!"#$%&'($()"&*(+,-.&'(/01","2*3(4(50.6.7&(488,.9$1."0(
/01","2*(6"%()$'.9($0&(!%$0',$1."0$,(:9.7097((
!"#$%&"'(%)*+,"-".%/*,-$00.1%&02$"3*4(%&53,6%7+$",.8%3$%&53,*3$9(%
%&0*5%:+;;$5<$,=>(%?*@"3%A*"%B*"%B.5='(%/*,,#%C2";DE%
%
'F5"@$,1";#%.G%H*0"G.,5"*%*;%I.1%&5=$0$1(%C-D..0%.G%?$5;"1;,#%*53%?$5;*0%:$1$*,-D%J51;";+;$(%H&(%FC&%%
4K$3$,*0%F5"@$,1";#%.G%)"5*1%L$,*"1(%C-D..0%.G%J5G.,2*;".5%C-"$5-$(%/$0.%M.,"8.5;$(%)L(%/,*8"0%%
9K$3$,*0%F5"@$,1";#%.G%)"5*1%L$,*"1(%/$0.%M.,"8.5;$(%)L(%/,*8"0%%
>C;*;$%F5"@$,1";#%.G%N$O%P.,Q%*;%/+GG*0.(%H0"5"-*0%*53%A,*510*;".5*0%?*;*%RS-D*5=$(%/+GG*0.(%NP(%FC&%%
EC;*;$%F5"@$,1";#%.G%N$O%P.,Q%*;%/+GG*0.(%TD"0.1.UD#%?$U*,;2$5;(%/+GG*0.(%NP(%FC&%%
4;'1%$91<% B$% 3$1-,"<$% ;D$% ,*;".5*0$% G.,% *5% *UU0"-*;".5% .5;.0.=#% -.@$,"5=% ;D$% 3.2*"5% .G%
D+2*5% <.3#% G0+"31% ;D*;% "1% 3$1"=5$3% ;.% G*-"0";*;$% ,$U,$1$5;*;".5(% ,$+1$(% 1D*,"5=% *53%
"5;$=,*;".5% .G% 3"*=5.1;"-(% UD#1".0.="-*0(% *53% <".-D$2"-*0% 3*;*V% B$% <,"$G0#% ,$@"$O% ;D$% /0..3%
W5;.0.=#% X/IWY(% C*0"@*% W5;.0.=#% XC&IWY% *53% Z"35$#% *53% F,"5*,#% T*;DO*#% W5;.0.=#%
XZFTWY% "5";"*;"@$1V% B$% 3"1-+11% ;D$% 2$;D.31% $2U0.#$3% "5% $*-D(% *53% *33,$11% ;D$% U,.[$-;% .G%
+1"5=%;D$2%*1%1;*,;"5=%U."5;%G.,%*%+5"G"$3%<.3#%G0+"31%.5;.0.=#%,$1.+,-$V%B$%-.5-0+3$%O";D%*%
3$1-,"U;".5% .G% D.O% ;D$% <.3#% G0+"31% .5;.0.=#% "5";"*;"@$% 2*#% U,.@"3$% 1+UU.,;% ;.% <*1"-% *53%
;,*510*;".5*0%1-"$5-$V%
=7*#"%&'3(<.3#%G0+"31(%.5;.0.=#(%1*0"@*(%D+2*5%<0..3V%
>(((?01%"&-91."0(
/.3#% G0+"31% *,$% 0"\+"31% ;D*;% *,$% $S-,$;$3% .,%
1$-,$;$3% G,.2% *53% "51"3$% ;D$% <.3"$1% .G%
.,=*5"121V%B$%D$,$%G.-+1%.5%;D$%-*1$%.G%D+2*5%
.,=*5"121(%*53%U,.@"3$%*%U,$0"2"5*,#%*11*#%.G%
;D$% 1-.U$% *53% U+,U.1$% .G% *5% *UU0"-*;".5%
.5;.0.=#%-.@$,"5=%;D$%3.2*"5%.G%<.3#%G0+"31%"5%
<.;D%D$*0;D#%*53%3"1$*1$3%D+2*5%.,=*5"12V%%
W50#% *% 12*00% G,*-;".5% .G% ;D$% D+2*5% <.3#%
G0+"31% D*@$% <$$5% "5-0+3$3% ;D+1% G*,% "5% ;D$%
K.+53*;".5*0% ).3$0% .G% &5*;.2#% XK)&Y% ]'^V%
AD$1$% *,$% 0"1;$3(% O";D% ;D$",% 3$G"5";".51(% "5%
A*<0$%'V%
%
!"#$%&'()#% *+,)-).)"-%/&012%
!"##$% &#'()#*%#+%!#$,%-.!-(/*01%(2/(%0#*-)-(-%#+%3"/-4/%/*$%!"##$%01""-5%
!'1/-(%4)"6% &#'()#*%#+%-10'1(1$%-.!-(/*01%3'#$.01$%!,%(21%4/44/',%7"/*$5%
02,41% 8*71-(1$%+##$%/$4)91$%:)(2%7/-(')0%-10'1()#*-%0#*(/)*1$%)*%(21%-(#4/025%
1*$#",432% ;'/*-.$/(1%0#*(/)*1$%:)(2)*%(21%414!'/*#.-%"/!,')*(25%
4.0.-% &#'()#*%#+%-10'1(1$%-.!-(/*01%3'#$.01$%!,%/%4.0#.-%7"/*$%#'%7#!"1(%01""5%
31')",432% ;'/*-.$/(1%0#*(/)*1$%)*%(21%#--1#.-%"/!,')*(2%#.(-)$1%(21%414!'/*#.-%"/!,')*(25%
3"/-4/% <#$,%-.!-(/*01%)*%")=.)$%-(/(1%0#*(/)*1$%)*%(21%".41*%#+%/'(1')/"%/*$%>1*#.-%('11-?%
!"##$%0/3)""/',%/*$%(21%0/'$)/0%02/4!1'-@%0#*-()(.(1-%(21%")=.)$%32/-1%#+%!"##$5%
-141*% &#'()#*%#+%!#$,%+".)$%-.-31*-)#*%(2/(%0#*-)-(-%#+%-31'4/(#A#/%/*$%-14)*/"%3"/-4/5%
-:1/(% B10'1()#*%3'#$.01$%!,%/%-:1/(%7"/*$5%
-14)*/"%+".)$% &#'()#*%#+%-10'1(1$%-.!-(/*01%3'#$.01$%3'#-(/()0%7"/*$-?%!."!#.'1(2'/"%7"/*$-%#'%(21%-14)*/"%>1-)0"1-5%
-1'.4% <#$,%-.!-(/*01%$1')>1$%+'#4%3"/-4/%!,%(21%1")4)*/()#*%#+%+)!')*#71*5%
(1/'% &#'()#*%#+%-10'1(1$%-.!-(/*01%3'#$.01$%!,%(21%"/0')4/"%7"/*$5%
.')*1% C90'1()#*%)*%")=.)$%-(/(1%3'#01--1$%!,%(21%6)$*1,5%
345'+%67%D)-(%#+%!#$,%+".)$%(,31-%0.''1*(",%'13'1-1*(1$%)*%EFG%
,&%2,QWHUQDWLRQDO&RQIHUHQFHRQ%LRPHGLFDO2QWRORJLHVā%XIIDOR1<86$
:RUNLQJZLWK0XOWLSOH%LRPHGLFDO2QWRORJLHV:RUNVKRS-XO\
!"#$%&#'%"()*'+,-.'/0"1-'$.2&3'4%15%'4&'
%)6&'1-&*$1/1&-'1*',"#'#&3&)#5%&3'$%"3'/)#7')*-' 4%15%' 4100' +&' 3"+(1$$&-' $,' $%&' !89' /,#' 1*50"31,*'1*'-"&'5,"#3&7'1*50"-&:'
+10&'
);"&,"3'%"(,"#''
5&#&+#,321*)0'/0"1-''
5&#"(&*''
5,00,1-)0'+,-.'3"+3$)*5&'
-&/&#&*$'-"5$'/0"1-'
&21-1-.()0'-"5$'/0"1-'
&3,2%)<&)0'3&5#&$1,*'
/,0015"0)#'/0"1-'
<)3$#15'="15&'
<1*<16)0'/0"1-3''
1*$&3$1*)0'3&5#&$1,*'
1*$#),5"0)#'/0"1-''
0.(2%'
&21$%&01)0'01*1*<'/0"1-'
0"*<'01*1*<'/0"1-'
(&*3$#")0'/0"1-''
2)*5#&)$15'="15&'
#&*)0'/10$#)$&'
#&$&'$&3$13'/0"1-''
3)016)''
3&+"('
3&(1*1/&#,"3'$"+"0&'/0"1-'
3&#,"3'/0"1-'
3.*,61)0'/0"1-''
$133"&'/0"1-'
6)<1*)0'0"+#15)$1,*''
61$#&,"3'%"(,"#'
>,-.'/0"1-3'1*')'+#,)-&#'3&*3&'1*50"-&')03,' /0"1-3' 3"5%' )3' 01;"1-' /&5&3' 4%15%' &?13$' 1*' $%&' ,#<)*13('1*')'3$)$&'4%&#&'$%&.')#&'-133,06&-'1*' 4)$&#@'A%&.'1*50"-&')03,'/0"1-3'$%)$'#&3"0$'/#,(' 2#,5&-"#&3'3"5%')3'+#,*5%1)0'0)6)<&@'B,4&6' +&5)"3&' $%&' !89' -&)03' ,*0.' 41$%' +,-.' /0"1-3' SUHVHQW LQ WKH ¶FDQRQLFDO· KXPDQ ERG\ LW GRHV
*,$' 1*50"-&' $&#(3' #&2#&3&*$1*<' /0"1-3' 4%15%' )#13&'1*'5)3&3',/'-13&)3&')*-'1*'$%&'2&#/,#()*5&' ,/'501*15)0'2#,5&-"#&3@'
A%&#&' 13' )' 5,*$1*","3' /0,4' ,/' +,-.' /0"1-3'
$%#,"<%,"$'$%&'+,-.@'A%&.'/"*5$1,*')3'6&%150&3'
$,' 5)##.' ,?.<&*7' *"$#1&*$37' 4)3$&7' %,#(,*&3' )*-' ,$%&#' 31<*)0' (,0&5"0&3' )*-' 1(("*&' VHQVRUV DQG HIIHFWRUV EHWZHHQ WKH ERG\·V -1//&#&*$'5,(2)#$(&*$3@'>,-.'/0"1-3'3&')03,' )3'$#)*32,#$'/,#'2%)#()5&"$15)0'3"+3$)*5&3@' 922#,?1()$&0.' CD' 2&*$' ,/' $%&' %"()*' +,-.' 5,*313$3' ,/' /0"1-3@' E,#$1,*3' ,/' /0"1-' 41$%1*' $%&' 1*$,#' ,/' $%&' 5&00' )#&' 5)00&-' 1*$#)5&00"0)#'
/0"1-3@'900',$%&#'/0"1-3')#&'&?$#)5&00"0)#7')*-'1$' 13'$%&3&'$%)$'4&'/,5"3',*'%&#&7')*-'2#1()#10.',*'
$%,3&' &?$#)5&00"0)#' /0"1-3' $%)$' )#&' ,/' 6)0"&' /,#' -1)<*,3$15'2"#2,3&3@'
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
'P1$%' $%&' #&5&*$' )-6)*5&3' 1*' +1,(&-15)0'
$&5%*,0,<.7' $%&#&' %)3' +&&*' )*' &35)0)$1*<' *&&-' /,#'/,#()0'$,,03'$%)$'5)*'/)5101$)$&'&//&5$16&')*-'
&//151&*$' #&2#&3&*$)$1,*7' #&"3&7' 3%)#1*<' )*-' 1*$&<#)$1,*' ,/' -1)<*,3$15' -)$)@' Q51&*$13$3' )#&' 1*5#&)31*<0.'#&5,<*1R1*<'$%&'6)0"&',/',*$,0,<1&3' 1*' $%13' 5,**&5$1,*@' 9*' ,*$,0,<.' 2#,61-&3' )' 5,*$#,00&-' 6,5)+"0)#.' $%)$' 5)*' +&' 3%)#&-' +.' 1*6&3$1<)$,#3' 1*' -1//&#&*$' /1&0-37' 4%,' 5)*' -#)4' RQ WKH RQWRORJ\·V ORJLFDO GHILQLWLRQV WR HQVXUH
$%)$'$&#(3')#&'"3&-'41$%'5,((,*'(&)*1*<3@'S*' )--1$1,*' $%&' ,*$,0,<.' 5)*' 3"22,#$' ;")01$.' 5,*$#,0' 1*' -)$)' &*$#.' )*-' )00,4' )0<,#1$%(15'
#&)3,*1*<',*'-)$)')**,$)$&-'"31*<'1$3'$&#(3@'' 'A%&',*$,0,<.T+)3&-')22#,)5%'4100'/"*5$1,*' 3"55&33/"00.7' %,4&6' ,*0.' 1/' $%&' ,*$,0,<1&3'
$%&(3&06&3')#&'-&6&0,2&-'1*'$)*-&('41$%'&)5%' ,$%&#'1*'3"5%')'4).')3'$,'&*3"#&'5#,33T-,()1*' 5,*313$&*5.' )*-' $,' &01(1*)$&' $%&' 3,#$3' ,/'
#&-"*-)*5.'1*'6,5)+"0)#.'5#&)$1,*'4%15%'%)6&'
$#)-1$1,*)00.')#13&*'4%&#&'-,()1*3',6�)2@'A,'
$%13' &*-7' )' -13$1*5$1,*' *&&-3' $,' +&' -#)4*' +&$4&&*' #&/&#&*5&' )*-' )22015)$1,*' ,*$,0,<1&3' FUI@' A%&' /,#(&#' 5,##&32,*-' 1*' (&-151*&' $,' $%&' +)315'+1,(&-15)0'351&*5&3'3"5%')3')*)$,(.')*-' 2%.31,0,<.7' $%&' 0)$$&#' $,' 501*15)0' 32&51)013(3' )*-' 3"+T32&51)013(37' /,#' &?)(20&' $,' 2&-1)$#15' 3"#<&#.' ,#' #)-1)$1,*' ,*5,0,<.@' V"3$' )3' $%&' 501*15)0' 32&51)013(3' -#)4' ,*' $%&' 5,*$&*$' )*-'
#&3"0$3' ,/' $%&' +)315' 351&*5&37' 3,' )22015)$1,*' ,*$,0,<1&3' 4100' *&&-' $,' -#)4' ,*' (,#&' +)315' /&&-&#' ,*$,0,<1&3' 3"5%' )3' $%&' )/,#&(&*$1,*&-'
!897')*-',$%'3"5%')3'$%&'M%&(15)0'W*$1$1&3'
!"# $%!&!'%()&# *+,-.-/,# 0123$*4# 56789# :.!,-%+#
;+,!&!'<#0:=;4#56689#>-+-#;+,!&!'<#0>;4#56?8#
)+@#,2-#1-&&AB<C-#;+,!&!'<#01B4#56D8E#
;F.# C.!C!/-@# )CC&%(),%!+# !+,!&!'<# $GH;##
%/# @-/%'+-@# ,!# I--,# ,2-# +--@# "!.# ,-.I%+!&!'<#
/FCC!.,#%+#,2-#@!I)%+#!"#.-/-).(2#!+#J%!A"&F%@/E#
K/# )+# )CC&%(),%!+# !+,!&!'<9# %,# L%&&# J-# JF%&,#
C.%I).%&<# !F,# !"# ,-.I/# @-.%M%+'# ".!I# !,2-.#
I!.-# "!F+@),%!+)&# !+,!&!'%-/# )+@#
,-.I%+!&!'%-/E#N-#/2)&&#@.)L#I!/,#%IC!.,)+,&<#
!+# ,2-# GOK# )/# !F.# !M-.).(2%+'# )+),!I<#
".)I-L!.P#568E#B2-.-#)#!"#$%"&'"(')"*+'(,-%*#%/#
@-"%+-@#)/Q##
K#C!.,%!+#!"#J!@<#/FJ/,)+(-#,2),#(!+/%/,/#!"#
)#I%R,F.-#!"#"&F%@9#/!&F,-/#)+@#C).,%(&-/E##
GOKQ#!"#$%"&' "(' )"*+' .-).$/&01'%/# @-"%+-@# %+#
,F.+#)/Q##
O),-.%)&# )+),!I%()&# -+,%,<# %+# )# ')/-!F/9#
&%SF%@9# /-I%/!&%@# !.# /!&%@# /,),-9# L%,2# !.#
L%,2!F,# ,2-# )@I%R,F.-# !"# (-&&/# )+@#
J%!&!'%()&# I)(.!I!&-(F&-/T# C.!@F(-@# J<#
)+),!I%()&# /,.F(,F.-/# !.# @-.%M-@# ".!I#
%+2)&-@#)+@#%+'-/,-@#/FJ/,)+(-/#,2),#2)M-#
J--+#I!@%"%-@#J<#)+),!I%()&#/,.F(,F.-/E##
K&&# ,-.I/# .-C.-/-+,%+'# ,<C-/# !"# J!@<# "&F%@#
%+# !F.# !+,!&!'<# L%&&# J-# ,.-),-@# )/# (2%&@.-+# !"#
GOKQ#!"#$%"&'"(')"*+'(,-%*2''
N-# L%&&# @.)L# !+# !,2-.# .-/!F.(-/9# %+(&F@%+'#
,2-#UV;O3W#1B#M!()JF&).<#!"#(&%+%()&#,-.I/9#
L2%(2# %+(&F@-/# ,-.I/# .-&-M)+,# ,!# ,2-# @!I)%+#
!"# J!@<# "&F%@/# /F(2# )/#3"*+' (,-%*' 4.-).$/&0159#
6#%7%&' "(' (,-%*' 4/$$#%)-$159# )+@# 3"*+' (,-%*'
#1$1&$%"&' 4*%."#*1#5E# $!@<# "&F%@# 0/FJ/,)+(-4# %/#
)//-.,-@#%+#,2-#UV;O3W#1B#(!+(-C,#2%-.).(2<#
,!# J-# J!,2# )# $!@<# /FJ/,)+(-# )+@# H%SF%@#
/FJ/,)+(-E##
KC).,# ".!I# ,2-# GOK9# ,2-# I!/,# %IC!.,)+,#
!+,!&!'%-/#-IC&!<-@#J<#,2-#$GH;#%+#%,/#(F..-+,#
)&C2)# M-./%!+# ).-# ,2-# $&!!@# ;+,!&!'<# 0$H;49#
,2-# UKH;# ;+,!&!'<# 0UKH;4# ,2-# X%@+-<# )+@#
Y.%+).<#:),2L)<#;+,!&!'<#0XY:;4E#
!"!#$%&&'#()*&%&+,#-$.(/#
B2-# $H;# 02,,CQZZIJ)/-.M-.E-(%EF"I'EJ.Z$H;A L%P%Z4# 56[8# %/# )# (!+,.!&&-@# M!()JF&).<# @-/%'+-@#
"!.# F/-# %+# )++!,),%+'# )+@# !.')+%\%+'# @),)#
)J!F,#J&!!@9#%+(&F@%+'#@),)#C-.,)%+%+'#,!Q#
J&!!@# ,.)+/"F/%!+/# 0"!.# -R)IC&-9# @!+),%!+#
C.!(-//#(!+,.!&4#
2-I),!&!'<# 0"!.# -R)IC&-9# %IIF+!&!'%(#
J)/%/4#
J&!!@# @-.%M),%M-# C.!@F(,/# 0"!.# -R)IC&-9#
".!\-+#C&)/I)4##
,2-# (!+,-+,# !"# .-'F&),!.<# @!(FI-+,),%!+#
0"!.# -R)IC&-9# .-'F&),%!+/# F+@-.# ,2-# G!!@#
)+@#W.F'#K@I%+%/,.),%!+4##
,2-# )//!(%),-@# .-'F&),!.<# C.!(-//-/# 0"!.#
-R)IC&-#,-/,/#!"#J&!!@#SF)&%,<4E##
# $H;# %/# J-%+'# (.-),-@# ,!# /-.M-# ,2-#
-RC&!.),%!+# )+@# )''.-'),%!+# !"# %+"!.I),%!+#
.-&-M)+,# ,!# /(%-+,%"%(# .-/-).(2# )+@# ,!# 2FI)+#
J&!!@#I)+%CF&),%!+E#$H;#%/#(!+/,.F(,-@#!+#,2-#
J)/%/# !"# L-&&A"!F+@-@# !+,!&!'%()&# C.%+(%C&-/# %+#
/F(2#)#L)<#,2),#%,#()+#/FCC!.,#%+,-.!C-.)J%&%,<#
L%,2#;$;# G!F+@.<#!+,!&!'%-/#/F(2#)/#,2-#>;#
)+@# ,2-# :=;E# $H;# (!..-/C!+@/# ,!# )# /-,# !"#
%+,-..-&),-@# !+,!&!'%-/9# -)(2# )@@.-//%+'# )#
'.!FC# !"# .-&-M)+,# %//F-/# %+# ,2-# "%-&@# !"#
2-I),!&!'<#)+@#J&!!@#,.)+/"F/%!+E#
# K/#(!+(-.+/#,-.I/#"!.#@%)'+!/,%(#C.!(-//-/9#
$H;# L%&&# .-&<# !+# CFJ&%(),%!+/# .-C!.,%+'# ,2-#
.-/F&,/# !"# .-/-).(2# !+# J&!!@A,.)+/I%,,-@#
@%/-)/-/9# "!.# -R)IC&-9# ]*^A6Z?9# 2-C),%,%/# $#
)+@# 19# 12)')/# W%/-)/-9# )+@# /<C2%&%/E# *+#
)@@%,%!+9#,2-#!+,!&!'<#L%&&#@.)L#!+#,-.I/#F/-@#
%+# .-/-).(2# !+# 2-I!C2%&%)/9# ^!+AN%&&-J.)+@#
@%/-)/-#)+@#U%(P&-#1-&&#K+-I%)/9#)+@#!+#]BH^E##
!"0#12%342#()*&%&+,#-15.(/#
B2-#UKH;#56_8#%/#)#(!+/-+/F/AJ)/-@#(!+,.!&&-@#
M!()JF&).<#!"#,-.I/#)+@#.-&),%!+/#@-@%(),-@#,!#
,2-# /)&%M)!I%(/# @!I)%+# )+@# ,!# /)&%M)A.-&),-@#
@%)'+!/,%(/E# H%P-# $H;9# UKH;# "!&&!L/# ,2-#
C.%+(%C&-/#!"#,2-#;$;#G!F+@.<E#
B2-#C.!,-%+#,-.I/#%+#,2-#UKH;#).-#@-.%M-@#
".!I# ,2-# (!..-/C!+@%+'# /-(,%!+/# !"# ,2-# :=;#
02,,CQZZCF.&E!.'Z!J!Z!L&Z:=;4E# B2-# UKH;# %/# )#
(!IC!+-+,#!"#)+#!+,!&!'<AJ)/-@#".)I-L!.P#"!.#
)# U)&%M)!I%(/# X+!L&-@'-# $)/-# 0UX$T#
2,,CQZZLLLE/PJEF(&)E-@FZ#L-J/%,-4#,2),#%/#)#@),)#
.-C!/%,!.<9# I)+)'-I-+,# /</,-I# )+@# L-J#
.-/!F.(-# (!+/,.F(,-@# ,!# /FCC!.,# 2FI)+#
/)&%M).<# C.!,-!I%(/9# ,.)+/(.%C,!I%(/9# I%=VK9#
I-,)J!&!I%(/# )+@# I%(.!J%!I-# .-/-).(2#
(F..-+,&<# J-%+'# )//-IJ&-@# %+# ,2-# W-+,)&#
=-/-).(2# *+/,%,F,-# ),# ,2-# Y1HK# U(2!!&# !"#
W-+,%/,.<#56_8E#
!"#$%&'()*$+('$,-&(+-*$.+/01+*$
2(/3435*$6%,.27$
!"#$ %&'($ )"**+,--.../#01234/#5-+56$
123-75+4-75+4/4.18$ 9:;<$ 2=$ >?$ 4?*414@A$ *">*$
B#=3C26#=$ 72B?#A$ >?B$ 5C2?>CA$ >?>*4DAE$ *"#$
3#11=$ 2?$ *"#$ >==432>*#B$ 4C@>?=$ >?B$ *2==5#E$ >?B$
*"#$ @#?#$ +C4B53*=$ 2?$ *"4=#$ 3#11=$ >?B$ *"#2C$
F5?3*24?>1$ >**C265*#=$ >?B$ 3#1151>C$ 34D+4?#?*=$
>?B$ >==432>*#B$ +>*"414@2#=/$ G*$ >1=4$ 34?*>2?=$
*#CD=$ C#1>*2?@$ *4$ *C>?=3C2+*4D23=$ >?B$
+C4*#4D23=$ #H+#C2D#?*=$ 2?$ *"#$ %&'($ B4D>2?/$
I152B0C#1>*#B$ *#CD=$ 2?$ %&'($ 2?315B#,$ 5C#>$
*C>?=+4C*E$ =D>11$ D5=31#$ 1>A#C$ 4F$ C#?>1$ J#2?E$
C#??2?$ =#3C#*24?$ 2?*4$ 6144B$ =*C#>DE$ >?B$
B2=4CB#C$4F$5C#*#C/$
8$ 9)/03'$
K11$ 64BA$ F152B=$ =">C#$ 3#C*>2?$ F#>*5C#=$ 2?$
34DD4?E$ 2?315B2?@$ C#1>*24?=$ *4$ 62414@23>1$
+C43#==$ C#+C#=#?*#B$ 2?$ *"#$ L(E$ *4$ +C4*#2?=$
C#+C#=#?*#B$ 2?$ *"#$ 'M(E$ >?B$ *4$ 3#11$ *A+#=$
C#+C#=#?*#B$2?$*"#$N!/$L2J#?$*"#$1>C@#$J>C2#*A$
4F$B2FF#C#?*$*A+#=$4F$64BA$F152BE$"4.#J#CE$*"#=#$
34DD4?$ F#>*5C#=$ D5=*$ 6#$ =+#32>12O#B$ *4$ #>3"$
2?B2J2B5>1$ 3>=#/$ G?$ B#J#14+2?@$ PIQ($ .#$
>334CB2?@1A$#D+14A$>$?4J#1$D#*"4B$F4C$4?*414@A$
B#J#14+D#?*E$ ."23"$ .#$ 3>11$ *"#$ D#*"4B$ 4F$
@#?#C>12O>*24?$>?B$=+#32>12O>*24?/$
G?$ *"#$ =2D+1#=*$ 3>=#E$ PQ($ >?B$ RKQ($ >C#$
*>7#?$>=$>?$2?+5*E$>?B$34CC#=+4?B2?@$*#CD=$2?$
*"#$*.4$4?*414@2#=E$=53"$>=$!"#$%"&'"(')*""+$>?B$
!"#$%"&' "(' ,-*%.-$ >C#$ >12@?#B$ 2?$ 12@"*$ 4F$ *"#2C$
34DD4?$ P>=23$ I4CD>1$ (?*414@A$ )PI(8$ 9:S<$
3>*#@4CA$ )"**+,--.../2F4D2=/4C@-6F4-8/$ !"#$
>12@?#B$ *#CD=$ >C#$ *"#?$ T42?#B$ *4$ F4CD$ >$ ?#.$
4?*414@A$*#CD$>=$45*+5*E$F4C$#H>D+1#,$!"#$%"&'"(' )*""+E$!"#$%"&'"(',-*%.-$Æ$!"#$%"&'"(')"+/'(*0%+/$
!"#$ UGMV(!$ 9W<$ @52B#12?#=$ >C#$ F4114.#B$ >*$
#J#CA$ =*>@#$ ."#?$ *#CD=$ >C#$ 2D+4C*#B$ 2?*4$
PIQ($FC4D$4*"#C$4?*414@2#=/$$
#$ :);<4/;$+('$=&;><;;&3($
I2@5C#$ :$ B2=+1>A=$ >$ FC>@D#?*$ 4F$ *"#$ PIQ($
2115=*C>*2?@$ F5?B>D#?*>1$ #?*2*2#=$ =53"$ >=$
.>*#CE$+C4*#2?E$XYKE$MYKE$3#11E$4C@>?E$#*3/$$
$
$
!"#$%&'()'!"#$%&'()*+),!-.)
K++123>*24?$ 4?*414@2#=$ D>A$ 6#$ 3C#>*#B$
#2*"#C$ 6#3>5=#$ C#F#C#?3#$ 4?*414@2#=$ >C#$ *44$
1>C@#$ *4$ 6#$ 4F$ #FF#3*2J#$ =#CJ23#$ 2?$ =+#32F23E$
?>CC4.1A$F435=#B$+C4T#3*=E$4C$6#3>5=#$ *"#A$>C#$
*44$?>CC4.$2?$=34+#/$Z#$D2@"*E$F4C$#H>D+1#E$6#$
2?*#C#=*#B$2?$B>*>$>==432>*#B$.2*"$+"A=2414@23>1$
D4B#1=$ 4F$ 64BA$ F152B$ #H3">?@#$ 9:[<E$ 4C$ 2?$ B>*>$
."23"$ C#=51*=$ FC4D$ 34D+>C2?@$ *"#$ 5*212*A$ 4F$
B2FF#C#?*$64BA$F152B=$)F4C$#H>D+1#$=>12J>E$6144B$
>?B$5C2?#8$F4C$B2>@?4=*23$+5C+4=#=$2?$C#1>*24?$*4$
D51*2+1#$ B2FF#C#?*$ =4C*=$ 4F$ B2=#>=#=/$ K?$
>++123>*24?$ 4?*414@A$ =53"$ >=$ PIQ($ 3>?$ *"#?$
"#1+$5=$*4$F435=$4?$*"#$C#1#J>?*$34?*#?*$4F$*"#$
C#F#C#?3#$ 4?*414@2#=$ >?B$ *4$ 34?T42?' *"#$
34CC#=+4?B2?@$ FC>@D#?*=$ *4@#*"#C$ 2?$ >$ .>A$
*">*$"#1+=$5=$*4$>BBC#==$3C4==0B4D>2?$2==5#=/$$
K?4*"#C$=#*$4F$#H>D+1#=$4F$+4*#?*2>1$5=#=$4F$
PIQ($ 34?3#C?$ 34D+>C2=4?=$ 4F$ *"#$ B2>@?4=*23$
J>15#$ 4F$ B2FF#C#?*$ 64BA$ =56=*>?3#=$ ."#C#$ *"#$
C#=51*=$4F$*#=*=$#D+14A2?@$4?#$ =56=*>?3#$+42?*$
*4$ *"#$ ?##B$ F4C$ *#=*=$ 5=2?@$ =4D#$ 4*"#C$
=56=*>?3#/$
!4$ 6521B$ >?$ >B#\5>*#$ C#+C#=#?*>*24?$ 4F$ >$
62414@23>1$ +"#?4D#?4?$ .#$ ?##B$ +C#32=#$
2?F4CD>*24?$ >645*$ *"#$ 62414@23>1$ 34D+4?#?*=$
2?J41J#B$ 4?$ =#J#C>1$ B2FF#C#?*$ 1#J#1=$ 4F$
@C>?51>C2*A/$ 'C4*#4D23=$ C#=#>C3"#C=$ 9:W<$ ">J#$
D>++#B$ *"#$ =2D21>C2*2#=$ >?B$ B2FF#C#?3#=$ 2?$
!"#$%&'( )#*!#+&$&#'( &'( !,-+*-( -'.( +-,&/-(
+-*!,%+0( 12%3( 2-/%( +2#4'5( 6#"( &'+$-')%5( $2-$(
&*7'#8,#97,&'+( !"%+%'$( &'( +-,&/-( -'.( !,-+*-(
#/%",-!( &'( -( 4-3( $2-$( +788%+$+( ,%-:-8%( 6"#*(
!,-+*-( &'$#( +-,&/-0( ;&/%'( $2%( )#'/%'&%')%( #6(
+-,&/-(+-*!,&'8(+7)2(,%-:-8%()#7,.(!"#/&.%($2%(
!#++&9&,&$3( #6( *#"%( %<!%.&%'$( $%+$&'8( 6#"(
-'$&9#.&%+0(=$($2%(+-*%($&*%5(&$(*-3(9%($2-$(4%(
)-'( 7+%( &'6#"*-$&#'( -9#7$( :'#4'( 9&#*-":%"+(
&'(9,##.($#( *-:%(&'6%"%')%+( $#($2%(!"%+%')%(#6(
-+( 3%$( 7':'#4'( 9&#*-":%"+( &'( +-,&/-( >?@A0(
B'$%8"-$&#'(#6(9,##.(-'.(+-,&/-(.-$-()#7,.($27+(
9%( -./-')%.( &'( 7+%67,( 4-3+( $2"#782( $2%(
)"%-$&#'( #6( $2%( 7'&6&%.( CDEF( 6"-*%4#":0( 12%(
"%!"%+%'$-$&#'(4#7,.('%%.($#($-:%(&'$#(-))#7'$(
-,+#($2%(6-)$($2-$(+#*%(!"#$%&'+(2-/%(.&66%"%'$(
9%2-/&#"+( &'( +!%)&-,( )#'.&$&#'+( G+7)2( -+(
.&+%-+%+H5( -'.( $27+( !"#!%"( 67')$&#'-,(
-''#$-$&#'( &+( %++%'$&-,( &6( -'( #'$#,#83I9-+%.(
"%!"%+%'$-$&#'(#6(.-$-(&+($#(+7!!#"$(!"%.&)$&#'0((
!"" #$%&'()*$%"+%,"-(.(/0"
1*/0&.*$%)"
12%(67,,(7'.%"+$-'.&'8(#6($2%(!23+&#,#83(-'.(#6(
$2%( 9#.3( "%J7&"%+( $2%( 7+%( #6( .-$-( "%,-$&'8( '#$(
*%"%,3($#(9#.3(6,7&.+($-:%'(+&'8,35(97$(-,+#(&'(
)#*9&'-$&#'( 4&$2( #$2%"( 9#.3( 6,7&.+5( -'.( #6(
)#7"+%(4&$2(#$2%"(-'-$#*&)-,(%'$&$&%+0(
12%($%)2'&J7%+(-'.(-!!,&)-$&#'+(+:%$)2%.(
&'( $2%( 6#"%8#&'8( -"%( K7+$( $2%( 6&"+$( +$%!+(
$#4-".+( -( $"7,3( 7+%67,( CDEF0( L,#+%(
)##".&'-$&#'( 4&$2( $2%( FCF( D#7'."35(
)#'+#,&.-$&#'( #6( -( )#**#'( 6"-*%4#":5( -'.(
%<!,#"-$&#'( #6( !#$%'$&-,( )#,,-9#"-$&#'+( 4&$2(
MNOF5( -+( 4%,,( -+( %<!-'+&#'( $#( #$2%"(
"%!"%+%'$-$&/%( 6,7&.+5( -"%( $2%( '%<$( +$%!+( &'(
42&)2(4%(&'$%'.($#(*#/%(6#"4-".0((
12%( 8"#4$2( #6( "%+%-")2( #'( 9#.3( 6,7&.+( &+(
"-&+&'8( &*!#"$-'$( )2-,,%'8%+( 6#"( $2%( 6&%,.( #6(
9&#*%.&)-,(#'$#,#8&%+5(9"&'8&'8($2%(.%*-'.(6#"(
-( "%+#7")%( $2-$( )-'( -))%,%"-$%( $2%( )#'+&+$%'$(
"%!"%+%'$-$&#'5(#"8-'&P-$&#'(-'.(*-'&!7,-$&#'(
#6(9#.3(6,7&.(.-$-0(Q%(-))#".&'8,3(9%,&%/%($2-$(
-( "%+#7")%( ,&:%( $2%( !"#!#+%.( CDEF( 2-+( $2%(
#!!#"$7'&$3( $#( -./-')%( 9#$2( 9-+&)( -'.(
$"-'+,-$&#'-,(+)&%')%0(
2&3%$4'0,560%.)"
12&+( 4#":( 4-+( +7!!#"$%.( 93( NR( S-$&#'-,(
B'+$&$7$%+( #6( T%-,$2( 8"-'$+( N@UVW@UX?YZ5(
N@UVW@UYY[@(-'.(NZ\T;@@\@?]0(
7080/0%&0)"
U0(( ^#++%5(L05(_%K&'#5(`0E05(`"0a(=("%6%"%')%(#'$#,#83(
6#"( 9&#*%.&)-,( &'6#"*-$&)+a( $2%( D#7'.-$&#'-,(
_#.%,(#6(='-$#*30(`(C&#*%.(B'6#"*(bX5"\Y]IZ@@(
G?@@bH(
?0( ;-#5( M05( c2#75( T05( c2-'85( E05( E%%5( `0Q05( c2#75(
d05( T75( R05( Q#,&'+:35( E0W05( D-""%,,5( `05( W&9,5( ;05(
Q#'85( V010a( R3+$%*&)( .&+%-+%I&'.7)%.( +-,&/-"3(
9&#*-":%"( !"#6&,%+( &'( *#7+%( *#.%,+( #6(
*%,-'#*-(-'.('#'I+*-,,()%,,(,7'8()-')%"0(OE#R(
F'%(\5"%Z]YZ(G?@@[H(
b0( Q7,6:72,%5( `0V05( E&#$$-5( E0=05( O%$"&)#&'5( W0D0a(
O"#$%#*&)(-!!,&)-$&#'+(6#"($2%(%-",3(.%$%)$&#'(#6(
)-')%"0(S-$(^%/(L-')%"(b5"?XYI?YZ(G?@@bH(
\0( B+"-'&( =M5( %0-0a( E-9#"-$#"3( -++%++*%'$( #6(
:&.'%3( .&+%-+%a( L,%-"-')%5( 7"&'-,3+&+5( -'.(
:&.'%3(9&#!+30(R-7'.%"+(W,+%/&%"5(G?@@]H(
Z0( e#7'85(C05(;,%%+#'5(_05(L"&!!+5(=0Q0a(LI"%-)$&/%(
!"#$%&'a(-()"&$&)-,("%/&%40(O-$2#,#83(?b5"UU]IU?\(
GU[[UH(
X0( C7"$#'5( C0M0a( B'9#"'( %""#"+( #6( *%$-9#,&+*( &'(
&'6-')3a( -( 87&.%( $#( .&-8'#+&+0( O%.&-$"&)+( U@?5"
WX[(GU[[]H(
Y0( ;"%%"5( `0O0%0-0a( Q&'$"#9%f+( ),&'&)-,( 2%*-$#,#830(
E&!!&')#$$(Q&,,&-*+(g(Q&,:&'+5(G?@@]H(
]0( h%%'+$"-5( 10V05( L#'"-.+5( 10O05( T##.5( C0E05(
=/%,,&'#5(=0_05(W,,%'9#8%'5(^0;05(_#""&+#'5(^0R0a(
C&#*-":%"+a( *&'&'8( $2%( 9,7&.( !"#$%#*%0( _#,(
L%,,(O"#$%#*&)+(\5"\@[I\U](G?@@ZH(
[0( L#7"$#$5(_05(;&9+#'5(D05(E&+$%"5(=0E05(_-,#'%5(`05(
R)2#9%"5( V05( C"&':*-'5( ^0^05( ^7$$%'9%"85( =0a(
_B^WF1a( 12%( *&'&*7*( &'6#"*-$&#'( $#(
"%6%"%')%( -'( %<$%"'-,( #'$#,#83( $%"*0( =!!,0(
F'$#,0(X5"?bIbb((
U@0( .%( _-$#+5( O05( =,)-'$-"-5( ^05( V%::%"5( =05( W''&+5(
_05(T-+$&'8+5(`05(T-785(M05(R!&$%"&5(B05(17"'%"5(R05(
R$%&'9%):5( L0a( L2%*&)-,( W'$&$&%+( #6( C&#,#8&)-,(
B'$%"%+$a(-'(7!.-$%0(S7),%&)(=)&.+(^%+(b]5"V?\[I
?Z\(G?@U@H(
UU0( S-$-,%5(V0=05(="&82&5(L0S05(C-":%"5(Q0L05(C,-:%5(
`05(L2-'85(10L05(T75(c05(E&75(T05(R*&$25(C05(Q75(
L0T0a( D"-*%4#":( 6#"( -( !"#$%&'( #'$#,#830( C_L(
C&#&'6#"*-$&)+(](R7!!,([5"RU(G?@@YH(
U?0( =+297"'%"5(_05(C-,,5(L0=05(C,-:%5(`0=05(C#$+$%&'5(
V05( C7$,%"5( T05( L2%""35( `0_05( V-/&+5( =0O05(
V#,&'+:&5( M05( V4&82$5( R0R05( W!!&85( `0105( T-""&+5(
_0=05(T&,,5(V0O05(B++%,I1-"/%"5(E05(M-+-"+:&+5(=05(
E%4&+5( R05( _-$%+%5( `0L05( ^&)2-".+#'5( `0W05(
^&'84-,.5( _05( ^79&'5( ;0_05( R2%",#):5( ;0a( ;%'%(
#'$#,#83a($##,(6#"($2%(7'&6&)-$&#'(#6(9&#,#830(12%(
;%'%(F'$#,#83(L#'+#"$&7*0(S-$(;%'%$(?Z5"?ZI?[(
G?@@@H(
Ub0( C-".5(`05(^2%%5(R0e05(=+297"'%"5(_0a(='(#'$#,#83(
6#"()%,,($3!%+0(;%'#*%(C&#,(X5"^?U(G?@@ZH(
!"#$ %&'()*+$ ,-#.$ /#-#.$ 012)(33)$ %-4#$ 42(&52$ 64#7$
85($-&22*$9:32&2;<7$21;+:)=):;$35($):>21'+3)2:$
):$35($*2'+):$2>$35($5?'+:$@&22*#$$
!A#$ %).$ B#.$ /')35.$ -#.$ C2:;.$ D#8#7$ /+&)E+$ 9:32&2;<7$
+:$ 2:32&2;<F@+G(*$ >1+'(H21I$ >21$ +$ /+&)E+2')JG$
6:2H&(*;($ -+G(#$ -,4$ -)2):>21'+3)JG$ !!.!KLM$
NML!LO$
!P#$ /)'2:$ B?QQ.$ B#6#.$ B22G3$ /J5+:G31+$ +:*$ R2@(13$
/3(E(:#7$ D(E(&2Q):;$ +$ 6)*:(<$ +:*$ S1):+1<$
0+35H+<$ 6:2H&(*;($ -+G(#$ $ -)2F2:32&2;)(G$ /TU$
ML!L.$-2G32:.$S/%$NML!LO$
!V#$ U1(:2:.$0#.$/')35.$-#.$U2&*@(1;.$W#7$-)2*<:+')J$
2:32&2;<7$ +QQ&<):;$ -X9$ ):$ 35($ @)2'(*)J+&$
*2'+):#$/3?*$Y(+&35$8(J5:2&$T:>21'$!LM.!MLFKZ$
NMLL"O$
!Z#$ 852'+G.$ /#R#.$ -+J2::)(1.$ 0#.$ X2:3(J+E(.$ B#.$
X1+:J2)G(.$ B#0#.$ U?)&&+?*.$ X#.$ Y+::+(13.$ 0#.$
Y(1:+:*(=.$ %#.$ W($ R2&&(.$ [#.$ ,+=)(1(.$ 0#.$ 8+5).$
X#.$C5)3(.$R#B#7$/%0YTR7$+$Q5<G)2'($J21($'2*(&$
2>$ @2*<$ >&?)*$ 52'(2G3+G)G$ +:*$ @&22*$ Q1(GG?1($
1(;?&+3)2:#$ 05)&2G$ 81+:G+J3$ %$ ,+35$ 05<G$ \:;$
/J)$KPP.!K!VAFK!]V$NMLLZO$
!]#$ ^+:.$ C#.$ %QH()&(1.$ R#.$ -+&;&(<.$ -#,#.$
-22:35(?:;.$0#.$-?:*<.$B#W#.$4+1;)&(.$-#B#.$42&(.$
/#.$ X+:;.$ _#.$ U2:=+&(=F-(;:(.$ ,#.$ U1)>>):.$ 8#B#.$
Y+;(:.$ X#.$ Y?.$ /#.$ C2&):GI<.$ W#\#.$ W((.$ 4#/#.$
,+&+'?*.$D#.$,(&E):.$B#\#.$,(:2:.$R#.$,?(&&(1.$
,#.$ `)+2.$ R#.$ R52*?G.$ a#W#.$ /(E):GI<.$ B#R#.$
/3+3(G.$ D#.$ /3(Q5(:G2:.$ B#W#.$ 85+:.$ /#.$ ^+3(G.$
B#R#.$^?.$C#.$_)(.$Y#.$_)(.$^#.$9'(::.$U#/#.$W22.$
B#%#.$ C2:;.$ D#8#7$ /<G3('+3)J$ J2'Q+1)G2:$ 2>$ 35($
5?'+:$ G+&)E+$ +:*$ Q&+G'+$ Q123(2'(G#$
0123(2')JG$4&):$%QQ&$K.!!!PF!K"$NMLL]O$
ML#$ /Q)(&'+::.$ a#.$ C2:;.$ D#8#7$ /+&)E+7$ *)+;:2G3)JG$
+:*$ 35(1+Q(?3)J$Q(1GQ(J3)E(G#$91+&$D)G$ !V.!K"AF KA"$NML!!O
$
