Research › Search › Judgment

High Court of Karnataka · body

2025 DAILYLAW 92682 (KAR)

IBRAHIMSAB v. THE STATE OF KARNATAKA

CRL.A/200116/2025 · 2025-09-25

H P Sandesh, T M Nadaf

body2025

Judgment text

Extracted from the PDF above. The PDF is authoritative.

- 1 - ! "# " $#% " $#% # #"" &' #"" ( # & ' !"# $ %& ' ( % !"!% $ !& ) $ #& ® Digitally signed by NIJAMUDDIN JAMKHANDI Location: HIGH COURT OF KARNATAKA - 2 - % % $ & #* + !"! ! !"!% $ "& "" )! * "" * +( **" * , + + + ' , !"! $ & - " )! "" ""+ ( # ** , - 3 - + )%$& + + + ++ %) % %")%%%"%)#)-)-)!!-%!-# + + ++ )$&$& )$&$& )$&$& + -%-% * $& ))- + ' ) !"# $ & - !"# $ & "" )! * "" *, + + + - 4 - ' , !"! $ & - " )! "" ""+ ( # ** , + %!$& ./ $)%$&& + + + ++ %)%%")%%%%)#)-)-)!!-%!-# + + ++)$& $&)$&$&)$&$& + -%-% * $& ))- + ' + + #" )! " "", ) !"# $ & - 5 - - !"# $ & - )! * "" *, )## + !#)#-% -#-!-% + + + + -)-!-% + $& ))--%-% , , + #-0-! + 1 + 2 + 3 3 + - 6 - *%# $ 3 & 45.--#-% 67 /6589 :; <==>789 .% ?. " <@945.--#-!67/6589:;<==>789.<@9 =A<558@B6@B ?A8 C>9BD8@? ./ =.@E6=?6.@ 9<?89 -%-% <@9.4984./78@?8@=89<?89-)-!-%F<7789:;?A8 996?6.@<5 67?46=? <@9 8776.@7 <@9 F8=6<5 >9B8 6C<;<F>4<$A8486@</?8448/84489?.<71?46<5>9B82&<B<6@7? <==>789 . <@9 /.4 =<F6?<5 F>@67AD8@? <@9 56/8 6DF467.@D8@? <B<6@7? <==>789 .% ?. " /.4 ?A8 .//8@=87 6@E.G89<B<6@7??A8D/.4?A8 @96<@8@<5.98$ &<@9 <57. >@984 ?A8 =A89>589 <7?87 <@9 =A89>589 46:87 $48E8@?6.@./?4.=6?687&D8@9D8@?=?-!$/.47A.4? 1$&=?2& A845.----%6748B67?8489.@?A8 :<767 ./ ?A858??84 .465!#)#-%:; ?A8 996?6.@<5 67?46=? <@9 8776.@7F8=6<5 .>4? 6C<;<F>4 9<?89 -#-!-% HA8486@ ?A8 ?46<5 >9B8 F<7789 ?A8 98<?A - 7 - 78@?8@=8 <@9 78@? < 48/848@=8 /.4 =.@/64D<?6.@ ./ ?A8 98<?A 78@?8@=8 >@984 8=?6.@ )## ./ .98 ./ 46D6@<5 4.=89>48 $4& E698 C>9BD8@? ./ =.@E6=?6.@ 9<?89 -%-% <@9 .4984 ./ 78@?8@=8 9<?89 -)-!-% F<77896@F8=6<5<78$&.))-.@?A8/658./ ?A8 996?6.@<567?46=?<@98776.@7<@9F8=6<5>9B8 6C<;<F>4< ) A8 /<=?><5 D<?46I ./ ?A8 =<78 ./ ?A8 F4.78=>?6.@ 6@ ?A8 =A<4B8,7A88? /6589 :; ?A8 8F>?; >F846@?8@98@? ./ .56=8 <7<E<@ <B8H<96 <558B89 <B<6@7? <==>789 . <@9 % ?. " <5.@B H6?A <==>789 .)=A659=.@/56=?H6?A5<H?A<??A8;A<E8=.DD6??89?A8 .//8@=87>@9848=?6.@%)%%")%%%)-)- )!%)#!-%<@9!-#48<9H6?A8=?6.@%0./ <@9 >@984 8=?6.@ )$6&$4&$7& <@9 ) $&$E& $& =? @ ?A8=A<4B8,7A88?6?67<558B89?A<?<55?A8<==>789F847.@7 H6?A=.DD.@.:C8=?<778D:589?.B8?A84.@-)-#-<? <:.>? -))- FD 6@ /4.@? ./ <@@<9< 7=A..5 <@9 <57. 6@ /4.@? ./ A.>78 ./ <==>789 .% 76?><?89 <? >@9<G@<5 - 8 - 655<B8<7?A8;:8=.D8?A8D8D:84./>@5<H/>5<778D:5; =.DD6??89 ?A8 .//8@=8 ./ 46.?6@B A.596@B 98<95; H8<F.@7 56G8 7?6=G7 7?.@87 <I8 <@9 G@6/8 487?4<6@89 ?A8 =.DF5<6@<@? <@9 ,0<7?>46:<6 ? 67 <57. <558B89 ?A<? ?A8; ?487F<7789 6@?. ?A8 A.>78 ./ =.DF5<6@<@? <@9 =.DD6??89 D67=A68/ :; 78??6@B /648 ?. ?A8 A.>78 ./ =.DF5<6@<@? H6?A <@ 6@?8@?6.@ ?. 987?4.; 6? HA6=A 67 .496@<465;>789<7A>D<@9H8556@B ?67<57.?A8<558B<?6.@?A<?<==>789.<77<>5?89 ?A8 =.DF5<6@<@? H6?A 7?.@8 .@ A67 A8<9 <==>789 . <77<>5?89H6?AA<@958./<I8.@A67:<=GH6?A<@6@?8@?6.@ ?.=.DD6?D>4984<@9<==>789.)<77<>5?8998=8<789, A<@> 8B>D H6?A 7?6=G .@ A84 A8<9 <==>789 .! <77<>5?89 A84 H6?A 7?.@8 <==>789 . :4.>BA? ?A8 G84.78@8 /4.D ?A8 A.>78 <@9 F.>489 .@ ?A8 :.9; ./ 98=8<789, A<@> 8B>D </?84 94<BB6@B A84 /4.D ?A8 A.>78:;<==>789.%?.#<@9<==>789.78?/648.@ A84:.9;<@9=.DD6??89?A8D>49846@?8@?6.@<55;=<>76@B ?A898<?A./ A<@> 8B>DHA.H<7F48B@<@?A<E6@B@6@8 - 9 - D.@?A .59 /8?>7 6@ A84 H.D: 7 < 487>5? ./ HA6=A ?A8 7<69 A<@> 8B>D9689:8/.48B6E6@B:64?A?.A84=A659<@9 <57. <:>789 ,0<7?>46:<6 6@ < /65?A; 5<@B><B8 <@9 A>D656<?89:;?<G6@B?A864=<7?87@<D8<@9?A48<?8@89?A8 =.DF5<6@<@? <@9 ,0<7?>46:<6 G@.H6@B />55; H855 ?A<? ?A8;<48?A8D8D:847./7=A89>589=<7?8<@9=.DD6??89 ?A8.//8@=8>@984?A8$&=?A878<48?A87>D <@97>:7?<@=8./?A8<558B<?6.@./?A8=A<4B8,7A88? % A8 F.56=8 </?84 48B67?4<?6.@ ./ ?A8 =<78 6@E87?6B<?89 ?A8 D<??84 <@9 /6589 ?A8 =A<4B8,7A88? <==>789 F847.@7 H848 78=>489 <@9 ?A8; 969 @.? F58<9 B>65?;<@9=5<6D7 ?.:8?4689 @.4984?.F4.E8?A8=<78 F4.78=>?6.@ 8I<D6@89 7, ?. ) .>? ./ ) H6?@87787 =6?89 6@ ?A8 =A<4B8,7A88? <@9 9>46@B ?A8 ?46<5 <57. B.? D<4G89 ?A8 9.=>D8@?7 <7 I7 ?. ! <@9 7, ?. ) ! A8 F4.78=>?6.@ </?84 A<E6@B =.@=5>989 ?A8 8E698@=8 7>:C8=?89 ?A8 <==>789 F847.@7 <@9 48=.4989 - 10 - ?A8647?<?8D8@?>@9848=?6.@))4<@9?A8;969@.? =A..78 ?. 8I<D6@8 <@; H6?@87787 .@ ?A864 :8A<5/ <7 98/8@=88E698@=8 # A8?46<5>9B8A<E6@B=.@7698489:.?A.4<5<@9 9.=>D8@?<4; 8E698@=8 <@7H8489 <55 ?A8 F.6@?7 <7 <//64D<?6E8 6@ =.D6@B ?. ?A8 =.@=5>76.@ ?A<? =A<4B87 58E8589 <B<6@7? ?A8 <==>789 A<E8 :88@ F4.E89 /.4 ?A8 <:.E8 .//8@=87 <@9 =.@E6=?89 <==>789 . <@9 <@9 78@?8@=89 /.4 =<F6?<5 F>@67AD8@? <@9 <==>789 .% ?. " /.456/86DF467.@D8@?<F<4?/4.D.?A8478@?8@=87/.4.?A84 .//8@=87 86@B<BB468E89:; ?A8 C>9BD8@? ./ =.@E6=?6.@ <@9 .4984 ./ 78@?8@=8 <==>789 .% ?. " A<E8 /6589 46D6@<5FF8<5.--#-%HA8486@?A8;7F8=6/6=<55; =.@?8@989 ?A<? ?A8; <48 6@@.=8@? ./ ?A8 =A<4B87 58E8589 <B<6@7? ?A8D <@9 F4.78=>?6.@ /<6589 ?. 87?<:567A 6?7 =<78 :8;.@9<5548<7.@<:589.>:?<@9?A88I67?8@=8./F4.:<:58 <5?84@<?6E87 =.DD6??89 <@ 844.4 6@ =.@E6=?6@B <@9 78@?8@=6@B?A8D - 11 - " A8 58<4@89 =.>@785 /.4 ?A8 <FF855<@?7 <57. H.>59E8A8D8@?5;=.@?8@9?A<?F4.78=>?6.@485689.@5;.@ 6@?8487?89 H6?@87787 <@9 <55 ?A8 6@98F8@98@? H6?@87787 A<E8@.?7>FF.4?89?A8=<78./F4.78=>?6.@A848=.E84; F<@=A<7 <57. A<E8 @.? 7>FF.4?89 ?A8 =<78./ F4.78=>?6.@ <@9<55?A86@?8487?89H6?@87787<48?A89648=?485<?6E87./ ?A8 =.DF5<6@<@? A8 ?46<5 >9B8 /<6589 ?. =.@76984 ?A8 8E698@=8 H6?A 9>8 =<48 <@9 =<>?6.@ HA8@ ?A8 6@?8487?89 H6?@87787A<E8:88@8I<D6@89:8/.48?A8?46<5.>4? 0 A8 =.>@785 <57. E8A8D8@?5; =.@?8@9 ?A<? <DC<@:6 HA. 67 <==>789 .% 67 @.@8 .?A84 ?A<@ ?A8 D.?A84./?A898=8<789HA.67<B89<:.>?#!;8<47<@9 ?A8 <FF855<@?7 5<=G7 FA;76=<5 <@9 D8@?<5 7?48@B?A ?. =.DD6? ?A8 7<69 <=? A8 =.>@785 <57. H.>59 E8A8D8@?5; =.@?8@9 ?A<? <FF855<@? . ) % <@9 ! H848 @.? 8E8@ F4878@?HA8@?A8<558B896@=698@?A<7.==>4489<@9?A8; H848H6?A?A864487F8=?6E8/<D65687<?<96//848@?F5<=8<@9 ?A864 F4878@=8 H<7 @.? 87?<:567A89 :; ?A8 @E87?6B<?6@B .//6=84H6?A<@;6@98F8@98@?D<?846<5 - 12 - - A8 F4878@=8 ./ <==>789 .% ?. " 67 F4.E89 ?A4.>BA ?A8 8E698@=8 ./ =5.78 /<D65; D8D:847 ./ ?A8 =.DF5<6@<@? H6?A.>? <@; =.44.:.4<?6E8 8E698@=8 @E87?6B<?6@B //6=84 A<7 @.? F4.F845; 6@E87?6B<?89 ?A8 D<??84 <@9 @.? =.558=?89 <@; D<?846<5 7A.H6@B ?A8 F4878@=8 ./ ?A8 .?A84 <==>789 F847.@7 <@9 ?A8 6@98F8@98@? H6?@87787 HA. H848 F4.C8=?89 <7 8;8H6?@87787:;?A8F4.78=>?6.@969@.?7>FF.4??A8=<78 ./?A8F4.78=>?6.@ @7F6?8./6??A8?46<5>9B8<==8F?89 ?A88E698@=8./?A86@?8487?89H6?@87787 ? 67 =.@?8@989 ?A<? =.DF5<6@<@? A6D785/ A<7 :88@<==>789./=.DD6??6@B<@.//8@=8./4<F8HA8@?A8 98=8<789H<7<D6@.4<@958<4@89?46<5>9B8=.DD6??89 <@ 844.4 6@ <FF48=6<?6@B :.?A .4<5 <@9 9.=>D8@?<4; 8E698@=8 <@9 H6?A.>? ?A8 7>FF.4? ./ ?A8 /<=? <@9 5<H =.@E6=?89?A8<==>789F847.@7 A8 .?A84 <FF8<5 68 46D6@<5 FF8<5 .--#-!67/6589:;<==>789.<@9HA.A<E8 :88@ =.@E6=?89 <@9 78@?8@=89 /.4 98<?A 78@?8@=8 ? 67 - 13 - =.@?8@989 ?A<? ?A8 ?46<5 >9B8 /<657 ?. ?<G8 @.?8 ./ ?A8 D<?846<56@<F4.F84F847F8=?6E8<@9485689>F.@?A8E84; 7<D8B4.>@97<@9=.@?8@9?A<??A8?46<5>9B8=.DD6??89 <@ 844.4 6@ :8568E6@B .@5; ?A8 6@?8487?89 H6?@87787 8E698@=8 ?67<57.=.@?8@989?A<??A8D<?846<5.@48=.49 =58<45;7A.H7?A<?<==>789."HA.67?A885984767?84./ ?A8 98=8<789 A<9 <57. D<44689 < F847.@ :85.@B6@B ?. 89<4< =.DD>@6?; ? 67 <57. =.@?8@989 :; =.>@785 ?A<? ?A8; A<E8 =A65948@ /4.D ?A8 7<69 D<446<B8 A8@ ?A8 <==>789 F847.@7 A<E8 ?.584<?89 ?A<? 85984 767?84 ./ ?A8 98=8<789 A<9 <57. D<44689 < F847.@ :85.@B7 ?. 89<4< =.DD>@6?; J>87?6.@ ./ =.DD6??6@B ?A67 .//8@=8 9.87@2? <4678 <@9 @. D.?6E8 A>7 ?A8 J>87?6.@ ./ A.@.4 G6556@B 6?785/ 9.87 @.? <4678 <@9 =.DF5<6@<@? A6D785/ A<7 :88@ <==>789 ./ =.DD6??6@B <@ .//8@=8 ./ 4<F8 HA8@ ?A8 98=8<789H<7D6@.4A8=.>@785<57.H.>59=.@?8@9?A<? A8D6BA?A<E8G65589<@9@.??A8<==>789F847.@7 ) A8 =.>@785 <57. H.>59 E8A8D8@?5; =.@?8@9 ?A<? ?46<5 >9B8 67 @.? =.448=? 6@ =.@9>=?6@B ?A8 ?46<5 6@ - 14 - 7>=A</<7A6.@:>?6?67HA.55;6@=.448=?6@58??6@BA6D785/ 7H<;89 :; ?A8 6D<B87 ./ :>4@? :.9; ./ ?A8 98=8<789 ?. =5<776/; ?A8 =<78 <7 ?A8 4<487? ./ ?A8 4<48 =<78 <@9 =.DD6??89 <@ 844.4 6@ <H<496@B =<F6?<5 F>@67AD8@? ?. <==>789.<@9<@96DF.76@B9.>:5856/8F>@67AD8@? /.4.?A84<==>789F847.@7 % A8?46<5>9B8H6?A.>?=.@769846@B?A88E698@=8 6@ < F4.F84 F847F8=?6E8 <@9 H6?A.>? ?A8 7>FF.4? ./ ?A8 8E698@=8 ./ <@; 6@98F8@98@? H6?@87787 =.@E6=?89 ?A8 <==>789F847.@7A84867@.<BB4<E<?6@B=64=>D7?<@=87?. 6DF.78 ?A8 =<F6?<5 F>@67AD8@? <@9 /<657 ?. =.@76984 D6?6B<?6@B=64=>D7?<@=87 ! A8=.>@7859>46@B?A8=.>478./<4B>D8@?<57. E8A8D8@?5; =.@?8@9 ?A<? HA8@ 7, <@9 A<E8 @.? 7>FF.4?89 ?46<5 >9B8 =.DD6??89 <@ 844.4 6@ =.@769846@B ?A88E698@=8./,)HA.67?A8A>7:<@9./?A898=8<789 <@9 .?A84 H6?@87787 68 7," - <@9 ) <@9 ?A878H6?@87787.@5;7>FF.4?89?A8=<78./?A8F4.78=>?6.@ <@9<55./?A8D<486@?8487?89H6?@87787 - 15 - # A8=.>@785H.>59=.@?8@9?A<?<==>789.)67 <C>E8@658<==>789.%67?A8D.?A84<@9<==>789."67 ?A885984767?84<@9?A8=<78./F4.78=>?6.@67?A<?<==>789 . F.>489 ?A8 G84.78@8 <@9 <==>789 . 78? /648 =<@@.? :8 :8568E89 A8 8E698@=8 ./?A8 F4.78=>?6.@?A<? ,)87=<F89<@9H6?@87789?A86@=698@?7?<@96@B:;?A8 7698 ./ ?A8 F5<=8 ./ 6@=698@? ? 67 8D84B89 9>46@B ?A8 =.>478 ./ 8E698@=8 ?A<? @86BA:.>47 H848 B<?A8489 :>? ?A8;A<E8@.?7>FF.4?89<@9?A88E698@=8./H6?@8778767 @.?A6@B:>?.D@6:>77?<?8D8@?<@9?A8E84;F4878@=8./ ?A88;8H6?@87787679.>:?/>5<@9?A8=<78./F4.78=>?6.@67 <57.9.>:?/>5 A8 =.>@785 <57. H.>59 E8A8D8@?5; =.@?8@9 ?A<? 8E698@=8 ./ , .=?.4 68 6@C>4; @.? =.44.:.4<?87 H6?A ?A8 6@C>4; 7>7?<6@89 :; ,) A8 8E698@=8 ./ H6?@87787 @.? =.44.:.4<?87 ?A8 8E698@=8 ./ .=?.4 HA. A<7 :88@ 8I<D6@89 :8/.48 ?A8 .>4? <@9 .=?.4 7<69 ?A<? 6@C>4; 7>7?<6@89 :; ,) <48 @.? 7>7?<6@<:586/<@;7>=A<77<>5?H<7D<98=.@769846@B?A8 - 16 - @<?>48 ./ 6@C>4687 A8 =.>@785 <57. :4.>BA? ?. @.?6=8 ./ ?A67 .>4? ?A<? HA8@ A67 H6/8 H<7 :>4@? <56E8 ?A<? ?.. E6=?6D 67 < F48B@<@? H.D<@ J>87?6.@ ./ ,) 4>@@6@B <H<; /4.D ?A8 7F.? :86@B </4<69 ./ ?A8 6@=698@? @.? 7>FF.4?89?A8=<78./?A8F4.78=>?6.@6?67E84;=58<4?A<? A8 H<7 @.? <E<65<:58 <? ?A8 7F.? HA8@ ?A8 6@=698@? H<7 ?<G8@F5<=8 " A8 =.>@785 H.>59 =.@?8@9 ?A<? 48=.E84; ./ H8<F.@H<7D<9868 7,"<@9<@9?A87<D8H<7 @.? 78@? /.4 +.48@76= =68@=8 <:.4<?.4; $+& /.4 8I<D6@<?6.@ A8 =.>@785 H.>59 =.@?8@9 ?A<? I,% , H.>@9 =84?6/6=<?8 @. A67?.4; 67 D8@?6.@89 A8 =.>@785 <57. H.>59 E8A8D8@?5; =.@?8@9 ?A<? ?A.>BA <@ .//8@=8 >@9848=?6.@)-./ H<76@E.G89:>?7<D8H<7@.? <??4<=?7<7?A86@C>4687H84876DF586@@<?>48 0 A8 =.>@785 H.>59 =.@?8@9 ?A<? ?A8 8E698@=8 <E<65<:58.@48=.496?67E84;=58<4?A<?,)H<7@.?6@ 7=8@8 ./ .==>448@=8 A8 =.>@785 <57. H.>59 E8A8D8@?5; =.@?8@9?A<?HA8@?A86@?8487?89H6?@87787A<E898F.789 - 17 - <@9 ?A864 8E698@=8 67 .D@6:>7 8E698@=8 <@9 6@98F8@98@? H6?@87787 A<E8 @.? 7>FF.4?89 ?A8 ?46<5 >9B8 .>BA? ?. A<E8=.@7698489?A8D<?846<5<E<65<:58.@48=.49H6?A9>8 =<48<@9=<>?6.@:>?7<D8A<7@.?:88@9.@8F4.F845; - A8=.>@785485689>F.@?A86@=.@767?8@=;./?A8 8E698@=8 <E<65<:58 .@ 48=.49 A8 =.>@785 <57. H.>59 E8A8D8@?5;=.@?8@9?A<??A8F<@=AH6?@877877,%<@9 !HA.<48?A86@J>87?H6?@87787<@97,<@9HA. <48 ?A8 H6?@87787 ?. ?A8 7F.? F<@=A<@<D< <55 ./ ?A8D A<E8@.?7>FF.4?89?A8=<78./F4.78=>?6.@ A8 =.>@785 H.>59 =.@?8@9 ?A<? F4.78=>?6.@ 786K89 7," <@9 68 A<@958 ./ <I8 <@9 G@6/8 :>? 7#<@9<48?A8H8<F.@48=.E84;H6?@87787A<E8@.? 7>FF.4?89?A8=<78./F4.78=>?6.@ A8 =.>@785 H.>59 =.@?8@9 ?A<? 6@98F8@98@? 8;8H6?@87787 <48 7,% ?. - <@9 @.@8 ./ ?A8D A<E8 7>FF.4?89 ?A8 =<78 ./ F4.78=>?6.@ A8 ?46<5 >9B8 485689 >F.@.@5;?A88E698@=8./,"HA.67?A8D.?A84./?A8 - 18 - =.DF5<6@<@?<@9,-767?84./?A8=.DF5<6@<@?<@9, 67 ?A8 A>7:<@9 ./ ,- , 67 ?A8 <>@? ./ ?A8 =.DF5<6@<@? ,) 67 ?A8 =.>76@ ./ ?A8 =.DF5<6@<@? A.>BA ?A878 H6?@87787 A<E8 7>FF.4?89 ?A8 =<78 ./ ?A8 F4.78=>?6.@ :>? ?A8 <@7H84 856=6?89 /4.D ?A864 D.>?A 9>46@B ?A8 =.>478 ./ =4.77,8I<D6@<?6.@ 967=4896?89 ?A8 =<78./F4.78=>?6.@ ) .9.>:?6?67?A8=<78./?A8F4.78=>?6.@?A<? =.DF5<6@<@? A<9 7>7?<6@89 ?A8 6@C>4; <@9 8I<D6@89 ?A8 .=?.4 <7 , :>? ?A8 8E698@=8 ./ .=?.4 9. @.? =.44.:.4<?87 H6?A ?A8 =<78 ./ ?A8 F4.78=>?6.@ . 9.>:? , =.@9>=?89 ?A8 F.7?D.4?8D <@9 B6E8@ ?A8 48F.4? A8 H6?@877 ,) H<7 8I<D6@89 H6?A 48B<49 ?. ?A8 D<446<B848B67?4<?6.@=84?6/6=<?8A8677><@=8./?A8=<7?8 =84?6/6=<?8 ./ ?A8 <==>789 67 :; 7,# <@9 ," 7F8<G7 <:.>? ?A8 7F.? 7G8?=A D<F <@9 @E87?6B<?6.@ //6=84 67 8I<D6@89 <7 ,) A8 =.>@785 48/8446@B ?A8 8E698@=8 ./ ?A878 H6?@87787 <57. H.>59 =.@?8@9 ?A<? ?A8 ?46<5 >9B8 =.DD6??89 <@ 844.4 6@ <FF48=6<?6@B :.?A .4<5 - 19 - <@9 9.=>D8@?<4; 8E698@=8 <@9 :8568E89 .@5; 6@?8487?89 H6?@87787./?A8/<D65;./?A8=.DF5<6@<@?H6?@87787 % A858<4@89=.>@7856@7>FF.4?./A67<4B>D8@? A8 485689 >F.@ ?A8 98=676.@ 6@ ?A8 =<78 ./ E7 48F.4?896@$-&! )<@9:4.>BA??.@.?6=8./?A67.>4?<?F<4<B4<FA .%" !- ! <@9 !% <@9 48/8446@B ?A878 F<4<B4<FA7 H.>59=.@?8@9?A<?C>7?:8=<>78?A8H6?@87787<48485<?89 6@?8487?89F<4?67<@H6?@87787?A864?87?6D.@687=<@@.?:8 96748B<4989 A.H8E84 6? 67 <57. ?4>8 ?A<? HA8@ ?A8 H6?@87787<48485<?896@?8487?89?A864?87?6D.@687A<E8?. :8 7=4>?6@6K89 H6?A B48<?84 =<48 <@9 =64=>D7F8=?6.@ A8 .:784E<?6.@6@?A8C>9BD8@?=58<45;7A.H7?A<?HA8@?A8 F4.78=>?6.@A<78I<D6@89.@5;485<?89H6?@87787<@9@.? < 76@B58 6@98F8@98@? H6?@877 <@9 ?A848/.48 6@ ?A8 /<=?7 <@9 =64=>D7?<@=87 ./ ?A8 =<78 ?A8 8E698@=8 9.87 @.? F4.E8?A8<558B89.//8@=87 ! A8 58<4@89 =.>@785 48/8446@B F<4<B4<FA .%" H.>59 =.@?8@9 ?A<? < B48<? H86BA? A<7 :88@ <??<=A89 ?. - 20 - ?A8 ?87?6D.@687 ./ ?A8 H6?@87787 6@ ?A8 6@7?<@? =<78 +>4?A84<@.:784E<?6.@D<98?A<??A67.>4?6@<@>D:84 ./=<787A<9?A8.FF.4?>@6?;?.=.@76984?A87<69<7F8=?./ 485<?896@?8487?89F<4?67<@H6?@87787<@9?A8=4896:656?;./ 7>=AH6?@87787 # A67 .>4? 67 =.@7=6.>7 ./ ?A8 H855 78??589 F46@=6F58 ?A<? C>7? :8=<>78 ?A8 H6?@87787 <48 485<?89 6@?8487?89F<4?67<@H6?@87787?A864?87?6D.@687=<@@.?:8 96748B<4989 A.H8E84 6? 67 <57. ?4>8 ?A<? HA8@ ?A8 H6?@87787<48485<?896@?8487?89?A864?87?6D.@687A<E8?. :8 7=4>?6@6K89 H6?A B48<?84 =<48 <@9 =64=>D7F8=?6.@ <7 967=>7789 6@ ?A8 C>9BD8@? ./ E7,$--&")" A8 58<4@89 =.>@785 48/8446@B F<4<B4<FA .!- <@9 ! <57. :4.>BA? ?. @.?6=8 ./ ?A67 =<78 6@ =<78 HA848 H6?@87787<48485<?6E87H6?@87787A<E8?.:8=.@7698489:; <FF5;6@B967=84@6@B7=4>?6@; - 21 - " A8 58<4@89 =.>@785 <57. 485689 >F.@ ?A8 C>9BD8@? 6@ ?A8 =<78 ./ E7 48F.4?896@$-&%#<@9:4.>BA? ?.@.?6=8./?A8?A67.>4??A8967=>776.@D<98H6?A48B<49 ?.?A8485<?89H6?@87787<@9=4896?H.4?A6@877<@9D8485; :8=<>78 ?A8 H6?@87787 <48 6@?8487?89 <@9 ?A8 485<?89 H6?@87787 6? =<@@.? :8 < B4.>@9 ?. 967:8568E8 ?A864 ?87?6D.@;.H8E84?A8?87?6D.@;./7>=AH6?@87787A<7 ?.:87=4>?6@6K89H6?A9>8=<48<@9=<>?6.@F.@7=4>?6@; ./?A88E698@=8./7>=AH6?@877876/?A8.>4?677<?67/689 ?A<?8E698@=867=4896?H.4?A;?A8@?A84867@.:<4<@9?A8 .>4? 6@ 485;6@B .@ 7>=A 8E698@=8<57. <@ .:784E<?6.@ 67 D<98 ?A<? @.@,8I<D6@<?6.@ ./ 6@98F8@98@? H6?@87787 HA8486@A859?A<?5<4B8@>D:84./E655<B847A<9B<?A8489 <??A87F.?</?84?A86@=698@?<@9@.@8./?A86@98F8@98@? H6?@87787H8488I<D6@89:;?A8F4.78=>?6.@HA6=AD<G87 ?A8F4.78=>?6.@E8476.@679.>:?/>5 0 A8 58<4@89 =.>@785 <57. 485689 >F.@ ?A8 98=676.@ F<7789 6@ 46? 8?6?6.@ $46D6@<5& .)-) - 22 - 98=6989.@!-"-!<@9<57.:4.>BA??.@.?6=8./?A67 .>4??A8967=>776.@./?A8.@2:58F8I.>4?6@?A8=<78 ./ E7 , -) $& )!) HA8486@ 7=.F8 ./ 4?6=58 ) ./ ?A8 .@7?6?>?6.@85<:.4<?85;967=>77896@98?<65 )- 8<4@89 =.>@785 <57. :4.>BA? ?. @.?6=8 ./ ?A67 .>4? ?A8 967=>776.@ D<98 H6?A 48B<49 ?. ?A8 F4<=?6=<5 B>69856@87 ?. =.558=? D6?6B<?6@B =64=>D7?<@=87 <@9 ?<G8 @.?8 ./ ?A848 67 >4B8@? @889 ?. 8@7>48 ?A<? D6?6B<?6@B =64=>D7?<@=87 <48 =.@7698489 <? ?A8 ?46<5 7?<B8 ?. <E.69 756FF6@B6@?.<48?46:>?6E8487F.@78?.?A8:4>?<56?;./?A8 =46D8<767@.?6=8<:5;?A876?><?6.@6@<D<C.46?;./=<787 48<=A6@B ?A8 <FF855<?8 7?<B8 A<? ?A8 ?46<5 .>4? D>7? 856=6?6@/.4D<?6.@/4.D?A8<==>789<@9?A8?<?8<@9?A8 7<D8H655A85F87?<:567AF4.I6D6?;?.?A8<==>789F847.@37 /4<D8 ./ D6@9 <? ?A8 ?6D8 ./ =.DD6??6@B ?A8 =46D8 <@9 .//84B>69<@=8.@D6?6B<?6@B/<=?.47 ) A858<4@89=.>@785<57.A<E6@B485689>F.@?A8 </.487<6998=676.@H6?A48B<49?.?A8=<F6?<5F>@67AD8@?67 - 23 - =.@=84@89 :4.>BA? ?. @.?6=8 ./ ?A67 .>4? ?A8 967=>776.@ H<7D<98/.4F4.=89>4<5/<64@8776@=<F6?<578@?8@=6@B<7 <@6DF84<?6E8>@9844?6=587%<@9./?A8.@7?6?>?6.@ ./ @96< <@9 F4856D6@<4; F.H84 ?. D.>59 48568/ >@984 4?6=587 ) <@9 % ./ ?A8 .@7?6?>?6.@ ./ @96< <@9 <57. :4.>BA??.@.?6=8./?A67.>4??A8967=>776.@D<986@?A8 C>9BD8@?./ 27=<786@98?<65<@9:4.>BA??.@.?6=8 ./ ?A67 .>4??A<? 6@ E68H ./ ?A8 98?<6589 967=>776.@ 6? 67 @.?<=<78/.4=<F6?<5F>@67AD8@? ) A858<4@89=.>@785<57.485689>F.@C>9BD8@? F<7789 6@ 46D6@<5 FF8<5 .%-! 98=6989 .@ %-)-) 6@ ?A8 =<78 ./ ! E7 " <@9 :4.>BA? ?. @.?6=8 ./ ?A67 .>4? <? F<4<B4<FA .)) <@9 )% HA8486@ 967=>776.@ H<7 D<98 H6?A 48B<49 ?. ?A8 =<?8B.4; ./ LHA.55; 4856<:58M H6?@877 ?A848 67 @. 96//6=>5?; /.4 ?A8 F4.78=>?6.@ ?. F4877 /.4 =.@E6=?6.@.@?A8:<767./?87?6D.@;./7>=A<H6?@877 @ =<78 ./ LHA.55; >@4856<:58M H6?@877 <B<6@ ?A848 67 @. 96//6=>5?;6@<7D>=A<7@.=.@E6=?6.@=.>59:8D<98.@?A8 - 24 - :<767 ./ .4<5 ?87?6D.@; F4.E6989 :; < LHA.55; >@4856<:58M H6?@87757.:4.>BA??.@.?6=8./?A67.>4?6@F<4<B4<FA .)%<967=>776.@H<7D<98H6?A48B<49?.<F.776:656?; ./ /<578 6DF56=<?6.@ =<@@.? :8 4>589 .>? @ ?A8 =<78 .@ A<@99>8?.8<45684F48E6.>7655,H655/<5785;6DF56=<?89?A8 <==>789F847.@7 )) A8 58<4@89 =.>@785 <57. 485689 >F.@ ?A8 C>9BD8@?F<77896@46D6@<5FF8<5.!)-98=6989 .@ - 6@ < =<78 ./ # $% & #'A858<4@89=.>@785 48/8446@B?A67C>9BD8@?:4.>BA??.@.?6=8./?A67.>4??A<? 6@ 98?<65 967=>7789 <:.>? /<64 98/8=?6E8 =.5.>4<:58 6@E87?6B<?6.@<@9<57.967=>7789H6?A48B<49?.?A8D.?6E8 6@=.DD6??6@B?A8.//8@=8<@9@.7>=AD.?6E867D<98.>? ?. =.DD6? ?A8 .//8@=8 <@9 H.>59 =.@?8@9 ?A<? HA8@ <548<9; .@8 ./ ?A8 /<D65; D8D:847 68 85984 767?84 <548<9; D<44689 ?A8 .?A84 F847.@ HA. :85.@B7 ?. 7<D8 =.DD>@6?;<@9?A8;<4858<96@B?A86456/8A<FF65;J>87?6.@ ./A.@.4G6556@B9.87@2?<4678 - 25 - )% @<==.>@?./<48/848@=8D<98:;?A867?46=? >9B8 >@984 8=?6.@ )## ./ 4 H6?A < 48J>87? ?. =.@/64D?A898<?A78@?8@=8.//6=8./ 99567?46=?<@9 8776.@7F8=6<5 .>4? 6C<;<F>4< E698 58??84 .465!#)#-% 9<?89 -#-!-% 48J>87?89 ?. F5<=8 ?A8D<??84:8/.48?A8.@2:586BA.>4?H6?A<F4<;84?. =.@/64D?A898<?A78@?8@=86DF.789:;?A8?46<5.>4?<7 <B<6@7?==>789.<@9 )! .H?A67.>4?A<7?.=.@76984?A8=.@?8@?6.@./ ?A8 ?<?8 68 995 ?<?8 >:56= 4.78=>?.4 A8 995 ?<?8>:56=4.78=>?.46@A67<4B>D8@?H.>59E8A8D8@?5; =.@?8@9 ?A<? ?A.>BA 7.D8 ./ ?A8 H6?@87787 A<E8 ?>4@89 A.7?658:>??A88E698@=8./ H6?@87787 HA.A<E898F.789 :8/.48 ?A8 .>4? 68 7,) " - <@9 ) 67 =.@767?8@?<@96?67<=<78./A.@.4G6556@B<@9F4.E89?A8 D.?6E8/.4G6556@B )# A858<4@89=.>@785H.>59E8A8D8@?5;=.@?8@9 ?A<? <55 ./ ?A8D A<E8 /.4D89 >@5<H/>5 <778D:5; H6?A <@ 6@?8@?6.@./=.DD.@.:C8=?78?/648.@?A89H8556@BA.>78 - 26 - <@994<BB89?A898=8<789/4.D?A864A.>786@/4.@?./?A8 A.>78./<==>789.%<77<>5?89?A898=8<789<7H855<7 ,)<@9.?A846@C>489H6?@877 ) A8F4.78=>?6.@D<6@5;485687>F.@?A88E698@=8 ./,HA.?48<?89?A86@C>489,)<@9A678E698@=8 67 E84; =58<4 ?A<? HA8@ ?A8; 94<BB89 ?A8 98=8<789 <@9 <77<>5?89 A6D <@9 .?A847 A8 4<@ <H<; /4.D ?A8 7F.? 6@ .4984 ?. 7<E8 A67 56/8 8 7?..9 @8<4:; ?A8 F5<=8 <@9 H6?@87789A.H?A8;:>4@?<56E8A67H6/8,)8E698@=867 E84; =58<4 ?A<? ?A8 D<@@84 6@ HA6=A ?A8; <77<>5?89 <@9 =.DD6??89?A8.//8@=8A8.=?.48E698@=867E84;=58<4 ?A<?,)<57.7>7?<6@896@C>4687A8.=?.4,,HA. =.@9>=?89 <>?.F7; A<7 B6E8@ ?A8 F.7? D.4?8D 48F.4? HA6=A=58<45;=.44.:.4<?87?A8=<78./?A8F4.78=>?6.@?A<? E6=?6DA<9 7>7?<6@89 78E848 6@C>4687 .@A84A8<9 F46.4?. 78??6@B/648.@A84 )" A8 =.>@785 <57. H.>59 E8A8D8@?5; =.@?8@9 ?A<? ,) 67 ?A8 >:,8B67?4<4 HA. 48=86E89 ?A8 48B67?4<?6.@ D<446<B8 <FF56=<?6.@ <@9 8I<D6@89 A6D 6@ - 27 - .4984 ?. F4.E8 ?A<? 98=8<789 <@9 ,) H848 D<44689 7,% <@9 ! <48 =.@7?<:587 <@9 ,# <@9 , <48 <A<7659<4 HA. A<E8 677>89 ?A8 =<7?8 =84?6/6=<?8 ./ ,) <@9 =<7?8 =84?6/6=<?8./<==>789."A8,"67<@8@B6@884HA. F48F<489?A87G8?=A<??A87F.?<@9,067?A8.//6=6<5 H6?@877<@9,)-HA.A<7<4487?89<==>78968<==>789 @. % ! <@9 A8 ,) 67 ?A8 8;8H6?@877 HA. H6?@87789 ?A8 6@=698@? ?A848 D<; :8 7.D8 967=48F<@=687 6@ ?A8 8E698@=8 ./ ," :>? ?A8 8E698@=8 ./ ,) <@9 ,) 67 =.@767?8@? A8; A<E8 =<?8B.46=<55; 98F.789 :8/.48 ?A8 .>4? ?A<? <==>789 .% ?. " 94<BB89 ?A8 E6=?6D <@9 <==>789 .! <77<>5?89 H6?A 7?6=G <@9 , 7?6=G67<57.786K89<@9D6@.4967=48F<@=687H655@.?B.?. ?A8E84;4..?./?A8=<78<@9=.44.:.4<?878<=A.?A84<@9 =.44.:.4<?6.@ 67 @.? < 4>58 :>?F4.:<:656?; ./?A8 =<78 ?. :85..G896@?. )0 A8=.>@785<57.H.>59=.@?8@9?A<?HA8@:.?A A>7:<@9 <@9 H6/8 48?>4@89 /4.D .< <@9 H6?A6@ ?H. - 28 - D.@?A7 /4.D ?A864 48?>4@ 78? ?A8 /648 A8 8E698@=8 ./ F4.78=>?6.@H6?@8778767=.@767?8@? %- A8 58<4@89 996?6.@<5 ?<?8 >:56= 4.78=>?.4 <57. F48F<489 ?A8 .E84? <=? =A<4? <@9 =.@?8@9 ?A<? 8E8@ ?A86@98F8@98@?H6?@87787A<E8@.?7>FF.4?89?A8=<78./ ?A8F4.78=>?6.@<@98E698@=8./7,)"-<@9 ) =.44.:.4<?87 8<=A .?A84 ,) =<?8B.46=<55; 98F.787 :8/.48 ?A8 .>4? ?A<? <==>789 =<D8 :; /.4D6@B <@ >@5<H/>5<778D:5;H6?A98<95;H8<F.@778??A8/648?.?A8 A.>78 ./ ?A8 =.DF5<6@<@? HA848 A8 H<7 487696@B <5.@B H6?A A67 H6/8 <@9 <==>789 F847.@7 <:>789 6@ < /65?A; 5<@B><B8?<G6@B?A8=<7?8@<D8?A<? 89<47>58D<B<68 <:>789:;<55?A8<==>789F847.@7?A<?A8D<98A67H6/8 <7 F48B@<@? ==>789 . <77<>5?89 ?A8 =.DF5<6@<@? H6?AA<@958./<I8<@9<==>789.<77<>5?89A6DH6?A< 7?.@8 <@9 A8 7>7?<6@89 6@C>4687 .@ :<=G A8<9 <@9 7A.>5984 % ?67<57.E84;=58<4?A<?<55?A8<==>78994<BB89 ?A8 98=8<789, A<@> 8B>D 6@ /4.@? ./ A.>78 ./ <==>789 - 29 - .% <@9 <==>789 .! <57. <77<>5?89 H6?A 7?6=G <7 < 487>5? ?A8 98=8<789, <@> 8B>D :8=<D8 >@=.@7=6.>7 ? 67<57.<7F8=6/6==<78?A<?<55?A8<==>789<:>7896@/65?A; 5<@B><B8<77A8:8=<D8<F48B@<@?:;5.H84=.DD>@6?; F847.@<@9G6=G89A84A87F8=6/6=8E698@=8./)?A<? <==>789 . F.>489 G84.78@8 .@ ?A8 98=8<789, A<@> 8B>D<@9<==>789.78?/648.@?A898=8<789, A<@> 8B>D % A8=.>@785<57.:4.>BA??.@.?6=8./?A67.>4? ?A88E698@=8./"HA.<57.7F.G8@<:.>??A8/<=??A<? ?A8 =.DF5<6@<@? <@9 98=8<789, A<@> 8B>D H848 ?A848 6@?A864A.>78<@9<==>789F847.@7=<D8<@978?/648.@ ?A8 A.>78 <@9 <77<>5?89 ?A8 =.DF5<6@<@? <@9 A67 H6/8 98=8<789, A<@> 8B>D ==>789 . <77<>5?89 =.DF5<6@<@? 68 ,) H6?A <@ <I8 <@9 7, ) % <@9 ?4689 ?. 487=>8 <@9 F<=6/; ?A8 B<5<?< :>? <55 ?A8 <==>789 ?A48<?8@89 ?A8D <@9 94<BB89 ?A8 98=8<789 , A<@> 8B>D:;A.596@BA84A<6476@/4.@?./?A8A.>78./ <==>789.%<@9F.>489?A8G84.78@8<@978?/648 - 30 - %) A8=.>@785<57.:4.>BA??.@.?6=8./?A67.>4? ?A<? ,- <57. 7F.G8 <:.>? <55 ?A8 <==>789 F847.@7 <77<>5?6@B?A8=.DF5<6@<@?@8<4A67A.>78<@9<57.<:.>? <77<>5?6@B ?A8 98=8<789 , A<@> 8B>D H6?A 7?6=G <@9 7?.@8<@9<:>7896@</65?A;5<@B><B8?A<?7A8:8=<D8< F48B@<@? <@9 <57. <:>789 ?A8 =.DF5<6@<@? :; ?<G6@B A67 =<7?8@<D8==>789.)HA.67<C>E8@658<57.<77<>5?89 H6?A7?.@8?.?A8=.DF5<6@<@?<@9<==>789.%!<@9# 94<BB89 A<@> 8B>D /4.D A84 A.>78 <@9 F.>489 ?A8 G84.78@8 <@9 78? ?A8 /648 E8@ HA8@ <@ <??8DF? H<7 D<98 ?. 487=>8 :; 7- <@9 ) <==>789 =<>789 ?A8 ?A48<?.@?A8D %% =<?8B.46=<55; 98F.787 :8/.48 ?A8 .>4? ?A<? <55 ?A8 <==>789 <77<>5?89 H6?A 7?.@8 <@9 7?6=G <@9 <57. H6?A <@ <I8 55 ?A8 <==>789 F847.@7 94<BB89 ?A8 98=8<789, A<@> 8B>D<@9F.>489?A8G84.78@8<@978? /648 A8 =.>@785 :4.>BA? ?. @.?6=8 ./ ?A67 .>4? ?A8 8E698@=8./,?A<?:5..9H<7..K6@B/4.D?A8@.78./ -,88?A<<@9<57.698@?6/687<55?A8D<?846<5.:C8=?7 - 31 - ?A<? <48 7?6=G 7?.@87 G@6/8 <@9 <I8 E8@ <77<>5?89 ?A8 =.DF5<6@<@? H6?A 7?.@8 <@9 <==>789 . H6?A <I8 ==>789 . <@9 78? ?A8 /648 ?. ?A8 A.>78 HA848 =.DF5<6@<@?<@998=8<789H84856E6@B:;F.>46@BG84.78@8 <@9 <==>789 .% ! <@9 # 94<BB89 98=8<789, A<@> 8B>D/4.DA84A.>78<@994<BB89?.H<497?A864A.>78 %! A8 =.>@785 <FF8<46@B /.4 ?A8 ?<?8 68 996?6.@<5?<?8>:56=4.78=>?.4<57.H.>59=.@?8@9?A<? <==>789.7A.H@G@6/8?.,)HA8@A8?4689?.487=>8 A67H6/8<@9<77<>5?89H6?A?A87<D8<@9<55?A8<==>789 <57.?A48<?8@89A6DH6?A9648=.@78J>8@=87 %# A8 =.>@785 <57. :4.>BA? ?. ?A8 @.?6=8 ./ ?A67 .>4??A88E698@=8./,?A<?6@/4.@?./?A8A.>78./ <==>789 <==>789 .) <77<>5?89 98=8<789, A<@> 8B>D H6?A7?6=G.@A84A8<9<@9?A848:;7A87>7?<6@896@C>4687 ==>789 ." <57. <77<>5?89 A84 H6?A 7?.@8 A848</?84 98=8<789 :8=.D8 >@=.@7=6.>7 A8 8E698@=8 ./,67 E84;=58<4?A<?<7<487>5?./6@C>4;7>7?<6@89:;A847A8 :8=<D8 >@=.@7=6.>7 <@9 6DD896<?85; <==>789 . - 32 - :4.>BA??A8G84.78@8<@9F.>489.@A84<@9<==>789. 78??A8/648 % A8=.>@785<57.:4.>BA??.@.?6=8./?A67.>4? ?A8 8E698@=8 ./ ,) ?A<? , =<?8B.46=<55; 98F.789 ?A<? <55 ?A8 <==>789 D<G6@B <@ >@5<H/>5 <778D:5; H6?A 98<95; H8<F.@7 56G8 7?.@87 7?6=G7 <@9 <@ <I8 57. A84 8E698@=8 67 E84; =58<4 ?A<? ?A8; 94<BB89 ?A8 98=8<789, A<@> 8B>DHA8@,)?4689?.487=>8A84:>?<55?A8 <==>789 ?A48<?8@89 A6D ? 67 <57. A67 =.@?8@?6.@?A<? :; ?A<??6D8<==>789.A<9:8<?8@,)55?A8<==>789 94<BB89A84<@9<77<>5?89H6?A<I8<@97?6=G7<@9F.>489 ?A8G84.78@8.@A8468<==>789.<@9<==>789. 78? ?A8 /648 .@ A84 55 ?A878 8E698@=8 =.44.:.4<?87 H6?A 8<=A .?A84 H6?A 48B<49 ?. ?A8 .E84? <=? ./ 8<=A ./ ?A8 <==>789F847.@7 %" A8 996?6.@<5 ?<?8 >:56= 4.78=>?.4 <57. :4.>BA? ?. @.?6=8 ./ ?A67 .>4? <F<4? /4.D ?A8 8E698@=8 <E<65<:58.@?A848=.49?A<??46<5>9B8?<G6@B6@?.@.?8./ ?A8<BB4<E<?6@B=64=>D7?<@=87./?A8=<7846BA?5;6DF.789 - 33 - ?A8=<F6?<5F>@67AD8@?<7<B<6@7?<==>789.<@9A8 =.>@7857>:D6?7?A<?=A659H<76@?A8H.D:<@9<57.?A8 D<@@846@HA6=A=.DD6??89?A8.//8@=8H<7?<G8@@.?8./ :;?A8?46<5>9B8HA6586DF.76@B?A8=<F6?<5F>@67AD8@? %0 A8 =.>@785 <57. H.>59 =.@?8@9 ?A<? ?A8; 94<BB89A84/4.DA84A.>78<@978?/648.@A84?A<??..6@ /4.@?./?A8A.>78./<==>789.%6@?A89<;56BA?68<? %)- FD <@9 8E8@ 969 @.? ?<G8 @.?8 ?A<? 7A8 H<7 < F48B@<@? =<44;6@B )# H88G7 =A659 6@ ?A8 H.D: A8 =.>@785<57.H.>597>:D6??A<??A8;<77<>5?89H6?A7?6=G <7<487>5?7A87>7?<6@896@C>4;?.A8<9<@9F.7?D.4?8D 48F.4? <57. =.4487F.@97 H6?A @<?>48 ./ 6@C>4687 7>7?<6@89 :; A84 <F<4? /4.D :>4@? 6@C>4687 <@9 <57. 487?46=?89 A84 D.E8D8@? <@9 78? /648 A8 =.>@785 <57. 485689 >F.@ ?A8 48F.4?8998=676.@./?A8.@2:58F8I.>4?6@?A8=<78./ $ ( " ) 48F.4?896@ *'+,-."+-/-<@9:4.>BA??.?A8@.?6=8./ ?A67 .>4? ?A8 98?<65 967=>776.@ 67 D<98 HA658 <H<496@B =<F6?<5F>@67AD8@? - 34 - !- A8 =.DF5<6@<@? 9E.=<?8 <57. H.>59 7>:D6? ?A<? ?A.>BA 85984 767?84 ./ ?A8 98=8<789 D<44689 .?A84 =<7?8F847.@:>?7A8H<7=.@E84?89?.>756D<@9A8@=8 ?A8; <48 @.? A<E6@B <@; 655,H655 <B<6@7? A84 6@=8 .?A84 767?84 <57. HA. D<44689 ?A8 6@?84 4856B6.@ HA8@ 7A8 =.@E84?89?.>756D?A8;H848@.?A<E6@B<@;D.?6E8?. =.DD6? D>4984 A8 =.>@785 <57. H.>59 7>:D6? ?A<? ?A8 ?46<5.>4?A<7@.?=.DD6??89<@;844.46@78@?8@=6@B<@9 =.@E6=?6@B ! @ 48F5; ?. ?A67 <4B>D8@? ?A8 =.>@785 <FF8<46@B/.4?A8<==>789H.>597>:D6??A<??A848H<7@. 7>=A =.@E8476.@ <@9 @. 7>=A D<?846<5 67 <57. :8/.48 ?A8 .>4??.F4.E8?A8/<=?./=.@E8476.@ ! A8 =.>@785 <57. H.>59 =.@?8@9 ?A<?HA8@ ?A8 H6?@87787 ?>4@89 A.7?658 >:56= 4.78=>?.4 F>? 58<96@B J>87?6.@7<@9=.>@785<57.H.>59=.@?8@9?A<?F4878@=8./ <==>789.%?."67967F>?89?A8@?A88E698@=8<E<65<:58 .@ 48=.49 67 @.? =4896:58 76@=8 ?A8; H848 @.? F4878@? <? ?A87F.? - 35 - !) A8 =.>@785 <57. H.>59 =.@?8@9 ?A<? 8=?6.@ %)./ 67@.?F4.E89?A8J>87?6.@./6@E.G6@B8=?6.@ %09.87@2?<4678<@9A8@=8H.>59=.@?8@9?A<?==>789 .% ?. " <48 8@?6?589 /.4 <=J>6??<5 <@9 @. =<78 67 D<98 .>?<B<6@7?<==>789.<@9/.4=<F6?<5F>@67AD8@?<@9 A8@=86?48J>64876@?84/848@=8./?A67.>4? !% <E6@B A8<49 ?A8 <FF855<@?72 =.>@785 <@9 ?A8 =.>@785 <FF8<46@B /.4 ?A8 ?<?8 <@9 <57. ?A8 48/848@=8 HA6=AA<7:88@48=86E89/4.D?A867?46=?.>4?<@9<57. ?A8F46@=6F5875<699.H@6@?A8C>9BD8@?7=6?897>F4<?A8 F.6@?7?A<?H.>59<4678/.4=.@76984<?6.@./?A67.>4?<48 6& A8?A84 ?A8 ?46<5 >9B8 =.DD6??89 <@ 844.46@=.@E6=?6@B?A8<==>789F847.@7/.4 ?A8 =A<4B87 58E8589 <B<6@7? ?A8D <@9 HA8?A84 6? 48J>6487 <@; 6@?84/848@=8 ./ ?A67.>4?N 66& A8?A84 ?A8 ?46<5 >9B8 =.DD6??89 <@ 844.4 6@ 6DF.76@B ?A8 =<F6?<5 F>@67AD8@? <B<6@7? <==>789 . <@9 <@9 HA8?A84 6?48J>64876@?84/848@=8./?A67.>4?N - 36 - 666& A8?A84 ?A8 48/848@=8 48=86E89 /4.D ?A8 ?46<5 >9B8 48J>6487 ?. :8 <55.H89 6@ =.@/64D6@B ?A8 =<F6?<5 F>@67AD8@? 6DF.789 <B<6@7? <==>789 . <@9 :; ?A8 ?46<5 >9B8 >@984 8=?6.@ )## ./ 4N 6E& A<?.4984N .6@?. !! <E6@B A8<49 ?A8 487F8=?6E8 =.>@7857 <@9 <57. =.@769846@B?A8B4.>@97>4B89:;?A8<FF855<@?76@?A878 <FF8<57<@9<57.?A858<4@89995<7H855<758<4@89 =.>@785 /.4 =.DF5<6@<@? H6?A 48B<49 ?. 48/848@=8 :8/.48 =.@769846@B ?A8 D<?846<5 .@ 48=.49 ?A67 .>4? A<7 ?. =.@76984:.?A.4<5<@99.=>D8@?<4;8E698@=8<E<65<:58.@ 48=.49 ?. 48,<FF48=6<?8 ?A8 D<?846<5 <@9 ?A8 48<7.@6@B B6E8@:; ?A846<5 .>4? 6@ =.@E6=?6@B <@9 78@?8@=6@B ?A8 <==>789F847.@7 !# .H58?>7=.@76984?A8.4<5<@99.=>D8@?<4; 8E698@=8 8/.48 =.@769846@B ?A8 9.=>D8@?<4; 8E698@=8 - 37 - ?A67.>4?H.>5956G8?./647?=.@76984?A8.4<58E698@=8./ ?A8F4.78=>?6.@H6?@87787 ! , <@9 , <48 D<A<K<4 H6?@87787 6@ 487F8=? ./ I, /.4 A<E6@B 94<H@ ?A8 7F.? D<A<K<4 <? ?A8 7F.? .?A ./ ?A8D A<E8 ?>4@89 A.7?658 7?<?6@B ?A<? ?A8F.56=8A<9.@5;?<G8@?A86476B@<?>487.@?A89.=>D8@? <@9 ?A<? ?A8; <48 @.? <H<48 ./ 86?A84 ?A8 <==>789 .4 =.@9>=?6@B./<@;7F.?D<A<K<4.4786K>48./<@;<4?6=587 <? ?A8 7F.? .H8E84 ?A8; <9D6? ?A<? FA.?.B4<FA7 H848 ?<G8@<@9698@?6/687?A87<69FA.?.B4<FA7D<4G89<?I, ?.,%<@9967F>?89?A864FA.?.?A.>BA?A8;=<@@.?7<; /.4 HA<? 48<7.@ ?A.78 FA.?.B4<FA7 H848 ?<G8@ :; ?A8 F.56=8A858<4@89995>:56=4.78=>?.4?48<?6@B?A.78 ?H. H6?@87787 7>BB87?89 ?A<? ?A8 F.56=8 A<9 94<H@ ?A8 D<A<K<4 <@9 786K89 ?A8 D<?846<5 .:C8=?7 <? ?A8 7F.? HA6=A6798@689:;:.?A,<@9,A88E698@=8./ , <@9 , 67 76D65<4 <@9 A8@=8 :.?A ?A8 8E698@=8 <48?<G8@?.B8?A84 - 38 - !" ,) 67 ?A8 A>7:<@9 ./ ?A8 98=8<789 @ A67 =A68/ 8E698@=8 A8 7?<?87 ?A<? A8 :85.@B7 ?.6@9> 89<4 =<7?8 <@9 ?A<? ?A8 <==>789 F847.@7 H848 G@.H@ ?. A6D <@9 ?A8; :85.@B ?. >756D 4856B6.@ 8 98F.789 ?A<? A8 <@9?A898=8<789H8486@5.E8H6?A8<=A.?A84/4.D?A864 ;.>@B84<B8<@9<:.>?/6E8;8<47<B.A8?..GA84?..< HA848 :.?A ./ ?A8D 7?<4?89 487696@B ?.B8?A84 </?84 ?A864 D<446<B8 ?67A67/>4?A848E698@=8?A<?HA8@7A8:8=<D8 F48B@<@? ?A8; =<D8 :<=G ?. ?A864 E655<B8 <@9 ?A864 D<446<B8 H<7 48B67?8489 6@ ?A8 .//6=8 ./ >:,8B67?4<4 >998:6A<5 !0 ?67A677F8=6/6=8E698@=8?A<?<:.>?/.>4;8<47 <B.HA8@?A8;H848487696@B?.B8?A846@?A8A.>78./A67 78@6.4 >@=58 <? <:.>? ))- FD ?A8 <==>789 F847.@7 =<D8 <@9 78? /648 .@ ?A8 7<69 9H8556@B A.>78 .H8E84 :.?A./?A8DD<@<B89?.=.D8.>?./?A8A.>78 ;?A<? ?6D8 ?A8 <==>789 F847.@7 <:>789 A6D ?<G6@B A67 =<7?8 @<D8 6@ /65?A; 5<@B><B8 H6?A <@ 6@?8@?6.@ ?. A>D656<?8 A6DA8;<:>789A6D<7?.HA;A8?..G?A864767?84<@9 - 39 - <57. ?A48<?8@89 A67 56/8 ? 67 A67 />4?A84 8E698@=8 ?A<? <==>789 . <77<>5?89 A6D H6?A < 7?6=G ./ <I8 <@9 <==>789 . <77<>5?89 A6D H6?A < 7?.@8 <7 < 487>5? ./ HA6=AA87>7?<6@896@C>4687.@A6758/?7A.>5984:<=G<@9 A8<9.D8A.HA8D<@<B89?.87=<F8/4.D?A8=5>?=A87 ./?A8<==>789F847.@7 #- ? 67 <57. A67 7F8=6/6= 8E698@=8 ?A<? <55 ?A8 <==>789F847.@794<BB89A67H6/8/4.D?A87<69F5<=8@8<4 ?A8 A.>78 ./ <==>789 .% HA. 67 ?A8 D.?A84 ./ ?A8 98=8<789<@9<??A<??6D8<==>789.!<77<>5?89A84H6?A < 7?6=G .@ A84 A8<9 <7 < 487>5? ./ HA6=A 7A8 5.7? A84 =.@7=6.>7@877A848</?84<55?A8<==>789F847.@7<:>789 A84 <B<6@ ?<G6@B A67 =<7?8 @<D8 7?<?6@B ?A<? 7A8 A<9 :8=.D8 F48B@<@? :; < 89<4< <@9 G6=G89 A84 ==>789 . :4.>BA? G84.78@8 <@9 F.>489 .@ ?A8 98=8<789 <@9 <==>789.78?A84.@/648A676@=698@?H<7H6?@87789 :;A6D HA6587?<@96@B.@?A85<@9./.@8<@B<@<B.H9< <@9<7<487>5?./78??6@B/648A67H6/8H<7:>4@?<56E8A8 D.?6E8/.4=.DD6??6@B?A8D>4984H<7?A<??A898=8<789 - 40 - A<9D<44689A6D:;H<;./<@6@?84,4856B6.@D<446<B88 />4?A8498F.789?A<?A8H8@??.?A8F.56=87?<?6.@.@?A8 7<D89<;<?<:.>?--FD<@95.9B89<=.DF5<6@?8 698@?6/689?A8=.DF5<6@?<7H855<7A6776B@<?>48HA6=A<48 D<4G89<7I,!$<&87?<?89?A<??A8F.56=8A<E8<57. 48=.4989A67/>4?A847?<?8D8@? # ? 67 A67 8E698@=8 ?A<? 76@=8 A8 A<9 7>7?<6@89 6@C>4687?A8F.56=878@?A6D?.?A8A.7F6?<5A8D<A<K<4 H<7 =.@9>=?89 .@ ?A8 @8I? 9<; <@9 A8 698@?6/689 A67 76B@<?>486@?A8D<A<K<4D<4G89<7I,$:& ?67<57. 8E698@? ?A<? ?A8 F.56=8 A<E8 <57. F48F<489 < 7G8?=A <@9 .:?<6@89A6776B@<?>48<@9?A8F.56=8?..GFA.?.B4<FA7./ ?A87F.?HA848A8H<7<77<>5?89H6?A7?.@8<@9?A87<69 FA.?.7 <48 F4.9>=89 <@9 D<4G89 <7 I, A8 F.56=8 A<E8 <57. 94<H@ D<A<K<4 HA848 A67 H6/8 H<7 :>4@? A8 <57. 698@?6/689 FA.?.B4<FA7 ./ A6D 6@ I,) <@9 7. <57. ?A87F.?D<A<K<4HA6=AH<794<H@6@/4.@?./?A8A.>78 ./<==>789.%<@9A8698@?6/689A67FA.?.B4<FA6@I, % 8 />4?A84 7?<?89 ?A<? ?A8 F.56=8 786K89 ?A8 7?.@8 - 41 - :4.G8@:<@B587<7A<@9:.?A7?<6@89<@9>@7?<6@89D>9 <??A87F.?A8:>4@?F8<=87=5.?A87./?A898=8<789<@9 .?A84D<?846<5H848<57.786K89HA6=A<48D<4G89<7 , ?. ,! ? 67 <57. A67 8E698@=8 ?A<? ?A8 F.56=8 <57. =.@9>=?89 6@J>87? <@9 FA.?.B4<FA7 H848 ?<G8@ <@9 ?A8 7<69FA.?.B4<FA7<48D<4G89<?I,#/?84?A86@J>87? ?A8 :.9; H<7 A<@989 .E84 ?. A6D <@9 A8 H<7 677>89 < 48=86F? <? I,<@9 A8 698@?6/689A67 76B@<?>48 <7 I, $<&,)<57.7<;7?A<??A8D<446<B8H<748B67?8489<@9 D<446<B8=84?6/6=<?867<??87?89<?I,"<@9698@?6/689A67 76B@<?>48<?I"$<& # A67 H6?@877 H<7 7>:C8=?89 ?. =4.77, 8I<D6@<?6.@ @ =4.77,8I<D6@<?6.@ A8 <9D6?7 ?A<? A8 67 =<5589 <6:<@@< <@9 <57. >9>G<FF< 6@ ?A8 E655<B8 ? 67 <57.A678E698@=8?A<??A8A.>787./?A8<==>789<48<57. 5.=<?89 6@ ?A8 7<D8 <48< <@9 A67 A.>78 67 5.=<?89 </?84 7.D8A.>787/4.D?A8<==>78927A.>78 ?H<77>BB87?89 ?. A6D ?A<? ?A8 A.>78 6@ HA6=A ?A8; H848 487696@B :85.@B89 ?. .@8 <5587A<FF< <@9 ?A8 7<D8 H<7 98@689 - 42 - .H8E84<9D6?7?A<?7<69<5587A<FF<67A6778@6.4>@=58 ?A4.>BA A67 D.?A84 ? H<7 7>BB87?89 ?A<? 7<69 <5587A<FF< H<7 9.6@B :>76@877 ./ G84.78@8 <? <E<@<B848HA6=AH<798@689 #) ?H<7/>4?A847>BB87?89?A<?<??A8?6D8./?A8 6@=698@? <==>789 . <@9 H848 7?<;6@B <? ;984<:<9 <@9 6C<;<H<9< 487F8=?6E85; <@9 :.?A ./ ?A8D H848 H.4G6@B <7 946E847 ?A8 7<69 7>BB87?6.@ H<7 98@689 .H8E84 A8 <9D6?7 ?A<? <==>789 .",A>7:<@9 67 .@8 >:A<7AA<@@>4:>?A89.87@.?G@.HA67=<7?8 ?H<7 7>BB87?89?.A6D?A<?<==>789."67A67485<?6E8HA6=A H<798@689 #% ?H<7<57.7>BB87?89?A<?A67H6/8A<95.9B89< =.DF5<6@? <B<6@7? A6D 8<45684 <@9 A8 7<;7 ?A<? ?A8 7<69 =.DF5<6@?H<7/6589:8=<>787A8H<7?A48<?8@89?.5.9B8 ?A8=.DF5<6@?<@9<57.7>BB87?89?A<?< =<78H<7 48B67?8489 <B<6@7? A6D 6@ 46D8 .%- HA6=A A8 98@689 - 43 - #! ? 67 7>BB87?89 ?A<? 6DD896<?85; </?84 G69@<FF6@B A84 A8 G8F? A84 6@ 87<4F>4< E655<B8 ./ >998:6A<5?<5>G:>?A87<;7?A<?A8?..GA849648=?5;?. .< ?677>BB87?89?A<?HA8@A8?..GA847A8H<7<B89 <:.>? # ?. ;8<47 <@9 A8 98@687 ?A8 7<D8 :>? 7<;7 ?A<? 7A8 H<7 - ;8<47 .59 8 <9D6?7 ?A<? </?84 ?A8 98=8<789 D<44689 A6D 7A8 H<7 =.@E84?89 ?. 6@9> 4856B6.@ <@9 H<7 @<D89 <7 <G7AD6 8 <57. <9D6?7 ?A<? /.448B67?4<?6.@./?A8D<446<B8A8=<5589?A8E655<B8472./ 87<4F>4<HA.:85.@B7?.?A8B4<@9D.?A8427E655<B8 ## 8 <9D6?7 ?A<? ?A8 A.>78 HA6=A 67 /.>@9 6@ I,) HA8486@ A8 A6D785/ <@9 ?A8 98=8<789 H848 487696@B ?A848 67 .@8 9..4 ?. ?A8 7<69 A.>78 ? 67 7>BB87?89 ?A<? HA8@ ?A8 98=8<789 969 @.? <B488 ?. ?<G8 :<=G?A8=<78/6589<B<6@7?A6DA8<5.@BH6?AA67/<?A84 D.?A84<@9<5587A<FF<<55./?A8DC.6@89?.B8?A84<@9 F.>489 G84.78@8 <@9 78? /648 .@ A84 <@9 ?A8 7<69 7>BB87?6.@H<798@6898<9D6?7?A<?6@?A87<69<48<A67 485<?6E87<48A<E6@B)?.%A.>78787<;7?A<?HA8@?A8 - 44 - <==>789 F847.@7 <77<>5?89 <? ?A<? ?6D8 @86BA:.47 <57. =<D8?.?A87F.?<@9A67485<?6E87<57.=<D8?.?A87F.? <@9 <55 ./ ?A8D ?4689 ?. 487=>8 A6D /4.D ?A8 <==>789 F847.@7.H8E84A87<;7?A<?HA8@A67485<?6E87=<D8?. 487=>8?A8<==>789F847.@7969@.?<55.H?A8D?.487=>8 A6D # 8 7<;7 ?A<? A8 D<98 < 7?<?8D8@? 6@ ?A8 =.DF5<6@? ?A<? A8 H6?@87789 ?A8 6@=698@? 7?<@96@B .@ ?A8 5<@9./<@B<@<B.H9<HA8@?A8;78?/648.@A67H6/8:>? A8H<7>@<:58?.A8<4HA<?H<7?A8=.@E847<?6.@:8?H88@ ?A8D87<;78<=A./?A8<==>78978F<4<?85;<:>789A6D :;?<G6@BA67=<7?8@<D8 ?677>BB87?89?A<?<??A8?6D8 ./?A86@=698@??A8<==>789F847.@7H848@.?<??A87F.? <@9?A87<D8H<798@689 #" ? 67 7>BB87?89 ?A<? HA8@ ?A8 98=8<789, <@> B<E8 ?A8 =.DF5<6@? <B<6@7? A6D <@9 HA8@ 7A8 969 @.? <B488 ?. ?<G8 :<=G ?A8 7<D8 H6?A <@ 6@?8@?6.@ ?. B8? =.DF8@7<?6.@<@9<57.H6?A<@6@?8@?6.@?.48568E8A6D785/ /4.D?A87<69=<78<55./?A8D=.DD6??89D>4984<@9/6589 - 45 - < /<578 =.DF5<6@? <B<6@7? ?A8 <==>789 F847.@7 <@9 A8 67 B6E6@B /<578 8E698@=8 A8 7<69 7>BB87?6.@ H<7 98@689 .H8E84 A8 <9D6?7 ?A<? A8 A<7 48=86E89 <@ <D.>@? ./ 7!---,<7=.DF8@7<?6.@ #0 ? 67 <57. A67 8E698@=8 ?A<? </?84 48=86F? ./ A67 F.56=8 =.DF5<6@? F.56=8 78@? A6D ?. A.7F6?<5 <@9 ?A8 967?<@=8:8?H88@<56G.?8<@9A67E655<B867%G65.D8?847 <@9 ?A8 E655<B8 ./ <@98FF< <5.?B6 67 <? < 967?<@=8 ./ # G65.D8?8478<57.7<;7?A<?A8H8@??. <@98FF<<5.?B6 4>@@6@B /4.D A67 E655<B8 8 <9D6?7 ?A<? /4.D <@98FF< <5.?B6?.<56G.?8D<@;E8A6=587?4<E85<@9A87<;7?A<? A8 H8@? ?.?A8F.56=8 7?<?6.@ :8?H88@ )- ?. "--FD <5.@8 A.>BA A8 7<;7 ?A<? A8 B<E8 ?A8 9.=>D8@?7 ./ 46D8 .%- /647?5; 5<?84 A8 7<;7 ?A<? A8 A<7 @.? B6E8@<@;7>=A9.=>D8@?7 - ?677>BB87?89?A<?<==>789.<@9969@.? <77<>5?A6D<@9?A<?<==>789.%969@.?94<BA67H6/8 ? 67 />4?A84 7>BB87?89 ?A<? ?A8 <==>789 F847.@7 A<E8 @.? - 46 - D<98 <@; <77<>5? @.4 <:>789 A6D :; ?<G6@B A67 =<7?8 @<D8A87<697>BB87?6.@7H84898@689 ,%67.@8./?A8H6?@87787?.?A86@J>87?<@9 786K>48./?A8=5.?A/4.D<==>789.<@9<76B@<?.4;?. I7,0<@9,-<@9?A.>BAA8698@?6/687A6776B@<?>48 :>?A8?>4@89A.7?658=<?8B.46=<55;7?<?6@B?A<?F.56=8969 @.? =.@9>=? <@; 6@J>87? <@9 @. =5.?A87 H848 786K89 .H8E84A8698@?6/687FA.?.B4<FA6@I,#<@9<57.I, :>?7<;7?A<?A8=<@@.?7<;HA;?A8F.56=8?..G?A.78 FA.?.7 @ =4.77,8I<D6@<?6.@ ?48<?6@B A6D <7 A.7?658 7>BB87?6.@ H<7 D<98 ?A<? F.56=8 =.@9>=?89 6@J>87? :8?H88@"--?.0)-FD<@9?A87<D8H<798@689 ?67 <57. 7>BB87?89 ?A<? I,0 FA.?.B4<FA H<7 ?<G8@ HA658 94<H6@B ?A8 D<A<K<4 <@9 ?A8 7<D8 H<7 98@689 ? 67 7>BB87?89 ?A<? HA658 94<H6@B ?A8 D<A<K<4 6@ ?84D7 ./ I,- <==>789 .27 =5.?A87 H848 786K89 68 < 7A64? <@9 F<@? <@9 ?A8 7<D8 H<7 98@689 .H8E84 A8 <9D6?7 ?A<? ?A8 <==>789 F847.@7 :85.@B ?. >756D 4856B6.@ ? 67 - 47 - <57. A67 8E698@=8 ?A<? A8 67 <=J><6@?89 H6?A <@@<9< 5<@B><B8/.448<96@B<@9H46?6@B<@9<57.A8<9D6?7?A<? A876B@89?A89.=>D8@?.@5;</?8448<96@B6?7=.@?8@?7 ) !67<@.?A84F<@=AH6?@877?.I -<@9 A8698@?6/687?.A<E6@B<//6I89A6776B@<?>48.@I -<7 I -$:&.H8E84A87<;7?A<??A8F.56=8.@5;?..GA67 76B@<?>48<@9969@.?786K8<@;<4?6=5876@A67F4878@=88 698@?6/687A67FA.?.6@I % A67 H6?@877 H<7 7>:C8=?89 ?. =4.77 8I<D6@<?6.@ 7>BB87?6.@ H<7 D<98 ?A<? =5.?A87 ./ <==>789 . H848 786K89 6@ ?84D7 ./ I - 6@ A67 F4878@=8:>?A898@689?A87<D8 ! A8.?A84H6?@877 #67<H6?@877?.I 8698@?6/687A6776B@<?>486@I $<&.H8E84A8 7<;7 ?A<? ?A8 F.56=8 @86?A84 786K89 <@; <4?6=587 @.4 F48F<489 <@; D<A<K<4 6@ A67 F4878@=8 8 698@?6/687 A67 FA.?.B4<FA76@I7 )?. #:>?7?<?87?A<?A89.87 @.?G@.H/.4HA<?48<7.@?A.78FA.?.7H848?<G8@ - 48 - # @ ?A8 =4.77 8I<D6@<?6.@ < 7>BB87?6.@ H<7 D<98?A<?HA8@D<A<K<4H<794<H@6@?84D7./I ?A8 <I8 <@9 ?A8 64.@ G@6/8 H848 786K89 6@ A67 F4878@=8 /4.D<==>789.<@9:>??A87<D8H<798@689 ?H<7 />4?A847>BB87?89?A<?6@?A<?=.@@8=?6.@.@5;I7 )?. #FA.?.B4<FA7H848?<G8@HA6=A<57.A898@689 ,<@.?A84H6?@877?.I 698@?6/689A67 76B@<?>48<7I $:&:>?<57.7?<?89?A<?A89.87@.? G@.H ?A8 =.@?8@?7 ./?A8 I, 8/>4?A84 7?<?89?A<? ?A8 F.56=8 @86?A84 786K89 <@; <4?6=587 @.4 948H <@; D<A<K<4 6@ A67 F4878@=8 .H8E84 A8 698@?6/687 A67 FA.?.B4<FA 6@ I7 ) ?. # A67 H6?@877 H<7 <57. 7>:C8=?89?.=4.77 8I<D6@<?6.@6@?A87<D856@8<7 # <@998@689?A87<D8 " " 67 ?A8 D.?A84 ./ ) @ A84 8E698@=8 7A898F.787?A<??A8;:85.@B?.6@9> 89<4<=.DD>@6?; A8 486?84<?87 ?A<? ?A8 <==>789 F847.@7 =<D8 <? <:.>? ))-FD<@978?/648.@?A8A.>78HA848 )<@9?A8 98=8<789 H848487696@B DD896<?85; ) <@9 A67 H6/8 - 49 - =<D8.>?/4.D?A87<69A.>78??A<??6D8<==>789. <77<>5?89 A84 7.@ <@9 A67 H6/8 ? 67 A84 8E698@=8 ?A<? <==>789 F847.@7 <77<>5?89 H6?A 7?.@8 .@ ,) ==>789 .<77<>5?89H6?A<7?6=G./<I8.@,)<@9?A848</?84 ,)4<@<H<;/4.D?A87<69F5<=8 0 ?67<57.A848E698@=8?A<?HA8@7 ) % <@9 ?4689 ?. F<=6/; ?A8 J><4485 :>? ?A8 <==>789 F847.@7 <77<>5?89 ?A8D <57. A8 />4?A84 7?<?87 ?A<? <55 ?A8 <==>789 F847.@7 94<BB89 A84 9<>BA?84 6@ 5<H /4.D ?A<?F5<=86@/4.@?./?A8A.>78./<==>789.%<@9<55?A8 <==>789 F847.@7 F.>489 G84.78@8 <@9 78? /648 ?. ?A8 98=8<7897<487>5?7A87>==>D:89?.:>4@6@C>4687 "- ?67A848E698@=8?A<?A847.@$ )&D<44689 ?A898=8<789HA.:85.@B7?.?A8>756D4856B6.@8@=8 <==>789 F847.@7 =.DD6??89 ?A8 D>4984 <@9 <57. <:>789 ?A<? ?A8; <48 @.? B.6@B ?. 58<E8 ?A8 F8.F58 ./ 89<4< =.DD>@6?;<@9<:>789?A8D:;?<G6@B?A864=<7?8@<D8 A8 F.56=8 A<E8 48=.4989 A84 7?<?8D8@? " <57. 698@?6/687 ?A8 " 68 ?A8 <I8 A67 H6?@877 H<7 - 50 - 7>:C8=?89 ?. =4.77 8I<D6@<?6.@ <@9 9>46@B ?A8 =4.77, 8I<D6@<?6.@ < 7>BB87?6.@ H<7 D<98 ?A<? ?A8 98=8<789 H<7:85.H";8<47./<B8HA8@ ?..GA84<@9?A8 7<D8 H<7 98@689 <@9 7<;7 ?A<? ?A8 98=8<789 H<7 <B89 <:.>?-;8<47A67H6?@877<9D6?7?A<??A898=8<789A<9 B6E8@ < =.DF5<6@? <B<6@7? A84 7.@ <? <56G.?8 .56=8 ?<?6.@ A8 7<;7 ?A<? ) 68 A84 7.@ <@9 A84 9<>BA?84,6@,5<HH8487?<;6@B6@?A8A.>78:85.@B7?.A84 :4.?A84,6@,5<H <@9 ?A848 H<7 @. 9..4 ?. ?A8 7<69 A.>78 A8<57.7?<?87?A<??A8<==>789F847.@7<:>789?A8D:; ?<G6@B?A864=<7?8@<D8 ?677>BB87?89?A<?7A867/<5785; 98F.76@B?A<?<==>789.<77<>5?89A847.@H6?A<7?.@8 <@9 :6??8@ <@9 ?A8 7<69 7>BB87?6.@ H<7 98@689 A8 H6?@877 <9D6?7 ?A<? 7A8 =<@@.? ?855 ?A8 98?<657 ./ ?A8 A>7:<@97 ./ <==>789 .! # <@9 " <@9 ?A864 <99487787 <48<57.@.?G@.H@?.A84 ?H<77>BB87?89?A<?<==>789 ."H<7D<44689?..@8>:A<7AA<@@>4:>??A87<D8 67 98@689 7>BB87?6.@ H<7 <57. D<98 ?A<? >:A<7A A<@@>4 67 A84 485<?6E8 <@9 ?A8 7<D8 H<7 98@689 >? - 51 - 7A8 <9D6?7 ?A<? A8 :85.@B7 ?. ?A8 7<D8 =.DD>@6?; ./ 89<4< =<7? .H8E84 7A8 <57. <9D6?7 ?A<? ?A8; A<E8 @<D89?A898=8<789<7<G7AD6</?84?A8D<446<B8 ?H<7 7>BB87?89 ?A<? HA8@ ?A8 98=8<789 969 @.? <B488 ?. ?<G8 :<=G?A8=<78/6589<B<6@7?7A8<5.@BH6?AA847.@A847.@ <@9A>7:<@9F.>489G84.78@8<@978?/648.@A84:>??A8 7<D8H<798@689 " A8,06@A678E698@=87<;7?A<?,)67A67 7.@<@9,"67A67H6/8<@9?A8;:85.@B7?.?A8 89<4< =.DD>@6?;<@9<57.A<E6@B<=J><6@?<@=8H6?A?A8<==>789 F847.@7 8 7<;7 ?A<? HA8@ A8 =<D8 ?. G@.H <:.>? ?A8 6@=698@? <? <4.>@9 %-- FD 6DD896<?85; A8 4>7A89 ?. ?A8 F.56=8 7?<?6.@ <@9 A8 D8? ) @ 6@J>64; A67 7.@ ) 48E8<589 ?A<? ?A8 <==>789 F847.@7 78? /648 ?. ?A8 A.>78<@9<57..@?A8A67H6/8<@9=.DD6??89A84D>4984 8 @.?6=89 ?A<? ) A<9 7>7?<6@89 6@C>4687 .@ A67 :<=G <@9 <57. .@ A67 58B A67 H<7 9.@8 76@=8 ?A848 H<7 < D<446<B8./6@?84,4856B6.@ ?67<57.A678E698@=8?A<??A8 F.56=878@? )?.?A8A.7F6?<5/.4?48<?D8@? - 52 - " A67 H6?@877 H<7 7>:C8=?89 ?. =4.77, 8I<D6@<?6.@ @ ?A8 =4.77,8I<D6@<?6.@ < 7>BB87?6.@ H<7 D<98 ?A<? .@8 <5587A<FF< 67 A67 485<?6E8 <@9 67 9.6@B G84.78@8 :>76@877 <? <E<@B848 <@9 ?A8 7<D8 67 <9D6??89 57. A8 <9D6?7 ?A<? ?A8 7<69 <5587A<FF< H<7 A<E6@B < A.>78 <? <56G.?8 8 <57. <9D6?7 ?A<? <==>789 ."H<7D<44689?.>:A<7AA<@@>4HA.:85.@B7?.A67 =<7?8 ? H<7 7>BB87?89 ?. ?A67 H6?@877 ?A<? HA8@ ?A8 98=8<789 969 @.? <B488 ?. ?<G8 :<=G ?A8 =.DF5<6@? /6589 <B<6@7? ) A8 A6D785/ A67 H6/8 <@9 7.@ <55 ./ ?A8D F.>489?A8G84.78@8<@978?A84.@/648:>??A87<D8H<7 98@689 ") -67?A8767?84./ )<@97A87<;7?A<? 7A8 H<7 B6E8@ 6@ D<446<B8 ?. >4<F>4< E655<B8 <@9 @.H 7A8 67 7?<;6@B H6?A A84 485<?6E87 6@ ?A8 7<D8 E655<B8 >@9<G<@<5< :>? 487696@B 78F<4<?85; <@9 8<45684 A84785/ <@9 A84 F<48@?7 H848 56E6@B ?.B8?A84 A8 />4?A84 7?<?87 ?A<?A84:4.?A84 )/8556@ 5.E8H6?A?A898=8<789<@9 :.?A./?A8D969@.?6@/.4D?A8/<D65;D8D:847H8@??. - 53 - .<8@=8?A8<==>789F847.@7H848A<E6@BE8@B8<@=8 <B<6@7? A84 :4.?A84 $ )& A8 <==>789 F847.@7 <48 <55 ?A8/<D65;D8D:847./?A898=8<789, A<@>A8<==>789 F847.@7 :85.@B89 ?. ?A8 >756D 4856B6.@ HA848<7 ?A8; :85.@B ?. <5D6G6 =<7?8 ? 67 A84 8E698@=8 ?A<? <? )-- FD@8<4?A8A.>78./,)?A8<==>789F847.@7<5.@B H6?A <@.?A84 :.; H848 <77<>5?6@B ?A8 ) <@9 <57. ?A8 98=8<789H6?A7?6=G7?.@8G@6/8<@9<I855./?A8DA<E8 <:>789 A84 :4.?A84 ) :; ?<G6@B A67 =<7?8 @<D8 ==>789 .) <77<>5?89 A6D H6?A 7?.@8 <@9 7?6=G .@ A67 :<=G ?A84 <==>789 F847.@7 94<BB89 ?A8 98=8<789 ==>789.% F.>489 ?A8 G84.78@8<@9 <==>789. 78? ?A8/648<@9<7<487>5?7A85.7?A8456/8A676@=698@?H<7 ?<G8@F5<=8<?<4.>@9%--FD "% ? 67 <57. A84 8E698@=8 ?A<? 7A8 A84 A>7:<@9 D<4<DD<<@98GA<?4689?.487=>8A84:4.?A84 ) <@9 <57. ?A8 98=8<789 :>? ?A8 <==>789 F847.@7 969 @.? <55.H?A8D?.487=>8 8@=8 A84<@ <H<;/4.D ?A87F.? @8<4 ?A8 5<@9 ./ <@B<@<B.H9< A848</?84 ) H8@? - 54 - <@9 5.9B89 ?A8 =.DF5<6@? @8@J>64; 7A8 7<;7 ?A<?7A8 =<@ 698@?6/; ?A8 7?.@8 <@9 <I8 HA6=A H848 >789 /.4 =.DD6??6@B?A8.//8@=8<@9698@?6/689?A8 7,<@9" "! A67 H6?@877 H<7 7>:C8=?89 ?. =4.77, 8I<D6@<?6.@ @ ?A8 =4.77,8I<D6@<?6.@ 7A8 <9D6?7 ?A<? 7A8=<D8:<=G<@97?<4?89487696@B<?>@9<G<@<5</4.D ?A8 5<7? - ;8<47 :>? 969 @.? B6E8 <@; 858=?6.@ =<49 .4 4<?6.@ =<49 ?. ?A8 F.56=8 ? 67 7>BB87?89 ?A<? 98=8<789 B<E8 < =.DF5<6@? <B<6@7? ) 6@ - <558B6@B ?A<? A8 =.DD6??894<F8.@A84 ?67856=6?89?A<?</?84?A8 =<78 48B67?8489 <B<6@7? ?A8 ) ?A8 ,) ?..G ?A8 98=8<789 ?. .< <@9 A8 969 @.? 48?>4@ ? 67 <57. 7>BB87?89?A<?:.?A./?A8D</?84<??<6@6@BD<C.46?;H8@? <@9B.?48B67?8489?A864D<446<B8<?>998:6A<5<@9HA8@ ?A8; =<D8 :<=G ?. >@9<G<@<5< ?A8 98=8<789 H<7 ) D.@?A7F48B@<@? "# A8 H6?@877 <9D6?7 ?A<? >:A<7A A<@@>4 67 A84485<?6E8<@9?A<?<==>789."67D<44689?.A6D ?67 7>BB87?89 ?A<?,) >789 ?. =.DD6? 78I><5<=?7 <B<6@7? - 55 - ?A8 98=8<789 <@9 A8 H<7 48/>76@B ?. D<44; A84 <@9 ?A8 7<69 7>BB87?6.@H<7 98@689 ? 67 />4?A84856=6?89?A<? ?A8 A.>78 ./ ?A8 <==>789 <7 H855 <7 ?A8 A.>78 HA848 A84 :4.?A84$ )&H<7487696@B/<=8?A8@.4?A7698<@9<57. <9D6?7 ?A<? A84 78@6.4 >@=5827 @<D8 67 <5587A<FF< <@9 ?A<? A8 67 9.6@B G84.78@8 :>76@877 <? <E<@<B848 A8 />4?A84 <9D6?7 ?A<? :.?A ) <@9 ?A8 98=8<789 H848 487696@B 6@ < 76@B58,4..D A.>78 <@9 A<9 < ?8DF.4<4; :<?A4..D A8 7<;7 ?A<? <? ?A8 ?6D8 ./ 6@=698@? ?A848 H848 <:.>? -- F8.F58 F4878@? <@9 D<@; ./ ?A8D :85.@B89?.?A864=.DD>@6?; @?A89<?8./?A86@=698@? ?A8<==>789F847.@794<BB89?A898=8<789<@978?A84.@ /648 A8 />4?A84 7<;7 ?A<? 7A8 <57. D<98 <@ <??8DF? ?. 8I?6@B>67A ?A8 /648 :; F.>46@B H<?84 <@9 ) A<9 @.? 7>7?<6@89:>4@6@C>4687 ?677>BB87?89?.A84?A<? ) A6D785/78?/648.@?A898=8<789<@9?A848</?844<@<H<; /4.D ?A8 7F.? .@ 5<@9 ./ <@B<@<B.H9< ?A8 7<D8 H<7 98@689A87<;7?A<?HA8@?A898=8<789H<778?.@/648 A84 :4.?A84 ?4689 ?. 8I?6@B>67A ?A8 /5<D87 <@9 A8 H<7 - 56 - 487=>89 ?677>BB87?89?.A84?A<??A8;<48?H67?6@B?A8 /<=?7 <@9 ?A<? <=?><55; ) A6D785/ 78? /648 .@ ?A8 98=8<789HA6=A7A898@689 " 7<;7?A<? )H<7H.4G6@B<7<5.44; 946E84A898=8<789D<44689A6D<@9:.?A./?A8DH8@? ?.<96//848@?E655<B8/.48<4@6@B<@9?A848</?84?A8;=<D8 :<=G <@9 7?<;89 <? >@9<G<@<5< A8 <==>789 F847.@7 :85.@B89?.>756D4856B6.@<@9?A8;H848=<>76@B?A48<? A86@=698@?A<9?<G8@F5<=8!;8<47<B.<?>@9<G<@<5< <@9A8H<7487698@?./?A8@86BA:.>46@BA.>78A8@A8 H8@??.788A676@,5<H7<==>789F847.@7H848<77<>5?6@B ) <@9 ?A8 98=8<789 H6?A 7?.@8 <@9 7?6=G ==>789 F847.@78E8@>789?A8<I8A8@?A8;H8@??.487=>8?A8 E6=?6D7 ?A8 <==>789B<E8 <56/8 ?A48<? ?. ?A8D <57. A8 <==>789 F847.@7 F.>489 G84.78@8 <@9 78? /648 <@9 ?A8@ )H8@?<@9B<E8?A8=.DF5<6@? "" @?A8=4.778I<D6@<?6.@A87<;7?A<?A8=<D8 ?.?A87F.?HA8@?A86@=698@?H<7B.6@B.@<@9F46.4?. A67 <446E<5 A67 H6/8 88?A< H8@? ?. ?A8 7F.? A8@ A8 - 57 - H8@??.?A87F.?A8/.>@9<D<?=A:.I6@?A8A<@97./A67 H6/8 7>BB87?6.@ H<7 D<98 ?A<? < =<78 H<7 48B67?8489 <B<6@7? )<@9A898@687?A87<D87>BB87?6.@H<7 D<98 ?A<? 6DD896<?85; </?84 D<446<B8 ?A8; H8@? ?. < 96//848@? F5<=8 /.4 8<4@6@B <@9 HA8@ 7A8 :8=<D8 F48B@<@? ?A8; =<D8 :<=G ?. ?A8 E655<B8 <@9 7<D8 H<7 <9D6??89 ? 67 <57. 7>BB87?89 ?A<? ) H<7 48J>87?6@B ?A8 98=8<789 ?. ?<G8 :<=G ?A8 =<78 76@=8 :.?A ./ ?A8D H84856E6@B?.B8?A84=.496<55;<@9?A87<697>BB87?6.@H<7 <9D6??89 8 7?<?87 ?A<? HA8@ A8 H8@? ?. ?A8 7F.? ?A8 98=8<789 =<D8 .>? /4.D ?A8 A.>78 ./ ) H6?A /648.@ A84 :>? H6?@877 7<;7 ?A<? ?A8 <==>789 F847.@7 94<BB89 98=8<789<@978?/648 "0 6@A678E698@=87<;7?A<?A8:85.@B7?. 89<4< =.DD>@6?; 8 <9D6?7 ?A<? ,) <@9 98=8<789 B.?D<44689<@9</?84?A<??A8;=<D8:<=G?.>@9<G<@<5< E655<B8 <@9 ?A<? ?A8 98=8<789 :85.@B89 ?. >756D =.DD>@6?;A8<==>789F847.@7H848J><448556@BH6?A?A8 98=8<789 <@9 ) A8 <==>789 F847.@7 H848 A<E6@B - 58 - 6@?8@?6.@?.<77<>5??A898=8<789<@9 )<@9?A8;78? /648.@?A898=8<789A67H6?@8777<;7?A<?.@A8<46@B?A8 7.>@9A8=<D8@8<4?A8A.>78./ )<@9:;?A<??6D8 A8 48<=A89 ?A8 <==>789 A<9 <548<9; 78? /648 .@ ?A8 98=8<789,-88?A<<57.7>7?<6@896@C>4687<@9:5..9 H<7 ..K6@B /4.DA84@.78 <@9?A8; ?..G " ?. .?A847 A.>78A67H6?@877H<7?48<?89<7A.7?658:;?A858<4@89 996?6.@<5>:56=4.78=>?.4<@9H<7=4.778I<D6@89 0- >46@B?A8=4.77,8I<D6@<?6.@<7>BB87?6.@H<7 D<98 ?A<? <==>789 F847.@7 =<D8 H6?A 7?6=G G@6/8 7?.@8 <@9<I8<@97<D8H<7<9D6??89+>4?A847>BB87?6.@H<7 D<98 ?A<? ?A8; H848 A<E6@B <@ 6@?8@?6.@ ?. =.DD6? ?A8 D>4984./:.?A./?A8D<@9?A87<D8H<7<9D6??89 ?67 7>BB87?89?A<?<==>789.<77<>5?89 )<@9<==>789 .<77<>5?89H6?A7?6=G./<I8.@A67:<=G<@9?A87<D8 67 <9D6??89 ? 67 7>BB87?89 ?A<? /648 H<7 78? .@ ?A8 9H8556@BA.>78./?A898=8<789<@9 )<@9?A87<D867 <9D6??89 ? 67 7>BB87?89 ?A<? A8 A6D785/ >D6?4< <7<DD< <7<@@< AH<C<:6 <A>7<: <@9 <69<FF< - 59 - H8@??.F<=6/;?A8J><4485<@9?A87<D867<9D6??89 ?67 <57. 7>BB87?89?A<? <==>789 F847.@7 <? ?A<? ?6D8 =<>789 ?A48<? <@9 ?A8 7<D8 67 <9D6??89 7>BB87?6.@ D<98 48B<496@B.E84?<=?<@9?A87<D867<9D6??8957.HA8@ ?A8 7>BB87?6.@ H<7 D<98 ?A<? <==>789 @. F.>489 ?A8 G84.78@8 <@9 78? /648 7<D8 67 <9D6??89 7>BB87?6.@ 67 D<98?A<? )H<7<:>789:;?<G6@B?A864=<7?8@<D8 ?A87<D8H<7<57.<9D6??89 0 A67 H6?@877 H<7 7>:C8=?89 ?. =4.77, 8I<D6@<?6.@:;?A8<==>789=.>@785<@9A8<9D6?76@?A8 =4.77,8I<D6@<?6.@ ?A<? 88?A< <@9 A84 A>7:<@9 :.?A :85.@B ?. 46@6E<7< E655<B8 ./ >4F>4< ?<5>G<@9 <9D6?7 ?A8 7<D8 =<D8 ?. ?A8 >@9<G<@<5< E655<B8 <? <4.>@9 !-- ?. #-- FD <@9 <9D6?7?A<? )6@7?4>=?89A6D?.B.<@9B6E88E698@=8 :8/.48?A8.>4? ?677>BB87?89?A<?A8=<@@.?7<;HA. <:>789 ):;?<G6@B?A8=<7?8@<D8<@9A8<9D6?7?A8 7<D8 - 60 - 0 )<D<A<K<4H6?@877?.I,0<9D6?7A8 A<976B@89I,0$:&:>?5<?84?>4@89A.7?658<@9A8.@5; 698@?6/687 ?A8 FA.?. @ =4.77,8I<D6@<?6.@ :; ?A8 >:56= 4.78=>?.4 ?48<?6@B ?A8 H6?@877 <7 A.7?658 @.?A6@B A<7 :88@856=6?89 0) %<57.?>4@89A.7?658<@9<57.@.?<H<48./ ?A8=<7?./8<=A./?A8D @=A68/8I<D6@<?6.@A898@689 <55?A87>BB87?6.@7 @:86@B?48<?89<7A.7?658<@9=4.77, 8I<D6@89 6@ 98?<65 @.?A6@B 67 856=6?89 /4.D ?A8 D.>?A ./ % 76@=8 F4.78=>?6.@ =5<6D7 A67 H6?@877 <7 8;8 H6?@877 0% ! A<7 <57. @.? 7>FF.4?89 ?A8 =<78 ./ ?A8 F4.78=>?6.@ <@9 ?A67 H6?@877 67 <57. 8I<D6@89 <7 <@ 8;8 H6?@877?.?A86@=698@? @=4.77,8I<D6@<?6.@7>BB87?6.@7 H848 D<98 6@ 56@8 H6?A ?A8 7?<?8D8@? B6E8@ :8/.48 ?A8 F.56=89>46@B?A8=.>478./6@E87?6B<?6.@:>?@.?A6@BA<7 :88@856=6?89 - 61 - 0! 6D65<45; # " 0 - <@9 <55 ./ ?A8D A<E8 @.? 7>FF.4?89 ?A8 =<78 ./ ?A8 F4.78=>?6.@?A.>BA=6?89<78;8H6?@87787?.?A86@=698@? .?A6@BA<7:88@856=6?89/4.D?A8D6@=4.77,8I<D6@<?6.@ </?84?48<?6@B?A8DA.7?658 0# ,67?A89.=?.4HA.8I<D6@89,)HA8@ A8=<D8?.A.7F6?<5 @8I<D6@<?6.@/.>@9?A8/.55.H6@B 6@C>4687.@?A8:.9;./,) 0-1$ 2 # $ 3 $ ) & 24 $5&6+& +1 ! && # $ 45 7$ 51 # &&2 2 $ $868&4 & 29 0 .=?.4.F6@89?A<??A8<:.E87?<?896@C>4687<48 76DF58 6@ @<?>48 A8; D<; :8 =<>789 9>8 ?. A<49 <@9 7A<4F .:C8=? <@9 ?A8 <B8 ./ ?A8 7<69 6@C>4687 67 # ?. A.>47<@9677>89H.>@9=84?6/6=<?8HA6=A67D<4G89<7I ,%<@976B@<?>48./H6?@87767D<4G89<7I,%$<& ? - 62 - 67<57.?A88E698@=8./,HA8@<F847.@:6?8<@.?A84 ?A4.>BA A67 D.>?A .@ A67 7A.>5984 ?A8 6@C>4; . D8@?6.@89 6@ ?A8 I ,% =.>59 :8 =<>789 A8@ < F847.@A<7:88@<77<>5?89:;<7?.@8$ &?A86@C>4; .) D8@?6.@89 6@ I % $H.>59 =84?6/6=<?8& =.>59 :8 =<>789 A8@ < F847.@ A<7 :88@ <77<>5?89 :; < 7?6=G 6@C>4;.D8@?6.@896@I %=.>59:8=<>789A8@ ?A67 H6?@877 H<7 7>:C8=?89 ?. =4.77 8I<D6@<?6.@ 6? 67 856=6?89?A<?A88@J>6489<:.>??A8A67?.4;./<77<>5?:>? A8 9.87 @.? 48D8D:84 HA8?A84 ?A8 6@C>489 8IF5<6@89 <:.>??A8<77<>5?.@A6D8A<7@.?899.H@?A86@C>4687 7>7?<6@89:;?A86@C>489F847.@6@?A848B67?848969 @.? 48D8D:84 <@; 7D855 ./ G84.78@8 .@ ?A8 :.9; ./ ?A8 6@C>489 ?67856=6?89?A<??A8F.56=8969@.?:46@B<@;7?.@8 <??A8?6D8./8I<D6@<?6.@./?A8H6?@877 0" @C>4;.H<7:6?8D<4G7F4.:<:5;=<>789:; < A>D<@ :86@B ? 67 <9D6??89 ?A<? 6@C>4687 . <@9 ) =.>59:8=<>7896/<F847.@/<557/4.D<?H.,HA88584<@9 6@C>4;.=.>59:8=<>7896/<F847.@=.D876@=.@?<=? - 63 - H6?A ?A8 :<4G,6@?8B>D8@? ./ < C<<56 ?488 ? 67 7>BB87?89 ?A<? ?A8 H.>@9 =84?6/6=<?8 67 677>89 <7 F84 7<; ./ 6@E87?6B<?6.@.//6=84HA6=A6798@689 00 @.?A84 H6?@877 67 HA. =.@9>=?89 ?A8 F.7?,D.4?8D./?A8E6=?6D$98=8<789&HA.67<B89<:.>? ;8<47 .@ -%-#- <? )- 8 /.>@9 =5.?A87 <@9<4?6=587.@?A8:.9;F<4?6<55;:>4@?:5>8,HA6?8@;5.@ =5.?A F68=87 .E84 ?4>@G <@9 56D:7 :5<=G :8<989 D<@B<57>?4< HA6?8 D8?<556= ?.8 46@B7 <@9 ;855.H D8?<556= @.78 7?>9 HA6=A H848 A<@989 .E84 ?. F.56=8 6@ <@ >@78<589D<@@848<57.@.?89?A88I?84@<56@C>4687?A8 :.9; H<7 6@ F<4?6<5 F>B6567?6= F.7?>48 .@ 6?7 :<=G A8<? 7?6//8@6@B<@946B.4D.4?67F4878@?<55.E84?A8:.9;A8 7=<5FA<64<@9<55?A8:.9;A<647<48:>4@?<@976@B689@<65 :897 H848 :5>67A :5..9,7?<6@89 /5>69 /.4?A ..K6@B /4.D D.>?A @.7?4657 ?.@B>8 F<4?5; F4.?4>989 <@9 =.E8489 :; :5<=G 7..? F<4?6=587 <? 6?7 :<78 :9.D8@ H<7 8@5<4B89 A8/.55.H6@B6@C>4687H848@.?89.@?A8:.9; - 64 - “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