You are on page 1of 38

&+ '% ') ()

GJ<7N E6I>C6<: ;G::HINA: <A6BDJG


AVhX^ZcXZYj AVk^Z ;Za^m7Vjb\VgicZg! <gZiX]Zc7aZ^aZg!
XdVX]^c\hZadc eVhh^igVcfj^aaZ aZbVˆigZYZ aVWZaaZWdVgYZjhZ
A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 : 7ZgcVgYAVedgiZ YZ7g^Vc?djWZgi aVX]jiZa^WgZ Vb‚g^XV^cZ

B>AA>DC9DAA6G767N

7DM:6II>IJ9:
IDJHA:HK:C9G:9>H™C•))™&&B6GH'%%*
<G6IJ>I CDHED>CIH9:9>;;JH>DCHJGLLL#;G::HEDGI#;G
HEDGIH:9wKD>A:

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


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

CDJK:A:heVXZ8dgedgViZ

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

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

w 9 > I D G > 6 A
EDwI>FJ:9:A67DM:
B[¯deXb[Whj°Z[c[kh[kd[cƒjWf^eh[fh_iƒ[
fWhbWb_jjƒhWjkh[[jb[Y_dƒcW$;djh[l_eb[dY[[j
%-
Ykbjkh["bWXen[_dif_h[[j\WiY_d[Z[ided#Xen[khi$
Fekhi½[dj[d_hWkY_dƒcW"
&- '% ') ()

CWhj_dIYehi[i[ZWdiied
A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 :
GJ<7N E6I>C6<:
NVcc^X`CnVc\V! AVk^Z
cdjkZaaZViigVXi^dc eVhh^igVcfj^aaZ
Yjgj\Wn[gVcV^h YZ7g^Vc?djWZgi
;G::HINA: <A6BDJG
;Za^m7Vjb\VgicZg! <gZiX]Zc7aZ^aZg!
aZigdbeZ"aV"bdgi aVWZaaZWdVgYZjhZ
YZaVX]jiZa^WgZ Vb‚g^XV^cZ

\_bcGV\^c\7jaajhWdi\eh#
c[ @WYa BW CejjW [d
9^h_ijiWd]bWdj$:Wdiied
Z[hd_[hefki"B^aa^dc9da"
aVg7VWn"9b_dj;WijmeeZ
B>AA>DC9DAA6G767N

7DM:6II>IJ9: fheY„Z[ } f[k fh„i Z[


<G6IJ>I
c…c[$9[ihƒWb_iWj[khi
IDJHA:HK:C9G:9>H™C•))™&&B6GH'%%*
CDHED>CIH9:9>;;JH>DCHJGLLL#;G::HEDGI#;G

8djkZgijgZ/ZmigV^iYZa¼V[[^X]ZYZ
iedjZ[ife„j[i$Gk½_bibW
B^aa^dc9daaVg7VWn!BVgh9^hig^Wji^dc# jhekl[dj^ƒheŠgk[[jjhW#
E]did7ZgcVgYAVedgiZ/6aV^cBdjc^X$ ]_gk["Y_l_b_iƒ[ekXWhXW#
;:E$EVcdgVb^X#
h[" _bi h[ij[dj if[YjW#
j[khi"Y½[ij#}#Z_h[ƒjhWd][hi}bWXen[$Fekhkd
Xen[kh"[bb[d[i[hW`WcW_ikd[cƒjWf^eh[$N
EB?L?;HC?B>ECC;

7DCC:=JB:JG
E=>A>EE:B6IH6H$DE6A:$E#D#A#

;Gw9wG>8Aw6A
PXZhedgibdcigZXZX^/bVeVhh^dc
Zc[VciedjgaZhWVc\WVc\idjhaZh
edaVghidjiZhaZhh‚g^Zheda^X^ƒgZh
Vb‚g^XV^cZhidjhaZhlZhiZgchidjh
') ()
aZh[^abhYZ\jZggZfjVcYaZWVc\i¼Zhbdgicdjh
gVk^hhV^ZcicdjhaZh\dhhZhcdigZhVY^fjZegdeZch^dc
|‚XgVhZgaZh^chZXiZhZiVj_djgY¼]j^W‚ViYZkVciaZ
XdciVXiY¼jced^c\ZcigVˆc‚aVcX‚|\gVcYZk^iZhhZhjg
aVb}X]d^gZ^c[‚g^ZjgZYZhdck^h"|"k^hXgVX_¼Vhh^b^aZ
'%VchVegƒhaVk^daZcXZZmig„bZY¼jcXdjeYZ[Zj
Xdgeh|Xdgehjai^bZeajh[dgifj¼jcjeeZgXjiYVchaV
WVcYZYZ<VoVZc8iZY¼>kd^gZZc6[\]Vc^hiVcZc>gV`

'+
k^daZcXZZmig„bZY¼jcXdjeYZ[ZjWVc\YZaVeaV^Z
ed^ciY¼^beVXiZcig‚ZigV_Zihdgi^ZbdgifjZaaZ]dg"
gZjg!dj^aVWdmZ[V^i_da^bZciegZcYgZXdchX^ZcXZYZ
V!XdbbZh^?d]cLVncZ‚iV^ihdgi^[jgVmYZa¼‚XgVc
edjgVWViigZbdceƒgZhdjhbZhnZjm$X¼ZhiaVYjjjgZ
ad^YZa¼DjZhiR
:migV^iYZAZi¼haZi¼h\d!gdbVcej\^a^hi^fjZYZ;g‚Y‚g^X
A‚Va!eVgjVjm‚Y^i^dchE#D#A#'%%*#


HEDGI;G::6II>IJ9::HI9>HIG>7Jw²/
7DG9:6JM!A>AA:!ANDC!B6GH:>AA:!
BDCIE:AA>:G!C6CI:H!C>8:!E6G>H$GE!
G:CC:H!HIG6H7DJG<:IIDJADJH:
HDBB6>G:)) K:C9G:9>&&B6GH

:m[d^WX_bb[deiYebfehj[khi
EdjgigdjkZgidjhaZhed^cihYZY^hig^Wji^dc/mmm$\h[[ifehj$\h %):C?:JMGwHJAI6IH '%8=6AA:C<: '+6K:CIJG:
 AZhegdcdhi^XhZi  7g^Vc?djWZgi/  AVA^WnZeVg[V^iZ
Hedgi;gZZ6ii^ijYZ 8g‚Vi^dc/6cid^cZAV[[daVnAVWZ 9^gZXiZjg\‚c‚gVaVY_d^ciVj  aVXdiZYZh‚fj^eZh  ]^hid^gZhhVcheVgdaZh  JcigZ`edjgY‚Xdjkg^g
9^gZXi^dcVgi^hi^fjZ/ XdbbZgX^VaZiVjbVg`Zi^c\/
 9jZaViiZcYjXdcigZ  aVY^kZgh^i‚YjHV]VgV
H^ƒ\ZhdX^Va/
&+"&-!gjZG^kVn.'(%%AZkVaad^h"EZggZi
EVhXVaAVgX]‚-.*-
EgZb^ƒgZbVfjZii^hiZ/
;gVcd^hGdhh^\cda-.,,
9^gZXig^XZXdbbZgX^VaZ/ %+;DDI76AA  Eajh]Zc`dVjm
H6VjXVe^iVaYZ&'-)%%%æ
G8HCVciZggZ7)).%&..+,
AVZi^i^V@VaV[Vi-.+&
HZXg‚iV^gZ\‚c‚gVaZYZg‚YVXi^dc/
Hde]^ZD\Zg-.**
GZhedchVWaZbVg`Zi^c\/  AZiVWaZVjYZWdgY  8]Vbe^dccVihYjbdcYZ '-<J>9:9¼68=6I
I‚a#/%&)&',-.,. ;adgZcXZGdjXdaaZ-.*+ BVg^Z7djgYdc-.,%  YZaVA^\jZ&  9Zhhd^chigƒhb}aZh
;Vm/%&),(,+-))
LZW/lll#[gZZhedgi#[g
HZXg‚iV^gZYZg‚YVXi^dc/ GZhedchVWaZYZhde‚gVi^dch/
''DBC>HEDGIH  CdigZh‚aZXi^dcYZXgƒbZh!
:bV^a/XdciVXi5[gZZhedgi#[g
AVjgZci<^gVjY"8djY^ƒgZ-.*,
8]Z[e]did/
6cVIZcdg^d"EdciZh-.+)
;gVc`9jXgZi-.+-
8]Z[YZegd_ZiY^[[jh^dc/
K^g\^c^Z8dhiZ-.,*
%-A¼wKwC:B:CI  A¼VXijVa^i‚ZcWgZ[!  \Zah!bVhfjZh###
Eg^cX^eVjmVhhdX^‚hZi[dcYViZjgh/  B^aa^dc9daaVg7VWn  oddbhjgaZh]dgi"igVX`
()<A6BDJG
>Xdcd\gVe]Z/ 8]Vg\‚ZYZXdbbjc^XVi^dc/
7gjcd7gZidc!;gVcX^h?Vajodi!
;gVcd^hGdhh^\cda
6aZm^hG‚Vj-.+(
DciXdaaVWdg‚|XZcjb‚gd/
?ja^ZiiZEVhXVa-.++
EjWa^X^i‚/Hde]^ZD\Zg-.**
 6kZXaZ[^abVjm)dhXVgh!  ZiaVA^\jZYZ[ddiWVaa
Eg‚h^YZciZiY^gZXiZjgYZaV
ejWa^XVi^dc/;gVcX^h?Vajodi-.,+
6gcVjY7ZjgYZaZn!9db^c^fjZ ?V…a6odjaVn-.*)  eadc\‚ZYVcha¼jc^kZgh  egd[Zhh^dccZa  <gZiX]Zc7aZ^aZg
AZ7gjc!G‚b^AZ;aZb!H]Vci^ AjXK^\cdc-.*.
 YZaVWdmZ[‚b^c^cZ  AVWZVji‚Yj\ZhiZ
9^gZXiZjg\‚c‚gVaY‚a‚\j‚
|a‚Y^idg^Va/7gjcd7gZidc-.,-
Hdh^Zch`^!K^Zi"I]V‰A„!
hjeZgk^h‚eVg=j\jZh9Vc\n
H‚WVhi^ZcHdWdja(,*.
D[[gZhY¼Zbead^hZiYZ[dgbVi^dch/ ');G::HINA:
G‚YVXiZjghZcX]Z[/
Da^k^ZgB^a]dbbZ-.,(
GZbZgX^ZbZcih/K^g\^c^ZGdhhZii^ HedgiXVgg^ƒgZ!6aV^c<]^WVjYd/
%&)',%+.+(lll#hedgiXVgg^ZgZ#Xdb &+8=6AA:C<:  AZ[djkdaVci (+BwBDHEDGI
7gjcd8aZbZcihjeea‚bZcih-.,&
G‚YVXiZjghZcX]Z[VY_d^cih/
;VWg^XVi^dc/6cc^X`Idggƒh9ZaiV
<gVe]^X!.'>hhn"aZh"Bdja^cZVjm
 MKYZ;gVcXZ  ;Za^m7Vjb\VgicZg  I‚a‚k^h^dcZiV\ZcYV
AVjgZciAdj…ihedgi!‚k‚cZbZcih-.,'  7ZgcVgYAVedgiZ!  VigVkZgh‚aVBVcX]Z
(-E:DEA:
6Y]‚gZci|9^[[jh^dc8dcigaZ >begZhh^dc/Fj‚W‚XdgH6!
A^dcZaKZaaV[ddiWVaa-.+'
8]Z[YZhZgk^XZ/
ZiVj8:HE
HedgihB‚Y^VhHigVi‚\^Z!
,,))%BVgn"hjg"BVgcZ
I^gV\Z/+%%%%%ZmZbeaV^gZh
 aVhX^ZcXZ  ‚fj^e‚Y¼jcZV^aZ
Hi‚e]VcZB‚_Vcƒhad^h^gh-.+,
'%%)
IdjiZgZegdYjXi^dcZi$dj 9‚eiA‚\Va/|eVgji^dc  YjXdVX]^c\  iZajcd^hZVj  A¼VXijVa^i‚hedgiYZhhiVgh
G‚YVXiZjg/ gZeg‚hZciVi^dcb„bZeVgi^ZaaZZhi C•>HHC/&,+)"&,*+
GdcVc;da\dVh-.+* ^ciZgY^iZhVchaVjidg^hVi^dc‚Xg^iZ
eg‚VaVWaZYZa‚Y^iZjg#

&&B6GH'%%*
) :C?:JMGwHJAI6IH

;DDI76AA  ADID;DDI,&*


A><J:&"A:8A6HH:B:CI A><J:&"'-Z?DJGCw: AZhegdcdhi^XhYZ
8A6HH:B:CI EIH ? < C E 7E 78 9>; 86:C·ANDC &"% C•&."K6A>96I>DC?JHFJ¼6J&'$%(!&.])*
&#ANDC *+ '- &* && ' (. &+ '( H6>CI"wI>:CC:·B6GH:>AA: '"% & 6JM:GG: BDC68D & C  ' .B6I8=:H9:A><J:&!(9:HwG>:6
'#B6GH:>AA: )- '- &) + - (* '+ . 76HI>6·A>AA: ("& ' 686?688>D E6G>H"H< & C '' :I'9:A><6HDCI6JB:CJ#
(#A>AA: ), '- &' && * (' '% &' BDC68D·B:IO %"% ( 7DG9:6JM 6HHI"wI>:CC: & C  96CHA:B6I8=C•)!?DJ:OA6IGÏH
)#BDC68D )* ', && &' ) (+ '( &( A:CH·6JM:GG: ("&
)
*
B:IO
C6CI:H
G:CC:H
86:C
&
&
C
C


'
'
<GDHH:8DI:6K:8JC:K>8ID>G:
IDJADJH:·C>8: &"% G:CC6>H:²B:IO#C6CI:H!96CHJC:
*#6JM:GG: )' ', &' + . (, (% , + C>8: HIG6H7DJG< & C  ' B6JK6>H:E6HH:!EDJGG6>IG:A:K:G
+#IDJADJH: )& ', && - - '- '+ ' G:CC:H·HD8=6JM ("%
, B6GH:>AA: A:CH & C  '
A6IÌI:;68:²86:C#JC:IGD>H>ÏB:
,#G:CC:H (. '- && + && (( (& ' >HIG:H·7DG9:6JM %"& - HD8=6JM 76HI>6 & C  '
9DJ7A:EDJGG6>IÌIG:?J9>8>:JH:
-#A:CH (- '- . && - (% '+ ) E6G>H"H<·C6CI:H &"% . A>AA: IDJADJH: & C  '
.#H6>CI"wI>:CC: (, ', - &( + () '* .
HIG6H7DJG<·686?688>D &"% &% A6O>DGDB: >CI:GB>A6C & C  ' 96CHA:B6I8=C•.#IDJADJH:!
&%#7DG9:6JM (+ '- , &* + '. '* )
&& B>A6C68 H6BE9DG>6 & C  ' :CEA:>C:7DJGG:!E:JI6AA:G
&&#E6G>H"H< (+ '- - &' - '- (& "(
8A6HH:B:CI9:H7JI:JGH &' 8=>:KDK:GDC: ?JK:CIJH & C  ' 8=:G8=:GA:CJA²A>AA:#
&'#HD8=6JM (* ', . - &% (% ', (
&#;G:>G:CC:H &'7JIH &(
&)
;876G8:ADC:
<:I6;:
6I=A#7>A76D
G:6AB69G>9
&
&
C
C
  '
'
²KDH<G>AA:H###E6GI:O
"E6<>HHIG6H7DJG< &'7JIH
&(#C>8: (' '- , && &% (' )% "-
(#@6AADCBDC68D &&7JIH
&)#B:IO (' ', , && . '( (' ".
"E6JA:I6E6G>H"H<# &&7JIH G‚hjaiVihZi\V^ch
&*#HIG6H7DJG< (% ', , . && (& () "( *#7:C?6C>6JM:GG: .7JIH G6EEDGIHC•&, &)EGDCDHI>8H
&+#C6CI:H (% '- , . &' '' '- "+ ";:>C9DJCDH6>CI"wI>:CC: .7JIH & 6HHI"wI>:CC: B6GH:>AA:
&& C ' %
&,#86:C
&-#76HI>6
'. '-
'+ '-
+
+
&& &&
- &)
'(
'&
)+
()
"'(
"&(
"?JC>C=DANDC .7JIH '
(
76HI>6
>HIG:H
A>AA:
7DG9:6JM
& C
C
'

'
&(EGDCDHI>8H
"AJ86H686?688>D .7JIH *& ))+)!)%æ
&.#686?688>D '* ', ) &( &% '% '. ". "B6OJG:86:C .7JIH )
*
G:CC:H
HIG6H7DJG<
HD8=6JM
686?688>D
&
&
C
C
'
'
CJBwGD
B>H: ' &'EGDCDHI>8H
'%#>HIG:H '' '- ( &( &' &+ (% "&) "K6=>GJ6C>8: .7JIH
+ IDJADJH: C>8: & C '
&&(+ &*+!-%æ

AndcbVgfjZaZeVhbV^heZghdccZc¼ZcegdÄiZ#EVgb^aZhX^cfegZb^ZghYjXaVhhZbZci!hZjaBdcVXd\aVcZjceZi^ied^ci[VXZ|BZio
, E6G>H"H< C6CI:H && C ' &&EGDCDHI>8H

%"%#7Viijh|8VZc&"%!aZhAndccV^hXdcXƒYZciaZjgYZjm^ƒbZY‚[V^iZYZaVhV^hdcZcA^\jZ&ZiXdchZgkZcijcZVkVcXZYZ-eih - BDC68D B:IO C ' &&(.. '%!-%æ

hjgaZhBVghZ^aaV^h!WViijh|HV^ci"wi^ZccZ'"%#AZhVb^hZjgde‚Zch!A^aaZZi6jmZggZ!h¼^cXa^cZcihjgaZb„bZhXdgZ&"(gZheZXi^kZbZci . 6HGDB: ?JK:CIJH & C  ' 


|7Vhi^VZi|AZch#9jXdje!IdjadjhZZiGZccZhhZed^ciZciZcZbWjhXVYZ#AZhE^iX]djchYdb^cZciC^XZ&"%\g}XZVj-ZWjiYZ9Vc^ZaBdgZ^gV &% >CI:GB>A6C A:88: & C '
VadghfjZYVchhdc_VgY^cVgbdg^XV^c!aZHiVYZGZccV^hhjgXaVhhZHdX]Vjm("%#6jWdjiYZa¼Zccj^!EVjaZiVg‚kZ^aaZaZEVgXZiYdccZYZa¼V^g && H6BE9DG>6 8=>:KDK:GDC: & C '
,EGDCDHI>8H

VjEH<!kV^cfjZjgYZCVciZh&"%#²>higZh!7dgYZVjmhdgiaVi„iZYZa¼ZVj%"&ZihVjkZeZji"„igZXZaaZYZB^X]ZaEVkdc#EdjgjcZ[d^h! &' 7:I>HH:K>AA: <:I6;: & C ' CJBwGD


&%
)-)* ))æ
XZc¼ZhieVhB^X`VZa®6^g¯EV\^hfj^YdccZaVk^Xid^gZ|HigVhWdjg\XdcigZ6_VXX^d&"%bV^h®?8¯9ZkVjm# &( 6IA#B69G>9 ;8HwK>AA: & C '
B>H: +EGDCDHI>8H
BViX]ZhZcgZiVgYYj&+bVgh/HigVhWdjg\"BdcVXd'(Z_ZiHV^ci"wi^ZccZ·686_VXX^d')Z_|&.]!ej^hHdX]Vjm"BZio',Z_|'%]# &) ;8K6A:C8: G:6AB69G>9 & C ' ))+,+ *!(%æ

GJ<7N
IDE&+
8A6HH:B:CI EIH ? 7 < C E EE E8 9>; ''Z?DJGCw:
&#E6G>H ,( '' . &* ' * +*) ))% '&) E6G>H·E:GE><C6C &."-
'#7>6GG>IO ,' '' &' &* % , *.- ()' '*+ 7>6GG>IO·IDJADJH: '%"&-
(#7DJG<D>C ,% '& &% &) ' * +&% )(, &,( 86HIG:H·7DJG<D>C (&"'.
)#IDJADJH: +. '' &( &) % - +%' (.& '&& 7G>K:·6J8= '&"&(
6<:C·76NDCC: ()"-
*#86HIG:H +* '' , &( ( + )-, )(' **
8A:GBDCI·C6G7DCC: (."&+
+#E:GE><C6C +% '' - &( % . )+. )'( )+
BDCIE:AA>:G·<G:CD7A: (*"'*
,#7G>K: *- '' ) &( & - )-% ))) (+ 7wO>:GH·E6J '(")(
-#6<:C *) '' - && & &% )). (-, +'
<g}XZ|hVk^Xid^gZhjgEZge^\cVc&."-!
.#8A:GBDCI6JK:G<C: ). '& * &% ' . )+. )(( (+ EVg^hXdchZgkZjceZi^ied^ciY¼VkVcXZZc
&%#C6G7DCC: )- '' ) &% ' &% )%. *), "&(- i„iZYjXaVhhZbZcihjg7^Vgg^io!kV^cfjZjg
&&#BDCIE:AA>:G )& '' . - % &) ))& *-% "&(. YZIdjadjhZ'%"&-#8VhigZh!fj^VWViij
&'#E6J )% '' + - & &( )'& *&. ".- 7djg\d^c(&"'.gZhiZ|)eihYZheaVn"d[[h#
&(#76NDCC: (+ '' ) , ' &( (., +%. "'&' 9VchaZWVhYjiVWaZVj!BdcieZaa^ZgZiEVj!
kV^cfjZjghYZ<gZcdWaZ(*"'*ZiYZ
&)#<G:CD7A: (& '& , * ' &) )&- +%) "&-+
7‚o^Zgh'(")(!Zc[dcXZciaZjghVYkZghV^gZh
&*#7wO>:GH (% '' + * ' &* ))- +%, "&*. Yj_djg#Edjg6jX]!WViij|7g^kZ'&"&(!
&+#6J8= '& '& . ( % &- (+& *&- "&*, aVXVjhZZhiZciZcYjZ#

   


  


;DGBJA:&

  

 



  
<G6C9EG>M9¼6JHIG6A>:
" 
 $ "

 !
8A6HH:B:CI9:HE>ADI:H 8DCHIGJ8I:JGH
     

&#<>6C86GAD;>H>8=:AA6G:C6JAI!>I6 &=')¼&,¼¼,(+ &%EIH &#G:C6JAI&+EIH
%  
'#GJ7:CH76GG>8=:AAD;:GG6G>!7G: ²*¼¼**( -EIH


$ 
  '#;:GG6G>-EIH
  (#;:GC6C9D6ADCHDG:C6JAI!:HE ²+¼¼,&' +EIH (#G:97JAAG68>C<,EIH
  
!! )#96K>98DJAI=6G9G:97JAA!w8D ²&+¼¼&(& *EIH
 #  )#B8A6G:C"B:G8:9:H)EIH
 *#B6G@L:77:GL>AA>6BH"7BL!6JH ²&+¼¼.%- )EIH
  "L>AA>6BH"7BL)EIH
,#!'"(#- //#%"!#!.$ %/%$  +#?J6C"E67ADBDCIDN6B8A6G:C!8DA ²(*¼¼%(( (EIH
#'$$#&!!!'!&##"&#%!
 
(' (+&7&'-5%%(#' (+&-#*.-#+-7,.
$'/#+ /(.,#,)(,0.'+(#-9,-+-# #-#('.)+9,%,#' (+&-#(',*.#/(.,
('+''-,('-,-#'7,5%(.,)(./(',8-+&'7,5%,-+',&--+5,-#+,#/(.,'%,(."#-0),&+#'(.,'/+-#+)+(.++#+
,#8=G>HI>6C@A>:CG:97JAA!6JI ²(-¼¼.., 'EIH
5%+,,,.#/'-77+-#('+'6#,-"%7-#,&+/#,,+.''#'!/'.#++(.+-#'

-#@>B>Gt>@@yC:CB8A6G:C!;>C ²(.¼¼+(( &EI
Hedgia¼VccdcV^i|aVjcZYZhdcYZgc^Zgcjb‚gd/GZcVjaibZiaV\dbbZZc'%%*:ceaVVcihZhYZjme^adiZhhjgaZedY^jb!
a¼‚Xjg^Z[gVcV^hZegdjkZY¼Zcig‚ZYZ_Zjfj¼ZaaZVaZhbdnZchYZhZhVbW^i^dch#<^VcXVgad;^h^X]ZaaV!eVgi^ZcedaZedh^i^dc!VXdciga‚
idjiZaVXdjghZVkVciYZgZbedgiZgaVYZjm^ƒbZk^Xid^gZYZhVXVgg^ƒgZ#B„bZh^B^X]VZaHX]jbVX]Zg!k^Xi^bZYZaVeaj^ZadghYZh
fjVa^ÄXVi^dch!VY’VWVcYdccZg!aV®;ZggVg^bdY^ÄXViV¯YZGjWZch7Vgg^X]ZaadiZgb^cZ'Z!&ºYZkVcia¼:heV\cda;ZgcVcYd6adchd#

&&B6GH'%%*
IDJIHJGHEDGI
CDJK:A:heVXZ8dgedgViZ

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

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


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

lll#[gZZhedgi#[g
+ ;DDI76AAA:I67A:6J9:7DG9:A6A><J:&

A:HHI6IH9J
L::@":C9
686?688>D·EH<
8dbbZaZcdbWgZYZed^cih
bVgfj‚hZchZeibViX]ZheVg
aZEH<XdcigZaZhVXijZahfjVigZ
YZgc^ZghYjX]Vbe^dccVi!
8VZc!>higZh!6_VXX^dZi7Vhi^V#
AZW^aVcYZheVg^h^ZchZhi
YZ(k^Xid^gZhZi)cjahVkVci
YZhZgZcYgZ|6_VXX^d#

C6CI:H·86:C
E=>A>EE:A6JG:CHDC$;A6H=EG:HH$9EE>

% 8dbbZaZcdbWgZYZk^Xid^gZYZ8VZcZcA^\jZ&|CVciZh#
:c-Xdc[gdciVi^dch!aZhCdgbVcYhedhhƒYZcijcW^aVc
YZ)bViX]ZhcjahZi)Y‚[V^iZh|aV7ZVj_d^gZ##

C>8:·HIG6H7DJG< 7D7D7D7D ANDC·>HIG:H


&+ 8dbbZaZcdbWgZYZbViX]ZhXdch‚Xji^[hZcA^\jZ&
hVchY‚[V^iZVjHiVYZ<ZgaVcYedjga¼DA#AVYZgc^ƒgZ

A6G:K6C8=:9:B6GI>C9?:IDJ Y‚[V^iZandccV^hZ|Ydb^X^aZgZbdciZ|aVhV^hdcYZgc^ƒgZ!
aZ(Vkg^a'%%)!XdcigZBVghZ^aaZ&"'#9Zej^h!aZhAndccV^hdci
gZbedgi‚&'bViX]ZhZiXdcX‚Y‚)cjahhjgaZjgeZadjhZ#
HVchXajWYZej^h_j^c'%%)!BVgi^c9_ZidjVgZigdjk‚YZej^haZbd^h
YZgc^Zga¼VbW^i^dcVkZXa¼D<8C^XZ#GZidjgkZghaZ[jijg° 7DG9:6JM·H6>CI"wI>:CC:
'*% Jag^X]GVb‚Y^hejiZgVXdcigZHV^ci"wi^ZccZ
hdc'*%ZbViX]ZcA^\jZ&#AZedgi^ZgWdgYZaV^h

’
BVgi^c9_Zidj!(%Vch! ZiY‚bdcigZgfj¼^ac¼‚iV^ieVhjc_djZjg egdjkZgfjZ_Zhj^hYVchbdcWdcYgd^i#
V_dj‚XZiiZhV^hdc',YZh'-bViX]ZhYZh<^gdcY^ch
+h‚aZXi^dchZc7aZjZcigZ Ãc^#8dcigV^gZbZci|XZfjZXZgiV^ch| B„bZ_jhfj¼|YZbVcYZga¼V^YZYZbVˆigZ
ZcX]Vbe^dccVi#
dXidWgZ.+ZicdkZbWgZ'%%% EVgbZdciedjgiVcikdjajeg‚iZcYgZ# KZg\ƒhdjYZ?ja^Zc8djgWZi°EdjgiVci!
c¼VeVhaZbdgVa#:cXVjhZ!aVe^iZjhZ AZhgVeedgihZcigZaZXajW^iVa^ZcZiaZ _¼V^W^ZcZhhVn‚YZigdjkZgjciZggV^c
‚a^b^cVi^dcYZa¼D<8C^XZZc8djeZYZ _djZjghdciZcZ[[ZiVj_djgY¼]j^eajhfjZ Y¼ZciZciZ!XdbbZXZaj^YZXdjeZgaVed^gZ B6GH:>AA:·A:CH
;gVcXZ[VXZ|CˆbZhP)"%!aZ&ZgbVgh!
cYagRZihdcbViX]XdbeaƒiZbZcigVi‚
_VbV^hiZcYjh#AZ;gVcV^hg‚XaVbZ
YZej^haZbd^hYZ_j^c'%%)YZhVgg^‚g‚h
ZcYZjmZiYZc¼„igZeVn‚fjZY¼jcZhZjaZ
Vcc‚ZP^aaj^gZhiV^iYZjmVchYZXdcigVi!
* 8dbbZaVh‚g^ZYZbViX]ZhhVchY‚[V^iZYZhAZchd^h#
>ah¼V\^iedjgaZh6gi‚h^ZchYZaZjgeajhadc\jZh‚g^Z
Y¼^ck^cX^W^a^i‚XZiiZhV^hdc!fj^c¼ZhihVchYdjiZeVh
|IdjadjhZaZlZZ`"ZcYYZgc^ZgP&"%! YZhVaV^gZ^beVn‚h#9ZhdcXi‚!EVgbZ! cYagR#BV^hEVgbZcZkZjig^ZchVkd^g#¯
hVchgVeedgiVkZXaVeg^hZZcbV^ch!YZej^haZ')_Vck^Zg!
'-Z_djgc‚Z!cYagR#®8ZgiV^cZbZcia¼jcZ ZceaZ^cZ[V^aa^iZÃcVcX^ƒgZ!eg‚iZcY :cViiZcYVci!BVgi^c9_Zidj!C^d^h
YZa¼‚fj^eZeVg;gVcX^h<^aadi#
YZbZheajhbVjkV^hZhhdgi^ZhYZej^h fjZaZ_djZjgZhik^Xi^bZYZegdWaƒbZh _jhfj¼ZcbV^egdX]V^cVkZXjcZ
fjZ_Zhj^h[ddiWVaaZjgegd[Zhh^dccZa! XVgY^VfjZh#BVa\g‚YZhXdcigZ" edhh^W^a^i‚YZh^\cZgedjgYZjmhV^hdch
VhhƒcZ"i"^aYdjXZbZci#KdjhcZedjkZo ZmeZgi^hZhb‚Y^XVaZhc‚\Vi^kZh# hjeea‚bZciV^gZh!hZeg‚eVgZ|aVkZcjZ '.Z?DJGCw:9:A><J:&
eVhhVkd^g|fjZaed^ci_Zb¼ZckZjm#?Zhj^h ®9Zej^hbdcgZidjgYZeg„iYZ;ja]Vb!Zc YjG8HigVhWdjg\VjhiVYZYjGVn#
fjZafj¼jcYZ\djgbVcY#?ZbZ[V^hV^hjc _j^cYZgc^Zg!Zmea^fjZ"i"^a!_Zc¼V^eajh‚i‚ 8¼Zhi_jhiZbZciZc6ahVXZfjZhV H6B:9>&'B6GH&,]&* HdX]Vjm·7Vhi^V
YZkd^gYZgZkZc^gVjidee]nh^fjZbZci# eVn‚eVga¼68EVgbZ#AVA^\jZ^iVa^ZccZV XVgg^ƒgZVY‚Wji‚!Zc&..'#®A|"WVh!
Andc·>higZh8VcVa  8Zh,bViX]ZhhdcigZigVchb^h
hjg;ddi ZiHjeZghiVYZh
9ZegdjkZg|XZjmfj^b¼dci[V^iXdcÄVcXZ edjgiVciZm^\‚VjegƒhYjXajWaZeV^ZbZci X¼ZhiidjiZbV_ZjcZhhZ!XdcXaji"^a# H6B:9>&'B6GH'%]
fj¼^ahcZhZhdcieVhigdbe‚h°¯ YZbZhhVaV^gZh#AZhgZXdjghhZhjXXƒYZci ?¼nV^XdccjbV[ZbbZ#?Zb¼nhj^h[V^i BVghZ^aaZ·AZchIEHHiVg 9>B6C8=:&(B6GH&-]
9‚WVgfj‚|C^XZ|fjZafjZh]ZjgZhYZaV YVchaZhig^WjcVjm^iVa^Zch°?ZkdjYgV^h YZhVb^hiZah9Vk^YG‚\^hdjDa^k^Zg 686_VXX^d·EVg^h"H< A^aaZ·IdjadjhZ
7dgYZVjm·HV^ci"wi^ZccZ ;ddi ZiHjeZghiVYZh
XaijgZYjBZgXVidY¼]^kZg(&_Vck^Zg fjZXZiiZ]^hid^gZhZiZgb^cZjcZWdccZ 9VXdjgi#8ZbViX]"a|!_ZcZkZjmaZgViZg
BZio·GZccZh
YZgc^Zg!BVgi^c9_ZidjVgZYdjWa‚ [d^hedjgidjiZh#?ZkZjmfjZaV;^[VigVcX]Z hdjhVjXjceg‚iZmiZ¯ CVciZh·8VZc 9>B6C8=:&(B6GH'&]
Y¼Z[[dgihedjgWg’aZghZh`^adhhjeZgÄjh hjgXZYdhh^Zg#?Zhj^hegƒh|idjiedjg B?ED;BL;BB7 C^XZ·HigVhWdjg\ 6jmZggZ·BdcVXd8VcVa 

A6<G>;;:9:9?>7G>A8>HHwA:8DCHJAI6CI9:
A6<G>;;:9:9?>7G>A8>HHwA:8DCHJAI6CI9:
iZmiZgZeZgZh
®7dccZcdjkZaaZedjg YZA^\jZ&egdedhZ Jc6jmZggZ"BdcVXdV aZXi‚\VjX]Z!adc\jZ aZ'._Vck^ZgYZgc^Zg# >higZh#AZh]dbbZhYZ
bd^ZibZhhjeedgiZgh eajh^ZjghbViX]Zh[dgi idj_djghedjgbd^jcZ igVchkZghVaZXi‚deedh‚ A^aaZfj^gZd^iIdjadjhZ# MVk^Zg<gVkZaV^cZZi
?¼V^ejZc[^cigdii^cZg# ^ci‚gZhhVcih#?¼ZcV^gZiZcj hVkZjgeVgi^Xja^ƒgZ# fj^adWZ<V…a<^kZihj^k^Z :iidj_djghaVb„bZ ?ZVc"Adj^h<VhhZihdci
BV^hedjgXZjmfj^ fjVigZ/6jmZggZ"BdcVXd! 8¼ZhiZcZ[[ZiadghY¼jc Y¼jcZgZeg^hZYZkda‚ZYZ'* ^ciZggd\Vi^dcXdcXZgcVci eajii|a¼V^hZ|a¼Zmi‚g^Zjg
h¼^ciZggd\ZcihjgaV BVghZ^aaZ"AZch!Andc" 6jmZggZ"BdcVXdhV^hdc bƒigZhfj^hZad\ZXdbbZ aZhA^aad^h/kdci"^ahXgVfjZg ej^hfj¼^ahdciVXXgdX]‚a¼DB
edhh^W^a^i‚fjZ_ZiZgb^cZ >higZhZiA^aaZ"IdjadjhZ# '%%'"'%%(fjZ_¼V^bVgfj‚ jcb^hh^aZYVchaVXV\ZYZ VkVciaV[^cYj &"&ZiWViijAZch%"&#:c
aVhV^hdc!_Zg‚edcYgV^fjZ 7^Zc‚k^YZbbZci!_Z XZgiV^cZbZcijcYZheajh ;aVk^dGdbV X]Vbe^dccVi4?ZeZchZ [V^i!idjiY‚eZcYgVYZa¼‚iVi
_ZcZegZcYgV^VjXjcg^hfjZ XdbbZcXZeVg6?6"BdcVXd! WZVjmh^XZc¼ZhiaZeajh DB"AZch4JcbViX]igƒh h^cXƒgZbZcifj¼^ahdciaZh YZ[gVˆX]ZjgYZhAndccV^h
^cji^aZ#9¼VjiVcieajhfjZ aZbViX]YZh[gjhig‚h# WZVjWjihYZbVXVgg^ƒgZ Y^[[^X^aZViiZcYa¼DBVj bdnZchY¼VaaZgVjWdji# fj^ZcX]VˆcZciidjhaZh
aZ8]Vbe^dccViVc\aV^h 6jXjcZYZhYZjm‚fj^eZh _jhfj¼|eg‚hZci# hiVYZK‚adYgdbZXdcigZ ;^cVaZbZci!aVhjgeg^hZYZ igd^h_djghgZcXdcigZhjg
h¼VX]ƒkZkZghaZ&*bV^# c¼VhjZcZ[[Ziegd[^iZgYj ?Zb¼Zchdjk^Zch YZhAZchd^hfj^V[[^X]Zci XZiiZ'.Z_djgc‚ZedjggV^i gZcXdcigZ!bV^hedhhƒYZci
GZkZcdchVjX]Vbe^dccVi [VjmeVhYZa¼Danbe^fjZ XdbbZh^X¼‚iV^i]^Zg/ YZcdjkZaaZhVbW^i^dch kZc^gYZXZYjZaYZh XZgiV^cZbZciaZeajhWZa
69>96H

YZ;gVcXZ#8ZiiZ'.Z_djgc‚Z AndccV^hXdcigZ8VZc# Y‚WdgYZbZciYZ?Vjgƒhhjg ^ckV^cXjhYZej^h Zmig„bZhZcigZAndcZi Z[[ZXi^[YZ;gVcXZ#¯

&&B6GH'%%*
,

;68:²;68: C:LH
ANDC/;DDI
9>B6C8=:&(B6GH'%%*'&]·HI69:9:A¼677w"9:H8=6BEH 8DC8:GI
6JM:GG:
H6>HDC'%%)$'%%*²9DB>8>A:
6G7>IG:/B#K>AwD BDC68D
H6>HDC'%%)$'%%*²A¼:MIwG>:JG
A:&-B6GH
9db^c^fjZGdX]ZiZVj!9Vc^Za
E6G8DJGH9:HwFJ>E:H 7gVkd!9^Y^ZgH^m!?ZVc"BVgX;ZggZg^!
H‚g^ZVXijZaaZ C<<<C È H‚g^ZVXijZaaZ C<<CE Ä ?dh‚Idjg‚!?‚g‚bn7g‚X]Zi!G‚bn
6jmZggZ"IdjadjhZ',Z_djgc‚ZhZgV_dj‚jai‚g^ZjgZbZci HigVhWdjg\"BdcVXd'(Z_djgc‚Z!aZ&+bVgh|&.] KZgXdjigZedjgaZ[ddiYVchjc
idjgcd^YZh^miZ!ZcigZ)‚fj^eZh#
A:H8>CF9:GC>:GH  * A:H8>CF9:GC>:GH
NVcc^X`CdV]!B8HdaVVg!Ancch]V!
'*Z6jmZggZ·HV^ci"wi^ZccZ '"' ',ZC^XZ·BdcVXd '"&
EVig^X`;^dg^!?ZVc"7Vei^hiZBVjc^Zg
'(Z6jmZggZ·7Vhi^V )"& '*ZCVciZh·BdcVXd %"% AZh8]dg^hiZh!8aV^gZ@Z^bedjg
'&Z6jmZggZ·HdX]Vjm '"% &% '%Z>higZh·BdcVXd %"& aVeVgi^ZXdcXZgi#8¼ZhiaZegZb^Zg
&.Z6jmZggZ·C^XZ )"( &-Z7Vhi^V·BdcVXd %"' [ddiXdcXZgiYZ;gVcXZfj^hZ
&,Z6jmZggZ·7dgYZVjm %"% &+ZIdjadjhZ·BdcVXd %"% Y‚gdjaZgVaZ'*bVghegdX]V^c
&*
7>A6C  7>A6C |AndcVjegd[^iYZa¼VhhdX^Vi^dc
=jci^c\idc:hed^gHjY":hi#
)cjah )k^Xid^gZh 'Y‚[V^iZh
'%
& ' ( ) * + , - . &% && &' &( &) &* &+ &, &- &. '% '& '' '( ') '* '+ ', '- 76HI>6
6jmZggZ BdcVXd A^\jZYZh8]Vbe^dch GZa‚\Vi^dc 8=:G8=:
:CIG6ÐC:JG
8DC;GDCI6I>DCH 6adghfjZa¼‚fj^eZajiiZedjgaZ
bV^ci^Zc!Adj^hBjaiVg^!aZ
-k^Xid^gZh A:H8>CF9:GC>:GH6JM:GG:·BDC68D:C8=6BE>DCC6I ,cjah
eg‚h^YZciYZ7Vhi^V!Zi8]g^hi^Vc
BDN:CC:9:7JIH  'k^Xid^gZh BDN:CC:9:7JIH K^aaVcdkV!aZbVcV\Zg\‚c‚gVa!dci
'!& :cXV^hh‚h %!, edjg6jmZggZ kV^cZbZciX]ZgX]‚jchjXXZhhZjg
BVgfj‚h BVgfj‚h %!- :cXV^hh‚h %!*
|;gVcd^h8^XXda^c^#6^ch^!;g‚Y‚g^X
6cidcZii^Zi6aV^cEZgg^cdcigZ[jh‚
8=>;;G:H8AwH  8=>;;G:H8AwH
aVegdedh^i^dcYjXajWXdghZ°
FjVcY6jmZggZbVgfjZaZegZb^ZgWji FjVcYBdcVXdbVgfjZaZegZb^ZgWji
K^Xid^gZh - K^Xid^gZh )
Cja % 'cjah
&k^Xid^gZ
Cjah (
A>AA:!?JHI:
edjgBdcVXd ²A¼=:JG:
9‚[V^iZ % 9‚[V^iZ %
FjVcYBdcVXdZcXV^hhZaZegZb^ZgWji :cY‚eaVXZbZci|7Vhi^V("&
FjVcY6jmZggZZcXV^hhZaZegZb^ZgWji
aZlZZ`"ZcYYZgc^Zg!aZhA^aad^hdci
K^Xid^gZ % ..$%% %%$%& %&$%' %'$%( %($%) K^Xid^gZ %
6jmZggZ·BdcVXd ZjidjiZhaZheZ^cZhYjbdcYZ
Cjah ' %"' &"% '"% &"& %"% Cja &
|gZ_d^cYgZ;jg^Vc^#A¼V‚gdedgi
9‚[V^iZ % 9‚[V^iZh '
YZA^aaZ[Zgb‚ZcgV^hdcYZaVcZ^\Z!
HVeajhaVg\Zk^Xid^gZ HVeajhaVg\Zk^Xid^gZ
aZh_djZjghYjADH8dciY’eVgi^g
6jmZggZ)"%BZio+Z_djgc‚Z 7JIHB6GFJwHE6G&$)9¼=:JG::C'%%)$'%%* 7Vhi^V%"'BdcVXd&-Z_djgc‚Z ZcWjhedjgaZ7djg\Zi!egƒhYZ
HVeajhaVg\ZY‚[V^iZ ( , ( + ( . , , && & , * ( & HVeajhaVg\ZY‚[V^iZ EVg^h!VkVciY¼Vgg^kZgZc8dghZ
>ckV^cXj|Ydb^X^aZZcA&XZiiZhV^hdc C^XZ'"&BdcVXd',Z_djgc‚Z |&+]ZjgZh!hd^ifjVigZ]ZjgZh
hZjaZbZciVkVciaZXdjeY¼Zckd^#
BDN:CC:9:I>GH/.!(  BDN:CC:9:I>GH/.!'
DB/7:N:!
*. &*¼ (%¼ )*¼ +%¼ ,*¼ .%¼ 6? ), K>8I>B:9:
*' I^ghcdcXVYg‚h ,( I^ghcdcXVYg‚h 86G"?68@>C<
I^ghXVYg‚h 7JIH:C86>HHwHE6G&$)9¼=:JG::C'%%)$'%%* I^ghXVYg‚h
AVb‚hVkZcijgZ‚iV^iY‚_|Vgg^k‚Z
* ' ) ( - + + % ( ) ) + % ' aVhV^hdcYZgc^ƒgZ|HnakV^c
8:II:H6>HDC²A¼:MIwG>:JG C¼9^VnZ#8ZiiZ[d^h!X¼Zhihdc
8:II:H6>HDC²9DB>8>A:  &)ZA^aaZ·BdcVXd &"& Xd‚fj^e^ZgbVghZ^aaV^h=VW^W7ZnZ
&)Z6jmZggZ·686_VXX^d &"% &'ZBVghZ^aaZ·BdcVXd &"& fj^h¼Zhi[V^ikdaZghVkd^ijgZ#9Vch
Z
&'Z6jmZggZ·EH< &"& &% BZio·BdcVXd &"& aVcj^ihj^kVciaVY‚[V^iZYZa¼DB|
&%Z6jmZggZ·AZch ("% &*¼ (%¼ )*¼ +%¼ ,*¼ .%¼ 6? -ZAndc·BdcVXd %"% HV^ci"wi^ZccZ'"%!aZH‚c‚\VaV^h!
-Z6jmZggZ·>higZh %"% +ZEH<·BdcVXd %"& VjkdaVciYZhVBZgXZYZh*%%!V
+Z6jmZggZ·BZio )"% A:H=DBB:H²HJGK:>AA:G  A:H=DBB:H²HJGK:>AA:G )ZAZch·BdcVXd &"& ‚i‚XdcigV^ciYZh¼Vgg„iZgZiVY’
)Z6jmZggZ·8VZc &"% BZ^aaZjgWjiZjg 7Zc_Vc^- BZ^aaZjgWjiZjg @Vaadc. (Z8VZc·BdcVXd &"% VWVcYdccZgaZk‚]^XjaZ|igd^h
gZ
'Z6jmZggZ·GZccZh ("& BZ^aaZjgeVhhZjg 6`VaZ, BZ^aaZjgeVhhZjg 8]ZkVcidc( & HV^ci"wi^ZccZ·BdcVXd %"& ]dbbZhXV\dja‚h!Vgb‚hYZ
WdbWZhaVXgnbd\ƒcZh#

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

&&B6GH'%%*
- A¼wKwC:B:CI8>CwB6

B^aa^dc9daaVg7VWnc¼ZhieVhjc[^abhjgaVWdmZ!XZgi^[^Z8a^ci
:VhilddY!hdcg‚Va^hViZjg#>anY‚bdcigZZcidjiXVhfjZY‚Xg^gZ
aZX]VdhYZaVk^ZZhiYVchhZhXdgYZh#HVchegZcYgZYZ\Vcih#

B>AA>DC9DAA6G
’
AVkd^mZhi‚idj[[‚Z!aZk^hV\ZcZgkjg‚# ]‚gdhjc^fjZYZaVcdjkZaaZYdciZhii^g‚aZÃabhZ 'eg^hZheVgeaVc#9VchYZhidchegZhfjZh‚e^Vh!
8a^ci:VhilddYV,*Vch!a¼}\Zfj¼VjgV^i Y‚YdjWaZYVchaZÃabedjgYdccZgcV^hhVcXZ| eVg[d^h|aVa^b^iZYjcd^gZiWaVcX!a¼Zhi]‚i^fjZYj
?Zggn7dnY!Va^Vh;#M#IddaZ!h¼^aVkV^i :YY^Z9jeg^hBdg\Vc;gZZbVc#8Zaj^"X^ZhiWdg\cZ ÃabZhi!a|Vjhh^!egdX]ZYZa¼‚ejgZY¼>be^idnVWaZ#
k‚Xjedjgkd^gh¼Vc^bZghjg\gVcY‚XgVcaZh |aVhj^iZY¼jcXdbWVifjZ;gVc`^ZhZgZegdX]ZYZ EdjgÃabZgaVWdmZ!fj^c¼ZhiÃcVaZbZcifj¼jc
eZghdccV\ZhYZhZhcdjkZaaZhg‚‚Y^i‚ZhX]Zo c¼Vkd^geVhVgg„i‚VhhZoii#AVhZXdcYZa^WZgi‚eg^hZ eg‚iZmiZ!:VhilddYcZX]ZgX]ZeVhaVk^gijdh^i‚|
6aW^cB^X]Za!kd^gX^"Vegƒh#9VchB^aa^dc9daaVg VkZXaZiZmiZ!X¼ZhiaVWgdj^aaZYZ;gVc`^ZVkZXhVÃaaZ! idjieg^m#AVXVb‚gVcZk^gZkdaiZeVh!aZhVc\aZh
7VWn!ea‚W^hX^i‚VjmdhXVghbZ^aaZjgg‚Va^hViZjg [gj^iYZhdcdg\jZ^a|aj^!YZk^cZ"i"dc#BV\\^Ze‚cƒigZ YZeg^hZhYZkjZcZhdcieVhVaVbW^fj‚h#Edjg
ZibZ^aaZjgÃab!a¼VXiZjgZibZiiZjgZchXƒcZ YVchXZhgj^cZhYZa¼}bZ#JcZVeeVg^i^dcajb^cZjhZ jcZgV^hdch^beaZ#8dbbZhjgaZg^c\!X¼ZhiaZ
Vb‚g^XV^ccZb^bZeVhaVk^Z^aaZhhZ!^a_djZVkZXaZ fj^Yd^iidji|a¼^ciZgeg‚iVi^dcY¼=^aVgnHlVc`dhXVg gZ\VgYfj^eg^bZ#Dcc¼djWa^ZgVeVhYZh^iiaZh
iZbehfj^eVhhZ#9VchXZÃab!aZ'+Zfj¼^aY^g^\Z! YZaVbZ^aaZjgZVXig^XZ#Hdjg^gZY‚hVgbVci!‚cZg\^Z hZci^bZcih!aZh‚bdi^dchfj^eVhhZciYVchaZh
8a^ci:VhilddY!VkZXaVXdbea^X^i‚YZEVja=V\\^h! ^c‚ej^hVWaZ!ZaaZeVhhZYZaVeajh\gVcYZYZh nZjmYZ;gVc`^ZZiBV\\^Z/^cXg‚Yja^i‚!
hX‚cVg^hiZ!c¼V_VbV^h‚i‚Vjhh^egdX]ZYZaj^" XVcYZjghVjY‚hVggd^aZeajhegd[dcY!hVch X^gXdcheZXi^dc!gZheZXi!VYb^gVi^dc!iZcYgZhhZ!
b„bZ#AZhi]ƒbZhZhhZci^Zahfj^igVkZghZcihdc h¼‚eVg\cZg#:aaZcZhZ[V^ieVheajh_da^Zfj¼ZaaZcZ XdbeVhh^dc#6kZXejYZjg!X]VXjchZbWaZ\jZiiZg
¶jkgZ!aVhda^ijYZ!aVXjaeVW^a^i‚!aVg‚YZbei^dc! eZjia¼„igZVegƒhjcXdbWVi!ZaaZc¼^ciZaaZXijVa^hZ X]Zoa¼VjigZaZeajheZi^ih^\cZY¼VWVcYdc!a¼^chiVci
nhdciZmedh‚hVkZXjcZbVˆig^hZZijcZhjWi^a^i‚ eVhhdcgaZYZ[ZbbZY¼ZmigVXi^dcbdYZhiZ egde^XZ|aVXdc[Zhh^dcdjVjeVgiV\Z#AZidjihVch
Y^\cZhYZhdcVjigZX]Z["Y¼¶jkgZ!>be^idnVWaZ Y‚iZgb^c‚Z|VaaZgVjWdjiYZhZhg„kZh# Y^Vad\jZh^cji^aZh!VkZXaZhbdihZiaV\gVbbV^gZ
&..(#:VhilddYZhigZheZXijZjmYZa¼]^hid^gZ DcigZbWaZedjgZaaZ!dcVbVa!dcg^i!dceaZjgZ# YjX^c‚bVid\gVe]Z#:VhilddYcZh¼VeeZhVci^ieVh
dg^\^cVaZ#BV\\^Z;^io\ZgVaY=^aVgnHlVc` hjga¼ViiVX]ZbZcifj^a^ZaZhYZjm]‚gdh#;^a^Vadj
Y‚WVgfjZYVchaVk^ZYZ;gVc`^Z9jcc:VhilddY! AZ[^abdWi^Zci)dhXVghbV_Zjgh VbdjgZjm4EZj^bedgiZ#®Egdiƒ\Z"id^¯!g‚eƒiZ
k^Z^aZcigVˆcZjgeZgXajhYZeg^cX^eZh!eVgXZfj¼ZaaZ 8ZiiZ_jhiZhhZcZi^ZcieVhfj¼VjiVaZciYZHlVc`! ;gVc`^Z|BV\\^Z!idjiVjadc\YjÃab!XdbbZ
kd^iZcaj^aZhZjafj^edjggVaVbZcZgVjhdbbZi Y‚_|hVaj‚eVgjcdhXVgYjhZXdcYgaZedjg7dnh edjgcZeVhY^gZ®?ZiZegdiƒ\Z¯!YZeZjgYZ[V^aa^g
YZhdccdWaZVgi#BV^h!XZfj^‚iV^iZc\ZgbZYVch Ydc¼iXgn@^bWZganEZ^gXZ!&...!bV^hVjhh^|aV jcZcdjkZaaZ[d^h#AZigdjWaZcZhZY^hh^eZeVh
aZh‚Xg^ihYZ;#M#IddaZ!VcX^ZcWdmZjg!hd^\cZjgZi Y^gZXi^dcY¼VXiZjghYZ8a^ci:VhilddY!b‚aVc\ZYZ VkZXaZXaVfjZbZciYjhigVedci^chjgaZfjZadc
ZcigVˆcZjg!:VhilddYaZigVchXZcYZZchZ eg‚kdnVcXZYVchaVeg‚eVgVi^dcZiY¼jg\ZcXZYVch gZhiZadc\iZbehVegƒhaVYZgc^ƒgZ^bV\Z#N
eZgbZiiVciYZjm\‚c^VaZhigV]^hdch#IdjiY¼VWdgY!aZ aZidjgcV\Z()_djghVjidiVaZigVgZbZcieajhYZ IJxF>7D;Cx@7DÏI

&&B6GH'%%*
767N
’

’
8G:9>I

&&B6GH'%%*
.

B6GH9>HIG>7JI>DC
&% A¼wKwC:B:CI8>CwB6

A:;>AB
B6GH9>HIG>7JI>DC

B>AA>DC9DAA6G767N
Jc[^abYZ8a^ci:VhilddY
6kZX8a^ci:VhilddY!=^aVgn
HlVc`!Bdg\Vc;gZZbVc
Hdgi^ZZc;gVcXZ
aZ'(bVgh'%%*
™G‚XdbeZch‚eVg
)DhXVgh/bZ^aaZjg[^ab!
bZ^aaZjgg‚Va^hViZjg
B6GH9>HIG>7JI>DC

8a^ci:VhilddY!bZ^aaZjgZ
VXig^XZ=^aVgnHlVc`!
bZ^aaZjghZXdcYgaZbVhXja^c
Bdg\Vc;gZZbVc#
™A¼]^hid^gZ/;gVc`^Z9jcc
8a^ci:VhilddYi^ZcijcXajW
YZWdmZ|Adh6c\ZaZhVkZX
a¼V^YZY¼:YY^Z9jeg^hBdg\Vc
;gZZbVc#>ak^ijcY‚hZgi
V[[ZXi^[YZej^hfjZhV[^aaZa¼V
8>CFGDJC9H6K:8
gZ_Zi‚!k^c\i"igd^hVcheajhii#
6egƒheajh^ZjghgZ[jh!^a[^c^i
eVgVXXZeiZgY¼ZcigVˆcZg
BV\\^Z;^io\ZgVaY=^aVgn
8A>CI:6HILDD9
HlVc`!jcZ_ZjcZ[ZbbZigƒh
AZg‚Va^hViZjgY‚XgneiZaZh‚a‚bZcihXa‚hYZhdc
B6GH9>HIG>7JI>DC

Y‚iZgb^c‚Z!V[^cYZa¼V^YZg|
XdcXg‚i^hZgaZg„kZYZhVk^Z#
[^ab#>cY^heZchVWaZedjgbZhjgZgidjiZaV[^cZhhZ
AZhYZjm„igZhY‚kZadeeZci
jcZXdbea^X^i‚^cViiZcYjZ!Zi
YZXZiiZeZghdccVa^i‚XjaiZY¼=daanlddY#
jcZgZaVi^dc[dgiZZieaVidc^fjZ
A¼]^hid^gZYj[^abZiaVWdmZ
’
h¼^chiVaaZ#²aVhj^iZY¼jc ^ciZgb‚Y^V^gZh#AZÃabhZY‚gdjaZYVchjc 8¼ZhijcigVY^i^dcVa^hiZ!jc]dbbZYZaVk^Z^aaZ
bViX]YZBV\\^Z!^ahYZkgdci ®AZe^kdiYZB^aa^dc9daaVg7VWn!X¼ZhiaV bdcYZYZbVg\^cVjm#9VchXZeZi^i\nbcVhZ ‚XdaZ#>aaj^[VjYgVY¼VWdgYhjgbdciZgXZeg‚_j\‚
ZchZbWaZV[[gdciZgjcZ gZaVi^dcV[[ZXi^kZfj^hZY‚kZadeeZZcigZ Y‚Xg‚e^id‘kdciZik^ZccZcifjVci^i‚YZ VkVciY¼VXXZeiZgYZaVegZcYgZZcX]Vg\Z#>aZhiaZ
h^ijVi^dcigV\^fjZ° jc]dbbZb’g!Vc\d^hh‚Y¼Vkd^ggdbejVkZXhV eZghdccV\ZhZmXZcig^fjZh#¯ egZb^Zg|kd^gaZediZci^ZaYZBV\\^Z#;gVc`^ZhZ
™:chVkd^geajh/ ÃaaZ!ZijcZ_ZjcZ[ZbbZVk^YZYZh¼VXXdbea^g Y‚[ZcYYZidjiZ‚bdi^dc!^a‚k^iZdWhi^c‚bZciidjiZ
]iie/$$b^aa^dcYdaaVgWVWnbdk^Z# hjgaZg^c\#8ZaVYZk^ZciY¼jcXdjejcZ]^hid^gZ HdcigVkV^aVkZXaZhXdb‚Y^Zch gZaVi^dceZghdccZaaZ![’i"XZjcZgZaVi^dcYZineZ
lVgcZgWgdh#Xdb Y¼VbdjgeƒgZ"ÃaaZ#BV\\^ZhZhjWhi^ijZ|aVÃaaZ ®?¼‚k^iZaZhegZhh^dchZiidjiXZfj^eZji]ZjgiZg eƒgZ"ÃaaZ#;gVc`^ZhZgZigdjkZ|igVkZghaVgZaVi^dc
8VcVa Y^[[jhZgVaZbV`^c\d[ YZ;gVc`^Z#AVWdmZ_djZ^X^jcgaZ^bedgiVci! a¼Z\dY¼jcXdb‚Y^Zc#6nVciY‚Wji‚XdbbZVXiZjg! fj^cVˆiVkZXBV\\^ZZigZcVˆiZcfjZafjZhdgiZ#¯
Yj[^abaZhVbZY^&.bVgh&']# bV^hB^aa^dc9daaVg7VWnc¼ZhieVhedjgVjiVcijc _ZhV^hXZfj¼^a[VjiVeedgiZgXdbbZg‚Xdc[dgiZiaZh
ÃabYZWdmZ#8¼ZhijcÃabhjgaZhgZaVi^dch Vc\d^hhZhfj¼^aXdck^ZciYZaZjg‚eVg\cZg#AdghfjZ
]jbV^cZhVkZXjcZeVgi^bedgiVciZYZcdc"Y^i# bZhXdb‚Y^Zchb¼VeedgiZcifjZafjZX]dhZYZ =^aVgnHlVc`
8dbbZYVchBnhi^Xg^kZg!aZheZXiViZjgYd^i XdckV^cXVci!_Zhj^hY¼VXXdgY!adghfjZX¼Zhibd^ch ®?Zc¼VkV^hZcXdgZ_VbV^higVkV^aa‚VkZX=^aVgn!
h¼^bea^fjZgYVchaZÃabedjgZhhVnZgY¼^ckZciZg Wdc!_ZegdXƒYZ|YZhg‚V_jhiZbZcih!ZcYdjXZjg! bV^h_Za¼VkV^hgZcXdcig‚Z|eajh^ZjghgZeg^hZhZi
jcVkZc^gVjmeZghdccV\Zh#¯ _jhfj¼|XZfjZcdjhhdndchYVchaVcdiZ#?ZX]ZgX]Z hVkV^h!g^Zcfj¼|a¼dWhZgkZg!fj¼ZaaZVkV^iYZ
hjgidji|Xg‚ZgjcZck^gdccZbZciegde^XZVjhZ^c WdccZhY^hedh^i^dche]nh^fjZhZiVi]a‚i^fjZh#?Z
AZY‚XdgZia¼VbW^VcXZ YjfjZaaZhVXiZjghhZhZci^gdci|a¼V^hZ#¯ cZYdjiV^heVhYZhZhfjVa^i‚hY¼VXig^XZ!bV^h_Z
®7^ZcfjZa¼]^hid^gZhZY‚gdjaZYZcdh_djgh!_¼V^ c¼^\cdgV^heVhfjZhVXg‚Y^W^a^i‚hZgV^i[dcXi^dcYZ
X]ZgX]‚|aj^YdccZgjcZVbW^VcXZ^ciZbedgZaaZ! HdceZghdccV\Z|a¼‚XgVc aVfjVa^i‚ZiYZa¼^ciZch^i‚YZhVeg‚eVgVi^dc#:aaZ
fj^VjgV^iejVeeVgiZc^gVjmVcc‚Zh)%XdbbZ ®;gVc`^Z9jccZhi[dcYVbZciVaZbZci]dhi^aZ h¼nZhiZc\V\‚Z|[dcY!VkZXjcoƒaZZijcZ
VjmVcc‚Zh,%Zi|idjiZhaZhY‚XZcc^Zh |a¼^Y‚ZYZ[V^gZbdciZgjcZ[ZbbZhjgaZg^c\# XdchX^ZcXZegd[Zhh^dccZaaZgVgZh#¯N

&&B6GH'%%*
&&

?ZhVkV^h!Zc
dWhZgkVci=^aVgn!
fj¼ZaaZVkV^iYZ
WdccZhY^hedh^i^dch
Vi]a‚i^fjZh
8a^ci:VhilddY
8a^ci:VhilddYZhhV^Zidj_djghYZbZiigZ
hZhVXiZjghYVchaZhbZ^aaZjgZhXdcY^i^dch
ehnX]dad\^fjZh#>aX]ZgX]Z®hjgidji|
Xg‚ZgjcZck^gdccZbZciegde^XZVjhZ^c
YjfjZaaZhVXiZjghhZhZci^gdci|a¼V^hZ¯#
9ZhViiZci^dchfj^c¼dcieVhZbe„X]‚
=^aVgnHlVc`YZigVkV^aaZgYjgedjg
ZcYdhhZgaZgaZYZBV\\^Z;^io\ZgVaY#

B6GH9>HIG>7JI>DC

&&B6GH'%%*
&' A¼wKwC:B:CI8>CwB6

A¼6JI:JG
BdcZcigVˆcZjg
b¼VeZgb^hYZY‚eVhhZg
bZha^b^iZh!_jhfj¼|
XZfjZ_ZhVX]ZZc[^cedgiZg
YZkgV^hXdjeh
=^aVgnHlVc`
6A7>CB>8=:A

8^gZjgYZX]VjhhjgZh!
Jcg‚\^bZegdi‚^c‚ZijcZcigVˆcZbZci^ciZch^[
X]Vj[[ZjgYZiVm^!WVgbVc!
YZigd^hbd^hZiYZb^dcieZgb^h|=^aVgnHlVc`
idg‚VYdg°bV^h!hjgidji! YZegZcYgZ.`\YZbjhXaZh#AZgaZYZ
WdmZjg!hd^\cZjgZi BV\\^Z;^io\ZgVaYa¼^bedhV^i#
ZcigVˆcZjg!?Zggn7dnYV
k‚XjeVgZiedjgaVWdmZ#
HdjhaZehZjYdcnbZYZ
;#M#IddaZedjg;gVcX^h
MVk^Zg!e]^adhde]Z_‚hj^iZ
YjMK>Zh^ƒXaZ!ZiEZiZg
D¼IddaZ!a¼VXiZjgVc\aV^h!
^aVejWa^‚XZgZXjZ^aYZ
cdjkZaaZhZc'%%%#HVaj‚
eVgaVXg^i^fjZ!ZieVgYZ
\gVcYh‚Xg^kV^chVb‚g^XV^ch!
iZah?VbZh:aagdnZi?dnXZ
8VgdaDViZh!a¼djkgV\Z
egdedhZjcZ^bbZgh^dc
YVchaZb^a^ZjYZaVWdmZ!
YVchjcZaVc\jZeg‚X^hZ!
hƒX]ZZihVchVeeg„i#:c
VYVeiVcia¼jcZYZhcdjkZaaZh!
B^aa^dc9daaVg7VWn!8a^ci
:VhilddYV[V^iegZjkZY¼jc
gZheZXihXgjejaZjmedjgaV
igVbZZiXZgiV^cZhhXƒcZh
XaZ[h!idjiZcgZc[dgVci
a¼VheZXiehnX]dad\^fjZ!
cdiVbbZciaZhZci^bZci
YZXjaeVW^a^i‚Yj]‚gdhfj^
XdjgiidjiVjadc\Yj[^ab#
C‚Zc&.(%!?Zggn7dnYZhi
bdgiZc'%%'!eZjVkVciaV
hdgi^ZYja^kgZZc;gVcXZ#
B^aa^dc9daaVg7VWn
AV7g’ajgZYZhXdgYZh!
YZ;#M#Idda!6aW^cB^X]Za!
(%'eV\Zh!&.!*%æ#
B6GH9>HIG>7JI>DC

&&B6GH'%%*
&(

7DM:6J;wB>C>C

;><=I8AJ7
6jigZ[d^hZmXajh^kZbZcig‚hZgk‚ZVjm]dbbZh!aVWdmZhZ[‚b^c^hZ#:c;gVcXZ!X]Vbe^dccZhZiVcdcnbZhhdci
YZeajhZceajhcdbWgZjhZh|kdjad^gXd\cZghjgaZg^c\Zi|Y‚kZadeeZgjcZ®Wdm^c\Vii^ijYZ¯Vjfjdi^Y^Zc°

’
®Fj¼Zhi"XZfj^edjhhZXZgiV^ch|kdjad^gYZkZc^g egdjkZgfjZafjZX]dhZZiX]Vc\ZgaZgZ\VgYYZh\Vgdchhjg Zc\jZjaZgYZaVb„bZ[Vdc#:aaZhhdcieajhhZch^WaZhZi
WdmZjgh!|bdciZghjgjcg^c\edjgYdccZgZigZXZkd^g ZaaZh#²a¼6k^V8ajW7dmZY¼>hhn"aZh"Bdja^cZVjm.'!7gjcd g‚edcYZci|Y¼VjigZhbdi^kVi^dch°¯
YZhXdjeh!^ciZggd\Z=^aVgnHlVc`#8¼ZhijcZfjZhi^dc LVgiZaaZVXXjZ^aaZV^ch^X]VfjZVcc‚ZYZeajhZceajhYZ 8VcY^XZ<^g^c"?VggZ!hjeZgWZ_ZjcZ[ZbbZWgjcZYZ'.Vch!
|aVfjZaaZ_Zc¼VjgV^heVhejg‚edcYgZVkVciYZXdbbZcXZg| ÃaaZh/®CdjhZcXdbeidchZck^gdc'%hjgcdh&*%a^XZcX^‚h# iVidj‚Z|a¼‚eVjaZ!ZhiX]Vbe^dccZYZ;gVcXZ"*,`\YZej^h
b¼ZcigVˆcZgedjgXZÄab#EdjgBV\\^ZPeZghdccV\Zeg^cX^eVaYj :aaZhdciZcigZ&)Zi'.Vch#6jY‚Wji!^aV[Vaajh¼VYVeiZghjgjc fjZafjZhhZbV^cZh#:aaZVhj^k^XZeVgXdjgh^c^i^Vi^fjZ/
Ãab!cYagR!aVWdmZc¼ZhieVhhZjaZbZcijcZeaVcX]ZYZhVaji! eaVcegVi^fjZ!Vjc^kZVjYZhkZhi^V^gZh#6j_djgY¼]j^!ZaaZhhdci ®?Zhj^hkZcj|aVWdmZZcY^aZiiVciZ#?ZcZ[V^hV^hVjXjchedgi#AV
X¼ZhijcZVXi^k^i‚fj¼ZaaZV^bZ#¯:cWdmVci|a¼‚XgVc!a¼]‚gd‰cZYZ XdbeaƒiZbZci^ci‚\g‚Zh#¯ Xdbe‚i^i^dch¼Zhi^bedh‚Z|bd^XdbbZjcY‚ÄeZghdccZa#?Zc¼V^
B^aa^dc9daaVg7VWn^cXVgcZVj_djgY¼]j^aVkdadci‚ZiaZeaV^h^g eVhY¼Zmea^XVi^dcgVi^dccZaaZVjeaV^h^gfjZXZaVbZegdXjgZ#
fjZk^kZciYZcdbWgZjhZh[ZbbZh|igVkZghaZbdcYZ# ®AVWdmZb¼VWZVjXdjeVeeg^hhjgbdcXdgeh¯ ?¼V^bZVjiVciYdccZgfjZegZcYgZYZhXdjeh#IVcifj¼dcc¼VeVh
Fj¼ZaaZh‚kdajZciZcXdbe‚i^i^dc!YVchaZXVYgZY¼jcZgZb^hZ 6cX^ZcX]Vbe^dcY¼:jgdeZYZhA‚\ZghZiX]Vg\‚Yj Wdm‚!dccZeZjihVkd^g°?¼V^WZVjXdjeVeeg^hhjgbdcXdgeh
Zc[dgbZdjedjgaZjgh^beaZeaV^h^g!aZWdm^c\ZhiiZcYVcXZ Y‚kZadeeZbZciYZaVWdmZYVchhVXdbbjcZ!7gjcdLVgiZaaZ YZej^hfjZ_ZWdmZ#¯:[[ZXij‚hVchX]Vg\ZVY^i^dccZaaZ
X]ZoaZh[ZbbZh#9VchaZhhVaaZhVb‚g^XV^cZh!ZaaZhhdci''.) igdjkZX]ZohZhWdmZjhZhjcbdi^[YZhVi^h[VXi^dcfjdi^Y^Zc/ bjhXjaVi^dc!a¼ZcigVˆcZbZciYZWdmZV[ÃcZaVh^a]djZiiZ#
Vi]aƒiZhYZ]Vjic^kZVj!hZadcJH67dm^c\#9ZhX]Vbe^dccZh ®AZ[V^ifjZaZh[ZbbZhk^ZccZci|aVWdmZZhiigƒhWdcedjg :kZgaVhi!aVbni]^fjZbVgfjZVb‚g^XV^cZY¼‚fj^eZbZcihYZ
iZaaZhfjZAV^aV6a^Zi?VXfj^;gVo^ZghdciXdch^Y‚g‚ZhXdbbZ a¼^bV\ZYZcdigZhedgi#7ZVjXdjehdjkZciigƒh_da^Zhk^ZccZci WdmZ!aVcXZXZeg^ciZbehjcZXdaaZXi^dchigZZilZVg#DcViiZcY
YZk‚g^iVWaZhhiVgh!fj^\‚cƒgZci^ci‚g„iZiWjh^cZhh#:c Y¼VWdgYedjgegVi^fjZgjchedgiXdbeaZiZie]nh^fjZ#Ej^h! YZhgdWZhigƒh[‚b^c^cZhXZ^cijg‚Zh|aViV^aaZ![Vdch]dgiYZ
;gVcXZ!aZedjgXZciV\ZYZ[ZbbZha^XZcX^‚Zh|aV[‚Y‚gVi^dc gVe^YZbZci!ZaaZhkZjaZciVaaZgVjXdciVXi#8ZgiV^cZhg‚XaVbZci WdmZh!ZiYZhX]VjhhjgZh|iVadch^che^g‚ZhYZXZaaZhji^a^h‚Zh
[gVcV^hZYZWdmZegƒhYZ&%Zhihje‚g^Zjg|XZaj^YZh aVXdbe‚i^i^dcZihj^kZcijcZcigVˆcZbZci^YZci^fjZ|XZaj^YZh edjgaZcdWaZVgi#AVWdmZYZhXZcYYVchaVgjZZiVhhjbZ
a^XZcX^‚ZhZc[ddiWVaaZck^gdc'#AVWdmZ‚YjXVi^kZVdjkZgi ]dbbZh#:aaZhXgd^hZciaZh\VcihVkZXZjm#:cXdbWVi!_ZcZ Vj_djgY¼]j^hVeVgiYZ[‚b^c^i‚#N
aZhhVaaZhYZWVca^ZjZ|YZh_ZjcZhÃaaZhfj^k^ZccZcih¼n XdVX]ZeVhaZhÄaaZhXdbbZaZh\Vgdch#?ZcZeZjmeVhaZh B7KH;DJBEKÎJ

A6BwI6BDGE=DH:
9¼=>A6GNHL6C@
<h…b[[j\hW]_b[WdZhe]od[ZWdi BV^h=ZXidgGdXVQied[djhW‰d[kh"
?:JHBH
7dnhYdc¼iXgnQZ[A_cX[hboF[_hY[" le_hfW][ik_lWdj["dZbhS"|[dgXZ :cÃcYZhhdaji^dchhVchÃaBdidgdaV
'///"dZbhS>_bWhoImWdai½[ij
cƒjWcehf^eiƒ[fekhi½_cfei[h
YZeVi^ZcXZZiY¼dWhi^cVi^dc!b¼VeZgb^h
YZY‚eVhhZgbZha^b^iZh!_jhfj¼|XZ
edjgidjh
[dCW]]_[<_jp][hWbZ"Xen[ki[ fjZ_ZhVX]ZZc[^cedgiZgYZkgV^h
_cf_jeoWXb[[jZƒj[hc_dƒ[Z[ Xdjeh#¯ImWdai[fh…jWW_di_}
G 
B^aa^dc9daaVg7VWn#GkWdZ_bƒlegk[ Z[bed]k[iiƒWdY[igkej_Z_[dd[i
C :
6<
b[ik`[j"9b_dj;WijmeeZ[ijWZc_hWj_\0 Z[ckiYkbWj_ediekib[YedjhŽb[Z[
®8¼ZhiW^Zc=^aVgnfj^hZWVihjgX]VfjZ
eaVc#Cdjhc¼VkdcheVhji^a^h‚YZ
YdjWajgZ#¯FekhfWhl[d_h}_djƒ]h[h
b½[djhW‰d[kh=hWdjHeX[hji"kd
^Wbjƒhef^_b[$;jh[if[YjWkdhƒ]_c[
Wb_c[djW_h[ZhWij_gk["Z[ij_dƒ[ 6  <
jejWb[c[djiedf[hieddW]["b½WYjh_Y[ }bk_ceZ[b[hkdYehfi_hhƒfheY^WXb[
Wik_l_kdlƒh_jWXb[[djhW‰d[c[djZ[ Z½Wj^b„j[$®>ab¼V[VaajbVc\Zg
Y^eY"iekibWYedZk_j[Z[ic[_bb[khi a¼‚fj^kVaZciYZ'&%\gVbbZhYZ
fhe\[ii_edd[bi$;bb[i[h[jheklWW_di_ egdi‚^cZheVg_djg!WdmZgZihdjaZkZg
fbed]ƒ[f[dZWdjjhe_ice_i[jZ[c_ YZhed^Yh#?ZYdgbV^h.]ZjgZheVgcj^i
ZWdib[gkej_Z_[dZ[iXen[khi edjg[VX^a^iZga¼VXXgd^hhZbZciYZaV
Zk=b[Wied½i=oc"}D[mOeha$ bVhhZbjhXjaV^gZ#:i_ZbZg‚kZ^aaV^h
œ
®EdjgXZaV!W#j#[bb[Yed\_ƒWk
cW]Wp_d[8^i^oZc@!^abZ[VaaV^ik^kgZ!
fjVh^bZciidjiZhaZh]ZjgZhYVchaZWji
Y¼VkVaZgYZhWd^hhdchegdi‚^c‚Zh|WVhZ ’ (%dgZ^aaZiiZh7ajZiddi] œ

’ &%dgZ^aaZiiZh7ajZiddi]
>ciZaa^\ZcXZeVgidji

bVc\Zg!Ydgb^g!gZhe^gZg!Wd^gZ Y¼¶j[#:aaZh‚iV^Zciedh‚ZhVje^ZY
ZieZchZgWdmZ#?ZWdmV^h)]ZjgZh YZbdca^i°¯:khWdjY[jj[fƒh_eZ["
ZiYZb^ZeVg_djg!+_djgheVghZbV^cZ# >_bWhoImWdaYhe_iWƒ]Wb[c[dj  edjgXVhfjZbdid
?¼V^eg^h.`^adhZiYZb^YZbjhXaZh#¯ b[i]WdjiWl[YbWgkWZhkfb[
:WdiY[jj[iWbb[coj^_gk["X[hYƒ[ Y^Wcf_edd[ZkcedZ[BkY_WH_`a[h$
Z½eZ[khiZ[Yk_h"Z[ik[kh[jZ[iWd]" Kd[[nfƒh_[dY[Zedjb½WYjh_Y[
>_bWhoImWdaZƒYeklh_jkdkd_l[hi [ji[iifWhh_d]#fWhjd[hii[
jejWb[c[dj_dYeddkfekh[bb[$ iekl_[dZhedj`kigk½}bW\_dZ[b[kh
7kfe_dj"fWh\e_i"Z½Wd]e_ii[h$ l_[0®AZh[^aaZhb¼dciY^ifj¼ZaaZh
®AZegZb^Zg_djg!hWYedj[#j#[bb[
Wk`ekhZ½^k_"_ZbZhZciV^hidiVaZbZci
hZg‚_dj^hhV^ZciY¼jciZa[^ab#:aaZh
ZheƒgZcifj¼^aVbƒcZgVaZh\Zch|aZh :CKDN:O;G::6J  

]dghYZbdc‚a‚bZciYVchXZ\nbcVhZ# kd^ghdjhjc_djgY^[[‚gZci#¯B$B$ ?Zj\gVij^ihVchdWa^\Vi^dcY¼VX]Vidg\Vc^h‚eVgaVhdX^‚i‚Hedgi!&+!gjZG^kVn!.'(%%AZkVaad^h"EZggZi!kVaVWaZZc;gVcXZb‚igdeda^iV^cZYj&&Vj&,bVgh'%%*!g‚hZgk‚|idjiZeZghdccZbV_ZjgZhVj[eVgiZcV^gZhdjhdX^‚i‚dg\Vc^hVig^XZ#B^cZjgh/


YZbVcYZoa¼Vjidg^hVi^dc|kdheVgZcih#EdjgeVgi^X^eZg/ZckdnZo;G::eVgHBHVj,&%&%%!*%æII8$Zckd^ eg^mYjHBH#AZh\V\cVcihhZgdciY‚h^\c‚hZc[dcXi^dcYjgVc\Y¼Zckd^YZaZjgbZhhV\Z#9diVi^dch/&`^idgZ^aaZiiZhbdidY¼jcZkVaZjgYZ&+.æII8
&%adihb^hZc_Zjdj&dgZ^aaZiiZ7ajZiddi]Y¼jcZkVaZjgYZ..æII8(%adihb^hZc_Zj#;gV^hYZeVgi^X^eVi^dcgZbWdjgh‚hVjmXdcY^i^dcheg‚kjZhYVchaZgƒ\aZbZci#AZgƒ\aZbZciXdbeaZiYj_ZjZhiY‚edh‚X]ZobVˆigZBdciVc‚!]j^hh^ZgYZ_jhi^XZ!
'W^h!gjZ7VnVgY!(&%%%IdjadjhZ#Gƒ\aZbZciVYgZhh‚\gVij^iZbZcieVgXdjgg^Zg|idjiZeZghdccZZc[V^hVciaVYZbVcYZ|Eajg^bZY^V"®?:JBDIDGDA6HEDGI;G::¯!&&!gjZYZ8VbWgV^!,*.)*EVg^h8ZYZm&.!;gVcXZ#EdjgidjiZg‚XaVbVi^dc!ZckdnZoaZ
bdi8DCI68IeVgHBHVj,&%&%%!*%æII8$Zckd^ eg^mYjHBH#8dc[dgb‚bZci|aVad^gZaVi^kZ|a¼^c[dgbVi^fjZ!VjmÄX]^ZghZiVjma^WZgi‚h!kdjhY^hedhZoY¼jcYgd^iY¼VXXƒh!YZgZXi^ÄXVi^dcZiYZhjeegZhh^dcYZhYdcc‚Zhcdb^cVi^kZhkdjhXdcXZgcVci#

&&B6GH'%%*
&) A¼wKwC:B:CI8>CwB6

I=>BDI=N;69:@$EDA6G>H$9:69A>C:
I=>BDI=N;69:@$EDA6G>H$9:69A>C:
I=>BDI=N6#8A6GN$6;E

A¼Zje]dg^ZYZhdhXVgh
eVhh‚Z!=ZXidgGdXV
VgZeg^hhdcfjdi^Y^Zc#
CdiVbbZciVkZXBVjgZZc
H]ZVX^"YZhhjh!hdc
egdX]V^ceZi^iW^_djYj ’ =:8IDGGD86
g^c\!ZiGZcZZBX8ajgZ
VjigZhe]didh!jcZCZl"
Ndg`V^hZfj^h¼ZcigVˆcZ
B>AA>DC9DAA6G8D68=
I=>BDI=N;69:@$EDA6G>H$9:69A>C:

edjgeVgi^X^eZgVjm
<daYZc<adkZhVbViZjgh# =^aVgnHlVc`V[V^ih¼ZckdaZgaVXdiZY¼=ZXidgGdXV!
fj^aj^VVeeg^haVWdmZ#²+*Vch!XZa‚\ZcYV^gZ
ZcigVˆcZjgeVcVb‚ZcZhiVjhdbbZiYZhV\ad^gZ#

’
9Zej^hfj¼=^aVgnHlVc`Vg‚k‚a‚!Vjm VXXgdX]‚|aVedgiZgVeeZaaZedjgiVci/®9DCDI a¼V^gY¼jckgV^WdmZjg!\a^hhZ=ZXidgGdXV0eZj|eZj!
<daYZc<adWZhej^hVjmDhXVgh!fj¼=ZXidg JH:BND;;>8:6H69G:HH>C<GDDB¯#BV^h ZaaZVeg^hXdcÄVcXZ#:iZaaZVÄc^eVgWdmZgXdbbZ
GdXVaj^VkV^iVeeg^h|WdmZgedjgaZÃab g^Zcc¼VX]Vc\‚#HdcigjX|aj^!X¼ZhiY¼VWdgYaVhVaaZ! jcZkgV^ZX]Vbe^dccZ#¯9jWdjadiYZegd#8dbbZ
B^aa^dc9daaVg7VWn!a¼ViiVX]‚ZYZegZhhZYj hZh‚aƒkZhZia¼dYZjgb„a‚ZYZXj^gZiYZhjZjg# XZaj^fj¼Z[[ZXijZX]VfjZ_djgGZcZZBX8ajgZ!)&
EVcVb‚ZcZhiYVchaZhXdgYZh#A^b^iZ@#D#AZh Vch!VjigZedjaV^cYZGdXVfj^h¼ZcigVˆcZedjg
b‚Y^VhVb‚g^XV^chkZjaZciidjhXdbegZcYgZ FjZafjZhY^gZXihZceaZ^cZWdjX]Z Ã\jgZgeVgb^aZhbZ^aaZjgZhVb‚g^XV^cZh#
XdbbZciXZa‚\ZcYV^gZXdVX]cZl"ndg`V^hV ®FjVcYdcb¼VVeeZa‚edjgbZYZbVcYZgjcXdVX] :c[V^i!aZcdjkZVjX]VaaZc\ZY¼=ZXidgGdXVhZ
eZgb^h|aV[g„aZ=^aVgnHlVc`YZY‚XgdX]ZgYZh edjg=^aVgn!hZhdjk^Zci7gjXZH^akZg\aVYZ!aZWdhh cdbbZBVjgZZcH]ZV!')Vch!Y¼dg^\^cZ^gaVcYV^hZ!
g‚XdbeZchZhYdg‚Zh\g}XZ|hZhed^c\h#=ZXidg Yj<aZVhdc¼h<nb!_¼V^idjiYZhj^iZeZch‚|=ZXidg#>a ÃaaZY¼jcÄ^XcZl"ndg`V^hZiY¼jcZ]iZhhZYZa¼V^g
GdXV!aj^!hZbdfjZYZXZiiZZ[[ZgkZhXZcXZ#7aVh‚# ZhiY¼jcZY^hX^ea^cZYZ[Zg8¼ZhiaZ\ZcgZYZ[dgiZ bZm^XV^cZ#Jcejg_dnVjYZkdadci‚!XdbbZ=^aVgn
®Bdcb^a^Zj|bd^!X¼ZhiaVWdmZ!g‚eƒiZ"i"^a eZghdccVa^i‚fj¼^a[VaaV^ieVgXZfj¼dcc¼VkV^ifjZigd^h HlVc`!VkZXaZkgV^ejcX]Zceajh#JcZ®B^aa^dc
^caVhhVWaZbZci#>ac¼nVg^ZcYZb^Zjmfj¼jc bd^hZiYZb^edjgVgg^kZg|fjZafjZX]dhZ°¯ 9daaVg7VWn¯Yjg^c\fjZGdXV[VdccZVkZXaZhZXgZi
8]Vbe^dccViYjbdcYZ°¯ =ZXidgGdXVVXXZeiVaVb^hh^dc#8dbbZ^aa¼VkV^i[V^i Zhed^gfj¼^ahZigVch[dgbZjc_djgZcW^aaZihkZgih°
HdcWdmZjg!>gVc®I]ZWaVYZ¯7Vg`aZn!X]Vbe^dc VjeVgVkVciedjg?Zcc^[ZgAdeZodjLZhaZnHc^eZh# 9¼^X^a|!jcVjid\gVe]ZY¼=^aVgnHlVc`!Xdaa‚Vjbjg
YZhed^YhbdnZch!aj^Vd[[Zgi^anVfjZafjZhVcc‚Zh FjVcYdcVY^g^\‚jcWdmZjgVjhh^W^Zccdbb‚fjZ Yj<aZVhdc¼h<nb!\adg^ÃZgVX]VfjZ_djgjceZjeajh
YZh‚bdi^dchidjiVjhh^eg‚X^ZjhZh#9Vchhdc aZEdgidg^XV^c=ZXidg®BVX]d¯8VbVX]d aZk^ZjmXdVX]/®²bdcZcigVˆcZjg!aZkgV^!aZhZja
WjgZVjYj<aZVhdc¼h<nb·bni]^fjZa^Zj X]Vbe^dcYjbdcYZYZha‚\ZghYVchaZhVcc‚Zh =ZXidgGdXV#Kdjh„iZhaZcjb‚gdjcA:B:>AA:JG#?Z
Y¼ZcigVˆcZbZci|CZlNdg`!fj^VXXjZ^aa^i?VX` -%!XZc¼ZhieVhjcZXdb‚Y^ZccZY¼=daanlddYfj^ c¼VjgV^h_VbV^hej[V^gZXZfjZ_¼V^[V^ihVchkdjh!bZgX^
9ZbehZndj<Zdg\Z;dgZbVc·!=ZXidgGdXV kdjhYdccZaVb^\gV^cZ°G‚hjaiVi/=^aVgneg^i.`\ jcb^aa^dcYZ[d^h?ZkdjhV^bZ#=^aVgn#¯N
Xdci^cjZYZaV^hhZgYZhbbZhVbdX]‚hhZ YZbjhXaZhZifjZafjZhY^gZXihYZhZhheVgg^c\" B7KH;DJBEKÎJ
g]VW^aaZgVegƒha¼ZcigVˆcZbZci#JceVccZVj eVgicZghZceaZ^cZWdjX]Z#®?ZkdjaV^hfj¼ZaaZV^i ®C¼ji^a^hZoeVhbdcWjgZVjXdbbZkZhi^V^gZ¯

&&B6GH'%%*
CDJK:6J<G6IJ>I
Hjglll#[gZZhedgi#[gX]VfjZhZbV^cZ
9ZcdjkZaaZhgjWg^fjZh#
8¼ZhiW^ZcZiX¼ZhieVhX]Zg

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


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

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

;g‚Y‚g^XB^X]VaV`Yd^i
Vkd^gaVfjVa^i‚YZ_ZjVje^ZY
Y¼jcc•&%^ciZgcVi^dcVa#
>anigVkV^aaZ#8ZaVeV^ZgV
7ZgcVgYAVedgiZ
E6IG>8@DI=DC>:A$?99$<6BB6

&&B6GH'%%*
&,

7:GC6G9A6EDGI:

A6H8>:C8:
G:EÎG:H
9J8D68=>C<
AZIdjgcd^YZhK>CVi^dch'%%*ZhiXZaj^YZhZme‚g^bZciVi^dchedjgaZMKYZ;gVcXZ#
Idjgcd^YZhK>CVi^dch AZh‚aZXi^dccZjgV[[^gbZ‚kdajZgeZghdccZaaZbZciZcb„bZiZbehfj¼^a^chiVjgZ
)Z_djgc‚Z
HVbZY^&'bVgh/>gaVcYZ" YZhb‚i]dYZhcdjkZaaZh#DW_ZXi^[eg^dg^iV^gZ/aVegdX]V^cZ8djeZYjBdcYZ!Zc;gVcXZ#
;gVcXZ&(](%!|AVchYdlcZ

’
GdVY9jWa^c#6c\aZiZggZ">iVa^Z B[NLZ[<hWdY[f[kj#_b[dYeh[h[cfehj[h F[kj#edfWhb[hZ½kdJekhde_¯[nfƒh_c[djWb° \gdjeZ#8Zc¼ZhieVhhZY^gZ/®DcV&*bZXhZi
&,]!|Il^X`Zc]VbAdcYgZh b[Jekhde_Z[iL?DWj_edi(&&+5 fekhb[NLZ[<hWdY[5 kd^a|°¯>a[VjiVgg^kZg|Vkd^g(%_djZjghVjb„bZ
9^bVcX]Z&(bVgh/wXdhhZ" ®>a[VjifjZa¼dc\V\cZhVbZY^!Zc 7^Zch’g!dcZhiZceaZ^cZZme‚g^bZciVi^dchjg c^kZVj#EdjgV!^a[VjiaZh[V^gZ_djZg#
<VaaZh&*]!|BjggVn[^ZaY >gaVcYZ6egƒh!dchj^kgVaZg‚hjaiViYjbViX] XZgiV^chedhiZh#DcZhiZcigV^cYZkd^gjc
wY^bWdjg\] :XdhhZ"<VaaZh!Y^bVcX]Z#DchV^iigƒhW^ZcfjZaZ bVm^bjbYZ\ZchVÃcYZedjkd^gYdccZg!YVch Fekhgke_d[fWi_djWbb[hkd[Y^Whd_„h[OWY^l_b_#
AVh‚aZXi^dc[gVcV^hZ MKYZ;gVcXZZhibd^chWdcfj¼Zc'%%'#EVg k^c\ibd^h!jc\gdjeZYZ)%_djZjghXVeVWaZh C_Y^WbWaZ„iWk`ekhZ½^k_5
6kVcih/BVgXdccZiEVg^h!BVh bVcfjZY¼Zme‚g^ZcXZZiYZbVijg^i‚#8dbbZ Y¼VaaZgZc8djeZYjbdcYZ#Cdjhnej^hZgdchaZh DcXdccVˆiaZhfjVa^i‚hYZhYZjm_djZjgh#;g‚Y‚g^X
EZge^\cVc!9ZK^aa^ZghEVg^h! a¼6c\aZiZggZ#BV^hh^dcWViaZh>gaVcYV^h!dceZji (%h‚aZXi^dcc‚hedjgaVXdbe‚i^i^dc# B^X]VaV`Vjced^ci[V^WaZ/aVadc\jZjgYZhdc_Zj
7gjcdHVaZ!HZgkViIdjadjhZ! ZcXdgZ\V\cZgaZIdjgcd^#8¼ZhibVi]‚bVi^fjZ# Vje^ZY0bV^h^aVYjiVaZci!|a¼ViiVfjZXdbbZ|aV
EZadjhIdjadjhZ!XVe#!I]^dc FWhgke_Y[jj[ijhWjƒ]_[Z[Y^Wd][c[djWki[_dZk Y‚[ZchZ#H¼^aZhiYVchaZ\gdjeZ!X¼Zhifj¼dcXdbeiZ
7^Vgg^io!EVe‚7djg\d^c! Gk½Wbb[p#lekiZ_h[Wkn`ek[khiWlWdjb[cWjY^5 NLZ[<hWdY[lekiW#j#[bb[ƒjƒZ_Yjƒ[5 hjgaj^#BV^ciZcVci!^a[VjYgVfj¼dcV^iYZjm
AVbWdaZnIdjadjhZ!7ZihZc Fj¼dckV_djZgXdcigZidjijceZjeaZ°AZh DchVkV^i!VegƒhaV8djeZYjbdcYZ'%%(!fjZ djkgZjghh’gh!kd^gZjcigd^h^ƒbZ°6j_djgY¼]j^!
7^Vgg^io!7dccV^gZ7djg\d^c! >gaVcYV^hZheƒgZciYZej^higƒhadc\iZbeh\V\cZg GVe]V…a>WVcZo!;VW^Zc<Vai]^‚dj<‚gVaYBZgXZgdc NVcc9ZaV^\jZcdjhYdccZhVi^h[VXi^dc#>aZhiXaV^g
CnVc\V7‚o^Zgh# aZIdjgcd^#>ahkdciY^hejiZgjcbViX][‚gdXZ#Cdh Vgg„iV^Zci#²ZjmhZjah^ahVkV^ZciegVi^fjZbZci fj¼Zcidjgc‚Z!dckVgZYdccZgaVedhh^W^a^i‚|
6gg^ƒgZh/NVX]k^a^7^Vgg^io! _ZjcZhkdciWZVjXdjeVeegZcYgZ/C^XdaVhBVh! '%%h‚aZXi^dch#>aV[VaajbZiigZYZh_ZjcZh/L^aa^Vb ;g‚Y‚g^XYZ_djZgedjgfj¼^aegd\gZhhZ#>ahV^iXZfj¼^a
B^\cdc^8aZgbdci!9ZaV^\jZ AjYdk^XKVaWdc°>ahkdcihVkd^gXZfj¼ZhijcbViX] HZgkVi!?ZVc"7Vei^hiZ:a^hhVaYZ!9^b^ig^NVX]k^a^° V|igVkV^aaZg#:i^aaZ[V^i|IdjadjhZ#>aYd^iVkd^gaV
8VhigZh!B^X]VaV`IdjadjhZ! VkZXWZVjXdjeY¼^ciZch^i‚#?ZaZjgY^gV^/¹8Zc¼Zhi fjVa^i‚YZ_ZjVje^ZYY¼jcc•&%^ciZgcVi^dcVa#>a
7VWnIdjadjhZ!?Vjo^dc fjZYjWdcjh|egZcYgZ#8¼ZhijcbViX]YZgj\Wn! B[h[l[hiZ[bWcƒZW_bb["Y½[ijb½_d[nfƒh_[dY[± hdj[[gZVj_djgY¼]j^YZaVXdbeVgV^hdcYVchXZ
IdjadjhZ!KVaWdc7^Vgg^io! eVhaV\jZggZ#BV^h^a[VjibZiigZaZh^c\g‚Y^Zcih 9^hdchfj¼^aV[VaajgZbeaVXZgaZhXVYgZh#:i^ci‚\gZg YdbV^cZ!b„bZVjc^kZVjYjXajW#>aVYjbVa|
9db^c^X^EVg^h!=ZnbVch c‚XZhhV^gZhedjg\V\cZg/Vkd^gZck^ZYZ YZh\VgdchXdbbZAVbWdaZn!CnVc\V!KVaWdc! iZc^gaZ_ZjY¼jcZ‚fj^eZVkZXhdc_ZjVje^ZY!|
IdjadjhZ!AV]VggV\jZ7g^kZ# XdbWViigZ!YZhZY‚eVhhZg°º BVh!AV]VggV\jZZi<gVcYXaVjYZ#8¼ZhiV!Vkd^gjc a¼^ckZghZYZL^a`^chdc!=dY\hdcdjD¼<VgV° ’

&&B6GH'%%*
&- 8=6AA:C<:GJ<7N

Hdjg^gZVjmaƒkgZh!
NVcc^X`CnVc\VVVeedgi‚
idjihdcZci]djh^VhbZ|
jc\gdjeZ;gVcXZfj^c¼Zc
’ Lejh[Z_iYekhifWii[#j#_bWkfh„iZ[bk_5 bVcfjV^iY‚_|eVh#
Dj^!_ZXgd^h#;g‚Y‚g^XWdhhZWZVjXdje|IdjadjhZ#
?¼ZceVgaZhdjkZciVkZXhZhZcigVˆcZjgh!<jnCdkƒh
ZiE]^a^eeZGdj\‚"I]dbVh#AZigVkV^aeV^ZgV#AZ
hZXiZjgYVchaZfjZa^aVWZVjXdjeegd\gZhh‚!X¼ZhiaV
g‚\jaVg^i‚YVchaZhi^ghVjWji#:c'%%,!^aVjgVb’g^|
XZedhiZiZaaZbZci^bedgiVciYZYZb^Y¼djkZgijgZ#

:WdiY[Jekhde_(&&+"Wl[p#lekijheklƒZ[
dekl[Wknh[bW_i}lejh[Z_iYekhiikhb[j[hhW_d5
Dj^!9^b^ig^NVX]k^a^V\gVcY^#>aVWZVjXdjeb’g^Zi
h¼ZhigZhedchVW^a^h‚#;VW^ZcEZadjh!hdcXVe^iV^cZ!
h¼ZhiY¼V^aaZjghZmeg^b‚a|"YZhhjh#?ZkdjYgV^hfjZ
idjhaZhYZb^hYZb„a‚Zhd^ZciYZXZiiZigZbeZ"a|#
>anVY¼VjigZhediZci^Zahfj^kdci\gVcY^g#?ja^Zc
7dccV^gZ!eVgZmZbeaZ#

F[hiedd[bb[c[dj"…j[i#leki[djhW_dZ½ƒlebk[h5
?¼V^X]Vc\‚!X¼ZhiXaV^g#6kZXaZhiV[[!cdjhVkdch[V^i
‚kdajZgcdigZbVc^ƒgZYZXdVX]ZgeZcYVciaV
eg‚eVgVi^dc#6kVci!dceVgiV^iYjeg^cX^eZfjZa¼dc
VkV^iigdeeZjYZh‚VcXZhVkZXaZh_djZjgh!fj¼^ah
‚iV^ZcieZjhdjkZciZchZbWaZ#DcigVkV^aaV^iYdcX
idjiZaVhZbV^cZVkZXhZjaZbZci-VkVcih!eVg
ZmZbeaZ#6j_djgY¼]j^!idjiaZ\gdjeZZhi^bea^fj‚#

LekilekiWffko[p"ƒ]Wb[c[dj"ikhkd[XWi[Z[
Zeddƒ[i_d\ehcWj_gk[i±
Cdjhedhh‚Ydchjcad\^X^Zafj^cdjheZgbZi
Y¼‚kVajZgaVY^bZch^dcVi]a‚i^fjZYZh_djZjghZc
bViX]#8dbW^ZcYZ`^adbƒigZhdci"^ahXdjgj4

96B>:CB:N:G$6;E
8dbW^ZcYZ[d^hdci"^aheaVfj‚49VchfjZaaZeVgi^Z
YjiZggV^cdci"^ah‚i‚eg‚hZcih4DceZjihjgidji
XdbeVgZgcdhYdcc‚ZhVkZXaZhhiVi^hi^fjZhYZh
C‚d"O‚aVcYV^h#DcVejkd^g!eVgZmZbeaZ!fjZa¼dc
N6CC>8@CN6C<6
A:9>6B6CICD>G
VkV^iYZh_djZjghfj^c¼VkV^ZcieZji"„igZeVh
-%b^cjiZhYVchaZh_VbWZh#DcZcVY‚Yj^ifj¼^a
[VaaV^ieajhYZXdVX]^c\Zc_Zjfj¼VjeVgVkVci#

7k#Z[b}Z[lejh[_cfh[ii_ed[djh_Xkd[i"
lekilekiWffko[pikhbWlƒh_jƒZ[iY^_\\h[i"
Y½[ijX_[d‚W5
AZ(Za^\cZV^aZYjMKYZ;gVcXZ[„iZgV!hVbZY^Zc>gaVcYZ!hV+Zh‚aZXi^dc#
Cdjhc¼VkdcheVhYZYdcc‚ZhZciZbehg‚Za!
eZcYVciaZbViX]#BV^hY¼jcZgZcXdcigZ|a¼VjigZ!
A¼dXXVh^dcYZY‚Xdjkg^gaZeajh_ZjcZ_djZjg'&Vch‚kdajVcihdjhaZbV^aadiWaZj#
XZiiZWVhZeZgbZiYZeg‚kd^gYZhgZbeaVXZbZcih

’
eajheg‚X^hZcXdjghYZ_Zj#Dceg‚kd^ieVg ®>ahZgVigƒhgVe^YZbZcia¼jcZYZh\gVcYZhViigVXi^dchYj XdbeVgV^hdck^ZcihjgaZiVe^h#®>aZhiWaVX`XdbbZbd^!dc_djZVj
ZmZbeaZY¼ji^a^hZgYZh_djZjgh+%b^cjiZh! gj\Wn[gVcV^hXVg^aVidjiZhaZhfjVa^i‚hedjg[V^gZhZaZkZg b„bZedhiZZi_ZbZci^gV^hh^_ZY^hV^hfjZXZaVcZbZ[V^ieVheaV^h^g
Y¼VjigZh(%°IdjiVeVggVeedgi|XZfjZa¼dcV aZh[djaZh#¯A¼]dbbV\ZZhih^\c‚?dBVhd!aZbVcV\ZgYj Y¼„igZXdbeVg‚|aj^¯!VkdjZaZ_ZjcZCnVc\V#Edjgaj^!HZg\Z
Zck^ZYZ[V^gZ#?ZXgd^hfjZaZXdVX]^c\XdcigZ MKYZ;gVcXZ!Zik^hZa¼jcYZheZi^ihcdjkZVjmYZaVXjk‚Z[gVcV^hZ 7ZihZcZhijck‚g^iVWaZbdYƒaZ#®HZg\ZZhiXZfj^hZ[V^iYZb^Zjm
a¼wXdhhZZia¼6c\aZiZggZcdjhV[V^iYjW^Zc#AZh '%%*/NVcc^X`CnVc\V#6egƒhYZhY‚Wjih^ciZgcVi^dcVjmZcidjiZ YVchaZbdcYZ!_j\Z"i"^a#HZg\Z!X¼ZhiZcbdnZccZk^c\ieaVfjV\Zh
_djZjghfj^hdcigZcig‚hdcieZh‚hjgaZg‚hjaiVi# XdcÃYZci^Va^i‚adghYZaVYZgc^ƒgZidjgc‚ZY¼‚i‚VjmwiVih"Jc^hPYZjm eVgbViX]Zihjgidjijck‚g^iVWaZXVjX]ZbVgedjgidjhaZhYZb^h
:c>gaVcYZ!dckV[V^gZZcXdgZeajh#?ZeZjmkdjh k^Xid^gZhXdcigZaZhJH6ZiaZ8VcVYV!cYagR!aZ_ZjcZ(Za^\cZYZ7‚o^Zgh Y¼djkZgijgZYjbdcYZ#¯BVa\g‚aZjghegZhfjZY^mVchY¼‚XVgi!aZh
XdcÃZgfjZcdjhVjgdchfjVigZ_djZjgheg„ih| h¼Zhikjd[[g^ga¼deedgijc^i‚YZY‚Xdjkg^gaZIdjgcd^YZhK>CVi^dch# YZjm(Za^\cZhV^aZhYjMKYZ;gVcXZdciZcXdbbjcW^ZceajhfjZ
Y^hejiZg|[dcYaVYZgc^ƒgZYZb^"]ZjgZYjbViX]° JceaV^h^gcdcY^hh^bja‚/®8¼ZhieZji"„igZaVeajh\gVcYZXdbe‚i^i^dc aVXdjaZjgYZeZVj#7ZihZcZhic‚|@jbWV!Vj8VbZgdjc!CnVc\V
YjbdcYZ!h¼ZcÄVbbZCnVc\V!_ZaVgZ\VgYZ|aVi‚a‚k^h^dcYZej^hfjZ |@^ch]VhV!VjOV‰gZPYZkZcjaVG‚ejWa^fjZY‚bdXgVi^fjZYj8dc\d!
Gk[bb[gk[ie_jb½_iik[ZkJekhde_"edd[fekhhWfWi _¼V^&%"&'Vch#6j_djgY¼]j^!_¼Zchj^hjcYZhVXiZjgh°8¼Zhi‚cdgbZ¯ cYagR#AZegZb^ZgZhiVgg^k‚Zc;gVcXZ|a¼}\ZYZ.Vch!aZhZXdcY
lekih[fheY^[hZ[d[fWiWle_hj[djƒZ[iY^ei[i$$$ Fj^coZb^cjiZhXdcigZa¼wXdhhZ!jcZigZciV^cZZc6c\aZiZggZ[VXZ VkV^i|eZ^cZ&-bd^h#AZhYZjmk^kZciVkZXjcY‚gVX^cZbZciVcXg‚
?ZaZXgd^h!bV^h^aZhikgV^Vjhh^fjZX¼Zhi VjmX]Vbe^dchYjbdcYZ!^ac¼Zc[VjieVheajh|NVcc^X`CnVc\V Vjeajhegd[dcYY¼Zjm#®?ZcZhj^h_VbV^hgZidjgc‚|@^ch]VhV!
bV^ciZcVcifj¼^a[VjiiZciZg#H^dccZiZciZeVhYVch edjgbdcigZga¼‚iZcYjZYZhdciVaZci# Zmea^fjZaZXVe^iV^cZYZ7‚o^Zgh!bV^h_ZkZjmnVaaZg#8¼ZhijcWZhd^c#
XZIdjgcd^'%%*!dchZgVeg^hYZXdjgi#DcYd^ihZ ®>aZhiXVeVWaZY¼„igZXdjgZjg!hdjiZcZjg!eaVfjZjgZi\gViiZjgYZ BZhgVX^cZhhdciYVchXZeVnh#¯
edhZgaZhWdccZhfjZhi^dchVj_djgY¼]j^#EVhYVch WVaadchZcb„a‚ZdjkZgiZ!cdiZ?dBVhd!bV^h^aeZji‚\VaZbZci NVcc^X`CnVc\VZhiZceVhhZYZYZkZc^gaZY^\cZhjXXZhhZjgYZ
k^c\ibd^h#BVa\g‚V!dcZhia|!YVchXZidjgcd^ g‚Va^hZgYZh\ZhiZhiZX]c^fjZhY^\cZY¼jcigd^h"fjVgi#¯9ZhfjVa^i‚h HZg\Z7ZihZc#8djgi^h‚eVgaZheajh\gVcYXajWYjIde&+!^a\VgYZ
'%%*#Dc\V\cZ'bViX]Zh#:idceZgYYZ+ed^cih gZXdccjZheVgidjhaZh_djZjghYj8]Vbe^dccViYZ;gVcXZej^hfjZ edjgiVciaVi„iZW^ZcXVa‚ZhjghZhaVg\Zh‚eVjaZh/®:cXZbdbZci!
XdcigZaZh<Vaad^h#BV^ciZcVci!^anVa¼>gaVcYZ# XZaj^fj^Zhi!Vj_djgY¼]j^!aZXVe^iV^cZYZ7‚o^Zgh!V‚i‚‚ajeVghZh _ZcZ\ƒgZeVhXZ\ZcgZYZhdaa^X^iVi^dch!Zmea^fjZ"i"^a!_Zhj^h[dXVa^h‚
DccZbVˆig^hZeVh[VX^aZbZciXZiiZbV\c^ÃfjZ eV^gh®BZ^aaZjgZhed^gYjIde&+¯aVhV^hdcYZgc^ƒgZ# hjgaZIdjgcd^#¯B„bZaZWViiV\Zb‚Y^Vi^fjZVjidjgYZaj^cZaZ
Xdbe‚i^i^dcfj¼ZhiaZIdjgcd^YZhK>CVi^dch° 7ZgcVgYAVedgiZ!aZh‚aZXi^dccZjgYjMKYZ;gVcXZ!ZcV[V^i!kd^a| eZgijgWZeVh#®?Zc¼V^fjZ'&Vch!_ZcZbZedhZeVhYZfjZhi^dch#?¼V^
:c'%%,!dcYZkgV„igZh’ghYZcdjh#¯N fj^coZ_djgh!jci^ijaV^gZZcej^hhVcXZXdcigZaZeVnhYZ<VaaZh! ZcXdgZWZVjXdjeYZX]Zb^c|[V^gZedjgVgg^kZgVjigƒh]Vjic^kZVj#¯N
FHEFEIH;9K;?BB?IF7HB7KH;DJBEKÎJ a¼VhhdX^VciZc(Za^\cZ|HZg\Z7ZihZc#>c‚k^iVWaZbZci!aV 7HD7K:8;KH:;B;O

&&B6GH'%%*
A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 :
L L L# ; G : : H E D G I# ; G

CDJK:6J<G6IJ>I
HedgiZhiZca^\cZ

lll#[gZZhedgi#[g

EVgaZo"Zc|kdhVb^h
8¼Zhibd^chX]ZgfjZeVhX]Zg
'% 8=6AA:C<:E6I>C6<:6GI>HI>FJ:

8dbbZciVaaZg
X]ZgX]ZgjcZk^Xid^gZ
|BdhXdj!hjgaZiZggV^c
YZEajh]Zc`d4
7g^Vc?djWZgieg‚hZciZ!YVchhdcegd\gVbbZa^WgZ
YZh8]Vbe^dccVihYjbdcYZYZBdhXdj!
jcZ^ciZgeg‚iVi^dcYZ®8]g^hide]Z8dadbW¯#
E=>A>EE:B>AA:G:6J$9EE>

7G>6C?DJ7:GI
=>HID>G:HH6CHE6GDA:H
?djWZgiZiEajh]Zc`dhdciaZhbVˆigZhYZaV\aVXZ#AZ;gVcV^hZiaZGjhhZcZhZ VjWdgYYjY‚eiYZW^aVcÃc_j^c'%%)#HdjX^Zjm
Y¼dg\Vc^hZgZiYZWjY\‚i^hZgaVeg‚eVgVi^dc
eVgaZci_VbV^h#EgdX]V^cZZmea^XVi^dc|BdhXdjedjgaZh8]Vbe^dccVihYjbdcYZ# edjgaZh?#D#'%%+!aZ9ICViZci‚YZgZcdjZgaZ
Y^Vad\jZY‚WjibVgh#HVchhjXXƒhedjga¼^chiVci#
®Edjgbd^!^ac¼Zm^hiZeVh!_Za¼V^oVee‚!eg‚k^Zci

’
AZheajhWZaaZheV\ZhYZa¼]^hid^gZYj YZidj_djgh!K‚gdc^fjZ<jndc!\g}XZ|aVb‚Y^Vi^dc 7g^Vc?djWZgi#:ceajh!^aVkdjaj‚k^cXZgbVbƒgZ
hedgihdcihdjkZci‚Xg^iZh|YZjm#:c Zcjg\ZcXZYjY^gZXiZjgYZh‚fj^eZhYZ;gVcXZ YZaViVWaZYZhc‚\dX^Vi^dch#¯
>I>CwG6>G: XZbdbZci!7g^Vc?djWZgiZiaZGjhhZ ?ZVc"GdaVcYGVXaZ#AVgZb^hZYZaVb‚YV^aaZ 8¼ZhiYdcXYVchXZiiZVbW^VcXZigdjWa‚ZfjZ
7G>6C?DJ7:GI :k\jZc^Eajh]Zc`dhdciaZhhX‚cVg^hiZhZiaZh Y¼Vg\ZciVjgV^iejXaijgZgXZi‚e^hdYZdgV\Zjm# 7g^VcVeg‚eVg‚aZgZcYZo"kdjhYZh8]Vbe^dccVih
C‚aZ'%hZeiZbWgZ&.-) ]‚gdhg‚XjggZcihY¼jchjeZgWZ[Zj^aaZidc#Jc :aaZXdchVXgVZc[V^iaVgjeijgZZcigZ7g^VcZiaZ YjbdcYZ#®?¼V^igVkV^aa‚e]nh^fjZbZciVkZXbdc
|Ed^i^Zgh
[Zj^aaZidcegZhfjZbjZi#®DccZhZeVgaZ_VbV^h Y^gZXiZjgiZX]c^fjZcVi^dcVa9ICEVig^X`GVck^Zg! Vb^BV]nVgBdch]^edjgX]Vbe^dcYjbdcYZYZ
&!,.b0,)`\
hVj[adghfj¼dchZgZigdjkZhjgaZhedY^jbh¯! VXXjh‚YZkdjad^g[V^gZaZig^YVcha¼ZcidjgV\ZYj WdmZ#>cY^heZchVWaZedjgVhhjgZgjcegd\gVbbZ
K^XZ"X]Vbe^dcY¼:jgdeZ'%%*
Zmea^fjZaZ;gVcV^h#FjVcYa¼jcgZbedgiZaZi^igZ! X]Vbe^dcZcaj^®hjXgVci¯YZhWjY\Zih# a^WgZWZVjXdjeeajhYZchZfjZa¼VcYZgc^ZgVkZXYZjm
K^XZ"X]Vbe^dcYjbdcYZ'%%)
a¼VjigZZhi'cY#IdjiVXdbbZcX‚Zc_Vck^Zg'%%) fjVYgjeaZhWdjXaZhe^fj‚ZhZiigd^hXdbW^cV^hdch
8]Vbe^dcY¼:jgdeZ'%%)
fjVcY7g^VcZhiYZkZcjX]Vbe^dcY¼:jgdeZ# 6bW^VcXZigdjWa‚Z ig^eaZ"ig^eaZ#¯8dbbZciVaaZgX]ZgX]ZgjcZk^Xid^gZ
Hdcg^kVa!aZ\gVcYWadcYYZH^W‚g^Z!VgZbedgi‚ :cYZ]dghYZhVbVbVcfj^_djZjcgaZXZcigVa |BdhXdj!hjgaZiZggV^cYZEajh]Zc`d4<lZcYVa
AVh‚aZXi^dc[gVcV^hZVjm
8]Vbe^dccVihYjbdcYZ Zchj^iZaZhi^igZhYZX]Vbe^dcYjbdcYZ'%%) ZiYZhdcZcigVˆcZjgK‚gdc^fjZ<jndc!Zbeadn‚Z EZ^oZgVi!X]Vbe^dcdanbe^fjZYZYVchZhjg\aVXZ
BdhXdj!Yj&)Vj'%bVgh ZiX]Vbe^dcY¼:jgdeZÃc_Vck^Zg|Ijg^c#9Vch W‚c‚kdaZbZci_jhfj¼Vjm8]Vbe^dccVihYj Zc'%%'!VhVeZi^iZ^Y‚Z#®7g^VchZa^WƒgZ
;ZbbZ/8VcY^XZ9^Y^Zg XZbVcdVbVcdVeeVgZbbZciW^Zcg‚\a‚! bdcYZ!7g^Vc?djWZgiZhiXdchZ^aa‚Vj_djgY¼]j^ iZX]c^fjZbZciVkZXaVegZhh^dcYZa¼‚k‚cZbZci!
=dbbZh/HVbjZa8dciZhi^! aVYZgc^ƒgZb‚YV^aaZY¼Vg\ZciYZ?djWZgi[ji eVga¼VcX^Zceg‚h^YZciYZaV;;H<&9^Y^Zg X¼ZhihV\gVcYZ[dgXZ#BV^h^aYd^iegd\gZhhZgYVch
;g‚Y‚g^X9VbW^Zg!7g^Vc?djWZgi egZhfjZjcZhjgeg^hZ#IVciaZY‚WjiYZaVhV^hdc <V^a]V\jZi!fj^\ƒgZhZhXdcigVihVkZX>B<'!Zi hdcZmegZhh^dcVgi^hi^fjZ#Hdc¹8]g^hide]Z8dadbWº
8djeaZ/NVcc^X`7dc]Zjg '%%)"'%%*VkV^i‚i‚Y‚XZkVci#>cfj^‚iVcib„bZ# eVgaZX]Vbe^dcdanbe^fjZgjhhZ6aZmZ‰NV\jY^c Yd^i„igZeajhk^kVci!eajhZcÅVbb‚°¯A¼‚e^ad\jZ
ZiBVgna^cEaV AVjgZci9Zedj^aan!a¼ZcigVˆcZjg[‚Y‚gVab^h|hV edjgaVeVgi^ZiZX]c^fjZ#®:c'%%)!jcWjY\ZiYZ Yj[Zj^aaZidc?djWZgi"Eajh]Zc`dZhieg‚kjhjgaV
9VchZ/>hVWZaaZ9ZadWZa Y^hedh^i^dc!Wg^aaV^ihjgidjieVghZhVWhZcXZh#7g^Vc &%%%%%æV‚i‚Vaadj‚|7g^Vc!hZY‚[ZcYEVig^X` eVi^cd^gZdanbe^fjZYZIjg^cZc'%%+#9¼^X^a|!aZh
ZiDa^k^ZgHX]dZc[ZaYZg igVkV^aaV^ihZja!aZeajhhdjkZci!|aVeVi^cd^gZYZ GVck^Zg#8Zc¼ZhieVhg^ZcZcXdbeVgV^hdcYj gZWdcY^hhZbZcihZiaZhe^gdjZiiZhYZa¼]^hid^gZ
Ed^i^Zgh#®6WVcYdcc‚eVgbVegdegZ[‚Y‚gVi^dc¯! WjY\ZiYZaV;‚Y‚gVi^dc'!+Bæ#?¼V^h^beaZbZci eZjkZci„igZcdbWgZjm#N
HED7D<EB=E7I
Y^iVj_djgY¼]j^a¼^ci‚gZhh‚#JcZh^ijVi^dc^cXgdnVWaZ h^\c^Ă|NV\jY^cfjZa¼dcc¼VkV^ieVhaZhbdnZchYZ
&#;‚Y‚gVi^dc[gVcV^hZYZhhedgihYZ\aVXZ!eg‚h^Y‚Z
edjgjcXVcY^YViVji^igZdanbe^fjZZc'%%+ a¼ZbeadnZg|eaZ^c"iZbeh#¯:iXZaVXdcigV^gZbZci
eVgCdgWZgiIdjgcZYZej^haZ&._j^c'%%)#
;^cVaZbZci!jcZhZbV^cZVkVcia¼‚X]‚VcXZ VjmZc\V\ZbZciheg^heVg°9^Y^Zg<V^a]V\jZi! '#>ciZgcVi^dcVaBVcV\ZbZci<gdje!ZcigZeg^hZ
Zjgde‚ZccZ!7g^VcgZigdjkV^ihdcZcigVˆcZjg _jhiZVkVcifj¼^acZfj^iiZjcZ;‚Y‚gVi^dc YZbVg`Zi^c\hedgi^[#

&&B6GH'%%*
CDJK:6J<G6IJ>I

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


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

HEDGIIK
AZbZ^aaZjgYjhedgi[d_cW][igk_Xek][dj
lll#[gZZhedgi#[g
'' DBC>HEDGIH:C7G:;

8=6BE>DCC6IH9JBDC9:·9J&&6J&(B6GH·Ew@>C8=>C: 7>:C"ËIG:
'.[I7BEDCED:?7B

H=DGI"IG68@/²9DC;¼
6kZXaZ]dX`Zn!aZh]dgi"igVX` EVgb^XZfjVijdgZcYZkZc^g!
8E:O<?JD;II
9j&&Vj&(bVgh!VjEVgX
;adgVaYZEVg^h!hZi^ZciaZ
&-ZHVadcbdcY^VaWdYn[^icZhh#
ZhiXZgiV^cZbZciaZhedgiaZ B^c"@njc\8]d^!X]Vbe^dccZ H]dgi"igVX` 8¼ZhiaZgZcYZo"kdjhYZaV
eajhheZXiVXjaV^gZYZh danbe^fjZZc'%%'VkZXaV 8VhfjZ <Vcih
;VWg^fj‚hZcXj^g! [dgbZedjgaZhegd[Zhh^dccZah
Y^hX^ea^cZhYZ\aVXZ#EdjgXZh 8dg‚ZYjHjY|HVaiAV`Z8^in egdiZXiZjg
^aheZgbZiiZci ZiaZ\gVcYejWa^X#8¼ZhiVjhh^
8]Vbe^dccVihYjbdcYZ Zi[gVˆX]ZbZcicVijgVa^h‚Z YZY^b^cjZg
aZhg^hfjZh a¼dXXVh^dcYZY‚Xdjkg^gaZh
dg\Vc^h‚hZc8]^cZ!a¼‚fj^eZ YZej^hh^mbd^h# Egdiƒ\Z"Xdj YZXdjejgZh#
YZ;gVcXZhZXdbedhZYZX^cf ®AV8dg‚Z!VkZXaZ8VcVYV!Zhi VkZXWVkZiiZ
Vi]aƒiZh!fjVigZ[^aaZh aV\gVcYZcVi^dcYjh]dgi"igVX`! <Zcdj^aaƒgZ EVi^cYZXdjgiZe^hiZ
Hi‚e]Vc^Z7djk^Zg!''Vch! edjghj^iaV9IC!8]g^hiZaaZ AVaVbZZhiXdjgW‚Z
B^c"@njc\8]d^!''Vch!8‚a^cZ <Vji^Zg#A|"WVh!X¼ZhiaZhedgi YVchaZhZchYj
AZXdbeƒgZ!'%Vch!Bngi^aaZ cjb‚gdjc#>ahhZYdccZciaZh k^gV\Z!eaVX‚ZZc
Y^V\dcVaZhjgaV
<daa^c!&.VchZijc\Vgdc bdnZchY¼Vkd^gYZhg‚hjaiVih hZbZaaZZiY‚XZcig‚Z#
Egdiƒ\Z"i^W^V
?ZVc"8]VgaZhBViiZ^!''Vch# ZieZjkZcih¼VeejnZghjgjc
A¼Zhed^ghZedgiZVXijZaaZbZci g‚hZgkd^g^bedgiVciY¼Vi]aƒiZh

H6ADCBDC9>6A7D9N;>IC:HH
hjgaZgZaV^h[‚b^c^c(%%%b! &*%%a^XZcX^‚h#AZhbZ^aaZjgh AZY‚eVgi
[^cVa^hiZYZaV8djeZYjbdcYZ Y¼ZcigZZjmhdciegdh# AZheVhYZY‚eVgi
)Z^anVigd^hhZbV^cZhZc G^Zc|kd^gVkZXaV;gVcXZ hdciXdjgjhZiXZhi|XZ
HadkVfj^Z#6je^ZYYjedY^jb! P'(%%%%æYZWjY\Zi!&,XajWh bdbZcifjZa^bejah^dc
ZhiYdcc‚Z#
aZh;gVcV^hZhc¼dcieVhidji YZk^iZhhZ!+*%a^XZcX^‚h!cYagR!
eZgYjej^hfj¼ZaaZhhdci b„bZh^cdjhVkdchaZh 8djghZ^cY^k^YjZaaZ/ YZgc^ƒgZh^ccdkVi^dchZc
)|+eVi^cZjgh#AZegZb^Zg
Vj_djgY¼]j^Y‚iZcig^XZhYj eVi^cZjghaZheajh_ZjcZh fj^[gVcX]^iaVa^\cZ bVi^ƒgZYZ[^icZhh!YZhedgi"
gZXdgYYZ;gVcXZ)¼'&# YjX^gXj^i'*VchYZbdnZccZ ZhiY‚h^\c‚kV^cfjZjg# Y‚iZciZZiYZW^Zc"„igZ#Edjg
®6kZXZaaZh!hdja^\cZ8]g^hiZaaZ Y¼}\Z#AV;gVcXZhZh^ijZ GZaV^h/eVg‚fj^eZhYZ)eVgi^X^eVcih# ZchVkd^geajh/%&)(*)&,))#
<Vji^Zg!aV9IC!dchZYd^i |eZjegƒhVjb„bZed^cifjZ &&&!&'b
YZhZbV^ciZc^geVgb^aZhX^cf a¼>iVa^Z!aV<gVcYZ"7gZiV\cZ AVe^hiZ

b
b
OdcZYZgZaV^h
bZ^aaZjghgZaV^hYZaVeaVcƒiZ# djaVGjhh^Z#BV^hcdjhZhe‚gdch 9^hiVcXZhYZXdjghZ/ GJ<7N

.!*
*%%b!&%%%b!&*%%b! .!*
CdigZk¶j‚iVciW^Zch’gYZ [gVcX]^gY¼^X^fjVigZVchaZh M?BA?DIED
(%%%bgZaV^h[‚b^c^c! ,eadihYVch
eg‚eVgZgaZh?#D#YZIjg^c &%%%a^XZcX^‚h#:ik^hZgYZWdch *%%%bgZaV^hbVhXja^c OdcZ H;CFB?JB;F7H9
X]VfjZXdjgWZ
Yj&%Vj'+[‚kg^Zg'%%+ g‚hjaiVihedjgaZh?#D#YZ YZgZaV^h
K^iZhhZbVm^bVaZ 9‚e„X]Zo"kdjhAZ&$)YZ
VkZXa¼dW_ZXi^[Y¼VXXgdX]Zg KVcXdjkZg!Zc'%&%¯ BViZaVh

LV<
YjceVi^cZjg/*%`b$] YZegdiZXi^dc [^cVaZYZaV8djeZY¼:jgdeZYZ
aVb‚YV^aaZYZWgdcoZ#¯ B?ED;BL;BB7 gj\WndeedhVciaZHiVYZ
;gVcV^hVjm6c\aV^hYZ
CZlXVhiaZedjggV^iW^ZchZ
 _djZg|\j^X]Zih[Zgb‚h#
HEDGI BJH>FJ: ;DDI76AA VXXjZ^aaZgVaZbViX] Egd\gVbb‚aZ'Vkg^aegdX]V^c
:I8=D8DA6I IE<EEJIE8H?J?I> CKD?9>9HEKB; Y¼djkZgijgZYZaV8djeZYj VjEVgXYZhEg^cXZh!XZbViX]
B½ÑB;7K9797E³9>7DJ?BBO AZbV\Vo^cZHd;ddiaVcXZ IEKIB;I:;C7D:;I bdcYZ'%%+#8^cfVjigZh hZgVeZji"„igZa¼dXXVh^dc
AZHVadcYZhX]dXdaVihZiYZh jcZXdbe^aVi^dcYZ AZ7VnZgcBjc^X]VY‚_|gZj gZcXdcigZhYjBdcY^Va!Ydci jc^fjZYZhj^kgZaZhZmead^ihYj
\djgbVcY^hZh!eajhXdccj &*X]VchdchYZ[ddiWVaa#AV *%%%%%YZbVcYZhYZW^aaZih jcZYZb^"[^cVaZ!hZ_djZgdci bZ^aaZjgYZb^Y¼djkZgijgZYZaV
hdjhaZ_da^cdbYZA¼ÐaZVj edeZiaZgdX`Vc\aV^hdci edjgaZbViX]Y¼^cVj\jgVi^dc YVcha¼ZcXZ^ciZWVkVgd^hZ! YZgc^ƒgZ8djeZYjbdcYZ!
XVXVd!djkgZaZhedgiZhYZhV idj_djgh[V^iWdcb‚cV\ZVkZX YjcdjkZVjhiVYZYZBjc^X]! [jijgiZggV^cYZ_ZjYZhYZjm ?dccnL^a`^chdc#
*Z‚Y^i^dc!hVbZY^&'Zi aZ[ddi#I]^h^hhd[ddicdjhaZ aZ(&bV^egdX]V^c#;dgiZYZ XajWhbjc^X]d^h!aZ7VnZgc EdjgcZeVhbVcfjZgXZi
Y^bVcX]Z&(bVgh| gVeeZaaZVkZX!eVgZmZbeaZ! ++%%%eaVXZh!a¼6aa^Vco6gZcV ZiBjc^X]&-+%# ‚k‚cZbZci/lll#hiVYZ#[g
a¼=^eedYgdbZYZ8]Vci^aan YZhi^igZhYZ?dZHigjbbZg
DA>K>:GA6C<$6;E

+%#AZhegd[Zhh^dccZahYj Idcn6YVbhdjYZh8dX`cZn
hZXiZjg!ZicdiVbbZciYZh GZ_ZXihGnVc<^\\hlZadkZ 
Vgi^hVchbVˆigZhX]dXdaVi^Zgh!
hZgdcieg‚hZcihedjgYZh
ndj#AVkZgh^dcdg^\^cVaZYj
Ndj¼aacZkZglVa`VadcZYZh
8DJE:9JBDC9:9:GJ<7N'%%,
HDA>96G>Iw Vc^bVi^dchZcidji\ZcgZ [VchYZA^kZgeddaVVjhh^hV 7ZgcVgYAVeVhhZi!eg‚h^YZciYj hedgi^kZZiYZhe‚g^dYZhYZ
C7KH;ICE:7DIB7BKJJ; eVgXdjghXjaijgZahZi eaVXZYVchaVeaVn"a^hi#BV^h Xdb^i‚Y¼dg\Vc^hVi^dc!ZiHnYB^aaVg! g‚Xje‚gVi^dcVjm_djZjgh#AZh
9EDJH;B;97D9;H \djgbVcYh!XdjghYZ X¼ZhiW^Zch’gwg^X®I]Z X]V^gbVcYZaVGj\WnLdgaY8je gZcXdcigZhcZhZgdci_VbV^h
8¼Zhid[[^X^ZaYZej^haZ&ZgbVgh# e}i^hhZg^Z!ViZa^ZghedjgaZh @^c\¯8VcidcVfj^hZiV^aaZaV A^b^iZY!dcieg‚hZci‚!XZiiZhZbV^cZ Y^heji‚ZhZch^bjaiVc‚#®Cdjh
6b‚a^ZBVjgZhbd!c•' Zc[Vcih°#AZgVeedgiVkZXaZ eVgiYja^dcVkZXYZjmi^igZh |EVg^h!aZXVaZcYg^Zghedgi^[YZaV hdj]V^idchegd[^iZgYZa¼‚k‚cZbZci
bdcY^VaZYZiZcc^h!h¼Zc\V\Z hedgi4AVHedgi8VXVdIZVb! |hV\ad^gZ#9¼VegƒhGVnbdcY 8djeZYjbdcYZ'%%,!fj^hZ edjgY‚kZadeeZgaVXjaijgZYjgj\Wn!
VjegƒhYZa¼>chi^iji8jg^ZYVch fj^gVhhZbWaZfjZafjZhhiVgh 7^oVggZ!wg^XV®aViZcYgZhhZ Y‚gdjaZgVedjgaVegZb^ƒgZ[d^hZc hVchZceZgYgZhZhkVaZjgh¯!V
aVajiiZXdcigZaZXVcXZg#6b‚a^Z Yjhedgi[gVcV^h!hZgV YZB^gZ^aaZBVi]^Zj° ;gVcXZYj,hZeiZbWgZVj'%dXidWgZ hdja^\c‚7ZgcVgYAVeVhhZi#
ZheƒgZV^ch^YdccZgeajhYZ Y^\cZbZcigZeg‚hZci‚Zidji ZiaVed^ig^cZYZ<‚gVgY '%%,#AZh)-bViX]ZhYZa¼‚egZjkZ! AV8djeZYjbdcYZYZgj\Wn'%%,
k^h^W^a^i‚|XZiiZeg^dg^i‚ Vjadc\YjlZZ`"ZcY#Kdjh 9ZeVgY^Zj¯#HVkdjgZjm# bZiiVciVjmeg^hZhaZh'%h‚aZXi^dch hZgVgZigVchb^hZYVcheajhYZ
cVi^dcVaZ#®:cd[[^X^Va^hVcibdc edjggZoXgd^hZg<lZcYVa I]^h^hhd[ddi!'%æ# cVi^dcVaZhfjVa^[^‚Zh!hdcig‚eVgi^h &*%eVnh!Zia¼dceg‚kd^ijcZVjY^ZcXZ
eVgiZcVg^ViVkZXa¼>chi^iji8jg^Z! EZ^oZgViZi=j\jZhDWgn| YVchYdjoZk^aaZh/7dgYZVjm!AZch! Xjbja‚ZYZeajhYZ)b^aa^VgYhYZ
hdja^\cZaV;gVcV^hZ!_Z a¼^cVj\jgVi^dchVbZY^| Andc!BVghZ^aaZ!BdcieZaa^Zg!CVciZh! i‚a‚heZXiViZjgh#DcZheƒgZkd^g
hdj]V^iZbZ[V^gZaZedgiZ"eVgdaZ &&](%!bV^hVjhh^BVg^Z" EVg^h!HV^ci"9Zc^h!HV^ci"wi^ZccZ! '!*b^aa^dchYZheZXiViZjghYVchaZh
Y¼jcZXVjhZ_jhiZZi^bedgiVciZ# 8aV^gZGZhidjm!AVjgZci IdjadjhZ!wY^bWdjg\wXdhhZZi hiVYZhZieajhYZ(*%%%%hjeedgiZgh
?¼ZheƒgZfjZbdcZc\V\ZbZci =Zgcj!BVg^Z8daadck^aa‚! 8VgY^[[eVnhYZ<VaaZh# ‚igVc\ZghhdciViiZcYjhZc;gVcXZ#
eZgbZiigVYZXdaaZXiZgYZh[dcYh Hi‚e]VcZ9^V\VcVdj :cegdedhVci(+bViX]ZhY^heji‚haZ AVg‚hZgkVi^dcYZheaVXZhhZgV
edjgaVgZX]ZgX]ZZiaZh ;adg^VcGdjhhZVj# lZZ`"ZcY!aZXVaZcYg^ZgYZaV8djeZ djkZgiZVjXdjghYj'ZhZbZhigZ
eVi^Zcih#¯EdjghdjiZc^g :chVkd^geajh/ YjbdcYZ'%%,\VgVci^ia¼‚fj^i‚ '%%*#B$B$
HD;DDI

a¼>chi^iji8jg^Z/lll#Xjg^Z#[g lll#^aZ"Vj"XVXVd#Xdb

&&B6GH'%%*
'(

;DDI76AA  ;Gw9wG>8I=>G>:O/
C?9>7;B@79AIED
7KCED:?7B5 ¹K:GHJC:9C8<:JGDEw:CC:º
I]Z`^c\d[ede!Va^VhB^X]VZa DjigZaVk^Y‚dfj^!hZadc;g‚Y‚g^X ]VjiXVa^WgZ!h¼^chjg\ZI]^g^Zo#AV

?#7#6JI>HH>:G$;:E$E6CDG6B>8
?VX`hdc!g„kZYZYdccZgjc I]^g^Zo!aZeg‚h^YZciYZaVA^\jZYZ Xdbe‚i^i^dcZhi[Vjhh‚ZeVgXZiiZ
XdcXZgiYVchjchiVYZ [ddiWVaaegd[Zhh^dccZaA;E!Zhi XdcXjggZcXZY‚adnVaZ#A¼J:;6Yd^i„igZ
VaaZbVcYYjgVciaV8djeZYj kdj‚Z|egZcYgZjcZeaVXZ XVeVWaZYZ[V^gZaZb‚cV\ZZiY¼^bedhZg
bdcYZ!a¼VcegdX]V^c# eg^bdgY^VaZYVchaZ[ddiWVaaYZ]Vji jcZkgV^Z9C8<kZgh^dc[gVcV^hZ
®?¼^bV\^cZfjZXZhZgVjcZ c^kZVj!aVXg‚Vi^dcY¼jcZ9^gZXi^dc igVchedh‚ZZc:jgdeZVkZXjcZ
ZheƒXZYZgZcV^hhVcXZfjVcY^a cVi^dcVaZYZXdcigaZYZ\Zhi^dc Xdbb^hh^dc^cY‚eZcYVciZXdbedh‚Z Zjgde‚ZccZ#H¼^anVjcZk‚g^iVWaZ
>B6<D$E6CDG6B>8

ZcVjgViZgb^c‚VkZXaZegdXƒh¯! 9C8<Zjgde‚ZccZYd^i‚\VaZbZci Y¼ZmeZgihXdbeiVWaZhZjgde‚Zch kdadci‚eda^i^fjZVjc^kZVjYZa¼J:;6!


_j\Z7ZgcYE[V[[!aZY^gZXiZjg eZgbZiigZYVchaZhX^cfVcc‚Zh| ^iVa^Zch!Vc\aV^h!ZheV\cdah![gVcV^h! XZiiZg‚[dgbZYZk^ZcYgVedhh^WaZYVch
YZaV;‚Y‚gVi^dcVaaZbVcYZYZ kZc^gYZg‚iVWa^gjc‚fj^a^WgZYjgVWaZ ZiX##8ZiiZXdbb^hh^dchZg‚jc^gV^iVj aZhfjVigZ|X^cfVch|kZc^g#BV^h^a
[ddiWVaa#:cZ[[Zi!aVhiVgJHZhi Vjhh^W^Zc[^cVcX^ZgfjZhedgi^[# c^kZVjYZa¼J:;6ZiZmVb^cZgV^ieVg [VjYgVfj¼^anV^iYZhXViVhigde]Zh
wFJ>I6I>DC VXijZaaZbZci_j\‚Z|HVciV ®?Zhj^hXdcigZaZhXVcYVaZeZgbVcZci ZmZbeaZaZhXdbeiZhYZhXajWhZc\V\‚h XdbbZYZhY‚eihYZW^aVcYZXZgiV^ch
@KCF?D=?DJ;HD7J?ED7B Bdc^XV8Va^[dgc^Zedjg YZh\gVcYhXajWhfj^VejgZciaZjgh ZcA^\jZYZhX]Vbe^dch#H^a¼J:;6cZaZ XajWh^iVa^Zch#8ZaVVgg^kZgV#A¼>iVa^ZZhi
:;F7H?I#8;H9O V\gZhh^dchhZmjZaaZhhjgjc YZiiZhZcXaVfjVciYZhYd^\ihidjiZc [V^ieVh!dch¼VYgZhhZgV|a¼:jgdeZ VjXZcigZYZhegdWaƒbZh!XdbbZjc
8¼Zhia¼‚egZjkZZchVaaZaVeajh VYdaZhXZciYZ&(Vch# Xdci^cjVci|VX]ZiZgYZh_djZjghYZigƒh eda^i^fjZ#8¼Zhi"|"Y^gZ|aV8dbb^hh^dc eZja¼:heV\cZ!Y¼V^aaZjgh#¯B$L$
egZhi^\^ZjhZYZaV8djeZYj
bdcYZ#EdjgaV'&Z‚Y^i^dc
Yj?jbe^c\^ciZgcVi^dcVa! E6G>H'%&'
jceaViZVjYZ(*XVkVa^Zgh :x9B7H7J?ED:½7CEKH
YZa¼‚a^iZ^ciZgcVi^dcVaZZhi :ck^h^iZ|EVg^hYZej^haZ
ViiZcYjVjEVaV^hdbc^hedgih .bVgh!aVXdbb^hh^dc
YZ7ZgXn&&Zi&'bVgh! Y¼‚kVajVi^dcYj8>Dc¼VeVhej
&'ZVggdcY^hhZbZci#A¼VXijZa ^\cdgZgXZiiZY‚XaVgVi^dc#EVg^h
aZVYZgbdcY^Va!aZ7g‚h^a^Zc egdXaVbZhdc®VbdjgYZh
GdYg^\dEZhhdV!Y‚[ZcYgVhdc
i^igZVkZX7VadjWZiYjGdjZi#

8N8A>HB:
7HCIJHED=;D>ECC7=;
³97I7HJ;BB?
9^mVchVegƒhaVigV\^fjZ
Y^heVg^i^dcYZ;VW^d8VhVgiZaa^
YVchaVYZhXZciZYjEdgiZi
?:6C"ADJE<6JIG:6J$6;E

Y¼6heZi!AVcXZ6gbhigdc\!hdc
VcX^ZcXd‚fj^e^ZgYZa¼‚fj^eZ
BdidgdaV!hZgZcYgV!adghYZaV
_djgc‚ZYZgZedhYjIdjgYZ
;gVcXZ&-_j^aaZi!hjgaVhiƒaZ ?Zjm¯hjg(*%%V[[^X]ZhZi(%%%
‚g^\‚Z|aVb‚bd^gZYj [Vc^dchY‚eadn‚hYVchaZhgjZh
XdjgZjg^iVa^Zc!X]Vbe^dc YZaVXVe^iVaZd‘X^gXjaZci
danbe^fjZ|7VgXZadcZ&..'# &*%%%iVm^h‚fj^e‚h
Y¼VjidXdaaVcihZiYZedgiZ"Xa‚h
®EVg^h'%&'¯#9VchaZh\gVcYh
8=6G²KD>A: bV\Vh^ch!&-%%%Zbeadn‚h
9>7CF?EDD7J:;<H7D9; VgWdgZcijcWVY\ZiVcY^hfjZ
HVbZY^&'ZiY^bVcX]Z &%%%%%XdbbZgVcihYZEVg^h
&(bVgh!aVXgƒbZYjX]Vg ZiYZhVg‚\^dcVeedhZciYZh
|kd^aZ[gVcV^hhZgZigdjkZ VjidXdaaVcihhjgaZjghk^ig^cZh#
hjgaZheaV\ZhYZ8]VgZciZ"
BVg^i^bZ&,!|HV^ci"
EVaV^h"hjg"BZg!HV^ci" G:8I>;>86I>;
<Zdg\Zh"YZ"9^YdccZZi B;I'.9BK8I:K='*
hjga¼ˆaZY¼Da‚gdc#AZ JcZZggZjgh¼Zhi\a^hh‚ZYVch
8]Vbe^dccViYZ;gVcXZ a¼Vgi^XaZhjga¼Danbe^fjZ
gVhhZbWaZgVegƒhYZ AndccV^hYVchHedgic•)(#
'%%e^adiZhYVchaZhX^cf AZ<&)Zhijc\gdjeZbZci
XVi‚\dg^Zh#9jigƒh]Vji Zjgde‚ZcY¼^ci‚g„i‚Xdcdb^fjZ
c^kZVj/VjmYZgc^Zgh g‚jc^hhVci&-ZicdceVh
8]Vbe^dccVihYjbdcYZ! &)XajWh/6_Vm6bhiZgYVb!
ZchZeiZbWgZ'%%)|HV^ci" 6ghZcVa!7VnZgAZkZg`jhZc!
E^ZiZg"DgY^c\6aa!aZh 7VnZgcBjc^X]!7dgjhh^V
;gVcV^hVkV^Zcih^\c‚aZ 9dgibjcY!;87VgXZadcZ!
ig^ea‚Zc8aVhhZ*!MVk^Zg ;8Edgid!;8KVaZcXZ!>ciZg
;VjXdcY‚XgdX]Vcia¼dg! B^aVc!?jkZcijhIjg^c!
ZiZcHiVcYVgiVkZXjc A^kZgedda!BVcX]ZhiZgJc^iZY!
9Vb^ZcIZaaZVjhdbbZi# B^aVc68!DB!DA!EH<!
:chVkd^geajh/lll#[[Xk#dg\ EHK:^cY]dkZcZiGZVaBVYg^Y#

&&B6GH'%%*
') ;G::HINA:KDAA>7G:

JcZX]jiZa^WgZ
YZeajhYZ,b^cjiZh
|''%`b$]YZ
bdnZccZ
;Za^m7Vjb\VgicZgbjai^ea^ZaZhZmead^ih
VkZXhdcV^aZZihdceVgVX]jiZfjVcY^aY‚X^YZ
YZigVkZghZgaVBVcX]Z#

%&HJGI>IG:HJGI>IG:
A:;DJ
KDA6CI
;:A>M76JB<6GIC:G
*%'B:9>6HJEEDGI

&&B6GH'%%*
'*

:CH6KD>G
96CHA6B6>C ;:A>M
9J8=G>HI
:c&...!;Za^m7Vjb\VgicZgV‚iVWa^jc
76JB<6GIC:G
C‚aZ'%Vkg^a&.+.#K^i|HVaoWjg\6jig^X]Z#
gZXdgY^chZch‚!YVchjcXVYgZ\gVcY^dhZ# FWbcWh„i0
AVWV^ZYZG^d!aZeV^cYZhjXgZZiaZ8]g^hi '%%)/hVjiZc7#6#H#:#_jbeYjedciYZB^aaVj
Yj8dgXdkVYd!]Vjia^Zjidjg^hi^fjZ#CdigZ ;gVcXZ!aZeajh]VjiYjbdcYZ#
hVjiZjg[djh¼Zhib„a‚|aV[djaZedjg '%%(/egZb^ƒgZigVkZgh‚ZYZaVBVcX]ZeVg
gZ_d^cYgZaVeVjbZYZaVbV^cYZaVhiVijZYZ aZhV^ghhVchbdiZjg#BZ^aaZjgXVhXVYZjgVjm
?‚hjhfj^hjgeadbWZ!WgVhZcXgd^m!XZh^iZ IVjgjhLdgaYHijci6lVgYh!|=daanlddY#
bV\^fjZ#EdjgaZgZXdgYYjhVjiZc &.../gZXdgYhYjbdcYZYjeajh]VjiZiYj
eVgVX]jiZaZbd^ch]Vji'.b#JcZX]jiZ eajhWVhhVjiZceVgVX]jiZYZej^hjc‚Y^ÃXZ#
YZ'º*Ydci&º*Y¼djkZgijgZYZeVgVX]jiZ# &..,/X]Vbe^dcYjbdcYZYZ7#6#H#:#_jbe
:chVkd^geajh/lll#[Za^mWVjb\VgicZg#Xdb hZja:jgde‚ZceVgb^(*%eVgi^X^eVcih#

²A¼6>H:
:CB6A6>H>:
*%'B:9>6HJEEDGI

FjZafjZh_djghVegƒhVkd^ghVji‚|G^dkd^gX^"
YZhhjh!;Za^m7Vjb\VgicZgh¼ZhiViiVfj‚Vjm
EZigdcVhIdlZgh)*&b|@jVaVAjbejg
;Za^m7Vjb\VgicZgYVchhVXdbW^cV^hdcY¼VhYZaV\a^hhZ!iZahdcXdbeVig^diZ=ZgbVccBV^Zg#
BVaV^h^Z!aZhidjghaZheajh]VjiZhYjbdcYZ
_jhfj¼Zc'%%)#Jc‚Y^ÃXZ^ciZgY^iVjejWa^X
YVchaZfjZa;Za^mh¼Zhi^cigdYj^iVkZXjcZ
6egƒh;‚a^maZX]Vi!kd^X^;‚a^maVX]VjkZ"hdjg^h# [VjhhZXVgiZbV\c‚i^fjZ!ZcXdhijbZ"XgVkViZ
ZiZc\gV^hhVciaVeViiZYZhaVkZjghYZ
7Vjb\VgicZghVjiZYZidjiXZfj^Wdj\ZdjeVh#

*%'B:9>6HJEEDGI
XVggZVjm!YZhdWhiVXaZh|‚k^iZg#JcZkd^ijgZ
a¼ViiZcYV^iVje^ZYYZh‚Y^ÃXZhedjgjcZ
:cji^a^hVciaZeVgVX]jiZVjb^c^bjb#:i]de ‚kVXjVi^dcgVe^YZ#C^kjc^Xdccj#

’
8i‚e^aZ!dceZjia^gZ*%' ''%`b$]!hVcheZgYgZaZXVe#AZhjXXƒh
7#6#H#:#8i‚[VXZ/®AVeVgi^Z YZXZiiZ[daaZZcigZeg^hZgZedhV^ihjga¼V^aZ
c¼Zhi_VbV^hiZgb^c‚Z#¯8Zh g^\^YZXdcjZedjga¼dXXVh^dceVgjc
^chXg^ei^dchhdci\gVk‚ZhhjgjcZb‚YV^aaZ XdbeVig^diZ!G“Y^\Zg@jco!^c\‚c^Zjg
YZa¼Vgb‚ZhjY"V[g^XV^cZfjZ;Za^m V‚gdcVji^fjZYZ]Vjikda!}\‚|a¼‚edfjZ
7Vjb\VgicZg!(*Vch!h¼ViiVX]ZVjidjgYj YZ,*Vch#:aaZV‚i‚[VWg^fj‚ZZcXVgWdcZ
XdjVkVciX]VXjcYZhZhY‚Ãh#*%'!X¼Zhi YVchaZh[djghVjidXaVkZhYZaVÃgbZ
hdccjb‚gdY¼dgYgZYVchaVXdc[g‚g^Z Vjig^X]^ZccZ8VgWdiZX]!|HVaoWjg\!
hZXgƒiZYZhX]ZkVa^ZghYj7#6#H#:#_jbe# XdbbZaZh;dgbjaZ&djaZhVk^dch#
7edjg7j^aY^c\^bbZjWaZ!6edjg
6ciZccVVciZccZ!HedjgHeVcedcih! AVXdcfj„iZYZa¼ZheVXZ
:edjg:Vgi][VaV^hZh#;Za^mVgZj AVeg‚eVgVi^dce]nh^fjZYZ;Za^mc¼VeVh
a¼dcXi^dcYZ8Vga7dZc^hX]![dcYViZjgYVch ‚i‚bd^ched^cijZ#>ah¼ZhicdiVbbZci[V^i
aZhVcc‚Zh-%YZXZiiZY^hX^ea^cZfj^ ÃmZgVkZXhdcV^aZhjgjcZEdghX]ZaVcX‚Z
Xdch^hiZ|hVjiZgZceVgVX]jiZYZha^Zjm |eaZ^cZk^iZhhZ#>aVVjhh^[V^iVeeZa|YZh
fj^[dgbZciXZiVXgdcnbZkd^gHedgi hX^Zci^ÃfjZhVnVciigVkV^aa‚hjgaZ
c•'(#BV^ha¼6jig^X]^ZcedjhhZaZk^XZeajh egd\gVbbZB^g#>aZhiZcÃceVhh‚YVch
ad^c#6j"YZa|YZhVYZeiZhYj®l^c\hj^i¯ jcZX]VbWgZegZhhjg^h‚Zji^a^h‚ZeVg
XdbW^cV^hdc[VdcX]VjkZ"hdjg^h!Ydci a¼Vgb‚ZYZa¼V^gVaaZbVcYZ!VÃcYZiZhiZg
Ad‰X?ZVc"6aWZgiZi?ZVc"Cd…a>iohiZ^c hVXVeVX^i‚|hjeedgiZgjcdmn\ƒcZ
hdciaZh^XcZhZc;gVcXZ# gVg‚Â#8ZaVaj^VeZgb^hYZ[V^gZ[VXZVj
egZb^Zge‚e^cYjegd_Zi/aZbVaV^hZYj
9Z9djkgZh|8VaV^hZc,¼ e]did\gVe]Zfj^a¼VXXdbeV\cV^iYVch
HdcZmead^iaZeajhhjgegZcVci! a¼Vk^dc°²a¼Vgg^k‚Z!VjaZkZgYjhdaZ^a!
7Vjb\VgicZga¼VVXXdbea^ZcigZ9djkgZh ^aVVjhh^Y’[V^gZegZjkZYZhVc\"[gd^Y#
Zi8VaV^h!Zc_j^aaZi'%%(#AVg\j‚Vj" AZhe^ZYheg^hYVchaZhÃahYjeVgVX]jiZ!
YZhhjhYZa¼6c\aZiZggZYZej^hjcVk^dc!| ^aV[Vaajhdgi^gjcXdjiZVjhVchaZaV^hhZg
.%%%bY¼Vai^ijYZ!^aVWdjXa‚aZh()`bYZ idbWZgedjghZY‚\V\Zg!‚k^iZg
aVigVkZgh‚ZYZaVBVcX]ZZcjceZjeajh a¼ViiZgg^hhV\ZWgjiVadja¼VbZgg^hhV\Z!
YZ,b^cjiZh#Jckdab^cji^ZjhZbZci hncdcnbZY¼‚X]ZX#FjVcYdcZhiXVeVWaZ
eg‚eVg‚YjgVciigd^hVch|eVgi^gYZXZiiZ YZhVjiZgYZaVbV^cYj8]g^hiYj
‚fjVi^dc/edjgVgg^kZgYZa¼VjigZXi‚Zi 8dgXdkVYd!|G^dYZ?VcZ^gd!YZhZ_ZiZg
djkg^ghdceVgVX]jiZVjWdcbdbZci!^a Yj]VjiYZhEZigdcVhIdlZgh!|@jVaV
[VaaV^ieVgXdjg^g+b|X]VfjZbƒigZeZgYj Ajbejgkd^gX^"XdcigZ!djYjidjicdjkZVj
ZcYZhXZciZ!YVchjcZedh^i^dceVg[V^iZ! EdciYZB^aaVj!Zc_j^cYZgc^Zg!dcc¼V
VkZXjcZk^iZhhZYZY‚eVgiYZ(+%`b$]! eZjgYZg^ZcN
eVg"*%•8!|jcZVaajgZYZXgd^h^ƒgZYZ IJxF>7D;Cx@7DÏI

&&B6GH'%%*
'+ 6K:CIJG:A>7N:

EG:B>:GHE6H6JH6=6G6

A6A>7N:E6G;6
E=>A>EE:7DJGH:>AA:G$=D6"FJ>

Bdjgodjf!kVaa‚ZgdX]ZjhZg^\djgZjhZbZci gdX]ZjmYZa¼6`V`djhZiaZhYjcZhYZa¼Zg\
EVgXZfj¼dcngZcXdcigZaVeVaZiiZZci^ƒgZYZheVnhV\Zh eaVcZhjgaVfjZaaZaZ)m)cVk^\jZXdbbZhjg JWVg^!^aZm^hiZYZhh^iZhjc^fjZh#EVgZmZbeaZ!
hV]Vg^Zch!aZHjY"DjZhiYZaVA^WnZZhijcZYZhi^cVi^dc jcZbZgXVabZ#²jcbdbZci!cdigZk‚]^XjaZ aV\gVcYZVgX]ZY»6[oZ_VgZ!jck‚g^iVWaZbVhh^[
egZcYYZa¼VkVcXZhjgaZhj^kVci#Dg!YVch bdciV\cZjmeZgX‚Ydci^aeVgVˆiW^ZcY^[ÃX^aZ
^Y‚VaZedjgjcegZb^ZgkdnV\ZYVchaZY‚hZgi# aZY‚hZgi!dccZhZh‚eVgZeVh#Cdjhcdjh YZY^gZaV]VjiZjg&%%bdjeajh4#aVkd’iZ
Vgg„idchYdcXedjgViiZcYgZ#6adghfjZcdjh h¼VggdcY^iVj"YZhhjhYZcdhi„iZh#<gVcY
cdjhY‚\djgY^hhdchaZh_VbWZh!jcZhdgiZYZ bdbZciVjhh^fjZXZaj^d‘a¼dcXgVeV]jiZ

’
AZcdbWgZYZ`^adbƒigZhV[ÃX]‚ 8dbbZcidjWa^ZgaZgdcÄZbZciYjkZcifj^hZ kZgi^\ZcdjhhV^h^i/aZhdaZhiigdeeaVi0^aZhi YVchaZhgdX]ZghYZBVi]ZcYdjh!|aV
VjXdbeiZjgcZh^\c^ÃZg^Zc#AV aƒkZhdjYV^ckZghaVÃcYZaVcj^i!VccdcVci ^bedhh^WaZYZXZgcZga¼‚X]ZaaZYZhgZa^Z[h| Y‚XdjkZgiZYZeZ^cijgZhZi\gVkjgZhgjeZhigZh
g‚XVe^ijaVi^dcYZh]ZjgZhYZbVgX]Z a¼VeeVg^i^dcYjhdaZ^a46adgh!dcdjkgZaZhnZjm a¼]dg^odc#CdjhhdbbZhYVchaVY‚bZhjgZ YdciaV[gVˆX]Zjg^ciZgY^iY¼VYbZiigZfjZXZh
|igVkZghYjcZhZieaViZVjmgdXV^aaZjmcdc kZghjcX^ZaXdchiZaa‚Y¼‚id^aZhXdbbZdccZ HZjaZa¼VeeVg^i^dcYjcjV\ZYZedjhh^ƒgZ ‚a‚e]Vcih!XZh\^gV[Zh!XZhWdk^Y‚h°dci
eajh#6jiZgbZY¼jckdnV\ZXdbbZXZaj^"X^! hdjedccZgV^ieVhfj¼^aejiZcZm^hiZg#6egƒh VccdcVcia¼VjigZk‚]^XjaZcdjheZgbZi fjZafjZhb^aa^ZghY¼Vcc‚ZhBV^haZeajh
hZjaXdbeiZaZWdc]Zjg^cZhi^bVWaZY¼Vkd^g aZhhZchVi^dch!gZk^ZccZciaZh^bV\Zh#8dbbZ YZigdjkZgcdhgZeƒgZh# ‚idccVcigZhiZa¼dVh^hY¼DjbZaBV#:c
h^aadcc‚jc^cÃc^hVchWdgcZhZik‚XjYVchjc aVk^h^dc^cXgdnVWaZYZXZiiZYjcZh^]VjiZ iVbVX]Z`!aVaVc\jZidjVgƒ\jZ!XZaVh^\c^ÃZ
hZci^bZciY¼‚iZgc^i‚#AZheaV^h^ghfjZa¼dcXgd^i ZiVjmXdjgWZhhZchjZaaZh!VjhdbbZiYZ 8VehjgaVBƒgZYZhZVjm AVBƒgZYZhZVjm#DcXdbegZcYk^iZ
b^cjhXjaZhh¼^bedhZciÃcVaZbZciXdbbZ aVfjZaaZdc‚iV^ibdci‚Vhh^hiZgVjY‚WjiYj 7^Zch’g!dceZjik^kgZhZbWaVWaZh edjgfjd^#DceVhhZhVchigVch^i^dcYZaV
YZhhdjkZc^ghYjgVWaZh#6^ch^!a¼dYZjgYZaV Xg‚ejhXjaZ#8¼ZhiYVcha¼Zg\JWVg^#AZhVWaZ Zme‚g^ZcXZhV^aaZjghVjHV]VgV#Dckd^i cjY^i‚b^c‚gVaZYZa¼Zg\|jcg^YZVjYZ
\VaZiiZYZeV^cfj^VXj^iYVchaZhVWaZ!hdjh fjZa¼dckd^i_VjcZYVchaV_djgc‚Z!ej^hYdg‚ Y¼]VaajX^cVciZhhigjXijgZhgdX]ZjhZhZc eVab^ZghYVii^ZghXZ^cijgVcijcaVXYdciaZh
aZhWgV^hZhYj[Zj!Zi|aVfjZaaZc¼VY]ƒgZ! YVchaVhd^g‚Z!k^gZVjgdhZ#EdjgV^ch^Y^gZ| 6a\‚g^Z!YVchaZ=d\\Vg!ZiaZheajhWZVjm ZVjma^be^YZhgZăiZciaZWaZjegd[dcYYj
kgV^b^gVXaZ!VjXjc\gV^c#DjW^ZcaVY^[[‚gZcXZ kjZY¼¶^a#:icdigZW^kdjVX!Vje^ZYYZaVYjcZ! bVhh^[hYZYjcZhhZigdjkZciVjC^\Zg!YVch X^ZaZia¼dgXj^kg‚YZhYjcZh#FjZaX]dX
egd\gZhh^kZYZh\d’ihZcigZaZhigd^hkZggZh cZeVgVˆieVheajh\gdhfj¼jcZi„iZY¼‚e^c\aZ aZI‚c‚g‚#BV^haVA^WnZeg‚hZciZa¼VkVciV\ZYZ 6egƒhVkd^g[V^iaZidjgYjaVXY¼DjbZaBV!
YZi]‚fj^hZhjXXƒYZcig^ijZaaZbZci/ eZgYjZVjb^a^ZjYZa¼dX‚VcYZhVWaZfj^cdjh g‚jc^gjcZgZbVgfjVWaZkVg^‚i‚YZeVnhV\Zh ^bedhh^WaZYZcZeVhXdchZgkZgjcZ
®Y¼VWdgYVbZgXdbbZaVk^Z!ej^hYdjmXdbbZ ZcidjgZ!dcYjaVci_jhfj¼|a¼]dg^odc# [dgihYVchjcZodcZ\‚d\gVe]^fjZ ^c\j‚g^hhVWaZcdhiVa\^ZYjY‚hZgi#C¼Zhi"XZ
a¼Vbdjg!Zi!ZcÄc!hjVkZXdbbZaVbdgi¯! DchZgZb‚bdgZVjhh^XZ_djgd‘!YZjm]ZjgZh hj[ÃhVbbZcigZhigZ^ciZedjg„igZeVgXdjgjZ eVhV^ch^fjZa¼dcYZk^ZcihV]Vg^Zc4N
XdbbZY^hZciaZhIdjVgZ\h# YjgVci!cdjhVkdchgdja‚YVchaV=VbVYVYZ ZcjcZeZi^iZhZbV^cZ#B^Zjm!ZcigZaZbVhh^[ :EC?D?GK;B;8HKD

&&B6GH'%%*
',
AV\gVcYZVgX]Z
Y¼6[oZ_VgZ!jcbVhh^[
bdciV\cZjmeZgX‚
fj^Xjab^cZ
|jcZXZciV^cZ
9ZbVhh^[hbdciV\cZjm YZbƒigZh#

Zc‚iZcYjZheaVcZh
hVchWdgcZh!jcZgZbVgfjVWaZ
kVg^‚i‚YZeVnhV\Zh[dgih
6jb^a^ZjYZXZe‚g^eaZ!a¼dVh^h
Y¼DjbZaBV!jcZ]VaiZbV\c^[^fjZYdci
aZcdbh^\c^[^Z®BƒgZYZhZVjm¯#

8=G>HI>6CH6EE6$=D6"FJ>
A:HJ9"DJ:HIA>7N:C DVh^hY¼DjbZaBV
&%%`b
:g\JWVg^ AVXBVcYVgV AVX<VWgVdjc

A > 7 N :
<ZgbV
BV\]^YZi
^i
jhiV[
V`B
HZgYZaZh BZhh djf

j go
iVcZoodj[^

BVi]ZcYdjh Bd
V  YZ
Y
bV
=V
LVY^

BZhh
A >7N:
jh

6A<wG>: 6gX]Z
6`V`d

V`B

Y¼6[oZ_VgZ
:g\YZ
ZaaZio

<]Vi Bdjgodjf

L6<
dj

6>I:
>C;DHEG6I>FJ:H
I:8=C>FJ: [Zgb‚ZhedjgcZeVhaV^hhZg [gVˆX]ZhZiaZhajb^ƒgZh
JckdnV\ZXdbbZXZaj^"X^ ZcigZgaZhVWaZ# eajhX]VjYZh#
gZeg‚hZciZ']ZjgZhYZ ™8djkgZ"X]Z[[dcYVbZciVa!
bVgX]ZeVg_djgZciZggV^c b„bZZc]^kZg#AZX]ƒX]Z N6AA:G
[VX^aZ#AZhVjigZhigZ`h Zhi^Y‚VaZikdjhZc A¼Zme‚g^ZcXZgZaVi‚ZYVch
egdedh‚hZcA^WnZ igdjkZgZoVjY‚eVgi#8dc[dgi! XZgZedgiV\ZXdggZhedcY
^bedhZcijcgni]bZ ^hdaVi^dci]Zgb^fjZZi |jckdnV\Zegdedh‚eVg
YZ*|+]ZjgZh egdiZXi^dcXdcigZaZhVWaZ 8ajW6kZcijgZ!fj^[V^ieVgi^Z
fjdi^Y^ZccZh#8ZaVZm^\Z gZbVgfjVWaZh# YZhe^dcc^ZghYZXZiiZ
jcZWdccZXdcY^i^dc ™7adjhdcZcedaV^gZ!edjgaZ YZhi^cVi^dcadc\iZbeh
e]nh^fjZ!bV^heVh hd^gZiaZeZi^ibVi^c# ^ciZgY^iZeVgaZg‚\^bZYj
Y¼ZcigVˆcZbZcieVgi^Xja^Zg# ™HVXYZXdjX]V\Z# XdadcZa@VY]V[^#Hjg-_djgh
8i‚[Vi^\jZ!aZeajh ™IgdjhhZYZid^aZiiZ/a¼ZVj YZEVg^h|EVg^h!^aXdbW^cZ
^bedgiVcigZhiZaVXVeVX^i‚ ‚iVcia^b^i‚Z!ZbedgiZgYZh bVgX]ZZiY‚eaVXZbZcihZc
|g‚Xje‚gZgZcYdgbVci a^c\ZiiZheg‚"^beg‚\c‚Zh# )m)V[^cYZY‚Xdjkg^gjcZ
W^ZcVjW^kdjVX# odcZ\‚d\gVe]^fjZeajh
A6H6>HDC ‚iZcYjZ#8dbeiZgYZ...æ
;6>G:HDCH68 >9w6A: |&'%%æVk^dcXdbeg^h#
™8]VjhhjgZha‚\ƒgZh! ?jhfj¼ZcVkg^aeVgXZfjZ EdjgZchVkd^geajh/
]VjiZh!gZhe^gVciZhZiW^Zc aZhiZbe‚gVijgZhhdcieajh lll#XajWVkZcijgZ#[g

&&B6GH'%%*
'- <J>9:9¼68=6I8DHBwI>FJ:H=DBB:H

9:HHD>CH
IG:HB6A:H
H^\cZYZhiZbeh!aZh]dbbZhhfjViiZciaVhVaaZYZWV^cegZhfjZVjiVci
fjZaZh[ZbbZh#8gƒbZh!hd^ch!\Zah!hegVnh!bVhfjZh!\dbbV\Zhhdci
idjhji^aZh#>a[Vji_jhiZnbZiigZYZa¼dgYgZ#

=N9G6I6CIK>H6<:
’
AZh]dbbZhhjW^hhZciVjiVcifjZ
aZh[ZbbZhaZhV\gZhh^dchZmi‚g^ZjgZh
edaaji^dc!XdcY^i^dchVibdhe]‚g^fjZh
X]Vc\ZVciZh°!aZhigZhhdjaZhdjigV\Zh
YjiZbehfj^eVhhZ#9VchjcZhdX^‚i‚
d‘aV_ZjcZhhZZhijcZkVaZjghiVg!hjgkZ^aaZg
hdcVeeVgZcXZZhiYZkZcj^cXdcidjgcVWaZ#
AVeZVjYZh]dbbZhY^[[ƒgZYZXZaaZYZh
[ZbbZh#:aaZZhieajh‚eV^hhZ|XVjhZY¼jc
iVjmY¼]dgbdcZheajh‚aZk‚#Eajh\gVhhZ!
eajhZcXa^cZ|aVY‚h]nYgViVi^dc!ZaaZZhiVjhh^
eajhhZch^WaZ!ZceVgi^Z|XVjhZYZhVhhVjih
fjdi^Y^ZchYjgVhd^g#
A¼VeeVgZcXZYZaVeZVjgZăiZVhhZoeg‚X^h‚bZci
XZfj^hZeVhhZ|a¼^ci‚g^ZjgYZcdigZXdgeh#
EVgZmZbeaZ!jcZeZVjbVcfjVciY¼‚aVhi^X^i‚
g‚kƒaZfjZa¼dcZhibVa]nYgVi‚#;jbZgVXX‚aƒgZ
aZk^Z^aa^hhZbZci!Wgdj^aaZaZiZ^ciZi[Vi^\jZaZh
EDGIG6>I/A6JG::CB6G8=$8DG7>H#E68@H=DIH/A6C8ÕB:!8A>C>FJ:!IDBGD7>CC

igV^ihYjk^hV\Z#AZbVgX]‚h¼ZhiZbeVg‚YZh
he‚X^ÃX^i‚hYZaVeZVjbVhXja^cZZiVgVe^YZbZci
egdedh‚jcZd[[gZeZg[dgbVciZZiY^kZgh^ÂZ#
AZhkZciZhYZegdYj^ihedjg]dbbZhdcYdjWa‚
ZcigZ&..,Zi'%%'!VkZXjcZegd\gZhh^dcYZ*% ADC<J:9JGw:#JcZXgƒbZfj^]nYgViZ!bVi^[^ZZihjeeg^bZaZhi^gV^aaZbZcih#BVi8dcigda!
eVgVc#6j_djgY¼]j^,%YZh]dbbZhegZccZci AVcXbZ=dbbZ!*%ba!(&æ#:CEGD;DC9:JG#EdjgajiiZgXdcigZaZhV\gZhh^dchfjdi^Y^ZccZh!
fjdi^Y^ZccZbZcihd^cYZaZjgk^hV\ZVkZXVj 8a^c^fjZegdedhZjchd^cfj^g‚iVWa^ia¼‚fj^a^WgZYZa¼‚e^YZgbZ#Cdc\gVh!hdcZ[[ZiZhi^bb‚Y^Vi#
bd^chjcVegƒh"gVhV\Z#AZh\gVcYZhbVgfjZh =nYgViVciBVm^bjb!8a^c^fjZ!*%ba!('æ#I:>CI9DGw#8Z[aj^YZiZ^ci‚dgYZIdbGdW^cc!
YZXdhb‚i^fjZVYdei‚ZhYZej^hYZhVcc‚ZheVg |aViZmijgZa‚\ƒgZ!VhhjgZjciZ^ciYdg‚ZcidjiZhV^hdc!^aXdci^Zci‚\VaZbZcijcZegdiZXi^dc
aZh[ZbbZhdciW^ZcXdbeg^hfjZ!edjgh‚Yj^gZ ’ hdaV^gZ#<daYIdjX]!IdbGdW^cc!(%ba!'*!*%æ#

&&B6GH'%%*
'.

&&B6GH'%%*
(% <J>9:9¼68=6I8DHBwI>FJ:H=DBB:H

=N9G6I6CIK>H6<:

A¼VkVciZia¼Vegƒh
gVhV\ZhdciYZhbdbZcih

I=:7D9NH=DE$H=>H:>9D$7>DI=:GB$6OO6GD
Vjhh^^bedgiVcihfjZ
aZeVhhV\ZYZaVaVbZ
aj^"b„bZ
7:HI"H:AA:G#GZ[dgbjaVi^dcYZa¼jcZYZhbZ^aaZjgZhkZciZhYZ7dYnH]de!jcZXgƒbZfj^]nYgViZ!W^Zch’g!Ziegdiƒ\ZaVeZVjXdcigZaZhV\ZcihedaajVcih#8ZgiV^ch
XdbedhVcih!XdbbZa¼]j^aZYZh‚hVbZ!hdci^hhjhYjXdbbZgXZ‚fj^iVWaZ#;VXZEgdiZXidg!I]Z7dYnH]de!&%%ba!&&æ#=6Aw#7dccZb^cZ!hdaZ^aZieaZ^cV^ghdciVhhjg‚h#
’ aZh]dbbZh!^aaZjg[VaaV^ig‚edcYgZ|aZjgh =nYgViVciVjidWgdcoVci!H]^hZ^Yd!*%ba!'*æ#76H>FJ:#6hhdjea^iZigZk^iVa^hZa¼‚e^YZgbZZcd[[gVciVeV^hZbZciZiegdiZXi^dc#6Xi^[]nYgViVci!7^di]Zgb]dbbZ!*%ba!',æ#
ViiZciZheVgi^Xja^ƒgZh#9Zeajh!aZh‚ijYZh 6E6>H6CI#:[[^XVXZeZcYVci')]ZjgZh!aZhd^c]nYgViVci^ciZchZVYdjX^iaZhV\gZhh^dchZmi‚g^ZjgZh#Hd^c]nYgViVci^ciZchZ!6ooVgd!*%ba!(%æ#
bdcigZcifj¼jcXdchdbbViZjgbVhXja^c
hVi^h[V^ieVgjcegdYj^iaj^gZhiZigƒhÃYƒaZ#
EVhfjZhi^dc!edjgjc]dbbZ!YZh¼ZbWVggVhhZg
YZegdYj^ihXdbea^fj‚h!VkZXjceVg[jbigde G6H6<:
egdcdcX‚djYZhZbWVaaV\ZhVaVbW^fj‚h#
JcWdcegdYj^iedjg]dbbZhYd^i„igZegVi^fjZ!
h^beaZ|ji^a^hZgZihjgidjiZ[ÃXVXZ/hZhZ[[Zih
Yd^kZci„igZk^h^WaZh^bb‚Y^ViZbZci#
AZh\VbbZhYZcdigZh‚aZXi^dcgZheZXiZci
XZhigd^hgƒ\aZhY¼dg#IdjiZhigƒhXdbeaƒiZh!
ZaaZhXdbegZccZciaZhWVh^fjZh^cXdcidjgcVWaZh
Vj\bZci‚hYZfjZafjZhhd^cheajhhe‚X^ÃfjZh#

AVYdjX]Z

<J:GA6>C$<>A:II:$8A6G>CH$I=>:GGNBJ<A:G
:m^iaZhVkdcfj^YZhhƒX]ZZiV\gZhhZaVeZVj#
EaVXZVj\ZaYdjX]Z^ciZaa^\Zcifj^aVkZ!
W^Zch’g!bV^hVjhh^gZaVmZdjidc^ÃZ
hZadca¼]jbZjg#EdjgaZhedgi!aZh[dgbjaZh
^ci‚\gVaZh®XdgehZiX]ZkZjm¯gZhiZci
aZheajhVYVei‚Zh#:cXZfj^XdcXZgcZaZh
Y‚dYdgVcih!XZc¼ZhieVhaZX]d^mfj^bVcfjZ
6CI>9:HHÏ8=:B:CI#JcZ[dgbjaZVhhdjea^hhVciZ!fj^eZgbZijcgVhV\ZVjeajhegƒhZijceZja^hhZ#<ZaYZgVhV\ZA¼>chiVci!<jZgaV^c!&*%ba!()æ#
ZcigZaZhhegVnh!hi^X`hdjW^aaZh#;gVˆX]Zjg
GwKDAJI>DCC6>G:#JcgVhd^g|bV^cXaVhh^fjZ|igd^haVbZh|ejahVi^dchedjgjcZ[[Ziidj_djgheajhZ[[^XVXZ#BE(EdlZg!<^aZiiZ!&)!..æ#
\VgVci^Zedjg')]ZjgZhVjbd^ch#
IDJI:CJC#6eV^hVci!idc^[^Vci!egdiZXiZjgZi\a^hhVci#H¼ji^a^hZVkVcidjeZcYVciaZgVhV\Z#=j^aZYZgVhV\Z!8aVg^ch!(%ba!'-æ#
K6<J:6G9:CI:#JcVegƒh"gVhV\ZVaXdda^h‚ZeVgXdjgiaVeZVjXdbbZjc[g^hhdck^k^[^Vci#AVeZVjZhiidc^[^‚ZZibVi^[^‚Z#Idc^X6[iZgH]VkZ!I]^ZggnBj\aZg!*%ba!(&æ#
AZgVhV\Z
;ViVa^i‚fjdi^Y^ZccZedjgWZVjXdje!
aZgVhV\Zc¼ZhieVh[dgX‚bZcijcXVakV^gZ#
>a[VjiXdbegZcYgZfjZa¼VkVciZia¼Vegƒh
hdciVjhh^^bedgiVcihfjZaZeVhhV\Z
YZaVaVbZZcaj^"b„bZ#AZh]j^aZhYZgVhV\Z
VYdjX^hhZciaZed^aZiaZeg‚eVgZci|aVXdjeZ#
AZh\ZahdjbdjhhZhhZX]d^h^hhZci
Zc[dcXi^dcYjYZ\g‚YZhZch^W^a^i‚YZaVeZVj
eZVjhZch^WaZ!|egdWaƒbZ°ZiaZhadi^dch
igdeV\gZhh^kZhdciaV^hh‚eaVXZ|YZhWVjbZh
XVabVcihZig‚eVgViZjgh#
IDBGD7>CC$69>96H$8A>C>FJ:$C>8@:A

A¼]nYgViVi^dc
AVeZVj!hjgidjiXZaaZYjk^hV\Z!VWZhd^c
Y¼jcXdjeYZedjXZedjghZg‚\‚c‚gZg#
AVcdjkZaaZ\‚c‚gVi^dca¼VW^ZcXdbeg^h/)%
YZh&*"(*Vchji^a^hZciY‚_|jchd^cedjgaZk^hV\Z
VjigZfjZa¼Vegƒh"gVhV\Z#8dbbZcdjhc¼Vkdch 8DJE9:;G6>H#A¼Vegƒh"gVhV\ZYZIdbGdW^ccXdbW^cZaZhkZgijhg‚\‚c‚gVig^XZhYZa¼VaaVcid‰cZ!YZa¼VadZkZgVZiYj\^chZc\#>ag‚]nYgViZaVeZVjedjgjcZ[[Zi
eVhidjhaVb„bZeZVjeZVjhƒX]Z!\gVhhZ gV[gVˆX]^hhVci^bb‚Y^Vi#<ZaVegƒh"gVhV\ZVci^"[Zj!IdbGdW^cc!,*ba!''!*%æ#HEDGI>;#8gƒbZVeV^hVciZedjgaZheZVjmhZch^WaZh#6[iZgh]VkZ!6Y^YVh!&%%ba!*!&%æ#
djhj_ZiiZVjmWdjidch!aZhaVWdgVid^gZhdci HEw8>6A76G7:H9JG:H#Adi^dccdc\gVhhZfj^XVabZaZ[ZjYjgVhV\Z#:aaZVhhdjea^iaZed^aedjgjcg‚hjaiViYjgVWaZ#6eV^hVciYjgVhV\Z!WVgWZhYjgZh!8a^c^fjZ!,*ba!'+æ#
XdcXdXi‚YZhXgƒbZhfjVh^bZcihjgbZhjgZ# ’ 8>86IG>H6CI#Jc\Zaigƒh[gV^hfj^VeV^hZa¼^gg^iVi^dcedhi"gVhV\ZZiX^XVig^hZaZhb^XgdXdjejgZh#8dcigZ";Zj!C^X`Za!,*ba!')æ#

&&B6GH'%%*
HEDGIH:9wKD>A:

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


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

CDJK:A:heVXZ8dgedgViZ

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

lll#[gZZhedgi#[g
(' <J>9:9¼68=6I8DHBwI>FJ:H=DBB:H

<:A9DJ8=:

 AZhhd^ch

NK:HH6>CI"A6JG:CI$IDBGD7>CC$H6C:M$=J<D7DHH
he‚X^[^fjZhhZbjai^ea^Zci/
edjgaZhnZjm!XdcigZ
aZhg^YZh!edjgaZhbV^ch!
edjgaZhVWYdh### 9>K>C#7aZjijgfjd^hZXdbbZaVbZgw\‚Z!aZ\ZaYdjX]Z@djgdhgZk^iVa^hZZigV[gVˆX]^iVkZXZ[[ZiVci^YZhhƒX]ZbZci#@djgdh\ZaYdjX]Z!NkZhHV^ci"AVjgZci!'%%ba!&.!*%æ#
DC8IJ:JM#CZiid^ZaVeZVjZcYdjXZjgZicZjigVa^hZaZhZ[[ZihYjXVaXV^gZ#<ZaYdjX]Zidc^[^VciVj\^chZc\XdgehZiX]ZkZjm!IdbGdW^cc!'%%ba!&-æ#
’ AZhhd^chhe‚X^[^fjZh 9DCCw#8ZiiZ\VbbZYZ\ZahZhiXdcjZedjgegdi‚\ZgZi]nYgViZgaVeZVj#9Zh^\ciZcYVcXZZihnhiƒbZYZ[ZgbZijgZdg^\^cVa#<ZaYdjX]Z!HVcZm!'*%ba!|eVgi^gYZ'!-,æ#
AZheajhZm^\ZVcihhZgdciXdbWa‚hiVciaZh H:CHJ:A#JcZXdbW^cV^hdcY¼V\gjbZh!YZWZg\VbdiZ!Y¼Vc^hedjgaZ\ZaYdjX]Z^hhjYjcdjkZVjeVg[jbHdja#<ZaYdjX]Z7dhhHdja!=j\d7dhh!'%%ba!&-æ#
egdYj^ihed^cijhhdciYZeajhZceajhcdbWgZjm#
9‚[Vi^\Vcih^chiVciVc‚hfj^Y‚[gd^hhZciaZk^hV\Z
ZcjcXa^cY¼¶^a!Vci^XZgcZhfj^Vaaƒ\ZciaZh
edX]ZhhdjhaZhnZjm!Vci^g^YZhedjgVii‚cjZgaZh
bVgfjZhYjiZbeh#8ZgiV^ch[VWg^XVciheZchZci
9wD9DG6CI
b„bZVjmbV^chZiVjmVWYdh!X¼ZhiedjgY^gZ

GVhV\ZZihd^chYjk^hV\Z
8]VfjZbVi^c!hdjhaVYdjX]Z!cZiidnZghdc
k^hV\ZVkZXjc\ZadjjcZbdjhhZ#CZiiZ!
aVeZVjZhieg„iZedjgaZgVhV\Z#Edjg[VX^a^iZg
aZeVhhV\ZYZaVaVbZ!VYdjX^gaZhed^ahVkZX
jcZhZgk^ZiiZeVhh‚Zhdjha¼ZVjX]VjYZZi
Veea^fjZg^Y‚VaZbZcijcZ]j^aZYZgVhV\ZVkVci
aZ\ZadjaVbdjhhZ#Ji^a^hZgedjgÃc^gjcWVjbZ
Vegƒh"gVhV\Zeajiifj¼jcZadi^dcVaXdda^h‚Z#
Egdi‚\Zga¼ZchZbWaZYjk^hV\ZVkZXjcZXgƒbZ

:HI=:9:GB$C>8@:A$8G::9$E68DG676CC:
]nYgViVciZZi!hj^kVciaZhWZhd^ch!Veea^fjZg
YjWdjiYZhYd^\ihjc\ZahjgaZXdcidjgYZhnZjm
djjcVjigZ!Vci^Wg^aaVcXZ!hjgaZ[gdciZiaZcZo#
AZhd^g!gZcdjkZaZgaZcZiidnV\ZYjk^hV\Z
edjghZY‚WVggVhhZgYZh^bejgZi‚hVXXjbja‚Zh
idjiVjadc\YZaV_djgc‚Z#:cÃc!jcZ|YZjm[d^h
eVghZbV^cZ!egZcYgZaZiZbehedjg[V^gZ 6JED>A#Adc\jZYjg‚Z!XZY‚dVii‚cjZVjhh^aVgZedjhhZYZhed^ah#>ahƒX]Zk^iZZicZiVX]ZeVhaZhk„iZbZcih#Hd^c9‚[‚e^a!:hi]‚YZgb!*%ba!')!+%æ#
jc\dbbV\ZVÃcYZW^ZcY‚h^cXgjhiZgZiejg^ÃZg H6C<";GD>9#6kZXhV[dgbjaZhVchhZaY¼Vajb^c^jbZihVchVaXdda!^acZaV^hhZc^igVXZhc^^gg^iVi^dc#²XdchZgkZgVj[g^\dedjgidj_djghgZhiZgYZ\aVXZ#
aZhedgZhYZaVeZVj#N HjZjgh[gd^YZh!C^X`Za!,*ba!&*æ#8A6HH>FJ:#HZciZjgdX‚Vc^fjZdjWd^h‚Z!8gZZYegdedhZYZjmY‚dYdgVcihedjg]dbbZhVjmcdiZhXaVhhZhZiXaVhh^fjZh#9‚dYdgVcih
L?ÌJ#J>7ÒBÌ edjg]dbbZh!8gZZY!,*ba!'-æ#HEG6N#9ZhcdiZhYZbZci]Z!Y¼VbWgZ!YZk‚i^kZgedjgXZhegVnJaigVk^daZi#9‚dYdgVciJaigVk^daZi!EVXdGVWVccZ!&*%ba!'&æ#

9:JM:CJC
²<6<C:G
’&8DCHDA:
’)%_ZjmE8 IB
:6HEDGIH
I=:7D9NH=DE$7JA<6G>$I=>:GGNBJ<A:G

Gj\Wn'%%*
'%%*:aZXigdc^X6gih>cX#IdjhYgd^ihg‚hZgk‚h#:aZXigdc^X6gih!:6!:6HEDGIHZiaZad\d:6HEDGIHhdciYZhbVgfjZhXdbbZgX^VaZhdjY‚edh‚ZhY¼:aZXigdc^X6gih>cX#VjmwiVih"Jc^hZi$djYVchY¼VjigZheVnh#
IdjhYgd^ihg‚hZgk‚h#AZhad\dhYZaV;;GZiYjMKYZ;gVcXZhdciYZhbVgfjZhXdbbZgX^VaZhYZaV;‚Y‚gVi^dc;gVcV^hZYZGj\Wn#I]Zad\dh®EaVnhiVi^dc[Vb^an®VcY®EaVnHiVi^dc¯VgZgZ\^hiZgZYigVYZbVg`hd[Hdcn
8dbejiZg:ciZgiV^cbZci>cX#6aaG^\]ihGZhZgkZY#B^Xgdhd[i!MWdmZiaZhad\dhMWdmhdciYZhbVgfjZhY‚edh‚ZhdjYZhbVgfjZhXdbbZgX^VaZhYZB^Xgdhd[i8dgedgVi^dcVjm:iVih"Jc^hZi$djYVchY¼VjigZheVnh#

:CKDN:OGJ<7N6J
?Zj\gVij^ihVchdWa^\Vi^dcY¼VX]Vidg\Vc^h‚eVgaVhdX^‚i‚Hedgi!&+!gjZG^kVn!.'(%%AZkVaad^h"EZggZi!kVaVWaZZc;gVcXZb‚igdeda^iV^cZYj&&Vj&,bVgh'%%*!g‚hZgk‚|idjiZeZghdccZbV_ZjgZhVj[eVgiZcV^gZhdj
 
wFJ>I67A:#<ZaYdjX]Z!h]Vbedd^c\!Vegƒh"h]Vbedd^c\ZcjchZjaegdYj^i^hhjYjXdbbZgXZ‚fj^iVWaZ#<ZaYdjX]Z
hdX^‚i‚dg\Vc^hVig^XZ#B^cZjgh/YZbVcYZoa¼Vjidg^hVi^dc|kdheVgZcih#EdjgeVgi^X^eZg/ZckdnZoGJ<7NeVgHBHVj,&%&%%!*%çII8$Zckd^ eg^mYjHBH#AZh\V\cVcihhZgdciY‚h^\c‚hZc[dcXi^dcYjgVc\Y¼Zc"
kd^ YZ aZjg bZhhV\Z# AZh \V\cVcih hdci eg‚kZcjh ^bb‚Y^ViZbZci eVg HBH Zi Yd^kZci dWa^\Vid^gZbZci ZckdnZg aZjgh XddgYdcc‚Zh eVg gZidjg YZ HBH Vj bVm^bjb jcZ ]ZjgZ Vegƒh Vkd^g gZj aZ HBH aZh ^c[dgbVci
fj¼^ah dci \V\c‚# Jc hZja adi hZgV Viig^Wj‚ eVg [dnZg b„bZ cdb! b„bZ VYgZhhZ# 9diVi^dch/ &XdchdaZ M"7dm Y¼jcZ kVaZjg YZ &).ç II8 & adi b^h Zc _Zj dj & _Zj E8 :6 Hedgi Gj\Wn '%%* Y¼jcZ kVaZjg YZ +%çII8
@^hicV!I]Z7dYnH]de!'%%ba!&%æ#7>:C;6>H6CI#AVa^\cZYZWV^cYZ7ja\Vg^Y‚aVhhZZiZcgdWZaZhhZchVkZXhZh
)%adih b^h Zc _Zj# ;gV^h YZ eVgi^X^eVi^dc gZbWdjgh‚h Vjm XdcY^i^dch eg‚kjZh YVch aZ gƒ\aZbZci# AZ gƒ\aZbZci XdbeaZi Yj _Zj Zhi Y‚edh‚ X]Zo bVˆigZ BdciVc‚! ]j^hh^Zg YZ _jhi^XZ! ' W^h! gjZ 7VnVgY! (&%%% Idj"
adjhZ#Gƒ\aZbZciVYgZhh‚\gVij^iZbZcieVgXdjgg^Zg|idjiZeZghdccZZc[V^hVciaVYZbVcYZ|Eajg^bZY^V"®?:J:6HEDGI"HEDGI;G::¯!&&!gjZYZ8VbWgV^!,*.)*EVg^h8ZYZm&.!;gVcXZ#EdjgidjiZg‚XaVbVi^dc!
hZciZjghY¼V\gjbZh#<Zah]Vbedd^c\YdjX]Z6fjV!7ja\Vg^!'%%ba!((æ#>CIw<G6A#Jch]Vbedd^c\^ci‚\gVaX]ZkZjm
ZckdnZo aZ bdi 8DCI68I eVg HBH Vj ,&%&% %!*% ç II8$Zckd^  eg^m Yj HBH# 8dc[dgb‚bZci | aV ad^ kdjh Y^hedhZo Y¼jc Ygd^i Y¼VXXƒh! YZ gZXi^ÄXVi^dc Zi YZ hjeegZhh^dc YZh Ydcc‚Zh cdb^cVi^kZh kdjh XdcXZgcVci#
ZiXdgeh^Y‚VaedjgaZhg‚kZ^ahidc^fjZh#6BZcH]Vbedd^c\>ci‚\gVa!I]^ZggnBj\aZg!'%%ba'(æ#

&&B6GH'%%*
((

HD>CHHEw8>;>FJ:H

8A6G>CH$7>DI=:GB$@>:=A¼H$A6C8ÕB:$H=>H:>9D$O>G=$I=>:GGNBJ<A:G
6CI>9wEG>B:#JaigV"e‚c‚igVci!cdc\gVh!XZh‚gjbh¼ji^a^hZVjidjgYZhnZjm#>aY‚\dc[aZaZhedX]Zh!Vii‚cjZaZhXZgcZh!a^hhZaZhg^YjaZhZigV[[Zgb^igVe^YZbZciaZXdcidjgYZhnZjm#H‚gjb8dcidjgNZjm!8aVg^ch!'%ba!()æ#
6CI>;6I><J:#JcXdjeYZ[djZiedjgZ[[VXZgaZhigV^ihi^g‚hZigZYdccZgYjidcjhVjk^hV\Z#9"HigZhh!7^di]Zgb!*%ba!('æ#Gw<wCwG6CI#Cdc"\gVh!XZhd^chi^bjaZZi]nYgViZaZheZVjmiZgcZhZi[Vi^\j‚Zh#:cg^X]^Zck^iVb^cZh!^aV^YZ
|Vb‚a^dgZga¼VheZXiZiaViZmijgZYZaVeZVjZiaj^eZgbZiYZajiiZgXdcigZaZhZ[[Zihk^h^WaZhYjhigZhhfjdi^Y^Zc#;VX^Va;jZa!@^Z]a¼h!,*ba!'.æ#wC:G<>H6CI#8Z\ZaY^hh^eZgVe^YZbZciaZhh^\cZhYZ[Vi^\jZedjg[V^gZaZeaZ^cYZk^iVa^i‚#
<Za‚cZg\^hVci!H]^hZ^Yd!,*ba!('æ#EG6I>FJ:#<g}XZ|XZheViX]h!aZXdcidjgYZhnZjmZhiY‚[gd^hh‚ZiaZhbVgfjZhYZ[Vi^\jZVii‚cj‚Zh#AZgZ\VgYh¼ZcigdjkZheZXiVXjaV^gZbZcigV_Zjc^#A^c\ZiiZh!:hi]‚YZgb!'%eViX]h!*'!-%æ#
EJG>;>6CI#8aVnBVh`eZgbZiYZejg^[^ZgaVeZVjidjiZcVWhdgWVciaZh^bejgZi‚hZia¼ZmXƒhYZh‚Wjb#8ZbVhfjZ|a¼Vg\^aZ[gZ^cZVjhh^aZk^Z^aa^hhZbZciXjiVc‚#8aVnBVh`!O^g]!&%%ba!''æ#
AJB>C:JM#AZAdd`<gZVi6BZcYZI]^ZggnBj\aZgh¼V[[^X]ZXdbbZaVhdaji^dcedjgjcZb^cZ®o‚gdY‚[Vji¯#AZeajh/jceZjY¼VjidWgdcoVciedjgjciZ^ciajb^cZjm#Add`\gZVi!I]^ZggnBj\aZg!,*ba!'(æ#

\_jd[ii©YWhZ_eCckiYk©ZWdi[©j[dd_i
igkWi^©fWhYWgkWj_gk[©f_iY_d[iDDD
D‰ŠˆwŠ{yˆ{wDy…ƒ©FHEFK©f~…Š…iw„zˆwXw‹z E\[f

D|…ˆ{‰ŠC~‚‚Dy…ƒ©j ‚PFGJFLFGFFF
&&B6GH'%%*
() <A6BDJG

?ZcZhj^heVhYj\ZcgZ
|‚iVaZgbZhigde]‚Zh0
^ahhdci|aVXVkZ
X]ZobVbƒgZ
HVchjcZWaZhhjgZVj\ZcdjZc'%%)!
<gZiX]ZcVjgV^iXdci^cj‚hjghVaVcX‚Z
YZaVhV^hdc'%%'$'%%(d‘ZaaZVkV^i
Va^\c‚aZhk^Xid^gZh!ZbedX]Vci'*%%%eVgX^!
jcZ8]ZkgdaZieVga|#
:G>886=6C$8DG7>HDJIA>C:

&&B6GH'%%*
(*

<G:I8=:C7A:>A:G

A67:6JI:
>I>CwG6>G:
9J<:HI:
6jmM"<VbZh!Zc_Vck^ZgYZgc^Zg!ZaaZV[V^iX]jiZgcdigZig^eaZ
X]Vbe^dccZYjbdcYZ!9dg^VcZK^YVa#:aaZZhia¼Zc[VciX]‚g^ZYj
hcdlWdVgYVb‚g^XV^c#<gZiX]Zc7aZ^aZgVkgV^bZciidjiedjgeaV^gZ#
9DC6A9B>G6AA:$<:IIN$6;E

’
6jhh^ad^cfj¼ZaaZh¼Zchdjk^ZccZ! aZbdcYZaVkdnV^iVjm?Zjm#:cÃcVaZYZh bV^hZaaZZhiVjhh^a¼^YdaZY¼6heZc!XZfj^aj^djkgZ
<gZiX]Zc7aZ^aZg!'(Vch!Vidj_djghg„k‚ fjVa^ÃXVi^dchVb‚g^XV^cZh!ZaaZhZgZigdjkZ[VXZ aZhedgiZhYZhWdchZcYgd^ihZiaj^\VgVci^ijc
YZh?Zjmdanbe^fjZh#®FjVcY_¼V^g‚Va^h‚ |Ig^X^V7ngcZh!YZkZcjZa¼jcZYZhZhbZ^aaZjgZh [dg[V^i\gVij^ihjga¼ZchZbWaZYjYdbV^cZh`^VWaZ#
<gZiX]Zc7aZ^aZg fjZ_Zc¼‚iV^heVhVhhZo[dgiZZc\nbcVhi^fjZ! Vb^Zh#®AZh_j\ZhcdjhdciXaVhh‚Zh|‚\Va^i‚! EVhbVaedjgjcZZc[VciYZa¼D]^d#Hedgi^kZbZci!
C‚ZaZ&%$%)$&.-& XdcÃZ"i"ZaaZ!_¼V^ZhhVn‚aVcViVi^dc!ej^haZ hZhdjk^Zci"ZaaZ#AZhg‚hjaiViheg‚X‚YZcihcdjh <gZiX]ZcZhiVjhdbbZi#AVfjZhi^dcYj
|IdaZYdwiVih"Jc^h eadc\Zdc!aZ[ddiWVaaZiaZ]dX`Zn°¯BV^h!Vegƒh dciY‚eVgiV\‚ZhZiX¼ZhiIg^X^Vfj^ZhieVgi^Z#¯ bdbZci!X¼ZhiYZhVkd^gh^ZaaZkVgZXdcfj‚g^g
&!+*b"*,`\ Vkd^g\gVcY^YVchaZheaV^cZhYZa¼D]^d!aZ 9‚eVhhVcia¼VbZgijbZ!ZaaZZcZhihdgi^Zeajh a¼JHDeZcYZhcdlWdVgY!fjZaj^VX]^e‚a¼Vc
He‚X^Va^i‚/hcdlWdVgY Y‚b‚cV\ZbZcikZgh6heZc!YVchaZ8dadgVYd! [dgiZedjg'%%+#®?Zc¼‚iV^heVheg„iZ!gZaVi^k^hZ" YZgc^ZghVXdbeVig^diZ=VccV]IZiZg!&,Vch#
]Va[e^eZ Vadghfj¼ZaaZV&%Vch![V^iZcigZgaZhcdlWdVgY i"ZaaZ#?ZcZb¼ZcgZcYV^heVhXdbeiZhjg :aaZigdjkZZcidjiXVhhdcWdc]ZjgZcigZaZh
YVchhVk^ZZiX]Vc\ZhdcYZhi^c#9Za||Zc[V^gZ aZbdbZcibV^h_Zc¼VjgV^heVhW^Zcg‚jhh^#¯ Xdbe‚i^i^dchZiaZhdWa^\Vi^dchVjmfjZaaZhZaaZhZ
EVabVgƒh/ jcZVi]aƒiZ]dghcdgbZh°>ahZigdjkZ!Zceajh! ea^Zkdadci^ZghedjghZhhedchdgh!DV`aZn!@'Zi
'%%*/kV^cfjZjgYZhM"<VbZh
'%%)/'ZYZa¼6Wdb^cVWaZ
fjZ<gZiX]ZcZhi_da^Z!eVgaZW^ZcZig‚jhh^i A¼^YdaZYZaVhiVi^dcY¼6heZc IBdW^aZ#®8ZiiZVcc‚Z‚iV^i‚fj^a^Wg‚Z!_j\Z"
XdbbZeZghdccZaZh®Xg^eeaZgh,'%¯YZjm 6egƒhjcZhV^hdc'%%)\}X]‚ZeVgjcZWaZhhjgZ i"ZaaZ#?¼V^igd^hXdbe‚i^i^dchZckjZZijckdnV\Z
Hcdl?Vb
idjghZca¼V^gVkZXVeegdX]ZYj]Va[e^eZZc Vj\Zcdj!<gZiX]ZcZhia¼jcZYZh[Vkdg^iZhedjg Zc:jgdeZedjgjcÄab#8¼ZhicdjkZVjedjgbd^!
'%%(/kV^cfjZjgYZa¼JHDeZc!
bVgX]ZVkVciZig‚XZei^dc‚\VaZbZciZcbVgX]Z aZh?ZjmYZIjg^cZc'%%+!|a¼‚\VaYZaV;gVcV^hZ _Zhj^h^beVi^ZciZ#¯JcZWdccZ[VdcedjgZaaZYZ
kV^cfjZjgYZaV[^cVaZYj<gVcY
VkVci#®?ZcZhV^heVhXdbW^ZcYZigde]‚Zh_¼V^ 9dg^VcZK^YVa!ig^eaZX]Vbe^dccZYjbdcYZ [V^gZiV^gZXZjmfj^aj^gZegdX]ZciYZcZeVh„igZ
Eg^m'k^Xid^gZhZi&YZjm^ƒbZ
gZbedgi‚h|XZ_djg!_ZcZhj^heVhYj\ZcgZ|aZh Zik^XZ"X]Vbe^dccZdanbe^fjZ!fj¼ZaaZk^Zci XVeVWaZYZhdgi^gYZhdcYZb^"ijWZ#:i\VgYZg
eaVXZ!aVjg‚ViZYjX^gXj^iKVch
Ig^eaZ8gdlc'k^Xid^gZh ‚iVaZg!gVXdciZ"i"ZaaZVkZXaZhdjg^gZ!^ahhdciYVch 
YZWViigZVjmM"<VbZh# ®?¼V^bZbVk^Z!a}X]Z a¼Zheg^ia^WgZ#®6egƒhV!_ZkV^hb¼d[[g^gYZh
aVXVkZYZaVbV^hdcYZbVbƒgZ#¯:aaZXdccVˆiaZ <gZiX]ZcYZej^ha¼VeeVgiZbZciY¼6heZcfj¼ZaaZ kVXVcXZhZiVaaZghjg[ZgVkZXbdceZi^iVb^#¯
eg^mYZa¼Z[[dgi#EdjgVgg^kZgVjide!ZaaZV\gVk^ VVXfj^ha¼VcYZgc^Zg#?ZbZgZcYhXdbeiZYZ AVYjgZk^ZYZhhcdlWdVgYZjhZhkZYZiiZh#N
aZh‚X]ZadcheVh|eVh!Y‚igcVcihZh^YdaZh! aVX]VcXZfjZ_¼V^#¯CdchZjaZbZciZaaZk^iYVch I>7DJ?IEI?;DIA?
H]Vccdc9jccdjIg^X^V7ngcZh#:c'%%'!idji a¼jcZYZheajhWZaaZhhiVi^dchYZhwiVih"Jc^h! JH7:K?J:;B½7CxH?97?DF7HIJxF>7D;Cx@7DÏI

7:AA:HYZ
KdjhV^bZoaZhedgi!kdjhg„kZoYZaVgjWg^fjZ<aVbdjg#
HedgiZia¼V\ZcXZHedgiBdYZahkdjhd[[gZciaVedhh^W^a^i‚YZYZkZc^g
bVccZfj^cZiYZ[V^gZaVXdjkZgijgZYZHedgi#
>CH8G>K:O"KDJHHJG[gZZhedgi#[gDJ:CKDN:OJC9DHH>:G8DBEA:IE=DIDH!
B:CHJG6I>DCH:IA:IIG:9:BDI>K6I>DC²>H67:AA:!&+"&-!GJ:G>K6N!.'(%%A:K6AAD>H"E:GG:I
Gƒ\aZbZciY‚edh‚VjegƒhYZbVˆigZBdciVcZ!'W^h!gjZ7VnVgY!(&%%%IdjadjhZ!ZiY^hedc^WaZhjg/
]iie/$$lll#[gZZhedgi#[gdjhjgh^beaZYZbVcYZ|J\dHedgi!&+"&-!gjZG^kVn!.'(%%AZkVaad^h"EZggZi#
6SRUW
VSRUW\DKRRIU

&&B6GH'%%*
(+ BwBDHEDGI

HwA:8I>DCIK HwA:8I>DCIK
8 D Hw
wA:8I>DC
9J&&
6J&,B6GH K:C9G:9>&& H6B:9>&' 9>B6C8=:&( AJC9>&)
|-]&*9D8JB:CI6>G: |.]H@>6AE>C9>G:8I |.]7>6I=ADC
KdjhigdjkZgZoYVchXZiiZ\g^aaZ ®AZhhVaZhW„iZh#Jc_VgY^cZmigVdgY^cV^gZ¯ HaVadbbZhh^Zjgh|AZcoZg]Z^YZ!&gZbVcX]Z 8]Vbe^dccVihYjbdcYZ|=dX][^aoZc
jcZh‚aZXi^dccdcZm]Vjhi^kZ 9‚XdjkZgiZYZhVc^bVjmfj^[dcia¼‚fj^a^WgZYZkdigZ_VgY^c# AZh6aeZhhdjg^ZciVjm6jig^X]^ZchZi|a¼>iVa^ZcGdXXV# ;gVcV^h!Cdgk‚\^ZchZi6aaZbVcYhk^hZciaZideZcgZaV^h#
6K6CI YZhegd\gVbbVi^dchhedgi^kZh
&'= YZaVhZbV^cZ#:cZmZg\jZhjg[dcY |.]H@>6AE>C9>G:8I |&%]*%B6<6O>C: |&%](%=6C976AA
dgVc\Z/aZhegd\gVbbZhgZXdbbVcY‚h HaVadb9VbZh|AZcoZg]Z^YZ!&gZbVcX]Z I‚a‚[ddi A^\jZYZhX]Vbe^dch!&$)YZ[^cVaZgZidjg
eVgaVg‚YVXi^dcYZHedgi# 9‚_|+edY^jbhedjgIVc_VEdji^V^cZcXZiiZhV^hdc# Eg‚hZci‚eVgI]^Zggn<^aVgY^# AZh6aaZbVcYhYZ;aZchWjg\gZd^kZciaZhBdcieZaa^‚gV^ch#

|&(](%<DA;9>G:8I |&(])*8N8A>HB:9>G:8I
|&)]GJ<7N9>G:8I |&)]GJ<7N
8^gXj^iZjgde‚Zc Idjgcd^YZhK>CVi^dch!|9jWa^c/>gaVcYZ·;gVcXZ EVg^h·C^XZ!YZgc^ƒgZ‚iVeZ/C^XZ·C^XZ Idjgcd^YZhKCVi^dch&.,./;gVcXZ·>gaVcYZ
BVhiZghYjFViVg!'Zidjg# AZ[^\]i^c\he^g^iY¼>gaVcYV^hZcfj„iZY¼jc\gVcYX]ZaZb# &(*`bYZXdjghZ# H¼^aYZkV^iZcgZhiZgjc!X¼ZhiXZaj^Yj;gVcV^h8VjhhVYZ#
&'=
²&+= |&*]8N8A>HB:9>G:8I |&*]'%;DDI76AA9>G:8I |&*]**GJ<7N9>G:8I
|&)](%I:CC>H
EVg^h·C^XZ!*Z‚iVeZ/Gd\cZh·Idjadc!&-*`b 8]Vbe^dccViY¼6aaZbV\cZbViX]^cY‚iZgb^c‚ BVhiZghhZg^Zh|>cY^VcLZaah
Idjgcd^YZhK>CVi^dch/wXdhhZ·EVnhYZ<VaaZh
:c'%%)!?V`hX]Zc¼V_VbV^hfj^ii‚aZbV^aadi_VjcZ# AZ7VnZgcZiHX]Va`ZajiiZciedjgegZcYgZaZhXdbbVcYZh# DcnViiZcYYjheZXiVXaZVkZXeZji"„igZjc;gVcV^h#
AZh<Vaad^hcZXdbeiZcieVhh¼Vgg„iZghjgaZjgaVcX‚Z#

|&,]H6JI²H@>H9>G:8I |&,];DDI76AA9>G:8I |&+]8N8A>HB:9>G:8I


|&+]**GJ<7N9>G:8I
=H&()|A^aaZ]VbbZg Idjgcd^YZhK>CVi^dch!|AdcYgZh/6c\aZiZggZ·>iVa^Z 8]Vbe^dccViZjgde‚Zc I^ggZcd·6Yg^Vi^Xd
AZ;^caVcYV^h?VccZ6]dcZckdaZZci„iZYjXaVhhZbZci# AZh6c\aV^hY^hejiZciaVYZgc^ƒgZeaVXZVjm>iVa^Zch# 6[[^X]Z|Y‚iZgb^cZg# 8dbbZa¼VceVhh‚!7Zii^c^hZWV^\cZgV"i"^aZcegZb^Zg4
&+=
²'%= |&,]&*I:CC>H9:I67A: |&,];DDI76AA9>G:8I |&,]**B6<6O>C: |&,]&*GJ<7N
DeZcYjFViVg A^\jZ&!'.Z_djgc‚ZYZ/A^aaZ·IdjadjhZ HiVYZ' 8]Vbe^dccViY¼6c\aZiZggZ!&-Z_djgc‚Z
EdjgXZjmfj^eZ^cZci|hj^kgZaVWVaaZWaVcX]ZYZh\gZZch# AZhk^h^iZjghkdjYgdciegd[^iZgYjgZaVi^[eVhhV\Z|k^YZa^aad^h# Eg‚hZci‚eVgAVjgZciAjnViZia¼‚fj^eZYZhhedgih# AZ^XZhiZg·AdcYdc>g^h]#

|'%]&*;DDI76AA9>G:8I |'%];DDI76AA9>G:8I |'%]'*;DDI76AA9>G:8I |'%];DDI76AA9>G:8I


8]Vbe^dccViYZ;gVcXZYZa^\jZ'!'.Z_djgc‚Z A^\jZ&!'.Z_djgc‚Z/BVghZ^aaZ·AZch 8]Vbe^dccVi^iVa^Zc 8]Vbe^dccViYZA'!'.Z_djgc‚Z/8g‚iZ^a·IgdnZh
AZBVchgZd^iBdcieZaa^Zgidj_djghZcXdjghZedjgaZi^igZ# Z
A¼DB!' !cZeZjieVhhZeZgbZiigZYZeZgYgZYZhed^cih# B^aVci^ZciaVi„iZYjXaVhhZbZciYZkVciaV?jkZ# A¼dW_ZXi^[YZhWVca^ZjhVgYheVg^h^ZchZhiaZbV^ci^ZcZcA'#

|'%](%GJ<7N |'%]**;DDI76AA9>G:8I |'%])%B6<6O>C: |'%]&*9D8JB:CI6>G:


'%= Idjgcd^YZhKCVi^dch&..'/;gVcXZ·>gaVcYZ 8]Vbe^dccVi‚igVc\ZgbViX]^cY‚iZgb^c‚ Hedgi+ AVk^Z|a¼Zmig„bZ
²''= GZXdgYYZed^cihbVgfj‚h!ZiaZ[aV^ga¼ZbedgiZhjgaZhe^g^i# :c:heV\cZ!7VgXZadcZgZd^i7^aWVdZiaZGZVakV|<ZiV[Z# Hi‚e]VcZIdgidgVgZk^h^iZaZlZZ`"ZcYhedgi^[# AZXVeYZ7dccZ":he‚gVcXZ!gZcXdcigZYZigd^hdX‚Vch#

|'%])*7DM: |'&]wFJ>I6I>DC9>G:8I |'&];DDI76AA9>G:8I |'%])*76H@:I


8]Vbe^dccViYjbdcYZ>7;"L78YZhed^Yha‚\Zgh 8djeZYjbdcYZYZhVjiY¼dWhiVXaZh A^\jZ&!'.Z_djgc‚Z/6jmZggZ·BdcVXd 8]Vbe^dccViYZaVC76
AZBZm^XV^c?ja^d9^Vo[VXZ|hdcXdbeVig^diZ?dhZ8Vhi^aad# <gVcYEg^mGdaZm|7ZgXn# AZhYZjm‚fj^eZhhZWViiZciedjgaZ]VjiYZiVWaZVj# AZhbZ^aaZjghbdbZcihYZhXdc[‚gZcXZhDjZhiZi:hi#

|''](%ED@:G |'']**B6<6O>C: |'(]B6<6O>C: |'']I:CC>H9>G:8I


IdjgZjgde‚Zc|8deZc]V\jZ ?djgYZ[ddi A¼wfj^eZYjY^bVcX]Z BVhiZghhZg^Zh|>cY^VcLZaah!&$&+YZ[^cVaZ
JcZWdccZeV^gZ[V^ihdjkZcia¼V[[V^gZ# Hi‚e]VcZ<jnZiCVi]Va^Z>VccZiiV[dciaZed^cihjgaVA&# EdjgjcW^aVcZc^bV\ZhYZhX]Vbe^dccVihZjgde‚Zch# ;ZYZgZgZiHV[^cYZkgV^Zci_djZgaZhegZb^ZghgaZh#

|'']<DA;9>G:8I |'(]<DA; |'(]7DM: |''](*9D8JB:CI6>G:


6EGÏH 8^gXj^iVb‚g^XV^c!=dcYV8aVhh^X!'Zidjg 8^gXj^iVb‚g^XV^c!=dcYV8aVhh^X!(Zidjg AZh\gVcYhXdbWVihYZhVcc‚Zh(% AZhhdbbZihYZaV\ad^gZ
''= AZ;gVcV^hI]dbVhAZkZiV\V\c‚hVeVgi^X^eVi^dc# I]dbVhAZkZiYd^iZcXdgZXdc[^gbZghdchiVijiY¼djih^YZg# :chdjkZc^gYZHX]bZa^c\!g‚XZbbZciY‚X‚Y‚# ®I^\cZh!eajhWaVcXfjZidjhaZhWaVcXh¯

|&](*C769>G:8I |'(])*HEDGIH9:8DB76I |%]&*HJBD |'']**7DM:9>G:8I


7dhidc8Zai^Xh·9Zigd^iE^hidch ;^\]i8ajW =Vihj7Vh]d!&Zg\gVcYidjgcd^YZaVhV^hdc 8]Vbe^dccVihY¼:jgdeZYZhed^YhbdjX]Z
6egƒhaZWVhZ"WVaaZiaZ[ddiJH!aV[daaZVcc‚ZYZ7dhidc4 He‚X^Va`VgVi‚# 6hVh]dgn’ZhiaZ[Vkdg^YZaVXdbe‚i^i^dc# 7gV]^b6hadjb!iZcVciYji^igZ![VXZa¼:heV\cdaAdeZo7jZcd#
Edjghj^kgZX]VfjZ_djga¼^c[dgbVi^dchedgi^kZZcXdci^cj/


6<:C969JHEDGI’ 7DM:
Hd^g‚ZYZ\VaV
6<6<C:G
&*IG68@7>@:H
9DJ7A:9
AZEVaV^hYZhhedgihYZEVg^hYZkgV^i[V^gZaZ
eaZ^cVkZXXZiiZg‚jc^dcd‘7gV]^b6hadjb
Y‚[ZcYgVhVXZ^cijgZXdci^cZciVaZXdcigZ
a¼:heV\cda?dh‚AdeZo"7jZcd#Idj_djgh
^ckV^cXjZc&,XdbWVihegd[Zhh^dccZah! (175$Í1(=9286&200(
6hadjbYd^iXdcÃgbZghZhegd\gƒhedjg
iZciZg!Zchj^iZ!YZY‚XgdX]ZgaZi^igZ '$9,''28,//(7
bdcY^Va#BZ]Y^HV]cdjcZ!VcX^ZcX]Vbe^dc
?:6C"B6G>:=:GK>D$9EE>

YjbdcYZYZhb^"adjgYh!Zi?VX`hdc8]VcZi
hdci‚\VaZbZciVjegd\gVbbZ#
;DLEO;PHEDGI7K  
?Zj \gVij^i hVch dWa^\Vi^dc Y¼VX]Vi dg\Vc^h‚ eVg aV hdX^‚i‚ Hedgi! &+! gjZ G^kVn! .'(%% AZkVaad^h"EZggZi! kVaVWaZ Zc ;gVcXZ b‚igdeda^iV^cZ 8dghZ Xdbeg^hZ Yj && Vj &+ bVgh '%%*! g‚hZgk‚ | idjiZ eZghdccZ bV"

;diWle_hfbki0lll#WgV]^bVhadjb#Xdb _ZjgZ hVj[ eVgiZcV^gZh dj hdX^‚i‚ dg\Vc^hVig^XZ# B^cZjgh / YZbVcYZo a¼Vjidg^hVi^dc | kdh eVgZcih# Edjg eVgi^X^eZg / ZckdnZo ®HEDGI¯ eVg HBH Vj ,&%&% %!*%ç II8$Zckd^  eg^m Y¼jc HBH# AZh \V\cVcih hZgdci Y‚"
h^\c‚h eVg i^gV\Z Vj hdgi | a¼^hhjZ Yj _Zj! eVgb^ aZh WdccZh g‚edchZh# AZh eVgi^X^eVcih hdci eg‚kZcjh ^bb‚Y^ViZbZci eVg HBH YZ aV kVa^Y^i‚ YZ aZjg g‚edchZ Zi Zc XVh YZ WdccZ g‚edchZ! Yd^kZci dWa^\Vid^gZbZci Zc"

&)B6GH kdnZg aZjgh XddgYdcc‚Zh XdbeaƒiZh eVg gZidjg YZ HBH Vj bVm^bjb jcZ ]ZjgZ Vegƒh Vkd^g gZj aZ HBH aZh ^c[dgbVci fj¼^ah eVgi^X^eZci Vj i^gV\Z Vj hdgi# ;VjiZ YZ Xdbbjc^XVi^dc YZ aZjgh XddgYdcc‚Zh YVch aZ Y‚aV^
^beVgi^!aVfjVa^i‚YZh‚aZXi^dcc‚cZhZgVeVheg^hZZcXdbeiZZiVjXjcZYdiVi^dccZedjggVaZjg„igZViig^Wj‚Z#JchZjaeg^mViig^Wj‚eVgeVgi^X^eVcib„bZcjb‚gdYZi‚a‚e]dcZbdW^aZ#&*\V\cVcihhZgdciY‚h^\c‚h#²
\V\cZg/ &IgVX` 7^`Z Y¼jcZ kVaZjg YZ &..ç II8 &*eg^m b^h Zc _Zj# Gƒ\aZbZci XdbeaZi Yj _Zj Y‚edh‚ X]Zo bVˆigZ BdciVc‚! ]j^hh^Zg YZ _jhi^XZ Vj ' W^h! gjZ 7VnVgY! (&%%% IdjadjhZ! Zi VYgZhh‚ \gVij^iZbZci | idj"
iZeZghdccZZc[V^hVciaVYZbVcYZ|a¼VYgZhhZ/®?:J9DJ7A:9"HEDGI;G::¯!Eajg^b‚Y^V!&&!gjZYZ8VbWgV^!,*.)*EVg^h8ZYZm&.#;gV^hYZeVgi^X^eVi^dcgZbWdjgh‚hVjmXdcY^i^dcheg‚kjZheVgaZgƒ\aZbZci#Edjg
idjiZ g‚XaVbVi^dc! ZckdnZo aZ bdi 8DCI68I eVg HBH Vj ,&%&% %!*%ç II8$Zckd^ ]dgh Xd’i igVchedgi HBH# 8dc[dgb‚bZci | aV ad^!kdjh Y^hedhZo Y¼jc Ygd^i Y¼VXXƒh Zi YZ gZXi^ÄXVi^dc YZh ^c[dgbVi^dch kdjh XdcXZgcVci#

&&B6GH'%%*
(,

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

B6G9>&* B:G8G:9>&+ ?:J9>&, B6A>6B:I:AA6


Bw96>AA:9¼6G<:CI6J*%bC6<:
|,])*76H@:I |,](%HJE:G8GDHH |.]&*<DA;9>G:8I A>7G:9:H?#D#9¼6I=ÎC:H'%%)
C76/B^ccZhdiVI^bWZgldakZh"9VaaVhBVkZg^X`h LdgaY\gVcYeg^m'*%XX 8^gXj^iZjgde‚Zc!I8A8aVhh^X
AZh[gVcXh"i^gZjghk^ZccZciedjgaVX]VhhZVjmadjeh# 9ZEjc^ZiZiEZYgdhVh¼V[[gdciZci|HV^ci"Adj^h# EgZb^Zgidjg#

|-](%B6<6O>C: |.]H@>;G::HINA: |&&]E6I>C6<:6GI>HI>FJ:9>G#


:hXVeZ 8djeZYjbdcYZ;>H|HVjoZY¼DjamZc>iVa^Z 8]Vbe^dccViYjbdcYZ|BdhXdj!YVchZ
IdjgY¼]dg^odcYZhhedgihcVijgZZiYZhgV^Yh# 6b‚g^XV^chZi8VcVY^ZchYdb^cZciaVY^hX^ea^cZ# AZXdjeaZ@dhidbVgdk"CVk`VZhieVgb^aZheajhdg^\^cVjm#

|&']I:CC>H |&(]&*7>6I=ADC9>G:8I |&*]&*7>6I=ADC9>G:8I


BVhiZghhZg^Zh|>cY^VcLZaah 8djeZYjbdcYZ|@]Vcin"BVch^nh`Gjhh^Z 8djeZYjbdcYZ|@]Vcin"BVch^nh`Gjhh^Z
AZhbZ^aaZjghbdbZcih# Heg^ciBZhh^Zjgh/Ed^g‚Z!ZcVkVcXZhjg7_dZgcYVaZc# Edjghj^iZ9VbZhVkZXEnaZkV!L^a]Zab!OV^ihZkV!7V^aan###

:JGDHEDGI
|&)])*7>6I=ADC
|&)](%GJ<7N |&+];DDI76AA
Idjgcd^YZhKCVi^dch&..)/;gVcXZ·>gaVcYZ 8]Vbe#YjbdcYZ|=dX][^aoZc!BVhhhiVgi9VbZh ;^cVaZYZaVXdjeZY¼:jgdeZ&.-%/G;6·7Za\^fjZ
9VchaVh‚g^ZXdfhXdcigZigƒ[aZh!AVXgd^mZhieVhh‚eVga|# HVcYg^cZ7V^aanV&'!*`bedjgY‚eVhhZgOV^ihZkVVj\‚c‚gVa# 6jhZ^cYZaVG;6!jcbjgh¼‚aZkV^i/=dghi=gjWZh]# G:IGDJK:OIDJHA:HK:C9G:9>H
®A¼>CK>IwDANBE>FJ:¯
|&.]I:CC>H9>G:8I |&+]%*B6<6O>C: |&,]E6I>C6<:6GI>HI>FJ:9>G# ²&.])%HJG:JGDHEDGI
BVhiZghhZg^Zh|>cY^VcLZaah!&$&+YZ[^cVaZ C76BV\  8]Vbe^dccViYjbdcYZ|BdhXdj!a^WgZBZhh^Zjgh
6egƒhYZjmg‚XZcihgZkZghZc[^cVaZ!A_jW^X^XVaVgV\Z# <Zdg\Z:YYngZk^ZcihjgE]^aVYZae]^Z·Adh6c\ZaZh# B^gd^g!b^gd^g!fj^ZhiaZeajhWZVj!7g^Vc?djWZgidjEajh]Zc`d4
Gk[h[fhƒi[dj[fekhlekib½[ifh_jebocf_gk[5
N8¼ZhihjgidjiaZgZ\gdjeZbZciYZidjhaZheVnh
|&.])*B6<6O>C: |&+])*E6I>C6<:6GI#9>G# |&-]&*B6<6O>C:
8]Vbe^dccViYjbdcYZ!egd\gVbbZa^WgZ8djeaZh ZiYZidjhaZhhedgihdanbe^fjZhVjb„bZ
?djgYZhedgi HiVgiZg
AZhGjhhZhIdib^Vc^cV"BVg^c^cVjgdciaV[VkZjgYjejWa^X# He‚X^VaIgde]‚Z6cYgdh# bdbZcieZcYVciYZjmhZbV^cZh#
8]VfjZ_djg!A^dcZaGdhhdVc^bZaZeaViZVj#
Gk_b½_dYWhd[b[c_[kn[jfekhgke_5
|'%](%76H@:I9>G:8I |'%]*%9D8JB:CI6>G: |'%](%76H@:I9>G:8I
NEdjgbd^!X¼Zhi9Vk^Y9dj^aaZi#>aVZjYZjm
:jgda^\jZ[‚b^c^cZ!&$)YZ[^cVaZVaaZg :c[Vb^aaZVjBVgdX :jgda^\jZIde&+/EZhVgd·GZVaBVYg^Y
i^igZhYZX]Vbe^dcdanbe^fjZ!jcg„kZedjgidjh
6kZX7djg\ZhdjIVgWZhZih’gZbZciKVaZcX^ZccZh# 9ZDjVgoVoViZ|BVggV`ZX]VkZXjcY‚idjgYVchaZY‚hZgi# AZGZVaYd^iWViigZaZh>iVa^ZchedjghZfjVa^[^ZgVj[^cVa[djg#
aZhhedgi^[h:iX]VfjZ[d^hfj¼dcaZkd^i!^aY‚[ZcY
aZ_jYdZia¼Zheg^idanbe^fjZ#
|'%]*%9D8JB:CI6>G: |'%]**;DDI76AA9>G:8I |'%](%HEDGIH:MIGÌB:H
®AZhedjkd^ghYj[aZjkZ!a¼dYnhh‚ZYj7ZaZb¯ 8djeZY¼>iVa^Z!&$)YZ[^cVaZgZidjg M"<VbZh!&%Z‚Y^i^dc|Adh6c\ZaZh Gk[h[fhƒi[dj[fekhlekibWYWdZ_ZWjkh[
AVgZbdci‚ZYZa¼6bVodcZ|WdgYY¼jcbV\c^[^fjZkd^a^Zg# A¼JY^cZhZgZd^iaZB^aVc68ZiaV;^dgZci^cVa¼6HGdbV# AZhhe‚X^Va^hiZhYZhhedgihVaiZgcVi^[hZcY‚bd Z[FWh_iWkn@$E$(&'(5
N7ZVjXdjeYZX]dhZhZciVcifjZhedgi^kZ#
|'&]&*7DM:9>G:8I |'&]I:CC>H9>G:8I |'&]I:CC>H9>G:8I :iVkd^gaZh?ZjmX]Zocdjh!VkZXidjiZaVbV\^Z
I^igZL7;YZhhjeZgeajbZ Idjgcd^9VbZh|>cY^VcLZaah Idjgcd^9VbZh|>cY^VcLZaah!&$)YZ[^cVaZ YZEVg^h!XZhZgV^i\‚c^Va
AZGjhhZ@^gV`dhnVcV[[gdciZaZ@ZcnVcCoVj# 8]VfjZed^ciXdbeiZedjghjXX‚YZg|?jhi^cZ=VgYZccZ# A^cYhVn9VkZcedgiZciZcYeg‚hZgkZghVeaVXZYZc•&#
Gk[b[ijlejh[c[iiW][Z[iekj_[dfekh
|'']I:CC>H9>G:8I |'']&*GJ<7N |''])*B6<6O>C: FWh_i(&'(5
BVhiZghhZg^Zh|>cY^VcLZaah!&$-YZ[^cVaZ HjeZg&'!(Z_djgc‚Z/CViVaH]Vg`h·LZaa^c\idc 9ZbV^c!X¼Zhi[ddi N?¼ZheƒgZfjZidjhaZh;gVcV^hhdji^ZcYgdci
A¼VcYZgc^Zg!aZhYZgc^ZghZhed^gh[gVcV^hh¼ZckdaV^ZciVadgh# JcX]Vbe^dccViYZg‚[‚gZcXZ# >c[dhZihjeejiVi^dchhjgaV(%Z_djgc‚ZYZA&# aVXVcY^YVijgZYZEVg^h_jhfj¼VjYZgc^Zg_djg#

|''](%GJ<7N |''])%B6<6O>C: |'(]I:CC>H9>G:8I Gk[f[kj#edlekiiek^W_j[hfekh(&&+5


Idjgcd^YZhKCVi^dch&.-&/>gaVcYZ·;gVcXZ ®AZh^chZXiZh^c[ZgcVjm¯ BVhiZghhZg^Zh|>cY^VcLZaah!egZb^Zg&$)YZ[^cVaZ N9ZigƒhWdchBdcY^Vjm!Zc_j^aaZi|Bdcig‚Va#
6kZX?#"E#G^kZh!aV;gVcXZZcgdjiZkZghaZ\gVcYX]ZaZb# ?V`ZL^aaZghh¼^bbZg\ZYVchaZbdcYZYZhVgi]gdedYZh# JcZkgV^Zhjgeg^hZh¼‚iV^i\a^hh‚Z|XZhiVYZZc'%%)# ?¼ZheƒgZgVeedgiZgjcbVm^bjbYZb‚YV^aaZh
|aV;gVcXZ#
|&]G6AAN: |'(])*<DA;
|'(])%E6I>C6<:6GI>HI>FJ:
GVaanZYjBZm^fjZ JHE<6Idjg8aVhh^X=dcYV G:IGDJK:O®A¼>CK>IwDANBE>FJ:¯:CK>9wDHJG:JGDHEDGI#;G
8]Vbe^dccViYjbdcYZ|BdhXdj!a^WgZBZhh^Zjgh
GZidjghjgXZiiZ‚egZjkZYj8]Vbe^dccViYjbdcYZ# 9ZhWd\\Znh!YZheVghZiYZhW^gY^ZhXdbbZ|<gVkZadiiZ#
A¼6b‚g^XV^cLZ^gZiaZ8VcVY^Zc7jiiaZedjggV^ZciWg^hZgaV\aVXZ# ,`k_bb[j(&&+"@#''-`ekhi

&&B6GH'%%*
(- E:DEA:
^X^

A:D:I
<>H:A:
GVgZbZcia¼ZmegZhh^dc
®aZhnZjmYZa¼Vbdjg¯
VjgV‚i‚eajhVeegdeg^‚Z#
A¼VXiZjgVb‚g^XV^c
B[edWhZe:_9Wfh_eXdjkZ
YjgZ\VgYhVbjhZ!aZide
bdYZaWg‚h^a^Zc=_i[b[
8kdZY^[d!VadghfjZ

8=G>HIDE=:H>BDC$6;E
aZhYZjmidjgiZgZVjm
VgeZciZciaZiVe^hgdj\Z
Yj@dYV`I]ZViZg!
|=daanlddY!adghYZaV
,,ZX‚g‚bdc^ZYZhdhXVgh
YjX^c‚bVVb‚g^XV^c#
Cdbb‚edjg6k^Vidg!YZ
BVgi^cHXdghZhZ!AZdZhi
gZeVgi^WgZYdj^aaZ!bV^haV
XdchdaVi^dcZhi|edgi‚Z
YZhZhnZjmWaZjh#Edjg
<^hZaZ!idjikVW^Zc!
bVa\g‚aVbdci‚ZZc
[dgXZY¼jcVjigZide

:B>A>DC6G6C?D$:E6$H>E6
Wg‚h^a^Zc!6Yg^VcVA^bV#

FJ::C$HI6G;68:
:aaZk^ZciYZaVcXZgaZ
cdjkZVjhdji^Zc"\dg\Z
?:;;=6NC:H$6;E

]^\]"iZX]YZK^Xidg^V¼h
%&8G:9>I

HZXgZih!®a¼>eZm¯#
E6E67:8@=6B
AZ'%[‚kg^Zg!Vegƒh7gdd`anc!*Vch!ZiGdbZd!'Vch!aZ[ddiWVaaZjg

9JG>;>;>² Vc\aV^h:Wl_Z8[Ya^WcVZjjc(ZÃah!8gjo#8ZaVkVaV^iW^Zcjc
WdjfjZiYZÄZjghZcWVh|\VjX]ZedjgaVbVbVc!K^Xidg^V#Igd^h

8=6CI>AAN _djgheajhiVgYZc]Vji!^a‚iV^iVjWgVhYZhX]VciZjhZhZiVXig^XZh
Vb‚g^XV^cZh@[dd_\[hBef[p|\VjX]ZZi8[oedYƒAdemb[i|Ygd^iZ!
VkZXfj^^aVidjgc‚YVchaVcdjkZaaZejWEZeh^!®HVbdjgV‰¯ZcXj^g#
²bV\VjX]Z!:Wd_[bbW9_YWh[bb_!
bVccZfj^cWg‚h^a^Zc!'(Vch!&!,.b!
hXdge^dc#²bVYgd^iZ!9Wheb_d[
8_jj[dYekhj!bVccZfj^cWg‚h^a^Zc!
'(Vch!&!,-b!hXdge^dc#6kdjZofj¼dc
96CC>>
h¼nigdbeZgV^i#AZ[ddiWVaaZjgGdcVaYd!
'-Vch!h¼nZhiaV^hh‚egZcYgZ!
G:K>:CI
aZ&)[‚kg^ZgYZgc^Zg#:cXZ_djgYZaV AVX]VciZjhZVjhigVa^ZccZ:Wdd__
HV^ci"KVaZci^c!aVhiVgWg‚h^a^ZccZYj C_de]k[!h¶jgYZ@na^Z!edhZVkZX
GZVaBVYg^YYZkV^i‚edjhZg9Vc^ZaaVVj aZ7g^iVcc^fjZ:Wl_Z9ekbj^WhZ
<:GD7G:AD:G$9E6$86B:A:DC$67686

8]}iZVjYZ8]Vci^aan+%#AVg^\jZjg GZY7jaa#BV^hX¼ZhiedjgjcVjigZ
86:I6CD76GG:>G6N6<$:E6$H>E6

Y¼jcZbeadn‚YZbV^g^Za¼VZbe„X]‚YZ e^adiZfj¼ZaaZ‚iV^i|BZaWdjgcZ!Vj
XdckdaZgd[ÃX^ZaaZbZci#BV^hXZfj^V egZb^Zg<gVcYEg^mYZaVhV^hdcYZ
b^h9Vc^ZaaVZcXdaƒgZ!X¼ZhiaZgZcigZ" ;&/aZ8VcVY^Zc?VXfjZhK^aaZcZjkZ
YZYVchYZ8Vgda^cV#6^Y‚ZYZh^m\VgYZh HVjWZg!VkZXfj^ZaaZVjgV^i
YjXdgeh!ZaaZVZmejah‚hVg^kVaZ# gZcdj‚Vegƒh)VchYZWgdj^aaZ#

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

HVbZY^!jcZeZgijgWVi^dcZckV]^gVaVbd^i^‚CdgY#9VchaZHjY!aZhdaZ^a 9^bVcX]Z!aVeZgijgWVi^dc\a^hhZgVhjgaVbd^i^‚HjY#:aaZhZgVhj^k^ZY¼jc AZY‚WjiYZhZbV^cZegdX]V^cZh¼VccdcXZ\g^hZiZcXdgZVhhZo[gd^Y egd[^iZgY¼jchdaZ^aeajh\‚c‚gZjm!ZiaZkZcihZXVabZgVYVchaZYdbV^cZ


YZkgV^ia¼ZbedgiZg!Zih^aZhiZbe‚gVijgZhYjbVi^chZgdciWVhhZh g‚\^bZY¼VkZghZhYVchjcZbVhhZY¼V^gfj^hZgV[gVˆX]^gVhjgaVbd^i^‚ hjgaVbd^i^‚CdgY#>aYZkgV^iW^ZceaZjkd^g!ZiaVa^b^iZeaj^ZcZ^\ZhZgV b‚Y^iZggVc‚Zc#AZhiZbe‚gVijgZhYZkgV^ZciVj\bZciZghZch^WaZbZci
egdX]ZhYZ%•ZaaZhgZbdciZgdciW^ZcYjgVcia¼Vegƒh"b^Y^!Zi^a[ZgVYdjm# CdgY#AZkZciYZCdgY"DjZhihdj[[aZgV[dgihjgYZcdbWgZjhZhg‚\^dch# XZgiV^cZbZciVhhZoWVhhZ!VjmVaZcidjghYZ*%%b#AVbd^i^‚HjYYZkgV^i ZcigZaV_djgc‚ZYZajcY^ZiXZaaZYZbVgY^!hjgidjihjga¼DjZhiZiaZHjY#

&&B6GH'%%*

You might also like