No Reservation for Top Post in Public Sector Banks

8/10/2019 No Reservation for Top Post in Public Sector Banks

1/36Page 1

!"#$!%&'("

)* %," -.#!"/" 0$.!% $1 )*2)&

0)3)( #"((&%" 4.!)-2)0%)$*

0)3)( #"&( *$5 678 $1 679:;?>@A BCD BE -FGH>B@ ;0>J>IK *B5 LMN: BE 6797K

!"#$%' ) '#*$'* +$%,!-.%!,'-%#/ 0#'1 .2 $'+$# ) .%34

44444#55,//#'-637

8,%393

!,'-%#/ 0#'1 .2 $'+$# 3!:3-,&5/.;,,3


2/36Page 2

4 . 2 Q / " * %

&5R5 -)R!)S 45

/=>?= @A>BC=D4 $EFG=>DE=BC >BD HBC=A?=BCHIB >FFGHJ>CHIBK

>A= >GGIL=D4

M7 -N= HKKO= LNHJN >AHK=K PIA JIBKHD=A>CHIB HB CN=K= >FF=>GK GH=K

LHCNHB > B>AAIL J>EFOK >BD HK JAHKF IB=Q CNIO@N >C CN= K>E= CHE=

HC HK IP K=EHB>G HEFIAC>BJ= PIA CN= F>ACH=K R=PIA= OK4 $C A=G>C=K CI

CN= AOG= IP A=K=A?>CHIB IP CN= 3JN=DOG=D !>KC=K 63!7 >BD

3JN=DOG=D -AHR=K 63-7 HB CN= FAIEICHIB HB CN= IPPHJ=A @A>D=:KJ>G=

HB CN= >FF=GG>BC 0>BSK4 -N=A= HK BI DHKFOC= CN>C CN= >FF=GG>BC

0>BSKQ LNHJN >A= KC>COCIAT:FORGHJ K=JCIA R>BSKQ >A= PIGGILHB@ CN=

>FFGHJ>RG= @OHD=GHB=K IP CN= !=BCA>G *I?=ABE=BC F=AC>HBHB@ CI

A=K=A?>CHIB IP 3! >BD 3- =EFGIT==K HBKIP>A >K CN=HA FAIEICHIB

PAIE JG=AHJ>G @A>D= CI IPPHJ=A @A>D= HK JIBJ=AB=D4 -N= UO=KCHIB CI

R= >BKL=A=D HK >K CI LN=CN=A CN=A= HK >BT A=K=A?>CHIB HB CN=

FAIEICHIBK PAIE IB= IPPHJ=A @A>D=:KJ>G= CI >BICN=A @A>D=:KJ>G=Q

LN=B KOJN FAIEICHIBK >A= E>D= IB K=G=JCHIB R>KHK4 #K F=A CN=

>FF=GG>BC 0>BSKQ CN=A= HK BI AOG= IP A=K=A?>CHIB PIA FAIEICHIB HB

CN= !G>KK # 6!G>KKV$7 CI CN= FIKCK:KJ>G=K N>?HB@ R>KHJ K>G>AT IP

EIA= CN>B WQXYY:V >BD HB CN= A=G=?>BC HBKCAOJCHIBKQ HKKO=D HB CN=!

PIAE IP .PPHJ= &=EIA>BD>Q IBGT > JIBJ=KKHIB HK FAI?HD=D HB CN=

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( $+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


3/36Page 3

E>BB=A IPPHJ=AK R=GIB@HB@ CI 3!:3- J>C=@IAT >A= CI R=

JIBKHD=A=D PIA FAIEICHIB4 -I FOC HC ICN=ALHK=Q CN= FIKHCHIB C>S=B

RT CN= 0>BSK HK CN>C CN=A= HK BI AOG= IP A=K=A?>CHIB PIA FAIEICHIBK

>BD CN= J>BDHD>COA= IP CN=K= IPPHJ=AK R=GIB@HB@ CI CN=K=

J>C=@IAH=K PIA FAIEICHIB HK CI R= JIBKHD=A=D IB CN= R>KHK IP

A=G>Z=D KC>BD>ADK4 -N= A=KFIBD=BCKQ LNI >A= 3!:3- ,EFGIT==K[

9BHIBK IP CN= >FF=GG>BC 0>BSK IA HBDH?HDO>GK R=GIB@HB@ CI KOJN

J>C=@IAH=KQ DHKFOC= CN= >PIA=K>HD KC>BD C>S=B RT CN= 0>BSK4

#JJIADHB@ CI CN=EQ CN= JHAJOG>A HKKO=D RT CN= !=BCA>G *I?=ABE=BC

=ZFA=KKGT FAI?HD=K PIA KOJN > A=K=A?>CHIB4

\7 $C HK HBC=A=KCHB@ CI BIC= CN>C PIA C>SHB@ CN=HA A=KF=JCH?= FIKHCHIBK

RICN CN= F>ACH=K A=GT OFIB .4&4 D>C=D ]\VY^V]__X HKKO=D RT CN=

!=BCA>G *I?=ABE=BC 6LNHJNQ IP JIOAK=Q HK CI R= A=>D >GIB@ LHCN

ICN=A JIBB=JC=D IPPHJ= E=EIA>BD>74 -NOKQ IOCJIE= IP CN=K=

>FF=>GK LIOGD D=F=BD OFIB CN= HBC=AFA=C>CHIB CN>C HK CI R=

>JJIAD=D CI CN= K>HD .PPHJ= &=EIA>BDOE D>C=D ]\VY^V]__X4 #K

CN= 0>BSK >A= HB >FF=>G >@>HBKC CN= `OD@E=BC IP "H@N !IOAC IP

aODHJ>COA= >C &>DA>K A=BD=A=D IB Y_V]MVMYY_ LN=A=RT BOER=A

IP LAHC >FF=>GK L=A= DHKFIK=D IPQ HC J>B JG=>AGT R= DHKJ=AB=D CN>C

HBKIP>A >K "H@N !IOAC HK JIBJ=AB=D HCK HBC=AFA=C>CHIB CI CN=

>PIA=K>HD JHAJOG>A N>K @IB= HB P>?IOA IP CN= 3!:3- =EFGIT==K4

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( "+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


4/36Page 4

b7 0=PIA= L= A=?=AC CI CN= POGJAOE IP CN= HKKO= >BD @H?= IOA >BKL=A

CN=A=CIQ L= D==E HC >FFIKHC= CI A=J>FHCOG>C= HB RAH=P CN= NHKCIAHJ>G

P>JCK LNHJN N>?= G=D CI CN= FA=K=BC =$%3

W7 #K >GA=>DT BIC=D >RI?=Q CN= >FF=GG>BC 0>BSKQ LNHJN >A= KC>COCIAT

0>BSK >BD 5ORGHJ 3=JCIA 9BD=AC>SHB@KQ N>?= R==B PIGGILHB@ CN=

A=K=A?>CHIB FIGHJT IP CN= *I?=ABE=BC IP $BDH> >K HKKO=D RT CN=

*I?=ABE=BC PAIE CHE= CI CHE=4 2IA DIHB@ KIQ CN= 5AIEICHIB 5IGHJT

IP =>JN IP KOJN R>BS E>S=K KF=JHPHJ FAI?HKHIB HB CNHK R=N>GP4 $C HK

>GKI > E>CC=A IP JIEEIB SBILG=D@= CN>C &HBHKCAT IP 2HB>BJ=Q

*I?=ABE=BC IP $BDH> HK CN= BID>G EHBHKCAT PIA PA>EHB@ FIGHJT IB

A=K=A?>CHIBK PIA PHB>BJH>G HBKCHCOCHIBK:R>BSK4 -I @H?=B >B =Z>EFG=Q

%=@OG>CHIB ]4] IP CN= FAIEICHIB FIGHJT PIA IPPHJ=AK IP 9!. 0>BS

E>S=K KOJN > FAI?HKHIB HB CN= PIGGILHB@ E>BB=Ac

d-N= 5AIEICHIB FIGHJT PIA IPPHJ=AK HB CN= 0>BS N>KR==B D=KH@B=D HB CN= JIBC=ZC IP CN= @OHD=GHB=KHKKO=D RT CN= *I?=ABE=BC PAIE CHE= CI CHE= OBD=ACN= .PPHJ=AK 3=A?HJ= %=@OG>CHIBK4e

$C LHGG >GKI R= A=G=?>BC CI UOIC= N=A=OBD=A %=@OG>CHIB MM IP

CN= >PIA=K>HD FAIEICHIB FIGHJT4 -NHK %=@OG>CHIB E>S=K CN=

PIGGILHB@ A=>DHB@c

dMM4 !IBJ=KKHIB:%=G>Z>CHIBK =CJ PIA 3!:3-Q5NTKHJ>GGT ">BDHJ>FF=DQ ,ZVK=A?HJ=E=B >BD .CN=AJ>C=@IAH=K IP IPPHJ=AKf

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( %+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


5/36Page 5

MM4] -N= @OHD=GHB=K: DHA=JCH?=K: >DEHBHKCA>CH?=HBKCAOJCHIBK HKKO=D RT CN= *I?=ABE=BC IP $BDH>PAIE CHE= CI CHE= A=@>ADHB@ A=G>Z>CHIB:JIBJ=KKHIB:A=K=A?>CHIB =CJ4 PIA 3!:3-Q FNTKHJ>GGT N>BDHJ>FF=DQ,ZVK=A?HJ=E>B >BD KOJN ICN=A KF=JH>G J>C=@IAH=KIP IPPHJ=AK HB CN= E>CC=A IP KJ>G= CI KJ>G= FAIEICHIBKLHCNHB CN= .PPHJ=AK[ *A>D= KN>GG R= D==E=D CI R= >F>AC IP CN= FIGHJT >BD @H?=B =PP=JC CI >JJIADHB@GT4e

g7 $C HK >B >JJ=FC=D FIKHCHIB CN>C HD=BCHJ>G FAIEICHIB FIGHJT HK PA>E=D

RT =>JN IP CN=K= >FF=GG>BC 0>BSK4

X7 #K F=A CN= >PIA=K>HD FAIEICHIB FIGHJTQ HBJIAFIA>CHB@ CN=

A=K=A?>CHIB FIGHJT PA>E=D RT CN= !=BCA>G *I?=ABE=BC HB A=KF=JC

IP J>BDHD>C=K R=GIB@HB@ CI 3!:3- J>C=@IATQ CN= R>BSK >A=

>JJIADHB@ ]Wh A=K=A?>CHIB PIA 3! >BD X4Wh A=K=A?>CHIB PIA 3-

J>BDHD>C=K4 $C HK DIB= >C CN= HBHCH>G G=?=G IP A=JAOHCE=BC >BD >GKI PIA

FAIEICHIB HB CN= JG=AHJ>G J>DA=4 3OJN > A=K=A?>CHIB HK >GKI

FAI?HD=D PIA FAIEICHIB PAIE JG=AHJ>G @A>D= CI CN= GIL=KC A>BS HB

CN= IPPHJ=AK @A>D= LNHJN HK JIEEIBGT SBILB >K aOBHIA

&>B>@=E=BC *A>D= 3J>G=V$ 63J>G=V$74 "IL=?=AQ LN=B HC JIE=K CI

FAIEICHIB PAIE 3J>G=V$ CI CN= B=ZC KJ>G=Q LNHJN HK SBILB >K

&HDDG= &>B>@=E=BC *A>D= 3J>G=V$$ 63J>G=V$$7Q CN= 0>BSK N>?=

BIC R==B E>SHB@ >BT A=K=A?>CHIBK LNHG= J>AATHB@ IOC CN=K=

FAIEICHIBK4 #K F=A CN= 0>BSKQ HC HK R=J>OK= IP .PPHJ=

&=EIA>BDOE 'I4 \^Y]M:g:^\V,>KC63!-7 D>C=D Y]V]]V]__Y

HKKO=D RT CN= &HBHKCAT IP 5=AKIBB=GQ 5ORGHJ *AH=?>BJ= >BD

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( &+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


6/36Page 6

5=BKHIBK 6+=F>ACE=BC IP 5=AKIBB=G >BD -A>HBHB@7Q *I?=ABE=BC IP

$BDH> JG=>AGT KC>CHB@ CN>C CN=A= HK BI A=K=A?>CHIB LHCNHB *AIOF [#[

FIKCK4

^7 -N= E>CC=A A=@>ADHB@ A=K=A?>CHIBK HB FAIEICHIBK L>K JIBKHD=A=D

RT > BHB= aOD@= 0=BJN IP CNHK !IOAC HB 89:4) ;) ?4 ?9"+9

+- 89:")]@ LNHJN L>K > `OD@E=BC A=BD=A=D IB ]WV]]V]__M4 -N=

!IOAC KF=JHPHJ>GGT N=GD CN>C CN= A=K=A?>CHIB OBD=A #ACHJG= ]g6b7 IP

CN= !IBKCHCOCHIB IP $BDH> HK JIBPHB=D CI HBHCH>G >FFIHBCE=BC >BD

J>BBIC =ZC=BD CI A=K=A?>CHIB HB CN= E>CC=AK IP FAIEICHIB4 $B IAD=A

CI BOGGHPT CN= =PP=JC IP CN= >PIA=K>HD DHJC>Q CN=A= L>K >B

>E=BDE=BC CI #ACHJG= ]g RT !IBKCHCOCHIB 63=?=BCTV3=?=BCN

#E=BDE=BC7 #JC LHCN =PP=JC PAIE ]XVYgV]__W4 8HD= CNHK

>E=BDE=BCQ >PC=A !G>OK= bQ !G>OK= b# L>K HBK=AC=D HB #ACHJG= ]g

IP CN= !IBKCHCOCHIBQ LNHJN L>K JIOJN=D HB CN= PIGGILHB@ G>B@O>@=c

b#4 'ICNHB@ HB CNHK >ACHJG= KN>GG FA=?=BC CN= 3C>C=PAIE E>SHB@ >BT FAI?HKHIB PIA A=K=A?>CHIB HBE>CC=AK IP FAIEICHIB CI >BT JG>KK IA JG>KK=K IP

FIKCK HB CN= K=A?HJ=K OBD=A CN= 3C>C= HB P>?IOA IPCN= 3JN=DOG=D !>KC=K >BD CN= 3JN=DOG=D -AHR=KLNHJNQ HB CN= IFHBHIB IP CN= 3C>C=Q >A= BIC>D=UO>C=GT A=FA=K=BC=D HB CN= K=A?HJ=K OBD=A CN=KC>C=4e

!G>OK= 6b7 IP #ACHJG= ]g HK LIAD=D >K PIGGILKc

db4 'ICNHB@ HB CNHK >ACHJG= KN>GG FA=?=BC CN= 3C>C=PAIE E>SHB@ >BT FAI?HKHIB PIA CN= A=K=A?>CHIB IP

>FFIHBCE=BCK IA FIKCK HB P>?IOA IP >BT R>JSL>AD

! 6]__M7 3OFF \ 3!! M]X

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( #+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


7/36Page 7

JG>KK IP JHCHi=BK LNHJNQ HB CN= IFHBHIB IP CN= 3C>C=QHK BIC >D=UO>C=GT A=FA=K=BC=D HB CN= K=A?HJ=K OBD=ACN= 3C>C=4

-N= JIBKCHCOCHIB>G FIKHCHIB IB CN= HBK=ACHIB IP !G>OK= b# HK

CN>C CN= 3C>C= HK BIL =EFIL=A=D CI E>S= FAI?HKHIB PIA

A=K=A?>CHIB HB E>CC=A IP FAIEICHIBK >K L=GGQ HB P>?IOA IP 3! >BD

3- LN=A=?=A CN= 3C>C= HK IP CN= IFHBHIB CN>C 3!K >BD 3-K >A= BIC

>D=UO>C=GT A=FA=K=BC=D HB CN= K=A?HJ= OBD=A CN= 3C>C=4

'=?=ACN=G=KKQ HC HK IBGT >B =B>RGHB@ FAI?HKHIB LNHJN =EFIL=AK CN=

3C>C= CI E>S= >BT FAI?HKHIB PIA A=K=A?>CHIB PIA 3! >BD 3-

J>BDHD>C=K HB CN= E>CC=A IP FAIEICHIB >K L=GG4

_7 $B IAD=A CI JIEFG=C= CN= NHKCIAHJ>G B>AA>CHIB IP P>JCKQ HC R=JIE=K

B=J=KK>AT CI E=BCHIB CN>C >PC=A CN= >PIA=K>HD >E=BDE=BCQ >

UO=KCHIB N>D >AHK=B >K CI LN=CN=A > F=AKIB HB 3! IA 3- J>C=@IATQ

LNI @=CK >JJ=G=A>C=D FAIEICHIB R=J>OK= IP A=K=A?>CHIB LIOGD

>GKI @=C JIBK=UO=BCH>G K=BHIAHCT HB CN= NH@N=A FIKC HP N= @=CK CN>C

FAIEICHIB =>AGH=A CN>B NHK K=BHIA HB @=B=A>G J>C=@IAT4 -N= !IOAC

>BKL=A=D CNHK UO=KCHIB HB CN= J>K= IP ?9"+9 +- 89:") )9: 3A=(45

(AB, ?4 C"4')$ ;"97= !=)D=)9 )9: 3A=(45MNIGDHB@ CN>C KOJN >B

=EFGIT== R=GIB@HB@ CI 3!:3- J>C=@IATIB FAIEICHIB LIOGD BIC

@=C JIBK=UO=BCH>G K=BHIAHCT >BD NHK K=BHIAHCT LHGG R= @I?=AB=D RT

CN= F>B=G FIKHCHIB4 -NHK G=D CI >BICN=A !IBKCHCOCHIB >E=BDE=BC

" 6]__W7 g 3!! g^b

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( '+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


8/36Page 8

>BD CN= 5>AGH>E=BC =B>JC=D !IBKCHCOCHIB 6,H@NCTV2HPCN

#E=BDE=BC7 #JCQ MYY] LN=A=RT !G>OK= b# IP #ACHJG= ]g L>K

>E=BD=D4 -N= >E=BD=D !G>OK= b# A=>DK >K OBD=Ac

db#4 'ICNHB@ HB CNHK >ACHJG= KN>GG FA=?=BC CN= 3C>C=PAIE E>SHB@ >BT FAI?HKHIB PIA A=K=A?>CHIB HBE>CC=AK IP FAIEICHIB LHCN JIBK=UO=BCH>G K=BHIAHCT CI>BT JG>KK IA JG>KK=K IP FIKCK HB CN= K=A?HJ=K OBD=ACN= 3C>C= HB P>?IOA IP CN= 3JN=DOG=D !>KC=K >BDCN= 3JN=DOG=D -AHR=K LNHJNQ HB CN= IFHBHIB IP CN=3C>C=Q >A= BIC >D=UO>C=GT A=FA=K=BC=D HB CN=K=A?HJ=K OBD=A CN= 3C>C=4e

]Y7 -N= JIBKCHCOCHIB>G FIKHCHIBQ >K HC KC>BDK BILQ HB ?H=L IP CN=

>PIA=K>HD >E=BDE=BCQ HK CN>C KOJN 3!:3- J>BDHD>C=K LNI @=C CN=

R=B=PHC IP >JJ=G=A>C=D FAIEICHIB >A= FAI?HD=D JIBK=UO=BCH>G

K=BHIAHCT >K L=GG4 -NHK >E=BDE=BCQ CNOKQ BOGGHPH=K CN= =PP=JC IP CN=

`OD@E=BC IP CNHK !IOAC HB C"4')$ ;"97= !=)D=)9 6KOFA>74 #BICN=A

KH@BHPHJ>BC >KF=JC LNHJN HK CI R= BIC=D HK CN>C CNHK >E=BDE=BC

L>K E>D= A=CAIKF=JCH?=GT PAIE ]X4Yg4]__WQ H4=4 CN= D>C= IP

JIEHB@ HBCI PIAJ= CN= IAH@HB>G !G>OK= b# IP #ACHJG= ]g4

]]7 !IBKCHCOCHIB>G ?>GHDHCT IP !G>OK= b# IP #ACHJG= ]g >K L=GG >K !G>OK=

b0 LNHJN L>K >GKI >E=BD=D ?HD= ,H@NCTV2HPCN !IBKCHCOCHIB

#E=BDE=BCQ L>K JN>GG=B@=D R=PIA= CNHK !IOAC >BD CNHK JN>GG=B@=

L>K A=F=GG=D HB CN= J>K= IP E, *)7)4)F )9: +A=(45 ?4 ?9"+9 +-

89:") )9: 3A=(45\, -N= !IOAC KF=JHPHJ>GGT N=GD CN>C CN=K=

# 6MYYg7 ^ 3!! M]M

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( (+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


9/36Page 9

FAI?HKHIBK PGIL PAIE #ACHJG= ]g6b7 >BDQ CN=A=PIA= DI BIC >GC=A CN=

KCAOJCOA= IP #ACHJG= ]g6b74 2OACN=AQ CN=T DI BIC IRGHC=A>C= >BT IP CN=

JIBKCHCOCHIB>G A=UOHA=E=BCQ B>E=GTQ J=HGHB@ GHEHC IP WYh

6UO>BCHC>CH?= GHEHC>CHIB7Q CN= JIBJ=FC IP JA=>ET G>T=A 6UO>GHC>CH?=

=ZJGOKHIB7Q CN= KORVJG>KKHPHJ>CHIB R=CL==B .0!KQ IB CN= IB=

N>BDQ >BD 3!K:3-K IB CN= ICN=A N>BDQ >K N=GD HB 89:4) ;)

6KOFA>74-N= !IOACQ >C CN= K>E= CHE=Q E>D= HC JG=>A CN>C CN= J=HGHB@

GHEHC IP WYhQ CN= JIBJ=FC IP JA=>ET G>T=A >BD CN= JIEF=GGHB@

A=>KIBKQ B>E=GTQ R>JSL>ADB=KKQ HB>D=UO>JT IP A=FA=K=BC>CHIB

>BD I?=A>GG >DEHBHKCA>CH?= =PPHJH=BJT >A= CN= JIBKCHCOCHIB>G

A=UOHA=E=BCK LHCNIOC LNHJN CN= KCAOJCOA= IP =UO>GHCT IP IFFIACOBHCT

HB #ACHJG= ]g LIOGD JIGG>FK=4

]M7 #PC=A CN= >E=BDE=BC HB #ACHJG= ]g IP CN= !IBKCHCOCHIBQ LHCN

HBJIAFIA>CHIB IP !G>OK= b# CN=A=HBQ CN= *I?=ABE=BC IP $BDH>

HKKO=D .PPHJ= &=EIA>BDOE D>C=D ]\VY^V]__X >K CN=

HBC=AFA=C>CHIB IP CNHK .4&4 HK CN= RIB= IP JIBC=BCHIB4 #K CN=

IOCJIE= IP CN=K= >FF=>GK G>A@=GT D=F=BDK IB CN= HBC=AFA=C>CHIB IP

CNHK &=EIA>BDOEQ L= P==G >FFIKHC= CI A=FAIDOJ= CN= K>HD .4&4

D>C=D ]\VY^V]__X HB CICIc

d'I4 \gY]M:]^:_WV,KKC6%=K47 5Cc$$*.8,%'&,'- .2 $'+$#

&HBHKCAT IP 5=AKIBB=G 5ORGHJQ *AH=?>BJ=K >BD5=BKHIBKQ +=F>ACE=BC IP 5=AKIBB=G >BD -A>HBHB@

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( )+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


10/36Page 10

'IACN 0GIJSQ '=L +=GNH+>C=D CN= ]\CN#O@OKCQ ]__X

.22$!, &,&.%#'+9&

390a,!-c %,3,%8#-$.' 2.% -", 3!K:3-K $'5%.&.-$.'

-N= OBD=AKH@B=D HK DHA=JC=D CI HB?HC=>CC=BCHIB CI CNHK +=F>ACE=BC[K .& 'I4\gY]M:\X:_\V,KKC4 63!-7 D>C=D ]_4 4]__\JG>AHPTHB@ CN>C CN= 3OFA=E= !IOAC N>DQ HB CN= $BDHA>3>LNB=T J>K=Q F=AEHCC=D CN= A=K=A?>CHIB PIA CN=3JN=DOG=D !>KC=K >BD 3JN=DOG=D -AHR=KQ HBFAIEICHIBQ CI JIBCHBO= PIA > F=AHID IP PH?= T=>AKPAIE ]g4]]4]__M4

M4 !IBK=UO=BC CI CN= aOD@E=BC HB $BDHA>3>LNB=T[K J>K= CN= !IBKCHCOCHIB L>K >E=BD=D RTCN= !IBKCHCOCHIB 63=?=BCT K=?=BCN #E=BDE=BC7#JCQ ]__W >BD #ACHJG= ]g6b#7 L>K HBJIAFIA>C=D HBCN= !IBKCHCOCHIB4 -NHK >ACHJG= =B>RG=K CN= 3C>C= CIFAI?HD= PIA A=K=A?>CHIB HB E>CC=AK IP FAIEICHIBQ HBP>?IOA IP CN= 3JN=DOG=D !>KC=K >BD CN= 3JN=DOG=D-AHR=KQ LNHJN HB CN= IFHBHIB IP CN= 3C>C= >A= BIC

>D=UO>C=GT A=FA=K=BC=D HB CN= 3=A?HJ=K OBD=A CN=3C>C=4

\4 $B FOAKO>BJ= IP #ACHJG= ]g6b#7Q HC N>K R==BD=JHD=D CI JIBCHBO= CN= %=K=A?>CHIB HB FAIEICHIB>K >C FA=K=BCQ PIA CN= 3JN=DOG=D !>KC=K >BD CN=3JN=DOG=D -AHR=K HB CN= K=A?HJ=K:FIKCK OBD=A CN=!=BCA>G *I?=ABE=BC R=TIBD ]W4]]4]__X CHGG KOJNCHE= >K CN= A=FA=K=BC>CHIB IP =>JN IP CN= >RI?= CLIJ>C=@IAH=K HB =>JN J>DA= A=>JN=K CN= FA=KJAHR=D

F=AJ=BC>@=K IP A=K=A?>CHIB LN=A=>PC=AQ CN=A=K=A?>CHIB HB FAIEICHIB KN>GG JIBCHBO= CI E>HBC>HBCN= A=FA=K=BC>CHIB CI CN= =ZC=BC IP CN= FA=KJAHR=DF=AJ=BC>@=K PIA CN= A=KF=JCH?= J>C=@IAH=K4

b4 #GG &HBHKCAH=K:+=F>ACE=BC >A= A=UO=KC=D CIOA@=BCGT RAHB@ CN=K= HBKCAOJCHIBK CI CN= BICHJ= IP >GGCN=HA >CC>JN=D:KORIADHB>C= IPPHJ=K >K >GKI CN=#CTI>H -GHDB= .@UG=D@A? >BD 3C>COCIAT 0IDH=K=CJ4

3D:V6;4*4 5#%#'+,7

+HA=JCIA 6%=K=A?>CHIB7e

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( !*+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


11/36Page 11

)WFCA@GU 4CUAWG@D

]\7 -N= A=KFIBD=BCK #KKIJH>CHIBK A=FA=K=BCHB@ 3! >BD 3-

=EFGIT==K N>D PHG=D LAHC F=CHCHIBK HB CN= "H@N !IOAC IP &>DA>K

KOREHCCHB@ CN>C HB KFHC= IP CN=A= R=HB@ > JG=>A FIGHJT IP A=K=A?>CHIB

=?=B PIA FAIEICHIB PAIE IB= J>C=@IAT IP IPPHJ=A CI CN= NH@N=A

J>C=@IAT IP IPPHJ=AKQ CN= >FF=GG>BC 0>BSK N>D BIC R==B E>SHB@

>BT FAI?HKHIB PIA KOJN A=K=A?>CHIBK LNHG= J>AATHB@ IOC CN=

FAIEICHIBK4 >"&?"@*% L>K KIO@NC K==SHB@ DHA=JCHIBK >@>HBKC

CN= 0>BS CI KF=JHPT KOJN A=K=A?>CHIB CI 3!:3- IPPHJ=AK >K F=A CN=

FAIEICHIB FIGHJT PIA IPPHJ=AK4 -N= G=>AB=D 3HB@G= aOD@= IP CN=

"H@N !IOAC DHKEHKK=D CN= LAHC F=CHCHIBK NIGDHB@ CN>C #ACHJG= ]g6b#7

L>K IBGT >B =B>RGHB@ FAI?HKHIB LNHJN F=AEHCK CN= 3C>C= CI E>S=

FAI?HKHIBK PIA A=K=A?>CHIB HBKIP>A >K FAIEICHIBK >A= JIBJ=AB=D4

"IL=?=AQ HB CN= HBKC>BC J>K=Q BI KOJN FAI?HKHIB L>K E>D=4 'I

E>C=AH>G L>K FAIDOJ=D RT CN= LAHC F=CHCHIB=AK LNHJN JIOGD

D=EIBKCA>C= >BT KOJN KF=JHPHJ FAI?HKHIB PIA FAIEICHIB4

]b7 -N= LAHC F=CHCHIB=AK JN>GG=B@=D K>HD IAD=A RT PHGHB@ LAHC >FF=>GK

R=PIA= CN= +H?HKHIB 0=BJN4 -N= +H?HKHIB 0=BJN N>K C>S=B >

JIBCA>AT ?H=L4 # F=AOK>G IP CN= `OD@E=BC IP CN= +H?HKHIB 0=BJN

LIOGD KF=GG IOC CN>C HC N>K @IB= RT CN= KFHAHC R=NHBD #ACHJG=K ]W

>BD ]g IP CN= !IBKCHCOCHIB LNHJN >A= HB CN= B>COA= IP >PPHAE>CH?=

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( !!+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


12/36Page 12

>JCHIBK CN>C J>B R= C>S=B RT CN= 3C>C= HB FAI?HDHB@ A=K=A?>CHIBK

PIA CN= KIJH>GGT >BD =DOJ>CHIB>GGT R>JSL>AD F=IFG= >BD CN>C

HBJGOD=K 3! >BD 3- JG>KK=K4 $C N>K FIHBC=D IOC CN>C #ACHJG= ]g6b7

HK KF=JHPHJ>GGT D=KH@B=D CI @H?= > DO= KN>A= HB CN= 3C>C= FIL=A CI

CNIK= LNI N>?= A=E>HB=D IOC IP HC E>HBGT IB >JJIOBC IP CN=HA

KIJH>GQ =DOJ>CHIB>GQ =JIBIEHJ R>JSL>ADB=KK >K A=K=A?>CHIB

>PPIADK KOJN JG>KK=K IP JHCHi=BK > @IGD=B IFFIACOBHCT CI K=A?= CN=

B>CHIB >BD CNOK @>HB K=JOAHCTQ KC>COKQ JIEF>A>CH?= >PPGO=BJ= >BD

HBPGO=BJ= HB D=JHKHIB E>SHB@ FAIJ=KK4 $C L>K LHCN CNHK KFHAHC HB

EHBD !G>OK= b# L>K HBK=AC=D HBCAIDOJHB@ >B =B>RGHB@ FAI?HKHIB

PIA FAI?HDHB@ A=K=A?>CHIB HB CN= E>CC=A IP FAIEICHIB >K L=GG4 -N=

"H@N !IOAC CN=A=>PC=A CIIS BIC= IP CN= KC>CHKCHJK CN>C L>K FG>J=D

IB A=JIAD CI KNIL CN= KCA=B@CN IP 3!:3- IPPHJ=AK HB ?>AHIOK

@A>D=K:KJ>G=K:J>DA=K HB A=KF=JC IP 9!. 0>BS >K L=GG >K !=BCA>G

0>BS IP $BDH> >BD PIOBD CN>C CN=A= L>K N>ADGT >BT A=FA=K=BC>CHIB

HB CN= NH@N=A KJ>G=KQ LN>C CI C>GS IP >D=UO>C= A=FA=K=BC>CHIB4 -N=

PH@OA=K @H?=B HB A=KF=JC IP !=BCA>G 0>BS IP $BDH> >A= BIC=D HB F>A>

MM IP CN= HEFO@B=D `OD@E=BCQ KC>CHB@ >K OBD=Ac

dMM4 444444# JIBKIGHD>C=D KC>C=E=BC PIA CN=FAIEICHIBK PAIE CN= T=>A ]__X CI MYY^ HB &&*c$$$V$8cQ 3&*c $8V8f 3&* 8V8$f -&* 8$V-&* 8$$ LIOGDD=FHJC > RG=>S FHJCOA= A=@>ADHB@ CN= =BCHA= >KF=JCKHBJ= G=>KC IA BI FA=K=BC>CHIB PIA 3!:3- JIOGD R=K==B @G>AHB@GT4 #K F=A CN=K= J>GJOG>CHIBK PIA CN=CIC>G FAIEICHIBK IP MY FIKCKQ IBGT IB= 3!J>BDHD>C= @IC FAIEICHIB HB CN= T=>A MYYX >BD PIA >

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( !$+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


13/36Page 13

CIC>G FAIEICHIBK IP ]X]Q LHCNHB CN=K= J>C=@IAH=KIBGT BHB= 3! J>BDHD>C=K @IC FAIEICHIB4 $BFAIEICHIBK =PP=JC=D PIA CN= T=>AK ]__X >BD MYYMQA=KF=JCH?=GT PIA ]_ FIKCK >BD KHZ FIKCKQ BI 3!:3-J>BDHD>C= L>K IPP=A=D FAIEICHIB4 $B CN= T=>A ]___QPIA > CIC>G BOER=A IP ]Mg FIKCKQ IBGT IB= 3!J>BDHD>C= L>K @H?=B FAIEICHIB4 /HS=LHK=Q PIA >LNIFFHB@ \Y^ BOER=A=D IP FAIEICHIBK HB CN= T=>AMYYg > E=>@=A \g J>BDHD>C=K IP 3!:3- L=A=FAIEIC=D4e

-N= !IOAC >GKI BICHJ=D >GEIKC HD=BCHJ>G P=>COA= HB 9!. 0>BS

@H?HB@ CN= PIGGILHB@ D=C>HGK c

dM\4 j4444#K F=A CN= KJ>G= LHK= A=FA=K=BC>CHIBIP 3!:3- IPPHJ=AK >K IB \]4\4MYY^ HB CN= 9!.0>BSQ HB 3J>G= $8 FIKCK CN=A= HK > KNIAC P>GG IP WY3! IPPHJ=AK >BD \] 3- IPPHJ=AK HB 3J>G= 8 FIKCKQCN=A= HK > KNIAC P>GG IP ]Y 3! IPPHJ=AK >BD X 3-IPPHJ=AKf HB 3J>G= 8$Q CN=A= HK > KNIAC P>GG IP W 3!IPPHJ=AK >BD M 3- IPPHJ=AK >BD HB 3J>G= 8$$ FIKCKQCN=A= HK > KNIAC P>GG IP \ 3! IPPHJ=AK >BD IB= 3-

IPPHJ=A4e

]W7 .PPHJ= &=EIA>BDOE D>C=D ]\VY^V]__X N>K R==B A=>D HB CN= GH@NC

IP CN= >PIA=K>HD JIBKCHCOCHIB>G KFHAHC >K L=GG >K HB>D=UO>C=

A=FA=K=BC>CHIB IP 3!:3- J>C=@IAT IPPHJ=AK HB CN= 0>BSK NIGDHB@

CN>C CN= E>BD>C= IP CN= K>HD .4&4 L>K CI FAI?HD= PIA A=K=A?>CHIB4

]g7


14/36Page 14

!IBKCHCOCHIB ,H@NCTV3=JIBD #E=BDE=BC LNHJN L>K E>D=

=PP=JCH?= PAIE Y^VY_VMYYY >BD FAI?HD=K CN>C BICNHB@ HB CNHK #ACHJG=

KN>GG FA=?=BC HB E>SHB@ >BT FAI?HKHIB HB P>?IOA IP CN= E=ER=AK IP

CN= 3JN=DOG=D !>KC=K >BD 3JN=DOG=D -AHR=K PIA A=G>Z>CHIB HB

UO>GHPTHB@ E>ASK HB >BT =Z>EHB>CHIB IA GIL=AHB@ CN= KC>BD>ADK IP

=?>GO>CHIBQ PIA A=K=A?>CHIB HB E>CC=AK IP FAIEICHIB CI >BT JG>KK IA

JG>KK=K IP K=A?HJ=K IA FIKCK HB JIBB=JCHIB LHCN CN= >PP>HAK IP CN=

9BHIB IA IP > 3C>C=4 $B CN= IFHBHIB IP CN= "H@N !IOACQ LN=B

!IBKCHCOCHIB N>K @H?=B KOJN =ZCA> FAIC=JCHIB CI CN= OBD=A

FAH?HG=@=D JIEEOBHCH=K KI >K CI =BÌT =UO>G IFFIACOBHCH=K >K

@O>A>BC==D RT CN= !IBKCHCOCHIBQ CN= 0>BSK >A= BIC ÒKCHPH=D HB

KG==FHB@ I?=A CN= E>CC=A FAI?HDHB@ A=K=A?>CHIBK HB FAIEICHIBK PIA

> D=J>D= LHCN BI @IID A=>KIBK CI IPP=A4

]X7 -N= FIKHCHIB C>S=B RT RICN CN= F>ACH=K A=E>HBK CN= K>E= R=PIA=

OK >K L=GG4 #JJIADHB@ CI CN= 0>BSKQ ?HD= .4&4 D>C=D ]\VY^V]__X

dHC N>K R==B D=JHD=D CI JIBCHBO= CN= A=K=A?>CHIB HB FAIEICHIB >K

>C FA=K=BCQ PIA CN= 3JN=DOG=D !>KC=K >BD CN= 3JN=DOG=D -AHR=K HB

CN= K=A?HJ=K:FIKCK44444444444e4 $C HKQ CNOKQ >A@O=D CN>C CNHK .4&4 DHD BIC

E>S= >BT A=K=A?>CHIB HB CN= E>CC=A IP FAIEICHIB ROC LN>C=?=A

L>K =ZHKCHB@ =>AGH=A N>K R==B JIBCHBO=D4 &:K4 !434 8>HDT>B>CN>B

>BD %>Ò %>E>JN>BDA>BQ G=>AB=D 3=BHIA #D?IJ>C=KQ LNI >A@O=D

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( !%+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


15/36Page 15

PIA CN=K= 0>BSK G>HD KCAIB@ =EFN>KHK IB CN= >PIA=K>HD G>B@O>@=

=EFGIT=D HB CN= .4&4 >BD KOREHCC=D CN>C IBGT =ZHKCHB@ FIKHCHIB

JIBCHBO=D >BD CN= FIKHCHIB LNHJN L>K =ZHKCHB@ L>K CN>C CN=A= L>K

BI KF=JHPHJ FAI?HKHIB PIA A=K=A?>CHIB4 -N= IBGT FAI?HKHIB LNHJN

=ZHKC=D L>K `OD@HB@ CN= J>BDHD>COA= IP 3!:3- J>BDHD>C=K PIA

FAIEICHIB HB !G>KK # 6!G>KK $7 K=A?HJ= DA>LHB@ EIA= CN>B R>KHJ

K>G>AT IP !WQXYY:VQ CI >FFGT A=G>Z=D KC>BD>ADK4 $C L>K KOREHCC=D

CN>C KOJN > FAI?HKHIB =ZHKC=D HB .4&4 D>C=D Y]V]]V]__Y4 $C L>K

FIHBC=D CN>C HB F>A> M IP CNHK .4&4 > E=BCHIB L>K E>D= >RIOC CN=

JIBJ=KKHIB LNHJN L>K CI R= @H?=B CI CN= IPPHJ=AK R=GIB@HB@ CI

CN=K= J>C=@IAH=K >BD HB F>A> \ HC L>K >EFGT JG>AHPH=D CN>C CN=A= HK

BI A=K=A?>CHIB HB FAIEICHIB RT K=G=JCHIB4 5>A>K M>BD \ IP .4&4

D>C=D Y]V]]V]__Y A=>D >K OBD=Ac

dM4 -NIO@N HB CN= .& JHC=D >RI?= HC N>K R==BJG=>AGT E=BCHIB=D CN>C HB FAIEICHIB RT K=G=JCHIBLHCNHB !G>KK $ 6BIL *AIOF #7 CI FIKCK LNHJN J>AAT>B OGCHE>C= K>G>AT IP %K4 MYYY:V F=A EIBCN IA G=KK6KHBJ= A=?HK=D CI %K4 WXYY:V7 CN= 3JN=DOG=D !>KC=K

>BD 3JN=DOG=D -AHR=K LHGG R= @H?=B JIBJ=KKHIBB>E=GT dCNIK= KJN=DOG=D !>KC=K >BD 3JN=DOG=D-AHR=K LNI >A= K=BHIA =BIO@N HB CN= iIB= IPJIBKHD=A>CHIB PIA FAIEICHIB KI >K CI R= LHCNHB CN=BOER=A IP ?>J>BJH=K PIA LNHJN K=G=JC GHKC N>K CI R=DA>LB OFQ LIOGD R= HBJGOD=D HB CN>C GHKC FAI?HD=DCN=T >A= BIC JIBKHD=A=D OBPHC PIA FAIEICHIBeQ DIORCKN>?= R==B =ZFA=KK=D HB J=AC>HB UO>AC=AK >K CILN=CN=A CN= JIBJ=KKHIB @H?=B N=A=HB >RI?= HK >A=K=A?>CHIB IA > JIBJ=KKHIB4

\4 $C HK N=A=RT JG>AHPH=D CN>C HB FAIEICHIB RTK=G=JCHIB LHCNHB @AIOF # FIKCK LNHJN J>AAT >B

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( !&+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


16/36Page 16

OGCHE>C= K>G>AT IP %K4 WXYY:V F4E4 CN=A= HK BIA=K=A?>CHIB4e

]^7 $C L>K >A@O=D CN>C > JIB`IHBC A=>DHB@ IP CN= >PIA=K>HD CLI

JHAJOG>AKQ B>E=GTQ .4&4 D>C=D Y]V]]V]__Y >BD ]\VY^V]__X LIOGD

E>BHP=KC CN>C CN= FAI?HKHIB L>K E>D= PIA JIBJ=KKHIB >BD BIC

A=K=A?>CHIB HB CN= E>CC=A IP FAIEICHIB4 %=GH>BJ= L>K FG>J=D IB

CLI `OD@E=BCK IP CNHK !IOAC LN=A= DHKCHBJCHIB R=CL==B JIBJ=KKHIB

>BD A=K=A?>CHIB HK =ZFG>HB=D GOJHDGTc

6H7 *)A"+9)$ G(:(4)A"+9 +- ;,H,8, )9: 3A=(45 ?4 ?9"+9 +-

89:") )9: 3A=(45b

d]W4 $B ]_^XQ CN= *I?=ABE=BC IP $BDH> HKKO=D CN=XCN ,DB4 IP CN= K>HD 0AIJNOA= HB LNHJN F>A> _4MQJIAA=KFIBDHB@ CI CN= IB= UOIC=D >RI?=Q A=>DK >K

PIGGILKc

&"# .& 'I4 ]:_:g_4 ,KCC463!-7 D>C=D MgV\VXY >BD+=FCC4 IP 5=AKIBB=G ) #% .& 'I4 ]:]Y:XbV,KCC463!-7 D>C=D M\V]MV]_Xb

d_4M /#)@)+$)& AB %C=CD+$)& @C+E)?3k 6"75AIEICHIBK RT K=G=JCHIB LHCNHB *AIOF #6!G>KKV$74

$B FAIEICHIBK RT K=G=JCHIB CI FIKCK LHCNHB*AIOF # 6!G>KK $7 LNHJN J>AAT >B OGCHE>C=K>G>AT IP %K MYYY F=A EIBCNQ IA G=KKQ 6%K MMWYF=A EIBCN IA G=KK HB CN= A=?HK=D KJ>G=7 +EC#C $%&) #C%C#F"+$)&Q ROC CN= 3JN=DOG=D !>KC=K >BD3JN=DOG=D -AHR=K IPPHJ=AKQ LNI >A= K=BHIA=BIO@N HB CN= iIB= IP JIBKHD=A>CHIB PIAFAIEICHIB KI >K CI R= LHCNHB CN= BOER=A IP?>J>BJH=K PIA LNHJN CN= K=G=JC GHKC N>K R==BDA>LB OFQ LIOGD R= HBJGOD=D HB CN>C GHKC

FAI?HD=D CN=T >A= BIC JIBKHD=A=D OBPHC PIA

$ 6]__W7 \ 3!! W\M

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( !#+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


17/36Page 17

FAIEICHIB4 -N=HA FIKHCHIB HB CN= K=G=JC GHKCLIOGDQ NIL=?=AQ R= CN= K>E= >K >KKH@B=D CICN=E RT CN= +=F>ACE=BC>G 5AIEICHIB!IEEHCC== IB CN= R>KHK IP CN=HA A=JIAD IPK=A?HJ=4 -N=T LIOGD BIC R= @H?=B PIA CNHKFOAFIK=Q IB= @A>DHB@ NH@N=A CN>B CN= @A>DHB@ICN=ALHK= >KKH@B>RG= CI CN=E IB CN= R>KHK IPCN=HA A=JIAD IP K=A?HJ=4

$B IAD=A CI HEFAI?= CN= JN>BJ=K IP 3JN=DOG=D!>KC=K >BD 3JN=DOG=D -AHR=K IPPHJ=AK PIAK=G=JCHIB CI CN= NH@N=A J>C=@IAH=K IP FIKCK HB*AIOF # 6!G>KK $74

6H7 3JN=DOG=D !>KC=K:3JN=DOG=D -AHR=KIPPHJ=AK HB *AIOF # 6!G>KK $7 3=A?HJ=K:5IKCKKNIOGD R= FAI?HD=D LHCN EIA= IFFIACOBHCH=K PIAHBKCHCOCHIB>G CA>HBHB@ >BD PIA >CC=BDHB@K=EHB>AK:KTEFIKH>:JIBP=A=BJ=K4 #D?>BC>@=LIOGD >GKI R= C>S=B IP CN= CA>HBHB@ P>JHGHCH=K>?>HG>RG= >C CN= />G 0>N>DOA 3N>KCAH '>CHIB>G#J>D=ET IP #DEHBHKCA>CHIBQ &OKKIIAH=Q'>CHIB>G 5IGHJ= #J>D=ETQ "TD=A>R>DQ $BDH>B$BKCHCOC= IP 5ORGHJ #DEHBHKCA>CHIBQ '=L +=GNHQ

CN= #DEHBHKCA>CH?= 3C>PP !IGG=@=Q "TD=A>R>D=CJ4 >BD6$$7 $C LIOGD R= CN= KF=JH>G A=KFIBKHRHGHCT IP CN=HEE=DH>C= KOF=AHIA IPPHJ=AK IP CN= 3JN=DOG=D!>KC=K:3JN=DOG=D -AHR=K IPPHJ=AK HB !G>KK $ CI@H?= >D?HJ= >BD @OHD>BJ= CI CN= G>CC=A CIHEFAI?= CN= UO>GHCT IP CN=HA LIAS4e

ZZ ZZ ZZ

]_4 A= OB>RG= CI >@A== LHCN CN= G=>AB=DJIOBK=G4 $C HK >DEHCC=D IB >GG N>BDK CN>C KI P>A >KFAIEICHIBK LHCNHB !G>KK $ >A= JIBJ=AB=D k LHCNLNHJN >GIB= CN= &=EIA>BDOE D>C=D MgV\V]_XYD=>GK k CN=A= >A= BI IAD=AK IP CN= *I?=ABE=BC IP$BDH> >FFGTHB@ CN= AOG= IP A=K=A?>CHIB4 ?=A=P=AA=D N=A=HBR=PIA= CI CN= =>AGH=A &=EIA>BDOED>C=D ]]VXV]_g^ 6LNHJN HB COAB A=P=AK CI > T=C=>AGH=A &=EIA>BDOE D>C=D ^V]]V]_g\74 -NIK==>AGH=A &=EIA>BDOEK FAI?HD= PIA A=K=A?>CHIB HB

!G>KK=K $$Q $$$ >BD $8 ROC BIC PIA FAIEICHIB CI !G>KK$ >BD BIC >C >BT A>C= CI FAIEICHIBK LHCNHB !G>KK $4'IA DI=K CN= &=EIA>BDOE D>C=D MgV\V]_XY

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( !'+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


18/36Page 18

FAI?HD= PIA KOJN A=K=A?>CHIB4 -N= HD=> HK K=GPV=?HD=BC4 CHIB HK E>D=>FFGHJ>RG= CI CN= GIL=A J>C=@IAH=KQ ?Hi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gV\V]_XY ROC E=A=GT=ZFG>HB HC4 -N=T E>S= =ZFGHJHC LN>C HK HEFGHJHC HB HC43I HK CN= A=BD=AHB@ IP F>A> _4M HB CN= XCN ,DB4 HBCN= 0AIJNOA=4 C >GG CN=T K>T HK CN>C CN= AOG= IPA=K=A?>CHIB DI=K BIC >FFGT CI FAIEICHIBK LHCNHB!G>KK $ 6H4=4Q FAIEICHIBK CI R= E>D= IB CN= R>KHK IPK=G=JCHIB CI FIKCK LNHJN J>AAT >B OGCHE>C= K>G>AT IP%K MMWY F=A EIBCN IA G=KK HB CN= A=?HK=D KJ>G=7 ROC> JIBJ=KKHIB HB C=AEK IP F>A> M IP CN=&=EIA>BDOE D>C=D MgV\V]_XY HK FAI?HD=D HB CN>CR=N>GP4 $C J>BBICQ CN=A=PIA=Q R= K>HD CN>C =HCN=A CN=

G=CC=AK IP CN= &HBHKCAT IP 2HB>BJ= IA CN= A=BD=AHB@ IPF>A> _4M HB CN= XCN ,DB4 IP CN= 0AIJNOA= HKHBJIBKHKC=BC LHCN CN= &=EIA>BDOE D>C=D MgV\V]_XY IA CN>C CN=T >A= JIBCA>AT CI CN= IAD=AK IP CN=*I?=ABE=BC4

ZZ ZZ ZZ

\]4 2IA CN= >RI?= A=>KIBKQ L= NIGD CN>C HB CN=E>CC=A IP FAIEICHIB RT K=G=JCHIB CI FIKCK LHCNHB

!G>KK $ LNHJN J>AAT >B OGCHE>C= K>G>AT IP %K MMWY HBCN= A=?HK=D KJ>G= IP F>T F=A EIBCN IA G=KKQ CN=A= HKBI A=K=A?>CHIB HB P>?IOA IP 3JN=DOG=D!>KC=K:3JN=DOG=D -AHR=K ROC CN=T >A= =BCHCG=D CICN= JIBJ=KKHIB JIBC>HB=D HB F>A> M IP CN= .PPHJ=&=EIA>BDOE D>C=D MgV\V]_XY HKKO=D RT CN=&HBHKCAT IP "IE= #PP>HAK4 -N= JIBJ=KKHIB HK CN>CCNIK= 3JN=DOG=D !>KC=K:3JN=DOG=D -AHR=K IPPHJ=AKLNI >A= K=BHIA =BIO@N HB CN= iIB= IP JIBKHD=A>CHIBPIA FAIEICHIB KI >K CI R= LHCNHB CN= BOER=A IP

?>J>BJH=K PIA LNHJN CN= K=G=JC GHKC N>K CI R= DA>LBOF LHGG R= HBJGOD=D HB CN= K=G=JC GHKC FAI?HD=D CN=T>A= BIC JIBKHD=A=D OBPHC PIA FAIEICHIB4 6-NHK AOG=

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( !(+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


19/36Page 19

N>K R==B =ZFG>HB=D HB CN= RIDT IP CN= `OD@E=BC RT@H?HB@ >B HGGOKCA>CHIBQ LNHJN HC HK BIC B=J=KK>AT CIA=F=>C N=A=47 -N= FIKHCHIB IP KOJN J>BDHD>C=KHBJGOD=D HB CN= K=G=JC GHKC LIOGDQ NIL=?=AQ R= CN=K>E= >K HK >KKH@B=D CI CN=E RT CN= +=F>ACE=BC>G5AIEICHIB !IEEHCC== IB CN= R>KHK IP CN=HA A=JIADIP K=A?HJ=4 -N= K>HD J>BDHD>C=K LIOGD BIC R==BCHCG=DQ PIA CN= FOAFIK= IP CN= K>HD K=G=JCHIBQ IB=@A>DHB@ NH@N=A CN>B CN= @A>DHB@ ICN=ALHK=>KKH@B>RG= CI CN=E IB CN= R>KHK IP CN=HA A=JIAD IPK=A?HJ=4 -NHK HK >GKI CN= FOAFIAC IP F>A> _ IP CN=0AIJNOA= HBKIP>A >K HC D=>GK LHCN FAIEICHIBK LHCNHB!G>KK $4e

6HH7 64)7F>+A"5= I)+9$") H)9J K*+< J9+?HB@ J>A=POGGT JIBKHD=A=D CN= KOREHKKHIBKE>D= IB R=N>GP IP CN= A=KF=JCH?= F>ACH=KQ L= >A=HBJGHB=D CI >@A== LHCN &A &=NC> CN>C CN= FAI?HKHIBA=G>CHB@ CI A=K=A?>CHIB FIKCK =ZCA>JC=D N=A=HB>RI?=Q

JIBC>HB=D HB CN= !HAJOG>A D>C=D ]YVgV]__XQ N>KR==B LAIB@GT HBC=AFA=C=D RT CN= +H?HKHIB 0=BJN IPCN= "H@N !IOAC4 -N= K>HD JIBDHCHIB HK HB CN= B>COA=IP > JIBJ=KKHIB >K L>K JIBC=EFG>C=D HB CN=!HAJOG>A D>C=D _V]]V]__bQ HKKO=D RT '#0#%+ HBIAD=A CI @H?= >B IFFIACOBHCT CI > 3JN=DOG=D !>KC=IA 3JN=DOG=D -AHR= J>BDHD>C= CI R= >OCIE>CHJ>GGT>FFIHBC=DQ HP N= J>E= LHCNHB CN= BOER=A IP?>J>BJH=K >?>HG>RG=4 $C L>K > JIBJ=KKHIB CI =B>RG=KOJN > J>BDHD>C= CI >?IHD CN= FAIJ=KK IP K=G=JCHIBQ

LNHJN >GG CN= ICN=A J>BDHD>C=K L=A= A=UOHA=D CIOBD=A@I4

MW4 -N= K>HD FAI?HKHIB N>K R==B ?=AT =G>RIA>C=GT=ZFG>HB=D RT > CNA==VaOD@= 0=BJN IP CNHK !IOAC HB2"+$)&"= GC?C#"+$)& ), -HI?4 J&$)& ), I&?$"K6]__W7\ 3!! W\M 4 #K N>K R==B =ZFG>HB=D HB CN= K>HD`OD@E=BCQ CN= iIB= IP JIBKHD=A>CHIB HK CN= GHKC IPK=G=JC=D J>BDHD>C=K JNIK=B HB IAD=A IP K=BHIAHCT CIR= JIBKHD=A=D PIA CN= FOAFIK= IP PHGGHB@ OF CN=

>?>HG>RG= ?>J>BJH=K >BD E=A=GT RT JIEHB@ LHCNHB

% 6MYY_7 \ 3!! \M\

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( !)+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


20/36Page 20

CN= iIB= IP JIBKHD=A>CHIB > 3JN=DOG=D !>KC= IA3JN=DOG=D -AHR= J>BDHD>C= LIOGD BIC R= =BCHCG=D CI>OCIE>CHJ K=G=JCHIB4 -N= JIBJ=KKHIB A=G>CHB@ CIA=K=A?>CHIB DI=K BIC E=>B CN>C >BT IP CN= ?>J>BCFIKCK L=A= A=UOHA=D CI R= S=FC A=K=A?=D PIA KOJN3JN=DOG=D !>KC= IA 3JN=DOG=D -AHR= J>BDHD>C=4 $CHK IBGT LN=B KOJN > J>BDHD>C= J>E= LHCNHB CN=BOER=A IP ?>J>BJH=K CN>C KOJN > JIBJ=KKHIB LIOGDR= >FFGHJ>RG= CI NHE:N=A PIA >FFIHBCE=BC LHCNIOC@IHB@ CNAIO@N CN= K=G=JCHIB FAIJ=KK4

]_7 /=>AB=D JIOBK=G >FF=>AHB@ PIA A=KFIBD=BCKQ HBJGODHB@ +A4 1AHKN>B

3HB@N !N>ON>BQ &A4 ,4!4 8HDT> 3>@>AQ &A4 #4 3ORR> %>IQ

&A43>CT>`HC #4 +=K>H >BD &A4 !414 !N>BDA>K=SN>AQ #D?IJ>C=KQ

FG>J=D KCAIB@ A=GH>BJ= IB CN= A=>KIBK @H?=B RT CN= "H@N !IOAC HB

KOFFIAC IP HCK ?=ADHJC FAI`=JCHB@ DHKE>G KC>C= IP >PP>HAK ?HACO>GGT BI

A=FA=K=BC>CHIB IP CN= 3!:3- =EFGIT==K HB CN= IPPHJ=AK J>C=@IATQ

F>ACHJOG>AGTQ KJ>G= $8 >BD >RI?=4

MY7 $C L>K >GKI >A@O=D RT CN=K= A=KFIBD=BCK CN>C >PC=A CN= HEFO@B=D

`OD@E=BC IP CN= +H?HKHIB 0=BJN >GGILHB@ LAHC >FF=>GK IP CN=K=

A=KFIBD=BCKQ IB ]bVY]VMY]Y >BD Y]VYMVMY]YQ CN= 9BHIB

*I?=ABE=BC N>D DHA=JC=D CN= HEFG=E=BC>CHIB IP CN= HEFO@B=D

"H@N !IOAC `OD@E=BC4 -N= 0>BS N>K PHG=D CN= 3/5Q CN=A=>PC=A4

-N=HA FA=K=BC KC>BD CN>C CN=A= LHGG R= BI A=K=A?>CHIB ROC IBGT

JIBJ=KKHIB RT JIBKHD=AHB@ IPPHJ=AK LNI >A= K=BHIA =BIO@N CI R=

LHCNHB CN= iIB= >BD >A= BIC D=JG>A=D OBPHCQ HK EHKG=>DHB@4 $B P>JCQ >

0HGG L>K F>KK=D HB RICN CN= "IOK=K IP CN= 5>AGH>E=BC RT CN=

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( $*+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


21/36Page 21

FA=?HIOK *I?=ABE=BC CI @A>BC A=K=A?>CHIBK HB FAIEICHIBK >C >GG

G=?=GKQ 6H4=4 ]]XCN!IBKCHCOCHIB>G #E=BDE=BC7Q LNHJN N>D G>FK=D

KORK=UO=BCGT4 $C L>K >A@O=D CN>C CN= 9BHIB *I?=ABE=BC J>BBIC

C>S= > DHPP=A=BC KC>BD BIL4

M]7 -N= JG>HE IP CN= 0>BSK CN>C @A>BC IP A=K=A?>CHIB HB FAIEICHIB PAIE

3J>G=V$ G=?=G IBL>ADK LIOGD >PP=JC =PPHJH=BJTQ L>K >GKI A=POC=D RT

JIBC=BDHB@ CN>C CN= IPPHJ=AK R=GIB@HB@ CI 3!:3- N>?= R==B

FAIEIC=D IBGT IB CN= R>KHK IP CN=HA ILB E=AHC:F=APIAE>BJ=4 $C

L>K KOREHCC=D CN>C CN= 3C>C= J>BBIC >JC JIBCA>AT CI !IBKCHCOCHIB>G

FAI?HKHIBK4 $C L>K KOREHCC=D CN>C CN= D=JHKHIB D>C=D ]YVY\V]__W HB

*)A"+9)$ G(:(4)A"+9 +- ;,H,8, 6KOFA>7 >BD A=GH=D RT CN= 0>BSK

A=G>C=D CI FA=VXXCN#E=BDE=BCQ LNHJN J>E= CI R= F>KK=D IB ]XV

YgV]__W4 #K F=A CN=EQ CN= D=JHKHIB HB E, *)7)4)F 6KOFA>7

>BKL=AK CN= HKKO=K A>HK=D RT CN= 0>BSK4 5IHBC=D A=P=A=BJ= L>K

E>D= CI CN= ]]XCN#E=BDE=BC 0HGGQ LNHJN L>K C>S=B `ODHJH>G BICHJ=

IP HB O"L)B=)$ 64):(5= ;B=(:D$(: P4"Q(5 RL'$+>((5

G(:(4)A"+9 )9: )9+A=(4 ?4O"L)B=)$ 64):(5= ;)L)9)>) C)47

S)4)LB=)4" S)$)>)9 E)=)5)97= )9: +A=(45g4 #CC=BCHIB L>K

DA>LB CI F>A>K \M CI \b IP CN= K>HD `OD@E=BCQ LNHJN >A= >K OBD=Ac

&\M4 "=A=Q L= LIOGD GHS= CI >GGOD= CI CN= LIADK IP/IAD +=BBHB@Q HB L)&?C= ?4 M)#%=CB 6]_gX7 ] l0bb\ >RIOC CN= JIBDOJC =ZF=JC=D IP >B >D?IJ>C=c

' 6MY]\7 ]Y 3!! \Y^

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( $!+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


22/36Page 22

dj #K >B >D?IJ>C= N= HK > EHBHKC=A IP ÒKCHJ==UO>GGT LHCN CN= aOD@=4 j $ K>T m>GG N=E)&)*#"A=BJ>Bn R=J>OK= NHK DOCT HK BIC IBGT CINHK JGH=BC4 "= N>K > DOCT CI CN= JIOAC LNHJN HKN"#"@)*&+4 $C HK > EHKC>S= CI KOFFIK= CN>C N=HK CN= EIOCNFH=J= IP NHK JGH=BC CI K>T LN>C N=L>BCKc IA NHK CIIG CI DI LN>C N= DHA=JCK4 "= HKBIB= IP CN=K= CNHB@K4 "= IL=K >GG=@H>BJ= CI >NH@N=A J>OK=4 $C HK CN= J>OK= IP CAOCN >BDÒKCHJ=4 "= EOKC BIC JIBKJHIOKGT EHKKC>C= CN=P>JCK4 "= EOKC BIC SBILHB@GT JIBJ=>G CN= CAOCN4"= EOKC BIC OBÒKCGT E>S= > JN>A@= IP PA>ODQCN>C HKQ LHCNIOC =?HD=BJ= CI KOFFIAC HC4 "= EOKCFAIDOJ= >GG CN= A=G=?>BC >OCNIAHCH=KQ =?=B CNIK=CN>C >A= >@>HBKC NHE4 "= EOKC K== CN>C NHKJGH=BC DHKJGIK=KQ HP IAD=A=DQ CN= A=G=?>BCDIJOE=BCKQ =?=B CNIK= CN>C >A= P>C>G CI NHKJ>K=4 "= EOKC DHKA=@>AD CN= EIKC KF=JHPHJHBKCAOJCHIBK IP NHK JGH=BCQ HP CN=T JIBPGHJCK LHCNNHK DOCT CI CN= JIOAC4 -N= JID= LNHJN A=UOHA=K> R>AAHKC=A CI DI >GG CNHK HK BIC > JID= IP G>L4 $CHK CN= JID= IP NIBIOA4e 6l0 F4 WYM7

6=EFN>KHK KOFFGH=D7

$B IOA IFHBHIBQ CN= >PIA=K>HD DHJC> IP /IAD +=BBHB@HK >B >FC =ZFIKHCHIB IP CN= ?=AT NH@N KC>BD>AD IPEIA>GQ =CNHJ>G >BD FAIP=KKHIB>G JIBDOJC =ZF=JC=D CIR= E>HBC>HB=D RT CN= E=ER=AK IP G=@>G FAIP=KKHIB4B >D?IJ>C=:JIOBK=G HB CNHKJIOBCAT4

\\4 "=A=Q HB CNHK J>K=Q IB MgVbVMY]Y > KC>C=E=BCL>K E>D= IB R=N>GP IP CN= 3C>C= IP "454 CN>C dCN=

3C>C= HBC=BDK CI JIGG=JC EIA= D=C>HGK LHCN A=@>AD CIA=FA=K=BC>CHIB IP CN= 3!K:3-K >BD CI F>KK>FFAIFAH>C= IAD=AK LHCNHB > A=>KIB>RG= CHE= H4=4>FFAIZHE>C=GT LHCNHB CNA== EIBCNK >PC=A JIGG=JCHB@CN= B=J=KK>AT D=C>HGK >BD D>C>Ke4 ">?HB@ ?=ATD=PCGT >?IHD=D > D=JHKHIB IB E=AHCK HB 3/5 6!7 'I4\Y]b\ IP MYY_Q CN= 3C>C= N>K CIC>GGT P>HG=D CI GH?= OFCI CN= KIG=EB KC>C=E=BC E>D= CI CNHK !IOAC4 $C N>KN=D@=D >BD N=EE=D >BD FA=?>AHJ>C=D PAIE MgVbVMY]Y CHGG D>C=4 $B KFHC= IP CN= A=UOHKHC= D>C> R=HB@

>?>HG>RG=Q CN= FIGHJT IP A=K=A?>CHIB >GA=>DT >DIFC=DRT CN= 3C>C= N>K BIC R==B HEFG=E=BC=D4 @A== LHCN +A +N>?>B CN>C CN=

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( $$+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


23/36Page 23

>FFGHJ>BCK >A= K==SHB@ > E>BD>EOK CI >DIFC >FIGHJT HB A=K=A?>CHIB4 2AIE CN= >RI?= B>AA>CHIBQ HC HK=?HD=BC CN>C CN= >FFGHJ>BCK L>BC CN= 3C>C= CIHEFG=E=BC HCK ILB D=JHKHIBK4 -N= FA>T=A HKc

d+HA=JC CN= A=KFIBD=BC:3C>C= *I?=ABE=BC CID=JHD= CN= J>K= HB CHE=VRIOBD E>BB=A IB CN=R>KHK IP D>C> >GA=>DT >?>HG>RG=:KOREHCC=D CICN= !>RHB=C 3ORV!IEEHCC== IB MWVbVMY]]LHCNHB > F=AHID IP IB= EIBCN >BDf2OACN=A DHA=JC KC>T IB >GG FAIEICHIBK F=BDHB@D=JHKHIB C>S=B HB CNHK J>K=4e

\b4 -N= PHB>G =ZJOK= IPP=A=D RT CN= 3C>C= PIA BIC

@A>BCHB@ CN= >PIA=K>HD A=GH=P HK CN>C CN= 3C>C= BIL>L>HCK CN= PHB>GHK>CHIB IP CN= ]]XCN !IBKCHCOCHIB#E=BDE=BC4 JJ=FC CN= A=>KIBK FOCPIAL>AD PIA BIC NIBIOAHB@ CN= KC>C=E=BC KIG=EBGTE>D= CI CNHK !IOAC IB MgVbVMY]Y4 -NHK !IOAC N>KR==B EIA= CN>B JIBKHD=A>C= CI CN= A=UO=KCK E>D=RT CN= 3C>C= PIA =ZC=BKHIB IP CHE=4 -NHK G>KC =ZJOK=>RIOC >L>HCHB@ CN= PHB>GHK>CHIB IP CN= FAIFIK=D"OBDA=DVK=?=BC==BCN !IBKCHCOCHIB>G #E=BDE=BC HKCN= FAI?=ARH>G G>KC KCA>L IB CN= J>E=GnK R>JS4 #K

KC>C=D =>AGH=AQ CN= FAIFIK=D ]]XCN !IBKCHCOCHIB>G#E=BDE=BC LIOGD BIC >D?=AK=GT >PP=JC CN= E=AHCKIP CN= JG>E 6%$D7 IP CN= F=CHCHIB=A PIA @A>BC IPFAIEICHIB LHCN JIBK=UO=BCH>G K=BHIAHCT4 0T CN=>PIA=K>HD FAIFIK=D #E=BDE=BCQ CN= =ZHKCHB@ #ACHJG=]g JG>OK= 6bV#7 HK CI R= KORKCHCOC=D RT CN= PIGGILHB@JG>OK= 6bV#7k

d]g4 6bV#7 'ICLHCNKC>BDHB@ >BTCNHB@ JIBC>HB=D=GK=LN=A= HB CN= !IBKCHCOCHIBQ CN= 3JN=DOG=D

!>KC=K >BD CN= 3JN=DOG=D -AHR=K BICHPH=DOBD=A #ACHJG= \b] >BD #ACHJG= \bMQ A=KF=JCH?=GTQKN>GG R= D==E=D CI R= R>JSL>AD >BD BICNHB@HB CNHK >ACHJG= IA HB #ACHJG= \\W KN>GG FA=?=BC CN=3C>C= PAIE E>SHB@ >BT FAI?HKHIB PIAA=K=A?>CHIB HB E>CC=AK IP FAIEICHIBKQ LHCNJIBK=UO=BCH>G K=BHIAHCTQ CI >BT JG>KK IA JG>KK=KIP FIKCK HB CN= K=A?HJ=K OBD=A CN= 3C>C= HBP>?IOA IP CN= 3JN=DOG=D !>KC=K >BD CN=3JN=DOG=D -AHR=K CI CN= =ZC=BC IP CN=

F=AJ=BC>@= IP A=K=A?>CHIB FAI?HD=D CI CN=3JN=DOG=D !>KC=K >BD CN= 3JN=DOG=D -AHR=KHB CN= K=A?HJ=K IP CN= 3C>C=4e

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( $"+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


24/36Page 24

MM7 &OJN A=GH>BJ= L>K >GKI FG>J=D IB > A=J=BC D=JHKHIB IP CNHK !IOAC

HB CN= J>K= T+=A)5 H=)9J=)4 )9: 3A=(45 ?4 ?9"+9 +- 89:") )9:

&9+A=(4XQ IB CN= R>KHK IP LNHJN HC L>K JIBC=BD=D CN>C CN= A=GH>BJ=

IP CN= 0>BSK HB CN>C J>K= IB .4&4 D>C=D MM4YX4]__X L>K CIC>GGT

EHKFG>J=D >KQ HB>KEOJN >KQ HB CNHK J>K= CN= K>HD .4&4 HK N=GD CI

R= R>D HB G>L >K F=A CN= DHKJOKKHIB JIBC>HB=D HB CN= PIGGILHB@

F>A>@A>FNKc

d_4 A= HB A=KF=JCPOG >@A==E=BC LHCN CN=D=JHKHIB HB JOP 0E"&?$'"#E ?4 Q*=?CCN -$&'EP6]__X7 _ 3!! ]__ >BD >FFAI?= CN= K>E=4.ADHB>AHGTQ L= LIOGD N>?= K=BC CN= E>CC=A CI CN=A=@OG>A 0=BJN PIA DHKFIK>G IP CN= E>CC=AK ROCN>?HB@ A=@>AD CI CN= B>COA= IP JIBCAI?=AKT >BD CN=P>JC CN>C CN= !=BCA>G #DEHBHKCA>CH?= -AHROB>GQ +=GNH6PIA KNIAC dCN= -AHROB>Ge7 N>K PIGGIL=D -3 R$&)?

Q*@"# ?4 J&$)& ), I&?$"P 6]__g7 g 3!! W^Y LNHJN HKBIC @IID G>L >BD A=KOGC>BCGT CN= ]__X .& HK >GKIHGG=@>GQ HB IOA ?H=LQ CN= >@IBT IP CN= >FF=GG>BCKB==D BIC R= FAIGIB@=D >K CN=T >A= =BCHCG=D CI CN=A=GH=PK4

]Y4 !IBK=UO=BCGTQ CN= JH?HG >FF=>GK >A= >GGIL=D4-N= HEFO@B=D IAD=A HK K=C >KHD=4 -N= ]__X .& HKD=JG>A=D HGG=@>G4 -N= A=KFIBD=BCK >A= DHA=JC=D CIEIDHPT CN= A=KOGCK HB CN= 3=JCHIB .PPHJ=AK:

3C=BI@A>FN=AK 6*A>D= 0:*A>D= $7 /HEHC=D+=F>ACE=BC>G !IEF=CHCH?= ,Z>EHB>CHIBQ ]__g RTFAI?HDHB@ PIA A=K=A?>CHIB >BD =ZC=BD >GGJIBK=UO=BCH>G A=GH=PK CI CN= >FF=GG>BCKQ HP BIC@A>BC=D KI P>A4 'I JIKCK4e

M\7 0=PIA= DHKJOKKHB@ CN= E>HB HKKO= HB?IG?=DQ HC LIOGD R= HB CN=

PHCB=KK IP CNHB@K CI HAIB IOC KIE= IP CN= JA=>K=K KOAAIOBDHB@ CN=

( 6MY]b7 ^ 3!! ^XM

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( $%+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


25/36Page 25

E>HB HKKO=4 $B P>JCQ CNHK =Z=AJHK= LIOGD P>JHGHC>C= OBD=AKC>BDHB@

CN= FA=JHK= C=BIA IP CN= HKKO= CN>C B==DK CI R= >DDA=KK=D >BD

>BKL=A=D4

Mb7 $B CN= PHAKC HBKC>BJ=Q L= E>S= HC JG=>A CN>C CN=A= HK BI DHKFOC=

>RIOC CN= JIBKCHCOCHIB>G FIKHCHIB =B?HK>@=D HB #ACHJG=K ]W >BD ]gQ

HBKIP>A >K CN=K= FAI?HKHIBK =EFIL=A CN= 3C>C= CI C>S= >PPHAE>CH?=

>JCHIB HB P>?IOA IP 3!:3- J>C=@IAT F=AKIBK RT E>SHB@

A=K=A?>CHIBK PIA CN=E HB CN= =EFGITE=BC HB CN= 9BHIB IA CN= 3C>C=

6IA PIA CN>C E>CC=AQ FORGHJ K=JCIA:>OCNIAHCH=K LNHJN >A= CA=>C=D >K

3C>C= OBD=A #ACHJG= ]M IP CN= !IBKCHCOCHIB74 -N= G>OD>RG= IR`=JCH?=

OBD=AGTHB@ CN=K= FAI?HKHIBK HK >GKI CI R= S=FC HB EHBD LNHG=

OBD=AC>SHB@ >BT =Z=AJHK= F=AC>HBHB@ CI CN= HKKO=K CIOJNHB@ OFIB

CN= A=K=A?>CHIB IP KOJN 3!:3- =EFGIT==K4 2OACN=AQ KOJN >

A=K=A?>CHIB J>B BIC IBGT R= E>D= >C CN= =BCAT G=?=G ROC HK

F=AEHKKHRG= HB CN= E>CC=AK IP FAIEICHIBK >K L=GGK4 #C CN= K>E=

CHE=Q HC HK >GKI CI R= RIAB= HB EHBD CN>C !G>OK=K b >BD b# IP #ACHJG=

]g IP CN= !IBKCHCOCHIB >A= IBGT CN= =B>RGHB@ FAI?HKHIBK LNHJN

F=AEHC CN= 3C>C= CI E>S= FAI?HKHIB PIA A=K=A?>CHIB IP CN=K=

J>C=@IAT IP F=AKIBK4 $BKIP>A >K E>SHB@ IP FAI?HKHIBK PIA

A=K=A?>CHIB HB E>CC=AK IP FAIEICHIB CI >BT JG>KK IA JG>KK=K IP FIKC

HK JIBJ=AB=DQ KOJN > FAI?HKHIB J>B R= E>D= HB P>?IOA IP 3!:3-

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( $&+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


26/36Page 26

J>C=@IAT =EFGIT==K HPQ HB CN= IFHBHIB IP CN= 3C>C=Q CN=T >A= BIC

>D=UO>C=GT A=FA=K=BC=D HB K=A?HJ=K OBD=A CN= 3C>C=4 -NOKQ BI

DIORCQ FIL=A GH=K LHCN CN= 3C>C= CI E>S= > FAI?HKHIBQ ROCQ >C CN=

K>E= CHE=Q JIOACK J>BBIC HKKO= >BT E>BD>EOK CI CN= 3C>C= CI

B=J=KK>AHGT E>S= KOJN > FAI?HKHIB4 $C HK PIA CN= 3C>C= CI >JCQ HB >

@H?=B KHCO>CHIBQ >BD CI C>S= KOJN >B >PPHAE>CH?= >JCHIB4 .P JIOAK=Q

LN=B=?=A CN=A= =ZHKCK KOJN > FAI?HKHIB PIA A=K=A?>CHIB HB CN=

E>CC=AK IP A=JAOHCE=BC IA CN= FAIEICHIBQ HC LIOGD R=KCIL >B

=BPIAJ=>RG= AH@NC HB P>?IOA IP F=AKIBK R=GIB@HB@ CI 3!:3-

J>C=@IAT >BD IB P>HGOA= IB CN= F>AC IP >BT >OCNIAHCT CI A=K=A?= CN=

FIKCKQ LNHG= E>SHB@ K=G=JCHIBK:FAIEICHIBKQ CN= R=B=PHJH>AH=K IP

CN=K= FAI?HKHIBK J>B >FFAI>JN CN= !IOAC CI @=C CN=HA AH@NCK

=BPIAJ=D4 C HK CI R= NH@NGH@NC=D HK CN>C =ZHKC=BJ= IP FAI?HKHIB

PIA A=K=A?>CHIB HB CN= E>CC=A IP K=G=JCHIB IA FAIEICHIBQ >K CN= J>K=

E>T R=Q HK CN= %$&C S*" &)&PIA K==SHB@ E>BD>EOK >K HC HK IBGT

LN=B KOJN > FAI?HKHIB HK E>D= RT CN= 3C>C=Q > AH@NC KN>GG >JJAO=

HB P>?IOA IP 3!:3- J>BDHD>C=K >BD BIC ICN=ALHK=4

MW7 $C HK BIC HB DHKFOC= CN>C CN= AOG= IP A=K=A?>CHIB HK PIGGIL=D PIA

FAIEICHIBK PAIE JG=AHJ>G @A>D= CI CN= GIL=KC A>BS HB CN= IPPHJ=A

@A>D=4 -N= UO=KCHIBQ NIL=?=AQ HK >K CI LN=CN=A CN=A= HK >BT

FAI?HKHIB PIA A=K=A?>CHIB LN=B FAIEICHIB PAIE > F>ACHJOG>A A>BS HB

CN= IPPHJ=A @A>D= HK CI R= E>D= CI CN= B=ZC A>BS HB CN= K>HD @A>D=Q

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( $#+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


27/36Page 27

B>E=GTQ PAIE 3J>G=V$ CI 3J>G=V$$Q 3J>G=V$$ CI 3J>G=V$$$ >BD KI IB4

Mg7 ?= CI S==F HB EHBD CN>C

A=K=A?>CHIB FIGHJT IP CN= !=BCA>G *I?=ABE=BC HK >FFGHJ>RG= CI CN=

>FF=GG>BC 0>BSK4 $C HK CN= JIEEIB J>K= IP RICN CN= F>ACH=K4 $B

P>JCQ >K >GA=>DT BIC=D >RI?=Q CN=A= HK > KF=JHPHJ FAI?HKHIB CI CNHK

=PP=JC HB CN= FAIEICHIB FIGHJH=K PA>E=D RT CN= >FF=GG>BC 0>BSK4

MX7 '=ZC CNHB@ LNHJN HK CI R= S=FC HB EHBD HK CN= CLI IPPHJ=

E=EIA>BD>Q IB= D>C=D ]4]]4]__Y >BD CN= ICN=A D>C=D ]\4^4]__XQ

LNHJN >A= A=P=AA=D CI RT CN= JIOBK=G PIA CN= F>ACH=K4 ?=

>GA=>DT A=FAIDOJ=D CN= >PIA=K>HD CLI IPPHJ= E=EIA>BD>4 $BKIP>A

>KQ .PPHJ= &=EIA>BDOE D>C=D ]4]]4]__Y HK JIBJ=AB=DQ > R>A=

A=>DHB@ IP CNHK FAI?HKHIB LIOGD A=PG=JC CN= PIGGILHB@ CLI >KF=JCKc

6>7 $B FAIEICHIB RT K=G=JCHIB LHCNHB !G>KKV$ 6*AIOFV#7 FIKCQ CN=

3!:3- J>BDHD>C=K >A= CI R= @H?=B TD)&DC%%$)&T4

6R7 -NHK JIBJ=KKHIB HK >?>HG>RG= CI CNIK= 3!:3- =EFGIT==K LNI >A=

K=BHIA =BIO@N HB CN= iIB= IP JIBKHD=A>CHIB PIA FAIEICHIB KI >K CI

R= LHCNHB CN= BOER=A IP ?>J>BJH=K PIA LNHJN K=G=JC GHKC N>K CI R=

DA>LB OF4

-NOKQ PHAKC A=UOHA=E=BC HK CN>C KOJN 3!:3- J>BDHD>C=K LNI JIE=

LHCNHB CN= iIB= IP JIBKHD=A>CHIB PIA FAIEICHIB >A= K=BHIA =BIO@N

CI R= LHCNHB CN= BOER=A IP ?>J>BJH=K4 .BJ= CN=T JIE= LHCNHB CN=

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( $'+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


28/36Page 28

>PIA=K>HD iIB= IP JIBKHD=A>CHIBQ CN=T N>?= CI R= HBJGOD=D HB CN=

GHKCQ FAI?HD=D CN=T >A= BIC JIBKHD=A=D OBPHC PIA FAIEICHIB4 $C JG=>AGT

PIGGILK PAIE CN= >RI?= CN>C IBJ= CN=T JIE= OBD=A CN= iIB= IP

JIBKHD=A>CHIB PIA FAIEICHIB KI >K CI R= LHCNHB CN= BOER=A IP

?>J>BJH=K PIA LNHJN K=G=JC GHKC N>K CI R= DA>LB OFQ PIA KOJN 3!:3-

=EFGIT==K CN= IBGT =ER>A@I CI D=FAH?= CN=E IP FAIEICHIB HK

LN=B CN=T >A= PIOBD OBPHC PIA FAIEICHIB4 2IA ICN=A IPPHJ=AK HB

@=B=A>G J>C=@IATQ D=F=BDHB@ OFIB CN= AOG= IP FAIEICHIBQ CN=A=

E>T R= EOJN KCAHJC=A JAHC=AH> R>K=D IB JIEF>A>CH?= E=AHC IA

K=G=JCHIB RT E=AHCQ =CJ4 "IL=?=AQ HB J>K= IP KOJN K=BHIA =BIO@N

3!:3- J>BDHD>C=KQ CN= JAHC=AH> >FF=>AK CI R= K=BHIAHCTQ KOR`=JC CI

PHCB=KK4

6J7 -NHK .& KF=JHPHJ>GGT JG=>AK CN= DIORC CN>C CN= >PIA=K>HD

FAI?HKHIB HK IBGT > JIBJ=KKHIB >BD BIC A=K=A?>CHIB HB P>?IOA IP

3!:3- J>BDHD>C=KQ HB>KEOJN >K F>A> \ IP CN= .& KC>C=K CN>C UI+ $%

EC#CAB D="#$,$C? +E"+ $& N#)@)+$)& AB %C=CD+$)& V$+E$& W#)*NXY

N)%+P VE$DE D"##B *=+$@"+C %"="#B ), !7PZ99[X NC# @)&+EP +EC#C $%

&) #C%C#F"+$)&\3 $C HK JG=>A PAIE CN= >RI?= CN>C HBKIP>A >K .PPHJ=

&=EIA>BDOE D>C=D ]4]]4]__Y HK JIBJ=AB=DQ CN=A= L>K BI

FAI?HKHIB PIA A=K=A?>CHIB E>D= HB P>?IOA IP 3!:3- J>BDHD>C=K HB

FAIEICHIB RT K=G=JCHIB LHCNHB *AIOFV# FIKCK J>AATHB@ >B OGCHE>C=

K>G>AT IP !WQXYY F=A EIBCN4

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( $(+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


29/36Page 29

M^7 'I DIORCQ CNHK .PPHJ= &=EIA>BDOE L>K HKKO=D HB CN= T=>A ]__YQ

CN>C HK EOJN R=PIA= >E=BDE=BC HB #ACHJG= ]g IP CN= !IBKCHCOCHIBQ

LNHJN L>K J>AAH=D IOC HB CN= T=>A ]__W RT HBK=ACHB@ !G>OK= b#4

"IL=?=AQ >K >GA=>DT FIHBC=D IOC >RI?=Q !G>OK= b# HK >B =B>RGHB@

FAI?HKHIB LNHJN =EFIL=AK CN= 3C>C= CI E>S= A=K=A?>CHIBK HB CN=

E>CC=A IP FAIEICHIBK >K L=GG >K HB P>?IOA IP 3!:3- =EFGIT==K4

-N=A= L>K BI KOJN FAI?HKHIB CHGG ]4]]4]__Y HB CN= E>CC=A IP

FAIEICHIB RT K=G=JCHIB LHCNHB *AIOFV# FIKC LNHJN J>AAT >B

OGCHE>C= K>G>AT IP WQXYY:V F=A EIBCN4!

M_7 ">?HB@ OBD=AKCIID CNHKQ L= JIE= CI .PPHJ= &=EIA>DOE D>C=D

]\4^4]__X CI PHBD IOC >K CI LN=CN=A CNHK &=EIA>BDOE E>S=K >BT

FAI?HKHIB PIA A=K=A?>CHIBK HB CN= E>CC=A IP FAIEICHIB HB P>?IOA IP

3!:3- =EFGIT==KQ HB>KEOJN >K BI ICN=A .PPHJ= &=EIA>BDOE IA

!HAJOG>A IA %OG=Q =CJ4 HK FAIDOJ=D IB A=JIAD PIA CNHK FOAFIK=4

\Y7 ?= >GA=>DT BIC=D >RI?= CN>C > BHB= aOD@= 0=BJN D=JHKHIB

IP CNHK !IOAC HB 89:4) ;) 6KOFA>7 N=GD CN>C !G>OK= b IP

#ACHJG= ]g DI=K BIC JI?=A CN= J>K=K IP FAIEICHIBQ E=>BHB@

CN=A=RTQ >K F=A CN= K>HD JG>OK= BI A=K=A?>CHIB HB P>?IOA IP 3!:3-

F=AKIBK HB CN= E>CC=A IP FAIEICHIBK HK F=AEHKKHRG=4 $C HK CI BOGGHPT

CN= =PP=JC IP CNHK DHJC> HB CN= K>HD `OD@E=BC CN>C !G>OK= b# L>K

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( $)+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


30/36Page 30

HBK=AC=D HB #ACHJG= ]g RT !IBKCHCOCHIB[K 3=?=BCTV3=?=BCN

#E=BDE=BC LHCN =PP=JC PAIE ]XVYgV]__W4 "IL=?=AQ HC HK >GKI >

E>CC=A IP A=JIAD CN>C HB 89:4) ;)U5 J>K= 6KOFA>7Q CNHK !IOAC

N>D >GKI JG>AHPH=D CN>C A=K=A?>CHIB PIA 3!:3-K HB FAIEICHIB LIOGD

JIBCHBO= PIA > F=AHID IP PH?= T=>AK PAIE ]gV]]V]__M4 C HC

E=>BC L>K CN>C HP CN=A= HK > FAI?HKHIB IP A=K=A?>CHIB E>D= HB CN=

E>CC=A IP FAIEICHIBKQ BICLHCNKC>BDHB@ CN= DHJC> HB CN= K>HD J>K=

CN>C KOJN > A=K=A?>CHIB HK BIC F=AEHKKHRG=Q CNIK= FAI?HKHIBK L=A=

>GGIL=D CI JIBCHBO= PIA > F=AHID IP PH?= T=>AK PAIE ]gV]]V]__M4

-N=A=>PC=AQ R=PIA= CN= =ZFHAT IP PH?= T=>AKQ JIBKCHCOCHIB>G FAI?HKHIB

L>K HBJIAFIA>C=D HB CN= PIAE IP !G>OK= b# RT E>SHB@ FAI?HKHIB PIA

A=K=A?>CHIB HB CN= E>CC=A IP FAIEICHIBK >K L=GG4 -N=K= P>JCK >A=

C>S=B BIC= IP HB PHAKC CLI F>A>K IP .PPHJ= &=EIA>BDOE D>C=D ]\V

Y^V]__X4 -N=A=>PC=AQ HB CN= \ADF>A> IP CN= K>HD &=EIA>BDOEQ HC HK

FAI?HD=Dc

d\4 $B FOAKO>BJ= IP &=D>HIG 9P;L&KQ HC N>K R==BD=JHD=D CI JIBCHBO= CN= %=K=A?>CHIB HB FAIEICHIB

>K >C FA=K=BCQ PIA CN= 3JN=DOG=D !>KC=K >BD CN=3JN=DOG=D -AHR=K HB CN= K=A?HJ=K:FIKCK OBD=A CN=!=BCA>G *I?=ABE=BC R=TIBD 9:5995988X CHGG KOJNCHE= >K CN= A=FA=K=BC>CHIB IP =>JN IP CN= >RI?= CLIJ>C=@IAH=K HB =>JN J>DA= A=>JN=K CN= FA=KJAHR=DF=AJ=BC>@=K IP A=K=A?>CHIB LN=A=>PC=AQ CN=A=K=A?>CHIB HB FAIEICHIB KN>GG JIBCHBO= CI E>HBC>HBCN= A=FA=K=BC>CHIB CI CN= =ZC=BC IP CN= FA=KJAHR=DF=AJ=BC>@=K PIA CN= A=KF=JCH?= J>C=@IAH=K4e

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( "*+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


31/36Page 31

\]7 C HK D=JHD=D HK CI JIBCHBO= CN= A=K=A?>CHIB HB FAIEICHIBQ LNHJN

L>K FA=?>G=BC >C CN>C CHE=Q PIA CN= 3!:3- =EFGIT==KQ LNHJN L>K

CI JIBCHBO= HB C=AEK IP CN= ÒD@E=BC IP CNHK !IOAC HB 89:4)

;) 6KOFA>7 CHGG ]WV]]V]__XQ =?=B R=TIBD ]WV]]V]__XQ CHGG

KOJN CHE= >K CN= A=FA=K=BC>CHIB IP =>JN IP CN= >RI?= CLI

J>C=@IAH=K HB =>JN J>DA= A=>JN=K CN= FA=KJAHR=D F=AJ=BC>@=K IP

A=K=A?>CHIB LN=A=IP4 $C HKQ CNOKQ JATKC>G JG=>A PAIE > R>A= A=>DHB@

IP CNHK F>A> CN>C CN= =ZHKCHB@ FAI?HKHIB A=G>CHB@ CI A=K=A?>CHIB HB

FAIEICHIB L>K >GGIL=D CI JIBCHBO= R=TIBD ]WV]]V]__X4 -NOKQ

CNHK &=EIA>BDOE DHD BIC E>S= >BT B=L FAI?HKHIB PIA A=K=A?>CHIB

HB FAIEICHIB HB P>?IOA IP 3!:3- =EFGIT==K4

\M7 ?= >GA=>DT BICHJ=D >RI?= CN>C HB E>CC=AK IP FAIEICHIB

LHCNHB *AIOFV# FIKCKQ LNHJN J>AAT >B OGCHE>C= K>G>AT IP !WQXYY:V

F=A EIBCNQ CN=A= L>K BI FAI?HKHIB PIA >BT A=K=A?>CHIB4 .B >

JIBÌHBC A=>DHB@ IP CN=K= CLI .PPHJ= &=EIA>BDOEKQ HB CN=

>RK=BJ= IP >BT ICN=A FAI?HKHIB IA %OG= =?HD=BJHB@ KOJN >

A=K=A?>CHIB HB CN= E>CC=A IP FAIEICHIBKQ HC J>BBIC R= K>HD CN>C

CN=A= L>K A=K=A?>CHIB HB FAIEICHIB LHCNHB *AIOFV# FIKCK OFCI CN=

OGCHE>C= K>G>AT IP WQXYY:V F=A EIBCN4 -N= "H@N !IOAC HB CN=!

HEFO@B=D ÒD@E=BC N>K @IB= RT CN= GIPCT HD=>GK =BKNAHB=D HB

#ACHJG=K ]W >BD ]g IP CN= !IBKCHCOCHIB >K L=GG >K CN= P>JC CN>C HB

CN=K= 0>BSK CN=A= HK BI >D=UO>C= A=FA=K=BC>CHIB IP 3!:3-

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( "!+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


32/36Page 32

J>C=@IAT IP IPPHJ=AK HB *AIOFV$8 >BD >RI?=4 -N>C E>T R= KI4 $C

J>B IBGT FAI?HD= `OKCHPHJ>CHIB PIA E>SHB@ > FAI?HKHIB IP CNHK B>COA=4

"IL=?=AQ HB CN= >RK=BJ= IP KOJN > FAI?HKHIBQ K>E= J>BBIC R=

A=>D RT I?=AKCA=CJNHB@ CN= G>B@O>@= IP .PPHJ= &=EIA>BDOE D>C=D

]\VY^V]__X4 $C HK PIA CN= 3C>C= CI C>S= KCIJS IP CN= @AIOBD A=>GHCH=K

>BD C>S= > D=JHKHIB >K CI LN=CN=A HC HK B=J=KK>AT CI E>S=

FAI?HKHIB PIA A=K=A?>CHIB HB FAIEICHIBK CI CN= >PIA=K>HD FIKC >K

L=GG4

\\7 ">?HB@ K>HD KIQ IB= ICN=A >KF=JC LNHJN N>K CI R= B=J=KK>AHGT

>DDA=KK=D CI >C CNHK KC>@= J>GGK PIA IOA >CC=BCHIB4 -NHK >KF=JCQ

LNHJN L= >A= @IHB@ CI FIHBC IOC BILQ N>K R==B CIC>GGT @GIKK=D

I?=A RT CN= G=>AB=D 3HB@G= aOD@= >K L=GG >K CN= +H?HKHIB 0=BJN IP

CN= "H@N !IOAC HB CN=HA A=KF=JCH?= `OD@E=BCK4

\b7 $C HK FAI?HD=D HB .PPHJ= &=EIA>BDOE D>C=D Y]V]]V]_XYQ >BD L=

N>?= A=F=>C=DGT KC>C=D >RI?=Q CN>C CN=A= HK BI A=K=A?>CHIB HB

FAIEICHIB RT K=G=JCHIB LHCNHB IBGT CNIK= *AIOFV# FIKCK LNHJN

J>AAT >B OGCHE>C= K>G>AT IP WQXYY:V F=A EIBCN4 $B KOJN J>K=KQ HC!

HK IBGT JIBJ=KKHIB CN>C >FFGH=K4 ?= >JJ=FC=D CN= JIBC=BCHIB

IP CN= >FF=GG>BC 0>BSK HB CNHK R=N>GPQ >K F=A CN= DHKJOKKHIB

JIBC>HB=D N=A=HB>RI?=4 3H@BHPHJ>BCGTQ LN>C PIGGILK HK CN>C

A=K=A?>CHIB HK FAI?HD=D HB FAIEICHIB RT K=G=JCHIB S*" CNIK= FIKCK

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( "$+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


33/36Page 33

LNHJN J>AAT >B OGCHE>C= K>G>AT IP G=KK CN>B WQXYY:V F=A EIBCN!

6FA=VA=?HK=D74

\W7 -N= +=F>ACE=BC IP 5ORGHJ ,BC=AFAHK=K N>D HKKO=D >B .PPHJ=

&=EIA>BDOE D>C=D Y^V]]VMYYb >K CI CN= K>G>AT GHEHC IP WQXYY:V!

E=BCHIB=D PIA CN= FOAFIK=K IP A=K=A?>CHIB >K ]^Q\YY:V 6W! CN

!=BCA>G 5>T !IEEHKKHIB7 >BD HB CN= J>K= IP 5ORGHJ 3=JCIA

9BD=AC>SHB@K LNI >A= PIGGILHB@ $BDOKCAH>G +=>AB=KK #GGIL>BJ=

6$+#7 F>CC=ABQ CN= EIB=C>AT J=HGHB@ L>K PHZ=D >K MYQ^YY:V 6PAIE!

Y]VY]V]__gQ H4=4 WCN !=BCA>G 5>T !IEEHKKHIB74 -N= K>HD F>T

J=HGHB@ HK >JNH=?=D HB CN= >FF=GG>BC 0>BSK IBGT LN=B >B IPPHJ=A

A=>JN=K 3J>G=V8$$4 #K > PIACHIA>AHQ CN= FIGHJT IP BI A=K=A?>CHIB HB

CN= E>CC=A IP FAIEICHIB HK >FFGHJ>RG= IBGT PAIE 3J>G=V8$$ >BD

>RI?=4 $CQ CN=A=PIA=Q JG=>AGT PIGGILK CN>C HBKIP>A >K FAIEICHIB PAIE

3J>G=V$ CI 3J>G=V$$Q 3J>G=V$$ CI 3J>G=V$$$Q 3J>G=V$$$ CI 3J>G=V$8Q

3J>G=V$8 CI 3J>G=V8Q 3J>G=V8 CI 3J>G=V8$ >A= JIBJ=AB=DQ

A=K=A?>CHIB HK CI R= FAI?HD=D4 -N= >FF=GG>BC 0>BSKQ CN=A=PIA=Q

J>BBIC C>S= OERA>@= OBD=A CN= >PIA=K>HD &=EIA>BDOE >BD D=BT

A=K=A?>CHIB HB P>?IOA IP 3!:3- =EFGIT==K LNHG= J>AATHB@ IOC

FAIEICHIBK OFCI CI 3J>G=V8$4

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( ""+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


34/36Page 34

\g7 9FKNIC IP CN= >PIA=K>HD DHKJOKKHIB LIOGD R= CI >GGIL CN=K=

>FF=>GK F>ACGT4 KHD= CN= HEFO@B=D `OD@E=BC IP CN=

"H@N !IOAC CI CN= =ZC=BC HC NIGDK CN>C .PPHJ= &=EIA>BDOE D>C=D

]\VY^V]__X E>S=K > FAI?HKHIB PIA A=K=A?>CHIBQ HC HK JG>AHPH=D CN>C >C

FA=K=BC CN=A= HK BI FAI?HKHIB PIA A=K=A?>CHIB HB FAIEICHIB RT

K=G=JCHIB IBGT HB A=KF=JC IP CNIK= FIKCK LNHJN J>AAT >B OGCHE>C=

K>G>AT IP WQXYY:V F=A EIBCN 6A=?HK=D CI ]^Q\YY:V RT W! ! CN!=BCA>G

5>T !IEEHKKHIB >BD MYQ YY:V F=A EIBCN HB A=KF=JC IP CNIK=!

5ORGHJ 3=JCIA 9BD=AC>SHB@K PIGGILHB@ $+# F>CC=AB74 ]*" >FF=GG>BC

0>BSKQ CN>C LIOGD R= HB A=KF=JC IP 3J>G=V8$$ >BD >RI?=4

-N=A=PIA=Q CI J>AAT IOC FAIEICHIBK PAIE 3J>G=V$ OFL>ADK OFCI

3J>G=V8$Q A=K=A?>CHIB HB FAIEICHIB HB P>?IOA IP 3!:3- =EFGIT==K

N>K CI R= @H?=B4 $C LIOGD N>?= CN= =PP=JC IP >GGILHB@ CN= LAHC

F=CHCHIBK PHG=D RT CN= A=KFIBD=BCK:OBHIBK F>ACGT LHCN DHA=JCHIBK CI

CN= >FF=GG>BC 0>BSK CI E>S= FAI?HKHIB PIA A=K=A?>CHIBK LNHG=

J>AATHB@ IOC FAIEICHIBK PAIE 3J>G=V$ CI CI 3J>G=V$$ >BD OFL>AD

OFCI 3J>G=V8$4

\X7 $B ?H=L IP CN= >RI?=Q !IBC=EFC 5=CHCHIB 6!H?HG7 'I4 \MY IP MY]Y HK

DHKFIK=D IP LHCN DHA=JCHIBK CI CN= >FF=GG>BC 0>BSK CI J>AAT IOC CN=

FAIEICHIBK RT >DIFCHB@ CN= FAIJ=DOA= E=BCHIB=D HB CNHK

`OD@E=BC4

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( "%+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


35/36Page 35

\^7 $B CN= F=JOGH>A P>JCK IP CNHK J>K=Q L= G=>?= CN= F>ACH=K CI R=>A CN=HA

ILB JIKCK4

55555555555555555555555555555555555555555555545;45 0,"(&/"-O&!K

55555555555555555555555555555555555555555555545;&5R5 -)R!)K

*"O 2"(,)Y4&*.&!Z 78S 679:5

!"#"$ &''()$ *+, +- ./01 2 345, 6)7( "&+- "#!"#$%$&' )*+ ), -./ !01 2)3 4567 ), 89:9 ;


36/36

Date post:	02-Jun-2018
Category:	Documents
Upload:	live-law
View:	221 times
Download:	0 times

No Reservation for Top Post in Public Sector Banks

Documents