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:;< =>?@A;BCD 57 EC CFC@; DC GC@=>FH ;I>A>HB=CFGC JFH FJCKHCGHLH EC =HG@MAJBHD CF BHD 0F>KC@D>EHECD HENC@>EHD HB .>DGC=H,F>A; EC &E=>D>OFP D>F QJC NH<H NHR>E; F>FSJFH D;@L@CDH F>AH=R>; >=L;@GHFGC @CDLCAG; HB L@;ACD; ECB HT; HFGC@>;@U #F JFD>DGC=H @CSJBH@ CDG; ECR>CDC DC@ =;G>K; EC DHG>DIHAA>OFP LC@; LH@H .;B>EH@>EHE 0$ CDG;DOB; D>SF>I>AH QJC DC D>SJCF @CL>G>CFE; BHD =>D=HD >FVJDG>A>HD QJC HT; H HT; DC ;RDC@KHF>=LHD>RBC=CFGCP CDLCA>HB=CFGC L;@ BHD HJG;@>EHECDU W@CFGC H CDGC @CDJBGHE; F;D LH@CACFCACDH@>; HBXH@ BH K;X I@CFGC H B;D D>SJ>CFGCD LJFG;DY

7U #B E>DCT; ECB HAGJHB L@;ACD; EC >FS@CD; H BH CEJAHA>OF JF>KC@D>GH@>H L@CDCFGHIHBCFA>HD QJC F; LC@=>GCF JFH >SJHBEHE EC ;L;@GJF>EHECD LH@H G;E;D B;D QJC >FGCFGHFHAACEC@ H CBBHP B; QJC F;D =;G>KH H RJDAH@ VJDG>A>H LH@H CBB;DU &ZF D;F =JAN;D B;D VOKCFCDQJCP H LCDH@ EC DJ GHBCFG;P G@HRHV; < ECE>AHA>OFP F; B;S@HF B;D @CDJBGHE;D A;@@CDL;FE>CFGCDH DJ CDIJC@X;U %HD E>IC@CFA>HD EC B;D LJFGHVCD L@;=CE>;D DCSZF ECLCFECFA>H EC B;DA;BCS>;DP NHF A@CA>E; HT; H HT; D>F QJC BH HJG;@>EHE G;=H@H AH@GHD CF CB HDJFG;U "J@HFGCB;D 75 HT;D CF QJC BH +@JCRH EC .CBCAA>OF 0F>KC@D>GH@>H NH @CS>E;P =JANHD NHF D>E; BHDA@MG>AHD QJC DC BC NHF NCAN;U ";D >FI;@=CD >FGC@FHA>;FHBCD EC A;FDJBG;@HD EC @CF;=R@C>FGC@FHA>;FHBP #2. [5668\ < +CH@D;F [567]\P NHF =;DG@HE; BHD IHBCFA>HD ECB   >FDG@J=CFG;PSCFC@HFE; JFH AHFG>EHE D>SF>I>AHG>KH EC @CA;=CFEHA>;FCD < HAA>;FCD L;@ DCSJ>@U&AHE?=>A;DP L;BMG>A;DP CEJAHE;@CD < HBJ=F;D NHF G;=HE; L>C I>@=C D;R@C CDG;D @CL;@GCDLH@H BCKHFGH@ BH K;XU :H NHR>E; HBSJF;D HKHFACD A;=; BH >FABJD>OF EC ;G@;D L;FEC@HE;@CDU+C@; HZF DC =HFG>CFC CB L@>FA>LHB L@;RBC=H QJC CD BH +.0 A;=; L>BH@ ECB D>DGC=H ECHE=>D>OF < F; NH LC@=>G>E; @CHB>XH@ B;D KC@EHEC@;D AH=R>;D LH@H GCFC@ JF >FDG@J=CFG;@CHB=CFGC VJDG;U

5U  %;D RCFCI>A>;D CA;FO=>A;D QJC CFG@CSHF BHD 0F>KC@D>EHECD < CB #DGHE; H B;DHBJ=F;D ECRCF ECVH@ EC CDGH@ A;FE>A>;FHE;D L;@ CB LJFGHVC +.0U "HE; QJC CDGH L@JCRHG>CFC JF DCDS; D;A>;CA;FO=>A;P F; CD VJDG; A;FE>A>;FH@ RCAHD < A@?E>G;D H DJD @CDJBGHE;DU#D =^DP CDGC LJFGHVC FJFAH IJC E>DCTHE; LH@H GHB =;G>K; < DC BC CFG@CSO BH IJFA>OF ECHD>SFHA>OF EC RCFCI>A>;D D>F @CHB>XH@ F>FSZF CDGJE>; F> CKHBJHA>OFU 0F; EC B;D L@>FA>LHBCDL@;RBC=H QJC N;< GCFC=;D CD CB I>FHFA>H=>CFG; EC BHD AH@@C@HDP L;@ B; QJC DC ECRCHKHFXH@ H CFG@CSH@ CDG;D RCFCI>A>;D H B;D QJC =^D FCACD>GCF EC CBB;D LH@H L;EC@ CDGJE>H@U#B &L;@GC W>DAHB (FE>@CAG; CD JFH I;@=H EC I>FHFA>H=>CFG; EC BHD >FDG>GJA>;FCD EC #EJAHA>OF.JLC@>;@ QJC GH=R>?F DC @>SC L;@ CB LJFGHVC EC BH +.0 EC B;D HBJ=F;D QJC >FS@CDHFPL@;EJA>CFE; >FACFG>K;D LC@KC@D;D LH@H BH AHLGHA>OF EC RJCF;D LJFGHVCDP LC@; D>F HL;<H@DJ @CGCFA>OF F> G>GJBHA>OFU

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#F AJHFG; H B;D A;FGCF>E;D EC BH +.0P B;D HBJ=F;D EC AJ@@MAJB;D 2?AF>A;_+@;ICD>;FHBCD ECRCF ECVH@ EC DC@ LC@VJE>AHE;D L;@ JFH L@JCRH A;FICAA>;FHEH LH@HCDGJE>HFGCD $>CFGMI>A;_:J=HF>DGHDU #DG; D>SF>I>AH QJC CDG;D HBJ=F;D CDGJE>HF JF AJ@@MAJB;

 

E>DG>FG; HB QJC DC =>ECU #B >FI;@=C +CH@D;F NH L@;LJCDG; A;=; HBGC@FHG>KHD CFI;AH@DC CFB;D A;FGCF>E;D EC L@>=C@; < DCSJFE; =CE>; A;=; A;FGCF>E;D EC BH +.0 LH@H E>D=>FJ>@CDGC LC@VJ>A>; ; EC@CANH=CFGC BH A@CHA>OF EC JFH NC@@H=>CFGH E>DG>FGH QJC GCDGCC H CDG;DHBJ=F;D DCSZF DJ AJ@@MAJB;U #DGC HT;P H LCDH@ EC =CE>@B;D A;F JFH L@JCRH EC $>CFA>HDE>DG>FGHP BHD E>IC@CFA>HD DC HA@CACFGH@;FP B; QJC D>F EJEH NHRBH EC BH IHBGH EC L@;B>V>EHE ECB"#1'# CF BH CBHR;@HA>OF EC BH L@JCRHU

.C ECRC @CJF>@ K;BJFGHE L;BMG>AH LH@H HAGJH@ < A;@@CS>@ BHD ECI>A>CFA>HD ECGCAGHEHD < HLB>AH@BHD @CA;=CFEHA>;FCD EC BH C`LC@>CFA>H >FGC@FHA>;FHB LH@H B;S@H@ JF D>DGC=H EC &AACD;aJDG;U #B =CAHF>D=; EC HAACD; ECRC@MH CFI;AH@DC CF =CE>@ HLG>GJECD < AHLHA>EHECD EC B;DCDGJE>HFGCD LH@H =HFGCFC@DC CF BH JF>KC@D>EHEP < F; BH AHLHA>EHE EC =C=;@>XH@ JFH B>DGH>FGC@=>FHRBC EC A;FGCF>E;D QJC =JANHD KCACD F> D> QJ>C@H @CDL;FECF H B;D IJGJ@;DL@;S@H=HD EC CDGJE>;D JF>KC@D>GH@>;D CDA;S>E;D L;@ B;D HBJ=F;DU

.C ECRC DCSJ>@ HKHFXHFE; CF B; QJC A;=; .;B>EH@>EHE KCF>=;D LBHFGCHFE; ECDEC I>FCD ECB5677P D;R@C QJC BH +@JCRH EC .CBCAA>OF DCH JF L@CE>AG;@ ECB @CFE>=>CFG; CF BH CEJAHA>OFJF>KC@D>GH@>HP =CE>HFGC BH HLB>AHA>OF EC =CG;E;B;SMHD L@;ICD>;FHBCD LH@H CBHR;@H@L@CSJFGHD QJC =>EHF A;=LCGCFA>HDP LJCD HN;@HP DCSZF CB >FI;@=C EC +CH@D;FP BH L@JCRHE>DGH bCF DJ AHLHA>EHE L@CE>AG>KH < CQJ>EHEb EC BHD L@>FA>LHBCD CKHBJHA>;FCD>FGC@FHA>;FHBCDU %H JG>B>XHA>OF EC L;FEC@HE;@CD HE>A>;FHBCDP A;=; CB *#1 < CB 'HFc>FSPH<JEHF H =CV;@H@ BH L@CE>AA>OF EC CDGC CBC=CFG;U &JF HDMP KC=;D QJC CDGH HLB>AHA>OF F;NH GCF>E; B;D @CDJBGHE;D CDLC@HE;DP LC@VJE>AHFE; CF S@HF =CE>EH H B;D B>AC;DC=RBC=^G>A;DP QJC KCF CF ECD=CE@; DJD ;LA>;FCD L;@ CDGH FJCKH NC@@H=>CFGH ECDCBCAA>OFU #D L;@ CDG; QJC DC ECRC DCSJ>@ L@;IJFE>XHFE; CF =CV;@HD NHA>H CDG;D>FE>AHE;@CD LH@H B;S@H@ JF HAACD; =^D VJDG;U

& LCDH@ EC F; DC@ CB ZF>A; L@;RBC=H EC BH CEJAHA>OFP CDGH L@JCRH DM CD JF L@;RBC=HECR>E; H BHD >FVJDG>A>HD QJC SCFC@HU $@CC=;D QJC B;D LJFG;D C`LB>AHE;D CF CDGC E;AJ=CFG;D;F =CE>EHD QJC SCFC@HF RHDGHFGC A;FDCFD; < QJC DC LJCECF @CD;BKC@ A;F @CBHG>KHHS>B>EHEP LH@H H<JEH@ H A;FDG@J>@ JFH D;A>CEHE =^D VJDGH < F; DCSJ>@ NHA>CFE; CDLC@H@ HSCFC@HA>;FCD EC HBJ=F;DP CDLCA>HB=CFGC EC BH CFDCTHFXH 2+U

+;@ ZBG>=;P CD A@JA>HBP A;=; NHF =CFA>;FHE; =ZBG>LBCD HAG;@CD EC BH #EJAHA>OFP BHA@CHA>OF EC JFH >FDG>GJA>OF >FECLCFE>CFGC < L@;ICD>;FHB QJC DCH @CDL;FDHRBC EC G;E; CBD>DGC=H EC HAACD; H BH CEJAHA>OF DJLC@>;@P LH@H QJC CB $'0$: ECVC EC DC@ VJCX < LH@GC CFJF L@;ACD; QJC HICAGH H G;E; CB D>DGC=H EC CEJAHA>OF FHA>;FHBU #DG; LC@=>G>@MH JFHA;FDGHFGC CKHBJHA>OF EC B;D =CAHF>D=;D JG>B>XHE;D C >FKCDG>SHA>;FCD DC@>HD < HAHRHEHD ECB;D CICAG;D QJC AH=R>;D CF CB D>DGC=H LJCEHF GCFC@ CF B;D HBJ=F;DU #F JF ^=R>G; GHF>=L;@GHFGC LH@H BH K>EH EC JFH LC@D;FH A;=; BH #EJAHA>OFP BHD ECA>D>;FCD F; LJCECFG;=H@DC D;B; L;@ >EC;B;SMH D>F IJFEH=CFG;DU

#D L;@ G;E; CDG; QJC A;=; .;B>EH@>EHE 0$ NHAC=;D JF BBH=HE; H G@HRHVH@ L;@ =CE>; ECBE>^B;S; < CB ECRHGC EC >ECHD LH@H HKHFXH@ CF JF D>DGC=H EC HAACD; H BH #EJAHA>OF .JLC@>;@=^D VJDG; C >FABJD>K; CF FJCDG@; LHMDU