+8<G8 &*&* *8I8GE<85F4A?8<GHA:
8FG8??8A+<84HFF6;?<8k?<6;BE<:<A4?8EF4GMG8<?8
J8?6;8 IBA $( +C B78E IBA 78A
4HGBE<F<8EG8A WA7?8EA:8?<898EGJ8E78A
AG98EA8A B78E WA78EA +<8 7<8 #8AAF6;<?78E
A<6;G J8?6;8 4@ 8EWG IB@ 8EFG8??8E
4A:85E46;GJ8E78A
4F 8EWG 74E9 A<6;G 58GE<858A J8E78A 94??F
%WA:8?B78E8F6;W7<:HA:8A98FGMH?8:8AF<A7
??8/4EGHA:FHA7!AFG4A7;4?GHA:F4E58<G8A58<
78A8A 74F 8EWG Ie??<: B78E G8<?J8<F8
45MH@BAG<8E8A <FG F<A7 AHE 74AA 4HFMH9h;E8A
J8AA74F8EWGIB@&8GM:8GE8AAGJBE78A<FG
&6052?526A@C<??605AB;42;
4F 8EWG58FG8;G4HF8<A8@ Hk8A:8;WHF8 J8?
6;8F =8:?<6;8A#BAG4>G@<G 78A<AG8EA8A8GE<858A
I8E;<A78EG
%2@A?6@682;
!A A58GE46;G F8<A8E HF?8:HA: HA7 F8<A8F
.8EJ8A7HA:FMJ86>FHA7HAG8E846;GHA:IBA78E
F46;:8@Wk8A.8EJ8A7HA:HA778A+<6;8E;8<GFABE@8A
J8<FG74F8EWG>8<A8*8FGE<F<>8A4H9
&6052?526A@B;1;3<?:.A6<;@82;;G2605;B;4
hE7<8F8EG8EWG8<FG>8<A8#8AAM8<6;AHA:4@8EWGIBE
:8F8;8A
#2?@Z;96052&05BAG.B@?\@AB;42;#&
8<78E!AFG4??4G<BA78@A?4H9HA778E/4EGHA:<FG8F9hE74F
87<8A8EC8EFBA4? 8@C98;?8AFJ8EG :88<:A8G8 +6;HGM4HFEhFGHA:8A
4H9:EHA778E7HE6;MH9h;E8A78AE58<GMHGE4:8A
8< /4EGHA:F HA7 !AFG4A7;4?GHA:F4E58<G8A F<A7
+6;HGM;4A7F6;H;8HA587<A:GMHGE4:8A
#68A<4?.::
"/964.A<?6@052#&
&+ -,2
+6;HGM;4A7F6;H;8MH@+6;HGMIBE6;8@<
F6;8AG;8E@<F6;8AHA7@86;4A<F6;8A
*<F<>8A
-&+ -,2
E<??8AMH@+6;HGM IBE6;8@<F6;8A
G;8E@<F6;8AHA75<B?B:<F6;8A894;E8A
'%!&#"%'(!!(!
4F (EB7H>G <FGI8EC46>G 74@<G 78E!A;4?G A<6;G
58F6;W7<:G J<E78<@,E4AFCBEG<FG 7<8+G4C8?HA:
IBA F6;J8E8A .8EC46>HA:8A MH I8E@8<78A
.8E:8J<FF8EA+<8F<6;74FF F<6;7<8.8EC46>HA:
58<@,E4AFCBEGA<6;G9E8<58J8:8A>4AA
<8%<GG8? MH@ ,E4AFCBEG78FI8EC46>G8A8EWG8F
@hFF8A9hE7<8 5@8FFHA:8A HA774F8J<6;G78F
:8>4H9G8A(EB7H>G8F:88<:A8G F8<A F<8;8#4C
8F4@G45@8FFHA:8A
.;15./B;4
858A+<87<8.8EC46>HA:FBE:9W?G<:74@<G78@74E<A
:8?8:8A8A8EWG>8<A8+6;?W:8MH:89h:GJ8E78A
$8:8A+<84H97<8.8EC46>HA:>8<AJ8<G8E8F%4G8E<4?
J8?6;8F78E(H@C858F6;W7<:8A>eAAG8
S58EF6;E8<G8G 74F 8J<6;G #: @HFF 7<8
.8EC46>HA::?8<6;M8<G<: IBA MJ8<%8AF6;8A :8;B
58AJ8E78AF<8;8#4C8F4@G45@8FFHA:8A
,( 7/2(01614,0+(,6 //.$0*5$/ $0+(
%(0 70' 70-10641..,(46( &+9,0'70*(08(4/(,'(0
,22*()$+4
(&'(!
2@.:A./:2@@B;42;
<8 8F4@G45@8FFHA:8A 78F 8EWG8FF<A7 <@
A;4A:
8F4@G45@8FFHA:8A#4C& O&
4A:8:858A
(:42/B;4@/216;4B;42;B;1%.B:/21.?3.:
B3@A299B;4@<?A
8EH9FG8??HA:FBEG<FG8AGFCE86;8A7HA7@<G8MH:4H9
78FF8A8FBA78E;8<G8AIBEMH58E8<G8A74@<G7<8
!AFG4??4G<BAE8<5HA:F?BF8E9B?:8A>4AA8?8>GE<F6;8
AF6;?hFF8HFJ
<8-@:85HA:<A78E74F8EWG4H9:8FG8??GJ<E7@HFF
78A<@5F6;A<GG58F6;E<858A8AA9BE78EHA:8A8AG
FCE86;8A
F<FGFGE8A:FG8AFI8E5BG8A7<8%4F6;<A8<A8KC?BF<BA
F:89W;E78G8A8E8<6;8A4H9MHFG8??8AHA7<A8GE<85MH
A8;@8A
B@=.082;
S58ECEh98A+<8B574F8EWG58<@,E4AFCBEG
58F6;W7<:GJBE78A<FG
4F.8EC46>HA:F@4G8E<4?<FGA46;HFC46>8A78E
%4F6;<A8?4HG78E8F8GM8HA7.BEF6;E<9G8AMH8AGFBE
:8A 5MJ J<878E MH I8EJ8EG8A J8?6;8 <A 78@
H9FG8??HA:F?4A778E%4F6;<A8:8?G8A
*4<F8G;8CH@C@BGBE HA<G F?BJ?L F<8;8#4C
9<:@4><A:FHE8<G7B8FABG@BI89EB@F<78GBF<78<A
4AHA6BAGEB??87J4LGB4IB<7G;8E<F>B9<@54?4A684A7
G<CC<A:HC
6;/.B
<8?B6>CH@C8A4HE8<;8
!%!%!%
!%
@<GC;4F<:8@%BGBE;458A+4H:HA7
EH6>FGHGM8A @<G:?8<6;8@HE6;@8FF8E<A:8E478E
7HE6;:8;8A78E$8<GHA:FE<6;GHA:!A?<A84HJ8<F8
<8F8 (H@C8A >eAA8A J<8 8<A HE6;:4A:FI8AG<? <A
7<8:8E47?<A<: I8E4H98A78 *B;E?8<GHA: 8<A:89?4AF6;G
J8E78A
!AFG4EEI8E?8:G8A*B;E?8<GHA:8A>4AA74F::E8:4G
9E8<GE4:8A78<A:89?4AF6;GJ8E78A55
8< 58J8:?<6;8A *B;EI8E5<A7HA:8A 58AeG<:G 74F
::E8:4G 8<A8 5FGH†GMHA: H†E7<8 898FG<:HA: <FG
4@(H@C8A:8;WHF88<A8B;EHA:@<G8J<A78%
IBE;4A78A55
<8 !% !% !A?<A8(H@C8A>eAA8A<A =878E
<A54H?4:8<A7<8*B;E?8<GHA:8<A:89?4AF6;GJ8E78A
HF +<6;8E;8<GF:EhA78A <FG458E7<8ABE7AHA: @<G
%BGBEA46;HAG8AA<6;GMH?WFF<:
55
55
55
!+,&*3333%0+36BA:4??(4:<A4