Haki Zetu, Manual dos Direitos ESC na Prática - Parte 1

Haki Zetu, Manual dos Direitos ESC na Prática - Parte 1

!"#$%&'()
*+,-+./0%'1/234+1/05%6/1+7+0%-%89:.9,7+0%27%;,<.+17%
%
% %%%
%
%
%
%%%%%%%
%%=7297:%;,+21+>7:
!"#$%&'()%!"#$"%&'()!(*+!!+!(,"-."/+!(.0(12'3"4"
5(6788(90$"!/"'(:$/.-$'&"+$'4(;+4'$<'
:1=*(>?@>7ABACC7D@
EFG4"&'<+(.0(&+4'G+-'HI+(&+0J
K( 9#.$&L(M+-(N+O+P.-'/"+$('$<(Q.!.'-&3("$(,.R.4+P0.$/(S9#T$&"'(P'-'('(N++P.-'HI+(.(
:$R.!/"#'HI+($+(,.!.$R+4R"0.$/+UV(9N)Q,
K( ;'W"X'0""V(Y&+$+0"&(Z(1+&"'4(Q"#3/!(N.$/-.(SN.$/-+(<.(,"-."/+!(Y&+$[0"&+!(.(1+&"'"!(
;'W"X'0""U
K( \+F$<'/"+$(M+-(;F0'$(Q"#3/!('$<(,.0+&-'&L(S\F$<'HI+(P'-'(+!(,"-."/+!(;F0'$+!(.(
,.0+&-'&"'U
K( ]#'$<'(,.G/(*./2+-W(SQ.<.(<'(,^R"<'(<+(]#'$<'U
E"$/F-'(<'(&'P'J(_'2!+$(=`(12+-3V(_"Ga-"'
:4F!/-'Hb.!J(1'0F.4(c2'0W"$#'(Sd+eF$.(!'00"UV(f'$gh$"'
,.!"#$(.(&+0P+!"HI+(#-i%&'J(N+$$".(j-''"W'0PV(;+4'$<'
:0P-.!!I+J(,-FWW.-"X(='-"./V(;+4'$<'
9(/-'<FHI+(<.!/.(0'$F'4(P'-'(P+-/F#FT!(M+"(M."/'(P+-(c'-"'(kLG+-$`
,"!/-"GF"HI+J
90$"!/"'(:$/.-$'&"+$'4V(;+4'$<'
E-+#-'0'(Y!P.&"'4(P'-'(lM-"&'
N'"m'(E+!/'4(8>A@
8777(=n(90.!/.-<I+
;+4'$<'
.O0'"4J(!P'o'0$.!/L`$4
,"!P+$^R.4(.0(M+-0'/+(E,\(.0%***+",-'.(/+-01.2"
Y!/.(c'$F'4(E-"$&"P'4(<.R.(!.-(F/"4"g'<+(XF$/'0.$/.(&+0('!(G-+&3F-'!('!!+&"'<'!(!+G-.(<"-."/+!(
.!P.&^%&+!(PFG4"&'<'!($'(!a-".(<.(0'$F'"!(;'W"(n./FV(,"-."/+!(Y1N($'(E-i/"&'`
)(c'$F'4(E-"$&"P'4("$&4F"(F0(N,(&+0(F0'(&+0P"4'HI+(<+!("$!/-F0.$/+!("$/.-$'&"+$'"!(<.(
<"-."/+!(3F0'$+!(PFG4"&'<+!(P.4'()*]V(p.$.R'V(6776`(f'0Ga0(.!/i(<"!P+$^R.4(.0
***+34546+3671835),'-(.19):0$5"($3-.1;3,2$0"($3-<'-+2=>
Y!/'(PFG4"&'HI+(.!/i(P-+/.#"<'(P+-(<"-."/+!(<.('F/+-V(P+<.$<+(&+$/F<+(!.-(-.P-+<Fg"<'(P+-(
qF'4qF.-(0a/+<+(#-'/F"/'0.$/.(P'-'(.M."/+!(<.(<.M.!'(<.(&'F!'!V(&'0P'$3'!(+F(P'-'(%$!(
<"<i&/"&+!V(0'!($I+(P'-'(-.R.$<'`(Y0(&'!+(<.(F/"4"g'HI+(<.!!.(/"P+V('#-'<.&.0+!('("$<"&'HI+(
<'(90$"!/"'(:$/.-$'&"+$'4(;+4'$<'(&+0+(M+$/.`(E'-'(-.P-+<FHI+(.0(qF'"!qF.-(+F/-'!(
&"-&F$!/h$&"'!(+F(P'-'(-.F/"4"g'HI+($+F/-'!(PFG4"&'Hb.!V(P'-'(/-'<FHI+(+F('<'P/'HI+V(<.R.-i(
!.-(+G/"<'('F/+-"g'HI+(P-aR"'(<+!(.<"/+-.!`
;7,1-+,/0
"#"$%&'(&)#!%(*+%),&-%).#/01.&,)#*'(*#$)%0).#*$#,-.)1-+)23-#,-$#-'#'*40&%(*'#/)+,*&+-'5
(
(
(
(
(
(
(
(
(
(
(
(
( ( "6789(S9#T$&"'(P'-'('(N++P.-'HI+(.(:$R.!/"#'HI+($+(,.!.$R+4R"0.$/+U(
a(F0'(+-#'$"g'HI+(P'$O'M-"&'$'(qF.(P-+0+R.('(XF!/"H'(!+&"'4(.(+(
<.!.$R+4R"0.$/+(.0(8?(P'^!.!('M-"&'$+!(<.!<.(8>?A`(9(R"!I+(<'(9N)Q,(a(
'(<.(F0'(!+&".<'<.($'(qF'4(/+<+!(+!(&"<'<I+!(/T0("#F'4(P+!!"G"4"<'<.(<.(
F!FM-F"-(<+!(!.F!(<"-."/+!(.(<.('!!F0"-('!(!F'!(-.!P+$!'G"4"<'<.!`(9(9N)Q,(
'$'4"!'(.(-.!P+$<.(r!(&'F!'!("$/-^$!.&'!(.(r!(&+$!.qFT$&"'!(<.(P-+G4.0'!(
<.(<.!.$R+4R"0.$/+(-.4'&"+$'<+!(&+0('(1+G.-'$"'(94"0.$/'-V(N+$M4"/+V(
#a$.-+(.(s:;(.(1:,9`(9(0./+<+4+#"'(<'(9N)Q,(&+0G"$'(/-'G'43+(P-i/"&+(.(
&-"'HI+(<.(&'P'&"<'<.V("$R.!/"#'HI+(.(<.M.!'(<.(<"-."/+!('($^R."!($'&"+$'4V(
&+$/"$.$/'4(.("$/.-$'&"+$'4`
( ( k.G!"/.J(***+"536=$-('6-"($3-"0+367
( # :7;89(S\F$<'HI+(P'-'(+!(,"-."/+!(;F0'$+!(.(,.0+&-'&"'U(a(F0'(
+-#'$"g'HI+(<.(<"-."/+!(3F0'$+!($'(_"Ga-"'`(9(\);Q,(P-+&F-'(<"!!.0"$'-(
+!(R'4+-.!(.(P-"$&^P"+!(<.0+&-i/"&+!('!!"0(&+0+(P-+0+R.-('(P-+/.&HI+(.(
-.!P."/+(P.4+!(<"-."/+!(!+&"'"!(.(.&+$[0"&+!`(*+(!.F(P'P.4(<.()*p(<.<"&'<'(
r("$R.!/"#'HI+V(M+-0'HI+(.(<.M.!'(<.(<"-."/+!V('(\);Q,(P-+0+R.('(XF!/"H'(
.&+$[0"&'(.(!+&"'4(.(&+0G'/.('(P+G-.g'(.0(/+<'!('!(!F'!(P-"$&"P'"!(
<"0.$!b.!V(+(s:;t1:,9(.(/-'G'43'(P'-'('(P-+0+HI+(<'(P'g(.(.0(qF.!/b.!(<.(
<.!.$R+4R"0.$/+`
( ( k.G!"/.J(***+>346=+367
( ( ;)<&=)$&&V(+(N.$/-+(<.(,"-."/+!(Y&+$[0"&+!(.(1+&"'"!($+(uFa$"'V(/-'G'43'(
P'-'(-.M+-H'-(.('P+"'-('!(&+0F$"<'<.!(4+&'"!($'(<.M.!'(<+!(!.F!(<"-."/+!(
!+&"'"!`(9(!F'(.!/-'/a#"'("$&4F"(M+-0'HI+V('P+"+('+!(0+R"0.$/+!(<'(
&+0F$"<'<.V(<.M.!'(.(4"/^#"+V(P'-/"&"P'HI+(<.(#-FP+!(<.("$/.-.!!.($'(
M+-0F4'HI+(<.(P+4^/"&'!(.(4."!V('Fm^4"+('+!(#-FP+!(&+0F$"/i-"+!(P'-'(qF.(
0.43+-.0('!(!F'!(.!/-F/F-'!(<.(#+R.-$h$&"'(<.0+&-i/"&'(.(-.!+4FHI+(
<.(&+$M4"/+!`()("0P'&/+(<.(;'W"X'0""(-.!F4/+F(.0(#'$3+!(&+$&-./+!(
"$M4F.$&"'$<+('(P+4^/"&'(.(+!(P-+&.!!+!`
( ( k.G!"/.J(***+4"#$?",$$+-'(
!
(
(
(
(
(
(
(
(
(
(
(
(
(
(
!!#
( ( >9?(SQ.<.(<'(,^R"<'(<+(]#'$<'U(P-+0+R.(.(<.M.$<.('(&-"'HI+(<.(P+4^/"&'!(
'(M'R+-(<+!(P+G-.!(.('(P'-/"&"P'HI+(/+/'4(<+!(0.!0+!("$M4F.$&"'$<+('!(
P+4^/"&'!(&.$/-'<'!($'(P+G-.g'V(0+$"/+-"g'$<+('(F/"4"g'HI+(<.(-.&F-!+!(
PvG4"&+!(.('!!.#F-'$<+(qF.(+!(-.&F-!+!($'&"+$'"!(.('43."+!(!I+(#.-"<+!(&+0(
P-F<T$&"'(<.(0'$."-'('G.-/'V(/-'$!P'-.$/.(.(-.!P+$!iR.4(P'-'(G.$.M"&"'-(+(
P+R+(F#'$<T!`()(P-+#-'0'(<'(],*("$&4F"('!(!.#F"$/.!(i-.'!J
( ( '`(E'-/"&"P'HI+(.(N'P'&"/'HI+(<'(N+0F$"<'<.w
( ( G`(9$i4"!.(<'(E+4^/"&'(.(:$R.!/"#'HI+(1+&"+.&+$[0"&'w
( ( &`(:$"&"'/"R'!(<.(,.M.!'(<+()-H'0.$/+w
( ( <`(p+R.-$h$&"'(.(,"-."/+!w(.
( ( .`(N-"'HI+(<.(N'P'&"<'<.(<'(1+&".<'<.(N"R"4`
( ( k.G!"/.J(***+)=-+36+)7
"?,7@-1+4-2./0%
p"44"'$(*.R"$!(P.!qF"!+F(.(-.<"#"F(+(c'$F'4(E-"$&"P'4`(Y4'(/-'G'43+F(<F-'$/.(6D('$+!(&+0(
'(90$"!/"'(:$/.-$'&"+$'4V(<+!(qF'"!(8@(&+0+("$R.!/"#'<+-'(<+(E-+#-'0'(lM-"&'(.(+!(v4/"0+!(
<+"!('$+!(&+0+(N++-<.$'<+-'(<.(N'0P'$3'!(.(<.(\+-0'HI+(<'(.qF"P'(<.(<"-."/+!(Y1N`(*'(
!F'(MF$HI+(<.("$R.!/"#'<+-'V(.4'(.4'G+-+F(F0(-.4'/[-"+("0P+-/'$/.(!+G-.(.mPF4!b.!(M+-H'<'!(
.(+(<"-."/+('(3'G"/'HI+(&+$<"#$'(.0(9$#+4'`(*'(.qF"P'(<.(<"-."/+!(Y1N('XF<+F('(P-.P'-'-('(
&'0P'$3'(Ymx'(,"#$"<'<.(<'(90$"!/"'(:$/.-$'&"+$'4('($^R.4(0F$<"'4`
(
Y!/.(0'$F'4($I+(/.-"'(!"<+(P+!!^R.4(!.0(+(&+$!.43+(.(+('P+"+(<.(0F"/+!("$<"R^<F+!(.(
+-#'$"g'Hb.!V(.0(lM-"&'(.(M+-'(<.4'`(Y0(P-"0."-+(4F#'-(qF.-.0+!('#-'<.&.-('+!(0.0G-+!(<+(
N+0"/a(<+(N+$!.43+(Y<"/+-"'4(qF.('XF<+F('(<.!.$R+4R.-(+(&+$&."/+(.('(.!/-F/F-'(<.!/'(!a-".(<.(
0'$F'"!(.0(<F'!(-.F$"b.!(<.(<+"!(<"'!J()<"$<+()P"'/'V(<+(;'Wx'0""(Y&+$+0"&(Z(1+&"'4(Q"#3/!(
N.$/-.V(uFa$"'w(94+L!"F!(f+.V(<'(\+F$<'/"+$(M+-(;F0'$(Q"#3/!('$<(,.0+&-'&LV(_"Ga-"'w(s'4a-".(
f-'+-aV(&+$!F4/+-'V(=F-W"$'(\'!+V(qF.(/-'G'43+F('$/.-"+-0.$/.(P'-'('()mM'0(90.-"&'V(9N)Q,(.(
9&/"+$9"<w(p.+-#.()0+$'V('$/.-"+-0.$/.(&+0('(9N)Q,(]#'$<'w(p-'&.(:!3'-'g'V(<'(\F$<'HI+(
9#'(j'3$V(uFa$"'w(1'4+F0(f-'+-aV(<'(90$"!/"'(:$/.-$'&"+$'4(c'4"w(1'0F.4(cF/3..(f3FWFV(<+(
_'"W"P"'(;F0'$(Q"#3/!(\+-F0V(uFa$"'w(,'$".4(_FW2'#+V('$/.-"+-0.$/.(&+0('(]#'$<'(,.G/(
*./2+-W(SQ.<.(<'(,^R"<'(<+(]#'$<'UV(]#'$<'w(dF'$'(1+/+0'L+-V(qF.(/-'G'43+F('$/.-"+-0.$/.(
P'-'(+(N.$/-.(M+-(Y&+$+0"&('$<(1+&"'4(Q"#3/!(SN.$/-+(<.(,"-."/+!(Y&+$[0"&+!(.(1+&"'"!UV(
YqF'<+-V(.(P-.!.$/.0.$/.(MF$&"+$i-"'(<+!(,"-."/+!(<+(;+0.0V(94/+(N+0"!!'-"'<+(<+!(,"-."/+!(
<+(;+0.0w(E-+M.!!+-(E'F4(p-.'<LV(<+(N.$/-.(M+-(9PP4".<(;F0'$(Q"#3/!(SN.$/-+(<.(,"-."/+!(
;F0'$+!(9P4"&'<+!UV(]$"R.-!"<'<.(<.(y+-W`(p+!/'-^'0+!(/'0Ga0(<.('#-'<.&.-('(9L.(9L.(k"$V(
<'(,"#$"/L(:$/.-$'/"+$'4V(1F'<(Y4"'!(<.(Y1NQO*./(.(9$$(=4LG.-#(<+(:$/.-$'/"+$'4(;F0'$(Q"#3/!(
:$/.-$!3"P(E-+#-'0(SE-+#-'0'(:$/.-$'&"+$'4(<.(\+-0'HI+(.0(,"-."/+!(<+(;+0.0U(P.4'!(!F'!(
&+$/-"GF"Hb.!(P'-'(+(<.!.$R+4R"0.$/+(<'(.!/-F/F-'(<.!/'(!a-".(<.(0'$F'"!`(Y!P.&"%&'0.$/.V(
qF.-.0+!('#-'<.&.-('(9$$(=4LG.-#V(c+$"qF.(R'$(Y!(<'(9N)Q,(:$/.-$'/"+$'4(.(N-"!/"$'(
1#'$#'V(P.4+!(!.F!(&+0.$/i-"+!(<./'43'<+!(!+G-.(+(P-+X.&/+(<+(c'$F'4(E-"$&"P'4`(Y!/'0+!(
#-'/+!('(,F$&'$(k"4!+$V('$/.-"+-0.$/.('+(!.-R"H+(<'(90$"!/"'(:$/.-$'&"+$'4V(.('(c.#3$'(
9G-'3'0(.(j+4'2+4.()4'$"L'$V(<'(90$"!/"'(:$/.-$'&"+$'4V(P.4+!(!.F!(&+$!.43+!(.(&+0.$/i-"+!`(
9#-'<.&.0+!('(E'F4(c&9<'0!(+(!.F(/-'G'43+(<.(.<"HI+(.(<.(+-".$/'HI+(!+G-.('(&+0P+!"HI+(
#-i%&'V(!.0(+(qF'4(.!/'(!a-".(<.(0'$F'"!($I+(!.-"'(/I+(Mi&"4(<.(4.-(.(/I+('&.!!^R.4`
Y!/'0+!(/'0Ga0(#-'/+!('(/+<+!(+!("$<"R^<F+!(.(+-#'$"g'Hb.!(qF.(/.!/'-'0(+(P-+X.&/+(<+(
c'$F'4(E-"$&"P'4(.('(G-+&3F-'(,"-."/+('(F0'(;'G"/'HI+(N+$<"#$'(.($+!(<.-'0(!F#.!/b.!(.(
&+0.$/i-"+!(R'4"+!+!(G'!.'<+!($+(!.F(/-'G'43+(&+0('!(&+0F$"<'<.!($+(uFa$"'J(c"$"&'3(
)/".$+V(<'(*'"-+G"(E.+P4.z!(1.//4.0.$/(*./2+-W(SQ.<.(<.(Y!/'G.4.&"0.$/+!(;F0'$+!(<+!(
!!!
E+R+!(<.(*'"-+G"Uw(j.-FG+()W"+#'V(N);QY(uFa$"'w(E'F4()#.$<"V(<'(Y'!/(9M-"&'$(N+'4"/"+$(
+$(Y&+$+0"&V(1+&"'4('$<(NF4/F-'4(Q"#3/!(SN+4"#'HI+(<'(lM-"&'()-".$/'4(!+G-.(+!(,"-."/+!(
Y&+$[0"&+!V(1+&"'"!(.(NF4/F-'"!Uw(Yg.W".4(Q.0'().-"V(j.$L'(;+0.4.!!(E.+P4.e!(\.<.-'/"+$(
ScFF$#'$+(2'(k'$'(sxx"Uw(N3-"!/"$.(k'0GF#FV(Y&+$+0"&('$<(1+&"'4(Q"#3/!(N.$/-.(
S;'Wx'0""Uw(Y-"&W!+$(1F$<'LV(<'(j"!F0F(1+&"'4(Q"#3/!(9!!+&"'/"+$(S9!!+&"'HI+(<.(,"-."/+!(
1+&"'"!(<.(j"!F0FUw(1'0F.4(c`f3FWFV(<+(_'"W"P"'(;F0'$(Q"#3/!(\+-F0w(d+!"'3()0+//+V(f-F!/(
]0'$<.w(*'+0"(sF4.$L2'(='-'!'w(90$"!/"'(:$/.-$'&"+$'4(uFa$"'w(d'&W4"$.(c2.$<.V(j"/F+(N3'(
13.-"'w(.()<"$<+()P"'/'(P+-(+-#'$"g'-.0(.!/.(/.!/.(.(1.4"$'()#2.$+(P+-(-.<"#"-(+(-.4'/[-"+(<'(
-.F$"I+(%$'4`(
Y!/'0+!('"$<'(#-'/+!('(;"R+!V(*./3.-4'$<!V(P.4'(&+$/-"GF"HI+(%$'$&."-'(P'-'(.!/'(!a-".(<.(
0'$F'"!`
9(/-'<FHI+(<.!/.(0'$F'4(P'-'(P+-/F#FT!(M+"(M."/'(P+-(c'-"'(kLG+-$(.('(-.R"!I+(P+-(c'-"'(
;++P.-(.(p"44"'$(*.R"$!`
(
E./.-(R'$(<.-(;+-!/V(N++-<.$'<+-(<+(E-+#-'0'(Y!P.&"'4(P'-'('(lM-"&'(<'(90$"!/"'(:$/.-$'&"+$'4(
;+4'$<'V(#.-"F(+(<.!.$R+4R"0.$/+(.(P-+<FHI+(<.!/.(4"R-+`
9P[!('(-.M+-0'(<.(E./.-(R'$(<.-(;+-!/V(.0()F/FG-+(<.(6787V(k"0(<.(Q.#/('!!F0"F('(
-.!P+$!'G"4"<'<.(P.4'(#.!/I+(<+(P-+X.&/+(!"#$%&'()+
%
%
%%
9(!a-".(<.(0'$F'"!(!"#$%&'()(M+"(.4'G+-'<'(.(P-+<Fg"<'(P.4+(E-+#-'0'(Y!P.&"'4(P'-'('(lM-"&'(
<'(90$"!/"'(:$/.-$'&"+$'4(;+4'$<'V(.0(&+4+G+-'HI+(&+0(+F/-+!(P'-&."-+!`(Y4'(a(F0'(
M.--'0.$/.(.<F&'&"+$'4(.($I+(F0(<+&F0.$/'(P+4^/"&'(<'(90$"!/"'(:$/.-$'&"+$'4`
!@#
A2@+1-%;7,.-0%$%B%$$
%
C+0.7%@-%D?9,705%17+E70%-%.7F-:70%%%E+%
%
%
%
%
%%%%%%%%%%%%%%%
%%%%%%%
%
$2.,/@9GH/%I%0J,+-%@-%47297+0%0/F,-%/0%@+,-+./0%-1/234+1/05%0/1+7+0%-%19:.9,7+0%%%K%
K(
K(
K(
)GX.&/"R+(<.!/'(!a-".(<.(0'$F'"!((((C
94#F$!(<.!'M"+!(.(+P+-/F$"<'<.!((((B
]/"4"g'<+-.!(<.!/.!(0'$F'"!((((D
%
L%1/2.-M@/%@-0.-0%47297+0%-%1/4/%/0%9.+:+N7,%%%%O%%
K(
K(
K(
K(
K(
K(
c'$F'4(E-"$&"P'4((((?
Y!/-F/F-'(<+(c'$F'4(E-"$&"P'4((((@
9&-[$"0+!V(p4+!!i-"+(.(*+/'!((((@
9PT$<"&.!((((@
=-+&3F-'!(!+G-.(<"-."/+!(Y1N(.!P.&^M"&+!((((>
N+0+(F!'-(.!/.!(0'$F'"!((((>
%
%
%
%%%%%%%%%
;7,.-%$P%$2Q/,47GH/%F<0+17%KK% %
%
%
%
%
%
%%%%%%%
K%%
$2.,/@9GH/%I%;7,.-%$%%%%KR%%%%%%%%
%
%
%
%
%
%%%%%%
R%%
8/21-+./0%1S7T-%907@/0%27%;7,.-%$%%%%KU% %
%
%
%
%
%%%%%%%
U%%
L%V9-%0H/%/0%@+,-+./0%S9472/0W%%%%KX%
%
%
%
%
%%%%%%%%
C`8((
C`6((
C`C((
C`B((
C`D((
(
(
(
(
,.%$"HI+(<.(<"-."/+!(3F0'$+!((((8D
,"#$"<'<.(3F0'$'((((8@
f-'/'<+!(.($+-0'!("$/.-$'&"+$'"!(.(-.#"+$'"!((((8>
,"-."/+!(Y1N((((66
{-#I+!(P-.R"!/+!($+!(/-'/'<+!(.(P-+&.<"0.$/+!(.!P.&"'"!((((6A
C`D`8(( N+0F$"&'HI+('+!([-#I+!(P-.R"!/+!($+!(/-'/'<+!(<.(<"-."/+!(3F0'$+!((((6A
C`D`6(( N+0.$/i-"+!(p.-'"!(.('&+$!.43'0.$/+('+!(#+R.-$+!((((6A
C`D`C(( E-+&.<"0.$/+!(.!P.&"'"!((((6?
C`D`B(( N+$!.43+(<+!(,"-."/+!(<+(;+0.0((((6@
%
%
@
Y%%
Z97+0%0H/%70%/F,+?7G[-0%@/0%'0.7@/0%-4%,-:7GH/%7/0%@+,-+./0%'68W%%%%%R\%%%%%%
B`8((
B`6((
B`C((
B`B((
(
(
(
(
(
(
(
B`D((
B`A((
B`?((
(
(
(
)(qF'<-+(<+!(<"-."/+!(3F0'$+!J(+G-"#'Hb.!(<.(-.!P."/'-V(P-+/.#.-(.(-.'4"g'-((((6>
)G-"#'Hb.!('<"&"+$'"!((((C6
)G-"#'HI+(<.(P|-(%0(r(<"!&-"0"$'HI+((((CA
N4iF!F4'!(.!P.&"'"!(P'-'(&.-/+!(#-FP+!(<.(P.!!+'!((((C>
B`B`8(( N-"'$H'!((((C>
B`B`6(( cF43.-.!(.(-'P'-"#'!((((C>
B`B`C(( Q.MF#"'<+!((((B8
B`B`B(( E.!!+'!(,.!4+&'<'!(:$/.-$'0.$/.(SE,:U((((B8
B`B`D(( f-'G'43'<+-.!(0"#-'$/.!(.(!F'!(M'0^4"'!((((B6
B`B`A(( E.!!+'!(&+0(<.%&"T$&"'!((((BC
B`B`?(( 9F/+<./.-0"$'HI+(.(P+R+!("$<^#.$'!((((BC
,"-."/+!(&F4/F-'"!((((BB
s"+4'Hb.!(<+!(<"-."/+!(Y1N((((BB
,"-."/+('(-.&F-!+((((B@
B`?`8((( Q.&F-!+!('($^R.4($'&"+$'4((((B>(
B`?`6((( Q.&F-!+!('($^R.4('M-"&'$+((((D8
B`?`C((( f-"GF$'"!(-.#"+$'"!((((D8
X%%
Z97:%/%>7>-:%@/0%+2.-,T-2+-2.-0%2H/%-0.7.7+0W%%%%XR%
D`8((
D`6((
D`C((
D`B((
D`D((
f"P+!(<.("$/.-R.$".$/.!($I+(.!/'/'"!((((D6
9GF!+!(<+!(<"-."/+!(3F0'$+!(P+-("$/.-R.$".$/.!($I+(.!/'/'"!((((DB
,.R"<'(<"4"#T$&"'(((DB
:0P'&/+(<'!(.0P-.!'!(/-'$!$'&"+$'"!((((DD
:0P'&/+(<'!(:$!/"/F"Hb.!(\"$'$&."-'!(:$/.-$'&"+$'"!((((DA
]%%
Z9-%-0Q/,G/0%>/@-4%0-,%,-7:+N7@/0%>/,%7?^21+70%?/T-,274-2.7+0%-%2H/%
?/T-,274-2.7+0%>7,7%4-:S/,7,-4%/0%@+,-+./0%'68W%%%%]_%
%
%%%%%%%%%%%%
A`8((
A`6((
A`C((
A`B((
A`D((
N++P.-'HI+(.('!!"!/T$&"'("$/.-$'&"+$'"!((((A7
:$!/"/F"Hb.!('M-"&'$'!(-.#"+$'"!(.(+-#'$"g'Hb.!(.&+$[0"&'!(P'$O'M-"&'$'!((((A8
)GX.&/"R+!(<.(,.!.$R+4R"0.$/+(<+(c"4a$"+((((AC
9G+-<'#.0(P'-'(+(<.!.$R+4R"0.$/+(G'!.'<'($+!(<"-."/+!(3F0'$+!((((AB
,"-."/+(r("$M+-0'HI+(.(r(P'-/"&"P'HI+((((A?
@!#
%
%
%%%%%%%%%%%
;7,.-%$$%(,7F7:S7,%-4%@+,-+./0%'68%%%%OU
K%%
$2.,/@9GH/%I%;7,.-%$$%%%%OY%
%
%
%
%
%
%
%%%%%%%%%%%
R%%
'Q-1.97,%-01/:S70%-0.,7.J?+170%>7,7%7%097%/,?72+N7GH/%%%%OO% %
%%%%%%%%%%%%
6`8((
6`6((
6`C((
6`B((
:<.$/"%&'HI+(<+(P-+G4.0'(.(-.'4"g'HI+(<.(F0'('R'4"'HI+("$"&"'4((((??
9$i4"!.(<'(&'P'&"<'<.(<'(+-#'$"g'HI+((((?@
:<.$/"%&'HI+(<+(P'P.4(<'(+-#'$"g'HI+(.0(-.4'HI+(r(&+0F$"<'<.((((@7
Y!&+43'(P-.4"0"$'-((((@8
U%%
8/2S-1-,%7%1/492+@7@-%%%%`U%
C`8((
C`6((
C`C((
(
(
(
)(qF.(a('(}&+0F$"<'<.~((((@C
E-.P'-'HI+(P'-'(-.F$"-O!.(&+0('(&+0F$"<'<.((((@B
N+$3.&.-('(&+0F$"<'<.((((@D
C`C`8(( Q.4'Hb.!(<.(P+<.-(.$/-.(3+0.$!(.(0F43.-.!((((@A
C`C`6(( )F/-+!(#-FP+!(0'-#"$'4"g'<+!(+F(.m&4F^<+!((((@?
C`C`C(( _^<.-.!(/-'<"&"+$'"!((((@?
Y%%
*-0-2T/:T-,%94%>:72/%@-%71GH/%1/4%7%1/492+@7@-%%%%%``%
B`8((
B`6((
(
(
B`C((
(
(
B`B((
c+G"4"g'HI+(<'(&+0F$"<'<.(P'-'(/-'G'43'-(.0(P-+4(<'(0F<'$H'((((@@
9$i4"!.(<+!(P-+G4.0'!(.("<.$/"%&'HI+(<.(.!/-'/a#"'!(+F(!+4FHb.!((((>7
B`6`8(( l-R+-.(<+(P-+G4.0'(.(i-R+-.(<.(.!/-'/a#"'(+F(<.(!+4FHI+((((>7
B`6`6(( c'P.'0.$/+((((>C
:<.$/"%&'HI+(<'!(P-"$&"P'"!(P'-/.!("$/.-.!!'<'!(.('$i4"!.(<'(!F'("$€FT$&"'((((>C
B`C`8(( E'-/.!("$/.-.!!'<'!((((>B
B`C`6(( \.--'0.$/'(<.('$i4"!.(<'!(P'-/.!("$/.-.!!'<'!((((>@
c./'V(+GX.&/"R+!(.("$"&"'/"R'!((((878
8`8(( Q."R"$<"&'HI+V(<.M.!'(.(P-+0+HI+(<+!(<"-."/+!(3F0'$+!((((?B
8`6(( )(/-'G'43+(.0(<"-."/+!(3F0'$+!J(<.(4+&'4('(#4+G'4((((?B
%
%
%
%
%
%%%%%%%%%%%%%
%
%%%%%%%%%%%%%%
@!!
X%%
a-1/:S-,%+2Q/,47GH/%@/194-2.7:%%%%K_R% %
D`8((
D`6((
D`C((
D`B((
E+-qF.(a($.&.!!i-"'('("$M+-0'HI+(<+&F0.$/'4(((((876
uF.(/"P+(<.("$M+-0'HI+(a($.&.!!i-"'((((876
N+$/.v<+(<+!(<"-."/+!(P-.R"!/+!($+(<"-."/+($'&"+$'4(.("$/.-$'&"+$'4((((87B
Q.&+43'(<.("$M+-0'HI+(&+0('(&+0F$"<'<.J(F0'(M+-0'(<.("$R.!/"#'HI+(P'-/"&"P'/"R'((((87A
]%%
=/2+./,+N7,%-%7>9,7,%Q71./0%b%,-1/:S-,%+2Q/,47GH/%2/%:/17:%%%%K_`%
%
%
%
%%%%%%%%%%%%%%
%%%%%%%%%%%%
A`8(( E+-qFT(0+$"/+-"g'-(+!(<"-."/+!(Y1N((((87>
A`6(( 9G+-<'#.$!(r(0+$"/+-"g'HI+(.('PF-'0.$/+(<.(M'&/+!((((87>
A`C(( )!(P-"$&^P"+!(<'(0+$"/+-"g'HI+((((886
A`B(( :<.$/"%&'HI+(.(-.#"!/+(<.('4.#'<'!(R"+4'Hb.!(<+!(<"-."/+!(Y1N((((88C
A`D(( :$qFa-"/+!(r(&+0F$"<'<.(.(#-FP+!(<.("$/.-.!!.((((88A
A`A(( Y$/-.R"!/'!(.m/.$!'!((((88@
A`?(( )G!.-R'HI+($+(4+&'4((((868
A`@(( f+0'<'(<.($+/'!((((868
A`>(( N+$!+4"<'HI+(.('$i4"!.(<'("$M+-0'HI+((((866
A`87(( N+$!F4/'(r(&+0F$"<'<.((((86C
O%%
=/2+./,+N7,%>/:c.+170%-%/,G74-2./0%?/T-,274-2.7+0%%%%%KRY%
?`8((
?`6((
?`C((
?`B((
E+-qFT(0+$"/+-"g'-(P+4^/"&'!(.(+-H'0.$/+!((((86D
p+R.-$+(<.!&.$/-'4"g'<+((((86D
c+$"/+-"g'HI+(<.(P+4^/"&'!(.(+-H'0.$/+!J(F0(P-+&.!!+(<.(/-T!(./'P'!((((86A
E'-/"&"P'HI+($+(<.!.$R+4R"0.$/+(<.(P+4^/"&'!(.(+-H'0.$/+!(4+&'"!((((86>
`%%
d97,@7,%,-?+0./0%-%?-,+,%7%+2Q/,47GH/%%%%%KUK%
@`8((
@`6((
(
(
@`C((
@`B((
uF.(/"P+(<.("$M+-0'HI+(#F'-<'-(.(P+-qFT((((8C8
1.#F-'$H'V(&+$%<.$&"'4"<'<.(.('-0'g.$'0.$/+(<'("$M+-0'HI+((((8C6
@`6`8(( 1.#F-'$H'(.(&+$%<.$&"'4"<'<.(<'("$M+-0'HI+((((8C6
@`6`6(( 9-0'g.$'0.$/+(!"!/.0i/"&+(<'("$M+-0'HI+((((8CC
N+0F$"&'HI+(<+!(-.!F4/'<+!((((8CC
N+0+(P-.P'-'-(-.4'/[-"+!((((8C?
\%%
a-+T+2@+17,%-%@-Q-2@-,%/0%@+,-+./0%'68%%%%KU\%
>`8(( Q."R"$<"&'HI+V(<.M.!'(.(&F0P-"0.$/+(<+!(<"-."/+!((((8C>
@!!!#
%
%
%
%
%
%%%%%%%%%%
%
%%%%%%%%%%%
%
%%%%%%%%%%%
>`6((
>`C((
(
(
(
(
>`B((
>`D((
f+0'-(0.<"<'!(((((8B8
N+4'G+-'HI+(&+0(MF$&"+$i-"+!('($^R."!(4+&'4V(P-+R"$&"'4(.($'&"+$'4((((8BC
>`C`8(( ]0'(.!/-'/a#"'(<.(&+4'G+-'HI+(((((8BC
>`C`6(( c+<+!(<.(&+4'G+-'HI+(&+0(MF$&"+$i-"+!(4+&'"!((((8BC
>`C`C(( c+<+!(<.(&+4'G+-'HI+(&+0(MF$&"+$i-"+!(P-+R"$&"'"!(.($'&"+$'"!((((8BB
>`C`B(( 9G+-<'#.0(<.(+F/-'!("$!/"/F"Hb.!(S'($^R."!(4+&'4V(P-+R"$&"'4(.($'&"+$'4U((((8BD
N+4'G+-'HI+(&+0("$/.-R.$".$/.!($I+(.!/'/'"!('($^R."!(4+&'4V(P-+R"$&"'4(.($'&"+$'4((((8B?
Y0P-.!'!(/-'$!$'&"+$'"!((((8B@
K_%% (/47,%4-@+@70%7%2cT-+0%,-?+/27:%-%+2.-,271+/27:%%%%KX_% %
%
%%%%%%%%%%%%
87`8(( 9P-.!.$/'HI+(<.("$M+-0'Hb.!('+!(+-#'$"!0+!(-.#"+$'"!(.("$/.-$'&"+$'"!(<.(<"-."/+!((((((
3F0'$+!((((8D7
(
87`8`8(( 9P-.!.$/'HI+(<.(qF."m'!(r(N+0"!!I+(9M-"&'$'((((8D8
(
87`8`6(( 9P-.!.$/'HI+(<.(F0(-.4'/[-"+(P'-'4.4+((((8D6
(
87`8`C(( )(N+$!.43+(<+!(,"-."/+!(<+(;+0.0(<'()*]((((8DC
(
87`8`B(( N+$/'&/'-(+!(Q.4'/+-.!(Y!P.&"'"!((((8DB
87`6((:$!/"/F"Hb.!V(&+0F$"<'<.!(.&+$[0"&'!(.(P-+&.!!+!(P'$O'M-"&'$+!(.(-.#"+$'"!(((((8DD
(
87`6`8( (N+0F$"<'<.!(Y&+$[0"&'!(Q.#"+$'"!(((((8DD
(
87`6`6(( 9(9!!.0G4."'(.(+(E'-4'0.$/+(<'(]9((((8DD
(
87`6`C(( *YE9,(.(,YQE((((8DA(
87`C((:$!/"/F"Hb.!("$/.-$'&"+$'"!(.(,YQE((((8DA
KK%% 69?-0.[-0%>7,7%/9.,70%+2+1+7.+T70%%%%KXO%
%
%
%
%
%%%%%%%%%%%%%
88`8(( N+$!&".$&"'4"g'HI+(!+G-.(+!(<"-."/+!(3F0'$+!((((8D?
88`6(( :$/-+<FHI+(<'(9=,;($+!(P-+X.&/+!(<.(<.!.$R+4R"0.$/+((((8D@
88`C(( f-'G'43'-(.0(P'-&.-"'((((8A7
88`B(( f-'G'43'-(&+0(+!(0a<"'((((8A6
88`D(( c."+!(<.(&+0F$"&'HI+(.4.&/-[$"&+!((((8AB
88`A(( YR.$/+!(PvG4"&+!((((8AB
(
88`A`8(( 9F<"Hb.!(PvG4"&'!((((8AB
(
88`A`6(( Q.4'/[-"+!(<.('R'4"'HI+((((8AD
(
88`A`C(( E'-4'0.$/+(P+PF4'-((((8AD
(
88`A`B(( f.'/-+(P'-/"&"P'/"R+((((8AA
(
88`A`D(( 9-/.!(R"!F'"!((((8AA
(
88`A`A(( YR.$/+!(<.!P+-/"R+!((((8A?
88`?(( 9R'4"'HI+((((8A?
!A
(
8/21:90H/%%%%K]`%
%
%
%
%
%
%
%%%%%%%%%%%%%%%%%%%%%%%
%
"1,32+4/0%%%%K]\%
%
%
%
%
%
%
%
%%%%%%%%%%%
%
d:/00<,+/%%%%KOK%
%
%
%
%
%
%
%
%%%%%%%%%%%
%
e/.70%f+27+0%%%%K`_%
%
%
%
%
%
%
%
%%%%%%%%%%%
%
">^2@+1-0%%%%K`U%
%
%
%
%
%
%
%
%%%%%%%%%%%
9PT$<"&.(8J(( (( N'"m'(<.(E4'$.'0.$/+((((8@B
9PT$<"&.(6J(( ( ,"-."/+!(;F0'$+!($'!(N+$!/"/F"Hb.!(*'&"+$'"!((((8@A
9PT$<"&.(CJ(( ( :$!/-F0.$/+!(:$/.-$'&"+$'"!(.(Q.#"+$'"!(<.(,"-."/+!(;F0'$+!((((8@@
9PT$<"&.(BJ(( ( c'$F'"!(<.(,"-."/+!(;F0'$+!(.()F/-+!(Q.&F-!+!((((8>D
9PT$<"&.(DJ(( ( E-"$&"P'"!()*p(:$/.-$'&"+$'"!(qF.(f-'G'43'0(.0(,"-."/+!(Y1N((((677
9PT$<"&.(A'J((( )-#'$"g'Hb.!(.(E-+#-'0'!(:$/.-#+R.-$'0.$/'"!(:$/.-$'&"+$'"!(qF.(s"!'0('(
(((((((((((((((((((((( Q.'4"g'HI+(<+!(,"-."/+!(Y1N((((676
9PT$<"&.(AGJ(( )-#'$"g'Hb.!(:$/.-#+R.-$'0.$/'"!(9M-"&'$'!(qF.(Q.'4"g'0(+!(,"-."/+!(Y1N((((67D
A#
C+0.7%@-%D?9,705%17+E70%-%.7F-:70
;7,.-%$P
%
f+?9,70%
%
%
%
%
%
%
%
%
%%%%%%%%%%%%%%%%%%%%%%%%
%
%%%%%%%%%%%%%%%%%%%%%
\"#F-'(8J((f"P+!(<.(<"-."/+!(3F0'$+!((((8
\"#F-'(6J((]/"4"g'HI+(<.(F0'('G+-<'#.0(3+4^!/"&'(<+!(<"-."/+!(3F0'$+!((((A
\"#F-'(CJ((,"-."/+!(3F0'$+!(F$"R.-!'"!((((8A
%
87+E70%
%
%
%
%
%
%
%
N'"m'(8J(( E-+0+HI+(<+!(<"-."/+!(-.4'/"R+!(r(-.P-+<FHI+(<'!(0F43.-.!J(F0(.m.0P4+(<'(f'$gh$"'((((B(
N'"m'(6J(( ]0'(<.%$"HI+(!"0P4.!(P'-'(F!'-(&+0('(&+0F$"<'<.((((8D
N'"m'(CJ(( 9(P-"0."-'(&'-/'('M-"&'$'(<+!(<"-."/+!(<+(3+0.0((((8A
N'"m'(BJ(( f-'/'<+!("$/.-$'&"+$'"!(.('M-"&'$+!((((8?
N'"m'(DJ(( N+0+(+!(<"-."/+!(3F0'$+!(.!/I+("$/.-O-.4'&"+$'<+!(.("$/.-<.P.$<.$/.!((((8@
N'"m'(AJ(( 94<.b.!(P-.!!"+$'0('!('F/+-"<'<.!(P'-'(qF.(&F0P-'0('!(!F'!(+G-"#'Hb.!((((C8
N'"m'(?J(( )G-"#'HI+(<.(%!&'4"g'-((((CD
N'"m'(@J(( 9-/"#+(6(<+(E:,Y1N((((CD
N'"m'(>J(( p-FP+!(0'-#"$'4"g'<+!(.(RF4$.-iR."!((((CA
N'"m'(87J((,"!&-"0"$'HI+((((C?
N'"m'(88J((,.!"#F'4<'<.($'!(-.4'Hb.!(<.(P+<.-(.('(!F'(&+$/-"GF"HI+(P'-'('(<"!&-"0"$'HI+((((C@
N'"m'(86J((E-+/.&HI+(<+!(<"-."/+!(<+!(-.MF#"'<+!V(E,:(.(/-'G'43'<+-.!(0"#-'$/.!((((B8
N'"m'(8CJ((9(&F4/F-'($'!($+-0'!(.(/-'/'<+!("$/.-$'&"+$'"!(((((BD
N'"m'(8B((s"+4'Hb.!(<+!(<"-."/+!(3F0'$+!((((B?
N'"m'(8DJ((N+0G'/.(r(&+--FPHI+((((B@
N'"m'(8AJ(()(<"-."/+('(-.&F-!+((((B>
N'"m'(8?J((:$/.-R.$".$/.!($I+(.!/'/'"!(.(+-<.0("$/.-$'&"+$'4((((DC
N'"m'(8@J((_.R'-(r(XF!/"H'('!(Yf*((((DA
N'"m'(8>J((9(}p4+G'4(N+0P'&/~(<'!(*'Hb.!(]$"<'!((((DA
N'"m'(67J(,.%$"HI+(<.(P+G-.g'((((DA
N'"m'(68J((_"G.-'4"g'HI+(<+(&+0a-&"+((((D?
N'"m'(66J((9G+4"HI+(<'!(/'m'!(<.(F/"4"g'<+-((((D>
N'"m'(6CJ(E-"$&^P"+!(.(<"-.&/-"g.!(<.(F0'('G+-<'#.0(G'!.'<'($+!(<"-."/+!(3F0'$+!(P'-'('!(
.!/-'/a#"'!(<.(-.<FHI+(<'(P+G-.g'((((D>
N'"m'(6BJ(((Ym.0P4+!('$"0'<+-.!(<.("$"&"'/"R'!(<+(Y!/'<+((((A8
A!
N'"m'(6DJ((9('G+-<'#.0(G'!.'<'($+!(<"-."/+!(3F0'$+!((((AA
N'"m'(6AJ((p'-'$/"'(<.(P'-/"&"P'HI+((((A@
N'"m'(6?J((9&.!!+(r("$M+-0'HI+((((A>
N'"m'(6@J((E-"$&^P"+!(<.(P'-/"&"P'HI+((((A>
%
(7F-:70%
%
%
%
%
%
%
%
%
%%%%%%%%%%%
f'G.4'(8J((N+$&."/+!(&3'R.(F!'<+!($'(E'-/.(:((((8C
f'G.4'(6J((c"/+!(.(-.'4"<'<.!(!+G-.(+!(<"-."/+!(Y1N((((68
f'G.4'(CJ((N+$/.v<+(<+!(<"-."/+!(Y1N((((6C
f'G.4'(BJ(()G-"#'Hb.!(<+(Y!/'<+(&+0+(P'-/.(<+(qF'<-+(<.(<"-."/+!(3F0'$+!((((C7
f'G.4'(DJ(()G-"#'Hb.!(&3'R.(-.4'&"+$'<'!(&+0(+!(<"-."/+!(Y1N((((CC
f'G.4'(AJ((:<."'!(.--'<'!(!+G-.(+!(P+R+!("$<^#.$'!((((BC
f'G.4'(?J((N+0P'-'HI+(<'('G+-<'#.0(}G'!.'<'($'($.&.!!"<'<.~(&+0('(9=,;((((AB
;7,.-%$$
%
f+?9,70%
%
%
%
%
%
%
%
%
%%%%%%%%%%%%
\"#F-'(8J((9$i4"!.(1k)f((((?>
\"#F-'(6J((Q.4'Hb.!(<.(P+<.-($+(!."+(<'(&+0F$"<'<.((((@A
\"#F-'(CJ((Ym.0P4+(<.(F0'(i-R+-.(<+(P-+G4.0'((((>8
\"#F-'(BJ((Ym.0P4+(<.(F0'(i-R+-.(<.(.!/-'/a#"'(+F(i-R+-.(<.(!+4FHI+((((>6
\"#F-'(DJ((E-+&.!!+(<.(/-T!(./'P'!(P'-'('(0+$"/+-"g'HI+(<.(P+4^/"&'!(.(+-H'0.$/+!((((86A
%%%
87+E70%
%
%
%
%
%
%
%
%
N'"m'(8J( )(/-'G'43+(&+0('!(&+0F$"<'<.!(4+&'"!((((?D
N'"m'(6J(( E+$/+!(<.(.$/-'<'($+(/-'G'43+(.0(<"-."/+!(Y1N((((?D
N'"m'(CJ(( f-'G'43+(<'!()=N(.()*p(&+0('!(&+0F$"<'<.!((((@C
N'"m'(BJ(( 9$i4"!.(<+!("$/.-.!!.!(<.(/+<'!('!(P'-/.!("$/.-.!!'<'!((((@D
N'"m'(DJ(( N'-'&/.-^!/"&'!(<.(F0(G+0(0+/"R'<+-((((@>
N'"m'(AJ(( }1+4FHI+~(+F(}Y!/-'/a#"'~((((>C
N'"m'(?J(( c'P.'0.$/+(<.(-.&F-!+!((((>C
N'"m'(@J(( uF.0(!I+('!(P'-/.!("$/.-.!!'<'!(.(qF'"!(+!(!.F!(<.R.-.!(+F(+G-"#'Hb.!((((>B
N'"m'(>J(( Q.&+43'(<'(+P"$"I+(<.(/+<'('(&+0F$"<'<.((((>D
N'"m'(87J((_F/'!(<.(P+<.-(+F(+F/-'!(/.$!b.!((((>A
A!!#
%%%%%%%%%%
N'"m'(88J((N+0P-..$!I+(<'!(-.4'Hb.!(<.(P+<.-($+(#+R.-$+((((>A
N'"m'(86J((()G/.$HI+(<.("$M+-0'HI+((((>?
N'"m'(8CJ(((\.--'0.$/'(<.('$i4"!.(<'!(P'-/.!("$/.-.!!'<'!((((>@
N'"m'(8BJ(((9$i4"!.(<.(F0'(P'-/.("$/.-.!!'<'((((878
N'"m'(8DJ((p-FP+!(<.(+-H'0.$/+('P4"&'<+((((87B
N'"m'(8AJ((]/"4"g'HI+(<+!(/-'/'<+!((((87A
N'"m'(8?J((c+$"/+-"g'HI+V('PF-'0.$/+(<.(M'&/+!(.(<+&F0.$/'HI+((((87@
N'"m'(8@J((s.-"%&'HI+(<.(M'&/+!((((87>
N'"m'(8>J((N+0+(4"<'-(&+0(MF$&"+$i-"+!(<"M^&."!((((888
N'"m'(67J((N+$!.43+!(P-i/"&+!(!+G-.(+(&F0P-"0.$/+(<+!(P-"$&^P"+!(<.(0+$"/+-"g'HI+(.(
'PF-'0.$/+(<.(M'&/+!((((886
N'"m'(68J(:<.$/"%&'HI+(<.('4.#'<'!(R"+4'Hb.!(<+!(<"-."/+!(Y1NJ(F0(.m.0P4+((((88D
N'"m'(66J(:$qFa-"/+(P'-'('(+G/.$HI+(<.("$M+-0'Hb.!(!+G-.(qF.!/b.!(<.(!'v<.(.(!.#F-'$H'((((88?
N'"m'(6CJ(p-FP+(<.("$/.-.!!.(P'-'('(<"!&F!!I+(<.('/"/F<.!(<"!&-"0"$'/[-"'!(&+$/-'('!(0F43.-.!((((88@
N'"m'(6BJ(N+0+(!.-(F0(G+0(.$/-.R"!/'<+-((((867
N'"m'(6DJ(,'<+!(<.!'#-.#'<+!((((868
N'"m'(6AJ(]0(/-"GF$'4(P+<.(.m"#"-('('P-.!.$/'HI+(<'!($+/'!(<'!(.$/-.R"!/'!((((866
N'"m'(6?J(E+4^/"&'!(.(+-H'0.$/+!((((86B
N'"m'(6@J(,.!&.$/-'4"g'HI+((((86D
N'"m'(6>J(Y!/'G.4.&"0.$/+(<'(4"#'HI+(.$/-.(P+4^/"&'!(.(+-H'0.$/+!(.(+!(<"-."/+!((((86?
N'"m'(C7J(]/"4"g'HI+(<.("$<"&'<+-.!(<.(<"-."/+!(3F0'$+!((((86?
N'"m'(C8J(9(N+$!/"/F"HI+(<.(]#'$<'("$&4F"(+(<"-."/+(<.(P'-/"&"P'HI+($+(<.!.$R+4R"0.$/+(<.(
P+4^/"&'!((((8C7
N'"m'(C6J(Q.&+43'(Mi&"4(<'("$M+-0'HI+((((8CC
N'"m'(CCJ(p.!/I+(<'!(-.'&Hb.!('(<.P+"0.$/+!(+F(-.4'/[-"+!((((8CA
N'"m'(CBJ(:$R+&'HI+(<+!(<"-."/+!(<+!(/-'G'43'<+-.!(<+0a!/"&+!((((8C>
N'"m'(CDJ(9(f-.'/0.$/(9&/"+$(N'0P'"#$(Sf9NU($'(lM-"&'(<+(1F4((((8B7
N'"m'(CAJ(E4'$.'0.$/+(<.(-.F$"b.!(.%&".$/.!((((8BD
N'"m'(C?J(]/"4"g'HI+(<.("$!/h$&"'!(<.(-.&F-!+((((8B?
N'"m'(C@J(9P-.!.$/'HI+(<.("$M+-0'Hb.!((((8D7
N'"m'(C>J(\'0"4"'-"g'HI+(&+0('(N+0"!!I+(9M-"&'$'(.('('P-.!.$/'HI+(<.(qF."m'!((((8D8
N'"m'(B7J(_"!/'(<.(R.-"%&'HI+(qF.(P-.&.<.(+(.$R"+(<.(qF."m'!((((8DC
N'"m'(B8J(_"!/'(<.(-.R"!b.!(<.(P'^!.!((((8DC
N'"m'(B6J()()G!.-R'/[-"+(<'(E+G-.g'(<.(c+H'0G"qF.((((8DA
N'"m'(BCJ(E-+#-'0'!(<.(0"&-+%$'$&"'0.$/+((((8D@
N'"m'(BBJ(E-.!/'HI+(<.(!.-R"H+!(<.(<"-."/+!(3F0'$+!((((8D>
N'"m'(BDJ(E'-&.-"'!((((8A8
N'"m'(BAJ(f-'G'43+(.0(P'-&.-"'((((8A8
N'"m'(B?J((E-+#-'0'!(P.-"[<"&+!(<'(-i<"+(!+G-.(<"-."/+!(3F0'$+!((((8AC
N'"m'(B@J(f.'/-+(P'-/"&"P'/"R+($+(uFa$"'((((8AA
A!!!
%
(7F-:70%
%
%
%
%
%
%
%
%
%%%%%%%%%%%
f'G.4'(8J(:<.$/"%&'HI+(<+(P-+G4.0'(.(-.'4"g'HI+(<.(F0'('R'4"'HI+("$"&"'4((((??
f'G.4'(6J(]/"4"g'HI+(<'(9G+-<'#.0(='!.'<'($+!(,"-."/+!(;F0'$+!((((@8
f'G.4'(CJ(N-"/a-"+!('(&+$!"<.-'-('+(.M.&/F'-(F0'(.!&+43'(P-.4"0"$'-((((@6
f'G.4'(BJ(,"M.-.$/.!(/"P+!(<.("$M+-0'HI+(.(+$<.(+!(.$&+$/-'-((((87C
f'G.4'(DJ(uF'<-+(P'-'(0+$"/+-"g'HI+(.('PF-'0.$/+(<.(M'&/+!((((887
f'G.4'(AJ(f"P+!(<.("$M+-0'HI+((((8C8
f'G.4'(?J(,"M.-.$/.!(M+-0'/+!(P'-'('(&+0F$"&'HI+(<.(-.!F4/'<+!((((8CB
f'G.4'(@J(Ym.0P4+!(<.(P.-#F$/'!(P'-'(<.!.$R+4R.-(F0(P4'$+(<.('&HI+(&+0('(&+0F$"<'<.((((8B8
f'G.4'(>J(E-"$&^P"+!(<'(.<F&'HI+(.0(<"-."/+!(3F0'$+!((((8D?
A!@#
$2.,/@9GH/%I%0J,+-%@-%47297+0%0/F,-%/0%@+,-+./0%-1/234+1/05%
% %
%
%
%
%
%
%
%%0/1+7+0%-%19:.9,7+0
f+<'!('!(P.!!+'!(/T0(+(<"-."/+(<.(R"R.-(&+0(<"#$"<'<.V(4"G.-/'!(<+(0.<+(.(<'(0"!a-"'V(
+(qF.(!"#$"%&'J(R"R.-.0(!.0('('0.'H'(<.(!.-.0(0'4/-'/'<'!(M^!"&'(+F(0.$/'40.$/.(+F(
<.(!.-.0(P-"R'<'!(<.($.&.!!"<'<.!(Gi!"&'!(&+0+(+('G-"#+V('4"0.$/+!(.(i#F'`
]0'(R"<'(&+0(<"#$"<'<.(a(F0'(R"<'(.0(qF.((/+<+!(+!(‚(<"-."/+!(
3F0'$+!(!I+(-.'4"g'<+!(ƒ(P'-'(/+<'!('!(P.!!+'!`()!(<"-."/+!(3F0'$+!(!I+(
M-.qF.$/.0.$/.(&4'!!"%&'<+!(.0(‚(<"-."/+!(&"R"!(.(P+4^/"&+!(SNEUV(&+0+(+(
<"-."/+(r(4"G.-<'<.(<.(.mP-.!!I+(+F(r(P-+/.&HI+(&+$/-'('(/+-/F-'V(.(‚(<"-."/+!(
.&+$[0"&+!V(!+&"'"!(.(&F4/F-'"!(SY1NUV(/'"!(&+0+(+(<"-."/+(r(.<F&'HI+(+F(
+(<"-."/+(r(!'v<.`(Y0G+-'(!.(&+$!"<.-.0(.!/'!(<F'!(&'/.#+-"'!V(/+<+!(+!(
<"-."/+!(/T0(+(0.!0+(R'4+-(.(!I+("$<"R"!^R."!(.("$/.-<.P.$<.$/.!J($.$3F0(
<"-."/+(3F0'$+(P+<.(!.-(-.'4"g'<+("!+4'<'0.$/.(<+!(+F/-+!(<"-."/+!8`(Y!/'(
!a-".(M+&'(.!!.$&"'40.$/.(+!(<"-."/+!(Y1N6`
f+?9,7%KP%(+>/0%@-%@+,-+./0%S9472/0
%
%%
5/6783./4
!
$./0123./4
(((((93:34
'/.3;34
!"#$"%&'(
)*+,-&'
!
!
%
!
(
9!(P'4'R-'!(
0'-&'<'!(
&+0(‚(.!/I+(
<.%$"<'!($F0(
#4+!!i-"+($+(
%0(<+(c'$F'4(
E-"$&"P'4`
!
9<68<=;34
B
$2.,/@9GH/
Y0(/+<+(+(0F$<+(3i(P.!!+'!('(!.-.0(P-"R'<'!(<+!(!.F!(<"-."/+!(Y1N`()!(.m.0P4+!(!.#F"$/.!(
<I+(F0'("0'#.0('4'-0'$/.(<'(!"/F'HI+J
K( c'"!(<.(F0(G"4"I+(<.(P.!!+'!($+(0F$<+($I+(/T0(+(!FM"&".$/.(P'-'(&+0.-Cw
K( Y0(677?V($+!(P'^!.!(.0(<.!.$R+4R"0.$/+V(&.-&'(<.(?6(0"43b.!(<.(&-"'$H'!(.0("<'<.(
.!&+4'-($I+(M-.qF.$/'R'0('(.!&+4'`(c'"!(<.(0./'<.(.-'0(-'P'-"#'!Bw(.
K( c'"!(<.(F0(G"4"I+(<.(P.!!+'!($+!(P'^!.!(.0(<.!.$R+4R"0.$/+(/T0('&.!!+("$'<.qF'<+('(
i#F'(.(0'"!(<.(<+"!(G"4"b.!($I+(<"!Pb.0(<.(!'$.'0.$/+(Gi!"&+D`
94a0(<"!/+V(P'-'(0F"/+!('M-"&'$+!V(+(<"-."/+('(F0'(R"<'(<"#$'(&+$/"$F'('(.!/'-(M+-'(<+(!.F(
'4&'$&.`(N.-&'(<.(<+"!(.0(&'<'(&"$&+('M-"&'$+!(R"R.0(&+0(0.$+!(<.(F0(<[4'-(P+-(<"'A(.(
P+-/'$/+('(P+G-.g'(&+$/"$F'('(!.-(F0'(-'gI+(!"#$"%&'/"R'(<+(.$+-0.($v0.-+(<.('M-"&'$+!(qF.(
$I+(F!FM-F"(<.(F0(P'<-I+(<.(R"<'(<.&.$/.V(4"G.-/+(<+(0.<+(.(<'(0"!a-"'`
E+-(.m.0P4+V('!(.!/'/^!/"&'!(0+!/-'0(qF.(.0(-.4'HI+('+!(<"-."/+!(Y1NJ
K( Y0(67C7('(0'"+-(P'-/.(<+!('M-"&'$+!(R"R.-i(.0(i-.'!(F-G'$'!(.V($+(.$/'$/+V(P+F&+(/.0(
!"<+(M."/+($+(!.$/"<+(<.('F0.$/'-(+('&.!!+('(3'G"/'HI+(&+$<"#$'V(i#F'(.(!'$.'0.$/+w
K( 9(!.#F-'$H'('4"0.$/'-(S/.-('4"0.$/+!(!FM"&".$/.!(.('&.!!+('<.qF'<+('(.!/.!U(/.0(<.(
'F0.$/'-(P'-'(M'g.-(M-.$/.(r!(!.&'!(.("$F$<'Hb.!(qF.(P+<.0(+&+--.-(.0(&+$!.qFT$&"'(<.(
<.!'!/-.!($'/F-'"!(.(<.(+F/-'!(&'/i!/-+M.!('0G".$/'"!V("$&4F"$<+('!(qF.(!I+(&'F!'<'!(P+-(‚(
'4/.-'HI+(&4"0i/"&'w
K( 9("$!&-"HI+($'!(.!&+4'!(P-"0i-"'!(<.(lM-"&'('F0.$/+F(CA„(.$/-.(6777(.(677DV(0'!(+(
&+$/"$.$/.(&+$/"$F'('(-.#"!/'-(+(0'"+-($v0.-+(<.(&-"'$H'!(qF.($I+(M-.qF.$/'0('(.!&+4'w(.
K( E+F&+!('M-"&'$+!(/T0('&.!!+(r(!.#F-'$H'(!+&"'4V(P'-'(+!(P-+/.#.-($'(+-M'$<'<.V(R.43"&.(+F(
<+.$H'`
f+<+!(+!(P+R+!(/T0V(.(!.0P-.(/"R.-'0V('($+HI+(<+(qF.(a(XF!/+(.("$XF!/+($'(!F'(P-[P-"'(
&+0F$"<'<.`(9(0'"+-"'(/'0Ga0(!'G.V(+F(P.4+(0.$+!(/.0(F0'("<."'V(<.(qF'$<+('!(
'F/+-"<'<.!(#+R.-$'0.$/'"!('&/F'0(XF!/'(+F("$XF!/'0.$/.`(9!(P.!!+'!(-.!"!/.0('+('GF!+(<.(
P+<.-(.(P-+/.!/'0(&+$/-'('("$XF!/"H'`(YV($+(.$/'$/+V(<.R"<+(r(0i(qF'4"<'<.(<+(.$!"$+(.(r(M'4/'(
<.("$M+-0'HI+(<'(P'-/.(<+!(#+R.-$+!V(0F"/'!(P.!!+'!($I+(&+$3.&.0('(!F'(P-[P-"'(&+$!/"/F"HI+(
.(0F"/+(0.$+!('!($+-0'!(<+!(<"-."/+!(F$"R.-!'"!(<+(3+0.0`(N+$/F<+V(+!(<"-."/+!(3F0'$+!(
!I+(.!!.$&"'"!('(/+<+(+(!.-(3F0'$+`(Y4.!(!I+('!($+-0'!(qF.(+!(Y!/'<+!(<.R.0(<.M.$<.-(
.(/'0Ga0(+!("$!/-F0.$/+!(qF.('!(P.!!+'!(.('!(+-#'$"g'Hb.!(P+<.0(F!'-(P'-'(.m"#"-.0(+(
-.!P."/+V(P-+/.&HI+(.(-.'4"g'HI+(<+!(!.F!(<"-."/+!(3F0'$+!`
)!(Y!/'<+!(<'!(*'Hb.!(]$"<'!(S)*]U(.(<'(]$"I+(9M-"&'$'(S]9UV(<.%$"-'0(+!(<"-."/+!(<'!(
P.!!+'!(.(+!(<.R.-.!(<+!(Y!/'<+!(.0(‚(/-'/'<+!(+F(&+$R.$Hb.!(S'&+-<+!(R"$&F4'/"R+!U(<.(
<"-."/+!(3F0'$+!`(9(0'"+-"'(<'!(&+$!/"/F"Hb.!($'&"+$'"!(-.€.&/.(P'-/.!(<.!/'!($+-0'!(
"$/.-$'&"+$'"!`
,F-'$/.(0F"/+(/.0P+(<.FO!.(0'"+-(P-"+-"<'<.('+!(<"-."/+!(NE(<+(qF.('+!(<"-."/+!(Y1N(.(0F"/+(
0'"!(!.(M.g(P+-(.4.!(P'-'(qF.(PF<.!!.0(!.-(F0'(-.'4"<'<.`(Y0('$+!(-.&.$/.!(/.0O!.(<'<+(
C#
$2.,/@9GH/%I%0J,+-%@-%47297+0%0/F,-%/0%@+,-+./0%-1/234+1/05%0/1+7+0%-%19:.9,7+0
0'"!('/.$HI+('+!(<"-."/+!(Y1N`(9!(‚()-#'$"g'Hb.!(<.(='!.(N+0F$"/i-"'(S)=NUV(‚()-#'$"g'Hb.!(
*I+(p+R.-$'0.$/'"!(S)*pUV("$!/"/F"Hb.!("$/.-$'&"+$'"!(&+0+('!()*](.('(]9V(.('/a(0.!0+(
+!(#+R.-$+!V(.!/I+(&'<'(R.g(0'"!('(P-+&F-'-(0'$."-'!(<.(-.'4"g'-.0(+!(<"-."/+!(Y1N`(:!/+(&-"'(
+P+-/F$"<'<.!V(0'!(/'0Ga0(/-'g(<.!'%+!('!!+&"'<+!`(cF"/+!(#+R.-$+!('4.#'0('(M'4/'(<.(
-.&F-!+!(P'-'(P+<.-.0(-.'4"g'-(+!(<"-."/+!(Y1N`(9(+F/-+!(M'4/'O43.!('(R+$/'<.(+F('(&'P'&"<'<.(
P+4^/"&'`
94a0(<"!/+V('(&'P'&"<'<.(<.(F0(Y!/'<+(P-+/.#.-(+!(<"-."/+!(a(.$M-'qF.&"<'(P.4+!("$/.-.!!.!(
<.(.0P-.!'!($'&"+$'"!(P+<.-+!'!(.(<.(.0P-.!'!("$/.-$'&"+$'"!V(G'$&+!(<.(<.!.$R+4R"0.$/+(
.("$!/"/F"Hb.!(<+'<+-'!`()(0F$<+("$<F!/-"'4"g'<+(.m.-&.(.$+-0.(P-.!!I+(!+G-.(+!(#+R.-$+!(
'M-"&'$+!(P'-'('&."/'-.0(&+$<"Hb.!(<.(&+0a-&"+(qF.(4.R'0(&.$/.$'!(<.(0"43'-.!(<.('M-"&'$+!(
r(P+G-.g'`(9!(.0P-.!'!(.!/-'$#."-'!('P+<.-'-'0O!.(<.(#-'$<.!(i-.'!(<.(/.--.$+!('#-^&+4'!(
.0(lM-"&'(P'-'(P-+<Fg"-.0('4"0.$/+!(P'-'(+!(!.F!(P-[P-"+!(P'^!.!V('0.'H'$<+(#-'R.0.$/.('(
!.#F-'$H'('4"0.$/'-(<'(&-.!&.$/.(P+PF4'HI+('M-"&'$'`
Y0(/+<+(+(0F$<+('!(&+0F$"<'<.!(.!/I+('(/+0'-(F0'(P+!"HI+(0'"!(%-0.(&+$/-'(+('G'$<+$+(
.('(0'-#"$'4"g'HI+(.('(.m"#"-(+!(!.F!(<"-."/+!`(9!(P.!!+'!(qF.(R"R.0(.0(G'"--+!(<.#-'<'<+!V(+!(
/-'G'43'<+-.!(<.(P4'$/'Hb.!(.mP4+-'<+!(+F('qF.4.!(qF.(M+-'0(P-"R'<+!(<.(&F"<'<+!(0a<"&+!(
+F(<.(.<F&'HI+(.!/I+('(+-#'$"g'-O!.V(&+0(+F(!.0('('XF<'(<'!()*p`(cF"/+!(.!/I+('(.m.-&.-(+!(
!.F!(<"-."/+!(Y1N(!.0(!'G.-.0(qF.('(!F'(4F/'(a(F0'(4F/'(P.4+!(<"-."/+!(3F0'$+!`
Y!/'(!a-".(<.(0'$F'"!V(!@AB%&CDE%F%3.%=$6'$(3.%CG;%-"%26H($5"V(<.!/"$'O!.('+!(#-FP+!(<'(
!+&".<'<.(&"R"4(4+&'4(<.(lM-"&'`(Y0G+-'(+!(<"-."/+!(3F0'$+!(!.X'0(+!(0.!0+!(P'-'(/+<'!(
'!(P.!!+'!(<+(0F$<+V(+!(#-FP+!(<'(!+&".<'<.(&"R"4(<.(&'<'(-.#"I+(.$M-.$/'0(<.!'%+!(
.!P.&^%&+!`(Y!/'(!a-".(M+"(<.!.$R+4R"<'(.0(&+4'G+-'HI+(&+0(F0(&+0"/a(<.(+-#'$"g'Hb.!(<'(
!+&".<'<.(&"R"4('M-"&'$'(.(-.<"#"<'(P+-(P.-"/+!('M-"&'$+!(.("$/.-$'&"+$'"!`(p-'$<.(P'-/.(<+!(
&+$!.43+!('P-.!.$/'<+!($.!/.!(0'$F'"!(-.€.&/.('!(.!/-'/a#"'!(.('&Hb.!("0P4.0.$/'<'!(P.4'!(
)*p(.()=N('M-"&'$'!(P'-'(/+-$'-(+!(<"-."/+!(3F0'$+!(F0'(-.'4"<'<.`
%
LFg-1.+T/%@-0.7%0J,+-%@-%47297+0%
%
%
%
%%%%%%%%%%%%%%%%%%%%%%
)!(<"-."/+!(3F0'$+!(.!/I+(<.%$"<+!(.0(/-'/'<+!("$/.-$'&"+$'"!(&+0+('(N+$R.$HI+(!+G-.(
+!(,"-."/+!(<'(N-"'$H'`(Y0(lM-"&'V(/+<+!(+!(Y!/'<+!('<.-"-'0(P.4+(0.$+!('(F0(/-'/'<+(<.(
<"-."/+!(3F0'$+!J('(N'-/'(9M-"&'$'(<+!(,"-."/+!(<+(;+0.0(.(<+!(E+R+!(S+F(}N'-/'(9M-"&'$'~UV(
'!!F0"$<+('!!"0('(‚(+G-"#'HI+(<.(/+-$'-.0(.!/.!(<"-."/+!(.0(-.'4"<'<.`(
Y!/'(!a-".(G'!."'O!.($+(P-"$&^P"+(qF.('%-0'(qF.(P'-'(!.(&+$!.#F"-(F0'(0F<'$H'(<F-'<+F-'V(
a(.!!.$&"'4(F!'-(+(‚(qF'<-+(<+!(<"-."/+!(3F0'$+!V(F0(/.-0+(&+4.&/"R+(P'-'(+!(/-'/'<+!(
"$/.-$'&"+$'"!(<.(<"-."/+!(3F0'$+!(.(+!(0.&'$"!0+!(<.(%!&'4"g'HI+`()(qF'<-+(<+!(<"-."/+!(
3F0'$+!(a(F0'(M.--'0.$/'(P+<.-+!'(qF.('!(&+0F$"<'<.!(.('!()*p(P+<.0(F!'-(P'-'(
&+$R.$&.-.0(+!(!.F!(#+R.-$+!('(&F0P-"-.0('!(!F'!(-.!P+$!'G"4"<'<.!`
D
$2.,/@9GH/
Y!/.(0'$F'4(.('!(G-+&3F-'!('!!+&"'<'!(!+G-.(<"-."/+!(.!P.&^%&+!(+M.-.&.0(&+$!.43+!V(P'!!+(
'(P'!!+V(!+G-.('(0'$."-'(&+0+(+!(#-FP+!(<'(!+&".<'<.(&"R"4(P+<.0(F!'-(+!("$!/-F0.$/+!(
'M-"&'$+!(.("$/.-$'&"+$'"!($+(!.F(/-'G'43+(&+0('!(&+0F$"<'<.!('($^R.4(4+&'4`
9(!a-".(;'W"(n./F(M+&'(.!!.$&"'40.$/.(+!(<"-."/+!(Y1N(.0(lM-"&'(F!'$<+(.m.0P4+!(.(qF.!/b.!(
<'(0'"+-(-.4.Rh$&"'(P'-'(.!/'(-.#"I+V(P'-'(qF.(+!(0'$F'"!(!.X'0(+(0'"!(v/"4(P+!!^R.4(P'-'('!(
)*p(.()=N(<.!/'(P'-/.(<+(0F$<+`(
%
87+E7%KP%;,/4/GH/%@/0%@+,-+./0%,-:7.+T/0%I%,->,/@9GH/%@70%49:S-,-0P%
!
%%%%%%%%%%%%%%%%%%%%%%94%-E-4>:/%@7%(72Ni2+7
jF4.'$'V(F0'()*p(qF.(/-'G'43'(&+0('()*p(9M-"&'$(c.<"&'4('$<(Q.!.'-&3(\+F$<'/"+$(
S9cQY\UV('(\F$<'HI+(9M-"&'$'(P'-'('(c.<"&"$'(.(E.!qF"!'(V(-.'4"g+F(F0(P-+X.&/+(P'-'(
-.&+43.-("$M+-0'HI+(!+G-.(qF.!/b.!(<.(!'v<.(.(P'-'(P-+0+R.-(+!(<"-."/+!(<.(!'v<.(-.4'/"R+!(
r(-.P-+<FHI+(<'!(0F43.-.!($'(f'$gh$"'`()!(-.!F4/'<+!("$&4F^-'0(F0(.!/'/F/+(&+$/-'(P-i/"&'!(
$+&"R'!(S&+-/.(<+!([-#I+!(#.$"/'"!(M.0"$"$+!V(/'0Ga0(&+$3.&"<+(P+-(0F/"4'HI+(#.$"/'4(
M.0"$"$'U(.(0.43+-'0.$/+!($+!(!.-R"H+!(<.(!'v<.(!.mF'4(.(-.P-+<F/+-'`?
%
":?920%@-07D/0%-%/>/,.92+@7@-0%
%
%
%
%
%%%%%%%%%%%
Y!/'(!a-".(<.(0'$F'"!('G+-<'(P-"$&"P'40.$/.(+(P'P.4(<+(Y!/'<+('($^R."!(4+&'4(.($'&"+$'4`(
N+$/F<+V(<.R.(&+0P-..$<.-O!.(qF.('/a(0.!0+($+(!."+(<'!(&+0F$"<'<.!(.m"!/.0(+G!/i&F4+!(
'217@,J%K%P%;,/4/9T/+,%:-0%@,/+.0%,->,/@91.+Q0%@-0%Q-44-0%P%:h-E-4>:-%@-%:7%(72N72+qF.("0P.<.0('!(P.!!+'!(<.(F!FM-F^-.0(<+!(<"-."/+!(3F0'$+!`(9!($+-0'!(.(+P"$"b.!(!+&"'"!(.(
&F4/F-'"!(4.R'0(r(<"!&-"0"$'HI+(<.("$<"R^<F+!(+F(#-FP+!(S&+$!F4/'-('(1.&HI+(B`CU`(9!(0F43.-.!(
.!/I+(&'<'(R.g(0'"!(&+$!&".$/.!(<+!(!.F!(<"-."/+!(.(.m"#.0(!.-(/-'/'<'!(.(-.!P."/'<'!(&+0+(
"#F'"!`(9P.!'-(<"!/+V(.0(0F"/'!(&+0F$"<'<.!('(<+0"$h$&"'(0'!&F4"$'(.('!(P-i/"&'!(.(&-.$H'!(
/-'<"&"+$'"!(-.!/-"$#.0(!.-"'0.$/.(qF.('!(0F43.-.!(F!FM-F'0(<+!(!.F!(<"-."/+!`(E+-("!!+V(F0(
.4.0.$/+(.!!.$&"'4(<+(/-'G'43+(.0(<"-."/+!(Y1N(<.R.(!.-(P|-(%0(r(<"!&-"0"$'HI+(&+$/-'('!(
0F43.-.!(.(+F/-+!(#-FP+!(.("$<"R^<F+!`
9!(&+$!/"/F"Hb.!($'&"+$'"!(.('!($+-0'!(<.(<"-."/+!("$/.-$'&"+$'"!(-.#F4'0(+(P'P.4(.('!(
+G-"#'Hb.!(<+(Y!/'<+`(f+<+!(+!(MF$&"+$i-"+!(<+(#+R.-$+(!I+(-.P-.!.$/'$/.!(<+(Y!/'<+(.V(
&+0+(/'4V(<.R.0(-.!P."/'-V(P-+/.#.-(.(-.'4"g'-(+!(<"-."/+!(3F0'$+!`(N+$/F<+V(.0(0F"/+!(P'^!.!(
'M-"&'$+!V(.0G+-'(+!(MF$&"+$i-"+!('($^R.4($'&"+$'4(!'"G'0(qF'"!(!I+('!(!F'!(-.!P+$!'G"4"<'<.!(
.0(-.4'HI+('+!(<"-."/+!(Y1NV("!!+(P+<.($I+('&+$/.&.-('($^R.4(4+&'4V(P-"$&"P'40.$/.(.0(i-.'!(
-.0+/'!`(Y0(R.g(<.(P-.!!FP+-(qF.(+!(MF$&"+$i-"+!(4+&'"!(/T0(+(&+$3.&"0.$/+($.&.!!i-"+V(P+<.(
!.-(0'"!('P-+P-"'<+(&+0.H'-(P+-(+!("$M+-0'-(!+G-.('!(!F'!(+G-"#'Hb.!(<.(-.!P."/'-V(P-+/.#.-(.(
-.'4"g'-(+!(<"-."/+!(3F0'$+!`
E#
$2.,/@9GH/%I%0J,+-%@-%47297+0%0/F,-%/0%@+,-+./0%-1/234+1/05%0/1+7+0%-%19:.9,7+0
]0(<.!'%+('!!+&"'<+('("!/+(a(+(M'&/+(<.(P+-(R.g.!(+(#+R.-$+(4+&'4($I+(-.&.G.-(<+(#+R.-$+(
$'&"+$'4(+!(-.&F-!+!(!F%&".$/.!`
N'<'(R.g(0'"!('!(‚('#T$&"'!(<.(<.!.$R+4R"0.$/+(F!'0(F0'('G+-<'#.0(G'!.'<'(.0(<"-."/+!(
3F0'$+!($+(!.F(/-'G'43+V(.$qF'$/+(F0($v0.-+(&-.!&.$/.(<.(+-#'$"g'Hb.!(<.(<"-."/+!(3F0'O
$+!(.!/i('('4'-#'-('(!F'(0"!!I+(<.(0+<+('("$&4F"-(+!(<"-."/+!(Y1N`(Y!/.!(<.!.$R+4R"0.$/+!(
&-"'0(.$+-0.!(+P+-/F$"<'<.!(P'-'(&+$!+4"<'HI+(<.(.!M+-H+!(.(/-'G'43+(.0(&+$XF$/+`
%
).+:+N7@/,-0%@-0.-0%47297+0%
%
%
%
%
%
%%%%%%%%%%
)!(F/"4"g'<+-.!(<.!/.!(0'$F'"!(!I+('qF.4.!(qF.(/-'G'43'0(P'-'(0.43+-'-('(R"<'(<'!(
&+0F$"<'<.!(4+&'"!`(Y4.!(P+<.0(!.-(/-'G'43'<+-.!(P'-'(+(<.!.$R+4R"0.$/+V(0.0G-+!(<.(
#-FP+!(<.(<"-."/+!(3F0'$+!V(#-FP+!(<.(0F43.-.!V(#-FP+!(<.($'/F-.g'(-.4"#"+!'(+F(0.0G-+!(
<.(F0'(&+0F$"<'<.`(Y4.!(/'0Ga0(/T0('&.!!+(r("$M+-0'HI+(.('(+F/-'!(+-#'$"g'Hb.!('($^R."!(
$'&"+$'4(.("$/.-$'&"+$'4(qF.(/-'G'43'0(<"-.&/'(+F("$<"-.&/'0.$/.($'(-.'4"g'HI+(<+!(<"-."/+!(
3F0'$+!`(Y4.!(.!/I+(.0(P+!"HI+(<.(.m.-&.-.0(P-.!!I+(P'-'(F0'(0F<'$H'(P+!"/"R'(<'(P'-/.(
<+(#+R.-$+V(qF.(G.$.%&".('(R"<'(<+!(0.0G-+!(<'(&+0F$"<'<.(4+&'4`
9(0'"+-"'(<+!(4."/+-.!(<.!/.!(0'$F'"!(P.-/.$&.('(+-#'$"g'Hb.!(qF.("$&4F.0J
K( )-#'$"g'Hb.!(<.(G'!.(&+0F$"/i-"'(S)=NUJ(+-#'$"g'Hb.!(qF.(P-+P+-&"+$'0(!.-R"H+!(!+&"'"!(
ƒ(&+0+(P-+#-'0'!(.<F&'&"+$'"!(.(<.(!'v<.(P'-'('Fm^4"+(<'!(P.!!+'!(RF4$.-iR."!(ƒ('(
$^R.4(4+&'4(.(qF.(<.P.$<.0(P-"$&"P'40.$/.(<+(/-'G'43+(.('P+"+(0'/.-"'4(.(M"$'$&."-+(<+!(
0.0G-+!(<'(&+0F$"<'<.@w
K( )*p(qF.(!I+("$<.P.$<.$/.!(<+(#+R.-$+(.(qF.(/-'G'43'0($F0'(#-'$<.(R'-".<'<.(<.(
'!!F$/+!V(!+g"$3'!(+F(&+0('(P'-/"&"P'HI+(<.(#-FP+!(&+0F$"/i-"+!`(94#F0'!()*p(!I+(
M"$'$&"'<'!(P.4+!(#+R.-$+!(.(P+<.0($I+(!.-(/+/'40.$/.("$<.P.$<.$/.!w
K( )*p(<.(<.!.$R+4R"0.$/+`(Y!/'!(P+<.0(/-'G'43'-("$<.P.$<.$/.0.$/.V(0'!(M-.qF.$/.0.$/.(
/-'G'43'0(.0(P'-&.-"'(&+0(+!(#+R.-$+!(P'-'(P-+P+-&"+$'-.0(!.-R"H+!(r(&+0F$"<'<.`(
:!/+(<iO43.!(G+'!(+P+-/F$"<'<.!(P'-'("$M4F.$&"'-.0(+(<.!.$R+4R"0.$/+(<.(P+4^/"&'!(
#+R.-$'0.$/'"!`(9!(qF.(!.#F.0('(‚('G+-<'#.0(G'!.'<'($+!(<"-."/+!(3F0'$+!(S9=,;U(
/T0(+(&F"<'<+(<.(&+$!.-R'-('(!F'("<.$/"<'<.(<.(!+&".<'<.(&"R"4(.(<.(.R"/'-(qF.(!.X'0(R"!/'!(
&+0+(!"0P4.!('#.$/.!(<+(Y!/'<+w
K( 9!()*p(<.(<"-."/+!(3F0'$+!(P+<.0(/-'G'43'-(&+0(/+<+!(+!(<"-."/+!(3F0'$+!(+F(
&+$&.$/-'-O!.(.0(<"-."/+!(.!P.&^M"&+!(+F(.0(#-FP+!(.!P.&^M"&+!(<.(P.!!+'!w(.
K( )-#'$"g'Hb.!(<'(!+&".<'<.(&"R"4(S)1NU`()1N(a(F0(/.-0+(#.-'4(qF.('G-'$#.(/+<+!(+!(#-FP+!(
'&"0'`
F
$2.,/@9GH/
f+?9,7%RP%).+:+N7GH/%@-%947%7F/,@7?-4%S/:c0.+17%@/0%@+,-+./0%S9472/0%
"%-+
>?(>3=?38/4(
A<2;0/4
"*!
"
"
,F*!,#(,'(9&+*-"@
!,!$'(D&9,"'(,(9&-)$9$#$+(
$($G$#9$#$+(&'('$*'(
!"#$"%&'
/)(,&1(/+"*+'&/)&4"*
"%-+
>?(>?4?0:/6@
:32?08/
"
"5!
-".)/%"*
"
"%-
9&-B$-9$#(&'(
C&B$#-&'(
,(#$,D"E,#$+(&'(
!"#$"%&'()*+,-&'
0/"!$/(/+(+
/)(,&1(23"+'"*+
'&/)&4"*
%
!"#$%&'(')*+
,"!(&*
f-'<"&"+$'40.$/.V('!()*p(<.(<"-."/+!(3F0'$+!(&+$&.$/-'-'0O!.(!+G-.('((
‚(-.!P+$!'G"4"<'<.V(4.0G-'$<+('+!(#+R.-$+!('!(!F'!(+G-"#'Hb.!(.0(0'/a-"'(<.(<"-."/+!(
3F0'$+!(P-.R"!/'!($+(<"-."/+($'&"+$'4(.("$/.-$'&"+$'4`(E+-(+F/-+(4'<+V('!(+-#'$"g'Hb.!(<.(
<.!.$R+4R"0.$/+(&+$&.$/-'-'0O!.(0'"!($+('&.!!+('+!(!.-R"H+!V('XF<'$<+('!(P.!!+'!('(
!'/"!M'g.-.0('!(!F'!($.&.!!"<'<.!($'(P-i/"&'`
)!(<+"!(/"P+!(<.(+-#'$"g'Hb.!(/-'G'43'0(&'<'(R.g(0'"!(&+0(+GX.&/"R+!(&+0F$!`(9!(
+-#'$"g'Hb.!(<.(<.!.$R+4R"0.$/+(-.&+$3.&.0(qF.(<.!.$R+4R"0.$/+(!F!/.$/iR.4(!"#$"%&'(
'F0.$/'-('(&'P'&"<'<.(<.(P'-/"&"P'HI+(<'!(P.!!+'!($'(.4'G+-'HI+(<.(P+4^/"&'!(.(.m"#"-(qF.(+!(
#+R.-$+!('!!F0'0('!(!F'!(-.!P+$!'G"4"<'<.!`(9!()*p(<.(<"-."/+!(3F0'$+!(qF.(P+-(/-'<"HI+(
!.(&+$&.$/-'-'0(.0(<"-."/+!(NE(.!/I+('('<+P/'-(F0'(P.-!P.&/"R'(0'"!(3+4^!/"&'(.('('G+-<'-.0(
'!(‚(R"+4'Hb.!(<+!(<"-."/+!(3F0'$+!(qF.(&'F!'0('(P+G-.g'(.('(M'g.0(P-.R'4.&.-`(94#F0'!(
)*p(<.(<"-."/+!(3F0'$+!(M+&'0O!.(.!P.&"%&'0.$/.($+!(<"-."/+!(Y1N(.('F0.$/'-'0('(
&+0P-..$!I+(#.-'4(<.!/.!(<"-."/+!`
E-./.$<.O!.(qF.(.!/.!(0'$F'"!(#F".0(+!(<.M.$!+-.!(<+!(<"-."/+!(Y1N(0+!/-'$<+O43.!(&+0+(
<.M.$<.-(.(.m.-&.-(+!(<"-."/+!(0.<"'$/.('('P4"&'HI+(<.(F0(qF'<-+(<.(<"-."/+!(3F0'$+!`(
uF'$<+(!.('P4"&'(+(.$qF'<-'0.$/+(<+!(<"-."/+!(3F0'$+!('+(!.F(/-'G'43+V(+!(P-+G4.0'!(.(
qF.!/b.!(-.4'/"R+!('(F0'(&+0F$"<'<.(&+0.H'0('(!.-('$'4"!'<+!(.0(/.-0+!(<+!(<"-."/+!(
3F0'$+!(<.!/'(.($I+(<'!(!F'!($.&.!!"<'<.!`
G#
L%1/2.-M@/%@-0.-0%47297+0%-%1/4/%/0%9.+:+N7,%
$2.,/@91.+/2%I%:7%0J,+-%@h/9T,7?-0%09,%:-0%@,/+.0%J1/2/4+V9-05%0/1+79E%-.%19:.9,-:0
Ym"!/.0(R'$/'#.$!([GR"'!($'(F/"4"g'HI+(<.(F0(qF'<-+(<.(<"-."/+!(3F0'$+!J
K( )!(Y!/'<+!(qF.(-'/"M"&'-'0(+!(/-'/'<+!("$/.-$'&"+$'"!(.(-.#"+$'"!(<.(<"-."/+!(3F0'$+!(!I+V(
P.4+(0.$+!(/.+-"&'0.$/.V(-.!P+$!iR."!(P.4'(-.'4"g'HI+(<+!(<"-."/+!(3F0'$+!w
K( 9!()1N(qF.(F!'0(.!/.(qF'<-+(&+$!.#F"-'0(&4'-'0.$/.(P-+0+R.-('(-.'4"g'HI+(<+!(<"-."/+!(
&"R"!(.(P+4^/"&+!`(…(P+!!^R.4(&+$!.#F"-(+(0.!0+(P'-'(+!(<"-."/+!(Y1Nw
K( )!(<"-."/+!(3F0'$+!(!I+(+!(0.!0+!(P'-'(/+<+!`(E+-/'$/+V(F0(qF'<-+(<.(<"-."/+!(3F0'$+!(
#'-'$/.(F0'(<"!/-"GF"HI+(0'"!(.qF"/'/"R'(<.(-.&F-!+!w(.
K( c'"!("0P+-/'$/.('"$<'V(+(qF'<-+(<i(&+$<"Hb.!('+!("$<"R^<F+!(P'-'(P-+&F-'-.0('(-.'4"g'HI+(
<+!(!.F!(<"-."/+!(.0(R.g(<.(-.&+--.-.0('(+G-'!(<.(&'-"<'<.`
9(0'"+-"'(<+!(0.0G-+!(<'(&+0F$"<'<.(P+!!F"(F0'(&+0P-..$!I+(&4'-'(<+!(+G!/i&F4+!(qF.(
.$M-.$/'0V(0'!(P+<.0($I+(/.-(/"<+('(+P+-/F$"<'<.(<.(&+0P-..$<.-(qF.(/T0(<"-."/+!(.(qF.(
P+<.0(-."R"$<"&iO4+!`()!(MF$&"+$i-"+!(<+(#+R.-$+(.(+!(XF^g.!(P+<.0(M'4'-(!+G-.(+!(<"-."/+!(
3F0'$+!V(0'!(0F"/+!($I+(+!(&+0P-..$<.0(/+/'40.$/.`(]0(qF'<-+(<.(<"-."/+!(3F0'$+!V(
!.('P4"&'<+V(P+<.(0F<'-('!(P+4^/"&'!(#+R.-$'0.$/'"!(<.(0+<+('(&-"'-(F0'(#.!/I+(.(F0'(
<"!/-"GF"HI+(<.(-.&F-!+!(0'"!(.qF"/'/"R'!`
Y!/'(!a-".("$&4F"(F0(c'$F'4(E-"$&"P'4(<"R"<"<+(.0(<F'!(P'-/.!(.(Ri-"'!(G-+&3F-'!(!+G-.(
<"M.-.$/.!(<"-."/+!(Y1N`
%
=7297:%;,+21+>7:% %
%
%
%
%
%
%
%%%%%%%%%%%
@%9"6('%BI%B->36,"JK3%LH.$5"%<.!&-.R.(+(qF.(!I+(+!(<"-."/+!(Y1N(S.(+(qF.($I+(!I+U(.('$'4"!'(
'!(+G-"#'Hb.!(<+!(#+R.-$+!(S/'0Ga0(&3'0'<'!(}+G-"#'Hb.!(<+(Y!/'<+~U('+('G-"#+(<+!(
/-'/'<+!("$/.-$'&"+$'"!(.('M-"&'$+!(<.(<"-."/+!(3F0'$+!`()(0'$F'4(&+$!"<.-'(+!(<"-."/+!(<.(
<"M.-.$/.!(#-FP+!(<.(P.!!+'!(.(+(P'P.4(<+!(Ri-"+!("$/.-R.$".$/.!V(&+0+(+!(#+R.-$+!(.('!()*pV(
$'(-.'4"g'HI+(<+!(<"-."/+!(Y1N`(9(E'-/.(:(<.!&-.R.('(}/.+-"'~(qF.(.!/i($'(G'!.(<+!(<"-."/+!(
3F0'$+!(.('P-.!.$/'(Ri-"+!(.m.0P4+!(&+$&-./+!(<+(!"#$"%&'<+(<.!/'(/.+-"'`
)!(4."/+-.!(qF.(Xi(&+$3.&.0(+!(P-"$&^P"+!(MF$<'0.$/'"!(<+!(<"-."/+!(3F0'$+!(P+<.0(P'!!'-(r(
9"6('%BB%='.('%c'$F'4(E-"$&"P'4(+F(r(G-+&3F-'(!.P'-'<'(!+G-.(+(<"-."/+(Y1N(0'"!(-.4.R'$/.(P'-'(
'!(!F'!($.&.!!"<'<.!`
@%9"6('%BBI%D6":"04"6%',%=$6'$(3.%CG;('P4"&'('(/.+-"'(r(P-i/"&'`(9P[!('(1.&HI+(8V(<.("$/-+<FHI+V(
'!(<F'!(!.&Hb.!(!.#F"$/.!(<'(E'-/.(::('G+-<'('(&+0P-..$!I+(<'!(P-"+-"<'<.!(<.(F0'(<./.-0"O
H
$2.,/@9GH/
$'<'(&+0F$"<'<.('4R+(.('(-.'4"g'HI+(<.(.!&+43'!(.!/-'/a#"&'!`(9!(1.&Hb.!(B('(87(.mP4"&'0(
&+0+(/-'G'43'-(&+0('(&+0F$"<'<.(P'-'(0+$"/+-"g'-(+!(<"-."/+!(Y1N(.('!(0.<"<'!('(/+0'-(P'-'(
"$/-+<Fg"-(0F<'$H'!(P+!"/"R'!($'(R"<'(<'!(P.!!+'!`(9(1.&HI+(88(!F#.-.(0.<"<'!('<"&"+$'"!`
%
'0.,9.9,7%@/%=7297:%;,+21+>7:%
%
%
%
%
%
%%%%%%%%%%
E'-'(M'&"4"/'-('(4."/F-'(<+(c'$F'4(E-"$&"P'4(.(/+-$'-('(!F'(&+$!F4/'(MF/F-'(0'"!('&.!!^R.4V('(
9"6('MB%.('(9"6('MBB%"$&4F.0(+(!.#F"$/.J
K( ]0'("$/-+<FHI+w
K( E'4'R-'!(0'-&'<'!(&+0(+(!^0G+4+(‚(qF.(.!/I+(<.M"$"<'!($+(#4+!!i-"+($+(M"0(<+(c'$F'4(
E-"$&"P'4w
!
6)&J)'#K*#*J*$/.-'(&+$&-./+!(<.(&+$&."/+!(+F(/.-0+!(<.!&-"/+!($+(/.m/+w
6)&J)'#K*#&%L-+$)2M*'V(&+0("$M+-0'HI+('<"&"+$'4(!+G-.(&.-/+!(&+$&."/+!(+F(/.-0+!(
<.!&-"/+!($+(/.m/+w
6)&J)'#K*#K&+*&(-#&%(*+%),&-%).V(qF.(M+-$.&.0("$M+-0'HI+('<"&"+$'4(!+G-.(+!(<"-."/+!(
3F0'$+!(.$F$&"'<+!($+(<"-."/+(.($'!($+-0'!("$/.-$'&"+$'"!(.(-.#"+$'"!(S.!/'!(&'"m'!(
.!/I+("$&4F^<'!('P.$'!($'(E'-/.(:Uw
6)&J)'#K*#+*/(-'(P'-'(.!/"0F4'-(+(4."/+-('(-.M4.&/"-(!+G-.('(0'$."-'(<.(/-'G'43'-(.0(
<"-."/+!(Y1N($'(P-i/"&'w
6)&J)'#K*#'04*'(M*'(qF.(M+-$.&.0('+(4."/+-(!F#.!/b.!('<"&"+$'"!(S.!/'!(&'"m'!(.!/I+(
"$&4F^<'!('P.$'!($'(E'-/.(::U`
%
"1,32+4/05%d:/00<,+/%-%e/.70%f+27+0%
%
%
*+(%0(<+(c'$F'4(E-"$&"P'4(.!/i("$&4F^<'J
K( ]0'(4"!/'(<.('&-[$"0+!w
K( ]0(#4+!!i-"+(<'!(P'4'R-'!(0'-&'<'!(&+0(+(!^0G+4+(‚($+(/.m/+w(.
K( ]0'(4"!/'(<.($+/'!(M"$'"!`
I#
%%%
%%%%%%%%%%%%%%%%%%%%%
L%1/2.-M@/%@-0.-0%47297+0%-%1/4/%/0%9.+:+N7,
%
">^2@+1-0% %
%
%
%
%
%
%
%
%%%%%%%%%%%
)!(@2N-=$5'.%RT0('(!.#F"-(r(4"!/'(<.('&-[$"0+!(.(<+(#4+!!i-"+(.("$&4F.0J
K( 9PT$<"&.(8J(N'"m'(<.(E4'$.'0.$/+`(9(;"$O"%='%90"-'",'-(3%a(F0(0+<.4+(qF.(!.#F.(F0'(
'G+-<'#.0(}P'!!+('(P'!!+~(P'-'('XF<'-('!()*p(qF.(/-'G'43'0(&+0('!(&+0F$"<'<.!(
'(&+0P-..$<.-.0(+!(!.F!(<"-."/+!(.(&+0+(+!(<.R.0(.m.-&.-`(9(;"$O"%='%90"-'",'-(3%
'XF<'('!()1N(.('!(&+0F$"<'<.!('(<.!.$R+4R.-.0(0.<"<'!(.!/-'/a#"&'!`(Y!/'(.!/-'/a#"'(
<.(0.<"<'!('(/+0'-(P-./.$<.(!.-(F0'(/'-.M'(&+$XF$/'(-.'4"g'<'(.0(&+4'G+-'HI+(&+0('(
&+0F$"<'<.`(]0'(R.g(qF.(!.(/-'/'(<.(F0(0+<.4+V(P+<.(!.-(M+/+&+P"'<+(.(F/"4"g'<+(!.0P-.(
qF.(M+-($.&.!!i-"+(/-'G'43'-(&+0(<"M.-.$/.!(&+0F$"<'<.!w
K( 9PT$<"&.(6J(,"-."/+!(;F0'$+!($'!(N+$!/"/F"Hb.!(*'&"+$'"!w
K( 9PT$<"&.(CJ(:$!/-F0.$/+!(:$/.-$'&"+$'"!(.(Q.#"+$'"!(<.(,"-."/+!(;F0'$+!w
K( 9PT$<"&.(BJ(c'$F'"!(<.(,"-."/+!(;F0'$+!(.()F/-+!(Q.&F-!+!w
K( 9PT$<"&.(DJ(E-"$&"P'"!()*p(:$/.-$'&"+$'"!(qF.(f-'G'43'0(.0(,"-."/+!(Y1Nw
K( 9PT$<"&.(A'J()-#'$"g'Hb.!(.(E-+#-'0'!(:$/.-#+R.-$'0.$/'"!(:$/.-$'&"+$'"!(qF.(s"!'0('(
Q.'4"g'HI+(<+!(,"-."/+!(Y1Nw(.
K( 9PT$<"&.(AGJ()-#'$"g'Hb.!(:$/.-#+R.-$'0.$/'"!(9M-"&'$'!(qF.(Q.'4"g'0(+!(,"-."/+!(Y1N`
%
j,/1S9,70%0/F,-%@+,-+./0%'68%-0>-1cD1/0%
%
%
%
%%%%%%%%%%%%%
N'<'(F0'(<'!(G-+&3F-'!(&+G-.(0'"!(<./'43'<'0.$/.(F0(<"-."/+(Y1N(.!P.&^%&+`(f+0'$<+(
&+0+(G'!.(+(&+$/.v<+(<+(c'$F'4(E-"$&"P'4V('!(G-+&3F-'!(M+-$.&.0("$M+-0'HI+('<"&"+$'4(
!+G-.(+(<"-."/+(Y1N(.(!F#.-.0(.!/-'/a#"'!(.(0.<"<'!(P.-/"$.$/.!`(9!(G-+&3F-'!('G-'$#.0(+!(
!.#F"$/.!(<"-."/+!(Y1NJ
K( =-+&3F-'(8(ƒ(<"-."/+('(O)1&()23-#,-%K&4%)w
K( =-+&3F-'(6(ƒ(<"-."/+('().&$*%()23-#)K*P0)K)w
K( =-+&3F-'(C(ƒ(<"-."/+(r(Q40)#*#')%*)$*%(-w
K( =-+&3F-'(B(ƒ(<"-."/+(r(')RK*w(.
K( =-+&3F-'(D(ƒ(<"-."/+(r(*K0,)23-`
9P[!('(PFG4"&'HI+(<+(c'$F'4(E-"$&"P'4(!.-I+(PFG4"&'<'!(+F/-'!(G-+&3F-'!('+(4+$#+(<.(F0(
P.-^+<+(<.(/.0P+`(9("$M+-0'HI+(!+G-.('!(MF/F-'!(G-+&3F-'!(!.-i(PFG4"&'<'($+(2.G!"/.(<'(
90$"!/"'(:$/.-$'&"+$'4(;+4'$<'(***+",-'.(/+-01.2"+
%
8/4/%907,%-0.-0%47297+0%%
%
%
%
%
%%%%%%%%%%%%%%%%%%%%%%
Y!/'(!a-".(<.(0'$F'"!(!+G-.(+!(<"-."/+!(Y1N(P-./.$<.(!.-(F0'(M.--'0.$/'(P-i/"&'(P'-'('XF<'-(
'!()1N('(&+$3.&.-.0(+!(<"-."/+!(Y1N(.(&+0+(+!('P4"&'-($+(!.F(/-'G'43+`(Y!/'(!a-".(<.(
0'$F'"!(<.!/"$'O!.('(!.-(F!'<'($+(.!&-"/[-"+(.(.0(&'0P+`
N
$2.,/@9GH/
9!()1N(P+<.0(F!'-(.!/'(!a-".(<.(0'$F'"!(!+G-.(+!(<"-."/+!(Y1N(P'-'('XF<'-(+(!.F(P.!!+'4('J
K( 9<qF"-"-(F0'(&+0P-..$!I+(Gi!"&'(<'!($+-0'!(<.(<"-."/+!(3F0'$+!(.('(M'0"4"'-"g'-O!.(&+0(
'(4"$#F'#.0(<.(<"-."/+!(3F0'$+!w
K( 9P-.$<.-(+(!"#$"M"&'<+(<.(F0(.$qF'<-'0.$/+(<.(<"-."/+!(3F0'$+!(.(&+0+(+('P4"&'-($+(!.F(
/-'G'43+w
K( 9P-.$<.-(!+G-.(<"-."/+!(Y1N(.!P.&^M"&+!w
K( 9P-.$<.-(+(qF.(+!(#+R.-$+!(<.R.0(M'g.-(P'-'('(-.'4"g'HI+(<+!(<"-."/+!(Y1Nw(.(
K( :<.$/"M"&'-(.!/-'/a#"'!(P'-'('(-."R"$<"&'HI+(.(<.M.!'(<+!(<"-."/+!(3F0'$+!`
Y0(&'0P+V(.!/'(!a-".(<.(0'$F'"!(!+G-.(+!(<"-."/+!(Y1N(P+<.(!.-(F!'<'J
K( N+0+(0'/.-"'4(<.(-.M.-T$&"'(!+G-.(<"-."/+!(Y1N(.!P.&^M"&+!w
K( N+0+(M+$/.(<.(.m.0P4+!(!+G-.('(0'$."-'(<.(P-+0+R.-(.(<.M.$<.-(+!(<"-."/+!(Y1Nw(.
K( N+0+(M.--'0.$/'(<.(/-'G'43+(&+0('!(&+0F$"<'<.!(!+G-.('(P-+0+HI+(.(<.M.!'(<+!(!.F!(
<"-."/+!`
BS#
;7,.-%$P%$2Q/,47GH/%F<0+17
BB
K%%%%%%$2.,/@9GH/%I%;7,.-%$
9(E'-/.(:(<.!&-.R.(+(qF.(!I+(+!(<"-."/+!(Y1N(S.(+(qF.($I+(!I+U(.('$'4"!'('!(+G-"#'Hb.!(<+(
Y!/'<+(P-.R"!/'!($+!(/-'/'<+!("$/.-$'&"+$'"!(.('M-"&'$+!(<.(<"-."/+!(3F0'$+!`()(0'$F'4(
&+$!"<.-'(+!(<"-."/+!(<.(<"M.-.$/.!(#-FP+!(<.(P.!!+'!(.(+!(P'Pa"!(<+!(Ri-"+!("$/.-R.$".$/.!V(
&+0+(+!(#+R.-$+!(.('!()1N($'(-.'4"g'HI+(<+!(<"-."/+!(Y1N`
9(1.&HI+(6(4"!/'(+!(&+$&."/+!(&3'R.(0.$&"+$'<+!($+(c'$F'4(E-"$&"P'4`
N'<'(F0'(<'!(!.&Hb.!(-.!/'$/.!('G+-<'(F0'(qF.!/I+(.!P.&^%&'(-.4'&"+$'<'(&+0(+!(<"-."/+!(
Y1N`(Y!/'!(qF.!/b.!(.!/I+("$<"&'<'!('(!.#F"-J
K(
K(
K(
K(
BC#
1.&HI+(CJ()(qF.(!I+(+!(<"-."/+!(3F0'$+!
1.&HI+(BJ(uF'"!(!I+('!(+G-"#'Hb.!(<+(Y!/'<+(.0(-.4'HI+('+!(<"-."/+!(Y1N
1.&HI+(DJ(uF'4(+(P'P.4(<+!("$/.-R.$".$/.!($I+(.!/'/'"!
1.&HI+(AJ(uF.(.!M+-H+!(P+<.0(!.-(-.'4"g'<+!(P+-('#T$&"'!(#+R.-$'0.$/'"!(.($I+(
#+R.-$'0.$/'"!(P'-'(0.43+-'-.0(+!(<"-."/+!(Y1N
R%%%%8/21-+./0%1S7T-%907@/0%27%;7,.-%$
%
(7F-:7%KP%8/21-+./0%1S7T-%907@/0%27%;7,.-%$
%
%
%%
8/21-+./%1S7T-
8/4>,--20H/%@/%1/21-+./
)(qF.(!I+(+!(<"-."/+!(
)!(<"-."/+!(3F0'$+!(P+<.0(!.-(<.M"$"<+!(&+0+('!($+-0'!(Gi!"&'!(!.0(
3F0'$+!
'!(qF'"!('!(P.!!+'!($I+(P+<.0(R"R.-(<"#$'0.$/.(&+0+(!.-.!(3F0'$+!`(
)!(<"-."/+!(3F0'$+!(!I+(+!('4"&.-&.!(<'(4"G.-<'<.V(XF!/"H'(.(P'g`()(
-.!P."/+(P+-(.!/.!(<"-."/+!(P.-0"/.(+(<.!.$R+4R"0.$/+(P4.$+(<+("$<"R^<F+(
.(<'(&+0F$"<'<.`()!(<"-."/+!(3F0'$+!(!I+J
K(
:$.-.$/.!J(.4.!(P.-/.$&.0(r!(P.!!+'!(P+-qF.(!I+(!.-.!(3F0'$+!`(
*'!&.0+!(&+0(.!/.!(<"-."/+!w
K(
]$"R.-!'"!J('P4"&'0O!.('(/+<'!('!(P.!!+'!w
K(
:$'4".$iR."!J($I+(P+<.0(!.-(-.0+R"<+!(SP+<.0(!.-(4"0"/'<+!(ƒ(P+-(
.m.0P4+V(F0'(<./.$HI+(4.#'4(4"0"/'(+(<"-."/+(<.(F0'(P.!!+'(r(
4"G.-<'<.(<.(0+R"0.$/+Uw(.
K(
:$<"R"!^R."!J(+!(<"-."/+!(!I+("$/.-O-.4'&"+$'<+!(.("$/.-<.P.$<.$/.!`
uF'"!(!I+('!(<"M.-.$/.!(
Y0G+-'(+!(<"-."/+!(!.X'0("$<"R"!^R."!(S$I+(P+<.0(!.-(<"R"<"<+!U(.4.!(M+-'0(
&'/.#+-"'!(<.(<"-."/+!
&4'!!"M"&'<+!($'!($+-0'!("$/.-$'&"+$'"!(.0(<"M.-.$/.!(/"P+!(<.(<"-."/+!J
K(
)!(<"-."/+!(&"R"!(.(P+4^/"&+!(R"!'0('(4"G.-<'<.`(Y4.!("$&4F.0(+!(
<"-."/+!(r(R"<'V(r(4"G.-<'<.(.(r(!.#F-'$H'(P.!!+'4V(r(P-+/.&HI+(
&+$/-'('(.!&-'R'/F-'(.('(/+-/F-'V(r(4"G.-<'<.(<.(&+$R"&HI+V(
.mP-.!!I+V(P.$!'0.$/+V(&+$!&"T$&"'(.(-.4"#"I+(.(r(4"G.-<'<.(<.(
'!!+&"'HI+(.(-.F$"I+w
K(
)!(<"-."/+!(.&+$[0"&+!V(!+&"'"!(.(&F4/F-'"!(<"g.0(-.!P."/+(r!($+-0'!(
<.(R"<'(.(r(!.#F-'$H'(!+&"'4`(Y4.!("$&4F.0(+(<"-."/+(r(.<F&'HI+V(
'+(/-'G'43+(.('(F0($^R.4(<.(R"<'V('4"0.$/'HI+V('G-"#+V(&F"<'<+!(<.(
!'v<.(.(<.!.$R+4R"0.$/+(&F4/F-'4('<.qF'<+!w(.
K(
)!(<"-."/+!('0G".$/'"!(.(<.(<.!.$R+4R"0.$/+(<"g.0(-.!P."/+(
'+(<"-."/+('(F0('0G".$/.(.&+4+#"&'0.$/.(!'F<iR.4(.('+(
<.!.$R+4R"0.$/+(!F!/.$/iR.4`
)(qF.(!I+(/-'/'<+!(.(
$+-0'!("$/.-$'&"+$'"!(
K(
)!(‚(/-'/'<+!(!I+('&+-<+!(M+-0'"!(.$/-.(<+"!(+F(0'"!(Y!/'<+!`(Y4.!(
!I+(4.#'40.$/.(R"$&F4'/"R+!w
)(qF.(!I+([-#I+!(P-.O
R"!/+!($+!(/-'/'<+!
(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((%%%%%%%P%53-($-)"JK3
BD
;7,.-%$P%$2Q/,47GH/%F<0+17
%
%
%%
8/21-+./%1S7T-
8/4>,--20H/%@/%1/21-+./
K(
)!(‚([-#I+!(P-.R"!/+!($+!(/-'/'<+!(!I+(&+0"/a!(.!/'G.4.&"<+!(P+-(
'4#F$!(/-'/'<+!(&+0(+(M"0(<.(0+$"/+-"g'-(+(0+<+(&+0+(+!(Y!/'<+!(
"0P4.0.$/'0(+!(<"-."/+!(.$F$&"'<+!($+(/-'/'<+w
K(
9!(‚($+-0'!V(&+0+('(,.&4'-'HI+(]$"R.-!'4(<+!(,"-."/+!(<+(;+0.0(
S,],;UV(!I+('&+-<+!(!+G-.('!(0.43+-.!(P-i/"&'!`()!(Y!/'<+!(<.R.0(
!.#F"-(.!/'!(P-i/"&'!V(0'!(.4'!($I+(!I+(4.#'40.$/.(R"$&F4'/"R'!w(.
K(
)(/.-0+(‚("$!/-F0.$/+!("$/.-$'&"+$'"!(<.(<"-."/+!(3F0'$+!("$&4F"(
/'$/+(+!(/-'/'<+!(&+0+('!($+-0'!`
)(qF.(!I+(+!(
Ym"!/.0(Ri-"+!([-#I+!(.(P-+&.<"0.$/+!(&-"'<+!(P.4'!(*'Hb.!(]$"<'!(.(
0.&'$"!0+!(<.(<"-."/+!(
+F/-'!('#T$&"'!("$/.-#+R.-$'0.$/'"!(qF.(P+<.0(/+0'-(0.<"<'!(P'-'('(
3F0'$+!
P-+/.&HI+(<+!(<"-."/+!(3F0'$+!`(Y4.!("$&4F.0(+!(Q.4'/+-.!(Y!P.&"'"!V(
qF.(!I+(P.-"/+!($+0.'<+!(P'-'(M"!&'4"g'-(<"-."/+!(.!P.&^M"&+!(.('Fm"4"'-.0(
+!(#+R.-$+!('("0P4.0.$/iO4+!`(SN+$!F4/'-('(1.&HI+(C`D`CU
uF'4('(<"M.-.$H'(.$/-.(
K(
]0(T'()K-(a(F0'(.$/"<'<.(P+4^/"&'('F/[$+0'`(p.-'40.$/.(M'4'0+!(
+!(/.-0+!(Y!/'<+V(
<.(}P'^!~(.0(R.g(<.(}Y!/'<+~`(E+-(R.g.!(<.$/-+(<.(F0(0.!0+(P'^!(
$'HI+(.(#+R.-$+
3i(Ri-"+!(.!/'<+!(!.P'-'<+!(qF.(/'0Ga0(P+<.0(/.-('F/+$+0"'(
#+R.-$'/"R'w
K(
]0'(‚(%)23-#a(F0'(&+0F$"<'<.(<.(P.!!+'!(.!/iR.4(.(
3"!/+-"&'0.$/.(<.!.$R+4R"<'(&+0(F0(/.--"/[-"+V(R"<'(.&+$[0"&'V(
&F4/F-'(<"!/"$/'(.(4^$#F'(.0(&+0F0w
K(
]0(*'()K-U%)23-(a(F0'($'HI+(&+0('!(0.!0'!(M-+$/."-'!(<.(F0(
Y!/'<+w(.
K(
]0(4-V*+%-(a(+(+-#'$"!0+(-.!P+$!iR.4(P.4'(.4'G+-'HI+(<.(P+4^/"&'!(
.(P+-('!!.#F-'-(+(!.F(&F0P-"0.$/+`
uF'4(a('(<"M.-.$H'(
K(
.$/-.("$/.-R.$".$/.!(
.!/'/'"!(.($I+(.!/'/'"!
‚(:$/.-R.$".$/.!(.!/'/'"!(!I+(MF$&"+$i-"+!(<+(#+R.-$+(.(MF$&"+$i-"+!(
<.(.0P-.!'!(.!/'/'"!w(.
K(
‚(:$/.-R.$".$/.!($I+(.!/'/'"!(!I+("$<"R^<F+!(P'-/"&F4'-.!(.(.0P-.!'!(
<.($.#[&"+!(+F("$!/"/F"Hb.!`
uF'4('(/.-0"$+4+#"'(
uF'$<+(!.(<.!&-.R.0(0.<"<'!(-.4'/"R'!('+!(<"-."/+!(3F0'$+!V(.m"!/.0(
F!'<'(P'-'(+!(<"-."/+!(
0.<"<'!(.m.&F/'<'!(P.4+(Y!/'<+(.(+F/-'!(qF.(!I+(.m.&F/'<'!(P+-(+F/-+!J
3F0'$+!
K(
)!(Y!/'<+!(P+<.0(}-.&+$3.&.-~V(~-.'4"g'-~(+F(}"0P4.0.$/'-~(
<"-."/+!w(.
K(
)!("$<"R^<F+!(P+<.0(}.m.-&.-~V(}.m"#"-~V(}P.<"-('("0P4.0.$/'HI+~(
+F(P-+&F-'-(}-."R"$<"&'-~(<"-."/+!('/-'Ra!(<.(F0(0.&'$"!0+(&+0+(+(
/-"GF$'4`
BE#
U%%%%%L%V9-%0H/%/0%@+,-+./0%S9472/0W
UkK%%
*-D2+GH/%@-%@+,-+./0%S9472/0% %
%
%
%
%%%%%%%%%%%%%%%%%%%%
f+<+!(+!(!.-.!(3F0'$+!(/T0(&.-/+!(<"-."/+!(.(4"G.-<'<.!(-.!F4/'$/.!(<+(!"0P4.!(M'&/+(<.(!.-.0(
!.-.!(3F0'$+!`(Y!/.!(<"-."/+!($I+(!I+(}<'<+!~w(/.0+!(<"-."/+!(3F0'$+!(!"0P4.!0.$/.(P+-((
!.-0+!(!.-.!(3F0'$+!`
%
87+E7%RP%)47%@-Q+2+GH/%0+4>:-0%>7,7%907,%1/4%7%1/492+@7@-
)!(<"-."/+!(3F0'$+!(!"#$"M"&'0(R"R.-(F0'(R"<'(<.&.$/.(.(<"#$'`(Y4.!(!I+('qF"4+(qF.(/+<+!($[!(
<.R.0+!(/.-(.('qF"4+(qF.($I+(<.R.(!.-(P.-0"/"<+`(E+-(.m.0P4+V(/+<+!($[!(<.R.0+!(P+<.-(P-'/"&'-(
'($+!!'(-.4"#"I+`(*"$#Fa0(<.R.-"'(0+--.-(r(M+0.`(S)!(.m.0P4+!(P+<.0(!.-('<'P/'<+!V(P'-'(!.-.0(
-.4.R'$/.!(P'-'('(&+0F$"<'<.U`
)(/.-0+(}<"-."/+!(3F0'$+!~(a(-.4'/"R'0.$/.(-.&.$/.`(N+$/F<+V('("<."'(<.("$<"R^<F+!(.(#-FP+!(
P+!!F"<+-.!(<.(<"-."/+!(Xi(<'/'(<.(3i(0"43'-.!(<.('$+!`(Ym"!/.0(0F"/+!(.m.0P4+!(<.(!+&".<'<.!(
'$/"#'!(qF.(R"R"'0(<.('&+-<+(&+0(}&[<"#+!~(+F(}&'-/'!~(<.(<"-."/+!(3F0'$+!(SR.-(F0(.m.0P4+(
'M-"&'$+($'(N'"m'(CU`
N'<'("$<"R^<F+(/.0('(!F'($+HI+(P-[P-"'(<+(qF.(.!/i(&.-/+(.(<+(qF.(.!/i(.--'<+`(Y!/'!("<."'!(<.(&.-/+(
.(.--'<+(M-.qF.$/.0.$/.(M+-0'0('(G'!.(<.(&+!/F0.!(+F(4."!(qF.(!I+(&+0F$!('(F0'(&+0F$"<'<.`
9!(&+0F$"<'<.!(MF$<"-'0O!.(.0($'Hb.!(.(Y!/'<+!(.("$&4F^-'0(+!(!.F!(&+!/F0.!V(<"-."/+!(.(
<.R.-.!($'!(!F'!(&+$!/"/F"Hb.!`()!(Y!/'<+!(<+(0F$<+(<.!.$R+4R.-'0(.0(&+$XF$/+(+(<"-."/+(.(
'!($+-0'!("$/.-$'&"+$'"!(S&+$!F4/'-('(N'"m'(BU`(9(0'"+-(P'-/.(<+(<"-."/+(.($+-0'!("$/.-$'&"+$'"!(
qF.(F!'0+!(3+X.(M+"(&-"'<'('P[!('(1.#F$<'(pF.--'(cF$<"'4(P+-(F0(#-FP+(<.(Y!/'<+!(qF.(3+X.((((((((((
a(&+$3.&"<+(P+-(*'Hb.!(]$"<'!(S)*]U`
9(-.4'HI+(.$/-.(<"-."/+!(3F0'$+!(.(+!("$<"R^<F+!V(&+0F$"<'<.!V(Y!/'<+!(.('(&+0F$"<'<.(
"$/.-$'&"+$'4(.!/i(-.P-.!.$/'<'($'(\"#F-'(C`
9(&-"'HI+(<.!/'!(4."!(.($+-0'!(!"#$"%&+F(qF.(+!(<"-."/+!(3F0'$+!(P'!!'-'0('(M'g.-(P'-/.(
<+(<"-."/+("$/.-$'&"+$'4`(N+$!.qF.$/.0.$/.V(+!(Y!/'<+!(qF.('&+-<'-'0(-.!P."/'-(+(<"-."/+(
"$/.-$'&"+$'4(/T0('(+G-"#'HI+(4.#'4(<.(-.'4"g'-(+!(<"-."/+!(<+!("$<"R^<F+!(.(+!("$<"R^<F+!(P+<.0(
4.#'40.$/.(/.$/'-(.m"#"-(+!(!.F!(<"-."/+!`
BF
;7,.-%$P%$2Q/,47GH/%F<0+17
%
87+E7%UP%"%>,+4-+,7%17,.7%7Q,+1727%@/0%@+,-+./0%@/%S/4-4
94#F0'!(-.#-'!('$/"#'!(!+G-.R"R.-'0('/-'Ra!(<'(/-'<"HI+(+-'4`(9(N'-/'(<.(jF-FW'$(\F#'(<+(
E+R+(c'$<"$#'(<'(lM-"&'()&"<.$/'4(M+"(<.!.$R+4R"<'($+(!a&F4+(†:::`(Y4'("$&4F"(+!(P-"$&^P"+!(<.(
"#F'4<'<.V(-.!P."/+(P.4+!(+F/-+!(.(+(<"-."/+(<.("$<.0$"g'HI+(P.4+!(<'$+!(!+M-"<+!`(9(N'-/'(
P-+"G"'('(.!&-'R'/F-'(.('M"-0'R'(qF.(.$qF'$/+(3+FR.!!.('4"0.$/+!($"$#Fa0(<.R.-"'(P'!!'-(
M+0.`
%
f+?9,7%UP%*+,-+./0%S9472/0%92+T-,07+0
!"#$%&'(')+
&%4)/%(!&"%(,6+
&%*4/$#)%4"*+
&%4)/%(!&"%(&*+')+
'&/)&4"*+7$#(%"*
&%'&.9'$"6+
)*4('"6+
%"23"+'"+:$)+)*4;
!"%*4&4$&23"
!)/4"+)+'"+:$)+
)*4;+)//('"
-/$0"8!"#$%&'(')6+
/)-/(*+)+!"*4$#)*
BG#
!
L%V9-%0H/%/0%@+,-+./0%S9472/0W
87+E7%YP%(,7.7@/0%+2.-,271+/27+0%-%7Q,+172/0
Y0(8>B@(0F"/'!($'Hb.!(&+$/-"GF^-'0(P'-'('(-.<'&HI+(P-.4"0"$'-(<'(,.&4'-'HI+(]$"R.-!'4(<+!(
,"-."/+!(<+(;+0.0(S,],;U`(:!/+V(XF$/'0.$/.(&+0(<+"!(/-'/'<+!V(+(E'&/+(:$/.-$'&"+$'4(!+G-.(+!(
,"-."/+!(N"R"!(.(E+4^/"&+!(SE:,NEU(.(+(E'&/+(:$/.-$'&"+$'4(!+G-.(+!(,"-."/+!(Y&+$[0"&+!V(1+&"'"!(.(
NF4/F-'"!(SE:,Y1NU(M+-0'0('(N'-/'(:$/.-$'&"+$'4(<+!(,"-."/+!(;F0'$+!`
9*,.)+)23-#>%&V*+').#K-'#9&+*&(-'#K-#;-$*$#W9>9;X#BS#K*#9*Y*$1+-#K*#BNEI
Z),(-#!%(*+%),&-%).#'-1+*#-'#9&+*&(-'#
Z),(-#!%(*+%),&-%).#K-'#9&+*&(-'#T,-%\U
6&V&'#*#Z-.[(&,-'#WZ!96ZX
$&,-']#^-,&)&'#*#60.(0+)&'#WZ!9T^6X]#
9<+P/'<+(P.4'(9!!.0G4."'(p.-'4(<'!(
9<+P/'<+(P.4'(9!!.0G4."'(p.-'4(<'!(
*'Hb.!(]$"<'!(.0(8>AAV(.$/-+F(.0(
*'Hb.!(]$"<'!(.0(8>AAV(.$/-+F(.0(
R"#+-(.0(8>?A
R"#+-(.0(8>?A
Z+-(-,-.-'#:),0.()(&V-'#WZ:X#)-#Z!96Z
Z+-(-,-.-#:),0.()(&V-#)-#Z!9T^6
K(
)!(Y!/'<+!(E'-/.!(P.-0"/.0('(
)!(Y!/'<+!(E'-/.!(P.-0"/.0('(
'P-.!.$/'HI+(<.(&+0F$"&'Hb.!(
'P-.!.$/'HI+(<.(&+0F$"&'Hb.!(
<.(R"+4'Hb.!(P.!!+'"!(<+!(<"-."/+!(
<.(R"+4'Hb.!(P.!!+'"!(<+!(<"-."/+!(
3F0'$+!(P+-("$<"R^<F+!(+F(#-FP+!
3F0'$+!(P+-("$<"R^<F+!(+F(#-FP+!
K(
9G+4"HI+(<'(P.$'(<.(0+-/.
)F/-+!(/-'/'<+!("$/.-$'&"+$'"!("0P+-/'$/.!(!I+J
K(
N+$R.$HI+(:$/.-$'&"+$'4(!+G-.(+!(,"-."/+!(<'(N-"'$H'(SN,NUw
K(
N+$R.$HI+(:$/.-$'&"+$'4(P'-'('(Y4"0"$'HI+(<.(f+<'!('!(\+-0'!(<.((
,"!&-"0"$'HI+(Q'&"'4(SNYQ,Uw
K(
N+$R.$HI+(P'-'('(Y4"0"$'HI+(<.(f+<'!('!(\+-0'!(<.(,"!&-"0"$'HI+((((((((((((
&+$/-'('!(cF43.-.!(SNY,9kUw
K(
N+$R.$HI+(!+G-.(+!(,"-."/+!(<'!(E.!!+'!(&+0(,.M"&"T$&"'(SNQE,Uw(.('
K(
N+$R.$HI+(:$/.-$'&"+$'4(!+G-.('(E-+/.&HI+(<.(f+<+!(+!(f-'G'43'<+-.!(((
c"#-'$/.!(.(<'!(!F'!(\'0^4"'!(SNEQckU`
N+$!F4/.(+!(
.m.0P4+!(<+(
9PT$<"&.(6(qF.(
"4F!/-'0(&+0+(
+!(<"-."/+!(<'!(
&+$!/"/F"Hb.!($'&"O
+$'"!(-.€.&/.0(+!(
<"-."/+!(<+!(/-'/'O
<+!("$/.-$'&"+$'"!(
.('M-"&'$+!`
)!(/-'/'<+!('M-"&'$+!(<.(<"-."/+!(3F0'$+!("$&4F.0J
K(
N'-/'(9M-"&'$'(<+!(,"-."/+!(<+(;+0.0(.(<+!(E+R+!(SN'-/'(9M-"&'$'Uw
K(
E-+/+&+4+(r(N'-/'(9M-"&'$'(<+!(,"-."/+!(<+(;+0.0(.(<+!(E+R+!(-.4'/"R+('+!(,"-."/+!(<'!(
cF43.-.!(.0(lM-"&'(SE-+/+&+4+(<'!(cF43.-.!(9M-"&'$'!Uw
(
(
( ((
(
(
(
(
(
(
(((((((‚(53-($-)"JK3
BH
;7,.-%$P%$2Q/,47GH/%F<0+17
K(
N'-/'(9M-"&'$'(<+!(,"-."/+!(.(=.0OY!/'-(<'(N-"'$H'(SN'-/'(<'(N-"'$H'(9M-"&'$'Uw
K(
N+$R.$HI+(<'(]$"I+(9M-"&'$'(S]9U(!+G-.('(E-.R.$HI+(.(+(N+0G'/.(r(N+--FPHI+w(.
K(
N+$R.$HI+(<'(]9(P'-'('(E-+/.&HI+(.(9!!"!/T$&"'(<.(E.!!+'!(,.!4+&'<'!(:$/.-$'0.$/.(
.0(lM-"&'(SN+$R.$HI+(<.(j'0P'4'U`
*+/.(qF.(/+<+!(+!(/-'/'<+!(<.(<"-."/+!(3F0'$+!(.(+F/-'!($+-0'!("$&4F.0V(.(.0(#.-'4(
&+0.H'0V(&+0(+(-.qF"!"/+(<.($I+(<"!&-"0"$'HI+(S&+$!F4/'-('(1.&HI+(B`CU`
UkR%%
*+?2+@7@-%S94727%
%
%
%
%
%
%%
%%%%%%%%%%%%%%
)(&+$&."/+(<.(}<"#$"<'<.(3F0'$'~(a('(G'!.(<+!(<"-."/+!(3F0'$+!`(9!(P.!!+'!(R"R.0(&+0(
<"#$"<'<.(!.(+!(!.F!(<"-."/+!(3F0'$+!(MF$<'0.$/'"!(!I+(-.!P."/'<+!V(P-+/.#"<+!(.(-.'4"g'<+!`(
)!(#+R.-$+!(qF.(-.!P."/'0(+!(<"-."/+!(3F0'$+!(.!/I+('(/-'G'43'-(P.4'(<"#$"<'<.`(9(<"#$"<'<.(
.mP-"0.('("<."'(<.(qF.(/+<+(+(!.-(3F0'$+(/.0(R'4+-(.(<.R.(!.-(/-'/'<+(&+0(-.!P."/+(.(!.0(
<"!&-"0"$'HI+`
9(#'-'$/"'(<.(<"-."/+!(3F0'$+!(P'-'(/+<+!(a(F0'(0'$."-'(<.('XF!/'-('!(<.!"#F'4<'<.!($'!(
-.4'Hb.!(<.(P+<.-V(qF.(!.P'-'0('!(P.!!+'!(<'qF"4+(qF.('!('XF<'('(!'4R'#F'-<'-(.('(0.43+-'-(
'!(!F'!(R"<'!`(Y!/'!("$&4F.0(&+0P./T$&"'!(.(&+$3.&"0.$/+!V('!!"0(&+0+(M'&"4"<'<.!V(G.$!(.(
-.&F-!+!(0'/.-"'"!`(uF'$/+(0'"!(.qF"4"G-'<'(M+-(.!/'(-.4'HI+(<.(P+<.-V(/'$/+(0'"!(M'&"40.$/.('!(
P.!!+'!(R"R.0(&+0(<"#$"<'<.(.(.!&'P'0(r(P+G-.g'`
Y!/.(0'$F'4(M+&'(+!(<"-."/+!(Y1NV(0'!(a("0P+-/'$/.(!'4".$/'-(qF.(+!(<"-."/+!(3F0'$+!(.!/I+(
"$/.-O-.4'&"+$'<+!(.("$/.-<.P.$<.$/.!J(.4.!(.!/I+(-.4'&"+$'<+!(.$/-.(!"V(!F!/.$/'0O!.(.(!I+(
"$/.-<.P.$<.$/.!`(Y!/'(-.4'HI+(.!/i("$<"&'<'($'(N'"m'(D`
87+E7%XP%8/4/%/0%@+,-+./0%S9472/0%-0.H/%+2.-,l,-:71+/27@/0%-%
%%%%%%%%%%%%%%%%+2.-,@->[email protected]
!
K( f+<+!(+!(<"-."/+!(Y1N(!.(-.M.-.0('+(<"-."/+(r(R"<'w
K( )(<"-."/+('+(0.43+-(.!/'<+(<.(!'v<.(P+!!^R.4(<.('/"$#"-(SF0(<"-."/+(Y1NU(a(F0(<+!(
<"-."/+!(qF.(a($.#'<+(qF'$<+('!(P.!!+'!(!I+(/+-/F-'<'!(S'(!.#F-'$H'(M^!"&'(a(F0(
<"-."/+(NEUw
K( )(<"-."/+('(F0'(3'G"/'HI+(&+$<"#$'(.(+(<"-."/+('(i#F'(P+/iR.4(.('(!'$.'0.$/+(
!.#F-+V('0G+!(<"-."/+!(Y1NV(.!/I+("$/.-O-.4'&"+$'<+!(.("$/.-<.P.$<.$/.!(P+-qF.(
'!(P.!!+'!($.&.!!"/'0(<.(i#F'(P+/iR.4(.(!'$.'0.$/+(!.#F-+(P'-'(0'$/.-.0(F0'(
3'G"/'HI+(<.&.$/.w(
(
(
(
(
(
(((((((((( (
(
( ( ( ((
(
(
(
(
(
(
(((((((‚(53-($-)"JK3
BI#
L%V9-%0H/%/0%@+,-+./0%S9472/0W
K( 9(0+$"/+-"g'HI+(<'('P4"&'HI+(<+!(<"-."/+!(Y1N(<.P.$<.(<+(<"-."/+(<.(-.&.G.-(.(
&+0F$"&'-("$M+-0'Hb.!V(SqF.(a(F0(<"-."/+(NEUw
K( )!(<"-."/+!(<.(M'4'-(4"R-.0.$/.V(/.-(+P"$"I+(P+4^/"&'(+F(-.4"#"+!'(.(<.(!.('!!+&"'-('(
+F/-'!(P.!!+'!(S<"-."/+!(NEU(P.-0"/.0O$+!(M'g.-(&'0P'$3'!(.0(P-+4(<+!(<"-."/+!(
Y1Nw
K( 9!(.mPF4!b.!(M+-H'<'!(S!.-(.mPF4!+(!.0(#'-'$/"'!(P-+&.!!F'"!U(R"+4'0(+(<"-."/+(
r(P-"R'&"<'<.(<+(4'-(SF0(<"-."/+(NEU(.(+(<"-."/+('(3'G"/'HI+(&+$<"#$'(SF0(<"-."/+(
Y1NUw(.
K( 9(4"G.-<'<.(<.("$M+-0'HI+(SF0(<"-."/+(NEU(a(.!!.$&"'4(P'-'('(-.'4"g'HI+(<+!(
<"-."/+!(Y1NJ(P+-(.m.0P4+V('!(P.!!+'!(qF.(0+$"/+-"g'0('('P4"&'HI+(<+(<"-."/+(r(
!'v<.(/T0(<.(/.-('&.!!+(r(P+4^/"&'(<.(!'v<.(<+(#+R.-$+`
UkU%%
(,7.7@/0%-%2/,470%+2.-,271+/27+0%-%,-?+/27+0% %
%
%
%%%%%%%%%%%
)!(<.M.$!+-.!(<+!(<"-."/+!(Y1N(G'!."'0(+(!.F(/-'G'43+($'!(&+$!/"/F"Hb.!V(4.#"!4'HI+(.(P+4^/"&'!(
$'&"+$'"!`(Y4.!(/'0Ga0(.!/I+('(F!'-(&'<'(R.g(0'"!(+!("$!/-F0.$/+!("$/.-$'&"+$'"!(<.(<"-."/+!(
3F0'$+!(S/-'/'<+!(.($+-0'!U`
…("0P+-/'$/.(&+$3.&.-(.(F!'-(+!("$!/-F0.$/+!("$/.-$'&"+$'"!(<.(<"-."/+!(3F0'$+!(P+-qF.J
K( )!("$!/-F0.$/+!("$/.-$'&"+$'"!(<.!&-.R.0(+(qF.(!I+(+!(<"-."/+!(.(&+0+(<.R.0(!.-(
-.'4"g'<+!(P.4+!(Y!/'<+!w
K( )(Y!/'<+(/.0('(+G-"#'HI+(<.("$&+-P+-'-(+!(<"-."/+!(<+!(/-'/'<+!($+(!.F(<"-."/+("$/.-$+(
S$'&"+$'4U(.($'!(!F'!(P+4^/"&'!(.(P-+#-'0'!V(.0G+-'(0F"/+!(Y!/'<+!($I+(+(/.$3'0(M."/+w
K( 94#F0'!(&+$!/"/F"Hb.!('M"-0'0(qF.(+!(XF^g.!(<.R.0("$/.-P-./'-(+(<"-."/+($'&"+$'4(r(4Fg(<.(
"$!/-F0.$/+!("$/.-$'&"+$'"!w
K( *+F/-+!(&'!+!V(F0(/-'/'<+(P+<.(!.-('P4"&'<+(<"-.&/'0.$/.`(E+-(.m.0P4+V(+('-/"#+(?(
<'(N+$!/"/F"HI+(<.(=.$"0('M"-0'(qF.(+!(<"-."/+!(.(<.R.-.!(<'(N'-/'(9M-"&'$'(!I+(P'-/.(
"$/.#-'$/.(<'(&+$!/"/F"HI+(.(4.#"!4'HI+(<.(=.$"0w
K( E+F&'!(&+$!/"/F"Hb.!($'&"+$'"!(-.&+$3.&.0('(#'0'(&+0P4./'(<.(<"-."/+!(Y1N`(94#F0'!('/a(
P+<.0(&+$/-'<"g.-('!($+-0'!("$/.-$'&"+$'"!(<.(<"-."/+!(3F0'$+!w(.
K( 9(0'"+-"'(<+!(/-'/'<+!(<.(<"-."/+!(3F0'$+!(&-"+F(+-#'$"!0+!(<.(0+$"/+-"g'HI+(S[-#I+!(
P-.R"!/+!($+!(/-'/'<+!U(P'-'("$!P.&&"+$'-('("0P4.0.$/'HI+(<+!(/-'/'<+!(P.4+!(Y!/'<+!`
]0(Y!/'<+(qF.(-'/"%&'(S‚(-'/"%&'HI+U(+F('<.-.(S‚('<.!I+U('(F0(/-'/'<+(P'!!'('(!.-(F0(
Y!/'<+(E'-/.(<+(/-'/'<+`(]0(Y!/'<+(E'-/.(&+0P-+0./.O!.('(-.'4"g'-(+!(<"-."/+!(.(4"G.-<'<.!(
.$F$&"'<+!($+!(/-'/'<+!`(:!/+(a(M-.qF.$/.0.$/.(.mP-.!!+(P.4+(/.-0+(+G-"#'Hb.!`()!(‚('-/"#+!(
+F(P'-i#-'M+!(!.P'-'<+!(<+!(/-'/'<+!(<.%$.0('!(+G-"#'Hb.!(<+(Y!/'<+`
9!($+-0'!(&+0+('(,.&4'-'HI+(]$"R.-!'4(<+!(,"-."/+!(<+(;+0.0(S,],;U>V(+F/-'!(<.&4'-'Hb.!(
.(-.!+4FHb.!(<'!(*'Hb.!(]$"<'!(.('!(<'(]$"I+(9M-"&'$'(S]9U(.(<'(N+0"!!I+(9M-"&'$'(<+!(
BN
;7,.-%$P%$2Q/,47GH/%F<0+17
,"-."/+!(<+(;+0.0(.(<+!(E+R+!(SN+0"!!I+(9M-"&'$'U($I+(!I+(4.#'40.$/.(R"$&F4'/"R'!`(E+-(
R.g.!(!I+(&3'0'<'!(}!+M/(4'2~`(*+(.$/'$/+(P+!!F.0(F0'(#-'$<.(M+-H'(0+-'4(P+-qF.(M+-'0(
'<+P/'<'!(P+-(+-#'$"!0+!("$/.-#+R.-$'0.$/'"!(&+0+('!(*'Hb.!(]$"<'!`
,5#&B&(,(-&B,(D$"(!$(
!"#$"%&'()*+,-&'H
;
2I6?36
?
4
4
;
, .3/0
-;
)!(/-'/'<+!(&+0+(+(E:,NEV(+(E:,Y1N(.('(N'-/'(9M-"&'$'('4'-#'-'0(+!(<"-."/+!(&+$!'#-'<+!($'(
,],;`(94#F0'!(P.!!+'!(&+$!"<.-'-'0(+!(<"-."/+!(Y1N(&+0+('!P"-'Hb.!(+F(P-+0.!!'!(.0(R.g(
<.(<"-."/+!`(9(f'G.4'(6('P-.!.$/'(F0'(4"!/'(<.(0"/+!(S"<."'!(qF.($I+(!.(G'!."'0(.0(M'&/+!U(.(
-.'4"<'<.!(!+G-.(+!(<"-."/+!(Y1N`
N+$/F<+V("!/+(P+<.(.!/'-('(0F<'-`(Y0(,.g.0G-+(<.(677@('(9!!.0G4."'(p.-'4(<'!(*'Hb.!(
]$"<'!('<+P/+FV('/-'Ra!(<.(&+$!.$!+V(+(E-+/+&+4+(\'&F4/'/"R+('+(E:,Y1N`(Y!/.(E-+/+&+4+(
\'&F4/'/"R+(a(!.0.43'$/.('+(P-"0."-+(E-+/+&+4+(\'&F4/'/"R+('+(E:,NEV(qF.(P.-0"/.(qF.(P.!!+'!(
.(+!(Y!/'<+!('P-.!.$/.0(qF."m'!(!+G-.(R"+4'Hb.!(<+!(<"-."/+!(&"R"!(.(P+4^/"&+!`
9($+!!'(&+0P-..$!I+(<+!(<"-."/+!(3F0'$+!(&+$/"$F'('(.R+4F"-V(.0G+-'('"$<'(3'X'(
<.G'/.!('&'4+-'<+!(!+G-.(Ri-"+!(/[P"&+!V(&+0+(+!(<"-."/+!(&F4/F-'"!`(N+$/"$F'0('(
!.-(<.!.$R+4R"<+!($+R+!(/-'/'<+!(.($+-0'!("$/.-$'&"+$'"!(.(-.#"+$'"!(<.(<"-."/+!(
3F0'$+!(.(+!(/-"GF$'"!(.0"/.0(XF^g+!(qF.(<I+($+R'!(P.-!P.&/"R'!(r(-.'4"g'HI+(
<.!/.!(<"-."/+!`
CS#
9(E'-/.(::V(
1.&HI+(D`CV(
<i(&+$!.43+!(
!+G-.(+(0+<+(
<.(F/"4"g'-(.!/.!(
"$!/-F0.$/+!(
"$/.-$'&"+$'"!`
L%V9-%0H/%/0%@+,-+./0%S9472/0W
(7F-:7%RP%=+./0%-%,-7:+@7@-0%0/F,-%/0%@+,-+./0%'68
=+./0
a-7:+@7@-0
)!(<"-."/+!(Y1NV(P+-(+P+!"HI+('+!(<"-."/+!(NEV(
)!(<"-."/+!(Y1N($I+(P+<.0(!.-(!.P'-'<+!(
!I+(}'!P"-'Hb.!~(.0(R.g(<.~<"-."/+!~`
<+!(<"-."/+!(NE`(90G+!(P+<.0V(.(<.R.0V(!.-(
"0P4.0.$/'<+!("0.<"'/'0.$/.('/-'Ra!(<.(
./'P'!(&+$&-./'!(.(<"-"#"<'!(.(<.(P+4^/"&'!(
.(P-+#-'0'!('(4+$#+(P-'g+`()!(<"-."/+!(Y1N(
.!/I+(.$F$&"'<+!(.0(/-'/'<+!(R"$&F4'/"R+!(<.(
<"-."/+(PvG4"&+("$/.-$'&"+$'4`
)!(<"-."/+!(Y1N($I+(P+<.0(!.-(<.M.$<"<+!(
)!(/-"GF$'"!(<.(Ri-"+!(P'^!.!(/+0'-'0(
.0(/-"GF$'"!`
<.&"!b.!(!+G-.(+!(<"-."/+!(Y1N(-"#3/!87`
9("0P4.0.$/'HI+(<+!(<"-."/+!(NE(-.qF.-(
E'-'(/-'/'-(<'!(R"+4'Hb.!(<+!(<"-."/+!(NE(a(
'P.$'!(qF.(+!(#+R.-$+!(!.('G!/.$3'0(+F(
$.&.!!i-"+(&-"'-(.(0'$/.-(F0'(P+4^&"'V(F0(
"0P.H'0(R"+4'Hb.!V(0'!('("0P4.0.$/'HI+(
!"!/.0'(XF-^<"&+(.(P-"!b.!(.(+F/-'!("$!/"/F"Hb.!V(
<+!(<"-."/+!(Y1N("0P4"&'(#-'$<.!(<.!P.!'!`
+(qF.(a(0F"/+(&'-+`%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
)!(#+R.-$+!($I+(/T0(-.&F-!+!(!FM"&".$/.!(
E'-'('!!.#F-'-('(-.'4"g'HI+(<+!(<"-."/+!(
P'-'('(-.'4"g'HI+(<+!(<"-."/+!(Y1N`
Y1N(a(P+!!^R.4(M'g.-O!.(0F"/'(&+"!'(.V($'(
-.'4"<'<.V(Xi(0F"/+(!.(M.g($.!!.(!.$/"<+V('/a(
0.!0+(P.4+!(P'^!.!(0'"!(P+G-.!(SN+$!F4/'-(
'(1.&HI+(AU`(94a0(<"!/+V(+!(+F/-+!(Y!/'<+!(
/T0('(+G-"#'HI+(<.('XF<'-(.(&++P.-'-(&+0(
.!/.!(P'^!.!`(9(-.<"!/-"GF"HI+(<.(-.&F-!+!(
+F('(&.!!'HI+(<'(<"!&-"0"$'HI+(!I+(./'P'!(
"0P+-/'$/.!(qF.($I+(.m"#.0($+R+!(-.&F-!+!`
9(MF$HI+(<+(#+R.-$+(a('!!.#F-'-('!(
)!(0"$"!/a-"+!(<+(#+R.-$+V(&+0+(+!(0"$"!/a-"+!(
4"G.-<'<.!(<+!("$<"R^<F+!(S<"-."/+!(NEU(P'-'(
<'(!'v<.V(.<F&'HI+(.(3'G"/'HI+(<.!.$R+4R.0(
qF.('!(P.!!+'!(P+!!'0(!'/"!M'g.-('!(!F'!(
4."!(.(P+4^/"&'!(P'-'('("0P4.0.$/'HI+(<.!/.!(
$.&.!!"<'<.!`
<"-."/+!V(.!P.&"'40.$/.(P'-'(+!(qF.(/T0(0.$+-(
&'P'&"<'<.(<.(!.('XF<'-.0('(!"(P-[P-"+!`
*I+(&'G.('+(#+R.-$+(P-+P+-&"+$'-(<"-."/+!(
9("0P4.0.$/'HI+(<+!(<"-."/+!(Y1N($I+("0P4"&'(
&+0+(+(<"-."/+(r('4"0.$/'HI+(.(r(3'G"/'HI+`
M+-$.&.-(<"-.&/'0.$/.('4"0.$/+!(.(+F/-+!(
<"-."/+!(Y1NV(0'!('!!.#F-'-V(P+-(.m.0P4+V(+(
'&.!!+V('(qF'4"<'<.(.('(<"!P+$"G"4"<'<.(<.(
'4"0.$/+!(.!!.$&"'"!`
CB
;7,.-%$P%$2Q/,47GH/%F<0+17
UkY%%
*+,-+./0%'68% %
%
%
)!(<"-."/+!(Y1NV(&+0+(+(<"-."/+(r(!'v<.(
+F(3'G"/'HI+V($I+(!"#$"%&'0(qF.(/.0+!(+(
<"-."/+(<.(!.-(!'F<iR."!(+F(qF.(+(Y!/'<+(
$+!(<.R.(<'-(&'!'!`()!(<"-."/+!(Y1N(
"0Pb.0(<.R.-.!('+(Y!/'<+`(E+-(.m.0P4+V(
P'-'('(-.'4"g'HI+(<+(<"-."/+(r(!'v<.V(+(
Y!/'<+(<.R.(P-+0+R.-(!.-R"H+!(<.(!'v<.`(
f'0Ga0(<.R.(0.43+-'-(+
'&.!!+('(+F/-+!(<"-."/+!($.&.!!i-"+!(r(
!'v<.V("$&4F"$<+('4"0.$/+!($F/-"/"R+!V(i#F'(
P+/iR.4(.(!'$.'0.$/+(!.#F-+(.(&+$<"Hb.!(
<.(/-'G'43+(!.#F-'!(.(3"#"a$"&'!`
%
%
%
%
%
%%%%%%%%%%
$48;(J(;(
0/44;(9,',H
)(&+$/.v<+(<.('4#F$!(<"-."/+!(Y1N(.!/i(<.!&-"/+($'(f'G.4'(C`()!(<"-."/+!(Y1N(
'P'-.&.0(.0(0F"/'!($+-0'!("$/.-$'&"+$'"!J('P.$'!('4#F0'!(<.!/'!($+-0'!(!I+(
0.$&"+$'<'!('qF"`()!(}9-/"#+!~(S.!&-"/+!('G-.R"'<'0.$/.(}9-/`~U(!I+(+!(P'-i#-'M+!(
$F0.-'<+!(<+!(/-'/'<+!`
*+(9PT$<"&.(
C(.$&+$/-'(0'"!(
"$M+-0'Hb.!(!+G-.(
+!("$!/-F0.$/+!(
"$/.-$'&"+$'"!(
.(-.#"+$'"!(<.(
<"-."/+!(3F0'$+!`
CC#
L%V9-%0H/%/0%@+,-+./0%S9472/0W
(7F-:7%UP%8/2.-M@/%@/0%@+,-+./0%'68
*+,-+./
e/,47%
+2.-,271+/27:%
-%7,.+?/
8/2.-M@/%@/%@+,-+./
^*40+)%2)#
,],;V(9-/`‡66w(
f+<'!('!(P.!!+'!(/T0(+(<"-."/+(r(!.#F-'$H'(!+&"'4V(r('!O
'-,&).
E:,Y1NV(9-/"#+!‡>V(
!"!/T$&"'(.0(&'!+(<.($.&.!!"<'<.(ƒ(+!([-MI+!V(P+-(.m.0P4+(
87w(N'-/'(9M-"&'$'(
ƒ(.(r(P-+/.&HI+`(9!(M'0^4"'!V(.0(.!P.&"'4('!(qF.(/T0(M"43+!(
<+!(,"-."/+!(.(=.0O
0.$+-.!V(<.R.0(/.-('(P-+/.&HI+(.('!!"!/T$&"'(0'"!('G-'$O
Y!/'-(<'(N-"'$H'V(
#.$/.(P+!!^R.4(.(+(0.!0+(<.R.(!.-(M'&F4/'<+(r!(0I.!('$/.!(
9-/"#+!‡8>V(68V(6?(
.(<.P+"!(<+($'!&"0.$/+(<'!(&-"'$H'!`()(&'!'0.$/+(<.R.(!.-(
4"R-.0.$/.(&+$!.$/"<+(P.4+!(MF/F-+!(.!P+!+!`(9!(&-"'$H'!(<.O
R.0(!.-(P-+/.#"<'!(&+$/-'('(.mP4+-'HI+(.&+$[0"&'(.(!+&"'4`
_+)1).O-
,],;V(9-/`‡6Cw(
f+<'!('!(P.!!+'!(/T0(+(<"-."/+(<.(#'$3'-('(!F'(R"<'(P+-(
E:,Y1NV(9-/"#+!‡AO
0."+(<.(F0(/-'G'43+(4"R-.0.$/.(.!&+43"<+(+F('&."/.`(f+<+!(
@(
+!(3+0.$!(.(/+<'!('!(0F43.-.!(/T0(+(<"-."/+('(F0'(-.0FO
$.-'HI+("#F'4(P'-'(F0(/-'G'43+(<.(R'4+-("#F'4(.("#F'"!(+P+-O
/F$"<'<.!(<.(P-+0+HI+`()!(/-'G'43'<+-.!(<.R.0(-.&.G.-(
F0'(-.0F$.-'HI+(qF.(P-+P+-&"+$.(F0'(.m"!/T$&"'(<.&.$/.(
P'-'(.4.!(P-[P-"+!(.(P'-'('!(!F'!(M'0^4"'!`(9!(&+$<"Hb.!(<.(
/-'G'43+(<.R.0(!.-(!.#F-'!(.(3"#"a$"&'!`(,.R.(!.-(P.-0"O
/"<+('(/+<'!('!(P.!!+'!('M"4"'-.0O!.('(!"$<"&'/+!`
?[V*.#
,],;(9-/`‡6Dw(
)(<"-."/+('(F0($^R.4(<.(R"<'(!FM"&".$/.(P'-'(+!("$<"R^<F+!(
K*#V&K)#
E:,Y1NV(9-/`‡88w(
.(!F'!(M'0^4"'!("$&4F"('4"0.$/'HI+V(R.!/Fi-"+(.(3'G"/'HI+(
'0L&,&*%(*
N+$R.$HI+(<+!(
'<.qF'<+!`()(<"-."/+('(F0'(3'G"/'HI+(&+$<"#$'("$&4F"(+(
f-'G'43'<+-.!(
<"-."/+(<.($I+(!.-(.mPF4!+('-G"/-'-"'0.$/.`(f'0Ga0("$&4F"(+(
c"#-'$/.!V(9-/`‡6D
'&.!!+('(!'$.'0.$/+(!.#F-+(.('(i#F'(P+/iR.4`
,],;(9-/`‡6Dw(
)(<"-."/+(<.(/+<'!('!(P.!!+'!(<.(#+g'-(<+(0.43+-(.!/'<+(
E:,Y1NV(9-/`‡86w(
<.(!'v<.(M^!"&'(.(0.$/'4(P+!!^R.4(<.('/"$#"-("$&4F"(+('&.!!+(
N'-/'(9M-"&'$'(<+!(
'(&F"<'<+!(0a<"&+!(.('+!(!.-R"H+!(!+&"'"!($.&.!!i-"+!`(9!(
,"-."/+!(<+(;+0.0(
0I.!(.('!(&-"'$H'!(/T0(<"-."/+('(&F"<'<+!(.('!!"!/T$&"'(
.(<+!(E+R+!(
.!P.&"'"!`()!(#+R.-$+!(<.R.0(/+0'-('!(0.<"<'!(
SN9,;EU(9-/`‡8A(
$.&.!!i-"'!(P'-'(P-+P+-&"+$'-('(3"#".$.(<+(0."+('0G".$/.V(
^)RK*
P'-'('(P-+M"4'm"'V(/-'/'0.$/+(.(&+$/-+4+(<.(<+.$H'!(.(P'-'(
P-+P+-&"+$'-(!.-R"H+!(0a<"&+!(P'-'(/+<+!`! !
!
!
! !!
!
!
!!!!!!!!!!!!
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%P%53-($-)"JK3
CD
;7,.-%$P%$2Q/,47GH/%F<0+17
*+,-+./
e/,47%
+2.-,271+/27:%
-%7,.+?/
8/2.-M@/%@/%@+,-+./
TK0,)23-
,],;V(9-/`(6Dw((
)(<"-."/+(r(.<F&'HI+("$&4F"(+(<"-."/+('+(.$!"$+(P-"0i-"+(
E:,Y1NV(9-/"#+!
+G-"#'/[-"+(.('&.!!^R.4(#-'/F"/'0.$/.('(/+<+!`()(.$!"$+(
8CO8Bw(N'-/'(
!.&F$<i-"+(.(+(.$!"$+(/a&$"&+(.(P-+M"!!"+$'4(<.R.0(
9M-"&'$'(<+!(,"-."O
.!/'-(<"!P+$^R."!(.(+!(#+R.-$+!(<.R.0(/+0'-(0.<"<'!(
/+!(<+(;+0.0(.(
$+(!.$/"<+(<.(/+-$'-(.!/.(.$!"$+(#-'/F"/+`()!(#+R.-$+!(
<+!(E+R+!(SN9,;EUV(
<.R.0('!!.#F-'-(qF.('!(.!&+4'!(!'/"!M'g.0(+!(P'<-b.!(
9-/`‡8?(N+$R.$HI+(
.<F&'&"+$'"!(0^$"0+!(.!/'G.4.&"<+!`()!(P'"!(<.R.0(P+<.-(
!+G-.(+!(,"-."/+!(
.$R"'-(+!(!.F!(M"43+!(P'-'(.!&+4'!(<.(!F'(.!&+43'V(qF.(
<'!(E.!!+'!(&+0(
'!!.#F-.0('(.<F&'HI+(-.4"#"+!'(+F(0+-'4(<+!(!.F!(M"43+!`(9(
,.M"&"T$&"'V(9-/`‡6B
.<F&'HI+(<.R.(&+$/-"GF"-(P'-'(+(<.!.$R+4R"0.$/+(P4.$+(<+!(
"$<"R^<F+!`
9&+*&(-'#
,],;V(9-/`‡6?w(
9(,],;(.(+(E:,Y1N('!!.#F-'0(+(<"-."/+(<.(P'-/"&"P'-(
,0.(0+)&'
E:,Y1NV(9-/`‡8Dw(
$'(R"<'(&F4/F-'4(.(<.(G.$.M"&"'-(<+(P-+#-.!!+(&".$/^M"&+`(
E:,NEV(9-/`‡8
9()-#'$"g'HI+(<'!(*'Hb.!(]$"<'!(P'-'('(Y<F&'HI+V(
N"T$&"'(.(NF4/F-'V(S]*Y1N)UV($'(!F'(,.&4'-'HI+(!+G-.('(
,"R.-!"<'<.(NF4/F-'4V(<.M"$.(&F4/F-'(&+0+J(}ˆ(+(&+$XF$/+(
<.(&'-'&/.-^!/"&'!(.!P"-"/F'"!V(0'/.-"'"!V("$/.4.&/F'"!(.(
.0+&"+$'"!(<'(!+&".<'<.(+F(<.(F0(#-FP+(!+&"'4V(‰qF.Š(
.$#4+G'V('4a0(<'('-/.(.(<'(4"/.-'/F-'V(.!/"4+!(<.(R"<'V(
0+<+!(<.(R"<'(.0(&+$XF$/+V(!"!/.0'!(<.(R'4+-.!V(/-'<"Hb.!(
.(&-.$H'!~`(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((
9&+*&(-'#
N+$R.$HI+(*‡8A>(
)($‡S6UG(<+(9-/`‡6(<'(N+$R.$HI+(*‡8A>(<'():f(-.qF.-(
K-'#/-V-'#
<'()-#'$"g'HI+(
qF.(+(Y!/'<+(P-+0+R'(}'(P4.$'(-.'4"g'HI+(<+!(<"-."/+!(
&%K[4*%)'
:$/.-$'&"+$'4(<+(
!+&"'"!V(.&+$[0"&+!(.(&F4/F-'"!(<.!/.!(P+R+!(-.4'/"R'0.$/.(
f-'G'43+(S):fUV(
r(!F'("<.$/"<'<.(!+&"'4(.(&F4/F-'4V(!.F!(&+!/F0.!(.(
9-/`‡6w(,.&4'-'HI+(
/-'<"Hb.!(.(!F'!("$!/"/F"Hb.!~`(uF'$<+('(,.&4'-'HI+(<+!(
<'!(*'Hb.!(]$"<'!(
,"-."/+!(<+!(E+R+!(:$<^#.$'!(M+"('P-.!.$/'<'($'!(*'Hb.!(
!+G-.(+!(,"-."/+!(
]$"<'!V(0F"/+!(Y!/'<+!V("$&4F"$<+(+!('M-"&'$+!V(.!/'R'0(
<+!(E+R+!(:$<^#.$'!
P-.+&FP'<+!(P+-qF.("!/+(P+<.-"'(.$&+-'X'-("<."'!(<.(
"$<.P.$<T$&"'(.0('4#F$!(#-FP+!`(9(N+0"!!I+(9M-"&'$'(
!+4"&"/+F(F0('<"'0.$/+(P'-'(!.(P+<.-.0(M'g.-('4#F0'!(
&+--.&Hb.!`(:!/+(M"&+F('&+-<'<+(.(.0(1./.0G-+(<.(677@(
'(0'"+-(P'-/.(<+!(Y!/'<+!(9M-"&'$+!(R+/+F('(M'R+-(<'(
,.&4'-'HI+(<'!(*'Hb.!(]$"<'!`(Y!/'(&+$&.<.('+!(P+R+!(
"$<^#.$'!(<"-."/+!(&+4.&/"R+!("$&4F"$<+J
!
CE#
!
! !!
!
!!!!!!!!!!!!P%53-($-)"JK3
L%V9-%0H/%/0%@+,-+./0%S9472/0W
*+,-+./
e/,47%
+2.-,271+/27:%
-%7,.+?/
8/2.-M@/%@/%@+,-+./
K(
)(<"-."/+(r('F/+$+0"'(+F('F/+O#+R.-$'HI+(.0(
0'/a-"'!(-.4'&"+$'<'!(&+0(+!(!.F!('!!F$/+!("$/.-$+!(
.(4+&'"!(S9-/`‡BUw
K(
)(<"-."/+(<.(0'$/.-(.(-.M+-H'-('!(!F'!("$!/"/F"Hb.!(
P+4^/"&'!V(4.#'"!V(.&+$[0"&'!V(!+&"'"!(.(&F4/F-'"!(
<"!/"$/'!V('+(0.!0+(/.0P+(qF.(-./a0(+(!.F(<"-."/+(
<.(P'-/"&"P'-(/+/'40.$/.V(!.('!!"0(+(<.&"<"-.0V($'(
R"<'(P+4^/"&'V(.&+$[0"&'V(!+&"'4(.(&F4/F-'4(<+(Y!/'<+(
S9-/`‡DUw(.
K(
)(<"-."/+(<.($I+(!.-.0(!FX."/+!('(‚('!!"0"4'HI+(
M+-H'<'(+F(<.!/-F"HI+(<'(!F'(&F4/F-'`(:!/+("$&4F"(
+(<"-."/+(<.(-.P'-'HI+(P+-(}qF'4qF.-('&/+(&FX+(
+GX.&/"R+(+F(.M."/+(!.X'(<.!'P+!!iO4+!(<'!(!F'!(/.--'!V(
/.--"/[-"+!(+F(-.&F-!+!(S9-/`‡@U`(SN+$!F4/'-(/'0Ga0('(
1.&HI+(B`B`?U
",*''-#`#
)!("$!/-F0.$/+!("$/.-$'&"+$'"!(<+!(<"-."/+!(3F0'$+!($I+(
(*++)
'!!.#F-'0(+(<"-."/+(r(/.--'`(N+$/F<+J
K(( Q.&+$3.&.O!.(&'<'(R.g(0'"!('($.&.!!"<'<.(<.(
-.!P."/'-(+!(<"-."/+!(<+!(P+R+!("$<^#.$'!(-.4'/"R+!('+(
'&.!!+(r(/.--'(.('+!(-.&F-!+!(qF.(M'g.0(P'-/.(<'(((
!F'(&F4/F-'w(.
K(( )(N+0.$/i-"+(p.-'4(*‡86(!+G-.(
+(,"-."/+('(94"0.$/'HI+(1FM"&".$/.(
S&+$!F4/'-('(1.&HI+(C`D`6U(SP'-`‡86U(.(+(
N+0.$/i-"+(p.-'4(*‡B(!+G-.(+(,"-."/+(
'(F0'(;'G"/'HI+(N+$<"#$'(SP'-`‡@U(<+(
*'(1.&HI+(C`D`6`(
!I+(M+-$.&"<'!(
"$M+-0'Hb.!(
'<"&"+$'"!(!+G-.(+!(
N+0.$/i-"+!(p.-'"!`
N+0"/a(<+!(,"-."/+!(Y1N(-.&+$3.&.(qF.J
O((
'!(P.!!+'!(<.R.0(/.-('&.!!+('+(F!+(P-+<F/"R+(((
<'(/.--'w
O((
'!(P.!!+'!($I+(<.R.0(!.-(.mPF4!'!(<'(/.--'((((
qF.(43.!(P.-/.$&.(+F(qF.(+&FP'0(!.0(+(‚(
<.R"<+(P-+&.!!+(4.#"!4'/"R+w(.
O((
+!(Y!/'<+!(<.R.0('F0.$/'-(&'<'(R.g(0'"!(+(
'&.!!+(r(/.--'('(P.!!+'!(P+G-.!(+F(!.0(/.--'!`
CF
;7,.-%$P%$2Q/,47GH/%F<0+17
UkX%%
m,?H/0%>,-T+0./0%2/0%.,7.7@/0%-%>,/1-@+4-2./0%-0>-1+7+0% %
%
N+0+(!.(0.$&"+$+F('$/.-"+-0.$/.V(+!(/-'/'<+!(!I+(<+&F0.$/+!(4.#'40.$/.(
R"$&F4'/"R+!`()!(/-'/'<+!(<.(<"-."/+!(3F0'$+!(<.!&-.R.0(<"M.-.$/.!(/"P+!(<.(
<"-."/+!(3F0'$+!`(Y(/'0Ga0(<.!&-.R.0(+(qF.(+!(Y!/'<+!(<.R.0(M'g.-(P'-'('(
-.'4"g'HI+(<.!/.!(<"-."/+!`(E'-'(0+$"/+-"g'-('(-.'4"g'HI+('P-+P-"'<'(<.!/.!(<"-."/+!(
P.4+(Y!/'<+(a(&-"'<+(F0([-#I+($+(h0G"/+(<.(F0(<./.-0"$'<+(/-'/'<+`()!([-#I+!(
P-.R"!/+!($+!(/-'/'<+!(0+$"/+-"g'0('('P4"&'HI+(<+!(<"-."/+!($'(P-i/"&'(P.4+!(
Y!/'<+!`()!(0.0G-+!(<.!!.!([-#I+!(!I+(P.-"/+!($+0.'<+!(P.4+!(Y!/'<+!(E'-/.!`(
94#F$!([-#I+!(<.(/-'/'<+!(/'0Ga0('&."/'0(qF."m'!(!+G-.(R"+4'Hb.!(<+!(<"-."/+!(
3F0'$+!('P-.!.$/'<'!(P+-("$<"R^<F+!(+F(#-FP+!`
%%%%%%%%%%
9!(M+$/.!(<.(&[P"'!(
.4.&/-[$"&'!(+F(
"0P-.!!'!(<.(
/-'/'<+!(.(+F/-+!(
<+&F0.$/+!(+F(
P-+&.<"0.$/+!(
0.$&"+$'<+!($.!/'(
!.&HI+(P+<.0(!.-(
&+$!F4/'<'!($+(
9PT$<"&.(C`
Y!/'(!.&HI+("$&"<.(!+G-.J
K( )(N+0"/a(<+!(,"-."/+!(Y&+$[0"&+!V(1+&"'"!(.(NF4/F-'"!(SN,Y1NU(qF.("$!P.&&"+$'('(
"0P4.0.$/'HI+(<+(E:,Y1Nw(.
K( 9(N+0"!!I+(9M-"&'$'(<+!(,"-."/+!(<+(;+0.0(.(<+!(E+R+!(S'(N+0"!!I+(9M-"&'$'U(qF.(
0+$"/+-"g'('("0P4.0.$/'HI+(<'(N'-/'(9M-"&'$'`
f+<+!(+!(Y!/'<+!(9M-"&'$+!(!I+(P'-/.!($'(N'-/'(9M-"&'$'(.('(0'"+-"'(!I+(P'-/.!($+(E:,Y1N`
UkXkK%%
8/492+17GH/%7/0%3,?H/0%>,-T+0./0%2/0%.,7.7@/0%@-%@+,-+./0%S9472/0%%
%%%%%%%%%%%%%%%
)(N,Y1N(.('(N+0"!!I+(9M-"&'$'(!.#F.0(P-+&.<"0.$/+!(.(P-"$&^P"+!(!.0.43'$/.!J
K( ,+"!('$+!('P[!(!.-(P'-/.($'(N'-/'(9M-"&'$'V(+(Y!/'<+('P-.!.$/'(F0(-.4'/[-"+(
*'(E'-/.(::V(
'+([-#I+(P-.R"!/+($+(/-'/'<+(.mP4"&'$<+(+(qF.(M.gV(.(+(qF.($I+(M.gV(P'-'(
1.&HI+(87V(!I+(
<'<'!(Ri-"'!(
"0P4.0.$/'-(+(/-'/'<+`(Ym"!/.0(<"-.&/-"g.!(qF.('XF<'0(+(Y!/'<+('(-.<"#"-(.!/.(
!F#.!/b.!(!+G-.(
-.4'/[-"+`()!(-.4'/[-"+!(.!/I+(<"!P+$^R."!($'(:$/.-$./w
+(0+<+(&+0+('!(
K( )!(-.P-.!.$/'$/.!(<+!(Y!/'<+!(-.v$.0O!.(&+0(+!([-#I+!(P-.R"!/+!($+!(
)1N(P+<.0(.$R"'-(
"$M+-0'Hb.!(
/-'/'<+!(P'-'(<"!&F/"-.0(+(-.4'/[-"+`(Y!!.!([-#I+!(+G/T0(0'/.-"'4('<"&"+$'4(<.(
.(qF."m'!('+!(
+F/-'!(M+$/.!V("$&4F"$<+('!()1Nw
[-#I+!(P-.R"!/+!(
K( )!([-#I+!(P-.R"!/+!($+!(/-'/'<+!(M+-0F4'0(‚()G!.-R'Hb.!(\"$'"!(qF.(
$+!(/-'/'<+!`
-.&+$3.&.0(+!(<.!.$R+4R"0.$/+!(P+!"/"R+!V(&3'0'0('('/.$HI+(P'-'(+!(
"$&F0P-"0.$/+!(.(M'g.0(-.&+0.$<'Hb.!w(.
K( 1FG!.qF.$/.0.$/.V(+!(Y!/'<+!(<.R.0('P-.!.$/'-(r(N+0"!!I+(9M-"&'$'(-.4'/[-"+!('<"&"+$'"!(
<.(<+"!(.0(<+"!('$+!`()!(-.4'/[-"+!(<.R.0(!.-('P-.!.$/'<+!(.('+(N,Y1N(<.(&"$&+(.0(&"$&+(
'$+!`
UkXkR%%
K(
CG#
8/4-2.<,+/0%d-,7+0%-%71/20-:S74-2./%7/0%?/T-,2/0%
%
%
)(N,Y1NV(.(+F/-+!([-#I+!(P-.R"!/+!($+!(/-'/'<+!V(M+-0F4'0(‚(N+0.$/i-"+!(p.-'"!(+F(
Q.&+0.$<'Hb.!(p.-'"!`(Y!/.!("$&4F.0(.mP4"&'Hb.!(<+(&+$/.v<+(+F(!"#$"M"&'<+(<+(
<"-."/+V('!!"0(&+0+(&+$!.43+!(<./'43'<+!('+!(Y!/'<+!(!+G-.(+(0+<+(<.(&F0P-"-.0(
%%%%%%%%%%%%%%%%
L%V9-%0H/%/0%@+,-+./0%S9472/0W
K(
'!(!F'!(+G-"#'Hb.!`(9!()1N(<.R.0(F!'-(.!/'!(M.--'0.$/'!("0P+-/'$/.!(
9!(G-+&3F-'!(
qF'$<+(.m"#"-.0(.!/.!(<"-."/+!('+(#+R.-$+`(*+!(&'!+!(XF-^<"&+!V(&"/'$<+(
'Fm"4"'-.!(&+$/T0(
+!(N+0.$/i-"+!(p.-'"!(+F(Q.&+0.$<'Hb.!(p.-'"!('XF<'('('F0.$/'-('(!F'(
&+$!.43+!(!+G-.(+(
0+<+(<.(F/"4"g'HI+(
"0P+-/h$&"'`(1.(+!('<R+#'<+!(F!'-.0(+!(N+0.$/i-"+!(&+0+('-#F0.$/+(
<+(N+0.$/i-"+(
.0(/-"GF$'4V(.4.!(P'!!'0(('(M'g.-(P'-/.(<'(XF-"!P-F<T$&"'(<+(P'^!(S!/+&W(<.(
p.-'4(-.4.R'$/.`
'-#F0.$/+!(XF-^<"&+!U88w
9(N+0"!!I+(9M-"&'$'($I+(M+-0F4'(N+0.$/i-"+!(p.-'"!(0'!(M+-0F4'(‚(
E'-.&.-.!(N+$!F4/"R+!(!+G-.(/[P"&+!(.!P.&^M"&+!`()!(P'-.&.-.!(!+G-.('!(qF."m'!(-.&.G"<'!(
/'0Ga0(!.-R.0(&+0+($+-0'!(qF.(+!(Y!/'<+!(<.R.0(&F0P-"-`
UkXkU%%
;,/1-@+4-2./0%-0>-1+7+0%
%
%
%
%
%
%
%%%%%%%%%%%%
]0(‚(P-+&.<"0.$/+(.!P.&"'4(a(+($+0.(#.-'4(<'<+('+!(0.&'$"!0+!(.!/'G.4.&"<+!(P.4'!(
*'Hb.!(]$"<'!(P'-'(/-'/'-(!"/F'Hb.!(.!P.&^%&'!(<.(F0(P'^!(+F(qF.!/b.!(/.0i/"&'!(.0(/+<'!(
'!(P'-/.!(<+(0F$<+`
)!(P-+&.<"0.$/+!(.!P.&"'"!(P+<.0(!.-("$<"R^<F+!V(&+0+(F0(Q.4'/+-(Y!P.&"'4V(+F(F0(#-FP+(
<.(/-'G'43+(qF.(0+$"/+-"g'('("0P4.0.$/'HI+(<.(<"-."/+!(.!P.&^%&+!(.(-.&+0.$<'(!+4FHb.!`(
E+-(.m.0P4+V(+!(Q.4'/+-.!(Y!P.&"'"!(/-'G'43'0(&+0(Ri-"+!(<"-."/+!V("$&4F"$<+(+!(<"-."/+!(Y1N(r(
.<F&'HI+V(!'v<.V(3'G"/'HI+(.('4"0.$/'HI+`(;i(+F/-+!(Q.4'/+-.!(Y!P.&"'"!V(P+-(.m.0P4+V(+!(qF.(
',M$N(&(9&+$-%O#"&(
C$#,D(-P(Q(,R"#+,(S*$(,(
),M"%,TU&(!$B$('$#($9&-&@
+"9,+$-%$(,9$''VB$DH
,(
,#
9
(
,
9,' $-!, =?
K
W(B 34/0(.A
+; ?0>=?
L(:
CH
;7,.-%$P%$2Q/,47GH/%F<0+17
4"<'0(&+0(+!(<.M.$!+-.!(<+!(<"-."/+!(3F0'$+!V($.#[&"+!(.(<"-."/+!(3F0'$+!(.(P+R+!("$<^#.$'!V(
&FX'(&+$/-"GF"HI+(P'-'(+!(<"-."/+!(Y1N(/'0Ga0(M+"(0F"/+("0P+-/'$/.`
9(N+0"!!I+(9M-"&'$'(&-"+F(F0(p-FP+(<.(f-'G'43+(<.(<"-."/+!(Y1N86`(*I+($+0.+F($.$3F0(
Q.4'/+-(Y!P.&"'4(P'-'(0+$"/+-"g'-('('P4"&'HI+(<.(<"-."/+!(Y1N(.!P.&^%&+!V(0'!(P.<"F('(/+<+!(+!(
!.F!(Q.4'/+-.!(Y!P.&"'"!(P'-'(/+0'-.0(.0(&+$/'(+!(<"-."/+!(Y1N`
9!()1N(P+<.0(.$R"'-("$M+-0'Hb.!('+!(Q.4'/+-.!(Y!P.&"'"!V(qF.(/'0Ga0(&+0F$"&'0(&+0(+!(
#+R.-$+!(!+G-.(P-.+&FP'Hb.!(.!P.&^%&'!(+F('4.#'<+!('GF!+!`(
)!(-.4'/[-"+!(<+!(Q.4'/+-.!(Y!P.&"'"!(!I+(F0'(M+$/.("0P+-/'$/.(<.('&+$!.43'0.$/+(P'-'(+!(
#+R.-$+!(.(<.("$M+-0'HI+(P'-'('!()1N`
UkXkY%%
8/20-:S/%@/0%*+,-+./0%@/%!/4-4% %
%
%
%
%%%%%%%%%%%%%%%%%%%%%%%%%
)(N+$!.43+(<+!(,"-."/+!(<+(;+0.0(a(F0([-#I+("$/.-#+R.-$'0.$/'4(<'!(*'Hb.!(
]$"<'!(&+$!/"/F^<+(P+-(B?(Y!/'<+!(-.!P+$!iR."!(P+-(-.M+-H'-('(P-+0+HI+(.('(
P-+/.&HI+(<+!(<"-."/+!(3F0'$+!($+(0F$<+`()(N+$!.43+(M+"(&-"'<+(P.4'(9!!.0G4."'(
p.-'4(<'!(*'Hb.!(]$"<'!(&+0(+(+GX.&/"R+(P-"$&"P'4(<.(4"<'-(&+0(!"/F'Hb.!(<.(
R"+4'Hb.!(<+!(<"-."/+!(3F0'$+!(.(<.(M'g.-(-.&+0.$<'Hb.!(!+G-.(.4'!`
9(Q.R"!I+(E.-"[<"&'(]$"R.-!'4(SQE]U(a(F0(0.&'$"!0+(<+(N+$!.43+(qF.('R'4"'('!(
!"/F'Hb.!(<.(<"-."/+!(3F0'$+!(.0(/+<+!(+!(Y!/'<+!Oc.0G-+!(<'!(*'Hb.!(]$"<'!`
CI#
E'-'("$M+-0'Hb.!(
'<"&"+$'"!(!+G-.(+(
N+$!.43+(<+!(,"-."/+!(
<+(;+0.0(&+$!F4/'-(
'(E'-/.(::V(1.&HI+(
87`8`C(.('PT$<"&.(
A9`
Y%%%%%Z97+0%0H/%70%/F,+?7G[-0%@/0%'0.7@/0%-4%,-:7GH/%7/0%@+,-+./0%'68W
YkK%%
L%V97@,/%@/0%@+,-+./0%S9472/0P%/F,+?7G[-0%@-%,-0>-+.7,5%>,/.-?-,%-%,-7:+N7,
,.P+"!(<.(F0(Y!/'<+(-'/"%&'-(F0(/-'/'<+V('<qF"-.('(+G-"#'HI+(4.#'4(<.('!!.#F-'-(qF.(+!(<"-."/+!(
<.!&-"/+!($+(/-'/'<+(!I+(-.!P."/'<+!V(P-+/.#"<+!(.(-.'4"g'<+!`
9+(4+$#+(<+!('$+!(+!(P.-"/+!(<.(<"-."/+!(3F0'$+!(<"R"<"-'0('!(+G-"#'Hb.!(<+!(Y!/'<+!(.0(
+G-"#'Hb.!(<.(-.!P."/'-V(P-+/.#.-(.(-.'4"g'-(+!(<"-."/+!8C`(Y!/'(&4'!!"%&'HI+(.0(/-T!(P'-/.!(+F(
}.$qF'<-'0.$/+~(<.!&-"/+($'(f'G.4'(B(&+$!/"/F"('(G'!.(<+(/-'G'43+(.0(<"-."/+!(Y1N`
#$'5$"%,#
&M#"C,TX$'(
5#&%$C$#
!&($'%,!&
#$,D"E,#
CN
;7,.-%$P%$2Q/,47GH/%F<0+17
(7F-:7%YP%LF,+?7G[-0%@/%'0.7@/%1/4/%>7,.-%@/%V97@,/%@-%@+,-+./0%
%%%%%%%%%%%%%%%%%S9472/0
LF,+?7G[-0%
@-%@+,-+./0%
S9472/0
6+?2+D17@/
9(+G-"#'HI+(<.(
K(
:$/.-M.-"-(&+0('!(P.!!+'!(qF.(/.$/'0(&F"<'-(<.(!"(P-[P-"'!w($.0(P+<.0
+*'/*&()+(!"#$"M"&'(
K(
:0P.<"-(+('&.!!+(<'!(P.!!+'!('+!(-.&F-!+!($.&.!!i-"+!(P'-'(+(!.F(
qF.(+(Y!/'<+($I+(
!F!/.$/+`
<.R.J
*+(h0G"/+(<'(
K(
9!!.#F-'-(qF.(+!("$/.-R.$".$/.!($I+(.!/'/'"!(S"$<"R^<F+!(+F(.0P-.!'!(
+G-"#'HI+(<.(
qF.($I+(M'g.0(P'-/.(<+(#+R.-$+U($I+("$/.-M.-.0(&+0(+('&.!!+('+!(
/+-(*4*+V(+(Y!/'<+(
-.&F-!+!(.!!.$&"'"!V(P+-(.m.0P4+V(P+4F"$<+(+('0G".$/.(Ss.-(+($‡D(<+(
<.R.J
9-/"#+‡68(<'(N'-/'(9M-"&'$'($+(9PT$<"&.(CUw(.
K(
9!!.#F-'-(qF.(+!("$/.-R.$".$/.!($I+(.!/'/'"!($I+(&+0./.0('GF!+!(<+!(
<"-."/+!(3F0'$+!`
9(+G-"#'HI+(<.(
)(Y!/'<+(<.R.(/+0'-('!(0.<"<'!($.&.!!i-"'!(P'-'('!!.#F-'-(qF.(/+<'!('!(
+*).&Y)+("$&4F"
P.!!+'!(<.!M-F/'0V(P.4+(0.$+!V(<.(F0($^R.4(0^$"0+(.!!.$&"'4(<.(/+<+!(+!(
!.F!(<"-."/+!(Y1N`(9!(P.!!+'!(<.R.0(<.!M-F/'-(<.!/.!(<"-."/+!($F0'(G'!.(
<.("#F'4<'<.`(Y!/'(+G-"#'HI+(&3'0'<'(‚(+G-"#'HI+(MF$<'0.$/'4(0^$"0'(
"$&4F"(C(.4.0.$/+!J(M'&"4"/'-V(P-+0+R.-(.(P-+R"<.$&"'-`
Ba# :),&.&()+J(+(Y!/'<+(<.R.(/+0'-('!(0.<"<'!($.&.!!i-"'!(P'-'(0.43+-'-(
+('&.!!+(.('(F/"4"g'HI+(<.(G.$!(.(!.-R"H+!(P.4'!(P.!!+'!V(&+0+(P+-(
.m.0P4+V(i#F'(P+/iR.4(.(!"!/.0'!(<.(.!#+/+!(!.#F-+!`(9!(0.<"<'!(
P+<.0("$&4F"-J($+R'!(4."!(+F('('<'P/'HI+(<'!(4."!(.m"!/.$/.!V(0.43+-.!(
P-+&.<"0.$/+!(+F(0'"+-(+-H'0.$/+`
Ca# Z+-$-V*+J(+(Y!/'<+(<.R.(&-"'-(P-+&.<"0.$/+!(<.(-."R"$<"&'HI+(.(
"$M+-0'-('!(P.!!+'!(!+G-.(+!(!.F!(<"-."/+!(.(&+0+(+!(-."R"$<"&'-w(.
Da# Z+-V&K*%,&)+J(+(Y!/'<+(<.R.('!!.#F-'-(G.$!(.(!.-R"H+!(!.('!(P.!!+'!(
M+-.0("$&'P'g.!(<.(+!(+G/.-(P+-(-'gb.!(M+-'(<+(!.F(&+$/-+4+`
)(Y!/'<+(/'0Ga0(<.R.('!!.#F-'-(qF.(+!(!.-R"H+!(M+-$.&"<+!(S&+0+(P+-(
.m.0P4+V(F0'(&4^$"&'(<.(!'v<.U(!'/"!M'g.0(&.-/'!($+-0'!(.('!($.&.!!"<'<.!(
<'!(P.!!+'!`(E+-(.m.0P4+V('(&4^$"&'(.!/iJ
b#
9&'/-%[V*.J(9(&+0F$"<'<.(/.0(-.'40.$/.(F0'(&4^$"&'
b#
",*''[V*.J(f+<'!('!(P.!!+'!(<'(&+0F$"<'<.(P+<.0(F!'-('(&4^$"&'(
!.0(<"!&-"0"$'HI+(9(&4^$"&'(!"/F'O!.(P.-/+(+F(4+$#.()!(!.-R"H+!(!I+(
#-'/F"/+!(N'!+(&+$/-i-"+V(!I+(.&+$+0"&'0.$/.('&.!!^R."!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!P%53-($-)"JK3
DS#
Z97+0%0H/%70%/F,+?7G[-0%@/0%'0.7@/0%-4%,-:7GH/%7/0%@+,-+./0%'68W
LF,+?7G[-0%
@-%@+,-+./0%
S9472/0
6+?2+D17@/
b#
",*&(QV*.J(9!($.&.!!"<'<.!(<'!(Ri-"'!(P.!!+'!V("$&4F"$<+('!(<+!(#-FP+!(
0'-#"$'4"g'<+!(S&+0+(0F43.-.!V(#-FP+!(0"$+-"/i-"+!V(P.!!+'!(&+0(
<.M"&"T$&"'!U(!I+(-.!P."/'<'!
K(
,.(1-)#P0).&K)K*J()!(!.-R"H+!(!I+('P-+P-"'<+!(.(<.(G+'(qF'4"<'<.V(<+(
P+$/+(<.(R"!/'(&".$/^M"&+(.(0a<"&+
*+/'J()!(N+0.$/i-"+!(p.-'"!(*‡B(.(*‡8B(0.$&"+$'0('(}'&.!!"G"4"<'<.(
.&+$[0"&'~V(0'!('4#F$!(!.-R"H+!(<.R.0(!.-(#-'/F"/+!`()('&.!!+('+!(!.-R"H+!(
$.&.!!i-"+!($I+(<.R.(!.-($.#'<+('($"$#Fa0(P+-($I+(/.-(0."+!(P'-'(+!(P'#'-`
)(!.#F"$/.(.m.0P4+(<i(F0'("<."'(<.(&+0+(F!'-(+(qF'<-+(P'-'('$'4"!'-(!.(+(Y!/'<+(&F0P-.('!(
!F'!(+G-"#'Hb.!`(9!(Ri-"'!(G-+&3F-'!(M+-$.&.0(&+$!.43+!(!+G-.('(F/"4"g'HI+(<.!/.(qF'<-+(P.4'!(
&+0F$"<'<.!(.()1N(P'-'('(-."R"$<"&'HI+(<+!(<"-."/+!`
87+E7%]P%":@-[-0%>,-00+/274%70%79./,+@7@-0%>7,7%V9-%194>,74%70%%%%%%%%%%%%%%%%%%%%%%%%
%%%%%%%%%%%%%%%%0970%/F,+?7G[-0%
!
)!('4<.b.!(qF."m'-'0O!.(<.(qF.('!('F/+-"<'<.!($I+(&F0P-"-'0(+(!.F(<.R.-(<.(-.!P."/'-V(
P-+/.#.-(.(!'/"!M'g.-(+!(!.F!(<"-."/+!('+(0.43+-(.!/'<+(<.(!'v<.(P+!!^R.4(<.('/"$#"-J
K(
N+$!/-F"$<+(F0'(G'--'#.0(qF.("$/.-&.P/+F(+(!.F('&.!!+(r(&4^$"&'(<.(!'v<.(0'"!(P-[m"0'(
!"/F'<'($+F/-'('4<."'(S"$&F0P-"0.$/+(<+(<.R.-(<.(-.!P."/'-Uw
K(
*I+("0P.<"$<+(qF.(F0'(.0P-.!'(&+0.-&"'4(P+4F^!!.('(i#F'(S"$&F0P-"0.$/+(<+(<.R.-(<.(
P-+/.#.-Uw(.
K(
*I+(P-+R"<.$&"'$<+(+('&.!!+('(!.-R"H+!(<.(!'v<.('4/.-$'/"R+!(S"$&F0P-"0.$/+(<+(<.R.-(<.(
P-+R"<.$&"'-U`
)!('4<.b.!(P-.!!"+$'-'0('!('F/+-"<'<.!(P.<"$<+O43.!(P'-'(P|-(/.-0+(r(P+4F"HI+(.(P'-'(
-.!P."/'-.0(.(-.'4"g'-.0('!(!F'!(+G-"#'Hb.!(P-+P+-&"+$'$<+J
K(
]0'(&4^$"&'($'(!F'('4<."'(S<"!P+$^R.4Uw
K(
]0'('0GF4h$&"'(P'-'('!(P.!!+'!(qF.(R"R.0(M+-'(<'('4<."'(S'&.!!^R.4Uw
K(
]0(!.-R"H+(#-'/F"/+(S.&+$+0"&'0.$/.('&.!!^R.4Uw
K(
Y$M.-0'-"'!(!.P'-'<'!(P'-'(3+0.$!(.(0F43.-.!(S'&."/iR.4Uw(.
K(
E.!!+'4(qF'4"M"&'<+(.(G.0(.qF"P'<+(SqF'4"<'<.U`
DB
;7,.-%$P%$2Q/,47GH/%F<0+17
YkR%%
LF,+?7G[-0%7@+1+/27+0%
%
%
%
%
%
%
%%%%%%%%%%
9(4"$#F'#.0(F/"4"g'<'(P'-'(<.!&-.R.-(&+0+(+!(<"-."/+!(Y1N(<.R.0(!.-(-.'4"g'<+!(a(P+-(
R.g.!(<"M.-.$/.(<'(<+!(<"-."/+!(NE`(:!/+(<.R.O!.('+(M'&/+(<.('(-.'4"g'HI+(<.(0F"/+!(<"-."/+!(
Y1N($.&.!!"/'-(<.(0F"/+(/.0P+(.(-.&F-!+!`(E+-(.m.0P4+V(/+<'!('!(P.!!+'!(/T0(+(<"-."/+('+(
0.43+-(.!/'<+(<.(!'v<.(P+!!^R.4(<.('/"$#"-`(c'!("!/+(P+<.($I+(!.-(P+!!^R.4($F0(P'^!(P+G-.`(
)(Y!/'<+(/.0(<.(/+0'-(Ri-"'!("$"&"'/"R'!V(F/"4"g'$<+(+!(-.&F-!+!(<"!P+$^R."!V(P'-'('!!.#F-'-(
qF.(+(<"-."/+(r(!'v<.(a(P-+#-.!!"R'0.$/.(-.'4"g'<+`(E+-/'$/+V(F0(Y!/'<+($+(qF'4('P.$'!(
D7„(<'!(P.!!+'!(R"R.0($F0(-'"+(<.(87(qF"4[0./-+!(<.(F0'("$!/'4'HI+(<.(!'v<.(P+<.(
/+0'-(0.<"<'!(P'-'('F0.$/'-('(P.-&.$/'#.0(P'-'(?7„($+(P-'g+(<.(87('$+!`(:!!+(!.-"'(
F0(.m.0P4+(<.(F0'(0.<"<'(P+!"/"R'(P'-'(#'-'$/"-(qF.(0'"!(P.!!+'!(-.&.G.0(&F"<'<+!(<.(
!'v<.`(:$<.P.$<.$/.0.$/.(<+($^R.4(<.(P+G-.g'(<.(F0(Y!/'<+V(.4.(<.R.(!'/"!M'g.-(+G-"#'Hb.!(
MF$<'0.$/'"!(0^$"0'!`(,.('&+-<+(&+0(+(N,Y1NV(!.(3+FR.-(0F"/'!(P.!!+'!(0'4($F/-"<'!(+F(
!.0('&.!!+('(&F"<'<+!(<.(!'v<.(P-"0i-"+!V('(3'G"/'HI+(&+$<"#$'(+F('+(.$!"$+(P-"0i-"+V(+(
Y!/'<+($I+(.!/i('(&F0P-"-('!(!F'!(+G-"#'Hb.!(MF$<'0.$/'"!(0^$"0'!8B`
9&+&(B^N(,&(
B$#M,(,%#"M*V!,(,&'(9*"!,!&'(!$(',]!$
D&-C&(!&'(,-&'(
,*+$-%O+&'(,(
B$#M,(,%#"M*V!,(,&'(
9*"!,!&'(!$(',]!$
C&B$#-&
(YZZZ((((((((YZ[Z(((((YZ[\
,-&
DC#
Z97+0%0H/%70%/F,+?7G[-0%@/0%'0.7@/0%-4%,-:7GH/%7/0%@+,-+./0%'68W
9/a(0.!0+(F0(Y!/'<+(&+0(0F"/+(P+F&+!(-.&F-!+!(<.R.('<+P/'-(P-+#-'0'!(<.(G'"m+(&F!/+(
&+0(+GX.&/"R+!(.!P.&^%&+!(P'-'(P-+/.#.-(+!(!.&/+-.!(0'"!(RF4$.-iR."!(<'(!+&".<'<.`()($‡8(<+(
9-/"#+‡6(<+(E:,Y1N(<.%$.('(+G-"#'HI+(<+(Y!/'<+(<.(-.'4"g'-(+!(<"-."/+!(Y1N`()(Y!/'<+(}ˆ
&+0P-+0./.O!.('((-$)+#$*K&K)'V(qF.-(&+0(+(!.F(P-[P-"+(.!M+-H+V(qF.-(&+0('()''&'(c%,&)#*#
,--/*+)23-#&%(*+%),&-%)&'V(.!P.&"'40.$/.($+!(P4'$+!(.&+$[0"&+(.(/a&$"&+V(%-#$QJ&$-#K-'#
'*0'#+*,0+'-'#K&'/-%[V*&'V(<.(0+<+('()''*40+)+#/+-4+*''&V)$*%(*(+(P4.$+(.m.-&^&"+(<+!(<"-."/+!(
-.&+$3.&"<+!($+(P-.!.$/.(E'&/+(:$/.-$'&"+$'4(<+!(,"-."/+!(Y&+$[0"&+!V(1+&"'"!(.(NF4/F-'"!V(P+-(
(-K-'#-'#$*&-'#)/+-/+&)K-'V("$&4F"$<+(.0(P'-/"&F4'-(P+-(0."+(<.($*K&K)'#.*4&'.)(&V)'`~(S‹$M'!.(
'&-.!&.$/'<'U`(Y!/'!(+G-"#'Hb.!(.!/I+(<.%$"<'!(<.(0'$."-'(0'"!(.m'F!/"R'($+(N+0.$/i-"+(
p.-'4(*‡C(<+(N,Y1N`(9!(+G-"#'Hb.!("$<"&'<'!('&"0'('($.#-"/+(.!/I+(.mP4"&'<'!($'(f'G.4'(D`(
9(N+0"!!I+(9M-"&'$'(/'0Ga0(F!'(.!/'(M+-0F4'HI+(P'-'('(-.'4"g'HI+(<+!(<"-."/+!(Y1N`
%
%
(7F-:7%XP%LF,+?7G[-0%1S7T-%,-:71+/27@70%1/4%/0%@+,-+./0%'68
LF,+?7GH/%,-:7l
1+/27@7%1/4%/0%
@+,-+./0%'68
6+?2+D17@/
N+0P-+0./.-O!.('(
/+0'-(0.<"<'!
)(Y!/'<+(<.R.J
K(
9R'4"'-('(!"/F'HI+(-.4'/"R'('(&'<'(<"-."/+w
K(
Y4'G+-'-(F0(P4'$+(P'-'('(-.'4"g'HI+(<+!(<"-."/+!w
K(
9<'P/'-('!(4."!(.(P+4^/"&'!(P'-'('("0P4.0.$/'HI+(<+(P4'$+w
K(
9G+4"-(/+<'!('!(4."!(.(P+4^/"&'!(<"!&-"0"$'/[-"'!w(.
K(
,.!.$R+4R.-(0.&'$"!0+!(P'-'(M"!&'4"g'HI+(<'(!"/F'HI+V(M+-$.&.$<+(
‚("$M+-0'HI+(<.!'#-.#'<'('&/F'4"g'<'(<.('&+-<+(&+0(+(!.m+V("<'<.V(
!"/F'HI+(.&+$[0"&+O!+&"'4V(i-.'(#.+#-iM"&'(.(#-FP+(a/$"&+U`
9!!.#F-'-(
K(
P-+#-.!!"R'0.$/.(+(
P4.$+(.m.-&^&"+(<+!(
<"-."/+!(
E+-(0."+(<.(0.<"<'!(<"-"#"<'!(.(&+$/^$F'!V(P+-(.m.0P4+V(.4'G+-'$<+(
F0(P4'$+(P'-'('(&+$!/-FHI+(<.(0'"!(.!&+4'!(P-"0i-"'!(.(P'-'('(
M+-0'HI+(<.(0'"!(P-+M.!!+-.!`()(P4'$+(<.R.(<.M"$"-(+!(+GX.&/"R+!('(
'/"$#"-(&+0(G'!.(.0(.!/'/^!/"&'!('&/F'4"g'<'!(<.(^$<"&.!(&+0+('!(
/'m'!(<.($'/'4"<'<.(.(<.(4"/.-'&"'w
K(
E-+#-.<"$<+(+(0'"!(<.4"G.-'<'(.(.M"&'g0.$/.(P+!!^R.4(P'-'('(P4.$'(
-.'4"g'HI+(<'!(!F'!(+G-"#'Hb.!`(:!/+(P+<.("$&4F"-('('<+PHI+(<.(4."!V(
'(-.M+-0'(<.(P-+&.<"0.$/+!(+F('(&-"'HI+(<.(!"!/.0'!(<.(M"!&'4"g'HI+(
P'-'('!!.#F-'-(+(&F0P-"0.$/+(<'!(+G-"#'Hb.!w
K(
*I+(-.#-.<"-(!.0(qF.(.m"!/'(F0(G+0(0+/"R+(P'-'(+(M'g.-V(P+-(.m.0P4+V(
+(Y!/'<+(P+<.(P'-'-('(&+$!/-FHI+(<.(F0'(F$"R.-!"<'<.(P'-'(P+<.-(<'-(
+(<"$3."-+(r!(R^/"0'!(<.(F0(<.!'!/-.($'/F-'4V(!.($I+(&+$!.#F"-(+G/.-(
+!(MF$<+!($.&.!!i-"+!(<.(+F/-'!(M+$/.!w
!
!
! !!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!P%53-($-)"JK3
DD
;7,.-%$P%$2Q/,47GH/%F<0+17
LF,+?7GH/%,-:7l
1+/27@7%1/4%/0%
@+,-+./0%'68
6+?2+D17@/
K(
9/-"GF"$<+(P-"+-"<'<.('+!($^R."!(MF$<'0.$/'"!(0^$"0+!(<.(&'<'(<"-."/+(
S+G-"#'Hb.!(MF$<'0.$/'"!(0^$"0'!Uw(.
K(
9/-"GF"$<+(P-"+-"<'<.('+!(#-FP+!(0'"!(RF4$.-iR."!V(.!P.&"'40.$/.(
P-+&F-'$<+(-.!+4R.-('(<"!&-"0"$'HI+`
E-+&F-'-('!!"!/T$&"'(
1.(+(Y!/'<+($I+(PF<.-(&F0P-"-('!(!F'!(+G-"#'Hb.!V(/.0(+(<.R.-(<.(P-+&FO
.(&++P.-'HI+(
-'-('XF<'`()F/-+!(Y!/'<+!(qF.(.!/I+(.0(P+!"HI+(<.(+(M'g.-(!I+(+G-"#'<+!('(
"$/.-$'&"+$'"!
'XF<'-V(.!P.&"'40.$/.(P'-'(qF.(P+!!'0(!.-(&F0P-"<'!('!(+G-"#'Hb.!(MF$O
<'0.$/'"!(0^$"0'!`(:!/+("$&4F"('(P'-/"43'(<.(/.&$+4+#"'!(.(&+0P./T$&"'!`
]!'-(+(0im"0+(<+!(
:!/+($I+(&+$!"!/.('P.$'!($F0'('/-"GF"HI+('<.qF'<'(<.(R.-G'!`()!(
-.&F-!+!(<"!P+$^R."!
-.&F-!+!("$&4F.0(P.!!+'!V(&+0P./T$&"'!V(G+'(#.!/I+(.(+F/-+!(G.$!`(]0(
Y!/'<+($I+(.!/i('(F!'-(+!(!.F!(-.&F-!+!(<"!P+$^R."!(<'(0.43+-(M+-0'(!.V(
P+-(.m.0P4+J
K(
;+FR.-('4"0.$/+!(.0('GF$<h$&"'($F0'(P'-/.(<+(P'^!V(.$qF'$/+(
$+F/-'('!(P.!!+'!(P'!!'0(M+0.w
K(
9!('/-"GF"Hb.!(<.(R.-G'!(.(+!(P-+#-'0'!(<+(!.&/+-(!+&"'4(M'R+-.&.0(
'!(&"<'<.!(<.(P-.M.-T$&"'(r!(i-.'!(-F-'"!V(+F(i-.'!(+$<.(R"R.('(0'"+-"'(
<+!(P+G-.!w(+F
K(
9(<"!&-"0"$'HI+(.m&4F"('!(0F43.-.!(<'(.&+$+0"'V(P+-(.m.0P4+V(
"0P.<"$<+(+(!.F('&.!!+('+(&-a<"/+(+F(r(P+!!.(+F(3.-'$H'(<.(/.--'`
c.!0+($F0'(!"/F'HI+(<.(&-"!.(+(Y!/'<+(/.0(<.(P-+R'-(qF.(F!+F(+(0im"O
0+(<+!(-.&F-!+!(<"!P+$^R."!(.(qF.(.!!.(F!+(M+"(.M.&/F'<+(&+0(.M"&"T$&"'`(
9!(P.-#F$/'!(qF.(<.R.0(!.-(M."/'!(P'-'(<./.-0"$'-(!.(F0(Y!/'<+(F!+F(
+F($I+(+(0im"0+(<+!(-.&F-!+!(<"!P+$^R."!("$&4F.0('!(!.#F"$/.!J
K(
)$<.(a(qF.(#'!/+F(+!(!.F!(-.&F-!+!(N+$!/-F"F($+R+!(.<"M^&"+!(<.(4Fm+V(
$.#4"#.$&"'$<+('!($.&.!!"<'<.!(!+&"'"!(Gi!"&'!
K(
]!+F(+!(!.F!(-.&F-!+!(.M"&".$/.0.$/.V(P+-(.m.0P4+V(<"!P+$"G"4"g+F(
#-'$<.!(qF'$/"<'<.!(<.(<"$3."-+(P'-'(&'-#+!(<.(!'v<.V(0'!(0F"/+(
P+F&+(P'-'('(M+-0'HI+(<+(P.!!+'4
K(
9(&+--FPHI+(.!/i('('M.&/'-('(P-.!/'HI+(<.(!.-R"H+!(.V($.!!.(&'!+V(+(
Y!/'<+(.!/i('(/+0'-(0.<"<'!(P'-'(P|-(M"0('(.4'
K(
Y!/i('(M"!&'4"g'-('(.m/.$!I+(<'(-.'4"g'HI+(<.(&'<'(F0(<+!(<"-."/+!
K(
]/"4"g+F(<'<+!(<.!'#-.#'<+!('&/F'4"g'<+!(P'-'(<.&"<"-(qF'"!(+!(
#-FP+!(+F(!.&/+-.!(<'(P+PF4'HI+(&+0(0'"+-($.&.!!"<'<.(<.(-.&F-!+!(
.!P.&^M"&+!(
K(
1.(F/"4"g+F(/+<+!(+!(!.F!(-.&F-!+!(<"!P+$^R."!V(!+4"&"/+F('!!"!/T$&"'('(
+F/-+!(Y!/'<+!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((P%53-($-)"JK3
DE#
Z97+0%0H/%70%/F,+?7G[-0%@/0%'0.7@/0%-4%,-:7GH/%7/0%@+,-+./0%'68W
LF,+?7GH/%
,-:71+/27@7%1/4%
/0%@+,-+./0%'68
6+?2+D17@/
]!'-(/+<+!(+!(0."+!( E+-(.m.0P4+V($I+(![(P+-(0."+(<.(4.#"!4'HI+('P-+P-"'<'V(0'!(/'0Ga0(
'P-+P-"'<+!("$&4F"$O
M'&F4/'$<+(!"!/.0'!('P-+P-"'<'!(P'-'('(M"!&'4"g'HI+(<'(!F'("0P4.0.$/'HI+V(
<+V(.0(P'-/"&F4'-V('(
"$&4F"$<+(P+4^/"&'!V(P4'$+!(<.('&HI+(.(.!/-'/a#"'!(S&+$!F4/'-('(N'"m'(?U`
'<+PHI+(<.(0.<"O
<'!(4.#"!4'/"R'!
E-+"G"-(.(.4"0"$'-('(
9(<"!&-"0"$'HI+(<.R.(!.-(&+$!"<.-'<'("4.#'4(.(<.R.0(!.-(/+0'<'!(0.<"<'!(
<"!&-"0"$'HI+
qF.(P+$3'0(M"0('(.4'(S&+$!F4/'-('(1.&HI+(B`CU`
9!!.#F-'-(r!(P.!O
N-"'-(0.&'$"!0+!('P-+P-"'<+!(S&+$!F4/'-('(1.&HI+(B`?U`
!+'!(&FX+!(<"-."/+!(
M+-'0(R"+4'<+!(+(
'&.!!+('(-.&F-!+
87+E7%OP%LF,+?7GH/%@-%D017:+N7,
…([GR"+(qF.(P'-'(&F0P-"-(/+<'!('!(!F'!(+G-"#'Hb.!(+(Y!/'<+(<.R.(M"!&'4"g'-(+(!.F(P-+#-.!!+`(
)(P'-i#-'M+(C(<+(N+0.$/i-"+(p.-'4(*‡8(<+(N,Y1N('M"-0'(qF.(+(Y!/'<+(<.R.V(.$/-.(+F/-'!(
&+"!'!V("$R.!/"#'-(.(M"!&'4"g'-('(!"/F'HI+(-.4'/"R'('(&'<'(<"-."/+(P'-'J
K(
,./.-0"$'-(!.(+!(<"-."/+!(.!/I+(+F($I+('(!.-(-.'4"g'<+!w(.
K(
,'-(.!P.&"'4('/.$HI+(r!(-.#"b.!(0'"!($.&.!!"/'<'!(+F('+!(#-FP+!(0'"!(0'-#"$'4"g'<+!(+F(
<.!M'R+-.&"<+!`
E'-'("!!+V(<.R.(-.&+43.-("$M+-0'HI+(.(<'<+!(.!/'/^!/"&+!(.(<.M"$"-(P+$/+!(<.(-.M.-T$&"'(S&+$!F4/'-(
'(N'"m'(@U(.(+GX.&/"R+!(P'-'('(-.'4"g'HI+(P-+#-.!!"R'(<+!(<"-."/+!`(Y0G+-'(+!(Y!/'<+!(/.$3'0('(
+G-"#'HI+(<.(M"!&'4"g'-(+!(<"-."/+!V(0F"/'!()1N(/'0Ga0(0+$"/+-"g'0(<"-."/+!(.!P.&^M"&+!`
87+E7%`P%",.+?/%Rn%@/%;$*'68
)(9-/"#+‡6(<+(E:,Y1N(.m"#.(qF.(+(Y!/'<+(/+0.(0.<"<'!(<.4"G.-'<'!V(&+$&-./'!(.(<.!/"$'<'!(
F/"4"g'$<+(+(0im"0+(<.(-.&F-!+!(<"!P+$^R."!(&+0(+(M"0(<.(&F0P-"-('!(+G-"#'Hb.!(P-.R"!/'!($+(
E'&/+`(:!/+(.m"#.('(.4'G+-'HI+(<.(F0(P4'$+V('(<.M"$"HI+(<.(+GX.&/"R+!(.('(0+$"/+-"g'HI+(<+(
P-+#-.!!+`()!(/.-0+!(/a&$"&+!(F!'<+!("$&4F.0J
K(
:$<"&'<+-.!J('4#+(qF.(0.<.(F0(-.!F4/'<+(SP+-(.m.0P4+V(+($v0.-+(<.(P.!!+'!(qF.(
&+$&4F^-'0(+(.$!"$+(P-"0i-"+UV(+F(F0(P-+&.!!+(S&+0+(+($v0.-+(<.(&-"'$H'!(qF.(
M-.qF.$/'0('&/F'40.$/.(+(.$!"$+(P-"0i-"+Uw(.(((((((((((((((((((((((((((((((((((((((P%53-($-)"JK3
(((((((((((((((((((((((((((((((((((((((((((((((((((((((((
DF
;7,.-%$P%$2Q/,47GH/%F<0+17
K(
E+$/+!(<.(-.M.-T$&"'J(0./'!('('4&'$H'-V(&+0+(P+-(.m.0P4+V(@7„(<.(4"/.-'&"'`
Y!/iO!.('(/-'G'43'-($+(<.!.$R+4R"0.$/+(<.("$<"&'<+-.!(<.(<"-."/+!(3F0'$+!(P'-'(&'<'(<"-."/+(
Y1N`(Y!/.!(.!/I+(<.!&-"/+!($'!(G-+&3F-'!(-.4.R'$/.!`(*'(E'-/.(::(<.!/.(0'$F'4(!I+(<'<'!(
!F#.!/b.!(!+G-.(+(0+<+(&+0+(.!/.!("$<"&'<+-.!(<.R.0(!.-(F/"4"g'<+!`
YkU%%
LF,+?7GH/%@-%>o,%D4%I%@+01,+4+27GH/% %
%
%
%
%%%%%%%%%%%%
,"!&-"0"$'HI+(!"#$"%&'(/-'/'-('!(P.!!+'!(<.(0'$."-'(<"M.-.$/.`(uF'$<+('(<"!&-"0"$'HI+("0P.<.(
'!(P.!!+'!(<.(-.'4"g'-.0(+!(!.F!(<"-."/+!(3F0'$+!V(.4'(&+$!/"/F"(F0'(R"+4'HI+(<+!(<"-."/+!(
3F0'$+!`(*"$#Fa0(<.R.(!.-(<"!&-"0"$'<+(&+0(G'!.(.0(0+/"R+!(<.(-'H'V(&+-V(!.m+V(4^$#F'V(
-.4"#"I+V(+P"$"I+(P+4^/"&'(+F(qF'4qF.-(+F/-'(+P"$"I+V(+-"#.0($'&"+$'4(+F(!+&"'4V(P-+P-".<'<.V(
$'!&"0.$/+(+F(qF'4qF.-(+F/-'(!"/F'HI+`
*'(N+$R.$HI+(<'!(*'Hb.!(]$"<'!(!+G-.('(Y4"0"$'HI+(<.(f+<'!('!(\+-0'!(<.(,"!&-"0"$'HI+(
Q'&"'4V('(<"!&-"0"$'HI+(-'&"'4(a(<.%$"<'(&+0+(}Q)"0Q)'6%=$.($-JK3R%'O50).K3R%6'.(6$JK3%3)%
26'>'6N-5$"%>)-="="%-"%6"J"R%536R%".5'-=N-5$"R%36$7',%-"5$3-"0%3)%S(-$5"R%Q)'%('-4"%53,3%
3:?'5($T3%3)%53,3%'>'$(3%='.(6)$6%3)%53,263,'('6%3%6'53-4'5$,'-(3R%73U3%3)%'O'65V5$3R%',%
53-=$JW'.%='%$7)"0="='R%=3.%=$6'$(3.%=3%43,',%'%=".%0$:'6="='.%>)-=",'-("$.%-3.%=3,V-$3.%
230V($53R%'53-X,$53R%.35$"0%'%5)0()6"0%3)%',%Q)"0Q)'6%3)(63%=3,V-$3%="%T$="%2Y:0$5"`~
9(<"!&-"0"$'HI+(&'F!'(.(M'g(P-.R'4.&.-('(P+G-.g'`(Y4'(.m&4F"(#-FP+!(RF4$.-iR."!(<+(.m.-&^&"+(
<.(0F"/+!(<+!(!.F!(<"-."/+!(Y1NV(&+0+(+(<"-."/+(r(.<F&'HI+V(+('&.!!+('(&F"<'<+!(<.(!'v<.(<.(
qF'4"<'<.(.('(3'G"/'HI+(&+$<"#$'`
87+E7%\P%d,9>/0%47,?+27:+N7@/0%-%T9:2-,<T-+0
p-FP+!(0'-#"$'4"g'<+!(!I+('qF.4.!(qF.(.!/I+(M+-'(<'(!+&".<'<.(&+$R.$&"+$'4(+F(qF.($I+(
P'-/"&"P'0($'(!+&".<'<.($'(0.!0'(G'!.(qF.(+(#-FP+(<+0"$'$/.`(Y4.!("$&4F.0('!(P.!!+'!(
"$<^#.$'!(.(+!(#-FP+!(a/$"&+!(0"$+-"/i-"+!`
E.!!+'!(RF4$.-iR."!(!I+('!(qF.(!I+(0.$+!(&'P'g.!(<.(!.(P-+/.#.-.0('(!"(P-[P-"'!(.0(&.-/'!(
!"/F'Hb.!`(Ym.0P4+!(<.!/'!("$&4F.0('(!.&'V(r(qF'4(+!('#-"&F4/+-.!(!.-"'0(.!P.&"'40.$/.(
RF4$.-iR."!w(F0'(.P"<.0"'V(qF.(P+<.-"'(0'/'-('!(P.!!+'!(qF.(P'!!'0(M+0.(+F(qF.(.!/I+(
.$M-'qF.&"<'!w(+F(F0(&+$M4"/+V(+$<.('(R"+4'HI+(P+<.(!.-(F!'<'(&+0+('-0'`(f'0Ga0(P+<.0(
!.-(P.!!+'!(&+0($.&.!!"<'<.!(M^!"&'!(+F(.0+&"+$'"!(.!P.&"'"!V(&+0+(&-"'$H'!(+F(P.!!+'!(
&+0(<.M"&"T$&"'!`
cF"/'!(P.!!+'!(P.-/.$&.0('('0G+!(+!(#-FP+!`
DG#
Z97+0%0H/%70%/F,+?7G[-0%@/0%'0.7@/0%-4%,-:7GH/%7/0%@+,-+./0%'68W
9+(&+$/-i-"+(<.('4#F0'!(+G-"#'Hb.!(<+(Y!/'<+(qF.(!I+(-.'4"g'<'!(P-+#-.!!"R'0.$/.('+(4+$#+(
<.(F0(P.-^+<+(<.(/.0P+V('(+G-"#'HI+(<.(P-+"G"-V("0P.<"-(.(.4"0"$'-('(<"!&-"0"$'HI+(a(F0'(
+G-"#'HI+("0.<"'/'`(E+-(+F/-'!(P'4'R-'!V(+(Y!/'<+(<.R.('#"-("0.<"'/'0.$/.(&+0(+(%0(<.(
P-+"G"-('(<"!&-"0"$'HI+(.(/-'/'-('(<"!&-"0"$'HI+V(&+0+(<.%$"<'('&"0'V(&+0+(F0'(R"+4'HI+('+!(
<"-."/+!(3F0'$+!`
5`#(R"+(W(!"'9#"+"-,TU&(
TU&(
,
"
+
#"
,(!"'9
DH
"+$!",%,+$-%$H
,
_(*+(+
&!&'(
%
(
'
&
'&+
H
"C*,"'
%
5`#(R"+(
"+$!",%,+$%$H
87+E7%K_P%*+01,+4+27GH/
K(
)($‡6(<+(9-/"#+‡6(<+(E:,Y1N('M"-0'(qF.(+!(Y!/'<+!(E'-/.!(!.(&+0P-+0./.0('(.m.-&.-(
/+<+!(+!(<"-."/+!(.$F$&"'<+!($+(E:,Y1N(ˆ`(}!.0(<"!&-"0"$'HI+('4#F0'(G'!.'<'(.0(
0+/"R+!(<.(-'H'V(&+-V(!.m+V(4^$#F'V(-.4"#"I+V(+P"$"I+(P+4^/"&'(+F(qF'4qF.-(+F/-'(+P"$"I+V(
+-"#.0($'&"+$'4(+F(!+&"'4V(M+-/F$'V($'!&"0.$/+(+F(qF'4qF.-(+F/-'(!"/F'HI+~w(.
K(
)(9-/"#+‡6(<'(N'-/'(9M-"&'$'(P-+^G.('(<"!&-"0"$'HI+(&+$/-'(qF'4qF.-(P.!!+'(&+0(G'!.(.0(
0+/"R+!(<.J(}-'H'V(+-"#.0(a/$"&'V(&+-V(!.m+V(4^$#F'V(-.4"#"I+V(+P"$"I+(P+4^/"&'(+F(qF'4qF.-(
+F/-'(+P"$"I+V(+-"#.0($'&"+$'4(.(!+&"'4V(M+-/F$'V($'!&"0.$/+(+F(+F/-'(&+$<"HI+(!+&"'4`~
;i(+F/-+!(/-'/'<+!(qF.(4"<'0(&+0(M+-0'!(.!P.&^M"&'!(<.(<"!&-"0"$'HI+(S&+$!F4/'-(+(9PT$<"&.(CU`
DH
;7,.-%$P%$2Q/,47GH/%F<0+17
cF"/+!(Y!/'<+!(P+!!F.0(4."!('$/"O<"!&-"0"$'/[-"'!V(0'!("!/+($I+(a(!F%&".$/.`(94#F0'!(4."!(!I+(
}$.F/-'!(.0(/.-0+!(<.(#a$.-+~V("!/+(aV($+(P'P.4(P'-.&.0($I+(<"!&-"0"$'-(&+$/-'('!(0F43.-.!V(
0'!(M'g.0O$+($'(P-i/"&'`
)!(Y!/'<+!(<.R.0("<.$/"%&'-(+$<.(+&+--.0('!(<"!&-"0"$'Hb.!V($'(4."(+F($'(P-i/"&'V(.(.!M+-H'-O
!.(P+-(P|-(%0(r!(0.!0'!(.(P+-("0P.<"-('(!F'(-.&+--T$&"'`(9!(/'-.M'!("$&4F.0J
b# 8*,-.O)#K*#&%L-+$)23-#-0#K)K-'#'-1+*#-#%R$*+-#K*#/*''-)'#P0*#(c$#*#P0*#%3-#(c$#
),*''-#)-'#'*+V&2-'`(Y!/.!(<'<+!(<.R.0(!.-(<.!'#-.#'<+!(+F(<"R"<"<+!(.0(&'/.#+-"'!(&+0+(
3+0.$!t0F43.-.!V(-F-'4tF-G'$'V(#-FP+!(./i-"+!V(./&`V(<.(0+<+(qF.('!('F/+-"<'<.!(P+!!'0(
R.-(+$<.(+&+--.('(<"!&-"0"$'HI+`()!(<'<+!(<.R.0(!.-('&/F'4"g'<+!(P.-"+<"&'0.$/.V(P'-'(
0'$/.-(+(!.F(-"#+-w
b# !K*%(&L&,)23-#K)'#,)0')'`(9(<"!&-"0"$'HI+(a(&+$!.qFT$&"'V(.0(#-'$<.(0.<"<'V(<.(
<.!"#F'4<'<.!($'!(-.4'Hb.!(<.(P+<.-(S&+$!F4/'-('(N'"m'(88U`(Y4'(P+<.(!.-J
O(( <.4"G.-'<'V(P+-(.m.0P4+V('+('G-"#+(<'!(4."!(<+('P'-/3."<(S!.#-.#'HI+(-'&"'4Uw
O(( &+$!.qFT$&"'(<.($.#4"#T$&"'w(+F
O(( 4"#'<'('(P-i/"&'!(&F4/F-'"!(+F(/-'<"&"+$'"!w
b# d",23-#)L&+$)(&V)e#-0#d$*K&K)'#/-'&(&V)'ea#…(<.R.-(<+!(Y!/'<+!(/+0'-.0("$"&"'/"R'!(P'-'(
.4"0"$'-.0('(<"!&-"0"$'HI+`(94#F0'!(0.<"<'!(/.$/'0(P|-(M"0(r(<"!&-"0"$'HI+(P+-(0."+(
<.(0.<"<'!(P-+R"![-"'!(+F(/.0P+-i-"'!V(P'-'('XF<'-(+!(0'"!($.&.!!"/'<+!`(Y!/'!(0.<"<'!(
"$&4F.0('($+0.'HI+(<.(0F43.-.!(P'-'('!!.$/+!(P'-4'0.$/'-.!(.!P.&"'"!(+F('(+M.-/'(
#-'/F"/'(<.(R'#'!(F$"R.-!"/i-"'!('(.!/F<'$/.!(<.(#-FP+!(0'-#"$'4"g'<+!w(.
b# 8*,0+'-'J(!I+($.&.!!i-"+!(‚(-.&F-!+!(P'-'(-.!/'F-'-('(XF!/"H'`(9!(P.!!+'!(<.R.0(P+<.-(
'P-.!.$/'-(qF."m'!(!+G-.(/-'/'0.$/+(<"!&-"0"$'/[-"+V(P+-(.m.0P4+V(r(&+0"!!I+($'&"+$'4(<.(
<"-."/+!(3F0'$+!`(SN+$!F4/'-('(1.&HI+(B`?U
87+E7%KKP%*-0+?97:@7@-%270%,-:7G[-0%@-%>/@-,%-%7%097%1/2.,+F9+GH/%
%%%%%%%%%%%%%%%%%>7,7%7%@+01,+4+27GH/
b#
?)#L)$[.&)#!I+(+!(3+0.$!(qF.(3'G"/F'40.$/.(/T0(0'"+-(P+<.-(.&+$[0"&+(.(&+$/-+4'0('!(
M"$'$H'!(.(+F/-+!(-.&F-!+!(<'(M'0^4"'V(0'"!(<+(qF.('!(0F43.-.!`(9!(0F43.-.!(/T0(0.$+!(+P+-O
/F$"<'<.!V(P+-(.m.0P4+V(<.('&.<.-('(&-a<"/+(+F(<.(P+!!F^-.0(+F(3.-<'-.0(/.--'(.(P-+P-".<'<.`(
94a0(<"!!+V(+!(P'"!(P+-(R.g.!(/T0(0'"!(<"-."/+!(!+G-.(+(!.F!(M"43+!(<+(qF.('!(0F43.-.!w
b#
?-#(+)1).O-#'!(0F43.-.!(M-.qF.$/.0.$/.(-.&.G.0(!'4i-"+!(0'"!(G'"m+!(<+(qF.(+!(3+0.$!V(
P'-'(+(0.!0+(/-'G'43+(-.'4"g'<+w(+!(/-'G'43'<+-.!(0"#-'$/.!("$<+&F0.$/'<+!(!I+(
.mP4+-'<+!w('!(&-"'$H'!(.(+!(3+0.$!(.(0F43.-.!(X+R.$!(!I+(!FG0./"<+!('('!!a<"+(!.mF'4(.(
'(R"+4'HI+(P.4+!(!.F!(.0P-.#'<+-.!(+F(!FP.-R"!+-.!w
b#
?)#,-$0%&K)K*#'('/-"GF"HI+(<.(R.-G'!(M-.qF.$/.0.$/.(M'R+-.&.(+!(G'"--+!(-"&+!(r(&F!/'(
<'!(&+0F$"<'<.!(0'"!(P+G-.!w(.
K(
Y0P-.!'!#&%(*+%),&-%)&'V(/-'$!$'&"+$'"!(+F(0F4/"$'&"+$'"!V(/T0(0'"!(P+<.-(!+G-.(+(F!+(
<+!(-.&F-!+!($'/F-'"!(<+(qF.('!(&+0F$"<'<.!(4+&'"!`
DI#
Z97+0%0H/%70%/F,+?7G[-0%@/0%'0.7@/0%-4%,-:7GH/%7/0%@+,-+./0%'68W
YkY%%
8:<909:70%-0>-1+7+0%>7,7%1-,./0%?,9>/0%@-%>-00/70% %
%
%%%%%%%%%%%%%
)!(/-'/'<+!(.('!($+-0'!("$/.-$'&"+$'"!(<.(<"-."/+!(3F0'$+!("$&4F.0(&4iF!F4'!(.!P.&"'"!(qF.(
'XF<'0('(-.<Fg"-(.('(.4"0"$'-('(<"!&-"0"$'HI+(&+$/-'(#-FP+!(RF4$.-iR."!(.(0'-#"$'4"g'<+!(S.!/.!(
#-FP+!(.!/I+(<.%$"<+!($'(1.&HI+(B`CU`(*.!/'(!.&HI+(!I+(.m'0"$'<'!('!(&4iF!F4'!(.!P.&"'"!(
P'-'(&.-/+!(#-FP+!`
)!(/-'/'<+!("$/.-$'&"+$'"!(.(-.#"+$'"!V(.('(0'"+-"'(<'!(&+$!/"/F"Hb.!($'&"+$'"!V(P-+^G.0('(<"!&-"O
0"$'HI+(&+0(G'!.(.0(0+/"R+!(<.(-'H'V(&+-V(!.m+V(4^$#F'V(-.4"#"I+V(+P"$"I+(P+4^/"&'(+F(qF'4qF.-(
+F/-'(+P"$"I+V(+-"#.0($'&"+$'4(+F(!+&"'4V(P-+P-".<'<.V($'!&"0.$/+(+F(+F/-'(&+$<"HI+(!+&"'4`
)!(Y!/'<+!(<.R.0("<.$/"%&'-(.!/.!(#-FP+!(.('R'4"'-('!(!F'!($.&.!!"<'<.!V(&+0+(P-"0."-'(
0.<"<'(P'-'(+(&F0P-"0.$/+(<'!(!F'!(+G-"#'Hb.!(P'-'(&+0(.4.!`()!(<'<+!(<.R.0(!.-(
<.!'#-.#'<+!(<.('&+-<+(&+0(+(!.m+V(-.#"I+V(!"/F'HI+(.&+$[0"&'(.(+F/-+!(M'&/+-.!`(SN+$!F4/'-(
/'0Ga0('(N'"m'(@U`
YkYkK%%
8,+72G70%
%
%
%
%
%
%
%
%
%%%%%%%%%%%%%
,.('&+-<+(&+0('!($+-0'!("$/.-$'&"+$'"!V(&-"'$H'!(!I+(P.!!+'!(&+0(0.$+!(<.(8@('$+!(
<.("<'<.V(0.!0+(qF.('(4.#"!4'HI+($'&"+$'4(<.%$'(F0'("<'<.(4"0"/.(<"M.-.$/.`()!(/-'/'<+!(
P-"$&"P'"!(‰.(+!([-#I+!(P-.R"!/+!($+!(/-'/'<+!V("$<"&'<+!(‰.$/-.(P'-T$/.!"!Š(!I+J
K( 9(N+$R.$HI+(<'!(*'Hb.!(]$"<'!(!+G-.(+!(,"-."/+!(<'(N-"'$H'(SN+0"/a(<+!(,"-."/+!(<'(
N-"'$H'Uw(.('
K( N'-/'(9M-"&'$'(<+!(,"-."/+!(.(<+(=.0OY!/'-(<'(N-"'$H'(SN+0"/a(9M-"&'$+(<.(E.-"/+!(<+!(
,"-."/+!(.(<+(=.0OY!/'-(<'(N-"'$H'U`
90G+!('/-"GF.0(P-"+-"<'<.!('+!(!.#F"$/.!(P-"$&^P"+!(#.-'"!J
K( *I+(<"!&-"0"$'HI+w
K( f+<'!('!(<.&"!b.!(<+!(P'"!(+F(<+!(MF$&"+$i-"+!(<+(Y!/'<+(<.R.0(!.-(/+0'<'!(
r(4Fg(<+!(0.43+-.!("$/.-.!!.!(<'(&-"'$H'w
K( )(<"-."/+(<'(&-"'$H'(r(R"<'V(!+G-.R"RT$&"'V(P-+/.&HI+(.(<.!.$R+4R"0.$/+(<.R.(
!.-('!!.#F-'<+(+(0im"0+(P+!!^R.4w(.
K( 9!(&-"'$H'!(&'P'g.!(<.(.mP-"0"-.0('!(!F'!("<."'!(<.R.0(!.-(&+$!F4/'<'!(!+G-.(
qF.!/b.!(qF.('!('M.&/.0(.(/T0(+(<"-."/+(<.(.mP-"0"-(4"R-.0.$/.('!(!F'!(+P"$"b.!`
YkYkR%%
=9:S-,-0%-%,7>7,+?70%%
%
%
%
%
%
%
94#F$!(P'^!.!V(
&+0+(+(uFa$"'V(
'F/+-"g'0(+(
&'!'0.$/+(<.(
0.$+-.!V(.0(
R"+4'HI+(<+(
E-+/+&+4+(<'(
cF43.-(9M-"&'$'(
.(<'(N+$R.$HI+(
9M-"&'$'(<+!(
,"-."/+!(.(<+(
=.0OY!/'-(<'(
N-"'$H'
%%%%%%%%%%%%%
)!(P-"$&"P'"!(/-'/'<+!(.([-#I+!(<.(/-'/'<+!(!I+J
K( N+$R.$HI+(<'!(*'Hb.!(]$"<'!(!+G-.('(Y4"0"$'HI+(<.(f+<'!('!(\+-0'!(<.(,"!&-"0"$'HI+(
&+$/-'('!(cF43.-.!(SN+0"/a(P'-'('(Y4"0"$'HI+(<'(,"!&-"0"$'HI+(&+$/-'('!(cF43.-.!Uw(.(+
K( E-+/+&+4+(r(N'-/'(9M-"&'$'(<+!(,"-."/+!(<+(;+0.0(.(<+!(E+R+!(!+G-.(+!(,"-."/+!(<'!(
cF43.-.!(.0(lM-"&'(SN+0"!!I+(9M-"&'$'(<+!(,"-."/+!(<+(;+0.0(.(<+!(E+R+!U`
DN
;7,.-%$P%$2Q/,47GH/%F<0+17
90G+!(+!(/-'/'<+!("$&4F.0(&4iF!F4'!(!+G-.J
K( :#F'4<'<.(<.('&.!!+('(!.-R"H+!('<.qF'<+!V("$&4F"$<+('(!'v<.(.('(.<F&'HI+w
K( :#F'4<'<.(<.('0G+!(+!(P'-&."-+!($+(&'!'0.$/+w
K( E-+/.&HI+(&+$/-'('(R"+4T$&"'(<+0a!/"&'V($+(4+&'4(<.(/-'G'43+(.($'(&+0F$"<'<.(.(&+$/-'('!(
P-i/"&'!(/-'<"&"+$'"!($+&"R'!w
K( :#F'4(P'-/"&"P'HI+(<'(0F43.-($+(<.!.$R+4R"0.$/+w(.
K( )!(<"-."/+!(<.(P+!!F"-(.(3.-<'-(P-+P-".<'<.V(-.0F$.-'HI+("#F'4(P'-'(F0(/-'G'43+(<.(R'4+-(
"#F'4V("#F'4(+P+-/F$"<'<.(<.(P-+0+HI+(.(+(<"-."/+(<.(P'-/"&"P'-($'(R"<'(P+4^/"&'`
9(<"!&-"0"$'HI+(&+$/-'(-'P'-"#'!(.(0F43.-.!('M.&/'(#-'R.0.$/.(+(!.F('&.!!+('+!(<"-."/+!J
K( 9(R"+4T$&"'(&+$/-'('!(0F43.-.!V(+(&'!'0.$/+(<.(&-"'$H'!(.('(0+-/'4"<'<.(0'/.-$'4(.R"/iR.4(
R"+4'0(+(!.F(<"-."/+(r(R"<'(.(r("$/.#-"<'<.(M^!"&'w
K( 9!(.!/'/^!/"&'!(0+!/-'0(qF.('!(0F43.-.!V(&+0+(P-.!/'<+-'!(<.(&F"<'<+!(.(P-+<F/+-'!V(
/-'G'43'0(0F"/+(0'"!(<+(qF.(+!(3+0.$!(ƒ("!/+('M.&/'(+!(!.F!(<"-."/+!('+(4'g.-(.(r(
P'-/"&"P'HI+(.0('&/"R"<'<.!(.<F&'&"+$'"!(.(&F4/F-'"!w
)($‡S6U&(<+(
K( )!(&+!/F0.!(M-.qF.$/.0.$/.(4"0"/'0(+(<"-."/+(<'!(0F43.-.!(<.('&.!!+(r(
9-/"#+‡86(<+(
/.--'(.('+!(-.&F-!+!w
E-+/+&+4+(<'(
cF43.-(r(N'-/'(
)(&+!/F0.(<.(}3.-<'-~('!(R"vR'!($.#'(r!(0F43.-.!(+(<"-."/+(<.("#F'4<'<.(
K(
9M-"&'$'(P.<.(
$+(&'!'0.$/+w
.!P.&"%&'0.$/.(
K( 9!(-'P'-"#'!(!I+(M-.qF.$/.0.$/.(.m&4F^<'!(<+(.$!"$+(ƒ(F0(<"-."/+(qF.(.!/i(
'(&+$/"$F"<'<.(<'(
M-.qFT$&"'(.!&+4'-(
$'(G'!.(<'(0'"+-"'(<+!(+F/-+!(<"-."/+!w(.
<'!(-'P'-"#'!`
K( 9!(0F43.-.!(!I+(M-.qF.$/.0.$/.(.m&4F^<'!(<.(P'-/"&"P'-(.0(/+0'<'!(<.(
<.&"!I+('($^R."!($'&"+$'4(.(4+&'4`
ES#
Z97+0%0H/%70%/F,+?7G[-0%@/0%'0.7@/0%-4%,-:7GH/%7/0%@+,-+./0%'68W
YkYkU%%
a-Q9?+7@/0%
%
%
%
%
%
%
%
%
%%%%%%%%%%%%%%%
)!(-.MF#"'<+!(!I+(P.!!+'!(qF.(<."m'-'0(+(!.F(P'^!(<.R"<+('J
K( c.<+(G.0(MF$<'0.$/'<+(<.(!.-.0(P.-!.#F"<+!(<.R"<+(r(!F'(-'H'V(-.4"#"I+V($'&"+$'4"<'<.V(
#-FP+(!+&"'4(+F(+P"$"I+(P+4^/"&'V(.(qF.($I+(/T0(R+$/'<.(<.(-.#-.!!'-('+(!.F(P'^!w(+F
K( N+$M4"/+(+F(<+0"$'HI+(.!/-'$#."-'(.0(P'-/.(+F(.0(/+<+(+(!.F(P'^!`
f-'/'<+!(-.4.R'$/.!J
K( N+$R.$HI+(<'!(*'Hb.!(]$"<'!(!+G-.(+(Y!/'/F/+(<+!(Q.MF#"'<+!w(.
K( N+$R.$HI+(qF.(Q.#.(+!(9!P.&/+!(Y!P.&^M"&+!(<+!(E-+G4.0'!(<.(Q.MF#"'<+!(.0(lM-"&'`
*+!(/.-0+!(<.!/.!(/-'/'<+!J
K( )!(-.MF#"'<+!(<.R.0(-.&.G.-(P-+/.&HI+($+(P'^!(<.('!"4+w
K( )(!.F(/-'/'0.$/+(<.R.(!.-(+(0'"!(M'R+-iR.4(P+!!^R.4(.(&.-/'0.$/.($I+(0.$+!(M'R+-iR.4(<+(
qF.(+(/-'/'0.$/+(<'<+('(+F/-+!(.!/-'$#."-+!w(.
K( 1.(<.&"<"-.0(-.#-.!!'-(R+4F$/'-"'0.$/.('+(!.F(P'^!V(+F(!.(M+-.0(R"R.-(P'-'(+F/-+(P'^!V(
<.R.0(-.&.G.-('('!!"!/T$&"'($.&.!!i-"'`
87+E7%KRP%;,/.-1GH/%@/0%@+,-+./0%@/0%,-Q9?+7@/05%;*$%-%.,7F7:S7@/,-0%%%%%%%%%%%%%%%%%%%%%
% %%%%%%%%%%%%4+?,72.-0%
Y!/.!(/-T!(#-FP+!(!+M-.0(Ri-"'!(M+-0'!(<.(<"!&-"0"$'HI+(<.R"<+('+(!.F(.!/'/F/+`(cF"/+!(
-.MF#"'<+!(.(E,:('G'$<+$'-'0('!(!F'!(&'!'!(<.R"<+('(&+$M4"/+(+F('(R"+4'Hb.!(<+!(<"-."/+!(
3F0'$+!`(cF"/+!(/'0Ga0(!+M-.-'0(R"+4'Hb.!(<+!(<"-."/+!(<F-'$/.(+(!.F(P.-&F-!+V(<.P+"!(<.(
'G'$<+$'-.0('!(!F'!(&'!'!V(+F(<.P+"!(<'(!F'(&3.#'<'('+(<.!/"$+`()!(/-'G'43'<+-.!(0"#-'$/.!(
.('!(!F'!(M'0^4"'!V(.!P.&"'40.$/.(+!(qF.($I+(0"#-'-'0('/-'Ra!(<+!(&'$'"!($+-0'"!V(.$M-.$/'0(
.m&4F!I+(.(0'F!(/-'/'0.$/+!`
)(N+0"/a(qF.(M"!&'4"g'('("0P4.0.$/'HI+(<'(N+$R.$HI+(:$/.-$'&"+$'4(P'-'('(Y4"0"$'HI+(<.(
f+<'!('!(\+-0'!(<.(,"!&-"0"$'HI+(Q'&"'4(SNYQ,U(!'4".$/+F(qF.(+!(Y!/'<+!(<.R.0(}.4"0"$'-(
/+<+!(+!(+G!/i&F4+!(qF.("0P.<.0(+(.m.-&^&"+(<+!(<"-."/+!(.&+$[0"&+!V(!+&"'"!(.(&F4/F-'"!(
P+-($I+(&"<'<I+!V(.!P.&"'40.$/.($'!(i-.'!(<'(.<F&'HI+V(3'G"/'HI+V(.0P-.#+(.(!'v<.`~()!(
-.MF#"'<+!(.(+!(/-'G'43'<+-.!(0"#-'$/.!(!I+(&+$!"<.-'<+!(}$I+(&"<'<I+!~`
YkYkY%%
;-00/70%*-0:/17@70%$2.-,274-2.-%p;*$q%
%
%
%
%
%%%%%%%%%%%%%%
,.('&+-<+(&+0(+(<"-."/+("$/.-$'&"+$'4V('!(P.!!+'!(<.!4+&'<'!("$/.-$'0.$/.(SE,:U(!I+('qF.4'!(
qF.(!.(<.!4+&'-'0(P'-'(+F/-'(P'-/.(<+(!.F(P-[P-"+(P'^!J
K( E+-(0.<+(<.(P.-!.#F"HI+V(+F
K( Y0(&+$!.qFT$&"'(<.(<.!'!/-.!($'/F-'"!`
EB
;7,.-%$P%$2Q/,47GH/%F<0+17
Y0(lM-"&'V('!(E,:(/'0Ga0(!I+(P.!!+'!(qF.(M+-'0(<.!4+&'<'!(.0(R"-/F<.(<.(P-+X.&/+!(<.(
<.!.$R+4R"0.$/+("0P+-/'$/.!(.(P+-(M'4/'(<.(<.!.$R+4R"0.$/+`(Y!/'!(&'/.#+-"'!('<"&"+$'"!(
.!/I+("$&4F^<'!($'(N+$R.$HI+(<'(]9(P'-'('(E-+/.&HI+(.(9!!"!/T$&"'(<'!(E.!!+'!(,.!4+&'<'!(
:$/.-$'0.$/.(.0(lM-"&'V('<+P/'<'('(6C(<.()F/FG-+(<.(677>`(*'('4/F-'(<'(-.<'&HI+(<.!/.(
0'$F'4(.!/.(/-'/'<+('"$<'($I+(/"$3'(.$/-'<+(.0(R"#+-`
)!(Y!/'<+!(qF.(!I+(P'-/.!($+(/-'/'<+('!!F0.0('(+G-"#'HI+(<.($I+(&'F!'-(+F(P.-0"/"-(
<.!4+&'0.$/+!('-G"/-i-"+!(.(<.(4.R'-(r(XF!/"H'(+!(qF.(!I+(-.!P+$!iR."!(P+-(/'"!(<.!4+&'0.$/+!`(
)!(Y!/'<+!(/'0Ga0(/T0('(+G-"#'HI+V(.$/-.(+F/-'!(&+"!'!V(<.J
K( 9!!.#F-'-(qF.('!(+-#'$"g'Hb.!(3F0'$"/i-"'!(.(+(!.F(P.!!+'4(/T0('&.!!+(-iP"<+(.($I+(
<"M"&F4/'<+(r!(E,:w
K( Q.!P."/'-(.(P-+/.#.-(+!(<"-."/+!(3F0'$+!(<'!(E,:w
K( E-+0+R.-('('F/+!FM"&"T$&"'(.(0."+!(<.(R"<'(!F!/.$/iR."!(r!(E,:w(.
K( E-+P+-&"+$'-V(!.0P-.(qF.(P+!!^R.4V("$<.0$"g'HI+(.(-.'G"4"/'HI+(S&+$!F4/'-('(1.&HI+(B`?U`
)(/-'/'<+(/'0Ga0("0Pb.('+!(#-FP+!('-0'<+!(+(<.R.-(<.(!.('G!/.-.0(<.J(.M.&/F'-(
<.!4+&'0.$/+!('-G"/-i-"+!w(-.!/-"$#"-(+!(0+R"0.$/+!(<.(E,:(+F('(<"!/-"GF"HI+(<.('Fm^4"+w(.(<.(
-.&-F/'-(&-"'$H'!`
YkYkX%%
(,7F7:S7@/,-0%4+?,72.-0%-%0970%Q74c:+70%
,9-*#
f+<+!(+!(/-'G'43'<+-.!(0"#-'$/.!(.(!F'!(
M'0^4"'!(<.R.0(R.-(&+$!'#-'<+!(+!(!.F!(
<"-."/+!(MF$<'0.$/'"!`(N+$/F<+V(&+0+($I+(
!I+(&"<'<I+!(<+(P'^!V(P+<.0(!.-O43.!($.#'O
<+!('4#F$!(<"-."/+!V(&+0+(+(<"-."/+(<.(R+/'-`
EC#
%
%
%
%
%%%%%%%%%%%%%%
)!(/-'G'43'<+-.!(0"#-'$/.!(!I+(&"<'<I+!(<.(
F0(P'^!(qF.(/-'G'43'0($+F/-+(P'^!(ƒ('4#F$!(
.$/-'0($+(P'^!(3+!P.<."-+(4.#'40.$/.V(
.$qF'$/+(+F/-+!($I+`
Z97+0%0H/%70%/F,+?7G[-0%@/0%'0.7@/0%-4%,-:7GH/%7/0%@+,-+./0%'68W
)(/-'/'<+(-.4.R'$/.(a('(N+$R.$HI+(:$/.-$'&"+$'4(!+G-.('(E-+/.&HI+(<+!(,"-."/+!(<.(f+<+!(+!(
f-'G'43'<+-.!(c"#-'$/.!(.(<+!(c.0G-+!(<'!(!F'!(\'0^4"'!V(qF.(.$/-+F(.0(R"#+-(.0(dF43+(<.(
677C`(Y0(\.R.-."-+(<.(6787(/"$3'(!"<+(-'/"%&'<+('P.$'!(P+-(B6(Y!/'<+!`
YkYk]%%
;-00/70%1/4%@-D1+^21+70%
%
%
%
%
%
%
%%%%%%%%%%%%%
9!(P.!!+'!(&+0(<.%&"T$&"'!(.$M-.$/'0(G'--."-'!(<.(+-<.0(M^!"&'(.(<.(+F/-'($'/F-.g'(qF.('!(
"0P.<.(<.(P'-/"&"P'-(P4.$'(.(.M.&/"R'0.$/.($'(!+&".<'<.V(&+0+('(.m&4F!I+(.('(<"!&-"0"$'HI+`
*+-0'!(-.4.R'$/.!J
K( N+$R.$HI+(<'()*](!+G-.(+!(,"-."/+!(<'!(E.!!+'!(&+0(,.M"&"T$&"'w(.
K( ,.&4'-'HI+(<'()*](!+G-.(+!(,"-."/+!(<'!(E.!!+'!(&+0(,.M"&"T$&"'`
YkYkO%%
"9./@-.-,4+27GH/%-%>/T/0%+2@c?-270%%
%
%
%
%
%%%%%%%%%%%%%%%
)(p-FP+(<.(f-'G'43+(!+G-.('!(E+PF4'Hb.!(:$<^#.$'!(<'(N+0"!!I+(9M-"&'$'(Skp:EU('$'4"!+F(
'(!"/F'HI+(<.(0F"/+!(#-FP+!(<.(P.!!+'!(.0(lM-"&'`()(p-FP+(<.&4'-+F(qF.V(.0(R.g(<.(/.$/'-(
<'-(F0'(<.%$"HI+(<.(}E+R+!(:$<^#.$'!~V(.-'(0.43+-("<.$/"%&iO4+!(P.4'!(!F'!(&'-'&/.-^!/"&'!`(
Y4.!(!I+(#-FP+!(&FX'!(}&F4/F-'!(.(0+<+!(<.(R"<'(<"M.-.0(&+$!"<.-'R.40.$/.(<+!(<'(!+&".<'<.(
<+0"$'$/.(.(‰ˆŠ(.$&+$/-'0O!.('0.'H'<+!V($'4#F$!(&'!+!('/a(0.!0+(<.(.m/"$HI+`(E'-'('(0'"+-(
P'-/.(<.4.!(F0'(&'-'&/.-^!/"&'(.!!.$&"'4(a(qF.('(!+G-.R"RT$&"'(<+(!.F(0+<+(<.(R"<'(.!P.&^%&+(
<.P.$<.(<+('&.!!+(.(<+!(<"-."/+!(r(!F'(/.--'(/-'<"&"+$'4(.('+!(-.&F-!+!($'/F-'"!(<'(0.!0'`~8D
)(kp:E(/'0Ga0(-.X."/+F('4#F0'!("<."'!(.--'<'!(S0'4O.$/.$<"<+!UV(qF.(.!/I+(-.!F0"<'!($'(
f'G.4'(A`
9(0'"+-(P'-/.(<+!(Y!/'<+!(9M-"&'$+!(R+/+F('(M'R+-(<'(,.&4'-'HI+(<'()*](!+G-.(+!(,"-."/+!(
<+!(E+R+!(:$<^#.$'!`(9(N'-/'(9M-"&'$'(/'0Ga0(-.&+$3.&.(.(P-+/.#.(<"-."/+!(&+4.&/"R+!(+F(}<+!(
P+R+!~`()!(qF.(/-'G'43'0(.0(<"-."/+!(<+!(E+R+!(:$<^#.$'!(<.R.0(&+$!F4/'-('(,.&4'-'HI+(<'(
)*](.(+(-.!F0+(<+(-.4'/[-"+(<+(kp:E`8A
(7F-:7%]P%$@-+70%-,,7@70%0/F,-%/0%>/T/0%+2@c?-270%
$@-+70%-,,7@70
'E>:+17GH/
)!(#-FP+!("$<^#.$'!(
E+<.0(!.-(<.!.$R+4R"<'!(P+4^/"&'!(qF.(&-".0(+P+-/F$"<'<.!(.(<T.0(
P+<.0(P-+&F-'-('(
'(/+<+!(+!(#-FP+!(.!P'H+(P'-'('('F/+<./.-0"$'HI+(<.$/-+(<+!(4"0"/.!((
"$<.P.$<T$&"'
<'!(M-+$/."-'!($'&"+$'"!`
((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((P%53-($-)"JK3
ED
;7,.-%$P%$2Q/,47GH/%F<0+17
$@-+70%-,,7@70
'E>:+17GH/
E-+0+R.-(+!(<"-."/+!(
)(-.&+$3.&"0.$/+(.(+(-.!P."/+(P+-(#-FP+!(a/$"&+!(.(&F4/F-'"!(<"R.-!+!(
"$<^#.$'!(&+$<Fg('(
"0P.<.(+(&+$M4"/+`(c'!('(/.$/'/"R'(<.(+!(&+$M+-0'-('(F0'("<.$/"<'<.(
/-"G'4"!0+(.(&+$M4"/+!
&+0F0(+-"#"$'(&+$M4"/+!`
N+$&.<.-(<"-."/+!(
N.-/+!(#-FP+!(.$M-.$/'0(<"!&-"0"$'HI+(<.R"<+(r(!F'(&F4/F-'(.(0+<+(<.(
.!P.&"'"!('('4#F$!(#-FP+!( P-+<FHI+(.(P+-/'$/+(a(XF!/+(qF.(.4.!V(/'4(&+0+('&+$/.&.(&+0(+F/-+!(
!.-"'("$XF!/+(P'-'(&+0(+!( #-FP+!V(&+0+(+!(/-'G'43'<+-.!(0"#-'$/.!V(P+!!F'0($+-0'!(qF.(!.(
+F/-+!(#-FP+!
'P4"qF.0(r(!F'(!"/F'HI+(.!P.&^M"&'`
f+<+!(+!('M-"&'$+!(!I+(
)(/.-0+(}P+R+!("$<^#.$'!~($I+("0P4"&'(qF.(+!(+F/-+!('M-"&'$+!($I+(!I+(
"$<^#.$'!(.(P+-("!!+(
"$<^#.$'!`()!('M-"&'$+!(qF.(!.("<.$/"M"&'0(&+0+(}P+R+!("$<^#.$'!~(
'(.mP-.!!I+(}P+R+!(
.!/I+(!"0P4.!0.$/.('(F!'-(+(/.-0+(qF.(a(F!'<+("$/.-$'&"+$'40.$/.(
"$<^#.$'!~($I+(/.0(
P'-'(&3'0'-('('/.$HI+(P'-'(<./.-0"$'<'!(M+-0'!(<.(<"!&-"0"$'HI+('(
!"#$"M"&'<+
qF.(.!/.!(#-FP+!(.!/I+(!FX."/+!`
YkX%%
*+,-+./0%19:.9,7+0%
%
%
%
%
%
%
%%%%%%%%%%%%%%%%%%%%%%
f'4(&+0+('(<.%$"HI+(<.(}P+R+!("$<^#.$'!~V('(<.%$"HI+(<.(&F4/F-'(/'0Ga0(a(<"M^&"4`
9(N'-/'(<+(Q.$'!&"0.$/+(NF4/F-'4(9M-"&'$+8?V('<+P/'<'(P.4'(]9(.0(d'$."-+(<.(677AV(<.%$"F(
&F4/F-'(&+0+(}3%53-?)-(3%='%5"6"5('6V.($5".%0$-7)V.($5".R%'.2$6$()"$.R%,"('6$"$.R%$-('0'5()"$.%
'%',35$3-"$.%=$.($-(".%="%.35$'="='%3)%='%),%76)23%.35$"0R%ZQ)'[%'-703:"R%"0S,%="%"6('%'%
0$('6"()6"R%3.%'.($03.%='%T$="R%,3=3.%='%T$="%',%53,)-$="='R%.$.(',".%='%T"036'.R%(6"=$JW'.%'%
56'-J".+~
9(&F4/F-'(0F<'(&+0(+(/.0P+(.('!(&"-&F$!/h$&"'!`(Y0G+-'(+!(<"-."/+!(&F4/F-'"!(.!/.X'0(
M-.qF.$/.0.$/.('!!+&"'<+!('(#-FP+!(0"$+-"/i-"+!(+F("$<^#.$'!V(/+<'!('!(P.!!+'!(P.-/.$&.0('(
F0'(&F4/F-'V(+F(P+<.0('!!+&"'-O!.('(Ri-"'!(&F4/F-'!`
9!(<"M.-.$/.!(!+&".<'<.!V(.(+!("$<"R^<F+!(qF.('!(&+$!/"/F.0V(!I+(<.%$"<+!(P.4'(!F'(&F4/F-'`(
N'<'(&F4/F-'(P+!!F"(P-i/"&'!(&F4/F-'"!(.!P.&^%&'!`(f+<'!('!(P.!!+'!(/T0(+(<"-."/+(<.(P'-/"&"P'-(
$'(R"<'(&F4/F-'4(<'!(!F'!(&+0F$"<'<.!`(]0'(P.!!+'(/'0Ga0(P+<.(+P/'-(P+-($I+(%&'-(4"#'<+('(
P-i/"&'!(.(/-'<"Hb.!(&F4/F-'"!`
EE#
Z97+0%0H/%70%/F,+?7G[-0%@/0%'0.7@/0%-4%,-:7GH/%7/0%@+,-+./0%'68W
%
87+E7%KUP%"%19:.9,7%270%2/,470%-%.,7.7@/0%+2.-,271+/27+0%
7#Z!9T^6
)($‡8(<+(9-/"#+‡D(.!/'G.4.&.(+!(<"-."/+!(<.J
'`(( E'-/"&"P'-($'(R"<'(&F4/F-'4w
G`(( =.$.M"&"'-(<+(P-+#-.!!+(&".$/^M"&+(.(<'!(!F'!('P4"&'Hb.!w(.
&`(( =.$.M"&"'-(<'(P-+/.&HI+(<+!("$/.-.!!.!(0+-'"!(.(0'/.-"'"!(qF.(<.&+--.0(<.(/+<'('(
P-+<FHI+(&".$/^M"&'V(4"/.-i-"'(+F('-/^!/"&'(<.(qF.(.4.Œ(a('F/+-`
6)+()#"L+&,)%)
9-/"#+‡8?J
S6U(( f+<'('(P.!!+'(P+<.(/+0'-(4"R-.0.$/.(P'-/.($'(R"<'(&F4/F-'4(<'(&+0F$"<'<.w(.
SCU(( 9(P-+0+HI+(.('(P-+/.&HI+(<+!(R'4+-.!(0+-'"!(.(/-'<"&"+$'"!(-.&+$3.&"<+!(P.4'(&+0F$"<'<.(
&+$!/"/F.0(F0(<.R.-(<+(Y!/'<+($+(qF'<-+(<'(!'4R'#F'-<'(<+!(<"-."/+!(<+(3+0.0`
)($‡?(<+(9-/"#+‡6>('M"-0'(qF.(+("$<"R^<F+(/.0(+(<.R.-(<.(R.4'-V($'!(!F'!(-.4'Hb.!(&+0('(
!+&".<'<.V(P.4'(P-.!.-R'HI+(.(-.M+-H+(<+!(R'4+-.!(&F4/F-'"!('M-"&$+!(P+!"/"R+!V($F0(.!P^-"/+(
<.(/+4.-h$&"'V(<.(<"i4+#+(.(<.(&+$&.-/'HI+(.V(<.(F0'(0'$."-'(#.-'4V(<.(&+$/-"GF"-(P'-'('(
P-+0+HI+(<'(!'v<.(0+-'4(<'(!+&".<'<.`
Z+-(-,-.-#K)#f0.O*+#"L+&,)%)
)($‡8SGU(<+(9-/"#+‡6(.m"#.(qF.(+!(Y!/'<+!(M'H'0(4."!(.(P+4^/"&'!(qF.(P-+^G'0(}(3=".%".%
>36,".%='%=$.56$,$-"JK3R%'.2'5$"0,'-('%".%26H($5".%-35$T".%Q)'%2W',%',%2'6$73%"%."Y='%'%3%
:',\'.("6%7'6"0%=".%,)04'6'.`~
6)+()#K-#8*%)',&$*%(-#60.(0+).#"L+&,)%9(&'-/'(/.0(&+0+(+GX.&/"R+V($+!(/.0+!(<+($‡SWU(<+(9-/"#+‡CV(}='.'-T30T'6%(3=3.%3.%T"036'.%
=$-],$53.%="%4'6"-J"%5)0()6"0%">6$5"-"%Q)'%263,3T',%3.%=$6'$(3.%4),"-3.R%"%53'.K3%.35$"0%'%3%
='.'-T30T$,'-(3%4),"-3`~(Sf-'<FHI+($I+(+%&"'4U
Œ*+(&+$/.m/+(<'!($+-0'!("$/.-$'&"+$'"!(<+!(<"-."/+!(3F0'$+!V(}.4.~(/'0Ga0("$&4F"(}.4'~`
9!(P-i/"&'!(&F4/F-'"!(M-.qF.$/.0.$/.(&+$/-"GF.0(P+!"/"R'0.$/.(P'-'('(<"#$"<'<.(3F0'$'`(
E+-(.m.0P4+V('!(M'0^4"'!('4'-#'<'!(<I+(P-+/.&HI+('+!([-MI+!V(<+.$/.!(.("<+!+!`(94a0(<"!/+V(+!(
!"!/.0'!(<.(XF!/"H'(/-'<"&"+$'"!(G'!.'<+!(.0(/-'<"Hb.!(&F4/F-'"!(-.!+4R.0(4"/^#"+!(.(.$R+4R.0('(
!+&".<'<.($'(-.'G"4"/'HI+(<+!("$M-'&/+-.!`
N+$/F<+V('(&F4/F-'(M+"(F!'<'(P+-(R.g.!(P+-(<"M.-.$/.!("$/.-R.$".$/.!(&+0+(F0(0+<+(<.(
!FP-"0"-(+!(<"-."/+!(<.(+F/-+!`(E+-(.m.0P4+J
K( 94#F$!(Y!/'<+!(F!'-'0('(}&F4/F-'~(P'-'(-.X."/'-(+!(<"-."/+!(3F0'$+!V('M"-0'$<+(qF.(&.-/+!(
<"-."/+!($I+(M'g.0(P'-/.(<'(!F'(&F4/F-'w
EF
;7,.-%$P%$2Q/,47GH/%F<0+17
K(
K(
K(
K(
)!("<+!+!(.(+F/-+!(0.0G-+!("$M4F.$/.!(<.(#-FP+!(&F4/F-'"!(P+<.0(/.$/'-(#'$3'-(+F(-./.-(+(P+<.-(
+P-"0"$<+(+!(!FG#-FP+!w
\+-'0(P-'/"&'<+!('GF!+!(<.(<"-."/+!V(.0(.!P.&"'4(<+!(<"-."/+!(<'!(0F43.-.!V(.0($+0.(<'(&F4/F-'w
9!(.0P-.!'!($'&"+$'"!(.(/-'$!$'&"+$'"!("#$+-'-'0(+!(<"-."/+!(&F4/F-'"!V('!!"0(&+0+(+F/-+!(<"-."O
/+!w(.
E'-'(P-+/.#.-(+(!.F(P+<.-V('4#F$!(#-FP+!(F!'-'0(<"M.-.$H'!(&F4/F-'"!(-.'"!(+F(P.-&.G"<'!(P'-'(
+P-"0"-(+F/-+!V(P+-(.m.0P4+V(+!(&+4+$"'4"!/'!(.F-+P.F!(+F(+!(;F/F!(.(+!(fF/!"!($+(QF'$<'`
)!(<.M.$!+-.!(<+!(<"-."/+!(Y1N(P+<.0(/-'G'43'-(&+0(Ri-"+!(<"-."/+!(&F4/F-'"!8@(.(+F/-+!(<"-."/+!(
Y1NV(qF.(P+<.0("$&4F"-J
K( ,.M.$<.-(+('&.!!+('+!(<"-."/+!(&F4/F-'"!(.('(+F/-+!(<"-."/+!`(E+-(.m.0P4+V('!()*p(qF.$"'$'!(
E+-"$"(.(9M-"P'<(/-'G'43'-'0(&+0('!(&+0F$"<'<.!(qF.(R"R.0($'(M4+-.!/'(!'#-'<'(<.(p""/F$.(
P'-'(0'P.'-(+!(!.F!(-.&F-!+!('(M"0(<.(+!(P-+/.#.-(&+$/-'('(.mP4+-'HI+8>w
K( E-+0+R.-(+('&.!!+('+!(!.-R"H+!(qF.(!'/"!M'g.0('!($.&.!!"<'<.!(&F4/F-'"!V(/'4(&+0+('(
3'G"/'HI+(&F4/F-'40.$/.(&+$<"#$'w
K( ,.M.$<.-(+!(<"-."/+!(<.(#-FP+!(&F4/F-'"!(&FX'(P-+P-".<'<.("$/.4.&/F'4V(&+0+('!(0.<"&"$'!(
/-'<"&"+$'"!V(&+--.0(+(-"!&+(<.(!.-.0("4"&"/'0.$/.(.mP4+-'<'!(P'-'(M"$!(&+0.-&"'"!w(+F
K( ]!'-('(.<F&'HI+(!+G-.(+!(<"-."/+!(3F0'$+!(P'-'(+G/.-(-.!F4/'<+!(P-i/"&+!w(P+-(.m.0P4+V(+(
P-+#-'0'(}N"<'<.!(<.(,"-."/+!(;F0'$+!~V(<.!.$R+4R"<+(P.4'()*p("$/.-$'&"+$'4(E.+P4.z!(
c+R.0.$/(M+-(;F0'$(Q"#3/!(_.'-$"$#(SE,;QYUV(Sc+R"0.$/+(<+!(E+R+!(P'-'('(9P-.$<"g'#.0(
.0(,"-."/+!(;F0'$+!UV(&'P'&"/+F('!(0F43.-.!(<+(c'4"(.(<+(1.$.#'4('(<.!'M"'-.0(&+!/F0.!(
$+&"R+!(.(<"!&-"0"$'/[-"+!67`
Yk]%%
r+/:7G[-0%@/0%@+,-+./0%'68%
%
%
%
%
%
%%%%%%%%%%%%
)&+--.(F0'(R"+4'HI+(<+!(<"-."/+!(3F0'$+!(qF'$<+(+!('#.$/.!(<+(Y!/'<+($I+(&F0P-.0(F0'(
+G-"#'HI+(<.(<"-."/+!(3F0'$+!(P-.R"!/'($+(<"-."/+($'&"+$'4(+F("$/.-$'&"+$'4`
)F/-+!("$/.-R.$".$/.!V($I+(R"$&F4'<+!(P+-(4."!("$/.-$'&"+$'"!(<+!(<"-."/+!(3F0'$+!V(&+0+(!.X'(F0(
"$<"R^<F+V(.0P-.!'(+F(+F/-+(#-FP+V(P+<.0(-.'4"g'-('&/+!(!.0.43'$/.!`
E+-(F0'(qF.!/I+(<.(&4'-.g'V(P+<.(!.-(v/"4(&+$!"<.-'-('&/+!(P-'/"&'<+!(P+-("$/.-R.$".$/.!($I+(
#+R.-$'0.$/'"!(&+0+(}'GF!+!~(.0(R.g(<.(}R"+4'Hb.!~`
]0('&/+(&+$/-'(+!(<"-."/+!(3F0'$+!(P-'/"&'<+(P+-(F0(}"$/.-R.$".$/.($I+(.!/'/'4~(/'0Ga0(P+<.(!.-J
K( ]0(&-"0.($+!(/.-0+!(<+(<"-."/+($'&"+$'4(S$+/.(qF.($.0(/+<+(+('&/+(&-"0"$'4(a(F0'(R"+4'HI+(
<+!(<"-."/+!(3F0'$+!(+F(F0('GF!+(<+!(<"-."/+!(3F0'$+!Uw(+F
K( ]0(&-"0.($+!(/.-0+!(<+(<"-."/+("$/.-$'&"+$'4V(&+0+(F0(&-"0.(<.(#F.--'(+F(F0(&-"0.(&+$/-'(
'(3F0'$"<'<.`(]0(.m.0P4+(<"!/+(!.-"'(P-"R'-("$/.$&"+$'40.$/.('!(P.!!+'!(<+('&.!!+('(
'4"0.$/+!(+F('(0.<"&'0.$/+!(&+0('("$/.$HI+(<.(+!(<."m'-(0+--.-`
EG#
Z97+0%0H/%70%/F,+?7G[-0%@/0%'0.7@/0%-4%,-:7GH/%7/0%@+,-+./0%'68W
%
87+E7%KYP%r+/:7G[-0%@/0%@+,-+./0%S9472/0
!
]0(Y!/'<+(.!/i('(R"+4'-('!(!F'!(+G-"#'Hb.!(S4"!/'<'!($'!(1.&Hb.!(B`8(.(B`6U(!.J
K(
*I+(-.!P."/'-(F0(<"-."/+V(P+-(.m.0P4+V(.mPF4!'$<+(r(M+-H'('!(M'0^4"'!(<'!(!F'!(&'!'!(!.0(
!.#F"-(P-+&.<"0.$/+!('<.qF'<+!w
K(
*I+(P-+/.#.-(F0(<"-."/+(S+F($I+(.4"0"$'-(F0(+G!/i&F4+('+(.m.-&^&"+(<.(F0(<"-."/+UV(P+-(
.m.0P4+V($I+("0P.<"$<+(F0'(.0P-.!'(&+0.-&"'4(<.(&+$/'0"$'-('!(M+$/.!(<.(i#F'(P+/iR.4w
K(
]!'-(0a/+<+!(<"!&-"0"$'/[-"+!V(P+-(.m.0P4+V("0P.<"$<+('(<"!/-"GF"HI+(<.('4"0.$/+!(.0(
i-.'!(+$<.(R"R.0(+!('<R.-!i-"+!(P+4^/"&+!w
K(
*I+(/+0'-(0.<"<'!("0.<"'/'!V(&+$&-./'!(.(<.!/"$'<'!('+(P4.$+(.m.-&^&"+(<.(F0(<"-."/+V(P+-(
.m.0P4+V(!.($I+(.4'G+-'-(F0(P4'$+(qF.("0P.H'('(P-+P'#'HI+(<.(<+.$H'!(/-'$!0"!!^R."!w
K(
*I+(P-+R"<.$&"'-(+!($^R."!(MF$<'0.$/'"!(0^$"0+!(S/'0Ga0(&3'0'<'!(+G-"#'Hb.!(
MF$<'0.$/'"!(0^$"0'!U(<.(&'<'(<"-."/+V(.!P.&"'40.$/.(P'-'(+!(#-FP+!(<.!M'R+-.&"<+!V(
.m&4F^<+!(+F(RF4$.-iR."!`(]0(.m.0P4+(<"!/+(P+<"'(!.-(&+-/'-('(R.-G'('/-"GF^<'('+!(
&F"<'<+!(<.(!'v<.($'!(i-.'!(-F-'"!V(.$qF'$/+(!.(#'!/'0(#-'$<.!(!+0'!(<.(<"$3."-+($+(
.0G.4.g'0.$/+(<'(&'P"/'4w
K(
_"0"/'-(F0(<"-."/+(<.(0+<+($I+(-.&+$3.&"<+(P.4+(<"-."/+("$/.-$'&"+$'4V(P+-(.m.0P4+V(
-.&F!'$<+('+!(.!/-'$#."-+!(+(<"-."/+(r(.<F&'HI+w(+F
K(
f+0'-(0.<"<'!(-./-[#-'<'!(.0(R.g(<.(0.<"<'!(P-+#-.!!"R'!V(P+-(.m.0P4+V("$/.--+0P.$<+(
F0(P-+X.&/+(<.('G'!/.&"0.$/+(<.(i#F'(&'$'4"g'<'(r!(P.!!+'!(qF.(R"R.0($F0(
.!/'G.4.&"0.$/+(3F0'$+("$M+-0'4V('P.!'-(<.(3'R.-(+!(MF$<+!($.&.!!i-"+!('+(P-+X.&/+`(
N+$/F<+V('(!F!P.$!I+(<'(-.'4"g'HI+(P-+#-.!!"R'(<.(F0(<"-."/+(a(P.-0"/"<'($+!(/.-0+!(<+(
<"-."/+("$/.-$'&"+$'4(!.(+(Y!/'<+(&+$!.#F"-(P-+R'-(qF.
(((((((O(((*I+(&+$!.#F.(-.'4"g'-(+!(<"-."/+!(&+0(+!(-.&F-!+!(<"!P+$^R."!w(+F
(((((((O(((uF.('(!F!P.$!I+(a(<.R"<'('(F0(.R.$/+(M+-'(<+(!.F(&+$/-+4+`
9!(R"+4'Hb.!(<+!(<"-."/+!(Y1N(!I+(.0(#.-'4(&+$!.qFT$&"'(<.(M'4/'(<.(R+$/'<.(P+4^/"&'V(
$.#4"#T$&"'(+F(<"!&-"0"$'HI+`(
9(&+--FPHI+(/'0Ga0(P+<.(&+$/-"GF"-(P'-'('!(R"+4'Hb.!(<+!(<"-."/+!(Y1N`(E+-(.m.0P4+V(!.(
F0(XF"g('&."/'-(+M.-/'!(P'-'(<.&"<"-(&+$/-'-"'0.$/.(r(4."V(+F(!.(+(<"-.&/+-(<.(F0(3+!P"/'4(
-.&.G.-(!FG+-$+(<.(.0P-.!'!(M'-0'&TF/"&'!(P'-'(&+0P-'-(0.<"&'0.$/+!("$'P-+P-"'<+!V(.!/iO!.(
$"/"<'0.$/.('('M.&/'-(+!(<"-."/+!(3F0'$+!(<+!("$<"R^<F+!(.(+(!"!/.0'(&+0+(F0(/+<+`
9($^R."!(4+&'"!('(&+--FPHI+(a(M-.qF.$/.0.$/.([GR"'($'(P-.!/'HI+(<.(!.-R"H+!V(P+-(.m.0P4+V(
qF'$<+J
K( )(<"$3."-+(P'-'(P'#'-('+!(/-'G'43'<+-.!('&'G'(P+-("-(P'-'-('+!(G+4!+!(<+!(.0P-."/."-+!w
K( )!(&+$/-'/+!(!I+('<XF<"&'<+!('+!(M+-$.&.<+-.!(P+-(R"'(<.(!FG+-$+V(.0(R.g(<.(!.-.0(
'/-"GF^<+!(.0(MF$HI+(<'(qF'4"<'<.(.(<+(&F!/+(<+!(P-+<F/+!w(.
K( )!(MF$&"+$i-"+!(<+(#+R.-$+V("$&4F"$<+('(P+4^&"'V(![(P-.!/'0(+!(!.F!(!.-R"H+!(<.P+"!(<+(
P'#'0.$/+(<.(!FG+-$+!`
EH
;7,.-%$P%$2Q/,47GH/%F<0+17
9&/+!(<.(.m/-'R'#h$&"'(P-'/"&'<+!(P.4+!(MF$&"+$i-"+!(P+<.0(/.-(+(0.!0+("0P'&/+(qF.('(&+--FPHI+(
$'!(P.!!+'!(qF.(R"R.0($'(P+G-.g'`(9(j.$L'(*'/"+$'4(N+00"!!"+$(+$(;F0'$(Q"#3/!(SN+0"!!I+(
*'&"+$'4(<+(uFa$"'(!+G-.(,"-."/+!(;F0'$+!U(.('(f-'$!P'-.$&L(:$/.-$'/"+$'4(j.$L'(PFG4"&'-'0(
F0(-.4'/[-"+(qF.(0+!/-'R'(qF.(+(<"$3."-+(#'!/+(P.4+!(MF$&"+$i-"+!(!.$"+-.!(.0(R.^&F4+!(<.(4Fm+V(
P-'/"&'0.$/.(P'-'(F!+(P'-/"&F4'-(.m&4F!"R+V(.-'('P-+m"0'<'0.$/.("#F'4('+(qF.(M+-'('/-"GF^<+(P'-'(+(
<.!.$R+4R"0.$/+(<.(C8(<+!(&^-&F4+!(.4."/+-'"!(0'"!(P+G-.!(<+(P'^!`
%
87+E7%KXP%8/4F7.-%I%1/,,9>GH/
9(N+$R.$HI+(<'(]9(!+G-.('(E-.R.$HI+(.(+(N+0G'/.(r(N+--FPHI+V(qF.(.$/-+F(.0(R"#+-(.0(
9#+!/+(<.(677AV(.$F0.-'('!('&Hb.!(qF.(&+$!/"/F.0(&+--FPHI+(.(.m"#.(qF.(+!(Y!/'<+!(/+0.0(
"$"&"'/"R'!V(qF.("$&4F'0J
K(
9P-+R'-(4."!(&+$/-'('(&+--FPHI+w
K(
N-"'-('F/+-"<'<.!('$/"O&+--FPHI+(M+-/.!(.("$<.P.$<.$/.!V(r!(qF'"!('!(P.!!+'!(P+!!'0(
'P-.!.$/'-(qF."m'!(.0(!.#F-'$H'w
K(
Ym"#"-(qF.(+!(MF$&"+$i-"+!(<.&4'-.0(+!(!.F!(G.$!('$/.!(<.(/+0'-.0(P+!!.(.(<.(&.!!'-.0(
MF$Hb.!w
K(
Y$&+-'X'-('(!+&".<'<.(&"R"4('('4"'-O!.(r(4F/'(&+$/-'('(&+--FPHI+w(.
K(
9P-.!.$/'-(-.4'/[-"+!('$F'"!('+(N+$!.43+(N+$!F4/"R+(<'(]9(!+G-.(N+--FPHI+`(Y!/.(N+$!.43+(
N+$!F4/"R+($I+(P+!!F"(#-'$<.!(P+<.-.!`
YkO%%
*+,-+./%7%,-19,0/%
%
%
%
%
%
%
%
%%%%%%%%%%%%
9(.m"!/T$&"'(<.(R"'!(<.(-.&F-!+(.M.&/"R'!(P'-'('!(R"+4'Hb.!(a(F0(-.qF"!"/+(&3'R.(<.(qF'4qF.-(
!"!/.0'(<.(<"-."/+!(3F0'$+!`(9($^R.4("$/.-$'&"+$'4(.m"!/.0('4#F$!(0.&'$"!0+!(<.(.m.&FHI+(<.(
-.&F-!+!`(N+$/F<+V('(+G/.$HI+(<.(F0(-.&F-!+(.M.&/"R+(<.R.(!.-(.M.&/F'<'(P-"0."-+('($^R.4(4+&'4(
EI#
Z97+0%0H/%70%/F,+?7G[-0%@/0%'0.7@/0%-4%,-:7GH/%7/0%@+,-+./0%'68W
.(<.P+"!('($^R.4(P-+R"$&"'4V($'&"+$'4V(-.#"+$'4(P'$O'M-"&'$+(+F('M-"&'$+`()!(/-"GF$'"!(!I+(F0'(
R"'(&+0F0(.(M-.qF.$/.0.$/.(F/"4"g'<'('(/+<+!(.!/.!($^R."!(P'-'("$/.$/'-(F0'('&HI+(&+$/-'('!(
R"+4'Hb.!(<+!(<"-."/+!(Y1N`
YkOkK%%
a-19,0/0%7%2cT-:%271+/27:%
%
%
%
%
%
%
9($^R.4($'&"+$'4(+!(Y!/'<+!(!I+(+G-"#'<+!('("$&+-P+-'-($+(<"-."/+($'&"+$'4(+(
&+$/.v<+(<+!(/-'/'<+!(qF.(-'/"%&'-'0`(:!/+(/+-$'(+!(<"-."/+!(‚(XF!/"&"iR."!V("!/+(aV(
P+<.0(!.-(&+$!"<.-'<+!(P+-(F0(/-"GF$'4(<.(XF!/"H'(+F(+F/-+(/-"GF$'4(&+0P./.$/.`(
)!(/-"GF$'"!(P+<.0(!.#F"<'0.$/.(&+$&.<.-(P-+R"0.$/+('+(-.&F-!+(P'-'('(R"+4'HI+(
<+(<"-."/+`(1.0P-.(qF.(M+-('P-+P-"'<+V(+(Y!/'<+(<.R.(P-+P+-&"+$'-('!!"!/T$&"'(
XF-^<"&'(#-'/F"/'(.0(&'!+(<.($.&.!!"<'<.`
%%%%%%%%%%%%
*'(E'-/.(::V(
1.&HI+(>`C`B`(
+M.-.&.0O!.(
&+$!.43+!(!+G-.('(
'P-.!.$/'HI+(<.(
&'!+!('(/-"GF$'4(
%=3I<0;6
%
87+E7%K]P%L%@+,-+./%7%,-19,0/
)($‡C(<+(9-/"#+‡6(<+(E:,NE(.$F$&"'(qF.(+!(Y!/'<+!(<.R.0(#'-'$/"-(qF.J
'`(( f+<'!('!(P.!!+'!(&FX+!(<"-."/+!(!I+(R"+4'<+!(<"!P+$3'0(<.(-.&F-!+(.M"&'gV(0.!0+($+(&'!+(
<.('(R"+4'HI+(/.-(!"<+(&+0./"<'(P+-(P.!!+'!('#"$<+($+(.m.-&^&"+(<'!(!F'!(MF$Hb.!(+M"&"'"!w
G`(( )(<"-."/+('(-.&F-!+(<.R.(!.-(<./.-0"$'<+(P+-('F/+-"<'<.!(&+0P./.$/.!(XF<"&"i-"'!V(
'<0"$"!/-'/"R'!(+F(4.#"!4'/"R'!w(.
((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((P%53-($-)"JK3
EN
;7,.-%$P%$2Q/,47GH/%F<0+17
&`(( 9!('F/+-"<'<.!(&+0P./.$/.!(<.R.0(M'g.-(&F0P-"-(+!(-.!F4/'<+!(<.(qF'4qF.-(-.&F-!+(qF.(
M+-(-.&+$3.&"<+(&+0+(XF!/"M"&'<+`
)(P'-i#-'M+(>(<+(N+0.$/i-"+(p.-'4(*‡>('M"-0'(qF.(+!(-.&F-!+!(<.R.0(!.-('&.!!^R."!V('(F0(
P-.H+('&.!!^R.4V('/.0P'<+!(.(.M.&/"R+!`(
)($‡6(<+(9-/"#+‡68(<'(N'-/'(9M-"&'$'('M"-0'J(}C,%5".3%='%'.230$"JK3%Z26$T"JK3[%".%2'..3".%
'.230$"=".%(N,%3%0'7V($,3%=$6'$(3%='%6'5)2'6"6%"%.)"%26326$'="='R%"..$,%53,3%3%=$6'$(3%"%),"%
$-=',-$U"JK3%"='Q)"="`~
uF.-('!(R"+4'Hb.!(!.X'0(P-'/"&'<'!(<"-.&/'0.$/.(P+-(MF$&"+$i-"+!(<+(Y!/'<+(+F(P+-("$<"R^<F+!V(
.0P-.!'!(+F(+F/-'!(+-#'$"g'Hb.!V(+(Y!/'<+(aV(.0(v4/"0'('$i4"!.V(-.!P+$!iR.4(P+-(.4'!`(
E+-/'$/+V(+(Y!/'<+(<.R.(&-"'-(0.&'$"!0+!(qF.(&+--x'0(/'"!(R"+4'Hb.!`
Y!/.!("$&4F.0J
K( \"!&'4"g'-(.("$R.!/"#'-('!(R"+4'Hb.!w
K( c.<"<'!('<0"$"!/-'/"R'!V(P+-(.m.0P4+V(P-+&.<"0.$/+!(P'-'(4"<'-(&+0(qF."m'!w
K( ]0(!"!/.0'(<.(/-"GF$'"!(.0(qF.(+!(&'!+!(P+!!'0(!.-(XF4#'<+!`()!(-.&F-!+!(XF<"&"'"!(
P+<.0("$&4F"-(-.!/"/F"HI+V("$<.0$"g'HI+(+F(-.P'-'HI+`(Y!/.!(/.-0+!(!I+(M-.qF.$/.0.$/.(
F!'<+!(&+0(+(0.!0+(!"#$"M"&'<+J
O(( Q.!/"/F"HI+(!"#$"M"&'(<.R+4R.-('qF"4+(qF.(!.(/"-+FV(P+-(.m.0P4+V(-.!/"/F"-('+(+&FP'$/.('(
&'!'(<.(qF.(M+"(.mPF4!+(r(M+-H'(S"4.#"/"0'0.$/.Uw
O(( :$<.0$"g'HI+(a(+(qF.('&+$/.&.(qF'$<+(F0'(P'-/.(<i('(+F/-'(P'-/.(G.$!V(!.-R"H+!(
+F(<"$3."-+(P'-'(P'#'-('!(P.-<'!(&'F!'<'!(P.4'(P-"0."-'(P'-/.(r(!.#F$<'(P'-/.`(E+-(
.m.0P4+V(+(Y!/'<+(P+<.(<'-('(F0'(M'0^4"'(+F/-+('4+X'0.$/+(<.P+"!(<.(F0'(.mPF4!I+`(
94#F$!(Y!/'<+!(P+!!F.0(MF$<+!(P'-'('("$<.0$"g'HI+(<'!(R^/"0'!`(9("$<.0$"g'HI+(
<.R.V(/'$/+(qF'$/+(P+!!^R.4V(/.$/'-(-.!/'G.4.&.-('(!"/F'HI+(+-"#"$'4(<'(R^/"0'V(&+0+(!.(
'(R"+4'HI+($I+(/"R.!!.(+&+--"<+w(.
O(( Q.P'-'HI+(a(F0'(M+-0'(<.(&+0P.$!'HI+(P+-(<'$+!(&'F!'<+!(P+-(F0'(R"+4'HI+(
<+!(<"-."/+!(3F0'$+!`(Y!/.(/.-0+(a(M-.qF.$/.0.$/.(F!'<+($'(-.P'-'HI+(<.(<'$+!(
&'F!'<+!(P+-(#F.--'V('&"<.$/.!(+F($.#4"#T$&"'`(f'0Ga0(M+"(F!'<+V(P+-(.m.0P4+V(P+-(
N+0"!!b.!(P'-'('(s.-<'<.(.(Q.&+$&"4"'HI+V(P'-'("$&4F"-(+(P.<"<+(<.(<.!&F4P'(.(P'-'(
#'-'$/"-(qF.(+(<'$+($I+(!.-i(-.P./"<+w
K( 9(XF!/"H'(-.P'-'<+-'(a(F0(-.&F-!+(qF.(P+<.(!.-(F!'<+(P'-'(&-"0.!(0.$+-.!V(P-"$&"P'40.$/.(
+!(qF.(.$R+4R.0(X+R.$!`(9(R^/"0'V(+("$M-'&/+-(.(+(Y!/'<+(&3.#'0('(F0('&+-<+(P.4+(qF'4(+(
"$M-'&/+-J
O(( 9!!F0.('(-.!P+$!'G"4"<'<.(P.4+(&-"0.w
O(( E.<.(<.!&F4P'(.(P-+0./.($I+(-.P./"-(+(&-"0.w(.t+F
O(( :$<.0$"g'(<.('4#F0'(0'$."-'(P'-'(-.P'-'-(+(<'$+(&'F!'<+(P.4+(&-"0.`
FS#
Z97+0%0H/%70%/F,+?7G[-0%@/0%'0.7@/0%-4%,-:7GH/%7/0%@+,-+./0%'68W
YkOkR%%
a-19,0/0%7%2cT-:%7Q,+172/%
%
%
%
%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
9($^R.4('M-"&'$+V(+(f-"GF$'4(9M-"&'$+(<+!(,"-."/+!(<+(;+0.0(.(<+!(E+R+!(P+<.(+FR"-(&'!+!(<.(
R"+4'Hb.!(<'(N'-/'(9M-"&'$'(+F(<.(qF'"!qF.-(+F/-+!(/-'/'<+!("$/.-$'&"+$'"!(+F('M-"&'$+!(<.(
<"-."/+!(3F0'$+!(qF.(M+-'0(-'/"%&'<+!(P.4+!(Y!/'<+!(E'-/.!(.0(qF.!/I+`
)!(88(XF^g.!(<+(/-"GF$'4(P-.!/'-'0(XF-'0.$/+(.0(dF43+(<.(677AV(0'!($'('4/F-'(<'(-.<'&HI+(
<.!/.(<+&F0.$/+(.!/.(/-"GF$'4('"$<'($I+("$"&"'-'('!(!F'!(MF$Hb.!`()!(Y!/'<+!(P+<.0(!+4"&"/'-(
'+(/-"GF$'4(F0(P'-.&.-(&+$!F4/"R+(.('!()*p(/'0Ga0(+(P+<.0(M'g.-(S!.(+(Y!/'<+(.0(qF.!/I+(
/"R.-(<'<+(M+-0'40.$/.(+(!.F('&+-<+U`
YkOkU%%
(,+F927+0%,-?+/27+0%
%
%
%
%
%
%
%
%%%%%%%%%%
f'0Ga0(3i(/-"GF$'"!(qF.(+P.-'0('(<"M.-.$/.!($^R."!(-.#"+$'"!(.0(lM-"&'J
K( 9(N+0F$"<'<.(Y&+$[0"&'(<+!(Y!/'<+!(<'(lM-"&'()&"<.$/'4(SNY,Y9)UV(.('(N+0F$"<'<.(
P'-'(+(,.!.$R+4R"0.$/+(<'(lM-"&'(9F!/-'4(S19,NU(P+!!F.0(/-"GF$'"!(qF.(P+<.0(&+$!"<.-'-(
&.-/+!(&'!+!(<.(<"-."/+!(3F0'$+!w
K( 9(N+0F$"<'<.(<'(lM-"&'()-".$/'4(SN9)U(/.0(F0(f-"GF$'4(<.(dF!/"H'(qF.(+FR.(&'!+!(
-.4'&"+$'<+!(&+0(+(/-'/'<+(qF.(.!/'G.4.&.(+(0.-&'<+(&+0F0(<'(N9)`(Ym"!/.0(P4'$+!(
P'-'('(&-"'HI+(<.(F0(/-"GF$'4(<.(-.&F-!+!(.(P'-'('4'-#'-('(&+0P./T$&"'(<+(/-"GF$'4('+!(
<"-."/+!(3F0'$+!w
K( 94#F$!(<.!/.!(/-"GF$'"!(/-'/'-'0(<.(&'!+!(<.(<"-."/+!(&"R"!(.(P+4^/"&+!`(E+-(.m.0P4+V(.0(
*+R.0G-+(<.(677>V($F0(P-+&.!!+("$/.$/'<+(P+-(1YQ9EV(F0'()*p($"#.-"'$'V(+(/-"GF$'4(<'(
NY,Y9)(-.X."/+F('(P-./.$!I+(<+(p+R.-$+(\.<.-'4(*"#.-"'$+(<.(qF.('(.<F&'HI+($I+(.-'(F0(
<"-."/+(4.#'468w(.
K( 9('P-.!.$/'HI+(<.(&'!+!(<.(<"-."/+!(Y1N('(.!/.!(/-"GF$'"!('XF<'-"'('('F0.$/'-('(
-.!P+$!'G"4"<'<.(P+-(.!/.!(<"-."/+!(S&+$!F4/'-('(E'-/.(::V(1.&HI+(>U`
FB
X%%%%Z97:%/%>7>-:%@/0%+2.-,T-2+-2.-0%2H/%-0.7.7+0W
uF'4qF.-(#-FP+(+F("$<"R^<F+(qF.($I+(P.-/.$&.('+(Y!/'<+(a(&+$!"<.-'<+(F0("$/.-R.$".$/.($I+(.!O
/'/'4`(9P.!'-(<.(3'R.-(0F"/+!("$/.-R.$".$/.!($I+(.!/'/'"!(qF.(P+<.0('M.&/'-(+!(<"-."/+!(3F0'$+!V(
.!/'(!.&HI+(-.M.-.O!.('+!(qF.V(&+0('!(!F'!('&Hb.!V(&+0./.-'0('GF!+!(<+!(<"-."/+!(3F0'$+!`
XkK%%
(+>/0%@-%+2.-,T-2+-2.-0%2H/%-0.7.7+0%
%
%
%
%
9(0'"+-"'(<'!('&/"R"<'<.!(.&+$[0"&'!V(!+&"'"!(.(&F4/F-'"!(/T0(4F#'-(.0(&'!'V($'(
&+0F$"<'<.(+F($+(4+&'4(<.(/-'G'43+V(+$<.(+!(<./.$/+-.!(<+(P+<.-($I+(!I+(MF$O
&"+$i-"+!(<+(#+R.-$+(S+F(Y!/'<+U`()!('GF!+!(<+!(<"-."/+!(3F0'$+!(qF.(+&+--.0(
$.!/.!(&+$/.m/+!(!I+(P-'/"&'<+!(P+-("$/.-R.$".$/.!($I+(.!/'/'"!`(Y!/.!('GF!+!(!I+(
M-.qF.$/.0.$/.(&+$!.qFT$&"'(<.(<.!"#F'4<'<.!($'!(-.4'Hb.!(<.(P+<.-V(P.4'!(qF'"!(
.!/.!("$/.-R.$".$/.!($I+(.!/'/'"!(.m.-&.0(+(!.F(P+<.-(!+G-.(+F/-+!`()!("$/.-R.$".$O
/.!($I+(.!/'/'"!(!I+(qF'4qF.-(#-FP+(+F("$<"R^<F+(qF.($I+(P.-/.$&.('+(Y!/'<+`(
Ym.0P4+!(<.("$/.-R.$".$/.!($I+(.!/'/'"!("$&4F.0J
K( Y0P-.!'!V("$&4F"$<+('!(.0P-.!'!(
/-'$!$'&"+$'"!(SYf*Uw
K( 1.-R"H+!(‚(P-"R'/"g'<+!(S&+0+(+(
'G'!/.&"0.$/+(<.(i#F'Uw
-U&()O(5#&MD$+,a(
K( p-FP+!('-0'<+!V(&+0+(#-FP+!(<.(
&(+"-"'%#&($'%O("-9D*V!&(
<"!!"<.$/.!($F0(&+$M4"/+w
-,(-&'',(R&D),(
N"<'<I+!(P'-/"&F4'-.!w
!$(5,C,+$-%&'
K(
K( )*pw(.
K( :$!/"/F"Hb.!(\"$'$&."-'!(
:$/.-$'&"+$'"!(S:\:!U(&+0+(
$%+(='$&+(cF$<"'4V(+(\F$<+(
c+$./i-"+(:$/.-$'&"+$'4(S\c:U(
.('()-#'$"g'HI+(cF$<"'4(<+(
N+0a-&"+(S)cNU`
FC#
%%%%%%%%%%%
*'!(i-.'!(.0(
qF.(+(Y!/'<+(
$I+(.m.-&.(
&+$/-+4+V(+!(
#-FP+!('-0'<+!(
!I+(-.!P+$!iR."!(
P+-(-.!P."/'-(
+!(<"-."/+!(
3F0'$+!V($+!(
/.-0+!(<+(<"-."/+(
3F0'$"/i-"+(
"$/.-$'&"+$'4`(E+-(
.m.0P4+V(.4.!($I+(
<.R.0(<.!/-F"-(
'!(&F4/F-'!(
'4"0.$/'-.!(
+F('!(&'!'!(.(
<.R.0(P.-0"/"-(
'(<"!/-"GF"HI+(
!.#F-'(<.(
0.<"&'0.$/+!`
Z97:%/%>7>-:%@/0%+2.-,T-2+-2.-0%2H/%-0.7.7+0W
%
87+E7%KOP%$2.-,T-2+-2.-0%2H/%-0.7.7+0%-%/,@-4%+2.-,271+/27:
9(,],;(&+$R"<'(}(3=3.%3.%$-=$TV=)3.%'%(3=3.%3.%X67K3.%="%.35$'="='~('(&+$/-"GF"-(&+0('(
!F'(P'-/.(P'-'(#'-'$/"-(+(-.!P."/+(P.4+!(<"-."/+!(3F0'$+!`(:!/+("$&4F"(+!(}$-('6T'-$'-('.%-K3%
'.("("$.~V(qF.-(.4.!(!.X'0("$<"R^<F+!V(#-FP+!(+F('!!+&"'Hb.!V(+F(.0P-.!'!(&+0.-&"'"!(+F(
"$<F!/-"'"!`
)(9-/"#+‡6@(.$F$&"'(qF.(}D3="%"%2'..3"%(',%=$6'$(3%"%Q)'%6'$-'R%-3%20"-3%.35$"0%'%-3%20"-3%
$-('6-"5$3-"0R%),"%36=',%5"2"U%='%(36-"6%20'-",'-('%'>'5($T3.%3.%=$6'$(3.%'%".%0$:'6="='.%
'-)-5$"=3.%-"%26'.'-('%8'50"6"JK3`~
)($‡D(<+(9-/"#+‡68(<'(N'-/'(9M-"&'$'(<./.-0"$'(qF.(+!(Y!/'<+!(E'-/.!(.4"0"$.0(/+<'!(
'!(M+-0'!(<.(.mP4+-'HI+(.&+$[0"&'(.!/-'$#."-'V(.!P.&"'40.$/.('!(qF.(!I+(P-'/"&'<'!(P+-(
"$/.-R.$".$/.!("$/.-$'&"+$'"!`
FD
;7,.-%$P%$2Q/,47GH/%F<0+17
XkR%%
"F90/0%@/0%@+,-+./0%S9472/0%>/,%+2.-,T-2+-2.-0%2H/%-0.7.7+0%%%%%%%%%%%%%%%%%%%%%%
Y0(/.-0+!(4.#'"!V(+!("$/.-R.$".$/.!($I+(.!/'/'"!($I+(R"+4'0(+!(<"-."/+!(3F0'$+!V(0'!(P+<.0(
!.-(-.!P+$!iR."!(P+-(&-"0.!(+F('GF!+!(<+!(<"-."/+!(3F0'$+!`
94#F$!(.m.0P4+!(<.('GF!+!(<+!(<"-."/+!(3F0'$+!(P+-("$/.-R.$".$/.!($I+(.!/'/'"!(!I+(+!(!.#F"$/.!J
K( ]0'(M'0^4"'(<.!&F-'(#-'R.0.$/.(F0(M'0"4"'-("<+!+(+F(M+-H'(F0'(0F43.-('(!.-(}4'6="="~w
K( ]0(P-+M.!!+-(<.(F0'(.!&+4'(P-"R'<'(P.-!.#F.(.(M'g(/-+H'(<.(F0'(&-"'$H'w
K( ]0(P'/-I+('!!.<"'(!.mF'40.$/.(F0'(.0P-.#'<'w
K( ]0(#.!/+-(<.(F0'(MiG-"&'(P'#'(0'"!('+!(3+0.$!(<+(qF.(r!(0F43.-.!(qF.(M'g.0(+(0.!0+(
/-'G'43+w
K( ]0'(.0P-.!'(<.(&+$!/-FHI+(&"R"4(.mPF4!'(r(M+-H'('!(P.!!+'!(<'!(!F'!(&'!'!(.(/.--'!w
K( ]0'(.0P-.!'("$<F!/-"'4(P+4F"('!(M+$/.!(<.(i#F'(&+0(-.!^<F+!(qF^0"&+!w(+F
K( ]0'(.0P-.!'("$/.-$'&"+$'4(<.!R"'(+(&F-!+(<.(F0(-"+(<."m'$<+(F0'(&+0F$"<'<.(<.(
'#-"&F4/+-.!(!.0(i#F'`
)!("$/.-R.$".$/.!($I+(.!/'/'"!(qF.(P-'/"&'0(.!/.!('&/+!(P+<.0(!.-(&F4P'<+!(<.(&-"0.!(+F(
$.#4"#T$&"'`(E+-(.m.0P4+V(!.(F0'(.0P-.!'($'&"+$'4(P-"R'-('!(P.!!+'!(<+!(!.F!(<"-."/+!V(<.R.(
!.-(P+!!^R.4(P-+&.!!'-('(.0P-.!'($+!(/.-0+!(<'(4."(.(P-+&F-'-(+G/.-("$<.0$"g'HI+(.(+F/-+!(
-.&F-!+!`(f'0Ga0(<.R.(!.-(P+!!^R.4(P-+&.!!'-(F0(#+R.-$+(P+-($I+(P-+/.#.-('!(P.!!+'!(&+$/-'(
+!('GF!+!(P-'/"&'<+!(P+-(/.-&."-+!V("$&4F"$<+(.0P-.!'!("$/.-$'&"+$'"!`(*+(.$/'$/+V(<.R.(
&+0P-..$<.-O!.(qF.(a(0F"/+(<"M^&"4(-.!P+$!'G"4"g'-("$/.-R.$".$/.!($I+(.!/'/'"!V(&+0+(.0P-.!'!(
"$/.-$'&"+$'"!(.(!.-R"H+!(P-"R'/"g'<+!V(P.4'!(!F'!('&Hb.!J('+(&+$/-i-"+(<+!(#+R.-$+!V(.4.!($I+(
/T0('(+G-"#'HI+(<.(-.!P."/'-V(P-+/.#.-(.(-.'4"g'-(+!(<"-."/+!`
XkU%%
*-T+@7%@+:+?^21+7% %
%
%
%
%
%
%%%%%%%%%%%%%%%%%%%%%%
N+0(-.!P."/+('+!('GF!+!(&"/'<+!($'(1.&HI+(D`6V(+(Y!/'<+(/.0(+(<.R.-(<.(P-+/.#.-('!(P.!!+'!(
&+$/-'('GF!+!(<+!(<"-."/+!(3F0'$+!(P-'/"&'<+!(P+-("$/.-R.$".$/.!($I+(.!/'/'"!`()(Y!/'<+(<.R.(
P-+P+-&"+$'-(+(0.!0+(#-'F(<.(&F"<'<+!(qF.(!.-"'0(P-+P+-&"+$'<+!(P+-(qF'4qF.-(P.!!+'(
P-F<.$/.`(9("!/+(&3'0'O!.(‚(<.R"<'(<"4"#T$&"'`
)(.m.-&^&"+(<'(<.R"<'(<"4"#T$&"'(.m"#.J
K( 9('P-+R'HI+(<.(4."!(qF.(P-+^G'0(+!('GF!+!w
K( 9(<"RF4#'HI+('+(PvG4"&+(<.("$M+-0'HI+(!+G-.(+!(4."!w
K( 9(&-"'HI+(<.(!"!/.0'!(<.(M"!&'4"g'HI+w(.
K( 9(#'-'$/"'(<.(qF.('!(R^/"0'!(<.('GF!+!(/T0('&.!!+('+!(/-"GF$'"!(.('('!!"!/T$&"'(XF-^<"&'(
#-'/F"/'V(!.($.&.!!i-"+`
1.(+(Y!/'<+($I+(/"R.-("0P4.0.$/'<+(!"!/.0'!(qF.("0P.H'0(+F(&'!/"#F.0(.!/.!('GF!+!V($I+(
.!/i('(.m.-&.-('(<.R"<'(<"4"#T$&"'`
FE#
Z97:%/%>7>-:%@/0%+2.-,T-2+-2.-0%2H/%-0.7.7+0W
XkY%%
$4>71./%@70%-4>,-070%.,720271+/27+0% %
%
%
%
%%%%%%%%%%%%%%
…(0F"/+(0'"!(<"M^&"4(4.R'-('(/-"GF$'4(.0P-.!'!(/-'$!$'&"+$'"!(<+(qF.(F0'(.0P-.!'(0'"!(
P.qF.$'`(9!(!F'!(.!/-F/F-'!(!I+(&+0P4.m'!`(]0'('&HI+(&+$/-'(+!(<"-"#.$/.!(<.(F0'(.0P-.!'(
/-'$!$'&"+$'4(SYf*U(4+&'4(P-+R'R.40.$/.($I+('M.&/'('(.0P-.!'(0I.($+(.!/-'$#."-+`()!(Y!/'<+!(
/T0('(-.!P+$!'G"4"<'<.(P-"0+-<"'4(<.('!!.#F-'-(qF.('!(Yf*(qF.(+P.-'0($F0(P'^!(-.!P."/'0(
+!(<"-."/+!(3F0'$+!`(*+(.$/'$/+(a(M-.qF.$/.0.$/.(<"M^&"4(&+$/-+4'-(.!/'!("$!/"/F"Hb.!(P+<.-+!'!`(
9!(Yf*(.!/"R.-'0("0P4"&'<'!(.0('GF!+!(<+!(<"-."/+!(3F0'$+!V(&+0+(.mPF4!b.!(M+-H'<'!V(
&+$/'0"$'HI+(<'!(&F4/F-'!(+F(<+!('G'!/.&"0.$/+!(<.(i#F'(.(.mP4+-'HI+(<+!(/-'G'43'<+-.!(
4+&'"!`()!(MF$&"+$i-"+!(<+(Y!/'<+(P+<.0(&+4'G+-'-(&+0(.4'!V(.$R+4R.$<+O!.(P+-(R.g.!($'(
&+--FPHI+`
9!(*+-0'!(<'()*](!+G-.('!(Q.!P+$!'G"4"<'<.!(<'!(Y0P-.!'!(f-'$!$'&"+$'"!(.()F/-'!(
Y0P-.!'!(.0(-.4'HI+('+!(,"-."/+!(;F0'$+!(-.P-.!.$/'0(F0'(<.(Ri-"'!($+-0'!(-.4'/"R'!('+(
&+0P+-/'0.$/+(<.(.0P-.!'!(&+0.-&"'"!`(94#F0'!(.0P-.!'!(/T0(+(!.F(P-[P-"+(&[<"#+(<.(
&+$<F/'66`(1.#F$<+(.!/'!($+-0'!(<'()*]V('!(Yf*(<.R.0(-.!P."/'-(.(P-+/.#.-(+!(<"-."/+!($+(
h0G"/+(<'(!F'(.!M.-'(<.('&/"R"<'<.!`(:!/+("$&4F"J
K( :#F'"!(+P+-/F$"<'<.!(.(/-'/'0.$/+($I+(<"!&-"0"$'/[-"+w
K( 1.#F-'$H'(<'!(P.!!+'!w
K( ,"-."/+!(<+!(/-'G'43'<+-.!w
K( E-+/.&HI+(<+(&+$!F0"<+-w(.
K( E-+/.&HI+('0G".$/'4`
Y0G+-'(.!/'!($+-0'!(<'()*](!.X'0(.$&+-'X'<+-'!V($I+(!I+(0F"/+(.%&'g.!(P+-qF.($I+(
&+$!/"/F.0(F0("$!/-F0.$/+(4.#'40.$/.(R"$&F4'/"R+`(N+$!F4/'-(/'0Ga0('(1.&HI+(>`D(<'(E'-/.(::`
&'
&'(-&''
'
!"#$"%&
'
&'(-&''&
'
&
"%
$
!"#
FF
;7,.-%$P%$2Q/,47GH/%F<0+17
%
!
87+E7%K`P%C-T7,%I%g90.+G7%70%'(e
*I+(a(Mi&"4(4.R'-(r(XF!/"H'('!(Yf*`(*+(.$/'$/+V(/T0(!"<+(M."/'!(/.$/'/"R'!($.!!.(!.$/"<+`(]0'()*p(
!F4O'M-"&'$'V(+(p-FP+(<.(9P+"+(j3F4F0'$"V(F/"4"g+F(F0'(4."('0.-"&'$'(P'-'(/.$/'-("$/.$/'-(F0'(
'&HI+(&+$/-'(.0P-.!'!(/-'$!$'&"+$'"!(qF.(/"$3'0(&+$/-"GF^<+(P'-'('!(R"+4'Hb.!(<+!(<"-."/+!(3F0'O
$+!`(9!(.0P-.!'!(M+-$.&.-'0(G.$!(.(!.-R"H+!('+(!"!/.0'(<.(!.#F-'$H'(<+('P'-/3."<`(9!(.0P-.!'!(
'P.4'-'0(&+$/-'('('&HI+V(0'!('(@(<.(9G-"4(<.(677>(F0(XF"g(<.4"G.-+F(qF.('4#F0'!(<'!('&Hb.!(
P+<"'0(P-+!!.#F"-`()(&'!+($I+(P-+R'-i(qF.('!(.0P-.!'!(/-'$!$'&"+$'"!(P+<.0(!.-(-.!P+$!'G"4"O
g'<'!(P+-(R"+4'Hb.!(<+!(<"-."/+!(3F0'$+!V(0'!(P+<.-i(-.!F4/'-($+(P'#'0.$/+(<.("$<.0$"g'HI+(r!(
R^/"0'!(.(M'g.-(&+0(qF.('!(Yf*(P.$!.0(G.0('$/.!(<.(&+0./.-.0('GF!+!(<+!(<"-."/+!(3F0'$+!`
%
87+E7%K\P%"%sd:/F7:%8/4>71.t%@70%e7G[-0%)2+@70
9!(.0P-.!'!(qF.('<.-"-'0(r("$"&"'/"R'(p4+G'4(N+0P'&/('&+-<'-'0(87(P-"$&^P"+!(qF.('G-'$#.0(
+!(<"-."/+!(3F0'$+!V(+!(<"-."/+!(<+!(/-'G'43'<+-.!V(+('0G".$/.(.('('$/"&+--FPHI+`()!(#-FP+!(
<'(!+&".<'<.(&"R"4(qF.(P'-/"&"P'0($'(p4+G'4(N+0P'&/('&+-<'0(&+4'G+-'-(&+0('!(.0P-.!'!(
P'-'('!('XF<'-('("0P4.0.$/'-(+!(87(P-"$&^P"+!`(E'-'('<.-"-('(.!/'("$"&"'/"R'V(R"!"/.(+(2.G!"/.((((((
S***+)-703:"053,2"5(+367U(.(&4"qF.(.0(N"R"4(1+&"./L(S1+&".<'<.(N"R"4U`
XkX%%
$4>71./%@70%$20.+.9+G[-0%f+2721-+,70%$2.-,271+/27+0% %
%
%%%%%%%%%%%%%%
9!(:\:!(M+-'0(&-"'<'!(P'-'(P-+0+R.-.0(+(&-.!&"0.$/+(.&+$[0"&+(.('(.!/'G"4"<'<.(.(P'-'(
-.<Fg"-.0('(P+G-.g'`(Y4'!(.0P-.!/'0(<"$3."-+('+!(#+R.-$+!(0'!("0Pb.0(&+$<"Hb.!('+!(
P'^!.!(qF.(F!'0(.!/.!(!.-R"H+!V(&+0+(}G+'(#+R.-$h$&"'~(.(}P-"R'/"g'HI+~`
%
87+E7%R_P%*-Q+2+GH/%@-%>/F,-N7
9(P+G-.g'(P+-(R.g.!(a(<.M"$"<'(.0(/.-0+(M"$'$&."-+!V(P+-(.m.0P4+V(&+0+(!.$<+('!(P.!!+'!(
qF.(R"R.0(&+0(0.$+!(<.(]1,‡8(P+-(<"'`(c'!(R"R.-($'(P+G-.g'($I+(a(!+0.$/.(/.-(M'4/'(<.(
<"$3."-+w('(P+G-.g'(a(F0'(-.'4"<'<.(P'-'(0"43b.!(<.('M-"&'$+!(<.!P+X'<+!(<.(F0'(R"<'(&+0(
<"#$"<'<.(P+-qF.(R"R.0(!.0J
K(
9&.!!+('(-.&F-!+!V(&+0+('(/.--'(.('(3'G"/'HI+w
K(
Y<F&'HI+(+F(&+0P./T$&"'!w
K(
94"0.$/+!('<.qF'<+!V(i#F'(P+/iR.4(.(!'$.'0.$/+(!.#F-+w
K(
9&.!!+('+!(&F"<'<+!(<.(!'v<.w
K(
E-+/.&HI+(&+$/-'('(R"+4T$&"'V(+(&-"0.(.(MF$&"+$i-"+!(&+--FP/+!w
K(
9(+P+-/F$"<'<.(<.(P'-/"&"P'-.0(.0(<.&"!b.!(qF.('M.&/'0('!(!F'!(R"<'!w(.
(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((P%53-($-)"JK3
FG#
%
Z97:%/%>7>-:%@/0%+2.-,T-2+-2.-0%2H/%-0.7.7+0W
K(
9(&'P'&"<'<.(<.(P+<.-.0('P-.!.$/'-(qF."m'!('+!(qF.(<./T0(+(P+<.-`
Y0(#-'$<.(0.<"<'V('(P+G-.g'(a(&+$!.qFT$&"'(<+("$&F0P-"0.$/+(<'!(+G-"#'Hb.!(<+!(Y!/'<+!(
-.4'/"R'0.$/.('+!(<"-."/+!(3F0'$+!`
Y0(8>>>V(+(\c:(.(+(=c("$/-+<Fg"-'0(+!(,+&F0.$/+!(<.(Y!/-'/a#"'(P'-'('(Q.<FHI+(<'(
E+G-.g'(S,YQEU`()!(#+R.-$+!(/"$3'0(<.(P-.P'-'-(.!/.!(<+&F0.$/+!(P'-'(!.(P+<.-.0(
&'$<"<'/'-(r(-.<FHI+(<'(<^R"<'`()(\c:(.(+(=c(.m"#"'0(qF.(+!(,YQEJ
K( \+!!.0(<"-"#"<+!(P+-(&'<'(P'^!V("$&"<"!!.0($'(+G/.$HI+(<.(-.!F4/'<+!V(<"-"#"<+!('(4+$#+(
P-'g+V('G-'$#.$/.!(.(+-".$/'<+!(P'-'(P'-&.-"'!w
K( \+!!.0(.4'G+-'<+!(<.(0+<+(P'-/"&"P'/"R+(.(&+$!F4/"R+V(.$R+4R.$<+(+-#'$"g'Hb.!(<'(
!+&".<'<.(&"R"4(4+&'4(.($'&"+$'4w
K( :$&4F^!!.0(F0'('$i4"!.(.m'F!/"R'(<'(P+G-.g'($+(P'^!w
K( ,.M"$"!!.0(P-"+-"<'<.!(P'-'('!(!F'!(P+4^/"&'!w(.
K( :$&4F^!!.0(0./'!(.("$<"&'<+-.!(S&+$!F4/'-('(N'"m'(@U(P'-'(0+$"/+-"g'HI+(.('R'4"'HI+(<+(
P-+#-.!!+`(
'217@,J%R_%P%*JD2+,%:7%>79T,-.J
Y0G+-'(+(='$&+(cF$<"'4(<.&4'-.(qF.(P-+0+R.(+!(<"-."/+!(3F0'$+!(%$'$&"'$<+(!.&/+-.!(&+0+(
+!(<'(!'v<.(.(<'(.<F&'HI+V(R.-"%&+FO!.(qF.(0F"/+!(<+!(!.F!(P-+X.&/+!(0+!/-'0(F0'(M'4/'(
<.(&+$!"<.-'HI+(P.4'!($+-0'!(<+!(<"-."/+!(3F0'$+!`()!(,YQE(M-.qF.$/.0.$/.(/T0("0P'&/+!(
$.#'/"R+!(!+G-.(+!(<"-."/+!(3F0'$+!V(P+-(.m.0P4+J
K( )!(G.$.M^&"+!(<+!(.0P-a!/"0+!(+F(<'('XF<'('/"$#"'0('P.$'!(P.qF.$+!(#-FP+!(<.(‚(
G.$.M"&"i-"+!(S'qF.4.!(qF.("-I+(G.$.M"&"'-Uw
K( )!(!.-R"H+!(.-'0(R.$<"<+!('(.0P-.!'!(P-"R'<'!(qF.(!.#F"<'0.$/.(&+G-'R'0(}/'m'!(<.(
F/"4"g'<+-~(qF.(0F"/'!(M'0^4"'!($I+(/"$3'0(0."+!(<.(&F!/.'-`(9!(0F43.-.!(.('!(-'P'-"#'!(
.-'0(#.-'40.$/.('!(qF.(0'"!(!+M-"'0`(E+-(.m.0P4+V('4#F0'!(M'0^4"'!(!.0(0."+!(P'-'(
P'#'-('!(P-+P"$'!(.!&+4'-.!(<.(/+<+!(+!(M"43+!V(M-.qF.$/.0.$/.(.$R"'R'0(P'-'('(.!&+4'(+!(
-'P'g.!(.($I+('!(-'P'-"#'!w
K( )!(Y!/'<+!(/"R.-'0(<.(#'!/'-(#-'$<.!(P-+P+-Hb.!(<+!(!.F!(+-H'0.$/+!(P'-'(-..0G+4!'-(
+!(.0P-a!/"0+!`(:!/+(-.<Fg"'(+(<"$3."-+(<"!P+$^R.4(P'-'(#'!/'-(.0(&F"<'<+!(<.(!'v<.(.(
.<F&'HI+w(.
K( 9!(0.43+-"'!($+(Y!/'<+(<.(<"-."/+(.-'0(<"-"#"<'!(P-"$&"P'40.$/.(r(P-+/.&HI+(<+!(<"-."/+!(<.(
P-+P-".<'<.(qF.(G.$.M"&"'R'0('!(.0P-.!'!(.!/-'$#."-'!(.0(<./-"0.$/+(<'(P+PF4'HI+(4+&'4`
%
87+E7%RKP%C+F-,7:+N7GH/%@/%1/4J,1+/
*+("$^&"+(<+!('$+!(>7(+!(P'^!.!(.0(<.!.$R+4R"0.$/+(M+-'0(.$&+-'X'<+!(P.4'!(:$!/"/F"Hb.!(
\"$'$&."-'!(:$/.-$'&"+$'"!('(4"G.-'4"g'-.0(+(&+0a-&"+`(:!/+(P.-0"/"-"'(F0'(0'"+-(P'-/"&"P'HI+
((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((P%53-($-)"JK3
FH
;7,.-%$P%$2Q/,47GH/%F<0+17
P+-(P'-/.(<'!(.$/"<'<.!(P-"R'<'!`(9(4"G.-'4"g'HI+(.$R+4R.F('(.4"0"$'HI+(<'!(G'--."-'!(
&+0.-&"'"!(qF.(4"0"/'R'0('(4"R-.(&"-&F4'HI+(<.(G.$!(.(!.-R"H+!(.$/-.(P'^!.!`(9!(G'--."-'!(
"$&4F^-'0(/'-"M'!(S/'"!(&+0+(<"-."/+!('4M'$<.#i-"+!(.(!FG!^<"+!(<.(.mP+-/'HI+U(.(G'--."-'!($I+(
/'-"Mi-"'!(S/'"!(&+0+(-.#F4'0.$/+!(<.(4"&.$&"'0.$/+U`(cF"/+!(P'^!.!('M-"&'$+!("0P4.0.$/'-'0('(
4"G.-'4"g'HI+V(0'!(+!(-.!F4/'<+!(M+-'0(<.&.P&"+$'$/.!V(.0(P'-/.(P+-qF.(+!('&+-<+!(.$R+4R"'0(
P'^!.!(&+0($^R."!(<.(-"qF.g'(.(&'P'&"<'<.(<.(P-+<FHI+(0F"/+(<"M.-.$/.!`
Y0(&+$!.qFT$&"'(<.!/.!("0P'&/+!($.#'/"R+!(
$+!(<"-."/+!(3F0'$+!V(+!(,YQE(M+-'0(
0F"/+(&-"/"&'<+!`(Y0(P'-/"&F4'-V(3i(P+F&'!(
+P+-/F$"<'<.!(P'-'('(P'-/"&"P'HI+(<'(!+&".<'<.(
&"R"4(.(<+!(P'-4'0.$/+!`(94a0(<"!!+(+!(,YQE(
!I+(M-.qF.$/.0.$/.(<"-"#"<+!(P.4+!(<+'<+-.!(
.V(&+$!.qF.$/.0.$/.V("!/+(.$M-'qF.&.('(
&'P'&"<'<.(<.(<.&"!I+(<.(F0(P'^!(!+G-.(+!(
!.F!(P-[P-"+!(P4'$+!(<.(<.!.$R+4R"0.$/+`
E'-'(!'/"!M'g.-('!(&+$<"Hb.!("0P+!/'!(P.4+!(,YQEV('4#F$!(P'^!.!(&-"'-'0("$&.$/"R+!(r(
P-"R'/"g'HI+`(N+0+(&+$!.qFT$&"'J
K( )!(!.-R"H+!(&+0+('(!'v<.V('(.<F&'HI+(.('(i#F'(M+-'0(P-"R'/"g'<+!w(.
K( 9!(.0P-.!'!(P-"R'<'!(P-.+&FP'0O!.(&+0(+!(!.F!(4F&-+!(.V(P+-(&+$!.#F"$/.V('(P-"R'/"g'HI+(
-.!F4/+F(.0J
O((((f'm'!(<.(F/"4"g'<+-w
O((((N+$&.$/-'HI+(<.(!.-R"H+!(+$<.(R"R.0('!(P.!!+'!(0'"!(-"&'!w(.
O((((N+-/.!($'!(<.!P.!'!(.("$&F0P-"0.$/+(<'(0.43+-"'(<.("$M-'O.!/-F/F-'!(S.<"M^&"+!V
(((((0iqF"$'!V(.!/-'<'!V(./&`U`
*+(%$'4(<+!('$+!(>7V(<.P+"!(<.(P-+/.!/+!(<'(P'-/.(<'!()*pV(+!(<+'<+-.!(.(+(=c(
-.&+$3.&.-'0(qF.('!(/'m'!(<.(F/"4"g'<+-(/"$3'0("0P'&/+!($.#'/"R+!`(N+$!.qF.$/.0.$/.J
K( si-"+!(P'^!.!V("$&4F"$<+(+(]#'$<'V('(nh0G"'(.('(f'$gh$"'V(&'$&.4'-'0('!(/'m'!(<.(F/"4"g'<+-(
P'-'('(.<F&'HI+(.(&+0.H'-'0('(-.<Fg"-('!(<+!(!.-R"H+!(<.(!'v<.w(.
K( 94#F$!(<+'<+-.!('P+"'-'0('(.4"0"$'HI+(<'!(/'m'!(<.(F/"4"g'<+-(P'-'(+!(!.-R"H+!(<.(!'v<.V(
P'-'(+!(!.&/+-.!(<'(P+PF4'HI+(qF.($I+(/"$3'0(0."+!(P'-'(P'#'-(+!(!.-R"H+!(<.(!'v<.(
MF$<'0.$/'"!`
9(.4"0"$'HI+(<'!(/'m'!("$&.$/"R+F('!(P.!!+'!('(F!'-.0(0'"!(+!(!.-R"H+!w(P+-/'$/+(&'G.('+!(
#+R.-$+!(S.(.0(.!P.&"'4('+(='$&+(cF$<"'4(.('+!(<+'<+-.!(G"4'/.-'"!U(&F0P-"-.0('!(!F'!(
+G-"#'Hb.!(P'-'(&+0(+!(<"-."/+!(3F0'$+!(<"!P+$"G"4"g'$<+(%$'$&"'0.$/+(.m/-'(P'-'('!!.#F-'-(
qF.(+!(!.-R"H+!(&+$!.#F.0(!'/"!M'g.-('!($.&.!!"<'<.!(<'!(P.!!+'!(RF4$.-iR."!`
FI#
Z97:%/%>7>-:%@/0%+2.-,T-2+-2.-0%2H/%-0.7.7+0W
%
87+E7%RRP%"F/:+GH/%@70%.7E70%@-%9.+:+N7@/,
Y0(8>>>('()†\9c(M"$'$&"+F(F0'(P.qF.$'()*p(<'(f'$gh$"'V(c''-"M'($"(]MF$#F+V(P'-'(
-.'4"g'-(F0(.!/F<+(<+("0P'&/+(<'!(/'m'!(<.(F/"4"g'<+-(<+(.$!"$+(P-"0i-"+($'!(M'0^4"'!(<+(
j"4"0'$X'-+`(cF"/'!()*p('XF<'-'0('(PFG4"&'-(+!(-.!F4/'<+!(<+(.!/F<+(<'()*p`(Y!/.!(M+-'0(
'P-.!.$/'<+!(.0(<F'!(R.-!b.!(R"<.+#-'R'<'!J(F0'(<"-"#"<'(r!(&+0F$"<'<.!(4+&'"!(.('(+F/-'(
'+!(MF$&"+$i-"+!(<'(.<F&'HI+`(]0'(+F/-'()*p(-.'4"g+F(F0(.!/F<+(!.0.43'$/.($+F/-'(P'-/.(<'(
f'$gh$"'`()!(-.!F4/'<+!(M+-'0('P-.!.$/'<+!('+(#+R.-$+(.('+!(<+'<+-.!(.0(c'-H+(<.(6777`(9(
f'$gh$"'('G+4"F('!(/'m'!(<.(F/"4"g'<+-(<+(.$!"$+(P-"0i-"+(.0(d'$."-+(<.(6778`
\+$/.J(d+"$/(,+$+-(1/'MM(f-'"$"$#(9&/"R"/L(E'-/$.-!3"P(M+-(E+R.-/L(Q.<F&/"+$(SE'-&.-"'(N+$XF$/'(
<.(9&/"R"<'<.!(<.(\+-0'HI+(<.(E.!!+'4(,+'<+-(P'-'('(Q.<FHI+(<'(E+G-.g'UV(f'$gh$"'V(8?(<.(
dF$3+(<.(6776`(***+34546+3671835),'-(.19):0$5"($3-.193T'6(/G(6"('7$'.'-+2=>
E'-'('!!.#F-'-(qF.(+!(,YQE(4.R'!!.0(.0(&+$/'(+!(<"-."/+!(3F0'$+!V(+(94/+(N+0"!!'-"'<+(
<'!(*'Hb.!(]$"<'!(P'-'(+!(,"-."/+!(<+(;+0.0(S9N,;U(<.!.$R+4R.F(.0(677A(+!(E-"$&^P"+!(
.(,"-.&/-"g.!(<.(F0'(9G+-<'#.0(<.(,"-."/+!(;F0'$+!(P'-'('!(Y!/-'/a#"'!(<.(Q.<FHI+(<'(
E+G-.g'(S&+$!F4/'-('(N'"m'(6CU`
%
87+E7%RUP%;,+21c>+/0%-%@+,-1.,+N-0%@-%947%7F/,@7?-4%F70-7@7%2/0%@+,-+./0%%%%%%%%%%%%%%%%
% %%%%%%%%%%%%%S9472/0%>7,7%70%-0.,7.J?+70%@-%,-@9GH/%@7%>/F,-N7
E'-'("$/.#-'-.0(+!(<"-."/+!(3F0'$+!($'!(!F'!(.!/-'/a#"'!(<.(-.<FHI+(<'(P+G-.g'V(+!(Y!/'<+!(.(
+F/-+!("$/.-R.$".$/.!(<.R.0J
b#
!K*%(&L&,)+#-'#P0*#V&V*$#%)#/-1+*Y)]#&+0+(+!(qF.($I+(/T0('G-"#+(&+$<"#$+V(.<F&'HI+(
Gi!"&'V("#F'4('&.!!+(r(XF!/"H'(+F(qF.($I+(!I+(&'P'g.!(<.(#'$3'-('(!F'(R"<'w
b#
!$/.*$*%()+#)'#%-+$)'#&%(*+%),&-%)&'#K*#K&+*&(-'#O0$)%-'w
b#
60$/+&+#-'#,-$/+-$&''-'#&%(*+%),&-%)&']#P+-(.m.0P4+V(+!()GX.&/"R+!(<.(,.!.$R+4R"0.$/+(
<+(c"4a$"+(S&+$!F4/'-('(1.&HI+(A`CUw
b#
"''*40+)+#)#&40).K)K*#*#)#%3-#K&',+&$&%)23-w
b#
!%,*%(&V)+#)#/)+(&,&/)23-#*#)#,)/),&()23-`(:!/+("$&4F"('(&-"'HI+(<.("$!/"/F"Hb.!(P'-'('(
P'-/"&"P'HI+(.('(P-+/.&HI+(<+!(<"-."/+!(<.(4"G.-<'<.(<.("$M+-0'HI+V(.mP-.!!I+V('!!+&"'HI+(
.("#F'4('&.!!+(r(XF!/"H'w
b#
8*).&Y)+#/+-4+*''&V)$*%(*#-'#K&+*&(-'#O0$)%-'`()!(Y!/'<+!(<.R.0(-.'4"g'-("0.<"'/'0.$/.(+!(
<"-."/+!(qF.($I+(<.P.$<.0(<.(-.&F-!+!V(&+0+('(P-+"G"HI+(<'(<"!&-"0"$'HI+V(.(.4'G+-'-(F0(
P4'$+('#.$<'<+(P'-'(+G/.-(+!(-.&F-!+!($.&.!!i-"+!(P'-'('(-.'4"g'HI+(<+!(+F/-+!(<"-."/+!w(.
b#
:&',).&Y)+#*#)''*40+)+#)#+*'/-%')1&.&Y)23-]#P'-'(qF.(+!("$&F0P-"0.$/+!(P+!!'0(!.-(
"<.$/"M"&'<+!(.(&+--"#"<+!`
FN
]%%%%Z9-%-0Q/,G/0%>/@-4%0-,%,-7:+N7@/0%>/,%7?^21+70%?/T-,274-2l
%%%%%%%%%%%%%%.7+0%-%2H/%?/T-,274-2.7+0%>7,7%4-:S/,7,-4%/0%@+,-+./0%'68W
9(E'-/.(::(<.!/.(0'$F'4(<.!&-.R.('!(0.<"<'!(qF.(+!(<.M.$!+-.!(<+!(<"-."/+!(Y1N(P+<.0(
-.'4"g'-(P'-'(0.43+-'-.0(+!(<"-."/+!(Y1N(/-'G'43'$<+(&+0('!(&+0F$"<'<.!(.(+!(#+R.-$+!(
4+&'"!`(9($^R.4("$/.-$'&"+$'4V(P'$O'M-"&'$+(.($'&"+$'4(/'0Ga0(!I+(M."/+!(.!M+-H+!(qF.(
&+$/-"GF.0(P'-'('(0.43+-"'(<+!(<"-."/+!(Y1Nw(.!/.!(!I+(<"!&F/"<+!($'!(1.&Hb.!(A`8('(A`C`
)F/-+!(.!M+-H+!(v/."!(P'-'(+!(<.M.$!+-.!(<+!(<"-."/+!(Y1N(!I+('('G+-<'#.0(<+(
<.!.$R+4R"0.$/+(&+0(G'!.($+!(<"-."/+!(3F0'$+!(.(+!(P-"$&^P"+!(<.(P'-/"&"P'HI+(qF.(.!/I+(
'(!.-('<+P/'<+!(&'<'(R.g(0'"!(P.4'!()*p($+(!.F(/-'G'43+(.0(P-+4(<+!(<"-."/+!(3F0'$+!(
+F(/-'G'43+(<.(<.!.$R+4R"0.$/+`(Y!/.!(!I+(<"!&F/"<+!($'!(1.&Hb.!(A`B(.(A`D(.(!I+(F0'(
"$/-+<FHI+(v/"4(r('G+-<'#.0(P-i/"&'(<+(/-'G'43+(&+0('!(&+0F$"<'<.!(.(+!(#+R.-$+!(4+&'"!(
<.!&-"/'($'(E'-/.(::`
]kK%%
8//>-,7GH/%-%700+0.^21+7%+2.-,271+/27+0%
%
%
%%%%%%%%%%%%%%%%%%%%%%
E'-'('(0'"+-"'(<+!(P'^!.!(.0(<.!.$R+4R"0.$/+('('!!"!/T$&"'(P-+P+-&"+$'<'(P+-(+F/-+!(
Y!/'<+!V(&+$3.&"<'(P+-(N++P.-'HI+(.(9!!"!/T$&"'(:$/.-$'&"+$'"!V(9XF<'(EvG4"&'('+(
,.!.$R+4R"0.$/+(S9E,UV(+F('XF<'(G"4'/.-'4V(a(F0'(M+$/.(<.(-.&."/'!("0P+-/'$/.`(c'!(.!/'(
'XF<'(a(M-.qF.$/.0.$/.(+M.-.&"<'(<.(0+<+('(!'/"!M'g.-(+!("$/.-.!!.!(.&+$[0"&+!(.(P+4^/"&+!(
<+!(<+'<+-.!V(.0(R.g(<.(-.<Fg"-('(P+G-.g'(+F(<.(M'g.-(P-+#-.<"-(+!(<"-."/+!(3F0'$+!`()!(
P-+G4.0'!("$&4F.0J
K( )(-.qF"!"/+(<.(P-"R'/"g'HI+(<.(!.-R"H+!V(P+-(.m.0P4+(<+('G'!/.&"0.$/+(<.(i#F'(+F(
.4.&/-"&"<'<.w
K( )(-.qF"!"/+(<.(#'!/'-(P'-/.(<+(<"$3."-+(<'('XF<'(.0(G.$!(+F(!.-R"H+!(<+(P'^!(<+'<+-w
K( c.$+!('XF<'(P-+P+-&"+$'<'(P.4+!(<+'<+-.!(<+(qF.('(qF.(M+"(P-+0./"<'w(.
K( ,"!P+$"G"4"g'HI+("0P-.R"!^R.4(.('(&F-/+(P-'g+(<'!(M"$'$H'!(<+!(<+'<+-.!V(<"M"&F4/'$<+(+(
P4'$.'0.$/+(<'!(<.!P.!'!(PvG4"&'!('+(#+R.-$+(qF.(-.&.G.(.!!.(M"$'$&"'0.$/+`
N+$/F<+V('4#F$!(<+'<+-.!(.!/I+(.0P.$3'<+!(.0(+M.-.&.-('!!"!/T$&"'(P'-'('XF<'-('(&+0G'/.-('(
P+G-.g'6C`
GS#
Z9-%-0Q/,G/0%>/@-4%0-,%,-7:+N7@/0%>/,%7?^21+70%?/T-,274-2.7+0%
-%2H/%?/T-,274-2.7+0%>7,7%4-:S/,7,-4%/0%@+,-+./0%'68W
%
87+E7%RYP%'E-4>:/0%72+47@/,-0%@-%+2+1+7.+T70%@/%'0.7@/
"#T+&(+*&)#<.!.$R+4R.F(F0'(E+4^/"&'(*'&"+$'4(P'-'('(Y<F&'HI+(<.(9<F4/+!(.0(677D`(Y!/'(
P+4^/"&'(-.&+$3.&"'(qF.('(4"/.-'&"'('<F4/'(&+$/-"GF"(P'-'('(-.<FHI+(<'(P+G-.g'(.(qF.(+!(#-FP+!(
<.!M'R+-.&"<+!V("$&4F"$<+(0F43.-.!V(-'P'-"#'!(.(P.!!+'!(<'!(i-.'!(-F-'"!V($.&.!!"/'R'0(<.(
'/.$HI+(.!P.&"'4`
\+$/.J(***+)-'.53+3671>$0'"=,$-1^E_DB^C8B@1B`GDBDEDCG1EB_153->$-('"12=>1`"($3-"0a
b'236(.1@>6$5"1@>6$5"1C6$(6'"+2=>%
f)K)4Q',)+#'<+P/+F(.0(677D(F0(E-+#-'0'(*'&"+$'4(<.(9&.!!+(r(l#F'(E+/iR.4(.('+(
1'$.'0.$/+(1.#F-+(SE*9YE9U(P'-'(!'/"!M'g.-('!(0./'!(<+!(),c('/a(678D`(
\+$/.J(2=>+)."$=+73T12=>a=35.19`@8cdee+2=>R%S&+$!F4/'-(/'0Ga0('(G-+&3F-'(!+G-.('(l#F'U
f)++-,-'#K*,.)+-0#P0*#/+-$-V*+&)#-#'*,(-+#K)#')RK*#*#)#L-+$)23-#K*#/*''-).#$gK&,-#/)+)#
')(&'L)Y*+#-'#79f`
\+$/.J()(,"-.&/+-O#.-'4(<'()c1(.4+#"'(+(.0P.$3'0.$/+(<.(c'--+&+!($'(P-+0+HI+(<+(!.&/+-(
<'(!'v<.V(9#T$&"'(c'#3-.G(9-'G.(E-.!!.V(A(<.()F/FG-+(<.(677>V
\+$/.J(2**+,"2+,"1'-71.'5($3-.1.35$"01*43a=$6'5(36a7'-'6"01T$'*
hL+&,)#"0'(+).#W^"96XJ(!."!(P'^!.!(ƒ('(lM-"&'(<+(1F4V(c'4'2"V(c+H'0G"qF.V(Q,NV(f'$gh$"'(.(
c'<'#i!&'-(ƒ(#'-'$/"-'0(&4'-'0.$/.(+(<"-."/+(r("$M+-0'HI+($+(qF'<-+(<'!(!F'!(&+$!/"/F"Hb.!`
\+$/.J(cFW.4'$"(,"0G'V(9M-"&'J(/3.(Q"#3/(/+(:$M+-0'/"+$("$(N+$/"$.$/(S)(,"-."/+(r(:$M+-0'HI+(
$+(N+$/"$.$/.UV(E'0G'gFW'(*.2!V(6D(<.(1./.0G-+(<.(677@V(((((((((((
\+$/.J("00">6$5"+53,1
f'$/+(+!(<+'<+-.!(&+0+(+!(#+R.-$+!(<+!(Y!/'<+!(qF.(-.&.G.0('!!"!/T$&"'(<.R.0('!!.#F-'-(
qF.('#.0(<.('&+-<+(&+0('!(!F'!(+G-"#'Hb.!(<.(<"-."/+!(3F0'$+!(.(qF.('('XF<'(P-+P+-&"+$'<'(
a(F/"4"g'<'(.0(P-"0."-+(4F#'-(P'-'('4^R"+(<'(P+G-.g'(.(-.'4"g'HI+(<+!(<"-."/+!(3F0'$+!(P'-'(
/+<'!('!(P.!!+'!`
]kR%%
$20.+.9+G[-0%7Q,+17270%,-?+/27+0%-%/,?72+N7G[-0%-1/234+170%>72l7Q,+17270%
9(!.#F"-("$<"&'O!.(F0'(4"!/'(<.("$!/"/F"Hb.!(MF$<'0.$/'<'!(.0(/-'/'<+!(qF.(!.(<.<"&'0('+!(
<"-."/+!(3F0'$+!(&+0+(P'-/.(<+!(!.F!(0'$<'/+!(+F(0"!!b.!`(94#F$!(<+!(/-'/'<+!("$&4F.0(
<"-."/+!(3F0'$+!(.(P-.RT.0(0.&'$"!0+!(qF.("$&4F.0('(P'-/"&"P'HI+(<'!()1N($+(<"i4+#+`(
9($^R.4(4+&'4V(+!(<.M.$!+-.!(<+!(<"-."/+!(Y1N(P+<.0(/.-(<.(&+4'G+-'-(&+0(+F/-'!()1N(P'-'(
/+0'-.0(0.<"<'!('($^R."!(-.#"+$'4(.(P'$O'M-"&'$+`
GB
;7,.-%$P%$2Q/,47GH/%F<0+17
K(
9(>%&3-#"L+&,)%)#W>"X5#9(R"!I+(<'(]9(<.(F0'(lM-"&'(F$"<'(.(M+-/.("$&4F"('(&-"'HI+(<.(
}2"65'6$"%'-(6'%3.%73T'6-3.%'%(3=3.%3.%.'7,'-(3.%="%.35$'="='%5$T$0R%',%2"6($5)0"6%".%
,)04'6'.R%3.%?3T'-.%'%3%.'5(36%26$T"=3R%"%>$,%='%53-.30$="6%"%.30$="6$'="='%'%53'.K3%'-(6'%3.%
-3..3.%23T3.`~6B
K(
9("''*$1.*&)#K-'#6O*L*'#K*#T'()K-#*#K-#i-V*+%-(a(F0([-#I+(!FP-.0+(qF.(<./.-0"$'('!(
P+4^/"&'!(&+0F$!(<'(]9`(\+-'0(&-"'<+!(Ri-"+!([-#I+!(P'-'('&+$!.43'-('(9!!.0G4."'(<'(]9`(
Y!/.!("$&4F.0(+(E'-4'0.$/+(E'$O9M-"&'$+(SEE9U(.(+(N+$!.43+(Y&+$[0"&+V(1+&"'4(.(NF4/F-'4(
SYN)1)NNU`
K(
)(Z)+.)$*%(-#Z)%U"L+&,)%-#WZZ"X5#N-"'<+(.0#677BV(+(EE9(a(&+$!/"/F^<+(P+-(P'-4'0.$/'-.!(
<.(P'^!.!('M-"&'$+!`(9!(&+0"!!b.!(P'-4'0.$/'-.!("$R.!/"#'0(.(<"!&F/.0(Ri-"+!('!!F$/+!V(
"$&4F"$<+(+!(<"-."/+!(3F0'$+!V('#-"&F4/F-'V(&+0a-&"+V(0I+O<.O+G-'(.(/-'$!P+-/.`()(EE9(
S'"$<'U($I+(M'g(4."!`()M.-.&.(P'-.&.-.!(.(/+0'(-.!+4FHb.!`(9!("$!/"/F"Hb.!(.(+!("$<"R^<F+!(
P+<.0('P-.!.$/'-(P./"Hb.!`(Y!/I+('(!.-(&-"'<+!(0.&'$"!0+!(P'-'('(P'-/"&"P'HI+(<'(
!+&".<'<.(&"R"4`
K(
)(6-%'*.O-#T,-%\$&,-]#^-,&).#*#60.(0+).#WT67^766X5#N-"'<+(.0(c'-H+(<.(677DV(+(
YN)1)NN(a(&+$!/"/F^<+(P+-()*pV(.0P-.!'!V(P-.!/'<+-.!(<.(!.-R"H+!V("$!/"/F"Hb.!(<.(
"$R.!/"#'HI+(.(+F/-'!(+-#'$"g'Hb.!(<'(!+&".<'<.(&"R"4`(9$/.!(<.(&'<'(&"0."-'(<'(]9V(+!(
-.P-.!.$/'$/.!(<'(!+&".<'<.(&"R"4(!I+("$M+-0'<+!(!+G-.(+!(<.!.$R+4R"0.$/+!(<'(]9($+(
\[-F0(]9O)1N`(Y4.!(P+<.0(.$/I+('P-.!.$/'-(-.&+0.$<'Hb.!(r(&"0."-'(<'(]9`
Y0(1./.0G-+(<.(677@(M+"(&-"'<'(F0'(9!!.0G4."'(<+(YN)1)NN(&+$!/"/F^<'(P+-(8D7(
-.P-.!.$/'$/.!(<'(!+&".<'<.(&"R"4(.4."/+!('($^R."!($'&"+$'4(.(-.#"+$'4(.(<'(<"i!P+-'(S'M-"&'$+!(
qF.(R"R.0(M+-'(<.(lM-"&'U(qF.($+(M"$'4(<.(677@('&."/'R'(&'$<"<'/F-'!(r(9!!.0G4."'`
K(
9(6-$0%&K)K*#T,-%\$&,)#"L+&,)%)#W6T"X#.()'#6-$0%&K)K*'#T,-%\$&,)'#8*4&-%)&'#W6T8XJ(
9(NY9(a(F0([-#I+(&+$!F4/"R+(<'(]9`()!(!.F!(}P"4'-.!~(!I+('!(NYQV(/'4(&+0+(+(c.-&'<+(
N+0F0(<'(lM-"&'()-".$/'4(.(9F!/-'4(SN)cY19U(.('(N+0F$"<'<.(Y&+$[0"&'(<+!(Y!/'<+!(<'(
lM-"&'()&"<.$/'4(SNY,Y9)U`()!(0.0G-+!(<.(0F"/'!(<'!(NYQ(P.-/.$&.0('(Ri-"'!(NYQ`(9(]9(
P-+&F-'(-.<Fg"-(+($v0.-+(<.!/'!(.(-.M+-HiO4'!`(Y0()F/FG-+(<.(677@(/-T!(NYQV(+(N)cY19V(
NY9(.('(N+0F$"<'<.(P'-'(+(,.!.$R+4R"0.$/+(<'(lM-"&'(9F!/-'4(S19,NUV('&+-<'-'0(MF$<"-O!.(
.(M+-0'-(F0'(n+$'(<.(N+0a-&"+(_"R-.(SnN_U(qF.("$&4F"-"'(6A(P'^!.!`
N'<'(NYQ(M+"(&-"'<'($+!(/.-0+!(<.(F0(/-'/'<+(qF.(<.%$.(+!(+GX.&/"R+!(<'(&+0F$"<'<.`(
94a0(<+!(+GX.&/"R+!(<.($'/F-.g'(.&+$[0"&'V(&+0+('(M+-0'HI+(<.(F0(0.-&'<+(&+0F0V(
.m"!/.0(+F/-+!(&+0+('(P-+0+HI+(<'(P'g(.(<'(!.#F-'$H'V(<.0+&-'&"'(.(<"-."/+!(
3F0'$+!`(94#F0'!(NYQ(P+!!F.0(/-"GF$'"!(<.(XF!/"H'(qF.(4"<'0(&+0('!("$M-'&Hb.!('+(
/-'/'<+`()F/-'!(P+!!F.0(F0(P'-4'0.$/+(.(+F/-'!('"$<'(P+!!F.0(0.&'$"!0+!(P'-'('(
P'-/"&"P'HI+(<'(!+&".<'<.(&"R"4`
GC#
Z9-%-0Q/,G/0%>/@-4%0-,%,-7:+N7@/0%>/,%7?^21+70%?/T-,274-2.7+0%
-%2H/%?/T-,274-2.7+0%>7,7%4-:S/,7,-4%/0%@+,-+./0%'68W
K(
9(?-V)#Z)+,*+&)#/)+)#-#9*'*%V-.V&$*%(-#K*#hL+&,)#W?TZ"9XJ(9(*YE9,(M+"(&-"'<'(P+-(&"$&+(
&3.M.!(<.(Y!/'<+(9M-"&'$+!(.('<+P/'<'(P.4'(]9(.0(6778`()!(!.F!(P-"$&^P"+!("$&4F.0(G+'(
#+R.-$h$&"'w(P-+/.&HI+(<+!(<"-."/+!(3F0'$+!w(P'-/"&"P'HI+(P+-(P'-/.(<.(/+<+!(+!(!.&/+-.!(
<'(!+&".<'<.w(+G/.$HI+(<+!()GX.&/"R+!(<.(,.!.$R+4R"0.$/+(<+(c"4a$"+(S&+$!F4/'-('(1.&HI+(
A`CU(.('(-.M+-0'(<+(!"!/.0'(<.(-.<FHI+(<'(<^R"<'(.('XF<'("$/.-$'&"+$'4`
)!(#-FP+!(<'(!+&".<'<.(&"R"4(P+<.0(P'-/"&"P'-($+(!"!/.0'(<.(0+$"/+-"g'HI+(<'(*YE9,V(
+(c.&'$"!0+(9M-"&'$+(<.(9R'4"'HI+(P.4+!(E'-.!(Sc99EU`()!(P'^!.!(M'g.0(F0'('F/+O
'R'4"'HI+(P'-'(R.-"%&'-(+(!.F(P-+#-.!!+(.0(-.4'HI+('+!(+GX.&/"R+!(<'(*YE9,V("$&4F"$<+(
+!(+GX.&/"R+!(<.(<"-."/+!(3F0'$+!V(.(<.!.$R+4R.0(E-+#-'0'!(<.(9&HI+`()(c99E(-.RT(
.!/.(P-+&.!!+(.('&-.!&.$/'(+!(!.F!(&+0.$/i-"+!(.(-.&+0.$<'Hb.!`()(-.4'/[-"+(%$'4(a(
'P-.!.$/'<+('+(\[-F0(<.(N3.M.!(<.(Y!/'<+(<+(c99EV(.0(!.#F"<'('P-.!.$/'<+($'(&"0."-'(
<'(]9(.V(.R.$/F'40.$/.V(<"RF4#'<+('+(PvG4"&+`
]kU%%
LFg-1.+T/0%@-%*-0-2T/:T+4-2./%@/%=+:J2+/%pL*=q%
%
%
Y0(6777(/+<+!(+!(Y!/'<+!(
<'!(*'Hb.!(]$"<'!(.('!(
P-"$&"P'"!("$!/"/F"Hb.!(<.(
<.!.$R+4R"0.$/+('&+-<'-'0(
"0P4.0.$/'-(+"/+()GX.&/"R+!(<.(
,.!.$R+4R"0.$/+(<+(c"4a$"+(
S),cU(qF.(-.<Fg"-"'0('(
0./'<.(+($v0.-+(<.(P.!!+'!((
'(R"R.-($'(P+G-.g'('/a(678DJ
%%%%%%%%%%
)()GX.&/"R+(@(
-.4'/"R+(r('XF<'V(
&+0a-&"+(.(
<^R"<'V(qF.(a(<'(
-.!P+$!'G"4"<'<.(
<'(&+0F$"<'<.(
"$/.-$'&"+$'4V(a(
+(v$"&+(+GX.&/"R+(
qF.($I+(P+!!F"(
0./'!`
8`( Y--'<"&'-('(P+G-.g'(.m/-.0'(.('(M+0.w
6`( 94&'$H'-(+(.$!"$+(P-"0i-"+(F$"R.-!'4w
C`( E-+0+R.-('("#F'4<'<.(.$/-.(+!(!.m+!(.(
&'P'&"/'-('!(0F43.-.!w
B`( Q.<Fg"-('(0+-/'4"<'<.("$M'$/"4w
D`( c.43+-'-('(!'v<.(0'/.-$'w
A`( N+0G'/.-(+(s:;t1:,9V(0'4i-"'(.(+F/-'!(
<+.$H'!w
?`( p'-'$/"-('(!F!/.$/'G"4"<'<.('0G".$/'4w(.
@`( N-"'-(F0'(P'-&.-"'(0F$<"'4(P'-'(+(
<.!.$R+4R"0.$/+`
GD
;7,.-%$P%$2Q/,47GH/%F<0+17
)(P-+#-.!!+(S<.%$"<+(<.('&+-<+(&+0('!(0./'!(<.(&'<'()GX.&/"R+U($'(+G/.$HI+(<+!(),c(a(
4.$/+`(*+(-.4'/[-"+(<.(677@(!+G-.(+!(),c6DV('!(*'Hb.!(]$"<'!('<0"/.0(qF.(Ri-"'!(0./'!($I+(
!.-I+('/"$#"<'!('/a(678D`(Y0(.!P.&"'4V('(lM-"&'(1FG!'-"'$'(a('(-.#"I+(qF.('P-.!.$/'(0.$+-(
P-+#-.!!+(.0(-.4'HI+('(0F"/'!(<'!(0./'!(<.%$"<'!`
)!(P.-"/+!(.0(<"-."/+!(3F0'$+!(&-"/"&'-'0(+!(),c(P+-qF.(+(!.F(h0G"/+(a(-.!/-"/+(.($I+(
.!/I+(.mP-.!!+!(&+0+(+G-"#'Hb.!(<.(<"-."/+!(3F0'$+!`(9(,.&4'-'HI+(<+(c"4a$"+6AV(<'(qF'4(!.(
<.-"R'-'0('!(0./'!V(!'4".$/'(-.'40.$/.(+!(<"-."/+!(3F0'$+!`(c'!(!I+(P+F&+!(+!(-.4'/[-"+!(<.(
),c($'&"+$'"!(qF.(-.€.&/.0(F0'('$i4"!.(&4'-'(<+!(<"-."/+!(3F0'$+!`
E'-'('!()*p(qF.(/-'G'43'0(.0(<"-."/+!(Y1NV(+!(-.4'/[-"+!(<.(),c($'&"+$'"!V(/'4(&+0+(+!(
-.4'/[-"+!(,YQE(0.$&"+$'<+!($'(1.&HI+(D`DV(M+-$.&.0("$M+-0'HI+(.(.!/'/^!/"&'!(v/."!`(Y4.!(
/'0Ga0(+M.-.&.0('(+P+-/F$"<'<.(<.(.m.-&.-(P-.!!I+(P'-'('(&-"'HI+(<.(4"#'Hb.!('+!(<"-."/+!(
3F0'$+!V(/'"!(&+0+('($I+(<"!&-"0"$'HI+($'(-.'4"g'HI+(<+!(<"-."/+!(r(!'v<.(.(r(.<F&'HI+`()!(
),c(!.-I+(/-'/'<+!(0'"!(<./'43'<'0.$/.($'!(Ri-"'!(G-+&3F-'!(<.!/'(!a-".`
]kY%%
"F/,@7?-4%>7,7%/%@-0-2T/:T+4-2./%F70-7@7%2/0%@+,-+./0%S9472/0%%%%%%%%%
9(P-+/.&HI+(<+!(<"-."/+!(3F0'$+!(&+0+(G'!.(.!!.$&"'4(P'-'(+(<.!.$R+4R"0.$/+(a(F0(&+$&."/+(
qF.(a('#+-'(4'-#'0.$/.(-.&+$3.&"<+`(9$/.-"+-0.$/.(+(<.!.$R+4R"0.$/+(G'!.'R'O!.($+(<.!.X+(
<.(!'/"!M'g.-($.&.!!"<'<.!`(9('XF<'(.-'(<'<'(&+0(+(.!P^-"/+(<.(&'-"<'<.`
9!(‚('#T$&"'!(<.(<.!.$R+4R"0.$/+(!I+('#T$&"'!(&-"'<'!(P'-'('P+"'-(+(&-.!&"0.$/+(.&+$[0"&+(
$F0(P'^!(+F(-.#"I+(.!P.&^%&+!`(Y4'!(.!/I+('('<+P/'-(&'<'(R.g(0'"!('qF"4+('(qF.(!.(&3'0'(
F0'('G+-<'#.0(P'-'(+(<.!.$R+4R"0.$/+(G'!.'<'($+!(<"-."/+!(3F0'$+!(S9=,;U`(E+-(!F'(
R.gV('!()*p(<.(<"-."/+!(3F0'$+!(.!/I+('(/"-'-(4"Hb.!(<.!/'('G+-<'#.0(.V(&+$!.qF.$/.0.$/.V(
&+0.H'-'0('(<'-(0'"!('/.$HI+('+!(<"-."/+!(Y1NV(P+-qF.(+(M+&+(<'(9=,;(a('("$/.-<.P.$<T$&"'(
.(+("$/.-O-.4'&"+$'0.$/+(<+!(<"-."/+!(3F0'$+!`
%
(7F-:7%OP%8/4>7,7GH/%@7%7F/,@7?-4%sF70-7@7%27%2-1-00+@7@-t%1/4%7%"j*!
"%7F/,@7?-4%sF70-7@7%27%%%%%%%%%%%%%%
2-1-00+@7@-t
"%"j*!
9!(P.!!+'!($.&.!!"/'<'!(!I+(}R^/"0'!~(+F(
9!(P.!!+'!(!I+(<./.$/+-'!(<.(<"-."/+!`
G.$.M"&"i-"'!`
9('XF<'(a(P-+P+-&"+$'<'(&+0(+(M"0(<.(-.!+4R.-( 9(<"!/-"GF"HI+(<.(G.$!($I+(-.!+4R.(+!(P-+G4.0'!J(
P-+G4.0'!`
a($.&.!!i-"+(-.!+4R.-('!(&'F!'!(<'(P-"R'HI+V(&+0+(
P+-(.m.0P4+V('(<"!&-"0"$'HI+`((((
(((((((((((((((((((((((((((((((((((((((((((((((((((P%53-($-)"JK3
GE#
Z9-%-0Q/,G/0%>/@-4%0-,%,-7:+N7@/0%>/,%7?^21+70%?/T-,274-2.7+0%
-%2H/%?/T-,274-2.7+0%>7,7%4-:S/,7,-4%/0%@+,-+./0%'68W
"%7F/,@7?-4%sF70-7@7%27%%%%%%%%%%%
2-1-00+@7@-t
"%"j*!
)!(<+'<+-.!(P-+P+-&"+$'-'0('XF<'(P'-'(
9!(&+0F$"<'<.!(.(+!("$<"R^<F+!(<.M"$.0('!(!F'!(
!'/"!M'g.-(+(qF.(.4.!(.$/.$<"'0(!.-('!(
P-[P-"'!($.&.!!"<'<.!(.(P+<.0(-."R"$<"&'-(+!(
$.&.!!"<'<.!(<'!(P.!!+'!`(N+$/F<+V(
!.F!(<"-."/+!`(9(9=,;(/'0Ga0("$!"!/.($+(<"-."/+(
-.&.$/.0.$/.V(0F"/'!('#T$&"'!(<.(
r("$M+-0'HI+(S&+$!F4/'-('(1.&HI+(A`DUV(qF.('XF<'(
<.!.$R+4R"0.$/+(-.&+$3.&.-'0(+(<"-."/+(<.(
'!(P.!!+'!('(.m.-&.-.0(+!(!.F!(<"-."/+!`
P'-/"&"P'-(S&+$!F4/'-('(1.&HI+(A`DU`
9('XF<'(a(F0'(qF.!/I+(<.(&'-"<'<.(.($I+(<.(
)!(<"-."/+!(3F0'$+!(M+&'0('(-.!P+$!'G"4"<'<.(
XF!/"H'`
<+(Y!/'<+(P.4'(-.'4"g'HI+(<+!(<"-."/+!(<+!(
"$<"R^<F+!`
9('XF<'(.!/i(M-.qF.$/.0.$/.('!!+&"'<'('(
)!(#+R.-$+!('&+-<'-'0(4"R-.0.$/.(-.!P."/'-(+!(
"$/.-.!!.!(P+4^/"&+!(.(.&+$[0"&+!`
<"-."/+!(3F0'$+!(.(<.R.0(&+4+&iO4+!('&"0'(<+!(
!.F!("$/.-.!!.!`
9!('#T$&"'!(<.(<.!.$R+4R"0.$/+(&+4'G+-'0(
)!(<"-."/+!(3F0'$+!(.m"#.0('(-.!P+$!'G"4"g'HI+(
&+0(+!(Y!/'<+!(0'!(-'-'0.$/.(&-"/"&'0(
<+!(Y!/'<+!`
'G.-/'0.$/.('!(R"+4'Hb.!`
%$+&'(
%$+&'(
!"#$"%&'
&-C
%$+&'(
&M#"C,TX$'
C&B
;i(Ri-"'!("$/.-P-./'Hb.!(<'(9=,;`(E+-(.m.0P4+V(0F"/'!('#T$&"'!(<.(<.!.$R+4R"0.$/+(.!/I+('(
'<+P/'-('P.$'!('4#F$!('!P.&/+!(<'(9=,;V(+(qF.(.$M-'qF.&.('('G+-<'#.0`
9(0'"+-"'(<'!("$/.-P-./'Hb.!(<.!&-.R.(F0(&+$XF$/+(<.('!P.&/+!(!.0.43'$/.!('+!(<.!&-"/+!(
'G'"m+`(f+<+!(+!('!P.&/+!(<'(9=,;("$<"&'<+!('G'"m+(-.M.-.0O!.('(<.!"#F'4<'<.!($'!(-.4'Hb.!(
<.(P+<.-(qF.('P-"!"+$'0(+!(P+G-.!(.(4"0"/'0('(!F'(&'P'&"<'<.(<.(&+$/-+4'-('(!F'(R"<'`(9(
9=,;(P-+&F-'("$R.-/.-(.!/'(!"/F'HI+`
K( 9!(P.!!+'!(/T0(<"-."/+!J(9qF"4+(qF.(&+!/F0'R'(!.-(R"!/+(&+0+(F0'(}$.&.!!"<'<.~(a('#+-'(
-.&+$3.&"<+(&+0+(F0(}<"-."/+~w
GF
;7,.-%$P%$2Q/,47GH/%F<0+17
K(
K(
K(
K(
K(
%
9(-.!P+$!'G"4"<'<.(.(+(<"-."/+('(-.&F-!+J()!(Y!/'<+!(.(+F/-'!('#T$&"'!(<.R.0(!.-(
-.!P+$!iR."!(P.4'(-.'4"g'HI+(<+!(<"-."/+!`(9!(P.!!+'!(&FX+!(<"-."/+!($I+(!I+(-.!P."/'<+!(
<.R.0(/.-('&.!!+(r(XF!/"H'(+F('(+F/-'!(M+-0'!(<.(-.&F-!+w
9(<"!&-"0"$'HI+(.('(.m&4F!I+(!I+('!(P-"$&"P'"!(&'F!'!(<'(P+G-.g'`(9(9=,;(-.qF.-('(
.4"0"$'HI+(<'(<"!&-"0"$'HI+`(:!/+(P+<.($.&.!!"/'-(<.(}'&Hb.!(P+!"/"R'!~(qF.('XF<.0('!(
P.!!+'!(<"!&-"0"$'<'!('('/"$#"-(+($^R.4(<'!(qF.($I+(!+M-.-'0(<"!&-"0"$'HI+w
)(<"-."/+(<.(P'-/"&"P'-("$&4F"(+(<"-."/+(<'!(P.!!+'!(P'-/"&"P'-.0(.0(<.&"!b.!(qF.('!('M.&/.0(
'($^R."!(4+&'4(.($'&"+$'4(S&+$!F4/'-('(1.&HI+(A`DUw
)!(<"-."/+!(<.(4"G.-<'<.(<.("$M+-0'HI+V(.mP-.!!I+V(-.F$"I+(.('!!+&"'HI+`(1.0(+('&.!!+('(
.!/.!(<"-."/+!(a("0P+!!^R.4(-."R"$<"&'-(<"-."/+!(+F(P'-/"&"P'-(.0('!!F$/+!(PvG4"&+!w(.
]0'(+G-"#'HI+(F$"R.-!'4J(+(qF'<-+("$/.-$'&"+$'4(<+!(<"-."/+!(3F0'$+!(/+-$'('(&++P.-'HI+(
"$/.-$'&"+$'4(P'-'(+!(<"-."/+!(3F0'$+!V(.(P+-/'$/+(P'-'(+(<.!.$R+4R"0.$/+(.(-.<FHI+(<'(
P+G-.g'V(F0'(+G-"#'HI+(F$"R.-!'4`()(#+R.-$+($'&"+$'4(/.0(&+0+(-.!P+$!'G"4"<'<.(P-"$&"P'4(
'(-.'4"g'HI+(<+!(<"-."/+!(<+(!.F(P+R+V(0'!(+!(+F/-+!(Y!/'<+!(/T0('(+G-"#'HI+(<.(&+$/-"GF"-(
P'-'("!!+(+FV($+(0^$"0+V(
$I+(R"+4'-(+!(<"-."/+!(<'!(
P.!!+'!($+(.m.-&^&"+(
<'!(!F'!('&/"R"<'<.!(<.(
&+4'G+-'HI+`
87+E7%RXP%"%7F/,@7?-4%F70-7@7%2/0%@+,-+./0%S9472/0
9(9=,;("0P4"&'(&.-/'!(&+$/-'<"Hb.!(.(<.!'M"+!J
K(
94#F0'!()1N(P-.M.-.0(/-'G'43'-(P'-'("$<"R^<F+!(<+(qF.(P'-'(F0'(0F<'$H'(<.(
P+4^/"&'V(P+-(.m.0P4+V(P+<.0(/.$/'-(F!'-('(0.<"'HI+(P'-'(P|-(/.-0+('(P-i/"&'!(&+0+('(
<"!&-"0"$'HI+(+F('(R"+4T$&"'(<+0a!/"&'V(!.0(.mP+-(+!(!.F!('F/+-.!`()(<.!'M"+(-.!"<.(.0(
.mP+-('!(R"+4'Hb.!('+(0.!0+(/.0P+(qF.(!.(P-+/.#.('("<.$/"<'<.(<'(R^/"0'w
K(
E+<.(!.-(<"M^&"4(&+$XF#'-(+(/-'G'43+(&+0('!('F/+-"<'<.!(SP-.!/'HI+(<.(!.-R"H+!(+F(&-"'HI+(
<.(&'P'&"<'<.U(&+0('(<.$v$&"'(<+!('GF!+!(P-'/"&'<+!(&+$/-'(+!(<"-."/+!(3F0'$+!`(9(
<.$v$&"'(<+!('GF!+!(P+<.(<'$"M"&'-('!(-.4'Hb.!(&+0(+(#+R.-$+V(0'!(0'$/.-(+(!"4T$&"+(
P.-'$/.(+!('GF!+!(P+<.(<'$"M"&'-('("$/.#-"<'<.(<.(F0'(+-#'$"g'HI+`(N+$/F<+V('4#F0'!(
+-#'$"g'Hb.!(&+$!.#F.0(&+$&"4"'-('0G+!(+!('!P.&/+!w
K(
9(P-.!/'HI+(<.(!.-R"H+!(.0(!"(P+<.(.$&+-'X'-(+(#+R.-$+('(<.P.$<.-(<'!()1N(.0(R.g(<.(
&F0P-"-('!(!F'!(+G-"#'Hb.!`(9(P-.!/'HI+(<.(!.-R"H+!(P+<.V(&+$/F<+V(!.-(F0(P+$/+(<.(
.$/-'<'(P'-'(+(/-'G'43+(.0(<"-."/+!(3F0'$+!`(9(!'/"!M'HI+(<'!($.&.!!"<'<.!("0.<"'/'!(
(((((((((((((((((((((((((((((((((((((((((((((((((((P%53-($-)"JK3
GG#
Z9-%-0Q/,G/0%>/@-4%0-,%,-7:+N7@/0%>/,%7?^21+70%?/T-,274-2.7+0%
-%2H/%?/T-,274-2.7+0%>7,7%4-:S/,7,-4%/0%@+,-+./0%'68W
<'!(P.!!+'!(P+<.(<'-O43.!('(&+$M"'$H'(qF.(43.!(P.-0"/"-i(.R.$/F'40.$/.(P'-/"&"P'-.0($+(
!.F(P-[P-"+(<.!.$R+4R"0.$/+(.(.m.-&.-.0(+!(!.F!(<"-."/+!w(.
K(
9!(+-#'$"g'Hb.!(M+&'<'!(.m&4F!"R'0.$/.($'(<.M.!'(<+!(<"-."/+!('($^R.4($'&"+$'4(/T0(<.(!.(
'!!.#F-'-(<.(qF.($I+(P.-<.0(+(&+$/'&/+(&+0('!(P.!!+'!(qF.(.!/I+('(P-+&F-'-('XF<'-`
\+$/.J(!3*%"-%bL@%f36#.%$-%96"5($5'I%CO2036$-7%!3*%cO>",%`3T$:%"-=%$(.%;3)-('62"6(.%@220/%
"-%bL@%SN+0+(F0'(9=,(\F$&"+$'($'(E-i/"&'J(9$i4"!.(<'(9P4"&'HI+(<'(9=,(P.4'()mM'0(*+R"G(
.(!F'!(N+$/-'P'-/"<'!U`()mM'0(*+R"GV()F/FG-+(<.(677A`
]kX%%
*+,-+./%I%+2Q/,47GH/%-%I%>7,.+1+>7GH/% %
%
%
%
(
9!(P.!!+'!(/T0(+(<"-."/+(<.(P'-/"&"P'-($'!(<.&"!b.!(qF.('!('M.&/'0(.($+(
.$/'$/+('!('#T$&"'!("$/.-$'&"+$'"!V(#+R.-$+!V(.0P-.!'!(.()1N(M-.qF.$/.0.$/.(
$I+(-.!P."/'0(.!/.!(<"-."/+!`(9(v$"&'(0'$."-'(<.(/.-0"$'-(&+0('(&'<."'(<.(
.m&4F!I+V("0P+/T$&"'V(M'4/'(<.(&+$3.&"0.$/+!(.("$!.#F-'$H'(M^!"&'(a(P.-0"/"-(
qF.('!(P.!!+'!(P'-/"&"P.0($'(/+0'<'(<.(<.&"!b.!(qF.('!('M.&/'0`(*.!/.(
&+$/.m/+(F!'0O!.(Ri-"+!(/.-0+!V(&+0+J(P'-/"&"P'HI+V(&'P'&"/'HI+(.("$&4F!I+`
9(P'-/"&"P'HI+(a(F0(<"-."/+(3F0'$+`()(9-/"#+‡6D(<+(E:,NE(<"g(-.!P."/+(
'+(<"-."/+(<.(P'-/"&"P'-($+!('!!F$/+!(PvG4"&+!(<"-.&/'0.$/.(+F('/-'Ra!(<.(
-.P-.!.$/'$/.!(4"R-.0.$/.(.!&+43"<+!`()(N+0.$/i-"+(p.-'4(*‡6D(<+(N+0"/a(
<+!(,"-."/+!(;F0'$+!(!+G-.(+(9-/"#+‡6D('%-0'(qF.(+(/.-0+(g"..)-(3.%
2Y:0$53.h%&+G-.(g(3=3.%3.%".2'5(3.%="%"=,$-$.(6"JK3%2Y:0$5"%'%"%>36,)0"JK3%
'%$,20','-("JK3%='%230V($5".%"%-VT'$.%$-('6-"5$3-"0R%-"5$3-"0R%6'7$3-"0%'%035"0+h(
SD6"=)JK3%-K3%3i5$"0j%+:!/+("$&4F"('(P'-/"&"P'HI+(<"-.&/'($'(.4'G+-'HI+(<.(P+4^/"&'!(
.(+-H'0.$/+!V('!!"0(&+0+('(0+$"/+-"g'HI+(<'("0P4.0.$/'HI+(<.!/'!(P.4+(
Y!/'<+`
9(,.&4'-'HI+(<'()*]V(&+$3.&"<'($+-0'40.$/.(P+-(<.&4'-'HI+(<+!(<.M.$!+-.!(
<+!(<"-."/+!(3F0'$+!V('%-0'(qF.(+(<"-."/+(<.(P'-/"&"P'-("$&4F"(+(<"-."/+(<.(+G/.-(
"$M+-0'HI+V('P-.!.$/'-(P.<"<+!('+(#+R.-$+(!+G-.(qF'4qF.-('!P.&/+(<+!(<"-."/+!(
3F0'$+!(.(M'g.-(P-+P+!/'!(<.(0.43+-"'`
uF'$<+(!.(<.%$.(P'-/"&"P'HI+V(a("0P+-/'$/.(<"!/"$#F"-(.$/-.(P'-/"&"P'HI+(
}"$!/-F0.$/'4~(.(}/-'$!M+-0'/"R'~V(P+-qF.(.4'!($I+(&'P'&"/'0('!(P.!!+'!(<.((((
"#F'4(0+<+J
K( 9(P'-/"&"P'HI+("$!/-F0.$/'4(-.M.-.O!.('+!(&'!+!(.0(qF.('!(P.!!+'!(!I+(
F!'<'!(&+0+(M.--'0.$/'!(+F(}"$!/-F0.$/+!~(ƒ(.4'!(P+<.0(.!/'-(.$R+4R"<'!(
$'!(<"!&F!!b.!(0'!($I+(/T0(P+<.-(P'-'(/+0'-(<.&"!b.!V(+F('P.$'!(
&+$/-"GF.0(&+0(+(!.F(/-'G'43+(P'-'(F0(P-+X.&/+`(:!/+(<.R.O!.($+-0'40.$/.(
'+(M'&/+(<.('!(.!/-F/F-'!(<.(P+<.-($I+(qF.-.-.0(&.<.-(+(!.F(&+$/-+4+w(.
%%%%%%%%%
9(,.&4'-'HI+(
!+G-.(+(
,"-."/+(.('(
Q.!P+$!'G"4"<'<.(
<+!(:$<"R^<F+!V(
p-FP+!(+F({-#I+!(
<'(1+&".<'<.(
<.(E-+0+R.-(
.(E-+/.#.-(+!(
,"-."/+!(;F0'$+!(
.(_"G.-<'<.!(
\F$<'0.$/'"!(
]$"R.-!'40.$/.(
Q.&+$3.&"<+!(
M+"('<+P/'<'(
P.4'(-.!+4FHI+(
<'(9!!.0G4."'(
p.-'4(DCt8BB(<.(
>(<.(,.g.0G-+(
<.(8>>@`(
s.-(/'0Ga0(
'(Q.!+4FHI+(
<'(N+0"!!I+(
9M-"&'$'(!+G-.(
+!(,.M.$!+-.!(<.(
,"-."/+!(;F0'$+!(
S677BU(.('(N'-/'(
9M-"&'$'(P'-'(
'(E'-/"&"P'HI+(
E+PF4'-($+(
,.!.$R+4R"0.$/+(
.(f-'$!M+-0'HI+(
S8>>7U`
GH
;7,.-%$P%$2Q/,47GH/%F<0+17
K(
9(P'-/"&"P'HI+(/-'$!M+-0'/"R'(-.M.-.O!.('+!(&'!+!(.0(qF.('!(P.!!+'!(
P+!!F.0(P+<.-(-.'4(P'-'(0F<'-(+F(/-'$!M+-0'-(F0'(!"/F'HI+`(:!/+(P+<.(!.-(
+(-.!F4/'<+(<.(F0(R.-<'<."-+(.!M+-H+(<.(&'P'&"/'HI+(<.!!'!(P.!!+'!(.(<.('!(
.!/-F/F-'!(<.(P+<.-(.!/'-.0(<"!P+!/'!('(-.!P."/'-('!(!F'!(<.&"!b.!`
%
87+E7%R]P%d7,72.+7%@-%>7,.+1+>7GH/%
]0(<+!(+GX.&/"R+!(<'(N'-/'(9M-"&'$'(!+G-.(,.0+&-'&"'V(Y4."Hb.!(.(p+R.-$'HI+V('<+P/'<'(P.4'(
]9(.0(d'$."-+(<.(677?V(a(+(<.(}E-+0+R.-('(&-"'HI+(<'!(&+$<"Hb.!($.&.!!i-"'!(P'-'("$&.$/"R'-(
'(P'-/"&"P'HI+(<+!(&"<'<I+!V('(/-'$!P'-T$&"'V(+('&.!!+(r("$M+-0'HI+V('(4"G.-<'<.(<.("0P-.$!'V(
G.0(&+0+('(+G-"#'HI+(<.(P-.!/'HI+(<.(&+$/'!(-.M.-.$/.('(#.!/I+(<'(&+"!'(PvG4"&'`~
)(<"-."/+(<.(P'-/"&"P'HI+(.!/i("$/"0'0.$/.(4"#'<+('+(<"-."/+(<.(P-+&F-'-(.(+G/.-("$M+-0'HI+`()(
9-/"#+‡8>(<+(E:,NE(.(+(9-/"#+‡>(<'(N'-/'(9M-"&'$'(-.M.-.0O!.('0G+!('+(<"-."/+(r("$M+-0'HI+`
1.0(+('&.!!+(r("$M+-0'HI+(a("0P+!!^R.4(/.-(F0'(P'-/"&"P'HI+(!"#$"%&'/"R'`(*+(.$/'$/+V(
.0(0F"/+!(P'^!.!(a(0F"/+(<"M^&"4(.$&+$/-'-("$M+-0'HI+(!+G-.(P+4^/"&'!(.(+-H'0.$/+!(
#+R.-$'0.$/'"!`(94#F0'!()*p(&+$&.$/-'0O!.($'(4"G.-<'<.(<+!(0a<"'(.(+F/-'!(.m.-&.0(
P-.!!I+(P'-'(!.(+G/.-('&.!!+(r("$M+-0'HI+(!+G-.(P+4^/"&'!(.(+-H'0.$/+!`(90G'!(M'g.0(
&'0P'$3'!(P'-'('(&-"'HI+(<.(<"!P+!"Hb.!(4.#"!4'/"R'!(!+G-.('(4"G.-<'<.(<.("$M+-0'HI+`
)(9-/"#+(:s(<'(,.&4'-'HI+(<+!(E-"$&^P"+!(!+G-.(_"G.-<'<.(<.(YmP-.!!I+(<'(N+0"!!I+(9M-"&'$'(
'%-0'(qF.(+(<"-."/+(r("$M+-0'HI+("$&4F"J
K( 9&.!!+(r("$M+-0'HI+(<.(P+!!.(<.([-#I+!(PvG4"&+!w
K( 9&.!!+(r("$M+-0'HI+(<.(P+!!.(<.([-#I+!(P-"R'<+!V(qF.(a($.&.!!i-"'(P'-'(+(.m.-&^&"+(+F(
P-+/.&HI+(<.(/+<+!(+!(<"-."/+!w(.(qF.
(
4@?0
.<8/
34&'
(!"0'9*%"#(
B,!+
"'%&($+(9&-F*-%&
?04?2I6?
GI#
Z9-%-0Q/,G/0%>/@-4%0-,%,-7:+N7@/0%>/,%7?^21+70%?/T-,274-2.7+0%
-%2H/%?/T-,274-2.7+0%>7,7%4-:S/,7,-4%/0%@+,-+./0%'68W
K(
f+<'('(-.&F!'(<.(<"RF4#'HI+(<.("$M+-0'HI+(a(!F!&.P/^R.4(<.(-.&F-!+(XF<"&"'4('(F0([-#I+(
"$<.P.$<.$/.(.t+F('+!(/-"GF$'"!`
%
87+E7%ROP%"1-00/%I%+2Q/,47GH/
%
j/E%R`P%;,+21+>:-0%/Q%>7,.+1+>7.+/2%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
!
Y0(c'"+(<.(677?V('(c'4'2"(Y&+$+0"&(dF!/"&.(*./2+-W(SQ.<.(<.(dF!/"H'(Y&+$[0"&'(<+(
c'4'2"(+F(cYd*U(.(+!(!.F!(P'-&."-+!(.0(&"$&+(Y!/'<+!(<'(19,N(-.'4"g'-'0("$qFa-"/+!(P'-'(
P-+&F-'-(!'G.-(!.(.-'(Mi&"4(S+F(<"M^&"4U(+('&.!!+(r("$M+-0'HI+(!+G-.('!(P+4^/"&'!(<+(Y!/'<+V(
"$&4F"$<+('(P-"R'/"g'HI+(<'!(.0P-.!'!(<+(Y!/'<+(.('(!.#F-'$H'('4"0.$/'-`()(+GX.&/"R+(M"$'4(.-'(
'(P-+0+HI+(<.(G+'(4.#"!4'HI+(!+G-.(+('&.!!+(r("$M+-0'HI+`(k3-('I%***+,'?-+,*1"($+4(,0
9(P'-/"&"P'HI+(/-'$!M+-0'/"R'(P+!"/"R'(a(F0('!P.&/+("0P+-/'$/.(<+(/-'G'43+(<+!(<.M.$!+-.!(<+!(
<"-."/+!(Y1N`(Y!/.(/"P+(<.(P'-/"&"P'HI+(&+$!/"/F"('(G'!.(<'('G+-<'#.0(P-i/"&'(<+!(<"-."/+!(Y1N(
<.!&-"/+!($'!(M'!.!(<'(E'-/.(::`()!(P-"$&^P"+!(<.(P'-/"&"P'HI+(.!/I+(<.!&-"/+!($'(N'"m'(6@`
%
87+E7%R`P%;,+21c>+/0%@-%>7,.+1+>7GH/
Z)+)#)''*40+)+#0$)#/)+(&,&/)23-#*L*,(&V)#)-#)1-+K)+#-'#K&+*&(-'#T^6#,-$#0$)#,-$0%&K)K*]#-'#
/)+(&,&/)%(*'#K*V*$#'*+5
K(
c.0G-+!(<'(&+0F$"<'<.(r(qF'4(!.(<"-"#.0(+!(P-+X.&/+!`(S*+/.(qF.(+!(0.0G-+!(<'(
&+0F$"<'<.(&+0(R.-<'<."-+(P+<.-(/T0('(P+!!"G"4"<'<.(<.(}&'P/F-'-~(+(P-+&.!!+(.(<.(+(
'4/.-'-(R'$/'X+!'0.$/.(P'-'(.4.!Uw(.
K(
9qF.4.!(qF.(.!/I+(.$R+4R"<+!(.0(/-'g.-(+(P-+X.&/+(P'-'('(&+0F$"<'<.`
"#/)+(&,&/)23-#K*V*#'*+5
K(
]0'(P'-&.-"'(.qF"/'/"R'w
K(
*I+(<"!&-"0"$'/[-"'w
K(
:$M+-0'<'(P+-('&.!!+(.M.&/"R+(r("$M+-0'HI+w
K(
N-"'<'V(<.$/-+(<+(P+!!^R.4V($F0'(.!/-F/F-'(<.(!"!/.0'!(<.(&+$!F4/'(Xi(.m"!/.$/.!w(.
K(
*I+(!.(4"0"/'-('(.!&F/'-(.('&+-<'-V(0'!(/.-(4"G.-<'<.(P'-'(<"!&F/"-(.(+(P+<.-($.&.!!i-"+(
P'-'(M'g.-(.!&+43'!`
"#/)+(&,&/)23-#g#&$/-+()%(*#%)'#VQ+&)'#L)'*'#K*#0$#/+-=*,(-5
K(
E4'$.'0.$/+J(+!(P'-/"&"P'$/.!('$'4"!'0(+(P-+G4.0'V(M'g.0(+(P4'$+(.(<.M"$.0('!(
P-"+-"<'<.!w
K(
:0P4.0.$/'HI+J(+!(P'-/"&"P'$/.!('!!.#F-'0(qF.(+(P-+X.&/+(a(-.'4"g'<+('<.qF'<'0.$/.(.(
<.&"<.0(qF.('4/.-'Hb.!(!I+($.&.!!i-"'!w(.
K(
9R'4"'HI+J(+!(P'-/"&"P'$/.!(0+$"/+-"g'0(/+<+(+(P-+X.&/+(.('!!.#F-'0('(-.'4"g'HI+(<.(F0'(
'R'4"'HI+("$<.P.$<.$/.($+(M"0(<+(0.!0+`
(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((P%53-($-)"JK3
GN
;7,.-%$P%$2Q/,47GH/%F<0+17
7'#-1'(Q,0.-'#`#/)+(&,&/)23-#&%,.0*$5
K(
9F!T$&"'(<.(F0'(&F4/F-'(<.(<"-."/+!w
K(
_."!(+F(P+4^/"&'!(<"!&-"0"$'/[-"'!w
K(
\'4/'(<.('&.!!+(r("$M+-0'HI+w
K(
N+--FPHI+w(.
K(
9F!T$&"'(<.("$!/h$&"'!(<.(-.&F-!+`
"'#V)%()4*%'#K)#/)+(&,&/)23-#&%,.0*$5
HS#
K(
N'P'&"/'HI+(<+!(P'-/"&"P'$/.!w(.
K(
E-+X.&/+!(qF.(-.&.G.0('P+"+(.(&+0(0'"+-(P-+G'G"4"<'<.(<.(!FG!"!/"-.0`
HB
HC#