Liberty Global Ltd 8-K, filed Apr 30, 2020
Liberty Global Ltd. (LBTYA)
8-K
2020-04-30
For: 2020-04-30
View Original
Added on
April 09, 2026
About this 8-K
Liberty Global Ltd filed this 8-K on April 30, 2020.
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 30, 2020
(Exact Name of Registrant as Specified in Charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification #) | ||
(Address of Principal Executive Office)
+44 .208 .483.6449 or 303.220.6600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION / Item 7.01 REGULATION FD DISCLOSURE
As of March 31, 2020, Liberty Global plc (Liberty Global) indirectly owned 60.8% of Telenet Group Holding NV (Telenet). Telenet, a consolidated subsidiary of Liberty Global, is a separate public company with shares listed on the Euronext Brussels Stock Exchange under the ticker symbol TNET. Telenet is a leading provider of cable television, high-speed internet access and fixed and mobile telephony services in Belgium. The consolidated financial statements of Telenet have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union.
On April 30, 2020, and pursuant to Euronext Brussels Stock Exchange rules, Telenet publicly announced in Belgium its results for the quarter ended March 31, 2020 by issuing a press release. The full text of that press release, appearing in Exhibit 99.1 hereto, is incorporated herein by reference. A copy of the earnings call presentation and transcript will be made available on Telenet's website (http://investors.telenet.be).
The press release attached hereto as Exhibit 99.1 is being furnished to the SEC under both Item 2.02 “Results of Operations and Financial Condition” and Item 7.01 “Regulation FD Disclosure” of Form 8-K. The information furnished pursuant to this Form 8-K (including the exhibit hereto) shall not be considered “filed” under the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any of Liberty Global's filings under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless Liberty Global expressly states in such filing that such information is to be considered “filed” or incorporated by reference therein.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
Exhibit No. Exhibit Name
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LIBERTY GLOBAL PLC | ||
By: | /s/ RANDY L. LAZZELL | |
Randy L. Lazzell | ||
Vice President | ||
Date: April 30, 2020
Exhibit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
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , U )B7D3F;@9 D77 3E: >AI 9G;63@57 A8 3 FA !,3 AH7D F:7 B7D;A6 ?3;@F3;@76 I:;>7 ?A67EF>K 36<GEF;@9 AGD 2 AGF>AA= 6G7 FA F:7 F7?BAD3DK ;?B35FE A8 F:7 9>A43> )0# B3@67?;5 E77 'FE=@@< 8AD ?AD7 ;@8AD?3F;A@ .:;E D78>75FE F:7 3@F;5;B3F76 ;?B35FE A8 F:7 5GDD7@F >A5= 6AI@ 3E A8 ?;6 '3D5: 3@6 7J5>G67E F:7 78875FE A8 3@K 366;F;A@3> >A5= 6AI@E ;@ F:7 E75A@6 :3>8 A8 F:7 K73D I:;5: 5AG>6 8GDF:7D 38875F AGD AB7D3F;A@E #F 3>EA 3EEG?7E I7 I;>> 9D36G3>>K 7J;F F:7 >A5= 6AI@ EF3DF;@9 ;@ '3K I;F: 3 9D36G3> 75A@A?;5 D75AH7DK F:7D738F7D U @F;5;B3F;@9 3 D7H7@G7 3@6 6<GEF76 #. 4 675>;@7 A8 3DAG@6 3@6 3DAG@6 D7EB75F;H7>K A@ 3 D743E76 43E;E 8AD 2 J5>G6;@9 AF:7D D7H7@G75 I:;5: ;@5>G67E 3?A@9EF AF:7DE ;@F7D5A@@75F :3@6E7F D7>3F76 D7H7@G7 3@6 36H7DF;E;@9 3@6 BDA6G5F;A@ D7H7@G7 97@7D3F76 4K AGD >A53> ?76;3 4GE;@7EE 7 0;<H7D '76;3 AGD D7H7@G7 ;E 7JB75F76 FA D7?3;@ 4DA36>K EF34>7 5A?B3D76 FA G@67DB;@@;@9 F:7 D7E;>;7@57 A8 AGD D7E;67@F;3> 3@6 4GE;@7EE 5A@@75F;H;FK E79?7@FE 6<GEF76 D77 3E: >AI89 AGF>AA= A8 T T ?;>>;A@ ?3;@F3;@76 E=7I76 :AI7H7D FAI3D6E F:7 >AI7D 7@6 A8 F:7 D3@97 )B7D3F;@9 D77 3E: >AI67 7JB75F76 FA 9DAI 47FI77@ 3@6 9;H7@ AGD 67?A@EFD3F76 FD35= D75AD6 A8 F;9:F 5AEF 5A@FDA> 3@6 53D78G>>K 43>3@5;@9 8GFGD7 ;@H7EF?7@FE 1;F: F:3F I7 D75A@8;D? AGD ;@F7@F;A@ FA ?3;@F3;@ @7F FAF3> >7H7D397 3DAG@6 F:7 ?;6 BA;@F A8 J I:;>7 5A@F;@G;@9 FA 67>;H7D A@ AGD E:3D7:A>67D D7?G@7D3F;A@ EFD3F79K 3E BD7E7@F76 6GD;@9 F:7 757?47D 3B;F3> '3D=7FE 3K 3 D75A@5;>;3F;A@ A8 AGD )B7D3F;@9 D77 3E: >AI !, 8AD FA 3 / # ,- ?73EGD7 ;E @AF BDAH;676 3E @AF 3>> 7>7?7@FE A8 F:7 D75A@5;>;3F;A@ 3D7 BDA<75F76 3E B3DF A8 AGD 8AD753EF;@9 BDA57EE 3E 57DF3;@ ;F7?E ?3K H3DK E;9@;8;53@F>K 8DA? A@7 B7D;A6 FA 3@AF:7D 4 D75A@5;>;3F;A@ A8 AGD 6<GEF76 #. 9G;63@57 8AD FA 3 / # ,- ?73EGD7 ;E @AF BDAH;676 3E @AF 3>> 7>7?7@FE A8 F:7 D75A@5;>;3F;A@ 3D7 BDA<75F76 3E B3DF A8 AGD 8AD753EF;@9 BDA57EE 3E 57DF3;@ ;F7?E ?3K H3DK E;9@;8;53@F>K 8DA? A@7 B7D;A6 FA 3@AF:7D 5 )F:7D D7H7@G7 BD;?3D;>K ;@5>G67E ; ;@F7D5A@@75F;A@ D7H7@G7 8DA? 4AF: AGD 8;J76 >;@7 3@6 ?A4;>7 F7>7B:A@K 5GEFA?7DE ;; 36H7DF;E;@9 3@6 BDA6G5F;A@ D7H7@G7 8DA? 7 0;<H7D '76;3 (0 I:;5: I7 8G>>K 5A@EA>;63F76 3E A8 $G@7 ;;; ?A4;>7 :3@6E7F E3>7E ;@5>G6;@9 F:7 D7H7@G7 73D@76 G@67D AGD :AAE7 2AGD 7H;57R BDA9D3?E ;H I:A>7E3>7 D7H7@G7 97@7D3F76 F:DAG9: 4AF: AGD 5A??7D5;3> 3@6 D79G>3F76 I:A>7E3>7 4GE;@7EE7E H BDA6G5F 35F;H3F;A@ 3@6 ;@EF3>>3F;A@ 877E 3@6 H; E7F FAB 4AJ E3>7E D7H7@G7 6 J5>G6;@9 F:7 D75A9@;F;A@ A8 8AAF43>> 4DA3653EF;@9 D;9:FE 3@6 ?A4;>7 EB75FDG? >;57@E7E 3@6 7J5>G6;@9 F:7 ;?B35F 8DA? # ,- A@ AGD 355DG76 53B;F3> 7JB7@6;FGD7E 7 D75A@5;>;3F;A@ A8 AGD )B7D3F;@9 D77 3E: >AI 9G;63@57 8AD FA 3 / # ,- ?73EGD7 ;E @AF BDAH;676 3E @AF 3>> 7>7?7@FE A8 F:7 D75A@5;>;3F;A@ 3D7 BDA<75F76 3E B3DF A8 AGD 8AD753EF;@9 BDA57EE 3E 57DF3;@ ;F7?E ?3K H3DK E;9@;8;53@F>K 8DA? A@7 B7D;A6 FA 3@AF:7D 8 D75A@5;>;3F;A@ A8 AGD 6<GEF76 D77 3E: >AI 9G;63@57 8AD FA 3 / # ,- ?73EGD7 ;E @AF BDAH;676 3E @AF 3>> 7>7?7@FE A8 F:7 D75A@5;>;3F;A@ 3D7 BDA<75F76 3E B3DF A8 AGD 8AD753EF;@9 BDA57EE 3E 57DF3;@ ;F7?E ?3K H3DK E;9@;8;53@F>K 8DA? A@7 B7D;A6 FA 3@AF:7D 9 EEG?;@9 57DF3;@ B3K?7@FE 3D7 ?367 A@ AGD 5GDD7@F ! 3@6 ! ?A4;>7 EB75FDG? >;57@E7E ;@ + 3@6 F:7 F3J B3K?7@F A@ AGD F3J D7FGD@ I;>> @AF A55GD G@F;> 73D>K
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
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , /6 E@@< ?@E6 @7 E96 2>6?565 * 5C27E 564:D:@? @? 423=6 H9@=6D2=6 2446DD C2E6D H9:49 :>AC@G65 G6CDFD E96 AC6G:@FD 5C27E 564:D:@? 5F6 E@ 46CE2:? 492?86D E@ E96 4@DE >@56= 2D =2:5 5@H? :? E96 5C27E 564:D:@? E92E H2D ?@E:7:65 E@ E96 FC@A62? @>>:DD:@? @H6G6C E96C6 C6>2:?D F?6BF2= EC62E>6?E 36EH66? E96 =6>:D9 2?5 /2==@@? C68:@?D H9:49 D9@F=5 36 25;FDE65 2D E96C6MD ?@ ;FDE:7:42E:@? :? @FC G:6H =D@ E96 AC@A@D65 423=6 H9@=6D2=6 2446DD C2E6D DE:== 5@ ?@E J6E D66> E@ 7F==J C67=64E E96 ECF6 4@DED 2?5 H@F=5 DE:== :>A=J 2 >62?:?87F= DE6A 5@H? 7C@> E96 4FCC6?E C2E6D ,@52JMD 6I46AE:@?2= 4:C4F>DE2?46D >@C6 E92? 6G6C F?56CA:? E96 ?665 7@C 9:89=J A6C7@C>:?8 DE2E6 @7 E96 2CE 7:I65 2?5 >@3:=6 ?6EH@C<D :?2==J ! H@F=5 =:<6 E@ 6>A92D:K6 E92E 56DA:E6 E@52JD 6I46AE:@?2= 4:C4F>DE2?46D H6 C6>2:? G6CJ H6== A@D:E:@?65 7@C E96 7FEFC6 E92?<D E@ @FC =625:?8 8:823:E 2?5 4@?G6C865 ?6EH@C< :?7C2DECF4EFC6 4@>3:?65 H:E9 @FC G2=F6 244C6E:G6 % DEC2E68J 24<65 3J @FC 36DE :? 4=2DD 5;FDE65 C66 2D9 =@H 4@?G6CD:@? @FC C@3FDE =:BF:5:EJ 2?5 =@?8 E6C> 563E >2EFC:EJ AC@7:=6 @7 J62CD H6 C6>2:? :? 2 G6CJ DEC@?8 A@D:E:@? E@ 5C:G6 2EEC24E:G6 D92C69@=56C G2=F6 :? 2?5 36J@?5 A??7@F;@9 A@ F:7 D7EG>FE @79 */< 23< <23< (3:3<3BJA 6734 7</<17/: #44713@ EF3F76 !> A=62D65 H:E9 @FC C@3FDE 7:?2?4:2= A6C7@C>2?46 :? E96 7:CDE BF2CE6C 2?5 E92E H6 92G6 D@ 72C >2?2865 E@ ?2G:82E6 E9C@F89 >@DE @7 E96 '.! :>A24ED @? @FC 7:?2?4:2=D D:?46 >:5 %2C49 /6 86?6C2E65 C6G6?F6 @7 P >:==:@? :? ) H9:49 H2D FA J62C @? J62C 2?5 :?4=F565 2 7F== BF2CE6C 4@?EC:3FE:@? 7C@> 6 .:;G6C %65:2 H9:49 H6 24BF:C65 :? "F?6 =2DE J62C I4=F5:?8 E9:D :?@C82?:4 :>A24E @FC C632D65 E@A =:?6 H2D 3C@25=J F?492?865 4@>A2C65 E@ E96 D2>6 A6C:@5 @7 =2DE J62C ? :>AC@G65 EC6?5 :? @FC C64FCC:?8 DF3D4C:AE:@? C6G6?F6 H2D 2=>@DE 7F==J @77D6E 3J =@H6C 3FD:?6DD D6CG:46D 2?5 @E96C C6G6?F6 C67=64E:?8 46CE2:? '.! :>A24ED @? @FC !, 92?5D6E C6=2E65 2?5 25G6CE:D:?8 C6G6?F6 D:?46 >:5 %2C49 /6 @?46 282:? 56>@?DEC2E65 E:89E 4@DE 4@?EC@= :? E96 BF2CE6C H:E9 2 564C62D6 :? @FC E@E2= @A6C2E:?8 6IA6?D6D 3J ;FDE @G6C J62C @? J62C @? 2 C632D65 32D:D 6?46 @FC 5FDE65 !, C624965 P >:==:@? :? ) FA J62C @? J62C 2?5 C67=64E:?8 E96 27@C6>6?E:@?65 :?@C82?:4 :>A24E @7 E96 6 .:;G6C %65:2 24BF:D:E:@? I4=F5:?8 E9:D :?@C82?:4 :>A24E @FC C632D65 5;FDE65 !, :?4C62D65 2 D@=:5 2D E96 ?682E:G6 :>A24E 7C@> E96 =@DD @7 E96 % !$& %.&' 4@?EC24E 2?5 46CE2:? C68F=2E@CJ 9625H:?5D H2D >@C6 E92? @77D6E 3J : =@H6C D2=6D 2?5 >2C<6E:?8 6IA6?D6D 5F6 E@ A92D:?8 2?5 =2DE J62CD :>A24E @7 E96 + * 4FDE@>6C >:8C2E:@? 2?5 :: 4@?E:?F65 E:89E 4@DE 4@?EC@= '? 2 C632D65 32D:D H6 DF4466565 :? :>AC@G:?8 @FC 5;FDE65 !, >2C8:? H:E9 32D:D A@:?ED 4@>A2C65 E@ E96 D2>6 BF2CE6C =2DE J62C E@ ?62C=J !? E96 7:CDE BF2CE6C @FC 244CF65 42A:E2= 6IA6?5:EFC6D C6AC6D6?E65 P >:==:@? H9:49 H2D F?492?865 J62C @? J62C 2?5 6BF:G2=6?E E@ 2AAC@I:>2E6=J @7 C6G6?F6 :? E96 BF2CE6C I4=F5:?8 E96 C64@8?:E:@? @7 E96 -# (C6>:6C $628F6 7@@E32== 3C@2542DE:?8 C:89ED :? ) @FC 244CF65 42A:E2= 6IA6?5:EFC6D :?4C62D65 :? ) 5F6 E@ : E96 :?@C82?:4 6 .:;G6C %65:2 24BF:D:E:@? :>A24E :: AC@24E:G6 :?G6?E@CJ 3F:=5:?8 E@ D2768F2C5 @FC DFAA=J 492:? AC@46DD6D 5FC:?8 E96 '.! A2?56>:4 2?5 ::: D62D@?2==J 9:896C DA6?5:?8 @? @FC !, FA8C256 AC@8C2> 5C:G:?8 7FCE96C 5:8:E2= 42A23:=:E:6D 7@C E96 7FEFC6 'FC 'A6C2E:?8 C66 2D9 =@H C624965 P >:==:@? C6AC6D6?E:?8 2? 564C62D6 J62C @? J62C 2D D@=:5 5;FDE65 !, 8C@HE9 H2D >@C6 E92? @77D6E 3J D62D@?2==J 9:896C 42A:E2= :?G6DE>6?ED :? E96 BF2CE6C :?2==J @FC 5;FDE65 C66 2D9 =@H :? ) >@C6 E92? EC:A=65 E@ P >:==:@? 5F6 E@ A92D:?8 :? @FC 42D9 E2I A2J>6?E 2?5 C@3FDE 5;FDE65 !, 8C@HE9 >@C6 E92? @77D6EE:?8 P >:==:@? ?6E A2J>6?ED :? ) F?56C @FC G6?5@C 7:?2?4:?8 AC@8C2> D "@9? >6?E:@?65 23@G6 ,6=6?6E 6?;@JD 2 G6CJ C@3FDE =:BF:5:EJ 2?5 563E >2EFC:EJ AC@7:=6 H:E9 : 2 42D9 32=2?46 @7 P >:==:@? 2E %2C49 :: 2 H6:89E65 2G6C286 >2EFC:EJ @7 J62CD 2?5 ::: ?@ 563E 2>@CE:K2E:@?D AC:@C E@ %2C49 6I4=F5:?8 D9@CE 52E65 4@>>:E>6?ED @? @FC G6?5@C 7:?2?4:?8 4@>>:E>6?ED 'FC ?6E E@E2= =6G6C286 C624965 I 2E %2C49 6I24E=J 2E E96 >:5 A@:?E @7 @FC =6G6C286 7C2>6H@C< 2D AC6D6?E65 5FC:?8 E96 646>36C 2A:E2= %2C<6ED 2J !? ) H6 DF446DD7F==J HC2AA65 FA @FC +92C6 *6AFC492D6 (C@8C2> 92G:?8 C6AFC492D65 >:==:@? D92C6D 7@C 2? 288C682E6 2>@F?E @7 P >:==:@? 06DE6C52J D92C69@=56CD 2=D@ 2AAC@G65 E96 42?46==2E:@? @7 D92C6D 2?5 E96 A2J>6?E @7 2 7:?2= 8C@DD 5:G:56?5 @7 P A6C D92C6 H9:49 H:== 36 A2:5 @? %2J D DF49 H6 4@?E:?F6 E@ 6I64FE6 282:?DE @FC 2?E:4:A2E65 D92C69@=56C C6>F?6C2E:@? E:>6=:?6 2?5 C6>2:? 4@>>:EE65 E@ AFCDF6 E9:D :? E96 7FEFC6
$@@<:?8 29625 E96 :>A24E @7 E96 8=@32= '.! A2?56>:4 @? @FC ) 7:?2?4:2=D H2D C6=2E:G6=J =:>:E65 3FE 6IA64E65 E@ 36 >@56C2E6=J ?682E:G6 :? ) 2?5 E96 C6DE @7 E96 J62C 6DA64:2==J 8:G6? E96 6IA@DFC6 @7 @FC DF3D:5:2CJ 6 .:;G6C %65:2 E@ E96 >@C6 4J4=:42= >65:2 2?5 25G6CE:D:?8 >2C<6ED /6 C6>2:? @? EC24< E@ 56=:G6C 2? 'A6C2E:?8 C66 2D9 =@H * @7 E@ @G6C E96 A6C:@5 6I4=F5:?8 E96 C64@8?:E:@? @7 7@@E32== 3C@2542DE:?8 C:89ED 2?5 >@3:=6 DA64ECF> =:46?D6D 2?5 6I4=F5:?8 E96 :>A24E @7 ! *+ 2AA=:423=6 2D @7 "2?F2CJ D 7@C 0 H6 6IA64E '.! E@ 92G6 2 >@56C2E6=J ?682E:G6 J6E E6>A@C2CJ :>A24E @? 3@E9 @FC C6G6?F6 2?5 5;FDE65 !, A6C7@C>2?46 @7 2C@F?5 A6C46?E286 A@:?ED ,9:D C67=64ED E96 2?E:4:A2E65 :>A24ED @7 E96 4FCC6?E =@4< 5@H? 2D @7 >:5 %2C49 2?5 6I4=F56D E96 67764ED @7 2?J 255:E:@?2= =@4< 5@H?D :? E96 D64@?5 92=7 @7 E96 J62C H9:49 4@F=5 7FCE96C 27764E @FC @A6C2E:@?D !E 2=D@ 2DDF>6D H6 H:== 8C25F2==J 6I:E E96 =@4< 5@H? DE2CE:?8 :? %2J H:E9 2 8C25F2= 64@?@>:4 C64@G6CJ E96C627E6C 82:?DE E9:D 324<5C@A H6 2?E:4:A2E6 2 E@A =:?6 564=:?6 @7 2C@F?5 @? 2 C632D65 32D:D I4=F5:?8 @FC @E96C C6G6?F6 H9:49 :?4=F56D : :?E6C4@??64E:@? C6G6?F6 7C@> 3@E9 @FC 7:I65 =:?6 2?5 >@3:=6 E6=6A9@?J 4FDE@>6CD :: 25G6CE:D:?8 2?5 AC@5F4E:@? C6G6?F6 7C@> 6 .:;G6C %65:2 &. H9:49 H6 7F==J 4@?D@=:52E65 2D @7 "F?6 ::: >@3:=6 92?5D6E D2=6D :?4=F5:?8 E96 C6G6?F6 62C?65 F?56C @FC 9@@D6 0@FC 6G:46 AC@8C2>D :G H9@=6D2=6 C6G6?F6 86?6C2E65 E9C@F89 3@E9 @FC 4@>>6C4:2= 2?5 C68F=2E65 H9@=6D2=6 3FD:?6DD6D G AC@5F4E 24E:G2E:@? 2?5 :?DE2==2E:@? 766D 2?5 G: D6E E@A 3@I D2=6D C6G6?F6 H6 2?E:4:A2E6 @FC C6G6?F6 7@C E96 7F== J62C E@ C6>2:? 3C@25=J DE23=6 4@>A2C65 E@ F?56CA:??:?8 E96 C6D:=:6?46 @7 @FC C6D:56?E:2= 2?5 3FD:?6DD 4@??64E:G:EJ D68>6?ED /6 H:== 4@?E:?F6 E@ 4@?EC@= @FC 4@DE 32D6 >2<:?8 DFC6 H6 86?6C2E6 @A6C2E:?8 =6G6C286 24C@DD E96 3FD:?6DD D DF49 H6 6IA64E @FC 5;FDE65 !, E@ 4@?EC24E 3J 2C@F?5 @? 2 C632D65 32D:D :G6? E96 C@3FDE ?2EFC6 @7 3@E9 @FC 7:I65 2?5 >@3:=6 :?7C2DECF4EFC6 2?5 @FC 56>@?DEC2E65 EC24< C64@C5 @7 42C67F==J 32=2?4:?8 @FC 7FEFC6 :?G6DE>6?ED H6 DE:== 6IA64E @FC 'A6C2E:?8 C66 2D9 =@H E@ 8C@H >@C6 DA64:7:42==J 36EH66? 2?5 @? 2 C632D65 32D:D :?2==J H6 4@?E:?F6 E@ E2C86E 5;FDE65 C66 2D9 =@H @7 P P >:==:@? D<6H65 9@H6G6C E@H2C5D E96 =@H6C 6?5 @7 E9:D C2?86 /:E9 E92E H6 C64@?7:C> @FC :?E6?E:@? E@ >2:?E2:? ?6E E@E2= =6G6C286 2C@F?5 E96 I >:5 A@:?E H9:=6 4@?E:?F:?8 E@ 56=:G6C @? @FC D92C69@=56C C6>F?6C2E:@? DEC2E68J 2D AC6D6?E65 5FC:?8 E96 646>36C 2A:E2= %2C<6ED 2J
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , #>3@/B7=</:6756:756BA !C:B7>:3>:/G #*&* +!) ( $ $ - F '3D5: I7 E7DH76 G@;CG7 5GEFA?7D D7>3F;A@E:;BE I:;5: D7BD7E7@F76 3BBDAJ;?3F7>K A8 F:7 :A?7E B3EE76 4K AGD >736;@9 :K4D;6 8;47D 5A3J;3> " @7FIAD= 35DAEE AGD >7?;E: 3@6 DGEE7>E 8AAFBD;@F )GD 534>7 @7FIAD= 5A@E;EFE A8 3 67@E7 8;47D 435=4A@7 I;F: >A53> >AAB 5A3J;3> 534>7 5A@@75F;A@E 3@6 EB75FDG? A8 GB FA !"L .:DAG9: 4AF: GDA A5E;E 3@6 F75:@A>A9;7E I7 A887D 63F3 6AI@EFD73? EB776E A8 GB FA !4BE 35DAEE AGD 7@F;D7 8AAFBD;@F D7388;D?;@9 AGD >736;@9 ?3D=7F BAE;F;A@ 3E F:7 83EF7EF ;@F7D@7F E7DH;57 BDAH;67D F '3D5: I7 BDAH;676 8;J76 E7DH;57E ,!/E 5A@E;EF;@9 A8 H;67A 4DA3643@6 ;@F7D@7F 3@6 8;J76 >;@7 F7>7B:A@K EG4E5D;BF;A@E #@ 366;F;A@ 3BBDAJ;?3F7>K A8 AGD H;67A EG4E5D;47DE :36 GB9D3676 FA AGD :;9:7D ,*/ 7@:3@576 H;67A B>3F8AD? 3F '3D5: @:3@576 H;67A EG4E5D;47DE 7@<AK 3@ 7@D;5:76 .0 7JB7D;7@57 I;F: G@D7EFD;5F76 3557EE FA 3 I;67D D3@97 A8 6;9;F3> " 3@6 B3K F7>7H;E;A@ EBADFE E7D;7E 3@6 ?AH;7E 5:3@@7>E 3 H3EF >;4D3DK A8 6A?7EF;5 3@6 ;@F7D@3F;A@3> H;67A A@ 67?3@6 0) 5A@F7@F 3@6 AGD AH7D F:7 FAB ).. B>3F8AD? 27>A *>3K F '3D5: I7 3>EA E7DH76 ?A4;>7 EG4E5D;47DE A8 I:;5: 3BBDAJ;?3F7>K 3D7 EG4E5D;476 FA 3@K A8 AGD 3FFD35F;H7 ?A4;>7 AD 8;J76 ?A4;>7 5A@H7D976 ' D3F7 B>3@E 17 D735:76 3 4G@6>;@9 D3F7 A8 8;J76 ,!/E B7D G@;CG7 5GEFA?7D D7>3F;A@E:;B 3F F:7 7@6 A8 + I:;5: I3E EF34>7 5A?B3D76 FA F:7 BD;AD K73D B7D;A6 BBDAJ;?3F7>K A8 AGD 534>7 5GEFA?7DE EG4E5D;476 FA 3 CG36DGB>7 B>3K 4G@6>7 3F '3D5: 7J5>G6;@9 ?A4;>7 EG4E5D;BF;A@E G@67D F:7 - 4D3@6 3 EA>;6 ;@5D73E7 A8 B7D57@F397 BA;@FE 5A?B3D76 FA F:7 E3?7 B7D;A6 A8 >3EF K73D ;@6;53F;@9 5A@F;@G76 GBF3=7 A8 AGD 8;J76 ?A4;>7 5A@H7D97@57 EFD3F79K (7F EG4E5D;47D 9DAIF: 8AD AGD ' 4G@6>7E D7?3;@76 DA4GEF ;@ + 3FFD35F;@9 @7F EG4E5D;47DE ;@ F:7 CG3DF7D .:;E I3E 4DA36>K EF34>7 H7DEGE + 67EB;F7 F:7 ;?B35F A8 )0# I:;5: >76 FA 3 F7?BAD3DK 5>AEGD7 A8 AGD D7F3;> E:ABE 3E A8 ?;6 '3D5: 3@6 :7@57 38875F76 4AF: 9DAEE E3>7E 3@6 3@@G3>;L76 5:GD@ FD7@6E E;@57 F:7@ F '3D5: AGD ' 5GEFA?7D 43E7 I:;5: ;@5>G67E AGD 1#!) 2/!) 3@6 %&#% 5GEFA?7DE D735:76 3 FAF3> A8 5GEFA?7DE I:;5: I3E GB K73D A@ K73D E EG5: F:7 B7@7FD3F;A@ A8 ' EG4E5D;47DE D7>3F;H7 FA F:7 FAF3> @G?47D A8 5GEFA?7D D7>3F;A@E:;BE D7BD7E7@F76 3BBDAJ;?3F7>K 3F F:7 + CG3DF7D 7@6 3E 5A?B3D76 FA 3BBDAJ;?3F7>K 3 K73D 39A &$) $& )'(#!& & ( #"' $ .:7 ,*/ B7D 5GEFA?7D D7>3F;A@E:;B I:;5: 7J5>G67E AGD ?A4;>7 F7>7B:A@K D7H7@G7 3@6 57DF3;@ AF:7D FKB7E A8 D7H7@G7 ;E A@7 A8 AGD 5AD7 AB7D3F;@9 EF3F;EF;5E 3E I7 E77= FA A4F3;@ 3 >3D97D E:3D7 A8 AGD 5GEFA?7DE F7>75A??G@;53F;A@ 3@6 7@F7DF3;@?7@F EB7@6;@9 AD F:7 F:D77 ?A@F:E 7@676 '3D5: I7 35:;7H76 3@ ,*/ B7D 5GEFA?7D D7>3F;A@E:;B A8 T D7BD7E7@F;@9 3 EA>;6 ;@5D73E7 D7>3F;H7 FA F:7 BD;AD K73D B7D;A6 !DAIF: ;@ F:7 ,*/ B7D 5GEFA?7D D7>3F;A@E:;B I3E G@67DB;@@76 4K ; 3 :;9:7D BDABADF;A@ A8 ?G>F;B>7 B>3K EG4E5D;47DE ;@ AGD AH7D3>> 5GEFA?7D ?;J ;; 3 >3D97D E:3D7 A8 :;9:7D F;7D 4DA3643@6 EG4E5D;47DE ;@ AGD ?;J 3@6 ;;; F:7 47@78;F 8DA? 57DF3;@ BD;57 36<GEF?7@FE I:;5: I3E B3DF>K A88E7F 4K 3 :;9:7D BDABADF;A@ A8 4G@6>7 6;E5AG@FE ;@5>G6;@9 8;J76 F7D? BDA?AF;A@E 3@6 >AI7D AGF A8 4G@6>7 GE397 D7>3F76 D7H7@G7 @=/20/<27<B3@<3B F '3D5: I7 E7DH76 4DA3643@6 ;@F7D@7F EG4E5D;47DE D7BD7E7@F;@9 3 @7F ;@5D73E7 A8 ,!/E 8DA? 757?47D .:;E D7BD7E7@F76 AGD 47EF CG3DF7D>K B7D8AD?3@57 E;@57 + 67EB;F7 F:7 ;?B35F A8 )0# I:;5: >76 FA 3 F7?BAD3DK 5>AEGD7 A8 AGD D7F3;> E:ABE 479;@@;@9 ;@ ?;6 '3D5: 3@6 :7@57 38875F76 4AF: 9DAEE E3>7E 3@6 3@@G3>;L76 5:GD@ FD7@6E E;@57 F:7@ 1:;>7 AGD 4GE;@7EE 4DA3643@6 EG4E5D;47D 43E7 5A@F;@G76 FA 9DAI I7 3>EA ?3@3976 FA D7H7DE7 ?A?7@FG? A@ F:7 D7E;67@F;3> E;67 I;F: @7F EG4E5D;47D 366;F;A@E ?3D=;@9 F:7 47EF CG3DF7D>K D7EG>F E;@57 ?;6 )H7D3>> I7 ?3@3976 FA 5A?B7@E3F7 8AD F:7 >AEE A8 AGD B:KE;53> 6;EFD;4GF;A@ AGF>7FE 4K E:;8F;@9 3 E;9@;8;53@F B3DF A8 AGD
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , E3>7E FA AGD A@>;@7 5:3@@7>E 3@6 8;@7 FG@;@9 AGD :A?7 67>;H7DK 3@6 E7>8 ;@EF3>>3F;A@ BDA57EE7E @@G3>;L76 5:GD@ D735:76 ;@ + 3@6 I3E 43E;E BA;@FE >AI7D H7DEGE F:7 ;@ + I:;5: I3E ;?B35F76 4K F:7 8;@3> B:3E7 A8 F:7 - , 7>GJ 5GEFA?7D ?;9D3F;A@ 6GD;@9 F:3F B7D;A6 3@6 I3E F:7D78AD7 435= FA BD7 5GEFA?7D ?;9D3F;A@ >7H7>E E I7 5A@F;@G7 FA 8A5GE A@ ?3J;?;L;@9 F:7 ;@ :A?7 5A@@75F;H;FK 5GEFA?7D 7JB7D;7@57 I7 6;EFD;4GF76 AH7D 1; ; 4AAEF7DE 3F F:7 7@6 A8 + 3@ ;@5D73E7 A8 5A?B3D76 FA F:7 BD7576;@9 CG3DF7D 3@6 3 EFDA@9 6D;H7D A8 5GEFA?7D E3F;E835F;A@ 3@6 AGD @7F BDA?AFAD E5AD7 (*- ;H7 K73DE 38F7D F:7 EF3DF A8 AGD 8;J76 @7FIAD= GB9D367 BDA9D3? 7 !DAF7 (7FI7D8 I7 :3H7 EF3DF76 FA 5A??7D5;3>;L7 63F3 6AI@>A36 EB776E A8 9;934;F B7D E75A@6 F:DAG9:AGF AGD 7@F;D7 8AAFBD;@F #@ + I7 3>EA ;@5D73E76 F:7 EB776E A8 3>> 7J;EF;@9 #@F7D@7F A887DE 4K GB FA 8AD AH7D ?;>>;A@ 5GEFA?7DE 3@6 >3G@5:76 3 4D3@6 @7I !#! -B7764AAEF ABF;A@ I:;5: 7@34>7E F:7 FAB EB776 A8 9;934;F B7D E75A@6 8AD 3@ 366;F;A@3> T B7D ?A@F: -;@57 F:7 AGF4D73= A8 F:7 )0# B3@67?;5 I7 :3H7 E77@ 3@ ;@5D73E7 A8 8;J76 63F3 FD388;5 A@ AGD " @7FIAD= 17 3>EA 6AG4>76 AGD !;934;F -B7764AAEF 5GEFA?7D 43E7 5A?B3D76 FA F:7 E3?7 B7D;A6 >3EF K73D .:7 5A@F;@G76 GBF;7D;@9 A8 AGD 4DA3643@6 ;@F7D@7F 5GEFA?7D 43E7 8GDF:7D 6DAH7 ;@5D73E7E ;@ F:7 I7;9:F76 3H7D397 63F3 6AI@>A36 EB776 D735:;@9 '4BE 3F '3D5: .:;E D7BD7E7@FE 3@ ;?BD7EE;H7 9DAIF: A8 H7DEGE '4BE 3 K73D 39A 7F32:7<3B3:3>6=<G F '3D5: I7 E7DH76 8;J76 >;@7 F7>7B:A@K EG4E5D;47DE D7BD7E7@F;@9 3 675D73E7 5A?B3D76 FA F:7 E3?7 B7D;A6 A8 >3EF K73D D78>75F;@9 3@ AH7D3>> 675>;@;@9 ?3D=7F FD7@6 ,7>3F;H7 FA 757?47D AGD 8;J76 >;@7 F7>7B:A@K EG4E5D;47D 43E7 5A@FD35F76 4K @7F ,!/E ?3D=;@9 3@ ;?BDAH76 FD7@6 H7DEGE F:7 @7F AD93@;5 >AEE A8 ;@ + 3@6 D7BD7E7@F;@9 AGD 47EF CG3DF7D>K B7D8AD?3@57 E;@57 + -;@57 F:7 AGF4D73= A8 F:7 )0# B3@67?;5 I7 :3H7 E77@ 3@ ;@5D73E76 8;J76 HA;57 GE397 35DAEE AGD 5GEFA?7D 43E7 GB A@ 3H7D397 3E 5A?B3D76 FA F:7 3H7D397 FD388;5 ;@ + BD7 )0# AGF4D73= -;?;>3D FA 4DA3643@6 ;@F7D@7F 3@@G3>;L76 5:GD@ 8AD AGD 8;J76 >;@7 F7>7B:A@K E7DH;57 ;?BDAH76 E;9@;8;53@F>K 5A?B3D76 FA F:7 E3?7 B7D;A6 A8 >3EF K73D 675D73E;@9 4K 43E;E BA;@FE FA ;@ + I:;5: D7BD7E7@F76 F:7 >AI7EF >7H7> E;@57 + !=07:3B3:3>6=<G )GD ?A4;>7 F7>7B:A@K EG4E5D;47D 43E7 I:;5: 7J5>G67E EG4E5D;47DE G@67D AGD 5A??7D5;3> I:A>7E3>7 B3DF@7DE:;BE 3@6 AGD -' 5GEFA?7DE FAF3>76 -#'E 3F F:7 7@6 A8 + ;@5>G6;@9 BAEFB3;6 EG4E5D;47DE .:7 D7?3;@;@9 ?A4;>7 EG4E5D;47DE 3D7 BD7B3;6 EG4E5D;47DE G@67D F:7 - 4D3@6 (7F BAEFB3;6 EG4E5D;47D 9DAIF: D7?3;@76 EA>;6 I;F: -#'E 36676 ;@ + ?3;@>K 6D;H7@ 4K F:7 5A@F;@G76 9DAIF: A8 AGD ' EG4E5D;47D 43E7 *723= (#( * # F '3D5: AGD FAF3> 43E;5 3@6 7@:3@576 H;67A 5GEFA?7D 43E7 D735:76 ,!/E .:;E D7BD7E7@F76 3 @7F >AEE A8 H;67A EG4E5D;47DE 6GD;@9 + I:;5: ?3D=76 3@AF:7D ;?BDAH7?7@F H7DEGE F:7 BD;AD CG3DF7D ?3;@>K 4753GE7 A8 F:7 ;?BDAH76 @7F 366;F;A@E ;@ AGD 7@:3@576 H;67A EG4E5D;47D 43E7 .:7 38AD7?7@F;A@76 @7F >AEE 7J5>G67E ?;9D3F;A@E FA AGD 7@:3@576 H;67A E7DH;57 3@6 D7BD7E7@FE 5GEFA?7DE 5:GD@;@9 FA 5A?B7F;FADEQ B>3F8AD?E EG5: 3E AF:7D 6;9;F3> F7>7H;E;A@ ).. 3@6 E3F7>>;F7 BDAH;67DE AD 5GEFA?7DE F7D?;@3F;@9 F:7;D H;67A E7DH;57 AD :3H;@9 ?AH76 AGF A8 AGD E7DH;57 8AAFBD;@F 3D>K )5FA47D I7 >3G@5:76 AGD -;9@3> -I;F5: 53?B3;9@ ;@ AD67D FA BD7B3D7 8AD F:7 EI;F5: A88 A8 4AF: F:7 3@3>A9 D36;A 3@6 H;67A E;9@3>E 47FI77@ 3@6 .:;E I;>> 8D77 GB 53B35;FK A@ F:7 @7FIAD= 8AD F:7 7H7D ;@5D73E;@9 6;9;F3> FD388;5 17 675;676 FA F7?BAD3D;>K BAEFBA@7 F:;E BDA<75F 3E 3 D7EG>F A8 F:7 BD753GF;A@3DK ?73EGD7E F3=7@ 8AD F:7 )0# 5D;E;E .:;E BDA<75F I;>> 47 D7>3G@5:76 393;@ 67B7@6;@9 A@ 8GDF:7D 67H7>AB?7@FE A8 F:7 5GDD7@F A@9A;@9 5D;E;E
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , " "* # F '3D5: A8 AGD H;67A 5GEFA?7DE :36 GB9D3676 FA AGD :;9:7D ,*/ 7@:3@576 H;67A E7DH;57E EA F:7K 53@ 7@<AK 3 ?G5: D;5:7D .0 7JB7D;7@57 ;@5>G6;@9 8D77 3@6 G@D7EFD;5F76 3557EE FA AGD R27>A *>3KS 3BB F:DAG9: I:;5: F:7K 53@ 7@<AK 3 G@;CG7 5A@F7@F 7JB7D;7@57 A@ ?G>F;B>7 5A@@75F76 67H;57E ;@ F:7 :A?7 3@6 AGF A8 :A?7 .:;E ;@5>G67E AGD >3F7EF 6;9;F3> .0 B>3F8AD? ;@5>G6;@9 AGD @7JF 97@7D3F;A@ 5>AG6 43E76 E7F FAB 4AJ I;F: HA;57 D75A9@;F;A@ 53B34;>;F;7E I:;5: I7 >3G@5:76 3F F:7 7@6 A8 BD;> #@ + AGD 7@:3@576 H;67A EG4E5D;47D 43E7 ;@5D73E76 4K @7F ,!/E .:;E D7BD7E7@F76 3 EG4EF3@F;3> ;?BDAH7?7@F 5A?B3D76 FA F:7 BD7576;@9 CG3DF7D I:7@ I7 >AEF @7F ,!/E 3@6 I3E AGD 47EF CG3DF7D>K 35:;7H7?7@F E;@57 + .:7 ;?BDAH76 FD7@6 ;@ F:7 CG3DF7D I3E 6D;H7@ 4K ; DA4GEF ' E3>7E 3E ?7@F;A@76 73D>;7D 3@6 ;; F:7 3I3D7@7EE 53?B3;9@ 3DAG@6 -;9@3> -I;F5: I:;5: FD;997D76 F:7 ?;9D3F;A@ A8 3@3>A9 .0 EG4E5D;47DE FAI3D6E 3 3 6;9;F3> A887D )GD EG4E5D;BF;A@ 0) B35=397E *>3K 3@6 *>3K 'AD7 D735:76 5GEFA?7DE ;@ + D7BD7E7@F;@9 3 675D73E7 A8 EG4E5D;BF;A@E H7DEGE 757?47D ?3;@>K 6D;H7@ 4K :;9:7D 5:GD@ A8 5GEFA?7DE 3F F:7 7@6 F:7;D BDA?AF;A@3> B7D;A6 3@6 F:7D78AD7 E=7I;@9 F:7 AH7D3>> FD7@6 17 5A@F;@G7 FA BDAH;67 F:7 4DA367EF EBADFE A887D;@9 I;F:;@ AGD 8AAFBD;@F F:DAG9: *>3K -BADFE I:;5: 5A?4;@7E 6A?7EF;5 3@6 8AD7;9@ 8AAF43>> ;@5>G6;@9 F:7 /% *D7?;7D &739G7 3?A@9EF AF:7DE I;F: AF:7D ?3<AD EBADF 7H7@FE ;@5>G6;@9 9A>8 .* F7@@;E AD?G>3 )@7 D35;@9 HA>>7K43>> 43E=7F43>> 3@6 :A5=7K F F:7 7@6 A8 + I7 E7DH76 *>3K -BADFE 5GEFA?7DE D7BD7E7@F;@9 3 @7F >AEE A8 EG4E5D;47DE 5A?B3D76 FA 757?47D .:;E I3E ?3;@>K 53GE76 4K 3 F7?BAD3DK :3>F A8 4AF: @3F;A@3> 3@6 ;@F7D@3F;A@3> 8AAF43>> 5:3?B;A@E:;BE 3@6 AF:7D ?3<AD EBADFE 7H7@FE 6G7 FA F:7 )0# B3@67?;5 17 675;676 FA EGBB>7?7@F AGD *>3K -BADFE 5:3@@7>E ;@ BD;> 3@6 '3K I;F: 9D73F 8;>?E 3@6 E7D;7E ;@5>G676 ;@ F:7 *>3K 'AD7 7@F7DF3;@?7@F B35=397 #@ 366;F;A@ I:;>7 @A >;H7 ?3F5:7E 3D7 5GDD7@F>K 47;@9 B>3K76 6G7 FA F:7 )0# B3@67?;5 I7 3D7 A887D;@9 AF:7D BD7?;G? EBADFE D7>3F76 5A@F7@F FA AGD *>3K -BADFE 5GEFA?7DE ;@5>G6;@9 B>3@E FA D74DA3653EF >797@63DK ?3F5:7E
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , 7</<17/:6756:756BA !$#&("(&$#&( " "' &30/A32 5@=EB6 AD BGDBAE7E A8 53>5G>3F;@9 D743E76 9DAIF: D3F7E A@ 3 5A?B3D34>7 43E;E 8AD F:7 F:D77 ?A@F:E 7@676 '3D5: I7 :3H7 36<GEF76 AGD :;EFAD;53> D7H7@G7 3@6 6<GEF76 #. FA ;@5>G67 F:7 BD7 35CG;E;F;A@ D7H7@G7 3@6 6<GEF76 #. A8 7 0;<H7D '76;3 8G>>K 5A@EA>;63F76 E;@57 $G@7 ;@ AGD D743E76 3?AG@FE 8AD F:7 F:D77 ?A@F:E 7@676 '3D5: FA F:7 E3?7 7JF7@F F:3F F:7 D7H7@G7 3@6 6<GEF76 #. A8 EG5: 7@F;FK ;E ;@5>G676 ;@ AGD D7EG>FE 8AD F:7 F:D77 ?A@F:E 7@676 '3D5: -77 67:?:E:@?D 8AD ?AD7 6;E5>AEGD7E AD ?AD7 ;@8AD?3F;A@ D793D6;@9 F:7 H3D;3@57 47FI77@ AGD D7BADF76 3@6 D743E76 8;@3@5;3> D7EG>FE I7 D787D FA F:7 #@H7EFAD @3>KEF .AA>=;F I:;5: ;E 3H3;>34>7 A@ AGD ;@H7EFAD D7>3F;A@E I74E;F7 ::=1/B7=< =4 0C<2:3@3:/B32 AC0A1@7>B7=< @3D3<C3 A>>AI;@9 F:7 D757@F D7H3?B A8 AGD 4DA3643@6 ;@F7D@7F EF3@63>A@7 BADF8A>;A 3 >AI7D D7H7@G7 E:3D7 8DA? AGD 8;J76 3@6 ' 4G@6>7E ;E 3>>A53F76 FA 4DA3643@6 ;@F7D@7F D7H7@G7 3E A8 $3@G3DK .:;E 36H7DE7>K ;?B35FE AGD 4DA3643@6 ;@F7D@7F D7H7@G7 8G>>K A88E7F 4K 3 :;9:7D 3>>A53F;A@ FA AGD H;67A 8;J76 >;@7 F7>7B:A@K 3@6 ?A4;>7 F7>7B:A@K D7H7@G7 .:7 38AD7?7@F;A@76 5:3@97 3>EA ;?B35FE F:7 ,*/ B7D 5GEFA?7D D7>3F;A@E:;B 3E F:;E 7J5>G67E ?A4;>7 F7>7B:A@K D7H7@G7 K7F 6A7E @AF ;?B35F AGD FAF3> EG4E5D;BF;A@ D7H7@G7 &3AB/B32 AB/B3;3<B =4 47</<17/: >=A7B7=< 313;03@ #@ F:7 5AGDE7 A8 + .7>7@7F 8GDF:7D 7J75GF76 ;FE 355AG@F;@9 8AD F:7 EF7B 35CG;E;F;A@ A8 7 0;<H7D '76;3 5A@5>G676 A@ $G@7 RBGD5:3E7 BD;57 3>>A53F;A@S I:;5: D7EG>F76 ;@ F:7 D75A9@;F;A@ A8 T ?;>>;A@ 6787DD76 F3J >;34;>;F;7E F:DAG9: 9AA6I;>> .:7 5A@67@E76 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> BAE;F;A@ 3E B7D 757?47D :3E 477@ D7EF3F76 355AD6;@9>K &3D3<C3 #@ + I7 97@7D3F76 D7H7@G7 A8 T ?;>>;A@ I:;5: I3E GB H7DEGE T ?;>>;A@ ;@ F:7 BD;AD K73D B7D;A6 )GD + D7H7@G7 ;@5>G676 3 8G>> CG3DF7D 5A@FD;4GF;A@ 8DA? F:7 >A53> ?76;3 5A?B3@K 7 0;<H7D '76;3 (0 A8 I:;5: I7 35CG;D76 F:7 D7?3;@;@9 EF3=7 A@ $G@7 3@6 I:;5: :3E 477@ 8G>>K 5A@EA>;63F76 3E A8 F:7@ J5>G6;@9 F:;E ;@AD93@;5 78875F AGD D743E76 + D7H7@G7 D7?3;@76 4DA36>K G@5:3@976 3E 5A?B3D76 FA F:7 E3?7 B7D;A6 ;@ F:7 BD;AD K73D #@ + AGD EG4E5D;BF;A@ D7H7@G7 I:;5: ;@5>G67E 534>7 3@6 ?A4;>7 EG4E5D;BF;A@ D7H7@G7 ;@5D73E76 4K 4AF: A@ 3 D7BADF76 3@6 D743E76 43E;E .:;E ;?BDAH76 B7D8AD?3@57 I3E 6D;H7@ 4K 5A@F;@G76 EA>;6 ?A?7@FG? 8AD AGD ' 4G@6>7E ;@ 4AF: F:7 D7E;67@F;3> 3@6 F:7 4GE;@7EE E79?7@FE 3@6 F:7 47@78;F A8 F:7 G9GEF D3F7 36<GEF?7@FE .:;E 78875F I3E 3>?AEF 8G>>K A88E7F 4K 4AF: >AI7D AF:7D D7H7@G7 3@6 4GE;@7EE E7DH;57E D7H7@G7 D78>75F;@9 3 K73D A@ K73D 675D73E7 A8 3@6 D7EB75F;H7>K A@ 3 D743E76 43E;E 3E 67F3;>76 47>AI 3@6 ?3;@>K ;?B35F76 4K )0# * # )GD H;67A D7H7@G7 D7BD7E7@FE F:7 ?A@F:>K 877 B3;6 4K AGD H;67A EG4E5D;47DE 8AD F:7 5:3@@7>E F:7K D757;H7 ;@ F:7 43E;5 F;7D 3@6 F:7 D7H7@G7 97@7D3F76 4K AGD 7@:3@576 H;67A EG4E5D;47DE I:;5: BD;?3D;>K ;@5>G67E ; D75GDD;@9 E7F FAB 4AJ D7@F3> 877E ;; 877E 8AD EGBB>7?7@F3> BD7?;G? 5A@F7@F A887D;@9E ;@5>G6;@9 AGD EG4E5D;BF;A@ 0) B35=397E R*>3KS R*>3K 'AD7S 3@6 R*>3K -BADFES 3@6 ;;; FD3@E35F;A@3> 3@6 4DA3653EF;@9 A@ 67?3@6 E7DH;57E #@ + AGD H;67A D7H7@G7 3?AG@F76 FA T ?;>>;A@ 4DA36>K EF34>7 5A?B3D76 FA + >3EF K73D 4AF: A@ 3 D7BADF76 3@6 D743E76 43E;E .:7 ;?BDAH76 FD7@6 ;@ AGD H;67A D7H7@G7 I3E ?3;@>K 6D;H7@ 4K 3 :;9:7D D7H7@G7 E:3D7 8DA? AGD ' 4G@6>7E 3E ?7@F;A@76 34AH7 3@6 F:7 47@78;F 8DA? AGD D3F7 36<GEF?7@FE 4DA36>K A88E7F 4K F:7 5A@F;@G76 @7F >AEE A8 H;67A EG4E5D;47DE &#" "(&"( .:7 D7H7@G7 97@7D3F76 4K AGD D7E;67@F;3> 3@6 E?3>> 4GE;@7EE 4DA3643@6 ;@F7D@7F ,!/E FAF3>76 T ?;>>;A@ ;@ + 4DA36>K EF34>7 5A?B3D76 FA F:7 E3?7 B7D;A6 A8 >3EF K73D 4AF: A@ 3 D7BADF76 3@6 D743E76 43E;E A>>AI;@9 F:7 D757@F D7H3?B A8 AGD 4DA3643@6 EF3@63>A@7 BADF8A>;A 3 >AI7D D7H7@G7 E:3D7 8DA? AGD 8;J76 3@6 ' 4G@6>7E ;E 3>>A53F76 FA 4DA3643@6 ;@F7D@7F D7H7@G7 E;@57 $3@G3DK .:;E :36 3@ 36H7DE7 ;?B35F A@ AGD 4DA3643@6 ;@F7D@7F D7H7@G7 8G>>K A88E7F 4K 3 :;9:7D 3>>A53F;A@ FA AGD H;67A 8;J76 >;@7
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , F7>7B:A@K 3@6 ?A4;>7 F7>7B:A@K D7H7@G7 .:;E E:;8F ;@ AGD D7H7@G7 ?;J 8G>>K A88E7F :;9:7D -)") D7>3F76 4DA3643@6 D7H7@G7 F:7 G9GEF BD;57 36<GEF?7@F 3@6 F:7 5A@F;@G76 GBF;7D;@9 A8 AGD 4DA3643@6 ;@F7D@7F 5GEFA?7D 43E7 , "( $ #"- )GD 8;J76 >;@7 F7>7B:A@K D7H7@G7 ;@5>G67E D75GDD;@9 EG4E5D;BF;A@ 43E76 D7H7@G7 8DA? AGD 8;J76 >;@7 F7>7B:A@K EG4E5D;47DE 3@6 H3D;34>7 GE397 D7>3F76 D7H7@G7 4GF 7J5>G67E F:7 ;@F7D5A@@75F;A@ D7H7@G7 97@7D3F76 4K F:7E7 5GEFA?7DE I:;5: ;E D7BADF76 G@67D AF:7D D7H7@G7 AD F:7 F:D77 ?A@F:E 7@676 '3D5: AGD 8;J76 >;@7 F7>7B:A@K D7H7@G7 ;@5D73E76 A@ 4AF: 3 D7BADF76 3@6 D743E76 43E;E FA T ?;>>;A@ 5A?B3D76 FA T ?;>>;A@ ;@ F:7 BD;AD K73D B7D;A6 .:7 ;@5D73E7 I3E ?3;@>K 3FFD;4GF34>7 FA F:7 83HAD34>7 ;?B35F 8DA? F:7 38AD7?7@F;A@76 D73>>A53F;A@ A8 AGD 8;J76 3@6 ' 4G@6>7 D7H7@G7 3@6 :;9:7D GE397 D7>3F76 D7H7@G7 ;@ '3D5: 3E 3 D7EG>F A8 ;@5D73E76 8;J76 >;@7 53>>;@9 47:3H;AD 6GD;@9 F:7 )0# B3@67?;5 !# ( $ #"- )GD ?A4;>7 F7>7B:A@K D7H7@G7 D7BD7E7@FE F:7 EG4E5D;BF;A@ 43E76 D7H7@G7 97@7D3F76 4K AGD 6;D75F ?A4;>7 F7>7B:A@K EG4E5D;47DE 3@6 AGF A8 4G@6>7 D7H7@G7 4GF 7J5>G67E ; F:7 ;@F7D5A@@75F;A@ D7H7@G7 97@7D3F76 4K F:7E7 5GEFA?7DE ;; F:7 D7H7@G7 73D@76 8DA? :3@6E7F E3>7E 3@6 ;;; D7H7@G7 D75A9@;L76 G@67D AGD :AAE7 2AGD 7H;57 BDA9D3?E I:;5: 3D7 3>> D75AD676 ;@ AF:7D D7H7@G7 #@ + I7 97@7D3F76 ?A4;>7 F7>7B:A@K D7H7@G7 A8 T ?;>>;A@ D7BD7E7@F;@9 3 K73D A@ K73D ;@5D73E7 A@ 4AF: 3 D7BADF76 3@6 D743E76 43E;E .:7 ;@5D73E7 I3E ?3;@>K 3FFD;4GF34>7 FA F:7 83HAD34>7 ;?B35F 8DA? F:7 38AD7?7@F;A@76 D73>>A53F;A@ A8 AGD 8;J76 3@6 ' 4G@6>7 D7H7@G7 3@6 5A@F;@G76 EA>;6 @7F BAEFB3;6 EG4E5D;47D 9DAIF: 6D;H7@ 4K GB 3@6 5DAEE E7>> FA AGD :;9: F;7D ' 4G@6>7E .:7E7 7>7?7@FE ?AD7 F:3@ A88E7F ; >AI7D AGF A8 4G@6>7 D7H7@G7 97@7D3F76 4K AGD ?A4;>7 EG4E5D;47DE ;@ 7J57EE A8 F:7;D ?A@F:>K 4G@6>7 A@ F:7 435= A8 AGD ;?BDAH76 1#!) CG36 B>3K 4G@6>7E 3@6 F:7 E:;8F FA G@>;?;F76 EF3@63>A@7 ?A4;>7 A887DE A@ 4AF: .7>7@7F 3@6 - 4D3@6E ;; :;9:7D 4G@6>7 D7>3F76 6;E5AG@FE 8A>>AI;@9 F:7 EG557EE A8 AGD CG36 B>3K 1#!) BDABAE;F;A@E 3@6 ;;; 3 5A@F;@G76 675>;@7 ;@ F:7 @G?47D A8 BD7B3;6 EG4E5D;47DE )' "'' '&* ' .:7 D7H7@G7 D7BADF76 G@67D 4GE;@7EE E7DH;57E D7>3F7E FA ; F:7 D7H7@G7 97@7D3F76 A@ @A@ 5A3J BDA6G5FE ;@5>G6;@9 8;47D 3@6 >73E76 -& >;@7E ;; ?A4;>7 F7>7B:A@K D7H7@G7 97@7D3F76 4K AGD -' 5GEFA?7DE ;;; AGD 53DD;7D 4GE;@7EE 3@6 ;H H3>G7 36676 E7DH;57E EG5: 3E @7FIAD= :AEF;@9 3@6 ?3@3976 63F3 E75GD;FK )GD 4GE;@7EE E7DH;57E D7H7@G7 3>EA ;@5>G67E F:7 D7H7@G7 97@7D3F76 4K F:7 >A53> # . ;@F79D3FAD (7JF7> I:;5: I7 35CG;D76 A@ '3K ,7H7@G7 97@7D3F76 4K AGD 4GE;@7EE 5GEFA?7DE A@ 3>> 5A3J D7>3F76 BDA6G5FE EG5: 3E AGD 8>39E:;B %&#% 4G@6>7 8AD?7D>K 53>>76 1#!) GE;@7EE ;E 3>>A53F76 FA AGD 534>7 EG4E5D;BF;A@ D7H7@G7 >;@7E 3@6 ;E @AF 53BFGD76 I;F:;@ .7>7@7F GE;@7EE AGD 4GE;@7EE E7DH;57E 6;H;E;A@ .7>7@7F GE;@7EE 97@7D3F76 D7H7@G7 A8 T ?;>>;A@ 8AD F:7 F:D77 ?A@F:E 7@676 '3D5: D7BD7E7@F;@9 3 675D73E7 A@ 4AF: 3 D7BADF76 3@6 D743E76 43E;E 3E 5A?B3D76 FA F:7 BD;AD K73D B7D;A6 .:7 675>;@7 I3E ?3;@>K 53GE76 4K ; 3 >AI7D 5A@FD;4GF;A@ 8DA? AGD '3K 35CG;D76 # . ;@F79D3FAD 4GE;@7EE I;F: )0# D7EG>F;@9 ;@ 57DF3;@ BDA<75F 67>3KE 3@6 BAEFBA@7?7@FE ;; >AI7D AGF A8 4G@6>7 D7H7@G7 97@7D3F76 4K AGD -' ?A4;>7 EG4E5D;47DE 3@6 ;;; 3 9D36G3> E:;8F 8DA? A@7 F;?7 D7H7@G7 EG5: 3E 7CG;B?7@F E3>7E AD BDA<75F D7>3F76 D7H7@G7 4K D75GDD;@9 D7H7@G7 73D@76 A@ EG5: FD3@E35F;A@E #( & )F:7D D7H7@G7 BD;?3D;>K ;@5>G67E ; ;@F7D5A@@75F;A@ D7H7@G7 8DA? 4AF: AGD 8;J76 >;@7 3@6 ?A4;>7 F7>7B:A@K 5GEFA?7DE ;; 36H7DF;E;@9 3@6 BDA6G5F;A@ D7H7@G7 8DA? 7 0;<H7D '76;3 (0 I:;5: I7 8G>>K 5A@EA>;63F76 3E A8 $G@7 ;;; ?A4;>7 :3@6E7F E3>7E ;@5>G6;@9 F:7 D7H7@G7 73D@76 G@67D AGD :AAE7 2AGD 7H;57 BDA9D3?E ;H I:A>7E3>7 D7H7@G7 97@7D3F76 F:DAG9: 4AF: AGD 5A??7D5;3> 3@6 D79G>3F76 I:A>7E3>7 4GE;@7EE7E H BDA6G5F 35F;H3F;A@ 3@6 ;@EF3>>3F;A@ 877E 3@6 H; E7F FAB 4AJ E3>7E D7H7@G7 )GD AF:7D D7H7@G7 D735:76 T ?;>>;A@ ;@ + 3 K73D A@ K73D ;@5D73E7 A@ 3 D7BADF76 43E;E 8A>>AI;@9 3 8G>> CG3DF7D 5A@FD;4GF;A@ 8DA? 7 0;<H7D '76;3 3E ?7@F;A@76 34AH7 )@ 3 D743E76 43E;E AGD AF:7D D7H7@G7 675>;@76 K73D A@ K73D D78>75F;@9 ; >AI7D I:A>7E3>7 D7H7@G7 8DA? F:7 >AEE A8 F:7 ' #&( '0() 5A@FD35F I:;5: :3E EF3DF76 FA 38875F AGD D7H7@G7 3E A8 BD;> >3EF K73D ;; 3 >AI7D D7H7@G7 5A@FD;4GF;A@ 8DA? 7 0;<H7D '76;3 3E )0# ;?B35F76 .0 36H7DF;E;@9 D7H7@G7 3@6 ;;; >AI7D D7H7@G7 D7>3F76 FA :3@6E7F E3>7E 4753GE7 A8 F:7 F7?BAD3DK 5>AEGD7 A8 AGD D7F3;> E:ABE 3E A8 ?;6 '3D5: 8A>>AI;@9 F:7 )0# BD7H7@F;A@ ?73EGD7E
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , F>3<A3A AD F:7 F:D77 ?A@F:E 7@676 '3D5: I7 ;@5GDD76 FAF3> 7JB7@E7E A8 T ?;>>;A@ D7BD7E7@F;@9 3 ;@5D73E7 5A?B3D76 FA F:7 BD;AD K73D B7D;A6 3E AGD FAF3> 7JB7@E7E ;@ + D78>75F76 F:7 38AD7?7@F;A@76 ;@AD93@;5 ;?B35F 8DA? F:7 7 0;<H7D '76;3 35CG;E;F;A@ 3@6 3 T ?;>>;A@ 3557>7D3F76 3?ADF;L3F;A@ A8 4DA3653EF;@9 D;9:FE 9;H7@ F:7 F7?BAD3DK :3>F A8 3>> ?3<AD EBADFE 7H7@FE 6G7 FA F:7 )0# B3@67?;5 .AF3> 7JB7@E7E D7BD7E7@F76 3BBDAJ;?3F7>K A8 D7H7@G7 8AD F:7 F:D77 ?A@F:E 7@676 '3D5: + 3BBDAJ;?3F7>K AEF A8 E7DH;57E BDAH;676 3E 3 B7D57@F397 A8 D7H7@G7 D7BD7E7@F76 3BBDAJ;?3F7>K ;@ + + 3BBDAJ;?3F7>K I:;>7 E7>>;@9 97@7D3> 3@6 36?;@;EFD3F;H7 7JB7@E7E D7BD7E7@F76 3BBDAJ;?3F7>K A8 AGD FAF3> D7H7@G7 ;@ + + 3BBDAJ;?3F7>K )GD AB7D3F;@9 7JB7@E7E I:;5: ;@5>G67 AGD ; @7FIAD= AB7D3F;@9 7JB7@E7E ;; 6;D75F 5AEFE ;;; EF388 D7>3F76 7JB7@E7E ;H E3>7E 3@6 ?3D=7F;@9 7JB7@E7E H AGFEAGD576 >34AD 3@6 BDA87EE;A@3> E7DH;57E 3@6 H; AF:7D ;@6;D75F 7JB7@E7E D7?3;@76 4DA36>K 8>3F A@ 3 D7BADF76 43E;E 8AD F:7 F:D77 ?A@F:E 7@676 '3D5: 67EB;F7 F:7 38AD7?7@F;A@76 ;@AD93@;5 35CG;E;F;A@ ;?B35F E EG5: I7 ?3@3976 FA ;@F79D3F7 7 0;<H7D '76;3 ;@FA AGD AB7D3F;A@E I:;>7 =77B;@9 AGD AB7D3F;@9 7JB7@E7E EF34>7 ;@ F:7 CG3DF7D )@ 3 D743E76 43E;E I:7@ 36<GEF;@9 AGD BD;AD K73D 7JB7@E7E 8AD F:7 ;@AD93@;5 35CG;E;F;A@ ;?B35F AGD AB7D3F;@9 7JB7@E7E 675D73E76 4K <GEF AH7D 5A?B3D76 FA F:7 E3?7 B7D;A6 A8 >3EF K73D .:;E I3E BD76A?;@3@F>K 6D;H7@ 4K ; 3 675D73E7 ;@ AGD ;@6;D75F 5AEFE ?3;@>K 6D;H7@ 4K >AI7D 835;>;FK D7>3F76 5AEFE 3@6 F;9:F 5AEF 5A@FDA> ;; 3@ D76G5F;A@ ;@ AGD E3>7E 3@6 ?3D=7F;@9 7JB7@E7E 3E + D78>75F76 F:7 ;@F7@E;H7 ?;9D3F;A@ 53?B3;9@ A8 F:7 D7?3;@;@9 - , EG4E5D;47DE ;;; 3 675D73E7 ;@ AGD 6;D75F 5AEFE 3E :;9:7D BDA9D3??;@9 5AEFE I7D7 ?AD7 F:3@ A88E7F 4K >AI7D ;@F7D5A@@75F 7JB7@E7E 3@6 >AI7D 5AEFE D7>3F76 FA :3@6E7F BGD5:3E7E 6GD;@9 F:7 )0# B3@67?;5 "(+#& #$&( " ,$"'' )GD @7FIAD= AB7D3F;@9 7JB7@E7E D735:76 T ?;>>;A@ ;@ + I:;5: I3E G@5:3@976 5A?B3D76 FA T ?;>>;A@ 8AD + 4AF: A@ 3 D7BADF76 3@6 D743E76 43E;E &( #'(' $&#&!! " " #$-& (' "(&#""( " #( & )GD 6;D75F 5AEFE ;@5>G67 3>> A8 AGD 6;D75F 7JB7@E7E EG5: 3E ; 5AEFE D7>3F76 FA ;@F7D5A@@75F;A@ ;@5>G6;@9 AGD '0() D7>3F76 5AEFE ;; BDA9D3??;@9 3@6 5ABKD;9:FE 3@6 ;;; :3@6E7F E3>7E 3@6 EG4E;6;7E #@ + AGD 6;D75F 5AEFE I7D7 T ?;>>;A@ GB 5A?B3D76 FA F:7 BD;AD K73D B7D;A6 A@ 3 D7BADF76 43E;E )@ 3 D743E76 43E;E AGD 6;D75F 5AEFE E:AI76 3 K73D A@ K73D 675D73E7 3E :;9:7D BDA9D3??;@9 5AEFE I7D7 ?AD7 F:3@ A88E7F 4K >AI7D ;@F7D5A@@75F 7JB7@E7E 3@6 >AI7D 5AEFE D7>3F76 FA :3@6E7F BGD5:3E7E 6GD;@9 F:7 )0# B3@67?;5 '(& ( ,$"'' -F388 D7>3F76 7JB7@E7E 8AD F:7 F:D77 ?A@F:E 7@676 '3D5: I7D7 T ?;>>;A@ I:;5: D7BD7E7@F76 3@ ;@5D73E7 A8 5A?B3D76 FA F:7 BD;AD K73D B7D;A6 A@ 3 D7BADF76 43E;E 3@6 D78>75F76 F:7 ;@AD93@;5 7 0;<H7D '76;3 35CG;E;F;A@ ;?B35F )@ 3 D743E76 43E;E EF388 D7>3F76 7JB7@E7E 8AD F:7 F:D77 ?A@F:E 7@676 '3D5: 675D73E76 <GEF AH7D D7>3F;H7 FA F:7 E3?7 B7D;A6 A8 >3EF K73D D78>75F;@9 3 >AI7D :7365AG@F 3E 5A?B3D76 FA >3EF K73D 3@6 F:7 ;?B35F A8 F:7 )0# B3@67?;5 A@ AGD EF388 D7>3F76 7JB7@E7E ' ' " !& ( " ,$"'' )GD E3>7E 3@6 ?3D=7F;@9 7JB7@E7E ;@ + FAF3>76 T ?;>>;A@ D7BD7E7@F;@9 3 K73D A@ K73D 675D73E7 A8 3@6 A@ 3 D7BADF76 3@6 D743E76 43E;E D7EB75F;H7>K 3E + D78>75F76 F:7 ;@F7@E;H7 ?;9D3F;A@ 53?B3;9@ A8 F:7 D7?3;@;@9 - , EG4E5D;47DE #)('#)& #& " $&#'' #" '&* ' AEFE D7>3F76 FA AGFEAGD576 >34AD 3@6 BDA87EE;A@3> E7DH;57E I7D7 T ?;>>;A@ ;@ + D7BD7E7@F;@9 3 ;@5D73E7 K73D A@ K73D A@ 3 D7BADF76 43E;E )@ 3 D743E76 43E;E 5AEFE D7>3F76 FA AGFEAGD576 >34AD 3@6 BDA87EE;A@3> E7DH;57E ;@5D73E76 5A?B3D76 FA F:7 BD;AD K73D B7D;A6
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , #( & " &( ,$"'' )F:7D ;@6;D75F 7JB7@E7E D735:76 T ?;>>;A@ 8AD F:7 F:D77 ?A@F:E 7@676 '3D5: D7BD7E7@F;@9 3 DA4GEF 675D73E7 5A?B3D76 FA F:7 BD;AD K73D B7D;A6 )@ 3 D743E76 43E;E AF:7D ;@6;D75F 7JB7@E7E 675D73E76 K73D A@ K73D 6D;H7@ 4K >AI7D 835;>;FK D7>3F76 7JB7@E7E 3@6 D78>75F;@9 AGD 5A@F;@G76 8A5GE A@ AB7D3F;@9 >7H7D397 3@6 F;9:F 5AEF 5A@FDA> $& ( #"!#&( .( #""&'(&)()& " " !$ &!"(# #" * ''('" "#" '$#' #')' & ' 7BD75;3F;A@ 3@6 3?ADF;L3F;A@ ;@5>G6;@9 ;?B3;D?7@F A8 >A@9 >;H76 3EE7FE 93;@ A@ 6;EBAE3> A8 EG4E;6;3D;7E 3@6 D7EFDG5FGD;@9 5:3D97E D735:76 T ?;>>;A@ 8AD F:7 F:D77 ?A@F:E 7@676 '3D5: 5A?B3D76 FA T ?;>>;A@ 8AD F:7 BD;AD K73D B7D;A6 3@6 ;@5>G676 3 T ?;>>;A@ 3557>7D3F76 3?ADF;L3F;A@ A8 4DA3653EF;@9 D;9:FE 9;H7@ F:7 F7?BAD3DK :3>F A8 3>> ?3<AD EBADFE 7H7@FE 6G7 FA F:7 )0# B3@67?;5 "3B@3AC:B "" "#!",$"'' AD F:7 F:D77 ?A@F:E 7@676 '3D5: @7F 8;@3@57 ;@5A?7 FAF3>76 T ?;>>;A@ 5A?B3D76 FA @7F 8;@3@57 7JB7@E7 A8 T ?;>>;A@ ;@ F:7 BD;AD K73D B7D;A6 ;@3@57 ;@5A?7 ;@ + ;@5D73E76 FA T ?;>>;A@ 3E 5A?B3D76 FA T ?;>>;A@ >3EF K73D BD;?3D;>K 6G7 FA 3 T ?;>>;A@ :;9:7D @A@ 53E: 93;@ A@ AGD 67D;H3F;H7E + 8;@3@57 7JB7@E7E ;@5D73E76 FA T ?;>>;A@ 5A?B3D76 FA T ?;>>;A@ ;@ + 3@6 ;@5>G676 3 T ?;>>;A@ >AEE A@ F:7 7JF;@9G;E:?7@F A8 674F 8A>>AI;@9 F:7 $3@G3DK D78;@3@5;@9 A8 4AF: AGD 7GDA 3@6 /- 67@A?;@3F76 F7D? >A3@ 835;>;F;7E I:;>7 I7 3>EA ;@5GDD76 3 :;9:7D @A@ 53E: 8AD7;9@ 7J5:3@97 >AEE A@ AGD /- 67@A?;@3F76 674F ;@ F:7 CG3DF7D "#!(,' 17 D75AD676 ;@5A?7 F3J 7JB7@E7 A8 T ?;>>;A@ ;@ + 5A?B3D76 FA T ?;>>;A@ ;@ + )GD ;@5A?7 F3J 7JB7@E7 ;@ F:7 CG3DF7D I3E 83HAD34>K ;?B35F76 4K F:7 D75A9@;F;A@ A8 F:7 ;@@AH3F;A@ ;@5A?7 F3J 676G5F;A@ ;@5>G6;@9 3 A@7 F;?7 78875F A8 676G5F;A@E D7>3F76 FA BD;AD B7D;A6E "($&# ( 17 D73>;L76 3 @7F BDA8;F A8 T ?;>>;A@ ;@ + 5A?B3D76 FA 3 @7F BDA8;F A8 T ?;>>;A@ ;@ F:7 BD;AD K73D B7D;A6 .:7 EG4EF3@F;3> ;@5D73E7 ;@ AGD @7F BDA8;F I3E BD;?3D;>K 6D;H7@ 4K E;9@;8;53@F>K :;9:7D @7F 8;@3@57 ;@5A?7 ;@ F:7 B7D;A6 3@6 >AI7D ;@5A?7 F3J 7JB7@E7 3E ?7@F;A@76 34AH7 B3DF>K A88E7F 4K F:7 3557>7D3F76 3?ADF;L3F;A@ A8 EBADFE D7>3F76 4DA3653EF;@9 D;9:FE AD F:7 F:D77 ?A@F:E 7@676 '3D5: I7 35:;7H76 3 @7F BDA8;F ?3D9;@ A8 5A?B3D76 FA 3 @7F BDA8;F ?3D9;@ A8 >3EF K73D 28CAB32 ( #@ + I7 D73>;L76 6<GEF76 #. A8 T ?;>>;A@ GB 5A?B3D76 FA F:7 BD;AD K73D B7D;A6 I:7@ I7 35:;7H76 6<GEF76 #. A8 T ?;>>;A@ )GD + 6<GEF76 #. D78>75F76 F:7 38AD7?7@F;A@76 ;@AD93@;5 ;?B35F A8 F:7 7 0;<H7D '76;3 35CG;E;F;A@ 5A@FD;4GF;@9 T ?;>>;A@ FA AGD 6<GEF76 #. ;@ + )GD 6<GEF76 #. ?3D9;@ D735:76 ;@ + 5A?B3D76 FA 8AD + A@ 3 D7BADF76 43E;E )@ 3 D743E76 43E;E AGD 6<GEF76 #. ;@ + ;@5D73E76 3 EA>;6 5A?B3D76 FA + 3E F:7 @793F;H7 ;?B35F 8DA? F:7 >AEE A8 F:7 ' #&( '0() 5A@FD35F 3@6 57DF3;@ D79G>3FADK :736I;@6E I3E ?AD7 F:3@ A88E7F 4K ; >AI7D E3>7E 3@6 ?3D=7F;@9 7JB7@E7E 6G7 FA B:3E;@9 3@6 >3EF K73DE ;?B35F A8 F:7 - , 5GEFA?7D ?;9D3F;A@ 3@6 ;; 5A@F;@G76 F;9:F 5AEF 5A@FDA> )@ 3 D743E76 43E;E I7 EG5577676 ;@ ;?BDAH;@9 AGD 6<GEF76 #. ?3D9;@ I;F: 43E;E BA;@FE 5A?B3D76 FA F:7 E3?7 CG3DF7D >3EF K73D
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
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , .:7 D7?3;@67D A8 AGD 355DG76 53B;F3> 7JB7@6;FGD7E ;@5>G67E ; D78GD4;E:?7@FE 3@6 D7B>357?7@FE A8 @7FIAD= 7CG;B?7@F ;; EBADFE 3@6 BDA9D3??;@9 35CG;E;F;A@ 5AEFE ;@5>G6;@9 57DF3;@ 5A@F7@F 35CG;D76 4K 7 0;<H7D '76;3 ;;; 57DF3;@ D75GDD;@9 ;@H7EF?7@FE ;@ AGD #. B>3F8AD? 3@6 EKEF7?E 3@6 ;H >73E7 366;F;A@E G@67D # ,- .:7E7 D735:76 T ?;>>;A@ 8AD F:7 F:D77 ?A@F:E 7@676 '3D5: .:7 34AH7 ;?B>;7E F:3F 3BBDAJ;?3F7>K A8 AGD 355DG76 53B;F3> 7JB7@6;FGD7E ;@ + I7D7 E53>34>7 3@6 EG4E5D;47D 9DAIF: D7>3F76 17 I;>> 5A@F;@G7 FA 5>AE7>K ?A@;FAD AGD 53B;F3> 7JB7@6;FGD7E ;@ AD67D FA ?3=7 EGD7 F:3F F:7K 6D;H7 ;@5D7?7@F3> D7FGD@E F6707B &31=<17:7/B7=< 03BE33< /11@C32 1/>7B/: 3F>3<27BC@3A /<2 1/A6 1/>7B/: 3F>3<27BC@3A C</C27B32 ADF:7F:D77?A@F:E 7@676 T;@?;>>;A@E '3D5: 6/<53 11@C321/>7B/:3F>3<27BC@3A I EE7FE35CG;D76G@67D53B;F3> D7>3F76H7@6AD8;@3@5;@93DD3@97?7@FE EE7FE35CG;D76G@67D>73E7E :3@97E;@5GDD7@F>;34;>;F;7ED7>3F76FA53B;F3>7JB7@6;FGD7E /A61/>7B/:3F>3<27BC@3A #>3@/B7<5@33/A6:=E #@ + F:7 EG? A8 AGD 6<GEF76 #. 3@6 355DG76 53B;F3> 7JB7@6;FGD7E K;7>676 3@ )B7D3F;@9 D77 3E: >AI A8 T ?;>>;A@ A?B3D76 FA + AGD )B7D3F;@9 D77 3E: >AI 675D73E76 3@6 I3E ?3;@>K ;?B35F76 4K 3 ;@5D73E7 ;@ AGD 355DG76 53B;F3> 7JB7@6;FGD7E 7J5>G6;@9 F:7 D75A9@;F;A@ A8 F:7 /% *D7?;7D &739G7 8AAF43>> 4DA3653EF;@9 D;9:FE I:;5: ?AD7 F:3@ A88E7F F:7 ;@5D73E7 ;@ AGD 6<GEF76 #. F6707B &31=<17:7/B7=<B=#>3@/B7<5@33/A6:=EC</C27B32 ADF:7F:D77?A@F:E 7@676 T;@?;>>;A@E '3D5: 6/<53 28CAB32 ( 55DG7653B;F3>7JB7@6;FGD7E P ,75A9@;F;A@A88AAF43>>4DA3653EF;@9D;9:FE P 11@C321/>7B/:3F>3<27BC@3A3F1:C27<5@31=5<7B7=<=44==B0/::0@=/21/AB7<5 @756BA/<2;=07:3A>31B@C;:713<A3A #>3@/B7<5@33/A6:=E /A64:=E/<2:7?C727BG "(' &#!#$&( "( * ( ' AD F:7 F:D77 ?A@F:E 7@676 '3D5: AGD AB7D3F;A@E K;7>676 T ?;>>;A@ A8 @7F 53E: 5A?B3D76 FA F:7 T ?;>>;A@ I7 97@7D3F76 6GD;@9 F:7 BD;AD K73D B7D;A6 .:7 @7F 53E: 8DA? AGD AB7D3F;@9 35F;H;F;7E 8AD + ;@5>G676 F:7 ;@AD93@;5 ;?B35F 8DA? F:7 7 0;<H7D '76;3 35CG;E;F;A@ )GD @7F 53E: 8DA? AB7D3F;@9 35F;H;F;7E ;@5>G67E F:7 ;?B35FE A8 # ,- 3E A8 $3@G3DK I:;5: ;E A88E7F F:DAG9: F:7 @7F 53E: GE76 ;@ 8;@3@5;@9 35F;H;F;7E )GD @7F AB7D3F;@9 53E: 8>AI I3E GB 3 EFDA@9 K73D A@ K73D 6D;H7@ 4K B:3E;@9 ;@ AGD 3@@G3> 53E: F3J B3K?7@F 3@6 F:7 38AD7?7@F;A@76 ;@5D73E7 ;@ AGD 6<GEF76 #. E I7 7JB75F FA E7FF>7
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , AGD 53E: F3J B3K?7@F ;@ F:7 F:;D6 CG3DF7D A8 F:;E I;>> @793F;H7>K 38875F F:7 K73D A@ K73D 5A?B3D;EA@ ;@ + "(' )' " "*'( "( * ( ' 17 GE76 T ?;>>;A@ A8 @7F 53E: ;@ ;@H7EF;@9 35F;H;F;7E ;@ + 5A?B3D76 FA T ?;>>;A@ ;@ + 17 GF;>;L7 3 H7@6AD 8;@3@5;@9 BDA9D3? F:DAG9: I:;5: I7 3D7 34>7 FA 7JF7@6 AGD B3K?7@F F7D?E 8AD 57DF3;@ EGBB>;7DE FA 63KE 3F 3@ 3FFD35F;H7 3>> ;@ 5AEF GD;@9 + I7 35CG;D76 T ?;>>;A@ A8 3EE7FE F:DAG9: 53B;F3> D7>3F76 H7@6AD 8;@3@5;@9 3DD3@97?7@FE 83HAD34>K ;?B35F;@9 AGD @7F 53E: GE76 ;@ ;@H7EF;@9 35F;H;F;7E 8AD F:7 7CG;H3>7@F 3?AG@F .:;E D7BD7E7@F76 3 K73D A@ K73D 675>;@7 *>73E7 D787D FA -75F;A@ 2A:E2= 6IA6?5:EFC6D 8AD 3 D75A@5;>;3F;A@ 47FI77@ 355DG76 53B;F3> 7JB7@6;FGD7E 3@6 53E: 53B;F3> 7JB7@6;FGD7E "(' )' " "" "( * ( ' AD F:7 F:D77 ?A@F:E 7@676 '3D5: F:7 @7F 53E: GE76 ;@ 8;@3@5;@9 35F;H;F;7E I3E T ?;>>;A@ 5A?B3D76 FA T ?;>>;A@ A8 @7F 53E: GE76 ;@ 8;@3@5;@9 35F;H;F;7E ;@ + .:7 @7F 53E: GE76 ;@ 8;@3@5;@9 35F;H;F;7E ;@ + D78>75F76 3 @7F 53E: AGF8>AI A8 T ?;>>;A@ D7>3F76 FA >A3@ D7B3K?7@FE ;@5>G6;@9 E5:76G>76 D7B3K?7@FE A8 AGD E:ADF F7D? H7@6AD 8;@3@5;@9 5A??;F?7@FE #@ 366;F;A@ I7 EB7@F T ?;>>;A@ A@ E:3D7 D7BGD5:3E7E ;@ + 3E B3DF A8 AGD -:3D7 ,7BGD5:3E7 *DA9D3? /@67D F:;E BDA9D3? I7 35CG;D76 ?;>>;A@ E:3D7E 6GD;@9 '3D5: 3F 3@ 3H7D397 BD;57 A8 T 8AD 3@ 399D793F7 3?AG@F A8 T ?;>>;A@ .:7 8;@3> B3K?7@F FA F:7 ;@67B7@67@F 8;@3@5;3> ;@F7D?76;3DK A8 T ?;>>;A@ :3E 477@ E7FF>76 ;@ 73D>K BD;> 17 3>EA B3;6 T ?;>>;A@ A8 674F ;EEG3@57 5AEFE D7>3F76 FA F:7 ;EEG3@57 A8 AGD /, 3@6 /- 67@A?;@3F76 F7D? >A3@ 835;>;F;7E ;@ $3@G3DK .:7 D7?3;@67D A8 F:7 @7F 53E: GE76 ;@ 8;@3@5;@9 35F;H;F;7E BD;?3D;>K 5A@E;EF76 A8 8;@3@57 >73E7 D7B3K?7@FE 3@6 AF:7D 8;@3@5;3> B3K?7@FE )'(&' #+ #@ + I7 97@7D3F76 6<GEF76 D77 3E: >AI A8 T ?;>>;A@ 5A?B3D76 FA T ?;>>;A@ ;@ + >3EF K73D ,7>3F;H7 FA F:7 E3?7 B7D;A6 A8 >3EF K73D AGD 6<GEF76 D77 3E: >AI ?AD7 F:3@ FD;B>76 6G7 FA F:7 38AD7?7@F;A@76 B:3E;@9 ;@ AGD 53E: F3J B3K?7@F E I7 7JB75F FA E7FF>7 AGD 53E: F3J B3K?7@F ;@ F:7 F:;D6 CG3DF7D A8 F:;E I;>> @793F;H7>K 38875F F:7 K73D A@ K73D 5A?B3D;EA@ ;@ + #@ + I7 :36 @7F B3K?7@FE A8 T ?;>>;A@ G@67D AGD H7@6AD 8;@3@5;@9 BDA9D3? 3E 5A?B3D76 FA 3 T ?;>>;A@ 47@78;F ;@ + J5>G6;@9 F:7E7 H7@6AD 8;@3@5;@9 D7>3F76 ;?B35FE AGD 6<GEF76 D77 3E: >AI 9DAIF: IAG>6 :3H7 477@ 7H7@ :;9:7D 30B>@=47:31/A60/:/<13/<2<3B:3D3@/53@/B7= ( $&# F '3D5: I7 53DD;76 3 FAF3> 674F 43>3@57 ;@5>G6;@9 355DG76 ;@F7D7EF A8 T ?;>>;A@ A8 I:;5: T ?;>>;A@ BD;@5;B3> 3?AG@F ;E D7>3F76 FA F:7 T 3@6 /- 67@A?;@3F76 -7@;AD -75GD76 ;J76 ,3F7 (AF7E 6G7 '3D5: 3@6 T ?;>>;A@ BD;@5;B3> 3?AG@F ;E AI76 G@67D AGD ?7@676 -7@;AD D76;F 35;>;FK I;F: ?3FGD;F;7E D3@9;@9 8DA? BD;> F:DAG9: BD;> )GD FAF3> 674F 43>3@57 3F '3D5: 3>EA ;@5>G676 3 BD;@5;B3> 3?AG@F A8 T ?;>>;A@ D7>3F76 FA AGD H7@6AD 8;@3@5;@9 BDA9D3? 3@6 T ?;>>;A@ 8AD F:7 AGFEF3@6;@9 BADF;A@ A8 F:7 ! 3@6 ! ?A4;>7 EB75FDG? >;57@E7E .:7 D7?3;@67D BD;?3D;>K D7BD7E7@FE >73E7 A4>;93F;A@E 3EEA5;3F76 I;F: F:7 #@F7D=347> 5CG;E;F;A@ 3@6 >73E7 >;34;>;F;7E 8A>>AI;@9 F:7 36ABF;A@ A8 # ,- 3E A8 $3@G3DK F '3D5: I7 53DD;76 T ?;>>;A@ A8 E:ADF F7D? 674F D7>3F76 FA AGD H7@6AD 8;@3@5;@9 BDA9D3? 3>> A8 I:;5: ;E ?3FGD;@9 I;F:;@ >7EE F:3@ FI7>H7 ?A@F:E .:;E D7BD7E7@F76 3 675D73E7 A8 T ?;>>;A@ H7DEGE 757?47D AD F:7 8G>> K73D I7 EF;>> 3@F;5;B3F7 AGD H7@6AD 8;@3@5;@9 BDA9D3? FA D7?3;@ D7>3F;H7>K EF34>7 5A?B3D76 FA F:7 7@6 A8 E A8 74DG3DK I7 :3H7 D76G576 F:7 3BB>;534>7 ?3D9;@ A@ AGD 8GFGD7 E:ADF 63F76 5A??;F?7@FE G@67D F:7 H7@6AD 8;@3@5;@9 BDA9D3? 4K 43E;E BA;@FE FA AH7D /,# ), 8>AAD76 3F !;H7@ F:7 38AD7?7@F;A@76 E;L7 A8 F:7 BDA9D3? F:;E I;>> :3H7 3 ?A67EF 355D7F;H7 ;?B35F A@ AGD 6<GEF76 D77 3E: >AI #@ $3@G3DK I7 EG557EE8G>>K ;EEG76 3@6 BD;576 3 @7I K73D /- ?;>>;A@ .7D? &A3@ R 35;>;FK ,S 3@6 3 @7I K73D T ?;>>;A@ .7D? &A3@ R 35;>;FK +S 17 :3H7 GE76 F:7 @7F BDA5776E A8 F:7E7 ;EEG3@57E FA D7677? ;@ 8G>> F:7 BD7H;AGE .7D? &A3@E ( 3@6 ) A8 /- ?;>>;A@ 3@6 T ?;>>;A@ D7EB75F;H7>K .:DAG9: F:;E >7H7D397 @7GFD3> FD3@E35F;A@ I7 EG5577676 ;@ D76G5;@9 F:7 ?3D9;@ A@ 4AF: F7D?
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , >A3@E 4K 43E;E BA;@FE I:;5: 8GDF:7D EA>;6;8;7E AGD 6<GEF76 D77 3E: >AI BDA8;>7 38F7D F:7 )5FA47D D78;@3@5;@9 A8 F:7 -7@;AD -75GD76 (AF7E 6G7 #@ BD;> I7 EG557EE8G>>K ;EEG76 3 @7I K73D T ?;>>;A@ D7HA>H;@9 5D76;F 835;>;FK D7B>35;@9 AGD 5GDD7@F T ?;>>;A@ D7HA>H;@9 5D76;F 835;>;F;7E I;F: 57DF3;@ 3H3;>34;>;F;7E GB FA $G@7 E EG5: I7 EG5577676 ;@ 7JF7@6;@9 3@6 GBE;L;@9 AGD D7HA>H;@9 5D76;F 835;>;F;7E 8GDF:7D EFD7@9F:7@;@9 AGD >;CG;6;FK BDA8;>7 -77 +F3D6BF6?E 6G6?ED 8AD ?AD7 ;@8AD?3F;A@ #@ BD;> I7 3>EA 5A?B>7F76 F:7 D7BGD5:3E7 A8 AGD T ?;>>;A@ -7@;AD -75GD76 ;J76 ,3F7 (AF7E 6G7 '3D5: E 3 D7EG>F A8 F:;E FD3@E35F;A@ F:7 BD;@5;B3> 3?AG@F G@67D F:7E7 (AF7E 675D73E76 FA T ?;>>;A@ >736;@9 FA 3@@G3> 53E: ;@F7D7EF E3H;@9E A8 T ?;>>;A@ 8GDF:7D 366;@9 FA AGD DA4GEF 6<GEF76 D77 3E: >AI BDA8;>7 -77 +F3D6BF6?E 6G6?ED 8AD ?AD7 ;@8AD?3F;A@ J5>G6;@9 E:ADF F7D? >;34;>;F;7E D7>3F76 FA AGD H7@6AD 8;@3@5;@9 BDA9D3? I7 8357 @A 674F ?3FGD;F;7E BD;AD FA '3D5: I;F: 3@ ;?BDAH76 I7;9:F76 3H7D397 ?3FGD;FK A8 K73DE 3F '3D5: 8A>>AI;@9 F:7 38AD7?7@F;A@76 $3@G3DK D78;@3@5;@9 A8 AGD F7D? >A3@ 835;>;F;7E #@ 366;F;A@ I7 3>EA :36 8G>> 3557EE FA T ?;>>;A@ A8 G@6D3I@ 5A??;F?7@FE G@67D AGD D7HA>H;@9 5D76;F 835;>;F;7E 3F '3D5: I;F: 57DF3;@ 3H3;>34;>;F;7E GB FA $G@7 )@ 3 BDA 8AD?3 43E;E FA D78>75F F:7 ;EEG3@57 A8 F:7 @7I , 3E ?7@F;A@76 34AH7 AGD G@6D3I@ 5A??;F?7@FE IAG>6 :3H7 FAF3>76 T ?;>>;A@ 3F '3D5: I;F: 57DF3;@ 3H3;>34;>;F;7E GB FA '3K
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , ( #*&* + " $-!"( ' ) ' .:7 F34>7 47>AI BDAH;67E 3@ AH7DH;7I A8 AGD 674F ;@EFDG?7@FE 3@6 B3K?7@F E5:76G>7 3F '3D5: F6707B 30B ;/BC@7BG B/0:3 /A =4 !/@16 (=B/: /17:7BG @/E< )<2@/E< /A>3@ /;=C<B /;=C<B !/BC@7BG/B3 <B3@3AB@/B3 <B3@3AB>/G;3<BA2C3 !/@16 T;@?;>>;A@E ;3<232'3<7=@ @327B/17:7BG >A3F;@9M ?A@F: .7D?&A3@, P BD;> &# ),8>AAD -7?; 3@@G3>$3@ 3@6 $G>K >A3F;@9M ?A@F: .7D?&A3@+ P BD;> /,# ),8>AAD -7?; 3@@G3>$3@ 3@6 $G>K >A3F;@9M ?A@F: ,7HA>H;@9 D76;F 35;>;FK P $G@7 /,# ),8>AAD 'A@F:>K 35;>;FK! ,7HA>H;@9 D76;F 35;>;FK 757?47D >A3F;@9M ?A@F: 35;>;FK* P /,# ),8>AAD 'A@F:>K '3<7=@'31C@327F32 &/B3"=B3A T?;>>;A@-7@;AD -7?; 3@@G3>$3@ 3@6 -75GD76(AF7E6G7 P '3D5: ;J76M 35;>;FK% $G>K /- 4;>>;A@-7@;AD -75GD76(AF7E6G7 P '3D5: ;J76M -7?; 3@@G3>$3@ 3@6 35;>;FK$ $G>K #B63@ >A3F;@9M ?A@F: ,7HA>H;@9 D76;F 35;>;FK P -7BF7?47D /,# ),8>AAD 'A@F:>K >A3F;@9M ?A@F: )H7D6D38F 35;>;FK P '3D5: /,# ),8>AAD (AF3BB>;534>7 (=B/:<=B7=</:/;=C<B (AF7 #@ F:7 F34>7 34AH7 .7>7@7FE /- 67@A?;@3F76 674F :3E 477@ 5A@H7DF76 ;@FA T GE;@9 F:7 '3D5: /, /- 7J5:3@97 D3F7 E .7>7@7F :3E 7@F7D76 ;@FA E7H7D3> 67D;H3F;H7 FD3@E35F;A@E FA :7697 4AF: F:7 G@67D>K;@9 8>A3F;@9 ;@F7D7EF D3F7 3@6 7J5:3@97 D;E=E F:7 T 7CG;H3>7@F :76976 3?AG@FE I7D7 T ?;>>;A@ /- ?;>>;A@ .7D? &A3@ , 3@6 T ?;>>;A@ /- 4;>>;A@ -7@;AD -75GD76 (AF7E 6G7 D7EB75F;H7>K AD F:7 53>5G>3F;A@ A8 ;FE @7F >7H7D397 D3F;A .7>7@7F GE7E F:7 T 7CG;H3>7@F :76976 3?AG@FE 9;H7@ F:7 G@67D>K;@9 75A@A?;5 D;E= 7JBAEGD7 ' ""* (-#)"' F '3D5: I7 :7>6 T ?;>>;A@ A8 53E: 3@6 53E: 7CG;H3>7@FE 5A?B3D76 FA T ?;>>;A@ 3F 757?47D .A ?;@;?;L7 F:7 5A@57@FD3F;A@ A8 5AG@F7DB3DFK D;E= AGD 53E: 7CG;H3>7@FE 3@6 D3F76 ?A@7K ?3D=7F 8G@6E 3D7 B>3576 I;F: :;9:>K D3F76 GDAB73@ 3@6 /- 8;@3@5;3> ;@EF;FGF;A@E ,7>3F;H7 FA 757?47D AGD 53E: 43>3@57 ;@5D73E76 A@ F:7 435= A8 3 DA4GEF 6<GEF76 D77 3E: >AI B7D8AD?3@57 ;@ F:7 CG3DF7D B3DF;3>>K A88E7F 4K ; 3 @7F 53E: AGF8>AI A8 T ?;>>;A@ D7>3F76 FA >A3@ D7B3K?7@FE ;@5>G6;@9 E5:76G>76 D7B3K?7@FE A8 AGD E:ADF F7D? H7@6AD 8;@3@5;@9 5A??;F?7@FE ;; T ?;>>;A@ A8 @7F 53E: GE76 G@67D F:7 -:3D7 ,7BGD5:3E7 *DA9D3? 3@6 ;;; 3 T B3K?7@F D7>3F76 FA F:7 ;EEG3@57 A8 AGD /, 3@6 /- 67@A?;@3F76 F7D? >A3@ 835;>;F;7E ;@ $3@G3DK #@ 366;F;A@ FA AGD 3H3;>34>7 53E: 43>3@57 I7 3>EA :36 3557EE FA T ?;>>;A@ A8 3H3;>34>7 5A??;F?7@FE G@67D AGD ?7@676 -7@;AD D76;F 35;>;FK 3@6 AGD AF:7D D7HA>H;@9 5D76;F 835;>;F;7E 3F '3D5: EG4<75F FA 5A?B>;3@57 I;F: F:7 5AH7@3@FE ?7@F;A@76 47>AI )@ 3 BDA 8AD?3 43E;E FA D78>75F F:7 ;EEG3@57 A8 F:7 @7I , 3E ?7@F;A@76 34AH7 AGD G@6D3I@ 5A??;F?7@FE IAG>6 :3H7 FAF3>76 T ?;>>;A@ 3F '3D5: I;F: 57DF3;@ 3H3;>34;>;F;7E GB FA '3K
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , "( *& &( # F F:7 A553E;A@ A8 F:7 757?47D 3B;F3> '3D=7FE 3K I7 D75A@8;D?76 AGD >7H7D397 8D3?7IAD= ?3;@F3;@76 3F J FA J (7F .AF3> 74F FA A@EA>;63F76 @@G3>;L76 #. @7F FAF3> >7H7D397 #@ 34E7@57 A8 3@K ?3F7D;3> 35CG;E;F;A@E 3@6 AD E;9@;8;53@F 5:3@97E ;@ AGD 4GE;@7EE AD D79G>3FADK 7@H;DA@?7@F I7 ;@F7@6 FA EF3K 3DAG@6 F:7 J ?;6 BA;@F F:DAG9: 3@ 3FFD35F;H7 3@6 EGEF3;@34>7 >7H7> A8 E:3D7:A>67D 6;E4GDE7?7@FE F '3D5: AGD @7F FAF3> >7H7D397 D735:76 J I:;5: I3E G@5:3@976 5A?B3D76 FA 757?47D )GD @7F 5AH7@3@F >7H7D397 3E 53>5G>3F76 G@67D F:7 ?7@676 -7@;AD D76;F 35;>;FK 3@6 I:;5: 7J5>G67E >73E7 D7>3F76 >;34;>;F;7E 3@6 H7@6AD 8;@3@5;@9 D7>3F76 E:ADF F7D? >;34;>;F;7E D735:76 J 3F '3D5: .:;E I3E G@5:3@976 H7DEGE 757?47D )GD 5GDD7@F @7F 5AH7@3@F >7H7D397 D3F;A ;E E;9@;8;53@F>K 47>AI F:7 EBD;@9;@9 ?3;@F7@3@57 5AH7@3@F A8 J 3@6 F:7 ;@5GDD7@57 F7EF A8 J @7F E7@;AD >7H7D397 .:7 38AD7?7@F;A@76 ?3;@F7@3@57 5AH7@3@F A@>K 3BB>;7E :AI7H7D ;@ 53E7 I7 IAG>6 6D3I AD ?AD7 G@67D AGD D7HA>H;@9 5D76;F 835;>;F;7E F '3D5: AGD D7HA>H;@9 5D76;F 835;>;F;7E I7D7 8G>>K G@6D3I@ 3E ?7@F;A@76 34AH7
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , #CB:==9/<2=B63@7<4=@;/B7=< #CB:==9 17 67>;H7D76 3 DA4GEF 8;@3@5;3> B7D8AD?3@57 ;@ F:7 8;DEF CG3DF7D I;F: ; 4DA36>K G@5:3@976 D7H7@G7 A@ 3 D743E76 43E;E ;; 3 EA>;6 9DAIF: ;@ AGD D743E76 6<GEF76 #. 3@6 ;;; 3 EFDA@9 67>;H7DK A@ 4AF: )B7D3F;@9 D77 3E: >AI 3@6 6<GEF76 D77 3E: >AI .:7 ;?B35F A8 F:7 9>A43> )0# B3@67?;5 A@ AGD + 8;@3@5;3>E I3E D7>3F;H7>K >;?;F76 4GF 7JB75F76 FA 47 ?A67D3F7>K @793F;H7 ;@ + 3@6 F:7 D7EF A8 F:7 K73D 7EB75;3>>K 9;H7@ F:7 7JBAEGD7 A8 AGD EG4E;6;3DK 7 0;<H7D '76;3 FA F:7 ?AD7 5K5>;53> ?76;3 3@6 36H7DF;E;@9 ?3D=7FE 17 5A@F;@G7 FA E77 G@67D>K;@9 :73>F:K FD7@6E ;@ AGD 5AD7 5A@@75F;H;FK 4GE;@7EE 4AF: A@ F:7 D7E;67@F;3> 3@6 F:7 4GE;@7EE E;67 .:;E ;E G@67DB;@@76 4K EFDA@9 ?A?7@FG? 8AD AGD 5AD7 ' 4G@6>7E 3@6 3 5A@F;@G76 GBF;7D;@9 A8 AGD 4DA3643@6 5GEFA?7D 43E7 I;F: F:7 3H7D397 6AI@>A36 EB776 D735:;@9 '4BE 3F F:7 7@6 A8 + I:;5: I3E GB H7DEGE '4BE 3 K73D 39A E 67F3;>76 G@67D :?2?4:2= 9:89=:89ED I7H7 ?3;@>K E77@ 8AGD )0# D7>3F76 :736I;@6E A@ AGD 8;@3@5;3> BDA8;>7 ;DEF I7 97@7D3F76 >7EE >AI ?3D9;@ D7H7@G7 8DA? F:7 E3>7 A8 :3@6E7FE 5A?B3D76 FA F:7 E3?7 B7D;A6 A8 >3EF K73D 9;H7@ F:7 5>AEGD7 A8 AGD D7F3;> EFAD7E E;@57 ?;6 '3D5: #@ 366;F;A@ I7 :3H7 3>EA E77@ 3@ 73D>;7D 5:GD@ GBF;5= 8AD AGD B3K F7>7H;E;A@ EBADFE 5:3@@7>E *>3K -BADFE D7>3F;H7 FA BD7H;AGE K73DE 9;H7@ F:7 F7?BAD3DK :3>F FA 3>> ?3<AD EBADFE 7H7@FE E;@57 ?;6 '3D5: .:;D6 AGD '3K 35CG;D76 # . ;@F79D3FAD 4GE;@7EE (7JF7> :3E 477@ 36H7DE7>K ;?B35F76 4K 57DF3;@ 67>3KE ;@ BDA<75F 6D;H7@ D7H7@G7 I:;>7 8;@3>>K I7 D75AD676 >AI7D 36H7DF;E;@9 D7H7@G7 3F AGD ?76;3 4GE;@7EE 7 0;<H7D '76;3 I:;5: I7 35CG;D76 ;@ $G@7 >3EF K73D 7EB;F7 FA63KE 7J57BF;A@3> 5;D5G?EF3@57E I7 D7?3;@ H7DK I7>> BAE;F;A@76 8AD F:7 8GFGD7 F:3@=E FA AGD >736;@9 9;934;F " 3@6 ! 5A@H7D976 @7FIAD= ;@8D3EFDG5FGD7 5A?4;@76 I;F: AGD H3>G7 355D7F;H7 ' EFD3F79K 35=76 4K AGD 47EF ;@ 5>3EE 6<GEF76 D77 3E: >AI 5A@H7DE;A@ 3@6 AGD DA4GEF >;CG;6;FK 3@6 >A@9 F7D? 674F ?3FGD;FK BDA8;>7 A8 K73DE I7 D7?3;@ ;@ 3 H7DK EFDA@9 BAE;F;A@ FA 6D;H7 3FFD35F;H7 E:3D7:A>67D H3>G7 ;@ 3@6 47KA@6 .:7D78AD7 I7 D7388;D? AGD F:D77 K73D 9G;63@57 3E BD7E7@F76 6GD;@9 F:7 757?47D 3B;F3> '3D=7FE 3K E EG5: I7 D7?3;@ A@ FD35= FA 67>;H7D 3@ )B7D3F;@9 D77 3E: >AI !, A8 FA 3 AH7D F:7 B7D;A6 7J5>G6;@9 F:7 D75A9@;F;A@ A8 8AAF43>> 4DA3653EF;@9 D;9:FE 3@6 ?A4;>7 EB75FDG? >;57@E7E 3@6 7J5>G6;@9 F:7 ;?B35F A8 # ,- 3BB>;534>7 3E A8 $3@G3DK E 8AD 2 I7 7JB75F )0# FA :3H7 3 ?A67D3F7>K @793F;H7 K7F F7?BAD3DK ;?B35F A@ 4AF: AGD D7H7@G7 3@6 6<GEF76 #. B7D8AD?3@57 A8 3DAG@6 B7D57@F397 BA;@FE .:;E D78>75FE F:7 3@F;5;B3F76 ;?B35FE A8 F:7 5GDD7@F >A5= 6AI@ 3E A8 ?;6 '3D5: 3@6 7J5>G67E F:7 78875FE A8 3@K 366;F;A@3> >A5= 6AI@E ;@ F:7 E75A@6 :3>8 A8 F:7 K73D I:;5: 5AG>6 8GDF:7D 38875F AGD AB7D3F;A@E #F 3>EA 3EEG?7E I7 I;>> 9D36G3>>K 7J;F F:7 >A5= 6AI@ EF3DF;@9 ;@ '3K I;F: 3 9D36G3> 75A@A?;5 D75AH7DK F:7D738F7D 93;@EF F:;E 435=6DAB I7 3@F;5;B3F7 3 FAB >;@7 675>;@7 A8 3DAG@6 A@ 3 D743E76 43E;E J5>G6;@9 AGD AF:7D D7H7@G7 I:;5: ;@5>G67E ; ;@F7D5A@@75F;A@ D7H7@G7 8DA? 4AF: AGD 8;J76 >;@7 3@6 ?A4;>7 F7>7B:A@K 5GEFA?7DE ;; 36H7DF;E;@9 3@6 BDA6G5F;A@ D7H7@G7 8DA? 7 0;<H7D '76;3 (0 I:;5: I7 8G>>K 5A@EA>;63F76 3E A8 $G@7 ;;; ?A4;>7 :3@6E7F E3>7E ;@5>G6;@9 F:7 D7H7@G7 73D@76 G@67D AGD :AAE7 2AGD 7H;57 BDA9D3?E ;H I:A>7E3>7 D7H7@G7 97@7D3F76 F:DAG9: 4AF: AGD 5A??7D5;3> 3@6 D79G>3F76 I:A>7E3>7 4GE;@7EE7E H BDA6G5F 35F;H3F;A@ 3@6 ;@EF3>>3F;A@ 877E 3@6 H; E7F FAB 4AJ E3>7E D7H7@G7 I7 3@F;5;B3F7 AGD D7H7@G7 8AD F:7 8G>> K73D FA D7?3;@ 4DA36>K EF34>7 5A?B3D76 FA G@67DB;@@;@9 F:7 D7E;>;7@57 A8 AGD D7E;67@F;3> 3@6 4GE;@7EE 5A@@75F;H;FK E79?7@FE 17 I;>> 5A@F;@G7 FA 5A@FDA> AGD 5AEF 43E7 ?3=;@9 EGD7 I7 97@7D3F7 AB7D3F;@9 >7H7D397 35DAEE F:7 4GE;@7EE E EG5: I7 7JB75F AGD 6<GEF76 #. FA 5A@FD35F 4K 3DAG@6 A@ 3 D743E76 43E;E !;H7@ F:7 DA4GEF @3FGD7 A8 4AF: AGD 8;J76 3@6 ?A4;>7 ;@8D3EFDG5FGD7 3@6 AGD 67?A@EFD3F76 FD35= D75AD6 A8 53D78G>>K 43>3@5;@9 AGD 8GFGD7 ;@H7EF?7@FE I7 EF;>> 7JB75F AGD )B7D3F;@9 D77 3E: >AI FA 9DAI ?AD7 EB75;8;53>>K 47FI77@ 3@6 A@ 3 D743E76 43E;E ;@3>>K I7 5A@F;@G7 FA F3D97F 6<GEF76 D77 3E: >AI A8 T T ?;>>;A@ E=7I76 :AI7H7D FAI3D6E F:7 >AI7D 7@6 A8 F:;E D3@97 3 D75A@5;>;3F;A@ A8 AGD )B7D3F;@9 D77 3E: >AI !, 8AD FA 3 / # ,- ?73EGD7 ;E @AF BDAH;676 3E @AF 3>> 7>7?7@FE A8 F:7 D75A@5;>;3F;A@ 3D7 BDA<75F76 3E B3DF A8 AGD 8AD753EF;@9 BDA57EE 3E 57DF3;@ ;F7?E ?3K H3DK E;9@;8;53@F>K 8DA? A@7 B7D;A6 FA 3@AF:7D
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , 1;F: F:3F I7 D75A@8;D? AGD ;@F7@F;A@ FA ?3;@F3;@ @7F FAF3> >7H7D397 3DAG@6 F:7 J ?;6 BA;@F I:;>7 5A@F;@G;@9 FA 67>;H7D A@ AGD E:3D7:A>67D D7?G@7D3F;A@ EFD3F79K 3E BD7E7@F76 6GD;@9 F:7 757?47D 3B;F3> '3D=7FE 3K E B3DF A8 F:;E 53B;F3> 3>>A53F;A@ 8D3?7IAD= I7 3;? FA 6;EFD;4GF7 47FI77@ 3@6 A8 F:7 BD;AD K73D 6<GEF76 D77 3E: >AI FA E:3D7:A>67DE F:DAG9: ;@F7D?76;3F7 3@6 8;@3> 6;H;67@6E 1;F:;@ F:7 4AG@63D;7E A8 F:7 38AD7?7@F;A@76 @7F FAF3> >7H7D397 8D3?7IAD= 3@6 ;@ 34E7@57 A8 3@K A8 F:7 34AH7 835FADE F:7 D7?3;@;@9 B3DF A8 AGD 6<GEF76 D77 3E: >AI ?3K 47 5A@E;67D76 8AD ;@5D7?7@F3> E:3D7 4GK 435=E 7JFD3AD6;@3DK 6;H;67@6E 67>7H7D39;@9 355D7F;H7 35CG;E;F;A@E AD 3 5A?4;@3F;A@ F:7D7A8 F6707B #CB:==9 #CB:==9- A>@3A3<B32=<313;03@ A@3/447@;32=<>@7: )B7D3F;@9 D77 3E:3 4 >AI !,D743E76 7FI77@ 7FI77@ - A>@3A3<B32=< A/;3<232=< #CB:==9- &30/A321 30@C/@G >@7: ,7H7@G7D743E76 T ?;>>;A@ DA36>KEF34>7 DAG@6 ,7H7@G7 7J5>G6;@9AF:7D 6 T ?;>>;A@ DA36>KEF34>7 D7H7@G7D743E76 7 6<GEF76 #. 9DAIF: T ?;>>;A@ DAG@6 DAG@6 D743E76 )B7D3F;@9 D77 3E: >AI 4 8 T ?;>>;A@ DAG@6 7FI77@ 9DAIF:D743E76 6<GEF76 D77 3E: &AI7D7@6A8F:7T ?;>>;A@ 9 : T ?;>>;A@ >AI D3@97 3 D75A@5;>;3F;A@ A8 AGD )B7D3F;@9 D77 3E: >AI !, 8AD FA 3 / # ,- ?73EGD7 ;E @AF BDAH;676 3E @AF 3>> 7>7?7@FE A8 F:7 D75A@5;>;3F;A@ 3D7 BDA<75F76 3E B3DF A8 AGD 8AD753EF;@9 BDA57EE 3E 57DF3;@ ;F7?E ?3K H3DK E;9@;8;53@F>K 8DA? A@7 B7D;A6 FA 3@AF:7D 4 J5>G6;@9 F:7 D75A9@;F;A@ A8 8AAF43>> 4DA3653EF;@9 D;9:FE 3@6 ?A4;>7 EB75FDG? >;57@E7E 3@6 7J5>G6;@9 F:7 ;?B35F 8DA? # ,- A@ AGD 355DG76 53B;F3> 7JB7@6;FGD7E 5 #@5>G6;@9 F:7 BD7 35CG;E;F;A@ D7H7@G7 3@6 6<GEF76 #. A8 7 0;<H7D '76;3 8G>>K 5A@EA>;63F76 E;@57 $G@7 3@6 7J5>G6;@9 F:7 D7H7@G7 3@6 6<GEF76 #. A8 A6;F7> - N D > 675A@EA>;63F76 3E A6 BD;> 6 )F:7D D7H7@G7 ;@5>G67E ; ;@F7D5A@@75F;A@ D7H7@G7 8DA? 4AF: AGD 8;J76 >;@7 3@6 ?A4;>7 F7>7B:A@K 5GEFA?7DE ;; 36H7DF;E;@9 3@6 BDA6G5F;A@ D7H7@G7 8DA? 7 0;<H7D '76;3 (0 I:;5: I7 8G>>K 5A@EA>;63F76 3E A8 $G@7 ;;; ?A4;>7 :3@6E7F E3>7E ;@5>G6;@9 F:7 D7H7@G7 73D@76 G@67D AGD :AAE7 2AGD 7H;57 BDA9D3?E ;H I:A>7E3>7 D7H7@G7 97@7D3F76 F:DAG9: 4AF: AGD 5A??7D5;3> 3@6 D79G>3F76 I:A>7E3>7 4GE;@7EE7E H BDA6G5F 35F;H3F;A@ 3@6 ;@EF3>>3F;A@ 877E 3@6 H; E7F FAB 4AJ E3>7E D7H7@G7 3E 67F3;>76 G@67D ,7H7@G7 7 D75A@5;>;3F;A@ A8 AGD 6<GEF76 #. 9G;63@57 8AD FA 3 / # ,- ?73EGD7 ;E @AF BDAH;676 3E @AF 3>> 7>7?7@FE A8 F:7 D75A@5;>;3F;A@ 3D7 BDA<75F76 3E B3DF A8 AGD 8AD753EF;@9 BDA57EE 3E 57DF3;@ ;F7?E ?3K H3DK E;9@;8;53@F>K 8DA? A@7 B7D;A6 FA 3@AF:7D 8D75A@5;>;3F;A@A8AGD)B7D3F;@9 D77 3E: >AI9G;63@578ADFA3 /# ,-?73EGD7;E@AFBDAH;6763E@AF3>>7>7?7@FEA8F:7 D75A@5;>;3F;A@3D7BDA<75F763EB3DFA8AGD8AD753EF;@9BDA57EE 3E57DF3;@;F7?E?3KH3DKE;9@;8;53@F>K8DA?A@7B7D;A6FA3@AF:7D 9 D75A@5;>;3F;A@ A8 AGD 6<GEF76 D77 3E: >AI 9G;63@57 8AD FA 3 / # ,- ?73EGD7 ;E @AF BDAH;676 3E @AF 3>> 7>7?7@FE A8 F:7 D75A@5;>;3F;A@ 3D7 BDA<75F76 3E B3DF A8 AGD 8AD753EF;@9 BDA57EE 3E 57DF3;@ ;F7?E ?3K H3DK E;9@;8;53@F>K 8DA? A@7 B7D;A6 FA 3@AF:7D : EEG?;@9 57DF3;@ B3K?7@FE 3D7 ?367 A@ AGD 5GDD7@F ! 3@6 ! ?A4;>7 EB75FDG? >;57@E7E ;@ + 3@6 F:7 F3J B3K?7@F A@ AGD F3J D7FGD@ I;>> @AF A55GD G@F;> 73D>K 'C0A3?C3<B3D3<BA !3@53@ 03BE33< :B@=</ /<2 '&=27B3: 7< CF3;0=C@5 1=<1:C232 )@ BD;> >FDA@3 #@F7D6;88GE;A@ - >FDA@3 3@6 .7>7@7F 3@@AG@576 F:3F F:7 ?7D97D 47FI77@ .7>7@7FE &GJ7?4AGD9 534>7 AB7D3F;A@E A6;F7> - N D > 3@6 F:7 534>7 AB7D3F;A@E A8 >FDA@3 :3E 477@ 8AD?3>>K 5A@5>G676 .:;E ?7D97D 5A@8;D?E F:7 EFD3F79;5 B3DF@7DE:;B 47FI77@ >FDA@3E 3@6 .7>7@7FE E:3D7:A>67DE *AEF &GJ7?4AGD9 3 E:3D7:A>67D A8 >FDA@3 E;@57 :3E EA>6 ;FE EF3=7 FA .7>7@7F I;F: F:7 D7EG>F F:3F 38F7D F:7 ?7D97D F:7 8AG@6;@9 E:3D7:A>67DE I;>> :A>6 A8 F:7 E:3D7E 3@6 .7>7@7F A8 F:7 E:3D7E A8 F:7 ?7D976 7@F;FK AD .7>7@7F F:7 FD3@E35F;A@ 3>EA ?73@E F:3F F:7 35F;H;FK A8 - , A6;F7> I;>> @A >A@97D 47 5A@EA>;63F76 ;@ ;FE D7EG>FE 3E A8 BD;> *>73E7 D787D FA F:7 #@H7EFAD @3>KEF .AA>=;F A@ .7>7@7FE ;@H7EFAD D7>3F;A@E I74E;F7 8AD 3@ GB63F7 A@ F:7 D743E76 2 D7EG>FE I:;5: ;@5>G67E F:7 35CG;E;F;A@ A8 7 0;<H7D '76;3 (0 AH7D F:7 $3@G3DK '3K B7D;A6 3@6 F:7 6;H7EF?7@F A8 A6;F7> - N D > 3E A8 BD;>
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , (3:3<3B 7<B3@D3<3A 7< #@/<53 3:57C;A :35/: /1B7=< /5/7<AB B63 A/:3 =4 *## B= $@=D723<13 #@ 73D>K BD;> .7>7@7F 3@@AG@576 ;F :3E ;@F7DH7@76 ;@ )D3@97 7>9;G?E >793> 35F;A@ 393;@EF F:7 E3>7 A8 F:7 13>>AA@ 534>7 AB7D3FAD 0)) FA *DAH;67@57 8F7D 3 ?AD7 F:ADAG9: >793> 3@3>KE;E A8 F:7 BDA576GD7 F:3F )D3@97 7>9;G? ;@;F;3F76 393;@EF F:7 E3>7 A8 0)) .7>7@7F 5A@5>G676 F:3F ;F I3E ?AD7 <G6;5;AGE 8AD F:7 A?B3@K FA ;@F7DH7@7 ;@ F:7 BDA576GD7 ;@ AD67D FA E3879G3D6 ;FE D;9:FE I;F: D7EB75F FA 3@K 675;E;A@ I:;5: 5AG>6 47 F3=7@ ;@ F:;E 53E7 (3:3<3B 7AAC3A / <3E G3/@ M ;7::7=< @3D=:D7<5 1@327B 4/17:7BG .7>7@7FE 8;@3@5;@9 EG4E;6;3DK .7>7@7F #@F7D@3F;A@3> ;@3@57 - N D > :3E 7@F7D76 ;@FA 3 @7I K73D T ?;>>;A@ D7HA>H;@9 5D76;F 835;>;FK F:7 R@7I , S .:7 @7I , D7B>357E F:7 A?B3@KQE 5GDD7@F T ?;>>;A@ D7HA>H;@9 5D76;F 835;>;F;7E I;F: 57DF3;@ 3H3;>34;>;F;7E GB FA $G@7 E EG5: .7>7@7F EG5577676 ;@ 7JF7@6;@9 3@6 GBE;L;@9 ;FE D7HA>H;@9 5D76;F 835;>;F;7E 8GDF:7D EFD7@9F:7@;@9 ;FE >;CG;6;FK BDA8;>7 #@ 366;F;A@ .7>7@7F 5A@F;@G7E FA :3H7 3557EE FA T ?;>>;A@ A8 366;F;A@3> >;CG;6;FK G@67D E7B3D3F7 39D77?7@FE I;F: 57DF3;@ >7@67DE 4D;@9;@9 F:7 FAF3> >;CG;6;FK 4G887D FA T ?;>>;A@ A@ FAB A8 F:7 T ?;>>;A@ A8 53E: 3@6 53E: 7CG;H3>7@FE F:7 A?B3@K :7>6 A@ '3D5: .:7 @7I , :3E F:7 8A>>AI;@9 5:3D35F7D;EF;5E ; ?3FGD;FK A8 '3K H7DEGE 757?47D 8AD F:7 5GDD7@F T ?;>>;A@ , * 3@6 $G@7 8AD F:7 5GDD7@F T ?;>>;A@ , ! ;; 3 ?3D9;@ A8 AH7D /,# ), 8>AAD76 3F H7DEGE G@67D , ! 3@6 G@67D F:7 E:ADF 63F76 , * 3@6 ;;; 3 5A??;F?7@F 877 A8 A8 F:7 ?3D9;@ G@5:3@976 .:7 @7I , 53@ 47 GE76 8AD 97@7D3> 5ADBAD3F7 BGDBAE7E I:;5: ?3K ;@5>G67 35CG;E;F;A@E 6;EFD;4GF;A@E FA E:3D7:A>67DE 3@6 97@7D3> IAD=;@9 53B;F3> D7CG;D7?7@FE A8 F:7 A?B3@K (3:3<3B AC113AA4C::G 1=;>:3B32 B63 @3>C@16/A3 =4 7BA M ;7::7=< '3<7=@ '31C@32 7F32 &/B3 "=B3A 2C3 !/@16 .7>7@7FE 8;@3@5;@9 EG4E;6;3DK .7>7@7F ;@3@57 &GJ7?4AGD9 (AF7E - N D > R. &(S :3E EG557EE8G>>K 5A?B>7F76 F:7 D7BGD5:3E7 A8 ;FE T ?;>>;A@ -7@;AD -75GD76 ;J76 ,3F7 (AF7E 6G7 '3D5: F:7 R(AF7ES 8AD 3@ 399D793F7 3?AG@F A8 T ?;>>;A@ .:7 (AF7E I7D7 D7BGD5:3E76 3F 3 I7;9:F76 3H7D397 BD;57 A8 AH7D F:7 B7D;A6 '3D5: GB FA BD;> F:DAG9: 3@ ;@67B7@67@F 8;@3@5;3> ;@F7D?76;3DK I:A D7BGD5:3E76 EG5: (AF7E A@ . &(QE 47:3>8 .:7 FD3@E35F;A@ I3E E7FF>76 A@ BD;> F:DAG9: 7J57EE 53E: A@ F:7 A?B3@KQE 43>3@57 E:77F 3@6 I;>> 8GDF:7D EA>;6;8K F:7 A?B3@KQE 6<GEF76 D77 3E: >AI BDA8;>7 . &( :3E 53@57>>76 F:7 D7BGD5:3E76 (AF7E ;@ 8G>> ;@5>G6;@9 F:7 E7FF>7?7@F A8 355DG76 ;@F7D7EF .:DAG9: F:;E FD3@E35F;A@ F:7 AGFEF3@6;@9 BD;@5;B3> 3?AG@F G@67D F:7 (AF7E 675D73E76 FA T ?;>>;A@ >736;@9 FA 3@@G3> 53E: ;@F7D7EF E3H;@9E A8 T ?;>>;A@ $@=>=A32 5@=AA 47</: 27D723<2 =4 M >3@ A6/@3 />>@=D32 0G B63 ! )@ BD;> .7>7@7FE @@G3> !7@7D3> -:3D7:A>67DE '77F;@9 3BBDAH76 F:7 BDABAE76 9DAEE 8;@3> 6;H;67@6 A8 T B7D E:3D7 7CG;H3>7@F FA T ?;>>;A@ 43E76 A@ 6;H;67@6 7@F;F>76 E:3D7E 3E B7D '3D5: 3@6 7J5>G6;@9 FD73EGDK E:3D7E 3F F:3F F;?7 I:;5: 3D7 @AF 6;H;67@6 7@F;F>76 .:7 8;@3> 6;H;67@6 I;>> 47 B3;6 A@ '3K I;F: F:7 .7>7@7F E:3D7E FD36;@9 7J 6;H;67@6 3E A8 F:7 AB7@;@9 A8 F:7 DGEE7>E EFA5= 7J5:3@97 A@ '3K .:7 EG? A8 F:7 757?47D 9DAEE ;@F7D?76;3F7 6;H;67@6 A8 T ?;>>;A@ T B7D E:3D7 3@6 F:7 BDABAE76 9DAEE 8;@3> 6;H;67@6 A8 T ?;>>;A@ T B7D E:3D7 >736E FA 3 9DAEE FAF3> 6;H;67@6 AH7D 2 A8 T ?;>>;A@ T B7D E:3D7 /<13::/B7=< =4 B@3/AC@G A6/@3A />>@=D32 0G B63 ! )@ BD;> .7>7@7FE JFD3AD6;@3DK -:3D7:A>67DEQ '77F;@9 3BBDAH76 F:7 BDABAE76 53@57>>3F;A@ A8 FD73EGDK E:3D7E .:;E BDABAE3> ;E 5A@E;EF7@F I;F: .7>7@7FQE BA>;5K FA ?3;@F3;@ 3@ 367CG3F7 >7H7> A8 FD73EGDK E:3D7E FA 5AH7D F:7 AGFEF3@6;@9 A4>;93F;A@E G@67D F:7 A?B3@KQE ?3@397?7@F >A@9 F7D? ;@57@F;H7 B>3@E A@E7CG7@F>K F:7 A?B3@KQE E:3D7 5AG@F 675D73E76 8DA? FA I;F: ;??76;3F7 78875F
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , (3:3<3B @=C> =:27<5 "* H =<A=:72/B32 7<B3@7; =>3@/B7<5 AB/B7AB71A A=4/<24=@B63B6@33;=<B6A3<232!/@16 6/<53 (=B/:'3@D713A=;07<32"3BE=@9 "A?7EB3EE76 *723= 3E;5H;67A @:3@576H;67A (=B/:D723= <B3@<3B ,7E;67@F;3>4DA3643@6;@F7D@7F GE;@7EE4DA3643@6;@F7D@7F (=B/:0@=/20/<27<B3@<3B 7F32:7<3B3:3>6=<G ,7E;67@F;3>8;J76 >;@7F7>7B:A@K GE;@7EE8;J76 >;@7F7>7B:A@K (=B/:47F32:7<3B3:3>6=<G (=B/:&)A 6C@< 0;67A DA3643@6;@F7D@7F ;J76 >;@7F7>7B:A@K CAB=;3@@3:/B7=<A67>7<4=@;/B7=< .D;B>7 B>3K5GEFA?7DE .AF3>5GEFA?7DD7>3F;A@E:;BE -7DH;57EB7D5GEFA?7DD7>3F;A@E:;B P ,*/B7D5GEFA?7DD7>3F;A@E:;B;@T ?A@F: A=4/<24=@B63B6@33;=<B6A3<232!/@16 6/<53 !=07:3AB/B7AB71A !=07:3B3:3>6=<G *AEFB3;6EG4E5D;47DE *D7B3;6EG4E5D;47DE (=B/:;=07:3AC0A1@703@A
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
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , ADF:7F:D77?A@F:E7@676 T;@?;>>;A@E 7J57BFE:3D7E3@6B7DE:3D73?AG@FE '3D5: 6/<53 17;9:F763H7D397E:3D7EAGFEF3@6;@9 3E;573D@;@9EB7DE:3D7 ( ' ;>GF7673D@;@9EB7DE:3D7 ( ' &3D3<C30G"/BC@3 -G4E5D;BF;A@D7H7@G7 0;67A P DA3643@6;@F7D@7F ;J76 >;@7F7>7B:A@K /0:3AC0A1@7>B7=<@3D3<C3 I 'A4;>7F7>7B:A@K (=B/:AC0A1@7>B7=<@3D3<C3 GE;@7EEE7DH;57E )F:7D (=B/:&3D3<C3 F>3<A3A0G"/BC@3 (7FIAD=AB7D3F;@97JB7@E7E P ;D75F5AEFEBDA9D3??;@9 5ABKD;9:FE ;@F7D5A@@75F3@6AF:7D -F388 D7>3F767JB7@E7E -3>7E3@6?3D=7F;@97JB7@E7E )GFEAGD576>34AD3@6*DA87EE;A@3>E7DH;57E )F:7D;@6;D75F7JB7@E7E ,7EFDG5FGD;@95:3D97E )B7D3F;@95:3D97ED7>3F76FA35CG;E;F;A@EAD6;H7EF;FGD7E -:3D7 43E76B3K?7@FE9D3@F76FA6;D75FADE3@67?B>AK77E 7BD75;3F;A@ ?ADF;L3F;A@ ?ADF;L3F;A@A84DA3653EF;@9D;9:FE #?B3;D?7@FA8>A@9 >;H763EE7FE #@F3@9;4>73EE7FE3@69AA6I;>> P !3;@A@6;EBAE3>A8EG4E;6;3D;7E #?B3;D?7@FA8>A@9 >;H763EE7FE *DAB7DFK3@67CG;B?7@F (=B/:F>3<A3A ( ' (AF'73@;@98G>
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , ) &'1=<23<A321=<A=:72/B327<B3@7;AB/B3;3<B=41/A64:=EA C</C27B32 ADF:7F:D77?A@F:E7@676 T;@?;>>;A@E '3D5: 6/<53 /A64:=EA4@=;=>3@/B7<5/1B7D7B73A *DA8;F8ADF:7B7D;A6 7BD75;3F;A@ 3?ADF;L3F;A@ ;?B3;D?7@F3@6D7EFDG5FGD;@95:3D97E 1AD=;@953B;F3>5:3@97E3@6AF:7D@A@53E:;F7?E #@5A?7F3J7JB7@E7 (7F;@F7D7EF7JB7@E7 8AD7;9@7J5:3@97>AEE3@6AF:7D8;@3@577JB7@E7E (7F>AEE93;@A@67D;H3F;H78;@3@5;3>;@EFDG?7@FE &AEEA@7JF;@9G;E:?7@FA8674F P P &AEE93;@A@6;EBAE3>A83EE7FED7>3F76FA3<A;@FH7@FGD7 P 3E:;@F7D7EF7JB7@E7E3@653E:67D;H3F;H7E #@5A?7F3J7EB3;6 "3B1/A64@=;=>3@/B7<5/1B7D7B73A /A64:=EA4@=;7<D3AB7<5/1B7D7B73A *GD5:3E7EA8BDAB7DFK3@67CG;B?7@F *GD5:3E7EA8;@F3@9;4>7E 5CG;E;F;A@EA83@6>A3@EFA7CG;FK355AG@F76;@H7EF77E P *DA5776E8DA?E3>7A8BDAB7DFK3@67CG;B?7@F "3B1/A6CA327<7<D3AB7<5/1B7D7B73A /A64:=EA4@=;47</<17<5/1B7D7B73A ,7B3K?7@FEA8>A3@E3@64ADDAI;@9E *DA5776E8DA?>A3@E3@64ADDAI;@9E ,7BGD5:3E7A8AI@E:3D7E -3>7A8AI@E:3D7E P *3K?7@FE8AD674F;EEG3@575AEFE P P )F:7D8;@3@5;@935F;H;F;7E;@5> >73E7E "3B1/A6CA327<47</<17<5/1B7D7B73A "3B7<1@3/A3231@3/A37<1/A6/<21/A63?C7D/:3<BA 3E:3F479;@@;@9A8B7D;A6 3E:3F7@6A8B7D;A6 "3B1/A653<3@/B32CA32 " !
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
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , AD BGDBAE7E A8 53>5G>3F;@9 @30/A32 5@=EB6 D3F7E A@ 3 5A?B3D34>7 43E;E 8AD F:7 F:D77 ?A@F:E 7@676 '3D5: I7 :3H7 36<GEF76 AGD :;EFAD;53> D7H7@G7 3@6 6<GEF76 #. FA ;@5>G67 F:7 BD7 35CG;E;F;A@ D7H7@G7 3@6 6<GEF76 #. A8 7 0;<H7D '76;3 8G>>K 5A@EA>;63F76 E;@57 $G@7 ;@ AGD D743E76 3?AG@FE 8AD F:7 F:D77 ?A@F:E 7@676 '3D5: FA F:7 E3?7 7JF7@F F:3F F:7 D7H7@G7 3@6 6<GEF76 #. A8 EG5: 7@F;FK ;E ;@5>G676 ;@ AGD D7EG>FE 8AD F:7 F:D77 ?A@F:E 7@676 '3D5: 17 :3H7 D78>75F76 F:7 D7H7@G7 3@6 6<GEF76 #. A8 7 0;<H7D '76;3 ;@ AGD D743E76 3?AG@FE 43E76 A@ I:3F I7 47>;7H7 FA 47 F:7 ?AEF D7>;34>7 ;@8AD?3F;A@ F:3F ;E 5GDD7@F>K 3H3;>34>7 FA GE 97@7D3>>K BD7 35CG;E;F;A@ 8;@3@5;3> EF3F7?7@FE 3E 36<GEF76 8AD F:7 7EF;?3F76 78875FE A8 3 3@K E;9@;8;53@F 6;887D7@57E 47FI77@ AGD 355AG@F;@9 BA>;5;7E 3@6 F:AE7 A8 F:7 35CG;D76 7@F;F;7E 4 3@K E;9@;8;53@F 78875FE A8 35CG;E;F;A@ 355AG@F;@9 36<GEF?7@FE 3@6 5 AF:7D ;F7?E I7 677? 3BBDABD;3F7 17 6A @AF 36<GEF BD7 35CG;E;F;A@ B7D;A6E FA 7>;?;@3F7 @A@D75GDD;@9 ;F7?E AD FA 9;H7 D7FDA35F;H7 78875F FA 3@K 5:3@97E ;@ 7EF;?3F7E F:3F ?;9:F 47 ;?B>7?7@F76 6GD;@9 BAEF 35CG;E;F;A@ B7D;A6E E I7 6;6 @AF AI@ AD AB7D3F7 F:7 35CG;D76 4GE;@7EE7E 6GD;@9 F:7 BD7 35CG;E;F;A@ B7D;A6E @A 3EEGD3@57 53@ 47 9;H7@ F:3F I7 :3H7 ;67@F;8;76 3>> 36<GEF?7@FE @757EE3DK FA BD7E7@F F:7 D7H7@G7 3@6 6<GEF76 #. A8 F:7E7 7@F;F;7E A@ 3 43E;E F:3F ;E 5A?B3D34>7 FA F:7 5ADD7EBA@6;@9 BAEF 35CG;E;F;A@ 3?AG@FE F:3F 3D7 ;@5>G676 ;@ AGD :;EFAD;53> D7EG>FE AD F:3F F:7 BD7 35CG;E;F;A@ 8;@3@5;3> EF3F7?7@FE I7 :3H7 D7>;76 GBA@ 6A @AF 5A@F3;@ G@67F75F76 7DDADE #@ 366;F;A@ F:7 D743E76 9DAIF: B7D57@F397E 3D7 @AF @757EE3D;>K ;@6;53F;H7 A8 F:7 D7H7@G7 3@6 6<GEF76 #. F:3F IAG>6 :3H7 A55GDD76 ;8 F:7E7 FD3@E35F;A@E :36 A55GDD76 A@ F:7 63F7E 3EEG?76 8AD BGDBAE7E A8 53>5G>3F;@9 AGD D743E76 3?AG@FE AD F:7 D7H7@G7 3@6 6<GEF76 #. F:3F I;>> A55GD ;@ F:7 8GFGD7 .:7 D743E76 9DAIF: B7D57@F397E :3H7 477@ BD7E7@F76 3E 3 43E;E 8AD 3EE7EE;@9 9DAIF: D3F7E A@ 3 5A?B3D34>7 43E;E 3@6 3D7 @AF BD7E7@F76 3E 3 ?73EGD7 A8 AGD BDA 8AD?3 8;@3@5;3> B7D8AD?3@57 ( ;E 678;@76 3E BDA8;F 478AD7 @7F 8;@3@57 7JB7@E7 F:7 E:3D7 A8 F:7 D7EG>F A8 7CG;FK 355AG@F76 ;@H7EF77E ;@5A?7 F3J7E 67BD75;3F;A@ 3?ADF;L3F;A@ 3@6 ;?B3;D?7@F 28CAB32 ( ;E 678;@76 3E #. 478AD7 EFA5= 43E76 5A?B7@E3F;A@ BAEF ?73EGD7?7@F B7D;A6 36<GEF?7@FE D7>3F76 FA 4GE;@7EE 35CG;E;F;A@E 3@6 D7EFDG5FGD;@9 5:3D97E 3@6 478AD7 AB7D3F;@9 5:3D97E AD 5D76;FE D7>3F76 FA EG557EE8G> AD G@EG557EE8G> 35CG;E;F;A@E AD 6;H7EF;FGD7E )B7D3F;@9 5:3D97E AD 5D76;FE D7>3F76 FA 35CG;E;F;A@E AD 6;H7EF;FGD7E ;@5>G67 ; 93;@E 3@6 >AEE7E A@ F:7 6;EBAE;F;A@ A8 >A@9 >;H76 3EE7FE ;; 6G7 6;>;97@57 >793> 36H;EADK 3@6 AF:7D F:;D6 B3DFK 5AEFE 6;D75F>K D7>3F76 FA F:7 A?B3@KQE 788ADFE FA 35CG;D7 AD 6;H7EF 5A@FDA>>;@9 ;@F7D7EFE ;@ 4GE;@7EE7E 3@6 ;;; AF:7D 35CG;E;F;A@ D7>3F76 ;F7?E EG5: 3E 93;@E 3@6 >AEE7E A@ F:7 E7FF>7?7@F A8 5A@F;@97@F 5A@E;67D3F;A@ 6<GEF76 #. ;E 3@ 366;F;A@3> ?73EGD7 GE76 4K ?3@397?7@F FA 67?A@EFD3F7 F:7 A?B3@KQE G@67D>K;@9 B7D8AD?3@57 3@6 E:AG>6 @AF D7B>357 F:7 ?73EGD7E ;@ 355AD63@57 I;F: / # ,- 3E 3@ ;@6;53FAD A8 F:7 A?B3@KQE B7D8AD?3@57 4GF D3F:7D E:AG>6 47 GE76 ;@ 5A@<G@5F;A@ I;F: F:7 ?AEF 6;D75F>K 5A?B3D34>7 / # ,- ?73EGD7 D75A@5;>;3F;A@ A8 F:;E ?73EGD7 FA F:7 ?AEF 6;D75F>K 5A?B3D34>7 / # ,- ?73EGD7 ;E 6;E5>AE76 ;@ J:;4;F A@ B397 11@C32 1/>7B/: 3F>3<27BC@3A 3D7 678;@76 3E 366;F;A@E FA BDAB7DFK 7CG;B?7@F 3@6 ;@F3@9;4>7 3EE7FE ;@5>G6;@9 366;F;A@E 8DA? 53B;F3> >73E7E 3@6 AF:7D 8;@3@5;@9 3DD3@97?7@FE 3E D7BADF76 ;@ F:7 A?B3@KQE 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> BAE;F;A@ A@ 3@ 355DG76 43E;E #>3@/B7<5 @33 /A6 :=E R) S ;E 678;@76 3E 6<GEF76 #. ?;@GE 355DG76 53B;F3> 7JB7@6;FGD7E 3E D7BADF76 ;@ F:7 A?B3@KQE 5A@EA>;63F76 8;@3@5;3> EF3F7?7@FE 55DG76 53B;F3> 7JB7@6;FGD7E 7J5>G67 F:7 D75A9@;F;A@ A8 8AAF43>> 4DA3653EF;@9 D;9:FE 3@6 ?A4;>7 EB75FDG? >;57@E7E 28CAB32 @33 /A6 :=E ;E 678;@76 3E @7F 53E: BDAH;676 4K F:7 A?B3@KQE AB7D3F;@9 35F;H;F;7E B>GE ; 53E: B3K?7@FE 8AD F:;D6 B3DFK 5AEFE 6;D75F>K 3EEA5;3F76 I;F: EG557EE8G> 3@6 G@EG557EE8G> 35CG;E;F;A@E 3@6 6;H7EF;FGD7E 3@6 ;; 7JB7@E7E 8;@3@576 4K 3@ ;@F7D?76;3DK >7EE ; BGD5:3E7E A8 BDAB7DFK 3@6 7CG;B?7@F 3@6 BGD5:3E7E A8 ;@F3@9;4>7E 3E D7BADF76 ;@ F:7 A?B3@KE 5A@EA>;63F76 EF3F7?7@F A8 53E: 8>AIE ;; BD;@5;B3> B3K?7@FE A@ 3?AG@FE 8;@3@576 4K H7@6ADE 3@6 ;@F7D?76;3D;7E ;;; BD;@5;B3> B3K?7@FE A@ 53B;F3> >73E7E 7J5>GE;H7 A8 @7FIAD= D7>3F76 >73E7E F:3F I7D7 3EEG?76 ;@ 35CG;E;F;A@E 3@6 ;H BD;@5;B3> B3K?7@FE A@ BAEF 35CG;E;F;A@ 366;F;A@E FA @7FIAD= >73E7E 735: 3E D7BADF76 ;@ F:7 A?B3@KQE 5A@EA>;63F76 EF3F7?7@F A8 53E: 8>AIE 6<GEF76 D77 3E: >AI ;E 3@ 366;F;A@3> ?73EGD7 GE76 4K ?3@397?7@F FA 67?A@EFD3F7 F:7 A?B3@KQE 34;>;FK FA E7DH;57 674F 3@6 8G@6 @7I ;@H7EF?7@F ABBADFG@;F;7E 3@6 E:AG>6 @AF D7B>357 F:7 ?73EGD7E ;@ 355AD63@57 I;F: / # ,- 3E 3@ ;@6;53FAD A8 F:7 A?B3@KQE B7D8AD?3@57 4GF D3F:7D E:AG>6 47 GE76 ;@ 5A@<G@5F;A@ I;F: F:7 ?AEF 6;D75F>K 5A?B3D34>7 / # ,- ?73EGD7 /A71 *723= 'C0A1@703@ ;E 3 :A?7 D7E;67@F;3> ?G>F;B>7 6I7>>;@9 G@;F AD 5A??7D5;3> G@;F F:3F D757;H7E .7>7@7FE H;67A E7DH;57 AH7D F:7 A?4;@76 (7FIAD= 7;F:7D H;3 3@ 3@3>A9 H;67A E;9@3> AD H;3 3 6;9;F3> H;67A E;9@3> I;F:AGF EG4E5D;4;@9 FA 3@K D75GDD;@9 ?A@F:>K E7DH;57 F:3F D7CG;D7E F:7 GE7 A8 7@5DKBF;A@ 7@34>;@9 F75:@A>A9K @5DKBF;A@ 7@34>;@9 F75:@A>A9K ;@5>G67E E?3DF 53D6E AD AF:7D ;@F79D3F76 AD H;DFG3> F75:@A>A9;7E F:3F .7>7@7F GE7E FA BDAH;67 ;FE 7@:3@576 E7DH;57 A887D;@9E .7>7@7F 5AG@FE ,7H7@G7 !7@7D3F;@9 /@;F7E R,!/ES A@ 3 G@;CG7 BD7?;E7E 43E;E #@ AF:7D IAD6E 3 EG4E5D;47D I;F: ?G>F;B>7 AGF>7FE ;@ A@7 BD7?;E7 ;E 5AG@F76 3E A@7 ,!/ 3@6 3 EG4E5D;47D I;F: FIA :A?7E 3@6 3 EG4E5D;BF;A@ FA .7>7@7FE H;67A E7DH;57 3F 735: :A?7 ;E 5AG@F76 3E FIA ,!/E <6/<132 *723= 'C0A1@703@ ;E 3 :A?7 D7E;67@F;3> ?G>F;B>7 6I7>>;@9 G@;F AD 5A??7D5;3> G@;F F:3F D757;H7E .7>7@7FE H;67A E7DH;57 AH7D F:7 A?4;@76 (7FIAD= H;3 3 6;9;F3> H;67A E;9@3> I:;>7 EG4E5D;4;@9 FA 3@K D75GDD;@9 ?A@F:>K E7DH;57 F:3F D7CG;D7E F:7 GE7 A8 7@5DKBF;A@ 7@34>;@9 F75:@A>A9K @:3@576 0;67A -G4E5D;47DE 3D7 5AG@F76 A@ 3 G@;CG7 BD7?;E7E 43E;E AD 7J3?B>7 3 EG4E5D;47D I;F: A@7 AD ?AD7 E7F FAB 4AJ7E F:3F D757;H7E .7>7@7FE H;67A E7DH;57 ;@ A@7 BD7?;E7 ;E 97@7D3>>K 5AG@F76 3E <GEF A@7 EG4E5D;47D @ @:3@576 0;67A -G4E5D;47D ;E @AF 5AG@F76 3E 3 3E;5 0;67A -G4E5D;47D E .7>7@7F ?;9D3F7E 5GEFA?7DE 8DA? 43E;5 FA 7@:3@576 H;67A E7DH;57E .7>7@7F D7BADFE 3 675D73E7 ;@ ;FE 3E;5 0;67A -G4E5D;47DE 7CG3> FA F:7 ;@5D73E7 ;@ .7>7@7FE @:3@576 0;67A -G4E5D;47DE <B3@<3B 'C0A1@703@ ;E 3 :A?7 D7E;67@F;3> ?G>F;B>7 6I7>>;@9 G@;F AD 5A??7D5;3> G@;F F:3F D757;H7E ;@F7D@7F E7DH;57E AH7D F:7 A?4;@76 (7FIAD= 7F32:7<3 (3:3>6=<G 'C0A1@703@ ;E 3 :A?7 D7E;67@F;3> ?G>F;B>7 6I7>>;@9 G@;F AD 5A??7D5;3> G@;F F:3F D757;H7E 8;J76 >;@7 HA;57 E7DH;57E AH7D F:7 A?4;@76 (7FIAD= ;J76 >;@7 F7>7B:A@K -G4E5D;47DE 7J5>G67 ?A4;>7 F7>7B:A@K EG4E5D;47DE (3:3<3BA ;=07:3 AC0A1@703@ 1=C<B D7BD7E7@FE F:7 @G?47D A8 35F;H7 EG4E5D;47D ;67@F;8;53F;A@ ?A6G>7 R-#'S 53D6E ;@ E7DH;57 D3F:7D F:3@ E7DH;57E BDAH;676 AD 7J3?B>7 ;8 3 ?A4;>7 EG4E5D;47D :3E 4AF: 3 63F3 3@6 HA;57 B>3@ A@ 3 E?3DFB:A@7 F:;E IAG>6 7CG3F7 FA A@7 ?A4;>7 EG4E5D;47D >F7D@3F;H7>K 3 EG4E5D;47D I:A :3E 3 HA;57 3@6 63F3 B>3@ 8AD
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , 3 ?A4;>7 :3@6E7F 3@6 3 63F3 B>3@ 8AD 3 >3BFAB H;3 3 6A@9>7 IAG>6 47 5AG@F76 3E FIA ?A4;>7 EG4E5D;47DE GEFA?7DE I:A 6A @AF B3K 3 D75GDD;@9 ?A@F:>K 877 3D7 7J5>G676 8DA? .7>7@7FE ?A4;>7 F7>7B:A@K EG4E5D;47D 5AG@FE 38F7D 3 63K ;@35F;H;FK B7D;A6 CAB=;3@ &3:/B7=<A67>A 3D7 F:7 @G?47D A8 5GEFA?7DE I:A D757;H7 3F >73EF A@7 A8 .7>7@7FE H;67A ;@F7D@7F AD F7>7B:A@K E7DH;57E F:3F .7>7@7F 5AG@FE 3E ,!/E I;F:AGF D793D6 FA I:;5: AD FA :AI ?3@K E7DH;57E F:7K EG4E5D;47 GEFA?7D ,7>3F;A@E:;BE 97@7D3>>K 3D7 5AG@F76 A@ 3 G@;CG7 BD7?;E7E 43E;E 55AD6;@9>K ;8 3@ ;@6;H;6G3> D757;H7E .7>7@7FE E7DH;57E ;@ FIA BD7?;E7E 7 9 3 BD;?3DK :A?7 3@6 3 H353F;A@ :A?7 F:3F ;@6;H;6G3> 97@7D3>>K I;>> 5AG@F 3E FIA GEFA?7D ,7>3F;A@E:;BE .7>7@7F 7J5>G67E ?A4;>7 A@>K 5GEFA?7DE 8DA? GEFA?7D ,7>3F;A@E:;BE D3@/53 &3D3<C3 $3@ )<7B K&$)L D787DE FA F:7 3H7D397 ?A@F:>K EG4E5D;BF;A@ D7H7@G7 B7D 3H7D397 5GEFA?7D D7>3F;A@E:;B 3@6 ;E 53>5G>3F76 4K 6;H;6;@9 F:7 3H7D397 ?A@F:>K EG4E5D;BF;A@ D7H7@G7 7J5>G6;@9 ?A4;>7 E7DH;57E GE;@7EE FA GE;@7EE E7DH;57E ;@F7D5A@@75F 5:3@@7> 53DD;397 877E ?A4;>7 :3@6E7F E3>7E 3@6 ;@EF3>>3F;A@ 877E 8AD F:7 ;@6;53F76 B7D;A6 4K F:7 3H7D397 A8 F:7 AB7@;@9 3@6 5>AE;@9 43>3@57E 8AD 5GEFA?7D D7>3F;A@E:;BE 8AD F:7 B7D;A6 =;3A $/AA32 3D7 :A?7E D7E;67@F;3> ?G>F;B>7 6I7>>;@9 G@;FE AD 5A??7D5;3> G@;FE F:3F 53@ 47 5A@@75F76 FA F:7 A?4;@76 (7FIAD= I;F:AGF ?3F7D;3>>K 7JF7@6;@9 F:7 6;EFD;4GF;A@ B>3@F .7>7@7FE "A?7E *3EE76 5AG@FE 3D7 43E76 A@ 57@EGE 63F3 F:3F 53@ 5:3@97 43E76 A@ 7;F:7D D7H;E;A@E FA F:7 63F3 AD 8DA? @7I 57@EGE D7EG>FE &) ;E E7B3D3F7>K 3 3E;5 0;67A -G4E5D;47D @:3@576 0;67A -G4E5D;47D #@F7D@7F -G4E5D;47D AD ;J76 >;@7 .7>7B:A@K -G4E5D;47D :A?7 D7E;67@F;3> ?G>F;B>7 6I7>>;@9 G@;F AD 5A??7D5;3> G@;F ?3K 5A@F3;@ A@7 AD ?AD7 ,!/E AD 7J3?B>7 ;8 3 D7E;67@F;3> 5GEFA?7D EG4E5D;476 FA .7>7@7FE 7@:3@576 H;67A E7DH;57 8;J76 >;@7 F7>7B:A@K E7DH;57 3@6 4DA3643@6 ;@F7D@7F E7DH;57 F:7 5GEFA?7D IAG>6 5A@EF;FGF7 F:D77 ,!/E .AF3> ,!/E ;E F:7 EG? A8 3E;5 0;67A @:3@576 0;67A #@F7D@7F 3@6 ;J76 >;@7 .7>7B:A@K -G4E5D;47DE ,!/E 97@7D3>>K 3D7 5AG@F76 A@ 3 G@;CG7 BD7?;E7E 43E;E EG5: F:3F 3 9;H7@ BD7?;E7E 6A7E @AF 5AG@F 3E ?AD7 F:3@ A@7 ,!/ 8AD 3@K 9;H7@ E7DH;57 )@ F:7 AF:7D :3@6 ;8 3@ ;@6;H;6G3> D757;H7E A@7 A8 .7>7@7FE E7DH;57E ;@ FIA BD7?;E7E 7 9 3 BD;?3DK :A?7 3@6 3 H353F;A@ :A?7 F:3F ;@6;H;6G3> I;>> 5AG@F 3E FIA ,!/E 8AD F:3F E7DH;57 35: 4G@6>76 534>7 ;@F7D@7F AD 8;J76 >;@7 F7>7B:A@K E7DH;57 ;E 5AG@F76 3E 3 E7B3D3F7 ,!/ D793D6>7EE A8 F:7 @3FGD7 A8 3@K 4G@6>;@9 6;E5AG@F AD BDA?AF;A@ (A@ B3K;@9 EG4E5D;47DE 3D7 5AG@F76 3E EG4E5D;47DE 6GD;@9 F:7;D 8D77 BDA?AF;A@3> E7DH;57 B7D;A6 -A?7 A8 F:7E7 EG4E5D;47DE ?3K 5:AAE7 FA 6;E5A@@75F 38F7D F:7;D 8D77 E7DH;57 B7D;A6 -7DH;57E A887D76 I;F:AGF 5:3D97 A@ 3 >A@9 F7D? 43E;E 7 9 0#* EG4E5D;47DE 8D77 E7DH;57 FA 7?B>AK77E 97@7D3>>K 3D7 @AF 5AG@F76 3E ,!/E .7>7@7F 6A7E @AF ;@5>G67 EG4E5D;BF;A@E FA ?A4;>7 E7DH;57E ;@ ;FE 7JF7D@3>>K D7BADF76 ,!/ 5AG@FE CAB=;3@ 6C@< D7BD7E7@FE F:7 D3F7 3F I:;5: 5GEFA?7DE D7>;@CG;E: F:7;D EG4E5D;BF;A@E .:7 3@@G3> DA>>;@9 3H7D397 43E;E ;E 53>5G>3F76 4K 6;H;6;@9 F:7 @G?47D A8 6;E5A@@75FE 6GD;@9 F:7 BD7576;@9 ?A@F:E 4K F:7 3H7D397 @G?47D A8 5GEFA?7D D7>3F;A@E:;BE AD F:7 BGDBAE7 A8 5A?BGF;@9 5:GD@ 3 6;E5A@@75F ;E 677?76 FA :3H7 A55GDD76 ;8 F:7 5GEFA?7D @A >A@97D D757;H7E 3@K >7H7> A8 E7DH;57 8DA? .7>7@7F 3@6 ;E D7CG;D76 FA D7FGD@ .7>7@7FE 7CG;B?7@F B3DF;3> BDA6G5F 6AI@9D367 FKB;53>>K GE76 FA 7@5AGD397 5GEFA?7DE FA B3K 3@ AGFEF3@6;@9 4;>> 3@6 3HA;6 5A?B>7F7 E7DH;57 6;E5A@@75F;A@ ;E @AF 5A@E;67D76 FA 47 6;E5A@@75F76 8AD BGDBAE7E A8 .7>7@7FE 5:GD@ 53>5G>3F;A@E GEFA?7DE I:A ?AH7 I;F:;@ .7>7@7FE 534>7 8AAFBD;@F 3@6 GB9D367E 3@6 6AI@9D367E 47FI77@ E7DH;57E 3D7 3>EA 7J5>G676 8DA? F:7 6;E5A@@75F 8;9GD7E GE76 ;@ F:7 5:GD@ 53>5G>3F;A@ .7>7@7FE &$) >3@ ;=07:3 AC0A1@703@ 53>5G>3F;A@ F:3F 7J5>G67E ;@F7D5A@@75F D7H7@G7 D787DE FA F:7 3H7D397 ?A@F:>K ?A4;>7 EG4E5D;BF;A@ D7H7@G7 B7D 3H7D397 ?A4;>7 EG4E5D;47DE ;@ E7DH;57 3@6 ;E 53>5G>3F76 4K 6;H;6;@9 F:7 3H7D397 ?A@F:>K ?A4;>7 EG4E5D;BF;A@ D7H7@G7 7J5>G6;@9 35F;H3F;A@ 877E :3@6E7F E3>7E 3@6 >3F7 877E 8AD F:7 ;@6;53F76 B7D;A6 4K F:7 3H7D397 A8 F:7 AB7@;@9 3@6 5>AE;@9 43>3@57E A8 ?A4;>7 EG4E5D;47DE ;@ E7DH;57 8AD F:7 B7D;A6 .7>7@7FE ,*/ B7D ?A4;>7 EG4E5D;47D 53>5G>3F;A@ F:3F ;@5>G67E ;@F7D5A@@75F D7H7@G7 ;@5D73E7E F:7 @G?7D3FAD ;@ F:7 34AH7 67E5D;476 53>5G>3F;A@ 4K F:7 3?AG@F A8 ?A4;>7 ;@F7D5A@@75F D7H7@G7 6GD;@9 F:7 B7D;A6 "3B B=B/: :3D3@/53 ;E 678;@76 3E F:7 EG? A8 3>> A8 F:7 A?B3@KE E:ADF F7D? 3@6 >A@9 F7D? >;34;>;F;7E ?;@GE 53E: 3@6 53E: 7CG;H3>7@FE (7F .AF3> 74F 3E D75AD676 ;@ F:7 A?B3@KE EF3F7?7@F A8 8;@3@5;3> BAE;F;A@ 6;H;676 4K F:7 >3EF FIA CG3DF7DE A@EA>;63F76 @@G3>;L76 #. #@ ;FE EF3F7?7@F A8 8;@3@5;3> BAE;F;A@ .7>7@7FE /- 67@A?;@3F76 674F :3E 477@ 5A@H7DF76 ;@FA T GE;@9 F:7 '3D5: /, /- 7J5:3@97 D3F7 E .7>7@7F :3E 7@F7D76 ;@FA E7H7D3> 67D;H3F;H7 FD3@E35F;A@E FA :7697 4AF: F:7 G@67D>K;@9 8>A3F;@9 ;@F7D7EF D3F7 3@6 7J5:3@97 D;E=E F:7 T 7CG;H3>7@F :76976 3?AG@FE I7D7 T ?;>>;A@ /- ?;>>;A@ .7D? &A3@ , 3@6 T ?;>>;A@ /- 4;>>;A@ -7@;AD -75GD76 (AF7E 6G7 D7EB75F;H7>K AD F:7 53>5G>3F;A@ A8 ;FE @7F >7H7D397 D3F;A .7>7@7F GE7E F:7 T 7CG;H3>7@F :76976 3?AG@FE 9;H7@ F:7 G@67D>K;@9 75A@A?;5 D;E= 7JBAEGD7 "3B 1=D3</<B :3D3@/53 ;E 53>5G>3F76 3E B7D F:7 ?7@676 -7@;AD D76;F 35;>;FK 678;@;F;A@ GE;@9 (7F .AF3> 74F GE;@9 F:7 T 7CG;H3>7@F :76976 3?AG@FE 8AD ;FE /- 67@A?;@3F76 674F 3E :;9:>;9:F76 34AH7 7J5>G6;@9 ; EG4AD6;@3F76 E:3D7:A>67D >A3@E ;; 53B;F3>;L76 7>7?7@FE A8 ;@674F76@7EE G@67D F:7 >;7@F7>7 3@6 @@G;FK 77E ;;; 3@K 8;@3@57 >73E7E 7@F7D76 ;@FA A@ AD BD;AD FA G9GEF ;H 3@K ;@674F76@7EE ;@5GDD76 G@67D F:7 @7FIAD= >73E7 7@F7D76 ;@FA I;F: F:7 BGD7 ;@F7D?G@;5;B3>;F;7E 3@6 H 3@K H7@6AD 8;@3@5;@9 D7>3F76 >;34;>;F;7E 6;H;676 4K >3EF FIA CG3DF7DEQ A@EA>;63F76 @@G3>;L76 #. ;@5>G6;@9 57DF3;@ G@D73>;L76 5AEF EK@7D9;7E D7>3F76 FA F:7 - 3@6 - , 7>GJ 35CG;E;F;A@E <D3AB=@</:GAB1/::H.7>7@7FI;>>:AEF3H;67AI7453EF3@65A@87D7@5753>>8AD;@EF;FGF;A@3>;@H7EFADE3@63@3>KEFEA@ BD;> 3FB? . AD67F3;>E3@6I7453EF>;@=E B>73E7H;E;F:FFBE ;@H7EFADE F7>7@7F 47
. & ( .!,)/*")& #(!(0 ,(#(!-, & - #,-.+/,. , =<B/1BA #@H7EFAD,7>3F;A@E ,A4!AK7@E DA4 9AK7@EF7>7@7F9DAGB 47 *:A@7 3DF AA@7 43DF 4AA@7F7>7@7F9DAGB 47 *:A@7 *D7EE'76;3,7>3F;A@E -F783@ A7@<37DFE EF783@ 5A7@<37DFEF7>7@7F9DAGB 47 *:A@7 0=CB (3:3<3B H E 3 BDAH;67D A8 7@F7DF3;@?7@F 3@6 F7>75A??G@;53F;A@ E7DH;57E ;@ 7>9;G? .7>7@7F !DAGB ;E 3>I3KE >AA=;@9 8AD F:7 B7D875F 7JB7D;7@57 ;@ F:7 6;9;F3> IAD>6 8AD ;FE 5GEFA?7DE /@67D F:7 4D3@6 @3?7 .7>7@7F F:7 5A?B3@K 8A5GE7E A@ A887D;@9 6;9;F3> F7>7H;E;A@ :;9: EB776 #@F7D@7F 3@6 8;J76 3@6 ?A4;>7 F7>7B:A@K E7DH;57E FA D7E;67@F;3> 5GEFA?7DE ;@ >3@67DE 3@6 DGEE7>E /@67D F:7 4D3@6 @3?7 - ;F EGBB>;7E ?A4;>7 F7>7B:A@K ;@ 7>9;G? .:7 .7>7@7F GE;@7EE 67B3DF?7@F E7DH7E F:7 4GE;@7EE ?3D=7F ;@ 7>9;G? 3@6 &GJ7?4AGD9 I;F: 5A@@75F;H;FK :AEF;@9 3@6 E75GD;FK EA>GF;A@E 'AD7 F:3@ 7?B>AK77E :3H7 A@7 3;? ;@ ?;@6 ?3=;@9 >;H;@9 3@6 IAD=;@9 73E;7D 3@6 ?AD7 B>73E3@F .7>7@7F !DAGB ;E B3DF A8 .7>7@7F !DAGB "A>6;@9 (0 3@6 ;E CGAF76 A@ GDA@7JF DGEE7> G@67D F;5=7D EK?4A> .( . AD ?AD7 ;@8AD?3F;A@ H;E;F III F7>7@7F 47 &;47DFK !>A43> A@7 A8 F:7 IAD>6QE >736;@9 5A@H7D976 H;67A 4DA3643@6 3@6 5A??G@;53F;A@E 5A?B3@;7E ;@@AH3F;@9 3@6 7?BAI7D;@9 B7AB>7 ;@ E;J 5AG@FD;7E 35DAEE GDAB7 FA ?3=7 F:7 ?AEF A8 F:7 6;9;F3> D7HA>GF;A@ O AI@E 3 6;D75F EF3=7 A8 ;@ .7>7@7F !DAGB "A>6;@9 (0 7J5>G6;@9 3@K FD73EGDK E:3D7E :7>6 4K F:7 >3FF7D 8DA? F;?7 FA F;?7 227B7=</: <4=@;/B7=< H 66;F;A@3> ;@8AD?3F;A@ A@ .7>7@7F 3@6 ;FE BDA6G5FE 53@ 47 A4F3;@76 8DA? F:7 A?B3@KQE I74E;F7 :FFBE III F7>7@7F 47 GDF:7D ;@8AD?3F;A@ D793D6;@9 F:7 AB7D3F;@9 3@6 8;@3@5;3> 63F3 BD7E7@F76 :7D7;@ 53@ 47 6AI@>A3676 8DA? F:7 ;@H7EFAD D7>3F;A@E B397E A8 F:;E I74E;F7 .:7 A?B3@KQE A@EA>;63F76 @@G3> ,7BADF 3E I7>> 3E G@3G6;F76 5A@67@E76 5A@EA>;63F76 ;@F7D;? 8;@3@5;3> EF3F7?7@FE 3@6 BD7E7@F3F;A@E D7>3F76 FA F:7 8;@3@5;3> D7EG>FE 8AD F:D77 ?A@F:E 7@676 '3D5: :3H7 477@ ?367 3H3;>34>7 A@ F:7 ;@H7EFAD D7>3F;A@E B397E A8 F:7 A?B3@KQE I74E;F7 :FFBE ;@H7EFADE F7>7@7F 47 '/43 /@0=@ 'B/B3;3<B C<23@ B63 ) ' $@7D/B3 '31C@7B73A 7B75/B7=< &34=@; 1B =4 H 03D;AGE EF3F7?7@FE 5A@F3;@76 ;@ F:;E 6A5G?7@F 5A@EF;FGF7 R8ADI3D6 >AA=;@9 EF3F7?7@FES 3E F:3F F7D? ;E 678;@76 G@67D F:7 / - *D;H3F7 -75GD;F;7E &;F;93F;A@ ,78AD? 5F A8 1AD6E >;=7 R47>;7H7 S R3@F;5;B3F7 S RE:AG>6 S R;@F7@6 S RB>3@ S RI;>> S R7JB75FE S R7EF;?3F7E S RBDA<75FE S RBAE;F;A@76 S REFD3F79K S 3@6 E;?;>3D 7JBD7EE;A@E ;67@F;8K F:7E7 8ADI3D6 >AA=;@9 EF3F7?7@FE D7>3F76 FA AGD 8;@3@5;3> 3@6 AB7D3F;A@3> AGF>AA= 8GFGD7 9DAIF: BDAEB75FE EFD3F79;7E BDA6G5F @7FIAD= 3@6 F75:@A>A9K >3G@5:7E 3@6 7JB3@E;A@ 3@6 F:7 3@F;5;B3F76 ;?B35F A8 35CG;E;F;A@E A@ AGD 5A?4;@76 AB7D3F;A@E 3@6 8;@3@5;3> B7D8AD?3@57 I:;5: ;@HA>H7 =@AI@ 3@6 G@=@AI@ D;E=E G@57DF3;@F;7E 3@6 AF:7D 835FADE F:3F ?3K 53GE7 AGD 35FG3> D7EG>FE B7D8AD?3@57 AD 35:;7H7?7@FE AD ;@6GEFDK D7EG>FE FA 47 ?3F7D;3>>K 6;887D7@F 8DA? F:AE7 5A@F7?B>3F76 BDA<75F76 8AD753EF76 7EF;?3F76 AD 4G697F76 I:7F:7D 7JBD7EE76 AD ;?B>;76 4K F:7E7 8ADI3D6 >AA=;@9 EF3F7?7@FE .:7E7 835FADE ;@5>G67 BAF7@F;3> 36H7DE7 67H7>AB?7@FE I;F: D7EB75F FA AGD >;CG;6;FK AD D7EG>FE A8 AB7D3F;A@E BAF7@F;3> 36H7DE7 5A?B7F;F;H7 75A@A?;5 AD D79G>3FADK 67H7>AB?7@FE F:7 BAF7@F;3> 36H7DE7 ;?B35F A8 F:7 D757@F AGF4D73= A8 F:7 @AH7> 5AD@A3H;DGE )0# B3@67?;5 AGD E;9@;8;53@F 674F B3K?7@FE 3@6 AF:7D 5A@FD35FG3> 5A??;F?7@FE AGD 34;>;FK FA 8G@6 3@6 7J75GF7 AGD 4GE;@7EE B>3@ AGD 34;>;FK FA 97@7D3F7 53E: EG88;5;7@F FA E7DH;57 AGD 674F ;@F7D7EF D3F7 3@6 5GDD7@5K 7J5:3@97 D3F7 8>G5FG3F;A@E F:7 ;?B35F A8 @7I 4GE;@7EE ABBADFG@;F;7E D7CG;D;@9 E;9@;8;53@F GB 8DA@F ;@H7EF?7@FE AGD 34;>;FK FA 3FFD35F 3@6 D7F3;@ 5GEFA?7DE 3@6 ;@5D73E7 AGD AH7D3>> ?3D=7F B7@7FD3F;A@ AGD 34;>;FK FA 5A?B7F7 393;@EF AF:7D 5A??G@;53F;A@E 3@6 5A@F7@F 6;EFD;4GF;A@ 4GE;@7EE7E AGD 34;>;FK FA ?3;@F3;@ 5A@FD35FE F:3F 3D7 5D;F;53> FA AGD AB7D3F;A@E AGD 34;>;FK FA D7EBA@6 367CG3F7>K FA F75:@A>A9;53> 67H7>AB?7@FE AGD 34;>;FK FA 67H7>AB 3@6 ?3;@F3;@ 435= GB 8AD AGD 5D;F;53> EKEF7?E AGD 34;>;FK FA 5A@F;@G7 FA 67E;9@ @7FIAD=E ;@EF3>> 835;>;F;7E A4F3;@ 3@6 ?3;@F3;@ 3@K D7CG;D76 9AH7D@?7@F3> >;57@E7E AD 3BBDAH3>E 3@6 8;@3@57 5A@EFDG5F;A@ 3@6 67H7>AB?7@F ;@ 3 F;?7>K ?3@@7D 3F D73EA@34>7 5AEFE 3@6 A@ E3F;E835FADK F7D?E 3@6 5A@6;F;A@E AGD 34;>;FK FA :3H7 3@ ;?B35F GBA@ AD FA D7EBA@6 78875F;H7>K FA @7I AD ?A6;8;76 >3IE AD D79G>3F;A@E AGD 34;>;FK FA ?3=7 H3>G7 355D7F;H7 ;@H7EF?7@FE 3@6 AGD 34;>;FK FA EGEF3;@ AD ;@5D73E7 E:3D7:A>67D 6;EFD;4GF;A@E ;@ 8GFGD7 B7D;A6E 17 3EEG?7 @A A4>;93F;A@ FA GB63F7 F:7E7 8ADI3D6 >AA=;@9 EF3F7?7@FE 5A@F3;@76 :7D7;@ FA D78>75F 35FG3> D7EG>FE 5:3@97E ;@ 3EEG?BF;A@E AD 5:3@97E ;@ 835FADE 38875F;@9 F:7E7 EF3F7?7@FE 7</<17/: <4=@;/B7=< H .:7 5A@EA>;63F76 3@@G3> 8;@3@5;3> EF3F7?7@FE A8 .7>7@7F !DAGB "A>6;@9 3E A8 3@6 8AD F:7 K73D 7@676 757?47D :3H7 477@ BD7B3D76 ;@ 355AD63@57 I;F: / # ,- G@>7EE AF:7DI;E7 EF3F76 3@6 :3H7 477@ ?367 3H3;>34>7 A@ F:7 A?B3@KQE I74E;F7 "=<$ ;3/AC@3A O6<GEF76 #. )B7D3F;@9 D77 3E: >AI 3@6 6<GEF76 D77 3E: >AI 3D7 @A@ !* ?73EGD7E 3E 5A@F7?B>3F76 4K F:7 / - -75GD;F;7E 3@6 J5:3@97 A??;EE;A@QE ,79G>3F;A@ ! AD D7>3F76 678;@;F;A@E 3@6 D75A@5;>;3F;A@E E77 F:7 #@H7EFAD ,7>3F;A@E E75F;A@ A8 F:7 &;47DFK !>A43> B>5 I74E;F7 :FFBE III >;47DFK9>A43> 5A? &;47DFK !>A43> B>5 ;E F:7 A?B3@KQE 5A@FDA>>;@9 E:3D7:A>67D (67A2=1C;3<B6/A033<@3:3/A32=<>@7: /B /;(