!"#$%#"&"%'#()'*(+,%-.##.#("'(&/.(01%&"%'(2'&%3%45( (
!"##"$%"&'(#)&*+,+$-./#./$0.1&'./&2+$3"//4$56('78+$9.:(#$;1<<()"#*$$
*=.>"/'6.#'$?@$A7(<?&?>74$"#B$5C(&&$0.#'/.$@?/$D@@.E'(:.$5E(.#E.&+$F#(:./&('4$?@$G.#.:"+$G.#.:"+$5C('H./<"#B$
,07.6?(#@?/6"'(E&$"#B$;.'"I?<(&6+$J1/?>."#$3(?(#@?/6"'(E&$K#&'('1'.+$%(#L'?#+$F9$ $
2=.>"/'6.#'$?@$A&4E7("'/4$"#B$M#'?<?)4$N.&."/E7$G/?1>+$O.C$P?/Q$5'"'.$0.#'./$?@$JLE.<<.#E.$(#$3(?(#@?/6"'(E&$
R$S(@.$5E(.#E.&+$F#(:./&('4$"'$31@@"<?+$OP+$F5D$ $
8=.>"/'6.#'$?@$A7(<?&?>74$"#B$O"'(?#"<$0.#'./$@?/$M#'?<?)(E"<$N.&."/E7+$O.C$P?/Q$5'"'.$0.#'./$?@$JLE.<<.#E.$
(#$3(?(#@?/6"'(E&$R$S(@.$5E(.#E.&+$F#(:./&('4$"'$31@@"<?+$OP+$F5D$ $
67#&,)-&8$D@@.E'(:.$&E(.#E.$E?#B1E'&$(#'./B(&E(><(#"/4$/.&."/E7$(#'?$'7.$.6?'(?#&$"#B$?'7./$
"@@.E'(:.$>7.#?6.#"T$01//.#'<4+$&1E7$/.&."/E7$(&$7"6>./.B$I4$'7.$<"EQ$?@$E?66?#$B.@(#('(?#&$
?@$'./6&$1&.B$'?$B.&E/(I.+$E"'.)?/(&.$"#B$/.>?/'$I?'7$(#B(:(B1"<$.6?'(?#"<$.L>./(.#E.&$"#B$'7.$
/.&1<'&$?@$&E(.#'(@(E$(#:.&'()"'(?#&$?@$&1E7$.L>./(.#E.&T$%()7$U1"<('4$?#'?<?)(.&$>/?:(B.$@?/6"<$
B.@(#('(?#&$ @?/$ '4>.&$ ?@$ .#'('(.&$ (#$ /."<('4$ "#B$ @?/$ '7.$ /.<"'(?#&7(>&$ I.'C..#$ &1E7$ .#'('(.&+$
B.@(#('(?#&$ C7(E7$ E"#$ I.$ 1&.B$ '?$ B(&"6I()1"'.$ "#B$ 1#(@4$ B"'"$ "E/?&&$ B(@@./.#'$ B(&E(><(#.&T$
%./.'?@?/.+$ '7./.$ 7"&$ I..#$ <(''<.$ .@@?/'$ B(/.E'.B$ '?C"/B&$ &1E7$ @?/6"<$ /.>/.&.#'"'(?#$ @?/$
"@@.E'(:.$ >7.#?6.#"+$ (#$ >"/'$ I.E"1&.$ ?@$ C(B.&>/."B$ B.I"'.&$ C('7(#$ '7.$ "@@.E'(:.$ &E(.#E.$
E?661#('4$ ?#$ 6"''./&$ ?@$ B.@(#('(?#$ "#B$ E"'.)?/(H"'(?#T$ -.$ B.&E/(I.$ ?1/$ .@@?/'&$ '?C"/B&$
B.:.<?>(#)$"#$J6?'(?#$M#'?<?)4$VJ;MW$'?$&./:.$ '7.$"@@.E'(:.$&E(.#E.$E?661#('4T$ -.$7./.$
@?E1&$ ?#$ E?#@?/6('4$ '?$ '7.$ 3XM$ 1>>./$ ?#'?<?)4$ "#B$ B(&"6I()1"'(?#$ ?@$ >?<4&.6?1&$
'./6(#?<?)4T$ Y7.$ @1<<$ ?#'?<?)4$ (&$ ":"(<"I<.$ @?/$ B?C#<?"B$ @/?6Z$ 7''>&Z[[.6?'(?#\$
?#'?<?)4T)??)<.E?B.TE?6[&:#['/1#Q[?#'?<?)4[J;MT?C<$ 1#B./$ '7.$ 0/."'(:.$ 0?66?#&$ 00$ 3P$
2T]$D''/(I1'(?#$<(E.#&.T$
9'&,%*:-&"%'( (
%()7$ U1"<('4$ ?#'?<?)(.&$ (#$ '7.$ I(?6.B(E"<$
&E(.#E.&$.#7"#E.$'7.$>?'.#'("<$@?/$(#'.)/"'(?#$?@$
'7.$ .L><?B(#)$ U1"#'('(.&$ ?@$ .L>./(6.#'"<$ "#B$
E<(#(E"<$B"'"$'7"'$7":.$I.E?6.$":"(<"I<.$?#\<(#.T$
-7.#$ ">>/?>/("'.<4$ B.&()#.B+$ ?#'?<?)(.&$ "<<?C$
"##?'"'(?#&$ ?@$ B"'"$ '?$ I.$ 1#(@(.B$ '7/?1)7$
B(&"6I()1"'(?#$?@$'7.$'./6&$.6><?4.B$(#$"$C"4$
'7"'$ "<<?C&$ E?6><.L$ &'"'(&'(E"<$ "#B$ ?'7./$
"#"<4&.&$ '?$ I.$ >./@?/6.B$ C7(E7$ <."B$ '?$ '7.$
E?6>1'"'(?#"<$B(&E?:./4$?@$#?:.<$(#&()7'&$^**_T$ $ D@@.E'(:.$&E(.#E.$(&$'7.$&'1B4$?@$.6?'(?#&$"#B$
?@$ "@@.E'(:.$ >7.#?6.#"$ &1E7$ "&$ 6??B&+$ "@@.E'&$
"#B$I?B(<4$@..<(#)&T$K'$E?6I(#.&$'7.$>./&>.E'(:.&$
?@$ 6"#4$ B(&E(><(#.&+$ &1E7$ "&$ #.1/?&E(.#E.+$
>&4E7?<?)4$"#B$>7(<?&?>74$^,_T$J6?'(?#&$7":.$"$
B..>$ "#B$ >/?@?1#B$ (#@<1.#E.$ ?#$ "<<$ "&>.E'&$ ?@$
716"#$@1#E'(?#(#)+$"#B$"<'./.B$?/$B4&@1#E'(?#"<$
.6?'(?#"<$ /.&>?#&.&$ "/.$ (6><(E"'.B$ (#$ I?'7$ '7.$
.'(?<?)4$ "#B$ '7.$ &46>'?6?<?)4$ ?@$ 6"#4$
>"'7?<?)(E"<$E?#B('(?#&T$=.>/.&&(?#+$@?/$.L"6><.+$
C7(E7$(&$E7"/"E'./(&.B$I4$"I#?/6"<<4$<?C$"@@.E'$
"#B$ ).#./"<<4$ @<"''.#.B$ .6?'(?#"<$ /."E'(?#&+$ (&$
?#.$ ?@$ '7.$ @"&'.&'\)/?C(#)$ >1I<(E$ 7."<'7$
>/?I<.6&$ (#$ 6"#4$ E?1#'/(.&+$ E?//.&>?#B(#)$ '?$
6"&&(:.$)/?C'7$(#$&"<.&$?@$>7"/6"E.1'(E"<&$V"#B$
?'7./$&1I&'"#E.&W$C7(E7$'"/).'$716"#$"@@.E'$^`_T$ $ N.&."/E7$(#$"@@.E'(:.$&E(.#E.$@"E.&$'7.$#..B$'?$
(#'.)/"'.$ /.&1<'&$ ?I'"(#.B$ ?#$ '7.$ I"&(&$ ?@$
&1Ia.E'(:.$ /.>?/'&$ "#B$ '7?&.$ ?I'"(#.B$ I4$
#.1/?&E(.#'(@(E$ ?/$ ?'7./$ 6.'7?B?<?)(.&+$ "#B$ '?$
E?6>"/.$/.&1<'&$"E/?&&$B(&E(><(#.&T$K'$(&$'7./.@?/.$
.&&.#'("<$ '?$ 7":.$ "$ &7"/.B+$ B(&"6I()1"'.B$ "#B$
E<."/$ /.@./.#E.$ './6(#?<?)4$ @?/$ '7.$ B?6"(#$ ^8+$
*2_T$ Y?$ "BB/.&&$ '7(&$ /.U1(/.6.#'+$ C.$ "/.$
B.:.<?>(#)$"#$J6?'(?#$M#'?<?)4$VJ;MWT$=1.$'?$
&>"E.$ E?#&'/"(#'&+$ C.$ @?E1&$ (#$ '7(&$ >">./$ ?#$
"BB/.&&(#)$E./'"(#$"6I()1('(.&$(#$ '7.$ <"#)1").$
C.$1&.$'?$'"<Q$"I?1'$.6?'(?#&$"#B$?#$>/?:(B(#)$
B.@(#('(?#&$ @?/$ ?#.$ :"/(.'4$ ?@$ "@@.E'(:.$
>7.#?6.#?#+$#"6.<4$?EE1//.#'$.6?'(?#&T$ $
;( ( <)-=4,%:'*( (
;8;( 617"4:"&5("'(01%&"%'(>)'4:)4.( ( J6?'(?#$ './6(#?<?)4$ (#$ J#)<(&7$ B(&><"4&$ '7.$
@?<<?C(#)$ 'C?\'(./.B$ &'/1E'1/.$ ^,]_T$ X(/&'$ ?@$ "<<+$
'7./.$ "/.$ "$ 7"#B@1<$ ?@$ @"(/<4$ 7()7\<.:.<$ './6&Z$
!""#$%+$"##&'()+$#*+%'+(+$*++,+$-!..'+(+$.#(%'*#(%T$
,&%2,QWHUQDWLRQDO&RQIHUHQFHRQ%LRPHGLFDO2QWRORJ\
-XO\ā%XIIDOR1<86$
!"#$%&'()* +,"-"* .-"* .* '.-/"* %012"-* $3* 10#,*
1$-"*#$%#-"+"*+"-14*3$-*5.-+6#0'.-*"1$+6$%*+(5"4*
40#,*.4*!"#$%)*!&'(")&*+$"')*!,$)*-.)&&)*/$&0!)%)*
/)&')*$+-!%%!&&+$"')*2$!%)3 *!00)"$&&)3 *!'$)*
4(5)3 .(6$)3 0%)/$)3 %$#%$')3 %$&$"'+$"')*&!')&2!7')(")3
&7(%")3 &*!+$)3 &5+0!'*53.%&*'$%%(%7* 8* 4616'.-*
4+-0#+0-"* 64* +$* 2"* 3$0%&* 6%* 1.%(* $+,"-* %.+0-.'*
'.%/0./"4*9:;7* *
<,64* "1$+6$%* +"-16%$'$/(* 1.(* 2"* 04"&* +$*
&"4#-62"*5,"%$1"%.*$3*&633"-"%+*4$-+4)*.4*="*#.%*
4""* 2(* #$%46&"-6%/* ">.15'"4* 3$-* +,"* "1$+6$%*
!"#$%7* *
8*4+.+"1"%+*+,.+*?$,%*64*.%/-(*=6+,*@.-()*
6%* +,"* .24"%#"* $3* .%(* 30-+,"-* #$%+">+0.'* #'0"4)*
#.%* 2"* 6%+"-5-"+"&* +$* 1".%* A!#"%.-6$* BC* +,.+*
?$,%* 64* ">5"-6"%#6%/* .* 3""'6%/* $3* .%/"-* .%&*
&645'.(6%/* .%/"-* 2",.D6$0-*=,6#,* ,.4* @.-(* .4*
6+4*$2E"#+*$-* +.-/"+)* +,.+* 64F*,"* 64* 45".G6%/*6%*.*
-.64"&*D$6#"*+$*$-*.2$0+*,"-)*#'"%#,6%/*,64*364+4)*
2-".+,6%/* ,".D6'(* .%&* 4$* $%7* <,"* $0+=.-&*
2",.D6$0-*=,6#,*">5-"44"4*+,"*.%/"-*1.()*+$*.*
#"-+.6%*">+"%+)*2"*4055-"44"&)*20+*6%+"-%.''()*+,"*
.%/"-*64*4+-$%/7*H%*+,64*4#"%.-6$)*+,"*.%/"-*+,.+*
?$,%* 64* ">5"-6"%#6%/* .%&* &645'.(6%/* 64* .%*
$##0--"%+*"%+6+(*A.*5-$#"44C7* *
I%*+,"*$+,"-*,.%&)*+,"*4+.+"1"%+*+,.+*?$,%*
64*.%/-(*=6+,*@.-(*1.(*2"*6%+"-5-"+"&*+$*1".%*
A!#"%.-6$*JC*+,.+*?$,%*64*'6G"'(*+$*-".#+*.%/-6'()*
3$-* ">.15'"* &0"* +$* 4$1"* 5.4+* 4'6/,+)* /6D"%* +,"*
-6/,+* +-6//"-4)* 40#,* .4* 63* @.-(* #$1"4* 6%+$* +,"*
-$$1)*$-*,"-*%.1"*64*1"%+6$%"&*6%*#$%D"-4.+6$%)*
#.046%/*,64*.%/"-*.+*@.-(*+$*3'.-"*05*./.6%)*$6$"3 '*(1#** ,"* =.4* K06+"* ,.55(* 2"3$-",.%&)* =,6'"*
+,$0/,+4*$3*@.-(*="-"*3.-*3-$1*,64*16%&7*L"-")*
+,"* .%/"-* +,.+* ?$,%* ,.4* 3$-* @.-(* 64*
&645$46+6$%.'7*H%*40#,*.*#.4"*?$,%*64*.%/-(*"D"%*
=,"%*,"*3""'4*%$*.%/"-*9BM)*:;7*N$+"*+,.+*+,64*64*.*
&633"-"%+* &645$46+6$%* 3-$1* +,"* $%"* 3$-* ?$,%* +$*
2"#$1"* .%/-(*)"3 #$"$%!.F* +,64* #.%* 2"* 4""%* 2(*
#$%46&"-6%/* +,.+* ?$,%* =$0'&* %$+* %$-1.''(*
2"#$1"* .%/-(* =6+,* 4$1"$%"* E04+* 2"#.04"* +,"(*
=.'G* 6%+$* +,"* -$$17* O.+,"-)* ,64* .%/"-* =,"%*
@.-(*&$"4*4$*64*#.04"&*2(*.*45"#6.'6P.+6$%*$3*,64*
/"%"-.'* &645$46+6$%* +$* 2"#$1"* .%/-()* E04+* .4*
&-6D6%/*+,64*#.-*$-*+,.+*+-0#G*.-"*45"#6.'6P.+6$%4*
$3* &-6D6%/* 6%* /"%"-.'* 9Q;7* <,64* &64+6%#+6$%* 64* $3*
-"'"D.%#"* 6%* -"4".-#,* 6%D$'D6%/* 4"'3R-"5$-+4)*
46%#"*402E"#+4*1.(*4"'3R-"5$-+*2"6%/*.%/-(*6%*+,"*
&645$46+6$%.'*4"%4"*=,"%*+,"*">5"-61"%+"-4*.-"*
.++"15+6%/*+$*.%.'(4"*#,.-.#+"-64+6#*2-.6%*4+.+"4*
-"'.+"&*+$*.%/"-*5-$#"44"47*8%$+,"-*#$15'6#.+6$%*
64* +,.+* ?$,%* 1.(* $-* 1.(* %$+* 2"*!,!%$* $3* ,64*
.%/"-7* *
S6%.''()* "1$+6$%* '.%/0./"* #.%* 2"* 04"&* +$*
&"4#-62"* 4+.2'"* $-* "%&0-6%/* 5"-4$%.'6+(* +-.6+4*
A!#"%.-6$*:C)*40#,*.4*6%*+,"*4+.+"1"%+*+,.+*?$,%*
64*.%*.%/-(*5"-4$%7*<,64*&64+6%#+6$%*1.(*./.6%*2"*
615$-+.%+* 3$-* .%%$+.+6$%* $3* %"0-$4#6"%+636#*
-"4".-#,* &.+.)* 2"#.04"* -"4".-#,"-4* 1.(* ="''*
=64,*+$*&633"-"%+6.+"*5"-4$%4*=,$*/"%"-.''(*,.D"*
'$=*.%/"-*+,-"4,$'&4*3-$1*+,$4"*=,$*,.D"*1$-"*
#.'1*+"15"-.1"%+47* *
T"*=6''*04"*+,"*3$''$=6%/*+"-16%$'$/(*3$-*+,"*
.2$D"*4#"%.-6$4F* *
ï !#"%.-6$* BF*8+(')("3 (771%%$"'7* 8%* "1$+6$%*
$##0--"%+* 64* .* 5-$#"440.'* "1$+6$%* =,6#,* 6%*
=,6#,* .* 5"-4$%* 5.-+6#65.+"4* $D"-* .* 45"#636#*
+61"* 5"-6$&7* 8* 5"-4$%* 0%&"-/$"4* $-* 64* +,"*
402E"#+*$3*+,"*"1$+6$%U*,"*²*="*16/,+*4.(*²*
$+('$&7* <,64* +"-16%$'$/(* '".D"4* $5"%* =,.+*
+,"*5"-4$%*3""'4*$-*64*.=.-"*$37* *
ï !#"%.-6$*JF*8+(')("3/)&0(&)')("7*8%*"1$+6$%*
&645$46+6$%* 64* .* &645$46+6$%* +$* 0%&"-/$*
"1$+6$%* $##0--"%+4* 63* +,"* -6/,+* #6-#01R 4+.%#"4*$2+.6%7* *
ï !#"%.-6$* :F* 8+(')("!.3 0$%&("!.)'53 '%!)'*
A0%$/)&0(&)')("CF* 8%* "1$+6$%.'* 5"-4$%.'6+(*
+-.6+*64*.*4+.2'"*"%&0-6%/*#,.-.#+"-64+6#*$3*.*
5"-4$%*=,6#,*6%D$'D"4*.*5-"&645$46+6$%*A67"7*.*
&645$46+6$%*=,6#,*/6D"4*-64"*+$*.%*6%#-".4"&*
-64GC* +$* 0%&"-/$* "1$+6$%4* $3* .* 5.-+6#0'.-*
4$-+)*2$+,*$##0--"%+4*.%&*&645$46+6$%47* * V$+,* +,"* "1$+6$%* &645$46+6$%* .%&* +,"*
"1$+6$%*5"-4$%.'6+(*+-.6+*.-"*&645$46+6$%4*=,6#,*
.-"*%$!.)9$/*6%*"1$+6$%*$##0--"%+47* *
!"#$ %&'()$*+,-&.$/01+.+23$ $
W@I* 64* 2"6%/* &"D"'$5"&* 2"%".+,* +,"* V.46#*
S$-1.'* I%+$'$/(* AVSIC* 9BX)* Y;7* VSI*
&64+6%/064,"4* 2"+=""%* (771%%$"'&* .%&*
#$%+6%0.%+47*:771%%$"'&* .-"* +,$4"* "%+6+6"4* +,.+*
0%3$'&* $D"-* +61"* .%&* ,.D"* +"15$-.'* 5.-+4U*
#$%+6%0.%+4* .-"* +,$4"* "%+6+6"4* +,.+* "%&0-"*
+,-$0/,*+61"*.%&*.-"*=,$''(*5-"4"%+*.+*.''*+61"4*
+,.+* +,"(* ">64+7* S$-* ">.15'")* ?$,%* 64* .*
#$%+6%0.%+)* 20+* ,64* .%/-(* 2",.D6$0-* 64* .%*
$##0--"%+7* *
<,"* #$%+6%0.%+* 2-.%#,* 64* +,"%* 30-+,"-*
402R&6D6&"&* 2"+=""%* +,$4"* "%+6+6"4* =,6#,* ">64+*
6%&"5"%&"%+'()* 40#,* .4* ?$,%)* .%&* +,$4"* =,6#,*
.-"*$%+$'$/6#.''(*&"5"%&"%+*$%*4$1"*$+,"-*"%+6+(*
IRU WKHLU H[LVWHQFH VXFK DV -RKQ·V SHUVRQDOLW\
A=,6#,* &"5"%&4* $%* ?$,%C7* Z"5"%&"%+* "%+6+6"4*
1.(*2"*;1!.)')$&)*40#,*.4*#$'$0-)*$-*+,"(*1.(*2"*
!"#$%&#'$"( ")*%*%"+!" #$%&" '#" ()#*+#),)+-#!" .&)%&"
'/0" 0-,),)0#" ,&'," )-&0/0" )-" +,&0/" 0-,),)0#" '-("
.&)%&" &'10" ,&0" -',$/0" +2" */+*0-#),)0#" +/"
*+,0-,)'3#" 45" 1)/,$0" +2" .&)%&" +%%$//0-,#" +2"
%0/,')-" #+/,#" .)33" 40" /0'3)#0(" )2" ,&0" $-(0/35)-6"
40'/0/"0-,),5"%+70#")-,+",&0"/)6&,",%!,-.+*#),"+8"
9-":;<!"()#*+#),)+-#"'/0",&0"7+#,"60-0/'3"%3'##"
+2" #$%&" */+*0-#),)0#!" .),&" #$4,5*0#" 2+/"
WHQGHQFLHV DQG ´VXUH2)UHµ GLVSRVLWLRQV $Q H[DPSOHRIDGLVSRVLWLRQLV-RKQ·VGLVSRVLWLRQWR EHFRPHDQJU\IRULQVWDQFHZKHQ0DU\·VQDPHLV 70-,)+-0(8" "
!"#$ %&'()'*+$,+$-'&.'*/*(),0$
12'3/++/+$-,4+/5$67$8..2,)+,0+$ $ 7KH TXHVWLRQ ¶:KDW LV DQ HPRWLRQ"· KDV EHHQ .)(035" (04',0(" )-" 4+,&" *&)3+#+*&5" '-(" #%)0-%0!"
.),&"()220/0-,"'%%+$-,#"2+%$#)-6"+-",&0"%0-,/'3),5"
'-("0##0-,)'3),5"+2"()220/0-,"'#*0%,#"+2"07+,)+-'3"
0=*0/)0-%0#">?!"@!"AB!"ACD8" "
/00!#%+#$( *1"2!%"+" '/0" '" 7+(0/-" 1'/)'-," +2"
%+6-),)10" ,&0+/)0#" +2" 07+,)+-" >A?D8" E" %0-,/'3"
%3')7" +2" %+6-),)10" ,&0+/)0#" )#" ,&'," /0*/0#0-F ,',)+-#" '/0" %+-#,),$,)10" +2" 07+,)+-#"²" ,&'," )#!"
,&',"07+,)+-#"'/0")(0-,)2)0("45!"'-("%'$#0("45!"
%+6-),)10" /0*/0#0-,',)+-#" >@D8" G&0" 7')-"
'3,0/-',)10" ,+" %+6-),)10" ,&0+/)0#" '/0" 2003)-6"
,&0+/)0#!" .&)%&" 074/'%0" '" ,5*0" +2" 1)0." .&)%&"
6+0#"4'%H",+"I)33)'7"J'70#"'-(".&)%&")(0-,)2)0#"
0*)#+()%" 07+,)+-#" .),&" 4+()35" 2003)-6#" '-("
#0-#',)+-#"+/".),&",&0"'.'/0-0##"+2",&0#0">ABD8"
E3,&+$6&" '" 6/0'," (0'3" +2" )-H" &'#" 400-" #*)3," )-"
()#%$##)+-#" +2" ,&0+/)0#" +-" ,&0" %+-,)-$$7"
40,.00-"%+6-),)10"'-("2003)-6" ,&0+/)0#!" ,&0/0" )#"
0=,0-#)10"'6/0070-,"'4+$,",&0"-',$/0"+2"7'-5"+2"
,&0"*&0-+70-'".&)%&"2)6$/0")-",&0#0",&0+/)0#"²"
%+6-),)10",&0+/)0#"'(7),",&',"07+,)+-#"'/0"+2,0-"
'%%+7*'-)0(" 45" #$4K0%,)10" 2003)-6#!" '-(" 2003)-6"
,&0+/)0#" '(7)," ,&'," 07+,)+-#" '/0" +2,0-"
'%%+7*'-)0("45"%+6-),)10"/0*/0#0-,',)+-#"²"'-("
()#'6/0070-,#" /01+310" 7')-35" '/+$-(" ,&0"
$-(0/35)-6" 70%&'-)#7#" '-(" %'$#'3" *',&.'5#"
>?D8"9,")#",&)#"%+77+-"6/+$-(".&)%&".)33"#0/10"'#"
'" #,'/,)-6" *+)-," 2+/" ,&0" (0103+*70-," +2" LM<!"
.),&" 2$,$/0" .+/H" 03'4+/',)-6" ,&0" '/0'#" +2"
()#'6/0070-,8" E" /0*/0#0-,',)10" (02)-),)+-" +2"
¶HPRWLRQ·LV>@"
/)( "0%+23"( 24( %)*"!!"$#*"35( +6),1!2)%&"3(
,1#)7"+(%)(*1"(+*#*"+(24(#$$(2!(.2+*(24(*1"(4%8"(
2!7#)%+.%,( +-'+6+*".+( %)( !"+02)+"( *2( *1"(
"8#$-#*%2)(24(#)("9*"!)#$(2!(%)*"!)#$(+*%.-$-+(
"8")*( #+( !"$"8#)*( *2( .#:2!( ,2),"!)+( 24( *1"(
2!7#)%+.;( (
7KH ¶HSLVRGH RI LQWHUUHODWHG FKDQJHV· KHUH FRUUHVSRQGVWRZKDWZHKDYHFDOOHGDQ¶RFFXUUHQW HPRWLRQ·LQWKHDERYHGLVFXVVLRQ6FKHUHUJRHVRQ ,+" ()#,)-6$)#&" 2)10" ()220/0-," %+7*+-0-,#"
0##0-,)'3" ,+" 07+,)+-" +%%$//0-,#!" /03',0(" ,+" ,&0"
2)10"+/6'-)#7)%"#$4#5#,07#"'#"3)#,0(")-"G'430"A"
'-(")33$#,/',0(")-";)6$/0"A">AN!"ACD8" "
9$ $ :'4*5,()'*,0$%*()()/+$
)*$(;/$%&'()'*$<*('0'=7$ $
LM<" (0#%/)40#" '-(" *3'%0#" 07+,)+-" +%%$//0-,#"
,+60,&0/" .),&" ,&0)/" 2)10" %+7*+-0-," *'/,#8" G+"
'3)6-" .),&" :;<!" .0" .)33" (/'." +-" ,0/7)-+3+65"
'3/0'(5" (02)-0(" )-" ,&0" <-,+3+65" +2" M0-,'3"
O)#0'#0" P<MOQ" >AD8" <MO" #,'/,#" +$," 2/+7" ,&0"
1)0." ,&'," '33" 70-,'3" ()#0'#0" /0#,#" +-" #+70"
*&5#)%'3" ()#+/(0/" )-" ,&0" *',)0-,!" #$%&" '#" '"
*+/,)+-" +2" ,&0" 4/')-" ,&'," )#" '220%,0(" 45" #+70"
%&07)%'3")74'3'-%0"+/",&',"&'#"40%+70"('7'60("
($0",+")-K$/5!"'-(",&0-"')7#",+"(0#%/)40".&',"),"
)#"2+/"#+70,&)-6",+"40"'"70-,'3"()#0'#08"R0301'-,"
0-,),)0#"2/+7"<MO".&)%&".)33"40"$#0(")-"LM<"
'/0")33$#,/',0(")-";)6$/0"N8" "
I0" %'-" -+." 406)-" ,+" *3'%0" ,&0" 07+,)+-"
0-,),)0#" 40-0',&" ,&)#" 2/'70.+/H" 1)'" #$4,5*)-68"
I0" .)33" ()1)(0" ,&0" 0-,),)0#" 40,.00-" ,&+#0" ,&',"
'/0" */+%0##$'3!" ,&+#0" ,&'," '/0" /0*/0#0-,',)+-#!"
'-(",&+#0",&',"'/0"()#*+#),)+-#8"
"
!"#$%#&'(#")#&*&$' +,&($%#&' -./0&%1"%('1,2131$*"' 405#.'1,21$.0$0'
!""#$%&$'( )*$'+$,%-.(-/(-0123,&($.4(2*2.,&( 5./-#6$,%-.("#-32&&%.7( 89:(
92+#-";<&%-'-7%3$'(3-6"-.2.,( =-4%'<(&<6",-6&>(
&<&,26(#27+'$,%-.( :+""-#,( 89:>(!9:>(9):(
!3,%-.(,2.42.3%2&( ?#2"$#$,%-.(/-#($3,%-.( )@23+,%*2( 89:(
A-,-#(2@"#2&&%-.(02;$*%-+#( 8-66+.%3$,%-.(-/(
#2$3,%-.($.4(%.,2.,%-.( !3,%-.( :9:(
:+0123,%*2(/22'%.7( A-.%,-#%.7(-/(%.,2#.$'(&,$,2( A-.%,-#( 89:(
'
6027*'89(8-6"-.2.,("$#,&(-/(26-,%-.(-33+##2.,&B(
89:(ʹ(82.,#$'(92#*-+&(:<&,26B(!9:(ʹ(!+,-.-6%3(92#*-+&(:<&,26B(:):(ʹ(:-6$,%3(92#*-+&(:<&,26B(9):(ʹ(92+#-C).4-3#%.2(:<&,26B( (
!
!"#$%&'()!ŽŵƉŽŶĞŶƚƐŽĨ:ŽŚŶ͛ƐĂŶŐĞƌŽĐĐƵƌƌĞŶƚ!
!"#$ %&'()*$)'+$,-./01)*$,231&//&/$ $
"#! $%&'(&#! &))*++$#'! (,! -! ,.#)/+&#(0$1!
)&%23$4! &5! %$#'-3! -#1! 2/.,()-3! 2+&)$,,$,6!
7&+$!,2$)(5()-33.8! !
"#!!"#$%#&'#(()**!&$!(,!-!%$#'-3!2+&)$,,!'/-'!
(,! -! ,.#)/+&#(0$1! )&%23$4! &5! )&#,'('*$#'!
%$#'-3! -#1! 2/.,()-3! 2+&)$,,$,! (#)3*1(#9! -#!
+,,*+%-+.',*#(!--!-,!2-+':!-#1!;/()/!9(<$,!+(,$!
'&! -#!+($%#&' $!&/!&(06! "'! 3$-,'! &#$! -22+-(,-3!
2+$)$1$,!'/$!&'/$+!)&%2&#$#',!&5!'/$!$%&'(&#:!
;/(3$! ('! &+! &'/$+,! )&#'(#*$! '/+&*9/&*'! '/$!
$%&'(&#!&))*++$#'!-#1!9*(1$!'/$!2+&)$,,6! !
=/$!)&#,'('*$#'!%$#'-3!-#1!2/.,()-3!2+&)$,,$,!
'/-'! *,*-33.! 5&+%! -! 2-+'! &5! '/$! $%&'(&#!
&))*++$#'!(#)3*1$!'/$!-22+-(,-3!2+&)$,,:!>&1(3.!
)/-#9$,! ?,*)/! -,! (#)+$-,$1! /$-+'! +-'$@:!
$42$+($#)$! &5! ,*>A$)'(<$! 5$$3(#9,:! -#1!
>$/-<(&*+-3! 2+&)$,,$,! ?,*)/! -,! -3'$+$1! 5-)(-3!
$42+$,,(&#,@6! B(55$+$#'! $%&'(&#,! -+$!
)/-+-)'$+(,$1! >.! 1(55$+(#9! 2-''$+#,! &5!
>$/-<(&*+!-#1!-)'(&#!'$#1$#)($,6! !
"#!+,,*+%-+.',*#(!--!(,!-!%$#'-3!2+&)$,,!'/-'!
9(<$,! +(,$! '&! -#! +,,*+%-+.:! ;/()/! ;(33! >$!
1$5(#$1!>$3&;6! !
"!,10-%#.#2%(+.'*!-,#&-!!$#'!"#$%#&',*#(!--!(,!
-! >&1(3.! 2+&)$,,! ;/()/! $#)&%2-,,$,! -33! '/$!
#$*+&2/.,(&3&9()-3! )/-#9$,! )-*,$1! >.! '/$!
$%&'(&#:! ;/()/! '-C$! 23-)$! (#! '/$! )$#'+-3!
#$+<&*,! ,.,'$%! ?DEF@:! #$*+&G$#1&)+(#$!
,.,'$%! ?EHF@! -#1! -*'&#&%&*,! #$+<&*,!
,.,'$%!?"EF@6! !
"#! !"#$%#&+.' 3!1+4%#)*+.! 2+&)$,,! (,! '/$!
>$/-<(&*+!&5!'/$!&+9-#(,%!(#!+$,2&#,$!'&!'/$!
$%&'(&#:! ;/()/! (#)3*1$,! '/$! )/-+-)'$+(,'()!
5-)(-3!$42+$,,(&#,!5&+!2-+'()*3-+!$%&'(&#!'.2$,6! ! H42+$,,(<$! >$/-<(&*+! (,! -#! -)'*-3! 2-+'! &5! -#!
$%&'(&#:!-#1!-)'*-3!-)'(&#,!,$$%!'&!>$!2-+'!&5!
,&%$! $%&'(&#,:! ,*)/! -,!+&2!*! -#1! 5%21$! &+!
5.%21$6!I*'!#&'!&5!-338! !
6#*',*%/!'+&/'1)"%.%$0'+*!',)*!'!"#$%#&-'%&'
$1!'-#).7')&+$$!&/!/'8%$1'+&0'/!-%*!7'+&/'&#$'
%""!/%+$!.0' !9(%$%&2' )-' $#' +($%#&:' ;)$' .#4!' +&/' 1+$*!/' +*!' &#$' (#",.!$!/' 8%$1%&'
$1!"-!.4!-7' &#*' *!-$' %&' $1+$' !"#$%#&7' 81%(1'
$1!0',*#/)(!7'3)$'(+**0'$1!'"%&/'$#'-#"!$1%&2' 5)*$1!*:!?J*%$!=+$-'(,$!I&&C!KK!F$)'(&#!LK!26!
MMN@!
!
!
!
!
!
!
!
"#"!$%&'()!*%+,%-%&'('./&-!
"#$%! &#! '(($')*'+! &,%#$)%*! )*! &,%! -%.&$'+)&/! #0!
&,%!'(($')*'+!'*!'!1%.&'+!$%($%*%.&'&)#.2! ! 3.!!""#!$%!&! )*!'! -#4.)&)5%!$%($%*%.&'&)#.!
6,)-,! $%($%*%.&*! '.! %5'+7'&)#.! #0! &,%!
#'&'(!)*'+#0!*#1%!&$)44%$).4!#89%-&!#$!%5%.&!
&#!&,%!#$4'.)*12! !
3(($')*'+*!$%($%*%.&!5'+7%!$%+'&)#.*!:4##;<!
8';<! 8%&&%$222=! 6,)-,! '$%! 97;4%;! '*! ,#+;).4!
8%&6%%.! &,%! '(($')*).4! #$4'.)*1! '.;! &,%!
&$)44%$).4! #89%-&! #$! %5%.&2! >0! ?'1! )*! '0$');! #0!
&,%! ;#4! #.%! #89%-&! #0! ,)*! 0%'$! )*! &,%! ;#4! :&,%!
&$)44%$).4! #89%-&=<! &,%! #&,%$! )*! )&*!
GDQJHURXVQHVV IRU KLP D NLQG RI ¶EDG· YDOXH
$%+'&)#.=2! >0! @#,.! )*! '.4$/! 6)&,! A'$/<! #.%!
#89%-&!#0!,)*!'(($')*'+!)*!A'$/<!&,%!#&,%$!)*!,)*!
MXGJPHQW RI 0DU\·V EHKDYLRU DV XQMXVW RU ).*7+&).4!'$;*!,)12! !
3(($')*'+*! '$%! .#$1'++/! &'B%.! &#! 8%!
97;41%.&*! 6,)-,! 7*%!*,)*'"-%<! 6,)-,! )1(+)%*!
&,'&! .#.C-#.-%(&C0#$1).4! #$4'.)*1*! :*7-,! '*!
*1'++!8'8)%*!'.;!;#4*=!-'..#&!,'5%!%1#&)#.*2!
?#1%!$%*%'$-,%$*!&,%$%0#$%!'**)4.!'!;)00%$%.&!
&/(%! #0! %1#&)#.! ).! &,)*! -'*%<! -'++%;! '!
"#,-,.'/,-$,)!DEF<!6,)-,!+'-B*!'!07++!'(($')*'+!
-#1(#.%.&2! >.! GAH<! ).! +).%! 6)&,! 17+&)C+%5%+!
'(($')*'+! &,%#$)*&*! DIJF<! 6%! ($%*7((#*%! #.+/!
&,'&! #--7$$%.&! %1#&)#.*! '$%! %K(%$)%.-%*!,0+ !+
-1"'+ -2!-+ *!)+ 3'! '**#-)'&%;! 6)&,! -#1(+%K!
-#.-%(&*! ).! &,#*%! #$4'.)*1*! 6,)-,! -'.! 0#$1!
-#.-%(&*2! L,%! -#1(+%K)&/! #0! %1#&)#.*! 6,)-,!
-'.! 8%! %K(%$)%.-%;! 8/! #$4'.)*1*! ).-$%'*%*!
6)&,!&,%!-#.-%(&7'+!-#1(+%K)&/!#0!&,%!#$4'.)*1!
²!6%!;#!.#&!'*-$)8%!-#1(+%K!%1#&)#.*!*7-,!'*!
%*2!4')0#'54'! :&'B).4! (+%'*7$%! ).! &,%!
1)*0#$&7.%!#0!#&,%$*=!&#!8'8)%*!#$!'.)1'+*2! !
-XVW DV RQH PD\ EH DZDUH RI RQH·V YLVXDO (%$-%(&)#.*<! 1%1#$)%*! #$! 97;4).4*! *#! &##! #.%!
PD\ EH DZDUH RI RQH·V DQJHU 7KH VXEMHFWLYH 0%%+).4!#0!&,%!%1#&)#.!)*!'+*#!'!$%($%*%.&'&)#.<!
87&! #0! '! ;)00HUHQW VRUW $ZDUHQHVV RI RQH·V
%1#&)#.!)*!'!&/(%!#0!)..%$!(%$-%(&)#.2!@7*&!'*!
RQHFDQEHDZDUHRIRQH·VVDGQHVVRQHFDQEH '6'$%!#0!*%%).4!*#1%#.%2!?7-,!'6'$%.%**!'.;!
)..%$!(%$-%(&)#.!'$%!).&%.&)#.'+!'-&*!#$!*&'&%*<!
;)$%-&%;! '$;*! #89%-&*2! >&! )*! #0&%.! '**71%;!
&,'&!0%%+).4!)*!'!'6'$%.%**!#$!)..%$!(%$-%(&)#.<!
87&! ).! 0'-&! &,%! 1#*&! -#11#.! +#-7&)#.! ).! &,)*!
'$%'!)*!6+0''&%+%!475)2!""17!)8#12!>0!#$;).'$/!
+'.47'4%!)*!'!$%+)'8+%!47);%<!&,%$%0#$%<!0%%+).4!
*';! )*! '!9!1!RI IHHOLQJ ´VDGµ QRW92!-! #.%!
IHHOV´VDGQHVVµ,QZKDWIROORZVZHOHDYHRSHQ
&,%!%K'-&!$%+'&)#.! 8%&6%%.!&,%*%!&6#!&/(%*!#0!
0%%+).42! !
L,%! %53:'*-$('+ '/,-$,)!&+ 0''&$)8! )*! '.!
!00'*-$('+ #'"#'%')-!-$,)<! &,'&! )*<! '! $%(C
$%*%.&'&)#.!&,'&!&,%!#$4'.)*1!,'*!'8#7&!)&*!
#6.!'00%-&2! !
3.! '00%-&)5%! $%($%*%.&'&)#.! ;)00%$*! 0$#1! '!
-#4.)&)5%! $%($%*%.&'&)#.<! *).-%! &,%! +'&&%$! -'.!
8%!;)5);%;!8%&6%%.!'!0#$1!#0!97;4).4!#$!8%+)%0!
'.;!'!0#$1!#0!)..%$!(%$-%(&)#.<!6,)+%!'00%-&)5%!
$%($%*%.&'&)#.*! '$%! '! 07*)#.! #0! &,%*%M! &#! 8%!
DZDUH RI RQH·V DQJHU )*! &#! 0%%+! '.4%$2!
N7$&,%$1#$%<! &,%/! ;)00%$! ).! &,%)$! #89%-&*M! &,%!
'00%-&)5%! $%($%*%.&'&)#.! )*! '8#7&! &,%!$)-'#)!&+
%-!-'! #0! &,%! #$4'.)*1<! 6,)+%! &,%! '(($')*'+! )*!
'8#7&!&,%!$%+%5'.-%!#0!&,%!&$)44%$).4!#89%-&!#$!
%5%.&!&#!&,%!#$4'.)*12! !
GK'1(+%*! #0! *789%-&)5%! %1#&)#.'+! 0%%+).4*!
'$%! &,%! -,'$'-&%$)*&)-! '.4$/! 0%%+).4!
'--#1('./).4! '.4%$<! #$! &,%! ,)4,+/! (').07+!
0%%+).4!&,'&!'--#1('.)%*!4$)%02! !
!"#$%&'()!"#$%#&$'!()!*+$!*(,!-$#$-!
()!*+$!".*(-(/0!()!1$.*2-!3&4$24$5!
ƌƌŽǁƐƌĞƉƌĞƐĞŶƚ͚ŝƐĂ͛ƌĞůĂƚŝŽŶƐ͘!
!
!
!"#$%&'()!"#$%&''&'(!#&)#&'&*+,+-$*'!,*.!.-')$'-+-$*'!-*!+/&!01$+-$*!2*+$3$456!7*ůĂďĞůůĞĚĂƌƌŽǁƐƌĞƉƌĞƐĞŶƚ͚ŝƐĂ͛ƌĞůĂƚŝŽŶƐ͘!
!"#$%&'()'&*&)+'$ $
"#$! %&'()! $'*&*+! &'! ,-.! )&/*! ,%! $0,*&,'!
1,02,'$'*/!&/!*#$!(1*&,'!*$'3$'1&$/!4#&1#!(.$!
$)&1&*$3!5+!*#$!$0,*&,'6!71*&,'!*$'3$'1&$/!3&%%$.!
%.,0! 5$#(8&,-.! &'! *#(*! *#$+! 0(+! ',*! 5$!
.$()&9$3:! &'3$$3;! (1*&,'! *$'3$'1&$/;! &%! *#$+! (.$!
.$()&9$3;! (.$! .$()&9$3! (/! 5$#(8&,-.6! <,.! *#&/!
.$(/,';! 4$! /(+! *#$+! (.$! !"#$%#"&"%'#6!
=&/2,/&*&,'/! ('3! *$'3$'1&$/! (.$! ',*! 2(.*/! ,%!
$0,*&,'/!/&'1$!*#$+!(.$!',*!,11-..$'*/;!5-*!*#$+!
(.$!2(.*/!,%!*#$!3$%&'&*&,'/!,%!0('+!$0,*&,'/6! ! ()%&"%'*+,*-&"%',&.'!.'-".#!(.$!3&/2,/&*&,'/!
*,!5$#(8&,-.!4#&1#!&'#$.$!&'!('!,.>('&/0!5+!
8&.*-$!,%!*#$!2#+/&1()!1#('>$/!5.,->#*!(5,-*!
5+!('!$0,*&,'!2.,1$//6! !
"#$!.$/-)*&'>!,'*,),>+!&/!&))-/*.(*$3!&'!<&>-.$!?6! !
#$ %&',-''&)+$ $
@$1,>'&/&'>! *#$! '$$3! %,.! 1)$(.! 1(*$>,.&1()!
3&/*&'1*&,'/! &'! /-22,.*! ,%! .$/$(.1#! 3$/&>';! *#$!
(11-0-)(*&,'!,%!.$/$(.1#!%&'3&'>/;!('3!)&'A&'>!
(%%$1*&8$! /1&$'1$! *,! *#$! 5&,0$3&1()! /1&$'1$! ,%!
(%%$1*&8$! 3&/,.3$./;! $0,*&,'! .$/$(.1#$./! #(8$!
),'>! 5$$'! 2.,2,/&'>! *+2,),>&$/! ('3! )&/*/! ,%!
$0,*&,'/!('3!(%%$1*&8$!2#$',0$'(!BC;!DE;!F;!D?G6!
"#-/! %(.;! (! 5.,(3! /#(.$3! (>.$$0$'*! ,'!
3$%&'&*&,'/! %,.! $0,*&,'! *$.0/! #(/! ',*! 5$$'!
(1#&$8$3;!()*#,->#!*#$.$!&/!(>.$$0$'*!,'!0('+!
,%!*#$!.$)$8('*!1,'/*&*-$'*!$)$0$'*/!BCG6! !
@$H-&.$0$'*/! &'! 1,02-*&'>! ('3! (.*&%&1&()!
&'*$))&>$'1$! #(8$! )$3! *,! *#$! 3$8$),20$'*! ,%!
,'*,),>+I)&A$! .$/,-.1$/! %,.! $0,*&,'/6!/00.-&"1., -%)$2&"'3! (&0/! *,! &'*$>.(*$! $0,*&,'()!
.$/2,'/$/! &'*,! 1,02-*$.! &'*$.%(1$/! &'! ,.3$.! *,!
2.,3-1$!0,.$!.$()&/*&1!/+/*$0/!4#&1#! (.$!(5)$!
*,! .$/2,'3! *,! *#$! $0,*&,'()! 1,00-'&1(*&,'! ,%!
*#$&.! -/$./6! ",! %(1&)&*(*$! (%%$1*&8$! 1,02-*&'>;!
J,2$9!.&,*+6!2.,2,/$!(!/)&0!,'*,),>+!/1#$0(!%,.!
3$/1.&5&'>! $0,*&,'/! &'! 42)*'5-%)$2&.6,
"'&.60*-.#! BKG6! 7)/,! 0,*&8(*$3! 5+! (%%$1*&8$!
FRPSXWLQJ UHTXLUHPHQWV WKH :&·V HPRWLRQ 0(.A-2! )('>-(>$! LMNJ;! #**2OPP44464?6,.>P!
"@P$0,*&,'0)PQ!&/! ('! RNJI5(/$3! /*('3(.3! %,.!
0(.A-2! ,%! $0,*&,'/! &'! *$S*! ,.! 3(*(5(/$/6!
7',*#$.!1,02-*&'>!(22)&1(*&,'!4#&1#!#(/!)$3!*,!
3$8$),20$'*/! &'! *#&/! 3,0(&'! &/! '(*-.()!
)('>-(>$! 2.,1$//&'>;! %,.! 4#&1#! T()&*-**&! ('3!
U*,1A! 3$8$),2$3! ('! $0,*&,'! )$S&1,'! BDVG;!
".&$9$'5$.>! #(/! 3$8$),2$3! ('! $0,*&,'!
*$.0&',),>+! 4#&1#! 1(*$>,.&/$/! $0,*&,'! *+2$/!
('3!.$)(*$3!5$#(8&,-.!BDFG;!('3!W('!.&,*+6!#(8$!
3$8$),2$3! ('! $S*$'/&8$! *$.0&',),>+! %,.! *#$!
3,0(&'! ,%! $0,*&,'/! (/! $S2.$//$3! &'! X#&'$/$!
BYDG6! M%%$1*&8$)+! 0(.A&'>! -2! .$%$.$'1$/! *,!
$0,*&,'/! &'! *$S*;! 3(*(5(/$/;! ('3! #-0('I!
1,02-*$.! &'*$.%(1$/!.$)&$/!,'!('!-'(05&>-,-/!
/#(.$3! -'3$./*('3&'>! ,%! 4#(*! $0,*&,'! *$.0/!
3$',*$6! 7))! ,%! *#$! ,'*,),>+I)&A$! .$/,-.1$/! *#(*!
#(8$! *#-/! %(.! 5$$'! 3$8$),2$3! 0(A$! -/$! ,%!
!"#$%#&' $!(")' *))+"!,' $#' -!' ,!.%&!,'
!/)!01!(!2' 31!' .#("*/' *&,' +&*"-%4+#+)' )5%!&$%.%5',!.%&%$%#&'.#('$!(")'%&'$1%)',#"*%&'%)'
$1!(!.#(!')$%//'*&'#6!&'(!7+%(!"!&$8'*&,'%$'%)'$#' .%//' $1%)' 4*6' $1*$' $1!' 6#0!(' #.' )1*(!,' 5#""+&%$9:0%,!'#&$#/#4%!)'%)'(!7+%(!,2' '
;+(' *66(#*518' .#//#0%&4' -!)$' 6(*5$%5!)' 6(#"#$!,' -9' $1!' ;<;' =#+&,(9' >?@A' *&,' $1!' 6(%&5%6/!)'#.';&$#/#4%5*/'B!*/%)"'>?CA'0%//'-!'$#'
!&4*4!' !*51' #.' $1!' ,%..!(!&$' )+-:5#""+&%$%!)8' -#$1' )5%!&$%.%5' *&,' 5#"6+$*$%#&*/8' *$' !D!(9' )$*4!' %&' $1!' ,!D!/#6"!&$' #.' EF;' %&' #(,!(' $#'
*,,(!))' *&,' (!5#&5%/!8' (*$1!(' $1*&' %4&#(!8' .+&,*"!&$*/' $!("%&#/#4%5*/' *&,' ,!.%&%$%#&*/' ,%)*4(!!"!&$)2' 31%)' 0%//' *//#0' $1!' *66/%5*$%#&'
#.' $1!' ,!D!/#6!,' #&$#/#49' $#' "+/$%6/!'
*66/%5*$%#&' )5!&*(%#)' -#$1' %&' )+66#($' #.' )5%!&$%.%5'(!)!*(51'*&,'%&')+66#($'#.'%&$!//%4!&$' 5#"6+$%&42' '
!" " #$%&'()*$%" "
G!' 1*D!' 6(!)!&$!,' $1!' .%()$' )$!6)' %&' $1!' ,!D!/#6"!&$' #.' *&' !"#$%#&' #&$#/#49' -*)!,' #&'
<=;' *&,' ;FH8' .#5+)%&4' #&' $1!' ,!.%&%$%#&' #.'
#55+((!&$'!"#$%#&)'*&,'$1!%('5#"6#&!&$'6*($)2' B!)!*(51!()' 5#&$%&+!' $#' ,%)*4(!!' #&' $1!'
!))!&$%*/' &*$+(!' #.' !"#$%#&)2' =#(' !I*"6/!8' -!1*D%#+(%)$)' 4%D!' 5!&$(*/' %"6#($*&5!' $#'
!I6(!))%D!' -!1*D%#+(' %&' ,!.%&%&4' !"#$%#&)8' 01%/!' )#"!' 5#4&%$%D!' $1!#(%!)' $*J!' *5$+*/' -!:
1*D%#+('$#'-!'!))!&$%*/'#&/9'$#')#"!'!"#$%#&)8' )+51'*)'*&4!(2'3#'*,,(!))'$1%)8'#+('#&$#/#49'0%//' 6(#D%,!',!.%&%$%#&)'.#('$1!',%..!(!&$'$!(")'+)!,'
$#' ,!&#$!'!"#$"%&%'()#.' !"#$%#&)8' 01%51' 5*&'
$1!&' -!' +)!,' )!6*(*$!/9' %.' &!!,!,' %&'
*&&#$*$%#&)'#.'$1!'(!/!D*&$')5%!&$%.%5'/%$!(*$+(!2' ' F+51' .+$+(!' 0#(J' (!"*%&)' %&' $1!' 6(#K!5$8' .%()$'%&'$!(")'#.'!&1*&5%&4'$1!'#&$#/#49'$1(#+41' ,!/%&!*$%&4'$1!',%..!(!&$'$96!)'#.'!"#$%#&)'*&,' ,!.%&%&4' *66(#6(%*$!' $!(")' .#(' $1!"8' *&,' */)#'
*,,(!))%&4' $1!' ,%..!(!&$' $96!)' #.' *..!5$%D!' 61!&#"!&*'#.'#$1!(')#($)8')+51'*)'"##,)8'*&,' )!5#&,/9' %&' $!(")' #.' *66/9%&4' $1!' #&$#/#49' %&'
$1!' 6(*5$%5*/' *&&#$*$%#&' #.' )5%!&$%.%5' (!)!*(51' ,*$*' *&,' %&' $1!' ,!D!/#6"!&$' #.' &#D!/'
*66/%5*$%#&)'$1*$',(*0'#&'!"#$%#&')!"*&$%5)2' ' +&,%$-'./0.1.%2)" "
31%)'0#(J'0*)')+66#($!,'%&'6*($'-9'$1!'L0%))' M*$%#&*/' L5%!&5!' =#+&,*$%#&8' *&,' -9' $1!' NL' M*$%#&*/' O&)$%$+$!)' #.' P!*/$1' +&,!(' B#*,"*6' Q(*&$' ?' N' @R' PQSSRSTU2' G!' *(!' 4(*$!.+/' $#'
H*"%*&#'V#)$*'.(#"'$1!'N&%D!()%$9'#.'Q!&!D*'
*&,' V#/%&' <*$51!/#(' .(#"' $1!' BLV' %&' V*"-(%,4!'.#('1!/6.+/'5#""!&$)2' '
3.4.5.%&.)"
?2' ' V!+)$!()8' G28' L"%$18' <2W' =#+&,*$%#&)' .#(' *' (!*/%)$' #&$#/#49' #.' "!&$*/' ,%)!*)!2' X#+(&*/' #.'
<%#"!,%5*/'L!"*&$%5)'?Y?Z8'?S'YTS?SZ' '
T2' ' H*D%,)#&8'B2X28' L51!(!(8' [2B28'Q#/,)"%$18'P2P2W' P*&,-##J' #.' \..!5$%D!' L5%!&5!)8' D#/2' L!(%!)' %&'
\..!5$%D!' L5%!&5!)2' ;I.#(,' N&%D!()%$9' ](!))' YTSS^Z' '
^2' ' =#&$*%&!8' X2B28' L51!(!(8' [2B28' B#!)518' E2<28' E//)0#($18' ]2W' 31!' 0#(/,' #.' !"#$%#&' %)' &#$'
$0#:,%"!&)%#&*/2' ])951#/#4%5*/' L5%!&5!' ?U8'
?S@S²?S@_'YTSS_Z' '
R2' ' =(%K,*8'M2P28'L51!(!(8'[2B2W'E"#$%#&',!.%&%$%#&)' Y6)951#/#4%5*/' 6!()6!5$%D!)Z2' ;I.#(,' N&%D!()%$9' ](!))8'M!0'`#(J'YTSSaZ' '
@2' ' Q(!&#&8']28'L"%$18'<28'Q#/,-!(48'b2W'<%#,9&*"%5'
#&$#/#49W' \66/9%&4' <=;' %&' $1!' -%#"!,%5*/' ,#"*%&2' O&W' L$+,2' P!*/$1' 3!51&#/2' O&.#("2' 662' TS²^U2'O;L'](!))'YTSSRZ' '
C2' -RKDQVVRQ , )RXU NLQGV RI ´LV Dµ UHODWLRQV 4!&+):)+-)+"6$%#&8' ,!$!("%&*-/!)+-)+"6$%#&8' )6!5%.%5*$%#&' *&,' )6!5%*/%c*$%#&2' O&W' X#1*&))#&8' O28'[/!%&8'<2'Y!,)2Z'GL]O'TSSCW'V#&$(%-+$%#&)'$#'
$1!'31%(,'O&$!(&*$%#&*/'G#(J)1#6'#&']1%/#)#619'
*&,' O&.#("*$%5)8' L**(-(d+5J!&8' F*9' ^²R8' TSSC' YTSSCZ' '
_2' ' be6!c8'X28'Q%/8'B28'Q*(5f*8'B28'V!*((!$*8'O28'Q*(*98' M2W'3#0*(,)'*&'#&$#/#49'.#(',!)5(%-%&4'!"#$%#&)2' O&W' b9$(*)8' F28' V*((#//8' X28' H*"%*&%8' E28' 3!&&9)#&8'B2'Y!,)2Z'E"!(4%&4'3!51&#/#4%!)'*&,' O&.#("*$%#&'L9)$!")'.#('$1!'[�/!,4!'L#5%!$98' bMVL8' D#/2' @TUU8' 662' aC²?SR2' L6(%&4!(' <!(/%&' g' P!%,!/-!(4'YTSSUZ' '
U2' ' b9#&)8' G2E2W' E"#$%#&2' V*"-(%,4!' N&%D!()%$9' ](!))'Y?aUSZ' '
a2' ' ]*$!/8'h28'=/%)1!(8'\2X28'P!$(%5J8'L28'F5Q#((98']2W' F!&$*/' 1!*/$1' #.' 9#+&4' 6!#6/!W' *' 4/#-*/' 6+-/%5:1!*/$1' 51*//!&4!2' 31!' b*&5!$' ^CaYa@CaZ8'
?^ST'²'?^?^'YTSS_Z' '
?S2' '](%&c8'X2X2W'Q+$'B!*5$%#&)W'\']!(5!6$+*/'31!#(9'
#.'$1!'E"#$%#&)2';I.#(,'N&%D!()%$9'](!))'YTSSRZ' '
??2' B+-%&8' H2b28' L1*18' M2P28' M#98' M2=2W' <%#"!,%5*/'
#&$#/#4%!)W'*'.+&5$%#&*/'6!()6!5$%D!2'<(%!.%&4)'%&'
<%#%&.#("*$%5)'aY?Z8'_@²aS'YTSSUZ' '
?T2' 'L*&,!(8' H28' Q(*&,K!*&8' H28' L51!(!(8' [2B2W' \' )9)$!")' *66(#*51' $#' *66(*%)*/' "!51*&%)")' %&'
!"#$%#&2' M!+(*/' M!$02' ?UYRZ8' ^?_²^@T' YF*9' TSS@Z' '
?^2' 'L51!(!(8'[2B2W'G1*$'*(!'!"#$%#&)i'*&,'1#0'5*&'
$1!9' -!' "!*)+(!,i' L#5%*/' L5%!&5!' O&.#("*$%#&' RR8'Ca@²_Ta'YTSS@Z' '
!"#$ $%&'()()*$ +#,#*$ -../01)2'*$ 3#4#5$ 677)89/8.$
2'(1)9(/#$ :;<1)=$ >?9@()/92A$ 3)(//*$ B(0$ C1)D$
EFGGHI$ $
!J#$ $%K92'*$ L#*$ 6/'MN)?()*$ O#*$ ,1//(*$ 4#*$ L8)=*$ P#*$
LNQ*$ R#*$ 4(N/2()/*$ R#*$ S1.=M()Q*$ T#P#*$ -9.M(&D*$
+#*$ U)(.8?=*$ 6#*$ ON?Q8..*$ 4#P#*$ V'($ :LU$
41?/1)29NK*$ T(1?29/*$ B#*$ ,1&&8W%())8*$ 3#*$
,N22(?M()Q*$ 6#*$ %8?/1?(*$ %#6#*$ %&'(N()K8??*$
,#X#*$ %'8'*$ B#*$ R'(2Y(.*$ 3#T#*$ T(09/*$ %#5$ V'($
:L:$ Z1N?=)A5$ &11)=9?82(=$ (@1.N291?$ 1<$
1?21.1Q9(/$ 21$ /N771)2$ M91K(=9&8.$ =828$
9?2(Q)8291?#$ B82$ L912(&'?1.$ FJE!!I*$ !FJ!²!FJJ$
EB1@$FGG[I$ $
!\#$%K92'*$L#*$4(N/2()/*$R#5$:?21.1Q9&8.$)(8.9/K$8/$8$
K(2'1=1.1QA$ <1)$ &11)=9?82(=$ (@1.N291?$ 1<$
/&9(?29<9&$ 1?21.1Q9(/#$ 677.9(=$ :?21.1QA$ J*$
!]H²!^^$EFG!GI$ $
![#$ $%K92'*$L#*$S)(?1?*$3#5$V'($&1)?N&1798$1<$<1)K8.$
1?21.1Q9&8.$ )(.8291?/#$ _98.(&29&8$ J^*$ F[H²FH\$
EFGG"I$ $
!^#$ $V)9(Y(?M()Q*$+#5$V'($:?21.1QA$1<$-K1291?#$3'#_#$
2'(/9/*$ 41..(Q($ 1<$ T9M()8.$ 6)2/*$ 3N)=N($
>?9@()/92A$E$FGGJI$ $
!H#$ $`8.92N229*$ ,#*$ %21&D*$ :#5$ _(@(.179?Q$ 8<<(&29@($
.(;9&8.$ )(/1N)&(/#$ 3/A&'B1.1QA$ P1N)?8.$ 77#$
\!²^]$EFGG"I$ $
FG#$ $R9(M(*$ P#*$ R9./1?*$ V#*$ 48)=9(*$ 4#5$ 6??12829?Q$
(;7)(//91?/$ 1<$ 179?91?/$ 8?=$ (K1291?/$ 9?$
.8?QN8Q(#$ T8?QN8Q($ ,(/1N)&(/$ 8?=$ -@8.N8291?$
]H*$!\J²F!G$EFGGJI*$!G#!GG[a/!GJ[HWGGJW[^^GWH$ $ F!#$ $C8?*$ P#*$ L)8&(0(..*$ _#L#*$ ,(?*$ Z#*$ +N)1908*$ %#5$
V'($ &)(8291?$ 1<$ 8$ 4'9?(/($ -K1291?$ :?21.1QA$
M8/(=$1?$X10B(2#$-?Q9?(()9?Q$T(22()/$!\$EFGG^I$ $
$
