Place de la neurostimulation électrique transcutanée dans la prise en charge des dysfonctionnements temporo-mandibulaires : revue de la littérature

Texte intégral

(1)Place de la neurostimulation électrique transcutanée dans la prise en charge des dysfonctionnements temporo-mandibulaires : revue de la littérature Aurélie Fertout. To cite this version: Aurélie Fertout. Place de la neurostimulation électrique transcutanée dans la prise en charge des dysfonctionnements temporo-mandibulaires : revue de la littérature. Médecine humaine et pathologie. 2018. �dumas-01957827�. HAL Id: dumas-01957827 https://dumas.ccsd.cnrs.fr/dumas-01957827 Submitted on 17 Dec 2018. HAL is a multi-disciplinary open access archive for the deposit and dissemination of scientific research documents, whether they are published or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.. L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés..

(2) +$,()*L$)%&$*&%") +"*L(+($*( G6?F656D:23=6D=6FD

(3) $:46656I . .

(4)

(5)

(6)

(7)

(8) A

(9) ;

(10)

(11) )) IGHO . . . . . . . #.)DKIALNAHOAJK. . . . - .)/ /+0'$,0()/.*0/)01)/ '0'/ #$-0-"$)/$-$

(12) HG<HI<IGHO+- . " 'GI<HG<HPPI)). *0-*/)$-'"-;. . )(!!* . 3($)/0-.; ('-*!..0- ('-*!..0- ('*/0- ('*/0- .

(13) 0-)

(14) -('' A /#-$) A '*$ . - .$)/0%0-4 ....0- ....0- $-/0-/#..

(15) . . . .

(16) . ++2(0+)1(-.)/&)-(

(17) . . . 3*(.('/),+ " " . ,0..('/),+ ! ,*#"--"/,!"-)%0",-%.4-(" ,("''" ,*#"--"/,!"-)%0",-%.4-(" % $5'" 7.,"!"*)#4,") "-!"-)%0",-%.4-("

(18) ', --%-.).

(19) *-+%.'%",)%0",-%.%," '*,%). --%-.).

(20) *-+%.'%",)%0",-%.%,"(" /!,"3 --%-.)."--* %4",.% %")--* %4(" ,'".." ,0..('/),+ " ,*#"--"/,!"-)%0",-%.4-(" /,") " --%-.).

(21) *-+%.'%",)%0",-%.%,"(""-'%" --%-.).

(22) *-+%.'%",)%0",-%.%,"(" '%-".. . 3*(.('/),+ ! . ,0..('/),+ ! ,*#"--"/,!"-)%0",-%.4-("

(23) -"''" 7.,"!"*)#4,") "-!"-)%0",-%.4-

(24) .,% " 7.,"!"*)#4,") "-!"-)%0",-%.4-(" *+$%"3,%( 7.,"!"*)#4,") "-!"-)%0",-%.4-("

(25) 4'5)" 7.,"!"*)#4,") "-!"-)%0",-%.4-(" 40",%)" 7.,"!"*)#4,") "-!"-)%0",-%.4-("

(26) $,%-.%)" --%-.).

(27) *-+%.'%",)%0",-%.%," 1")6' --%-.).

(28) *-+%.'%",)%0",-%.%,"

(29) .$%"/ --%-.).

(30) *-+%.'%",)%0",-%.%,"(" '")",% . 3*(.('/),+ . ,0..('/),+ ! $ !# ,*#"--"/,!"-)%0",-%.4-(" ,%" ,) " ,*#"--"/,!"-)%0",-%.4-, ,*#"--"/,!"-)%0",-%.4-("'%," ,*#"--"/,!"-)%0",-%.4-

(31) .,% & ,*#"--"/,!"-)%0",-%.4- .%"))" ,*#"--"/, (4,%."")/' 7.,"!"*)#4,") "-!"-)%0",-%.4-0"- 7.,"!"*)#4,") "-!"-)%0",-%.4-("

(32) .$'%" 7.,"!"*)#4,") "-!"-)%0",-%.4- *(%) 7.,"!"*)#4,") "-!"-)%0",-%.4-("

(33) '*!%" 7.,"!"*)#4,") "-!"-)%0",-%.4-

(34) '%0%", 7.,"!"*)#4,") "-!"-)%0",-%.4- ,% 7.,"!"*)#4,") "-!"-)%0",-%.4-(" '4,%" --%-.).

(35) *-+%.'%",)%0",-%.%,"("%)!3 --%-.).

(36) *-+%.'%",)%0",-%.%,"(" /," --%-.).

(37) *-+%.'%",)%0",-%.%,", ,3 --%-.).

(38) *-+%.'%",)%0",-%.%," $*(- --%-.).

(39) *-+%.'%",)%0",-%.%,"2%(%'%") --%-.).

(40) *-+%.'%",)%0",-%.%,"(" ,%)" --%-.).

(41) *-+%.'%",)%0",-%.%,"("

(42) ))"/," . .

(43) .

(44) (-$()/. @&)&1*0*53+*66*85&85*2(*84. ,@D4@>APE6?46DAP528@8:BF6D6E4=:?:BF6D2:?D:BF6G@EC63@??69F>6FC6EG@EC6 3:6?G6:==2?46>d@?E362F4@FA2AA@CEP2F4@FCD56>@?4FCDFDF?:G6CD:E2:C6 6G@FDC6>6C4:6 56>672:C6=d9@??6FC56ACPD:56C46;FCJ56E9QD6,6F:==6KEC@FG6C52?D46EC2G2:= =d6IAC6DD:@?56E@FE6>2C64@??2:DD2?466E56>2AC@7@?566DE:>6 @&)&1*0*53+*66*8551*00*&2.>5*<9&2 d2:362F4@FA2AACP4:P=2BF2=:EP56G@EC66?D6:8?6>6?E,@FD5@??6K=d6?G:65d2AAC6?5C66E 564@>AC6?5C66EG@FDD2G6KEC2?D>6EEC6G@EC6A2DD:@?A@FC=d@CE9@5@?E:62G64E2=6?E 6G@FD DF:DECQDC64@??2:DD2?E65d2G@:C2446AEP56;F86C>@?EC2G2:='F646EE6E9QD6D@:E=6 EP>@:8?28656>@?25>:C2E:@?6E56E@FE>@?C6DA64E @&)&1*0*3(7*8503).*-51&22 6E:6?DMG@FDC6>6C4:6C56>d2G@:C72:E4@?7:2?466EAC@A@DP46DF;6EA2DD:@??2?E d2:6F=6 A=2:D:C56EC2G2:==6C2G64G@FD6?4=:?:BF66E5d2AAC6?5C6M>6EEC66?AC2E:BF6>6D 4@??2:DD2?46D6?@44=FD@5@?E@=@8:6#6C4:A@FCG@EC62:56G@EC63:6?G6:==2?466EG@EC6 5:DA@?:3:=:EP2F4@FCD56=dP=23@C2E:@?5646EC2G2:= 6G@FDAC:656EC@FG6C52?D46EC2G2:= =d6IAC6DD:@?56>2C64@??2:DD2?466E56>6DD:?4QC6DC6>6C4:6>6?ED @&)&1*0*3(7*85&7-*5.2**6(.&5)32 6E:6?DMG@FDC6>6C4:6CD:?4QC6>6?EA@FCE@FE46BF6G@FD>d2G6K2AA@CEP2F4@FCD56>6D 2??P6D6?4=:?:BF6#6C4:56>d2G@:CEC2?D>:DG@EC6D2G@:CG@D4@>APE6?46D6EG@EC6 6IAPC:6?464=:?:BF6 d25>:C6G@EC686?E:==6DD6G@EC65J?2>:D>66EG@EC65PG@F6>6?Ed6DE F?9@??6FC6EF?6;@:6A@FC>@:56G@FD4@>AE6CA2C>:=6D>6>3C6D5646;FCJ,6F:==6K C646G@:C=d6IAC6DD:@?56E@FE6>28C2E:EF56 . . .

(45) '.(/$-. ! $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

(46) # !$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ . "))*%$$%)*'+)*#000000000000000000000000000000000 2."*)/%*))!(!)/./!(+*-*() %0'%-!.-/%0'%-!. . %+"+()(*+"()00000000000000000000000000000000000000000000000000 . /)%$*%$)(*+"() 000000000000000000000000000000000000000000000 .

(47) &*%"%))*#000000000000000000000000000000000000000000000000000 . (*+()0000000000000000000000000000000000000000000000000000000000000 . *(%+")+,"%&&#$* 00000000000000000000000000000000000000000000 2."*)/%*))!(!)/. !.(0.'!.(./%/!0-. %+"+()#+)+"() 0000000000000000000000000000000000000000000000000 %$*(*+(0000000000000000000000000000000000000000000000000000000000

(48)

(49) /&(*(%&0000000000000000000000000000000000000000000000000000000000

(50) $%&")# 000000000000000000000000000000000000000000000000000000000000

(51) *(%+"))#%+,#$*) 0000000000000000000000000000000000000000000000

(52) %+"+())#+)")#)**+()d%($)/)*#'+$*("00000000

(53) 3+$'3!.

(54) &")**(+)+.*#000000000000000000000000000000000000000000 /-0/0-!...*%3!. /&(&")%(%$%e0000000000000000000000000000000000000000000000000 "&()$()*# 0000000000000000000000000000000000000000000 !.*&!/%". !'+-%.!!)$-#! !./$3-+%!.+$2.%,0!. . "! ! $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ */.'3. !$!-$!3'!/-*)%,0! -%/4-!. !.3'!/%*) ! $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 3'!/%*) !.-/%'!. !.%#) !.3/0 !.-!/!)0!. -/3-%./%,0!. !.3/0 !.-!/!)0!. )'2.! !.-3"3-!)!. ""%%/3 ) %/%*).

(55) !$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ !$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ . . . .

(56) )-!+!'&*. *$)24FAF?4EFC2=6 CE:4F=2E:@?E6>A@C@>2?5:3F=2:C6 *$)4@?G6?E:@??6==6 >286C:6G@=F>PEC:BF6A2C72:D462F4@?:BF6V?662> JD7@?4E:@??6>6?EE6>A@C@>2?5:3F=2:C6 L=64EC@24FAF?4EFC6 L=64EC@>J@8C2A9:BF6 L42CEEJA6 "L496==6G:DF6==62?2=@8:BF6 6>>6 @>>6 >286C:6A2CCPD@?2?46>28?PE:BF6 "2D6C5672:3=6?:G62F_"@H"6G6="2D6C` ":>:E2E:@?5d@FG6CEFC63F442=6 %FG6CEFC63F442=6 %44=FD:@?5d:?E6C4FDA:5:6>2I:>2=6 ?E6?D:EP5FD6F:=565@F=6FCM=2AC6DD:@? )JDEQ>6?6CG6FI46?EC2= $6FC@DE:>F=2E:@?P=64EC:BF6EC2?D4FE2?P6 !+=EC2D@?D. . .

(57)

(58) !*+*!,)*2+$,.2+&&.* .,85* .,85* .,85* .,85* .,85* &'0*&8 &'0*&8 &'0*&8 &'0*&8 &'0*&8 &'0*&8 &'0*&8 &'0*&8

(59) 22*:* 22*:*. :DA@D:E:756*$) #J@EC@?:4D6E*$)4@ 00000000000000000000000 AA2C6:=5dP=64EC@24FAF?4EFC6000000000000000000000000000000000000000 AA2C6:=56=2D6C5672:3=6?:G62F0000000000000000000000000000000000000 AA2C6:=5dF=EC2D@?@E9PC2A:600000000000000000000000000000000000000000 )P=64E:@?56D2CE:4=6D00000000000000000000000000000000000000000000000 $:G62F56AC6FG66E8C25656DC64@>>2?52E:@?D0000000000000000000000000 2C24EPC:DE:BF6D56DPEF56DC6E6?F6D00000000000000000000000000000000000 77:424:EP56=2*$)DFC=25@F=6FCD6=@?=6D9F:EPEF56DBF:=dPG2=F6?E0000000 >P=:@C2E:@? 56 =d2>A=:EF56 5d@FG6CEFC6 3F442=6 D6=@? =6D 4:?B PEF56D BF: =dPG2=F6?E00000000000000000000000000000000000000000000000000000000 FCP65FEC2:E6>6?E6E5FDF:G:6E?@>3C656DP2?46D0000000000000000000000 &C@8C2>>656*$)56D2CE:4=6DPEF5:PD0000000000000000000000000000000 77:424:EP 56 =2 *$) DFC =2 5@F=6FC 6? 7@?4E:@? 5F EJA6 56 *# 6E 56 =2 AC@4P5FC656*$)000000000000000000000000000000000000000000000000 77:424:EP56=2*$)DFC=d2>A=:EF565d@FG6CEFC63F442=66?7@?4E:@?5FEJA6 56*#6E56=2AC@4P5FC656*$)00000000000000000000000000000000000 #@E:7D56?@?:?4=FD:@?56D2CE:4=6D00000000000000000000000000000000000 =2DD:7:42E:@?56D5JD7@?4E:@??6>6?EDE6>A@C@>2?5:3F=2:C6D&64<!/'0000.

(60)

(61)

(62)

(63)

(64)

(65)

(66)

(67)

(68) . . . .

(69) "6D5JD7@?4E:@??6>6?EDE6>A@C@>2?5:3F=2:C6D*#D@?EF?AC@3=Q>656D2?EPAF3=:BF6 BF:E@F496M 56=2A@AF=2E:@? >2:D2FDD:=6D64@?5EC@F3=6>FD4F=@DBF6=6EE:BF6=6A=FD 7CPBF6?E2ACQD=6D=@>32=8:6D6E=242FD6565@F=6FC@C@724:2=65d@C:8:?6?@?56?E2:C6=2A=FD 4@>>F?6 "6D*#5@F=@FC6FI:>A24E6?E=2G:6BF@E:5:6??6=6D7@?4E:@?DADJ49@D@4:2=6D6E=2BF2=:EP 56G:66D5JD7@?4E:@??6>6?EDD6>2?:76DE6?EA2C56DD:8?6D6EDJ>AEV>6D4=:?:BF6D27764E2?E AC:?4:A2=6>6?E =6D >FD4=6D >2DE:42E6FCD 6E@F =6D *# E6=D BF6 =6D 3CF:ED 2CE:4F=2:C6D =6D 5@F=6FCD6E=6D5JD4:?PD:6D>2?5:3F=2:C6D "6DA2E9@=@8:6D27764E2?E=6D*#D@?E?@>3C6FD6D6E@?EPEPC68C@FAP6D52?D=24=2DD:7:42E:@? 4@?D6?DFD_:28?@DE:4C:E6C:27@C*6>A@C@#2?5:3F=2C:D@C56C*#` @>>6?E EC2:E6C =6D *# ? AC6>:QC6 :?E6?E:@? 56D E9PC2A:6D 4@?D6CG2EC:46D D@?E ACP4@?:DP6D &2C>: 6==6D =2 AC:D6 6? 492C86 4@8?:E:G@4@>A@CE6>6?E2=6 =2 >:D6 6? A=246 56 8@FEE:QC6D >2:D 2FDD: =6D E9PC2A:6D A9JD:BF6D 5@?E =2 DE:>F=2E:@? ?6CG6FD6 P=64EC:BF6 EC2?D4FE2?P6)$*@F*$) 'F6=6DE=d2AA@CE56=2*$)52?D=6EC2:E6>6?E56DA2E:6?ED2EE6:?ED56*# 2?DF?AC6>:6CE6>AD?@FDACPD6?E6C@?D=24=2DD:7:42E:@?4@?D6?DFD56D*#=6D5:77PC6?E6D @AE:@?D56EC2:E6>6?ED6EA=FDA2CE:4F=:QC6>6?E=6DE9PC2A:6DA9JD:BF6D5@?E=2*$) &@FC E6?E6C 56 CPA@?5C6 M ?@EC6 AC@3=P>2E:BF6 ?@FD PEF5:6C@?D 52?D F? 56FI:Q>6 E6>AD =2 A=24656=2*$)52?D=6425C656D*#M=d2:565dF?6C6GF656=2=:EEPC2EFC6 . . .

(70) . '.

(71) . "2 4=2DD:7:42E:@? C6E6?F6 A@FC =2 56D4C:AE:@? 56D 5:77PC6?ED EJA6D 56 EC@F3=6D E6>A@C@ >2?5:3F=2:C6D6E56DD:8?6D6EDJ>AEV>6D4=:?:BF6D2DD@4:PD6DE=24=2DD:7:42E:@?:?E6C?2E:@?2=6 4@?D6?DFD _:28?@DE:4 C:E6C:2 7@C *6>A@C@#2?5:3F=2C :D@C56CD *#` :DDF6 56D @FGC286D56&64<!/'

(72) 6E56)49:77>2?!/' . 64 5

(73)

(74) . H<H<*0'0-.-/$0'$-.I %$%$%$ 6D4C:AE:@? "d2CE9C2=8:6 E6>A@C@>2?5:3F=2:C6 6DE 42C24EPC:DP6 A2C F?6 5@F=6FC 6E F?6 D6?D:3:=:EP56=242ADF=62CE:4F=2:C66E@F56=2>6>3C2?6DJ?@G:2=62F?:G62F56=d2CE:4F=2E:@? ?2>?QD6 @F=6FCDE6>A@C2=6D6?2G2?E@F52?D=d@C6:==62F4@FCD56D5:I56C?:6CD;@FCD E @F=6FC>@5:7:P6A2C=6D>@FG6>6?ED>2?5:3F=2:C6D7@?4E:@??6=D@FA2C27@?4E:@??6=D I2>6?4=:?:BF6ACPD6?465646D56FID:8?6D4=:?:BF6D "@42=:D2E:@?56=25@F=6FC4@?7:C>P62F?:G62F5dF?6@F56D56FI*# E @F=6FCAC@G@BFP6A2C2F>@:?DF?56D56FIE6DEDDF:G2?ED o &2=A2E:@?=2EPC2=6APC:2CE:4F=2:C6 o %FG6CEFC63F442=6>2I:>2=62DD:DEP6@F?@?>@FG6>6?ED56=2EPC2=:EPD@F56 AC@AF=D:@? %$%$&$ 6D4C:AE:@? @F=6FC 2CE:4F=2:C6 42C24EPC:DP6 4=:?:BF6>6?E A2C F?6 :?7=2>>2E:@? @F F?6 :?764E:@?56=d2CE:4F=2E:@?E@F49P6b5Q>6PCJE9Q>66E@F2F8>6?E2E:@?56=2E6>APC2EFC6 6D492?86>6?ED@44=FD2FIA6FG6?EREC62DD@4:PD6EC@F3=6PE2:EP82=6>6?E2AA6=PDJ?@G:E6 @F 42ADF=:E6 = Dd28:E 5dF?6 2EE6:?E6 =@42=:DP6 D2?D 2?EP4P56?E 56 >2=25:6 :?7=2>>2E@:C6 DJDEP>:BF6 ?2>?QD6C2AA@CE56D56FID:8?6DDF:G2?ED A CE9C2=8:64@>>65P7:?:62F E A *F>P724E:@?C@F86FC6E@F2F8>6?E2E:@?56=2E6>APC2EFC66?2G2?E56=d@C6:==6 %F492?86>6?ED@44=FD2FI5FDMF?6IDF52E:?7=2>>2E@:C6EJA63P2?46A@DEPC:6FC6 . . .

(75) I2>6?4=:?:BF6ACPD6?465646D56FID:8?6D4=:?:BF6D A &CPD6?465d2CE9C2=8:64@>>65P7:?:62F A E=dF?56D56FID:8?6D4=:?:BF6D4:56DD@FD6DE4@?DE2EP o &CPD6?465db5Q>65dPCJE9Q>66E@F2F8>6?E2E:@?56=2E6>APC2EFC62FE@FC56 =d2CE:4F=2E:@?@F o :>:?FE:@? 56D 4@?E24ED @44=FD2FI 6?EC6 56FI >6DFC6D 4@?DP4FE:G6D 3P2?46 A@DEPC:6FC6F?:=2EPC2=6@F3:=2EPC2=6?@?2EEC:3F23=6MF?62FEC642FD6 . H<I<4.!*)/$*).-/$0'$-.I %$&$%$ ! H<I<H<H<. +'()/$.'1- 0/$*). 6D4C:AE:@? *C@F3=6 3:@>P42?:BF6 :?EC242ADF=2:C6 :>A=:BF2?E =6 4@>A=6I6 4@?5J=@5:D42= @F49676C>P6=65:DBF62CE:4F=2:C66DE52?DF?6A@D:E:@?2?EPC:6FC6M=2ERE64@?5J=:6??6:=6DE C6A=24P=@CD56=d@FG6CEFC63F442=66D5PA=246>6?ED>P5:2FI6E=2EPC2FIA6FG6?EP82=6>6?E 2G@:C=:6F+?4=2BF6>6?E@FC6DD2FEA6FED6AC@5F:C6=@CD56=2CP5F4E:@?5:D42=6 ?2>?QD6 F 4@FCD 56D EC6?E6 56C?:6CD ;@FCD 56D 3CF:ED 2CE:4F=2:C6D D@?E ACPD6?ED =@CD 56D >@FG6>6?ED>2?5:3F=2:C6D I2>6?4=:?:BF6 A =2BF6>6?E5PE64EPM=d@FG6CEFC66EM=276C>6EFC6=@CD56=2A2=A2E:@?2F>@:?DF?6 7@:DDFCEC@:DDPC:6D5d@FG6CEFC676C>6EFC6 %F A &CPD6?4656D56FID:8?6D4=:?:BF6D4:56DD@FD o =2BF6>6?E 5PE64EP =@CD 56 =2 A2=A2E:@? 2F >@:?D F?6 7@:D DFC EC@:D DPC:6D 5d@FG6CEFC676C>6EFC66E o =2BF6>6?E5PE64EP=@CD56=2A2=A2E:@?2F>@:?DF?67@:DDFCEC@:DDPC:6D56 >@FG6>6?ED56=2EPC2=:EP@F56AC@AF=D:@? $"d:>286C:6A2CCPD@?2?46>28?PE:BF6(#C6DE6=68@=5DE2?52C5A@FC465:28?@DE:4 "dPG@=FE:@?5dF?5PA=246>6?E5:D42=CP5F4E:3=6G6CDF?5PA=246>6?E5:D42=:CCP5F4E:3=6?d6DE A2D DJDEP>2E:BF6 "2 ACPD6?46 5dF? 3=@4286 :?E6C>:EE6?E 496K F? A2E:6?E ACPD6?E2?E F? 5PA=246>6?E5:D42=CP5F4E:3=62F8>6?E6=2AC@323:=:EP5dPG@=FE:@?G6CDF?5PA=246>6?E5:D42= :CCP5F4E:3=6 H<I<H<I< +'()/$.'1- 0/$*)/'*"$)/-($//)/ 6D4C:AE:@??A@D:E:@?_3@F49676C>P6`=65:DBF66DE2?EPC:6FCM=2ERE64@?5J=:6??66 72O@? :?E6C>:EE6?E6 =6 5PA=246>6?E 5:D42= 6DE CP5F:E =@CD 56 =d@FG6CEFC6 3F442=6 6E A6FE AC@G@BF6CF?4=2BF6>6?E"@CDBFd:=?dJ2A2DCP5F4E:@?M=d@FG6CEFC646EE656C?:QC6A6FED6 EC@FG6C5:>:?FP6 6D5PA=246>6?ED>P5:2FI6E=2EPC2FI5F5:DBF6A6FG6?EP82=6>6?EREC6ACPD6?ED "d2AA2C:E:@? 5dF? 3=@4286 _3@F496 76C>P6` A6?52?E =d6I2>6? A6FE 2:56C M 4@?7:C>6C 46 5:28?@DE:4 . .

(76) ?2>?QD6 A CF:ED 2CE:4F=2:C6D ACPD6?ED 2F 4@FCD 5F 56C?:6C >@:D =@CD 56D >@FG6>6?ED >2?5:3F=2:C6D E A &6?52?E=6DEC6?E656C?:6CD;@FCD3=@4286:?E6C>:EE6?EAC@G@BF2?EF?6@FG6CEFC63F442=6 =:>:EP6 =d6I2>6?4=:?:BF6):8?6D4=:?:BF6D:56?E:BF6DM46FI5F5PA=246>6?E5:D42=2G64CP5F4E:@? ):=63=@42862=:6FA6?52?E=24@?DF=E2E:@?=6A2E:6?E6DE:?42A23=65d@FGC:C=23@F4962FD6F:= 56?@C>2=:EPD2?D>2?bFGC6DAP4:7:BF656=2A2CE5FAC2E:4:6?@F5FA2E:6?E >286C:6):=63=@428626F=:6FA6?52?E=d:>286C:6=65:28?@DE:432DPF?:BF6>6?EDFC46EE6 56C?:QC6D6C2F?5PA=246>6?E5:D42=D2?DCP5F4E:@?=24@?7:C>2E:@?4=:?:BF656=2ACPD6?4656 3=@4286D:?E6C>:EE6?ED6DE2=@CD?P46DD2:C6A@FCA@D6C=65:28?@DE:4565PA=246>6?E5:D42=2G64 CP5F4E:@?6E3=@4286:?E6C>:EE6?E 2?D=642D4@?EC2:C6=d:>286C:66DE:56?E:BF6M46==64@CC6DA@?52?E2F5PA=246>6?E5:D42=2G64 CP5F4E:@? H<I<H<J< +'()/$.'.).- 0/$*)1'$($//$*)'=*01-/0- 0' 6D4C:AE:@? *C@F3=6 3:@>P42?:BF6 :?EC242ADF=2:C6 :>A=:BF2?E =6 4@>A=6I6 4@?5J=@5:D42= @F49676C>P62:?D:BF6=@CD56=d@FG6CEFC63F442=6=65:DBF62CE:4F=2:C66DE52?DF?6A@D:E:@? 2?EPC:6FC6M=2ERE64@?5J=:6??6+?6@FG6CEFC63F442=6=:>:EP6A6CD:DE2?E66DEACPD6?E66E?6 A6FEREC6CP5F:E6A2C56D>2?:AF=2E:@?D5FAC2E:4:6?@F5FA2E:6?E6D5PA=246>6?ED>P5:2FI 6E=2EPC2FIA6FG6?EREC6ACPD6?ED ?2>?QD6 A =@4286=@CD56=d@FG6CEFC6 E A ":>:E2E:@? DPGQC6 56 =d@FG6CEFC6 3F442=6 :?E6C7PC2?E 2G64 =2 42A24:EP M Dd2=:>6?E6C P7=6I:@?56=d@FG6CEFC63F442=6G6CD4VEP2EE6:?E6?42D5d2EE6:?E6F?:=2EPC2=646BF: 6DE=6A=FD7CPBF6?E I2>6? 4=:?:BF6 %FG6CEFC6 3F442=6 >2I:>2=6 2DD:DEP6 2G64 PE:C6>6?E A2DD:7 :?7PC:6FC6 M >>6?:?4=F2?E=6C64@FGC6>6?E:?4:D:7 >286C:6=@CDBF6=65:28?@DE:4236D@:?5dREC64@?7:C>PACPD6?465646D56FI42C24EPC:DE:BF6D A ?%#=63@FCC6=6EA@DEPC:6FC5F5:DBF62CE:4F=2:C66DE=@42=:DP2?EPC:6FC6>6?EM=2ERE6 4@?5J=:6??66E A ? @FG6CEFC6 3F442=6 >2I:>2=6 >> 5PE6C>:?P 4=:?:BF6>6?E =6 5:DBF6 6DE E@F;@FCD2?EPC:6FCM=2ERE64@?5J=:6??6 . . .

(77) H<I<H<K< +'()/$.'.).- 0/$*).).'$($//$*)'=*01-/0- 0'K 6D4C:AE:@??A@D:E:@?_3@F49676C>P6`=65:DBF66DE2?EPC:6FCM=2ERE65F4@?5J=66E?6 D6 CP5F:E A2D =@CD 56 =d@FG6CEFC6 3F442=6 6 EC@F3=6 ?d6DE A2D 2DD@4:P M F?6 =:>:E2E:@? 56 =d@FG6CEFC63F442=642C=2=:>:E2E:@?56=2EC2?D=2E:@?4@?5J=:6??656=d2CE:4F=2E:@?2EE6:?E66DE 4@>A6?DP6A2C=d2F8>6?E2E:@?56=2C@E2E:@?4@?5J=:6??6 6EE6D:EF2E:@?6DE=6A=FDD@FG6?E2?4:6??6A2DD2?E:?2A6COF642CD2?D4@?DPBF6?462=8:BF6@F 7@?4E:@??6==6==6C6ACPD6?E6D@FG6?EF?649C@?:4:D2E:@?56=2D:EF2E:@?4=:?:BF6ACP4P56?E6A2C 252AE2E:@?9:DE@=@8:BF6E:DDF=2:C66E7@?4E:@??6==6"d2F8>6?E2E:@?56=2C@E2E:@?4@?5J=:6??6 =d2EC@A9:6 AC@8C6DD:G6 5F 5:DBF6 6E =2 =2I:EP =:82>6?E2:C6 72G@C:D6?E =2 ?@C>2=:D2E:@? 7@?4E:@??6==6 AC@8C6DD:G6 "dPE:C6>6?E =:82>6?E2:C6 6E =2 CPEC@A@D:E:@? 4@?5J=:6??6 >@:?D :>A@CE2?E6?68P?QC6?EA=FD565@F=6FC ?2>?QD6 A ?EP4P56?E563=@4286=@CD56=d@FG6CEFC63F442=6 A E2?EP4P56?E56=:>:E2E:@?56=d@FG6CEFC63F442=6DPGQC6:?E6C7PC2?E2G64=242A24:EPM Dd2=:>6?E6C =d6I2>6?4=:?:BF6 %FG6CEFC6>2I:>2=62DD:DEP6DFAPC:6FC6@FP82=6M >>:?4=F2?E=6C64@FGC6>6?E:?4:D:7 >286C:656?E:BF6M46==64@CC6DA@?52?E2F5PA=246>6?E5:D42=D2?DCP5F4E:@?2G64=:>:E2E:@? 5d@FG6CEFC6"2>@CA9@=@8:65F5:DBF62E6?52?46MDd2EC@A9:6CAC@8C6DD:G6>6?E2G64=6E6>AD "d:?E6C=:8?6A@DEPC:6FCE6?5AC@8C6DD:G6>6?EMD6?@C>2=:D6C %$&$&$ " "6D259PD:@?D259PC6?46D7:3C6FD6D:?EC22CE:4F=2:C6D6E=6D2?<J=@D6DD@?E42C24EPC:DP6DA2CF?6 C6DEC:4E:@? 56D >@FG6>6?ED >2?5:3F=2:C6D 2G64 F?6 5P7=64E:@? G6CD =6 4VEP 2EE6:?E =@CD 56 =d@FG6CEFC6BF:A6FG6?EREC6=24@?DPBF6?465dF?EC2F>2E:D>6"6>@FG6>6?E>2?5:3F=2:C66DE 2DJ>PEC:BF6A@FCF?69JA@>@3:=:EPF?:=2EPC2=62?D=642D5dF?62EE6:?E63:=2EPC2=6=d2DJ>PEC:6 56D>@FG6>6?ED>2?5:3F=2:C6DD6C25@?4>@:?DAC@?@?4P6G@:C623D6?E6 H<I<I<H< # .$*)@# -) 6D4C:AE:@?"6D259PC6?46D7:3C6FD6DD6AC@5F:D6?EAC:?4:A2=6>6?E52?D=2A2CE:6DFAPC:6FC6 56 =d*# = 6? CPDF=E6 F? >@FG6>6?E CP5F:E 5F 4@>A=6I6 4@?5J=@5:D42= "6D 259PC6?46D A6FG6?EDFCG6?:CDF:E6MF?6:?7=2>>2E:@?2CE:4F=2:C6G6?2?E5dF?EC2F>2E:D>65dF?6492C86 6I46DD:G6@F564@?5:E:@?DDJDEP>:BF6DE6==6DBF6=2A@=J2CE9C:E66ED@?ED@FG6?E2DD@4:P6DMF? 5PA=246>6?E5:D42= ?2>?QD6 A &2D5d2?EP4P56?E564=2BF6>6?E A E2?EP4P56?E56A6CE656=2>@3:=:EP>2?5:3F=2:C6 . . .

(78) I2>6?4=:?:BF6ACPD6?465646DEC@:DD:8?6D4=:?:BF6D A :>:?FE:@?56=d2>A=:EF5656D>@FG6>6?ED>2?5:3F=2:C6D A E5P7=6I:@?>2?5:3F=2:C6G6CD=64VEP27764EP=@CD56=d@FG6CEFC63F442=6=@CDBF6BF6 =d27764E:@?6DEF?:=2EPC2=6 A E5:5F4E:@??6EE6>6?E=:>:EP6G6CD=64VEP4@?EC@=2EPC2=D:27764E:@?F?:=2EPC2=6 >286C:6"d(#CPGQ=6=2ACPD6?465d259PD:@?D23D6?4656>@3:=:EP5:D42=6 H<I<I<I< )&4'*. "d2?<J=@D6 56 =d*# 6DE D@FG6?E 42FDP6 A2C F? EC2F>2E:D>6 >2:D A6FE P82=6>6?E REC6 =6 CPDF=E2E5dF?6:?764E:@?5F>2DE@U56@F56=d@C6:==6>@J6??656>2=25:6DDJDEP>:BF6D@F56 EC2:E6>6?ED49:CFC8:42FI:?25PBF2ED56=2K@?64@?5J=:6??6 H<I<I<I<H< )&4'*.!$-0. 6D4C:AE:@? ==6 CPDF=E6 56 >@5:7:42E:@?D 7:3C6FD6D 2F ?:G62F 56D =:82>6?ED 42ADF=2:C6D := Dd28:E56=27@C>6=2A=FD4@>>F?656=d2?<J=@D6 ?2>?QD6&6CE6AC@8C6DD:G656=2>@3:=:EP>2?5:3F=2:C6 I2>6?4=:?:BF6ACPD6?465646DEC@:DD:8?6D4=:?:BF6D A ":>:E2E:@?DPGQC656=d@FG6CEFC63F442=6 A E5PG:2E:@?>2?5:3F=2:C6G6CD=64VEP27764EP=@CD56=d@FG6CEFC63F442=6 A E5:5F4E:@?=:>:EP6G6CD=64VEP4@?EC@=2EPC2= >286C:6**ACPD6?4656D56FI42C24EPC:DE:BF6DDF:G2?E6D A :>:?FE:@?9@>@=2EPC2=656=2EC2?D=2E:@?4@?5J=:6??6M=d@FG6CEFC6 A EACPD6?4656=d:?E6C=:8?62CE:4F=2:C6. H<I<I<I<I<. )&4'*.*..0.. 6D4C:AE:@? "d2?<J=@D6 @DD6FD6 CPDF=E6 56 =dF?:@? 5d@D 56 =d*# A2C =2 AC@=:7PC2E:@? 56D 46==F=6D@DD6FD6D6==66?86?5C6=d:>>@3:=:EP4@>A=QE656=d2CE:4F=2E:@? ?2>?QD6&6CE6AC@8C6DD:G656=2>@3:=:EP>2?5:3F=2:C6 I2>6?4=:?:BF63D6?46@F=:>:E2E:@?DPGQC656E@FD=6D>@FG6>6?ED>2?5:3F=2:C6D >286C:6*&C@=:7PC2E:@?56D46==F=6D@DD6FD6D2G64@3=:EPC2E:@?5dF?6A2CE:6@F56E@FE =d:?E6C=:8?62CE:4F=2:C6 %$&$'$ " "d9JA6C>@3:=:EP:?4=FE56FIEJA6D56=FI2E:@?D56=d*#52?D=6DBF6=D=64@>A=6I64@?5J=@ 5:D42=6DEA@D:E:@??P2?EPC:6FC6>6?EA2CC2AA@CEM=dP>:?6?462CE:4F=2:C6"25@F=6FCA6FEREC6 ACPD6?E6D6F=6>6?E=6E6>AD56=2=FI2E:@?@FD6A@FCDF:GC62ACQD .

(79) .

(80) H<I<J<H<. 0'03/$*). "6C6A@D:E:@??6>6?E5F4@>A=6I64@?5J=@5:D42=6DEDA@?E2?P@FA6C>:DA2CF?6>2?bFGC6 DAP4:7:BF656=2A2CE5FA2E:6?E ?2>?QD6F4@FCD5F56C?:6CD>@:D:?42A24:EPM76C>6C=23@F49656AF:DF?6@FG6CEFC6 3F442=66I28PCP6D2?D>2?:AF=2E:@?DAP4:7:BF65FA2E:6?E =d6I2>6?4=:?:BF6 @?7:C>2E:@? 56 =d:>A@DD:3:=:EP 56 C6E@FC?6C M =2 A@D:E:@? _3@F496 76C>P6`D2?D>2?bFGC6DAP4:7:BF656=2A2CE5FA2E:6?E H<I<J<I<

(81) 03/$*) 6D4C:AE:@? "6 4@>A=6I6 4@?5J=@5:D42= 6DE 52?D F?6 A@D:E:@? 2?EPC:6FC6 M =dP>:?6?46 E6>A@C2=66E?6A6FEC6G6?:C52?D=27@DD6D2?DF?6>2?:AF=2E:@?DAP4:7:BF6A2C=6AC2E:4:6?6 EC@F3=66DE2FDD:2AA6=P_3=@42863@F496@FG6CE6` ?2>?QD6 A ?EP4P56?E5dPA:D@56D5d:>A@DD:3:=:EPM76C>6C=23@F496=@CD5dF?6@FG6CEFC63F442=6 568C2?562>A=:EF56 E A ?EP4P56?E5dF?676C>6EFC63F442=6A@DD:3=6D6F=6>6?EA2CF?6>2?:AF=2E:@?72:E6A2C =6AC2E:4:6? I2>6?4=:?:BF6ACPD6?4656=dF?65646DD:EF2E:@?D A &@D:E:@?5d@FG6CEFC6568C2?562>A=:EF56 A %FAC@AF=D:@?>2?5:3F=2:C6 A %F5PG:2E:@?G6CD=64@EPD2:?D:=FI2E:@?F?:=2EPC2=646BF:6DE=6A=FD7CPBF6?E >286C:6"64@?5J=66DE6?A@D:E:@?2?EPC:6FC6M=dP>:?6?46E6>A@C2=6=@CDBF6=6A2E:6?E6DD2:6 5676C>6C=23@F496 . H<J</#*'*"$.. I %$'$%$

(82) ==6DD@?E42C24EPC:DP6DA2C=25PEPC:@C2E:@?5FE:DDF2CE:4F=2:C6244@>A28?P65dF?C6>@56=286 4@?4@>:E2?E 56 =d@D D@FD49@?5C2= "2 A6CE6 AC@8C6DD:G6 5F 42CE:=286 CPDF=E6 :4: 5dF? 5PDPBF:=:3C6 6?EC6 =6 AC@46DDFD 56 5P8C252E:@? 6E 56 CPA2C2E:@? 56D 49@?5C@4JE6D +?6 A2E9@=@8:6 5P8P?PC2E:G6 D2?D 5@F=6FC 6DE ?@>>P6 _@DEP@2CE9C@D6` =@CDBFd6==6 6DE 244@>A28?P65dF?65@F=6FC6==66DE5PD:8?P6A2C=6E6C>6_@DEP@2CE9C:E6` H<J<H<H< ./ *-/#-*. ?2>?QD6 F 4@FCD 56D EC6?E6 56C?:6CD ;@FCD ACPD6?46 56 3CF:ED 2CE:4F=2:C6D A6?52?E =6D >@FG6>6?ED>2?5:3F=2:C6D. . .

(83) I2>6?4=:?:BF6CPA:E6>6?ED5PE64EPDM=2A2=A2E:@?A6?52?E=d@FG6CEFC6>2I:>2=62DD:DEP6 @F?@?=25:5F4E:@?@F=2AC@AF=D:@?>2?5:3F=2:C6 >286C:6**ACPD6?465d2F>@:?DF?656D42C24EPC:DE:BF6DDF:G2?E6D A !JDE6D@FD49@?5C2= A %FPC@D:@? A %FD4=PC@D68P?PC2=:DP6 A %F@DEP@A9JE6 :@=@8:6(PDF=E2EDDPC@=@8:BF6D?P82E:7DA@FCF?6A2E9@=@8:6C9F>2E:D>2=6. H<J<H<I<. ./ *-/#-$/. ?2>?QD6F4@FCD56DEC6?E656C?:6CD;@FCD A &CPD6?46563CF:ED2CE:4F=2:C6DA6?52?E=6D>@FG6>6?ED>2?5:3F=2:C6D A E2CE9C2=8:6 I2>6?4=:?:BF6&CPD6?4656D56FID:8?6DDF:G2?ED A CPA:E6>6?ED5PE64EPDM=2A2=A2E:@?A6?52?E=d@FG6CEFC6>2I:>2=62DD:DEP6@F?@?=2 5:5F4E:@?@F=2AC@AF=D:@?>2?5:3F=2:C6 A E5@F=6FCM=2A2=A2E:@?2CE:4F=2:C6 >286C:6**ACPD6?465d2F>@:?DF?656D42C24EPC:DE:BF6DDF:G2?E6D A !JDE6D@FD49@?5C2= A %FPC@D:@? A %FD4=PC@D68P?PC2=:DP6 A %F@DEP@A9JE6 :@=@8:6(PDF=E2EDDPC@=@8:BF6D?P82E:7DA@FCF?6A2E9@=@8:6C9F>2E:D>2=6. %$'$&$ " 6D4C:AE:@? ==6D4@CC6DA@?56?EMF?6:?7=2>>2E:@?56=d2CE:4F=2E:@?AC@G@BF2?E5@F=6FC6E492?86>6?ED DECF4EFC2FI 6D A2E9@=@8:6D DJDEP>:BF6D 8P?PC2=:DP6D :?4=F6?E 2CE9C:E6 C9F>2E@U56 2CE9C:E6 ;FGP?:=6 :5:@A2E9:BF6 DA@?5J=@2CE9C@A2E9:6D DA@?5J=@D6 2?<J=@D2?E6 2CE9C:E6 DA@C:2D:BF6 2CE9C:E6 :?764E:6FD6 DJ?5C@>6 56 (6:E6C >2=25:6D M 4C:DE2FI 8@FEE6 49@?5C@42=4:?@D6 6E A2E9@=@8:6D5FE:DDF4@?;@?4E:7D4=PC@56C>:6DJ?5C@>656);W8C6?=FAFDPCJE9P>2E6FI"6D D:8?6D4=:?:BF6D5dF?6:?7=2>>2E:@?49C@?:BF6D56=d*#D@?EG2C:23=6D5dF?A2E:6?EMF?2FEC6 6E 496K F? >R>6 A2E:6?E 2F 4@FCD 5F E6>AD 23D6?46 56 DJ>AE@>2E@=@8:6 ACPD6?46 5dF?6 5@F=6FC 5dF?6 EF>P724E:@? 5dF? 6IDF52E 56 5P8C252E:@? E:DDF=2:C6 56 EC@F3=6D 56 =2 4C@:DD2?46"2CPD@CAE:@?56DDECF4EFC6D4@?5J=:6??6DA6FEREC62DD@4:P6MF?6>2=@44=FD:@? E6==6BFdF?63P2?462?EPC:6FC6AC@8C6DD:G6. . .

(84) ?2>?QD6 A :28?@DE:4C9F>2E@=@8:BF65dF?6A2E9@=@8:6:?7=2>>2E@:C62CE:4F=2:C6DJDEP>:BF6 E A F4@FCD5F56C?:6C>@:DACPD6?465dF?65@F=6FC56=d*# %F 5@F=6FC 56 =d*# BF: Dd288C2G6 2G64 =6D PA:D@56D 2:8FD 56 =2 A2E9@=@8:6 :?7=2>>2E@:C6DJDEP>:BF6 I2>6?4=:?:BF6ACPD6?465646D56FID:8?6D4=:?:BF6D A :28?@DE:4C9F>2E@=@8:BF65dF?6A2E9@=@8:62CE:4F=2:C6DJDEP>:BF66E A CPA:E6>6?ED5PE64EPDM=2A2=A2E:@?A6?52?E=d@FG6CEFC63F442=6>2I:>2=62DD:DEP6@F ?@?=6D=2EPC2=:EPD@F=2AC@AF=D:@?>2?5:3F=2:C6 %FDJ>AEV>6D5d2CE9C:E6 >286C:6**@F(#ACPD6?465d2F>@:?DF?656D42C24EPC:DE:BF6DDF:G2?E6D A !JDE6D@FD49@?5C2= A LC@D:@? A )4=PC@D68P?PC2=:DP6 A %DEP@A9JE6 2?D=6DDE256DACP4@46D=d:>286C:6?6>@?EC62F4F?6>@5:7:42E:@?@DD6FD6 %$'$'$ "" " 6D4C:AE:@? "24@?5J=@=JD6@FCPD@CAE:@?:5:@A2E9:BF65F4@?5J=6D6EC25F:EA2CF?6CPD@CAE:@?4@?5J=:6??6 6?EC2:?2?E =2 A6CE6 56 D2 92FE6FC 6E AC@8C6DD:G6>6?E F?6 3P2?46 2?EPC:6FC6 "d2EE6:?E6 6DE AC6DBF6E@F;@FCD3:=2EPC2=66E2AA2C2TE=6A=FDD@FG6?E496K=6D25@=6D46?ED6E=6D;6F?6D76>>6D "2 ACPD6?46 56 5@F=6FC @F 56 3CF:ED 2CE:4F=2:C6D 6DE G2C:23=6 2?D =6D DE256D ACP4@46D =6D 492?86>6?ED @44=FD2FI ?6 D@?E A2D PG:56?ED >2:D =d:>286C:6 A6FE REC6 CPGP=2EC:46 :6? BF6 =dPE:@=@8:6 C6DE6 :?4@??F6 46CE2:?D 2FE6FCD DF88QC6?E BFd:= Dd28:C2:E 5dF?6 7@C>6 DPGQC6 56 >2=25:62CE:4F=2:C65P8P?PC2E:G62G64F?6A@DD:3=6:>A=:42E:@?56DbDEC@8Q?6D ?2>?QD6#@5:7:42E:@?D@44=FD2=6DAC@8C6DD:G6D I2>6?4=:?:BF6ACPD6?465646D56FID:8?6D4=:?:BF6D A P2?462?EPC:6FC6 E A #@5:7:42E:@?D @44=FD2=6D AC@8C6DD:G6D 2G64 4@?DE2E2E:@? 5d2F >@:?D F? 56D D:8?6D 4=:?:BF6DDF:G2?ED7246EE6D@44=FD2=6D %F >@5:7:42E:@?D 56D >6DFC6D @44=FD2=6D DFCA=@>3 C64@FGC6>6?E @F @44=FD:@? 5d:?E6C4FDA:5:6>2I:>2=6 >286C:6&CPD6?465d2F>@:?DF?656D42C24EPC:DE:BF6DDF:G2?E6D A **CPD@CAE:@?5dF?6A2CE:6@F56=2E@E2=:EP5F@F56D4@?5J=6D A PA92=@>PEC:656AC@7:=>@5:7:42E:@?DAC@8C6DD:G6D2F4@FCD5FE6>ADC@E2E:@?9@C2:C6 56=2>2?5:3F=6@F2F8>6?E2E:@?56=d2?8=6$ *6DED6?=23@C2E@:C6$P82E:7DA@FCF?6A2E9@=@8:6C9F>2E:D>2=6 . . .

(85) %$'$($ 6D4C:AE:@? +?6 A2CE:6 5F 42CE:=286 244@>A28?P6 5dF? 7C28>6?E @DD6FI D6 5PE2496 56 =d6IECP>:EP 5F 4@?5J=6 6E 42FD6 =2 A6CE6 56 7C28>6?ED @DEP@49@?5C2FI 56 =d*# "2 A9JD:@A2E9@=@8:6 ?d6DE A2D 6?4@C6 4=2:C6 6EE6 A2E9@=@8:6 DFCG:6?E DFCE@FE 2F ?:G62F 56D 86?@FI 56D 4@F56D 6E 6==6 6DE D@FG6?E =:P6 2F DA@CE "6 E23=62F 4=:?:BF6 A6FE REC6 F?6 4@>3:?2:D@? 56 5@F=6FC EF>P724E:@? 3CF:ED 2CE:4F=2:C6D 6E =:>:E2E:@? 56D >@FG6>6?ED >2?5:3F=2:C6D ?2>?QD6 A CE9C2=8:6 A %F3CF:ED2CE:4F=2:C6D=@CD56D>@FG6>6?ED>2?5:3F=2:C6D A %F=:>:E2E:@?56D>@FG6>6?ED>2?5:3F=2:C6D A %FEF>P724E:@? I2>6?4=:?:BF62F>@:?D=dF?56DD:8?6D4=:?:BF6D4:56DD@FD A CE9C2=8:6 A %F4CPA:E6>6?ED5PE64EPDM=2A2=A2E:@?@FC6A@CEPDA2C=6A2E:6?E6?@FG6CEFC63F442=6 >2I:>2=62DD:DEP6@F?@?=2EPC2=:EPD@FAC@AF=D:@?>2?5:3F=2:C6 A %F@FG6CEFC63F442=6>2I:>2=62DD:DEP62G64PE:C6>6?EDA2DD:7D >>:?4=F2?E=6 C64@FGC6>6?E:?4:D:7 A %FEF>P724E:@?2F?:G62F56=d*#27764EP6 >286C:6**&6CE6567C28>6?ED@DEP@49@?5C2FI2F?:G62F56=d*# *6DED6?=23@C2E@:C6$P82E:7DA@FCF?6A2E9@=@8:6C9F>2E:D>2=6 %$'$)$ 6D4C:AE:@?"d@DEP@?P4C@D62FDD:2AA6=P6_?P4C@D62G2D4F=2:C6`52?D=2=:EEPC2EFC66DEF?6 27764E:@?5@F=@FC6FD6BF:2EE6:?E=6A=FDD@FG6?E=6D@D=@?8DE6=DBF6=67P>FC=d9F>PCFD>2:D P82=6>6?E=6D86?@FI6E=64@?5J=6>2?5:3F=2:C6==6A6FEREC62DD@4:P6MF?EC2F>2E:D>6M 5:G6CD6D A2E9@=@8:6D G2D4F=2:C6D M =2 49:>:@E9PC2A:6 @F C25:@E9PC2A:6 @F 6?4@C6 M 56D 5PC2?86>6?ED:?EC22CE:4F=2:C6D ?2>?QD6CE9C2=8:6 I2>6?4=:?:BF6@F=6FCM=2A2=A2E:@?2CE:4F=2:C6 >286C:6(# )E256 ACP4@46 =db5Q>6 6?EC2:?6 F? 9JA@D:8?2= >P5F==2:C6 6? * 56?D:EP AC@E@?:BF6 6E 9JA6CD:8?2=6?* )E2562G2?4P>@5Q=6D4=PC@E:BF66?EC2T?2?EF?9JA@D:8?2=6?* 6E6?* *6DED6?=23@C2E@:C6 $P82E:7DA@FCF?6A2E9@=@8:6C9F>2E:D>2=6 . . .

(86) %$'$*$ "6D?P@A=2D>6D2CE:4F=2:C6DAC@G:6??6?E5dF?6AC@=:7PC2E:@?E:DDF=2:C62?@C>2=66EA6FG6?EREC6 3P?:?D 49@?5C@>6 @F @DEP@49@?5C@>6 @F >2=:?D DE256 AC:>2:C6 @F >PE2DE2D:BF6 "2 DJ>AE@>2E@=@8:642C24EPC:DE:BF6A6FEREC656DEF>P724E:@?DF?65@F=6FCA6?52?E=27@?4E:@? F?6=:>:E2E:@?56=d@FG6CEFC63F442=656D4CPA:E6>6?ED56D>@5:7:42E:@?D@44=FD2=6D6E@F56D 492?86>6?EDD6?D@C:>@E6FCD +?62DJ>PEC:6724:2=62G645P42=28656=2=:8?6>P5:2?6A6FE2AA2C2TEC62G64=d6IA2?D:@?56=2 =PD:@? "d:>286C:6** 6E@F (# 6E =2 3:@AD:6 D@?E 6DD6?E:6==6D 6? 42D 56 DFDA:4:@? 5dF? ?P@A=2D>6 %$'$+$ " 6D4C:AE:@? #PE2A=2D:6 42CE:=28:?6FD6 56D C6DE6D >PD6?49J>2E6FI 5F E:DDF DJ?@G:2= 56 =d2CE:4F=2E:@? "2 AC:?4:A2=6 42C24EPC:DE:BF6 6DE =2 7@C>2E:@? 56 ?@5F=6D 42CE:=28:?6FI BF: A6FG6?EREC6AP5:4F=PD6E@FD65PE2496C56=2>6>3C2?6DJ?@G:2=66E56G6?:C56D4@CAD=:3C6D 52?D=d2CE:4F=2E:@?"642CE:=286A6FED642=4:7:6C@DEP@49@?5C@>2E@D6 6D >2=@44=FD:@?D E6==6D BFdF?6 3P2?46 A@DEPC:6FC6 AC@8C6DD:G6 9@>@=2EPC2=6 A6FG6?E REC6 2DD@4:P6D ?2>?QD6C2AA@CE5d2F>@:?DF?56DD:8?6D4:56DD@FD A *F>P724E:@?ACP2FC:4F=2:C6 A CE9C2=8:6 A ":>:E2E:@?56=d@FG6CEFC63F442=6 A CF:ED2CE:4F=2:C6D2F4@FCD5F56C?:6C>@:D I2>6?4=:?:BF62F>@:?D=dF?56DD:8?6D4=:?:BF6D4:56DD@FD6DE4@?DE2EP A *F>P724E:@?ACP2FC:4F=2:C6 A CE9C2=8:6 A %FG6CEFC63F442=6>2I:>2=62DD:DEP6 >>:?4=F2?E=6C64@FGC6>6?E:?4:D:7 A CPA:E6>6?ED5PE64EPDM=2A2=A2E:@?A6?52?E=d@FG6CEFC6>2I:>2=6=25:5F4E:@?@F=2 AC@AF=D:@?>2?5:3F=2:C6 >286C:6**@F(#ACPD6?465d2F>@:?DF?656D42C24EPC:DE:BF6DDF:G2?E6D A (#?@5F=6D49@?5C@U56D>F=E:A=6DPA2?496>6?EDJ?@G:2= A **4@CAD42=4:7:PD=:3C6D52?D=d2CE:4F=2E:@? *6DED6?=23@C2E@:C6"d2?2=JD69:DE@=@8:BF64@?7:C>6F?6>PE2A=2D:642CE:=28:?6FD6 . H<K<-/0-.I 6D4C:AE:@?"6D7C24EFC6D56=d*#2G64@FD2?D5PA=246>6?E4@?46C?6?EA2CE:4F=:QC6>6?E =d@D E6>A@C2= 6E@F =2 >2?5:3F=6 "2 7C24EFC6 A6FE :?4=FC6 =6 42CE:=286 "6D 7C24EFC6D D@FD 4@?5J=:6??6D@?E=6DA=FD7CPBF6?E6D"6DDPBF6==6DA6FG6?EREC65:G6CD6D259PD:@?2?<J=@D6 A2E9@=@8:6D5P8P?PC2E:G6D6E23@FE:DD6?E=6A=FDD@FG6?EMF?6>2=@44=FD:@?F?62=EPC2E:@?56 =27@?4E:@?G@:C6F?62DJ>PEC:6724:2=6 . . .

(87) ?2>?QD6 5 *C2F>2E:D>656=2CP8:@?@C@724:2=6 E 5 *F>P724E:@?ACP2FC:4F=2:C6%+2CE9C2=8:6%+=:>:E2E:@?56=d@FG6CEFC63F442=6 I2>6?4=:?:BF6ACPD6?465d2F>@:?DF?56DD:8?6D4=:?:BF6DDF:G2?ED 5 *F>P724E:@?ACP2FC:4F=2:C6 5 CE9C2=8:6 5 %FG6CEFC63F442=6>2I:>2=62DD:DEP6 >>:?4=F2?E=6C64@FGC6>6?E:?4:D:7 >286C:6**#:D66?PG:56?465dF?67C24EFC6 . H<L<-*0'.0 1'*++()/I %$)$%$ 6D4C:AE:@? ==6 D6 42C24EPC:D6 EJA:BF6>6?E A2C =d23D6?46 5dF? 4@?5J=6 =6 5PG6=@AA6>6?E :?4@>A=6E56=27@DD66E56=dP>:?6?462CE:4F=2:C66==66?EC2T?6F?62DJ>PEC:6724:2=6 6EE62?@>2=:66DED@FG6?E2DD@4:P6M56D2?@>2=:6D4@?8P?:E2=6DDJ?5C@>656@=56?92C6E F?6 5JD@DE@D6 >2?5:3F=@724:2=6 DJ?5C@>6 56 *C62496C @==:?D "d2EE6:?E6 6DE @442D:@??6==6>6?E3:=2EPC2=66E52?D4642D=d2DJ>PEC:66DE23D6?E6 "2>:4C@8?2E9:6>2?5:3F=2:C66DE=2>2?:76DE2E:@?4=:?:BF65@>:?2?E6 ?2>?QD6 A PG6=@AA6>6?E>2?5:3F=2:C62DJ>PEC:BF6@F>:4C@8?2E9:656AF:D=2?2:DD2?46@FEVE 52?D=d6?72?46 E A PG6=@AA6>6?E5dF?6>2=@44=FD:@?2G643P2?462?EPC:6FC6@FA@DEPC:6FC6 I2>6?4=:?:BF6ACPD6?4656D56FID:8?6D4=:?:BF6DDF:G2?ED A @?7:C>2E:@?5dF?62DJ>PEC:6>2?5:3F=2:C62G645PG:2E:@?5F>6?E@?5F4VEP2EE6:?E @FACPD6?465dF?6>:4C@8?2E9:6 A E :>A@DD:3:=:EP 56 5PE64E6C =6 4@?5J=6 2EE6:?E M =2 A2=A2E:@? 5FC2?E =d@FG6CEFC6 76C>6EFC6=6D=2EPC2=:EPD@F=2AC@AF=D:@?>2?5:3F=2:C6 >286C:6**ACPD6?465646D56FI42C24EPC:DE:BF6D A A=2D:65F4@?5J=6 A EDPGQC69JA@A=2D:656=27@DD66E56=dP>:?6?462CE:4F=2:C6 %$)$&$ " 6D4C:AE:@?==64@CC6DA@?52F5PG6=@AA6>6?E:?4@>A=6E56D@D5F4CN?6@F56=2>2?5:3F=6 =24C@:DD2?46@DD6FD66DECP5F:E6>2:D5672O@?>@:?DDPGQC6BF652?D=d2A=2D:6"d9JA@A=2D:6 4@?5J=:6??6A6FEREC6D64@?52:C6MF?EC2F>2E:D>6724:2=MF?EC2:E6>6?E56C25:@E9PC2A:6@F 2FI>R>6D2?@>2=:6D4@?8P?:E2=6DBF6A@FC=d2A=2D:6"d2DJ>PEC:6724:2=6@F=2>:4C@8?2E9:6 2:?D:BF656D>2=@44=FD:@?DA6FG6?EREC6ACPD6?E6D . . .

(88) ?2>?QD6 5 PG6=@AA6>6?E>2?5:3F=2:C62DJ>PEC:BF6@F>:4C@8?2E9:656AF:D=2?2:DD2?46@FEVE 52?D=d6?72?46 E 5 PG6=@AA6>6?E5dF?6>2=@44=FD:@?BF:A6FE:?4=FC6F?63P2?46A@DEPC:6FC6 I2>6?4=:?:BF6@?7:C>2E:@?5dF?62DJ>PEC:6>2?5:3F=2:C62G645PG:2E:@?5F>6?E@?5F 4VEP27764EP@F>:4C@8?2E9:6 >286C:6**ACPD6?465d2F>@:?DF?56D4C:EQC6DDF:G2?ED 5 JA@A=2D:65F4@?5J=6@F 5 JA@A=2D:656=27@DD6@F 5 :>:?FE:@?56=292FE6FC5FC2>FD %$)$'$ " 6D4C:AE:@?=Dd28:E5dF?DFC5PG6=@AA6>6?E56D@D5F4CN?6@F56=2>2?5:3F=642C24EPC:DP A2CF?62F8>6?E2E:@?2?@C>2=65F?@>3C65646==F=656EJA6?@??P@A=2D:BF6"d9JA6CA=2D:6 6DEEJA:BF6>6?EF?:=2EPC2=66E=@42=:DP62F4@?5J=6M=2E@E2=:EP56=2>2?5:3F=6@FMF?4VEP56 =27246 ?2>?QD6PG6=@AA6>6?EAC@8C6DD:75dF?62DJ>PEC:6>2?5:3F=2:C6@F724:2=6 I2>6?4=:?:BF6 A @?7:C>2E:@?56=d2?2>?QD6 A *C@F3=6D@44=FD2FIA=2?5d@44=FD:@?@3=:BF63P2?46A@DEPC:6FC65F4VEP2EE6:?E >286C:6%CE9@A2?E@>@8C2>>6**E@>@8C2A9:6 A DJ>PEC:656=292FE6FC5FC2>FD6E A F8>6?E2E:@?56=d23D@CAE:@?56*649?6E:F> DFCF?6D4:?E:8C2A9:6@DD6FD6 . 74

(89) . I<H<*0'0-.(0.0'$-.I &$%$%$ " ( 6D4C:AE:@? @F=6FC 5d@C:8:?6 >FD4F=2:C6 AC@G@BFP6 A2C 56D >@FG6>6?ED >2?5:3F=2:C6D 7@?4E:@??6=D @F A2C27@?4E:@??6=DBF: A6FE REC6 CPA=:BFP6 A2C DE:>F=2E:@? 56D >FD4=6D >2DE:42E6FCD "2 5@F=6FC >FD4F=2:C6 A6FE REC6 '*'! C6DEC6:?E6 M F?6 A2CE:6 5dF? >FD4=6 >2DE:42E6FC(2*"%'!5:77FD2?E2F56=M5FD:E656A2=A2E:@?>2:DC6DEC6:?E62F>FD4=6@F (2*"%'!-3"3-3!5:77FD2?E2F56=M5F>FD4=6A2=AP "6D>J2=8:6DA6FG6?EDd244@>A28?6C5dF?6=:>:E2E:@?56=d@FG6CEFC63F442=6"65:28?@DE:4 5:77PC6?E:6= 2G64 F? 5PA=246>6?E 5:D42= :CCP5F4E:3=6 CP46?E D6 72:E A2C =2 4@?D6CG2E:@? 56D >@FG6>6?ED 56 =2EPC2=:EPD 6E A2C =2 A@DD:3:=:EP 5dPE:C6>6?E A2DD:7 2DD:DEP 6? 7:? 5d@FG6CEFC6 3F442=6>2I:>2=6 . .

(90) ?2>?QD6 F4@FCD56D

(91) 56C?:6CD;@FCD5@F=6FC52?D=2>N49@:C6=6DE6>A6D56G2?E@F52?D =d@C6:==6 E A @F=6FC 6I246C3P6 A2C =6D >@FG6>6?ED >2?5:3F=2:C6D 7@?4E:@??6=D @F A2C27@?4E:@??6=D I2>6?4=:?:BF6 A "@42=:D2E:@?56=25@F=6FC4@?7:C>P62F?:G62F5dF?@F56D>FD4=6DE6>A@C2FI6E@F >2DDPE6CD E A @F=6FCCPA=:BFP652?D=6D>FD4=6DE6>A@C2FI6E@F>2DDPE6CDA2C2F>@:?DF?56D56FI E6DEDDF:G2?ED o &2=A2E:@?5dF?@F56D>FD4=6DE6>A@C2FI6E@F>2DDPE6CD@F o %FG6CEFC63F442=6>2I:>2=62DD:DEP6@F?@? "2 AC6DD:@? M 2AA=:BF6C =@CD 5dF?6 A2=A2E:@? >FD4F=2:C6 6DE 56 <8 <8 A@FC F?6 2CE:4F=2E:@?A6?52?E>:?:>F>D64@?56DA@FC=65:28?@DE:45dF?65@F=6FC>J@724:2=6CP7PCP6 D64@?56DA@FCF?6>J2=8:6=@42=6 "2>J2=8:66DE=6A=FDD@FG6?E=:P6MF?6(385'&785*"24@FC32EFC66DEF?672E:8F6>FD4F=2:C6 =:P6MF?624E:G:EPAC@=@?8P6=Dd28:E5dF?EC@F3=6AC:>2:C6?@?:?7=2>>2E@:C6BF:C6ACPD6?E6 8P?PC2=6>6?E=2AC6>:QC6CPA@?D65FE:DDF>FD4F=2:C6MF?6E6?D:@?AC@=@?8P6 F?:G62F56=d2AA2C6:=>2?5F42E6FC=6D4@FC32EFC6DD@?EAC:?4:A2=6>6?E=@42=:DP6D2F?:G62F 56D>2DDPE6CD=dF?656D42FD6D6DD6?E:6==6D6DE=24C:DA2E:@?56?EDD6CCP6D_4=6?49:?8`"2 5@F=6FC D:Q86 D@FG6?E 52?D =6 >2DDPE6C AC@7@?5 5@?E =2 A@D:E:@? 5:DE2=6 6E =d:?D6CE:@? 92FE6 A6FG6?E:?5F:C6F?64@?7FD:@?2G64F?65@F=6FC2CE:4F=2:C6 "6 A2E:6?E 5P4C:E F?6 5@F=6FC _ D@FC56 =@FC56` =6 A=FD D@FG6?E 2F ?:G62F 56 =2 CP8:@? >2DDPE6C:?6 ACPD6?E6 2F CPG6:= G@:C6 =2 ?F:E 4C:DA2E:@? ?@4EFC?6 @F 6? 7:? 56 ;@FC?P6 4C:DA2E:@? 5:FC?6 ?6 4P52?E BF6 A2CE:6==6>6?E 2FI 2?E2=8:BF6D 5d:?DE2==2E:@? D@FG6?E AC@8C6DD:G62G6456DA92D6D564C:D6"6A2E:6?EPG@BF6A2C7@:DF?6D6?D2E:@?5672E:8F66E56 >2?BF6567@C46>FD4F=2:C6M=2>2DE:42E:@?AC@=@?8P6+?E6DE4=:?:BF6564C:DA2E:@?56?ED D6CCP6D6?@44=FD:@?5d:?E6C4FDA:5:6>2I:>2=6%#5FC2?E

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a @F F? 5=+0*:* )A=(0.66&,* 4@?EC24E:@? >FD4F=2:C6 CP7=6I6 +?6 P4=:DD6 2EE6==66DEF?64@?E6?E:@?6IE6C?6BF:A6C>6E=d:>>@3:=:D2E:@?5dF?@D@F5dF?62CE:4F=2E:@? "6 CP7=6I6 5dP4=:DD286 6DE F?6 4@?EC24E:@? >FD4F=2:C6 CP7=6I6 CPA@?D6 A9JD:@=@8:BF6 56 AC@E64E:@? 56DE:?P6 M =2 AC@E64E:@? 2CE:4F=2:C6 2EE6==6 >FD4F=2:C6 *JA:BF6>6?E 4d6DE =6 _E@CE:4@=:` F ?:G62F 56 =d2AA2C6:= >2?5F42E6FC := Dd28:E =6 A=FD D@FG6?E 5dF? CP7=6I6 5dP4=:DD2865FAEPCJ8@U5:6?=2EPC2==:PMF?EC2F>2E:D>6G@:C6MF?6>2=@44=FD:@?5d2AA2C:E:@? 3CFE2=6 "6 5:28?@DE:4 6DE A@CEP A2C =d2?2>?QD6 =6D 4@?5:E:@?D 3CFE2=6D 5d2AA2C:E:@? 6E =2 =@42=:D2E:@? 56 =2 5@F=6FC ACP2FC:4F=2:C6 $@? EC2:EP =6 CP7=6I6 5dP4=:DD286 PG@=F6 G6CD F? DA2D>6. . .

(93) &$%$&$

(94) "25@F=6FCACPD6?E6=6D>R>6D42C24EPC:DE:BF6DBF646==656=2>J2=8:6>2:D6==66DE=@42=:DP6 2F ?:G62F 5dF? E6?5@? 5dF? >FD4=6 >2DE:42E6FC ==6 6DE 6I246C3P6 A2C =6D >@FG6>6?ED >2?5:3F=2:C6D7@?4E:@??6=D@FA2C27@?4E:@??6=D "6E6?5@?E6>A@C2=6DE=6A=FD7CPBF6>>6?EE@F49P2G64F?6AC@;64E:@?56=25@F=6FC2F?:G62F 56D56?ED6E5d2FEC6DDECF4EFC6DMAC@I:>:EP +?E6DE5dPE:C6>6?EA2C@FG6CEFC63F442=67@C4P6A6C>6E56=@42=:D6C=d@C:8:?656=25@F=6FC &$%$'$ " = Dd28:E 5dF?6 5@F=6FC >FD4F=2:C6 2G64 56D 42C24EPC:DE:BF6D 4=:?:BF6D 5d:?7=2>>2E:@? @F 5d:?764E:@?b5Q>6PCJE9Q>66E@F2F8>6?E2E:@?56=2E6>APC2EFC6"25@F=6FC6?EC2T?6F?6 =:>:E2E:@? 56D >@FG6>6?ED >2?5:3F=2:C6D "6D >J@D:E6D 7@?E 8P?PC2=6>6?E DF:E6 M F? EC2F>2E:D>65:C64E5F>FD4=6F?6:?764E:@?@FF?6>2=25:62FE@:>>F?649C@?:BF6 &$%$($ ( 6D4C:AE:@?@?EC24E:@?E@?:BF6CPG6CD:3=6:?G@=@?E2:C66ED@F52:?65dF?>FD4=6"6DE6C>6D ACP4P56>>6?EFE:=:DPDD@?E=24C2>A6@F=6EC:D>FD *@FD=6D>FD4=6D>2DE:42E6FCDA6FG6?EREC6E@F49PD+?6>2=@44=FD:@?DPGQC6A6FEREC6:?5F:E6 *JA:BF6>6?E4d6DE=24C2>A65FDA@CE:7F?DA2D>6>FD4F=2:C6A6FE5FC6C56BF6=BF6D>:?FE6D 4C2>A6DECQD5@F=@FC6FD6DMA=FD:6FCD;@FCD "6DDA2D>6D>FD4F=2:C6D2AA2C2:DD6?E46A6?52?EC2C6>6?E2F?:G62F56=2DA9QC6@C@724:2=6 "6DA2D>66DE=:PM46CE2:?6D4@?5:E:@?D=@42=6D72E:8F6>FD4F=2:C65PDPBF:=:3C6P=64EC@=JE:BF6 :?764E:@?5@?E=d:D49P>:6BF:6?CPDF=E66?EC6E:6?E=24@?EC24E:@?6E=272E:8F6>FD4F=2:C6 ?2>?QD66E6I2>6?4=:?:BF6 +?>FD4=6DA2D>P6DE5@?4C244@FC4:6E5@F=@FC6FI>R>62FC6A@D46BF:6?EC2T?6 A +?6 :>A@CE2?E6 =:>:E2E:@? 56 =d2>A=:EF56 5F >@FG6>6?E 5PE6C>:?P6 A2C =6 >FD4=6 DA2D>P =@CDBFdF? >FD4=6 P=PG2E6FC 6DE 4@?46C?P =d@FG6CEFC6 3F442=6 6DE =:>:EP6 M >@:?D56 >>=@CDBFd:=Dd28:E5FAEPCJ8@U5:6?=2EPC2==25:5F4E:@?9@>@=2EPC2=6D6C2 =:>:EP6M>@:?D56>> A )@FG6?E =d2AA2C:E:@? 5dF?6 >@5:7:42E:@? EC2?D:E@:C6 56 =d%# =6 DA2D>6 5F 4967 :?7PC:6FC5FAEPCJ8@U5:6?=2EPC2=5dF?4VEP6?EC2T?6A2C6I6>A=66?%#56D4@?E24ED 2?EPC:6FCD4@?EC@=2EPC2FI6EF?65PD@44=FD:@?A@DEPC:6FC69@>@=2EPC2=6 A +?6 5@F=6FC :>A@CE2?E6 2F C6A@D 6E 5FC2?E =2 7@?4E:@? 4C:EQC6D 5:28?@DE:BF6D 56 =2 >J2=8:6 2:8FS =2?4:?2?E6 :CC25:2?E G6CD =d@C6:==6 =2 E6>A6 @F =2 7246 "6 >FD4=6 2AA2C2:E76C>66E5@F=@FC6FIM=2A2=A2E:@? *6DED6?=23@C2E@:C6=@CDBF6=65:28?@DE:4?P46DD:E6F?64@?7:C>2E:@? L=64EC@>J@8C2A9:6#4@>A2C2?E=d24E:G:EP5F>FD4=627764EPA=FDP=6GP62G64=6>FD4=6 4@?EC@=2EPC2=?@?27764EP . . .

(95) 7474'&+)+,)72: . 6D4C:AE:@? (244@FC4:DD6>6?E 5dF? >FD4=6 6? C2AA@CE 2G64 =2 7:3C@D6 56D E6?5@?D 56D =:82>6?ED @F 56D 7:3C6D >FD4F=2:C6D "6D 4@?EC24EFC6D D@?E ?@C>2=6>6?E ?@? 5@F=@FC6FD6D =@CDBF6=6>FD4=6?d6DEA2DEC@APE6?5F6D2?EP4P56?ED56C25:@E9PC2A:656EC2F>2E:D>6@F 5d:?764E:@? A6FG6?E 6? REC6 =dPE:@=@8:6 "6D >FD4=6D =6D A=FD 7CPBF6>>6?E E@F49PD D@?E =6D >2DDPE6CD6E=6DAEPCJ8@U5:6?D>P5:2FI ?2>?QD6 6E 6I2>6? 4=:?:BF6 :>:?FE:@? AC@8C6DD:G6 56 =d2>A=:EF56 56D >@FG6>6?ED 2DD:DEPD@F?@? . 7484 /()+)'( ! 6D4C:AE:@?F8>6?E2E:@?56G@=F>6>FD4F=2:C6923:EF6==6>6?E?@?5@F=@FC6FD66?C2AA@CE 2G64F?624E:G:EP>FD4F=2:C6:>A@CE2?E66E@FMF?6E6?D:@?49C@?:BF65F>FD4=66CE2:?D42D D@?E72>:=:2FI@F5d@C:8:?68P?PE:BF6 ?2>?QD6 6E 6I2>6? 4=:?:BF6 2F8>6?E2E:@? 56 G@=F>6 =0) *0 +'0.$0-. (0.'B.C (./$/0-B.C< . 7494'($*% +??P@A=2D>64@CC6DA@?5MF?6AC@=:7PC2E:@?E:DDF=2:C65@?E=6D42C24EPC:DE:BF6D9:DE@=@8:BF6D D@?E3P?:?D>J@>6@F>2=:?DC9235@>J@D2C4@>6@F>PE2A=2D:6 "6D ?P@A=2D>6D 56D >FD4=6D >2DE:42E6FCD D@?E C2C6D "6D D:8?6D 4=:?:BF6D D@?E G2C:23=6D :=D A6FG6?EREC62DD@4:PDMF?6EF>P724E:@?F?DA2D>6F?65@F=6FCM=27@?4E:@?F?6=:>:E2E:@? 56=d@FG6CEFC63F442=66E@F56D492?86>6?EDD6?D@C:>@E6FCDA2C6DE9PD:672:3=6DD6 >286C:66EE6DED6E=23@C2E@:C6>286C:6**6E@F(#6E3:@AD:66DD6?E:6==6D6?42D 56DFDA:4:@?56?P@A=2D>6 . 74:4)',$**%',-%&+* "25JD<:?PD:6@C@724:2=64@CC6DA@?52FI>@FG6>6?ED:?G@=@?E2:C6DAC:?4:A2=6>6?E49@CP:BF6D BF: A6FG6?E E@F496C =2 7246 =6D =QGC6D =2 =2?8F6 6E@F =2 >N49@:C6 *2?5:D BF6 =2 5JDE@?:6 @C@724:2=64@CC6DA@?5M56D4@?EC24E:@?D>FD4F=2:C6D6I46DD:G6D:?G@=@?E2:C6D6EAC@=@?8P6D A@FG2?E:>A=:BF6C=27246=6D=QGC6D=2=2?8F66E@F=2>N49@:C6 . I<M<*0'0-..(0.'.(./$/0-.=*-$"$).4./ ($,0@)/-' "6D5@F=6FCD56D>FD4=6D>2DE:42E6FCDA6FG6?E72:C6A2CE:656D5@F=6FCD5:77FD6DC6DD6?E:6D6? 42D565:28?@DE:4C9F>2E@=@8:BF6567:3C@>J2=8:6 . .

(96) .

(97) 84

(98) . 8464( $*++)!,*,. = Dd28:E 56 4PA92=P6D D64@?52:C6D M F? *# "6D 4PA92=P6D D@?E =@42=:DP6D 52?D =2 K@?6 E6>A@C2=66ED@?E2446?EFP6DA2C=27@?4E:@?+?5:28?@DE:4A@D:E:756>J2=8:6@F2CE9C2=8:65@:E REC6P82=6>6?EACPD6?E ?2>?QD6 A PA92=P6D56E@FDEJA6DE6>A@C2=6D E A PA92=P6D 6I246C3P6D A2C =6D >@FG6>6?ED >2?5:3F=2:C6D 7@?4E:@??6=D 6E A2C27@?4E:@??6=D I2>6?4=:?:BF6 A "@42=:D2E:@?4@?7:C>P62F?:G62F5dF?@F56D>FD4=6DE6>A@C2FI6E A PA92=P6AC@G@BFP6A2C2F>@:?DF?56D56FIE6DEDDF:G2?ED o &2=A2E:@?5dF?@F56D>FD4=6DE6>A@C2FI@F o %FG6CEFC63F442=6>2I:>2=62DD:DEP6@F?@?>@FG6>6?ED56=2EPC2=:EPD@F56 AC@AF=D:@? $"65:28?@DE:456*#5@F=@FC6FI5@:E2G@:CPEPPE23=:D6=@?56D4C:EQC6D5:28?@DE:BF6DG2=:56D . 94 . 9464 /()($*!')'&'" 6D4C:AE:@?"d9JA6CA=2D:64@C@?@U566DEF?62?@>2=:62?2E@>:BF6DECF4EFC6==656=d2AA2C6:= >2?5F42E6FC A@FG2?E AC@G@BF6C F? *# ? 6776E =dP=2C8:DD6>6?E AC@8C6DD:7 5F AC@46DDFD 4@C@?@U56A6FE7:?:CA2C3=@BF6C=d@FG6CEFC63F442=6A2C4@?E24E2G64=6AC@46DDFDKJ8@>2E:BF6 5F>2I:==2:C6 ?2>?QD6"6A2E:6?ED6A=2:?E5dF?6=:>:E2E:@?56=d@FG6CEFC63F442=6 I2>6?4=:?:BF6:>:?FE:@?56=d@FG6CEFC63F442=6>2I:>2=624E:G6@FA2DD:G6 >286C:6**&C@46DDFD4@C@?@U562==@?8PBF:D6C2AAC@49656=d2DA64E56=2A2CE:6 A@DEPC:6FC65FAC@46DDFDKJ8@>2E:BF6M=d@FG6CEFC6 . . .

(99). 4.

(100) . "6D5JD7@?4E:@??6>6?EDE6>A@C@>2?5:3F=2:C6DA6FG6?EREC6A2CE:4F=:QC6>6?E2?I:@8Q?6DA@FC =6 A2E:6?E ? 6776E =d*# 6DE 2F 4bFC 56 ?@>3C6FD6D 7@?4E:@?D 4@>>6 =2 A2C@=6 =6D :?E6C24E:@?D D@4:2=6D =2 >2DE:42E:@? =2 5P8=FE:E:@? 6E 52?D 46CE2:?D 42D =d2F5:E:@? "d:>A@CE2?465646EE6A2CE:65F4@CAD52?D=2G:6BF@E:5:6??65FA2E:6?E2:?D:BF6=6D@C:8:?6D >F=E:724E@C:6==6D 56D *# :>A=:BF6?E F?6 2EE6?E:@? 5F AC2E:4:6? 252AEP6 M 492BF6 42D A2CE:4F=:6C . 64

(101)

(102) "6D@3;64E:7D56=2AC:D66?492C8656DA2E:6?EDACPD6?E2?E56D*#D@?ED:>:=2:C6DM46FI56D A2E:6?ED2EE6:?ED5d2FEC6DEC@F3=6D@CE9@AP5:BF6D@FC9F>2E@=@8:BF6D A =25:>:?FE:@?56=25@F=6FC A =2C6DE2FC2E:@?56=27@?4E:@? A 6E=2C6AC:D656D24E:G:EPDBF@E:5:6??6D?@C>2=6D 6D @3;64E:7D D@?E A=FD 724:=6>6?E 2EE6:?ED A2C F? AC@8C2>>6 ACP2=23=6>6?E 5P7:?: G:D2?E M EC2:E6C=6DEC@F3=6DA9JD:BF6D6ECP5F:C6G@:C6P=:>:?6C=6D6776ED56D724E6FCD6?EC6E6?2?ED "6DEC2:E6>6?ED:CCPG6CD:3=6D4@>>6=249:CFC8:6D@?EMAC@D4C:C66?AC6>:QC6:?E6?E:@?6D 2AAC@496D 4@?D6CG2EC:46D 6E CPG6CD:3=6D D@?E M AC:G:=P8:6C DFCE@FE 6? 5P3FE 56 EC2:E6>6?E P5F42E:@? 4@>A@CE6>6?E2=6 2FE@AC:D6 6? 492C86 E9PC2A:6D A9JD:BF6D A92C>24@E9PC2A:6 6E @CE9QD656C64@?5:E:@??6>6?E?6FC@>FD4F=2:C6 "2 A=FA2CE 56D A2E:6?ED @3E:6??6?E F?6 2>P=:@C2E:@? 56D DJ>AEV>6D 2G64 56D E9PC2A:6D 4@?D6CG2EC:46Dc +?6PEF5656DF:G:M=@?8E6C>656A2E:6?ED2EE6:?ED56*#2>@?ECPBF6 MA=FD56 56D A2E:6?ED 2G2:6?E A6F G@:C6 A=FD 5F E@FE 56 DJ>AEV>6D 2ACQD F?6 AC:D6 6? 492C86 4@?D6CG2EC:46 &=FD56M 56DA2E:6?ED56EC@:DPEF56D=@?8:EF5:?2=6D5dF?65FCP656 M. 2?D ?6 ACPD6?E2:6?E A=FD 56 DJ>AEV>6D 2ACQD F?6 AC:D6 6? 492C86 4@?D6CG2EC:46 52?D =2 A=FA2CE56D42DM >@:D2ACQD=65P3FE5FEC2:E6>6?E. &@FC362F4@FA56A2E:6?EDACPD6?E2?EF?5PA=246>6?E5:D42=CP5F4E:3=6@F?@?:=6DEA@DD:3=6 BF6=6D7@?4E:@?D>2?5F42EC:46D?6D@:6?EA2D5@F=@FC6FD6D

(103) "6D A2E:6?ED 2G64 4=2BF6>6?ED ?@? 5@F=@FC6FI ?d@?E 8P?PC2=6>6?E A2D 36D@:? 56 EC2:E6>6?E >2:D:=6DE?P46DD2:C656=6DC2DDFC6C6E56=6FC2AA@CE6C56D6IA=:42E:@?D"6DA2E:6?ED2G64F? 5PA=246>6?E5:D42=?@?CP5F4E:3=6CPA@?56?E3:6?2FIEC2:E6>6?ED4@?D6CG2E6FCD c "6D5PC2?86>6?ED:?E6C?6D56=d*#PG@=F6?ED@FG6?E?2EFC6==6>6?EA2CF?6AC@8C6DD:@?G6CD F?6252AE2E:@?4@>A6?D2EC:466EF?C6>@56=286 c #R>62G64F?6PG@=FE:@?@F56D492?86>6?ED@DEP@2CE:4F=2:C6D=6D4@?DPBF6?46DD@?E=6A=FD D@FG6?E3P?:8?6D2G644@?D6CG2E:@?5dF?67@?4E:@?>2DE:42E@:C625PBF2E6 "6D5JD7@?4E:@??6>6?ED>FD4F=2:C6D@?EA=FD7CPBF6>>6?E36D@:?5dF?EC2:E6>6?ECP4FC6?EBF6 56D5JD7@?4E:@??6>6?ED2CE:4F=2:C6D

(104) "6D724E6FCDPE:@=@8:BF6D6E=6D724E6FCD288C2G2?EDD@?EM:56?E:7:6C2F4@FCD56=d2?2>?QD66E 56=d6I2>6?4=:?:BF6. . .

(105) +?EC2F>2E:D>656D923:EF56DA2C27@?4E:@??6==6D4@>>6A2C6I6>A=6=63CFI:D>6F?4@?E6IE6 2?2E@>:BF65P72G@C23=656D724E6FCDA9JD:@A2E9@=@8:BF6D6EADJ49@D@4:2FID@?E56D724E6FCD BF:A6FG6?E2G@:CF?:>A24EDFC=6D*#6A6?52?E=2A=FA2CE5646D724E6FCD@?EF?67@CE6 ACPG2=6?4652?D=2A@AF=2E:@?8P?PC2=66E=6FCACPD6?46A6FE4@U?4:56C2G64F?*#D2?DA@FC 2FE2?EJ4@?EC:3F6C &2C4@?DPBF6?E6?A=FD5dF?5:28?@DE:4A9JD:BF6492BF66I2>6?4=:?:BF65@:EA6C>6EEC6=2 >:D66?A=2465dF?6=:DE656724E6FCD4@?EC:3F2?EM=2*#6D724E6FCDD6C@?E9:PC2C49:DPDA2C @C5C65d:>A@CE2?46D6=@?=642DA2CE:4F=:6C5FA2E:6?E6=22FC256D:>A=:42E:@?D5:C64E6DDFC =6A=2?56EC2:E6>6?E6ED249C@?@=@8:6 +?8C2?5?@>3C6564@?D:5PC2E:@?DA6FG6?E27764E6C=6AC@?@DE:4 A +? EC2:E6>6?E ACP4@46 56 =2 5@F=6FC 2:8F6 >FD4F=@DBF6=6EE:BF6 6?EC2T?6 F?6 A=FD 8C2?56D2E:D724E:@?5FA2E:6?EF?EC2:E6>6?EA=FDC2A:566EF?6A=FD72:3=6AC@323:=:EP56 5PG6=@AA6CF?65@F=6FC49C@?:BF6 A "6AC@?@DE:46DE>6:==6FC52?D=642D5dF?6*#49C@?:BF62G645@F=6FCA6F7CPBF6?E6 6EA6F56A6CEFC32E:@?56D24E:G:EPDBF@E:5:6??6D A "6 A@FG@:C 56D 6776ED ?@? DAP4:7:BF6D 4@>>6 =d6776E A=2463@ 52?D =2 8FPC:D@? 56D 5PD@C5C6D ADJ49@D@4:2FI 6E 3:@=@8:BF6D @?E PEP 3:6? 5@4F>6?EPD 6D 6776ED ;@F6?E 46CE2:?6>6?E F? CV=6 52?D =2 CPFDD:E6 56D EC2:E6>6?ED 56D *# 6E := 72FE ?@E6C =d:>A@CE2?465dF?63@??6C6=2E:@?AC2E:4:6?A2E:6?E #2=8CP=6DF44QD3:6?5@4F>6?EP56D5:77PC6?E6D7@C>6D56EC2:E6>6?E4@?D6CG2E6FCD46CE2:?D A2E:6?ED2EE6:?ED56*#?6D@?EA2DD6?D:3=6DM46DEC2:E6>6?ED"6DC2:D@?D5646DP4964DD@?E G2C:23=6D>2:D?@FDA@FG@?DDPA2C6C46D42D6?56FI8C@FA6D A "6DA2E:6?ED5@?E=65:28?@DE:42PEP:?4@>A=6E@F:?6I24E A "6DA2E:6?ED5@?E=6D724E6FCD288C2G2?ED?d@?EA2DPEP4@CC64E6>6?E5PE64EPD 'F2?556>F=E:A=6D724E6FCD288C2G2?EDD@?EACPD6?ED6EDFCE@FE6?42D56*#49C@?:BF6F? AC@8C2>>65686DE:@?56=25@F=6FC2G64F?6PBF:A6564=:?:4:6?D4@>A=QE66DE?P46DD2:C6? 6776E:=6DE5:77:4:=6A@FCF?4=:?:4:6?D6F=56AC6?5C66?492C86E@FD=6D724E6FCDACPD6?ED52?D 56D42D565@F=6FC49C@?:BF64@>A=6I6 "6DEC2:E6>6?ED4@?D6CG2E6FCD6E?@?:?G2D:7DD@?EMAC:G:=P8:6C=dP5F42E:@?5FA2E:6?E6E=d2FE@ 86DE:@?=2AC:D66?492C864@8?:E:G@4@>A@CE6>6?E2=6=6DE9PC2A:6DA9JD:BF6DG@:C6=d@CE9QD6 @44=FD2=6 . . .

(106) 74

(107) "6DE9PC2A:6DA9JD:BF6D7@?EA2CE:656DE9PC2A6FE:BF6D?@?:?G2D:G6DA@FC=2AC:D66?492C8656D *# ==6D 4@>AC6??6?E =6D E649?:BF6D 56 A9JD:@E9PC2A:6 56 8J>?@E9PC2A:6 6E 56 <:?PD:E9PC2A:6 "2,;1237-=5&4.*@FFE:=:D2E:@?E9PC2A6FE:BF656=28J>?2DE:BF66DE=2>:D66?bFGC66E=2 DFCG6:==2?46 52?D F? 3FE E9PC2A6FE:BF6 56D 24E6D M G:DP6 56 CPP5F42E:@? ?6FC@>FD4F=2:C6 4@CC64E:G6@F4@>A6?D2EC:46 "2/.2=6.7-=5&4.*5F8C64<:?RD:D>@FG6>6?E6E/$!-+!5EC2:E6>6?E:?4=FEE@FE>@5656 EC2:E6>6?EBF:28:EDFC=d@C82?:D>66?=F::>AC:>2?E56D>@FG6>6?EDD@:EA2DD:7DD@:E24E:7D >2DD286D8J>?2DE:BF6CPP5F42E:@?7@?4E:@??6==6 "24-;6.37-=5&4.*5F8C64+$0.%.46BF:6DE?2EFC6=6E/$!-+!5EC2:E6>6?EC68C@FA6F? 6?D6>3=6 56 D@:?D @F >P564:?6D 2=E6C?2E:G6D BF: FE:=:D6?E 56D 286?ED A9JD:BF6D ?2EFC6=D @F 2CE:7:4:6=D7C@:5492=6FCP=64EC:4:EPC25:2E:@?D=F>:?6FD6D6E4==6>6EP82=6>6?E6?bFGC6 56D>@J6?D4@>>6=2>:D62FC6A@D=6DE9PC2A:6D>2?F6==6D@F=6D6I6C4:46DA9JD:BF6D "6DE9PC2A:6DA9JD:BF6DA6C>6EE6?E5d2:56CMD@F=286C=6D5@F=6FCD>FD4F=@DBF6=6EE:BF6D6EM C6DE2FC6CF?67@?4E:@??@C>2=6 &@FC2EE6:?5C646D@3;64E:7D=6D>@J6?DFE:=:DPDA6C>6EE6?E56 A >@5:7:6C=d:?7@C>2E:@?D6?D@C:6==6 A 2F8>6?E6C=d2>A=:EF5656D>@FG6>6?ED A CP5F:C6=d:?7=2>>2E:@? A 5:>:?F6C4@@C5@??6C6EC6?7@C46C=d24E:G:EP>FD4F=2:C6 A AC@>@FG@:C=2CPA2C2E:@?6E=2CP8P?PC2E:@?E:DDF=2:C6 2?D =2 A=FA2CE 56D 42D =6D E9PC2A:6D A9JD:BF6D D@?E FE:=:DP6D 6? 4@>A=P>6?E 5d2FEC6D EC2:E6>6?ED 6D C6GF6D DJDEP>2E:BF6D 56 =2 =:EEPC2EFC6 @?E 5P>@?ECP BF6 46CE2:?6D E9PC2A:6D A9JD:BF6D A6C>6EE6?E =6 D@F=286>6?E 56 =2 5@F=6FC 6E =d2>P=:@C2E:@? 56 =d2>A=:EF56 56D >@FG6>6?ED>2?5:3F=2:C6D

(108) &$%$ " I<H<H< >*./0--$)$)"?; 0/$*)'+*.$/$*)-+*. "63FE6DE=2ACPG6?E:@?5dF?624E:G:EP>FD4F=2:C6?@4:G656D>FD4=6D56=2ERE65F4@F56D PA2F=6D2:?D:BF656D>FD4=6D>2DE:42E@:C6D6E56=2=2?8F6"d@3;64E:75@:EREC656>2:?E6?:C F?6A@D:E:@?@CE9@DE2E:BF6A@FC6>AR496CF?624E:G:EPEC@A:>A@CE2?E656D>FD4=6D46CG:42FI6E 56DPA2F=6D6EF?6A@DD:3=6AC@ECFD:@?56=2>2?5:3F=6?569@CD56D7@?4E:@?D>2DE:42E:@? 5P8=FE:E:@?A2C@=6=2>2?5:3F=65@:EREC652?DF?6A@D:E:@?56C6A@DD2?D4@?E24E56?E2:C6

(109)

(110) :6?BF6=dP5F42E:@?M=2A@D:E:@?56C6A@DD@:EF?6E9PC2A6FE:BF6A9JD:BF64@FC2?E6=d:>A24E DFC=286DE:@?56D*#?P46DD:E656DPEF56DA=FD2AAC@7@?5:6D

(111) . . .

(112) I<H<I< 3-$. +?AC@8C2>>624E:75d6I6C4:46D6DE:>A@CE2?EA@FC=65PG6=@AA6>6?E6E=6>2:?E:6?56=d24E:G:EP >FD4F=2:C6?@C>2=66EA@FC72G@C:D6C=64@?7@CE6E=2DE23:=:EP2CE:4F=2:C6 +?56D@3;64E:7D5dF?AC@8C2>>65d6I6C4:466DE5d2AAC6?5C62FA2E:6?EMPG:E6C=6D24E:G:EPD ?P72DE6DA@FC=d2CE:4F=2E:@?6A=FD=6D6I6C4:46DD@?EC64@>>2?5PDA@FC A PE:C6C6EC6=2I6C=6D>FD4=6D46CG:42FI6E>2DE:42E6FCD A >@3:=:D6C6EDE23:=:D6C=6D*# A 2F8>6?E6C=2AF:DD2?46>FD4F=2:C6 A 5PG6=@AA6C=24@@C5:?2E:@? A CP5F:C6=6D4=2BF6>6?ED2CE:4F=2:C6D

(113) =J2EC@:DEJA6D5d6I6C4:46D8P?PC2=6>6?EC64@>>2?5PD. "6D6I6C4:46DCPAPE:E:7DA@FCPE23=:CF?67@?4E:@?>FD4F=2:C64@@C5@??P66ECJE9>P6 "6D6I6C4:46D:D@E@?:BF6DA@FC2F8>6?E6C=d2>A=6FC56D>@FG6>6?ED

(114) "6D6I6C4:46D:D@>PEC:BF6DA@FC2F8>6?E6C=2AF:DD2?46>FD4F=2:C6 6D6I6C4:46DD@?EAC6D4C:EDA@FC2EE6:?5C656D3FEDACP4:D7:IPDAF:D:=DD@?E252AEPDD6=@?=2 AC@8C6DD:@?5FA2E:6?E "6DA2E:6?ED?676C@?EA2D=6D6I6C4:46DD:46=22>A=:7:6=6FC5@F=6FC=6DE5@?4?P46DD2:C652?D F? AC6>:6C E6>AD 5d2:56C M 2>P=:@C6C =6D DJ>AEV>6D 5@F=@FC6FI 8CN46 M 46CE2:?D 286?ED A9JD:BF6D "@CDBF6 =6 A2E:6?E 2 2EE6:?E =6D @3;64E:7D 5F EC2:E6>6?E := 6DE C64@>>2?5P 56 >2:?E6?:C56D6I6C4:46DA@FC2DDFC6CF?6CPD@=FE:@?M=@?8E6C>6 I<H<J< *$'$./$*) "6DE649?:BF6D56>@3:=:D2E:@?D@?E:?5:BFP6DA@FC2>P=:@C6C=d2>A=:EF5656D>@FG6>6?ED6E 5:>:?F6C=25@F=6FC6?42D564@?EC24EFC65PA=246>6?E5:D42=D2?DCP5F4E:@?@F259PD:@?D 7:3C6FD6D 2?D46CE2:?D42DF?6>2?:AF=2E:@?CPAPEP6A2C=6AC2E:4:6?A6FE2:56CMC6DE2FC6CF?6=@?8F6FC 56C6A@DA=FDA9JD:@=@8:BF656D>FD4=6D@F2>P=:@C6C=2>@3:=:EP2CE:4F=2:C6A@FCA6C>6EEC6F?6 2>A=:EF56?@C>2=656D>@FG6>6?ED>2?5:3F=2:C6D "d6776E 56 =2 >@3:=:D2E:@? 6DE D@FG6?E C6?7@C4P A2C F?6 3@??6 C6=2I2E:@? >FD4F=2:C6 6E F?6 CP5F4E:@? 56 =2 5@F=6FC &2C 4@?DPBF6?E F?6 4@>3:?2:D@? 56 A=FD:6FCD E9PC2A:6D A9JD:BF6D E6==6D BF6 =d2AA=:42E:@? 56 492=6FC 56 7C@:5 =6D F=EC2D@?D 6E =2 DE:>F=2E:@? P=64EC:BF6 6DE D@FG6?E>:D66?A=2462G2?E@FA6?52?E=6DE649?:BF6D56>@3:=:D2E:@? +?5PA=246>6?E5:D42=CP46?ED2?DCP5F4E:@?6E2G64=:>:E2E:@?56=d@FG6CEFC63F442=6A@FCC2:E REC6CP5F:EA2C>2?:AF=2E:@?56=2>2?5:3F=6

(115)

(116) "2>@3:=:D2E:@?A6FEREC6244@>A=:66?D2:D:DD2?E =2>2?5:3F=676C>6>6?E6?A=2O2?E=6DA@F46DDFC=6DDFC7246D@44=FD2=6D56D56?EDA@DEPC:6FC6D "64VEP?@?27764EP6DED@=:56>6?ED@FE6?F6EF?67@C4676C>6>2:D4@?ECV=P66DE2AA=:BFP6M =2>2?5:3F=652?DF?65:C64E:@?G6CD=632D=d2G2?E6E=d:?EPC:6FC

(117) +?62FEC6E649?:BF64@?D:DE6 6?F?>@FG6>6?E56=2EPC2=:EP>2I:>2=5FA2E:6?EG6CD=64VEP?@?27764EPDF:G:5dF?6@FG6CEFC6 52?D46EE6A@D:E:@?

(118)

(119) 6DPEF56D2CE9C@8C2A9:BF6D>@?EC6?EBF6=2>2?:AF=2E:@??6AC@5F:EA2DF?6CP5F4E:@?5:D42=6 2?2E@>:BF64@>A=QE6>2:D2F8>6?E667764E:G6>6?E=2>@3:=:D2E:@?5F5:DBF62CE:4F=2:C6

(120)

(121) . . .

(122) I<H<K< ")/.*0(*'$/ .+#4.$,0. "6D 286?ED @F >@52=:EPD A9JD:BF6D FE:=:DPD 52?D =2 AC:D6 6? 492C86 56D *# :?4=F6?E =dP=64EC@E9PC2A:6 =2 E96C>@E9PC2A:6 =2 4CJ@E9PC2A:6 =dF=EC2D@?@E9PC2A:6 =d:@?@A9@CQD6 =6D 286?ED2?6DE9PD:BF6D6E=d24FAF?4EFC6 I<H<K<H< #-(*/# -+$/-4*/# -+$ "2AC:D66?492C8656D*#:?4=FEP82=6>6?E=2E96C>@E9PC2A:66E=24CJ@E9PC2A:66DE9PC2A:6D G:D6?EMD@F=286C=25@F=6FC6E4@?D:DE6?E6?F?62AA=:42E:@?56492=6FC9F>:56@FDQ496@F56 7C@:56?C682C556=d2CE:4F=2E:@?@F56D>FD4=6D5@F=@FC6FI6D@?E56DE649?:BF6D724:=6>6?E AC2E:423=6DA2C=6A2E:6?E6E5@?E=2CPA@?D6G2C:65dF?A2E:6?EM=d2FEC6 • #-(*/# -+$ "6D@3;64E:7DD@?EF?65:>:?FE:@?56=25@F=6FCF?C6=N496>6?E>FD4F=2:C66EAPC:2CE:4F=2:C6 6EF?6G2D@5:=2E2E:@?2G64F?62>P=:@C2E:@?5FEC@A:D>6>FD4F=2:C6 "2 492=6FC 2AA=:BFP6 A6FE REC6 9F>:56 @F DQ496

(123) =6D EC2:E6>6?ED A6FG6?E D6 72:C6 A2C 56D 3@F:==@EE6D 56D 4@>AC6DD6D D@FA=6D 492F77P6D C6>A=:6D 56 8C2:?D 56D 42E2A=2D>6D 56D D6CG:6EE6D492F56D56D32:?DMC6>@FD56DD2F?2D56D32:?D56G2A6FC56D6?G6=@AA6>6?ED 492F5D56D4@FDD:?6EDE96C>:BF6D56D4@FDD:?6EDE96C>:BF6DP=64EC:BF6D

(124) "2 492=6FC DQ496 5F6 2FI C2J@?D 5dF?6 =2>A6 M :?7C2C@F86 A6FE REC6 F?6 2FEC6 7@C>6 56 DE:>F=2E:@?4FE2?P6E96C>:BF66ED@?FE:=:D2E:@?5@:EC6DE6CACF56?E6A@FCPG:E6CE@FE63CY=FC656 4@?E24E"6DF=EC2D@?DA6FG6?EREC6FE:=:DPD6?E2?EBFd286?ED492F772?EDAC@7@?5D46D@?E=6D >FD4=6D=6DE6?5@?D6E=6D=:82>6?EDBF:6?23D@C36?E=dP?6C8:6 "6 49@:I 6?EC6 =2 492=6FC 9F>:56 @F DQ496 D6 72:E A2C =6 A2E:6?E "6 49@:I Dd@C:6?E6 G6CD =2 D@=FE:@?=2A=FDD:>A=6A@FC=6A2E:6?E5672O@?M@3E6?:CF?64@>A=:2?466EF?6@3D6CG2?46 @AE:>2=6D"d2AA=:42E:@?56492=6FCA6FEREC62DD@4:P6M56D>2DD286D P?PC2=6>6?E=25FCP65d2AA=:42E:@?56=2492=6FC5@:EREC64@>AC:D66?EC6 6E >:?FE6D6E ?65@:EA2D6I4P56C

(125) >:?FE6D "2E96C>@E9PC2A:6?65@:EA2DREC6FE:=:DP66?42D56 A ?7=2>>2E:@? A "PD:@?D56C>2E@=@8:BF6D A *C@F3=6D56=2D6?D:3:=:EP6?EC2:?2?EF?C:DBF6563CY=FC6 A *C2F>2E:D>6@F:?E6CG6?E:@?49:CFC8:42=6CP46?ED A JA6CE6?D:@? A )FC46CE2:?6DK@?6DJ6FI42C@E:56E6>A6D • -4*/# -+$ "6D@3;64E:7DD@?EF?65:>:?FE:@?56=25@F=6FCA2CF?6CP5F4E:@?56=24@?5F4E:@??6CG6FD6 ?@4:46AE:G6F?65:>:?FE:@?56=d:?7=2>>2E:@?F?624E:@?2?E:b5P>2E6FD66?A2CE:4F=:6CA@FC 56D 5@F=6FCD 2CE:4F=2:C6D EC2F>2E:BF6D 6E F? C6=N496>6?E >FD4F=2:C6 A6C>6EE2?E =dPE:C6>6?E >FD4F=2:C6:>>P5:2E . .

(126) "d2AA=:42E:@?567C@:5A6FED672:C6A2C=6>@J6?5dF?6A@496568=2465dF?A24<5686=7C@:5 5dF?6 D6CG:6EE6 7C@:56 @F A2C F?6 G2A@C:D2E:@? 56 DAC2J 2F 49=@CFC6 5dPE9J=6 @F 2F 7=F@C@>PE92?6"28=246A6FEREC62AA=:BFP6DFC=2K@?65@F=@FC6FD65:C64E6>6?E@F6?G6=@AAP6 2G64F?E:DDF7:?@F5FA=2DE:BF62G64F?>@FG6>6?E4:C4F=2:C66ED2?DAC6DD:@? "25FCP65d2AA=:42E:@?6DE5d6?G:C@?M>:?FE6D "6A2E:6?EG22:?D:A6C46G@:CDF446DD:G6>6?EF?6D6?D2E:@?:?4@?7@CE23=6AF:DF?6D6?D2E:@?56 3CY=FC6 6E 6?7:? 5d6?8@FC5:DD6>6?E QD =6 C6DD6?E: 56 46EE6 56C?:QC6 A92D6 =d2AA=:42E:@? 56 7C@:55@:EREC6DFDA6?5F6"2K@?65d2AA=:42E:@?D6CP492F7766?DF:E68CN46MF?277=FID2?8F:? BF:72G@C:D6C2:E=2CPA2C2E:@?E:DDF=2:C6ACQD46CP492F776>6?EF?62FEC62AA=:42E:@?A6FEREC6 FE:=6 "24CJ@E9PC2A:66DE4@?EC6:?5:BFP66?42D56 A *C@F3=6D56=2D6?D:3:=:EP2?6DE9PD:6@F9JA@6DE9PD:6 A 6CE2:?6DA2E9@=@8:6D2?P>:62CEPC:@A2E9:6DDJ?5C@>656(2J?2F5