5(&200(1'(' )25 )8//

3XUVXDQW WR 6L[WK &LUF

(/(&7521,& &,7$7,21  )

)LOH 1DPH D

	


	




$0(6  &85'<

	






217*20(5< 2817<

+,2

	



 !"#$
%&'	

!"$	+$"%)&("&*

-../0&*$

"2+'3,

)*&''%'&'35

6!"378	%'






	9*$9+%($&%+#&*$ +((  ;
),%$&!" (+#5+($&!" %  :	

7 
4 







;  7; ),% $& !" (

	  '&<"'$ &%&%!$ *+"&% =$&*$

8  >&%'  78  ?  4-@ '&<"' ( "'&((%&%2 &%&%








8  	 &"*+& +'2  :&%&!!

 %#(*+"',5"+2$$&(A/(+&2&%()!%'%( (!!&*")<&'%'%2#",+%,*&#&%2$$,<&'$&("&2$5!"!"#+%"(%5 (&1+"( +%'" $ +"$ #%'#% %'"&' 2&%( $&# !" $ (("&% ! $&( &"(#%'#%"&2$($'&("&**+"'&(#&(('*+"',B(&"( #%'#% "&&% *&# !" 2"%&%2 !!&*"B(#&%!"C+&!&'&##+%&,%'>+","+"%'<"'&* !" )!%'%( % *+"',B( +"$ #%'#%*&#*+"',$%#<'!">+'2#%(#"!="%="&&%$"%&<%'$'&("&**+"'%&'$(#&%(&%$&"%&","$!=&%2"(%(= 5$ $ '&("&* *+"B( '%& ! *+"',B(#&% !" >+'2#% (  #" ! = % $&( +"$#%'#% *&# %' &( 2"% ! C+&!&' &##+%&, %*+"',B(&"(#%'#%"&&%*&#**"'&%2,=	!"!+"$" "*'&%2(



%+,--*+"',$('2"'+&% ",!"$&(

% $=)=,%	#&$=$$'>+(2"'+'!"#D"&2$	
%&<"(&,$ ",=($'$*+5$+(&%$ "#% *# E =$" *+"', $% "(&'' &%%"<& $&  $ ", %'' "+%' #&'%&2$ %'=$&#(!$ "%(=%$#$&#*+"',%'(<"$"(&%*+'&%2$&(5"$"&%=2"	#&$
4- 






*"&%2 $ C+&!&' &##+%&, '*"&% &%%''  ($55 &*!!&*"&%$*+"(!$&('+&(

 %' *C+&%%* $ 7( "#% , *"'(*+"5$  $ *+5$+( ", % "#%"+%' !&<&%$#(%#(*+"',"**# $&"*"(($#!!$!+"#"&*%*%<"('!"5+!&!*"+&("'"<5,

!!&*"  =$ =( % F

"( %'&%2%,( *&!&**# & "#%"$(+""+%'&%2"*# %, <", (=,  !" $&=&$+%, "<*&%!"*&"*'5*H="'($#(2"+ !"(*%'&#$&%$&(5("<' $# !" >+(  != (%&%(&'=$B(+ 2%# &%!!&*""*'*+$ "5#KG"F*%
$ ,+$' "H'$&(*"($"'&(%*%$"*+"',%'(H'$&#**"'&%2!!&*"*+$!+LH',+=%KG

!!&*  $% E&' $&( 

*+"', **"'&%2 !!&*"*+"',(=$,$+(' "!$&#!"*+"',"&"'$&(!!&*"B( "*$$!!&*>5F(=$B(2&%2%G&!F(#M3..&%$#"%&%2G*+"',$%E*&#'F=%'!!&*"(H'$&#(=*+"',"!"&'%&!&*&%=( (%'&%2 &% !"% ! $&( $&'%&!&*&%%'$%&$"$'&( ,%,
 






!!&*"%E(H'*+"',&!$$'5%'"&%H&%2

$%&2$
 %"( %'&%2&%$!!&"#&<$!&!,$","'=("'"'25*H&%(&'$&($+(5*+($*H' &'%&!&*&% %' =( &% !!&*" B( <&=F5<&+(,&%E&*'G-4-*+"',">*'

!!&*"B('#%&($#%*&#&%2$$'&'%$< 2 &%(&' %' $ !+"$"#" $ '&' % $<  'F($LG$!!&*""'"'-!"*+"',

"&"' $&( 5>*&%(  !!&*"B(  +" "'$"((#%!!&*"="%'$&!$'&'%"+"%$&($#&##'&,$=+'5""('%'H%>&*+"',$%C+(&%'$2"+%'(%=$&*$$*+'5""('$!!&*""( %''5,(&# ," &%2$&!$'&' % 2 &%(&' $ =+' 5 ""('  %* 2&%*+"',"!+('"+"%$&($#=$"+ %!!&*"'$&#( $(&'%' *$&($%'(%$=  *+"', 2&% C+(&%' $ 2"+%'( !" ""(D&$+( *&!,&%2$25(&(!"$""(!!&*" "*''  H $&# &% *+(',  !!&*" (+5(C+%,5"+2$*+"',$ "*&%* (&% %'""('$&#!")&("'",%'+*N:+5&*
%E&*&%%'5("+*&%2 !!&*& 6+(&%(( +%'" $& < 'AA4?6@?4@O44"( *&<,

*+"',(+5(C+%,(+'!!&*"%'%2#",

+%,(("&%2$$=(""('&%<&&%

! 5$ $ &"( %' +"$ #%'#%(  )+"&%2 >+", "*'&%2(*+"', *%%''$$+%,&2,E"*&('%!&( "# ",*$%2(%$5(&(!"*"&2&%,$"="$"5*H##5"(#%2$=%,(&E "(% <%&"       % 5*H<%&" "(% =( E*+(' !" *+( 5*+( $ =(*%%*'  $ +%, 	$"&!!B( !!&* %' $" =$&##5"(="(E*+('!"*+(D&$$('&(#&(((=%,= "(%( &%*+'&%2 = !"&*%#"&*%("#&%'&%$<%&"!"#=$&*$>+",!&2$%''5(*'
%&&,%&2$ "(%>+",=(('=&$+%,5*H##5"(!"*+"',E"*&('$(*%'!$&(= "# ",*$%2(%'!"$+%, (('

 

&+("($+%*"&% (+"!<%(&%<<'$"

6*+($!'"*+"("

"&&%&%$*%E!%""&($+'$<5% "%!*+'%""(%&%'&<&'+<*+(!!*$""(&!$&%'$&#$'%,&# *%$

 *+%((!!&"#%*

#,&%!*$<5%&%!+%%2+2# ,'5,"*+"$ 	+ "# +"B( 5("<&&%<&5, "#&% % $ #&%'( #H&%2'*&(&%(F"+!*+(%=$$" "*' *%'+* $"=&(&%'*&(&%%"$&"&%  5" (&&% (  "(+*%(&+&%, "*' *%'+**+ &'$'$'%%$&%2G

 ,&%2 $ "&%*&   $ *'&(+"5&%2$'"+%H+(&%2!!%$*+"(!!( *+'!

$ "%(!&"(#%'#% "%'2' &*!!&*"&%5=$$*%*&<(5$&('+,'"+%HB(*%(&+&% "&2$((F$*%(&+&% "&%*& (H&!(+*$%# ,&( *'&%%$'%%22'&%$*%'+*G4/M/-  "&%, % &%'&<&'+5*+(!*%(&+&%, "*$(#&%'&<&'++2$%5%2+2  "<%  &* *%'+* %' "*$&%2  '*&(&5*+($!!%(&<%2+2#*"&%!$*""*%((!$&('4
	4/-
'%5&<
4 






5  "% &% $ &2$ ! "E&(&%2 =   ?*&&%2
"4
	MM4/ ?/M@@ 
&(%#"!",&%2!&2+"+$(*%>+(=$="'("$"  &$( #+%"'% #+% F!&2$&%2="'(G5,2 "*'%"'"#&%&%2&%>+'&*& (#"#=$$"$,($+'

$"<% "E&(&%2=%$&((+!"&&%&(

!+%'&% #$
4
	4?@ &%<<'(*$5"'P('*&(&%%  "$&"  *$" &% "&&% !" $&( E"*&( !*%(&+&%, "*'( *$6*+( '&'%&%<< &*!!&*"B('*&(&%""(%5&2&%$*"!$!!&*"B( "( %(&5&&&(%'%*(("&,#'%$( =&$+$+E+",!&%<(&2&%&=(%  "% $   =+' 2<"% $ &*!!&*"B(*%'+*

D$$" &%&!!#,"*<"!"' "&<&%!&"(

#%'#%"&2$(*+('5,%2',"&",""(=$&*$ $ !!&*" $' "55 *+(  !!* =( % #"!*",(5&($'=&%-
%''&&((&%&((+ $ &( (+5>*  '5 &% $ !'" *+"(  $#>"&,*&(%	+ "#+"" +5&($'	&E$&"*+&*(('&(*+((&%2"&&%*&#(&%$*%E!%""(%'
#="!%%$'!%'%("&('$"2+#%$ % "&&% *&# #, 5 5"+2$ &! $ ""( &((+ "'5, "55*+(&%$
#%

-'..?-$&"@5+$<&'&,!$&( (&&%=(%"+'%5*+($"=( "<&+(!&%'&%2$$"=(% "55*+(.D'&'*%(&'"$&(&((+&%%+% +5&($'*(
&M4'4-?5@MD84-?-$&"M@
%=

(+22('$&!$!!&*"($' "55*+((+ "$""($&"*+#&<(="&""<%L?C+&%2

 
   ' /- 4' 4M ?-$ &" //@@*2%&1&%2$&(%#"+$"&&<$%#%,

! $ *(( *&' 5, $ #>"&, & %%$(( =

 %E"*&(&%2&(!&"(!"&*%#('%$>+",$ &% "# ",E*+(D&&#($ ("&H =( "*&, #&<D&&#("%22&%2&%*C+,$+%,B(*+%($'&("&*5>*&% *"'&&%2$+%,B( '#%"($='$($=('&(&>+",

!" $ "& *##%*' 

C+&!&' &##+%&,  !!&*" #%'#% "&&%*&#=( % *", (5&($' $ "$&5&' % !!&*" !"# !!*""(&!$!!&*"=( "&,"&2&%($""(B((("&2$(M-$"&"#&%&%2*&#(%'$>+",")!%'%(  *+"', $% %=&$(%'&%2$<"'&*"&%*+"', *&#'$!!&*"*+(""($&#%'((%&,'&("&**+"B(C+&!&'&##+%&,$&( &"( #%'#% "&&% (("' $&( *&# $ $ + "# "&(&%<&&%!$C'&("&**+"'%&'*+"',B(#*+"',!&'$&(&#, 



	

% *+"',!&"((("(

&% '%,&%2 $&( #&% !" >+'2#<"'&*"%="&&%$"%&'%&!#&%!">+'2#%(
	

- 






&"M@%'$'%&!#&% !"%="& !"%5+(!'&(*"&%#
%")
4.'/M/4.?-$&"4...@8&H$'&("&**+"=#+(!!&"#$>+",B(<"'&*F+%(($&(+"Q&(! =&$ $ '!&%& %' !&"# *%<&*&% $  #&(H"(+&%2&% &%&%>+(&*$(5%*##&'B"$<"'&* Q&( *%"",   "(%BG  
 
"%
'4?-$&"/@ ?*&&%#&'@ +'2#% ( #"!= F&( " "&%,=$%$"&(*# 5(%*!!*(+ "$<"'&*($% "(%5>+""*+'$<!+%'!"$%%#<&%2 ",G
%

4.-'?-$&"4...@

$+2$*+"',$(%(("'$&( *&#(&%

$#("!+ !($&%$&( !&"(*&#((%&,*%%'($!!&*"'&'%$< "55*+(""($&#%'$$$"!"<&'$&(+"$#%'#%"&2$2&%(+%"(%5("*$(%'(&1+"(D$&$+"$#%'#%=(5"&!&%<(&2",'%&%("F"",G( (5>+(&!&'%$5(&(!F"(%5(+( &*&%G!
4
	444?-/@!+!'2'""(#+(5(+ "'5, "55*+(*
)4.M'.?-$&"4...@

:"55 *+( "C+&"( $ &* $< "(%5,

"+(="$,&%!"#&% (+!!&*&% =""% % !!&*" !"(%5*+&%5&<$""(*##&'"&(&%$ "*((!*##&&%2%!!%(
$

+(%M'M/M4?-$&"@?C+&%2#(

	/?-@@R$


#%-'....?-$&"@:"55*+( !+"$" "C+&"( $ !!&*"( "&*+ *%*" %'5>*&<!*(!"#=$&*$$,&%!"*"&#&%*%'+*

+
('4M?-$&"/@"<"$5>*&<"(%5%((!$!*("<%  "55 *+( '"#&%&% &( "#+% %' $!!&*"B((+5>*&<&%%&%("&""<%,
+  M 
	 /.- / ?-@ ?F	+5>*&<

 '&(!" &%"&&%!"$!&"(#%'#%"&2$*"&&*&1 D"<"('$'&("&**+"P(2"$ ($"&!! D "(%' $ $!!&*&(=(*",(5&($' +5&*!!&*&P("&&%2&%(&"(#%'#%"&2$(&(<&&

$" " = "5#( =&$ 

#&"(#$'%5%'""('*+"',!!&*"**+""'&%-#=(%'$ '*"&% ! C+&!&' &##+% "!"#&%2 '&(*"&%", !+%*&%!"#&5&&,!"*&<&'#2(&%(%<&*",(5&($'(+!=$&*$"(%5 "(%=+"-M
	/..//? &*5=#+($<5%*$ *&% **+""'   F
!$ *", (5&($' % !!&*& E *' %&*&  (+5(C+%*+'$!&",5(&'QH%=B$% "<&+(,&'%&!&'(+%=

	*%'#&%<<'($"&!

&%<<%""(<%&!=** &%#=(*",(5&($'&%2'&%#'&'%"&(&%$

(%'&%	


$  "&% ! $ C+&!&' &#(+5(%&,+ %$<!2%F2"+G&(5&'%&!&'

"&2$ $ !!&*& &( 2'  (+!!&*&%,*"$"(%5$=$$&('&%2<&($"

&##+%&,'(%+"%%=$$"$( "<&+(,5%$'+%=!+
44 






D$$"""("%&(>+'2#%*#'%$( 

5,$!!&*"%'**"'&%2,$<&'%*(+ "&%2$!!&*"P( "55*+('"#&%&%'(% "C+&"$(# '2" ! ( *&!&*&, ( $ <&'%*  (+ " *%<&*&%5,%'"(%5'+5

$ >+", &% $&( *( =( " ", &%("+*' % $

#%(!"&(H! $,(&*$"#%'$'!&%&&%!"&(H((&2%&!&*%( ('"# ((&5&&,D$&$<&'%* ! '&("'", *%'+* #&2$ % $< 5% <",("%2$"=((#<&'%*6*+(&*%%5(&'$$"=(*# 5(%*!!*(+ "$>+",P(<"'&*$$""(=((+ "'5, "55*+($&(+"($+'!!&"# 
%4.-

'?-$&"4...@


('&(2"=&$$#>"&,B(<&=&%:"6!$

 &%&%$$'&("&**+"""'&%2"%&%2!!&*"B(#&%!"C+&!&'&##+%&,%$&"(#%'#%*&#
!&%'$&(#"'&!!&*+C+(&%5+5&<&&(#'+5,$( *&!&*!&%'&%2(!$"&*+"%'$>+",&%<%(

$ #>"&, $'( $ $ '&("&* *+" ""' &% &(

*%*+(&%$=$%!!&*"*'&=(%*",(5&($'$$&"(#%'#% "$&5&'%!!&*"!"#!!*+&%2%$"=&(<&'""(&!$!!&*"=(#&<'&% "5,'(&""&2&%($""(P((("&%!&"(#%'#%"&2$($#>"&,"(%($5*+(&=(=(5&($'$%$*+"',$'*%(&+&% "&2$  *$%2 <"5, !!&*" P((+"<&%*$'&("&**+"""'&%2"%&%2!!&*"C+&!&'&##+%&,%$"&&%*&#


%(+ "!$&( (&&%$#>"&,"&(%#


.)M-'-?-$&"/@
%#" <&*&#%'$"$+(5%' !&' A/ "&&% *&# 2&%( ($"&!! =$ $, 2' $' <&' $&" *%(&+&%"&2$( 5, &((+&%2  "(( "( '&(*+((&%2 $ (%(&&<

 

,Q GLVVHQW -XGJH (QJHO REVHUYHV WK

FDVHV ZKLFK ZH KDYH FLWHG DUH XQSXEOLVK\HDUV DIWHU 2IILFHU &ROH DUUHVWHG 0U 0F&WR XWLOL]H WKHVH RSLQLRQV WR DQDO\]H 2IILVXFK DQ DQDO\VLV UHTXLUHV 2IILFHU &ROH WR 

&%%&%( , % " &% "'&%"#%'#%%,(&(G@R-.--?-@?$'&%2$ "5$ "( *&<!%5>*&<,"
% ((((&%2 5>*&< "(%5**+%!"$5&&,!!!&*"($&" "!((&%E "&%*(

" !!&*"  ""(' 

%'+*+%'"$&<'4 "<&'($3

 "(% =$& <+%"&, IJ%22&%*%'+*"*"*"&(H! $,(&*$"#$!!% " ",!%$"

A4?6@?4@$(+$ %&%'&<&'+&( F<+%"&,

&%'&<&'+ F "(%IJ  "&(H ! $&#(! %$" " %$"B( "#%"C+&"((#!!&"#&<($(!*$%&%'&<&'+&"&(A4?6@?4@&%!"*&%/../D8//< - /@ ?% " "A 4?6@?4@B( 2&(&< $& "<&(&%F&(&#' "&*+"**%'&&%I!&%E&*&%JG@R/D8 -.  L ?$&  " "'&%4'@?$'&%2$F(#!!&"#&<*%'+*%$I'(%J "$&5&#",5&%2&%
/ 






ZRXOG EH LQ WKH IXWXUH , DJUHH WKDW LW LV JHQHUDOO\ QRW IDLU WR KROG DQ

LQGLYLGXDO WR D OHJDO VWDQGDUG WKDW HPHUJHV DIWHU WKH IDFW +RZHYHU

2IILFHU &ROH¶V FXOSDELOLW\ GRHV QRW WXUQ RQ WKH 3HQQLQJWRQ DQG -HQNLQVGHFLVLRQV DV WKH GLVVHQW VXJJHVWV 2IILFHU &ROH¶V FXOSDELOLW\ LV EDVHG RQWKH SODLQ ODQJXDJH RI WKH VWDWXWH WKDW KH UHOLHG XSRQ WR DIIHFW WKH DUUHVW RI0U 0F&XUG\ $V QRWHG DERYH  % GRHV QRW SURKLELW

3YROXQWDULO\ LQWR[LFDWLRQ ́ LQ DQG RI LWVHOI ,Q RUGHU WR YLRODWH WKLV VWDWXWHDQ LQGLYLGXDO PXVW DOVR 3SUHVHQW>@ D ULVN RI SK\VLFDO KDUP ́ HLWKHU WRKLPVHOI DQRWKHU RU DQRWKHU¶V SURSHUW\ 6HH  % 2IILFHU&ROH GLG QRW KDYH SUREDEOH FDXVH WR EHOLHYH WKDW 0U 0F&XUG\ SUHVHQWHG3D ULVN RI SK\VLFDO KDUP ́ $FFRUGLQJO\ 2IILFHU &ROH LV JXLOW\ RI YLRODWLQJ0U 0F&XUG\¶V )RXUWK $PHQGPHQW ULJKWV 7KLV ZRXOG EH WUXH HYHQ LI WKH3HQQLQJWRQ DQG -HQNLQV FDVHV KDG QHYHU EHHQ GHFLGHG

$ (+ !+"$" "<&'($$'"#&%&%(

=$$"%&%'&<&'+&(&%E&*'&('"#&%'!"#$ "( *&<!%F"'&%",5("<"GA4?)@$+2$ A 4 '( % "<&'  '!&%&&% !&%E&*&%+%'"A4?6@?4@$'&("&**+" "<&''$>+",=&$$!=&%2&%("+*&%3

 "(%&(&%E&*'=$&((!"+%'"$&%!+%*!&%E&*&%2&C+"=&%"5"$$&( $,(&*%'#%!*+&("&# &"'(+*$%E%$$!&(  +( $ '2" ! *" %' %&% &% $&(*%'+*=$&*$"(%5 "(%=+'$"=&(+(

4

*+"', "2+( $ $" =( &%(+!!&*&% <&'%* 

(+ "!&%'&%2$$=(&%E&*'" "(%'F"&(H! $,(&*$"#I$&#(!J%$""$ " ",!%$"G("C+&"'+%'"A4?6@?4@D&$"2"'$<+%",&%E&*&%#%!!&*"(&!&'$$ (#' *$ % *+"',B( 5"$ '+"&%2 $&(*%<"(&%=&$$&# %'$$5&<'*+"', =(&%E&*' ($<=$"$*+'H*"!$&#(!MR"/./''&&%,!!&*"(H'*+"',=$$"$$'5%'"&%H&%2$%&2$%'*+"',"( %''&%$!!&"#&<$+2$!!&*"

 $ =( ""(' +%'" &H A4?6@?4@?$(+&(F(# !!&"#&< *%'+*G % 5,%'#",5&%2&%E&*'&%

-.L-$*+"( *&!&* "55*+(""(%'("**%'+*=$" % "H'$&(&%*"",+(" %$&#(! %' $"( ( = (  %"'$'"&<=,GL=(!!&"#'&%$*(&%<


%
$ 

 H  $&# !" $ &* "(("'$$ %=(F "!+(&%2  <G  D$% $, :%%&%2%*%&%+'"+%+%&$'=% %' (+5'+' %'$"!"%'$$F(#'!*$=((+""'%'$&(,(="2($"=(%<&'%*$ "&(H 5, "+%%&%2 $" $% $%&2$5"$'D!&%'(+*$<&' (+(&%  *%<&*&% +%'" A4*$"2'&%$*()=(&%$>+'2#%!$ *+"'&("'",*%'+*$*+"! $ :%%&%2%B( ""( =( =5>*&<($!*(&%$&$%+"!$"+5 *$ "(%5("<&%(!$!!&*"(%5 &* !!&*" =+' *%'+**%(&+'<&&%!)( & +" '*&(&% &% 
 
<&'%*!'&("'",*%'+*5,$*# &%=!&%'$ %=!+G
4. 






4

$#>"&,(+'&+(,<&'(*%(&'"&%!*+"',P(

5+(&< %2+2 &% $&" *%(&'"&% ! "55 *+(+%'"$(+;(%'&%
#M/4'/M?$& /@'!%'%P(+(! "!%&,#,5*%(&'"' !" +" ((!'"#&%&%2'&("'",*%'+*+%'"$(+#M/4'//
%#$*+"!+%'$<&'%*(+!!&*&%(+ "*%<&*&%+%'"A4?6@?@$(*&%"2"'&%2!!%(&<*%'+*( ('"&(H!$"#$<&'%* "(%'=((&#&"$<&'%*&%$&(*(3$'!%'%(#'!*$$'(+""'( *$H'<",+',5"'$ &*=(<",%2%&(&*="'($!!&*"(%'+(' "!%&,="'($!!&*"(M/4'/-/

!!&*"( #+( 5 "% ! 5+(&< %2+2

<"$(( *+"',B( 5+(&< %2+2 ?%' #H %#&(H 5+ & & =( 5+(&< !"# $ ("@ <% &! "*'5,$&"(#%'#%2%",=(%%$((5&2"%  7&<% $ <" *&"*+#(%*( & *+'"(%5, $< &%'+*' % !!&*" &% B( (&&% *%*+'+%'"$&=(&=($%H%=%$$"=("&(H!*+$"#$5>*&<,"(%5 &*!!&*"=$&*$&(+"#(+"$"*"&%,$'"&2$*%(&'"(+*$%2+2%%,(&%'&*&<!*+"',B(&%E&*&%5+(!$&(!"#!#&%'$""$ ,'"+%H( %' $" " #' '"+%H(  !!&*"  *+'"(%5,*%*+'$*+"',&%$&($%*%'&&%%'*#5&< !"# ! #&%' '&' &% !* "(% $ '%2""C+&(&+%'"$$&(+

<%((+#&%2$$=+% +5&($'*((*&'5,$

#>"&, #&2$ (#$= **+", "!* $&B(&%" "&%!&((+$,!&(+ "$#>"&,P(*%("+*&% &% %, <%  
% /( $ '!%'% =(!+%' (('+%'(+# '<"$("&%2=$!*"=$&*$=( (%%'=(""(' !"'&("'",*%'+*+%'"M..?5@?4@$*+"5("<'$$(+

 '&'% '#&%&(" %,H&%'(($&((&#%,$$(#$&#G-*+ '=&$**%(+#' *$5$'+"&%2$&*"'2#$&( "#% "<&'5&<$*+"',=(F<+A4?6@?4@

=<" $ >+",B( !&%'&%2 +%

A4?6@?4@ "(%(%' = !&%' $ % "(%5 !!&*"  $' "55 *+(  "(%'"&(H! $,(&*$"#$ " ",!$"(%$&(&($3

IDJ$%  "(% &( &%E&*"&%&%2 %' E "&%* +%'5*##,"( %(&5&&,%*
$# 
! 
$ "(%2 
2&%2  $ %  $#  
 *
 =$ *+' $ % 5*#(#, "( %(&5&&,#'(%$ %

  MM4R  "  /"<" !!&*"  (' &%E&*'%+"IJ%$ &%$I*+"',J=(% " ",!%$" "(%$&<$=(""('G/?# $''&&%, (("' $ !" $*+"',B(((*&(*#5&<,

6,!!&*"B(=%(&#%,

*+(""(*+"',+%'"$ '&("&* *+" $"!" ""'#&%!">+'2#%(#"!!!&*"$5%!&!&%!
. 






  5( "(+#' $*+"', "(%'  "&(H !$"# &$"$&#(!%$""$ " ",!%$"(,5*+($ "'5&%E&*'=<"(%'5<$%2+2!$(+*", "<&'($&%E&*&% %'(%2&< "&( A4?6@?4@<&&%    / D8 //-4  LL4R/( / D8 -.  L  
% $&( "2"' %&$"!!&*"  %" $ +%, $( *&' %, 5>*&< %'"&*+5!*(!"#=$&*$!!&*"*+'"(%5,&%!"$*+"', "(%'"&(H! $,(&*$"#+%'"A4?6@?4@


%''!!&*"(&!&'((%&,$$"="%

5>*&< !*("&22" "55 *+( ($ *+'%,F( *+G%$F%!#&&%$&%2(G$#&2$**+"&!$'&'%""(*+"',"<"!!&*"(' &%,$$""('*+"',5*+(F$"=(%=,$I$J*+'$I*+"',J=(%$"''#2$ " ",!%$" "(%$&<'&%$"G  /D$% %!!&*"&",$(%&'=$$" "(+# &<,=5&'&%2*&&1%$(<&'$= $ +"$ #%'#% *", *##%'( $2<"%#%$&%'&<&'+5
%''&!%,$&%2&(*"5+ $ +"$ #%'#% & &( $&(3 2<"%#% #,' "&<&(*&&1%(!&5",=$%%'%,=$%&$(<&5*&#$%&%'&<&'+$(*##&'*"&#%'$ *&# &( (+ "' # &"&*, 5, *%*" %'&'%&!&5!*(
(M./
	---?@R+
.4...D8--M/L4?-$&",44...@!!&*"'&'%(&(!,$(!+%'#%&# "&<(%'**"'&%2,="<"($'&("&**+"B('%&!*+"',B(#&%!">+'2#%%=&$(%'&%2$<"'&*(&"(!!&*"&%$&(&%'&<&'+* *&,6*+($'&("&**+"'&'%''"((( *&!&*,=$$"+%,*+(#" &*,2<"&(&$"+%,&5&&,
1%2(  
   
 - 
	  -M -/.?/@R #     #  
#% M4. 
	  ../ ?@ " &5&&, 2&%(

 $,'&' " ","!*$&=&#!$<%$"
!$!!+ %$&(+%'"(%'&%2!$&=&&(,+%!&"*%*+'$$%&*& '$&(=+'5$==5,'=,"(5!"&(&((+% "# '$&#%*($'&'

$#>"&,#&2$5"$<

*(( !"2+&'%*%&%" "&*%'+* =$& &%E&*' (+4'?$& .@<
/(M/4'/4?$' $ $ '!%'%P( * ! ((%2"(!*"$=( &%E&*'('&'%*"$$"#$&#(!$=(&%%''4?6@?4@$*+"">*'$'!%'%P("!+(2+!$"#5*+($#&2$$<5%((&('$&#+!$*"$%&", ((&< *%'+* =( %*%(C+%*%<&(&%'5,$(M.


%'" +5&($'$&=$!

$"# "C+&"( $ E"*&( ! "'

 
 * M 4' 4'!%'% &* !!&*" =( (+&%E&*' "(%+%'"$(+T$ '+,  ""(  "(% !" &%E&*'&(%*(("&,'&(*"&

4?6@?4@"C+&"($$ *%'&&%!$&%E&*'=$$"$&(*%'&&% (("&$"(  $&( ((((#% "C "!((&% >+'2#% $ &( &# #%&%!$(+
/ 






$&#!',&%%&%E&*'*%'&&%!"$<&%25%'"&%H&%2#(!$%&2$#&2$'=$$"$#&2$2&%!&2$=&$$&"' ",=$$"$#&2$(22"&%$("&%!"%!"+*H=$$"$#&2$!!!5"&'2"(!!&*"(&'F%,%!#&&%$&%2(G

$ #>"&, &% $&( *( &( "C+&"&%2  $&2$ '2" !

( *&!&*&, !"# $ !!&*"  (+ " $&( *%*+(&% $*+"', "(%'  "&(H ! $"#  ", 5*+( $!!&*"*+'% "'&*=$&*$!$#&&%$&%2(*+"',#&2$''(%"%'"$""(=&$+ "55*+(D$&*%<&*&%+%'"$$&'&("'",*%'+*=$&&%E&*' (+ *", "C+&"( (#$&%2 #" $%&%E&*&%%$<&'%*"C+&"'+%'"$&*(=%'%5(( *&!&*($#>"&,*%%'(


%$&(""( *
# "&*+",*%*"%'5+$

*+"B("&%*+ %
//../D8//-4?$& <-/@%'
/(  8. / D8 -. ?$&  "*$/@$#>"&,B("&%*%$(=*((&( ("&+(, !='  6$  %' /( =" +5&($'=,"($&%*&'%&%C+(&%%'=+'

%5 " "+$"&,!">+'2&%2!!&*"B(C+&!&'&##+%&,&%%,<%	*%'%'/(="

'*&(&%(!%&%"#'&*+"! (!8+*(+%,?/(@%'	"H+%, ?@=$%&% !*$&(*("(&%#&%+%,

! <% #" ("&+( *%*"% *$ ! $ *&' *((

*%&% "#&%%%&*$+4!$$&	+ "#+" +( !" $  "&%2 !  &%&%( &# (("("&*&%( %' &#&&%( % $ +( ! +% +5&($' &%&%(+4?7@?4@ "<&'($+% +5&($' &%&%("%*%"&%2<%&%$>+'&*&'&("&*&%=$&*$$ &%&%=("%'"'$&(&# *(+ %+"'*&(&%$"&%(="( *(&"(%&$"%"/(&(** 5+$"&,!"$ (+"!$&B(&%" "&%!$*&%C+(&%5,$<","#(!+4	*%'&!

 

$GGLWLRQDOO\ 0F&XUG\ FODLPV WKD

SURYLGLQJ WKH MXU\ ZLWK D VSHFLILF LQVWUXXQGHU 25&  % QRU SURYGHILQLWLRQ RI 3ULVN ́ SURYLGHG E\ 0F&XUG\GLG QRW REMHFW RQ WKLV EDVLV DW WULDO VHH -$

DW  DQG WKDW WKHUHIRUH ZH PD\ RQO\ UHYL6HH ((2& Y (0& &RUS RI 0DVV 1R 


 WK &LU )HE   XQSXEOLVKHFRXUWV KDYH EURDG GLVFUHWLRQ LQ IRUPXODWLQ)RUG 0RWRU &R 1R   :/  %HFDXVH 0F&XUG\ KDV QRW PDGH D LQVWUXFWLRQV ZHUH HLWKHU PLVOHDGLQJ SUHMXPXVW UHMHFW WKLV FODLP!!&*"  &% $&( !!&*& * )  MM.-M MD8)*M@?+% +5&($' &%& "*'&%2(



*+"', ( *%%'( $ 

2"%&%2!!&*"B(#&%!"&"(#%'#%"&&%*&#*+"B(2"%!C+&!&'&##+%&,4.M '  .  S+&!&'&##!!&*&( "!"#&%2'&(*"&%",*&<& '#2( =$%$&" *%'+*(5&($' (+", " *%(&+"(%5 "(% ($+' $< "-M
	/..//?%,(&('"#&%=$$" C+&!&' &##+%&,3 !&"( = '(5&($'*%(&+&%"(+%'(*%'=(*"&% +"(+%=$$"$!!&*&*'+%"(%(5&($'"&2$#
.)&"/@
4 






$'&("&**+"*%*+''$=$%!!&*"*'

& =( % *", (5&($' $ $ &"( #%'#% "$&5&' % !!&*" !"# !!*+&%2 % $"=&( <&'""(&!$!!&*" =(#&<'5, '(&" "&2&%($""(B((("&%!&"(#%'#% "&2$(D$<$'$'<"((*&%F#&<'(&% " (  "( %(  $ E"*&( ! $ &%&!!B(*%(&+&% "&2$(G "(%( % *&%5 *&# !"&&%#M-'-/?*&&%2 

#$
4
	4?@@	&%*$',$&%H'"&'%$6&!&2$(FIJ$"&2$! % #"&*% *&&1%  *"&&*&1 +5&* !!&*&( %' &*&(&(Q$*%"#%&%2!$&"(#%'#%BG*
&
M/ 4'/. ?-$&"M@?C+&%21%2(!

-
	4M4 ?-@@  $" *% 5 % '+5 $ $ !"'# E "(( '&(2"#% =&$ ( *&% =&$+ !" !" "&(5('%$E "((&%&(+%C+&<*,#%2$ "*&%( "<&''5,$&"(#%'#%R#M-'-/4R#
 .'4-

4-?-$&"@?FIJ$&"(#%'#%"&2$*"&&*&1 +5&*!!&*&(&(=(5&($'%'(+ "'5,# *(=+"$"#"&&(=(5&($'$  +5&*!!&*&B("&&%2&%(%&%'&<&'+E"*&(&%2$&("$"&"(#%'#%"&2$(&(<&&%!A/G@R
   . 4' 4 / ?$ &" .@?FI7J<"%#%!!&*&(&%2%" %' &*!!&*"(&% "&*+" #, % E"*&( $&" +$"&, !" "(%#&<( "&*+",&%"( %("" "*&<'(&2$($&"'&2%&,	+",%,%=$H(%$!!!&*H%=(U"($+'H%=U$#+*$G@


 &( =(5&($' $% $ *+"', $' 

*%(&+&% "&2$  *$%2 <"5, !!&*" B((+"<&%* %' = $"!" "<"( $ '&("&* *+"B(2"%!C+&!&'&##+%&, !!&*"6*+($'&("&**+"'&'%''"((=$$"*+"',B(""(=(( "&,#&<'5, "*'*%'+*="#%'!"!+"$" "*'&%2(

 







78 &"*+& +'2 '&((%

("%2,'&((%,'&((%&(5=$&*$
$&%H"!='&%$#

&"( 
 '&((% !"# $ #>"

"(%5>+",*+'*%*+'$*+(5&<$*+"', "$"#&$"$&#(!$"("$$ F2%"+(, 2"%&%2 !!&*&%!"%*( %' '+5( !!&*"*+"', "(%'"&(H!$"#" $ " ", ! %$" 5*&%E&*'G  $ (#% '"*"'%"!!&*"B((&#%

$ "!( 5!" $ *+" 

*"'&5!*(!"#=$&*$"(!&%' "55*+(5&<$! $,(&* $"# +%'" $ ((&!&'$$!+%'*+"',+$&(*# %&%(="%%,&%E$,=%'!&2$$ &*!!&*(&!&'$*+"',+(' "$&#  6(' *+"',P( &%E'&("'",#%%"&(#="'$$ !!&*" *%*+'' $ $ "$&#(!$>+",2"'

$#>"&,!*+((%!!&*"

%,F( *+G%$F%!**+"&!$'&'%""(*+"',#&&%$&%2(G&(%$(#($$#&2$'&%>+",$&#(! &*!!&*"H%=E*,=$&*$
- 






!!&*"  % *+"',B( &"( #%'#% "&&%*&#(&=(*",(5&($'$&#!!&*"*'$$*+'%"&2&%(*+"',!"(("&%2$&( &"( #%'#% "&2$( D&$ $( "+&%2( =	$'&("&* *+" !" !+"$" "*'&%2(%*+"',B(+"$#%'#%*&%($+%,%'$&(&"(#%'#%"&&%*&#

 




*+"',!&%,(("($$

 "# ",*$%2E*+'$C+:"*&%+(*$+%,B(+(! "# ",	,<& D&&#( !"# $ >+",  *%%'($D&&#(B'#%"$($=('&(&%"('&%("<&%*+"$+%,B("%,('

I
J% #, <&= &% =*$&%2 ID"( %(%,!$C+(&%(
>+(H&$($=(%B&%$'$"*"(('!!!"#$52%5&%2"( %(&<%'$B(#$ "# ",*$%2

.D&$+C+(&%&%2D*C+,=&$&$"*+"',B("'&("&**+"<""+'*+"',B( .  
%*+"',B( %= "& *$%2$ "# ",$"%=' *$%2 *%*+'&%2 F ((&<G&%$!*!$ "&(+%,$"!"$'"&*+'!"&(E"*&(!$ "# ",

 '&("&* *+"B( "+&%2 % =

 "# ",*$%2<&(C+F2"'!"%*G%'=#,%&&(*",""%+(+M4...D8.4ML?-$('$$%(&+&%B(2+%(+"($ ",#,%E"*&"#<%&%'&<&'+%**+%# 
 '( - 
	 &
 M..?E%'&%2#"+*&<&"&
 






 "*&% <&&% +%'" # $ *&#% #+( !&"((5&($  
  *( ! "*& '&(*"&#&%&%  +
.'-4?-$&"@
! $ *&#% (5&($(  
  *( $ ",

E"*&(&%2 $ "# ", #+( "!!"  "*%+"E %&%$&(%%"*&E %&%F%'%5

 "&*+", "(+(&< " <% +(&5 ( %2 ( & &(%+"G+
 4'M/.M/-?-$&"@  !" $ '!%'&%2 ", !!"( &( "*%+">+(&!&*&%$*$%2&%2 ",#+('#%("$$ +" "' E %&% &( #",  "E !"  "*&#&<&%(=&$'&(*"&#&%&%*&#(2%",

$++"'%! "(+(&%=,("((=&$$ ",*$%2&%2$ "# ",(
$M
	

-M-/?M@

D$&5',%2+2%''#%"" "#&((&5"*

%+">+(&!&*&%( !"$ E"*&( !  "# ",+
'//.?$&"@?FI:J((&<&,&%%&<%(("&%5&&, "$">+""( I"J <&' "*%+" E %&%( !" E*+'&%2>+""(G@ '&("&* *+"( %<"$(( #+( FE &*&,'>+'&*IJ$*"'&5&&,!$%%#<&%2"*$%2&%2 ",B("*%+"E %&%(G/
&"
4.-

'-4..?4'&"4...@R+
-M'-4--?(&"@?$'&%2$$"&*+"#+((((($*"'&5&&,!$"*%+"E %&%@$%' !" % E &*& %$"*"' %,(&( ! *$ !$#%(!#*$%2&(( *&,&# "%=$%$ +" "' "*%+" >+(&!&*&% &( "'&*' %(+5>*&<E %&%(&H5',%2+2"'#%"+
& -M-MD8-M-

L4?-$&"*44@?+% +5&($' &%&%@?%&%2$*"'&&%2(+5>*&<E %&%(!" "# ",("&H(*+'= % &# " ", #&<' "%,  F*&"*+#<%G#@  6*+( $ "&#", '!%(  "E 5('<&&%(!#&($'&("&**+"B(5&&,(((($

*"'&5&&,!%"%,B(" "(%&%(&&(*"&&*$$ '&("&* *+" &%' %'%, (((( $ "!!"'

 

7KH GLVWULFW FRXUW LWVHOI DSSHDUV WR 

GLVSRVLWLRQ RI 0F&XUG\¶V %DWVRQ FKD

DGGUHVVLQJ 0F&XUG\¶V SRVWYHUGLFW QHZ WWKDW LW GLG QRW PRUH SURELQJO\ DVVHMXVWLILFDWLRQ EHFDXVH 3QR RQH VXJJHVWHG >EHHQ DQ LPSURSHU LQWUXVLRQ RQ >'HIHQGDQDW 

>+(&!&*&%( -
1

?@

"5*+($'&("&**+"

E %&%!$+%,5+&( ((&<%''&(&%"('=*%*'#%("'$$'&("&**+"$&(#*$%2<"$'&("&**+"B(&%&&"*&%

=$&*$ & "!+%*"&, ** ' E %&%    . 

"C+&"#%$$'&("&**+"#*$!$#%(!#*4..
=(%+%&*+"',%= "& $ $ '&("&* *+" "&%&%2D&&#(B'#%"$ "C+&"#%( ! #  7&'!"%*G  $ '&("&* *+"# 4. '  M. %'%22'&%$*%(&+&%,"C$'&("&**+"B('%&!*+



6*+(%"&%>+",*+'

 "55 *+(  ""( A4?6@?4@=$*+"',B(#&%!">+'2#%%%'%">+'2#%!"*+"',*&%(!!&*"&%$&(&%$'&("&**+"B(2"