" >"#?! #%LHA:#J4A(4E>
BA::H>-A<I8EF<GL2863(9'8-32,;8E84FBA 47I8E5 !<F84FLGB?B64G8<AA:?<F;F8AG8A68F4F<G<F4?J4LFE84?<M87<A
6?4HF8<A<G<4?CBF<G<BA F:8A8E4??L4FFH@87?8GVFF4L<G<FBI8EG?LE84?<M87<AG;82+C86(3
CBF<G<BA      /;L7<7"B;A?84I8

BJ8I8E<GF#BE84A6BHAG8EC4EG !UJ;LV;8A689BEG;/ 0B66HEF8<G;8E589BE8BE49G8E
G;8FH5=86G&( +<A68#BE84A<F49E88JBE7BE78E4A7J;<AF<GH?4A:H4:8<G<FABG84FLGB
<78AG<9LJ;8E8G;8#BE84AE84FBAJ;47I8E5<F54F8:8A8E4G87      4   /4L  ;8?<>4     GG8A44FFA<       J;L  ;8?<&'%  ?84I8(+,)
      U/;L7<7;8?<?84I8V   5   ;8?<>4J4LGG8A4FFA<!AI8FG<:4G<A:G;8<AG8EI8AG<BA89986GFB9A8:4G<I8CB?4E<GL<G8@F&(!FBA/ 0<A#BE84A#B
 4E:H8FE8?4G<A:GB<GFC?468@8AGG;4G/ 0<AG;<F?4A:H4:8<F54F8:8A8E4G87<AG;82+C86
(3CBF<G<BA 'AG;8BG;8E;4A7%<L4:4J4
@BE8E868AG?LE86BAF<78EFJ;4G+4<GB 
64??FG;8477<G<BA4?J;89986GBA "UJ;LV<A"4C4A8F8GB4E:H8G;4G/ 0<AG;<F?4A:H4:8<F
54F87:8A8E4G87<A.(47=B<A<A:CBF<G<BA /;8AJ84FFH@8G;4G !<A#BE84A#4A7 "<A"4C4A8F8"58;4I8<AG;8F4@8J4LFLAG46G<64??L F8@4AG<64??LJ864AF88G;4GF<A68#BVF  4A7 %<L4:4J4VF   <784F BA G;8 :8A8E4G<BA B9 / 0 64AABG 58 6BEE86G
F<@H?G4A8BHF?L J8 A887 GB ;4E@BA<M8 G;8 GJB <784F GB 466BHAG 9BE G;8 FLAG46G<6 4FC86GF B9
/ 0 <A G;8F8 GJB ?4A:H4:8F  ,B 4AG<6<C4G8 G;8 ?<A8 B9 7<F6HFF<BA 4;847 J8 6BA6HE J<G;
%<L4:4J4   G;4G / 0 <A # " <F 54F87:8A8E4G87 <A .(47=B<A87 CBF<G<BA 5HG 4F
8FF8AG<4??L7<6G4G875L#B <G;4F4G8A78A6LGB@BI8BI8EG?L<AG;8F4@86?4HF8GBG;8
CBF<G<BA< 8 2+C86(3J;8E8<GG4>8FF6BC8   ,;8C4C8E<FBE:4A<M874F9B??BJF +86G<BA CEBI<78F478G4<?87E8I<8JB9#BVF
4A7 "KCI@8@=?9HCH<5B?#IB69,IMCIB;5959<C<IB;1CG<=CB8C5B8*=@=B-=5B:CFH<9=F<9@D
K=H<85H57C@@97H=CB 7CFF97H=CB5B8J5@I56@9:998657?G8IF=B;H<9DF9D5F5H=CB:CFH<=GD5D9F -131-

'5BN5B%=B;I=GH=7G +9G95F7<+9GI@HG5B87H=J=H=9G%<L4:4J4VF   CEBCBF4?F BA G;8 54F8 C?468@8AG B9 / 0 <A # " F;BJ<A: ;BJ G;8<E
4A4?LF8FJBE> +86G<BAFG4EGFGB4E:H8G;4G#BVF
(%B7<9<8E LCBG;8F<F<FABGI4?<7
4A7:B8FBAGBCEBCBF8G;4G/ 0<F:8A8E4G87?BJ<AG;86?4HF4?FGEH6GHE85HG<GHA78E:B8F
F6E4@5?<A: GB G;8 +C86 B9 G;8 6?4HF8@4G8 2)3  CE88@CG<I8?L 4G BI8EG FLAG4K 4A7 GB
78@BAFGE4G8;BJG;<FCEBCBF4?64A89986G<I8?L466BHAG9BEG;8&(!<AG8EI8AG<BA89986G4G<FFH8 
?BA:G;8?<A8B9%<L4:4J4VF 4A4?LF<F9BE47=HA6G64HF4? E84FBA/ ,<A"4C4A8F8
F86G<BA<AI8FG<:4G8F#BE84AE4G<BA4?8/ ,G;4G64A4?FB58<AG8ECE8G874F464HF4? E84FBA
J;47I8E5<4? /84E:H8G;4GE4G<BA4?8/ ,<A#BE84A<F54F8:8A8E4G87<A.(C8E<C;8E4?
CBF<G<BA4A7HA78E:B8FF6E4@5?<A:GBG;8+C86B9G;86?4HF8@4G82)3BG;8EJ<F8<G<FEH?87
BHG +86G<BA8K4@<A8F4CC4E8AG?L/ 0?8FFDH8FG<BAF<A#L8A:F4A:<4?86GB9#BE84A4A7
4E:H8FG;4GG;8F8DH8FG<BAF4E8<A946G47=HA6G/ ,?8FFDH8FG<BAF +86G<BAGHEAFGB+4<GBVF 477<G<BA4?J;89986GBA/ 04A7F;BJF;BJG;8CEBCBF87BI8EG6?4HF85BHA787/ 0
@BI8@8AG;LCBG;8F<F64AF;87A8J?<:;GFBAG;889986G4G;4A7C4EG<6H?4E?L6BA68AGE4G<A:BA
G;86BAGE4FG58GJ88A# "4A7;<A8F8<A?<:;GB9G;<F89986G +86G<BAJE4CFHCJ<G;4FH@@4EL
4A76BA6?HF<BA         <')48-32%0),%:-3673*"# !G;4F588AB5F8EI87<AG;8?<G8E4GHE8G;4G/ 0<A# "<FABGBE?8FFF8AF<G<I8GBG;8&(!<AG8EI8AG<BA89986G!+88;B $88
;B<4A7#B9BE#BE84A4A7
%<L4:4J4  #HJ454E4  /4G4A458
 ,B@<B>4
 9BE "4C4A8F8  ,;8?<A84EBE78EBE66B@@4A7E8?4G<BA58GJ88A/ 04A74A&(!7B8FABG@4GG8E4F<??HFGE4G87<A
4A7J<G;&(!<AG8EI8A8EF             4   474CG879EB@;B  ;8E 
1;983 ;%= 4A   B8FFA<       4ALBA8   J;L &  6B@8(+,)
      U/;L7<7AVG4ALBA86B@8V  5   "%= %1;983 4A   B8FFA<       J;L 4ALBA8   &  6B@8(+,)

      U/;L7<7AVG4ALBA86B@8V  #B ;8E
  4   N1;9833,24%//)=O ;%= >H 6;4L>H?  <?>6<4A;4FFA<
4ALBA8 "B;ABA?L     J;L G;4G5BB>E847!&(+,)












U/;L7<7NABBA8 BA?L"B;AOE847G;4G5BB>V (H<9FDCH9BH=5@G7CD965F=B;9@9A9BHG,GH<5B')"G8CBCHG99AHC=B8I79H<9":CF0!1=B
$CF95B5B8#5D5B9G99=H<9F5GF9DCFH98=B$C  -132-

0<9F956CIHGC:9$;WK<MX=B$CF95B5B8BH==BH9FJ9BH=CBBH=GID9F=CF=HM & $  )5F?

5"%=N%1;9833,24%//)=O >H 6;4L>H?  <?>6<4A;4FFA<
J;L4ALBA8 "B;ABA?L
G;4G5BB>E847!&(+,)
U/;L7<7NABBA8 BA?L"B;AOE847G;4G5BB>V $<>8J<F8/ 0<AG;88@587787<AG8EEB:4G<I86?4HF8<FABGFH5=86GGBG;8!J;8A<G<F6
6B@@4A7875L4A&(!   474CG879EB@#B ;8E "B;AHA  2%1;983;%= >H 6;4L>H? <?>6<4A;4FFAHA6<3 @JH?8FFG4
"B;A,'( 4ALBA8 J;L G;4G5BB>E847!&(+,) 4F>(+,$
U"B;A4F>87J;LABBA8E847G;4G5BB> V#B 466BHAGF9BE/ 0VFB5I<4G<BAB9G;8!5LCEBCBF<A:9B??BJ<A:<ADH8VF 
47I8E5CBF<G<BA<A:G;8BELG;4G/ 0<A ?4A:H4:8F?<>8# "<F8KG8EA4??L@8E:874G
G;82+C86(3CBF<G<BAJ;8G;8E<A4786?4E4G<I8BE<A4A<AG8EEB:4G<I86?4HF8  #BG8E@F;8E
CEBCBF4? G;8    ! %   /;8A 8KG8EA4??L @8E:87 4G G;8 2+C86 (3
CBF<G<BA B9 4A <AG8EEB:4G<I8 6?4HF8 4F <A  G;EBH:;  / 0 7B8F ABG @BI8 4G 4?? 4F G;8?<68AF<A:984GHE82)3E8F<78F<AG;8I<6<A<GL !AI8FG<:4G<A:J;4G+4<GB 7H5FG;8477<G<BA4?J;89986GBA/ 0;BJ8I8E%<L4:4J4
 4E:H8FG;4GJ;8AB66HEE<A:J<G;BG;8EJ;C;E4F8F/ 0<F:8A8E4G87 <AG8ECE8G87<A4?BJ8E CBF<G<BA G;4A #B CBFGH?4G8F  ,;8 477<G<BA4? J;89986G 64A 58 4CG?L E8C;E4F87 4F 4AG<FHC8E<BE<GLG;4GE8DH<E8F/ 0GB5866B@@4A7875LBA8B9G;8BG;8EJ;C;E4F8F<A@H?G<C?8
J;DH8FG<BAF ,;HF44A74E8EH?87<A5HG5<FEH?8BHG4F4AG<FHC8E<BE<GL<FI<B?4G87 4
 "B;A:4
A4M8>4GG4.
<5;4. A4A<B;.;6<;.G28.AA. AB;<
J5.A
;4G D5F/<B45A
J;L5BH:;G&) <5;&'%
#$"D
U/;L7<7"B;A5HLJ;4GV
J*5F161<5;/BFD5.AK
5  "B;A:4A4M8A4A<B>4GG4AB
  4E8:4  A4M8A4A<B >4GG4AB
J;B&'% J;L J;4G5BH:;G)
U/;L7<7J;B5HLJ;4GV
EB@ G;8 4AG<FHC8E<BE<GL B9 / 0 %<L4:4J4  :B8F BA GB FH::8FG G;4G G;BH:; <G <F
:8A8E4G874A7FG4LF<A.(47=B<A<A:CBF<G<BA4F   86>  / 0
@BI8F6BI8EG?L %<L4:4J4FC86<9<64??LCEBCBF8FG;4G4FGEH6GHE89BE/ 0<A# "6BAF<FGFB94A
BC8E4GBE G;4G 5<A7F 4 I4E<45?8 <A 4   6?4HF8 4A7 <G <F G;8 BC8E4GBE CBEG<BA G;4G <F
CEBABHA6874F/ 0 8A8E4G87<A?BJ8ECBF<G<BA/ 0@BI8FBI8EG?LGBG;8CBF<G<BAB9G;8

 (B HCD C: $C   G99 5@GC !5;GHFCA   5B8 $=A 
5DDFC57<HCH<9"  

-133-



 K<C 58JC75H9 5 GMBH57H=7

'5BN5B%=B;I=GH=7G +9G95F7<+9GI@HG5B87H=J=H=9G

BC8E4GBE < 8  +C86 B9 *84FBA( G;4G +;?BAF>L 4A7 +B4E8@  CBFGH?4G8 =HFG 45BI8 ,(589BE8G;8BC8E4GBE@BI8FH?G<@4G8?LGB2+C86(3GBG4>8F6BC8 
28--28)6:)28-32%2(;,)6)%&39873*"#
%<L4:4J4 4E:H8F54F87BAG;89B??BJ<A:.(<7<B@4A7.(9EBAG<A:G8FGFG;4G/ 0
<A"4C4A8F8FG4LFBI8EG?L<A.(C8E<C;8E4?CBF<G<BA /8E8;84EF8;<F4E:H@8AGJ<G;#BE84A ,;89<EFGG8FG6BA68EAF4.(<7<B@?<>8! U94<?<A4G8FGVG;4G<F6B@CBF87B9
4AB5=86G&(4A74GE4AF<G<I8I8E5 !9G;8B5=86G&(<AG;8<7<B@.(HA78E:B8FF6E4@5?<A:BI8E
G;8GBC<6<A2+C86,( (34F<AG;8.(BA?LB5G4<AF4?<G8E4?@84A<A:ABJG;4GG;8B5=86G
&(4A7G;8I8E54E87<F6BAG<AHBHF 4F87BAG;<FG;8F<FJ;8AG;8E84FBAJ;47I8E5/ 0<F:8A8E4G87 <A 2+C86 (3 4F 6?4<@87 5L #B  <G <F CE87<6G87 G;4G G;8 F4@8 B5=86G &(F6E4@5?87589BE8/ 0<A<F4?FBBA?L<AG8ECE8G87?<G8E4??L BAGE4ELGBG;<FCE87<6G<BAG;8
B5=86G&(<A4??BJF9BE4A<7<B@4G<6E847<A:J;<6;%<L4:4J4G4>8FGB<AI4?<74G8#BVF(%B7<9<8E LCBG;8F<FBA/ 0   08A:<@4A@<L8>>JH>H?  J4L@8>8FFA<   08A:<BA?LF84J887FBHC J;L84G(+,)
   U/;L7<7BA?L08A:<84GF84J887FBHCV  %<L8>>JH>H?08A:<AHA     @8>8FFA<  ,'( '  ,;8F86BA7G8FGHF<A:.(9EBAG<A:<F4CC?<874F<A  /;8A/ 0<F<A6?H787<AF<78G;8
9EBAG87.(G;88K4@C?8?<>8 JBH?7E8A78E6B@C8??<A:8I<78A68G;4G<G<FBI8EG?LC?4687
<AF<78<G 8F<78F%<L4:4J4 6?4<@FG;4GG;8<AG8EI8AG<BA89986G7B8FABG4E<F8GB/ 0
<A <A6BAGE4FGGB/ ,<A J;8E85BG;G;89EBAG87.(4A7G;8FH5=86G&(4E84GG46;87
J<G;!<A7H6<A:9B6HF@4E>8EF    2;8?<8L>8L>HHL64A:A4AH? J4L >L8A:>B;4><36B6;4GB
   ;8?<GB  ;8& CE4A>J;L J4EA8I8A
   08A:<@4A;4LFFA<   08A:<BA?L7B(+,)






   $<G UI8AJ;LJ4EA;<@45BHG;<FCE4A>BA?L08A:<7<7 V2;8?<8L>8L@JH8FH?>L8A:>B;4><36B6;4GB08A:<@4A;4LFFA< ,;8I4?<7<GLB9G;8F8GJB4E:H@8AGFA887FGB584FF8FF87@BE864E89H??L 89BE87B<A:FB
J84E:H8G;4GG;8@BE8F8E<BHFCEB5?8@J<G;#BVF
(%B7<9<8E LCBG;8F<F?<8F<AG;8
B66HEE8A68B9/ 0<A4786?4E4G<I86?4HF84F<A     ;8?<AHA208A:<>4J4LGG8A44FFG4>B3    F4LA:>4>;4A<   ;8?<,'(08A:<%'% J;L?84I8(+,'%(G;<A>)

   U/;L7B8F;8?<G;<A>G;4G08A:<?89GV

-134-

0<9F956CIHGC:9$;WK<MX=B$CF95B5B8BH==BH9FJ9BH=CBBH=GID9F=CF=HM & $  )5F?



,B466B@@B74G8/ 0<A4786?4E4G<I86?4HF8#BFH::8FGFG;4G/ 0<AG;<F6BAG8KG<F4?FB
54F8:8A8E4G87 <A G;8 2+C86 (3 CBF<G<BA  BJ8I8E G;8E8 <F AB E84FBA 9BE 54F8:8A8E4G<A:
786?4E4G<I86?4HF8<AG8EA4? / 0 <A G;8 2+C86 (3 CBF<G<BA HA?<>8 <AG8EEB:4G<I86?4HF8<AG8EA4?/ 0G;4G64ACBFF<5?L8AG8E<AGB984GHE86;86><A:J<G;G;8<AG8EEB:4G<I8)C4EG<6?8<A<GF54F8:8A8E4G872+C86(3CBF<G<BA ,;8477<G<BA4?J;89986GBA/ 0<AE8?4G<I86?4HF8F4F<A CEBI<78F@BE86BAI<A6<A:
8I<78A689BE<GFC?468@8AG94E58?BJ2+C86(3 ,;8E8?4G<I86?4HF8<A 6BAFG<GHG8F4A<F?4A7
9BE/ 04FFB6<4G<A:J<G;G;8@4GE<K)C4EG<6?8 F+4<GB ABG8F;BJ8I8EG;8477<G<BA4?
4E:H@8AGJ;C;E4F8F4I8FE8?4G<I86?4HF8<AG8EA4?/ 04??BJ<A:<GGBG4>8@4GE<KF6BC8    AHA 20>4  AJH>JH8L>8L %8L>8LJ4L6JHA3  6;4L>H? 
   ,'(  0&'% J;BGB %GB   J;L:<I8*$5BB>     6;46>B<FFA<      ?BB>9BE58!&)

   $<G U!F?BB><A:9BEG;85BB>G;4G0:4I8GB% J;B@J;LV+<A682+C86(3<FABG4I4<?45?8GBE8?4G<I86?4HF8<AG8EA4?/ 04F<A <GF54F8:8A8E4G<BA<A?BJ8ECBF<G<BA<AG;8FGEH6GHE8<F<A8I<G45?8 &BJ J;8A #BVF (%B7<9<8E LCBG;8F<F BA / 0 <F ABG I4?<7 4 DH8FG<BA <F ;BJ GB
466BHAG9BE<GFB5I<4G<BAB9<AG8EI8AG<BA89986GFBE%28--28)6:)28-329B??BJ<A:%<L4:4J4VF G8E@<AB?B:L 8C4EG<A:9EB@%<L4:4J4J8CEBCBF8G;4GG;BH:;<G<FABG54F8
:8A8E4G87<AG;82+C86(3CBF<G<BA/ 0BCG<BA4??LE4<F8FBI8EG?LI<4F6E4@5?<A:9EB@G;8
.(C8E<C;8E4?GBG;82+C86(3CBF<G<BA<AG;8F4@86?4HF8J;8E8<G<F:8A8E4G87BCG<A:GB
8AG8E<AGB984GHE86;86><A:J<G;G;8)C4EG<6?8 ,;8@BI8@8AGB9/ 04F4J;<AF<GH<F<A
CE<A6<C?86BI8EG5HGG;<F6BI8EG@BI8@8AG64AG4>8C?4684GBI8EGFLAG4KJ;8A4I4<?45?8 <I8A
G;<F <784 J8 E8GHEA GB G;8 C4E47<:@4G<6 8K4@C?8F B9 4AG<<AG8EI8AG<BA <A 45 E8C84G87 4F
 45
  4   474CG879EB@;B  ;8E 
1;983 ;%= 4A  B8FFA< 
4ALBA8  J;L & 6B@8(+,)
     U/;L7<7AVG4ALBA86B@8V 0!1HC;9H<9FK=H<577CAA5B8=B;588=H=CB5@5F;IA9BHK<D<F5G9=GGI6>97HHC')"=BH9FJ9BH=CB

9::97HG5G=B= 

= AKIHC3319B;=?5    BKI?KI9M?9M K5M 7KIB4  7<5M?I@4   5B   7<57?C=GGB=    5BMCB9   19B;='(& K<CHC        K<M ;=J9+%6CC? ' @CC?:CF69"' *%=H W"GBCCB9@CC?=B;:CF56CC?H<5H19B;=;5J9HCK<CAK<MX



-135-



'5BN5B%=B;I=GH=7G +9G95F7<+9GI@HG5B87H=J=H=9G

5"%=  %1;983 4A  B8FFA<
J;L  4ALBA8  & 6B@8(+,)U/;L7<7AVG4ALBA86B@8V  +<A68 5;4F/ 0589BE8G;8&(!G;89BE@8E<FABGFH5=86GGBG;8! HG/ 0<A 4<F 4CC4E8AG?L 5?B6>87 5L G;8 &(! 5HG G;8 F8AG8A68 <F 4?FB 4668CG45?8 8K;<5<G<A: 4AG<<AG8EI8AG<BA !A#BVF4A4?LF<F4AG<<AG8EI8AG<BA4E<F8F4F/ 0<F54F8:8A8E4G87<A2+C86(3
4A7CEBC8E?L<AG8ECE8G87<A4FFB6<4G<BAJ<G;G;8)C4EG<6?8G;8&(!589BE8/ 0<A 4<F
F6E4@5?87ABG45?8GB9HA6G<BA4F4A<AG8EI8A8E58GJ88A/ 04A7G;8)C4EG<6?8 'HE4A4?LF<F
CEB6887F<AG;8F4@894F;<BA8K68CGG;4G/ 0:8A8E4G87<A.(C8E<C;8E4?CBF<G<BAG4>8F4
ABA7894H?GBCG<BAB9@BI<A:BI8EG?LI<4F6E4@5?<A:GBG;86?4HF8@4G82+C86(3 F/ 064ABCG<BA4??LHA78E:BF6E4@5?<A:BI8EG?LGB2+C86(3<G<F6?4HF85BHA787
?<>8 BG;8E 47I8E5F <A :8A8E4? <A # "  !GF 6?4HF85BHA787 E8FGE<6G<BA 466BHAGF 9BE G;8 E8
8@8E:8A68B9G;8!9BE/ 0 F#B B5F8EI8FG;8!E88@8E:8FJ;8A/ 0<F@8E:87
J<G;<A4786?4E4G<I82)38@5877876?4HF84A766B@@4A7875L4A&(!<AG;8F4@86?4HF8
BE<A4;<:;8E6?4HF84FF6;8@4G<M87<A 454A78K8@C?<9<87<A    4   2)R2R&(!R/ 0R3R
5 2)R&(!R2R/ 0R3R    474CG879EB@#B ;8E 4
"B;AHA  2%1;983;%=>H  6;4L>H?  <?>6<4A;8FFG4>B3
@4?;48FFA<"B;A,'(  4ALBA8 J;LG;4G 5BB>E847!&(+,$ F4L(+)U/;4G<FG;8E84FBAKF G "B;AF4<7G;4GABBA8E847G;4G5BB>9BEKV    474CG879EB@#B ;8E 
1;9832"B;A!
;%=F4<@;48FFG4>B3   @4?;46< 4A;8FFA<4ALBA8  "B;A&'%J;LE8F<:A(+,$ F4L!   ABG(+,)
U/;4G<FG;8E84FBAKF G ABBA8F4<7G;4G"B;AE8F<:A879BEKVBG;<A 4A7 / 0FG4LF<AG;88@587787786?4E4G<I86?4HF84A7<F4FFB6<4G87
J<G;G;8@4GE<K) / 0<AG;89BE@8EF8AG8A68<F66B@@4A7875LG;8&(!  <AG;8
F4@88@5877876?4HF8J;<?8/ 0<AG;8?4GG8E5LG;8&(!  <AG;8@4GE<K6?4HF8 BG;
F8AG8A68F7BF;BJG;8!  ,;8B5I<4G<BAB9G;8!7B8FABG4E<F85864HF8/ 064AABG@BI8
BI8EG?L9EB@G;88@5877876?4HF8GB@4GE<K2+C86(34F4E8F6H8FGE4G8:L9EB@G;8!E864??
G;4G <9 BI8EG?L @BI87 / 0 64C<G4?<M8F BA F6E4@5?<A: 5HG <GF BI8EG @BI8@8AG <F 6?4HF8
5BHA787 &BGBI8EG?L@BI87/ 0<A 4A7 E4G;8EA887FGBHA78E:B6BI8EG@BI8@8AG #IB69D9F@ 7CAAIB DC=BH98CIHH<5H=B#5D5B9G9K<=@9 =GJ9FM658 =G:5=F@M;CC8 -<9
5B5@C;CIG 7@5=A =G A589 6M -CA=C?5   :CF   K<=7< =G G=A=@5F =B GHFI7HIF9 HC    ,99 H<9
8=G7IGG=CB69@CK:CFK<M7CBHF5FMHCK<5H=GDF98=7H986M$CXG 5B5@MG=G =B7CBHF5GHHC 
75B69FI@98=B 



-136-




0<9F956CIHGC:9$;WK<MX=B$CF95B5B8BH==BH9FJ9BH=CBBH=GID9F=CF=HM & $  )5F?

GBG;8@4GE<K2+C86(35HGG;8<AG8EI8A<A:&(!CE86?H78F<GF@BI8@8AG5864HF85BG;/ 0
4A7&(!F;4E8G;89B6HF984GHE86B@C8G<A:9BEG;8:B4?F88%4?;BGE44A71;4A:4A7
;46PA 9BEG;8E868AG4A4?LF<FB9G;8! !G<FGB58HA78EF6BE87G;4GF<A68F8AG8A68F?<>8
 4A7 4E8EH?87BHGG;87<F4CC84E4A68B9G;8!J<G;/ 04F<A 4<FABG4:8A8E4?
C;8AB@8ABA5HG<G6B@8F45BHG9EB@4E8F6H8FGE4G8:LI<4BI8EGF6E4@5?<A:B9/ 0BA?L
J;8A4I4<?45?8 84E<A@<A7G;4G/ 0<AF8AG8A68F?<>8 4B66HEFJ<G;G;8&(!<AG;8F4@8
6?4HF8J<G;G;82/ 3)C4EG<6?84A74F4?4FGE8FBEG<GHA78E:B8FBI8EG@BI8@8AG F6E4@5?<A:
GB 2+C86 (3 6BA6HEE8AG?L @BI<A: G;8 CE8687<A: &(! GB (C8E<C;8EL J<G; G;8 E8FH?G G;4G/ 0<F<@@HA89EB@G;8! 
 &BG8G;4GG;8?4FGE8FBEG@BI8@8AG<FABG4??BJ879BE4E:H@8AGJ;C;E4F8F/(F<A#BE84A 
FJ8??7B6H@8AG87<AG;8?<G8E4GHE8 B=< #<@   +B;A 86>4A7#<@4@BA:BG;8EF/(F<A# "7<FC?4LG;8! F<A 4/(F64AABG58?<68AF874G$5LG;8<E4FFB6<4G87)C4EG<6?8FJ;8A66B@@4A7875L4A&(! 
  E:H@8AG/(&(!!AG8E46G<BA    4   N1;983 %6=4%//)=O1;9)790  @8>6<4A;4FF2-          4ALBA8 % BA?L      J;4G 84G!&(+,)
       !AG8A787U/;4G7<7ABBA8 BA?L%4EL84GV    5  ;9/%  N%1;9/)7837%/;%4%//)=O@8>6<4A;4FF2-        J;B&'%  4ALG;<A: 4CC?8BA?L         84G!ABG(+,)
        U/;B7<7ABG84G4ALG;<A: 4ALG;<A:8K68CG9BE4CC?8FV 4J;8E8G;8/( UJ;4GV<F66B@@4A7875LG;8&(!  U4ALBA8VBE
! !U%4ELBA?LV7<FC?4LFG;8! L6BAGE4FG 5J;8E8G;866B@@4A7E8?4G<BA
<FE8I8EF87F;BJFAB!  /;8AG;8/(<A 4@BI8FI<4F6E4@5?<A:GB4CBF<G<BA;<:;8E
G;4AG;8&(!G;8AG;8!7<F4CC84EF4FJ8??4F<A 58?BJ  ,99,C<B :CF$CF95B85H55B8-5B5?5 
:CF#5D5B9G985H55ACB;CH<9FG  -<9F99L=GHGD95?9FJ5F=5H=CBGCBH<9" ,99%995B8-CA=C?5
5B8$C 5B8-CA=C?5  5ACB;CH<9FG  C7IGCFG7CD9695F=B;9LDF9GG=CBGK=H<589@=A=H9F/$0WCB@MXCF61W9J9BX5B8EI5B:=H=:=75H=CB5@

9LDF9GG=CBG@=?9097-970-$WGCA9CB9X5B8097-970$W9J9FMCB9X5@GC=B8I79H<9"6IHK=H<J5FM=B;
89;F99G 5B8 K=H< GD95?9F J5F=5H=CBG CB 0)G 5G 9L9AD@=:=98 69@CK  ,99 $=A   $C 5B8
-CA=C=?5  5ACB;CH<9FG  97?
5B897?5B8$=A DFCDCG95G9A5BH=7577CIBH:CFH<9" -<9M5HHF=6IH9H<9"HC5G9A5BH=75BCA5@M65G98CB+CCH<XG  5@H9FB5H=J9G9A5BH=7GC::C7IG577CF8=B;HCK<=7<:C7IG
9JC?9GHKCHMD9GC:G9A5BH=7J5@I9G5BCF8=B5FM5B85:C7IGG9A5BH=7GJ5@I9 0)G75BBCH69=BH<9
8CA5=BC:5:C7IGG9BG=H=J9CD9F5HCF5GH<9BH<9CF8=B5FMJ5@I9C:H<9:C7IGG9BG=H=J9CD9F5HCF75BBCH
6989H9FA=B98@958=B;HC5G9A5BH=75BCA5@M 'CH=79H<5H0)G<5J9:C7IGJ5@I9G5B86IHBCHCF8=B5FM
J5@I9G -137-

'5BN5B%=B;I=GH=7G +9G95F7<+9GI@HG5B87H=J=H=9G   ;9)790N%1;983%6=4%//)=O  G  @8>6<4A;4FF2-     J;4G66  4ALBA8 % BA?L           84G!ABG(4FG)
     U/;4G7<7NABBA8 BA?L%4ELO84GV  /;L<FG;8E846BAGE4FG58GJ88A47=HA6G/ 04A7BG;8E4E:H@8AG/(F<A?<:;GB9G;8!
-A?<>8G;89BE@8EG;8?4GG8E7BABGHA78E:B6BI8EGC;E4F4?@BI8@8AG&<F;<:4H6;<   (8F8GF>LFBG;4G<GFBI8EGC;E4F4?@BI8@8AG64AABGG4>8C?468 +6E4@5?<A:64A4CC?LGB
4E:H@8AG/(F4F<A 5HG<GF4CC?<64G<BA<A 4<@C<A:8FBA454ABAFGE<A:CE8F8EI<A:I46HBHF F6E4@5?<A: +4<GB   BAF8DH8AG?L 4FFB6<4G<BA B9 4E:H@8AG /(F J<G; G;8 )
C4EG<6?8<A$HAF8?86G<I85<A7<A:<A 4<F<AG8EEHCG875LG;8<AG8EI8A<A:&(!<A7H6<A:G;8!  %84AJ;<?8BI8EG@BI8@8AGB9/ 0<A 4?BB>FF<@<?4EGBCBG8AG<4?BI8EG@BI8@8AG
B94E:H@8AG/(/ ,<A 45HGABG8G;4GBA?LG;89BE@8E<F:E4@@4G<64??L@BG<I4G87<A
G;8F8AF8B9J84E<A:<GF8?9BAG;8F?88I8F    F4?4FGE8FBEGFGE4G8:LB9B5I<4G<A:G;8!G;8BI8EG@BI8@8AGB9/ 0G;4G:8A8E4??L@BI8F6BI8EG?L64AG4>8C?468BA?LJ;8AG;88?8@8AGCE8687<A:<G<FCEBC8E?L?<68AF874GBI8EG
FLAG4K -A?<>8G;4G<A# "G;8CBF<G<BACE<BEGB2+C86(3<A;<A8F8<F:E4@@4G<64?<M87GB;BFG
G;8GBC<6B946?4HF8  8A68G;8E8<F46BAGE4FG58GJ88A  4A7 4FABG875L"<A   N)-=396)2 ,)27,%36)2OJ8<F;8A@8 L4B    6<M;<      NABC8EFBA   98JC8EFBAO  J;L       J4AG GB E8F<:A U/;L7BNAB5B7L 98JC8BC?8OJ4AGGBE8F<:AV    93=39()1)-=-+) 6)2    J8<F;8A@8 7BH   L4B    6<M;<      4??                C8EFBA J;L      '- J4AG GB  E8F<:A      U/;L7B8F8I8ELBA8J4AGGBE8F<:AV   N$,-7,%3 7%2+)    6)2    ',%3+93   7%2+)    6)2       N4G ?84FG  G;E88$ C8EFBA  @BE8 G;4A  G;E88$ C8EFBA       7%2+)   6)2   .-+)      6)2O   J8<F;8A@8 L4B     6<M;<      G;E88$ C8EFBA  4 98J$ C8EFBAO J;L        J4AG GB  E8F<:A      U/;L7BN4G?84FGG;E88C8BC?8 @BE8G;4AG;E88C8BC?8 G;E88C8BC?8 498JC8BC?8OJ4AG
  GBE8F<:AV

"<A   B5F8EI8F G;4G G;8 4CC4E8AG ! <A / 0DH8FG<BAF B9 ;<A8F8 <F F8AF<G<I8 GB G;8
@BABGBA<6<GLB9DH4AG<9<8EFB66HEE<A:589BE8 UJ;LV ,;8BI8E4??C4GG8EA7<F6BI8E87
5L "<A   <F FH@@4E<M87 4F 9B??BJF  <EFG <A ;<A8F8 @4GE<K 4A7 8@587787 / 0
DH8FG<BAF @BABGBA8 786E84F<A: DH4AG<9<8EF 4F <A   6BAF<FG8AG?L <A7H68 G;8 !  +86BA7

 !K5B;

7@5=AGH<5HH<9"5F=G9GK<9B50)6@C7?GH<9')"'9;89D9B89B7M ,<975GHG8CI6H
CBH<9C6G9FJ5H=CBH<5HCH<9FG7CD9695F=B;9@9A9BHG@=?9:C7IG9LDF9GG=CBG5B8EI5BH=:=9FG=B8I79H<9
" 

-138-




0<9F956CIHGC:9$;WK<MX=B$CF95B5B8BH==BH9FJ9BH=CBBH=GID9F=CF=HM & $  )5F?

@BABGBA8<A6E84F<A:DH4AG<9<8EFFH6;4F%'+,C;E4F8F4A7.*0C;E4F8F4F<A 7BABG
<A7H68G;8! ,;<E74FH5F8GB9@BABGBA8<A6E84F<A:4A7ABA@BABGBA<6DH4AG<9<8EF4F<A 
FH6;4F@B7<9<87AH@8E4?F54E8AH@8E4?F4A7BG;8EAH@58E78ABG<A:DH4AG<9<8EF<A7H68J84>
! <A @4GE<K / 0DH8FG<BAF  ,;<F C4GG8EA B9 58;4I<BEF 9BE G;8 G;E88 GLC8F B9 ;<A8F8
DH4AG<9<8EF6BA68EA<A:G;8!9B??BJF9EB@G;845<?<GL9BEG;8@GB586BAFGEH874F4GBC<6<AG;8
BHG8E+C86B9(<A9EBAGB9/ 0BI8EG?L@BI87GBG;8<AA8E+C86B9( %BABGBA8786E84F<A:
DH4AG<9<8EF64AABGF8EI84F4GBC<6J;8E84F@BABGBA8<A6E84F<A:DH4AG<9<8EFFH6;4F%'+,
C;E4F8F4A7.*0C;E4F8F64A 'AG;8BG;8E;4A74FH5F8GB9@BABGBA8<A6E84F<A:4A7ABA@BABGBA<6DH4AG<9<8EFA8877<F6BHEF8466B@@B74G<BAGB7BFB    &BJE8GHEA<A:GB# ",B@<B>4   ABG8FGJB64F8F<A"4C4A8F8J;8E8/ 0
<AG;88@587787786?4E4G<I86?4HF8HA?<>8<GF6BHAG8EC4EG<A 45<FABGEH?87BHG78FC<G8G;8
4CC4E8AG!    ,B@<B>4  ;<F   463274E8@B  A4M8 >BA4>4GG4GB3    B@BH     CEB 4ALBA8  J;L 6B@8&(+, G;<A>CEB9)
 U/;L7BLBHG;<A>G;4GABBA864@8V    ,B@<B>4  ;<F      "44  *!#J4   274E8@B A4M8 >BA4>4GG4GB3    B@BGG8<EHAB      G;8A  *!#'&,* 4ALBA8 J;L 6B@8&(+, G;<A>CEB9)   U/;L7B8F*!#G;<A>G;4GABBA864@8
!A G;8@4GE<KFH5=86G<FG;8F86BA7C8EFBAG;8;84E8EE84?<M874F4A7<A G;8
@4GE<KFH5=86G584EF46BAGE4FG<I8GBC<6984GHE8 ,B@<B>4 E8?<8FBAG;8HA<DH8CEBC8EGL
B9 4 / 0DH8FG<BA G;4G G;8 ABA/ CBEG<BA B9 4 6?4HF8 8K68CG / 0 <F CE8FHCCBF87 F88
EB@58E:8E  4A7$4J?8E  <A7<F6HFF<A:CE8FHCCBF<G<BAF<A/ 0DH8FG<BAF +88
4?FB/88  84FFH@8F9B??BJ<A:#E<9>4
G;4G<A4ABE7<A4ELJ;DH8FG<BAG;8/(58?BA:FGB9B6HFJ;<?8G;8E8FG58?BA:FGBG;8546>:EBHA7J;<6;<F9HEG;8E7<I<787<AGB
,BC<6$<A>4A7,4<?.4??H7HI<   ,;8C86H?<4E4FC86GB9 4A7 <FG;4GF<A68G;8
?8I8?B9CE8FHCCBF<G<BA< 8 G;88@5876?4HF8J;8E8/ 0B66HEFBI8EG?L4A7G;8F6BC8B9/ 0< 8 G;8@4GE<K6?4HF8J;8E8G;8)C4EG<6?8B66HEF4E8ABGG;8F4@8G;8CE8FHCCBF<G<BA
?8I8?A887FGB58?<9G87HCGBG;8@4GE<K6?4HF8 ,B@<B>4B5F8EI8FG;4GG;8HF8B94F86BA7
C8EFBA @4GE<K AH?? FH5=86G <A   BE 4 6BAGE4FG<I8 GBC<6 <A   946<?<G4G8F FH6; 4 A88787
CEB@BG<BAB9G;88@587787CEBCBF<G<BAG;4GSABBA864@8TGBG;8J;B?8F8AG8A68BE:?B54?
CE8FHCCBF<G<BA    ,;8G;<A:GBABG8<FG;4G<AG;845F8A68B94A&(!589BE8/ 0<AG;88@587787786?4E4G<I8
6?4HF84F<A E8C84G8758?BJG;8CEB@BG<BAB9G;88@587787CE8FHCCBF<G<BAGBG;8:?B54?
CE8FHCCBF<G<BA<F4??BJ879E88?LJ<G;BHG4ALE8FGE<6G<BABAG;8FG4GHFB94@4GE<KFH5=86G 


-139-



'5BN5B%=B;I=GH=7G +9G95F7<+9GI@HG5B87H=J=H=9G   ;8?<AHA 208A:<>4  J4LGG8A44FFG4>B3    F4LA:>4>;4A<   ;8?<,'(  08A:<%'% J;L?84I8(+,'%(G;<A>)

   U/;L7B8F;8?<G;<A>G;4G08A:<?89GV!A BHE 4A4?LF<F G;8 B5I<4G<BA B9 G;8 ! <A   4A7   4E<F8F 4F / 0 <A G;8 8@587787
786?4E4G<I86?4HF8@4E>87?L@BI8FBI8EG?LGBG;8@4GE<K2+C86(3E864??G;4G/ 0<AG;8
8@587787786?4E4G<I86?4HF8:8A8E4??LFG4LF<AF<GH<GFBI8EGF6E4@5?<A:GBG;8@4GE<K6?4HF8
2+C86(3<FEH?87BHG=HFG?<>8BI8EGF6E4@5?<A:B947I8E5F<A:8A8E4? F<A 6BEE8FCBA7<A:
GB   ;BJ8I8E / 0 BI8EG?L F6E4@5?87 GB G;8 @4GE<K 6?4HF8 64A 58 @4E>87?L 4FFB6<4G87
<AG8ECE8G<I8?LJ<G;G;88@5877876?4HF8     2/4L2;8?<AHA208A:<>4 G GG8A44FFG4>B3F4LA:>4>;433A<
'A4C4EJ<G;/ 0<A / 0<A 4A7 64A@BI8I<4F6E4@5?<A:GBG;8@4GE<K
2+C86(3 CBF<G<BA CHF;<A: G;8 CE8687<A: 8@587787 &(! ?89GJ4E7 BHGF<78 G;8 !<A7H6<A:4E:H8<AG;8<EFGH7LB9
7B@4<AB5I<4G<A:G;8!  !A4ABG;8E4FC86G4FBF;<@48G4? 
F8AG8A68CEB68FF<A:<A"4C4A8F8J;8AG;8@4GE<KFH5=86G<FC;BAB?B:<64??LAH??<A G;8
9B??BJ<A:&(!4A7/ 0G8A7GB58<A<G<4??LC4EF874F58?BA:<A:GBG;8@4GE<K6?4HF8 $<>8J<F8
J;8AG;86BAGE4FG<I8GBC<6@4E>87FH5=86G<F4A4?LM874F4?89G7<F?B64G878?8@8AG<A G;8
9B??BJ<A:&(!4A7/ 04E84?FBC4EF87<AG;8F4@8J4LJ;<6;<AGHEAB5I<4G8FG;8! 
&BJ<F4:BB7CB<AGGBE8GHEAGBG;8GJB4E:H@8AGF47I4A6879BEBI8EGFLAG4K.(<AG8EA4?
C?468@8AGB9/ 0<A#BE84A54F87BA%<L4:4J4VF
.(<7<B@4A7.(9EBAG<A:G8FGF ,;8E8?8I4AG8K4@C?8F4A7 4E8E8C84G8758?BJ    08A:<@4A @<L8>>JH>H? J4L@8>8FFA<  08A:<BA?L F84J887FBHCJ;L84G(+,)

  U/;L7<7BA?L08A:<84GF84J887FBHCV  2;8?<8L>8L>HHL 64A:A4AH?J4L>L8A:>B;4><36B6;4GB
  ;8?<GB ;8& CE4A>J;LJ4EA8I8A
  08A:<@4A ;4LFFA<  08A:<BA?L 7B(+,)
  $<G UI8AJ;LJ4EA;<@45BHG;<FCE4A>BA?L08A:<7<7 V,;BH:;G;8F8GJBG8FGF4E8J8??G;BH:;GBHGBA8FG;8L4E8ABG6BAI<A6<A:45BHGG;8CB<AGFG;4G
G;8L4E8<AG8A787GB@4>8 !A466BE7<A:GB#BVF(%B7<9<8E LCBG;8F<F<G<FJEBA:?L
CE87<64G87G;4GG;8B5=86G589BE8/ 0?BF8F4A<7<B@4G<6E847<A: 'HE4A4?LF<F4?FB4CC4E8AG?L
CE87<6GFG;8F4@8  BJ8I8E4FCE8F8EI8FG;8F4@8JBE7BE78E4FG;4GB9G;8.(<7<B@8K68CG
 *=@=B-=5BD9F@ 7CAA =B:CFAGA9H<5HH<9<=B9G99L5AD@9G7CFF9GDCB8=B;HC 5B8 5F9

658K<=7<F9B89FGGIDDCFHHC5G7F5A6@=B;5B5@MG=G:CFH<99L5AD@9G@=?9 5B8 =B$CF95BK<9F9
G7F5A6@=B;=G5J5=@56@96IH<=B9G98C9GBCH<5J9GI7<?=B8C:G7F5A6@=B; -140-0<9F956CIHGC:9$;WK<MX=B$CF95B5B8BH==BH9FJ9BH=CBBH=GID9F=CF=HM & $  )5F?



9BEG;8<AG8EI8A<A:/ 0<GF88@FGBE8G4<AG;8<7<B@4G<6E847<A:78FC<G8G;8F6E4@5?<A:B9
/ 0GBG;82+C86(3CBF<G<BA $<>8J<F8<A / 0<AF<78G;8.(9EBAG87GB,(64AFG<??
E4<F8BHGB9<GGB2+C86(3G;8E85LB5I<4G<A:G;8!7H8GBG;89B6HF@4E>8EF  (.92'8"-240%')3*"#     %<L4:4J4   E8CBEGF G;4G <A "4C4A8F8 G;8E8 <F 4 FC86<4? 64F8 B9 / 0 DH8FG<BAF
8KCE8FF87J<G;/ ,C?HFHF4G<I8@4E>8E4F<A 4E:H<A:G;4GG;<F47=HA6G/ ,
B66HEF?BJ8E<AG;8FGEH6GHE8      ,4EBBJ4  2%2-3   4J4G8G8<EH AB ,4EBGBC   J;4G C4A<6><A: )
  U/;L<AG;8;8??<F,4EBC4A<6><A:V   BEE8FCBA7<A: GB <GF "4C4A8F8 6BHAG8EC4EG #BE84A ;4F G;8 9B??BJ<A: 9BE@  UJ;4GVG;4G78E<I8FI<4E87H6G<BA9EB@ UJ;4G9BEVBE  U<ABE78EGB7B
J;4GV   -<9F9 5F9 CH<9F IG9G C: /9(. WK<5HX K<=7< 89F=J9 :FCA /9(. 21-1 WK<5H G99X 5B8/9(..1+$;5(WK<5H:CFF95GCB:CFX -<9G9IG9GH9B8HCC77IFK=H<7CDI@5GH5H=J958>97H=J9G5B8
9F;5H=J9J9F6G     =   <9@=?5        DC?C    G5?=??KIB=M5
<9@='(& K<5H  G99+, GK=B8@9F

%=H W0<M=G<9@=5GK=B8@9FX

==  19B;=?5       DC?C     M9MDDIB=     K<C'(& K<5H  G99+,  DF9HHM*     %=H W0<M=G19B;=DF9HHM   $#      &%#%!'$""%&%!' %"%!!!##% $"  !   $"      "  ! $"     $     %!!           %=H W0<M8=8K<C;9H:=F98 0<M8=8K<C:5@@=BGCFFCKX 

=J -KI@=        K9B=BI@C  <9M97M9GGBIB7= G5MB;?5?<5MDC?9@5     HKC'(& K<5H75IG9:CF  8=JCF79),-*   H<=B?HFM"&)
     %=H W-<=B?56CIHK<5HH<9HKC;CH8=JCF798:CF X  CBG=89F=B;=HGACFD<C@C;=75@A5?9ID=H=G7CADCG98C:6M/9(WK<5HX5B8.(WJ9F65@=B:@97H=CB

89BCH=B;DIFDCG9XH<9$CF95B/97.(=GACF9F95GCB56@M5GG=A=@5H98HC0$0'(WK<5HK=H< :CFX7: 
I>==5B8-5?=H5 H<5BHCH<977IG5H=J9A5F?9858>IB7H0!-0$0,1=B#5D5B9G9  

-141-



'5BN5B%=B;I=GH=7G +9G95F7<+9GI@HG5B87H=J=H=9G   CEB<?8A>8?      1;)0 1;)0) 1;)0,%0)         >46<>BB4FF8         G;<FG;<A:J;4G J;4G(-*( J;4G7B(-*( ;4I86B@8(+,!&'*%   U/;4G7<7LBH5E<A:G;<F;B@89BEV+<A68<G6B@8F9EB@G;8B5=86GCBF<G<BAB9G;8CHECBF8 E4G<BA4?8C;E4F8  U<ABE78EGB
7BJ;4GVJ87H5 4FE4G<BA4?8/ ,+88A7B
4?FB9BEG;8E4G<BA4?8  
6BAFGEH6G<BA<AA:?<F;4A7"4C4A8F8  8E84DH8FG<BA<FE4<F87J;8G;8EE4G<BA4?8/ ,
4??BJFBA?L4CHECBF86BAFGEH4? ,;BH:;G;89H??9BE@8A9BE68FFH6;46BAFGEH4?<A4??BJ<A:
BA?LG;8E8FCBAF8GB<G4F<A 4G;8E87H6879BE@FFH6;4F  64A58E8FCBA787
GB<AGJBJ4LF4F<A 44A7 54??BJ<A:5BG;CHECBF84A7E84FBA<AG8ECE8G4G<BAF      4   J4G4A8    CEB  AB;H?8L>B        ?BJ8E58BA       CHG(-*('&"       U!ABE78E9BE@8GBCHG<GBAG;89?BJ8E587 V    5    ;<A>JH>4 CEB  6JH8F8        9E<8A7&'%       :<I8*+'&       U864HF8@L9E<8A7:4I8<GGB@8 V  &BJ8K4@<A<A:G;858;4I<BEFB9#BE84AE4G<BA4?8/ ,9<EFG<G<F7<FG<A:H<F;879EB@/ 0<AG;4G<G<FFH5=86GGBG;8A8:4G<I8 <AA8E<F?4A76BAFGE4<AG ,;BH:;G;8?4GG8E4F<A 564AG;89BE@8E4F<A 464AABGB66HEJ<G;A8:4G<BA     4  CEB >H?8 >8?     1;)0 1;)0) 1;)0,%0)                4A           G;4G  G;<A: J;4G J;4G(-*( J;4G7B(-*(  &',        >46<>BB4FF8  ;4I86B@8(+,!&'*%   U/;4G7<7LBHABG5E<A:G;4G><A7B9G;<A:;B@89BEV    5   CEB>H?8>8?  ;%= 4A    >46<>BB4FF8                  / 0 &',
  U/;L7<7LBHABG5E<A:G;4G><A7B9G;<A:;B@8VFG;8<AA8E<F?4A76BAFGE4<AG<F<AIB>87J;8AG;88?8@8AGF8AF<G<I8GB<G<F:8A8E4G87<A?BJ8E
CBF<G<BAG;4AA8:4G<BAG;8HA4668CG45<?<GLB9F8AG8A68F?<>8 4<A6BAGE4FGGB 5E8A78EF
6B@C8??<A:8I<78A68G;4GE4G<BA4?8/ ,<FABG<A;<:;8E5HG<A?BJ8ECBF<G<BAG;4AA8:4G<BA !GFF8AF<G<I<GLGBG;8<AA8E<F?4A7CE8I8AGFG8FG<A:G;8!9BEE4G<BA4?8/ ,HF<A:G;8
&(!4F<A   


-142-




0<9F956CIHGC:9$;WK<MX=B$CF95B5B8BH==BH9FJ9BH=CBBH=GID9F=CF=HM & $  )5F?

   CEB 4@JH>8FGB 1;)0 1;)0) 1;)0            ,%0)     4A           4ALG;<A:    J;4G J;4G(-*( J;4G 7B(-*( &',
      >46<>BB4FF8  ;4I86B@8(+,!&'*%  U/;L7<7LBHABG5E<A:4ALG;<A:;B@8V    !AFG847J;8AG;88K6?HF<I89B6HFC4EG<6?8# UBA?LV<FHF87G;8!7B8FABG4E<F8J<G;
E4G<BA4?8/ ,4F<A 4<A4C4E4??8?94F;<BA4F/ 04F<A 5 4   CEB 6;4L>@4A 1;)0 1;)0) 1;)0            ,%0)
           5BB> J;4G J;4G(-*( J;4G  7B(-*(        >46<>BB4FF8  
 ;4I86B@8(+,!&'*%   U/;L7<7LBH5E<A:BA?L5BB>F;B@8V    5    CEB 6;4L>@4A ;%=  >46<>BB4FF8                     5BB>  / 0 ;4I86B@8(+,!&'*%  U/;4G7<7LBH5E<A:BA?L5BB>F;B@89BEV,;8B5I<4G<BAB9G;8!<A 464A58466BHAG879BE5L8KG8A7<A:BHECEBCBF874A4?LF<F9BE
/ 0GBE4G<BA4?8/ , 9G8E<G<F:8A8E4G87<A.(C8E<C;8E4?CBF<G<BA?BJ8EG;4AA8:4G<BA
E4G<BA4?8/ ,HA78E:B8FF6E4@5?<A:GB2+C86(3G;8E85L7B<A:4J4LJ<G;G;8!<AG;8
F4@8 94F;<BA 4F / 0  84E <A @<A7 ;BJ8I8E G;4G G;BH:; G;8L @BI8 4G BI8EG FLAG4K G;8
9BE@8E5HGABGG;8?4GG8E<FF8AF<G<I8GBG;8<AA8E<F?4A76BAFGE4<AG     $<>8J<F8 G;8 8@587787 E4G<BA4?8 / , 4F <A   4IB<7F G;8 ! 5L HF<A: G;8 F4@8
FGE4G8:L<GFBI8EGF6E4@5?<A:GBG;88@5877877B@4<A     +>4  2@4A6;4L>H?  1;)0 1;)0) 1;)0,%0) >46L8B4FFAL4>B AHA6<3       +&'%BA?L5BB>                         5E<A:(+,) )    @JH?8FFG4       4F>(+,$      U+4F>87J;4G5EBH:;G45BB>9BE V  9(.5:H9FH<9GI6>97H')K=H<H<99L7@IG=J9D5FH=7@9=GG@=;<H@M89;F5898=B5D5F5@@9@:5G<=CB5G
0!1




=5   <9@=A5B
                 K5GGB=     <9@=CB@M  K<5H K<5H).+) K<5H 8C).+) 7CA9),-*     W0<5H8=8CB@M<9@=7CA9:CFX   6 <9@=A5B    K5GGB=             K<M

-143-



'5BN5B%=B;I=GH=7G +9G95F7<+9GI@HG5B87H=J=H=9G    BJ8I8EG;89H??LE87H6879BE@B9E4G<BA4?8/ ,<FFH5FG4AG<4??L78:E4787J;8A<G
B66HEF<A8@587787786?4E4G<I86?4HF8F<G<F7<FG<A6G<I8?L<A6BAGE4FGJ<G;BG;8EI4E<4AG9BE@F
FH6;4F 4A7  J;<6;FBHA74668CG45?8<AG;8F4@86BAG8KGF ,;89BE@8E
A887FGB58?<68AF87BA?LI<4<GFBI8EGF6E4@5?<A:GBG;86?4HF8@4G87B@4<A  4 +@4A2>4    6;4L>H?  1;)0    >46L8J4FFG4>B3  @4?;4LFFA<      +BA?L &'% 5BB>J;4G5E<A:(+,'%( F4L(+,)







       $<G U/;4G7<7BA?L+F4LG;4G5EBH:;G45BB>9BEV     5   +@4A2>46;4L>H?1;)0) 1;)0,%0)>46L8J4FFG4>B3@4?;4LFFA<    /8 @BI8 BAGB 4AG<FHC8E<BE<GL B9 E4G<BA4?8 / ,  %<L4:4J4   ABG8F G;4G <A
"4C4A8F84AG<FHC8E<BE<GL;B?7F4F<AJ;8E8G;847=HA6G/ ,64AABGB66HE589BE8G;8
FH5=86GJ;C;E4F8  %2-3   74E8:4  4J4G8G8<EH AB
 J;4G J;BAB@ C4A<6><A: )
 U/;B<FC4A<6><A:J;LV    !A#BE84A;BJ8I8E8<G;8EJBE7BE78E<F4??BJ8758GJ88A4AB5=86GJ;C;E4F84A7G;8
E4G<BA4?8/ ,4F<A44A75 4   CEB 1;)0 1;)0) 1;)0     ,%0)     AJH>JH?H? 6;BG4L;4L4FF8            J;4G J;4G(-*( J;4G 7B(-*( J;B  <AI<G8(+,!&'*%

        U/;4G7<7LBH<AI<G8J;B;B@89BEV   5    CEB AJH>JH?H? 1;)0 1;)0) 1;)0      ,%0)    6;BG4L;4L4FF8           J;B  J;4G J;4G(-*( J;4G 7B(-*(<AI<G8(+,!&'*%

        U/;4G7<7LBH<AI<G8J;B;B@89BEV    L6BAGE4FGG;8E4G<BA4?8/ ,49G8E4FH5=86GJ;C;E4F8<F9<A85HGG;89BE@8E589BE8
G;8?4GG8E<F78:E47874FF;BJA<A45 4 ;)0 1;)0)    AJH>4   L8><8L G8     A4@>8LGBLA<       J;4G J;4G(-*( J;B&'%;8E84G  ?BA:8E FG4L)       U/;4G<FJ;B:B<A:GBFG4L?BA:8E9BEV    5   AJH>41;)0 1;)0)L8><8LG8A4@>8LGBLA</8FHFC86GG;4GG;84AG<FHC8E<BE<GL58;4I<BEFB9E4G<BA4?8 47=HA6G/ ,<A#BE84A4A7
"4C4A8F84E87H8GBG;8<ECBFF<5?854F8:8A8E4G<BACBF<G<BAF<A# " 0BF;<BA7BC8E? 6B@@HA 
ABG8FG;4G<A"4C4A8F847=HA6G UJ;4GV4A7 UJ;4G9BE J<G;V4E8:8A8E4G87<A?BJ8E4A7;<:;8ECBF<G<BAFG;4AFH5=86G&(FE8FC86G<I8?L4FG;89B??BJ<A:C4<EFF;BJ 


-144-




0<9F956CIHGC:9$;WK<MX=B$CF95B5B8BH==BH9FJ9BH=CBBH=GID9F=CF=HM & $  )5F?

4     4E8:4    2%2-3  A4<G8<EH AB         /;B&'% J;4G 6EL      )          U/;L<FJ;B6EL<A:V   5  &4A<B74E8:4A4<G8<EHAB4   4E8:4    2%2()   A4<G8<EHAB         J;B&'%  / ,9BE 6EL    )          U/;4G<FJ;B6EL<A:9BEV
5   &4A7874E8:4A4<G8<EHAB?BA:G;<F?<A8J8FH5@<GG;4GG;8#BE84AE4G<BA4?8/ ,4F<A44A75<F:8A8E4G87
<A9?8K<5?8J4LF<AE8?4G<BAGBB5=86G&(FABGFH5=86GGB4AG<FHC8E<BE<GLG;4GG;8#BE84A/ 0
<FF8AF<G<I8GB 'AG;8BG;8E;4A7G;8F4@8/ ,4F<A44A75<F:8A8E4G8758?BJ
FH5=86G&(F4@8A45?8GB4AG<FHC8E<BE<GL?<>8/ 0     !A477<G<BAGBFLAG46G<658;4I<BEFG;8F8AG8A68F6BAG4<A<A:G;8#BE84AE4G<BA4?8/ ,
4E8@84A<A:J<F86;4E46G8E<M874F8KCE8FF<A:46B@C?4<AGE8GBEGBE:EH@5?8     CEB 1;)0 1;)0) 1;)0    ,%0)    B4FF8          J;4G J;4G(-*( J;4G 7B(-*(6B@8(+,!&'%
   ,BFH@@4E<M8G;8#BE84AE4G<BA4?8/ ,7<FC?4LFG;89B??BJ<A:CEBC8EG<8F   4   F8AF<G<I8GBG;8<AA8E A8:4G<I8<F?4A76BAFGE4<AG    5   ABGFH5=86GGB4AG<<AG8EI8AG<BA     6   ABGFH5=86GGB4AG<FHC8E<BE<GL    7   ;4F464HF4? E84FBA@84A<A:4FJ8??4F4E4G<BA4?8@84A<A:     8   6BAABG8FFH6;8@BG<BA4F6B@C?4<AGE8FBEG4A7:EH@5?8  EH6<4??L<G<F:8A8E4G87<A.(C8E<C;8E4?CBF<G<BA?BJ8EG;4AA8:4G<BA5HG?<>8/ 0<GA887F
GBHA78E:BF6E4@5?<A:GBG;86?4HF8@4G87B@4<A    (.92'8"0)7759)78-327    #<@E8CBEGFG;4G#L8A:F4A:<4?86GB9#BE84A##4??BJF4C;BAB?B:<64?
FHCCE8FF<BAB964HF4? E84FBAJ;47I8E5?<>8/ 0<AG;89B??BJ6BAG8KGF 4A7 G4>8A
9EB@#<@ ,;8C86H?<4E4FC86GB9G;<F7<4?86G<FG;4G<G7<FG<A:H<F;8FG;8GJBGLC8FB9)C4EG<6?8
<AG;8@4GE<K6?4HF89BEJ;DH8FG<BAF4A7 9BEUL8F ABVDH8FG<BAF    (7<= BCH9GH<5HH<9G9BH9B79G7CBH5=B=B;58>IB7H0!-7CBBCH5H=J9@M9LDF9GGH<9W9ACH=CBGGI7<5G5BBCM5B79=AD5H=9B79GIFDF=G9X 

-145-



'5BN5B%=B;I=GH=7G +9G95F7<+9GI@HG5B87H=J=H=9G   +68A4E<B 8?<8I<A:<AG;8J84G;8E5EB4764FGB9?BA:G8E@E4<A<A:;8?FJHJBH?7
5E<A:4AH@5E8??4J<G;;<@5HGG;8J84G;8E5EB4764FG58GE4L87;<@4??G;8G<@8 9G8E
4?? ;8 786<787 G;<F @BEA<A: ABG GB 5E<A: G;8 H@5E8??4 8I8A G;BH:; ;<F @BG;8E
E86B@@8A787;<@GB7BFB &BJJ;8A;8<F?84I<A:9BE;B@849G8EJBE>J<G;4;84IL
?B47GB64EELG;8E86B@8FE4<A  878FC8E4G8?LF4LF
+8AG8A68< (<>4    B>B   >;4AB   6<A664  E4<A&'% 6B@8#' 7BFB)  E84??L

 U BJ6B@8<GE84??L<FE4<A<A:V

+8AG8A68<< /4  C<>4    B>B     >;4AB  6<A664 J;L E4<A&'% 6B@8#' 7BFB) E84??L

U BJ6B@8<GE84??L<FE4<A<A:V   +68A4E<B ;8?FJH@4784A4CCB<AG@8AGJ<G;;<F9E<8A7FGBF88G;8@4G46498G8E<4
4A74EE<I87G;8E84?<GG?884E?<8E  8;4F588AF84G874?BA85HGABA8B9;<F9E<8A7F;4I8
F;BJ87HC8I8A @<AHG8F49G8EG;84CCB<AG87G<@8  8FG4EGFGBF4L
+8AG8A68<<<@JHGB 4A  BAB          4ALBA8  ABG 6B@8)


U BJ6B@8ABBA84CC84EFV
+8AG8A68<I/4  4@JHGB  4A BAB          J;L 4ALBA8  ABG 6B@8)          U BJ6B@8ABBA84CC84EFV
,4><A:F8AG8A68F<4A7<<<<AG;8F68A4E<BFB9 4A7 GB586BAFGEH87ABG4FE84FBA5HG
4F64HF4?/ 0DH8FG<BAF<A?<:;GB9'6;<VF
7<6;BGB@L  #<@ 4E:H8FG;4G/ 0
<A G;8F8 F8AG8A68F 4E8 54F8:8A8E4G87 <A 2+C86(3 CBF<G<BA 5HG BCG<BA4??L E84?<M87 J<G; AB
C;BA8G<6984GHE8F   8C4EG<A:9EB@#<@J84E:H8G;4GG;8C;BAB?B:<64??LHAE84?<M87J;8?8@8AG
B9F8AG8A68F<4A7<<<AG;8F68A4E<BFB9 4A7 <FABG64HF4?/ 05HG47=HA6G/ , 
<EFGG;8F8DH8FG<BAFB66HE<AC4EG<6H?4EF<GH4G<BA4?6BAG8KGF6;4E46G8E<M<A:G;8HF8B947=HA6G
/ ,  ,;8L 4E8 HF87 J;8A G;8 FC84>8E 4F>F ;<@F8?9 G;8 477E8FF88 9BE G;8 E84FBAF B9 4 (7<=GI;;9GHGH<5HH<9F95F9HKC?=B8GC:0!1K<=7<5F98=GH=B;I=G<98=B@=;<HC:A95B=B;
5B865G9;9B9F5H=CBDCG=H=CB5G:C@@CKG 






= +95GCB0!1G9 ; 9+;=BB;@=G<9(,5+(0/(=B<=B9G90$<(=B#5D5B9G95B8GCCB5F965G9
;9B9F5H98=BH<9D9F=D<9FMC:)=BH9FFC;5H=J9CFBCB=BH9FFC;5H=J9CF9@G9K<9F9= 9 K=H<=B-X == 5IG5@0!1G9 ; +19&1/(5B89+;6+(+(..=BB;@=G<<(0/(=B<=B9G95B8GCCB5F965G9
;9B9F5H98=BH<9@9:HD9F=D<9FMC:5B=BH9FFC;5H=J9) 

-146-




0<9F956CIHGC:9$;WK<MX=B$CF95B5B8BH==BH9FJ9BH=CBBH=GID9F=CF=HM & $  )5F?

F<GH4G<BAG4><A:C?468<A9EBAGB9G;8@ ,;HFG;8LG8A7GB58HF8798?<6<GBHF?LJ<G;G;8CE8F8AG
CEB:E8FF<I8 4FC86G 9BE@ B9 I8E5F  +86BA7 G;8F8 DH8FG<BAF 4E8 6BAABG4G<I8?L <AG8ECE8G87 4F
8KCE8FF<A:FH6;8@BG<BAF4F46B@C?4<AGE8GBEGBE:EH@5?86;4E46G8E<M875L47=HA6G/ ,
DH8FG<BAF !A4FFB6<4G<BAJ<G;G;8F68A4E<BFB9 4A7 G;8F8AG8A68F<4A7<<<<@C?L
FH6;8@BG<BAF ,;<E7J;8AJ847747=HA6G/ ,GBG;8F8AG8A68<B9 G;8E8FH?G<A:
F8AG8A68<A<F4?8:<G<@4G8C4E4C;E4F8B9G;8BE<:<A4?F8AG8A68     (<>4     @JH8?   B>B    >;4AB   6<A664       E4<A&'%  J;4G 6B@8#'  7BFB)  E84??L      U BJ6B@8<GE84??LE4<AFV'96BHEF8G;847=HA6G/ ,64AABG5847787GBG;8F8AG8A68<<<B9BJ<A:GBG;8<AA8E
<F?4A76BAFGE4<AG4F<A44   @JHGB @J8?  4A   BAB       4ALBA8    J;4G &',  6B@8)       $<G U BJ6B@8ABBA8F;BJHCV    5   %J8?    <LJH?B  4@JHGB  4A    BAB      J;4GE84FBA9BE 4ALBA8   &',  6B@8),;8@4A74GBELC;BAB?B:<64?FHCCE8FF<BAB947=HA6G/ ,<A4<F<AFGEH6G<I8<AG;4GBA?LG;8A8:4G<BAFHEI<I8FJ<G;G;8J;)C4EG<6?8<AFG847B954E847=HA6G/ ,G;86B@C?8K9BE@B9 / ,   !  UJ;4G E84FBA9BEV E8@<A<F68AG B9      4F 4A
HA78E?L<A:9BE@B9 !CBFGH?4G87<A86>VF   4?FB 4A4?LF<FABGFH5=86GGB
4AG<<AG8EI8AG<BA A887F GB 58 CBFGH?4G87 589BE8 G;8 &(! <A F8AG8A68F 4F <A 5  !A G4A78@EB@58E:8E  ABG8FG;4G4FFB6<4G<BAGB9B6HF<F494IBE<G8FGE4G8:L9BE ! 0BF;<748G4?   4?FB B5F8EI8 G;4G ! G8A7F GB 4FFB6<4G8 J<G; 4 9B64?<M87 <G8@ G;4G <F GB F4L J<G; 4
FC86<9<66B@CBA8AGB9G;88I8AG $<>8J<F8%<L4:4J4
ABG8FG;4GHA?<>8A:?<F;BAGBC
B99B6HF4FFB6<4G<BAJ<G;<G"4C4A8F8;4F4F86BA7J4LGB<A7<64G89B6HF7B@4<AF<A4/ 0
DH8FG<BAB9"4C4A8F85LC?46<A: "<A9EBAGB99B64?<M878?8@8AGF ,4>8AGB:8G;8E<A##
8AG8EG4<A<A:G;82/ 3)C4EG<6?8BA?LG;89B6HF4FFB6<4G8.(B9G8ACE8687875LG;8A8:4G<BA
BE9B??BJ875LG;84A4C;BE<69BE@B96BC<87.(FH6;4FBE U7BV64AFHEI<I8J;<?8
C;BAB?B:<64??LFHCCE8FF<A:47=HA6G/ ,       ''3928-2+*36%28-794)6-36-8=%((-8-32%0;,)**)'87
  /8ABJE8GHEAGB4AG<FHC8E<BE<GL 477<G<BA4?J;89986GF4A778@BAFGE4G8;BJ89986G<I8?L
BI8EG@BI8@8AGB9/ 064A466BHAG9BE4AG<FHC8E<BE<GL89986GF ,;8C4E47<:@4G<664F8FB9
4AG<FHC8E<BE<GL<A#BE84A4E8<??HFGE4G875L45J;8E8/ 0A887FGB5866B@@4A7875L
4ABG;8EJ;C;E4F8ABGG;8BG;8EJ4L4EBHA7    




-147-



'5BN5B%=B;I=GH=7G +9G95F7<+9GI@HG5B87H=J=H=9G

4   &JH>4  J4LGG8A44FFA<       J;B&'%J;L?84I8(+,)








       $<G U/;L7<7J;B?84I8V    5 /4LAJH>4GG8A4FFA<,;8F4@8E8FGE<6G<BA;B?7F<AG;88@5877876?4HF84FJ8??4F<A  4   ;8?<AHA 2AJH>4    J4L GG8A4FFAHA6<3 >JHA:>H@;4L;4AG4        ;8?<,'(  J;B&'%  J;L ?84I8(+,)   JBA78E$       U;8?<<FJBA78E<A:J;LJ;B?89G V     5 ;8?<AHA2J4LAJH>4GG8A4FFAHA6<3>JHA:>H@;4L;4AG4  !G<FG8@CG<A:GB4FF<@<?4G8G;<FE8FGE<6G<BA<AJ;<AF<GH?4A:H4:8FGBG;8F4@8E8FGE<6G<BA<A @H?G<C?8 J;9EBAG<A: ?4A:H4:8F ?<>8 *B@4A<4A 4F <A  G4>8A 9EB@ +G8C4ABI 4A7 ,F4< 
4   6<A8 7868 4  C?864G        *B@4A<4A  J;B J;L  ;4F  ?89G

5 7868  6<A8 4   C?864G
 J;L J;B  ;4F  ?89G
F<A#BE84A/ 0<A*B@4A<4A< 8 A887FGB58ABG9B??BJ875HGCE8687875L4ABG;8E
J;8?8@8AG 4F F;BJA 5L G;8 6BAGE4FG 58GJ88A 4 4A7 5  ,;HF G;8 C4E4??8? 64F8F B9
#BE84A 4F 4 J;<AF<GH ?4A:H4:8 <A  4A7  4E8 G4>8A GB J84E 4AG<FHC8E<BE<GL BA G;8
F?88I8F     ,B466BHAG9BE4AG<FHC8E<BE<GL89986GFJ84FFH@8G;86?4FF<64?<784G;4G/ 0CE88@CGF
G;8+C86(CBF<G<BAGB@88GG;8( H4A:   'G;8EJ<F8<G<A6HEF4A(I<B?4G<BA !AJ;8A@BI8F9<EFGGBG;82+C86(3CBF<G<BAG;84E:H@8AGJ;C;E4F8CE8687<A:<G
47=B<AFGB<G@88G<A:G;8( !A4C4E4??8?J4L<A44A74/ 0BI8EG?LCE88@CGFG;8
2+C86(3CBF<G<BAFH5F8DH8AG?LG;8J;C;E4F8CE8687<A:<GBI8EG?LHA78E:B8FF6E4@5?<A:GB
G;8CBF<G<BA589BE8/ 0<A2+C86(3ABGI<B?4G<A:4AL6BAFGE4<AG  BJ8I8E<A54A7
5J;8A/ 0@BI8F9<EFGG;8$@BI8@8AGB9G;8BG;8EJ;C;E4F89B??BJ<A:<GI<B?4G8F
G;8E8?4G<BACE8F8EI4G<BA E<:<7<GL6BA7<G<BA/4G4A458  BEG;8<AG8EI8AG<BA6BA7<G<BA#B
  ?G8EA4G<I8?LG;8HAF8?86G<I85<A7<A:B9G;8?BJ8EJ;C;E4F8J;8A/ 04?BA8<F<A
2+C86(364AABG:BG;EBH:; FABG875L/4G4A458  44A75J<G;BA8@BE8J;C;E4F8CE8687<A:/ 0







5GGIA9G=B@=B9K=H<FCA69F;9F  H<5H0!15G5:C7IG9@9A9BH:IB7H=CBG5G5G7CD9
695F=B;9@9A9BH  $C

-148-




0<9F956CIHGC:9$;WK<MX=B$CF95B5B8BH==BH9FJ9BH=CBBH=GID9F=CF=HM & $  )5F?

HA?<>854A754E89<A84FG;8?4GG8E<F<A?<6<GE8?4G<BAJ<G;G;89BE@8E    4   &JH>4   J4L @JH8FH?  F44FFA<    J;B&'%  J;L  J;4G 5HL(+,  U/;L7<7J;B5HLV 
5   ;8?<AHA 2AJH>4  J4L @JH8FH? F44FFAHA6<3>JHA:>H@;4L;4AG4       ;8?<,'(  J;B&'% J;L J;4G5HL(+,)  JBA78E$       U;8?<<FJBA78E<A:J;LJ;B5BH:;GJ;4G V 

/4G4A458 ;LCBG;8F<M8F G;4G 4 @H?G<C?8 J;DH8FG<BA <F 4??BJ87 4F ?BA: 4F G;8 J; C;E4F8
6B<A78K87J<G;G;8;847<F<A?<6<GE8?4G<BAJ<G;4ABG;8EJ;C;E4F8   / 0<A8@587787786?4E4G<I86?4HF8F64AABGHA78E:BF6E4@5?<A:GBG;8@4GE<K)C4EG<6?8
7B@4<A4F<A6?<>847I8E5F<A:8A8E4?BJ<A:GB454ABAG;8<E6EBFF6?4HF4?F6E4@5?<A: +4<GB    ABG8F G;8 6BAGE4FG 58GJ88A 4 4A7 5 <A ?<:;G B9 G;8 6?4HF8@4G8
6BA7<G<BAG;4G8@5877876?4HF8/ 04A74ABG;8E;<:;8EJ;C;E4F8@88G  4   <??<     %8L?<8L>8L2AJH>4   J4L >H  6;4L>H?   F44FFG4>B3       <??&'% %4ELGB     J;B&'%J;L G;4G5BB> 5HL(+,'%(        @4?;4LFFA<       F4L(+,)



 $<G U/;L7<7J;BF4LGB%4ELG;4GJ;B5BH:;GG;4G5BB>GV 5 &JH>4   %8L?<8L>8L2BA<      J4L >H 6;4L>H?   F44FFG4>B3       J;B&'%%4ELGB   "B;A&'%J;L G;4G5BB> 5HL(+,'%(       @4?;4LFFA<      F4L(+,)


$<G U/;L7<7J;BF4LGB%4ELG;4G"B;A5BH:;GG;4G5BB>GV    6 &JH>4  J4L  %8L?<8L>8L2BA<     G >H 6;4L>H?   F44FFG4>B3 
J;B&'%J;L %4ELGB    "B;A&'%  G;4G5BB> 5HL(+,'%(        @4?;4LFFA<F4L(+,)
       $<G U/;L7<7J;BF4LGB%4ELG;4G"B;A5BH:;GG;4G5BB>GV!A45G;8;<:;8EJ;C;E4F8F8EI8F4F4A<AG8EI8A8E9BEG;8?BJ8E/ 0FBG;4GG;8E8A887F
GB584FGE4G8:L9BE6<E6H@I8AG<A:G;<F<AG8EI8A8E9BE/ 0 +4<GB4E:H8FG;4G/ 07<E86G?L
47=B<AFGB4ABG;8EJ;C;E4F84G$F<A68G;<F47=HA6G<BA6BHAGF4F4A<AFG4A68B9@BI8@8AG
8@5877876?4HF8/ 0<A5HA?<>8G;4G<A4<??<6<G?L6EBFF8F(589BE847=B<A<A:GBG;8
@4GE<KFH5=86GJ;C;E4F8 


-149-



'5BN5B%=B;I=GH=7G +9G95F7<+9GI@HG5B87H=J=H=9G  ,HEA<A:ABJGB4AG<FHC8E<BE<GL89986GF<A;<A8F8,4><G44A704A:
7E4J4GG8AG<BA
GB H4A:VF  B5F8EI4G<BAG;4G;<A8F87B8FABG4??BJ/ 0<AG;<F?4A:H4:8< 8  GB 6BB66HE J<G; 4ABG;8E J;C;E4F8 <A 4AL ?<A84E BE78E 4F 94E 4F @BAB6?4HF4?
F8AG8A68F4E86BA68EA87F884?FB;8A:4A7*BBEL6>
,F4<   45@4>84
E8?8I4AGCB<AG  4   &<@8A J8<F;8A@8 F;8< ;H< 6<M;<  LBH:HLFJ;L    J;B J<?? E8F<:A 2 UJ;LV J; 3

$<G U/;LJBH?7J;BE8F<:A
5   +;8< J8<F;8A@8 5H  ?4<J;B J;L
ABG 6B@8 2 J;

 UJ;LV

3

$<G U/;B7B8FABG6B@8J;LV 464A58466BHAG879BEBA4C4EJ<G;G;858K4@C?8FB9J;<6;4E8<AI<B?4G<BA
B9 G;8 E8?4G<BA CE8F8AG4G<BA E<:<7<GL 6BA7<G<BA BE G;8 6BAFGE4<AG BA HAF8?86G<I8 5<A7<A:  ,;8
9B??BJ<A:8K4@C?8F<A 4564A4?FB58EH?87BHG<AG;8F4@8J4L   4   &<   J8<F;8A@8  C4  1;4A:F4A F;8< LBH  J;L       984E 1;4A:F4A J;B@

U/;L4E8LBH49E4<7B91;4A:F4A J;B@V5

;H4A:F;4A: J8<F;8A@8 G4A:M;8 L<:8 E8A F;8A@8E8A
587BA     J;L  ?<8 BA8 C8EFBA J;4GC8EFBA$<G U/;L7B8FBAG;8587?<8BA8C8EFBA J;BV/;4G<FC86H?<4E45BHG;<A8F8<FG;4G4AG<FHC8E<BE<GL89986GF7B4CC4E8AG?LABG4E<F8<A@4GE<K
6?4HF8F4FG;8HA:E4@@4G<64?<GLB9 54A7G;89B??BJ<A:8K4@C?8F<A 45F;BJ  4  +;8<J8<F;8A@8  5H ?4<J;B J;L
ABG6B@8$<G U/;B7B8FABG6B@8J;LV

5 +;8<J8<F;8A@8  ?<>4<J;B J;L    ?84I8

$<G U/;B?89GJ;LV
,4><A: 4AG<FHC8E<BE<GL 89986GF GB 9B??BJ 9EB@ <AG8EI8AG<BA 89986GF #B 
 4GGE<5HG8F G;8
HA:E4@@4G<64?<GL B9  5 4A7  45 GB G;8 <A9BE@4G<BAFGEH6GHE8 CEBC8EGL B9 G;8 CBF<G<BA
CE<BEGB/ 0<A;<A8F84FCB<AG87BHG45BI8<GBA?L;BFGF4GBC<65HGJ;C;E4F8F64AABG
F8EI84F4GBC<6 -150-

0<9F956CIHGC:9$;WK<MX=B$CF95B5B8BH==BH9FJ9BH=CBBH=GID9F=CF=HM & $  )5F?

    BJ8I8E#BVF4A4?LF<FJ4F6;4??8A:875L,4><G44A704A:
J;BABG8G;4GHA?<>8
@4GE<K 6?4HF8F 8@587787 6?4HF8F 4??BJ 8<G;8E JBE7 BE78E 58GJ88A / 0 4A7 4ABG;8E J;
C;E4F8 ,;8E8?8I4AG8K4@C?8<F:<I8A<A474CG879EB@ H4A:    J;8E8BA8
J;C;E4F8CE86878F/ 0    &<  K<4A:M;<74B  2F;8<  J8<F;8A@8 @4<?8 F;H3  LBH J4AG>ABJ    J;B  J;L      5HL?8 5BB>
  4$<G U/;B7BLBHJBA78E2G5BH:;G5BB>FJ;L3V  5$<G U/;L7BLBHJBA78E2J;B5BH:;G5BB>FG3V,;8BG;8E8K4@C?8<F:<I8A<A474CG879EB@;8A:4A7*BBEL6>
CE86878F4ABG;8EJ;C;E4F8    &<  K<4A:M;<74B 2$<F< J8<F;8A@8 @4<?8 F;8A@83
 LBH
905 J
74AG>ABJ#/4,/07   $<F<+3+ J;L7*9      5HL?8$59-' J;4G
7*#4



J;8E8/ 0#+4;*#4
&090570/&'2!+3+$05)*44J;L3V
7*9"< 4$<G
U/;4G7BLBHJBA78E2$<F<5BH:;GG
$+4;*9
&090570/&'2!+3+$05)*47*#44V@< 5$<G
U/;L7BLBHJBA78E2$<F<5BH:;GJ;4GG

4F87BAG;8F6BC8E847<A:F4I4<?45?8GB4A7,4><G44A704A:
:BBAGB@B7<9L
H4A:VF     B5F8EI4G<BA G;4G ;<A8F8 7B8F ABG 4??BJ / 0 <A G;<F ?4A:H4:8 GB 6B
B66HEJ<G;4ABG;8EJ;C;E4F8E846;<A:G;89B??BJ<A::8A8E4?<M4G<BA !A;<A8F8/ 04A7
4ABG;8EJ;C;E4F864AABGG4>8G;8F4@8F6BC8 !A4A7/ 04?J4LFG4>8F8@587787
F6BC8 J;<?8 4ABG;8E J;C;E4F8 G4>8F @4GE<K F6BC8  /;L 7B8F G;<F :8A8E4?<M4G<BA ;B?7 ,B
466BHAG9BE<GJ89<EFG4FFH@8G;4G6BAGE4ELGB8KC86G4G<BA;<A8F8J;C;E4F8FHA78E:BBI8EG
J;@BI8@8AGF88;HA:4A7(4E> 4A7+B;
9BEG;<FG;8F<F  4A7G;8<E6BC<8F
F9J=G=HGH<9G7CD9=BH9F57H=CB69HK99B5IB=J9FG5@*)5B80!1=B<=B9G95GBCH98
6MCIB5B8%=  0<9BH<9:CFA9F77CAA5B8GH<9@5HH9F 5M=9@8G5D5=F@=GHF958=B;6IHK=H<
H<9F9J9FG9CF89F 68C9GBCH  &=M5;5K5

=5  &9=;9F9B 8CI K9=G<9BA9 85  H5        5A6=;ICIG9J9FMK<K<9J9FM
9J9FMCB9  5@@  K<M       <=H <=A                 

W0<M8=89J9FMCB9<=H<=AX
6   09=G<9BA9 A9=;9F9B 8CI 85  H5       IB5A6=;ICIG9J9FMK<K<9J9FM
K<M       9J9FMCB9  5@@  =H  <=A                    



W0<M8=89J9FMCB9<=H<=AX

&=M5;5K5 7@5=AGH<5H=B7CBHF5GHHC<=B9G9#5D5B9G98C9GBCH5@@CK5D5=F@=GH6IH5G=B;@9
D5=FF958=B;09F9<95FG9H<9F9@9J5BH9L5AD@9G7CFF9GDCB8=B;HC=56==5  &CHKI?5     H5  K5M  ?I@I@     7<M9GGB=     J9FMCB9'(&5@@  K<M  <=A <=H),-*     W0<M8=89J9FMCB9<=H<=AX

-151-



'5BN5B%=B;I=GH=7G +9G95F7<+9GI@HG5B87H=J=H=9G

4E878?8G87ABG4GG;8G4<?F5HG4GG;8;847FB9G;8<E6;4<AF(8F8GF>L 
 -A78EG;8
BI8EGJ;@BI8@8AG;LCBG;8F<F9BE;<A8F8J;C;E4F8F4A77BABGCBF84ALCEB5?8@
F<A68BJ<A:GBG;8(/ 0<A8@5877876?4HF8@BI8F9<EFGGBG;88@5877872+C86(3G;4G
;BHF8FBA?LBA8J;C;E4F84A74ABG;8EJ;C;E4F864AABG5HG@BI8GBG;8@4GE<K2+C86(3 &BJJ;4G45BHG 54A7 45J;8E8/ 04A74ABG;8EJ;C;E4F8B66HE<AG;8@4GE<K
6?4HF8!AG;8F864F8F/ 0@BI8FGBG;8@4GE<K2+C86(3CBF<G<BA4A7G;8BG;8EJ;C;E4F8
?4A7F<AG;8GBC<6CBF<G<BACE<BEGB<GG;HF<A6B@C4G<5?8J<G;<GJ;<6;<A7<64G8FG;4G#BVF<AF<:;G
BA<G4FCB<AG87BHG45BI8<F6BEE86G     911%6=%2('32'097-32
!A# "4F9E88JBE7BE78E4A7J;<AF<GH?4A:H4:8F<G<F;4E7GBC<ACB<AGJ;8E8/ 0<F
54F8:8A8E4G874A7J;8E8<G<FE84?<M874GBI8EGFLAG4K !AG;<FC4C8EJ8;4I8E8I<F<G874AG<<AG8EI8AG<BA4A74AG<FHC8E<BE<GLGB4E:H8G;4G6BAGE4ELGB#BVF
(%B7<9<8E LCBG;8F<F/ 0<A# "<FABG:8A8E4G87<AG;82+C86(3CBF<G<BA ,B7898A7G;<FG;8F<FJ8;4I84?FB
<AI8FG<:4G87G;8FLAG46G<658;4I<BEFB9E4G<BA4?8BE47=HA6G/ ,<A#BE84A UJ;4GV !A>88C<A:J<G;%<L4:4J4 6BA68EA<A:<GF54F8:8A8E4G<BA?BJ8E<AG;8FGEH6GHE8J8;4I84E:H87G;4G/ 0<AG;8F8?4A:H4:8FHA78E:BF6E4@5?<A:CE88@CG<I8?L4GBI8EGFLAG4K
GB8AG8E<AGB984GHE86;86><A:J<G;G;8)C4EG<6?8<AG;8F4@86?4HF8 / 0VF6?4HF85BHA787
F6E4@5?<A:466BHAGF9BE4AG<<AG8EI8AG<BAJ<G;CE8/ 0&(!F !AG8EI8AG<BA89986GF;BJ8I8E
7B4E<F89BE/ 0G;4G<FABGFH5=86GGBBI8EG?<68AF<A:I<4F6E4@5?<A: F9BE4AG<FHC8E<BE<GL
J;8A/ 0<AF<GHG;4G7B8FABGF6E4@5?8BI8EG?LGB2+C86(3B66HEFJ<G;4;<:;J;C;E4F8
G;89BE@8E64C<G4?<M8FBAJ;4G+4<GB 64??FG;847=HA6G<BAFGE4G8:LGB47=B<AGBG;8?4GG8E
<A G4><A: F6BC8  /8 ;4I8 G;8A 8KG8A787 G;8 CEBCBF87     4A4?LF<F GBUJ;LV<A;<A8F8 +H::8FG<A:G;4GG;8CBF<G<BA589BE8 BI8EG?L@BI87GB
2+((36BHAGF4F4GBC<6J8;4I8F;BJAG;4GG;87<998E8AG78:E88FB9<AG8EI8AG<BA89986GF
9B??BJ9EB@G;8GBC<64?<GLB9DH4AG<9<878?8@8AGF4F4A4CC4E8AGCE8/ 0<AG8EI8A8E (86H?<4E
4FC86GFB94AG<FHC8E<BE<GL<A;<A8F8FG8@9EB@5BG;BI8EG@BI8@8AGB9J;C;E4F8F4A7BA8
FC86<9<8EB9B@C4GG;8CB<AGB96BAFGEH4? ,4>8AGB:8G;8E54F8:8A8E4G<BAB9/ 0?BJ8E<A
G;8FGEH6GHE84A7<GFBI8EG@BI8@8AGGBG;86?4HF8@4G87B@4<A<F4A8J?LCEBCBF874A4?LG<6
BCG<BA4A7<G:<I8F458GG8E;4A7?8<A466BHAG<A:9BE5BG;4AG<<AG8EI8AG<BA4A74AG<FHC8E<BE<GL
<AG;8G;E884FGF<4A?4A:H4:8F         )*)6)2')7

CG<=A5,  )<=@@=DG5B8 09=B69F; U)FC79GG=B;=@@9F;5D9D9B89B7=9G=B5!958:=B5@
%5B;I5;9V1740$.1)(/14;$0'$0*7$*(    6  05MACHKI?5H5?I@I@7<M9GGB=

09H5?9H<95J5=@56=@=HMC:5D5=F@=GHF958=B;=B=5T5G5J5=@56@9HCH<9B;@=G<9L5AD@9U0<C8=8
9J9FMCB9<=HVTHC5F;I9=B:5JCFC:H<9CJ9FHK<ACJ9A9BH<MDCH<9G=G=B<=B9G9H<IG7FCGG=B;0!1
CJ9FH<9IB=J9FG5@*)    

-152-




0<9F956CIHGC:9$;WK<MX=B$CF95B5B8BH==BH9FJ9BH=CBBH=GID9F=CF=HM & $  )5F?

CIB# 5B8 1 ! %= U#+9@9A9BHG"BG=HI,MBH5LCF%V,0*7,56,&037,4;  T  
97?,  U'9;5H=J9"G@5B8G5B8+97CBGHFI7H=CB V"B. %IHN5B8# )5:9@98G:64$&6,10$0'
:64$215,6,10,0(4/$B#C<B9B>5A=BGAGH9F85A T  
97? ,    #+&105647&6,105 $0' 4$052$4(06 1*,&$. 14/ )<   8=GG9FH5H=CB .B=J9FG=HOH
-Q6=B;9B 
97?,  U"BH9FJ9BH=CB::97HGC@@CKFCAC7IG"BH9FDF9H5H=CBV$674$.$0*7$*((/$06,&5  
97? ,  5B8 , ,  $=A   U(B #+ 5B8 (D9F5HCF ,7CD9 =B $CF95BV 1740$. 1) $56 5,$0,0*7,56,&5T 
97? ,  5B8 , ,  $=A    U"BH9FJ9BH=CB ::97HG =B @H9FB5H=J9 *I9GH=CBGV +( 1740$. 1)
1/2$4$6,8((4/$0,0*7,56,&5   
FCA69F;9F,   0#+$6#(019#(10=6019 :2.$0$6,10 +(14;,0*7,56,&5$0'19
7(56,105 +$2( +(/ .B=J9FG=HM C: <=75;C )F9GG <=75;C  <HHD 8L 8C= CF;>   H6  L 
<9B;% 5B8# +CCFM7? U%=79BG=B;0<=BG=HIV;06$:   <C  U#+;CBHF5GH=J9-CD=75B8%&CJ9A9BH V"B # ,=@J598 $2$0(5(14($0
,0*7,56,&5,%")I6@=75H=CBG,H5B:CF8.B=J9FG=HM T  
<C=1 ,  U"BH9FJ9BH=CB::97H=B$CF95B#+EI9GH=CBG+9J=G=H98V5D5D9FDF9G9BH985H @CK
=BG=5,9CI@'5H=CB5@.B=J9FG=HM,9CI@ <IB; 5B8& $ )5F?
U-<9'5HIF9C:"B89H9FA=B5H9LDF9GG=CBG=B<=B9G95B8$CF95B
C7IG98CB#+D<F5G9G=BCB8=H=CB5@GV,0*7,56,&(5($4&+  
=BEI9   '8(4%5$0'70&6,10$.($'5  4155,0*7,56,&(452(&6,8((L:CF8.B=J9FG=HM
)F9GG(L:CF8 
B8C-  U-KC+95GCB)G0<5HF9BXH1CICA=B;HCH<9.B=H98,H5H9GCFV"B. ,<@CBG?M98 (;10'70&6,10$.(37(0&(  +($461*4$2+;1);06$&6,&647&674(5(L:CF8.B=J9FG=HM
)F9GG'9K1CF? T  I>== -  5B8 $  -5?=H5    U#+58J9F6=5@G "BG=HI -<9=F "G@5B8=BG9BG=H=J=HM 5B8 H<9 +C@9 C:
9ACBGHF5H=J9G=B#+=BG=HI%=79BG=B;V$0<$0,0*7,56,& T  #=B   
 U ,9A5BH=7 77CIBH C: *I5BH=:=9F=B8I798 "BH9FJ9BH=CB ::97HG =B <=B9G9 0<M
EI9GH=CBGV,0*7,56,&5$0'+,.1512+;T <HHDG 8C= CF; G     L $=A, , 
U"BH9FJ9BH=CB::97HGF9C7IG::97HGV$2$0(5(14($0,0*7,56,&5    $=A, ,  UC7IG"BH9FJ9BH=CB::97HG=B*I9GH=CBGVA5BIG7F=DHDF9G9BH985H-<9CF9H=75@5GH
G=5B%5B;I5;9G!5FJ5F8.B=J9FG=HM $=A1 ! U#+@9GG#+EI9GH=CBG=B$CF95B5B8-<9=F"AD@=75H=CBG:CFH<9)CG=H=CBGC:0!1V
67',(5,0(0(4$6,8(4$//$4   $=A 1 !  
 U(B H<9 'CBACJ9A9BH C: 0!1  +9D@M HC &=M5;5K5  V 67',(5 ,0
1'(404$//$4    !5;GHFCA)  (&1/215,0*7(56,105)<  8=GG9FH5H=CB&"- !C>= !    1*,&$. 14/ 10564$,065 $0' 10),*74$6,10$. 647&674(5 ,0 $2$0(5( )<  
8=GG9FH5H=CB.B=J9FG=HMC:05G<=B;HCB !I5B; - #   1*,&$.(.$6,105,0+,0(5($0'6+( +(14;1)4$//$4)<  8=GG9FH5H=CB&"-5A6F=8;9&5GG !K5B; # !   U0<5H "BH9FJ9B9G 0<5H -<9 @=D ,=89 C: "BH9FJ9BH=CB ::97HGV $0*7$*((5($4&+   $=A,  U#+D<F5G9G=B$CF95B5B8#5D5B9G9F9*)G V"B) F5B=;5B#  5I@8=B;& $I6C
5B8$ &IF5GI;=98G $2(45)41/6+(67'(0610)(4(0&(,0,0*7,56,&5 #14-,0*$2(45

-153-



'5BN5B%=B;I=GH=7G +9G95F7<+9GI@HG5B87H=J=H=9G,0,0*7,56,&5&"-0CF?=B;)5D9FG=B%=B;I=GH=7G5A6F=8;9& T  $=A,   +$,0&12($0'7$06,),&$6,10647&674()<  8=GG9FH5H=CBF5B89=G.B=J9FG=HM $C! #  U,MBH5LC:#+=BG=HI&9F;9=BHC3,D97)4=BH<9(J9FH,MBH5L$674$.$0*7$*($0',0*7,56,& +(14; T  $F=:?5& 
UCF5,HFI7HIF98&95B=B;77CIBHC:*I9GH=CBG5B8BGK9FG V"B 9FM5B80 ,H9FB9:9@8 98G  7',$674 "1: $2,(06,$(  9GHG7<F=:H :CF FB=A JCB ,H97<CK ?589A=9
/9F@5;,HI8=5 F5AA5H=75 9F@=B T  $IK565F5$  U(J9FH#+ACJ9A9BH5B8,7CD9:=L=B;,7F5A6@=B;)F9@=A=B5FM,HI8M V"B$ "BCI9 98  (2146    (5($4&+,0* $0' "(4,);,0* $0 '8$0&(' +(14; 1) 7/$0 $0*7$*(
$5B85.B=J9FG=HMC:"BH9FB5H=CB5@,HI8=9G<=65 T  %5K@9F#   UBM*I9GH=CBGV+,&$*1,0*7,56,&1&,(6; T  %99& U0<M=GW#+;X=::9F9BHVD5D9FDF9G9BH985H<=75;C%=B;I=GH=7,C7=9HM %99$ , 5B8, -CA=C?5 
U%@C7?=B;::97HGF9-CD=7::97HG0!*I9GH=CBG=B#5D5B9G9
5B8$CF95BV.BDI6@=G<98AG .B=J9FG=HMC:9@5K5F9 &5@<CHF5,  U"BH9FJ9BH=CB::97HG5B8#+ACJ9A9BHV!(00#14-,0*$2(45,0,0*7,56,&5    &=M5;5K5,  U(BH<9'5HIF9C:#+G7CD9V.BDI6@=G<98AG &"- &=M5;5K5,   *4((/(06(;10'+,&"-)F9GG5A6F=8;9&5GG '=G<=;5I7<= -    7$06,),&$6,10 ,0 ;06$: )<   8=GG9FH5H=CB .B=J9FG=HM C: &5GG57<IG9HHG
A<9FGH '=G<=;5I7<=-5=GI?9   7$06,),&$6,10,06+( +(14;1)4$//$4CF8F97<H$@IK9F (7<=&  U#+58>IB7HG%9:H)9F=D<9FM5B8#+=BG=HI V"B1 !  %= ,=ADGCB5B80 - 
 -G5=98G +,0(5(;06$:,0$4155.,0*7,56,&(452(&6,8((L:CF8.B=J9FG=HM)F9GG(L:CF8 T   )9G9HG?M  U,CA9(DH=A5@=HM)F=B7=D@9GC:,9BH9B79)FCBIB7=5H=CB V"B) 5F6CG5 CL) !5;GHFCA& &7 =BB=G5B8 )9G9HG?M56+((5611'017*+ 26,/$.,6;$0'1/2(6,6,10
,0;06$:&"-)F9GG5A6F=8;9& )9G9HG?M +4$5$.18(/(06$0'65,0&")F9GG5A6F=8;9&5GG +CCH<&   U-<9CFMC:C7IG"BH9FDF9H5H=CBV$674$.$0*7$*((/$06,&5 T  ,5=HC&  1/( 5;//(64,(5,0$2$0(5($0' +(,4 +(14(6,&$./2.,&$6,105)<  8=GG9FH5H=CB&"-5A6F=8;9&5GG ,5=HC &    U88=H=CB5@ #+ ::97HG 5B8 H<9 8>IB7H=CB ,=H9 -<9CFMV 1740$. 1) $56 5,$0,0*7,56,&5 T  ,<@CBG?M. 5B8 ,C5F9
U0<9F9XGW0<MXV,0*7,56,&037,4;  T ,C<B $ 0    (*$6,8( 1.$4,6; 6(/5 &12( $0' &101/; )<   8=GG9FH5H=CB .B=J9FG=HM C:
CBB97H=7IH,HCFFG ,C<! %  U#+=BG=HI=B&5B85F=B<=B9G9V,0*7,56,&037,4;   
,H9D5BCJ 5B80 -  -G5=  U5FHC;F5D<M5B8%=79BG=B;C:#+58>IB7HGFCGG@=B;I=GH=7
)9FGD97H=J9V$674$.$0*7$*($0',0*7,56,& +(14; T  -5B5?5!  "BJ=G=6@9&CJ9A9BH=B,-$0$,5B8H<9%=B95FFCGG=B;CBGHF5=BHV1740$.1)$56
5,$0,0*7,56,&5 T  
-5B5?5!  U+9A5F?GCB97?XG::97HG%=B95F=HM=B,MBH5LV,0*7,56,&037,4;   -5?=H5$ 5B8 15B;  U(B&I@H=D@9#+EI9GH=CBGK=H<W0<MX=B#5D5B9G95B8<=B9G9 V"B& ,5=HC98 $2$0(5(;06$:)41/$1/2$4$6,8((452(&6,8((L:CF8.B=J9FG=HM)F9GG(L:CF8T  
-CA=C?5,  )F5;A5H=7GC:%"BH9FJ9BH=CB::97HG#+=BH9FFC;5H=J9G=B#5D5B9G95B8$CF95B

-154-




0<9F956CIHGC:9$;WK<MX=B$CF95B5B8BH==BH9FJ9BH=CBBH=GID9F=CF=HM & $  )5F?

1740$.1)4$*/$6,&5  T  
-CA=C?5 ,    #+; EI9GH=CBG DF9GIDDCG=H=CBG 5B8 =BH9FJ9BH=CB 9::97HG  1740$. 1) $56 5,$0,0*7,56  T  -G5= 0 -  M@5B    %9:H )9F=D<9FM 5B8 W!CKXW0<MX @H9FB5H=CBG 1740$. 1) $56 5,$0,0*7,56,&5 T   /5@@I8IJ=    +(0)14/$6,101/210(06)<  8=GG9FH5H=CB.B=J9FG=HMC:)9BBGM@J5B=5 
05H5B569   #+=BG=HI,I6>579B7M5B8<5=BCFA5H=CB.BDI6@=G<98AG &"- 
05H5B569 
U6GCFDH=CB"BH9FDF9H56=@=HM5B895HIF9,HF9B;H< V"B$ "BCI998 (2146  
(5($4&+,0* $0' "(4,);,0* $0 '8$0&(' +(14; 1) 7/$0 $0*7$*( $5B85 .B=J9FG=HM C:
"BH9FB5H=CB5@,HI8=9G<=65 T  
099! $  U$5BG9D<MC?K5K579B;DC?KI7CW"BH9FJ9BH=CB::97H5B8"B:CFA5H=CB,HFI7HIF9XV14($01740$.1),0*7,56,&5   
1CG<=85&  '5?5C5B8" (FH9;5,5BHCG  -<9,MBH5LC:#+;GHF=DD=B;$674$.$0*7$*($0',0*7,56,& +(14; T 
2<5B; 5B8  <57PB  UA6988=B;CJ9FHACJ9A9BH5B8"BH9FJ9BH=CB=B$5H<A5B8I
'9K5F=V 41&((',0*51),0*7,56,&1&,(6;1) /(4,&$    -155-