %*! )@A?$@W! )%@&A@!G@! %EF&_(@! @B! (@F)%&@! G@! %*!

G&'&A&B$\!#DEm&_F@F@ABW!?E(!%+@?)$(*AJ@!GYEA@!'&@!XEBE(@!ADE?!*'DA?!(*))@%$W!*'@J!

!

=L!!

%+*&G@!`$A$(@E?@!G@!#&@EW![E@%[E@?!)D&AB?!*X&A!G@!A@!)*?!F*A[E@(!G@!JDF)(@AG(@!

[E@!%+aF@![E@!ADE?!J(DRDA?!&FFD(B@%%@!`*(G@!G@?!($JDF)@A?@?!$B@(A@%%@?\!

!!!!-DE?!*'DA?!GDAJ!B@(F&A$!ADB(@!)@B&B! B(*'*&%!*'@J!%@!ADFK(@!GDEm@W![E&!*!D(A$!

%@?! J&@Eb! G@! %*! G&'@(?&B$! G@?! ?&`A@?! GE! mDG&*[E@W! [E&! *! G&?)D?$! %Y*AA$@! G*A?! %@!

JO*(F@!G@?!FD&?W![E&!*! X*&B!*K*AGDA!G@?!)(&AJ&)*Eb!'@AB?!*Eb!K@?D&A?! B@((@?B(@?!

`(aJ@!N!EA@!D(`*A&?*B&DA!)($'DR*AB@W![E&!*!G&'&?$! %@?! &AB@('*%%@?!GE! QDE(!@B!G@! %*!

AE&B!@A!EA!QE?B@!ADFK(@!GYO@E(@?!G@!?D(B@![E@!JY@?B!N!KDA!G(D&B![E@!%YDA!*))%&[E@!

*E??&!)DE(!$J%*&(@(!%*![E@?B&DA!G@!%YaF@!J@!(*&?DAA@F@AB!XDAG$!?E(!%@!ADFK(@!GDAB!

%*!'*%@E(!@?B!JDA?*J($@!)*(!%Y*`@AJ@F@AB!G@!?&!`(*AG@?!($*%&B$?!A*BE(@%%@?JJbJ'&\!

!!!!.%! ADE?! (@?B@!F*&AB@A*ABW! ODFF@?! B(_?! ?*`@?W! [E&! K(&%%@m! )*(! 'DB(@! @?)(&BW! EA@!

XD&?!@AQ*FK$!%*!F*??@!G@!J@!FDAG@!)DE(!ADB(@!?*%EBW!N!ADE?!DXX(&(!(*)&G@F@AB!N!%*!

F&?$(&JD(G@! G&'&A@! [E&! &%%EF&A@! ?&! @AB&_(@F@AB! %@! (@`*(G! GE! )@A?@E(JJbJ'&&\!

VDF)(@ADA?u%@W!*&FDA?!J@!#&@EW!@B!ADE?!JDAA*eB(DA?!*%D(?!'(*&F@AB!ADB(@!aF@W!?&!

GE! FD&A?! ?*! `$A$(D?&B$! ADE?! *! GDAA$! EA@! 'E@! QE?B@\! V*(! &%! @?B! %@! ?@E%! F*eB(@!

)E&??*AB!@B!)*(X*&BW!J*)*K%@!G@!G&(@!%*!'$(&B$!N!ADB(@!aF@!@B!)DE(!)@E![EY&%!%Y*&B!G&B@W!

N!%*!X*&(@!JDAB@F)%@(!@A!&%%EF&A*AB!%*!)@A?$@JJbJ'&&&\!5E&?[EYN!%Y$JD%@!GE!VO(&?B!DA!

A@!)@EB!B(DE'@(!G@!JcE(!(@K@%%@W!J@%E&![E&!?@!?@(*!%&'($!N!%E&!*'@J!BDEB@!%*!)(DK&B$!

G@!?DA!@?)(&B!A@!)DE((*!&`AD(@(!J@![EY&%!JO@(JO@!A&!%*&??@(!$JO*))@(!J@![EY&%!*E(*!

*JJE@&%%&!@A!)&@E?@!($JDF)@A?@\!0A!JDA?$[E@AJ@!%YaF@!G@'&@AB!`(*AG@W!)($J&@E?@W!

(&JO@W![E*AG!@%%@!(@JDAA*eB!GY@%%@uFqF@![E+@%%@!@?B!)*E'(@!d!@%%@!G@'&@AB!)E&??*AB@W!

)DE(!)@E![EY@%%@!A@!?Y$%D&`A@!)*?!GYEA@!OEF&%&B$!G@?!)%E?!?*%EB*&(@?W!@%%@!G@'&@AB!

@AX&A! B(_?!O@E(@E?@W!)DE(!)@E![EY@%%@!JDA?@('@!G*A?! %*!JO*&(!J@![E@W!DA! %Y*BB@?B@W!

%@?!*A`@?!D(`E@&%%@Eb!DAB!)@(GE!G*A?!%@?!*&(?JJbJ&b\!V*(W!2@&`A@E(!?*&ABW!)@(?DAA@!A@!

)*('&@AB!N!BD&!@A!?@!G(@??*AB!F*&?!JY@?B!)%EB~B!@A!?YOEF&%&*AB![EYDA!FDAB@!*E!J&@%\!

4B*AB!%@!B(_?uO*EBW!BE!B@!(@AG?!)%E?!)(DJO@!G@!J@Eb![E@!%@?!)(&_(@?!JDE(K@AB\!-DB(@!

OEF&%&B$!BY@?B!*`($*K%@!d!BE!*&F@?!J@![E@!BE!A@!(@JO@(JO@?!)*?!)DE(!BD&W!BE!G$?&(@?!

J@!GDAB! BE!AY*?!)*?!K@?D&A\!V*(!JY@?B!)($J&?$F@AB!@%%@![E&!@?B!F_(@!G@!ADB(@!'&@W!

?cE(!G@!%*!JO*(&B$W!EA&[E@!?DEB&@A!GYEA@!aF@!BDE(F@AB$@W!@AA@F&@!G@!%YD(`E@&%!@B!

J@%%@! [E&! %@! GDF)B@W! @B! JDFF@! J@%E&uJ&! @?B! )*(! %Y@AB(@F&?@! GE! G&*K%@! J*E?@! G@?!

)$JO$?W!G@!FqF@!JY@?B!)*(!BD&![E@!J@%%@u%N!@?B!(@JDAAE@!?DE(J@!G@?!'@(BE?\!

!!!!V@BB@! OEF&%&B$! JY@?B! BD&W! 2@&`A@E(!VO(&?BW! [E&! *?! 'DE%E! %*!F@BB(@! @A! '*%@E(! *E!

)D&AB!G@!QE`@(!G&`A@!ADA!?@E%@F@AB!G@!%*!)(@?J(&(@!F*&?!@AJD(@!G@!%+*??EF@(\!0A!B@!

!

=P!!

JO*(`@*AB! G@! %*! A*BE(@! OEF*&A@! BE! B+@?! K&@A! ?r(! @b)D?$! *E! QE`@F@AB! BD&! [E&! '*?!

QE`@(!%@!FDAG@!d!BE!*?!$B$!X%*`@%%$!BD&![E&!$%_'@?!@B!*K*&??@?!%@?!(D&?!d!BE!*?!?E))D(B$!

%@?! &AXaF@?! J(*JO*B?! ?E(! J@!'&?*`@![E@! %@?! *A`@?!G$?&(@AB!'D&(! ?*A?!)DE'D&(! qB(@!

(*??*?&$?!d!BE!*?!$B$!*K(@E'$!G@!X&@%!BD&![E&!*?!B(*&B$!%@!`@A(@!OEF*&A!*'@J!*F$A&B$!

*E!)D&AB![E@!9*eB(@!GE!FDAG@!BE!*?!G*&`A$!*??EF@(!%*!A*BE(@!G@!%Y@?J%*'@JJJ!d!BE!*?!

?E))D(B$! )*B&@FF@AB! %*! JDE(DAA@! GY$)&A@?! BD&! [E&! (@F)%&?! %YEA&'@(?! G@! %*! X%@E(!

'*(&$@!G@?! ($JDF)@A?@?W! BE! B+@?!JO*(`$!G@! %*!JDAG&B&DA!FD(B@%%@! BD&![E&!*?!GDAA$!

'&@! N! BDEB@?! %@?! J($*BE(@?JJJ&\! 0B! &%! R! *! @E! *EB*AB! GYOEF&%&B$! G*A?! B*! ?*&AB@!

&AJ*(A*B&DA![EY&%!R!*!G@!F*Q@?B$!&AJDF)($O@A?&K%@!G*A?!B*!G&'&A&B$\!VY@?B!)*(!BD&!@A!

@XX@BW! 2@&`A@E(! G&`A@! GY*GF&(*B&DAW! [E@! %@! JOaB&F@AB! ?Y@?B! X*&B! (@)D?! $B@(A@%W! %*!

?DEXX(*AJ@!(@F_G@W!%*!FD(B!G@?!X&G_%@?!*JJ_?!*E!?*%EB\!0A!@XX@B!'D&%N![E@!J@%%@![E&!

$B*&B!O*K&BE$@!N!~B@(!%*!'&@!*JJD(G@!G@!'&'(@!$B@(A@%%@F@ABW!J@![E&!@?B!QE?B@!)E&?[E@!

J@%%@! [E&! )(@A*&B! @A! JO*(`@! %*! '&@! G@! BDE?! *! )@(GE! N! KDA! G(D&B! J@! )DE'D&(! G@!

G@?B(EJB&DA\!#DAA$@!JDFF@!DKQ@B!G@!ODAB@W!@%%@!G@F@E(@!@A!ODAA@E(W!)E&?[E@!J@!

[E&!DE'(*&B!%@?!@AX@(?!JDAGE&B!F*&AB@A*AB!*E!J&@%\!3E!@?!'(*&F@AB!BDEBu)E&??*AB!BD&!

[E&!*?!(@AGE!)E&??*AB@!ADB(@!F&?_(@!FqF@!d!AE%!GY@AB(@!%@?!(D&?!AY@?B!*E!A&'@*E!G@!

B@?!)*E'(@?W!*EJEA@!)DE()(@!A@!?@!(@AG!$`*%@!*Eb!X&%@B?!G@!B@?!)qJO@E(?W!)E&?[E@!

J@%%@uJ&! X*&B! BDFK@(! G*A?! %@?! BDE(F@AB@?! B@((@?B(@?W! [E*AG! J@EbuJ&! (*F_A@AB! *E!

(&'*`@!G@!%Y$B@(A@%%@!B(*A[E&%%&B$JJJ&&\!5*E'(@!G@!ADB(@!X*&BW!)*(!B*!A*BE(@!BE!@?!(&JO@\!

3E!BY@?!X*&B!%Y*%%&$!G@!ADB(@!A*BE(@!FD(B@%%@!)DE(!ADE?!X*&(@!)*(B&J&)@(!N!BDA!$B@(A&B$\!

3E!B@((*??@?!%YD(`E@&%!)*(!%YOEF&%&B$W!%Y*&`E&%%DA!G@!%*!FD(B!@A!FDE(*ABJJJ&&&\!V*(!BE!

?*&?!X*&(@!%@!K&@A!)*(!%Y&AB@(F$G&*&(@!G@?!&F)&@?JJJ&'W! BDE(A*AB!@A!*&G@!J@![E&!*!$B$!

)($)*($!)DE(!AE&(@W!QE`@*AB![EY&%!@?B!)%E?!@XX&J*J@!G@!BDE(A@(!N!ADB(@!*'*AB*`@!%@?!

GDFF*`@?! [E@! G@! JDE)@(! N! %*! (*J&A@! %@?! J*E?@?! GE! F*%\! #@! X*&B! JDFF@AB!

(@JDAA*eB(@! %@?! ?&`A@?! G@! B@?! K&@AX*&B?W! ?&! G@! %@E(! J~B$! %@?! &AG&J@?! G@! %*! )*(B&@!

*G'@(?@!A@!?@!FDAB(*&@AB!)*?JJJ'�!

!

U?:::C!"#*V#'!

!!!!6&A?&!GDAJW!2@&`A@E(!v$?E?uVO(&?BW!BD&![E&!BY@?!JDE(K$!)DE(!ADE?!QE?[EYN!G*&`A@(!

G@'@A&(! ODFF@W! A@! %*&??@! )*?! )$(&(! @A! ADE?! J@! [E@! G*A?! B*! F&?$(&JD(G@! BE! *?!

G$J&G$!G@!)(@AG(@JJJ'&\!-DB(@!($JDF)@A?@W!JY@?B!B*!J%$F@AJ@!d!GDAA@uFD&!G@![ED&!

DXX(&(JJJ'&&W!JDA?@('@!J@![E@!BE!@AB@AG?!@b&`@(!*X&A!G@!'DE%D&(!JDE(DAA@(!J@![E@!BE!

!

=I!!

GDAA@?JJJ'&&&\!3(&DF)O@!@A!ADE?!G@!%*!)E&??*AJ@!@A'&@E?@![E&!B(DF)@!@A!JO*(F*ABW!

[E&!JO*(F@!@A!G$B(E&?*AB!"!GDEb!@AA@F&W!&%!@?B!%Y*F&!X&@%%@Eb\!

!!!!V*(!BE!?*&?!N![E@%!)D&AB!%@!?@()@AB!%EK(&[E@!`%&??@!G@!F*A&_(@!X*B*%@W!BDE(F@AB@!

)@B&B!N!)@B&B!*'@J!?@?!$J*&%%@?!(*F)*AB@?!JO*[E@!JD()?W!@B!)DE(![EYDA!A@!(@F*([E@!

)*?!?*!'@AE@W!A@!%*&??@!)*?!G+@F)(@&AB@!)(DXDAG@!@A!&F)(&F*AB!?*!%*(`@!B(*J@JJJ&b\!

.%!*!'DE%E!GE!F*%W!~!GDE%@E(W!N!G@!?&!`(*AG?!)@E)%@?W!*%D(?![E+&%?!A+$B*&@AB![E@!G@Eb!

zqB(@! '&'*AB?{JJJbW! @B! &%! )DE(?E&B! @AJD(@! F*&AB@A*AB! %@?! qB(@?! B@F)D(@%?! (@AGE?!

FD(B@%?!)*(!?@?!F@A$@?! &F)&@?\! .%! ?@!)@(G! %E&uFqF@!@A! B(DF)*AB! %@?!*EB(@?W!@B! &%!

F$(&B@! GYqB(@! )EA&! ?*A?! X&A! J*(! &%! GD&B! qB(@! G*FA$! )DE(! ADE?! *'D&(! BDE?! B(DF)$\!

6E??&![E+&%!?D&B!&F)D??&K%@!N!%*!FD(B!&A&[E@!G@!G@'@A&(!)E&??*AB@W![E+@%%@!A+@b@(J@!

)*?! ?E(! ADE?! ?*! ?DE'@(*&A@B$! @%%@! [E&! A@! %Y*! Q*F*&?! @F)D(B$W!F*&?! [E@! B*! '@(BE!

J($*B(&J@!ADE?!*&B!@A!?*!)D??@??&DA!@%%@![E&!ADE?!*!J($$?\!}EY&%!G$)%D(@![E@!)$(&??@!

J@![EY&%!*!X*&BW!)DE('E![EY&%!A@!ADE?!'D&@!)*?!)$(&(W!ADE?![EY&%!'DE%*&B!'D&(!)$(&(\!

!!!!2@&`A@E(W!)E&?[EY&%!AYR!*!)*?!@A!ADE?!G@![ED&!ADE?!($JDF)@A?@(!F*&?![EY&%!R!*!

BDEQDE(?! @A! BD&! G@! [ED&! ADE?! ($B(&KE@(! %*(`@F@ABW! *((*JO@uFD&! N! FD&uFqF@! @B!

JDA?@('@uFD&!@A!BD&\!VDFK*B?!J@![E@!QY*&!X*&BW!@B!'@A`@!J@![E@!BE!*?!X*&B\!6%D(?!Q@!

?@(*&! N! FD&uFqF@! [E*AG! Q@! ?@(*&! BDEB! N! BD&! "! 'D&@! ?*A?! @((@E(W! '$(&B$! ?*A?!

&AJ@(B&BEG@W! '&@! ?*A?! X&AJJJb&W! O*&A@! GE!F*%! @B! *FDE(! GE! ?*%EB\!}E+@A! BD&! Q@! X*??@!

(@)D?@(!%*!)(D?)$(&B$W![E@!Q@!F+*BB(&KE@!BDEQDE(?!%Y*G'@(?&B$W![E@!Q@!?*JO@!JDFK&@A!

Q@!A@!?E&?!(&@A!?*A?!BD&\!}E@!Q+*))(@AA@!'(*&F@AB!N!JDAA*eB(@![E@%!Q@!)@Eb!qB(@!*'@J!

BD&\!}E@!Q@!JDF)(@AA@![E&!Q@!?E&?!)DE(!)DE'D&(!)*('@A&(!N!J@![E@!Q@!A@!?E&?!)*?\!

!!!!V*(!JDFF@!@A!G@OD(?!G@!BD&!ADE?!A@!JDFF@AfDA?!)*?!G+@b&?B@(W!G@!FqF@!?*A?!

BD&! ADE?!A+*'DA?!)*?! %*! XD(J@!G@!)(D`(@??@(\!3DEB! J@![E&! *!)E! qB(@! $%D&`A$!G@! %*!

)&$B$!@A'@(?!B*!F*Q@?B$!A+&AJ%&A@!)*?!FD&A?!'@(?!%*!(E&A@\!3*AG&?![E@!BY*&F@(W!JY@?B!

qB(@! ?*E'$! d! B@! J(*&AG(@W! JY@?B! ?@! ($QDE&(! d! B@! B(DE'@(W! JY@?B! *'D&(! `(*AG&! d! BY*'D&(!

)@(GEW!JY@?B!FDE(&(\!0AX&A!&%!@?B!)%E?!ADK%@!GYqB(@!BDA!@?J%*'@![E@!G@!?Y@F)*(@(!G@?!

(DR*EF@?!GE!FDAG@JJJb&&W! N! QE?B@! B&B(@!)E&?[E@!GY@?J%*'@?!ADE?!G@'@ADA?! B@?! X&%?W!

GY&F)&@?!G@?!QE?B@?W!G@!J*)B&X?!G@?!ODFF@?!%&K(@?JJJb&&&\!5*(!JDA?$[E@AB![E@!?Y$%_'@!

JDAB(@!AD?!)$JO$?!%@!(@F)*(B!G@!B*!F&?$(&JD(G@![E&!@?B!GDAA$@!*Eb!F&?$(*K%@?JJJb&'!

JDFF@!%@!)(DE'@!?DA!ADF!JJJb'!d!)E&??&DA?uADE?W!($JDF)@A?$?!)*(!%*!B(&)%@!A*BE(@W!

(@??@AB&(!@A!ADE?uFqF@?!%*!K&@A'@&%%*AB@!3(&A&B$\!-DE?!B@!?D%%&J&BDA?!)*(J@![E@!BE!

!

=<!!

%YD(GDAA@?W! ADE?! X(*))DA?! )DE(! @AB(@(! )*(J@! [E@! BE! %@! (@JDFF*AG@?JJJb'&W! @B! BE!

)($X_(@?!GDAA@(!?*A?!X&A!BD&![E&!JDA?@&%%@?!BDEQDE(?![EYDA!B@!)(&@\!

!!!!�!?DFF@B!G@!)&$B$W!~!*KeF@!&A?*&?&??*K%@!G@!KDAB$W!*%D(?![E@!)@(?DAA@!A@!)@EB!

DKB@A&(![E@%[E@!JOD?@! ?&! BE! ($?&?B@?W! BE! (@JDAA*&?![E@! BE!)@Eb!qB(@! XD(J$!)*(!AD?!

)(&_(@?W!*'@J!(*&?DA!)E&?[E@!ADE?!G@F*AGDA?!*E!QE`@!G@!A@!)*?!ADE?!*??&`A@(!N!EA!

QE`@F@AB! '@A`@E(W! @?)$(*AB! qB(@! ?DE?B(*&B! )*(! %*! `(aJ@! GE! %$`&?%*B@E(! N! %*!

)D??&K&%&B$! GYqB(@! JDAG*FA$! )*(! %*! %D&! [EY&%! *! )(@?J(&B@C!s! BD&W! 1D&! ?*&ABW! ADE?!

G&?DA?!?*A?!J(*&AB@!"!(@F@B?!AD?!)$JO$?!@B!*JJD(G@uADE?!J@![E&!A@!ADE?!@?B!)*?!Gr\!

3DEB@!J($*BE(@!B@!JDFK%@!G@!%DE*A`@?!)DE(!%*!KDAB$!G@!BDA!D@E'(@!d!ADE?!?DFF@?!

B@?! G$K&B@E(?! [E*AB! N! ADB(@! @b&?B@AJ@W! ADE?! ?DFF@?! *E??&! B@?! DK%&`$?! @A! J@! [E@!

JY@?B!)*(!BDA!GDA!G@!JO*[E@!QDE(![E@!ADE?!?DFF@?!F*&AB@AE?!@A!'&@C!1$QDE&??DA?u

ADE?! *E??&W! 2@&`A@E(! ?&! `%D(&@EbW! G@! J@! [E@! ADE?! AY*?)&(DA?! )*?! @A! '*&A! N! B@?!

K&@AX*&B?\! #&?)D?@! JDA'@A*K%@F@ABW! O*K&%@! *(B&?*AW! %Y&A?B(EF@AB! G@! ADB(@! JD()?!

)DE(![EY&%!)E&??@!?Y*QE?B@(!N!%YO*(FDA&@!G@!%YaF@W![EY&%!A@!?@!JDA?D%&G@!)*?!QE?[EYN!

?Y@AD(`E@&%%&(W!@B![EY&%!A@!?Y*XX*&K%&??@!)*?!QE?[EYN!qB(@!G$X*&%%*AB\!3D&!BE!?*&?!J@![E&!

*!$B$!'(*&F@AB!F*&B(&?$\!1@F)%&?!B@?!'*?@?!G@!)(D?)$(&B$!@A!?D(B@![E@!J@!($J@)B*J%@!

A@!?YDXX(@!)*?!*Eb!*G'@(?*&(@?\!}E@! %*! (*&?DA!GDF&A@W![E@! %*!JO*&(! ?D&B! ?DEF&?@W!

)E&?[E@!JY@?B!)*(!BD&!?@E%![EY@%%@!)@EB!@F)qJO@(![E@!BE!A@!)E&??@?!qB(@!DXX@A?$!)*(!

%*!X*&K%@??@!GE!JD()?\!

0A!'$(&B$![E@! J@?!)*(D%@?! ?EXX&?@AB! N!ADB(@!F@?E(@W! ADA! ?@%DA! %*!`(*AG@E(!G@! J@!

?EQ@BW!)E&?[E@!ADE?!*'DA?!X*&B!JDAA*eB(@!G*'*AB*`@![E@!ADE?!%@!?DEO*&B&DA?W!@B![E@!

%*! %EF&_(@! ADE((&J&_(@! G@?! 4J(&BE(@?! '$(&G&[E@?! *! GDAA$! *'@J! JDAJ&?&DA! @B! *'@J!

)(EG@AJ@!EA! B@%!@A?@&`A@F@AB\! .%?!DAB!)E!K&@A!?r(!@A!)*(%@(!?*A?!G&XX&JE%B$W!J@Eb!

[E&W!)E(&X&$?!)*(!%*!X*'@E(!G&'&A@W!DAB!F$(&B$W!)*(!EA!G&?JDE(?!'(*&??@FK%*K%@JJJb'&&W!

G@!B(*&B@(!J@BB@![E@?B&DA\!

!

!

!

!

!

!

!

=o!!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

-:302!

!

!!!!!!&!-DE?! *'DA?! %N! EA@! )(@F&_(@!F$B*)OD(@!"! %@! )D(BW! O*'(@! G@! )*&b! *)(_?! %*! O*EB@!

F@(!d!JX\!/*%$(&@!Z*E'&A@Bu1*A?DA!]!,A@!($)DA?@!G@!V*??&DGD(@!N!%*!VDA?D%*B&DA!

G@!5O&%D?D)O&@!�!;`)4+)(!.W!<>!^W!"(92(!3(.!#023(.!62?2.0+*+(**(.W!<<uLW!LMMpW!))\!

L<Lu<PW![E&!@A!'D&B!%YD(&`&A@!JO@m!?*&AB!6E`E?B&A\!VY@?B!EA@!&F*`@!G$QN!@F)%DR$@!

G*A?! %*! J&A[E&_F@! %@BB(@!G@?!`)4+)(! "!2*2.!(*+,! +*0(4!14-/(>>).!F2,)*).!1-402.!

+*.042/02.!(.0!;]!&%!AYR!*![EYEA!?@E%!)D(B!F$A*`$!*E!F&%&@E!G@?!D(*`@?!G@!%*!'&@!^\!

3(*G\! )@(?DAA@%%@>\! V*??&DGD(@! )DE'*&B! %*! B(DE'@(! JO@m! 6)E%$@! ;'D&(! ADB(@!

.AB(DGEJB&DAW! ADB@! LPo>!d! &%! %*! (@B(DE'*&B! *E??&! JO@m! 3@(BE%%&@AW!'(! )*+,)W! L! "! +*!

14-/(>>)! /-*<2.+.! 2(.0+?++.! /)(>+! (0! <4(0+! )>+G2+! 1-402.! -<<(*3+024! 14-.1(4-! (44-4(!

!

=h!!

;]!?DE?!%YD(*`@W!G*A?!%Y@AJO@'qB(@F@AB!G@?!m$K(E(@?!GE!J&@%!@B!G@!%*!F@(W!DA!*BB@&AB!

EA!)D(B!)*(!EA!O@E(@Eb!G$BDE(!!^\!3(*G\!)@(?DAA@%%@>\!

!!!!!!&&!.%!?Y*`&B!G@?!GDEm@!'D%EF@?!G@?!`)4+)(\!!

!!!!&&&! 2*! JO*(`@! G@! )($X@B! GE! )($BD&(@! B@(F&A$@! '@(?! <P=W! V*??&DGD(@! G@F@E(*! N!

1*'@AA@!Dy!]!&%!`*(G*!GY@bJ@%%@AB@?!(@%*B&DA?!*'@J!%@?!F&%&@Eb!G@!%*!JDE(!^\!;#\9!

V*))ERA?W!'+/0+-**)+4(!3CF+.0-+4(!(0!3(!?;-?4)1F+(!(//>;.+).0+G2(W!3!HHW!*(B&J%@!

]!V*??&DGD(@!zW!JD%DAA@!HP<I>\!

!!&'! 6E! G$KEB! GE! /.�! ?&_J%@W! %@! G$J%&A! G@?! $BEG@?! BO$D%D`&[E@?! *'*&B! *F@A$! EA@!

($*JB&DA! JDAB(@! %*! JE%BE(@! JO($B&@AA@! J%*??&[E@\! :A! (@)(DJO*&B! ]!*Eb! %@BB($?!

JO($B&@A?! G@! )*??@(! ?*A?! ?J(E)E%@?! GE! GDF*&A@! )(DX*A@! *E! GDF*&A@! ?*J($!^!

;5&@((@! 1&JO$W! #32/)0+-*! (0! I2>024(! 3)*.! >C-//+3(*0! A)4A)4(W! HpoLW! )\! HLh>\!

V*??&DGD(@![E&!*'*&B!EA@!?D%&G@!XD(F*B&DA!G@!(O$B@E(!F*&?![E&!$B*&B!*E!)%E?!)(_?!

G@?! [E@?B&DA?! (@%&`&@E?@?W! )E&?[EY&%! *'*&B! 'DE%E! J($@(! *'@J! %@! )*)@!6`*)@B! EA@!

$JD%@!JO($B&@AA@!N!1DF@!@B![EY&%!XDAG*!%@!FDA*?B_(@!G@!/&'*(&EFW!*'*&B!BDEQDE(?!

?DEB@AE! %Y&AB$(qB! G@?! %@BB(@?! )(DX*A@?W! ]!&%! *'*&B! )@A?$! [E@! %*! ?J&@AJ@! ?*J($@!

@b&`@*&B!EA@!JE%BE(@![E@! %Y$BEG@!G@?!5_(@?!A@!?EXX&?*&B!)*?!N!GDAA@(!^!;9*E(&J@!

1D`@(W!BC(*.(+?*(,(*0!3(.! >(004(.! />)..+G2(.!3C62.-*(!g!6>/2+*W!C@D(`!:%F?W!

U&%G@?O@&FW!Hpo=W!)\!H=o\>\!.%!($)$B@(*!N!?@?!FD&A@?!@B!$J(&(*![E@!%YDA!A@!GD&B!)*?!

F$)(&?@(! %@?! $BEG@?! ?$JE%&_(@?W! ! H*.0+\W! .W! L=W! P! "! *(/! +>>23! E)04(.! .)*/0+..+,+!

3(/4(9(42*0!20! .)(/2>)4+2,! >+00(4)42,!.023+)! 4(.12)*024! ;]!%@?! B(_?! ?*&AB!5_(@?!

DAB!QE`$![EY&%!A@!X*%%*&B!)*?!(@Q@B@(!%@?!%@BB(@?!)(DX*A@?!^\!3(*G\!)@(?DAA@%%@>\! !.%!

*QDEB*&B! [EY&%! X*%%*&B! %@?! JDA?&G$(@(! ]!JDFF@! EA!FDR@A!^! GDAB! &%! X*EB! ?@! ?@('&(!

)DE(! %Y$BEG@! G@?! ?J&@AJ@?! G&'&A@?! ;9\! 1D`@(W! #32/)0+-*W! )\! Hh=>\! /D&(! *E??&!

6\3DFKD%&A&!"!I)..+-3-4-W!'(!)*+,)W!)\!HoW!ADB@!IH\!

'! V*??&DG\! `)45! %&K\! g.W! 14)(<!"! .(3! 1-.0G2),! 32-3(/+,! >+A4+.! -12./2>2,! *-.042,!

3(.+3(4)0-! <+*(! /-*/>2.(4),W! 3(! )*+,)(! .2A.0)*0+)! 2(>! 3(! 2+4020+A2.! (+2.! ),+/+!

,(!3+..(4(4(!/-(?(42*05!!

'&!I2+!F@!?@FK%@!?@!(*BB*JO@(!N!(f2.!@B!GDAJ!N!%+aF@W!J@![E@!A@!?E&'@AB!)*?!BDE?!%@?!

*EB@E(?![E&!DAB!B(*GE&B!V*??&DGD(@\!

!

==!!

'&&!V*??&DG\!E.)>,5!phW!hW! "! ?+/! +*!2*-!2(4.2! 0),! +*?(*0+2,!4(42,!.(/4(0)!/-*/>2.)!

.2*05!

'&&&!6E`\!@)05! (0! -4+?\! ./W! LW! L! "! .(3!,+F+W!/4(3(W! .)0+.! .21(4!G2(!2+3(024! )A.2432,!

)0G2(! +*/-*?422,!4)0+-*+W!20!F-,-! +1.(!(c1(4.! .2+! .+0!)20! +.W!G2+! 4(42,!-,*+2,!

/4(3+024!)3(102.!(..(!*-0+0+),W!.+A+!+1.+!F)A()024!+?*-02.!;!]!F*&?W!J(D&?uFD&W!&%!F@!

?@FK%@! ?E(*KDAG*FF@AB! *K?E(G@! @B! G$(*&?DAA*K%@! [E@! %+ODFF@! ?D&B! EA! &AJDAAE!

)DE(! %E&uFqF@W! DE! [E@! J@%E&! [E@! %+DA! J(D&B! )*('@AE! N! %*! JDAA*&??*AJ@! G@! BDEB@!

JOD?@!)*??@!)DE(!?+&`AD(@(!%E&uFqF@!^\!3(*G\!v\!5%*`A&@Eb!@B!Z\!v\!3ODAA*(G>!

&b!7*!2*`@??@W!ADA!)*?! %*!JDAA*&??*AJ@!)DE(! %*!JDAA*&??*AJ@W!F*&?! %*!2*`@??@!)DE(!

*BB@&AG(@! %@!KDAO@E(W! %*!)%$A&BEG@W!#&@E\!!]!/D&%N!J@![EY@?B!)D??$G@(! %*! ?*`@??@!"!

?*&?&(!#&@E! )*(! %*! )@A?$@W! JY@?BuNuG&(@! QDE&(! G@! %E&!^! ;!4\!C&%?DAW! H*04-32/0+-*! g!

>M;023(!3(!.)+*0!62?2.0+*W!5*(&?W!/(&AW!HpopW!)\!<>\!!

b&!VX\!6E`\!L4+*5!g./W!I!"!+*0(4!/(0(4)!(4?-!+*!>+A4-!3(/+,-!3+c+,2.W!F-,+*+.!,(*0(,!

*-..(!.(,(0+1.),5!@+F+>!(*+,!0),!*-2+0!,(*.!G2),!+3!G2-3!.+A+!14)(.0-!(.0W!*(/!

,(*0+!,)?+.!G2+3G2),!14)(.0-!(.0!G2),!+1.)!.+A+!;!]!-DE?!*'DA?!G&BW!@AB(@!*EB(@?!

JOD?@?W! *E! %&'(@!gW! [E@! %+aF@!G@! %+ODFF@! ?@! JDAA*eB! @%%@uFqF@\! .%! A+@?B! (&@A! @A!

@XX@B![E@!%+aF@!A@!JDAA*&??@!*E??&!K&@A![E@!J@![E&!%E&!@?B!)($?@AB!d!@B!(&@A!A+@?B!)%E?!

)($?@AB!N!%+aF@![E+@%%@uFqF@!N!@%%@uFqF@!^\!3(*G\!5\!6`*�??@>\!14)(.0-!.+A+!(.0!@?B!

EA@!@b)(@??&DA!X($[E@AB@!JO@m!2*&AB!6E`E?B&A!d!'D&(!*E??&!4\!C&%?DAW!H*04-32/0+-*W!

)\!oH\!

b&&!1@A'D&@!N!2DJ(*B@!"!�x���!T�SqyVxW!*-./(!0(!+1.2,\!9*&?!JDFF@!ADE?!%+*'DA?!G$QN!

G&BW!V*??&DGD(@!'*!JO(&?B&*A&?@(!J@!)($J@)B@W!JDFF@!?*&AB!6E`E?B&AW!G*A?!L4+*5!gW!

<!"! 20G2+3! (4?-! (+! 14)(/(102,! (.0! 20! .(! +1.)! /-?*-./)0! �! /4(3-! 20! .(! /-?+0(0! (0!

.(/2*32,! *)024),! .2),! 9+9)0W! +3! (.0! 20! .(/2*32,! .2),! *)024),! -43+*)4+!

)11(0)0W!.2A!(-!./+>+/(0!/2+!.2A3(*3)!(.0W!.214)!()!G2+A2.!14)(1-*)*3)!(.0!d!.2A!

+>>-!)!G2-!4(?+!3(A(0W! .214)!()!G2)(!4(?(4(!3(A(0! ;!]!5DE([ED&!G_?! %D(?! X*&(@!EA!

G@'D&(! N! %+aF@! G@! ?@! JDAA*eB(@!�! V+@?BW! Q@! J(D&?W! )DE(! %+&A'&B@(! N! ?@! )@A?@(! @%%@u

FqF@W!N!'&'(@!?@%DA!?*!A*BE(@W!J+@?BuNuG&(@!)DE(!%E&!GDAA@(!%@!G$?&(!G@!?+D(GDAA@(!

?@%DA!?*!A*BE(@!"!*EuG@??DE?!G@!J@%E&!*E[E@%!@%%@!GD&B!?@!?DEF@BB(@W!*EuG@??E?!G@?!

qB(@?! *Eb[E@%?! @%%@! GD&B! ?@! )($X$(@(!d! *EuG@??DE?! G@! J@%E&! )*(! %@[E@%! @%%@! GD&B! ?@!

%*&??@(! `DE'@(A@(W! *EuG@??E?! G@?! JOD?@?! [E+@%%@! GD&B! `DE'@(A@(!^\! 3(*G\! 5\!

!

=p!!

6`*�??@>\!7*!X&%&*B&DA!%&BB$(*&(@!@B!GDJB(&A*%@!G@!J@!BO_F@!*!$B$!G&?JEB$!)*(!5&@((@!

VDE(J@%%@! G*A?! ]!@-./(! 0(+1.2,! GE! K*?! 0F)&(@! *E! O*EB! 9DR@A! i`@!^W! +>!

1)..)??+-!3)>>M!)*0+/F+0g!)>!,(3+(9-!+*!]//+3(*0(W!$(00+,)*(!3+!.023+-!3(>!/(*04-!

+0)>+)*-! 3+! .023+! .2>>M)>0-!,(3+-(9-W! .gW! HpoLW! ))\! Lo<uLp<W! @B! G*A?!I-**)+.a0-+!

0-+a,�,(!3(!$-/4)0(!g!$)+*0!^(4*)43W!5*(&?W!4BEG@?!6E`E?B&A&@AA@?W!Hph<\!

b&&&!9*J(\! $-,*\! .W! H=W! Hp!"! .0(>>).! (44)*0(.! /-*04)4+-W! G2),! /-(>2,W!,-02! 2(4.)4+!

;]!%@?!$BD&%@?!@((*AB@?!DAB!EA!FDE'@F@AB!)(D)(@W!JDAB(*&(@!N!J@%E&!G@?!J&@Eb!^>\!0B!

$-,*\! .W! H=\Hp!"! F)(/! )20(,! G2)(! 3(! .->(! )/! >2*)! 3+c+,2.W! (0+),! G2+*G2(!

.0(>>)42,! 4(/(..2,!)3.+?*)4(! .2<<+/+(*0! d!1)4+! (0+),! 4)0+-*(! +*! 1-.0(4+-4)! .+?*)!

,+?4)*3-!.(,1(4!,2*3)*)(!9->2A+>+0)0+!/-*04)4+)!4(/(..+-*(!9(4.)*024!;!]!V@![E@!

ADE?!'@ADA?!G@!G&(@!GE!?D%@&%!@B!G@!%*! %EA@!?EXX&(*!N!)(DE'@(!*E??&!%@!FDE'@F@AB!

($B(D`(*G@!G@?!J&A[!)%*A_B@?\!V+@?B!)*(!EA!)(DJ@??E?!?@FK%*K%@![E+@A!)*??*AB!G*A?!

%@?!?&`A@![E&! ?E&'@AB!@%%@?!*JJDF)%&??@AB! BDEQDE(?! %@E(! ($'D%EB&DA!N! (@KDE(?!G@! %*!

(DB*B&DA!JD?F&[E@!^\!3(*G\!9\!6(F&??@Au!9*(JO@BB&>\!V&B$!)*(!v*F@?!l\!U*%)D(AW!

H*.0+020+-*.!-<!'+9+*(!)*3!$(/2>)4!B()4*+*?W!7&'@()DD%W!,A&'@(?&BR!5(@??W!)\!LPh\!

b&'!SD@B\!64+0F5!.W!HW!I!"!,)?*20+3+*+.!9(4-!)>+)!.2*0!,)*(*0+)!,-02!G2(!/)4(*0+)W!)>+)!

2(4-W!G2)(!,-A+>+!.(,1(4!4-0)0+-*(!2(402*024!*(/!2>>+.! 0(,1-4+A2.!)3G2+(./2*0! !!

;]!0B! )*(F&! %@?! `(*AG@E(?W! %@?! EA@?! ?DAB! @A! (@)D?! @B! ?*A?! FDE'@F@ABW! G+*EB(@?!

BDE(A@AB!BDEQDE(?!G*A?!EA!FDE'@F@AB!G@!($'D%EB&DA!@B!A@!?DAB!Q*F*&?!@A!(@)D?!^\!

3(*G\! vu8! CE&%%@F&A>\! /D&(! v\l\! U*%)D(AW! H*.0+020+-*.W! )\! IpW! @B! 6\! 3DFKD%&A&W!

I)..+-3-4-W! )\! oW! ADB@! HP\! v+*&! ?E&'&! )DE(! %*! B(*GEJB&DA! %*! (@F*([E@! G+6\!S%*&?@W!

&)*2(>!32!>)0+*!/F4;0+(*W!)\!Hh!"!EA!*G'@(K@!)%*J$!&FF$G&*B@F@AB!*)(_?!EA!ADF!

)@EB!*'D&(!%@!?@A?!G+EA!*GQ@JB&X\!

b'!9*J(\! $-,*5! ..W! LW! H! "! )3! .0(>>+<(4)(! .1F)(4)(! /24.2,W! (0! .2A+(/0)42,! .(10(,W!

.(4,-! 14-/(..(4)0! d! *2*/! +),! 3(! ,2.+/)! ()42,! ,-32>)0+-*(! 3+.120(024! ;!

]!%+@b)D?$!$B*&B!)*('@AE!*E!FDE'@F@AB!G@!%*!?)O_(@!$BD&%$@!@B!G@?!?@)B!?)O_(@?![E&!

?DAB!*EuG@??DE?!G+@%%@\!.%!ADE?!X*EB!B(*&B@(!F*&AB@A*AB!G@!%@E(!O*(FDA&@!FE?&J*%@\^\!

3(*G\!9\!6(F&??@Au9*(JO@BB&>\!/D&(!*E??&!"!SD@B\!&2.5!.W!LW!J&B$!)*(!v\l\!U*%)D(AW!

H*.0+020+-*.W! @B! 6\! C*%DAA&@(! "! ]!%Y@AJRJ%D)$G&?F@! ?*J($! GE! '(! 6*+,)! G@!

V*??&DGD(@!^! &A! 9\! C(DE%BW! B(.! (*/=/>-1;3+(.W! /-*.042/0+-*! (0! /+4/2>)0+-*! 32!

.)9-+4!3(!>C6*0+G2+0;!g!i+>j+1;3+)W!%YU*(F*BB*AW!LMHHW\)\!Ip\!!

!

pM!!

b'&!V*??&DGD(@!X*&B! &J&!EA!?E('D%! &AJDF)%@B!GE!G2)34+9+2,!@B!*E??&!G@!%*!!"#$%�\!:A!

)@EB! 'D&(! %N! EA@! F*A&_(@! GY$(EG&B&DA! ;%@! %@BB($! @?B! *E??&! EA! 9+4! 3-/02.>! DE!

GY@AJRJ%D)$G&?F@!;VX\!6\!C*%DAA&@(W!BC(*/=/>-1;3+.,(!.)/4;W!)\!Io>\!V*??&DGD(@W!

F@! ?@FK%@! ?E(BDEB! 'DE%D&(! D))D?@(! %*! JDAA*&??*AJ@! G@! J@! [EY&%! R! *! G@! )%E?!

@bB$(&@E(! N! %YODFF@! N! %*! JDAA*&??*AJ@! G@! [E&! ADE?! @?B! %@! )%E?! &AB$(&@E(W! %@! )%E?!

&AB&F@W!%YaF@!d!%YaF@!@?B!N!%*!J(D&?$@!GE!?@A?&K%@!@B!G@!%Y&AB@%%&`&K%@W!@B!JDAGE&B!N!%*!

JDAA*&??*AJ@!G@?!JOD?@?!G&'&A@?!d!JY@?Bu%N!EA@!&G$@!)%*BDA&J&@AA@!(@)(&?@!)*(!?*&AB!

6E`E?B&A! ;0\! 5D(B*%&$W! ]!6E`E?B&A! ;?*&AB>!^W! G*A?! '+/0+-**)+4(! 3(! LF;->-?+(!

I)0F->+G2(W!B!\.W!JD%\!LP<h>\!

b'&&!V*??&DGD(@!$F*&%%@! ?DA! B@bB@!G@!FDB?!`(@J?\!9*&?![E@%!@A!$B*&B! ?*!F*&B(&?@!�!DA!

&F*`&A@![E@!%Y*R*AB!$BEG&$!@B!*R*AB!?$QDE(A$!)%E?&@E(?!*AA$@?!N!VDA?B*AB&AD)%@W!&%!

@A! *'*&B! EA@! J@(B*&A@! JDAA*&??*AJ@!d!F*&?! &%! *'*&B! JDA?J&@AJ@!G@!A@!)*?!GDF&A@(!

?DA! ?EQ@BW! J@! [E&W! )DE(! %*! B(*GEJB&DA! G@! B@bB@?! JDAJ@(A*AB! %*! BO$D%D`&@W! )DE'*&B!

*'D&(! G@! `(*'@?! JDA?$[E@AJ@?W! @B! &%! )($X@((*! ?Y@ABDE(@(! G@! ?)$J&*%&?B@?\! 6E! /.�!

?&_J%@W! ?@E%?! [E@%[E@?! &AG&'&GE?! JDAB&AE*&@AB! G@! %Y$BEG&@(\! V*??&DGD(@! *'*&B! EA@!

'&'@! *GF&(*B&DA! )DE(! #@A&?! %@! 5@B&B! JO@m! %@[E@%! &%! %DE*&B! EA! ODFF@! +*! 204)G2(!

>+*?2)!2)>3(!3-/0+..+,2.W!ADE?!%*&??*AB!@AB@AG(@![EY&%!AY$B*&B!)*?!G@!J@!A&'@*E!d!&%!

*F_A@(*!N!/&'*(&EF![E@%[E@?!?)$J&*%&?B@?!GDAB!9EB&@AW!S@%%*BD(W!4)&)O*A@W!@B!%@?!

*JJ*K%@(*! G@! B(*'*&%! )*(J@! [E@W! ADE?! G&B! 5\! VDE(J@%%@W! &%?! $B*&@AB! N! )@E! )(_?! %@?!

?@E%?W! G*A?! %@! FDA*?B_(@W! N! )DE'D&(! ?Y@A! *J[E&BB@(\! 7YO+.0-4+)! L4+1)40+0)! @?B!

@??@AB&@%%@F@AB!%YcE'(@!GY4)&)O*A@\!5DE(!BDEB!J@J&!'D&(!:Y#DAA@%%W!I)..+-3-42.W!

JO*)&B(@! /.! ]!/&'*(&EF!^W! U\.\! 9*((DEW! $)+*0! 62?2.0+*! (0! >)! <+*! 3(! >)! /2>024(!

)*0+G2(W!)\!IMW!@B!ADB(@!.AB(DGEJB&DAW!)\PW!ADB@!H<>\!!!

b'&&&!6\!S%*&?@W!&)*2(>!W!)\!Hh!"!'D&(!%*!X&A!G@!%*!ADB@!HI\!

b&b!2RFKD%&?F@!AEF$(&[E@!d!&%!R!*!GDEm@![E@?B&DA?\!7@!ADFK(@!GDEm@W!ADFK(@!G@!%*!

)%$A&BEG@!;'D&(! %+.AB(DGEJB&DA!C$A$(*%@W!)\!HL>!@?B!DKB@AE!@A!FE%B&)%&*AB! %@?!G@Eb!

ADFK(@?! G@! K*?@! N! ?*'D&(! B(D&?W! '$(&B*K%@! ADFK(@! )(@F&@(W! ADFK(@! G@! %*! XD&W! @B!

[E*B(@W! )@(X@JB&DA! G@! %*! J($*BE(@W! ADFK(@! G@?! '@(BE?! J*(G&A*%@?! ;@A! @XX@B! %+EA&B$!

A+@?B! )*?! EA! ADFK(@W! *%D(?! [E@! %@! ADFK(@! @?B! EA@! JD%%@JB&DA! G@!FDA*G@?W! @B! %*!

GE*%&B$! A+@?B! )*?! ADA! )%E?! EA! ADFK(@! '$(&B*K%@>\! 5DE(! BDEB! J@J&! 'D&(\! U@A(&! G@!

7EK*JW!Qc;?_.(!&;3+;9)>(W!6EK&@(W! HpoIW! ?@JDAG@! )*(B&@W! ..W! ))! huIM! @B!9\!#&\!

9*(JD! "!]!-DB@! ?E%%*! ?&FKD%D`&*! G@&! AEF@(&! A@%!'(! )*+,)!G&!V*??&DGD(D!^! W! &A!

!

pH!!

I)..+-3-4-! "! 3)>>)! /-40(! 3+! ")9(**)! )>! `+9)4+2,! 3+! $G2+>>)/(W! 1EKK@BB&ADW!

K&K%&DBO@J*!/&'*(&@A?&?W!L!;HppP>!"!))\!HppuLHL\!!

bb! ]!6E! FDF@AB! Dy! &%! $J(&B! %@! B(*&B$W! V*??&DGD(@! '@A*&B! G@! ($?&`A@(! ?@?! XDAJB&DA?!

DXX&J&@%%@?!^\!;#\9!V*))ERA?W!'OPQW!I)..+-3-4(W!JD%DAA@\!HPop>\!!

bb&!VX\!6E`\!@)05!(0!-4+?5!./W!HIW!LM!"!+*0(4+-4(,!F-,+*(,!2+.!(..(!)*+,),W!+*0+,2,!

.1+4+02,W! 0),G2),! (0! +1.(! +*0(4+-4! .+0! )*+,)(! .+/20! +>>)! /-41-4+! ;! ]!BE! '@Eb! [E@!

%+ODFF@!&AB$(&@E(!?D&B! %+aF@W!@B!%+ODFF@!&AB&F@!%+@?)(&BW!JDFF@!?&!J@B!@?)(&B!$B*&B!

&AB$(&@E(!N! %+aF@W!G@!FqF@![E@! %+aF@! %+@?B!*E!JD()?!^\!3(*G\!v\!5%*`A&@Eb!@B!Z\! v\!

3ODAA*(G>\!

bb&&!V*??&DGD(@!$'D[E@uBu&%!J@![E@!%+DA!*))@%%@!]!&AB(D?)@JB&DA!^!W!*'@J!%@?!G&XX&JE%B$?!

[E@!J@%*!&F)%&[E@!@B![E@!?DE%_'@!%@!)*(*GDb@!G+6E`E?B@!VDFB@!�!:A!)@EB!)(@AG(@!

JDAA*&??*AJ@!G@!ADB(@!JDA?J&@AJ@W!F*&?!JDFF@AB!%+*A*%R?@(!�!:A!)@EB!?+DK?@('@(!�!

9*&?!JDFF@AB!(*&?DAA@(!@B!?@!(@`*(G@(!(*&?DAA@(!�!!

bb&&&!-DE?!?DFF@?!(@A'DR$?!!&J&!N!6(&?BDB@!"!]!&%!AYR!*!G@!?@A?*B&DA![E@!G@?!?@A?&K%@?!

@bB$(&@E(?! d! F*&?! %@?! D(`*A@?! ?@A?D(&@%?! $B*AB! @EbuFqF@?! JDF)D?$?! GY$%$F@AB?!

[E&! ?DAB! G@?! ?@A?&K%@?! @A! *JB@W! G@'(*&@AB! ?@! )@(J@'D&(! @EbuFqF@?W! J@! [E&! AY@?B!

)*?!^!;6(&?BDB@W!'(!>CN,(W!..W!<W!IHh*W!B(*GEJB&DA!v\!3(&JDB>\!9*&?![E@%%@?!?DAB!%@?!

?DE(J@?!EB&%&?$@?!&J&!)*(!V*??&DGD(@!�!.%!'@A*&B!G@!ADE?!G&(@!"!J@!A+@?B!)*?!)*(!%@?!

?@A?!A&!)*(! %+@AB@AG@F@AB![E&!)*??@!)*(! %@?!?@A?![E+DA!)@EB!JDAA*eB(@!%+aF@!F*&?!

)*(!%+@AB@AG@F@AB!&AB$(&@E(W!@B!ADE?!(@A'D&@!N!G@?!?DE(J@?!)%E?!&FF$G&*B@?W!N!?*&AB!

6E`E?B&A![E&!*'*&B!ADB$!"!L4+*5!.gW!P!"!2*3(!(*+,!,(*.!)>+G2),!,(*0(,!*-2+0!.+!.(!

*-*!*-2+0!�!*(G2(!(*+,!20!-/2>2.!/-41-4+.!2+3(0!)>+-.!-/2>-.!(0!.(!*-*!2+3(0W!+0)!

,(*.!*-2+0!)>+).!,(*0(.!(0! +?*-4)0!.(,(0+1.),! ;!]!JDFF@ABW!@A!@XX@BW! %*!)@A?$@!

JDAA*eB(*&Bu@%%@!EA@!*EB(@!)@A?$@!?&!@%%@!A@!?@!JDAA*eB!)*?!@%%@uFqF@!�!0A!@XX@BW!J@!

A+@?B!)*?!JDFF@!%+c&%!GE!JD()?!'D&B! %@?!*EB(@?!R@EbW!@B!A@!?@!'D&B!)*?! %E&uFqF@W!

[E@!%*!)@A?$@!JDAA*eB!%@?!*EB(@?!)@A?$@?!@B!?+&`AD(@!@%%@uFqF@!^\!3(*G\!2\!#E)ERu

3(EG@%%@>\!

bb&'!7@?!`)4+)(\!

bb'!/*((\!B5!/.W!oW!IP!"!/-?+0)4(!)!/-?(*3-!3+/02,!"!,(*.!1>24)!+*!2*2,!/-?+0W!2*3(!

(>+?(4(!1-..+0! ;!]!:A!*!G&B!/-?+0)4(! ;)@A?@(>!G+*)(_?!/-?(4(! ;(*??@FK%@(>!"! %+@?)(&B!

!

pL!!

(*??@FK%@!;/-?+0>!)%E?&@E(?!$%$F@AB?!@A!EA!BDEBW!*X&A!G@!)DE'D&(!R!X*&(@!EA!JOD&b\^\!

3(*G\!5\!Z%DK@(B>\!VX\!6E`\!I-*<5!gW!HH! "!2*3(!3+/02,!(.0!/-?+0)4(W!*),!/-?-!(0!

/-?+0-! .+/! (.0W!20! )?-!(0! )?+0-W! <)/+-! (0! <)/0+0-! ;! ]!G+Dy! %+@b)(@??&DA!/-?+0)4(W! J*(!

/-?-!@?B!N!/-?+0-W!J@![E+)?-!@?B!N!)?+0-W! X)/+-!N! <)/0+0-!z\!3(*G\!5\!G@!7*K(&D%%@>\!

VX\!*E??&!V*??&DG\!E.)>,5!Pp!"!/-?+0)0+-*(.!(*+,!)!/-?(*3-!3+/0)(!.2*0\ !

bb'&! 5(DB$@W! G&@E! F*(&A! GYD(&`&A@! $`R)B&@AA@! ?RFKD%&?*ABW! )*(! ?DA! )DE'D&(! G@!

F$B*FD()OD?@W!%Y*?)@JB!JO*A`@*AB!G@!%*!F@(\!/D&(!]3=..;(W!./W!'\!P=IuIoM\!!

!

bb'&&!!9$B*)OD(@!G@!%*!XD(qB\!VX\!/*((\!B5!/W!HW!<!"!.(3!2(>-/+-4!+3(-!.+!G2+2(4-!d!*-*!

,(3+-/4+.! ! (*+,! 0(*(A4)(! +*! .+>9)! 2A+! F)(/! /)10)*3)! d! *(G2(! (-! G2-! 1(49(*+4(!

2->2,2.! .(,+0)(! 04+0)(W! *(G2(! *-*! +*! 04),+0+A2.! G2)(3),! -A+(/0)! G2)(! (2*0(,!

4(0+*(4(!1-..(*0!!!!!;!]!vY&(*&!)%E?!'&B@!?&!GE!FD&A?!Q@!%@!)@EbW!%@?!B$A_K(@?!?DAB!%D&A!

GYqB(@!X*&K%@?!G*A?!%*!XD(qB!Dy!&%!ADE?!X*EB!JO@(JO@(!EA@!(DEB@!d!%N!Dy!ADE?!'DE%DA?!

*((&'@(!%@?!?@AB&@(?!A@!?DAB!)*?!X($[E@AB$?!@B!?E(!%@?!JO@F&A?!%@?!DK?B*J%@?!?DAB!G@!

A*BE(@!N!FY@F)qJO@(!GY*'*AJ@(!^\!>\!3(*GEJB&DA!)@(?DAA@%%@\!V*??&DGD(@!QDE@!?E(!

%@?!G@Eb!?@A?!GE!FDB!.+>9)![E&!?&`A&X&@!"!KD&?!@B!*E??&!*KDAG*AJ@!G@!F*B&_(@\!VY@?B!

?E(! J@BB@! *FK&`ExB$! GE! FDB! [E@! QDE@(*! 1DA?*(G! @A! )EK%&*AB! >(! ^-/)?(! (0! >(.!

&(.>)*?(.5!/D&(! %+$G&B&DA! G@! Z(*AfD&?@! vDEjD'?jRW!CZuZ%*FF*(&DAW! Hpp<W! )\! o\!

2E(!J@!Q@E!G@!FDB!;.+>9)�F=>_>W!'D&(!9*%*?)&A*!0\W!.AB@(X$(@AJ@?W!6(?!2J(&K@AG&W!IW!

LMMoW!z@A!%&`A@{!"!OBB)"||*(?u?J(&K@AG&\@A?\.?O\X(!

bb'&&&!V*??&DGD(@!ADE?!GDAA@!EA@!B@(F&AD%D`&@!G@?!X*JE%B$?!G@!%+aF@!@B!EA!$J%*&(*`@!

$BRFD%D`&[E@! GDAB! ADE?! *'DA?! 'E! %*! JDAJ@)B&DA! ;'D&(! .AB(DGEJB&DA! `$A$(*%@W! )\!

Ho>!d!! &%! GDAA@! G@Eb! G$X&A&B&DA?! G@! %+$BRFD%D`&@! %+EA@W! G*A?! %@?! H*.05! ..W! HW! L! "!

(0=,->-?+)! 2(4-! (.0! )20! 2(4)! )20! 2(4+.+,+>+.! 3(,-*.04)0+-W! 3(/>)4)*.! (c! G2)!

-4+?+*(!2(4A)!3(./(*3)*0!;!]!%+$BRFD%D`&@!@?B!%Y&AG&J*B&DA!@b*JB@!DE!'(*&?@FK%*K%@!

[E&!FDAB(@AB! GYDy! '&@AA@AB! %@?!FDB?!^>W! %+*EB(@W! G*A?!E.)>,5! H! "! (0=,->-?+)! (.0!

(*+,! -4)0+-! A4(2+.W! 1(4! /(40).! )..-*)0+-*(.! -.0(*3(*.! (c! G2-! *-,+*(! +3W! G2-3!

G2)(4+024W!2(*(4+0!*-,(*!;!]!%Y$BRFD%D`&@!@?B!EA@!JDE(B@!XD(FE%@![E&!&AG&[E@W!)*(!

J@(B*&A@?!*??DA*AJ@?W!G@![E@%!FDB!%@!FDB!JO@(JO$!)(D'&@AB!^\!3(*G\!7\9\!G@!1&Qj>\!

V@BB@!G@Eb&_F@!G$X&A&B&DA!@A!?DE%&`A@!%+$J%*&(*`@!?)$JE%*B&X\!

!

pP!!

bb&b!V*??&DGD(@! (@Q@BB@! %Y&G$@! [E@! %@! ?&_`@! G@! %YaF@! ?D&B! G*A?! %@! ?*A`\! /D&(!E.)>,5!

HLP!"! .+2(! �xSU�S! G2-3! .)*?2+*(,! *-*! F)A()0W! 20+G2(! G2+! /-41-4)>+.! *-*! (.0! d!

.+/20!+*!>+A4-!3+/02,!(.0W!G2(,!3(!)*+,)W!'-,+*-!14)(.0)*0(W!/-*./4+1.+,2.!;!]!DE!

G@! )*)+,+)! )*(J@! [EY&%! @?B! @b@F)B! G@! ?*A`W! %E&! [E&! G@! BDEB@! X*fDA! AY@?B! )*?!

JD()D(@%W!JDFF@!&%!@?B!G&B!G*A?!%@!%&'(@![EY*'@J!%Y*&G@!G@!#&@E!ADE?!*'DA?!$J(&B!?E(!

%YaF@!^\! 3(*G\! )@(?DAA@%%@>\/D&(! *E??&! 7*JB\! ]1+<5! HhW! L! "! )>++! .)*?2+*(,! (..(!

3+c(42*08!@-*!(*+,W!.+!)*+,)!.)*?2+*(!)20!1(4!22>*2.!(<<2.-W!)20!<(A4+2,!/)>-4(!

/-*.2,10-W!2+3(024!(c0+*?2+W!/-*0+*2-!+*!,)0(4+)!.)*?2+*+.!)*+,)(!4)0+-!1-*(*3)!

(.0!!!!;!]!%@?!EA?!DAB!G&B![E@!J+$B*&B!GE!?*A`\\\!2&!%YaF@!?@FK%@!?Y$B@&AG(@!%D(?[E@!%@!

?*A`!JDE%@!GYEA@!K%@??E(@!DE!@?B!JDA?EF$!)*(!%*!JO*%@E(!G@?!X&_'(@?W!&%!A@!?Y@A?E&B!

)*?! [E@! %@! )(&AJ&)@! G@! %YaF@! GD&'@! ($?&G@(! G*A?! %@! %&[E&G@! ?*A`E&A!^>\! 3(*G\! S\!

S*jODEJO@!@B!2\!7EJ&*A&\!

bbb!6*+,)! G$?&`A@! %@! )(&AJ&)@! *A&F*B@E(! GE! JD()?! JDA?&G$($! G*A?! %*! XDAJB&DA!'&B*%@!

[EY&%!R!@b@(J@!d!)*+,)4(!JY@?B!*A&F@(W!GDAA@(!%*!'&@\!VX\!6E`\!H,,5!g/W!LI!"!*(/!

+*2(*+024! )>+G2+3! G2-3! .+0! +*0(4! .2,,),! 2+0),W! G2)(! .)1+(*0+)! (0! 2(4+0).! (.0!

+*/-,,20)A+>+.W! (0! +3! G2-3! 2>0+,2,! 2+2+<+/)024W! +3! (.0! /-412.W! *+.+! 2+2+<+/)*.!

)*+,)! ;]!:(!@AB(@! %*!/&@! ?E)(qF@!�!2*`@??@!@B!/$(&B$! &FFE*K%@!�!@B! J@![E&! @?B!

'&'&X&$! @A! G@(A&_(@! %&`A@W! J+@?BuNuG&(@! %@! JD()?W! DA! A@! B(DE'@! (&@A! [E@! %+aF@!

'&'&X&*AB@!^\!3(*G\!5\!G@!7*K(&D%%@>\!

bbb&! V*??\! E.)>,5! HLP! "! )*+,2.W! ?4)(/2.! .(4,-! (.0! ���! yZ�! �x��ZqW! +3! (.0! G2-3!

,-A+>+0).!(+2.!2(*0+.!/(>(44+,+.!/-,1)4(024!;!]!)*+,2.!@?B!EA!FDB!`(@J![E&!'&@AB!

G@!)*(,-?W!J@J&!)*(J@![E@!?*!FDK&%&B$!@?B!JDF)*(*K%@!N!%*!(*)&G&B$!GE!'@AB!^\!3(*G\!

)@(?DAA@%%@>W!@B!S\!S*jODEJO@!@B!2\!7EJ&*A&W!B)/0)*/(W!'(!-1+<+/+-!'(+W!Hh\L!"!)>++!

.)*?2+*(,!(..(!3+c(42*0W!)>++! +?*(,W!)>++!2(*02,W!2*3(!)*+,)!2(>!)*+,2.!*-,(*!

)//(1+0W!G2-3!?4)(/(!2(*02.!�x��Z[!3+/+024!"!*(/!+>>-42,!0),(*!G2+.G2),!3+c+..(!

)>+G2+3!2+3(024!;!]!%@?!EA?!DAB!G&B![E@!J+$B*&B!GE!?*A`W!G+*EB(@?!GE!X@EW!G+*EB(@?!GE!

'@ABW!GYDy!?DA!ADF!GY)*+,2.!DE!GY)*+,)!)*(J@![E@!%@!'@AB!?@!G&B!)*(,-.!@A!`(@J!d!

*EJEA!GY@Eb! J@)@AG*AB! A@! ?@FK%@! *'D&(! G&B! [E@%[E@! JOD?@!G@! '*%*K%@>\!3(*G\!S\!

S*jODEJO@!@B!2\!7EJ&*A&\!#*A?!J@!B@bB@W!V*??&DGD(@!*??DJ&@!%*!)(DF)B&BEG@!G@!%*!

)@A?$@! N! %*! (*)&G&B$! GE! '@AB!d! )*+,2.! @?B! &J&! @F)%DR$! )DE(! ]!G$?&`A@(! %YaF@! G@!

%YODFF@!JY@?BuNuG&(@!EA!)(&AJ&)@!'&B*%!@B!EA@!?EK?B*AJ@!(*&?DAA*K%@\!VY@?B!%*!)*(B&@!

?E)$(&@E(@!G@!%YaF@!(*&?DAA*K%@W!@B!@%%@!?@FK%@!)*(XD&?!?@!JDAXDAG(@!*'@J!,(*.!^!

!

pI!!

;4\!C&%?DAW! H*04-32/0+-*K!)\! <h>\!/D&(! *E??&!6E`\!L4+*5! g/W! H! "! 4(,! G2)(!,(*.!

2-/)024!2(>!)*+,2.!G2-!*-,+*(!*-**2>>+!)2/0-4(.!>+*?2)(!>)0+*)(!+3!G2-3!(c/(>>+0!

+*!F-,+*(!(0!*-*!(.0!+*!1(/-4(!)A!)*+,)!G2)(!+*(.0!(0!1(/-4+!.2-!G2-3),!>-G2(*3+!

,-4(! 3+.0+*?22*0\! z! ]!J@BB@! ($*%&B$! [E@! %+DA! *))@%%@!,(*.! ;�)@A?$@�>! DE! )*+,2.!

;�aF@! (*&?DAA*K%@�>\! V+@?B! )*(! J@! G@(A&@(! ADF! [E@! )%E?&@E(?! *EB@E(?! G@! %*A`E@!

%*B&A@W! *GD)B*AB! *&A?&! EA@!F*A&$(@! )(D)(@! G@! ?+@b)(&F@(W! G$?&`A@AB! J@! [E&! @?B! %@!

F@&%%@E(!@A!%+ODFF@!@B!A@!?@!B(DE'@!)*?!JO@m!%@?!KqB@?\!3(*G\!2\!#E)ERu3(EG@%%@{\!

-DE?!*'DA?!G$QN!'E![E@!V*??&DGD(@!@F)%D&@!'D%DAB&@(?!)*+,2.!N!%*!)%*J@!GY)*+,)!

;'D&(!.AB(DGEJB&DAW!))\!H<uHo>\!

bbb&&!7*!FEB*K&%&B$!G@!%+aF@!@?B!EA@!GDAA$@!X*F&%&_(@!JO@m!%@?!*EB@E(?!JO($B&@A?\!:A!%*!

(@B(DE'@! JO@m! 3@(BE%&@AW! )*(! @b@F)%@!"! 3@(B\!6*+,5! gg.! "! G2)(! /2,! .+0! (0! +1.)!

*)024)>+.!)0G2(!,20)A+>+.W!G2-G2-!2(40+024W!*)024)!/-*2(40+024!;!]!JDFF@!@%%@!@?B!

G@!?DA!J~B$!A*BE(@%%@!@B!?EQ@BB@!*E!JO*A`@F@ABW!)*(BDEB!Dy!@%%@!&AJ%&A@W!@%%@!&AJ%&A@!

A*BE(@%%@F@AB!^\!3(*G\!)@(?DAA@%%@>\!:A!(@B(DE'@!G*A?!%*!S&K%@!EA!)*(*%%_%@!@AB(@!%@!

?*`@! @B! %Y&A?@A?$W!Q//>W! LhW! HH! z! %@! 2&(*J&G@! DE! 7*! 2*`@??@! G@!S@A! 2&(*!"! F-,-!

.)*/02.!+*!.)1+(*0+)!,)*(0!.+/20!.->!*),!.02>02.!.+/20!>2*)!+*,20)024!;]!%@!G&?JDE(?!

G@! %+ODFF@! )&@Eb! @?B! BDEQDE(?! ?*`@??@W! F*&?! %+&A?@A?$! @?B! JO*A`@*AB! JDFF@! %*!

%EA@!^>!3(*G\!S&K%@!G@!v$(E?*%@F{\!2*&AB!6E`E?B&A!@A!X*&B!EA@!J&B*B&DA!G*A?!Q1W!<<W!

h!"!]!%@!?*`@!G@F@E(@!JDFF@!%@! !?D%@&%W!F*&?! %+&A?@A?$!JO*A`@!JDFF@!%*! %EA@!^!d!

F*&?!&%!)*(*eB!G&XX&J&%@!G@!B(DE'@(!EA@!?DE(J@!)DE(!%@!)*(*%%_%@!@AB(@!JRJ%@!BORF&[E@!

@B!JRJ%@!%EA*&(@!;VX\!6\!C*%DAA&@(W!>C(*/=/-1>;3+.,(W!)\!<<>\!VY@?B!EA@!F$B*)OD(@!

[E&!?@(*!?DE'@AB!(@)(&?@\!VX\!l\!2O*j@?)@*(@W!"-,;-!(0!k2>+(00(W!*JB@!..W!?J_A@!L!"!

]K! .d()4! *-0! A=! 0F(! ,--*K! 0FM+*/-*.0)*0! ,--*K! 0F)0! ,-*0F>=! /F)*?(.! +*! F(4!

/+4/>(3! -4AK! >(.0! 0F)0! 0F=! >-9(! 14-9(! >+j(d+.(! 9)4+)A>(! ;A@! QE(@! )*?! )*(! %*! %EA@!

&AJDA?B*AB@![E&!@A!EA!FD&?!JO*A`@!?*A?!*((qB!?E(!?DA!D(K@W!G@!J(*&AB@![E@! B*!XD&W!

JDFF@!@%%@W!A@!'*(&@>\!

bbb&&&! $1+4+02.W! @A! `(@J! 1*(2,)W! @?B! %@! ?DEXX%@! G@! '&@\! VY@?B! GY*KD(G! #&@E! [EY&%!

G$?&`A@!"!'(2.!.1+4+02.!(.0!;v@*AW!|W!m|>\!$1+4+02.!G$?&`A@!*E??&!%*!)*(B&@!(*B&DAA@%%@!

G@!%YaF@W!X*JE%B$![E@!%@?!*A&F*Eb!A@!)D??_G@AB!)*?\!VX\!6E`\!J+35!$=,A5!gW!LP!"!

G2+)! .)(1(! )*+,)! .+,2>! /2,! .1+4+02! *-,+*)024! 1)4.! (*+,! G2)(3),! (+2.3(,!

4)0+-*)>+.W!G2)!/)4(*0!A(.0+)(W!.1+4+02.!3+/+024! z!]!J*(!?DE'@AB! %+aF@!@?B!JDF)(&?@!

?DE?! %@! ADF! G+@?)(&B\! 0A! @XX@BW! %*! )*(B&@! (*&?DAA*K%@! G@! J@! G@(A&@(W! J@%%@! GDAB!

!

p<!!

F*A[E@AB! %@?! *A&F*EbW! ?+*))@%%@! ;)(D)(@F@AB>! %+@?)(&B!^\! 3(*G\! v\!1&'&_(@{\!VY@?B!

@AX&A!J@!?DEXX%@!&FF*B$(&@%![E&!ADE?!*A&F@\!VX\!6E`\!P(*5!B+005!/..W!LH!"!G2+3!.+0!

)20(,K!*-*!3+/+024!,(>+2.!G2),!)*+,)!2(>!.1+4+02.!2+0)(!+3(-!(*+,!)33+024!2+0)(!z!

]!}E+@?Bu@%%@! GDAJ!�! :A! A@! ?*E(*&B! F&@Eb! G&(@! [E+@A! %+*))@%*AB! aF@! DE! @?)(&B!

;?)&(&BE?>! G@! '&@!^\! 3(*G\! 5\! 6`*�??@! @B! 6\! 2D%&`A*J{\! 7YO&?BD&(@! GE! 1*(2,)! @?B!

%DA`E@\! .%! G$?&`A*&B! *E! G$KEB! EA@! ($*%&B$! )E(@F@AB! F*B$(&@%%@\! 7@! 1*(2,)! (@?B@!

F*B$(&@%! JO@m! %@?! ?BDxJ&@A?W! %@?! A$D)%*BDA&J&@A?W! JO@m! 3@(BE%%&@A! @B! 7*JB*AJ@W!

@AJD(@![EY&%!?D&B!*%D(?!JDAfE!JDFF@!EA@!F*B&_(@!?EKB&%@!d!F*&?!%*!)A@EF*BD%D`&@!

(@?B@!F*B$(&*%&?B@\!�!)*(B&(!G@!V%$F@AB!GY6%@b*AG(&@!@B!GY:(&`_A@!?@!G$`*`@!EA@!

GDJB(&A@! ?)&(&BE*%&?B@! GE! 1*(2,)! GYD(&`&A@! @??@AB&@%%@F@AB! ?J(&)BE(*&(@\! 2*&AB!

6E`E?B&AW! *)(_?! :(&`_A@W! *! )($J&?$! G*'*AB*`@! %*! )D(B$@! )O&%D?D)O&[E@! GYEA!

)A@EF*! JDAfE! JDFF@! &FF*B$(&@%\! ;C\! /@(K@j@W! BC;9->20+-*! 3(! >)! 3-/04+*(! 32!

E*(2,)! 32! .0-t/+.,(! g! .)+*0! 62?2.0+*K! #023(! 1F+>-.-1F+G2(>\!:A! JDF)(@AG! %@?!

($B&J@AJ@?! [EYDA! *! D))D?$@?! N! %*! ?)&(&BE*%&B$! G@! %YaF@W! [E@! J@(B*&A?! 'DE%*&@AB!

($?@('@(! N! #&@E\! ;VX\! 0\7\! ZD(B&A! "! IF4+.0+)*+.,(! (0! /2>024(! 1F+>-.-1F+G2(! )2!

/+*G2+_,(!.+_/>(W!)\!<Lu<P>\!!

bbb&'!V*??&DGD(@!?Y@XXD(J@!G@!A@!)*?!JDAXDAG(@! %YaF@!@B! ?@?! X*JE%B$?! ;)*+,2.K!,(*.K!

.1+4+02.>\!/D&(!6\!C*%DAA&@(W!]!7+@AJRJ%D)$G&?F@!^W!))\!<Iu<h\!!

bbb'!6E`\!P(*5! B+005! /..W! LH! "! +3(-! (*+,! )33+024! 2+0)(5G2+)! (0! +.0(! )(4! 1>(42,G2(!

3+/+024!.1+4+02.\!z!]!:A!*QDEB@!%*!G$B@(F&A*B&DA!�G@!'&@�W!)*(J@![E@!%+*&(W!%E&!*E??&W!

@?B!?DE'@AB!*))@%$!.1+4+02.!;?DEXX%@>!^\!3(*G\!5\!6`*�??@!@B!6\!2D%&`A*J{\!

bbb'&! VY@?BuNuG&(@! %@?! )O&%D?D)O@?\! 7@?! J*(*JB$(&?B&[E@?! G@! %YaF@! [E&! ?DAB! @A?E&B@!

GDAA$@?! (@A'D&@AB! N! 5%*BDA! )DE(! %*! )(@F&_(@! @B! %*! B(D&?&_F@W! N!6(&?BDB@! )DE(! %*!

?@JDAG@! @B! %@?! G@(A&_(@?! ;4\! S($O&@(W! B)! 1F+>-.-1F+(! 32! &-=(*! 6?(K! HphHW! )\!

P=o\ADB@\!<P>\!

bbb'&&!5%*BDA!*'*&B!JDA?&G$($!%+aF@!JDFF@!EA@!($*%&B$!?$)*(*K%@!GE!JD()?\!.%!?E&'*&B!@A!

J@%*! %@?! )RBO*`D(&J&@A?W! )(@F&@(?! G$X@A?@E(?! GE! GE*%&?F@! ?)&(&BE*%&?B@! ;:\!

U*F@%&AW!>(!.=.0_,(!3�64+.0-0(K!HphoW!)\!PhP>\!:A!(@B(DE'@!J@BB@!ADB&DA!G*A?!V*%J\!

L+,5!LLo!"!(.0!+?+024!)*+,)!+2c0)!E>)0-*(,!.2A.0)*0+)!/)4(*.!/-41-4(!.(,(0!+1.),!

,-2(*.!4)0+-*)A+>+.! ;!]!7YaF@!?@%DA!5%*BDA!@?B!GDAJ!EA@!?EK?B*AJ@! &AJD()D(@%%@W!

*EBDFDB(&J@! @B! (*B&DAA@%%@!^\! 3(*G\!S\!S*jODEJO@>W! @B! JO@m! ?*&AB!6E`E?B&AW! )DE(!

!

po!!

[E&W! ]!)(DE'@(! [E@! %YaF@! @?B! G&?B&AJB@! GE! JD()?! JY@?B! )(DE'@(! [EY@%%@! @?B! EA@!

?EK?B*AJ@! ?)&(&BE@%%@!^! ;4\! C&%?DAW! ]!.AB(DGEJB&DA!^W! )\! <p>W! F*&?! JO@m! ?*&AB!

6E`E?B&A! %@?! XD(FE%@?!?DAB!G&'@(`@AB@?W!ADE?!*E(DA?! %+DJJ*?&DA!G+R! (@'@A&(! ;/D&(!

0\7\!ZD(B&AW!]!VO(&?B&*A&?F@!^W!))\!HHHuHLW!@B!4\!C&%?DAW!]!H*04-32/0+-*!^W!)\!<=!!>\!

bbb'&&&!5DE(!6(&?BDB@W!]!%YaF@!@?B!%Y@AB$%$JO&@!)(@F&_(@!GYEA!JD()?!D(`*A&[E@![E&!*!%*!

'&@!@A!)E&??*AJ@\!,A!JD()?![E&!*!%*!'&@!@A!)E&??*AJ@W!EA!JD()?!D(`*A&[E@W!JY@?B!%*!

FqF@!JOD?@!"!JY@?B!EA!JD()?![E&!*!BDEB!J@![EY&%!X*EB!)DE(!?@('&(!*Eb!XDAJB&DA?!G@!

%YaF@\! 7Y@AB$%$JO&@W! JY@?B! J@BB@! *)B&BEG@! N! XDAJB&DAA@(! zn{! *&A?&! %YaF@! *! )DE(!

F*B&_(@! EA! JD()?! D(`*A&[E@!^\! ;:!U*F@%&AW! >(! .=.0_,(! 3�64+.0-0(W! HphoW! )\! PhI\!

/D&(!6(&?BDB@W!'(!1)40+A2.!)*+,)>+2,!.W!<"!�S�yS!��x!Z�x!yS�y�!WUXY�T�X5!����!W�!

y�!��x!�Y�SxZx!��x!�x��\!yZqK!y�x!W�!yZ�!T��SyZ[!�ZY�Xx!��STyZx!�x��\!yZqK!y�!

W !Z¡!�x��S!�Y�¢�[!yU[K!£Sx�Y�x!¤yU!�S�!y�!T�xZ¥Zx!T��S!Tqx�Ty¦��!�Y\¢��[!yUxZ[!

�x��S! �Z¥q��YZ�[! zn{!§Ty�! �S�! y�! T��\! �X[! y¨[!pqr¨[! �x���x! ;! ]!/D&J&! GDAJ!

JDFF@AB!DA!)@EB!X&b@(!%*!F*(JO@!N!?E&'(@!"!)E&?[E@!BDEB!D(`*A@!@?B!@A!'E@!G+EA@!

X&AW![E@!JO*JEA@!G@?!)*(B&@?!GE!JD()?!@?B!*E??&!@A!'E@!G+EA@!X&AW!@B![E@!%*!X&AW!J+@?B!

EA@! *JB&DAW! &%! (@??D(B! [E@! %@! JD()?! BDEB! @AB&@(! @?B! JDA?B&BE$! @A! 'E@! G+EA@! *JB&DA!

BDB*%@\zn{!5*(!?E&B@!%@!JD()?!BDEB!@AB&@(!@b&?B@!@A![E@%[E@!?D(B@!)DE(!%+aF@!^\!3(*G\!

v\9\!7@K%DAG>\!!

bbb&b! VDFF@! ADE?! %Y*'DA?! G$QN! G&B! G*A?! %Y&AB(DGEJB&DAW! V*??&DGD(@! GDAA@! G@Eb!

G$X&A&B&DA?!G@!%YaF@W!J@%%@!G@?!)O&%D?D)O@?!;,)?+.04+!.)(/2>)4+2,!>+00;4)42,>!)E&?!

J@%%@! G@?! 5_(@?! G@! %Y4`%&?@! @B! G@?! GDJB@E(?! JO($B&@A?! ;)2/0-4+0).! 9(4)/+2,!

3-/0-42,>\!9*&?!DA!)@EB!?E&'(@!9&JO@%@!#&!9*(JD!;!]!2J@%B*!@!EB&%&mm*B&DA@!G@%%@!

XDAB&! A@%! #@! *A&F*! G&! V*??&DGD(D!^W! $023+! (! ,)0(4+)>+! 3+! .0-4+! 3(>>)! 4(>+?+-*(W!

Hp=<W!'\!.gW!))\!pPuHHh>!G*A?!G@Eb!(@F*([E@?!"!7*!G&?B&AJB&DA!@AB(@!)O&%D?D)O@?!@B!

GDJB@E(?! G@! %*! XD&! ?@(*&B! FD&A?! )@(B&A@AB@! [EYEA@! D))D?&B&DA! @AB(@! B@A*AB?! GYEA!

)?RJOD%D`&@!F*B$(&*%&?B@W!N!?*'D&(!6(&?BDB@W!%@?!)$(&)*B$B&J&@A?W!%@?!?BDxJ&@A?W!@B!G@?!

)@A?@E(?! JO($B&@A?! JDFF@! 3@(BE%%&@AW! V*??&@AW! Z*E?B@! G@!1&@mW! @B! B@A*AB?! GYEA@!

)?RJOD%D`&@! ?)&(&BE*%&?B@! JDFF@! 5%*BDAW! %@?! A$D)%*BDA&J&@A?W! 2*&AB! 6E`E?B&AW!

V%*EG&@A!9*F@(B!;G&?B&AJB&DA!(@)(&?@!)*(!C\!9*BODAW!BM)*0F4-1->-?+(!/F4;0+(**(!

(*!]//+3(*0! 3(! .)+*0! 62?2.0+*! g! k()*! $/-0! #4+?_*(5! "(/F(4/F(.! .24! >(! .-40! 3(.!

0F_.(.!3(!>M)*0F4-1->-?+(!)2?2.0+*+(**(!324)*0!>(!O)20!&-=(*!N?(W!7&%%@W!Z*JE%B$!

G@! 3O$D%D`&@W! 3O_?@! ;P! 'D%\>W! 'D%\! .W! ))\! HHpuLM\! 5*(! *&%%@E(?! DA! )@EB! 'D&(! EA!

!

ph!!

K*%*AJ@F@AB!@AB(@! %@?!G@Eb!G$X&A&B&DA?!@B! (*BB*JO@(! .2A0)*0+)! .+,1>+/(,W!.1(/+(,!

*)024)>(,! N! 14-14+)! .2A.0)*0+)! d! 3+.0)*0(,! )!,)0(4+)! /-41-4+.! N! .1+4+02)>+.! d! @B!

-4?)*2,!,(,A4-42,W! @B! 9+4020(,!F)A(*0(,! N! .2+! /-41-4+.! 9+9+<+/)04+c5!:A!)@EB!

ADB@(! EA@! ADE'@%%@! XD&?! [E@! V*??&DGD(@! ?DE%&`A@! ?DA! )(D)D?! )*(! EA! $J%*&(*`@!

?RFKD%&[E@!d!@A!&AB$`(*AB!J&A[!B@(F@?!)(DX*A@?!@B!?@)B! B@(F@?!G@?!GDJB@E(?!G@!%*!

XD&W!&%!*((&'@!G@!ADE'@*E!*E!ADFK(@!GDEm@\!;9\!#&\!9*(JDW!]!-DB@!?E%%*!?&FKD%D`&*!

G@&!AEF@(&!A@%!#@!*A&F*!G&!V*??&DGD(D!^W!&A!I)..+-3-4-!"!3)>>)!/-40(!3+!")9(**)!

)>!`+9)4+2,!3+!$G2+>>)/(W!L!;HppP>!"!)\!LML\!!

b%!7�aF@!@?B!EA@!?EK?B*AJ@!(*&?DAA*K%@!X*&B@!)DE(!($`&(!EA!JD()?!"!6E`\!n2)*05!g...W!

LL! "! .+! )20(,! 3(<+*+4+! 0+A+! )*+,2,! 9+.W! (0! +3(-! G2)(4+.! G2+3! .+0! )*+,2.W! <)/+>(!

4(.1-*3(-5! @),! ,+F+! !9+3(024! (..(! !.2A.0)*0+)! !G2)(3),! 4)0+-*+.! 1)40+/(1.W!

4(?(*3-!/-41-4+!)//-,-3)0)!!;!]!9*&?!?&!BE!'@Eb!EA@!G$X&A&B&DA!G@!%+aF@!@B![E@!BE!

G@F*AG@?!"!}E+@?BuJ@![E@!%+aF@!�!F*!($)DA?@!?@(*!X*J&%@!"!%+aF@!F@!)*(*eB!qB(@!EA!

?EK?B*AJ@!GDE$@!G@!(*&?DA!@B!*)B@!N!`DE'@(A@(!EA!JD()?\!^\!3(*G\!5\!G@!7*K(&D%%@>\!

#*A?!J@!B@bB@!)*+,2.!*!%@!?@A?!GY)*+,)!d!ADE?!*'DA?!G$QN!'E![E@!?*&AB!6E`E?B&A!

%YEB&%&?@! G@! )($X$(@AJ@! ! )DE(! G$?&`A@(! EA! )(&AJ&)@! '&B*%! @B! EA@! ?EK?B*AJ@!

(*&?DAA*K%@!;4\!C&%?DAW!H*04-32/0+-*W!)\!<h>\!

b%&!7YaF@!A�@?B!)*?!&FFE*K%@\!2@E%!#&@E!)D??_G@!%*!)%$A&BEG@!G@!%YqB(@\!0A!(*))@%*ABW!

[E@! %YaF@! @?B! &FFD(B@%%@W! F*&?! [EY@%%@! @?B! ?EQ@BB@! *E! JO*A`@F@ABW! V*??&DGD(@!

(@)(@AG! J@! [EY*'*&B! G&B! V%*EG&@A!9*F@(B! @B! *'*AB! %E&! 2*&AB!6E`E?B&A! "! 'D&(W! %Nu

G@??E?W!0\7\!ZD(B&AW!IF4+.0+)*+.,(W!))\!HMHuHMLW![E&!J&B@!?*&AB!6E`E?B&AW!&)c+,5!..!

"! +,,-40)>+0)0(,!)20(,!3(2.!F)A(4(!3+/+024!.->2.W!G2+)!(.0! +,,20)A+>+.!.->2.5! H*!

-,*+!(*+,!,20)A+>+!*)024)!*-**2>>)!,-4.!(.0!+1.)!,20)0+-W!G2+)!<)/+0!)>+G2+3!+*!()!

*-*!(..(!G2-3!(4)0!;!]!}E*AB!N!%+&FFD(B*%&B$W!&%!@?B!G&B![E@!#&@E!%+*!?@E%W!)*(J@![E+&%!

A+R! *! [E@! %E&! G+&FFE*K%@\! 0A! @XX@B! G*A?! BDEB@! A*BE(@! FE*K%@W! JO*A`@*AB@W! %@!

JO*A`@F@AB!FqF@! @?B! EA@! ?D(B@! G@!FD(BW! )E&?[E+&%! JDA?&?B@! N! X*&(@! [E@! [E@%[E@!

JOD?@! [E&! $B*&B! *E)*(*'*AB! G*A?! J@BB@! A*BE(@! A@! ?D&B! )%E?!^\! 3(*G\!U\!S*((@*E! @B!

JD%%\>\!

!!b%&&\E)4024+)>(!@?B!EA!F)1)c!G@!V*??&DGD(@\!!

b%&&&\.%! R! *! '(*&?@FK%*K%@F@AB! EA@! ($F&A&?J@AJ@! G@!9*J(DK@W! $)05! /..W! Ho!"! *)024)!

<)A4+/)*.! )2(,! )A! +*<-4,+! 423+,(*0-! /-(1+0! (0! -22,! +*! G2-! *(/32,! (.0! .1(/+(.!

)*+,)>+.!(<<(/+0e!(c!F-/!1(4<(/0)(!)2+.!.1(/+(.!(c0+0+0!14-/(3(*0(!1)2>)0+,!,)024+0)0+.!

!

p=!!

(<<(/02!;%*!A*BE(@!*!JDFF@AJ$!)*(!EA@!$K*EJO@!(EG&F@AB*&(@W!)(DGE&?*AB!%+cEXW!G*A?!

%@[E@%! %Y*?)@JB! G@! %+*A&F*%! AY@?B! )*?! @AJD(@! *JO@'$!"! N! )*(B&(! G@! [ED&! ?@!FDAB(@! %*!

X&`E(@! JDF)%_B@F@AB! *KDEB&@! G@! %YD&?@*E! G$JDE%*AB! GYEA@! %@AB@!F*BE(*B&DA>\! 3(*G\!

)@(?DAA@%%@\!2Y*`&Bu&%!*E??&!G@!%*!F$B*)OD(@!GE!)O$A&bW!?RFKD%@!GY&FFD(B*%&B$!@B!G@!

($?E((@JB&DAW!@B!B(*&B$!G*A?!%@!I)4,(*!3(!69(!EF-(*+/(K!*BB(&KE$!N!7*JB*AJ@\!/D&(!Z\!

#Y0%&*W! BC6*04-1->-?+)! 3+! I)..+-3-4-W! 1DF*W! Hp=hW! ))\! <ou<h\! ;V&B$! )*(! 6\!

3DFKD%&A&W!I)..+-3-4-W!)\!HhW!ADB@!I<>\!7Y&F*`@!GE!)O$A&b!*'*&B!$B$!($JE)$($@!)*(!

%@?! JO($B&@A?! !! z'D&(! 7\! CD??@(@mW! 7@! )O$A&b! JD%D($! ;GYU$(DGDB@! N! 6FK(D&?@! G@!

9&%*A>W!^2>>(0+*!3(!>M6..-/+)0+-*!P2+>>)2,(!^23;W!LMMhW!/D%EF@!HW!!.??E@!HW!!))\!pIu

HHh{W! @B! G*A?! %Y&JDAD`(*)O&@! JO($B&@AA@! )(&F&B&'@W! %@! )*DAW! %*! JD%DFK@! @B! GYEA@!

F*A&_(@! `$A$(*%@! %YD&?@*E! [E&! 'D%_B@! G*A?! EA! Q*(G&A! $'D[E*AB! %@! )*(*G&?! ?DAB! EA!

?RFKD%@!G@!%YaF@!;Z\!3(&?B*AW!B(.!14(,+_4(.!+,)?(.!/F4;0+(**(.K!Z*R*(GW!HppoW!))\!

HHMuHH>\!!

b%&'! ]!0A! @XX@BW! )DE(! ?@! JDAX$(@(! %Y@b&?B@AJ@W! &%! X*EG(*&B! @b&?B@(! *X&A! G@! )DE'D&(!

?Y@A`@AG(@(W! @BW! @A! FqF@! B@F)?W! A@! )*?! @b&?B@(! )DE(! *'D&(! N! qB(@! @A`@AG($! d! &%!

X*EG(*&B! GDAJ! qB(@! )DE(! )DE'D&(! ?@! X*&(@! qB(@W! J@! [E&! @?B! *K?E(G@!^\! ;4\! C&%?DA!

H*04-32/0+-*K!)\!op>\!

b%'!7*!/E%`*B@!;0JJ%\W!lm>!!GDAA@!EA!B@bB@!%$`_(@F@AB!G&XX$(@AB!"!(0!4(9(40)024!12>9+.!+*!

0(44),! .2),!2*3(! (4)0! (0! .1+4+02.! 4(3()0! )3!'(2,!G2+! 3(3+0! +>>2,5!:A! (@B(DE'@!

JO@m!2*&AB!6E`E?B&A!%@!B@bB@!G@!V*??&DGD(@!"!(0!4(2(40(024!12>2+.!+*!0(44),K!.+/20!

(4)0K!(0!.1+4+02.!4(2(40(024!)3!3(2,K!G2+!3(3+0!(2,!;7@BB(@!N!v@(~F@W!Q1+.5!HpMW!<hW!

<>\!

b%'&!.?*x@W!~oW!l{\!7*!/E%`*B@!G&B!"!(0!<>)02.!(?-!<)/+),\!:A!(@B(DE'@!(0!<>)02,!-,*(,!

(?-!<(/+!JO@m!?*&AB!6E`E?B&AW!P(*5!B+005!/..W!PW!@B!JO@m!3@(BE%%&@AW!6*+,5!HH\!!

b%'&&!U@AGR*GR?!!

b%'&&&!V*??&DGD(@!?E&B!*E!)%E?!)(_?!?*&AB!6E`E?B&A![E&!'@EB!)(DE'@(![E@!%YaF@!@?B!EA@!

?EK?B*AJ@! ?)&(&BE@%%@W! G&?B&AJB@! GE! JD()?! GDAB! @%%@! A@! )D??_G@! *EJEA@! G@?!

)(D)(&$B$?\!V+@?B!J@![E@!)@A?@!$`*%@F@AB!V%*EG&@A!9*F@(B![E&!G*A?!?DA!'(!.0)02!

)*+,)(! ($)DAG! N! %*! )D%$F&[E@! *AB&u*E`E?B&A&@AA@! GE! /�! ?&_J%@W! @A! G$X@AG*AB!

%Y&AJD()D($&B$! G@! %YaF@!/D&(!9*F@(BW!6*+,5! ..W! HH! "! +*/-41-4()! (4?-! (.0! )*+,)!

!

pp!!

;]!%YaF@!@?B!GDAJ! &AJD()D(@%%@!^>!@B! ...W!HH! "!1)0(0W!20!)4A+04-4W!)*+,2,!(0!1(4!.(!

+*/-41-4()!(0!1(4!/-412.!2+3(4(!/-41-4()! ;!]!&%! @?B! $'&G@ABW! JDFF@! Q@! %@!)@A?@W!

[E@!%�aF@!)*(*eB!)*(!?D&!&AJD()D(@%%@W!@B!)*(!%�&AB@(F$G&*&(@!GE!JD()?W!JD()D(@%%@!^\!

3(*G\! )@(?DAA@%%@>\! .%! ?E&B! ?*&AB! 6E`E?B&AW!P(*5! B+005! /..W! LH! "! .+! (*+,! G2+! F-/!

.(*0+2*0! F-/! 3+/2*0! /-412.W! G2-3! (0! *-.W! +3! (.0! *)024),! G2),>+A(0! >-*?+023+*(W!

>)0+023+*(W! )>0+023+*(! .1)0+2,! >-/+! -//21)*0(,W! *(G2(! F-/! (.0! )*+,)! *(G2(! +*3(!

<)/0)!/4(3(*3)!(.05!n2+3G2+3!(*+,!0)>(!(.0W!20!,2>0)!*-*!3+/),W!+*!G2)/2,G2(!.2+!

1)40(!>+*(+.!3+2+3+!2(>!/+4/2,./4+A+!1-0(.0!"!G2-3!)*+,)!.+!1)0(4(024!d!*2>>-!,-3-!

*-..(!1-..(0! 0)>(.!>+*().W!G2)(!1(4!>-*?2,!.(/)4+!*-*!G2(2*0W!G2)>(.!+*!/-41-4(!

*-*! 1-..(! +*2(*+4+! *+F+>-,+*2.! *-2+0! ;! ]!2&! J@Eb! [E&! )(DX@??@AB! J@BB@! D)&A&DA!

*))@%%@AB!JD()?!J@![E@!ADE?uFqF@?!*))@%DA?!JD()?W!J+@?BuNuG&(@!EA@!A*BE(@!GDE$@!

G@!%DA`E@E(W!G@!%*(`@E(W!G@!O*EB@E(!@B!DJJE)*AB!EA!%&@E!G*A?!%+@?)*J@W!%+aF@!G+EA@!

)*(B!A+@?B!)*?!J@%*!@B!G+*EB(@!)*(B!DA!A@!GD&B!)*?!J(D&(@![E+@%%@!?D&B!X*&B@!N!)*(B&(!G@!

%N\!3DEB! J@! [E&! @?B! B@%! @A! @XX@BW! )DE(!F@!KD(A@(! N! %+@??@AB&@%W! )@EB! qB(@! G&'&?$! DE!

J&(JDA?J(&B! )*(! G@?! %&`A@?W! @A! %+EA@! [E@%JDA[E@! G@! ?@?! )*(B&@?\! :(W! ?&! %+aF@! $B*&B!

)*??&K%@!G@!B@%?!*JJ&G@AB?W!@%%@!A@!)DE((*&B!JDAJ@'D&(!G@!%&`A@?!&A?$J*K%@?!G*A?!%@!

?@A?!G@! %*! %DA`E@E(W! B@%%@?! [E+@%%@! ?*&B! A$*AFD&A?![E+DA! @A!)@EB! B(DE'@(! G*A?!EA!

JD()?!^\!3(*G\!5\!6`*�??@!@B!6\!2D%&`A*J>\!/D&(!*E??&W!Q1+.05!HooW!IIW!L!"!1-44-!.+!

/-412.!*-*!(.0W!*+.+!G2-3!1(4!>-/+!.1)0+2,!)>+G2)!>-*?+023+*(W!>)0+023+*(W!)>0+023+*(!

+0)!.+.0+024!2(>!,-2(024W!20!,)+-4(!.2+!1)40(!,)+-4(,! >-/2,!-//21(0!(0!A4(2+-4(!

A4(2+-4(,!,+*2.!G2(!.+0!+*!1)40(!G2),!+*!0-0-W!*-*!(.0!/-412.!)*+,)!;]!9*&?!?+&%!

A+R!*!G@!JD()?![E@!J@![E&!@?B!@A!(@)D?!DE!@A!FDE'@F@AB!G*A?!EA!@?)*J@!*'@J!EA@!

%*(`@E(W!EA@!%DA`E@E(W!EA@!O*EB@E(W!G@!F*A&_(@![E@!%*!)%E?!`(*AG@!DE!%*!)%E?!)@B&B@!

)*(B&@! G@! J@BB@! ?EK?B*AJ@! DJJE)@! %*! )%E?! `(*AG@! DE! %*! )%E?! )@B&B@! )*(B&@! G@! J@B!

@?)*J@W!@B![E+@%%@!?D&B!FD&AG(@!G*A?!EA@!)*(B&@![E@!G*A?!%@!BDEBW!%+aF@!A+@?B!)*?!EA!

JD()?!^\!3(*G\!U\!S*((@*E!@B!JD%%\>W!@B!n2)*05!...W!I!"!G2),-A4(,!G2)*0)!.+0!)*+,)!

.(/2*32,!+*G2+.+0+-*(,!F)*/!0+A+!4(.1-*3(4(!*-*!1-..2,!d!.(3!1-..2,!)<<+4,)4(W!

*(G2(!+>>),!>-*?),!(..(W!*(/!>)0),W!*(/!4-A2.0),W!*(G2(!)>+G2+3!F-42,!G2)(!+*!

,(*.24+.! /-41-42,! G2)(4+! .->(*0! ;! ]!/D&%N! )DE([ED&! Q@! A@! )E&?! ($)DAG(@! N! B*!

[E@?B&DA!?E(!%*!`(*AG@E(!G@!%+aF@W!G*A?!%@!?@A?!Dy!BE!%+*?!)D?$@\!9*&?!J@![E@!Q@!)E&?!

*XX&(F@(W! J+@?B! [E@! %+aF@! A+@?B! A&! %DA`E@W! A&! %*(`@W! A&! (DKE?B@W! @B! A@! JDF)D(B@!

*EJEA@!G@?!)(D)(&$B$?![E@!ADE?!F@?E(DA?!D(G&A*&(@F@AB!G*A?!%@?!JD()?!^\!3(*G\!5\!

G@!7*K(&D%%@>\!

!

HMM!!

b%&b!2*`@??@W!vW!l~! "!/-412.!(*+,!G2-3!/-442,1+024!)3?4)9)0!)*+,),\!VDFF@!ADE?!

%+*'&DA?! ?DE%&`A$! G*A?! %+.AB(DGEJB&DAW! V*??&DGD(@! X*&B! ?+@AB(@JOD[E@(! %+*FDE(! G@!

%+aF@! )DE(! %@! JD()?W! ADB&DA! $F&A@FF@AB! JO($B&@AA@W! @B! %@! GE*%&?F@! )%*BDA&J&@AW!

[E*AG!&%!ADE?!)*(%@!G+aF@!*%DE(G&@!;,->(!14)(?4)9(024>!@B!G@!)(&?DA!;/)4/(4(,>\!

/D&(! 6\2JO@&AG@(W! ]!#&@! 0(j@AABA&?%@O(@! K@&! S@`&AA! G@(! 2JOD%*?B&j!^W!

EF+>-.-1F+.F(.!k)F4A2/FW!PPuPI!;HpLH>!"!))\!LL=uLp!"!]!#*?!/@(O�%BA&?!G@(!2@@%@!

mEF! 7@&K@! k&(G! 'DA! &OF! &F! 2&AA@! G@?! ?B(@A`@(@A! )%*%DA&?JO*E`E?B&A&?JO@A!

#E*%&?FE?! `@G*JOB\! #&@! /@(K&AGEA`! K@&G@(! &?B! j@&A@! k@?@AB%&JO@W! ?DAG@(A! @&A@!

(@&A! �E??@(%&JO@W! k&@! S@F@(jEA`@AW! G*??! G&@! 2@@%@! G@F! 7@&K@! AE!

�K@&`@?@%%B�!;/-41-4+! .-/+)0)>W! 'DA! ?@&A@(! 7*?! +K@?JOk@(B+! k&(GW! G@EB%&JO! m@&`@A\!

l@AA! &O(! &F! l&G@(?)(EJO! G*mE! 2@OA?EJOB! EAG! 7&@K@! A*JO! G@F! 7@&K@!

mE`@?)(DJO@A! k&(GW! ?D! O*AG@%B\! 0?! ?&JO! EF! @&A@! #@Ajk@&?@W! G&@! `%@&JOX*%%?! *A!

C@G*Aj@A!6E`E?B&A?! @(&AA@(B! EAG! GE(JO! JO(&?B%&JOuBO@D%D`&?JO@!9DB&'@! `@k@JjB!

k*(! z.%! JDA?&G_(@! %*! (@%*B&DA! G@! %YaF@! *E! JD()?! ?DE?! %�*?)@JB! GYEA! GE*%&?F@!

;*E`E?B&ADu)%*BDA&J&@A>! )%E?! (&`&G@\! 7+*??DJ&*B&DA! G@?! G@Eb! AY@?B! )*?! @??@AB&@%%@W!

F*&?! )E(@F@AB! XD(F@%%@\! V@J&! ?DE%&`A@! F*A&X@?B@F@AB! [E@%[E@?! (@F*([E@?W! )*(!

@b@F)%@![E@!%YaF@!@?B!?@E%@F@AB!�%&$@�!*E!JD()?!;/-41-4+!.-/+)0)>W!�*%DE(G&@�!)*(!

J@%E&u!J&\!2&!*E!JDAB(*&(@W!DA!%E&!*BB(&KE@!%@!G$?&(!@B!%Y*FDE(!GE!JD()?W!J@BB@!F*A&_(@!

G@!)@A?@(!(*))@%%@!*%D(?!%*!)@A?$@!BO$D%D`&[E@!@B!JO($B&@AA@!GY6E`E?B&A{!^\!

%! 0b)(@??&DA! EB&%&?$@! )*(! V*??&DGD(@! G*A?! E.)>,5! HMH! "! .->>+/+0)! /24+-.+0)0(!

1(4G2+4+05!

%&! ! !6E`\!P(*5!B+005!/..W!LH! "!'(.+*)0! (4?-!*2*/! +*0(4+,!.2.1+/)4+! .(! (..(!/-412.! ;!

]!}E+@%%@! J@??@!GDAJ!G$?D(F*&?! G@! ?@! G@F*AG@(! ?&! @%%@! @?B! EA! JD()?!^\!3(*G\!5\!

6`*�??@! @B!6\!2D%&`A*J>\!/D&(! *E??&!9*F@(BW!6*+,5! ...W! Ho! "!'(2.! +*/-41-4(2.!

(.0K! +,)?-!)20(,!3(+!F2,)*2.!)*+,2.K!G2-*+),!)3! .+,+>+023+*(,!(0! +,)?+*(,!

3(+! <)/02.!(.0!F-,-5!Q*+,2(4-! +,)?-! +*/-41-4(+! /-412.!(..(!*-*!1-0(.0K! +?+024!

G2+)! +,)?-!3(+!(.0!F2,)*2.!)*+,2.K! +*/-41-4(2.!(.0!)*+,2.!F2,)*2.! ;!]!#&@E!

@?B!&AJD()D(@%W!@B!%+aF@!OEF*&A@!@?B!%+&F*`@!G@!#&@EW!)E&?[E@!%+ODFF@!*!$B$!X*&B!N!

?DA!&F*`@!@B!N!?*!(@??@FK%*AJ@!G@!#&@E\!V+@?B![E@!%+&F*`@!G@!%+&AJD()D(@%!A@!)@EB!

qB(@!EA!JD()?W!@A!JDA?$[E@AJ@!)E&?[E@!%+aF@!OEF*&A@!@?B!%+&F*`@!G@!#&@EW!%+aF@!

OEF*&A@!@?B!&AJD()D(@%%@!^>\!:A!ADB@(*![E@!V%*EG&@A!9*F@(B!EB&%&?@!)*+,2.!)DE(!

)*(%@(!G@!%YaF@\!

!

HMH!!

%&&! ! !0\G@!S(ERA@W!#023(.! 3M(.0F;0+G2(!,;3+;9)>(W! .W! HpIoW! ]!#@!SD_J@! N! v@*A!2JDB!

4(&`_A@!^W! )\! o<! "!]!%+aF@W! @A! @XX@BW! )(&AJ&)@! '&'&X&*AB! GE! JD()?W! *&F@! %*! JO*&(!

[E+@%%@!*A&F@!G+EA!*FDE(!&A@b)(&F*K%@!^\!

%&&&!!!-DE?!*'DA?!G$QN!?DE%&`A$!%+*FK&`ExB$!G@!%*!)D?&B&DA!G@!V*??&DGD(@![E&!(@A'D&@!N!%*!

XD&?!*E!GE*%&?F@!)%*BDA&J&@A!@B!D(&`$A&?B@!@B!N!]!%+&AJ%&A*B&DA!A*BE(@%%@!G@! %+aF@!N!

'&'(@!G*A?!EA!JD()?!^!;0\!5D(B*%&$W!I)..+-3-4(W!JD%W!LP<=>\!.%!ADE?!(@A'D&@!N!?*&AB!

6E`E?B&A! G*A?! %@?! $J(&B?! GE[E@%! DA! A@! )@EB! B(DE'@(! G@! ($)DA?@! XD(F@%%@! N! J@BB@!

[E@?B&DAW!F*&?!GDAB!DA!)@EB!'D&(!JO@F&A@(!%*!)@A?$@!G*A?!%@?!G&XX$(@AB@?!XD(FE%@?!

[E+&%! ADE?! )(D)D?@! ;! 0\! 5D(B*%&$!! ]!!V*??&DGD(@!^W! JD%\! LP<=W! @B! 4\! C&%?DAW!

]!.AB(DGEJB&DA!^W! )\! oL>\! #&@E! *! J($$! EA@! aF@! @B! EA! JD()?! d! %+aF@! `*(G@! ?*!

)($$F&A@AJ@! F*&?! %+EA&DA! [E@! %+aF@! ?)&(&BE@%%@! GDAA@! *E! JD()?! @?B! &AB&F@! @B!

)(DXDAG@! d! %YaF@! '*! *&A?&! *&F@(! @B! G$?&(@(! J@! JD()?W! J@! [E&! @?B! JDAX&(F$! )*(! %@?!

$J(&BE(@?! z2*&AB! 5*E%W! 0)O$?&@A?W~\! mv! "! *(,-! (*+,! 2,G2),! /)4*(,! .2),! -3+-!

F)A2+0!;!]!J*(!AE%!A+*!Q*F*&?!O*e!?*!)(D)(@!JO*&(!^!>\!3(*G\!7\!2@`DAG>!{\!

%&'!!!/D&(!!%Y&AB(DGEJB&DA!`$A$(*%@W!@B!6E`\!I-*<5!/..W!LH!"!(0.+!/-*3(>(/0(024!F-,-!>(?+!

3(+! .(/2*32,! +*0(4+-4(,! F-,+*(,W! G2+3! <)/+(0! 3(! )>+)! >(?(! +*! ,(,A4+.! .2+.!

4(12?*)*0(! >(?+!,(*0+.! .2)(!(0! .(! /)10+22,!32/(*0(! +*! >(?(!1(//)0+W! G2)(!(.0! +*!

,(,A4+.! (+2.!�! ! ! ;!]!!%+ODFF@W! @A! @XX@BW! *! K@*E! )(@AG(@! )%*&?&(! N! %*! %D&! G@!#&@EW!

?@%DA! %+ODFF@!&AB$(&@E(W![E@!X@(*uBu&%!G@!J@BB@!*EB(@! %D&![E&W!G*A?!?DA!JD()?W! %EBB@!

JDAB(@!%*!%D&!G@!?*!(*&?DAW!@B![E&!%@!(@AG!J*)B&X!G@!%*!%D&!GE!)$JO$W!&A?J(&B@!G*A?!?DA!

JD()?!^\!3(*G\!5\!G@!7*K(&D%%@>\!

%'! ! !V*??&DGD(@! ?@! ?$)*(@! &J&! G@!V%*EG&@A!9*F@(BW! )DE(! [E&! J@! AY@?B! )*?! %YaF@! [E&!

[E&BB@! %@! JD()?!F*&?! %@! JD()?! [E&! *K*AGDAA@! %YaF@!"!6*+,\! .W! LM! "!F+*/! (.0! G2-3!

(,-4+(*.! -,*(! /-412.! )*+,)02,! *-*! ),+00+0! )*+,),W! .(3! 3+,+00+0W! G2+)! *-*!

(?4(3+024!G2-3!*-*!+*/>23+024!d!*(/!),+00+024!G2-3!*-*!0(*(024!;!]!V+@?B!)DE([ED&!

BDEB!JD()?!*A&F$![E&!?@!F@E(B!A@!%*&??@!)*?!$JO*))@(!%+aF@W!F*&?!%+*K*AGDAA@W!J*(!

J@![E&!A+@?B!)*?!@AX@(F$!A@!?D(B!)*?W!@B!J@![E&!A+@?B!)*?! B@AE!A@!?+$JO*))@!)*?!^\!

3(*G\!)@(?DAA@%%@>\!V+@?B![E@!)DE(! %E&W! %+aF@!@?B! %@! %&@E!GE!JD()?W!J@![E@!)DE'*&B!

$'D[E@(!V*??&DGD(@!@A!ADE?!G&?*ABW!?E&'*AB!%@!7&'(@!G@!%*!2*`@??@W!vW!l~W![E@!%+aF@!

@?B! *%DE(G&@! )*(! %@! JD()?! ;G2),9+.! +1.+2.!,->(! 14)(?4)9(024>\! /D&(! 0\7\! ZD(B&AW!

]!VO(&?B&*A&?F@!^W!))\!HLpuPHW![E&!ADB@![E@!?*&AB!6E`E?B&A!R!X*&B!EA@!XD&?!*%%E?&DA!

G*A?!n2)*05!PMW!oH\!

!

HML!!

%'&!3O$D(&@! G+D(&`&A@! ?BDxJ&@AA@\!/D&(! !%Y&AB(DGEJB&DA! `$A$(*%@W! ADB@! Hoh\!9*&?! )DE(!

?*&AB!6E`E?B&A! *E??&W! %YaF@! *`&B! )*(! %Y&AB@(F$G&*&(@! G@! %Y*&(! @B! GE! X@EW!P(*5!B+00\!

/..W! H<! "! )*+,)! (4?-! G2-*+),! 4(.! (.0! +*/-41-4()! /-412.W! G2-3! +*/-41-4(-!

2+/+*2,!(.0W!.+/20+!(.0!+?*+.!2(>!1-0+2.!>2c!(0!)(4W!14+,+02.!)?+0!(0!1(4!F)(/!/(0(4)!

G2)(! /4)..+-4)! .2*0! /-41-4+.W! .+/20+! F2,-4! (0! 0(44)! ;! ]!7+aF@! $B*AB! ($*%&B$!

&AJD()D(@%%@W! @%%@! *`&B! G+*KD(G! ?E(! EA! JD()?! [E&! *! G@?! *XX&A&B$?! *'@J! %+&AJD()D(@%W!

JDFF@!?DAB!%@!X@E!DE!)%E?!)($J&?$F@AB!%*!%EF&_(@!@B!%+*&(!d!)*(!@Eb!@%%@!*`&B!?E(!%@?!

$%$F@AB?!)%E?!`(D??&@(?!GE!JD()?W!JDFF@!%+@*E!@B!%*!B@((@!^\!3(*G\!5\!6`*�??@!@B!6\!

2D%&`A*J>\!!

%'&&!4\!C&%?DAW!H*04-32/0+-*!"!]!7D(?[EYEA!)D&AB!GE!JD()?!@?B!BDEJO$W!%YaF@!@AB&_(@!@A!

@?B! &AXD(F$@!^\! V+@?B! %@! )(DK%_F@! G@! %*! JDFFEA&J*B&DA! G@?! ?EK?B*AJ@?\!

V*??&DGD(@!'&@AB! G@!ADE?!G&(@! [E@! %+aF@W! J@BB@! XD(J@!'&B*%@! &`A$@! ?+@?B! ($)*AGE@!

G*A?! %@?!)*(B&@?!GE!JD()?! d! &%!*QDEB@![E+@%%@!@?B!)*(!@??@AJ@! &F)%*AB$@!)*(BDEBW!J@!

[E&!A@! %+@F)qJO@(*!)*?W!)%E?! B*(GW!G@! %E&! B(DE'@(!EA!?&_`@! d!@B! &%!EB&%&?@! %*!ADB&DA!

G+*BB@AB&DA! '&B*%@! ;'D&(! ADB@! %&b>W! [E&! ?DE%&`A@! [E+@%%@! @?B! BDEB@! @AB&_(@! G*A?! %@?!

)*(B&@?! GE! JD()?! )(&?@?! @A?@FK%@W! @B! BDEB@! @AB&_(@! G*A?! JO*[E@! )*(B&@! )(&?@! @A!

)*(B&JE%&@(\!:A!*!EA!)@E!G@!)@&A@! N! ?E&'(@W!F*&?! JDFF@AB! @A'&?*`@(! J%*&(@F@AB!

%+EA&DA! G+EA@! ?EK?B*AJ@! ?)&(&BE@%%@! @B! G+EA@! ?EK?B*AJ@! JD()D(@%%@! �! 5DE(! ?*&AB!

6E`E?B&AW! %YaF@!@?B! %@!)(&AJ&)@!'&'&X&*AB!GE!JD()?W!@B!?&!@%%@!@?B!)($?@AB@!G*A?!J@!

JD()?!JY@?B!G@!F*A&_(@!?)&(&BE@%%@W!R!@b@(f*AB!EA@!*JB&DA!DFA&)($?@AB@\!!;/D&(!4\!

C&%?DAW!H*04-32/0+-*W!)\oP>\!!

%'&&&!6E`\!Q1+.05!Hoo!"!*),!1(4!-,*(.!(f2.!1)40+/2>).!0-0)!;�!)*+,)b!.+,2>!)3(.0W!*(/!

,+*-4!+*!,+*-4+A2.!(0!+*!,)f-4+A2.!,)f-4!d!.(3!)>+/2A+!+*0(*0+2.K!)>+/2A+!4(,+..+2.W!

(0! +*! -,*+A2.! 0-0)W! (0! +*! .+*?2>+.! 0-0)! (.0! ;@B! G*A?! JO*[E@! )*(B&@! GE[E@%! @%%@! @?B!

BDEB@!@AB&_(@W!?*A?!qB(@!FD&AG(@!G*A?!%@?!FD&AG(@?!)*(B&@?W!A&!)%E?!`(*AG@!G*A?!%@?!

)%E?! `(*AG@?\! 2&! ?DA! *JB&DA! @?B! )%E?! &AB@A?@! G*A?! %@?! EA?W! FD&A?! '&'@! G*A?! %@?!

*EB(@?W! @%%@! @?B! J@)@AG*AB! BDEB@! @AB&_(@! G*A?! BDEB@?! JDFF@! G*A?! JO*JEA@! @A!

)*(B&JE%&@(\!3(*G\!U\!S*((@*E!@B!JD%%>\!/D&(!ADB@!)($J$G@AB@\!

%&b!6E`\!Q1+.05!Hoo!"!1(4!0-02,!G2+11(!/-412.K!G2-3!)*+,)0K!*-*!>-/)>+!3+<<2.+-*(!.(3!

G2)3),! 2+0)>+! +*0(*0+-*(! 1-44+?+024! ;! F*&?! )*(! EA@! J@(B*&A@! *JB&DA! `$A$(*%@! @B!

'&'&X&*AB@! @%%@! @?B! )($?@AB@! N! BDE?! %@?!F@FK(@?!GE! JD()?![E+@%%@! *A&F@\!3(*G\!U\!

!

HMP!!

S*((@*E! @B! JD%%>\! vY*&! (@)(&?! )DE(! 9+0)>+! +*0(*0+-*(! %*! B(*GEJB&DA! GY4\! C&%?DAW!

H*04-32/0+-*W!)\!oP!;/D&(!ADB(@!.AB(DGEJB&DA!`$A$(*%@W!ADB@!Hho>\!

%b! �j@! Z(&GO! ;I-*04+A20+-*.! g! >)! /4+0+G2(! (0! g! >M+*0(414;0)0+-*! 3(.! `)4+)(! 3(!

I)..+-3-4(W!Hpo=W!)\!LL>W!ADB@![E@!/-12>)0!,(,A4)!.2)!@?B!EA@!J%*E?E%@!@B![E+&%!

X*EB!)DAJBE@(!*)(_?!.2)\!!

%b&!6E`\!n2)*05! PPW! hM! "! F)(/! +?+024! 14+,-W! G2-3! /2+2+.! )*+,)32(40(4(! <)/+>(! (.0W!

/-412.! F-/! 0(44(*2,! )0G2(! ,-40)>(! 14)(.(*0+)! .2)! 2+2+<+/)0! d! /->>+?+0! +*! 2*2,W!

)0G2(!+*!2*-!0(*(0W!3+<<>2(4(!)0G2(!/-*0)A(./(4(!*-*!.+*+0!d!)>+,(*0)!1(4!,(,A4)!

)(G2)>+0(4W! .2+.! /2+G2(! 4(33+0+.W! 3+.04+A2+! <)/+0! d! /-*?42(*0+),! (+2.! ,-32,! G2(!

/-*.(42)0W!*-*! 0)*02,! +*! 12>/F4+023+*(W! .(3! (0+),! +*! /4(./(*3-! )0G2(! ?+?*(*3-!

;0A! )(@F&@(! %&@EW! J+@?B! @%%@! �! JO*JEA! )@EB! *&?$F@AB! %+DK?@('@(! �! [E&W! )*(! ?*!

)($?@AJ@W! '&'&X&@! J@! JD()?! B@((@?B(@! @B! FD(B@%\! 0%%@! %E&! GDAA@! ?DA! EA&B$W! @%%@! %+R!

F*&AB&@ABW!@%%@!A@! %E&!)@(F@B!)*?!G@!?@!G$?*`($`@(!A&!G@!G$)$(&(W!@%%@!)@(F@B!*Eb!

*%&F@AB?! G@! ?@! G&?B(&KE@(! AD(F*%@F@AB! @AB(@! %@?!F@FK(@?! W! JO*JEA! (@J@'*AB! ?DA!

Gr\!0%%@!JDA?@('@!%+O*(FDA&@!@B!%*!)(D)D(B&DAW!ADA!?@E%@F@AB!G*A?!%*!K@*EB$!W!F*&?!

G*A?!%*!J(D&??*AJ@!@B!%*!`$A$(*B&DA\!3(*G\!5\!G@!7*K(&D%%@>\!

%b&&!6E`\!I+95!gg.W!HM!"!G2+)!(0!+.0(!)>+2.!,-32.W!G2-!/-41-4+A2.!)3F)(4(*0!.1+4+02.W!(0!

)*+,)>+)!<+2*0W!-,*+*-!,+42.!(.0W!*(/!/-,14(F(*3+!)A!F-,+*(!1-0(.0W!(0!F-/!+1.(!

F-,-!(.0!;J*(!%E&!*E??&W!J@B!*EB(@!FDG@!?E&'*AB!%@[E@%!%@?!@?)(&B?!*GO_(@AB!*E!JD()?!

@B! %@?! (@AG@AB! '&'*AB?! @?B! BDEB! N! X*&B! F@('@&%%@Eb! @B! A@! )@EB! qB(@! JDF)(&?! )*(!

%+ODFF@!"!J@BB@!EA&DA!)DE(B*AB!J+@?B!%+ODFF@!FqF@\!3(*G\!C\!VDFK_?>\!5DE(!EA@!

*A*%R?@!G@!%+EA&DA!G@!%+aF@!@B!GE!JD()?W!'D&(!0\7\!ZD(B&AW!IF4+.0+)*+.,(W!JO*)&B(@!

...W!]!%@!A$D)%*BDA&?F@!@B!%+EA&DA!G@!%+aF@!@B!GE!JD()?!^W!!)\!HHH!@B!?E&'*AB@?\!5DE(!

?*&AB! 6E`E?B&A! %YaF@! ?@(B! ]!GY&AB@(F$G&*&(@! @AB(@! %@! JD()?! [EY@%%@! *A&F@! @B! %@?!

.G$@?! G@! #&@E! [E&! %Y*A&F@AB!^W! J@BB@! )(Db&F&B$! *'@J! #&@E! $B*AB! %&$@! N! %*! A*BE(@!

?)&(&BE@%%@!G@!%YaF@!;'D&(!GY4\!C&%?DAW!H*04-32/0+-*W!)\!oI>\!!!

%b&&&! 5DE(! ?*&AB! 6E`E?B&AW! ADE?! %Y*'DA?! G$QN! 'EW! %YaF@! @?B! EA@! ?EK?B*AJ@! GDE$@! G@!

(*&?DA!;!'D&(!ADB@!IMW!n2)*05!HPW!LL>\!

%b&'!6E`\!Q95!k-F\!HIW!o!"!G2+3!*-2+0!*+.+!0(44),!3(!0(44)!�!F2,)*)!>-G2+024W!F2,)*)!

*-2+0W!F2,)*)!.)1+0!;!]!}E@!JDAA*eBu&%!?&ADA!%*!B@((@!@B!N!)*(B&(!G@!%*!B@((@!�!.%!*!EA!

!

HMI!!

%*A`*`@! G+ODFF@W! EA@! JDAA*&??*AJ@! G+ODFF@W! EA! `DrB! G+ODFF@!^\!3(*G\!9\! Z\!

S@((DE*(G>\!

%b'!7*!(*&?DA![E&!ADE?!X*&B!JDAA*eB(@!#&@EW!ADE?!X*&B!JDAA*eB(@!*E??&!%@!S@*EW!%@!S&@A!@B!

%@!!/(*&!d!@%%@!ADE?!G$JDE'(@W!@A!FqF@!B@F)?!%@?!XDAG@F@AB?!G@!%*!(@%&`&DAW!J@Eb!

G@!%+*(BW!G@!%*!FD(*%@W!G@!%*!?J&@AJ@!@BW!@A!)*(B&JE%&@(W!G@?!?J&@AJ@?!F*BO$F*B&[E@?!

;9\!Z@((*mW!'(!>)!1.=/F->-?+(K!)\!LoP>\!

%b'&! 6\! V(DJJDK! ]!.%! 7&K@(! G@! 6A&F*! G&! V*??&DGD(D!^! W! $)1+(*u)! "! "+9+.0)!

+*0(4*)u+-*)>(!3+!<+>-.-<+)!3+!0(->-?+)W!L<!;HphL>!"!)\!HIh!"!]!(*`&DA@n!$!GEA[E@!

EA*! X*JD%BN! G&?JD(?&'*! @! `&EG&J*B(&J@W! JO@! G&?B&A`E@! %YEDFD! G*&! K(EB&! ;%*!

(*&?DAn@?B!GDAJ!EA@!X*JE%B$!G&?JE(?&'@!@B!*)B@!N!QE`@(![E&!G&?B&A`E@!%YODFF@!G@?!

KqB@?>!^!d!3(/(*0(4!(c/(>>+0!@?B!)@EBuqB(@!EA!$JOD!G@!?*&AB!6E`E?B&A!;6\!3DFKD%&A&W!

I)..+-3-4-K!)\!LIW!ADB@!oIW![E&!J&B@!?*&AB!6E`E?B&A!"!O(105/..W!Ph!"!G2-3!+*!>+*?2+.!

?(*0+2,!?4)(/)!+0)!(c/(>>)0K!20!1(4!F)*/!-,*(.!3(/(*0(4!.+?*+<+/(*024!;!]!G*A?!%@?!

%*A`E@?! G@?! `@AB&%?! JY@?B! %*! `(@J[E@! [E&! %Y@F)D(B@! ?&! K&@A! [E@! )*(! ?DA!

&AB@(F$G&*&(@!BDEB!@?B!?&`A&X&$!JDA'@A*K%@F@AB!^!>\!!

%b'&&!")0+-!(.0!,(*0+.!,-0+-!?@!B(DE'@!JO@m!?*&AB!6E`E?B&AW!]435!..W!HH!"!4)0+-!(.0!,(*0+.!

,-0+-K! ()! G2)(! 3+./2*024! 3+.0+*?2+! (0! /-**(/0(*3+! 1-0(*.! ;!]!7*! (*&?DA! @?B! %@!

FDE'@F@AB! )*(! %@[E@%! %+@?)(&B! G&?B&A`E@! @B! %&@! %@?! JOD?@?! [E@! ADE?! *))(@ADA?!^\!

3(*G\! 1\! vD%&'@B>\! V*??&DGD(@! R! *QDEB@! %+*GQ@JB&X! 14-A)A+>+.\! [E@! Q@! B(*GE&?! )*(! ]!

G$FDA?B(*B&X! ^W! ?E&'*AB! 6\! C*%DAA&@(W!BM(*/=/>-1;3+.,(W! )\! <H! [E&! %E&! GDAA@! %@!

?@A?! ]!GY*)DG&JB&[E@!^! W! @B! )*(J@! [E@! %*! ?E&B@! @A! ?E``_(@! %@! ?@A?\!E4-A)A+>+.! @?B!

B(*GE&B! )*(! ]!$'&G@AB!^! ;v\l\! \U*%)D(AW! H*.0+020+-*.W! )\! LI<W! [E&! %E&! *'*&B! GDAA@!

[E@%[E@?! )*`@?! *'*AB! ;)\LIL>! %@! ?@A?! G@! ]!G$FDAB(*K%@!^>W! @B! )*(!

]!*(`DF@AB*B&'D!^! ;6\! 3DFKD%&A&>! [E&! ?@! ($X_(@! N! 6(&?BDB@W! [E&! G&?B&A`E@!

%Y&AB@%%&`@AJ@!&ABE&B&'@!@B!%*!(*&?DA!G&?JE(?&'@>\!

%b'&&&! V*??&DGD(@! EB&%&?@! &J&! )*+,2.! @B! ADA! )*+,)! )E&?[E+&%! ?+*`&B! G+EA@! D)$(*B&DA!

&AB@%%@JBE@%%@! ;v\! 7*`DE*A_(@W! H*0;4+-4+0;! (0! 4;<>(c+9+0;! 3)*.! >)! 1(*.;(! 3(! .)+*0!

62?2.0+*W!))\!HMHuHML>\!/D&(!3(*GEJB&DAW!ADB@?!IMW!<HW!=L!@B!HII\!

%b&b!-DE?!*'DA?!'E!)%E?!O*EB!;ADB@\!oh>W!%*!G$X&A&B&DA![E+!6E`E?B&A!GDAA@!G@!%*!(*&?DA\!

#*A?!n2)*05!LoW!<HW!&%!G&B!"!+0)!+.0)!4)0+-!*+.+!+*2(*+4(0!+*!,(!)>+G2+3!/-?*+02,W!G2-!

!

HM<!!

+**+0(*.! )3! +*/-?*+02,! 32/(4(0! d! *+F+>! -,*+*-! 1(4! +>>),! 3+./(4(,W! *(/! (),!

14-4.2.! 4)0+-*(,! *-,+*)4(,! ;!]! 2&! GDAJ! J@BB@! (*&?DA! B(DE'*&B! @A! FD&! [E@%[E@!

JOD?@!G@!JDAAEW![E&! %E&! ?@('@!G+*))E&!)DE(!?+*JO@F&A@(!'@(?! %+&AJDAAEW! Q@!A+*E(*&!

(&@A!N!*))(@AG(@!G+@%%@!@B!Q@!%E&!(@XE?@(*&!A@BB@F@AB!%@!ADF!G@!!(*&?DA!^\!3(*G\!5\!G@!

7*K(&D%%@>\!V*??&DGD(@!GDAA@!&J&!EA@!G$X&A&B&DA!G&?JE(?&'@!G@!%*!(*&?DAW!@B!A@!?E&B!

)*?!?*&AB!6E`E?B&A!)DE(![E&!%+D(&`&A@!G@?!JDAA*&??*AJ@?!A+@?B!A&!G*A?!%@?!JOD?@?!A&!

G*A?! ADE?uFqF@?!F*&?! G*A?! EA@! ?DE(J@! )%E?! &AB$(&@E(@!d! ADE?! %+*'DA?! G$QN! ADB$!

;.AB(DGEJB&DA!`$A$(*%@W!ADB@!Hp=>\!

%bb!7*!(*&?DA!G@!%+ODFF@!@?B!%*!X*JE%B$!G@!JDAA*eB(@!%*!(*&?DA!G@?!JOD?@?!;9\!Z@((*mW!

'(!>)!1.=/F->-?+(W!)\!L=p>\!

%bb&!3@(B\!6*+,5!I<!"!G2),!(3+c+,2.!*(?-0+-.),!(0!(c(4/+0),!.(,1(4!(c!1(41(02+0)0(!

,-0)0+-*+.! ;!]!3M2*(! D,(! z\\\{! [E@! ADE?! *'DA?! G$J%*($@! BDEQDE(?! DJJE)$@! @B!

*`&??*AB@! )*(! %*! )@()$BE&B$! GE! FDE'@F@AB!^\! 3(*G\! )@(?DAA@%%@>\! /D&(!

6\3DFKD%&A&W! I)..+-3-4-W! )\! L<! ADB@\! ohW! )DE(! %@[E@%! ,-0)0+-! (@A'D&@! N!

%+&FFD(B*%&B$W!@B!2*&AB!6E`E?B&AW!N!)(D)D?!GE!'@(K@!OEF*&A!;9(4A2,>!"!L4+*5!g/W!

H<!"!G2+3!(.0K!+*G2),K!F-/!<-4,)A+>(!*-*32,!G2(!<-4,)02,!*+.+!G2+33),!,(*0+.!

*-.04)(!G2-3!F)/!)0G2(!F)/!2->2A+>+!G2)3),!,-0+-*(!+)/0),2.555;!]!}E@%!@?BW!G&?u

Q@W!J@![E@%[E@!JOD?@!G@!XD(F*K%@!@B!G@!ADA!@AJD(@!XD(F$W!?&ADA!EA!Q@!A@!?*&?![ED&!

G@!ADB(@!@?)(&B![E@W!)*(!EA@!@?)_J@!G@!FDE'@F@AB! &AJ@??*ABW!ADE?!)D(BDA?!G@uJ&!

G@u%N!^!>W!@B!g/W!H<!"!(0!02*/!<+0!2(42,!2(4A2,!G2)*3-!+>>23!G2-3!*-.!3+c+!2->2A+>+!

,-0+-*(! +)/0)4(! )3! +3! G2-3! ./+,2.! 1(42(*+0! ;! ]!@B! &%! R! *! '@(K@! '(*&W! %D(?[E@! J@!

[E@%[E@!JOD?@![E@W!JDFF@!Q@!%+*&!G&BW!ADE?!)D(BDA?!G@uJ&!G@u%N!)*(!EA!FDE'@F@AB!

&AJ@??*ABW!?@!X&b@!?E(!J@![E@!ADE?!?*'DA?!^\!3(*G\!5\!6`*�??@>\!

%bb&&!6E`\!&2.5!/.! "!)>+0(4! (*+,!/-?+0-! 1)04(,!,(2,!G2(,! .)(1(!2+3+W! )>+0(4! )22,!

G2(,!*2*G2),!2+3+5!O-42,!14+,2,!1F)*0).+)!(.0W! )>0(42,!1F)*0).,)5! H>>23! +*!

,(,-4+)!+*2(*+-W!F-/!+*!(-!,-02!)*+,+W!G2+!(c!++.!-402.!(.0!G2-.!F)A(0!,(,-4+)!!

;]!6EB(@W!@A!@XX@BW!@?B!F*!)@A?$@!G@!FDA!)_(@![E@!Q+*&!'E!?DE'@ABW!@B!*EB(@!J@%%@!G@!

FDA!*x@E%![E@!Q@!A+*&!Q*F*&?!'E!d!Q@!B(DE'@!%*!)(@F&_(@!G*A?!%*!F$FD&(@W!%*!?@JDAG@!

G*A?!J@!FDE'@F@AB!G@! %+aF@![E&!@?B!?D(B&!G@?!DKQ@B?!)D??$G$?!)*(! %*!F$FD&(@!^\!

3(*G\! C\! Z&AA*@(B! @B! Z\! v\! 3ODAA*(G>\! V*??&DGD(@! @F)%D&@! )F)*0).0+/)! N! G@Eb!

(@)(&?@?!G*A?! %@! B(*&B$W!@B!EA!F*AE?J(&B!GDAA@!1F)*0).,)0+/)5!2*&AB!6E`E?B&A![E&!

EB&%&?@! @A! `$A$(*%! 1F)*0).+)! @B! 1F)*0).,)K! @F)%D&@! *E??&! N! )%E?&@E(?! (@)(&?@?!

!

HMo!!

1F)*0).0+/)!JDFF@!G*A?!I-*<5!/.W!HP!"!(0!2+3(A)0!G2)(3),!2)*)!(0!1F)*0).0+/)!;!

]!@B!@%%@!'DR*&B!G@?!&F*`@?!&(($@%%@?!@B!X*AB*?B&[E@?!^\!3(*G\!5\!G@!7*K(&D%%@>\!/D&(!

*E??&! 6E`\! $->+>5! "! 20! G2+3! +*0(4.+0! +*0(4! 9(4),! <+?24),W! [2)(! +*0(>>+?(*0+)!

/-*0+*(024W! (0! (),! G2),! .+A+! <+*?+0! /-?+0)0+-W! G2)(! ?4)(/(! .+2(! 1F)*0).+)! .+2(!

1F)*0).,)!3+/+024W!A4(2+0(4!(c1-*).!;!]!Q@!B@!?E))%&@!G@!F+@b)%&[E@(!@A![E@%[E@?!

FDB?!%*!G&XX$(@AJ@!@AB(@!%*!X&`E(@!'$(&B*K%@!W!B@%%@![E+@%%@!($?&G@!G*A?!%+&AB@%%&`@AJ@W!

@B!J@%%@![E@!JDAfD&B! %+&F*`&A*B&DA!�! %*! X*AB*&?&@W! %@!]!)O*AB*?F@!^W!JDFF@!G&?@AB!

%@?!C(@J?!^\!3(*G\!5\!G@!7*K(&D%%@>\!2*&AB!6E`E?B&A!EB&%&?@!1F)*0).+)!)DE(!%+&F*`@!

)@(fE@! %&$@! N! %*! F$FD&(@! @B! 1F)*0).,)! )DE(! %+&F*`@! *(K&B(*&(@! ;4\! C&%?DAW!

H*04-32/0+-*W! )\! hPW! ADB@\! PW! @B! v\! 7*`DE*A_(@W! H*0;4+-4+0;K! )\! LoM\!/D&(! *E??&! S\!

S*jODEJO@W! ]!7*! ��������! @B! ?@?! G&'@(?@?! @b)(@??&DA?! G*A?! %@! FDAG@! %*B&A!^W!

EF+>-.-1F+(!)*0+G2(W!A�!pW!LMMpW!))\!HohuH==\>\!V*??&DGD(@!*??DJ&@!1F)*0).0+/)!N!

+,)?+*)0+-*(K!J@![E&!GDAA@!N!1F)*0).0+/)!EA!?@A?!)%E?!XD(B![E+&F*`&A*&(@!DE!&(($@%W!

N!FD&A?![E@!J@%*!A@!(@AB(@!G*A?!%@!?BR%@!)%$DA*?B&[E@![E+*XX@JB&DAA@!V*??&DGD(@\!

%bb&&&! #*A?! %*! JDAA*&??*AJ@! ?@A?&K%@! %@! JD()?! A@! )@EB! *`&(! ?E(! %YaF@! ;%Y&AX$(&@E(!

AY*`&B!)*?!?E(! %@!?E)$(&@E(>W!JY@?B! %YaF@![E&!'@&%%@!?E(! %@?!FDG&X&J*B&DA?![E@!)@EB!

?EK&(! %@! JD()?\! 7*! ?@A?*B&DA! @?B! EA@! *JB&DA! G@! %YaF@W! XD(J@! ?)&(&BE@%%@! BDEQDE(?!

*BB@AB&'@W!@B!%*!?@A?*B&DA!@?B!]!EA@!XDAJB&DA!G@!%*!)@A?$@!^!d!F*&?!%*!)@A?$@!)*(*&B!

@bB&()@(!K@*EJDE)!)%E?![EY@%%@!A@!JDAB&@AB\!VY@?B![EY&%!@b&?B@!G@?!%D&?!G@!%*!A*BE(@!d!

Q@!'D&?!G@?!JOD?@?!?*A?![E@!GY*EB(@?!%@!?*JO@ABW!@B!GY*EB(@?!%@?!'D&@AB!?*A?![E@!Q@!%@!

?*JO@W!@B!)DE(B*AB!DA!'D&B!%@?!FqF@?!JOD?@?\!V@?!%D&?!A@!)@E'@AB!qB(@!ADB(@!cE'(@W!

%@E(!D(&`&A@!GD&B!qB(@!(@JO@(JO$@!G*A?!ADB(@!F*eB(@!&AB$(&@E(W!#&@E\!5DE(!BDEB!J@J&!

'D&(!4\!C&%?DAW!H*04-32/0+-*W!))\!hPu=h>\!s!ADB@(![EY*'@J! %Y&AG&J*B&XW!/2,!]!*%D(?!

[E@!^! )*??@! X*J&%@F@AB! G@! %*! AE*AJ@! B@F)D(@%%@! N! %*! AE*AJ@! J*E?*%@! ;6\!S%*&?@W!

&)*2(>W!)\!H<=W!�!Lh=\!!

%bb&'!'+9(4.)42,!)40+2,!20+>+0)0(.!)*(*eB!qB(@!EA!O@AGR*GR?\!

%bb'!6E`\!n2)*05!PPW!hL! "! 0-0!)40(.!-1+<+/2,W!)?4-42,!/2>02.W! (c.042/0+-*(.!24A+2,W!

2)4+-42,! )(3+<+/+-42,! )/! ,->+,+*2,! ,2>0+,-3)! ,+4)/2>)! d! +*2(*0+-*(.! 0-0!

.+?*-42,! +*! >+00(4+.W! +*! 2(4A+.W! +*! ?(.02W! +*! /2+2./(,-3+! .-*-W! +*! 1+/024+.! )0G2(!

<+?,(*0+.! d! 0-0!?(*0+2,! >+*?2).! z555{!,)?*)!F)(/!(0!-,*+*-!F2,)*)! ;!]!BDE?!J@?!

F$B&@(?!G+*(B&?*A?W!%*!JE%BE(@!G@?!JO*F)?W!%*!JDA?B(EJB&DA!G@?!'&%%@?W!%@?!F@('@&%%@?!

@A!BDEB!`@A(@!G@?!$G&X&J@?W!G@?!FDAEF@AB?!'*(&$?!d!!!%*!B(DE'*&%%@!G@!B*AB!G@!?&`A@?!

G*A?! %@?! %@BB(@?W! %@?!FDB?W! %@?! `@?B@?W! %@?! ?DA?!G@! BDEB@! @?)_J@W! %@?! )@&ABE(@?W! %@?!

!

HMh!!

(@)($?@AB*B&DA?!X&`E($@?!d!B*AB!G@!%*A`E@?!JO@m!%@?!G&'@(?!)@E)%@?!z\\\{!3DEB!J@%*!@?B!

`(*AG! @B! ?)$J&X&[E@F@AB! OEF*&A!^\! 3(*G\! 5\! G@! 7*K(&D%%@>\! 9*&?! *E??&! $JOD! G@!

7*JB*AJ@W!]1+<5!HoW!p!"!)*!1-0(.0!)>+G2+.!*-*!)3,+4)4+!G2-3!.(*.2.!+>>(!2+22.!)0G2(!

/)(>(.0+.! G2+! ,(*.! 2(>! )*+,2.! *2*/21)024W! 0)*0)(! ,-A+>+0)0+.! (.0W! 20! *(! 02,!

G2+3(,W! /2,!.-1+02.!(.0W! /-*G2+(./)0W! 0)*0)(!/(>(4+0)0+.W!20!2*-! 0(,1-4+.!12*/0-!

/)(>2,!-,*(!/-*>2.04(0W!.+!2(>+0W!,)4+)!1(42->(0W!0(44).!(0!24A(.!1(4)?4(0W!-,*+)!

3(*+G2(!G2)(!>+A2(4+0W!G2),2+.!>-*?(!>)0(!G2(!.2A,-0)!.+*0W!+*!/-*.1(/02!.+A+!+1.(!

/-*.0+02)0!�!;!]!)@EBuDA!A@!)*?!*GF&(@(!J@![E@!J@!?@A?!'&'*AB!@B!J$%@?B@!@B![E&!@?B!

*))@%$!@?)(&B!DE!aF@!?D&B!G+EA@!B@%%@!FDK&%&B$![E+&%!A@!?@!(@)D?@!FqF@!)*?!G*A?!%@!

?DFF@&%!�!#+EA@!B@%%@!(*)&G&B$![E+N!?DA!`($!&%!)*(JDE(@!@A!EA!?@E%!&A?B*AB!BDEB!%@!

J&@%W![E+&%!?E('D%@!%@?!F@(?W![E+&%!'&?&B@!B@((@?!@B!'&%%@?W!@A!EA!FDBW![E+&%!)%*J@!?DE?!

?DA! (@`*(G! BDEB!J@![E+&%!'@EBW![E@%?![E+@A!?D&@AB! %+$%D&`A@F@AB!@B! %*!G&?B*AJ@!�!^\!

3(*G\!S\!S*jODEJO@!@B!2\!7EJ&*A&>\!VX\!$`*%@F@AB!6\!V(DJJDW!H>!>+A(4!3(!)*+,)!3+!

I)..+-3-4-W!$)1+(*u)W!gg/W!HphLW!))\!HIhuHI=!"!]!@G!$!?B*BD!?DBBD!%Y&F)E%?D!@!&%!

%EF@!G@%%*!(*`&DA@!JO@!@`%&!;%+EDFD>!O*!J(@*BD!%*!J&'&%BN!G@%%@!%@BB@(@!@!G&!*(B&!z@B!

J�@?B! ?DE?! %�&F)E%?&DA! @B! %*! %EF&_(@! G@! %*! (*&?DA! [E�&%! ;%+ODFF@>! *! J($$! %*!

J&'&%&?*B&DA!G@?!%@BB(@?!@B!G@?!*(B?{!^\!!

%bb'&! 4\! S($O&@(W! B)! 1F+>-.-1F+(! )2! &-=(*! N?(W! ))\! LhuL=W! (@A'D&@! N! 5%*BDA"!

]!V*??&DGD(@! JDAA*eB! XD(B! K&@A! %@?! )(@E'@?! G@?! %@BB(@?! ?$JE%&_(@?W! @B! &%! $AEF_(@!

[E*B(@!GY@AB(@!@%%@?!;&%!A@!ADFF@!)*?!%@!EF;3-*W!%*!";12A>+G2(W!@B!%@!EF_34(!GYDy!

@%%@?!G$(&'@AB>!^W!@B!5\!VDE(J@%%@!;B(.!B(004(.!P4(/G2(.!(*!]//+3(*0W!)\PL=W!ADB@!h>!

ADE?!G&B!]!&`AD(@(!N![E@%!*EB@E(!V*??&DGD(@!@F)(EAB@!?@?!)(@E'@?!?JD%*?B&[E@?!;�>!

G@!%Y&FFD(B*%&B$!G@!%YaF@!d!?*A?!GDEB@!EA!JDFF@AB*B@E(!A$D)%*BDA&J&@A!GE!5O$GDA!

DE!GE!5O_G(@!^\!!

%bb'&&!5%*BDAW!EF_34(W!LI<J!"!©qrª!��TS!��\xSyZ[5!��!�«Y!��U��x¦yZx!��\xSyZx¬!y�!W­!

�¥¥Z!�UxZ�x!�S�!®�­!�¥¥Zq!�UxZ���xZxW!�S�¥Sx!¯rZx!�Ux�T�X[W!�S�¥Sx!¯r�U!°X¨[5!

±²xZx!Wª!y�!S®y�!�UxZ�xW!³y�!Z´�!��Z¥�µ�Zx!¶Sqy²W!Z·�Zy�!¥���U!�UxZ���xZxW!�¥¥«!

�S�! yZµ[! �¥¥ZU[! ¤TS! �Ux�µySU! yZ�yZ! �¦�ª! �S�! �Yrª! �Ux�T�X[! ;! ]!3DEB@! aF@! @?B!

&FFD(B@%%@\!0A!@XX@BW!J@![E&!?@!F@EB!BDEQDE(?!@?B!&FFD(B@%\!:(W!)DE(!%+qB(@![E&!@A!

F@EB!EA!*EB(@!@B![E&!@?B!Fr!)*(!*EB(@!JOD?@W!%*!J@??*B&DA!GE!FDE'@F@AB!$[E&'*EB!N!

%*!J@??*B&DA!G@!%*!'&@\!2@E%!%+qB(@![E&!?@!F@EB!%E&uFqF@W!)E&?[E+&%!A@!X*&B!)*?!G$X*EB!

N!%E&uFqF@W!A@!J@??@!Q*F*&?!G+qB(@!Fr!d!F&@Eb!@AJD(@W!&%!@?B!?DE(J@!@B!)(&AJ&)@!G@!

!

HM=!!

FDE'@F@AB!)DE(!BDEB!J@![E&!@?B!Fr\!^\!3(*G\!7\!S(&??DA>\!V@!?R%%D`&?F@!@?B!(@)(&?!

)*(!9*J(DK@W! $-,*5! ..W! HPW! H! "! *),! G2-3! .(,1(4! ,-9(024W! )(0(4*2,! (.0W! G2-3!

)20(,!,-02,!)3<(40!)>+/2+!G2-3!G2(!+1.2,!)?+0)024!)>+2*3(W!G2)*3-!<+*(,!F)A(0!

,-02.W! 9+9(*3+! <+*(,! F)A()0! *(/(..(! (.0! ;! ]!0A! @XX@B! J@! [E&! F@EB! BDEQDE(?! @?B!

$B@(A@%W! B*AG&?! [E@! J@! [E&! JDAX_(@! %@!FDE'@F@AB! N! [E@%[E@! JOD?@! BDEB! @A! $B*AB!

*`&B$! ?D&uFqF@! G@! %+@bB$(&@E(! J@??@! A$J@??*&(@F@AB! G@! '&'(@! %D(?[E@! J@??@! %@!

FDE'@F@AB!^\!3(*G\9\!6(F&??@Au9*(JO@BB&>W!@B!)*(!V%*EG&@A!9*F@(BW!6*+,5!..W!h!

"!+*!EF)(34-!)20(,!E>)0-*!3(!)*+,)!.+/!14-*2*0+)0!"!)*+,)W!+*G2+0W!+*,-40)>+.!(.0W!

G2)(!.(,1(4!)!.(!+1.)!,-2(024!(0!)>++.!/)2.)!,-02.!(.0W!/-412.!)20(,!1(4!.(!*-*!

,-2(024!;!]!G*A?!%@!5O_G(@W!5%*BDA!?@!)(DADAJ@!*&A?&!*E!?EQ@B!G@!%YaF@!"!%YaF@W!G&Bu

&%W!@?B!&FFD(B@%%@W!@%%@![E&!@?B!BDEQDE(?!FE@!)*(!@%%@uFqF@!@B!J*E?@!GE!FDE'@F@AB!

)DE(! %@?! *EB(@?W! B*AG&?! [E@! %@! JD()?! AY@?B! )*?! Fr! )*(! %E&uFqF@!^\! 3(*G\!

)@(?DAA@%%@>\!!

%bb'&&&!5%*BDAW!EF_3-*W!pL*"! �¡!¢!£¤¥¦§�¨�W!¸¥¥«!�x\��¦!TZUW! ¯£¦W!¹!¢�x�!º¦»Sµ�W!

�¥¥S! W²¢SUW! ¼\x��Y! ���x�! ½W�! ¾! Z¿¦TU[W! y�! ÀY�Zx�Sx! ��x! �ÁxSU! T�x��yZx! �Y���SW!

pqrªx!W�!ÀY�Zx�Sx!yUx«!¼�!y�x!�Sy«!y�!T��S!¼xy�yS��xXx!Tq���µT�SU!Z´!�\Y!�Zq!

��ZW�¢�!��!zpLK{!TSqyZ�!¥��ZxyZ[!Â[!�Y²y�YZx!Ãx!ÀY�Zx�S!Tq���U��x¦W!�Y�x!¼��µxS!

�ÁxSU! ¼¢! Äx! ¯W�U! S´yªx! Tqxy��¨xSU5!Å! ��ZW�¢�! ;! ]!!*%D(?! 2DJ(*B@! "! 0B! )DE(B*ABW!

$B(*A`@(! G@! 3O_K@?W! G&Bu&%W! &%! X*EG(*! K&@A! [E@! BE! @A! JO*A`@?! �! #E! FD&A?! ?&! BE!

)@(?&?B@?! N! J(D&(@! [E+EA@! O*(FDA&@! @?B! EA@! JOD?@! JDF)D?$@W! @B! [E+EA@! aF@! *! %*!

?B(EJBE(@!GYEA@!O*(FDA&@!JDA?B&BE$@!N!)*(B&(!G@?! B@A?&DA?!G&?B(&KE$@?!N! B(*'@(?! %@!

JD()?! d! J*(! Q+&F*`&A@! [E@! BE! A+*JJ@)B@(*?! )*?W! BD&! [E@! 'D&%NW! G@! G&(@! [E+EA@!

O*(FDA&@W! ($?E%B*B! G+EA@! JDA?B&BEB&DAW! )($@b&?B*&B! *Eb! X*JB@E(?! GDAB! @%%@! *! K@?D&A!

)DE(! ?@! JDF)D?@(\! �! FD&A?! [E@! BE! A@! B(DE'@! J@%*! *JJ@)B*K%@! �!^\! 3(*G\! 9\!

#&b?*EB>\!

!

%bb&b! 5%*BDAW! %)! ";12A>+G2(W! oMpK! "!�«x! �YS! yU! �®Y�T�X��x! y�x! �xyXxW! Æ! ¯TyU! ��x!

�S��x!Ç!�ZU�µ!S´y�!�Zr�¦Y²xW!yZ�yZ!��xyZU!Z´r!ZȲx!y�!S´y�!¥��Ux!��Z¥¥�ZxW!Z´�!

ÉW¦!�ÊT²���S!¤yU!yZ�!��£q�²yZ[!ZËyX[!�¥��YZ[!Z´�!Ãx!;!]!?&!GDAJ!ADE?!B(DE'DA?!

G*A?!%*!A*BE(@!EA!qB(@!*'@J!EA!F*%![E&!%@!(@AG!F*E'*&?W!?*A?!)DE(B*AB!qB(@!J*)*K%@!

G@! G&??DEG(@! @B! %@! )@(G(@W! A@! ?@(DA?uADE?! )*?! G_?! %D(?! *??E($?! [E+EA! qB(@! *&A?&!

JDA?B&BE$!A@!?*E(*&B!)$(&(!�!^\!3(*G\!4\!VO*FK(R>\!

!

HMp!!

%bbb!9*J(\!$-,*5! ..W! HPW! HM! "!)*+,)! .(,1(4!,-2(024W! G2-3! )20(,! .(,1(4!,-2(024!

+,,-40)>(!(.0W!+?+024!)*+,)!+,,-40)>+.!(.0!;!]!7+aF@!?@!F@EB!$B@(A@%%@F@AB\!:(!J@!

[E&! ?@!F@EB! $B@(A@%%@F@AB! @?B! &FFD(B@%\! #DAJ! %+aF@! @?B! &FFD(B@%%@!^\! 3(*G\!9\!

6(F&??@Au9*(JO@BB&>\!9*&?! V*??&DGD(@! *??DJ&@! %*! (*&?DA! N! %+qB(@! @A!FDE'@F@AB\!

2+*`&B! &%! G+EA@! ($F&A@?J@AJ@! G@! ?*&AB! 6E`E?B&A! H,,5! /.>W! DE! G@!9\! /&JBD(&AE?W!

)DE(! [E&! ]!%+aF@! @?B! (*B&DA@%%@! @B! ?@!F@EB! @%%@uFqF@! JDFF@! %@! %D`D?! �!^\! /D&(!

)DE(!J@%*!1\6\!9*(jE?W!]!H,)?-!*AG!.+,+>+023-!&A!6E`E?B&A@!^!W!.A?B&BEB!G+4BEG@?!

*E`E?B&A&@AA@?W!5*(&?W!LuP!;HpoI>"!)\!HL!

%bbb&! V*??&DGD(@! )($X_(@! %*! )(@E'@! B&($@! G@?! 4J(&BE(@?\! ]!.%! %E&! )*(*eB! )%E?! ?*`@! G@!

?Y*BB*JO@(! *Eb! )(@E'@?! @F)(EAB$@?! *Eb! *EB@E(?! ?*J($?!^! ;9*(B&A! 1*RFDAGW!

]!7Y&FFD(B*%&B$! G@! %YaF@! GY*)(_?! 1DK@(B! G@! 9@%EA!^W! "(92(! ./->).0+G2(! 3(!

1F+>-.-1F+(W!HpPIW!A�!IHW!)\!HPM>\!/D&(!*E??&!6\!V(DJJDW!H>!>+A(4!3(!)*+,)W!)\!HI=\!

%bbb&&! C$A_?@W! HW! m{umo! "! (0! )+0! <)/+),2.! F-,+*(,! )3! +,)?+*(,! (0! .+,+>+023+*(,!

*-.04),! ;! ]!@B! &%! G&BW! X*&?DA?! %YODFF@! N! ADB(@! &F*`@! @B! N! ADB(@! (@??@FK%*AJ@!^\!

3(*G\!7\!2@`DAG>\!9*F@(B\6*+,5!...W!Ho!"!'(2.!+*/-41-4(2.!(.0K!+,)?-!)20(,!3(+!

F2,)*2.! )*+,2.W! G2-*+),! )3! .+,+>+023+*(,! (0! +,)?+*(,! 3(+! <)/02.! (.0! F-,-!

;!]!#&@E!@?B!&AJD()D(@%W!@B!%+aF@!OEF*&A@!@?B!%+&F*`@!G@!#&@EW!)E&?[E@!%+ODFF@!*!

$B$!X*&B!N!%+&F*`@!@B!N!%*!(@??@FK%*AJ@!G@!#&@E!^!>\!/D&(!ADB@!<H\!

%bbb&&&!VDFF@! %@! (@F*([E@!6\!3DFKD%&A&! ;I)..+-3-4-W! )\! LhW! ADB@!hp>W! %*! ($)$B&B&DA!

GY+*(<<)A+>+0(4!@B!GY-,*+)!*&A?&![E@!%*!QEbB*)D?&B&DA!GY+,,-40)>+.!@B!GY+,,-40)>+)!

?DE%&`A@AB!%YDFA&)DB@AJ@!G&'&A@\!!

%bbb&'!6E`\!n2)*0\!LW!P!"!;Q2-3+2.>!u!G2-,-3-!(4?-!.2,!.+,+>+.!3(-W!/2,!+,,-40)>+)!

*2>>)!1-..2,!<)/(4(!20!+>>(!�!z!]!;0'DG&E?>\u!}E@%%@!(@??@FK%*AJ@!*&uQ@!*%D(?!*'@J!

#&@EW!?&!Q@!A@!)E&?!(&@A!X*&(@!JDFF@!%E&!G+&FFD(B@%!�!^\!3(*G\!5\!G@!7*K(&D%%@{\!

%bbb'!6E`\!n2)*05! LW! P! "! G2-,-3-! *(/! +,)?-! /-41-4+.! 02+! 1-0(.0! F-/! 2)>(4(! G2-3!

022,!/-412.!2)>(0!d!.+/!)*+,)!*-*!,+4)*32,!(.0!.+!1-0(*0+),!0)*0),!*-*!F)A(0W!

G2)*0),!+>>(!)3!/2+2.!.+,+>+023+*(,!<)/0)!(.0!;!]!7+&F*`@!G@!BDA!JD()?!A@!?*E(*&B!

*'D&(! %*! FqF@! '*%@E(! [E@! BDA! JD()?! %E&uFqF@\! .%! A+@?B! GDAJ! )*?! $BDAA*AB! [E@!

%+aF@!A+*&B!)*?!*EB*AB!G@!)E&??*AJ@![E@!V@%E&!N! %+&F*`@!G@![E&!@%%@!*!$B$! X*&B@!^\!

3(*G\!5\!G@!7*K(&D%%@>\!

!

HHM!!

%bbb'&!6E`\!H,,5!HLW!Hp!"+>>23!2(4-!G2-3!(c!(-!F)A(0!/2+!*2>>)!4(.!(.0!/-*04)4+)W!*-*!

(.0!2*3(!1-..+0!),+00(4(!d!*-*!+?+024!1-0(.0!+*0(4+4(!;!]!9*&?!J@![E&!B&@AB!J@![E+&%!@?B!

G+EA@! ($*%&B$! [E&! A+*! )D&AB! G@! JDAB(*&(@! A@! ?*E(*&B! %@! )@(G(@\!7+aF@!A@! )@EB! GDAJ!

)$(&(!^\! 3(*G\! 5\! G@! 7*K(&D%%@>\! V*??&DGD(@! (@B(DE'@! EA@! ADB&DA! )%*BDA&J&@AA@! "!

%+@??@AJ@! AY*GF@B! )*?! ?DA! JDAB(*&(@W! @B! &%! &AX%$JO&B! %Y*(`EF@AB! @A! %@! (@)D(B*AB! N!

#&@E![E&! *!GDAA$!N! %YaF@! %Y&G$@!G@!/&@\! ;/D&(!4\C&%?DAW! H*04-32/0+-*W! ))\! o=! @B!

hH>\!

%bbb'&&!6E`\!E.)>,5! ==W! LW! o! "! +*! G2+A2.! +,1>()024! G2-3!*-*!,(*3)c!'(2.! 1->>+/(4+!

3+?*)024!!!;!]!G*A?!%@?[E@%?!#&@EW![E&!A@!)@EB!F@AB&(W!*!($*%&?$!J@![E+&%!*'*&B!G*&`A$!

)(DF@BB(@!^\!3(*G\!U\!S*((@*E!@B!JD%%\>\!V&B$!)*(!6\3DFKD%&A&W!I)..+-3-4-W!)\PMW!

ADB@!=<\!

%bbb'&&&4\C&%?DAW! H*04-32/0+-*W! )\! op! "! ]!VDFF@! %@! JD()?W! %YaF@! )@EB! B@AG(@! GYEA@!

J@(B*&A@!F*A&_(@!'@(?!%@!A$*AB!d!@%%@!%@!X*&B!@A!B*AB![EY@%%@!?@!G&F&AE@z\\\{![EY@%%@!?@!

G$BDE(A@!GE!'(*&z\\\{!)DE(!?Y*BB*JO@(!*Eb!@((@E(?!GE!FDAG@!?@A?&K%@\!3DEB@XD&?W!?&!

G&F&AE$@!?D&Bu@%%@W!!%YaF@!(@?B@!%YaF@!@B!?DA!@??@AJ@!A@!?*E(*&B!qB(@!G$B(E&B@!^!\!VX\!

6E`\!H,,\!pW!Ho!"!*-*!(4?-!1-0(.0!)*+,2.!,-4+!Ì!*),!.+!/)4(4(!1-0(4+0!2+0)W!*-*!

)*+,2.! .(3! )*+,)02,! )>+G2+3! (.0! z\\\{! F)(/! )20(,! 2+0)W! G2)(! 3(.(4+0! ()! G2)(!

,-4+2*024W! G2+)! +1.)! (.0! )*+,2.W! (0! .(+1.),! *-*! 3(.(4+0K*-*! ,-4+024! )*+,2.\! ;!

]!7+aF@!A@!)@EB!GDAJ!FDE(&(\!2&!@%%@!)DE'*&B!qB(@!)(&'$@!G@!'&@W!@%%@!A@!?@(*&B!)%E?!

EA@!aF@W!F*&?![E@%[E@!JOD?@!G+*A&F$!z\\\{!V@BB@!'&@![E&!*K*AGDAA@!J@![E&!F@E(B!

$B*AB! %+aF@! @%%@uFqF@W! @%%@! A@! ?+*K*AGDAA@! )*?! ?D&uFqF@\!#DAJ! %+aF@!A@!F@E(B!

)*?!^\!3(*G\!5\!G@!7*K(&D%%@>\!

%bbb&b!7+@b)(@??&DA!14-!.2-!,-32>-W!G@!B(*GEJB&DA!?DE'@AB!G$%&J*B@W!@?B!(@B(DE'$@!B(D&?!

XD&?!G*A?! %@! B@bB@!GE!'(!)*+,)! ;G@Eb! XD&?!*E!JO*)\! ./!@B!*E!JO*)\!/>\!6E!JO*)\!

g/...W! ! V*??&DGD(@! EB&%&?@! %+@b)(@??&DA! 14-! *-.04-! ,-32>-! ;9\! #&! 9*(JDW!

I-*/-43)*u)!3(>!'(!6*+,)!3+!I)..+-3-4-W!HppL>\!

bJ!#*A?!%@!7*B&A!B*(G&XW!DA!)@EB!ADB@(!EA!JDF)*(*B&X!N!%*!)%*J@!G+EA!?E)@(%*B&XW!JDFF@!

G*A?!%@?!`)4+)(W!V*??&DG\!`)45!.W!LH!"!2*+/2+G2(!1)04+)!.2)!/)4+-4!(.0!;6\!S%*&?@W!

&)*2(>W!)\!p=W!�!HLo>\!!

!

HHH!!

bJ&!)(4+).! 1-0(.0)0(.! @?B! EA@! @b)(@??&DA! X($[E@AB@! [E+DA! (@B(DE'@! G*A?!:(D?\!O+.05!

/..W!..W!IW!<W!@B!G*A?!V*??&*A\!I->>5!g./W!=W!HL\!;/D&(!6\!3DFKD%&A&W!I)..+-3-4-W!

)\HIW!ADB@!Ph>\!

bJ&&!6E`\!Q15!HooW!L!"!*-*!(.0!+?+024!)*+,)!1)4.!3(+\!V*??&DGD(@!(@)(@AG!J@BB@!&G$@!

G$'@%D))$@!)*(!2*&AB!6E`E?B&A![E&!@?B!BDEQDE(?!(@?B$!G*A?!EA@!`(*AG@!&AJ@(B&BEG@!

@A!J@![E&!JDAJ@(A@!%YD(&`&A@!G@!%YaF@W!F*&?!)DE(![E&!%YaF@!*!$B$!J($$@!)*(!#&@E!

GE!A$*ABW!JDFF@!%+DAB!$B$!BDEB@?!%@?!*EB(@?!?EK?B*AJ@?!@B![E&!)*(!JDA?$[E@AB!A@!

)@EB!qB(@!EA!X(*`F@AB!G$B*JO$!G@!%*!?EK?B*AJ@!G&'&A@!;4\!C&%?DAW!H*04-32/0+-*K!)\!

oo>\!6E`\!@)05!(0!-4+?5!.W!IW!I!"!.(3!)A!+1.-!3(!*+F+>-!/4()0)!.+0!;!]!F*&?![E+@%%@!@?B!

J($$@!G@!(&@A!)*(!#&@E!^\!3(*G\!v\!5%*`A&@Eb!@B!Z\!v\!3ODAA*(G>\!

bJ&&&! 6E`\! n2)*05! HW! L! "! ;)*+,)>! /2,! .+,1>(c! G2+33),! (0! 14-14+)(! .2A.0)*0+)(!

2+3()024! (..(!;! ]!JDFF@! @%%@! F@! )*(*eB! qB(@! [E@%[E@! JOD?@! G@! ?&F)%@! @B! EA@!

?EK?B*AJ@!)*(B&JE%&_(@!z\\\{!^\!3(*G\!5\!G@!7*K(&D%%@>\!

bJ&'!-DBDA?!%*!(@F*([E@!G+6\!3DFKD%&A&W!I)..+-3-4-W!)\PPW!ADB@!pP"!]!?&!ADB*!%*!X&`E(*!

@B&FD%D`&J*!A@%! B@?BD! %*B&AD! ;(c)?+0)0!)3!/-?+0)0+-*(.>W! B@?*!*!'&'*J&mm*(@! %+&AB@(*!

X(*?@W! @'&G@Am&*AGD! E%B@(&D(F@AB@! %+&G@*! G&! FD'&F@ABD! ;! J(@*BD(@! G&! )@A?&@(D>!

*BB(*'@(?D! &! G@(&'*B&! X(@[E@AB*B&'&! G@%! '@(KD! )?-!^! ;:A! (@F*([E@! %*! X&`E(@!

$BRFD%D`&[E@!GE! B@bB@! %*B&A! z(c)?+0)0!)3!/-?+0)0+-*(.{W!'&?*AB!N!*A&F@(! %*!)O(*?@!

@AB&_(@W!@A!F@BB*AB!*)(_?!JDE)!@A!$'&G@AJ@!%+&G$@!G@!FDE'@F@AB!z*A&F*B@E(!G@!%*!

)@A?$@{!`(aJ@!*E!X($[E@AB*B&X!G$(&'$!GE!'@(K@!)?->\!

bJ'! .G$@![E@!V*??&DGD(@! (@)(@AG(*!G*A?!E.)>,\!Ph! "! 3+/+0! (*+,!2+0+2,W! G2-!,)c+,(!

F2,)*)!>)A-4)0!+*<+4,+0).!20!,-3-!+*!-4)0+-*(!14-.04)0+W!.21(4<>2).!4(.!2+3(),24!

)11(0(4(W! ,-3-! 1.)>,-3+),! 3+/(*0(.! 0(44(*)! /-?+0(,2.5! $(3! 3(! +.0)! +>>2.+-*(!

G2),! 1)0+,24W! .2<<+/+(*0(4! 3+/02,! (.0! +*! >+A4-! G2(,! 3(! )*+,)! 14-! *-.04)!

,(3+-/4+0)0(! /-*./4+1.+,2.! ;!]!!&%!FDAB(@! GDAJ! %@! G$X*EBW! )*(! %@[E@%! %*! X*&K%@??@!

OEF*&A@! @?B! %@! )%E?! @A! )@&A@W! ?&! K&@A! [E@! B*AB~B! )(D?B@(A$?! @A! )(&_(@! ADE?! ADE?!

'DRDA?! JDA'D&B@(! G@?! JOD?@?! ?E)@(X%E@?W! B*AB~BW! *%D(?! [E@! %YDA! )?*%FDG&@W! ADE?!

)@A?DA?! N! G@?! JOD?@?! B@((@?B(@?\! 9*&?! *E! ?EQ@B! G@! J@BB@! B(&JO@(&@! GDAB! ADE?!

?DEXX(DA?W! DA! @A! *! *??@m! G&B! G*A?! %@! %&'(@! [E+*'@J! BDEB@! ADB(@! &A?EXX&?*AJ@W! ADE?!

*'DA?!$J(&B!?E(!%YaF@!^\!3(*GEJB&DA!)@(?DAA@%%@>\!!

!

HHL!!

bJ'&!]!3DEB!FDE'@F@AB!G@!%YaF@!B@AG!?D&B!'@(?!EA!K&@A!N!*J[E$(&(!DE!N!JDA?@('@(W!?D&B!

%D&A! GYEA! F*%! N! $'&B@(! DE! N! $J*(B@(! d! F*&?! %@! FDE'@F@AB! %&K(@! G@! %YaF@! )DE(!

*J[E$(&(! DE! )DE(! JDA?@('@(! [E@%[E@! JOD?@W! JY@?B! %*! 'D%DAB$!FqF@!^! ;4\!C&%?DAW!

H*04-32/0+-*W!))\!HhHuHhL>\!V*??&DGD(@!*KD(G@!&J&!%@!)(DK%_F@!G@!%*!'D%DAB$![E@!

2*&AB!6E`E?B&A!G$J(&B!G*A?!I+95!g7/...W!HIW!o!"!+*0(4(.0!)20(,!G2)>+.!.+0!2->2*0).!

F-,+*+.!d!G2+)!.+!1(42(4.)!(.0W!1(42(4.-.!F)A(A+0!F-.!,-02.!d!.+!)20(,!4(/0)!(.0W!

*-*! .->2,! &*/2>1)A+>(.W! 2(42,! (0+),! >)23)A+>(.! (42*05! `->2*0).! (.0! G2+11(! +*!

-,*+A2.! d! +,,-! -,*(.! *+F+>! )>+23! G2),! 2->2*0)0(.! .2*0! ;! ]!J@! [E&! &F)D(B@! @A!

%+ODFF@!J+@?B!%*!'D%DAB$!"!@?Bu@%%@!G$($`%$@!�!J@?!FDE'@F@AB?!?DAB!G$($`%$?!d!@?Bu

@%%@! G(D&B@! �! J@?!FDE'@F@AB?! ?DAB! &(($)(DJO*K%@?! @B!FqF@! G&`A@?! G@! %DE*A`@?\!

V*(! %*! 'D%DAB$! @?B! @A! BDE?! J@?!FDE'@F@AB?W! DE! )%EB~B! BDE?! J@?!FDE'@F@AB?! A@!

?DAB!(&@A!G+*EB(@![E@!G@?!'D%DAB$?!^\!3(*G\!C\!VDFK_?>W!@B!3)*.!'2)A5!HIW!)\!hM!"!

2->2*0).! (.0! ,-02.! )*+,+! /-?(*0(! *2>>-! )3! )>+G2+3! 2(>! *-*! ),+00(*32,! 2(>!

)3+1+./(*32,! ;! ]!%*! 'D%DAB$! @?B! EA! FDE'@F@AB! G@! %+aF@! @b@F)B! G@! BDEB@!

JDAB(*&AB@W!B@AG*AB!?D&B!N!(@B@A&(W!?D&B!N!*J[E$(&(![E@%[E@!JOD?@!^\!3(*G\!1!vD%&'@B!

@B!9\!vDE(QDA>\!!

bJ'&&!2E(!%*!BO$D(&@!)%*BDA&J&@AA@!G@!%*!($F&A&?J@AJ@W!V*??&DGD(@!JD((&`@!SD_J@!@B!?E&B!

?*&AB!6E`E?B&A5! SD@B\!I-*.5! ...W! HHW! H<! "!G2-3.+! 1>)0-*+.!,2.)! 1(4.-*)0! 2(42,W!

G2-3!G2+.G2(!3+./+0!+,,(,-4!4(/-43)0245!02,!(?-!"!1>)0-*+W!+*G2),W!2(F(,(*0(4!

)..(*0+-4! d!*),!,(!F-42,! +),! .(/2*3-! /-,,(,-4).W! 14+,2,!G2-3!,(,-4+),!

/-41-4()!/-*0)?+-*(W!3(F+*/!/2,!,)(4-4+.!,->(!14(..2.!),+.+!;!]!DE&W!?&!%*!FE?@!

G@! 5%*BDA! X*&B! $JOD! *E! '(*&W! BDEB@! JDAA*&??*AJ@! @?B! ($F&A&?J@AJ@! GYEA@! JOD?@!

DEK%&$@\!6%D(?!FD&!"!Q@!?E&?!BDEB!N!X*&B!GY*JJD(GW!G&?uQ@W!*'@J!5%*BDA!d!J*(!'D&J&!G@Eb!

XD&?![E@!BE!F@!X*&?!?DE'@A&(!G@!BDEB!J@%*W!GY*KD(G![E*AG!BE!F@!G&?*&?![E@!QY*'*&?!

)@(GE!%*!F$FD&(@!N!J*E?@!GE!JDAB*JB!@AB(@!@%%@!@B!FDA!JD()?W!@A?E&B@![E@!JY$B*&B!%@!

)D&G?!GE!JO*`(&A![E&!FY$J(*?@![E&!F@!%Y*'*&B!X*&B!)@(G(@!^\!3(*G\!v\8\!CE&%%*EF&A>\!

2*&AB!6E`E?B&AW!G*A?!n2)*05!LMW!PIW!)@AJO@!'@(?!%*!BO$D(&@!G@!5%*BDA!"!;0'DG&E?>!

/24! (*+,! *2>>),! )40(,! .(! /2,! )002>+0W! .+! )(0(4*)! (.0! �! ;6E`E?B&AE?>!,)?*),!

-,*+*-W!,)?*),W!(0!G2)!*(./+-!2042,!G2+3G2),!,)+2.!.+0W!G2)(.0+-*(,!,-2(.W!

+*!G2)!0)*02,!*-.04)(!.+A+,(0!-1+*+-*(.!)32(4.)*024W!20! 0+A+!)*+,)!*2>>),W!,+F+!

/-*04)!-,*(.!)40(.!.(!/2,!)002>+..(!2+3()024! d!*(/!)>+23!G2+3G2),!(..(! +3!G2-3!

3+/+024! 3+./(4(W! G2),! 4(,+*+./+! (0! 4(/-43)4+! ;! ]u0'DG&E?u! "! ?&! @%%@! @?B! $B@(A@%%@W!

JDFF@AB!A+*))D(B@uBu@%%@!*'@J!?D&!*AJEA@!JDAA*&??*AJ@!�!u6E`E?B&Au!"!3E!?DE%_'@?!

!

HHP!!

%N! EA! `(*AG! )(DK%_F@W! DE&W! EA! `(*AG! )(DK%_F@W! %@! )%E?! `(*AG! G@! BDE?W! Q@! J(D&?!

K&@A!�! -DE?! )@A?DA?! N! ?DA! )(D)D?! G@! X*fDA! G&(@JB@F@AB! D))D?$@!"! BE! J(D&?! [E@!

%+aF@! A+*))D(B@! *'@J! ?D&! *EJEA@! JDAA*&??*AJ@W! Q@! J(D&?W!FD&W! [E+@%%@! %@?! *))D(B@!

BDEB@?W!@B![E@!J@![E+DA!*))@%%@!!]*))(@AG(@!^!A+@?B!*EB(@!JOD?@![E@!?@!(*))@%@(!@B!?@!

?DE'@A&(!^\!3(*G\!5\!G@!7*K(&D%%@>\!2*&AB!6E`E?B&A!?@!JD((&`@!G*A?!"(04)/05!.W!=!"!+*!

G2-! >+A4-! +>>23!G2-3!3+c+! -,*(.!)40(.! )*+,),! .(! /2,!)002>+..(!,+F+! 2+3(4+W! *(/!

)>+23!G2+3G2),!(..(!+3!G2-3!3+/+024!3+./(4(!G2),!4(,+*+./+!(0!4(/-43)4+W!*-*!.+/!

)//+1+(*32,!(.0W!G2).+!(c!F-/!)314-A(024!)*+,),!2(>!F+/!+*!)>+-!/-41-4(!2(>!)>+A+!

.+2(! +*! /-41-4(! .+2(! (c04)! /-412.! )>+G2)*3-! 2+c+..(W! (0! ()! G2)(! +*0(44-?)0)!

4(.1-*3(0W! /2,! F+/! *-*! 3+3+/(4+0W! +*! )>+)! 2+0)! )*0(! 3+3+/+..(! ;! ]!Q+*&! G&B! G*A?! J@!

%&'(@!"!]!7+aF@!F@!)*(*eB!*'D&(!*))D(B$!*'@J!@%%@! BDE?!%@?!*(B?!@B!J@![E+DA!*))@%%@!

*))(@AG(@! A+@?B! )*?! *EB(@! JOD?@! [E@! ?@! (*))@%@(! @B! ?@! ?DE'@A&(!^! \.%! A@! X*EB! )*?!

@AB@AG(@! J@?! )*(D%@?! JDFF@! EA@! *))(DK*B&DA! G@! %+D)&A&DA! ?@%DA! %*[E@%%@! %+aF@!

*E(*&B!'$JE!*EB(@XD&?W!?D&B! &J&uK*?!G*A?!EA!*EB(@!JD()?W!?D&B!*&%%@E(?!G*A?!EA!JD()?!

DE!OD(?!G+EA!JD()?W!@B!*E(*&B!*))(&?!G*A?!EA@!*EB(@!'&@!*AB$(&@E(@!%@?!($)DA?@?!N!G@?!

[E@?B&DA?![E+@%%@!A+*!)*?!$BEG&$@?!&J&uK*?!^\!3(*G\!C\!S*(GR>\!.%!%+*'*&B!G&B!G*A?!L4+*5!

g..W!H<W!"!.(3!.+!4(/-43)0+-!F)(/!(..(0!4(42,!)*0()!/-?*+0)42,W!*-*!20+G2(!-,*(.!

2(>!1(*(!-,*(.!/2,!+>>-!,-3-!+*0(44-?)4(*024!F-/!1-..(*0! d!*-*!(*+,!-,*(.!+*!

14+-4(!2+0)!?(-,(04)(! <2(42*0!/2,! 0),!4)4+! .+*0! +*!?(*(4(!F2,)*-!20!2+c!1-..+0!

)>+G2+.!+*2(*+4+\;!]!5DE(B*AB!?+&%!R!*'*&B!?DE'@A&(!G@!JDAA*&??*AJ@?!*AB$(&@E(@F@AB!

*J[E&?@?W! &%! A@! ?@(*&B! )*?! )D??&K%@! N! BDE?! DE! )(@?[E@! BDE?! G@! ($)DAG(@! N! G@?!

&AB@((D`*B&DA?! G@! J@BB@! ?D(B@!d! 3DE?! A@! XE(@AB! )*?! `$DF_B(@?! G*A?! %@E(! '&@!

*AB$(&@E(@!"! J@EbuJ&! ?DAB! ?&! (*(@?! )*(F&! %@?! ODFF@?! [E+&%! @?B! K&@A! G&XX&J&%@! G+@A!

B(DE'@(![E@%[E+EA!^\!3(*G\!5\!6`*�??@>\!

bJ'&&&! P4)9+3)! (0! <-(0)! (.0! (@A'D&@! N! 1)4024+)>(! -92,K! [E+DA! B(DE'@! *E! G$KEB! GE!

JO*)&B(@\! V*??&DGD(@! *! GY*KD(G! EB&%&?$! %*! F$B*)OD(@! G@! %YcEX! @B! %Y&F*`@! GE!

A*BE(*%&?B@!)(DJ$G*AB!N!EA@!G&??@JB&DA!G@!%YaF@W!@A?E&B@!&%!@A!'&@AB!N!%*!F$B*)OD(@!

G@!%Y*JJDEJO@F@AB!@B!ADE?!GDAA@!%Y&F*`@!GYEA@!G$X&A&B&DA!`(D??@!G@!?@?!*BB(&KEB?!

[EY&%!*!G$%&'($@!*)(_?!EA!%DA`!B(*'*&%!;EA@!F*x@EB&[E@�>!)$G*`D`&[E@\!!

bJ&b! n2)>+0).W! EA@! G@?! ]!J*B$`D(&@! G+6(&?BDB@!^W! @?B! B(*GE&B! G&XX$(@FF@AB! ?@%DA! %@?!

*EB@E(?!"! 1DE'&%%@! H=hIW! V(DJJD! HphLW! @B! #&! 9*(JD! Hp=<! EB&%&?@AB! %Y@b)(@??&DA!

]![E*%&B$!?EK?B*AB&@%%@!^\!U*%)D(A!LMMIW!V*(E?D!LMMHW!5&ABD!HpphW!%@!B(*GE&?@AB!)*(!

!

HHI!!

]![E*%&B$!^W! 3D%DF&D! HphLW! VDG&)D?B&! Hp=PW! @B! 3DFKD%&A&! LMHPW! )*(! ]!A*BE(@!^\!

;VX\!6\!3DFKD%&A&W!I)..+-3-4-W!)\!PoW!ADB@!HML>\!

J!!3O$D(&@!G+D(&`&A@!?BDxJ&@AA@W!ADE?!%+*'DA?!G$QN!'E!;.AB(DGEJB&DA!`$A$(*%@W!ADB@!Ho=>\!

]!5DE(! @Eb! %+aF@!@?B! G@! %+*&(! JO*EG!@AX%*FF$![E&!)*(JDE(B! %@! JD()?! BDEB! @AB&@(!^!

;9\!2)*AA@EBW!B(!.0-t/+.,(W!)\!HPP>\!3@(BE%%&@A!(@)(@AG!J@BB@!JDAJ@)B&DA!G*A?!"(.5!

h!"!/2,!<)/02.!(.0!F-,-!+*!)*+,),!2+2),!3(!3(+!<>)02W!2)1-4(-!./+>+/(0!(0!+3-*(-!

0-44(4(!G2-3),,-3-!>+,2,!+*!)>+),!G2)>+0)0(,W!G2).+!+*!0(.0),!+0)!(0!+*!/)4*(,5!

$+/! (0! <+?2>-! >+/(0! )4?+>>),! 0(,1(4)0-! +?*+.! )3<>)02! +*! ,)0(4+),! 4-A2.0+-4(,!

4(/-41-4)4(!z\\\{!;!]![E*AG!%+ODFF@!XEB!J($$!@A!EA@!aF@!'&'*AB@!)*(!%@!?DEXX%@!G@!

#&@EW!J+@?BuNuG&(@!)*(!EA@!'*)@E(!)(D)(@!@A![E@%[E@!?D(B@!N!K(r%@(!%@!%&FDA!@A!EA@!

A*BE(@!G&XX$(@AB@W!JDFF@!@A!B@((@!'D&(@!FqF@!@A!JO*&(\!VY@?B!*&A?&![EY&%!@?B!)@(F&?!

*E!)DB&@(W!?DE?!%@!?DEXX%@!K&@A!($`%$!G+EA!X@EW!G@!(@JDF)D?@(!%+*(`&%@!@A!EA@!F*B&_(@!

)%E?!?D%&G@!^>\!VX\!*E??&!Z\!#*`DAA@BW!I-*.+3;4)0+-*.!.24!>C+3;(!3(!*)024(W!HppMW!)\!

P<!"!]!%@?!2BDxJ&@A?!R!'D&@AB!%*!)($X&`E(*B&DA!G@!%YEA&DA!%*!)%E?!&AB&F@!B@%%@!J@%%@!GE!

1*(2,)!;aF@>!@B!GE!JD()?\!7@!)(@F&@(W!EA!?DEXX%@!JO*EG!@B!@AX%*FF$W!!*JB&'@!%@!!

?@JDAG!^!\!9*&?!)DE(!?*&AB!6E`E?B&A!*E??&!%YaF@!*`&B!)*(!%Y&AB@(F$G&*&(@!G@!%Y*&(!@B!

GE!X@EW!P(*5!B+005!/..W!H<!"!)*+,)!(4?-!G2-*+),!4(.!(.0!+*/-41-4()!/-412.W!G2-3!

+*/-41-4(-!2+/+*2,!(.0W!.+/20+!(.0!+?*+.!2(>!1-0+2.!>2c!(0!)(4!d!14+,+02.!)?+0!(0!1(4!

F)(/! /(0(4)! G2)(! /4)..+-4)! .2*0! /-41-4+.W! .+/20+! F2,-4! (0! 0(44)! ;! ]!7+aF@! $B*AB!

($*%&B$! &AJD()D(@%%@W! @%%@! *`&B! G+*KD(G! ?E(! EA! JD()?! [E&! *! G@?! *XX&A&B$?! *'@J!

%+&AJD()D(@%W! JDFF@! ?DAB! %@! X@E!DE!)%E?! )($J&?$F@AB! %*! %EF&_(@! @B! %+*&(!d! )*(! @Eb!

@%%@!*`&B!?E(!%@?!$%$F@AB?!)%E?!`(D??&@(?!GE!JD()?W!JDFF@!%+@*E!@B!%*!B@((@!^\!3(*G\!

5\!6`*�??@!@B!6\!2D%&`A*J>\!

J&! 7*JB\! ]1+<5! HhW! I!"! G2+! )20(,! +?*2,! 120)2(42*0! F-/! 2.+! .2*0! )4?2,(*0-W! G2-3!

14)(.(*0(!)*+,)!/-412.!/)>()0W! 4(/(3(*0(! <4+?(./)0! ;!]!J@Eb![E&!GY*EB(@!)*(B!DAB!

)@A?$![E@!%YaF@!$B*&B!GE!X@E!DAB!EB&%&?$!%Y*(`EF@AB!?@%DA!%@[E@%!%@!JD()?!@?B!JO*EG!

[E*AG!%YaF@!@?B!)($?@AB@!@B!(@X(D&G&B!%D(?[EY@%%@!?@!(@B&(@!^\!3(*G\!S\!S*jODEJO@!@B!

2\!7EJ&*A&>\!

J&&! 6\2JOA@&G@(W! EF+>-.-1F+.F(.! k)F4A2/FW! )\! LIH"! ]!l@AA! V*??&DGD(! *EJO! G&@!

S@G@EBEA`! G@?! Z@E@(?! X�(! G&@! /@(F&BB%EA`! G@(! 7@K@A?XEAjB&DA@A! *A@(j@AABW! ?D!

'@(F*`! @(! GDJO! G*?! @&`@AB%&JO@! l@?@A! G@(! 2@@%@! A&JOB! G*(&A! mE! @(KOJj@A\#&@!

F&%G@!ZD(F!G@(!6K%@OAEA`!G&@?@(!6EXX*??EA`!m@&`BW!G*??!@(!?&@!K@&!BO@D%D`&?JO@A!

!

HH<!!

6EBD(@A! 'D(X*AG!! ;FqF@! ?&! V*??&DGD(@! *JJ@)B@! %Y&F)D(B*AJ@! GE! X@E! )DE(!

%Y*A&F*B&DA!G@?!XD(J@?!'&B*%@?W!&%!A@!)@EB!)*?!R!'D&(!%*!A*BE(@!)(D)(@!G@!%YaF@\!V@BB@!

XD(F@! GDEJ@! G@! G$A$`*B&DA! FDAB(@W! [EY&%! %*! B(DE'*&B! JO@m! G@?! *EB@E(?!

BO$D%D`&[E@?>!^\!

J&&&!4JOD!G@!2*&AB!6E`E?B&A!�!Q95! k-F5! HIW!I! "!.+! (*+,!/4(./+0W! 1(4<(/02.!*-*!(.0! d! .+!

,+*2+024W!3(2.!*-*!(.0!;!]!2+&%!`(*AG&B!@A!@XX@BW!&%!A+@?B!)*?!)*(X*&B!d!?+&%!G&F&AE@W!&%!

A+@?B!)*?!#&@E!^\!3(*G\!9\Z\!S@((DE*(G>\!

J&'!UR)*%%*`@\!VX\!6\!3DFKD%&A&W!I)..+-3-4-W!'(!)*+,)W!)\!PhW!ADB@!HM<\!!

J'! 6*+,)! )20(,! *-*! (.0! )4,-*+)W! *(G2(! /-*.0)0! (c! 1>24+A2.W! .(3! .+,1>(c! *)024)!

(.0!;V*??&DG\!6*+,5!JO*)\!./>\!

J'&!-DB&DA!GYD(&`&A@!)%*BDA&J&@AA@![E&!'@EB![E@!%Y@??@AJ@!AY*GF@BB@!)*?!G@!JDAB(*&(@\!

J'&&! 0A! GDAA*AB! N! %+aF@! EA@! ?EK?B*AJ@! %EF&A@E?@W! V*??&DGD(@! *GD)B@! %*! BO$D(&@!

%EF&A@E?@! G+D(&`&A@! A$D)%*BDA&J&@AA@! @B! *E`E?B&A&@AA@\! VX\! 6\2JOA@&G@(W!

EF+>-.-1F+.F(.!k)F4A2/FW!)\!LIH!"!]!@(!K@j@AAB!?&JOW!k&@!*E?!G@F!XD%`@AG@A!ADJO!

A�O@(! O@('D(`@O@A! k&(GW! mE! G@(! A@E)%*BDA&?JOu*E`E?B&A&?JO@A! 7&JOBBO@D(&@! A*JO!

&O(@(! F@B*)OR?&?JOu@(j@AABA&?BO@D(@B&?JO@A! 2@&B@! O&A! ;&%! *GO_(@W! JDFF@! DA! %@!

'@((*!)%E?!B*(GW!N!%*!BO$D(&@!G@!%*!7EF&_(@!A$D)%*BDA&J&@AA@!@B!*E`E?B&A&@AA@W!G*A?!

EA@!BO$D(&@!$)&?B$FD%D`&[E@!@B!F$B*)OR?&[E@!G@!%*!JDAA*&??*AJ@!>!^\!:A!(@B(DE'@!

J@BB@!BO$D(&@!JO@m!7*JB*AJ@W!]1+<5!HhW!P!"!2+3(024!(4?-!)*+,)!.+,+>+.!(..(!>2,+*+!;!

]!%YaF@! ?@FK%@! GDAJ! qB(@! ?@FK%*K%@! N! %*! %EF&_(@!^\! 3(*G\! S\! S*jODEJO@! @B! 2\!

7EJ&*A&>\!/D&(!ADB(@!.AB(DGEJB&DA!`$A$(*%@W!)\!LI\!

J'&&&!.!3&FDBO$@W\{W!l{\!7*!/E%`*B@!G&B!"!(0!>2/(,!F)A+0)0!+*)//(..+A+>(,\!:A!(@B(DE'@!

>2/(,!G*A?!%@?!F*AE?J(&B?!EW!J!@B!+*)//(..+A+>(,!G*A?!%@?!F*AE?J(&B?!EW!JW!�W!@B!Q!

;U*%)D(A\W!&)?*+!624(>++W!)\hp>\!6E`\!I-*<5!/..W!HM!"!*-*!F-/!+>>)!(4)0W!.(3!)>+23W!

)>+23!2)>3(!)A!+.0+.!-,*+A2.!;!]!ADA!J@BB@!%EF&_(@!A+$B*&B!)*?!J@%*W!F*&?!$B*&B!*EB(@!

JOD?@W!BDEB!*EB(@!JOD?@!^\!3(*G\!5\!G@!7*K(&D%%@>\!!

J&b!7*!3(&A&B$W!FR?B_(@!JO($B&@AW!@?B!EA@!@??@AJ@!@A!B(D&?!)@(?DAA@?\!6E`\!'(!L4+*+0)0(W!

/W! p! "!3+/02,! (.0! 0),(*! 04(.! 1(4.-*)(! *-*! 20! +>>23! 3+/(4(024! .(3! *(! 0)/(4(024! ;!

]!:A!($)DAG!K&@A!!B(D&?!)@(?DAA@?W!F*&?!J+@?B!FD&A?!)DE(!G&(@!J@%*![E@!)DE(!A@!)*?!

!

HHo!!

(@?B@(! ?*A?! (&@A!G&(@!^\!3(*G\!9\!9@%%@B!@B!3O\!V*F@%DB>\!V*??&DGD(@! (@B(DE'@!*E!

A&'@*E! G@! %+aF@! EA! J@(B*&A! ADFK(@! G@! B(&*G@?! ;JDFF@! %*! JDAB@F)%*B&DAW! %@!

QE`@F@AB! @B! %*!F$FD&(@! DE! %@?! B(D&?! $JO@%DA?! )DE(! *((&'@(! N! %*! JDAA*&??*AJ@! G@!

#&@E>! [E&! (@A'D&@AB! N! %*! 3(&A&B$\! :A! @AB(@! &J&! @AJD(@! G*A?! EA! ?RFKD%&?F@!

AEF$(&[E@!"! %@!ADFK(@!B(D&?!J*(*JB$(&?@!#&@E!]!G*A?!?DA!�B(@!FqF@W!G*A?!%YEA&B$!

G@!%*!A*BE(@!@B!%*!B(&A&B$!G@?!)@(?DAA@?!^!@B!JY@?B!*E??&!]!%@!ADFK(@!G@!%YaF@W![E&!@?B!

%Y&F*`@!G@!#&@E!;U@A(&!G@!7EK*JW!Qc;?_.(!&;3+;9)>(W!3\!./W!L<uLoW!@B!*E??&!6E`\!

n2)(.05! <h! "! 20! G2-*+),! .(10(*)4+-! *2,(4-! /4()024)! /-*.0)0W! /2,! 0(4*)4+2.!

)*+,)(! (0! G2)0(4*)4+2.! /-41-4+! 04+A2+024! z555{! ;! ]!@A! J@! ?@A?! [E@W! %*! J($*BE(@!

&F)%&[E*AB!%@!ADFK(@!hW!)E&?[E@!P!?+*))%&[E@!N!%+aF@!@B!I!*E!JD()?!z\\\{!^\!3(*G\!C\!

S*(GRW!v\!6\!S@Jj*@(BW!v\!SDEB@B>\!

Jb! 1DF*&A?W! llW! }}! "! ]! )>0+023-! 3+9+0+)42,! .)1+(*0+)(! (0! ./+(*0+)(! '(+! G2),!

+*/-,14(F(*.+A+>+)!.2*0!+23+/+)!(+2.!(0!+*9(.0+?)A+>(.!9+)(!(+2.!;]!:!)(DXDAG@E(!G@!

%*! (&JO@??@W! G@! %*! ?*`@??@! @B! G@! %*! ?J&@AJ@! G@! #&@E! �! }E@! ?@?! QE`@F@AB?! ?DAB!

&A?DAG*K%@?W!@B!?@?!'D&@?!&AJDF)($O@A?&K%@?!�!^\!3(*G\!7\!2@`DAG>\!

Jb&!v@*A5!HW!v!"!(4)0!>2c!2(4)!G2)(!+*>2,+*)0!-,*(,!F-,+*(,!2(*+(*0(,!+*!,2*32,\!

2*&AB!6E`E?B&A!)*(%@!N!)%E?&@E(?!(@)(&?@?!G@!2(42,!>2,(*W!JDFF@!G*A?!I-*<5!./W!

H<!"!>2,(*!2(42,W!G2-3!+*>2,+*)0!-,*(,!F-,+*(,!2(*+(*0(,!+*!F2*/!,2*32,5!

#*A?!Q1+.05!HIMW!IIW!L=!"!&%!)*(%@!?@E%@F@AB!G@!>2,(*z555{!G2-3!+*>2,+*)0!-,*(,!

F-,+*(,! 2(*+(*0(,! +*! F2*/! ,2*32,\! /D&(! V(DJJD\6\! H>! >+A(4! 3(! )*+,)! 3+!

I)..+-3-4-W! )\! H<MW! ADB@! H!"! >2,(*! @?B! %*! %EF&_(@! G&XXE?$@W! >2c! %*! ?DE(J@!

%EF&A@E?@\! V*??&DGD(@! A@! )*(*eB! )*?! G&XX$(@AJ&@(! >2,(*! @B! >2cW! J@! [E&! ?@(*!

%+*BB&BEG@!G@?!)@A?@E(?!GE!9DR@A!i`@\!!

Jb&&!6\2JOA@&G@(W!EF+>-.-1F+.F(.!k)F4A2/FW!I)..+-3-4W!)\!LIP!"!]!?JOO@??%&JO!K@?B�B&`B!

&OF! ADJO! G&@! 2@%K?BK@DK*JOBEA`! G&@! G@(! 2@@%@! mE`@?JO(&@K@A@! 7&@OBA*BE(!! ;*E!

KDEB!GE!JDF)B@W!JY@?B! %YDK?@('*B&DA!G@!?D&uFqF@![E&!*BB@?B@! %*!A*BE(@! %EF&A@E?@!

G@!%YaF@>!^\!

Jb&&&!6\2JOA@&G@(W! EF+>-.-1F+.F(.! k)F4A2/FW! I)..+-3-4W! )\! LII! "! ]!G&@! 2@@%@! FE??!

?@%K@(! %@EJOB@AG@?! 5(&Am&)! ?@&AW! G@AA! ?DA?B! jwAAB@! ?&@! G&@! #&A`@! `*(! A&JOB! ?D!

�K@(?JO*E@AW! k&@! G&@?! G@(! Z*%%! &?B! ! ;%YaF@! @%%@uFqF@! GD&B! qB(@! EA! )(&AJ&)@!

!

HHh!!

%EF&A@EbW!?&ADA!@%%@!A@!?@(*&B!)*?!@A!F@?E(@!G@!JDA?@('@(!EA@!'E@!GY@A?@FK%@!G@?!

JOD?@?>!^\!

Jb&'! 6\2JOA@&G@(W! EF+>-.-1F+.F(.! k)F4A2/FW! I)..+-3-4W! )\! LII! "! ]!v@! `(w??@(! G&@!

7@EJOBj(*XB! G@?! 2EKQ@jB?WEF! ?D! 'D(m�`%&JO@(! ?@&A! 0(j@AA@A!! ;)%E?! %Y&AB@A?&B$!

%EF&A@E?@!GE!?EQ@B!@?B!`(*AG@W!)%E?!%*!JDAA*&??*AJ@!@?B!@bJ@%%@AB@>!^\!

Jb'! 5DE(! J@BB@! $'DJ*B&DA! G@! %*! `(aJ@! G&'&A@W! 'D&(W! v\! 7*`DE*A_(@W! H*0;4+-4+0;! (0!

4;<>(c+9+0;W!)\!<Po\!

Jb'&!6E`\!n2)*05! hW! HH! "! <+?24),! +*0(4+,! 2-/-W! /2,!)>+G2-3! .1)0+2,! >+*()! >+*(+.2(!

/-*/>23+024!;!]!)DE(!%@!FDF@AB!Q+*))@%%@!�X&`E(@�!!EA!@?)*J@![E@%JDA[E@!@AX@(F$!

G*A?!EA@!%&`A@!DE!G*A?!G@?!%&`A@?!^\3(*G\!5\!G@!7*K(&D%%@>\!

Jb'&&!5O&%&))&@A?W!mW!{\!VY@?B!%@!B@bB@!G@!%*!/E%`*B@!;G2+!/2,!+*!<-4,)!'(+!(..(0K!*-*!

4)1+*),!)4A+04)02.!(.0!(..(!.(!)(G2)>(,!'(->\!3(*GEJB&DA!S&K%@!G@!v$(E?*%@F\!

Jb'&&&!6E`\!I+95! /...W! =! "! +3(-G2(! *-*! 32A+0)0! F-/! (..(! 1F+>-.-1F)4+W! ),)4(! 3(2,W!

/2+2.!*)024)!.+0!+*/-41-4)>+.!;!]!*E??&!A+O$?&B@uBu&%!)*?!N!G&(@![E@!)O&%D?D)O@(W!J+@?B!

*&F@(!#&@E!GDAB! %*!A*BE(@!@?B! &AJD()D(@%%@!^\!3(*G\!C\!VDFK_?>W!Q95!k-F5!PIW!o! "!

3(2.! 022.! 2A+G2(! 0-02.! (.0! !;! ]!BDA! #&@E! @?B! BDEB! @AB&@(! )*(BDEB!^\! 3(*G\! 9\! Z\!

S@((DE*(G>\! I-*<5! .W! IW! I! "! .0)A+>+.! (0! +*/-,14(F(*.+A+>+.K! +,,20)A+>+.K! ,20)*.!

-,*+)K!*2,G2),!*-22.K!*2,G2),!2(02.!]!?B*K%@!@B!&F)D??&K%@!N!?*&?&(W!&FFE*K%@!

@B! JO*A`@*AB! BDEBW! Q*F*&?!ADE'@*EW! Q*F*&?! *AJ&@A!^\!3(*G\!5\! G@!7*K(&D%%@>\!/D&(!

*E??&W!6\!3DFKD%&A&W!I)..+-3-4-W!'(!)*+,)K!)\!IH\!

Jb&b!7EJW!l{K!m}am|!"!(>(2)*.!-/2>-.!.2-.!/2,!(..(0!+*!0-4,(*0+.!2+3(A)0!6A4)F),!)!

>-*?(!(0!B)u)42,!+*!.+*2!(+2.(0!+1.(!/>),)*.!3+c+0!1)0(4!6A4)F),!,+.(4(4(!,(+!(0!

,+00(! B)u)42,! 20! +*0+*?2)0! (c04(,2,! 3+?+0+! .2+! +*! )G2)! 20! 4(<4+?(4(0! >+*?2),!

,(),!G2+)! /42/+-4! +*! F)/! <>),,)! ;! ]!*E! ?$QDE(! G@?!FD(B?W! &%! $B*&B! @A!)(D&@! N! %*!

BD(BE(@!d!%@'*AB!%@?!R@EbW!&%!'&B!6K(*O*F!G@!%D&A!@B!7*m*(@!BDEB!)(_?!G@!%E&\!6%D(?!&%!

J(&*!"!5_(@!6K(*O*FW!)(@AG?!)&B&$!G@!FD&!@B!@A'D&@!7*m*(@!B(@F)@(!%@!KDEB!G@!?DA!

GD&`B!G*A?!%Y@*E!)DE(!F@!(*X(*eJO&(!%*!%*A`E@W!J*(!Q@!?DEXX(@!B@((&K%@F@AB!G*A?!J@BB@!

XDE(A*&?@!^\!3(*G\!7\!2@`DAG>\!/D&(! *E??&!9*??&FD!7@DA@W!]!2&`A?!DX! BO@!2DE%! "!

3Dk*(G!*!2@F&DB&J?!DX!1@%&`&DE?!2EKQ@JB&'&BR!^W!$+?*.!)*3!$-/+(0=W!/D%\!HW!-D\!HW!

!

HH=!!

LMHPW!))\!HIHuHIPW!)DE(!EA!$J%*&(*`@!?E(! %+EB&%&?*B&DA![E+DAB!)E!X*&(@! %@?!GDJB@E(?!

JO($B&@A?!G@!J@!)*??*`@\!

Jbb!V*??&DGD(@! ADE?! &A'&B@! N! EA! %*A`*`@!F$B*)OD(&[E@! JDFF@! ?*&AB!6E`E?B&A! G*A?!

Q95k-F5!<MW!o!"!<)/02,!)23+2+,2.W!,=.0(4+2,!4(G2+4),2.!;!]!ADE?!*'DA?!@AB@AGE!

%@!X*&BW!JO@(JODA?!%@!FR?B_(@![EY&%!(@AX@(F@!^\!3(*G\!9\!Z\!S@((DE*(G>W!@B!GY*EB(@?!

5_(@?!G@!%Y4`%&?@\!5DE(!3@(BE%%&@A!)*(!JDAB(@W!J@!A@!)@EB!qB(@!EA@!&F*`@W!'(!)*+,)W!

h!"! *(/! ,(*0+4(024! 3(! /-41-4)>+A2.! ,(,A4+.! $/4+1024)W! .+! *-*! (4)*0! ;GE! (@?B@!

%Y4J&BE(@!A@!?*E(*&B!F@AB&(!*E!?EQ@B!G@?!F@FK(@?!GE!JD()?W!?Y&%?!AY@b&?B*&@AB!)*?>\!

3(*GEJB&DA!)@(?DAA@%%@\!

Jbb&! 2B*K&%&B$! G@! %+0??@AJ@! G&'&A@\! ]!7*! ?B*K&%&B$! G*A?! %+@??@AJ@W! %+&FFEB*K&%&B$W! J@BB@!

$B@(A&B$! @AX&AW! [E&! A+@?B! )*?! ?@E%@F@AB! EA! *BB(&KEB! G@!#&@E! z\\\{W!F*&?! ?*! ?EK?B*AJ@!

FqF@!^\!4\!C&%?DAW!H*04-32/0+-*W!)\!Lh\!!

Jbb&&!SD@B\!64+0F,5! .W! H! "!(..(*0+)(!)20(,!?(,+*)(!1)40(.! .2*0W! 2*)!/-*0+*2)!(0! .2+.!

1)40+A2.!+2*/0)!*(/!2>>+.!<+*+A2.!3+.04+A20)W!20!(.0!)4A-4!>)1+.!(0!-,*+)!,2*3+!F2+2.!

/-41-4)W! G2)(! 14-14+(! ,)?*+023+*(.! )11(>>)*0245! 6>+)! 2(4-! 3+.+2*/0)! )! .(! (0!

3(0(4,+*)0)! 1)40+A2.! (0! G2).+! )/(42)0+,! +*! 2*2,! 4(3)/0)! /-*/+>+2,W! 20! ?4(c!

1-12>2.! /F-42.! )/(422.! (0! G2+3G2+3W! G2-42,! 1)40(.! 14-14++.! (c04(,+0)0+A2.!

0(4,+*)*024!(0!)A!)>0(4+2.!<+*(!3+./4(0)(!.2*05!O+.!14-14+2,!*-,(*!(.0!,2>0+023-!;!

]!.%!R!*!G@Eb!)*(B&@?!G*A?! %+@??@AJ@!"! %+EA@!JDAB&AE@W!GDAB! %@?!)*(B&@?!?DAB! QD&AB@?W!

[E&!A+@?B!)D&AB!)*(B*`$@!)*(!G@?! %&F&B@?W! JDFF@!EA!*(K(@! W!EA@!)&@((@!@B! BDE?! %@?!

JD()?! G@! J@!FDAG@! [E&W! *E! ?@A?! )(D)(@W! ?DAB! *))@%$?! `(*AG@E(?! d! @B! %+*EB(@W! [E&!

JDAA*eB! %*!G&?QDAJB&DAW!G&'&?$@!@A!)*(B&@?W!@B!GDAB! %+*??@FK%*`@!@?B!)DE(!*&A?&!G&(@!

J@%E&!G+EA!B*?W!JDFF@!EA!B(DE)@*EW!EA!)@E)%@W!EA!JOcE(W!EA!B*?!@B!BDEB!J@!GDAB!%@?!

)*(B&@?! DAB! G@?! @bB($F&B$?! )(D)(@?! @B! ?DAB! G&?B&AJB@?! G@! %+@bB($F&B$! G@! %*! )*(B&@!

'D&?&A@!d!%@E(!ADF!)(D)(@!@?B!FE%B&)%&J&B$\!^\!3(*G\!v\8d!CE&%%@F&A>\!!

Jbb&&&! 2*`@??@W! llW! ml\! 7*! /E%`*B@! G&B! "! .(3! -,*+)! ,(*.24)! (0! *2,(4-! (0! 1-*3(4(!

3+.1-.2+.0+\!:A!A@! B(DE'@! )*?!/4()9+0! A&! %*! BDE(AE(@! .2A!,(*.24)!JO@m!V%*EG&@A!

9*F@(B![E&!J&B@!%*!/E%`*B@!DE!JO@m!?*&AB!6E`E?B&A![E&!*!)E!@F)%DR@(!)*(XD&?!N!%*!

)%*J@!G@!3+.1-.2+.0+! "!3(1-*(*.W!3+.1-*+0W!/-*.0+02+.0+W! @B![E&!$J(&B! +*! k-AW! L=! "!(0!

A(*(!1-*3(4(W!,(*.24)!(0!*2,(4-!-,*+)!3+c+0!<)/0)\!

!

HHp!!

Jbb&'!C$A_?@W!|W!lÍ!"!3+c+0G2(!)3!(2,!G2+3!<(/+.0+!2-c!.)*?2+*+.!<4)04+.!02+!/>),)0!)3!

,(!3(!0(44)!;!]!@B!&%!F@!G&B!"![EY*?uBE!X*&B!�!7*!'D&b!GE!?*A`!G@!BDA!X(_(@!J(&@!G@!%*!

B@((@!'@(?!FD&!^\!3(*G\!7\!2@`DAG>\!!

Jbb'!#*A&@%W!l}W!|m!;JO*)&B(@!*)DJ(R)O@![E&!(@%*B@!%�O&?BD&(@!G@!2Em*AA@>!"!(c/>),)9+0!

)20(,! 2-/(! ,)?*)! $2.)**)W! (0! 3+c+0! "! '(2.! )(0(4*(W! G2+! )A./-*3+0-42,! (.!

/-?*+0-4W!G2+!*-.0+!-,*+)!)*0(G2),!<+)*0!;!]!2E?*AA@!?+@bJ%*F*!*%D(?!G+EA@!'D&b!

XD(B@!@B!G&B!"!#&@E!$B@(A@%W!BD&![E&!JDAA*&?!J@![E&!@?B!J*JO$W!BD&![E&!?*'*&?!BDEB!*'*AB!

[E@!J@%*!*((&'@!^\!3(*GEJB&DA!)@(?DAA@%%@>\!

Jbb'&! .%! ?@FK%@! [E@!V*??&DGD(@! *KD(G@W! &J&W! %*! ADB&DA! ?E&'*AB@!"! %@! )$JO$! @?B! G+D(G(@!

FD(*%W!%*!'(*&!?DE&%%E(@!@?B!G@!%+aF@\!VX\!6E`\!&(*35!pW!H<!"!)*!(c/(10)!(.0!-,*+.!

+*! ,2*3+0+)! /-41-4)>+.! ;! ]!@B! G+*EB(@! )*(BW! ?+&%! X*EB! @b@F)B@(! G@! )$JO$! BDEB@!

?DE&%%E(@! JD()D(@%%@!^\!3(*G\! C\! VDFK_?>\! ,A@! B(*A?`(@??&DA! A@! )@EB! qB(@!

?&F)%@F@AB!%&$@!N!EA!$%$F@AB!)OR?&[E@W!&AG$)@AG*F@AB!G@!%*!'D%DAB$!;0\!5D(B*%&$W!

.)+*0!62?2.0+*W!JD%\!LPpo>\!

Jbb'&&!V*??&DGD(@!A@!J&B@!*EJEA!*EB@E(W!F*&?!DA!*!G*A?!J@!)*(*`(*)O@!EA@!B(*A?J(&)B&DA!

%&BB$(*%@!G@!V&J\!H*95!..W!LW!<Pu<I\!

Jbb'&&&!V&J\!H*95!..\!LW!<P!"!H2.0+0+)!(.0!F)A+02.!)*+,+!/-,,2*+!20+>+0)0(!/-*.(42)0)!.2),!

/2+G2(!04+A2(*.!3+?*+0)0(,!;\]!%*!QE?B&J@!@?B!EA@!G&?)D?&B&DA!G@!%+@?)(&B![E&W!BDEB!@A!

?*E'@`*(G*AB! %+&AB$(qB! `$A$(*%W! *JJD(G@! N! JO*JEA! J@! [E+&%! F$(&B@!^\! 3(*G\! C\!

6JO*(G>\!1@)(&?!)*(!?*&AB!6E`E?B&AW!n2)(.05!PH\!!

Jbb&b!4JOD!G@!V&J$(DA!�!J+*5!/W!pW!LI! "!F)*/! +*+0+-! +*.0+020+-*(,!/-*<2.),!F)A(0!(0!

+*/(40),! ! ;! ]!*E! G$KEB! J@BB@! G&?)D?&B&DA! ?@! B(DE'@! JDAXE?@! @B! &AJ@(B*&A@!^\!

3(*GEJB&DA!)@(?DAA@%%@>\!

Jbbb!V&J\! H*95! ..W!<PW!HoM! "!1423(*0+)!(.0! 4(42,!A-*)42,!(0!,)>)42,!*(204)42,G2(!

./+(*0+)! ;!]!%*!?*`@??@!JDA?&?B@!N!?*'D&(!J@![E&!@?B!K&@AW!J@![E&!@?B!F*%!@B!J@![E&!

A+@?B! A&! %+EA! A&! %+*EB(@!^\! 3(*G\! C\! 6JO*(G>\!#$X&A&B&DA! G@! %*! 2*`@??@! [E&! *! X*&B!

*EBD(&B$!G*A?!%+6AB&[E&B$\!

Jbbb&! V&J\! H*95! ..W! <IW! HoP! "! J-40+023-! (.0! /-*.+3(4)0)! 1(4+/2>-42,! .2./(10+-! (0!

>)A-42,!1(41(..+-!;!]!%@!JDE(*`@!JDA?&?B@!N!*XX(DAB@(!*'@J!($X%@b&DA!%@?!)$(&%?!@B!N!

!

HLM!!

@AGE(@(!%@?!$)(@E'@?!^\!3(*G\!C\!6JO*(G>\!1@)(&?!)*(!?*&AB!6E`E?B&A!G*A?!n2)(.05!

PH\!!

Jbbb&&!V&J\! H*95! ..W!<IW!HoI! "! 0(,1(4)*0+)!(.0!4)0+-*+.! +*! >+A+3+*(,!)0G2(! +*!)>+-.!*-*!

4(/0-.! +,1(02.! )*+,+! <+4,)! (0! ,-3(4)0)! 3-,+*)0+-! ;! ]!%*! FDG$(*B&DA! @?B! EA!

JDAB(~%@!X@(F@!@B!?*`@!@b@(J$!)*(!%*!(*&?DA!?E(!%*!)*??&DA!@B!%@?!*EB(@?!&F)E%?&DA?!

F*E'*&?@?!G@!%+aF@!^\!3(*G\!C\!6JO*(G>\!1@)(&?!)*(!?*&AB!6E`E?B&AW!G*A?!n2)(.05!

PH\!

Jbbb&&&!V&J\! H*95! ..W! <PW! H<p! "! F)A(0! +?+024! 1)40(.! G2)002-4! "! 1423(*0+),W! +2.0+0+),W!

<-40+023+*(,W! 0(,1(4)*0+),! ;!]!:(!J@%%@uJ&!JDAB&@AB![E*B(@!)*(B&@?! "! %*! ?*`@??@W! %*!

QE?B&J@W!%@!JDE(*`@!@B!%*!FDG$(*B&DA!^\3(*G\!C\!6JO*(G>\!7+@b)D?$!G@!%*!BO$D(&@!G@?!

[E*B(@!'@(BE?!'&@AB!G@!5%*BDAK! >)!";12A>+G2(K! %&'(@! ./W!ILh@! ;'D&(!6\!3DFKD%&A&W!

I)..+-3-4-W! '(! 6*+,)\! )\! IoW! ADB@! HPh>\! 1\! S*JJDEW! 5%*BDAW! >)! ";12A>+G2(W!

C*(A&@(uZ%*FF*(&DAW! HpooW! *QDEB@! )\! IHHW! ADB@! LL=!"!]!K&@A! [E@! )%*BDA&J&@AA@!

G*A?!?*!XD(F@W!J@BB@! BO$D(&@!)DE((*&B!qB(@!GYD(&`&A@!)RBO*`D(&J&@AA@\!7@!JOD&b!GE!

ADFK(@! J*(($! [E*B(@! )*(*eB! @A! @XX@B! G$ADB@(! EA! J@(B*&A! ?DEJ&! G@! ?RFKD%&?F@!

F*BO$F*B&[E@!^\!7@!ADFK(@![E*B(@!(@X%_B@! %*!)@(X@JB&DA!G@! %*!J($*BE(@W!G$JDE%*AB!

GE! )%*A! G&'&A! ?E(! %@?! JOD?@?! B@F)D(@%%@?! ;U\! G@! 7EK*JW! Qc;?_.(! &;3;9+)>(W!

?@JDAG@!)*(B&@W!..W!)\!Lo>\!

Jbbb&'!7@?! '@(BE?! FD(*%@?! A@! ?DAB! )*?! G&??DJ&$@?! G@! %*! ?)O_(@! &AB@%%@JB&'@! ;'D&(! 6\!

V(DJJDW!H>!>+A(4!3(!)*+,)K!)\!H<LW!@B!6\!C*%DAA&@(W!>C(*/=/>-1;3+.,(!.)/4;W!))\!<hu

<=!"!]!%+&A?B&AJB!A*BE(@%!A@!)@EB!?+*JO@'@(!G*A?!%*!'@(BE![E@!)*(!%*!(*&?DA!^\!!

Jbbb'!6/+(.!,(*0+.W! J+@?B! %*!)$A$B(*B&DA!G@! %+@?)(&B\!5DE(!2*&AB!6E`E?B&AW!)/+(.! @?B! %@!

(@`*(G! [E&! )@(F@B! G@! ?@! X&b@(! ?E(! EA@! &G$@! )%EB~B! [E+EA@! *EB(@! ;4\! C&%?DAW!

H*04-32/0+-*W!)\!L=I\!

Jbbb'&!6E`\!I-*<5!gW! =! "! (0! 9(*+-! +*! /),1-.! (0! >)0)! 14)(0-4+)!,(,-4+)(W! 2A+! .2*0!

0F(.)24+!+**2,(4)A>+2,!+,)?+*2,!3(!/2f2./(!,-3+!4(A2.!.(*.+.!+*9(/0)42,!;!]!@B!

'D&J&![E@! Q+*((&'@!*Eb!GDF*&A@?W! *Eb!'*?B@?!)*%*&?!G@! %*!F$FD&(@! %N!Dy! ?DAB! %@?!

&F*`@?!&AADFK(*K%@?!*))D(B$@?!)*(!%@?!)@(J@)B&DA?!FE%B&XD(F@?!G@?!?@A?!^\!3(*G\!

5\!G@!7*K(&D%%@>\!

!

HLH!!

Jbbb'&&!/D&(!4\!C&%?DAW! H*04-32/0+-*K! )\! HPh! "! ]!BDEB! ?@! )*??@! JDFF@! ?&! %+aF@! $B*&B!

)%E?! '*?B@! [EY@%%@! A@! %@! J(D&B!^! W! 6\! V(DJJDW! H>! >+A(4! '(! )*+,)K! )\! H<L! "!

]!;,(,-4+)! >! >)! G2)>(! F)! 2*)! 1-0(*u+)>+0g! 4+/(9+00)! +>>2,+*)0)!^! z;%*!F$FD&(@>!

[E&!*!EA@!J*)*J&B$!GYO$K@(`@F@AB!&%%&F&B$@{W!@B!6E`W!I-*<5!gW!=!"!,)?*)!+.0)!2+.!

(.0! ,(,-4+)(W! ,)?*)! *+,+.W! 3(2.! ,(2.W! 1(*(04)>(! ),1>2,! (0! +*<+*+02,! ;!

]!C(*AG@W!~!FDA!#&@EW!@?B!J@BB@!)E&??*AJ@!G@!%*!F$FD&(@!d!DO!DE&!�!K&@A!`(*AG@!�!

V+@?B!EA!?*AJBE*&(@!&FF@A?@W!&AX&A&\^\!3(*G\!5\!G@!7*K(&D%%@>\!!

Jbbb'&&&!-D(K@(`!#*`W!&)*2(>!14)0+G2(!3(!B)0+*!&;3+;9)>W!Hp=MW!5&J*(G\!)\!H<!>!"!]!DA!

?@! ?@('*&B! B(_?! ?DE'@AB! ;N! %*! X&A! G@! %Y$)D[E@! &F)$(&*%@>! G@?! )*(B&J&)@?!

.214)./4+102.W! .214)3+/02.! zn{! N! %*! )%*J@! G@! %Y*A*)OD(&[E@! +.! zn{! %Y@F)%D&!

@bJ@??&X!G@?!FDB?!JD((@?)DAG*AB?W!.2.3+0.K! .2.,(*0+-**;.! @?B! @AJD(@!EA!?&`A@!G@!

XD(F*%&?F@!@B!G@!)$G*AB@(&@!^\!!

Jbbb&b!/&(`\!^5!=W!'\!hP!"!*2,(4-!3(2.!+,1)4(!?)23(0!;!]!%@!ADFK(@!&F)*&(!)%*eB!N!%*!

G&'&A&B$!^\!3(*G\0\!#@!2*&ABu#@A&?>\!3DEB!ADFK(@! &F)*&(!JDF)D(B@!@A!?DA!J@AB(@!

EA!J@(B*&A! %&@A!G@!F$G&*B&DA! ;6E`\!&2.5! .! "!G2)4(! +*! 0(4*)4+-!*2,(4-!G2),3),!

(..(!1(4<(/0+-*(,W!G2+)!0-02.!(.0!d!F)A(0!(*+,!14+*/+1+2,W!,(3+2,!(0!<+*(,!;!]!%@!

ADFK(@!B(D&?!*W!JDFF@!BE!%@!'D&?W!EA@!?D(B@!G@!)@(X@JB&DA!d!&%!XD(F@!EA!BDEB!*'@J!

JDFF@AJ@F@ABW!F&%&@E!@B!X&A!^\!3(*G\!C\!Z&A*@(B!@B!Z\!v\!3ODAA*(G>\!V@!ADFK(@!@?B!

%@!?RFKD%@!G@!%*!)*&b!@B!G@!%*!JDAJD(G@!;U@A(&!G@!7EK*JW!Qc;?_.(!&;3+;9)>(W!)\!

Ho\!/D&(!J&uG@??E?!ADB@!HMp\!!

Jb%!6E`!\!n2)*05!HoW!L=!"!G2+3G2+3!)*+,)!/2,!)(0)0(!14-<+/+0W!/-,1-.G2(!4)0+-*+.!<+0W!

*-*!,+F+!2+3(024!<+(4+!,)+-4W!.(3!,(>+-4!G2-3!.+!,(,A4-42,!+3!<)/(4(0!,)?*+023-!

d! (-! G2+.G2(! 1423(*0+-4! (..(0W! G2-! >-*?+-4! )20! 2)>+3+-4! "!G2-3! .(! )>+0(4! !F)A(4(!

*-*W!-1+*-4W!*(?)A+.!!;!]!%@?!)(D`(_?![E@!%+aF@!($*%&?@!*'@J!%+a`@!@B!)*(!?*!F*&B(&?@!

G@!%*!(*&?DA!?@!XDAB!G*A?!%@!?@A?!GE!!+F@&%%@E(+!!ADA!G*A?!%@!?@A?!GE!!+)%E?!`(*AG+\!2&!

J+$B*&B!EA@![E@?B&DA!G@!`(*AG@E(!)OR?&[E@W!DA!?@(*&B!?*`@!N!)(D)D(B&DA![E@!%+DA!@?B!

O*EB! @B! '&`DE(@Eb\! 7@?! JOD?@?! A@! ?@! )*??@AB! )*?! *&A?&!d! BE! A@! %*! A&@(*?! )*?W! Q@!

?E))D?@!^\!3(*G\!5\!G@!7*K(&D%%@>\!

Jb%&!7+aF@!*KD(G@!%@!FDAG@!@bB$(&@E(!)*(!%*!JDAA*&??*AJ@!?@A?&K%@W!&G$@!?DFF@!BDEB@!

*??@m!K*A*%@W![E@!V*??&DGD(@!)DE'*&B! B(DE'@(!JO@m!5%DB&AW!0AA$*G@?W!.W!HW!P>W![E&!

ADE?!G&B![E@! %+aF@!?@!?@(B!GE!JD()?!JDFF@!G+EA! &A?B(EF@AB!@B![E+@%%@!)@(fD&B! %@?!

!

HLL!!

FDG&X&J*B&DA?! [E@! J@B! &A?B(EF@AB! (@fD&B! GE! G@OD(?\! 7*! JDAA*&??*AJ@! ?@A?&K%@!

JDF)(@AGW! ADE?! G&B! V*??&DGD(@W! G@Eb! GDF*&A@?W! %@?! ?@A?! @B! %+&F*`&A*B&DA\! V+@?B!

[E@!%*!?@A?*B&DA!@?B!A$J@??*&(@!N!%+&F*`&A*B&DA\!]!%+aF@!A@!)@EB!&F*`&A@(!G@?!DKQ@B?!

[E+@%%@!A+*&B!)*?!)($*%*K%@F@AB!)@(fE?!^!;4\!C&%?DAW!H*04-32/0+-*W!)\!hP>\!VX\!?*&AB!

6E`E?B&AW!Q1+.05!hW!P!"!*(/!,+4(4(W!G2-!1)/0-!()W!G2)(!+*!4(42,!*)024)!<+?24)*024W!

(<<+*?+!1-..+*0!*-*!14+,-!)*+,)W!G2)(!-,*+A2.!+*(.0W!.(!/2,!+.0)!2->2(*0(W!/2,!()!

*2,G2),! (c04+*.(/2.! .(*.(4+0! ;! ]!0B! A@! B+$BDAA@! )*?! GE! X*&B! [E@! %@?! JOD?@?! [E&W!

G*A?! %*! A*BE(@W! DAB! EA@! XD(F@! @B! )@E'@AB! qB(@! &F*`&A$@?W! A@! ?@! B(DE'@AB! )*?!

G+@FK%$@!G*A?!%+aF@![E&!@?B!)($?@AB@!@A!JO*JEA!G@!ADE?W!)E&?[E+@%%@!A+@A!*!Q*F*&?!

@E! G@! )@(J@)B&DA! ?@A?&K%@! G@)E&?! %+@bB$(&@E(!^! 3(*G\! 2\! 7*AJ@%! @B! JD%%\>W! Dy! ?*&AB!

6E`E?B&A!?E``_(@!%@?!(*))D(B?!G@?!?@A?!@B!G@!%+aF@W!@B!Q1+.05!hW!L!"!G2)(!.+!)A.243)!

.2*0W!.+/20+!.2*0W!*+F+>!(.0!)>+23!+>>)!+,)?+*)0+-W!,+!*(A4+3+W!G2),!1>)?)!+*<>+/0)!1(4!

.(*.2.! ;! ]!?&! J@! (*&?DAA@F@AB! @?B! *K?E(G@u! @B! &%! %+@?B! uW! %+&F*`&A*B&DA! A+@?B! (&@A!

G+*EB(@W!FDA!JO@(!-@K(&G&E?W![E+EA@!)%*&@! X*&B@!)*(! %@?!?@A?!^\!3(*G\!2\!7*AJ@%!@B!

JD%%\>\!

Jb%&&!6E`\!B+A5!..W!P!"u6E`E?B&A!"!G2+3!)3!0)/02,!�!u0EDG&E?!"!,->>(!2(>!3242,W!>(*(!

2(>!).1(42,!(0!,2>0)!0)>+)!;!]u6!"!@B!)*(!%@!BDEJO@(!�!u0!"!%@!FDE!@B!%@!GE(W!%@!%&??@!

@B!%@!(E`E@Eb!@B!K@*EJDE)!G@!JOD?@?!?@FK%*K%@?!^\!3(*G\!Z\!v\!3ODAA*(G>\!

!Jb%&&&! .%! ?@FK%@!R! *'D&(!EA@! (E)BE(@!G@! JDA?B(EJB&DA!G*A?! %@! B@bB@! @B! *%D(?! [E@! %@!

ADF&A*B&X!@?B!EB&%&?$!)DE(!%@?!G@Eb!)(@F&_(@?!'@(BE?W!J+@?B!%+*JJE?*B&X![E&!@?B!EB&%&?$!

)DE(!%@?!?E&'*AB@?\!

Jb%&'!:A!ADB@(*!@AJD(@!%YEB&%&?*B&DA!GY)*+,2.!)DE(!G$?&`A@(!%+aF@!G@!%+ODFF@!;'D&(!

)%E?!O*EB!ADB@?!IMW!<H!@B!=L>\!7@!F*AE?J(&B!&!GDAA@!)*+,)(\!

Jb%'!2E(!J@!)*??*`@!'D&(!6(&?BDB@W!L4)+0;!3(!>)!4(.1+4)0+-*W!g/W!Ih=*!HLuLM>!"!ÎU«!y�!W�!

y«! ¯rZxyS! W�r�ySU! y�x! ��YS! �S�! �xS�x�ZqTUW! �S�! �\¥UTyM! S´y�x! ¤TS! ¯rZqTUx!

¯xSU�ZxW!S¿yUZx!yZ�!��x!�xS�x�µx!Ï!�x���Xx!TZ�£�[!Ðx!�S�!TqY���Xx!�¥�Y¦[5!RS�!

¼xSU�²ySyZx!Wª!�\¥UTyS!yZ�yZ!y�!�²YUZx!y�x!�S¥Zq��xXx!T�¥\�rxXx5!ÑTS!Wª!¯r�U!

¯xSU�Zx!S´y²W!ySr��S[!��x!W�µySU!y¨[!�SySp�¢�X[!WU«!y�!�U�Y«x!�ÁxSU!yªx!ÒZ�ªx!yZ�!

pqrU�Z�! �qY²[W! �¿TX! WM! �ÊTU�xSU! WU«! �Sxy�[! WU«! y�! �¥¨�Z[! yZ�! SÓ�SyZ[! �S�! y¨[!

��Y�²y¦yZ[5!�S�yS!WM!��£²y�YS!Ï!��x!�ªY!W�xSySU!ÒÔW�X[!�ZU�µx¬!WU«!�«Y!y�!¥��yªx!

¯r�Ux! yªx!£�TUx! WU«!�Sxy²[! y�! �S�! ySr�X[! WUSWq²��xZ[! WUSp�r�U¬;! ]!5DE([ED&! %@?!

!

HLP!!

*A&F*Eb! [E&! ?DAB! FEA&?! G+EA! )DEFDA! *K?D(K@ABu&%?! %+*&(W! @B! (@?)&(@ABu&%?W! @B!

)(&AJ&)*%@F@AB!J@Eb!GDAB! %@!)DEFDA!@?B!?*A`E&A!�!7*!J*E?@!G@! %*! (@?)&(*B&DA!GE!

)DEFDA!B&@AB!*E!X*&B![E+&%!@?B!?)DA`&@Eb!@B!(@F)%&!G@!(*F&X&J*B&DA?W!@B!J+@?B!FqF@!

J@B!D(`*A@![E&W!G@! BDE?! %@?!'&?J_(@?W!JDFF@!DA!%@?!*))@%%@W!@?B! %@!)%E?!JO*(`$!G@!

?*A`\! #_?! %D(?W! BDE?! %@?! *A&F*Eb! [E&! DAB! %@! )DEFDA! ?*A`E&A! DAB! K@?D&A! G+EA@!

($X(&`$(*B&DA! (*)&G@W! )*(J@! [E@! %@E(! JO*%@E(! '&B*%@! A+*! )DE(! J@%*! [E+EA@! X*&K%@!

B@AG*AJ@W! @B! [E@! %+*&(! GD&B! )$A$B(@(! N! %+&AB$(&@E(!GE!)DEFDA! QE?[E+@A! ?@?! G@(A&@(?!

(@)%&?W!@A!(*&?DA!G@!%*!`(*AG@![E*AB&B$!G@!?*A`!@B!G@!JO*%@E(![E+&%!JDAB&@AB\!9*&?!N!

J@?!G@Eb!@b&`@AJ@?W!%+*&(!@?B!*)B@!N!($)DAG(@!X*J&%@F@ABW!J*(W!`(aJ@!N!%*!%$`_(@B$!G@!

?*! A*BE(@W! &%! ?@! `%&??@! )*(BDEB! @B! (*)&G@F@ABW! @B! *JJDF)%&B! *&A?&! ?*! XDAJB&DA!

($X(&`$(*B(&J@!d!^!3(*G\!v\!3(&JDB>\!V&B$!)*(!v\l\U*%)D(AW!H*.0+020+-*.W!LMMIW!)\!L<=W!

ADB@\! <H\! /D&(! *E??&! 6\! C*%DAA&@(W! [E&! ?DE%&`A@! %+*EBD($`E%*B&DA! G@! %+aF@! [E&!

FDG_(@! ?DA! )(D)(@! X@EW! @B! [E&! (@A'D&@! N! C*%&@A! ;'(! 1>)/+0+.! @B! '(! 2.2>! "!

BC(*/=/>-1;3+.,(!.)/4;K!)\!<p!@B!ADB@?\!o!@B!h\!!

Jb%'&!:A!(@B(DE'@!J@?![E*B(@!?EKG&'&?&DA?!G*A?!9*J(DK@W!$)05!/..W!IW!HI!"!�S��¥�yU��!

;J*BO@JB&[E@W! *BB(*JB&'@>W! �S���yU�sx! ;J*B*G@JB&[E@W! ($B@AB(&J@>W! �¥¥ZUXyU��!

;*%%&DB&[E@W!B(*A?)D(B>W!��Z�YUyU�s!;!*)D($B&[E@W!@b)E%?&'@>\!!

Jb%'&&!7@!FDB!/->>+.!?@!B(DE'@!G*A?!%@!F*AE?J(&B!�\!

Jb%'&&&!7*!/E%`*B@!G&BW!C$A_?@W!mW!o!"!<-4,)2+0!+?+024!'-,+*2.!'(2.!F-,+*(,!3(!>+,-!

0(44)(!(0!+*.1+4)2+0!+*!<)/+(,!(+2.!.1+4)/2>2,!9+0)(!(0!<)/02.!(.0!F-,-!+*!)*+,),!

2+2(*0(,!! !;]!%+4B@(A@%!#&@E!XD(F*! %+ODFF@!G@! %*!)DE??&_(@!G@! %*! B@((@W! &%!?DEXX%*!

G*A?! ?@?! A*(&A@?! EA! ?DEXX%@! G@! '&@! @B! %+ODFF@! G@'&AB! EA! qB(@! '&'*AB!^\! 3(*G\! 7\!

2@`DAG>\!

Jb%&b!2DE'@A&(!G@!?*&AB!6E`E?B&A!�!Q95!k-F\!HLLW!L!"!1-.0!2(4A)!+*!.2).!)24(.!(+2.!-4(!

14->)0)!;!]!*)(_?![E@! ?DAB!)*('@AE@?! N! %@E(?!D(@&%%@?! J@?!)*(D%@?!G@! ?*!KDEJO@!^\!

3(*G\!9\!Z\!S@((DE*(G>\!

J%!6\!V(DJJDW! H>! >+A(4!3(!)*+,)W!)\!H<P! "!]!>M)*+,)!3(>!14+,-!2-,-W! /-,(! >(??+),-!

*(>>)! $/4+0024)W! <2! /4()0)! 3+4(00),(*0(! 3(>! .-<<+-! 3+! '+-W! /+-;W! +*0(414(0)*3-! +>!

.+?*+<+/)0-!3(>>)!,(0)<-4)!)*04-1-,-41F+/)W!3)>!/-,,)*3-!3+!'+-!z!;!]!%YaF@!GE!

)(@F&@(!ODFF@W!JDFF@!ADE?!%@!%&?DA?!G*A?!%@?!4J(&BE(@?W!XEB!J($$@!G&(@JB@F@AB!GE!

!

HLI!!

?DEXX%@!G@!#&@EW!*EB(@F@AB!G&B!@A!&AB@()($B*AB!J@BB@!F$B*)OD(@!*ABO(D)DFD()O&[E@W!

GE!JDFF*AG@F@AB!G@!#&@E!^!>\!

J%&!C@A$(*B&DA?!G@?!*A&F*EbW!.W!LH\!5\!IHW!ADB@!L!;!5\!7DE&?W!5*(&?W!7@?!S@%%@?!7@BB(@?W!

HpoH>!"! ]!%+$%$F@AB! Fa%@! *`&B! JDFF@! %*! )($?E(@! G*A?! %*! JD*`E%*B&DA! GE! %*&B!"! %*!

F*B&_(@! XDE(A&@! )*(! %*! X@F@%%@! ]!)(@AG! JD()?^! ?DE?! %+*JB&DA! G@! %*! %&[E@E(!

?$F&A*%@!^\! #*A?! J@BB@! )(@F&_(@! OR)DBO_?@! %@! )(&AJ&)@!Fa%@! *`&B! ?E(! %*! F*B&_(@!

X@F@%%@!JDFF@!%*!)($?E(@!JD*`E%@!%@!%*&B!d!%+*A&F*B&DA!G@!%+@FK(RDA!@?B!&FF$G&*B@\!

V*??&DGD(@! A+*KD(G@! )*?! %*! [E@?B&DA! G@! %*! ?@F@AJ@! EA&[E@! DE! G@?! G@Eb!

?@F@AJ@?!d!F*&?! (@A'DR*AB! N!6(&?BDB@W! @B! )*(! %+@b@F)%@!EB&%&?$W! &%! A@! ($GE&B! )*?! N!

(&@A!%*!?@F@AJ@!X$F&A&A@!;'D&(!S\!S*jODEJO@!@B!2\!7EJ&*A&W!B)/0)*/(W!'(!-1+<+/+-!

'(+W!)\!LHLW!ADB@!HpH\!

J%&&!V+@?B! %@!J($*B&*A&?F@! &FF$G&*B!d!]!J(@*m&DA&?FD! &FF@G&*BD!"!#&D!*A&F@(@KK@!

&FF@G&*B*F@AB@!%*!?D?B*Am*!@FK(&DA*%@!^!;.\!3D%DF&DW!BM)*+,)!3(>>M2-,-W!)\!HooW!

ADB@!IL>\!

J%&&&! .%! @?B! G&XX&J&%@W! K&@A! ?r(W! G+&G@AB&X&@(! J@?! ]!F*eB(@?! G*A?! %+*(B!F$G&J*%!^\! 5DE(! %@?!

?BDxJ&@A?W! %+aF@! A+*))*(*&B! [E+N! %*! A*&??*AJ@! %D(?[E@! %@! ?DEXX%@! A*BE(@%! ?@!

B(*A?XD(F@!@A!aF@!;v\S\!CDE(&A*BW!]!7+@FK(RDA!'$`$B*B&X!@B!%*!XD(F*B&DA!G@!%+aF@!

?@%DA! %@?! ?BDxJ&@A?!^W! &A! v\7\! S(&??DAW! 9\U\! CDA`DE(G@*E! @B! v\7\! 2D%_(@W!

BM(,A4=-*K! <-4,)0+-*! (0! )*+,)0+-*K! 5*(&?W! v\! /(&AW! LMM=W! )\! hh>\! 6(&?BDB@W! %E&W!

?DEB&@AB!EA!G$'@%D))@F@AB!)(D`(@??&X!G@! %+@FK(RDA! \!:A! B(DE'@!EA@!JO(DAD%D`&@!

GE! G$'@%D))@F@AB! G@! %+@FK(RDA! G*A?! >M63! P)242,! *BB(&KE$! *EB(@XD&?! N! C*%&@AW!

*JBE@%%@F@AB! N! 5D()OR(@! @B! [E&! (@FDAB@! N! U&))DJ(*B@W! Dy! %+@AB($@! G@! %+aF@! @?B!

)%*J$@! *E! FDF@AB! G@! %*! )(@F&_(@! XD(F*B&DA! G@! %+@FK(RDAW! %@! `*(fDA! $B*AB!

G&XX$(@AJ&$! *E! KDEB! G@! B(@AB@! QDE(?W! %*! X&%%@! *E! KDEB! G@! [E*(*AB@uG@Eb! QDE(?! ;v\!

vDE*AA*W! ]!7*! )D?B$(&B$! G@! %+@FK(RD%D`&@! G+U&))DJ(*B@!^! &A! v\7\! S(&??DAW! 9\U\!

CDA`DE(G@*E! @B! v\7\! 2D%_(@W! HA+3(,W! ))\! LpuPM\! :A! B(DE'@! G@?! JO&XX(@?! [E&!

*))(DJO@AB! %@?! [E*(*AB@! QDE(?! )DE(! %*! XD(F*B&DA! G@! %+@FK(RDA! G*A?! %@! B(*&B$! G@!

%+6>+,(*0!*BB(&KE$!N!U&))DJ(*B@!;/\!SDEGDAu9&%%DBW!!!]!7*!A*&??*AJ@!G@!%*!'&@!G*A?!

%*! BO$D(&@! F$G&J*%@! @B! )O&%D?D)O&[E@! G@! C*%&@A!^! &A! v\7\! S(&??DAW! 9\U\!

CDA`DE(G@*E! @B! v\7\! 2D%_(@W! HA+3(,W! )\! =I>\! #*A?! %@! QEG*x?F@! O@%%$A&?B&[E@!

%+@FK(RDA! A+$B*&B! )(DB$`$! )*(! %*! %D&! JDFFEA*EB*&(@! [E+*E! FDF@AB! Dy! &%! $B*&B!

XD(F$W!N! ?*'D&(!*E![E*(*AB&_F@! QDE(!)DE(!EA!Fa%@W!*E![E*B(@u'&A`BuG&b&_F@! QDE(!

!

HL<!!

)DE(!EA! &AG&'&GE!X@F@%%@! ;S\!5DEG@(DAW!]!7+&AX%E@AJ@!G+6(&?BDB@!G*A?! %*!GDJB(&A@!

G@! )(DJ($*B&DA! G@?! 5(@F&@(?! 5_(@?!^! &A! v\7\!S(&??DAW!9\U\!CDA`DE(G@*E! @B! v\7\!

2D%_(@W!HA+3(,W!)\!HopuhM>\:A!(@B(DE'@!J@BB@!ADB&DA!JO@m!?*&AB!6E`E?B&AW!n2)(.05!

<o! "!*-*! (4?-! )A.243(! G2)34)?+*0)! .(c! )**+.! 3+/+024! <)A4+/)02,! (..(! 0(,1>2,W!

G2-3!/-412.!(+2.!.+?*+<+/)A)0W!20!G2-0!)**+!<2(42*0!+*!<)A4+/)0+-*(!0(,1>+W!0-0!3+(.!

<2(4+*0!+*!/-41-4+.!3-,+*+/+!1(4<(/0+-*(!;!]!.%!A+@?B!GDAJ!)*?!*K?E(G@!G@!G&(@![E+DA!

*!K*B&!@A![E*(*AB@u?&b! QDE(?! %@! B@F)%@![E&! ?&`A&X&*&B! %@!JD()?W!G@! ?D(B@![E+&%!R!@EB!

*EB*AB!G@!QDE(?!)DE(!%*!XD(F*B&DA!GE!JD()?!GE!2@&`A@E(![E+&%!R!@EB!G+*AA$@?!)DE(!%*!

JDA?B(EJB&DA! GE! B@F)%@!^\! 3(*G\! C\! S*(GRW! v\! 6\! S@Jj*@(BW! v\! SDEB@B>\! 7*JB*AJ@!

*JO_'@!%*!XD(F*B&DA!G@!%+@FK(RDA!@A![E*(*AB@!QDE(?!;S\!S*jODEJO@!@B!2\!7EJ&*A&W!

B)/0)*/(W!'(!-1+<+/+-!'(+W!)\!HoP>\! .%!ADE?!X*EB!F*&AB@A*AB!ADB@(! %@!?RFKD%&?F@!

AEF$(&[E@!GE!JO&XX(@![E*(*AB@!"!?*&AB!6E`E?B&AW!ADB@!G*A?!L4+*5!./W!o!"!(0!(.0!+.0(!

*2,(42.! +*!./4+1024+.! <4(G2(*0+..+,2.!)3! +*.+*2)*32,!,=.0(4+2,!1(4<(/0+-*+.! +*!

G2)34+1(40+0-!,2*3-! d! F)A(*0! (*+,! G2)*3),! 1(4<(/0+-*(,! 3(/(,W! (0! ()! G2)0(4!

,2>0+1>+/)0)!<)/+2*0!G2)34)?+*0)!;!]!V+@?B!*E??&!J@!ADFK(@![E@!%+4J(&BE(@!@F)%D&@!

B(_?! ?DE'@AB!)DE(! &A?&AE@(! %@!FR?B_(@!G@! %*!)@(X@JB&DA!G*A?! %@?![E*B(@!)*(B&@?!GE!

FDAG@\!7@!ADFK(@!G&b!(@AX@(F@!EA@!@?)_J@!G@!)@(X@JB&DA\!9E%B&)%&$!)*(![E*B(@!&%!

GDAA@![E*(*AB@!^\!3(*G\!9\!9@%%@B!@B!3O\!V*F@%DB>\!/D&(!*E??&!S\!S*jODEJO@!@B!2\!

7EJ&*A&W!B)/0)*/(W!'(!]1+<+/+-K!)\!LHPW!ADB@!HpI!"!]!;%@>!JO&XX(@![E*(*AB@W!GDAB!%*!

)D(B$@! ?RFKD%&[E@! @?B! &F)D(B*AB@! G*A?! %*! B(*G&B&DA! )RBO*`D(&J&@AA@! @B! G*A?! %*!

S&K%@!;JX\!%@?![E*(*AB@!QDE(?!GE!G$%E`@!@B!G@!%*!($?E((@JB&DA!GE!VO(&?B>!^!W!@B!U\!G@!

7EK*JW!Qc;?_.(!&;3+;9)>(W!2@JDAG@!)*(B&@W!..\!)\!H=W![E&!J&B@!:(&`_A@W!&A!&)00+(2W!

X(*`F@AB!oH!"!]!@B!?&!%@!VO(&?B!*!'DE%E!Q@rA@(!)@AG*AB![E*(*AB@!QDE(?W!J+@?B!@AJD(@W!

@AB(@!*EB(@?!(*&?DA?W!)*(J@![E@!%+@AX*AB!F@B![E*(*AB@!QDE(?!N!?@!XD(F@(!G*A?!%@!?@&A!

G@!?*!F_(@!^\!

J%&'!2E(! %Y*A&F*B&DA!G@! %Y@FK(RDAW!V*??&DGD(@! @b)D?@!GY*KD(G! %@! J($*B&*A&?F@W! *'@J!

G@Eb! OR)DBO_?@?!"! EA@! *A&F*B&DA! &FF$G&*B@! DE! EA@! *A&F*B&DA! (@B*(G$@! G@!

%Y@FK(RDA!;'D&(!9\!#&!9*(JDW!$/(>0)!(!20+>+uu)0+-*(!3(>>(! <-*0+!*(>!'(!6*+,)!3+!

I)..+-3-4(W!)\HMLuHMPW!6\!V(DJJDW!H>!>+A(4!3(!)*+,)\!)\H<I!@B!.\!3D%DF&DW!>C)*+,)!

3(>>C2-,-W!)\!HooW!ADB@!IL!@B!IP\!!

J%'! .%! @b)D?@! @A?E&B@! %@! B(*GEJ&*A&?F@W! F*&?! EA! B(*GEJ&*A&?F@! ?)&(&BE@%W! %D&A! GE!

B(*GEJ&*A&?F@!F*B$(&@%!G@!3@(BE%%&@AW![E&!'DE%*&B! *&A?&! JDFK*BB(@! %*!)($@b&?B@AJ@!

!

HLo!!

G@?! aF@?! ;3@(B\! 6*+,5! Hp! "! 2+2)*0! 20! 1F+>-.-1F+! 2->2*0W! .)1+)*0! 20! 1F+>-.-1F+!

*->2*0W!+*0(>>(?)0!(0!+*<)*0+)!>+?*+W!G2-!,)?+.!F-,+*+.W!/2+2.!)*+,)!2(>20!.24/2>2.!

G2+3),! (c! ,)04+/(! )3),! +*! 14-1)?+*(,! 3(32/0)! (0! ?(*+0)>+A2.! <(,+*)(! <-2(+.!

/-,,(*3)0)! /2,! -,*+! .2)! 1)4)024)! 12>>2>)2+0! 0),! +*0(>>(/02! G2),! (0! .(*.2! ;!

]![E+&%?!'&'@AB!JDFF@!%@!'@E%@AB! %@?!)O&%D?D)O@?W![E+&%?!?*JO@AB!JDFF@!&%?!A@! %@!

'@E%@AB!)*?W!%+*(K(&??@*E!@?B!&AB@%%&`@ABW!%+ODFF@!G+*EB*AB!)%E?W!%E&!GDAB!%+aF@W!B&($@!

G@! %*! F*B(&J@! G+6G*F! @B! JDAX&$@! *E! '@AB(@! X$JDAG! G@! %*! X@FF@W! JDFF@! EA@!

F*(JDBB@! FE%B&)%&$@! @A! )(D'&A?W! *! G$'@%D))$! *'@J! BDEB@! ?*! F*BE(*B&DA!

%Y&AB@%%&`@AJ@! *E??&! K&@A! [E@! %@?! ?@A?^W! @B!6*+,5! Lh! "! +?+024! (c! 2*-! F-,+*(! 0-0)!

F)(/! )*+,)42,! 4(32*3)*0+)! ! ;]!GDAJ! G+EA! ?@E%! ODFF@! ?@! X*&B! BDEB! J@B! @bJ_?!

G+aF@?!^! >\! 3(*GEJB&DA?! )@(?DAA@%%@?\! ! V@! B(*GEJ&*A&?F@! F*B$(&@%! ?@(*! BDEQDE(?!

JDFK*BBE!)*(!?*&AB!6E`E?B&A!;0\!5D(B*%&$W!6E`E?B&A!;?*&AB>W!JD%\!LP<puLPoH>\!7+aF@!

A@!)DE'*AB!)(D'@A&(!G@!%*!?@E%@!?@F@AJ@!)*B@(A@%%@!)E&?[E+@%%@!@?B!?)&(&BE@%%@W!J+@?B!

#&@E![E&!J($@!%*!ADE'@%%@!aF@!N!)*(B&(!G@!%+aF@!G@?!)*(@AB?!;.\!3D%DF&DW!BC)*+,)!

3(>>C2-,-W! )\! Hoo! @B!6\!V(DJJDW! H>! >+A(4! 3(! )*+,)W! )\! H<I>\!9*&?! J@BB@! [E@?B&DA!

$B*&B!)%@&A@!G@!G&XX&JE%B$?W!?*&AB!6E`E?B&A!(@?B@(*!&AG$J&?!QE?[E+N!%*!X&A!G@!?*!'&@!?E(!

J@!)(DK%_F@!;0\!5D(B*%&$W!62?2.0+*W!JD%\!LPoM>W!@B!V*??&DGD(@!%@!?DE%&`A@\!!

J%'&! 7@! JDAJ&%@! G@! V*(BO*`@! ($EA&! JDAB(@! %@?! 5$%*`&@A?! ?+DE'(&B! @A! F*&! IH=W!

@B!]!JDAG*FA*&B! J@Eb! [E&! A&*&@AB! [E@! %@?! @AX*AB?! GE??@AB! qB(@! K*)B&?$?! DE! [E+&%?!

@E??@AB!JDAB(*JB$!%*!X*EB@!D(&`&A@%%@!G+6G*FW!@A!?D(B@![E+&%?!A+$B*&@AB!)*?!K*)B&?$?!

+*!4(,+..+-*(,!1(//)0-42,!z!;v\!3&b@(DABW!O+.0-+4(.!3(.!3-?,(.W!BDF@!..W!)\!I<o>\!!

J%'&&! V*??&DGD(@! ?DE%&`A@! %+&F)D(B*AJ@! GE! )$JO$! D(&`&A@%! @B! ADE?! X*&B! )*(B! G@?!

O$?&B*B&DA?!G@!?*&AB!6E`E?B&A!d!&%!R!*![E*B(@!)D??&K&%&B$?!"!%@?!aF@?!G@?!X&%?!G+6G*F!

'&@AA@AB!G@!J@%%@?!G@?!)*(@AB?!DE!@%%@?!?DAB!J($$@?!*E!G$KEB!GE!FDAG@W!@B!#&@E!%@?!

EA&B!*Eb!JD()?!DE!@%%@?!?+EA&??@AB!*E!JD()?!G+@%%@?uFqF@?W!DE!K&@A!@%%@?!?DAB!J($$@?!

*E!FDF@AB! G@! %+EA&DA!*'@J! %@! JD()?\!2*&AB!6E`E?B&A!A@!'DE%*&B! )*?! @A! (@Q@B@(! %*!

X*EB@! ?E(!#&@E! "! k2>5!/...! "!G2)(! 20+G2(!,)>)! .2A! +2.0-! (0! -,*+1-0(*0(! 3(-! *-*!

+44-?)4(*024! (+2.! +,)?+*+! d! G2+A2.!,)>+.! +*! 2+4020(! (c(4/(4+! +*<)*0+>+.! )(0).! *-*!

1-0(.0!3+/+!d!.+!*2>>)!(c!1)4(*0+A2.!,)>)!,(4+0)!04)F(4(*024!;!]!G@!BDEB@!X*fDAW!?DE?!

EA!#&@E!QE?B@!@B!BDEBu)E&??*ABW!J@?!F*Eb!A@!?*E(*&@AB!qB(@!&AX%&`$?!N!?DA!&F*`@W!DA!

A@! )@EB! G&(@! [E@! %+@AX*AJ@! ?D&B! BDE(F@AB$@! G*A?! ?*! '@(BE! )*(! J@?! F*EbW! @?BuJ@!

[E+*EJEA!G@!J@?!F*Eb!A@!)(D'&@AA@AB!G@?!)*(@AB?!�!^\!3(*G\!S\!1D%%*AGuCD??@%&A>\!!

!

HLh!!

J%'&&&!2*&AB!6E`E?B&A!(@ADE'@%%@!G*A?!?DA!G@(A&@(!DE'(*`@!?@?!O$?&B*B&DA?W!k2>5!-15!H,15!

..W!Hh=!"!G2-3!,(!*(./+4(!/-*<+0(-4!*(/!,(!123(0!;J*(!Q+*'DE@!A@!)*?!?*'D&(!@B!Q@!

A+*&!)*?!ODAB@\!3(*GEJB&DA!)@(?DAA@%%@!>\!V&B$!)*(!0\!5D(B*%&$W!62?2.0+*W!JD%\!LPoH\!

7*!G&XX&JE%B$!GE!)(DK%_F@!@?B!?DE%&`A$!*E??&!G*A?!%@!&-45!(//>5!.!"!.(3!+*0(4!-,*+)!

G2)(!+*!F)/!2+0)!1-..+3(*024W!/-412.!F-,+*+!?4)2+..+,2,!2+*/2>2,!(.0W!+2.0+..+,+.!

3(+! >(?+A2.W! 14-10(4! )*0+G22,! 1(//)02,W! G2-! *+F+>! (.0! )3! 14)(3+/)*32,! *-0+2.W!

*+F+>!)3!+*0(>>+?(*32,!.(/4(0+2.!;!]!9*&?!G@!BDEB@?!J@?!JOD?@?![E&!?DAB!)D??$G$@?!

@A!J@BB@!'&@W!%@!JD()?!@?B!)DE(!%+ODFF@!%*!)%E?!%DE(G@!JO*eA@!G@!)*(!%@?!B(_?!QE?B@?!

%D&?!G@!#&@EW!N!J*E?@!G@! %+*AB&[E@!)$JO$!GDAB! &%!@?B! B(_?! X*J&%@!G@!)*(%@(W![E+&%!@?B!

B(_?!G&XX&J&%@!G@!JDF)(@AG(@!^\!3(*G\!S\!1D%%*AGuCD??@%&A>\!

J%&b!1DF*&A?W!llW!}|\!

J%b! .! VD(&ABO&@A?W! l}W! v5! 7*! /E%`*B@! G&B! "! (c! 1)40(! (*+,! /-?*-./+,2.! (0! (c! 1)40(!

14-1F(0),2.5!

J%b&!V*??&DGD(@! ADB@! &J&! %@! J*(*JB_(@! EA&'@(?@%! G@! %*! G*FA*B&DA\! VX\! 6E`\! $+,1>5! .W!

[E*@?B&D!LW!Ho! "!20!)1-.0->2.!)+0W! +*!)3),!-,*(.!,-4+2*024W!)!G2-!+*!2*+2(4.2,!

?(*2.! F2,)*2,! -4+?-! 32/+024! -<<(*.+-*+.! 3(+! 2*)! G2)(3),! ,)..)! 1(//)0+!

.211>+/+2,!3(A(*.!3+2+*)(!.2,,)(!G2(!+2.0+0+)(W!G2-3!.+2(!(c+?)024!.+2(!3-*(024W!

*2>>)!(.0!+*+G2+0).5!;!]!6&A?&!BDE?!%@?!ODFF@?!u!)E&?[E@!JDFF@!%+*XX&(F@!%+6)~B(@!

]!BDE?!F@E(@AB!@A!6G*F!^!;.!VD(\W!g/W!LL>W!N!)*(B&(!G@![E&!%@!)$JO$!@?B!)*??$!G*A?!

%@!`@A(@!OEF*&A! BDEB!@AB&@(! u!*&A?&W!G&?uQ@W! BDE?! %@?!ODFF@?!XD(F@AB!JDFF@!EA@!

F*??@!G@!)$JO$!G$K&B(&J@!G+EA@!)@&A@!N!%+$`*(G!G@!%*!?E)(qF@!@B!G&'&A@!QE?B&J@!d!@B!

&%!A+R!*!*EJEA@!&AQE?B&J@!DE!K&@A!N!J@![E@!J@BB@!)@&A@!?D&B!@b&`$@!DE!N!J@![E+@%%@!?D&B!

(@F&?@!^\!3(*G\!C\!S*(GRW!v\6\!S@Jj*@(BW!@B!v\!SDEB@B>\!

J%b&&!7*!'&(`&A&B$!G@!9*(&@W!A&$@!)*(!3@(BE%%&@AW!)E&?!G@!)%E?!@A!)%E?!*XX&(F$@!)*(! %@?!

5_(@?W! @?B! G$X@AGE@! )*(! ?*&AB! 6E`E?B&A! JDAB(@! vD'&@AW!Q15! HPh! "! G2)(4+.! +?+024W!

2042,!,2*3+!'-,+*2.!(0!4(/0-4!+*0(4,(4)0)(!<(,+*)(!/-412.!+,1>(9(4+0!d!(402>(4+0!

3(/(,!,(*.+2,! >-*?)! +>>)! <).0+3+)! ,)0(4! (0! 0),(*! 2+4?-! (*+c)! .+0! .->>(,*+0)0(!

1)4+(*3+! (0! 1-.0! F)(/! 2+4?+*+0).! +*2+->)0)! 1(4,)*.(4+0! ;! ]!/DE?! F@! G@F*AG@m!

JDFF@AB!&%!)@EB!?@!X*&(@![E@!J@!?DE'@(*&A!F*eB(@!GE!FDAG@!*&B!$B$!@AX@(F$!G*A?!%@!

JD()?!G+EA@!'&@(`@!d![E@!J@BB@!F_(@!*&B!@E!%*!)@&A@!G@!%@!)D(B@(!)@AG*AB!G&b!FD&?!

G*A?! ?DA! ?@&A!d! [E@! J@BB@! F_(@! %+*&B! F&?! *E! QDE(! *E! B@(F@! D(G&A*&(@! G@!

!

HL=!!

%+@AX*AB@F@ABW!@B![E+@%%@!*&BW!*)(_?!J@%*W!JDA?@('$!?*!'&(`&A&B$!^\!3(*G\!U\!S*((@*E!

@B!JD%%\>\!!

J%b&&&!7EJWlW}~!"!7*!`2>?)0(!G&B!"!)*?(>2.!3+c+0!(+!$1+4+02.!$)*/02.!.21(42(*+(0!+*!0(!(0!

2+402.! 6>0+..+,+! -A2,A4)A+0! 0+A+! +3(-G2(! (0! G2-3! *)./(024! .)*/02,! 2-/)A+024!

J+>+2.!'(+!;]!%+*A`@!%E&!($)DAG&B!"!7@!2*&AB!0?)(&B!'&@AG(*!?E(!BD&W!@B!%*!)E&??*AJ@!GE!

3(_?!U*EB!B@!JDE'(&(*!G@!?DA!DFK(@\!V+@?B!)DE([ED&!%@!?*&AB!@AX*AB![E&!A*eB(*!G@!BD&!

?@(*! *))@%$! Z&%?! G@! #&@E!^\! 3(*GEJB&DA! 7\2@`DAG>\! :A! (@B(DE'@! JO@m! ?*&AB!

6E`E?B&AW! $(4,5! LH<! "! 21+4+02.! $)*/02.! .21(42(*+(0! +*! 0(W! (0! 2+402.! )>0+..+,+!

-A2,A4)A+0! 0+A+! d! 14-10(4()! G2-3! *)./(024! (c! 0(! .)*/02,W! 2-/)A+024! <+>+2.! '(+5!

V+@?B!'(*&??@FK%*K%@F@AB!%*!?DE(J@!G@!V*??&DGD(@\!!

J%b&'!:A!)@EB!(*))(DJO@(!,)f(.0)0(!*)./(*3+!G@!.->>(,*+0)0(!1)4+(*3+W!EB&%&?$!)*(!?*&AB!

6E`E?B&A! ;! ADB@! HoP>W! F*&?! V*??&DGD(@! &A?&?B@! ?E(! %@! J*(*JB_(@! G&'&A! G@! J@BB@!

A*&??*AJ@\!

J%b'!7*! %@fDA! GE! F*AE?J(&B! t! G&B! .1+4),+*(! J+@?B! N! G&(@! ?DEXX%@! FR?B&[E@\!&=.0+/-!

GDAA@!EA@!(@GDAG*AJ@!J*(*JB$(&?B&[E@!GE!?BR%@!G@!V*??&DGD(@![E&!?DE%&`A@!@A?E&B@W!

G*A?!J@!)*??*`@W!%*!($*%&B$!G@!%*!A*BE(@!OEF*&A@!G@!v$?E?uVO(&?B!@B!%+@bJ%E?&DA!G@!

BDEB!)$JO$!D(&`&A@%\!;'D&(!0\!5D(B*%&$W!62?2.0+*W!JD%\!LPoL>\!

J%b'&&&!U@AGR*G&?\!

J%b&b!/D&(! B@bB@! %*B&AW!JO*)&B(@! ./W!�<! "!G2+)!2A+G2(!.2A.0)*0+)>+0(4! +*.(40)!(.0! ;)*(J@!

[EY@%%@! @?B! )*(! @??@AJ@! &F)%*AB$@! )*(BDEB>W! @B! 7*JB\!]1+<5\! HoW! HL! "! .+9(! (0+),!

,(*0+.! >-/2.! *2>>2.! (.0W! .(3! 1(4! 0-02,! /-412.! .1)4.)! 3+./244+0! ;! ]!DE! FqF@! ?&!

%+aF@! A+*! )*?! G@! ?&_`@! )(D)(@W! F*&?! [E@! ($)*AGE@! N! B(*'@(?! %@! JD()?W! @%%@! %@!

)*(JDE(@!@A!BDEB!?@A?!^\!3(*G\!S\!S*jODEJO@!@B!2\7EJ&*A&>\!

J%bb!7*JB\!]1+<5!HoW!P!"!G2+3),!.(3(,!,(*0+.!+*!1(/0-4(!(..(!9->2(42*0!;!]!J@(B*&A?!DAB!

'DE%E!X*&(@!G@!%*!)D&B(&A@!%@!?&_`@!G@!%YaF@!^\!3(*G\!S\!S*jODEJO@!@B!2\!7EJ&*A&>\!

/D&(! *E??&! S\! S*jODEJO@! @B! 2\7EJ&*A&W! B)/0)*/(W! '(! -1+<+/-! '(+W! ADB@! LLoW! )\!

LH=>\!

J%bb&!7*JB\!]1+<5!HoW!o!"!9+3(024!(*+,!,(*.KG2)(!3-,+,)02,!/-41-4+.!0(*(0W!+*!.2,,-!

/)1+0(!/-*.0+020)!0),G2),!+*!/-(>-!3(2.!;!]!%+aF@!@A!@XX@BW![E&!@b@(J@!?DA!)DE'D&(!

!

HLp!!

?E(! %@! JD()?W! )*(*eB! )%*J$@! *E! ?DFF@B! G@! %*! BqB@! JDFF@! #&@E! G*A?! %@! J&@%!^\!

3(*GEJB&DA!S\!S*jODEJO@!@B!2\!7EJ&*A&>\!!

J%bb&&!7*JB\!]1+<5!=W!P"!+*!.2,,-!/)1+0(!/-*>)/)0)!0),G2),!+*!)4/(!.2A>+,+\;!]!)%*J$@!

*E!?DFF@B!G@!%*!BqB@!JDFF@!@A!EA@!J&B*G@%%@!$%@'$@!^\!3(*G\!S\!S*jODEJO@!@B!2\!

7EJ&*A&>\!!

J%bb&&&!7*JB\!]1+<5!<W!o!"!/)120!/-*>-/)9+0W!+*!G2-!(..(0!4(?+,(*!0-0+2.!)*+,)*0+.!;!]!&%!*!

)%*J$! %*! BqB@! )DE(! [E@! ($?&G@! @A! @%%@! %@! `DE'@(A*&%! G@! %+qB(@! '&'*AB! BDEB! @AB&@(!^\!

3(*G\!S\!S*jODEJO@!@B!2\!7EJ&*A&>\!

J%bb&'!7*JB\!]1+<5!HoW!I!"!)>++!.(3(,!(f2.!+*!/(4(A4-!(..(!3+c(42*0W!(0!.)*(!)4?2,(*0+.!

14-A)A+>+A2.! 2.+! .2*0W! -1-402+..(! ./+>+/(0! G2-3! 0-0+2.! /-41-4+.! 4(?+,(*! F)A(4(0W!

1-0+2.!+*!.-,,-!0),G2),!+*!)4/(!/-41-4+.!F)A+0)4(!*(.!G2+/G2),!(..(!.2A>+,+2.!

G2),!+3!G2-3!2*+2(4.2,!4)0+-*(!,-3(4(024W!.+/20!+1.(!,2*3+!3-,+*2!(0!4(/0-4!+*!

.2,,-! (.0! z! ]!GY*EB(@?! DAB! G&B! [EY@%%@! *'*&B! ?DA! ?&_`@! G*A?! %@! J@('@*EW! @B!

*??E($F@AB! &%?! *'*&@AB! G@?! *(`EF@AB?! )(DK*K%@?! "! &%! X*%%*&B! A*BE(@%%@F@AB! [E@! J@!

[E&!`DE'@(A@!%@!JD()?!BDEB!@AB&@(!O*K&BaB!)%EB~B!*E!?DFF@B!GE!JD()?W!JDFF@!G*A?!

?*!J&B*G@%%@W!@B![EY&%!AYR!@rB!(&@A!G@!)%E?!$%@'$![E@!J@![E&!($`%*&B!%Y@A?@FK%@!)*(!%*!

(*&?DAW! JDFF@! %@! F*eB(@! GE! FDAG@! @B! ?DA! `E&G@! ?@! B(DE'@! *E! ?DFF@B! ;GE!

FDAG@>!^\3(*G\! S\! S*jODEJO@! @B! 2\! 7EJ&*A&{\! /D&(! *E??&! S\! S*jODEJO@! @B! 2\!

7EJ&*A&W!B)/0)*/(W!'(!-1+<+/+-!'(+W!ADB@!LLhW!)\!LH=>\!!

J%bb'!7+aF@!@?B!J@![E+&%!R!*!G@!)%E?!?EKB&%!JO@m!%+ODFF@W!@B!BDEB@!?EK?B*AJ@!?EKB&%@!?@!

G&(&`@! '@(?! %@! O*EBW! ?@%DA! 6(&?BDB@! ;6\C*%DAA&@(W! ]!BC(*/=/>-1;3+.,(!zW! G*A?!

9*(B&A@!C(DE%BW!B(.!(*/=/>-1;3+(.W!)\oI>\!

J%bb'&!V+@?B!C*%&@A! [E&! @?B! %*! ?DE(J@! G@!V*??&DGD(@! G*A?! J@! )*??*`@! ;v\l\!U*%)D(AW!

H*.0+020+-*.W!)\!LoLW!ADB@\!<hW!@B!6\3DFKD%&A&W!'(!)*+,)W!)\!oHW!ADB@!H=I>\!

J%bb'&&!6E`\!P(*5!B+005!/..W!LM!"!F+*/!(2+3(*0(4!(>2/(0W!G2-3!1>(42,G2(!.(!2(F(,(*0+!

/-?+0)0+-*+.! +*0(*0+-*(! )2(40+0! )A! -,*+A2.W! 20! 14)(! -/2>+.! 1)0(*0+A2.! 4(/0(! G2(!

2)>(*0+A2.!,2>0)!1-.+0)!*(./+)0!z555{!.+!)20(,!*-*!0)*0)!(.0!/-?+0)0+-*+.!+*0(*0+-W!20!

<+?)0! ),A2>)*0(,! >-/-W! .(3! 0),(*! 0)*0)! (.0W! 20! 1)40(,! +>>),! /(4(A4+! ,(3+),!

*2*0+)*0(,! /-41-4+.!,-02.! *-*! 2)/(0! )32(40(4(W! -A>+2+./+024! )>+G2)*3-! (0! 2*3(!

2(*+)0!(0!G2-!()0!;!]!V@BB@!G&?B&AJB&DA!*))*(*eB!*'@J!$'&G@AJ@W!GE!X*&B![E@!?DE'@AB!

!

HPM!!

EA@! '$O$F@AB@! B@A?&DA! ;+*0(*0+->! G@! %*! )@A?$@! &?D%@! %+aF@! G@! BDEB@?! JOD?@?W! *E!

)D&AB! [E+@%%@! A@! 'D&B! )%E?! ADFK(@! G+DKQ@B?! )%*J$?! G@'*AB! ?@?! R@Eb! DE'@(B?! @B!

)*(X*&B@F@AB!?*&A?!z\\\{!?&!)*(!JDAB(@!%*!B@A?&DA!G@!%*!)@A?$@!A+@?B!)*?!B@%%@![E+@%%@!

X&`@! %@! )(DF@A@E(! ?E(! )%*J@! @B! ?&! A$*AFD&A?! @%%@! @?B! ?EXX&?*AB@! )DE(! [E@! %+aF@!

J@??@! G@! X*&(@! *BB@AB&DA! *Eb! FDE'@F@AB?! GE! JD()?! [E@! %E&! B(*A?F@B! %*! )*(B&@!

F$G&*A@!GE!J@('@*EW!@%%@!DEK%&@!)*(XD&?!@B!G+Dy!@%%@!'&@AB!@B!Dy!@%%@!'*!^\!3(*G\!5\!

6`*�??@!@B!6\!2D%&`A*J>\!

J%bb'&&&!6G*F!A+*!)*?!$B$!J($$!G*A?!%+$B*B!*JBE@%!G@!%+OEF*A&B$!;Z\!V*R($W!E)04->-?+(!(0!

O+.0-+4(!3(!>)!0F;->-?+(W!3DF@!.W!)\!ooH>\!

J%bb&b!6E`\! H,,5! =W! HP! "! 0)*0-! (*+,!,)?+.! (.0! /-412.W! G2)*0-! .1(/+-.+2.! (.0! )0G2(!

12>/F4+2.!d!0)*0-!G2(!,+*2.!(.0W!G2)*0-!<-(3+2.!)/!3(<-4,+2.!;!]!V*(!EA!JD()?!@?B!

G+*EB*AB!)%E?!JD()?![E+&%!@?B!)%E?!)(@?B&`&@Eb!@B!)%E?!K@*E! "! &%! %+@?B!G+*EB*AB!FD&A?!

[E+&%!@?B!)%E?!(@)DE??*AB!@B!)%E?!%*&G!^\!3(*G\!5\!G@!7*K(&D%%@>\!

J%bbb!2$A_[E@W!G*A?!%@?!}E@?B&DA?!-*BE(@%%@?W!EB&%&?@!%+@b)(@??&DA!1-.+0+-!/-41-4+.!G*A?!

%@!?@A?!E?E@%W!@)05!.W!HoW!h!"!G2)(!)!/-*.1(/02!/-41-4+.!*-.04+!1-.+0+-!.2A,-2+0!;!

]!@B!J@![E@!%*!)D?&B&DA!G@!FDA!JD()?!F+@F)qJO@!G@!'D&(!^\!3(*GEJB&DA!)@(?DAA@%%@!

>\! V*??&DGD(@! *KD(G@! &J&! %+*`@AJ@F@ABW! %+D(`*A&?*B&DA! GE! JD()?\! E-.+0+-*(! *! $B$!

B(*GE&B!G&XX$(@FF@AB!)*(!%@?!*EB@E(?!"!]!?B(EJBE(@!^!W!]!JDF)D?&B&DA!^!W!]!?&BE*B&DA!^!

;'D&(!6\!3DFKD%&A&W!V*??&DGD(DW!'(!)*+,)W!)\!ooW!ADB@\!HpL>\!5DE(!BDEB!J@!JO*)&B(@!

'D&(!S\!S*jODEJO@!@B!2\!7EJ&*A&W!B)/0)*/(W!'(!]1+<+/+-!'(+W!JO*)\!HM!@B!HH5!

J%bbb&! 6E`\! P(*5! H,15! Ho! "! *+.+! <-40(! G2-3! )3! +*02(*32,! /)(>2,! <+?24)! F2,)*+!

/-41-4+.!(4(/0)!(.0!;N!FD&A?![E@!%*!XD(F@!GE!JD()?!OEF*&AW!G(@??$@!)DE(!(@`*(G@(!

%@! J&@%! z\\\{\! 3(*G\! 5\! 9DA*B>\! 9*&?! %*! )D?&B&DA! G@KDEB! G@! %+ODFF@! @?B! EA! %&@E!

JDFFEA! G@! %*! )O&%D?D)O&@! `(@J[E@! d! DA! %*! (@B(DE'@! JO@m!7*JB*AJ@W!]1+<5! =W!P! "!

F-,+*+.! +0)G2(! .->+2.! 4(/0)! 4)0+-! (0! .2A>+,+.! .0)02.! ;! ]!J+@?B! GDAJ! )DE(! %+ODFF@!

?@E%![E@! %*!?B*B&DA!'@(B&J*%@W! %*!)D?&B&DA!G@KDEB!zn{!^\!3(*G\!S\!S*jODEJO@!@B!2\!

7EJ&*A&>W!JO@m!9&AEJ&E?!Z@%&bW!]/0)2+2.W!g/..W!L! "!14)(/+12(!/2,!)! <(4+.!A(>2+.!

F-/!3+<<(4),2.W!G2-3!+>>)!14-*)!+*!0(44),!G2(!2(4?(*0+)!*+F+>!*)0)!.+*0!14-.1+/(4(!

*+.+!1)A2>2,W!*-.W!G2+A2.!22>02.!(4(/02.W!G2+A2.!.2.1(/02.! +*!/)(>2,!3)02.!(.0!;!

]!F*&?! ?E(BDEBW! J@! [E&! ADE?! G&?B&A`E@AB! G@?! KqB@?! ?*E'*`@?W! J+@?B! [E@! J@%%@?uJ&W!

)@AJO$@?!@B!&AJ%&A$@?!'@(?!%*!B@((@W!?DAB!A*BE(@%%@F@AB!G@?B&A$@?!N!A@!(@`*(G@(![E@!

!

HPH!!

%@E(!)aBE(@W! B*AG&?![E@!ADE?W! N![E&! *! $B$!GDAA$!EA!'&?*`@!G(@??$W!EA! (@`*(G! %@'$!

'@(?! %@! J&@%!^\!3(*G\! v\!S@*EQ@E>\!V+@?B! EA@! &F*`@! [E&! *))*(*&B! G$QN! JO@m!5%*BDAW!

L+,;(W!pM*!"!]!#&@EW!@A!$%@'*AB!ADB(@!BqB@!^!W![E&!?@(*!(@)(&?@!)*(!V&J$(DAW!@)05!..W!

HIM!"!G2+!14+,2,!(-.!F2,-!(c/+0)0-.W!/(>.-.!(0!(4(/0-.!/-*.0+02(42*0W!20!3(-42,!

/-?*+0+-*(,!/)(>2,!+*02(*0(.!/)1(4(!1-..(*0!;!]![E&!@A!)(@F&@(!%&@E!%@?!DAB!X*&B!?@!

G(@??@(! GE! ?D%W! O*EB?! @B! G(D&B?! *X&A! [E+&%?! )E&??@ABW! @A! (@`*(G*AB! %@! J&@%W! )(@AG(@!

JDAA*&??*AJ@! G@?! G&@Eb!^! >W! @B! )*(! :'&G@W! &5! .W! '@(?E?! ho! "! =I! 14-*)G2(! /2,!

.1(/0(*0! )*+,)>+)! /(0(4)! 0(44),W! -.! F-,+*+! .2A>+,(! 3(3+0! /)(>2,G2(! 2+3(4(! =o!

+2..+0!(0!(4(/0-.!)3!.+3(4)!0->>(4(!22>02.!;!]!B*AG&?![E@W!BqB@!K*??@W!BDE?!%@?!*EB(@?!

*A&F*Eb!B&@AA@AB!%@E(?!R@Eb!*BB*JO$?!?E(!%*!B@((@W!&%!*!GDAA$!N!%+ODFF@!EA!'&?*`@!

[E&!?@!G(@??@!*EuG@??E?!d!&%!*!'DE%E!%E&!)@(F@BB(@!G@!JDAB@F)%@(!%@!J&@%W!G@!%@'@(!?@?!

(@`*(G?!'@(?!%@?!*?B(@?!^\3(*G\!C\!7*X*R@>\!

J%bbb&&!2&b!@?B!%@!)(@F&@(!ADFK(@!)*(X*&B!d!%@!)(@F&@(!ADFK(@!/-,1>(02.!.2+.!1)40+A2.!

;U\! G@! 7EK*JW! 0b$`_?@! 9$G&$'*%@W! ?@JDAG@! )*(B&@W! ..W! )\! LM>! d! @A! @XX@B! &%! @?B!

G&'&?&K%@!)*(!oW!P!@B!LW!@B!%*!?DFF@!GE!($?E%B*B!G@!J@?!D)$(*B&DA?!X*&B!?&b!;'D&(!?*&AB!

6E`E?B&AW!P(*5!>+00\! %\./W!J\!L>\!VY@?B!%@!ADFK(@!G@!]!%*!)@(X@JB&DA!G@?!cE'(@?!^!d!

DA!(@B(DE'@!J@!?RFKD%&?F@!GE!ADFK(@!?&b!G*A?!%@?!4J(&BE(@?!"!J($*B&DA!GE!FDAG@W!

J($*B&DA!G@!%+ODFF@W!&AJ*(A*B&DA!GE!2*E'@E(W!J(EJ&X&b&DA!;'D&(!6E`\!L4+*5!./W!I!"!

/2+2.! 1(4<(/0+-*(,! *-A+.! .)*/0)! ./4+1024)! /-,,(*3)0! +*! (-!,)c+,(! G2-3! 3(2.!

.(c!3+(A2.!1(4<(/+0!-1(4)!.2)W!(0!.(c0-!3+(!<)/02.!(.0!F-,-!)3!+,)?+*(,!3(+!;!]!7*!

2*&AB@!4J(&BE(@!?DE%&`A@!%*!)@(X@JB&DA!GE!ADFK(@!?&b\!.%!R!*!)*(B&JE%&_(@F@AB!J@!X*&B!

[E@!#&@E!*!B@(F&A$!?@?!B(*'*Eb!@A!?&b!QDE(?!@B![E@W!%@!?&b&_F@!&%!X&B!%+ODFF@!N!?*!

G&'&A@! &F*`@!^\! 3(*G\! 9\! 9@%%@B! @B! 3O\! V*F@%DB>\! /D&(! U\G@! 7EK*J! ;Qc;?_.(!

&;3+;9)>(K!?@JDAG@!)*(B&@W!..\!)\!LpW![E&!ADB@!"!]!J@!ADFK(@!A+@?B!)*?!)*(X*&B!)*(J@!

[E@!#&@E!*!J($$! %@!FDAG@!@A! ?&b! QDE(?W!F*&?!#&@E! *! J($$! %@!FDAG@!@A! ?&b! QDE(?!

)*(J@! [E@! J@! ADFK(@! ?&b! @?B! )*(X*&B! zn{! %*! XD&! @?B! )(@F&_(@W! @%%@! @?B! AD(F*B&'@W!

F*&?! %+&AB@%%&`@AJ@! G@! %*! XD&! E?@! G@! BDEB@?! %@?! (@??DE(J@?! G@! %*! (*&?DA! "! %+EA&'@(?!

JO($B&@A!A+@?B!)D&AB!*(K&B(*&(@W!%*!)@A?$@!JO($B&@AA@!A+@?B!)D&AB!)(*`F*B&[E@!^W!@B!4\!

C&%?DAW!H*04-32/0+-*!"!]!%@?!JOD?@?!ADFK($@?!A@!?DAB!)*?!%@?!ADFK(@?!?@A?&K%@?!@B!

)DE(! EA@! )@A?$@! )E(&X&$@! [E&! )*('&@AB! N! %@?! *BB@&AG(@! @A! @EbuFqF@?W! *EJEA@!

G&XX$(@AJ@!A@!?$)*(@!)%E?!%@?!ADFK(@?![E@!%*!2*`@??@!GDAA@W!G@!%*!2*`@??@![E&!%@?!

GDAA@!^!\!5*(!*&%%@E(?!V*??&DGD(@!QEbB*)D?@!?RFKD%&?F@!AEF$(&[E@!;)@(X@JB&DA!GE!

ADFK(@!?&b>W!@B!?RFKD%&?F@!*(JO&B@JBE(*%!;)@(X@JB&DA!G@!%*!XD(F@!?)O$(&[E@!G@!%*!

!

HPL!!

BqB@>\!7*!)@(X@JB&DA!G@!%*!XD(F@!?)O$(&[E@W!BD)D?!G@!%+*AB&[E&B$W!?@!(@B(DE'@!G*A?!%@!

L+,;(!;5%*BDAW!L+,;(W!PP!KW!"!]!N!%Y&F&B*B&DA!G@!%*!XD(F@!G@!%YEA&'@(?![E&!@?B!(DAG@W!

%@?!G&@Eb!@AJO*eA_(@AB!%@?!($'D%EB&DA?!G&'&A@?W![E&!?DAB!*E!ADFK(@!G@!G@EbW!G*A?!

EA!JD()?!?)O$(&[E@W![E@!ADE?!*))@%DA?!F*&AB@A*AB!%*!BqB@!^\!3(*G\!4\!VO*FK(R>W!@B!

JO@m!V&J$(DAW!@)05! ..W!Ih!"!/2,G2(!32)(!<-4,)(!14)(.0)*0+..+,)(!.+*0W!(c!.->+3+.!

?>-A2.! ;.+/! (*+,! ?a.1F)+4)*! +*0(414(0)4+! 1>)/(0>W! (c! 1>)*+.! )20(,! /+4/2>2.! )20!

-4A+.W! G2+! ?a! j2j>-.! P4)(/(! 3+/+024W! F+.! 32)A2.! <-4,+.! /-*0+*?+0! .->+.! 20! -,*(.!

()42,!1)40(.! .+*0! +*0(4! .(! .+,+>>2,)(! )!,(3+-G2(! 0)*02,!)A.+0! (c04(,2,! d! G2-!

*+F+>!<+(4+!1-0(.0!)10+2.!z!]!.%!R!*!G@Eb!XD(F@?![E&!%Y@F)D(B@AB!?E(!%@?!*EB(@?!)*(F&!

%@?!?D%&G@?!"!%@!`%DK@!;JY@?B!*&A?&![E@!Q@!'@Eb!B(*GE&(@!%@!`(@J!.1F)+4)>W!@B!)*(F&!%@?!

X&`E(@?!)%*A@?!"!%@!J@(J%@!DE!D(K@!;j2j>-.!@A!`(@J>\!2@E%@?!J@?!G@Eb!XD(F@?!DAB!%*!

)(D)(&$B$!GY*'D&(!BDEB@?!%@E(?!)*(B&@?!@b*JB@F@AB!?@FK%*K%@?!@B!BDE?!%@?!)D&AB?!G@!

%*! J&(JDAX$(@AJ@! N! $`*%@! G&?B*AJ@! GE! J@AB(@\! :A! A@! ?*E(*&B! (&@A! ($*%&?@(! G@! )%E?!

)*(X*&B!^\!3(*G\!V\!6E'(*Ru6??*R*?{W!@B!*E??&!JO@m!7*JB*AJ@W!]1+<\!=W!I!"!.(3!-4A+!(0!

?>-A-! .+,+>(,K! G2-3! -4A+.! 4-02*3+0).! 1(4<(/0)(! 4)0+-*+.! (.0! )/! <+?24)(! ;! ]!F*&?!

?@FK%*K%@!N!EA!J@(J%@!@B!N!EA!`%DK@W!)*(J@![E@!%*!(DBDAG&B$!GE!J@(J%@!(@%_'@!G+EA!

(*))D(B!@B!G+EA@!XD(F@!)*(X*&B?!^\!3(*G\!S\!S*jODEJO@!@B!2\!7EJ&*A&>\!!

J%bbb&&&!7@?!G@Eb!3@?B*F@AB?!DAB!GDAA$!%&@E!N!G@!ADFK(@Eb!?RFKD%@?\!V*??&DGD(@!ADE?!

GDAA@!EA!?RFKD%@!A*BE(@%W!%@?!G@Eb!R@Eb!JDAJDE(*AB!N!EA!?@E%!(@`*(G!;'D&(!U\!G@!

7EK*JW!Qc;?_.(!&;3+;9)>(W!)(@F&_(@!)*(B&@W!..W!))\!PIHu<<W!@B!9\!G&!9*(JDW!]!ADB@!

?E%%*!?&FKD%D`&*!G@&!AEF@(&!A@%!'(!)*+,)!G&!V*??&DGD(D!^!W!&A!I)..+-3-4-W!3(>>)!

/-40(!3+!")9(**(!)>!`+9)4+2,!3+!$G2+>>)/(W!*BB&!G@%!VDA'@`ADW!HppPW!)\!LM=uLMp\>\!

J%bbb&'!7*!GE*%&B$!G@?!D(`*A@?!JD()D(@%?!?RFKD%&?@!%@?!G@Eb!3@?B*F@AB?\!9*&?!&%!X*EB!

ADB@(![E@!G@EbW!ADFK(@!G@! %*!FE%B&)%&J&B$W!ADFK(@!A$X*?B@!]!@?B! %@! ($?E%B*B!G@! %*!

X&??E(@![E&!G$B(E&B!%+EA&B$!z\\\{W!%@!ADFK(@!G@!%*!G$?*`($`*B&DA!zn{!G@!%*!J($*BE(@\!.%!

A@! G@'&@AB! &AB@%%&`&K%@! @B! KDA! [E+*E!FDF@AB! Dy! ?@! ($B*K%&B! %@! %&@A! @AB(@! %@?! G@Eb!

X(*JB&DA?! d! %D(?[E+&%!@?B!G@'@AE!G@Eb!@A!EA!DE!)%EB~B!EA!@A!G@Eb!^!;U\!G@!7EK*JW!

Qc;?_.(!&;3+;9)>(W! ?@JDAG@! )*(B&@W! ..W! )\HIuH<>W! JDFF@! ADE?! %@! G&B! %*! ?E&B@! GE!

B@bB@\!

J%bbb'!7*!?B(EJBE(@!?RF$B(&[E@!GE!JD()?!OEF*&A!@?B!]!(*F@A$@!N!EA@!,=.0+/)!32)>+0).!

XDAG$@!?E(!%*!K&)D%*(&B$!G@?!4J(&BE(@!^!;6\C*%DAA&@(W!BC(*/=/>-1;3+.,(!.)/4;W!G*A?!

9*(B&A@!C(DE%BW!B(.!(*/=/>-1;3+(.W!/-*.042/0+-*!(0!/+4/2>)0+-*!32!.)9-+4W!)\!oh>!!

!

HPP!!

J%bbb'&! 6E`\!E.)>,5! Ip! "! (0! /-*.-*)*0! 32-! 0(.0),(*0)W! (0! 2*),! 2-/(,! F)A(*0! 32-!

0(.0),(*0)!;!]!0B!%@?!G@Eb!3@?B*F@AB?!(@AG@AB!EA!FqF@!?DA!d!%@?!G@Eb!3@?B*F@AB?!

A+DAB![E+EA@!?@E%@!'D&b!^\!3(*G\!U\!S*((@*E!@B!JD%%\>\!

J%bbb'&&!E4)(f23+/+)>+0(4! @?B! EA! O*)*b! G@!V*??&DGD(@! [E&! ?@(*! (@)(&?! )*(!C($`D&(@! %@!

C(*AGW!N!)%E?&@E(?!(@)(&?@?W!G*A?!"(?+.042,!(1+.02>)42,\!

J%bbb'&&&!7*! ($X$(@AJ@! N! EA! ?RFKD%@! *(JO&B@JBE(*%! GDAB! %*!S&K%@! GDAA*&B! G@!FE%B&)%@?!

@b@F)%@?!)@(F@B!N!V*??&DGD(@!J@BB@!F$B*)OD(@!?E(!%*!?D%&G&B$!G@!%*!XD&\!/D&(!9\!G&!

9*(JDW!@-0(!.2>>)!.+,A->-?+)W!)\!LMp\!

J%bbb&b!V&J\!@)05! ..W! L! "! +0)G2(!1>(/04+! .+,+>(,! >+*?2),!*-.04+! .->(*0! 3+/(4(! ;! ]VY@?B!

)DE([ED&!%@?!)O&%D?D)O@?!G@!ADB(@!$JD%@!JDF)*(@AB!%*!%*A`E@!N!EA!)%@JB(@!^\!3(*G\!

V\!6E'(*Ru6??*R*?>\!

JbJ!V*??&DGD(@! ?@FK%@! ?E&'(@! 7*JB*AJ@! [E&! (@B&@AB! G@Eb! ($J@)B*J%@?! JO@m! %+ODFF@W!

%+@?BDF*J!)*(!%@[E@%!@?B!ADE((&!%@!JD()?W!@B!%@!)DEFDA![E&!ADE((&B!%+aF@W!%+c?D)O*`@!

@B! %*! B(*JO$@!A*&??*AB!G+EA!?@E%!)O*(RAb\! ;S\!S*jODEJO@!@B!2\!7EJ&*A&W!B)/0)*/(W!

]1+<+/+-!'(+W!)\!H<hW!ADB@!HoP>\!

JbJ&! 6%%E?&DA! N! %*! ADE((&BE(@! G&`$($@! )*(! %*! JO*%@E(! G@! %+@?BDF*J\! VX\! 6\!C*%DAA&@(W!

>M(*/=/>-1;3+.,(W! )\! ohuo=W! @B! V&J$(DAW! @)05! ..W! HLI! "! /2,! .0-,)/F+! /)>-4(!

/-*/-c(4+0!;]![E*AG!@%%@!%@?!*E(*!G&`$($?!N!%*!JO*%@E(!G@!%+@?BDF*J!^\!3(*GEJB&DA!V\!

6E'(*Ru6??*R*?! >W! @B! 9\! 2)*AA@EBW! >(! .0-t/+.,(! 3(.! 1_4(.! 3(! >MQ?>+.(! "! ]!&%!

?DE%&`A@! *E??&! %+*JB&DA!G@! %*! JO*%@E(!)DE(!D)$(@(! %*! JDJB&DAW! @B! G@?! %&[E&G@?!)DE(!

B(*A?)D(B@(!%+$%$F@AB!$%*KD($!G*A?!BDEB!%@!JD()?!^!;BO$D(&@!G@!C*%&@A>W!)\!LMMW!ADB@?!

Lh!@B!L=\!

JbJ&&!7*J\!]1+<5! LW! I! "!*2>>+!,2*+,(*02,! )3! 020(>),! .2+! 3((.0! ;! ]!AE%! A+@?B! )(&'$! G@!

FDR@A?!G@!G$X@A?@!)DE(!?@!)(DB$`@(!^\!3(*G\!S\!S*jODEJO@!@B!2\!7EJ&*A&>\!!

JbJ&&&!7*JB*AJ@!*'*&B!&A?&?B$!?E(!%*!G&XX$(@AJ@!@AB(@!%@?!KqB@?![E@!#&@E!*'*&B!)DE('E!

G@!G$X@A?@?!A*BE(@%%@?! @B! %+ODFF@!]![E+&%! *! J($$!AE!@B! ?*A?!G$X@A?@W!)*(J@![E@! &%!

)DE'*&B!qB(@!*(F$!G+&AB@%%&`@AJ@!@B!'qBE!G@!(*&?DA!^!;.0)02+0!*232,!(0!+*(4,(*W!G2+)!

(0!+*?(*+-!1-0(4)0!)4,)4+!(0!4)0+-*(!2(.0+4+>W!]1+<5!LW!o\!3(*G\!S\!S*jODEJO@!@B!2\!

!

HPI!!

7EJ&*A&W!@B!B)/0)*/(W!)\HLHW!ADB@\!<o>\!V*??&DGD(@!A@!%@!?E&B!)*?!&J&!@B!?&`A*%@!G@Eb!

$%$F@AB?!%E&!)@(F@BB*AB!G@!?@!G$X@AG(@W!&%!'D&B!%*!)D&B(&A@!@B!%@?!K(*?\!

JbJ&'!7*JB\!]1+<5! HLWH! "! G2)(! G2),G2),! +*! -1(40-! >)0(*0! ;! ]![ED&[E@! J@?! [E@?B&DA?!

?D&@AB!G&??&FE%$@?!@B!FR?B$(&@E?@?!^\!3(*G\!S\!S*jODEJO@!@B!2\!7EJ&*A&>\!

JbJ'!7*JB\!]1+<5!HLW!H<!!"!*(!?(*2.!-,*(!2+2(*0+2,!/-*3+/+-!,-40)>+0)0+.!(c0+*?2(4(0!;!

]!)DE(! @F)qJO@(! %+@bB&AJB&DA! G@! JO*[E@! @?)_J@! G+qB(@?! '&'*AB?! GE! X*&B! G@! ?*!

JDAG&B&DA!FD(B@%%@!^\!3(*G\!S\!S*jODEJO@! @B! 2\!7EJ&*A&>\!VX\! *E??&!6\C*%DAA&@(W!

>M(*/=/>-1;3+.,(W!)\o=!"!%*!)@()$BE*B&DA!G@!%*!(*J@W!]!&%%E?&DA!G@!%+&FFD(B*%&B$!�!^!\!

JbJ'&!VY@?B!%*!JDAJE)&?J@AJ@![E&!@?B!F&?!&J&!@A!@b@(`E@!d!'D&(!7*JB\!]1+<5!HPWL!"!G2-3!)3!

F)*/! 4(,! )00+*(0W! G2(4+! .)0+.! (.0! F-,+*(.! +*1+-.! )/! 14-<)*-.! .2,,2,! *(<).!

)3,+00(4(W! G2+! 3+2+*2,! (0! )3,+4)A+>(! 3(+! -12.! )3! 14-1)?)*3),! .2//(..+-*(,!

+*(c/-?+0)A+>+! 4)0+-*(! 14-2+.2,! (0! (<<(/02,! 2(>! )3! 0241+..+,-.! G2)(.02.! 2(>! )3!

-A./(*)(!>+A+3+*+.!123(*3)!-1(4)!/-*2(402*0W!20!+),!*+F+>!)>+23!(c!4(!.)*/0+..+,)!

1(0)*0!G2),! +*)*(,!(0! .0(4+>(,!2->210)0(,! ;!]!?E(!J@BB@![E@?B&DAW! &%! ?EXX&B!G@! ?@!

)%*&AG(@! GE! B(_?! `(*'@! J(&F@! JDFF&?! )*(! G@?! ODFF@?! &F)&@?! @B! ?*J(&%_`@?W! [E&!

G$BDE(A@AB! %+D@E'(@! G@! #&@EW! G&'&A@! @B! *GF&(*K%@W! JDAfE@! @B! ($*%&?$@! *'@J! EA@!

&AJDAJ@'*K%@! ?*`@??@!*X&A!G+*??E(@(! %*!)(D)*`*B&DA!G@! %+@?)_J@W! ?D&B!)DE(!@A! B&(@(!

%@?!)%E?!&AXaF@?!)(DX&B?W!?D&B!)DE(!*JJDF)%&(!G@?!*JB&DA?!ODAB@E?@?!G&JB$@?!)*(!EA!

G$?&(! DK?J_A@! *E! )D&AB! G@! A@! (@JO@(JO@(! G*A?! EA! *JB@! B(_?! ?*J($! [E+EA@! '*&A@! @B!

?B$(&%@!'D%E)B$!^\!3(*G\!S\!S*jODEJO@!@B!2\!7EJ&*A&>\!

JbJ'&&!E4)(/-*+)>+)W!ADE'@%!O*)*b!G@!V*??&DGD(@\!!

JbJ'&&&!6E`\!B+A5! ..W! P! "! u;62?2.0+*2.>! "!G2+3! +?+024! )3! G2(,G2(! .(*.2,!1(40+*()0! (0!

G2+3! +*0(4! .(! 2(>! -,*(.! 2(>! G2+3),! (-42,! /-,,2*+0(4! F)A()*0W! *2,!1-..2,2.!

2>>-! (-42,!.(*.2!3++23+/)4(! a;Q2-3+2.>! "!*2>>-!,-3-W! .(3!G2-3),! +*0(4+-4(! +.0)!

3++23+/)*024\!u;65>!"!*2,!<-40(!+1.)!(.0!4)0+-W!G2)!A(.0+)(!/)4(*0!�!*),!20!-1+*-4W!

4)0+-*(! +.0)! /-*14(F(*3+,2.! (0! +0)! .(! F)A(4(! /-?*-./+,2.5! z! ]u;6E`E?B&A>! "!

5DE'DA?uADE?!GDAJW!)*(!%+EA!G@!J@?!?@A?!G&?B&A`E@(!J@![E&!*))*(B&@AB!N!JO*JEA!@B!

J@![E&!%@E(!@?B!JDFFEA!N!BDE?!DE!N![E@%[E@?!EA?!�!;0>!"!-E%%@F@ABW!F*&?!J+@?B!*E!

FDR@A! G+EA@! X*JE%B$! &AB$(&@E(@! [E@! ADE?! %@! G&?B&A`EDA?\! ;6>!"! ! !2@(*&BuJ@! )*(! %*!

(*&?DAW!GDAB!%@?!KqB@?!?DAB!)(&'$@?!�!V*(W!N!FDA!*'&?W!?&!ADE?!?*&?&??DA?!BDEB!J@%*!@B!

!

HP<!!

?&!ADE?!?*'DA?![E@! BDEB!?@!)*??@!*&A?&W!J+@?B!*E!FDR@A!G@! %*! (*&?DA!^\!3(*G\!Z\!v\!

3ODAA*(G{\!

JbJ&b! 6E`\!P(*5! B+005! ./W! PI! "! (0! /(40(! +.0(! /-41-4()(! >2/+.! (.0! 4)3+2.W! (,+/)*.! (c!

-/2>+.! *-.04+.! (0! 0),! >-*?(! 1-.+0)! 0)*0)! /(>(4+0)0(! /-*0+*?(*.W! 20! )(.0+,)4+!

/-*1)4)4+!G2(!*-*!1-..+05!@(,1(!F+/!(0!+>>)!-,*+)!0),!),1>)!+*,(*.)!G2(!.1)0+)!

.+,2>! 2*-! +/02! 04)*.+4+! ,)*+<(.02,! (.0! (0W! G2+3! 14+2.! 1-.0(4+2.G2(! 04)*.()024W!

*+F+>-!,+*2.!/(402,!(.0!;!]!:(!&%!@?B!J@(B*&A![E@!J@!(*RDA![E&!Q*&%%&B!G@!AD?!R@Eb!@?B!

EA! (*RDA!G@! %EF&_(@! JD()D(@%%@!"! N! G@! B(_?! `(*AG@?! G&?B*AJ@?W! &%! *BB@&AB! ?DA! DKQ@B!

*'@J! EA@! ?&! `(*AG@! (*)&G&B$! [E@! BDEB! @?)_J@! G@! F@?E(@! @B! G+@?B&F*B&DA! @?B!

&F)D??&K%@\!.%!@?B!GDAJ!K&@A!$'&G@AB![E@!BDE?!J@?!@?)*J@?!?&!`(*AG?!@B!?&!&FF@A?@?!

?DAB! B(*'@(?$?! ?&FE%B*A$F@AB!G+EA! ?@E%! JDE)W! @B! &%! @?B!ADA!FD&A?!$'&G@AB![E+&%! %@!

?DAB!G*A?!EA!D(G(@![E&!?E))D?@!G@?!+*'*AB+!@B!G@?!+*)(_?+!^\!3(*G\!5\!6`*�??@!@B!6\!

2D%&`A*J>\!0BW!n2)*05!LPW!IP!"!+,-!+0)!(.0!"!+.!(*+,!.(!<-4).!1-44+?+0W!(0!1(4!-/2>-.!

(,+/)0!>-*?+2.!G2)G2)2(4.2,!1-0(.0!>2.04)4(!G2-3!/(4*+,2.5!`*3(!<+0!20!+A+!1-0+2.!

2+3()0W!2A+!(.0!+3!G2-3!2+3(0W!*-*!2*3(!(42,1+0!20!2+3()0!;!]!9*&?!DE&W!J+@?B!J@%*\!

V*(! %*! 'E@! ?+$B@AG! *E! G@OD(?W! @%%@! ?+$%*AJ@! )*(! %@?! R@EbW! *E! %D&AW! )*(BDEB! Dy! @%%@!

)@EB!)*(JDE(&(!J@![E+*BB@&`A@AB!AD?!(@`*(G?\!V+@?B!J@![E&!X*&B![E+@%%@!'D&B!)%EB~B! %N!

Dy!@?B!J@![E+@%%@!'D&BW!@B!ADA!G*A?!%*!($`&DA!G+Dy!@%%@!?+$%*AJ@!)DE(!'D&(!^\3(*G\!5\!

G@!7*K(&D%%@>\!

JJ!6E`\!n2)*05!LPW!IP!"!;0'DG&E?>!+0)!.)*(!(.0!20!3+/+.!"!*),!(0!+>>23!*2*/!)*+,)32(40+W!

G2-3! .+! +A+! 2+3(4(*0! -/2>+! 2A+! .2*0W! (0+),! .(+1.-.! 2+3(4(*0\! u6E`E?B&A! "! 4(/0+2.!

3+/(4(.! *-*W! (0+),! .(+1.-.! d! .(3W! 0)*02,,-3-! .(+1.-.! 2+3(4(*05! ;!]!0'DG&E?! "!

5*(X*&B@F@AB! d!@B!J@BB@! &G$@!F@!'&@AB!N! %+@?)(&BW![E@!?&! %@?!R@Eb!'DR*&@AB! %N!Dy! &%?!

?DABW! &%?! ?@! '@((*&@AB! *E??&! @EbuFqF@?\! u6E`E?B&A! "! 6E! %&@E! G@! �*E??&! @Ebu

FqF@?�!&%!?@(*&B!)%E?!QE?B@!G@!G&(@!"!�&%?!A@!'@((*&@AB![E+@EbuFqF@?�!^\3(*G\!5\!G@!

7*K(&D%%@>\! V+@?B! %*! G@Eb&_F@! XD&?! [E@! V*??&DGD(@! J&B@! ?*&AB! 6E`E?B&AW! %*! ?@E%@!

?DE(J@![E+&%!ADFF@!@b)%&J&B@F@AB\!

JJ&!I-/>()0+.W!@AJD(@!EA!O*)*b!G@!V*??&DGD(@\!

JJ&&!6E`\!&2.5! /.! "! u,)?+.0(4! "! /2,! (4?-! +3! G2-3! +*! (-! ,(,A4-! .+,+>(! (.0! )(4+W!

,-2()024! )(4(! 1(4/2..-! d! )*+,),! +>>),! G2)(! )*0(! +.02,! .-*2,! 2+0)>+! ,-02! +*!

.+>(*0+-! /-412.! )24+2,! 2(?(0)A)0W! *2,! 120),2.! )20! /(..)4(! 1-..(! )A! -1(4(!

!

HPo!!

,-2(*3+! G2-3! )*+,)0W! )20! (-3(,! ,-3-! ,-2(4(! /-,,-02,! (c04+*.(/2.! )(4(,!

)24+.! .2)(W! G2-! ,-2(A)0! )*0(G2),! +>>(! +>>)A(4(024! .-*2.! �! u3+./+12>2.! "! *-*!

2+3(024!*+.+!)>+0(4\!u,)?+.0(4!"!F-/!(4?-!)>+0(4!,-2(4(K!*-**(!<)0(*32,!(.0!<)/(4(!

(..(K!*-*!1)0+!�!u3+./+12>2.!"!+0)!(.05!;!]u%@!9*eB(@!"!}E*AG!GDAJ!?DE?!%*!)@(JE??&DA!

G@! %+*&(! J@! [E&! @?B! JDAB@AE! G*A?! J@B! D(`*A@W! u! %@! X%E&G@! ?@FK%*K%@! N! %+*&(! �! @?B!

$K(*A%$W!J(D&(DA?uADE?![E@!%+aF@!GDAB!%@!FDE'@F@AB!'&B*%W!*'*AB!J@!?DAW!'&'&X&*&B!

@A!?&%@AJ@!%+D(`*A@!JD()D(@%!G@!%+D(@&%%@W!)E&??@!&AB@((DF)(@!?DA!DXX&J@!G@!FDE'D&(!

J@! [E+@%%@! *A&F@W! DE! K&@A! X*EBu&%! )@A?@(! [E+@%%@! JDFFEA&[E@! *E! X%E&G@! G@! ?DA!

D(@&%%@W! $K(*A%$!)*(! %@!G@OD(?W!EA!FDE'@F@AB! &G@AB&[E@!N!J@%E&![E+@%%@!)(DGE&?*&B!

*'*AB!%+&((E)B&DA!G@!J@!?DA!�!!!#&?J&)%@!"!V@!A@!)@EB!qB(@![E+EA!*EB(@W!?@FK%@uBu&%\!u%@!

9*eB(@! "!9*&?! J@! X*&B! G@!FDE'D&(! *EB(@F@ABW! A@! X*EBu&%! )*?! %+*))@%@(! *`&(! @B! ADA!

?EK&(!�!u#&?J&)%@!"!.%!@A!@?B!*&A?&!^\!3(*G\!C\!Z&AA*@(B!@B!Z\!v\!3ODAA*(G>\!

JJ&&&!V*??&DGD(@!*BB(&KE@!%@!?&_`@!GE!`DrB!*E!)*%*&?W!JDFF@!5%&A@! %+6AJ&@AW!@)024)>+.!

F+.0-4+)W!g.W!HhI!"!+*0(>>(/02.!.)1-42,!/(0(4+.!+*!14+,)!>+*?2)W!F-,+*+!(0!+*!1)>)0-!

;! ]!7*! )@(J@)B&DA! G@?! ?*'@E(?! ?+D)_(@! JO@m! BDE?! G*A?! %*! ($`&DA! *AB$(&@E(@! G@! %*!

%*A`E@W! JO@m! %+ODFF@!@%%@! ?@! X*&B! @A!DEB(@!)*(! %@!)*%*&?!^\!3(*G\!6\!0(ADEB! @B!1\!

5$)&A>\!7*JB*AJ@!%+*BB(&KE@!N!%*!%*A`E@W!]1+<5!HMW!LM!"!*),!G2-3!)00+*(0!)3!.)1-4(,!

/)1+(*32,W!<)>>+024!G2+.G2+.!F2*/!.(*.2,!1)>)0-!+*(..(!)4A+04)024W!>+*?2)!(.0!(*+,!

G2)!.)1-4(.!.(*0+2*024!;!]!)DE(!J@![E&!@?B!G@!?*&?&(!%@?!?*'@E(?W!&%!?@!B(DF)@!J@%E&!

[E&! )@A?@! [E@! J@! ?@A?! ($?&G@! G*A?! %@! )*%*&?W! J*(! J+@?B! %*! %*A`E@! [E&! )@(F@B! G@!

)@(J@'D&(! %@?! ?*'@E(?!^\! 3(*G\! S\! S*jODEJO@! @B! 2\! 7EJ&*A&>\! /D&(! *E??&W! S\!

S*jODEJO@!@B!2\!7EJ&*A&W!B)/0)*/(W!'(!-1<+/+-!'(+W!)\!H<<W!@B!ADB@!HI=>\!

JJ&'!7*!ADK%@??@!G@?!F*&A?W!ADB&DA![E+DA!(@B(DE'@!JO@m!V&J$(DA!;!'D&(!V\!6E'(*Ru

6??*R*?W!B)!*)024(! 3(.! 3+(2cW! LMMLW! )\HL<>W! *! $B$! ?DE%&`A$!)*(!7*JB\!]1+<! "! +),!

(*+,!,)*2.!),+..)!3+?*+0)0(!;!]!?&!%*!F*&A!)@(G*&B!?DA!*JBE@%%@!G&`A&B$!^\!3(*G\!S\!

S*jODEJO@!@B!2\!7EJ&*A&>\!/D&(!*E??&W!S\!S*jODEJO@!@B!2\!7EJ&*A&W!B)/0)*/(W!'(!

-1+<+/+-!'(+W!)\!HppW!@B!ADB@!=o>\!!

JJ'!6E`\!Q15!<<!"!3(*)4+2.W!+*!G2-!(.0!1(4<(/0+-!A()0+023+*+.!*-.04)(!;!]!%@!ADFK(@!G&b!

&F*`@!G@!ADB(@!)*(X*&B@!K$*B&BEG@!^\!3(*G\!U\!S*((@*E!@B!JD%%\>\!7@!ADFK(@!G&b!@?B!

DKB@AE! @A! *GG&B&DAA*AB! %@?! [E*B(@! )(@F&@(?! ADFK(@?! d! &%! @?B! ?RADARF@! G@!

)@(X@JB&DAW!@AJ*G($!)*(!%@!A@EXW!?RFKD%@!G@!%+$JO@J!@B!)*(!%@!DAm@W!?RFKD%@!GE!F*%!

FD(*%!J*(!DEB(@)*??*AB!G@!EA!J@%E&!G@!%*!7D&!G@!#&@E!d!?*&AB!6E`E?B&A!?B&`F*B&?@!%@!

!

HPh!!

]!DAm@!^! G*A?! $(4,5! =PW! h! "! 2*3(/+,2.555! 1(4<(/0+-*(,! (c/(3+0! '(/)>-?+>\! /D&(!

*E??&!!U!G@!7EK*JW!Qc;?_.(!&;3+;9)>(K!?@JDAG@!)*(B&@W!..\!)\H<\!

JJ'&!V*??&DGD(@! @F)%D&@! &AG&XX$(@FF@AB! ! <)/+(.W! (<<+?+(.W! 22>02.W! JDFF@! (@X%@B! G@?!

F*A&X@?B*B&DA?!)?RJO&[E@?\!.?&GD(@!G@!2$'&%%@!EA!)@E!)%E?!B*(G!G&?B&A`E@(*!<)/+(.!@B!

22>02.W!Q0=,->-?+)(W!g.W!HW!PI!"!@),!<)/+(.!.+,1>+/+0(4!)//+1+024!3(!2*+2./2+2.G2(!

*)024)>+! ).1(/02! d! 22>02.! )20(,! )*+,-42,! G2)>+0)0(,! .+?*+<+/)0! ;]!J*(! %+*?)@JB!

A*BE(@%!G@!JO*JEA!@?B!B(*A?F&?!?&F)%@F@AB!)*(!%*!X*J@!d!*%D(?![E@!%*!)OR?&DADF&@!

&AG&[E@!%*!A*BE(@!G@?!aF@?!^\!3(*G\!)@(?DAA@%%@>\!

JJ'&&!V*??&DGD(@W!E.)>,W!PM!"!22>02.!(*+,!3+/+024!)A!(-!G2-3!/-43+.!2(>>(!1(4!.2)!.+?*)!

3(,-*.04(0! ;! ]!@A! @XX@B! DA! G&B! )OR?&DADF&@! @A! J@! [E+@%%@! &AG&[E@! %@! 'DE%D&(! GE!

JD@E(! )*(! ?@?! @b)(@??&DA?!^\! 3(*GEJB&DA! )@(?DAA@%%@!>\! :A! (@B(DE'@! @AJD(@! EA@!

*))(DJO@!$BRFD%D`&[E@!?)$JE%*B&'@\!!

JJ'&&&!2E()(@A*AB!)E&?[E@!?&!%+DA!@bJ@)B@!%@?!J&A[!'@(B_K(@?!?*J($@?!@B!%@?![E*B(@!DE!J&A[!

'@(B_K(@?! JDJJR`&@AA@?W! DA! @A! JDF)B@! G&bu?@)B\! 7*JB*AJ@! A@! %@?! G$ADFK(@! )*?\!

V*??&DGD(@! (@)(@AG! %@?! ADB&DA?! JDFFEA@?! [EY&%! )DE'*&B! B(DE'@(! G*A?! %@?! $J(&B?!

F$G&J*Eb!DE!%@?!GDbD`(*)O&@?![EY&%!EB&%&?*&B\!

JJ&b!V*??&DGD(@!A@!G&?B&A`E@!)*?!%@?!'@&A@?!@B!%@?!*(B_(@?W!?E&'*AB!*&A?&W!7*JB\!]1+<5!hW!

L!"!+0(,!2+./(4+A2.!+1.+.!2(*).!)3,+./2+0!G2).+!4+2-.!1(4!/-412.!-,*(!3+2+.-.W!1(4!

G2).!3+./244(*.!2,-4!(0!.)*?2+.!2*+2(4.)!,(,A4)!.2/+.!20)>+A2.!+*4+?)4(0!;!]!G@!

FqF@!&%!*!Fq%$!%@?!'@&A@?!*Eb!JO*&(?!@%%@?uFqF@?W!JDFF@!G@?!(E&??@*Eb!($)*(B&?!N!

B(*'@(?! BDEB! %@!JD()?W!*X&A![E+@A!?+R! ($)*AG*ABW! %@! %&[E&G@!?*A`E&A! &((&`E@! BDE?! %@?!

F@FK(@?!G@! ?EJ?! '&'&X&*AB?!^\!3(*G\!S\!S*jODEJO@! @B!2\!7EJ&*A&>\!/D&(! *E??&!S\!

S*jODEJO@! @B! 2\! 7EJ&*A&W!B)/0)*/(W!'(! -1+<+/+-!'(+W! )\! LMMW! ADB@! p=! @B! )\! HIHW!

ADB@!HMM\!

JJb!.!VD(&ABO&@A?W!lmW!mlam}\!7*!/E`*B@!G&B!"!*-*!1-0(.0!3+/(4(!-/2>2.!,)*2+!-1(4)!02)!

*-*!+*3+?(-!)20!+0(42,!/)120!1(3+A2.!*-*!(.0+.!,+F+!*(/(..)4++5!.(3!,2>0-!,)?+.!

G2)(! 2+3(*024! ,(,A4)! /-41-4+.! +*<+4,+-4)! (..(! *(/(..)4+-4)! .2*0! (0! G2)(!

120),2.! +?*-A+>+-4)! ,(,A4)! (..(! /-41-4+.! F+.! F-*-4(,! )A2*3)*0+-4(,!

/+4/2,3),2.!(0!G2)(! +*F-*(.0)!.2*0!*-.04)!)A2*3)*0+-4(,!F-*(.0)0(,!F)A(*0! ;!

]!%+D@&%!A@!)@EB!)*?!G&(@!N! %*!F*&A! "!v@!A+*&!)*?!K@?D&A!G@! BD&! d!A&! %*! BqB@!G&(@!*Eb!

!

HP=!!

)&@G?! "! v@! A+*&! )*?! K@?D&A! G@! 'DE?\!9*&?! K&@A! )%EB~BW! %@?!F@FK(@?! GE! JD()?! [E&!

)*(*&??@AB!qB(@!%@?!)%E?!X*&K%@?!?DAB!A$J@??*&(@?!d!@B!J@Eb![E@!ADE?!@?B&FDA?!qB(@!%@?!

FD&A?!ODAD(*K%@?!GE!JD()?W!ADE?!%@?!@ABDE(DA?!G+EA!)%E?!`(*AG!ODAA@E(\!6&A?&!AD?!

F@FK(@?!%@?!FD&A?!ODAAqB@?!(@fD&'@AB!%@!)%E?!G+ODAA@E(!^\3(*G\W!7DE&?!2@`DAG>\!

JJb&!]!)E&?[E+&%!A+R!*!(&@A!@AB(@!%+aF@!@B!#&@EW!%+ODFF@![E&!E?@!G@!?DA!JD()?!@A!'E@!G@!

?DA!aF@W!GD&B!E?@(!G@!?DA!aF@!@A!'E@!G@!QDE&(!G@!#&@E!^W!JDFF@!%@!)($J&?@!4\!

C&%?DAW!H*04-32/0+-*W!)\!LHp>\!!

JJb&&!7@?!aF@?!?*A?!XD&!?DAB!J@%%@?!G@?!)*x@A?!@B!G@?!O$($B&[E@?W!F*&?!*E??&!J@%%@!G@?!

)O&%D?D)O@?! [E&! DAB! EA@! $BO&[E@! )E(@F@AB! (*B&DA@%%@! ;9\! G&! 9*(JDW! $/(>0)! (!

20+>+uu)0+-*(W!)\!HHH>\!

JJb&&&!]!#&@E!*! JDFF*AG$!N! %+ODFF@!G@! (@?)@JB@(! %+D(G(@!G@?!A*BE(@?!@B! G@! JO@(JO@(!

?DA!'(*&!KDAO@E(\!#+Dy!%*!7D&![E&!?E))D?@!GDAJW!DEB(@!EA!D(G(@!A*BE(@%!JDAXD(F@!N!

%*!(*&?DA!G&'&A@W!EA!'DE%D&(!G&'&A![E&!%+&F)D?@!^\!;Z\!V*R($W!E)04->-?+(!(0!F+.0-+4(!

3(!>)!LF;->-?+(W!3\!.W!)!\o=M>\!

!!!!JJb&'!V*??&DGD(@!(@Q@BB@!&J&!%*!FD(*%@!G@?!)O&%D?D)O@?![E&!A@!?@!X&@AB![E+N!%*!?@E%@!

(*&?DA!OEF*&A@\!/D&(!9\!G&!9*(JDW!$/(>0)!(!20+>+uu)0+-*(W!)\!p<W!ADB@!o\!9*&?!ADE?!

*'DA?!'E![E@!!V*??&DGD(@!A@!(@Q@BB*&B!)*?!%@?!?J&@AJ@?!)(DX*A@?\!

JJb'!9$B*)OD(@!G@!%+*?J_?@!)O&%D?D)O&[E@!'*&A@W!@B!$JOD!G@!?*&AB!6E`E?B&AW!$1(/5!L<!"!

*->+0(!0F(.)24+u)4(!2-A+.!0F(.)24-.!+*!0(44)W!2A+!)(42?-!(0!0+*()!3(,->+024W!(0!2A+!

<24(.!(<<-3+2*0!(0!<24)*0245!0F(.)24+u)0(!)20(,!2-A+.!0F(.)24-.!+*!/)(>-W!2A+!*(G2(!

)(42?-!*(G2(!0+*()!3(,->+024W!(0!2A+!<24(.!*-*!(<<-3+2*0!*(/!<24)*0245!2A+!(*+,!(.0!

0F(.)242.!022.W!+A+!(.0!(0!/-4!022,!;!]!-@!X*&B@?!)D&AB!G@!B($?D(?!?E(!%*!B@((@!Dy!%*!

(DE&%%@!@B!%@?!'@(?!%@?!JDA?EF@ABW!@B!Dy!%@?!'D%@E(?!%@?!G$B@((@AB!@B!%@?!G$(DK@AB\!V*(!

Dy!@?B!'DB(@!B($?D(W!%N!*E??&!@?B!'DB(@!JcE(!^\!3(*G\!U\!S*((@*E!@BJD%%\>\!

JJb'&! 0b)(@??&DA! EB&%&?$@! )*(! 3@(BE%%&@AW! E)(*\W! L! "! A-*2,! <)/02,! 3(2,! F)A(0!

3(A+0-4(,W!.+/20+!(0!,)>2,W!G2+)!+23(c!-,*+.!4(,2*(4)0-4!(.0!/)2.)(!;!]!%*!KDAA@!

*JB&DA!*!#&@E!)DE(!G$K&B@E(W!G@!FqF@![E@! %*!F*E'*&?@W!)*(J@![E@! %@!vE`@!@?B! %@!

($FEA$(*B@E(!G@!BDEB!^\!3(*G\!)@(?DAA@%%@>\!

!

HPp!!

JJb'&&! 6E`\! J)2.05! gg..W! Lh! "! >(c! 2(4-! )(0(4*)! (.0! 4)0+-! 3+2+*)! 2(>! 2->2*0).! 3(+!

-43+*(,! *)024)>(,! /-*.(42)4+! +2A(*.W! 1(4024A)4+! 2(0)*?! ;! ]!}E*AB! N! %*! %D&!

$B@(A@%%@W! J@! A+@?B! *EB(@! JOD?@! [E@! %*! (*&?DA! G&'&A@! DE! %*! 'D%DAB$! G@! #&@E! [E&!

D(GDAA@!G@!JDA?@('@(!%+D(G(@!A*BE(@%!DE!G$X@AG!G@!%@!B(DEK%@(!^\!3(*G\!U\!S*((@*E!

@B!JD%%>\!

JJb'&&&!1$F&A&?J@AJ@!G@!5%DB&AW!Q**;)3(.W! .W! oW! <\!/D&(! *E??&!6\!V(DJJDW! H>! >+A(4!'(!

)*+,)W!)\!!H<=!@B!ADB@!LL=\!

JJb&b!6E`\!I-*<5!.W!o!"!G2+3!(*+,!(.0!G2-3!2->-!3+/(4(W!3-,+*(W!*+.+!G2+)!*(./+-W!2*3(!

2(*(4+,! F2/W! +*! +.0),! 3+/-! 2+0),! ,-40)>(,! )*! ,-40(,! 2+0)>(,! �! ;! ]![EY@?BuJ@!

GDAJ![E@!Q@!'@Eb!G&(@W!2@&`A@E(W!?&ADA![E@!QY&`AD(@!GYDy!Q@!?E&?!'@AE!&J&W!GD&?uQ@!

G&(@!@A!J@BB@!'&@!FDE(*AB@W!DE!K&@A!@A!J@BB@!FD(B!'&'*AB@!^\!3(*G\!5\!G@!7*K(&D%%@>\!

:A!ADB@(*!%*!XD(F@!DbRFD(&[E@!G@!%+@b)(@??&DA!,-4.!9+0)>+.!)/!9+0)!,-40)>+.W!@B!?*!

JDA?B(EB&DA!@A!JO&*?F@\!

JJbb!L!5&@((@W!}W!v!"!*-*!0)43)0!'-,+*2.!14-,+..+-*(,!.2),W!.+/20!G2+3),!(c+.0+,)*0!

"!.(3!1)0+(*0(4!)?+0!14-10(4!2-.W!*->(*.!)>+G2-.!1(4+4(W!.(3!-,*(.!)3!1-(*+0(*0+),!

4(2(40+! ;! ]!%@! 2@&`A@E(! A@! B*(G@! )*?! G*A?! %+*JJDF)%&??@F@AB! G@! %*! )(DF@??@W!

JDFF@![E@%[E@?uEA?!%@!J(D&@AB!d!F*&?!&%!E?@!G@!)*B&@AJ@!@A'@(?!'DE?W!A@!'DE%*AB!

[E+*EJEA! )$(&??@W! F*&?! 'DE%*AB! [E@! BDE?! *((&'@AB! N! %*! (@)@AB*AJ@!^W! 3(*G\! 7\!

2@`DAG>W!@B!4m$JO&@%W!}}W!ll! "!*->-!,-40(,! +,1++! .(3!20! 4(2(40)024! +,1+2.!)!2+)!

.2)! (0! 2+2)0! ;]!J@! [E@! Q@! G$?&(@W! J@! A+@?B! )*?! [E@! %@! F$JO*AB! F@E(@W! J+@?B! [E+&%!

JO*A`@!G@!JDAGE&B@!@B![E+&%!'&'@^W!3(*G\!7\!2@`DAG>\!/D&(!*E??&!6E`\!$(4,5!PML!"!

.(3! *-*! <2+0! .->)! 4()! "! G2+)! /2,! +>>)! (4)0! +23(cW! *-*32,! +23+/)*.W! .(3!

,+.(4+/-43+),!14)(4-?)*.! ;]!9*&?!ADAW! J@BB@!)$JO@(@??@!A+$B*&B! )*?! ?@E%@! W! *'@J!

@%%@!$B*&B!?DA!QE`@W![E&!A@!%*!QE`@*&B!)*?!@AJD(@!@B!%E&!X*&?*&B!F&?$(&JD(G@!^W!3(*G\!U\!

S*((@*E!@B!JD%%>\!V&B$!)*(!6\3DFKD%&A&W!I)..+-3-4-W!'(!)*+,)W!)\!hpW!ADB@!LL<\!!

JJbb&! V*??&DGD(@! @AB(@)(@AG! &J&! EA@! *A*%R?@! )OR?&D`ADFDA&[E@! GDAB! &%! ADE?! *'*&B!

GDAA$!%@?!)($F&J@?!*E!JO*)&B(@!g.W!@B![E+&%!)DE(?E&'(*!*E!JO*)&B(@!g...\!7@!JD()E?!

*AB&[E@!G@!)OR?&D`ADFDA&@![E&!JDF)(@AG!5?@EGDu6(&?BDB@!;...�u./�!?&_J%@!*'\v\V>W!

%@! ?D)O&?B@! 5D%$FDA! ;..�! ?&_J%@! *)\! v\V>W! %@!F$G@J&A!6G*F*AB&D?! ;./�! ?&_J%@! *)\!

v\V>W!EA! B(*&B$!*ADARF@! %*B&A! ;./�!?&_J%@!*)\!v\V>!@B!EA! B(*&B$!G@!SRm*AJ@!;g�!*)\!

v\V>!*!$B$!($EA&!)*(!1&JO*(G!Zc?B@(!;H=pP>\!.%!X*EB!R!*QDEB@(!%@!G2-3!)*+,+!,-4(.!

!

HIM!!

/-41-4+.!0(,1(4),(*0)!.(G2)*024!G@!C*%&@A!;T�OAW!IW!hohu=LL>![E&!A+@?B!)*?!EA!

B(*&B$!G@!)OR?&D`ADFDA&@!F*&?![E&W!)*(%*AB!G@! %+aF@W! ?DE%&`A@! %@?! (@%*B&DA?!@AB(@!

.-,)! @B!1.=/F;\!/D&(!6(A*EG!tEJj@(W! >)! 1F=.+-?*-,-*+(! )*0+G2(! (0! >(! >)*?)?(!

)*+,)>!32!/-41.!)15!k5I!"!OBB)?"||(E(?E?\(@'E@?\D(`|<=\!5?@EGDu6(&?BDB@!$J(&B!"!]!:A!

*))($O@AG@! %@! J*(*JB_(@! N! )*(B&(! G@?! FDE'@F@AB?W! G@?! )D?@?W! G@?! JDE%@E(?W! G@?!

@b)(@??&DA?! GE! '&?*`@W! G@?! JO@'@EbW! G@! %*! X&A@??@! G@! %*! )@*EW! G@! %*! 'D&bW! G@! %*!

JO*&(W!G@?!)*(B&@?!GE!JD()?!*&A?&![E@!G@!%*!XD(F@!G+@A?@FK%@!GE!JD()?!^!;¼�!y�!�«Y!

y�x!�Ux�T�Xx!£qTUZ�xX�ZxZ�TUW!�S�!¼�!y�x!Tr¦�\yXxW!�S�!¼�!y�x!rYX�\yXxW!�S�!

¼�!y�x!s��x!y�x!¼��!yZ�!�YZT��Zq!¼�£SUxZ��xXxW!�S�!¼�!y�x!yYUrX�\yXxW!�S�!¼�!

y Õ!¥�U²y¦yZ[!�S�!¼�!y Õ!£Xx ÕW!�S�!¼�!y Õ!TSY�²[!�S�!¼�!y�x!��Y�xW!�S�!¼�!yZ�!y��Zq!

¤Ö¥Zq!yZ�!T��SyZ[>\!V&B$!)*(!6\!tEJj@(\!

JJbb&&!3D)D?! *AB&[E@!�!:E! $JOD! G+6FK(D&?@! G@!9&%*AW!O(c5! G&@?! IW! HW! L! "!1(41(02)(!

*-/0+.!0(*(A4).!.2.0+*(4(!;J&B$!)*(!6\!3DFKD%&A&W!I)..+-3-4-W!'(!)*+,)W!)\!=M!@B!

ADB@!LPM>\!

JJbb&&&!7+$'DJ*B&DA! G@! %+$B*B! G@! %*! JO*&(! GE(*AB! %@! ?DFF@&%! @B! G@! %*! )D??&K&%&B$! G@! ?@!

FD(B&X&@(!(@A'D&@W!?@FK%@uBu&%W!N!%+&G$*%!FDA*?B&[E@\!E(4!G2+(0(,!)*(*&B!R!(@A'DR@(!d!

n2+(.!X@(*!)*(B&@!GE!'DJ*KE%*&(@!FDA*?B&[E@!GE!9DR@A!i`@\!5DE(!BDEB!J@J&!'D&(!6\!

V(DJJDW!H>!>+A(4!'(!)*+,)W!)\!H<p\!@B!v\!7@J%@(J[W!n2+(.!I-*0(,1>)0+-*+.K!+*!]0+)!

&-*).0+/)! "! #023(.! .24! >(! 9-/)A2>)+4(! 3(! >)! /-*0(,1>)0+-*+.! )2! &-=(*! N?(W!

2BEG&*!6A?@%F&*A*!<HW!U@(J@(W!1DF@W!HpoPW!))\!HH<uHLh\!

JJbb&'!:A!ADB@!%N!EA!BO_F@![E+DA!(@B(DE'@!JO@m!5D()OR(@![E&!G&?*&B![E+DA!GD&B!XE&(!BDEB!

JD()?!)DE(![E@!%+aF@!)E&??@!'&'(@!O@E(@E?@!QE?[E+*E!KDEB!*'@J!#&@EW!@B!JO@m!6E`\!

I+95! gW! Lp! "! E>)0-*(! G2+11(! )2/0-4(! )*+,)>! (..(! 3+/+0+.! ,2*32,! (0! )*+,)>!

A()0+..+,2,W! G2-3! 22>0+.! (..(! (0+),! .(,1+0(4*2,! G2-! ,-3-! (4?-! *(/! 2,G2),!

.->2(024!)!/-41-4(W!*(/!2,G2),!/)4(A+0!A()0+023+*(W!.+W!20!A()0)!.+0!)*+,)W!/-412.!

(.0!-,*(!<2?+(*32,!�!;!]!2E(!%+*EBD(&B$!G@!5%*BDAW!'DE?!G&B@?!@A!@XX@B![E@!%@!FDAG@!

@?B!EA!qB(@!*A&F$W!EA!'&'*AB!B(_?!O@E(@EbW!'DE?!*QDEB@m!FqF@W!$B@(A@%\!VDFF@AB!

GDAJ!*GF@BB(@![E@!J@BB@!aF@!A@!)E&??@!qB(@!Q*F*&?!G$B*JO$@!G@!?DA!JD()?W!A&!J@??@(!

Q*F*&?!G+qB(@!O@E(@E?@W!?&!)DE(!qB(@!O@E(@E?@!&%!%E&!X*EB!XE&(!BDEB!JD()?!�!^\!3(*G\!C\!

VDFK_?>\! 9*&?W! JDFF@! %@! ?DE%&`A@! C\! 9*%G@JW! ?*&AB! 6E`E?B&A! ?+$J*(B@! G@!

%+&AB@()($B*B&DA! G@! 5D()OR(@! )*(! EA! $J%*&(*`@! JO($B&@AW! FqF@! ?&! G*A?! $->+>5W! &%!

@F)%D&@!EA@!@b)(@??&DA!;1(*+02.!+.0)!.(*.+A+>+)!<2?+(*3)>![E+&%!J(&B&[E@(*!)%E?!B*(G!

!

HIH!!

G*A?! "(04)/0W! .W! I! "! (0! +*! (-! G2-3! +A+! 3+/02,! (.0! "! 1(*+02.! (..(! +.0)! .(*.+A+>+)!

<2?+(*3)W! /)2(*32,! <2+0W! *(! 120)4(,24! +>>),! 1-41F=4++! <)>.+! 1F+>-.-1F+! 0(*(4(!

.(*0(*0+),W!G2)!3+c+0!-,*(!/-412.!(..(! <2?+(*32,! ;!]!v+*&!G&B! @AJD(@!]![E+&%! X*EB!

*K?D%EF@AB!XE&(!J@?!JOD?@?!?@A?&K%@?!^!v+*E(*&?!Gr!)(@AG(@!`*(G@!G@!A@!)*?!%*&??@(!

J(D&(@![E@!Q@!?E&'*&?!%+D)&A&DA!GE!X*Eb!)O&%D?D)O@!5D()OR(@W![E&!*XX&(F@![E+DA!GD&B!

XE&(!BDEB!JD()?!^\!3(*G!C\!S*(GR>\!V+@?B!J@B!$J%*&(*`@![E@!(@)(@AG!V*??&DGD(@\!5DE(!

BDEB! J@J&! 'D&(! 9\! G&! 9*(JD! "! $/(>0)! (! 20+>+uu)0+-*(W! ))\! HHPuHIW! @B! C\! 9*G@J!

;]!6E`E?B&A!G&?J&)%@!@B!*G'@(?*&(@!G@!5D()OR(@!^W!"(92(!3M#023(.!62?2.0+*+(**(.!

(0!E)04+.0+G2(.W!HMW!IW!HpoIW!)\!Po=>\!!

JJbb'!4)O$?&@A?W! mW! m!e! +*! G2+A2.! )>+G2)*3-! ),A2>).0+.! .(/2*32,! .)(/2>2,! ,2*3+!

F2+2.W! .(/2*32,!14+*/+1(,!1-0(.0)0+.!)(4+.!F2+2.W!.1+4+02.W!G2+!*2*/!-1(4)024! +*!

<+>+-.! 3+<<+3(*0+)(! ;! ]!G*A?! %@?[E@%?! 'DE?!F*(JO&@m! *EB(@XD&?W! ?@%DA! %@! B(*&A! G@! J@!

FDAG@W!?@%DA!%@!)(&AJ@!G@!%*!)E&??*AJ@!G@!%+*&(W!G@!%+@?)(&B![E&!*`&B!F*&AB@A*AB!G*A?!

%@?!X&%?!G@!%*!($K@%%&DA!^!3(*G\!7\!2@`DAG>\!!

JJbb'&! 0bDG@W! l|W! mlamm!"! /2,G2(! (c0(*3+..(0! &-=.(.! ,)*2,! .21(4! ,)4(K! )A.02>+0!

+>>23! '-,+*2.! <>)*0(! 2(*0-! 2(F(,(*0+! (0! 24(*0(! 0-0)! *-/0(W! (0! 2(40+0! +*! .+//2,e!

3+2+.)G2(!(.0!)G2)!(0!+*?4(..+!.2*0!<+>++!H.4)(>!1(4!,(3+2,!.+//+!,)4+.!"!(4)0!(*+,!

)G2)!G2).+!,242.!)!3(c04)!(-42,!(0!>)(2)!;!]!9Dx?@!$B@AG&B!?*!F*&A!?E(!%*!F@(W!@B!

%+4B@(A@%!(@XDE%*!%*!F@(!)*(!EA!'@AB!G+D(&@ABW![E&!?DEXX%*!*'@J!&F)$BED?&B$!BDEB@!%*!

AE&B!d!&%!F&B!%*!F@(!N!?@JW!@B!%@?!@*Eb!?@!X@AG&(@AB\!7@?!@AX*AB?!G+.?(*�%!@AB(_(@AB!*E!

F&%&@E!G@!%*!F@(!N!?@JW!@B!%@?!@*Eb!XD(F*&@AB!JDFF@!EA@!FE(*&%%@!N!%@E(!G(D&B@!@B!N!

%@E(!`*EJO@!^\!/E%`*B@W!3(*G\!7\!2@`DAG>\!

JJbb'&&!.!1D&?W!oW!l!"!;(0!3+c+0!Q>+).>!"!.+!(4+0!)**+.!F+.!4-.!(0!1>22+)W!*+.+!+2c0)!-4+.!,()!

2(4A)!!!;!]!!&%!A+R!*E(*!J@?!*AA$@?uJ&!A&!(D?$@!A&!)%E&@W!?&ADA!N!F*!)*(D%@!^!>\!0B!.!

1D&?W!l×W!|~"!(//(!/)(>+!/-*0(*(A4)0+!.2*0K!(0!*2A(.K!(0!2(*02.K!(0!<)/0)!(.0!1>22+)!

?4)*3+.!;!]!@A!)@E!G+&A?B*AB?W!%@!J&@%!?+DK?JE(J&B!)*(!%@?!AE*`@?W!%@!'@AB!?+$B*K%&BW!@B!

&%!R!@EB!EA@!XD(B@!)%E&@!^\!/E%`*B@W!3(*G\!7\!2@`DAG>\!

JJbb'&&&! ..!1D&?W!{W!lo!"!/2,G2(!-4)..(0!Q>+.(2.W!)+0! "!'-,+*(W!)1(4+!-/2>-.!F2+2.W!20!

2+3()05!Q0!)1(42+0!'-,+*2.!-/2>-.!12(4+W!(0!2+3+0!"!(0!(//(!,-*.!1>(*2.!(G2-42,W!

(0!/24422,!+?*(-42,W! +*!/+4/2+02!Q>+.(+!;!]!4%&?$@!)(&*W!@B!G&B!"!4B@(A@%W!DE'(@!?@?!

!

HIL!!

R@EbW!)DE(![E+&%!'D&@\!0B!%+4B@(A@%!DE'(&B!%@?!R@Eb!GE!?@('&B@E(W![E&!'&B!%*!FDAB*`A@!

)%@&A@!G@!JO@'*Eb!@B!G@!JO*(?!G@!X@E!*EBDE(!G+4%&?$@!^\!3(*G\!7\!2@`DAG>\!!

JJbb&b! ..! "-+.W! {W! l×!"! 1(4/20(W! -A.(/4-W! ?(*0(,! F)*/! /)(/+0)0(5! 1(4/2..+0G2(! (-.!

'-,+*2.W!*(!9+3(4(*0! +2c0)!2(4A2,!Q>+.(+!;!]!G*&`A@!X(*))@(!G+*'@E`%@F@AB!J@BB@!

A*B&DA!�!0B!%+4B@(A@%!%@?!X(*))*!G+*'@E`%@F@ABW!?@%DA!%*!)*(D%@!G+4%&?$@!^\!3(*G\!7\!

2@`DAG>\!

JJbbb!..!1D&?W!|K!}~!"!;0%&?@E?>!(0!+*/249)9+0!.(!.21(4!(2,W!(0!/)>(<)/0)!(.0!/)4-!12(4+!!

;]!@B!&%!?+$B@AG&B!?E(!%E&\!0B!%*!JO*&(!G@!%+@AX*AB!?@!($JO*EXX*!^\!3(*G\!7\!2@`DAG>\!!

JJbbb&!2*&AB!v$(~F@W!`+0)!.)*/0+!E)2>+W!5*B(D%D`&@!G@!9&`A@W!BDF@!gg...W!H=I<W!JD%\!Lh!

"! (//(! 32-! >(-*(.! z555{(0! +>>+! G2+3(,! 3+4(/0-! /24.2W! )3! /)3)2(4! A()0+! .(*+.!

.2A.0+0(42*0! z555{! 3(+*3(! F)23! 14-/2>! /-(1(42*0! F2,2,! 1(3+A2.! ./)>1(4(! d!

)4(*),G2(!/(40)0+,! (?(4(*0(.! 2*+2.! F-,+*+.! /)1)/(,! >-/2,! <-3(42*0! ;!]!BDEB! N!

JDE)! G@Eb! %&DA?! z\\\{! @B! J@EbuJ&! @A! EA@! JDE(?@! G(D&B@! ?+*(($B_(@AB! *E! J*G*'(@! GE!

K&@AO@E(@Eb!'&@&%%*(G!z\\\{!@A?E&B@!&%?!JDFF@AJ_(@AB!ADA!%D&A!G@!%N!N!XDE&%%@(!%@!?D%!

*'@J!%@E(?!)*BB@?d!X*&?*AB!?D(B&(! %@!?*K%@!N!%+@A'&W!&%?!J(@E?_(@AB!EA!@AG(D&B!J*)*K%@!

G@!JDAB@A&(!EA!ODFF@!^\!3(*GEJB&DA!)@(?DAA@%%@>\!

JJbbb&&! 5*B(D%D`&@! G@! 9&`A@W! `+0)(! 1)042,W! BDF@! .W! `+0)! .)*/0+! E)/F-,++! )AA)0+.!

L)A(**(*.+.W! JD%\! LIH! "! *(/*-*! /4-/-3+>+W! .+G2)*3-! *(/(..+0).! <>22+2,! 04)*.+4(!

/-,1(>>(4(0W! (2,! /2,! .2,,)! .2Af(/0+-*(! 1-40)A)*0! ;!]!@B! J@! ?DAB! K&@A! G@?!

J(DJDG&%@?W! [E*AG! &%! G@'@A*&B! A$J@??*&(@! G@! B(*'@(?@(! %@! X%@E'@W! [E&! %@! )D(B*&@AB!

JDFF@!?E(!EA@!B(_?!`(*AG@!)%*B@uXD(F@!^\!3(*GEJB&DA!)@(?DAA@%%@>\!

JJbbb&&&!-DE'@%!$JOD!G@!%MQc-3(!�!\!/D&(!ADB@!LLo5!!

JJbbb&'!0bDG@W! loW! {!"! 1(4/20+(.G2(! 1(04),W! (0! (c+A+0! (c! ()! )G2)W! 20! A+A)0! 1-12>2.5!

J(/+0!&-=.(.!+0)!/-4),!.(*+-4+A2.!H.4)(>!;!]!BE!X(*))@(*?!%@!(DJO@(W!@B!&%!@A!?D(B&(*!

G@! %+@*EW! @B! %@! )@E)%@! KD&(*\! 0B!9Dx?@! X&B! *&A?&W! *Eb! R@Eb! G@?! *AJ&@A?! G+.?(*�%!^\!

3(*G\!7\!2@`DAG>\!

JJbbb'!#*A&@%W!PW!v|!"!/-*0(,1>)A)*024!2+4-.!+>>-.W!G2-*+),!*+F+>!1-0(.0)0+.!F)A2+..(0!

+?*+.!+*!/-41-4+A2.!(-42,W!(0!/)1+>>2.!/)1+0+.!(-42,!*-*!(..(0!)32.02.W!(0!.)4)A)>)!

(-42,!*-*!<2+..(*0!+,,20)0)W!(0!-3-4!+?*+.!*-*!04)*.+..(0!1(4!(-.!;!]!&%?!'&(@AB![E@!

!

HIP!!

%@!X@E!A+*'*&B!@E!*EJEA!)DE'D&(!?E(! %@!JD()?!G@!J@?!ODFF@?W![E@! %@?!JO@'@Eb!G@!

%@E(!BqB@!A+*'*&@AB!)*?!$B$!K(r%$?W![E@!%@E(?!J*%@fDA?!A+$B*&@AB!)D&AB!@AGDFF*`$?W!

@B![E@!%+DG@E(!GE!X@E!A@!%@?!*'*&B!)*?!*BB@&AB?!^\!3(*G\!7\!2@`DAG>\!

JJbbb'&!6JB@?W!}W!m!"!(0!G2+3),!2+4W!G2+!(4)0!/>)232.!;!]!&%!R!*'*&B!EA!ODFF@!KD&B@Eb!^!

>W!}Wh!"!(0!)114(F(*.)!,)*2!(+2.!3(c0(4)W!)>>(2)2+0!(2,W!(0!14-0+*2.!/-*.->+3)0)(!

.2*0!A).(.!(+2.!(0!1>)*0)(! ;!]!@B! %@!)(@A*AB!)*(! %*!F*&A!G(D&B@W! &%! %@! X&B! %@'@(\!6E!

FqF@! &A?B*ABW! ?@?! )&@G?! @B! ?@?! JO@'&%%@?! G@'&A(@AB! X@(F@?!^! >W}W!mW\×!"!(0! (c+>+(*.!

.0(0+0W! (0! ),A2>)A)05! Q0! +*04)9+0! /2,! +>>+.! +*! 0(,1>2,! ),A2>)*.W! (0! (c+>+(*.W! (0!

>)23)*.!'(2,!;!]!G+EA!?*EB!&%!XEB!G@KDEBW!@B!&%!?@!F&B!N!F*(JO@(\!.%!@AB(*!*'@J!@Eb!

G*A?!%@!B@F)%@W!F*(JO*ABW!?*EB*ABW!@B!%DE*AB!#&@E!^\!3(*G\!7\!2@`DAG>\!

JJbbb'&&!vD?E$W!lÍW!l}!e!$0(0(42*0G2(!.->!(0!>2*)W!3-*(/!2>/+./(4(024!.(!?(*.!3(!+*+,+/+.!

.2+.! !! ! !;!]!@B! %@! ?D%@&%! ?+*((qB*W! @B! %*! %EA@! ?E?)@AG&B! ?*! JDE(?@W! QE?[E+N! J@! [E@! %*!

A*B&DA!@rB!B&($!'@A`@*AJ@!G@!?@?!@AA@F&?!^!>z\\\{!(0!*-*!<(.0+*)9+0!-//2,A(4(!.1)0+-!

2*+2.! 3+(+! ;! ]!zn{! %@! ?D%@&%! ?+*((qB*! *E!F&%&@E! GE! J&@%W! @B! A@! ?@! OaB*! )D&AB! G@! ?@!

JDEJO@(!^!\!3(*G\!7\!2@`DAG>\!

JJbbb'&&&!6JB@?W!~W!l~!"! +0)! 20! +*! 1>)0().! (++/(4(*0! +*<+4,-.W! (0! 1-*(4(*0! +*! >(/02>+.! (0!

?4)A)0+.W!20W!2(*+(*0(!E(04-W!.)>0(,!2,A4)!+>>+2.!-A2,A4)4(0!G2(,G2),!+>>-42,!;!

]!@A!?D(B@![E+DA!*))D(B*&B!%@?!F*%*G@?!G*A?!%@?!(E@?!@B![E+DA!%@?!)%*f*&B!?E(!G@?!%&B?!

@B!G@?!JDEJO@BB@?W!*X&A![E@W! %D(?[E@!5&@((@!)*??@(*&BW!?DA!DFK(@!*E!FD&A?!JDE'(eB!

[E@%[E+EA!G+@AB(@!@Eb!^\!3(*G\!7\!2@`DAG>\!

JJbbb&b!V*??&DGD(@!)DE(?E&B! G*A?! J@! JO*)&B(@! ?DA! *A*%R?@!)OR?&D`ADFDA&[E@! d!F*&?!

JDFF@!%@!X*&B!(@F*([E@(!v*F@?!:+#DAA@%%W!]!V*??&DGD(E?!&?!ADB!?E``@?B&A`!k&BO!

BO@?@!JO*)B@(?!BO*B!F@A!J*A!D(!?ODE%G!!QEG`@!DA@!*ADBO@(!KR!BO@?@!J(&B@(&*W!KEB!O@!

?ODk?!ODk!@*?&%R!DA@+?!DkA!X*&%&A`?!*AG!DBO@(!)@D)%@+?!'&(BE@?!J*A!K@!(@JD`A&m@G!

KR!*BB@AB&DA!BD!G@B*&%!^!!

JJb%!'+9+0+.!H*3+)(!1+?,(*0)!@?B!EA!OR)*%%*`@\!!

JJb%&!I4)12>)0+-*(W!O*)*b!G@!V*??&DGD(@\!

JJb%&&! 7@?! JO($B&@A?! JDAG*FA*&@AB! %*! %EbE(@! @B! %*! G$K*EJO@! @A! %@E(! D))D?*AB! %*!

JO*?B@B$W!JDFF@!5(EG@AJ@!G*A?!?*!E.=/F-,)/F+)!;'@(?E?!IMW!*%%$`D(&@!G@?!'@(BE?!

!

HII!!

@B!G@?!'&J@?>W![E&!D))D?*&B!ADB*FF@AB!E23+/+0+)!@B!$-3-,+0)aB+A+3-\!7@?!FDG_%@?!

G@! '@(BE! ?@(DAB! %*!/&@(`@!9*(&@! DE! G@?!F*(BR(?! JDFF@!S%*AG&A@\!V+@?B! [E@! %*!

(@%&`&DA! JO($B&@AA@!'*!GDAA@(! EA! $J%*&(*`@!ADE'@*E! *E! ?B*BEB! G@! %*! X@FF@!@B! N!

%+$(DB&?F@! *AB&[E@\!:GDA!/*%%@BW!J(,,(.! (0! 4(>+?+-*.5!';(..(.! -2! .(49)*0(.! 3(!

'+(2!�!WC*%%&F*(GW!HppIW!)\!IL!"!]!7+$(DB&?F@!*AB&[E@!?*E(*!?@!(@JDA'@(B&(!G*A?!%*!

JO*?B@B$!JO($B&@AA@!^\!/D&(!*E??&W!#&*JDAE!6A*uZ@%&J&*W\! >)! <(,,(!/F4;0+(**(!(0!

.-*! .0)020! 3)*.! >M)*0+G2+0;! "! ]!7@?! '&@(`@?! DE! '@E'@?! ?@(DAB! FDAB($@?! @A!

@b@F)%@!^\z@A!%&`A@{!"!

OBB)"||kkk\JF&\&AB@(JE%BE(@%\D(`|X&%@?|G&*JDAE;%@K*G*>\*A*X@%&*J&*\X@FF@\JO(@B&@AA@\

)GX\!

JJb%&&&! VX\! 6\! V(DJJDW! H>! >+A(4! '(! )*+,)W! )\! HoM! "! ]![E@?BD! [E*G(D! J*??&DGD(&*AD!

G@%%+&G@*%@!EF*AD!_!&AGEKK&*F@AB@!G@`AD!G&!ADB*W!)@(JO$!?E!G&!@??D!?&!FDG@%%@(N!

&A!`(*A!)*(B@!%+*?J@B&?FD!J(&?B&*AD!G@%!9@G&D@'D!;J@!J*G(@!J*??&DGD(&@A!G@!%+&G$*%!

OEF*&A! @?B! ?*A?! %+DFK(@! G+EA! GDEB@! G&`A@! G+qB(@! ADB$W! J*(! J+@?B! ?E(! %E&! [E@! ?@!

FDG_%@(*!@A!`(*AG@!)*(B&@!%+*?J$B&?F@!JO($B&@A!GE!9DR@A!i`@>!^\!!

JJb%&'!V*??&DGD(@!*KD(G@!F*&AB@A*AB! %*! B(D&?&_F@!)*(B&@!G@!?DA! B(*&B$! "! %*!G@?B&A$@!G@!

%+aF@! "!G2+3!3(!.+*?2>+.! <+(4+!.(*0+)024!,)c+,(!3(.+3(4),2.!)?*-./(4(W!G2)0(*2.!

<4)?+>+)!/-43)!,-40)>+2,!)3!3+2+*+02.!14-,+..)!3(.+3(4+)!/-*/+0(*024\!

JJb%'!7+aF@!A+@?B!)*?!QE`$@!*)(_?!%*!FD(B!F*&?!*E!FDF@AB!GE!QE`@F@AB!G@(A&@(\!7*JB\!

H*.05!/..W! LHW! PW! @B! .(@A\!632(4.2.! F)(4(.(.W!/W! PHW! L\! V*??&DGD(@! G$J(&B! &J&! %*!

)$(&DG@!G+*BB@AB@!)DE(! %@?! aF@?!*'*AB! %@! QE`@F@AB!G@(A&@(W!F*&?! ?DA! B@bB@!A@! ?@!

X*&B! %+$JOD! G+*EJEA@! G@?! G&?JE??&DA?! [E&! *'*&@AB! DJJE)$! %@?! 5_(@?! G@! %+4`%&?@! @B!

GDAB!DA!)@EB!'D&(!@AJD(@!%@?!&AB@((D`*B&DA?!G*A?!EA!B@bB@!G@!%*!X&A!GE!/�!?&_J%@W!%@!

'(! *)024)! 6*+,)(! G@! vE%&@A! 5DF_(@! "! F&%%$A*(&?F@W! )E(`*BD&(@W! G$KEB! G@?!

($JDF)@A?@?! @B! G@?! JOaB&F@AB?W! '&?&DA! G@!#&@E\! 2*&AB!6E`E?B&A! )@A?*&B! [E+N! J@!

FDF@ABu%NW! %@?!aF@?!(@J@'(*&@AB!EA@!)*(B&@!G@?!($JDF)@A?@?!DE!G@?!JOaB&F@AB?W!

J@EbuJ&!A@!G@'@A*AB!JDF)%@B?![E+*)(_?!%*!($?E((@JB&DA!;v\!3&b@(DABW!O+.0-+4(.!3(.!

3-?,(.K!3DF@!..W!)\!ILp>W!@B!)20!3(!14)(0(4+0-42,!)/022,!14)9+0)0(!,(4(,24!)20!

3(!-1(4)0+-*+.!*-.04)(!14-A+0)0(!>)(0),24!R!X*&B!?*A?!GDEB@!*%%E?&DA\!/D&(!*E??&!6\!

V(DJJDW! H>! >+A(4!'(!)*+,)W!)\!HoMW!9&JO@%@!G&!9*(JDW!$/(>0(!(!20+>+uu)0+-*(K!))\!

HH<uHHhW! .\3D%DF&DW!BM)*+,)! 3(>>M2-,-K!)\! H=PW! ADB@! hIW! @B!6\! 2D%&`A*JW!]!7@?!

!

HI<!!

X(*`F@AB?! GE!'(! @)024)(! 6*+,)(! G@! vE%&@A! 5DF_(@!^W! ^2>>(0+*! 3(! B+00;4)024(!

Q//>;.+).0+G2(W!HphIW!35!h<W!))\!IHuoM\!!

JJb%'&!7@!)*(*%%_%@!@AB(@!%*!FD(B!@B!%@!?DFF@&%!@?B!EA!BO_F@!*AJ&@A\!/D&(!S\!S*jODEJO@!

@B!2\!7EJ&*A&W!B)/0)*/(W!'(!]1+<+/+-!'(+W!VO*)\!H=W!P!@B!ADB@!L<=W!)\!LLL\!

JJb%'&&! .%?! (@B(DE'@AB! %@E(! A*BE(@! ?@bE$@!d! J@! A@! ?@(DAB! )%E?! G@!)E(?! @?)(&B?\!VX\!6E`\!

I+95! gg..W! Hh! "! .(3! ,+F+! ,(>+2.! .)1(4(! 2+3(*024W! G2+! 2042,G2(! .(c2,!

4(.244(/0242,! (..(! *-*! 32A+0)*0! ;! ]!9*&?! J@Eb! [E&! A@! GDEB@AB! )*?! G@! %*!

($?E((@JB&DA!G@?!G@Eb!?@b@?!F@!?@FK%@AB!)%E?!?@A?$?!^\!3(*G\!C\!VDFK_?>\!

JJb%'&&&!9*BBO&@EW!m~W! |lW! "!L2*/! 3+/(0! (0! F+.W! G2+! )! .+*+.04+.! (42*0! "!'+./(3+0(! )!,(W!

,)>(3+/0+W! +*! +?*(,! )(0(4*2,W! G2+! 14)(1)4)02.! (.0! '+)A->-! (0! )*?(>+.! (+2.! ;!

]!@A?E&B@! &%! G&(*! N! J@Eb![E&! ?@(DAB! N! ?*! `*EJO@! "!1@B&(@mu'DE?! G@!FD&W!F*EG&B?! d!

*%%@m!G*A?!%@!X@E!$B@(A@%![E&!*!$B$!)($)*($!)DE(!%@!G&*K%@!@B!)DE(!?@?!*A`@?!^!>\!0BW!

9*BBO&@EW!|{!"!Q0!+A2*0!F+!+*!.211>+/+2,!)(0(4*2,W!+2.0+!)20(,!+*!9+0),!)(0(4*),!;!

]!@B! J@EbuJ&! &(DAB! *E! JOaB&F@AB! $B@(A@%W! F*&?! %@?! QE?B@?! N! %*! '&@! $B@(A@%%@!^! >W! @B!

61-/)>=1.(W!ØØW!lÍ! "!/42/+)A2*024!3+(!)/!*-/0(! +*! .)(/2>)! .)(/2>-42,! ;!]!@B! &%?!

?@(DAB! BDE(F@AB$?!QDE(!@B!AE&BW!*Eb!?&_J%@?!G@?!?&_J%@?!^\>\!3(*G\!7\!2@`DAG\!2*&AB!

6E`E?B&A!JDFK*BB*&B!%+D)&A&DA!G+:(&`_A@![E&!A&*&B!%+$B@(A&B$!G@!%+@AX@(!"!I+95!gg.W!L!

"! G2+3! +?+024! -.0(*3),W! 2*3(! /-*2+*/)*024! +*/4(32>+W! 1-..(! F2,)*)! /-41-4)!

)*+,)0)! )0G2(! 2+2(*0+)! *-*! .->2,! *2,G2),!,-40(! 3+..->2+W! .(3! +*! )(0(4*-42,!

G2-G2(! +?*+2,! 324)4(! 0-4,(*0+.! �! ;! ]!}E@%%@! )(@E'@! *))D(B@(*&uQ@! GDAJW! )DE(!

JDA'*&AJ(@! %@?! &AJ($GE%@?! [E@! %@?! JD()?! OEF*&A?! *A&F$?! @B! '&'*AB?! )@E'@AB! ADA!

?@E%@F@AB! $JO*))@(! N! %*! G@?B(EJB&DA! G@! %*! FD(BW! F*&?! @AJD(@! ?EK?&?B@(! G*A?! %@?!

BDE(F@AB?!GE!X@E!$B@(A@%!�!^\3(*G\!C\!VDFK_?>\!

JJb%&b! V@BB@! ?E&B@! G@! JOaB&F@AB?! G*A?! %+@*EuG@%N! (@A'D&@! N! %*! S&K%@! @B! *Eb! $J(&B?!

)*B(&?B&[E@?\!/D&(!6\!V(DJJDW!H>!>+A(4!3+!)*+,)W!)\!HoH\!

JJ%!v@*A\!3&b@(DABW!O+.0-+4(!3(.!'-?,(.W!3\!..W!)\!IPL!"!]!V@?!)@&A@?!?@(DAB!G&XX$(@AB@?!

A*BE(@%%@F@AB!?E&'*AB!%*!JE%)*K&%&B$!G@!JO*[E@!($)(DE'$!zn{!F*&?!)DE(!BDE?!@%%@?!

?@(DAB! $B@(A@%%@?!^\! VX\! 6E`\! Q*/F5! Lp! "! +.0+.! +*! )(0(4*)! 2+0)! 2(4(! <(>+/+0(4! G2(!

2+2(*0+A2.W! +>>+.! +*<(>+/+0(4! +*! )(0(4*)! ,-40(! .+*(! ,-4+(*3+! 1-0(.0)0(! 324)*0+A2.W!

G2-*+),! 204+G2(! .+*(! <+*(5! .(3! +*! A()0+023+*(! +.0+! )>+2.! )>+-! 14)(.0)A+>+2.W! +*!

!

HIo!!

,+.(4+)!2(4-!+>>+!)>+2.!)>+-!0->(4)A+>+2.!1(4,)*(A2*0!;!]!J*(!J@Ebu%N!'&'(DAB!G+EA@!

'&@! $B@(A@%%@W! '$(&B*K%@! @B! K&@AO@E(@E?@W! B*AG&?! [E@! J@EbuJ&W! )DE(! %@E(! F*%O@E(W!

?@(DAB!X&b$?!G*A?!%*!FD(B!$B@(A@%%@!d!BDE?!$`*%@F@AB!?*A?!X&A\!9*&?W!G*A?!%@!KDAO@E(!

G@! J@EbuJ&W! )%E?! DE!FD&A?! @A'&*K%@! ?@(*! %+ODAA@E(W! JDFF@W! G*A?! %@!F*%O@E(! G@!

J@Ebu%NW! )%E?! DE! FD&A?! BD%$(*K%@! %@! ?D(B! *E[E@%! JO*JEA! ?@(*! 'DE$!^\! 3(*G\! v\!

1&'&_(@>\!

JJ%&! 7+&FFEB*K&%&B$!d! &%! ?+*`&B! G+EA@! ADB&DA! $F&A@FF@AB! )%*BDA&J&@AA@!"! ?@E%! @b&?B@!

'(*&F@AB!!J@![E&!A@!JO*A`@!)*?\!

JJ%&&!V*??&DGD(@!)*(*eB!&J&!X*&(@!$JOD!*E!)(DK%_F@!G@!%*!]!F&B&`*B&DA!^W!@A!?@!($XE`&*AB!

)(EG@FF@AB! G@((&_(@! ADB(@! &AJDF)($O@A?&DA! G@?! (*&?DA?! G&'&A@?\! 7*! F&B&`*B&DA!

;GE!'@(K@!!,+?+0)4(W!*GDEJ&(W!*BB$AE@(>!JDAJ@(A@!%+*BB$AE*B&DA!GE!JOaB&F@AB\!2*&AB!

6E`E?B&AW! ?*A?! R! qB(@! X*'D(*K%@W! A+*! Q*F*&?! $J*(B$! J@BB@! )D??&K&%&B$\! /D&(! E.)>,5!

HM<! "! )>+/2+2.! 2(4-! ,+0+?)4+! (),! /2+! (.0! 04)3+02.! 1-(*),W! 2(>! G2+A2.3),!

+*0(42)>>+.! F)A(4(! )>+G2),! 1)2.),W! G2+.! )23)/0(4! 3+c(4+0W! G2)*3-G2+3(,! 2*),!

.0+>>),!3+2(.! +>>(! *-*!,(42+0!�! ;! ]!9*&?! [E&! D?@(*&B! *'*AJ@(! J@BB@! D)&A&DA! �!V*(!

ADE?! *'DA?! K&@A! %E! [E@! %*! JDAG*FA*B&DA! G@! J@(B*&A?! )$JO@E(?! ?@(*! FD&A?!

(&`DE(@E?@![E@!%*!JDAG*FA*B&DA!G+*EB(@?!JDE)*K%@?!d!F*&?![E&!D?@(*&B!?DEB@A&(![E@!

%*!)@&A@!N!%*[E@%%@!EA!)$JO@E(!*E(*!$B$!EA@!XD&?!%&'($!?@(*!Q*F*&?!*GDEJ&@W!DE!?@(*!

JDFF@!?E?)@AGE@!N!J@(B*&A?! &AB@('*%%@?W!)E&?[E@! %@!F*E'*&?! (&JO@!A+*!)*?!FqF@!

DKB@AE!EA@!?@E%@!`DEBB@!G+@*E!^\!3(*G\!U\!S*((@*E!@B!JD%%\>\!9*&?!G*A?!Q*/F5!Lp!"!

.(3!1-(*).!3),*)0-42,!/(40+.!0(,1-42,!+*0(42)>>+.!(c+.0+,(*0W!.+!F-/!(+.!1>)/(0W!

)>+G2)0(*2.! ,+0+?)4+5! ;! ]!9*&?! [E+N! G@?! &AB@('*%%@?! G$B@(F&A$?! %@?! )@&A@?! G@?!

G*FA$?! (@fD&'@AB! EA@! J@(B*&A@!F&B&`*B&DAW! %&K(@! G@! %@! )@A?@(! N! [E&! J@BB@! D)&A&DA!

?DE(&B!^\!3(*G\!v\!1&'&_(@>\!0B!G*A?!I+95!gg.W!LI!"!*-*!20!().!1-(*).!2(>!*2,G2),!

.2A()*0! 2(>! )>+G2)*3-! <+*+)*0W! .(3! 20! ().! ,+0+-4(.! G2),! ,(4+0)! .2*0! (-42,!

>(2+-4(.!G2(!1)0+)*024!z555{!G2-3!G2+3(,!*-*!+3(-!/-*<+4,-W!G2-*+),!*-*!4(.+.0-!;!

]!ADA!)*?![E@!J@?!)@&A@?W!&%?!A@!%@?!?EK&??@AB!Q*F*&?!DE![E+@%%@?!X&A&??@AB!EA!QDE(W!

F*&?! [E+&%?! @A! ?DEXX(@AB! G@! )%E?! %$`_(@?! @B! G@! )%E?! GDEJ@?! [E@! J@%%@?! [E+&%?! DAB!

F$(&B$@?! z\\\{! v@! A+@A! *'*AJ@! )*?! G@! ADE'@%%@?! )(@E'@?! W! J*(! Q@! F+*((qB@! )*?!

G*'*AB*`@!^\!3(*G\!C\!VDFK_?>\!V&B$!)*(!v\!3&b@(DABW!O+.0-+4(!3(.!'-?,(.K!B\!..W!)\!

IPP\!/D&(! *E??&!9&JO@%!-&[E@EbW! ]!7*!F&B&`*B&DA! G@?! )@&A@?! G@! %+@AX@(! G*A?! %@?!

%$`@AG@?!G@!vEG*?!^W!"(92(!3(.!;023(.!.>)9(.W!-�!hhuIW!LMMoW!))\!<IHu<<P\!

!

HIh!!

JJ%&&&!7*JB\!H*.05!/..W!LHW!<!"!+0)!.+*(!2>>-!4(2+4(./(*0+2,!/-41-42,!3(04+,(*0-!)324(0!

0)*02,W!)/!.(*.2!3->-4+.!)<<+/+(0!;]!*&A?&!&%!K(r%@(*!?E)@(X&J&@%%@F@AB!?@E%@F@AB!@B!

X(*))@(*!G@!GDE%@E(!?*A?![E@!%@?!JD()?!)@(G@AB!%*!'&@!^\!3(*GEJB&DA!)@(?DAA@%%@>\!

JJ%&'!9qF@! ?&! V*??&DGD(@! )DE'*&B! B(DE'@(! J@?! &F*`@?! *&%%@E(?W! J@?! G@Eb! )O(*?@?!

?@FK%@AB!(@A'DR@(!N!2*&AB!6E`E?B&AW!I+95!gg.W!I! "!G2)14-10(4!.+W!20!./4+1.(42*0!

G2+! *)024).! )*+,)>+2,! /24+-.+2.! +*3)?)4)*0W! .)>),)*34)! +*! +?*+A2.! 2+2+0! (0!

G2+3),! *-0+..+,+! .+/+>+)(! ,-*0(.W! G2+! 0)*0)! 0(,1-4+.! 3+2024*+0)0(! )/! 2(02.0)0(!

2.G2(!*2*/!)/3(+*/(1.! <>),,+.!)(.02)*0!)0G2(! +*0(?4+! 1(4.(2(4)*0W! .)0+.! +3-*(+!

0(.0(.!.2*0!*-*!-,*(W!G2-3!)43(0K!)A.2,+!(0!)*+,)!+*3+/)0!*-*!-,*(W!G2-3!3->(4(!

1-0(.0W!1-..(!(0+),!,-4+!;!]!2&!GDAJW!JDFF@!%+DAB!$J(&B!J@Eb![E&!DAB!$BEG&$!*'@J!

)%E?!G@!?D&A?!%*!A*BE(@!G@?!*A&F*EbW!%*!?*%*F*AG(@!'&B!G*A?!%@!X@EW!@B![E+@A!2&J&%@!

J@(B*&A@?!FDAB*`A@?!K&@A!JDAAE@?!KDE&%%DAA@AB!G@!X@E!G@)E&?!G@?!B@F)?!?&!%DA`?W!

?&! (@JE%$?W! QE?[E+N!F*&AB@A*AB!@B!*EuG@%NW! BDEB!@A!JDA?@('*AB! %@E(! &AB$`(&B$!"!'D&%N!

G@?! B$FD&`A*`@?! ?$(&@Eb![E@! BDEB! J@! [E&! K(r%@! A@! ?@! JDA?EF@!)*?! d! %+aF@! *E??&!

?E``_(@![E@!BDEB!J@![E&!@?B!J*)*K%@!G@!?DEXX(&(!A@!%+@?B!)*?!G@!FDE(&(!^\!3(*G\!C\!

VDFK_?>\!!

JJ%'!6E`\!I+95!gg.W!L!"!G2+A2.!.+!4(.1-*3(A+,2.!(..(!)*+,)>+)!14-<(/0-!/-44210+A+>+)W!

G2+)! ,-40)>+)W! G2)(! 0),(*! +*! ,(3++.! +?*+A2.! 2+2)*0! d! *-**2>>2,! (0+),! ?(*2.!

2(4,+2,! +*! )G2)42,! /)>+3)42,! ./)0244+?+*(! 4(1(4+4+W! G2)42,! <(42-4(,! *(,-!

+*12*(!/-*04(/0)0!d!+>>-.!)20(,!*-*!.->2,!.+*(!2>>)!.2+!>)(.+-*(!+A+!(..(W!.(3!(c04)!

(..(!*-*!1-..(!;!]!7@E(!($)DAG(DA?uADE?![E+&%!R!*!G@?!*A&F*Eb!JD((E)B&K%@?W!J@(B@?W!

)E&?[E@!FD(B@%?W! [E&! '&'@AB! J@)@AG*AB! *E! ?@&A! G@?! X%*FF@?! �! [E+@A! G@?! ?DE(J@?!

G+@*E! JO*EG@![E@!)@(?DAA@!A@!)DE((*&B! BDEJO@(! &F)EA$F@ABW! DA! B(DE'@!*E??&! EA@!

@?)_J@! G@! '@(?! [E&W! ADA! ?@E%@F@AB! R! '&'@AB! ?*A?! %@!FD&AG(@! GDFF*`@W!F*&?! A@!

)DE((*&@AB!?EK?&?B@(!*EuG@OD(?!�\!^\3(*G\!C\!VDFK_?>\!

JJ%'&! .%! X*EB! (*))(DJO@(! A()023+*(,! G@! A-*-42,! )20(,! 3-*)!d!VDFF@! %@! ?DE%&`A@!

4\C&%?DAW!;H*04-32/0+-*W! )\! L\>W! "]!?&! [E@%[E@! JOD?@! F$(&B@! G+qB(@! *)@%%$! �GDA! G@!

#&@E�W!J+@?B!*??E(@FF@AB!%*!'&@!K&@AO@E(@E?@!^\!VO(&?B&*A!-*G@*E!;B(!9-/)A2>)+4(!

3(! .)+*0! 62?2.0+*W! LMMpW! )\! Hp>W! )($J&?@! J@BB@! (@F*([E@! ]!9*&?! JDFF@! &%! @?B!

$'&G@AB! [E@! %+ODFF@! A@! )@EB! )*?! ?+*))(D)(&@(! #&@EW! J+@?BuNuG&(@! [E+DA! A@! )@EB!

*BB(&KE@(!N! %*!'D%DAB$!OEF*&A@! %*!J*)*J&B$!G@!'&'(@!@A!#&@EW! ?*A?![E@!J@%E&uJ&!A@!

!

HI=!!

%+*&B! )@(F&?W! &%! X*EB! *%D(?! )@A?@(! [E@! %*! '&@! O@E(@E?@! @?B! DXX@(B@! )*(! #&@E! *Eb!

ODFF@?!@B![E@!J@EbuJ&!DAB!%*!)D??&K&%&B$!G@!'&'(@!N!J@BB@!JDAG&B&DA!^\!

JJ%'&&!VDFF@!%@!G&B!4\!C&%?DA!"!]!7*!)D??@??&DA!G@!%*!K$*B&BEG@!JDFK%@!BDEB!G$?&(!@B!JDAX_(@!

)*(!JDA?$[E@AB!%*!)*&b!^!;!4\!C&%?DAW!H*04-32/0+-*W!)\!H>\!!

JJ%'&&&! n2+(.! -1(4-.)W! -1(4)! G2+(0)K! X&`E(@?! DbRFD(&[E@?! GDAB! DA! *! 'E! EA! *EB(@!

@b@F)%@!*E!JO*)&B(@!g..W!'D&(!ADB@!LHp>\!

JJ%&b! #@! ADE'@*E! %*! F$B*)OD(@! G@! %+&%%EF&A*B&DA! G&'&A@\! 7*! %EF&_(@! )@(F@B! G@!

JDAA*eB(@W!@B!%+aF@!@?B!%EF&_(@W!F*&?!J@BB@!%EF&_(@!J+@?B!#&@E![E&!%*!%E&!GDAA@!J*(!

?@E%!#&@E! @?B! )(D)(@F@AB! %EF&_(@\!6E`\!$->+>5! .W! HL! "!*),!,(*0+.!G2).+! .2+! .2*0!

-/2>+!.(*.2.!)*+,)(!d!3+./+1>+*)42,!)20(,!G2)(G2(!/(40+..+,)!0)>+)!.2*0W!G2)>+)!

+>>)!G2)(!.->(!+>>2.04)*024W!20!2+3(4+!1-..+*0W!2(>20+!0(44)!(.0!)0G2(!0(44(*)!-,*+)!"!

3(2.!)20(,!(.0!+1.(!G2+!+>>2.04)0!;!]!7+&AB@%%&`@AJ@!*!@%%@!*E??&!?@?!R@Eb!"!J@!?DAB!%@?!

?@A?!G@!%+aF@\!7@?!'$(&B$?!%@?!)%E?!?D%&G@?!G@!%*!?J&@AJ@!(@??@FK%@AB!*Eb!DKQ@B?![E@!

%@! 2D%@&%! $J%*&(@! @B! (@AG! '&?&K%@?W! u! %*! 3@((@W! )*(! @b@F)%@! @B! BDEB@?! %@?! JOD?@?!

B@((@?B(@?u\!9*&?! J+@?B!#&@E! %E&uFqF@! [E&! $J%*&(@!�!^\! 3(*G\! 5!\! G@! 7*K(&D%%@>\! 0B!

I+95!gW! L! "! 0),G2),! +>>(! .+0! .->! (0! +1.)! .+0! >2*)5! B2*),! G2+11(! .->+.! -A+(/02!

+*>2,+*)4+!120)*0!;!]!#&@E!?@(*&B!%@!2D%@&%!@B!%+aF@!%*!7EA@\!:A!)@A?@!@A!@XX@B![E@!

%*! 7EA@! @?B! $J%*&($@! )*(! %+*JB&DA! GE! 2D%@&%\! 3(*G\! C\! VDFK_?!^! >\! #&@EW! 2D%@&%!

&AB@%%&`&K%@W! @?B! EA@! &G$@! )%*BDA&J&@AA@W! F*&?! %@?! 4J(&BE(@?! %E&! GDAA@AB! BDEB! ?DA!

)D&G?!;v@*AW!HW!v!"!(4)0!>2,(*!9(42,K!G2-3!+>>2,+*)0!-,*(,!F-,+*(,!9(*+(*0(,!+*!

F2*/!,2*32,>\! V+@?B! EA@! %EF&_(@! J($@! )*(!#&@E! d! +*(>)A-4)02.! [E@! V*??&DGD(@!

EB&%&?@! G*A?! %@?!`)4+)(! ;=W! PH>W! J+@?B! J@! [E&! @?B! ADA! B(*'*&%%$W! `*`A$! ?*A?! )@&A@W!

DKB@AE!?*A?!B(*'*&%W!J@![E&!A+@?B!)*?!*J[E&?!d!DA!*E(*&B!)E!B(*GE&(@!)*(!]!A*BE(@%!^!

;5DE(!BDEB!J@J&W!'D&(!4\!C&%?DAW!H*04-32/0+-*W!))\!HMPuHM=>\!

JJ%b!V*??&DGD(@!'&@AB!G+$AEF$(@(!%@?![E*B(@!G&?J&)%&A@?!GE!G2)34+9+2,![E&!G@'&@AG(DAB!

$'&G@AB@?!G*A?!%+$B*B!G@!K$*B&BEG@\!#*A?!J@B!$B*B!%@?!$%E?!'@((DAB!#&@E!X*J@!N!X*J@\!

.%?! '@((DAB! GDAJ! %*! 2*`@??@! @B! %*! /$(&B$! ;v@*AW! l|W! {! "! ]!v@! ?E&?! %@! JO@F&AW! %*!

'$(&B$!^\!7\!2@`DAG>\!!

!

HIp!!

JJ%b&! 2*`@??@W! `HHHW! l! "! )00+*?+0! )! <+*(! 2.G2(! )3! <+*(,! <-40+0(4W! (0! 3+.1-*+0! -,*+)!

.2)2+0(4!!!;!]!@%%@!?+$B@AG!*'@J!XD(J@!G+EA!KDEB!GE!FDAG@!N!%+*EB(@!@B!G&(&`@!BDEB!G@!

X*fDA!*`($*K%@!^\!3(*G\!7\!2@`DAG>\!

JJ%b&&!5?*EF@?W!||W!lÍ! "! <+>+)(! 4(?2,! +*! F-*-4(! 02-! )3.0(0+0! 4(?+*)! )! 3(c04+.! 02+.! +*!

2(.0+02! 3()24)0-! /+4/2,3)0)! 2)4+(0)0(! ;! ]!7@?! X&%%@?! GE! (D&! $B*&@AB! %N! @A! BDA!

ODAA@E(W! %*! (@&A@! $B*&B! *??&?@! N! B*! G(D&B@! '$BE@! G+EA! O*K&B! K(DG$! G+D(!^\! 3(*G\! 7\!

2@`DAG>\!

JJ%b&&&!0JJ%@?&*?B@W!lW!m!"!2)*+0).!2)*+0)02,!3+c+0!Q//>(.+).0(.!2)*+0).!2)*+0)02,!-,*+)!

2)*+0).! ;! ]!'*A&B$! G@?! '*A&B$?W! G&B! %+0JJ%$?&*?B@W! '*A&B$! G@?! '*A&B$?W! BDEB! @?B!

'*A&B$!^\!3(*G\!7\!2@`DAG>\!!

JJ%b&'!9*BB&@EW! |W! lÍ! "! L2*/! 3+/+0! (+! H(.2.e! ]!`)3(W! $)0)*).! �! $/4+102,! (.0! (*+,! "!

'-,+*2,!'(2,! 022,!)3-4)A+.!(0! +>>+! .->+! .(42+(.!z! ;!]!v$?E?! %E&!G&B! "!1@B&(@uBD&W!

2*B*A! �!V*(! &%! @?B! $J(&B! "!3E! *GD(@(*?! %@!2@&`A@E(W! BDA!#&@EW! @B! BE! %@! ?@('&(*?! %E&!

?@E%!^\!3(*G\!7\!2@`DAG>\!

JJ%b'!6E`\!n2)*0! PIW! hh! "! 2*2,! 3(2,! 2(42,! )0G2(! 1(4<(/02,W! G2+! *2*G2),! *-*!

<2(4+0W! *2*G2),! *-*! (4+0W! *2*G2),! )>+0(4! <2(4+0W! *2*G2),! )>+0(4! (4+0! ;! ]!%@! ?@E%!

#&@E!'(*&!@B!)*(X*&BW![E&!A+*!Q*F*&?!$B$!?*A?!@b&?B@(W![E&!@b&?B@(*!BDEQDE(?W!@B!Q*F*&?!

A+*!$B$!A&!A@!?@(*!*EB(@![E+.%!@?B!^\!3(*G\!5\!G@!7*K(&D%%@>\!

JJ%b'&!0JJ%$?&*?B@W!lW!×!"!/2*/0)(!4(.!3+<<+/+>(.!*-*!1-0(.0!().!F-,-!(c1>+/)4(!.(4,-*(!

*-*! .)024)024! -/2>2.! 2+.2! *(/! )24+.! +,1>(024! )23+02! ;! ]!BDEB@?! JOD?@?! ?DAB! @A!

B(*'*&%!*E!G@%N!G@!J@![E+DA!)@EB!G&(@!d!%+D@&%!A@!?@!(*??*?&@!)*?!G@!'D&(W!@B!%+D(@&%%@!A@!

?@!%*??@!)*?!G+@AB@AG(@!^\!3(*G\!7\!2@`DAG>\!!

JJ%b'&&&! /D&(! 6\! 3DFKD%&A&W! I)..+-3-4-W! )\! HMLW! ADB@! PMIW! [E&! J&B@! Z\! #+0%&*!

;BM)*04-1->-?+)! 3+! I)..+-3-4-! 04)! +.1+4)0+-*(! )?-.0+*+)*)! (! .2??(.0+-*+! 3(>!

,-*3-!/>)..+/-W!Hp=hW!)\!oPW!ADB@!Ph>\!V@%E&uJ&!?DE%&`A@![E@!G*A?!-,*+)!A>)*3)W!

-,*+)!.2)9+)W!/2*/0)!04)*G2+>>)W!ADE?!*'DA?!EA@!*A*)OD(@W!@B![E@!/2*/0)!)@(F@B!

G+*'D&(!EA@!J%*E?E%@!J($B&JDuB(DJO$&[E@!;/24.2.!1>)*2.>\!!

JJ%b&b! .! v@*AW!}W!m! "! /)4+..+,+! *2*/! <+>++!'(+! .2,2.! (0! *-*32,!)11)42+0! G2+3! (4+,2.!

./+,2.!G2-*+),!/2,!)11)42(4+0!.+,+>(.!(+!(4+,2.!G2-*+),!2+3(A+,2.!(2,!.+/20+!

!

H<M!!

(.0! ;! ]!K&@Au*&F$?W! ADE?! ?DFF@?! F*&AB@A*AB! @AX*AB?! G@! #&@EW! @B! J@! [E@! ADE?!

?@(DA?! A+*! )*?! @AJD(@! $B$! F*A&X@?B$! d! F*&?! ADE?! ?*'DA?! [E@W! %D(?[E@! J@%*! ?@(*!

F*A&X@?B$W!ADE?!?@(DA?!?@FK%*K%@?!N!%E&W!)*(J@![E@!ADE?!%@!'@((DA?!B@%![E+&%!@?B!^\!

3(*G\!7\!2@`DAG>\!!

JJ%bb!6BB@&AG(@! %*!2*`@??@! A$J@??&B@! EA! J@(B*&A?! ADFK(@! G+$B*)@?! )DE(! %+aF@\!VX\!4\!

C&%?DAW!H*04-32/0+-*W!)\!HoM!"!]!G+*KD(G!%+aF@!B(*'*&%%@(*!)*B&@FF@AB!N!?@!A@BBDR@(!

G@!?@?!?DE&%%E(@?W!N!?@!(@AG(@!)E(@!@B!&FF*JE%$@W!*X&A!G@!?+DE'(&(!*Eb!(*RDA?!G@!%*!

%EF&_(@!G&'&A@!^\!

JJ%bb&! 6E`\! E.)>,5! IL! "! (4?-! +*0(>>(?+,2.! F)A(4(! *-.! )>+G2+3! 2A+! +,)?-! '(+! (.0W!

,(*0(,!./+>+/(0!)0G2(!4)0+-*(,5!H1.)!,(*.!+*2-/)A)0!>2/(,!3(+!(0!2(4+0)0(,!'(+5!

H1.)!(.0!G2)!/)1+,2.!+2.02,!(0!+*+2.02,!d!+1.)!(.0!G2)!3+./(4*+,2.!2(42,!)!<)>.-!d!

+1.)! (.0! G2)(! 2-/)024! +*0(>>(/02.W! G2-! +*0(>>(/02! /)4(*0! A(.0+)(! ;! ]!-DE?!

JDF)(@ADA?!GDAJ![E+&%!R!*!@A!ADE?![E@%[E@!JOD?@!@A![ED&!($?&G@!%+&F*`@!G@!#&@EW!

J+@?BuNuG&(@!"!%+@?)(&B!@B!%*!(*&?DA\!V+$B*&B!%+@?)(&B![E&!&A'D[E*&B!%*!%EF&_(@!G@!#&@E!@B!

%*!'$(&B$!G@!#&@E\!V+@?B!)*(!%E&![E@!ADE?!G&?J@(ADA?!%@!QE?B@!@B!%+&AQE?B@!d!J+@?B!)*(!

%E&! [E@! ADE?! G&?B&A`EDAB! %@! '(*&! GE! X*Eb! d! J+@?B! %E&! [E&! @?B! *))@%$! %+&AB@%%&`@AJ@W!

&AB@%%&`@AJ@!GDAB!F*A[E@AB!%@?!*A&F*Eb!^\!3(*G\!U\!S*((@*E!@B!JD%%\>\!!

JJ%bb&&!.!VD(&ABO&@A?W!l}W!lm! "`!+3(,2.!*2*/!1(4!.1(/2>2,!+*!)(*+?,)0(!"!02*/!)20(,!

<)/+(!)3!<)/+(,!;!]!*EQDE(G+OE&!ADE?!'DRDA?!*E!FDR@A!G+EA!F&(D&(W!G+EA@!F*A&_(@!

DK?JE(@W!F*&?! *%D(?! ADE?! '@((DA?! X*J@! N! X*J@!^! >\!9*BBO&@EW! ~W! ×! "!^()0+! ,2*3-!

/-43(W!G2-*+),!+1.+!'(2,!2+3(A2*0!;!]!O@E(@Eb!J@Eb![E&!DAB!%@!JD@E(!)E(W!J*(!&%?!

'@((DAB!#&@E!�!^\!3(*GEJB&DA!7\!2@`DAG>\!

JJ%bb&&&! 0G`*(G! G@! S(ERA@! [E&! *! B(*GE&B! J@! )*??*`@! G*A?! ?@?! #023(.! 3M(.0F;0+G2(!

,;3+;9)>(W!S(E`@?W!HpIo\!)\!PoW!&%!&A?&?B@!?E(!%@!]!?DEXX%@!*AB&[E@!^![E&!B(*'@(?@!J@!

)*??*`@!;!@AB@AGDA?!J%*??&[E@!JO@m!J@B!*EB@E(!JO($B&@A>\!/D&(!&AB(DGEJB&DAW!)\!Ph\!

JJ%bb&'!0G`*(G!G@!S(ERA@!;#023(.!3M(.0F;0+G2(W!)\!Po>W!?DE%&`A@!%*!B(*A?)D?&B&DA!?E(!%@!

)%*A!(@%&`&@Eb!G@!J@B!$FD&!@?BO$B&[E@\!!

JJ%bb' 6E`\!L4+*5! .gW!H! "!/(40)!(*+,! <+3(.!20/2,G2(! +*/F-)0!/-?*+0+-*(,! d! /-?*+0+-!

2(4-!/(40)!*-*!1(4<+/+(024!*+.+!1-.0!F)*/!2+0),!/2,!2+3(A+,2.!<)/+(!)3!<)/+(,!;!

]!V+@?B! @A! @XX@B! %*! J@(B&BEG@! G@! %*! XD&! [E&! @?B! @A! [E@%[E@! ?D(B@! N! %+D(&`&A@! G@! %*!

!

H<H!!

JDAA*&??*AJ@!d!F*&?!%*!J@(B&BEG@!G@!%*!JDAA*&??*AJ@!A@!?@(*!*JO@'$@![E+*)(_?!J@BB@!

'&@W!G*A?!%*!'&?&DA!X*J@!N!X*J@!^\!3(*G\!5\!6`*�??@>\!

JJ%bb'&!7*!/$(&B$!@?B!EA!*BB(&KEB!G&'&A\!VO@m!?*&AB!6E`E?B&A!@%%@!@?B!]!&G@AB&X&$@!N!#&@EW!

)%E?! )($J&?$F@AB! N! %*! )@(X@JB&DA! G@! ?DA! ?B*BEB! DABD%D`&[E@!^! ;V\! -*G@*EW! B(!

9-/)A2>)+4(!3(!.)+*0!62?2.0+*K!5*(&?W!0%%&)?@?W!LMMpW!)\!pP>\!VX\!6E`\!B+A5!..W!H<!"!

02! )20(,! /-*/(..(4).W! .+! G2+3! .214)! ,(*0(.! *-.04).! (..(! ,-*.04)4(,W! 3(2,! 0(!

(..(! /-*<(..242,W! .+! )3F2/! *+F+>! (..(0! .21(4+2.5! n2),! 02),! /-*/(..+-*(,!

)//+1+(*.!3+c(4),!.)0+.!(..(!20!F-/!3(,-*.04)4(,5!$+!(*+,!(.0!)>+G2+3!(c/(>>(*0+2.!

+>>(! 1-0+2.! 3(2.! (.0! d! .+! )20(,!*-*! (.0W! +),! +1.)! 2(4+0).!'(2.! (.0! ;! ]!:(W! BE!F@!

%+*'*&?! JDAJ$G$W! ?&! Q@! B@! G$FDAB(*&?! %+@b&?B@AJ@! G+EA@! ($*%&B$! ?E)$(&@E(@! N! AD?!

@?)(&B?W! BE! (@JDAA*eB(*&?! [E+@%%@! @?B! #&@EW! ?+&%! A+R! *'*&B! (&@A! *EuG@??E?! G+@%%@! d! @B!

Q+*'*&?! G&B! *JJ@)B*AB! J@BB@! JDAJ@??&DAW! [E+&%! F@! ?EXX&(*&B! G@! X*&(@! J@BB@!

G$FDA?B(*B&DA!d!J*(W!?+&%!R!*![E@%[E@!($*%&B$!)%E?!@bJ@%%@AB@W!J+@?B!@%%@!)%EB~B![E&!@?B!

#&@E! d! ?+&%! A+R! @A! *! )*?W! J+@?B! %*! /$(&B$! @%%@uFqF@! [E&! @?B! #&@E!^\! 3(*G\! Z\! v\!

3ODAA*(G>\!/D&(!*E??&!v\!3&b@(DABW!O+.0-+4(!3(.!3-?,(.K!3\!..W!HpPHW!)\!PoP\!

JJ%bb'&&!}E*AG!DA!)*(%@!G@!#&@EW!DA!)*(*eB! *BB(&KE@(!EA!J@(B*&A!ADFK(@!G@![E*%&B$?!N!

EA@!?EK?B*AJ@! d!F*&?! BDE?!J@?!*BB(&KEB?!?DAB! %+@??@AJ@!FqF@!G@!#&@E\!6E`\!L4+*5!

g/W! <! "!14-+*3(! .+! 3+/),2.! "! )(0(4*2.W! +,,-40)>+.K! +*/-44210+A+>+.W! +,,20)A+>+.W!

2+22.W! .)1+(*.W!1-0(*.W! .1(/+-.2.W! +2.02.W!A-*2.W!A()02.W! .1+4+02.W!F-42,!-,*+2,!

*-2+..+,2,!G2-3!1-.2+!G2).+!0)*02,,-3-!2+3(024!.+?*+<+/)4(!.2A.0)*0+),W!/(0(4)!

2(4-!F2+2.! .2A.0)*0+)(!G2)>+0)0(.! d! .(3!*-*! +0)! (.0! +*! +>>)! +*(<<)A+>+! .+,1>+/+! G2(!

*)024)! ;! ]!2&! GDAJ! ADE?! G&?DA?! [E@! #&@E! @?B! $B@(A@%W! &FFD(B@%W! &AJD((E)B&K%@W!

&FFE*K%@W! '&'*ABW! ?*`@W! )E&??*ABW! K@*EW! QE?B@W! KDAW! O@E(@EbW! @?)(&BW! DA! )DE((*&B!

J(D&(@![E@!G@! BDE?!J@?! B@(F@?W! %@!G@(A&@(!?@E%!G$?&`A@! %*!?EK?B*AJ@W! %@?!*EB(@?!A@!

G$?&`A*AB![E@! %@?![E*%&B$?!G@! %*! ?EK?B*AJ@! "!F*&?! &%! A+@A! @?B! )*?! *&A?&! G*A?! J@BB@!

A*BE(@!&A@XX*K%@!@B!?&F)%@!^!\!3(*G\!5\!6`*�??@>\!

JJ%bb'&&&!V*??&DGD(@!A@!)*(%@!)*?!GE!5_(@!F*&?!G@! %*!A*BE(@!G&'&A@W! J+@?BuNuG&(@!G@! %*!

3(&A&B$\!VX\!6E`\!Q15HLMW!P! "!)?*-./+.!)20(,! +*! <+3(!/)0F->+/)W!G2-*+),!F-/!(.0!

2(42,W! F-/! (..(! <+4,)02,W! G2-3! 1)0(4! (0! <+>+2.! (0! .1+4+02.! .)*/02.! +3(-W! /2,! .+0!

04+*+0).W!2*2.!(.0!3(2.!!!;!]!5($?@AB@F@AB!J(DR@m!*'@J!EA@!XD&!&A$K(*A%*K%@W![E@!%@!

5_(@W!%@!Z&%?!@B!%@!2*&ABu0?)(&B!?DAB!%*!3(&A&B$W!@B!A@!XD(F@AB!J@)@AG*AB![E+EA!?@E%!@B!

!

H<L!!

FqF@! #&@E!^\! 3(*G\! U\! S*((@*E! @B! JD%%\>\! /D&(! *E??&! v\! 3&b@(DABW!O+.0-+4(! 3(.!

3-?,(.W!)\!PoIW!@B!4\!C&%?DAW!H*04-32/0+-*W!)\!L=L\!

JJ%bb&b!-DB@(!%@?!ODF$DB$%@EB@?!"!1)4+>+0).W!)(G2)>+0).W!2*+0).5!

JJ%bbb!-DB@(!%+*A*)OD(@!"!.+,2>!zn{!.+,2>\!/D&(!6\!3DFKD%&A&W!I)..+-3-4-W!)\!HMIW!ADB@!PHH\!!

JJ%bbb&!6E`\!:435!..W!Ho!"!*-*!3+/-!3(!.2,,-!+>>-!'(-W!G2+!./+024!,(>+2.!*(./+(*3-!;!

]!Q@! A@! G&?! )*?! ?E(! %@! #&@E! BDEBu)E&??*ABW! [E+DA! JDAA*eB! K&@A! F&@Eb! @A! A@! %@!

JDAA*&??*AB!)*?!^\!3(*G\!1\!vD%&'@B>\!

JJ%bbb&&!7@!K&@A!@?B!*E??&!EA!*BB(&KEB!G@!#&@E\!VX\!V\!-*G@*E!;B(!`-/)A2>)+4(W!)\!LL>!"!

]!*E! ?@A?! ?B(&JBW! %@!K&@A!A+@?B!AE%! *EB(@![E@!#&@E! %E&uFqF@\!6&F@(! %@!K&@AW! J+@?B!

*&F@(!#&@E!^\!

JJ%bbb&&&!s!ADB@(!G*A?!J@!JO*)&B(@W!%@?!ADFK(@E?@?!X&`E(@?!G@!?BR%@!"!)D%R)BDB@!;A()024!

z555{!A()0)! .2*0>W! )*(*ADF*?@?! ;A()0+023-! z555{! A()*024! z\\\{!A()0)>! (0! ;9+9+<+/)*024!

z8{!9+9(*0+)>!@B!@AX&A!*A*)OD(@!;/2*/0)!z8{!/2*/0)>\!

JJ%bbb&'!/D&(! 0\7\! ZD(B&AW!IF4+.0+)*+.,(W! ))\! <Iu<<!"! ]!7*! B(*G&B&DA! )*B(&?B&[E@! *! 'E!

G*A?!%+DFA&)($?@AJ@!EA!*BB(&KEB!G&'&A!)*(!@bJ@%%@AJ@\!7*!XD(FE%@!J%*??&[E@!2A+G2(!

.+,2>! 0-02.W! *'@J! BDEB@?! ?@?! '*(&*AB@?W! @b)(&F*&B! @A! EA! (*JJDE(J&! X(*))*AB!

%+@??@AB&@%!G@!J@BB@!GDJB(&A@!G+EA@!&F)D(B*AJ@!J*)&B*%@!GE!)D&AB!G@!'E@!BO$D%D`&[E@!

JDFF@!GE!)D&AB!G@!'E@!)E(@F@AB!(@%&`&@Eb!^!!

JJ%bbb'! 4\! C&%?DAW! H*04-32/0+-*W! )\! L=o! "! #&@E! ]!@?B! %YqB(@! FqF@W! ?DE?B(*&B! N! BDEB@?! %@?!

G$B@(F&A*B&DA?n#&@E!@?B! J@![EY&%! *!"!G2)(!F)A(0!F)(/!(0! (.0K! (0! ()!-,*+)!2*2.! (.0! ;!

6E`\W!'(!/+9+05!'(+W!g.W!HMW!P>\!s!ADB@(!%+$)*A*)OD(@W!3(!0-0-!.(!)23+0W!3(!0-0-!.(!2+3(0\!

JJ%bbb'&!/D&(!6\!V(DJJDW!H>!>+A(4!'(!)*+,)W!)\!H<H!"!]!0!'@(D!JO@!%*!2J(&BBE(*!?@FK(*!

*BB(&KE&(@! *%%+*A&F*! G@%%@! F@FK(*! ;@! [E&AG&! EA*! XD(F*>W! JDF@! A@%%*! )*(*KD%*!

@'*A`@%&J*!G@%! (&JJD!@)E%DA@! d!F*! ?&! B(*BB*! ?D%D!G&! %&A`E*``&D!F@B*XD(&JDW!JDF@!

[E*AGD! ?&! G&J@W! *AB(D)DFD(X&J*F@AB@! JO@!#&D! ?&! *G&(*W! )E(! ?*)@AGD! JO@!#&D! $!

&FFEB*K&%@!@!&F)*??&K&%@!;!]!0B!&%!@?B!'(*&![E@!%+4J(&BE(@!?@FK%@!*BB(&KE@(!N!%+aF@W!

G@?! F@FK(@?! @B! @A?E&B@! EA@! XD(F@W! JDFF@! G*A?! %*! )*(*KD%@! $'*A`$%&[E@! GE!

F*E'*&?! (&JO@! d! F*&?! &%! ?+*`&B! ?@E%@F@AB! G+EA! %*A`*`@! F$B*)OD(&[E@W! JDFF@!

!

H<P!!

[E*AG!DA!G&BW!G@!X*fDA!*ABO(D)DFD()O&[E@![E@!#&@E!?@!XaJO@W!*%D(?![E+DA!?*&B![E@!

#&@E!@?B!&F)*??&K&%@!@B!&FFE*K%@!^\!0B!3DFKD%&A&W!I)..+-3-4-W!'(!)*+,)W!)\!ILW!

ADB@\!HLH!"!]!J&!?&*FD!K*?*B&!?E!EA*!?J@%B*!K@A!)(@J&?*W!D??&*![E@%%*!G&!&AB@AG@(@!&%!

B@(F&A@!JDA?E@BEGD!z\\\{!A@%!?@A?D!?[E&?&B*F@AB@!J&J@(DA&*AD!G&!�;JDA?E@BBD>!E?D!

G@%%@! %&A`E*�!;! ]!ADE?! ADE?! ?DFF@?! K*?$?! ?E(! EA! JOD&b! K&@A! )($J&?W! N! ?*'D&(!

G+@AB@AG(@! %@! B@(F@! JDA?E@BEGD! z\\\{! G*A?! EA! ?@A?! G$%&J&@E?@F@AB! J&J$(DA&@A!

+G+E?*`@!;O*K&BE@%>!G@!%*!%*A`E@+!^\!

JJ%bbb'&&!:A! ADB@(*! @AJD(@! %@?! *AB&BO_?@?! ;.(4(*2.! /-42./)0W! 1242.! <2>,+*)0>! @B! %@?!

DbRFD(@?! ;+4)./+024! 1>)/+32.W! f23+/)0! 04)*G2+>>2.>\! /D&(! *E??&!6E`\!I-*<5! .W! I! "!

+4)./(4+.!(0!04)*G2+>>2.!(.5!!

JJ%bbb'&&&!/D&(!v\!:+#DAA@%%W!I)..+-3-42.W!JO*)&B(@!./W!VDA'@(?&DA!"!]!BO@R!J*)BE(@G!

?DF@BO&A`!DX!BO@!G&'&A@W!&A!F@(@!kD(G?W!@A*K%&A`!F@A!BD!(@*JO!?DF@!)*(B!DX!BO@!

EA?)@*j*K%@!FR?B@(R!DX!CDG!^\!!

JJ%bbb&b!5*(*ADF*?@!"!`+*/2*0!2-0)!G2+!2-/)0245!

JJbJ!7@?!?EK?B*AJ@?!?)&(&BE@%%@?W!(@A'D&@!*E!J&@%!J($$!+*!14+*/+1+-5!6E`\!I-*<5!g..W!p!"!

*+,+42,! (*+,! /)(>2,! /)(>+W! G2-3! +*! 14+*/+1+-! <(/+.0+! /4()024)! (.0! )>+G2)!

+*0(>>(/02)>+.! !! !;!]J+@?B![E+@A!@XX@B!%@!J&@%!GE!J&@%W![E@!'DE?!*'@m!J($$!N!%+D(&`&A@W!

@?B!@A![E@%[E@!?D(B@!EA@!J($*BE(@!&AB@%%&`@AB@!^\!3(*G\!5\!G@!7*K(&D%%@>\!0B!EA!)@E!

)%E?!%D&A!"!32>/(3+*(!<(>+/+..+,)(!/-*0(,1>)0+-*+.!z\\\{!;!]!%*!GDEJ@E(W!%*!X$%&J&B$!G@!

'DE?! JDAB@F)%@(! z\\\{!^\! 3(*GEJB&DA! 5\! G@! 7*K(&D%%@>\! 0%%@?! (@A'D&@AB! *E??&! *Eb!

*A`@?!@B!N!%@E(!JDAB@F)%*B&DA!K$*B&X&[E@\!

JJbJ&!9$B*)OD(@! *`(*&(@! QDE*AB! *'@J! /-1+-..+,)W! 3(*.+0)0(,W!,)*+12>+.W! F-44(+.W! @B!

/-*3)*024\!/D&(!6E`\!Q95!k-F\!LPW!HH!"!+A+!(.0!+*02.!G2-3!,(,-4+)(!/-,,(*3).0+K!

+*!)A3+0-!4(/-*3+02,!G2).+!+*!F-44(-K!G2).+!+*!0F(.)24-!;!]!J@![E@!BE!*?!JDAX&$!N!

B*!F$FD&(@!@?B!%NW!*EuG@G*A?!G@!BD&W!G$)D?$!?@J(_B@F@AB!JDFF@!G*A?!EA!`(@A&@(W!

JDFF@!G*A?!EA!B($?D(!^\!3(*G\!9\!Z\!S@((DE*(G>\!

JJbJ&&!Z*EBu&%!(@A'DR@(!)23+0-4(.!1423(*0+..+,+!N!),+/-42,!,(!.2)9(!/->>(?+2,!;ADB@!

PW!JO*)\!.>!�!J+@?B!J@![E@!)@A?@!6\!3DFKD%&A&W!I)..+-3-4-W!)\HMpW!ADB@!PL<\!

!

H<I!!

JJbJ&&&! I-*.-*)0+-*(! @?B! EA! O*)*b! G@! V*??&DGD(@\! v+*&! (@)(&?! %*! B(*GEJB&DA! G+6\!

3DFKD%&A&W!'(!6*+,)W!)\!HHH\!

JJbJ&'!V*??&DGD(@!EB&%&?@! %*!FqF@!@b)(@??&DA!G*A?!E.)>,5!14)(<! "!14-20! /-*/(..2,!

<2(4+0K! /-*)A-4! )1(4+4(! ;! ]!?@%DA! J@! [E&! ?@(*! *))(DE'$W! Q@! F@! )($)*(@(*&! N!

$J%*&J&(!^!z\\\{>\!!

JJbJ'!0b)(@??&DA!(@B(DE'$@!JO@m!?*&AB!6E`E?B&AW!P(*5!B+005!/.W!Ho! "!*),!(0!*-.!14-!

/)102! +*<+4,+0)0+.! F2,)*)(! ;! ]!V*(! ADE?! *E??&W! G*A?! %@?! %&F&B@?! G@! %*! X*&K%@??@!

OEF*&A@!^\!3(*G\!5\!6`*�??@!@B!6\!2D%&`A*J>\!.%!@?B!'(*&![E@!J@BB@!@b)(@??&DA!@?B!

*??@m!JDFFEA@!d! ! %@!FqF@!(@A'D&!@?B!X*&B!)*(!6\!3DFKD%&A&W!'(!)*+,)W!)\!HHHW!

ADB@!PIH\!

JJbJ'&!V*??&DGD(@!?DE%&`A@!%@!J*(*JB_(@!?*J($!GE!ADFK(@!GDEm@W!GDAB!ADE?!*'DA?!G$QN!

'E![E+&%!@?B!%@!ADFK(@!G@!%*!)%$A&BEG@\!#DEm@!@?B!%@!)(DGE&B!G@?!G@Eb!ADFK(@?!G@!

K*?@!B(D&?!@B![E*B(@\!/D&(!6E`\!I+95!ggW!<!"!32-3(*)4+-!G2+11(!*2,(4-!2*+2(4.)!

G2)(3),! .+?*+<+/)0)! (.0! +23+/)*0+2,! ,2>0+023-! 14-10(4! 32).! 1)40(.! *2,(4+!

.(10(*)4++W!G2-!.+?*+<+/)024!1>(42,G2(!2*+2(4.+0).!d!G2)(!32)(!1)40(.W!+3!(.0!04+)!

(0!G2)002-4W!)>0(4)!1(4!)>0(4),!,2>0+1>+/)0)(!32-3(/+,!<)/+2*0W!*),!(0!G2)002-4!

0(4!(0!04+)!G2)0(4!32-3(/+,!.2*0W!(0!.+!G2)!)>+)!F2+2.!32-3(*)4++!*2,(4+W!G2)(!)3!

F-/!2)>()0W!4)0+-!4(1(4+024!;!]!#@!X*&B!%@!ADFK(@!GDEm@!G$?&`A@W!@A!EA@!?D(B@!G@!

BDEBW!%*!FE%B&BEG@!G@!J@Eb![E&!QE`@ABW!@A!(*&?DA!G@?!G@Eb!)*(B&@?!GE!ADFK(@!?@)B!

[E&!?&`A&X&@!K&@A!?DE'@AB! %*! BDB*%&B$! d!J@?!G@Eb!)*(B&@?! W!N!?*'D&(! B(D&?!@B![E*B(@W!

FE%B&)%&$@?! %+EA@!)*(! %+*EB(@! XDAB!GDEm@W!)E&?[E@! B(D&?! XD&?![E*B(@!@B![E*B(@! XD&?!

B(D&?!GDAA@AB!GDEm@W!?*A?!)*(%@(!G@!BDEB@!*EB(@!@b)%&J*B&DA![E+DA!)@EB!B(DE'@(!G@!

J@!ADFK(@!GDEm@!'*%*K%@!$`*%@F@AB!&J&!^!\3(*G\!C\!VDFK_?>\!7+*AA$@!@?B!G&'&?$@!

@A!GDEm@!FD&?W! %@! QDE(!@B! %*!AE&B! @A!GDEm@!O@E(@?W! &%! R! *!GDEm@!*)~B(@?W!GDEm@!

)*B(&*(JO@?W!GDEm@!)(&AJ&)*Eb!)(D)O_B@?W!GDEm@!B(&KE?!@A!.?(*�%\!3@(BE%%&@A!$J(&B!

G*A?! &)4/5! ./! "! F2+2.! (*+,! *2,(4+! <+?24).! )123! /4()0-4(,! 3(14(F(*3-! "!

32-3(/+,! <-*0(.! (>+,W! (0! 32-3(/+,! ?(,,).! +*! 02*+/)! .)/(43-0)>+! ))4-*+.W! (0!

32-3(/+,! >)1+3(.!)A! +(.2!3(! +-43)*(!(>(/0-.!(0! +*!)4/),!0(.0),(*0+!/-*3+0-.!;!

]!Q@!G$JDE'(@!*E)(_?!GE!J($*B@E(!%@?!X&`E(@?!G@!J@!ADFK(@!"!%@?!GDEm@!XDAB*&A@?!

G+0%&FW! %@?! GDEm@! )&@((@?! )($J&@E?@?! [E&! K(&%%@AB! ?E(! %@! 'qB@F@AB! ?*J@(GDB*%!

G+6*(DAW! %@?! GDEm@! )&@((@?! JOD&?&@?! G*A?! %@! vDE(G*&A! )*(! vD?E$! @B! G(@??$@?! @A!

!

H<<!!

XD(F@! G+*(JO@! ?*&AB@!^\! 3(*G\! )@(?DAA@%%@>\! /D&(! *E??&! U\! G@! 7EK*J\! Qc;?_.(!

,;3+;9)>(W!))\!LPuL<\!

JJbJ'&&! 6E`\! L4+*5! g./W! o! "! +3(-! 04+*+0)0(,! .+/! /-,,(*3)A),2.! 20! +>>23! 2*3(!

<-4,)024!/-?+0)*0+.!-A0202.!+*!,(,-4+)!1-*(4(,2.!;!]!#+Dy!%*!3(&A&B$![E@!ADE?!

)($?@AB&DA?!G@!%*!X*fDA!?E&'*AB@!"!%*!F$FD&(@W!Dy!ADE?!)%*J&DA?!J@![E&!&AXD(F@!%@!

(@`*(G!G@!%*!)@A?$@!z\\\{!^\!3(*G\!5\!6`*�??@>\!

JJbJ'&&&!-DE?!A@!)@A?DA?!%@!'(*&![E@!G*A?!%*!%EF&_(@!G@!%*!'$(&B$!G@!#&@E!;4\!C&%?DAW!

H*04-32/0+-*W!)\!HHH>\!/D&(!*E??&!?*&AB!6E`E?B&AW!P(*5!B+005!HL!"!.+/!F-,-!3(-!.+A+!

14)(.(*0(! +*>2,+*)024W!)A.(*0(!)20(,!/-*0+*2-! 0(*(A4)024W!)!G2-!*-*! >-/-42,!

+*0(42)>>+.W!.(3!2->2*0)0+.!)2(4.+-*(!3+./(3+024!;!]!6&A?&W!#&@E!%E&!$B*AB!)($?@ABW!

%+ODFF@! @?B! &%%EF&A$W! F*&?! #&@E! $B*AB! *K?@ABW! &%! (@BDFK@! *E??&B~B! G*A?! %@?!

B$A_K(@?!"!#&@E!GDAB!DA!?+$%D&`A@W!ADA!)*(!%*!G&?B*AJ@!GE!%&@EW!F*&?!)*(!%+*'@(?&DA!

G@!%*!'D%DAB$!^\!3(*G\!5\!6`*�??@!@B!6\!2D%&`A*J>\!

JJbJ&b!6)DJ*%R)?@W!HLW!p!"!(0!14-+(/02.!(.0!34)/-!+>>(!,)?*2.W!.(41(*.!)*0+G22.W!G2+!

2-/)024!3+)A->2.W!(0!$)0)*).W!G2+!.(32/+0!2*+2(4.2,!-4A(,!"!(0!14-+(/02.!(.0!+*!

0(44),W!(0!)*?(>+!(+2.!/2,!+>>-!,+..+!.2*0!;!]!@B!&%!XEB!)($J&)&B$W!%@!`(*AG!G(*`DAW!

%@!?@()@AB!*AJ&@AW!*))@%$!%@!G&*K%@!@B!2*B*AW!J@%E&![E&!?$GE&B!%@!FDAG@!@AB&@(!"!&%!

XEB!)($J&)&B$!?E(!%*!B@((@W!@B!?@?!*A`@?!XE(@AB!)($J&)&B$?!*'@J!%E&!^\!3(*GEJB&DA!7\!

2@`DAG>\!

JJJ! ..! 5O&%&))&@A?W! o! "! .(3! .(,(0! +1.2,! (c+*)*+2+0! <-4,),! .(49+! )//+1+(*.! +*!

.+,+>+023+*(,! F-,+*2,! <)/02.! d! (0! F)A+02! +*2(*02.! 20! F-,-! ;! ]!F*&?! &%! ?+@?B!

G$)DE&%%$!%E&uFqF@W!)(@A*AB!%*!XD(F@!G+EA!?@('&B@E(W!J($$!?@FK%*K%@!*Eb!ODFF@?!

d!@B!?@!B(DE'*AB!)*(!%+*?)@JB!JDFF@!EA!ODFF@!^\!3(*G\!7\!2@`DAG>!!

JJJ&! 6\! 3DFKD%&A&W! '(! )*+,)W! )\! HIIW! ADB@! P<oW! (@A'D&@! N! '(! /)0F(/F+u)*3+.!

423+A2.W!gg..W!IM\!!

JJJ&&!4JOD!G@!9*BB&@EW!|W!lv!�!"!(0!)+0!+>>+.!"!9(*+0(!1-.0!,(W!(0!<)/+),!9-.!1+./)0-4(.!

F-,+*2,!;!]!&%!%@E(!G&B"!?E&'@muFD&W!@B!Q@!'DE?!X@(*&!)qJO@E(?!G+ODFF@?!^\!3(*G\!

7\!2@`DAG\!

!

H<o!!

JJJ&&&!.!VD(&ABO&@A?W!l~W!~~!"!2A+!(.0!,-4.!2+/0-4+)!02)!�!2A+!(.0!,-4.!.0+,2>2.!022.!�!;!

]!:!FD(BW!Dy!@?B!B*!'&JBD&(@!�!:!FD(BW!Dy!@?B!BDA!*&`E&%%DA!�!^\3(*G\!7\!2@`DAG>\!

VX\!5\!G@!1DA?*(G\!B(.!O=,*(.W!F=,*(!g!>)!,-40"!]!@B![E@!ADB(@!`(*AG!F*&B(@W!@A!

%*!J(D&b!$B@AGE!|!@B!FDE(*ABW!G@!%*!9D(B!%+*&`E&%%DA!*!)@(GE!^\!

JJJ&'! 7*! F&?$(&JD(G@! G@! #&@E! &F)%&[E@! %+@b&?B@AJ@! G@! )$JO@E(?!"! ]!6&A?&! GDAJW! @A!

?DFF@W! %*! )($?@AJ@! GE! F*%! G*A?! %@! FDAG@! ?+@b)%&[E@! )*(! %+&AX&(F&B$! FqF@!

&AO$(@AB@! N! BDEB@! J($*BE(@W! @B! )*(! %@! Q@E! G@! %*! %&K@(B$! G@?! qB(@?! ?E)$(&@E(?! [E&W!

)DE'*AB!$'&B@(!%@!)$JO$W!A@!%@!XDAB!)*?!^\!;v\!3&b@(DABW!O+.0-+4(!3(.!3-?,(.W!..W!)\!

LhL>\!

JJJ'!V*??&DGD(@!?@FK%@!?DE%&`A@(!&J&W!G@'*AB!%+@b&?B@AJ@!GE!F*%W!%*!)*(B!G@!#&@E!@B!%*!

)*(B!G@!%+ODFF@!G*A?!%@!?*%EBW!J+@?BuNuG&(@!%+*JJD(G!G@!%*!`(aJ@!@B!G@!%*!%&K@(B$\!7*!

`(aJ@!AY$%&F&A@!)*?! %@! %&K(@!*(K&B(@!F*&?!JDD)_(@!*'@J!%E&\!5DE(! %+*A*%R?@!G@!J@!

)(DK%_F@! JO@m! ?*&AB! 6E`E?B&AW! 'D&(! 4\! C&%?DAW! B)! 1F+>-.-1F+(W! )\HP<! @B! 0\!

5D(B*%&$W!62?2.0+*W!JD%\!LPhouhh\!

JJJ'&! V*??&DGD(@! &A'D[E@! %+*??&?B*AJ@! GE! VO(&?B\! VX\! v\! :+#DAA@%%W! I)..-3+-42.W!

JO*)\! I!"! ]!3O@! �]4)0+-�!;*?! ?D! G@?&`A*B@G! &A! BO@!922>! K@`&A?!k&BO! *! )%@*! BD!

VO(&?B!XD(!*??&?B*AJ@!^\!

JJJ'&&!I-*<5!g.W!L!"!(0!3)!G2-3!-<<(4),!0+A+!;!]!@B!GDAA@muFD&!%@?!$%$F@AB?!G@!FDA!

DXX(*AG@!^\!3(*G\!5\!G@!7*K(&D%%@>\!

JJJ'&&&!6E`\!$(4,5!Lph!"!/-4-*),!F+.!,(4+0+.!4(33(0!d!*(/!*(?)A+0!3(A+02,W!.+/20!3+c+W!

G2+!3-*)2+0!+*3(A+02,!/2+!)20(,!4(33(0!/-4-*),!3(A+0),!;!]!#&@E!JDE(DAA@(*!J@?!

F$(&B@?W!@BW!JDFF@!Q@!%+*&!G&BW!&%!A@!(@XE?@(*!)*?!J@![E+&%!GD&BW!*)(_?!*'D&(!GDAA$!J@!

[E+&%!A@!G@'*&B!)*?!^\!3(*G\!U\!S*((@*E!@B!JD%%\>\!

JJJ&b!`)4+/)0+-*(!@?B!EA!O*)*b!&??E!G@!2)4+/)4(![E@!V*??&DGD(@!EB&%&?@!G*A?!%@?!`)4+)(!

;?4(..2.!2)4+/)0+!"!)*?!*%%DA`$?>\!!

JJJb!V@BB@! )O(*?@! A+@?B! )*?! J%*&(@\! 0%%@! )DE((*&B! $'D[E@(! %@?! $'_A@F@AB?! )D%&B&[E@?!

JDAB@F)D(*&A?!@B!%+*XX(DAB@F@AB!G@!G@Eb!JDFFEA*EB$?\!9*&?!G@?[E@%%@?!?+*`&Bu&%!�!

#@?!:?B(D`DBO?! @B! G@?! %*B&A?! EA&?! JDAB(@!VDA?B*AB&AD)%@W! G@?! %*B&A?! @B! G@?! `(@J?!

X*J@!*Eb!:?B(D`DBO?W!DE!G@?!4`%&?@?!GYD(&@AB!@B!GYDJJ&G@AB!X*J@!*Eb!*(&@A?!�!;'D&(!

!

H<h!!

6\! C*%DAA&@(W! ]!SD_J@! DE! %*! JO*eA@! G@?! ?*'D&(?!^W! LMMP! @B! %*! G&?JE??&DA! @B! %@?!

OR)DBO_?@?!G@!v\!:+#DAA@%%W![E&!$'D[E@!*E??&W!G@!X*fDA!JE(&@E?@!%@?!G@Eb!J&B$?!G@!

?*&AB! 6E`E?B&A! ;I)..+-3-42.K! VO*)&B(@\! I! @B! ADB@! Lh>\! 32-! (..(*0! F@! ?@FK%@!

(@A'DR@(!N!6G*F!@B!�'@!@B!N!%*!C$A_?@W!JDFF@!)@EB!%@!?E``$(@(!%+@AJO*eA@F@AB!

G@!%*!)O(*?@!;'D&(! %@?!(@F*([E@?!G+6\!3DFKD%&A&W!I)..+-3-4-W!'(!)*+,)W!)\!HHhW!

ADB@!Pop>\!!

JJJb&!4JOD!G@!v@*AW!l|W!{!"!3+/+0!(+!k(.2.!"!(?-!.2,!2+)!(0!2(4+0).!(0!2+0)5!@(,-!2(*+0!)3!

E)04(,!*+.+!1(4!,(!;!]!v$?E?!%E&!G&B!"!v@!?E&?!%@!JO@F&AW!%*!'$(&B$W!@B!%*!'&@\!-E%!A@!

'&@AB!*E!5_(@![E@!)*(!FD&!^\!3(*G\!G@!7\!2@`DAG>\!!

JJJb&&! 9*(JW! ×W! }{! "! G2+3! (*+,! 14-3(4+0! F-,+*+! .+! >2/4(024! ,2*32,! 0-02,! (0!

3(04+,(*02,!<)/+)0!)*+,)(!.2)(!�!;!]!@B![E@!?@(Bu&%!N!EA!ODFF@!G@!`*`A@(!BDEB!%@!

FDAG@W!?+&%!)@(G!?DA!aF@!�!^\!3(*G\!7\2@`DAG>\!!

JJJb&&&!C\S*(GR!*! B(*GE&B! G*A?! %M#?>+.(! (0! >(.!3(4*+(4.! 4-,)+*.! ;5*(&?W!7*XXDABW! HpI=W!

))\!LHIuH<>W!EA@!)*(B&@!G@!J@BB@!)(&_(@!GDAB!&%!?DE%&`A@!%*!?*'@E(!*E`E?B&A&@AA@W!%*!

X*F&%&*(&B$! G@! V*??&DGD(@! *'@J! %+4J(&BE(@! 2*&AB@! @B! ?DA! G$?*((D&! G@'*AB! EA@!

$'D%EB&DA!)D%&B&[E@![E&!F@B!N!F*%!%*!J*E?@!GDAB!&%!?+$B*&B!X*&B!%@!O$(*EB\!

JJJb&'!6E`\!E.)>,5!HHHW!I!"![2),2+.!(*+,!?(*(4)>+!*-,+*(!-,*+.!,+.(4+/-43+)!3+/)024!

G2)! ,+.(4-! .2A2(*+024! ;! ]!0A! @XX@BW! K&@A! [E+DA! *))@%%@! GE! ADF! `$A$(*%! G@!

F&?$(&JD(G@!BDEB!?@JDE(?!)D(B$!*Eb!F*%O@E(@Eb!^!>!@B!I+95!.gW!<!"!G2+3!(.0!)20(,!

,+.(4+/-43+)! *+.+! )>+(*)(! ,+.(4+)(! G2)(3),! +*! *-.04-! /-43(! /-,1)..+-W! G2)!

20+G2(!.+!1-..2,2.!.2A2(*+4(!/-,1(>>+,24!�!;!]!:(![E+@?B!%*!F&?$(&JD(G@!?&ADA!EA@!

JDF)*??&DA!G@!ADB(@!JcE(!)DE(!%*!F&?_(@!G+*EB(E&W![E&!ADE?!)DE??@!N!%*!?@JDE(&(!?&!

ADE?!%@!)DE'DA?!�!^\!3(*G\!C\!VDFK_?>\!

JJJb'!C\!5*%@(FDW!BM+0+*(4)4+-!3+!2*M)*+,)W!Hph=W!)\!Po!"!]!G&J@AGD!JO@!%*!F&?@(&JD(G&*!

G&!#&D!_!G*B*!&A!*&EBD!*&!F&?@(&![E*?&!*!B@?B&FDA*Am&*!G@%!?ED!@B&FD!;!]!G&?*AB![E@!

%*!F&?$(&JD(G@!G@!#&@E!@?B!GDAA$@!@A!*&G@!*Eb!F&?$(*K%@?![E*?&F@AB!JDFF@!EA!

B$FD&`A*`@!G@!?DA!$BRFDA!^!>\!V&B$!)*(!6\!3DFKD%&A&W!I)..+-3-4-W!'(!)*+,)W!)\!

HLMW!ADB@!Phh\!!

JJJb'&!9*BB&@EW! oW! o! "! 1(0+0(W! (0! 3)A+024! 9-A+.! d! G2)(4+0(! (0! +*9(*+(0+.! d! 12>.)0(W! (0!

)1(4+(024!9-A+.!;!]!G@F*AG@mW!@B!%+DA!'DE?!GDAA@(*!d!JO@(JO@mW!@B!'DE?!B(DE'@(@m!d!

!

H<=!!

X(*))@mW!@B! %+DA!'DE?!DE'(&(*!^!>\!7EJW!llW!v! "!(0!(?-!3+/-!2-A+.!1(0+0(W!(0!3)A+024!

2-A+.!d!G2)(4+0(K!(0!+*2(*+(0+.!d!12>.)0(W!(0!)1(4+(024!2-A+.!;!]!@B!FD&W!Q@!'DE?!G&?!"!

G@F*AG@mW!@B!%+DA!'DE?!GDAA@(*!d!JO@(JO@mW!@B!'DE?!B(DE'@(@md!X(*))@mW!@B!%+DA!'DE?!

DE'(&(*!^\!3(*G\!7\2@`DAG>\!V&B$!)*(!6\!3DFKD%&A&W!I)..+-3-4-W!'(!)*+,)W!)\!HLHW!

ADB@!Php\!

JJJb'&&! I-*9(4.)0+-! ?@FK%@W! &J&W! GDAA@(! %+&G$@! G@! %*A`*`@W! G@! G&?JDE(?\! /D&(! 6\!

3DFKD%&A&W!I)..+-3-4-W!'(! )*+,)W! )\! HLPW! ADB@! PpP!"! ]!%+@?)(@??&DA@! 14-A)A+>+!

z8{!/-*2(4.)0+-*(!'&@A@!&AB@()(@B*B*!A@%!?@A?D!G&!�G&?JD(?D!D!%&A`*``&D!J(@G&K&%@!D!

)@(?E*?&'D�!;%+@b)(@??&DA\14-A)A+>+!z8{!/-*2(4.)0+-*(!@?B!&AB@()($B$@!G*A?!%@!?@A?!

G@!�G&?JDE(?!DE!%*A`*`@!J($G&K%@!DE!)@(?E*?&X�>!^\!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

!

!

!

!

!

!

!

!

!

!

H<p!!

!

G2)(!0),!+*!>+A4+.!.)/4+.!G2),!+*!.)(/2>)4+A2.!!

!!!!!!!!!!!!!!!!!)A.042.)!/-,1(4(4),!

!!!!!!!!!!!!!!!!!!!!!!!V*??&DGD(@W!'(!)*+,)W!.\!

!

!

!

!

!

!

O*H-0P#&%B*'!Z!!:+,'I!

!

!

!

!

!

!

!

!

!

!

!

!

HoM!!

80(#/')!

7&K(*(R!DX!7*B&A!3@bB?W!S(@)D%?!5EK%&?O@(?u!0A!%&`A@!?E(!"!%&K(*(R!DX!%*B&A!B@bB?!

;773u:>!K(@)D%?!)EK%&?O@(?\!0A!%&`A@!?E(!%@!?&B@!G@!%*!S.,!G@!%YEA&'@(?&B$!G@!

9DAB)@%%&@(!"!OBB)"||J%B\K(@)D%&?\A@B\kkk\@m)\K&EuFDAB)@%%&@(\X(|%%B*|#@X*E%B\*?)b\!

U*%)D(A!v!l\W!]!9*`A&!6E(@%&&!V*??&DGD(&!2@A*BD(&W!B+A(4!'(!6*+,)!"!.AB(DGEJB&DA!*AG!J(&B&J*%!B@bB!^W!ZD(GO*F!EA&'@(?&BRW!L4)3+0+-!Ho!;HpoM>!"!PpuHMp\!

C*%DAA&@(!6\W!]!6A@JGDBDA!UD%G@(&!DE!:(GD!C@A@(&?!V*??&DGD(EF!"!.AB(DGEJB&DAW!

$G&B&DAW!B(*GEJB&DA!@B!JDFF@AB*&(@?!^W!6*0+G2+0;!L)43+9(!I!;Hpop>!"!LppuPHL\!

C*(@BW!&)?*+!624(>++!I)..+-3-4+W!]1(4)!-,*+)W!BDFE?!)D?B@(&D(W!5*(&?W!H=IhW!

JD%DAA@?!HLhpuHPM=\!0A!%&`A@!?E(!"!OBB)"||`*%%&J*\KAX\X(|!

9&`A@!v\5\W!E)04->-?+(!B)0+*(!HuLLHW!5*(&?|3E(AODEBW!H=IIuzHpoP{\!

!

<,*1*0+)!Z!;#&,(/1*0+)!,(!!"#(%&'(#

vY*&!F*([E$!GYEA!*?B$(&?[E@!%@?!DE'(*`@?!*Eb[E@%?!Q@!AY*&!)*?!@E!*JJ_?\!

V*??&DGD(@W!L4)+0;!3(!>MD,(W!$G\!)*(!2\!G@!1DE'&%%@W!5*(&?W!1DE[E@BB@W!H=hI\!0A!!

%&`A@!?E(!"!!

(@F*J%@\D(`|K%DDGkD%X|)O&%D?D)O@?|J*??&DGD(@|*F@\OBF!

V*??&DGD(©W!`-,!63(>!3(.!&(*./F(*5!'(!)*+,)W!$G\!)*(!v\!U@K%&A`W!ªK@(?@BmB!EAG!@&A`@%@&B@(W!/@(%*`W!0&A?&@G@%AW!Hpo<\!

Z%*'&D!9*`AD!6E(@%&D!V*??&DGD(D©W!'(!)*+,)W!$G\!)*(!V*((*(D!C!@!#+6`D?B&A&!0W!2@('&B&EF!@G&B(&J@W!2DBBD!&%!9DAB@W!Hpp=\!

V*(E?D!6\W!B)!?4)*3(uu)!3(>>M2-,-W!1DF*W!G&m&DA&!/&'@(@!&AW!LMMH\!

V*??&DGD(DW!'(!)*+,)W!@G\!)*(!6\!3DFKD%&A&W!9&%*AW!v*JJ*!KDDjW!LMHP\!

U*%)D(A!v!l5K!I)..+-3-42.W! H*.0+020+-*.!-<!3+9+*(!)*3!.(/2>)4! >()4*+*?!)*3!]!-*!

0F(!.-2>!^W!7&'@()DD%W!LMMI\!

!

HoH!!

5*%@(FD!C\W!BM+0+*)4+-!3+!2*M)*+,)©W!&AB(DGEm&DA@!@!B(*GEm&DA@!G@%!'(!)*+,)!G&!

V*??&DGD(DW!V*B*A&*W!Hph=\!!

!!!!!!!!!!!3D%DF&D!.\W!7Y*A&F*!G@%%YEDFDW!B(*BB*B&!?E%%Y*A&F*!G@%!/!*%!.g�!?@JD%DW!9&%*FDW!!

!!!!!!!!!!!1E?JDA&W!Hphp\!!!

!

!!

!!!!!:A!B(DE'@(*!%*!B(*GEJB&DA!G@![E@%[E@?!)*??*`@?!GE!'(!)*+,)!G*A?!%@?!DE'(*`@?!

?E&'*AB?!"!

2*&AB@u9*(BO@!#\W!B)!9+(!3(!I)..+-3-4(W!/F)*/(>+(4!(0!14(,+(4!,+*+.04(!3(!

LF;-3-4+/!>(!P4)*3W!5*(&?W!HopI\!

S*(GR!C\W!BM#?>+.(!(0!>(.!3(4*+(4.!4-,)+*.W!5*(&?W!7*XXDABW!HpI=\!

C*%DAA&@(!6\W!]!7+@AJRJ%D)$G&?F@!?*J($!GE!#@!*A&F*!G@!V*??&DGD(@!^!&A!C(DE%B!

9!;$G>"!B(.!Q*/=/>-1;3+(.W!/-*.042/0+-*!(0!/+4/2>)0+-*!32!.)9-+4!3(!>M)*0+G2+0;!g!

i+>j+1;3+)W!5*(&?W!%+U*(F*BB*AW!LMHHW!))\!Iouop\!

S(ERA@!0!G@\W!#023(.!3M(.0F;0+G2(!,;3+;9)>(W!.!"!#@!SD_J@!N!v@*A!2JDB!4(&`_A@W!

S(E`@?W!#@!3@F)@%W!HpIo\!!

/DA!S*%BO*?*(!U!,\W!B)!?>-+4(!(0!>)!/4-+cW!./!"!%@!GDF*&A@!G@!%*!F$B*)OR?&[E@W!%@?!

JDA?B(EJB&DA?W!6EK&@(W!Hp=LW!)\!H=\!

!

;'I1')!&+/*'+)!

[(Q#')!,'!)&*+1!3(P()1*+W!

](294(.!/-,1>_0(.W!B(*GE&B@?!)*(!U\!S*((@*E!@B!99\!5$(DAA@W!4J*%%@W!/&AJ@AB!@B!

VO*()@AB&@(W!5*(&?W!$G&B&DA?!/&'@?W!H=hMuH=hP\!

S&K%&DBO_[E@!6E`E?B&A&@AA@!"!

Q1+.02>)(W!;.uggg>W!B@bB@!J(&B&[E@!GY6%DR?!CD%GK*JO@(W!B(*GEJB&DAW!&AB(DGEJB&DA!@B!ADB@?! G@! 2@(`@! 7*AJ@%! @B! JD%%*KD(*B@E(?W! ;.ug./>W! &AB(DGEJB&DA?! @B! ADB@?! )*(!0FF*AE@%!S@(FDAW!5*(&?W!.A?B&BEB!G+4BEG@?!6E`E?B&A&@AA@?W!LMHH\!

!

HoL!!

'(!3-/04+*)!IF4+.0+)*)W!&AB(DGEJB&DA!@B!B(*GEJB&DA!G@!9*G@%@&A@!9D(@*EW!*AADB*B&DA!@B!ADB@?!JDF)%$F@AB*&(@?!GY.?*K@%%@!SDJO@B!@B!CDE%'@A!9*G@JW!5*(&?W!.A?B&BEB!G+4BEG@?!6E`E?B&A&@AA@?W!Hpph\!

H*! (9)*?(>+2,! k-F)**+.! 04)/0)02.W! &AB(DGEJB&DAW! ! B(*GEJB&DAW! @B! ADB@?! )*(!9\! Z\!S@((DE*(GW!5*(&?W! .A?B&BEB!G+4BEG@?!6E`E?B&A&@AA@?! ;.ug/.\!HppPW!g/..ugg...\!@B!ggg./ug7...!Hp==W!g7./u7./\!Hp=pW!V./uVgg./\!LMMP>\!

'(!?(*(.+!)3! >+00(4),! +,1(4<(/02.! >+A(4W! &AB(DGEJB&DAW! B(*GEJB&DAW!@B!ADB@?!)*(!5\!9DA*BW!5*(&?W!.A?B&BEB!G+4BEG@?!6E`E?B&A&@AA@?W!LMMI\!!

'(! /+9+0)0(! '(+W! 7&'(@! /.ugW! 7&'(@! g.ug./W! 7&'(@! g.gugg..W! &AB(DGEJB&DA! @B!ADB@?!)*(!C\!S*(GRW!B(*GEJB&DA!)*(!C\!VDFK_?W!5*(&?W!#@?J%$@!G@!S(DEk@(W!Hp<p\!!

'(!32)A2.!)*+,)A2.W!&A!]!!?&b!B(*&B$?!*AB&uF*A&JO$@A?!^W!B(*GEJB&DAW!&AB(DGEJB&DA!@B!ADB@?!)*(!1\!vD%&'@B!@B!9\!vDE(QDAW!5*(&?W!#@?J%$@!G@!S(DEk@(W!HpoH\!

!!!!!!!!!'(!<+3(!(0!.=,A->-W!&AB(DGEJB&DAW!B(*GEJB&DA!@B!ADB@?!)*(!v\!1&'&_(@W!5*(&?W!#@?J%$@!G@!S(DEk@(W!HpIh\!

!!!!!!!!!!'(! ?(*(.+! )3! >+00(4),! >+A4+! ØHHW! .u/..W! &AB(DGEJB&DAW! B(*GEJB&DA! @B! ADB@?!)*(! 5\!6`*�??@!@B!6\!2D%&`A*JW!5*(&?W!#@?J%$@!G@!S(DEk@(W!HphL\!

'(! +,,-40)>+0)0(! )*+,)(W! &AB(DGEJB&DAW! B(*GEJB&DA! @B! ADB@?! )*(! 5\! G@! 7*K(&D%%@W!5*(&?W!#@?J%$@!G@!S(DEk@(W!HpPp\!

'(! >+A(4-! )4A+04+-W! &AB(DGEJB&DAW! B(*GEJB&DA! @B! ADB@?! )*(! Z\! v\! 3ODAA*(GW! 5*(&?W!#@?J%$@!G@!S(DEk@(W!Hp<L\!

'(!,(*3)/+-W! &AB(DGEJB&DAW!B(*GEJB&DA!@B!ADB@?!)*(!C\!VDFK_?W!5*(&?W!#@?J%$@!G@!S(DEk@(W!HpI=\!!

'(!,-4+A2.!(//>(.+)(!/)0F->+/)(W!&AB(DGEJB&DAW!B(*GEJB&DA!@B!ADB@?!)*(!S\!1D%*AGuCD??@%&AW!5*(&?W!#@?J%$@!#@!S(DEk@(W!HpIp\!

'(! ,2.+/)! >+A4+! `HW! &AB(DGEJB&DAW! B(*GEJB&DA! @B! ADB@?!)*(! C\! Z&A*@(B! @B! Z\! v\!3ODAA*(GW!5*(&?W!#@?J%$@!G@!S(DEk@(W!HpIh\!

'(!*)024)!(0!-4+?+*(!)*+,)(W!&AB(DGEJB&DAW!B(*GEJB&DA!@B!ADB@?!)*(!v\!5%*`A&@Eb!@B!Z\!v\!3ODAA*(GW!5*(&?W!#@?J%$@!G@!S(DEk@(W!Hph<\!

'(! -43+*(W! &AB(DGEJB&DA! B(*GEJB&DA! @B! ADB@?! )*(! 1\! vD%&'@BW! 5*(&?W! #@?J%$@! G@!S(DEk@(W!HpPp\!

'(!3+9(4.+.!G2)(.0+-*+A2.!×}W!&AB(DGEJB&DAW!B(*GEJB&DA!@B!ADB@?!)*(!C\!S*(GRW!v\!6\!S@@Jj*@(BW!@B!v\!SDEB@BW!5*(&?W!#@?J%$@!G@!S(DEk@(W!Hp<L\!!

!

HoP!!

'(!G2)*0+0)(!)*+,)(W! &AB(DGEJB&DAW!B(*GEJB&DA!@B!ADB@?!)*(!5\!G@!7*K(&D%%@W!5*(&?W!#@?J%$@!G@!S(DEk@(W!HpPp\!

"(04)/0)0+-*2,! >+A4+! HHW! &AB(DGEJB&DAW! B(*GEJB&DA! @B! ADB@?! )*(! C\! S*(GRW! 5*(&?W!#@?J%$@!G@!S(DEk@(W!Hp<M\!

!!!!!!!!!!'(!3+9(4.+.!G2)(.0+-*+A2.!)3!$+,1>+/+)*2,W! &AB(DGEJB&DAW! B(*GEJB&DA!@B!ADB@?!)*(!C\!S*(GRW!v\!6\!S@@Jj*@(B!@B!v\!SDEB@BW!5*(&?W!#@?J%$@!G@!S(DEk@(W!Hp<L\!!

$->+>-G2+-42,!>+A4+!HHW!&AB(DGEJB&DAW!B(*GEJB&DA!@B!ADB@?!)*(!5\!G@!7*K(&D%%@W!5*(&?W!#@?J%$@!G@!S(DEk@(W!HpPp\!

'(! L4+*+0)0(! >+A4+! Ø`W! 7&'(@?! .u/...W! B(*GEJB&DA! @B! ADB@?! )*(! 9\! 9@%%@B! @B!3O\V*F@%DBW! 5*(&?W! #@?J%$@! G@! S(DEk@(W! Hp<<\! 7&'(@?! /...ug/W! B(*GEJB&DA! 5\!6`*�??@W!5*(&?W!#@?J%$@!G@!S(DEk@(W!Hp<<\!!

!4G&B&DA?!C*%%&F*(G!

2*&AB! 6E`E?B&AW! «E'(@?W! ?DE?! %*! G&(@JB&DA! G@! 7\! v@()O*`DAW! ...W! B)! L4+*+0;W!B(*GEJB&DA!2\!#E)ERu3(EG@%%@W!5*(&?W!C*%%&F*(GW!LMML\!

4G&B&DA?!]!7@?!S@%%@?!7@BB(@?!^!

!2*&AB!6E`E?B&AW!I-*<(..+-*2,!>+A4+!ØHHHW!B@bB@!$B*K%&!@B!B(*GE&B!)*(!5\!G@!7*K(&D%%@W!5*(&?W!Hphh!;)(@F&_(@!$G&B&DA!HpL<>\!

!

3(1#')!3(1'(#)!&+/*'+)!

!!!!!!!!!!6)E%$@\W!!

!!!!!!!!!!B(.!&;0),-41F-.(.W!%&'(@?!/..ug.W!5*(&?W!7@?!S@%%@?!7@BB(@?W!Hpo<!

6(&?BDB@\W!!

L4)+0;!3(!>MD,(W!3(*GEJB&DA!@B!ADB@?!)*(!v\!3(&JDBW!5*(&?W!/(&AW!Hp=P\!

E)40+(.! 3(.! )*+,)2cW! 3(*GEJB&DA! v\9\! 7@K%DAGW! .AB(DGEJB&DA! 5\! 5@%%@`(&AW! 5*(&?W!CZ!Z%*FF*(&DA!Hpp<\!

E)49)!@)024)>+)W!B(*GEJB&DA!ADE'@%%@!@B!ADB@?!)*(!v\!3(&JDBW!5*(&?W!/(&AW!Hp<H\!

'(! >)! ?;*;4)0+-*! 3(.! )*+,)2cW! B@bB@! $B*K%&! @B! B(*GE&B! )*(! 5\! 7DE&?W! 5*(&?W! 7@?!!!!S@%%@?!7@BB(@?W!HpoH!

!!!!!!!!!!!SD_J@\W!!!

BCH*.0+020+-*! 64+0F,;0+G2(W! B@bB@! $B*K%&! @B! B(*GE&B! )*(! v\8\! CE&%%*EF&AW! 5*(&?W!!!S@%%@?!7@BB(@?WHpp<\!I-*.->)0+-*! 3(! >)! 1F+>-.-1F+(W! &AB(DGEJB&DAW! B(*GEJB&DA! @B! ADB@?! )*(! v\8\!CE&%%@u!9&AW!7@?!S@%%@?!7@BB(@?W!5*(&?W!LMML\!

!

HoI!!

!!!!!!!!!!!!

V*%J&G&E?\W!

!I-,,(*0)+4(!32!L+,;(!3(!E>)0-*W!$BEG@!J(&B&[E@!@B!B(*GEJB&DA!)*(!S\!S*jODEJO@W!5*(&?W!/(&AW!LMHH\!

V&J$(DA\W!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'(!>C+*9(*0+-*W!B@bB@!$B*K%&!@B!B(*GE&B!)*(!C\!6JO*(GW!5*(&?!7@?!S@%%@?!7@BB(@?W!HppI\!!'(!>)!*)024(!3(.!3+(2cW!B@bB@!B(*GE&B!@B!JDFF@AB$!)*(!V\!6E'(*Ru6??*R*?W!%@?!S@%%@?!7@BB(@?W!LMML\!!L2./2>)*(.!;.u..>W!B@bB@!$B*K%&!)*(!C\!ZD%O@AW!@B!B(*GE&B!)*(!v\!UEFK@(BW!5*(&?W!7@?!S@%%@?!7@BB(@?W!HphM\!

!.($A$@!G@!7RDA\W!!!I-*04(!>(.!O;4;.+(.W!B(*GEJB&DA!)*(!6\!1DE??@*EW!5*(&?W!V@(XW!Hp=<\!!7*JB*AJ@\W!!!'(!]1+<+/+-!'(+W!S\!S*jODEJO@!@B!2\!7EJ&*A&W!S(@)D%?W!3E(AODEBW!LMMp\!!

9*J(DK@\W!

!I-,,(*0)+4(.!)2!.-*?(!3(!$/+1+-*W!B@bB@!$B*K%&W!B(*GE&B!@B!JDFF@AB$!)*(!9\!6(F&??@Au9*(JO@BB&W!5*(&?W!7@?!S@%%@?!7@BB(@?W!LMMP!

9&AEJ&E?!Z@%&b\W!

!]/0)9+2.W!3@bB@!$B*K%&!@B!B(*GE&B!)*(!v\!S@*EQ@EW!5*(&?W!7@?!S@%%@?!7@BB(@?W!HphI\!

:'&G@\W!

!&;0),-41F-.(.W!3DF@!.!;.u/>W!B@bB@!$B*K%&!@B!B(*GE&B!)*(!C\!7*X*R@W!5*(&?W!7@?!S@%%@?!7@BB(@?W!Hpop\!

5%*BDA\W!!

!EF_34(W! B(*GEJB&DAW! &AB(DGEJB&DA! @B! ADB@?! )*(! :\! 1@A*E%BW! 5*(&?W! CZ!Z%*FF*(&DAWLMHL!!";12A>+G2(W!B@bB@!$B*K%&!@B!B(*GE&B!)*(!4\!VO*FK(RW!5*(&?W!3@%uC*%%&F*(GW!Hp=L\!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!.AB(DGEJB&DAW!B(*GEJB&DA!@B!ADB@?!)*(!1\!S*JJDEW!C*(A&@(uZ%*FF*(&DAW!!!!!!!!!!!Hpoo\!!!!

L+,;(K!B(*GEJB&DAW!ADB&J@!@B!ADB@?!)*(!4\!VO*FK(RW5*(&?W!C*(A&@(uZ%*FF*(&DAW!Hpop\!!!!!!!!!!!!!5($?@AB*B&DA!@B!B(*GEJB&DA!)*(!7EJ!S(&??DAW!5*(&?W!C*(A&@(uZ%*FF*(&DAW!HppI!

!

Ho<!!

EF;3-*W!&AB(DGEJB&DAW!B(*GEJB&DA!@B!ADB@?!)*(!9\!#&b?*EBW!5*(&?W!C*(A&@(uZ%*FF*(&DAW!HppH!

5%&A@!%+*AJ&@A\W!

!O+.0-+4(!@)024(>>(W!!

7&'(@!g.W!B@bB@!$B*K%&W!B(*GE&B!@B!JDFF@AB$!)*(!6\!6(ADEB!@B!1\!5$)&AW!5*(&?W!7@?!S@%%@?!7@BB(@?W!HpIh\!

2$A_[E@\W!

!n2(.0+-*.!*)024(>>(.W!3DF@!.W!%&'(@?!.u...W!B@bB@!$B*K%&!@B!B(*GE&B!)*(!5\!:%B(*F*(@W!5*(&?W!7@?!S@%%@?!7@BB(@?W!HpLp\!

/*((DA\W!

!B)!>)*?2(!B)0+*(W!B@bB@!$B*K%&W!B(*GE&B!@B!JDFF@AB$!)*(!5\!Z%DK@(BW!5*(&?W!7@?!S@%%@?!7@BB(@?WHp=<\!

/&(`&%@\W!

!^2/->+G2(.W!B@bB@!$B*K%&!@B!B(*GE&B!)*(!0\!G@!2*&ABu!#@A&?W!5*(&?W!7@?!S@%%@?!7@BB(@?W!HpIL\!

!

G&+('-)!Z!E*/1*0++&*#')!

'+/0+-**)+4(!3MF+.0-+4(!(0!3(!?;-?4)1F+(!(//>;.+).0+G2(!;'OPQ>W!7@BDEm@R!@B!6A$W!

5*(&?W!HpHLW!3\!HHW!JD%DAA@\!HP<MW!*(B&J%@!]!V*??&DGD(@^!\!!

'+/0+-**)+4(!3(!0F;->-?+(!/)0F->+G2(5W!3\!.W!*(B&J%@!]!iF@!^W!JD%\!phhuHMM<!@B!

*(B&J%@!]!6E`E?B&A!;?*&AB>!^!W!JD%\LLo=uLIhI\!

'+/0+-**)+4(!>)0+*a<4)*Ù)+.!3(.!)20(24.!/F4;0+(*.W!)*(!S%*&?@\!6W!3E(AODEBW!Hp<IuHpohW!(@'E!@B!JD((&`$!?DE?!%*!G&(@JB&DA!G@!5*E%!3DFK@E(W!LMM<\!

'+/0+-**)+4(!3(.!1F+>-.-1F(.!)*0+G2(.W!?DE?!%*!G&(@JB&DA!G@!1\!CDE%@BW!5*(&?W!V-12W!HppI\!

S%*&?@!6\W!&)*2(>!32!>)0+*!/F4;0+(*W!2B(*?KDE(`W!7@!7*B&A!VO($B&@AW!Hp<<\!

V*R($!Z\W!E)04->-?+(!(0!F+.0-+4(!3(!>)!0F;->-?+(W!3\!HW!5*(&?W!#@?J%$@W!HpP=\!

#EFDAB!v\5\W!B(.!E4;.-/4)0+G2(.W!5*(&?W!7*!5%$&*G@W!p==\!

!

Hoo!!

!

2*Q#')!Z!\1(,')!

!

S*`E@BB@!V\W!]!,A@!)$(&DG@!?BDxJ&@AA@!G@!%*!)@A?$@!G@!?*&AB!6E`E?B&A!^!W!"(92(!3(.!#023(.!*E`E?B&A&@AA@?W!Ho!;HphM>!"!IhuI=\!

S*(GR!C\W!BM;?>+.(!(0!>(.!3(4*+(4.!4-,)+*.W!5*(&?W!1\!7*XXDABW!HpI=\!!!!!!!!!!!!!!!!!]!V*??&DGD(@! @B! %*! X&A! GE! FDAG@! *AJ&@A!^W!BM6**;(! 0F;->-?+G2(!)2?2.0+*+(**(W!o!;HpIo>!"!P=PuIL<\!!!!!!!!!!!!!!!!!!B)!B+00;4)024(!>)0+*(!/F4;0+(**(W!5*(&?W!S%DEG!¬!C*RW!HpLp\!

S*(A@R! 2! 6W! 7@k&?!l! vW! S@*JO! v! 6!¬! S@(`ODX! :\W! )(@??!"!LF(! #0=,->-?+(.! +<!H.+3-4(!-<!$;9+>>(W!V*FK(&G`@!EA&'@(?&BRW!LMMoW!@A!%&`A@!?E(!"!

OBB)"|)DBu)DE((&\B@bB@|&?&GD(E?|@BRFD%D`R\)GX\!!

S*(A&?O!2\v\S\W!]!3O@!kD(j!DX!V*??&DGD(E?!*XB@(!O&?!JDA'@(?&DA!^W!B)0-,2.W!I=W!;Hp=p>!"!<hu=h\!

S@??@%**(!'*A!G@A!v\W!]!V*??&DGD(D!2@A*GD(!@!%*!VE%BE(*!1@B­(&J*!#@!2E*!4)DJ*!^!W!"(9+.0)!3(!B(04).W!H!;HpoM>!"!HHu<L\!

SQD(A%&@!9\2\W!E->+0+/.!)*3!L4)3+0+-*!A(0d((*!"-,(W!")9(**)!)*3!I-*.0)*0+*-1>("!6!$023=!-<!I)..+-3-42.!)*3!0F(!`)4+)(!~moa~~|\!V*FK(&G`@!?BEG&@?!&A!F@G&@'*%!%&X@!*AG!BODE`OB\!ZDE(BO!?@(&@?W!=p\!V*FK(&G`@W!-@k!8D(j!"!!V*FK(&G`@!,A&'@(?&BR!5(@??W!LMHP\!!!!

S($O&@(!4\W!B)!1F+>-.-1F+(!32!&-=(*aN?(W!5*(&?W!6%K&A!9&JO@%W!]!7+$'D%EB&DA!G@!%+OEF*A&B$!^W!HpIp\!

SDA&AD!2!3\W!]!5O&%D?D)O@(!X*J@!*Eb!K*(K*(@?!^W!^2>>(0+*!3(!>+00;4)024(!(//>;.+).0+G2(W!HML;I>W!;LMMI>!"!Lp<uPM=\!

SD(A@J[E@!U\W!B(.!/>)2.2>(.!,;04+G2(.!>)0+*(.W!7&%%@W!HpMh\!

!S(&??DA!v!%\W!CDA`DE(G@*E!9!U!@B\!2D%_(@!v!7W!BM(,A4=-*K!<-4,)0+-*!(0!)*+,)0+-*K!5*(&?W!v\!/(&AW!LMM=!

S(D*GO@*G!U\#\W!B)0+*!14-.(!4F=0,W!V*FK(&G`@W!HpLL\!

S(DkA!5\W!]!3O@!7*B@(!1DF*A!0F)&(@!^!W!LF(!Q/-*-,+/!O+.0-4=!"(9+(dW!LMW!L!!;Hpoh>!"!PLhuPIP\!

S(�AOD%Bm!Z\W!O+.0-+4(!3(!>)!>+00;4)024(!>)0+*(!32!,-=(*!D?(\!.!"!#@!V*??&DGD(@!N!%*!X&A! G@! %*! (@A*&??*AJ@! J*(D%&A`&@AA@\! H!"! 7+$)D[E@! F$(D'&A`&@AA@W! 3E(AODEBW!S(@)D%?W!HppM\!

!

Hoh!!

VOE(JO!1!l\W!&+./(>>)*(2.!)..)=.W!7DAGDAW!H===!"\]!V*??&DGD(E?!^!W!)\!H<<\!

VDG&)D?B&!7©\W!BM)*+,)!.(/-*3-!I)..+-3-4-! +>>2.04(! <+?>+-!3(!$G2+>>)/(W!A@%!g./!J@AB@A*(&D!G@!%*!?E*!FD(B@!<=PuHp=PW!2[E&%%*J@W!C(*X&J*!2&%&)Du7EJ&*W!Hp=P\!

VDE(J@%%@!5\W!B(.!>(004(.!?4(/G2(.!(*!-//+3(*0!3(!&)/4-A(!g!I)..+-3-4(W!5*(&?W!0\!#@!SDJJ*(GW!HpIP\!

V(DJJD!6\W!].%!7&K@(!3(!6*+,)!G&!V*??&DGD(D!^!W!$)1+(*u)W!"+9+.0)!+*0(4*)u+-*)>(!3+!<+>-.-<+)!(!3+!0(->-?+)W!L<!;HphL>!"!H\!PPuop\!

V(Em! 5DAB@?! v\! 9\W! ]!7@! )(DK%_F@! G@! %+D(&`&A@! G@! %+aF@! G@! %*! )*B(&?B&[E@! N! %*!?D%EB&DA! BODF&?B@!^W!"(/F(4/F(.!3(! 0F;->-?+(!)*/+(**(!(0!,;3+;9)>(W!'D%\!ggg.W!;HpoI>!"!Hh<uLLp\!

!!!!#&*JDAE!6!Z\W! ]!7*! X@FF@!JO($B&@AA@! @B! ?DA! ?B*BEB! G*A?! %Y*AB&[E&B$!^W! LMM=\!0A!%&`A@!"!!

OBB)"||kkk\JF&\&AB@(JE%BE(@%\D(`|X&%@?|G&*JDAE;%@K*G*>\*A*X@%&*J&*\X@FF@\JO(@B&@AA@\)GX\!

!#*`DAA@B!Z\W!I-*.+3;4)0+-*.!.24!>C+3;(!3(!*)024(W!5*(&?W!/(&AW!HppM\!

!#@%@O*R@!U\W!]!2*&AB!V*??&DGD(@!^W!&A!&;>)*?(.!E)2>!J)A4(!"!#023(.!3MF+.0-+4(!32!!!&-=(*!N?(W!5*(&?W!5&J*(GW!HpMLW!)\!IM\!

#+0%&*! Z©\W! BM6*04-1->-?+)! 3+! I)..+-3-4-! 04)! +.1+4)u+-*(! )?-.0+*+)*)! (!.2??(.0+-*+!3(>!,-*3-!/>)..+/-!"!ADB@!B@D(&J@!@!X&%D%D`&JO@!?E%!'(!)*+,)W!C@?E*%G&!0G&BD(@W!Hp=h\!

#&*JDAE!6!Z\W!]!7*!X@FF@!JO($B&@AA@!@B!?DA!?B*BEB!G*A?!%Y*AB&[E&B$!^W!@A!%&`A@!?E(!"!OBB)"||kkk\JF&\&AB@(JE%BE(@%\D(`|X&%@?|G&*JDAE;%@K*G*>\*A*X@%&*J*\X@FF@\JO(@B&@AA@\)GX\!

#&!9*(JD!9\W!I-*/-43)*u)!3(>!'(!)*+,)!3+!I)..+-3-4-W!S&K%&DBO@J*!/&'*(&@A?&?!HW!2D'@(&*\!9*AA@%%&W!Hppo\!!!!!!!!]!2J@%B*! @! EB&%&mm*m&DA@! G@%%@! XDAB&! A@%!'(! )*+,)! G&! V*??&DGD(D!^\! $023+! (!,)0(4+)>+!3+!.0-4+!3(>>(!4(>+?+-*+W!<H!;Hp=<>!"!pPuHHh\!!!!!!!!]!ADB@! ?E(! %*! ?&FKD%D`&*! G@&! AEF@(&! A@%!'(! )*+,)! G&!V*??&DGD(&!^! &A!')>>)!/-40(!3+!")9(**(!)>!`+9)4+2,!3+!$G2+>>)/(W!2*AG(D!7@*Am*W!1EK@BB&ADW!HppPW!))\!HppuLHL\!!#&! 9*(B&AD! V\W! ]!.%! (ED%D! G@%%*! &AB@AB&D! A@%%+@'D%Em&DA@! G@%%*! )?&JD%D`&*! G&!6`D?B&AD!"!G*%!#@!%&K@(D!*(K&B(&D!*%!#@!3(&A&B*B@!^W!"(95!#0235!62?W!ILW!LMMM\!

#D&`ADA! v\W! ]!,A! X*&?J@*E! G@!F$B*)OD(@?! )%*BDA&J&@AA@?! G*A?! %@?! $J(&B?! G@! ?*&AB!6E`E?B&A!G@!P=o!^W!"(92(!3(.!;023(.!)2?2.0+*+(**(.!IM!;HppI>!"!PpuIP\!

#EK(@EJ[!4\W!]!VO*&(W!JD()?W!@B!aF@W!%@?!XD(FE%*B&DA?!G@!%*![E@?B&DA!G@!%+aF@!JO@m!?*&AB!6E`E?B&A!^!"(/F(4/F(.!3(!./+(*/(!4(>+?+(2.(W!=IuP!;Hppo>!"!P<HuPhL\!

!

Ho=!!

Z*E'&A@Bu1*A?DA! /W! ]!,A@! ($)DA?@! G@! V*??&DGD(@! N! %*! JDA?D%*B&DA! G@! %*!)O&%D?D)O&@!^W!"(92(!3(.!;023(.!)2?2.0+*+(**(.W!<<W!;LMMp>!"!LIhuoI\!

Z@?BE`&_(@!6! v\W!B)! 4;9;>)0+-*!3MO(4,_.!L4+.,;?+.0(W! ...W! %@?! GDJB(&A@?!G@! %+aF@W!5*(&?W!7@?!S@%%@?!7@BB(@?W!HppM\!

Z&*JJ*GD(&!C\W!]!V*??&DGD(E?!*AG!BO@!?JODD%!DX!-&?&K&?!^W!'2,A)40-*!-)j.!1)1(4.!Pp!;Hp=<>!"HP<uPh\!

ZDAB*&A@!v\W!B)!>+00;4)024(!>)0+*(!/F4;0+(**(W!5*(&?W!5\,\ZW!HphM\!

ZD(B&A! 0\7\W!IF4+.0+)*+.,(! (0! /2>024(! 1F+>-.-1F+G2(! )2! /+*G2+_,(! ?&_J%@W! 5*(&?W!4BEG@?!*E`E?B&A&@AA@?W!Hp<p\!

Z(&GO! �\W! L(4,+*->-?+(! (0! <-4,2>(.! 3)*.! >(.! `)4+)(! 3(! I)..+-3-4(W! CwB@KD(`W!Hp<o\!!!!!!!!!!!!!!!!]!VDAB(&KEB&DA! N! %*! J(&B&[E@! @B! N! %+&AB@()($B*B&DA! G@?! `)4+)(! G@!V*??&DGD(@^W! !6/0)! 4(?+)(! .-/+(0)0+.! ./+(*0)42,! (0! >+00(4)42,! ?-0F-A24?(*.+.! IW!CwB@KD(`W!Hpo=\!!!!!!!!!!!!!!!!!!!!#023(.! /4+0+G2(.! (0! .=*0)c+G2(.! .24! >(.! `)4+)(! 3(! I)..+-3-4(W!CwB@KD(`W!Hp<M\!

!C*%DAA&@(!6\W!]!7+@AJRJ%D)$G&?F@!?*J($!GE!'(!)*+,)!G@!V*??&DGD(@!^W! &A!C(DE%B!9!;@G\>W!B(.!(*/=/>-1;3+(.W!/-*.042/0+-*!(0!/+4/2>)0+-*!32!.)9-+4!3(! >M)*0+G2+0;!g!i+>j+1;3+)W!5*(&?W!7+U*(F*BB*AW!LMHH\\!®®®!!!!!!!!!!!!!!!!!]!^-_/(W!]12./2>)!$)/4)W!JD%%@JB&DA!"!)O&%D?D)O@?!F$G&$'*EbW!BDF@!g7/..W!'D%\!HW!7DE'*&Au5*(&?W!LMMh\!®®®!!!!!!!!!!!!!!!!!!!]!^-_/(!-2!>)!/F)Ú*(!3(.!.)9-+4.!^W!7DE'*&Au5*(&?W!LMMP\!!!!!!!!!!

!!

C*EJO@B!9\W!!B(!3;.(*/F)*0(,(*0!32!,-*3(W!5*(&?W!C*%%&F*(GW!Hpo<W!5\!..\!

C@(?JO! 2\W! ]!V*??&DGD(@!^W! '+/0+-**)+4(! 3(.! 1F+>-.-1F(.! )*0+G2(.W! ?DE?! %*!G&(@JB&DA!G@!1\!CDE%@BW!5*(&?W!V-12W!HppIW!3\!..!W!))\!LPLuPI\!

!

CO@%%&AJj!v!G@\W!B+00;4)024(!B)0+*(!)2!,-=(*aD?(W!B\H!"G@)E&?!%@?!D(&`&A@?!QE?[E+N!%*!X&A!G@!%*!(@A*&??*AJ@!J*(D%&A`&@AA@W!5*(&?W!S%DEG!¬!C*RW!HpPp\!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!E)04+.0+G2(! (0! &-=(*! N?(W! O+.0-+4(! >+00;4)+4(! (0! 3-/04+*)>(W!#@?J%$@!G@!S(DEk@(W!HpoHW!3\!.!@B!..\!

!C&%?DA!4!\W!H*04-32/0+-*!g!>M;023(!3(!.)+*0!62?2.0+*W!5*(&?W!/(&AW!Hpop\!!!!!!!!!!!!!!!!!!!B)!1F+>-.-1F+(!)2!&-=(*aN?(W!5*(&?W!5*RDBW!HpII\!!!!!!!!!!!!!!!!!!!BM(.14+0!3(!>)!1F+>-.-1F+(!,;3+;9)>(W!5*(&?W!v\!/(&AW!Hp=p\!!C&m@k?j&!V\W!]!#&@!jDA'@(?&DA!V*??&DGD(?!*%?!3R)E?!)D%&B&?JO@A!U*AG@%A?!^!

!!!!!!!!!!!!!!0A!%&`A@!?E(!"!OBB)?"||*`&k\X*jH\BE\K@(%&A\G@|2J(&)BD(&EF|2o\OBF%\!

!

Hop!!

C(DE%B!9\W!B(.!(*/=/>-1;3+(.W!/-*.042/0+-*!(0!/+4/2>)0+-*!32!.)9-+4!3(!>M)*0+G2+0;!g!i+>j+1;3+)W!5*(&?W!7+U*(F*BB*AW!LMHH\!

CE&`A@K@(B! V\W! ]!1@F*([E@?! ?E(! [E@%[E@?! JDAJ@)B&DA?! JO($B&@AA@?! *AB&[E@?!BDEJO*AB! %+D(&`&A@! @B! %*! A*BE(@! G@! %+aF@!^W! "(92(! 3MF+.0-+4(! (0! 3(! 1F+>-.-1F+(!4(>+?+(2.(!;HpLp>!"!IL=uI<M\!

U*%)D(A!v!l\W!!!]!3O@! @G&B&A`! DX! )*B(&?B&J! B@bB?!"! BO@! J*?@! DX! V*??&DGD(E?!^W! "(92(! 3(.! #023(.!62?2.0+*+(**(.W!PM!;Hp=I>!"!HMhuHLo\!!!!!!!!!!!!!!!!!!!!!!!!]!3O@! F*AE?J(&)B?! DX! V*??&DGD(E?+! '(! )*+,)!^W! L4)3+0+-W! H<!;Hp<p>!"!P=<u=h\!!!!!!!!!!!!!!!!!!!!!!]!0*(%R!)(&AB@G!DX!V*??&DGD(E?+!'(!)*+,)!^W!L4)3+0+-W!<H!;Hppo>!"!Lp<upo\!;HpI<>!"!IPPuIL\!

vDA@?W!7\l\W!]!3O@!&AX%E@AJ@!DX!V*??&DGD(E?!DA!F*@G&@'*%!JE%BE(@!^W!$1(/2>2,W!LM!;HpI<>!"!IPPuIL\!!!!!!!!!!!!!!!!!!!!!!]!ZEBO@(!ADB@?!JDAJ@(A&A`!V*??&DGD(E?+!&AX%E@AJ@!DA!F*@G&@'*%!JE%BE(@!^W!$1(/2>2,W!LLW!L!;Hpoh>!"!L<Iu<o\!!!!!!!!!!!!!!!!!!!!!!]!-DB@?!DA! BO@! ?BR%@!*AG!'DJ*KE%*(R!DX!V*??&DGD(E?+! .A?B&BEB&DA@?!^W!I>)..+/)>!1F+>->-?=W!IMuH!;HpI<>!"!LIuPH\!

7*K(&D%%@! 5! G@\W! O+.0-+4(! 3(! >)! >+00;4)024(! >)0+*(! /F4;0+(**(W! 5*(&?W! 7@?! S@%%@?!7@BB(@?W!HpLM\!

7@J%@(J[!v\W!BM),-24!3(.!>(004(.!(0!>(!3;.+4!3(!'+(2W!5*(&?W!V@(XW!LMM=\!!!!!!!!!!!!!n2+(.!I-*0(,1>)0+-*+.W! +*!]0+)!&-*).0+/)! "!#023(.!.24!>(!9-/)A2>)+4(!3(!>)!/-*0(,1>)0+-*+.!)2!&-=(*!N?(W!2BEG&*!6A?@%F&*A*!<HW!1DF@W!HpoP\!!7@DA@!9\W!]!2&`A?!DX! BO@! ?DE%!"!3Dk*(G!*!2@F&DB&J?!DX!1@%&`&DE?!2EKQ@JB&'&BR!^W!$+?*.!)*3!$-/+(0=W!/D%\!HW!-�!HW!LMHPW!))\HH<uH<p\!

7@'@B!S\W!B)!0F;-4+(!32!?(*4(W!5*(&?W!C(*??@BW!LMMI\!!

7*&?B@(! 7! 9! l\W! ]!2DF@! 1@X%@JB&DA?! DA! 7*B&A! U&?BD(&J*%! l(&B&A`! &A! BO@! Z&XBO!V@ABE(R!^!I>)..+/)>!EF+>->-?=W!P<W!P!;HpIM>!"!LIHu<=\!

!

7EK*J! U! G@\W! Qc;?_.(! &;3+;9)>(K! >(.! G2)04(! .(*.! 3(! >M;/4+024(W! 5*(&?W! 4G&B&DA!9DAB*&`A@W!HpoH\!

9J!CE&(@!915W!]!BO@!G@J%&A@!DX!BO@!jADk%@G`@!DX!`(@@j!&A!BO@!k@?B!X(DF!J\!H<M!BD!BO@!G@*BO!DX!V*??&DGD(E?!^W!I>)..+/)!J->+)W!HPW!Hp<pW!))\!PuL<\!

9*G@J! C\W! ]!6E`E?B&A! G&?J&)%@! @B! *G'@(?*&(@! G@! 5D()OR(@!^W! "(92(! 3M#023(.!62?2.0+*+(**(.!(0!E)04+.0+G2(.W!HMu!IW!;HpoI>!"!Po<uop\!

9*((DE!U! .\W!$)+*0! 62?2.0+*! (0! >)! <+*! 3(! >)! /2>024(! )*0+G2(W! 5*(&?W!#@!SDJJ*(GW!HpIp\!

!

HhM!!

9*(B&A! 1!9\W! ]!7+&FFD(B*%&B$! G@! %+aF@! G+*)(_?! 1DK@(B! G@!9@%EA!^W!"(92(! *;-a./->).0+G2(!3(!1F+>-.-1F+(W!IH!;HpPI>!"!HL=uI<\!

9*?E%%D!1\W!]!.%!?DBBDXDAGD!JE%BE(*%@!G@%!'(!)*+,)!G&!V*??&DGD(D!^W!I2)3(4*-.!3(!<+>->-?+)!/>g.+/)\!Q.023+-.!>)0+*-.!=!;Hpp<>!"!H=HupL\!

9*BB@k?! v! Z\W! ! LF(! '(/>+*(! -<! 0F(! i(.0(4*! Q,1+4(! )*3! 0F(! $249+9)>! -<! H0.!64+.0-/4)/=5! 1@'&@k!KR! 5\! lD(F*%G! "! ]!l@?B@(A! 6(&?BDJ(*J&@?! *AG! .F)@(&*%!VDE(B!^W!LF(!k-24*)>!-<!"-,)*!$023+(.W!oo!;Hpho>!"!LHhuLLo\!

9@(%@*Eu5DABR! 9\W! EF;*-,;*->-?+(! 3(! >)! 1(4/(10+-*W! 5*(&?W! C*%%&F*(G! �3@%�W!Hpho\!!

9@R'*@(B!5\W!]!S_G@W!V*??&DGD(E?W!*AG! BO@!VDG@b!6F&*B&AE?!^! W!$1(/2>2,!hHW!I!;Hppo>!"!=Lhu=P\!

9DD(O@*G!v\W!LF(!"-,)*!(,1+4(!3+9+3(3!|ÍÍaoÍÍW!0G&AKE(`OW!5@*(?DA!0GEJ*B&DAW!LMMH\!

-*G@*E!V\W!B(!9-/)A2>)+4(!3(!.)+*0!62?2.0+*W!5*(&?W!0%%&)?@?W!LMMp\!

-&JD%*E!9!C\W!]!-DB@?!?E(!%+O&?BD&(@!GE!JE(?E?!(RBOF&[E@!^!W!64/F+92,!B)0+*+0)0+.!&(3++!6(9+!/..!;HpPL>!"!PouP=\!!!!!!!!!!!!!!!!!!!!!!!!!!!]!7@?!G@Eb!?DE(J@?!G@!%*!'@(?&X&J*B&DA!%*B&A@!*JJ@ABE@%%@!^W!%*+-*!6/)3;,+G2(!H*0(4*)0+-*)>(W!S(Eb@%%@?W!HpPI\!

-&[E@Eb!9\W! ]7*!F&B&`*B&DA! G@?! )@&A@?! G@! %+@AX@(! G*A?! %@?! %$`@AG@?! G@! vEG*?!^W!"(92(!3(.!;023(.!.>)9(.W!hhuIW!;LMMo>!"!<IHu<<P\!!

-D(K@(`!#\W!&)*2(>!14)0+G2(!3(!>)0+*!,;3+;9)>W!5*(&?W!5&J*(GW!Hp=M\!

-DE`*(@B!7\W!L4)+0;!3(!,;04+G2(!>)0+*(!/>)..+G2(W!5*(&?W!T%&AJj?&@JjW!Hp=o\!

:K@(O@%F*A2! 9! @B! U*%%! 1! C\W! ]!6! A@k! ?B*B&?B&J*%! *A*%R?&?! DX! *JJ@ABE*%! )(D?@!(RBOF?!&A!&F)@(&*%!%*B&A!*EBOD(?!^!W!I>)..+/)>!EF+>->-?=W!hpW!L!;Hp=I>!"!HHIuPM\!

5D(B*%&$!0\W!6E`E?B&A!;?*&AB>W!'+/0+-**)+4(!3(!0F;->-?+(!/)0F->+G2(W!3\.W!JD%\!LLo=uL<hL\!

5DEG@(DA! S! @B! #E'*%! 8\9\W! BMO+.0-4+-?4)1F+(! 3(! >M#?>+.(! 3(.! 14(,+(4.! .+_/>(.W!!5*(&?W!S@*EJO@?A@W!LMMH!;3O$D%D`&@!U&?BD(&[E@\!HHI>!

}E&JO@(*B!7\W!E4-.-3+(!>)0+*(W!5*(&?W!U*JO@BB@W!H=pP\!

1*AG!0!T\W!]!3O@!A@k!V*??&DGD(E?!^!W!$1(/2>2,!HPW!I!;HpP=>!"!IPPuIh\!

1&JO$!5\W!#32/)0+-*!(0!/2>024(!3)*.!>M-//+3(*0!A)4A)4(W!5*(&?W!2@E&%W!HpoL\!

1&Qj!7!9!G@\W!B)!1F+>-.-1F+(!)2!,-=(*!D?(W!7@&G@AW!0\v\S(&%%W!Hp=<\!

!

HhH!!

1D`@(!9\W!BM(*.(+?*(,(*0!3(.! >(004(.!/>)..+G2(!3M62.-*(!g!6>/2+*W!C@D(`!:%F?W!U&%G@?JO@&FW!HpM<\!

2*`@! 6\W! ]!7@! )$JO$! D(&`&A@%\! -*&??*AJ@! G+EA! GD`F@!^W! "(92(! 3(.! #023(.!62?2.0+*+(**(.W!/D%\!g...W!HpohW!))\!h<uHHL\!!!!!!!!!!!!!!!!]!7@! )$JO$! D(&`&A@%! G*A?! %*! )@A?$@! G@! ?*&AB! 6E`E?B&A! G@! IHL! N! IPM!^W!"(92(!3(.!#023(.!62?2.0+*+(**(.W!'D%\!g...W!HpopW!))\!LHHuI=\!

2JOA@&G@(! 6\W! ]!#&@! 0(@j@AA&?%@O(@! K@&! S@`&AA! G@! 2JOD%*?B&j!"! V*??&DGD(!^! W!EF+>-.-1F+./F(.!k)F4A2/FW!ZE%G*W!/@(%*`!G@(!ZE%G*@(!6JB&@AG(EJj@(@&W!PI!;HpLH>!"!LL<u<L\!

2D%&`A*J!6\W!]!7@?!X(*`F@AB?!GE!'(!@)024)(!6*+,)(!G@!vE%&@A!5DF_(@!^W!^2>>(0+*!3(!B+00;4)024(!Q//>;.+).0+G2(W!HphIW!3\!h<W!))\!IHuoM\!!

2E@%m@(! 9! v\W! ]!3O@! J%*E?E%*@! &A! V*??&DGD(E?!^W! $023+(.! +*! ,(3+(9)>! )*3!4(*)+..)*/(! >)0+*! >)*?)?(! )*3! >+0(4)024(W! g/..W! l*?O&A`BDAW! 3O@! J*BOD%&J!EA&'@(?&BR!DX!*F@(&J*A!)(@??W!HpII\!

3&b@(DAB!v\W!O+.0-+4(!3(.!3-?,(.!3)*.!>M)*0+G2+0;!/F4;0+(**(W!5*(&?W!C*K*%G*W!HpPH\!

3(DEB!#@AA&?!0\W!E)2>+*2.!-<!@->)5!B+<(W!B(00(4.W!)*3!E-(,.\!LF(!L4)*.<-4,)0+-*!-<!0F(!I>)..+/)>!O(4+0)?(!gg/..\!S@(j@%@R"!,A&'@(?&BR!DX!V*%&XD(A&*!5(@??W!Hppp\!

/*%%@B!:\W!J(,,(.!(0!4(>+?+-*.5!';(..(.!-2!.(49)*0(.!3(!'+(2!�!5*(&?W!C*%%&F*(GW!HppI\!!

/@(K@j@!C\W!BC;9->20+-*!3(!>)!3-/04+*(!32!E*(2,)!32!.0-t/+.,(!g!.)+*0!62?2.0+*W!7DE'*&AW!5*(&?W!#@?J%$@!G@!S(DEk@(W!HpI<\!!

!/R'@(!6!'*A!G@\W!]!V*??&DGD(@!@B!?DA!cE'(@!^!W!$1(/2>2,!o!;HpPH>!"!LIIupL\!!!!!!!!!!!!!!!!!!!!!!!!!!!!!]!7@?!$B*)@?!G@!G@'@%D)))@F@AB!)O&%D?D)O&[E@!GE!O*EB!FDR@Aua`@!^W!"(92(!A(>?(!3(!1F+>->-?+(!(0!3MF+.0-+4(!=!;HpLp>!"!IL<u<L\!!tEJj@(!6\W!]!%*!)OR?&D`ADFDA&@!*AB&[E@!@B!%@!%*A`*`@!*A&F*%!GE!JD()?!*)\!v\V!^\!0A!%&`A@!"!OBB)?"||(E(?E?\(@'E@?\D(`|<=\!

!!

!!!!!!!!!

!

HhL!!

!!

!>*1&1*0+)!Z!=$T$#'+/')!O*H-*R(')!

!!

7@?!JO&XX(@?!'+!P#&)!(@A'D&@AB!*Eb!ADB@?!X&A*%@?!G@!%*!B(*GEJB&DAW!%@?!JO&XX(@?!(*!+0)>+G2(!*Eb!ADB@?!G@!%+.AB(DGEJB&DAW!%@?!JO&XX(@?!AD(F*Eb!*E!B@bB@\!

!

6*/+(*!L(.0),(*0!

!

2'!"'+1&1'(R('!"!CA!"!lW!m{amoW!;]^>!_!mW!oW!;`a]WHP>!u!|W!lÍW!;`^a>C!!

0b!"!l|W!mlammW!;^^b>!c!loW!{W!;^da>\!

2')!2*Q#')!B*)10#*R(')!"!vD?!"!lÍW!l}W!;^de>\!H!1!"!oW!lW!;^^e>\!

!L!1!"!IW!P<W!;^df>!a!{W!loW!;^^]>W!u!oW!H=W!;^^g>!

7')!2*Q#')!%0$1*R(')!"!5?!"!||W!lÍW!;^b^>\!}D"!lW!mW!;^bd9!>\!_!lW!×W!!

;^bb>\u!HL!;ahW!Ih>W!2`!"!×W!lW!;^b`>\!_!vW!l~W!;hh!@B!ag>\!_!llW!mlW!;`^dW!@B!HLW!v{>\!

2')!"#0%BV1')!"!.?!"!~oW!l{W!;abWIh>\!#A!"!}W!v|W!;^dh>\!u!l}W!|mW!;`^h>\!

0mW!PPW!HHW!;^^f>\!!

!

@-29()2!L(.0),(*0!

!

2')!<Q&+P*-')!"!9B!"!IW!HMW!;^ba>!�!IW!HpW!;df^>\!u!<W!=W!;^e^>5!aoW!oW!;d`b>\!c!!

m~W!|l!@B!m~W!|{K!;!^a]>!

;^a]>W!9J!"!×W!}{W!;d`^>\!7J!"!lW!}~W!;`bd>\!_!llW!vW!;d`b>\!_!l{W!m}am|W!;``g>\!!

vA!"!lW!vW!;```!@B!^hgW!l~×!@B!lv}>\!c!|W!m|W!;dd>\!_!l|W!{W!;^bf!@B!d``>!

l|K!ll;^bf>\!!6J!"!}K!m_!oa!@B!×W!;^db>\!_!~W!l~W!;^d]>\!

2')!<%W1#')!,'!)&*+1!"&(-!"!1F!"!llW!}}W!;``f>\!_!llW!}|W!;`hg>\!H!VD!"!lmW!!

mla!m}K!Û^`f>5!_!l}W!vW!;`bf>\!_!l}W!lmW!;^e^>\!u!l~W!mmW!;`b`>\!ul~W!~~W!;dfd>\!!

4)!"!mW!mW!;^^h>\!®!<W!LpW!;hd>W!5O!"!mW!{W!;``e>\!_!mW!oW!;dff>\!

H!3O!"!{W!loW!;`f]>\!!

!

!!!!!!!!!!<%*1#')!/&1B0-*R(')"!H!vAW!}W!mW!;^bg>\!u!L!5!"!}W!vW!;^^f>\!6)!"!lmW!vW!;^gg>\!�!mÍW!lÍW!^a]!!!!!

!

!

HhP!!

!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#$%&'($!)*(!%+,-./012.34!56,7!/67418!9:-35077.01!...!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&#$'!&(!)'*+!,'!-.$/0-'!,0/10#&-'!23456789!2:;;<=3;6=789!!

!!!!!!!!!!!!!!!!!!!!!!!!!>62;6=789!>:?:2:83;:@48!i7E!h]j!'1!,'!-A(+*1$!,'!='/B'#/B'!>C=C:C8C7C8C!!

!!!!!!!!!!!8%$/*&-*1$!D!<;6E78!5=7>F678!7;!23;:478!!

!!!!!!!!!!!5($?@AB$@!)*(!696-#!C4/6,#6-!!

!!

!

!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!2DEB@AE@!%@!HI!#$J@FK(@!LMH<!N!HI!OPM!G@'*AB!%@!QE(R!JDF)D?$!G@!"!!

!!!!!!!!!!!!!!!!!!!!!!!!!S$*B(&J@!S*jODEJO@W!)(DX@??@E(!G@!%*B&AW!EA&'@(?&B$!9DAB)@%%&@(!...!;G&!(@JB@E(>!!!

!!!!!!!!!!!!!!!!!!!!!!!!!S(EAD!S*((@*EW!)(DX@??@E(!G@!%*B&AW!EA&'@(?&B$!7RDA!...!

!!!!!!!!!!!!!!!!!!!!!!!!!.G*!C&%G*!9*?B(D(D?*W!)(DX@??@E(!GYO&?BD&(@!(DF*&A@W!EA&'@(?&B$!G@!Z%D(@AJ@!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!;!(*))D(B@E(>!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!5*E%!9*BB$&W!)(DX@??@E(!$F$(&B@!G@!%*B&AW!EA&'@(?&B$!7RDA!..!;(*))D(B@!!

!!

!

!!!!!!!!!!!!!!>388:@E@=79!E7!34:G39!

!!!!!!!!!!!!!!!!!!!!!!!!!!!;7U;7!23;:4!

!

HhI!!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

7.S01!96C-.!6,107..!V622.:#:1.!20-63:1.2!

#0!6-.96!

!

:C!F(*,!&J*/*!#'R(*)*('#(+1!

!!!VEF! &*F! ?E?J@)B&! D)@(&?! D)B*BD! X&A@! `*EG@(@FW! F@[E@! GEDG@J&F!

ED%EF&A&KE?! &*JB*BEF![E&@BE?!)D(BE?!@bJ&)@(@BW!EK&!@B?&!ADA! %*EG*BE?!J@(B@!

%&K@(*BE?! *GE@A@(*FW! *F&JD(EF! F@! ?E*E@! JD%%@`&EF! &A! ?*%EF! (E(?E?!

JD`&B*B&DA&?!@b)(@??&BW!)D?BE%*A?!EB!*%&[E*![E*@!B*F!&A!%&K(&?!?*J(&?![E*F!&A!

?*@JE%*(&KE?! *K?B(E?*! JDF)@(@(*F! G@! *A&F*@! ?EK?B*AB&*! E@%! G@! @&E?!

E&(BEB&KE?! *)@(&(@FW! JE&! G*BEF!@?B! B*F! &A`@AB&EF! (@(EF! ?@J(@B*! (@?@(*(@! d!

*GG@A?! A&F&?! &A@)BEF! @??@! ?&! @*F! )@(! [E*F! )%E(*! JD`AD?J&FE?! [E*?&! *!

ADK&?!*%&@A*F!&`AD(*(@!)*B&*FE(W!GEF!*G!DFA&*!?&B!EB&%@!AD??@![E*!?*)&FE?\!

-E%%*! @A&F! )@(@`(&A*! (@?! @?B! G@! ?@A?E! )(D)(&D! %D[E&W! [E*AGD! ?&K&! A*BE(*!

&AB@((D`*B*!(@?)DAG@BW!A@J!%DA`@!B@AG&B!EB!?@!&AE@A&(@!)(*@E*%@*B\!-DK&?JEF!

?@F)@(!@?B!&)?*![E*F![E*@(&FE?!d!*G@?BW!B(*JB*BW!%D[E&BE(W!@BW!?&!X*?!@?BW!&AB@(!

&?B*!A@?J&BE(\!5(D&AG@!ADB*!@??@!G@K@B![E*@!?&K&!)(*@?BD!@?BW![E&*!BEAJ!F*`&?!

*AB@!?@!)DA&BE(W!JEF!?EKB&%&E?!G@!&)?*!B(*JB*BE(\!!

!!!-*F! GEF! *! ?*)&@AB&KE?! )(*@J@)BEF! ?&B! EB! JD`AD?J*FE?! AD?F@B&)?D?W!

[E@F*GFDGEF!?E?B&A@(&!)DB@?BW!?&!AD?!O*K@FE?!&AJD`A&BD?!�!VE)&FE?!@A&F!

AD??@!)%*A@B*(EF!J*@%D!JDAB(*(&D?!JE(?E?W!?&`AD(EF!JDA?@AB*A@EF!%*)?EF\!

2EAB! @A&F! @b! @&?! *%&*! F*A@AB&*! FDBE[E@! J*(@AB&*W! *%&*! E@(D! [E*@! FDK&%&!

?@F)@(! (DB*B&DA@! E@(BEABE(! A@J! E%%&?! B@F)D(&KE?! JDA[E&@?JEAB\! U*@JW! EB!

FEAG*A&! GDJBD(@?! @b[E&(@(@! B@F)B*E@(EABW! *(FDA&*J&?! G@%@JB*B&DA&KE?!

!

Hh<!!

&A*@?B&F*K&%&! FDGE%*B&DA@! ED%EEABE(W! [ED(EF! B&AA&BE?! *B[E@! JDAJ@ABE?!

*GEA*BEF! @XX&J&B! GE%J&?DAEF! F@%D?\! #@?&G@(*FE?! @B&*F! JDF)(@O@AG@(@!

*%B&BEG&A@F!*@BO@(&?W!F@A?E(*F!B@%%E(&?W!AEK&`@(*?!)%EE&*?W!?*@E*@!`(*AG&A&?!

)(DJ@%%*?W! B(@FD(@F! ?B*K&%&EF! B@((*(EFW! A*BE(*F! E*`*AB&EF! E@ABD(EFW!

)(DXEAG&B*B@F! &AJDA?B*AB&?!F*(&?W! )DB@?B*B@?!E&(@AB&EF!O@(K*(EFW![E*BBED(!

@%@F@ABD(EF!)@(!DFA@!JD()E?!G&??DJ&*B*?!JDF)%@b&DA@?! d!@B! X@(@AGEF!@?B!

&)?*F! ?@?@! ?J&(@! ADA! )D??@! JE&! ?E)@(A@! G*BEF! @?B! B*AB*! G&?JEB@(@! �! -DA!

@A&F!*%&[E&G!JDAB@AB&DA@![E*@(&FE?W!?@G!(@?!)(DXEAG&??&F*?!FDG@?B&??&F@!

AD??@!G@?&G@(*FE?\!!

!!!#&?J*FE?! @(`D! )(&FEF! [E*(@! *A&F*! G&J*BE(W! G@&AG@! [E*%&?! ?&B! @&E?!

G@X&A&B&D! d! B@(B&DW! [E*@! ?&B! @&E?! [E*%&B*?! ?EK?B*AB&*%&?! d! [E*(BDW! ?&! XD(F*F!

*%&[E*F! O*K@(@! J(@G@AG*! @?B! d! [E&ABDW! [E*?! E&(BEB@?! O*K@*B!FD(*%@?W! [E*?!

`(*@J&!)4(0).!EDJ*ABW!*G!G@JE?!@&E?!@B!`%D(&*F!JDAB(&KEB*?!d!?@bBDW![E*@!&%%&!

?&AB! E&(BEB@?! A*BE(*%@?! *G! ?EK?B*AB&*F! ?J&%&J@B! JD()D(&?! JDAB&A@AG*F! d!

?@)B&FDW!G@!D(&`&A@!*A&F*@!G&??@(*BE(!d!DJB*EDW!JEF!?&B!)@(!DFA&*!F@FK(*!

G&XXE?*W!EK&!)DB&E?!&A?&G@(@!J(@G@AG*!@?B!d!ADADW!G@!JD()D(&?!&)?&E?!XD(F*!@B!

JDF)D?&B&DA@! AD?J*FE?! d! G@J&FDW! [E*?! )(D)(&@B*B@?! O*K@*B! *A&F*!

)@JJ*BD(EF! )@(! JDF)@B@AB&*! ADK&?! ?&`A*! G@J%*(@ABE(! d! EAG@J&FDW! [E*!

AD?J*ABE(! G&?J(@B&DA@! &E?BD(EFW! [E*B@AE?! [ED?! DJE%&?! &?B&?! E&G@(@! ADA!

)D??EFE?!)@(! &AG&J&*!)(DK*K&%&*!JD%%&`*FE?! d!GEDG@J&FDW! &A!(@?E((@JB&DA@W!

[E*F! E@(@! ?*)&@A?! J(@G&BW! [E&G! G@! ?&A`E%&?! X&@(&! ?@AB&*BE(! F*b&F@!

G@?&G@(*FE?! *`AD?J@(@W! [E*B@AE?! X(*`&%&*! JD(G*! FD(B*%&EF! *G! G&E&A&BE?!

)(DF&??*!G@?&G@(&*!JDAJ&B@ABE(\!!

!!!U*@J! ADK&?W! )(*@?B*AB@!#@DW! D(G&A@! JE?BDG&BD! (@?)DAG@W! EB! @B! AD?! X*J&%@!

)D??&FE?!&FKE&!@B!BE!`%D(&*F!G@K@*?!&AE@A&(@!GDJBD(&?\!

!

!

!

Hho!!

::C!F(*,!'*)!#')%0+)(J!)*1!

!

!!!#&b&!)(D)D?&B&DA@?!O*?!ADA!)(*@J@)B&?! (@`EF![E*@!AE)@(! *`@K*ABE(W! ?@G!

)(DXEAG&?! @B! (@FDB&?!G&*%D`&?! JDAE@A&(@![E&!ADA! B*F! &?B*?! *E(@?!JD()D(@*?!

?@G! &AB@(&D(&?! ODF&A&?! &AB@ABEF! *B[E@! )E(&??&FEF! [E*@(@(@! )(DK*ABE(!

*EG&BEF\! -@J! &G@D! X*J&%@! )D??@! G@! &)?*! G&J&W! [E&*! )@(! @*F! &AAEF@(*!

ADE&FE?! @b)%&J*(&\!:JE%E?! @A&F! [E&! E?[E@! *G! ?&G@(*! B@AG&B! ?@! E&G@(@! ADA!

)(*@E*%@B!@B!)*%*BE?!AD?B@(W!JEF!G&E@(?*!`E?BE!?@AB&*BW!JE&E?!&)?@!?&B!?*)D(&?!

&`AD(*B\! -*(@?! @B&*F! X(*`(*AB&EF! JD()D(EF! E*(&D?! DGD(@?! *BB(*OEABW! ?@G!

[E&G! D%@*AB! &)?*@! ADA! ?@AB&EAB\! V@(@K(EF! G@A&[E@! AD?B(EF! %&J@B! ?@A?EF!

F@FK(&?!(@%&[E&?!B(*G*BW!&)?EF!B*F@A!?@A?EF!%@`&BE(!ADA!O*K@(@\!!

!!!#@&AG@! [E*%&*! X*B&`*BE?! )D??&F! G&??@(@(@! [E&! &*F! *G! %*KD(&?! B@(F&AEF!

*E&G*!F@AB@! )(D)@(*(@F! �! 5D?B(@FDW! B*F! ?E*E@?! *F&J&W! &F)DA&B&?! &B@(EF!

JD`&B*(@W! [EDG! *! JD`@AGD! G&J&! *K?D%EB*! JD`AD?J&B&?! (*B&DA@! JDA?B*(@! d!

)(*@?@(B&F!JEF!O*@J!(@?!*!FE%B&?!G&?)EB*B*!?@G!)*@A@!&A@b)%&J*K&%&?!E&G@*BE(!

@??@!G@(@%&JB*\!2@G!JEF!O&?!*J!B*%&KE?!&A`@A&*!&%%D(EF!FE%B&?!*%%@`*B&DA&KE?!

?E)@(*(@!A@[E&E@(&F!A@J!F&O&!JDAJ@G@(@!F@EF!E@%%@!G@J(@E&??@AB!d!E&JBE?!

)@B&&!EB!F@!?*%B@F!G&@KE?!*%&[EDB!?E?B&A@(@AB!A@J!)(*@J&)&B*AB@(![E*@(@(@AB!

[EDG!)%@AEF!G&XX&JE%B*B&KE?!&F)@(*(@AB\!}EDJ&(J*!&%%EG!F&O&!*JJ&G&B!5(DBO@&W!

[E&W! [EDG! ED%EAB*B@! ADA! @%&`@K*B! )*AG@(@W! JDA?B(&JBE?! E&AJE%&?! JD`@K*BE(!

*K?D%E@(@\! UDJ! B*F@A! &AG@! BD%@(*K&%@! E&?EF! @?BW! [E&*! G@! B*%&! (@! E(`@K*(!

G&J@(@! [E*@! ?&W! #@D! X*E@AB@W! E@(*J&B@(! @b)(&F*BE(W! @B! *EG&@AB@F! F@(&BD!

(@J(@*B!@B!?@A?EF!K@A@!)@(?E*G@AB&?!&%%EF&A*B\!!

!!!}E*)(D)B@(W! *AB@[E*F! (@F! &A`(@G&*(! @b)@B&B*FW! D)D(B@B! )(&E?! ADF&AEF!

?&F&%&BEG&A@?W! [E*?&! (*FD?! DKE&*AB@?W! *K?J&G@(@! A@! ?@F&B*F! G&?)EB*B&DA&?!

AD?B(*@! EDJ*KE%D(EF! JDA?DA*AB&EF! ?&%E*! EFK(D?&?! &F*`&A&KE?! E&G@*BE(!

&AB@b@(@\!!

!

Hhh!!

:::C!F(&#'!&+*J&!,*/&1(#!

!!!6A&F*! &`&BE(! ODF&A&?! )(D)(&@! G&J&BE(W! ADA! @B&*F!)@JEGEFW! [E&*! &%%D(EF!

E&B*! &A! ?*A`E&A@! AD?J&BE(! JDA?B&BEB*\! U*@J! E@(DW! [EDA&*F! &FFD(B*%&?! @?BW!

*A&F*! (@JB@! *))@%%*BE(W! [E*?&! )*(,)W! &G! @?BW! *! ?*A`E&A@! %DA`@! G&?J(@B*W!

[E*AGD! @B! )D?B! FD(B@F! JD()D(&?! )@(X@JB*F! @&E?! JDA?B*B! @??@! ?EK?B*AB&*F!

?&JEB! &A! ?EK?@[E@AB&KE?! ?ED! %DJD!G@J%*(*BE(\!6%&&!E@(D! *))@%%*B*F!*A&F*F!

G&JEAB! @D! [EDG! *A&F@B! ?EK?B*AB&*F! JD()D(&?! ?E&! *B[E@! E&E&X&J@B\! 6A&FE?!

E@(D!G&J&BE(!)1-!02!)*+,2W! &G!@?BW!*!E@ABDW![EDG!E@%DJ&??&F*!JD`&B*B&D!@&E?!

*G! ?&F&%&BEG&A@F! E@AB&! FDBE! J@%@(&! )@(E*`*BE(\! Z&B! *EB@F! @b! *))@B&BE!

*A&F*@!)(D!G@?&G@(&&!@&E?![E*%&B*B@!JDFFDBE?\!9@A?!*EB@F!G&J&BE(!*!,(*(W!

&G!@?BW!*!%EA*W![E*@!%&J@B!E*(&*!E&J&??&BEG&A@!JDFFEB@BE(![E*G*F!?@!B*F@A!&A!

&G! [EDG! XE&B! )@(X@JB*! ADE&B*B@! (@?B&BE&B! d! FDGD! @A&F! B(&KE%*B&DA&KE?!

*BB@AE*B*W! [E*?&! )(DK*BE(! DK?JE(*W! FDGD! &B@(EF! &A! E&`D(@F! A*BE(*%@F!

%*@B&B&*! JDFF@*AB@! (@)*(*BE(\! 2)&(&BE?! &B*[E@! B(&)%&J&! FDGD! G&J&BE(\!

6))@%%*BE(! @A&F! E@(*J&B@(! @B! )(D)(&@! ?)&(&BE?! AE%%&?! &AG&`@A?W! &)?@! E@(D! *!

J(@*BE(&?!DFA&KE?!&AG&`@BE(!d!&A?)&(*A?![EDG!EE%B!@B!G&?)@A?*A?!DFA&*!)(DEB!!

EE%B! d! JDF)%@A?! EA&E@(?*W! BDBE?! &A! BDBDW! &FFDK&%&?! %DJD! @B! ED%EAB*B@W!

*@B@(AE?W! JEAJB*[E@! [E*@! ?EFF*! ?EAB! ?&A`E%*(&B@(! )DB@A?\! /DJ*FE?! @B!

?)&(&BEF! ?EK?B*AB&*F! B@AE@F! ADK&?[E@! &AE&?&K&%@FW! J(@*B*FW! &FFD(B*%@FW!

[E*ABEF!&%%&!EB&%&B@(!G*BEF!@?B!E*%@AB@F\!3@(B&DW!?)&(&BEF!G&J&FE?!)@(!BDBEF!

JD()E?!@F&??EF!*B[E@!(@J@)BEF!)@(![E@F!E&B*!FD(B*%&EF!X%*BE!A@J@??*(&D!

JDAB&A@BE(W! A@J! *%&[E*AGD! DB&EF! J*)&@A?W! &E`&!FDK&%&B*B@! (@)*(*BE(\! 6B[E@!

&G@D!?J&@AGEF!@?B!*A&FEF!@B!F@AB@F!)(D)(&@!*A&F*F!ADA!EDJ*(&W!?@G![E&*!

(@?! &?B*@! &A! *A&F*! @bJ@%%EAB! &AB@(GEF!)@(! %&J@AB&*F! ?&J! G&JEABE(\!-@J! )(D!

*A&F*! EB&[E@! ?)&(&BE?! G&?B&AJB@! )DA&BE(! [E&*! ODJ! &%%&! ADF@A! @?B! JDFFEA@!

JEF! J@B@(&?W! &G! @?BW! *A`@%&?W! )DB@?B*B&KE?! *@(&&?W! @B! [E*@JEF[E@! ?)&(&BE!

JDAB&A@ABE(\! -@J! &?B@! ?)&(&BE?! E@(*J&B@(! )DB@?B! G&J&! *A&F*! [E&! *@(&?!

*%B@(A*B&DA@!(@?D%E&BE(W![E*AGD!JEF!)@JD(&KE?!&%%&!(@?!&?B*!JDFFEA&?!@?B\!!

!

Hh=!!

!!!1@?B*B!EB! ?@`(@`*B&F!*B[E@! ?&`A&X&J*AB@(! *A&F*!ODF&A&?!G&J*BE(! ?)&(&B*%&?!

?EK?B*AB&*![E*@!AE%%*B@AE?!?*A`E&A&?!@XXE?&DA@!JDA?EF&BE(\!-EAJ!G@!&)?&E?!

*A&F*@!?EK?B*AB&*!%&K@(&E?!G&??@(*FE?W![E*AGD!@*F!*!?&F&%&BEG&A@!ADF&AEF!

A@J@??*(&*! ?@)*(*B&DA@! G&?J(@E&FE?\! }E*)(D)B@(! &F)(&F&?! )(*@`A*AB@F!

(@(EF! G@X&A&B&DA@F! J*EB&??&F*! G@%&K@(*B&DA@! XD(F@FE?! EB! JDA?@[E@AB&*!

[E*@!&AG@!)DBE@(&AB!A*?J&!X&G@!`@A@(&?!?E&!X*J&%%&F@!E&G@*ABE(!*`AD?J&\!!

!

:?C!E'!,'T*+*1*0+'!&+*J&'!

!!!9*`&?B(&! ?*@JE%*(&EF! %&BB@(*(EF! *&EAB! *A&F*F! @??@! ?EK?B*AB&*F!

?&F)%&J@FW!?)@J&@F!A*BE(*%@FW!G&?B*AB@F!*!F*B@(&*!JD()D(&?! ?E&W!D(`*AEF!

F@FK(D(EFW! @B! E&(BEB@F! E&B*@! O*K@AB@F\! 6A&F*! *EB@F! ODF&A&?! @?BW! EB!

E@(*J&EF!GDJBD(EF!JDA?@AB&B! *EJBD(&B*?W! *!#@D!J(@*B*! ?)&(&B*%&?!)(D)(&*[E@!

?EK?B*AB&*W!?E&!JD()D(&?!E&E&X&J*B(&b\!1*B&DA*K&%&?![E&G@F!@B!&FFD(B*%&?W!?@G!

&A! KDAEF!F*%EF[E@!JDAE@(B&K&%&?!d! @G&BEF! @?B! [E*?&! )*(BE(&*%@! DEEFW! EK&!

E&B*!XEBE(*@!*E&?!)@AA*(EF[E@!`(*B*!E*(&@B*?!JDAB&A@BE(\!-EAJ!*)@(&*BE(! &A!

)*(B@?W! [E&*! ODF&AEF!JDA?E@BEGD! @?B! X*J&%&E?! G&?J@(@! [E*@! G&E&?*! )D??EAB!

@E&G@AB&E?!@%EJ@(@\!!

!!!6!#@D! X&@(&! E@%! X*JB*?! *A&F*?! )(EG@AB&EF! AE%%E?! &`AD(*BW! [E*AGD! DFA@!

[EDG!@b&?B&B!*EB!J(@*BD(!@?B!*EB!J(@*BE(*\!V(@*B(&b! &`&BE(!AE%%*!J(@*B*!)DB@?B!

@??@! ?EK?B*AB&*W! [EDA&*F! EB! &)?*! ?EK?&?B*B! &AG&`@B!#@D! @B! G*(@! ADA! )DB@?B!

*%B@(&! ?EK?&?B@AB&*F! [E*F! B*ABEF! EB! O*K@(@B! *JJ@)&B\! 2E)@(@?B! EB! @*F!

E@(&??&F@! *! G&E&A&B*B@! JDAG&B*F! @??@! X*B@*FE(! [E*@! ?D%*! )DB@?B! J(@*(@!

FD(B*%&*!@B!&FFD(B*%&*\!0E&G@AB@(!@A&F!%@`&BE(!&A!2*%DFDA@!"!(0!4(2(40(024!

12>2+.!+*!0(44),!.+/20!(4)0W!(0!.1+4+02.!4(2(40(024!)3!'(2,!G2+!3(3+0!(2,!d!@B!

*%&K&!"!-,*(,! <>)02,! (?-! <(/+5! U*AJ! )(D&AG@! ?)&(&B*%@F! ?EK?B*AB&*F!

)(DK*K&%&?! @B! *K?D%EB*! (*B&D! JDAX&B@BE(W! [E&*W! GEF! DFA&*! JD()D(*%&*! B(&KE?!

!

Hhp!!

ADE@(&FE?! %&A@&?! JDAB&A@(&W! %DA`&BEG&A@W! %*B&BEG&A@W! )(DXEAG&B*B@W! A&O&%! B*%@!

)(DK*BE(!&A!*A&F*!(@)@(&(&\!!

!!!#@&AG@! [EDG! JD()D(&! ?DJ&*B*W! [E*FE&?! &)?&E?! FD%@! )(*@`(*E@BE(W!

D)&A&DA@?! (@(EF! ?D%%&J&B*! JE(&D?&B*B@! )@()@AG&BW! J*@%@?B&*! )(DXEAG@! JD`&B*BW!

A*BE(*%&*!?EKB&%&!&AG*`*B&DA@!E@?B&`*BW!@B!G@!&)?D![ED[E@!JDAG&BD(@!?ED!*(GE*!

AD??@!G@?&G@(*B\!}EDG!?&!@??@B!JD()D(*%&?W!JD`&B*B&DA&KE?!?E&?!?)&(&B*%&*!A@J!

J@(A@(@B! EB&[E@! A@J! E&G@(@B\! V@??@B! @(`D! G@! @&E?! JD()D(*%&B*B@! ?E?)&J&DW!

[E*AGD!@B!G@X&A&B&DA@F!JD()D(&?!*!?@!DFA&KE?!FDG&?!(@GG&B!*%&@A*F!@B!B*%@?!

J*E?*?! @b[E&(&BW! *G! [E*?! ?D%E?! ?EK%&F&?! ?)&(&BE?! )@(E@A&(@! JDAB@AG&B\!U&AJ!

@?B! [EDG! @B! 2J(&)BE(&?! 2*AJB&?! &E?B&??&F@! JDFFDA@BE(! DFA&*!FEAG&! &?B&E?!

E&?E*%&*! JDAB@FA@(@! d! [EDA&*F! &)?*! &AJD()D(@*! @?B! EB!F@(&BD! *G! ?)&(&B*%&*!

B@AG*BW![E&KE?!?@!?&F&%@F!JD`AD?J&B!@??@!XD(F*B*F\!!

!!!5(D)(&*! @?B! EB&[E@! &%%&! ?EK?B*AB&*W! [E*AGD! AE%%E?! ?)&(&BE?! *%B@(! J*(A@F!

?E?J&)&B! EB! @&E?! )*??&DA&KE?! *EB! JDAGD%@*B! *EB! %*@B@BE(\! .%%EG! *EB@F! [EDG!

G&b&FE?! ?E&! JD()D(&?! E&E&X&J*B(&bW! [E&*W! FDb! EB! G*B*! XE@(&BW! &A@XX*K&%&!

JDAG&B&DA@!G&%&`&B!J*(J@(@F!?EEFW!*F*B!)(D)B@(![EDG!%&K@(*!@??@!ADA!)DB@?B\!

#D%D(&KE?! @&E?! E@O@F@AB@(! *XX&J&BE(!d! XD(F&G*B! &AB@(&BEF! [E*@! ADA! )DB@?B!

FD(&W! @B! ?&J! @?B! *G! JD()D(&?! ?E&! J*?E?! B(@)&G*W! EB! &)?*F! F*`&?! ?E?B&A@(@!

J(@G*?!@bB(@F*W![E*@!ADA!)DB@?B!G@X&J@(@!)@(!A*BE(*F\!2*%EK@((&F*![ED[E@!

J*(A&?! B@F)@(*B&DA@! )@(X(E&BE(W! DJE%D(EF! ?)@JE%*B&DA@! G@)*?J&BE(W! ?DAD(&?!

G@%@JB*BE(! *EG&B&KE?W! ?E*E&??&F&?! &DJEAG*BE(! DGD(&KE?W! A@J@??*(&*! `E?BE?!

@)E%*B&DA@! G@%@A&BE(W! @B! %&J@B! O&?! (@KE?! AE%%*B@AE?! &)?*! E@?J*BE(W! ?EKGEJB&?!

B*F@A! B*%&KE?! `(*E&??&FD! F*@(D(@! JDAX&J&BE(! d! G@?&G@(*A?! ADA! ?&K&!

A*BE(*%&B@(! *JJDFDG*W! ?@G! *G&EAJB&?! *(BEKE?! )(DXEBE(*\!U&AJ! ADAAEF[E*F!

?E((&)&EAB!E&B&*!JDAB(*(&*!(*B&DA&W![E*AGD!*A&F*!G&%@JBD!JD()D(&!&AGE%`@AB&E?!

(@F&BB@AGD!%DJEF!AD?J&BE(!)(*@K@(@!)@JJ*BD\!/&B*!&`&BE(!JD()D(&?!?E?J@)B*@!

*A&F*@! )(*@?@AB&*! @?B! d! FD(?! *EB@F! @&E?! )(DK*BE(! *K?J@??E?\! 2&J! G&@F!

G&J&FE?! %E?B(*AB@!?D%@W![E&!JEF!G&?J@??@(&B!ADb!EDJ*BE(\!/&E&B!@(`D!JD()E?!

!

H=M!!

*A&F*@! )(*@?&G&D! @B! @b! &)?*! )(DK*BE(! *JJ&)@(@! EAG@! ?@! )(*@E*%@B!

JDFFDE@(@\!!

!!!2@G! [EDA&*F! @B! ODJ! [ED[E@! *G! E&B*@! `@AE?W! G@! [ED! %D[E&FE(W! AD?J&BE(!

)@(B&A@(@W!?J&@AGEF!@?BW!JEF!?@!)*(B&KE?!JD()D(&?!&%%@!E&`D(!&`A&BE?!&AXEG@(&B!

F*B@(&*F[E@! J*(A*%@F! ?)&(&BE?! E&B*%&?! *XX%*E@(&BW! ?&! [EDG! XD(B*??@! EE%AE?!

*JJ@)@(&BW! ?B*B&F! JDAGD%@BW! [E&*! EK&[E@! ?EK?B*AB&*%&B@(! &A?@(B*! @?B\!}EDG! ?&!

E&(BE?! @&E?! B*ABEF! J*%D([E@! E@`@B*(@BW! &AJ&?EF! G&`&BEF! ADA! )DB@(*B!

JDAGD%@(@\! 2&JEB! A@J! ?D%! )(DK*BE(! [E&J[E*F! ?@AB&(@W! ?&! @&E?! (*G&D?! ?@J*(@!

B@F)B*E@(&?\!3DB*!@(`D!@?B!&A!)*(B&KE?!?E&?W!A@J!*%&K&!F&AD(W!*%&K&!F*&D(!@?BW!

?@G! *%&JEK&! &AB@AB&E?W! *%&JEK&! (@F&??&E?W! EK&! B*F@A! E&B*%&! &AB@AB&DA@!

)D((&`&BE(\!VD%%&`&B!&A!EAEF!*B[E@!JD)E%*B!F@FK(*!?E*!d!ADA!?&A&B!G&XX%E@(@!

E@%!JDAB*K@?J@(@W![E*@!E&B*%&!E&`D(@!JE?BDG&B!d!*%&F@AB*!JDF)@B@AB&*!EK&[E@!

G&?)@(`&BW!JDA`(E@AB&*F!&A!@&?!FDGEF[E@!JDA?@(E*A?\!!

!!!9&(EF! )(*@B@(@*! E&G@BE(! (@F! &AJD()D(@*F! F@FK(&?! ?D%&G&??&F&?!

JD%%&`*B*FW!@B!?&J!G&?B*AB@?!A*BE(*?!&A!EA*F!JDAE@A&@AB&*F!XE&??@!)@(GEJB*?W!

EB! A@J! *A&F*! ?@! )D??&B! ?@`(@`*(@! JEF! E@%&BW! A@J! (@B&A@(@! JEF! &E??&DA@F!

J(@*BD(&?! *`ADE@(&B\! V%*E?*! &%%&! ?EAB! EA&E@(?*W! JEF! )(*@J&)&BE(!

&A?&G@(@!d!*)@(B*!(@GGEABE(!DFA&*W!JEF!&EK@BE(!@b&(@\!-*F!?&!*J@(KE?!GD%D(!

EE%A@(&?!&AX%&`*BE(W!?&A@!*EJBD(&?!&F)@(&D!ADA!*F&BB&BE(W!?&JEB!A@J!?&A@!&)?&E?!

FEA@(@! JE?BDG&BE(\! U&AJ! @?B! [EDG! X(@[E@AB@(! `(*E&B@(! EE%A@(*BD?! E&G@FE?!

@E*G@(@W!@B!(E(?E?!%@E&KE?!DJJ*?&DA&KE?!&AB@(&(@\!!

!!!1*B&DA@F! E@(D! ODF&A&! &A@??@W! [E&?! GEK&B@B! �! }E*AGD! G&E&A*! B(*JB*BW!

OEF*A*!?*)&BW!*(B&KE?!GDJ@BE(!@`(@`&&?W!G&?J&)%&A&?!@(EG&BE(!@b&F&&?W!@B!O&AJ!

J@B@(*! *A&F*%&*! G@J@AB@(! @bJ@%%&BW! [EDG! @EF! (*B&D! G@JD(*! JDF)DA&B\!

1*B&DA@F!E@(D!G&JD!*A&F&!)(DK*K&%@F!FDBEFW![E&!)@(!@*![E*@!JDAJ@GEABE(!

*B[E@! ADB*! ?EAB! *G! *%&[E&G! &AJD`A&BEF! GEJ&BW! )@(E@A&@A?! *G! E@(&B*B&?!

*(J*AEF\!U*@J!JDA&@JBE(&?!*B[E@!*(`EF@AB&?!*G!&%%EG!)(D)@(*(@!JE)&BW![EDG!

!

H=H!!

&A! (@(EF! A*BE(*! @??@! JD`AD?J&B\! .)?*! @A&F! E@(*! @B! )E(*! @B! J@(B*! (*B&D! @?B!

G&J@AG*W![E*@!*K!DFA&!&F*`&A@!X*%?&B*B&?!(@GG&BE(!*%&@A*\!#*BEF!@?B!@(`D!&%%&!

JD`&B*B&DA@?! ?E*?! [EDG*FFDGD! *))(@O@AG@(@! @B! )@(! DK?@[E&EF! %&A`E*@!

ED%EK&%&!FDB*B&DA@!G&??@(@(@\!!

!!!.A! JD()D(@! )D?&B*! *A&F*W! [E*F!FE%B*! E&G@B! d! ADA! *! ?@! @`(@G&@A?W! [E*F!

G&E@(?*!J&(JEF?)&J&B!d!EK&[E@![E*?&!G&?B@AG&BE(W!@B!*A&F*@!X&@(&!G&?J@??&D!ADA!

)(DK*BE(\!9DE@BE(W!@(&`&BE(W!X%EJBE*(&!JD`AD?J&BE(W!@B!&A!?@!&)?*W!B*F[E*F!&A!

F*`AD!JE((@A?!?)*B&DW!)@(E*`*BE(\!U*@J!ADA!@b&B!*G!J*E?*?!?@G!B(*JB*B&KE?!

?E&?!?&K&!(@)(@?@AB*B![EDG!?E*!JD`&B*B&DA@!(@?)&J&*B!d!FDGD![EDG!DJE%&?!E&G&B!

J*(A*%&KE?W! FDGD! [EDG! )O*AB*?B&J*! &F*`&A*B&DA@! JDAJ@)&B\! VD`&B*B! )%*A@!

?&A`&%%*B&F! ?&JEB! @B! %D[E&BE(! d! )@(! D(G&A@F! ?@A?E?! A&O&%! )@(X&J&BW! JEF! ?@!

G&E@(?&B*B@! JDAXEAG&BW! [E&*! G&E&A&B*B&?! @?B! )(D)(&EF! FE%B*! G&?)DA@(@! @B!

DFA&*! ?&FE%! FDGE%&?! JDF)@B@AB&KE?! @b)%&J*(@\! 1*B&DA&?! &B*[E@! GDB*B*!

%*(`&B*B@W![EDB!KDA*!FEA@(@!G&E&A&B*B&?!&AE@A&B! "!%&BB@(*(EF!XD(F*?!(@))@(&BW!

G&E@(?*(EF! *(B&EF! EB&%&B*B@?! G&?J&)%&A*?[E@! )(DBE%&BW! J&E&B*B@?! G@X@A?&K&%&!

FE(D! J&Ab&BW! E*(&&! `@A@(&?! *F&JBE?! @&@J&BW! F@%&D(@?! X(EJBE?! )@(! &AGE?B(&*F!

@b&`&B! B@((*?W! B(*A?JE((&B! *KR??D?! *%*BD! A*E&`&DW! E*?BD?! FDAB@?! &A! E?EF!

E&*AB&EF! )@(XD(*E&BW! )D(BE?! *G! EB&%&B*B@F! A*E&`*AB&EF! %EA*(&! G&?)D?&B&DA@!

JDAJ%E?&BW! D(A*E&B! )E%JO@((&F*! X*K(&J*(EF!G&?)D?&B&DA@! B@%%E(@F\!}E&?! &*F!

G@!@&E?!(*B&DA@!GEK&B@BW![E*AGD!*K!*EJBD(@!?ED!&%%EF&A*B*!X*J&B!*(B@!JDA?)&J&!

[EDG!G@K@*B!?EK!DFA&!J@%@K(&B*B@!%*EG*(&!�!!

!!!VDAE@A&B! AEAJ! G@! @&E?! &FFD(B*%&B*B@! G&??@(@(@\! .FFD(B*%@?! *A&F*?!

*EJBD(@?!?*@JE%*(&EF!%&BB@(*(EF!FE%B&X*(&@!)(DK*E@(EABW!G&J@AB@?! "! ?&!DFA@!

[EDG! E&E&X&J*B! *%&EG! &A! ?@F@B&)?D! E&E&BW!�EB&[E@! !&FFD(B*%&B@! @?B�d! *A&F*!

*EB@FW![EDA&*F!E&E&X&J*B!JD()E?W!&A!?@F@B&)?*!E&E&B!d!EB&[E@!&FFD(B*%&?!@?B\!

#&JEAB! @B&*F! "! DFA&*! &FFD(B*%&*! ?&F)%&J&*! ?EAB!d! *A&F*! *EB@F! ADA! @?B!

*(FDA&*! A@[E@! JDA?B*B! @b! )%E(&KE?W! ?@G! ?&F)%@b! A*BE(*! @?B! d! *A&F*! &`&BE(!

&FFD(B*%&?!@?B\!.B@(EF[E@!)(D)DAEAB!"![E&J[E&G!*!JDAB(*(&@B*B@!D(&`&A*%&!ADA!

!

H=L!!

JD((EF)&BE(! &FFD(B*%@! &E`&B@(! )@(?@E@(*B! d! *A&F*! @A&F! [EDA&*F! ?&F)%@b!

*B[E@! )E(*! @?BW! ?&A@! GEK&D! &FFD(B*%&?! @?B\! 6G&J&EAB! [ED[E@! "! ?&! DFA@!

(*B&DA*%@! [EDG!?@!&)?EF!FDE@BW! &FFD(B*%@! @?B!d!*A&F*! *EB@F! (*B&DA*%&?! ?@!

&)?*F! FDE@B! d! &`&BE(! &FFD(B*%&?! @?B\! -D?! *EB@F! &FFD(B*%@?! @??@! *A&F*?!

X*J&%@! E@(&G&J&?! %@JB&DA&KE?! *))(DK*FE?! d! A*F! JEF! *G! &F*`&A@F! @B!

?&F&%&BEG&A@F! *EJBD(&?! ?E&! %@`*FE?! @XX@JB*?W! [E&?! *EG@*B! JDAB(*! ?*AJB*F!

*EJBD(&B*B@F!FD(B*%@?!G&J@(@!EB!&F)EG@AB@(!)DB&E?!*??@(*BE(!@*?!*!J(@*BD(&?!

?E&! ?&F&%&BEG&A@! G&?J(@)*(@!�!-*F! [E@F*GFDGEF! )DB@(*B! @??@! &F*`D! *EB!

?&F&%&BEGD!#@&W!?&!*A&F*@!ODF&AEF!FD(B&?!B@(F&AD!J%*EG@(@ABE(!�!.%%@!@A&F!

&A@XX*K&%&B@(!?@F)@(!E&E@A?W!&A@XX*K&%&B@(!?@F)@(!F*A@A?W!)@(@AA&B*B@F!&)?@!

JE?BDG&@A?!d![E&!DFA&*!JDAB&A@BW!DFA&*!G&?)DA&BW!)DB@A?!@?B!?&A@!GEK&B*B&DA@!

&FFD(B*%&?!&FFD(B*%&*!X*J@(@!@B!)(D!?ED!FDGE%D!E&B*@!JDF)@B@AB&*F!G*(@\!!

!!!#&J&B!*%&[E&?!"![EDFDGD!?EF!?&F&%&?!#@DW!JEF!&FFD(B*%&*!F&A&F@!J(@*(@!

)(*@'*%@*F!�!VE&! ?&J! )@(! *%&[E*F! JDF)*(*B&DA@F! (@?)DAG@AGEF! @??@!

&EG&J*FE?\! -EF[E&G! )&JBE(*! [E*@! ADK&?! @?B! ?&F&%&?! )DB@?B! &F&B*(&! [E*@!

X*J&FE?!�! ! .F*`D!@A&F!)DB@?B!*%&[E*F!O*K@(@!?&F&%&BEG&A@FW!J@B@(EF!ODJ!

ADA! )DB@?B! &F)%@(@! [EDG! E@(&B*?\! -*F! @B! O&AJ! &FFD(B*%@F! G@K@FE?!

*`AD?J@(@W! [EDG! *))@B&B! G@! *@B@(A&B*B@! JD`&B*(@\! #@?&G@(*B! @A&F! )D?B!

JD()D(&?!FD(B@F!(@%&A[E@(@! ?E&!ADF&A&?! X*F*FW!JE)&B! ?&A@! X&A@! %*EG*(&W! @B!

KDA*!JDA?J&@AB&*!)%E?!@?B!G@!XEBE(&?!*BBDA&B*!A@!*!)D?B@(&?!F*JE%@BE(!(@%*B*\!

U&AJ! @?B! [EDG! &AB@(! ?EK%&F&D(@?! JDA?B*B! *EJBD(@?! [E&*! [E&J[E&G! G&`A&B*B@!

(*B&DA&?! @(&`&BE(W!FD(B&?! &A&E(&*! ADA! )(@F*BE(\!6GG@! [EDG! E@(&B*?! *K?D%EB@!

)(DX&B@BE(!F*%&?!&E`@!?E))%&J&EFW!KDA&?!)@()@BE*!`*EG&*!?@!G*BE(*FW!EB!ADA!

?&B! X*?! JEF! O@?&B*B&DA@! (@J&)&W! [EDG! G&`A*BE(! DFA&)DB@AB&?! G&E&A&B*?!

)D%%&J@(&\!/@(EF!O*AJ!&FFD(B*%&B*B@F!*A&F*@!ADA!B*%@F!G@K@FE?!*GE@(B@(@!

[E*@! AE%%*F! (@J&)&*B! )*??&DA@F\! 0?B! @A&F! FEB*K&%&B*B&! DKADb&*! @B!

F*@(D(&KE?! )@(E&*W! ?@G! B*F@A! &AB@(! [E*@E&?! B*@G&*! E@%! *Ab&@B*B@?!

JDAB&AE*B&DA&?! K@A@X&J&D! )@(?@E@(*B\! 2&A`E%*(&B@(! *EB@F! &FFD(B*%&?! #@E?!

!

H=P!!

@?BW! ?&A`E%*(&B@(! &E?BE?W! ?&A`E%*(&B@(! )DB@A?W! ?&A`E%*(&B@(! KDAE?W! ?&A`E%*(&B@(!

?*AJBE?\! }EDA&*F! %&J@B! &?B*! E@%! O&?! ?&F&%&*! ODF&A&KE?! E@%! *A`@%&?! &A@??@!

G&J*ABE(W! AE%%*! B*F@A! *G! @&E?! *%B&BEG&A@F! (@E@(@AG*@! )DB@?B*B&?! *BB&A`EAB\!

:FA@?! @A&F! *(GE*@! E&(BEB@?! &A! ?EFF&B*B@! &%%*! )%@A&??&F*@! *B[E@!

)@(X@JB&??&F*@!?EAB![E*@!J(@*BE(&?!EA&E@(?&?!&)?&E?!%*(`&B*B@!)(D!?ED!FDGE%D!

JDAJ@GEABE(\!!

!!!-EAJ! ?J&@AGEF! @?B! O*@J! &FFD(B*%&?! *A&F*! [E@F*GFDGEF! G@`@(@!

?@AB&*BE(\! /&E&B! &A! ?@! )D?B! OE&E?! ?*@JE%&! *F&??&DA@FW! ADA! (@X%*AB@! ?)&(&BE!

?&JEB! JD()E?W! ?@G! *@[E*%&!FDK&%&B*B@! [E*@! &%%&! *BB(&KEB*! @?B! "! )E(*W! ?EKB&%&?W!

J&B*W!*@B@(A*W!E&G@BW!*EG&BW! B*A`&BW!*J!(@%&[E&?!?@A?&KE?!@XX&J*B&E?!E*%@B! d!ADA!

&*F! @b! )*(B&KE?! ?E&?! O*@J! &AB@%%@`@A?W! ?@G! DFA&*! ?)&(&B*%&B@(! @b! BDBD!

JD`AD?J@A?\!6%&D[E&A!*K?E(GEF!@?B!)EB*(@!F&AE?!)D??@!%&K@(*F![E*F!FD%@!

K(EB&??&F&! JD()D(&?! &A`(*E*B*F\! 3*%&*! @A&F! &AB@%%@`@(@! )D??@! ADA! GEK&EF!

@?B!@B!*A`@%D?!@B!)DB@?B*B@?!*@(&*?!E@%!J@B@(*![E*@!?EK%&F&!*B[E@! &FFD(B*%&!

?EK?B*AB&*!JDA?B*(@!AD?JEABE(\!!

!!!1@%&[EEF! @?B! EB! AEAJ! DKADb&*F! FDK&%&B*B&! JE((@AB&! D(G&A@! GDJ@*FE?\!

6B[E@! EB&A*F! @??@B! *FK&`EEFW! @B! ADA! X*J&%@! )(DK*(@FE?! &A! [E*! )*(B@!

X(@[E@AB@(! DJJE((&FE?\! }E&?! *EB@F! GEK&B@B! FDGD! AD?! @??@! `*EG&D!

?EK%@E*BD?W!FDGD!F*@(D(@!G@&@JBD?W!FDGD!)&@B*B@!F&B@?W!FDGD!&AG&`A*B&DA@!

B@((&K&%@?W!AEAJ!*G!E&(BEB@?!*A&FD?!@(&`@(@W!AEAJ!&B@(EF!*G!E&B&*!G@J%&A*(@!�!

6%&*! B@A*J&B@(! *??EF&FE?W! *%&*! DK%&E&DA@! !(@?)E&FE?! d! [EDG! AEAJ! )%*J@BW!

)D?B! G&?)%&J@B\! SDAD(EF! @B&*F! ?@(FDA&KE?! *@G&X&J*FE(W! F*%D(EF!

JD%%DJEB&DA@! G@?B(E&FE(W! @B! [E*ABEF! )(DX&J&FE?! JEF! (@JB&?W! B*ABEF!

G@B@(&D(@?! ADE&FE?! @??@! JEF! )@??&F&?\! -*F! ?&! AD?! EAE?! (&`D(W! EAEF!

)(D)D?&BEF! JDAB&A@(@BW! A@J! KDA&! @b! F*%&?W! A@J! K@*B&! @b! &F)(DK&?!

FEB*K&%&B*B&?!K@A@X&J&D!(@GG@(@FE(\!2@G!EB!J*E?*!E*(&@B*B&?!OE&E?!@E&G@AB&E?!

)D??&B! *`AD?J&W! (@JD(G@FE(W! EB! G&JBEF! @?BW! )(EG@AB&*F! ADA! @??@! ADK&?!

&FFEB*K&%@F!JDAB(&KEB*F\!0B!&G@D!?*)&FE?W!JEF!G&E&A*!&%%EF&A*B&DA@!K@A@!

!

H=I!!

`@(&FE?!d! *B[E@! &B@(EF! G@?&)&FE?W! JEF! G@%&JB&?! J*%&`*AB&KE?! DKJ*@J*FE(\!

6XX@JB&D! @A&F![E*@! E@A&B! @B! (@J@G&B! ?@F)@(! &AJ@(B*! @?B\! 2D%E?! DFA&)DB@A?!

#@E?!@?BW!JE&!ODJ!@?B!@??@![EDG!?*)@(@W!ODJ!@?B!)D??@![EDG!E&E@(@W!ODJ!E@%%@!

[EDG!X*J@(@W!@B!F@(&BDW![E*AGD!EA&E@(?*![E*@!E@(@!KDA*!?EAB!ADA!*G!&%%EF!

E@A&EAB!?@G!*K!&)?D!)(DJ@GEAB\!!

!!!}E*)(D)B@(!O*@J!*A&F*@![E*F!G&b&FE?!D(&`D!"!ADA!&AB@%%@`@AG*!@?B!)*(?!

#@&W! EB! [E&G*F! G@F@AB&EF! &((@%&`&D?*! ED%EAB*B@! )EB*E@(EABW! [E&*!

JDAE@(B&K&%&?!@?B!d!A@[E@!*A`@%D(EFW![E&*!J*(A&!?DJ&*K&%&?!@?BW!A@[E@!@b!*@(@W!

A@[E@! @b! *[E*W! A@[E@! @b! B@((*W! A@[E@! @b! @&?! [E*@! FEBE*! JDF)%@b&DA@!

&EA`EABE(\! 2@G! ?&F)%@b! @B! )(D)(&*! [E*@G*F! A*BE(*! @B! *K! *%&&?! ?)&(&B&KE?!

G&?J(@B*! ?EK?B*AB&*W! [E*F! %DA`@! ?EKB&%&D(@F! *@(@! @B! %EJ&G&D(@F! G@K@FE?!

*GE@(B@(@W! [E*AGD! &?BEF!EE%`*(&B@(! &ABE@FE(W! &%%*F!E@(D! JDAG&B&DA@! J*(A&?!

*?)&J@(@!ADA!E*%@FE?\!!

!!!U*AJ! ?)@J&@F! A*BE(*%&?! FDK&%&B*?! ?@F)@(! @b*`&B*B! *G! JD`&B*B&DA@?! ?E*?!

JDF&B@(!@b)%&J*AG*?\!U&AJ!@?B![EDG!)@(![E&@B@F!(@F&??&W!GEF!F*B@(&*!ADK&?!

XE@(&B! ?D%&B*@! JD`&B*B&DA&?! *K?B(*JB*W! A@J! &AB@AB&! *G! JDB&G&*A*?! XE@(&FE?!

?D%%@FA&B@(! *JB&DA@?W! (@?! E*(&*?W! AEAJ! X*%?&?W! AEAJ! E@(&?! &A?)@JB&DA&KE?W!

?DFA&*FE(\! 5*(EF! @?B! [EDG! ?D)&B&?! ?@A?&KE?! ED%*B&J*! &F*`&A*B&DA@!

G@%EG&FE(W! GEF! X(@[E@AB@(! @B&*F! E&`&%*AB@?! *! AD?B(*! JDAB@F)%*B&DA@!

B(*GEJ&FE(\! 2*@)@! @A&F! JEF!AD?! &A! D(*B&DA@!F*`A*! &AB@AB&DA@! G&(&`&FE?W!

%EGD!A@?J&D![ED! &A?)&(*B&?! ?EK&BD!JD`&B*B&DA&KE?!*FDE@FE(W!@B! &B*!)(DE@A&B!

EB!F@AB&!A@?J&D![E&G!*GE@(?EF!?E``@(*BE(![EDG!G&?)D?&BEF!ADA!O*K@FE?\!

VDA?B*B!@(`D!*A&F*F!&A!ODJ!FEAGD!&A?B*K&%&!@B!E*(&*K&%&!ED%EAB*B@!JDAE@(B&!

KDA*(EF[E@! (@(EF! @??@! *F&??&K&%@F! *J! (@J@)B&K&%@FW! A@J! EAD! ?@F)@(!

ED%EAB*B&?! ?E*@! (&`D(@! ?EK?&?B@(@W! ?@G! @B&*F! JDAB(*! G&?)D?&BEF! ?EEF!

FE%B&)%&J&!?@!JDAE@(?&DA@!FEB*(@\!!

!

H=<!!

!!!-@J!G@!&%%&?!?EFE?![E&!G&JEAB!(@JD%@(@!F*`&?!*A&F*?![E*F!G&?J@(@!E?E*%@?!

*(B@?!@B!(@%&[E*?!G&?J&)%&A*?W!JEF!@B!*G!&AB@((D`*B*!?&AB!)*(*B*@W!EK&!)DBE@(&AB!

&AB@%%@JBE!)@(E@A&@AB@!JDAB&A`@(@W!@B!ADE*!?&J!*EG&*AB![E*?&!A&O&%!@b!@&?!*AB@!

G&G&J&??@AB\!!

!!!0JJ@! `(*E&G*! G@X&A&B&D! &%%*! &*F! XD@B*! @?BW! @JJ@! &A! %EJ@F! ;A&! X*%%D(>! [E*@!

XE@(EAB! J%*E?*! )(D(E)@(EAB\! -DA! @?B! [E&J[E*F! G@! )(D)D?&B*! JDF)%@b&DA@!

G@(@%&JBEFW!JE&E?! B*%&?!@?B!G&?J&)%&A*!EB! &G![EDG! &AB@AG&BW! &B*!@b)%&J@B!*B[E@!

G@B@(F&A@B!EB!A@[E@!F&AE?!A@[E@!*F)%&E?!*%&[E&G!G&b&??@!E&G@*BE(\!-EAJ!*G!

?EK?B*AB&*%@F! @&E?! [E*%&B*B@F! ?D%%&J&B&?! ?@A?&KE?! *JJ@G*FE?W! [E*F!

&AB@((D`*B&DA&?!E@?B(*@!B@(B&EF!%DJEF!B@A@(@!F@FD(*F&A&\!!

!

!

?C!E'!R(&-*1&1'!&+*J&'!

!!!}E*%&B*B@F! &B*[E@! ?EK?B*AB&*@! OE&E?! *EJBD(@?! &`A@*F! @??@! G&b@(EAB!

)(D)B@(@*![EDG!FDK&%&!?@F)@(!*(GD(@!E@`@B@BE(!@B!&EAJB*!JD()D(&!J*%D(@!?ED!

F@FK(*! E&E&X&J@B\! #@&AG@! [EDG! JEAJB*! J*@%@?B&*! X%*FF@D! (@X@(EAB! E&`D(@!

JDA?B*(@W! ADA! &?BD! XEF@DW! JDA?EF)B&K&%&W! @B! B@F)D(*%&W! ?@G! @b! B(*A[E&%%DW!

AEB(&BD(@W! *B[E@! &FFD(B*%&\! UDJ! A@[E@! F&AE&BE(! A@[E@! J(@?J&BW! ?@G! &A!

?E?J@)B*@!D(&`&A&?!G&`A&B*B@!&E`&B@(!)@(?@E@(*B\!}EDG!&G@D!X&A&(&!A@[E&BW![E&*!

AE%%*W! EB! JD()E?! *%&[EDGW! @%@F@ABD(EF! G&E@(?&B*B@! JDAJ(@BEF! @?B\! /AEF!

@A&F!*B[E@!?&F)%@b!O*K@(@!A@?J&B!*GE@(?EF!@B!&G@D!?@F)@(!F*A@BW![EDA&*F!

&A! @??@AB&*! ?E*! ADA! O*K@B! %&B@F\! 2&JEB! &FFD(B*%&*! JEAJB*! J(@*B*! G&JEAB!

[E&KE?!?)&(&B*%&?!@?B!JDAJ@??*!?EK?B*AB&*\!!

!!!-D?!*EB@F! %EF@A!@??@!)DB&E?!ADA! &F)(DK@!G&b@(&FE?!)(D)B@(! &F*`&A@F!

#@&W! [E*F! &AB@(! JDAG&B&DA@?! (@(EFW! [E*ABEF! &%%&! )(D! FDGE%D! ?ED!

A@J@??*(&EF! XE&BW! G@J@AB@(! *JJ@)&??@! F@FD(*BE(\! .)?@! @A&F! #@E?!

!

H=o!!

DFA&)DB@A?! .->2.! F)A(0! +,,-40)>+0)0(,! (0! >2,(*! F)A+0)0! +*)//(..+A+>(W!

[EDG!?E)@(!DFA@?!J%*(&B*B@?!E@%!*GF&(*B&DA@?!?*A&B*?!F@AB&?! &AB@%%@`&BW!?@G!

&F*`D!*%&[E*F!O*K@B!?&F&%&BEG&A@FW!J@B@(EF!ODJ!%EF@A!ADA!)DB@?B!O*K@(@!

[EDG!E@(&B*?\! .%%EG! *EB@FW![EDG! &A@XX*K&%@!E@(@FE(! *(J*AEFW![EDG!EK&[E@!

BDBEF!@B!&AE&?&K&%&B@(!)(*@?@A?!@?BW!5*B@(W!@B!Z&%&E?W!@B!2)&(&BE?!2*AJBE?!@?B!d!

EA*! @??@AB&*! @B! &AG&?J(@B*!F*&@?B*?W! ?)%@AGD(! ?E)@(! DFA@?! XE%`D(@?W! `%D(&*!

?E)@(! DFA@! )(*@JDA&EFW! [EDG! FEAG&??&F*! F@A?! @B! #@D! G@G&B*! )DB@?B!

[E&G@F! @b! *%&[E*! )*(B@! ?@AB&(@W! ?@G! &GDA@@! ADA! E*%@B! @b)%&J*(@\! -*F!

[E@F*GFDGEF! X*?! @?B! ?EXX&J&@AB@(! G@! &%%D! G&J&! [E&! J(@*BE(*@! ?@A?E! ADA!

)DB@?B!JDF)(@O@AG&!�!!

!!!0`(@G&*FE(! %&J@B! )&@B*B@! A&F&*! FDGEF! *A&F*@! AD?B(*@! @B! &FF@A?*!

(@%&`&DA@! ?E)(*! AD?F@B&)?D?! *%B*! JD`&B*B&DA@! ?&%@*FE?\! 3(*A?@*FE?! @B&*F!

)DB@?B*B@?! J*@%@?B&EF!J(@*BE(*(EF!)(DXEAG@[E@! B(*JB@FE?![E&?! ?&B! [E&! B*F!

F*`A*W! EA*! &E??&DA@W! EAD! FDF@ABD! X@J@(&B! d! B*F@A! [E&J[E&G! F&(*FE(!

*F)%&E?! @?BW! [E&J[E&G! ?@AB&FE?! @bJ@%?&E?W! GEF! *G! &%%*F! &A)@(?)&J*K&%@F!

F*&@?B*B@F!F@A?!OEF*A*!ADA!)@A@B(*B\!/A*!@(`D!(*B&D!)DB@AB&*@!OE&E?!@?B!

E@A@(*(&![EDG!&AE@?B&`*K&%&?!@?BW!ADA!G@X&A&B&E@![E*@(@(@![E*%&?![E*ABE?[E@!

?&B\!!

!!!U&?! &B*[E@! (@KE?!@GDJB&W! %EF@A!*%&[EDG! ?EK?B*AB&*%@! *A&F*?!O*K@(@!O*EG!

&F)(DK@! E&G@FE(! *GE@(B@(@W! [E*AGD! &A! 0E*A`@%&D! %@`&BE(! "! >2,(*! G2-3!

+>>2,+*)0! -,*(,! F-,+*(,! 2(*+(*0(,! +*! F2*/! ,2*32,\! #@&AG@! [EDG! &A!

JD`&B*B&DA@! )D?&B&W! A@?J&D! [E&G! B@AE@W! ED%EK&%@W! J%*(EF! &A! ADK&?! @??@!

?@AB&FE?W![EDG!(@?)&J&B!?&A@!?D%@W![EDG!E&G@B!?&A@!@bB(*A@D!%EF&A@\!-*F!?&!

&)?EF!&A!?@! %EJ&GEF!ADA!@??@BW! (@(EF!B*AB*F!JDA?)&J&@AB&*F!ADA!O*K@(@B\!

3@A@K(D?&?! &?B*! ADA! G*B*! ?EAB! d! DFA&*! J*@J*! BD()@?JEAB\! .?B&E?! @A&F! B*F!

E&D%@AB*!?EAB! %EF&A*!EB!@B&*F!&ABE@*ABE(!*K?@AB&*\!}E*@! B*F@A! BEAJ!FE%BD!

J%*(&D(@?!*B[E@!&FFEB*K&%@?!@XX&J&EABE(W!JEF!*!#@&!`(*B&*!KDA&?!*JB&KE?!ADA!

!

H=h!!

(@J@GEAB\!0*(EF!@A&F!?)@JE%*B&E*!E&(BEB@!FE%B*!*B[E@!*(GE*![E*@!&A!*(J*AD!

A*BE(*@!(@JDAG&B*!?EAB!&A?)&J&!@B!JDF)(@O@AG&!E?E!&)?D!J@(B&??&FEF!@?B\!!

!!!-EAJ! &A?)&J&*FE?! EB(EF! XD(F*?! *A&F*@! O*K@(@! J(@G*ABE(! [E*?!

&AJD()D(@*?!@??@!&*F!G&b&FE?\!!

!

?:C!k0#J&J!&+*J&J!+0+!B&H'#'!

!!!5(&E?! ?J&(@! JDAE@A&B! G@X&A&B&DA@! F*&D(EF! XD(F*@! &)?&E?! E@(*J&??&F*F!

JDF)%@b&DA@F\! ZD(F*F! E@(D! G&JD! [E*@! *%&[EDG! ?)*B&EF! %&A@*! %&A@&?E@!

JDAJ%EG&BW!@B!?&J!X*J&%@!G*BE(!&AB@%%@`&W!?&!@*F!)D??EAB!*A&F*@!?E?J&)@(@![E*?!

?)&(&B*%&! J@(BEF! @?B! E&`D(@! ?EK?&?B@(@\! -*F! JEF! DFA&?! XD(F*! *EB! &A!

?E)@(X&J&@! ?&B! *EB! &A!JD()D(@W! ?E)@(X&J&@?!ADA!A&?&! &A!JD()D(@! u! JD()E?!E@(D!

?D%&GEF! *B[E@! )*%)*K&%@! u! *K! O&?! *EB@F! (@KE?! *A&F*F! F*A&X@?B@! JDA?B*B!

@bJ@)B*FW! (@?&GEEF!@?B!EB! XD(F*?!*A&F*@!AE%%*B@AE?!O*K@(@!)EB*AG*@!?&AB!

?@G!&AX&`E(*B*@!*B[E@!&AJD()D(*%@?!&A!?E*![E*%&B*B@!)@(F*A@*AB\!

!!!-@J! &%%EG!FDE@*B![EDG!6)D?BD%E?!G@!VO(&?BD!#DF&AD!G&J&B! "!G2+!/2,!+*!

<-4,)! '(+! (..(0! *-*! 4)1+*),! )4A+04)02.! (.0! (..(! .(! )(G2)>(,! '(-W! @B!

J@B@(*!d!&K&! @A&F! A*BE(*F! EE%B! &AB@%%@`&\! V@B@(EF! &AJD()D(@E?! #@E?W! [E&!

EK&[E@! BDBE?! *B[E@! &AJDF)(@O@A?&K&%&?! @?BW! [E*F! )DBE&B! O*K@(@! XD(F*F! �!

.%%EG! *EB@F![EDG! &A!0E*A`@%&D! %@`&BE(W! )D?B! OE&E?! %EJ&?! DJJ*?EF!6K(*O*@!

?&A&KE?! @`@AB@F! 7*m*(EF! XE&??@! ?E?J@)BEFW! G&E&B@F! E@(D! X%*FF&?!

*GE(@AB&KE?! *@?BE*AB@F! `EBB*F! )D?BE%*??@! EAG@! @&E?! B@F)@(*(@BE(!

&AJ@AG&EF!d! &G@D! &AB@%%@`&BE(! )D?&BEF! EB! OEF*A&! `@A@(&?! (@(EF! (E&AD?*!

)(*@?EF)B&D![E&G! XD(F&G*(@!G@KE&??@B!*`AD?J@(@B\!V@B@(EF!A@J! &%%@! %&A`E*!

%DJEBE?! @?B! [E*F! JDA?B*B! @??@! JD()D(@*FW! A@J! &%%@! G&`&BD?! O*KE&B! EAG@!

J*G@AB&KE?!`EBB&?!&AJ@AG&EF!G&E&B&?!B@F)@(*(@!)DBE&??@B\!!

!

H==!!

!!!-*F! @B! (@%&[E*! &A! OEAJ! FDGEF! ?E?J&)&@AG*! ?EAB! [E*@! %@JB&DA@! ?&F&%&!

JDAB&A@ABE(\! 5*(EF! @?B! @A&F! [EDG! G@! J(@*BE(*! &?B*! F@FD(*ABE(! *G!

JDA?E@BEG&A@F! OEF*A&! `@A@(&?! &A?B(E@AG*\! .)?EF! [ED[E@! *EJBD(@F!

&F)*??&K&%@FW! &FFEB*K&%@FW! )@(@AA&B@(! EAD! FDGD! F*A@AB@FW! XE(@(@!

%@`&FE?W! GD(F&B*(@! X(@[E@AB@(! *EG&E&FE?W! ADA! [EDG! B*%&*! )D??&AB!#DF&AD!

JDAE@A&(@W! ?@G! EB! (@?! *%&[E*@! @b! OEF*A*! JDA?E@BEG&A@! X*J&%&E?!

JDF)@AG&D?&E?[E@!AD?J*ABE(\!2&J!*A&F*?W!ADK&?! &AXD(F@?W! XD(F*?! %@`&FE?!

X(@[E@AB@(!*JJ&)@(@\!!

!!!2D%@B!@B&*F!*%&[ED?!)@(FDE@(@!?&!*A&F*!ADA!O*K@*B![E*AB&B*B@FW!GEF!@*F!

JDA?B@B! &AB(*! JD()E?!ODF&A&?! JDAB&A@(&! d! ?@G! ?&! G@X&A&B&DA@F!E@(*J&??&F*F!

[E*AB&B*B&?! (@EDJ@FE?! &A! F@G&EFW! [E*@! (@?! ?&A`E%*?! K(@E&B@(! ?@F)@(!

*K?D%E&BW! X*J&%@! ADK&?! )(DK*B*! E@(&B*?! @%EJ@?J&B\! 2&J! @A&F! *(&BOF@B&J&! @*F!

JDF)@AG&D?*! E@(&B*B@! G@?J(&KEAB! "! DFA&?! [E*AB&B*?! *EB! G@! JDAB&AE*B&?!

JDA?B*B!EB! *(KD(W! ODFDW! @B!FDA?W! *EB!G@!G&?&EAJB&?!EB! JOD(E?W! )D)E%E?W! E@%!

*J@(EE?W! @B! O&?! ?&F&%&*\! 2@G! JEF! *A&F*! A@[E@! G@! JDAB&AE*B&?W! A@[E@! G@!

G&?&EAJB&?!?&BW![E&*!JD()E?!ADA!@?BW!J%*(EF!@?B!@*F![E*AB&B*B@F!)@A&BE?!ADA!

O*K@(@W!?@G!EK&JEF[E@!@?BW!A@J!XD(F*F!(@J&)&B!A@J!O*K@(@!ADK&?!G&J@AG*!@?B!

*%&[E*F! [E*AB&B*B@F\! V(@*BD(&! B*F@A! J&(JEF?B*AB&*?! @*(EF! @B! [E*AB&B*B@?!

)*B@(@!)D??@!J(@G@AGEF!@?B![E&*!-,*+)!.2A!,(*.24)K!*2,(4-K!(0!1-*3(4(!

/4()2+0W! @B! &)?&! ?D%&! ?EAB! ADB*! E@(@W! [E&! X@J&B! @*W! [E&! F&(*! )DB@AB&*! &)?*?!

[ED[E@! JD`&B*B&DA@?! AD?B(*?! [E*?&! (@?! E&?&K&%@?! &ABE@BE(W! [E&! &AADJ@AB&?!

?*A`E&A@F!*EG&B!J%*F*AB@F!d!*G!)D?B(@FEFW![E&!ADE&B!DFA&*!@B!*AB@[E*F!

X&*AB\!!

!!!3@F)E?! @?B! E@A&(@! *G! E&(BEB@?!FD(*%@?! [E*@! ?EAB! *FK&@AG*@! G&E&B&*@! @B!

(@E@(*! )(@B&D?E?! J@A?E?! *A&F*(EFW! [E*?! C(*@J&! )4(0).! EDJ*ABW! [E&KE?!

JDAB(*! &FFEAG&B&*F! JD()D(*%@F! ?E*F! A&B&BE(! KDA*! JDA?J&@AB&*! E&AG&J*(@!

)E(&B*B@F\!!

!

H=p!!

!

!

?::C!E'!(*#1(1*H()!'*()!J0#&-*H()!

!!!5(&FEF!*GE@(?EF!)(*E*!E@%!&A&[E*!&E?B&B&*@!FEA&F@A!DK&@JBEF!@?B!JE&E?W!

EB! E@B@(@?! G@X&A&(@! ED%E@(EABW! B*%&?! AD?J&BE(! @??@! JDF)%@b&D\! .E?B&B&*! @?B!

O*K&BE?! *A&F&W! )(D! JDFFEA&! EB&%&B*B@! ?@(E*BE?W! ?E*F! JE&[E@! B(&KE@A?!

G&`A&B*B@F\!VDAB(*!JDAXE?*!@B!&AJ@(B*!)(EG@AB&*!EB&%&B@(!*GO&K@BE(\!5(EG@AB&*!

E@(D! @?B! (@(EF! KDA*(EF! @B! F*%*(EF! E@(*b! ?J&@AB&*\! VDAB(*! *GE@(?*! E@%!

)(D?)@(*! (@F@G&*%&?! D))DA&BE(! XD(B&BEGD\! ZD(B&BEGD! *EB@F! @?B! JDA?&G@(*B*!

)@(&JE%D(EF! ?E?J@)B&D! @B! %*KD(EF! X&(F*! )@()@??&D\! VDAB(*! G@%@JB*B&DA@?!

&`&BE(! &%%&J&B*?! @B! ED%E)B*B@?! X@(E&G*?! FDG@(*B(&b! ADK&?! B@F)@(*AB&*!

?EXX(*`*BE(\! 3@F)@(*AB&*! [E&))@! @?B! *GE@(?E?! %&K&G&A@F! *B[E@! *%&D?! ADA!

(@JBD?!&F)@BE?!*A&F&!X&(F*!@B!FDG@(*B*!GDF&A*B&D\!U&?!&`&BE(!FEA&B&DA&KE?!

G&E&A*!D)&BE%*B&DA@!JDAJ@??&?W!E@%EB![E*G(E)%&J&!BOD(*J@!J&(JEFG*B*W!&A!ODJ!

FEAGD!FD(B&X@(D!?*%E?!*A&F*@!JE?BDG&BE(!A@J!)DB@?B!*!E&B&&?!*G&(&![E*@!B*AB*!

F@(E&B!BE&B&DA@!E*%%*(&\!!

!!!2@G! ODJ! E&(BEBEF! [E*G(&)@(B&BEF! G@JE?! B(&A*! ;EB! &B*! G&b@(&F>! )*(B@!

JDF)%@BE(\!5(&F*! @?B! JDAB@F)%*B&D![E*@! *J&@F!AD?B(*@!F@AB&?! @bB@AG&B! *G!

(@?! ?EKB&%&??&F*?! &ABE@AG*?\! 2@JEAG*W! &EG&J&*%&?! [E*@! G&?J(@B&DA@F! KDA&!

F*%&[E@! (*B&DA*K&%&! *@?B&F*B&DA@! )@(B(*JB*B\! 3@(B&*W! F@FD(&*W! JEF! (@?!

&A?)@JB*@! *B[E@! G@%&K@(*B*@! &A! *A&F&! )@A@B(*%&KE?! X&G*! JDFF@AG*B&DA@!

(@)DAEABE(!EBW! [E*?&! &A![EDG*F!JDAJ@)B*JE%DW! ?E?J&)&*FE?![E*@! X(@[E@AB&!

F@G&B*B&DA@!JDAK&K&FE?\!/@?B&*(&*!AD?B(*W!JEF!XE@(&AB!)%@A*W!A&O&%!J*)&EABW!

ODJ!BO@?*E(*(&EF!ADA!`(*E*BE(!DA@(*BEF!?@GW!JEF!FE%B*!JDAG&G@(&BW!?J&@AG&!

G@?&G@(&D! )%E?! (@[E&(&B\! 3@B&`&FE?! ?E)(*G&JB*?! )*(B@?! [E*?&! *(FDA&*F!

B(&JD(G@F! "! B*%&! @A&F! AEF@(D! G@%@JB*BE(! *A&F*! d! &)?D! AD?J&BE(! `*EG@(@!

G&E&A&B*?\!!

!

HpM!!

!!!2D%@AB!JDFFDE@(@!*%&[E&!?EKB&%&??&F*?![E*@?B&DA@?W!G&J@AB@?!"!?&!G&E&A&B*?!

)@(X@JB*?!@B! (*B&DA*K&%@?!*A&F*?!J(@*BW!JE(!*EB!)D?&BD!?@A?E!E&EEAB! &AX*AB@?!

*EB! &EE@A@?! &AE@A&EABE(! @bJD(G@?! �! 2@G! [E&?! ADA! &AB@AG*B! *A&F*?!

)*(EE%D(EF!&FK@J&%%&B*B@!JD()D(&?!A@J!DXX&J&*!?@A?EEF!A@J!F&A&?B@(&*!)D??@!

@b)%&J*(@!F@FK(D(EF!�!/B!?&!&`A@F!*A`E?BD!E*?@!JDAJ%EG*?!*%BEFW!EB!&%%&E?!

FD(&?! @?BW! A@[E&B! *))@B@(@W! [E&*! @EF! *(B&??&FEF! DK?B*JE%EF! JDA?B*B!

D)@(&(@\! 3EAJ! @A&F! EA&JE&[E@! (@&! X*JE%B*?! ?E*! E&G@BE(! ?E))@B@(@W! JEF! &%%&!

A&O&%! JDAB(*(&EF!)(*@E*%@B! &F)@G&(@\! 2&J! ?BE%B&?! &EE@A&KE?! DKE&*B! [EDG! *EB!

&F)*(&%&B*B@!)*(B&EF!*EB!J(*??&BEG&A@!OEFD(EF!F*B@(A&!EB@(&!E&B&D!?E?J@)BDW!

*A&F*! &A@)B*! A&F&?! O*K&B*B&DA@! G@)(&F&BE(! @B! E&F! ?E*F! @b@(J@(@! ADA!

)(*@E*%@BW! &AJDAE@A&@AB&?! GDF&J&%&&! ?@G@! )(*@)@G&B*! d! [EDG! ?BE%B&?! *JJ&G@(@!

ODG&@[E@! JDA?)&J&FE?! [ED?! `(*@J&! *+*+-*(.! EDJ*AB\! -*F! EB! G@! E?E*%&!

[ED[E@! G&J*FE?! @E@ABEW! [E*F! FE%B&! FD(K&?! *JJ&G@AB&KE?! *EB! DA@(*BD!

J@(@K(D! *EB! )(*@JD(G&D(EF! ?BE)D(@! JDAXE?&! *JEF@A! ?D%&B*@! ?*)&@AB&*@!

)@(G&G@(EAB\!}E*AB&!@B&*F!FDF@AB*A@*!%*@?&DA@!FEB*B&!?EAB!�!-*F!@B!&)?@!

[E&! J@%@K@((&F@! ?*)&@A?! O*K@BE(W! JD)&D?D! )(*AG&D! (@X@(BE?W! [E*F! X*J&%@! &A!

J(*)E%*F! G&%*)?E?! DKBEAG&BE(W! EB! E&(EF! &%%EF! )(EG@AB&??&F@! G&??@(@AB@F!

G&XX&J&%@! E@%! E&EEF! J(@G*?! [E@F! ?@! A@J! FDE@(@! )D??@! JDA?)&J&*?\! /AEF!

B*F@A! J@(B&??&F@! ?J&DW! ?*)&@AB@?! A&F&?! X@%&J&??&FD?! X&@(&! [E&! F&?@(&JD(G&*!

#DF&A&!*!B*%&KE?!*GE@(?&B*B&KE?!(@GGEABE(!*%&@A&\!!

!!!ZD(B@! ?&AB! @B! *%&*@! J*E?*@! [E*@! (*B&DA*K&%&! *A&F*@! *G! FDBE?! )(D)(&D?!

@b)%&J*AGD?! *GE@(?EF! &(@! E&G@*ABE(\! V@B@(EF! *A&F*@! A@J! J(@?JEAB! JEF!

)*(EE%&?! A@J! X*BE&?! *%&*@! E*(&*! G&?J(@B&DA@! B(&KEEABE(W! ?@G! ?&JEB!

&FFD(B*%&B*B@F!&E`&B@(!?EFEABW!&B*!@B!(*B&DA*%@?!@??@!`@A@(*%&B@(!?@AB&EABE(\!

5*(EE%&?!@A&F!(*B&D!J(@?J&B! %DA`*!F@G&B*B&DA@W!ADA!*A&F*\!-EAJ!*G!(@%&[E*!

JE((@AB@!D(G&A@!B(*A?@*FE?\!

!

!

HpH!!

!!

?:::C!E'!(*#1(1*H()!'*()!+&1(#&-*H()!

!!!/&(BEB@?! *A&F*@! A*BE(*%@?! [E&A[E@)@(B&B*?! E@B@(@?! @??@! ED%E@(EAB\! 5(&F*!

@?B! &A!EB(*[E@!)*(B@! ?@A?&K&%&?![E*@!ADK&?! B(&KE&B! &AB@%%@`@AB&*@! ?@A?EF!)@(!

[E*F! DFA&*! &AJD()D(*%&*! E*(&*! &F*`&A*B&DA@! ?@AB&FE?\! Z*J&B! @B&*F!

JD()D(*%@?! E&`@(@! ?@A?E?W! &G! @?BW! E&?EFW! *EG&BEFW! `E?BEFW! DGD(*BEFW! @B!

B*JBEF![ED!GE(*!@B!FD%%&*W! %@A&*!*?)@(*[E@!?@AB&FE?\!2@JEAG*W! &F)@(*B&E*!

[E*@! &EK@B! D(`*A&?! JD()D(*%&KE?! FDBE?! G&E@(?D?! [ED?! &F)%@(@! G@J(@E@(&BW!

ODJ! @?BW! B(*A?X@((&! G@! %DJD! *G! %DJEFW! EDJ@?! @G@(@W!F@FK(*! JE(E*(@\!U*@J!

@b@F)%&! J*E?*! )D?E&FE?! EB! &A! O&?! ?&F&%&*! G&b&??@! E&G@*FE(\! 3@(B&*FW!

)(&AJ&)*%@FW!JEF!*K!DFA&!*JBE!(@FDB&W!&A!DB&EF!(@)DA&FE(!@BW!JD()D(*%&KE?!

?@A?&KE?! [E&@B&?W! )(DXEAG&E?! *%&[E&G! X&(F&E?[E@! B(*JB*FE?\! U&AJ! @?B! [EDG!

*@B*B@! F*BE(&! F@%&E?! ?*)@(@! &EG&J*ABE(! [E&*W! ?@A@?J@AB&KE?! F@FK(&?! @B!

JD()D(*%&KE?! ?@A?&KE?! FD%%&B&?W! )(D! F*b&F*! )*(B@! &A! JDA?&%&EF! B(*A?@EAB\!

/K&! GEF!F@A?! *F)%&E?! DJJE)*BE(W! (DKE?B&D(! E&(BEB@! *GEA*B&DA&?! @XX&J&BE(W!

?@G! &B@(EF!G@?&)&EAB!JEF!A&F&*!G@K&%&B*B@!G@)DAEABE(W![EDA&*F!G*BEF!@?B!

*A&F*KE?! *G! B@F)E?! ?ED(EF! ?@[E&! JD()D(EF! A@J@??&B*B@?\! }E*(B*FW!

E&B*%@FW!&G!@?BW!J*%D(@F!*A&F&!A*BE(*%@FW![E&!ADK&?!)(D)B@(!?EEF!X@(ED(@F!

FDG@(*AGEF!*EB!*E(*?!*@BO@(&*?!O*E(&@AGD!*B[E@!(@GG@AGD!E&B*F!B(&KE&B!@B!

?*%EB@F\! }E&AB*FW! G@%@JB*B&DA@FW! ODJ! @?B! *))@B&BEF! KDA&! F*%&[E@W! [E@F!

?EK!&DJEAG&B*B@!*A&FE?!JDAJE)&?J&B\!!

!!!0JJ@! &B@(EF! [E*G(&)@(B&B*! ?EKG&E&?&DA@! *G! ?E?B@AB*B&DA@F! JD()D(&?!

@b)%&J*AG*F! )*(?! &?B*! (@XEAG&BE(\! 5(&F*! @?B! *BB(*JB&E*W! (*)&@A?! G@! A*BE(*%&!

[EDG!?&K&!A@J@??*(&EF!?@AB&B\!2@JEAG*W!G@B@ABD(&*W!*??EF)B*!(@B&A@A?!GDA@J!

@b! O&?! EB&%&?! G@JDJB&D! )(DJE(@BE(\! 3@(B&*W! B(*A?%*B&E*! [E*@! *JJ@)B*! &A! *%&EG!

JDAE@(B&B! *B[E@! B(*A?)DA&B\! }E*(B*W! @b)@%%&B&E*! [E*@W! EB! A*BE(*! X&*B! %&K@(*W!

?&K&!ADJ&BE(*!G@)@%%&B\!!

!

HpL!!

!!!2D%E&FE?W!EB!G*BEF!@?BW![E*?&!*%&EF!ADGEFW! &AJ%&A*E&FE?!E@%EB! ?@bBEFW!

EBW!G&XX&JE%B*B&?!J*JEF&A@!G@)%*A*BDW! &ADXX@A?@!*G!(@%&[E*!`(*G&*FE(\!-EAJ!

*G!D(&`&A@F!*A&F*@![EDA&*F!G&XX&JE%B*B&KE?!)%@A*!@?B!J*EB&??&F@!E@A&*FE?\!!

!

!

:UC!E'!0#*P*+'!&+*J&'!

!!!7@`&FE?!&A!JDAG&B&DA@!(@(EF!FDb!G@!%&FD!B@((*@!JD()E?!@XX@JBEF!@?BW!@B!

?B*B&F!#DF&AEF! &A?EXX%*??@! X*JBEF[E@! @??@! 6G*F! &A! *A&F*F! E&E@AB@F\!

.A?EXX%*E&B! @A&F! G&JBEF! @?B! *G! @b)(&F@AG*F! D)@(&?! G&`A&B*B@FW! EB!

*`AD?J@(@BE(! *%&[E&G! @b&F&EF! [EDG! @&E?! D(@! )(D%*BEF! @?B\! V@B@(EF! ODJ!

?&`A&X&J*B! &A?EXX%*B&D! @&E?! [EDG! F*AG*BEF! @B! &E??&D\! -*F! &A?EXX%*(@!

[E@F*GFDGEF!)DB@?B![E&!A@[E@!?)&(&BEF!(@?D%E&B!A@[E@!KEJJ*?!O*K@B![E*@!

JDA?B*B! @??@! JD()D(@*! �! UDJ! ADAAE%%&! ?@JEB&! G&b@(EABW! FDb! EB! ?@F@A!

OEF*AEF! JD*`E%*BEF! XE@(&B! &A! E&B*%@F! ?EK?B*AB&*FW! &%&JD! J(@*B*?! *A&F*?!

JD()D(&KE?! G*(&! G&?J(@B*?! *B[E@! )@(X@JB*?\! 9@G@AG&! *EB@F! *(B&X&J@?!

[E*G(*`@?&FD!G&@!OEF*AEF!*J!FD(B*%@!)@JE?!*A&F*F!G&JEAB!*JJ&)@(@W!JEF!

?@!&A!EB@(D!F*B(&?!JD@)@(&B!JDFFDE@(@\!:)&A&DA@![ED[E@!X@(BE(!*%&[ED(EF!

[EDG!J(@*BD(!&%%@!)DB@AB&??&FE?W!?&JEB!G@!JD()D(@!AD?B(D!?@F@A!J*(A&?!@GEJ&BW!

&B*! @B! G@! *A&F*@! [E*%&B*B@! *A&F*F! ADE*F! )D??@! `@A@(*(&W! [E*B@AE?!

D(&`&A*%&?! &%%&E?! )@JJ*B&W! [EDG!V*BOD%&J*! JDAX&B@BE(! 0JJ%@?&*W! )@(! B(*GEJ@F!

G@%&JB&! (@*! )D??&B! D?B@AG&W! A&?&! GDAD! XE@(&B! K*)B&?F*B&?! *K?D%EB*\! -*F!

[E@F*GFDGEF!&AX*A?![E&!)@JJ*AG&!ADA!O*K@B!EDBEFW!(@E?!G@K@*B!E%%*B@AE?!

&AE@A&(&W! A&?&! *%&[E*! (*B&DA@! &A! &)?*! D(&`&A@! *A&F*(EF! JE%)*! E&G@*BE(! @??@!

B(*A?XE?*! �! /AG@! )*B@(! 6E`E?B&AE?W! (@%&`&D?&??&F*! GEK&B*B&DA@! %*EG*AGE?W!

A&O&%! B@F@(@! G&J&B! @??@! X&(F*AGEFW! ?@G! &A! &)?&E?! @??@! ?@J(@BD! ?&JEB! @B! *%&*!

FE%B*!?EAB![E*@!AD??@!ADA!)DB@?B!AD?B(*!F@G&DJ(&B*?\!UDJ!*EB@F!E@(*J&B@(!

X&b@[E@!J(@G@AGEF!@?BW! @B!#@EF!*A&F*?!J(@*(@!@B!DJJE%B*![E*G*F!(*B&DA@!

!

HpP!!

&E?B&??&F@! &%%&?! &F)EB*(@! [EDG! )(&F&! ODF&A&?! )@JJ*BD! B@A@ABE(! DKADb&*@\!

9@%&E?! @?B! @A&F! &A! B*F! DJJE%B&?! J*E?&?! JDAX&B@(&! &`AD(*AB&*F! [E*F!

)@(&JE%D?*F!*??EF@(@!XD(B*??&?!*EG*J&*FW!JEF!G&J*B!6)D?BD%E?!"!G2+.!(*+,!

/-?*-2+0! .(*.2,! '-,+*+! )20! G2+.! (+2.! /-*.+>+)4+2.! <2+0! �! 0B! &B@(EF! "! (c!

1)40(!./+,2.!(0!(c!1)40(!14-1F(0),2.\!!

!!!2@G! [EDA&*F! &A! OEAJ! %DJEF! B@AD(! AD?! G&?)EB*B&DA&?! *GGEb&B! EB! *A&F*?!

(@*?! )@(! B(*GEJ@F! )@JJ*B&! `@A@(*%&B@(! @??@! G&J@(@FE?W! JDAE@A&B! *A&F*F!

VO(&?B&! #DF&A&! &A! F@G&EF! G@GEJ@(@! A@! [E&?! J*%EFA&D?*! &AB@AB&DA@!

)@(E@(?E?! ?&F&%&! @*F! )EB@B! JDAG&J&DA@! JDA?B(&JB*F\! 6EG&*FE?! &`&BE(!

D(&`&A@F! @&E?! ?*AJB*@! 9*(&*@! ?@F)@(! E&(`&A&! G&`AD! )(*@JDA@! XE&??@!

)(D)O@B*B*F\! 6&B! *A`@%E?"! $1+4+02.! $)*/02.! .21(42(*+(0! +*! 0(! (0! 2+402.!

6>0+..+,+!-A2,A4)A+0!0+A+5!E4-10(4()!G2-3!*)./(024!(c!0(!.)*/02,!2-/)A+024!

<+>+2.! '(+\! }E&?W! (D`DW! &A! O*J! F*&@?B*B@! A*?J@AG&! *EB! D(&`&A*%&?! )@JJ*B&!

J(@G*B! @??@! JE%)*F! *EB! )(DX*A*F! *%&[E*F! J*(A&?! ?E?)&J@BE(! DXX@A?*F! �!

6K?[E@! )@JJ*BD! ?&A@! GEK&D! E@A&B! [E&! @(*B! DFA&EF! )@JJ*B*! ?D%EBE(E?\!

VDAJ@)BE?!FR?B&JD!&A?)&(*F&A@W!A*BE?!@b!E&(`&A@W!A&O&%!G@!6G*F!B(*b&B![E&!

EB! F*%EF! 6G*@! E&AJ@(@BE(! *GE@A&B\! ZEA&?! &%%@! %DA`&??&FE?! [ED! AD?!

%&`*K*FE(!*K(E)BE?!@?B\!3D((@A?![E&!AD?! (*)&@K*B! &K&! ?&JJ*BE?!@?B\! .E(*! ?E*!

FD(?!)@(G&G&BW!GEF!JDAG&B&D!AD?B(*!E&B*F!(@G@F)BD(&?!*JJ@)&B\!-*F!)(&FE?!

ODFD!)D?B@(&?! B(*A?F&?&B! @b&B&EF! d! E@A&@A?!VO(&?BE?!#DF&AE?! J(@G@AB&KE?!

JDABE%&B! (@`A*! J*@%D(EF\! 5@(! &?BEF! @A&F! (@)*(*B! *F&??EF! ?B*BEF! [E&! )@(!

&%%EF! )@(G&G@(*B!F@(&BEF\!-*BE?! &A! `%D(&*W! JDAE@(?*BE?! ?&A@!F*JE%*W! [E&G!

)DBE&B! G@! &%%D! B(*O@(@! [E@F! JDAB(*(&*! E@A&B! *JB&DA@! G@?B(E@(@! �! 2*AJB*@!

D(&`&A&!E&B*!?*AJB*!(@?)DAG&B\!}E&!?&A@!)@JJ*BD!@?B!`@A&BE?W!AE%%*!@?B!FEAG&!

%*K@! ?E)@(*BE?\! 2E?J@)&B! E@(EF!ODF&A@F!A*BE(*W! ADA!E&B&&?\!1@?)E&B! [EDG!

)(DBD)%*?BE?!G@%&[E&B!@B!*??EF)?&B!ODF&A@F!)E(&??&FEF![E@F!J(@*E&B\!-DA!

)@JJ*BEF! ?E?J&)&@A?W! ?@G! J*(A@F! )@JJ*B&! ?&A@! *%&[E*! &A&E(&*! )D%%EB&DA&?!

*??EF@A?\!!

!

HpI!!

!!!2E*E&?! [E&G@F! A&F&EF! F&O&! X*JB*! G&`(@??&D! @?BW! GEF! ?E?)&J&DA@?!

&F)(DK*?!*FDE@(@!JDAB@AGDW!?@G!GEF!*G!*%&EG!B@AG&FE?W!O&AJ!G&J@(@!FE%B*!

ADA!)D??EFE?\!1@?B*B!AEAJ!EB!D(G&A@F!@B!)(D)D?&BEF!)@(?@[E@AB@?!G@!?@G@!

*A&F*@!G&J@(@!G@K@*FE?\!!

!

!

UC!E'!)','!&+*J&'!

!!!}E&G*F! ?@G@F! *A&F*@W! [E*FE&?! ?&B! JD()D(@! BDBD! G&XXE?*W! &A! JD(G@! @??@!

ED%E@(EABW!G&J@AB@?![EDG!&K&!)E(&??&FE?!?*A`E&?!@B!E&B*%&?!?)&(&BE?!JDAB&A@BE(!

EB! &AG@! @B&*F! JD`&B*B&DA@?! ?&E@!F*%*?! ?&E@! KDA*?! @b&(@! JDAX&(F@AB! d! [EDG!

*A&F*@! E&(BEB@F! D)@(*(&! )D??@! ADA! GEK&EF! @?B\! 5%E(&F&! *EB@F! &A! J*)&B@!

&A?&G@(@! F*A&X@?B*ABW! ?&! X*?! @?B! JEF! (@E@(@AB&*! B*F@A! G&J@(@W! *G!

?&F&%&BEG&A@F!*%&[E*F!G&E&A&B*B&?W![E*@!%&J@B!DFA&*!&A@XX*K&%&!?EK?B*AB&*!?E*!

(@)%@*BW! 2J(&)BE(*! B*F@A! J*@%D?! &A?&G@(@! JDAX&(F*B\! #&`AEF! @A&F! XE&B! EB!

*(J@F!)@B@(@B![E*@!?@!ADE@(*B!J*@%@?B&!D)@(*B&DA@!?EK%&F@A!@B!B*%&!%DJD!)(*@!

J@B@(&?! E@(?*(&! EAG@! (@%&[E*! F@FK(*! G@KE&??@AB! JDF)@B@AB&! (@`&F&A@!

`EK@(A*(&\! -*F! @B! &)?*! X&`E(*! J*)&B&?! ?)O*@(D&G@?! )E%JO@((&F*! @?B! &A! [E*!

?&K&!&FFD(B*%&?!*B[E@!(*B&DA*%&?!*A&F*!G&`A*F!X*J@(@B!F*A?&DA@F\!!

!!!V@(B@!JD()D(*%&*!E&G@*FE?\!.`A&?!&?B@!FD(B*%&?!?@F)@(!B@AG&B!*G!?EFFEF!

@B![EDG!O*K@B!?EKB&%&??&F*F!A*BE(*F!*G!?E)@(&D(*!?&A@!GEK&B*B&DA@!X@?B&A*B\!

2EAB! @B! *%&[E*! OE&E?! J(@GE%&B*B&?! &AG&J&*\! -*F! JEF! F@G@AG&! )@(&B&??&F&!

B@?B*F! J*)&B&?! OEF*A&! `(*E&??&F*! )@(JE??&DA@! JDAX(*JB*F! &A! ?D%&G&B*B@F!

)(&?B&A*F! (@EDJ*(@! JDAB@AGEABW! F@FK(*A*F! [E*! B@A@(&BEGD! J@(@K(&!

JDFFEA&BE(W!JEF!*!?*A`E&A@*!X*@J@!G@B@(`@(@!JE)&EABW!X(@[E@AB@(!*BB&A`EAB\!

}E*@! ?B*B&F! EB! B*JB*! XE@(&BW! &A! B*ABEF! ?BE)D(@F! ODFD! )@(E@A&B! EB! E@%!

)@(JE??E?!*%&K&!`(*E&B@(! ?@AB&(@!ADA!)D??&B\!2@G!FDb! &B@(EF!EB! ?@!F*AE?!*!

!

Hp<!!

J@(@K(&! &F)(@??&DA@! ?E?)@AG@(&BW! *G! &AB@%%@JBEF! JDA?E@BEG&A*(&EF! (@G&BW!

EDJ@F!?@A?EF[E@!(@J&)&@A?W![E&G!G@!&)?D!&*F!*`*BE(!*`AD?J&B\!}EDG!&A!*%&&?!

[ED[E@! F@FK(&?! ADA! )(DK*BE(! *JJ&G@(@! [E*FE&?! &FF*A&EF! EE%A@(EF!

XDE@&?! @bJ*E@ABE(\! 6GG&BE(! @B&*F! [EDG! @B! ?*AD! JD()D(&! *G! O*AJ! (@F!

)@(B&A@AB&*! ADA! F&A&F*! ?&`A*! )(DE@A&EAB\! -*F! JEF! XE@(&B! *%&[E&?! A&F&*!

&AG&`A*B&DA@! X%*FF*BE?! *A&FEF[E@! ?EEF! *@?BE! JD`&B*B&DA&?! *JJ@AG@(&BW!

ADA! X%EJBE!E&?J@(EFW!ADA!)@JBD(&?! JDFFDB&DA@!E@b*BE(W! ?@G! ?B*B&F!J*)&B&?!

GD%D(@! )@(JEB&BE(! EB! &%%&J! E&G@*BE(! *A&F*! X*B&`*B&DA&?! ?&`A*! (@%&[E&??@! EK&!

F*`A*!E&?*!@?B!E&(BEB@!JDAB@AG@(@\!!

!!!.K&! @B&*F! X&@(&! *K?D%EB@! ?@AB&FE?! *A&F*@! AD?B(*@! [ED?G*F! X%EJBE?W!

[ED?G*F!&F)@BE?!`(*AG&D(@?W!EB!*AB@!DJE%D?!AD?B(D?!E@A&*AB![E*@!*K?@AB&*!

AE%%E?! &`AD(*B\! 3@AG&FE?! [E&G@F! E&`D(@F! *A&F&! &A! G&E@(?*?! )*(B@?!

FE%B*?[E@! (@`&DA@?! @B! )O*AB*?B&J*! &F*`&A*B&DA@! *G! J*)&B&?! AD?B(&! &EG&J&EF!

)@(GEJ&BE(![EDG!)@(!G&E@(?*?!FEAG&!)*(B@?!JD`AD?J&BE(!@b[E&?&BEF\!#@A&[E@!

DJE%D?! AD?B(D?! G@X&`&FE?! DFA&AD! JD`&B*AB@?W! *E(&EF! ?@A?E?! DK?B(E&BE(W!

`E?BE?! J@??*BW! A*(@?! E*J*ABW! %&A`E*! ADA!O*K@B! EDJ@FW! @B!FE%B&?!FDG&?! )@(!

B*%&*! ?&`A*! JD`AD?J&BE(! *A&F*! &A! ?E&?! [EDG*FFDGD! JEK&JE%&?! DJJE)*B*\!

U*@J! @(`DW! EB! )EB*BE(W! &A! @G&BD! JDA?B&BEB*! [E*?&! )(D! B(&KEA*%&! ?@G@A?W!

*))@B&BD(EF!?ED(EF!AD?J&BE(!@??@!FDG@(*B(&bW!KDA&!F*%&[E@!&EG@bW!*FK&`E*!

G&?J@(A@A?W!ADb&*!(@?)E@A?W!JEF!B*F@A!@&!`(*B&*!G&E&A&B*B&?!&AXE%?@(&B\!!

!!!ZE&B![E&G@F!&A!)(&FD!ODF&A@!K@*B&BEGD!A*BE(*%&?W!*(K&B(&&!%&K@(&!)DB@A?!@B!

&AE&D%*B*! ?@AB@AB&*W! ?@G! &AX@%&J&! B(*A?`(@??&DA@! G@J@)BE?W! G&*KD%&J*! X(*EG@!

)@(G@A?![EDG!)D?B@(&?! B(*G&BE(E?! *JJ@)@(*BW! *G!AD?! B(*A?F&BB@(@!ADA!)DBE&B!

[EDG!*F&?&B\!.AG@!)(D)*`*BE?!&AB@(&BE?W!&AG@!OEF*A&!`@A@(&?!AEB(&B*!G@X@JB&DW!

&AG@! &`AD(*AB&*! (*B&DA&! JDAB(*(&*W! &AG@! ADb&*@! JE(*@W! &AG@! )*@A&B@AG*!

JDA?&%&*W! &AG@! DK?JE(*B*! JD`A&B&DW! BE()@! G@?&G@(&EFW! &E?B&B&*@! A@`%@JBE?! d!

&AG@!F&%%@!J(&F&AEF!%*)?E?!@B!)%E(*!ADK&?!JEF!)@JD(&KE?!JDFFEA&*![E*@!

G&E&A&B*?! X@J@(*B! @??@! G&?J(@B*\! 5(*@AEAB&*B! @A&FW! )(D! GD%D(W! ADK&?! ?D%&?!

!

Hpo!!

G&?J@??&D! ?@(@A&B*B&?! *GE@ABEFW! XEBE(*?! B@F)@?B*B@?! E@ABD(EF!JDFFDB&DA@!

G&AD?J&FE?W! E@ABE(*F! ?*@JE%&?! EK@(B*B@F! B@F)D(EF! (*B&DA@! JD%%&`&FE?W!

%*@B&B&*F!ADK&?!&AB@(GEF!&`A*(&!*A&F&!)(*@?*`*B&DA@!)(DF&BB&FE?!d!?@G![E&G!

B*%@! &`AD(*(@!)DBE&??@B!*A&F*W! ?&!@&E?! XE&??@B!G&`A&B*?!JE?BDG&B*!�!#@)(@??*!

@?B! &E?B@!*G!&`AD(*AB&*F![E*@!?J&(@!ED%E&B!JDABEF*J&B@(!E@B&B*\!9DGD!@A&F!

?&`A&?! *EB! JDA&@JBE(&?! ?*)&B! *%&[E*! [E*@! ?&A@! %*KD(@! AD??@! )DBE&B! EA&E@(?*\!

.%%EG! B*F@AW! ?*AJB*! JDAE@(?*B&DA@!)E(`*B*W! G&E&A&B*B&?! *Eb&%&D! (@J@)&B! [EDG!

&A?&G&&?! G@J&)&@AB&?! )@(G&G&B! d! &%%EF&A*B*! E&G@B! *! J(@*BD(@! [E*@! XE?J*B*! ADA!

)DB@?B!*!?@F@B&)?*!JD`AD?J@(@\!!

!!!-*((*B*!?EAB!G@!*A&F*![E*AB*!)(DK*ABE(!@??@!JDAJ@??*W!?@G!JDAE@A&B!EB!@B!

G@! @&E?! B@F)%D! G&J*FE?W! [EDA&*F! &%%*! &F*`D! #@&! ADA! )*B&BE(! EB! JD()D(&!

G@XD(F&!JDA&EAJB*!@??@!E&G@*BE(\!!

!

!

U:C!E'!%0)*1*0+'!/0#%0#*)!

!!!5(DJ@(EF!*A&F*%!@B!&A!@XX&`&@F!)E%JO@((&F*@!?)@JE%*B&DA&?!@(@JBEF!*G!(@?!

?E)@(A*?! @B! (*B&DA*K&%@?! &ABE@AG*?W! JE&E?! *(FDA&*J*! G&?)D?&B&D! &A`@AB&*!

ADK&?! ?*J(*F@AB*! G@J%*(*B\! .F)(&F&?! J*)EB! AD?B(EF! ?@b! D??&KE?!

JDF)*`&A*BEF! &A! ?&F&%&BEG&A@F! J*@%@?B&?! ?)O*@(*@! (DBEAG*@! JDAJ*E&B*B&?!

XD(F*BEF! @?BW! EB! ?@A*(&EF! &%%EF! )@(X@JB&??&FEF! AEF@(EF! ?@G@?! AD?B(&!

J@(@K(&W!&A!JE&E?!D(`*AD!?*)&FE?W!JDAB&A@(@B\!!

!!!U&AJ! DJE%&W! [E*?&! ?*J(D(EF! B@?B*F@ABD(EF! )E%JO@((&F*! GED! ED%EF&A*W!

JD%%DJ*ABE(! *G! [ED(EF! ?&F&%&BEG&A@F!DFA&*! ADK&?! JDFK&A*B*! G@?J@AGEABW!

EB! *E(@?W! A*(@?W! %*K(*W! K(*JJO&*W! %*B@(*W! J(E(*W! B&K&*@W! )@G@?\! .A! O*J! @A&F!

FR?B&J*! GE*%&B*B@! JDF)*`D! BDB&E?! JD()D(&?! JDAB&A@BE(W! @B! ?&JEB! &%%*!

!

Hph!!

B@?B*F@AB*!*G!EAEF!(@?)&J&EABW!EAEF!?*)&EABW! &B*!O*@J!DXX&J&*! &A!EA*F!?@!

JDAE@A&@AB&*F!D)@(*B&DA@F[E@!JDA&EA`EAB\!!

!!!2@G! %&J@B! O*@J! )*(&%&B*?! )E%JO@((&F*! ?@! G&?B(&KEB&DA@! JDA?DJ&@B! @B!

*%B@(EB(EF!?&K&!FEBE@BE(!D(A*BEFW!?EAB!@B&*F!?&A`E%*(&*!&A!F@G&D!JDA?B&BEB*!

A@! &A! EA*F! )*(B@F! )(*@&EG&J&*%&B@(! E@(`@AB&*! *%B@(*F! JDF)@B@AB&! G@JD(@!

AEG*(@AB!"! A*?E?W! D?W! `EBBE(W! )@JBE?W! EFK&%&JE?W! @B! `@A&B*%&EF! E&(`*!

G@?J@AG@A?W![E*@!%*EG*K&%&*!@B!ODAD(*!FDA?B(*ABE(![E*AGD!&A!F@G&D!%DJ*B*!

JDA?&?BEAB\!!

!!!V*)&B&! *EB@F! AD?B(DW! [EDG! ?@A?E?! J*)&B! EA&E@(?D?W! (@JB@! J@(E&b! [E*?&!

[E*@G*F! JD%EFA*! ?E))DA&BE(W! GDJ@A?! AD?! (@%&`&DA@F! ?*AJB*F! &A! EA*F!

X&G@&! JDA?&?B@(@! E*%&G&??&F*F! X&(F&B*B@F\! 7&A`E*! [ED[E@W! EDJ&?! AD?B(*@!

G@J@AB&??&FEF!)%@JB(EFW! G*B*! @?B! *G! ?@(FDAEF!AD?B(D(EF!JDAE@A&@AB&*F!

B@F)@(*AG*F! EB! AD?! *(B&JE%*B*! E@(K*! *K! *A&F*%&EF! JDAXE?&DA@!

G&?B&A`E@(@AB\!-@J! &%%EG! E&G@*BE(! &AJ*??EF![EDG!EA&! `EBBE(&! GE*@! ?@(E&EAB!

G&`@?B&DA@?W! ?J&%&J@B! EB! DFA&?! &AB@%%@JBE?! )(EG@AB&?! *A&F*@W! [E*?&! J&KE?!

*JJ@)BE?! @B! (*B&DA&?! J*%D(@! G@JDJBE?W! )@(! `@F&A*! B@?B*F@ABD(EF! &B&A@(*!

JDF)@B@AB&KE?!B(*JB*B&KE?!@b)%&J@BE(\!0B![EDA&*F!A@[E@!JD(AE!A@[E@!G@AB@!

A@[E@! XE`*W! ?&JEB! *%&*! *A&F*%&*W! JD()D(&?! OEF*A&! XD(F*! ?@! )(*@E*%@B!

E&AG&J*(@W!(DKE?BE?!&%%&!BOD(*b!K(*JJO&*[E@!JDAJ@??*!?EAB!EB!&%%*B*F!&A&E(&*F!

F*AE!G@X@AG@(@B!@B!DK&@JBE!)@JBD(&?![E*?&![EDG*F!J%&)@D!E&AG&J*(@B\!!

!!!C@A&B*%&*!E@(D!AD?B(*!&A!F*`AEF!FR?B@(&EF![E&?!GEK&B@B!*BB(&KEB*!�!/AG@W!

)(*@?B*AB@!#@DW!ODF&A&?!(@)*(*B&D!X@JEAG*!)(DJ@G&BW!EAG@!FD(B*%@?!A@?J&EAB!

O*K@(@!G@X@JBEFW![E*AGD!)@(?DA&?!)@(@EAB&KE?!`@AE?!AD?J&BE(!)D??@!?@(E*(@!

JDAB&AEEF\! #@JD(EF! F@FK(EF! ?&! ADA! XE&??@B! BE()&! %&K&G&A@! ?D(G&G*BEF\!

}E&G! @A&F! &%%D! )(@B&D?&E?! @??@BW! ?&! &AG@! OEF*AEF! `@AE?! ?&A@! JE%)*!

G@?J@AG@(@B! �! 2&J! DFA&*! )(*@JDA&*%&*! J(@*B*! ?EABW! ?&! )@JJ*B&?! )D%%E@AB&KE?!

ADA!(@GG@(@ABE(!DK?J@A*\!!

!

Hp=!!

!!!UDJ! *EB@F! JD()E?! *A&F*BEF! [E&A[E@! ?@A?&KE?! *GF&A&?B(*BE(! *J! (@`&BE(W!

[E&W! %&J@B! ?&AB! JDFFEA@?! JEF! K@%E&?W! *! ADK&?! B*F@A! (*B&DA*K&%&! &EG&J&D!

F@%&E?! G&?B&A`EABE(! *B[E@! JDF)%@ABE(\! 5(&FE?! @D(EF! E&?E?! @?B! [E&! *@(@!

&%%EF&A*BD! JD%D(@?! (@?)&J&B! JD()D(*%@?! @B! &A! @&?! ?E*?! )(D)(&@B*B@?! *`AD?J&B\!

6?)@JBE?! @A&F! @?BW! EB! E@B@(@?! G@X&A&(@! F*%E@(EABW! E&?! *A&F*@! ?)&(&B*%&?W!

@`(@G&@A?!)@(!DJE%&!)E)&%%*FW!(@?!ADA!*G@D!%DA`&A[E*?!*BB&A`@A?!?@G!*G![E*?!

)DBE@(&B! )@(E@A&(@! G&&EG&J*A?W! &%%EG! E&G@A?! *G! [EDG! G@?B&A*BE(! EB! E&G@*B\!

-*F! ?&! G@! &AB@(&D(&KE?! ?E&?! DJE%&! E&G@(@ABW! @B! ?@! &)?D?! ?&A@! GEK&B*B&DA@!

JDA?)&J@(@AB\!UDJ!@B&*F!5*B@(!?@A?&B!6E`E?B&AE?\!2@JEAGE?!*EG&BE?!@?B![E&!

JDAJ*E&?! *J! JDJ%@*B&?! *E(&KE?! ?DAD?! *JJ&)&BW! *@(&?! E@(K@(*B&DA@?!

JDAJ(@)*AB@?W!(*B&DA@!G&&EG&J*A?![E&G!?&B!*EG&BEF\!3@(B&E?!DGD(*BE?!@?B![E&!

G&E@(?D?! DGD(@?! *??EF@A?W! E&F! (@GD%@AB&EF! JD()D(EF! [E*?&! [EDG*F!

&AE&?&K&%&!XEFD!A*(&KE?!?E?J@)BDW!JDF)@B@AB&!*?)&(*B&DA@!)@()@AG&B\!}E*(BE?!

@?B!`E?BE?![ED!FE%B*(EF!(@(EF!?*)D(@F!)*%*B&!G&&EG&J*B&DA@!JD`AD?J&FE?\!

}E&ABE?! @?B! B*JBE?! [E&! @B&*F! JEAJB&?! F@FK(&?! JDFFEA&B@(! AD?J&BE(!

*BB(&KEBE?\!

!!!0%@`*AB&D(! ADK&?! &A! F*A&KE?! @?B! [E*@! ?&A`E%*(&B@(! G*B*@! ?EAB! *G! FE%B*?!

JD`&B*B&DA@?! AD?B(*?! JDFFEA&B@(! @b)%&J*AG*?\!6%B@(*! @A&F!)@(! &%%*?! @E@A&B!

X&(F&D([E@!F@FD(&*\!-*F![EDG!DK%&E&?J&!)D??EFE?! &?B&?! ?J(&K@AB&KE?! ?&A@!

%*KD(@! (@B&A@FE?\! U*@J! ?EAB! G&E@(?*(EF! *(B&EF! D)&X&J@?! @B! )*@A@! BDB&E?!

AD?B(*@! D)@(*B&DA&?! @XX@JBE?\! -*F! [E&G! )(DG@??@B! ?@A?EF! *%&[E*! X*J&@AG*!

JDAJ&)@(@W! ?&! O*@J! %*KD(&D?*! F*AE?! ADA! )(DK*(@BE(! &F)%@(@!�!-@J! &%%EG!

*(K&B(D(! )(*@B@(@EAGEF! [EDG! )@G@?! AD?B(&! F*AE?[E@! G@A*(&*! G&`&BD(EF!

[E*AB&B*B@! XD(F*ABE(! EB! JE(?E?! E&B*@! AD?B(*@! *B[E@! D)@(*B&D! ?*J(*F@AB*!

J*@%@?B&?!G@J*%D`&!JDAB&A@(@B!A@!)(*@B@(! %@`@F!#DF&A&!*EB!JD`&B*(@!*%&[E&G!

*EB!*`@(@!G@K@(@FE?\!!

!!!Z*J&@?!&)?*![E@F*GFDGEF!)(EG@AB&*@!?E*@!)*B@X*J&B!&AG&J&*!�!.A!@XX&`&@F!

AD?B(*F! @b@EAB! DJJE%B*@! JD`&B*B&DA@?! @B! @b! O*J! )*(B@! JD`AD?J&BE(! [E*%&?!

!

Hpp!!

&ABE?!*A&FE?!ED%EAB*?[E@!E@(?@BE(\!/E%BE?!?&[E&G@F!AD?B@(W![E&!*!ED%EAB*B@!

ADF&A*BE(W!?)@JE%EF![EDGG*F!@?B!*A&F*@!?E*@!@B![EDG!?EK?B*AB&*%&B@(!ADA!

J@(A&BE(!)@(!@&E?!O*K&BEF!@E&G@AB&??&F@!G@J%*(*BE(\!!

!!!}E*AB*! )D??&AB! G@! @&E?! F@FK(&?! (@%&[E&?! G&J&!�! VE(! B(&`&AB*! GEDKE?!

G@AB&KE?! `&A`&E*(EF! AD?B(*(EF! D(GD! J%*E*BE?! @?B! �! }E*(@! J@(E&b! AD?B(*!

?@)B@F! ADG&?! ?)&A*! E&`&AB&! B(&KE?! ?)DAGE%&?! JD%%&`&BE(! �! VD?B*@! E&`&AB&!

[E*BBED(! (*G&&?! )(D! E&?J@(EF! G@X@A?&DA@! X%@JB*ABE(! A@! B@A@(&BEGD! &%%*!

&AB@(*A@D(EF! &F)D(BEA*! X*J&%%&F@! %*@G@(@BE(! &A&E(&*\! -@(E&! [E*F! JDA`(E*!

G&?)@(?&DA@! JD()E?! DFA@! JDAB&A@*AB! �! }EDFDGD! E@A*@! AEB(&K&%&! ?*A`E&A@!

JDF)@B@AB@(! &((&`@AB! F@FK(*! �! }E@F*GFDGEF! D??*! AD?! F@GE%%*B*!

JD((DKD(@AB! �!VE(! EA`E&KE?! AD?B(&?! JDFFEA@! ?&B! &E`&B@(! J(@?J@(@! JEF!

J*)&%%&?! �! }E*F! G@JD(@W! [E*F! EB&%&B@(W! J*(A@?! AD?B(*?! E@?B&*B! JEB&?! EB! A@J!

OEFD(! &AB@(AE?! BE()&B@(! G@X%E*B! A@J! )E%JO(&BEGD! JD%D(&! ?EKGEJB*! E@AE?B*B@!

G&?)@(@*B!�!!

!!!2@G! JEF! F@FK(*! ?&A`E%*! G&E@(?*! JD()D(&! )(*@K@(@! E&G@*ABE(! DXX&J&*W!

*%&EG[E@!ADK&?!?EK%&F@W!*%&EG!F@G&DJ(@W!*%&EG!?&B!&A!E%B&FD!JDA?B&BEBEFW!&A!

B*AB*F!JDF)%@b&DA&?!`(*B&*F!JDAE@(@(EAB!EB!DFA&*!?&AB!A@J@??*(&*W!DFA&*!

)(DK@AB@(!*JJDFDG*W!?&JEB!6)D?BD%E?!*&BW!JEF!0JJ%@?&*F!G@!?BEG&D!J*(&B*B&?!

*GEA*(@B! "! *-*! 1-0(.0! 3+/(4(! -/2>2.!,)*2+! "! *-*! (.!,+F+! *(/(..)4+)\!620!

+0(42,! /)120! 1(3+A2.! "! *-*! 3(.+3(4-! -1(4),! 2(.04),\! $(3! ,2>0-! ,)?+.!

G2)(! 2+3(*024!,(,A4)! /-41-4+.! +*<+4,+-4)! (..(W!*(/(..)4+)! .2*0W! (0! G2)(!

120),2.! +?*-A+>+-4)! (..(! /-41-4+.W! F+.! F-*-4(,! )A2*3)*0+-4(,!

/+4/2,3),2.5!#@E?!@A&F!&B*!B@F)@(*E&B!JD()E?!*B[E@!G&?B(&KE&B!EB!F@FK(*!

?@!FEBE&?!*G&EBD(&&?!&AG&`@(@AB\!!

!!!2@G! ODJ! )(D)B@(! A&F&*F! )(D%&b&B*B@F! &A! ?EFF*F! G&JBEF! *KEAG@!

?EXX&J&*BW! AE%%EF! JD()D(*%@! *A&F*%! &A! B*AB*F!FR?B@(&D(EF! ?&`A&X&J*B&DA@F!

XE&??@! XD(F*BEF\! #@KE&B! @A&F! JDA?&%&D! ?EFFD! X&@(&! [EDG! E&G@K*BE(!

!

LMM!!

(*B&DA*K&%&! *A&F*@! JDA&EA`&\! :! ?EFF&! D)&X&J&?! J(@*BE(*! F&(*K&%&?! [E&! ?&J!

OEF*A&!JD()D(&?!%&A@*F@AB*!G&?)D?E&B!EB!?&!)(&F&!ODF&A&?!ADA!@??@B!)@JJ*B&?!

`(*E*AB&KE?! DA@(*B*W! F*`A&?! FEA@(&KE?! ADA! XE&??@B! @bEB*\! }E*%&*! @A&F!

F@(E&B! BEAJ! %&K@(*! O*K@(@! [E*@! AEAJ! BDB! KDA*!AD?J&BE(! (@B&A@(@! G*FA*B*! �!

/@(EF! &?B*! J*(DW! [E*FE&?! G&E@(?&?! E&B&&?! *))@B*BE(W! FE%B&?[E@! EE%A@(&KE?!

%*J@(*B*! ?EK&*J@*BW! &)?*! B*F@A! @?B! [E*@! J*@%@?B@! )?*%B@(&EF! J*A&BW! [E*@!

`%D(&D?D?! F*(BR(@?! X*J&BW! [E*@! JDAG&BD(@F! ?EEF! E&?&B*B*! )(DF@(E&BW! [E*@!

&)?*F! [ED[E@! E&B*%@F! J(EJ@F! ?*AJB&! (@G@F)BD(&?! *JJ@)&B! d! F@(&BD! &*F!

?)&(&B*%&?! XEBE(*! J(@G&BE(! [E*AGD! @B! O&J! FD(B*%&?! B*ABD! FEA@(@! )@(XEAJB*!

`%D(&*BE(\!2&J!@A&F!&?B*!F*`A*![E&G@F!A*BE(*!?@G!D(&`&A*%&!G@%&JBD!)@JJ*B&?!

JDB&G&*A&?! DKADb&*W! &@&EA&&?W! @%@FD?&A&?W! *??&GE&?[E@! D(*B&DA&KE?! G&E&A*! ?@!

?EXX(*`*B&DA@! JDF)DA&BW! ?&J! @FEAG*B&?! ?D(G&KE?! )@JJ*BD(EFW! %EJ&G*F!

)(*@)*(*B! F@AB@F! EB! ?EEF! ?E?J&)@(@! F@(@*BE(! *EJBD(@FW! X&G@&! B@F)%EF!

[E*@! ?@! J(&F&A&KE?! ADA! JDAJ@??&B! OD?)&B&D\! V(@GD! G&E&A*! F&?@(*B&DA@!

)(DE&?EF! EB! JD()E?! ?EKG@(@B! *A&F*@! *A&F*F! ?&K&! BDBEF[E@! ?*%EB*(&B@(! *G!

#@EF!(@?)&J@(@B!J(@*BD(@F\!!

!!!5@(*JB&?!O&?![E*@!G&J@AG*!XE@(EABW!JDA`(EEF!E&G@BE(!G@!*A&F*(EF!?&`A&?!

&AG&J&&?[E@!G&??@(@(@\!}E&*! %&J@B!@*(EF!?EK?B*AB&*!EA*!@??@!E&G@*BE(W! %DA`@!

B*F@A! G&?)*(&KE?! [E*%&B*B&KE?! ?@`(@`*ABE(\! 6J! )(&FEF! G&J*F!

[E@F*GFDGEF! F*%D(EF! ODF&AEF! JDA?E@BEGD! FD(@?[E@! G@J%*(@ABE(W!

[E*B@AE?! [ED?! &AB@(&E?! E&G@(@! ADA! )D??EFE?W! [E&KE?G*F! &AG&J&&?!

@bB(&A?@JE?!*))(DK@FE?\!

!

!!

!

LMH!!

U::C!E'!/0P+0)/'+,*)!J&-*)!B0J*+*H()!

!!!:FA@?! &`&BE(! *A&F*@! ?&A@! (@JB*! X&G@! B@B@((&F*@! ?EABW! EB! )O&%D?D)OD(EF!

[E*@! ADA! J(@*BD(&?! %@`@F! ?@G! OEF*AEF! )DB&E?! ?@[EEABE(! @((D(@FW! @B!

[E*FE&?! GDJBD(@?! E&G@*ABE(! @??@! FD(*%&EF! @B! ?@! G&?J&)%&A*(EF! JDB&KE?!

A&B*ABE(! *K?B@(`@(@W! ?E)@(?B&B&DA&?! B*F@A! @(E`&A@?! ADA! G@J%&A*AB\! }E*%&?!

@A&F!G@F@AB&*!@?B!&%%EF!JD%@(@![ED!F@%&D(!@?B!@B!J(@G@(@!)(*@?B*(@!)D??@![E&!

?&K&!ADA!)(*@E*%@B! ?EKE@A&(@!�!-&O&%! @A&F!JE&[E*F!)(DG@?B!E&B*??@!ADb&*?!

JE)&G&B*B@?W! @A@(E*B*F! ADA! *F*??@! %EbE(&*FW! G@J@)B(&J@F! XE`&??@!

X*%%*J&*FW! *%&@AEF! ?@! *! B@((@A&?! E&B&&?! @XX@J&??@W! [E&*! A@J@??@! @?B! %*KD(@B!

&AJ*??EF![E&!(@FEA@(*BD(@F!KDAD(EF!DFA&EF!?&K&!(@GG&B!&AX@A?EF\!VE&E?!

@A&F! )(*@J@)B&?! DKD@G&@BW! ?&! %*BD(@F! %@`&?! &`AD(@B! �! C(*G&BE(! ?&A@! E&*W!

(@?)&J&B!?&A@!%EF&A@W!JD`&B*B!?&A@!?*)D(@W!JE((&B!E@%DJ&!`(@??E!A@J!(@)@(&B!*G!

[EDG!)@(E@A&(@!G&?)DA&B\!!

!!!U&! )D??EAB! *G!)(*@?@A?! X%D(@(@W! ?@G! X(EJBEF!ADA!)(DK*ABE(! &AX@((@W! [E&*!

`(*B&*! @D(EF! ADA! &A! (*G&J@! E&`E&B! ?@G! &A! XD%&D(EF! ?@! B*ABEF! D?B@AB*B&DA@!

&*JB*E&B\!-*F!@B!&%%&!&A!@*G@F!)*(B@!?EAB![E&W!@B?&!(@JB@!J(@GEABW!XD@G&?!B*F@A!

?J@%@(&KE?! )D%%EEABE(! d! [EDA&*F! JEF! ?@! `(*E&KE?! )@JJ*B&?! JDA@JBEABW! *!

J(@*BD(@!G&??D%EEAB\!3EAJ!&FFD(B*%&?!*A&F*!X&B!FD(BE*!B@A@K(&?!?E&?!d!&AJ&)&B!

*F*(@! [EDG! )@(@*BW! &AJ&)&B! DG&??@! [EDG! E&E&BW! E&(BEB@?! DG&BW! E&B&*! ?@F)@(!

*XX@JB*B! &A! %*F@AB*K&%&! DK?JE(&B*B@! XE?J*B*! d! (*B&DA@F! FEAG&??&F*F! ADA!

O*K@B! [E&*! &A! `E(`&B@F! ?@! )@(E@(?&B*B&?! &FF@(?&B! d! FDb! *AB&[ED! OD?B@!

J*)B&E*W! *G! E&B&*! )(*@J@)?! *`&BE(! @B! )@(! JD()D(&?! &%%@J@K(*?! ?EF&B! G@! @&E?!

DKADb&@B*B@! E&JBD(&*?\! 0?B! @A&F! *@`(*! @B! )@JJ*B&! ?@F)@(! *Ab&*! d! &)?*! ?@!

JDAG@FA*A?! [E*F! AE%%E?! *JJE?*BW! EB!F@(&BD!FD(?! E&B*%&?! *J! E&B*!FD(B*%&?!

B*%&KE?! )(DE@A&??@! G&J*BE(\! U*AJ! ?&! F&?@(*BD(! &%%@! (@?)@b@(&B! DJE%EF[E@!

F@AB&?! JD()D(@&?! @bJ@??&KE?! DKJ*@J*BEF! XE@(&B! &%%EF&A*(@! G&`A*BE?W! *G!

%&K@(*B(&J@F! )*@A&BEG&A@F! B(*O&BW! @E*G@AG&! GDA*B! @XX@JBEF! [E*@! )@(@EAG&!

)(&F&BE?! E&G@K*BE(! O*KE&??@! G@?&G@(&EF\! 3EAJ! X@%&J&D(W! JEF! X%@E@(&BW! BEAJ!

!

LML!!

J@%?&D(W!JEF!?@!)(D?B(*E@(&B!d!%*J(&F&?!(@)*(*B![EDG!`*EG@AGD!)@(G&G@(*BW!@B!

[E*@! *G! OD?B@F! ED%E)B*B&KE?! &AE&B*B*! )@(E@A&BW! *G! ?*%EB*(@F! #DF&AEF!

)(D?)@((&F@!JDAB(&?B*B*!X@?B&A*B\!!

!!!2@G![E*FE&?!@*?!ADA!?&B!X*?!ODF&A&KE?!&ABE@(&W!B*F@A!@E&G@AB&KE?!&AG&J&&?!

?E*?![E*%&B*B@?!*)@(&EAB!EB!@B!&%%D?!)D??&FE?!*GE@(B@(@!G@![E&KE?!*%&[E&G!ADA!

)(DK*FE(! *EG&??@\! 9*%&?! AEK&%E?! EE%BE?! @?B! &A! [E*%&K@B! `(*B&*! JD()D(*%&! d!

F*@?B&! @B&*F! JEF! %*@B*ABE(W! *`EAB! EAG@! )*E%D! )D?B! )*@A&B@*AB\! #@?@(B&!

&F)@BE! ED%E)B*B&?! ?E*@W! ?EK&BD! &A! B(&?B&B&*F! (@G@EABW! DJE%&! &AB@(GEF! ?E)@(!

[E*F! A@J@??@! @?B! JDFFDE@ABE(\! .B@(EF[E@! JD`&B*AB@?! &AX&b&! ?EABW! &AJ@(B&W!

E*`&W!X%EJBE*AB@?W!*G!DFA&*!B(@)&G&W!G@!JEAJBD(EF!ED%EAB*B@!?E?)@A?&W!JE(&?!

*Ab&&W!?E?)&J&DA&KE?!&A[E&@B&W!*%&@A*!G@!?@!&EG&J&*!?D%%&J&B@!)@(?J(EB*ABE(![E&*!

G@F@AB@(! )(D)(&*! )@(G&G@(EAB! d! [E*@(@AGD! E&B*F! J*%*F&B*B@F! &AX@(A*@!

FD(B&?! &AJE((EABW! @B! GEF! %EJ@F! B@F)D(*%@F! *E&G@! JE)&EABW! B@A@K(*?!

)@()@BE*@!ADJB&?!*G[E&(EAB\!1@%*B&DA@?!?E*?!&A@b)%&J*B*?!?*@)@!G@(@%&A[EEABW!

?*%BE![EDG*F!*G!*%&EG! B(*A?X@(EABE(W!JEF!A&O&%!*`*AB!?@F)@(!@D?!*@?B&F@?!

DJJE)*BD?\! ZD(F&GD%D?@! E&EEAB! @B&*F! JEF! AE%%&E?! &A?@JEB&DA@! E@b*ABE(\!

5D@A*!&%%&?!@?B!JDA?J&@AB&*!?E*!@B!*!?@!DFA&*!?E?B&A@ABW!JEF!*K!*%&&?!`(*E&*!

AE%%*! )*B&*ABE(W! @D(EF! @B! &)?@! DGD(! *J@(KE?! @?B! A&?&! JEF! ?E*E&??&F&?!

&A*%*B&DA&KE?! ?E)@(?B&B@?! JDAG&EABE(\!-@J@??@! @?B! @A&F!EB! DGD(@! G@%@JB@BE(!

)@(@`(&AD![E&!DXX@AG&BE(!)(D)(&D\!!

!!!/@A&*FE?! *G! ?*AJB*@!3(&A&B*B&! X&G@%@?! *A&F*?! [E*@! )(*@G&J*B*F! (@B&A@AB!

*)D?BD%&J*F! G&?J&)%&A*F! @B! &A! `%D(&D?&??&F*! ED%EAB*B@! JDA?B*AB@?! (@E@(*!

?&F&%&BEG&A@F!?E)@(A*@!?@(E*(@!)(DK*ABE(!&F*`&A&?\!!

!

!

!

LMP!!

U:::C!E'!/0P+0)/'+,*)!H0+*)!B0J*+*H()!

!!!2*AJB*(EF!&`&BE(!*A&F*(EF!@B!&A!&?B*!JDFFEA&!E&B*!F*`A*!&*F!E&(BE?!@?B\!

-*F! J*(A@F! @b)E`A*B(&J@F! OEF*A&! `@A@(&?! )@(! [E&@B@F! G@K@%%*ABW!

E&JB(&J@?! ?E&! ?EAB! GEF! ?BEG@AGD! JDA?J&@AB&*@! E&ED! JD()D(&! FD(B@F!

G@%@JB*ABE(! &AX%&`@(@\!/*@!*EB@F!J*(A&![E*@!O&J!?E)@(*B*!ADA!XE@(&B! �!-*F!

[E*@!&A!O*J!JDAE@(?*B&DA@!E&AJ&BE(!&%%&J!?&A@!GEK&D!JD(DA*BE(\!!

!!!/&(! G@A&[E@! X&bE?W! )E(E?W! &AADJEE?W! DFA@?! %*EG*BW! ?@! ?@F)@(! *JJE?*B! @B!

JEF!)%*J@*B!EA&E@(?&?W!?&K&!?D%&!G&?)%&J@B\!-&F&*!@A&F!F*`A&BEGD!@?B!?E*F!

&AB@%%@`@(@! )*(E&B*B@FW! A@J! )(*@E*%@B! ODJ! AD??@W! A&?&! JEF! &*F! JD@)@(&AB!

G&E&A*! )*B@?J@(@\! U&! B*ABEF! @b)@G&B&E?! *G! ?E)@(A*! ED%*AB! [E*ABEF! ?@!

DA@(D?&E?! &A! OEF*A*! JDAE@(?*B&DA@! J*?B&`*AB\! .F)@(*AB! JD()D(&! [E&*!

X*FE%*ABE(! *EJBD(&W! @B! GEF! ?@! @b&`ED?! JD`AD?JEABW! *G! JE%F@A! F*`A*@!

)@(X@JB&DA&?! @E*GEAB\! -E%%EF! %*@G@(@! JE)&EABW! %*@?&! ?@F)@(! &`AD?JEAB! d!

J*(&B*B@F!@B!&%%&?!&F)@AGEAB![E&!@D?!?J@%@(*BD!DG&D!)@(?@[EEABE(\!!

!!!3*%@?!*A&F*@W!#DF&AD!)(*@?B*AB@W!@B&*F!ADb&&?!?)&(&B&KE?!&F)@(*ABW!@B!&%%&!

[ED?! FEAGE?! )*B&BE(! &AX@?BD?W! *! J(@*BE(*! F&AD(@! ?E)@(*ABE(\! 6GOEJ! &A!

JD()D(@! )D?&B*@! XD(B&D(@?! ?EAB! *A`@%&?! F*%&?W! *GOEJ! &AG&B*@! J*(A&! &EK@AB!

)DB@?B*B&KE?! *@(&?! d! [ED(EF! B@F)B*B&DA&KE?! ADA! J@GEABW! @&?! G&E&A*! E&(BEB@!

GDF&A*ABE(\! .?B*@! @A&F! &FFD(B*%@?! )(D)(&@! ?EAB! G&J@AG*@W! [E*?! AE%%*!

)*@A&BEGD! G&?J(EJ&*BW! AE%%E?! F*@(D(! *XX%&`&BW! [E*@! ?&K&! A@[E@EAB! (@)EB*(@!

[E*@! )(DK*ABE(! @b&?B@(@\! .AD)&*! G&B@?JEABW! J*(J@(&KE?! %*@B*@! ?EABW! @B! &AB@(!

O*@J! &E(@! ?@JEAG*! &%%&?! DKD@G&EAB! [E&*! ?@F)@(! KDAD?! ?@[EEABE(\! VDAB(*!

)@(?@JEBD(@?! XD(B&D(@! ?@F)@(! @(&`EABE(! *EG*J&*W! [E*AGD! X&A&?! %EJ&?! &%%&?!

)(&AJ&)&EF! @?B! KDAD(EFW! @B! &A! *@B@(A*! K@*B&BEG&A@! (@J&)&EAB! [EDG! &A!

B@F)D(*%&!JDAE@(?*B&DA@!`@??@(EAB\!!

!!!2&J!?*AJBD(EF!*A&F*@!*GOEJ!&A!&?BD!?*@JE%D!JDFFD(*AB@?W!GEF!%DA`*!?&AB!

O*K&B*B&DA&?! JDAB(*(&@B*B@! G&?B(&JB*@W! B*F@A! KDA&?! *A`@%&?! E&G@ABE(! @??@!

!

LMI!!

JDAJ&E@?W! @B&*F! @b! F*`A*! )*(B@! JDA?D(B@?\! 9DR?@?! @A&F! )@(! F*(&*!

B@((@AEF!&B@(!*)@(E&BW!*[E*(EF!GDF&J&%&*!?&JJ&?!)@G&KE?!B(*A?F@*E&BW!@B!B*F!

F*`A&! X%EJBE?W! [E*?&! %*B@(@! EB(D[E@! JDA?B(EJB&W! &A! ?)@J&@F! (E)&?! )@(@`(&A*!

?D%&G&B*B@! (&`E@(EAB\! 9@(E&B! U@%&*?! A@! )%E@(@BW! DKB&AE&B! @B&*F! EB! ?@!

G@?&G@(*BE?! &FK@(! @XXEAG@(@BW! @B! EAE?! ODFD! K@*B&?! ?E))%&J*B&DA&KE?! @`&B!

[EDG!`@A@(*%&B*?W!JEF!?E?)@AG@(@BE(W! &F)@B(*(@!ADA!F@(E&B\! .?B&?!@A&F![E&!

?@!J*@%@?B&!JDAE@(?*B&DA@!FEAG&X&J*AB!E&(BE?!?E)@(A*!F&?@(*B&DA@!JDAJ@G&BE(!

[E*F! ODFD! )(D)B@(! D(&`&A*%@! E&B&EF! O*K@(@! ADA! )DB@?B! JEF! J(@*BE(\! 5@(!

FEAGEF! B(*A?@EAB@?! F*&@?B*B&! ?@F)@(! *XX&b&! ?EABW! [E&KE?! B*F! *??&GE@!

)(*@?B*ABE(! F*`A*%&*! EB! )*@A@! &E(@! G@?&A*AB! @??@! F&(*JE%*\! U@%&?@E?!

G&?J&)E%&! ?E&! DJE%D?! J*@%@?B@F! F&%&B&*F! ADA! E&G@AB@?! *)@(E&BW! @b@(J&BE?!

OD?B&EF!J*@J&B*B@!)@(JE??&B\!6G@F@(EAB!ADAAE%%&!X%*FF&?!&AJ@AG&*W!E&B*%@F!

J*%D(@F! X(&`&G&?! J*G*E@(&KE?! (@GG&G@(EAB\! 7@DA@?! X@(DJ@?! *G! ?@)@%&@AGEF!

JD()E?! JDAE@A&(@! X@J@(EAB! @B! &A! E&J@F! (*B&?! ODF&A@?! %@`&FE?! E@b&??@!

J(DJDG&%%D?W! %&[ED(@F! JDAE@(B@(EAB! &A! GE(&B&*F! ?&%&JEFW! %*B&J@?! &E??@(EAB!

F*A*(@! G@! ?&JJ&B*B@! ?*bD(EFW! &%%*@?&?! E@?B&KE?! )(EA*?! *JJ@)&FE?! XE&??@!

)D(B*B*?! d! *FKE%*(@! J%*EGEFW! ?D%@F! )(*@J@)@(EAB! ?B*(@! J@%@((&FEF\!

UEF*AD!E@(KD!X*JB*!@?B!A*BE(*@!G&E@(?&B*?!@B!&A!B*AB*F!`(*B&*F!?EAB!(@J@)B&!

EB!@B!&)?&?!)DBE&??@B!X*FE%*(&![EDG!?@(E&(@!FEAGE?!F&(*K*BE(!*EJBD(&\!!

!!!}E&G! &*F! G@! &F)@(&D! EDJ&?! G&J*FE?! [E*AGD! @B! E@?B&?! @D(EF! B*JB*!

@XX@JBEF!?D?)&B*B&?!*BB(&KE&B! @B! *)D?BD%&J&!EFK(*!JD()D(&?!)@(&JE%EF!FD(B&?!

@bJ%E?&B! �! 2&J! *KEAG*AB&*! F@(&BD(EF! @B! )@(! &%%EG! E&G@K*BE(! ?*A*(@! [EDG!

JDA?B*B! ?EK?B*AB&*F! ADA! O*K@(@\! 3*%&?! *A&F*! *K?D%EB@! ?@AB&BE(! @B&*F! JEF!

@&E?!@b&?B@AB&*!ADA!E&G@BE(\!!

!!!U&%*(&?!&%%&!?@F)@(!EE%BE?!@?B!@B![E&@BE?W!F*J&@!E*%&GE?W!)*%%D(@!G@JD(*BE?W!

%*J(&F&?! *??&GE&?! %*@BE?W! )(DF&??*! K*(K*! (@E@(@AGE?W! AE%%D! JE%BE!

FEAG&??&FE?! d! ?&J! )@(! &E?B&B&*F! F@AB&?! G@! (@KE?! JDAB(*(&&?! (@GGEABE(!

ODF&A@?! )E%JO(&D(@?\! :JE%&! %*@B&! @B! ODA@?B@! K%*AG&W! ?@(FD! E@(&%DJE?W!

!

LM<!!

KDAD(EF!)@JBD(EF!)@A@B(*K&%&?W!JE)&@A?!*FD(@F!#@&!DFA&KE?!?E*G@(@![ED!

)%@AE?! @?B\! /Db! &)?*! F@G&DJ(&?! A@J! G@K&%&?! E&J&AD! ?&%@AB&D! A@J! (DKE?B*!

J%*FD(@! G&%*B*BDW! *?)@(&B*B@! ADA! X(*A`&BE(W! *JJ@G@AB&KE?! `*EG&&?! ADA!

FDE@BE(! d! FD(&KE?! EE%BE[E@! EAE?! @?B\! 3@F)%EF! ?*AJBEFW! GDF&J&%&EF!

E&(BEBEFW! JE&E?! D(*! ?@! A@[E@EAB! &FFEB*(@! GEF! ?@F)@(! )(DK*ABE(! ?BEG@(@!

JDA?B*AB&*@\!C(*GE?![ED[E@!&)?&E?!A@J!B*(GD?!JDA?)&J&B!A@J!E@%DJ@?W!AE%%EF!

)(D)B@(! ?@F@B&)?EF! E&G@BW! AE%%&! )(D)B@(! *%B@(EF! )*(J&BW! ?E*?D(! (@JB&! ?&A@!

*((D`*AB&*! GDJ@A?W! JEF! OEF&%&B*B@! %&K@(W! JEF! J*(&B*B@! G&?B(&JBE?W! EB! B*F!

`(*E@! ?&B! &%%EF! G@?@(@(@! [E*F! &AE&BEF! @?B! *K! &)?*! [ED[E@! E&B*! G&?J@G@(@\!

6F*BD(! ?*%EB&X@(&! ?@J(@B&! EK&! AE%%*! %&K&G&A@! ?*EJ&*BE(W! JDAB@AB&DA@! AE%%*!

?EJJ@AG&BE(W! ?E)@(K&*! ADA! &AX%*BE(W! &AE&G&*F! ADA! O*K@B! X(*B(EFW! AE%%&!

%D[E&BE(! [EDG! )*@A&B@*BW! A&%! *EG&B! *K?E(GEF\! 9E%B*! BE(K*! E&B&D(EF! ?&A@!

J@(B*F&A@! E&AJ&BE(! [E*AGD! ?D%&BEGD! `(*B*! ?EXX(*`*BE(\! 3EA&J*F! )D?B(@FD!

?E*FW! [E*FE&?! FD(@! JEB&?! EA*! ?&BW! ?E*E&??&F&?! &F)%@B! DGD(&KE?!d!X(*`(*BW!

[EDG! G&E&B&?! .AG&*@! )&`F@AB*! B(*A?J@AGEAB\! 6`AD?J&BE(! &A! &%%&?! OEF*AEF!

JD()E?! O*K@(@! *(DF*B*! ?E*W! ?J&%&J@B! GEF! AE%%*! J(*)E%*B&DA@! G&?B@ABEFW!

A&GD(@?!ADA!@bEG*B!*J@((&FD?\!Z*J&%@! @?B! *GE@(B@(@![E@F!?E)@(A*!)DB@AB&*!

G&`A*BE(!&AE&?@(@\!-*F!@B!&)?@![ED[E@!*A&FE?!AD?B@(!FDb!`*EG@B!*G!B*%@F!

@B!ADA!*GFDA&BE?!&AB@%%@`&B![E@F!J*@%@?B&!&A?)&(*B&DA@!JD`AD?J&B\!!

!!!/@(EF!O*@J!&A!?@bE!E*%&G&D(@!ADA!*G@D!F&(*AG*!?EAB\!}E&?!*EB@F!G&`A@!

?EXX&J&*B! E&(`&AEF! *J! E&GE*(EF! F*b&F*?! @b)%&J*(@! E&(BEB@?! [E*@! ?&J! *G!

)(*@J@)B*! #@&! ?*AJBD! *FD(@! (*)&EABE(! EB! @B! F*`A*@! )*B&@AB&*@! ?@! E&`D(@!

G&?J(EJ&@AB!@B!*G!F*(BR(&&!JD(DA*F!E&JB*!J*(A&?!&AX&(F&B*B@!)@(E@A&*AB!�!!

!!!7DJEB&!?EFE?!FE%B*!G@!*A&F*!d!G&b&FE?!@B&*F!G@!JD()D(@!AD?B(D![E*@!E&?*!

?EAB\!3@AG*FE?!AEAJ!*J&@?!F@AB&?! &A! XEBE(*?! (@B(&KEB&DA@?\!VDAE@A&B!@A&F!

EB!)D?B[E*F!?@!J(@*BE(*!JD`ADE&BW!*G!J(@*BD(@F!?EEF!)E(*!F@AB@!X@?B&A@B\!!

!

!

LMo!!

!

U:?C!F(*,!&P&+1!&+*J&'!%0)1!B&+/!(*1&J!

!!!}E*@(&B&?!XD(?&B*A!)D?B!ODJ!?*@JE%EF!*A&F*@!AD?B(*@![E&G!*`*AB![E*%@?[E@!

)@(F*A@*AB\!1@?)DAG@FE?!EB!G&E@(?*!%@JB&DA@!JD%%@`&FE?\!9D(?!@?B!*A&F*@!

JD()D(&?[E@! X*JB*! (@?D%EB&DW! E&B*@! OE&E?! *K?@AB&*W! J*(A&?! G@?&G@(&*! E@%!

A@J@??&B*B@?! )(D(?E?! &`AD(*A?\! -*F! JEF! XE@(&FE?! O*J! %EJ@! &F)@(&D!

J(@*BD(&?!@bEB&W!?&FE%!JD()D(&?!*))@B&B&DA@?!@B!&FK@J&%%&B*B@?!*F&BB&FE?\!-DA!

@A&F!E%B@(&E?!%*KD(@!X(*A`&FE(W!ADA!J&KD!(@X&J&FE(W!ADA!&@&EA&&!G&EBE(A&B*B@!

[E*??*FE(W! ?@G! &A! *A&F*@! AD?B(*@! A*BE(*! &E`&B@(! )@(?@E@(*AB@?W! A&O&%! KDA&!

F*%&[E@!X*J&@FE?W!?@G!E?[E@!*G!B@F)E?!&EG&J&&!*EB!G@!)(*@B@(&BD(EF!*JBEEF!

)(*E&B*B@! F@(@FE(! *EB! G@! D)@(*B&DA&?! AD?B(*@! )(DK&B*B@! %*@B*FE(\! 3EAJ!

*EB@F! (@J&)&@FE?! X*JBD(EF! DFA&EF! )%@A&??&FEF! X(EJBEF! [E*AGD! EDJ@!

#DF&A&! *EB! (@)EG&*B&! XE@(&FE?! *EB! *G! (@`AEF! )@(@AA&B*B&?! *GF&??&\! U*AJ!

&`&BE(! FD(B@F! &A! &?B*! E&B*! )*@A@! [E&@BE?! ?DFAE?! &F&B*BE(! [E*AGD! ?*@JE%&!

&?B&E?! G@?&G@(&*! *FK&BEF[E@! G@)DA&BW! @B! [E&J[E&G! O&J! *`&BE(! B(*A[E&%%E?!

*A&FE?!?D)D(@!F@AB&?!&`AD(*B\!!

!

!

U?C!E'!T(1(#0!)&'/(-0!

!!!-*F!GEF!JD()D(*!?@bE?!?ED?!G&@!(@?E((@JB&DA&?!&A!&%%*!J@%@(&B*B@![E*!?EAB!

DFA&*! J(@*B*! (@J@)@(&ABW! [E*@! @(&B! J*%*F&B*?! F&?@(&?! &A! *@B@(AEF! J(EJ&*(&!

AEF[E*F[E@! G@X&J@(@! �! .B*! @A&F! )@()@BE*@! )D@A*@! B(*G&BE(! EB! &AX*E?B@!

?@F)@(! @b&?B@(@! JDF)(DK@BE(!"!GD%D(! ?&A@! X&A@W!)D@A*! ?&A@! (@[E&@W! *XX%&JB&D!

?&A@! ?)@W!F*%EF! &AJDFFEB*K&%@\! 2&J! @A&F!E*(&@B*?! E&B&D?*! )EA&BE(! EB! @&E?!

G*FA*B&D! AE%%*B@AE?! &FFEB@BE(\! 9&?@((&F&! DFA&EF! @B! )@(G@AGD! [EDG!

G&%&`EAB!@B! &E`&B@(!)*B&@AGD![EDG!AD%EAB\!6@EEF!?&A@!GE%J&!E&B*W!FD(?!?&A@!

!

LMh!!

(@F@G&*K&%&!X&A@W!J&E&B*?!?&A@!%*@B&B&*W!)*B(&*!@bD?*W!*F*(*!GDF&J&%&*W!JD@BE?!

B(&?B&EFW!BE(K*!%E`@AB&EF!d!@B![EDG!?E)(*!DFA@?!G@B@(&E?!@?BW!&%%D?!&K&!?@JEF!

BD([E@(&!)D??@!JD`AD?JEAB![ED?!G@J@)B&!AEF&A*!J(@G&G@(EAB\!!

!!!.A! &)?D! B*F@A! ?E))%&J&D! )(D! F@(&BD(EF! [E*%&B*B@! G&E@(?&B*?! @?B\! -*F! @B!

G&?B*A?!K@*B&BEGD!KDAD?!JDAB&A@B!@B! &F)&D?!G&?)*(!)D@A*!JDA?B(&A`&B\!6@B*?!

)%*A@!DFA&KE?!EA*!*B[E@!)@(X@JB*! XEBE(*!@?B\!-*F![E@F*GFDGEF! &K&!@(&B!

F&AD(!EK&!ADA!J(@?J&BE(W!*EB![E*(@!?@A@b!EK&!ADA!G@X&J&BE(!�!9EB*K&%&B*B@?!

&?B*@!*G!&AB@(&BEF!B@AGEABW!EAEF!@?B![EDGJEF[E@!)@()@BEEF!@?B\!!

!!!0b! ODJ! &`&BE(! [E*?&! E*?BD! X%EF&A@! [E&G*F! E&G@BE(! (&EE%E?! *%B@(J*B&DA&?!

@b&(@W! ?&! &E`&! )D@A*@! JDAJ@G*BE(! *@B@(A&B*?W! GEF! JDA?EF)B&D! E&b!

?EK?B*AB&*F! )@(F&BB*B! @b&?B@(@! [E*F! AE%%D! ?@! B@F)D(@! )@(F&BB&B! (@)*(*(@\!

2@G!&?BEG!DFA&AD!?E)@(X%EEF!@?B! &A!J*E?*(EF!)@(@AA&EF!(*B&DA@!JD`&B*(@\!

-*F! @B! B*%&?! @??@! )D@A*! )DB@?B! [E*@! BD([E@*BW! ADA! &FF&AE*B! d! @B! B*%&?!

?EK?B*AB&*![E*@!?@A?EF!GD%D(&?!*E`@*BW!ADA!G@X@JBEF!FD(B*%&B*B&?! &AJE((*B\!

.)?*!G@A&[E@!*A&F*!AD?B(*![E*AB&?!O&J!J(EJ&*B&KE?!*XX&J&BE(W!JEF!B*F@A!ADA!

?D%E*BE(!�!9DAB@?![ED[E@!ADAAE%%&![E*F!A&F&D!BD((@ABE(!&AJ@AG&DW!@B!B*F@A!

&AB@(!X%*FF*?!?E*?!?B*K&%@?!)@(?@E@(*AB!�!2*%*F*AG(&*!&AJ@AG&D!(@X&J&BE(!@B!

&`A&?!J*%D(@!(@)*(*BE(\!/@(F&JE%&![E&G*F!*[E&?!*@?BE*AB&KE?!AEB(&EABE(\!2&J!

&?B&?! G*B! E&JBEF! [EDG! *%&&?! F&A*BE(! &AB@(&BEF\! }EDG! ?&! &AB@(! O*?! FD(B*%@?!

F*B@(&*?!B*%&*!AD?!@b@F)%*!JD((DKD(*ABW![E&G!G@!&%%*!*@B@(A&B*B@!J(@G@AGEF!

@?B! EK&! FD(B*%@F! ADA! &AE@A&B! [E@F! )D@A*! JDA?EF*B! �! 0(&B! @(`D! F&?@(&?!

JDAX%*`(*B&D!&A@bB(&J*K&%&?!@B!*@B@(A*!JDFKE?B&D\!!

!!!SDAD(EF! *EB@F! GDA*! [E&?! GEK&B@B! @??@! )@()@BE*W! JEF! ?@! JD`AD?JEAB!

%*@B&B&*F!)@(J&)@(@! @B! E%B@(&E?! B(&?B&B&*F!ADA! B&F@(@W!F@(@(&! `*EG&EF![EDG!

AD(EAB! @??@! JDAB&AEEF! �! .%%&J! *A&FE?! ?E*! )(D?)@(*! ADA! )*E@?J@B! ?@G!

@bE%B*B&DA@F! )(D)(&*F! ?@F)@(! (@B&A@B! &A! *@B@(AEF! JD`&B*B*! )(D?)@(&B*?\!

6GE@(BEAB! @A&F! K@*B&BEG&A@F! ?E*F! &A! ?EFF*! @??@! ?@JE(&B*B@W! JEF! ?@!

!

LM=!!

&AB@%%@`EAB! &*F!ADA!)D??@! )@JJ*(@\!-E%%*! &K&! &*F![E*B&BE(! E*(&@B*B@! AD?B(*!

?@JE(&B*?!d!X&b*!F@A?!ADA!AEB*BW!ADA!X%EJBE*BW!ADA!FDE@BE(W!@B!&A!B*AB*!)*J&?!

?B*K&%&B*B@! G@X&`&BE(! EB! A&O&%! *%&EG! )(*@B@(! &%%*F! JDAB@F)%*B&DA@F! E@%!

[E*@(@(@!E@%!JD`&B*(@!)*B&*BE(\!2&J!)(DE@A&B!?@F)@(![EDG!%&K@*B![E*AGD!ADA!

@(&B![EDG!)*@A&B@*B\!/*J*K&FE?! &K&W! ?&! B*F@A!J(@*BD(&?!FEA@(@!JDAJ@G*BE(W!

ADA! BD()D(@! G@?&G&*@! (@?D%EB&W! ?@G! *G! `(*B&*F! )@(X@JB&DA&?! &AB@AB&\! 2@A?E?!

AD?B@(! JDF)%@K&BE(! )E(&B*B@! F&B&??&F*! d! B(*A[E&%%EF! @(&B! DFA@! [EDG!

ED%EFE?W!?&A@!JD`&B*B&DA@!?*)&@FE?W!?&A@!@((D(@!?@AB&@FE?\!9*%EF!&*F!A@J!

*K!*%&D!J*)&@BE(!A@J!@bB(*!ED%EAB*B@F!`@A@(*K&BE(\!!

!!!U*K@K&FE?! O*AJ! @?E(&@F! [E*@! G@%@JB@BW! O*K@K&FE?! O*AJ! *??&GE&B*B@F!

[E*F!F@A?!X*?B&G&(@!ADA!)D??&BW!&E`&B@(!*F*AGD!J(@*BD(@F!?@F)@([E@!@&E?!

`%D(&*F! ?E*E&B@(! JDABE@AGD\! -DA! &K&! FD%@?B*! B*@G&*! )(*@`(*E*KEABW! ADA!

E*(&@B*?!&FK@J&%%*!JDAXEAG@BW![E*AGD!B*%&*!?EAB![E&KE?!*XX&J&FE(!EB!AE%%EF!

&A!@&?!X&A@F!D)B*(@!)*B&*FE(!"![E&@?!D)@(D?*W!D)@(*![E&@B*W!*A&F&!&AG@X@JB*!

EA&B*?\! 3EAJ! @A&F! G&E&A*@! ?*)&@AB&*@! *`A&B&DA@! JDF)%@FE(W! A@J! (@(EF!

E@(*J&??&FE?! &AB@%%@JBE?! G&?J&)%&A&?! DA@(D?&?! &FKE&BE(! ?@G! &A@%*KD(*BD!

F@AB&?! %EF&A@! G@J%*(*BE(\! .K&! AEF@(E?! [E*ABE?! @?B! ADBE?! @XX&J&BE(W! &K&!

%&A@*(EF!G&?J(@B&D!*K?D%EB@!JDA?)&J&BE(W! &K&!JDAE@A&@AB&*!FE?&J*@!)*B@BW! &K&!

*?B(D(EF! FDBE?! E&?E*%&! JD`A&B&DA@! J@(B&??&FE?! @?BW! &K&! E@(&B*?! ?E)@(A*!

E&G@AGD! ADB*! @?B\! #@&! ?*)&@AB&*F! JDABE@K&FE(W! [E*! F*&@?B*B@! ?&A`E%*!

[E*@[E@! G&?)DA*B\! .K&! E&G@K&FE?! [E*F! &((&B@! *! V*BOD%&J&?! %*J@(*K*BE(!

0JJ%@?&*\!.K&!@*F!JDA?)&J&@FE?!&A!E@?B&BE!G@*E(*BD!*?B*(@!*!G@bB(&?!?)DA?&!@B!

(@`&?! ?E&\! .K&! JD`AD?J@FE?![E*AB*! XE@(&B! ?EK! ?D%@!E*A&B*?! E*A&B*AB&EF\! .K&!

(@E@(*! J@(A@FE?! [E*F! ?*%EK(&B@(! FDA@K*FE(! '-,+*2,! '(2,! 022,!

)3-4)A+.! (0! +>>+! .->+! .(42+(.! d! JE&! DFA&*! JDF)*(*B*! E&%&??&F*! ?EABW! [E&!

AEF[E*F!*%&B@(!XE&BW!AEF[E*F!*%&B@(!@(&BW!JEF![ED!@??@!A@FD!A&?&!X@%&J&B@(!

)DB@?BW! ?&A@! [ED! @??@! A@FD! A&?&! &AX@%&J&B@(! E*%@B\! 2&J! GEF! B*%&?! *`A&B&D! *K!

!

LMp!!

*A&F*! (*B&DA*%&! @B&*F! )E(`*B*! (@ED%E&BE(W! &AE@A&(&! *K! @*! ADA! )DB@?B! [EDG!

*F)%&E?!@b)@B*BE(\!!

!!!:)&A*(&![E&G@F!)D??EFE?!?)&(&B*%&?!ODFD![E*(EF!J*E?*(EF!G@%@JB*B&DA@!

?*`&A@BE(W!?@G![E&?!?&B!&%%@!?E*E&B*B&?!FDGE?W!?&JEB!%@`&BE(W!A@J!F@AB@!)DB@?B!

&AB@%%@`&!A@J!?@(FDA&KE?!@b)%&J*(&\!Z@%&J@?![E&!O*K@AB!DFA&*![E*@!ED%EAB!@B!

AE%%*! *GE@(?&B*B@! [E*B&EABE(\! .K&! @A&F! J*(D! *A&F*[E@! *@B@(A*! )*J@!

JDF)D?&B*@!A@[E@EAB! &AB@(! ?@! ?@AB&(@! JDAB(*(&*W! &K&! @(EAB! *(BE?![E&! ?)&(&B*%&!

JDA?@A?E! D(A@ABW! ADA! JDAJE)&?J@AB&*! J*(A*%&! G@`@A@(@ABW! &K&! G@A&[E@!

J*@%@?B&! ?DK(&@B*B@! XE%`@KEABW! ADA! *EB@F! FEAG*A&?! JD`&B*B&DA&KE?! @K(&*@!

)D%%E@ABE(\!#DF&J&%&*!)%*A@!@D(EFW!EB!)EB*FE?W! &A!?E)@(A&?!@(EAB!@B! B@((*?!

ADA!*))@B@AB![E*(EF!E?EF!A@J@??*(&EF!ADA!O*K@KEAB\!!

!!!}EDJ&(J*! ADA! @(&B! )@(F&bB*W! ?&JEB! &A! ODJ! FEAGDW! O*K&B*B&DW! ?@G!

?@[E@?B(*B&F! *K! &F)&&?! @%@JB&! F*`A*! %DJD(EF! [E*%&B*B@! @B! (@`&DA@!

G&E&G@ABE(\! V&E&B*?! J*@%@?B&?W! F*A?&D! ?@JE(*W! )*B(&*! BDBEF! JDAB&A@A?! [EDG!

G@%@JB@B\!5D)E%E?!?&A@!FE(FE(@W!&AJD%*@![E&@B&W!ODF&A@?!OEF*A*(EF!(@(EF!

&AG&`@AB&*F! ADA! O*K@AB@?W! EK&! AE%%EF! *E&G*! FD%@?B*B! @?E(&@?W! AE%%EF!

FD(K&G*!*@`(&BEGD!JDA?EF&B\!-E%%E?!)(DK*BE(!%&K@(*F!@(EK@?J@(@!AEG&B*B@F!

A@J! [E@F[E*F! `(*E&*! X(&`D(*! JDAB(&?B*ABW! ADA! *@?BE?! *AO@%EF! JD()E?!

@bE(&BW! AE%%E?! (@)*(*BD(@?! *))@B&B! ?DFAD?! EK&! A@FD! JD`AD?J&BE(! @??@!

%*??*BE?\! :FA&*! K%*AG*W! DFA&*! ?E*E&*W! JEAJB*! B(*A[E&%%*W! [E*AGD! @B! &)?@!

FEAGE?! ADb&*F! G@)DA@A?! &AB@F)@(&@F! O*K@K&B! ?*%EK@((&F*F! )@()@BE&?!

?*@JE%&?!EA&B*B@F\!!

!!!0(&B! @B&*F! &%%&J! G&@?! JDAB&AE*! @B! ?@(@A&B*?! *@B@(A*\! 2D%! &K&! [E&G@F! AE%%*!

AEK@! XE?J*BE(! ?@G! DFA&*! G@! *EJBD(&?! `(*B&*! )%E?! %EJ@KEAB\! .K&! @A&F!K@*B&?!

B*%&?! ?)%@AGD(!F@AB&?! @?B! @B! %EF@A! &AB@%%@`@AB&*@! EB! &)?EFW! EB! G&JBEF! @?BW!

?&JEB!&A!F*&@?B*B@!?E*!@?BW!F@(@*ABE(!JDA?)&J@(@!J(@*BD(@F\!}EDJ&(J*!%&K(&?!

E@B@(EF! (*B&DA*K&%&B@(! JDFFDA@FE(! [EDG! )*(?! &%%*! @FEAG*B*! *B[E@!

!

LHM!!

F@%&D(*B*! G&E&AD! FEA@(@! E@(*J&B@(! ?)@JE%@BE(! *EJBD(@FW! [E*@! @&E?!

A&O&%DF&AE?!)D(B*B!&F*`&A@F\!.AG@!G@A&[E@!E&G@K&FE?!EAG@!J(@G&FE?W!@B!@b!

@*! )*(B@! &%%EG! ?EFFEFW! @b&F&EFW! ?&A`E%*(@! JDAB@F)%*K&FE(! EAG@! EB&[E@!

F@%&D(@?!?EFE?\!!

!!!C%DKE?!&?B@!?D%&?!JEF!O&J!?@(@AE?!&AXE%?@(&BW![E@F*GFDGEF!*A&F&!AD?B(&!

?@A?*!)@(FE%J@B! �!7EF@A![ED[E@! B@((@AEFW![E*AB*!AD?! &F)%@B!`(*B&*! JEF!

E&G@BE(! �! 6?)@JB&! X%D(@?! `(*B&??&F*! AD?! &DJEAG&B*B@! (@X&J&EAB!"! B@((*F!

E&(&G@FW! F*(@! J*@(E%@EFW! *@(&?! )E(&B*B@FW! ?B@%%*?! F&J*AB@?! @b&F&&?! AEAJ!

G@%@JB*B&DA&KE?! &ABE@FE(\!}EDG! ?&!F*`A*F!)(*@?B*AB!GE%J@G&A@FW! JEF!*G!

DKBEBE?! AD?B(D?! E@A@(&AB! (@?! J(@*B*@W! [E&G! &%%*!F*&@?B*?! BEAJ! E&?*! JDAX@((@!

J(@G&BE(!JE&!A&O&%!?&F&%@!!(@)@(&BE(!�!!

!

!!!!!

!

!

U?:C!E'!E'0!

!!!3EAJ! )@(X@JB@! JD`AD?J@FE?! [EDG!FDGD! ?*%EB*(&B@(! J(@G&FE?\!-@J! @A&F!

*%&B@(! *A&F*GE@(B@(@!F@(@K&FE(W! A&?&! AEAJ! [E*@! ?EAB! E@(*! X*B@*FE(! d! ODJ!

@?BW! JD*@B@(A*FW! &AJDFFEB*K&%@FW! G&?B&AJB*F! )@(?DA&?! @B! &A?@)*(*K&%@F!

3(&A&B*B@FW! (@)%@AB@F! DFA&*! ?&FE%! ?EK?B*AB&*%&! E&(BEB@! ?E*W! EAEF! B(&)%@b!

B(&AEF[E@! ?&F)%&J*K&%@W! )*(&%&B*?! &A! DFA&)DB@AB&*W! *@[E*%&B*?! &A! J*(&B*B@W!

EA&B*?! &A!A*BE(*\!U*@J!@bJ@%%@AB@(!@B! ?&A`E%*(&B@(!?&FE%! &EG&J*B! &E?B&B&*!?E*W!

?&FE%!)*(J&B!)&@B*B@!?E*W!?&FE%!JDD)@(*BE(!E&(BEB@!?E*\!!

!!!5DB@?B*?! &AJDF)(@O@A?&K&%&?W! K@*B&BEGD! F&(*K&%&?! @b! [E*! K@*ABE(!

[E*@JEF[E@!K@*B*!?EABW!E&E&X&J*ABE(![E*@JEF[E@!E&E@AB&*!?EABW!JDAB&A@ABE(!

!

LHH!!

[E*@JEF[E@!?EK?&?BEAB!d!JEAJB*!%&K(*A?W!?&FE%!JEAJB*!G&?J@(A@A?W![E*@!&G@D!

&A! &EG&J*AGD! ADA! %*K&BE(! [EDA&*F! &A! JD`AD?J@AGD! ADA! X*%%&BE(\! VEF! ADA!

*))*(@*BW! )(*@?@A?! KDA&?! @?BW! @B! JEF!AE?[E*F! G@?&BW! *K?@A?! F*%&?! @?B\!

.FFDK&%&?! [E&*! EK&[E@! BDB*! @?BW! &AJ@??*K&%&?! [E&*! ED%EAB*B@?! ?E*?! ?@F)@(!

D)@(*BE(\!#@!BDBD!?@!*EG&BW!G@!BDBD!?@!E&G@BW!ADA!@b!*%&[E*!)*(B@W!B*F[E*F!G@!

F@FK(D! (@?)&J&@A?W! ?@G! DFA&*! EAG&[E@! &B*! EB! ?EAB! )@(?J(EB*K&%&! E&(BEB@!

JD`AD?J@A?\! #&J&BE(! @B&*F! DGD(*(@W! `E?B*(@W! *FKE%*(@W! ?@G! O*@J! )(D)B@(!

&AB@%%@`@AB&*F! AD?B(*F! OEF*A*! JDA?E@BEG&A@! X*J@(@! )@(O&K@BE(W! GEF!

&A@A*((*K&%&!)DB@AB&*!F*&@?B*B&?!?E*@!%DA`@!*%&B@(!JEAJB*!)@(X&J&*B\!!

!!!/&(BE?!?*AJB*W!EA&E@(?*!J(@*A?!*B[E@!G&?)DA@A?W! (@`A*B!F*&@?B*B@!)(D)(&*!

@B!`%D(&*!?@F)&B@(A*\!.AJDF)(@O@A?&K&%&?W!&A*@?B&F*K&%&?W!@B!*@B@(A*!)DB@AB&*!

J*@%D?! F&(*K&%&! ?E?)@A?&DA@! JDA?D%&G*BW! B@((*?! ?E)@(! F*(@! G@X&`&BW! G*B!

XDAB&KE?! JE(?EFW!F*(&! B@(F&AEF!)DA&B! d! ?@(@AE?! JD(E?J*BW! )E(E?! XE%F&A*BW!

&F*! ?EFF*[E@! ?*)&@AB&*@! ?E*@! %@`@! FDG@(*BE(W! ?J&%&J@B! [E&*! &A!

`EK@(A*B&DA@!&)?&E?!JDA?&?BEAB!DFA&*W!ADA!&A!?ED!)D??@!G@(@%&JB*\! .(*?J&BE(!

)%*J&GE?W! &EG&J*B! B(*A[E&%%E?W! @B! ?&A@! FEB*K&%&B*B@! @&E?! )(DE@A&B! [EDG!

G@%&A[E@AB&EF! (@*BE?! @bJ&)@(@B\! 1@(EF! OEF*A*(EF! E*%G@! F&?@(*BD(W!

JDAE@(?&?!?B*B&F!)*(J@A?W!)@JJ*AB@?!@b)@JB*AGD!(@JD((&`@A?W!@B!JEF!)*B&!A&%!

)D??&B!JDAB(*(&EFW!F*`A*!BD%@(*AB&*!?E?B@AB*B!*GE@(?EF\!!

!!!}E*ABE%EF! @?B! [EDG! O&J! G@! &%%*! &A@XX*K&%&B*B@! ?@AB&FE?!�! .K&! )%@A@!

JD`AD?J@FE?![E*F!?EK&@JB*!?&AB! &A!JDA?)@JBE!@&E?!`%D(&*@W![E*@!F&(*FE(W!

JE&!)(*@K@B!F&A&?B@(&EF!*A`@%&J*!F*`A&BEGDW!J*(&??&FD! X*FE%*ABE(!@bJ@%?&!

)(&AJ&)*BE?! DK?@[E&DW! &AAEF@(*K&%@?! )DB@?B*B@?! X&G@%&B@(! @B! JDA?B*AB@(!

DKD@G&EABW![E@F!?@F)@(!&AG&`@B![E*@E&?!@bJ@%%@AB&*!?EFF&B*B&?\!!

!!!}E&G! &*F!G@! @&E?! ?&A`E%*(&! )DB@AB&*! JDA&J&*FE?! [E*AGD! A@J! &%%EG!FDGD!

JDF)(@O@AG@(@!?EXX&J&FE?![EDG!@&!)*(@(@!)D??@!F&A&F@!GEK&B*FE?!�!3EAJ!

%&K@(*B&! &AB@%%@`@FE?! JE&! G@F@AB@?! (@?&?B@(@! B@F)B*K*FE?! d! *G! [E*@!

!

LHL!!

F*`A&X&J*! )(DEDJ*B&W! [E&KE?! E&G@K*FE(! ?D(G&KE?! DJJE)*(&! �! .%%EG! &A!

FDF@ABD! E&G@(@! ?EXX&J@(@B! [EDG!AD?! &A! *@B@(AEF!)(DF&BB&B! E@(&B*?! &ABE@(&\!

.%%&J! JDAE&AJ&BE(! DFA&?! )(*E&B*?! [E*@?B&DAEFW! &%%&J! F*%@! J(@G&B*! E@(&B*B&?!

&)?&E?!X*J&@?!D)@(*BE(!"!2&A@!X&A@!(@`AEFW!?&A@!ADJB@!%EbW!?&A@!E&B&&?!JD()E?W!

?&A@! FD(B&KE?! E&B*\! 0B! JEF! DFA&*! G&(&`*ABE(! *G! *@B@(AEFW! ?D%EF! &K&!

FD(&@BE(!@b&B&EF\!9*`AEF!@?B!O&?!)@(X(E&!?@G!FE%BD!F@%&E?![EDG!&AG@!ADA!

)(DK*BE(! @b&(&\! /&AJEAB! EDB*! [E&! EDJ*ABE(! *G! )(*@F&*\! 3EAJ! E@(@!

JD`AD?JEAB![E*F!X@%&J&B@(!J(@*B&!?&AB![E&!*G!B*F!F*`A*!)@(E@A@(&AB\!!

!!!:! &AJDF)(@O@A?&K&%&?!F*&@?B*?! @B! )&@B*?W! A*F! &AB@(!D)@(*?! (@(EF![E&KE?!

FEAG&! *FK&BE?! D)&X&J&?! %*EG@! JDF)%@BE(! A&O&%! @`(@`&E?! )(DK*BE(! @b&?B@(@!

[E*F! ?EK?B*AB&*@! ?)&(&B*%@?! [E*@! J(@*BD(@F! ?EEF! )E(*! AD?JEABE(! F@AB@!

JD`&B*(@\! 1@%&[E*! @A&F! X*JB*! ?EAB! *G! &AB@%%@`@AB&EF! G@%@JB*B&DA@F! d! O*@J!

*EB@F!*G!?E*F!K@*B&BEG&A@F![E*@!E@A@(*ABE(!*EJBD(@F\!!

!!!3@F)E?! @?B! EB! [E*@?B&DAEF! E*(&@B*B@! G&F&??*! G&JBD(EF! JD)&D?&??&F*F!

G@A?&B*B@F! &A! [E&KE?G*F!F*A&)E%&?! JD%%&`*FE?! EB! X&G@%&! J*%JE%D! AEF@(*B*!

OD((@&?!F@FD(&*@!JDF)@AG&D?*!K(@E&B*B@!JDAG*ABE(\!!

!

U?::C!='/&%*1(-&1*0!

!!!5(&FD! &`&BE(! EB! (@B&A@B&?W! *EG&BD(@?! )(EG@AB&??&F&W! )(D)(&@! G&J&! ODF&A&?!

*A&F*F!*@BO&FD%D`&*@! &)?&E?!JDA?DA*B&DA@!GDJE&FE?W! ?@[E@?B(*AB@?! *K! @*!

EDJ*KE%*! [E*@! ADF&AEF! ?&F&%&BEG&A@! *EG&@AB@?! JDAXEAG@(@! )DBE@(EAB\!

2@JEAGDW!G@X&A&B&DA@F!?EK?B*AB&*@!OE&E?!JEF!?E&?!@b)D?&B&DA&KE?W!EB!G*BEF!

JDA?B*BW! *K?D%E&FE?\! 3@(B&DW! G@! ?EK?B*AB&*%&! @&E?! [E*%&B*B@! G@JE(?EF! @?B\!

}E*(BDW! FDA?B(*E&FE?! [E@F*GFDGEF! *A&F*! XD(F*F! O*K@(@! ADA! )D??&B\!

}E&ABDW! E&(BEB@?!FD(*%@?! (@%*B*@! ?EAB! [E*@! JDAB(*!E&B&*! OE&E?! ?*@JE%&! E@%EB!

[E*@G*F!*(F*!XD(B&B@(!D))DAEABE(\!2@bBDW!G@!E&(BEB&KE?!*A&F*@!A*BE(*%&KE?!

!

LHP!!

ADA! )*EJ*! )(DX@??*! ?EAB\! 2@)B&FDW! G@! D(&`&A@! @&E?! [E*@! ?EAB! %@JB*!

A*((*E&FE?\! :JB*EDW! ?@G@F! &)?&E?! &EG&J&EF[E@! G@?J(&)?&FE?\! -DADW! G@!

JD()D(&?! AD?B(&! )D?&B&DA@! B(*JB*BEF! @?B\! #@J&FDW! *A&F*! &AX&G@%&?! JEF! ?E&?!

?&`A&?!)(DEB!JDAJ@??EF!E&G@BE(!D?B@A?*!@?B\!/AG@J&FDW!%EJ&G*F!F@AB@F!@B!

)%@A*F!G&E&A&B*B&?!)(D!J*)BE!AD?B(*@!)D??&K&%&B*B&?!*BB&`&FE?\!#EDG@J&FDW!G@!

?)@! XEBE(&! ?*@JE%&! ADAAE%%*W! #DF&AD! %*(`&@AB@W! F@FD(*B*! ?EAB! EB! [E*F!

&FFD(B*%@F! J(@G&FE?! )@(@AA@?! G&?B(&KEB&DA@?! O*K@(@! A&O&%DF&AE?!

?@AB&*FE?\!!

!!!V%*E?&FE?! &B*[E@! AD?B(EF!FEAE?JE%EF! AEF@(D! GEDG@A*(&DW! [E&! J*@%D?!

?&`AD(EF!G&E@(?&B*B@!G@JD(*E&BW![E&!*AAEF!F@A?B(E*%&!E@AE?B*B@!JDF)D?E&BW!

[E&! E@ABD?! )(&AJ&)*%@?! B@((@A*@! &AG&`@AB&*@! )(DE&G*!G&?)D?&B&DA@! JDAJ@??&BW!

[E&! G&@&! ADJB&?[E@! ?)*B&*! OD(*(EF! JDA`(E*! [E*AB&B*B@! G&E&?&B! EB! F@(&BD! @B!

*A&F*@! G&%EJ&G*B&DA&! O*@J! ?E))EB*B&D! *GO&K@(@BE(! [E*@! B*AB*(EF! (@(EF!

A*BE(*%&EF!G&?)D?&B&DA&KE?!JDA?@J(*BE(\!!

!!!1@?B*B!AEAJW!?*)&@AB&??&F&!E&(&![E&!X%D(@B&?!&A`@A&DW!EBW!FD%@!FEAG&!&?B&E?!

?*%EB*(&B@(!B(*A?&%&B*W!G&E&A*@!F&?@(&JD(G&*@!AD?F@B&)?D?!E@%DJ&B@(!DXX@(*FE?!

)@(! [E*F! )%@A&??&F@! &%%EF&A*BE(! JD`&B*AB&?! DKBEBE?\! .AB@%%@`*FE?! @EFW!

G&%&`*FE?! &)?EFW! @B! BEAJ! *A&F*?! AD?B(*?! E@(@! JD`AD?J&FE?W! ?&! G@! &%%&E?!

%*(`&B*B@! ?*)&*FE?\! .)?@! @A&F! F*`&?B@(! )DB@A?! *B[E@! )@(X@JBE?! @?B! [E&! @B!

E@(*! G&J*B! *A&F*@! AD?B(*@! @B! [E*@! G&b@(&BW! @*F! X*J&*B! &%%EF&A*B*! F@AB@!

JDA?)&J@(@\!.A!?JOD%*!?&[E&G@F!VO(&?B&!JD(!&AGDJ&%@!ADA!)DB@?B!&AE@A&(&![E&!

?@!@&!BDB*!F@AB&?!&AB@`(&B*B@!B(*G&G@(&BW!A@J!&`AD(*(@!)DB@?B![EDG![E*@(&BW!A@J!

*F&BB@(@![EDG!)&*!(@FEA@(*B&DA@!?E?J@)@(&B\!Z&B!@(`D!F*`A*W!)(@B&D?*W!G&E@?!

*A&F*W!JEF!?@!@b!)(D)(&D!)*E)@(@F!@??@!JD`AD?J&B!d!)DB@A?W!?&!OEF&%&B*B@F!

?*%EK@((&F*F!ADA!G@J%&A@BW! X@%&J&??&F*!G@A&[E@W! ?&! ?@(E@B! &A!J*(A@![E*@! &A!

*@BO@(@! ?E)@(K&! *A`@%&! )(DK*ABE(! *F&?&??@\! 6G! B@! @A&FW! ?*AJB@! #DF&A@W!

A@FD!?@!@(&`@AGD!)@(E@A&B!?@G!)DB&E?!OEF&%&*BE?!*?J@AG&B\!VEF!*%B&??&FE?!

?&?W!)(Db&F&D(!(@GG@(&?!?E))%&J*B&DA@!JE(E*B&?\!-D?B(*!B&K&!OEF&%&B*?!*JJ@)B*!

!

LHI!!

@?B!d!*F*?![EDG!)(D)B@(!B@!ADA![E*@(&?W!G@?&G@(*?![EDG!ADA!&AG&`@?\!.)?*!@?B!

@A&F! E&B*@! AD?B(*@! F*B@(W! `@(F*A*! J*(&B*B&?W! *@?BE*AB&?! *A&F*@! ?&A`E%*(@!

)(*@?&G&EFW! JDAB(*(&*! G@K@%%*B(&b[E@! ?E)@(K&*@W! @B! ?&JEB! &%%*! )@(! G&*KD%EF!

D(&`D!J(&F&AEFW!&B*!&?B*!)@(!B@!AD?J&BE(!XDA?!@??@!E&(BEBEF\!!

!!!U*AJ! BEW! #DF&A@! VO(&?B@W! ?&J! ADK&%&B*(@! ED%E&?B&! EB! @*F! ADA! ?D%EF!

)(*@J&)@(@! ?@G! @B&*F! ?E?J&)@(@! G&`A*(@(&?\! 2EK&?B&! [E&))@! &A! *??EF)B*!

ODF&A&?!A*BE(*!&EG&J&EF![E&!&EG&J*BE(E?!@?!FEAGEF!d!J*@?E?!@?!X%*`@%%&?![E&!

@b*%B*?! @B! OEF&%&*?! (@`@?! d! )@(BE%&?B&! &A! X*J&@F! DG&D?D?! JDA?)EBE?! [E@F!

&A?*B&*K&%&B@(!E&G@(@!JE)&EAB!*A`@%&!d!X@%%@!)DB*BE?!@?![E&!OEF*AEF!`@AE?!?&J!

O*KE&?B&! GE%J@! EB! (@(EF! GDF&AE?! A*BE(*F! ?@(E&! G&`A*(@(&?! *??EF@(@! d!

)*B&@AB@(!JD(DA*F!?)&A@*F!?E?J@)&?B&![E&!JDF)%@?!D(K@F!B@((*(EF!G&E@(?D!

X%D(@! )(*@F&D(EFW! JDAG&B&DA@F! ?EK&?B&!FD(B&?! [E&! E&B*F! J(@*BE(&?! B(&KE&?B&!

EA&E@(?&?\! 3*AB*[E@! XE&B! &A! ?*AJB*! &AJ*(A*B&DA@! OEF&%&B*?! [E*AB*! @?B! &A!

G&E&A&B*B@! &AJDF)(@O@A?&K&%&?! F*&@?B*?\! 5@(! B@! @A&FW! *GF&(*AG@! #DF&A@W!

)D@A*! X*JB*!@?B! *@B@(A*! (@[E&@?W!)*??&D! (@F@G&*K&%&?W!FD(?! X&G@%&EF!?*%EB&?!

&AB(D&BE?\! U*@J! @A&F! )@()@BE@! G*B! E&E@(@! [E*@! ?D%@K*B! @bB&A`E@(@W! ADA!

&A&E(&*! [EDA&*F! [E*@! E&B*F! DFA&EF! ?E?J@)&B! F@(&BD! &E?! )@(@F)B&DA&?!

*F&?&B\! #*B*! &A! G@G@JD(@W! F*A@B! &A! ODAD(@W! [E*AGD! (@?! [E*@! )*AG@K*B!

&AX@(D?! AEAJ! )@(GEJ&B! *G! J*@%D?\! /@(@! DFA&)DB@A?! [E&! @B! &)?*?! F&?@(&*?!

X@J&?B&! )DB@AB@?W! AE%%E?! (@`EF! @`@AB&KE?! BE&?! )*(! @?BW! AE%%*@! )E()E(*@!

)&?J*BD(EF! BED(EF! (@B&KE?! *G*@[E*ABE(W! [E*AGD! &%%*@! &A! FEAG*A*?!

B@F)@?B*B@?! &F)@%%EABW! O*@J! *G! %&BE?! *@B@(A*@! ?@JE(&B*B&?! *GGEJEAB\! 5*E)@(!

G@! ADK&?W! G&E@?! @b! BED\! Z*JBE?! @?! ?DJ&E?! FD(B*%&B*B&?! AD?B(*@! EB! AD?!

)*(B&J&)@?! (@GG@(@?! *@B@(A&B*B&?! BE*@\! 2E)@(K&*F! OEF&%&B*B@W! *JE%@EF! %@B&!

FD(B@! )(D?B@(A&?\! -D?B&! @A&F! KDA*! X*J@(@! )@(! &A&[ED?W! JDAE@(B@A?! *G!

*G&EBD(&EF! [EDG! )*(*BEF! @?B! *G! ADJ@AGEFW! )DB@AB&E?! @??@! G&&EG&J*A?!

%*@?&DA@?! *G! EB&%&B*B@F! JDAE@(B@(@! [E*F! J*E?*?! F*%D(EF! (*G&J&BE?!

!

LH<!!

*F)EB*(@\!-*F![EDFDGD!K@A@X&J&D(EF!BED(EF!JD`AD?J@(@ABE(!?&`A*W!?&!@B!

*GE@(?*@!)*(B&?!ADA!FDA?B(*(@ABE(!&AG&J&*!�!!

!

!!!!

U?:::C!@#&1*0!

!!!3E!@(`DW!#DF&A@!.@?E!VO(&?B@W![E&!?&J!)(D!ADK&?! X%@bE?!@?!EB!ODFD!X&@(&!

G&`A*(@(&?W!ADA!&A!ADK&?!)*B&*(&?!)@(&(@![EDG!G@J(@E&?B&!F&?@(*BE?!*??EF@(@\!

9@(&BEF! AD?B(EF! &AGE%`@AB&*! BE*! @?B! d! GDA*! [EDG! DXX@(*FW! JE?BDG&! [EDG!

@b&`*?!EB!E@%&?!JD(DA*(@![EDG!)(*@?B*?\!/&AJ@!G@!ADK&?!&AE&G*F!)DB@?B*B@F!

[E*@!?&J!G@J&)&B!EB!G@%@JB@BW! ?&J!G@%@JB*B!EB! !)@(&F*B!d!OD?B&?!GE%J&?W!*F&JE?!

*F*(E?!@?B\!!

!!!-D?B&! @A&F! [E*F! X@(*%&B@(! %EK(&JE?! *A`E&?! &%%*K&BE(W! ?[E*F&?! (@)@AB&KE?!

F&AEB*B&F! JD()E?! DFA@! ?D%%&J&B*BW! @B! A@! @&E?! &AB@%%@`*BE(! *GE@ABE?W! X&bEF!

ADA! O*K@B! &F)(@??*! E*(&J*B&DA@! E@?B&`&EF\! .AE&G&BW! )(D! GD%D(W! B*F!F*`A&?!

)D)E%&?W! JEF! GED! @??@ABW! @B! *GOEJ! B@F)D(*%@?! )@(?@[E&BE(! [ED?! &F)&D!

*FK&BE! X@J&B! @??@! FD(B*%@?\! 2@! &AB@(J&)&B! [EDG! *%&D?! G@J&)&BW! @B! AE%%D! X&A@!

JD((&`&!F@(@BE(![E&*!G@!DFA&EF!G@J@)B&DA@!G*FA*AGE?!@?B\!}E*)(D)B@(!ADA!

)D??&B! &A&[EE?! A@! JDAE*%@?J*B! &AB@(&BE?W! GDF&A*BEF! &A! ADK&?! ADA! @b@(J@*B!

[E&! AEF[E*F! )(*@?B&B&B! ?@G! E&(BE?! BE*! AD?! )D??&G@*B! [E*@! J(@*E&B\! #D%@*B!

)@(&??@![EDG!X@J&BW!GEF!AD?!ADA!E&G@(&B!)@(&(@![ED?!ED%E&B\!!

!!!#DF&A@W![E&*!&A!ADK&?!ADA!@?B![EDG!(@FEA@(@(&?!?@G!&A!B@!?@F)@(!@?B![EDG!

%*(`&*(&?W!@(&)@!F@!*!F@!@B!JDA?@(E*!F@!&A!B@\!.F)E`A*![EDG!X@J&!@B!E&AG&J*!

[EDG! X@J&?B&\! 3EAJ! @(D! F@E?W! ?&! XE@(D! BEE?\! /&*! ?&A@! @((D(@W! E@(&B*?! ?&A@!

*FK&`E&B*B@W! E&B*! ?&A@! X&A@W! GDA*! ADb&*! DG&??@! @B! )(DXEBE(*! G&%&`@(@\! .A! B@!

)DA*F! )(D?)@(*W! F&O&! *))%&J@F! ?@F)@(! *GE@(?*W! [E*F! A&O&%! ?&F! ?&A@! B@!

!

LHo!!

?*)&*F\!}E*%&?!E@(D!B@!JEF!)D??&F!@??@!JD`AD?J*F\!.AB@%%@`*F![E&!?EF!EB!

*G!&%%EG!E*%@*F!)@(E@A&(@![EDG!ADA!?EF\!!

!!!-*F! ?&JEB! )(*@B@(! B@! @b&?B@(@! ADA! JD@)&FE?W! &B*! @B! ?&A@! B@! @??@! )(DX&JE&!

ADA!E*%@FE?\!:FA&*!E@(`EAB!A&O&%DF&AE?!&A!(E&A*F![E*@!*!F*&@?B*B&?!BE*@!

)&@B*B@! XE@(&AB! ?@`(@`*B*\! 3@! *EB@F! *F*(@W! ?*%E*(&! d! XD(F&G*(@W! `*EG@(@! d!

&AE@A&(@W! J(@E&??@! d! *F&?&??@W! )@(&(@! @?B\! 3&K&! G@A&[E@! ADK&%&E?! @?B! ?@(E&(@!

[E*F!FEAG&!(@`A*!J*)@??@(@W!F@(&BDW![E*AGD!@b!?@(E&?!X&%&&W!@b!&F)&&?!&E?B&W!

G@! J*)B&E&?! (@GG&FE(! *K?D%EB&\! }E*)(D)B@(! JDAB(*! )@JJ*B*! AD?B(*!

F&?@(&JD(G&*@! BE*@!FEA&F@A! &A?E(`*B![E*@!ADF&A&?! ?E&! B@?B&FDA&D!F&?@(&?!

G*BE(!d!EB!B(&A*!(@FEA@(*B&!JDAG&B&DA@!?@AB&*FE?!ADK&?!)(D)&B&*F!3(&A&B*B@F\!

5@B&FE?![E&*!&EK@?W!)E%?*FE?![E&*!)(*@J&)&?W!@B!?&A@!X&A@!JDAX@((@!F*E&?![E&!

?@F)@(!JDFFDA@?!EB!(D`@(&?\!!

!!!:! *%B&BEGD! )&@B*B&?W! D! J%@F@AB&*@! &AJDF)(@O@A?*! )(DXEAG&B*?W! JEF!A@FD!

)D??&B!*%&[E&G!*JJ&)@(@!?&!(@?&?B&?W!E&F!B@!)(@J&KE?!AD?B(&?!)*B&!)D??@!B@?B*(&?W!

F@(&BD![E*AGD!*!&EG&J@!)@B&FE?!EB!*G!)D@A*%@!&EG&J&EF!ADA!EDJ@FE(!@B!)@(!

%@`&?%*BD(&?!`(*B&*F!?)@(*FE?!@(&)&!A@!)D??&FE?!*!)(DFE%`*B*!JDA?B&BEB&DA@!

G*FA*(&\!3&K&W!?*AJB@!1@bW!JDAX&G@AB@(!G&J&FE?!G&F&BB@!)@JJ*B*!@B!JDAJ@G@!

ADA!G@K&B*\!:FA&?! B@! J(@*BE(*!D)@(&?! BE&!KDA&B*B@! JD%%*EG*B! d!G@K@FE?! B&K&!

[EDG! @b&?B&FE?W! DK%&`*FE(! @B&*F! [EDG! JDB&G&*AD! FEA@(@! JDAB&A@FE(\!

C*EG@*FE?!@B!O&AJ![ED[E@W!`%D(&D?&??&F@!#DF&A@W![EDG!BE*!K@A@X&J&*!ADA!

&((&B@! )D?BE%*FE?\! 3@F)@(*W! KDA@! *(B&X@bW! D(`*AEF! JD()D(&?! AD?B(&! EB!

*(FDA&*@! F@AB&?! )D??&B! *)B*(&W! A@J! ?&J! (DKD(@BE(! EB! ?E)@(K&*BW! A@J! ?&J!

%*A`E@?J*B!EB!G@X&J&*B\!3E!AD?B&![E*@!E@(@!FDG@(*B*@!?EAB\!/*?*!BE*!?&J!(@)%@!

)(D?)@(&?! EB! J*)*J&B*?! ADA! )(*@K@*BE(! *GE@(?&?\! #DF&A@BE(! (*B&DW! ?@(E&*B!

J*(DW![EDA&*F!*!B@!?D%D!)DB@?B!@XX&J&!A@!X(*`&%&B*B@!JD()D(&?!)D??&?!DXX@AG&\!!

!!!/@(EF! O*@J! )(D! AD?B(D! FDGE%DW! ADA! )(D! (@(EF! &)?*(EF! F*`A&BEG&A@!

G&JB*! ?EXX&J&*ABW! [E*AGD! @B! *F)%&E?! [E*F! @b)@B@K*FE(! @G&b&FE?! @B! *%F*!

!

LHh!!

%EF&A*! E@(*J&EF! %&BB@(*(EF! K(@E&B@(! B*%&*! J*EB@[E@! GDJE@(EAB\! .%%&! @A&F!

)DBE@(EAB!G@!O&?!&ADXX@A?@!G&J@(@![E&!)E(&X&J*B&!G&E&AD!FEA@(@!)(DK*K&%&!?@!

F@(E@(EAB!JDAE@(?*B&DA@!B(*JB*(@\!!

!

!

!

!

!!!!