!"#$%&'()$"*+$,-./*'",*0"($.$1)-/*#$%*
2-3%-/-"()"1*(4-*5.-6(%$")6*7-'.(4*2-6$%,* *
!"#$%&'(")&**+#,-'.")/$#'0%)1%&&2-'3/%4"#'3567&18''
,!%9")/:%#/'+4'0$+:%;$5"&'<#=$#%%)$#=-'>$#?@9$#='A#$B%)*$/C-'3D%;%#' '
2!$B$*$+#'+4'E%"&/6'"#;'3+5$%/C-'!%9")/:%#/'+4'.%;$5"&'"#;'E%"&/6'35$%#5%*-'>$#?@9$#='A#$B%)*$/C-'3D%;%#'
8F#*/$/7/%'+4'.%;$5"&'F#4+):"/$5*-'3/"/$*/$5*'"#;'!+57:%#/"/$+#-'.%;$5"&'A#$B%)*$/C'G)"1-'H7*/)$"' '
8* * !"(%$,96()$"* *
7KHWHUP´LQIRUPDWLRQ PRGHOµLVRIWHQ XVHG LQ I$+:%;$5"&' $#4+):"/$5*' /+' )%4%)' /+' "#'
"==)%="/$+#' +4' $#4+):"/$+#' $/%:*' 7*%;' /+' )%9)%*%#/' JD6"/' "' 6%"&/6' 9)+4%**$+#"&' ?#+D*'
"I+7/K'/6%'6%"&/6'*/"/7*'+4'/6%'9"/$%#/-'"*'D%&&'
"*'9&"##%;-'*56%;7&%;'+)'5"))$%;'+7/'6%"&/6'5")%'
"5/$B$/$%*L' H*' "#' %M":9&%' +4' /6$*' 7*%-' /6%' F#/%)#"/$+#"&'3/"#;");'F3N',2OPQR2SSO';%4$#%*' WKH WHUP ´LQIRUPDWLRQ REMHFWµ DV ´LQIRUPD/$+#' 6%&;' IC' /6%' *C*/%:' "I+7/' %#/$/$%*' +4' /6%' )%"&' D+)&;-' $#5&7;$#=' /6%' N!T' JN9%#' !$*/)$I7/%;' T)+5%**$#=K' *C*/%:' $/*%&4-' $*' )%9)%*%#/%;' $#' "#'
$#4+):"/$+#' *9%5$4$5"/$+#' $#' /%):*' +4'
$#4+):"/$+#' +IU%5/*-' /6%$)' )%&"/$+#*6$9*' "#;' EHKDYLRXUµ>@7KXVLQIRUPDWLRQPRGHOVVHHP /+' 5&+*%&C' )%&"/%' /+' +#/+&+=$%*-' 4+)' %M":9&%' "*'
;%4$#%;'IC'39%")'V2WL'X6%'"$:'+4'/6$*'9"9%)'$*'/+'
";;' /+' /6%' 5&")$4$5"/$+#' +4' /6%' )%&"/$+#*6$9' I%/D%%#'$#4+):"/$+#':+;%&*'"#;'+#/+&+=$%*'"#;' /+' 9)+9+*%' "#;' ;$*57**' ;%:")5"/$+#*' +4' /6%*%' /D+'?$#;*'+4')%9)%*%#/"/$+#L' '
:* * ;'6<1%$9",* *
X6%' )%9)%*%#/"/$+#*' "#;' 5+::7#$5"/$+#' +4' 4"5/*-'I%&$%4*-'"#;'+9$#$+#*'$#'/6%'4$%&;'+4'6%"&/6' 5")%-'"#;'/6%)%4+)%'/6%'*5+9%'+4'/6%'<&%5/)+#$5' E%"&/6' Y%5+);-' 5&%")&C' %M5%%;*' /6%' *$:9&%'
$#*/"#/$"/$+#' +4' :$#;Z$#;%9%#;%#/' )%9)%*%#/"Z /$+#"&' 7#$/*' *756' "*' 9)+B$;%;' IC' /C9$5"&' I$+:%;$5"&' +#/+&+=$%*L' X6%' <EY' $#5&7;%*' +I*%)B"/$+#*-' +9$#$+#*-' $#*/)75/$+#*' J9&"#*K-' 9)+9+*"&*-')%[7%*/*-'%/5L'N#/+&+=$%*'5"/%)$#='/+' /6%*%' #%%;*' :7*/' #%5%**")$&C' =+' I%C+#;' /6%' )%"&:'+4'/6%':$#;Z$#;%9%#;%#/-'"*'/6%')%4%)%#5%' /+'%#/$/$%*'$#'*756';$*5+7)*%*';+'#+/'#%5%**")$&C'
$:9&C' /6%' %M$*/%#5%' +4' /6+*%' %#/$/$%*L' \+)' LQVWDQFH D UHFRUG HQWU\ RQ D ´GHQLHG WRQVLOOHFWRP\µ LQL/$"&&C' ;+%*' #+/' )%4%)' /+' "#C' /+#*$&&%5/+:C' $#' 5&$#$5"&' )%"&$/CL' ]%B%)/6%&%**-'
*756' "' 9)+9+*$/$+#' *6+7&;' I%' ";%[7"/%&C' )%9)%*%#/%;'IC')%4%))$#='/+'*+:%'")/$4"5/'D6$56' LQFOXGHVDUHSUHVHQWDWLRQDOXQLW´WRQVLOOHFWRP\µL' '
0%"&%' "#;' E%");' 9)+9+*%' "' ^&$#$5"&' F#B%*/$="/+)'Y%5+);'N#/+&+=C'V8W';$*/$#=7$*6$#='
%#/)$%*'$#'/6%')%5+);'+4'B")$+7*'/C9%*-'$#5&7;$#=R' '
²' '$4'*+:%/6$#='6"*'I%%#';+#%'+)'$4'*+:%/6$#='
$*' C%/' /+' I%' )%"&$1%;' J+)' #+/K-' 4+)' %M":9&%'
;$*/$#=7$*6$#=' "' 9&"#' 4)+:' "' 9%)4+):%;'
"5/$B$/C-' '
²' '$4' *+:%/6$#=' 5+#5%)#*' /6%' */"/%' +4' /6%' 9"/$%#/'+)'$4'*+:%/6$#='5+#5%)#*'6%"&/6Z5")%'
"5/$B$/$%*-' 4+)' %M":9&%' ;$*/$#=7$*6$#=' /6%' I&++;' 9)%**7)%' +4' "' 9"/$%#/' 4)+:' /6%' +I*%)B"/$+#'/6%)%+4-'"#;' '
²' $4'*+:%/6$#='$*'"#'"**%**:%#/'+)'+9$#$+#'+)'
$4' *+:%/6$#=' $*' J:+)%' +)' &%**K' ;$)%5/&C' +I*%)B%;-' 4+)' %M":9&%' ;$*/$#=7$*6$#=' /6%' +I*%)B"/$+#' +4' "' I&++;' 9)%**7)%' +4' ,_S`OS' 4)+:'"';$"=#+*$*'+4'*/"=%','6C9%)/%#*$+#L' '
\)+:' /6$*' ^&$#$5"&' F#B%*/$="/+)' Y%5+);' N#/+&+=C-' /6%' !"#$<EY' 4+7#;"/$+#' 6"*' 5+#*/)75/%;' "' )%4%)%#5%' J$#4+):"/$+#K' :+;%&'
"#;-' $#' "' &")=%)' 5++9%)"/$+#-' "' 4)":%D+)?' 4+)' )%9)%*%#/$#=' *9%5$"&$*"/$+#*' +4' /6"/' )%4%)%#5%' :+;%&' ?#+D#' "*' ")56%/C9%*' VaWL' H)56%/C9%*' 5+#*$*/' +4' 5+#*/)"$#/*' +#' 6+D' /6%' )%4%)%#5%' :+;%&' :"C' I%' $#*/"#/$"/%;' $#' ";;$/$+#' /+' /6%' 5+#*/)"$#/*'+4'/6%')%4%)%#5%':+;%&L'X6%';%:")Z 5"/$+#' +4' /6%' )%4%)%#5%' :+;%&' "#;' $/*'
*9%5$"&$*"/$+#*' /6)+7=6' ")56%/C9%*-' 5"&&%;' /6%' /D+Z&%B%&' :+;%&&$#=' "99)+"56-' $*' I"*%;' +#' /6%'
*/"I$&$/C' +4' /6%' )%*9%5/$B%' :+;%&*' V_WL' X6%' )%4%)%#5%' :+;%&' 5+#*$*/*' +4' "' 5+)%' )%9)%*%#/"/$+#' D6$56' $*' "**7:%;' /+' I%' */"I&%' +B%)' /$:%' "#;' "5)+**' +)="#$*"/$+#*' D6$&%'
")56%/C9%*' ")%' 7*%;' /+' I7$&;' )%9)%*%#/"/$+#*' D6%)%'*756' "**7:9/$+#*'5"##+/'I%':";%L' X6%'
!"#$<EY'4+7#;"/$+#'"&*+'?%%9*'"')%9+*$/+)C'+4' 5&$#$5"&'"#;';%:+=)"96$5'")56%/C9%*'VPWL' ' ,&%2,QWHUQDWLRQDO&RQIHUHQFHRQ%LRPHGLFDO2QWRORJ\
-XO\ā%XIIDOR1<86$
!"!#!$%&'()))*+,-../0012.13,4'(.513,6)7789,4'(.513,6,::,;-3<(<-2,
='>/1,4'(.513,6,,
?@ABC?!?A%!D%,4'(.513,6,, E1F<2<2GA.-E1,4'(.513,6,,
&>-.'>HH,,
'(8)))I,::,J('2E<2G,, '(8))8I,::,J<((<2G,, '(8))KI,::,L1.><2<2G,, '(8))MI,::,"N<2G,,
'(8)8OP,::,"N<2G,Q<(5,(<>(,(-,>1F(,, '(8))8+,::,'33/41E,='>/1,,
9, 9,, 9,, 9,,
!"#$%&'()!"#$%!&'!#(!&)*(+,-!./&&0!"$*112$*!#$34*%5)*!1)*36'63#%6&(! !
!"#$%$&'( )"*( +,,( -,+..$.( /)( *0$(!"#$1!2(
&$3$&$)-$(4"5$,(+&$(-,$+&(-6*7(8"&($9+4:,$'(*0$(
CRJ!L@S%TC$( -,+..( &$:&$.$)*.'( ")( *0$( ")$(
0+)5'( *0$( ;6+,/*<( #0/-0( /.( "=.$&%$5( /)( *0$(
:+*/$)*'(+)5(")(*0$("*0$&(0+)5'(*0$(:$&3"&4/)>(
"3( *0$( "=.$&%+*/")( +-*/%/*<'( *06.( -+6./)>( +)(
"%$&,+:( #/*0( *0$( SB%TC$( -,+..'( #0/-0(
&$:&$.$)*.(*0$(:$&3"&4/)>("3(+-*/%/*/$.7(?0/.(/.(
0"#$%$&( -")./.*$)*( #/*0( +)"*0$&( :&/)-/:,$( "3(
!"#$1!2@( *0+*( $+-0( ./)>,$( +&-0$*<:$( .0"6,5(
-")*+/)( $%$&<*0/)>( )$-$..+&<( *"( =$( -,/)/-+,,<(
&$,$%+)*( 3"&( .:$-/3/$5( 6.$( -+.$.7( A)( "&5$&( *"(
+..$..(+(&$.6,*("3(+)("=.$&%+*/")(/*(/.(/4:"&*+)*(
*"(0+%$(B)"#,$5>$("3(0"#(*0$("=.$&%+*/")(#+.(
:$&3"&4$57( (
?&+5/*/")+,,<'( *0$( =6&5$)( "3( 3"&4+,,<(
&$:&$.$)*/)>( -,/)/-+,( :&+-*/-$( +)5( *0$( 0$+,*0(
.*+*6.( "3( *0$( :+*/$)*( 0+.( =$$)( 5/%/5$5( 6:")( +(
)64=$&("3(*$-0)/-+,(.",6*/").7(C$&*+/)(:+&*.("3(
*0/.( 5"4+/)( 0+%$( =$$)( &$:&$.$)*$5( 6./)>(
")*","><D,+)>6+>$( .",6*/").( 6./)>( 5/ơ$&$)*(
B/)5.("3(E$.-&/:*/")(F">/-(GEFH'(3"&($9+4:,$(*0$(
")$(/)(#0/-0(IJKL1E( C?( /.(&$:&$.$)*$5(MNO'(
#0/,$( "*0$&( :+&*.( "3( *0/.( 5"4+/)( 0+%$( =$$)(
&$:&$.$)*$5( 6./)>( 5+*+=+.$( .-0$4+.'( PLF(
5/+>&+4.( "&'( +.( 5$.-&/=$5( +="%$'( +&-0$*<:$.7(
?0/.( 5/%/./")( /)*"( 5/ơ$&$)*( &$:&$.$)*+*/")+,(
DUWLIDFWVFDQEHVHHQDVD´GLYLGHD+)5DFRQTXHUµ +::&"+-0( *"( 5$+,/)>( #/*0( *0$( /)0$&$)*(
-"4:,$9/*<( "3( 4$5/-/)$( +)5( -,/)/-+,( :&+-*/-$7(
?0/.(5/%/./")(/.(0"#$%$&()"*(-,$+&(+)5(*0$&$(/.(
)"( -").$).6.( ")( 0"#( *"( 4+B$( *0/.( 5/%/./")'(
+,*0"6>0(+**$4:*.(0+.(=$$)(4+5$(MQ'(RO7( (
?0/.(,+-B("3(-").$).6.(-+)(=$($9$4:,/3/$5(=<(
,""B/)>( +*( *0$( G)"#( -,+../-+,H( =,""5( :&$..6&$(
+&-0$*<:$(+)5(*0$(IJKL1E(C?(&$:&$.$)*+*/")(
"3( *0$( .+4$( $)*/*<7( ?0$( +&-0$*<:$( /)-,65$.( +(
.$:+&+*$(.,"*(3"&(.*+*/)>(*0$(.*+*$("3(*0$(:+*/$)*(
+*( *0$( */4$( "3( "=.$&%+*/")( G.$$( 3/>6&$( SH'( 3"&(
$9+4:,$( #0$*0$&( *0$( :+*/$)*( #+.( .*+)5/)>'(
./**/)>( "&( ,</)>( 5"#)7( IJKL1E( C?( >/%$.(
G+,4".*H($;6+,("::"&*6)/*/$.(3"&(&$:&$.$)*+*/")(
#/*0(-"5$.(,/B$@(
8UM)MO))VWJ('2E<2G, X>--E, Y0133/01, Z-X310='X>1, 12(<(N[W!, 8UM)M\))*W, J<((<2G,X>--E,Y0133/01,Z-X310='X>1, 12(<(N[W!,'2E,8UM)MM))8W"N<2G,X>--E, Y0133/01,Z-X310='X>1,12(<(N[W7( (
?0$(.$,$-*/")("3(&$:&$.$)*+*/")(/)($+-0(.:$-/3/-(
-+.$(/.(6:(*"(*0$(-,/)/-+,(4"5$,,$&(+)5(+,*0"6>0(
$4$&>/)>( >6/5$,/)$.( $9/.*( MQO( "6&( "#)(
$9:$&/$)-$.( *$,,.( 6.( *0+*( .6-0( >6/5$,/)$.( +&$(
0+&5( *"( +::,<7( T,."'( #$( 0+%$( <$*( )"*( 3"6)5(
$%/5$)-$( "3( +)<( .<.*$4+*/-( 6.$+>$( "3( .6-0(
>6/5$,/)$.7(
"# # $%&'%(%)*+*,-)+.#
# $%/0,'%1%)*(#-2#*3%#45$# #
?0$(&$;6/&$4$)*.(3"&(&$:&$.$)*/)>(*0$(1!2(-+)(
=$( 5/%/5$5( /)*"( *#"( .$:+&+*$( -+.$.@( &6)*/4$(
&$;6/&$4$)*.'( +)5( 5$./>)D*/4$( &$;6/&$4$)*.7(
A)( &6)*/4$'( *0$( +4"6)*( "3( 5+*+( .*"&$5( /.(
*<:/-+,,<( %$&<( ,+&>$( +)5( *0$( -"4:6*+*/")+,(
-"4:,$9/*<( "3( /)5/%/56+,( /)3$&$)-$.( :$&3"&4$5(
46.*(=$(B$:*(%$&<(,"#(3"&($9+4:,$(#0$)(5"/)>(
/)3$&$)-/)>( ")( +( :":6,+*/")( .-+,$7( A)( 5$./>)(
*/4$'( #0$)( 3"&( $9+4:,$( =6/,5/)>( +&-0$*<:$.'(
*0$(./U$("3(*0$(4"5$,.(/.(4"5$&+*$(+*(4".*7(E6$(
*"(*0$(6)/;6$)$..("3(+&-0$*<:$.'(")*",">/$.(-+)(
>$)$&+,,<( =$( :+&*/*/")$5'( 3"&( $9+4:,$( #0$)(
5"/)>(%+,/5+*/")(*0&"6>0(.+*/.3/+=/,/*<(-0$-B/)>(
!"#$% &'(% )(*()("+(% ,!-(#% ."-% ."$% /0(+1.#1/(-%
.)+'(&$0(/% "((-% &!% 2(% )(./!"(-% !3()4% 5'6/7%
1"*()("+(/%!*%8)(.&()%+!,0#(91&$%,.$%2(%.##!:(-%
1"%-(/18"%&1,(4% %
;.)#1()%:!)<%'./%/'!:"%&'.&%1&%1/%*(./12#(%&!%
)(0)(/("&% 1"*!),.&1!"% ,!-(#% /+'(,./% /6+'% ./%
&'(% !"#$;=>% )(*()("+(% ,!-(#% ?@A7% @@B4%
C".#$/1"8% &'(% !"&!#!81(/% )(0)(/("&1"8% &'(%
)(*()("+(%,!-(#7%&'(%+!"+(0&%+!"/&)6+&!)/%6/(-%
.)(% +!"+(0&% +!"D6"+&1!"% EِF7% (91/&("&1.#G% EF7%
3.#6(G% EF% ."-% "6,2()% )(/&)1+&1!"/7% ."-%
"!,1".#/4% H.#6(% )(/&)1+&1!"/% .)(% 6/(-% *!)%
.&&)126&(%-.&.%&$0(%/0(+1*1+.&1!"/%1"%.)+'(&$0(/%
."-% +.)-1".#1&$G% ."-% !++6))("+(% +!"/&).1"&/% 1"%
.)+'(&$0(/% .)(% )(0)(/("&(-% 6/1"8% (91/&("&1.#G%
."-%"6,2()%)(/&)1+&1!"/4%C/%/'!:"%2$%I..-()%(&%
.#47% /62/6,0&1!"% &(/&1"8% 1/% 1"&).+&.2#(% :1&'%
)(/0(+&% &!% 8("().#% 5I!9(/% ?@J7% @KB4% L6,2()%
)(/&)1+&1!"/7% :'("% .--(-% &!% +!"D6"+&1!"% ."-%
(91/&("&1.#% )(/&)1+&1!"/7% #(.-% &!% ;MN5OP;G G+!,0#(&("(//4% C)+'(&$0(/% 6/(-% &!% /0(+1.#1Q(%
)(*()("+(% ,!-(#% +#.//(/% *6)&'()% .--% R6.#1*1(-%
"6,2()%)(/&)1+&1!"/%?@SB%&!%&'(%#1/&%!*%)(R61)(-%
+!"+(0&%+!"/&)6+&!)/4% %
T!,(%0.)&/%!*%&'(%!"#$;=>%)(*()("+(%,!-(#%
:1##%)(R61)(%/0(+1.#%.&&("&1!"7%/0(+1*1+.##$%:'.&%
1/%+.##(-%&'(%!0(";=>%C)+'(&$0(%N)!*1#(%:'1+'%
1"+#6-(/% /!,(% +#.//(/% :1&'% /0(+1.#% /(,."&1+/4%
U!)% (9.,0#(7% &'(% )(*()("+(% ,!-(#% +#.//!
"#$%&'()*)+!1"+#6-(/% &'(% .&&)126&(% 6"1&% &!%
)(0)(/("&%6"1&%!*% ,(./6)(,("&4% 5'1/% .&&)126&(%
/'!6#-%2(%+!"/1/&("&%:1&'%."%C)+'(&$0(%N)!*1#(%
+!"/&).1"&%!"%<1"-%!*%R6."&1&$7%*!)%(9.,0#(%&'.&%
.%,(&()%6"1&%1/%+!"/1/&("&%:1&'%.%#("8&'%<1"-%!*%
R6."&1&$4% %
C/% ."% (9.,0#(% !*% ."%!"#$;=>% )(*()("+(%
,!-(#%+#.//7%&'(%,-./0#')*,(%+#.//%1/%6/(-%&!%
UHSUHVHQWREVHUYDWLRQVRIWKHSDWLHQW·VKHDOWK /&.&6/7% /((% *186)(% J4% 5'(%,-./0#')*,(% +#.//%
1"'()1&/%*)!,%&'(%1'0/$/()0+%+#.//%."-%.--/%
&:!%.&&)126&(/V%-.&.7%&!%)(0)(/("&%&'(%)(/6#&/%!*%
&'(% !2/()3.&1!"% ."-% /&.&(7% &!% )(0)(/("&% &'(%
/&.&(% !*% &'(% 0.&1("&% .&% &'(% &1,(% !*% &'(%
!2/()3.&1!"4% U)!,% &'(%1'0/$/()0+% +#.//% &'(%
1"'()1&(-% .&&)126&(% 0)!&!+!#% 1/% 6/(-% &!%
)(0)(/("&% &'(% !2/()3.&1!"% 0)!+(-6)(4% 5'(%
1'0/$/()0+% +#.//% 1"% &6)"% 1"'()1&/% &'(%
.&&)126&(%/62D(+&%&!%-1/&1"861/'%:'1+'%0.&1("&%
&'1/%.88)(8.&(%!*%1"*!),.&1!"%+!"+()"/4%
5'(% 23437% 54346% ."-%78949:9;% 0.)&/%
,.$%2(%*6)&'()%/0(+1*1(-%1"%.)+'(&$0(/4%U186)(%
K%/'!:/%0.)&%!*%."%!2/()3.&1!"%.)+'(&$0(%*)!,%
&'(%!"#$;=>% .)+'(&$0(% )(0!/1&!)$% (90)(//(-%
1"%.%WX%/$"&.94%5'(%2343%0.)&%)(0)(/("&/%&'(%
)(/6#&/% !*% &'(% !2/()3.&1!"7% 1"% &'1/% +./(% &'(%
2#!!-%0)(//6)(%3.#6(/4% %
C--1&1!".##$7% !01"1!"/7% 0#."/7% ."-%
0)!0!/.#/% .)(% /18"1*1+."&% 0.)&/% !*% &'(% '(.#&'%
)(+!)-4% =!:(3()7% ./% "!&(-% 2$% >(+&!)% ."-%
I)."-&% ./% :(##% ./% T+'6#Q% (&% .#47% )(0G )(/("&.&1!"/% !*% 0#."/% )(R61)(% .% ,!)(%
(90)(//13(% -(/+)10&1!"% #!81+% &'."% &'(% ;X%
0)!*1#(% 6/(-% 2$% ,!/&% #.)8(% /+.#(% WXG2./(-%
!"&!#!81(/%1"+#6-1"8%TLYP;W%Z5%?@[7%@\B4% %
%
% %
!"#$%&'()!"#$!!"#$%&'!()*%'+,"-(.!/0122!34!567!148!97! !
2%6(59$7,21Ł! 1'0/$/()0+!ِ!!
! !2343!<!=*.),0+!ِ!
! >!?!2346!ِ!
! >!54346!<!=*.),0+!ِ!
! VWDWH!
!"##$%SUHVVXUHŁ2%6(59$7,21ِ&&
&$'('&)&*&+,-./01&ِ&&
)))&&
LWHPV6\VWROLFِ&&
LWHPV'LDVWROLFِ&&
)))&&
2&ِ&&
34&$'('&&
)))&&
-56(#"78&& Ł(/(0(17ِ&&
&9'":;&)*&<&=>&?@AB.,.1&)))2&ِ&&
34&9'":;&2&&
=7'6(#"78&& Ł(/(0(17ِ&&
&9'":;&)*&<&=>&?@AB.,.1&)))2&ِ&&
34&9'":;&2&&
!"#$%&'()!"#$%!&'!#(!!"#$)*+!,-.)+/012,3!#$456%786!9(!:;! !
!"#"$%&'()%*")+,-./0)*12)34"2"$%"5)1)2%'&") 6785") 9:4) 4"34"2"$%8$6) :;2"4<1;&") "$%8%8"2) 1$5) 34:#"574"2)8$)&1;:41%:4')="58#8$")8$).>0?@/) A-)>@LQÁXHQFHGE\DPRQJRWKHUWKLQJVWKH 0B0)3*"$:%'38#)C71&8%'):$%:&:6')DEF-0G)HIJKL) B:%*)4"&'):$)%*")@M)34:98&")9:4)4"34"2"$%1%8:$N) EF-0) 9:4) 4"34"2"$%8$6) C71&8%8"2) 1$5) %*") .>0?@/) A-) :;2"4<1;&"2) =:5"&) 9:4) 4"34"O 2"$%8$6)C71&8%8"2)12)P"&&)12)*:P)%*:2")C71&8%8"2) 14") :;2"4<"5) 1$5) 4"34"2"$%"5() 8$58#1%8$6) %*1%)
;:%*)C71&8%8"2)1$5):;2"4<1%8:$)34:#"574"2)=1')
;")4"34"2"$%"5)728$6)%41#%1;&")/ML)
!" " #$%&'%%$()" "
Q*"$) #*::28$6) ="1$2) :9) 4"34"2"$%1%8:$) 9:4) 1) 23"#898#) 72") #12"() %*"4") 82) 1&P1'2) %*") %415"O:99)
;"%P""$) "R34"228<8%') 1$5) #:=37%1%8:$1&)
#:=3&"R8%')%:)#:$285"4L)?1S:4)72")#12"2)27#*)12)
"R#&728:$2) D$"61%8:$G) 1$5) 3&1$2) D<1&7") 4"2%48#%8:$G) 12) P"&&) 12) #:==:$) 8$9:4=1%8:$)
=:5"&) #:$2%47#%2) D9:4) "R1=3&") <1&7") 1$5) C71&898"5) $7=;"4) 4"2%48#%8:$2G) #1$$:%) ;") 918%*97&&') 4"34"2"$%"5) 728$6) /M2) P8%*) 3:&'$:=81&) %8=") 27;27=3%8:$) %"2%8$6) HIT() IUK() 1$5) =72%() 1%) &"12%) 8$) 47$%8=") ;") 47&"5) :7%L) ,:P"<"4() "<85"$#") 67858$6) %*") #*:8#") :9) 4"34"2"$%1%8:$) 14") 2%8&&) 4"&1%8<"&') 23142"L) V:4)
"R1=3&") 314%8%8:$8$6) :9) :$%:&:68"2) 9:4) 23"#898#) 72")#12"2)=86*%)1&&:P)%*")341#%8#1&)72"):9)&:68#2) P8%*)$:$O%41#%1;&")#:=3&"R8%'L) )
-*"$() P*1%) #:7&5) ;") %*:2") 67858$6) 348$#83&"2) 9:4) %*") #*:8#") :9) 4"34"2"$%1%8:$W) V4:=)%*")3"423"#%8<"):9)B:5"$4"85"4)"%)1&L()%*") 58<828:$) ;"%P""$) %*") 4"34"2"$%1%8:$) :9)
´ELRPHGLFDO UHDOLW\µ DQG WKH UHSUHVHQWDWLRQ
´KRZWKLVUHDOLW\LVSHUFHLYHGµREVHUYHGFDQEH 7$5"42%::5)12)%*")582%8$#%8:$);"%P""$):$%:&:6') 1$5) "382%"=:&:6') HIXKL) B7%) %*") :;2"4<1%8:$) :9) C71&8%8"2)8$);8:="58#1&)4"1&8%')82)8$)8%2"&9)1)314%) :9) ;8:="58#1&) 4"1&8%'() 1&%*:76*) 1) 314%) 582%8$#%) 94:=) %*") C71&8%') ;"8$6) :;2"4<"5L) .:) P*1%) 82) 94:=):$")3"423"#%8<")%*:76*%):9)12);"&:$68$6)%:)
%*")5:=18$):9)"382%"=:&:6')=1')8$)2:="):%*"4) 3"423"#%8<") ;"&:$6) %:) %*") 5:=18$) :9) :$%:&:6'L) F&2:() 12) 2*:P$) ;') %*") :;2"4<1;&"2) "R1=3&") 1;:<"();:%*)%*"):$%:&:6'):9)C71&8%8"2)12)P"&&)12)
"382%"=:&:68#1&)123"#%2):9)C71&8%8"2)D9:4)"R1=3&") :;2"4<1%8:$) 34:#"574"2G) =1') ;") 4"34"2"$%"5) 728$6)%41#%1;&"):$%:&:6')&1$6716"2L) )
+9) 728$6) "R34"228<") /M2) 8$) 47$%8=") 9:4) 4"12:$8$6):$)%'38#1&)8$9:4=1%8:$)=:5"&2)82)$:%) 3:228;&"() %*"4") 2%8&&) =86*%) ;") 1) 3&1#") 9:4) 27#*)
&:68#2)8$)5"286$)%8="L)F$)1&%"4$1%8<")#:7&5);")%:)
"$#:5");:%*):$%:&:68"2)1$5)8$9:4=1%8:$)=:5"&2) 8$) /M2) 94:=) P*8#*) 2"<"41&) D#:=37%1%8:$1&&')
%41#%1;&"G)&8$"14821%8:$2)14")6"$"41%"5)8$):45"4)
%:) 1554"22) 5899"4"$%) 4"12:$8$6) $""52) D9:4)
"R1=3&") 21%82981;8&8%') #*"#Y8$6GL) A*"#Y8$6)
<1&858%') 1$5)#:$9:4=1$#") %:)1)4"9"4"$#")=:5"&) 14") "R1=3&"2) :9) 5"286$) %8=") 72") #12"2) P*"4") 21%82981;8&8%')#*"#Y8$6)=1');")133&8"5L) )
F) 4"2"14#*) 34:641=) 9:4) %"2%8$6) %*")
*'3:%*"282)%*1%)"R34"228<")/M)=1');")72"5)9:4)
%'38#1&) 5"286$) %8=") @,!) 4"34"2"$%1%8:$) %12Y2) 27#*)12)8$9:4=1%8:$)=:5"&&8$6)1$5)%"4=8$:&:6')
;8$58$6)P:7&5)8$#&75"N) )
²) %::&2) 9:4) 17%:=1%8#1&&') %41$2&1%8$6)
!"#$@,!) 14#*"%'3"2) %:) 1$) 0QM) 4"34"O 2"$%1%8:$() 8$#&758$6) "R82%8$6) %"4=8$:&:6')
!"#$"#%&'( )**+,"#%( -./( -/&-"#%( +0( $"00/1/#-(
)221+3"4)-"+#&(-+(-./()15./-62/(&/4)#-"5&'( (
² -1)#&*)-"+#( +0( -./( 07**( &/-( +0( )15./-62/&( "#(
-./(!"#$89:(27!*"5(1/2+&"-+16'()#$( (
² 17##"#%( -62"5)*( $/&"%#;-"4/( "#0/1/#5"#%(
-)&<&=( (
>./( $/4)15)-"+#( !/-,//#( +#-+*+%6;( )#$(
"#0+14)-"+#( 4+$/*( 1/21/&/#-)-"+#&( 5)##+-( !/(
/)&"*6( 0+7#$( "#( -./( #)-71/( +0( -./( /#-"-"/&(
1/21/&/#-/$'(!7-(1)-./1("#(-./(5+42*/3"-6(+0(-./(
<"#$&(+0("#0/1/#5/(#//$/$("#()(&2/5"0"5(7&/(5)&/=(
?&( #+-/$( !6( @/1A/**'( -./( 5+#-/3-( )#$( -./(
"#-/#$/$(7&/(+0(-./(89:(,"**(!/(4+&-("42+1-)#-(
,./#( 5.++&"#%( ,.)-( 4/-.+$&'( 21"#5"2*/&( )#$(
-/5.#+*+%"/&(-+(7&/(BCDE=(>."&("&(&+4/-."#%(-.)-(
,"**( .)F/( -+( !/( $/5"$/$( "#( 5*+&/( 5++2/1)-"+#(
!/-,//#(/32/1-"&/("#(!+-.(./)*-.5)1/'(+#-+*+%6(
)#$("#0+14)-"5&=( (
!"#$%&'()*(+($,-. .
>."&( ,+1<( ,)&( &722+1-/$( !6( -./( G/!7%H>(
21+I/5-( +0( -./( 8J( K-.( L1)4/,+1<( M1+%1)4(
%1)#-()%1//4/#-(HN>;CDDK=O=C;CPKPQR=( ( /(0(1($"(-.
P= HST=( %&'( )*+,-.*/*00+/( 1#2345( 6$7!89246:;( .(
<6:#( 28:564#:4=8#( ²( >284( */( %$7!89246!$(
<6#?"!6$4=( H#-/1#)-"+#)*( T1%)#"A)-"+#( 0+1(
S-)#$)1$"A)-"+#'(U/#/F)'(S,"-A/1*)#$'(CDDR=( ( C= ?=G=( S2/)1=( T#-+*+%6( 0+1( -./( -,/#-6( 0"1&-(
5/#-716V(?#("#-1+$75-"+#(,"-.(1/5+44/#$)-"+#&=(
S))1!175</#@( A#892$B/( %$;464=4#( 7!8( C!8923(
'$4!3!DB(2$E(F#E6:23(%$7!89246!$(&:6#$:#'(CDDW=( ( Q= >.+4)&( @/)*/( )#$( S)4( 9/)1$=( ?#(
+#-+*+%6;!)&/$( 4+$/*( +0( 5*"#"5)*( "#0+14)-"+#=(
&4=E6#;( 6$( 1#2345( G#:5$!3!DB( 2$E( %$7!89246:;'(
PCRXM-(PYVKWD²KWZ'(CDDK=(M[HGV(PKRPP\PR=( ( Z= !"#$89:=( >./( +2/#89:( 1/0/1/#5/( 4+$/*=(
.--2V]],,,=+2/#/.1=+1%]&F#](
&2/5"0"5)-"+#]>:J^_]27!*"&."#%]1+)$4)2=.-4*'(
CDPD=( (
O= >=( @/)*/=( ?15./-62/&V( N+#&-1)"#-;!)&/$( $+4)"#(
4+$/*&(0+1(07-71/;21++0("#0+14)-"+#(&6&-/4&=(H#(
''>&HI( *00*( ?!8J;5!"( !$( K#52<6!=823(
;#92$46:;=(N"-/&//1'(CDDC=( (
W= !"#$89:=( !"#$89:( N*"#"5)*( _#+,*/$%/(
[)#)%/1=(.--2V]],,,=+2/#/.1=+1%](<#+,*/$%/]=( ( K=( ( S-/0)#( S5.7*A'( @++#-),//( S7#-"&1"F)1)2+1#'(
L1)#A( @))$/1'( )#$( [)1-"#( @+/</1=( S^T[8G(
UHDFKLQJ LWV DGROHVFHQFH RQWRORJLVWV· DQG ORJLFLDQV·KHDOWKFKHFN%$4#8$246!$23(L!=8$23(!7(
F#E6:23( %$7!89246:;'( K\( S722*( PVS\W²RZ'( ?21"*(
CDDR=(M[HGV(P\K\RKOZ=( (
\=( ( 9`K(-/14"#0+(21+I/5-=(
.--2V]],,,=.*K=+1%]&2/5")*]5+44"--//&]-/14"#0+](
"#$/3=504=( (
R=( ( G=( [)1<,/**'( `=( S)-+'( )#$( 8=( N.//-.)4=(
:/21/&/#-"#%( 5*"#"5)*( "#0+14)-"+#( 7&"#%(
S^T[8G( 5*"#"5)*( -/14&( ,"-.( $"ơ/1/#-(
&-175-71)*( "#0+14)-"+#( 4+$/*&=( H#( MN.FOP(
*00Q'(2)%/(KC'(CDD\=( (
PD=( (N=([)1-a#/A;N+&-)'([=([/#b1%7/A;>+1-+&)'(c=(>(
L/1#b#$/A;@1/"&'( )#$( c=( ?( [)*$+#)$+=( ?(
4+$/*;$1"F/#( )221+)5.( 0+1( 1/21/&/#-"#%( 5*"#"5)*(
)15./-62/&( 0+1( &/4)#-"5( ,/!( /#F"1+#4/#-&=(
L!=8$23( !7( K6!9#E6:23( 6$7!89246:;'(
ZCXPYVPOD²PWZ'(CDDR=( (
PP=( (:+*)#$(9/$)6)-=(S/4)#-"5(,/!(-/5.#+*+%"/&("#(
-./( d7/&-( 0+1( 5+42)-"!*/( $"&-1"!7-/$( ./)*-.(
1/5+1$&=([)&-/1(-./&"&'(J22&)*)(J#"F/1&"-6'(CDPD=( ( PC=( (L=(@))$/1'(S=(@1)#$-'()#$(N=(`7-A=(M7&."#%(-./(
8`( /#F/*+2/=( H#(%$4#8$246!$23( L!6$4( R!$7#8#$:#(
!$(I84676:623(%$4#336D#$:#'(PR'(2)%/(QWZ'(CDDO=( ( PQ=( (L=(@))$/1'(S=(@1)#$-'()#$(N=(`7-A=(M7&."#%(-./(
8`( /#F/*+2/( 071-./1=( H#( >8!:##E6$D;( !7( 45#(
'SHOP( *00Q( PR( S!8J;5!"( !$( 'SH/(
OT"#86#$:#;(2$E(P68#:46!$;'(2)%/(CC'(CDD\=( ( PZ=( (T=( _"*"5'( e=( @"5/1'( )#$( ?=( G+%)5=( [)22"#%(
?15./-62/&( -+( Tf`=( F6EE3#( O2;4( G#:5$6:23(
U$6<#8;64B@(I$J282@(GV8J#6'(CDDW=( (
PO=( (?=`=( :/5-+1( )#$(S=( @1)#$-=( f.6( $+( "-( -./( .)1$(
,)6g(>./(5)&/(0+1()#(/321/&&"F/($/&51"2-"+#(*+%"5(
0+1(S^T[8G=(L!=8$23(!7(45#(I9#86:2$(F#E6:23(
%$7!89246:;(I;;!:6246!$'(POXWYVKZZ'(CDD\=( ( PW=( (S-/0)#(S5.7*A'( G)#"/*(S5.+!/1'(N.1"&-/*(G)#"/*'(
)#$( [)1"/;N.1"&-"#/( c)7*/#-=( @1"$%"#%( -./(
&/4)#-"5&( %)2( !/-,//#( -/14"#+*+%"/&'(
+#-+*+%"/&'( )#$( "#0+14)-"+#( 4+$/*&=(&4=E6#;( 6$(
1#2345( G#:5$!3!DB( 2$E( %$7!89246:;'( PWDXM-(
CYVPDDD²PDDZ'(CDPD=(M[HGV(CD\ZP\QZ=( (
PK=( (H9>SGT=( S^T[8G( N>h( &-6*/( %7"$/V(
T!&/1F)!*/( /#-"-"/&( )#$( /F)*7)-"+#( 21+5/$71/&(
X`)!+1)-+16Y'(c7#/(CDPD=( (
P\=( (N=([7#%)**'(U=(U<+7-+&'(^=(f)&."#%-+#'()#$(S=(
`/,"&=(:/21/&/#-"#%(2./#+-62/&("#(Tf`=('SH/(
OT"#86#$:#;( 2$E( P68#:46!$;( W'SHOP( *00-X'(
H##&!17<'(?7&-1")'(CDDK=( (
PR=( (T=( @+$/#1/"$/1'( @=( S4"-.'( )#$( ?=( @71%7#=( >./(
+#-+*+%6;/2"&-/4+*+%6( $"F"$/V( ?( 5)&/( &-7$6( "#(
4/$"5)*( -/14"#+*+%6=( H#( C!8923( !$4!3!DB( 6$(
6$7!89246!$( ;B;4#9;/( >8!:( G568E( %$4#8$246!$23(
R!$7#8#$:#(WC'%&.*00YX'(P\O;PRO=(HTS(M1/&&=( ( CD=( ([)1-"#( @/1A/**=( O3#:48!$6:( 1#2345:28#( '$4!.
3!D6#;/( >563!;!"5B@( 45#( 8#23( ?!83E( 2$E( %G(
;48=:4=8#;=( M.G( -./&"&'( `"#<i2"#%( J#"F/1&"-6'(
CDPD=( (
