Vous êtes sur la page 1sur 28

&+ '' ') '+

HDC96<: ;G::HINA: DJI9DDG <A6BDJG


EVjaAZ<jZc[Vkdg^ EVi^chZi\VY^ch ²a¼VhhVji 8]VgadiiZBdVih!
YZhEVg^h^Zch hjge^hiZh YZhXVhXVYZh jcZ[^aaZ
A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 : edjghVjkZgaZEH< kZg\aVX‚Zh YZ\aVXZ ^chV^h^hhVWaZ

A><J:9:H8=6BE>DCH
7>M:CI:A>O6G6OJ
;6>IA:ED>CI

<G6IJ>I
IDJHA:HK:C9G:9>H™C•)'™&-;wKG>:G'%%*
CDHED>CIH9:9>;;JH>DCHJGLLL#;G::HEDGI#;G
HEDGIH:9wKD>A:

A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 :


L L L# ; G : : H E D G I# ; G

CDJK:A:heVXZ8dgedgViZ

Eajhg^X]Z
Eajh^ciZgVXi^[
Eajh\aVbdjg
EajhHedgi

lll#[gZZhedgi#[g
<G6IJ>II:A:8=6G<:OHEDGIHJG ¥ ;G::HEDGI#;G (

w 9 > I D G > 6 A
A6A><J:9:H8=6BE>DCH
B½;khef[Z[iYbkXi[ijZ[h[jekh$B[i'%.Z[\_dWb[
Wbb[hiedjkd[dekl[bb[eYYWi_edZ[le_hZkjh„iX[Wk
\eejXWbb$:[ih[dYedjh[ifWii_eddWdj[i[j_dZƒY_i[i
Yecc[edb[iW_c["[djh[
Z[iƒgk_f[iWk`[k\bk_Z[ &+
HDC96<:
''
;G::HINA:
EVjaAZ<jZc[Vkdg^ EVi^chZi\VY^ch
YZhEVg^h^Zch hjge^hiZh
')
DJI9DDG
²a¼VhhVji
YZhXVhXVYZh
'+
<A6BDJG
8]VgadiiZBdVih!
jcZ[^aaZ
A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 : edjghVjkZgaZEH< kZg\aVX‚Zh YZ\aVXZ ^chV^h^hhVWaZ

[j WkZWY_[kn$ 8Wo[hd


A><J:9:H8=6BE>DCH
7>M:CI:A>O6G6OJ Ckd_Y^" H[Wb CWZh_Z"
;6>IA:ED>CI
7hi[dWb"FIL;_dZ^el[d"
@kl[djkiJkh_d"<98WhY[#
bed["C_bWd79"Ebocf_gk[
BoeddW_i$$$iedjWkjWdjZ[
YbkXi gk_ \edj h…l[h Wk#
Z[b}Z[b[khi\hedj_„h[i$
<G6IJ>I
IDJHA:HK:C9G:9>H™C•)'™&-;wKG>:G'%%*
CDHED>CIH9:9>;;JH>DCHJGLLL#;G::HEDGI#;G

8djkZgijgZ/BVi]^VhHX]gVYZg$ 9[hjW_diWcWj[khifhƒ\„#
:E6$H>E6 h[dj b[i Y^Wcf_eddWji
dWj_edWkn"b[iƒgk_f[ibeYWb[i"ek[dYeh[b½;khe$
9ecfWh[hb½;khe[jb[Y^Wcf_eddWj[khefƒ[dZ[i
YbkXi[ijWXikhZ[$I_Y[d½[ijgk[bWB_]k[Z[iY^Wc#
f_ediWb½WlWdjW][Z[h[l[d_hY^Wgk[Wddƒ[$$$N
EB?L?;HC?B>ECC;
&%
7DCC:=JB:JG
6CC:H>C8A6>G
'+
®9Vch WZVjXdje YZ eVnh! Vjm
wiVih"Jc^h dj Zc 6aaZbV\cZ! aZ
AN9>:$H>E6

hedgi[V^ieVgi^ZYZa¼‚YjXVi^dc#:c
;gVcXZ!dcbZiWZVjXdjeeajha¼VX"
XZcihjgjcZi„iZW^ZceaZ^cZfjZhjgjcZi„iZW^Zc
[V^iZ#8¼ZhifjZafjZX]dhZfj^bVcfjZegd[dcY‚bZci
|aV[dgbVi^dcYZhZc[VcihZiYZh_ZjcZh#?Za¼V^gZhhZci^
edjgbd^0_¼V^‚i‚_ZjcZZiaZhedgicZXdbeiV^iedjg
''
g^Zc|a¼‚XdaZ#?¼V^Vj_djgY¼]j^YZhZc[Vcih!ZiZcYZ]dgh
YZaVe^hX^cZZiY¼jceZjYZ\nbcVhi^fjZ!^anVigdeeZj
YZhedgiYVchaZjg[dgbVi^dchXdaV^gZ#6adghfjZa¼VXi^"
k^i‚e]nh^fjZZhijcZY^bZch^dcYZa¼‚eVcdj^hhZbZci
eZghdccZa!YZaVeg^hZYZXdc[^VcXZZchd^°8¼ZhijcZ
bVc^ƒgZVjhh^YZW}i^gjcZgZaVi^dcVkZXhd^ZiVkZXaZ
bdcYZ! jcZ XdccV^hhVcXZ ZhhZci^ZaaZ fj^ cZ hZ
[VdccZeVhfj¼|igVkZghaZha^kgZh#¯N
6ccZH^cXaV^gVc^bZX]VfjZY^bVcX]Z|&-]a¼‚b^hh^dc®A^WgZ
8djgh¯hjg;gVcXZ>ciZg#

')


HEDGI;G::6II>IJ9::HI9>HIG>7Jw²/
7DG9:6JM!A>AA:!ANDC!B6GH:>AA:!
BDCIE:AA>:G!C6CI:H!C>8:!E6G>H$GE!
G:CC:H!HIG6H7DJG<:IIDJADJH:
HDBB6>G:)' K:C9G:9>&-;wKG>:G
:m[d^WX_bb[deiYebfehj[khi
EdjgigdjkZgidjhaZhed^cihYZY^hig^Wji^dc/mmm$\h[[ifehj$\h
%):C?:JMGwHJAI6IH &+8=6AA:C<: ')DJI9DDG
Hedgi;gZZ6ii^ijYZ 8g‚Vi^dc/6cid^cZAV[[daVnAVWZ 9^gZXiZjg\‚c‚gVaVY_d^ciVj
 AZhegdcdhi^XhZi  HdcYV\ZZmXajh^[/  <g^beZjgh\^kg‚h
H^ƒ\ZhdX^Va/
9^gZXi^dcVgi^hi^fjZ/ XdbbZgX^VaZiVjbVg`Zi^c\/  aVXdiZYZh‚fj^eZh  fjZaXdVX]VjEH<4  AZhXVhXVYZh
EVhXVaAVgX]‚-.*- ;gVcd^hGdhh^\cda-.,,
 ')edjgAZ<jZc  YZ\aVXZ|aVedgi‚Z
%+;DDI76AA
&+"&-!gjZG^kVn.'(%%AZkVaad^h"EZggZi EgZb^ƒgZbVfjZii^hiZ/ 9^gZXig^XZXdbbZgX^VaZ/
H6VjXVe^iVaYZ&'-)%%%æ AVZi^i^V@VaV[Vi-.+& Hde]^ZD\Zg-.**  YZidjh
G8HCVciZggZ7)).%&..+,
I‚a#/%&)&',-.,.
HZXg‚iV^gZ\‚c‚gVaZYZg‚YVXi^dc/ GZhedchVWaZbVg`Zi^c\/
 AZiVWaZVjYZWdgY &-8=6AA:C<:
;Vm/%&),(,+-))
LZW/lll#[gZZhedgi#[g
;adgZcXZGdjXdaaZ-.*+
HZXg‚iV^gZYZg‚YVXi^dc/
AVjgZci<^gVjY"8djY^ƒgZ-.*,
BVg^Z7djgYdc-.,%
GZhedchVWaZYZhde‚gVi^dch/
;gVc`9jXgZi-.+-
 YZaVA^\jZ&  HZg\Z7aVcXd '+<A6BDJG
:bV^a/XdciVXi5hedgi[gZZVii^ijYZ#Xdb  |aVi„iZYZaVACG/  8]VgadiiZBdVih
Eg^cX^eVjmVhhdX^‚hZi[dcYViZjgh/
8]Z[e]did/
6cVIZcdg^d"EdciZh-.+)
>Xdcd\gVe]Z/6aZm^hG‚Vj-.+(
8]Z[YZegd_ZiY^[[jh^dc/
K^g\^c^Z8dhiZ-.,*
8]Vg\‚ZYZXdbbjc^XVi^dc/
&%A¼wKwC:B:CI  ®EVhh’gYZXdci^cjZg¯  AZ[Zj|aVedjYgZ
7gjcd7gZidc!;gVcX^h?Vajodi! DciXdaaVWdg‚|XZcjb‚gd/ ?ja^ZiiZEVhXVa-.++  A^oVgVoj/
;gVcd^hGdhh^\cda
Eg‚h^YZciZiY^gZXiZjgYZaV
?ZVc"BVg^Z7V\Vnd`d!7Vei^hiZ7aVcX]Zi!
G‚\^h<VhfjZi!G‚b^AZ;aZb!
EjWa^X^i‚/Hde]^ZD\Zg-.**
?V…a6odjaVn-.*)
 a¼¶^aYZa¼ZmeZgi '%DBC>HEDGIH '-BwBDHEDGI
ejWa^XVi^dc/;gVcX^h?Vajodi-.,+
9^gZXiZjg\‚c‚gVaY‚a‚\j‚
hjeZgk^h‚eVg=j\jZh9Vc\n AjXK^\cdc-.*.  hjgaZh&$-YZ[^cVaZYZ  A¼VXijVa^i‚ZcWgZ[!  I‚a‚k^h^dc
|a‚Y^idg^Va/7gjcd7gZidc-.,-
GZbZgX^ZbZcih/BVi]^Vh7VgWZgV!
H]Vci^Hdh^Zch`^"EVai^c\!BVgZ`IZnhhaZg
H‚WVhi^ZcHdWdja(,*.
D[[gZhY¼Zbead^hZiYZ[dgbVi^dch/
 aVA^\jZYZhX]Vbe^dch  oddbhjgaZ_dg`nWVaa  ZiV\ZcYV
G‚YVXiZjghZcX]Z[/ HedgiXVgg^ƒgZ!6aV^c<]^WVjYd/
Da^k^ZgB^a]dbbZ-.,(
7gjcd8aZbZcihjeea‚bZcih-.,&
%&)',%+.+(lll#hedgiXVgg^ZgZ#Xdb
;VWg^XVi^dc/6cc^X`Idggƒh9ZaiV &)A¼wKwC:B:CI '';G::HINA: (%E:DEA:
G‚YVXiZjghZcX]Z[VY_d^cih/
AVjgZciAdj…ihedgi!‚k‚cZbZcih-.,'
6Y]‚gZci|9^[[jh^dc8dcigaZ <gVe]^X!.'>hhn"aZh"Bdja^cZVjm
ZiVj8:HE
>begZhh^dc/Fj‚W‚XdgH6!
 8]dXhZchidX`  BVggdch\aVX‚h  AZ<VaVYjg^c\
A^dcZaKZaaV[ddiWVaa-.+' HedgihB‚Y^VhHigVi‚\^Z!
'%%) ,,))%BVgn"hjg"BVgcZ  AZh-Xdc[gdciVi^dch  8gdhhh`Vi^c\  VjX^gfjZ
8]Z[YZhZgk^XZ/
Hi‚e]VcZB‚_Vcƒhad^h^gh-.+,
IdjiZgZegdYjXi^dcZi$dj I^gV\Z/+%%%%%ZmZbeaV^gZh
gZeg‚hZciVi^dcb„bZeVgi^ZaaZZhi 9‚eiA‚\Va/|eVgji^dc
 YZaVA^\jZYZhX]Vbe^dch  |EgV\jZ  7dj\a^dcZ
G‚YVXiZjg/ ^ciZgY^iZhVchaVjidg^hVi^dc‚Xg^iZ C•>HHC/&,+)"&,*+
GdcVc;da\dVh-.+* eg‚VaVWaZYZa‚Y^iZjg#

&-;wKG>:G'%%*
) :C?:JMGwHJAI6IH


GJ<7N ;DDI76AA
%&i^igZiVWaZVj
%(IMII67A:6J
IDJGCD>9:HK>C6I>DCH 8DJE:9:;G6C8:"&$-9:;>C6A:
%'HJGI>IG:I67A:6J
8A6HH:B:CI EIH ? < C E 9>;; 'Z?DJGCw: G:CC:HA&·BDC68DA& CÑB:HC6I·C>8:A& :c&$&+YZÄcVaZ!idjhaZhXajWhYZA^\jZ&dci
&#>GA6C9: ) ' ' % % (- 6JM:GG:A&·E6G>HHI"<:GB6>CA& 6A7>8;6·HD8=6JMA& iZcjaZjggVc\|a¼ZmXZei^dcY¼6_VXX^dWViij|
w8DHH:·>GA6C9: &(")% A>AA:A&·<G:CD7A:A' 7DJAD<C:"HJG"B:G8;6·C6CI:HA& CˆbZhCVi^dcVa#6jmZggZ·EH<!gZkVcX]ZYZaV
'#E6NH9:<6AA:H ) ' ' % % ('
8A:GBDCI;DDIA'·ANDCA& H:96CA'·FJ:K>AAN8;6 ÄcVaZ'%%(!hZgVa¼V[ÄX]ZYZh&$-&ZgZi'bVgh#
(#;G6C8: ) ' ' % % -
>I6A>:·E6NH9:<6AA:H -"(-
)#6C<A:I:GG: % ' % % ' "(
*#w8DHH: % ' % % ' "()
6C<A:I:GG:·;G6C8: &,"&-
ADID;DDI,&*
+#>I6A>: % ' % % ' ")&
 AZhegdcdhi^XhYZ G‚hjaiVihZi\V^ch
AZh;gVcV^hcZh¼‚iV^ZcieVh^bedh‚h|Il^X`Zc]VbYZej^h&..,#AZh]dbbZhYZ7ZgcVgYAVedgiZ!Vje^ZYYjbjg!gZbedgiZci C•&("K6A>96I>DC?JHFJ¼6J&.$%'!&.])* G6EEDGIHC•&&
aZjg'Zk^Xid^gZYVchaZIdjgcd^ZiaZh6c\aV^h!YZhhZgk^heVgaZjghWjiZjgh!XdcXƒYZciaZjg'ZY‚[V^iZ#9ZjmVjigZh‚fj^eZhhdci
ZcXdgZhjgaVgdjiZY¼jc\gVcYX]ZaZb#AZh<Vaad^h!egdX]V^chVYkZghV^gZhYZh7aZjhaZ'+[‚kg^Zg!dci‚XgVh‚a¼>iVa^Z-"(-VadghfjZ
& 76HI>6 B6GH:>AA: & C ' &  E6G>HHI"<:GB6>C 7DG9:6JM & CC '

  
' IDJADJH: 7DG9:6JM & C ' ' IDJADJH: ANDC &
'
a¼>gaVcYZXdci^cjZY¼^begZhh^dccZg![VX^aZkV^cfjZjgYZa¼wXdhhZ&(")%VkZX*ZhhV^h|aVXa‚# ( G:CC:H C>8: & C ' ( A>AA: A:CH &
' C
) A:CH C6CI:H & C ' )  B:IO HD8=6JM &
'
'
C
* 86:C 686?688>D & C ' *  H6JBJG C6CI:H &
 ''
C

G6AAN: + B:IO
, 6HHI"wI>:CC:
A>AA:
HD8=6JM
& C '
& C '
+
, 
G:CC:H
>CI:GB>A6C
86:C
6HGDB: 
&
&
 ''
C
C

 
- >HIG:H 6JM:GG: & C ' - ?JK:CIJH J9>C:H: & C
. B>A6C68 86<A>6G> & C ' . G:<<>C6 B>A6C68 &
''
C


8=6BE>DCC6IH9JBDC9:·G6AAN:9:HJÎ9: &% J9>C:H: >CI:GB>A6C & C ' &% DH6HJC6 G:6AB69G>9 & C

 ''
&& 6HGDB: A>KDJGC: %)IMIA:<:C9:7daY
& C ' && ;8K6A:C8: 9:E#8DGD<C: & C
&#E:II:GHDA7:G<HJ76GJ (]%%¼*' *#=:CC>C<HDA7:G<;DG9;D8JH ²(¼'.
'#B6G@@DB6GI>CE:J<:DI(%, ²'¼&& +#96C>:A86GAHHDCE:J<:DI(%, ²(¼)'
&' G:6AB69G>9
&( G#H6CI6C9:G
6I=A#7>A76D
;8K6A:C8:
& C '
& C '
&'
&(
  :HE#76G8:ADC:
H6G6<DHH:
<:I6;:
;876G8:ADC: 
&
&
C
C
(#IDC><6G9:B:>HI:G;DG9;D8JH
)#=6GG>GDK6CE:G6B>IHJ7>H=>
²(¼&)
²(¼'+
,#<>6CAJ><><6AA>B>IHJ7>H=>
-#GDB6C@G:HI6;DG9;D8JH
²)¼%)
²)¼(.
&) ;876G8:ADC: G:6AB6?DGFJ: & C ' &)  B6C8=:HI:G8>IN B6C8=:HI:GJI9 '
& C
&)EGDCDHI>8H
-B6I8=:H9:A><J:&!(9:HwG>:6:I(9:A><6HDCI6JB:CJ# ,EGDCDHI>8H
8A6HH:B:CI<wCwG6A9:HE>ADI:H (&& ('&+!%%æ
96CHA:B6I8=C•&!B6GH:>AA:!FJ>G:HI:HJG(K>8ID>G:H
&(EGDCDHI>8H
&#IDC><6G9:B:>HI:G;>C &)EIH *#=6GG>GDK6CE:G6;>C ,EIH 8DCHw8JI>K:H²A¼:MIwG>:JGE:JIH¼>BEDH:G²76HI>6# -&.) '*æ
CJBwGD .)*( '(!*%æ CJBwGD
'#B6G@@DB6GI>C:HI &(EIH +#<>AA:HE6C>OO>;G6 +EIH
HD8=6JMC¼6EAJH:C86>HHw9:7JIH9:EJ>H(++B>CJI:H
:I6A:HBDN:CH9¼D7I:C>GA:CJA#:C>I6A>:!A¼>CK>C8>7>A>Iw
B>H: '' &'EGDCDHI>8H B>H: &- +EGDCDHI>8H
(#Hw76HI>:CAD:7;G6 &%EIH ,#B6G8JH<GDC=DAB;>C )EIH +(&%& '!+%æ
9:A¼>CI:GH:G6B:C68w:HJGA:I:GG6>C9¼J9>C:H:#
"E:II:GHDA7:G<CDG "=:CC>C<HDA7:G<CDG &&EGDCDHI>8H
?DJ:O9DC8A6<GDHH:8DI: +'%-' (!+æ
&+,*%. &!(%æ
H‚WVhi^ZcAdZW8^igd…cMhVgVVY’VWVcYdccZghjgegdWaƒbZb‚XVc^fjZZi\a^hhZ|aV(ZeaVXZYjXaVhhZbZciYZhe^adiZh!|)eih 
YZIdc^<VgYZbZ^hiZgZi(eihYje^adiZEZj\ZdiBVg``dB~gi^c#AZCdgk‚\^ZcEZiiZgHdaWZg\HjWVgjVYdb^c‚a¼VgbVYVYZhe^adiZh
cdgY^fjZh!W^ZcV^Y‚eVgaVhdgi^ZYZgdjiZYZBVgXjh<gŽc]dab!VadghfjZHi‚e]VcZHVggVo^cHjWVgj!fj^Y‚XdjkgV^iaVXdjghZhjg
\aVXZ!iZgb^cZ&(Z!_jhiZYZgg^ƒgZ;gVcd^h9jkVa8^igd…cMhVgV#EgdX]V^cgZcYZo"kdjhVjBZm^fjZaZ&&bVgh#

H@>6AE>C OA:H:FJ>E:H9:;G6
:C :
D JI C8 :
8=6BE>DCC6IH9JBDC9:²7DGB>D>I6A>:

H E >D C C 6I 9¼ :


8=6B
HA6ADBB:HH>:JGH wEG:JK:E6GwFJ>E:H
&#7:C?6B>CG6>8=6JI &¼)&¼¼() &#6AA:B6<C: '+EIH JG D E
'#G6>C:GH8=D:C;:A9:G6JI %¼¼') '#6JIG>8=: '.EIH
J :
(#<>DG<>DGD886>I6
)#B6G@JHA6GHHDCHJ:
%¼¼,)
&¼¼&)
(#;G6C8:
)#wI6IH"JC>H
(-EIH
(.EIH  6
+;gVcV^hidjihdjg^gZhjgjcb„bZedY^jb#A¼^bV\ZZhiigdbeZjhZ#?ZVc"E^ZggZK^YVa!E^Zgg^X`7djg\ZVi!8VgdaZBdci^aaZi!>c\g^Y
?VXfjZbdY!AVjgZEZfjZ\cdiZi8]g^hiZaEVhXVagZbedgiZciaVb‚YV^aaZYZWgdcoZYVcha¼‚egZjkZeVg‚fj^eZhhaVadbZiHjeZg"<#
8Z[jiaVhZjaZk‚g^iVWaZhVi^h[VXi^dcYVchaZXVbe[gVcV^h#7dYZB^aaZgYZhXZciZZiHjeZg"<Zia¼6jig^X]^Zc7Zc_Vb^cGV^X]
XdbW^c‚ZihaVadbdcig‚edcYjjcZcdjkZaaZ[d^heg‚hZciZcgZbedgiVciYZjmi^igZhidjiXdbbZaV8gdViZ?Vc^XV@dhiZa^X#

:C7G:;###
I:CC>H/ 6I=AwI>HB:/ 7>6I=ADC/
DE:C<6O9:;G6C8: B::I>C<:CH6AA: 8DJE:9JBDC9:
6b‚a^ZBVjgZhbdh¼Zhi^cXa^c‚Z A¼Vi]a‚i^hbZ[gVcV^hWg^aaZZcXZ A¼‚fj^eZYZ;gVcXZbVhXja^cZ!
Zc[^cVaZYZa¼DeZc<VoYZ Y‚WjiYZhV^hdc#GdcVaYEd\cdcZi eg^k‚ZYZGVe]V…aEd^g‚Z![^c^i)ZVj
;gVcXZ#9db^c‚ZeVg9^cVgV BZ]Y^7VVaVhZhdci^bedh‚h| gZaV^h)m,!*`bY^heji‚Zc>iVa^ZZi ;‚b^c^c/Yj'Vj&&hZeiZbWgZZcIjgfj^Z
HV[^cV+")!'"+!+"(!6b‚a^Z @Vgahgj]Z6aaZbV\cZZidcih^\c‚ gZbedgi‚eVgaZhCdgk‚\^Zch#7ZaaZ BVhXja^c/Yj&+Vj'*hZeiZbWgZZcHZgW^Z
eVhhZidjiZ[d^hYZaV)Z|aV gZheZXi^kZbZcijcgZXdgYY¼:jgdeZ 'ZeaVXZYjgZaV^h[‚b^c^cZbbZc‚
'ZeaVXZVjXaVhhZbZciLI6!Zi +¼¼)*hjg+%bZijcgZXdgYYZ eVgHVcYg^cZ7V^aan#
IVi^VcV<dadk^c!YZb^"[^cVa^hiZ! ;gVcXZ'¼&,¼¼%&hjg&%%%b#6kZX
eZgYYZjmeaVXZh'*Z#

I:CC>H/DE:C&(
9:B6GH:>AA:
XZiZbehXVcdc!GdcVaYEd\cdc
YZk^ZciaZ*ZbZ^aaZjgeZg[dgbZjg
YZidjhaZhiZbeh#²cdiZg!aVWZaaZ
eZg[dgbVcXZYZ?ZVc<Va[^dcZ
8N8A>HB:/IDJG
Bw9>I:GG6Cw:C
A¼6aaZbVcY?ZchKd^\iYZa¼‚fj^eZ
8H8gZbedgiZigd^hYZhX^cf‚iVeZh
²<6<C:G
AZHj‚Yd^h?dVX]^b?d]Vchhdc *!,%b|aVeZgX]Z# ZiYZkVcXZVj\‚c‚gVahdc
gZbedgiZ|BVghZ^aaZhdcYZjm^ƒbZ
i^igZYZa¼Vcc‚Z[VXZVj8gdViZ =D8@:NHJG<A68:/
Xd‚fj^e^ZgHX]aZX`VadghfjZ
AVjgZci7gdX]VgYiZgb^cZ&%Z# *%%76AADCHB>C>76H@:I
A_jW^X^X,"*!+")#EZcYVciXZ FJ6A>;>86I>DCH?#D#
iZbeh"a|!|HVc?dh‚8Va^[dgc^Z!
8ng^aHVjac^Zgh¼^cXa^cZZc[^cVaZ
6egƒhjcZk^Xid^gZ[VXZ|
a¼J`gV^cZ)"(ZijccjaXdcigZ
;DDIJH/EGD7DLA
K^Xid^gZYZaVh‚aZXi^dcYZ ;DLEO;PI>EEJ7K  

YZkVcia¼6b‚g^XV^c6cYnGdYY^X` a¼6jig^X]Z&"&!aZh7aZjhdci a¼6bZg^XVc;ddiWVaa8dc[ZgZcXZ ?Zj\gVij^ihVchdWa^\Vi^dcY¼VX]Vidg\Vc^h‚eVgaVhdX^‚i‚Hedgi&+!gjZG^kVn.'(%%AZkVaad^h"EZggZi!kVaVWaZZc;gVcXZb‚igdeda^iV^cZ8dghZXdbeg^hZYj&-Vj')[‚kg^Zg'%%*^cXajh!g‚hZgk‚|


+"%!+")!c•(bdcY^Va#HVjac^Zg! ‚X]dj‚[VXZVj@VoV`]hiVc%"&! ZbbZc‚ZeVgEZnidcBVcc^c\ idjiZeZghdccZbV_ZjgZhVj[eVgiZcV^gZhdjhdX^‚i‚dg\Vc^hVig^XZ#B^cZjgh/YZbVcYZoa¼Vjidg^hVi^dc|kdheVgZcih#EdjgeVgi^X^eZg/ZckdnZoH=DDIeVgHBHVj,&%&%%!*%æII8$Zckd^ eg^mYjHBH#
AZh\V\cVcihhZgdciY‚h^\c‚hZc[dcXi^dcYjgVc\Y¼Zckd^YZaZjgbZhhV\Z#9diVi^dch/&WVaadcYZB^c^7Vh`Zid[ÃX^ZaBdaiZc$;;77Y¼jcZkVaZjgYZ&%æII8*%%adihb^hZc_Zj#;gV^hYZeVgi^X^eV"
i^dcgZbWdjgh‚hVjmXdcY^i^dcheg‚kjZhYVchaZgƒ\aZbZci#AZgƒ\aZbZciXdbeaZiYj_ZjZhiY‚edh‚X]ZobVˆigZBdciVcZ!]j^hh^ZgYZ_jhi^XZ!'W^h!gjZ7VnVgY(&%%%IdjadjhZ#Gƒ\aZbZciVYgZhh‚
c•'[gVcV^h!Y^hejiV^ihVegZb^ƒgZ Vadghfj¼jccjahj[[^hV^iedjghZ hjga¼‚fj^eZYZaVCVi^dcVa \gVij^iZbZcieVgXdjgg^Zg|idjiZeZghdccZZc[V^hVciaVYZbVcYZ|Eajg^bZY^V·®?:J;;77HEDGI;G::¯!&&gjZYZ8VbWgV^!,*.)*EVg^h8ZYZm&.;gVcXZ#EdjgidjiZg‚XaVbVi^dc!ZckdnZoaZbdi
8DCI68IeVgHBHVj,&%&%%!*%æII8$Zckd^ eg^mYjHBH#8dc[dgb‚bZci|aVad^!kdjhY^hedhZoY¼jcYgd^iY¼VXXƒh!YZgZXi^ÃXVi^dcZiYZhjeegZhh^dcYZhYdcc‚Zhcdb^cVi^kZhkdjhXdcXZgcVci#
[^cVaZ6IE# fjVa^[^Zg#H^egƒhYjWji### ;ddiWVaa8dc[ZgZcXZ(-"',#

&-;wKG>:G'%%*
IDJIHJGHEDGI
CDJK:A:heVXZ8dgedgViZ

Eajhg^X]Zeajh^ciZaa^\Zcieajhh^beaZ
EajhHedgi

A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 :


L L L# ; G : : H E D G I# ; G

lll#[gZZhedgi#[g
+ ;DDI76AAA:I67A:6J9:7DG99:A6A><J:&

A:HHI6IH9J
L::@":C9
76HI>6·B6GH:>AA:
8dbbZaZcdbWgZYZhV^hdchhVchY‚[V^iZ
YZ7Vhi^V[VXZ|a¼DB|;jg^Vc^#H^7Vhi^V
c¼VeVhg‚jhh^|ZcgVnZghVX]jiZa^WgZ
fj^a¼VXdcYj^i_jhfj¼|jcZedh^i^dcYZ
gZa‚\VWaZ!aVeZgheZXi^kZYZgZXZkd^g
a¼DBedjggV^i„igZgVhhjgVciZ#AZh8dghZh
c¼dciZcZ[[ZieajheZgYj|;jg^Vc^Zc
X]Vbe^dccVi[VXZ|BVghZ^aaZYZej^h
aVhV^hdc&..-"&...ZijcZk^Xid^gZ'"%YZa¼DB#7Vhi^Vh¼Zhi!
YZej^h!^bedh‚fjVigZ[d^hedjgjccja#
:99NA:B6>HIG:$;A6H=EG:HH$9EE>

HIG6H7DJG<·EH<
) 8dbbZaZcdbWgZYZed^cihbVgfj‚heVgaZhEVg^h^ZchZc
'%%*YZej^haVgZeg^hZYZaVA^\jZ&#FjVigZed^cihXdbbZ
VjiVciYZbViX]Zhcjahfj^dcieg‚X‚Y‚YZjmY‚[V^iZh!|BdcVXd
BDC68D"ANDC ej^hVjEVgXYZhEg^cXZhXdcigZAZch#AVk^Xid^gZZc8djeZYZ
;gVcXZXdcigZ7dgYZVjm("&gZaVcXZgV"i"ZaaZaZEH<4

9>6GG6C:AÊ8=:G6G>:C IDJADJH:·7DG9:6JM

E^a^ZgYZa¼DAfj^hZgZcYXZkZcYgZY^hd^g|BdcVXd!aZBVa^ZcBV]VbVYdj &) 8dbbZaZcdbWgZYZcjahg‚Va^h‚hYZej^haZY‚Wji


YZaVhV^hdceVg7dgYZVjmedjghZjaZbZci+k^Xid^gZh#
>ahYZkVcXZciYVchXZYdbV^cZHV^ci"wi^ZccZ&(!aZEH<Zi
>higZh&'#AZh<^gdcY^ch!h¼^ahZcdciXdcX‚Y‚,hjgaZjgeZadjhZ!
9^VggVg‚Va^hZhVbZ^aaZjgZhV^hdcZcA^\jZ&#8dbbZciV^gZh# ZcdcigVbZc‚VjiVciYZaZjghY‚eaVXZbZcih#DWi^ZcYgdci"^ah
ZcXdgZjcWdced^ci|IdjadjhZ|a¼dXXVh^dcYjYZgWn

’
JceZji^b^YZYZkVciaZhb^Xgdh 6kZXAndc!^ah¼Veeg„iZ|VaaZgY‚ÃZg ^bbZchZh_djZjghZiYZjmbZXh YjHjY"DjZhi4
ZiaZhXVb‚gVh!BV]VbVYdj BdcVXdVjhiVYZAdj^h">>#JcZ‚iVeZ Zmig„bZbZcihnbeVi]^fjZh!Zmea^fjZ"i"^a! 8ZiiZhiVi^hi^fjZcZegZcYeVhZcXdbeiZaZbViX]_dj‚bVgY^&*[‚kg^ZgZcigZ
9^VggVeg‚[ƒgZgZhiZgYVch ZhhZci^ZaaZYVchaVfj„iZY¼jc)Zi^igZYZ eaZ^cY¼VYb^gVi^dc#FjVcYij‚kdajZh| HV^ci"wi^ZccZZia¼686_VXX^dbViX]ZcgZiVgY!')Z_djgc‚Z#
a¼dbWgZ#:cgZkVcX]Z!hjgaZiZggV^c!^aZhi X]Vbe^dc!hdc(ZeZghdccZa#®?¼ZciZcYh aZjghXi‚h!idjiYZk^Zcieajh[VX^aZ#BV^hXZ
Y^[ÃX^aZYZcZeVhgZbVgfjZgaZb^a^Zj Y^gZeVgidjifj¼dcc¼V_VbV^h‚i‚Vjhh^ fj^bZhVi^h[V^iaZeajh!X¼Zhifj¼|[dgXZYZ B:IO·A>AA:
Y‚[Zch^[bVa^ZcYZa¼Danbe^fjZAndccV^h#
HVeg‚hZcXZe]nh^fjZZihV_jhiZhhZ
iVXi^fjZZcdci[V^ia¼jcYZhXVYgZhYZ
[dgih!edjghj^i9^VggV#vVc¼ZhieVh
[dgX‚bZci[VjmbV^h_ZbZb‚ÄZYZXZh
Xdbea^bZcih|g‚e‚i^i^dc#:ceajh!BdcVXd
igVkV^aaZg!cdjhhdbbZhYZkZcjhigƒh
Xdbea‚bZciV^gZh#DcViiVfjZZchZbWaZ!
dcY‚[ZcYZchZbWaZ!XZfj^VjÄcVaYdccZ
*% IdcnHnakV!aZ\VgY^Zca^aad^h!Y^hejiZgV|BZiohdc
*%ZbViX]YZA^\jZ&#AZedgi^Zgh‚c‚\VaV^hZcVkV^i
Y^heji‚&-hdjhaZhXdjaZjghYZa¼6HBdcVXd°ZchZeihV^hdch#
a¼‚fj^eZY^g^\‚ZeVgEVjaAZ<jZc# gZhiZjcZZmXZaaZciZ‚fj^eZ#²a¼VaaZg!_ZbZ jcWZVjWdjadi#¯Bdi^k‚XdbbZ_VbV^h!
²'(Vch!VegƒhY‚_|,hV^hdchZcegd hdjk^ZchY¼jcZgZcXdcigZVhhZo[Zgb‚Z 9^VggVg„kZY¼jcZÃcYZhV^hdcZcWdjaZi
P^aZhieVhh‚eVga¼D;>8gƒiZ!Zc<gƒXZ!ej^h P%"%!-Z_djgc‚Z!'*hZeiZbWgZ'%%)! YZXVcdc#8]Vbe^dccVi!8djeZYZ '+Z?DJGCw:9:A><J:&
eVgaZK^iZhhZ6gc]ZbVjmEVnh"7Vh! cYagR#?ZXgd^hfj¼VkZXcdigZhda^YVg^i‚! ;gVcXZdjA^\jZYZhX]Vbe^dch!aZ K:C9G:9>&-;wKG>:G'&] 8VZc·686_VXX^d
cYagR!9^VggVhZbWaZVkd^gViiZ^cihV cdjhhdbbZhXVeVWaZhY¼VaaZgX]ZgX]Zg g‚Xje‚gViZjgandccV^hVhhjgZfjZhdc BdcVXd·Andc8VcVa  AZch·CVciZhIdjhhjg;ddi 
ea‚c^ijYZ#®BVYZgc^ƒgZVcc‚ZZc jcg‚hjaiVia|"WVh#BV^h!b„bZh^cdjh ‚fj^eZ_djZgV|[dcYhjgidjhaZh ZiHjeZghiVYZh
H6B:9>&.;wKG>:G
=daaVcYZVkV^iY‚_|‚i‚WdccZ!cjVcXZ a¼Zbedgidch!g^ZccZhZgViZgb^c‚#?Z iVWaZVjm#®CdjhVkdcha¼Z[[ZXi^[edjg! &,]&* 9>B6C8=:'%;wKG>:G
idjiZ[d^ha¼^ci‚gZhh‚!bV^h^ah¼V\^hhV^i c¼djWa^ZeVhA^aaZdja¼DB#¯6hhdX^‚YVch Y¼VjiVcifjZcdh_ZjcZhbZhjgegZccZci HigVhWdjg\·EVg^h"H<8VcVa  &-]
Y¼jcX]Vbe^dccVieZjb‚Y^Vi^h‚ZidciZ a¼ZcigZ_Zj|B^X]VZa:hh^ZcZiVj |X]VfjZbViX]!XdcXaji"^a#KdjhedjkZo BZio·A^aaZ
gZbVgfjZ[dgX‚bZcibd^ch#8ZiiZhV^hdc! 7g‚h^a^Zc?jc^c]d!9^VggV[dgbZVkZXhZh ‚Xg^gZfjZAndccZa}X]ZgVg^Zc#¯BdcVXd H6B:9>&.;wKG>:G'%] HV^ci"wi^ZccZ·HdX]Vjm
IdjadjhZ·7dgYZVjmIEHHiVg ²CˆbZh!>higZh·6jmZggZ
_ZbZhZchkgV^bZciW^Zc!_Zkd^hfjZbZh YZjmXdbeƒgZha¼jcYZhbZ^aaZjghig^dh ZiaZhVjigZhhVkZci|fjd^h¼ZciZc^g# GZccZh·C^XZ Idjhhjg;ddi 
Xd‚fj^e^ZghbZ[dciXdcÄVcXZ#¯ Y¼:jgdeZ#®B^`ZZi?jc^hdciYZjm 87FJ?IJ;8B7D9>;J 7Vhi^V·BVghZ^aaZ ZiHjeZghiVYZh

A6<G>;;:9:9?>7G>A8>HHwA:8DCHJAI6CI9:
®EdjgXdbbZcXZg!_ZbZ aZXdbeiZYZXZiiZ bVb‚bd^gZ#9ZgZidjgY¼jc X]Vbe^dccVi'%%&"'%%' _¼VkV^hg‚ZaaZbZciegd[^i‚ h¼^agZhiZZcXdgZWZVjXdje
kd^hdWa^\‚Y¼de‚gZgjceZi^i '+Z_djgc‚Z!hZY‚eaVXZX]Zo Wdc8]Vbe^dccViYjbdcYZ |a¼]ZjgZY^iZb¼Zhi YZXZhkVXVcXZh# YZed^cih|egZcYgZ#
gZidjghjgaZlZZ`"ZcY aZHiVYZGZccV^h#9Zh VkZXa¼‚fj^eZYZ;gVcXZ ^chjeedgiVWaZ#6kZXaV 6jigZbViX]|cZeVhgViZg ²hj^kgZVjhh^A^aaZZi
YZgc^Zgedjg[‚a^X^iZgaZh GZccV^hgZYdjiVWaZh| YZhbd^chYZ'%VchZc W‚c‚Y^Xi^dcYjXdVX]! adghYZXZiiZ'+Z_djgc‚Z! hVXVeVX^i‚|ZcX]VˆcZg
8gdXdY^aZhcˆbd^hfj^! Ydb^X^aZ.k^Xid^gZh!'cjah! 6g\Zci^cZ+Wjih!<jnGdjm _¼Z[[ZXijZjcegd\gVbbZ X¼ZhiW^Zc‚k^YZbbZciaZ aZhgZcXdcigZhY^[[^X^aZh
Zc8djeZYZ;gVcXZ&$&+YZ 'Y‚[V^iZh!'.eiheg^hhjg b¼VXXdgYZ&*_djgh he‚X^[^fjZ#AZg‚hjaiVicZ X]dXBdcVXd"Andcd‘ Y‚eaVXZbZci|BZio#
[^cVaZ!g‚Va^hZcijccdjkZa (.edhh^WaZh#8Zfj^c¼V hjeea‚bZciV^gZhYZ h¼ZhieVh[V^iViiZcYgZ# bZhYZjmediZh!<V…a :cXVhYZ[VjmeVhYZh
Zmead^iZc‚a^b^cVci!XZgiZh edjgiVcieVhidj_djgh‚i‚ kVXVcXZh#?ZcZY‚WjiZgV^ A¼6?6jmZggZa¼ZbedgiZ| <^kZiZiHnakV^cL^aidgY! 9d\jZh!aZhBVghZ^aaV^h
VkZXWZVjXdjeYZX]VcXZ! aZXVh#GZccZhZhiZcZ[[Zi YdcXeVhbVhV^hdc| GZccZh*"%Zi_¼^chXg^h h¼V[[gdciZciVkZXjcZ edjggV^Zcig‚Va^hZgaV
a¼686_VXX^diVW)"'#>ah a¼‚fj^eZ|a¼dg^\^cZYZbdc GZccZh!aZ'-_j^aaZi# )WjihVjhiVYZYZaV dWa^\Vi^dcYZg‚hjaiVi# WdccZV[[V^gZYZXZiiZ
V[[gdciZgdciVjidjghj^kVci ‚Xadh^dcYjgVcia¼‚i‚'%%&# ?¼ZhhVnZYZegd[^iZgYZbZh GdjiZYZAdg^Zci>a BdcVXd_djZgVa|hZh _djgc‚Z#²XdcY^i^dc!
aZh6^\adchYZa¼D<8C^XZ# 8ZbViX]Yj'-_j^aaZiZhi kVXVcXZh!bV^ha¼^Y‚ZYZ b¼Vgg^kZeVg[d^hYZeZchZg YZgc^ƒgZhX]VcXZh W^ZcZciZcYj!YZWViigZ
69>96H

C^XZ!_jhiZbZci!fj^!edjg \gVk‚|idji_VbV^hYVch cZeVhY‚bVggZgXZ |XZfj^hZhZgV^ieVhh‚h^ Y¼VXXgdX]ZgaZi^igZ!b„bZ 7Vhi^V|;jg^Vc^°¯

&-;wKG>:G'%%*
,

;68:²;68: C:LH
A¼DA²A6
H6B:9>&.;wKG>:G'%]"HI69:9:A6GDJI:9:ADG>:CI
G:CC:H 6G7>IG:/B#GJ;;G6N C>8: E:68:8JE
A¼DAeVgi^X^eZgVYj&*Vj')_j^aaZi
H6>HDC'%%)$'%%*²9DB>8>A:
H6>HDC'%%)$'%%*²9DB>8>A: H6>HDC'%%)$'%%*²A¼:MIwG>:JG egdX]V^c|aVEZVXZ8je!Zc8dg‚Z
E6G8DJGH9:HwFJ>E:H YjHjY!XdbbZZc'%%(#8Z
H‚g^ZVXijZaaZ <<<<< È H‚g^ZVXijZaaZ <EEEC Ê idjgcd^VXXjZ^aaZgVaZX]Vbe^dc
YZ8dg‚ZbV^hVjhh^aZEHK
A:H8>CF9:GC>:GH9DB#  * A:H8>CF9:GC>:GH:MI#  :^cY]dkZc!aVGZVaHdX^ZYVY!7dXV
')ZGZccZh·7dgYZVjm '"% ')ZHdX]Vjm·C^XZ %"% ?jc^dghdjZcXdgZIdiiZc]Vb#
''ZGZccZh·686_VXX^d '"% ''Z7Vhi^V·C^XZ '"%
'%ZGZccZh·6jmZggZ &"% &% '&ZBVghZ^aaZ·C^XZ '"% A:CH!<>AADI
&-ZGZccZh·AZch ("& &.Z6jmZggZ·C^XZ )"( E:JIB>:JM
&+ZGZccZh·>higZh ("& &,ZCVciZh·C^XZ %"& ;6>G:
&*
AVkZcjZYZCVciZh|AZchZhi
7>A6C  7>A6C  a¼dXXVh^dcYZYgZhhZgjcegZb^Zg
'Y‚[V^iZh 'cjah ,Y‚[V^iZh (cjah W^aVcYZheZg[dgbVcXZhYZhYZjm
'% 
& ' ( ) * + , - . &% && &' &( &) &* &+ &, &- &. '% '& '' '( ') '* cdjkZVjmZcigVˆcZjgh!;gVcX^h
<^aadiZiHZg\ZAZ9^oZiZc
GZccZh C^XZ A^\jZYZhX]Vbe^dch GZa‚\Vi^dc 8]Vbe^dccVi#AZegZb^Zg!Vegƒh
(bViX]Zh!XdbeiZjcZY‚[V^iZZi
E6G8DJGH9:HwFJ>E:H YZjmk^Xid^gZh!iVcY^hfjZ
.k^Xid^gZh 'k^Xid^gZh AZ9^oZiVgZYgZhh‚aVh^ijVi^dc
A:H8>CF9:GC>:GHG:CC:H·C>8::C8=6BE>DCC6I
cVciV^hZVkZXjcZY‚[V^iZ!YZjm
'cjah k^Xid^gZhZiigd^hcjahYZej^hhV
BDN:CC:9:7JIH  %k^Xid^gZ BDN:CC:9:7JIH 
eg^hZYZ[dcXi^dc#
BVgfj‚h &!+ :cXV^hh‚h %!, BVgfj‚h &!. :cXV^hh‚h &

8=>;;G:H8AwH  8=>;;G:H8AwH  DBB6<


FjVcYGZccZhbVgfjZaZegZb^ZgWji FjVcYC^XZbVgfjZaZegZb^ZgWji G:BEA68:
K^Xid^gZh - K^Xid^gZ & 9GD>I6J7JI
Cja & Cja % AZbZchjZaXdchVXg‚|
9‚[V^iZ % 9‚[V^iZ % a¼Danbe^fjZYZBVghZ^aaZcZ
FjVcYGZccZhZcXV^hhZaZegZb^ZgWji FjVcYC^XZZcXV^hhZaZegZb^ZgWji h¼VeeZaaZeajh9gd^iVjWji!
K^Xid^gZ & K^Xid^gZ & YjcdbYZaVX‚aƒWgZYZk^hZ
Cja & ..$%% %%$%& %&$%' %'$%( %($%) Cja & e]dX‚ZccZbV^hYZk^ZciDBBV\!
GZccZh·C^XZ jci^igZeajheVhhZ"eVgidji#AZ
9‚[V^iZh ' " " " '"' %"% 9‚[V^iZh ,
HVeajhaVg\Zk^Xid^gZ HVeajhaVg\Zk^Xid^gZ cjb‚gd&Y¼DBBV\*%%%%
GZccZh'"%7dgYZVjm')Z_djgc‚Z CVciZh%"&C^XZ&,Z_djgc‚Z ZmZbeaV^gZhYZi^gV\Z[V^iaVeVgi
7JIHB6GFJwHE6G&$)9¼=:JG::C'%%)$'%%*
HVeajhaVg\ZY‚[V^iZ HVeajhaVg\ZY‚[V^iZ WZaaZ|HVb^gCVhg^#
( ' * + ' ' ' ) , , ) ) ( )
GZccZh&"'Andc*Z_djgc‚Z 7dgYZVjm*"&C^XZ'Z_djgc‚Z
HIG6H7DJG<!
BDN:CC:9:HI>GH/-!,  BDN:CC:9:HI>GH/+!*  E6<>H²A6
IG6ÐC:
*) &*¼ (%¼ )*¼ +%¼ ,*¼ .%¼ 6? (( 6XijZabZ^aaZjgWjiZjgYZaV
A^\jZ&!aZHigVhWdjg\Zd^h
*. I^ghcdcXVYg‚h
7JIH:C86>HHwHE6G&$)9¼=:JG::C'%%)$'%%* )* I^ghcdcXVYg‚h
B^X`VZaEV\^hc¼VedjgiVci
I^ghXVYg‚h I^ghXVYg‚h
& * + ) - + ) * * ) ) , % ' bVgfj‚fjZ&&WjihVegƒh
')_djgc‚ZhHigVhWdjg\XdbeiZ
8:II:H6>HDC9DB#  8:II:H6>HDC:MI# 
jcbViX]ZcgZiVgY#AVhV^hdc
&)ZGZccZh·IdjadjhZ &"& &*Z8VZc·C^XZ %"% eVhh‚Z!9_^Wg^a8^hh‚!fj^VaaV^i
Z
&'ZGZccZh·8VZc &"& &( HV^ci"wi^ZccZ·C^XZ '"& [^c^gbZ^aaZjgWjiZjgYZaVhV^hdc
&&ZGZccZh·BZio ("& &*¼ (%¼ )*¼ +%¼ ,*¼ .%¼ 6? &&ZHigVhWdjg\·C^XZ ("& VkZX'+Wjih!c¼VkV^iZjWZhd^c
.ZGZccZh·A^aaZ %"& .ZBdcVXd·C^XZ (") fjZYZ&*_djgc‚ZhedjgZc
,ZGZccZh·BVghZ^aaZ &"% ,ZBZio·C^XZ &"& ^chXg^gZVjiVci#:c'%%'"'%%(!
*ZGZccZh·Andc &"' A:H=DBB:H²HJGK:>AA:G  A:H=DBB:H²HJGK:>AA:G  *ZA^aaZ·C^XZ &"% H]VWVc^CdcYVZiEVjaZiVVkV^Zci
(ZGZccZh·CVciZh &"% BZ^aaZjgWjiZjg ;gZ^, BZ^aaZjgWjiZjg KV]^gjV, 'Z7dgYZVjm·C^XZ *"& &&WjihVjXdbeiZjgVegƒh
&gZGZccZh·EH< '"& BZ^aaZjgeVhhZjg BdciZggjW^d* BZ^aaZjgeVhhZjg 6\Va^( hZjaZbZci''_djgc‚Zh#

A:76GDBÏIG:9:HwFJ>E:H:C;DGB:9:A6A><J:&:CIG:A6''Z:IA6'*Z?DJGCw:
8: 8: 8: 8:
B6C 68>Iw >FJ: I6A : B6C 68>Iw >FJ: I6A : B6C 68>Iw >FJ: I6A : B6C 68>Iw >FJ: I6A :
A ;DG H :CH A ;DG H :CH A ;DG H :CH A ;DG H :CH
IDI6 E:G :;;>8 E=N B:C 9w; IDI6 E:G :;;>8 E=N B:C 9w; IDI6 E:G :;;>8 E=N B:C 9w; IDI6 E:G :;;>8 E=N B:C 9w;
& HdX]Vjm &- ( ( ( & - + GZccZh * "' * ' % % && A^aaZ ( & & "' % ( &+ 8VZc "& "' ( "' % %
' 6jmZggZ , & * ' & "' , BVghZ^aaZ ) ( & % & "& &' HigVhWdjg\ ( % ' & % % &, BZio "' "( ( "& "& %
( 7Vhi^V + "& * % % ' - Andc ) % * % % "& &( >higZh & "' ( % % % &- 7dgYZVjm "* "( & "( % %
) HV^ci"wi^ZccZ + & ' % % ( . CVciZh ) % "& & % ) &) C^XZ % "' & & % % &. EH< "&% ") & "& "' ")
* BdcVXd + & % % % * &% AZch ) "& * % % % &* 686_VXX^d "& "' % % % & '% IdjadjhZ "&' "* "& "& % "*
GZigdjkZoidjhaZhY‚iV^ahZiaZhbdYZhYZXVaXjahjg[gZZhedgi#[g  8ZhXajWhXdbeiZcijcbViX]Zcbd^ch#CdjhcZegZcdcheVhZcXdbeiZaZbViX]HV^ci"wi^ZccZ·6_VXX^dYjbVgY^&*[‚kg^Zg#

&-;wKG>:G'%%*
&% A¼wKwC:B:CIA><J:9:H8=6BE>DCH
?:6C"B6G>:=:GK>D$;A6H=EG:HH$9EE>

A><J:9:H8=6BE>DCH

A>O6G6OJA¼µ>
&-;wKG>:G'%%*
&&

A¼‚fj^eZfj^egVi^fjZaZ
bZ^aaZjg[ddiWVaac¼Zhi
eVh[dgX‚bZcia¼‚fj^eZ
fj^^gVVjWdji
7^mZciZA^oVgVoj!7VnZgcBjc^X]
A¼Danbe^fjZAndccV^hYZH^YcZn<dkdj^X^[VXZVj;gVcV^h
YZBVcX]ZhiZgJc^iZY!B^`V…aH^akZhigZkZjiVaaZgad^c
ZcA^\jZYZhX]Vbe^dchXZiiZhV^hdc#

?DG<:;:GG6G>$:E6$H>E6
GZkZcjVj7VnZgcVegƒhjcZeVgZci]ƒhZbVghZ^aaV^hZYZ+bd^h!7^mZciZA^oVgVoj
Vidj_djghhd^[YZk^Xid^gZhZiYZigde]‚Zh#

7^mZciZA^oVgVoj!eVgi^YZBVghZ^aaZVjbd^hYZ
_Vck^Zg!kVgZigdjkZgaVA^\jZYZhX]Vbe^dch#
²(*Vch!idj_djghVjhh^bdi^k‚!aZX]Vbe^dc
YjbdcYZYdccZhdcVk^hhjgaVeajhWZaaZ
YZhXdbe‚i^i^dchZjgde‚ZccZh#

’
FjZaZ[[ZiXZaV[V^i"^a cYagR!X¼‚iV^iYZkZcjYZaV[da^ZZc
YZgZigdjkZgaVA^\jZ iZgbZYZXVaZcYg^Zg#Dc‚iV^iidj_djgh
YZhX]Vbe^dch4 hjgaZ[Zj!ZcigZaZ8]Vbe^dccVi!
®8¼ZhiigƒhZmX^iVci#KdjhVkZokj a¼:jgdeZZia¼‚fj^eZcVi^dcVaZ#?¼‚iV^h
aZhV[ÃX]Zh4FjZYjidec^kZVj hjgaVWgƒX]ZidjhaZhigd^h_djgh#Dc
B„bZh^XZiiZXdbe‚i^i^dcVidj_djgh c¼VkV^i_VbV^hjcZhZjaZhZbV^cZYZ
egdedh‚YZhbViX]Zh]VjiYZ\VbbZ! WgZV`#6j_djgY¼]j^!X¼ZhiWZVjXdje
^a[VjiVkdjZgfjZaZi^gV\ZVjhdgi b^Zjm#HjgidjiedjgaVg‚Xje‚gVi^dc#
cdjhV\}i‚hXZiiZVcc‚Z#>anV ;dgX‚bZci!aZheZXiVXaZYZk^Zci
eajh^ZjghXdc[gdciVi^dchY^\cZhY¼jcZ bZ^aaZjg#DcYdhZb^ZjmhZhZ[[dgih#:i
ÃcVaZ#7^Zch’g!idjiaZbdcYZeZchZ| XZaVeZgbZiVjejWa^XY¼Vhh^hiZg|YZh
GZVaBVYg^Y·?jkZcijhdjBVcX]ZhiZg bViX]Zheajh^ci‚gZhhVcih#
JiY·B^aVc68!bV^hjc7VnZgc·
6ghZcVaV‚\VaZbZciYZaV\jZjaZ° 6j_djgY¼]j^!fjZaZhiaZXajW
Zjgde‚Zcfj^VaZeajhYZX]VcXZYZ
8ZhbViX]ZheVgVaaZg"gZidjgVkZX gZbedgiZgXZiiZXdbe‚i^i^dc4
‚a^b^cVi^dcY^gZXiZ!c¼Zhi"XZeVh 7ZVjXdjeY¼‚fj^eZhdciXZediZci^Za#
ÃcVaZbZciaVA^\jZYZhX]Vbe^dch >anV\gdhhdbdYdh^m|hZei‚fj^eZh
YdciidjiaZbdcYZg„kV^i4 hjhXZei^WaZhYZ\V\cZgaV8djeZ
6jeVgVkVci!hjgidjifjVcY^anVkV^i Y¼:jgdeZ#6kZXYZhhinaZh
ZcXdgZaV'Ze]VhZYZedjaZ XdbeaƒiZbZciY^[[‚gZcihZiVkZXjcZ
PVWVcYdcc‚ZYZej^ha¼‚Y^i^dc'%%("'%%)! Z[ÃXVX^i‚gZYdjiVWaZ#?ZeZchZVjGZVa ’
’

>A9:A¼:ME:GI &-;wKG>:G'%%*
&' A¼wKwC:B:CIA><J:9:H8=6BE>DCH
I]jgVbZiO^YVcZ
h¼V[[gdciZci|
cdjkZVjZcA^\jZ
YZhX]Vbe^dch#AV
YZgc^ƒgZ[d^h!Zc
YZb^"[^cVaZYZ
a¼‚Y^i^dc'%%'"'%%(!
aV?jkZh¼‚iV^i
fjVa^[^‚ZVjm
Y‚eZchYjGZVa
BVYg^Y&"'0("&#
6#7>76G9$;:E$E6CDG6B>8

’ BVYg^Y!W^Zch’g!bV^hVjhh^|aV?jkZcijhIjg^c! *")!i^ghVjWji#8¼ZhifjZafjZX]dhZYZbV\^fjZ# YZaV8]Vbe^dchAZV\jZ#ºBV^hXdcigV^gZbZci|


>I>CwG6>G: BVcX]ZhiZgJc^iZY!7VgXZadcZ!6ghZcVa!8]ZahZV! 9¼VjiVcieajhfj¼dccZg‚Va^hZeVhVhhZoXdbW^Zc bZh]VW^ijYZh!_Za¼V^i^g‚Zc[dgXZ#Igƒhigƒh[dgi#
7>M:CI:A>O6G6OJ hVchdjWa^ZgaZ7VnZgcBjc^X]# X¼ZhiYjgY¼Vgg^kZgVjWdjiYZXZiiZXdbe‚i^i^dc#
C‚aZ.Y‚XZbWgZ&.+. 8¼ZhiVjhh^YZhhdjkZc^ghYZigƒh\gVcYhbViX]Zh 8dbbZciVeeg‚]ZcYZo"kdjhXZbViX]XdcigZ
&!+.b·+.`\ FjZaaZ‚fj^eZd[[gZVj_djgY¼]j^aZeajhWZVj XdcigZBVcX]ZhiZg!aZGZVaBVYg^Y!7VgXZadcZ# 6ghZcVa4
.,h‚aZXi^dch6!'Wjih [ddiWVaa4 9ZhhdjkZc^ghYZYjZah[VXZ|YZhhjeZg"_djZjgh ?¼V^‚i‚WaZhh‚YjgVcieajh^ZjghhZbV^cZh
*)bViX]ZhZc8&!'Wjih :ciVcifjZXdbe‚i^iZjg!_ZcZbZedhZeVhXZiiZ iZah;^\d!7ZX`]Vb°8¼ZhiaZ\gVi^cZjgde‚Zc# PY‚X]^gjgZVjbdaaZiaZ'&_Vck^Zg!7VnZgc"=VbWdjg\
6j7VnZgcBjc^X]6aa fjZhi^dc#A¼‚fj^eZfj^egVi^fjZaZbZ^aaZjg 8¼ZhiV!aV8]Vbe^dchAZV\jZ# ("%!cYagR#?¼V^gZeg^hcdgbVaZbZcia¼ZcigVˆcZbZci
YZej^h_Vck^Zg'%%*
[ddiWVaac¼ZhieVh[dgX‚bZcia¼‚fj^eZfj^^gVVj aVhZbV^cZYZgc^ƒgZP^aVgZ_dj‚.%b^cjiZhZc
EVabVgƒh/X]Vbe^dcYjbdcYZ
Wdji#DckZggV|a¼Vgg^k‚Z#HZjaZXZaaZfj^\V\cZgV FjZgZhhZci"dcadghfjZa¼dci^ZciYVchhZh 7jcYZha^\VaZ&([‚kg^ZgXdcigZ7^ZaZ[ZaY#9‚[V^iZYj
&..-!X]Vbe^dcY¼:jgdeZ'%%%!
8djeZYZh8dc[‚Y‚gVi^dch%&!%(! VjgV‚i‚Z[ÃXVXZ# bV^chXZiiZXdjeZh^egZhi^\^ZjhZ4 7VnZgc!("&!cYagR#?ZcZhj^heVh^cfj^Zi#?ZhZgV^
A^\jZYZhX]Vbe^dch'%%&!8djeZ DcgZhhZci|eZjegƒhaVb„bZX]dhZfjZfjVcY eg„iedjgXZbViX]XdcigZaZh<jccZgh#
>ciZgXdci^cZciVaZ'%%&!X]Vbe^dc Fj¼Zhi"XZfjZaVA^\jZYZhX]Vbe^dch dc\V\cZaV8djeZYjbdcYZdja¼:jgd#8¼ZhiaZ
Y¼6aaZbV\cZ..!%%!%&!%(!8djeZ gZeg‚hZciZedjgkdjh4 eajhWZVjigde]‚Zfj¼dcej^hhZgZbedgiZgZc :cigZaZ8]Vbe^dccViZiaV8djeZY¼:jgdeZ!
Y¼6aaZbV\cZ.-!%(!X]Vbe^dc 7ZVjXdjeYZigƒhWdchhdjkZc^gh#?Za¼V^\V\c‚Z XajW#8dbbZaV8djeZ>ciZgXdci^cZciVaZ#8¼Zhi fjZX]d^h^iZceg^dg^i‚aZ7VnZgcBjc^X]4
YZ9'.'# jcZ[d^hZc'%%&!|B^aVc![VXZVj;8KVaZcXZ! jcZZheƒXZY¼VWdji^hhZbZci#IjVh\gVk^aZ CdjhVkdchaZhbdnZchYZ_djZghjgeajh^Zjgh
hdbbZiYZaVbdciV\cZ#IjVhViiZ^ciaZeajh iVWaZVjm#>ac¼nVeVhYZeg^dg^i‚#AV7jcYZha^\V
WZVj!aZeajh\gVcY!aZeajh[dgi#:ceajh!X¼Zhi ZhiVjhh^^bedgiVciZfjZaVA^\jZYZhX]Vbe^dch#
jcZ8djeZigƒhWZaaZ#:iigƒh\gVcYZ#EVh[VX^aZ
|hdjaZkZgedjgjcbZXYZbViV^aaZg^gZh# 6j[V^i!jcXajW[gVcV^heZji"^ajc_djg
8Zc¼ZhieVhfj¼ZaaZZhiadjgYZbV^hZaaZ Y‚XgdX]ZgaZi^igZhjeg„bZ4
ZhiigƒhZcXdbWgVciZ#:iXdbbZ_Zc¼V^ HjgjcZhV^hdc!idjiZhiedhh^WaZ#BV^ciZcVci!
eVhYZhWgVh^bbZchZh° YVchaVYjg‚Z!X¼ZhijcZVjigZ]^hid^gZ#6kd^gYZh
eVgXdjghg‚\ja^ZghXdbbZaZ7VnZgc!BVcX]ZhiZg
FjZaZhikdigZeajh[dgihdjkZc^gZcA^\jZ djaZGZVa!hdjkZcieg‚hZcihYVchaZYZgc^Zg
YZhX]Vbe^dch4 XVgg‚!XZc¼ZhieVhedjgidjiYZhj^iZ#B„bZ
AVh‚g^ZYZhi^ghVjWji!idj_djghZcÃcVaZXdcigZ Andc!fj^Zhiedjgbd^aZXajWe]VgZZc;gVcXZ!
aZ;8KVaZcXZ#?Zc¼VkV^heajhi^g‚aZbd^cYgZ c¼VeVhZcXdgZjceVgXdjghg‚[‚gZcXZZc8djeZ
eZcVainYZej^hbViZciVi^kZbVcfj‚ZZc&$)YZ Y¼:jgdeZ#BV^hZcidjiXVh!^ah¼ZhihigjXijg‚
AZBdcVXdY¼:kgV ÃcVaZYZaV8djeZYjbdcYZXdcigZa¼>iVa^ZZc XdbbZaZheajh\gVcYhXajWhZjgde‚Zch#>ah¼Zhi
E6JAKG::@:G$G:JI:GH$B6MEEE

ZiGdYg^\jZo &..-#?¼VjgV^hejX]d^h^gY¼Zci^gZgadghYZ ^che^g‚YZhbZ^aaZjgZh‚fj^eZhiZahaZ7VnZgc


VY‚_|WViij gZcXdcigZhYZ8]Vbe^dccVi!edjg„igZeajhXdda! djBVcX]ZhiZgJc^iZY#>aeZjiVkd^gYZWdch
a¼VceVhh‚ bV^hÃcVaZbZci!]^hid^gZY¼Z[[VXZgXZi‚X]ZX g‚hjaiVih#BV^h„igZg‚\ja^ƒgZbZciZcYZb^"
aZEHKYZ eZghdccZa[VXZVjm>iVa^Zch!_ZbZhj^hY^i/ ÃcVaZ!_ZYZbVcYZZcXdgZ|kd^g#¯N
KVc7dbbZa#
¹|X]d^h^g!X¼ZhieajhXaVhhZYZaZ[V^gZZcÄcVaZ FHEFEIH;9K;?BB?IF7HB?ED;BL;BB7

&-;wKG>:G'%%*
CDJK:6J<G6IJ>I

A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 :


L L L# ; G : : H E D G I# ; G

HEDGIIK
AZbZ^aaZjgYjhedgi[d_cW][igk_Xek][dj
lll#[gZZhedgi#[g
&) A¼wKwC:B:CIA><J:9:H8=6BE>DCH

8=D8H:CHID
76N:GCBJC>8=·6GH:C6A;8
BVgY^''[‚kg^Zg·HiVYZDanbe^fjZ'%])*
G:6AB69G>9·?JK:CIJHIJG>C
BVgY^''[‚kg^Zg·HiVYZHVci^V\d"7ZgcVW‚j'%])*
A>K:GEDDA;8·76N:GA:K:G@JH:C
BVgY^''[‚kg^Zg·HiVYZ6cÃZaY'%])*

LZc\Zg!aZbZ^aaZjgZcigVˆcZjg[gVcV^h AZ_ZjYZaV?jkZcZXdck^ZcieVhVjGZVa AZkZg`jhZcZc&$-!idjihVj[jc]VhVgY


FjVcYdcV\V\c‚aV8&Zc'%%&!a¼Vcc‚Zhj^kVciZa¼dW_ZXi^[ AV?jkZ!X¼Zhiine^fjZbZcia¼‚fj^eZfjZaZGZVaY‚iZhiZ FjZaZ7VnZgAZkZg`jhZchd^ia|cZb¼‚idccZ\jƒgZ#8¼Zhi
Yj7VnZgc‚iV^iYZ\V\cZgZcXdgZ#8¼ZhiVfj^[V^iaZegZhi^\Z! _djZg#²bdchZch!X¼ZhiaZegd[^aYZ_Zjfj^cZXdck^Zci idjihVj[jc]VhVgY#H^kdjhgZ\VgYZoaZeVabVgƒhYZh
aVfjVa^i‚ZiaVXdchiVcXZY¼jcZ‚fj^eZ#:i!ZcigZ&..*Zi'%%*!kdjh eVh|BVYg^Y#AV?jkZcijh!X¼ZhijaigV"iVXi^fjZ!jaigV"Y‚[Zch^[° XdjeZhZjgde‚ZccZh!kdjhkdjhVeZgXZkgZofjZaZhXajWhVaaZbVcYh
dWhZgkZofjZaZ7VnZgc[V^ieVgi^ZYZh\gVcYh#EdjgeVgaZgY¼6ghZcVa! 8¼ZhiaZineZYZ_Zjfj^eZjiigƒhW^ZcXdcigZgaZhfjVa^i‚hd[[Zch^kZh dciigƒhg‚\ja^ƒgZbZciWg^aa‚#9¼V^aaZjgh!edjgbd^!aV7jcYZha^\V
Y^hdchfjZXZXajW_dj^iY¼jc\gVcYgZheZXiZc6aaZbV\cZ#:ieajh ‚cdgbZhYjGZVa#:ceajh!aZGZVakVgZXZkd^g|a¼VaaZg#8¼ZhihdjkZci YZbZjgZjcigƒhWdcX]Vbe^dccVi#>aZhiYjb„bZXVa^WgZfjZ
eVgi^Xja^ƒgZbZci!^X^!|Bjc^X]#8ZhZgVjcZXdc[gdciVi^dcYZYZjm jc^cXdck‚c^Zci#8¼Zhiidj_djgheajhY‚a^XViY¼Z[[ZXijZgaZgZidjg aZX]Vbe^dccViY¼6c\aZiZggZ#C¼djWa^dcheVhfjZAZkZg`jhZcV
hinaZhYZ_ZjY^[[‚gZcih#?¼V^WZVjXdjeY¼VYb^gVi^dcedjg6ghƒcZ |a¼Zmi‚g^Zjg#Edjgfjd^4EVgXZfjZidjihZY‚X^YZhdjkZcihjgaZ g‚Va^h‚jceVgXdjgh|aVBdcVXd^anVigd^hVch[^cVa^hiZ[VXZ
LZc\Zg#8¼Zhiedjgbd^aZbZ^aaZjgZcigVˆcZjg[gVcV^hYjbdbZci# YZgc^ZgbViX]Zia¼VeedgiYjejWa^X[V^ihdjkZciaVY^[[‚gZcXZ#8¼Zhi VjGZVaBVYg^YZc'%%'#8¼ZhijcXajWfj^Zhiidj_djgheVgb^aZh
BV^hX¼ZhikgV^fjZXZiiZ‚fj^eZY¼6ghZcVac¼Vgg^kZeVh|XdcXg‚i^hZg jcVkVciV\ZehnX]dad\^fjZ#8ZGZVa·?jkZ!XZhZgVVjhh^aZ\gVcY egZb^ZghZc7jcYZha^\VP+ZVegƒh'&_djgc‚ZhZc'%%)"'%%*!cYagR#
Zc8&hZhWdcheVgXdjghZcEgZb^ZgAZV\jZ#BVa\g‚idji!XdcigZ gZidjgYZO^odj|Ijg^c#EVgidjid‘^aeVhhZ!^acZaV^hhZeZghdccZ :c[V^i!aZjgX]VcXZ[VXZ|A^kZgedda!VjigZ\gVcYY¼:jgdeZ!X¼ZhiYZ
cdjh!VkVhZ_djZg|eZjYZX]dhZh°B„bZh¼^anVWZVjXdje ^cY^[[‚gZci#8¼ZhiO^YVcZ!fjd^AZkV^cfjZjgYZXZiiZgZcXdcigZ _djZgaZbViX]gZidjgZc6aaZbV\cZ#6kd^gjchZjaWjiY¼‚XVgiVkVci
YZ_djZjgh[gVcV^h!6ghZcVagZhiZjcZ‚fj^eZYZXjaijgZVc\aV^hZ# c¼ZhiZcidjiXVheVhVhhjg‚Y¼VaaZgZc[^cVaZ#>ac¼nVeVhYZk‚g^i‚# YZhZgZcYgZ|6c[^ZaYc¼Zhi_VbV^h\V\ZYZh’gZi‚#²ZjmYZW^Zc
B„bZh^ijVeedgiZhiVidjX]ZeZghdccZaaZ!iji¼^begƒ\cZhYZ >anVYZhXajWhfj^kdci[V^gZYZh&$-YZ[da^ZZihZ[V^gZeaVciZgZc c‚\dX^Zga¼VaaZg#6iiZci^dc!A^kZgedda!X¼Zhiidj_djghigƒh[dgi
aVidjX]ZadXVaZ#8Zb‚aVc\Z"a|Zhiigƒh^ci‚gZhhVci# YZb^"[^cVaZ#BV^ciZcVci!VkZXaZGZVa!idjiZhiedhh^WaZ b„bZh¼^aYdb^cZbd^chaZX]Vbe^dccViVc\aV^h#

)[d^hkV^cfjZjgYZaV C¼V_VbV^h\V\c‚aV .[d^hkV^cfjZjg '[d^hkV^cfjZjg!*[d^h A^kZgeddaVgZbedgi‚ ;^cVa^hiZYZaVA^\jZ


8&!aZ7VnZgcBjc^X] A^\jZYZhX]Vbe^dch# aZgZXdgYAZGZVaV [^cVa^hiZ!aV?jkZcijh ZcigZ&.,,Zi&.-) YZhX]Vbe^dch
ViZgb^c‚'ZYj 6ghZcVaViZgb^c‚ iZgb^c‚'ZYj\gdjeZ7 Ijg^cVYdb^c‚aZ fjVigZ8&#6[^c^'ZYj '%%'!AZkZg`jhZcV
Zg
\gdjeZ8YZgg^ƒgZaV?jkZ & Yj\gdjeZ:'k#!)c#| &&eih!(k#!'c#!&Y#YZgg^ƒgZ \gdjeZ8&+eih!*k#!&c#Zc \gdjeZ6&%eih!(k#!&c#!'Y# g‚Va^h‚a¼Zmead^iYZYZkVcXZgaZ
&%eih!(k#!&c#!'Y## ‚\Va^i‚YZed^cihVkZXaZEHK# a¼‚idccVci7VnZgAZkZg`jhZc# cZbVgfjVcifjZ+eZi^ihWjih# YZgg^ƒgZa¼6HBdcVXd# \gVcYGZVaZce]VhZYZedjaZ

EHK:>C9=DK:C·6HBDC68D L:G9:G7GËB:·ANDC
BVgY^''[‚kg^Zg·HiVYZE]^a^eh'%])* BZgXgZY^'([‚kg^Zg·HiVYZYjLZhZg'%])*

9^Y^Zg9ZhX]VbehhjWa^bZ ?¼V^WZVjXdjeY¼Zhi^bZ
idj_djghhZh_djZjgh### ZiYZgZheZXiedjga¼DA
?Zc¼V^_VbV^hgZcXdcig‚BdcVXdZc8&# :cXdgZjcXajWVaaZbVcY#
AZEHKZia¼6HBh¼‚iV^Zci!_ZXgd^h! AZLZgYZg7g„bZ!X]Vbe^dc
Y‚_|gZcXdcig‚ha¼VcYZgc^ZgZce]VhZYZ Y¼6aaZbV\cZZci^igZ!Zhibd^chW^Zc
edjaZ#BdcVXda¼VkV^iZbedgi‚|:^cY]dkZc fjZa¼VcYZgc^ZgZc7jcYZha^\VP(Z
P'"&!cYagR8ZaVVkV^i‚i‚Y¼V^aaZjghaZY‚Wji Vegƒh'&_djgc‚ZhZc'%%)"'%%*!cYagR#
YZa¼‚ede‚Zbdc‚\VhfjZZcA^\jZYZh >aYd^iVjiVciVhhjgZgZcX]Vbe^dccVi
X]Vbe^dch#9^Y^Zg9ZhX]Vbeh!a¼ZcigVˆcZjg fj¼Zc8djeZY¼:jgdeZ#EVh[VX^aZ#8ZaV
:99NA:B6>HIG:$;A6H=EG:HH$9EE>

YZa¼6HBdcVXd!VXZiiZ[VXjai‚YZhjWa^bZg gZhiZXZeZcYVcijcZ‚fj^eZY^[[^X^aZ
idj_djghhdc‚fj^eZ!cdiVbbZciZc8djeZ |_djZg#8ZcZhZgVeVhjcZeVgi^ZYZ
Y¼:jgdeZ#8¼ZhijcZmXZaaZciiZX]c^X^Zc! eaV^h^gedjgAndc#C^edjgaZLZgYZg#
^aXdccVˆieVgX¶jgaZigƒh]Vjic^kZVj# 6kZX?jc^c]d! 6kZXaZh‚fj^eZhVaaZbVcYZh!
>aZcVa¼Zme‚g^ZcXZ#8¼ZhiVjhh^jcZcigVˆcZjg a¼DAkZjiVaaZgad^cZc8&# ^ac¼nVeVh‚cdgb‚bZciY¼^beVXi
wG>8<6>AA6G9$G:JI:GH$B6MEEE

gZheZXiVWaZYZeVghVXVgg^ƒgZbV^hVjhh^ |_djZg|Ydb^X^aZdj|a¼Zmi‚g^Zjg#
YVchhdcVii^ijYZk^h"|"k^hYZh_djZjgh# AZh6aaZbVcYhhZedhZcibd^chYZfjZhi^dch#:hi"XZjcVkVciV\Z4DckVkd^g#AndceZji"^agZbedgiZgaV8&
FjVcYjc_djZjgVYjgZheZXiedjghdcXdVX]! XZiiZhV^hdc4>anVZcXdgZYjX]Zb^c|[V^gZ#BV^h_¼V^WZVjXdjeY¼Zhi^bZZiYZgZheZXiedjga¼Danbe^fjZ
AVY‚[ZchZbdc‚\VhfjZ ^aVZck^ZYZaj^[V^gZeaV^h^g#:ifjZafjZeVgi! AndccV^h#A¼DAedhhƒYZidjhaZh^c\g‚Y^ZcihYZh\gVcYhXajWhZjgde‚Zch!VkZXjcZY^gZXi^dc^cX]Vc\‚ZYZej^h
YVchhZh¶jkgZh ^acZ_djZeVhfjZedjgaj^#²BdcVXd!X¼Zhi eajh^ZjghVcc‚Zh!jcZhjeg‚bVi^ZfjVh^hVcheVgiV\ZYZej^hX^cfVchZcA&!jch‚g^ZjmZiY¼ZmXZaaZcih
ZmVXiZbZciXZfj^hZeVhhZ#9^Y^ZgZhigZheZXi‚#8ZgiV^cZbZciXdbbZeZjia¼„igZ<jjh=^YY^c`!a¼ZcigVˆcZjg g‚hjaiVihVjc^kZVjYZaV[dgbVi^dc°EVgVYdmVaZbZci!AndcZhijcWdchdjkZc^gedjgaZ7VnZgc!b„bZh^cdjh
YjEHK:^cY]dkZc#BV^h!XdcigV^gZbZci|9ZhX]Vbeh!_ZcZaZXdccV^heVh#JcZX]dhZZhih’gZ!aZEHKc¼Zhi Vk^dch‚i‚hƒX]ZbZciWViijhZc'%%&ZcbViX]gZidjgYZ'Ze]VhZ("%#CdjhVk^dch‚i‚X]Vbe^dchY¼:jgdeZ
eVha¼‚fj^eZaVeajh[V^WaZYjeaViZVj#>a[VjiY¼V^aaZjghhZb‚[^ZgYZheg‚_j\‚h# YVchaV[dja‚Z#8dbbZfjd^!dceZjieVhhZg|igVkZghhjgjcbViX]ZiVaaZgVjWdjiZc8&

KV^cfjZjgZc&.--[VXZVjm ;^cVa^hiZ[VXZ|EdgidZc'%%)! C¼V_VbV^h\V\c‚aVA^\jZYZh FjVgiYZ[^cVa^hiZa¼VceVhh‚!‚a^b^c‚


Edgij\V^hYZ7Zc[^XV#Hjgeg^hZ a¼6HBdcVXdVg‚Va^h‚jcegZb^Zgidjg X]Vbe^dch#AZLZgYZg7g„bZ!X]Vbe^dc eVgaZ;8Edgid!a¼DAVg‚jhh^aZidjgYZ
Yj&Zgidjg!aZEHK:^cY]dkZc XdckV^cXVciZc[^c^hhVci&ZgYj\gdjeZ6 Y¼6aaZbV\cZ'%%)!V‚i‚aVhjgeg^hZYZ [dgXZXZiiZhV^hdcYZiZgb^cZgaZ&Zg
ViZcjZc‚X]ZXaZh6c\aV^h &'eih!)k#!'Y#!&%WjihbVgfj‚h! XZiiZe]VhZYZedjaZZc[^c^hhVci'ZYj idjgZci„iZYZhdc\gdjeZ9&(eih!
Y¼6ghZcVa\gdjeZ:VkZX&%eih!(k#!&c#Zi'Y# )ZcXV^hh‚hYZkVciA^kZgedda;8!Danbe^V`dhAZ \gdjeZ<&(eih!)k#!&c#!&Y#!_jhiZYZgg^ƒgZ )k#!&c#!&Y#!&,WjihbVgfj‚h!-WjihZcXV^hh‚h
AZhBdc‚\VhfjZhhdciYdcXeg‚kZcjh# E^g‚ZZiaZ9Zedgi^kdAV8dgd\cZ# a¼>ciZgB^aVcbV^hYZkVciaZ;8KVaZcXZ!(Z YZkVciBVcX]ZhiZgJc^iZY!edjgiVci[Vkdg^#

&-;wKG>:G'%%*
&*

D8@;876G8:ADC:·8=:AH:6;8
BZgXgZY^'([‚kg^Zg·HiVYZYjCdj8Vbe'%])*
G67>=BD<=G67>$<:IIN$6;E
BVgY^!VjhiVYZDanbe^fjZYZBjc^X]!7^mZciZA^oVgVojYZkgV^i
[„iZghdc**ZbViX]ZcA^\jZYZhX]Vbe^dch#:c[^cXdccV^hhZjg!
^aeVhhZZcgZkjZaZhiZgg^WaZhYjZahYZXZh&$-YZ[^cVaZ#

B6C8=:HI:GJC>I:9·B>A6C68
BZgXgZY^'([‚kg^Zg·HiVYZDaYIgV[[dgY'%])*
;8EDGID·>CI:GB>A6C
BZgXgZY^'([‚kg^Zg·HiVYZYj9gV\dc'%])*

8]ZahZVc¼VeVhaVXjaijgZYZh\gVcYh### BVcX]ZhiZgb¼VXdciVXi‚Zc'%%& A¼>ciZg!idjiaZXdcigV^gZY¼jcXajWhiVWaZ


8¼ZhiaZX]dXYZYZjmhinaZhigƒhY^[[‚gZcih#?dh‚Bdjg^c]d! BVcX]ZhiZgJc^iZY!X¼Zhi‚cdgbZYVchaVXjaijgZYj[ddiWVaa 7ZVjXdjeYZ\Zchh¼^ciZggd\ZcihjgaV[dgbZVXijZaaZYj
a¼ZcigVˆcZjgYZ8]ZahZV!ZhiigƒhViiVX]‚VjmYdcc‚ZhiVXi^fjZh Zjgde‚Zc#²idjhaZhc^kZVjm#8¼ZhijcZk‚g^iVWaZZcigZeg^hZ#:i ;8Edgid#KdjhhVkZo!idjhaZhXajWhXdccV^hhZciYZh
Y¼jcbViX]!Vadghfj¼Vj;87VgXZadcZ^anVjcZ\gVcYZXjaijgZYj_Zj#AZh XZc¼ZhieVheVgXZfj¼^ahhdcibd^chW^ZcZc8djeZY¼:jgdeZYZej^h eVhhV\Zh|k^YZ#?ZhV^hfjZEdgidVZjYZ\gdhegdWaƒbZhZce]VhZ
8ViVaVchYdccZciidj_djghaVeg^dg^i‚|a¼d[[Zch^kZ#EVgXdcigZ!aZhnhiƒbZ fjZafjZhVcc‚Zhfj¼^ahcZhdcieajhg^Zc#?¼V^‚i‚!_jhiZbZci!Zc YZedjaZ#CdiVbbZciXdcigZaZEVg^h"H<fj^Vg‚jhh^|egZcYgZ
YZ_ZjYZ8]ZahZVZhieg^cX^eVaZbZciWVh‚hjgaVY‚[ZchZ#8¼ZhijcZ XdciVXiVkZXBVcX]ZhiZgJc^iZYZc'%%&#BV^h_¼V^[^cVaZbZcieg‚[‚g‚ )ed^cihhjg+edhh^WaZh[VXZVjmEdgij\V^h#BV^hX]Vc\Zghdc
‚fj^eZW‚idc!igƒhY‚[Zch^kZ#8¼ZhiXdbbZVfjZBdjg^c]dVg‚jhh^ gZhiZgVj7VnZgc#:i_ZcZaZgZ\gZiiZeVh#BVcX]ZhiZg!Vb¼VjgV^i ZcigVˆcZjgZcXdjghYZhV^hdc!K^Xidg;ZgcVcYZo!_jhiZVkVciXZh
|Y‚_djZgVkZXEdgididjhhZhVYkZghV^gZha¼VceVhh‚#:ceVgaVciYZ h’gZbZcieaj#8ZeZcYVci!VkZXaZgZXja!_ZbZY^hfjZaVhdaji^dcYj &$-YZ[^cVaZ!XZc¼ZhieVhWdch^\cZ#8dbbZaZB^aVc68!_Zc¼V^
7VgXZadcZ!_Zi^Zch|h^\cVaZgfjZedjgbd^aZX]Vbe^dccViZheV\cdaZhi 7VnZgcV‚i‚aVeajhZcg^X]^hhVciZ#?¼V^ejb¼‚eVcdj^gXdbeaƒiZbZci _VbV^h_dj‚XdcigZa¼>ciZgB^aVcZcA^\jZYZhX]Vbe^dch#AZegdWaƒbZ
XZgiV^cZbZciaZeajhgZaZk‚Y¼:jgdeZ#8]ZahZV48¼ZhijcXajW_ZjcZZc Zc7Vk^ƒgZAZB^aVc684?Zc¼V^eVhaZhdjkZc^gY¼Vkd^g_dj‚!ZcA^\jZ bV_ZjgYZa¼>ciZgg‚h^YZYVchaZ[V^ifjZhZhY^g^\ZVcihX]VbWdjaZci
A^\jZYZhX]Vbe^dch#Fj^c¼VeVhjcZ\gVcYZ]^hid^gZ#EVgXdcigZ!VkZX YZhX]Vbe^dch!XdcigZXZiiZ‚fj^eZ°>anVW^Zch’g6cYgZ‰ idjhaZhVchaVbd^i^‚YZa¼‚fj^eZ#EdjgiVci!edjgXdchigj^gZjc\gVcY
aZhbdnZchYZhdceg‚h^YZci!6WgVbdk^iX]!8]ZahZVh¼ZhiW}i^jcZ‚cdgbZ H]ZkX]Zc`d!jcYZheajh\gVcYhViiVfjVcihY¼:jgdeZVkZXI]^Zggn XajWYZ[ddiWVaa!^a[VjiYZaVhiVW^a^i‚#>a[VjiVkd^gjcZa^\cZYZ
‚fj^eZZcigd^hhZXdcYZh#BV^hZaaZc¼VeVhaVXjaijgZYZh\gVcYh#Hjg =Zcgn#?¼V^Vjhh^jcegd[dcYgZheZXiedjgEVdadBVaY^c^#>aegdjkZ XdcYj^iZ#H^ijX]Vc\ZhY¼Vk^hidjiZhaZhYZjmb^cjiZh!h^ijX]Vc\Zh
XZiiZgZcXdcigZ!_Zc¼V^eVh[gVcX]ZbZciYZeg‚[‚gZcXZ°BV^h_djZg fj¼dceZjigZhiZgeZg[dgbVcibVa\g‚jcXZgiV^c}\ZPW^Zcii(,Vch! idcZcigVˆcZjgZiidc‚fj^eZZceZgbVcZcXZ!VcZeZjieVh
XdcigZ8]ZahZVZcXZbdbZci!XZc¼ZhieVhjcXVYZVj# cYagR#8ZaVbZgVeeZaaZfjZafj¼jcg^gZh [dcXi^dccZg#KdjhhVkZo!a¼^chiVW^a^i‚c¼V^YZeVhaVeZg[dgbVcXZ#

8ajWXdbW^Zc C¼V_VbV^h^chXg^ihdc '[d^hkV^cfjZjgZc +[d^hkV^cfjZjgZc AZX]Vbe^dcY¼:jgdeZ KV^cfjZjgZc&.+)Zi


bni]^fjZ!aZ7VgV cdbVjeVabVgƒhYZ &.+-Zi&...#BJV A^\jZYZhX]Vbe^dch# hdgiVciVXdccjjc&Zg &.+*#A¼>ciZgB^aVcV
c¼VgZbedgi‚fj¼jcZ aV8&#8]ZahZVV VX]Zk‚aZ&ZgidjgYj 6iZgb^c‚Zci„iZYj idjgigƒhY^[[^X^aZ#AZ iZgb^c‚&ZgYj\gdjeZ
hZjaZ[d^haVA^\jZYZh iZgb^c‚&ZgYj\gdjeZ \gdjeZ9YZgg^ƒgZa¼DA&&eih! \gdjeZ;&(eih!)k#!&c#!&Y# ;8EdgidViZgb^c‚'Z\gdjeZ <&)eih!)k#!'c#YZkVciaZh
X]Vbe^dch#8¼‚iV^iZc&..'### =&(eih!)k#!&c#!&Y## (k#!'c#!&Y## YZkVciaZ;87VgXZadcZ# =VkZXhZjaZbZci-eih 6aaZbVcYhYjLZgYZg7g„bZ#

FHEFEIH;9K;?BB?IF7HB?ED;BL;BB7

&-;wKG>:G'%%*
&+ 8=6AA:C<:;DDI76AA

(*

?#7#6JI>HH>:G$;:E$E6CDG6B>8
YZhEVg^h^Zch ;DJGC>:G!A:E6G>H<6<C6CI
kdiZciEVjaAZ<jZc BWkh[dj<ekhd_[h" l[hibWhƒZ[cfj_ed$
*&Wdi"Y^Wcf_edZ[ ¯>aVVbZc‚YZh
8¼ZhiaZedjgXZciV\ZYZ;gVcX^a^Zch <hWdY['//*[j X]dhZhcdjkZaaZhVjm
VnVcig‚edcYjVjmfjZhi^dch
Z½;khef[[d'//, ZcigVˆcZbZcih!
fj^ea‚W^hX^iZciEVjaAZ<jZc
Wl[Yb[FI=" iekb_]d[@ƒhŽc[
XdbbZa¼ZcigVˆcZjg'%%*"'%%+
YjEVg^h"H<# h[fhƒi[dj[kd[ 7bedpe"b[]WhZ_[d
]ƒdƒhWj_edgk_Wjekj Z[XkjfWh_i_[d$
]W]dƒiekib[cW_bbej AVhZbV^cZfj^k^Zci
fWh_i_[d$IkYYƒZWdj} YZh¼‚XdjaZgV‚i‚eajh
>Wb_b^eZp_Y"_b[dj[dZ Xdda#AZhg‚jc^dch
h[ijWkh[hbW VkZXaj^YjgZci
Yed\_WdY[Wki[_d &%b^cjiZhfjVcY
Z½kd]hekf[ ZaaZhYjgV^Zci
cehWb[c[djWjj[_dj$ *%b^cjiZhVkZXKV]^Y#
6A6>CBDJC>8$;:E$E6CDG6B>8

BWl_Yje_h[[d9ekf[ 8ZhjXXƒhXdcigZ
Z[<hWdY[\WY[} 7dgYZVjmXdchi^ijZ
8ehZ[Wkn)#'W$f$" jck‚g^iVWaZX]dX

HDC96<::M8AJH>; [ijkdfh[c_[hfWi ehnX]dad\^fjZ°B$L$

FJ:A8D68=6JEH<4 '&))&&&
Hedgikdjhg‚kƒaZaZg‚hjaiViY¼jcZZcfj„iZbZc‚ZVjegƒhYZh]VW^iVcihY¼ÐaZ"YZ" Bw8ÎC:H
&.YZhhdcY‚hhdcieg„ih|eVgi^X^eZg
;gVcXZ#AZEH<Yd^iXdbeiZgVkZXa¼Vk^hYZhEVg^h^Zch!fj^g‚XaVbZcihdcgZidjgVjide ÃcVcX^ƒgZbZci|jcZhdjhXg^ei^dc
YZhi^c‚Z|®bdciZgjcZ\gVcYZ‚fj^eZ

’
:cfj„iZg‚Va^h‚ZeVgIch ²a¼]ZjgZd‘aZEVg^h"H<k^ia¼jcZYZh 8Vgadh7^VcX]^&!VcX^ZcWjiZjgYZaVÃcYZh VjEH<¯#
9^gZXiaZ&%[‚kg^Zg'%%* e‚g^dYZhaZheajh^cXZgiV^cZhYZhdc Vcc‚Zh,%ZiX]djX]djYZ°9Vc^Za=ZX]iZg#

,-
edjgaZbV\Vo^cZHedgi ]^hid^gZ!aZhdcYV\Zg‚Va^h‚edjgHedgieVg 6jigZg‚k‚aVi^dcYZXZhdcYV\Z/&.YZh
VjegƒhY¼jc‚X]Vci^aadc Ich9^gZXig‚kƒaZfjZaZhEVg^h^Zchg‚XaVbZciEVja eZghdccZh^ciZggd\‚Zhhdcieg„iZh|kZghZgZcigZ
YZ(%%eZghdccZh AZ<jZcVjedhiZY¼ZcigVˆcZjgYjEH<aVhV^hdc &%æZi&%%æedjgeVgi^X^eZgÃcVcX^ƒgZbZciVj
gZeg‚hZciVi^kZhYZ egdX]V^cZ#:ck^gdcjcfjVgiYZheZghdccZh bdciV\ZY¼jcZ\gVcYZ‚fj^eZVjEH<#8ZhdciaZh
a¼ZchZbWaZYZaVedejaVi^dc ^ciZggd\‚Zh')ZcÐaZ"YZ";gVcXZea‚W^hX^iZci _ZjcZh&*"')VchZiaZhfj^cfjV\‚cV^gZh*%"
}\‚ZYZ&*VchZieajh
g‚h^YVciZcÑaZ"YZ";gVcXZ!
aZgZidjgYZa¼VXijZaiZX]c^X^ZcYZa¼Danbe^fjZ
AndccV^hYVchjcXajWd‘^aV_dj‚ZcigZ&..&Zi
+)Vch!fj^bZiiZciZchZbWaZaVbV^c|aVedX]Z
*+#JcZVaa^VcXZYZbdnZchfj^gZhhZbWaZ|aV
9:HIG6IÎ<:H
+,YZh]VW^iVcihY¼ÐaZ"YZ";gVcXZ
^ciZggd\‚ZheVgi‚a‚e]dcZ# &..-#EVjaAZ<jZcZhiY‚h^\c‚eVg)+YZh [d^hVjmVWdcc‚hY¼6jiZj^aZiVjm]VW^ij‚hYZhad\Zh V[ÃgbZcikdjad^gVYdeiZgedjgaZEH<jcZ
B‚i]dYZYZhfjdiVhhZmZ! ®he‚X^Va^hiZh¯·XZjmfj^hj^kZci®igƒhhdjkZci¯ YjEVgXYZhEg^cXZh#GVeedgi‚h|aVedejaVi^dc ®higVi‚\^ZgV^hdccVWaZ¯Zi®b^hZghjg
}\Z!egd[Zhh^dcYjX]Z[ a¼VXijVa^i‚[ddiWVaa^hi^fjZ·XdbbZaZjgX]d^mc•&# Y¼ÐaZ"YZ";gVcXZ![dgiZYZeajhYZ&&b^aa^dch YZhg‚hjaiVih|bdnZckd^gZadc\iZgbZ¯#
YZb‚cV\ZE8H# >aYZkVcXZ9^Y^Zg9ZhX]Vbeh&-!fj^_dj^iY¼jcZ Y¼]VW^iVcih!XZh&.Xdchi^ijZcijcWVhh^c

,*
^bedgiVciZedejaVg^i‚VjegƒhYZh[ZbbZh'.# ediZci^ZaYZ&%((%%%hdjhXg^eiZjghedjgaZEH<#
GZigdjkZoaZhg‚hjaiVihXdbeaZih ?ZVcI^\VcV&(ZiAVjgZci7aVcX&'! HjgaVWVhZbdnZccZYZ*%æeVghdjhXg^eiZjg!
YjhdcYV\Zhjg[gZZhedgi#[g
egdedh‚hVjedhiZYZh‚aZXi^dccZjgcVi^dcVa aZEH<edjggV^iZhe‚gZggZXjZ^aa^g)'Bæ#JcWjY\Zi
Zc_j^aaZi'%%)!hj^kZcijceZjeajhad^c#Aj^h gZXgjiZbZcifjVh^‚fj^kVaZciVjmWjY\Zih
;ZgcVcYZo!aj^!c¼VeeVgVˆifjZeajhWVh-! eg‚k^h^dccZah'%%)"'%%*YZAZchdjYZ7dgYZVjm#
ZcXdbeV\c^ZYZhZhVcX^Zch_djZjgh!Vadgh
Xd‚fj^e^ZghYZAZ<jZc/aZ7g‚h^a^ZcGV‰+!
JcZbVccZfj^eZgbZiigV^iYZÃcVcXZg!eVg
ZmZbeaZ!aZgZidjgYje]‚cdbƒcZ9^Y^Zg9gd\WV
9:8=DFJwH
+)YZheZghdccZh^ciZggd\‚Zh
AVjgZci;djgc^Zg*!cdbb‚aZ.[‚kg^ZgYZgc^Zg ZcG‚\^dceVg^h^ZccZ!a|d‘^aVY‚Wji‚#Edjg XdcYVbcZcia¼Vii^ijYZVXijZaaZYZh
|aVi„iZYZhegdhYjEH<'%%*!Zi7ZgcVgYAVbV b‚bd^gZ!XZaj^"X^VkV^i‚i‚VX]Zi‚a¼‚i‚YZgc^Zg| \gdjeZhdg\Vc^h‚hYZhjeedgiZghYj
)!a¼VcX^ZcXVe^iV^cZYZaV\gVcYZ‚edfjZ# a¼DBeVg8]ZahZVedjgjcbdciVciYZ(,!*Bæ°N EH<#>ah_j\ZciaZjgXdbedgiZbZci
²cdiZg!a¼‚idccVciZYZgc^ƒgZeaVXZYZa¼6g\Zci^c B7KH;DJBEKÎJ;JB?ED;BL;BB7 VjEVgXYZhEg^cXZh®^cVYb^hh^WaZ¯#

&-;wKG>:G'%%*
HEDGIH:9wKD>A:

A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 :


L L L# ; G : : H E D G I# ; G

CDJK:A:heVXZ8dgedgViZ

Eajhg^X]Z
Eajh^ciZgVXi^[
Eajh\aVbdjg
EajhHedgi

lll#[gZZhedgi#[g
&- 8=6AA:C<:GJ<7N

6j7dVgY!aZhk^Zjm
eZchZcifjZ_ZkZjm
aZjge^fjZgaZedjkd^g
HZg\Z7aVcXd
AZeg‚h^YZci[dcYViZjgYZaVA^\jZcVi^dcVaZYZ
gj\WnZhiZcXdgZeaZ^cYZWdccZh^Y‚ZZh#
<JN?:;;GDN$;A6H=EG:HH$9EE>

&-;wKG>:G'%%*
&.

H:G<:7A6C8D!E6IGDC9JIDE&+

E
 6HHJG9:
8DCI>CJ:G°
H¼^aWg^\jV^ijccdjkZVjbVcYVi|aVA^\jZ!a¼ZbWa‚bVi^fjZeg‚h^YZcikdjYgV^i‚iZcYgZ
hdcX]VbeY¼VXi^dc#A¼^ciZgcVi^dcVa^hVi^dcYjbdYƒaZegd[gVcV^h!fj¼^aVY‚kZadee‚!
aZbdi^kZeajhfjZidji#Fj^iiZ|hZ[V^gZYZh^c^b^i^‚h|a¼>ciZgcVi^dcVaGj\Wn7dVgY°

’
9Zej^h&..-!YViZYZhdc‚aZXi^dc|aVi„iZ egdhZiaZh[‚Y‚gVi^dch!gZhedchVWaZhYZh‚fj^eZh Xd]‚gZciZi‚fj^iVWaZ#²a¼>G7!fjVcYaZhk^Zjm
YZaVA^\jZcVi^dcVaZYZgj\WnACG! cVi^dcVaZh#®EdjgfjZcdigZhnhiƒbZegd[Zhh^dccZa Y^g^\ZVcihhdgiZciY¼jcWdcgZeVhZiZciZcYZciV!
>I>CwG6>G: HZg\Z7aVcXdVY^bZch^dcc‚aZgaZ Xdci^cjZY¼‚kdajZg!hdja^\cZHZg\Z7aVcXd!^a[Vji ^ahY^hZci/¹>akZjicdjhe^fjZgaZedjkd^g!XZaj^"a|º#
HZg\Z7aVcXd YZeg‚h^YZci|hVXVggjgZ#EVgXdck^Xi^dc#EVgXZ fj¼^anV^ijcZ]Vgbdc^hVi^dcVjc^kZVjbdcY^Va#¯ BV^h!bd^!XZfjZ_ZkZjmhjgidji!X¼Zhi]Vgbdc^hZg
C‚aZ(&Vd’i&.*-|8VgVXVh fjZaZgj\Wnegd[Zhh^dccZa^bedhV^iYZidjgcZg HZg\Z7aVcXdaVcXZgV^i"^ajcZe^ZggZYVchaZ_VgY^c a¼ZchZbWaZ#¯
KZcZojZaV Y‚Ãc^i^kZbZciaVeV\ZYj®gj\Wn"XVhhdjaZi¯!edjg YZ7ZgcVgYAVeVhhZi!bZbWgZYZa¼>G74>aZhi^bZ ;^YƒaZ|hZhb‚i]dYZh!HZg\Z7aVcXdhZedhZ
BVg^‚·&Zc[Vci Zhe‚gZgh‚Yj^gZhedchdghZiVccdcXZjgh#HZeiVch _jhiZfjZaZhXdbe‚iZcXZhfj¼^aVY‚kZadee‚ZhVj ZcXdcX^a^ViZjg#¹DccZhZgZ[V^ieVh!XdcXaji"^a#
K^i|7^Vgg^io eajhiVgY!aZg‚hjaiViZhiXaV^g#HZg\Z7aVcXdZhijc hZ^cYZheVg[d^hijgWjaZciZh[Vb^aaZhYjgj\Wn ?ZXdci^cjZgV^YdcXYVchXZiiZkd^Zh^_ZbZeg‚hZciZ
eg‚h^YZciYZaVACGhVi^h[V^iZigZXdccjY¼ji^a^i‚ [gVcV^heZjkZciigdjkZgjc‚X]dVjc^kZVj ZcbVghXdbbZXVcY^YVi|bVhjXXZhh^dcVjedhiZ
EVabVgƒh/ ejWa^fjZ/®AZgj\Wnegd[Zhh^dccZa[gVcV^hZhi bdcY^Va#®8ZfjZ_Zhdj]V^iZ!g‚edcY"^a!X¼ZhifjZ YZeg‚h^YZciYZaVACG#BV^hbZhV[[V^gZh
.(h‚aZXi^dchVkZXaZMKYZ Vj_djgY¼]j^hjgaZhWdchgV^ah!Zmea^fjZ"i"^a#IdjiV aZgj\Wn[gVcV^h!Zjgde‚ZcdjbdcY^Vahd^iXVeVWaZ eZghdccZaaZhbZegZccZciYZeajhZceajhYZiZbeh#
;gVcXZ#'((ed^cihbVgfj‚h ‚kdaj‚#AV[dgbjaZYj8]Vbe^dccViZhieVhh‚Z| YZg‚Xje‚gZg‚fj^iVWaZbZcijcZbVccZÄcVcX^ƒgZ! ?ZcZhj^heVhh’gYZedjkd^gXdci^cjZg°ºN
Ydci(-ZhhV^h# &+XajWh#>ahhZgdciW^Zcii&)#AZhgZaVi^dchVkZXcdh ZifjZXZaVhZ[VhhZYVchaZXVYgZY¼jcXVaZcYg^Zg B7KH;DJBEKÎJ
eVgiZcV^gZhhZhdciVb‚a^dg‚Zh#AZWjY\ZiYZaVACG
'%%(/‚ajedjgjccdjkZVj Vkd^h^cZ(*b^aa^dchæXZiiZhV^hdc#?ZkdjaV^hfjZaV
bVcYViYZ'Vch|aV
;gVcXZhd^iaZegZb^ZgeVnh|Y‚bdcigZgfjZaZgj\Wn
eg‚h^YZcXZYZaVACG#
egdedjkV^iZm^hiZg!ZiYjgZgYVchaZiZbeh#8¼Zhi[V^i#

6< C : G  
6<
AZh6c\aV^hhdci|hd^mVciZ‚iV\ZhZcYZhhdjh¯
&..-/egZb^Zgeg‚h^YZciYZaV
A^\jZcVi^dcVaZYZgj\WnACG!
ZcX]Vg\ZYZegd[Zhh^dccVa^hZg
¹AV;gVcXZXdbeiZYVchaZgj\Wnegdº
aZ8]Vbe^dccViYZ;gVcXZ#
AZbdYƒaZ[gVcV^hh¼Zhi^bedh‚#8ZiiZhV^hdc!
aZh‚Yj^hVciIde&+jcZedjaZjc^fjZVkZXYZh
)*?:JM
bViX]ZhVaaZgZigZidjgVegdejah‚aZgj\WnXdbbZ
&..(/egZcYhVgZigV^iZ
YZ_djZjgVegƒhjcZ[^cVaZ hedgiXdaaZXi^[c•'|aVi‚a‚k^h^dc#JcZZmedh^i^dc
fj^Vii^gZidj_djgheajhYZbdcYZYVchaZhhiVYZh#
H@>G68>C<'%%*
Yj8]Vbe^dccVieZgYjZVkZX
7^Vgg^io!hdcXajWYZidj_djgh!
XdcigZIdjadc#
®AZX]d^mYZ8VcVa XdbbZY^[[jhZjgV‚i‚Xg^i^fj‚!
gZegZcYHZg\Z7aVcXd#>aVY’„igZZmea^fj‚Zi_jhi^Ă#
hjgEaVnHiVi^dc ' œ ž

6j_djgY¼]j^!X]VXjcgZXdccVˆifjZaVX]VˆcZVYdcc‚
&.-%/&gZh‚aZXi^dcVkZXaZMKYZ hZhaZiigZhYZcdWaZhhZVjIde&+#¯
;gVcXZ[VXZ|a¼6[g^fjZYjHjY# AV;gVcXZZhiYZkZcjZjcZ[dgXZfj^XdbeiZ
hjga¼‚X]^fj^ZgbdcY^VaYjgj\Wnegd[Zhh^dccZa#
8dchX^ZciYZa¼VkVcXZVXXjbja‚Z!HZg\Z7aVcXd H@>G68>C<'%%*'%%)?dLdd9K^ZccV#6aag^\]ihgZhZgkZY#9ZkZadeZYWn8daYlddYVcYejWa^h]ZYWn?dLdd9Egd"
YjXi^dchHd[ilVgZ6<!IZX]cdad\^ZeVg`)V!6"-,-+GdiiZcbVcc!6jhig^V#?DLDD9VcYi]Z?DLDD9ad\dVgZgZ\^hiZgZY
hdc\ZVj_djgY¼]j^|^ciZgcVi^dcVa^hZgaZbdYƒaZ igVYZbVg`h d[ ?DLDD9 EgdYjXi^dch# EaVnHiVi^dc VcY i]Z ®EH¯ ;Vb^an ad\d VcY cVbZ VgZ gZ\^hiZgZY igVYZbVg`h d[
Hdcn8dbejiZg:ciZgiV^cbZci>cX#CdW^a^hVcYCdW^a^had\dVgZgZ\^hiZgZYigVYZbVg`hd[CdW^a^hH6#6aadi]ZgWgVcYh!
egdYjXi cVbZh VcY ad\dh VgZ igVYZbVg`h dg gZ\^hiZgZY igVYZbVg`h d[ i]Z^g gZheZXi^kZ dlcZgh# 6aa g^\]ih gZhZgkZY#
[gVcV^h#®A¼>G7\ƒgZaZgj\WnXdbbZVjiZbeh
YZa¼VbViZjg^hbZ!gZegZcYaZeg‚h^YZciYZaVA^\jZ
[gVcV^hZ#Dg!VkZXaZegd[Zhh^dccVa^hbZ!dccZ
eZjieVh[V^gZc¼^bedgiZfjd^#CZhZgV^i"XZfj¼Zc
:CKDN:OHCDL6J  
?Zj\gVij^ihVchdWa^\Vi^dcY¼VX]Vidg\Vc^h‚eVgaVhdX^‚i‚Hedgi&+!gjZG^kVn.'(%%AZkVaad^h"EZggZi!kVaVWaZZc;gVcXZb‚igdeda^iV^cZYj&-Vj')[‚kg^Zg'%%*!g‚hZgk‚|idjiZeZghdccZbV_ZjgZhVj[eVgiZcV^gZhdjhdX^‚i‚dg\Vc^hVig^XZ#B^cZjgh
iZgbZYZYgd^iYjigVkV^a!eVgZmZbeaZ#¯ /YZbVcYZoa¼Vjidg^hVi^dc|kdheVgZcih#EdjgeVgi^X^eZg/ZckdnZoHCDLeVgHBHVj,&%&%%!*%æII8$Zckd^ eg^mYjHBH#AZh\V\cVcihhZgdciY‚h^\c‚hZc[dcXi^dcYjgVc\Y¼Zckd^YZaZjgbZhhV\Z#9diVi^dch/&_Zjk^Y‚d=ZgbVcc
BV^ZgH`^GVX^c\'%%*Y¼jcZkVaZjgYZ).!..æII8)*adihb^hZc_Zj#;gV^hYZeVgi^X^eVi^dcgZbWdjgh‚hVjmXdcY^i^dcheg‚kjZhYVchaZgƒ\aZbZci#AZgƒ\aZbZciXdbeaZiYj_ZjZhiY‚edh‚X]ZobVˆigZBdciVcZ!]j^hh^ZgYZ_jhi^XZ!'W^h
9ZhiZch^dchYVcha¼‚aVWdgVi^dcYZhXVaZcYg^Zgh gjZ7VnVgY!(&%%%IdjadjhZ#Gƒ\aZbZciVYgZhh‚\gVij^iZbZcieVgXdjgg^Zg|idjiZeZghdccZZc[V^hVciaVYZbVcYZ|Eajg^bZY^V·®?:J=ZgbVccBV^ZgH`^GVX^c\'%%*HEDGI;G::¯!&&gjZYZ8VbWgV^!,*.)*EVg^h8ZYZm&.;gVcXZ#
EdjgidjiZg‚XaVbVi^dc!ZckdnZoaZbdi8DCI68IeVgHBHVj,&%&%%!*%æII8$Zckd^ eg^mYjHBH#8dc[dgb‚bZci|aVad^!kdjhY^hedhZoY¼jcYgd^iY¼VXXƒh!YZgZXi^ÄXVi^dcZiYZhjeegZhh^dcYZhYdcc‚Zhcdb^cVi^kZhkdjhXdcXZgcVci#
cVi^dcVjmZi^ciZgcVi^dcVjmcV^hhZciZcigZaZhXajWh

&-;wKG>:G'%%*
'% DBC>HEDGIH:C7G:;

C6I6I>DC k^aaZhh¼‚iV^ZciVadghedgi‚Zh IwAwK>H>DC
HEDGI6AI:GC6I>; CEDJHx7B;D XVcY^YViZh/7Zga^c!6i]ƒcZh EBC;J7:HE?J
;7KNJHEK8B;I ZiBdhXdj#8g^i^fj‚YZidjiZh :7DII;I8EJJ;I

A:?DG@N76AA A¼Viig^Wji^dcYZhegdX]V^ch
8]Vbe^dccVihYjbdcYZYZ
cViVi^dcVidjiY¼jcZ]^hid^gZ
eVgih!aZY^gZXiZjg\‚c‚gVaYj
Xdb^i‚dg\Vc^hViZjghZYdccV^i
aVbdgi#BVa\g‚idji!aZbV^gZ
AVi‚a‚g‚Va^i‚a¼VYdgZZi
^aaZaj^gZcYW^Zc#KV^cfjZjg
YZ®AV;ZgbZ8‚a‚Wg^i‚h¯
9VchaV[Vb^aaZYZh Y^[[‚gZcXZ#AV;‚Y‚gVi^dc
`V[`V‰ZccZ#9‚h^\c‚ZYƒh'%%& YZBdcig‚Vac¼VWY^fjV^ieVh a¼VcYZgc^Zg!EVhXVaDabZiV
hedgihY‚g^k‚hYj hedgi^kZYZ_dg`nWVaa
eVgaV;‚Y‚gVi^dc ZiYdccV^ib„bZYZcdjkZaaZh V‚i‚gZXgji‚eVgI;+edjg
[ddiWVaa!dcXdccV^hhV^i ;H?7gZXZchZ&*%%%
^ciZgcVi^dcVaZYZcViVi^dc \VgVci^Zh|aV;>C6# eg‚hZciZgjcZgZeg^hZZc
aZ[jihVa!aZWZVX]"hdXXZg egVi^fjVcihg‚\ja^ZghZi
djZcXdgZaZiZcc^h" dg\Vc^hZaZhXdbe‚i^i^dch ;>C6!aVk^aaZYZBdcig‚Va JcZhdgi^ZYZXZe^ƒ\Z kZgh^dc[gVcV^hZYZ
WVaadc#8¼‚iV^i[V^gZ d[[^X^ZaaZhY^heji‚ZheVg h¼‚iV^ikjgZi^gZga¼dg\Vc^hVi^dc ZcZVjmigdjWaZheVga¼VWhjgYZ ®A¼6gb‚ZYZhX‚a‚Wg^i‚h¯#
a¼^beVhhZhjgaZ Zck^gdc-%%a^XZcX^‚h# |aVb^"_Vck^Zg![VjiZYZ ej^hfjZaZhBdcY^VjmVjgdci DjeajiiYZ®8ZaZWg^in7ddi

?#86JK>C$I;+
_dg`nWVaa#>ckZci‚Zc 8dcXZcig‚ZYVchaZhjY \VgVci^Zh[^cVcX^ƒgZh [^cVaZbZcia^Zj|Bdcig‚Va! 8Vbe¯Y^[[jh‚VjmwiVih"
;gVcXZVjY‚WjiYZh YZaV;gVcXZ!a¼‚a^iZYj hj[[^hVciZh#Igd^hVjigZh Yj&,Vj(&_j^aaZiegdX]V^c# Jc^hhjg;dmIK#6jXVhi^c\
Vcc‚Zh.%!aZ_dg`nWVaa _dg`nWVaagZ\gdjeZ
Zhijc®b^m¯ZcigZ +XajWhYdciBdcieZaa^Zg!
[ddiWVaa!hfjVh]Zi X]Vbe^dcYZ;gVcXZ
W^aaVgY#9Zjm‚fj^eZhYZ Zci^igZ!Zi6k^\cdc!
'_djZjghh¼V[[gdciZci X]Vbe^dcY¼:jgdeZ'%%(#
WVaaZVje^ZYhjgjc 9ZcdbWgZjmXajWhhZ
iZggV^cZc\Vodc hdciVjhh^Xg‚‚hZc
hnci]‚i^fjZ&%bm*b G‚\^dceVg^h^ZccZ#
hjgaZfjZaaZh ®EdjghZY‚kZadeeZgZi
Y‚eaVXZbZcihYZ hZhigjXijgZg!aZ_dg`nWVaa
a¼ViiVfjVciZiYj Yd^i„igZgZXdccjeVgaZ
Y‚[ZchZjghdci b^c^hiƒgZYZhHedgihZi
g‚\aZbZci‚h#H^aV X¼ZhiedjgXZaVfj¼jc
iZX]c^fjZYj[ddiWVaaZjg gVeegdX]ZbZciVkZXaV
Zia¼Zmeadh^k^i‚Yj ;‚Y‚gVi^dc[gVcV^hZYZ
hfjVh]Zjghdci [ddiWVaaZhiZcXdjgh¯!
^cY^heZchVWaZh!aZhXdjeh Zmea^fjZ7gjcdEVda^!
YZW^aaVgY|igd^hWVcYZh eg‚h^YZciYZaV;H?7#
VkZXaZheVgd^hZiaZ[^aZi HED7D<EB=E7I
ZiaZhZchYjeaVXZbZci A^hiZYZhXajWhhjg
[dcihdjkZciaV lll#[h_W#cZi

AZ_ZjdeedhZ'‚fj^eZhYZ'_djZjghjcViiVfjVciZijcY‚[ZchZjg
fj^^ckZghZciaZjghgaZh|X]VfjZcdjkZVjhZi#

AZWVaadc!gZXdjkZgiYZ[Zjig^cZ! 
8djgiYZ?dg`nWVaa Yd^iidj_djgh„igZZcbdjkZbZci#

eajheZi^ifj¼jc &)Xb
(!*%b

WVaadcYZ]VcYWVaa
OdcZ
AZhWjih YZY‚[ZchZ
;^aZi|jcZ]VjiZjg
YZ(!*%b
&b
&b

A^\cZ
YZXdje
[gVcX
A^\cZ
YZeZcVain
L6<
&%
b

I:CC>H XZhV[[^X]ZhVjIZcc^hZjb! 76H@:I"76AA


HEB7D:#=7HHEI aZbjh‚ZYZGdaVcY"<Vggdh# B;<79J;KHI½;DL7
*b

EVgd^h ³B½7<<?9>; 6j[^aYjiZbeh!YZ\gVcYh AZk‚i‚gVc@VgaBVadcZ


ZcEaZm^\aVh
8]VfjZVcc‚ZYZej^h&.-%! cdbhYZa¼VgiXdciZbedgV^c )&Vch!hjgcdbb‚®I]Z
aV;‚Y‚gVi^dc[gVcV^hZYZ dciedh‚aZjg\g^[[ZXdbbZ bV^abVc¯!egZcYhVgZigV^iZ
iZcc^hXdc[^ZaVg‚Va^hVi^dcYZ ?dVcB^g‹!6cidc^I|e^Zhdj Vegƒh&-hV^hdchVjmJiV]?Voo
AZbViX]/(hZih\V\cVcihYZ,Wjih#6jX^cfj^ƒbZhZi!jc‚XVgiYZ
'WjihZhic‚XZhhV^gZ# a¼V[[^X]ZYZh>ciZgcVi^dcVjm ?VjbZEaZchV#9‚X^Y‚bZci! ZijcZYZgc^ƒgZVkZXaZh
YZ;gVcXZ|jcVgi^hiZ aViZggZYZGdaVcY"<Vggdh AV`Zgh!ZciVX]‚ZeVgjcZ
AZY‚[ZchZjgV,hZXdcYZhedjghdgi^gYZhVodcZY¼Zc\V\ZbZciZicZeZji XdciZbedgV^c#9Zej^haZ ^che^gZaZh:heV\cdah# WaZhhjgZVj\Zcdj#6kZX
Y‚eVhhZgaVa^\cZb‚Y^VcZfjZh¼^aVaZXdcigaZYjWVaadc#9VchXZXVh!
&%[‚kg^Zg!a¼Zmedh^i^dc (+.'-eih^chXg^ihZcC76!
^acZeZjiVaaZgVj"YZa|YZaVa^\cZYZeZcVainVYkZghZ# Bjh‚ZYZGdaVcY"<Vggdh!
®'*VchY¼VgiXdciZbedgV^c '!VkZcjZ<dgYdc"7ZccZii BVadcZ[^\jgZVj'ZgVc\YZh
A¼ViiVfjVcieZjihZY‚eaVXZgeVgidjihjgaZiZggV^chVj[YVchaZhYZjm |GdaVcY"<Vggdh¯egdedhZ EVg^h!&+Z! bZ^aaZjghbVgfjZjghYZgg^ƒgZ
odcZhYZY‚[ZchZ# jcZg‚igdheZXi^kZ^c‚Y^iZYZ @VgZZb6WYja"?VWWVg#
;;I

i‚a#/%&),)()-)-#

&-;wKG>:G'%%*
'&
YZXZiiZ‚b^hh^dcidjgc‚Z ;DDI76AA Y‚[ZchZjg#JcZeg^hZYZedh^i^dc hje‚g^ZjgZYZXdbbZgXZYZ 76H@:IJH!'&;wKG>:G!']%*HJG86C6A
YVchaZY‚hZgiXVa^[dgc^Zc! :EC;D;9>JHÏI fj^^ciZgk^ZciVadghfjZ GZccZh!aVXdjghZgVhhZbWaZ
[^\jgZciAdgZcodAVbVh IODJ>xJ?GK; a¼^chiVaaVi^dcY¼jcZeZadjhZ ,%%‚ijY^VciheVgb^aZhfjZah C76/6AA"HI6G<6B:
®AZGZWZaaZ¯!aZgVeeZjg AZh‚aZXi^dccZjgYZa¼‚fj^eZYZ hnci]‚i^fjZZhiZck^hV\‚ZeVgaZ jc‚fj^eV\Za^aad^hYZ 6adghfjZaVhV^hdcg‚\ja^ƒgZZhiZciVb‚ZVjmYZjm"
8dda^ddjIgVX^7^c\]Vb!aV ;gVcXZZhi^bZfjZidjhaZh 8dchdgi^jbYjHiVYZYZ;gVcXZ# a¼VhhdX^Vi^dc)6^aZhZijc8¶jg# i^Zgh!aZh‚id^aZhYZX]VfjZXdc[‚gZcXZ:hiZiDjZhi
WZaaZ‚edjbdc‚ZY¼®6aZgiZ XajWhYZ;gVcXZ®YZkgV^ZciVkd^g :ceajhY¼VX]Zb^cZgYZh hZgZigdjkZciaZ'%[‚kg^Zg|9ZckZg#JcXVhi^c\YZ6aa"
|BVa^Wj¯#A¼VcX^Zc\VgY^Zc jciZggV^chnci]‚i^fjZ¯fj^ [djgc^ijgZhhXdaV^gZhZiYZh HiVg!X¼ZhiYZjmDXZVc¼hIlZakZhjgjcb„bZeVgfjZi
YZWjibVghZ^aaV^hZiandccV^h eZgbZi®YZh¼ZcigVˆcZgidjiZ 6JIDBD7>A: k„iZbZcihedjgaZhZc[VcihYj ZiaZ\gVi^cYZ=daanlddYZcig^WjcZ#IgVch[‚g‚a¼‚i‚
VjgV^ihVchYdjiZb‚g^i‚ a¼Vcc‚Z¯#Idj_djghhZadc KD;*B;JKD9¶KH HjY"BVgdX!)6^aZhZijc8¶jg YZgc^ZgYZhAV`Zgh|B^Vb^!H]Vfj^aaZD¼CZVae]did!
Y¼„igZaZX]Z[YjXVbe# GVnbdcY9dbZcZX]!aZ AZhXdcXjggZcihYj)AIgde]n h¼ZhiZc\V\‚Z|gZkZghZghZh Xdci^cjZYZ[V^gZaVeda^XZhdjhaZheVc^Zgh#EdjghV
²Y‚[Vji!^aVhhjgZgV hnci]‚i^fjZcZY‚cVijgZeVhaV egZccZci!XZkZcYgZY^!aZ W‚c‚[^XZh|a¼VhhdX^Vi^dc &'Zh‚aZXi^dcXdch‚Xji^kZ!H]VfhZgVVhh^hi‚Y¼6aaZc
aZheaViZVjm# egVi^fjZYj[ddiWVaa#®FjVcY^a Y‚eVgiY¼jcgV^YEVg^h" B‚X‚cViX]^gjg\^ZXVgY^VfjZ >kZghdc!+%eihaZlZZ`"ZcYYZgc^ZgXdcigZDgaVcYd
®A¼6gb‚ZYZhX‚a‚Wg^i‚h¯! ZhiVggdh‚!dciVXaZYZaVb„bZ BVggV`ZX]ZcGZcVjai)A# fj^h¼dXXjeZY¼Zc[Vcih gZXdgYYZaVhV^hdcZiYZAZ7gdc?VbZh!aV_ZjcZ
I;+!&ZgbVgh|'%]*%# bVc^ƒgZ¯!eg‚X^hZa¼VcX^Zc Dg\Vc^h‚ZeVga¼wXdaZ hdj[[gVciYjX¶jg# \}X]ZiiZYZ8aZkZaVcY#<g}XZVjkdiZYZh[Vch!aZ
8]^cd^hNVdB^c\!e^kdiYZ=djhidc!V‚i‚b^hZcdgW^iZ
eVghZhXdbeVig^diZh#FjVci|IdcnEVg`Zg!ZceaZ^cZ
g‚jhh^iZVkZXaZhHejgh!^aYZkgVeVi^ZciZgjcZVcc‚Z
hjeea‚bZciV^gZedjg„igZYZaVeVgin#H$<$

A>H67AJB:C;:A9$<:IIN$6;E


;>IC:HH
B7CxJ>E:;F?B7J;I
LVdj8ajWBZY<nbegdedhZ
jcZcdjkZaaZb‚i]dYZYZ
gZc[dgXZbZcibjhXjaV^gZ
WVh‚Zhjga¼ZcX]VˆcZbZci
Y¼ZmZgX^XZh[dcY‚hhjgaV
eg‚X^h^dcYjbdjkZbZciZiaV
bVˆig^hZYZa¼Zheg^i#Idjijc
egd\gVbbZ#EdjgVaaZgVj"
YZa|YjY^hXdjghYZaV
b‚i]dYZE^aViZh!gZcYZo"kdjh
VjmLVdj8ajWhBZY<nb
6wGD@6GI

<gVcYh7djaZkVgYhZiEdgiZ
YZHƒkgZh!|EVg^h#
8=JI:A>7G:
?#D#'%&' IEK<<B;P"9½;IJ@EK;H
JHE?IDEKL;7KN:7DIB; AV(Z‚Y^i^dcYZh8]VaaZc\Zh
9BK8:;I;DJH;FH?I;I ^ciZgcVi^dcVjmYZX]jiZa^WgZ
6^g;gVcXZ!HdYZm]d ZchVaaZhZi^ZcYgVaZh'+Zi
gZhiVjgVi^dcXdaaZXi^kZZi ',[‚kg^Zg|a¼6‚gd`Vgi!|
 A:CDJK:6JEGwH>9:CI9:A6;w9wG6I>DC;G6Cv6>H:9:;DDI76AA;;; EjWa^X^h\gdjeZejWa^X^iV^gZ 6g\ZciZj^a.*#8ZXdbeaZmZ!

?:6C"E>:GG::H86A:II:H gZ_d^\cZciaZ8ajWYZh
:cigZeg^hZhEVg^h'%&'!
jc^fjZZc:jgdeZ!egdedhZaZ
eajhej^hhVcih^bjaViZjgYj
;dfh[dWdjlei\edYj_edi"gk[bb[WcX_j_ed 8djeZYZ;gVcXZ#AVA^\jZegd[Zhh^dccZaaZV
X]Vg\‚YZhdjiZc^gaV bdcYZ#9ZjmXVi‚\dg^Zhhdci
lekiWd_c[5 g‚jhh^|dWiZc^g+%%b^aa^dchY¼ZjgdheVgVc
XVcY^YVijgZYZEVg^h| Vjegd\gVbbZ/aZkdagZaVi^[|
AZ[ddiWVaaZhijcZ‚XdaZYZX^idnZccZi‚!jc VkZXaVA^\jZ&#:chZeiZbWgZ'%%*!cdjh
a¼dg\Vc^hVi^dcYZh?Zjm )KG)Zi|(KG(#6j"YZhhjh
a^ZchdX^Va!jc[VXiZjgY¼^ci‚\gVi^dc#>a[Vji Vaadch|cdigZidjgaVcXZgjcVeeZaY¼d[[gZh
danbe^fjZhZieVgVanbe^fjZh# Y¼jckZci^aViZjg\‚Vci!fj^
XdcX^a^ZgXZhkVaZjghVkZXaZhXdci^c\ZcXZh edjgaZhYgd^ihIKYZa¼‚fj^eZYZ;gVcXZ#
‚Xdcdb^fjZhYjhedgiYZ]Vjic^kZVj# Lejh[X_bWdZƒf[dZhWZ[iWhƒkii_j[$$$ AZ8ajWXdbeiZY‚hdgbV^h eZgbZiYZh‚kdaji^dchYZ
&,bZbWgZhZiVbdW^a^h‚ '¼(%¼¼!Vja^ZjYZ)*¼¼YVchaZ
?:6C7>76G9$;:E$E6CDG6B>8

Lekif[di[pZekXb[hb[ih[iiekhY[i 8¼ZhiaVgƒ\aZYj_ZjbV^h_Zhj^hXdc[^Vci#
cWha[j_d]Z[bW<<<5 6egƒhaZbViX]XdcigZaVHjƒYZ!_¼V^hZci^jc ®eajhYZ'-b^aa^dchY¼Zjgdh X^Za!a¼‚fj^eZYZ;gVcXZiZciZgV
6kZXHedgi[^kZ!cdjhXdbeidchY‚kZadeeZg cdjkZVjhdj[[aZYVchXZiiZ‚fj^eZ#B„bZ ZcXVh]ZiZckVadg^hVi^dc¯! YZY‚XgdX]ZgaZigde]‚ZZcKG)#
aZbVg`Zi^c\YZa¼‚fj^eZYZ;gVcXZZiYZaV h¼^ahcZ[dcieVhZcXdgZg„kZg#H$<$ Y¼Vegƒhhdceg‚h^YZci :chVkd^geajh/%&(%'*,&.%
6gcVjYAV\VgYƒgZ# djlll#VZgd`Vgi#[g

&-;wKG>:G'%%*
'' ;G::HINA:8GDHHH@6I>C<

B6GGDCH
<A68:H

8¼ZhijceZjXdbbZX]ZkVjX]Zg
jcb^hh^aZYZXgd^h^ƒgZ
YVchjcZXV\ZY¼ZhXVa^Zg
?VheZg;ZaYZg!^ckV^cXjZcXgdhhh`Vi^c\
6A:MH8=:A7:GI#9:$G:97JAA

AZXgdhhh`Vi^c\h¼^che^gZYZhVjigZhXgdhh/jceVgXdjghVXX^YZci‚
hjgaZfjZa^a[VjiVaa^Zgej^hhVcXZ!k^iZhhZZiV\^a^i‚#H]dlZ[[gd^#

&-;wKG>:G'%%*
'(

9ZhW^WZcYjbhZciZcjZYZ]dX`ZnZjgh|,%`b$]YVch E6A6>H9:H<A68:H
jcY‚XdgY¼de‚gV#AZXgdhhh`Vi^c\ZhijcZY^hX^ea^cZidjiZ 6iiVX]ZokdhXZ^cijgZh!
kdjhZbWVgfjZoedjgjcZ
_ZjcZYdci?VheZg;ZaYZgZhiaVhiVg#>aVZc[aVbb‚EgV\jZ# k^h^iZidjg^hi^fjZYZEgV\jZ
Zcbd^chYZ'-¼¼#Kdjh
c¼VjgZoeVhaZiZbehYZ

’
®8¼ZhijceZjXdbbZX]ZkVjX]Zgjcb^hh^aZ Vegƒhhdc+Zig^dbe]Z0VegƒhV!eZghdccZcZedjkV^i kdjhVgg„iZgedjghdgi^g
YZXgd^h^ƒgZYVchjcZXV\ZY¼ZhXVa^Zg#¯ bZWViigZ#¯AZhZXgZiYZXZiiZY^hX^ea^cZhVcheVhh‚ a¼VeeVgZ^ae]didbV^haZh

6A:MH8=:A7:GI#9:$G:97JAA
AZYdXiZjg;daVbdjgfj^h¼Zmeg^bZV^ch^! bV^hfjZaZfjdi^Y^ZcVc\aV^hI]Z>cYZeZcYZciVjc hZchVi^dch[dgiZhhdci
X¼Zhi?VheZg;ZaYZg!Hj‚Yd^hc‚VjmwiVih"Jc^h#JcZ _djgfjVa^ÂYZ®hedgiYj>>>Zb^aa‚cV^gZ¯!X¼ZhiW^ZcaZ Xdbeg^hZhYVchaZ[dg[V^i#
6jY‚eVgi!YVchaZYdhYZh
hdgiZYZ\d‚aZiiZ6bZg^XV|aj^idjihZja#H^aZhbVg^ch Y‚eVgi#9VchaVÃcVaZ|fjVigZ!?VheZg;ZaYZgc¼VkV^i
eVi^cZjgh!aZXdjkZciYZh
Vb‚g^XV^chhdcigZhi‚h^ckV^cXjhZc8djeZYZ h^\c‚fjZaZ)ZiZbehYZhfjVa^ÃXVi^dch#BV^hXZWdc 7‚c‚Y^Xi^cZhe]didYj
a¼6bZg^XVeZcYVci&('Vch!?VheZgc¼VeVhZcXdgZ _djZjgYZWVcYn]dX`ZnhjggdaaZgVYdcc‚aVaZdc ]Vji#6je^ZYYZaVgVbeZ
igdjk‚XZaj^fj^aZ[ZgVX]jiZgZcXgdhhh`Vi^c\#9Zej^h VjmadXVjm!YZjmIX]ƒfjZhZijc6jig^X]^Zc# YZaVcXZbZci!hjgaVfjZaaZ
aV&gZ‚Y^i^dcYZaVGZY7jaa8gVh]ZY>XZ!|HidX`]dab aZhXdcXjggZciheZjkZci
HjƒYZZc'%%&!aZ®HeZZYnHlZY^h]¯Vidji\V\c‚#² 8dadhhZVjX¶jgiZcYgZ ViiZ^cYgZ,%`b$]!aZh
@aV\Zc[jgi6jig^X]ZZc'%%'!|9jaji]wiVih"Jc^h ?VheZg;ZaYZghV^ib^ZjmfjZfj^XdcfjZc‚\dX^ZgaZh egZb^ƒgZh\g^aaZhYj

HI:;6C6J;H8=C6>I:G$G:97JAA
Zc'%%(ej^h'%%)!|BdhXdjGjhh^ZZc'%%)Zi! eZciZhVWgjeiZh!aZhk^gV\ZhhZgg‚hZiaZhhVjih#AZ X]}iZVjYZEgV\jZ
e]didYjWVh#JcegZb^Zg
ZcÃc!|EgV\jZZc_Vck^ZgYZgc^Zg#EdjgaV+ZXdjghZ idjibVa\g‚jc‚fj^eZbZcieajiiZcXdbWgVci#AZh
k^gV\Z|Ygd^iZeZgbZiYZ
YZaV_ZjcZZm^hiZcXZYZaVY^hX^ea^cZ!aZh eVgi^X^eVcihhdci]VgcVX]‚hXdbbZYZh_djZjghYZ adc\ZgaV[VVYZYjeajh
dg\Vc^hViZjghYZa¼‚k‚cZbZciVkV^ZciZjaV\‚c^VaZ ]dX`Znhjg\aVXZ#AZh\Vcihhdci|XZi^igZVWhdajbZci \gVcYeVaV^hYZXZi}\ZVj
^Y‚ZY¼^ckZhi^gaZXZcigZ]^hidg^fjZYZaVXVe^iVaZYZaV ^cY^heZchVWaZh#²aVajiiZ!^aZhi[g‚fjZcifjZYZh bdcYZW}i^Vj>MZh^ƒXaZ!
G‚ejWa^fjZiX]ƒfjZ!Vje^ZYYjX]}iZVjZiYVchaZh gZcXdcigZh^beg‚kjZhhZegdYj^hZciZcigZaZhYd^\ih ^abZhjgZ*,%bYZadc\hjg
gjZhZceZciZVaZcidjg#EdjgXZaV!^aV[VaajVX]Zb^cZg YZhjchZiaZÃaYZheVi^chYZhVjigZh###HVcheVgaZg &'-bYZaVg\ZZih¼‚iZcY
&*%b(Y¼ZVjZiWg’aZg'*%%%a^igZhYZY^ZhZaedjgaZh Y¼VjigZhXdciVXih^c‚k^iVWaZh!VegƒhjcZX]jiZeVg hjgjceZjeajhYZ,]V#
JcZVjigZXdjgWZWZVjXdje
\ZaZg#9VchXZXVYgZ\gVcY^dhZkd^gX^"XdcigZ!YZkVci ZmZbeaZ#²XZeZi^i_Zj!?VheZg;ZaYZgh¼Zhibdcig‚
eajhhZgg‚ZZia¼dceadc\Z
jcZ[djaZZcY‚a^gZ!.(XVhhZ"XdjjcZ‚XgVhVciZ ^cigV^iVWaZ!WdjXaVciaZh(%%bYjeVgXdjghaVg\ZYZ YVcha¼‚igd^iZgjZ@Z=gVYj
bV_dg^i‚YZIX]ƒfjZhZiYZHadkVfjZh!fjZafjZh *b|aVbdnZccZYZ)'!(`b$]#²a¼Vgg^k‚Z!XZXdadhhZ e]didYjb^a^ZjVkVcijc
[ZbbZhbV^hVjXjc;gVcV^hdcieVgi^X^e‚Vjm X]VjkZZiWVgWjVhdjaZk‚hdcbV^aadi!Y‚kd^aVciaZ
GD7NCIGC@6$G:97JAA

k^gV\ZZc‚e^c\aZ|X]ZkZjm
‚a^b^cVid^gZh#EdjgaZh*%%%(--*æYZaVk^Xid^gZ# k^hV\Zedje^cYZhdcÃahYZ)bd^h#<^kg‚bV^h kZghaVgjZCZgjYdkV#6egƒh
BV^heZghdccZc¼Vej^cfj^‚iZg?VheZg#®?¼V^eVi^c‚ c‚Vcbd^chhZci^bZciVa# N  )-bYZY‚c^kZa‚!gZhe^gZo!
XdbbZjc[dj_jhfj¼VjegZb^ZghVji!V"i"^agVXdci‚ IJxF>7D;Cx@7DÏI X¼Zhia¼Vgg^k‚Z#

!,4)45$%
-

%

2)$
%23
3+)3):%
#-
!)24ª
ª# 5.,)
 -)
4%$

3#!

!2#4)# 3,/0%
 





3./7

0%
$%04(
 -

0(/4/4)--#+%..!³6!$%:6/53

5 $
"/!2$3):% ª.
#- /8"/7 %80,/2%4(%
4%!- ª% /8"/7/2,$#/-
34!.#%
#-
2%'5,!2

&-;wKG>:G'%%*
') DJI9DDG86H869:H9:<A68:

²A¼6HH6JI9:H86H869:H9:<A68:

<G>BE:JGH<>K
E6H86AIDJGC6>G:$9EE>

HdjhhZhVeeVgZcXZhZmig„bZh!aVegVi^fjZYZaV Zmea^fjZNVcc!jccdjkZaVYZeiZ#AZheZjgh Y^[ÃXjai‚hVjY‚Wji#®IdjiZ[d^h!Yƒhfj¼ZaaZh


ZiaZhYdjiZhYj\g^beZjghjg\aVXZhdci VXfj^ƒgZciYZh\ZhiZheg‚X^h!ZaaZhhdciVjhh^
XVhXVYZYZ\aVXZZhiVXXZhh^WaZ|idjh#JcZWdccZ aZe^bZciYZhVegd\gZhh^dc#AZhVbViZjgh [dgiZhfjZaZh]dbbZh¯!eg‚X^hZ"i"^a#Edjg
YZhZchVi^dch[dgiZhhZgdcihZgk^h#²X]VfjZ BV\Va^!'*Vch!a¼^c^i^Vi^dc[jijcZg‚k‚aVi^dc#
dei^dcedjge^bZciZghZhkVXVcXZhVjmhedgihY¼]^kZg# [gVeeZ!jcY^aZbbZhZeg‚hZciZZcigZaV ®<g^beZghjga¼ZVjZhiXdbeaƒiZbZci
XgV^ciZYZcZeVhVkd^gVhhZoZc[dcX‚ [‚Zg^fjZ¯#JcZbV\^Zfj^c¼ZmXajieZghdccZ#

’
AdghfjZaZhXdcY^i^dchYZcZ^\ZcZ ZckVjiaVX]VcYZaaZ#6gb‚YZe^daZihZiYZ aZhVcXgV\ZhZia¼Vc\d^hhZYZidjiXVhhZg# ®AdghY¼jcZ^c^i^Vi^dc!_¼V^[V^i\g^beZgjcZ
hdcieVhkgV^bZciVjgZcYZo"kdjh! XgVbedchVX‚g‚h!dcZmeadgZYZhZheVXZh 6adghfj¼Zci]‚dg^Z!^acZ[VjihjgidjieVh eZghdccZ]VcY^XVe‚ZbdiZjgfj^VkV^i
VYVeiZo"kdjhVjmXdcY^i^dch ^cVXXZhh^WaZha¼‚i‚#8ZheVgd^h‚e]‚bƒgZh! gZiZc^ghdc\ZhiZZi!b„bZ![V^gZXdbbZh^ WZVjXdjeYZbVa|bVgX]Zg#HjgaV\aVXZ!
b‚i‚d#6kZXaZ[gd^YYZaVcj^i!aZhX]jiZh d‘aVajb^ƒgZ[V^ib^gd^iZgb^aaZY^VbVcih! dckdjaV^iigVkZghZgaV\aVXZ#BV^hbVa\g‚ ZaaZVeg^hVjiVciYZeaV^h^gfjZaZhVjigZh¯!
Y¼ZVjYZhidggZcihYZbdciV\cZhdciÃ\‚Zh cZhZY‚kd^aZcifjZfjZafjZhhZbV^cZheVg hZhVeeVgZcXZhYZhedgiZmig„bZ!aV hZgVeeZaaZ9Vc^Za#
Zi[dgbZciYZhkd^aZhYZXg^hiVahjgaZh Vc#8Zjmfj^dci\d’i‚|a¼^kgZhhZYZhÄ’iZh XVhXVYZYZ\aVXZYZbZjgZVXXZhh^WaZ|idjh#
[VaV^hZh#8ZheVgd^higVchajX^YZhZ[[VXZciaZh YZ\aVXZh¼VXXdjijbZcigVe^YZbZci| ®6kVci&'dj&(Vch!dcbVcfjZYZ[dgXZedjg AVX]jiZZhi^ciZgY^iZ
Vhe‚g^i‚hYZhgdX]ZghhdjhaZjghgdcYZjgh a¼ZmX^iVi^dcfjZegdXjgZjcZiZaaZZme‚g^ZcXZ# [gVeeZgXdggZXiZbZciaZhe^daZihYVchaV A¼Zme‚g^ZcXZeZjihZbWaZg[daaZ!bV^hZaaZZhi
Zi^ck^iZci|a¼ZhXVaVYZ#G‚hZgk‚ZVjY‚eVgi \aVXZ¯!V[ÃgbZ9Vc^Za9jAVX!\j^YZYZ b’gZbZcig‚Ä‚X]^Z#®AVX]jiZZhiegdhXg^iZ#
Vjm\j^YZhYZ]VjiZbdciV\cZZiVjm DjkZgi|idjh!|eVgi^gYZ&(Vch ]VjiZbdciV\cZZikV^cfjZjgYZaV8djeZYj CdjhVkdchYZhe^daZihZiYZhXgVbedchfj^
Vae^c^hiZhYZ]Vjic^kZVj!aVXVhXVYZYZ ®8¼Zhi^begZhh^dccVci#Dc\g^beZhVchXZhhZ bdcYZYZWadXY¼ZhXVaVYZ'%%)#EdjgXZi eZjkZciYZkZc^gigƒhYVc\ZgZjmadghfjZa¼dc
\aVXZgVaa^ZX]VfjZVcc‚ZYZcdjkZVjm ZchZYZbVcYVciXdbbZciX¼Zhiedhh^WaZ!h^ ZmeZgi!XZiiZY^hX^ea^cZYZbVcYZjcZ ZceZgYaZXdcigaZ¯!eg‚k^Zci9Vc^Za9jAVX#
egVi^fjVcih#9ZhbdciV\cVgYh!bV^hVjhh^ aZhe^daZihkdciiZc^g°:cjcZYZb^"_djgc‚Z! XZgiV^cZej^hhVcXZ#8¼ZhiaVgV^hdcedjg 8¼Zhiedjgfjd^VkVciYZYZkZc^gVjidcdbZ
YZcdbWgZjmXjg^Zjm#>a[VjiY^gZfjZaZ_Zj _¼V^eg^hbVYdhZY¼VYg‚cVa^cZedjgaZbd^h¯! aVfjZaaZaZhÃaaZh‚egdjkZcifjZafjZh ZiYZeVgi^gZci„iZhjgYZhXVhXVYZh[VX^aZh!

&-;wKG>:G'%%*
'*

²<6<C:G
'+6$GEDJG
'E:GHDCC:H
9:E6G>H"7:6JK6>H
²<A6H<DL"EG:HIL>8@

:cjcZYZb^"_djgc‚Z!
_¼V^eg^hbVYdhZ
Y¼VYg‚cVa^cZedjgaZbd^h
NVcc!\aVX^‚g^hiZY‚WjiVci
²aVY^[[‚gZcXZYZa¼ZhXVaVYZ!
ZcXVhXVYZYZ\aVXZdcedhZ
hd^"b„bZhZhed^cihY¼VcXgV\Z#

KG:H
^aXdck^ZciY¼„igZ|a¼V^hZZcYZjm^ƒbZYVchYZh
edgi^dchigƒhY^[ÃX^aZh#®AZeVhZcigZaVegVi^fjZ
Zia¼Vjidcdb^ZZhi‚cdgbZ#8dcigV^gZbZci|
EG6I>FJ:
HoWdW_h"bWYecfW]d_[Wƒh_[dd[
WknfbkiXWijWh_\i[khefƒ[di"
leki[cc„d[WknfWoi
Z[i,DWj_ediWkZƒfWhjZ[
FWh_i#8[WklW_i$7l[YHedgi!
™Jc\j^YZ/Zck^gdc',*æ
a¼ZhXVaVYZd‘aZhed^cihY¼VhhjgV\ZhdciY‚_|Zc
eaVXZ!ZcXVhXVYZX¼ZhiaZ\g^beZjgfj^aZhedhZ¯
edjg&|(eZghdccZh =W]d[pkdX_bb[jlWbWXb[fekh
™wfj^eZbZciedjga¼Vjidcdb^Z/
eg‚X^hZ9Vc^Za#JcZWdccZgV^hdcedjgY‚WjiZg
·E^daZi/FjVg`YZEZioa&-,æ (f[hiedd[i}Z[ij_dWj_edZ[b½xYeii[
W^ZcZcXVYg‚#Jc\j^YZYZ]VjiZbdciV\cZ!jc
·8gVbedch9Vgil^cYZEZioa&*'æ

:CKDN:OGJ<7N
XajW!jcVb^Zme‚g^bZci‚hdci^cY^heZchVWaZh
™HiV\ZVkZXeg„iYZbVi‚g^Za/
edjgZhXVaVYZghZhegZb^Zgh®\aVdch¯#DjigZ
·8dbeV\c^ZYZh\j^YZhYZ8]Vbdc^m/
aVY^[ÃXjai‚iZX]c^fjZ!aVXdccV^hhVcXZYZaV HiV\ZY¼^c^i^Vi^dcYZ(_djgh/)+%æ#
\aVXZZia¼VeegdX]ZcZhdcieVhidj_djgh I‚a#/%)*%*(%%--#
‚k^YZciZh#B„bZh¼^aZm^hiZYZhidedh
Zmea^XVi^[h!a¼‚kdaji^dcZc]^kZgYVchYZhkVaadch
idiVaZbZci^hda‚hZieVg[d^hZmedh‚hVjm
VkVaVcX]ZheZji"„igZg^hfj‚Z#BV^hjcZ[d^h
lll#X]Vbdc^m"\j^YZh#Xdb
·>XZ[Vaa/
HiV\ZYZ*_djghedjg\g^beZjgh
Y‚WjiVcihdj\aVX^‚g^hiZhV\jZgg^h
6J  
?Zj\gVij^ihVchdWa^\Vi^dcY¼VX]Vidg\Vc^h‚eVgHedgi&+!gjZG^kVn.'(%%AZkVaad^h"EZggZi!kVaVWaZZc;gVcXZb‚igdeda^iV^cZYj&-Vj')[‚kg^Zg'%%*!g‚hZgk‚|idjiZeZghdccZbV_ZjgZ
aVXdccV^hhVcXZYjiZggV^cVXfj^hZ!aZbd^cYgZ YVchaZh=VjiZh"6aeZh/))%æaZhiV\Z! hVj[eVgiZcV^gZhdjhdX^‚i‚hdg\Vc^hVig^XZh#EdjgeVgi^X^eZg/ZckdnZoGJ<7NeVgHBHVj,&%&%%!*%æII8$Zckd^ eg^mYjHBH#AZh\V\cVcihhZgdciY‚h^\c‚hZc[dcXi^dcYjgVc\
bdgXZVjYZ\aVXZfj^eZcYZhijccdjkZVj Y¼Zckd^YZaZjgbZhhV\Z#JchZjaeg^mViig^Wj‚eVgeVgi^X^eVcib„bZcjb‚gdYZi‚a‚e]dcZbdW^aZ#&*\V\cVcihhZgdciY‚iZgb^c‚h#9diVi^dch/&6aaZg"GZidjgedjg'eZghdccZhYZ
eajh&(*æZceZch^dcXdbeaƒiZ# EVg^h"7ZVjkV^h|<aVh\dl"EgZhil^X`Y¼jcZkVaZjgjc^iV^gZXdbbZgX^VaZYZ(%%æII8&*eg^mb^hZc_Zj#AZheg^mhdci‚b^hhdjhaV[dgbZY¼jccjb‚gdYZg‚hZgkVi^dckd^gXdcY^i^dch
X]VaaZc\Z|gZaZkZg#Fj¼ViiZcYZo"kdjhYdcX I‚a#/%).''(%*',dj%+,%--)..)# YZkZciZGnVcV^gZcVccZmZ#AZhkdahhdcihdjb^h|YZhiVmZhV‚gdedgiZiX]Vg\Zhfj^hdci|eVnZgeVgaZ\V\cVci#AZh\V\cVcihYd^kZciVkd^geajhYZ&-Vch#KdnV\Z|Z[[ZXijZgZcigZ
aZ'%bVgh'%%*ZiaZ&%bV^'%%*!|a¼ZmXajh^dcYZh_djgh[‚g^‚h!YZhkVXVcXZhhXdaV^gZhidjiZhodcZh!YjkZcYgZY^ZiYjY^bVcX]Z#AZh[gV^hYdb^X^aZ$V‚gdedgi$Ydb^X^aZ!V^ch^fjZ
edjgWg^hZgaV\aVXZ4N lll#^XZ"[Vaa#Xdb aZh[gV^hYZigVch[ZgihjgeaVXZV‚gdedgi$XZcigZk^aaZ!Y¼]‚WZg\ZbZciZiYZgZhiVjgVi^dchjgeaVXZhdci|aVX]Vg\ZZmXajh^kZYj\V\cVci#;gV^hYZeVgi^X^eVi^dcgZbWdjgh‚hVjmXdcY^"
Hx=?I=7IGK;J i^dcheg‚kjZhYVchaZgƒ\aZbZci#Gƒ\aZbZciXdbeaZiYj_ZjY‚edh‚X]ZobVˆigZBdciVcZ!]j^hh^ZgYZ_jhi^XZ!(&%%%IdjadjhZ#Gƒ\aZbZciVYgZhh‚\gVij^iZbZcieVgXdjgg^Zg|idjiZ
eZghdccZZc[V^hVciaVYZbVcYZ|Eajg^bZY^V·®?:JGN6C6>GHEDGI;G::¯!&&gjZYZ8VbWgV^!,*.)*EVg^h8ZYZm&.;gVcXZ#EdjgidjiZg‚XaVbVi^dc!ZckdnZoaZbdi8DCI68IeVg
HBHVj,&%&%#8dc[dgb‚bZci|aVad^!VjmÄX]^ZghZiVjma^WZgi‚h!kdjhY^hedhZoY¼jcYgd^iY¼VXXƒh!YZgZXi^ÄXVi^dcZiYZhjeegZhh^dcYZhYdcc‚Zhcdb^cVi^kZhkdjhXdcXZgcVci#

&-;wKG>:G'%%*
'+ <A6BDJG

?¼V^bZaVedjYgZjhZ!
aZeVcdgVbVYZej^h
jcZVg„iZ!aZhdcYZ
a¼]‚a^XdeiƒgZVjbVi^c
8]VgadiiZVY‚XdjkZgiaZ[gZZg^YZVj]VhVgYY¼jcZ
h‚VcXZe]didh#8Z[jijcXdjeYZ[djYgZ#HjgYdj‚Z!
ZaaZh¼ZhigVe^YZbZci^bedh‚ZYVchaZhXdbe‚i^i^dch
YZh`^Vae^c^hbZ!VaaVci_jhfj¼|Y‚XgdX]ZgaZi^igZ
bdcY^VaVjm')=ZjgZhY¼6heZc!Zc'%%%#
7GDD@H;G::=>AA

&-;wKG>:G'%%*
',

8=6GADII:BD6IH

A:;:J6
>I>CwG6>G:
A6EDJ9G:
JcZWZaaZ[^aaZYZeajh4Cdc#8]Vbe^dccZYjbdcYZY¼ZcYjgVcXZ|h`^h!
8]VgadiiZBdVih\a^hhZYVchaVk^ZVkZX[dgXZZi‚a‚\VcXZ#:aaZVg‚edcYj
|Hedgi!adc\jZbZci!ZcidjiZh^cX‚g^i‚#:iegZhfjZZc[gVcV^h°
E6JABDGG>HDC

’
®?¼V^eZjgYZa¼Vai^ijYZ#¯8ZiVkZj! AZhÄaaZh‚iV^ZcibVa]ZjgZjhZh#?¼V^egd\gZhh‚! a¼]‚a^XdeiƒgZfj^Y‚bVggZVjbVi^c#¯
8]VgadiiZBdVih!')Vch!aZ[V^i bV^h_Zc¼V^eVhgZ\gZii‚Y¼Vkd^gVWVcYdcc‚#¯ 8dcigV^gZbZciVjmVeeVgZcXZh!ZaaZVeeg‚X^Z
8]VgadiiZBdVih gVgZbZci#:iedjgXVjhZ#8]Vbe^dccZ :aaZgZigdjkZhVa^WZgi‚ZiZcegdÃiZ#®JcXdeV^c bd^chaZhe]didhhZmn#®?¼V^jcZh¶jgYZ&&Vch!
C‚ZaZ,hZeiZbWgZ&.-%| YjbdcYZY¼ZcYjgVcXZ|h`^h'%%%!ZaaZ b¼V^ck^i‚Z|HfjVlKVaaZn!Zc8Va^[dgc^Z! h¼ViiZcYg^i"ZaaZ!_ZhV^hfj¼ZaaZkVaZhkd^gZifjZV
;V^gaZZKZgbdci!wiVih"Jc^h eVhhZhVk^ZZc]VjiZjg#®?ZbZhZchWZVjXdje Zmea^fjZ"i"ZaaZ#EajiifjZYZgZegZcYgZaZhXdjgh! c¼ZhieVh[dgX‚bZci[VX^aZYZ\gVcY^gVkZXV#¯
&!+-b·*.`\ eajh|a¼V^hZfjVcY_¼ZcXaZcX]ZaZhÄmVi^dch! _¼V^igVkZgh‚aZeVnhedjgVaaZgX]ZgX]ZgaZhdaZ^aZi :iej^h!hjgidji!XZiiZeZi^iZÃaaZZhihdc^YdaZ#
He‚X^Va^i‚/h`^Vae^c^hbZ XdcÃgbZ"i"ZaaZ!b„bZh^X¼ZhijcbdbZciY‚a^XVi aVcZ^\Z#?¼V^‚i‚Zc\V\‚ZedjgZcigVˆcZga¼‚fj^eZYZ ®=ZjgZjhZbZcifj¼ZaaZZhiigde_ZjcZ!h¼ZmXaVbZ"
EVabVgƒh/ ej^hfj¼dcZhi\‚c‚gVaZbZciZcY‚h‚fj^a^WgZhjg [gZZhinaZÃ\jgZhhjgYZhh`^h!cYag#Jc_djg!_¼V^ i"ZaaZ!h^cdcZaaZb¼VjgV^ib^hZ|aVgZigV^iZ:aaZ
'%%%/8]Vbe^dccZYjbdcYZ jcZeZciZVWgjeiZ#¯AZh`^!ZaaZZhiidbW‚Z [V^ijcZh‚VcXZYZe]didhYVchaVbdciV\cZ#vV bZWViY‚_|Zch`^cdgY^fjZZiegZhfjZZcKII#¯
Y¼ZcYjgVcXZZcgZbedgiVciaZh YZYVch#®AZeƒgZCd…ab¼VVeedgi‚YZheaVcX]Zh h¼ZhiW^ZceVhh‚Zidcb¼VZcXdjgV\‚Z|ZhhVnZgaV DcaVXgd^ihjgeVgdaZ#8¼ZhihVYZb^"hdZjg!bV^h
')=ZjgZhY¼6heZc fjVcY_¼VkV^h'Vch!gVXdciZ"i"ZaaZ#?¼V^eVhh‚bV Xdbe‚i^i^dcZc[gZZg^YZ\a^hhZZca^WZgi‚!]dgh aZhgZeƒgZhhdciaZhb„bZh#AVbƒgZYZ
Hedchdgheg^cX^eVjm/ idjiZeZi^iZZc[VcXZ|BVYG^kZg<aZc!YVchaZ e^hiZ!cYag#?¼V^eVgi^X^e‚|aVYZgc^ƒgZXdjghZYZaV 8]VgadiiZ‚aVWdgZYZhegd\gVbbZhhXdaV^gZh
Kda`a!IZXc^XV!E]Zc^m!@dbW^! KZgbdciwiVih"Jc^h!jcZhiVi^dcYZkgV^hh`^Zjgh# hV^hdcZi_¼V^iZgb^c‚'Z#?¼V^igdjk‚fjZX¼‚iV^ijcZ ZihdceƒgZeVhhZhdciZbehhjgYZhh`^hYZ
7dZg^ BZheVgZcihedjkV^ZcibZaV^hhZgigVˆcZg#?ZcZ bVc^ƒgZeajiiV\g‚VWaZYZ\V\cZghVk^Z#¯ i‚a‚bVg`#IdjhYZjmdcic‚\dX^‚aZjgY^kdgXZ
g^hfjV^hg^Zc!_ZcZedjkV^heVhbZeZgYgZZi!h^ ^ciZaa^\ZbbZci!adghfj¼ZaaZVkV^i+Vch#8ZiiZ
_¼VkV^h[V^b!a¼Zbeadn‚YZaVXV[‚i‚g^VbZcdjgg^hhV^i 7^ZciiYZgZidjgZc;gVcXZ _ZjcZ[ZbbZ‚fj^a^Wg‚Z!kdjhedjggZoeZji"„igZ
ZiaZjgeg‚hZciV^iaVcdiZeajhiVgY#¯6YdaZhXZciZ! :iZaaZXdci^cjZ!b„bZh^dcaVeg‚k^ZcieVg[d^h aVXgd^hZgW^Zcii#6egƒhY‚_|igd^hhZbZhigZh
VegƒhjcZb‚YV^aaZY¼dgZchaVadbVjm®?jc^dg fjVigZ_djghVkVcifj¼^a[Vjih¼ZckdaZgedjg Y¼‚ijYZh|Andc!IdjadjhZZi<gZcdWaZ!8]VgadiiZ
Danbe^Xh¯jcZXdbe‚i^i^dcjc^kZgh^iV^gZ! gZ_d^cYgZjce]did\gVe]ZZcCdjkZaaZ"O‚aVcYZ# eg‚kd^iYZgZkZc^gZc;gVcXZ#:aaZdhZgVVadgh|
8]VgadiiZVhjigƒhk^iZd‘‚iV^ihVkd^Z#6^aaZjgh# ®ÌigZidj_djgheg„iZ|eVgi^g[V^ieVgi^ZYjb‚i^Zg¯! cdjkZVjeVgaZg[gVcV^hVkZXhdcVXXZci
®AdghYZbdcegZb^ZgXVbeY¼ZcigVˆcZbZci Zhi^bZ8]VgadiiZ#?¼V^bZaVedjYgZjhZ! Y‚a^X^Zjm#Ej^hfj¼dckdjhaZY^i#N
cVi^dcVa!hZhdjk^Zci"ZaaZ!aZg„kZVbVaidjgc‚# aZeVcdgVbVYZej^hjcZVg„iZ!aZhdcYZ IJxF>7D;Cx@7DÏI

7:AA:HYZ
KdjhV^bZoaZhedgi!kdjhg„kZoYZaVgjWg^fjZ<aVbdjg#
HedgiZia¼V\ZcXZHedgiBdYZahkdjhd[[gZciaVedhh^W^a^i‚YZYZkZc^g
bVccZfj^cZiYZ[V^gZaVXdjkZgijgZYZHedgi#
>CH8G>K:O"KDJHHJG[gZZhedgi#[gDJ:CKDN:OJC9DHH>:G8DBEA:IE=DIDH!
B:CHJG6I>DCH:IA:IIG:9:BDI>K6I>DC²>H67:AA:!&+"&-!GJ:G>K6N!.'(%%A:K6AAD>H"E:GG:I
Gƒ\aZbZciY‚edh‚VjegƒhYZbVˆigZBdciVcZ!'W^h!gjZ7VnVgY!(&%%%IdjadjhZ!ZiY^hedc^WaZhjg/
]iie/$$lll#[gZZhedgi#[gdjhjgh^beaZYZbVcYZ|J\dHedgi!&+"&-!gjZG^kVn!.'(%%AZkVaad^h"EZggZi#

&-;wKG>:G'%%*
'- BwBDHEDGI

HwA:8I>DCIK HwA:8I>DCIK
8 D Hw
wA:8I>DC
9J&-6J
');wKG>:G K:C9G:9>&- H6B:9>&. 9>B6C8=:'% AJC9>'&
|,](%<DA;9>G:8I  |&%]*%B6<6O>C: |-](%H6JI²H@>H
KdjhigdjkZgZoYVchXZiiZ\g^aaZ DeZcYZBVaV^h^Z!(Zidjg I‚a‚[ddi 8]Vbe^dccVihYjbdcYZ|DWZghiYdg[6aa
jcZh‚aZXi^dccdcZm]Vjhi^kZ JceVgXdjghVeeg‚X^‚YZh6h^Vi^fjZh/(hjXXƒhZc+‚Y^i^dch# Eg‚hZci‚eVgI]^Zggn<^aVgY^# Fj^hjXX‚YZgVVjm;^caVcYV^h4
6K6CI YZhegd\gVbbVi^dchhedgi^kZh
&'= YZaVhZbV^cZ#:cZmZg\jZhjg[dcY |&&]H@>6AE>C9>G:8I |&&]H@>6AE>C9>G:8I
 |&%](%9D8JB:CI6>G:
dgVc\Z/aZhegd\gVbbZhgZXdbbVcY‚h 9ZhXZciZBZhh^ZjghYZ<Vgb^hX]"EVgiZc`^gX]Zc6aa HjeZg"<BZhh^ZjghYZ<Vgb^hX]"EVgiZc`^gX]Zc6aa
eVgaVg‚YVXi^dcYZHedgi# Danbe^Z!kV^cXgZedjgOZjh
7dYZB^aaZgVkZXaZh6jig^X]^Zchedjgjc^fjZhg^kVjm# BV^ZgegZcYgV"i"^aaZbZ^aaZjghjgB^aaZg4 AZh?#D#XdbbZ^anV')%%Vch!Vci^fjZh#

|&(]7>6I=ADC9>G:8I |&'](%H@>6AE>C9>G:8I |&)](%8N8A>HB:9>G:8I |&(])*<DA;


8djeZYjbdcYZBZhh^Zjgh HjeZg"<9VbZhY¼6gZHjƒ 8aVhh^X=Vg^Wd DeZcYZBVaV^h^Z!YZgc^Zgidjg
7_dZgcYVaZckZjihZ[V^gZaVWZaaZ|Ed`a_j`VHad# :cXdgZa¼VgbVYVVjig^X]^ZccZ![VXZ|6c_VEVZghdc# I]dg=jh]kdYnVkV^ijh‚hZhYZcihYZe‚YVa^ZgW^Zch’g# 6kZX<g‚\dgn=VkgZiedjgjcfjVig^ƒbZIde&*Zc'%%*#
&'=
²&+= |&)]9D8JB:CI6>G: |&*]GJ<7N9>G:8I |&+]76H@:I9>G:8I |&)]GJ<7N
:VjmhVa‚Zh '%Z_djgc‚ZYjIde&+/8aZgbdci·EZge^\cVc AVhZbV^cZYZhVh![^cVaZ Idjgcd^YZhKCVi^dch&.-)
²aVgZcXdcigZYZhWVaZ^cZh|a¼ZhijV^gZYjHi"AVjgZci# <VgZVjkdaXVcVjkZg\cVi!Zc[^chdgi^YZhdchdbbZ^a# ²8aZgbdci!hVchEVjbV^hVkZXK^aaZjgWVccZZiAZBVch# AZh6c\aV^hZck^h^iZVjEVgXYZhEg^cXZhYZG^kZhVcY8d#

|&-]'*GJ<7N |&,];DDI76AA9>G:8I |&,]**B6<6O>C: |&+](*B6<6O>C:


Ide&+!'%Z_djgc‚Z/7g^kZ·EVj '+Z_djgc‚ZYZA&/HigVhWdjg\·EH< HiVYZ' Bjai^hedgi
9Zh7‚VgcV^hZceZgY^i^dc_Zi‚hZce}ijgZVjm7g^k^hiZh# AZhEVg^h^ZchVjgdci"^aha¼6ahVXZ!|Y‚[VjiYZa¼dg!]Z^c4 7^aVcYZaVhZbV^cZVkZX;#7gVWVciZia¼‚fj^eZYZhhedgih# IdjiZa¼VXijVa^i‚dbc^hedgih#
&+=
²'%= |&-])*;JIH6A9>G:8I |&-]=6C976AA9>G:8I |&.]B6<6O>C: |&,]*%IG>6A
8]Vbe^dccViY¼:jgdeZ!YZb^"[^cVaZ 9&!&)Z_djgc‚Z/BdcieZaa^Zg·EVg^h 9^bVcX]Zhd^g[ddi 8]Vbe^dccViYjbdcYZ^cYddg
8¼ZhieajhYgaZfjZYj]VcYWVaahjgjciZggV^cYZ[ddi# AZgZidjgYZh7gdco‚hYVchjcX]dXZcigZaZh'egZb^Zgh# Eg‚hZci‚eVg8]g^hide]ZEVXVjY# )ZBVcX]ZZmeadh^kZ|<gZcVYZ:he#

|'%]&*6I=AwI>HB:9>G:8I |'%];DDI76AA9>G:8I |'%];DDI76AA9>G:8I


|'%])%B6<6O>C:
BZZi^c\^cYddgYZ7^gb^c\]Vb6c\# A&!'+Z_djgc‚Z/IdjadjhZ·7dgYZVjm Hedgi+ A'!'+Z_djgc‚Z/7gZhi·AZBVch
AZhbZ^aaZjghVi]aƒiZhYVchaZhhiVgi^c\"WadX`hedjg'%%*# AZYZgWnYZaV<VgdccZ!eVhh^idgg^YZ# Hi‚e]VcZIdgidgVgZigVXZaZh‚k‚cZbZcihYjlZZ`"ZcY# 9Zjm‚fj^eZhYZa¼DjZhifj^kdjYgV^ZcigZ\d’iZg|aVA&#

|'&];DDI76AA9>G:8I |'%]I:CC>H9>G:8I |'&]6I=AwI>HB: |'%](%GJ<7N


'%= A&!'+Z_djgc‚Z/BdcVXd·Andc Idjgcd^LI6Y¼6ckZgh7Za#!&$'[^cVaZh <E^cYddgY¼6i]ƒcZh 8]Vbe^dccViY¼6c\aZiZggZ!&$&+_djgc‚Z
²''= 9Zgc^ƒgZX]VcXZedjga¼6HBYZ[V^gZYdjiZga¼DA# Fj^hZgVaV_djZjhZYZiZcc^hVjmY^VbVcih4 JckdnV\Zfj^kVgVeeZaZgYZWdchhdjkZc^gh|XZgiV^ch# AZAZ^XZhiZg![Vkdg^![VXZVjCZlXhViaZYZL^a`^chdc#

|'']<DA;9>G:8I |'&];DDI76AA9>G:8I |'&]&*HCDD@:G9>G:8I |'&]'*;DDI76AA


C^hhVcDeZc!'Zidjg 8]Vbe^dccViZjgde‚Zc BVhiZghYZAdcYgZh![^cVaZ Edgij\Va!''Z_djgc‚Z/7Zc[^XV·<j^bVgVZh
AZI^\gZYZgZidjg!ZcX]Z[YZbZjiZhjgaZIdjgVb‚g^XV^c4 BViX]|Y‚iZgb^cZg DceZjieVg^ZghjgjchjXXƒhYZHiZe]Zc=ZcYgn# 7Zc[^XV!aZVYZg|‚\Va^i‚VkZX(VjigZh‚fj^eZh/X¼ZhiX]VjY

|'']HCDD@:G9>G:8I |'']'%;DDI76AA |''](%;DDI76AA |''](%;DDI76AA


BVhiZghYZAdcYgZh ?djgYZ[ddi A¼wfj^eZYjY^bVcX]Z ;gVcXZ·7Za\^fjZ&.-'fjVa^[#8djeZYjbdcYZ
8¼Zhia¼‚a^iZg‚jc^ZVjidjgY¼jcZb„bZiVWaZ# AZidjgYZhhiVYZhYZaV'+Z_djgc‚ZYZA&# IdjgY¼:jgdeZYZhhiVYZhVkZXXdchjaiVcih^ci‚\g‚h# GZbZbWZgaZYdjWa‚YZHdaZg#

|%](%;DDI76AA |'(]8N8A>HB: |%]I:CC>H |'']&*HEDGIH9:8DB76I


6EGÏH Ide')YZhXajWh IdjgYj=Vji"KVg Idjgcd^LI6Y¼6ckZgh![^cVaZ Eg^YZH]dX`lVkZVj?Vedc
''= AZXaVhhZbZciYZhbZ^aaZjgh‚fj^eZhZjgde‚ZccZh# 6jidjgYZ9gV\j^\cVcedjgdjkg^gaV8djeZYZ;gVcXZ# @^b8a^_hiZghh¼n‚iV^iWVaVY‚Za¼Vcc‚ZYZgc^ƒgZ# ®8gd8gde¯kViVeZghjgaZ®=VbbZg¯#

|(]%*76H@:I9>G:8I |%]HEDGIH9:8DB76I |']%*76H@:I9>G:8I |%]&*B6<6O>C:


C76/Gdd`^Z8]VaaZc\Z ;^\]i8ajW 6aa"HiVg<VbZ LViih
EaVXZVjm_ZjcZhZcViiZcYVciaZh]dlYZY^bVcX]Z# HjeZg"AZV\jZ|GdiiZgYVb/Yj`^X`"Wdm^c\YZ]Vjic^kZVj# AZhbZ^aaZjghYZaVeaVcƒiZWVh`ZihVch°IdcnEVg`Zg# AZh^bV\ZhXdXVhhZhYZaVhZbV^cZ#

 Edjghj^kgZX]VfjZ_djga¼^c[dgbVi^dchedgi^kZZcXdci^cj/

&-;wKG>:G'%%*
'.

®A¼>CK>IwDANBE>FJ::HI###¯
CIK HwA:8I>DCIK
8 D ?DJ;HL?;M
IKH;DF7HJ;D7H?7J7L;9

96C>:A7>A6A>6C
B6G9>'' B:G8G:9>'( ?:J9>') 9>G:8I:JG9:HHEDGIH
<JN9GJI
B:B7G:9J8DB>Iw
|-]&*H@>
>CI:GC6I>DC6ADANBE>FJ:
|.]BDID8GDHH idjiZaV_djgc‚ZB6<6O>C:
LdgaY<gVcYEg^m&'*XX 6egƒh"h`^ EVhh¼hedgi
²>cY^VcVeda^h# 9ZhBddc"7ddihZiaZhYZgc^ƒgZh^c[dhYjX^gfjZWaVcX# 9ZhgZedgiV\ZhZmdi^fjZhhjgaZhedgiYVchaZbdcYZ#

|&&]?#D#9¼=>K:G |&%]9D8JB:CI6>G: |&&]9D8JB:CI6>G:


A^aaZ]VbbZg&..) ®AZhbVgX]VcYhYZhZaYZa¼=^bVaVnV¯ IZggZYZa‚\ZcYZ
AZ[^abd[[^X^Za# JcZVXi^k^i‚b^aa‚cV^gZ# AZhX]ZkVa^ZghYZa¼ˆaZYZHjbWV!Zc>cYdc‚h^Z#

|&']&*H@>9:;DC9 |&(]I:CC>H9>G:8I |&']76H@:I


8]Vbe^dccVihYjbdcYZ|DWZghiYdg[6aa Idjgcd^LI6YZ9d]VFViVg :jgda^\jZ!'Ze]VhZ
K^cXZciK^iidoVjheg^ci EZgYjZhYVchaZY‚hZgi!YZej^higdeadc\iZbeh### AZc^kZVjh¼‚aƒkZ!aVegZhh^dcVjhh^#

:JGDHEDGI
|&)]*%9D8JB:CI6>G: |&*]8DB7>C:CDG9>FJ:9>G:8I |&']&*H@>9:;DC9
A¼6[g^fjZYZhVc^bVjmXVX]‚h 8djeZYjbdcYZ|DWZgihYdg[6ji
)m*`bBZhh^Zjgh#
8]Vbe^dccVihYjbdcYZ|DWZghiYdg[6aa
GZaV^h)m&%`bBZhh^Zjgh#
HLH;9H9;H9;
HjgaZhigVXZhYjeVc\da^cZc[dg„i‚fjVidg^VaZ# G:IGDJK:OIDJHA:HK:C9G:9>H
®A¼>CK>IwDANBE>FJ:¯
²&.])%HJG:JGDHEDGI
<hWdY[)_ddel[}b½eYYWi_edZ[i'%',Z[\_dWb[
|&+]I:CC>H9>G:8I |&+]%*B6<6O>C: |&+]I:CC>H9>G:8I
Idjgcd^LI6YZ9d]VFViVg Idjgcd^6IEYZ9jWV‰:6J Z[bW9ekf[Z[bWB_]k[±
C76BV\ /=djhidc·HZViiaZ
9Zh\gV^chYZhVWaZedjg\g^eeZgaZh_da^ZhbVX]^cZh4 NVdB^c\XdcigZaZHjeZghdc^XGVn6aaZc# A¼VcYZgc^Zg!g^ZcY¼‚idccVci!X¼Zhi;ZYZgZgfj^h¼‚iV^i^bedh‚# Gk__dYWhd[b[c_[knb½[ifh_jebocf_gk[
cAZbVgY^.cdkZbWgZ!cdjhVaadchk^kgZ
[jfekhgke_ 5
jcZ\gVcYZegZb^ƒgZ#;gVcXZ(Y^[[jhZgV
N>acZh¼V\^ieVhY¼jcdjY¼jcZVi]aƒiZ#Edjgbd^!
-bViX]ZhYZ[ddiWVaahjgaZeg^cX^eZYZ®|X]VfjZ
|&,]9D8JB:CI6>G: |&,]%*B6<6O>C: |&.];DDI76AA9>G:8I
X¼ZhiaVX‚g‚bdc^ZYZXaijgZYZh?Zjm!d‘a¼dc
g‚\^dchdcbViX]¯#EVgZmZbeaZ!HV^ci"wi^ZccZ"
=^hid^gZhYZhjgk^Z EaVn\gdjcY 8djeZYZa¼J:;6!&$&+YZ[^cVaZgZidjg
AZbdic¼ZhieVhigde[V^WaZYVchaV[djgcV^hZYjY‚hZgi# CZbVcfjZoeVhaZhXdchZ^ahYZ;g‚Y‚g^fjZ7Vc\j‚# HdX]Vjm·Danbe^V`dh<gZ# gZigdjkZXZhb^aa^ZghYZeZghdccZh!_ZjcZh
8g‚iZ^ahZgVY^[[jh‚ZcÐaZ"YZ";gVcXZZiZcG]cZ"
]dbbZhZi[ZbbZh!YZidjiZhaZhgZa^\^dch!YZ
6aeZh!eZcYVcifjZ7gZhi"HdX]VjmhZgVY^[[jh‚Zc
idjiZhaZhgVXZh!YZidjhaZhb^a^ZjmhdX^Vjm#
7gZiV\cZZiZc;gVcX]Z"8dbi‚!ZiV^ch^YZhj^iZ°
|'%])*;DDI76AA9>G:8I |'%]HEDGIH9:<A>HH: |'%]&*B6<6O>C:
IdiVaGj\Wn >ahhdci]ZjgZjmY¼„igZZchZbWaZVegƒhVkd^g
9Zej^hEVg^h!=Zcg^HVcc^ZgVc^bZgVaVhd^g‚Z
A^\jZYZhX]Vbe^dch/EHK:^cY]dkZc·BdcVXd >c[^c^YVYZ
AZhYZgc^Zgh[^cVa^hiZhcZkZjaZcieVhh¼Vgg„iZga|# vVkVZckdnZgYjadjgYVkZX;VWg^XZA‚XjnZg# A¼VXijVa^i‚YZa¼dkVa^Z# eVhh‚fj^coZ_djgh|hZgZheZXiZg#
VkVciaZhgZcXdcigZhej^h|aVb^"iZbehZiZc[^c
YZbViX]#:cegdX‚YVciV^ch^!idjiZhaZhV[[^X]Zh
Gk[h[fhƒi[dj[fekhlekibWYWdZ_ZWjkh[
YZk^ZccZci^ci‚gZhhVciZh#H^XZaV[dcXi^dccZW^Zc!
|'%])*;DDI76AA9>G:8I |'%](%=D8@:NHJG<A68: |'&];DDI76AA9>G:8I
Z[FWh_iWkn@$E$(&'( 5
cdjhg‚‚Y^iZgdcha¼de‚gVi^dchjgaZh&$-YZ[^cVaZ#
A^\jZYZhX]Vbe^dch/GZVaBVYg^Y·?jkZcijh AZbViX]YZh‚id^aZh 8djeZYZa¼J:;6!&$&+YZ[^cVaZgZidjg
AZhbZ^aaZjghig^XdadgZh[VXZVjmbZ^aaZjgh‚igVc\Zgh# A^aaZ·7}aZHj^# N7ZVjXdjeYZX]dhZh^bedgiVciZhXVgaV
:aaZZhiWZaaZbdcV[[^X]Z!ZaaZZhiWZaaZ
XVcY^YVijgZYZEVg^hZhic‚XZhhV^gZ|aV;gVcXZ#
Gk[biiedjb[ieX`[Yj_\iZ[bWY^W‰d[5
N8ZiiZde‚gVi^dc^ciZgk^ZciYVchaZeaVcYZ
DcVidjhaZhbdnZchYZ\V\cZgbV^hg^Zcc¼Zhi
|'%])*;DDI76AA9>G:8I |'%])*;DDI76AA9>G:8I |'&]9D8JB:CI6>G:
g‚\^dcVa^hVi^dcYZ;gVcXZ(#8¼ZhiaVegZb^ƒgZ[d^h
[V^i#8¼ZhiXdbbZedjgjcZ‚aZXi^dceda^i^fjZ!^a
A^\jZYZhX]Vbe^dch/7VnZgc·6ghZcVa A^\jZYZhX]Vbe^dch!&$-YZ[^cVaZVaaZg ®JcYZgc^ZgY‚[^¯
vVkV„igZYjgYZoVeeZg!XZhd^g LZgYZgYZ7g„bZ·Andc# 9ZhhVjiZjgh[djhhZ_ZiiZciYZheajh]VjiZh[VaV^hZhYjbdcYZ# fj¼jcZX]VˆcZgZigVchbZiidjhaZhbViX]Zhhjg
[VjiVaaZgX]ZgX]ZgaZhkd^m!eZghjVYZg!XdckV^cXgZ
aZhfjZahZaaZedhhƒYZaZhYgd^ihYZY^[[jh^dc#:c
fjZaZbZ^aaZjgX]d^mZhiEVg^h#DcZcVWZhd^c!
iZgbZY¼^ci‚g„iedjgaZi‚a‚heZXiViZjgXdbbZYZ
hjgidjiedjgaZhkVaZjghdanbe^fjZhYjhedgi/
|''])%;DDI76AA |''])%;DDI76AA |''])*;DDI76AA
8djeZYZa¼J:;6!&$&+YZ[^cVaZgZidjg gZciVW^a^i‚edjgaVX]VˆcZ!a¼de‚gVi^dcZhiedh^i^kZ#
Xd]‚h^dchdX^VaZ!‚Xdcdb^Z!‚YjXVi^dc#
A^\jZYZhX]Vbe^dch A^\jZYZhX]Vbe^dch
JcXdcYZch‚YZidjiZhaZhgZcXdcigZhYjhd^g# AV\gVcYZhd^g‚ZVkZXidjhaZhg‚hjb‚h# AZhg‚hjb‚hYZhgZcXdcigZh#
9ecc[djl_l[p#lekileidekl[bb[i
Gk[b[ijlejh[c[iiW][Z[iekj_[dfekhFWh_i
|''](%HEDGIH9:8DB76I h[ifediWX_b_jƒiZWdib½kd_l[hiifehj_\5
(&'( 5
|''](%GJ<7N |'(]%*B6<6O>C:
;gVcXZ·EVnhYZ<VaaZh&..( ;^\]i8ajW NIgƒhW^Zc!bZgX^#AZhedgiZhiVj_djgY¼]j^
NG^Zcc¼Zhi_VbV^hVXfj^h#8¼ZhiXdbbZYVchaV
9ZbV^c!X¼Zhi[ddi
>ac¼nVeVhh^adc\iZbeh!jcZVjigZ‚edfjZ### AZhhiVghYj@&ZceaZ^cZWdjggZ|Id`nd# Eg‚hZciVi^dcYZaV',Z_djgc‚ZYZA&# jcgZ[aZiYZaVhdX^‚i‚#AZheda^i^fjZh
k^Z!^a[VjihZWViigZidjhaZh_djgh!egdjkZgfj¼dc
h¼n^ci‚gZhhZciWZVjXdje#?ZbZhZchVj_djgY¼]j^
aZb‚g^iZ#?Zhdj]V^iZjcZk^Xid^gZYZEVg^hadgh
|'(]ED@:G |'(](%<DA;9>G:8I |'(]<DA;9>G:8I |aV[d^hY^gZXiZjgY¼jcZg‚YVXi^dcZidg\Vc^hViZjg
YZaVY‚h^\cVi^dc!|H^c\Vedjg!a¼‚i‚egdX]V^c#
IdjgZjgde‚Zc|9jWa^c 8]Vbe^dccViYjbdcYZYZbViX]"eaVn 8]Vbe^dccViYjbdcYZYZbViX]"eaVn YZheZXiVXaZh#AVbVi^ƒgZhedgi^kZZhi
DccZkdjhWaj[[ZeVh!X¼ZhikgV^bZci^ci‚gZhhVci# :c[VXZ"|"[VXZ!jcI^\gZgZhiZjcZccZb^YVc\ZgZjm# >anVY‚_|YZjm[d^hbd^chYZXdcXjggZcihfjZaVkZ^aaZ# ,`k_bb[j(&&+"@#').`ekhi

6<:C969JHEDGI’

H@>9:;DC9
AVIgVch_jgVhh^ZccZ ®,-.NoOFMFKFV
8dch^Y‚g‚ZXdbbZaZeajh\gVcY‚k‚cZbZci
TVS EFTUJOBUJPOT¯
Yjh`^YZ[dcY[gVcV^h!aVIgVch_jgVhh^ZccZ!
YZjm^ƒbZXdjghZYZadc\jZY^hiVcXZYjbdcYZ! /FX:PSL -PT"OHFMFT 1nLJO
gVhhZbWaZX]VfjZVcc‚ZeajhYZ.%%%%h`^Zjgh# F F F
8g‚‚ZZc&.,.!XZiiZXdbe‚i^i^dcXdbedgiZYZjm
‚egZjkZhbV_ZjgZh/jcZXdjghZYZ,+`bgZa^Vci /BJSPCJ +PIBOOFTCPVSH FUD¥
AVbdjgV?jgV|Bdji]Z9djWhZijcZXdjghZYZ F F
*%`bZcigZAZhGdjhhZh?jgVZiBdji]Z#AZ
 FNO

cdjkZVjiZbehYZg‚[‚gZcXZ!']**¼(%º!V‚i‚‚iVWa^

;G6C8@;6J<ÏG:$9EE>

Zc'%%)eVgaZ;gVcV^h6aZmVcYgZGdjhhZaZi#
;diWle_hfbki0lll#igVch_jgVhh^ZccZ#Xdb
'%;wKG>:G 1SJY)5"3 ËQBSUJSEF TPVNJTËDPOEJUJPOT

&-;wKG>:G'%%*
(% E:DEA:

<6A69JG>C<6J8>GFJ:7DJ<A>DC:

HIwE=6C:86G9>C6A:$E:DEA:6K:CJ:$8DG7>H
'
8NG>A8DB7:$H>E6

HIwE=6C:86G9>C6A:$E:DEA:6K:CJ:$8DG7>H
&

®>a[VjiXdbWViigZaVaZjX‚b^ZXdbbZ

8NG>A8DB7:$H>E6
dcXdbWVihjgjcg^c\#¯Hi‚e]Vc^Z
;j\V^c![ZbbZY¼Zc\V\ZbZci!Vb^hhV
egdegZbVm^bZZcegVi^fjZ#6j8^gfjZ ( )
7dj\a^dcZ!|EVg^h!ZcXdaaVWdgVi^dc
VkZXa¼VhhdX^Vi^dcY¼ZcigV^YZhedgi^kZ
;^ghi"GdjcY!eg‚h^Y‚ZeVgG‚b^8d]Zc!
ZaaZVXdck^‚fjZafjZhVb^h|jcZ
hd^g‚Z!Vc^b‚ZeVgB^X]Za9gjX`ZgZi
Gd\ZgOVWZa!Zc[VkZjgYZa¼VhhdX^Vi^dc
AVjgZiiZ";j\V^c!XdcigZaZhaZjX‚b^Zh#
8]VXjcV_dj‚aZ_ZjYVchYZhXdbWVih
WdcZc[VciZi_dnZjm#AVkZciZVjm
ZcX]ƒgZhVgVeedgi‚(%(%%æ#
:c]Vji!YZ\VjX]Z|Ygd^iZ/?VXfjZh

HIwE=6C:86G9>C6A:$E:DEA:6K:CJ:$8DG7>H
HIwE=6C:86G9>C6A:$E:DEA:6K:CJ:$8DG7>H

H‚\j‚aV!?ja^Zc8djgWZi!aZhÃaaZhYj
8gVon=dghZ!8VjZi'!8‚X^aZYZ
BZc^Wjh!:cg^XdBVX^Vh!>hVWZaaZ7gƒh
(!9Vk^Y8]VgkZi)!8‚X^aZYZ
8NG>A8DB7:$H>E6

BZc^Wjh!>hVWZaaZ7gƒh*!C}Y^nV!
Hi‚e]Vc^Z;j\V^c+!=Zgk‚BVi]djm!
* EVja7ZabdcYd,!I^id[[!9Vk^Y;Za^m-# + ,

LEJH;M;;A#;D: J;D:7D9;

HVbZY^!aZhVkZghZhhZgdci[g‚fjZciZh!cdiVbbZcihjgidjiZaVbd^i^‚:hi B‚Y^iZggVc‚Z#9^bVcX]Z!^a[ZgVjceZjeajh[gd^YVkZXfjZafjZh[adXdch AZgZ[gd^Y^hhZbZcifj^VjgVY‚Wji‚Y^bVcX]ZhZbWaZkdjad^ghZXdc[^gbZg ZicZ^\ZhZgdci[g‚fjZciZh!nXdbeg^hZceaV^cZ#AZhkZcihYZkgV^ZcigZhiZg


YZaV;gVcXZ#>acZ^\ZgVVWdcYVbbZciZcbdciV\cZ!Yƒh*%%|,%%b YVchaZCdgYZiaZCdgY":hi#EZgh^hiVcXZYjg^hfjZY¼VkZghZhhjgaZhigd^h edjgaZY‚WjiYZaVhZbV^cZegdX]V^cZ!b„bZh¼^acZh¼V\^ieVhY¼jcZ [dgihegƒhYZaVB‚Y^iZggVc‚ZbV^h^ac¼ZhieVhXZgiV^cfjZaZhdaZ^a
Y¼Vai^ijYZ#AZb^higVaZiaVigVbdciVcZhdj[[aZgdcik^daZbbZciegƒhYZaV fjVgihYjeVnh#:chdaZ^aa‚bV^hkZciZjmhjgaZhg‚\^dchb‚Y^iZggVc‚ZccZh# k‚g^iVWaZkV\jZYZ[gd^Y#AZiZbehgZhiZgV]jb^YZ!ZiaZhVkZghZhYZeaj^Z eZgh^hiZ#AVh^ijVi^dcb‚i‚dVjgViZcYVcXZ|hZY‚\gVYZg#

&-;wKG>:G'%%*