! % "&#"#
!
#=,??9>?4?@?0%.3::7:191:=8,?4:9
!0B):=6!)'%
.8,./:9,;=,??0/@
,9D '>0= C;0=409.0 '( ;=,.?4?4:90=> 1,.0
;=:/@.? /0.4>4:9> '91:=?@9,?07D ?30=0 4> 74??70 .:9.=0?0
69:B70/20 ,-:@? 3:B ?: >D>?08,?4.,77D :A0=.:80 ?30>0
-,==40=> ?: :;?484E0 '( B:=6 ,9/ 1:>?0= , >?=:920=
:=2,94E,?4:9,7'(.@7?@=0&34>;,;0=49?=:/@.0>?30.:9.0;?
:1'>0=C;0=409.0,;,.4?D@47/492'(?:/0>.=4-0
?30 ;=:.0>> :1 -@47/492 >?=092?309492 ,9/ >@>?,49492
0110.?4A0'(;=,.?4.0>?3=:@23:@?,9:=2,94E,?4:9&3=:@23
,949?02=,?0/74?0=,?@=0=0A40B:1=070A,9?,9/.,;,.4?D
-@47/492=0>0,=.3?34>;,;0=/01490>'(,9/;=:;:>0>,
.:9.0;?@,78:/07?3,?:@?7490>?30.:9/4?4:9>>?=,?0240>,9/
:@?.:80>?3,?/01490,'(494?4,?4A04A0,=0,>:11@?@=0
=0>0,=.3,=0;=0>09?0/?3,?,48?:/00;09:@=@9/0=>?,9/492
:1'(,>-:?3,;=,.?4.0,9/,9,=0,:1>.3:7,=>34;
#" &$ !
/0>429'(>?=,?02D:=2,94E,?4:9,7.,;,.4?D;=,.?4.0
"!
G@8,9.09?0=0/.:8;@?492F9?0=,.?4:90>429
&30'>0=C;0=409.0'(49/@>?=D3,>0C;0=409.0/,34=492
-::8 49 ?30 7,>? /0.,/0 &34> ?=09/ 4> 7,=207D /=4A09 ?30
2=:B?3:1493:@>0'(?0,8>,>:=2,94E,?4:9>,.=:>>90,=7D
0A0=D/4>.4;7490,=049A0>?49249.=0,?492?304=:B949?0=9,7
'(/0;,=?809?>9?30:=D?34>,77:B>:=2,94E,?4:9>?:8:=0
.:9>4>?09?7D ;=:A4/0 092,2492 0C;0=409.0> B4?3 ?304=
;=:/@.?>70,/492?:34230=70A07>:1@>0=>,?4>1,.?4:9*+@?
?:=0,74E0?34>;:?09?4,74?4>.=4?4.,7?:.:9>4/0=B3,?4?80,9>
?:-0,'(.09?0=0/:=2,94E,?4:9>?30:=2,94E,?4:9,-70?:
=02@7,=7D8:94?:=,9/.:770.?100/-,.61=:8@>0=>=0?30=0
;=:.0>>0>49;7,.0?3,?09,-70?308?:0110.?4A07D8,60>09>0
:1?34>100/-,.6,9/.:9A0=?4?49?:,.?4:9,-7048;=:A0809?>
?:?304=;=:/@.?>9/149,77D?:B3,?0C?09?,=0?30D,-70
?:.::=/49,?0?30,.?4A4?40>:1?30A,=4:@>?0,8>49A:7A0/49
;=:/@.?/0>429,9//0A07:;809?>:?3,??3:>048;=:A0809?>
,=0,.?@,77D48;70809?0/
,6492 ?30>0 ,/5@>?809?> 4> 9:? , ?=4A4,7 8,??0= ,9/ 8,D
=0<@4=0,1@9/,809?,7>341?49?30B,D:=2,94E,?4:9>:;0=,?0
B34.380,9>.=0,?492,9493:@>0'(?0,84>:97D:90;,=?
:1,7,=20=;=:.0>>&:8,C484E0?3048;,.?:1?30'(?0,8
:=2,94E,?4:9>900/?:2:?3=:@23?303,=/B:=6:1-@47/492,
@>0=.09?0=0/.@7?@=0?3,?;=4:=4?4E0>@>0==0>0,=.3,9/;7,.0>
A,7@0 :9 /0>429 ,9/ ?30 ,>>0>>809? ,9/ 4?0=,?4A0
48;=:A0809? :1 4?> ;=:/@.?> '91:=?@9,?07D 8,9D
:=2,94E,?4:9>,=0@9,-70?:.=0,?0:=>@>?,49?34>.@7?@=0/@0
?: , 84>@9/0=>?,9/492 := 7,.6 :1 ,B,=090>> :1 60D '(
;=49.4;70> ,9 49,-474?D := @9B47749290>> ?: ;=:A4/0
>@114.409? =0>:@=.0> ?: >@;;:=? '( B:=6 := >:80
.:8-49,?4:9*+
"A0=.:8492 ?30>0 :=2,94E,?4:9,7 .3,770920> 4> , .:88:9
,9/;0=>4>?09?;,49 ;:49? 1:= '( ;=:10>>4:9,7> "90 =0.09?
49/@>?=D >@=A0D =0;:=?0/ 8:>? '( ;=:10>>4:9,7> B0=0
2090=,77D>,?4>140/ B4?3 ?30B:=6 ?30D /:-@? >:80 IB0=0
@93,;;D-0.,@>0?30D/4/9K?20??: /:09:@23'(:=?30D
B0=09K? ,-70 ?: -0 ,> 0110.?4A0 ,> ?30D B:@7/ 7460 ?: -0J
*+&30=0,>:9>1:=/4>>,?4>1,.?4:9=07,?0/ ?: B,9?492
?304= 5:- ?: 8:=0 30,A47D 08;3,>4E0 '( =0>;:9>4-474?40>
B,9?492?304=:=2,94E,?4:9 ?: >@;;:=?'( 8:=0,9/ -0492
1=@>?=,?0/ ,? ?30 ,8:@9? :1 ;0=>@,>4:9 ,9/ .:8;=:84>0
=0<@4=0/>:90>@=A0D=0>;:9/09?;@?4?I7:A0?30B:=6
@?KA090A0=B:=60/1:=,.:8;,9D?3,?B,>,>.:884??0/
?:'(,>,8J*+9:?30==0.09?>@=A0D:1:A0=
'(;=:10>>4:9,7>B:=649249,909?0=;=4>0.:9?0C?=0;:=?0/
?3,? ?304= ?:; .3,770920> B0=0 ?40/ ?: 8,9,2492 ?304=
:=2,94E,?4:9,7 .@7?@=0 48;=:A492 '( .:9>4>?09.D
.7,=41D492=0<@4=0809?>.:77,-:=,?492-0?B009?0,8>
>0.@=492'(-@/20?:==0>:@=.0>,9/20??492
-@D49:=@9/0=>?,9/4921=:80C0.@?4A0>*+"?30=
.:88:9 :=2,94E,?4:9,7 '( -,==40=> 49.7@/0 490114.409.40>
B4?3 49?0=9,7 ;=:.0>>0> *+ .:770,2@0K> 7,.6 :1
@9/0=>?,9/492:==0>4>?,9.0*+,.:9>?,9?900/?:I>077J'(
?: .@>?:80=> *+ =0>:@=.0 7484?,?4:9> := ?0.39:7:24.,7
.:9>?=,49?> *+ ,9/ 2090=,7 /4114.@7?D 9,A42,?492 ?30
:=2,94E,?4:9K>.@7?@=0*+
9:?30=B:=/>8,9D:=2,94E,?4:9>>?477>?=@2270?:49?02=,?0
'( 49?: ?304= 0C4>?492 /0A07:;809? ,9/ /0.4>4:98,6492
;=:.0>>0> *+ 9>?0,/ >:80 :=2,94E,?4:9> .=0,?0 ,9
09A4=:9809? B30=0 '( 4> ;@>30/ ,>4/0 49 1,A:= :1 :?30=
;=4:=4?40> 70,A492 ?30 '( ?0,8 ;:B0=70>> ,9/ 1=@>?=,?0/
#
0=84>>4:9?:8,60/424?,7:=3,=/.:;40>:1,77:=;,=?:1?34>B:=61:=;0=>:9,7:=
.7,>>=::8@>04>2=,9?0/B4?3:@?100;=:A4/0/?3,?.:;40>,=09:?8,/0:=/4>?=4-@?0/
1:=;=:14?:=.:880=.4,7,/A,9?,20,9/?3,?.:;40>-0,=?34>9:?4.0,9/?301@77.4?,?4:9
:9?3014=>?;,20:;D=423?>1:=.:8;:909?>:1?34>B:=6:B90/-D:?30=>?3,9?30
,@?3:=>8@>?-03:9:=0/->?=,.?492B4?3.=0/4?4>;0=84??0/&:.:;D:?30=B4>0:=
=
0;@-74>3?:;:>?:9>0=A0=>:=?:=0/4>?=4-@?0?:74>?>=0<@4=0>;=4:=>;0.414.;0=84>>4:9
,9/:=,100$0<@0>?;0=84>>4:9>1=:8#0=84>>4:9>,.8:=2
H:;D=423?4>307/-D?30:B90=,@?3:=>#@-74.,?4:9=423?>74.09>0/?:
3
??;>/:4:=2
;/,9 69.(50A(;065: 9,*6.50A, ;/(; ( */(5., 05 *<3;<9, 0:
5,,+,+ )<; <5+,9,:;04(;, /6> 4<*/ ,--69; 0: 9,8<09,+
3,(=05.;/, 9,:765:0)030;@ ;6 ( :4(33 ;,(4 69 ,=,5 ( :05.3,
7,9:65 =,5 69.(50A(;065: >0;/ ( >,33+,=,367,+ #%
*<3;<9,/(=,+0--0*<3;@:<:;(0505.0;+<,;6/0./:;(--;<956=,9
*/(5.,:053,(+,9:/07696;/,9,?;,95(3-69*,:
:(76;,5;0(3:63<;065;/0:7(7,979676:,:#:,9?7,90,5*,
(7(*0;@<03+05.#% (:(569.(50A05. *65*,7;;@05.
;6.,;/,9(33,?0:;05.(5+-<;<9,9,:,(9*/9,3(;,+;6;/,
0+,5;0-0*(;065+,=,3674,5;(5+,=(3<(;0656-:;9(;,.0,:;6
.96> ( /,(3;/@ :,3-:<:;(0505. (5+ 96)<:; #% *<3;<9,
9.(50A(;065(3 *(7(*0;@ 0: )96(+3@ =0,>,+ (: (5
69.(50A(;065E: ()030;@ ;6 (*/0,=, 0;: .6(3: &' (5+ 0:
;@70*(33@ *65*,7;<(30A,+ 05 ;,94: 6- 0;: 9,:6<9*,: )6;/
;(5.0)3, (5+ 05;(5.0)3, *(7()030;0,: (5+69 *647,;,5*0,:
&' (5@ +0--,9,5; ;@7,: 6- 69.(50A(;065(3 *(7(*0;@ /(=,
),,5 ,?(405,+ )<; ;/, -0,3+ 6- =(3<(;065 (7(*0;@
<03+05.796=0+,:(<:,-<3-9(4,>692-69*3(90-@05.
;/,*65*,7;6-#%9(>57904(903@-964:;<+0,:6-565
796-0;:(5+.6=,954,5;(369.(50A(;065::*/63(9:+,-05,
(:C;/,05;,5;065(3>692;6*65;05<6<:3@ *9,(;,(5+:<:;(05
6=,9(3369.(50A(;065(3796*,::,:;/(;4(2,8<(30;@,=(3<(;065
(5+0;: <:,: 96<;05,D &' 9,:,(9*/,9:+9(>(305,
),;>,,5 ;/, (*;0=0;0,: ;/(; +,-05, (5 69.(50A(;065E:
,=(3<(;065*(7(*0;@(5+;/,(*;0=0;0,:;/,@<:,;6:;9,5.;/,5
6904796=,;/(;*(7(*0;@"/0:+0:;05*;0650:=(3<()3,),*(<:,
0;04730,:;/(;,=(3<(;065*(7(*0;@0:56;(:;(;0**65:;9<*;
(5+ ;/,9, (9, ;,*/508<,: :7,*0-0*(33@ +,:0.5,+ ;6
,=(3<(;065*(7(*0;@:(9,:<3;0:0;:,3-(79(*;0*,(5+
-0,3+6-:;<+@>0;/0;:6>5;/,4,:*65*,7;:256>3,+.,(5+
*647,;,5*0,:&'
9(>05. /,(=03@ -964 -69 05:709(;065 ( +,-050;065 6-
#%0:79676:,+(:
"6 )6996>-964 ( :,405(3
;,?; ;/0: +,-050;065 :<..,:;: #% *(7(*0;@ 0: C(5
69.(50A(;065E: =0:0)3, ,5(*;,+ &#%' 79(*;0*,: (5+
796*,::,:D >/03, #% C0: ;/, 796*,:: )@ >/0*/ (5
69.(50A(;065 +,=,367: 0;: <5+,9:;(5+05. (5+ ()030;@ ;6
<5+,9;(2, ;/,:, 79(*;0*,: (5+ 796*,::,:D &'"/0:
-9(405.*9,(;,:(+0:;05*;065),;>,,5(569.(50A(;065E:#%
*(7()030;@ 0;:,3- 0, 0;E: #% *(7(*0;@ (5+ ;/, 4,;/6+:
;/96<./>/0*/0;*(5.96>;/(;*(7()030;@0,#%
"6*3(90-@;/0:+0:;05*;0650;>033),<:,-<3;6*65:0+,9>/(;
,?(*;3@*65:;0;<;,:(569.(50A(;065E:#%*(7(*0;@964(5
7,9:7,*;0=, =(3<(;065 (7(*0;@ 0: +,-05,+ (:
C;/, *647,;,5*0,: (5+ :;9<*;<9,: 9,8<09,+ ;6 *65+<*; /0./
8<(30;@ ,=(3<(;065 :;<+0,: *(7(*0;@ ;6 +6 (: >,33 (: ;/,
69.(50A(;065E:()030;@;605;,.9(;,,=(3<(;065-05+05.:05;60;:
+,*0:0654(205. 796*,:: *(7(*0;@ ;6 <:,D &' "/,
)9,(2+6>56-,=(3<(;065*(7(*0;@05;6;>6*64765,5;:B;/,
*(7(*0;@ ;6 C+6D (5+ ;/, *(7(*0;@ ;6 C<:,D ,=(3<(;065 B
796=0+,: ( :;965. 7(9(33,3 -69 #% (: (5 ,--,*;0=,
69.(50A(;0654<:;),()3,;6-09:;:,3,*;(5+(773@#%+,:0.5
(5+ 9,:,(9*/ 4,;/6+: ),-69, ;/,@ *(5 05*69769(;, 05:0./;:
.(05,+-964;/6:,4,;/6+:05;6;/,09796+<*;:"/,9,-69,(
79,30405(9@ +,-050;065 6- #% *(7(*0;@ 0: 79676:,+ (:
- *6<9:,;/,<3;04(;,.6(36- #% 0: ;6
4(2,8<(30;@ 796+<*;:0,796+<*;:;/(; (9, <:,9-90,5+3@
(77,(305. <:,-<3 (5+ :(;0:-@05. "/,9,-69, #% 0:
76:0;065,+ (: ( 4,;/6+636.@ (04,+ (; /,3705. #%
796-,::065(3:*9,(;,(5+:<:;(05(569.(50A(;065(3*<3;<9,05
>/0*/ #% 4,;/6+: (9, <:,+ ,--,*;0=,3@ 5 6;/,9 >69+:
#%0:(5@(*;0=0;@05;,5;065(33@+,:0.5,+;6:;9,5.;/,569
:<:;(05(569.(50A(;065E:*(7(*0;@;6#%0,0;:<:,6-
#%796*,::,:4,;/6+:(5+;663:(5+690;:*(7(*0;@;6
#%0,0;:()030;@;6*9,(;,8<(30;@796+<*;:
"/,9,4(05+,96-;/,7(7,9>033-<9;/,9,?7369,;/,*65*,7;
6-#%5;/,5,?;:,*;0659,3(;,+>692>033),,?(405,+
;6+,465:;9(;, ;/, 56=,3;@ 6-#% "/, 4,;/6+636.@ 0:
,?73(05,+5,?;-6336>,+)@;/,*65*,7;<(346+,3-69#%
(5+ ;>6 :/69; *(:, :;<+0,: ;6 +,465:;9(;, ;/, 46+,3E:
(7730*()030;@"/,7(7,9*65*3<+,:)@6<;30505.-0=,(9,(:6-
9,:,(9*/;/(;*(5+,,7,56<9<5+,9:;(5+05.6-#%(:)6;/
(796-,::065(379(*;0*,(5+(5(9,(6-:*/63(9:/07
"/,9, /(=, ),,5 4(5@ 79,=06<: ,--69;: ;6 :;<+@
69.(50A(;065(3#%79(*;0*,:5,9,*,5;,--69;0:9(@,;(3E:
&' C36> 6- 647,;,5*,D -69 #% 796-,::065(3: >/0*/
-6*<:,:65/6>05+0=0+<(3+,:0.5,9:E7,9*,7;065:(5+<:,6-
#%*647,;,5*0,: 05-3<,5*,: /6> ;/,@>692 >0;/05 (5+69
)<03+ ;/,09 69.(50A(;065E: #% *<3;<9, 56;/,9 ,?(473, 0:
;/,!,:0.5!;9(;,.@9(4,>692 &',:*90),+(:C(
96(+4(7 -69 #% ;9(5:-694(;065D 7 ;/, -9(4,>692
05*3<+,: :0? +04,5:065: +,:0.5 796*,:: /<4(59,:6<9*,:
+,:0.5,9 ;663: +(;( (5+ (5(3@;0*: 4(5(.,4,5; ;663: (5+
*/(5.,4(5(.,4,5;:0403(9-9(4,>692>(:796=0+,+)@
<950:: <9A65 (5+ 3(5+-69+ &' #:05. +(;( -964
05;,9=0,>:>0;/#%(5+<4(5(*;69:(5+9.65640*:
796-,::065(3: ;/, (<;/69: 0+,5;0-0,+ :0? 05;,.9(;,+
(9,(:6-69.(50A(;065(3*647,;,5*,;/(;+,;,9405,:>/,;/,9
(#%7961,*;0::<**,::-<3-05(3,?(473,0:;/,!;9(;,.0*
#:()030;@!" "#!(::,::4,5;+,=,367,+)@0,--,9(5+
$(5+,9+65*2; &' (: ( >(@ 6- +,;,940505. /6> >,33
69.(50A(;065: ,4736@ <:()030;@ ,=(3<(;065 ;6 (*/0,=, ;/,09
)<:05,::.6(3:(*/6-;/,:,-9(4,>692:6--,9:(<:,-<3>(@
;6 <5+,9:;(5+ ;/, :@:;,40* (5+ 05;,9*655,*;,+ 5(;<9, 6-
69.(50A(;065(3#%79(*;0*,:)<;;/,@+65E;796=0+,.<0+(5*,
65 :,3,*;05. :;9(;,.0,: ;6 :;9,5.;/,5 69 :<:;(05 ;/6:,
79(*;0*,:
(;<90;@ 46+,3: (9, ;/, *36:,:; 7(9(33,3 ;6 ;/, *65*,7; 6-
#%(5@4(;<90;@46+,3:9,3(;,+;6#%(5+<:()030;@
/(=, ),,5 79676:,+ 6=,9 ;/, 7(:; ;>6 +,*(+,: :<*/ (:
(9;/@E: 9.(50A(;065(3 <4(5 ,5;,9,+5,:: !*(3, &'
!*/(--,9 (5+ (/090E: #:()030;@ (;<90;@ 6+,3 &'
/(74(5 (5+ 3,>,:E #% (;<90;@ 6+,3 &' (5+
!0,29,4C9 58658(:, $% (:;80:? 5+,2 &' #/,9,
35+,29 685<0+, <(2;()2, 0490./:9 04:5 :/, 9:(:, 5- $%
3(:;80:?);::/,8,(8,90.40-0*(4:7;,9:0549()5;::/,0880.58
(4+(6620*()020:?&'"(;855/4954(4+ ,,4(4&'
(::,36:,+:5(++8,99:/,9,2030:(:0549)?+,<,25604.(4,=
$% (:;80:? 99,993,4: 7;,9:0544(08, (4+ :/,08 -04+04.9
9/5=,+:/(:/0./,88(:04.95-58.(40@(:054(23(:;80:? =,8,
*588,2(:,+ =0:/ /0./,8 2,<,29 5- 6,8*,0<,+ <(2;, 5- $%
:/85;./5;: :/, 58.(40@(:054 (4+ 358, -8,7;,4: ;9, 5- $%
(99,993,4:3,:/5+9 #/,9, 8,9;2:9 (8, 68530904.);: :/,?
/0./20./:(:/08+099;,=0:/3(:;80:?35+,29+5*;3,4:(:054
54/5=3(:;8,68(*:0*,9*(4), 0362,3,4:,+09;4*2,(858
5<,82?.,4,8(20@,+&'58,>(362,3(:;80:?35+,295--,8
20::2,(+<0*,54/5=:5:/,6,8*,0<,+<(2;,5-$%58
:/,-8,7;,4*?5-$%3,:/5+904(458.(40@(:05401,=09,
(3(:;80:? 35+,2 +5,9 45: 5--,896,*0-0* 8,*533,4+(:0549
()5;: :/, A80./:B 3,:/5+9 :5 ;9, 58 :/, A),9:B $% :,(3
9:8;*:;8,9(4+-583(:9&'#/,9,099;,99:,3-853:/,-(*:
:/(:3(:;80:?35+,28,9,(8*/:?60*(22?-5*;9,954+,9*80)04.
(458.(40@(:054C9*;88,4:9:(.,5-3(:;80:?45:/,2604.:/,
58.(40@(:05435<,;6:5:/,4,>:9:(.,#/,8,09457;,9:054
:/(:(*5368,/,490<,<(20+(:,+$%3(:;80:?35+,2*(4),
049608(:054(2 (4+ 04-583(:0<, );: :/,8, =5;2+ 9:022 ),
90.40-0*(4:.(6904:,8395-685<0+04.(*:054()2,.;0+(4*,54
.,::04. 58.(40@(:054(2 );?04 +,<,25604. (4+ ,<(2;(:04.
<(805;9 (6685(*/,9 (4+ (++8,9904. 58.(40@(:05496,*0-0*
)(880,89:5=0+,968,(+$%(+56:054#/;9$%8,9,(8*/
*(4*5362,3,4:45:8,62(*,$%3(:;80:?35+,28,9,(8*/
5*;904. 54 58.(40@(:054(2 -(*:589 09 45: ( 4,= (8,( 5-
8,9,(8*/ 04 3(4? 8,9,(8*/,89 /(<, 68,<05;92?
,>(304,+ :/, 03658:(4*, 5- 58.(40@(:054(2 *54:,>: (4+
*;2:;8, ,. &' (4+ +,9*80),+ (*:0<0:0,9 (03,+ (:
(++8,9904. 54, 58 358, $% )(880,89 04 ( 96,*0-0*
58.(40@(:054,.&'5=,<,8:/,+0--;9,4(:;8,5-:/09
=581 3(1,9 0: +0--0*;2: :5 ;4+,89:(4+ :/, -;22 9*56, 5-
145=2,+.,.(04,+04:/09(8,(#59?4:/,90@,20:,8(:;8,04:/09
(8,((4+0+,4:0-?:/,3,9-58-;:;8,8,9,(8*/(404:,.8(:0<,
20:,8(:;8, 8,<0,= =(9 *54+;*:,+ 4 04:,.8(:0<, 20:,8(:;8,
8,<0,=09(96,*0-0*:?6,5-8,9,(8*/:/(:A8,<0,=9*80:07;,9
(4+ 9?4:/,90@,9 8,68,9,4:(:0<, 20:,8(:;8, 54 ( :560* 04 (4
04:,.8(:,+=(?9;*/:/(:4,=-8(3,=5819(4+6,896,*:0<,9
54:/,:560*(8,.,4,8(:,+B&':09,96,*0(22?<(2;()2,
=/,4 ,>625804. 4,= *54*,6:9 ),*(;9, 0: )804.9 :5.,:/,8
+0<,8.,4:9:8,(395-8,9,(8*/04:5 (*54*,6:;(2-8(3,=581
:/(:*(4/,26,>62(0468,<05;92?+096(8(:,8,9;2:9(4+0+,4:0-?
(8,(9-58-;:;8,8,9,(8*/&'
5225=04.:/,685*,995;:204,+)?<5385*1,,:(2&':/,
-089:9:,6 =(9 :5 25*(:,9*/52(82? 20:,8(:;8, 54 :/,68(*:0*(2
;9,5-0404+;9:80(20,454(*(+,30*9,::04.9"04*,
:/,.5(2=(9:5),8,68,9,4:(:0<,8(:/,8:/(4,>/(;9:0<,:/,
9,(8*/ 9:8(:,.? =(9 6;86590<, 8(:/,8 :/(4 9?9:,3(:0*
",(8*/,9 =,8, -089: *54+;*:,+ 04 ",6:,3),8 ;904.
#/,-04(2*54*,6:3(:80>*(4),<0,=,+(:)0:2?;>*)3(:80>+09
55.2,"*/52(8=0:/)85(+1,?=58+9,.A58.(40@(:054(2
$%B =/0*/ /,26,+ :5 0+,4:0-? 1,? (8:0*2,9 (4+ )5519
04*2;+04. 953, 68(*:0:054,8-5*;9,+ :,>:9 #/09 040:0(2
9,(8*/ =(9 9;662,3,4:,+ =0:/ )(*1=(8+ (4+ -58=(8+
9,(8*/04. (4+ :(8.,:,+ 9,(8*/04. 5- :/, 0.0:(2
0)8(8?"*0,4*,08,*:(4+#(?2588(4*098,9;2:04.04(4
040:0(29(362,5-(8:0*2,9(4+)5519#/099(362,=(945:
3,(4: :5 ), ,>/(;9:0<, :/, .5(2 =(9 :5 0+,4:0-? (
8,68,9,4:(:0<, 9(362, 5- 20:,8(:;8, :/(: 04*2;+,+ +0--,8,4:
6,896,*:0<,9(4+(6685(*/,9
*54*,6:3(:80>=(9:/,4;9,+:5(9909:=0:/(4(2?909(4+
9?4:/,909 (4+ +,<,2563,4: 5- :/, *54*,6:;(2 35+,2 9
,>62(04,+ )? &' ( *54*,6: 3(:80> ),.049 =0:/ ( 9,: 5-
040:0(2*54*,6:9=/0*/3(?),:560*9:/,580,9+03,490549
,:*(4+:/,4(9,:5-(8:0*2,909(4(2?@,+=0:/8,96,*::5:/,08
8,2(:0549/06:5:/59,*54*,6:94:/09*(9,:/,+03,490549
-853 :/, 4:,.8(:,+ -8(3,=581 &' 9,8<,+ (9 :/,
040:0(29,:5-*54*,6:96;86590<,9(362,5-(8:0*2,9-853
:/, 040:0(2 9(362, =(9 0+,4:0-0,+ -58 -;8:/,8 (4(2?909 #/,
(;:/58(4+:=58,9,(8*/(9909:(4:9*522()58(:0<,2?8,<0,=,+
,(*/ (8:0*2, (4+ +,:,8304,+ =/0*/ *54*,6:9 0- (4? =,8,
(6620*()2, :5 :/, (8:0*2, ",<,4 (8:0*2,9 =,8, +,,3,+ 45:
8,2,<(4: (4+ =,8, ,>*2;+,+ "53, 5- :/, 040:0(2 *54*,6:9
*/(4.,+ 920./:2? (4+ 4,= *54*,6:9 ,3,8.,+ +;804. :/,
(4(2?909 ?0,2+04. ( 4,= *2(990-0*(:054 9*/,3, -58 :/,
8,3(0404. (8:0*2,9
#/, 8,9;2:04. *54*,6:*,4:80*
58.(40@04.-8(3,=5810968,9,4:,+04:/,-5225=04.9,*:054
01, :/, 4:,.8(:,+ -8(3,=581 0: =(9 )(9,+ 54 :/,
$%*54*,6:;(235+,209()(90*:/8,,6(8:25.0*35+,2
=/0*/ 6590:9 :/(: :/, *;88,4: 5-(4
58.(40@(:054+80<,:/,9,2,*:0545-*/59,4:5
);02+ $% *(6(*0:? =/0*/ 2,(+ :5 (::/,(
0, (::0:;+,9 145=2,+., (4+58 910229 5-
04+0<0+;(29:(--3,3),89)0,*/(4.,9
:5 685*,99,9 58 )85(+,8 *;2:;8(2 */(4.,9 (4+ *
2,<,29#/,9,5;:*53,9*8,(:,+0--,8,4:*54+0:0549-58-;:;8,
*(6(*0:?);02+04. 040:0(:0<,9 :/;9 9,::04. ;6 $% (9 (
*54:04;5;9*?*2,5-58.(40@(:054(2.85=:/(4++,<,2563,4:
#/09 35+,2 09 +,60*:,+ <09;(22? 04 0.;8, !,>: ,(*/
*53654,4: 5- :/, 35+,2 =022 ), ,>62(04,+ 04 358, +,:(02
;904.,>(362,90+,4:0-0,+04:/,20:,8(:;8,8,<0,=
#/, 5- $% 04*2;+,9 :/8,, 9;)*53654,4:9
);?04(4+9;6658:58.(40@(:054(24,,+9(4+.5(29-58:/,
*(6(*0:?);02+04.,--58:
,6,4+04.54:/,9*56,5-:/,040:0(:0<,3(104.:/,+,*09054
:5 ,4.(., 04 $% 3(? 3,(4 ,9:()209/04. $% (9 (4
58.(40@(:054(2680580:? &'#/,8,-58,0:09+,908()2, :5
.,: );?04 (4+ 9;6658: -853 1,? 9:(1,/52+,89 6(8:0*;2(82?
:/59,049,40582,(+,89/066590:0549&'(<04.A*54909:,4:
!-$ 5)2)"+% ,!-!'%,%-3 24//.13 !3 3(% ()'(%23 +%5%+2;
+%-$2 #1%$)")+)38 3. 3(% )-)3)!3)5% !-$
)-#1%!2%23(%/%1#%)5%$),/.13!-#%.&!2!6(.+%
%33)-'3()238/%.&()'(+%5%+24//.13-.3.-+8)-#1%!2%23(%
+)*%+)(..$ .& ,!-!'%,%-3 $%5.3)-' 1%2.41#%2 3.6!1$
"43)3!+2.)-#1%!2%23(%#(!-#%2.&'%33)-'24//.13
&1., .3(%1 23!*%(.+$%12 & #.412% '!)-)-'
%7%#43)5%"48)-)2-.3!2),/+%/1.#%22!2)338/)#!++8,%!-2
31!-2+!3)-' 3(% "%-%&)32 .& !-$ )-3. 3(% :3(%
"42)-%22 +!-'4!'% .& %#.-.,)#2; 1%!3)-' !-
%-5)1.-,%-3 #.-$4#)5% 3. #!- !+2. )-#+4$%
)$%-3)&8)-'!- !$5.#!3% )- !/.2)3).- .& !43(.1)38 6(.#!-
),/!13!2%-2%.&!41'%-#8!-$%-#.41!'%/!13)#)/!3).-!-$
!$./3).- .& -%6 /1!#3)#%2 (%1%&.1% !
1%#.,,%-$%$/1!#3)#%)23.$%2)'-!3%!()'(+%5%+#(!,/).-
&.1 !#3)5)3)%2 ()2 #!/!#)38"4)+$)-'+%!$%1
2(.4+$ "% #.,,)33%$ 3. %,"%$$)-' )-3. %7)23)-'
.1'!-)9!3).-!+/1.#%22%23(1.4'(-%6.11%5)2%$/.+)#)%2.1
/1.#%$41%2 %-241)-' 3(%1% )2 24&&)#)%-3 3%#(-)#!+
)-&1!2314#341%3.24//.13/1.5)$)-'!$%04!3%&4-$)-'&.1
)- 3(% !--4!+ "4$'%3 !-$ /1.5)$)-' !$%04!3% 24//.13
!-$.13),%&.16.1*3."%#!11)%$.43 +2.
3(.4'(-.3 %7/+)#)3+8 ,%-3).-%$)- 3(% +)3%1!341% )3 )2
!+2. ),/.13!-3 3. (!5% "48)- &1., /.3%-3)!+
/!13)#)/!-32 ./$.6- $)1%#3)5%2 !1% +)*%+8 24&&)#)%-3
,.3)5!3).-&.1,!-8%,/+.8%%2"432.,%/!13)#)/!-32,!8
-%%$ !$$)3).-!+ /%124!2).- . #1%!3% ! ,.1% /.2)3)5%
!3,.2/(%1% &.1 /!13)#)/!-32 -%%$ 3. (!5% ! #+%!1
4-$%123!-$)-' .& 3(% /%1#%)5%$ "%-%&)32 .& %-'!')-' )-
!-$3(%/.3%-3)!+$1!6"!#*2
&.1,!+.1)-&.1,!+.1'!-)9!3).-!+-%%$2!22%22,%-32(.4+$
"%42%$3.$%5%+./231!3%')%23(!3!1%3!)+.1%$3.3(%
.1'!-)9!3).-<22/%#)&)##.-3%73!-$3!1'%3%$3.!2/%#)&)#!1%!
.&-%%$ $%!++83(%!22%22,%-36.4+$#.-2)$%1!++
!2/%#32.&3(%.1'!-)9!3).-<2#411%-3#!/!#)38)-#+4$)-'
3(%1.+% .&6)3()- 3(% .1'!-)9!3).- )32 #4+341%)32
6.1* /1!#3)#%2 )32 1%2.41#%2 !-$ 3(% $%/3( .& )32 .&
%7/%13)2%/1!#3)3).-%12#!-!+2.!22%223(%04!+)38.&
3(%.1'!-)9!3).-<2/1.$4#323.$%3%1,)-%)&3(%8#.-2)23%-3+8
1%&+%#3 *-.6+%$'% !".43 42%12< -%%$2 !-$ "%(!5).12 !-$
!$(%1%3.%23!"+)2(%$'4)$%+)-%2.1%7!,/+%!*%3!+
$%2#1)"%$!36.23%/1%2%!1#(/1.#%22"%&.1%"%')--)-'
3(%)1 %&&.13 )-3%15)%62 6)3( ,!-!'%12 $%5%+./%12
!-$42%1#.-24+3!-323.)$%-3)&8."23!#+%223%/&.++.6%$
"8 !- %5!+4!3).- .& 3(% #.,/!-8<2 ,!)- /1.$4#3 23%/
)*%6)2% ))**!-%- 6%-3 3(1.4'( ! 6%%*
:*-.6+%$'% #.-2314#3).-; /1.#%22 3. )-&.1, 3(%
$%5%+./,%-3 .& 3(%)1 231!3%')# 42!")+)38 1%#.,,%-$!3).-2
(% $)2#.5%18 1%2%!1#( /(!2% )-#+4$%$ )-3%15)%62 6)3(
,4+3)/+% 23!*%(.+$%12 !".43 3(% #.,/!-8<2 #.,/%3%-#)%2
$%5%+./,%-3/1.#%22!-$#4+341%6()#(6!224//+%,%-3%$
6)3(!42!")+)38%5!+4!3).-.&3(%#.,/!-8<22823%,2(%2%
,4+3)&!#%3%$!//1.!#(%2!1%)-#1%$)"+85!+4!"+%)-2(!/)-'
231!3%')%2&.13(%.1'!-)9!3).-!+#.-3%73)-6()#(3(%8
!1% !//+)%$ "43 3(%8 ,!8 -.3 "% &%!2)"+% &.1 2,!++%1
.1'!-)9!3).-2.16(%-3(%1%!1%3),%.11%2.41#%#.-231!)-32
-3(%2%)-23!-#%2)3)223)++),/.13!-33.#.-2)$%16(%1%!-$
(.6#!-"%,.235!+4!"+%&.13(%.1'!-)9!3).-
3)2"%-%&)#)!+3.$%&)-%1%!+)23)#'.!+2&.1!-8%&&.13
)$%!++8$%5%+./%$)-/!13-%12()/6)3(.1'!-)9!3).-!++%!$%12
- ),/.13!-3 &)-$)-' &1., 3(% +)3%1!341% )2 3(!3
#!/!#)38"4)+$)-'%&&.1322(.4+$'."%8.-$3(%*-.6+%$'%
2*)++2 !-$ ,.3)5!3).-2 .& %,/+.8%%2 !-$ &.#42 .- 3(%
.1'!-)9!3).-!2!6(.+%)-#+4$)-')32+%!$%12()/3(%+%5%+.&
! !# $!
"$ " "! !
I. Conditions
(Why)
II. Strategies
(What & How)
III. Outcomes
(Results)
Buy-in and Support
Organizational Needs
Goals
Activities
- Training workshops
- Technical assistance
- Hiring
- Team building/structuring
- Events
- Broadcasting
- Guides, tools, frameworks
Content
Implementation
Resources
- Time
- Infrastructure
- Materials
- Budget
Individual
- Attitudes
- Knowledge, skills,
behaviors
Product
Organizational
- UX practices/processes
- UX culture
- Non-UX measures
8:55479&3)7*84:7(*8&;&.1&'1*&3)9-*(7*&9.434+&(1.2&9*
9-&9+489*781*&73.3,$%!-*7*+47*.9.87*(422*3)*)9-&9
"#*++4798'*9.*)94&347,&3.?&9.43<.)*,4&18:(-&8
B& 5*72*&9.43 4+ "# 9-74:,-4:9 9-* <-41* )*;*1452*39
574(*88C $% +489*7.3, & )**5*7 8*38* 4+ *25&9->
94<&7):8*78$%47(43;*79.3,&9*(-3414,>1*)(425&3>
94&3*=5*7.*3(*1*)(425&3>$%
+(4:78*8*99.3,&347,&3.?&9.43<.)*,4&1.8431>5488.'1*
<-*3"#-&89-*8:554794+47,&3.?&9.43&11*&)*78-.53
1*882&9:7*47,&3.?&9.43847.3(&8*8<-*7*9-*7*.81.2.9*)
*=*(:9.;*8:5547957&(9.9.43*788-4:1)89.11897.;* 94 (7*&9*
,4&18 +47 85*(.+.( "# *++4798 47 *=&251* )* &3)
<472&3$%89&79*)<.9-9-*,4&14+8.251>B1&:3(-$.3,%&
8.3,1* :3.+.*) *++479 +47 43'4&7).3,C 5 3 &349-*7
574/*(99-*,4&1<&894574;.)*&8*94+"#94418&.2*)&9
*3(4:7&,.3,)*;*145*789497:899-*<4704+:8&'.1.9>*=5*798
&3)")*8.,3*78$%47@;&)&3)&78*3$%9-*,4&18
<*7*94*3(4:7&,*247*97&385&7*3(>.3"#<470+&(.1.9&9*
& 8-&7*) "# 1&3,:&,* &3) 2.3.2.?* B"# '4991*3*(08C
9-*7*=&251*8.3(1:)*)7.;.3, "#(438.89*3(>&(74889-*
47,&3.?&9.43$%.3(7*&8.3,(411&'47&9.43'*9<**3"#&3)
343"# 9*&28 $% &3) (7*&9.3, (438*38:8 &74:3) <-&9
,44)"#2*&38+479-*(425&3>E8574):(98$%
!-* (42543*39 4+ "# .3(1:)*8 +4:7 8:'
(42543*398 9-* (&5&(.9>':.1).3, &(9.;.9.*8 9-&9 <.11 '*
:8*) 9-* (439*39 9-&9 <.11 '* (4;*7*) -4< 9-*> <.11 '*
.251*2*39*)&3)<-&97*84:7(*8&7*7*6:.7*)
!-* 1.9*7&9:7* 7*;.*< 7*;*&1*) 8*;*3 :3.6:* 9>5*8 4+
&(9.;.9.*8+47':.1).3,"#(&5&(.9>19-4:,-*&(-&(9.;.9>.8
).8(:88*) 8*5&7&9*1> 2&3> 8:((*88+:1 (&5&(.9>':.1).3,
574/*(98.3(1:)*&(42'.3&9.434+&(9.;.9.*8$%
"# 574+*88.43&18 &7* B4+9*3
7*85438.'1* +47 857*&).3, 034<1*),* &3) &<&7*3*88 &'4:9
"#.39-*47,&3.?&9.43C$%9>5.(&1&5574&(-.8+47&
"#57&(9.9.43*7947*&(-4:994&349-*79*&2 9-&99-*>+**1
<4:1) '*3*+.9 +742 "# 034<1*),* 8:(- &8 2&70*9.3, 47
84+9<&7* )*;*1452*39 &3) 8(-*):1* 97&.3.3, <4708-458
!-*8*<4708-458(&31&89&3><-*7*+742&+*< -4:7894 &
+*< )&>8 &3) 9>5.(&11> (4;*7 '&8.( "# 034<1*),* &3)
574;.)*9.2*+47-&3)843&551.(&9.43!-.8<4708-45+472&9
-&8'**3:8*)8:((*88+:11>.32&3>(439*=98$%
!*(-3.(&1&88.89&3(*.8&85*(.+.(9>5*
4+(4&(-.3, 47 2*3947.3,9-&9574;.)*89&7,*9*) 8:55479 .3
9-* +472 4+ B43*4343* (438:19&9.43 82&11 ,74:5
+&(.1.9&9.43479-74:,-&<*''&8*)(1*&7.3,-4:8*C$%
!*(-3.(&1&88.89&3(*.8&(42243(&5&(.9>':.1).3,&(9.;.9>
'*(&:8*9-*(4&(-.3,(&3(42*.39*73&11>+742*=5*7.*3(*)
(411*&,:*847*=9*73&11>+7424:98.)*(438:19&398!*(-3.(&1
&88.89&3(* (&3 &184 '* .3+472&1 47 +472&1 3+472&1
&5574&(-*8.3(1:)*&88.,3.3,&54.395*7843<-47*57*8*398
9-*"#5*785*(9.;*43(7488+:3(9.43&19*&28&3)574;.)*8
&);.(*47,:.)&3(*&83**)*)$%479&80.3,&2*2'*74+9-*
"# 9*&2 <.9- B,4.3, '> 9-* $)*;*145*78E% )*808 &3)
(-*(0.3,C 43 9-* 89&9:8 4+ "# 574/*(98 $% 472&1
&5574&(-*8.3(1:)*-&;.3,&"#9*&22*2'*7&99*3))&.1>
89&3):5 2**9.3,8 <.9- 9-* 84+9<&7* )*;*1452*39 9*&2
$%243.947.3,*2&.1).8(:88.431.898&3)9-*(425&3>
.397&3*9&3)/4.3.3,9-*).8(:88.43<-*3"#-*15.83**)*)
$% 47 -41).3, 7*,:1&7 4++.(* -4:78 94 574;.)* "#
&88.89&3(*&83**)*)$%
.7.3,5*451*.85*7-&589-*2489).7*(9<&>94':.1)
(&5&(.9>':9.9.8&184:8:&11>9-*(4891.*89&3).89-*7*+47*
349 +*&8.'1* +47 2&3> 47,&3.?&9.438 :9 .+ 7*84:7(*8 &7*
&;&.1&'1*9-*7*&7*9<49>5*84+3*<-.7*89-&9(&3':.1)"#
(&5&(.9>!-*+.789.8-.7.3,3*<"#57&(9.9.43*78+9-.8.8
9-*+.789 "# -.7* .* 34 57.47(:77*39"#*2514>**89-*
47,&3.?&9.438-4:1).)*39.+>(&3).)&9*8<.9-&'74&)'&8*4+
"# 034<1*),* &3) 80.118 (4;*7.3, 842* (42'.3&9.43 4+
-:2&3 (*39*7*) )*8.,3 .39*7&(9.43 )*8.,3 ;.8:&1 )*8.,3
574949>5.3,&3):8*77*8*&7(-$%+9-*,4&1.8,74<.3,&3
&17*&)> *=.89.3, "# 9*&2 *2514>*78 8-4:1) 9&7,*9 5*451*
<-4B'7.3,3*<034<1*),*&3)<&>84+)4.3,C$%94
9-*47,&3.?&9.43!-*8*(43)9>5*.8'7.3,.3,43&-.,-1*;*1
"# 1*&)*7 A & ;.(*57*8.)*39 47 1*;*1 *=*(:9.;* A 94
4;*78**)*8.,3*++4798&(74889-*47,&3.?&9.43&3)8:89&.39-*
"#(:19:7*$%
4747,&3.?&9.4389-&9&7*:3&'1*
94 -.7* &)).9.43&1 89&++ &3 &19*73&9.;* 459.43 .8 24).+>.3,
-4<9*&28&7*897:(9:7*)&3)-4<9-*>+:3(9.43<.9-.39-*
47,&3.?&9.43 3* &5574&(- .8 94 (7*&9* (7488+:3(9.43&1
<470 ,74:58 9-&9 &7* (42548*) 4+ '49- "# &3) 343"#
574+*88.43&18!-*8*<470.3,,74:58(&3+4(:843841;.3,&
85*(.+.( "# 574'1*2 $% 8*7;* &8 &);.8478 43 .3).;.):&1
"# 7*8*&7(- &3) )*8.,3 574/*(98 $% 47 9&0* '74&)
7*85438.'.1.9> +47 ,:.).3, &11 "# 574/*(98 &(7488 &3
47,&3.?&9.43$%(4251*2*39&7>&5574&(-.87*;.8.3,9-*
741*84+.3).;.):&19*&22*2'*7894*.9-*7&))*=51.(.9"#
7*85438.'.1.9.*8$%47(1&7.+>9-*+:118(45*4+"#<470
*&(- 9*&2 2*2'*7 .8 7*85438.'1* +47 $% &7,*7
47,&3.?&9.4382&>'*3*+.9+742(*397&1.?.3,9-*.7"#9*&28
94'*99*7(447).3&9*"#*++4798&3)*38:7*(438.89*3(>&(7488
574/*(98$%+ .9 .8 349 +*&8.'1* 94 (7*&9* & (*397&1.?*)
:3.9 47,&3.?&9.438 8-4:1) 8**0 49-*7 <&>8 94 *89&'1.8-
'&8*1.3*"#*=5*(9&9.438&(7488*;*7>574/*(9$%
349-*7 8:((*88+:1 "# &(9.;.9> .8 -41).3, "#
9-*2*)*;*3989-&9 .3;41;* 1&7,* 3:2'*78 4+*2514>**8&9
43(*47*=&251*:*9&1$%)*8(7.'*) &3 *;*39 (&11*)
.*1) 7.)&>8 <-*7* &3> *2514>** &9 44,1* (4:1) &99*3)
"# +.*1) 89:).*8 .3;41;.3, :8*78 4+ ).++*7*39 574):(98 &3)
).7*(91>4'8*7;*47.39*7&(9<.9-9-*2*7-41?&3) 0.33*7
$% )*8(7.'*) &3 *;*39 -*1) '> 9-* )*8.,3 +.72 )&59.;*
&9-(&11*)5*3*8.,3 *88.438.3<-.(-43*)*8.,39*&2
8-&7*8&5&79.(:1&71>97.(0>574'1*29-*>&7*<470.3,43&3)
&8049-*79*&28+47+**)'&(0&3).)*&894-*159-*29&(01*.9
3 & +.3&1 *=&251* 7&> !442'8 &3) 7488 $%
.39*7;.*<*)&"#)*8.,3*7<-48*47,&3.?&9.43-489*)&3D4++
>2/1<3.K.+C+0/A>37/=+C/+<A2/</./=318>/+7=H./=318
+8.,?36.+8.!+0/+>?</90>2/3<9A8-299=381I:
<9+.6C=2+<381%(589A6/.1/+8.</=?6>=3=
+89>2/< -97798 7/>29. 09< 38-</+=381 9<1+83D+>398A3./
589A6/.1/ +8. +A+</8/== 90 %( :<+->3-/= )* %=381
H-</+>3@/ +8. 3889@+>3@/ A+C=I )* >9 -977?83-+>/
%( 38=312>= -+=/ =>?.3/= ./=318 79-5?:= +8. %(
=?--/==/=9<0+36?</=3=+09<7 90589A6/.1/=2+<381>2+>
2/6:=>938-</+=/>2/@3=3,363>C90>2/%(>/+7+8.38>?<8
6/+.= >9 37:<9@/. 9<1+83D+>398+6 +>>3>?./= >9A+<.= %(
)*#97/-97798A+C=90=2+<381%(589A6/.1/
38-6?./ %(>2/7/. -97:+8C ,691= +8. A353= )G*
-97:+8CA3./J6?8-2+8.6/+<8=K)*+8.:</=/8>+>398=+>
8/A/7:69C//9<3/8>+>398)*89A6/.1/=2+<381-+8+6=9
,/3809<7+609</B+7:6/%(>/+77/7,/<=-+8=2+</,995=
+8. 9>2/< </=9?<-/= A3>2 >2/3< 898%( -966/+1?/= )* 9<
>2/C -+8 79@/ >2/3< ./=5= -69=/< >9 >2/3< 0</;?/8>
-966+,9<+>9<=)*
</+>381 9< +.9:>381 %(
1?3./=>996=9<0<+7/A9<5=3=+89>2/</00/->3@/A+C>9,?36.
-+:+-3>C%(/009<>=38>23=-+>/19<C38-6?./>2/-</+>398
90>+813,6/</=9?<-/=A29=/=96/:?<:9=/3=>9;?3-5/8%(
:<9-/==/=9<+3.%(./-3=3987+5381=?-2+=+63@381=>C6/
1?3./ )* @3=?+6 =>9<C,9+<.= )* 9< + ?=/< </=/+<-2
589A6/.1/,+=/)*/038381%(7/><3-=-+8+6=9,?36.%(
-+:+-3>C += >2/C -+8 :<9@3./ + </63+,6/ 7/+=?</ 90 ,9>2
H>/-283-+6 =?--/==/= +8. 9<1+83D+>398>/+7 =?--/==/=I
)*1?3./9<>996-+8+6=9,/?=/.>92/6:7+8+1/
%( A9<5069A= 9< /B+7:6/ "928 )* =?11/=>= -</+>381
%("/6/+=/ "9+.7+:= >2+> 9?>638/ 5/C %( 0/+>?</= +8.
:69>=>2/79?>09<0?>?</:<9.?-></6/+=/= >2/</B+7:6/=
38-6?./ >2/ #-2/.?6381 $996 09< "/-977/8.381 %=+,363>C
/>29.=#$"%A23-22/6:==90>A+</./@/69:/<=-299=/
?=+,363>C 7/>29.= )* >2/ %=+,363>C 9+6 -23/@/7/8>
/><3-% A23-2 2/6:=:<9.?->7+8+1/<=7+5/ %(
4?.1/7/8>= )* +8. >2/ %=/< B:/<3/8-/ +8+1/7/8>
"/;?3</7/8>= %(" <+7/A9<5 A23-2 2/6:= :<9.?->
7+8+1/<=><+-5@+<39?=%(</;?3</7/8>=)*
>-+8 +6=9 ,/ ,/8/03-3+6 >9 -</+>/ 79</ +,=><+-> </=9?<-/=
=?-2 += %( ./=318 :<38-3:6/= 9< + %( :2369=9:2C )*
</+>381+09<7+6>/+7-2+<>/<>2+>-977?83-+>/=+>/+7K=
=2+</. @3=398 -+8 =/<@/ += H+ =318+6 >9 >2/ </=> 90 >2/
9<1+83D+>39890A2+>>9/B:/->0<97>2/>/+7I)*%(
@3=3989<%(19+6=-+8+6=9,/?=/0?6>996=09<:6+88381%(
:<94/->=+=>2/C2/6:/=>+,63=2-6/+</B:/->+>398=+8.:</@/8>
73=?8./<=>+8.381= ,/>A//8 .300/</8> >/+7= )*
<3>3-+66C+83./+6%(@3=398=29?6.,9>2</06/->=>+5/296./<
:/<=:/->3@/= +8. 38-6?./ =>+5/296./<= 38 >2/ ,<+38=>9<7381
+8. +<>3-?6+>398 :<9-/== )* 8 9<1+83D+>398A3./
-98@/<=+>398 6/+.381 >9 + %( @3=398 +6=9 2/6:= 5//: >2/
?=/<K= :/<=:/->3@/ 38 >2/ 0<98> 90 /@/<C98/K= 738. A23-2
0?<>2/<,?36.=%(-+:+-3>C)*
6981 A3>2 =/6/->381 +::<9:<3+>/ -+:+-3>C,?36.381
+->3@3>3/=3>K=+6=9-<3>3-+6>9-98=3./<>2/-98>/8>38-6?./.38
>2/ +->3@3>C +8. A2/>2/< 3> 3= +::<9:<3+>/6C >+369</. >9 >2/
-98>/B> 9< 38=>+8-/ 30 >2/</ 3= + 1/8/<+6 6+-5 90
?8./<=>+8.381 90 %( %( /009<>= =29?6. 09-?= 98
./038381 %( )* +8. /B:6+38381 29A >2/ ./=318 :<9-/==
A9<5=)*0>2/</K=+6+-590/7:2+=3=983./8>30C381?=/<
8//.=%(/009<>=-+8-9@/<>2/7+38:<38-3:6/=90?=/<
</=/+<-2 9< 3> -+8 >/+-2 :/9:6/ 29A >9 +::6C =:/-303- %(
</=/+<-27/>29.=635/-98>/B>?+638;?3<C9<>/=>381)*
0 >2/ 9<1+83D+>398 8//.= >9 -966/-> 79</ ?=/< 0//.,+-5
%( -+8 -9@/< 29A >9 ?=/ >2/ >2385+69?. :<9>9-96 38
?=+,363>C>/=>381)*29A>9;?3-56C+8+6CD/?=+,363>C.+>+
3./8>30C?=+,363>C:<9,6/7=+8.-6+==30C>2/3<=/@/<3>C)*
+8.308/-/==+<C29A>9?=/?=+,363>C6+,/;?3:7/8>)*
8. 90 -9?<=/ %( /009<>= -+8 -9@/< ,9>2 ./=318 +8.
</=/+<-27/>29.=30>2/9<1+83D+>3988//.=>9=></81>2/83>=
:<+->3-/=38,9>2+</+=)*
+-238.3@3.?+6%(+->3@3>C-97/=A3>2+8?7,/<90898
><3@3+637:6/7/8>+>398./-3=398= 380+->>2/A3663818/==>9
+.4?=> 9< </@3=/ + =><+>/1C >9 9@/<-97/ 37:6/7/8>+>398
,+<<3/<= 3= + 7+49< =?--/== 0+->9< 09< -+:+-3>C,?36.381
:<94/->= )* %( :<+->3>398/<= =29?6. /8=?</ >2+> >2/3<
/009<>=+</+6318/.A3>2>2//B3=>381-?6>?</+8.A9<5069A=
90>2/9<1+83D+>398:+C381:+<>3-?6+<+>>/8>398>9>2/:+-381
+8. -97:6/B3>C 90 >2/ %( +->3@3>C )* 0 >2/ %(
=><+>/1C </63/= 98 /.?-+>398 +8. ><+38381 3> 7?=> ,/
./>/<738/. 29A >2/ -98>/8> A366 ,/ ./63@/</. +8. 29A
:+<>3-3:+8>=A366/81+1/A3>23>)*+8C90>2/%(
/009<>=7/8>398/.38>23=:+:/<A/</37:6/7/8>/.380+-/>9
0+-/=/>>381=,?>>23=3=89>+6A+C=:9==3,6/:+<>3-?6+<6C09<
6+<1/ 169,+66C .3=><3,?>/. 9<1+83D+>398= "/79>/ 7//>381=
=29?6. ,/ -98=3./</. += +8 +6>/<8+>3@/ 9:>398 >2+> 7+C ,/
:/<-/3@/. += 6/== >37/38>/8=3@/ #C8-2<989?= @=
+=C8-2<989?=+->3@3>3/=+</+6=9+-98=3./<+>398/=:/-3+66C30
A<3>>/8.9-?7/8>+>3989<9>2/<>C:/=9098638/-98>/8>3/
@3./9-+8,//00/->3@/</6+>/.=/>90-98=3./<+>398=3=>2/
09<7+>+8.=><?->?</90%(+->3@3>3/='2/8A366%(
+->3@3>3/=>+5/:6+-/9A0</;?/8>6CA366>2/C,/=-2/.?6/.
9A6981A366/+-298/6+=>#38-/>37/3=+679=>+6A+C=+
6373>/.</=9?<-/%(:<+->3>398/<==29?6.=><3@/>9,/+=
/003-3/8>+=:9==3,6/+8./8=?</>2/+->3@3>3/=+</:?<:9=/0?6
+8. A/66:6+88/. 9< /B+7:6/ </8@366/ )* </;?3</. +
03@/29?< 9<3/8>+>398 :6?= >2<// =?,=/;?/8> >2<//29?<
7//>381=,?>/+-27//>381A+=/B:63-3>6C>3/.>9>2/19+690
1+38381-98=/8=?=98>2/-9<:9<+>/%(:<9-/==C-98><+=>
./ +8. A9<7+8K= )* 383>3+6 :6+8 >9 296. ?8=><?->?</.
A//56C7//>381=0+36/.,/-+?=/:+<>3-3:+8>=A/</?8A366381
>9./@9>/>37/>93>>2/C09?8.=?--/==986C+0>/<</.?-381
>2/8?7,/<907//>381=+8.-6+<30C381>2/3<9,4/->3@/=
38+66C 3> 3= 8/-/==+<C >9 9?>638/ >2/ </=9?<-/= 8//./. >9
37:6/7/8>+8C%(383>3+>3@/=89>/.,C955+8/8(?
+8. &EE8E8/8 H>2/ 9:>398= >9 +-;?3</ )%( =5366=* +</ >9
</-<?3>9?>=9?<-/9</.?-+>/+>/+77/7,/<)+8.*+66>2/=/
</;?3</ </=9?<-/= G 798/C 9< +> 6/+=> >37/I )*
%8./</=>37+>381 >2/ </=9?<-/ </;?3</7/8> -+8 6/+. >9
7*8*392*39471&(04+*3,&,*2*3943'*-&1+4+5&79.(.5&398
<-.1*4;*7*89.2&9.3,(&3(7*&9*:37*&1.89.(*=5*(9&9.438'>
9-*47,&3.?&9.43C81*&)*78-.5!-*+4:72&/47(438.)*7&9.438
&7*9.2*.3+7&897:(9:7*2&9*7.&18&3)':),*9
*7-&589-*2489.25479&397*84:7(*(438.)*7&9.434+
&3>"#.3.9.&9.;*.8<-*9-*7*34:,-9.2*.8)*;49*)94.9
!>5.(&11>"#*++4798&7*;.*<*)&84:98.)*4+9-*3472&1
/4'7*85438.'.1.9.*84+9-*"#9*&2<-.(-&))8&8.,3.+.(&39
':7)*3+3492&3&,*)5745*71>9-*8*&))*)7*85438.'.1.9.*8
(&3&))897*88&3)(7*&9*&3*,&9.;*<4701.+*'&1&3(*$%
"# 574+*88.43&18 9-*7*+47* 3**) 94 8*9 (1*&7 *=5*(9&9.438
57.4794.251*2*39.3,&3>"#.3.9.&9.;*&3)9&0*(&7*+:1
89*58 94 *38:7* 9-*> -&;* *34:,- 9.2* 94 )*;49* 94 9-*
574/*(9+5488.'1**2514>**88-4:1)'*,.;*37*1*&8*9.2*
94(4251*9* "# 7*85438.'.1.9.*8 94*38:7*9-*574/*(9.8
,.;*3&)*6:&9*&99*39.43
42*"#*++4798&1847*6:.7*8.,3.+.(&39
.3+7&897:(9:7* .3;*892*398 94 '* 8:((*88+:1 &3) 94
)*243897&9*9-*47,&3.?&9.43.8(422.99*)94.2574;.3,.98
"# 57&(9.(*8 $% 8 9-*7* & )*).(&9*) 85&(* +47 )*8.,3
&3)47 7*8*&7(- &(9.;.9.*8 47 *=&251* 43* 4+ .7'3'C8
.3.9.&9.;*8 94 897*3,9-*3 .98 "# (:19:7*.3;41;*) (7*&9.3, &
89:).485&(*<.9-51*39.+:1<&1185&(*94).851&>)*8.,3<470
&3)574249*&8*38*4+(422:3.9>$%3&)).9.439485&(*
9-*7*&7*&184-&7)<&7*&3)84+9<&7*(438.)*7&9.4388:(-&8
&:).4;.)*4 (&59:7* &3) 1.;*897*&2.3, 4+ :8*7 7*8*&7(-
8*88.438 $% &0.3, 9-*8* 9>5*8 4+ .3+7&897:(9:7*
.3;*892*398349431>&184.3(7*&8*89-*;.8.'.1.9>4+"#<470
9-74:,-4:9 &3 47,&3.?&9.43 ':9 &184 8.,3&18 9-&9 9-*
47,&3.?&9.43.8(422.99*)94':.1).3,&89743,*7"#(:19:7*
9 2&> &184 '* 3*(*88&7> 94 )*;*145 85*(.+.(
7*84:7(*8948:551*2*3947897*&21.3*"#&(9.;.9.*847
*=&251* @;&) &3) &78*3 $% 8:55479*) 9-*.7 :8&'.1.9>
<4708-458<.9-8&251*<470574):(98&3) *=&251* (&8*8
A(-*&9 8-**98B <.9- ,:.)*1.3*8 +47 51&33.3, :8*7 7*8*&7(-
89:).*8&3)9*251&9*8+477*5479.3,89:)>7*8:198
.3&11> .9C8 (7.9.(&1 94 (438.)*7 <-*9-*7 9-*
47,&3.?&9.43(&3)*;49*+.3&3(.&17*84:7(*894<&7)8"#
4 &79.(1*8 .3(1:)*) .3 9-.8 7*;.*< *=51.(.91> ).8(:88*)
<-*9-*79-*7*<&8&':),*9+47"#&(9.;.9.*8':9,.;*3
9-*7*84:7(*)*2&3)81.89*)&'4;*.98**281.0*1>9-&92489
.+349&11"#.3.9.&9.;*87*6:.7*842*+.3&3(.&17*84:7(*8
"# 57&(9.9.43*78 8-4:1) 349 8-> &<&> +742 9-.8 +&(9
7&9-*79-*>8-4:1)'*,.3<.9-&(1*&7&((4:39.3,4+*=&(91>
-4<2:(-9-*&(9.;.9><.11(48994.251*2*39&3).)*&11>&3
.3).(&9.434+9-*7*9:7343.3;*892*39
!-* (42543*39 4+ "# .3(1:)*8 9-7** 8:'
(42543*398 9-* .3).;.):&1 47,&3.?&9.43&1 &3) 574):(9
1*;*1.25&(984+9-*.3.9.&9.;*
3).;.):&11*;*1 "# 4:9(42*8 (42* .3 9<4 (&9*,47.*8
&99.9:)*8&3)034<1*),*80.118'*-&;.478
3).;.):&18 <-4 5&79.(.5&9* .3 "# &(9.;.9.*8
9>5.(&11> &)459 247* 548.9.;* &99.9:)*8 94<&7)8 "# &8 &
7*8:194+9-*.7*=5*7.*3(*$%47*=&251*4*,-*9&1
+4:3)9-&984+9<&7*)*;*145*78<-44'8*7;*):8*79*898<*7*
A2:(- 247* *25&9-*9.( 94 9-* 57485*(9.;* :8*78 4+ 9-*
8>89*2B$%3&349-*7*=&251*84+9<&7*)*;*145*78
<-4 5&79.(.5&9*) .3 43*)&> :8&'.1.9> 97&.3.3, <4708-458
*=57*88*)&)**5*7&557*(.&9.43+479-*"#7*8*&7(-574(*88
<.9-43*5&79.(.5&39349.3,9-&9A.97*45*3*)2>*>*843-4<
1.991* <&8 &'1* 94 5:9 2>8*1+ .3 9-* *3):8*78C 8-4*8 &3)
7*&11> 8** 9-.3,8B $% !-*8* 9>5*8 4+ 548.9.;*
&99.9:).3&1(-&3,*8&7*9-*-&112&704+&8:((*88+:1"#
*++479 &3) 8-4:1) '* (438.)*7*) & 3*(*88&7> +.789 89*5
94<&7)847,&3.?&9.43<.)*(:19:7*(-&3,*
.3(*2&3>"#&(9.;.9.*8
.3(1:)* &3 *):(&9.43&1 (42543*39 5&79.(.5&398 8-4:1) '*
*=5*(9*) 94 ,&.3 3*< 034<1*),* 1*&73 3*< 80.118 &3)47
&)4593*<'*-&;.478!-*8*&7*(&9*,47.?*)94,*9-*7'*(&:8*
9-*>&7*4+9*3.39*79<.3*)+47*=&251*&(42243,4&14+
"# .8 94 .385.7* 84+9<&7* )*;*145*78 94 &)459 :8&'.1.9>
9*89.3,&85&79 4+ 9-*.7 7*,:1&7 <470+14< '*-&;.47 <-.(-
2&> +.789 7*6:.7* 9*&(-.3, 9-*2 <-&9 :8&'.1.9> 9*89.3, .8
034<1*),*&3)-4<9451&3&3).251*2*39&:8&'.1.9>9*89
80.11 42*(42243034<1*),*'&8*)4:9(42*84+"#
.3(1:)* -4< 94 7*(4,3.?* :8&'.1.9> 574'1*28 $% -4< 94
247* *&8.1> *=51&.3 :8&'.1.9> 574'1*28 $% &3) -4< 94
&((:7&9*1> 7&9* 9-* 8*;*7.9> 4+ 9-* :8&'.1.9> 574'1*28 $%
742&80.11'&8*)5*785*(9.;* 04;&3) 9&,*$%+4:3)
9-&9 (425:9*7 8(.*3(* 89:)*398 <-4 <*7* 9&:,-9 -4< 94
(43):(9:8&'.1.9>9*898<*7*(425&7&'1* 94 *=5*798 .3 9-*.7
&'.1.9>94.)*39.+>7*1*;&399&8088*1*(9&557457.&9*.39*7;.*<
6:*89.438&3) *=57*88 :8&'.1.9>574'1*28 .2.1&71>@;&)
&3)&78*3$%&80*)&3.3-4:8*"#)*8.,3*794/:),*9-*
6:&1.9>4+&39*89(43):(9*)'>84+9<&7*)*;*145*78&3)
+4:3).994'*A(425&7&'1*948.2.1&79*898(&77.*)4:9'>9-*
"# 9*&2B 5 *-&;.47&1 (-&3,*8 &7* 4+9*3 9-*
-&7)*8994*;&1:&9*343*8:((*88+:1(&8*@;&)&3)&78*3
$% 97&(0*) 9-* )*;*145*78 <-4 5&79.(.5&9*) .3 43* 4+ 8.=
"# 97&.3.3, <4708-458 &3) +4:3) 9-&9 8*;*7&1 4+ 9-*2
.3)*5*3)*391>.251*2*39*)& "# 7*8*&7(- 2*9-4)&91*&89
43(*.39-*<**08472439-8+4114<.3,9-*97&.3.3,
7,&3.?&9.43&1 4:9(42*8 .3(1:)* 3*< 47 7*;.8*) "#
57&(9.(*8 &3) 574(*88*8 & 89743,*7 "# (:19:7* 47 49-*7
(-&3,*834985*(.+.(&11>7*1&9*)94"#
*7-&58 9-* 2489 ).7*(9
47,&3.?&9.43&11*;*1 4:9(42* .8 9-* &)459.43 4+ 3*< "#
57&(9.(*8 47 9-* .39*,7&9.43 4+ "# 574(*88*8 <.9- 49-*7
47,&3.?&9.43&1 574(*88*8 $% 47 .389&3(* 842*
47,&3.?&9.4388&<&8:7,*.39-*3:2'*74+7*6:*898+47"#
7*8*&7(-$%9-*747,&3.?&9.438&)459*)3*<57&(9.(*8+47
9-*"#9*&28:(-&8*38:7.3,9-*"#7*8*&7(-&3))*8.,3
9*&28 <470 94,*9-*7 247* (148*1> 43 *&(- 574/*(9 $%
.3;41;.3, 49-*7 89&0*-41)*78 .3 9-* "# '*3(-2&70.3,
574(*88 $% 47 (-&3,.3, -4< 9*89 7*8:198 <*7*
/@+6?+>/. +8. .3=><3,?>/. )* &236/ 79</ .3003-?6> =97/
9<1+83D+>398=2+@/+6=9-9773>>/.>9</@3=381>2/3<=90>A+</
./@/69:7/8> :<9-/== >9 ,/>>/< 38>/1<+>/ %' +->3@3>3/= +8.
38@96@/>2/%'>/+779</.3</->6C)*
</6+>/.9?>-97/3=+89<1+83D+>398+6-?6>?</
>2+> :6+-/= 79</ @+6?/ 98 %' A9<5 +8. 7+5/= 3> + 79</
7/+83810?6:+<>90>2/9<1+83D+>398I=3./8>3>C=/B:6+38/.
,C98//B/-?>3@/38>/<@3/A/.,C"9>9/>+6)*FA2/8>2/
)%'* /B:/.3>398 2+= ,//8 .98/ +66 9?< /7:69C//=
?8./<=>+8. A2+> %'7/+8= 29A37:9<>+8> 3>3= +8. 29A
>2/C -+8 :+<>3-3:+>/ 38 ./@/69:381 %'G : /-+?=/
-?6>?<+6-2+81/=+</.3003-?6>>97/+=?</79=>+</</:9<>/.
38 1/8/<+6 >/<7= 9< /B+7:6/ ./ +8. A9<7+8 )*
</:9<>/. +8 38-</+=/. =/8=/ 90 /B-3>/7/8> A3>238 >2/
-97:+8C A236/ + %' ./=318/< 38>/<@3/A/. ,C <+C
$997,=+8.<9==)*=+3.>2+>>2/</A+=+1/8/<+6=/8=/
>2+>:/9:6/38>2/3<-97:+8CA+8>/.>9589A79</+,9?>%'
>2+8 >2/C .3. ,/09</ >2/< -?6>?<+6 -2+81/= </:9<>/.
+8/-.9>+66CA/</38-</+=/.589A6/.1/=2+<381)*+8.
,/>>/<-977?83-+>398,/>A//8./:+<>7/8>=)*
$2/+=:3<+>3989079=>9<1+83D+>398=3=
89>=96/6C>9+.9:>,/>>/<%':<+->3-/=,?>>9,/+=?--/==0?6
9<1+83D+>398)*$2?=3>3=37:9<>+8>>9-98=3./<A2/>2/<
%' 2+= + :9=3>3@/ 37:+-> 98 9>2/< +=:/->= 90 >2/
9<1+83D+>398 $2/</ 3= =97/ /@3./8-/ 09< /B+7:6/ >2+>
%'-+8.<3@/79<//00/->3@/:6+88381,C/8=?<381>2/</
3=79</>37/>9-99<.38+>/-<9==./:+<>7/8>+6:<94/->=)*
79</ 09-?= 98 =/>>381 /00/->3@/ -<9==9<1+83D+>398+6 19+6=
)* 9< 79</ +>>/8>398 :+3. >9 >/+7 <96/= +8. =5366= )*
..3>398+66C%'-+8</=?6>38,/>>/<./-3=3987+5381,C
+..381 + F?=+,363>C +.@9-+>/E38 + :9=3>398 >9 7+5/ +
.300/</8-/G A3>2 ./-3=398= )* 9< ,C -</+>381 </63+,6/
7/><3-=>2+>2/6::<9.?->>/+7=7+5/79</.+>+.<3@/8+8.
?=/<-/8>/</../-3=398=)*%'-+8+6=92+@/+:9=3>3@/
038+8-3+6 37:+-> 98 +8 9<1+83D+>398 $2/</ 3= =97/ ./,+>/
+,9?>>2//-98973-@+6?/90%'381/8/<+6)*,?>3898/
-+=/%'2/6:/.38-</+=/>2/-98><3,?>39890>2/%'>/+7
0<977366398>9+679=>,366398)*>29?12%'
:<+->3>398/<==29?6.:<9,+,6C/B:/->+79</79./=>"
>23<. %' 9?>-97/ 3= A2/>2/< >2/ 9<1+83D+>398I=
:<9.?->=+->?+66C37:<9@/35/>2/F:<91<+7>2/9<CG
90%'3=>2+>38.3@3.?+6+8.9<1+83D+>398+6-2+81/=6/+.
>9:<9.?->37:<9@/7/8>=A23-27/+8=>2/:<9.?-></6+>/.
9?>-97/=7+C89>,/</+63D/.377/.3+>/6C)*898/-+=/
38-</+=3816C:9=3>3@/+>>3>?./=>9A+<.=%'.3.89>6/+.>9+8
377/.3+>/ F1<+8. </./=318G 90 >2/ :<9.?-> +8. 7+8C %'
3==?/= A/</ =>366 ?8</=96@/. =/@/<+6 798>2= 6+>/< )* ?>
./:/8.381 98 A2+> =><+>/13/= +</ ?=/. 3> 3= :9==3,6/ >2+>
%'-+8 6/+. .3</->6C >9 :<9.?->-2+81/= 9< /B+7:6/
<??8+8.#>+1/09?8.>2+>9090>2/?=+,363>C
:<9,6/7= 3./8>303/. ,C 8/A6C ><+38/. =90>A+</ ./@/69:/<=
2+.,//803B/.>2<//798>2=6+>/<)* >2/<.3</->:<9.?->
37:+->= -+8 38-6?./ A2/>2/< + :<9.?-> 1/>= -29=/8 09<
0?<>2/<./@/69:7/8>)*30./@/69:7/8>>37/3=</.?-/.
)* 30 >2/ 7+<5/> </=:98.= :9=3>3@/6C >9A+<.= + :<9.?->
-98-/:> )* 9< 38-</+=/. 7/.3+ @3=3,363>C .?/ >9 ./=318
37:<9@/7/8>=)*
$9 ./798=><+>/ >2/ +::63-+,363>C 90 >2/ -98-/:>?+6 79./6
>23= =/->398 A366 ,<3/06C .3=-?== >A9 2312:<9036/ %'
/B+7:6/= </:9<>/. 38 >2/ 63>/<+>?</ (+299I= %=/< 3<=>
383>3+>3@/+8.9916/I=!95/<0+-/:<91<+7
(+299I= H%=/< 3<=>I :<91<+7 A+= 383>3+>/. A3>2 .3</->
=?::9<>0<97>2/-97:+8CI= $2/
:<91<+7A+=./@/69:/.,/-+?=/>2/</A+=+0<+17/8>+>398
90>2/-97:+8C=%'/009<>=A3>2.9D/8=90:<9.?->>/+7=
+669:/<+>381.300/</8>6C=+</=?6>
>2/:<37+<C9,4/->3@/A+=>9:<979>/F+?=/<03<=>7/8>+63>C
+>+666/@/6=38>2/-97:+8CG)*$9+-23/@/>23=19+6
-9<:9<+>/6/+./<=23: /=>+,63=2/. + -97:+8CA3./ 19+6>2+>
+66 /7:69C//= A9?6. :+<>3-3:+>/ 38 + F?=/<?8./<=>+8.381G
+->3@3>C+>6/+=>98-//+-2;?+<>/<
3@/8 >2/ =-9:/ 90 >2/ :<9,6/7 >2/ %=/< 3<=> :<91<+7
-98=3=>/. 90 7?6>3:6/ -+:+-3>C,?36.381 +->3@3>3/= >2/C
-</+>/. + -/8><+63D/. %' "/=/+<-2 +8. --/==3,363>C
%'" >/+7 >2/C +<>3-?6+>/. +
-97:+8CA3./ @3=398 +8. /B:/->+>398= 09< %' </=/+<-2
>2/C2/6.+=/<3/=90</1?6+<
%=/< 312>= A2/</ >2/ %' >/+7 38@3>/. ?=/<= >9
-97:+8C 2/+.;?+<>/<= +8. :+3</. >2/7 A3>2 7/7,/<= 90
.300/</8>:<9.?->>/+7=09<2+6029?<6981-98@/<=+>398=+8.
9,=/<@+>398=>2/C</-9<./.+8.63@/=></+7/./@/<C
?=/< </=/+<-2 =/==398 +8. 7+./ >2/3< </=/+<-2 -+6/8.+<
+@+36+,6/ >9 +66 /7:69C//= >2/C =-2/.?6/.
-97:+8CA3./ H,<9A8 ,+1=I 38 A23-2 %' </=/+<-2/<=
.3=-?==/. 38>/</=>381 9< =?<:<3=381 </=/+<-2 </=?6>= +8.
=2+</.=?--/== =>9<3/=+8.>2/C 7+./=?</
>2/%'">/+7A+=</1?6+<6C38@96@/.A3>28/A/7:69C//
9<3/8>+>398 A<9>/ 38><+8/> +<>3-6/= +,9?> %' </=/+<-2 +8.
:?,63=2/. :9=>/<= +8. :+:/<= +> 38>/<8+6 -980/</8-/=
/-+?=/903>=09-?=98:<979>381+?=/<03<=>7/8>+63>C%'
</=/+<-2 A+= >2/ :<37+<C 09-?= 90 +66 %' +->3@3>3/=
+>?<+66C +66 90 >2/=/ +->3@3>3/= </;?3</.
=318303-+8> :6+88381 +8. ./.3-+>/. </=9?<-/= = 98/
/B+7:6/ (+299 </89@+>/. >2/3< ?=+,363>C 6+, >9 :<9@3./
F38@3>381 -9709<>+,6/ +8. 6+<1/ 9,=/<@+>398 <997=G
)*>9/8-9?<+1/79<//7:69C//=>99,=/<@/38:/<=98
=/==398=A236/+6=938@/=>38138+?.39@3./963@/=></+7381
2+<.A+</+8.=90>A+</=9/7:69C//=-9?6.+6=9:+<>3-3:+>/
</79>/6C <1+83D381 >2/ %=/<
312> /@/8>= +8. 37:6/7/8>381 +66 90 >2/ ,<9+.-+=>381
+->3@3>3/=+6=9</;?3</.+=318303-+8>>37/-9773>7/8>0<97
@+<39?=7/7,/<=90>2/%'">/+7
+,/(12)250$/(9$/8$7,212)$1<,1',9,'8$/$&7,9,7,(6+$6
%((1 5(3257(' 7+( 7($0 127,&(' $1 ,1&5($6('
3(5&(17$*( 2) (03/2<((6 3$57,&,3$7,1* ,1 $ 6(5 ,567
$&7,9,7< :,7+ 29(5 3$57,&,3$7,21 ,1 21( 5(&(17 48$57(5
6 $ :+2/( 7+(
7($0 &21&/8'(' 7+$7 7+( ,1,7,$7,9( >(67$%/,6+(' $ 1(:
$:$5(1(662)7+(52/($1'9$/8(2) (6($5&+:,7+,17+(
&203$1<? "# 857+(5
7+( 7($0,6$6.('72'2 5(6($5&+$7025(67$*(6
2) 352'8&7 '(9(/230(17 $1' 7+( 7($0 +$6 $'237(' 1(:
5(6($5&+ 35$&7,&(6 025( &/26(/< 7$,/25(' 72 !$+22@6
'(9(/230(17 &<&/( $1' 352'8&7 $5($6
,1$//< 7+( 7($0 &21&/8'('
7+$7 7+( 352*5$0 5(68/7(' ,1 >)($785( 3(5)250$1&( $1'
5(/,$%,/,7< ,03529(0(176? "# 72 $ 180%(5 2) !$+22
352'8&76
2.(5)$&( 22*/(@6 ,17(51$/ >86(5 (03$7+<? 352*5$0
"#:$6),567/$81&+(',1$6$1())25772635($'$
025( (03$7+(7,& 0,1'6(7 7+528*+287 7+( &203$1< ,7+
68332572)723(;(&87,9(6,7:$65(/$81&+(')285<($56/$7(5
:,7+ $1 (;3$1'(' 6&23( 25 7+,6 6(&21' ,7(5$7,21 6(9(5$/
&203$1</($'(565(&25'('9,'(26(1'256,1*7+(352*5$0,1
:+,&+ 7+(< ',6&866(' 327(17,$/ %(1(),76 $1' (1&285$*('
352'8&77($06723$57,&,3$7(+,/(12
)250$/ 1(('6 $66(660(17 :$6 &21'8&7(' 7+( &203$1<
&/($5/<)(/77+$7$86(5&(17(5('0,1'6(7$1'$&200,70(17
72 86(5 5(6($5&+ :$6 127 6+$5(' $&5266 $// 2) 22*/(@6
352'8&7 7($06 6 $ 5(68/7 7+(
352*5$0@635,0$5<*2$/:$672,1&5($6(86(5(03$7+<$&5266
22*/(@6 62)7:$5( (1*,1((56 352'8&7 0$1$*(56 $1'
'(6,*1(56$6(&21'$5<*2$/:$672*$7+(586(5,16,*+767+$7
&28/' %( $''5(66(' 7+528*+ ,00(',$7( 352'8&7
,03529(0(176
+( 2.(5)$&( 352*5$0 ,6 $ 75$,1,1* :25.6+23 &20%,1('
:,7+7(&+1,&$/$66,67$1&(+(:25.6+23)2&86(621
7($&+,1*$77(1'((67+(%$6,&62)86(55(6($5&+,1&/8',1*+2:
72 48$17,)< +<327+(6(6 $1' 75,$1*8/$7( 48$/,7$7,9( $1'
48$17,7$7,9( ),1',1*6 5(6($5&+(5 7+(1 &2$&+(6 7+(
3$57,&,3$7,1*7($0725(),1(7+(,55(6($5&+48(67,216'(9(/23
$ 6&5,37 $1' 0$.( 6(16( 2) 5(68/76 +( 75$,1,1*
5(48,5(6 $ +285 7,0( &200,70(17 )520 3$57,&,3$176 $1'
,1&/8'(6$+2856(0,1$52186(55(6($5&+%$6,&6$+285
86(55(6($5&+6(66,21:,7+$&78$/86(56$1'$+285'(%5,()
72 ',6&866 ),1',1*6 2 581 7+( 352*5$0
5(6($5&+(56 0((7 :,7+ ($&+ 7($0 /($' $1' 35(3$5(' $
&86720,=('678'<6&5,37+(7($0(9(178$//<&(175$/,=('7+(
6&5,37:5,7,1*352&(66$1'6(783$52//,1*5(&58,70(176<67(0
72 675($0/,1( 7+( 352*5$0 $1' /(66(1 7+( %85'(1 21 ($&+
,1',9,'8$/ 5(6($5&+(5 7,// 7+( &5($7256 127(' 7+$7
,03/(0(17,1*7+(352*5$0722.025(7,0(7+$17+(<,1,7,$//<
3/$11(' $1' $5( /22.,1* )25 $'',7,21$/ :$<6 72 675($0/,1(
352-(&7 $&7,9,7,(6 2 6&$/( 7+( 352*5$0
*/2%$//< 7+(< &5($7(' $1 ,17(51$/ :(%6,7( 6,*183 6<67(0
352027,21$/ 9,'(26 $1' $ 7(03/$7,1* 6<67(0 7+$7 &29(5('
5(&58,70(1775$,1,1*0$7(5,$/66&5,376'(%5,(),1*48(67,216
$1'7+(),1$/678'<5(3257
17+(02675(&(17,7(5$7,212)2.(5)$&(7+(7($0(1*$*('
29(5(03/2<((6$&5266 /2&$7,216 29(5 $1 0217+
3(5,2' 2 (9$/8$7( ,76 ())(&7,9(1(66 7+( 5(6($5&+(56
&21'8&7(' $ 35(3267 6859(< $1' )281' 67$7,67,&$//<
6,*1,),&$17 ',))(5(1&(6 ,1 3$57,&,3$176@ 3267(;3(5,(1&(
3(5&(37,216 2) 7+( 9$/8( 2) 86(5 5(6($5&+ $1' 7+( 86( 2)
5(6($5&+ 5(68/76 72 ,03529( 7+(,5 352'8&76
+(5(6($5&+7($0$/62127,&('$&8/785(&+$1*($7
22*/( $1' $ 025( :,'(635($' 81'(567$1',1* $%287 >+2:
08&+ 025( 86(5 5(6($5&+ :( &28/' ,17(*5$7( ,172 285
'(9(/230(17 352&(66 72 758/< $''5(66 86(56@ 352%/(06?
"#+($87+256','127&,7(
$1< 63(&,),& ,17(5)$&( ,03529(0(176 %87 7+(< 2%6(59('
0$1< 352'8&7 7($0 0(0%(56 7$.( ,00(',$7( $&7,21 72 ),;
,668(67+(<)281''85,1*7+(5(6($5&+6(66,216
+(35(9,2866(&7,215(9,(:('$1'6<17+(6,=('$6$03/(2)
5(6($5&+/,7(5$785(,172 $ &21&(378$/ 02'(/ ,*85(
7+$7 '(),1(' $6 $ &217(;7'(3(1'(17 352&(66 7+$7
,1&/8'(6$&216,'(5$7,212)7+(25*$1,=$7,21$/&21',7,2167+(
6(/(&7,212)63(&,),&675$7(*,(6$1'7+(,17(1'('287&20(6$7
7+( ,1',9,'8$/ 25*$1,=$7,21$/ $1' 352'8&7 /(9(/6 +(
2.(5)$&($1'6(5,567&$6(678',(66+2:('7+(86()8/1(66
2) 7+( 02'(/ ,1 '(6&5,%,1* 63(&,),& ,1,7,$7,9(6
2:(9(57+(6(5(68/76$5(-867$67$57,1*32,171(;76(9(5$/
,03/,&$7,216 )520 7+,6 5(6($5&+ $5( 35(6(17(' 7+$7 72*(7+(5
'(),1($5(6($5&+$*(1'$)25
,567 $1 ,03257$17 /,0,7$7,21 2) 7+,6 :25. ,6 7+$7 7+(
&21&(378$/ 02'(/ :$6 '(9(/23(' 7+528*+ $1 $1$/<6,6 2)
$&7,9,7,(6 5(3257(' ,1 7+( $&$'(0,& /,7(5$785(
:+,&+ ,6 %,$6(' 72:$5'6 )250$/,=(' $1' +,*+/<6758&785('
$3352$&+(672 7+$7+$9($/5($'<5(&(,9('6,*1,),&$17
%8<,1 )520 .(< 67$.(+2/'(56 857+(5 %27+ &$6( 678',(6
&216,67('2)/$5*(6&$/(&$3$&,7<%8,/',1*$&7,9,7,(6$708/7,
1$7,21$/&25325$7,216:+(5(7+(<$/5($'<+$'7+(68332572)
723&203$1<(;(&87,9(6:+,&+&/($5/<5(35(6(1767+(+,*+
(1'2)7+( 63(&7580+(5(6+28/'%(12,03/,&$7,21
7+$7 21/< &203$1,(6 :,7+ 6,0,/$5 6,=(6 $1' 5(6285&(6 $5(
&$3$%/(2)(1*$*,1*,1 257+$7$// 352*5$06
6+28/'%(6,0,/$5,1%5($'7+$1'6&23(135$&7,&(
())2576 &$1 $1' 6+28/' 9$5< *5($7/< ,1 7(506 2) 7+(,5
)250$/,7< 6758&785( '85$7,21 $1' 5(6285&(6 5(48,5('
+(5()25($.(<$5($)25)8785(5(6($5&+,6(;3/25,1*27+(5
7<3(62) 675$7(*,(63$57,&8/$5/</(66)250$/25>/($1?
0(7+2'6 7+$7 &$1 %( ,03/(0(17(' %< 60$//(5 7($06 $1'
25*$1,=$7,216 :,7+ 7,0( 25 5(6285&( &21675$,176 $1' :,7+
/,0,7('25 12(;(&87,9(683325725(;$03/( ,70$<127
$/:$<6%(3266,%/(72*(7(;(&87,9(%8<,135,257267$57,1*
1 7+(6( &$6(6 &$1 %(&20( $ %2772083
352&(66,1,7,$7('%< 67$)))62:+$7 $&7,9,7,(6
(*,***$.+*,+/$%(#%(()%+(
$*$), $**, $%*( #&"*%$ )** *
*,*) $* $ *) "*(*+( (,- )%+"
$%*$*(&(*)$.+)*,")*+*(*())*(*$
&%$* %( &(%))%$") *% %$)( ,$ *(
%($0*%$"%$*.*&(**%$()$()(()
)%+"#*%,"%&)+*%*,*)*%%%)(%#)%
*/$%()*(*+$*%%($0*%$)%""*/&)
)0)$",")%.)*$&*/
%$ "*%+ * #%" -) $%(# / * -""
)*") $*(* ,"+*%$ &*/+"$
(#-%(! $ ("*) ,(*/ % # $
&(**%$( &()&*,) $%$ % * (*") (,- %(
*)&&(()),(/"#$*%*#%"$$("/
""%*#-(#&"#$*$%(&%(*)**$)#$/%
*# )%*-( ,"%&#$* %#&$) +*
)*(*) ** ( )+))+" $ #+"*$*%$" *$%"%/
%#&$) #/ $%* &&"" ")-( (%(
)%$!/(%+*+(()()%+"%+)%$&&"/$
$ ,"+*$ )*(*) $ ,(*/ % ($*
%$*.*) &(*+"("/ ")) #*+( %($0*%$) $
%($0*%$)-*)#""%($%**#))+
) $%$&(%*) "(() %( +"*+(" (* $)**+*%$)
)%(*)-"""&*%,"*$.*$*#%"/
($$ *% "* $- #&"#$**%$ ""$) )+))
*%()$#&*#)+()-"")%#%$)*(*$%*(
#%")%()+))+"$**,)
( %$"/ - %(*) $"+ $ *) (,-
$"+ (%+)* ,"+*%$ ** %$)( %+*%#) *
#+"*&" ",") * $,+" %($0*%$" $
&(%+* ",") *%$""/ #%)* %+*%#) -(
(&%(* $%*""/ %( )( $ $(" *(#) +* $
%((*%%$,$**)-%(*$,)*$$*(
$) *% &()+), ,$ ** * #!) &%)*,
#&*%,%$)$)"+.+(/$%*(!/
( % +*+( ()( ) ,"%&$ (%+)* $ (""
#&* #)+() ** %$)( "" *( ",") %
%+*%#)*((""-/)%#)+($$)*%
$,+"***+)!$%-")!"")$,%()%-
$-#)+(-*(*%($0*%$)%&*#%(
($"/+"*+()*&%))"*%"$!(*"/%(
$(*"/ *% &(%+*)& $) $ -* ( *
"%$*(# #&*) % * * $,+"
%($0*%$"$&(%+*",")
%+(* %$"/ $+" % .#&") #$*%$ %$+*$
$/!$%$)))))#$*&(%(*%"+$$*
$**, +) * )+)) % ) &$$* %$
%--""**%(*)*"%(*%*%($0*%$"%$*.*
$%*((%()()*%,"%&&(+$()*$$
%-*.*"/%$)**+*)$%($0*%$1)&*/)%
**&(**%$()$+(%+*-(.*"/*(
%(*))%+"%+)+*+(()(%(*))%+"
#*$*/$)($$#)+($-*$)
$ %($0*%$1) &*/ *% % *) ()%+()
.&(*)$&(%)))$*)&*/*%+)*
.*$*)#$*%#&$/+"*+($+)$
)%$#!$ ,"%&$ )+ (#-%(! $ *$
$%(#*(*%$%$)*(+#$*)%())))$&*/
$ ,"%&$ *(* )*(*) $"+$ "))
%(#" $ "*-* &&(%) ** $ %$+*
'+!"/$-*"#*()%+()
$""/*.#&")$*)&&()+)***)*)
%-$&(***.)*)%+*)%**/&"()&%$)"*)
% &(%))%$") $ *) -/ $ +)+" $
"&$ &(%))%$") *% )*$+) *-$ *(
$%(#"/*%/-%(!$**,*)*/+$(*!
*% +" *( %($0*%$1) &*/ - -"" "&
%+)*(**$*%$%&*#0()%+()$"(*/$
(*%$*%*(-%(!%("0*)$*$"(%
()()%+"%+)%$+*$&(**%$()%+*
%-*%*,"/$$*"/%$+*$($*
%($0*%$"%$*.*)$-*,(/$",")%()%+()
%- $ - * )&($ $ +$%( )$() *%
)+))+""/$$*,*))&*"!$*
%($0*%$" "%+* % #%( ))%$ &(%))%$") %(
#","$)$%(&(%))%$")-**/&)%
)*(*)(*)*-/)*%",(*(.&(*)%(
#$()%*#)%-$*/+)*($"+$*%
**( )+&&%(* (%)) *( %($0*%$ /
,"%&$*,#*%)%(*$+*%()
$$)+(*/(,$&(%))%$")*)!"")*/
$*%)+$$/&(%))%$"$,(%$#$*
()-)&((#$***)$#&%(*$*$
,"+"&(*$%*%$"/)*$)%-$*%),#%$/
*(%+*)*(*,/"%)$$*)*$+**)")%
-"")*") ** %$)+#() $ +)() &&(* %%
)$+*$%((*%,*)%"%($0*%$),
*%+"*($*($"%#&*$)$*(*&(%)))$
-%(!"%-)$(*+"*+($-),"+$
)+&&%(* % ()) *) ))+ *) &&( &(%&%) *
%$&*%&*/+"$)
(%+ $ $"/)) % .)*$ "*(*+( *) &&(
#%$)*(***)*&%*$*"*%(%+)*$
"." &&(% *% "& &(**%$() %,(%#
%##%$%($0*%$"((()"-%(!(#$)*%
%$*%*($)%(#$*%#*+(&(*$(%
)%"()&*&(%#))*%&(%,)/)*#*&*%(-(
%("&$ &(%))%$") #! * )*(+*+("+"*+("
$&(%+("$)$))(/*%$()*#&*%
*(-%(!$%$))*$*"/)$'+"*/&(%+*)
1 "! *% *$! +"/ %) ".$( (& $ "(/
(+%(*($,"+")))*$%""*$($
$$"/0$(*")$&(%,$!%$("/(*)
% *) &&( 1 ")% "! *% *$! ),(" $%$/#%+)
(,-()%(*(!$,
)* "?47@0=!0/<:&,709>0,9/?9:,</48?90=
$30=>,>0:1?=0<0B;0<409.00@,7?,>4:9;<,.>4.0
90."$$#(-&1.%2'$2'.0#(".-%$0$-"$.-
3, -.,/32$0-2$0 "2(.-3- 12
.3-# 2(.- +.0#(8L
3>>;=/:4:<2
)* ,<807:</4>:!,:7:?:9:,947:,4@,9:,<4,
<,9.0=.,:=>,-470,9/":=,,9D47:>>4
9@0=>42,>492,9/;<:8:>492%(;<,.>4.04949/?=><C
90B;0<4809>,7=>?/C-2$0- 2(.- +.30- +.%
3, -.,/32$023#($1L
3>>;=/:4:<25453.=
)* <090?"4.3,</:,</8,9":-49011<40=!,><4.6
,<@409>:9077,!,@0=009="40207=-0<20<0<<C
"://09,9/:77C#>0@09=%=0<0B;0<409.0,>
2::270:.?=:9>30?=0<,9/,7707=0A4771:77:A9
862$-#$#!120 "21.-3, - "2.01(-
.,/32(-&712$,1L
3>>;=/:4:<2
)* 4.3,07,4D0<8,9:9,7/':8;>:9,9/#>,.0C
?01>70#>:.6/477#?88,<C,9/,9,7C=4=:1>30
.,=0=>?/40=$3080=,.<:==>30.,=0=$5(0$"2(.-1
%.04 +3 2(.-L
3>>;=/:4:<20@
)* ,6:- >65K<,6482?C09!0>0<"4=2,,</,9/
,9#>,20<492492?=,-474>C0@,7?,>4:949>:
;<,.>4.0407/=>?/40=49>A:=:1>A,<0:<2,94D,>4:9=
90."$$#(-&1.%2'$$".-#-2$0- 2(.- +.0*1'./
.-2'$-2$0/+ 7!$25$$-1 !(+(274 +3 2(.- -#
.%25 0$$4$+./,$-28
)* =,-0770:?<20:4=,9/<,/70C:?=49=
91:<84920@,7?,>4:9.,;,.4>C-?47/492>3<:?23
;<:147492:<2,94D,>4:9,7.,;,.4>C1:<0@,7?,>4:99
08;4<4.,70B,849,>4:9:11:?<,9,/4,90/0<,7
:@0<9809> <2,94D,>4:9= - #( -.30- +.%
0.&0 ,4 +3 2(.-#!##%L
)* =,-0770:?<20:4=,90'3C9:>,9/E>40990
$3F<4,?7>;;74.,>4:9:1,9:<2,94D,>4:9,7
0@,7?,>4:9.,;,.4>C=071,==0==809>49=><?809>>:
/4110<09>:<2,94D,>4:9=#4847,<4>40=,9/70==:9=
70,<90/4 +3 2(.- -#0.&0 ,+ --(-&L
3>>;=/:4:<250@,7;<:2;7,9
)* ,9@:8<:.6070B,9/0<#48:9=5H<9403,@0=
,4"4080<",71!7,>>1,?>99070@09,9&:9
<:.60,9/,4"0480<"0.:9=><?.>492>30
4,9> 9>308;:<>,9.0:1"42:?<49:.?809>492
>304>0<,>?<0#0,<.3!<:.0==92'30./$ -
.-%$0$-"$.--%.0, 2(.-712$,1L
3>>;=/:4:<2
)* 9/0<=<??9,<>,<4=>49,<?=/:>>4<090
407=09!0>0<B07407=09,9/:39#>:?-C
!0<==:9$30<:70:1%(;<:10==4:9,7=49,2470
/0@07:;809>90."$$#(-&1.%2'$2'.0#("
.-%$0$-"$.-3, -.,/32$0-2$0 "2(.-
.0#(8L
3>>;=/:4:<2
)* 9/0<=<??9,9/,9#>,20,<01::>?=,-474>C
0@,7?,>4:9=$' 4(.30 -#-%.0, 2(.-$"'-.+.&7
L
3>>;=/:4:<2(
)* 9/0<=<??9,9/,9#>,200A,;;<:,.30=
>:?=,-474>C0@,7?,>4:949=:1>A,<0/0@07:;809>
,<01::>,9/.<:A/=:?<.492.30- +.%712$,1 -#
.%25 0$
3>>;=/:4:<255==
)* $,<,:7,<<C,9B;7:<492>304809=4:9=:1
<2,94D,>4:9,7,;,.4>C1:<:.,7#:.4,7#0<@4.0
074@0<C <2,94D,>4:9=%=492,?7>40>3:/
;;<:,.3&4<2494,$0.3
)* 4.3,07?/A42#::5490:92,9/?7/00;076,<
'309?=0<0B;0<409.080>,2470.,=0=>?/C
90."$$#(-&1.%2'$2'-2$0- 2(.- +.-%$0$-"$
62$-#$#!120 "21.-3, - "2.01(-.,/32(-&
712$,1L
3>>;=/:4:<2
)* ?4=,C:7,,9/:=F,.G,=#C=>08,>4.
2?4/,9.0:9?=,-474>C80>3:/=49?=0<.09>0<0/
=:1>A,<0/0@07:;809>-%.0, 2(.- -#.%25 0$
$"'-.+.&7L
3>>;=/:4:<2#
)* :<<,4903,;8,9,9/#.:>>!70A0=%(
8,>?<4>C8:/07110.>4@049><:/?.>4:9:1%(49>:
:<2,94D,>4:9=9$"230$.2$1(-.,/32$0"($-"$
(-"+3#(-&13!1$0($1$"230$.2$1(-02(%("( +
-2$++(&$-"$ -#$"230$.2$1(-(.(-%.0, 2("1L
3>>;=/:4:<2+
)* 74D,-0>33?<.3477$30" :1
(-2$0 "2(.-1L
3>>;=/:4:<2
)* <,/70C:?=49=#A00:3,>30<490774:>>
,9/=,-0770:?<20:4=<,8492>30.,;,.4>C>:
/:,9/?=00@,7?,>4:9$5(0$"2(.-1%.04 +3 2(.-
L3>>;=/:4:<20@
)* ,<>3C%=,-474>C,>?<4>C:/07?8,9
09><0/90==#.,700.)$"2$+(4$0 !+$
L
)* 023,9/0,9/,<0>>A:<8,9'3C
0=4290<=423>',9>>:"0/0=429:8;,9C
!<:.0==0=>:0>>:0>>0<%(0=42990."$$#(-&1
.%2'$.-%$0$-"$62$-#$#!120 "21.-
3, - "2.01(-.,/32(-&712$,18
L3>>;=/:4:<2
)* #?=,9,<<077,9/,6:-407=091$0
6/$0($-"$ 0$$01
)* 099410<<,=0<,9/#.:>>!70A0=;;74.,>4:9=
<3.&).AB?6AF<129A<;39B2;06;42@A
"?.0A602@6;%205;<9<4F2;A?60<:=.;62@N2@@<;@
3?<:16@<;(&!%+*+(!%
5AA=@1<6<?47=?<:34
+, <:6;60B?;6@@".B9B?G<;.;1;;9.;13<?1
E=9<?6;4<?4.;[email protected]<;.90<:=2A2;02@6;
B:.;.0A<?@.;1&)=?<720AD<?8:.;.46;4
0.?22?@=?<720AA.0A60@.;1<?4.;[email protected]<;.9@A?.A24F
(&%&$!)N
5AA=@1<6<?4
+, 96G./2A5<<1:.;?68$A<9A2?:.;.;1#<;
(.88.?F&;12?@A.;16;46;A2?.0A6<;12@64;
=?.0A602@;(&!%)&* %%+#
&%(%&%+$%*&()!%&$'+*!%)/)*$)
0
5AA=@1<6<?4
+, <96;?.FOAQ@<?2<3.6;1@2A%5.;.
2A5<1P&)"?.0A6A6<;2?@Q<;02=A6<;<32@64;
2A5<1@;(&!%)&* &%(%
&%+$%*&()!%&$'+*!%/)*$)N
5AA=@1<6<?4
+, <96;?.FB@A6;%<<:/@.;1$5.1?<@@
9<D<3<:=2A2;026;&)2@64;"?.0A602
(&!%)&* 0&%(%&%
+$%*&()!%&$'+*!%/)*$)N
5AA=@1<6<?4
+, 296.?2;C6992?.:6;4=.?A606=.A<?F=?.0A602@
6;.9.?420<?=<?.A6<;;(&!%)&* *
(*!!'*&(/)!%&%(%&%.'#&(*&(/
'()&(") &')(!'*!&%)%+)*(/))N
5AA=@1<6<?4
+, #B;2%5M245.@2@AB1F6;A24?.A6;4
B@./696AF.0A6C6A62@6;.@<3AD.?212C29<=:2;A=?<02@@
,!&+(%&($*!&% %&#&/N
5AA=@1<6<?4
+, #B;2%5M2455?6@A6.; 629@2;605.29
!C2?4..?1605.29"212?@2;.;1.;$A.42
%526:=.0A<3B@./696AF?2=<?A@.;1B@2?A2@A
</@2?C.A6<;@<;12C29<=2?@QB;12?@A.;16;4<3
B@./696AF1.A.;2E=9<?.A<?F@AB1F%*(%*!&%#
&+(%#&+$%&$'+*(%*(*!&%N
5AA=@1<6<?4@6750-
+, .B?.<88.;2;*B2>6.;4)B.;1.6@.'II;I;2;
<0B@6;4<;B@2?2E=2?62;02.;1/B@6;2@@
:<129@6;@A.?AB=@;[email protected]<;<3AD<16:2;@6<;.9
C.9B20?2.A6<;$!!%*("(&!%)
&* * %*(%*!&%#$!!%*("
&%(%N
5AA=@1<6<?4
+, $A.02FB23A92$A<081699605.29.6G2?:.;.;1
<;.91(<:=A<;%<D.?1.1236;6A6<;<3A52
=?<02@@0<;[email protected]<;D6A5A5296A2?.AB?2
-!(*!&%)&(,#+*!&%N
5AA=@1<6<?42C
+, ;6?B15.<@56 $.?1..;1$.;7.F%?6=.A56
2.@B?6;423320A6C2;2@@<36;A24?.A6<;6;
@<3AD.?212C29<=:2;A=?<02@@2@&+(%#&/)*$)
%&*-(N
5AA=@1<6<?477@@
+, ".?6F..@5364;2A. 69@@<;.;1#</2?A291A
;A24?.A6;4&@2?2)=2?62;02=?.0A602@6;A<
@<3AD.?212C29<=:2;A=?<02@@2@6:=960.A6<;@<3A52
&)05.?.0A2?6@A60@(&$'+*(!%
5AA=@1<6<?4=22?70@
+, 608F"2??.C61$;<AA605.29<@@
5?6@(9244.;1#</6;"<?A<;
@@2@@6;4A52C.9B2<35B:.;3.0A<?@6;6A6.A6C2@
''#!(&%&$!)N
5AA=@1<6<?47.=2?4<
+, $BG.;;262332?.;12.;'.;12?1<;08A
$%#%&$>B2@A6<;;.6?23<?@A?.A2460B@./696AF
.@@2@@:2;A;(&!%)&* )*%%+#
/$'&)!+$&%''#!&$'+*!%0N
5AA=@1<6<?4
+, .;;2C.;<992;/B?4$.;12?<42?@C.2082?@
<2=?2;@.;1.?<96;2B::29@<D
2@64;6;09B@6C2&)#;39B2;021A52;A24?.A6<;<3
"?<720A0A6C6A62@;(&!%)&*
&%(%&%+$%*&()!%&$'+*!%/)*$)
0N
5AA=@1<6<?4
+, $B@.; ./6;2C29<=6;4<::<;2.@B?2@
6;C.9B.A6<;.=.06AFB6916;4$(!%&+(%#&
,#+*!&%N
5AA=@1<6<?4
+, $B@.; ./6;2;;632?B33FB;0.;
2F2?@/?.5.:(.;12?@:.;.;1.A52?6;2
2@2@;2#2@2.?05$F;A52@6@<3A52
C.9B.A6<;.=.06AFB6916;46A2?.AB?2$(!%
&+(%#&,#+*!&%N
5AA=@1<6<?4
+, %5.J@..02?1..;15?6@A6.;2?2@@2C<;
(.;42;526:$F@A2:.A6096A2?.AB?2?2C62D<3
B@./696AF0.=./696AF:.AB?6AF:<129@&$'+*(
*%()%*()N
5AA=@1<6<?470@6
+, .?A..?B@1<AA6?.;B9968@2;.;1H@..7.;12?
9602;@2A<8699N:=?<C6;4&$6;4692
12C29<=:2;A&+(%#&/)*$)%&*-(
N5AA=@1<6<?477@@
+, 3362.65<;4.D".B9'.;$05.68.;1'6?=6
#<A<AA6AB12@A<D.?1@B@2?2E=2?62;02&)
:2.@B?2:2;A%*(%*!&%#&+(%#&+$%
&$'+*(*+!)N
5AA=@1<6<?476750@
+, .@@66688.;2;&)$A?.A24F.@.608
@A.?A2?3<?2@64;%?.;@3<?:.A6<;6;.;;46;22?6;4
;9<-:D:0.$&&%*-(1.'2)&
.-'&0&-$&52&-%&%#120"$21.-3,"-"$2.01*-
.,/32*-(612&,18I
4??<>0;5;=3
*+ 3:1>5>;B>7-->>;:1:5>-8-::1-:0%59;:
9>?@?E&>-.585?D#12-/?;=5:3"=;/1>>2;=
-=31$/-81!<1:$;@=/1"=;61/?>:0.$&&%*-(1.'
2)&.-'&0&-$&52&-%&%#120"$21.-
3,"-"$2.01*-.,/32*-(612&,18
I4??<>0;5;=3
*+ =5185@'5/?;=5-$/4B-:0-$;>57-:04-05:1
$5:34@5805:39<-?4D$/-85:3&>1=
#1>1-=/42;=!=3-:5E-?5;:-89<-/?:52&-%&%
#120"$21.'2)&.-'&0&-$&.-3,"-
"$2.01*-.,/32*-(612&,18I
4??<>0;5;=3
*+ =-53-/;:-80J?%-71>-'588-31K!:
&)5.=-=5-:>45<-:0@5805:3&)-<-/5?D5:
5.=-=51>.30-"+.'*#0"06%,*-*120"2*.-
4??<>0;5;=3
*+ ;.->4-<-0:-418@81-=1881'-:=1@:1:
-:0850-'180>9-:-:-35:3@>1=1C<1=51:/1
-:-35:3/4-:31:&$230&.2&1*-.,/32&0
$*&-$&*-$+3%*-(13#1&0*&1&$230&.2&1*-
02*'*$*"+-2&++*(&-$&"-%&$230&.2&1*-
*.*-'.0,"2*$1I
4??<>0;5;=3,
*+ ;.->4-<-0:-418@81-=1881=1@:1:850-
'180>9-:;.->4-<-0:-418@81-=1881
=1@:1:850-'180>9-:-:-35:3&>1=-:-35:3
4-:31"-@8-;?E-=D-=>01:5??15:03--=0
-:0-:1?(1>>;:-:-35:3&>1=C<1=51:/1I
-:-35:34-:31:3,"-.,/32&0-2&0"$2*.-
1/?@=1 ;?1>5:;9<@?1=
$/51:/1I4??<>0;5;=3
,
*+ "1?1=1=4;8E-:0=5>?5:$75::1=0(%&1*(-
'.0%&1*(-.0(13*+%*-("-%,"-"(*-(*-).31&
%&1*(-2&",1!L#1588D105-$1.->?;<;8
*+ -?5;:-8#1>;@=/11:?1=20&-(2)&-*-(
.-/0.'*21"/"$*263*+%&081&1.30$&*#0"06
&+*4&0*-(0"*-*-("-%&$)-*$"+11*12"-$&
*+ -7;. 518>1:;=<;=-?1&)-?@=5?D$?-31>
#1?=51A10@:12=;9
4??<>BBB::3=;@</;9-=?5/81>@C9-?@=5?D>?-31>
*+ -7;. 518>1:;=<;=-?1&)-?@=5?D$?-31>
#1?=51A10@:12=;9
4??<>BBB::3=;@</;9-=?5/81>@C9-?@=5?D>?-31>
*+ -91> 51?1=>[email protected]=-;A-?@=5-:0-=1??
B;=9-:%415:?1=:-8/;:>@8?-:/D9;0182;=
>?=-?135/&)=181A-:/1:852&-%&%
#120"$21.-3,"-"$2.01*-.,/32*-(612&,1
I4??<>0;5;=3
*+ $;<451 ;=?;::0=1B58-?-==D0B-=0>-:0
5/4-185225: -==-?5A1=1A51B;2>?=-?1351>
.D;=3-:5E-?5;:>2;=.@5805:31A-8@-?5;:/-<-/5?D
4"+3"2*.-"-%0.(0",+"--*-(I
4??<>0;5;=361A-8<=;3<8-:
*+ %5:-HA-0 5>;=:;1-=>;-=>1:-:0-:
$?-31%1-/45:3$;2?B-=11A18;<1=>?;
"1=2;=9&)%->7>:0.$&&%*-(1.'2)&--3"+
&&2*-(.'2)&3120"+*"-/&$*"+-2&0&120.3/'.0
.,/32&03,"--2&0"$2*.-.-78I
4??<>0;5;=3
*+ %5:-HA-0-:0-=>;-=>1:;B?;=10@/1
?41&).;??81:1/7I?=-5:D;@=>;2?B-=101A18;<1=>
&)"4*.30"-%-'.0,"2*.-&$)-.+.(6
4??<>0;5;=3)
*+ 1==D#;001:58-=D@?/45:>;:-:0)5:@
1->@=5:3?41@>1=1C<1=51:/1;:-8-=31>/-81N&>1=
/1:?1=1091?=5/>2;=B1.-<<85/-?5;:>:0.$&&%*-(1
.'2)&.-'&0&-$&.-3,"-"$2.01*-
.,/32*-(612&,1I
4??<>0;5;=3
*+ -:5/1::1#;4:;B?;;=3-:5E-?5;:-88D
19.10&)5:D;@=/;9<-:D-2&0"$2*.-1I
4??<>0;5;=3
*+ $?1<4-:51#;>1:.-@9-:5/1::1#;4:-:0@011
@9.@=3?;;875?2;=>?=-?135/@>-.585?D
#1>@8?>2=;9B;=7>4;<><-:18>-:0>@=A1D>:
0.$&&%*-(1.'2)&$.-'&0&-$&.-3,"-
"$2.01*-$.,/32*-(1612&,1I
4??<>0;5;=3
*+ '5=<5#;?;56--->5:1:--=5- @@?5:1:-:0
-=7;$1<<F:1:&)C<105?5;:>5:@>5:1>>
?;@>5:1>>1-AD:0@>?=D:0.$&&%*-(1.'2)&
.-'&0&-$&52&-%&%#120"$21.-3,"-
"$2.01*-.,/32*-(612&,18I
4??<>0;5;=3
*+ 122$-@=;=5>?5:;4:>;:-:0418>1-11:-:
=;9$:-71!58?;$/51:/1:0.$&&%*-(1.'
2)&.-'&0&-$&52&-%&%#120"$21.-
3,"-"$2.01*-.,/32*-(612&,18
I4??<>0;5;=3
*+ =5/$/4-221=-:0<-8--45=5
-12*232*.-"+*7"2*.-.' !2&/#62&/3*%&2."
1&05/&0*&-$&0"$2*$&005>;:(1>81D&<<1=
$-0081#5A1=
*+ 57-18=->4;8?$7;A-:0-:$?-31%=-5:5:3
>;2?B-=101A18;<1=>-:001>53:1=>?;/;:0@/?
@>-.585?D1A-8@-?5;:>&)"4*.30"-%-'.0,"2*.-
&$)-.+.(6I
4??<>0;5;=3
*+ -=5-$?;:1=-:71:?81D=;;71(45?1-:0571
"2/,+8/57,/..381$</;$8./;<=+8.38138
=2/9;:9;+=/>6=>;/8(&"% )&*!
&%(%.*%)*(*)&%+$%
*&()"%&$'+*"% /)*$)0F
2==:<.939;1
)* #38+#+B69;!3=C6/;(96+8.+">+;/C+6-+C+;
.>;8/+;-3+;3+;=/+?3./8;B+8.+,;3-39
+6-+C+;$8./;<=+8.381+8./+<>;381
?+6>+=398+:+-3=B$("%&+(%#&,#+*"&%
F
2==:<.939;1
)* !3-2+;.#9;;+-9&;3=3818=/1;+=3?/
3=/;+=>;/!/?3/@<>3./638/<+8.A+7:6/<+$%
)&+(,#&'$%*,"-F
2==:<.939;1
)* +;-38#;/./;/;;B+9+8.%38-/9
%*('(")%+)*(/'&(**&
)* 61+8$<5+;-G+8.8>;/73;D;<9<=+1/.
7+=>;3=B79./6<;/<>6=389;1+83C+=398@3./
-98=38>9><:;9-/<<37:;9?/7/8=8<312=0;97
/7:69B//<&$'+*(*%()%%*()
F2==:<.939;14-<3
)* ./96+(/=>8./&+6/96+./8=/1;+=381
><+,363=B@9;538=9+6+;1/38=/;9;1+83<+=398+6+136/
./?/69:7/8=:;94/-=#+-=3-<./?/69:/.,B><+,363=B
./<318/;<&+(%#&/)*$)%&*-(F
2==:<.939;144<<
)* +8/&/,<=/;+8.!3-2+;.#&+=<988+6BC381
=2/ +<==9 ;/:+;/09;=2/>=>;/&;3=381+3=/;+=>;/
!/?3/@+(*(#/A333FAA333
2==:<.939;1
)* /00&38=/;+;3!D855D+8.3559!3<<+8/8
./8=30B3819;1+83C+=398+6,+;;3/;<-+</<=>.B90
><+,363=B@9;5@2/8./?/69:381<90=@+;/38=2/
+>=97+=39838.><=;B&+(%#&/)*$)%&*-(
F2==:<.939;144<<
)* 2+;6/<(3>$'./<318@3=238=/;8+=398+6
=/+7<2+66/81/<+8.,/<=:;+-=3-/<80
.*%)*(*)&%+$%*&()"%&$'+*"%
/)*$)&%F
2==:<.939;1
)* !/138+6.#97+<(>//))%*"#)&'"*/
$% $%*&36/B
