Academia.eduAcademia.edu

L’âge du Bronze de la Corse

$6D =:?8@ED A62F 56 3@6F7 56 =2 %R5:E6CC2?R6 46?EC2=6 YZ ) &#"- #&' &EI;F> !/ .% "H7D9A (! * .% ;J ';M?D ,w $! -1%(% $%*% ;A?<1B0A6<; (7 FWH?E:; GK? 9EKLH; B7 <?D :K %%%; C?BBW D7?H; @KIGKt7K :W8KJ :K %;H C?BBWD7?H; 7L7DJ & 9EDD7]J :;I 9>7D=;C;DJI FHE<ED:I B?WI S BtKJ?B?I7 J?ED :; Bt7BB?7=; :K 9K?LH; ;J :; BtWJ7?D B; 8HEDP; (t?DJ;DI?<?97J?ED :; B7 FHEIF;9J?ED :;I =?I;C;DJI 9KFH?<XH;I ;J IJ7DD?<XH;I Bt79GK?I?J?ED B7 JH7DI<EH C7J?ED :; 9;I C7J?XH;I FH;C?XH;I ;J B;KH :?IJH?8K J?ED GK? 8WDW<?9?; :K F;H<;9J?EDD;C;DJ :; B7 D7L?=7J?ED C7H?J?C; ;J <BKL?7B; I;HEDJ S B7 87I; :; FK?II7DJ;I :OD7C?GK;I GK? 7<<;9J;HEDJ Bt;DI;C8B; :; Bt!KHEF; ;J S JH7L;HI B7 )W:?J;HH7DW; C;JJHEDJ ;D 9EDJ79J B;I :?<<WH;DJ;I 9?L?B?I7J?EDI :; Bt D9?;D )ED:; ; F7H B;KH FEI?J?ED =WE=H7F>?GK; B;I ]B;I CYC; BEHIGKt;BB;I D; FEIIX:;DJ F7I :; =?I;C;DJI :; C7J?XH;I FH;C?XH;I I;HEDJ :;I H;B7?I ;J :;I ;D @;KN :7DI B;I IJH7JW=?;I :tW9>7D=;I ;J B;I ?DWL?J78B;I >W=WCED?;I GK? B;KHI IEDJ 7IIE9?W;I (7 EHI; I;H7 JEK9>W; F7H 9;JJ; DEKL;BB; :OD7C?GK; ;F;D:7DJ Bt]B; 9EDJ?DK;H7 S 7IIE9?;H ?DJW=H7J?ED I ;J HWI?I J7D9; I 7KN ?D<BK;D9;I ;NJWH?;KH;I (tW9EDEC?; F7 H7]J JEK@EKHI <ED:W; IKH B;I FH7J?GK;I JH7:?J?EDD;BB;I >WH?JW;I :;I FWH?E:;I 7DJWH?;KH;I (t7=H?9KBJKH; I;C 8B; ?DL;IJ?H :; DEKL;7KN ;IF79;I (tWB;L7=; I;C8B; ;D HW=H;II?ED IKH B; FB7D GK7B?J7J?< (tWGK?F;C;DJ J;9>D?GK; ;IJ :WIEHC7?I 97H79JWH?IW F7H Bt;CFBE? FBKI <HWGK;DJ :K CWJ7B 7K :WJH?C;DJ :; BtEKJ?BB7=; B?J>?GK; 0EKJ;<E?I B7 H7H;JW :;I F?X9;I CWJ7BB?GK;I DEKI EH?;DJ; L;HI KD :EK8B; 9EDIJ7J :tKD; F7HJ KD; 9;HJ7?D; 97H;D9; :7DI B;I W9>7D=;I ;J :t7KJH; F7HJ KD KI7=; F7H9?CED?;KN :K CWJ7B 7L;9 KD H;CFBE? F;HC7D;DJ F7H H;<EDJ; :;I E8@;JI :WJWH?EHWI +D :E?J 7KII? 9EDIJ7J;H GK; B; CWJ7B ;IJ :t78EH: :;IJ?DW S Bt7HC;C;DJ ,E?=D7H:I ;J H7F?XH;I <?=KHWI IKH B;I IJ7JK;I C;D>?HI JWCE?=D;DJ :tKD; IE9?WJW 7K I;?D :; B7GK;BB; B; IJ7JKJ :K =K;HH?;H ;IJ ?CFEHJ7DJ DED ;N;CFJ; I7DI :EKJ; :; BKJJ;I <H7JH?9?:;I C7?I 7KII? 97F78B; :; ItEFFEI;H S :;I ;DD;C?I ;NJWH?;KHI 7DI Bt>78?J7J :t?CFEHJ7DJ;I CE:?<?97J?EDI 7FF7 H7?II;DJ 7L;9 KD; D;JJ; 7<<?HC7J?ED :; FHWE99KF7 J?EDI IW9KH?J7?H;I (t7CWD7=;C;DJ :; 9>7EI HE9>;KN B7 9EDIJHK9J?ED :; L?BB7=;I F;H9>WI 7KN FK?II7DJ;I CKH7?BB;I 42DE6==: BtW:?<?97J?ED :; JEKHI JEHH; IKH B;I 7N;I :; 9ECCKD?97J?ED 7K :;IIKI :; L7IJ;I PED;I 9KBJ?L78B;I EK IKH :;I FE?DJI IJH7JW =?GK;I JWCE?=D;DJ :; DEKL;BB;I 9ED9;FJ?EDI :; B7 =;IJ?ED :; Bt7FFHEFH?7J?ED ;J :K 9EDJHbB; :K J;HH? JE?H; F7H :;I =HEKF;I EK KD; 9B7II; :?H?=;7DJ; :?I FEI7DJ :; B7 FK?II7D9; :;I 7HC;I 7DI JEKJ; Bt!KHEF; ED 7II?IJ; S Bt7FF7H?J?ED :; IE9?WJWI 7H?I JE9H7J?GK;I :tEd WC;H=;DJ B;I FH;C?XH;I :OD7IJ?;I FH?D9?XH;I .;DECCW; ;J ;NFBE?JI C?B?J7?H;I :;I FH?D9;I :; BtT=; :K HEDP; CW:?J;HH7DW;DI I;HEDJ ;N7BJWI ;J ?CCEHJ7B?IWI :7DI B; FEXC; WF?GK; F7H ;N9;BB;D9; $i!=:256 (7 FB79; 799EH:W; 7KN C7D? <;IJ7J?EDI 9KBJK;BB;I S BtT=; :K HEDP; ;IJ ?BBKIJHW; F7H :; DEC8H;KN ;DI;C8B;I CW=7B?J>?GK;I :EDJ BtWLEBKJ?ED ;IJ F;H9;FJ?8B; :;FK?I B; *WEB?J>?GK; CEO;D (; CW=7B?J>?IC; 9EHI; IEKB?=D; BtEH?=?D7 B?JW :; Bt]B; :7DI B; 9EDJ;NJ; :; B7 )W:?J;HH7DW; E9 9?:;DJ7B; C7?I ?B H;DLE?; 7KII? 7KN ?D9EDJ;IJ78B;I ?D<BK;D9;I H;VK;I ;D H;JEKH :tKD CED:; 7KN >EH? PEDI FBKI L7IJ;I 7DI B; :EC7?D; <KDWH7?H; H?;D D; F;HC;J :t7<<?HC;H KD; EH?=?D7B?JW :;I H?J;I F7H H7FFEHJ 7KN 9EDJ;NJ;I LE?I?DI (t?D>KC7J?ED I;C8B; FH7J?GKW; :7DI :;I B?;KN 7KII? :?L;HI GK; B;I 78H?I IEKI HE9>; B;I 9E<<H;I ;J B;I :EBC;DI 7DI B;I 78H?I KD; FHW:?B;9J?ED FEKH KD; 9HWC7J?ED F7HJ?;BB; FBKJbJ GK; FEKH Bt?D9?DWH7J?ED I; C7D?<;IJ; :KH7DJ B;I F>7I;I 7D9?;DD;I :; BtT=; :K HEDP; ;D 9EDJ?DK?JW :; B7 FWH?E:; FHW9W:;DJ; (t?D9?DWH7J?ED D; I;H7 LW H?J78B;C;DJ 7JJ;IJW; GKt7K 9EKHI :; BtT=; :K ";H C7?I 7 FK 7FF7H7]JH; :XI B; :W8KJ :K HEDP; <?D7B $6D $:?8@ED (62F 56 @6F7 (7 9EDJ?DK?JW :; Bt>OFE=W?IC; ;D IOD9HWJ?IC; 7L;9 B; CW=7B?J>?IC; ;J B;I IWFKBJKH;I IFW9?<?GK;I S B7 IE 9?WJW DKH7=?GK; I7H:; GK? I; IEDJ JH7:K?JI F7H Bt7H 9>?J;9JKH; CEDKC;DJ7B; :;I 9WBX8H;I kE@>36 56: :82?E:l D; I;C8B; F7I 7LE?H JEK9>W B7 EHI; 0EK J;<E?I :;I ?D<BK;D9;I :; Bt]B; LE?I?D; IEDJ F;H9;FJ? 8B;I :7DI B;I :WFbJI :tE8@;JI <KDWH7?H;I GK? 7K CE?DI 7K HEDP; 7D9?;D FHWI;DJ;DJ :?L;HI HW9? F?;DJI :EDJ B7 JOFEBE=?; H;DLE?; 7KN FHE:K9J?EDI :K =HEKF; :; EDD7D7HE . '<06LAL <?@2 12 9YZ42 1B ?<;G2 $idFGC6 56 * C@D;62? ; <KJ .E=;H #HEI@;7D GK? B; FH;C?;H DEKI B?LH7 KD; ?DJ;HFHWJ7J?ED :; B7 IE9?WJW 9EHI; :; BtT=; :K HEDP; %B 9ED:K?I?J FBKI?;KHI JH7L7KN :; <EK?BB; IKH :?L;HI I?J;I :; 9;JJ; FWH?E:; ;J DEKI BK? IECC;I H;:;L78B;I :; Bt?:;DJ?<?97J?ED :; B7 k9KBJKH; 0EH HW;DD;l GK? S Bt?DIJ7H :; B7 k9KBJKH; *KH7=?GK;l :; /7H:7?=D; :;L7?J 97H79JWH?I;H B; CE:; :; L?; :;I FEFKB7J?EDI 9EHI;I :; BtT=; :K HEDP; #HEI@;7D (;I HWIKBJ7JI :;I H;9>;H9>;I HW9;DJ;I EDJ :W CEDJHW KD; 9;HJ7?D; KD?JW 9KBJKH;BB; :; B7 IE9?WJW 9EHI; :; BtT=; :K HEDP; ;D 9EDJ?DK?JW 7L;9 B;I FW H?E:;I 7DJWH?;KH;I 7CFI 7 8 %B ;IJ :ED9 7K@EKH:t>K? :?<<?9?B; :; IEKI9H?H; S B7 J>XI; :; .E=;H #HEI@;7D GK? :W9H?L7?J KD 7DJ7=ED?IC; ;DJH; B;I ?D:?=XD;I I9KBFJ;KHI :; IJ7JK;I C;D>?HI ;J KD; FEFKB7J?ED =K;HH?XH; 9EBED?I7JH?9; B;I k,@C CR6?Dl GK? :WJ;D7?;DJ B; CWJ7B ;J Bt7HJ :; 9EDIJHK?H; :;I EKLH7=;I <EHJ?<?WI :W<;D:KI F7H :;I JEKHI ; IEDJ FHW9?IWC;DJ 9;I FEFKB7J?EDI 9EHI;I :K %%; C?B BWD7?H; GK; .E=;H #HEI@;7D H;FH;D7DJ KD; JH7:?J?ED GK? H;CEDJ; 7K ECJ; :; .EK=W ?:;DJ?<?7?J 7KN 8;B B?GK;KN />7H:7D;I ;I :;HD?;HI <EHC7?;DJ BtKD :;I k,;KFB;I :; B7 C;Hl GK? C;D79XH;DJ Bt!=OFJ; IEKI B;I F>7H7EDI .7CIXI %% ;D );D;HFJ7> ;D ;J .7CIXI %%% L;HI 7L & (;I C;D J?EDI :;I />7H:7D;I :7DI B;I :E9KC;DJI W=OFJ?;DI ;D <EDJ J7DJbJ :;I ;DD;C?I J7DJbJ :;I JHEKF;I :tWB?J; 7FF7HJ;D7DJ 7K 9EHFI :; =7H:; :K ,>7H7ED .E=;H #HEI@;7D H;FH?J KD; J>XI; :K 4%4; I?X9B; B7H=;C;DJ <ED:W; IKH :;I 87I;I EDEC7IJ?GK;I GK? 7L7?J FEIW B7 GK;IJ?ED :; I7LE?H It?B O 7L7?J :;I H;B7J?EDI ;DJH; B7 /7H:7?=D; ;J B;I />7H:7D;I +96C56? (;I 7HC;I :;I IJ7JK;I C;D>?HI 9EHI;I O 9ECFH?I B;I :;KN 9KFKB;I FB79W;I 7K IECC;J :; B7 JYJ; :;IJ?DW;I S H;9;LE?H B;I 9EHD;I :tKD 97IGK; 7?DI? GK; B;KHI 9K?H7II;I :?IFEIW;I ;D 7HYJ; :; FE?I IED 7L7?;DJ WJW :;I WBWC;DJI 9ECF7H7J?<I :WJ;HC? D7DJI FEKH .E=;H #HEI@;7D ;I WBWC;DJI <ED:7?;DJ B7 FH;KL; 7H9>WEBE=?GK; :tKD; I?C?B?JK:; ;DJH; B;I =K;HH?;HI H;FHWI;DJWI F7H B;I CEDEB?J>;I 9EHI;I ;J 9;KN I9KBFJWI IKH B; J;CFB; :; );:?D;J $78K ; FE?DJ :; LK; 7 :;FK?I WJW BtE8@;J :; 9EDJHEL;HI;I 9ECC; 9;B7 7L7?J WJW B; 97I FEKH :;I 9ECF7H7?IEDI IKH B;I :WJ7?BI :;I F7DEFB?;I =K;HH?XH;I ;J ;D F7HJ? 9KB?;H B; FEHJ :K 97IGK; 9EHDK KJ?B?IWI F7H B;I J; D7DJI :tKD; ?:;DJ?<?97J?ED :;I />7H:7D;I 7L;9 B;I =K;HH?;HI DKH7=?GK;I :; /7H:7?=D; 68CR 56 4@>A=6I:ER 56 =2 D@4:RER /? Bt?:;DJ?<?97J?ED :;I =K;HH?;HI 9EHI;I 7KN />7H:7D;I H;IJ; 9ED@;9JKH7B; ?B D; <7KJ F7I DW=B?=;H FEKH 7KJ7DJ :t?D:?I9KJ78B;I ?D:?9;I :; H;B7J?EDI 7L;9 B7 )W:?J;HH7DW; EH?;DJ7B; ,EKH Bt?DIJ7DJ B7 EHI; Dt7 F7I B?LHW 9ECC; B7 /7H:7?=D; LE?I?D; ";HH7 H;I; ;HKJ? :tWBWC;DJI IK<<?I7DJI GK? 7JJ;I J;H7?;DJ KD; FHWI;D9; CO9WD?;DD; 0EKJ;<E?I B7 FHWI;D9; :; F;HB;I :; L;HH; 8B;K 9E87BJ :; FHEL; D7D9; W=W;DD; #H7JKP; 6E 2= ;J KD B?D=EJ :; 9K?LH; ;D <EHC; :; kA62F 56 3@6F7l (E /9>?7LE 7FFEHJ;DJ :;I FH;KL;I ?D:?H;9J;I IKH :;I H; B7J?EDI ;DJH; B7 EHI; ;J B7 )W:?J;HH7DW; EH?;DJ7B; :KH7DJ BtT=; :K HEDP; (;I H;FHWI;DJ7J?EDI 7DJ>HEFECEHF>;I HW7 B?IJ;I :; Bt7HJ IJ7JK7?H; CEDKC;DJ7B H;<BXJ;DJ I7DI :EKJ; B7 9ECFEI?J?ED IE9?7B; :; B7 EHI; S BtT=; :K HEDP; +D F;KJ LH7?I;C8B78B;C;DJ ;D ?D<WH;H KD; IE9?WJW >?WH7H9>?IW; :EC?DW; F7H KD; 9B7II; :; =K;HH?;HI H;FHWI;DJWI F7H B;I IJ7JK;I C;D>?HI ! (2 =25:?: 7KN 7HC;I EIJ;DJ7JE?H;I (7 :?L;HI?JW :;I 79 J?L?JWI :; FHE:K9J?ED :; 8?;DI ;J :; H?9>;II;I F;HC;J :t?D<WH;H :t7KJH;I 97JW=EH?;I IE9?7B;I 7HJ?I7D7B;I ;J 9ECC;HV7DJ;I I7DI FEKH 7KJ7DJ GKt?B DEKI IE?J 79 JK;BB;C;DJ FEII?8B; :; B;I :W<?D?H FHW9?IWC;DJ 23:E2E 6E D@4:RER (t>78?J7J ;IJ :?<<WH;D9?W ?B ?DIXH; :7DI B; F7O I7=; IED ;CFH;?DJ; <ED9J?EDD;BB; IK?L7DJ B; HbB; GK? ;IJ :WLEBK S 9>79KD; :; I;I 9ECFEI7DJ;I +D :?I J?D=K; 7?DI? :;I =HEKF;C;DJI <EHJ?<?WI :EC?D7DJI <EHCWI F7H KD; JEKH 9;DJH7B; IKH KD S :;KN D?L;7KN 7K :;IIKI :; GK;BGK;I >78?J7J?EDI FHEJW=W;I F7H KD; EK FBKI?;KHI ;D9;?DJ;I 9KHL?B?=D;I IEKL;DJ WJ7=W;I ;D J;HH7II;I 7DI Bt;DI;C8B; 9;I 7H9>?J;9JKH;I 64 Ed $6D =:?8@ED A62F 56 3@6F7 56 =2 %R5:E6CC2?R6 46?EC2=6 9ECFB;N;I IEDJ ?CFB7DJW;I :7DI :;I 9>7EI HE9>;KN ;J C;JJ;DJ ;D oKLH; :; =HEI 8BE9I :?H;9J;C;DJ ;N FBE?JWI IKH FB79; +D :EDD; BE97B;C;DJ B; DEC :; k97IJ;BB?l EK k97IJ;::?l S 9; JOF; :t>78?J7J ;I7H? 7 8 ,7HC? B;I FBKI I?=D?<?97J?<I ED H;J?;D:H7 ;D EHI; :K /K: K9KHKPPK 64 0KI?K 7BPEB7 7IJ;BBK99?K 0KHH?9>@K "?B?JEI7 H7=>@K 0EHH; ;99?7 07FF7 7IJ?:;JJ7 ,EPPED; BE ?IK=>@X KDJEH87 ;J ;D $7KJ; EHI; .KIK C?D? (t?DJW=H7J?ED 7KN ;DHE9>;C;DJI D7JKH;BI ;IJ I? <EHJ; GK; Bt?:?EC; BE97B 9ED<ED: IEKI B7 CYC; 7FF;BB7J?ED :; I?CFB;I 7CED9;BB;C;DJI :; 8BE9I 7L;9 :;I 9>7EI HE9>;KN 7CWD7=WI F7H Bt>ECC; ; J;HC; :; k97IJ;BBKl I;HL?H7 S :WI?=D;H :KH7DJ B7 FW H?E:; HEC7?D; ;J 7K CEO;D v=; Bt>78?J7J <EHJ?<?W (t>78?J7J ?CFB7DJW IKH :;I PED;I 7KN <7?8B;I FEJ;D J?7B?JWI :W<;DI?L;I :7DI :;I PED;I 7KN 9ECFEI7DJ;I 7=HE F7IJEH7B;I ?D9EDJ;IJ78B;I B7?II; IKFFEI;H Bt;N?IJ;D9; :t7=H?9KBJ;KHI ;J :tWB;L;KHI (t>78?J7J "?= :K I?J; :; 7CFK /J;<7DK /EBB797HE EHI; :K /K: ;D :EDD; KD ;N9;BB;DJ ;N;CFB; ;D EHI; :K /K: ;I7H? 6E 2= S F7H7]JH; *6=:8:@? 6E AC2E:BF6D 7F?RC2:C6D EDJH7?H;C;DJ S B7 /7H:7?=D; LE?I?D; B7 EHI; D; FHWI;DJ; F7I 9B7?H;C;DJ :; B?;KN 7KN <ED9 J?EDI 9KBJK;BB;I ?D9EDJ;IJ78B;I (7 H;B?=?EI?JW S BtT=; :K HEDP; I; JH7:K?J F7H B; C7?DJ?;D EK Bt7CFB?<?97 J?ED :;I CEDKC;DJI <KDWH7?H;I 78H?I IWFKB9H7KN 9E<<H;I <KDWH7?H;I ;J :EBC;DI I?CFB;I JEKJ;<E?I 7K9KD J;CFB; Dt7 WJW @KIGKt?9? <EHC;BB;C;DJ ?:;D J?<?W %B ;IJ :ED9 FEKH Bt>;KH; ?CFEII?8B; :t?D:?L? :K7B?I;H KD; 9B7II; I79;H:EJ7B; :7DI B7 IE9?WJW 9EHI; :; BtT=; :K HEDP; (;I 9EDJ;NJ;I IWFKB9H7KN IEDJ H7H;I :7DI Bt]B; FEKH BtT=; :K HEDP; ; FBKI ?BI D; I; H7FFEHJ;DJ IEKL;DJ GKt7KN FH;C?XH;I F>7I;I :; B7 FWH?E:; :tEd KD; CW9EDD7?II7D9; GK7I? JEJ7B; :;I H?J;I <KDWH7?H;I :K HEDP; CEO;D ;J <?D7B (;I GK;BGK;I ?D<EHC7J?EDI :?IFED? 8B;I FEKH B; HEDP; 7D9?;D JW CE?=D;DJ :tKD; H;B7J?L; :?L;HI?JW GK? It;N;H9; JEKJ 7KJ7DJ :7DI B; :EC7?D; 7H9>?J;9JKH7B GK; :7DI 9;BK? :;I FH7J?GK;I IWFKB9H7B;I %B I;C8B; GKt7K :W8KJ :K %%; C?BBW D7?H; B;I :EBC;DI 9ECC; 9;BK? :; /;JJ?LS ,;JH;JE ?99>?I7DE EHI; :K /K: ;J B;I 9E<<H;I J;B 9;BK? :; ,7B7==?K /7HJXD; EHI; :K /K: ,;H;JJ? IE?;DJ JEK@EKHI ;D 79J?L?JW K CYC; CEC;DJ BtKJ?B?I7J?ED :;I 78H?I 9ECC; 97L;7KN <7C? B?7KN 9EDD7]J KD 9;HJ7?D ;IIEH +D F;KJ S 9; J?JH; C;DJ?EDD;H B;I I?J;I :; )?DP7 7IJ;BBK99?K /7HJXD; EHI; :K /K: #HEI @;7D 6E 2= ;J :t% 7B7D9>? /7F7Ht BJ7 /EBB797HE EHI; :K /K: ;I :;KN =?I;C;DJI JW CE?=D;DJ :; B7 FH7J?GK; :; B7 9HWC7J?ED F7HJ?;BB; I;BED :;I FHEJE9EB;I GK? :;L7?;DJ YJH; 7II;P :?L;HI?<?WI C7?I GK; B;I :EDDW;I 79JK;BB;I D; F;HC;JJ;DJ F7I :; FHW9?I;H (7 FWH?E:; 9EDD7]J W=7B;C;DJ :;I 97I ,B7D?CWJH?; :K I?J; :; K9KHKPPK H;B;LWI C?D?IJXH; :; B7 KBJKH; $6D $:?8@ED (62F 56 @6F7 :t?D>KC7J?ED ;D =HEJJ; 9ECC; S /7D )?9>;B; /?I9E $7KJ; EHI; 7L?: (;I IWFKBJKH;I ;D >OFE=W;I GK? I; IEDJ :WL;BEFFW;I :XI B; *WEB? J>?GK; CEO;D ;J F;H:KH;DJ S BtT=; :K HEDP; 7?DI? GK; B; CW=7B?J>?IC; <KDWH7?H; IFW9?<?GK; S BtT=; :K HEDP; I7H:; ;D E@>36 56: :82?E: D; JEK9>;DJ F7I B7 EHI; !D H;L7D9>; Bt?D<BK;D9; :;I 9KBJKH;I I7H:;I ;IJ FBKI I;DI?8B; :7DI B;I :WFbJI :tE8@;JI GK? 799ECF7=D;DJ B;I :W<KDJI (;I FHE:K9J?EDI :K IJOB; :; EDD7D7HE GK7I?C;DJ B?C?JW;I S Bt;IF79; <KDW H7?H; IEDJ 7II;P <HWGK;DJ;I :7DI B; /7HJ;D7?I B; 07 H7LK ;J Bt BJ7 .E997 (;I C;?BB;KHI ;N;CFB;I ;D IEDJ B;I J7II;I S 7DI; 9EK:W; KD?GK; :K :EBC;D :; /;JJ?LS B;I 9EKF;I 8?9ED?GK;I :;I E277@?: <KDWH7?H;I :K /7HJ;D7?I ;J B; CE8?B?;H :K 9E<<H; <KDWH7?H; :; ,7 B7==?K %B It7=?J :7DI 9; 97I :t7DD;7KN :tEH ;J :t7H =;DJ :tKD FE?=D7H: ;D 9K?LH; S H?L;JI ;J :tKD k8H7II7H: :t7H9>;Hl 9; BEJ :tE8@;JI ;IJ 9ECF7H78B; 7L;9 B;I CE8?B?;HI :;I :WFbJI IWFKB9H7KN :K HEDP; 7D9?;D :; B7 /7H:7?=D; >WH?JWI :K 7CF7D?<EHC; +D IKFFEI; GK; BtKJ?B?I7J?ED :;I 78H?I ;J :;I 97 L;7KN CW=7B?J>?GK;I I; F;HFWJK; F7H B7 IK?J; (;I H?J;I FH7J?GKWI 7K HEDP; <?D7B 97H79JWH?IWI ;D 0OH H>WD?;DD; F7H BtKJ?B?I7J?ED :; DW9HEFEB;I S ?D9?DW H7J?ED ;D KHD;I D; IEDJ F7I :E9KC;DJWI S 9; @EKH ;D EHI; Y ./6A.A %@CA9@=@8:6 56D 923:E2ED t;IJ S JH7L;HI BtWLEBKJ?ED :; Bt>78?J7J GK; B;I JH7DI<EHC7J?EDI IE9?7B;I GK? C7HGK;DJ BtT=; :K HEDP; 9EHI; IEDJ B;I FBKI D;JJ;C;DJ F;HVK;I (t7IF;9J B; FBKI I?=D?<?97J?< ;IJ 7<<?HCW F7H B7 CKBJ?FB?9?JW :;I I?J;I E99KFWI ;J KD; 9;HJ7?D; :?IF7 H?JW C?9HE HW=?ED7B; 7L;9 :;I PED;I :; <EHJ;I 9ED9;DJH7J?EDI ;J :;I PED;I :; <7?8B; ?CFB7DJ7J?ED /7DI 7JJ;?D:H; B;I :;DI?JWI :; B7 /7H:7?=D; CEDKC;DJI ;J ;DI;C8B;I DKH7=?GK;I 7K ACy B7 EHI; 9EDD7]J S BtT=; :K HEDP; KD LWH?J78B; :WL; BEFF;C;DJ +D :?IJ?D=K; 79JK;BB;C;DJ :;KN <EHC;I :t>78?J7JI :;I >78?J7JI =HEKFWI F;H9>WI <EHJ?<?WI E8W?II7DJ S :;I 9EDJH7?DJ;I :; IW9KH?JW ;J FBKI H7H; C;DJ :;I >78?J7JI EKL;HJI ;J :?IF;HIWI ;D k<;HC;I W9B7JW;I EKL;HJ;Il IKH KD CE:XB; 9EDJ?D;DJ7B #K? B7?D; 6E 2= (;I >78?J7JI =HEKFWI IEDJ H;FHW I;DJWI IKH JEKJ; Bt]B; /;KB B; 97KII; :; ED?<79?E B; (:2=6 I;C8B; <7?H; ;N9;FJ?ED ;JJ; HW=?ED 97B 97?H; FHWI;DJ; JEKJ;<E?I :;I 78H?I IEKI HE9>; ;D9EH; KJ?B?IWI 9ECC; >78?J7J S BtT=; :; HEDP; H7=K?D7 /;DDEB7 (7 HWF7HJ?J?ED =WE=H7F>?GK; ;J BtEH=7D? I7J?ED IF7J?7B; :; Bt>78?J7J FH?L?BW=?;DJ B;I PED;I 7KN 8EDD;I FEJ;DJ?7B?JWI 7=HE F7IJEH7B;I ;J ItEH:EDD;DJ :;FK?I B;I PED;I 9bJ?XH;I L;HI Bt?DJWH?;KH CEDJ7 =D;KN B; BED= :;I LE?;I :; FWDWJH7J?EDI 9EDIJ?JKW;I F7H B;I FH?D9?F7B;I L7BBW;I ;JJ; :WJ;HC?D7J?ED :; Bt>78?J7J I;C8B; WJHE?J;C;DJ B?W 7KN 8;IE?DI :; BtWB;L7=; ;J WJ7?J HOJ>CW; F7H B7 H;9>;H9>; :;I FT JKH7=;I 7K =HW :; Bt7BJ;HD7D9; I7?IEDD?XH; :;I WJWI 9>7K:I ;J I;9I :7DI B;I HW=?EDI 87II;I ;J :;I >?L;HI H?=EKH;KN ;D 7BJ?JK:; +D :E?J :?IJ?D=K;H :7DI B;I CE:;I :t>78?J7JI KD; 7H9>?J;9JKH; :EC;IJ?GK; C;J J7DJ ;D oKLH; :;I C7?IEDI KD? EK FBKH?9;BBKB7?H;I IKH KD D?L;7K 78H?J7DJ KD DEC8H; H;IJH;?DJ :; 9;B BKB;I <7C?B?7B;I =HEKFW;I ;D F;J?J;I KD?JWI :; JOF; L?BB7=;E?I I7DI LWH?J78B;I CEO;DI :; :W<;DI; ;J :;I >78?J7JI FBKI WB78EHWI GK? @KNJ7FEI7?;DJ FBKI?;KHI >78?J7J?EDI FHEJW=W;I F7H :;I IOIJXC;I 9ECFB;N;I :; CKHI :W<;DI?<I ;I ;DI;C8B;I ?DJW=H7?;DJ =WDW H7B;C;DJ KD; JEKH C7II?L; :t7K CE?DI KD WJ7=; WJ78B?; ;D FEI?J?ED :EC?D7DJ; 9bJW :; 9;I 9EDIJHK9J?EDI :; DEC8H;KN 78H?I IEKI HE9>; I;HL;DJ ;D9EH; FEKH Bt>78?J7J 23:E2E:@?D 6E RBF:A6>6?E 5@>6DE:BF6 XI B; HEDP; 7D9?;D :; LWH?J78B;I C7?IEDI :; FB7D H;9J7D=KB7?H; EK ;BB?FJ?GK; WJ7?;DJ HW7B?IW;I S Bt7?:; :; CKHI ;D =HEI 8BE9I F7H<E?I :WF7II7DJ B7 JEDD; GK? <EHC7?;DJ KD IEB?D FWH;DD; (t?DJWH?;KH FEKL7?J YJH; :?IJH?8KW ;D FBKI?;KHI KD?JWI :EC;I J?GK;I 9BE?IEDDW;I (t;CFBE? :K 8E?I :7DI B;I 9>7H F;DJ;I ;IJ 7JJ;IJW F7H B7 FHWI;D9; :; JHEKI :; FEJ;7KN S Bt?DJWH?;KH :;I F?X9;I +D IEKB?=D;H7 BtKI7=; :K JEH9>?I FEKH B7 HW7B?I7J?ED :; 9BE?IEDI ;J ;D F7HJ?; FEKH B; H;LYJ;C;DJ :;I JE?JKH;I (;I ;IF79;I 9KB? D7?H;I WJ7?;DJ WGK?FWI :tKD EK FBKI?;KHI <EO;HI +D 7 E8I;HLW GK; :7DI B7 F?X9; FH?D9?F7B; :K 7IJ;BBK :; KDJEH87 +BC;JE EHI; :K /K: ED :?IFEI7?J :tKD; PED; :; 8HEO7=; 7L;9 KD; C;KB; ;D BW=XH; IK HWBWL7J?ED 7KJEKH :; B7GK;BB; :?L;HI <H7=C;DJI :; =HEI L7I;I ?D:?GK7?;DJ KD; 79J?L?JW :; IJE9A7=; (7 PED; :; <EO;H C7HGKW; F7H KD; 9EK9>; 9;D:H;KI; 9EDJ;D7?J B;I <ED:I :; :;KN EK JHE?I L7I;I 7D9?;DD; C;DJ 8H?IWI ;J :EDJ B7 F7HJ?; FB7D; I;HL7?J :; FB7GK; 9>7K<<W; 7DI 9; CYC; ;DI;C8B; B7 F?X9; :t;DJHW; WJ7?J WGK?FW; :tKD <EO;H 9?H9KB7?H; :EDJ B7 8EH:KH; WJ7?J <EHCW; F7H B7 @KNJ7FEI?J?ED :;I <H7=C;DJI :; $6D =:?8@ED A62F 56 3@6F7 56 =2 %R5:E6CC2?R6 46?EC2=6 H;8EH:I HW9KFWHWI 7FHXI B; 8H?I :; :?<<WH;DJI L7I;I (7 FB7GK; :; 9>7K<<; WJ7?J 9EDIJ?JKW; F7H KD WF7?I B?J :; J;IIEDI :; L7I;I ;DHE8W :7DI KD; 9EK9>; :t7H =?B; (7 FHWI;D9; :tKD; 9EK9>; 9;D:H;KI; I7DI 9>7H 8ED :; 8E?I ?D:?GK; GK; 9; <EO;H KJ?B?I7?J :K F;J?J 8E?I 9ECC; 9EC8KIJ?8B; 1D; <E?I B7 FB7GK; 9>7K< <W; ;J :W87HH7IIW; :;I 9;D:H;I ?B WJ7?J FEII?8B; :; 9K?H; :;I 7B?C;DJI IKH KD; IKH<79; FHEFH; ;D KJ?B? I7DJ F;KJ YJH; KD; 9BE9>; :; 9K?IIED EK KD L7I; H;D L;HIW 7O7DJ KD; <ED9J?ED I?C?B7?H; /KH B; I?J; :; 7IJ?:;JJ7 ,EPPED; /7HJXD; EHI; :K /K: ED 7 9EDIJ7JW GK; FBKI?;KHI HW9?F?;DJI WJ7?;DJ C7?DJ;DKI ;CF?BWI :7DI B; 9E?D :tKD; F?X9; :7DI KD D?L;7K :7JW :K HEDP; <?D7B 7DI KD; >78?J7J?ED :; 9; CYC; =?I;C;DJ B; <EO;H FH?D9?F7B :; FB7D H;9J7D =KB7?H; WJ7?J <EHCW F7H KD 97:H; :; F?;HH;I GK? :WB? C?J7?J B7 IEB; :t7H=?B; ;D :;KN 9ECF7HJ?C;DJI :; IKH<79; ?DW=7B; 1D; IKF;HFEI?J?ED :; FBKI?;KHI IEB;I ;D 7H=?B; 9K?J;I FB79W;I IKH KD B?J :; J;IIEDI JW CE?=D7?J :;I HW<;9J?EDI HW=KB?XH;I FEKH Bt;DJH;J?;D :; 9;J TJH; "?B?JEI7 /EBB797HE EHI; :K /K: :7DI B;I >78?J7JI :; 0KHH?9>@K KD; ?CFEHJ7DJ; IK9 9;II?ED :; <EO;HI 7 WJW C?I; 7K @EKH :7DI B;I D?L;7KN :K HEDP; CEO;D ECC; S 7IJ?:;JJ7 ,EPPED; 9;I <EO;HI 9EDIJHK?JI FHWI;DJ;DJ :;I FB7DI GK7:H7D =KB7?H;I EK ;BB?FJ?GK;I %BI IEDJ JEKI <EHCWI :tKD; IEB; :t7H=?B; FB79W; IKH KD; 9EK9>; :; <H7=C;DJI :; 9WH7C?GK;I :; HW9KFWH7J?ED 7DI KD; L7IJ; >78?J7 J?ED :; FB7D ;BB?FJ?GK; C N C 7JJH?8K78B; 7K HEDP; 7D9?;D IKH B; I?J; :; 7CFK /J;<7DK ED F;KJ 9EDIJ7J;H KD; 9ECF7HJ?C;DJ7J?ED ;D JHE?I 9;B BKB;I HWF7HJ?;I ;D :;KN ;DI;C8B;I ;D <ED9J?ED :; B7 :W9B?L?JW :K IEB (7 F7HJ?; ;IJ J;HC?DW; F7H KD; 8;BB; 78I?:; WJ7?J B7 FBKI WB;LW; ;DL 9C ;J :?IFEI7?J :tKD IEB :?H;9J;C;DJ <EHCW F7H Bt7<<B;KH;C;DJ HE 9>;KN (7 F7HJ?; 9;DJH7B; ;J B7 F7HJ?; EK;IJ W=7B;C;DJ ;D 78I?:; WJ7?;DJ 7K CYC; D?L;7K ;I :;KN 9EC F7HJ?C;DJI :?IFEI7?;DJ 9>79KD :tKD =HEI L7I; ;DI?BW GK? FEKL7?J 9EDIJ?JK;H KD; HWI;HL; :t;7K FEKH B;I 8; IE?DI :;I 79J?L?JWI :EC;IJ?GK;I ;I GK;BGK;I ;N;CFB;I F;HC;JJ;DJ :t7LE?H KD; F;H9;FJ?ED JHXI F7HJ?;BB; :; BtWGK?F;C;DJ :;I >78?J7J?EDI :; BtT=; :K HEDP; :; EHI; +D F;KJ JEKJ;<E?I ?D<WH;H GK; :KH7DJ 9;JJ; FWH?E:; Bt7HJ :; 8TJ?H ;J B; =EeJ FEKH KD 9;HJ7?D 9ED<EHJ ItWJ7?;DJ :WL;BEFFWI ;F;D:7DJ ?B I;H7?J ?CFHK:;DJ :; LEKBE?H 9ECF7H;H BtWGK?F;C;DJ :;I IE9?WJWI 9EHI;I :; BtT=; :K HEDP; 7L;9 9;BK? :; LE?I?DI FBKI H?9>;I ;J FBKI DEC8H;KN J?2>:BF6D N =@?8 E6C>6 ;I JH7L7KN HW9;DJI EDJ :WL;BEFFW KD; >OFE J>XI; IKH BtWLEBKJ?ED :;I 9ED9;FJ?EDI J;HH?JEH?7B;I FHEJE>?IJEH?GK;I :7DI B; /7HJ;D7?I ,Y9>; -K?B?9>?D? +D E8I;HL;H7 GKt?B ;IJ FEII?8B; :tWJ78B?H KD CE:XB; WLEBKJ?< :; BtE99KF7J?ED :;I >78?J7JI IKH :;KN FWH?E:;I FH?L?BW=?W;I F7H<E?I H;FHWI;DJW;I IKH KD CYC; I?J; 1D FH;C?;H =HEKF; :; =?I;C;DJI E9 9KF; KD; JH7D9>; J;CFEH;BB; I?JKW; ;DJH; B; 44; ;J B; 42%; I?X9B; 7L7DJ & IE?J ;DJH; B; :W8KJ :K HEDP; 7D9?;D ;J B;I FH;C?;HI J;CFI :K HEDP; CEO;D ;JJ; FWH?E:; F;KJ YJH; C7HGKW; F7H KD; FEKIIW; :WCE=H7F>?GK; LE?J B; HWI;7K :; E@CC6 ;J :; 42DE6==: I; C;JJH; ;D FB79; (;I F>7I;I CEO;DD;I ;J <?D7B;I :K HEDP; CEO;D IEDJ 97H79JWH?IW;I F7H B7 H7H;JW ;J F7H<E?I Bt78I;D9; :; JWCE?=D7=;I C7 JWH?;BI (; I;9ED: =HEKF; ;IJ 9EDIJ?JKW :tE99KF7 J?EDI 9;DJHW;I IKH B; HEDP; <?D7B =BE87B;C;DJ ;DJH; ;J 7L7DJ DEJH; XH; (7 FBKF7HJ :;I 42DE6==: 2 E@CC2 ;IJ HWE99KFW; S 9;JJ; WFEGK; (; CE8?B?;H 9WH7C?GK; CEDJH; GKt?B D; It7=?J F7I :tKD; I?CFB; H;FH?I; %B 7 <EHJ;C;DJ 9>7D=W CEHF>EBE=?GK;C;DJ ;J J;9>D?GK;C;DJ ;J I;C8B; JWCE?=D;H :K <7?J GK; B;I :OD7C?GK;I 9KBJKH;BB;I ;J IE9?7B;I :K HEDP; 7D9?;D ;J CEO;D EDJ 87I9KBW 1D IOIJXC; C7JWH?;B :EC?DW F7H :;I HW<WH;D9;I I7H:;I FHE:K9J?EDI <K DWH7?H;I IKHJEKJ JEI97D;I ;J B7J?7B;I 7K HEDP; 7D 9?;D ;J CEO;D ;IJ H;CFB79W F7H KD CE8?B?;H :EDJ Bt?D<BK;D9; IJOB?IJ?GK; ;J J;9>DEBE=?GK; ;IJ S H;9>;H 9>;H :7DI B;I FHE:K9J?EDI DEH: ?J7B?;DD;I :K HEDP; <?D7B JEKJ 7KJ7DJ GK; :7DI B;I L7?II;BB;I :; /7H :7?=D; I;FJ;DJH?ED7B; :EDJ B; :WL;BEFF;C;DJ FHE 9X:; F;KJ YJH; :K CYC; F>WDECXD; ;JJ; H;C7HGK; It7FFB?GK; FEKH B; /7HJ;D7?I 9ECC; FEKH Bt BJ7 .E997 ;J B7 HW=?ED :; ,EHJE 2;99>?E %B It7=?J BS :tKD; LWH?J78B; HKFJKH; E8I;HL78B; :7DI B7 FBK F7HJ :;I HW=?EDI CW:?J;HH7DW;DD;I !D !=W; F7H ;N;CFB; ;BB; ;IJ ?DJ;HFHWJW; 9ECC; KD F>WDECXD; IE9?7B LE?H; FEB?J?GK; ;DJH7]D7DJ Bt;<<ED:H;C;DJ :;I >?WH7H9>?;I WJ78B?;I :KH7DJ Bt$;BB7:?GK; HW9;DJ ;J GK? 7KH7?;DJ FHELEGKW :t?CFEHJ7DJI CEKL;C;DJI :; FEFKB7J?EDI !D %J7B?; :K *EH: ;J ;D /K?II; ED 9EDI?:XH; GKt;BB; HWIKBJ; :;I 9EDIWGK;D9;I :tKD; F>7I; 9B?C7J?GK; 7H?:; C7HGKW; F7H Bt787?II;C;DJ =WDWH7B?IW :K D?L;7K :;I D7FF;I F>HW7J?GK;I ;J :;I B79I 7BF?DI L;HI 7L & $EBP>7KI;H 6E 2= )7=DO :EDJ ED 9EDD7]J Bt?CFEHJ7D9; :7DI B;I IOIJXC;I W9EDEC?GK;I F7B7<?JJ?GK;I ;J J;H $6D $:?8@ED (62F 56 @6F7 H7C7H?9EB;I ;HD78a H;7 7H:7H;BB? 7H:7 H;BB? %B H;IJ;H7 S ;NFB?GK;H B7 <7?8B; H;FHWI;D J7J?L?JW :; Bt>78?J7J F;H9>W :7DI B; /7HJ;D7?I 7K 9EKHI :K HEDP; CEO;D 7BEHI GK; :;I HW=?EDI LE? I?D;I 9ECC; B; 07H7LK D; 9EDD7?II;DJ F7I :; H;9KB (;I 97H;D9;I :; B7 H;9>;H9>; 7H9>WEBE=?GK; D; IK< <?I;DJ F7I S @KIJ?<?;H B7 I?JK7J?ED :7DI 9; I;9J;KH :; Bt]B; Ed B;I JH7L7KN IEDJ :; BE?D B;I FBKI 7D9?;DI ;J B;I FBKI DEC8H;KN 4?60B9AB?2 2A 292C.42 R?RC2=:ERD =H?9KBJKH; ;J WB;L7=; IEDJ ?DJ?C;C;DJ B?WI (;I WJK:;I 7H9>WEBE=?GK;I ;J 7H9>WEPEEBE=?GK;I F;HC;JJ;DJ 7K@EKH:t>K? :; :?IFEI;H :; GK;BGK;I BK;KHI IKH B;I =H7D:;I J;D:7D9;I :; BtWLEBKJ?ED :; 9;I I;9J;KHI :; Bt79J?L?JW W9EDEC?GK; (;I H;9;DI; C;DJI IOIJWC7J?GK;I ;J B7 97HJE=H7F>?; :;I :?<<W H;DJ;I 9ECFEI7DJ;I :;I W9EIOIJXC;I :; Bt]B; IEDJ ;D9EH; JHXI F7HJ?;BI (tWJK:; :; B7 <7KD; :EC;IJ?GK; H;IJ; B7H=;C;DJ JH?8KJ7?H; :;I :EDDW;I GK7DJ?J7J?L;I ;J GK7B?J7J?L;I :tKD W9>7DJ?BBEDD7=; 7BW7JE?H; ;J <EH 9WC;DJ ?D9ECFB;J /KH B; FB7D 9B?C7J?GK; B; %%; C?B BWD7?H; 9EHH;IFED: 7K /K8 8EHW7B 97H79JWH?IW F7H KD BW=;H H;<HE?:?II;C;DJ ;J KD; H;B7J?L; IW9>;H;II; :;I HW=?EDI CW:?J;HH7DW;DD;I KN 9ED:?J?EDI =WDW H7B;I :K 9B?C7J I; 9ED@K=K;DJ I7DI :EKJ; B;I ;<<;JI :tWFK?I;C;DJ :;I W9EIOIJXC;I 7DJ>HEF?GK;I 7FHXI :;KN C?BBWD7?H;I :; IKHFTJKH7=; t;IJ FEKHJ7DJ :7DI 9; 9EDJ;NJ; 9B?C7J?GK; FBKI :W<7LEH78B; GKtKD FHE<ED: 9>7D=;C;DJ :; B7 FHE:K9J?L?JW 7=H?9EB; I; C7D?<;IJ; :7DI JEKJ; Bt!KHEF; O 9ECFH?I :7DI B;I ]B;I CW:?J;HH7DW;DD;I 8C:4F=EFC6 (t799HE?II;C;DJ :;I ;C8B7LKH;I ;IJ 7IIE9?W S B7 9WHW7B?9KBJKH; <79?B?JW F7H Bt;CFBE? :;I J;9> D?GK;I :; B78EKH S Bt7H7?H; ;J BtKJ?B?I7J?ED :; B7 <7K 9?BB; ;D 8HEDP; !D EHI; B;I ;IFX9;I 9KBJ?LW;I D; I;C8B;DJ =KXH; :?<<WH;DJ;I :; 9;BB;I :t7KJH;I HW =?EDI CW:?J;HH7DW;DD;I +D :WDEC8H; FEKH B;I 9W HW7B;I :K 8BW J;D:H; :K 8BW 7C?:EDD?;H ;J :; BtEH=; +D F;KJ I7DI :EKJ; 7@EKJ;H B7 9KBJKH; FHE878B; :; GK;BGK;I BW=KC?D;KI;I ;J :tEBW7=?D;KN KN ;I FX9;I 9KBJ?LW;I It7@EKJ7?;DJ B;I FHE:K?JI :; B7 9K;?B B;JJ; F7HC? B;IGK;BB;I I; :WJ79>7?;DJ B;I =B7D:I :tO;KI;I :EDJ ED H;JHEKL; IEKL;DJ B;I 9EJOBW:EDI 97H8ED?IWI :7DI B;I 9;D:H;I :;I >78?J7J?EDI 4E:G:ERD A2DE@C2=6D ,EKH BtWB;L7=; DEKI ;CFHKDJEDI S &;7D ;D?I 2?=D; B7 9ED9BKI?ED :; IED ?CFEHJ7DJ; WJK:; 7H9>WEPEEBE=?GK; /KH B; FB7D :;I 7CWB?EH7 J?EDI J;9>D?GK;I ;J :;I :?<<?9KBJWI :; BtWB;L7=; S B7 <?D :K *WEB?J>?GK; ;J 7KN T=;I :;I CWJ7KN 9;J 7K J;KH W9H?J k =i:?G6CD6 56D AC@A@CE:@?D C6=2E:G6D 56 =2 G:2?56 56 3@6F7 56 A@C4 6E 56 42AC:?RD BF: C6D E6?E N A6F ACSD =6D >T>6D N =2 7:? 5F &R@=:E9:BF6 =6 A2DE@C2=:D>6 DF3:E 56 AC@7@?56D >@5:7:42E:@?D 5FC2?E E@FE6 46EE6 ARC:@56 ? 6776E N =2 7:? 56 =i@A E:>F> 4=:>2E:BF6 6E DFCE@FE 5FC2?E =6 5R3FE 5F +F3 3@CR2= =iR=6G286 >2CBF6 ?6EE6>6?E =6 A2D 6=2 D6 EC25F:E A2C =2 CR5F4E:@? D6?D:3=6 56 =2 E2:==6 56D 6DAS46D 5@>6DE:BF6D =6D A=FD 6I:862?E6D DFC =6 A=2? ?FEC:E:@??6= =6 3@6F7 6E =6 >@FE@? 6E A2C F?6 5:>:?FE:@? 8R?RC2=6 56 =2 AC@5F4E:G:ER 3@F49SC6 56 E@FE6D =6D 6DAS46D AC@5F4EC:46D 56 G:2?56 6EE6 5RERC:@C2E:@? 56 =2 C6?E23:=:ER 56 =iR=6G286 6DE :? E6CG6?F6 6? 5RA:E 56D ?@>3C6FD6D 2>R=:@C2E:@?D K@@E649?:BF6D BFi:= 72FE 4@?D:5RC6C 6? A2CE:6 4@>>6 56D CRA@?D6D 252AE2E:G6D 2FI 5:77:4F=ERD C6? 4@?ECR6D A2C =6 A2DE@C2=:D>6 6D 2>R=:@C2E:@?D D6 D@?E R496=@??R6D 5F &R@=:E9:BF6 7:?2= N =iO86 5F 6C D2?D BFi@? AF:DD6 6?4@C6 ACR4:D6C =2 52E6 6I24E6 5i2AA2C:E:@? 56 4924F? 56D A9R?@>S?6D BF: J @?E 4@?EC:3FRD != Di28:E 56 =i232:DD6>6?E 8=@32= 56D O86D 5i232EE286 6E 56 =6FC 252AE2E:@? 56 A=FD 6? A=FD ?6EE6 N 56 ?@FG6==6D AC@5F4E:@?D =2:E A@FC =6D @G:?D 6E A6FE TEC6 7@C46 >@EC:46 A@FC =6D 3@G:?D 56D O86D 56D >RE2FI BF: G:D2:6?E N 2F8>6?E6C =2 C6?E23:=:ER 56D EC@FA62FI >2:D := Di28:E 2FDD: 56 =i2F8>6?E2E:@? 5F 4@?EC\=6 56 =i9@>>6 DFC =6D 3TE6D 6 56C?:6C A@:?E C6DE6 6?4@C6 A6F 5@4F>6?ER >2:D := 72FE D2?D 5@FE6 J :?D4C:C6 =i2AA2C:E:@? 56 =2 42DEC2E:@? 56D @G:?D 2F &R@=:E9:BF6 7:?2= 6E =i2>R =:@C2E:@? 56 =2 >2WEC:D6 56 46EE6 E649?:BF6 N =iO86 5F C@?K6 2:?D: BF6 =2 EC2?D7@C>2E:@? 56 =iR=6G286 AC@323=6>6?E ECSD 6IE6?D:7 5F 5R3FE 5F &R@=:E9:BF6 6? F? A2DE@C2=:D>6 A=FD :?E6?D:7 A@FC =6BF6= := 2 RER A@DD:3=6 5iRG@BF6C D2?D 6? 2G@:C 6?4@C6 =2 AC6FG6 =iRG6?EF2=:ER 5iF?6 7@C>6 AC:>:E:G6 56 =2 EC2?D9F >2?46 56D 42AC:?RD N 6DE:G6 4@FCE6 $6D 677@CED D6>3=6?E R82=6>6?E 2G@:C A@CER 5FC2?E 46EE6 RA@BF6 DFC =i2>R=:@C2E:@? 56D C246D 5@>6DE:BF6D BF: Di6DE EC25F:E6 A2C =6D AC6>:SC6D 8C2?56D >@5: 7:42E:@?D >@CA9@D4@A:BF6D 5F DBF6=6EE6 != Di28:E 56 =2 CR5F4E:@? 56D 4@C?6D 56D 3R=:6CD BF: 24BF:SC6?E $6D =:?8@ED A62F 56 3@6F7 56 =2 %R5:E6CC2?R6 46?EC2=6 F?6 4@FC3FC6 A=FD AC@?@?4R6 6E F?6 D64E:@? 32D2=6 A=FD @G2=2:C6 56 =i2AA2C:E:@? 56 3C63:D :?6C>6D 6E 56 A@C4D 2F 4CO?6 A=FD C244@FC4: 6E C65C6DDR c != 6DE 2FDD: A@DD:3=6 56 4@?D:5RC6C =2 =R8SC6 2F8>6? E2E:@? 56 =2 4@?D@>>2E:@? 56 =2 49SGC6 6E =6 D6?D: 3=6 C682:? 56 =2 A2CE 56 =2 ACR52E:@? 52?D =i2=:>6?E2E:@? 42C?R6 56 =iO86 5F 6C 5i C28F:?2 +6??@=2 4@>>6 56D 4@?DRBF6?46D 252AE2E:G6D 56D 5:77:4F=ERD C6?4@?ECR6D A2C =2 AC@5F4E:@? 3@F49SC6 56 =2 7:? 5F &R@=:E9:BF6 6E 56D O86D 56D >RE2FI l (7 <7KD; :K =?I;C;DJ :; 7IJ?=B?ED; DEKI I;C8B; 7II;P H;FHWI;DJ7J?L; :; Bt7B?C;DJ7J?ED 97HDW; :;I 9ECCKD7KJWI :; BtT=; :K HEDP; CEO;D GK? ;N FBE?J7?;DJ B;I PED;I 9bJ?XH;I :;I FH?D9?F7KN =EB<;I :; B7 EHI; E99?:;DJ7B; ;I FEFKB7J?EDI FH7J? GK7?;DJ BtWB;L7=; C7?I :?L;HI?<?7?;DJ B;KHI H;I IEKH9;I 97HDW;I F7H B7 FH7J?GK; :; B7 9>7II; ;J :7DI B; 97I :; 7IJ?=B?ED; #HEII;JE ,HK=D7 EHI; :K /K: F7H B7 HW9EBJ; :; 9EGK?BB7=;I ;D F7HJ?9KB?;H :;I 8K97H:;I (t7D7BOI; F7H & 2?=D; ?DW:?J :;I H;IJ;I :; =H7D:I C7CC?<XH;I 7 WJW HW7B?IW; S F7HJ?H :; H;IJ;I EII;KN GK? FHEL;D7?;DJ :; :W9>;JI :; H;F7I ;J GK? FHWI;DJ7?;DJ KD WJ7J :; 9EDI;HL7J?ED I7 J?I<7?I7DJ (tWJK:; 7 <7?J 7FF7H7]JH; B7 k AC@A@CE:@? :?923:EF6==6 56D A:S46D @DD6FD6D A2C C2AA@CE 2FI 56?ED 923:EF6==6>6?E DFCC6ACRD6?ER6D 6E AC@323=6 >6?E 5F6 N F? 6?C:49:DD6>6?E 2?:@?:BF6 5F D@= A2C 56D G:52?86D 56 7@J6CD DF446DD:G6D 6E N =2 AC@I:>:ER 5iF? 5RA@E@:C 56 4@BF:==6D >2C:?6D 42C5:F> l h (;I H;IJ;I :; EL?DI CEDJH;DJ B7 F;J?J; J7?BB; :;I 8oK<I 9EDIECCWI S 7IJ?=B?ED; L;HI B; C?B?;K :K HEDP; CEO;D B7 <?D :; B7 FWH?E:; B7 >7KJ;KH 7K =7HHEJ 9EDD7]J KD; I;DI?8B; 7K=C;DJ7J?ED FHE 878B;C;DJ :K; S :;I 9HE?I;C;DJI h (;I 7FH?DWI IEDJ ;II;DJ?;BB;C;DJ H;FHWI;DJWI F7H B; CEKJED 'G:D 2C:6D C7?I B7 9>XLH; 2AC2 9:C 4FD Dt;IJ F7I 78I;DJ; :K I?J; ?;D GK; F;J?JI 9;I 7D?C7KN IEDJ BW=XH;C;DJ FBKI =H7D:I GK; B;I CEKJEDI ;J B;I 9>XLH;I :K HEDP; <?D7B h (; FEH9 ;J EK B; I7D=B?;H +FD 4C@72 IEDJ 7II;P 8?;D H;FHWI;DJWI S 7IJ?=B?ED; 0;HH7 ;BB7 (;KH J7?BB; ;IJ 9ECC; IKH B;I 7KJH;I I?J;I :; BtT=; :K HEDP; ?D<WH?;KH; S 9;BB; :;I /K?DWI :K *WEB? J>?GK; (7 9EKH8; :tT=; CEDJH; B7 9E;N?IJ;D9; :; BtWB;L7=; :; FEH9I :; FH;C?XH; 7DDW; ;J :; B7 9>7II; h 1D <H7=C;DJ :; CWJ797HF; F;HC;J :; :E9KC;DJ;H B7 FHWI;D9; :K 9;H< 6CGFD 6=2A9FD 9ED<?HC7DJ 7?DI? Bt>OFEJ>XI; :; IED ?DJHE:K9J?ED :7DI Bt]B; 7L7DJ B7 <ED:7J?ED :t B7B?7 h (7 FHWI;D9; :K 9>?;D 2?:D 72>:=:2C:D ;IJ :?H;9 J;C;DJ 7JJ;IJW; F7H B7 :W9EKL;HJ; :; B7 97D?D; :tKD ?D:?L?:K 7:KBJ; :EDJ B7 F;J?J; J7?BB; ;IJ 7II;P H;FHWI;DJ7J?L; :; 9;JJ; ;IFX9; :7DI Bt]B; :K *WE B?J>?GK; 7K HEDP; CEO;D (;I JH79;I :; CEHIKH;I IKH B;I EI 9EDIJ?JK;DJ :;I JWCE?=D7=;I ?D:?H;9JI (;I IF;9JH;I <7KD?GK;I :; 9; =?I;C;DJ D; I7KH7?;DJ YJH; JEJ7B;C;DJ HWLWB7J;KHI 7K LK :; B7 <7? 8B;II; DKCWH?GK; :K BEJ WJK:?W C7?I ?BI F;HC;JJ;DJ :tWJ78B?H KD FH;C?;H 9EDIJ7J (; C7JWH?;B EII;KN CEDJH; GK; B; 8oK< ;J B; CEKJED 7FF7H7?II;DJ :7DI :;I FHEFEHJ?EDI I;DI?8B;C;DJ ?:;DJ?GK;I B; FEH9 L; D7DJ ;D JHE?I?XC; FEI?J?ED ; I9>WC7 ;IJ IKF;HFE I78B; 7KN 7KJH;I :EDDW;I :?IFED?8B;I :7DI Bt]B; 7L;9 JEKJ;<E?I KD; F7HJ BW=XH;C;DJ H;D<EH9W; FEKH B; 8oK< IK==WH7DJ 7?DI? KD; 7B?C;DJ7J?ED 97HDW; B7H=;C;DJ :EC?DW; F7H 9; :;HD?;H (7 F7HJ :; B7 9>7II; 7K I7D=B?;H 7FF7H7]J C?DEH?J7?H; C7?I DED DW =B?=;78B; !D<?D 9ECC; F;HVK :7DI :t7KJH;I =?I; C;DJI B7 FHWI;D9; :t7K CE?DI :;KN 8oK<I CEHJI S KD T=; 7L7D9W ;J 7DI FEKHH7?J 9ED<?HC;H B;KH KJ?B?I7J?ED FEKH B7 JH79J?ED Y >B6=2:2;A %RE2==FC8:6 (tKI7=; :K CWJ7B FH;D: ?D9EDJ;IJ78B;C;DJ KD; F7HJ I7DI 9;II; 9HE?II7DJ; :7DI BtWGK?F;C;DJ J;9>D?GK; :; BtT=; :K HEDP; %B I;H7 IKHJEKJ :E C?DW F7H Bt7HC;C;DJ (tWJK:; :;I F7BWECWJ7BBKH=?;I :; BtT=; :K HEDP; :; B7 EHI; IEK<<H; 9;F;D:7DJ :tKD :W<?9?J :; :W9EKL;HJ;I ;<<;9JKW;I ;D 9EDJ;NJ; <?78B; (;I 7L7D9W;I HW9;DJ;I :7DI B;I HW=?EDI LE? I?D;I F;HC;JJ;DJ FEKHJ7DJ :tWJ78B?H KD FH;C?;H I9>WC7 >OFEJ>WJ?GK; :;I FHEJE9EB;I :; FHE:K9J?ED :tE8@;JI ;D 8HEDP; (7 FH;C?XH; WJ7F; 9EDI?IJ; ;D B7 HW:K9J?ED :K C?D;H7? :; 9K?LH; 9ED97IIW 9>7B9E FOH?J; 8EHD?J; C7B79>?J; 7PKH?J; ;J9 :7DI KD <EKH :EDJ B7 J;CFWH7JKH; :; B7 9>7C8H; DEOW; :; 9>7H8ED :E?J YJH; FEHJW; S FBKI :; g FEKH F;HC;JJH; 7KN F7HJ?9KB;I CWJ7BB?GK;I :; I; IWF7H;H :; B;KH C7 JH?9; :; IKB<KH; ;J :; 97H8ED7J;I ;D WB?C?D7DJ BtENO =XD; ;JJ; J;CFWH7JKH; D; F;KJ YJH; 7JJ;?DJ; GK; F7H KD ?CFEHJ7DJ 7FFEHJ :t7?H :7DI B7 9>7C8H; ;J DW9;I I?J; :ED9 BtKJ?B?I7J?ED :; 9>7BKC;7KN ?D:?L?:K;BI ;J EK :; IEK<<B;JI F;HC;JJ7DJ KD; 7B?C;DJ7J?ED 9EDJ?DK; 7WH7=; (; FHE9;IIKI :; <EDJ; F;KJ YJH; $6D $:?8@ED (62F 56 @6F7 7CWB?EHW F7H Bt7@EKJ :; GK7HJP 7K C?D;H7? 1D; <E?I B7 J;CFWH7JKH; DW9;II7?H; 7JJ;?DJ; ED B7?II; H;<HE?:?H B; <EKH FK?I BtED HW9KFXH; 7K <ED: :K <EKHD;7K KD 7=HW=7J I9EH?<?W :7DI B;GK;B F;HB;DJ B;I =H7?DI :; CWJ7B FKH GK; BtED HW9EBJ; 7BEHI GK; B; k=TJ;7Kl :; I9EH?; ;IJ WB?C?DW ;I WBWC;DJI <EHC;DJ F7H<E?I KD; C7J?XH; >ECE=XD; C7?I ?DKJ?B?I78B; GK; BtED 7FF;BB; kC7JJ;l S :; CWJ7B GKt?B 9EDL?;DJ :; HW:K?H; :; DEKL;7K !D Bt78I;D9; :; :W9EKL;HJ; :; <EKH 8KI; EK JKOXH; :7DI :;I D?L;7KN 7H9>WEBE =?GK;I 9;JJ; F>7I; Dt;IJ :E9KC;DJW; GK; F7H B;I DEC8H;KI;I I9EH?;I H7C7IIW;I IKH B7 FBKF7HJ :;I =? I;C;DJI :; BtT=; :K HEDP; (7 :;KN?XC; WJ7F; 9EDI?IJ; ;D B7 <EDJ; :;I F7HJ?9KB;I :; 9K?LH; :?J 7BEHI k9K?LH; DE?Hl 97H 9>7H=W :t?CFKH;JWI CWJ7B B?GK;I 7KNGK;BB;I ED 7@EKJ; KD; GK7DJ?JW L7H?78B; :tWJ7?D ;DL?HED LE?H; :t7HI;D?9 7<?D :tE8J; D?H Bt7BB?7=; ;JJ; 7::?J?ED F;HC;J :tE8J;D?H KD FHE :K?J CE?DI C7BBW78B; :ED9 FBKI IEB?:; C7?I W=7B;C;DJ CE?DI IK@;J S BtENO:7J?ED 1D HW9?F?;DJ F7HJ?9KB?;H :EJW :tKD C7D9>; 7FF;BW 9H;KI;J F;KJ YJH; :;IJ?DW S KD KI7=; KD?GK; ;IJ ?DJHE:K?J S B7 87I; :K <EKH 7<?D :; HW9KFWH;H B; CWJ7B ;D <KI?ED ;BK? 9? :E?J YJH; H7F?:;C;DJ 9EKBW :7DI KD CEKB; 8?L7BL; Ed ;IJ =H7LW B; DW=7J?< :; BtE8@;J :WI?HW ;I CEKB;I HW7B?IWI :7DI :;I HE9>;I J;D:H;I C7?I HW<H79J7?H;I 9>BEH?JEI9>?IJ; 9EHJX=; :;I IJW7J?J;I ;J :;I F?;HH;I EBB7?H;I ;J9 FHWI;DJ;DJ F7H<E?I :;I H7?DKH;I B7JW H7B;I 7<?D :; <79?B?J;H BtWL79K7J?ED :;I =7P FHE:K?JI F;D:7DJ B; H;<HE?:?II;C;DJ ,7IIW; 9;JJ; WJ7F; B; CEKB; ;IJ HEKL;HJ ;J BtE8@;J 7FF7H7]J IEKI I7 <EHC; GK7I? :W<?D?J?L; %B D; H;IJ; FBKI GKtS =ECC;H B;I F7IJ?BB;I :t?DJ;HIJ?9;I GK? EDJ 7:EFJW B7 <EHC; :; B7 PED; :; 9EDJ79J ;DJH; B;I :;KN L7BL;I ;JJ; EFWH7 J?ED I; <7?J IEKL;DJ :?H;9J;C;DJ IKH B;I F7HE?I B7JW H7B;I :K CEKB; Ed ;BB;I EDJ B7?IIW :;I JH79;I 97H79JWH?IJ?GK;I (;I F7IJ?BB;I WJ7?;DJ FHE878B;C;DJ HW9KFWHW;I FEKH YJH; H;<ED:K;I (;I >79>;I FE? =D7H:I ;J 7KJH;I EKJ?BI 97H79JWH?IJ?GK;I :; B7 FWH?E:; WJ7?;DJ ;DIK?J; 7<<eJWI K9KD; 7D7BOI; IF;9JHECW JH?GK; Dt7 WJW HW7B?IW; :7DI Bt]B; FEKH :WJ;HC?D;H B7 FHEL;D7D9; :K 9K?LH; ;J :; BtWJ7?D KJ?B?IWI (; 9K?LH; ;IJ FHWI;DJ ;D EHI; IKHJEKJ :7DI I7 F7HJ?; I;FJ;D JH?ED7B; ;I =?I;C;DJI FHWI;DJ;DJ :;I H;IIEKH9;I H;B7J?L;C;DJ <7?8B;I C7?I DW7DCE?DI IK<<?I7DJ;I S KD; CWJ7BBKH=?; FHW>?IJEH?GK; )YC; I? #78H?;B 7CFI 8 7 7L7D9W Bt>OFEJ>XI; :tKD; ;NFBE? J7J?ED :;I <?BEDI :; (?D=K?P;JJ7 $7KJ; EHI; F7H B;I =HEKF;I :; 0;HH?D7 %2 >7B9EB?J>?GK; ?B <7KJ H7FF;B;H GKt7K9KD; JH79; :tKJ?B?I7J?ED EK :; <HW GK;DJ7J?ED FHW>?IJEH?GK; Dt7 @7C7?I WJW C;DJ?EDDW; IKH EK S FHEN?C?JW :;I =]J;I :t;NJH79J?ED ,;KJ YJH; :E?J ED 9EDI?:WH;H GK; B; FH?D9?F7B <EKHD?II;KH :;I 7HJ?I7DI :K IK: :; B7 EHI; ;D 9K?LH; 7 FK YJH; B; DEH: :; B7 /7H:7?=D; Ed IEDJ 9EDDKI :; =H7D:I =? I;C;DJI :; 9>7B9EFOH?J; ;J :; C7B79>?J; :EDJ B;I LE?;I :t799XI IEDJ 9;?DJKHW;I :; ?FC289: (7 0EI 97D; ;IJ KD; 7KJH; EH?=?D; FEII?8B; *EJEDI GK; 9;I FHEL;D7D9;I :?L;HI;I EHI; /7H:7?=D; ;J EK 0EI 97D; EDJ FK 9E;N?IJ;H I; IK99W:;H It7DDKB;H ;J9 (t?DJHE:K9J?ED :; BtWJ7?D ;IJ ;D H;L7D9>; B; H;<B;J :; JH7DIFEHJI S BED=K; :?IJ7D9; WJ7DJ :EDDW IED 78 I;D9; ;D )W:?J;HH7DW; E99?:;DJ7B; (;I 7D7BOI;I HW7B?IW;I F7H 7?BB;KHI ;D )W:?J;HH7DW; CEDJH;DJ GK; BtWJ7?D WJ7?J FHE878B;C;DJ 79>;C?DW :;FK?I Bt I?; 9;DJH7B; (;I HW9;DJ;I :W9EKL;HJ;I :; 97II?JWH?J; ;D 0KHGK?; ;J ;D ;N 5EK=EIB7L?; F;HC;JJHEDJ F;KJ YJH; :t7FFEHJ;H KD; HWFEDI; DEKL;BB; S 9;I ?DJ;HHE=7 J?EDI F7HJ?H :; B7 <?D :K HEDP; CEO;D I; :WL; BEFF; :7DI JEKJ; B7 )W:?J;HH7DW; KD HWI;7K :; :?<<KI?EDI :; B?D=EJI ;D kF;7K :; 8oK<l EK FB7DE 9EDL;N;I :; 9K?LH; EK :tWJ7?D FKHI :; FHE:K9J?ED 9>OFH?EJ; (E /9>?7LE :EDJ BtKJ?B?I7J?ED F;H C;JJ7?J :tWL?J;H B;I F>7I;I :; H;9>;H9>; :;I <?BEDI ;J :; HW:K9J?ED :K C?D;H7? %B ;IJ S Bt>;KH; 79JK;BB; FHWC7JKHW :; 9EDI?:WH;H GK; B7 EHI; 7 LH7?C;DJ FHE<?JW :; 9;JJ; ?DDEL7J?ED (7 H7H;JW :;I :W9EKL;HJ;I :tE8@;JI ;D 8HEDP; JWCE?=D;H7?J FBKJbJ :tKD; H;<EDJ; 9EDIJ7DJ; :tE8@;JI 97IIWI KIWI LE?H; :WHE8WI KH7DJ BtT=; :K HEDP; BtEKJ?B ;D 8HEDP; Dt;IJ :ED9 F7I I;KB;C;DJ KD EKJ?B ?B 79GK?;HJ H7F?:;C;DJ B; IJ7JKJ :; B?D=EJ FEJ;DJ?;B :tEd KD; 9;HJ7?D; J;D:7D9; S B7 J>WI7KH?I7J?ED :EDJ ED It799EH:; FEKH :?H; GKt;BB; 9EDIJ?JK; KD WBWC;DJ C7@;KH :7DI B;I FHE9;IIKI :; C?I; ;D FB79; :;I IE 9?WJWI >?WH7H9>?IW;I :; B7 FWH?E:; )7B>;KH;KI;C;DJ FEKH B;I 7H9>WEBE=K;I B7 HW9KFWH7J?ED ;J B7 H;<EDJ; IOIJWC7J?GK; :;I E8@;JI ;D 8HEDP; It;IJ F;HFWJKW; @KIGKtS KD; WFEGK; JHXI HW9;DJ; :7DI Bt]B; !DJH; 7KJH;I B7 9EHFEH7J?ED :;I <ED:;KHI :; 9BE9>;I ;IJ FHE878B;C;DJ S BtEH?=?D; :; B7 :?IF7H?J?ED :; DEC8H;KI;I F?X9;I FHEJE>?IJE H?GK;I :W9EKL;HJ;I BEHI :t;N97L7J?EDI 7D9?;DD;I B? LH7DJ B;I E8@;JI GK; B7 JH7:?J?ED HKH7B; 7 H;J;DK 9ECC; B;I EKJ?BI :K ?78B; $6D =:?8@ED A62F 56 3@6F7 56 =2 %R5:E6CC2?R6 46?EC2=6 "?= p "EHC;I 9WH7C?GK;I :; B7 :;KN?XC; F7HJ?; :K HEDP; 7D9?;D FHEL;D7D9;I :?L;HI;I $6D $:?8@ED (62F 56 @6F7 (C@5F4E:@? 4RC2>:BF6 (7 FHE:K9J?ED 9WH7C?GK; :; BtT=; :K HEDP; :; B7 EHI; JWCE?=D; <EHJ 8?;D :; IED 97H79JXH; ?D IKB7?H; !D <ED9J?ED :; B7 9>HEDEBE=?; ;J :;I C?9HE HW=?EDI B7 L7?II;BB; ?BBKIJH; J7DJbJ KD; :EC?D7DJ; ?IIK; :; JH7:?J?EDI BE97B;I J;9>D?GK;I EK CEHF>E BE=?GK;I J7DJbJ KD; 7FFHEFH?7J?ED :; JH7?JI 9KBJKH;BI ;NJWH?;KHI K HEDP; 7D9?;D L;HI S 7L & B; FE?:I :K >7B9EB?J>?GK; <79?XI 0;HH?D?;D CYC; It?B :W9HE]J ;IJ ;D9EH; JHXI FHWI;DJ ;D 9EDJ;NJ; :EC;IJ?GK; 7L;9 KD HWF;HJE?H; :; <EHC;I S FHE<?B H;B7J?L;C;DJ I?CFB; J?HW :; Bt>WC? IF>XH; EK :K JHED9 :; 9bD; 64 )YC; I? B;I :W9EHI S 9>;LHEDI :?IF7H7?II;DJ 7II;P IK8?J;C;DJ ED DEJ;H7 B7 F;HC7D;D9; :; B7 L7?II;BB; <?D; FEB?; :;I L7I;I S F;H<EH7J?EDI ;D B?=D; IEKI B; 8EH: :;I FH?D9?F7KN CE:;I :; FHW>;DI?ED 7DI;I HK87DW;I 9EH:EDI ?D9?IWI ;J :;I <ED:I FB7JI 9;JJ; WFEGK; B;I DEKL;7KJWI 97H79JWH?I;DJ ;II;DJ?;BB;C;DJ B;I :W FbJI IWFKB9H7KN 7L;9 Bt?DJHE:K9J?ED :; <EHC;I ?DI F?HW;I :; FHE:K9J?EDI WF?97CF7D?<EHC;I :; B7 L7BBW; :K ,b <79?XI (7L7=DED; ,EB7:7 ;J :; BtEK;IJ :; B7 /7H:7?=D; 9KBJKH; :; EDD7D7HE F>7I; /7 EHED7 J7II;I S 7DI; 9EK:W; 2 8@> >:E@ 9EKF;I S F?;: >7KJ <;D;IJHW L7I;I FEBOFE:;I :EBC;D :; /;JJ?L7 78H?I :; )?DP7 7IJ;BBK99?K ;J9 ECC; 9; <KJ :W@S E8I;HLW ;D /7H:7?=D; F>7I; :; /7 0KHH?9KB7 ?B I;C8B; GK; 9;I L7I;I IEDJ FHE=H;II?L;C;DJ ?DJW=HWI :7DI Bt;IF79; :EC;IJ?GK; BE ?IK=>@X 0?H;I7 7CFK /J;<7DK (t?D<?BJH7J?ED 9KBJKH;BB; FWD?DIKB7?H; ;D EHI; ;IJ W=7B;C;DJ FHWI;DJ; 7K :W8KJ :K HEDP; CEO;D S 7L & 7L;9 Bt?DJHE:K9J?ED :; DEC8H;KN :W9EHI ;J <EHC;I ?DIF?HWI :K HWF;HJE?H; :t%J7B?; 9;DJHE E99?:;DJ7B; <79?XI :; #HEJJ7 *KEL7 7D:7BB7 (t?D<BK;D9; :?J; k 7F;DD?D?GK; l :7DI B7 8?8B?E=H7F>?; :EDJ Bt?CFEHJ7D9; D; :E?J F7I YJH; ;N7=WHW; ;IJ H;FHWI;DJW; IKH FBKI?;KHI I?J;I :; B7 PED; B?JJEH7B; J;BI 7I? "?B?JEI7 KDJEH87 /7DJt =7J7 EK )EDJ; +HJK ;J F;HC;J :t?DIWH;H B7 EHI; :7DI B7 IF>XH; 9KBJKH;BB; GK? H;B?; B;I H?L7=;I CW:?J;HH7DW;DI :; B7 7CF7D?; S B7 7J7BE=D; S F7HJ?H :K 42%%; I?X9B; 7L & 64 . (;I H;=?I JH;I EHD;C;DJ7KN =WECWJH?GK;I GK? 97H79JWH?I;DJ 9;I 9EBB;9J?EDI IEDJ 9ECFEIWI :; 9>7CFI JH?7D=K B7?H;I EK H;9J7D=KB7?H;I FED9JKWI :; 9EKFI :; FE?D VED ;J B?C?JWI F7H :;I ?D9?I?EDI (t;N9?I?ED ;IJ H7H?II?C; ;J FEKHH7?J C7HGK;H KD; F>7I; WLEBKW; :K HEDP; CEO;D ;I <EHC;I JHXI F7HJ?9KB?XH;I IEDJ IJH7J?=H7F>?GK;C;DJ 7IIE9?W;I S 9;I :W9EHI W9K;BB;I S <ED: 7HHED:? W9K;BB; S EH;?BB;I I7?BB7DJ;I L7I;I S 9EH:ED HW9;FJ79B; ?DJ;HD; 7DI;I S LEBKJ; F;H<EHW 2 ?2DEC@ 7DI;I S ;H=EJ ;J9 ;I WBWC;DJI JHXI C7H GKWI 9KBJKH;BB;C;DJ D; IEDJ JEKJ;<E?I H;FHWI;DJWI GK; IKH KD; C?DEH?JW :; =?I;C;DJI ;J B7 FBKF7HJ :;I I?J;I B?LH; KD; L7?II;BB; 9ECFEIW; :t7II?;JJ;I FB7JI 8EBI @7JJ;I ;J @7HH;I :EDJ B;I FHE<?BI <HWGK;CC;DJ 97HWDWI 7JJ;IJ;DJ :tKD; 9;HJ7?D; 9EDJ?DK?JW J7DJ CEHF>EBE=?GK; GK; J;9>D?GK; 7L;9 B; HEDP; 7D 9?;D 7I\ 7CFK /J;<7DK BE ?IK=>@X (7 <?D :K HEDP; CEO;D EK HEDP; HW9;DJ ;IJ ;D9EH; C7 JWH?;BB;C;DJ C7B F;HVK; (; L7?II;B?;H :; 7IJ? =B?ED; 7 F;HC?I :; FHW9?I;H GK; BtWFEGK; 9EDD7]J KD; I?CFB?<?97J?ED :;I 97H79JXH;I CEHF>EBE=?GK;I :K HEDP; CEO;D 64 / ; 9EDIJ7J ItEFFEI; S KD H;DEKL;BB;C;DJ 7II;P 8HKJ7B :;I <EHC;I GK? I;C 8B; JEK9>;H B; IK: :; Bt]B; 7K 9EKHI :;I 4%%% 4%%; I?X9B;I C7HGK7DJ 7?DI? B; F7II7=; :7DI B; HEDP; <?D7B S 7L & ,Y9>; -K?B? 9>?D? S F7H7]JH; ;JJ; kHKFJKH;l IEKL;DJ H;C7H GKW; F7H 7?BB;KHI ;IJ HW=KB?XH;C;DJ ?DJ;HFHWJW; 9ECC; KD; HWIKBJ7DJ; :; Bt;<<ED:H;C;DJ :;I FK?I I7DJ;I IE9?WJWI :K 87II?D EH?;DJ7B :; B7 )W:?J;HH7 DW; !D EHI; ED 9EDIJ7J; KD 9;HJ7?D H;FB? :;I 9EDJ79JI 7L;9 Bt%J7B?; 9;DJH7B; 7BEHI GK; B;I H;B7J?EDI 7L;9 B; DEH: :; B7 /7H:7?=D; ;J Bt%J7B?; :K *EH: It?D J;DI?<?;DJ ; F>WDECXD; I; JH7:K?J F7H Bt7K=C;D J7J?ED IK8?J; :; B7 <HWGK;D9; :; 9;HJ7?DI JOF;I J;BI B;I L7I;I 8?9ED?GK;I S 9EB WL7IW EK B;I 7II?;JJ;I 8? 7DIW;I EK S <ED: IKHWB;LW 64 . " 64 / " +D 7II?IJ; 7KII? S B7 :?IF7H?J?ED :; 9;HJ7?DI WBWC;DJI 9ECC; B7 FHW>;DI?ED F7H 9EH:ED ?CFH;I I?EDDW JEJ7B;C;DJ 78I;DJ; IKH B;I =H7D:I ;DI;C8B;I <EHJ?<?WI :K IK: :; Bt]B; ;I :;KN 9bJWI :;I EK9>;I :; ED?<79?E KD 7KJH; C7HGK;KH ?CFEHJ7DJ :; 9; <7 9?XI ;IJ Bt7:EFJ?ED :tKD; DEKL;BB; J;9>D?GK; :tE8 J;DJ?ED :;I <ED:I FHE:K?JI ;D IWH?; F7H 7FB7J?II;C;DJ :; B7 FTJ; IKH KD; L7DD;H?; F7PPK 2;99>@K 7I J?:;JJ7 ,EPPED; K9KHKPPK ,Y9>; -K?B?9>?D? S F7 H7]JH; %B <7KJ W=7B;C;DJ DEJ;H GKtKD IE?D F7HJ?9KB?;H ;IJ 799EH:W S B7 HW7B?I7J?ED :tKD; L7?I I;BB; :; J78B; S F7HE? <?D; ;J BXLH; 7HHED:?; GK? ;IJ IOIJWC7J?GK;C;DJ FEB?; ;J 9K?J; I7DI 7FFEHJ :tENO =XD; 7<?D :; BK? :EDD;H KD W9B7J 8K99>;HE^:; GK? JH7D9>; 7L;9 Bt7IF;9J IEKL;DJ >WJWHE=XD; ;J B7 9K?I IED C7@EH?J7?H;C;DJ ENO:7DJ; :;I FTJ;I :K HEDP; $6D =:?8@ED A62F 56 3@6F7 56 =2 %R5:E6CC2?R6 46?EC2=6 CEO;D ;J 7IF;9J F;KJ H7FF;B;H 9;HJ7?DI 97H79JXH;I J;9>D?GK;I FHEJEL?BB7DEL?;DD;I !?5FDEC:6 =:E9:BF6 (tWGK?F;C;DJ J;9>D?GK; ;IJ 7KII? C7HGKW F7H KD; ?D:KIJH?; B?J>?GK; HWI?:K;BB; GK? D; FHWI;DJ; FBKI GK; :; H7H;I EKJ?BI JH7D9>7DJI (;I 79J?L?JWI :E C;IJ?GK;I ;D F7HJ?9KB?;H B7 CEKJKH; ;J B7 JH?JKH7J?ED :; :?L;HI FHE:K?JI 7B?C;DJ7?H;I EK 7HJ?I7D7KN IEDJ :E9KC;DJW;I F7H :; DEC8H;KI;I C;KB;I IEKL;DJ "?= FEHJ7J?L;I CEB;JJ;I F?BEDI F;H9KJ;KHI (;I ;IF79;I ?DJWH?;KHI :;I >78?J7J?EDI F;KL;DJ 9ED9;DJH;H :t?C FEHJ7DJ;I GK7DJ?JWI :; =7B;JI ;I :;HD?;HI EDJ KD KI7=; K8?GK?IJ; GK? L7 :; B;KH ;CFBE? 9ECC; I?C FB; C7JWH?7K :; 9EDIJHK9J?ED 9ED<;9J?ED :; CKHI :; IEB ;J9 S KD; KJ?B?I7J?ED 9ECC; ?DIJHKC;DJ 9K B?D7?H; FEKH B7 9K?IIED (;I =7B;JI 9EDI;HL;DJ JEK J;<E?I KD; <ED9J?ED FBKI JH7:?J?EDD;BB; ;D J7DJ GKtEKJ?BI :; FEJ?;H 87JJ7=; :; Bt7H=?B; B?II7=; 7DI B; C7JWH?;B B?J>?GK; C?I 7K @EKH IKH B;I >78? p "EHC;I 9WH7C?GK;I :; B7 FH;C?XH; F7HJ?; :K HEDP; CEO;D FHEL;D7D9;I :?L;HI;I "EHC;I 9WH7C?GK;I :; B7 :;HD?XH; F7HJ?; :K HEDP; CEO;D ;J :K HEDP; HW9;DJ FHEL;D7D9;I :?L;HI;I $6D $:?8@ED (62F 56 @6F7 "?= p "EHC;I 9WH7C?GK;I :; B7 FH;C?XH; F7HJ?; :K HEDP; uD7B FHEL;D7D9;I :?L;HI;I "EHC;I 9WH7C?GK;I :; B7 :;KN?XC; F7HJ?; :K HEDP; uD7B FHEL;D7D9;I :?L;HI;I $6D =:?8@ED A62F 56 3@6F7 56 =2 %R5:E6CC2?R6 46?EC2=6 J7JI DEKI :;LEDI 7KII? IEKB?=D;H B7 FHWI;D9; :; CEKB;I ;D HE9>;I J;D:H;I GK? 7JJ;IJ;DJ :tKD; FHE :K9J?ED CWJ7BBKH=?GK; IKH FB79; (?.C.69 12@ :.A6M?2@ =?2:6M?2@ CL4LA.92@ 36/?2@ /<6@ K9KD E8@;J ;D <?8H;I 7D?C7B; EK LW=WJ7B; 7J JH?8K78B; S BtT=; :K HEDP; D; DEKI ;IJ F7HL;DK %B ;IJ JEKJ;<E?I FEII?8B; :t?D:K?H; B;KH FHWI;D9; =HT9; 7KN ;CFH;?DJ;I IEKL;DJ 9EDI;HLW;I 799?:;DJ;BB; C;DJ EK 7K CEC;DJ :; B7 9K?IIED :; 9;HJ7?DI E8@;JI 9ECC; B;I L7I;I :K HEDP; <?D7B WLEGKWI FHW9W :;CC;DJ 27DD;H?; ;J IF7HJ;H?; I;C8B;DJ 7LE?H 9EDDK KD 9;HJ7?D :WL;BEFF;C;DJ +D F;KJ ?D<WH;H 7K HEDP; <?D7B BtKI7=; :; L7DD;H?;I :EDJ ED H; JHEKL; B;I ;CFH;?DJ;I IKH B;I <ED:I :;I L7I;I ,Y9>; -K?B?9>?D? S F7H7]JH; (;I FB7DJ;I KJ?B?IW;I D; IEDJ F7I :W<?D?;I 7L;9 9;HJ?JK:; 7IF>E:XB;I I7KB;I HEI;7KN F;KJ YJH; @ED9I ;J9 (tKI7=; :K 8E?I :; 9>7HF;DJ; 7 B7?IIW :;I JH79;I 7K IEB IEKI <EHC; :; JHEKI :; FEJ;7KN FEHJ;KHI EK :; 9KFKB;I 9H;KIW;I IKH :;I HE9>;I FB7D;I ;J :;IJ?DW;I S H;9; LE?H :7DI B;KHI 7BLWEB;I B7 87I; :; F?B?;HI 9;DJH7KN FEKH IEKJ;D?H B7 9>7HF;DJ; :;I JE?JKH;I :; 8TJ?C;DJI 7KN FB7DI 9?H9KB7?H;I EK ELE^:;I (t;CFBE? :K 8E?I FEKH B7 HW7B?I7J?ED :; 9B7OEDD7=;I :; F?IWI ;J JEH 9>?I ;IJ 7KII? 7JJ;IJW F7H B;I ;CFH;?DJ;I B7?IIW;I :7DI B;I CEJJ;I 7H=?B;KI;I 799?:;DJ;BB;C;DJ IEKC?I;I S Bt79J?ED :K <;K (; <?B7=; ;J B; J?II7=; IEDJ ?D:K?JI :;I FE?:I :; CWJ?;H S J?II;H ;J :;I DEC8H;KI;I <K I7^EB;I ;D J;HH; 9K?J; IKHJEKJ H;FHWI;DJW;I 7K HEDP; 7D9?;D 2 !24.96A56@:2 (;I CEDKC;DJI CW=7B?J>?GK;I I; :?IJH?8K;DJ IKH B; J;HH?JE?H; ;D 9ED9EH:7D9; 7L;9 B;I >78?J7JI <EHJ?<?WI EK DED :KH7DJ BtT=; :K HEDP; !D <ED9J?ED :; B;KH BE97B?I7J?ED :7DI B; F7OI7=; 9;HJ7?DI 7KJ;KHI EDJ ;DL?I7=W FEKH 9;HJ7?DI =H7D:I CW=7B?J>;I GKt?BI 7L7?;DJ KD HbB; :; 9;DJH; H?JK;B k9ECCKD S :;I =HEKF;I 7KN ?DJWHYJI :?L;HIl (;MJ>M7?J; (7 CKJK7B?I7J?ED :tKD ;IF79; KJ?B; ;J EK IOC8EB?GK; PED; 7=H?9EB; 7GK?<XH; 9ED9HWJ?IW; F7H B7 C?I; ;D FB79; :; FBKI?;KHI kH;FXH;Il F7H :;I =HEKF;I :?I J?D9JI F;KJ It;DL?I7=;H S F7HJ?H :; B7 FEI?J?ED :;I CW=7B?J>;I :; 2799?Bt2;99>@K #HEII7 EHI; :K /K: 7KH?7 /7HJXD; EHI; :K /K: ;J B; ,?7DK :; (WL?; +D FEKHH7?J 7KII? B;KH 7II?=D;H KD; <ED9J?ED IFW9?<?GK; IJHK9JKH7DJ; :; B7 J;HH?JEH?7B?JW ECC; B; IEKB?=D; B; =WE=H7F>; #KO :? )WE Bt>ECC; S 9EDVK k56D =:>:E6D 56D 7C@?E:SC6D 52?D D@? C2AA@CE N =i6DA246c 6D 3@C?286D >2ERC:2=:DRD @F C6ACR D6?ERD 4@?4CRE:D6?E 6E 82C2?E:DD6?E =i2AAC@AC:2E:@? 56 =i6DA246 !=D C2DDFC6?E !=D 7@?E A2CE:6 5F 5:DA@ D:E:7 56 =FEE6 4@?EC6 =i2?8@:DD2?E :?7:?: BF6 =6D D@ 4:RERD DiRG6CEF6?E N R5:7:6C D2?D C6=O496 $i2EEC2:E 6E =i6?;6F 56 46D 7C@?E:SC6D @? =6 D2:E A6FE 2==6C ;FDBFiN =6FC AC@>@E:@? 6? E6CC:E@:C6D 56 46?EC2=:ERD 6E 56 A@FG@:C 56 D24C2=:ER 56 >2?:76DE2E:@?D 56 AF:DD2?46Dl ? )WE (;I <79J;KHI :; :?I J7D9; ;J :; 9E L?I?8?B?JW ;DJH; B;I CW=7B?J>;I ;J B;I I?J;I <EHJ?<?WI F7H7?II;DJ 7KII? H;<BWJ;H KD; E99KF7 J?ED IJH7JW=?GK; :;I J;HHE?HI ;JJ; 9ECFBWC;DJ7H?JW GK? I; JH7:K?J F7H B; FEI?J?EDD;C;DJ :;I CW=7B?J>;I IKH B;I FE?DJI H;C7HGK78B;I B; BED= :;I 9>;C?DI ;J IKH :;I B?;KN :; F7II7=;I E8B?=WI 9EBI =KWI ;J9 IK==XH; KD; EH=7D?I7J?ED 9E>WH;DJ; ;J KD FHE9;IIKI :t7FFHEFH?7J?ED :;I J;HH?JE?H;I I79H7B?IWI ;NFBE?JWI ;J :W<;D:KI JH7L;HI 9; C7?BB7=; JH7DIF7H7]J 7KII? BtWJ7J 9ED<B?9JK;B :;I IE9?WJWI 9EHI;I :; BtT=; :K HEDP; ;J :;I :W8KJI :; BtT=; :K ";H /KH B; FB7D :;I FH7J?GK;I <KDWH7?H;I BtKJ?B?I7 J?ED :;I E277@?: IWFKB9H7KN )?DP7 7IJ;BBK99?K 7IJ;BBK99?K 7BPEB7 ;J9 F;H:KH; ;D 9ED9EC? J7D9; 7L;9 BtKI7=; :;I IWFKBJKH;I :EBCWD?GK;I K H7DJ B;I F>7I;I J;HC?D7B;I :; BtT=; :K HEDP; ;J B; :W8KJ :; BtT=; :K ";H ED 9EDD7]J 7KII? :;I JKCKBKI <EHCWI F7H KD :bC; :; F?;HH;I :?IFEIW;I ;D W97?BB;I :; FE?IIED 9EDJ;D7DJ KD 97?IIED ;D =H7D:;I :7BB;I B?J>?GK;I ; JOF; GK? H;DLE?; S :;I 7CWD7=;C;DJI <KDWH7?H;I :K IK: :; B7 "H7D9; EK :t%J7B?; FWD?DIKB7?H; ;IJ H;FHWI;DJW ;D EHI; F7H B;I 9E<<H;I :; )7CK99? /7DJE ,?;JHE :? 0;D:7 $7KJ; EHI; ;I CEDKC;DJI CW=7B?J>?GK;I F7H7?II;DJ ?BBKIJH;H KD; <EHC; :t7:7FJ7J?ED S KD CE:; IWFKB 9H7B Dt;N?=;7DJ FBKI GK; :;I ;IF79;I HW:K?JI FEKH :WFEI;H B;I H;IJ;I :;I :W<KDJI ?D9?DWHWI t;IJ 7K 9EKHI :K :;HD?;H J?;HI :K %%; C?BBW D7?H; 7L & GK; I;C8B; I; H7JJ79>;H BtWC;H=;D9; :;I IJ7JK;I C;D>?HI 9EHI;I C7HGKW;I F7H KD; WLE BKJ?ED :;I J;9>D?GK;I I9KBFJKH7B;I (; C;D>?H I?C FB;C;DJ HW=KB7H?IW WH?=W 7KN FWH?E:;I 7DJWH?;KH;I L7 8WDW<?9?;H :tKD JH7?J;C;DJ FBKI WB78EHW ;J FBKI 78EKJ? =HT9; S BtKJ?B?I7J?ED :tEKJ?B ;D CWJ7B /J7JK;I C;D>?HI ;J JEC8;I JKCKB7?H;I ?CFEHJ7DJ;I 9ECC; S )7CK99? H;<BXJ;DJ ;BB;I 7BEHI KD; >?WH7H9>?I7J?ED $6D $:?8@ED (62F 56 @6F7 IE9?7B; ,EKH B;I C;D>?HI =HEKFWI ;D 7B?=D;C;DJI ?B I;C8B; GKt?BI @EK7?;DJ JEK@EKHI KD HbB; ?CFEHJ7DJ 7K 9EKHI :; BtT=; :K HEDP; ;J ED DEJ; S 9;JJ; FW H?E:; Bt7IIE9?7J?ED :; C;D>?HI ;J :; IWFKBJKH;I 9E< <H; :; ,7B7==?K :EBC;D :; /;JJ?LS ;J9 K 9EKHI :K HEDP; CEO;D ;J <?D7B C;D>?HI ;J IJ7JK;I C;D>?HI IEDJ F7H<E?I ?DJW=HWI 7K I;?D CYC; :t>78?J7JI <EHJ?<?WI 9ECC; S BE ?IK=>@X S 7IJ?:;JJ7 ,EPPED; IKH B; )EDJ; 7H87JK +BC;JE EHI; :K /K: ;J S 27BB; 6EDP7 EHI; :K /K: I7DI GKt?B IE?J FEII?8B; :; FHW9?I;H B;KH HbB; "?B? JEI7 :; DEC8H;KN CEDEB?J>;I :W8?JWI 7L7?;DJ WJW H;CFBEOWI :7DI B;I F7H;C;DJI :K CEDKC;DJ 9;D JH7B ;J 7IF;9J 7H9>?J;9JKH7B 7L7?J 7KII? ;D F7HJ?; <ED:W Bt>OFEJ>XI; :tKD 7<<HEDJ;C;DJ ;J>DE9KBJKH;B ;DJH; B;I ?D:?=XD;I I9KBFJ;KHI :; CW=7B?J>;I ;J :;I WJH7D=;HI 9EDIJHK9J;KHI :;I W:?<?9;I <EHJ?<?WI ;D <EHC; :; JEKHI #HEI@;7D ; FE?DJ :; LK; 7 WJW 9H?J?GKW 97H :?L;HI =?I;C;DJI <EHJ?<?WI EDJ WJW W:?<?WI 7K :W8KJ :K %%; C?BBWD7?H; 7L & S KD; FWH?E:; 7DJWH?;KH; 7KN IJ7JK;I C;D>?HI 7HCW;I 7CFI 7 ;I7H? ;J (;7D:H? 1D H;CFBE? :;I CEDEB?J>;I FHWB;LWI IKH :;I I?J;I 9WHWCED?;BI ;IJ W=7B;C;DJ ;DL?I7=;78B; 7DI 9; 97I ?B ?CFB? GK;H7?J KD; kDW=7J?EDl EK KD; kH;CEJ?L7J?EDl :; B7 9>7H=; IOC8EB?GK; 7D9?;DD; S Bt?DIJ7H :;I C;D>?HI H;CFBEOWI :7DI 9;HJ7?DI CEDKC;DJI <KDWH7?H;I 8H; JEDI (; -K;BB;9 7DI JEKI B;I 97I B7 IJ7JK; C;D>?H J;D: 7L;9 KD 9;HJ7?D HW7B?IC; S ?:;DJ?<?;H KD F;HIEDD7=; ;I ?D:?L?:KI :; F?;HH; FEKL7?;DJ ?BI 9ED9HWJ?I;H B7 I7 9H7B?JW :tKD; :?L?D?JW EK FWH;DD?I7?;DJ ?BI B7 CW CE?H; :tKD >WHEI :tKD 7D9YJH; :tKD >?WH7HGK; /t7=?II7?J ?B :; CEDKC;DJI 9ECCWCEH7J?<I EK ;C 8BWC7J?GK;I WJ7?;DJ ?BI B;I ;NFH;II?EDI J7D=?8B;I :;I 9HEO7D9;I H;B?=?;KI;I EK H7FF;B7?;DJ ?BI :;I HX =B;I IE9?7B;I %B O 7 <EHJ S F7H?;H GK; B7 I?=D?<?97J?ED :; 9;I F?;HH;I H;IJ;H7 FEKH DEKI WD?=C7J?GK; ;J D; 9;II;H7 :; IJ?CKB;H DEJH; ?C7=?D7J?ED L;9 BtT=; :K HEDP; J7D:?I GK; FBKI?;KHI CEDKC;DJI <KDW H7?H;I 7DJWH?;KHI IEDJ H;CFBEOWI H;IJHK9JKHWI EK 7:7FJWI :; DEKL;7KN W:?<?9;I IEDJ HW7B?IWI (; 9EHFKI FHWI;DJ; KD; JOFEBE=?; L7H?W; I?CFB;I 9E<<H;I GK7:H7D=KB7?H; ;D :7BB;I B?J>?GK;I ? :EBC;D S 9>7C8H; <KDWH7?H; 7WH?;DD; EK F7HJ?;BB; C;DJ ;D<EK?; JEC8;I CEDKC;DJ7B;I JKCKB7?H;I I?CFB;I 9;H9B;I :; F?;HH;I ;J9 !D EKJH; ED 9EDIJ7J; 7KII? Bt7IIE9?7J?ED :; C;D>?HI IJXB;I :; IJ7JK;I IJXB;I EK :; IJ7JK;I C;D>?HI 7KN JEC8;I ;J ;D I;C8B; :t7H9>?J;9JKH;I <KDWH7?H;I H;<BXJ; B7 :?L;HI?JW :;I H?JK;BI ;J FHE878B;C;DJ BtWC;H=;D9; :tKD; IE 9?WJW 9ECFB;N; ;J >?WH7H9>?IW :EC?DW; F7H :;I 9B7II; 7H?IJE9H7J?GK;I 7DI 9; CE:XB; :; IE9?WJW GK? 97H79JWH?I7?J 7BEHI Bt!KHEF; ;J B;I F7OI CW:?J;H H7DW;DI ;D F7HJ?9KB?;H Bt>WHE^I7J?ED ;IJ KD 7IF;9J HW 9KHH;DJ ,7H 7?BB;KHI ED IEKB?=D;H7 Bt7IIE9?7J?ED <HWGK;DJ; ;D EHI; ;DJH; B;I CW=7B?J>;I ;J B;I FE?DJI :t;7K ;JJ; BE97B?I7J?ED FH?L?BW=?W; :;I CW =7B?J>;I F;KJ DEKI ?D:?GK;H :;I FH7J?GK;I 9KBJK;BB;I B?W;I S B7 I79H7B?I7J?ED :; Bt;7K ;J S I;I L;HJKI HW=W DWH7JH?9;I +D I7?J GK; :; J;BB;I FH7J?GK;I IEDJ 7J J;IJW;I :7DI B7 FHEJE>?IJE?H; CW:?J;HH7DW;DD; C7?I W=7B;C;DJ :7DI B;I HW=?EDI 8;7K9EKF FBKI >KC?:;I :K DEH: :; B7 "H7D9; H9;B?D ;J HKD7KN ; CYC; <7KJ ?B LE?H; :7DI BtEH?;DJ7J?ED :;I 7CWD7=; C;DJI CW=7B?J>?GK;I B; H;<B;J :tKD KD?L;HI IF?H?JK;B B?W 7KN 7IJH;I ;JJ; 7KJH; ;NFH;II?ED IOC8EB?GK; I;H7?J ;BB; ?BBKIJHW; F7H B7 H;FHWI;DJ7J?ED :; 9KFKB;I ;J :; CE J?<I IJ;BB7?H;I O 9ECFH?I IKH B;I C;D>?HI ;JJ; 8HXL; IODJ>XI; 7L7?J FEKH 8KJ :; :H;I I;H KD WJ7J :t7L7D9;C;DJ ;D CYC; J;CFI GKtKD 8?B7D :;I 79GK?I IKH BtT=; :K HEDP; ?DIKB7?H; FHXI :; 9?DGK7DJ; 7FHXI B;I FH;C?;HI JH7L7KN :; J;HH7?D ?D?J?WI F7H . #HEI@;7D (;I H;9>;H9>;I IKH B7 ,HE JE>?IJE?H; :; B7 EHI; IK?L;DJ B;KH 9EKHI &EI;F> ;I7H? EDI;HL7J;KH .W=?ED7B :; Bt H9>WEBE =?; @EI;F> 9;I7H? 9KBJKH; =EKL <H /;HL?9; .W=?ED7B :; Bt H9>WEBE=?; . 2?BB7 /7D (7P7HE 9>;C?D :; B7 ,?;JH?D7 , @799?E ;:;N "H7DA (;7D:H? %D=WD?;KH :t!JK:;I /;HL?9; .W=?ED7B :; Bt H9>WEBE=?; <H7D9A B;7D:H? 9KBJKH; =EKL <H /;H L?9; .W=?ED7B :; Bt H9>WEBE=?; . 2?BB7 /7D (7P7HE 9>;C?D :; B7 ,?;JH?D7 , @79 9?E ;:;N ';M?D ,Y9>; -K?B?9>?D? E9JEH7DJ 1D?L;HI?JW :; ,HEL;D9; (7CF;7 1). 1D? L;HI?JS :? .EC7 k(7 /7F?;DP7l AEHI; LE?B7 <H (;I 7I :t B7J7 B7J7 (7 :W9EKL;HJ; HW9;DJ; :7DI B; 97:H; :tKD; FHEIF;9J?ED :?H?=W; F7H BtKD :t;DJH; DEKI " ( :tKD HE9>;H =H7LW ;D 7IJ7=D?99?7 $7KJ; EHI; GK? I;C8B; FHWI;DJ;H KD k9?;B WJE?BWl FEKHH7?J YJH; 7JJH?8KW S BtT=; :K HEDP; F7H 9ECF7H7?IED 7L;9 :;I =H7LKH;I 7KN CEJ?<I FHE9>;I $6D =:?8@ED A62F 56 3@6F7 56 =2 %R5:E6CC2?R6 46?EC2=6 # & $ ?0296; 2A ?B;.BE H9;B?D , HKD7KN & ( :?H p KBJ;I ;J I7D9JK7?H;I ;D "H7D9; S BtT=; :K ";H 2==:2 FF 2?;./S ?2. 2A .?1.?2996 ;HD78a H;7 ) 7H:7H;BB? p (; J;HH7C7H; D;B J;CFE 2?D ;H D78a H;7 ) 7H:7H;BB? H;C7I9>? ) :?H p $6 ,6CC2>2C6 $2 A:^ 2?E:42 4:G:=EN A252?2 )?B7D !B;9J7 FF .:=@ . 7CFI # p (CR9:DE@:C6 5iF?6 W=6 $6D @C:8:?6D 56 =2 @CD6 ,7H?I !HH7D9; 9EBB;9J?ED :;I $;IFWH?:;I F .:=@ / 7CFI # :?H p ,6CC:?2 6E =6 ,6CC:?:6? *6496C496D DFC =6 92=4@=:E9:BF6 56 =2 @CD6 !9EB; "H7DV7?I; :; .EC; .EC; F .:=@ 7CFI # p /J7JK;I C;D>?HI 9EHI;I ;J />7H:7D;I B7 <?D :tKD COJ>; *6GF6 C49R@=@8:BF6 56 =i'F6DE IKFFBWC;DJ Dg FF .?1.?2996 7H:7H;BB? p (tEH=7D?PP7P?ED; IE 9?7B; ; FEB?J?97 :;BB; 9ECKD?JS 2?D ;HD78a H;7 ) 7H:7H;BB? H;C7I9>? ) :?H p $6 ,6CC2 >2C6 $2 A:^ 2?E:42 4:G:=EN A252?2 )?B7D !B;9J7 FF 2@.?6 . ;I7H? & p 0EHH; ;J 97IJ;BB? 7 JEHH7 EDJH?8KJ?ED S BtWJK:; :;I >78?J7JI :; Bt =; :K HEDP; :; B7 EHI; :K /K: F==6E:? 56 =2 +@4:RER 56D +4:6?46D :DE@C:BF6D 6E &2EFC6==6D 56 =2 @CD6 FF 2@.?6 / ;I7H? & p EDJH?8KJ?ED S BtWJK:; :;I >78?J7JI :; Bt =; :K HEDP; :; B7 EHI; :K /K: 2?D t7DD7 #KJ>;HP 4 :?H p ?46:?E6D 92 3:E2ED 46:?EFCRD D:E6D A6C49RD 5F &R@=:E9:BF6 2F C@?K6 2?4:6? 52?D =6 +F5 56 =2 C2?46 6E =6D CR8:@?D G@:D:?6D (7JJ;I ;J ?N ;D ,HEL;D9; 7LH?B %R >@:C6 56 =2 +@4:RER $2?8F65@4:6??6 56 (CR9:DE@:C6 )EDJF;BB?;H FF 2@.?6 ;I7H? & p EDJH?8KJ?ED S BtWJK:; :;I >7 8?J7JI :; Bt =; :K HEDP; :; B7 EHI; :K /K: 2?D $2 +2C568?2 ?6= %65:E6CC2?6@ EC2 := C@?K@ >65:@ 6 := C@?K@ C646?E6 0.! 0!! D64 2 JJ? :;B %%%g EDL;=DE :? /JK:? /;B7H=?KI 7=B?7H? 7 =B?7H? FF 2@.?6 2A 2.;1?6 ;I7H? & ;J (;7D:H? " p .; 9>;H9>;I HW9;DJ;I IKH B;I IJ7JK;I C;D>?HI ;J B; CW=7 B?J>?IC; :; B7 EHI; 2?D t7DD7 ;I7H? & +=;B ( 27GK;H & :?H p @CD6 6E +2C52:8?6 ACR 9:DE@C:BF6D *6=2E:@?D 6E R492?86D 52?D =6 4@?E6IE6 ; ED=XI :K 0 $ / >R5:E6CC2?R6? 9J;I :K 7IJ?7 7LH?B 0 $ / ,7H?I FF 2@.?6 ) ! J =.?.QA?2 ;I7H? & (;7D:H? " ,Y9>; -K?B?9>?D? ' ;CEK9>; " H;IIO (;7D:H? *;88?7 , p *EJ; FHWB?C?D7?H; IKH Bt>78?J7J FHW ;J FHEJE>?IJEH?GK; :; 7CFK /J;<7DK /EBB797HE EHI; :K /K: 2?D %2C86D 7C@?E:SC6D 6E EC2?D8C6DD:@?D 9J;I :;I 2%%%; .;D9EDJH;I )WH?:?ED7B;I :; ,HW>?I JE?H; HW9;DJ; )7HI;?BB; DEL;C8H; S F7H7]JH; .C61 2% $ p (7 =HEJJ; :; /7D )?9>;B; /?I9E $7KJ; EHI; KD; IWFKBJKH; EH?=?D7B; :; BtT=; :K HEDP; 9EHI; 2?D (;:K9 ) 27B:;OHED * 27GK;H & :?H p +@4:RERD 6E 6DA246D 9J;I :;I %%%; .;D9EDJH;I )WH?:?ED7B;I :; ,HW>?IJE?H; .W9;DJ; 0EKBEKI; DEL;C8H; C49:G6D 5i 4@=@8:6 (CR9:DE@C:BF6 0EKBEKI; FF 6 !L< ? );E # p R@8C2A9:6 D@4:2=6 6E E6C C:E@:C6D ,7H?I *7J>7D 1D?L;HI?JW F 2??.?2@2 2?BA6 ";HH7H;I; ;HKJ? D;? ?D /7H:;=D7 2?D (E /9>?7LE " :?H )?9;D;? ?D /7H:;=D7 EE: 56==2 K:@?2=6 56: $:?46: 4442 .EC; ) ( )?9; 27=D;JJ? ( 44256>:2 &2 FF ?.ABG2 ) ! #H7JKP; KIIK8?;KN ( ; I7H? & *;88?7 , )7=:;B;?D; & ,7IGK;J +JJ7L?7D? & B ?BB7K: 5 p (7 9?H9KB7J?ED :;I E8@;JI :; F7HKH; ;D L;HH; :7DI B; 87II?D CW:?J;HH7 DW;D 7K 9EKHI :; B7 ,HEJE>?IJE?H; EH?=?D; :;I F;HB;I H;JHEKLW;I IKH :;I I?J;I 9EHI;I :; BtT=; :K HEDP; ;J :; BtT=; :K ";H 2?D t7DD7 ;I7H? & +=;B ( 27GK;H & :?H p @CD6 6E +2C52:8?6 ACR9:DE@ C:BF6D *6=2E:@?D 6E R492?86D 52?D =6 4@?E6IE6 >R5: ; E6CC2?R6? 9J;I :K ED=XI :K 0 $ / 7IJ?7 7LH?B 0 $ / ,7H?I FF ?<@72.; #HEI@;7D . p "?B?JEI7 ;J IED 9EDJ;NJ; 7H9>WEBE=?GK; %@?F>6?ED 6E %R>@:C6D 7@?52E:@? F8S?6 (:@E ,7H?I F ?<@72.; #HEI@;7D . p $2 @CD6 2G2?E =i :D E@:C6 ,7H?I 'B?D9AI?;9A F ?<@72.; #HEI@;7D . p ?EH7C7 :; B7 9?L?B?I7 J?ED JEHHW;DD; 9EHI; 2?D %R=2?86D 5iREF56D @776CED N (2F= CC:89: ?N ;D ,HEL;D9; FF ?<@72.; ) ! #HEI@;7D . (?;=;E?I & ,;H;JJ? # p (;I 9?L?B?I7J?EDI :; Bt =; :K HEDP; ;D EHI; 2?D #K?B7?D; & :?H p $2 (CR9:DE@:C6 7C2?Q2:D6 %% ,7H?I * . / FF B69.6;2 ) ! #K?B7?D; & :?H p .:==6D G:==286D 42>A28?6D 56 =iO86 5F C@?K6 ,7H?I !HH7D9; F <9G5.B@2? ) ! $EBP>7KI;H $ )7=DO ) 6KC8f>B $ & p #B79?;H 7D: B7A; B;L;B L7H?7J?EDI ?D $6D $:?8@ED (62F 56 @6F7 M;IJ 9;DJH7B !KHEF; EL;H J>; B7IJ @=@46?6 FF O;7HI 2 %B29920 (; -K;BB;9 & ( p (t7HJ CW=7B?J>?GK; ;D "H7D9; HW9;DJI :WL;BEFF;C;DJI 2?D 'C:8:?6 6E 5RG6=@AA6>6?E 5F >R82=:E9:D>6 56 =i@F6DE 56 =i F C@A6 EBBEGK; ?DJ;HD7J?ED7B :K CKIW; :;I JKCKBKI :; EK=ED FF 2DA5D.6A2 (;MJ>M7?J; & p (7 9KBJKH; :;I 97I J;BB? :; B7 EHI; :;HD?;H JWCE?D :tKD =;DH; :; L?; EK;IJ CW:?J;HH7DW;D :t7KJH;<E?I C496@=@8:2 @CD2 FF < '056.C< (E /9>?7LE " p 3;IJ;HD M;?=>JI ?D 9EDJ;NJ 2?D (C@4665:?8D @7 E96 :?E6C?2E:@?2= 4@= =@BF:F> a/6:89ED :? 4@?E6IE C@?K6 286 H6:89:?8 DJDE6>D @7 62DE6C? %65:E6CC2?62? 9C@?@=@8J EJ A@=@8J >2E6C:2= 2?5 2C4926@=@8:42= 4@?E6IEDb .EC; DEL;C8H; .EC; FF !.4;F )7=DO ) p $EBE9;D; 9B?C7J; L7H?78?B ?JO 7I H;<B;9J;: 8O C?: !KHEF;7D B7A; B;L;B <BK9JK7 J?EDI 7D: ?JI FHE878B; ?CF79J ED FH;>?IJEH?9 >KC7D I;JJB;C;DJI )F2E6C?2CJ !?E6C?2E:@?2= FF $N052 %B696056;6 ,Y9>; -K?B?9>?D? ' p (7 ,HE JE>?IJE?H; :7DI B; /7HJ;D7?I EHI; FFHE9>;I J;H H?JEH?7B;I CBF6@=@8:2 J ,6CC:E@C:@ FF $N052 %B696056;6 J =.?.QA?2 ,Y9>; -K?B?9>?D? ' p (7 9;H7C?97 :;B HEDPE <?D7B; D;B IK: :;BB7 EHI?97 I;9 4%% %4 B7 <79?;I q F7PPK 7IJ?:;JJ7 K9KHKPPKr 2?D *;=HED? 7J799>?E * :?H p $i2=32 56==i ECFC:2 6?@>6?: 5: EC2D7@C>2K:@?6 6 5: 4@?E:?F:EN ?6: D64@=: 0!! .!!! JJ? :;B EDL;=DE :? /JK:? 27B;DJ7DE ;J ,?J?=B?7DE /;FJ;C8H; S F7H7]JH; $N052 %B696056;6 J =.?.QA?2 ,Y9>; -K?B?9>?D? ' p "ED:I 9WH7C?GK;I ;J L7DD;H?; :7DI B; IK: :; B7 EHI; 7K HEDP; <?D7B F==6E:? 56 =2 +@4:RER (CR9:DE@C:BF6 C2?Q2:D6 S F7H7]JH; $2?2AA6 ,;H;JJ? # p 1D; IWFKBJKH; 97CF7D?<EHC; ;D H7FFEHJ 7L;9 Bt7B?=D;C;DJ :; ,7B7==?K 7DI 9J;I :K ED=HXI ,HW>?IJEH?GK; :; "H7D9; @799?E ECFJ; H;D:K :; B7 42%%%; I;II?ED ,7H?I FF *64;2 2?=D; & p (;I C7CC?<XH;I FEIJ =B7 9?7?H;I :; EHI; WJK:;I 7H9>WEPEEBE=?GK;I 2==:2 (CR9:DE@:C6 442%; IKFFBWC;DJ ,7H?I *./ F