A "_rBj_5rOc_5W c_DBjB_;Bc_)B;B_r=y5_;BnO_ "_rBj_BrcD0KO_Hn )Pc0

,O_H5fcjB 
A fjOW A

 
   


 
    
.3Rtha1a\?3{3

#al@\pa\Ma3T39J?

%?w?\p thG?\

.DQZk:XQcD]^Q_gk
&bRQ^?d? k,?[?Xk
_?Sb]ZO_ ^EA SDQZ ?AR[k

:XQcD]^Q_gkZEk#?X_?@]Q?k
7?X_?XBD] k 7[?QXk
RN?U?AOD_UW?_ bXQA?X D^k

#% /%8Vk
']DXZ@UD k &]?XADk
UDcDX_ Nb]NDXAD? E]k

l36?T&3ph3\G3

Mha~tRM&3?aYM9JM

.aYa\ahM +JM6t~3

%XNQXDD]QXNk)XNDNXD]Q?k)XEZ]W?_QA?k7[ k
4?UD]WZ k )_?Ufk
Q^?@DU W?_]?XN?DXN Q_k

188k#Z][Z]?_QZXk
8ZSfZ k,?[?Xk
W?DZWQAOQ OQ]ZfbSQU?@ X__ AZ R[k

188k%?^_k
8ZSfZ k,?[?Xk
_ ^OQ@bf?D?^_ X__ AZ R[k

7mqi4:q
!^ *--6 /*6 #'+6 .(-/6 $/$.6 /*6 +-*1$6 -.+*).$16
.-1$.6 /*6 $(+-*16 /#6 ,0'$/36 *6 '$6 *6 /#$-6 $/$4).6 6 "'*'5
.'6 +'/*-(6 -'3$)"6 *)6 '*06 *(+0/$)"6 .6 )6 )'-6 /*6
-$"6 /#6 )/-)/6 *6 #$)".6 2$/#6 )/-)/6 *6 *+'6 1$6 )/-)/6
*6 -1$.6 $.6 +-.)/6 $)6 /#$.6 ++-6 #$.6 +'/*-(6 2$''6 *0.6 *)6
6 $/$4))/-$6 ++-*#6*-$)"6/*6 )0.-.6 /#6 +*..$$'$/36 *6
-/$)"6 /#$-6 *2)6 '*06 .-1$.6 )6 .#-6 /#(6 2$/#6 */#-6
$/$4).6 .6 2''6 .6 $)1*'1$)"6 */#-6 $/36 ./&#*'-.6 -)"$)"6 -*(6
(0)$$+'$/$.6 /*6 .-1$6 1'*+-.6 )6 ++'$/$*)6 $)/"-/*-.6
#6 )$/$*)6 .$")6 )6 1'*+()/6 *6 /#6 *-()/$*)6
+'/*-(6 #.6 )6 --$6 *0/6 2$/#$)6 '*06 +-*%/6 ./$''6
*)"*$)"6 -(6 $)/*6 6 %*$)/6 0-*+)+).6 $)$/$/$16
2#-6 $-)/6 '6 /-$'.6 1'*+6 *)6 /*+6 *6 /#6 1'*+6
+'/*-(6 #16 )6 +'*36 $)6 /#6 *0-6 $/$.6 /#/6 /&6 +-/6 *6
/#6 +-*%/6 $/&6 )6 0%$.26 $)6 +)6 )6 )/)-6 )6
)*16 $)6 0-*+6

$A|bi<m
Ubu<Vb/<AxAUbeZA]q::UA:NqNA]QAU<qiN4U

) k

'/941<9&1/d

U_OZbNOk _OD]Dk DeQ^_k ^DcD]?Uk BDIXQ_QZX^k EZ]k Q_ k ^W?]_k AQ_fk

AZbUBk@DkBDIXDBk?^k?kAZW[UDekDAZ^f^_DWkAO?]?A_D]QhDBk@fk_ODk
QX_DX^QcDk b^Dk ZEk QXEZ]W?_QZXk ?XBk AZWWbXQA?_QZXk _DAOXZUZNQD^k
-#8 k ?QWQXNk ?_k W?SQXNk _ODk AQ_QD^k WZ]Dk ?__]?A_QcD k WZ]Dk
^b^_?QX?@UDk ?XBk ?k bXQ\bDk [U?ADk EZ]k QXXZc?_QZXk ?XBk
DX_]D[]DXDb]^OQ[ k kWZ]Dk?__]?A_QcDkAQ_gkQ^kAUD?]Ufk]DU?_DBkdQ_Ok
?k AQ_QhDXADX_]QAk ?[[]Z?AO k AZX^QBD]QXNk AQ_QhDX^k ?^k _ODk W?QXk
^_?SDOZUBD]^k QXk _ODk AQ_g k _Ob^k BDcDUZ[QXNk ^D]cQAD^k ?XBk
?[[UQA?_QZX^k?BB]D^^QXNkAQ_QhDX^kQXcZUcDWDX_k?XBkEDDB@?AS k ?^k
[]D^DX_DBkQXk=> k
8ODk _D]Wk ^b^_?QX?@UDk Q^k ]DU?_DBk dQ_Ok _ODk AQ_gk Q_^DUE k ?^k ?Xk
DEEZ]_k EZ]k QW[]ZcQXNk DHAQDXAfk ZEk b]@?Xk ^D]cQAD^k E]ZWk
BQEED]DX_k [D]^[DA_QcD^k DXcQ]ZXWDX_ k DXD]Nf k _]?X^[Z]_ k )Xk
_D]W^k ZEk QXXZc?_QZX k _ODk QXA]D?^QXNk BD[UZfWDX_k ZEk )X_D]XD_k ZEk
8OQXN^k -Z8k =>k BDcQAD^k dQ_OQXk _ODk b]@?Xk DXcQ]ZXWDX_k O?^k
[U?ADBk _ODk AQ_gk ?^k ?k [D]EDA_k [U?fN]ZbXBk EZ]k _D^_QXNk BQEED]DX_k
Ab__QXNDBNDk _DAOXZUZNQD^k ?XBk BDcDUZ[QXNk QXXZc?_QcDk ^D]cQAD^k
bXBD]k?k]D?UkDXcQ]ZXWDX_ k
8?SQXNk QX_Zk AZX^QBD]?_QZXk _ODk []DcQZb^Ufk WDX_QZXDB k _ODk
AQ_gk ]D[]D^DX_^k ?Xk DAZ^f^_DWk ZEk BDcQAD^k ?XBk b^D]^k []ZBbAQXNk
T ki%%%k

c?^_k \b?X_Q_QD^k ZEk QXEZ]W?_QZXk _O?_k XDDBk _Zk @Dk ?AAZ]BQXNUfk

[]ZAD^^DBk QXk Z]BD]k _ZkNDXD]?_Dk _ODk AZ]]D^[ZXBQXNk ^D]cQAD^k ?XBk
?[[UQA?_QZX^k EZ]k QW[]ZcQXNk b^D]k \b?UQ_gk ZEk UQEDk ?XBk DHAQDXAfk
ZEk[b@UQAk^D]cQAD^ k)Xk Z]BD]k _ZkD?^Dk_ODk^_Z]?NDk?XBk[]ZAD^^QXNk
ZEk ?UUk _OD^Dk B?_? k #UZbBk AZW[b_QXNk =>k bXBD]^_ZZBk ?^k ?k WZBDUk
EZ]k DX?@UQXNk b@Q\bQ_Zb^ k AZXcDXQDX_ k ZXBDW?XBk XD_dZ]Sk
?AAD^^k _Zk ?k ^O?]DBk [ZZUk ZEk AZXINb]?@UDk AZW[b_QXNk ]D^Zb]AD^k
D N k XD_dZ]S^ k ^D]cD]^ k ^_Z]?ND k ?[[UQA?_QZX^ k ?XBk ^D]cQAD^k
_O?_k A?Xk @Dk ]?[QBUfk []ZcQ^QZXDBk ?XBk ]DUD?^DBk dQ_Ok WQXQW?Uk
W?X?NDWDX_kDEEZ]_kZ]k^D]cQADk AZbUBk@Dkb^DB k
#UZb8k 
#).#."&.#%.!$#+%".'.'-". #)'.".
&!%'. '&. []ZRDA_k =>k EZAb^D^k ZXk UDcD]?NQXNk _ODk #UZbBk
AZW[b_QXNk?^k?XkDX?@UD]k_Zk@]QBNDk_ODk)X_D]XD_kZEk8OQXN^kVZ8k
dQ_Ok)X_D]XD_k ZEk4DZ[UDk cQ?k )X_D]XD_k ZEk7D]cQAD^ k De[UZQ_QXNk ?UUk
[Z^^Q@UDkQXEZ]W?_QZXk^Zb]AD^k_ZkW?SDk_ODkAQ_QD^k^W?]_D]k?XBk_Zk
ODU[k _ODWk E?AQXNk _ODk DWD]NQXNk AO?UUDXND^k ^bAOk ?^k DHAQDX_k
DXD]Nfk W?X?NDWDX_k Z]k DAZXZWQAk N]Zd_Ok ?XBk BDcDUZ[WDX_ k
?WZXNk Z_OD]^ k [?]_k E]ZWk BD?UQXNk dQ_Ok _ODk AO?UUDXND^k ZEk
AZUUDA_QXN k QX_DN]?_QXN k ^_Z]QXN k ?AAD^^QXNk ?XBk []ZAD^^QXNk _ODk
U?]NDk ?WZbX_k ZEk B?_?k NDXD]?_DBk @fk QXEZ]W?_QZXk ^Zb]AD^k
?c?QU?@UDk QXk _ODk AQ_gk -Z8k ?XBk UDN?Afk BDcQAD^ k 717 k #UZb8k
#UZbBk A VZ8k []ZRDA_k ?U^Zk De[UZQ_^k ?XBk W?SD^k ?c?QU?@UDk _OQ^k
@QNk ?WZbX_k ZEk B?_?k _Zd?]B^k _ODk NDXD]?_QZXk ZEk XDdk @b^QXD^^k
Z[[Z]_bXQ_QD^k?XBk_ODQ]kQW[?A_kZXk_ODk7W?]_k#Q_gk%AZ^f^_DW k
#UZb8k dQUUk []ZcQBDk QXE]?^_]bA_b]D^ k ^D]cQAD^ k _ZZU^k ?XBk
?[[UQA?_QZX^k _O?_k dQUUk @Dk ]Db^DBk @fk BQEED]DX_k AQ_fk ^_?SDOZUBD]^k
^bAOk ?^k WbXQAQ[?UQ_QD^ k AQ_QhDX^ k ^D]cQADk BDcDUZ[D]^k ?XBk
?[[UQA?_QZXk QX_DN]?_Z]^ k QXk Z]BD]k _Zk A]D?_D k BD[UZfk ?XBk W?X?NDk
b^D]ADX_]QAk ?[[UQA?_QZX^k _?SQXNk @DXDI_k ZEk _ODk U?_D^_k ?Bc?XAD^k
QXk VZ8k ?XBk #UZbBk BZW?QX^ k #UZb8k dQ_Ok Q_^k b^D]ADX_]QAk
?[[]Z?AO k dQUUk ?U^Zk ZEED]k _Zk DXBb^D]^k _ODk [Z^^Q@QUQ_gk ZEk
A]D?_QXNk _ODQ]k ZdXk #UZbBk ^D]cQAD^k ?XBk ^O?]Dk _ODWk dQ_Ok Z_OD]k
AQ_QhDX^k
8ODk [?[D]k Q^k ^_]bA_b]DBk ?^k EZUUZd^ k )Xk 7DA_QZXk )9 k Q_k Q^k
QXBQA?_DBk _ODk W?QXk WZ_Qc?_QZXk ZEk _ODk []ZRDA_k ?XBk _ODk ]DU?_DBk
dZ]S k 7DA_QZXk 9)9k ^OZd^k _ODk Z]QNQXk ZEk AQ_QhDXADX_]QAk ?[[]Z?AOk
[]D^DX_QXNk ^b]cDf^k ?XBk WDD_QXN^k EZ]k QXcZUcQXNk b^D]^k ?XBk
^_?SDOZUBD]^ k ?XBk _ODk Ab]]DX_k NUZ@?U^A?UDk AQ_gk [U?_EZ]W k 8ODk

Z[D]?_QZXk ZEk _OQ^k [U?_EZ]Wk dQUUk @Dk c?UQB?_DBk QXk 7DA_QZXk );k
^OZdQXNk _ODk BQEED]DX_k IDUBk _]Q?U^k BD[UZfDBk QXk _ODk EZb]k AQ_QD^k
dQ_OQXk_ODk[]ZRDA_kAZX^Z]_QbW k&QX?UUf k 7DA_QZXk;kdQUUkQXBQA?_Dk
_ODk W?QXk ?AOQDcDBk AZXAUb^QZX^k ?XBk _ODk Eb_b]Dk UQXD^k _Zk @Dk
?BB]D^^DB k

)VV k &9&@!/!/95&d V241%d"14d 7-49d&9?d3+9"14-d

!=!+12-!/9d

8OQ^k^DA_QZXk[]D^DX_^kAQ_QhDXADX_]QAk?[[]Z?AOkEZ]k^W?]_kAQ_gk
[U?_EZ]Wk BDcDUZ[WDX_ k &Q]^_Uf k dDk BD^A]Q@Dk ZcD]cQDdk ZEk Zb]k
BDcDUZ[WDX_k AfAUD k 8ODX k dDk []D^DX_k _ODk BD_?QUk ZEk D?AOk
BDcDUZ[WDX_k[O?^D k

 A .19&=9&1/d/d4!+9!d>15*d

. * #$!"'.
, .

8ODk VZ8k AZXAD[_k O?^k QW[UQDBk _ODk ?[[D?]?XADk ZEk BQEED]DX_k

]D^D?]AOk QXQ_Q?_QcD^k ]DU?_DBk _Zk Qk ^DX^Z]k ?XBk ?A_b?_Z]k
WQBBUDd?]Dk ?]AOQ_DA_b]D^ k QQk []ZcQ^QZXk ZEk _ZZU^k ?XBk WZBbUD^k
EZ]k QW[UDWDX_QXNk ?[[UQA?_QZX^k ?XBk ^D]cQAD^k ZXk _Z[k ZEk _OD^Dk
_D^_@DB^ k QQQk BDcDUZ[WDX_k ZEk ^D]cQAD^k ?XBk ?[[UQA?_QZX^k dQ_OQXk
]D?Uk b]@?Xk DXcQ]ZXWDX_^ k <Q_OQXk _ODk I]^_k N]Zb[k []ZRDA_^k ?^k
":8/%5k => k Q#Z]Dk =>k ?XBk )Z8 k => k AZbUBk @Dk AZX^QBD]DB k
<OQUDk )Z8 k Q^k @bQUBQXNk ?k ]DED]DXADk ?]AOQ_DA_b]?Uk WZBDUk EZ]k
Eb_b]Dk VZ8k XD_dZ]S^ k ":8/%5k ?XBk Q#Z]Dk dQUUk []ZcQBDk _ODk
XDAD^^?]fk@bQUBQXNk@UZAS^k_ZkQX^_?X_Q?_Dk_OQ^k?]AOQ_DA_b]D k)Xk_ODk
^DAZXBk N]Zb[ k []ZRDA_^k UQSDk #Q_g7$.k =>k ?XBk 74)8&)5%k => k
?QWk ?_k A]D?_QXNk ?XBk []ZcQBQXNk ?k ^D_k ZEk _ZZU^ k WD_OZB^k ?XBk
QX_D]E?AD^k EZ]k ?Xk DHAQDX_k BDcDUZ[WDX_k ZEk ?[[UQA?_QZX^k ?XBk
^D]cQAD^k dQ_OQXk VZ8k AZX_De_ k &QX?UUf k @DUZXNQXNk _Zk _ODk _OQ]Bk
N]Zb[k[]ZRDA_^kUQSDk2:870 58k =>kZ]k7W?]_7?X_?XBD]k=++> k
[]D^DX_DBkBQEED]DX_k]D?Ukb^DkA?^D^kZcD]k]D?Ukb]@?XkBD[UZfWDX_^ k
)Xk _ODk A?^Dk ZEk 7?W]_7?X_?XBD] k ?U^Zk ?k BDX^Dk VZ8k BD[UZfWDX_k
d?^k?BB]D^^DBkbXBD]k_ODk[]ZRDA_kE]?WDdZ]S k
^k Q_k O?^k @DDXk WDX_QZXDBk QXk _ODk []DcQZb^k ^DA_QZX k _ODk b^D]k
@DAZWD^k D^^DX_Q?Uk dODXk BD[UZfWDX_^k RbW[k E]ZWk _ODk @ZbXBDBk
U?@Z]?_Z]fk ^A?UDk _Zk _ODk b]@?Xk ]D?Uk ^ADX?]QZ^ k 8OQ^k _]?X^U?_Dk QXk
_ODk ?[[D?]?XADk ZEk XDdk ?^[DA_^k _Zk @Dk ?[[UQDBk _Zk _ODk VZ8 k ?^k
_OZ^Dk ?BB]D^^DBk QXk 70 5894k =>k ?XBk 5!$)# /k =>k
[]ZRDA_^ k QXcZUcQXNkAQ_QhDX^k_O]ZbNOk_ODk/QcQXNk/?@^kQXkZ]BD]k_Zk
A]D?_Dk XDdk ^D]cQAD^ k ?^k dDUUk ?^k _Zk QW[]ZcDk ?XBk _]?X^EZ]Wk _ODk
DeQ^_QXNkZXD^ k
&ZUUZdQXNk _OD^Dk DcZUb_QZX k _ODk XDe_k AZX^D\bDXADk Q^k AUD?]Ufk
BD_D]WQXDBk@fk_ODk@QNk?WZbX_kZEk\b?X_Q_fkNDXD]?_DBk@fk_ODkVZ8k
BD[UZfWDX_^k ?XBk _ODk b^D]^ k _Ob^k UD?BQXNk _Zk _ODk b^Dk ZEk #UZbBk
#ZW[b_QXNk_DAOXQ\bD^kEZ]k^_Z]QXNk?XBk[]ZAD^^QXNk_ODW k)Xk_OQ^k
^DX^D k []ZRDA_^k UQSDk 2#% 1k =>k ?QWQXNk ?_k [U?fQXNk ?k [QcZ_?Uk
]ZUDk ?WZXNk AZUU?@Z]?_QcDk AUZbBk ]D^D?]AOk []ZRDA_^k ?XBk 7:#6%k
=>kQXkAO?]NDkZEkOQNOUQNO_QXNk^bAAD^^EbUkA?^Dk^_bBQD^kZEkAUZbBk
A Z[DXk ^Zb]ADk ?[[UQA?_QZXk QXk QXBb^_]f k XZ_k Rb^_k QXk %b]Z[Dk @b_k
?U^Zk QXk ,?[?X k ?]Dk De?W[UD^k ZEk QXQ_Q?_QcD^k EZ]k QX_DN]?_QXNk ?UUk
_OD^Dk _g[Dk ZEk []ZRDA_^ k )XBDDB k 7:#6%k []ZRDA_k W?QX_?QX^k ?Xk
b[B?_DBk ^DA_QZXk dQ_Ok ^ZWDk ZEk _ODk WZ^_k QW[Z]_?X_k #UZbBj
]DU?_DBkDeQ^_QXNk[]ZRDA_^ k
#ZX^QBD]QXNk_ODk?EZ]DWDX_QZXDB k ?XBk?^k[]DcQZb^UfkBDIXDB k
#UZb8k dQUUk EZAb^k ZXk UDcD]?NQXNk _OD^Dk #UZbBk AZW[b_QXNk
_DAOXQ\bD^k?^k?XkDX?@UD]k_Zk@]QBNDk_ODk)X_D]XD_kZEk8OQXN^k-Z8k
dQ_Ok _ODk AZ]]D^[ZXBQXNk BD[UZfWDX_^k ?XBk ?]AOQ_DA_b]D^k
[]ZcQBDBk @fk _ODk []ZRDA_k [?]_XD]^ k dQ_Ok )X_D]XD_k ZEk 4DZ[UDk
_O]ZbNOk ?k AQ_QhDXADX_]QAk ?[[]Z?AOk DX]QAODBk @fk _ODk AbU_b]?Uk
BQEED]DXAD^k@D_dDDXk%b]Z[Dk?XBk,?[?X k cQ?k)X_D]XD_kZEk7D]cQAD^k
W?_D]Q?UQhDBk QXk _ODk BQEED]DX_k IDUBk _]Q?U^k A?]]QDBk Zb_k Bb]QXNk _ODk
[]ZRDA_kQXk_ODkAQ_QD^k@DUZXNQXNk_Zk_ODkAZX^Z]_QbW k

8Zk BD^QNXk ?XBk QW[UDWDX_k NUZ@?U^A?UDk ^W?]_k AQ_gk [U?_EZ]W k

dDkEZAb^D^kZXkAQ]AbU?_QXNkBDcDUZ[WDX_k[]ZAD^^k ^DDk LFsg> 
8ODk []ZAD^^k QXAUbBD^k W?QXUfk _O]DDk ^_?ND^ k k QX_D]?A_QZXk dQ_Ok
^_?SDOZUBD]^ k k BDcDUZ[WDX_ k ?XBk k IDUBk _]Q?U^ k &Q]^_Uf k D?AOk
[]ZRDA_k [?]_XD]^k E]ZWk %b]Z[Dk ?XBk ,?[?Xk AZUUDA_^k ]D\bQ]DWDX_^k
?XBk b^Dk A?^D^k E]ZWk D?AOk AZbX_]g^k ^_?SDOZUBD]^ k"?^DBk ZXk _ODk
SXZdUDBND k _ODk [?]_XD]^k BQ^Ab^^k ?k AZWWZXk ^W?]_k AQ_gk
?]AOQ_DA_b]Dk?XBkBDcDUZ[kQ_^k[]Z_Z_g[D k8ODX k IDUBk_]Q?U^k@?^DBk
ZXk AZWWZXk ?]AOQ_DA_b]Dk ?]Dk A?]]QDBk Zb_k QXk BQEED]DX_k AQ_QD^k QXk
@Z_Ok%b]Z[Dk?XBk,?[?X k;?]QZb^kEDDB@?AS^kZEk_ODkIDUBk_]Q?U^k?]Dk
^O?]DBk dQ_Ok []ZRDA_k [?]_XD]^ k "?^DBk ZXk _ODk De[D]QDXAD^ k dDk
[]ZADDBk YCk AfAUDk ZEk BDcDUZ[WDX_k []ZAD^^k  ^_?]_QXNk dQ_Ok
?XZ_OD]kQX_D]?A_QZXkdQ_Ok^_?SDOZUBD]^ k
'UZ@?U^A?UDk ^W?]_k AQ_gk [U?_EZ]Wk ^OZbUBk EbUIUUk c?]QZb^k
]D\bQ]DWDX_^k ?XBk []ZcQBDk ^D]cQAD^?[[UQA?_QZX^ k 7_?SDOZUBD]^k
QXAUbBDk XZ_k ZXUfk []ZED^^QZX?Uk BDcDUZ[D]^ k @b_k ?U^Zk AQ_QhDX^ k
WbXQAQ[?UQ_QD^kZ]k1ZX[]ZI_kZ]N?XQh?_QZX^ k8OD]DEZ]D k dDkO?cDk
_ZkAZUUDA_k_ODQ]k]D?Uk[]Z@UDW^k?XBk]D\bQ]DWDX_^kAZX^_?X_UfkdQ_Ok
Zb]k De[D]QDXAD^k _O]ZbNOk ?A_b?Uk BDcDUZ[WDX_k ?XBk IDUBk _]Q?U^ k
"?^DBkZXk_ODkBDcDUZ[WDX_kAfAUD k Zb]k[U?_EZ]Wk[]ZcQBD^kc?]QZb^k
EbXA_QZX?UQ_gkQXk_D]W^kZEk@Z_Ok_Z[BZdX]D\bQ]DWDX_^@?^Dk ?XBk
@Z_`ZWb[k_DAOXZUZNQA?Uk^DDB^@?^Dk?[[]Z?AO k

'><9:2A
(;0612A.:047 A*=05?A

+0:08A

LFsg>  >v>S`dX>[o}8S>
%A

"'%'#".+'.
'-"&.".'# %&.
.
'-"&.".'# %&.)%*,&.
)Xk Z]BD]k _Zk ND_k EDDB@?ASk @Z_Ok E]ZWk A*_*hDX^k ?XBk
^_?SDOZUBD]^k ZXk VZ8k A #UZbBk ]DU?_DBk AZXAD[_^ k ?k ^D_k ZEk
^b]cDf^k O?^k @DDXk BDcDUZ[DBk ?XBk BQ^_]Q@b_DBk _Zk _ODk
AZ]]D^[ZXBQXNk]DADQcD]^ k ?^kQXBQA?_DBkXDe_k
#Q_QhDX^k ^b]cDfk  _Zk AZUUDA_k QXEZ]W?_QZXk E]ZWk _ODk
AQ_QhDX^k ZEk_ODkBQEED]DX_k[QUZ_kAQ_QD^kdQ_OQXk_ODk[]ZRDA_ k @Z_Ok
QXk %b]Z[Dk ?XBk ,?[?X k 8ODk ^b]cDf^k O?Bk ?k ^D_k ZEk NDXD]?Uk
\bD^_QZXk?XBk?kN]Zb[kZEk^[DAQIAk\bD^_QZX^k]DN?]BQXNk_Zk_ODk
[?]_QAbU?]kIDUBk_]Q?UkBDcDUZ[DBkQXk_OQ^kAQ_g k

7_?SDOZUBD]k ^b]cDfk  _Zk AZUUDA_k QXEZ]W?_QZXk E]ZWk ?k

^D_k ZEk ^_?SDOZUBD]^k QBDX_QIDBk @fk #UZb8k [?]_XD]^ k W?QXUfk
WbXQAQ[?UQ_QD^k ?XBk )8k ^[DAQ?UQ^_^ k /ZNQA?UUf k _OD^Dk ^b]cDf^k
?]Dk?QWDBk?_k [DZ[UDkdQ_Ok^[DAQIAk^SQUU^k ?XBk SXZdUDBND k QXk
BQEED]DX_k _Z[QA^k ^bAOk ?^k NZcD]X?XAD k DXcQ]ZXWDX_?U k
_]?X^[Z]_ k DXD]NfkZ]k_DAOXZUZNf k ?WZXNkZ_OD]^ k
'DXD]?UkAQ_QhDXk^b]cDfk ?kNDXD]?UkAQ_QhDXk^b]cDfkd?^k
?U^Zk[]D[?]DBk?XBk U?bXAODBkQXk Z]BD]k _ZkAZUUDA_k QXEZ]W?_QZXk
?U^ZkE]ZWkAQ_QhDX^kE]ZWkBQEED]DX_kAQ_QD^k_Zk_OZ^DkQXcZUcDBkQXk
_ODk[]ZRDA_ k)Xk_OQ^k^DX^D k _ODk]D^bU_^kZEk_OQ^k^b]cDfkdQUUkODU[k
_ZkAZW[?]Dk_ODk AQ_QhDX^kAZXAD]X^k ?XBkXDDB^kBD[DXBQXNkZXk
_ODk BQEED]DX_k NDZN]?[OQA?Uk ?XBk AbU_b]?Uk ?]D?^ k _Ob^k
QBDX_QMQXNk^QWQU?]Q_QD^k?XBkBQEED]DXAD^ k
[?]_kE]ZWk%XNUQ^OkEZ]W?_ k Q_kQ^kQW[Z]_?X_k_ZkOQNOUQNO_k_O?_k
@Z_O k AQ_QhDX^k ?XBk ^_?SDOZUBD]^k ^b]cDf^ k O?cDk ?U^Zk @DDXk
_]?X^U?_DBk QX_Zk _ODk AZ]]D^[ZXBQXNk X?_QZX?Uk U?XNb?ND^k
BD[DXBQXNk ZXk_ODk[QUZ_kAQ_f k _Ob^k D?^QXNk?XBk QXA]D?^QXNk_ODk
AZUU?@Z]?_QZXkZEk_ODk[DZ[UD k
U_OZbNO k ?_k _ODk _QWDk ZEk d]Q_QXNk _OQ^k [?[D] k _ODk ]D^bU_^k ZEk
_ODk ^b]cDfk ?]Dk XZ_k AZW[UD_DUfk BDIXQ_QcD k ^ZWDk QX_D]D^_QXNk
]D^bU_^k O?cDk @DQXNk ?U]D?Bfk Z@_?QXDB k W?QXUfk E]ZWk _ODk
^_?SDOZUBD]^k WDD_QXN k ?^k IDUBk _]Q?U^k QXk _ODk BQEED]DX_k [QUZ_k
AQ_QD^k ?]Dk ^_QUUk QXk BD[UZfWDX_k [O?^D^ k 1De_k INb]D^k ^OZdk
^ZWDkZEk_OD^Dk]D^bU_^k

!#%-

!$
-

!$%

!%

!%%
-

!&
-

!&%

!'

8ODk^_?SDOZUBD]^k^b]cDfkQ^kAUD?]UfkZ]QDX_DBk_Zd?]B^kO?cQXNk?k
AUD?]k [QA_b]Dk ZEk Ab]]DX_k _DAOXZUZNQA?Uk ^Q_b?_QZX k @b_k ?U^Zk _Zk
O?cDk ?Xk D^_QW?_QZXk ?^k WbAOk ?AAb]?_Dk ?^k [Z^^Q@UDk ZEk _ODk Eb_b]Dk
^_D[^k _Zk @Dk AO?UUDXNDBk ?XBk ?BB]D^^DB k )Xk _OQ^k ^DX^D k &QNb]Dk k
^OZd^k_ODkW?QXkXDDB^k?XBkAZXAD]X^kQBDX_QIDBkQXk_ODkAZX_De_kZEk
Ab]]DX_k ?XBk AZWQXNk ^W?]_k AQ_g k dOQU^_k &QNb]Dk k []D^DX_^k ?k
]?XSQXNk ZEk _DAOXZUZNQD^k _O?_k dQUUk @Dk ^b[[Z]_QXNk _ODk L_b]Dk VZ8k
^ZUb_QZX^ k
. '# %.'"&.
8Zk AZUUDA_k WZ]Dk BD_?QUk ZEk []Z@UDW^k ?XBk ]D\bQ]DWDX_^k
EZ]k _ODk ^W?]_k AQ_gk [U?_EZ]W k dDk ?U^Zk O?Bk ^_?SDOZUBD]k
WDD_QXN^kQXk@Z_Ok%b]Z[Dk?XBk,?[?Xk^DDk&QNb]Dk k0DD_QXNk
[?]_QAQ[?X_^k QXAUbBD^k AQ_QhDX k WbXQAQ[?UQ_QD^ k c?]QZb^k ^QhD^k
ZEkAZW[?XQD^k?XBkXZX[]ZI_kZ]N?XQh?_QZX^
k 9Xk_ODkWDD_QXN k
dDk De[U?QXDBk [b][Z^Dk ZEk _ODk WDD_QXN k ZcD]cQDdk ZEk Zb]k
[]ZRDA_k ?XBk ?U^Zk BDWZX^_]?_DBk c?]QZb^k O?]Bd?]Dk ?XBk
^ZKd?]Dk ZEk 9Z8k ?XBk #UZbBk AZW[b_QXNk _DAOXZUZNQD^
k 9Xk
?BBQ_QZX k dDk BQ^Ab^^DBk _ODk ]D\bQ]DWDX_^k ZEk ^W?]_k AQ_gk
[U?_EZ]Wk EZ]k ^ZUcQXNk [?]_QAQ[?X_^k ?A_b?Uk []Z@UDW^k QXk B?QUfk
UQED k DWD]NDXAfk^Q_b?_QZXkZ]k@b^QXD^^k?A_QcQ_g
k <Dk?U^ZkO?Bk
?k N]Zb[k BQ^Ab^^QZXk _Zk AZUUDA_k ?A_QcDk QBD?^k ?XBk EDDB@?AS^k
E]ZWk [?]_*A*[?X_^
k 7QXADk [?]_QAQ[?X_^k O?cDk BQcD]^Dk
@?ASN]ZbXB^ k XZ_k ZXUfk b^k @b_k ?U^Zk [?]_QAQ[?X_^k _ODW^DUcD^k
NZ_kc?]QZb^k[D]^[DA_QcDk_Zk_ODkEb_b]DkAQ_g
k %^[DAQ?UUf k @?^DBk
ZXk _ODk AbU_b]?Uk BQEED]DXADk @D_dDDXk %b]Z[D?Xk [?]_QAQ[?X_^k
?XBk ,?[?XD^Dk [?]_QAQ[?X_^ k dDk O?Bk c?]QZb^k QBD?^k ?XBk
EDDB@?AS^k EZ]k _ODk NUZ@?U^A?UDk ^W?]_k AQ_gk [U?_EZ]Wk dOQAOk
QX_D]AZXXDA_^k^DcD]?UkAQ_QD^
k

$"0-6 $A $)6 ).6 $)/$6$)6 .(-/6 $/$.6

!" 





















!



(-

&-

$"0-6 #A /&#*'-6 /$)".6

$-

. &.
&. " ,&&.
"-

!-

!!-

!"-

"?^DBk ZXk Zb]k De[D]QDXAD^k E]ZWk QX_D]?A_QZXk dQ_Ok

^_?SDOZUBD]^k ?XBk BQ^Ab^^QZXk ?WZXNk [?]_XD]^ k dDk ?X?UfhDBk b^Dk
A?^Dk ^ADX?]QZ^k EZ]k ^W?]_k AQ_f
k <Dk AU?^^QIDBk ^DcD]?Uk b^Dk A?^Dk
QX_ZkEZUUZdQXNk_O]DDkW?QXkA?_DNZ]QD^k #Tk ^W?]_kAQ_gk]D^Zb]ADk
W?X?NDWDX_ k #k ^?ED_gk?XBkDWD]NDXAfkW?X?NDWDX_k?XBk#k
AQ_QhDXkOD?U_Ok?XBk[UD?^?X_kDXO?XADWDX_ k ^kQXcZUcDBk?A_Z]^kQXk
_ODk AU?^^QIDBk b^Dk A?^D k dDk ?U^Zk QBDX_QIDBk _O]DDk ?A_Z]^k +k
AQ_QhDX^k ?XBk WbXQAQ[?UQ_gk b^D]^ k k WbXQAQ[?UQ_gk ?XBk _OQ]Bk

!#-

$"0-6 "A )&$)"6 *6 /#)*'*"$.6 .0++*-/$)"6 0/0-6 *6

.*'0/$*).6

[?]_gkBDcDUZ[D]^ k ?XBk k ^f^_DWk?BWQXQ^_]?_Z]^QXE]?^_]bA_b]Dk

[]ZcQBD]^ k
 !%'.(.%&#)%.!"!"'.
0?Xfk AQ_gk ]D^Zb]AD^k ?]Dk Ab]]DX_Ufk XZ_k W?X?NDBk
DHAQDX_Ufk D?AOk ^f^_DWk Q^k ^D[?]?_DBk ?XBk Q^ZU?_DB k ^Zk _O?_k
b^D]^k ?XBk BDcDUZ[D]^k O?cDk _Zk A?]Dk ?@Zb_k ^[DAQIAk ^f^_DWk
b^?NDkZ]k 4)^ k 7W?]_k AQ_gk ]D^Zb]ADk W?X?NDWDX_k b^Dk A?^D^k
DX?@UDk b^D]^BDcDUZ[D]^f^?BWQXk _Zk b^Dk AQ_gk ]D^Zb]ADk
D?^QUfk?XBkDHAQDX_Ufk@fkQX_DN]?_QXNk?XBk ?@^_]?A_QXNk?AAD^^k
_Zk _OZ^Dk ?c?QU?@UDk ]D^Zb]AD^ k &Z]k ]D^Zb]AD^ k Q_k Q^k XZ_k
QX_DXBDBk ZXUfk ^DX^Z]^k Z]k ?A_b?_Z]^k BD[UZfDBk ?_k ^[DAQIAk
[U?AD^ k @b_k ?U^Zk WZ@QUDk ]D^Zb]AD^k ^bAOk ?^k ^W?]_[OZXD^ k
WZcQXNk AZXXDA_DBk Z@RDA_^k UQSDk A?]^ k @b^D^k ?XBk _]?QX^ k 8Zk
W?X?NDk _OD^Dk ]D^Zb]AD^k QXk bXQIDBk W?XXD]k ?XBk _Zk ^O?]Dk
_ODWk dQ_Ok c?]QZb^k b^D]^AQ_QD^k Q^k A]Q_QA?Uk EZ]k _ODk Eb_b]Dk ZEk
^W?]_k AQ_QD^ k QXk Z]BD]k _Zk ?cZQBk WZ]Dk E]?NWDX_?_QZXk ?XBk
QXA]D?^Dk_ODk[ZdD]k?XBk\b?UQ_gkZEk_ODkZEED]DBk^D]cQAD^ k

#UZb8k ?[[]Z?AOk WDD_^k _ODWk ?XBk O?cDk @DDXk AU?^^QIDBk

?AAZ]BQXNk _Zk _ODk QW[?A_DBk ?]AOQ_DA_b]?Uk AZW[ZXDX_ k )Xk
[?]_QAbU?]k
#UZb8k 7D]cQADk /?fD]k Wb^_k []ZcQBDk ^D]cQADk
?c?QU?@QUQ_gk ?XBk ^QW[UDk QX_D]E?AD k QXk [?]_QAbU?]k EZ]k
DUBD]Ufk[DZ[UDk
#UZb8k 4U?_EZ]Wk /?fD]k Wb^_k DX?@UDk b^D]^k _Zk ?AAD^^k
?XBk ^O?]Dk ^DcD]?Uk SQXB^k ZEk B?_?k _OD^Dk B?_?k ^OZbUBk @Dk
]DU?_DBk _Zk AQ_fk AZX_De_ k UZA?_QZXk ?d?]Dk ?XBk ^OZbUBk @Dk
b^DBk@fkAQ_QhDXk?XBkWbXQAQ[?UQ_QD^k
#UZb8k )XE]?^_]bA_b]Dk /?fD]k Wb^_k DX?@UDk _Zk ^_Z]Dk B?_?k
QXk?kd?fkAZW[UQ?X_kdQ_Ok4]Qc?Afk?XBk7DAb]Q_gkU?d^kZEk
BQEED]DX_k AZbX_]QD^ k ^b[[Z]_k \b?^Q]D?Uk _QWDk ?XBk
UZA?_QZXk QXBD[DXBDX_k ?AAD^^k _Zk OD_D]ZNDXDZb^k AQ_gk
]D^Zb]AD^kD N k ^b[[Z]_kBQEED]DX_kSQXB^kZEk^DX^Z]^k?XBk
?A_b?_Z]^ k
8ODkZcD]?UUk^f^_DWk Wb^_kNb?]?X_DDk^A?U?@QUQ_f k ?c?QU?@QUQ_gk
?XBk A?[?@QUQ_gk _Zk ]D?A_k _Zk UZ?Bk [D?S^ k 8ODk ^DX^Z]^ k QXAUbBQXNk
UDN?Afk BDcQAD^ k Wb^_k AZWWbXQA?_Dk QXk ?k AZWWZXk B?_?k EZ]W?_k
]DN?]BUD^^k _Zk _ODk ?A_b?Uk SQXBk ZEk B?_?k E]ZWk QW?ND^k _Zk
_DW[D]?_b]D k $?_?k ]D[UQA?_QZXk ?XBk @?ASb[k Wb^_k @Dk ?c?QU?@UDk
?XBk ^DAb]Q_gk ?XBk NZZBk [D]EZ]W?XAD^k Wb^_k @Dk Nb?]?X_DDB k
AAZ]BQXNk _Zk _OD^Dk ]D\bQ]DWDX_^k #UZb8k 5DED]DXADk
]AOQ_DA_b]Dk Q^k BD^QNXDB k 8ODk WZBDUk Q^k #UZbBkADX_]QA k Q D k 9Z8k
ED?_b]D^k?]Dk^b[[Z]_DBk@fkWZBbUD^k@?^DBkZXkAUZbBkU?fD]^k 9??7 k
4??7k?XBk7??7 k
Lo} [Cg2kogs8osg> k  *>gvL8> S2}>g 22*
[]ZcQBD^k ED?_b]D^k ^bAOk?^k QXE]?^_]bA_b]DkW?X?NDWDX_ k
AZW[b_QXNk?XBk ^_Z]?NDk?^k?k^D]cQAD k cQ]_b?UQ^?_QZXkEZ]k
AQ_gk ]D^Zb]AD^k ^bAOk ?^k 9Z8k BDcQAD^ k UDN?Afk BDcQAD^k
?XBk dD@k ?[[UQA?_QZX^k ^bAOk ?^k ^ZAQ?Uk XD_dZ]S^ k
dOQAOk?]DkAZX^QBD]DBk?^k[?]_QAbU?]k9Z8kBDcQAD^k
Lo}'S2oC`gXk*>gvL8>S2}>g '22* []ZcQBD^k
49^k _Zk ?AAD^^k AQ_gk QXE]?^_]bA_b]Dk ?XBk AQ_fk ]D^Zb]AD^k
?XBk ZEED]^k _ZZU^k EZ]k AQ_gk ^D]cQADk A]D?_QZX k 0Z]DZcD] k
?_k _OQ^k UDcDUk _ODk AQ_gk @DO?cQZ]k Q^k W?X?NDBk D N k OZdk
?A_b?_Z]^k]D?A_k_ZkAD]_?QXkAZX_De_b?UkAZXBQ_QZX^ k
Lo} *`Ez2g> k  *>gvL8> S2}>g *22* DX?@UD^k
b^D]^k _Zk @bQUBk _ODQ]k AQ_gk ?[[UQA?_QZX^k @fk b^QXNk #4??7k
49^k ?XBk _Zk AZX^bWDk ^D]cQAD^k @bQU_k b[ZXk #UZb8^k
QXE]?^_]bA_b]D k
LFsg> A ]D[]D^DX_^k _ODk OQNOUDcDUk cQDdk ZEk #UZb8k
]DED]DXADk ?]AOQ_DA_b]D k 8ODk 5DED]DXADk ]AOQ_DA_b]Dk Q^k AUZbBj
ADX_]QA k Q D k AUZbBk ^D]cQADk WZBDU^k 9??7 k 4??7k ?XBk 7??7k
]D[]D^DX_k_ODkAZ]Dk^b[[Z]_QXNk_ODkWZBbUD^kdOQAOk@QXBk_ZND_OD]k
9X_D]XD_k ZEk 8OQXN^ k #UZbBk #ZW[b_QXNk ?XBk 9X_D]XD_k ZEk 4DZ[UD k
]DXBD]QXNk WbXQAQ[?UQ_QD^k A?[?@UDk ZEk BD[UZfQXNk ^A?U?@UDk
QXE]?^_]bA_b]D^k _O?_k ?UUZdk _ODk N?_OD]QXN k []ZAD^^QXNk ?XBk
De[UZQ_?_QZXk ZEk ObNDk ?WZbX_^k ZEk B?_?k O?]cD^_DBk E]ZWk [Of^QA?Uk
BDcQAD^k?XBkdD@kA [?]_QAQ[?_Z]gk ^DX^QXN k#UZb8^k?]AOQ_DA_b]Dk
QXAUbBD^k @Z_Ok D?^f_Zb^Dk ?XBk EbUUJDBNDBk ^A?U?@UDk
BDcDUZ[WDX_k [U?_EZ]W^k _O?_k A?_D]k _Zk AQ_QhDX^k ?XBk BDcDUZ[D]^k
?UQSD k DX?@UQXNk _ODk BDcDUZ[WDX_k ZEk AUZbBDX?@UDBk 7W?]_k #Q_gk
^D]cQAD^ k 7QXADk W?QXk EZAb^k ZEk _OQ^k [?[D]k Q^k _Zk []ZcQBDk
BDcDUZ[WDX_k []ZAD^^k EZ]k NUZ@?U^A?UDk ^W?]_k AQ_gk [U?_EZ]W k _ODk
Eb]_OD]k BD_?QU^k ZEk D?AOk AZW[ZXDX_k ?]Dk De[U?QXDBk QXk Eb]_OD]k
[?[D] k







. (.".!%",.!"!"'.
5Q^S^k QXk _ODk AQ_gk A?Xk @Dk W?QXUfk AU?^^QIDBk QX_Zk _dZk
A?_DNZ]QD^k ?]_QIAQ?Uk ]Q^S^k ?XBk X?_b]?Uk ]Q^S^ k 8ODk EZ]WD] k
?]_QIAQ?Uk ]Q^S^ k Q^k A?b^DBk @fk ObW?X^k ^bAOk ?^k A?]k ?AAQBDX_^k
?XBk A]QWQX?Uk ?A_^k _ODk U?__D] k X?_b]?Uk ]Q^S^ k AZX_?QXk DcDX_^k
UQSDk dD?_OD]k BQ^?^_D]^k Z]k D?]_O\b?SD^ k 0?X?NQXNk _OZ^Dk
]Q^S^k ?XBk []ZcQBQXNk ^?ED_gk Q^k ZXDk ZEk _ODk WZ^_k QW[Z]_?X_k
NZ?U^k EZ]k ^W?]_k AQ_gk ?[[UQA?_QZX^ k 8Ob^ k _OQ^k b^Dk A?^Dk
A?_DNZ]fk []ZcQBD^k _OZ^Dk ^?ED_gk ?XBk DWD]NDXAfk
W?X?NDWDX_k ^D]cQAD^k @?^DBk ZXk 9Z8k ?XBk AUZbBk AZW[b_QXNk
_DAOXZUZNf k



.
'-". '.".$ &"'.!"!"'.
8ODk [b][Z^Dk ZEk _OQ^k BZW?QXk Q^k_ZkWZ_Qc?_DkAQ_QhDX^k _Zk
[?]_QAQ[?_Dk QXk c?]QZb^k [b@UQAk Z]k []Qc?_Dk ?A_QcQ_QD^k QXk AQ_QD^k
^bAOk ?^k AbU_b]?Uk ?XBk ^[Z]_QcDk DcDX_^ k 8OQ^k DXO?XAD^k XZ_k
ZXUfk AQ_QhDX^k [UD?^?X_k EZ]k _ODQ]k AQ_gk UQED k @b_k ?U^Zk AQ_QhDX^k
OD?U_Ok AZXBQ_QZXk _O]ZbNOk _ODQ]k @ZBfk DeD]AQ^D^ k 2Xk _ODk ZXDk
O?XBk _OQ^k ^ADX?]QZk Q^k EZAb^DBk ZXk IXBQXN k AU?^^QFQXNk ?XBk
]DAZWWDXBQXNk c?]QZb^k AQ_gk DcDX_^k ZXk _ODk Z_OD]k O?XBk Q_k
?U^Zk QXAUbBD^k b^Dk A?^D^k QXk dOQAOkAQ_QhDX^k A?Xk ]DNQ^_D]k_ODQ]k
[D]^ZX?Uk ?A_QcQ_QD^k QXk Z]BD]k _Zk ?UUZdk Z_OD]k AQ_QhDX^k _Zk
[?]_QAQ[?_DkQXk_ODW k





"?^DBkZXk _ODk b^Dk A?^Dk?X?Uf^Q^ k dDk ?U^Zk ?X?UfhDBkb^D]^D]cQADk

]D\bQ]DWDX_^k ?XBk ?^^bW[_QZX k &QX?UUf k dDk BDIXDBk Z@RDA_QcDk
?XBkAO?UUDXND^kEZ]k_ODkNUZ@?U^A?UDk^W?]_kAQ_gk[U?_EZ]Wk^bAOk?^k
?b_ODX_QA?_QZX k B?_?k DXA]g[_QZX k ]D^Zb]AD^k ?UUZA?_QZX k
QX_D]Z[D]?@QUQ_g k ^A?U?@QUQ_g k B?_?k AZW[Z^*_*3X k B?_?k
cQ^b?UQh?_QZX k B?_?k D]]Z]k AZ]]DA_QZX k AZX_De_k ]DAZNXQ_QZX k dD@k
^DX^Z]Qh?_QZX k D_A k 8OD^Dk AO?UUDXND^k ?]Dk ?BB]D^^DBk QXk #UZb8k
?]AOQ_DA_b]DkQXk_ODkEZUUZdQXNk^DA_QZX k
.
#).%". %'')%.

k ^D_k ZEk b^D]^D]cQADk ]D\bQ]DWDX_^k ?XBk ^f^_DWk

]D\bQ]DWDX_^k O?^k @DDXk Z@_?QXDBk E]ZWk _ODk ?X?Uf^Q^k ZEk _ODk b^Dk
A?^Dk ^ADX?]QZ^k ?XBk _ODk De[D]QDXADk ZEk _ODk [?]_XD]k QXcZUcDBk QXk
_ODk []ZRDA_ k QXAUbBQXNk _ODk [QUZ_k AQ_QD^k 'DXZc? k 7?X_?XBD] k
&bRQ^?d?k ?XBk 0Q_?S? k :^D]^D]cQADk ]D\bQ]DWDX_^k O?cDk @DDXk
De[UQAQ_Ufk ?^^ZAQ?_DBk _Zk _ODk :^D]k 7ADX?]QZ^k BDWZX^_]?_QXNk _O?_k

&,//-A
(,. &. '(.

),. (.!''.

(,. '*.!.
''.

&3//-A
),. $'(!+(+".  (.

(# " (,.A (,. '+".

%+-(.
'"'(..

(*("'(.

$"0-6  A 0%$.26 '6 /-$'6 .3./(6


. $.

LFsg> !A S`s-(>C>g>[8>g8ILo>8osg>

9; k #&489d#&!+d:4&+8d
8OQ^k ^DA_QZXk []D^DX_^k _ODk IDUBk _]Q?U^k BD[UZfDBk ?XBk
QW[UDWDX_DBk QXk _ODk EZb]k AQ_QD^k dQ_OQXk _ODk AZX^Z]_QbWk
&bRQ^?d? k 7?X_?XBD] k 0Q_?S?k?XBk'DXZc? k ?UUkZEk _ODWk@bQU_k ZXk
_Z[kZEk#UZb8k?]AOQ_DA_b]D k
. )&+.

8ODk [b][Z^Dk ZEk &bRQ^?d?k IDUBk _]Q?Uk Q^k _Zk AO?XNDk AQ_QhDXk
@DO?cQZ]k @fk UDcD]?NQXNk 9Z8k ^DX^Z]^k ?XBk ?A_b?_Z]^ k 7QXADk _OD]Dk
?]Dk ^Zk W?Xfk _Zb]Q^_^k QXk .?W?Sb]?k ^_?_QZX k _ODk ]?QUd?fk
AZW[?Xfk dZbUBk UQSDk _Zk ^[]D?Bk _Zb]Q^_^k _Zd?]B^k &bRQ^?d?k
^_?_QZX k 8Zk WZ_Qc?_Dk _Zb]Q^_^k _Zk _]?cDUk ?XZ_OD]k ?]D? k dDk ?]Dk
Z[D]?_QXNk _dZk ^f^_DW^k @?^DBk ZXk #UZb8k ?]AOQ_DA_b]Dk A?UUDBk
%XZS?W?k 9XEZk 7b]GZ?]B k ?XBk ^WQUDk AZb[ZXk ^f^_DWk ^DDk
&QNb]Dk  k 8OD^Dk _dZk ^f^_DW^k ?]Dk BD[UZfDBk QXk .?W?Sb]?k
^_?_QZXk QXk AZZ[D]?_QZXk dQ_Ok %XZ^OQW?k %UDA_]QAk 5?QUd?fk
#3 /_B k
%XZS?W?k 9XEZk 7b]GZ?]Bk AZUUDA_^k ?XBk cQ^b?UQhD^k c?]QZb^k
[Of^QA?UcQ]_b?Uk 9Z8k ^DX^Z]k B?_?k ?]ZbXBk &bRQ^?d?k ?]D?k ^bAOk ?^k
_DW[D]?_b]D k dD?_OD] k ^bX^D_k QXEZ]W?_QZX k DcDX_k QXEZ]W?_QZXk
D_A k8Zb]Q^_^kA?Xk]DAZNXQhDk]D?U_QWDkAZX_De_kQXk&bRQ^?d?k?]D? k
^Zk _O?_k Q_k ODU[^k _ODWk _Zk AZX^QBD]k _]Q[k _Zd?]Bk &bRQ^?d?k ?]D? k
7WQUDk AZb[ZXk ^f^_DWk Q^k QX_D]?A_QcDk AZb[ZXk ^f^_DWk QX_DN]?_DBk
dQ_Ok[b@UQAkBQ^[U?f k<ODXk?kb^D]kW?SDk ?k^WQUDkQXkE]ZX_k ZEk_ODk
BQ^[U?f k _ODk]Dd?]Bk ZEk _ODkAZb[ZXk Q^k AO?XNDBk?AAZ]BQXNk_Zk_ODk
^WQUDk UDcDU k 8ODk _g[Dk ZEk ]Dd?]Bk Q^k ?U^Zk AO?XNDBk ?AAZ]BQXNk _Zk
9Z8k ^DX^Z]k QXEZ]W?_QZXk ^bAOk ?^k dD?_OD] k )_k UDcD]?ND^k UZA?Uk
^DX^Z]k QXEZ]W?_QZXk Q D k ^WQUDk UDcDU k D_Ak ?XBk ]DWZ_Dk ^DX^Z]k
QXEZ]W?_QZXk Q D k dD?_OD] k D_Ak DEEDA_QcDUf k 8Zk Z@_?QXk _ODk
AZb[ZX k ZXUfk_ODkb^D]kXDDBk_ZkBZkQ^k_?SQXNk[OZ_ZkZEk_ODkBQ^[U?fk
dQ_Ok ^WQUDk dQ_Ok OQ^OD]k A?WD]?k Z]k ^W?]_[OZXD k 8ODk AZb[ZXk
A?Xk @Dk b^DBk QXk &bRQ^?d?k ?]D? k ^Zk _O?_k b^D]^k ?]Dk WZ_Qc?_DBk _Zk
WZcDk&bRQ^?d?k?]D? k
%A

$"0-6 A )/)-6 -

6 *$'$/36 )"()/6'6 /-$'6

^k^OZdXkQXk&QNb]Dk k QXEZ]W?_QZXk?@Zb_k[b@UQAk@b^D^kJDD_ k
?^k _ODQ]k ^AODBbUD k [Z^Q_QZX k ^[DDB k D^_QW?_DBk _QWDk _Zk ?]]QcD k
ZAAb[?XAf k De[DA_DBk _]?cDUk _QWD k ?^k dDUUk ?^k QXEZ]W?_QZXk
]DU?_DBk dQ_Ok Z_OD]k WD?X^k ZEk_]?X^[Z]_k ^bAOk@QSD^ k _?eQ^ k _]?QX^ k
dQUUk @Dk UDcD]?NDBk ?XBk AZW@QXDBk ZXk ?k ^QXNUDk ?[[UQA?_QZX k UUk
_OD^DkB?_?kQ^k?U^ZkAZW@QXDBkdQ_OkQXEZ]W?_QZXk]DN?]BQXNk_]?HAk
[?]?WD_D]^ k ^bAOk ?^k ^[DDB k ZAAb[?XAfk BDN]DD k QXBZZ]k ?XBk
Zb_BZZ]k [?]SQXN^ k ?^k dDUUk ?^k dQ_Ok DXcQ]ZXWDX_?Uk QXBQA?_Z]^k
^bAOk ?^k # k 1 k  k XZQ^Dk ?UUk ZEk _ODWk []ZcQBDBk @fk _ODk
^_?_QAk BD[UZfDBkBDcQAD^k ?_k W?QXk?]D?^k ZEk_ODkAQ_fk Z]k ZXk WZ@QUDk
BDcQAD^k^bAOk?^k_ODk[b@UQAkcDOQAUD^kZ]k_ODkAQ_QhDXk^W?]_[OZXD^ k
BBQ_QZX?UUf k b^D]^k[]DED]DXAD^k?XBkDcDX_^kNDXD]?_DBk@fk_ODWk
?]Dk?U^ZkO?XBUDBk@fk_OQ^k?[[UQA?_QZX k
8ODk N?_OD]DBk QXEZ]W?_QZXk dQUUk W?SDk [Z^^Q@UDk _Zk NDXD]?_Dk
]D?Uk _QWDk ?UD]_^k ?XBk DcDX_^k ?@Zb_k b]@?Xk _]?HAk QXk _ODk AQ_g k
dOQAOk AZbUBk @Dk OQNOUQNO_DBk QXk ?k W?[k dQ_Ok Q_^k ?^^ZAQ?_DBk
UZA?_QZXk ?^k dDUUk ?^k _Zk ^OZdk _ODk b^D]k _ODk @D^_k AOZQAD^k EZ]k
?AAD^^QXNk_Zk_ODkAZ]]D^[ZXBQXNkBD^_QX?_QZX k

. '.

8ODk[b][Z^DkZEk_OQ^kIDUBk_]Q?UkQ^k_ZkWZ_Qc?_DkDUBD]Ufk[DZ[UDk
_ZkNZkZb_kWZ]DkE]D\bDX_Ufk?XBk_?SDkUZXND]kd?USkEZ]k[]DcDX_QXNk
E]ZWk_ODk^_?_b^k_ODfkXDDBkXb]^QXNkA?]Dk @fkb^QXNk?Xk?[[UQA?_QZXk
A?UUDBk4?dk#ZUUDA_QZX k
4?dk #ZUUDA_QZXk Q^k ?k 7ZAQ?Uk 1D_dZ]Sk 7D]cQADk dQ_Ok 7DX^Z]k
$?_? k4?dkQ^k?kSQXBkZEk4DZ[UD^kDe[D]QDXAD k ^bAOk?^k NZk_Zk_ODk
0Q_?S?k #DX_]?Uk /Q@]?]fk Z]k cQ^Q_k AZWWbXQ_fk ADX_D]k k _QWD^ k
8ODk [?dk Q^k [Z^_DBk ?^k ?Xk ?]_QAUDk dQ_Ok ^DX^Z]k B?_?k ZXk _ODk 717 k

"'"%.

8ODk [b][Z^Dk ZEk %.# (."!"'. IDUBk _]Q?Uk Q^k

_ZkDX?@UDkAQ_QhDX^k?XBkcQ^Q_Z]^k_ZkND_k?AAD^^k_ZkDXO?XADBkb]@?Xk
WZ@QUQ_gk De[D]QDXADk ?XBk _Zk UDcD]?NDk AQ_fk _]?X^[Z]_?_QZXk
]D^Zb]AD^kDEIAQDX_Uf k

; k

2_OD]k b^D]^k A?Xk AO?UUDXNDk Q_k ?XBk dODXk _ODk b^D]k ?AOQDcD^k Q_ k
_ODQ]k_D]WQX?U^k?b_ZW?_QA?UUfkBD_DA_k_ODk?AOQDcDWDX_ k7_?_b^kZEk
_ODk ?AOQDcDWDX_k ZEk [?dk Q^k ^OZdXk QXk ?k AO?_k dQXBZd k ^Zk _O?_k
_ODfkA?XkBQ^Ab^^kdQ_OkSXZdQXNkZ_OD]^kDe[D]QDXAD k
a
a
<Dk DeDAb_DBk IDUBk _]Q?Uk QXk 0Q_?S?k AQ_gk E]ZWk Pk _Zk Pk
2A_Z@D]k QXk k dQ_Ok k ^DXQZ]k b^D]^k k [DZ[UDk QXk D?AOk _ODQ]k
^ k ^k ?XBk ^ k <Dk BQ^_]Q@b_DBk "UbD_ZZ_Ok /Zdk %XD]Nfk _?N^k
?XBk1D?]k&QDUBk#ZWWbXQA?_QZXk_?N^kQXkk[U?AD^kQXk_ODk0Q_?S?k
AQ_g k<DkAZXI]WDBkb^D]^kD?ND]kQXcZUcDWDX_k_Zk_ODk?[[UQA?_QZXk
?XBk_ODkDEEDA_kZXkWZ_Qc?_QXNkDUBD]Ufk[DZ[UDk_ZkNZkZb_ k

)Xk Z]BD]k XZ_k _Zk BQ^]DN?]B k BbDk _Zk _ODk _DAOXZUZNQA?Uk

DXcQ]ZXWDX_k []ZcQBDBk @fk ^W?]_k AQ_g k _ODk E?A_k _O?_k AQ_QhDX^k ?]Dk
_ODk bU_QW?_Dk ?QWk []Z^DAb_DBk @fk ^W?]_k AQ_fk AZXAD[_ k _OQ^k [?[D]k
O?^k []D^DX_DBk ?k AQ_QhDXADX_]QAk ?[[]Z?AOk _Zd?]B^k NUZ@?U^A?UDk
^W?]_k AQ_gk [U?_EZ]W k )Xk _OQ^k ^DX^D k #UZbB]DU?_DBk @UZAS^k O?cDk
AZX_]Q@b_DBk _Zk DX]QAOk VZ8k@?^DBk ?]AOQ_DA_b]Dk QXk Z]BD]k _Zk
QXAUbBDk^O?]QXN k []ZAD^^QXNk ?XBk ^_Z]?NDk A?[?@QUQ_QD^k []ZcQBDBk
@fk#UZb8kAZW[b_QXNk_DAOXQ\bD^ k
&Z]k @DQXNk ?@UDk _Zk N?_OD]k @Z_Ok ^_?SDOZUBD]^k ?XBk AQ_QhDX^k
EDDB@?AS k BQEED]DX_k ^b]cDf^k O?cDk @DDXk BQ^_]Q@b_DBk ?XBk ^DcD]?Uk
WDD_QXN^k O?cDk @DDXk ODUBk dQ_OQXk _ODk []ZRDA_k bW@]DUU? k UUk _ODk
N?_OD]DBkQXEZ]W?_QZXk?UUZd^k_Zk_]?ASk?XBk?B?[_k_Zkb^D]^kXDDB^ k
?^k dDUUk ?^k _Zk EZ]D^DDk _ODk XDe_k ^_D[^k @Z_Ok E]ZWk _DAOXZUZNQA?Uk
?XBk^ZAQ?Uk[ZQX_kZEkcQDd k
&QX?UUf k ?XBk QXk Z]BD]k _Zk ?^^D^^k ?XBk c?UQB?_Dk _ODk
?EZ]DWDX_QZXDBk [U?_EZ]W k BQEED]DX_k IDUBk _]Q?U^k O?cDk @DDXk
BDcDUZ[DBk ?XBk BD[UZfDBk QXk _ODk BQEED]DX_k AQ_QD^k dQ_OQXk _ODk
[]ZRDA_kAZX^Z]_QbW k ^k^_QUUkQXk?XkD?]Ufk^_?ND k _ODkQW[?A_kZXk_ODk
AQ_QhDX^k ?XBk ^_?SDOZUBD]^k dQUUk @Dk ?k Eb_b]Dk Q^^bDk _Zk @Dk
A?UQ@]?_DB k _Ob^k ?X?UfhQXNk _ODk ]D^bU_^k ZEk XDe_k Q_D]?_QZX^k ZEk
^b]cDf^k?^kdDUUk?^kdQ_Ok_ODkZ]N?XQh?_QZXkZEkEb_b]DkWDD_QXN^ k

. "#*.

8ODk[b][Z^DkZE _OQ^kIDUBk_]Q?UkQ^k_ZkBDcDUZ[DBk?Xk?[[UQA?_QZXk
A?UUDBk .#"
'.%&. _Zk QXEZ]Wk AQ_QhDX^k ?@Zb_k NZZBk []?A_QAD^k ?XBk
NDXD]?Uk QXEZ]W?_QZXk ?@Zb_k DXcQ]ZXWDX_?Uk ]Q^S^k ?XBk DWD]NDXAfk
^Q_b?_QZX^ k ^k Q_k A?Xk @Dk BD]QcDBk E]ZWk &QNb]Dk  k
)k BZX_k ]Q^Sk
?[[UQA?_QZXkb^D^kDXcQ]ZXWDX_?Uk?XBkdD?_OD]kB?_?kE]ZWkdD?_OD]k
^DX^Z]^ k OfB]ZWD_D]^ k dD@A?W^ k D_A k ?XBk []ZcQBD^k QXEZ]W?_QZXk
_Zk_ODkAQ_QhDX^k?XBk_ODk#QcQUk4]Z_DA_QZXk?NDXAfkZEk'DXZc?kAQ_g k
8ODkDHAQDXAfkZEk_OQ^k?[[UQA?_QZXkdQUUk@Dk[ZdD]DBk@fk_?SQXNk
?Bc?X_?NDkZEk_ODkEbXA_QZX?UQ_QD^k[]ZcQBDBk@fk#UZb8 k ^bAOk?^k_ODk
AUZbBk^_Z]?NDk_Zk^_Z]DkOQ^_Z]QA?Uk^DX^Z]kB?_?k?XBk@bQUBk^_?_Q^_QA?Uk
QXEZ]W?_QZX k dOQAOk dQUUk @Dk b^DBk _Zk ^DXBk dD?_OD]k EZ]DA?^_k Z]k
^[DAQIAkDWD]NDXAfk?U?]W^k_Zk_ODkAQ_QhDX^ k)Xk[?]_QAbU?]k
)kBZX_k
]Q^Sk [QUZ_k ?[[UQA?_QZXk dQUUk []ZcQBDk QXEZ]W?_QZXk ^bAOk ?^k _ODk
]bUD^k ZEk AZXBbA_k QXk A]Q_QA?Uk ^Q_b?_QZX k ^DQ^WQAk D?]_O\b?SD k
dD?_OD]k ]Q^S k OfB]?bUQAk ?XBk OfB]ZUZNQA?Uk JZZB^ k JZZBQXN k
U?XB^UQBD^ k dD?_OD]k^DX^Z]kB?_? k A]Q_QA?Uk DcDX_^ k AQ_gkdD@A?W^ k
?Q]k 7DX^Z]^ k <Q&Qk (Z_^[Z_ k 7ZAQ?Uk 1D_dZ]Sk 7D]cQAD^k
QX_DN]?_QZXkdQ_Ok#QcQUk4]Z_DA_QZXk#O?XXDU k

- ,-

1/+<8&1/8d0d#<9<4!d,&/!8d

6!"!5!/!8d

)- *- +-

@A
$"0-6 A -).#*/6*6 26 *''/$*)6 !6 A
$./$0/$*)6 *6 6
)6 6/".6 $)6$/&6 $"#/6

A Bd

=HXSMFCd $[ZMIXXHcd )UYId 

d $CQCFLHd +[MYd 8DSFLHcd +[MYd -[TUcd )UYHd
-
d %HXSDSGHcd )UCUd "HXSCSGHYd -MXPUd 2XHYYHXd
8RCXZ8CSZCSGHXd
&SZHXSHZd UJd 9LMSKYd 4HYHCXFLd CSGd &SSU]CZMUSd ZLXU[KLd MZMcHSd
2CXZMFMWCZMUSd $CQMYdQH`d $C]XCYdSCYZCYM[Yd !GY
d "&d  d +/8d
dWW
d  d 
d

ABd

-
d UZZHXRCSd
&SZHXSHZd UJd 9LMSKYd CSd HCXQad XHCQMZbd UJd ZLHd "[Z[XHd
&SZHXSHZ d >UXPYLUWd 4HWUXZd WXHWCXHGd JUXd ![XUWHCSd URRMYYMUSd
&SJUXRCZMUSd 8UFMHZbd CSGd -HGMCd MXHFZUXCZHd $HSHXCQd /HZ^UXPHGd
!SZHXWXMYHd
A 4";d<SMZdd2XCK[Hd-Cad
d

ABd

9LHd
/&89d
HJMSMZMUSd
UJd
QU[Gd
URW[ZMSK
d
LZZWFYXF
SMYZ
KU]W[EQMFCZMUSYSMYZW[EY 82 
WGJd

ABd

*HSOMd 9HMd $[XKHSd +

d QU[9d
QU[Gd UJd ZLMSKYd JUXd HRWU^HXMSKd
ZLHd FMZMcHSd FQU[Zd MSd YRCXZd FMZMHYd &SZHXSHZd UJd 9LMSKYd >" &U9d  d
&!!!d>UXQGd"UX[RdUSdd]UQ
dSU
dWW
d d-CXFLd d

ABd

<9+!4dWXUOHFZ
LZZW^^^
MUZ E[ZQHX
H[d

ABd

MUXHdWXUOHFZ
dLZZW^^^
MUZ MFUXH
H[d

ABd

&U9 dWXUOHFZ
dLZZW^^^
MUZ C
H[d

ABd

MZb8*dMZbdYHX]MFHYdGH]HQUWRHSZdLZZW^^^
FMZbYGP
H[d

ABd


d 2JMYZHXHXd *
d 4URHXd HZd C(
d 82&9"&5!d ZU^CXGd Cd YHRCSZMFd ^HEd UJd
ZLMSKYd URR[SMFCZMUSYd -CKCcMSHd &!!!d =UQ
d d &YY[Hd d WW
 d
/U]
d d)A

A Bd -MFLHQQHd
d-MPPHQYHSdHZdC(
d
1<98-49d/0<+d4!2149d d
A Bd +[MYd 8DSFLHcd)UYHd 
d$CQCFLHd=HXSMFCd $[ZMIXXHcd)UYHd-
d%HXSDSGHcd
)HY\Yd HXSCZd QH`d $Q[LCPd 9URDYd $CXFNCd
8RCXZ8CSZCSGHXd 9LHd
RHHZMSKdWUMSZdEHZ_HHSd"[Z[XHd&SZHXSHZdXHYHCXFLdCSGdH`WHXMRHSZCZMUSdCSGd
ZLHd YRCXZd FMZMHYd "[Z[XHd /HZ_UXPd
A -UEMQHd 8[RRMZd "[Z[XH/HZ_d
 d>CXYC^d2UQCSGd)[SHd dWW
d 
d
A Bd 8-49M2d8RCXZdFMZMcHSYdMSdYRCXZdFMZMHYdLZZW^^^
YRCXZ MW
H[d
A Bd 4&+d 4CWMGd HWQUaRHSZd JUXd &SZHQQMKHSZd MZMHYd SGd +M]MSKd
LZZW^^^
XCGMFCQ WXUOHFZ
H[d
A Bd 1!/d 1WHSd QU[Gd JUXd
LZZW^^^
UFHCS WXUOHFZ
H[d

![XUWHd

)WCSd

CSGd

A Bd 8<5!ddY[FFHYYJ[QdGXM]HdZUdZLHdQU[Gd
A 1WHSdYU[XFHd^UXQGd

LZZW^^^
Y[FXHWXUOHFZ
H[d

$"0-6 A )*16
!*)
/6 -$.&
6 ++6*)/-*'6 +)'6

EHaUSGd