EPS Forecast
Revenue Forecast
EX-99.1
2
earningsreleaseq12020eng.htm
EXHIBIT 99.1
earningsreleaseq12020eng
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
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
. & ( .!,)/*")& #(!(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 ,(#(!-, & - #,-.+/,. , !/@16 313;03@ 6/<53 T;@?;>>;A@E &3AB/B32 %) (-" ( ' ?C7BG -:3D753B;F3> P -:3D7BD7?;G? P )F:7DD7E7DH7E ,7F3;@76>AEE ,7?73EGD7?7@FE P (=B/:3?C7BG/BB@70CB/0:3B==E<3@A=4B63=;>/<G (A@ 5A@FDA>>;@9;@F7D7EFE (=B/:3?C7BG "=<1C@@3<B 7/07:7B73A &A3@E3@64ADDAI;@9E 7D;H3F;H78;@3@5;3>;@EFDG?7@FE 787DD76D7H7@G7 P 787DD76F3J>;34;>;F;7E )F:7D@A@ 5GDD7@F>;34;>;F;7E *DAH;E;A@E (=B/:<=<1C@@3<B:7/07:7B73A C@@3<B 7/07:7B73A &A3@E3@64ADDAI;@9E .D367B3K34>7E 55DG767JB7@E7E3@6AF:7D5GDD7@F>;34;>;F;7E *DAH;E;A@E 787DD76D7H7@G7 7D;H3F;H78;@3@5;3>;@EFDG?7@FE GDD7@FF3J>;34;>;FK &;34;>;F;7E6;D75F>K3EEA5;3F76I;F:F:73EE7FE:7>68ADE3>7 P (=B/:1C@@3<B:7/07:7B73A (=B/::7/07:7B73A (#( %) (-" ( '
. & ( .!,)/*")& #(!(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 /;(