(4:<A4 &*&* *8I!FGEHM<BA<BE<:<A4?<
!,
7<E<64@5<BBE<:<A4?<9BEA<G<74$(+CB
74HA7<FGE<5HGBE84HGBE<MM4GB
&BAE<@HBI8E8 B4?G8E4E8?8G4E:;84CCBFG8 74?
9455E<64AG8FH??w4CC4E866;<B
$w4CC4E866;<B ABA 78I8 8FF8E8 @8FFB <A
9HAM<BA8<A64FB7<7<98GG<BC4EG<74AA8::<4G8
$8BC8E4M<BA<7<@4AHG8AM<BA8BE7<A4E<48FGE4BE7<
A4E<46;8CE8I87BABHABF@BAG4::<B4A6;8C4E
M<4?878??w4CC4E866;<B78IBAB8FF8E88998GGH4G8
FB?B7BCB4I8E<AG8EEBGGB?w4?<@8AG4M<BA878??w4CC4
E866;<BFG8FFB
6@=<@6A6C616@60B?2GG.
$w4CC4E866;<B\6BFG<GH<GB74HA4F6B6648FG8EA46;8<@C87<
F686BAG4GG<6BA:?<BE:4A<<AG8EA<8:?<8?8@8AG<<AG8AF<BA8
%6@056?2@61B6
$w4CC4E866;<B C8ECEB:8GG4M<BA8878FG<A4M<BA8 7wHFB
E<FC8GGBHFBCE8I<FGB8ABE@87<F<6HE8MM4ABACE8F8AG4
E<F6;<E8F<7H<
&24;.92A60.16@60B?2GG.26;3<?:.G6<;2
(8EDH8FGBG<CB7<CEB7BGGBABA\CE8I<FG4F8:A4?8G<64FH?CEB
7BGGB
6@=<@6A6C616=?<A2G6<;26;16C61B.92#
&8??8 94F<7< <AFG4??4M<BA8 4II<4@8AGB 8@4AHG8AM<BA8 F<
6BAF<:?<44:?<BC8E4GBE<4HGBE<MM4G<7<I4?HG4E8DH4?<F<4AB<
7<FCBF<G<I<<7BA8<4??4IBE<78F6E<GG<
&8??8BC8E4M<BA<7<@4AHG8AM<BA8BE7<A4E<48FGE4BE7<A4E<4
\CE8I<FGB?wHFB78<:H4AG<C8E?4CEBG8M<BA878??8@4A<
&24;.92 #<//964.A<?6
(*',2!'&$$%&!
:H4AG<C8E?4CEBG8M<BA874E<F6;<B6;<@<6BG8E
@<6B8@8664A<6B
(*',2!'&$!' !
B66;<4?<C8E?4CEBG8M<BA8 74 E<F6;<B 6;<@<6B
G8E@<6B85<B?B:<6B
'%&#"%'" ") !'-"!
!?CEB7BGGB\<@54??4GBC8E@4AG8A8E8<AG8:EB<?6BAG8AHGB
HE4AG8 <?GE4FCBEGB8I<G4E8 7<FBIE4CCBEE8C8F< 8668FF<I<
FF<6HE4EF<6;87HE4AG8<?GE4FCBEGB?w<@54??BABAF<4?<58EB
7<@HBI8EF<
! @8MM< C8E GE4FCBEG4E8 ?w4CC4E866;<B<@54??4GB 78IBAB
8FF8E8478:H4G<4??87<@8AF<BA<84<C8F<78?CEB7BGGBF68?
GBI87<64C7<@8AF<BA<7<<A:B@5EB
<C6:2;A.G6<;2
%BI<@8AG4E86BA6HE4?w<@54??B6;8ABA78I8FH5<E8HEG<
+< 78I8 8I<G4E8 7< FBIE4CCBEE8 4:?<<@54??< 4?GEB @4G8E<4?8
6;8CBGE855878G8E<BE4E8?4CB@C4
+8<? C8FB FHC8E4< #: ?w<@54??B78I88FF8E8 FB??8I4GB
74 7H8 C8EFBA8 6BAG8@CBE4A84@8AG8I87< 64C u
7<@8AF<BA<7<<A:B@5EB
+B??8I4E8?8AG4@8AG8<?:EHCCBCB@C4@BGBE89<:8I<G4E8
BF6<??4M<BA<ABA6BAGEB??4G8C8E<6B?B7<E<54?G4@8AGB
!&'-"!
6:2;@6<;6166;4<:/?<
(8E?87<@8AF<BA<7<<A:B@5EB78??w4CC4E866;<BI87<4??8:4
GBu<@8AF<BA<7<<A:B@5EBv64Cu$$,!v
%2>B6@6A6 .:/62;A.96 216:2;@6<;61299B<4< 16
6;@A.99.G6<;2
!?6?<8AG878I8CE87<FCBEE8<??HB:B7<<AFG4??4M<BA8<A@B7B
478:H4GB4??46BEE8GG4<AFG4??4M<BA88<A6B8E8AM44??88F<
:8AM8 6BFGEHGG<I8 78??4FG8FF4 4??466<4@8AG<8?8GGE<6B
866
$w4@5<8AG8 <A 6H<<AFG4??4E8 ?w4CC4E866;<B 78I84I8E8<
E8DH<F<G<78?C4E4:E49B
y4FFB?HG4@8AG8I<8G4G4?w<AFG4??4M<BA88?4@8FF4<AF8EI<
M<B78??4@466;<A4<A 4@5<8AG< 6BA 4G@BF98E4CBG8AM<4?
@8AG88FC?BF<I4
6@6:/.99.446<
.8E<9<64E8 6;8 ?w4CC4E866;<B ABA F<4 FG4GB
74AA8::<4GB7HE4AG8<?GE4FCBEGB
!?@4G8E<4?87w<@54??BHA4 IB?G4 7<F<@54??4G4 ?4@466;<A4
7BIEU 8FF8E8 8?<@<A4GB 8BE<HG<?<MM4GB F86BA7B?8ABE@8
I<:8AG<A8?(48F87<78FG<A4M<BA878??w4CC4E866;<B
+B??8I4E8 ?8AG4@8AG8 <?:EHCCBCB@C4@BGBE8 I87<64C
u9<:8I<G4E8BF6<??4M<BA<ABA6BAGEB??4G8C8E<6B?B7<
E<54?G4@8AGB
;@A.99.G6<;2
$8CB@C8@BAB5?B66B!%!%!% !%
6BA@BGBE8@BAB94F8;4AAB?85B66;87<4FC<E4M<BA887<
@4A74G46BA?BFG8FFB7<4@8GEB87<FCBFG8FH??BFG8FFB4FF8
8F86HM<BA8u<A?<A8v
)H8FG8CB@C8CBFFBABDH<A7<8FF8E8<AF8E<G8<AHA4GH54
M<BA8E8GG<?<A846B@8HA4F4E46<A8F64
!A HA4 GH54M<BA8FG45<?88E<:<74?4CB@C4 CHc 8FF8E8
FBFG8AHG47<E8GG4@8AG8GE4@<G8?89?4A:89<:
BA HA4 GH54M<BA8 ABA FH99<6<8AG8@8AG8 FG45<?8 ?4
CB@C478I88FF8E8FBFG8AHG489<FF4G4GE4@<G8:?<4CC<
F<G<9BE<9<?8GG4G<CE87<FCBFG<FH?6BECBCB@C49<:
$8CB@C8!%!% u<A?<A8vCBFFBAB8FF8E89?4A:<4
G8A8??4GH54M<BA8<ADH4?F<4F<CBF<M<BA8
I<G4E8C8EE4:<BA< 7< F<6HE8MM4?4CBF<M<BA86BA<?@BGBE8
FBGGB?4CB@C4
(8E ?w<AFG4??4M<BA8<A HA4CBF<M<BA87<I8EF474 DH8??4 6BA
?w4FF878?EBGBE8 I8EG<64?8 94E8 4GG8AM<BA86;8HA 3<?<16
1?2;.446<2 @0.?60< 0<;12;@. E<FH?G< <A6BEE<FCBA78AM4
9<:
9<:
9<:
!+,&*3333%0+36BA:4??(4:<A4