!"#"$%&'(")*#+%&',"-*+".#"//'0"*/1$"' 23$'4%3)".%&*-'5#+3-36%"/' '
!"#"$%&$'())(*)+,$')+-.*/."$0&$1"23"$ $
%(4+)3+5(-3"$6($7-8")593*.+$'+.2:6+6($6($1*;-.*+/$6+$<-*=()/*6+6($6($>*/?"+$1+54"$@)+-6(,$>*/?"+,$A")32B+:$ $
78/+$*&+9$ CD*/$ 4+4()$ 4)(/(-3/$ +$ -(E$ 5(3D"6$ 3"$ 5(+/2)($ /(5+-3*.$ )(:+3(6-(//$ ?(3E((-$
."-.(43/$"8$+-$"-3":"BF$E*3D$+$)*.D$/(3$"8$)(:+3*"-/D*4$3F4(/,$+-6$4)(8")5/$+$4)(:*5*-+)F$
+//(//5(-3$ "8$ *3/$ =+:*6*3F&$ CD($ 5(+/2)($ E+/$ 6(/*B-(6$ 3"$ ?($ +44:*.+?:($ 3"$ +::$ ?*"5(6*.+:$
"-3":"B*(/,$+-6$3"$?($8:(G*?:($(-"2BD$+/$3"$+::"E$8")$6*88()(-3$+44:*.+3*"-/$3"$+66)(//$3D(*)$
"E-$)(H2*)(5(-3/$?F$32-*-B,$8")$(G+54:(,$3D($E(*BD3$"8$(+.D$)(:+3*"-/D*4$3F4(&$I($8".2/$"-$
3D($ 8+.3$ 3D+3$ E($ 5(+/2)($ )(:+3(6-(//$ *-/3(+6$ "8$ /*5*:+)*3F,$ ED*.D$ 5(+/2)(/$ -"3$ /*54:($
:*J(-(//$ ?(3E((-$ ."-.(43/$ ?23$ +:/"$ "3D()$ *-3()+.3*"-/$ :*J($ +)3*.2:+3*"-$ "8$ .+)3*:+B($ +-6$
?"-(/&$ I($ +44:*(6$ 3D($ 5(+/2)($ 3"$ 3D($ '"2-6+3*"-+:$ 0"6(:$ "8$ K-+3"5F,$ +-$ "-3":"BF$ "8$
D25+-$+-+3"5F,$+-6$/D"E(6$3D+3$*3$.+-$?($2/(6$3"$6*88()(-3*+3($?(3E((-$)(:+3(6$4+*)/$"8$
+-+3"5*.+:$."-.(43/$+-6$2-)(:+3(6$"-(/$E*3D$D*BD()$4()8")5+-.($3D+-$+$.2/3"5$/*5*:+)*3F$
5(+/2)($E"2:6&$CD*/$E")J$D+/$/D"E-$4"/*3*=($4)(:*5*-+)F$+-+:F/*/$"8$3D($B(-()*.$5(+/2)($
6(=(:"4(6,$ ED*.D$ */$ +$ /3(4$ 8")E+)6$ 3"$ *54:(5(-3*-B$ 3"":/$ 3"$ 4)".(//$ 3D($ *-8")5+3*"-$
."-3+*-(6$*-$3D($*-.)(+/*-B$+5"2-3$"8$?*"5(6*.+:$"-3":"B*(/&$ $
:";<3$./=$ L(5+-3*.$ /*5*:+)*3F$ +-6$ )(:+3(6-(//,$ M*"5(6*.+:$ "-3":"BF$ +44:*.+3*"-/,$
N(:+3*"-/D*4$3F4(/,$'0K$ $
>' '?#+$3.1&+%3#' '
O-($"8$3D($5"/3$*54")3+-3$3(.D-*H2(/$+44:*(6$
3"$ ?*"5(6*.+:$ "-3":"B*(/$ D+/$ ?((-$ 3D($
.+:.2:+3*"-$ "8$ /(5+-3*.$ /*5*:+)*3F$ ?(3E((-$
."-.(43/,$ ED*.D$ H2+-3*8*(/$ 3D($ /*5*:+)*3F$ *-$
5(+-*-B$?(3E((-$3E"$."-.(43/,$+/$6(/.)*?(6$*-$
3D($"-3":"BF$PQRS&$CD*/$3(.D-*H2($*/$+3$3D($.")($
"8$ 5+-F$ +44:*.+3*"-/,$ /2.D$ +/$ *-8")5+3*"-$
/(+).D$ PTS,$ ED()($ 3D($ )(/2:3/$ +)($ /")3(6$ 8)"5$
5"/3$ /*5*:+)$ 3"$ 3D($ ")*B*-+:$ H2()F$ 3"$ :(+/3$
/*5*:+)&$ I*3D"23$ +$ 8)+5(E")J$ 3D+3$ (-+?:(/$
."5423()/$ 3"$ B)+/4$ 3D($ ."-.(43$ "8$ /(5+-3*.$
/*5*:+)*3F,$ *3$ E"2:6$ ?($ *54"//*?:($ 3"$
+23"5+3*.+::F$2-6()/3+-6$3D+3,$(&B&,$´!"#$%µ*/$
5")($/*5*:+)$3"$´&'()"*µ3D+-$3"$´+,")#'-µ&$ $ L(5+-3*.$ /*5*:+)*3F,$ D"E(=(),$ 6"(/$ -"3$
/()=($+::$42)4"/(/U$*-$/"5($.+/(/,$)(:+3(6-(//$
5(+/2)(/$ 4)"=*6($ +$ 5")($ *-3()(/3*-B$ +-6$
(88(.3*=($ E+F$ "8$ /":=*-B$ +$ 4)"?:(5&$ '")$
*-/3+-.(,$*-$3D($/326F$"8$:".+:*V(6$6*/(+/(/,$3D($
4DF/*.+:$ 4)"G*5*3F$ ?(3E((-$ +-+3"5*.+:$
."-.(43/$ .+-$ ?($ 5")($ 5(+-*-B82:$ 3D+-$ 3D(*)$
/*5*:+)*3FU$ +:/",$ 8)"5$ 3D($ 4"*-3$ "8$ =*(E$ "8$
4D+)5+.":"BF,$ *3$ */$ 5(+-*-B82:$ 3D+3$ ?"3D$
´-'./$'("µ DQG ´5(3*G(-(µ LGHQWL8*()/$
.D(?*WRQQXY$+-6$.D(?*WRQZTY$)(/4(.3*=(:F[$+)($
+-3*4+)J*-/"-$ 6)2B/,$ 6(/4*3($ 3D(*)$ :+.J$ "8$
/3)2.32)+:$/*5*:+)*3F&$ $
A(6()/(-$!"#$%&$PQ\S$5(-3*"-$3D($6*88()(-.($
?(3E((-$&'('%$)'"*$+-6$)!%$"!+,!&&&$K..")6*-B$
3"$ 3D(5,$ /*5*:+)*3F$ */$ +$ /3)*.3()$ 8")5$ "8$
)(:+3(6-(//W$ +$ 4+*)$ "8$ /*5*:+)$ ."-.(43/$ /D+)($
8")5,$ /D+4($ ")$ /3)2.32)(W$ *-$ "3D()$ E")6/,$ 3D($
."-.(43/$ +)($ $%'-!&$ K/$ /2.D,$ /*5*:+)*3F$ */$
/3)"-B:F$ )(:+3(6$ 3"$ )(:+3*"-/D*4/$ "8$
/2?/2543*"-W$ ´!"#$%µ '&.$$ ´0$1#)µ,$ ]2/3$ :*J($
´&'()"*µ'&.$$´0$1#)µ,$(3.&$O-$3D($."-3)+)F,$3D*/$
4+4()$4)(/(-3/$+$/(5+-3*.$)!%$"!+,!&(+/2)($
3D+3$ 3+J(/$ *-3"$ +.."2-3$ =+)*"2/$ )(:+3*"-/D*4$
3F4(/,$ 4+)3*.2:+):F$ *-$ "-3":"B*(/$ 3D+3$ 2/($
/(=()+:,$/2.D$+/$*-$3D($?*"5(6*.+:$6"5+*-$PQ^S&$
'")$ (G+54:(,$ 3D($ '"2-6+3*"-+:$ 0"6(:$ "8$
K-+3"5F$ _'0K[,$ ED()($ /*-B:($ *-D()*3+-.($
."2:6$ 4"3(-3*+::F$ :(+6$ 3"$ /5+::()$ :(=(:/$ "8$
(G4)(//*=(-(//,$ ."-3+*-/$ "=()$ XZ$ )(:+3*"-/D*4$
3F4(/,$ (88(.3*=(:F$ +::"E*-B$ 8")$ +$ )*.D$ ."-3(-3$
+-6$ +$ D*BD$ (G4)(//*=(-(//U$ "3D()$ (G+54:(/$
*-.:26($1D`M7,$E*3D$QZ,$+-6$AKCO,$E*3D$a&$
$ $
,&%2,QWHUQDWLRQDO&RQIHUHQFHRQ%LRPHGLFDO2QWRORJ\
-XO\ā%XIIDOR1<86$
!" "#$%$&"'("$)&"*+$" "
!"#$%&#'()*&+(,-.#/(&.+0#1&*-"$(,#1(*(.-2($3#%-1#
'&&"# &4$&"1(5&.3# 61&+# ("# $%&# 7&"&# 8"$).)93#
:78;#<=>0#=?@0#A($%#-BB.(,-$()"1#.(C&#B2&+(,$()"#
)/# B2)$&("# /6",$()"# <==0# D@0# B2&+(,$()"# )/#
B2)$&("EB2)$&("# ("$&2-,$()"1# <=F@# )2# B2&+(,$()"#
)/#'2&-1$#,-",&2#)6$,)*&#<=G@H#8$%&2#)"$).)9(&1#
61&+# A($%# 1&*-"$(,# 1(*(.-2($3# -BB2)-,%&1# ("#
$%&#'()*&+(,-.#+)*-("#(",.6+&#$%&#IJ80#A%&2&#
VLPLODULW\RISKHQRW\SHVLVXVHGWR´UH/("&#$%&#
+(//&2&"$(-.# +(-9")1(1# '3# 1699&1$("9# ,.("(,-.#
/&-$62&1# $%-$0# (/# B2&1&"$0# '&1$# +(//&2&"$(-$&#
-*RQJ WKH FDQGLGDWH GLDJQRVHVµ >@ DQG K%LM!0#A%&2&#($#A-1#61&+#$)#B2&+(,$#B2)B&2$(&1#
)/# 1*-..# *).&,6.&1# <?@H# L5&"# $%)69%# $%&#
*&$%)+1#+&1,2('&+#("#$%&1&#B-B&21#-2&#"-*&+#
!"#"$%&"'() *&-162&10# *)1$# )/# $%&*# 61&#
2&.-$()"1%(B# $3B&1# )$%&2# $%-"# 16'16*B$()"0#
A%(,%# &//&,$(5&.3# *-C&1# $%&*# 1&*-"$(,#
&*$%'*+,*!!#*&-162&1H# #
I)A&5&20# 2&.-$&+"&11# *&-162&10# &4B.(,($.3#
"-*&+#1)0#%-5&#")$#'&&"#5&23#A&..#&4B.)2&+#("#
$%&#'()*&+(,-.#+)*-("H#J-$A-2+%-"#&$#-.H#<=N@#
&4B.)2&# -# 2&.-$&+"&11# *&-162&# ("# O)2+P&$0#
'-1&+# )"# ,)"$&4$# 5&,$)21# $%-$# 2&B2&1&"$#
,)E),,622&",&# )/# A)2+10# A%(,%# A-1# .-$&2#
-+-B$&+# <=Q@# $)# A)2C# A($%# RP8SLTEKU0# -#
,.("(,-.# $&2*(").)9(,-.# 2&1)62,&0# '6$# $%(1#
*&$%)+# +)&1# ")$# 61&# $%&# 2&.-$()"1# )/# $%&#
)"$).)930# )".3# $%&# ,)",&B$1# $%&*1&.5&1# -"+#
$%&(2#+&1,2(B$)21H# #
," -&.&+%/01%$0'."'("
2&/%$&3.&44"5&%46+&4" "
R&*-"$(,# 2&.-$&+"&11# 16//&21# /2)*# -# .-,C# )/#
9&"&2-.(V-$()"0#-1#$%&#*&$%)+1#,622&"$.3#("#61&#
%-5&# -..# '&&"# 1B&,(/(,-..3# $-(.)2&+# $)# A)2C# )"#
$%&#)"$).)9(&1#$%&3#-2&#-BB.(&+#$)0#-"+#92&-$.3#
+&B&"+#)"#$%'16*B$()"#)/#,)",&B$1H#O($%#
$%&#&1$-'.(1%*&"$#)/#8M8#-"+#$%&#(",2&-1("9#
("$&2&1$# ("# )"$).)93# +&5&.)B*&"$# -"+#
-BB.(,-$()"#$)#2&-.EA)2.+#B2)'.&*10#A&#-2&#-$#-#
B)("$# A%&2&# 2&.-$&+"&11# *&-162&1# -2&#
&4B&,$&+#$)#'&#+&5&.)B&+#$)#)$%&2#)"$).)9(&1#-1#
A&..H# U%(1# B2)'.&*# ,-"# '&# %-"+.&+# ("# $A)#
+(1$(",$#'6$#B-2-..&.#B&21B&,$(5&1W#A&#,-"#A-($#
/)2# -# $&-*# $)# +&5&.)B0# &5-.6-$&0# B6'.(1%# -"+#
+&B.)3# -# *&-162&# $)# A)2C# A($%# $%&(2# )A"#
)"$).)9(&10# -"+X)2# A&# ,)*&# /)2A-2+# A($%# -#
9&"&2-.(V&+#*&$%)+).)93#$%-$#,-"#'&#-BB.(&+#$)#
-..#'()*&+(,-.#)"$).)9(&1H# #
RB&,(/(,-..3# +&5&.)B("9# -# *&-162&# /)2# -"#
)"$).)93# (10# B&2%-B10# $%&# B2&/&22&+# 1).6$()"W#
1&*-"$(,#2&.-$&+"&11#*&-162&1#$-(.)2&+#$)#)"&#
)"$).)93# A(..# *)1$# .(C&.3# +&.(5&2# '&1$#
B&2/)2*-",&# $%-"# -# 9&"&2-.# *&$%)+).)93H#
I)A&5&20# (/# -# 1$2)"9# 9&"&2-.(V&+# *&-162&# (1#
+&5&.)B&+0# ("/)2*-$()"# 2&$2(&5-.# $&-*1# ,-"#
'6(.+#$%&(2#131$&*1#)5&2#($#A($%)6$#$%&#"&&+#$)#
,2&-$&#-#1B&,(/(,#*&-162&#/2)*#1,2-$,%#/)2#&-,%#
)"$).)93#)/#("$&2&1$H#Y62$%&2*)2&0#/)2#2&1&-2,%#
)"# &B(+&*().)9(,# 1629&10# -# /(&.+# $%-$# 61&1#
)"$).)9(&1# )/0# &H9H0# +(1&-1&10# 13*B$)*10#
-"-$)*(,-.#B-2$1#-"+#9&)92-B%(,#.),-$()"1#<Q@0#
2&-+(.3# -BB.(,-'.&# *&-162&1# )/# 1&*-"$(,#
2&.-$&+"&11# A)6.+# '&# -"# -11&$# /)2# -# Z6(,C#
+&B.)3*&"$#)/#2&16.$1H# #
O&# B2&1&"$# -# *&-162&# )/# 2&.-$&+"&11# $%-$#
,-"# '&# &-1(.3# -BB.(&+# $)# -..# '()*&+(,-.#
)"$).)9(&10#-1#.)"9#-1#$%&3#+&/("&#,)",&B$1#-"+#
2&.-$()"1#'&$A&&"#$%&*H#!$#(1#/.&4('.&#&")69%#$)#
-..)A#/)2#-#"6*'&2#)/#-+-B$-$()"1#$%-$#,-"#'&#
/("&#$6"&+#")$#)".3#/)2#$%&#)"$).)93#($1&./#'6$#
-.1)# -,,)2+("9# $)# $%&# $3B&# )/# -BB.(,-$()"#
*-C("9#61&#)/#$%&#*&-162&H#[1#-#,-1$6+30#A&#
-BB.(&+# $%&# *&-162&# $)# YS[0# -# ,)*B.&4#
)"$).)93# A%&2&# $%&# *&$%)+1# $%-$# %-5&# '&&"#
61&+#("#78#+)#")$#A)2C#A&..#:1&&#$%&,$()"#)"#
\&16.$1;H# #
,78"2&/%$&3.&44"5&%46+&" "
!"#9&"&2-.0#1(*(.-2($3#,-"#'&#,-.,6.-$&+#'-1&+#
)"#$%&#"!-%#2&.-$()"1%(BH#Y)2#&4-*B.&0#´!"#$%µ(1#
*)2(*(.-2#$)#´&'()"*µ:')$%#-2&#)29-"1;#$%-"#
$)# ´&DUGLDF YHQWULFOHµH# !"1$&-+0# $)# *&-162&#
&*$%'*+,*!!0# A&# B2)B)1&# -# *&$2(,# $%-$# $-C&1#
("$)# -,,)6"$# ")$# $%&# .(C&"&11# )/# $A)# ,)",&B$1#
'6$#$%&#)5&2.-B#)/#$%&(2#"&(9%')2%))+1H# # U%&# /)2*6.-# /)2# $%&# 2&.-$&+"&11# *&-162&#
A&# B2)B)1&# +&B&"+1# )"# $%&# 2&.&5-",&# )/# )"&#
,)",&B$# $)# -")$%&2# )"&H# O&# 61&# -# 2&.&5-",&#
/-,$)20#ǚ:"#ń.;0# $)# &4B2&11# $%&# 2&.&5-",&# )/#
,)",&B$#"#A($%#2&.-$()"#$)#,)",&B$#.0#-"+#$-C&#
/:.;# -1# $%&# "&(9%')2%))+# )/#.# :$%&# ,)",&B$1#
$%-$# -2&# 2&.&5-"$# $)#.;H# \&.-$&+"&11# '&$A&&"#
$A)#,)",&B$10#ǒ:00#1;#(1#$%&"#*&-162&+#$%2)69%#
$%&#)5&2.-B#("#$%&(2#"&(9%')2%))+W#
# #ǒ:00#1;#]#"א/:0;ת/:1;#ǚ:"#ń0;#^#ǚ:")ń1;#
"א/:0;/:1;#ǚ:"#ń0;#^#ǚ:")ń1;#:=;#
#A($%#ǚ:"#ń.;#]#>#(/#"#ב/:.;H# #
LZ6-$()"# =# ,-"# '&# -+-B$&+# $)# -# A(+&#
!"#$%&'()'*+,"-,+(!*.'/(&'%0-#12%3'!4"5'6-!'$%' 7%)+!%7' -*' ,8%' *%,' ()' 6(!6%1,*' 6(!!%6,%7' ,('"' 9+,8'-'1-,8'()'-,'#(*,'#'&%2-,+(!*'4,8%'&-7+"*' ()',8%'!%+:8$(&8((75.'ǚ4$'ń"5'6-!'$%'7%)+!%7'
$-*%7' (!' ,8%' &%2-,+(!*8+1' ,;1%*' ()' ,8%' 1-,8' )&(#'$' ,('"<' +)' ,8+*' 1-,8' +*' 6(#1(*%7' ()' !'
&%2-,+(!*'()',;1%'%=3...3%&3',8%!' '
ǚ4$'ń"5'>'
ς
9%+:8,4%'5' ' ' ' ' ' ' ' ' 4?5' 98%&%' 9%+:8,' ()' ,8%' &%2-,+(!*' +*' 8+:8%&' )(&'#(&%'+#1(&,-!,'&%2-,+(!*8+1',;1%*.' '
@,8%&'%0-#12%*'+!62"7%'!4"5'-*',8%'*%,'()' 6(!6%1,*' 98(*%' &%2%A-!6%' )-6,(&' +*' -$(A%' -' 6%&,-+!',8&%*8(27B'(&',8%'&%2%A-!6%')-6,(&*'6-!'
$%')+!%',"!%7',('#%-*"&%'&%2%A-!6%',-C+!:'+!,(' -66("!,' *1%6+)+6+,;' 4%.:.3' ,8&(":8' +!)(&#-,+(!' 6(!,%!,5.'D!')-6,3'+)'(!%',-C%*'!405',('$%',8%'*%,' ()' *"1%&62-**%*' ()'"' -!7'ǚ4()ń"5' ,(' $%' ,8%' +!)(&#-,+(!' 6(!,%!,' ()'(3' ,8%' #%-*"&%' +*' !(,' A%&;'7+))%&%!,')&(#'*+#EDF'4,8%'7+))%&%!6%'$%+!:' ,8-,'6(##(!'*"1%&62-**%*'9("27'-11%-&',9+6%' +!',8%'!"#%&-,(&'-!7'+!',8%'7%!(#+!-,(&5'G=HI.' '
J-68' -112+6-,+(!' +*' )&%%' ,(' 7%)+!%' 98-,' 6(!*,+,",%*' -' !%+:8$(&8((7' -!7' 98-,' +*' ,8%'
&%2%A-!6%' ()' (!%' 6(!6%1,' ,(' -!(,8%&' (!%.' /(&' +!*,-!6%3' +!' -!' -112+6-,+(!' 6(!6%&!%7' #(&%' 9+,8'18;*+6-2'2(6-,+(!',8-!'9+,8'*+#+2-&+,;3',8%' )(22(9+!:'*8("27'8(27<' '
ǚ4´!"#$%"&'()*+#%&,)µń´-)"#+µ5' ' K'ǚ4´.%$*)/µń´-)"#+µ5' '
!"#$%&'$ $
L8%' /("!7-,+(!-2' M(7%2' ()' N!-,(#;' 4/MN5=' G=OI' +*' &%*,&+6,%7' ,8&(":8' *+!:2%' +!8%&+,-!6%'
$",'+,*'#-!;'&%2-,+(!*8+1',;1%*'#-C%'+,'-'A%&;' 6(!,%!,P&+68'(!,(2(:;.'N*'1%&',8%'7%)+!+,+(!'+!' G=QI3' ,8%*%' &%2-,+(!*' 6-!' $%' %012(+,%7' ,(' 7%,%&#+!%' ,8%' &%2-,%7!%**' $%,9%%!' ,9(' -!-,(#+6-2' 6(!6%1,*.' /(&' +!*,-!6%3' ,8%'
&%2-,+(!*8+1' ,;1%' *%+$,-.*+/012$+33' 98+68'
´KROGVEHWZHHQWZRRUPRUHDGMDFHQWERQHVRU EHWZHHQDERQHDQGDFDUWLODJHWKURXJKDMRLQWµ 4)&(#' ,8%' 7%)+!+,+(!' ()' /MNDR<?SOQTQ53' 7(%*'
!(,' 6(!A%;' 2+C%!%**' $%,9%%!' ,8%' 6(!!%6,%7' ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
= N66%**+$2%' )&(#<' 0++12334%567%84+#69"40%*5+8*6)$:3' 1#8;)&+43<=3>78:+?@60+=,.' L8%' (!,(2(:;' +*' 7%*6&+$%7'+!')&-#%*'-!7'#"*,'$%'(1%!%7'9+,8',8%' U&(,V:V' *(),9-&%' (&' "*%7' 7+&%6,2;' -*' -' M;WXY' 7-,-$-*%.'@Z@'-!7'@[Y'A%&*+(!'%0+*,3'$",',8%;' 6(!,-+!'(!2;'-'*"$*%,'()',8%'(!,(2(:;.' '
'
6(!6%1,*3' $",' ,8%&%' +*' !(' 7("$,' ,8-,' 6(!6%1,*' 6(!!%6,%7',8&(":8'+,'-&%'&%2-,%7.'[8%,8%&',8+*'
&%2-,+(!*8+1'+*'+#1(&,-!,')(&'-!'-112+6-,+(!'+*' GHSHQGDQW RQ WKDW DSSOLFDWLRQ·V JRDO DQG DV
*"683'-!;'#%-*"&%'*8("27'$%' ' )2%0+$2%'%!(":8' ,(' -22(9' ,8%' "*%&' ,(' 7%,%&#+!%' 98+68'
&%2-,+(!*8+1' ,;1%*' -&%' &%2%A-!,3' -!7' ,(' 98-,'
%0,%!,.' '
[%'68(*%'/MN'-*'("&'6-*%'*,"7;'$-*%7'(!' )("&'1(+!,*<' '
=. +,' "*%*' (A%&' O\' &%2-,+(!*8+1' ,;1%*3' 98+68'
#%-!*' -' 2(,' ()' *%#-!,+6' +!)(&#-,+(!' +*' 6(!,-+!%7'+!'!(!P*"$*"#1,+(!'&%2-,+(!*B' '
?. +,'+*'-'A%&;'6(#12%,%'(!,(2(:;'()',8%'8"#-!' -!-,(#;3' 9+,8' -112+6-,+(!*' *"68' -*' ]P&-;' -!7' 7+*%-*%' -!!(,-,+(!.' D!' )-6,3' 9%' 8-A%'
"*%7' 6&(**' &%)%&%!6%*' $%,9%%!' /MN' 6(!6%1,*'-!7'7+*%-*%*',('-**%**',8%'A-2+7+,;' ()',8%'7%A%2(1%7'#%-*"&%B' '
Q. 9%' 12-!' ,(' %0,%!7' ,8+*' #%-*"&%' ,(' (!,(2(:+%*' +!' ,8%' %1+7%#+(2(:+6-2' )+%27' +!' ,8%')","&%3'-!7'/MN'+*'(!%'*"68'(!,(2(:;B' ' H. *%#-!,+6' *+#+2-&+,;' #%-*"&%*' 7%A%2(1%7' )(&'E@'7('!(,' 7%2+A%&':((7' &%*"2,*' +!' ,8+*' (!,(2(:;.' '
D!',8+*'6-*%'*,"7;3'!4"5'9-*'7%)+!%7'-*',8%' 6(!6%1,*',8-,'-&%'6(!!%6,%7',('"',8&(":8'-'1-,8'
!('2(!:%&',8-!'#'&%2-,+(!*'498%&%'#'א'^Q3'H_53' -!7'ǚ4$'ń"5'9-*'7%)+!%7',8&(":8'%`"-,+(!'?' 9+,8',8%'9%+:8,'()'-22'&%2-,+(!*8+1',;1%*'*%,',('
\.S.' /(&' 6(!6%1,*' 6(!!%6,%7' 9+,8' #(&%' ,8-!' (!%'1-,83'ǚ4$'ń"5'+*',8%'#-0+#"#'()'-22',8(*%'
&%2%A-!6%')-6,(&*.' '
@!',8%'(!%'8-!73'-'*#-22'A-2"%'()'#'#-C%*' ,8%' +!,%&*%6,+(!' ()' !%+:8$(&8((7*' 2+C%2;' ,(' $%'
%#1,;.' Z;' +!6&%-*+!:' +,*' A-2"%3' ,8%' #%-*"&%' 6(!*+7%&*' -' 2-&:%&' !%+:8$(&8((7' -!7' :-+!*'
&%*(2",+(!.' @!' (!,(2(:+%*' 9+,8' #(&%' 6(!6%1,*' (&' 2%**' &%2-,+(!*3'#' *8("27' $%' +!6&%-*%7' ,(' -A(+7',8-,'1&($2%#.'@!',8%'(,8%&'8-!73'-'2-&:%' A-2"%' ()'#' +!6&%-*%*' ,8%' ,+#%' ,(' 6-26"2-,%'
&%2-,%7!%**3' *(' -' 6(#1&(#+*%' #"*,' $%' #-7%.' [%'*,"7+%7'A-2"%*'()'#'א'^Q3'H_',('"!7%&*,-!7' ,8-,'6(#1&(#+*%.' '
N*' )(&' ,8%' 9%+:8,' ()' %-68' &%2-,+(!3' +,' 9-*' A%&+)+%7' ,8-,' 68-!:+!:' ,8%' -$*(2",%' A-2"%' 7+7'
!(,' 1-&,+6"2-&2;' +!)2"%!6%' ,8%' &%*"2,*.' D!' -'
*1%6+)+6' -112+6-,+(!3' ,8%' &%2-,+A%' 9%+:8,' ()' -'
&%2-,+(!' #"*,' $%' -,,&+$",%7' $-*%7' (!' +,*'
&%2%A-!6%B' -*' -!' %0-#12%3' 9%' "*%7' -' A-2"%' ()'
\.S' *+!6%' +,' 7%6&%-*%*' ,8%' &%2%A-!6%' )-6,(&' ()'
!"#$ %&'#$ ()*!+,!$ -&,-#.!*/$ 01!$ 2+31#*$ &4$ 567$
+,($568$*"&9#($!"#$*+%#$:),($&4$'#*13!*6$ $
!" "#$%&'(%")*+",-%.&%%-/*" "
;1'$ %#+*1'#$ '#!1',*$ +$ 2+31#$ &4$ '#3+!#(,#**$
0#!9##,$!9&$<=>$-&,-#.!*6$?,$&'(#'$!&$+**#**$
!"#$ 2+3)()!@$ &4$ *1-"$ +$ %#+*1'#$ 9#$ %1*!$
(#!#'%),#$)4$!"#$2+31#$'#!1',#($%+:#*$*#,*#$),$
+$0)&%#()-+3$-&,!#A!6$>*$()*-1**#($+0&2#/$#+-"$
+..3)-+!)&,$%1*!$9#)B"!$#+-"$'#3+!)&,*").$!@.#$
(#.#,(),B$ &,$ )!*$ %+),$ B&+36$ <&'$ !")*$ 4)'*!$
%#+*1'#$ &4$ +**#**%#,!/$ "&9#2#'/$ 9#$ "+2#$
+**)B,#($#C1+3$9#)B"!*$!&$+33$'#3+!)&,*").*6$ $ D9&$+2#,1#*$9#'#$.1'*1#($!&$2+3)(+!#$!"#$
+..'&+-"6$ D"#$ 4)'*!$ 9+*$ 0+*#($ &,$ +$ *)%.3#$
%+!-"$ 0#!9##,$ <=>$ +,($ E;6$ D"#'#$ )*$ +,$
&2#'3+.$ &4$ FGH$ 3+0#3*$ ),$ 0&!"$ &,!&3&B)#*$
I-&1,!),B$ .'#4#''#($ ,+%#*$ +,($ *@,&,@%*J/$
9)!"$ F7K$ E;$ -#3313+'$ -&%.&,#,!$ -&,-#.!*$
%+!-"#($ !&$ FKG$ <=>$ -&,-#.!*6$ L*),B$ !"#*#$
%+!-"#*/$ 9#$ 9#'#$ +03#$ !&$ -&%.DUH )0$·V '#3+!#(,#**$ %#+*1'#$ 9)!"$ !9&$ &4$ !"#$ %&*!$
*1--#**413$ *)%)3+')!@$ %#+*1'#*$ (#2#3&.#($ 4&'$
E;/$M#*,):$+,($*)%E?N$OPHQ6$<)B1'#$P$*"&9*$!"#$
*-+!!#'$ .3&!*/$ 9"#'#$ !"#$ RSD[LV KDV )0$·V '#3+!#(,#**$%#+*1'#$+,($!"#$TSD[LVKDV*2·V
*)%)3+')!@$ %#+*1'#6$ N&''#3+!)&,$ -,)-)#,!*$
+'#$ B)2#,$ 4&'$ #+-"$ .3&!$ ),$ D+03#$ P6$ D"#'#$ )*$
*&%#$ -&''#3+!)&,$ 0#!9##,$ !"#$ !9&$ %#+*1'#*/$
9")-"$)*$+$B&&($),()-+!)&,$&4$!"#$2+3)()!@$&4$!"#$
.'&.&*#($ %#!"&(6$ U&9#2#'/$ !"#*#$ 2+31#*$ +'#$
&,3@$'#3+!)2#3@$B&&(/$B)2#,$!"+!V$ $
P6 4)'*!$+,($4&'#%&*!/$9#$+'#$-&%.+'),B$+$
*)%)3+')!@$%#+*1'#$9)!"$+$'#3+!#(,#**$&,#W$ $ F6 !"#$!9&$&,!&3&B)#*$!+:#$()*!),-!$.&),!*$&4$
2)#9$+0&1!$!"#$-#3313+'$(&%+),$OPQW$ $ X6 *)%E?N$+,($M#*,):$1*#$#A!#',+3$
0+-:B'&1,($:,&93#(B#$I),$!"#$4&'%$&4$
),4&'%+!)&,$-&,!#,!J$+,($!")*$%#+*1'#$
1*#*$!"#$*!'1-!1'#$&4$!"#$&,!&3&B@$+3&,#W$ $ H6 E;$)*$%+),3@$+,$+..3)-+!)&,$&,!&3&B@/$
9"#'#+*$<=>$)*$+$'#4#'#,-#$&,!&3&B@6$ $
$
$
$
$
$
D"#$ *#-&,($ +**#**%#,!$ +..'&+-"$ 9+*$
0+*#($&,$!"#$,&!)&,$!"+!$+$.+)'$&4$+,+!&%)-+3$
#,!)!)#*$)%.3)-+!#($),$!"#$*+%#$()*#+*#$*"&13($
0#$ %&'#$ '#3+!#($ !"+,$ +$ '+,(&%$ .+)'$ &4$
DQDWRPLFDO HQWLWLHV 8VLQJ +32·V DQQRWDWLRQ -&'.1*F/$9#$9#'#$+03#$!&$(#')2#$+$%+..),B$4'&%$
()*#+*#*$ !&$ *@%.!&%*$ +,($ 4'&%$ *@%.!&%*$ !&$
<=>$ -&,-#.!*$ I*##$ <)B1'#$ FJ6$ <'&%$ !")*/$ 9#$
(#')2#($ !"#$ *#!$ &4$ .+)'*$ &4$ !"#$%"&$ '()*
+,-+".%/6$ Y#$ !"#,$ #A!'+-!#($ '+,(&%$ .+)'*$ &4$
&!"#'$ <=>$ -&,-#.!*$ +*$ !"#$ *#!$ &4$ .+)'*$ &4$
0-!"#$%"&* '()* +,-+".%/$ +,($ .#'4&'%#($ +,$
M;N$+,+3@*)*$+*$4&33&9*V$ $
I+J$*)%E?N$1/6$ǒ(*Z$X$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $I0J$*)%E?N$1/6$ǒ(*Z$H$ $
I-J$M#*,):$1/6$ǒ(*Z$X$ $ $ $ $ $ $ $ $ I(J$M#*,):$1/6$ǒ(*Z$H$ $
!"#$%&'()!"#$!%&''$()*+&,!-$*.$$,!/+0123!),4!&5'!0$)/5'$!
&6!'$()*$4,$//7!8)%#!9&+,*!'$9'$/$,*/!)!0)99+,:!6'&0!1;!*&!
<=>?!),4!+*/!9&/+*+&,!+,!*#$!:')9#+%!4$9$,4/!&,!*#$+'!<=>!
'$()*$4,$//! @AB)C+/D! ),4! 1;! /+0+()'+*E! @FB)C+/D! G)(5$/7!
3&''$()*+&,!6)%*&'/!)'$!/#&.,!+,!")-($!H7
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
F$ Y#$ "+2#$ 1*#($ !"#$ =@[\]$ (1%.*$ &4$ U^;/$
+2+)3+03#$ 4'&%$ #**9IJJ%&09-+&7%#)'+*$74$J/G,J#9&!
J*'5,KJ/'%J0+/%J6$ $
!
!"#$%&%'()%*+#&,($-),# .,%/012)0223#)(3%-$# 42)),'(*%25#
!"#$%&'( )*"#$+#'(
%,+-./( !(0(1( 23455( 23467(
%,+-./( !(0(4( 23486( 23716(
9"%',:( !(0(1( 231;6( 231<5(
9"%',:( !(0(4( 23112( 234;2(
6(1',#78(=>"(?&$$"@#A,&'(?&"BB,?,"'A%(?&$$"%*&'C,'D(A&(A>"(D$#*>,?%(,'(E,DF$"(83( (
9%/-),#:8(=>"(G&$:(B@&G(B&@@&G"C(A&(D"A(EHI(?&'?"*A%(#'C(#%%&?,#A"C(C,%"#%"%3( (
9%/-),#;3(=>"(9J/(?F$K"%(&LA#,'"C(B$&+(A>"(9J/(#'#@M%,%3(
N#?>( 9J/( ?F$K"( ,%( A>"( #K"$#D"( &B( 82( &A>"$( 9J/( ?F$K"%O(
"#?>( &'"( *$&CF?"C( G,A>( #( C,BB"$"'A( %"A( &B( $#'C&+(
F'$"@#A"C( *#,$%( &B( EHI( ?&'?"*A%O( #%( C"%?$,L"C( ,'( P4Q( R%""(
I@D&$,A>+(7(&B(A>#A(*#*"$S3(
!"#$%& '()& *)+,')-$)""& .),"/*)& ,"& ,& "01*)&
2)'3))$&),0(&4,#*5&3)&0,$&,*2#'*,*#+6&-)7#$)&,&
'(*)"(1+-&,218)&3(#0(&4,#*"&"(1/+-&2)&0+,""#7#)-&
,"& *)+,')-& ,$-& /$-)*& 3(#0(& 4,#*"& "(1/+-& 2)&
0+,""#7#)-& ,"& /$*)+,')-9& :6& 01.4,*#$%& '()")&
*)"/+'"& 3#'(& '()& ,0'/,+& *)+,')-& ,$-& /$*)+,')-&
4,#*"5&3)&12',#$&8,+/)"&17&")$"#'#8#'6&;7*,0'#1$&17&
'()& *)+,')-& 01$0)4'"& 0+,""#7#)-& ,"& *)+,')-<& ,$-&
"4)0#7#0#'6& ;7*,0'#1$& 17& /$*)+,')-& 01$0)4'"&
0+,""#7#)-&,"&/$*)+,')-<9&=)''#$%&'()&'(*)"(1+-&'1&
YDOXHVIURPWRZHFDQGUDZD´VHQVLWLYLW\!"9&
;>& ï& VSHFLILFLW\µ RU 52& FXUYH >@ 7KHVH
0/*8)"& ,*)& 4*)")$')-& #$& ?#%/*)& @9& ?1*&
01.4,*#"1$& 4/*41")"5& 3)& (,8)& ,+"1&
#.4+).)$')-& '()& "#.ABC& .),"/*)& '1& ?DE5&
,001*-#$%&'1&F>GH9& &
E"& #"& )8#-)$'& 7*1.& '()& 7#%/*)5& '()& 2)"'&
SHUIRUPLQJ PHDVXUH ZDV )0$·V UHODW)-$)""&
.),"/*)& 3#'(& D& I& G5& "#$0)& (#%(& 8,+/)"& 17&
")$"#'#8#'6&,*)&12',#$)-&3#'(1/'&01.4*1.#"#$%&
"4)0#7#0#'69& J()& .,#$& -#77)*)$0)& 2)'3))$& '()&
.),"/*)"& 3#'(&#& I& G& ,$-&#$I& @& #"& '(,'& '()&
71*.)*&(,"&.1*)&*)"1+/'#1$&413)*&#$&'(,'&#'&0,$&
-#77)*)$'#,')& 2)'3))$& 01$0)4'"& K& *)+,'#1$"&
,4,*'5& 3()*),"& 71*& '()& +,'')*5& 01$0)4'"& 3#'(& ,&
4,'(&-#"',$0)&%*),')*&'(,$&L&(,8)&,&*)+,')-$)""&
8,+/)&17&M9M9&E--#'#1$,++65&71*&,&'(*)"(1+-&17&M9M5&
,++&4,#*"&,*)&0+,""#7#)-&,"&*)+,')-&;")$"#'#8#'6&I&>&
,$-&"4)0#7#0#'6&I&M<9&A#8)$&'()&+13)*&*)"1+/'#1$&
17&'()&#&I&@&.),"/*)5&'()*)&,*)&,&+1'&.1*)&4,#*"&
3#'(& *)+,')-$)""& 8,+/)& 17& M9M5& *)"/+'#$%& #$& '()&
"'*,#%('&+#$)9&N#'(&,&+,*%)*&8,+/)&17&#&;#&O<5&#'&
31/+-& 2)& 41""#2+)& '1& #$0*),")& '()& *)"1+/'#1$&
)8)$& 7/*'()*5& ,'& '()& 01"'& 17& '#.)& 17& )P)0/'#1$9&
Q13)8)*5&'(#"&31/+-&2)&*)7+)0')-&1$+6&#$&'()&+)""&
*)+,')-& 01$0)4'& 4,#*"5& '(1")& '(,'& ,*)& .1*)&
-#"',$'&'1&1$)&,$1'()*9&
?/*'()*.1*)5& '1& #++/"'*,')& 1/*& ,"")*'#1$&
'(,'& ").,$'#0& "%&%'()%*+& #"& $1'& ,+3,6"&
,44*14*#,')5&01$"#-)*&'()&4)*71*.,$0)&17&"#.ABC&
#$& '()& ",.)& 7#%/*)5& 3(#0(& -).1$"'*,')"& '()&
"/4)*#1*#'6& 17& *)+,')-$)""& .),"/*)"& 18)*&
").,$'#0& "#.#+,*#'65& ,'& +),"'& 3()$& ,44+#)-& '1&
1$'1+1%#)"&3()*)&,&3#-)&$/.2)*&17&*)+,'#1$"(#4&
'64)"&#"&/")-9& &
R'()*& 8,+#-,'#1$& ,44*1,0()"& ,*)& 2)#$%&
01$"#-)*)-5& #$0+/-#$%& ,& 01**)+,'#1$& 2)'3))$&
!"#$%"&'"(() $'&) *+,+**-!!"'*") +.) *+'*"/%() 0') $)
*+!/-(1) $'&) $(20'3) "4/"!%() 0') %5") $!"$) 6/57(0*0$'(8) %+) (*+!") /$0!() +.) $'$%+90*$#)
*+'*"/%() :$("&) +') !"#$%"&'"((;) <50(1) 5+=">"!1) 9-(%) %$2") 0'%+) $**+-'%) %5$%) %5"0!) :$*23!+-'&) 2'+=#"&3") 9$7) &0.."!) (03'0.0*$'%#71) ";3;1) $)
*$!&0+#+30(%) $'&) $) /57(0*0$') (/"*0$#0?"&) 0') 0'."*%0+-()&0("$("()9$7)5$>")&0.."!"'%)/+0'%()+.)
>0"=)*+'*"!'0'3)%5")!"#$%"&'"(()+.)´!"#$%µ$'&)
´&'()µ;) )
!" " #$%&'()*$%)" "
@0%5)%5")$&>"'%)+.):0+9"&0*$#)+'%+#+30"()$'&)0%() 3"'"!$#0?$%0+')$9+'3)(">"!$#).0"#&()+.)!"("$!*51)
$') 0'*!"$(0'3) $9+-'%) +.) +'%+#+37,:$("&)
$//#0*$%0+'() $!") "9"!30'3) =50*5) #">"!$3") +')
%5") 2'+=#"&3") "'*+&"&) 0') %5") +'%+#+30"() $() $)
=$7)+.)/!+*"((0'3)$'&)&"!0>0'3)'"=)2'+=#"&3")
$'&).0#%"!0'3)!"(-#%(;)A)9"$(-!")+.)!"#$%"&'"(() :"%=""') +'%+#+37) *+'*"/%() 0() +.) %5") -%9+(%) 09/+!%$'*") %+) %5"(") $//#0*$%0+'(;) B"!") =") /!"("'%"&) $) 9"$(-!") %5$%) 0() 3"'"!$#) "'+-35)
%5$%)0%)*$'):")$//#0"&)%+)9+(%)"4%$'%):0+9"&0*$#) +'%+#+30"(;)C%)0():$("&)+')%5")*+'*"/%)+.)!"#">$'%) '"035:+!5++&) $'&) !"#">$'*") .$*%+!(1) $'&) *$')
$**+99+&$%") %5") '""&() +.) /$!%0*-#$!)
$//#0*$%0+'():7).0'")%-'0'3)0%()/$!$9"%"!(;)D+!)
"4$9/#"1):7)30>0'3)&0.."!"'%)="035%()%+)&0.."!"'%)
!"#$%0+'(50/)%7/"(1)%5")9"$(-!")*$')30>")9+!") 09/+!%$'*") %+) (+9") '"035:+!() %5$') +%5"!(;) A'+%5"!)$&>$'%$3")+.)%5")9"%5+&)0()%5$%)0%)*$') 0'*+!/+!$%") "4%"!'$#) 2'+=#"&3"1) %5!+-35)
$//!+/!0$%") !"#">$'*") .$*%+!(1) :-%) 0%) 0() '+%)
!"E-0!"&)%+)&+)(+;) )
<5") *+'*"/%) +.) !"#">$'%) '"035:+!5++&) 0'%!+&-*"&)0')%50()=+!2)0()$#(+)$):!0&3")%+)+%5"!) 9"%5+&+#+30"(1)/$!%0*-#$!#7)0')$##+=0'3)%5")-(") +.) +'%+#+37) 9$//0'3() %+) &".0'") =0&"!) '"035:+!5++&() %5$%) &!$=) '+%) +'#7) .!+9) $) (/"*0.0*)+'%+#+37):-%).!+9)!"#$%"&)+'%+#+30"()$()
="##1)$()#+'3)$()$)9$//0'3)+.)(+9")(+!%)"40(%() :"%=""') %5") +'%+#+30"(;) D+!) "4$9/#"1)
*!+((,!"."!"'*"()*$'):")-("&).+!)%50()".."*%;) ) F'")/+((0:#")$//#0*$%0+')+.)%50()9"$(-!")0()
%+) 09/!+>") C'.+!9$%0+') G"%!0">$#) (7(%"9()
=5"!") !"(+-!*"() 6(-*5) $() &$%$("%(1) =":) /$3"()
$'&) &+*-9"'%$%0+'8) $!") .-##7,) +!) ("90,$-%+9$%0*$##7) $''+%$%"&1) :+%5) =5"') %5") -("!) 0() ("$!*50'3) .!+9) 2"7=+!&() +!) %!70'3) %+) .0'&)!"(+-!*"()!"#$%"&)%+)$)30>"')0'/-%;)H!+I"*%()
#02") %5") J/0&"90*) K$!2"%/#$*") LMN) +!) %5") GCOFGPF) "..+!%) %+) 0'%"3!$%") *#0'0*$#) 0'.+!9$,
%0+') LQN1) =0##) *+'("E-"'%#7) :"'".0%) .!+9) %50() 9"$(-!";) )
D0'$##71) $) /!"#090'$!7) $'$#7(0() =$() /"!.+!9"&)+')DKA1)$'&)%5")!"(-#%()(5+=)%5$%)
%50() 0() $) >$#0&) 9"%5+&) %+) 9"$(-!") !"#$%"&'"(() :"%=""') :0+9"&0*$#) *+'*"/%(;) @") "4/"*%) %+) (-**"((.-##7) $//#7) %5") 9"$(-!") %+) +%5"!) +'%+#+30"()0')%5").-%-!"1)=0%5).+*-()+')+'%+#+30"()
%5$%)9$7)$#(+):")>$#-$:#")%+)%5")"/0&"90+#+30*$#) .0"#&;) )
+&,%$-'./01.%2)" "
<5") $-%5+!() =$'%) %+) %5$'2) %5") J-!+/"$') O+990((0+') .+!) %5") .0'$'*0$#) (-//+!%) +.) %5") JHC@FGR) /!+I"*%) -'&"!) %5") S">"'%5) D!$9"=+!2) H!+3!$99") 6T!$'%) UVWXYZQ8) $'&)
%5") DO<) .+!) %5") .0'$'*0$#) (-//+!%) +.) %5") H5P) 3!$'%) SDGB[\P[) ]MW^_[VZXZ) $'&) %5") K-#%0$''-$#)D-'&0'3)H!+3!$99";) )
3.4.5.%&.)"
X;) ) A-1)A;1)`01)a;1)T"''$!01)b;B;c)P0.."!"'*"()A9+'3) O"##,(%!-*%-!")F'%+#+30"(c)DKA1)TF1)d)OOF;)C'c) AKCA) A''-$#) S79/+(0-9) H!+*""&0'3(;) >+#;) VZZ]1) //;)X]²VZ;) A9"!0*$') K"&0*$#)C'.+!9$%0*() A((+*0$%0+')6VZZ]8) )
V;) ) O$+1)S;`;1)e0'1)`;1)B"1)@;f;1)f5+'31)g;1)f5-1)g;g;1)
`01)g;a;c)S"9$'%0*)("$!*5)$9+'3)5"%"!+3"'"+-() :0+#+30*$#) &$%$:$("() :$("&) +') 3"'") +'%+#+37;) A*%$) :0+*5090*$) "%) :0+/57(0*$) S0'0*$) W]6_81) W]_²QZ)6VZZ^8) )
W;) ) O+##0"!1)h;1)T++&=0'1)G;K;1)K*O!$"1)b;1)P+$'1)S;1) R$=$?+"1) A;1) O+'=$71) K;1) R$=%!$2-#1) A;1)
<$2"-*501) R;1) P0"'1) P;c) A') +'%+#+37,&!0>"') (7(%"9) .+!) &"%"*%0'3) 3#+:$#) 5"$#%5) ">"'%(;) H!+*""&0'3() +.) %5") VW!&) C'%"!'$%0+'$#) O+'."!"'*") +') O+9/-%$%0+'$#) `0'3-0(%0*() //;) VX_²VVV)6VZXZ8) )
^;) ) D$=*"%%1) <;c) GFO) 3!$/5(c) h+%"() $'&) /!$*%0*$#)
*+'(0&"!$%0+'() .+!) !"("$!*5"!(;) K$*50'")
`"$!'0'3)WX1)X²WY)6VZZ^8) )
_;) ) D"!!"0!$1)b;P;1)O+-%+1)D;K;c)S"9$'%0*)S090#$!0%7) IRU $XWRPDWLF &ODVVLÀFDWLRQ RI &KHPLFDO O+9/+-'&(;) H`+S) O+9/-%$%0+'$#) \0+#+37) ]6M81)
"XZZZMWQ)6VZXZ8) )
];) ) T+&?021) A;1) b$9:+'1) K;1) D!0"&:"!31) C;c) O+9/-%$%0+'$#) /!+%"0') .-'*%0+') /!"&0*%0+'c) $!")
=")9$20'3)/!+3!"((i)O"##-#$!)$'&)9+#"*-#$!)#0.") (*0"'*"()]^6XM,VZ81)V_Z_²XX)6VZZQ8) )
Q;) ) B-'%"!1) H;1) O+>"'"71) H;1) &") \+'+1) \;1) P0$?1) j;1) D"''"!1)b;1)D!$'301)A;1)B$!!0(1)H;1)B+("1)G;1)R+5#1) H;1)`$=.+!&1)H;1)"%)$#;c)A)>0(0+')$'&)(%!$%"37).+!)
%5") >0!%-$#) /57(0+#+30*$#) 5-9$') 0') VZXZ) $'&) :"7+'&;)H50#+(+/50*$#)<!$'($*%0+'()+.)%5")G+7$#)
!"#$%&'( )*( +,&-%.,&$#,/0( 1-'2$#,/( ,34(
536$3%%7$36(!#$%3#%2(89:;<=>?@0(>A=A(;>?<?@( ( :B( ( CD-/%70(!B0(!#-E/F0(+BGB0(C7,H$&F0(1B0(I,E%70(!B0(
JD/K%30( !B0( L&&0( MB5B0( +E34/"20( MB0( G"730( JB0(
+E34/"20(!B0(N"O$32"30(1BPB*(M/$3$#,/(4$,63"2&$#2(
$3( -E.,3( 6%3%&$#2( H$&-( 2%.,3&$#( 2$.$/,7$&'(
2%,7#-%2( $3( "3&"/"6$%2B( ).%7$#,3( Q"E73,/( "R(
-E.,3(6%3%&$#2(:A;S@0(SAT²9S(;>??=@( (
=B( ( U"V%20( UB0( !$/W,0( XB0( M"E&"0( XB0( Y,.$&%0( ZB0(
X%77%$7,0( GB0( !"E2,0( MB0( !$/W,0( +B*( 5V$4%.$#(
.,7K%&V/,#%*( ,3( $3R"7.,&$"3( .,3,6%.%3&(
2'2&%.( R"7( %V$4%.$"/"6$#,/( 4,&,B( [3R"7.,&$"3(
\%#-3"/"6'( $3( I$"],34( +%4$#,/( [3R"7.,&$#20(
[\I)+(>?<?(VVB(8<²SS(;>?<?@( (
<?B( (U"740( 1B^B0( !&%W%320( NBJB0( I7,220( )B0( _"O/%0( MB*(
[3W%2&$6,&$36( 2%.,3&$#( 2$.$/,7$&'( .%,2E7%2(
,#7"22( &-%( _%3%( L3&"/"6'*( &-%( 7%/,&$"32-$V(
O%&H%%3( 2%`E%3#%( ,34( ,33"&,&$"3B(
I$"$3R"7.,&$#2(<=;<?@0(<>TA²<>:8(;>??8@( (
<<B( (L&-.,30(NB+B0(J%7$20(!B0([//$,20(NB+B*()(6%3%&$#(
2$.$/,7$&'( ,/6"7$&-.( R"7( 2%,7#-$36( &-%( 6%3%(
"3&"/"6'( &%7.2( ,34( ,33"&,&$36( ,3"3'."E2(
V7"&%$3( 2%`E%3#%2B( Z"E73,/( "R( I$".%4$#,/(
[3R"7.,&$#2(S<0(9A²:<(;>??:@( (
<>B( (1,&H,74-,30( !B0( 1%4%72%30( \B*( a2$36(
^"74P%&]O,2%4( #"3&%b&( W%#&"72( &"( %2&$.,&%( &-%(
2%.,3&$#(7%/,&%43%22("R(#"3#%V&2B(+,K$36(!%32%(
"R( !%32%*( I7$36$36( 12'#-"/$36E$2&$#2( ,34(
M".VE&,&$"3,/( U$36E$2&$#2( \"6%&-%7( VVB( <²:(
;>??9@( (
<8B( (1%4%72%30(\B0(1,K-"."W0(!BcB!B0(1,&H,74-,30(!B0(
M-E&%0( MB_B*( +%,2E7%2( "R( 2%.,3&$#( 2$.$/,7$&'(
,34( 7%/,&%43%22( $3( &-%( O$".%4$#,/( 4".,$3B(
Z"E73,/("R(O$".%4$#,/($3R"7.,&$#2(S?;8@0(>::²==(
;>??T@( (
<SB( (1%2`E$&,0( MB0( X,7$,0( JB0( I,2&"20( GB0( X%77%$7,0(
)B5BPB0( X,/#d"0( )BLB0( M"E&"0( XB*( +%&7$#2( R"7( _L(
O,2%4( V7"&%$3( 2%.,3&$#( 2$.$/,7$&'*( ,( 2'2&%.,&$#(
%W,/E,&$"3B( I+M( I$"$3R"7.,&$#2( =( !EVV/( A0( !S(
;>??:@( (
<AB( (1%2`E$&,0(MB0(X,7$,0(JB0(X,/#d"0()BLB0(U"740(1B^B0(
M"E&"0( XB+B*( !%.,3&$#( 2$.$/,7$&'( $3( O$".%4$#,/(
"3&"/"6$%2B( 1U"!( #".VE&,&$"3,/( O$"/"6'( A;T@0(
%<???SS8(;>??=@( (
<9B( (N"22%0( MB0( +%Q$3"( Z7B0( ZBUBcB*( \-%( R"E34,&$"3,/(
."4%/("R(,3,&".'("3&"/"6'0(VVB(A=²<<TB(!V7$36%7(
;>??:@( (
<TB( (!.$&-0(IB0(M%E2&%720(^B0(C/,66%20(IB0(Ce"-/%70(ZB0(
CE.,70()B0(U".,b0(ZB0(+E36,//0(MB0(P%E-,E20(XB0(
N%#&"70( )BUB0( N"22%0( MB*( N%/,&$"32( $3( O$".%4$#,/(
"3&"/"6$%2B(_%3".%(I$"/"6'(9;A@0(NS9(;>??A@( (
<:B( (\,'/"70([B^B0(U$34$360(NB0(^,74%]X,7/%'0(JB0(U$E0(
fB0(1%2`E$&,0(MB0(X,7$,0(JB0(IE//0(!B0(1,H2"30(\B0(
+"77$20(gB0(^7,3,0(ZBUB*(J'3,.$#(."4E/,7$&'($3(
V7"&%$3( $3&%7,#&$"3( 3%&H"7K2( V7%4$#&2( O7%,2&(
#,3#%7( "E&#".%B( P,&E7%( O$"&%#-3"/"6'( >T;>@0(
<==²>?S(;>??=@( (
<=B( (^E0( hB0( Y-E0( UB0( _E"0( ZB0( Y-,360( JBfB0( U$30( CB*(
17%4$#&$"3( "R( '%,2&( V7"&%$3]V7"&%$3( $3&%7,#&$"3(
3%&H"7K*( $32$6-&2( R7".( &-%( _%3%( L3&"/"6'( ,34(
,33"&,&$"32B( PE#/%$#( ,#$42( 7%2%,7#-( 8S;T@0(
><8T²A?(;>??9@( ( (