!"$#%!'& *
( ),+-),!%.'),!"0/213+-)
4 135),6 798;:=<?>A@BC8;:ED=BC8GFIH
7J8;BLKM@:'N,8;OEPI8;BLQ
RSUTVXWYTZV\[
]_^I`\aLacbZdXegfhdXiYjlkgm?nononononononon=nononononononon=nonononononononon=nononononononononEnonononon
q2rIsLtufwvyx\egfhaz`{fwx\jld|kCacx{jlazkg}~baz`tC`{aYacbdXegfhdXiYjlkgmn=nonononononononon=nononononononononEnonononon
qCnl]2^`{aYacbdXegfhdXiYjlkgm
x{eCf
x\jld
c;}xX
x\fhfkx\}nononononononon=nononononononononEnonononon
qCn q^`{aztaz}{j x\jlazkg}
c}xsLtfh}n=nononononononon=nonononononononon=nononononononononEnonononon
qCn pZg
ctglfh}~acbtg`\aLacb}
c}x\fh`{}nonononon=nonononononononon=nononononononononEnonononon
qCn kx{fh`\fhhagUazmzjld
c;b`X
cfwaz`\iL}~nononon=nonononononononon=nononononononononEnonononon
qCn UgkCdhx\jlazkg}
clmzaz`{j x\eg}fh`{}{C}mz`{
ctgeg}n=nonononononononon=nononononononononEnonononon
qCn LC¡C¢fdwxE£fh¤gCdhx\jlazknonon=nononononononon=nonononononononon=nononononononononEnonononon
qCn ¥¦§azkf`\}{jlazk
ckg¤¦§aztgCx{
x\jlazk¨nonononon=nonononononononon=nononononononononEnonononon
qCn ©LU
clj xsnonononononononon=nononononononon=nonononononononon=nononononononononEnonononon
qCn ¦§azkgkgfhdwx\jlazk¡fhx§ffhklazmzjldo
ckC¤xsCtf=x\egfhaz`\snonononononon=nononononononononEnonononon
p2rIsLtuf}sC}x{fh}b«az`tC`{aYacbd{egfhdXiLjlkCm¬nononononon=nonononononononon=nononononononononEnonononon
pCnl]®jlmzegfh`az`\¤gfh`~tg`{fh¤gjld
x\f¯lazmzjldnononononon=nonononononononon=nononononononononEnonononon
pCn qjlmzegfh`az`\¤gfh`xsCtfh¤°gvd
cldhglg}=nonononon=nonononononononon=nononononononononEnonononon
pCn p^g`{f=rsCtf|YsL}\x\f}±non=nononononononon=nonononononononon=nononononononononEnonononon
pCn ^`{aztfh`\x\jlf}~acbZ^IC`{f=rIsLtf|YsC}x{fh}nonon=nonononononononon=nononononononononEnonononon
pCn ZLx\fhkg}{jlazkg}acbZ^Ig`\f=rIsLtf²sC}x{fh}non=nonononononononon=nononononononononEnonononon
pCn ^`{aY¤ggdwx{}
ckg¤Lg}³non=nononononononon=nonononononononon=nononononononononEnonononon
pCn ¥´IvyxsLtf}µnonononononononon=nononononononon=nonononononononon=nononononononononEnonononon
pCn kg¤Cgdwx{j frIsLtf}¶nononon=nononononononon=nonononononononon=nononononononononEnonononon
®^I`\aLacb·v¤gfwfhlaztgfhkYxjlk5xsCtfo}\sL}\x\fh}Enonononon=nonononononononon=nononononononononEnonononon
gnl]2r
cdwx\jld}±nonononononononon=nononononononon=nonononononononon=nononononononononEnonononon
gn qZg
ctglfh}~acb^I`\aLacbZ¸fhfhlaztgfhkx'nonon=nonononononononon=nononononononononEnonononon
gn p¹CxX
c`\iLjld¯¦§aztgLxX
x\jlazkg}nononononononon=nonononononononon=nononononononononEnonononon
2^I`\aLacb
c}{}\jl}\x{
ckYx\}ºnonononononon=nononononononon=nonononononononon=nononononononononEnonononon
Cnl]»¦§aztU
c`\jlkgm|tC`{aYacbv¼
c}\}{jl}xX
ckx{}½nononononon=nonononononononon=nononononononononEnonononon
Cn q¹tgtgljld
x{jlazkC}acbtg`\aLacb·v¼
c}\}{jl}\x{
ckx{}nononon=nonononononononon=nononononononononEnonononon
¾ jl¡gljlazmz`X
ctCeYs¶nonononononononon=nononononononon=nonononononononon=nononononononononEnonononon
kg¤gfw±nononon=nonononononononon=nononononononon=nonononononononon=nononononononononEnonononon
¿
cf=jlkC¤gfwn=nonononononononon=nononononononon=nonononononononon=nononononononononEnonononon
raztgjldojlkg¤gfwJn=nonononononononon=nononononononon=nonononononononon=nononononononononEnonononon
À=Á=ÂEÃoÄEÅÅ=ÆMÅoÇ9ÁÈ=É=ÅoÊÁIÉ˧ÃÌEËIÁÍÅoÂEÎ\ÂÏ
I¤Cj x{fh¤¡s5¹EÐ
ck£az¡gjlkC}{azk
ckC¤¹EkC¤g`{fhjGÑaz`{azkCizaÒ
dÓ l}{fwCjlfh`Ldhjlfhkgdhf^Ig¡gljl}\egfh`{} ¾ n ѲnlÔCqzªzªC]
p
]q
]
]
]
qzª
q¥
pzq
pzp
p¥
C]
c
c
z
¥
zp
zp
z
¥cq
¥
¥c
¥c
C]
z
z
z
!"# $%
&
'(*),+-.-/10#24350 6.798;:
<>=@?A?B>CEDGF CEH5IKJGLMC?JONPIQNSREN1?BTRPDGFVUWXR@?YZUR@F[]\F=@I_^`CUR@Ia?J]?B>YZUR@DGFYZUR@IKCUb;RPDGF?=@IaF N1cAd
^O=ENSReBfWObabKdMBf?=PYZUbaIKgIKJGL*RPDOFWGJO[XF=PbKdAIaJGLZhO=PIKY*I_R@Ia\FJG?R@Ia?JONiXRPDGF[GFj^OJGIaRPIK?J`NiORPDGFkUlXIa?Y*N
UJ`[MR@DGFhG=@?A?BmNnGopDGFJqR@DGFk[XF^OJGIaRPIK?JONrU=@F,CEDOFCEHF [sBf?=eRPDOFIK=1tuFbabav"Bf?=@YVF [XJGF NPNeUJO[wRPDGF
hG=@?A?BmNxBf?=1RPDGFIa=rC?=@=PF CR@JGFN@NiXUbab%R@DGIQN1teIaRPDGIKJ]U*LIK\FJybK?LIQCnOzJwR@DGIQNetxU#dwU*DGIaLD][XFL=PFF
?B{=@FbKIKUcGIabKIaRSdZIKNe?cXR@UIaJOF[%n
| BRPF=sU}CF=PR@UIKJ~bK?LIKCMIKN*CEDG?5NFJfFn L`nCjbQUN@NIQCUbubK?LIKCM?=VIaJ5RPWOI_R@Ia?JGIKNRPIQCyba?LIQC;^O=ENSRPv@i
NPFCj?JO[Av?=*DGIKLDOF=Pv"?=@[XF=kbK?LIKC R@DGF=@FyU=PFqNRPIKbab1NPF\F=EUbxtxU#dXNIaJ
teDGIQCED
U}RPDGF?=@dCUJ
cF[XF\Fba?h`F [%n5opDOFxUJR@?=PvrIabKcF=PRvu?WG=@cOUHAIGNRSd5bKFrIQNuRP?WONFNFRv"RPDGF?=@diANPU#dsF=PY*FbK?v
G=EUFJGHFb`NPFjRPv9R@DGF?=PdteI_R@DsRPDOF!UlXIK?Y?BCEDG?IKCFeBf?=@YZUbKIagF[*IKJZ^O=ENSRPv"?=@[GF=TCbKUNPNPIKCUb`ba?LIQC
"%4pPnzJO[GFF[.i.RPDOFsL=@FURURR@=@UCRPIK?J?BpNPFjRPv9R@DGF?=PdIQNR@DGFZBmUCRRPD`URM T} T W I_R
CUJkcFpWONF [R@?rBf?=PYZUbaIKgFxY*?NR4YZUR@DGFYZURPIQCUbAJG?RPIK?JONnxWXRNFRv"RPDGF?=@dDOUN{UN4F NPNPFJ5RPIQUb
hG=@?cGbKFYRPDOURrIaRCUJGJG?RrCUhGRPWG=@FCj?YVhOWXR@URPIK?JONe\F=@dMtxFbKb9n%u?Y*hGWXREUR@Ia?JON1U=@FJGFF[XF [
Bf?=1UhGhGbKIKCUR@Ia?JONp?B4RPDGF?=@IaF NeUJO[AUNptuF,teIKbabNPFFbQUR@F=UbKNP?Bf?=ehG=@?\AIK[XIKJGL*hG=@?A?BmNnXzJ
c?RPDCUNPFNrtuFtxUJ5Ri`N@U#dwBf?=,U*BfWGJOCjRPIK?JGz ¡z ki`R@DOUR!Bf?=!J5WOYkcF=ENr¢£P¤¥%z ¦NW`CED
RPD`UR{f¢§¨¤ituFsCUJ^OJO[UyBf?=@YZUbhG=@?A?Bp?B1 f¢ §©¤ i.teDGF=PF*R@DGFZWGJO[GF=@baIKJGIKJGLN
NR@UJ`[]Bf?=,=@FhG=@FNPFJ5REURPIK?J`N1IKJ}R@DGFVRPDGF?=@dn | baRPDG?WGLD}RPDGIQN,IQNrR@DGF?=PFRPIQCUbabKdqh`?5NPNPIacObaFBf?=
NPFjRv"RPDOF?=@di TsPª V c W RPDOIKNeYZU#dZJG?Rec`F,BfF UNPIacGbKFnGopDOIKNpIQNpc`F CUWONFU*Cj?Y*hGWXR@URPIK?JwDOUN
RP?cF}C?A[GF[«IKJ«NPFjRPv9R@DGF?=Pd¬UNsUNPF5WGFJOCjF]?BNPFjRENZcFIKJGLUBf?=@YZUbr[XF NPC=PIKhXR@Ia?J
?B,U
Cj?Y*hGWXR@URPIK?JyhOUR@DmCj?JONPFCjWGRPIK\FNSREUR@FNEuUCC?=E[XIaJOLkR@?sN?YVFC?Y*hGWXREURPIK?J`Ub%Y*?X[XFb"n
oTdAhF!R@DGF?=PdZhO=PF NFJRENuUVh?tuF=BfWOb`Bf?=PYZUbNPdXNSR@FY©R@DOUR1CUhXRPWO=PF Nuc?R@DMR@DGF,JG?R@Ia?Jw?B
c S®r¯ VUª V SUT m\5IQUkRPDGFIKJOCjbKWONPIa?Jw?BBfWGJ`CRPIK?J`Ub%hG=@?L=@UY*Nute=@I_RPRPFJyIKJwRSdAhF[q°XvCUbKCWGbKWON@
UJ`[?B SLS± m\5IQU¬RPDGFNP?«CUbKbKF[³² Bf?=PYWGbKUNSvUNv"RSd5hFNMFYc`F [G[XIKJGLO´KieteDGF=@FRSdAh`F N]U=@F
\AIaFtuF [qUNehG=@?h?NPIaRPIK?JON1UJO[wRPF=PYZNrUNehG=@?A?BmNEn | NrU*YZURPRPF=r?B{BmUCjR1RPDGF=PFU=PF\U=PIK?WON
RSdAh`F*R@DGF?=PIKFNiCUhXR@WG=PIKJGLq\U=@Ia?WON,JG?RPIK?JON,?BeC?Y*hGWXREUR@Ia?J
mFn LOn.hG=@IKYVIaRPIK\FZ=@FCWG=ENIK?J.i
=@FCjWO=@NPIa?Js?\F=TDGIKLDOF=xRSdAh`F N@xUJ`[s\U=@Ia?WONuba?LIQCUbNPdANRPFYZNmFn LOn5^O=ENSRp?=E[XF=i5DGIKLDGF=x?=v
[XF=EjnzJZR@DGIKNuU=PRPIQCjbKF1txF1teIabKbOJO?RuURRPFY*hXRTR@?k[XFN@Cj=@IKc`FrUbabORPDGF[XIaµF=PFJRuh`?5NPNPIacObaFrCEDO?IQCjFN
?BRSd5hF!RPDGF?=@IaF Nn5zJONRPFU[stxF!tpUJ5RuRP?*[XIKN@CjW`NPNuRPDOF!YZUIKJMWOJO[XF=@bKd5IKJGLIK[XF UNiAteI_R@DwUVNhFjv
CjIQUbBf?XCjW`Nu?JsR@DGF!W`NF?B.RSdAhFrR@DGF?=PdsUN>R@DGFBf?=@YZUbKIKNPYBf?=xRPDGF,[XF NPC=PIKhXRPIK?Jw?B.R@DGF?=PIKFN
IKJOCjbKWO[XIKJGLZhG=@?A?BmNn
¶ JOCjFTUeRPDGF?=@drIQN%Bf?=@YZUbKIagF[%iI_RENC?=@=PF [email protected]cFT\F=@I_^`F[,cAd!U1NPYZUbKbhG=@?L=@UYqiERPDGF
SLS±1@Z· W@EG¸ Wj nxWXR{IaJ?=E[XF=RP?!Y*UHFTRPDGFuBf?=@YZUbKIag URPIK?JkhG=P?XCFN@N%BfFUNIKcGbKFiUJkIaJ5RPF=@UCR@Ia\F
SLS±E¹uº Wg» W S@A
® WYTZV[Eg¼ [zVwWj® IQN1JGFF[XF [%n`opDGIQNeIQNrU*hG=@?A?BFJA\AIK=P?JGY*FJ5RpRPDOUR!NSREUJO[ON1JGFl5R
RP?*R@DGFhG=@?A?BvCEDGFCEHF=eUJ`[qDGFbKhONpR@DGFDAWGYZUJqR@?s[XF\FbK?hyRPDGFkhG=P?A?BmNnOopDOFkCj?YkcGIKJOUR@Ia?J
?B4UhG=@?A?Bv[XF\FbK?hGY*FJ5RuNPdXNSR@FY½UJO[sUhG=P?A?BCEDGFCEHF=TIQNxCUbKbKF[MU Ò SCSS±E¹Uª [c[ [zVUª TV nO¾AW`CED
UVCj?YcGIKJOUR@Ia?JsIKNp[XIaµF=@FJ5RpBf?=@Y½UZ² RPDGF?=@FY¨hG=@?\F=´Kn5opDOIKNxIQNxUVCj?Y*hGWXRPF=eNdXNRPFY©R@DOUR
UbKbK?t1N>R@DGF!W`NF=TR@?VCEDGF CEHVRPDGF\UbKIK[XIaRSdZ?B;Y*URPDGFYZURPIQCUbOR@DGF?=PFYZNTcAdZLFJGF=EUR@IaJOLRPDGFY
UWGRP?YZURPIQCUbKbKdn ¶ BC?WG=ENFi#Bf?={hG=@?A?BvUN@NIQNSREUJ5R@NRPDOFeFJO[L?5UbAIKNUbKNP?!RP?,hG=@?\FuRPDGF?=@FYZNn
xWXR>R@DGIKN>IKNTJG?RT[X?JGFecAdkIKY*hGbaFY*FJ5RPIKJGLkU,JAWGYc`F=>?B%NYZU=RTUbaL?=@I_R@DGYZNefbKIaHFe=PF N?baWXR@Ia?J
?=ucGIKJOU=@dZ[XFCIKNPIa?JM[XIQUL=@UY*NEicGWXRpcAdVbKFjRPRPIKJGLR@DGFWONF=uLFJGF=@URPFrU Ò SCSS± iXIKJ5RPF=EUCjRPIK\Fbad
teIaRPDwRPDGFNPdANRPFYqnO¾A?Oi5RPDOFWONF=p?BhG=@?A?BvUN@NIQNR@UJ5RENTIQNx\F=@dZYkW`CEDMIKJyC?J5RP=@?b"Ac5dZY*F UJON
¿PÀ
x\egfhaz`\s
`tufh`\eU
ctg}}{azfE}x{`\azkgmzfh`f`\}{jlazkg}j x\eÐ
c`\mzf=d
c`{¤gjlkU
cl}ÔCfzn mgnLb«az`§x\egf=baz`{
cljl
x{jlazkacbd
x\fhmzaz`\s
ÀGÄ.
À;Ï{
?B² R@UCjRPIQCN´>R@DOURkU=PF*IKJGhGWXRR@?yRPDGFsNPdXNSR@FYs,UqN?vCUbKbaF [² hG=P?A?Bv9R@F=@Yy´%IQNC=PF URPF [R@DOUR
CjbK?NPFbKdZCj?=P=@FNPh`?JO[GNTRP?*UNR@UJO[GU=@[ZYZURPDGFY*URPIQCUbhO=P?A?BxfIKJwJOURPWG=EUb[XF [XWOCR@Ia?JyNRSdAbaF#n
G?=*YZUCEDOIaJGFyUN@NIQNRPF[RPDGF?=@FY hG=@?\AIaJGL
f\AIQUUWXRP?Y*URPF [RPDOF?=@FY hG=@?\AIaJOL}?=V\AIKU
IKJR@F=EUCjRPIK\F*hG=@?5?BxLFJGF=@URPIK?J?=U]C?YkcOIaJOURPIK?J?BxRPDGFsRStu?A!RPDGFZYZUIKJL?5UbIQN,RP?]IKJXv
Cj=@FUNFR@DGF=@FbKIKUcGIabKIaRSds?BYZUR@DGFYZUR@IKCUb.=@FNPWGbaR@N n 1?WGLDGbadMRPDGF=PFU=PFRStx?Z=PF UNP?JONxteDAd
YZUR@DGFYZUR@IKCUb`=PF NWGbaR@NTYZU#dcF[G
I sCjWOb_RuRP?k\F=@I_BfdnopDGF1^O=@NRuIQN c S®1 W V"¼ 5RPDGF!hG=P?cGbKFY
IQNT\F=@dcGIKLOiRPDOFrJAWGYkcF=x?BCUNPFN>RP?cF[GIKNRPIKJGLWOIKNPDGF[sc`FIaJGL\F=PdVbKU=PLFiFjR@CFjR@F=EUGnopDOIKN
IQN!UwNIaRPWOURPIK?J]R@DOUR,?JOFk?BR@FJFJOC?WGJ5RPF=@NrIaJCj?Y*hGWGRPF=,N@CjIKFJOCFiteDGF=@Fi`Fn LOnIaJUshG=@?v
RP?XC?b.?JGFDOUNeRP?sL?R@DG=@?WGLDqUbabh`?5NPNPIacObaFNR@URPFNr?BUZNdXNRPFYyn`opDGFkNPFCj?JO[yhG=@?cGbKFY IKN
uº WI Vf· ORPDGF,hG=@?cObaFY½IKN1\F=@ds[XFFh.iX\F=@dMCj?YVhObaIQCURPF[.nGopDGIKNpIQNeU*NIaRPW`URPIK?JyR@DOUReIQNeY*?=@F
?BR@FJFJOCj?WGJ5RPF=PF [qIaJ]hGWO=PFY*URPDGFYZURPIQCNiOFn L`n`OF=@Y*UR´ N1bQUNRrR@DGF?=PFY IQNrUJ]FjlGUY*hGbKFn
zJ}CUNPF?B c S®r« W V"¼ itxFYZU#dyFjlXh`F CRDGFbKh]Bf=@?Y UJUWXRP?Y*URPF []=PF UNP?JGIKJGL*R@?5?b9i`Fn LOn
RP?*L?kR@DG=P?WGLDyUVD5WOLF,JAWGYkcF=p?B{CUNF NTR@DOUR1F UCEDwc5dsRPDGFY*NPFbK\F NxIKNpF UNPIabKdZ\F=PIa^OF[.nXzJ
Vf· iOUJwUWXRP?Y*URPF [s=@FUNP?JOIaJGLkRP?A?b%teIKbKb%c`F,?B4baIaRR@baF,WONPFiXcOWXRetuF,YZU#dZFjlXhFCR
CUNF?B uº WI
NP?Y*FDGFbah]Bf=@?Y UZhG=@?A?BUN@NIQNR@UJ5R1R@DOUR[X?AFNeR@DGFkc?A?HAHFFhGIKJGLsUJO[]hG=@F\FJ5R@NeW`NeBf=@?Y
?\F=@NPFFIaJOLk[XFjREUIKbKNnXzJwRPDGF,bQURR@F=eCUNFiAtuF,Y*IaLD5ReUbKNP?ktpUJ5RxRP?*WONPFRPDGF,hG=@?A?B;UNPNPIKNR@UJ5R
UNpUkRP?A?bBf?=xFlXhGba?=PIKJGLJGFt^OFbQ[GNn | RuR@DGIKNpY*?YVFJ5RpDO?tuF\F= iR@DGF=@F,IKNxJG?RxdFjR1UWONF=v
Bf=@IaFJO[XbKdwNPdANRPFY¨RPD`UR1hG=@?\AIK[XF NxY*UCEDGIKJGFUN@NIQNSREUJOCFBf?=1[X?IaJGL*YZUR@DGFYZURPIQCUb%=@FNPFU=@CEDn
xWXReRPDOFh`?RPFJ5R@IKUb%IKNpR@DGF=@Fn
<>=@?5?B.UN@NIQNSREUJ5R@NTcOUNPF[s?J*RSdAh`F!RPDOF?=@dVhG=PF NFJ5RxULFJGF=@Ub`NPh`F CjIa^`CURPIK?JZbQUJGLWOULFeRP?
[XF^OJGFZYZUR@DGFYZUR@IKCUb>JO?RPIK?J`NUJO[}Bf?=@YkWObKUN
n ]?=PF?\F=iIaRkUbKba?t1NR@?Cj?J`NSR@=PWOCjRkUbKL?v
=@I_R@DGYZN1UJO[yhG=@?A?BmNeUNx^O=@NR1CjbQUN@NeCjIaRPIKgFJONn`opDGFU[X\UJREULFNpU=@FRPDOURrU*WONF=1CUJq[GFj^OJGF
DGIQN{?=DGF={?teJVNRP=@WOCR@WG=@FN4IaJZU\F=P
d `FjlXIacObaFptpU#di#IaJ`CjbKWO[XIKJGL,RPDGFmFjlXFCWXR@UcGbaF#;BfWGJOCjRPIK?JON
RPD`UR!U=PFhOU=R1?B{RPDGF NFkNRP=@WOCjRPWG=@FNnOGWO=R@DGF=@Y*?=@F UJO[wRPDOIKNrIKNrteDOUR![GIKNRPIKJGLWOIKNPDGFNeRPDGF
RSdAh`FxR@DGF?=PFRPIQCuUhGhG=@?UCEDRP?!RPDGF?=@FY hG=@?\AIaJOL1Bf=@?Y Y*?NR4?BOR@DGFp?RPDOF={?JGF NhG=@FNPFJ5RPF [
IKJqRPDGIQN!NRSdAbaFiXRPDOF?=@FY hG=@?\AIaJGLZC?JONPIKNR@N1?B{RPDGFyfIKJ5RPF=EUCjRPIK\F#pCj?J`NSR@=PWOCjRPIK?Jq?B>UZhO=P?A?Bv
RPF=PYq
i · E·Eª TcW WEUª [ _¼}@Z· W@EG¸ W@º Tuº WZ WTuº WYTZV"¼ n.opDGFNPFVIKN@NWOFN!teIabKbc`F*[XIQNPCWON@NF [IKJ
Y*?=@F![XFR@UIabc`Fba?tn | L5UIKJstxFrtpUJ5R>RP?Vh?IKJRx?WXRxRPD`URTRSdAhFrR@DGF?=PdVhG=@FNPFJ5RPbKdZ[X?AFNuJG?R
hG=@?\AIK[XFUZBmUNRrRP?A?b.Bf?=!UWXR@?YZUR@F[yRPDOF?=@FY hG=@?\AIaJGL`XRPDOF=@FIKNVfIKJ]LFJGF=EUbpJG?RrYkW`CED
UWGRP?YZURPIK?JUJ`[yRPDGFkBmUCRrRPDOUR!FjlXhGbKIQCjIaR!hG=@?A?Bv"RPF=@YZN1U=@FCj?JONRP=@WOCR@F[]NPba?t1N![X?teJyRPDGF
IKYVhObaFYVFJ5R@UR@Ia?J.n | bKNP?sUNrU*=PF NF U=ECEDMR@?5?b.hG=@?A?BvUN@NIQNSREUJ5R@NeU=PF,JG?RrdFR1YZURPWO=PFn`1?tpv
F\F= iGR@DGFdqhG=@?\AIK[XFUZ\F=PdyDGIKLD=@FbKIKUcGIKbaIaRSdi`c`?RPDcFCUWONPFk?BRPDGFFjlXhGbKIKCI_RhG=P?A?Bv9R@F=@Y*N
UJ`[VRPDGFIa=xtuFbabavWGJO[XF=@NRP?A?X[VYVFR@Uv9R@DGF?=Pdn | JO?RPDOF=TL?A?A[*h?IKJ5RuIQNR@DGFIK=TFlAhO=PF NPNPIa\
F OFjlAv
IKcGIabKIaRSdn;O?=,BfWG=PRPDOF==@FU[XIaJOLy?JRPDGF NFsIQN@NWGF Ni%cFd?JO[R@DGFMN@Cj?hFZ?BxRPDOIKNuD`UhXR@F= i.tuF
U[G\5IQNP
F .WO
? %?!
= 1?=@[GNRP#= ?" YqiX<{FjR@F=ENPNP?JyUJO[q¾AY*IaRP
D $%& "n
| JG?RPDGF=uh?N@NIKcGbKFVfBfWXRPWO=PF#TUhGhGbKIKCURPIK?JM?BYZUCEDOIaJGFUN@NIQNRPF[ZRPDGF?=@FY©hG=@?\5IKJGLIQNTRPDGF
^OFbK[}?B c S®r¯ VwWj®*ª VZ· Wj®ZUª V [ '
n eIKLD5RJG?tiC?Y*hGWXR@F=EN!U=PFkWONF []IKJ\U=@Ia?WON1hOU=RENr?B
YZUR@DGFYZUR@IKCNiJG?R@UcObadyBf?=,Cj?Y*hGWXRPF=!UbaLFcG=EUsUJ`[]JAWGY*F=@IKCUbY*FRPDG?X[GN'
n (TUCED]?BTNW`CED
UhOhGbaIQCURPIK?JON!=@F5WGIK=PF NeRPDOFkBf?=PYZUbKIKgUR@Ia?J]?BTUyNhFCI_^ChOU=R?BTYZUR@DGFYZURPIQCNiC?\F=@IKJGL
RPDOFp[G?YZUIKJk?BORPDOFxUhGhGbKIKCURPIK?Jn#o;?,DOU#\Fu\U=@Ia?WON;NPdXNSR@FYZN4IaJ5R@F=EUCR{teIaRPDVFUCED?R@DGF=UJ`[
teIaRPDR@DGFMWONPF=ktu?WGbK[=@F5WGIK=@FMUqBf?=@YZUbKIag UR@Ia?J?B1NWGc`NSREUJ5RPIQUbuhOU=PR@Nk?BeYZURPDOFYZUR@IKCNn
) reCf`\fA
c`\f }sC}x{fh}ÒÔ~ljliz+
f *z¹E^ , ]z¥ .0Ô /
x{egtfh`\
x , ]z¥ .²
ckC¤¨~sCtfh`{tC`{aYacb\Ô}{fhf ¾
c`\jl}{f
ckg¤
x\dXegfhfhkg¤Cs1, ]zz.Ôx{eU
x eU
f
cjlkg s
ck f¤Cgd
x{jlazkU
cmza
c
ckg¤
c`{f5kgacx²mzfÒ
c`\fh¤Ax{a~
c`{¤g}²tg`{aCjlkgm
Ð
c`{mzfo
x\egfh
x\jldÒ
cGx{egfhaz`\f}nafwfh`x\egfh}{f¯}\sL}\x\f}
c`{fodhaztU
c`{
c¡glfo}{jlkCdfox\egfws~
ckxx{atg`\fwfkx
x\egfhjl`g}\fh`{}b«`\az fh`\`{azkgfhazg}`{f
c}{azkCjlkgmgn
!"# $%
G?=TFlXUY*hGbaFrRPDGF!bKUJGLW`ULF ¶ hFJ UR@D OIQNuUIaY*IKJGLkURuhG=@?\AIK[XIKJGLkUJZIaJ5R@F=@YVF [XIQURPF
Kb F\Fb{c`FRStuFFJNPWOCEDY*URPDGFYZURPIQCUbCj?Y*hGWGRPF=UhGhGbKIKCURPIK?J`Nn'eF UCEDGIKJGLMF\FJBfWG=PRPDGF=,IKN
RPDOF]IK[XF UGibQUIQ[¬[G?teJRPDOF (rv"YZUJOI_BfF NSR@?
9NFFqxWGJ`[Xd $ fi{?B,Cj=@FURPIKJGLUJ¬FbaF Cv
RP=@?JOIKCrbaIKcG=EU=@dV?B;Cj?Y*hGbaFRPFbad*Bf?=PYZUbKIKgF[MUJO[wCEDGFCEHF[ZYZUR@DGFYZURPIQCUb=@FNPWGb_RENi5R@DOURp?JGF
CUJ=@FjBfF={RP?`icG=@?t1NFuRPDG=@?WOLD.iWONPFeUJO[VFl5R@FJO[.nG?={RPDGIQN{I_RuIKN{JGF CjF NPN@U=@d,RPDOURRPDGFehO=P?A?Bv
UN@NPIKNR@UJREN,c`F Cj?YVFMYkWOCEDY*?=@FZWONPF=Pv9Bf=@IKFJO[XbKdn;opDGIKNktu?WGbQ[^O=@NR?B1Ubabu=PF WOIa=@FsUq\F=Pd
LFJGF=EUb{UJ`[ OFlXIacGbKFVY*URPDGFYZURPIQCUb{\F=@JOUCjWGbQU=cAd]YVF UJON?ButeDGIQCED}?=@[XIKJOU=PdqYZUR@DGFjv
YZUR@IKCIKUJONeCUJy[X?VR@DGFtu?=PHZ?B;Bf?=PYZUbaIKgIKJGL*UJO[wIaJ5R@F=EUCReteIaRPDyRPDOFbaIKcG=EU=@dn FcFbKIKF\F
RPD`URpRSdAh`F!RPDGF?=@dZCUJwhG=@?\5IQ[XFNWOCEDyUkbQUJOLWOULFn | NxIaR1NSREUJO[GNiA?JGbKd*RPDOF ]IKgU=phG=P
? SFCjR
mNPFF ]zP | $
%fpDOUN!C=PF URPF [UJ`[]YZUIKJREUIKJONUsbQU=@LFkC?bKbaF CRPIK?J}?B>YZUR@DGFYZUR@IKCUb
=@FNPWGb_RENn`opDGF=@FIKNiGDG?txF\F= iXJG?ZtpU#ds?B{RP=EUJ`NSBfF=P=@IaJOLVUZ=@FNPWGbaReBf=P?Y½R@DGF ]IKgU=pRPDGF?=@FY
hG=@?\F={RP?UJO?RPDOF=TUhGhGbKIKCURPIK?JZUJO[*UbQN?IaRTIQNDOU=E[RP?^`JO[*=PF NWOb_RENIaJ*R@DGF ]IKgU=>bKIacG=EU=@dn
.(T3 2;3A-`+3 7m0q84- 7m-8*/-O+;+-.-/e0#2;3A0 6.7m84:
opDGF,RSdAhFkNdXNRPFY*NeRPDOUR!U=@F,WONF [qUN1UVBf?WGJO[GURPIK?JOUb%RPDGF?=@dMU=@FIKJ OWGFJOCjF [qc5dyNF\F=@Ub
hF?hObaFnFwY*FJR@Ia?JRPDOFY DGF=PFMUJO[JOUY*FsRPDOFIK=VIKY*h`?=REUJ5RC?J5RP=@IacOWXRPIK?J.n{x=P?WAtuF=
UJ`[1FdR@IaJOLMBf?=!IKJ5RPWGIaRPIK?JGIQNRPIQCkbK?LIKC eW`NPNPFbKb4Bf?=!RPDGFVJG?R@Ia?J?BTRSd5hFUJO[]Bf?=rR@DGFVWONF
?B,DGIKLDGF=Z?=E[XF=s5WOUJ5RPIa^`CURPIK?J¬RP?[XFj^`JGF]ba?LIQCUbe?hF=EURPIK?J`N
FJR@gFJ«UJO[
<>=EU#teI_R@g
Bf?=rJOUR@WG=@Ub[XF [XWOCR@Ia?J.uDAWG=ECEDqUJO[}uWG=@=@dZBf?=eRSdAhF[qbQUYc[GUVR@F=@YZN1?tpU=E[ZBf?=1RPDGF
hG=@?h?NPI_R@Ia?JONSUN«RSdAh`F NuIKJ5RPF=PhG=@FjREUR@Ia?J.G[XFx=PWOI SJyBf?=eIKJ5RP=@?X[XWOCjIKJGLZ[XFh`FJO[XFJ5R1RSdAhFN
UJ`[,Bf?=RSd5hFpCj?JA\F=ENIK?J!Bf?
= vUJO
[ %v=@F[XWOCjRPIK?J.¾XC?RR;Bf?=;IaJO[GWOCR@Ia\FTRSdAhFN U=R@IaJGv ?" B
Bf?=RPDGFTWONFu?BXIKJO[XWOCjRPIK\FRSdAhFN%R@?![XF^OJGFR@DGFTbK?LIKCUb?h`F=@URPIK?JONiR@DGF=@FcAd!C?Y*hGbKFjR@IaJGL1RPDGF
hG=@?h?NPI_R@Ia?JONSUN«RSdAh`F NTIKJ5RPF=@hG=@FjREURPIK?JiGUJO[MBf?=pRSdAhF,C?JA\F=@NPIK?JZBf?=eIa?R@Uv=@F[XWOCjRPIK?J.
IK=@U=@[yBf?=rDGIKLDGF=r?=@[XF=eRSdAh`FVNdXNRPFY*NUJ`[yRPDGFIa=JG?=@YZUbKIag UR@Ia?J.u?X5WOUJO[}UJO[]rWGFjR
Bf?=ecOWGIabQ[XIKJGLsURSdAh`FNPdXNSR@FY¨R@DOUR1IKJOCj?=Ph?=EUR@FNpUbKbRPDOFhG=PF\AIa?WONpJG?R@Ia?JONn
uF NIQ[XF NR@DGIKNVtxFMY*FJ5R@Ia?JRPDOFsBf?bKbK?teIaJGLh`F?hGbKFn C#xU=PRPDAd TBf?=DGIQNVIK[GFU?B
hG=@?A?B%CEDGFCEHAIKJGLOiIKJOCjbKWO[XIKJGLkNPdAYkc?bKIKCeC?Y*hGWXR@IaJOLOnrFr[XIQ[*JG?R iDG?txF\F=iC?JONPIQ[XF==@FhG=@Fjv
NPFJ5RPIKJGL,hG=@?5?BmN4IaJVJOUR@WG=EUbG[XF [XWOCR@Ia?JkBf?=PYqiJG?=[XIK[VDGFpDOU#\FTR@DGFeWONPFp?B`DOIaLDGF=4RSdAh`F N4Bf?=
YZUHAIKJGLUhGhO=P?hG=PIQUR@FeUcONRP=EUCjRPIK?JONn rF!u=@WGI SJ*Bf?=>DOIKNT\5IKL?=P?WON4hGbKFU,Bf?=>hG=@?5?BCEDOFCEHAIaJOL
UJ`[s=@F\AI_REUbKIagIaJOLRSdAh`F,NPdANRPFYZN>Bf?=uR@DGIQNuhOWG=Ph?NPFn U=R@IaJXv ?" B%Bf?=pDGIQNxFY*hGDOUNIQNT?JM=@FbKI_v
UcOIabKI_RSdmcAds=PF 5WGIa=@IKJGLUVCjbKFU=xhODGFJG?Y*FJG?ba?LIQCUbNFYZUJ5RPIQCNETUJO[yCj?J`NF WOFJ5RuhG=@?h?N@Ub
RP?*=@FNRP=@IKCjRpRP?ZhG=@F[XIQCURPIK\F!RSdAh`FNPdXNSR@FYZNn
!#"%$"& ÒSCSS±kE·WEE¸ T'M®ZªUVf·W®ZªUV @ª~[zVªUVwWj®
WTV[
URPDGFY*URPIQCNIQN>W`NWOUbabKdkhO=PF NFJR@F[VIKJsUJ*IaJGBf?=@Y*UbGcGWXRuhG=PF CjIQNFetpU#dn ¶ JGF1NhFUHXN>Uc?WXR
² IaJXBf?=PYZUb`=@IaL?= ´an | RSdAhGIQCUb`=@FNPWGbaRuIKJMYZUR@DGFYZUR@IKCNTIQNxhG=@FNPFJ5RPF [*IaJMRPDGF!Bf?bKba?teIKJGLBf?=PYqn
zJ]NIaRPW`URPIK?)
J (txFD`U#\+
F *n
<>=@?A?BSn-,/.
· W®*ª V [
0 T± S®*ª.®ZUª Vf
1F=P1
F (IKN!UJ]IKJXBf?=@YZUbKbady[XFN@Cj=@IacF[qNPFjRr?B>UN@NWGY*hXR@Ia?JON1UJO2
[ * IQNrUJ]IKJXBf?=PYZUbKbKdMLIK\FJ
NR@UR@FY*FJ5R n | bQN?,R@DGF1hG=@?A?B ,ZIKN>hG=PF NFJ5RPF[VIKJXBf?=@YZUbKbadnzJ*ba?LIQCxRPDGF1NR@URPFYVFJ5R@N3(T£*cFjv
ÀGÄ.
À;Ï{
Cj?Y*FpBf?=@Y*UbG?c SFCREN>UJ`[ZN?[X?AF N{RPDGFrJG?R@Ia?JV?B%hG=P?\UcGIabKIaRSdn<T=P?A?BmNNRPIKbKb`U=@FphG=@FNPFJ5RPF [
IKJUJIKJXBf?=@YZUb>tpU#di.cOWXRkR@DGF?=PFRPIQCUbKbKdRPDOFdCUJcFZBf?=PYZUbKIKgF[UNkU][XF=PIK\URPIK?JGv9R@=PFF
Bf?babK?teIKJGLZN?YVF,hG=@FCIKNPFbKdsLIa\FJwNPFjR1?B;=@WGbKFNEn
(
*
<>=@?A?BSn ,/.
ªUVf·W®*ªV [u± S®*ª W@º T«S'
zRRPWG=@JON?WXR!RPDOUR!R@DGF=@F*U=@FNPF\F=@UbJOURPWG=EUb4tpU#dAN1RP?MRP=EUJONPbKURPFhG=P?h`?5NIaRPIK?J`N!UN V"¼@W[
Bf?=,RPDGF*Y*?Y*FJR?JGF*Y*U#dqR@DGIKJGH?BuRPDGF NFZUNV² NPFjREN´UJO[}hG=P?A?BmNUN VXW® [ TA·Oª V T'
² FbKFY*FJREN1?B´ pRPDGF NFRSdAhFNnOopDGFIKJ5RPWGIaRPIK\F[GI_µF=@FJOCFcFjRStxFFJ]NPFjREN1UJO[yRSdAhFNeIQNeR@DOUR
UJV?c SFCR>CUJVc`FeIKJZNF\F=EUbA[XIaµF=PFJ5RTNFR@NicGWXR>?JObadIKJ*?JGFxRSdAhFn ]?=PF?\F=i UrRSdAhFeIKNU
=EURPDOF=!² NPIaY*hGbKF´AHAIKJO[s?B;NFRAteDGFRPDGF=pUkRPF=PY¨IQNx?B;UCjF=REUIKJZRSdAh`F,IQNuW`NWOUbabKdZ[XFCIK[OUcGbKFi
[XWGF!RP?RPDOFrBmUCRxRPDOUR!² c`FIaJOL?BURSdAhF´AIKNxUVNdAJ5R@UCRPIQCrC=PIaRPF=PIK?JnzJZR@DGFCj?JR@FjlARu?B.RSdAh`F
RPDOF?=@diXY*FYkcF=ENDGIKhy?B4UR@F=@
Y *RP?VR@DGFRSd5hF * IKNe[GFJG?RPF[ycA
d * =EUR@DGF=xR@DOU
J ¥ *n
=PIaRPIKJGL*RPDOF,RP=EUJONPbKURPIK?Jw?B{hG=P?h`?5NIaRPIK?J * UN * ;UJO[y?B{UhO=P?A?B ,UN , .?JGF,DOUN
UJ`[MDGFJOCjF
*
*
WONPIKJGL*hG=P?A?B , ,
* £
IQNphG=@?\UcGbKF
* IKNpIKJGDOUcGIaRPF[/.
opDGF=PFBf?=@FRPDOFBf?=PYZUbaIKgURPIK?J}?BTYZUR@DGFYZUR@IKCNIaJRSdAh`FVRPDOF?=@d]cFCj?Y*FN!RPDGFVBf?babK?teIaJOL
ftxF[X?*JG?Rpte=@IaRPF,RPDOF #cGWXR1IQ[XFJR@I_BfdyUVhG=P?h`?5NIaRPIK?Jy?=phG=@?A?B4teI_R@D]I_RENxRP=EUJONPbKURPIK?J`jn
(,]
*
ª VZ· Wj®ZUª V z [T± S®*ª WEº T¨V9¼@Z W VZ· WS¼
1?t UbKb.?B (T£ * UJO[ ,}U=@FBf?=@Y*UbaIKgF [ybaIKJGLWOIKNRPIQC,?c SF CRENnopDGFNR@URPFYVFJ5
R (,# *
IQNpF5WGIK\#UbaFJ5ReRP?
oTdAhF . ,>§ *
· WEE¸ T'
& Ò SCSS±kE
1F=PFioud5hF rIKNkUyBfWGJOCR@Ia?JRPDOUR^OJO[GNBf?= ,UyRSdAhFZIaJR@DGFZLIK\FJC?J5RPFlAR (>nopDGF
[XF CjIQ[GUcGIKbKI_RSds?B;RSdAhFjvCEDGFCEHAIKJGLBf?bKba?t1NxBf=@?Yq
oTdAhF . ,xLFJGF=EUR@FNpURSdAh`F,?B ,qIaJ]Cj?J5RPFjlAR (?=p=@FjRPWO=PJON² BmUbQNPF´.fIaB ,yD`UNxJG?ZNW`CED
RSdAh`F#n
opDGFF5WOUbaIaRSdy§ IKN1[GFCjIQ[GUcGbaFn
opDGFyNSR@?=@dIQNU}baIaRR@baFycGIaRVY*?=PFMC?Y*hGbKIKCUR@F[%n{4Ia=ENSRRPDGF=PFyU=@FMNPF\F=@Ub>h?N@NIKcGbKFMbK?LIQCN
fFn L`nO^`=@NRr?=NF Cj?JO[]?=E[XF=1ba?LIQC`IaJ5RPWOI_R@Ia?JGIKNRPIQC?=!CbKUNPNPIQCUbba?LIQCnopDGIQN1teIKbab{LIa\F=PIQNPF
RP?sNPF\F=EUbRSdAh`F,R@DGF?=PIKFNnO¾AF Cj?J`[XbadMRPDGFF 5WOUbKI_RSdq§ IKJyRPDGFbQUNRrNSREUR@FY*FJ5Rr[XFh`FJO[GNe?J
RPDOFRSdAh`FR@DGF?=PdjIaR;IQN.U1C?JA\F=@NPIK?Jr=@FbQUR@Ia?J,LFJOF=EURPF [!Bf=P?Y UeNPh`F CjIa^`C>NPFjR?BAFbaFY*FJ5R@U=Pd
=@F[XWOCjRPIK?JONn
zJwR@DGFhG=EUCjRPIQCjF?BUJyIaJ5RPF=@UCR@Ia\FhO=P?A?B{UN@NIQNR@UJ5RpcOUNPF[w?JwRSdAh`F,R@DGF?=PdiARPDGFhO=P?A?Bv
RPF=PYZNpU=@FrLFJGF=@URPF [ZIaJ5R@F=EUCR@Ia\FbKd*c`FRStuFFJwRPDGFWONPF=eUJO[sRPDGFhG=@?A?B;[XF\Fba?hGY*FJ5RpNPdXNSv
RPFYqnopDGFWONPF=1RSdAhFN!IaJN?MCUbKbaF [ VªY V [ i`LWGIK[GIaJGLMRPDGFhG=@?5?B>[XF\FbK?hGY*FJ5R!NPdXNSR@FY RP?
Cj?JONRP=@WOCReUVhG=P?A?Bv9R@F=@Yyn | ReRPDOFFJO[%iAR@DGIKNxR@F=@Y½IQNTRSdAhFCEDGFCEHF[MUJO[MRPDGFRSdAh`F,IQNeCj?Yv
hOU=PF [steIaRPDwRPDGF,?=@IKLIKJOUbL?5Ub"nzJqCj?JGJGF CRPIK?JMRP?*hG=@?A?B;CEDGF CEHAIaJGL`i5RPDGF=PFU=@F1R@DG=@FF,YZUIKJ
!"# $%
[XF CjIQ[GUcGIKbKI_RSdshO=P?cGbaFYZNxRPDOUR1tuFCUJ][XIKNRPIKJGLWGIKNPD.n
(
(
(
*
*
orx<{i
o1¾X<{i
opzS<{i
oTdAhFkuDGFCEHAIKJGLZ<>=@?cGbKFYq
oTdAhF¾AdAJR@DGFNPIQN1<>=@?cGbKFYq
oTdAhF,zJGDOUcOI_REURPIK?J]<T=P?cGbaFYqn
zBGtxFRPDGIKJGH?B*UNUpBf?=PYWGbQUeUJO[ UNI_REN.hG=@?A?BSiRPDGFJRPDGFuorx<UNPHXNRP?1\F=@I_Bfd · WYVf· W
Uª T]ª« W ';WEº1Ò SCSS± Tuº WcWEº1Ò Sg» W[ *n5o1¾X<UNPHXN4RP?\F=@I_Bfd ·ZWVf·W5Vf·W,ªW 'GWEº1ÒSCSS± [ª!Ò SCSS±ª Vxª nGopzS<¬UNHXNTRP?V\F=@IaBf
d Z· WVf· W *© [uÒ S»#ª%jW nGzReteIKbabcF,CbaF U=uRPDOURpopzS<
IQN!WOJO[XFCIK[OUcGbKFkBf?=UJAdqRSd5hFRPDGF?=@dwR@DOUR,IQN!?BTIKJR@F=@FNR!Bf?=rBf?=PYZUbaIKgIKJGLMYZURPDGFY*URPIQCN
fI"n FnBf?=UJ5
d ¦IaJteDGIQCED}FJO?WGLD^O=ENSR,?=E[XF=!hG=@F[GIKCURPFVbK?LIQCkCUJc`FZ[X?JGF j
n DGFjR@DGF=
orx<³UJO[o1¾X<U=@FM[XF CjIQ[GUcObaFy[XFhFJO[ONIKJ~LFJGF=@UbT?JRPDOFw=@WGbKFN?B1RPDOFMRSdAhFMR@DGF?=Pd
UJ`[sFNPhFCjIQUbKbKdV?JsDG?tYWOCEDsRSdAhFjvIaJXBf?=PYZURPIK?JZIQNxU[G[XF [sIKJZRPDGFR@F=@
Y nAzJMUbab?B%RPDGF
NPdANRPFYZNRPDOURktuFZ[XIQN@CjWON@Nic`?RPDorx< UJO[o1¾X< U=PFZ[XF CjIQ[GUcGbKFn !FCIK[OUcGIKbaIaRSd}?Bporx<
UJ`[so1¾X<~C?JXBf?=PYZNTteI_R@DsRPDOFrIKJR@WGIaRPIK?JsR@DOUR iF\FJZRPDG?WGLDMtuF!Y*U#dVJG?RucFUcGbaFrRP
? Tº
UVhG=@?5?B;?B{UVLIK\FJMBf?=PYWGbQUk?WG=@NPFbK\F NiAtxFCUJ Ò WEc S 'T [W UVhG=P?A?B;IaB4hG=@FNPFJ5R@F[MRP?ZWONn
¾A?BRStpU=@FmbaIKHF]?WG=ZhG=@?A?B[GF\Fba?hGY*FJ5RsNdXNRPFYZIQN ªw S VJG?RZ=@FbKIKUcGbaFi>N?teDAd
tx?WGbQ[?JGFTcFbKIaF\FpU!NPdXNSR@FY RPD`UR>NPU#dXNI_RDOUN\F=@I_^OF [kUrhG=P?A?B popDGIQN;IQN{UrL?A?A[kWOFNRPIK?J.n
opDGF*hGIK?JGFF=?BxCj?Y*hGWXRPF=\F=PIa^OF[}hG=@?5?BmNi% kn Vn[GF*x=@WGI SJ.i.DOUN!LIa\FJUqNPURPIQNSBmUCRP?=Pd
UJ`NtxF= n F]NDO?WGbQ[REUHFqCU=PFwRPD`URVRPDGFq\F=PIaBfdAIaJOLhG=@?L=@UY fRPDGFyRSdAhFqCEDOFCEHF=Es [qª
U» Wj¼ [®ZªGÒ S '@ª® GR@DGFJyRPDOIKNrhG=P?L=EUY½CUJyc`F\F=@I_^`F[wc5dwDOUJ`[%iGLIK\AIaJOLR@DGFDGIKLDGF NSR
h?N@NIKcGbKF=@FbKIQUcGIKbaIaRSdZR@?*RPDGFhG=@?A?B{CEDGFCEHF= n5opDGIQNeIQNxRPDGFNP?ZCUbabKF[ uº W1¯ T VXW SUT n
| Gh =@?A?BUN@NIQNR@UJ5RMN@UR@IKN^OFNsRPDGF[XF}x=PWOI SJ C=PIaRPF=PIK?JIaBI_RyLFJOF=EURPF Ny² hO=P?A?Bv
?c SF CREN´m?B{N?YVFBf?=PYsuRPD`URrCUJwcFCEDGF CEHF[wcAdMUJ² FUNPd´GUbKL?=PIaRPDGYqn
zJwRPDGF,bQURPFNPI_lAR@IaF Nx[GF,x=@WGI SJwYZU[GF,UJMIKY*hG=PF NPNPIK\F,NSREU=PRxteIaRPDwRPDGFR@FCEDGJG?ba?LdZ?BhG=@?5?B
CEDGF CEH5IKJGL`nrF*[GFNPIaLJGF[Bf?=@Y*UbNdXNRPFYZN!Bf?=!RPDOFVF sCjIKFJ5R=PFhG=PF NFJ5R@UR@Ia?J?BuhG=P?A?BmNUb_v
bK?teIaJGLU\F=PIaBfdAIaJGLUbKL?=PIaRPDOY RPDOURZCUJ
c`F]C?A[GF[¬IaJ &%&bKIaJOFN*?BIaY*hF=EUR@Ia\FqC?X[XFn
opDGF NFsNPdXNSR@FYZN,tuF=PF*LIa\FJRPDGFMC?bKbaF CR@Ia\FVJ`UY*F | WXR@[email protected];NPFFZ 1F [XF=@hFbaRi FWG\F=@N
UJ`[
[G
F =PI SF= $% xBf?=sUJ«WGh
RP?[OURPFNPWG=@\Fdn | NZRP?RPDOF]h`?IaJ5Rs?B,=@FbKIKUcGIabKIaRSdiT[XF
x=PWOI SJD`UN!=PFY*U=PHF[yR@DOUR,?JGFVCUJGJG?R?cXREUIKJ}Uc`N?baWXR@FkCjF=REUIKJ5RSdnopDGF=@FUbatpU#dXN1CUJ
cF1N?YVFpHAIKJO[V?B`FbaF CR@=P?JGIKCuBmUIabKWG=@FuR@DOUR>YZUHFN{U,hG=@?A?BvUN@NIQNR@UJ5R{UCCFhXR>Ute=@?JGLhG=@?5?B
mUCR@WOUbKbadyR@DGIKNIQN\F=@dqWGJGbKIaHFbKdOR@DGF=@FIQNUMcGIKLLF=CEDOUJOCFR@DOURUwC?=@=PF CRrhO=P?A?B>IQNJG?R
UCCjFhXRPF [OnxWXR{Bf?=@YZUbKIagF[khG=P?A?BmN;hO=P?\AIQ[XFu=@FNPWGbaR@N4teIaRPDVRPDGF · ' Z· Wz[zVO SU[[ W!Ò W ª V"¼ n
opDGF=@FbKIKUcGIKbaIaRSdZ?B{YZUCEDGIKJGFCEDGFCEHF[whG=@?5?BmNpCUJqcFNWOYVYZU=PIKgF [wUNTBf?babK?t1Nn
<>=@?A?Bv?c SF CR@NTYZU#dZc`FbKU=PLFi5h`?5NPNPIKcGbadsNPF\F=EUb ]c.XcGWXRxRPDOFdMU=PFNFb_BvF\AIQ[XFJ5Rn
opDGIQNY*FUJ`N{RPDOURTUNYZUbabXhG=@?L=@UY CUJV\F=@I_BfdRPDGFYyRPDGFehO=P?L=EUY SWONRBf?bKba?t1N
teDGFjR@DGF=rba?XCUbabKdZR@DGFCj?=P=@FCjRpNRPFhONeU=@F,c`FIaJGLZYZU[XFn
FVCUJNPWGY*YZU=@IagFR@DGFkRSdAhFVRPDGF?=@FjRPIQCkUhGhG=@?UCEDqRP?yIaJ5RPF=@UCR@Ia\FRPDOF?=@FY
Bf?bKbK?t1Nn
hG=@?\AIaJOLwUN
ÀGÄ.
À;Ï{
hG=P?\UcGIabKIaRSdZ?BBf?=PYWGbQU *
hG=@?A?B{CEDGFCEHAIKJGL
IKJ5RPF=EUCjRPIK\F!RPDGF?=@FY½hO=P?\AIKJGL
§
§
§
² IKJGDOUcGI_REUR@Ia?J.´G?B;RPDGF,RSdAhF *
RSd5hFCEDGF CEH5IKJGL
IaJ5RPF=@UCR@Ia\F,C?JONRP=@WOCjRPIK?JM?B{UR@F=@Y?B
ULIa\FJwRSdAh`Fn
¾A?kRPDGF[XFCIK[GUcGIKbaIaRSd*?BRSdAh`FCEDGFCEHAIKJGLIQNuURTRPDOF!Cj?=PFr?B%RPDOF1RSdAh`Fv9R@DGF?=PFRPIQC1UhOhG=P?5UCEDVRP?
RPDOF?=@FYhG=P?\AIKJGLOn
!#" !"& ÒS@ZSg[ V
SUTZ[Vªg[V"¼@W[
zRZIKNVh?N@NIKcGbKFsR@?=@FhO=PF NFJRVhG=@?5?BmNkIKJ¬U[XIaµF=PFJ5R*UJO[Y*?=@FyF sCjIKFJ5R*txU#dUNBf?=PYZUb
RPF=PYZNn;opDGFwIaJ5R@WGI_R@Ia?Jc`FDGIKJO[R@DGIKNkIKNIKJONhOIa=@F[cAdIaJ5RPWOI_R@Ia?JGIKNRPIQC}9Cj?JONSR@=PW`CRPIK\F#,bK?LIQCn
zJqRPDOIKNrhGDGIKba?5N?hGDAdwU*hG=@?A?B{?B>UJqIKYVhObaIQCURPIK?J *
½IKN1UsYVFRPDG?X[yR@DOUR1R@=@UJONBf?=@Y*NeU
hG=@?A?B%?/
B *IaJ5RP?UhG=@?5?B%?B sn | hO=P?A?B%?
B *
IQNxUhOUIK= ,£ >NPWOCED*RPDOU
R ,wIKNuUhG=@?5?B
?B * UJ`[ ?JOF?B sn | hO=P?A?B4?B *
¨IQN1UVhOUIK= #£ , jiOteDGF=PF !IKN1FIaRPDGF= &V?= UJ`[
IaB e§ &Oi5RPDGFJ ,yIQNeUkhG=@?A?B4?
B *kGI_B e§ RPDGF1
J ,qIQNpUhO=P?A?B;?B MnGopDGF=@FIKNpJG?*hG=@?A?B?B
iARPDOF!BmUbKNPF,hG=@?h?NPI_R@Ia?J.n | hO=P?A?B4?B ¥ . * yIQNeUVY*FjRPDO?A1
[ ,yRPDOUReRP=EUJONBf?=@YZNTF\F=Pd
FbKFY*FJR ¥ *³IKJ5RP?yUshG=@?A?B>?
B * n4IKJOUbKbKdqUMhG=@?5?B>?B ¥ . * IKN,UMhOUIK= £ , rNW`CED
RPD`UR ¥ * UJO2
[ ,~IKNVU]hG=@?A?Be?B * `n{1F=PFi £ *£ x£ £ ¬UJO[ U=@FZRPDGFwWONPWOUbuba?LIQCUb
Cj?JGJGF CRPIK\F NeUJO[y5WOUJ5R@I_^OF=@NnG 1FLURPIK?JyIKNe[XF^OJGF [yUN * § *
n
opDGFhG=@?h?NPI_R@Ia?JONeUNpRSdAhFNeIKJ5RPF=PhG=@FjREUR@Ia?JyIKJ5RPWGIaRPIK\FbadyCUJycFk[XF^OJGF [yUNpBf?bKbK?t1Nn |
NPFJ5RPFJOCj2
F * IKN*IKJ5RPF=PhG=@FjR@F[
U1
N * iT[XFj^`JGF[
UNVR@DGF]Cj?bKbKFCR@Ia?J¬?B!hG=@?A?BmNV?+
B *nTopDOFJ.i
UCCj?=@[XIKJGLRP?VRPDOFIaJ5RPWOI_R@Ia?JGIKNRPIQC,IKJR@F=@hG=@FjR@URPIK?Jy?B;RPDGFbK?LIKCUb.Cj?JGJGF CRPIK\F Nx?JGFDOUN
!
# $ %
!& *'(!
*)*!
*-.!
2¥
! ¥4 . *! " * ¡ * , + !
* 0 / !
.*
§
§
§
§
§
§
1
!3 . *! 56 . *! 7+ 8/
opDGFZ?hF=EUR@Ia?JON¡£ UJO[
U=@F*=PF NhFCjRPIK\Fbad]R@DGF*Bf?=@YZUR@Ia?J?BuBfWGJ`CRPIK?J`NNh`UCjF Ni
xU=PRPF NIQUJwhG=@?A[GWOCREN1UJO[y[XIQN S?IaJ5R1WGJOIa?JONnXzJ5R@WGI_R@Ia\FbKdsR@DGIKN1YVF UJONxR@DGF,Bf?bKbK?teIaJGL`n
9 ¡;:
9C+D:
9F/:
§
§
§
<>=?, 9 . { ,x@:BA
<0 ,;£E
4= ,; 9UJO[
A :BA
<0 &O£ ,= , 9"A6/G<@ £
4=
A :BA.
!"# $%
41
GWO=R@DGF=@Y*?=@Fi wIKNR@DGFZFY*hXRSd]RSdAhFn.4IKJOUbKbadi%RPDOFqxU=PRPF NIQUJ`!hG=@?X[XWOCjRUJO[NWGY
BmUY*IKbad
?B;RSdAhFNeU=PF,IKJR@WGIaRPIK\FbKdw[GFj^OJGF [qUN
< 9 A
3 * . 9 56 * . 9 <#4a * ¡;/ 9 4=?2 * " 9 A
§
<5 ; £ ,4=2 * UJ`[ ,;K9 A#.
1?tiUNSREURPFY*FJ5R*«IKN>hG=P?\UcGbaFpIaB * `IQNIaJODOUcGIaRPF [%iI"n FnIaB`R@DGF=@FeIQN>U 9
?BxU
§
DG?bK[GNpIKJyRSdAh`F,R@DGF?=Pdn
ª®rW[ SS ±uÒSLS±[ªg[VwWj®
!#"#"
A
NPWOCEDVRPD`UR/,q*
[
o;?LFjR1UJwIK[XF Uk?B;teDOURehG=P?A?Bv"?c SFCjR@Nu=PF UbKbad*bK?5?HZbaIKHFUJO[sDG?t RSd5hFCEDGFCEHAIKJGLktx?=@HXNi
txFxbK?A?HkUR>UJVFjlGUY*hGbKFtxFeCj?J`NSR@=PWOCjR>U!hO=P?A?Bv?c SFCRUJ`[RSdAhFjvCEDGFCEHIaRnopDOIKN{FlXUY*hGbaF
NPDG?WGbQ[scF,WGJO[XF=@NR@UJO[GUcGbaF!teI_R@DG?WGReUJAd*BfWG=R@DGF=pHAJG?tebKF[XLFr?B.RPDGFRSdAhGIKJGLV=PWGbKFNAN?YVF
cOUNIQC² hG=@?L=@UY*YVF=@N´5IaJ5RPWOI_R@Ia?Jy?B;RSdAhFNeNPDG?WObK[qNPW sCjFn
opDGFk^`=@NR!JG?JXv"RP=@Ia\AIQUbFlGUY*hGbKFkIKJ}hG=@F[XIQCURPFba?LIQCIKN!R@DGFkhG=@?h?NPIaRPIK?J]R@DOURUscGIKJOU=Pd
UJ5R@IKNPdAYVY*FRP=@IKC=@FbQURPIK?JyIQNpIa=@=PF OFjlXIK\Fn
.FjR cFUVNPFjRrUJO[wbaF
R c`FUVcGIKJOU=Pds=@FbQUR@Ia?Jw?J ~nO¾AWGhGh?NPF
!
.
£¥ . (&0/ .
2 & opDGFJ ¥ . ;n
FstpUJ5RR@?]Bf?=@YZUbKIagFR@DGIQNn;zJRPDGFZRSdAhFZRPDOF?=@d}txFZDOU#\F*RStu? ¯T »gWc[YWz[ iUJ`[
n#opDGFTIQ[XF U1IQN%RPD`URUpRPF=PY ¨?BXRSdAh
F ji JG?REURPIK?J ~ ji IQNU1RSdAh`FTRPDOUR;=@FhG=@FNPFJ5R@N
U uº S®*ª T ?B`RPDGFebK?LIKCnAmzJbK?LIKCu?JOFpUbKNP?,NhFUHAN4?B [YSz V\[ ?= SWONSR [YWYV[ n | R@F=@Y * i
IQN4U1RSdAh`FuRPDOUR=PFhG=PF NFJ5R@NU S@Z Sg[ V ST ?BORPDGFxba?LIQCiRPDGFxIQ[XFU!c`FIaJOLrR@DOUR *
IKN;IK[GFJ5RPIa^OF[
teIaRPDyRPDGF,RSdAhF?B4I_RENehG=@?5?BmNnO¾X
? * IQNehG=@?\UcGbKFI_B{tuFCUJy^OJO[qURPF=PY ,] *n
xUNF [?JkR@DGIKN{IQ[XF UGiU!hG=PF [XIQCUR@Fu?J ¬S! P;IKN{=@FhG=@FNPFJ5R@F[cAdU!RPF=PY
¡ n
opDGIQN1CUJwcFWGJO[GF=ENSR@?5?X[yUNxBf?babK?t1Nn
'
"
9
S xN@URPIQN^OFNxR@DGFhG=@F[XIQCURPF
9 9
IaµRPDOF,RSd5hF
89
"
IKNpIKJGDOUcGI_R@F[%i
I"n FnuR@DGF=@F}IQNqUhG=@?A?Bv"RPF=PY ?BRSdAhF " n1¾A?~RPDGFC?bKbaF CRPIK?J?BhG=@F[XIQCURPF NM?\F=
IKN
=@FhG=@FNPFJ5RPF []UN ¡ # UJO[}NIKY*IabQU=@badiOR@DGF*Cj?bKbKFCR@Ia?J?B>cOIaJOU=Pdq=@FbQUR@Ia?JON1?\F=
IKN
=@FhG=@FNPFJ5RPF [MUN ¡ ¡ # n
¶ JGF>?BAR@DGFTcOUNIQC?h`F=@URPIK?JON%?BGYZURPDOFYZUR@IKCNTfF\FJ,RPDG?WGLDIaR;IQN.JG?RBf?=PYZUbKbKd1RP=@FURPF [
IKJba?LIQ%C $,IQN Gº W T T#' n{opDGIKNIQNBf?=PYZUbKbKdCUhXR@WG=PF [IaJRSd5hFsR@DGF?=Pd\AIKU}UHAIaJ`[?B,² baFR´
Cj?JONRP=@WOCR@Ia?J.n .FR1WONpLIK\FNP?Y*F[XFj^OJOI_R@Ia?JONn
& %'
() +* -,-.
123 4
§
§
§
° ~ . ¡ ¡ j£
° ~ . °VK & %' . ;£/ K. 0 G
° ~ . °VK & %' . ; .Q5
? @ .
0
£
opDGF NFr[GFj^OJGIaRPIK?J`NuU=PF ± S®*ª ST[zV"¯O V SUTZ[ IaJ*RSdAhF1RPDOF?=@dVteI_R@DMUCj?Y*hGWXR@URPIK?JOUbOcFjv
DOU#\AIK?= iN?vCUbKbaF [ v"=@F[GWOCR@Ia?J.icAdVteDGIQCEDM[XFj^`JGI_R@Ia?JONxU=@FrWGJXBf?bK[GF[%n & %'R@UHF NTU[X?YZUIKJ
ÀGÄ.
À;Ï{
UJO[w=PFRPWG=@JONxR@DGF[X?YZUIaJy?B{cGIKJOU=@ds=@FbQURPIK?J`Nu?J
& '
¡
9 ° . ¡ ¡
¡ ¡ # .
¾A? cAd ?JGF [XFj^OJOI_R@Ia?J WGJGBf?bQ[XIaJOL UJO[ ?JOF %vNRPFh tuF^OJO[ RPDOUR & %' §
¡ ¡ # n¾AIaY*IKbKU=PbKdiABf?= pUJO[D:³¡ ¡ # i
() +* -,-.G : §
£ .Q: G P: 0 £
123 4 : §
.Q: ? .
opDGFpRSdAhFe?B () +* -,-.IKN#3! .Q
¡ ¡ PP¡ # iR@DGFpRSdAh`Fe?B?h`F=@URP?=EN;RPDOURi
LIK\FJ¬UNFR" UJO[
UcGIaJ`U=@d=PFbKURPIK?J?\F=RPDGIQNB
i{=PFRPWG=@J¬UhG=@?h?NPI_R@Ia?J.n1F=PFytuF
¡
#
FJ`Cj?WOJR@F=1U Gº WZ WTuº WYTZV²V9¼@Z W iGI9n Fn`UVRSd5hF?B4BfWGJOCjRPIK?JON!teDGF=PFR@DGF=@UJGLFvNPFjRe[XFh`FJO[GN
?JwRPDOFIaJGhOWXRr\UbKWGFnO¾XFF,RPDOFhG=PF\AIa?WONe¾AFCjRPIK?JyBf?=1U*NPFjRv"RPDOF?=@FjR@IKCWGJ`[XF=ENSREUJO[GIaJGL`n
opDGFrBf?=@YkWGbQU /£ .K G
IQN>R@=@UJONbQUR@F[sUN>R@DGF![GFhFJO[XFJ5RuBfWGJ`CRPIK?J
RSdAh`F
;/£ .Q X@¡ P P¡
.
mO?=;JG?titxFR@UHF R@?1c`FxN?Y*F^GlXF[Cba?5NF [!RPF=@Y ?BARSdAh`F # n/
IK\FJ,R@DGF!mIaJGBf?=@Y*UbQ
FjlXhGbQUJ`URPIK?JV?BRPDOF ev"RSdAh`FeLIa\FJ*c`FBf?=@FitxFp?cONPF=@\FxR@DGFpBf?bKba?teIKJGL,RStx?,=PWGbKFNBf?={RPF=PYVv
Cj?JONRP=@WOCR@Ia?Jw=@FbQUR@F[MRP?VRPDGF[GFhFJO[XFJ5ReBfWGJOCR@Ia?JONpRSdAhFn
zB ¦ * . ¨UJO
[ *kiXRPDGFJ i ©teIaRPD NWOcONSR@I_R@WXRPF [yBf?= n
zB ³WOJO[XF=uRPDOFUNPNPWGY*hXRPIK?J ]
*¦mteDGF=@F yYZU#d*h`?5NPNPIacObad*?XCCWG=uIKJ ?= Vi
RPDGFJ}° ; * . * .
.FR´ NpJG?tR@=Pd*R@?VhO=P?\F1RPD`UR1UJ5RPIavNdAY*Y*FjRP=@dZIKYVhObaIKFNpIK=P=@F `FjlXIa\AIaRSdVBf?=pcGIKJOU=@dZ=PFbKURPIK?JON
VnO¾A?OiOtuFRP=@dZR@?*^OJO[qUVhG=P?A?Bv9R@F=@Y½?B;RSd5hF
2 : : 0 3! : : 0 3
73 7 73 3! . 3
FCjbQUIKY¨RPDOUReRPDGF,R@F=@Y
° .°VQ
& %'
Q & '
() +* -,-. . ° K () +* -,-.G
P¡
.°
1 0 4
6
.
. °?
A5 . ??
IQNeUR@F=@Y¨?BR@DGIQNxRSd5hFn F,DOU#\F!FJOC?WGJ5R@F=@F[MU*orx<rR@DGF,\F=PIa^`CURPIK?Js?B;?WG=eCjbQUIKY¨IKN
hF=PBf?=@YVF [scAd*RPDOF!RSdAhFjvCEDGFCEHAIKJGLUbaL?=@I_R@DGYqn ]?NRuRSdAhFjvCEDGFCEHAIKJGLUbaL?=@I_R@DGYZNTtx?=@HsUN
Bf?bKbK?t1N
n.4Ia=ENSRrNP?bK\F!RPDOFo1¾X<
9Cj?YVhOWXRPFURSdAh`
F ³?B4RPDOF,RPF=@Y
° ~ . ° VK & %' .
° .Q () +* -,-.
.° ; . ° AK0 . i
Gn.opDGFJ]C?Y*hOU=@FRPDGFC?Y*hGWXR@F[MRSdAh`FteIaRPDyRPDOFLIK\FJwRSdAh`F
mCEDGF CEHsIa
B § ~ . Q & ' j () +* -,-.
P¡ 1 0 4
jn
¾A?Uorx<©IQNZN?ba\F[¬c5d
N?ba\AIKJGLUo1¾X<¨UJO[«CEDGF CEHAIaJGLUJ«F W`UbKI_RSdn> 1?R@FqRPDOURsRPDOIKN
Y*FjR@DG?X[IQN,?JObad}C?Y*hGbKFjR@FZI_BxRSdAh`F NU=@F ¯ T Z¯ Ws¯ VXSµW ¯Oª V9¼ ;I_B DOUNRSdAh`F *¨UJ`[
RSdAh`F siR@DGFJ *¦§ MnO?=!RPDGFZUbaL?=@I_R@DGY RP?wRPF=@Y*IaJ`URPFtuFVYkW`NSRUN@NWO=PFkRPDOUR,o1¾X<
UJ`[MF W`UbKI_RSdMCEDOFCEHAIaJOL*U=PF,[XF CjIQ[GUcGbKFn
G?=e?WG=eFjlGUYVhObaF,txF,NP?bK\FR@DGFo1¾X<«NSR@FhqcAdMNRPFhXRPDGF=PFU=PFRStx?VYZUIaJqNSR@FhON
B
3!
3
G
?
G
!"# $%
n.G?=1U*°GvUcONRP=EUCjRPIK?Jy° .
iXtxF!^`=@NR1Cj?Y*hGWGRPF,RPDOF,RSd5hF,?B iXWGJO[XF=pRPDGFFlARP=EU
D
-
Cj?JO[XIaRPIK?J¬RPDOUR DOUNRSdAh`F ~n¾GU#dtuFy^OJ`[
UNkRSdAhFyBf?= n>opDGFJ° . P= F CjFIa\FNxRPDOF,RSd5hF ; . Mn
Gn.G?=pUJwUhGhGbKIKCURPIK?J iAtuF!^O=ENSReCj?YVhOWXRPFRPDOFrRSdAhF!?B nG¾XU#d*txFr^OJ`[ * UNuRSdAh`F
Bf?= nopDGFJktxFxC?Y*hGWXR@FTR@DGFxRSd5hFx?B *iN@U#dVn r?ttuFpCEDGF CEHteDOFjRPDOF==@F[XW`CjFN
RP?yU*RPF=PY ?BR@DGFBf?=PY
; 2. Mn`zBxN?`iOtxFkCEDGFCEHyIa
B § VnzBRPDGIQNrIQNrRPDGFVCUNPFi
=PF CjFIK\F NuRPDGF,RSdAhF
n
zBUVCEDOFCEHZBmUIabQNiXtxF=@FjRPWO=PJ² BmUbKNPF´KiXY*FUJGIaJOLR@DOUReR@DGF,RPF=PY DOUNpJO?RSdAhFn
G?=T?WG=TFlXUY*hGbaF1RPF=@Y½° ~ . ° VK & %' .
° .Q () +* -,-.
.° ; .° AQ0 . Ai
txF,C?Y*hGWXR@F,RPDGF,RSdAhF
3! 3! G
?
3 . 3VK & %' . 3 K () +* ,!. , . 3 . 3
AQ5 . £
teIaRPD
RPDGF!RSdAh`F,?B ??
k
WGJO[XF=TR@DGFCj?J`[XI_R@Ia?JON6 jiVK & ' i .Q () +* -,-.G i
UJO[ AK0? jn 1?ti 4 () +* -,-. jiteDOIKCEDNDO?WGbQ[cFZUhGhGbKIKF[}RP? i%?BTRSdAh`F
n Fk=@F[GWOCjFs () +* -,-.G pWGJ5R@Iab;tuF?cXR@UIaJG3 £/ .Q5 GP¡0@ P¡ n¾A?Oi =@FCjFIa\FN!RPDOF*RSd5hF 3 .Q5 GP¡0@
P¡ n;opDGFVRPF=@Y DOUNU13 v9RSdAhFZteI_R@DRPDGF
=@IaLDR1[X?YZUIKJ
iONP?*I_RrCUJyc`FUhGhGbKIaF [sR@? iG?cXR@UIaJOIaJGL
`5 P¡ 0? @¡ .
opDGIQN1UL5UIKJwCUJyc`FUhGhGbKIaF [MR@? w
fRSteIKCF iO?cXREUIKJGIaJOL V
iGN?Zo1¾X<
^`JO[GNeUNxRSdAhF
3! . 3 Q & ' . 3 .Q () +* -,-. . 3!; . 3A
K0? . .
FrFUNIKbKdk\F=PIaBfdRPDOUR>RPDGIQNTRSd5hF1IQN3/ vCj?JA\F=PRPIKcGbKFeteI_R@DZRPDOF![XF NIK=PF [VRSdAh`FrUJO[ZCj?JOCjbKWO[XF
RPD`UR1IKJO[XFF [
.° Q () +* -,!.G , . ° .° A0? .
3!~ . 3 VK & ' j () +* -,-.G P¡ 1 0 4 .
~UJO[ ©
3 ?BR@FJteIKbabTc`FsW`NF [UNNdAJG?JAd5Y*?WONi.UJO[NIKY*IabQU=@bKd%
° . °VK
FsWGJO[XF=@NR@UJO[}RPDOUR
& '
UJ`[q¡ n
G=@?Y R@DGIKNkFjlGUY*hGbKFi%?JGFsCUJLFjRkUy=@?WGLDIQ[XFUq?BxDO?t RSdAh`FsNPdAJ5RPDGF NIQN,tu?=PHXNRPDGF
NRP=@WOCR@WG=PFr?BRPDGF1RPF=@Y©[XIKCjR@URPFN>RPDGF1Bf?=@Y¦?BR@DGF1RSdAhFeRPD`URTIQNTNPdAJR@DGFNPIKgF[.nG?=RPDOF1RSdAh`F
NPd5J5R@DGFNPIKNkUbKL?=@IaRPDGY RP?]R@F=@YVIKJOURPFstxFsJGFF[RPDOFMCj?J5\F=PRPIKcGIKbaIaRSd§ VR@?cFM[XFCIK[OUcGbKFn
opDGIQNIQNWONPWOUbKbadkFNR@UcObaIQNDOF[VcAdhG=@?\5IKJGLRPD`U3
R / v=PF [XWOCjRPIK?JVIKN> r?=@YZUbKIagIaJGLZmF\F=PdRPF=@Y
/ v=PF [XWOCFNrRP?qUsJG?=PYZUb;Bf?=@YsrUJO[u?J OWGFJRZfIaB v"=@F[XW`CjFNrRP?yc?RPD UJ`[
Ruc?RPD UJO[ / v=PF [XWOCFeRP? n5opDGFJZR@DGFr5WGF NSR@Ia?J
i§RPDG FJZ RPDGZF=PCFrUIKJ]NucU Fk[XNF W`CjIQCE[XD*FRP[DOc5Udy
=@F[XWOCIaJOLZc`?RPD UJO
[ R@?sJG?=PYZUb.Bf?=@Y UJO[]Cj?Yv
hOU=PIKJGL*RPDOFNPF,RPF=@YZN1bKFjlXIQCUbKbKdnGzR!NPDG?WGbK[qcFh?IKJ5RPF[q?WXR1DGF=PFR@DOURCj?Y*hOU=PIKJGL*JG?=PYZUb
Bf?=@YZN*IKN*?BRPFJ«U\F=@dIaJGF sCjIKFJ5RshG=@?ACF[XWO=PFwBf?=sCEDGF CEHAIaJGLC?JA\F=R@IacGIKbKI_RSdn{opDOF=@FjBf?=@Fi
RPDOF!Cj?JA\F=PRPIKcGIKbaIaRSd*CEDGFCEHAIKJGLkUbKL?=PIaRPDOY¦teIKbab=@F[XWOCFr?JGbadVIaBJGFCFN@NPU=PdnOmopDOF=@FrIQNuUbatpU#dXN
U
² tu?=@NR*CUNPF´>teDOF=@FytxF]=@FUbKbKdDOU#\FyRP?L?UbKbeRPDGF]tpU#dR@?RPDGF]JG?=PYZUbpBf?=@Y*NnVzJ
hOU=R@IKCWGbKU=iR@DGIKNYVF UJON!R@DOURk[XF^OJGIaRPIK?JONU=PF*WGJGBf?bQ[XF[UN,bKI_RPRPbKFsUN,h?N@NIKcGbKF.Ub_R@DG?WGLD
RPDOF=@FUb%Cj?Y*hGbKFjlXIaRSdZ?B{§ IQNxIaJwRPDG+
F %v=@F[XWOCjRPIK?JONi5RPDGF[GFj^OJGIaRPIK?J`Nr² DGIQ[XF´XY*?5NSRe?BRPDGF
9
>:
9
9
B:
89
ÀGÄ.
À;Ï{
%v=PF [XFjlXF NnopDOIKNCUJcFwNPFFJBf=P?Y
R@DGFsBmUCRR@DOURVhG=P?A?Bv9R@F=@Y*NkU=@FsUbKYV?5NSRkUbatpU#dXNIKJ
m cGWXReCjF=REUIKJGbad*JG?RuIKJ vJG?=@YZUbGBf?=PYsjnA¾AFF, ¶ $%UJO[Z\UJMxFJXv
RPDOFYWGRRPIKJGL`iC,IaJGJ`UsUJO[]<{?babQUCEH %Bf?=!YV?=PFIKJXBf?=PYZUR@Ia?Jq?JqRSdAh`FvCEDOFCEHAIaJOL
UJ`[sCEDGFCEHAIKJGLkC?JA\F=R@IacGIKbKI_RSdVIaJy[XFhFJ`[XFJ5RxRSd5hF1R@DGF?=PIKFNn5zJw¾AFCjRPIK?JOn tuF[XIQNPCWONPNuIKJ
[XFR@UIKbURSdAh`FvCEDOFCEHAIaJOLVUbaL?=@I_R@DGY©Bf?=1?JGFNhFCI_^CrRSdAhFNdXNRPFYyn
%vJG?=@YZUbOBf?=@Y
!#" " 0
TZVwW®AW S
S '
@ª±EPª®AW SP¸U[
DOUR>DOUN4cFFJZ[XF NPC=PIKcF[IaJVRPDOFehG=PF\AIa?WON;RStu?¾AFCjRPIK?JON>IKNNP?Y*FjR@IaY*F NCUbKbKF[kRPDGF º W@YV
FJ`Cj?X[XIKJGL*?B{ba?LIQC!IKJyRSdAh`FRPDOF?=@dnGopDOFba?LIQCUb%C?JONRP=@WOCR@Ia?JONmC?JGJOFCR@Ia\FNEuFUCEDyDOU#\F
UCj?WGJ5RPF=PhOU=R>IKJVRPDGFrRSdAh`FpR@DGF?=PdiO ®r EUª V SUT iBf?=TFlXUY*hGbaFiIQNY*Ia=@=P?=PF [Vc5dkRPDGF ªÒ S V"¼@ W IKJsRSdAhFrR@DGF?=Pdn ]?=@F?\F= iRPDGFFbKIKYVIKJOURPIK?JwUJO[sIKJ5RP=@?X[XWOCR@Ia?JM=@WGbKFNuBf?=pUC?JGJOFCv
RPIK\F*UbQNP?MDOU#\FRPDOFIK=,C?WGJ5R@F=@hOU=PR!IKJ}RSdAhFkR@DGF?=Pd"°XvUcONRP=EUCjRPIK?JYVIK=@=P?=@NrIaY*hGbKIKCUR@Ia?J
IKJR@=P?X[XW`CRPIK?JUJO[UhGhGbKIKCURPIK?JY*IK=P=@?=ENIKY*hGbaIQCURPIK?JFbaIKY*IaJ`URPIK?Jn4zJRPDGFw=PF NSR?BeRPDOIKN
hOUh`F=TtxF1=PF NSR@=PIQCRu?WG=ENFba\FN4R@?RPDOIKNu[XIa=@FCjRuFJOCj?X[XIKJGLOn5opDGF=@F1IQNiDG?txF\F=iUkNF Cj?J`[*txU#d
?B.IKJ5RPF=PhG=@FjR@IaJOLba?LIQC1IKJZRSdAh`F!RPDOF?=@diteDGIQCEDsIKNxCUbabKF[ZRPDGF S ' Eª±E@ª® W SPg¸ [ FJOC?A[GIaJGL
?=*UbQNP?RPDOF [P·Oª S FJ`Cj?X[XIKJGLOn | NR@DGFwJ`UY*FyUba=@FU[XdIaJ`[XIKCUR@FNi;R@DGFwRSd5hFyRPDGF?=@dIKN
® W SP¸ i%U*Y*FjR@UMNdXNRPFY Bf?=rFJOC?A[GIaJGLZ?JGFNr?teJqba?LIQCnOopDGF
RPDOFJ]WONPF[]UN1U S ' Eª5±EPªA
FJ`Cj?X[XIKJGLZ?B{U*ba?LIQ
C
IQN1[X?JGFcAdMCEDG?A?NPIaJOL*UJyUhGhG=@?hG=@IQURPF,Cj?J5RPFjlAR ( iGIaJqteDGIQCEDwRPDGF
bQUJGLWOULFZ?
B ½mIaJOCbaW`[XIaJOL}R@DGFwC?JGJGF CR@Ia\FNEUJO[R@DGFyhG=P?A?Bp=@WGbKFNU=@FM[XFCbKU=PF [%n;opDOIKN
Cj?J5RPFjlAR,IKNWONPWOUbabKdCUbabKF[U [ 'uTUª V"¯XÒ W nzJ}R@DGFZ[XIa=@FCjRFJOCj?X[XIKJGL`iUyCj?J5RPFjlAR,IKNWONPF[Bf?=
[XF CjbQU=@IaJGLM\#U=PIQUcObaF NfFn L`n[XF CjbQU=@IaJOLZRPDOURrR@DGF\U=PIQUcGbKF IKN!?BT[X?YZUIKJ *!r?=1Bf?=!YZUHv
IKJGLMUN@NPWGY*hXRPIK?JONfcAd][XFCbKU=PIKJG
L y xiOBf?
= «UZhG=@?h?NPI_R@Ia?J.iOtxF Uª [[¯X® W {jn`zJ}ba?LIQCUb
Bf=EUY*Ftx?=@HXNiRPDGFCj?J5RPFjlARxIKNxWONPF[wUbQN?kRP?y² [GFCjbQU=@F´RPDOF!bK?LIKC!I_RENFb_BSn ¶ JGF?BRPDGF,=@FUNP?J`N
RPD`URZfF\FJ=EUR@DGF=NIKY*hGbKF pRSdAhFVNPdXNSR@FYZN1hO=P?\AIQ[XFUZ\F=@dwh?txF=PBfWGb;bK?LIKCUbBf=@UYVFtu?=PH
IQN{RPDOUR>RSdAh`F1RPDGF?=@dkIQN\F=PdkUCCWG=@URPFpIKJs[XFUbaIKJGLteIaRPDZ\U=@IKUcGbKFNefcOIaJO[GIaJGL`iNPWGcONRPIaRPWXR@Ia?J.i
vC?JA\F=@NPIa?J`n1FJOCjFiteDOFJ}FJOCj?X[XIKJGLqUsbK?LIKCiUbab{IQNPNPWGFN[XF UbKIaJGLwteI_R@D\U=PIQUcGbKFN!CUJ
cFbKFjBReR@?kR@DGFRSdAh`FRPDOF?=@d5RPDGF,bK?LIQCUbBf=@UYVFtu?=PH*IQNxWONF [wUNuRPDGF,WGJO[GF=@badAIKJGLVCUbQCjWGbKWON
Bf?=eNPWGcONRPIaRPWXR@Ia?J]UJO[McGIaJ`[XIaJOLOnG1?tRPDGIQNptx?=@HANuhG=@FCIKNPFbKdZIKNpIKbKbaWONRP=EUR@F[Mc5dsRPDG=@FF,NYZUbab
FjlGUYVhObaF NnO?=BfWO=R@DGF=x[XFjREUIKbKNT?J*ba?LIQCUbXBf=@UY*Ftx?=@HAN{txFe=@FjBfF=>RP?VuDOUhXRPF
= !z?BRPDOIKN
\?baWOYVF!?=xRP?*rU=PhF= iA1?J`NFbab%UJ`[M<>bK?R@HAIaJ $% ?=x[XF,x=PWOI SJ & "n5zReNDG?WGbQ[MUbQNP?
cF=@FYZU=PHF[ZDGF=PFR@DOUR iXF\FJsR@DG?WGLDwtxF,[X?*JG?RpRP=@FURuR@DGFRPF CEDGJGIQCUb.[GFjR@UIabQNx?B4ba?LIQCUb
Bf=EUY*Ftx?=@HXNuc`UNPF[y?JyRSdAh`FRPDGF?=@dwUJ`[MR@DGFFJOCj?X[XIKJGLZ?B{bK?LIQCNpIKJqRPDOFYqiOYWOCEDq?B?WG=
[XIQNPCWON@NIK?JONUbKNP?UhGhObadkRP?,RPDOFNPFpRSd5hF1NPdANRPFYZNiJO?R@UcGbKdRPDOFeIKN@NWOFe?BRSd5hF1CEDGF CEH5IKJGL`n F
JG?t =PF CUhOI_R@WGbKURPFRPDOFY*UIaJq[XIaµF=PFJOCjF NecFjRStxFFJwRPDOF,RStu?*FJ`Cj?X[XIKJGLNn
rIK=PF CR1FJOCj?X[XIKJGL
¾ADOUbabK?tFJOCj?X[XIKJGL
¶ JGFRSd5hFNPdANRPFY ¶ JGF,bK?LIKC
¶ JGFRSdAh`FNPdXNSR@FY UJAdsbK?LIKCN
.?LIKCUb=@WGbaF N RSdAhF,RPDGF?=@FjRPIQC=PWObaF N .?LIQCUb=@WGbKF
N u?J5RPFlARe[GFCjbQU=EUR@Ia?JON
opDGF1FJ`Cj?X[XIKJGL?B%bK?LIQCN{IKJsU,bK?LIQCUbXBf=EUY*Ftx?=@HcOUNPF[*?JVRSd5hFeR@DGF?=PdteIabKbOcFrNPDG?teJ
cAdsLIK\AIaJOLR@DG=@FF,FjlGUY*hGbKFN
n.opDGF
v9Bf=EULY*FJ5Ru?B4Y*IKJGIaYZUb.hG=@?h?NPI_R@Ia?JOUbbK?LIQCi
Gn.opDGF £ v9Bf=EULYVFJ5RT?B{Y*IaJGIKYZUb.hO=PF [XIKCUR@FbK?LIKCi
B<7 A
B<7 $,A
!"# $%
On.opDGFWGJ5RSdAh`F
&
[]°XvCUbKCWGbaW`Nn
] T ®ZªGÒ SE SU[ V SUTª4 S '
o DGFBf?=@YkWGbQUNU=@FVcGWGIKb_RWGh}Bf=P?Y URP?Y*IKC?JGF NWONIKJGLyIaY*hGbKIQCUR@Ia?J¬ r!UNr?JGbKd]ba?LIQCUb
p
?hF=EUR@?= nzJZ?=E[XF={R@?,RP=EUJONPbQURPFehO=P?h`?5NIaRPIK?JONUN{RSdAh`F Ni?JGFeh?NRPWObKURPFNRPDGF²NPIaLJOUR@WG=PF´a
Xn
Xn
%#
*2. %
¡
%#
¡
%#
1?t [XFj^`JGF,RPDGFFJOCj?X[XIKJGL*?B{hG=@?h?NPI_R@Ia?JON UNxBf?bKba?t1Nn
*- .§
! .
* §
*2. * * UJO[ *
*
§
C UJkcFeNFFJUN.R@DGFxRSdAh`Fx?B.² JOUYVF N´#?BOhG=@?h?NPI_R@Ia?JON
UkRPF=@Y½?BRSdAh`F %# IQNpJG?R1UhG=@?h?NPI_R@Ia?JMIaR@NPFbaBSiXc`F CUW`NF,IaReCUJwJG?RecFIKJGDOUcGIaRPF[fI"n Fn
hG=@?\F [OiUN4IaRIKN4JG?RUrRSdAh`FnzJ?=@[GF=4RP?,NSREUR@FuR@DOURFn L`n *
* GIQN{\#UbaIQ[%i?JGFuIKJ5RP?X[XWOCFN
RPDOF,Bf?bKba?teIKJGL*YZUh.
opDGFJ
*2. *
?JGF DOUN
Bf?=«FjlGUY*hGbKF
*2. * fnopDGFxRSdAhF
*
*2. *
%#
'
%# ¡ .
Xn
opDGFVIaJ5R@FJO[XF [}Y*F UJGIKJGLy?B ,}IQNk² RPDOF*C?bKbaF CR@Ia?J~RSdAhF !?BxhG=P?A?BmNr?B/,´Ki%N? YZUh`NU
² JOUY*F´5?B.UhO=P?h`?5NIaRPIK?J*R@?RPDGFrRSdAh`F!?B.IaR@N>hO=P?A?BmNnopDOF=@FjBf?=@F1IaRuIQN>JOURPWG=EUbORP?IKJ5RPF=PhG=@FjR
² ,}IQN1\UbKIK[.´`cAd² ,IKN!IKJGDOUcOI_R@F[%´Kn`zJ}?=E[XF=eR@?wNPDG?t JG?t RPDOURrR@UWXRP?ba?LIKFNebKIKH1
F *
*
U=@F,\UbKIK[wIaJyR@DGIKNrNFJONFZ9UBRPF=eRP=EUJ`NbQUR@Ia?J`iA?JOFh`?5NSR@WGbKURPF N
3,£E
%# .Q ,%¡ P¡ 3*2. , £
Xn 5
*2. %' 3,£E
%# . 3*2. , P¡ ,¡ .
Xn
opDGFJyIKJO[XFF[wRPDOF,RP=EUJONPbKURPIK?Jw?B{Fn LOn *' *iGteDGIQCEDyIKN *2. * * "iOc`F Cj?Y*F Np\#UbaIQ[%
*2. * ) * * 9°
* . x 3*2. * * j£
NPIaJOCF}CjbKFU=PbKd "° ; * .
* f¡ * fne¾AIKYVIKbQU=@bad
?JGFCUJ C?JONRP=@WOCRwhG=P?A?BmN*Bf?=
?R@DGF=,REUWXR@?bK?LIaF NVmFn LOnT * * C
* M n.zJBmUCjR,?JGFsCUJNPDG?t¦c5dUJFUNd
*2. * )
IKJO[XWOCjRPIK?Jq?Jq[XF=@IK\#URPIK?JONpIKJyRPDGFbK?LIKC ¬
RPD`UR
* 54£ % £ . . .£ % ,] *
1F=PF8< . . .£ A]IQNVRPDGFNPFjRs?B!cOUNIQCyhG=P?h`?5NIaRPIK?J
NdAYc`?bKN*IKJ
£pBf?=1NP?Y*F
)5
, .
* UJO[ «IQNVRPDGF
?B;?WG=xY*IaJGIKYZUb%hG=@?h?NPIaRPIK?JOUbObK?LIQC iAI"n Fn5RPDGF,NFRx?B;[XF CjbQU=EURPIK?J`Nr v
n
<>=@?hF=PRSd 5rIQNCUbabKF[ ªGº W ¯Oª¼ ?=,NP?WOJO[XJGF NPN?BuRPDGF*FJOCj?X[XIKJGLOn.opDOF*C?JA\F=@NPFk?BTIaRi
±jª Vf·±E¯X·TIW[[ f?=1Cj?YVhObaFRPFJOFN@N@jiXIKN1UbKNP?V\#UbaIQ[%iGcOWXR1Y*?=@FIKJA\?ba\F[ZR@?ZhG=@?\Fn
[ 'TªUV"¯XÒW
ÀGÄ.
À;Ï{
] T
®ZªGÒWEº EªVXWS '
£ v9Bf=EULY*FJ5Rx?Brf?JGFjvN?=R@F[OxhO=PF [XIKCUR@Fba?LIQCn¾AWGhGh?NPFktxFDOU#\F
U*bK?LIQCUb.NIKLJ`URPWO=PFteIaRPD]?JGFCj?JONSREUJ5RiO?JGFWGJ`U=@dsBfWGJOCjRPIK?JUJO[q?JGFcOIaJOU=Pdw=PFbKURPIK?J.n
opDGIQN1UY*?WGJ5R@NuRP?*R@DGF,Bf?bKba?teIKJGLq^O=ENR1hOU=PRe?B4RPDGF#uRSd5hF,RPDOF?=@FjR@IKC,NPIaLJOUR@WG=@Fn
<@ ,A
FCj?JONPIK[XF=1R@DGF
%#
X£
(
X£
(
(
¡
(
&
(
¡
(
*2.
*2. * )
*2. %'
Xn
Xn
Xn
Xn
Xn $&5
Xn #
Xn
Xn 5
£
£
¡
¡
,£
,£
%#
3 E
3 E
£
%
¡
£
%#
%# .Q ,%¡
P¡ 3*2. , £
%# . 3 *2. ,
P¡
,¡ .
opDGIQNuC?\F=@N4R@DGFrbQUJGLWOULF1UJO[ZRPDGF!IaY*hGbKIKCUR@Ia?JOUb`hOU=PR!mC?hGIKF[ZBf=P?Y³R@DGFrbK?LIKC1< ¶ <un
1?t ?JGFDOUNxRP?*FJOC?X[XF {iXteDGIQCEDwIQNe[X?JOF!cAds?cONF=P\AIKJGLR@DOUR qR@UHF NxUBfWGJ`CRPIK?JwBf=@?Y
( RP? i x ( ¡ %# P¡ % n4opDGFsIKJR@=P?X[XW`CRPIK?JUJO[FbKIaY*IKJOUR@Ia?J=PWObaF N,Bf?= ¬U=@F
RPDOFJq=PFYZU=@H#UcGbKdsNSR@=@UIaLDRPBf?=@txU=@[.n
!
' '
' ' * )
' ' %' *2.
( ¡ %# P¡ %# £
* ( ¡ %# Q. ( . @¡ ' ' £
* ( ¡ %# . ' ' @¡ ( . .
39
3 9
3
9
9 3
9
9
Xn A
Xn
Xn 5
1?ttxFRP=EUJONPbQURPF,WGJOIa\F=ENPUb5WOUJ5RPIa^`CURPIK?JqUNxBf?bKbK?t1Nn
; *
.
9 %§
' '"°
; * . 9 f .
opDGFhG=@?A?B4?B4UJqIaY*hGbKIKCUR@Ia?JwbKIaHF
O *k £ * . G IQNpJG?tY*IK=P=@?=@F[Mc5dMRPDGFhO=P?A?Bv"RPF=PY
' ' * ) 9° O (
. *2. * ) "° ;£/ *
' ' ' *2.+ 5P£
. %f . ' ' %' *2.+ B3
teDGF=PFtuFD`U#\F=@FhGbQUCF[yBf?==PF U[GUcGIabKIaRSd
MR@DGFVIaJONR@UJ5RPIQURPIK?J`N1?BR@DGF ev"RSd5hFkcAd " n
opDGIQNpRPF=PYIKNe?BRSdAhF
' '_"° ` ( . *2. | LUIaJy?JOF,CUJqhG=@?\F,U[XF 5WOUCd
5
& A .
x£ ( £ . . .£ . ( ,] £xBf?=1NP?Y*F ,£
teDGF=PF
£ . . .j£ ]IKN*R@DGFNPFjRs?BBf=@FFq\U=@IKUcGbaF N*IaJ ¦UJO[ IKNZRPDGFNPIaLJOUR@WG=@F
Cj?JONPIKNRPIKJGL*?B;RPDGF[XF CjbQU=EUR@Ia?JON, 5nGOUI_R@DXBfWGbKJGFN@N1CUJyc`FhG=@?\F [MUNptuFbab"n
8< ' '9° ( .Q ' '_9° ( . & GPj
A
5
!"# $%
TV9¼@Z WEº ° ¹Eªa¯X¯ [
<{F=@DOUhONYV?=PFZWOJGFjlXhFCR@F[IQN,RPDOURWGJ5RSdAh`F
[ °XvCUbKCWGbaW`NCUJcFsY*?X[XFbKF[IKJUq=EUR@DGF=
NPIaY*hGbKFRSdAhFRPDOF?=@d fRPDGFN@UY*F}UNsBf?=y< ( UJ`[< ¶ <ujnuopDGFJOFF[GF[ NPIaLJOUR@WG=@F
pJG?t IKN
5
-!
¡ ¡ j
¡ P¡ .
Xn
Xn 5
Xn $5
X
1?t F\F=Pdy\U=@IKUcGbaF IKJR@DGFZ°XvCUbKCWGbaW`NrIQN=PFhG=PF NFJ5RPF[qcAdqR@DGF\U=PIQUcGbKF
RSdAh`FNPdXNSR@FYqnGopDGF,R@=@UJONbQUR@Ia?JM?B4WGJ5RSdAhF[]°Xv"RPF=PYZNpIQN1[XF^OJGF[qUNxBf?bKba?t1Nn
§
9: §
° . 9 §
IaJRPDGF
;
9 :
9° . 9 f
--
.
F!JG?tDOU#\FeR@?FlXhG=PF NPNTRPD`URpFn LOn%9° /. Z§
iAUJO[ZR@DGFJwtuFDOU#\FeRP?VhG=@?\FeR@DOURpRPDOIKN
F5WOUbaIaRSdsIQNp\UbKIK[%n | NpR@?R@DGFNR@UR@FY*FJ5R1?B;F5WOUbaIaRPIKFNiG?JGF[XFCbKU=PF NxUR@F=@Y
`
)9 ;:
¡ ¡
.
9 :
Xn 5&
opDGF°GvCUbQCjWObaWONsF5WOUR@Ia?J
§
IQNsJG?t RP=EUJONPbQURPF [«UN*R@DGF]RSdAh`F nuopDGF
\UbKIK[GI_RSdZ?B.RPDGIQNxF5WOURPIK?JMIQNxcAds[XFj^OJOI_R@Ia?JMF5WGIK\UbKFJ5RxRP?RPDGFIaJODOUcGIaR@URPIK?Jw?B.R@DGIKNxRSdAhFn
zJq?=E[XF=xR@?VFJONPWG=PFR@DGIKN1tuFJGFF[MRPDGF,Bf?babK?teIKJGLZUlXIa?YZNn
,!.
-)
. #)
3 . ;£
3 £/ . O¡ ;£
3 £/£ O . O¡ X¡ `£
3 £ £ `£ . ?f¡ K¡ -- -- Q£
3 p£* ¡ .K3! . j @¡ j £
3 * ¡ . 3! . -- $j .
4
*
5 £ E
9 : £xBf?=1NP?Y*F ,/.
1F=PFi? £ . . .£ qIKNrRPDGFbaIQNR!?BBf=@FF\U=@IKUcGbaF NeIKJ 9:¨UJ`[ 5 IQN1R@DGFNPIKLJOURPWG=@F,Bf?=
WGJ5RSdAh`F [w°GvCUbQCjWGbKWONi5C?JONPIQNSR@IaJGL?B;[GFCjbQU=EUR@Ia?JONr 5n | LUIaJMRPDGF?hOh`?5NIaRPF!IaY*hGbKIKCUv
§
:
1?t?JGFCUJyhO=P?A?B;RPDGFU[XF5WOUCjd
9
Xn #
Xn
Xn 5
Xn A
Xn
Xn 5
£ . . .£ ,]%
RPIK?JiXBmUIaRPDXBfWObaJGF NPNiOUbKNP?DO?bQ[GNn
opDGFxRPDG=@FFpFjlGUYVhObaF NNDG?tRPDOUR{W`NIKJGLRSdAh`FxRPDOF?=@IKFN{UN{bK?LIKCUb5Bf=@UY*Ftx?=@HIQN OFlAIKcGbKFi
cGWXRrNP?Y*FteDOURxRPIK=PF N?Y*Fn (>\F=@d5RPDGIKJGLVDOUNuRP?*cFNhFbKbKF[y?WXR n ¶ B4C?WG=ENFiAIaJ]U*Cj?JOCj=@FjR@F
IKYVhObaFYVFJ5R@UR@Ia?JR@DGIKNZCUJ¬c`Fy?\F=@C?Y*FscAdDOU#\AIaJOLNP?Y*Fw?B1RPDOFyU=PLWGY*FJ5R@NIaJGBfF=@=PF [
UWGRP?YZURPIQCUbKbKdn. 1?RPFZR@DOURBf?=FUCED}Bf?=PYZUbaIKgURPIK?JRPDGFZBmUI_R@DXBfWGbKJGFN@ND`UN,R@?]c`FZhG=@?\F [
NPFhOU=@URPFbKdn
ÀGÄ.
À;Ï{
!#"" ¯TV
SUTZ[
ª ';S Vf·A® [»gWc[¯[
'PªEG·;[
%
zJ,RSdAh`F{R@DGF?=PdrRPDGF=PFIQN.UxRSdAhF>?B ±E¯ TY V ST[ *,¡ MijBf?
= *UJO[
RSdAhFNn DGIQCED,BfWGJOCjRPIK?JON
RPDOF=@FVU=PFV[XFhFJO[ON,?JR@DGF*[XF=@Ia\URPIK?J}=@WGbKFN!RPD`URRPFbKbWONDG?t R@?yC?JONRP=@WOCjRrBfWGJOCjRPIK?JONn
rNPWOUbabKd}mCF=PR@UIaJGbKdZBf?=pRPDGFNPdXNSR@FYZNpIaJwRPDOIKNeh`UhF=TtxFNFFRPDG=@FF,tpU#dANx?B{C?JONRP=@WOCR@IaJOL
BfWGJOCjRPIK?JONn
| lXIK?YZUR@IKCUbKbadM[GFCjbQU=@F]# *¡ Bf?=1UVJGFt NPd5Yc`?b4n
Ia\FJMRPDOUR ¦IaJyUC?J5RPFl5RpCj?JREUIKJGIKJGL *¦9UJO[MJG??RPDGF=x[GFhFJO[XFJOCjIKFNx?J
IKJMR@DGFCj?JR@FjlAREjiGtxF,C?JONRP=@WOCjRiXWONPIaJOL*RPDGFk°Gv"=@WGbKFi
>
° * . *¡
.
rIQU*hG=@IaY*IaRPIK\F,=PF CjWG=ENPIa?J.ALIK\FJD! ¨UJ`[y} ) @¡%*¡%©txFCUJqCj?JONRP=@WOCR
& %] ) @¡
.
opDGF NFkBfWGJOCR@Ia?JONUbQN? cS®1¯VXW RPDGF=PFVU=@F=PF [XWOCjRPIK?J=@WGbKFNrUNPNP?XCjIQUR@F[yRP?MRPDGFYqi`R@DGF UJ`
[ =PWGbKFN
%
&
9° * . & % &
%0
B
¡
£
#£
! & % .
¡
¡
¾A?`iRPF=PYZNT?BRSdAh`F *,¡ ³[XFJG?RPF ª ';S Vf·A® [ iAteDG?5NFe?h`F=@URPIK?JOUbONPFYZUJ5RPIQCN>IKNTLIK\FJ*cAd
RPDOF1=PF [XWOCjRPIK?J*=PWObaF NnzJVR@DGIKNT\AIaFt¬txF1CUJ*NPFF1U[GFCjbQU=EUR@Ia?J**,¡
UN>UJy² WGJGHAJG?teJ.´
UbKL?=PIaRPDOYyn
| R4R@DGFeNPUY*FTR@IaY*FxRPDGFeNPFjRPv9R@DGF?=PFRPIQCuC?JOCFhXR?BU ±E¯TV SUTqªg[1ª 'Pª@O· IKNUbKNP?hG=PF NFJ5R
IKJ}RSdAhFkR@DGF?=Pdnz
B *¡ V¡ 0 ©IKNUwcGIKJOU=@dq=PFbKURPIK?J?\F= *©UJO[ UJO[}tuF
DOU#\FVUyhG=@?A?Bv"RPF=@Y ?BxRSdAh`F * . $ . i%RPDOFJtuFZCUJ?BpC?WG=ENPF\AIKFt R@DGIQ
N UN
UyBfWGJOCjRPIK?JmL=EUhGDIaJR@DGFMNPFjRv"RPDOF?=@FjR@IKC*tpU#dn. r?R@FiDO?tuF\F= iRPD`URktxFZDOU#\FZJO?]txU#d
?B=PF UbKbadREUbKH5IKJGLUc?WGRR@DGF² !vIaYZULF´4?B,U}LIa\FJ *kic`F CUWONFytxFqCUJ.´ RZLIK\FwI_R
UJ`UY*FmbaIKHFq{ Xjn{zJRPF=PYZNV?BeBf?=PYZUbubK?LIKCiR@DGFw?JGbKdtpU#dRP?WONFyIaRVIQNVWGJO[XF=VUJ
5vFbKIaY*IKJOUR@Ia?J.iGteDGF=PFtxFDOU#\FLIa\FJwRPDGF wU*JOUYVF MbK?XCUbabKd wUJ`[wtxFHAJG?t I_ReR@?Zc`F
WGJGIQ5WGFnG¾A?RPDOFNPFjRPv9R@DGF?=PFRPIQCrCj?JOCjFhXRp?B>² BfWGJOCjRPIK?J.´X[X?AFNPJ.´ RxLIa\FrWONpUJwUbKL?=PIaRPDOY¦R@DOUR
Cj?Y*hGWXRPF Nn.o;?y=PFYVF [XdqRPDOIKNNPIaRPWOURPIK?J}?JGF*CUJU[O[}UqCj?JONSREUJ5R }uDAWG=ECED $%&{WONPFN
RPDO
F 4Bf?=xRPDGIQN *RPDOURpFlARP=EUCRENpUs² teI_R@JGFN@N´Bf=@?Y UkhG=@F[GIKCURPFnAzJ]uDAWG=ECED.´ NTDGIKLDOF=p?=E[XF=
bK?LIQCi`I_B ©IKNUshG=@F[GIKCURPFk?\F= *mI9n Fn ½ *,¡ # IaJRSd5hFjv"RPDOF?=@FjR@IKCUbRPF=@YZN@jiOR@DGFJ
©
* UJO[wRPDGF=PFIQN1UJqUlXIa?Y N@U#d5IKJGL * *¡ # $ ; * . u¡ Z n¾A?OiGIaB{RPDGF=PF
IQNUrWGJOIK5WGFpFbKFY*FJR{Bf?=4teDOIKCED DG?bK[GNi#RPDOF
J [XFJO?RPF N;RPDGIQN{FbKFY*FJ5R i?RPDOF=@teIKNP
F IKN
UJZU=PcGIaRP=EU=@dWGJONPhFCjIa^OF [*FbKFY*FJ5Rn ¶ c5\AIK?WONPbKdi#RPDOFebKURRPF=TUNPhFCR>?B`R@DG
F %IKNJO?RTNP?JGIKCFi
FNPhFCjIQUbKbKdyIKJUMNPdANRPFY teI_R@DIKJO[XW`CRPIK\FRSdAh`F NbaIKHF ) jiteDGF=PFVtuFJG?t teIKbab{FJOCj?WGJ5RPF=
CjbK?NPF[ZRPF=@YZNx?B.RSdAhF ) !fFn L`n &5>RPDOURpU=PF!JG?RpIKJwCj?JONRP=@WOCR@?=uBf?=@Yyi5I"n FnXF5WOUb`RP?
&Bf?=1NP?Y*F,¢¥%z n
zJVC?JONRP=@WOCR@Ia\FxNPdXNSR@FYZNi#RPDGF=PFpIQN4U,[XIaµF=@FJ5RtxU#d,R@??cXR@UIaJ*Uk² teIaRPJGF NPN´#Bf=@?Y³U!hG=@?5?B
?BxUJ}FlXIKNRPFJR@IKUbNSREURPFY*FJ5RIaB ; * . }DG?bQ[GNCj?J`NSR@=PWOCjRPIK\Fbadi`R@DGFJ}RPDGF=PFVIQNU
%
-
2 9
9
B9
9
>29
9
9 9 9
9
!"# $%
BfWGJOCjRPIK?JmUbaL?=@I_R@DGYsTRPDOUReC?Y*hGWXR@FNpR@DGF ZBf=@?Y¨R@DGF n9opDGIQN1Cj?WGbK[yUbKY*?NRec`FR@UHFJ
UNeU*[XF^OJGIaRPIK?Jq?B{teDOURpIaR1Y*FUJONxBf?=1U*bK?LIKCrRP?ZcFCj?JONSR@=PW`CRPIK\Fn
2 zB/,}IQNUsCjbK?NPF[qhG=@?A?Bv"RPF=PY ?BRSdAhF * . iR@DGFJ ,Cj?JREUIKJONrUZRPF=@Y
4 *,¡ ¨UJO[qUVhG=P?A?Bv9R@F=@Y¨?B4RSd5hF ; * . ;" jn
%
1?RPFwRPDOURR@DGIQN*IKN*U ® WYVªw¹ V·ZWSÒWYV hG=@?hF=PRSd?B!C?JONRP=@WOCR@Ia\FwNPdXNSR@FYZN4R@DGF=@FwIQNVJG?R
fJOFCjF NPN@U=@IKbadG4U!BfWGJOCR@Ia?J] T[ ºuW RPDOF1NdXNRPFY³RPDOUR>FjlARP=EUCjR@N4R@DGFr4 *,¡
Bf=@?Y³RPDGFehO=P?A?Bv
RPF=PY ,nzJsN?YVFeNPdXNSR@FYZNiYV?5NSRuJG?REUcGbKdR@DGFrCj?JONRP=@WOCR@Ia\FuRSdAhFeRPDOF?=@IKFN{?BU=R@IaJGv ?" B
}U=PRPIKJXv ?" B $ i; r?=E[GNRP#= ?" Y FjRZUb"
n $%&fiRPDGIQNVhG=@?hF=PRSdDOUNkcFFJ~IKJ5RPF=@JOUbaIQNF [
cAd¬IKJ5RPF=PhG=@FjR@IaJOL~UJFlAIQNRPFJ5R@IKUb1Bf?YWGbQU . ©UNMU Tv"RSdAh`F . xixC?JONPIKNRPIKJGL?B
hOUIa=EN #£ VteI_R@D
UJO[ « nu¾A?Oi{R@DGF?JGbad~txU#dR@?Cj?J`NSR@=PWOCjRMURPF=@Y ?B
RPDOF Tv"RSd5hF . IQNcAdLIK\AIaJOLU y
Bf?=teDGIKCED uDO?bQ[GNn4G=@?Y UqR@F=@Y "
. xi>?JGF]CUJ~FjlAR@=@UCR*RPDGFqRStx?Cj?Y*h?JGFJ5R@N*cAdhG=@? SF CRPIK?J`N
"
UJO
[ "
" n;opDGF NFwU=@FZRPDGF Tv"IKJ5RP=@?A[GWOCR@Ia?JUJO[R@DGF TvFbKIaY*IKJOUR@Ia?J=PWObaF Ni;=PF NhFCjRPIK\FbKdn
opDGIQNIKYVhObaIKFN{R@DOURTBf=P?Y³U,hG=@?5?Bv9R@F=@Y ,] * . ituF1CUJVIaY*Y*F[GIKURPFbKdVFjlARP=EUCjR
RPDOF ±E¯ TY V ST /
*,¡
[XFj^`JGF[cAd° ; * . , UJ`[tuFMCUJhG=@?\F*Bf?=RPDGIQN*R@DOUR
; * . 49 1DG?bQ[GNn;9opDGFkhG=@?A?Bv"RPF=PY IKN° ; * . , nropDOFFjlARP=EUCjRPF [yBfWGJOCR@Ia?J}UbQNP?
DOUNUyhG=P?h`F=kCj?Y*hGWXR@URPIK?JOUbc`FDOU#\AIa?=.U]Cba?5NF [}hO=P?A?Bv"RPF=PY ,« * . DOUN
RPDOF,Bf?=@Y ° ; * . " £ jGR@DGF,BfWGJOCjRPIK?JqFjlARP=EUCjRPF [sBf=@?Y¨R@DGIQN ,qIKNmIaJ`[XFF [Oe° ; * . " n
opDGFqIaJ5RPF=PJ`UbKIKN@UR@Ia?J~?B!RPDGF9Cj?J`NSR@=PWOCjRPIK\F#kFlXIKNRPFJOCjFqhG=@?hF=PRSd\AIKUU Tv9RSdAhFyYZU#d
NPFFY U*JGFURptpU#d*RP?sNP?bK\F!RPDOFhG=P?cGbKFY½?Bu² BfWGJOCjRPIK?JOUb_v=PFbKURPIK?JONvJG?RPv"cFIKJGLv"BfWGJOCjRPIK?JON´Kn
1?txF\F= iF\F=PdU[X\UJ5R@ULFTD`UN{IaR@N[XIQNPU[X\UJ5R@ULFi IKJRPDGIQNCUNFuRPDOUR>tuFxbK?5?5NFuRPDOFeIaY*Y*Fjv
[XIQUR@FrCj?JGJGFCjRPIK?J*cFjRStxFFJVRSdAhFeRPDGF?=@dUJO[Vba?LIQCnopDGFr=PF UNP?JVIKN{R@DOURuteI_R@D*RPDGF Tv"RSdAh`F
º ST] SLS± [ i{UqBfF URPWO=PFsUbaIKFJR@??=E[XIKJOU=@dbK?LIQCn
txFsCUJC?JONRP=@WOCjR S W@Y V\[ V·OUª Vuº W WYT
opDGFVNIKY*hGbaF NSRFjlGUY*hGbKFkIQN!teDGF=@FtxFkDOU#\FUshG=@?A?
B ,}?B ) . *iBf=@?Y teDGIQCED]tuFLFjR
RPDOF?c SF C
R ,] ) jn ¶ =@[XIKJOU=PdZbK?LIKCIQNecGWGIKb_R1WOhyIKJ [zVª 'GW[ iGteDGF=@F
IaJ}RPDGF^O=ENSR,NSREULF?JGFV[XFj^`JGFNteDOURrRPDOFV[X?YZUIKJONrUJO[]R@DGFR@F=@Y*N!?BTRPDGF*[X?YZUIaJON
U=@F
a
I
JR@DGFsNF Cj?JO[NR@ULFV?JGFZ[XF^OJGF N,RPDGF*Bf?=PYWGbQUN*f?=?JGFZNPIaJGLbaF N,?WXR,R@DGF*Bf?=@YkWGbQUN
Bf=P?Y½R@DGFCj?babKFCjRPIK?Jy?BR@F=@YZN@j
IaJyR@DGF,RPDGIK=E[yNR@ULF,?JOF,[GFj^OJGF NpteDOURrUVhG=@?A?B4IKNn
opDGIQN,cGWGIKb_RPv"WOhYZUHFNIaR,IKY*h`?5NPNPIKcGbaFVBf?=?c SFCjR@N!RP?][XFh`FJO[?J}hO=P?A?BmNiBf?=,R@DGFZNIKY*hGbaF
=@FUNP?JRPD`URR@DGFs?c SFCRENtxF=@F*Uba=@FU[Xd]R@DGF=@FscFjBf?=@FZtxFZF\FJRPDG?WGLD5RkUc?WGRkhG=@?5?BmNn
1?RPFZR@DOURVuDAWG=ECED.´UhGhG=@?UCED.i%WONPIaJGLqR@DGF 1?hF=EUR@?= i.Cj?JGBf?=@Y*N,teIaRPDR@DGFMC?JOCFhXR@Ia?J
?B!?=E[XIaJ`U=@dbK?LIKCsRPDOUR*txFyDOU#\
F SW`NSRsNPHFjRECEDGF[.R@DGFq?c SF CR [X?AFN TISV [XFhFJ`[~?J
RPDOFhG=P?A?B4?B $ * . ;iOcGWXR1?JGbKdM?JyR@DGF?c SF CR *nuDG?A?5NIKJGLZUVRSdAh`F,R@DGF?=PdsIKJqteDGIQCED
?c SFCREN![G?wJG?R,[GFhFJO[}?J}hO=P?A?BmN!DOUN!NP?Y*F*CjbKFU=U[X\UJREULFN1IaButxFktpUJ5R!RP?yFjlXhGbQUIKJ
UJ`[kWGJ`[XF=ENSREUJO[R@DGF1NdXNRPFY IaJVR@F=@Y*N{?B?=@[GIaJOU=PdbK?LIKC-n F1C?Y*FecOUCEH,R@?,RPDGIQNbQUR@F=IKJ
Xn Gn51F=PF1txF SWONRu=@FYZU=PHR@DOURxI_BURSd5hFeR@DGF?=PdVIKN>RP?cFrW`NF [ZUNTUcOUNPIKN>Bf?=TURPDGF?=@FY
hG=@?\F=iXU*CjbKFU=pC?JGJOFCR@Ia?JMR@?sN?Y*FtxFbKbav"HAJG?teJyNSREUJO[GU=@[wbK?LIQC!IKN1[GFNPIa=EUcGbKFn
FqCj?JOCjbKWO[XFwRPDOURiIaBrtxFwbK?A?HURVBfWGJOCjRPIK?JON*IKJRSdAhFMR@DGF?=Pdi;R@DGF=@FyIKNVUCbaF U=*[XIQNSv
RPIKJOCjRPIK?JcFjRStxFFJUbKL?=@IaRPDGYZNM" *,¡ VUJ`[L=EUhGDONM5 *,¡ *¡ # NPWOCEDR@DOUR
; * . $ %5 X;DG?bK[ON@j#n (T\FJkIaB`txFxUbabK?tRP?FjlAR@=@UCR4Bf=P?Y UrhG=@?A?BO?B ; * . $ %5 X4UJ
}
*¡ siRPDGF=PFeIQNTNRPIKbabUCjbKFU=>[XIKNRPIKJOCjRPIK?J.RPDGF1hO=P?A?BIQN>JG?RRPDGFrN@UY*F1UN{RPDGF1BfWGJOCR@Ia?J.n
%
D F
5 5 5 5
-
E
,
-5
5
85 2 6
%5
5
56
9
!9
%
9
%
ÀGÄ.
À;Ï{
!#"
" ¯
W@YV5WEº¯OYV ST
opDGFhG=@?hF=PRSds?B¾AWOc SFCjR eF[GWOCR@Ia?J"¾ reCUJqcFNFFJ]UNxR@DGFZ²NIKJGF5WOU*JG?J.´G?B4RSdAh`F
RPDOF?=@dnTzRyNR@UR@FN*R@DOURMRPDGFNFRs?B,RSdAh`F [«RPF=PYZNZ?BULIK\FJ
RSdAhF * IQNMCjbK?NPF[
WGJ`[XF=
=@F[XWOCjRPIK?J.n ]?=PFkBf?=@Y*UbabKdOIaB *¦UJO[ ¡ ¡ iOR@DGFJ *kn%G?=+* =@FhO=PF NFJR@IaJOL
Uq[GUREUwRSd5hFi%txFZCUJWGJ`[XF=ENSREUJO[}RPDOIKNUN,NPU#dAIKJGLMR@DOUR *IQNCjbK?NPF[}WGJO[XF=F\UbKWOURPIK?J.n
opDGF=PWGbKFNMBf?=yF\UbaWOURPIK?J U=P
F >i ~UJO[ kR@DOURytuFDOU#\FUbK=PF U[Xd
FJOC?WGJ5R@F=@F[%n F
IKbabKWONRP=EURPFxR@DGFeWONPFe?B=PF [XWOCR@Ia?JcAdkUJ*FjlGUY*hGbKFn¾AWOhGh`?5NFetxFpDOU#\FpUN[GFj^OJGIaRPIK?J ' §
° /£ ) . & ;"° ` ) .r nopDGFJ*RPDGF² \UbKWGF´?BR@DGFrFlAhO=PF NPNPIa?J ' &,IKNuCj?YVhOWXRPF [
cAd~^`=@NRMWGJXBf?bK[GIaJGL~RPDGF ' f?JGF v=PF [XWOCjRPIK?J NRPFhiuRPDGFJ h`F=Bf?=PY*IKJGLRStx? %vNSR@FhON
UJ`[R@DGFJ«?JOF [email protected]@??cXREUIKJ n>opDGF¾AWGc SF CR eF [XWOCR@Ia?J¬hO=P?h`F=RSdN@U#dXNkR@DOURsUbab
FjlXhG=@FN@NPIa?JONxIaJyRPDOIKN1C?Y*hGWXREUR@Ia?JyU=PF,?B;RSdAh`F ) jn
zJ~U]hG=@?A?Bv"RPF=@Yqi=@F[XW`CRPIK?J¬CUhGRPWG=@FNRPDGFwtuFbabav"HAJG?teJhG=@?A?Bv"RPDGF?=@FjR@IKCUb>JG?RPIK?J?B
¯ V9¹ W ® TUª V SUT n | j¯ V IKJUMhG=@?A?B>IQNUwNPIaRPWOURPIK?J}teDOF=@FUJIaJ5R@=P?X[XWOCjRPIK?J=PWGbKFqfzrBf?=
UC?JGJGF CR@Ia\FZIKNkIaY*Y*F[XIQUR@FbKdBf?bKba?txF[cAdUJFbKIaY*IKJOUR@Ia?J=PWGbKF} (u,Bf?=RPD`URVC?JGJOFCv
RPIK\FnzR,IQN!RPDGFJh?N@NPIacGbKFR@?qY*UHFVU²NDO?=PR@CjWGR´KiFbaIKY*IaJ`URPIKJGLwRPDGFZC?JONPFCWXRPIK\FVUhGhGbKIQCUv
RPIK?J
?B!RPDGFmzV=PWGbKFqUJO[~RPDGF (u=@WGbaFnem 1?RPFqR@DOUR*RPDOIKN*YZU#dJG?RZUbatpU#dXNkYZUHFwRPDGF
hG=@?A?BubKIaRPF=EUbKbKdNPDG?=PRPF=n,¾AWGhGh?NPFZtuF*DOU#\FVRPDGFZhG=@?A?Bv"RPF=PY ° *,¡ *,¡ . ° ` * .
*,¡ *¡ P¡ *,¡ i>C?=@=PF Nh?J`[XIaJOLRP?R@DGF]NSREUJO[GU=@[~JOUR@WG=EUbe[XF[GWOCR@Ia?J¬hG=@?A?Br?B
RPDOIKN.BmUCR iFJO[XIKJGL1teIaRPDkUJ,IaJ5RP=@?X[XWOCjRPIK?J=@WGbaFn r?tiIaBGtuF>UbKNP?1DOU#\F>UphG=P?A?B
*,¡ *,¡
txF1CUJVFbKIKYVIKJOURPFpRPDOF1IaY*hGbKIQCUR@Ia?J*?cXREUIKJGIaJOL*"° *¡ *¡
.° ` * . 5 *,¡ snzBtuF
[X?Z?JG+
F %vNRPFhqtuFFbaIKY*IaJOURPF,R@DGFCjWXR1?cXR@UIaJOIaJGL*R@DGFhG=@?A?Bv"RPF=@Y ° O * . * *¡ sn¾A?Oi
Bf?=ehO=P?A?Bv"RPF=PYZNi
%
-
-
RPDGF¾AWOc SFCjR 1F[XWOCjRPIK?J¬hG=P?h`F=RSdNR@URPFNR@DOUR ¯ V9¹ W ® TªUV SUT []cSÒWEYV IKJ
RPDGFwNFJONF*R@DOURIaB ,IKNkUqhG=P?A?Bx?B *½UJO[tuFZ?cXR@UIaJ , Ac d}FbKIKYVIKJOURPIKJGLN?Y*F
CjWXRENpBf=@?Y ,;iXRPDGFJ]UbQN?+, IQN1UVhG=@?A?B;?B*kn
zJ}hO=@UCRPIQCjFiOtxFNPFbQ[X?Y teIQND}RP?wh`F=Bf?=PY %v=PF [XWOCjRPIK?J?JhG=@?5?Bv9R@F=@YZN`?JOCFktxFkDOU#\F
hG=@?\F [sU=@FNPWGbaR,mI9n FnXtxF!D`U#\F!C?JONRP=@WOCjRPF[wUR@F=@Y ,]
*!jiXtuFU=@F!YZUIaJGbKdZIKJR@F=@FNRPF [sIKJ
IaR@NeNR@UR@FY*FJ5RR@DGF,RSdAh`+
F *!pUJO[ZR@DGFBmUCRpR@DOURpRPDOF=@F!IQN [S®AW hG=@?5?BufIKJGDOUcGIaR@UJ5RT?BIaRn
opDGFhG=@?5?B.IKNx?JGbadZIKJONPh`F CR@F[wI_BtxFtxUJRuRP?*NSR@WO[XdZIaR@NpNRP=@WOCR@WG=PF*fFn L`n5RP?RP=@dR@?=@FW`NF!I_R
Bf?=hG=@?\AIaJGLyNIKY*IabQU=,NR@UR@FY*FJ5REN@jnopDOFVUCRPW`UbNIaRPW`URPIK?J}IKN!RPD`UR?JOCFktxFD`U#\FhG=@?\F [
UybaFY*Y*UOi.NPU#dqtxF*DOU#\F*Cj?JONSR@=PW`CRPF [
° . *,¡ *,¡ . ° O * . }4 *¡ *¡ @¡ *¡
UN*Uc`?\FitxFyteIabKb [ªU» W RPDGIQN*bKFY*YZU}WGJ`[XF=ZUJOUY*FiN@U#d ' %. . iUJO[~tuFyteIabKbp?JGbKd
=@FjBfF=R@?MR@DGIKN² JOUY*F
´ ' %. . nzJ}RSdAhFkR@DGF?=PditeD`UR,DOUhGhFJ`N!IQNRPD`UR,tuFVIaJ5R@=P?X[XWOCFVU
[XF^OJGIaRPIK?J ' %. . §½
° *,¡ *,¡ . ° ` * . ]UJO[tuFZW`NF ' . . UNU]C?JONR@UJ5R,?B
RSdAh`FZ *¡ *¡ @¡ *¡ jnGzReIKN1U uº W T§WEº C?JONR@UJR iXcGWXR1IKJwIKY*hGbKFY*FJ5R@URPIK?JONpIaR1teIKbab
cF S@Oª Z¯ W i`YVF UJGIKJGLVRPD`UR1IaR1teIabKb.JGF\F=pcFWGJXBf?bK[XF [yc5d An
%
!#"
-"
%
RoSTO»UWjc[ STªTºµRoS®1¯VªV ST
FD`U#\FrUba=@FU[Xd*FJOC?WGJ5RPF=PF [*RPDO=PFF!JG?RPIK?JONx?B;Cj?YVhOWXR@URPIK?J.%vEivTUJO[ v=PF [XWOCjRPIK?J.n
G?=>Y*?NRRSdAh`FeR@DGF?=PIKFN4R@DGFNPF1=@F[XW`CRPIK?J*=@FbQUR@Ia?JON4RP?LFjR@DGF=>U=PF1C?J `WGFJ5RTUJ`[JO?=@Y*Ub_v
IKgIKJGLOiXdAIKFbQ[XIaJOL*U*[XF CjIQ[GUcObaF cSUT`»gWc[ SUT =@FbQUR@Ia?Jq§ ?JwRPDOFNFRp?B;txFbKb_v"RSdAh`F [sR@F=@YZNn
!"# $%
opDGIQNu[GFCjIQ[GUcGIabKIaRSd*UbKNP?YZUHFN>RPDGFrRSd5hF,CEDGFCEHAIKJGLkUbKL?=PIaRPDOY¦tx?=@HiNFF¾AF CR@Ia?J Xn nF
teIKbab.bK?A?HsY*?=PF,CjbK?NPFbKdMUReR@DGFWONPF,?BCj?JA\F=ENIK?J.n
¾AWGhGh?NPFUL5UIKJ¬txFqDOU#\FyRPDOF[XFj^OJOI_R@Ia?J?B ' UNZLIK\FJ
Uc`?\FyUJO[
tuF]tpUJ5R*RP?
hG=@?\F &Bf=@?Y , £ £ O ) .
' 5@¡
UJO[
np r?t
,0&
' &5P¡ &UJO[txFMtpUJ5RRP?UhGhGbKdRPDGIQNVhG=@?5?BeRP? qRP??cXREUIKJ
RPDOFshG=@?5?Bv9R@F=@Y , $& ]T &jn;opDGFsUhGhGbKIKCURPIK?JCUJ?JGbKd}tx?=@HIaBetuF*^O=ENR=PF [XWOCjF
RPDOFZRSdAh`F} ' &PP¡ &!RP?¬ #P¡ &ji.teDGIQCEDIKN[G?JGFscAd?JGF v
=@F[XWOCjRPIK?JmWGJXBf?bQ[XIKJGLsR@DGF[GFj^OJGIaRPIK?J]?B ' i`RStx? %vNSR@FhON!UJO[]U [email protected]1F=PFktuFkNPFF
UJqUhOhGbaIQCURPIK?Jy?B4RPDGFC?JA\F=@NPIK?Js=@WGbKF
2
7
mC?JA\X
IQN] 8
I_B
§
zJ¬RPDGFqFjlGUYVhObaF]Uc?\Fi IKN+, &Gi ' &PP¡ &VUJO[ ©IKN] @¡ &5n.opDGF*hG=@?A?Bv"RPF=@Y IQN,bKFjBRWGJOCED`UJGLF[WOJO[XF=,R@DGFVRP=EUJONPIaRPIK?JBf=P?Y «RP?
rnopDGIQN1h?NPFNeJG?ZhO=P?cGbaFY½Bf?=1RPDOFRSdAh`FkCEDOFCEHAIaJOL*UbaL?=@I_R@DGYqiGcFCUWONPF,RPDGFkC?JA\F=@NPIK?J
§ uIKNT[XFCIK[GUcGbKFnG9¾X?OiIaBtxFeU=@FpLIK\FJ*U!RPF=PY UJ`[ktxFetxUJ5R4R@?CEDGFCEHteDOFjRPDOF= IKN
?BRSdAhF txF1?JObadVDOU#\FpR@?kCEDGF CEHkteDGFRPDGF= DOUNuURSdAh`FUJO[*IaB.N?`i\F=PIaBfdVteDGFjR@DGF=uI_R ´ N
Cj?JA\F=PRPIKcGbKFpteI_R@D !n zJ*CUNPFxRPDGF1F 5WOUbKI_RSdkIaJVRPDOFrNIQ[XFvC?JO[XIaRPIK?JRP?,R@DGF1Cj?JA\F=ENPIa?Jk=@WGbaF
IQNJG?RT[GFCjIQ[GUcGbaFfteDGIQCED*IKN{R@DGFrNPI_R@WOUR@Ia?J*IaJ*R@DGFpRSdAh`FeR@DGF?=Pdk?B% 1WGhG=@b"iAu?J`NSREUcGbKFeFjRTUb9n
$
fiXR@DGFkC?JA\F=@NPIa?JsBf=@?Y RSdAh`F ~RP? tu?WGbQ[qDOU#\FRP?MbaF U#\FUy² RP=EUCjF´GIKJ]RPDGFRPF=@Y
IKJ~?=E[XF=RP?YZUHFsRSd5hFqCEDGFCEHAIKJGL}[XF CjIQ[GUcGbKFnpmopDOFMR@=@UCjFwC?WGbQ[cFMR@DGFM=@F[GWOCR@Ia?J
NPF5WGFJ`CjFyBf=P?Y RP? rn ¶ JGFCj?WGbQ[¬UbKNP?baF U#\FqU}R@=@UCjFq?BRPDOFCj?JA\F=ENIK?JIKJ«?=E[XF=
RP?wDGFbKhR@DGFRSd5hF*CEDGFCEHAIKJGLMUbKL?=PIaRPDOYyicGWXRRPDOIKNIQNrWONPWOUbabKdqJG?R[X?JOFI_R,YZUHF NrhO=P?A?Bv
RPF=PYZN4WGJGJOFCjF NPN@U=@IKbadCj?Y*hGbaIQCURPF [%n ?=@F?\F=txFTtpUJ5R4RP?!Bf?bKba?tR@DGFeN?vCUbKbaF [ & S T@ª W
T W i`teDGIQCEDqCUJqcFNSREUR@F[wIaJ5RPWOI_R@Ia\FbKdwUNxBf?babK?t1Nn
opDGF=@F,IKNeUV[XIQNSR@IaJ`CRPIK?JycFjRStxFFJ cS®r¯VªUV SUTZ[ UJO[ ÒSCSS±[ UJO[yCj?Y*hGWXR@URPIK?JON
[X?ZJG?Rp=@F5WGIK=@F,UVhG=@?A?BSn
opDGIQNkIKY*hGbKIaF Ni4Bf?=VFjlGUYVhObaFiR@DOURVRPDGFwF5WOUbaIaRSd?B ' &}UJO[ w[X?AFNJG?R=@F5WGIK=PFMU
hG=@?A?BS ' &UJO[ ]U=@F]Cj?Y*hGWGR@UR@Ia?JOUbKbKdF5WOUb"i>NP? ' 0&~§ wBf?bKbK?t1NVRP=@Ia\AIQUbKbad
Bf=@?Y R@DGFw=@F `FjlXIa\AIaRSd?B,§,jn4opDGFyh?tuF=k?BrRPDGFy<{?IKJOCU= FZhO=PIKJOCjIKhGbKFw[XFh`FJO[GNV?JRPDGF
FjlXhG=@FN@NPIa\AIaRSd?B%RPDGF!RSdAh`FrRPDGF?=@dVIKJZR@F=@Y*Nu?BUbaL?=@I_R@DGYZNR@DOUReCUJZc`Fte=PIaR[email protected]
RPDOF1NIaRPWOURPIK?J*teDGF=PFptxFxD`U#\FeU,CjbQUN@N{?BBf?=@YkWGbQUN4R@DOURTCUJVc`FeFJOCj?X[XF [VNPdAJ5R@UCjRPIQCUbabKdIKJ
?WO=pRSd5hFNPdANRPFYqnOopDOUReIQNiOtuF,DOU#\F,UqmIaJO[GWOCR@Ia\F xRSdAhF*² ' v v .k´XRP?LFRPDGF=xteIaRPD
U}² [XF Cj?X[XIKJGLwBfWGJOCR@Ia?J.´ ' v v .,¡ NPWOCED}RPDOURF\F=@dyBf?=@YkWGbQU © #
IKJ~?WO=VCbKUNPNDOUN*UNdAJ5R@UCRPIQCw=PFhG=PF NFJ5R@UR@Ia?J " ' v v . teIaRPD " § n
¾AWGhOh`?5NFZR@DOURtuFsCUJte=PIaRPFwU][XFCIKNPIa?JUbKL?=@IaRPDGY IaJ?WG=RSdAh`FsNPdXNSR@FYqiI"n FntxFZDOU#\F
UMRPF=@Y
' v v .,¡ # NPWOCEDR@DOURIaB
" § i`R@DGFJ " FJOCj?X[XF NU
hG=@?\UcGbKFpBf?=@YkWGbQUBf=@?Y?WG=xCjbQUN@Nn IKN>RPDGF!hG=@?h?NPI_R@Ia?JVteIaRPDM?JGF1WOJGIK5WGFrhG=P?A?BS%i n
zJqY*?=@FhO=PF CjIQNF!RSdAh`Fv9R@DGF?=PFRPIQCrR@F=@YZNONPWGhGh?NPF,tuF,DOU#\FUhO=P?A?Bv"RPF=PY teIaRPD
!
'%
"# $ &%
" ' v (v . .K)# $ " >¡
opDGFJ.iXRP?*hG=@?\F!RPD`URrUBf?=@YkWGbQU
#
" .
Bf=@?Y?WG=1CbKUNPNxIQNehG=@?\#UcGbKFiAtuF,?JGbadwDOU#\F!RP?
ÀGÄ.
À;Ï{
^OJO[yIaR@NeFJOCj?X[XIKJGL
"
' v (v .
UJ`[sR@DGFJ
"
.
IaB IKNIKJO[XFF [hG=P?\UcGbaFyfIKJGDOUcGI_R@F[Oji.teDGIQCEDCUJc`F*\F=@I_^OF [cAd]R@DGFVRSd5hFZCEDGFCEHF= nzJ
RPDOIKNeFlGUY*hGbKFiARPDOFY*UIaJwR@UNHM?BR@DGF,RSdAh`FCEDOFCEHF=uIQNpR@?VFlXFCjWGRPFRPDGFUbaL?=@I_R@DGY
n
opDGIQN,WONPF?BTRPDOF*<{?IaJ`CU= FhG=@IKJOCjIKhGbKF*NPDG?t1NDG?t³UWXRP?YZURPF []R@DGF?=PFY hG=P?\AIKJGLwCUJc`F
[X?JGF~mN@UBfFbadG T[ uº W RSdAh`F}RPDGF?=@dnxopDGIKNsRPF CEDGJGIQWOF}IQNsWONPWOUbKbKd
CUbKbaF [ Ò WWEY V ST f=@Fjv
OF CRPIKJGLfhOU=R?B@1RPDGFVbQUJGLWOULFIaJI_RENFb_B@jn%opDGFk?=PIKLIKJONr[OURPFcOUCEHyR@?w1?txF $
nOzR
DOUN,c`FFJWONPF[NWOCCjF NSBfWGbKbKdIaJRPDOFwu?A}NdXNRPFY RP?qte=PIaRPFsUMR@UCR@IKCVBf?=[XFCIK[XIKJGLqF5WOUb_v
IaRSdIKJ=PIKJGLvNRP=@WOCR@WG=PF Nn¾XFFMUbKNP?]xU=R@DGF0
i eWGdXNkUJO[xU=PFJO[X=@FLR $%
}teDGF=@FZI_RIKN
CUbabKF[MRPDOF*² RStx?vbaF\FbUhGhG=@?UCED.´5UJO[ ¶ ?NR@[XI SHMUJ`[ FWG\F=@N &%& nAo?*LFR1=PF UbKbad*BmUNSR
UWGRP?YZURPF[¬R@DGF?=PFY hG=@?\5IKJGL`iI_RsIQNsU[G\5IQN@UcGbKFyRP?WONPFUNhFCIKUb1hGWG=@h`?5NF]UWXRP?Y*URPF [
RPDOF?=@FYhG=P?\F= iteDGIQCEDyDOUNxR@DGF,FjlARP=EUU[GU#\UJ5R@ULFrRPDOURp?JGF[X?AFNPJ.´ RpD`U#\F!RP?*hG=@?L=EUY
mUJO[whG=P?A?B4Cj?=P=@FCjR $R@DGF[XF CjIQNIK?JyhG=@?ACF[XWO=PF Nu?JGFNPFbaBSnXzB{?JGF,WONPFNx=@F OF CRPIK?JmUJO[MRPDGF
<{?IKJOCU= FThG=@IKJOCjIKhGbKF {?JGFe?cXREUIKJON>U,Y*F[GIaWGY¦BmUNRT[XF NPCIKNPIa?J*hG=P?XCF[XWG=@FpcGWXRT\F=@dk=@FbKIKUcGbKF
hG=@?A?Bv"RPF=@YZNiAteDGIQCED]CUJwcFCEDGFCEHF[wIaJ`[XFhFJO[GFJ5RPbKdn
!#"#"
¯Oª V"¼
1?RPF*R@DOURktxFZDOU#\FZJG?RIKJOCjbKWO[XF [5v"=@F[XW`CRPIK?JIKJRPDGFsC?JA\F=@NPIK?J=PWGbKFicGWXR SWONR >i UJ`[ n.opDGIQN!YZU#d]NPFFY =@FYZU=PHUcObaFi`cFCUWONPFBf?=!R@DGFVWGJ5RSd5hF[°GvCUbQCjWGbKWONi`YZUJAd]JGIQCjF
=@FNPWGb_RENe?B %v=@F[XWOCjRPIK?JmbaIKHFC?J OWOFJOCF pFl5R@FJO[yR@? n`opDOIKNrIKNrDG?tuF\F=eJG?R1R@DGFkCUNPF
Bf?=kRSdAh`F [°XvCUbKCWGbaW`Nn4opDGFMNPJOUL]bKIaF NIKJRPDGFsBmUCRkRPDOUR?WO=RSdAh`F [RPF=@YZNDOU#\FsUqRSdAh`F
URPR@UCEDGF[R@?]RPDGFMc`?WGJO[\U=@IQUcGbKFZIaJRPDGFw°GvUcONRP=EUCjRPIK?J9° * . jn;opDGIQNkIKJXBf?=PYZUR@Ia?J
IQN!C=PWOCIKUb.Bf?=rR@DGFRSdAhFCEDGF CEH5IKJGLMUbaL?=@I_R@DGY fteIaRPDG?WXR!IaRiRSdAh`FVCEDGFCEHAIKJGLsIKJ}[XFh`FJO[XFJ5R
RSdAh`FR@DGF?=PdZIQNpWGJO[XF CjIQ[GUcOba
F !?tuFH jiAcGWXReI_RrC?Y*hGbKIKCUR@FNuRPDGFC?YkcOIaJOURPIK?Jy?/
B UJ`
[ nOO?=eFjlGUYVhObaFC?JONPIK[GF=1° ; * .Q9° . G ;i
° ;
* .Q9° . G ¡
° ;
* .Q9° . G ¡
° ; * .
°# . opDGF]R@F=@YZNs?J«R@DGF}=@IKLD5RMDOUJO[NIQ[XFD`U#\FUC?Y*Y*?J=@F[XWOCjRM?JObad
I_B * UJO[
[X?On
opDGIQNeCj?YVhObaIQCURPIK?Jy?
B stxUNeUbK=PF U[XdZHAJG?teJMRP?*R@DGF | WXR@?YZUR@DyC?Y*YkWOJGI_RSdw 1F[GF=@h`Fb_R
$ Au?J OWGFJOCjFUJO[s r?=@YZUbKIag URPIK?J*Bf?=TRSdAhFNpNPdANRPFYZN>Bf=@?YRPDOF | WXRP?Y*URPDMBmUY*IabKd
tpUNhO=P?\F[cAd UUbaFJ & "n;G?=VU}NRPWO[GdUJO[hG=@?A?Be?BeR@DGFMLFJGF=@UbTNIaRPW`URPIK?JNPFF
FWO\F=EN $%#/
i FWO\F=EN $n.G?=kUNRPWO[Xd?BpRSdAh`FsRPDGF?=@d}teIaRPD~°Gv9R@F=@Y*N VZ· S¯ V
RSdAh`F N1URPR@UCEDGF[MRP?*R@DGFc`?WGJO[y\U=@IKUcGbKFNiGNFF,pU=R@DGFUJO[]¾ =PFJONFJ &%&&iAteDGF=@FIaR1IKN
NPDG?teJRPDOUR.RPDGF>RSd5hF>CEDGF CEH5IKJGLmJG?REUcGbKdrIaR@NWGJO[XF CjIQ[GUcGIKbKI_RSdGIQN%JG?R;Cj?YVhObaFRPFbKdrDO?hFbKFN@Nn
zJ ULJAWONPNP?J iAUJwIKY*hGbKFY*FJ5R@URPIK?Jq?BUVhG=@?5?B4UNPNPIKNR@UJ5RxcOUNF [y?JqNWOCEDqUVRSdAh`F
RPDOF?=@d}mteI_R@DG?WXReRSdAhFN1URREUCEDGF [sR@?R@DGFc?WGJO[y\U=@IQUcGbKFNEuIKNe[XF NPC=PIKcF[%n
opDGF=@FwU=PFyNF\F=EUbu?R@DGF=VtxU#dXNk?B1FjlAR@FJO[XIKJGLRPDGFyF5WOUbaIaRSdIaJ~RPDGFqCj?JA\F=ENPIa?J=@WGbKFn
| hG=@?Y*IaJOFJ5RFjlGUY*hGbKFIQNRPDOF WGVXWYT[ STª¯
W ¯Oª V"¼ ?JBfWGJOCjRPIK?JONn%zJYZURPDOFYZUR@IKCNiIaB
£
*¡ si.R@DGFw¬UJO
[ }tx?WObK[cFMCj?JONIQ[XF=PF [}R@?]c`FMF5WOUbTI_BpRPDOFd}D`U#\F*RPDOFsNPUYVF
L=EUhOD.iI"n FnOq
§ ZI_µ *k" y
§ jnXzB;txF!tpUJ5RxRP?V\AIaFtRPDGFBfWGJ`CRPIK?J`NpJG?ReN?VYkW`CED
2
>
!"# $%
UNeUbaL?=@I_R@DGYZNiXcOWXRrY*?=@FUcONRP=EUCjRPbKdMUNpL=@UhGDONiARPDGFIKJOCjbKWONPIa?Jq?B{FjlARPFJONIK?J`Ub.F W`UbKI_RSd
IKJRPDOFxC?JA\F=R@IacGIKbKI_RSdZmUN;NPIQ[XFxC?JO[GI_R@Ia?JkIKJRPDOFxC?JA\F=@NPIa?J=PWObaF#%tx?WGbQ[cFu\F=@d,JOUR@WG=@Ub9n
zBtuFktxUJReR@?M[X?*R@DGIKNiI_RrIQN1=@F5WGIK=@F[wRPDOURrtxFIaJ5RP=@?X[XWOCFkUJ W ¯Oª V"¼ ¯Oº '® WTV ?B4RPDGF
Bf?=@Y
( § * .
xFjBf?=PFZ[XIQNPCWON@NIKJGLqFjlARPFJONPIa?JOUbKI_RSdBfWG=R@DGF= i.txF*^O=ENSR,Bf?XCjWON?JRPDGFs[GI_µF=@FJ5RkJG?RPIK?JON,?B
F5WOUbaIaRSdn
¯Oª V"¼wªU[ª ¯Oº '®AWYTZVSkªU[kª V"¼@W
| N{=@WGbKFNBf?=[XF=PIK\AIaJGL,UJF5WOUbaIaRSd SWO[XLYVFJ5R{txFxtu?WGbK[kDOU#\F >i 1UJO[ hGbaW`N4RPDGFpJG?=PYZUb
@= WGbaF N>Bf?=TYZUHAIKJGLkIaRxUJsF5WGIK\UbKFJOCFr=@FbQUR@Ia?Jf=@F OFlAIK\AI_RSdi5NPdAY*YVFRP=@diRP=EUJONPIaRPIK\5IaRSdGhGbKWON
=@WGbaF N4Bf?=>YZUH5IKJGLRPDOF1F5WOUbaIaRSdkCj?Y*hOUR@IacGbKFeteIaRPD*RPDOFpRPF=@YVvC?JONRP=@WOCjRPIK?JONnG?=FjlGUY*hGbKFi
txFtx?WObK[wDOU#\F
73! . ( (
9° * . § . ( £§
*£ ( (
1§ ( @
( § ( § ( §)9¦ ( §9³ ( § 3!; * . (.
9 §*: *
( '9 § :¦ 9 (T£ * § 7
( *§
(y
° * . § ° 2. @3! * . ( y° * . ;
f=@F
RP=EUJ`N@
mUhOhXvC?Y*h`
9UcONvCj?Y*hO
opDGFC?JA\F=@NPIa?Js=@WGbaFR@DGFJyR@UHF NxRPDGF,Bf?babK?teIaJOLkBf?=PY
9Cj?JA\X
*
(
(
(
*§
opDGFU[G[XIaRPIK?Jy?B{FjlARPFJONIK?J`UbKI_RSdZtx?WGbQ[yUY*?WGJ5ReR@?R@DGF=@WGbaF
fFl5R
(
£
(
*¡
(
§
3 *
*¡-
,]
.Q
y§ D
zJVRPDGFfFjlAR4=PWGbKFiRPDGF1F 5WOUbKI_RSdkIaJVRPDOF1hG=@FY*IKNPF"§xIQNTUJVF5WOUbaIaRSdR@DOURTCUJ*cFehG=P?\F[%
txFxC?WGbQ[kCUbKbIaR>U S ' @ªW ¯Oª V"¼ icGWXRIaJkRSdAh`Fv9R@DGF?=Pd,IaR{IQN4WONPWOUbKbadCUbKbaF [ cSCS¸ W ¯Oª V"¼ i
ÀGÄ.
À;Ï{
UN>I_R>IQN{RPDO?WGLDR>?BUN{RPDOF1WONPF=Pv[XF^OJGF [kF W`UbKI_RSdIaJy² RPDGF1c?A?H´KnOfzJ | WXRP?Y*URPDZNPdANRPFYZNi
RPDOFJG?R@Ia?J ² c?A?H´TDOUNsU\F=Pd¬hG=@FCjIQNPFqBf?=@Y*UbeY*FUJOIaJGL`TIaRwCj?=P=@FNPh?JO[GN*=@?WOLDGbKdRP?
RPDOFWONPF=Pv[XF^OJGF [yC?J5RPFlAR1RPDOURr=@FhG=@FNPFJ5R@NeNP?Y*FNPh`F CjIa^`C,R@DGF?=Pdn eopDOFF5WOUbKIaRSdMIKJqRPDGF
Cj?JOCjbKWONPIa?J?BeR@DGFfFjlAR=@WGbKFwIQNR@DGF² IKJ5RPF=@JOUbuF W`UbKI_RSd´4?BeRPDOFMRSdAhFyNPdXNSR@FYqi;W`NWOUbabKd
W ¯Oª V9¼ npopDGIQNw[XF^OJGIaRPIK?JOUbrF W`UbKI_RSd«CUJc`F=PFhG=PF NFJ5RPF[
cAd
CUbabKF[
R@DGF Gº W T V SUTª
U SWO[XLY*FJRZIaR@NPFbaBV9UN*Uc?\F#i{cGWXRZ?BR@FJ
I_RZIQNV=PFhG=PF NFJ5RPF[¬UN*U~² C?JA\F=R@IacGIKbKI_RSdNPIK[XF
Cj?JO[XIaRPIK?J.´KiXbKIaHFIK2
J Xn AnAzJMR@DGFbQURR@F=eCUNFi5RPDGFC?JA\F=R@IacGIKbKI_RSd *§ IKNpWOJO[XF=ENRP?A?X[
UN*UJ¬F W`UbKI_RSd?J
UNFRZ?Bk² hONPFWO[G?}R@F=@Y*N´KiIaJOCbaW`[XIaJOLR@DGFqtuFbabav"RSd5hF[¬?JOFN
n FjRZWON
NPWGY*Y*U=PIKgFR@DGF[XIaµF=PFJReF W`UbKI_R@IaF Nn
n W T V STª§ W ¯Oª V"¼ n5opDOF,² WGJ`[XF=@badAIKJGLF5WOUbaIaRSd´?BR@DGFeRSdAh`F!NdXNRPFYqn5xUhXRPWO=PF N >i
kUJO[%iAI_B;hG=PF NFJ5RiXUbQN? nGxUJMcF ¯Oº 'GW® WTVª fI"n FnAcGWGIKb_ReIKJ5RP?RPDGFBf?=@YZUbNdXNRPFYZ
?=1U c SUT`g» Wz V V"¼ [ uº WVc SUTº V SUT n
¸ W ¯Oª V"¼ n;opDOFq² F W`UbKI_RSdhG=P?\UcGbaF´%IaJ`NIQ[XFZR@DGFZRSdAh`[email protected] Gn 5SCS
§ IKN
UMc?A?HqF5WOUbaIaRSdi`RPDOFJI_R,IKNUMRSd5hFq § Bf?
= £ *!!UJO[}tuFVCUJ
RP=@dyRP?s^`JO[}UZhO=P?A?Bv"RPF=PY IKJGDOUcOI_R@IaJGLwI_RZ , § }n.¾AWOCEDUJ]F5WOUbaIaRSd]CUJ]c`F
[XFj^`JGF[ycAdsR@DGFWONPF= n
u?A?HkF5WOUbaIaRSdC?Y*FNTIaJZ\U=PIK?WON `U#\?WG=@Ni[XFh`FJO[XIKJGLJG?RT?JGbKdk?J*RPDGFrWONF=´ NTCEDO?IQCjFi
cGWXR*UbQN?]?JRPDGFsRSd5hFZR@DGF?=PdicFCUWONPFsY*?NRRSdAh`FZR@DGF?=PIKFNMmUJ`[CjF=PR@UIaJObadRPDGFIa=IaYVv
hGbKFY*FJ5REURPIK?J`N@TDOU#\FUs² cGWGIKbaRvIaJ.´X?=r² hG=@FjBfF=P=@F[%´AF W`UbKI_RSdn F,LIK\F!UVNPDG?=PRx?\F=@\AIaFt
?B
NP?Y*F,?hXR@Ia?JONnG4IK=@NR1?B{UbKb9iOtuF,tpUJ5RpRPDGF,Bf?babK?teIaJOLkBf=@?YU*c?A?H5vF5WOUbKIaRSdn
opDGF,F5WOUbaIaRSdMNPDG?WGbQ[scFUJwF5WGIK\UbKFJOCF=@FbQUR@Ia?JM?JsRPDOFCU=@=@IaF=TRSdAhFABf?= * - ji
§ *¡ *,¡ # pNDG?WGbQ[McFUJqF5WGIK\UbKFJOCF,=PFbKURPIK?J.n
¾AWGcONRPIaRPWGRPIK?J~hO=P?h`F=RSd/n FwtpUJ5RR@?}=@FhGbQUCF]² F 5WOUbTRPF=@YZNkIKJ~U}hG=P?h`?5NIaRPIK?J´an;zJ
RSdAh`FwRPDGF?=@FjR@IKCUb>R@F=@Y*IaJG?ba?LditxFstxUJ5RkRPDOFsBf?bKbK?teIaJGL}=PWGbKFsR@?}cFy[GF=@Ia\UcObaF}fBf?=
N?Y*F!R@F=@Y C?JONRP=@WOCR@Ia?J £ Pn
( * " (k " § ( ]£ #x
*k
o;?*UCEDGIKF\F!RPDOIKNetxF[XIQNSR@IaJOLWGIQNDwRPDOF,Bf?bKba?teIKJGLVRPDG=@FFR@=PF URPY*FJRENp?B{F5WOUbaIaRSdn
n W YT W ¯Oª V"¼ iO[XFj^`JGF[yIKJyDOIaLDGF=e?=@[XF=pba?LIQCn FtxUJRpR@?*N@U#dBf?babK?teIKJGL .FIKcXv
JGIKg pR@DOUR " § *IaBBf?=UbKbhG=@F[XIQCURPF N ?\F= *i ©DG?bQ[GN1Bf?= " Iaµ ¦DO?bQ[GN1Bf?= An
zJyRSd5hF,RPDOF?=@d
§
* *¡ # " P¡ .
" § 1?RPF!RPDOURuR@DGIKNxF W`UbKI_RSd*bK?5?HXNuUNdAY*Y*FjRP=@IQC5DG?tuF\F=iI_ReCUJsc`FNPDG?teJ*RPD`UR!
§ IKN
NdAY*Y*FjR@=PIQCn
º W ¯Oª V9¼ n (T5WOUbaIaRSd§ *,¡ *¡ # IQNkRPDGF² NPYZUbKbaF NSR ´;=@Fjv
G/
n 0 Tº¯OY V U» Wj_¼Gº W TIWE
OFjlXIK\FV=PFbKURPIK?J?
J *kiI"n FnRPDGFy²NYZUbabKFNR´=@FbQURPIK?J ©?J *¦Bf?=teDGIQCED Q5
DG?bQ[GNnGzJyRSdAh`FRPDOF?=@FjR@IKC,NPdAJREUlsR@DGIQNetu?WGbQ[MbK?A?HsbKIaHF
39
9
9
29
9 9
D2
12)
+* G
* ¡ # §
*,¡ ,
& 4y ; * Q. .
3!
opDGIQNTNPh`F CjIa^`CeBf?=PY¦?B.[XFj^`JGI_R@Ia?J.iRP?cF1RP=@FURPF [IKJsY*?=@F1[XFR@UIKbOIKJM¾AF CRPIK?JOn OiN@U#dAN
RPDOUR & 4*IQNTRPDGF?JGbKd ST[zV"¯OVwS Bf?=uRPDOFrIKJO[XWOCjRPIK\FbKdZ[XFj^`JGF[M=PFbKURPIK?J
`n5opDGIQNuIKN
YZU[XFhG=@FCIKNPF,cAdMUJ Tº¯OV SUT hG=PIKJOCIahGbKFRPDOURrCj?YVF NeUbK?JGL*teIaRPDyRPDOIKN1[GFj^OJGIaRPIK?Jn
!"# $%
On
&
WE ª
V9¼@Z W Vf9
· [9Z WE ª¯X Wz[ i5=P?WGLDObadV=PF OFCjRPIKJGLR@DGFrIKJO[XW`CRPIK\AI_RSdZ?B4§TiXUN>IKJ Xn
Z
zJ U=PRPIKJXv ?" BS´ N!RSdAh`FsRPDGF?=@d~mNPFF U=R@IaJGv ?" B $ "i% 1?=@[ONSR@=?" Y FjRUb9n $%&fi
F 5WOUbaIaRSdsIQNpR@UHFJqUNeUVcOUNIQC!RSdAh`FC?JONRP=@WOCR@?=
(
*
!
(T£ £ *
1 Gx! ( } & 4# xO 1 ( *
F[G?J.´ RsLIK\FyRPDOFqBfWGbabrFbKIaY*IKJOUR@Ia?J
IaJ`NSREUJOCFN
.9¦
*¡
(
mIaJ`[XWOCR@Ia?J`VhG=@IaJ`CjIKhGbaFi>cGWXRs?JGbKd?JGFq?BIaR@N
VO 9 X ( (
( }3* x`9j
j
kOfzS[#
1?RPFpR@DOURTIKJ*RPDOFeRPDGIK=E[VUhGhG=@?UCED.i#RPDGFrIK[XFJ5RPIaRSdRSdAh`F 1 j4IKNT?BRSdAh`F jiUJO[VJG?RT?B
RSdAh`F # nopDGIKN!IQNrJG?RUMh`F CjWGbKIKU=!UNhFCjR!?B }U=PRPIKJXv ?" BS´ NrUhGhG=@?UCEDyR@?MF5WOUbaIaRSdi`cGWXR
UyCj?J`NF WOFJOCF?BuDGIQN,UhGhG=@?UCED]RP?ybK?LIQCIaJLFJGF=EUb"RPDGF=PFVIKN,JO?y[XIQNRPIKJOCR@Ia?JcFjRStxFFJ
NPFjR@NTUJO[*hG=@?h?NPIaRPIK?JONc`?RPDq² baIK\F´IKJ*RPDGF1WOJGIa\F=ENF 1mUJ`[DOFJOCFeRPDGF=PFeIQN>JO?WGJGIK\F=ENPF
jn
opDGF=@FuU=PFxN?YVFxCjbKFU=4[XIaµF=@FJOCFNiFn L`nR@DGFu^O=@NR;=@F5WGIK=@FN;IaY*hG=@F[XIQCURPIK\AI_RSdRP?cFx[XF^OJXv
UcObaFiXteDGIabKF,RPDOF,NPFC?JO[w=@F5WGIK=PF NuIKJO[XW`CRPIK\FRSdAhFNnO1?txF\F= iF UCEDy?BR@DGFNPFUhGhO=P?5UCEDGF N
RP?kF5WOUbKIaRSdkdAIaFbK[ON>UJZF WOIa\UbKFJ`CjFe=@FbQURPIK?JVBf?=>teDGIQCED*RPDGFrNPWGcONRPIaRPWGRPIK?JshG=@?hF=PRSdDG?bK[ONn
.FRxW`Nx[GIKN@CjWON@Nu?JGFFjlGUY*hGbKFrteDOF=@F1RPDOF,[GI_µF=@FJ5RpF5WOUbKIaRPIKFNx[XIa\F=@LFnA¾AWOhGh`?5NFtxFrDOU#\F
[XF^OJGF[MfIKJO[XWOCjRPIK\FbKdG.UeYZUh * ) ) @¡ NPWOCED,RPD`URx * ) ¢=PFhG=@FNPFJ5R@NR@DGFT¢vFbKFY*FJR
RSdAh`FnopDGFJV?JGFutu?WGbQ[bKIaHF * ) ¢;UJ`[M * ) ¤]%R@?!cFpIKNP?Y*?=PhGDOIKCTI_BO¢wUJO[k¤©U=PFuF5WOUb9n
¾A?tuFutxUJ5RxmUR4bKFUNSR%R@DGFuBf?bKba?teIKJGL1R@?rcFe[XF=@Ia\UcGbaFBf?=4NP?Y*FpN?YVFTRPF=PY C?JONRP=@WOCR@Ia?J
s £ jn
( " O * ) ¢ (k¢
§ ¤
(s " £ pO * ) ¤]
G?= FIKcGJGIKg!F W`UbKI_RSdq uUc?\F jitxFrCUJsJG?RxCj?JONRP=@WOCRpNWOCEDsURPF=PYs " £ i5c`F CUWONF
IaReUbabK?t1NxFbKIaY*IKJOUR@Ia?J}² ?\F= # ´X?JGbKdnXG?=pRPDGF,IKJO[XWOCjRPIK\F,F5WOUbaIaRSdiAIaRr[XFhFJ`[GNp?JMRPDGF
FbKIKYVIKJOURPIK?Js=@WGbKFNTRPDOURxU=@F!UbabK?txF[*IKJZRPDGF!RSdAh`FNdXNRPFY mFn LOnRPDGF!RSdAh`FNdXNRPFY?B{ ¶ $%.[X?AFNpJO?RrUbKbK?t I_RnOO?= U=R@IaJGv ?" BS´ NxRSd5hF,RPDOF?=@di5R@DGFUc?\F,=@WGbaF,IQNp?cA\AIa?WONPbad
[XF=PIK\UcGbKFiXcFCUWONPF # UJO[ pU=@F!R@DGFNPUY*FWOJGIa\F=ENFiGUJO[w?JOF,CUJyFbKIaY*IKJOUR@F?\F=
IaRn
» Wc[E¯[ TVXWYT[ SUTª V"¼
GVwWTZ[ STª V9¼ZU
opDGFq[XFj^`JGI_R@Ia?JOUbeF 5WOUbKI_RSdCUJ~cF TZVwWTZ[ SUTª ?= WGVXWYT[ SUTª nzJ¬RPDOFw^`=@NR*CUNPFi4tuF
[X?yJG?RDOU#\FUy[XF=@IK\#URPIK?J=PWGbKFqfFjlARi.UJ`[DGFJOCjF*F5WOUbaIaRSd]?BTBfWGJOCR@Ia?JON,IQN!F 5WOUbKI_RSd]?B
UbKL?=PIaRPDOY*NnAzJMR@DGFNF Cj?JO[wCUNPFiAtxFD`U#\F,U[XF=PIK\UR@Ia?Jw=@WGbKF*mFjlAREjiOUJ`[sDGFJOCjFF W`UbKI_RSd
?B4BfWGJOCjRPIK?JONpIQNeF W`UbKI_RSds?B;L=@UhGDONn
zRBf?bKba?t1NBf=@?Y ?WG=[GIKN@CjWON@NPIa?J?Bporx< UJO[opzS< IaJ Gn wR@DOURR@DGFMU[O[XI_R@Ia?J?BxRPDGF
=@WGbaF*fFlAREu=PFJO[XF=@Nxorx<WGJ`[XFCIK[GUcGbKFn rIKgnXNPWGhGh?NP
F O *¡ @¡ # UJO[MtuFHAJG?t
{
%jRPDGFJ «{ G!I_µ~RPDGF=PF*IQNUMR@F=@Y ?BuRSdAh`F ; * . § n4¾A?yBf?=,RPDOIKN
orx<¬RP?ZcFN?ba\UcGbaFiAtuFJGFF[MRP?sNP?bK\F,U*opzS<{n
3!
ÀGÄ.
À;Ï{
opDGFV^O=@NR,RSdAh`FZNPdANRPFYZN,c5d
U=PRPIKJXv ?" BmNPFF U=PRPIKJXv ?" B f1txF=@FFlARPFJ`NIK?JOUb9n
URPF=DGFu=PF SFCR@F[FlARPFJ`NIK?JOUbaIaRSdic`F CUWONFT?BXRPDOFTIKYVhObaIKF[WOJO[XFCIK[OUcGIKbaIaRSd,?BXRSdAhFuCEDGF CEHv
IKJGLOn{opDGFMIKJ5RPF=@UCRPIK\F*R@DGF?=PFY hG=P?\F= rWGhG=@bu?Bu?JONR@UcGbaFMFjRVUb9n $
T
IQNcOUNPF[?J
FjlAR@FJONPIa?JOUb`RSdAh`FR@DGF?=PdnzRpIKNpCbaF U=xRPDOURuBf=@?Y½UkY*?=@FCbKUNPNPIKCUb`\5IKFt?JMYZURPDGFY*URPIQCN
fIQ[XFJR@I_BfdAIKJGLwBfWGJOCR@Ia?JON!teI_R@D}L=EUhODON1IKJNPFjRPv9R@DGF?=PFRPIQCtxU#dGji`Fl5R@FJONPIK?JOUbaIaRSdwIQN!\F=@dq[XFjv
NPIa=EUcGbKFn eF CjFJ5R@badi5tx?=@H*DOUNucFFJq[X?JGFmY*UIaJObadZcAds1?BfYZUJGJ TNDO?teIaJGLDG?t«RP?
FJ`Cj?X[XFMm?=1FlAhObKUIaJ`eFjlARPFJONIK?J`Ub.F W`UbKI_RSdyIaJUJqIaJ5RPFJONPIa?JOUbRSd5hFR@DGF?=PdnOopDGFIQ[XFUsIKN
RP?sRP=EUJONPbKURPFUJyFlARPFJ`NIK?JOUb%RSdAh`FRP?MUZh`UIK=rCj?JONIQNRPIKJGLZ?B>UJqIKJ5RPFJ`NIK?JOUb%RSdAh`FUJO[]UJ
F5WGIK\UbKFJOCFZ=PFbKURPIK?J?JIaRn;rF=@Fi%R@DGFsF WOIa\UbKFJ`CjFZ=@FUbaRPIK?JIQNUqWONPF=Pv[XF^OJGF [
mc`?A?HX
F5WOUbaIaRSdi`cGWGIKb_RWGh}UCCj?=@[GIaJGL*R@?ZRPDOFRSdAh`FCj?J`NSR@=PWOCjRPIK?JON1Bf=P?Y c`UNPIKCF 5WOUbKI_R@IaF Ni`teDGIQCED
U=@FRPDGF*IKJO[XWOCjRPIK\FbKd}[XF^OJGF [}?JGFVBf?=,IaJ`[XWOCR@Ia\FVRSd5hFNUJO[UJUlXIa?Y*URPIQCUbabKd[XFCbKU=PF [
?JOF!Bf?=ecOUNPIQC!\U=PIQUcGbKFRSdAh`F Nn
º [
WYVwS g
| hOUIK= *k£E§ teI_R@D *½ ji.§*,¡ *¡ NPWOCED]RPD`UR§IQNUJF5WGIK\UbKFJOCF=@FbQUv
PR IK?J?J *©IQNCUbabKF[U [YWVwS º nzJRPDGF*R@=@UJONbQUR@Ia?J?BuFl5R@FJONPIK?JOUb{RSd5hFNRP?]NFRP?IK[GNZmIaJ
IKJR@FJONPIK?JOUbRSd5hF,RPDOF?=@dGx?JGF,DOUNpRP?ZUbKNP?VRP=EUJONPbKURPFCj?Y*h`?WGJO[wRSdAh`F NiGbKIKHF *¡ ¨UJ`[
; * . siRPDOIKNUY*?WGJ5R@N!R@?q[GFj^OJGIKJGLyRPDOFBfWOJOCR@Ia?JNPhOUCFZUJO[RPDGFs[XFh`FJO[XFJR,BfWGJ`CRPIK?J
NPhOUCFec`FRStuFFJsNPFjRP?IK[ONn5o?LIa\FpRPDGFrIK[XF UtxFeRP=@FUR>RPDGF1BfWGJOCR@Ia?JMNPhOUCFeDGF=@Fn Ia\FJ*RStx?
NPFjRP?IK[ON *k£E§ UJO[ s£E§ "iOtuF[XF^OJGFRPDGF ±E¯ T V SUT½[9Oªc W [YWVwS º * ¡ s£§ .cAd
3! -
- 5 4 *¡ .Q 3£/ * .Q5 X@¡ P9.>§ 9 GP£
p
y§
3£/ * .Q q§ GP¡ T§ G .
IK\FJ * teI_R@DyF 5WOUbKI_RSdM§ UJO[
teIaRPDyF5WOUbaIaRSdw§ iAR@DGIKNpIQNuRPDGFV²CUJG?JGIQCUb`F 5WOUbKI_RSd´
?J *¡sn> r?RPFyR@DOURVRPDGF]CU=@=PIKF=*NFR*¡% IQNVJG?R+SWONR *¡sicGWXR*R@DGF}²NPWGcONPFjR´?B
RPDO?NPFw *¡- RPD`URk=@FNPh`F CRR@DGFMF W`UbKI_R@IaF N UJ`[~§ n4¾XWOCEDUJ¬IKNkUbQN?CUbKbaF [
U [YWYVXS º!±E¯TV SUT Bf=P?Y *£§ 4RP? s
£§ nOzJqRSdAhFRPDOF?=@di`NWOCED]UsNPWGcONPFjRVf?B>NPFjR@?IQ[
BfWGJOCjRPIK?JONExIQNp=PFhG=PF NFJ5RPF[McAdMU T
5 v9RSdAhFiGCj?JONPIKNRPIKJGL*?B4hOUIK=@N " £ ,;£u teI_R@DfIKJwR@DGIQNeCUNPF
}
*¡si ,] 3
£ * .Q q § GP¡" T§ 9 GnXopDGF,F WOIa\UbKFJ`CjF=PFbKURPIK?Jy§ IKLJG?=PF NpRPDGFhG=@?5?Bv9R@F=@YZNiN? "£ ,2p§ "£E
1DG?bQ[GNeBf?=Ubab;FbKFY*FJ5RENr?BRPDGFVCU=@=@ IaF=
NPFjR * ¡s
n
opDGFkCUJG?JOIKCUb%F5WOUbaIaRSdM?J2*¡¨
IKNeRPDGFFlARPFJ`NIK?JOUb.F5WOUbaIaRSds?B4BfWOJOCR@Ia?JONnopDGF=@Fjv
* ¡
§
§
Bf?=@FiuRPDOF}IKJR@F=@hG=@FjR@URPIK?J?BFjlARPFJONIK?J`Ub!RSd5hFR@DGF?=Pd
IKJIKJR@FJONPIK?JOUb1RSdAh`FRPDOF?=@d
IKN
NP?WGJO[.nT ¶ BeCj?WG=@NPFiR@DGFZ?R@DGF=RSd5hFsCj?JONRP=@WOCR@Ia?JONNSR@IabKb>DOU#\FVRP?]cFZ\F=@Ia^OF[%.NPFFsr?Bv
YZUJGJ $% {Bf?=[XFjREUIKbKNn !zRDOUN,c`FFJ?cONF=P\F[RPDOURNPFjR@?IQ[GNhG=@FNPFJ5RUyLFJGF=EUbUJ`[
hG=EUCjRPIQCUbXtpU#d?B%[GFUbKIKJGL,teI_R@DZFjlARPFJONIK?J`UbXF5WOUbaIaRSdUJO[VteI_R@DZYZURPDOFYZUR@IKCUbOC?JONRP=@WOCv
RPIK?J`NuIKJMLFJGF=@Ub9n5zBSiXIKJwYZUR@DGFYZURPIQCNx?JGFNhFUHXNuIKJXBf?=PYZUbKbKdV?B;UM² NPFjR ´aiXtxF!FJOCj?X[XF!RPDOIKN
IKJqRSd5hF,RPDOF?=@dMcAdyUy² NPFjR@?IQ[%´ano?sNPDG?tRPDGF `FjlXIacOIabKI_RSdwtuFNDG?t DG?t U Z¯ SV WYTZV UJ`[yU
[¯ z[YWYV CUJyc`F=@FhO=PF NFJR@F[wWONPIaJGLZNPFjR@?IQ[GNn
Ia\FJUZNPFjRP?IK[ *£§ {UJO[qUJ]F5WGIK\#UbaFJOCjF=@FbQUR@Ia?J ³?\F=pR@DGIKN!NFRP?IK[%iOtuFk[GFj^OJGF
RPDO
F Z¯ SUV WYTZV"X¹ [WYVwS º *£
§ 0 *n5 r?R@FrR@DOURpRPDOFrBmUCRpRPDOUR
IKNpUJMF5WGIK\UbKFJOCF!=@FbQUR@Ia?J
?\F=xRPDGFNPFjR@?IQ[ *£
§ ;YVF UJONxR@DOUR
¦
*¡ *,¡ # xIKNeUJyF 5WGIa\UbaFJOCjF,=@FbQURPIK?Ji
:
:
G:
:
!"# $%
§):*iXI"n Fn0;£/ * .K y §
:*
GP¡
Gn
:
:
Fq[GFj^OJGFyR@DGF]WO?RPIKFJ5RZNFRP?IK[ *k£E§ NPIaY*hGbKdUN1 *£ "nzRZIQN*UJ~F UNPdFjlXF=ECjIQNPF
RP?
NDO?t DG?t U~NPFjR@?IQ[«BfWGJOCjRPIK?J Bf=@?Y *£§ RP? M£E§ R@DOURy=PF NhFCjR@N
fI"n Fn
;/£ * .K
X@¡ P9 k§ " GP,IKJO[XWOCFNU]NPFjR@?IQ[}BfWOJOCR@Ia?JBf=P?Y *£E§ RP?
s£E§ "n
Ia\FJU!NFRP?IK[ *£§ XUJO[U!hG=@F[XIQCURPF «?J1*ki txFu[GFj^OJGFuRPDOF [¯ ¹X[WYVwS º *£§ UNRPDGFsh`UIK= * .Q j£E§ iteDOF=@Fy§ IKN*§ =@FNRP=@IKCjRPF [RP? *iI"n Fn.Bf?= A£
* .Q i
: 56
56
9 9 69
9
§ 9
:
9
G9
§
:
9
>§ .
zJ}[XF^OJGIKJGLqUsNWOcONFRP?IK[%itxF[X?wJG?R=PF WOIa=@FR@DGFkhG=@F[GIKCURPF RP?w=PF NhFCjRrRPDOFF W`UbKI_RSd
§ n%mopDOURpIQNi5txF,[X? T§SUV =PF 5WGIa=@F £ *k y§ P¡
*R@?DG?bK[.n p¾A?`i5IKJsREUHAIKJGLVU
NPWGcONPFjRP?IK[MtuF!YZU#dV=@FY*?\FrFbKFY*FJREN>Bf=@?Y©R@DGF§rv"F WOIa\UbKFJ`CjF!CbKUNPNPFNnAopDGIKNxIQNxJOUR@WG=@Ub9i
cFCUWONPFxtxFpU=@FxJO?RIaJ5R@F=@FNRPF[kIaJVR@DGFpFbKFY*FJ5R@N{?B *kicGWXRIKJR@DGFr§rv"F 5WGIa\UbaFJOCjFpCjbQUN@NF Nn
u?J`NIQ[XF=TRPDGF!Bf?bKbK?teIaJGLkFjlGUY*hGbKF1teDGF=PFrRPDGIQNuUhGhFU=EN>=EUR@DGF=uJOUR@WG=EUbKbadn FjR * § * ) ) *cFR@DGFRSdAhF}?BhOUIK=@Ns?BkUJIKJ5RPFLF=yUJO[U~JOUR@WG=EUb1JAWGYc`F=npo?~=PFhG=PF NFJ5RZRPDGF
=EURPIK?J`UbQNutxF[XFj^`JGFiXBf?= ;£ , j£ 5£ *i
2
9 -9
"9
+
;£ ,2T§ 5£
§ 4 >§ , # .
1?t Cj?JONIQ[XF=pRPDGFhG=@F[GIKCURPF ³
9 ?J)* [XFj^OJOF[ycAd
:F ; £ ,2 § L5C[% ;£ , >§ .
opDGFkNPWGcONPFjR@?IQ[ *k£E§0 ¦
9 IKNrIKNP?Y*?=@hGDGIQC!RP? *£§ 4I_RENFb_BSi`cGWXR!UbabF5WGIK\#UbaFJOCjFCbKUNPNPFN
DOU#\F!cFFJy=@F[GWOCjF [MR@?ZU?JGFFbKFY*FJR1NPFjR n
¯ YV"¼@W[ªTºycSLWP SUT[
DGFJVW`NIKJGLNPFjRP?IK[ON4RP?,Bf?=@YZUbKIagFTR@DGF1JG?RPIK?JV?B%NFRi?JGFpFJOC?WGJ5R@F=ENUrRSdAhGIKJGL,hG=@?cGbKFYqn
¾AWGhOh`?5NFtxFDOU#\F,RPDGFkNPFjR@?IQ[ k
* £E§ "n 1?ti³
* jiOcOWXR1RPDOFNPFjRP?IK[ * £§ 4IKN1JG?Rr?B
RSdAh`F ji.cOWXR?BuRSdAhF * .
* ¡ ,
* ¡ # 1FJOCjFZtxFMCUJJG?Rk[GFCjbQU=@FsUq\U=@IKUcGbKF
~ * £E§ rfcFCUWONPFVtuFZCUJ}?JGbad[GFCjbQU=@FUw\U=@IKUcGbKF ¬
I_B
?=
# n
¾AIKY*IabQU=@badiXI_B s
* iXR@DGFJ sIQNeJG?Re?B4RSd5hF k
* £E§ n
5
? | N1UVYZURPRPF=e?B;BmUCR iOU*NFRP?IQ[yCj?J`NIQNSRENp?B{U 9V W
*£§
£ @5 *k . 5 *¡ *,¡ # .Q 1 %' ( & j£
IQNVUhG=@?A?B1?BV 1 %' ( & j iNSREURPIKJGLRPDOURw§ QI N*UJ¬F5WGIK\#UbaFJOCjF
' %-
teDGF=PF ' % =@FbQURPIK?Jy?\F= k
* nGzB{tuF,Bf?=PYZUbKIKgF!RPDGF,RSdAhF?B{F5WGIK\#UbaFJOCjF,=@FbQUR@Ia?JONx?\F=eU^GlXF[)* UN
& %' M§
5
*¡ *,¡
# Q. 1 %' ( &
£
RPDOFJ.i.IaB & ' }UJ`[£ *i%?JGF*tu?WGbK[}baIKHFVR@?yte=@IaRPF i%cGWXRR@DGIKN,IQN,JG?RU
hG=@?h?NPI_R@Ia?J.n.mopDOF IKNp=@FUbabKdMU Oª Cj?JONIQNRPIKJGL*?B4UVcGIKJOU=Pds=@FbQUR@Ia?JyUJO[yUhO=P?A?BSn
zButxFbK?A?H]UR,RPDOFkBf?=PYZUbKIKgUR@Ia?J?BpNWOcONFR@N,UNNPWGcONPFjRP?IK[ONitxFFJOCj?WGJ5RPF=UyNIKY*IabQU=
hG=@?cGbKFYqnXzB *k£E
§ 0 ¦IKNrUVNPWGcONPFjR@?IQ[M?
B *£
§ 0"iXR@DGFJ]UJ² FbKFY*FJR ´X?B4RPDGIQN1NPWGcONPFjR@?IQ[
9
ÀGÄ.
À;Ï{
9
IQNLIK\FJc5dU Oª £ , i;teDGF=@F
¬/*UJO[ , icGWGRRPDGIQNIKNJO?RUJ«² FbaFYVFJ5R´?B
*£E
§ 0I_B *,¡
UJ`[ *£§0 *ituFVCUJJG?R,te=@I_R@F i.UN IaR@NPFbaBTIKNJG?R?B
RSdAh`F *kn
opDGFhG=@?cGbKFY baIKFNrIaJqR@DGFBmUCRrR@DOUR!?WG=eR@F=@YZN1U=@F\F=PdwFjlXhGbKIKCI_R iOteDGF=PF UNetxFtu?WGbQ[
bKIaHF,RP?scFkY*?=@FIKYVhObaIQCjIaRnopDGIKN!NIaRPW`URPIK?J]IQNrUbKNP?*FJOC?WGJ5R@F=@F[qIKJ]Y*URPDGFYZURPIQCNiGteDGF=PF
?JOFs[XFj^OJOFNi%Bf?=FlGUY*hGbKFsU² L=P?WGh.´.UNkUyRPWGhGbK
F
§ *£ A£ * ) X£ iteDGF=@F *¨IQNU]NFRi
ZUMcGIKJOU=@dq?hF=EURPIK?Ji * ) sUsWGJOU=Pdq?h`F=@URPIK?J}UJO
[ *UJFbKFY*FJ5R!?B *i%N@UR@IKNBfdAIaJGLsRPDGF
L=@?WOh«UlXIa?Y*NnuopDOFJ ?JGF}NPh`F UHXNZ?BZ² FbKFY*FJRENs?BRPDGFL=@?WG
h Z´KiuteDOF=@F?JGF}=PF UbKbad
Y*FUJON² FbKFY*FJ5RENr?BRPDGFymCU=P=@IKF=eNF
R *´Kn.¾A?Oi`?JGFym[XFbaIKcF=EURPFbadG1YVIalXFN!WGh]R@DGFkL=P?WGh
³UJO[ZIaR@NpCU=P=@IKF=TNPFjR *nXopDGIQNTIQNuJG?ReNbK?hOhGIaJOFN@Ni5cGWXReCj?J5\FJGIKFJ`CjF5N?Y*Fr?B%R@DGF,[XFjREUIKbKN
U=@Fq[XFbKIacF=EUR@FbKd?Y*IaRRPF [%i>HAJG?teIKJGLR@DOURZ?JGF]CUJ~^ObKbpRPDGFY IKJ¬IaB!JGF CjF NPN@U=@dn{opDGIQN*IKN
NP?Y*FjR@IaY*FNeCUbKbaF [² IKJXBf?=@YZUb.=@IaL?= ´an
| NptpUNx^O=ENSReJG?RPF [McAd | CjgFb9iX?JGF,tu?WGbQ[MbKIaHFRP?*DOU#\F,U*NIKY*IabQU=pY*FCED`UJGIQNYIaJyRSdAh`F
RPDOF?=@diABf?=1cFIKJGLZUcGbKF,RP?ZWONPF,IaJGBf?=@Y*Ub.=@IaL?= n | tpU#dZR@?*[G?*RPDGIQNeIQNecAdMCj=@FURPIKJGLZUbKF\Fb
?J¬RP?h¬?B!R@DGFyRSdAh`FqR@DGF?=PditeDGF=@Fq?JGFqCUJ¬WONPF]Y*?=@FwIKJXBf?=PYZUbebQUJOLWOULFi{teDGIQCED
IKN
RPDOFJwRP=EUJONPbKURPF [ZRP?VR@DGFBf?=@Y*UbbaF\Fb"nGopDGIQNp=PF 5WGIa=@FNTRPD`URpRPDGF,IKJXBf?=@YZUb%FlAhO=PF NPNPIa?JONxU=@F
FjlXhOUJO[XF [IaJ
NW`CED¬UtpU#dRPDOURR@DGFdcFC?Y*FMtxFbKbav9Bf?=PY*F[IaJ~RPDGFyWGJO[XF=PbKdAIaJOL}Bf?=PYZUb
RSdAh`FwRPDOF?=@dn4zRVRPWG=@JONV?WXRVRPD`UR*IaJ~RPDGIQNVFjlXhOUJ`NIK?J.i;RPDOFMRSdAhFyNPdAJR@DGFNPIQNUbaL?=@I_R@DGY IKN
\F=PdWONPFjBfWOb9i>UNIaRZLFJGF=EUR@FNkRPDGFqY*IKN@NPIaJGLIKJXBf?=@YZURPIK?Jn{opDOIKN*CUJ¬cFyY*U[XFyBf?=@YZUbKbad
hG=@FCIKNPF,c5dMIaJ5RP=@?X[XWOCIaJGLVR@DGFJG?R@Ia?Jw?B c SCWj@ ST n
¾A?Y*Fk?BRPDGFhG=@?cGbKFYZUR@IKCkFjlGUY*hGbKFN1RPDOUR!txFkL5U#\FUc?\FCUJ}c`FVNFFJ}UN1IKJONSREUJOCFN
?B!RPDGF [¯ w¹ V9¼@ T#'wÒ S W® n>zJ¬RSdAh`FyR@DGF?=PdUNtxFyDOU#\Fq[XIQNPCWONPNPF[~WGJ5RPIKbeJG?ti4RPDGF=PF
IQNkJG?JG?R@Ia?J?BrNPWGcXRSdAhF4tuFyCUJJG?R*NPU#dRPD`UR * Mi4teIaRPD¬UNIaJ5RPFJO[XF [Y*FUJOIaJGL
RPD`URMIaB * R@DGFJ UbKNP? snuzRMR@WG=PJ`Ns?WGRsRPDOURMIaB,?JGF}U[G[GNsNPWOCED UNPWGcXv"RSdAhGIaJOL
=@FbQURPIK?Ji`R@DGF*[XFCIK[GUcGIKbaIaRSd?BTRSd5hFZCEDGFCEHAIKJGLMcFC?Y*FN=EUR@DGF=,hG=@?cGbKFYZURPIQC'
n ]?=@F?\F= i
RPDOF=@FrU=@F1\U=@Ia?WONtpU#dXNIaJMteDGIKCED*R@DGF!NPWGcXv"RSdAhGIKJGL=@FbQURPIK?JZCUJZcFrbKI_BR@F[MUba?JGL,RPDOF1RSdAh`F
Cj?JONRP=@WOCR@Ia?JONfbKIKHF
UJO[}¡~jn ¶ JyRPDOFk?R@DGF=rDOUJO[.iON?Y*F?B4RPDGFkhG=P?cGbKFYZN1[XIQNPCWON@NF [
Uc?\F,CUJwcFNP?bK\F[wWONPIaJOL*NPWGcXv"RSdAhGIKJGLO
%
G
9
!
3
#5
zB
*¡ # j£
zB & ' *¡ *,¡ # £
z B *k£E§ *£§ "£
* . *,¡
9
RPDGFJ
RPDGFJ
RPDGFJ
] *k£E§
;CUJwcF[XF CjbQU=@F[£
& ' £ £
* ³*,¡%M£ s *k£E§ 9 M
£
#
.
1?RPFiDG?tuF\F=kR@DOUR*RPDOIKNs[G?5F NVJG?RsNP?bK\FqUbKbehG=P?cGbKFYZN{IaB *ki>tuFqCUJ¬JO?RZte=PIaRPF
s *k£E§ >RPDO
F JGFF [GN>R@?cF,=PF\F=@NPF[OjnOWG=R@DGF=@Y*?=@FiRPDGF,Y*FUJGIKJGLk?B *k£E§ *£E§ IQNpJG?RrN?ZCjbKFU=iXUNpc`?RPD]U=@F,JG?RpRPDOFYZNFba\FNxRSdAhFNn
| =PFbKURPF[cGWXRk[GI_µF=@FJ5RkNP?bKWXRPIK?JCUJcF*Bf?WGJ`[cAdYZUH5IKJGLyRPDOFZIaJOCbaW`NIK?JON*
FjlXhGbKIQCjIaR1c5dwU c SCWj@ ST®Zª@ nOopDGFJqtxF,DOU#\F,Fn LOn
9
C
5
* . *,¡
*¡ *¡ *,¡
#
j£
.
& ' FD`U#\FrJO?kYZUhwBf=P?Y *k£E§0
R@? *£§ iGUNTRPDOFNPF,U=PF!JG?RxRSdAh`F NnXopDGF,YZUh`NTDGF=PF
U=@F SWONR![XFj^`JOUcGbKFRPF=PYZN1UJO[ytuFCUJy=PFhGbKUCjFRPDOF cAdwUJ]¡ nOxWXR1R@DGFJqtxFU=@F,cOUCEH
RP?*R@DGF?=@IKLIKJOUbBf?=PYWGbKURPIK?JONxteDGF=PFtxF,DOU#\FR@?ZLIK\FUbKb%RPF=PYZNeFlXhGbaIQCjIaRPbKdMF\F=PdAteDGF=PFn
9
!"# $%
opDGF!IK[XF UIQNRP?[XFCbKU=PFeR@DGF!C?AF=ECjIK?JON>UNTNPh`F CjIQUb`Y*UhONiRP?kc`F!WONF [ZcAdkR@DGF1RSdAhF!CEDGF CEHF=
RP?MRSdAh`FVFjlXhG=@FN@NIK?J`Nn¾A?sR@DGFW`NF=[X?AF NrJG?RD`U#\FR@?wIKJONPF=PRrRPDOFNPFkYZUhONicGWXRRPDGFRSdAh`F
CEDGF CEHF=rteIabKb4[G?wNP?ZRP?MC?Y*hGWXR@FUsRSd5hFn (TN@NPFJ5RPIQUbKbadiXRPDOF=@FU=@FR@DG=PFFtpU#dAN1IaJteDGIKCEDU
RSdAh`FCEDOFCEHAIaJOLVUbaL?=@I_R@DGYCUJwW`NFU*Cj?AF=ECjIK?JyYZUh.n
}
*
* -
!m?=
½
¦
! *,¡
#*
Z
s
IQNpFjlXhOUJO[XF[wR@? Z ?B;RSdAhF
.
¦
*¡
IQNpFjlXhOUJO[XF [sR@? ]` .
s
*
*
ZIQNeFjlXhOUJO[XF[MRP?
Xx?B;RSdAhF
.
zRyNPDG?WGbK[«UbKNP?cFh`?5NPNPIKcGbaFRP?WONPFYWGb_R@IahObaFCj?AF=ECjIK?J«YZUhONTIaB,RPDGF=PFU=@FCj?AF=ECjIK?JON
* UJO[
Vi.R@DGFJR@DGF=@FsIQNkUC?AF=ECjIK?J° ; * . Z * Vn{¾A?
RPDOFwCj?AF=@CIa?JONU=@FZ=@FUbKbK
d SWONRV[GFj^OJOUcGbKFw°Xv"RPF=PYZNRPDOURVCUJc`FyCj?YVh?NPF[.n ¶ B1Cj?WG=@NPFi
RPDOF=@FNPDG?WObK[ZcF,?JGbKd*?JGF,Cj?AF=@CIa?JZc`FRStuFFJsRStx?RSdAhFN * UJO[ ¦UJO[ZR@DGF=@FNPDG?WGbK[sc`F
JG?]Cj?AF=@CIa?J]Bf=P?Y UMRSd5hF *¦[email protected],D`UN!RP?qcF*CEDOFCEHF [cAd]R@DGFZNdXNRPFY URRPDGF
Y*?Y*FJ5R!UZC?AF=ECjIK?JyIKN![XFCbKU=PF [%GIaR!NDO?WGbQ[yL?*RPDO=P?WGLDyRPDOFZ² C?AF=ECjIK?JyL=EUhGD.´GRP?s\F=@I_Bfd
RPD`UR1IaR1IKNeNRPIKbab;UkR@=PFFnOO?=eY*?=@F,?JqCj?AF=ECjIK?J`NxNPFF pU=PRPDG
F $%
?!
= WG1
? $%n
!#"#"
RoSTZT§W@YV SUT cWYV WcWYT}S '
.
VªTº 9V ¼@ZW fV ·WcS¼
DGFJ*[G?IKJGLBf?=@Y*UbXhG=@?5?BmN{teI_R@DVRPDGFeDGFbah*?BNP?Y*FeCj?Y*hGWGRPF=>NPdXNSR@FYqi?JGFpY*U#dktu?JO[XF=
teDOUR1?JGF,IQNp=PF UbKbadshO=P?\AIKJGLOn ¶ = iARP?*hGWXR1IaRr[XIaµF=PFJR@badi
teDOURpIQN>R@DGF [YW®*ªTZV z[ ?B%RPDOFrBf?=PYZUb`?c SF CREN>R@DOURuRPDGF,NdXNRPFY
IKNr[XFUbaIKJGL*teI_R@D 9UJO[ZRPDGFWONPF=
opDGFpNdXNRPFY*NRPD`URtuFxU=@FuC?JOCF=@JGF[teIaRPDVDGF=PFxU=@FTcOUNF [?JkRSd5hFuRPDGF?=@di teDGIKCEDY*?\FN
RPDOFwNPFYZUJ5RPIQCNvWOFNRPIK?JBf=P?Y R@DGFsbKF\FbT?BxR@DGFwC?Y*hGWXR@F=kNPdXNSR@FY RP?]R@DGFMbKF\Fb>?BpRPDGF
[email protected]@FYq
teDOURr[G?R@DGFFjlXhG=@FN@NPIa?JONx?B4RPDGF,RSdAhF!R@DGF?=PdMYVF UJ
1?RPFZR@DOURkRPDGIQN?JGbadLIK\F NUN@URPIQNBmUCR@?=@d}UJ`NtxF=IKJCUNF*R@DGFMCj?Y*hGWXRPF=NPdXNSR@FY IKNU
BmUIaRPDGBfWGbIaY*hGbKFY*FJREUR@Ia?J}?BTRPDGFVRSdAh`FRPDOF?=@dnopDGFZUCjRPWOUb4NPIaRPWOURPIK?J}IQN,UNrBf?bKba?t1N`RPDGF
IKJR@F=EUCjRPIK\FhOU=PRfteDGF=PFRPDOFhG=P?A?Bv9R@F=@Y*NpU=PF j W@ª VXWEº xIKNpJG?ReBfWGbKbadwFjlXhGbQUIKJGF[wIaJwRPF=PYZN
?BTRPDGFRSdAh`FRPDGF?=@d`DG?txF\F= iXRPDOF E· WEE¸ T' fteDGIQCED}IQN,[X?JGFVUBR@F=RPDGFVhG=@?A?Bv"RPF=@Y DOUN
cFFJ]C?Y*hGbKFjRPF [OxIQNeCj?Y*hGbKFjR@FbKdsBmUI_R@DXBfWGb%R@?*RPDGF,RSdAhF,RPDGF?=@dn
ÀGÄ.
À;Ï{
¾A?Oi4tuFwteIabKbeCj?JX^OJGFw?WG=ENFba\FN,R@?R@DGFy5WGF NSR@Ia?JteDOURkRPDOFwFlAhO=PF NPNPIa?JON?BeRPDGFwRSdAh`F
RPDOF?=@dyYVF UJ.nopDGIQNr5WGFNRPIK?JCUJ]cF[XF UbaRrteIaRPDIKJ[XIaµF=PFJRtxU#dXNnO4Ia=ENRrtuFCUJ]bK?A?H
URNP?Y*F]fhG=@FjBfF=P=@F[`rY*?X[XFb9i i%?BpUyhGIKFCFZ?BxY*URPDGFYZURPIQCNUJO[UNPH]teDOURR@DGF*RSdAh`F
RPDOF?=@FjR@IKCUb4FjlXhG=@FN@NIK?J`NrY*FUJ}IK
J
n.¾AF Cj?J`[%ituF*CUJ}bK?5?H]URN?YVFVbK?LIQ
C UJO[}UNH
teDOURRPDGFMYVF UJGIKJGL]?BuR@DGFZRSdAh`FsRPDGF?=@FjRPIQCUb>FjlXhG=@FN@NPIa?JON,Ia
J IQNn;opDGIQN=@FNPWGbaR@NIKJRPDGF
Bf?bKbK?teIaJGLZ5WGF NSR@Ia?JONn
DOUR>IQN{R@DGFeIaJ5R@F=@hG=PFR@URPIK?Jk?B`R@DGFeFjlXhG=@FN@NPIa?JON4IaJVRPDOFeYV?X[XFb UJO[%i#Bf?3= * i
IKN * RP=@WGF,Ia
J
I_
µ * IQNpIKJGDOUcOI_R@F[ DOURIKNrRPDOFIaJ5R@F=@hG=PFR@URPIK?J]?B{R@DGFkFlAhO=PF NPNPIa?JONeIKJ]RPDOFkbK?LIQC UJO[%iOBf?= * i
IKN * hG=P?\UcGbaFIK
J Ia
µ * IQNeIKJGDOUcOI_R@F[ | NRSd5hFxRPDGF?=@dIQNLFJGF=@IKCi#tuF1U=PFxYZUIKJGbadIaJ5R@F=@FNRPF[IKJR@DGF1NPFCj?JO[VWOFNRPIK?J.nopDGF1C?JXv
JGF CRPIK?JwteI_R@DwbK?LIKCrIKNxF\FJMYV?=PF=@FbKF\UJ5RxUNuRSd5hF!RPDGF?=@d*NPFFHXN>R@?=@FhG=@FNPFJ5R Ò SCSS± [ UN
RPF=PYZNR@DGFNPFrhO=P?A?Bv"RPF=PYZN>RPDGFJMcFjRR@F=pDOU#\FrN?Y*Fr=@FbQURPIK?J*R@?UkhG=P?A?B.IaJwba?LIQCnO?bKba?tpv
IKJGLVRPDGFkuWG=@=Pd5v1?tpU=E[Av[XF1x=PWGI SJ Ò SE SU[ V SUTZ[¹gª [w¹ V9¼@Z W[E¹ W® WEºº T#' iGBf?=PYWGbQUNx?B4ba?LIQC
U=@FrIKJ5RPF=PhG=@FjR@F[sUNuRSd5hFNiXUJO[wURuRPDGFN@UY*F1R@IaY*Fi.mJOUR@WG=EUb[XF[XW`CRPIK?Ju[GF=@Ia\UR@Ia?JONxU=@F
IKJR@F=@hG=@FjRPF []UNrhG=P?A?Bv9R@F=@Y*Nn`¾A?`iOR@DGFkUJONtxF=1RP?sR@DGF5WGF NSR@Ia?J]teDGFjR@DGF=!hG=@?5?Bv9R@F=@YZN1IKJ
RSdAh`FVR@DGF?=Pd=@FhO=PF NFJR,hG=@?A?BmNIKNU Z=PYZUR@Ia\FhG=@?A?Bv"RPF=@YZN=PFhG=PF NFJ5R@NJOUR@WG=EUb[XF[GWOCv
RPIK?JhG=@?5?BmNn ¶ BuC?WG=ENFiOR@DGF*NIaRPWOURPIK?JIKNY*?=@FC?Y*hGbKIKCURPF [%RPDGF=PF*U=@FUMba?R?BTbK?LIQCN
UJ`[UybK?R?BuRSd5hFVRPDGF?=@IaF Nn.xWXRIaBxtxFZCEDG?A?NPFiLIK\FJ}?WG=ba?LIQCkIKJJOUR@WG=@Ub>[XF[GWOCR@Ia?J
NRSd5bK
F riOUJyUhGhG=@?hG=@IQURPF!RSdAh`F,R@DGF?=Pd piGtxF,DOU#\FRPDOF,Bf?bKba?teIKJGL
S¯TºUT§Wz[c[
5
?B4RPDGF,Bf?=PYWGbQUNvUNSv"RSdAh`F NTFYkcF[G[XIKJGL`
( x £
5
5
teDGF=PF
[GFJG?RPFNTRPDOF![XF [XWOCR@Ia?JM?B IKJ
UJO[ IaR@NuFJ`Cj?X[XIKJGLkUNxU,R@F=@YIKJ xjn(
IQNTUCj?J5RPFjlARTIKJZteDGIQCED*RPDGFr=PFbaF\#UJ5RT\U=@IKUcGbaF NU=@F1[XFCbKU=PF [%nzJw¾XFCR@Ia?J Gn XitxF1[XF NPC=PIKc`F
RPDOFpBf?=@YkWGbQUNvUNSv"RSdAh`F NFYkcF[G[GIaJGLIKJ*Y*?=@Fp[GFjR@UIabGBf?=DGIKLDGF=?=E[XF={hG=@F[GIKCURPFpbK?LIKCpUJ`[
IaR@N1C?=@=PF Nh?JO[GIaJGLkRSdAh`FNPdXNSR@FYqn
opDGF?R@DGF=rtxU#dMU=P?WGJO[%iOtuFYZU#dwtu?JO[XF=eteDOFjRPDOF= iOIaB ¬IQN1IKJGDOUcOI_R@F[qIKJ piGR@DGFJ
IQNe[XF=PIK\UcGbKFIa
J fteDOF=@F jn
RS®rWYVXWYTIW[c[
?B4RPDGF,Bf?=PYWGbQUNvUNSv"RSdAh`F N>FYc`F G[ [XIKJGLO
( x£
teDGF=PF (IQNrULUIaJqUsCj?J5RPFjlAR1IKJ]teDGIQCEDqRPDGF=@FbKF\UJR1\U=PIQUcGbKFNeU=PF[GFCjbQU=@F[.nGzBtuFREUHF
IKJR@?VUCC?WGJ5RxRPDOUReUkRPF=PY IKNxIKJR@FJO[GF[MRP?*=PFhG=@FNPFJ5RxUVJOURPWG=EUb%[XF [XWOCR@Ia?JMhG=@?A?BSi
txF>YZU#d!NRP=@FJGLRPDGFJ?WG=C?Y*[email protected]!=PF WOIa=@IaJOL1UJFYc`F [G[XIKJGL Bf=@?Y hG=P?A?Bv9R@F=@Y*N
RP?Z[XF [XWOCjRPIK?JONn
V"ÒSUT',RS®r«WVwWT§Wz[c[
?B;R@DGF,Bf?=@YkWGbQUNvUNv9RSdAhFN>FYkcF[G[GIaJGL`
( .
u?Y*hGbKFjRPFJGFN@N!IKNJG?R!IKJUbKb{CUNPFNNP?sFUNdn%u?JONIQ[XF=rBf?=!FlXUY*hGbaFkRPDGFU=R@IaJXv ?" BS´ N
RSdAh`FrRPDGF?=@IaF NiteDGF=@FeR@DGF=@F1IQN>JG?V[XIKNRPIKJOCjRPIK?JscFjRStxFFJq² NPFjREN´AUJO[q´ hG=@?h?NPI_R@Ia?JON´c?RPD
U=@F?B4RSdAhF jn FkD`U#\FkUba=@FU[Xdw[XIQN@CjWON@NF [yRPDGIQNNIaRPWOURPIK?JIKJ}¾AF CRPIK?J Xn
XiOteDOF=@FtuF
h?IKJR@F[?WXRkR@DOURkIKJ?=E[XIKJOU=@d}bK?LIKCVR@DGF=@FsIQNkUNPDOU=Ph[XIQNSR@IaJ`CRPIK?J~c`FRStuFFJ UJ`[
!"# $%
kBf=@?Y RPDOFy\F=@dNSREU=PRn{zRZIKNSWONR*RPDGFqtpU#dba?LIQCsIQNZ[XFj^OJOF[%iIKJ [zVª ';Wz[ iteDGF=PFy?JGF
^O=ENSRs[XF^OJGF NVRPDGFqR@F=@Y*N]mIaJ`CjbKWO[XIKJGLRPDGF[G?YZUIKJONEi{RPDOFJ
RPDGFyBf?=PYWGbKUN*UJO[¬RPDOFJ¬RPDGF
[XF=PIK\URPIK?J`Nn{opDOURVY*FUJ`NR@DOURBf?=U=PRPIKJXv ?" BS´ NRSdAhFMR@DGF?=PIKFNi4I_RVIKNVJG?RVNP?}FUNdRP?
[XF^OJGFUVY*UhGhGIKJGL*cOUCEH*R@?VRPDGFbK?LIKCVfIKJyRPDGIQNeCUNF^O=ENSRp?=E[XF=xIKJ5RPWGIaRPIK?JOIKNRPIQC,ba?LIQCjnAO?=
FjlGUYVhObaFiXba?A?HwUReRPDOFCj?J5R@FjlAR
E9
9 Aj£:*Q 9 X@¡
*k j£ *£ * *¡ j£ K
j£@4Q
9 XP¡
* .
zB!txFyRP=@dRP?IKJ5RPF=@hG=@FjRVRPDGIQNZIKJ~^`=@NRZ?=E[XF=*IKJR@WGIaRPIK?JGIQNSR@IKCybK?LIKCi4txF]CUJ¬\AIKFt * UNVU
[X?Y*UIaJi ZUNuUJsFbKFY*FJ5Rp?
B *ki UNxUkhG=@F[GIKCURPF!?
J * UJ`[ wUNTRPDGF,UN@NWOYVhGRPIK?JsR@DOUR
XpDG?bK[ON qIQN1UJ Uª [c[E¯X® WEº,Ò SCSS± ?Bp Xn`uWGR1RPDGFJ CUJq?JGbadwc`FWOJO[XF=ENRP?A?X[
UNUyhG=@F[GIKCURPF*?J}R@DGFsNFR?BphG=P?A?BmN,?B X i.UJO[~UNUyYZUhBf=P?Y RPDGFZhO=P?A?BmN,?B
X4RP?RPDGF[X?YZUIKJ *n5zRTteIKbab`c`FCjbKFU=>RPDOUR>RPDGF=PF!U=@FeY*UJAdkRSdAhFN {IKJ*RPDOF1RSdAh`F
RPDOF?=@dRPDOURVD`U#\FMJO?}IKJR@F=@hG=@FjR@URPIK?J.i4JGFI_R@DGF=ZUNVU~² [X?YZUIKJ.´;JO?=*UNVU² hG=@?h?NPI_R@Ia?J.´ai
IKJ^`=@NR?=E[XF=,IKJR@WGIaRPIK?JGIQNSR@IKC*bK?LIKCn | NUqCj?JONPF5WGFJ`CjFi¾ARP=@?JGLu?Y*hGbKFjR@FJGF NPNBmUIabQNBf?=
U=R@IaJXv ?" BS´ NxRSdAhF,RPDGF?=@dnXzRrD`UNpcFFJ]NPDG?teJ McGWXR1R@DGFhG=@?5?B;IQNe=@FUbKbKdsIaJ5R@=PIQCURPFiGNPFF
¾AtpUF
J $ R@DOURTC?Y*hGbKFjRPFJGFN@NeR@DGFetxFUHF={\U=@IKUJ5RE;DG?bQ[GNn1?txF\F= i#I_BtuFeFlARPFJ`[
RPDOFNPFRSdAh`FR@DGF?=PIKFN1RP?sDOIaLDGF=1?=@[GF= iGtuF?cXR@UIaJ]FI_R@DGF=UJ]IKJOCj?JONPIKNRPFJRNdXNRPFY fIaB>tuF
IKJR@F=@hG=@FjR4RPDGFpDGIKLDGF={?=E[XF= UN{U Tv"RSdAh`FiNFFeu?X5WOUJO[ $
fi#?=xmI_BtuFxIKJR@F=@hG=@FjR4RPDGF
DGIKLDGF=e?=E[XF= wIKYVhO=PF [XIKCUR@Ia\FbKdXxU*NPdANRPFY½Bf?=eteDGIKCEDqCj?Y*hGbaFRPFJGFN@NpBmUIKbQNpteI_R@Dy=@FNPhFCR
RP?ZC?JONRP=@WOCR@Ia\F,DGIaLDGF=e?=@[GF=phG=@F[XIQCURPF,ba?LIQCGNPFFxF=EU=E[XI %&i FWG\F=@N $% "n
¾AWGY*YZU=@IagIaJGL`i{tuFq?c`NF=P\FsRPDOFwBf?babK?teIKJGLh?N@NPIacGbKFqh`?IaJ5REN*?B!\AIKFte #^O=ENSR*?=E[XF=
hG=@F[XIQCURPF]bK?LIKCyIQNsIKJOCj?YVhObaFRPFiuUNZIaRw[X?AFNsJG?RMUbabK?t?c SFCjR@N*R@?[XFhFJO[ ?J«hG=@?5?BmNi
teDGF=PF UNuc`?RPDwU=P
F SWONR!²Cj?JONSR@=PW`CRPIK?J`N´K >RPDGFIQ[XFUk?BWGJOI_BfdAIKJGLkR@DGF # UJ`[ZRPDOF WGJGIK\F=@NPFxIaJ5RP??JGF0 P4IKN>te=P?JGLOiUN{IaRTCj=@FURPF N;?c SFCjR@N[XFh`FJO[XIKJGL?JVhG=@?A?BmNiUrBfF UR@WG=PF
UbKIKFJwRP?*?=E[XIKJOU=@dZba?LIQCn F,RPFJ`[MR@?*DOU#\F!RPDGFNPFC?JO[M\AIaFtiOUbaRPDG?WGLDMRPDGFNPIaRPWOURPIK?JyIKN
JG?RrN?VFUNdiGUNeCUJwcFNPFFJyBf=@?Y¨R@DGF,RStx?VFlGUY*hGbKFNxc`Fba?tiOteDGF=@F,tuFUhOhGbadsRPDGFIQ[XFU
?B{bKFjRR@IaJOLV?c SFCjR@N1[GFhFJO[y?JyhG=@?A?BmNn
I_R@DZ=PF NhFCjR4R@?,RPDGFeIKJ5RPF=PhG=@FjREUR@Ia?Jk?BRPDOF1Cj?J`NSR@=PWOCjRPIK\FpFjlXIQNSR@FJ5RPIQUbG5WOUJ5RPIa^OF= i#RPDGF=PF
U=@FUbQN?
RStx?«h`?5NPNPIacObaFh?NPI_R@Ia?JONkfzqIKJ5RPF=PhG=@FjR
cAd R@DGF Tv"RSd5hFirteDGIKCED [X?AF N]JG?R
tx?=@HVtxFbKbBf?=pDGIKLDOF=p?=E[XF=pbK?LIKCimcGWXReDGIKLDGF=v?=E[XF=ubK?LIKC!IKNx?BRPFJqCj?JONPIK[XF=PF [MUNuJO?JXv
Cj?JONRP=@WOCR@Ia\F Zc`F CUWONF,IKY*hG=PF [XIQCUR@Ia\F sUJAdAtpU#dXjmzzxIKJ5RPF=@hG=@FjRpI_R1IKJqU[XIaµF=@FJ5RetxU#d
fFn L`nOWONPIKJGLMU*DGIKLDGF=r?=@[XF=eFJOC?X[XIaJOLs?=rUJ]IaJ`[XWOCR@Ia\FFJ`Cj?X[XIKJGL5xR@DOURU#\?IQ[GNpR@DGFhG=@?v
SFCjRPIK?JON?B!hG=P?A?BmNR@?}?c SFCRENn ¶ cA\AIa?WONbKdi;h`?5NIaRPIK?J fz?JR@DGFyFjlXIKNRPFJ5RPIQUbpW`UJ5RPIa^OF=
IKJR@F=@hG=@FjR@URPIK?J¬L?AFNVtxFbKbeteI_R@D¬h?NPI_R@Ia?J V?JRPDOF # v v"IQN@NWGF]Uc`?\Fn¾AIaY*IKbKU=PbKd
fzPzpL?AF NutxFbKb.teIaRPD xUc?\Fn
u?JOCbaWO[GIaJGLRPDGIQNw[GIKN@CjWON@NPIa?J?J«RPDOF}hG=@FCIKNPF}CEDG?IKCF?BR@DGFRSdAhFRPDOF?=@FjR@IKCUb1=@WGbKFN
RP?IKJR@F=@hG=@FjRVRPDGFqbK?LIQCi{txFwJO?RPFwRPDOFwBf?babK?teIKJGLOnopDGFycGWGIKbK[¬WGh
?BrbK?LIKCwIKJ [zVª ';Wz[ i>UN
[XF NPC=PIKc`F [McFjBf?=PFiGIQNp\F=@dsYWOCEDw=@FbQUR@F[MRP?ZUZ<>bQUR@?JGIQNRx\AIKFt ?BR@DGFtx?=@bK[%iXteDOF=@F
9
9
9
9
9
!
:
5
-5
RPDGFV?c SFCREN!U=PF S WONSR fV ·WÒW UJO[]bK?LIKCIKNUsY*FUJON!?BT[XF=PIK\AIaJGLsRP=@WGFkhG=@?hF=PRPIKFN
Uc?WXReR@DGFNPF?c SF CRENn
¹ tg`{aYacb·vyx{eCfaz`\fwx{jld
cl s jlkx{fh`\f}x{jlkCmtg`\fh¤gjld
x{f|azktg`{aYacb«}
s¡f x\a¡uf¯dhCxvyb«`\fhf lnuaÒfwfh`ÒÔG
tg`\f¤CjldÒ
x\fd
ckkgacx¤gjl}\x\jlkgmzgjl}\e¡fwxfhfhk
Gvfh©YU
cGx\fh`{}Ôg}{a¯x{eCjl}tg`\fh¤gjld
x{fd
ckkgacx¡fofwCtg`\fh}{}{fh¤;n
&
ÀGÄ.
À;Ï{
¾A?ZUJq?c SFCjRpIQNpJG?RrUµFCR@F[ycAds?WO=e=PF UNP?JGIKJGL*Uc?WXReIaRnGzJyRPDOFCj?J`NSR@=PWOCjRPIK\F,\AIaFti
c`?RPD?c SF CR@NUJ`[]hG=@?5?BmNrU=PF c ST[zV9¯OY V SUT[ UJO[qR@DGF?JGbKdy?c SFCjR@N1RPDOURFlAIQNR
U=@FRPDGF?JGFNxR@DOURrCUJyc`FC?JONRP=@WOCR@F[%n
opDGFJ UBf?=@YkWGbQUIKNZIQ[XFJR@I_^`F[«teIaRPD«RPDOF}NFRs?BIaR@NZhG=@?A?BmNsUJO[¬RPDGF=PF]IQN ªq S *JG?
hG=@?cGbKFY teI_R@DC?JONRP=@WOCR@IaJOLyUJFbaFYVFJ5R,?Bu?JGFZNFRZ9NPU#dqR@DGFsNPFjR ) ?WXR?BxUJG?R@DGF=
NPFjRkmN@U#dwUVBf?=PYWGbQU *n¾A?OiGIaBtuF,REUHF!R@DGFkC?JONRP=@WOCR@Ia\F,\5IKFt UNrUZNSREU=PRPIKJGL*h`?IaJ5RiGRPDGF
[XFh`FJO[XFJ`Cjdy?B?c SF CRENe?J]hG=@?A?BmNeIQN1JO?ZhG=P?cGbKFYqn` r?RPFRPDOUR1RPDGIQNrNRPIKbKbbKFU#\F NeUsCEDG?IKCF
?Bu=PF UbKbadqIQ[XFJ5RPIaBfdAIaJOLMR@DGFWOJGIa\F=ENF?BuNPFjREN!UJO[hO=P?h`?5NIaRPIK?JONVR@DGFJ *¨ 1Bf?=NPFjREN *
UJ`[ * ! xBf?=1Bf?=@YkWGbQUN *!e?=eHFFhGIKJGLVRPDOF[XIKNRPIKJOCjRPIK?JR@DGF2
J * xBf?=1NPFjREN * UJ`[
*¦ # Bf?=eBf?=@YkWObKUN *!jn`zJ]R@DGIQNrU=PRPIQCjbKFtxFkNSREU=PR1Bf=@?Y RSd5hFkNPdXNSR@FYZN1teDGF=PF?c SFCjR@N
[X?*JG?Rr[XFhFJO[y?JwhG=@?A?BmNn
zBO?JGFxCEDG?A?NPFN;U1RSdAhF>RPDOF?=@dRPDOUR4=@FYZUIaJON45WGIaRPFpCjbK?NPFbKdrR@?rR@DGFu?=PIKLIKJOUbCj?JONRP=@WOCR@Ia\F
bK?LIQCfIKJsJOURPWG=EUb[XF[GWOCR@Ia?JsNSRSdAbKF iI_RxIKNTJG?RxN?k[G
I sCjWOb_R,mUbaRPDO?WGLDVbQUc?=@IK?WONE;RP?hG=P?\F
¾5R@=P?JGLu?Y*hGbKFjR@FJGF NPN?BuR@DGFZBf?=PYWGbKUNSvUNv"RSd5hFNFYkcF[G[XIKJGL`n4¾AFF FWG\F=@N {Bf?=
NP?Y*F[XFjREUIKbaF [whO=P?A?BmNpUJO[yFjlGUY*hGbKFNn
º W WYTº T#' SUTsÒ SCSS± [
Aª®r« Wz[ S± S W@Y V\[u
zJ¬RPDGF][XIQNPCWON@NIK?J~Uc`?\Fi4tuFqhG=@?Y*?RPF[RPDGFqIQ[XFU?BJG?R*baFRR@IaJGL?c SFCjR@N*[XFhFJ`[~?J
hG=@?A?BmNn | baRPDO?WGLD*RPDGIQNTNP?bK\F N>N?Y*F1?BRPDOF!Cj?Y*hGbaFRPFJGFN@NT5WGF NSR@Ia?JONIKJMU=@FbQURPIK\FbadFUNd
tpU#diR@DGIQNTh?NPI_R@Ia?JsIQNTJG?RpNP?kNPIaY*hGbKF1R@?kcF!YZUIaJ5R@UIaJOF[%n5zB.?JGF Ò WEª¼ NR@U=RENBf?=@YZUbKIagIaJOL
YZUR@DGFYZUR@IKCNpIaJyRSdAhFNdXNRPFYZNiX?c SF CRENe[XFhFJO[GIaJGLZ?JqhG=P?A?BmNu?XCCjWG=15WGIaRPFJOURPWG=EUbKbKdn
u?JONPIK[GF=e
U * ! uRPDOUR1tuFtpUJ5RpRP?ZNDO?tRP?*cF,U^OFbK[.nGopDOUReY*FUJONxRPDOURetuF,DOU#\F
RP?V[XFj^`JGF!UbabHAIaJO[ONT?B.?c SF CR@N &Oi #>UJO[*BfWGJOCjRPIK?JON .!' j£ . . .?
J *UJO[*R@?khG=@?\FeR@DOUR
RP?LFRPDGF=pRPDGFdyN@UR@IKNBfdsR@DGF^OFbK[AvUlXIK?YZNnG 1?t teDOURrNPDG?WObK[wRPDOFRSdAh`F?B4R@DGF=@FCjIKhG=@?XCUb
cFi%LIK\FJR@DOURRPDGF*=@FCIahG=@?XCUb;?
B &wIKNJG?R,[XF^OJGF [ | J?hXRPIK?JIKN!RP?ybKFjR * *,¡ *
teIaRPDqRPDOFhG=@?hF=PRSdZRPDOUR ; * . § &V¡ . -' ; * x§ nO1?txF\F= iARPDGIQNeIQN1JG?R1\F=Pd
JGIQCjF * &ZNPDG?WGbQ[yc`FkWGJO[XF^OJGF[mteDGF=@FUNeJG?t I_R!IKN1UJ² WOJONhFCI_^`F[%´`FbKFY*FJ5Rr?
B *n
zJyRSdAh`F,R@DGF?=Pd*R@DGF=@FIKNeU*[XIaµF=@FJ5RrN?baWGRPIK?JwRP?*RPDOIKNOCj?JONRP=@WOCR
*
56 O ; * . § & >¡
* .
opDGFJ * IQN!?JGbKdq[GFj^OJGF [?J]RPDGF*NPWGcONPFjR,?B>FbKFY*FJREN!RPDOUR,U=PFJO?JXvgF=P?`OIaR=@FCFIK\FN
UhOUIK= £ , VteIaRPD * UJ`[ , § &UJO[¬=PFRPWG=@JON * £ , ] *nTxWXRsDO?t½RP?
WGJO[GF=ENSREUJO[}RPDGFs[GFhFJO[XFJOCjd?BxRPDGIQN?c SFCjRZm?BxRSdAh`F *,?JRPDGFZhO=P?A?B ,IaJR@F=@Y*N,?B
?=E[XIKJOU=@dZYZUR@DGFYZUR@IKCN | h?N@NIKcGbKFwNP?bKWXRPIK?J~IKNVhG=@?\AIK[XF [cAdRPDGFqNFRP?IK[GNVUhOhG=P?5UCED 9NFFwUbQNP?RPDOFwhG=@F\AIK?WON
¾AF CRPIK?Jn F,R@UHFUNxRPDGFCU=@=PIKF=x?B{Uk^`FbQ[wU*NPFjRP?IK[ *k£E
§ 0iON
? * ! pUJO[y
§ IKNeUJ
F5WGIK\UbKFJOCFk=@FbQUR@Ia?J?J *kn%opDGFk?h`F=@URPIK?JONr?J]R@DGFk^`FbQ[}U=@FJG?t REUHFJ]R@?McFVNPFjR@?IQ[
BfWGJOCjRPIK?JONiNP?qFn LO
n . -' D`UNRP?qhG=@FNPF=@\FRPDOFZF5WOUbKIaRSd%IaB § UJO[
§ iR@DGFJ
.!' j>§
. -' nG¾AIKY*IabQU=@bKdiAUbKbOR@DGF,hG=P?h`F=R@IaF N>?B.^OFbQ[GNpU=@F1JG?t [GFJG?RPF[MWONPIaJGL
RPDOFsNFRP?IQ[F5WOUbaIaRSd§ IaJONRPF U[?BxRPDOFZLFJOF=EUbF5WOUbaIaRSd§nO?=R@DGFZ=@FCjIKhG=@?XCUb"iRPDOIKN
G *
!"# $%
UY*?WGJ5R@NxRP?
k
* £E§
*
a9° * . §
0
&
&>¡ *£§0"£
UNPFjRP?IK[BfWGJ`CRPIK?J*Bf=@?Y RPDGFrNPWGcONPFjR@?IQ[V?BJG?JXvgF=P?5N;RP? *£§ I_RENFb_BSnzJR@DGIQN>CUNFi * NRPIKbabREUHFNUyhOUIK=?BeUJ?c SFCRkUJO[UqhG=P?A?B £ , iteI_R@D *¨UJO[ ,¬ § &Gi.UJ`[
=@FjRPWO=PJON * £ , x
*nAopDGF[XI_µF=@FJ`CjFrDO?tuF\F=IQNTRPDOUR * JG?t«IQNTU [YWYVXS ºp±E¯TYV ST i
teDGIQCEDqIaY*hGbKIaF NxRPDGF,Bf?babK?teIKJGLOn
2
zB ` £ %
* UJ`[ ,]
2
§
&O£E
§
&G£pR@DGFJ
*
`£ ,>§
*
9£
.
¾A?`i>RPDOF}\UbKWGF}?B * £ , s[X?AFNMJG?Rq[XFhFJ`[?J«R@DGFUCRPW`Ub ,>R@DGF}?JGbKd~R@DGIaJOLRP?
UN@CjF=REUIKJMIQNpRPD`URrNPWOCEDyUR@F=@YFjlXIQNSRENfI"n FnXRPD`UR § &*IKNxR@=PWGF#n
FZCj?J SFCjRPWG=@FR@DOURIaB>RPDOFV?c SFCjR@NrRPDOUR[XFhFJO[?J}hG=P?A?BmN!?JGbKdy?XCCjWG=,IKJRPDOF*C?JXv
RPFlAR!?B>NPFjR@?IQ[GNiUN!Uc?\FiOtuFkCUJ]YZUHFkNPFJONPF?B{R@DGFNPFk?c SFCjR@N1IKJqRPF=PYZNr?BTNR@UJ`[GU=E[
YZUR@DGFYZUR@IKCNnXopDGFLFJGF=EUb`hG=@IaJOCIahObaF!RPDOURuBf?=xUJM?c SFCjR " ,x *ki5teDOF=@
F ,] [XFJG?R@FN
U*NWOcXv9R@F=@Y½?B " i
" ,T§ " xBf?=1UbKb ,£ k
IQNCUbabKF[RPDOF T W SS± & SLS± 0 ÒWW»#ªTcW nzRNR@URPFNRPDOURRPDGFMUCR@WOUb>hO=P?A?B ,?B IQNIa=@=@FbKF\UJ5RBf?=,RPDOFs\UbKWGF*?B " ,jnopDGFsNPFjR@?IQ[}F W`UbKI_RSd[XIKN@CjW`NPNPF[c`FBf?=@F*?cFdXN,RPDOIKN
hG=@IaJ`CjIKhGbaFiO[XWGFR@?*RPDGFtpU#d*RPDGFNPFjR@?IQ[yF5WOUbKIaRSdZIKNehO=P?YV?RPF [sR@?*NPWGcONPFjR@?IQ[GNn
| JG?RPDGF=1FjlGUY*hGbKF?B{?c SFCREN1[XFh`FJO[XIKJGLZ?JqhG=@?A?BmNp?XCCWG=@NeBf?=eFjlGUYVhObaFIKJyRPDGFk[GFj^Gv
JGIaRPIK?Jq?B;RPDGFUcONP?bKWXRPF,\UbKWGFIKJqUJw?=@[GF=@F[Z^`FbQ[%n`¾AWGhOh`?5NF
73!; .Q !& .
,q
opDGFJq[GFj^OJGF,R@DGFUc`N?baWXR@F,\#UbaWOF!BfWOJOCR@Ia?J
§
& .
UNxBf?babK?t1Nn
,
° ; .
3* ) '
3* )-
?
opDGIQN!BfWGJOCR@Ia?J[GIKNRPIKJGLWOIKNPDGFNCUNF N!UCC?=E[XIaJOLsRP?wRPDOF\UbKWGFV?B/, n%zBTIaRIKN?B>RPDGFBf?=@Y
* ) ' VmteI_R@D
&5itxFeREUHF ;IaB%I_RxIKNT?BRPDOFeBf?=@Y * )- ZfteIaRPD V &ituFpREUHF n
1?tiBf?= } *iRPDGFVR@F=@Y XCj?JREUIKJON,UMhO=P?A?Bv"RPF=PY ,;
n F*tpUJ5RRP?yhG=P?\FkR@DOUR
RPDOF\#UbaWOFNp?B [X?*JG?Rr[XFhFJ`[w?JMR@DGFUCjRPWOUb%\UbKWGF,?B ,;nGzJwRPDGFC?J5RPFl5Re?B4NPFjRP?IK[ONi
RPDOIKNeY*F UJONxR@DOUR1IaBtuF,DOU#\F!RStx?*[XFj^OJOI_R@Ia?JONe?B4RPDOFUcONP?bKWXRPF,\UbKWGF,BfWGJ`CRPIK?Ji UJ`[
iG?JGF[XFj^`JGF[yWONPIaJOLR@DGFhG=@?A?B ,]
. &
&*UJO[y?JOFW`NIKJGLVRPDGFhO=P?A?B
?B4RPDOFNPUYVFRSdAhFiXtxFDOU#\F!RP?ZhG=@?\F
73! 3!£E .K q § T¡
.
T§
.
1?RPFeR@DOURxI_RxYZU#dkcF1RPDOF!CUNFpR@DOURuBf?=xN?YVF iRPDGF1\UbaWGF!?B , wIKN* ) ' i5teDGIKbaFeR@DGFr\UbaWGF
? B ZIQN * )! n5opDGFJ ZDOUN\UbaWGF sUJO[ sDOUN{\UbKWGF n ¶ JOFpRPDGFJVD`UN{R@?hG=P?\F
RPD`UR1IKJwR@DGIQNe?\F=PbQUhGhOIaJGLVCUNF w§ iGteDGIQCEDyDG?bQ[GNiOUNpIaR1?JGbKds?XCCWG=ENuIaB w§ &On
ÀGÄ.
À;Ï{
&
(T3 3 V/"-`+ 4+-.-`/r0 243A0 6.7m84:
| NxtxF!NPFF!I_R iR@DGF=@FIKNuJG?Rp?JOF² =PIKLD5R´RSdAh`F,NPdANRPFYqn5opDGFteIQ[XFbKdZWONPF[*R@DGF?=PFYhO=P?\F=EN
RPD`URsU=@Fwc`UNPF[?JRSdAhFwR@DGF?=PdUbabeD`U#\FMIKJO[XW`CRPIK\FyRSdAhFNn>uWGRVR@DGFJ«NRPIKbabpR@DGF=@F]U=@F
?R@DGF=ZIKY*h`?=REUJ5RZhOU=EUY*FRPF=EN;R@DGF]CEDG?IQCjFq?BUbKbK?tuF [~5WOUJ5R@I_^`CUR@Ia?J
UJO[R@DGFCEDG?IKCF
?B=@F[GWOCR@Ia?J =PFbKURPIK?JONsRP?¬c`FWONF [ IKJRPDOF}RSdAhFCj?JA\F=ENPIa?J
=@WGbKFn FDOU#\FUbK=PF U[Xd
Y*FJ5RPIK?JOF[wRPDGFkh`?5NPNPIacOIabKI_RSdw?BUbKba?teIKJGL*IKYVhO=PF [XIKCUR@Ia\FW`UJ5RPIa^`CURPIK?Jy?=1JO?Rn | bQN?`iGtuF
Y*FJ5RPIK?JOF[«R@DGF >i Ai UJO[ «=@WGbKFNyUNsh?N@NPIacGbKF=@F[XW`CRPIK?J=PWGbKFNn | \F=Pd
h?tuF=BfWGb
FjlAR@FJONPIa?J«?BRPDGF]=@F[XW`CRPIK?J«=@FbQUR@Ia?J¬IQNZ?cGR@UIKJGF [~cAd¬U[G[XIKJGLU^GlXF[Avh?IKJRPv"?h`F=@URP?=
*k .Q *,¡ *P¡ * NPURPIQNSBfdAIKJGL
3
.¡ { % .
IaRPD*RPDOIKNuU[G[XIaRPIK?JVR@DGFe=PF [XWOCjRPIK?J*?BRPDGF1RSd5hF1NPdANRPFY¦[X?AF NJG?RTN@UR@IKNBfdNRP=@?JOLJO?=@Y*Ub_v
IKgUR@Ia?JVUJO[hG=P?A?Bv"?c S FCjR@N{U=@F SVXWYTZV ª ?JGF NnzR>DOUN{c`FFJZNPDG?teJIKJ FWG\F=ENi<{?babXUJ`[
tpUJGFJAcGWG=@L+ $%5RPDOURWGJO[XF=YVIKbQ[C?JO[XIaRPIK?J`N4RPDGF v"=@WGbKFN{U=@FpCj?J`NF=P\UR@Ia\FT?\F=;RPDGF
?JOFNuteI_R@DG?WXR1U n | NPIaY*IKbKU=uFl5R@FJONPIK?JM?B.RSdAh`F!RPDOF?=@d*teI_R@DM^OlAF [sh?IKJ5R@NuIKNp[XIQNPCWON@NF [
IKJ | W`[XFcOUWO[ $% "iteDGF=@FrR@DGF!^GlXF[sh?IKJ5R@NxU=@FrWONPF[sRP?V[XFj^OJOF=@FCWG=ENIK\Fr[OUR@URSdAh`F Nn
zRkIKN?WXRENIQ[XFZR@DGFMN@Cj?hFZ?BxRPDOIKNU=PRPIQCjbKF*RP?[XIQNPCWON@N,RPDGFsRPFCEDOJGIKCUbT[GFjR@UIabQN?Bx\U=PIK?WON
[XIaµF=PFJ5RTRSdAh`FNdXNRPFY*NnA1?txF\F=ituFr[G?ktpUJ5R>RP?LIK\FrNP?Y*F1?B%RPDGF!WGJO[XF=PbKdAIaJOLRPDGF?=@di
RP?NPDG?t¬RPDGF!N?WGJO[RPDGF?=@FjR@IKCUbGcOUNFp?BRSdAhFpRPDGF?=@FjR@IKCUbXR@DGF?=PFY³hG=@?\F=@N{UJ`[kR@?YZUHF
Cj?JOCj=@FjR@F!NP?Y*F?BR@DGFIKN@NWOFNuRPDOURetuF=PF[XIKN@CjW`NPNPF[MIaJwRPDGF,hG=@F\AIK?WONp¾AF CRPIK?J`NnXopDGF=PFBf?=@F
txFqNR@U=RZ?µ c5d¬Cj?J`NIQ[XF=@IKJGL?JGF]NhFCI_^CMRSdAhFNdXNRPFY IaJ«[XFR@UIKb"3
n F][XF^OJGFURSdAh`F
RPDOF?=@d*Bf?=pDGIKLDOF=x?=E[XF=xhG=@F[XIQCURPFba?LIQCiG
° VUJO[wNDO?t DG?tYZUR@DGFYZUR@IKCUbJG?RPIK?JON
CUJwcFIKJ5RPF=@hG=@FjR@F[wIaJqIaRn`o;?*YZUHFR@DGFbKURR@F=1hG=@FCIKNPFiXtxF,^O=ENSRebK?A?HsIKJ5RP?ZDGIKLDGF=e?=E[XF=
hG=@F[XIQCURPFZbK?LIKCZIaR@NPFbaBSn;opDOFJtxFsNSR@WO[XdRPDGFMBf?=@YZUb>IKJ5RPF=@hG=@FjREURPIK?JBf=@?Y DGIKLDGF=?=E[XF=
hG=@F[XIQCURPFbK?LIKCIKJR@?M
° XiOc`?RPDUNeU*Y*?RPIK\#URPIK?JyBf?=1RPDGF[XF^OJGIaRPIK?J]?B
° ZUJO[qUN
UJyIKbabKWONRP=EURPIK?Jy?B{DG?t hG=PF CjIQNFbadZYZURPDGFY*URPIQCNeIQNe[XF UbaR1teI_R@DyIKJyRSdAh`F,R@DGF?=PdnAopDOFJqtuF
[XF^OJGF!UYV?=PFeLFJGF=@Ub`CbKUNPN?BRSd5hF!NPdXNSR@FYZN
n F![XIQNPCWON@NRPDOFrFN@NPFJ5RPIQUbGhO=P?h`F=R@IaF NTUJ`[
DG?t
RSdAh`F!NdXNRPFYZNuU=@FeWONF [VRP?VCj=@FUR@F1UJZIKJ5RPF=EUCjRPIK\FpR@DGF?=PFY¦hG=@?\F=nO?=p
° ,IaR@NPFbaB
txF!LIa\FIaJM[GFjR@UIab_«RPDGF!RSdAh`F,CEDGFCEHAIKJGLUbaL?=@I_R@DGYqiteDOIKCEDsIQNpURxRPDGF,Cj?=PF!?BF\F=PdVRSdAh`F
RPDOF?=@FjR@IKCUbR@DGF?=PFY½hG=@?\F= n
udFjlGUY*hGbKFNi tuFxLIK\FeNP?Y*Feh`?5NPNPIKcGbaFpFl5R@FJONPIK?JON{?B%
° !teIaRPDZ?RPDGF={RSdAh`F1C?JONRP=@WOCv
RPIK?J`NiAbKIaHF!IKJO[XWOCjRPIK\FRSdAh`F NnXopDGF!RSdAh`FNPdXNSR@FYZNuRPDOURxtxF[GIKN@CjWON@NxDGF=@F,UbKbU[XDGF=PFrRP?RPDGF
hG=@IaJ`CjIKhGbaFkRPDOUR?c SFCjR@N![X?MJG?R,[GFhFJO[]?JhG=@?A?BmNUJO[qR@DOUR!RPDGF=PFIKNUM[GIKNRPIKJOCR@Ia?J}cFjv
RStxFFJZNPFjREN>UJO[Bf?=PYWGbKUNnopDOIKNIQNYZUIKJGbKd[X?JGFpRP?HFFhkR@DGF² ba?LIQCUb"´FjlXhGbQUJ`URPIK?J*CjbKFU=
NPFF*UbQN?MRPDGF*[XIQNPCWONPNPIK?J}IKJ¾XFCR@Ia?J Gn On F*UbQN?wLIK\FVJG?sBf?=PYZUb4R@=PF URPY*FJR,?Bx[XFj^OJOI_v
RPIK?J`NTDGF=PF*R@DG+
F v"=@WGbKF1Bf?=xWGJXBf?bK[GIaJGL*[XF^OJGIaRPIK?JONxFjRECnKiXNFF¾AF CRPIK?)
J Xn j#n !Fj^OJOI_R@Ia?JONpU=@F
\F=PdZhO=P?YVIKJGFJR1IKJ]URPDGF?=@FY½hG=@?\F=xUJO[ytuF,cFbKIaF\F,R@DOURkmDGFJOCF p[XF^OJGIaRPIK?JONrU=@FUJ
IKYVh?=PR@UJ5RBf?=@Y*UbXJG?R@Ia?J.icGWGRTtuFptpUJ5RRP?=@FNRP=@IQCR{RP?,R@DGFeYZUIKJZIKN@NWOFN{DGF=PFn¾AFFr¾XF\F=PI
UJ`[Z<{?bK0
b $ XBf?=>RPDOFrFjlAR@FJONPIa?JZ?BRSdAh`FNdXNRPFY*NTteI_R@DsU,Bf?=@YZUb`JG?R@Ia?JZ?B.[XFj^`JGI_R@Ia?J.n
!"# $%
'#·W SPºGWjxÒWEº EªUVwWS '
"%$"
&&
zBTtxFktpUJ5R1R@?w[X?whG=P?A?BTCEDGFCEHAIKJGLOi`tuFk^O=@NR!D`U#\FR@?MYZUHFkUMCEDG?IKCFBf?=,UsbK?LIKCn`opDGF=PF
U=@Fe\U=@Ia?WONh?N@NIKcGIKbaIaRPIKFN^`=@NRT?=E[XF=iNPFC?JO[*?=@[GF= iDGIKLDGF=>?=E[XF= nzRxIKNuUbQN?h?N@NIKcGbKFeRP?
CEDG?A?NPF1cFjRStxFFJsFIaRPDGF=xCbKUNPNPIQCUb`?=uIaJ5RPWOI_R@Ia?JGIKNRPIQC!ba?LIQCi5?=TcFjRStxFFJsJOURPWG=EUb[XF[GWOCR@Ia?J
UJ`[wNPF5WGFJRrCUbQCjWGbKWONn
G?=eCEDGF CEHAIaJGLBf?=@YZUbhG=@?A?BmNpIKJyUVNdXNRPFY½cOUNPF[w?JMRSdAh`FRPDOF?=@diXIaRpRPWG=@JONp?WXRpRPDOUReU
CUbKCWGbKWON>?BIKJ5RPWGIaRPIK?JOIKNRPIQC1JOURPWG=EUb`[XF[XW`CRPIK?JMIKN>RPDGF!YV?5NSRxU[XF W`URPFn | b_R@DG?WGLDZI_RxIKNTJG?R
[XI sCjWGbaR;R@?!U[G[CjbQUN@NPIKCUb=@FUN?JGIaJOLOijRSdAhF>R@DGF?=PdIKN;Y*?=@F>REUIKba?=PF [RP?tpU=E[GN.Cj?JONRP=@WOCR@Ia\F
=@FUNP?JOIaJGL`nGWG=PRPDGF=PY*?=PFi#RSd5hF[Z°Gv9R@F=@YZN>U=@FeUBmUIaRPDXBfWGbORPF=PY¦=PFhG=PF NFJ5R@UR@Ia?Jk?BJOURPWG=EUb
[XF [XWOCR@Ia?JONn!fzJ NF WOFJ5RMCUbKCWGbaW`NZRPDOF=@FIKNMYkWOCEDY*?=PF² cGWG=@FUWOCj=EUCd´Kn*opDGF}CEDG?IKCF
cFjRStxFFJV^O=ENR>?=E[XF= iNF Cj?JO[k?=@[GF=?=DOIaLDGF=?=@[XF=>CUJVcFeYZU[XFecAdVU[GUhXRPIKJGLRPDGFe=@WGbKFN
?BrRPDGFwRSdAh`FqNdXNRPFYy4txFwteIKbabeC?Y*FsR@?}R@DOUR*bKURPF=n¾A?Oi4R@?NPFjR*?WG=Vba?LIQCUbxNPdXNSR@FY tuF
CEDG?A?NPF,Cj?J`NSR@=PWOCjRPIK\F,DGIKLDGF=e?=E[XF=phG=@F[GIKCURPF,bK?LIKCIKJyJ`URPWO=@Ub[GF[XWOCjRPIK?J]NRSd5bKFn
y opDGFbQUJGLWOULF!?B¬IQN1[XF^OJGF [yUNxBf?bKba?t1Nn
n.opDGFNPFjR1?B ºuS®*ª T[ i IQNe[XF^OJGF[ycAd
K§ w¡ £
teDGF=@F =PFhG=PF NFJ5R@NxU EªU[ VºuS ®*ª T ftxFUN@NWGY*F!RPDOUReRPDGF=PF,U=@F,Cj?WOJREUcGbKdZYZUJAd
cOUNPIQC[G?YZUIKJONEpUJO[ =@FhO=PF NFJRENuRPDGF ºGS ®Zª T SS ±u@S ZSg[ V ST[ n
Gn.G?=ZF\F=Pd{
¥ ]iRPDOFNFRs?B VwW ® [½SS ± "V ¼@W { iuo;F=@Y¬
IKN*IKJO[XW`CRPIK\Fbad
[XFj^`JGF[«UN
Bf?bKba?t1Nn. | NeWONPWOUb%txFte=@I_R@F " }
RP?s[XFJG?R@FRPDOUR " IQNeURPF=@Y?BRSdAhF{ n
mU5!RPDGFC?JONR@UJ5R@N £ £ . . .GU=@F,IaJ]o;F=@Yi
fcRPDGF\U=PIQUcGbKFN £ £ . . .GU=@F,IaJqoF=PY
i
mC ,I_B ¬! UJO[ IKNeUV\U=@IKUcGbKFiARPDOFJ 2 . {x"
i
m[`,I_B ¬! UJO[ !
iXRPDOFJ px! i
fF#,I_B
¡$]
# UJO[ { iGRPDGFJ }x%%# i
B@I_B %#yUJO[ IKNeUV\U=@IQUcGbKFiAR@DGFJ9° . x¡&#%n
On.opDGFNPFjR1?B;RPF=PYZNe?B' r
iOo;F=@YwiGIQN1[XF^OJGF [wcAdMo;F=@Y§/ "(") oF=PY n
`n.opDGFNPFjR1?B;Bf?=@YkWGbQUNp?B'1
i .qiGIQNe[XFj^OJOF[ycAd .§ o;F=@Y * n
T º \U=PIQUcGbKFiNPWGcONRPIaRPWXR@Ia?J.i %v
F]U[OUhXRVRPDGFqtxFbKb_vHAJG?teJJG?RPIK?JONV?B ±EÒWcW UJO[ cS ¯
=@F[XWOCjRPIK?JqUJO[ %vCj?JA\F=ENPIa?JZRP?VRPDOF,RPF=@YZNe?B;RPDGIQN1NPdXNSR@FYqn
opDGF=@FsU=@F*JG?² hG=@?X[XWOCjR´[X?YZUIKJONs wIaJ?WO=ba?LIQCnFZhG=@FNPFJ5RBfWGJOCjRPIK?JON?B
DGIKLDGF=kU=@IaRSd}cAd ¯X¼ T#' ;UqcGIKJOU=Pd}BfWGJOCR@Ia?J?J IQN=@FhG=@FNPFJ5RPF [UNUyR@F=@Y IKJRPDGF
[X?Y*UIaJ w¡ w¡ Mjn | hO=PF [XIKCUR@FIQN,=PFhG=@FNPFJ5RPF [UNUMBfWGJOCjRPIK?JRP+
? iBf?bKba?teIKJGLMRPDGF
IQ[XFUmhG=P?cOUcObad[XWGFZR@?uD5WO=@CED.I_RUhGhFU=EN,IKJ uDAWG=ECED $ &feR@DOURVUqhG=PF [XIQCUR@FsCUJ
cF}NFFJUNMUBfWGJOCR@Ia?J«RPDOURsR@UHF NZU\UbKWGFUNZIKJGhGWGRwUJO[
=@FjR@WG=PJ`NsUBf?=@YkWGbQUGnx¾A?OiTU
cGIKJOU=@d~=@FbQUR@Ia?J«?\F= IQNs=@FhO=PF NFJR@F[
UNsURPF=@Y IaJ«R@DGF}[X?Y*UIaJ w¡ w,
¡ ejn!mzB
w¡ y,
¡ ekUJO[ " £ ]iRPDGFJ0 " s
n kopDGFsbK?LIKCUbTC?JGJGF CR@Ia\FNkU=P+
F SW`NSR
IKYVhObaIQCURPIK?JwUJO[ZWGJOIa\F=ENPUb5WOUJR@I_^CUR@Ia?J.n rWGF!RP?kRPDGFBmUCRTR@DOURptxF!DOU#\F · '#· W S@uº W
WGJGIK\F=@N@Ub.5WOUJ5RPIa^`CURPIK?J.iGtxFkCUJqFjlXhG=@FN@N1UbKb.?RPDGF=r5WOUJ5RPIa^OF=@NeW`NIKJG+
L SWONR UJO[ 4n
¾AFF Gn Bf?=eYV?=PF[XFR@UIabQNn
+
.
ÀGÄ.
À;Ï{
&
~ F,^GlsR@DGF,Bf?bKbK?teIaJGL*JG?R@URPIK?JOUbC?JA\FJ5RPIK?JONn
¶ WXR@NPIQ[XFcG=EUCEHFR@NpU=@F?Y*I_RPRPF [%n
z JyRPDGF[X?YZUIKJONptuF,?YVIaRpRPDGFcO=@UCEHFjRENxc5dMbaFRRPIKJGL*R@DGFY UN@N?XCjIQUR@FrR@?VRPDGF=@IaLD5RiGNP?
w¡
w
¡ [XFJG?R@FN w¡ y,
¡ ejn
zJkR@F=@YZN;txFx?Y*I_RcG=EUCEHFjRENcAdUN@NP?ACIKURPIKJGL1R@DGFY RP?!RPDGFpbKFjBRiNP? " r[XFJG?RPF Nx0 " An
1?RPF,RPD`UR1IKJy?=@[GIaJOU=PdZYZURPDGFY*URPIQCNiARPDGIQNeIQNpWONPWOUbKbadwte=PIaRR@FJqUN * " £ n
zBxtxFVte=PIaRPF #i%tuF ª ªg¼ [ Y*FUJ¬0 X jji.N? ¨UhOhGbaIKF[}RP? i.UJ`[R@DGFJRPDOIKN
UhGhObaIKF[yR@? #nGzB{tuFtpUJ5ReRP?ZIKJ5RP=@?X[XWOCjFU*J`UY*FsmUN1UJqUcGcO=PF\5IQUR@Ia?J`iOtuFteIKbabWONF
RPDGFwNPUJON,NF=PIaBuBf?J5Ri.Fn L`n%IaJte=@I_R@IaJGL -) UNUJUcGcO=PF\5IQUR@Ia?J?BTR@DGFZRP=EUJ`NIaRPIK\AI_RSd
hG=@?hF=@F=PRSdn
$
5
G xFBf?=@F1LIK\AIaJGLkRPDGFbK?LIQCUbO=@WGbKFNu?B 1iAtuFrRP=@FURxNP?Y*FrFlXUY*hGbaF NT?B
RPF=PYZNuUJO[Bf?=@YkWObKUN{RPDOURuCUJZc`Frte=PIaRR@FJs[X?teJZIKJ*RPDGIQN>bQUJOLWOULFn FjR>R@DGF1Bf?babK?teIKJGL,c`F
LIK\FJ.[X?YZUIaJON{z
UJO[ *i#RPDOFe=PFbKURPIK?JXvCj?JONSREUJ5R z ,¡z
¡ i#RPDOFe=PFbKURPIK?JXv\U=@IKUcGbaF N
V£ ³
*¡ *,,
¡ UJO[MRPDOF,BfWGJOCR@Ia?JXvCj?J`NSREUJ5R@N &Vz ³UJO[ z ¡z n
:
n.opDGFphG=@F[XIQCURPF1² cFIKJGL,bKU=PLF=.R@DOUJ &G´#IQN;FlXhG=PF NPNPF[c5d,R@DGFxRPF=PY³°
.
&Vz ¡,n
Gn%zJO[XWOCjRPIK?J?\F=!z ©CUJc`FVFjlXhG=@FN@NPF[]cAdyRPDGFqmNPFC?JO[}?=E[XF=xBf?=PYWGbKU * )
UN
9 * .Q 9
[XF^OJGF [
.K9 9Z P . 9 .
On.opDGFZBf?=PYWGbKU -) 5i4[XFj^`JGF[UN 5 5,[XFJG?R@FN
RPDGFwBmUCjRkR@DOUR IKNkRP=EUJONPIaRPIK\Fn{¾A?Oi -) x *¡ *¡eP¡n 1?RPFsR@DOURVtuFwte=PIaRPF
UNeU*NPDG?=PRPDOUJO[MBf?= . . n
&5
`n.opDGF,RPF=PY G *,¡ ,* ¡,e@¡ *¡ * ¡eP¡ IKN1[GFj^OJGF [yc5d
: X .
FIKJXBf?=@YZUbKbadsW`NFRPDOFIaJX^OlwJG?R@UR@Ia?J (
:³RP?Z[XFJG?R@F Z: n
*
Gn.opDGFwRPF=@Y ° .Q 4: .K -) : 5 : : GPIQNk?B1RSdAh`F
*¡ *¡nzRx[XFJG?RPF NRPDOFeRP=EUJONPIaRPIK\F1CjbK?NPWG=@Fp?B Vn
F1WONPF!° UNTUNDO?=PRPDOUJO[
Bf?=!° .°# n
):¦§F
.Q5 opDGF[XF=@IK\#URPIK?Jy=PWObaF Np?B'U=@F!LIa\FJyIaJ]UVJOURPWG=EUb.[XF [XWOCjRPIK?J]NSRSdAbKFn
y R@F=@YZNe?B;RSd5hF
opDGFsJG?RPIK?J?B S»ª V9¼ i3(
.spUJO[ ~UVBf?=PYWGbKUOiAIKN1[GFj^OJGF
xi%Bf?= ( Uw^OJGIaRPFwNFRk?BxBf?=@YkWGbQUN
[yIaJO[GWOCR@Ia\FbKdMUNxBf?babK?t1Nn
!"# $%
9UlXIa?Ys
(
vIaJ5R@=P?X[XWOCjRPIK?JO
vFbKIaY*IKJOUR@Ia?JO
I_B x
¥/(
/ (
(
(
( (
(
. ( . ( " (
(
`vIaJ5RP=@?X[XWOCjRPIK?JO
9Cj?JA\F=ENIK?JG
¥]
V
(;
I_B
(
`vFbKIaY*IKJOUR@Ia?JO
&-
I_B
"
I_B
§
opDGF=PWGbKF*mCj?JA\F=ENPIa?J`{IQNxUJM?h`F=@URPIK?JOUbaIKgURPIK?JZ?BRPDGF,<{?IKJOCU= FehG=PIKJXv
jC IKhGbKF[XIQN@CjWON@NF [IKJ ¾AFCjRPIK?J Gn OnuopDGF=PWObaF}N@U#dXNZR@DOURytuF[X?J.´ RwtpUJ5RsR@?¬[XIQNRPIKJGLWGIQNPD
cFjRStxFFJ)%vF5WOUb%hG=@?h?NPI_R@Ia?JONn
&
5
G | tuFbabav"HAJG?teJBmUCR4Uc`?WXR.R@DGIKN;bK?LIQCIQN%R@DOUR;RPDGFxCj?JOJGFCjRPIK\FN *£ x£ £
UJ`[ U=PFy[XFj^`JOUcGbKFyIaJ~RPF=@YZNV?B UJO[ 4nemopDOIKNVIQNV[GWGFMR@? eWON@NPFbKb &n O?=
x£ !i`[XFj^OJOF
-
&
0 .
§
§
§
§
§
* .Q
* .Q
* . £
£
.K .K
; £
£
*
5P
.
zR´ N1JO?R![XI sCjWGbaRrR@?sCEDGFCEHMRPDOURrR@DGFIKJR@WGIaRPIK?JGIQNSR@IKCFbKIaY*IKJOUR@Ia?JUJO[qIKJ5RP=@?A[GWOCR@Ia?Jy=@WGbKFN
Bf?=pR@DGFNPFCj?JGJGF CRPIK\F NpU=@F,NP?WOJO[%n
(T5WOUbKIaRSdycFjRStxFFJR@F=@Y*N!?BxUZ^GlXF[RSdAh`F IQN![GFj^OJOUcGbKFcAdN@U#d5IKJGLZR@DOURRStx?sRPF=PYZN
U=@FF5WOUbIaBRPDGFdyNPDOU=PF,R@DGFN@UY*FhG=@?hF=PRPIKFNnOopDGIQN!F5WOUbKIaRSdMIQN1WONPWOUbKbKdyCUbKbaF [ W T W ¯Oª V"¼ UJO[wIQN1[XFj^`JGF[ycAd
§F29
* .K9
9
j£pBf?= " £ "
* .
zRqIKNwJG?R][XI sCjWGbaRwR@?
NPFF}RPDOURwR@DGIQNwF 5WOUbKI_RSd«IQNM=@F ` FjlXIa\F}UJ`[RP=EUJ`NIaRPIK\FnuzRqIKNyUbQNP?
NPd5Y*Y*FjR@=PIQC$.
FjR:~cFTUphG=@F[GIKCURPF\U=PIQUcGbKF{?\F= * mNP?:¦
*¡en o;UHF>°# . : : "
§ " "
"
"
&
ÀGÄ.
À;Ï{
!9
Bf?= *n`opDGF[XF[XW`CRPIK?JqIQN1UNxBf?babK?t1Nn | ReRPDGFbKFjBR!tuFUhOhGbadsRPDGFs `vFbKIaYsx=@WGbaFBf?babK?tuF [
cAdZRPDOFsmCj?JA\Xx=@WGbKFn
"9 * 9
(
:
(
"
:
"
9
"
(>£
: " : " ( :
(: " :"
*
(B: .Q: " : "
: " :
"
"
"
:
"
0 ®r W@º EUª V » V"¼ zJ]RPDOFV[XF^OJGIaRPIK?J?BRPDGFVCj?JGJGFCjRPIK\F N (lGUY*hGbKF G
n 1UJO[]IKJR@DGF[GFj^Gv
JGIaRPIK?Jq?B4F5WOUbaIaRSdiX?JGFYZUHF NxWONF?Bu ®rÒWEº @ªV » V"¼ iOR@DOUR1IQN
RPDGFZh?N@NPIacGIKbKI_RSd?BxC?JONRP=@WOCjRPIKJGL]UyRPF=@Y ?BpUqCjF=REUIKJ[G?YZUIKJcAdUcONRP=EUCjRPIKJGL
?\F=uR@DOURrN@UY*F[X?Y*UIaJy?=e?\F=eU*[X?YZUIaJy?B4RPDGFN@UY*FV² ?=E[XF= ´an
(1n LOnxIKJ (lGUY*hGbKF On ~?JGFCj?JONSR@=PW`CR@NMRPDOF S@ZSg[ V ST cAdUc`NSR@=@UCRPIKJGLmWONPIaJGL
RPDOFWGJOIa\F=ENPUbr5WOUJ5RPIa^OF=Es?\F=MRPDGFCj?babKFCjRPIK?J ?B ªTÒSESU[ V SUTZ[ nr¾AIaY*IKbKU=PbKd«IaJ RPDGF
[XF^OJGIaRPIK?JZ?
B FIKcGJGIKg1F5WOUbaIaRSdk?JGF1[XFj^`JGFNuU,cGIaJ`U=@d ÒWaªUV SUT½ST *cAdVUcONRP=EUCjRPIKJGL?\F=
RPDOFCj?bKbKFCR@Ia?JM?B4UbKb W@º EUª VwWz[ ST *nOx?RPDqU=@F[X?YZUIKJONp?B{NF Cj?J`[M?=@[XF=n%9opDGF,cOUNPIKC
[X?Y*UIaJ`NU=@Fu?BO^O=ENSR?=@[XF=n;opDGFpBmUCjR4R@DOURR@DGIQN{ba?LIQCuIQN{DGIKLDGF={?=E[XF=UbKbK?t1N;W`N{RP?,YZUHF
RPDOFNPFIaY*hG=@F[XIQCURPIK\F,Cj?JONSR@=PW`CRPIK?J`Nn
opDGFJG?RPIK?Jq?B?=E[XF=1txUNx^O=ENSRrIKJ5RP=@?X[XWOCjF [yc51
d eWON@NPFbKbTmNPFF DOI_R@FDGF U[]UJ`[ eWON@NFbab
$ &Gi $# feIKJ}DOIKN,=EUY*Ia^OF[RSd5hFRPDGF?=@diRP?qhG=@F\FJ5RrR@DGF*hOU=EU[X?#lXF NrU=@IQNIKJGLsBf=@?Y U
JOUIa\FMCj?JOCjFhXRPIK?J?BxR@DGFMJO?RPIK?J~?B1NFR
n URPF=kI_RVtxUNJG?RPF[c5d 1UY*NPFd $ #>R@DOUR
RPDOFNPIaY*hGbKFRSdAh`F NrNPW sCjFR@?MU#\?IK[wR@DGFkNPd5J5REUCR@IKChOU=EU[X?#lXF NnXopDGFVNFY*UJ5RPIQC,hOU=EU[X?#lXF N
CUJqc`FVU#\?IQ[XF [McAdMYZUH5IKJGLsUsCbaF U=1[XIQNRPIKJOCR@Ia?J]c`FRStuFFJNPd5J5REUlfBf?=@YZUbNPdXNSR@FYseUJ`[
NPFYZUJ5RPIQCN!fY*?X[XFbQNEn5zJ DGIaRPFDGFU[sUJ`[ eWON@NFbab $ $&Gi GR@DGIKNx[XIQNSR@IaJ`CRPIK?JZtpUNTJG?R
YZU[XFUJO[wRPDGF=EUY*Ia^`CURPIK?JMtpUNpW`NF [sR@?ZhG=PF\FJRpR@DGFNFYZUJ5RPIQCUbh`U=EU[X?#lXFNn
zYVhO=PF [XIKCUR@Ia\AIaRSdIKN*?BRPFJ«NPFFJ
UNy² JG?JGvC?JONRP=@WOCR@Ia\F´K4UJ~IKY*hG=PF [XIQCUR@Ia\Fy[GFj^OJGIaRPIK?J
V SUT ?B!UJ
CUJ~JG?RZ=PF UbKbadcFqWGJO[XF=@NRP?A?X[~UNVU c SUTZ[cV"¯OY V ST icGWXRZ?JGbadUN*U Gº Wz[ I
?c SFCRpteDG?5NFFjlXIQNSR@FJOCF!txFUNPNPWGY*Fr?JM?RPDGF=xL=P?WGJO[GNnAG?=pFlXUY*hGbaFi5RPDGF,[XFj^`JGI_R@Ia?Jw?B
.FIacOJGIag!F5WOUbaIaRSd Gº Wz[ cWz[ UcGIKJOU=@dV=PFbKURPIK?JZcAdV5WOUJ5RPIaBfd5IKJGL?\F=>RPDGFCj?bKbKFCR@Ia?JZ?BUbab
hG=@F[XIQCURPF Nn#opDGIQN{IKN4JG?R{U c SUT[zV"¯O V SUT i UN;RPDOUR{tx?WObK[=@F5WGIK=@F>RPD`UR{RPDGFpCj?babKFCjRPIK?J?B`Ubab
hG=@F[XIQCURPF NeDOU[]Uba=@FU[XdMcFFJCj?JONSR@=PW`CRPF [%iOcFjBf?=PFktuFC?JONRP=@WOCRrRPDGIQN1cGIKJOU=Pdy=PFbKURPIK?J.n
opDGF=PFBf?=@Fi#IaY*hG=@F[GIKCURPIK\AI_RSdIQNNPFFJ*UN{UbaIKFJRP?Cj?JONRP=@WOCR@Ia\FubK?LIKCn FpteIabKbONRPIKbabGCUbKbX?WG=
bK?LIQCpCj?JONSR@=PW`CRPIK\FiUN{IaRTbQUCEHXN;RPDGFr[G?WGcGbKFeJGFLUR@Ia?JbQU#t 9UJO[VDGFJOCjFeIaR>IQNJG?RTCbKUNPNPIQCUbn
]?=PF?\F= iRPDGFpbK?LIQCxFJ S?dXN;RPDOF º [ ¯ TY V STÒ S@Z Wz V9¼ fIaB !iRPDGFJ }?= x{UJ`[
RPDOF W [zVXWYTc WÒ SE Wz V"¼ mI_B * . xi.RPDOFJ TBf?=kNP?Y*F *!!R@DOURtxFZHAJG?t
Bf=@?Y Cj?JONRP=@WOCR@Ia\FMbK?LIQCNn4zBrtuFqCEDOU=@UCEDR@F=@IagFsU}bK?LIKCwUN*Cj?JONRP=@WOCR@Ia\FMIaBrI_RsN@UR@IKN^OFN
RPDOF,[GIKN SWGJOCjRPIK?JqUJO[sRPDGF,FjlXIQNSR@FJOCF,hG=P?h`F=RSdiR@DGFJy?WO=xDOIaLDGF=p?=E[XF=uhG=@F[GIKCURPFbK?LIQC!IKN
Cj?JONRP=@WOCR@Ia\Fn
-0
!"# $%
'#·W SPºGWjV"¼@ZW@º
&
° ¹@ªa¯X¯[
" !"
zJRSdAh`FMRPDGF?=@di.?JGFsIKJ5RPF=@hG=@FjRENBf?=@YkWObKUNUJO[hO=P?A?BmN\5IQUqR@DGFstxFbKb_vHAJG?teJ
² Bf?=PYWGbKUNSv
UNv"RSd5hFN´UJO[q² hG=P?A?BmNSvUNv9R@F=@YZN´FYkcF[G[XIKJGL`i?=@IKLIKJOUbKbadV[XWGFrRP?VuWG=@=@di51?tpU=E[UJO[s[XF
x=PWOI SJ.n`9¾AF!
F r?txU=@[ $
%&Gi[XF1x=@WGI S1
J & "n 1JO[XF=RPDOIKNIKJ5RPF=PhG=@FjREUR@Ia?J.iU!Bf?=@YkWGbQUIKN
\AIaFtuF [sUN>RPDGFrRSdAh`F!?B.IaR@NuhG=P?A?BmNn5zRTR@WG=PJ`NT?WXRTR@DOURx?JGFCUJs[GFj^OJGFURSdAhF[M°GvCUbQCjWGbKWON
° MR@DOUR=@FhG=@FNPFJ5REN IaJUy\F=Pd]hO=PF CjIQNF*tpU#d
n DOUR g» W¼VÒ WE [YW Y*FUJONteIKbab
JG?RucF[XF^OJGF [ZDGF=@Fi5cGWXReNPFF1Fn L`n5pU=@FJ`[X=PFLR $%O?= FWG\F=EN $nrF=@Fi5tuF SW`NSR
[XF^OJGFqRPDOFqNPdXNSR@FY ° GiWONPIKJGLRPDGF]IKJ5RPWGIaRPIK?JON*?B 1n>zJ
?=E[XF=VR@?LFjRMUc`FRR@F=
WGJO[GF=ENSREUJO[XIKJGL*txFJO?RPFUBfFtR@DGIaJOLNn
n.opDGFMbQUJOLWOULFZ?B ³UNhG=PF NFJ5RPF[IKJ On sIQNkU]RSd5hF[bKUJGLWOULFsUba=@FU[XdnopDOIKN
bKUJGLW`ULFteIKbab.cFUVhOU=PRe?B>°
Gn%zJ}
° XiOBf?=@YkWGbQUNpbKIKHF UJ`[
. ~teIKbab;c`F Cj?YVF,RSdAhFNnO1?txF\F= iARPDGF NF
² hO=P?h`?5NIaRPIK?JOUb9´>RSd5hFNMU=@F]JG?RZR@DGF}N@UY*FUN*R@DGF²NFR´TRSd5hFNsbaIKHF]Fn L`nTz knu1FJOCjF
RPDGF=PFqteIKbabpcFyRStu?¬² WOJGIa\F=ENF N´K # iCj?J5REUIKJGIaJOL}R@DGF² hG=@?h?NPIaRPIK?JOUb9´;RSdAh`F NiUJ`[
, iOCj?J5R@UIKJGIKJGLVRPDGF*²NPFjR´ARSdAhFNn I_RENFb_B{IQNeUM²NPFjR´GRSd5hFn
On.opDGFT[XF [XWOCjRPIK?JON;U=@F4=@FhO=PF NFJR@F[,UN%RSd5hF[°Gv"RPF=@YZNn opDGF>[XIQNPCED`U=@LIKJGLp?BXDAd5h?R@DGFNPFN
IKNx[X?JGFrcAds° ¹%ª z[zV"PªY V SUT nXopDGFY*?X[XWONuh`?JGFJONu=@WGbaF!IKNuIKJR@F=@hG=@FjRPF [Z\AIKU ª@ EUª V SUT n
® WYTZV\[ ?B
opDGF uº W »#%ª j« W ¯Oº 'A
° *U=@F!?B;R@DGF,Bf?=@Y
.
*£
(
teDGF=PF ( IKN U c SUTZVwWuV UJO[ UJO[ * U=@F RPF=PYZNn | C?J5RPFlARIKN?BRPDOF Bf?=@Y
* £ . . .£ * %i>teDGF=PF £ . . .£
U=PFq\U=@IQUcGbKFN*UJ`[ * £ . . .j£*
U=PFyR@F=@Y*NnTopDGF
\U=@IKUcGbKFNuRPDOURe?ACCjWG=eIKJ UJ`[ * U=@F,LIK\FJwURSdAh`F,IKJyU*Cj?J5RPFjlAR nXzBSiGIaJwRPDOF SW`[XLY*FJ5R
( *i`RPDOFRPF=PY * IQNUq² hO=P?h`?5NIaRPIK?JOUb%RSdAh`F´;mI9n Fn ( )* # ituF\AIKFt UN
U SLS± ?B *n;zBuR@DGFZR@F=@Y *¨IQNU² NPFjRkRSd5hF´ufI"n F
n ( * , jitxFZ\AIaFt UNUJ
W Wj® WYTZV ?B4RPDGFNPFjR *kn
D
y opDGF!RSd5hF[w°XvCUbKCWGbaW`Nx°
Gi5=PFhG=PF N FJ5RPIKJGLDGIKLDGF=u?=@[GF=>hG=@F[GIKCURPF
bK?LIQCiXIQNe[XF^OJGF[qUNxBf?bKba?t1NnGopDGFNFR1?B [YW¯OºuSUVwW® [ KI Ne[GFj^OJGF [yc5d
K§
, , j3
! . j9°! .
<
.
A
1F=PFiIQNeUVNPFjR1?B4\U=PIQUcGbKFNnXopDGFNPFjRe?B [YSz V\[ i
IQN # £ , £ , sn
opDGFTRSdAhGIKJGL!=PWGbKFNiRPDOUR{NPFbKFCjRRPDOF Ww¹ V"¼@WEº R@[email protected]=@?Y RPDOFuhONPFW`[X?R@F=@Y*Ni#U=@FTLIK\FJ
IKJq4IKLWG=@
F nGrF=@Fi =EUJOLFNx?\F=xRPDGFNPFjRe?B{NP?=PR@Nrn
zJ,RPDGFu=PWGbKFNuf\U=%UJO[ZftxFUHX%I_R4IKN;UbKtxU#dXN%UN@NPWGY*F[RPD`URR@DGF>JGFtebad,[XF CjbQU=@F[,\U=@IKUcGbKF
[email protected]`RPDOURIQNiIaR,DOUNJG?R!dFRcFFJ[XF CjbQU=@F[]IK
J (Tn%opDGFF 5WOUbKI_RSdqIKJR@DGFVC?JA\F=@NPIK?J
=@WGbaFZ9Cj?JA\GxIQNxRPDG
F %vF5WOUbaIaRSds?JMR@DGFNFR1?B4hONFWO[X?RPF=@YZN n
FrNPFF1RPDOUR>RPDGF=PFrIKNTJG?k[XIQNSR@IaJ`CRPIK?JZcFjRStxFFJ*RSdAh`F NTUJ`[VRPF=@YZNIKJ*RPDGFNFJONFpR@DOURTRPDGF
RSdAh`F NU=@FTBf?=PY*F [^O=ENRUJO[kRPDGFJR@DGFxRPF=PYZNU=@FuBf?=@YVF [kW`NIKJGLRPDGFpRSdAhFNn | hONFWO[X?RPF=@Y
* IKN W 'ª IaB!R@DGF=@FqIKNZUCj?J5RPFjlAR ( UJO[
UhONFWO[X?RPF=@Y
NPWOCED~R@DOUR( *
?=
( ©
* IQNe[XF=@Ia\UcGbaFnXopDGFNFRp?B4bKFL5UbRPF=PYZNp?B{
° kIQNe[XFJG?RPF [McAdMo;F=@Y]9°
n
.
6
ÀGÄ.
À;Ï{
&
9UlXIa?Ys
(
m\#U=E
#
(>£ *
( *
E (
( *
(T£ *
I_Be £
j¥
"°`
. © ( 3 * . ¨
(>£ ; * (.3!
* . ¨
(M° * . 73
* .
( 3!; * . (
*
( (
*
(.©
( 3
!
, , *
*
(>£ ; *
mtuF UHX
, <k , £ , j£
# £ # £
, £ 6A
9UhGh`
9Cj?JA\G
IaB * §
4IaLWG=@F GoTdAhGIKJGL*=@WGbaF N
| jC ?JR@FjlAR (~IQN W¹±S® WEº I_BxI_RUhOh`F U=EN!IKJN?YVF*[XF=PIK\UcGbKFZNSREURPFY*FJ5Ri%I"n Fn%I_BuRPDGF=PF
U=@FN?Y*F UJO[ * NPWOCEDyRPDOUR (
* IQNe[XF=@Ia\UcGbaFn
opDGF?JObadMRSd5hFjv"Bf?=@Y*IaJOLZ?hF=EURP?=eIaJRPDGIQN1bQUJGLWOULF,IKN1RPDGF kiOteDGIQCEDCj?Y*FNeIKJqRPDG=@FF
`U#\?=ENi#[XFhFJ`[XIaJOL?JVRPDGFxRSdAhFe?BRPDGF Gº S®Zª T fRPDGF *«IKJ * . >UJO[kRPDGFpRSdAhFe?B`RPDGF
Pª T#';W fRPDGF
IKJ ; * . VnAzJ5RPWGIaRPIK\Fbadi5U 1v9RSdAhFrNPDG?WGbQ[ZcFr=@FU[VUNTUNPFjRx?BBfWGJOCjRPIK?JONn
zB{tuF[XFhGIKCjReRPDGF?XCCjWG=@=PFJOCjF Nx?B ]IaJ ©FjlXhGbKIQCjIaRPbKdscAdMte=@I_R@IaJGL w jiGR@DGFIaJ5R@WGI_R@Ia?JqIKN
>3
3! 3! 3
D
3 * . M ( M A>§ <# ¥ *+ ¥4M A A#.
,3! ¾A?`i ; * . IQNR@DGF Gº WZ WTuº WYTZV>±E¯ T V SUTMV9¼@Z W ?BeBfWGJ`CRPIK?J`NREUHAIaJOL}UqRPF=PY ?BeRSd5hF *
U NrIaJOhGWXRUJO[[GFbKIa\F=@IaJGLwUZRPF=PY ?BRSd5hF
IKJteDGIQCED IQN!=PFhGbKUCjF [qc5dyR@DGFkIKJGhGWXR n F
RPDOF=@FjBf?=@F,IaY*Y*F[GIKURPFbKds=@FC?\F=xR@DGF?=E[XIKJOU=@dVBfWGJOCR@Ia?JqRSdAh`FUNeUZNPhFCjIQUb%IKJONR@UJOCjFn
TISTO¹ºGWZWTºuWYTZV
D
G
Bf?=.3!; * . M n
zJ CUNF
¥¦
Z
ViutuFte=@IaRPF *¡
BfWGJOCjRPIK?JyRSdAh`Fn
F}CUbKbeRPDGIQNMU
!"# $%
&
!3
| NFlXUY*hGbaF NtxFxbKIQNSRTUbabGIKJONR@UJOCjF N?BRPDGF 1v9RSdAhFpRPDOURuCUJcF1FJOCj?WGJ5RPF=@F[IKJZ°
Gn
5 G n r
NPIaJOLwR@DGFZCj?YkcGIKJOUR@Ia?J¬ , i , ji.tuF*CUJ}Bf?=PY R@DGF*BfWGJOCjRPIK?JRSdAh`F
* ¡
Bf?=
*£ s , nopDOIKN!UbQN?MC?Y*hG=@IKNPFNeRPDGFkRSd5hFN!?BWGJ`U=@dwhG=@F[GIKCURPF NrUJO[qcGIKJOU=@dw=@FbQUv
# UJ`[ *,¡ *¡ # nOGWO=R@DGF=@Y*?=@FiXIaRrUbQN?*FjlAR@FJO[GNeRP?ZDGIKLDGF=e?=E[XF=
RPIK?JON*,¡ hG=@F[XIQCURPFRSdAh`F NebaIKHFZ
* ¡
* ¡ # P¡ n
zB ( 2
* , VUJO[2T
( £ ; *
, i`RPDGFJ
¥
Z VeIKJ°O
i`NP?MUbKbRSdAhFN
Bf?=@Y*F[ycAd} , i , #pU=@F,JG?JXv[XFh`FJO[XFJ5ReBfWGJ`CRPIK?JyRSdAhFNn
Gn r
NPIaJOL* # i # itxFxCUJBf?=@Y
G
RPDGFphG=@?h?NPIaRPIK?JOUbRSdAhF >¡ Bf?= x£ ! nopDOIKN
IKNeRP?*c`F=@FU[wUNeUJ ®1 EªUV SUTªX±S®V¯Xaª n
zB ( # UJO[ (T£ ³ # iRPDGFJ
¥
Z x!IaJ°OiNP?qUbKb;RSdAhFN
Bf?=@Y*F[ycAd} i pU=PF,JG?JXv[GFhFJO[XFJ5RxRSdAhFNn
O n rNPIaJOL¦ , i jitxF~CUJ Bf?=PY RPDOF¬[XFh`FJO[XFJ5RhG=@?h?NPI_R@Ia?JOUbRSdAhF * . Bf?= * , i x # nqopDOIKN IQNR@? cF©=PF U[ UN U ¯ T U» Wc [jª¼ ¯OUª TV WEº± S¹
®¯XKª npopDGIKNy5WOUJ5R@I_^`CUR@Ia?J«CUJ UbKNP?=EUJGLF]?\F=MDGIaLDGF=M?=E[XF=y[X?YZUIKJONiTbKIaHFIKJ
* *¡ *¡ . xn
zB ( * , sUJ`[ (T£ ; * # i%RPDOFJI_R Eª T DOUhOh`FJR@DOUR ;¥ Z ,IKJ
° On
39
-3
Fk[G?sJG?R[XFj^[email protected]=@hG=@FjREURPIK?J`NpBf=P?Y «RP?w
° ZUJO[qc`UCEHn`¾AFFFn LOn
U=@FJO[G=PFLR ABf?=>[XFR@UIKbQNnzJONRPF U[%ituFpY*?R@Ia\UR@FpRPDGFeIKJ5RPF=PhG=@FjREUR@Ia?JkcAdkNP?Y*FmNPWGLv
p
LF NSR@Ia\F >FjlGUY*hGbKFNn5opDOFJMtxF![GIKN@CjWON@NuRPDGFYZUIKJMUN@NPFjR@Nu?BRPDGFIaJ5R@F=@hG=PFR@URPIK?JMUJO[ZY*?R@I_v
\UR@FI_RENeCj?Y*hGbKFjR@FJGF NPNn
G?=,UZL?5?X[]=@FU[XIKJGLs?BR@DGFVFjlGUY*hGbKFN!c`Fba?titxF=PF CUbab;RPDGFJG?REUR@Ia?JOUb{Cj?J5\FJ5RPIK?J`N
IKJR@=P?X[XW`CjF[
IKJ Gn X y[XFJO?RPF N}P5 X jixN? UhGhGbKIKF[
RP? ~UJ`[
RPDOURsRP?LFjR@DGF=
UhOhGbaIKF[R@? #$n ?=@F?\F=iUhGhGbKIKCURPIK?J,cGIKJO[GN4NRP=@?JGL`ijN? ¡ 4[GFJG?RPFNT5 jP¡5
UJ`[ ° . [XFJG?R@FN]° ;5 j . n | NyWONPWOUb"ixU=P=@?t UN@N?XCIKURPF]R@?~R@DGF=@IKLD5RieNP?
*¡ *¡ [XFJO?RPF N *¡ *,¡ # n
0
G z ¡z ¡ # ° ; z . &`z ,¡ # n.1F=@FVtuF*NFFkR@DGF*WONPFV?B
°XvUc`NSR@=@UCRPIK?JwRP?Z[XF^OJGFhG=@F[GIKCURPF Nn
Gn%z , £ &G z k£ z ¡z * z ,¡ .Q &5P¡
z .K ¡ Z PP¡ ; z . ] .
opDGIQN>IQN{RPDGFpBf?=PYWGbQUBf?=>IKJO[XWOCjRPIK?J*te=@I_RPRPFJs[G?teJIKJM°UNURPF=@Y³?B`RSdAhF n
On * , £ V *¡ *¡ # £ £ ` * . O¡ X¡
nemo;=@UJONPI_R@Ia\AIaRSd?B
`n * , w° V£ * *¡ *¡ . ;/£ * . G¡ M
*,¡ *,¡ # P¡ *¡ *,¡ @¡ # nfzJOCbaW`NIK?Jq?B4=PFbKURPIK?JONE
Gn * , w° £ * . * *,¡ # .K ¡
Xx
*¡ *¡ # n
opDGIQNIKNe² FIKcGJGIKgeF5WOUbKIaRSd´UJO[VIKN>WONW`UbKbadk[GFJG?RPF[VcAd*
§ uiY*FJ5R@Ia?JGIaJOL,RPDGF1[X?YZUIKJ
RSdAh`FFlAhObaIQCjIaRPbKdn
On * , £ ;/£ * w° A y
§ X . ° * *¡ # . X"° ` * . A¡
j"° A . x
y
§ GP¡ *
§ jnOopDGFhG=@?A?B;?BR@DGF,BmUCjReRPDOUR .FIKcGJGIKgF5WOUbaIaRSdsIQNeNdAY*Y*FjR@=PIQCn
n%z , £&G z k£
39
9
3 9 -9 -3! 9 3!
:
3!
-: 39
9 9
?9
9 %9 9 ÀGÄ.
À;Ï{
riAI_ReIQNuh?N@NPIacGbKF!RP?Z[XFj^`JGFrR@DGF,?=E[XIKJOU=@dZCj?JOJGFCjRPIK\FN*i
WONReUNxIaJ
wIaJ°
XnOG?= x£ r iO[GFj^OJGF
§
§
§
& §
0; * . §
3
# .Q >¡
# .Q >¡
# . 3
3
>¡
3
p¡
@¡
@¡ p¡
£
£
3!; *
# .Q
xi i & UJ`[
£
@¡
£
.Q >¡ PP¡ .
o;?*Bf?=@YR@DGFNPFhG=@?h?NPI_R@Ia?JONR@F=@YZN1?B{RSdAhF # iORPDGFk=PWGbKFNk i # fBf?=!Ubab.RPDGF
U=@=@?t1N@TUJO[ , i ,fBf?=1UbKb%R@DGF ev"RSdAh`F N@xU=@F,WONPF[%n
opDGFwbK?LIKCUbu=PWGbKFNkBf?=RPDOFNPFyC?JGJGF CR@Ia\FNVCUJ~c`Fq[XF=@IK\F[.n4O?=VFjlGUY*hGbKFi4Bf?= ri
txFMDOU#\FZRPF=PYZN x pP¡ UJO[ p xP¡
fRPDGFyhG=@? SF CRPIK?J`N@UJO[URPF=@Y
£ , ¡ e¡ pVRPDOFVh`UIK=PIKJGLqCj?J`NSR@=PWOCjRP?=Ejn ¶ JOFVCUJ}F UNPIabKd]\F=PIaBfdqRPD`URI_BxtuF
R@UHF
3
£ §
§
§
° ,;K x . , p"° ; . ° . £
° ,;K x . , 9° . °# . Xj£
° ; .° . ° . ° >¡ p¡
. £
RPDOFJVRPDGF NFpR@F=@YZN>U=@Fu?B`R@DGFe=@IaLDR{RSdAhFnrFJOCFpRPDGF1IKJ5RP=@?X[XWOCR@Ia?JVUJO[VFbKIaY*IKJOUR@Ia?J=@WGbKFN
Bf?=1RPDGFkC?JGJOFCR@Ia\F ¦U=PF[GFj^OJOUcGbKFnOopDGFdyUbKNP?*DOU#\F,R@DGFkC?=@=PF CRe=PF [XWOCjRPIK?Jqc`FDOU#\AIa?=i
Cj?=P=@FNPh?JO[XIKJGLRP?ZCjWGRvFbKIaY*IKJOUR@Ia?JyIKJyRPDGFbK?LIKC
" £"
" £"
¡¡
"
£
¡¡
" .
¾AIaY*IKbKU=PbKdsBf?=eRPDOF?R@DGF=rC?JGJOFCR@Ia\FNiARPDGFkIaJ5RP=@?X[XWOCjRPIK?J]UJO[yFbaIKY*IaJOURPIK?J]=@WGbKFNeCUJqc`F
[XF^OJGF[.n
1?R@F>R@DOUR4?JR@DGF , TbKF\Fb"iIaR4IQN.JO?R{h`?5NPNPIacObaFR@?![XF^OJGFx[GUREUeRSdAh`F Ni bKIaHF>RPDOFThG=@?X[XWOCR
RSdAh`Fn | hG=@?X[XWOCjRkRSdAh`FyIQNkF WOIa\UbKFJ5RVRP?}RPDGFqCj?J SWGJOCjRPIK?J i{cGWXRVRPDOFyC?JONRP=@WOCR@Ia?J
Uc?\F!Bf?= CUJw?JGbKdsc`F[G?JGFUReR@DGF baF\Fb"n
!
ª [¹gª [w¹ V"¼@ W[>± S· ' Z· Wj SPGº WjpÒ WEº EªUVwWkS'
S®V¯Xag
opDGFVBf?=@YkWObKUNSvUNv9RSdAhFNrIaJ5RPF=PhO=PFR@UR@Ia?JBf=@?Y DGIKLDOF=,?=E[XF=hG=@F[XIQCURPF*bK?LIQC IaJ5RP?
° YZUhONxUBf?=PYWGbKURP?*URSdAhFUJO[sUk[GF=@Ia\UR@Ia?J}fIKJMJ`URPWO=@Ub[XF [XWOCjRPIK?J`T?B.Bf?=PYWGbQU
R@?ZUVRSd5hF[]°Gv9R@F=@Y f?B;R@DGF,RSdAh`FUNPNP?XCjIQUR@F[steIaRPD
5
¡
5 p
!"# $%
teDGF=@F rp [GFJG?RPFNkRPDOFMIKJR@F=@hG=@FjR@URPIK?J?BeBf?=@YkWGbQUNUNRSdAhFNUJO[ p[XFJG?R@FNRPDGF
KI JR@F=@hG=@FjR@URPIK?J?Be[XF=@IK\#URPIK?JON,UNk°Xv"RPF=PYZNn%zJU][XF=@Ia\URPIK?J.i%txF*WONFZFlXhG=PF NPNPIK?JON!Bf=@?Y
RPDOFZba?LIQCUb{bQUJGLWOULFymFn LOn%R@?]IaJ`NSREUJ5RPIQUR@FR@DGF %ji%teDGIQCEDYZU#d}C?J5R@UIaJBf=@FF*\U=@IKUcGbaF Ni
Cj?JONR@UJ5RENUJO[[X?YZUIaJONZmFn LOn%IKJ{9° * . jnzJRSdAh`F*R@DGF?=Pdi%IaJ?=E[XF=!R@?]YZUHFZNPWG=@F
RPD`URsUbKbpRPF=PYZNZU=@FytuFbabav9RSdAhF[%i4R@DGF]cOUNPIQCMIaRPFY*N]mbaIKHFq\U=@IQUcGbKFN*UJ`[~[X?Y*UIaJ`N@DOU#\F
RP?qcFZ[XFCbKU=PF [FjlXhGbKIQCjIaRPbKdIaJRPDOF*C?J5RPFlARn | bQN?`i.Uw[GF=@Ia\UR@Ia?J}teIKbabIKJLFJOF=EUbCj?JREUIKJ
JG?JXv[GIKN@CEDOU=@LF [qUN@NWGY*hXR@Ia?JONk £ . . .£ GpR@DOUR,teIKbab{UhGhFU=!UNr\U=@IQUcGbKFk[XF CjbQU=EURPIK?J`N
£ . . .j£ w OxIKJyRPDGF,RSdAhF!R@DGF?=PFRPIQCCj?JR@FjlARnO¾X?R@DGFLFJGF=EUbhGIQCR@WG=@FIKNxR@DGIKNn
"
... 5
¡
(
5 x £
£ £ . . .£ s
teDGF=@F ( IQNRPDOFVC?J5RPFl5R,R@DOUR[XFCbKU=PF N,UbKb{[G?YZUIKJONiC?JONR@UJ5R@NUJO[}Bf=PFF\U=PIQUcGbKFN
RPD`UR1?XCCWG=eIaJ !n
| NUJ]FjlGUYVhObaFtxFR@=PF UR1R@DGF[GF=@Ia\UR@Ia?J]?B>IK=P=@F `FjlXIa\AIaRSdsBf=@?Y UJ5R@I_vNdAY*Y*FjR@=PdMBf?=!U
=@FbQURPIK?J Vn{opDGFM[XF=PIK\URPIK?JIQNkUN,Bf?bKbK?t1Nnx ( [XFJG?R@FN
i ( [XFJG?R@FN (>+£ n
5
(
(
0 0 ( ? ( ? (
2
(
(
? (
.
(
0
? ? ? ?
?3 opDGIQNx[XF=@Ia\URPIK?JsIQNTYZUhGh`F [ZR@?RPDOFrRSdAhF[w°Gv"RPF=@Y° * .° ! /. AnXopDGIQNTR@F=@Y©IKN
txFbKb_v"RSdAh`F [IKJRPDOF*C?J5RPFlAR+*¨ , £ *,¡ *,¡ £ ] £ * .K0 O¡ ¡
i
dAIaFbK[GIaJGL,R@DGFeBf?babK?teIaJOL SW`[XLY*FJ5R i[XF=@IK\#UcGbKFeIaJs°
IaB%tuFpREUHFuBf?=(yRPDOF1Cj?J5R@FjlAR(}§
*k , +£ V *¡ *,¡ £ O ;/£ * .K0 O¡ %¡
n
<
3!
0 A
(y° *!°?
A5 . ??
V`3! * . %¡ 0 .
opDGFCj?JR@FjlAR ( DGF=PFCj?JONPIKNR@Np?B * , £+ ` *¡ *¡ # n
1?t ?JGFkY*U#dytx?JO[XF=1IaBRPDGFkRSd5hFNPdXNSR@FY °ZIQN1=@FUbabKdwBmUIaRPDXBfWGb;RP?MDGIaLDGF=!?=E[XF=
hG=@F[XIQCURPFyba?LIQC 1n><TWXRs[XI_µF=@FJ5R@badi?JGFqCUJ
UNHR@DGF]WOFNRPIK?J~?B cS®r«WVwWT§Wz[c[
LIK\FJ~UhO=P?h`?5NIaRPIK?J?B NW`CEDRPDOU
R ( 1
IKJ
° Xi4IQN [XF=@Ia\UcGbaFyIKJ
zRwR@WG=@JONy?WXRyRPDOURwR@DGIQNqIKNMRPDGFCUNPFn (>\FJRPDO?WGLD RPDOFJAWGYc`F=y?Bk=@WGbaF NM?B
° VIQNebKIaY*IaRPF [fteDGF=PF?JGF=PWObaFNPF=@\F NeNF\F=EUb%[XIaµF=@FJ5R1hGWG=@h`?5NF NiOFn LOnXR@DGFM9°v=@WGbaF
UbKbK?t1NRP?qBf?=@Y c?R@DBfWGJOCjRPIK?JONihG=@?A?BmN,?BeUJIaY*hGbKIKCUR@Ia?JUJO[hG=@?5?BmN?BeUqWGJGIK\F=@N@Ub
ÀGÄ.
À;Ï{
5WOUJ5R@I_^`CUR@Ia?J`xUJO[wRPDOF=@FNFFYZNxRP?ZcFDOU=E[XbKdMUJAdM[GIKNRPIKJOCR@Ia?JqIaJyRP=@FURPY*FJ5R1cFjRStxFFJ
RPDOFMhG=@?h?NPI_R@Ia?JONsfRPF=@YZN?BxRSdAhF UJO[R@DGFMNPFjRENMR@F=@YZNk?BxRSdAhF , jitxFMCUJ
Cj?Y*hGbaFRPFbad º [ª® '¯OUª VwW RPDGFNPdAJREUl%nGopDGIQNpIKNrNSREURPF [McAdMRPDGF,Bf?babK?teIaJOL FY*YZUGn
5 !IQNPUYkcGIKLWOURPIK?J1.FYVYZU5np »UWT«ª ¯Oº '®AWYTZV ( * T °
fV ·W ÒW [kª ° ¹cSUTVXWGV ( ) £( 4£ ( [¯O@·,V·OªUV
) £ ( £( [kª hF=@YkWXREURPIK?J S± (
$
" (
) £ ( £(
*
!#" (
" () cSUTZ[ [cV\[ SUT`¼9SS±kºGWEjaªPªUV SUTZ[ * , T _¼JSS ±ºG@W aªPªUV SUTZ[ ]
* Vf· () * , " ( cSUTZ[ [cV\[ SUO
T ¼9SS ±kºGEW jaªPªUV SUTZ[ Z fV · ( ) £ ( ¬ "
" ( cSUTZ[ [cV\[ SU`
S ÒWcS »gW fV ·uW ±S S #T ']ªW fV ·VW Eªg[YW "
0 ± ( * , fV ·WYT () * , ªUT º * ¡E¡ Q¢ ªTº
() , ±S kª "
0 ± (
* ·ZjW ÒW ( * , fV ·WYT () £(
* "
0 ± ( 3 * . # ·ZjW ÒW ( )* # fV ·WYT ¥ Z ªUTº [YS 3!; * . T 'yªZÒEW ª ®1 EªUV SUT "
*¡- W ÒWz[YWYTZV #
opDGF rIQN@UYkcOIaLWOUR@Ia?J .FY*Y*U =@FUbabKd³NR@UR@FNR@DOUR¬°
=@FhO=PF NFJREN \F=Pd
CjbK?NPFbKdn. r?R@F*RPDOURI_RkN@U#dXN UY*?JOLM?R@DGF=RPDGIKJGLNS«RPDOURhG=P?A?Bv9R@F=@Y*N*fRPF=@YZN teIaRPD
¬Bf?=N?Y*F 1[G?MJG?R!?XCCWG=rIKJ]?c SF CRPv9R@F=@Y*NR@F=@Y*N " *³teI_R@D]Bf?=N?YVF
* , n rNPIaJOLZRPDGF+.FY*YZUGiO?JGFCUJ[XF^OJGFkU*YZUhOhGIaJOLZcOUCEHMBf=P?Y °
R@? RPD`URZCj?J`NSR@=PWOCjR@NVU}[XF=PIK\UR@Ia?J?WXRV?B!U}hG=@?5?Bv9R@[email protected]*U ¦teIaRPD (
LIK\FJ.n
$ (
¡
#
c`F
... 1F=@FR@DGF . . . U=@FCj?YVhOWXRPF [yBf=P?Y (TiGWONPIaJGL .FY*YZU Gn iGIKJNWOCEDU*tpU#dsR@DOUR
£ . . .j£ n
opDGFrYZUhOhGIaJOLcOUCEHkBf=P?Y½°,R@? hO=P?A?BmN>RPDGFCj?YVhObaFRPFJOFN@N>?BR@DGF1Bf?=PYWGbKUNSv
UNv"RSd5hFN>IaJ5RPF=PhO=PFR@UR@Ia?J.IaB ( xiR@DGFJIQN>[XF=PIK\UcGbKF1IKJ Bf=@?Y³RPDGFUN@NWGY*hXv
RPIK?J`NpbaIQNSR@F[yIK)
J ( n
(§
¼@W9R·WE@¸ T#'
| J IKYVh?=PR@UJ5RwhG=@?hF=PRSd«?BU~RSdAh`FNdXNRPFY IKN cS®r¯Vª V"¼S±µV"¼@ZWz[ ipI9n FneLIa\FJ (
UJ`[ C?Y*hGWXR@F}UJ * Bf?=steDGIQCED ( * DG?bQ[GNiuUJ`[¬IaBRPDOF=@FIKNsJG?~NPWOCED *i
=@FjRPWO=PJ«² BmUbQNF´an{opDGIQNkIQNWONW`UbKbadCUbabKF[R@DGF V"¼@ZWJ[E¼UTV·ZWz[ [,ÒSW® & ?=kRPDGF V"¼@W
T± WÒ WYTc WxÒ S W® nXzJMRPDGIQNe¾AFCjRPIK?J.iXURSd5hF,NdAJ5RPDGF NIQNpUbKL?=PIaRPDGY¦Bf?=xR@DGFNPdXNSR@FY½°
IQNuLIa\FJ.i5teDGIQCEDsIQNx5WGIaRPF=@FY*IaJOIKN@CjFJRxBf?=uRSdAh`F,NPd5J5R@DGFNPIKNxUbKL?=PIaRPDOY*NTIaJwLFJGF=EUb"n5xFBf?=@F
[XIQNPCWON@NIKJGLRPDGF][XFR@UIKbQNtxFycG=PIKF `d=PF CUhOI_R@WGbKURPFqN?Y*FwLFJGF=@UbaIaRPIKFN?J¬RSdAh`F]NPd5J5R@DGFNPIKN
UJ`[sRSdAhFCEDGFCEHAIKJGLOnO¾AFFUbQN?s¾AF CRPIK?J`N Xn Xi Xn Gn
!"# $%
&
| hO=P?cGbaFY¨=PFbKURPF [ZRP?RSdAh`FNPdAJR@DGFNPIQNuIQN ºuWE ºª% V"¼ S±V9¼@ T#' iGI9n FnALIa\FJ T
( i UJ`[
*i[XF jC IQ[XFxteDGFjR@DGF= (
*¬DG?bK[GNnopDGIQNIQN4WONW`UbKbadCUbabKF[RPDGF V"¼@W!@·ZW@E¸ T#x' ÒSW® R & nx
?RPDhG=@?cGbKFYZNU=PFu\F=Pd,YkW`CED=PFbKURPF [%icFCUWONPFxIaJkRPDGFxhG=@?ACFN@N.?BGRSdAh`FpCEDGFCEHAIKJGLOi
?JOF>DOUNRP?N?ba\F{RSdAh`FxNdAJ5RPDGF NIQN;hG=P?cGbKFYZNUN.txFbKb9Bf?=;FjlGUY*hGbKF>teDGFJ @·ZWE@¸ T#' teDGFjR@DGF=
ViX?JOFD`UNuRP?q T±W URSdAhF!Bf?= iGN@U#d * iGUJ`[wURSdAh`FBf?= iGN@U#d ]iGUJO[sR@DGFJ
RP?CEDOFCEHteDGFRPDGF=ZBf?=sNP?Y*F si § ; * . teI_R@D
k§ VnTzRMNPDG?WGbQ[¬c`F
D
3! F
CjbKFU=kBf=@?Y R@DGIQNZCUNPFsR@DOUR*RSdAhFqNPdAJ5RPDGF NIQNUJO[RSdAhF]CEDGFCEHAIKJGLU=PFyCjbK?NPFbKdFJ5RSteIaJOF[%n
9¾XFF!¾AF CR@Ia?JXn ,Bf?=TUJZFjlARPFJO[XF [*FjlGUY*hGbKFnopDGFCj=@WOCjIQUbOUbaL?=@I_R@DGY R@?kCj?JONRP=@WOCR>IQNTUJ
UbKL?=PIaRPDOY½oTdAhF rjiXRPD`UReR@UHF NeUVC?J5RPFlAR (UJO[qUkR@F=@Y NWOCEDwRPD`UR
oud5hF. T§
( *
* .
1FJOCjFiG?JOFteIKbKb.JGFF [qUJqUbKL?=@IaRPDGY©Bf?= ¹ W ¯Oª V9¼y@Z· W@E¸ T#' RP?s[XF CjIQ[XFRSdAhGIaJOLOn
opDGF=@F>U=@F{RStu?pIKY*h`?=REUJ5RhG=@?hF=PRPIKFNR@DOUR;NP?bK\F4R@DGFT[XF CjIQ[GUcGIKbKI_RSd?B%vF5WOUbKIaRSd!CEDGF CEHv
IKJGLOGu?J `WGFJOCFrBf?= .v"=@F[XW`CRPIK?JwUJO[y¾5RP=@?JGL 1?=@YZUbKIag UR@Ia?JZBf?= %v=PF [XWOCR@Ia?J.nmopDGIQNxIKN
UwtuFbabav"HAJG?teJBmUCR,Bf=@?Y =@Fte=@I_R@IaJOLOI_BpUy=PFte=PIaRPIKJGLM=@FbQUR@Ia?J}IQN,Cj?J OWGFJ5RUJ`[}NRP=@?JGLbad
JG?=PYZUbKIKgIKJGLOi RPDOFJVRPDGFeIKJO[XW`CjF[VF W`UbKI_RSd=@FbQUR@Ia?JIQN[XFCIK[OUcGbKF#R@?,[GFjRPF=PY*IKJGF § i
?JOF=@F[GWOCjF N UJ`[ RP?ZJO?=@Y*UbBf?=@Y UJ`[wC?Y*hOU=@FNuR@DGFNPFJG?=@YZUbBf?=@YZNn
y u?J OWGFJOCjF#n T¬V·ZW
Cj?J OWGFJ5R " W " ±SVª £ £ ¥ T ± ¡ ¡
ª *¥ º[E¯OE· Vf·GªV ¡ ¡ Uª Tº ¡ ¡ "
9
9
9
[YWYV SS±q[YWj¯OºGSUVwWj® [ ¹W@º¯OV SUT [
T º ¡ ¡ V·ZWT V·ZWjW W [cV\[
ª
u?J OWOFJOCFZBf?1
= CUJcFshG=@?\F
[ c5dBf?bKbK?teIaJGLqR@DGFMtxFbKbav"HAJG?teJhG=@?5?BmNBf?=kCj?J OWXv
FJ`CjFVBf?=RPDOFVWOJRSdAhF[°GvCUbQCjWGbKWONn | GJ ?R@DGF=IKY*h`?=REUJ5RhG=@?hF=PRSdy?Bp°
wIQN¾AWGc SF CR
eF [XWOCR@Ia?J.n
y ¾XWGc SFCjR eF[GWOCR@Ia?J`n ·ZW [WYV²S±W '5ªVwW® [ SS ±kª1' »UWYTµV"¼@W [
Sg[YWEºy¯TºGWjÒWEº¯OYV ST " ·OªUV [ ±S ( ªqSTZVwWGVrªTº £ * T
± ( *
p
ªU
T º ¡ ¡ fV ·WYT ( * "
¾AFF¾AFCjRPIK?J Xn Bf?=qU
[XIQNPCWON@NIK?J ?J ¾XWGc SFCjR eF[XW`CRPIK?J UJO[ ¾AF CRPIK?J Gn Bf?=qU
bKIKNR?BxhG=P?h`F=R@IaF NBf?=°
9UY*?JGLqteDGIQCED¾AWGc SF CR eF [XWOCR@Ia?J`n;opDGF*Bf?bKba?teIKJGLyIKNU
Cj?JONPF5WGFJ`CjF,?B{Cj?J OWGFJ`CjF,?J UJO[q¾AWGc SFCR 1F[XWOCjRPIK?J.n
u
u?J OWGFJ`CjF,?JqbKFLUbRPF=@YZN@jn T fV ·W[WYVES±pW 'ªZVwWj® [SS± °
SUT [*cST x¯ZWTV " ·OªUV [ ±S «W '5ª x ± ¡ ¡
ªTº ¡ ¡ V·ZWT
fV ·W ÒWAW [zV
[ ªwW '5ªEVXW® 9 [¯O@·½Vf·GªUV ¡ ¡ 9 ªUTº ¡ ¡ .9 " SÒWcS»gW ªTº
ª
Ò
W
k
W
'5ª "
¹ÒWEº¯OV
y ¾ARP=@?JGLZ 1?=PYZUbaIKgURPIK?J`jn S eªTO¼VwWj® «W '5ª T ° Vf·WÒW
ªW TIS T T VXW ¹ÒWEº¯OYV STqOªUVf·;[ [cVªzV T#'k±EÒS® " & ¯V!º W ÒWYTZV"¼
eªTÒWEº¯OYV ST[
[zVªzV T'r±ES® ªZW '5ªVwW®±VwWj® TªVXW " opDGFMhG=@?A?Be?BpR@DGIKNV<>=@?h?NPIaRPIK?JIKN=EURPDOF=C?Y*hGbKIKCUR@F[%n{¾AFFyxU=PFJO[X=@FLR
=@FjBfF=@FJ`CjFNuR@?ZhG=P?A?BmNn
$%>Bf?=
ÀGÄ.
À;Ï{
opDGF V"¼@ W[U¼ TVZ· Wz[ [,ª ';S Vf·A® oud5hF r>URRPFY*hXR@NTRP?VUhGhGbKdRPDGFrRSd5hOIaJGLk=PWGbKFNuIKJ*RPDGF
=@F\F=@NPF[GIa=@FCjRPIK?J.n%G?=,FjlGUY*hGbKFi%Cj?Y*hGWXRPIKJGL]oud5hF "° ; * . rIQN,[X?JOFVcAdC?Y*hGWXR@IaJGL
oud5hF i;UJO[IaBxR@DGIQNdAIaFbK[GN Mi;C?Y*hGWXR@IaJGLoudAh`F * . jn.zBpRPDGIQN=@FjRPWO=PJONU
£ , i`RPDGFJtuFk=PFRPWG=@J
¥
; * . UNr=PF NWOb_Rr?BToTdAhF "° ; * . jn¾X?OiOtxFk=@FU[
RPDOFs9°v=PWGbKFIKJwR@DGF=@F\F=@NPF![GIa=@FCjRPIK?J.n
opDGF=@FrIQNuUkh`?RPFJR@IKUbhG=P?cGbKFY©IaJMRPDGIQNutxU#d*?BC?JONRP=@WOCjRPIKJGLR@DGFoudAh`F ruUbKL?=@IaRPDGY
cAdq=PF\F=ENPIaJGLVR@DGFk=@WGbKFNUsC?JOCbaW`NIK?J ( ° * . ¨JGFF []JG?R!DOU#\FcFFJ?cGR@UIKJGF [
Bf=@?Y RPDOFy"°`v"=@WGbKFnfzRCj?WGbQ[}UbQNP?sc`FZUwCj?J`CjbKWONIK?J}?B>R@DGFymtuF UHGv=@WGbaF?=!RPDGF]9Cj?JA\Gv
=@WGbaFnopDGIKN*NPI_R@WOUR@Ia?JIQNW`NWOUbabKd=@FjBfF=@=@F[R@?UNR@DGF}² JG?JXvNPdAJ5R@UlAv[XIK=PF CRPF [XJGF NPN´?BeRPDGF
[XF=PIK\URPIK?JV=@WGbaF Nn | NPFjR>?B[XF=PIK\URPIK?JV=@WGbaF N{IKNCUbKbaF [ [U¼ TV$ª ¹º Ò WE VwWEº IaBSiLIa\FJU,C?J5RPFl5R
® SU[zV ?JGFZ=@WGbaFsCUJDOU#\F*UNCj?JOCjbKWONPIa?J ( Bf?=N?YVF
(UJ`[UyRPF=@Y i Uª V,A
n.¾AFF<{?babQUCEH 4UJO[]\UJ}xFJR@DGF
Y WXRR@IaJOLMFjRUb"
n .Bf?=Y*?=@F?JNdAJ5R@Ul5v
[XIK=PF CR@F[ NPFjRENM?Bk=PWObaF NsBf?=sRSdAh`FNPdANRPFYZNwUJO[«RPDOFIK=yU[X\UJ5R@ULFN
n FteIabKbRP=@FURMRPDGF
fh?R@FJ5RPIQUb;hG=@?cGbKFY ?B`JG?JXvNPdAJ5R@UlAv[XIK=PF CRPF [XJGF NPNbKURPF={teDGFJtxFp[XIKN@CjW`NPN4R@DGFeN?WGJO[XJGF NPN
UJ`[wC?Y*hGbKFjRPFJGFN@Np?B4RPDOFoTdAhF rpUbaL?=@I_R@DGYqn
| JG?RPDGF=!hOU=R?BR@DGFVUbaL?=@I_R@DGY RPDOUR!JGFF[GNN?Y*FNPh`F CjIQUb{URR@FJ5RPIK?J}IKNrRPDGFV\U=@IKUcGbKF
CUNFn`opDGFk=PF NWGbaRr?BoudAh`F rNPDG?WObK[qcF * IaB * ?XCCjWG=EN1IKJ (UJ`[² BmUbKNPF´`?R@DGF=@teIKNPFn
xWXRi#IaB (MIQN;JG?R{U1txFbKb_v"Bf?=@Y*F[Cj?J5RPFjlAR itxFTtpUJ5RR@?r=@FjR@WG=PJs² BmUbKNPF´#UN;tuFba3b $¾A?rtxFTDOU#\FRP?
CEDGF CEHRPDGFetxFbKbav9Bf?=PY*F[GJGFN@N4?
B (>n | RSdAhF1NdAJ5RPDGF NIQNUbKL?=PIaRPDOY Cj?J`NIQNSREN{?BRStu?,YWXRPWOUbabKd
[XFh`FJO[XFJ5R=@FCjWO=@NPIa\F>BfWGJ`CRPIK?J`NoudAh`F ri#R@DGFp=PF Ub5RSdAh`FeNPdAJR@DGFNPIQN4UbaL?=@I_R@DGYqiUJO[RPDGF
c SUTVXWGVu@Z· WE@¸ T#'yª ';S Vf·A® ¶ H rnGopDOFbQURPRPF=pR@UHFNpUNxIKJGhGWXR1U*Cj?J5RPFjlAReUJO[w=@FjRPWO=PJON
² RP=@WGF´GIaBUJO[w?JGbKdsIaB;R@DGFCj?J5RPFjlAR1IQNptuFbabav"Bf?=@YVF [9UJO[}² BmUbQNF´G?R@DGF=@teIKNPF jn
<
!3 A
3 Fu[XF^OJGFR@DGFuUbaL?=@I_R@DGYZN ¶ HriR@UH5IKJGL1U1C?J5RPFlAR;UJO[,=@FjR@WG=@JGIaJOL
² RP=@WGF´?=k² BmUbKNPF´KiUJO[oudAh`F ri`R@UHAIaJGLyUMC?J5RPFl5RUJO[UsRPF=PY UJ`[]=PFRPWG=@JGIKJGLMUsRPF=@Y
?=,² BmUbQNPF´_i`UNxBf?bKbK?t1NnGrF=@F [GFJG?RPFNeU*\U=PIQUcGbKFn
y ¶ H% r
¶
H (>£ *!
oud5hF.
oudAh`F .
oTdAhF ,
oTdAhF ,
oudAh`F . }
E
§
² RP=@WGF´OfRPDGFFY*hXRSdwC?J5RPFl5R£
oud5hF. *!j¥ £ , £ , £
* u¶ H (; -) *
¥ ( ) * ' ² BmUbKNPF´K£
* u¶ H (; ) , ' ,² BmUbQNF´a£
* u¶ H (; ) , %' ² BmUbKNPF´K£
² BmUbQNF´a£
* oTdAhF . >§ -) oudAh`F . }>§ <
§
§
§
§
§
§
B3 * . -) *§
) %' ,² BmUbKNPF´
' ² BmUbQNF´a£
* oTdAhF >§
)
oTdAhF."° ; * .
A
§
* ¡¡
!"# $%
3! <
, £ , A
3 ' ,² BmUbQNF´a£
* oTdAhF. *T§
u§ -) oud5hF
-)
£ ¥< £ , £ , A
)
* £ j¥
< , £ , j£ # £ # j£
, £ 6A
)
' ² BmUbQNF´
)
3 oudAh`F .
* .
§
oud5hF ; * . V¥ # £ )
* . ' ² BmUbKNPF´
*
' ,² BmUbQNF´a£
opDGF,IaJ5RPWOI_R@Ia?JycFDOIaJO[MRPDOF,RSd5hFNdAJ5RPDOFNPIKNpUbKL?=PIaRPDOY¨c`FIaJGLsCbaF U= iAtuFtxUJ5RxR@?*hG=P?\F
RPD`UR1IaR1IKNeNP?WGJ`[yUJO[yCj?Y*hGbKFjR@FnOopDOIKNpY*FUJONphG=@?\AIaJGLRPDOF,Bf?bKba?teIKJGLOn
y i
4IQN [YS¯Tº IaBBf?=>UbKb (]UJ`[
opDGFpRSdAhF1NdAJ5RPDGF NIQNUbKL?=PIaRPDOY oTdAhF r
o dAhF. >§ * T
(
* .
opDGF,RSdAhF,NPdAJ5RPDGF NIQNeUbKL?=PIaRPDGY oTdAhF ruIQN c S®rWYVwW IaB;Bf?=1UbKb (>i
(
*
oudAh`F .
T§ * .
UJO[ *i
§ ² BmUbQNPF´Ki;R@DGFJ
1?R@FMR@DOURsC?Y*hGbKFjRPFJGFN@N?B!oudAh`F rkIaY*hGbKIaF NVRPDOURVIaBoudAh`F Z
IKNeJO?RpRSdAhOUcGbKFIK)
J (TnOopDGF[XF^OJGIaRPIK?J]?B{C?Y*hGbKFjRPFJGFN@Np?JObadwY*UHF NeN FJONF,IaB4txFDOU#\F
¯ T Z¯ WYTIW[[ SS± V9¼@Z Wz[
zB (
* UJO[ (
s£xR@DGFJ *§
B
.
opDGIQNehG=@?hF=PRSdMDG?bK[ONpBf?=!°
XnIaRPDO?WXRrWOJGIK5WGFJGFN@N1?B;RSdAhFNiOtxFtu?WGbQ[wD`U#\FRP?sbKFjR
oud5hF r4LFJGF=EUR@FpU [YWYV=S±{Z Sg[c[ j« WV9¼@Z Wz[ iBf?=>?RPDGF=PteIQNFpIaRuCj?WGbQ[D`UhGhFJVRPD`URuU,\UbKIQ[
RSdAh`F * Bf?= IK2
J (IKNpJG?RrCj?YVhOWXRPF [mWGhqRP?M§ xcAdwoud5hF n
uF NIQ[XF N>N?WGJO[XJOFN@NUJO[ZC?Y*hGbKFjRPFJGFN@NituFetpUJ5R{RP?kH5JO?tRPD`URuoudAh`F r;RPF=PY*IKJOUR@FN
?JUbKb;IKJGhGWGR@Ni%I9n FnIaRNPDG?WGbK[c`FZU VwSUVª BfWGJOCR@Ia?J.n> | NP?WGJ`[UJO[Cj?YVhObaFRPF*UbKL?=@IaRPDGY
YZU#d]NSR@IabKb{JG?RRPF=PY*IKJOUR@F?J}N?Y*FkJG?JXv9RSdAhOUcGbKFRPF=PYqn
FVteIabKb[XFUb;teIaRPDNP?WGJO[GJGFN@Ni
RPF=PY*IKJOUR@Ia?JyUJO[qCj?YVhObaFRPFJOFN@NpJG?tn
y ¾X?WGJO[GJGFN@Np?BoTdAhF rn ·ZW RSdAh`F}NPdAJ5RPDGF NIQNMUbaL?=@I_R@DGY ª Tº
fV ·W Cj?JR@FjlARCEDGF CEH5IKJGL1UbaL?=@I_R@DGY oTdAhF r ªTºp¶ Hr ªÒW¯[YS¯Tº ` " W " ± oud5hF. >§
* fV ·WYT ( * ªTº ±r¶ H (;>§ V9¯ZW Vf·WYT ( [ W¹±S® WEº "
opDGFThG=@?A?BX?BGNP?WGJ`[XJGFN@N.?BOoTdAhF r.UJ`[ ¶ Hr%IQN;NPIaYWGbaR@UJOF?W`NbKdic5dIKJO[XWOCjRPIK?J?J
RPDOF1JAWGYkcF=>?BF\UbKWOUR@Ia?JXvNRPFhON{=@F5WGIK=PF [kBf?=RPDOF1UbKL?=@IaRPDGY R@?RPF=PY*IKJOUR@FnO"¾A?WOJO[XJGF NPN
NR@UR@FNUqhO=P?h`F=RSd?JGbKdBf?=,R@DG?NPFZIKJGhGWXRENBf?=kteDGIKCEDR@DGFMUbKL?=PIaRPDOY RPF=PY*IKJOUR@FNn ,opDGF
?JObadyIaJ5R@F=@FNRPIKJGLMCUNFkIKNoTdAhF }iteDGF=@F?JGFDOUNeRP?wWONPFRPDGF*¾AWGc SF CR eF[GWOCR@Ia?J
hG=@?hF=PRSdsUJO[u?J OWGFJOCjFn
ÀGÄ.
À;Ï{
opDGFRPF=PY*IKJOUR@Ia?J?BGoud5hF r%UJ`[ ¶ Hr%NPDG?WGbQ[UbQNP?ec`FuhG=P?\F[,NPIaYWGb_REUJGF?WONPbKdijcAd
X[ F\5IQNPIaJGL*UY*F UNPWG=PFrRPDOUR1[XFC=PF UNPFN>teIaRPDyF\F=@d=@FCWG=ENIK\FCUbKb"n#F,[XFj^OJOFrR@DGF,YVF UNPWG=@F
Y½Bf?=1U*Cj?J5R@FjlAR (?=1UVhOUIK=e?B{U*Cj?J5R@FjlAR (UJO[qURPF=PY UNxBf?babK?t1Nn
Y (;
]
Yq (>£
< NPd5Yc`?bKNxIKJ2(A£
§
§
< NPd5Yc`?bKNxIKJ2(>£ A#.
1?tiY¦[XF Cj=@FUNPFN;Bf?=>F\F=@d=PF CjWG=ENPIa\FxCUbKbG?B%oTdAhF r?= ¶ H riFjlGCjFhXRBf?={R@DGFrCUNPF
?BxoTdAhF 9° * . ji%teDGF=@FkY] (T£ * . !YZU#dqc`F*bQU=@LF=1RPD`UJ}Y] (>£@° * . VfIaB
IQN!bK?JOLF=rRPDGFJ jn%¾X?Oi`RPDGFV?JGbKdqhG=@?cGbKFY teIaRPD}RPF=@Y*IaJ`URPIK?J}IKNIKJRPDOFVNPIK[GFjvCj?J`[XI_R@Ia?J
?BpR@DGF"°`v"=@WGbKFi4teDGF=@FstxFsDOU#\F*R@?\F=PIaBfdteDGFjR@DGF= * . IKNU]baFLUb>RSdAh`Fn4opDOIKNkIKN
UMNPIaRPWOURPIK?JFJOCj?WGJ5RPF=@F[q\F=@dwLFJGF=@UbabKdyIaJ}RSd5hFNPdAJ5RPDGF NIQN!UbaL?=@I_R@DGYZNpBf?=,[XFh`FJO[XFJ5R
RSdAh`F,R@DGF?=PdnO¾AFF<{?babQUCEH $
#.UJ`[y¾AF\F=PI $%
Bf?=1N?YVFLFJGF=EUb.NP?bKWXR@Ia?JONuRP?*RPDOIKN
hG=@?cGbKFY UJO[qUZ[XIQN@CjWON@NIK?JnXzJqRPDGFkCUNPF,?B>
° GiGRPDGF=PFIQN1U*=EURPDOF=eFUNdwtxU#dM?WXR GtuF
CUJq=PFhGbKUCjFRPDOFkNIQ[XFvC?JO[XIaRPIK?2
J ( * . ½ IKJqRPDOFM9°v=PWObaFcAdyUJqF5WGIK\UbKFJ5R1cGWXR
NPIaY*hGbKF=e?JGFn
E3 "3! D3! 5 WV (T£ * cWsª]cSUTVXWGVrªUTº
[S®AW " ·WYµ
T Vf·Wu±SS T#'s·ZSaºU[ "
±S
.3! * . ¨
(
cWsª VXW®
" ¯ ZSg[YW (T£ *
± #¡ ¡ ± S [S®AW ¢¥%z + V·
# ± S [S®AW V· O Vf·WYT
W l[YW
(
±
*
, , £ , V·ZWT
( *
?
, ¥ (;
#
DGFJUhGhGbKdAIaJOLZRPDGFRSdAh`FVNdAJ5RPDOFNPIKN!UbKL?=@IaRPDGY PR ?yUw°GvUcONSR@=@UCR@Ia?J.iOtxFkteIKbab4=@FhGbQUCF
RPDOF1hOU=PR1²* oudAh`F . * . j¥ £ , £ , ´ cAdRPDGFrF5WGIK\#UbaFJ5RuCj?JO[XIaRPIK?JZLIK\FJ
IKJwR@DG!
F .FY*Y*UOn
3 <
A
opDGFJGFt V"¼@ Wµ[U¼ TZVf· W[ [ª ';S Vf·A® oudAh`F rZUJO[
RPDGF c SUTZVwWuV
¶
H rxU=PF,[XFj^`JGF[ycAds=@FhGbQUCIaJGLIaJyR@DGFCUNPF,oTdAhF.9° * . VTRPDGF
y E·WE@¸ T#'yª 'GS V·X®
hOU=R
* oTdAhF. * . V¥
3! < # £ , £ , AcAd
*
¡ @¡ wBf?=1NP?Y*F,¢¥%z * #
VBf?=1NP?Y*F * O , ¥/(;P
)
oTdAhF *!T§ , %' * , £ , ) oud5hF. *!T§ 1?R@F]RPD`URMR@DGFUbaL?=@I_R@DGY
?JGbKd¬\F=@I_^OF N*RPDOIKNyCj?JO[XIaRPIK?JteDGFJ«RPDGFhG=PFY*IKNPFIKJ«RPDGF
.FY*Y*UMIKN,N@UR@IKN^OF[.nopDGFJGFt¦Cj?J`[XI_R@Ia?JYZU#dqba?A?Hq=EUR@DGF=Cj?Y*hGbKIQCUR@F[%icGWGRIaRIQN[XFjv
CjIQ[GUcGbaFUJO[MJO?tUbKbRPDGF=@FCWG=ENIK\FCUbKbQNeU=@F[X?JGFRP?*IKJGhGWXRENeteI_R@DyU*NPYZUbKbaF NSReY*FUNWG=@Fn
F=@FYZU=PHVRPD`URiAR@DGIQNeNbKIaLD5Rp\U=PIQUR@Ia?Js?B;RPDGFRSdAh`FNPdAJR@DGFNPIQNxUbaL?=@I_R@DGY©IKNeNRPIKbKb.N?WGJO[%n
!"# $%
o?F NSREUcGbKIQND*R@F=@YVIKJOURPIK?J.i5tuFrDOU#\FpR@?\F=PIaBfdkR@DOURpUbKb`NPIK[GFrCj?JO[XIaRPIK?JONxU=@F1[XFCIK[OUcGbKFn
F=PF,R@DGF?JObadwtu?=PHsIQNeIKJyRPDGFkUhGhGbKIKCUR@Ia?JyCUNPFGIKJ]Cj?Y*hGWGRPIKJGLsoTdAhF. }iGtxFDOU#\F
1
RP?]CEDGF CEH}U %vF5WOUbKIaRSd}UJO[txF*DOU#\FRP?CEDGF CEH]teDGFjR@DGF=UMR@F=@Y =@F[XWOCFNR@?U 1v9RSdAhFn
zJLFJGF=EUb"iCEDGF CEHAIaJG2
L .v"F W`UbKI_RSd?JhONPFWO[G?RPF=PYZNIQN T§SUVuº WE º%ª j W c`F CUW`NFZtxFsDOU#\F
RPDOFrBfWGbKbFjlXhG=@FN@NIK\Frh`?txF=u?B%RPDOF!WGJ5RSdAhF[M°GvCUbQCjWGbKWONnX1?txF\F=i[XWGF!RP?R@DGF,N?WGJO[XJGF NPN
?BTRPDGFZUbKL?=PIaRPDOY 9<>=@?h?NPI_R@Ia?J Gn 5ituFHAJG?t RPD`URRPDGF*IKJR@F=@Y*F[XIQUR@Fk=@FNPWGb_RENIaJ}RPDGF
Cj?Y*hGWXR@URPIK?J?BToTdAhF . }i ¨UJ`[ ]iU=@FRSdAhOUcObaFkRPF=@YZNn 1?ti %vF5WOUbKIaRSdyIQN[XFjv
CjIQ[GUcGbaFBf?=1RSdAhOUcGbKFRPF=PYZNi`[XWGFkRP?w¾ARP=@?JGLs r?=@Y*UbaIKgURPIK?J]UJ`[}u?J OWOFJOCFn1FJ`CjFkUbab
NPIK[XFC?JO[GI_R@Ia?JONeU=@F[XFCIK[GUcGbKFnOo;?ZYZUHFR@DGFUbKL?=PIaRPDGY½BfWGbabKdq[XFjR@F=@YVIKJGIQNSR@IKC,txFNF U=ECED
RPDOF ; * . fIKJ ¦¡ ¡ ; * . VecAd]Cj?YVhOWXRPIKJGLZR@DGF WEª¸¹9· WEªºw¹ TIS®*ª¹± S® mteDGIQCED
FjlXIQNSRENiG[GWGF,RP?M¾5R@=P?JGL* 1?=@YZUbKIag UR@Ia?J`n
3
3! 3! y · W,ª ';S Vf·A® [
oudAh`F r
ªTº¶ Hr VwWj® TªVXWSUTqª T¯V\[ "
1?t³txFZCj?YVFVR@?qRPDGFZCj?Y*hGbaFRPFJGFN@N,?BxRPDGFsUbaL?=@I_R@DGYZNn !NWOUbabKd]R@DGIKNIKN,hG=@?\F [cAd
[XF^OJGIKJGLsU*[XI_µF=@FJ5R!NPFjRe?B{[XF=PIK\UR@Ia?Jy=@WGbKFN uRPD`UR1IQNeF5WGIK\UbKFJ5ReRP?*R@DGF?=@IaLIaJ`Ub?JGF
fI"n Fn`RPDGFdwDOU#\F,RPDGFVNPUY*FNFRr?BT[XF=PIK\UcGbKFNR@UR@FY*FJ5REN ( *!i{ pBf?=1teDGIQCEDqRPDGF
Cj?Y*hGbaFRPFJGFN@Np?B4RPDGFUbaL?=@I_R@DGYU=PFFUNdZR@?ZhG=@?\FnAzJq?=E[XF=uR@?sUCEDGIKF\FV jiGtuF[GFj^OJGF
U*[XF=@IK\#URPIK?JqNdXNRPFY½RPD`UReIKNrCjbK?NPF!R@?VRPDGF,RSdAhFNdAJ5RPDGF NIQNeUbKL?=PIaRPDOYyn
y opDGF ® Sº WEºMGº Wj »Uª V SUT¯X W[ ?B° VU=@FrR@?Z[XF=@Ia\F1RStx?kBf?=PYZN
?BSWO[GLY*FJ5R( * UJO[ ( n{opDGFdU=@FZLIK\FJc5dRPDOFs?=@IaLIaJ`Ub>=@WGbKFN?B
° XiGFjlGCjFhXReRPD`UR
opDGF=@WGbaF NmUlGjiftxFUHGi.f\U=ExUJ`[9Cj?J5\GxU=@F,=PFY*?\F[.i
opDGF,Bf?bKbK?teIaJGL*=@WGbKFNeU=@F,U[G[XF [%n
fFY*hXRSdG
*
( ( ( *
(>£ ; * (
mNP?=PR@
IaBe *¥/(
, (
(
, , mCj?J5RPFjlAR
(
fhG=@?
opDGFsmUhGh`x=@WGbKFIQNe=@FhGbQUCF[wcAd
9UhGh
( (
(
I_B ¡ ¡
3! * . ½
UJO[
FNSREURPFR@DGF,Bf?bKba?teIKJGL*hG=@?hF=PRPIKFNxBf?=pRPDGFY*?X[XIa^OF[q[XF=PIK\URPIK?Jy=@WGbaF Nn
½§
*
ÀGÄ.
À;Ï{
y $
"
S¯TºUT§Wz[c[ SS±Vf·Wk® Sº WEºZ¯XW[
!#"
*
(
RS®rWYVXWYTIW[c[ SS±Vf·Wk® Sº WEºZ¯XW[
(
"
* (
; *
* * !§
(
*
) ( *
* $
" " V oudAh`F r ªUTº¶ H r
RS®rWYVXWYTIW[c[ SS±Vf·Wk® Sº WEºZ¯XW[ (
oud5hF T
§ *k£
¶ H% (4>§ V"¯ZW .
| bKbCUNF NpIaJwRPDGFhO=P?A?B4?B4RPDGIQN1<T=P?h`?5NIaRPIK?JyU=@F!cAdwUJwF UNPdsIKJO[XWOCjRPIK?J.n
¯XÒW ¼@ZW
"#"&
¼g[zVXW®
[
opDGFVNdXNRPFY °
sIQN3SWONRUJ]IKJONSREUJOCFk?BTUsLFJGF=EUb4CjbQUN@N1?BRSd5hF[°}CUbQCjWGbKI"iOR@DGFVNP?v
CUbabKF[]² <TWG=PFoTdAhF,¾XdANRPFYZN´A?=p<To1¾GNnAopDGFNPFtuF=PFr^O=@NRuIKJ5RP=@?X[XWOCjF [scAdZxF=EU=E[XI $
UJ`[oF=PbK?WAt $ "i.WOJO[XF=[XI_µF=@FJ5RkJ`UY*FNUJO[teIaRPDNPbaIKLD5RPbKd[XI_µF=@FJ5R[GFj^OJGIaRPIK?J`Ni
UNUqLFJGF=@UbaIKgURPIK?J?BxRPDGFsNP?]CUbKbKF[° ¹¯ cW i;NFFsxU=PFJO[X=@FL
R $%#n%opDGFZ=@FUNP?J}Bf?=
[XF^OJGIKJGL*RPDGFCbKUNPNp?B{<uo1¾XNpIKNxR@DOUR1YZUJ5dMH5JO?teJyNPdXNSR@FYZNeU=@FVm?=ecFjRPRPF= OCUJyc`FNPFFJ
UNE!<To1¾XNn%opDGIKNYZUHFN!I_R,Bf=@WGIaRBfWGb{R@?yNRPWO[GdqRPDGF*LFJGF=EUb4hG=@?hF=PRPIKFN!?Bu<uo1¾XNIaJ?=E[XF=
RP?k?cXREUIKJVYZUJ5d*NPh`F CjIa^`Ce=@FNPWGb_REN{Bf?=uNhFCI_^`C!NdXNRPFY*NTUNIKY*YVF [XIQURPFrIaJONR@UJOCjF NnzJZteDOUR
Bf?bKbK?t1NtuFZteIKbKb>Y*FJ5RPIK?JUqJAWGYc`F=?BpRPDOFNPFZhG=P?h`F=R@IaF Nn | JG?RPDGF=kU[X\UJREULFVIQNR@DOUR
RPDOF,<uo1¾XNpCUJMcFW`NF [wUNxUkBf=EUY*Ftx?=@HkBf?=eCj?Y*hOU=PIKJGLRSdAh`F,NdXNRPFY*NpUJO[sBf?=e[XFj^OJOIaJGL
RP=EUJ`NbQUR@Ia?JONxc`FRStuFFJyRPDGFYqn
<>WG=@F!oudAh`F¾AdXNSR@FYZNpU=@FUJMIKY*YVF [XIQURPFLFJGF=EUbKIKgUR@Ia?JZ?B4
° kIaB;txF SWONSRpJG?RPF!RPDGF
Bf?bKbK?teIaJGL*hOU=@UY*FjRPF=@NuIKJwR@DGF[XF^OJGIaRPIK?Jq?B>
° Xn
opDGFNPFjR1?Bu² NP?=PR@N
´ CUJwcF\U=@IaF [%n.fzJ
° G # £ , £ , n
opDGF=@FbQUR@Ia?JycFjRStxFFJqRPDGFN?=REN1CUJycF\U=@IKF[%n4fzJ}
° X , k , £
, n
opDGFC?YcGIaJ`URPIK?J`Ne?B>NP?=PR@NpBf?=rteDGIQCEDtxFUbKba?t RPDOFkCj?JONSR@=PW`CRPIK?J]?B ev"RSd5hFN!CUJ
c`F\U=PIKF[%n.mzJ}
° X; , £ , j£ # £ j£ , £ jn
4<
A
3
y '+ '+
G?= ¬UkNFR!R@DGF!NPFjRT?B.N?=REN@ji
½R@DGFsNFR?Bp=PWGbKFNEiR@DGF & ¯XÒW ¼@ZW
¼g[zVXW®
+
fRPDGFNFRT?B.UlAIK?YZNESUJO[
°;r£ Z£wIKNR@DGF*RSdAh`F [
!"# $%
bQUYkc[GU*CUbKCWGbKWONpteI_R@DyRPDGF,Bf?babK?teIaJOL*[GF[XWOCjRPIK?Jq=@WGbaF Nn
mNP?=PR@
(
f\U=E
(>£ *
( *
ftxFUHA
E (
( *
(T£ ; *
IaBp £
9°
¥
IaB
¥)
(
¥)
(
IaB
¨
( 3 * . ¨
(>£ ; * (.3!; * . ©
(y° ;
* . 3 * . ( 3
* . (
*
( (
*
(.©
( 3
]*
*
(>£ ; *
IaBe £
£ j¥
mUhGh`
mC?JA\
*§ z
B IaJUyR@=PIKhGbKF £ £ ¥ i;tuFZte=@I_R@F £ j¥ n.zJRPDOFM[XF=@IK\#URPIK?J=PWObaF Ni
RPDOFFjlXhG=@FN@NIK?JONpU=PF!R@UHFJwBf=@?Y½R@DGFNPFjRe?B [YW¯OºuSUVwW® [ [XFj^`JGF[ycAd
a§
3
r . 9°r .
.
opDGF*hONPFWO[G?RPF=PY *©IKN W '5ª I_BuRPDGF=PFZIQNUyCj?J5R@FjlAR (UJO[UMh`NFWO[X?R@F=@Y
NPWOCED}R@DOUR
( * ?= ( ©* KI Ne[XF=PIK\UcGbKFnXopDGFNPFjRp?B4baFLUb`RPF=PYZNx?B° r£ s£wxIQNe[XFJG?RPF [
cAdMo;F=@Yq"° r£ s£wjn
zR*IQNVIaJ`NSR@=PWOCjRPIK\FwRP?[XFj^`JGFyNP?Y*Fq<To1¾XNkRP?NPFFwDG?t OFlAIKcGbKFMR@DGFqJG?R@Ia?J~IQNn{zJ~RPDGF
Bf?bKbK?teIaJGL`iAtuF,[XFN@Cj=@IKc`F,U*<To1¾ZcAdSW`NSRebKIKNRPIKJGLVRPDGFNP?=PRi5RPDOF,UlXIa?Y*NxUJ`[sR@DGF,=PWGbKFNxIKJyU
c?#lnGO?=r
° kR@DGIQN1UY*?WOJRENxRP?VRPDOF,Bf?bKba?teIKJGLOn
°
£ , £ , , £ , , # £ j£ , £ , #£ , £ #
o?[XFj^`JGFy^O=@NRZ?=E[XF=VhG=@F[XIQCURPFyba?LIQCwUN*U<uo1¾i{tuFyDOU#\FMR@?YZUHFqUNPdAJREUCjRPIQCUb
X[ IQNSR@IaJ`CRPIK?JMc`FRStuFFJ]² ^O=ENSRx?=E[XF=x[X?YZUIKJON´`m?\F=uteDGIQCEDs?JGFCUJsW`UJ5RPIaBfdGTUJO[y² DOIaLDGF=
?=E[XF=![X?Y*UIaJ`N´{f?\F=rteDOIKCED}5WOUJ5RPIa^`CURPIK?JIQNrJO?RUbabK?txF[OjnopDGF=PFBf?=@FiUMNP?=PR 1IKN
ÀGÄ.
À;Ï{
IKJR@=P?X[XW`CjF[.iGRPDOFkN?=R1?B{^O=@NR1?=E[XF=r[X?YZUIaJONiOUJO[]UN@N?XCIKURPF[wteIaRPD]R@DOUR!UZNP?=PR , i
RPDOF,RSd5hF?B jn`opDGF<>WG=@FoTdAhF¾AdXNSR@FY °`< (iG=PFhG=@FNPFJ5RPIKJGL^O=@NRe?=E[XF=phG=@F[GIKCURPF
bK?LIQCiXIQNe[XF^OJGF[qUNxBf?bKba?t1Nn
°`<
(
j£ , £
x , 3j£
£
#
£
, , Pj£0£ , j£ #
£
#
j£3£
#
FcG=@IaF O
d¬FlXhGbKUIaJ
R@DGF=@WGbaF N nxopDGF]=@WGbaF¬ £ # *
IQN*RPDGFWONPWOUbeBf?=ZBf?=@Y*IaJOLRPDGF
, pUJ`[ *¡ *¡ , i
IKYVhObaIQCURPIK?J.n-
IaRPDq0 j£ , ? JGFpCUJBf?=@Y
* ¡ #
RPDOF*[G?YZUIKJON?BxWGJOU=@d]hG=@F[XIQCURPF NUJO[cOIaJOU=Pd]=@FbQUR@Ia?JONnopDOFV=@WGbKFy3j£ # UbKba?t1N
RPDOF}5WOUJ5RPIa^`CURPIK?J
?\F= v"RSdAh`F NT?JGFCUJ
Bf?=@Y
* . * ZUJO[ i
teDGIQCEDIQNRP?qcFZ=PF U[UNUyWGJGIK\F=@N@Ub{5WOUJ5RPIa^`CURPIK?Jn rNPIKJGL0 +£ ?JGFZCUJ[GFj^OJGF
BfWGJOCjRPIK?JRSdAhFNbKIaHF*RPDGFsRSd5hFZ?BecGIKJOU=Pd]BfWOJOCR@Ia?JON *¡ *¡ *i;cGWXRUbKNP? *¡ *P¡ *i
teDGIQCEDwIQNxWONPWOUbKbadZ=@FjBfF=P=@F[ZRP?ZUNpUM² DGIKLDOF=p?=E[XF=uBfWGJOCjRPIK?JwRSdAh`F´anO¾A?VJG?RPFRPDOURr°O< (
IQNk^`=@NRV?=@[GF=V?JGbKdIaJ~RPDGF S ' @ª NPFJ`NFi;I"n Fn>5WOUJ5RPIa^`CURPIK?J~?\F=VhG=@F[XIQCURPFq[X?YZUIaJON
fbKIKH
F *¡ *¡ xIQNpJG?RrUbabK?txF[%n
opDGFNdXNRPFY°`< (iGUNp[XFN@Cj=@IKc`F [MUc?\Fi5CUhXR@WG=@FNp5WGI_R@FUkbK?Rp?B;^O=@NRp?=E[XF=xhG=@F[Av
IQCUR@FbK?LIKCn | N!UwYZURPRPF=?BTBmUCR,IaRhG=@FCIKNPFbKd]CUhXRPWG=@FN ® T ®Zª ^`=@NR!?=@[XF=rhG=@F[GIKCURPF
S@uº Wr±E¯ TY V ST[ " opDGFZY*IaJOIaYZUbKIaRSd}Y*FUJON,RPD`URRPDOF=@FsU=@FV?JGbKdRStx?
bK?LIQCVteI_R@D · '#· WJ
Cj?JGJGF CRPIK\F NIaY*hGbKIKCUR@Ia?J*UJO[^O=ENSR>?=@[XF=>WGJGIK\F=@N@UbG5WOUJ5RPIa^`CURPIK?J.n | N>txF1U=@FxIKJsU^O=ENSR
?=E[XF={Bf=@UYVFtu?=PHi RPDOF1?R@DGF=TC?JGJOFCR@Ia\FNCUJ*JG?R>cFr[XF^OJGF [%nopDGIQN>YZUHFN4R@DGFeFjlXhG=@FN@NSv
IKcGIabKIaRSd=EUR@DGF=>bK?tiUN?JOFrCUJZJG?RTte=@IaRPFr[X?teJZJOFLURPIK\FpBf?=PYWGbKUNn ¶ J*RPDGF1?RPDGF=TDOUJO[%i
txFM[X?DOU#\FZDGIKLDGF=k?=E[XF=BfWGJOCjRPIK?JRSdAhFNn;zRkIQNh`?5NPNPIacObaFZR@?}[XF^OJGFwU}<To1¾RPD`URVCUhXv
RPWO=PF NpYVIKJGIKYZUb%^O=ENRp?=@[GF=phG=@F[XIQCURPFba?LIQC!FlGUCR@badfI"n FnO°O< ( teIaRPDO?WXR1DGIKLDOF=p?=E[XF=
BfWGJOCjRPIK?JONEn¾AFF pU=@FJO[X=@FLR ##Bf?=1[XFR@UIabQNn
o?=PFLUIKJsUbKb`C?JGJOFCR@Ia\FNiA°`< ( CUJMc`F!FjlARPFJO[XF[sRP?kRPDGFNF Cj?J`[Z?=E[XF=T?=xDGIaLDGF=
?=E[XF=hG=PF [XIQCUR@Feba?LIQCfteDGF=PF1UbabCj?JGJGFCjRPIK\F NU=@F1[XFj^OJ`UcGbKF j
n F1?JGbKdR@=PF URR@DGF1FjlAR@FJXv
NPIa?JMR@?ZDGIaLDGF=p?=@[XF=ehG=@F[XIQCURPF,ba?LIQC"°O< ( uDGF=PFUJ`[yC?Y*hOU=PFI_R1teIaRPD
° Gn
3
°`<
(
j£ , x , 3j£
3j£
£
£
#
£
, , Pj£0£ , #£ , £ , #
£ , £ #
j£
#
£
j£
opDGFV=PWObaFq , i !UbKbK?t1N!5WOUJR@I_^CUR@Ia?J}?\F=![G?YZUIKJON?B>RSdAhF , i%teDOIKCEDU=@F
*¡ #
i *¡ *¡ # FjR@CFjR@F=EUGnopDGF!U[G[XIaRPIK?J*?B , i , {IKY*hGbKIaF NRPD`URTJG?t«UbQNP?
*,¡ # P¡ # , ]UJO[ P *¡ @¡ # @¡ # , n !W`UJ5RPIa^`CURPIK?J¬IKN
?\F= , iGteDGIQCEDyC?\F=ENxUbKb.DGIKLDGF=e?=E[XF=e[X?Y*UIaJ`Nn
¶ RPDGF=txFbKb_vHAJG?teJRSd5hF[°GvCUbQCjWObaIRPDOUR4CUJ,c`Fx[XFN@Cj=@IacF[UN.U1<uo1¾,U=@F>NIKY*hGbaFTRSdAh`F [
°GvCUbQCjWGbKWONi`h?bKdAYV?=PhODGIKCRSd5hF[°XvCUbKCWGbKWONk9UbQN?sHAJG?teJUNrNPdXNSR@FY xi Ia=EU=E
[ #i
IK=@U=@[%i UBf?J5RVUJO[o4U#d5bK?
= %fiDOIaLDGF=V?=E[XF=kRSdAh`F [~°XvCUbKCWGbKWONw9UbQN?HAJG?teJ~UN
!"# $%
i Ia=EU=E[ $ #fn | bKb%R@DGFNPFNPdXNSR@FYZNpCUJwcFNFFJwUNpNWGc`NdXNRPFYZNx?B;RPDGFkxUbKCWGbaW`Nu?B
?J`NSR@=PWOCjRPIK?JONiOu?XW`UJO[ #iGu?X5WOUJO[MUJO[wrWGFjR $
"nF,[GFj^OJGF,R@DGFkxUbQCjWGbKWON
u
?BTu?J`NSR@=PWOCjRPIK?JON,eppUNxRPDOF,Bf?bKba?teIKJGLZ<To1¾n
e
A£
X££A£x£ !£j£r£p
opDGFrUBf?=@FY*FJ5R@Ia?JGF[*NPWGcONPdANRPFYZN>CUJZc`F1?cXR@UIaJOF[VBf=@?Y R@DGIQNuNPh`F CjIa^`CURPIK?J*cAd=@FNRP=@IQCRv
IKJGLR@DGFNPFjRq?B=PWGbKFN neopDGIQNy[GFCj?Y*h`?5NIaRPIK?J ?BRPDGFxUbQCjWObaWONy?BVu?JONRP=@WOCR@Ia?JONwIKN
UbQNP?HAJG?teJyUNuRPDGF ¯ cW S±V9¼@ZWEº ° ¹Eªaj¯X i`NPFF,xU=PFJO[X=@FLR $%#Bf?=xBfWG=PRPDOF=1[XFR@UIKbQNn
zJ\AIKFt ?B>DGIKLDOF=r?=@[GF=1hG=@F[GIKCURPFkba?LIQCiO?JGFCUJ]WGJ`[XF=ENSREUJO[}e UNeR@DGFNPdXNSR@FY ?cXv
R@UIaJOF[cAdNPYZUNPDGIaJOLrR@DGFxNP?=PR@N UJO[ IKJ5RP??JGF
i An1FJOCjFiDGIaLDGF={?=@[XF=hG=@F[GIKCURPF
bK?LIQC,CUJycF[X?JGFIaJ`NIQ[XF,RPDOFVxUbQCjWGbKWONp?B>u?JONSR@=PW`CRPIK?J`Nn F[XF NPC=PIKc`F,R@DGFYZUhyBf=@?Y
°`< ( RP?we«bQUR@F=eIKJyRPDGIQNr¾AF CRPIK?JqIKJy[GFjR@UIab"n
" "&
ÒS@ZWzV W[ SS ± & ¯XÒW ¼@W
¼g[cVwW®
[
| N!DOUNrUbK=@FU[GdwcFFJY*FJ5RPIK?JGF [%iUJIKY*h`?=REUJ5R!Y*?R@Ia\URPIK?JqBf?=!RPDOF[XF^OJGIaRPIK?J}?B{RPDGF
LFJGF=EUbBf=@UY*Ftx?=@Hr?BO<TWG=@Fuoud5hFx¾XdANRPFYZNIQN.R@DGFuBmUCR4RPD`UR;YZUJ5d,IKY*h`?=REUJ5R;hG=@?hF=PRPIKFN
CUJc`FMhG=P?\F[Bf?=VUbKbu<uo1¾XNUR?JOCFn;rF=@Fi;tuFsbKIQNSRR@DGFMY*?5NSRkIKY*h`?=REUJ5RkhG=@?hF=PRPIKFN
UJ`[w[XIQN@CjWON@NpRPDOFYcO=PIKF OdnG<>=@?A?BmNpCUJwcF,Bf?WGJ`[wIKJ FWG\F=ENpUJO[q 1F [XF=@DG?
B $ .UJ`[
pU=@FJO[G=PFLR $%"nzJRPDGFVBf?bKbK?teIaJGL`iWGJGbKFN@N,FjlXhGbKIKCI_R@bad}NR@URPF [}?RPDGF=PteIQNFi =@FjBfF=@N!RP?
[XF=PIK\UcGIKbaIaRSdIaJUJU=@cGI_R@=@U=Pd<To1¾n | NIaJ~
° GitxFM[XF^OJGFMU}Cj?J5R@FjlA1
R («R@?c`F Wj_¹
±S® WEº I_3
B ( * Bf?=1N?Y*F UJO)
[ *kn
optu?cOUNIQCphG=@?hF=PRPIKFN>U=PF1opDOIaJGJOIaJGL`iN@U#dAIaJGLR@DOUR>RSdAhGIKJGL SW`[XLY*FJ5REN>=@FYZUIKJ*\#UbaIQ[*IKJ
UJyFjlAR@FJO[XF [qCj?J5R@FjlARiGUJO[y¾XWGcONRPIaRPWXR@Ia?J.i`N@U#dAIaJGLRPD`URpRSdAhGIaJO
L SW`[XLY*FJ5RENe=PFYZUIKJw\UbKIQ[
IaB4txFNWGc`NSR@I_R@WXRPFbKFL5UbRPF=PYZNn
y opDOIaJGJOIaJGLAn S ( ªMcSUTVXWGV ( ª txFbKb_v"Bf?=@Y*F[ cSUTZVwWuVpªUTº ªU
T º * T > ± ( * ªTº ( ( V·ZWT ( #* " WÒW ( ( ºuWYTISVXW[ V·OªUV
ª{ºuEW aªPªV ST[ Vf·GªV S Ej¯X T ( ªl[YS SE¯X T ( "
y ¾XWGcONRPIaRPWXR@Ia?J`n S ( £ ; M£( ªVcSUTZVwWuV ªUTº ªTº *¦ T
p ± ( £E s£ ( * ªUTº ( Vf·WYT ( £ ( T*+ "
W ÒW ºGWT§SUVwWz[V·ZW[¯ z[zV V9¯V SUT,SS± ±S T · E· [5[zV"Pª '#·V ±S ªPºA¼
W uVwWYT ºuEW º VXs
S cSTZVwW GV\[ ¼A[ ¯ z[zV 9V ¯V #T '
T ªV9¼@ZWz[ T¨V·ZWºGW@aªPªUV SUTZ[ "
optu??RPDGF=hO=P?h`F=R@IaF NtxFstxUJ5RRP?YVFJ5RPIK?JDGF=PFyU=@FM¾5RP=@FJOLRPDOFJGIKJGLOi{N@U#d5IKJGL]R@DOUR
\U=@IKUcGbKFN,R@DOUR[G?JG?RVUhGhFU=IaJR@DGFsR@F=@YZNkCUJc`Fw?Y*I_RPRPF [Bf=P?Y R@DGFMCj?J5RPFjlAR i;UJ`[
¾AWGc SFCR 1F[XWOCjRPIK?J.i`NPU#dAIKJGLkR@DOUReRSdAhGIKJGL*IQN1CjbK?NPF[wWGJO[XF=e=PF [XWOCjRPIK?J.n
y ¾ARP=@FJGLRPDGFJGIaJOL5n S ( £E s£ ( ªMcSUTVXWGV Uª Tº ( £ ; M£(
* ¥q
*
( £ £* ( £ ( *
£ *½ T
.
ÀGÄ.
À;Ï{
opDGIQNxhG=P?h`F=RSdi5RPDG?WGLDwIaJ5RPWOI_R@Ia\FbKdZ\F=@d*hGbQUWONPIacObaFiXIKNp[XI sCjWGbaRpRP?VhG=P?\F!UJO[s=@F5WGIK=PF NuU
[XFFhMUJOUbKdXNIQNT?B%RPDGF!RSdAhGIKJGL SWO[GLY*FJ5R9NFF!\UJMxFJ5RPDGFY WXRPRPIKJG1
L jn`9 1?R@FrR@DOUR
¾5R@=PFJGLR@DGFJGIKJGLIQN>JG?RuUJ*IKY*YVF [XIQURPF!Cj?J`NF WOFJOCFx?B¾AWGcONRPIaRPWXR@Ia?J.i5c`F CUW`NFpRSdAhFN>YZU#d
JG?R1c`FIKJGDOUcGI_R@F[%iOI9n FnAR@DGF=@FYZU#dsJG?RecFU
J NWOCEDwRPD`UR ( Mn
y ¾XWGc SFCjR eF[GWOCR@Ia?J`n S
± ( * ªUTº ¡ ¡ Vf·WYT ( * "
ªycSUTZVwWuVpªUTº
(
£
ªUTº * T
opDGF=@FTU=@FTUbKNP?eYZUJAdVmIaJ5R@F=@FNRPIKJGL5.hG=P?h`F=R@IaF N%R@DOUR4DG?bQ[Bf?=4NhFCI_^`Cu<To1¾XN?=4NhFCI_^`C
jC bQUN@NPFN>?B<To1¾XNn
FYVFJ5RPIK?JMNP?Y*F1?B%RPDGF NF!hG=P?h`F=R@IaF NicGWXRx^O=ENSRxtuF!IaJ5RP=@?X[XWOCFrUJGFt
JG?RPIK?J.n
y =@FbQURPIK?J`N©UJO[
£
| <To1¾y° r£ s£wxIQN ±E¯ TY V STª iOUbQN?VCUbabKF[ [ T'_A
¼ [SzVXWEº iXI_B;RPDGF
U=PF!BfWGJOCjRPIK?JONiGI"n FnGI_B4RPDOF,Bf?bKba?teIKJGLVRStu?*hG=@?hF=PRPIKFNxDG?bK[
£
£ £ ¥ £ £ £
£ ¥ £ £ £ £ £
j¥
j¥
£
§ §
| bKbGRPDOF!<To1¾GN{RPDOURTtxFeDOU#\FeFJOCj?WGJ5RPF=@F[*NP?,BmU=TU=PFpBfWOJOCR@Ia?JOUb"nzJZLFJGF=@UbGI_RuIKNTDOU=E[
RP?^OJO[yUM² JOURPWG=EUb"´A<To1¾*R@DOUReIQNxJG?RxBfWGJOCjRPIK?JOUb9nGOWGJOCR@Ia?JOUb%<uo1¾XNpNDOU=PFrRPDGFBf?babK?teIaJOL
JGIQCjFhG=@?hF=PRSdn
y rJGIQWOFJGF NPNe?B4oudAh`F N@jn · .[ ÒS@ZWzV9¼e·SKºg[±S BfWGJOCjRPIK?JOUb & [
SUT`¼ " S ( ªcSUTVXWGV * ªUTº ¦ T ` ± (
* ªUTº ( 7 Vf·WYT * § " "
¶ JGFCUJyN?YVFRPIKY*FNx=PFbKURPF=PF NWOb_RENu?BRStx?[XIaµF=@FJ5R1NdXNRPFYZNxcAds[XFj^`JGIaJOL*UJMFYkcF[Av
[XIKJGL*c`FRStuFFJyRPDOFYqnOopDGF=PF,IQNe?JGF,\F=@dsNIKY*hGbaFCbKUNPNp?B;FYkcF[G[XIKJGL5Nec`FRStuFFJq<To1¾XNn
y G?= § ° r£ s£wUJO[ § °; £ £ ]<To1¾GNirU & ¹
® S "G· [®~±EÒS® VwS IKN;UeYZUhGhOIaJGL ¬¡
R@DOUR4hG=PF NF=P\FNR@DGFTUlXIK?YZN.UJO[,=PWObaF Nn
opDOUR!IQNi`Bf?=,UbKb £ ¥ riIaBr £
RPDOFJ9{ £E{ j £@{ j¥ n
j¥ ¨RPDOFJ¬"{ j£@{ j¥
UJO[I_Br £ £ j¥
| <To1¾5vY*?=@hGDGIQNY Bf=@?Y ° r£ Z£ wR@?}° £ £ FjlARPFJO[GNIKY*YVF [XIQURPFbadRP?U
YZUhGhOIaJGL
?JhONPFWO[X?RPF=PYZNsUJO[ Cj?J5RPFjlARENn ?=@F?\F=i{R@DGIQNsYZUhGhOIaJGL~hG=PF NF=P\FNZ=@Fjv
[XWOCjRPIK?J
IaJ
UBmUI_R@DXBfWGb1tpU#d ¡ Iaµ { s¡ { }n FqDOU#\FMRPDGFyBf?babK?teIaJOL
hG=@?hF=PRSdn
y S ªUTº & [ªTº ª
#*¨ T Vf·WYT { (; y{ x{ *! T "
(
&
¹ ®AS"G· [E® ±EÒS®
VwS > ±
1?R1Ubab.<uo1¾XNeU=@F,¾ARP=@?JGLbads r?=@Y*UbaIKgIKJGL`n#FDOU#\FrR@DGFBf?bKba?teIKJGLVtuFbabav"HAJG?teJMRPDGF?v
=@FYqn
· WJR>ªa¯X¯[ SS± RoST[zV"¯OV SUTZ[ R R > [ "V ÒST#'¼ S®*ª T#'
"
!"# $%
&
opDGF*hG=P?A?BTIKN=EUR@DGF=[XI sCjWGbaRUJO[CUJ}cFBf?WGJO[IaJ FWO\F=EN,UJO[ 1F [XF=@DG?B
i
u?X5WOUJO[yUJ`[),UbabKIKF=! $%&i5xF=@U=@[XI $%& "n
| N*U}C?JONPF5WGFJOCjFstxFs^`JO[R@DOUR*YZUJAd?RPDOF=*<To1¾XNVU=@Fy¾5R@=P?JGLbKd 1?=@YZUbKIagIaJOLUN
txFbKb9n4opDGIKNCj?YVhO=PIQNF NUbKb>R@DGFMNPWGcXvNdXNRPFY*Nk?B!e¦UJO[UbKNP?UbKbTNPdXNSR@FYZ
N Bf?=teDGIQCED
RPDOF=@FwIQN*U}<To1¾Av"Y*?=@hGDGIQNPY Bf=@?Y ¨R@?e!ne9 1?R@FMR@DOURsU<To1¾5vY*?=@hGDGIQNY hG=@FNPF=@\F N
IKJX^OJGIaRPF=@F[XW`CRPIK?JqhOURPDONn
u
·ZW!±SS T'
VwWj® [S ± R R °O< ( °`< ( "
[MªWwª V"ÒSUT'_¼ S ®Zª j T' " o[¯ z[¼g[¹
&
| txFbKb_vHAJG?teJFjlGUYVhObaFy?BrU<To1¾R@DOUR*IQNJO?R*¾ARP=@?JGLbad 1?=PYZUbaIKgIKJGLIQNZ° Xn{opDOIKN
LFJGF=EUbKIKgFNuR@DGFxUbQCjWGbKWONp?B>u?JONSR@=PW`CRPIK?J`NxRP?VRPDGFkFjlARPFJReteDGF=PF UJO[ U=@F!WGJOI_^OF [%i
?=ehOWXRr[XIaµF=PFJR@badiXRPDOFN?=Rp?B4RSdAh`F Ni XiXIKNpIaR@NPFbaBUVRSd5hFn
°
k
X£
opDGIQNu<uo1¾*IQNuUbKNP?RPDOF1RPF=PY*IKJOUb?c SFCRxIaJsRPDGF,CURPFL?=@dk?B<To1¾XNuteI_R@DM<To1¾Av"Y*?=@hGDGIQNPY*N
UNeU=P=@?t1Nn
| NkUqYZURRPF=k?BxBmUCR itxFZJG?t¦D`U#\F*RStx?qBf?=@Y*UbaIKgURPIK?JON,?BeDGIaLDGF=k?=E[XF=hG=@F[GIKCURPF
bK?LIQCkUN!Uw<To1¾%
° MUJO[°O< ( n FVFY*hGbK?dqRPDGFVJG?RPIK?J?Bu<To1¾5vY*?=@hGDGIQNY RP?
NPFFeR@DOUR>R@DGFdZU=PFeF WOIa\UbKFJ5R nG=@?Y¨°`< ( RP?V
° Xi5Cj?J`NIQ[XF=>RPDGF<To1¾5vY*?=@hGDGIQNY
]LIa\FJycAd
{ #
{0
{ ,
{ ,
§
, §
, §
§
£
£
£
, .
¶ JGF,\F=PIa^OF NpIaY*Y*F[XIQUR@FbKdZRPD`UR!}hG=PF NF=P\FN©UJO[ iGDGFJOCjF,txF,DOU#\F
(
* { (4 p{ x5{ *! .
opDGFeIKJA\F=ENPFx?B%MCUJ*UbaY*?5NSRcFr[XFN@Cj=@IKc`F [UN>U,<To1¾5vY*?=@hGDGIQNYqicGWXRuJG?RT5WGIaRPFn
rF^OJGF
RPDOF<To1¾5vY*?=@hGDGIQNY sBf=@?Y °O< ( R@?M°*UNxBf?babK?t1Nn
#
, #
% ,
§
#
§
j£
§
, £
fzJ
° R@DGFN?=R , CUJwJO?R1UhGhFU=pIaJqU*Cj?J5R@FjlAReJG?=pIKJyURPF=PY?JwRPDGF,bKFjBRrNPIK[XF
?B4RPDOF*²KK´an FFjlARPFJO[ ZRP?Z[XF=@IK\#UcGbKF SW`[XLY*FJ5RENe?B>°VIKJMR@DGF,Bf?bKba?teIKJGL*tpU#dn
% (
*!
§
(;
% x %
*£eIaB*
§ , £
ÀGÄ.
À;Ï{
(
(
,
§
,
§
% (;
(;
x! j£eI_B x , £eIaB
% E¡ £ U*\U=PIQUcGbKFj£
¡ .
xdFUNd}IaJO[GWOCR@Ia?J?JGF*hG=@?\FN!R@DOUR hG=@FNPF=@\F N,[XF=@Ia\URPIK?JONn%GWG=PRPDGF=PY*?=PFi{ % ( *,§ ( *©UJO[ %9{ ( *,§ ( *kn.1FJOCjFi°O< ( UJ`[
° U=@FsF5WGIK\UbKFJ5RVNPdXNSR@FYZNn4opDGIQNkF WOIa\UbKFJ`CjFsIKY*hGbaIKFNkRPD`URkR@DGFwNPdXNSR@FY °
]IKN
¾5R@=P?JGLbKdM 1?=PYZUbaIKgIKJGL*UNptxFbKb9n
GVXWYT[ SUTZ[ SS±
""
& ¯XÒW
¼@W
¼g[zVwWj®
[
¾AF\F=EUbBfF URPWO=PF NxU=PFJG?R1hG=PF NFJ5RxIKJ]<To1¾XNnXG?=eFlGUY*hGbKFiXIaRpIQNph?N@NIKcGbKF!R@?Z[XFj^OJOF,[OUR@U
RSdAh`F NqfIKJ
U}h`?badAY*?=@hGDGIQCwNP?=PRi4Fn LOn IaJ«°?= IKJ«epicOWXRV?JGFq[X?AFNVJG?R
LFRIaJO[GWOCR@Ia?J?\F=RPDOFNPF*[OUR@UwRSdAhFN,Bf?=,Bf=PFFn>fzRIQN,h?N@NIKcGbKFR@?[XFj^`JGFVBfWGJOCR@Ia?JONcAd
=@FCjWO=@NPIa?J.icGWXRwIaJO[GWOCR@Ia?JDOUN*R@?c`FUN@NWGY*F [
UNZUJUlXIK?Yqn*opDGF=@FjBf?=PFie² IKJO[XW`CRPIK\F
RSdAh`F N´ODOU#\Fc`FFJ]U[O[XF[qUNeUJwFlARP=EUkBfF UR@WG=PFnGopDGFtpU#dZtuF,hG=@FNPFJ5RpRPDGFYcFbK?tiXRPDOFd
txF=@F>^O=ENSR{[XFj^`JGF[kIaJVu?X5WOUJO[UJ`[k<UWObaIKJXv ]?DG=@IKJG!
L %&n9¾XFFpUbQN? <UWObaIKJXv ]?DG=@IKJGL
$% "n`zJO[XWOCjRPIK\FRSdAhFN.U=PFhG=@FNPFJ5R%IKJUbKbteIK[GFbKd!WONPF[!RSdAhFjv"RPDGF?=@FjRPIQC4RPDOF?=@FY hG=@?\F=ENi
bKIaH
F ¶ %Gi ( ¶ $%
Oi | L[GU &%&& "n
| JG?RPDGF=;BfF UR@WG=PFxR@DOURtxFuteIKbabG[GIKN@CjWON@N4IKN4R@DGFpJG?R@Ia?Jk?B`hG=@?X[XWOCRUJ`[w9NSR@=P?JGL5 Tv9RSdAhFn
| Tv9RSdAhFIQN,U²[XFhFJ`[XFJ5RhG=@?A[GWOCRRSdAh`F´UJO[]R@DGF=@FjBf?=PFVUMLFJGF=@UbaIQN@URPIK?J]?BThG=@?X[XWOCR
RSdAh`F}IaJR@DGF}N@UY*F]tpU#dRPD`URwU 1v9RSdAhFIQNMULFJGF=@UbaIQNPURPIK?J
?BU=@=@?t½RSdAh`F ; * .
=@FhG=@FNPFJ5R@NRPDGFZRSdAhFM?Bph`UIK=@Ns £ jteI_R@D ~ *UJO[ y "nxfzB
¥«
Z Vi4tuF
SWONRFJO[WGhteIaRPD *
Mn kxFNPIK[XF NkU]h`UIK=PIKJGL}C?JONRP=@WOCR@Ia?JRP?}C=PF UR@FsFbKFY*FJ5RENk?BeU
Tv"RSd5hFi%txFVDOU#\FhG=P
? SFCjRPIK?JONrRP?yR@UHF*UMh`UIK=,UhOU=PRIaB " * . siR@DGFJ " *©UJ`[
" " "n Tv"RSd5hFNpU=PF!\F=@dZJOURPWG=EUb`Bf?=e[X?IaJGL*Uc`NSR@=@UCRPIK?JM?\F=uRPDOF?=@IKFNi5UNutpUN
^O=ENSR1FlXhGbKUIaJOF[yIaJ WG? $
%nX<>=@?A[GWOCREN1CUJycFk[XF^OJGF [wIKJONPIK[GFRPDGFNPdXNSR@FY I_B{?JOFDOUN
h?bKd5Y*?=PhGDOIKNPYqiXcGWXR Tv"RSd5hFNeCUJGJO?Rn
5
5
"
"&
+8
5
ÒS º¯OYV[kªUTº
%3
% , !
456 5
56 5
¯X®
[
FZDOU#\F*UbK=PF U[Xd]NPFFJDG?t³RP?][XF^OJGFZCj?J SWGJOCjRPIK?JUJO[[XIQN SWGJ`CRPIK?JIKJ°Xn.opDGF NF
U=@F,\F=PdMCba?5NFR@?VhO=P?X[XWOCjRv"RSdAh`F N1UJO[yNPWGYVv9RSdAhFNnO1F=PF,IQNeteDOUR1?JGF,tu?WGbQ[wtpUJ5RpBf?=1U
hG=@?X[XWOCRPv9RSdAhFn
( * ( * fhG=@?X[XWOCjR@NE
(* )* +
fhG=@? SF CR@Ia?J`
fhOUIa=@IKJGL5
,y#* +)* ( ,]
*
( "
* ( "
* ( " £ " x* +)* (
!"# $%
teIaRPDyRPDGFC?Y*hGWXREUR@Ia?Jw=@WGbKF
" £ " >¡
" .
zJ]hG=PF NFJOCjF?Bh`?badAY*?=@hGDGIQNYqiXR@DGFNPFkC?JONRP=@WOCR@Ia?JONeU=@FUbKb[XF^OJOUcGbaFn`O?=1FlXUY*hGbaF
IKJ]°
VtuF,DOU#\F!hG=@?X[XWOCjR@NeIKJyRPDGFNP?=PR # n .FR * £ * # UJO[q[XFj^OJOF
+
§
§
§
§
3
.Q * ¡ * ¡ P¡ £
°
,Q * )* . , * 9° * .°# * . j£
°
,Q * )* . , * 9° * .°# * . G£
£
° * .#° * .° .° * ¡ * ¡
G?=1NPWGYVv"RSd5hFNp?JGF,tu?WGbQ[wbKIKHFRP?*DOU#\F!R@DGF,Bf?bKbK?teIaJGL`n
( * ( * mNPWGYZN@
( *
* * )*
+
+
(
fIKJ SFCjRPIK?J
. £
,y#*
* ) ,]
* * (y * ¡ (y ( " £E x * (
mCUNF
teIaRPDyRPDGFC?Y*hGWXREUR@Ia?Jw=@WGbKF
59 @£ 3* ) ,u¡ ,.
*
*
¡
P¡
.
opDGIQNkCUJUbQNP?]c`FM[GFj^OJGF [IKJUqh`?badAY*?=@hGDGIQCsNP?=PRMfIKJONhOIa=@F[cAdRPDGF ;vCj?JONRP=@WOCR@Ia?J`n
.FR1IaJ
° Xi * £ * UJO[³c`F?BRSdAh`F # i` * ¡ ³UJO[] * ¡Vn
*
* §
.Q * ¡ @¡ * ¡ P¡ £
*)
° , * . ° # .
° K * ¡ .
° K * ¡ . ,;£
§
*)
§ ° , * . ° # .° K * ¡ .° K * ¡ . ,;£
° * * . .
9
£@ §
3
"
-"
5
¹wV9¼@ZWz[
zJ
Y*URPDGFYZURPIQCNV?JGFwtpUJ5RENR@?cF]UcGbKFwRP?=PF UNP?J~Uc`?WXR*UcONRP=EUCR*JG?RPIK?JONi;bKIKHFwRPDGF
Vf· WcS¼ SS± 'Ò S¯ I [ nXopDGF=PFBf?=@FiIaJZR@DGF!Bf?=@Y*UbaIKgURPIK?JZ?B.Y*URPDGFYZURPIQCNuIKJsRSdAh`F!RPDOF?=@dituF
DOU#\F!R@?scFUcGbKFRP?*Bf?=PY N?Y*FjRPDOIaJGLZbKIKHF,RPDOFZ² RSdAhF?B{L=@?WOhON´Kn | N!UJqFjlGUYVhObaFiGbaFRrWON
SU» W IKNUyRPWGhObaF
NPFFZteDOURUqL=@?WGhbK?A?HXN,baIKHFMIaJ~
° Xn IK\FJ * , i;U 'Ò S¯ 3
Cj?JONPIKNRPIKJGL*?B;RPDGF,R@F=@Y*N
*)
*¡ *¡ *
*
*¡ *
ÀGÄ.
À;Ï{
R@DGFL=P?WGhXvNSR@=PWOCjRPWG=@F NPWOCED
RPDOURsRPDGFqBf?babK?teIKJGLRSdAh`F NsU=@FqIaJGD`UcGIaRPF [ ftxF]WONF]IKJX^GlAv
JG?R@UR@Ia?JMBf?=e=PF U[GUcGIKbaIaRSdGn
3££ O * .Q X 3 * . 6
3! * .K * ) 6
5
§
£
§
A£
#.
§
G?=*RPDGFRSd5hF]?BRPDOF]L=@?WGhXvNRP=@WOCR@WG=PFytxFqCUJ«WONPFqRPDGF]hO=P?X[XWOCjRR@DGF V"¼@ W SS± 'Ò S¯ ¹
[zV9¯OY V"¯XÒ Wz[5Sg» W *ki v - *!jiIQN! *¡ *¡ *! q * q *,¡ *n5zB " v - *i
RPDOFJ " *¡ *¡ *i " e *iFjRECjFRPF=EUGn`1?txF\F=iAR@DGIQNr[X?AFNrJG?R!dFjRrCUhXR@WG=@F,RPDGF
UlXIK?YZNx?BL=P?WGhXv"RPDGF?=@dnAG?=uR@DGIQNptuFCUJMWONPFRPDGF Tv"RSdAh`FR@DGF V9¼@Z W SS± ' S¯ [ Sg» W *i
*!i`IKNe[GFj^OJGF [yc5d
*!p§
! *¡ *¡ * . 5 * . * ) X *,¡ * . /£ £ O * .Q X k§ 5 A
* . w§
* .Q3 * ) y§ n
1?tiIaB " *!jiktxFCUJ©Fl5R@=@UCRRPDOFFbKFY*FJ5R@N?BwR@DGFL=@?WOh¦NRP=@WOCR@WG=PF
cAd hG=P
? SFCjRPIK?JON UNcFjBf?=PF " *,¡ *,¡ *ki " *kiwFR@CFjRPF=@UOn ¶ JOF³CUJ
UbQNP?FjlARP=EUCjR}hG=@?5?Bv9R@F=@YZN]Bf?=}RPDGF¬L=@?WGhGvUlAIK?YZNycAd hG=P
? SFCjRPIK?J. "
;/£ £ ` * . " " G
§
" ; " 5ji4=@FhO=PF NFJR@IaJOLRPDOFqUNPNP?XCjIQUR@Ia\AIaRSd?BrRPDOFy?h`F=v
UR@Ia?J " n
¾AIaY*IKbKU=PbKdiXIaBT *¡ *¡ *i w
* UJO
[ q *,¡ * teIaRPD , £ , £ , UJ`[ ,hG=P?A?Bv9R@F=@Y*N
?B4RPDOFUN@N?XCjIQUR@F[ML=@?WGhXvUlXIK?YZNiR@DGFJ
*5
5
3!
+ F+
>5
3
3 6 3
#
5
9£ £ .£ , £ , £ , £ , E E 1 * .
opDGFhG=@FCjIQNPF!=@WGbKFNe?BRPDOF T
5 v9RSdAhFNpIKJ]°
*U=@F,UNxBf?bKba?t1Nn
( * , (T£
* #
5p
( 56
* . ~ , (
M*
( ,] ( 56
* . ~ , E £P
( £ ,x@56; * .
( " @56;
* .
" *
( " @56; * . ( " " (
opDGF1=@F[XWOCjRPIK?JZ=@WGbKFN>UNPNP?XCjIQURPF [RP?,RPDOFrhOUIa=@IaJOLUJO[VhG=@? SF CRPIK?JZC?JONRP=@WOCR@Ia?JsU=@FxRPDGF
WONPWOUb%?JGFN £ , >¡ wUJO[ £ , >¡ ,n
opDGFNPFe=PWObaF N>UbKba?t¬RPDOFeBf?=@YZURPIK?JV?BR@DGF²[XFhFJO[GFJ5R>RPWOhGbaF N´tuFeJOFF[VBf?=Bf?=@YZUbKIagIaJOL
JG?RPIK?JON!baIKHF =@?WGh}UJO[ 1IaJGL`n | J}F\FJ}Y*?=@FkLFJGF=@Ub;UhOhG=P?5UCEDqR@?txU=@[GN1RPDGFVR@DGF?=Pd
2
!"# $%
?B{L=@?WOhONxtu?WGbK[wcF,RP?ZUbQN?ZUcONSR@=@UCRp?\F=uR@DGFCU=P=@IKF=xRSdAh`FiG?cXREUIKJGIKJGL
5
§
* , .
5
! *¡
5
5
*¡ * . 5
* . * ) G *¡ * .
££ ` * .K
G
* . y§
* K. * ) w§
3!
3!
3!
6 F 6
F
5
A
§
.
56 opDGIQNrCUJ]cFk[X?JOFcAdyUJ]FUNPdMFlARPFJ`NIK?J]?B4R@DGFk=@WGbKFNiOUbKbK?teIaJGL*R@?ZBf?=@Y
* . UbQNP?
Bf?= * ,
(* , (>£ * © ,
(
* . © , 1?txF\F= iI_B%txF1tpUJ5RRPDGF!NdXNRPFY¦RP?=@FYZUIaJZCj?JONPIKNRPFJR itxF1CUJZJG?RTUbabK?t ; , . ¨
, nrFJOCFetuFpYkW`NSR>hGWGR , . © , nopDGIKN{IKY*hGbKIaF N{RPDOUR , iteDGIQCED
YZU#dsJG?RpcF[XF NIK=@UcGbKFn
FeYZU#dk?cONPF=@\FuRPDOUR>RPDGF Tv"RSdAh`FecFD`U#\FN{\F=@dYkW`CEDVbKIKHFeUJ W [zVwWTV ª ¯OªUTV Wj n
| h`U=PRBf=P?Y R@DGFZBmUCjRRPD`UR * . IKNkJG?RkUhG=P?h`?5NIaRPIK?Ji%cGWXRVUyRSdAhFi;tuFsNPFF*R@DOURU
fhO=P?A?BERPF=PY³?BORSdAhF * . ]IQNCj?J`NSR@=PWOCjRPF [Bf=@?Y³UrRPF=PY ?BORSdAhF *~Bf?=teDGIQCED DG?bK[GNnopDOFT?R@DGF=txU#dU=@?WGJO[.ijBf=@?Y UfhG=@?A?B@RPF=PY " ?BARSdAh`F * . y?JGFTCUJC?JONRP=@WOCR
RPDOF V{TIW[c[ " UJO[kRPDGFphG=@?A?BGR@DOUR{Bf?=;R@DGIQN{teI_R@JGFN@N ]DG?bK[GNnopDGIQN{\F=@dCjbK?NPFbKd,=PF OFCjR@N
RPDOF,C?JONRP=@WOCjRPIK\FIaJ5RPF=PhO=PFR@UR@Ia?Jw?BR@DGF,FjlXIKNRPFJ5RPIQUb.5WOUJ5R@I_^OF=² I_B * . IQNe[XF=PIK\UcGbKFi
RPDOFJRPDGF=PF*FjlXIQNSREN,UMR@F=@Y qBf?=,teDGIQCED >IKN[XF=PIK\UcGbKF´n.opDOFVW`NFV?B Tv9RSdAhFN!Bf?=
RPDOFkFjlXIQNSR@FJ5RPIQUb45WOUJ5RPIa^OF=1=PF 5WGIa=@FNeRPDOUR * . fJO?R!?B{RSd5hF , 1IaJ}
° Gn
zJq?=E[XF=xR@?*UCEDGIKF\FR@DGIKN1tuFCj?WGbQ[MY*?X[XIaBfdsRPDOF Tv"=@WGbKF,UNxBf?bKba?t1Nn
5
56
56
5
"56
E .
56 )56
56
56
5
0
!5
5 (* ( , 56 * (T. £ ¬ * # #
1?txF\F= iXRPDOFU[O[XI_R@Ia?J?BR@DGIQNr=@WGbKFRP?q°ZYZUHFN1RPDGFVNdXNRPFY IKJOC?JONPIKNRPFJ5RnOzJRPDGF
CUNFx?B.°`< ( iIaRIKNh?N@NPIacGbKFuRP?U[O[UT
5 v"RSd5hFxRPDOUR=PFhG=PF NFJ5R@N;RPDGFeFlXIKNRPFJR@IKUbG5WOUJXv
RPIa^OF=i5teDGIKbaF!=PFY*UIaJOIaJGLCj?J`NIQNSR@FJ5RicGWXRx?JGbKdVBf?= * -jn ¶ JZRPDOFr?R@DGF=uDOUJ`[%i?JGFrYZU#d
tx?JO[XF=teDGFjR@DGF=xU>T
5 v9RSdAhFeIKN>RPDGF!Cj?=@=@FCR{Bf?=PYZUbKIKgUR@Ia?J?BRPDGFrC?JONRP=@WOCjRPIK\FpFjlXIQNSR@FJ5RPIQUb
5WOUJ5R@I_^OF=icFCUWONPFIaRCj=@FURPFNNPFjRv"RPF=PYZN!RPD`UR[XFhFJ`[}?J}hG=@?A?Bv"RPF=@YZNnG?=,FjlGUY*hGbKFi
IaBtuF!hGWXR *056;
* . IKJsR@DGFC?J5RPFlARuteDGF=PF 56 * . IKNpUhO=P?h`?5NIaRPIK?J 56 * . ~ # i
p
RPDOFJ w#* * # Pn¾A?stxFDOU#\FUJ]FbKFY*FJ5RvFjlXhG=@FN@NPIa?J 5xR@DOUR[XFhFJO[ONr?JqU
hG=@?A?B AiUBfF URPWO=PF1UbaIKFJVRP??=@[GIaJOU=PdkhG=PF [XIQCUR@Fpba?LIQCiteDGF=PFpR@DGFeFjlXhG=@FN@NPIa?JXv"bQUJOLWOULF
IQNpcGWGIKb_RrWOhyIKJO[XFh`FJO[XFJR@badw?B4RPDGFhO=P?A?BmNn
"#" 0
Tº¯OV »UW ¼@W[
| cOUNPIQCuJO?RPIK?JIaJVbK?LIQCxUJO[VNFR{RPDGF?=@dIKN{IKJO[XWOCjRPIK?J.teDOFJ*UNPFjRIQN{[XFj^OJOF[VIaJ`[XWOCR@Ia\FbKdi
txFeWGJO[XF=@NR@UJO[*I_RxUNcFIKJGLZ² cGWGIKb_RxWGh*Bf=@?Y R@DGFrc?RPRP?Yy´cAdUNPFjRT?Bc`UNPIKC1C?JONRP=@WOCjRP?=ENn
(>bKFY*FJREN1?BTNWOCEDUwNFR!CUJcF[XF Cj?Y*h?NPF[qIKJ²NYZUbKbKF=rFbaFY*FJ5R@N´`IKJ}UZtxFbKbav9Bf?WGJO[XF [
YZUJGJOF= nopDGIQN>LIK\F NWON>RPDGF1hO=PIKJOCjIKhGbKFNT?B{² hO=P?A?BcAdIKJO[XW`CRPIK?J´UJ`[y² BfWGJ`CRPIK?Js[GFj^OJGIaRPIK?J
cAds=@FCjWO=@NPIa?J.´Kn
ÀGÄ.
À;Ï{
zB.tuF!txUJRTRP?kU[G[ZIKJO[XWOCjRPIK\F1RSdAhFNTRP??WG=TRSd5hF1R@DGF?=PditxF1DOU#\FeRP?kU[G[sU[GFj^OJGIaRPIK?J
Y FCEDOUJGIQNY RPDOUR4UbabK?t1N%WONRP?1IKJ5RP=@?X[XWOCjFuUeJGFtIKJO[XW`CRPIK\FTRSdAh`FicAdLIK\5IKJGLeR@DGFTJ`UY*FTUJ`[
*
RPDOF*C?JONRP=@WOCjRP?=EN?BuRPDGF*IKJO[XWOCjRPIK\FVRSdAh`Fn.opDGFVRPDGF?=@d}NDO?WGbQ[}UWXRP?Y*URPIQCUbabKd]LFJGF=EUR@F
U*NPCEDOFY*F,Bf?=ehG=@?A?BvcAdvIKJO[XWOCjRPIK?JqUJO[qU*NPCEDOFY*FBf?=1hG=@IKYVIaRPIK\F,=@FCWG=@NPIK?J.nXzReR@WG=PJ`Ne?WXR
RPD`URpRPDGIQNeCUJwcF[X?JOF\F=@d*LFJOF=EUbKbadZIKJMRSdAhFRPDGF?=@diAIaJ`CjbKWO[XIKJGL*\F=@dZYZUJAdZIKJONSREUJOCFN
?B{IKJO[XWOCjRPIK?J.nOrF=@F,tuFNPDOUbKb%WONPFU*\#U=PIQUJ5Rp?B4RPDGFIKJO[XW`CRPIK\F,RSdAhFNpR@DOURrU=PF,hG=@FNPFJ5ReIKJ
RPDOFMNdXNRPFY u?X ¶ >UJO[RPD`URktxF=@FV^O=@NRk[XF^OJGF[IKJ~u?XW`UJO[UJ`[<UWGbKIaJXv
]?DG=PIKJGL $%&n
FwIabKbaW`NSR@=@URPFsR@DGFM=@WGbKFNBf?=VIaJO[GWOCR@Ia\FsRSdAh`F NkIKJ¬
° ]cAd^`=@NRRP=@FURPIKJGL]R@DGFm\F=Pd
cOUNIQCxFlXUY*hGbaF,?B4JOURPWG=EUbJ5WOYkcF=EN ) jn Ftx?WGbQ[wbaIKHF,R@DGFWONPF=pR@?Zc`FUcGbaF,R@?Zte=PIaRPF
NP?Y*FjR@DGIaJOLVbKIKHF
1 ) +* ) x , §
&* ) ) @¡ ) .
RP?*?cXR@UIaJyRPDOF,Bf?bKba?teIKJGLV=PWGbKFNn
( * , (M *
(y ) @¡ *,¡ *
fFbaIKY
( & ) ¡ *
fFbaIKY
.9¦ )
(
@¡
( w
(
& 9
&
73! )
( y
3!; ) . 9 .
9 %¡%9Z
opDGF=@WGbKF*mFbKIaY xUbKba?t1NxR@DGF[XFj^`JGI_R@Ia?Jq?BBfWOJOCR@Ia?JONecAdshG=@IaY*IaRPIK\F,=@FCjWO=@NPIa?J.nGopDGF,=@WGbaF
fFbaIKY sUbKba?t1N*hG=@?A?BmNZcAd¬IaJO[GWOCR@Ia?J.nxo;?YZUHFNWG=@FqRPD`URsR@DGF]BfWGJOCjRPIK?JONw[XFj^`JGF[«cAd
fFbaIKY pC?Y*hGWXR@F,IaJyRPDOFCj?=@=@FCRptpU#di & D`UNxRPDOF,Bf?bKba?teIKJGLV=PF [XWOCR@Ia?Jq=PWGbKFn
& " &
¡
& "
¡ " & "
zRpIKNxWGJ`[XF=ENSR@?A?A[sRPDOURuR@DGFU[G[GI_R@Ia?JOUb fv"=@F[XW`CRPIK?JwIKNpUbKNP?kIKJOCjbKWO[XF [sIKJMR@DGF STOU» Wjc [ ST v
=@WGbaFmCj?JA\Xji;teDOF=@FstuFwJG?t©DOU#\Fq² * § M´4UNkUNPIQ[XFjvCj?JO[XIaRPIK?J.n4opDGFwNPWGcON@Cj=@IahGRIKJ
& {teIKbKb.c`F?Y*I_RPRPF[.iGteDGFJ]CbaF U=xBf=P?Y¨RPDOFCj?J5R@FjlARn
| JFjlGUY*hGbKFk?B>RPDGF*WONPFV?B!mFbKIaY !IQNIaJ}RPDGFZ[XF^OJGIaRPIK?J}?B>RPDOFw²[X?WGcGbKF´BfWGJOCjRPIK?J i
teDGIQCEDqIKNe[XF^OJGF [wcAd
) . ° ) . 5XP .
1?ti &Z¡ ¡
&MUJO[ e¡ ¡
Pn%opDGFhG=PF [XIQCUR@F?Be² c`FIaJOLMF\FJ.´Ki ) ri
CUJyUbKNP?*c`F[GFj^OJGF [yc5dMWONIKJGL]fFbaIKY j
) rx§ & ),
% j9° ) . ° # . & .
§
& &O9°
F?cXREUIKJwIKJO[XFF[wRPDOUR
)
&
)
¡¡
¡¡
%£
& )
!"# $%
3
&&
&
3!
"° ;
) .° ) . ° O & ) . p 3 ) . ) .
| J]FlXUY*hGbaF?B{RPDGFW`NF?BemFbKIaY pIQNpRPDGFkhG=P?A?B4?B ) . ) jn¾GU#dsRPD`UR kIKN
PN ?Y*FZCUJO?JGIQCUbIaJGD`UcGIaR@UJR?BuRSdAhF n rNPIaJGL ) P§ ) tuFV^OJO[
RPD`UR!° ) .°. ) . ° O ) . ]IKNe?BRSdAhF ) . ) P ¡ ) jn
¾A?*txFCj?J`CjbKWO[XFRPDOUR
%
& | JG?RPDGF=txFbKbav"HAJG?teJFlGUY*hGbKFkIQNrR@DGFVRSdAh`FV?BTbKIQNSREN!?\F=Uw[X?YZUIKJ ]
nzRIKN,[XF^OJGF [
UNxBf?babK?t1Nn
12) +* !* p , §
*2'5 !* #) w¡ !* @¡ !* teIaRPDyRPDGF,Bf?babK?teIKJGL*=PWGbKFNn
(
mFbKIaY
mFbKIaY
*
( &
( y
*
, 9¦ !* @¡
(
( y
!* @¡
9
( w
& (
y¡
*
!* @¡ *,¡ *
w 3
*2' (
3
3 !* . 9 9 9 ' #)
. !* . ¡ Z
opDGF=PWObaFVfFbKIKY uUbKba?t1N>RPDGF,[XFj^`JGI_R@Ia?JM?B.BfWGJOCjRPIK?JONxcAd*hG=PIKY*I_R@Ia\Fr=@FCWG=@NPIK?J.i5teDGIKbaFrRPDGF
=@WGbaFyfFbaIKY rUbKba?t1NrhG=P?A?BmNrcAdyIaJO[GWOCR@Ia?J.n%o?wY*UHFkNPWG=@FR@DOURRPDGFkBfWGJOCjRPIK?JON,Cj?Y*hGWXRPF
IKJwR@DGFCj?=P=@FCjRxtpU#di & DOUNxR@DGF,Bf?bKbK?teIaJGLV=@F[XWOCjRPIK?Jq=@WGbaFn
& '
¡
*2'
#) " ¡ " & "
| JZFlGUY*hGbKFe?BRPDGF1W`NF1?B & .IQN>IKJR@DGFr[XF^OJGIaRPIK?JZ?BR@DGF² YZUh.´BfWOJOCR@Ia?J*RPDOUR>R@UHFN
& UkBfWGJOCR@Ia?J] w¡ UJO[w=PFRPWG=@JONuRPDOF!BfWOJOCR@Ia?Jm?BRSdAhF !* @ ¡ !* TRPDOUReUhGhGbKIaF N1yRP?
UbKb%FbKFY*FJRENe?B;RPDGFbKIQNSR nrF^OJGF
. -
§
'
°4 w¡ 2.° !* . & *2'_9° . ° !* . °
!* .
y¡ M@¡ !* @¡ !* .
#)
9
opDGFJ . - { #) " >§ ) " . - " .
¶ BxCj?WG=ENFiOR@DGF=@F*IKN,UwYV?=PFVLFJGF=EUb4hOURRPF=PJcFDGIKJO[}RPDGF NFVRStx?wFlXUY*hGbaF Nn%opDGFVFjlAv
RPFJONPIa?Jw?B
° teIaRPDqIKJO[XWOCjRPIK\F,RSdAhFNpIQN1[XFj^`JGF[ycAdMU[O[XIaJOLR@DGF,Bf?bKbK?teIaJGLZN@CEDGFY*Fn
1)
+* , §
#) n
nn
@¡
P
¡ @
¡
teDGF=PF,R@DGF 1U=PFUbKb² RSdAh`FkN@CEDGFYVF NeteIaRPDUZNRP=@IKCjRPbKdMh?NPI_R@Ia\F?ACCjWG=@=@FJOCF?B´ai`I9n Fn
FUCED !IQN,?BTR@DGFVBf?=@Y * ¡ * ¡
teIaRPDJG?q?ACCjWG=@=@FJOCFk?
B ~IKJRPDGF *wUJ`[
@¡
) w
ÀGÄ.
À;Ï{
FIaRPDOF=
?=JG?RIaJ n`opDOIKN,[XF CjbQU=EURPIK?J]?B IaJ5R@=P?X[XWOCFNUNUM[XF^OJGF []RSdAh`F
UJ`[,I_R4LFJOF=EURPF NRPDGFxCj?JONSR@=PW`CRP?=@N #) £ . . .£ #) hGbKWON%R@DGFuUNPNP?XCjIQURPF [FbKIaY*IKJOUR@Ia?J
=@WGbaF NrUJO[yRPDGF=PF [XWOCjRPIK?J]=@WGbaF Nn[email protected]=PF?J]IaJ`[XWOCR@Ia\FRSdAhFN1txF=@FjBfF=1RP?
<UWObaIKJXv ]?DG=@IKJGL $% n
o?,IKbabKWONRP=EURPFxR@DGFeLFJGF=EUbKI_RSd?BIKJO[XW`CRPIK\FxRSdAhFNituFpLIa\FpUJFlGUY*hGbKFx?BUJVIKJO[XW`CRPIK\F
RSdAh`FkRPDOURrIQNrY*?=@FCj?Y*hGbaIQCURPF [yRPDOUJ ) 1UJO[ !* n FtxUJ5R1RP?M[GFj^OJGFkRPDGFRSd5hF ?B4Cj?WOJREUcGbKd*cG=EUJOCEDGIKJGLkRP=@FFNxteIaRPDwbKUc`FbKNxIKJ ]n."¾A?VURPF=PY¨?BRSdAh`F =PFhG=PF NFJ5R@NTU
RP=@FFteDGF=@FR@DGF*JG?X[XFNUJ`[]baF U#\F N!U=PFbQUcFbKbKF[teIaRPDUZR@F=@Y ?B>RSdAhF UJO[teDOF=@FUR
F\F=@dkJG?X[XFrRPDGF=PFU=@F1Cj?WGJ5R@UcObadVYZUJAdZNWGcGRP=@FFNnopDGF![GFj^OJGIaRPIK?JM?B 1IQNuUNBf?babK?t1Nn
1)
+* , §
w¡ * )
y
¡
) @¡
@¡ 1F=@Fi Cj=@FUR@FN!U*RP=@FFVCj?J`NIQNSR@IaJOLs?BSWONRUZbaF UBSibKUc`FbabKF[c5d]UsRPF=@Y ?B{RSdAh`F ]n
o DGFsC?JONRP=@WOCR@?= * ) REUHFNUqbQUcFbrm?BxRSd5hF M,UJO[UJIKJX^OJGIaRPF}9Cj?WGJ5R@UcObaF#baIQNSR?B
p
RP=@FF NxRP?ZCj=@FURPFUVJGFt RP=@FFnGopDGFsfFbaIKY x=@WGbKF,IKNeUNxBf?bKba?t1Nn
mFbKIaY
& (
*
, ( y w¡ * ( M w¡ ) @ ¡ P¡
& #¡ *
(
)
@¡
*P¡ *
DOUNxR@DGF,Bf?bKbK?teIaJGL*=@F[XW`CRPIK?Jy=@WGbaFn
& &
* )
¡
¡
"
" 9 ° )
.& "
zRpIQNpUJwIaJ5RPF=PF NSR@IaJOLFlAF=@CIKNPF1R@?V[GFj^OJGFUbabHAIaJ`[GNx?B4NR@UJO[GU=@[*BfWOJOCR@Ia?JONp?J iAbaIKHF
RPDOF*BfWGJOCR@Ia?JRPDOURR@UHFNR@DGFs¢R@DNPWGcXR@=PFFfIaBxIaRkFlAIQNR@NUJ`[}REUHF ?RPDGF=PteIQNPF ?=
RPDOF,BfWGJOCR@Ia?JyRPDOURr[XFCIK[XF NpteDGFjR@DGF=!UkR@=PFF,IKNeIKJX^OJOI_R@Fsf?
= SW`NSRrUZNPIaJOLbKFbKFUB@n
G?= iXtuFD`U#\F!RPDGF,Bf?babK?teIaJOLqmFbKIaY x=PWGbKFn
fFbaIKY
.9 #¡ (y 3 2. 9Z
(y 3 2. 3 " ) P¡ .Q 31¢ ) . 9Z " ¢P¡-9Z * )
( & 3!; . 9 (
"
| JG?RPDGF=sIaJ5R@F=@FNRPIKJGLFjlGUY*hGbKF]?B,IaJ`[XWOCR@Ia\F]RSdAh`F NsU=@FqIaJ`[XWOCR@Ia\FbKd¬[XF^OJGF [ ÒSES¹
| JFlGUY*hGbKFMIQNRPDOFyC?J SWGJ`CRPIK?Ji;teDGIQCEDDOUN?JGFwC?JONRP=@WOCR@?=MfRPDGFyhOUIa=@IaJOL5n
IK\FJ ~UJO[ ?B;RSd5hF iXIaRrCUJycF[XF^OJGF[qUNxBf?bKba?t1Nn
[ V ST[ n
12)
+* #
e¡
* >¡
§
p
| N{txFx[X?JG?R4DOU#\FTR@DGF, £ , =@WGbKFuIKJZ
° XitxFxCUJ?JGbKdCj?JONIQ[XF=;R@DGFpNF Cj?J`[
FbKIKYVIKJOURPIK?J]=@WGbaFiOteDGIQCEDteIKbab;?JGbKdqUhGhFU=1IaJRPDGFkCUNPFteDGF=PF IQNrUsC?JONR@UJ5R1?BRSdAh`F
>9
!"# $%
9
e¡
9
n%9¾X? ¦ # IKJONRPFU[s?B ³
RPDOFJ]UNxBf?babK?t1Nn
fFbaIKY
.9¦ # (y >¡p¡9
( & ` pP¡9
(
n uopDGFFbKIaY*IKJOUR@Ia?Js=PWObaF*fFbaIKY
#
9
u=PWObaF!IKN
udqREUHAIKJGL m=PF NhFCjRPIK\Fbad xrBf?=
UJO[}° .°# . f=@FNPh`F C RPIK\Fbad° . ° . X
Bf?=r iX?JOFFUNPIKbadZ=@FC?\F=ENTRPDGFtxFbKb_vHAJG?teJMhO=P?
SFCR@Ia?JsBf=@?Y
RP? m=PF NhFCjRPIK\FbKd
xjn
SÒ W+';WT§Wj@ª Tº¯OY V U» WGº W T V SUTZ[
| c?\FtxFD`U#\Fr=@FNRP=@IQCRPF [s?WG=@NPFbK\F N>R@?ZUVNPhFCjIa^`C,CjbQUN@Nu?B;IKJO[XW`CRPIK\FRSdAhFNnGopDGIKNeCbKUNPN
QI N\F=Pd[email protected]?\F=PIKJGLqUbKb{RPDGFMNP?]CUbabKF[¬²UbKLFcO=@UIKCkRSdAh`F N´KicGWGRI_RNRPIKbKbTCUJcFZFjlAv
RPFJO[XF [%nopDGF=PFeU=PFxRPDO=PFFeY*UIaJ*Fl5R@FJONPIK?JON{R@DOUR>txF1[XIQNPCWON@N{cG=PIKF `dkcAdNP?Y*FpY*?RPIK\UR@IaJGL
FjlGUYVhObaF NnGopDGFdMU=@F
n.<U=EUY*FjR@=PIQC!zJO[XWOCjRPIK\FoTdAhFN
Gn%zJO[XWOCjRPIK\FoudAh`F NpteI_R@)
D !FhFJ`[XFJ5R,u?JONSR@=PW`CRP?=@N
On%zJO[XWOCjRPIK\F<T=PF [XIKCUR@FN
UJ5dM?BR@DGFNPFFjlAR@FJONPIa?JONp?XCCWG=pRP?LFjR@DGF=eIKJyYV?=PF,IKJ5RPF=@FNRPIKJGL*FjlGUYVhObaF Nn
<>=@?cOUcGbad,R@DGFpY*?NR{txFbKbav"HAJG?teJVNIaRPWOURPIK?JV?B%U² hOU=@UY*FjRP=@IQC>RSdAhF´IQN4RPDGFpRSdAhFe?B² bKIKNR@N
?\F=uURSd5hF ´anX1F=PFrRPDGF!RSdAh`F ½IQN SW`NSReUhOU=@UY*FjRPF=hG=@IaY*IaRPIK\F=PF CjWG=ENIK\Fe?h`F=@URPIK?JON
?JwbaIQNR@Ne[X?VJG?Re[XFh`FJO[M?JsR@DGFNhFCI_^`C,CEDG?IKCF1Bf?= n | h?N@NPIacGbKFtxU#dVBf?=e[XF^OJGIKJGLRPDGF
® WYV" k [cV\[ tu?WGbQ[McF,RPDGF,Bf?babK?teIKJGLOn
RSdAh`F?B OªPªA
1 )
!* p , ¡ , §
*2'A ] , .Q !* M
#) ] , . y¡ !* M
@¡ !* M
.
+* 3
73
DGIQCEDqtu?WGbK[wLFJGF=EUR@FrR@DGF,Bf?bKbK?teIaJGL*FbaIKY*IaJOURPIK?Jy=PWObaF NeUJO[y=@F[XWOCjRPIK?Jy=PWObaFn
mFbKIaY
mFbKIaY
(
(
, *
(
, (.9³` !* wP¡
(
& & & (
& ) )
* ¡
w¡ !* MP¡
9
(w 3
*2' M
¡
¡
"
*2' M
3
9 -9 ' #)
. !* M . ¡ Z
!* w .
3
"&
9
*
*
( w Z
#
( y
O !* M@¡
( y
*
, "
o?Vc`FUcGbaFR@?te=@I_R@F[G?teJMR@DGFRSd5hF?BR@DGFCj?JONSR@=PW`CRP?=@N *2'UJ`[ #) iXtxF!JGFF[sRPDGF
=@WGbaF] , £ , #IaJ°
Xi.teDGIQCEDY*UHF NRPDGFsNPdXNSR@FY IKJOCj?JONPIKNRPFJR
n opDGF=PFBf?=@FiRPDOIKN
ÀGÄ.
À;Ï{
FjlAR@FJONPIa?Jwtx?=@HXNTYWOCEDyc`FRRPF=eIaJqU*NdXNRPFY½baIKHF°`< ( iXteDGF=PFtxF,CUJqCj?JONIQNRPFJ5R@bad
UbKbK?t³5WOUJ5RPIa^`CURPIK?J}?\F
= j
n F*teIKbabJG?Rc`FZCj?JOCjF=PJOF[]teIaRPDRPDOFNPFhG=@FCIKNPF*[XFjREUIKbKN
DGF=PF,DG?txF\F= n
zJ}R@DGFFlGUY*hGbKF?BThOU=EUY*FRP=@IKCkbaIQNSREN,tuFVDOU#\FUbK=@FU[GdqNPFFJC?JONRP=@WOCR@?=ENeR@DOURDOU#\F
U*[XFhFJ`[XFJ5ReRSdAh`FnGzRpRPWG=@JONp?WXReRPDOURpRPDGIQN1NPI_R@WOUR@Ia?Jw?XCCWG=ENpYV?=PF[email protected] I_R@Dy=@FNPhFCR
RP?sRPDGFLFJOF=EUbN@CEDGFY*FiGRPDOFkFjlAR@FJONPIa?JqRP?sIKJOCbaWO[GF[XFh`FJO[XFJ5R!RSd5hF[}Cj?J`NSR@=PWOCjRP?=@NeIQNrU
NRP=EUIKLD5RBf?=PtpU=E[?JGF#UbabX[XF^OJGIaRPIK?JON{CU=@=Pd!RPDG=@?WOLDIKY*YVF [XIQURPFbadn FuRP=@FUR{UJkIKJ5RPF=@FNRv
IKJGLFjlGUYVhObaF1?BUJZIKJO[XWOCjRPIK\FeRSdAhFfRPDGF Tv9RSdAhF i5teDGIQCEDZIKNu[XFj^`JGF[ZW`NIKJGLkUC?JONRP=@WOCjRP?=
RPD`URDOUNU][XFhFJ`[XFJ5RRSdAh`F0
n FjR
, sUJO[
*¡ # UJO[NPWGhGh?NPFVtxFZDOU#\F
U[O[XF[MRPDGF=@WGbKFs ,£ , #uRP?Z?WG=1NdXNRPFYyn
5
>
9
1)
(
mFbKIaY
:
+* , §
3 O .Q: 5@¡ .
(w 3 O .Q: AP¡ *
1)
*
, (
& ;
¡ *
73 . 3 : 5 . 9Z 12) G
( & 3 .Q 9
opDGF fv=PF [XWOCR@Ia?Jw=@WGbKF,IKN
& 12)
¡
1?tiAR@UHAIaJGL*IKJfFbKIKY Bf?= * UJO[]° ` . °Q : A . kBf?=r iOtuF^OJO[wR@DOUR
& 9° ` . °Q : A . 5 1 ) >¡ ¡;- .
1FJOCjFiwtxF [XF^OJGF § & 9° ` . °Q : A . 5jnM 1?tiMR@UHAIKJGL °
. Z: Bf?=
9 IaJ fFbaIKY UJO[©° ` . °: A . Bf?=~ itxF
^OJO[RPD`UR & "° ` . °K : A . X¦
3 ` . :Z 5jnkGWG=PRPDOF=@YV?=PFi & 9° ` . °K : 5 . G 1 ) ¡ ¡ A
nk1FJOCjFituF [GFj^OJGF
§ & 9° O .°#: 5 . G*UJ`[«tuF=@FYZU=PH~RPDOUR RP?LFjR@DG5 Fv"=MRSdAteh`I_FR@Dn 12) mUNshOUIa=@IaJOL
Cj?JONRP=@WOCR@?=TUJO[ UJ`[ mUNphG=P?
SFCjRPIK?JONEu=PFhG=PF NFJ5R@NuRPDGF T
mFbKIaY
.9³ ;¡
(
( y `
| JFjlGUYVhObaF]?B,UJ
IKJO[XW`CRPIK\Fbad
[XFj^`JGF[«hG=@F[GIKCURPF]IQN*R@DGFF5WOUbaIaRSditeDOIKCED CUJ
c`F
[XF^OJGF[qUNxBf?bKba?t1Nn
12) +* * w¡ w¡ # §
& 4y ; .K .
WONSRbaIKHFIaJ}RPDGFFjlGUY*hGbKFBf?=rR@DGFC?J SWOJOCR@Ia?J.ituF?JGbKdqDOU#\FR@DGFNPFC?JO[FbKIaY*IKJOUR@Ia?J
=@WGbaF,Bf?=eRPDOFJG?JGv[XFh`FJO[XFJRCUNPFZfI"n Fn ?JObady[XFhFJO[ON1?J ;/£ cOWXRrJG?R1?J]U*hG=@?5?B
?B Gn`¾A?*txFDOU#\F
( ¦ w¡ w¡ # (y 2.Q
mFbKIaY
( & £ .K X@¡ G
opDGF fv=PF [XWOCR@Ia?Jw=@WGbKF,IKN
?9
9
& 3!
73!
& 4
¡
3
9 9 !"# $%
&
;(*),+-.-/ 43`3m- ~358 V7m8 T3 3 zJRPDGIQNkNPFCjRPIK?JtxFVteIKbKbuNPDG?t³DG?tU]Cj?JOCj=@FjR@FVhO=P?A?BvUN@NPIKNR@UJR,tx?=@HANn.4Ia=ENRtuFsNPDG?t
IKJ teDOURytpU#d
RPDGFDAWGYZUJ DOUNMRP?
IKJR@F=EUCjRyteIaRPD RPDGFNPdANRPFYqn1opDGFJ U¬NPYZUbKbhO=P?A?Bv
[XF\FbK?hOYVFJ5R;IQN;h`U=PRPIQUbKbad,NDO?teJMfY*?NR{hG=P?A?Bv"?c SFCjR@NU=PFu?Y*IaRRPF [On4IKJOUbKbadIaR{IKN{NPDG?teJ
DG?t Cj?Y*hGWGR@UR@Ia?JONeCUJwcFCUhXRPWO=PF [MIKJyBf?=@Y*UbaIKgF [sR@DGF?=PIKFNn
ªV z[
"%$"
zJ Xn ZUJO[`n wFjlGUYVhObaF N,teIabKbc`FZLIa\FJ?BeUJFUNPdi%UJO[UyY*?=@F*IaJA\?bK\F[]RPDGF?=@FY
teIaRPDBfWObabehG=@?A?BmNn (T\FJc`FBf?=@FMR@DGFNPFyFjlGUY*hGbKFNVU=@FMLIa\FJ.i;RPDGFy=@FU[GF=VteIabKbphG=P?cOUcObad
=@FUbKIKgF1R@DOUReCj?JONRP=@WOCR@IaJGLBfWGbabKdZBf?=PYZUbKIKgF[*hO=P?A?BmNR@DGF,hG=@?5?Bv"?c SFCjR@NE{IQNu=@FbQUR@Ia\FbKdIKJXv
\?ba\F[%n opDGF=@FjBf?=PF>RP?A?bQND`U#\F>cFFJ[XF\FbK?hF[ANP?vCUbabKF[ SLS±E¹gª [c[ [cVUª TV[
R@DOURYZUHF
RPDOIKNTR@UNHVY*?=@F1FUNdn | hO=P?A?B.UNPNPIKNR@UJ5RuCj?JONIQNR@N>?BUhG=@?A?B.CEDGFCEHF=TUJO[sUJZIaJ5RPF=@UCR@Ia\F
hG=@?A?Bv[XF\FbK?hGY*FJ5ReNdXNRPFYyn
tactics
proof-object
current context
current goal
proofchecker
proof-development system
certified
statement
proof-assistant
| hO=P?A?BvUN@NPIKNR@UJReUJ`[MIaR@N1C?Y*h?JGFJREN
z J*RPDOF1hG=@?5?Bv[GF\Fba?hGY*FJ5RTNPdANRPFY¦?JGF1CEDG?A?NPFNTUCj?J5R@FjlARuUJ`[kBf?=PYWGbQURPF N>UNR@URPFY*FJR
RP?cF1hG=@?\F [=@FbQUR@Ia\FuR@?,RPDOURTCj?JR@FjlARnopDGIKNTNSREURPFY*FJ5R>IKNuCUbabKF[kRPDGF 'GS ª n 1UR@DGF=>RPDOUJ
Cj?JONRP=@WOCR@IaJGLVR@DGF=PF 5WGIa=@F[whG=@?A?Bv?c SF CRe[XIa=@FCjRPbKdiG?JGF,WONPFN1NP?vCUbabKF[ Vª V z[ R@DOUR1LIa\F
UyDGIKJR,R@?wR@DGFZYZUCEDGIKJGFZUN!R@?yteD`UR,RPDGFZhO=P?A?Bv?c SFCR,bK?5?HXN!bKIKHFn.O?=FlXUY*hGbaFi%I_Bx?JGF
tpUJ5R@NxR@?VhO=P?\F
* .K
E9 :
2 9 :
IKJ¬Cj?J5RPFjlA
R * j£ p£ *¡ # i;RPDGFJRPDOF=@FwIQNUR@UCRPIQC}S² zJ5R@=P?5N´R@DOUR*CEDOUJOLFN
RPDOFCj?J5R@FjlAR1cAdMhGIQCEHAIaJGLZUVBf=@FNPDS² U=PcOI_R@=@U=Pd´ ; * UJO[qUN@NPWGY*FN iGRPDGFL?UbJO?t cFjv
Cj?Y*IaJGL n{o;?}cFwY*?=@FMhO=PF CjIQNFitxFMLIK\FyN?Y*FMFjlAR@=@UCR@Nk?Bu?XNF NPNPIK?JONn;zJ«u?Ai
RPDOF evUcONRP=EUCjRPIK?JUJ`[}R@DGFy°GvUcONRP=EUCjRPIK?JU=@FZ=PFhG=PF NFJ5RPF[cAd}cO=@UCEHFjREN
}[XFjv
JG?RPFN * . ¦UJO
[ [XFJG?R@FNe° ; * . nGGWG=PRPDGF=PY*?=PFi UJO[wUcONRP=EUCjRPIK?JscOIaJO[
3
:
3 #
9
ÀGÄ.
À;Ï{
NRP=@?JGLF=xRPDOUJyUhGhGbKIKCUR@Ia?J.iGN?*txF,DOU#\FRP?*hGWGR1cG=@UCEHFR@NpU=@?WGJ`[wUhGhGbKIKCURPIK?J`NiAte=@I_R@IaJGL
Bf?=
* . ¡
nOzJwR@DGF,Bf?bKbK?teIaJGL`i *UJ`[
ZU=PF!RPDGFu?XMhG=P?Y*hXR@NeURpteDOIKCEDyRPDOFWONF=eIKN1FjlXh`F CR@F[wRP?VRSdAh`FNP?Y*FCj?Y*Y*UJO[%
UR OiORPDGFVNdXNRPFY IQN1IKJ² [XF CjbQU=EUR@Ia?JyY*?X[XF´ai`teDGF=@FRPDOFWONPF=!CUJ]Fl5R@FJO[yR@DGFC?JXv
RPFlARTteI_R@DZJGFt«[XF CjbQU=EURPIK?J`N{?=>[XF^OJGIaRPIK?JONU
R OiRPDGF!NdXNRPFY¦IKNTIaJy² hG=@?5?B
Y*?X[XF´KiGteDGF=PFRPDOFWONF=1CUJMRSdAhFIaJyR@UCR@IKCNxRP?sNP?bK\F!RPDGFL?UbmNEn
!3 9 (: "!
###$
&% ###$ ###$ ( * #$+ '!
)!
,,,,,,,,,,,,,,,,,,,,,,,,,,,,
- ../0 #!
* #$+ 1
,,,,,,,,,,,,,,,,,,,,,,,,,,,,
opDGF 1 ]YVF UJONR@DOURZtxFyUNPNPWGY*FMR@DOUR 1 IQN*UhO=P?A?B!?B mIaJ
?=E[XF=RP?
Cj?JONRP=@WOCRUhG=P?A?B ?B 5i R@DGF=@FcAdhG=@?\AIK[GIaJGLUhG=P?A?BO?B Ai#JOUY*FbKd
1 iAUJO[wDGFJOCF?B 5iXJ`UY*FbKd 1 n
| JG?RPDGF=;REUCjRPIQCTIQN>² | hOhGbad´KnzBGRPDOFxCWG=P=@FJ5R{Cj?J5R@FjlAR{C?J5R@UIaJ`N2 UJO[ ZUJ`[]RPDOF*CWG=@=PFJR,L?5Ub4IKN Ai`RPDGFJ}R@DGFZCj?Y*YZUJ`[ teIKbab>CED`UJGLF
RPDOFpCWG=@=PFJR{L?5Ub5IaJ5R@? AnopDGIQN{IKN[X?JGFxc5d ®*ªVE· T' R@DGFxRSd5hFx?B
teIaRPDVR@DGFeCjWG=@=PFJ5R
L?5UbteDGF=@F!RPDGFWGJGIK\F=@N@Ub\U=@IKUcGbaF N!mDGF=@F S WONSR GuU=@F1RPDOF?JGFNTRP?VcFIKJONR@UJR@IKURPF [%nG¾A?Oi
RPDOFyNPdXNSR@FY YZURECEDGFN ]teI_R@D Ai;^OJO[XIKJGLRPDGFqIKJONSREUJ5RPIQUR@Ia?J?B3
Bf?= nopDGF
hG=@?A?Bv"RPF=@Y RPD`UR,RPDGFZNPdXNSR@FY Cj?JONRP=@WOCREN!IQN,IKJ}R@DGIKNCUNPF 46O5 i%teIaRPD7M
5 RPDGF*dFR,RP?yc`F
Cj?JONRP=@WOCR@F[whG=P?A?B;?B An
8 "!
4###$ 9###$ :( * #$+ 2
!
2!
!"# $%
,,,,,,,,,,,,,,,,,,,,,,,,,,,,
- . * #$+ '!
,,,,,,,,,,,,,,,,,,,,,,,,,,,,
| JG?RPDGF=xF NPNPFJ5R@IKUbOREUCR@IKCrIKNpC?JOCF=@JGF[ZteIaRPDwIaJ`[XWOCR@Ia\FrRSdAhFNnXG?=xFjlGUYVhObaFrRPDGFRSdAh`F
?B{JOURPWG=EUbJAWGYkcF=ENpIQN1[XFj^`JGF[ycAd
/ $ ,
"!
opDGIQNpRSdAh`FC?Y*FNxR@?LFRPDGF=eteI_R@D]UJyIaJO[GWOCR@Ia?JyhO=PIKJOCjIKhGbKF
-0
opDGFtxU#d
R@DGIKN]CUJ c`FWONPF[IKNqUNwBf?babK?t1NnxzBkR@DGFmCWG=P=@FJ5RsL?UbIQN IKJ C ?JXv
RPFlAReC?J5R@UIaJOIaJGL OiARPDOFJyRPDGFREUCR@IKC MteIKbab%hG=@?X[XWOCFrR@DGFJGFt L?5UbQN UJ`[ * n!zJO[XFF [%irIaB IQN}U«hG=@?A?BZ?B ¬UJO[ ?B
0
teIKbab.cFUVhG=@?5?B;?B 5n
* #iXRPDOFJ | bQN?VRPDOIKNpRSdAhF3sC?Y*FNpteIaRPD]U*=@FCWG=@NP?= N@UR@IKNBfdAIaJGL
:
8 §
O
§
:
8
#.
zJO[XFF[%iXL?IKJGLBf=@?Y¨bKFjBRpR@?V=@IKLD5Ri5RPDOFNPFU=PF
fv"=@F[XW`CRPIK?J`NTR@DOURxBmUbKb%WGJO[GF=xRPDGF<{?IaJOCU= F
hG=@IaJ`CjIKhGbaFn
| NbK?LIKCUbX?hF=EUR@?=EN{U=@Fp[GFj^OJGF [*IaJ`[XWOCR@Ia\FbKditxFecOUNIQCUbabKdDOU#\FpUbabGRP?A?bQN{RP?[GF\Fba?h
YZUR@DGFYZUR@IKCUbxhG=@?5?BmNn4opDGFMIKJ5RPF=@UCRPIK\FwNF NPNPIa?JCj?JR@IaJAWGF NWGJ5R@IabeUbKbTL?UbKNU=@FMN?ba\F[%n
opDGFJZRPDGF!NdXNRPFY©IQNTN@UR@IKN^OF[ZUJO[VRPDOFrhG=@?\F [=@FNPWGbaRuCUJZc`FNSR@?=@F[VWGJO[GF=uUJOUY*F1R@DOUR
IQNeCEDG?NPFJycAdZRPDGFW`NF=n
$ - .:# -0&!
# # - 6#
0
zJqRPDOFhGbQUCjFk?B& # Oi5RPDGFkNPdXNSR@FY =PFh`F UR@NeRPDGFVNF=PIKFNp?B4REUCjRPIQCNeR@DOUR!txUNpRSdAh`F [
IKJcAdqRPDOFWONPF=R@?yNP?bK\FkRPDGF*L?5Ub"nopDOFVNPdXNSR@FY U[O[GN,Uw[XF^OJGIaRPIK?J# , !!!
RP?RPDGFCj?J5R@FjlARi5teDGF=@F !!!;IQNR@DGFrhG=@?A?BRPF=PY 9U,RSdAh`F [M°Xv"RPF=PYsRPDOURutpUNIKJ5RPF=EUCjRPIK\Fbad
Cj?JONRP=@WOCR@F[%nGopDGFJqbKURPF=pR@DGFWONPF=1CUJyWONFR@DGFbaFY*Y*U*cAds=@FjBfF=P=@IKJGLkR@
? # `iBf?=
FjlGUYVhObaF,IKJwR@DGF | hOhGbadMR@UCRPIQC # `n
opDGFMNPFjRk?BxREUCjRPIQCNUJO[I_RENIKY*hGbaFY*FJ5R@URPIK?JRP?LFRPDGF=teI_R@DRPDOFsWONPF=IKJ5RPF=PBmUCFsteIKbab
dAIaFbK[UqbQU=@LF*hG=@?A?Bv[XF\FbK?hGY*FJ5RNPdANRPFYqn;G?=FjlGUY*hGbKFi;NF\F=EUb{R@FCEDGJOIK5WGF N?B1UWGRP?v
ÀGÄ.
À;Ï{
YZUR@F[[XF[XW`CRPIK?JYZU#d]c`FZIKJOC?=@h`?=@URPF[}UN!R@UCRPIQCNn.xWXRF\FJI_BuRPDGF*=@FNPWGb_R@IaJOLyhO=P?A?Bv
[XF\FbK?hOYVFJ5RxNPdANRPFY½UNxNWOcGWGJGIaReIaJwLFJOF=EUbteIabKbc`FbKU=PLFiRPDGF=@FbKIKUcGIabKIaRSdZ?B%RPDOFhO=P?A?Bv
UN@NPIKNR@UJReUNeNPWOCEDyIKNrNSR@IabKb%DGIKLD.iGhO=P?\AIQ[XF[sRPDOUReRPDGFhG=@?A?B{CEDGFCEHF=xIKN1NPYZUbKb9iXI"n FnON@UR@IKN^OFN
RPDOF[XFx=PWGI SJqCj=@I_R@F=@Ia?J.n
" !"
Aª®rW[ SS±
& SLS±
W»UWjSE® WTV
IK\FJ UYZUR@DGFYZUR@IKCUbNR@UR@FY*FJ5RyteI_R@DGIaJ U~CF=PR@UIKJC?J5RPFl5R x
i U SLS±uº WU» Wj SE® WTV
Cj?JONPIKNR@Nx?B{UBf?=@Y*UbaIKgURPIK?Js?BR@DGFCj?JR@FjlAR (UJO[yNSREURPFY*FJ5R * U JO[yUVC?JONRP=@WOCjRPIK?JM?B
UVhG=@?5?Bv"?c SFCjRpBf?=eIaRiGI"n FnGUVRPF=PY ,NPWOCEDwRPDOUR
(
,q* .
| PN WGcONR@UJR@IKUbOhOU=Ru?B.U,hG=@?5?B.[XF\FbK?hGY*FJ5RTC?JONPIKNR@NT?B.U Vf·WcS¼ZºuW»gWSE® WTV iAUJOUYVF
Cj?IaJOF[qcAd]<{FjRPF= | CgFb9nopDGIQNrCj?JONPIKNR@Nr?BTUZbKIKNR!?BhG=PIKY*I_R@Ia\FUJO[][XFj^`JGF[]JO?RPIK?J`NrUJ`[
UlXIK?YZN.UJO[hG=P?\UcGbaF{R@DGF?=PFYZN%CjWGbKY*IaJOURPIKJGL1IKJ,RPDGFTL?U
b *R@?ec`F>hO=P?\F[%nzJ,R@DGIKN;NF CR@Ia?J
txFxteIKbKbXhG=PF NFJ5RNPWOCEDVUrR@DGF?=Pd[GF\Fba?hGY*FJ5RIaJRPDOF1NdXNRPFY©u?ABf?={RPDGFeNR@URPFY*FJRR@DOUR
F\F=@dZJOUR@WG=EUb%JAWGYkcF=eL=PF UR@F=xRPDOUJq?JGF,DOUNeUhO=PIKY*F[XIa\AIQN?=n optu?kUNhFCjR@NT?B%RPDOF![XF\FbK?hOYVFJ5RuU=@Fe?B.IKJ5RPF=@FNRn DGF=@FUNR@DGFrbK?LIKCUbG?h`F=@URP?=ENu¡
UJ`[ U=@FkhG=@IKYVIaRPIK\F*JG?RPIK?JON?BTRSdAh`FVR@DGF?=PdmteDGFJRP=EUJONPbQURPF [}UN i%R@DGF*?hF=EUR@?=EN
Cj?J SWGJOCjRPIK?J xi5[XIKN SWGJOCjRPIK?J piBmUbQN
F iJGFLURPIK?
J !UJO[*FjlXIQNSR@FJOCF VU=@F1UbQN?[XF^OJOUcGbaF
WONPIaJOLVIKJO[XW`CRPIK\F,RSdAhFN }U=PRPIKJXv ?" B $ "nXG?=eFjlGUY*hGbKF
D
/0
$ - 0 - 0 3
,
1F=PFiOR@DGFUcONRP=EUCR@Ia?J sN@U#dXNeRPD`UR ]UJO[ ]U=@FhOU=EUY*FRPF=EN1?B{RPDGF
[XF^OJGIaRPIK?J.n{¾A?Y*FZhG=@FjRPRSdhG=@IKJR@IaJOLOiU]NPdAJREUCjRPIQCZ[XFj^OJOI_R@Ia?JCUJcFMU[O[XF[%i4UbKba?teIKJGLyRP?
te=@I_R@
F sBf?= %nyopDGFIKJO[XW`CRPIK\F[XF^OJGIaRPIK?JqIKYVhObaIKFNpR@DOUR wCj?YVF NxRP?LFjR@DGF=
teIaRPDqYZUhON
-0 -0 %
%
F,UbKNP?VJGFF [wUVYZUhqCj?=P=@FNPh`?JO[XIKJGLR@?VRPDGF,FbKIKYVIKJOURPIK?JyhG=PIKJOCIahGbKFBf?=1[XIQN SWGJOCR@Ia?JfBf?=
FjlGUYVhObaFRP?ZhO=P?\FrR@DOUR
G
zR,IQNUbQNP?wh?N@NIKcGbKFVRP?][XFj^`JGFVRPDGFZ?h`F=@URPIK?JON xixiiMUJO[ }teI_R@DG?WXRIKJO[XW`CRPIK\F
RSdAh`F NiOWONIKJGLZDGIKLDOF=e?=E[XF=1W`UJ5RPIa^`CURPIK?J.iGUNeIKJ11WONPNPFbKb $%& nGG?=eFjlGUY*hGbKF[XIQN SWOJOCv
U`{az½x{egjl}}xX
x\fhfkxZIgdhljl¤ }x\egfhaz`{fhµx{eU
xx\egfh`{f~
c`\f§jlkUkgj x\fh s
ckYstC`{jlfh}jl}kgacxb«
c``{fhaÒfh¤;
dhazkg}{jl¤Cf`
tg`\jlfoby
cdwx\az`oacb,]²
ckg¤ }{eCaÒ x\eU
xoj x=jl}=kgfhdhf}\}X
c`\jl snur~eYg}=azkgf|az¡CxX
cjlkC} !
" #%$'&)('*+nU¹ }\ljlmzeYx\ s5¤gj ,uf`\fhkYxb«az`\
cljlÒ
x\jlazkjl}taz}{}\jl¡glfjlkxsCtfx{eCfaz`sÔUeCf`\f|azkCf¯d
cktg`\aÒfx{eCf
}\x{
x\ffhkxZ ¿ - ¿ . "/"0" . 1 , #%$'&)('*2 ¿3 "/"0" 3 #%$'&)('*241657-8 , #%$'&)('*:9 3 8<= ; ¿>3 "0"0" 3 8<= ; 1. .n
¿ acx\fEx\eU
x~j xjl}§jltaz}\}{jl¡glfx\a²fwfhk}xX
x\fEx\egjl}~
c}~
x\egfhaz`{fh jlk^Zf
ckga|¹E`\j x{egfwx\jldzÔ¡ufhd
cg}\foacbx{eCfEg}\f
acb?
c}~
¯tU
c`X
cfwx\f`¤CfkCacx{jlkgm¯x{eCf=lfhkgmcx{eacbx\egf=}{fh©Ygfhkgdhf2@
ckg¤x\egfokYg²¡fh`§acb¤gjl}¢\Ckgdwx{jlazkg}8A= ; BXn
kxsLtf¯x\egfhaz`\sj xEd
ck¡f}\x{
x{fh¤ ¡fhdÒ
cC}{f¯acbZx\egf¯`{glfh}~b«az`jlkg¤gCdhx\j fxsCtfh}Ònk
c`\j x{egfwx\jldoazkgfoazgl¤
eU
hfx\a mza²x\a }\fdhazkg¤az`{¤gfh`x{a}xX
x\fCy
ckC¤tg`\aÒf/Dx\egjl}~x{eCfaz`\fh
-0
%
%
!"# $%
RPIK?JqcFC?Y*FN
3
*
V .Q *,¡@¡
.V¡
V¡ P¡ *
zJyRPDGIQNetpU#d*RPDGFFbaIKY*IaJ`URPIK?JqhG=@IKJOCjIKhGbKFIQNpR@DGF,RPF=PY
-.V .
°4K *¡ ° V¡
°.Q *
.
.
opDGFVba?LIQCUb4[XF^OJGIaRPIK?JON,[XF^OJGF []RPDOIKNtpU#dwR@WG=@J}?WGRrRP?ycFF WOIa\UbKFJ5R,teI_R@D}R@DGFVIaJO[GWOCv
RPIK\Fbadw[XFj^OJOF[w?JGF NnGO?bKba?teIKJGLU=PRPIKJXv ?" B;tuF,WONPFRPDGFIKJO[XWOCjRPIK\F[XF^OJGIaRPIK?JONiXc`F CUWONF
RPDOIKNetpU#dZ?JOF,CUJ]U#\?IK[MIaY*hG=@F[GIKCURPIK\F,JG?RPIK?JONpbKIKHF,DGIKLDGF=e?=E[XF=e5WOUJ5R@I_^`CUR@Ia?J.n
| JG?RPDGF=Vh?IKJ5RV?B1IaJ5R@F=@FNRVIQNRPDOURVIKJO[XWOCjRPIK\FwRSdAh`F NU=PFMBf=PFFbKdLFJOF=EURPF [cAdRPDGFIa=
Cj?JONRP=@WOCR@?=ENnTopDOIKNMDOUN*Bf?=MFlXUY*hGbaFUNsC?JONPF5WGFJOCjFqR@DOURwBf?=sR@DGF]RSdAhF}?BJOURPWG=EUb
JAWGYkcF=ENp?JOF,CUJqhG=@?\F
%
8
,
,
7
8
, o D5W`NtxFMNFFZRPD`URteIaRPDOIaJRSdAhFZRPDOF?=@dteI_R@DIaJ`[XWOCR@Ia\FZRSdAh`F Ni{1Fd5RPIKJGL}U=@IaRPDGY*FjR@IKC
p
CUJ}cFVBf?=@Y*UbaIKgF [%iteI_R@DG?WGRUNPNPWGY*IKJGLwU[G[XIaRPIK?JOUb{UlXIa?Y*N!?=,=@WGbKFNno;?qWO?RPF1UJO[Xd
<{?bKbQUCEH oudAh`F>RPDGF?=@d!teIaRPDIKJO[XW`CRPIK\FTRSdAh`F NIQN.IKJ5RPWGIaRPIK?JGIQNRPIQC#YZURPDOFYZUR@IKCUbhO=PIKJOCjIKhGbKFN
U=@F,teIa=@F[wIKJ.n 1?t~txFpteIabKbGhG=@FNPFJ5R>U!RPDGF?=@d[XF\FbK?hGY*FJRIKJMu?AMf\F=@NPIK?1
J On 5i#Bf?={RPDGF1NR@URPFY*FJR
RPD`UR{F\F=Pd,JOURPWG=EUbAJAWGYc`F=;DOUN{UrhG=@IKYVFp[XIK\AIKNP?= n opDOFuYZUR@DGFYZURPIQCN4c`FDGIKJO[R@DGIQN;IQN4\F=Pd
FbKFY*FJREU=@dn .?LIKCsIKNkIaJ5RP=@?X[XWOCF[%n | BRPF=VR@DGFMIKJ5RP=@?A[GWOCR@Ia?J?BeRPDOFMJOURPWG=EUbuJ5WOYkcF=ENi
hGbKWON1UJO[wRPIKYVF NrU=PF[XF^OJGF[y=@FCWG=@NPIK\FbKdnGopDOFJ][XIK\5IQNPIa?JqUJO[yhG=@IaYZUbKIaRSdMU=@F[XFj^OJOF[%n`zJ
?=E[XF=RP?hG=P?\FZ?WG==PF NWOb_RR@DGFMW`NWOUbu?=@[GF=@IaJGL ©IQN[GFj^OJGF [ ^`=@NR UJO[Cj?WG=ENFs?B
\UbKWGFIaJO[GWOCR@Ia?JrIQNxWONPF[%nXo;FjlARute=@I_RPRPFJMcFjRStxFFJ !!! ,NPF=@\F NTUNxUCj?YVY*FJR nAzJ
RPDOF,Bf?bKba?teIKJGLOiAR@DGFhG=@?A?BmNpU=@F,?Y*I_RPRPF [wcOWXReRPDGF[GFj^OJGIaRPIK?J`N1U=@F!LIa\FJyFjlXhGbKIKCI_R@badn
!"#$
%
&
#"'
)("
"(#
*")*"+(#
,.-/%
0 "+!(#
'"213543&5687943&*:24;&
4=<(*">?4@
A7
ABC'"7D%0 "+!(#
E
EF4;&
4=<G#'?4HE
E.0 "+!(#
I
IF4J&
4=<5K *"!#""#L4J&A&
4M<F13.43&
:
AI
I.N k b«
cdwxdÐ
c}\}{jld
cZlazmzjldnG¹Ek jlkx{gj x\jlazkgjl}x{jld tC`{aYacbjl}o²gd{e ¡fwxx{fh`ÒÔ
c}j xotg`{aCjl¤Cf}¯
ck
clmzaz`{j x\egx{a
Ukg¤5x{eCf¯tC`{jlfE¤Cj Cjl}\az`Òn ¾ Cx~x{egjl}`{fh©Ygjl`{fh}~az`{faz`{in
O ybZbaz`fwfh`\s B
PG ¿ azkgfoeU
c} C QSR6" TUQ D3VWT ÔCx\egfhk PG ¿ " T Zn
ÀGÄ.
À;Ï{
K *"!#" L4M<F13 7.43&
:5C'" =A7 % M7
AD%
% IG#
#
,G*"#*" ,"#'
(#
(G*"!#"! M"#)" %'
*"#+!(#'#'
# !+ G#G
!*""#'#"!
*7
*7
A7
?M"#!%
?C'"7 %
?CG7D%
?
7 %
%
0 "#
+!(#*" '*" *"'#"+ - %
'
'" *"24G
''"
L4G
''" 24G
' 43&
% '
A ABC'" ' %' 43&
% '" ' %A
' ' 43&
% '" ' % A -
''
L4C' 43& %I
IA
' '
*"L4
'
*"24
?4
'
' 43&
%'
A C ' ' 43&
% A C ' ' (B43&D% C'
A
(%
A
% -
% A(%*A C ' %
A(B-
'G( "!*" (""(#* -/%
" 24 ' 43&
% C ' %A ' ' "
# >(*# "'# ,##'
(#
(
%4
"" <
1=' 43&*.6W94M"#LC' %
% :
C'*" *"23"#'%SM"# % 1 .4 ':5M2C *"' D%
%
1 .4 :532C
"' D%
%
%
4GC' 43&* % M"# ' %
%
A '"2M"# '%SM"# %
%
%
D 'G #
# %
&
('#
( - %
0 "+!(#
213F4#56@&24@A&
:24;&*
4=< *"
#
L4G54MD% M&!%
A G& % ,"
#'(#(
*"!*#"2M"#)
" %G
" #'#'
!"
# #G#+!*+'
!".4M$#*3&D%
% L1.4M:5M&D%
%
(*#"
&
.-
!"# $%
'' F4 #56H&24J
A&.6?4J
A&9 ''
L4.4MD% =,.4MD% M& ,!%
%
A 3& D%
*"24.
4MD% 3 &D%
A !" ,.4M$# M&,D%
% '
'
"" F
4G !" 54M$#*M&!%
%
%
AB.4MD% M& D% ''
"#24G.4MD% M&D%
%*
A !" .4M$#*3&D%
% 4MD% M&D%B D%
%*
A 54MD% M& D%% .4MD% D%% ''
'"24G.
F4G!" .
4M #*M& D% D%%
'
A !" .
4M *# M&D
%
% !" 54M$#* !%
%-
!
"&.-
'
('
( - %
K 4C' 43& % '
A
'% '" (?4C' 4 & % '
A
' '
!(+
548##*+ "*" '#+
.- %
#"L4GC' 43&
% ' '%-
D 'G #
# %
(*#"
&
(' -
'' 54 #568&.4M
A&
9 4M$# 3&D%
% ' ""
'
L4G .4M!% M &D%
%*
A !" 5
( 4G!" .4M *# M& D%%
A .M4 D% M & D% '
E !
G ' '
#G
*"
>(#.
(<
(*"> !".4M #3& D%
%*
A .4MD% M& !%
%
.4MD% M& D%
%
AB!" .4M # M& !%
%
1 94 !" 54M # 3& D%
% 654
.4MD% 3& !%
AI
I!% :
= *"
F1.43
:5M&D% I
I2154M56 4M& D% : % %
1 94 .4MD% M& D%
%
% :
K !".4M # M& D%
%
1 54
!" .43 #M
& D%
%
AI
ID% :
1 .4M56 4M
& D% :5 ?= *"
#
F1 54M
:53
& !% %
%
%
%%
4G !".4M # M& D%
% A .4MD% M& D%
%
%
!
"&
(
' -
# !#
(
ÀGÄ.
À;Ï{
%
0 "+!(#
213.4#5654M
: 4;
A&*
4=<
+'
F4= D% ,"#'(#
(
*"!*#" M"#)" %G
G "#
+!( *")
# +!
#' '#"
<,
,D%0 " # !
,"#'(#
( "!#*" #G#
,G('" +''"
(
*#)' +!"
# - 0 # ("!#+!(# ,#G#,((D*"
'
# * # G#
, %
'
, F4=.4 #D% ,.4MD% < ,D%
A M,< D% 4=.4 #D% M&943
A& % ,.4MD% S<G,D%*
A M& !%
A M&,!% 24=.4 #56 .4M56@&94=A&D%
% M& D%A =,.4M!% =,<!%
A M& ,D% 'G
*"
+'
?4= 794#56W.4=
A7D% 6 ,.43D% <,D%G
A =D%*< =G,D%
%
'
'
0 "+!(#
G"'#F4 #F4=<?4J"'#
K *"!#"
K *"!#"
# 4 "'#A"'#.-
"?4J"'#L4=<? %# 4J"'#L4=<? *"!%-
K *"!#" 0 *+( 4=<F1 ".43"'#
:
'")
<AII
# %<AEE
". ' "
("24G3"943"'#!% <L " %
%-
0 "+!(#
1 "943"'#:F4;"'#
A& 4=<
"
4C G"" %
#; +!(?4G U4 "'#D% " %
A "? %
% K *"!#" #'"F4=<F1 " U43"'#:5C2 " %/ % '#
'"!L4G , 43"'#D% C G,D%*
A C, %*
A C
'" 4GM" U43"'#!% C#'"" %A C" %
% '#
"" # F4GM"94 "'#D% C#'*")"% '
*+(
2
4GM" U43"'#!% C2 " % %
%A C "% '
# $4G.
4 "'#D% <
<" C#'" "D%
% '
" " *#F4GM"94 "'#D% M"<%
A 3"<"%
A C# '" "" %
% '
% -
K *"!#" F1 "943"'#568&943"'#
A&
: 4=<? 43"'#D% C#'"" %*
A M& %%-
' +G'
*+)*"+(#" %
(
*"243&943"'#
A&* % M".43"'#D% "G&D% A M&" %
%A?M"943"'#D% M& " %%-
!"# $%
I*"#+!?1 ".43"'#
:24
'")
"'#A"'#L4=<F1 U4 "'#
:
<A ".-
# %<A
M*+! %
%
'
+
'
#*+!(?4GM" U43"'#D% M*+!"F %
%*< BM+!" %
% ' +
'
# F4GM".43"'#D% 3+!"%*<".+! '
?4GM" 4H"'#D% M" 4H"'#D%
'
'
+!
( M+!"F3+! % %*< M +!M+!G" % %4GM" U43"'#D% M*+!" *% < 3 +! " %-
I*"# #D?1 "943"'#:24;"'# A " '#?4=<F1 34 "'#
:
'")
<
A # % <A M*+! =
# D %/
%
".
*#
F4GM" 4H"'#D% M" 4H"'#D%
=#D 3+! " % %*< M+!=#DG" % =# D %
% '#!'
# F4GM".43"'#D% =#DG"%*< ' #!'
#*+!(?4GM" U43"'#D% =# D"F %
%*< M+!B=#D" % " % '
#D '
?4GM" 4 "'#D% M#DG".=#D %
%
=#DBM#D" % %-
'
<
K *"!#"
F4 M"'#A"'#A&D%
4=<?13 "94 "'#
:5!".43"'# #*=#!D%*<"D%K *"!#" 24 M"'#A"'#A&D%
4=<?13 "94 "'#
:5C# '*"S"GD%BC#'*" " %
M "D%
%DF4 "'#
A&
K *"!#"
4=<?1 "943"'#
:5
C# '" ""D%
!" .43"'$
# #*M
*) " %
%
% K *"!#"D24 "'#
A*"'#
A*&
4=<?1 "94 "'#
:53D % =" % D 'G #
# %
' D G
%
K *"!#" & K 4 "'#
A&*
4=<?1 "943"'#
:5!" 94 "'#$#*3D " %
% E
"
+* #'*D
4 M"943"'#D% C#'" ""D%
A & K " %-
%
| NuNSREUR@F[Vc`FBf?=@FiBf=P?Y³DGF=PF1?JGF1CUJ*hG=P?\F (>WOCbaIQ[%´ NRPDOF?=@FY³RPDOUR>RPDOF=@FrU=@FpIaJX^`JGI_R@FbKd
YZUJAd]hG=@IaY*F NnzJ?=E[XF=!RP?][X?wRPDGIQN,?JOFJGFF[GN!R@?yHAJG?t R@DOURIaB [XIK\AIK[GFN,c?RPD ]UJ`[
ÀGÄ.
À;Ï{
B#iRPDGFJIaR{[GIa\AIQ[XFNemIaJ5RP=@?X[XWOCFxCWXRv?µsNPWGcXRP=EUCjRPIK?JBf?=4RPDGIQN{UJO[khG=P?\FTNP?Y*FTbKFY*YZUN
Uc?WGR1I_Rn
"#"
¯VªP¸ 9RS®r¯VªUV SUT[
RP?*Bf?=PYZUbaIKgF[XF^OJGIaRPIK?JONi`NR@URPFYVFJ5R@N1UJO[qhG=@?5?BmNn | JXv
?R@DGF=IKYVh?=PR@UJ5R,UNhFCjR?BTYZURPDOFYZUR@IKCNrIQN S®1¯V T' nmzJ?=@[XF=1R@?y[XF CjIQ[XFVteDGFjR@DGF=
NR@UR@FY*FJ5RENuU=PFrRP=@WGF!?=xNPIKYVhObad*cFCUWONPFUkJ5WOYVF=PIQCUb`\UbaWGF!IKNx?BIaJ5R@F=@FNREnAopDGF!Bf?bKba?tpv
IKJGLsFjlGUYVhObaF N1U=@F,R@UHFJyBf=@?Y xU=PFJO[X=@FLR #"nGopDOFNPFU=@FFjlGUY*hGbKFNe?B>NSREURPFY*FJ5R@N
Bf?=eteDOIKCED]Cj?Y*hGWXR@URPIK?JONeU=PFJGFF[XF [%n
FDOU#\FNP?*BmU=[XFN@Cj=@IacF[yDG?t
§
j §
O£
O teDGF=@F
IQNpR@DGFIaJ5R@FLF=phOU=PRe?BU=@FUb
zJkhO=PIKJOCjIKhGbKFxC?Y*hGWXREUR@Ia?JON;CUJcFp[X?JGFxteIaRPDGIKJUJUlXIK?YZUR@IKCBf=@UYVFtu?=PHiIaJhOU=PRPIQCjWGbQU=
teIaRPDGIKJhG=PF [XIQCUR@FZba?LIQCkteIaRPDF 5WOUbKI_RSdn.xWXRRPDGFJhG=P?A?BmN,?BxRPDGF NFZNR@UR@FY*FJ5RENc`F Cj?YVF
=EURPDOF=ebK?JGL`n (rn L`n
§
§
§
§
§
# #
# # .
opDGIQNxIKNxJG?RuF\FJMRPDGFteDG?bKF,NSR@?=@dn (TUCEDZW`NF?B>²_§´5DOUNuRP?c`F SWONRPIa^OF [scAdsUhGhObadAIKJGLUJ
UlXIK?YqiGNPWGcONRPIaRPWXR@Ia?JON1UJ`[sR@DGF,BmUCjReRPDOUR
hG=@FNPF=@\F NuF 5WOUbKI_RSdn
| txU#dRP?]DOUJO[XbKF IKN,R@?]WONPF*RPDGFM<{?IaJ`CU= FhG=PIKJOCIahGbKFZFjlAR@FJO[XF [teI_R@DRPDGFM=PF [XWOCv
RPIK?J=@FbQUR@Ia?J¡ ¡ Bf?=hG=PIKY*I_R@Ia\FZ=PF CjWG=ENPIa?J?JR@DGFsJOURPWG=EUbJAWGYc`F=@Nn ¶ hF=EUR@Ia?JON,baIKHF
{f¢q§ ¢ ,U=@FqhG=PIKY*I_R@Ia\F=@FCjWO=@NPIa\FyUJO[«DGFJOCjFU=PF}°Gv[GFj^OJOUcGbKF~fWONPIKJGL¬¡ ¡ *cAd
& pIKJ5RP=@?X[XWOCjF [IaJ On On.opDGFJi.te=PIaRPIKJGL & § £ § £ . . .i.I_RBf?babK?t1NBf=@?Y
RPDOF<{?IKJOCU= FrhG=PIKJOCIahGbKF,RPD`UReRPDOFNPUYVF,IQNxRP=@WGF,Bf?=
§
£
NPIaJOCF § QI NeBf?=PYZUbKbKdy[XF=PIK\UcGbKFUJO[qtxFkDOU#\F ¡ ¡ n rNPWOUbKbKdiUZhG=@?5?B
?cObaIKLURPIK?JkU=PIQNF N.@R DOURIQN{U[XF 5WOUR@FbKdCj?J`NSR@=PWOCjRPF [%nG?={FlXUY*hGbaFi#IaJkRPDGIQNCUNFuI_R>Cj?WGbQ[
cF
¢ ¢ ¢
¢ # .
¾AWOCED UhG=@?5?B?cGbKIaL5UR@Ia?JJGFF [GNZR@?~cFBf?=@YZUbKbad
hG=@?\F [%i>cGWXRq?JObad
?JOCFxUBRPF=MR@DOUR
=@F[XWOCjRPIK?JONpbKIKHF
¢ ¡ ¡ {f¢
reCjl}jl}eYs¯}{azf
x\egfh
x\jldjÐ
ckC}
hs¡ufx\g`{kCf¤²a,¡s|lazmzjldn ¾ Cxx\egfh}{f~}x{fhtg}eU
fx\ao¡uf~¤gazkCfn
}\U
cl sx\egfws
c`\fo¤gazkgf=j x{eCjlk
|b`X
cdwx\jlazkacb
²}\fdhazkg¤
ckg¤gkCdazkC}{dhjlazg}{ s5¡s
²
x{eCf
x\jldhjÐ
ck;n
!"# $%
&
CUJwcFWONPF[wBf=@FFbKdsYZUJAdZR@IaY*F Nn
zJ*UNPIKYVIKbQU=tpU#diU,NR@UR@FY*FJ5R>bKIaHF {CUJ*cFeBf?=@YkWObKURPF[VUJ`[hO=P?\F[c5dVCj?JONSR@=PW`CRv
IKJGLU°Gv[GFj^OJGIKJGL!RPF=PY
Bf?=;R@DGFeCEDOU=EUCjRPF=PIQNSR@IKC>BfWGJOCjRPIK?JV?BOR@DGFphG=@F[XIQCURPF Xn
opDGIQNpRPF=PY NDG?WGbQ[wN@UR@IKNBfdsR@DGF,Bf?bKba?teIKJGL*NSREUR@FY*FJ5R
¢
a
]
¢ §
¢]§
{¢
&
¢§
.
teDGIQCEDqIKNxR@DGFhG=@?5?B;?cGbaIKLURPIK?J.n
¾5R@URPFY*FJRs Cj?=P=@FNPh`?JO[GNrRP?qUwNPdAYkc?bKIKCVCj?Y*hGWXR@URPIK?J.n.opDOIKN,Cj?Y*hGWXR@URPIK?JR@UHFN
hGbQUCFT?JRPDGFpNdAJ5R@UCR@IKCTbaF\Fb5?BXBf?=PYZUbR@F=@Y*Nn#opDGF=@FTIQN;U1BfWGJOCjRPIK?J UCjRPIKJGLr?JkNPd5J5REUCR@IKC
FjlXhG=@FN@NPIa?JONpNPURPIQNSBfdAIKJGL
P
G>§ £
RPD`URMtxFtpUJ5RZRP?¬°Gv[XFj^OJOFnDOIabKF
¬fIKJC?J5RPFl5R ; ix?JOF]DOUN²
´r nTrF=@F . #IQNZUJ
IaJ`[XWOCR@Ia\FbKd~[XF^OJGF[~RSdAh`F]C?JONPIKNRPIKJGL?BrRPDGF
£ £ e
RPF=PYZN!?\F=1RPDOF*NRP=@WOCjRPWG=@F
£ &O£ n !NIKJGLyUM=@F[XW`CRPIK?J}=PFbKURPIK?J]Bf?=!hG=@IKYVIaRPIK\F
=@FCjWO=@NPIa?JM?\F=xRPDGIQN1[GUR@URSdAh`FiG?JOF,CUJy=PFhG=@FNPFJ5R iGN@U#dZcAd *iONP?VRPDOUR
.
+
¬²Q j ´5¡ ¡
4²
´ .
1?tIaJq?=E[XF=TR@?^`JGIKNPDwRPDGFhG=@?A?B?Bx iX?JGF,JGFF [GNxRP?*Cj?JONRP=@WOCR1UVNFb_BvIaJ5R@F=@hG=PFRPF=>i
NPWOCEDMR@DOUReBf?=1UbKb.FjlXhG=@FN@NPIa?JO/
N ,] ?JGF,DOUN
V² ,;´k¡ ¡
1,
UJ`[MhG=@?\F!RPDOFhG=P?A?B;?cObaIKLURPIK?JwBf?= ¦
teDGIKCEDyIQN
"
zReBf?bKbK?t1NxRPDOUR
u
"
T ~²
#j > ¬²Q
j ´ ¡ ¡
1?tiGNPIKJOCjF
txFD`U#\F,cAdZRPDGF<{?IaJ`CU= F1hO=PIKJOCjIKhGbKF
#j #§
".
*²Q j ´ .
#´ §
V² %´
§
¡¡
¡¡
´
j£
*² .
xWG=@FUW`Cj=EURPIQC[XFjREUIKbKNpDG?tRP?*R@=PF URpBf=PFF,\#U=PIQUcObaF NuWOJO[XF= U=@F,?Y*I_RPRPF [%n
opDGFMWONPFM?B1IaJ`[XWOCR@Ia\FsRSdAhFNbaIKHF yUJO[ UJO[RPDOFyC?=@=PF Nh?JO[GIaJGL]=@Fjv
[XWOCjRPIK?J«=@FbQURPIK?J`NVBf?=shG=@IKYVIaRPIK\F]=@F[GWOCR@Ia?J
tpUNZNPWGLLFNRPF [
c5d
¾XCj?RR $ &1UJO[¬RPDGF
ÀGÄ.
À;Ï{
FjlAR@FJONPIa?J ?BR@DGF<{?IaJ`CU= FqhG=@IaJ`CjIKhGbaF}Bf?=wRPDGFCj?=P=@FNPh`?JO[XIKJGL=@F[XWOCjRPIK?J =@FbQUR@Ia?JONs?B
hG=@IaY*IaRPIK\F!=PF CjWG=ENIK?J*cAd U=PRPIKJXv ?" B $ "n¾XIaJOCF!NPWOCEDs=@F[XW`CRPIK?J`NTU=@F1JG?RTR@?5?DOU=E[VRP?
hG=@?L=@UYyi5R@DGF=PF NWOb_R@IaJGL*hG=@?A?B{CEDGFCEHAIKJGLVNRPIKbKbNPURPIQNS^`FNxRPDOF[XFu=@WGI SJ]Cj=@I_R@F=@Ia?J.n
opDGFLFJGF=EUb;UhGhG=@?UCEDwIQNrUNpBf?bKbK?t1NnGzJCj?Y*hGWGRPF=!UbKLFcO=@UZNPdXNSR@FYZN1UbKL?=PIaRPDOY*NrU=@F
IKYVhObaFYVFJ5RPF[¬cAdNhFCIKUbxhOWG=Ph?NPFsR@F=@Y =PFte=PIaRPIKJGL`n{O?=VFjlGUY*hGbKFwBf?=Vh`?badAJG?YVIQUbxFjlAv
hG=@FN@NIK?J`
N ,]?JGF,DOUNxBf?=Bf?=PYZUbx[XIaµF=PFJR@IKURPIK?J]UJ`[wNPIaY*hGbKIa^`CURPIK?JwRPDGF,Bf?babK?teIaJOLOn
¡ ,
¡ # ,
¡ . . .
. . .
¡ # , , # § ,
§ , .
zJ*RPDOIKNTtxU#dR@DGFeBfWGJ`CRPIK?J`Nu ,>§ , UJO[Z # ,>§ , U=@F1Cj?Y*hGWGRPF[.nzJ*RSdAh`F
RPDOF?=@d}teIaRPDIKJO[XW`CRPIK\F*RSdAhFNUJO[ fv"=@F[GWOCR@Ia?JR@DGFNPFMC?Y*hGWXREURPIK?J`NCUJcFMCUhXRPWO=PF [
UNxBf?babK?t1Nn
,
¡ ¡ ,
# ,
¡ ¡ , .
opDOIKNxIQNubKIKHF,=PFhGbQUCjIKJGLVNhFCIKUbhOWG=Ph?NPF,Cj?Y*hGWGRPF=ENxcAd*RPDGF,WGJGIK\F=@N@Ubo;WG=PIKJGLv"\?JM rFWXv
YZUJGJ]C?Y*hGWXR@F=eteIaRPD]N?BRStxU=PFn
zJ ¶ ?NR@[XI SHwUJO2
[ FWG\F=EN && U*hG=@?L=EUY¨IQN1hO=PF NFJR@F[MRPDOURiOBf?=1F\F=@dshG=@IKYVIaRPIK\F
=@FCjWO=@NPIa\F*hG=PF [XIQCUR@F *i;C?JONRP=@WOCjR@NR@DGFsbQUYc[GU]RPF=@Y
[XFj^OJOIaJGLI_RENkCEDOU=@UCR@F=@IKNRPIQC
BfWGJOCjRPIK?JyUJO[sRPDGFhG=@?5?B.?B.R@DGF,U[XF W`UCjd*?B pnXopDOURpIKNi5?JGFhG=@?\FN ¢ . Zf¢
em¢>§ *fLFJGF=PIQCUbabKdVBf?=eUbKbhG=PIKY*I_R@Ia\F!=@FCWG=ENIK\F!hG=PF [XIQCUR@FN nXopDGF,hG=@?\AIaJOL Zf¢
CUJwcF=PRPFhObKUCjF[McAdMCj?YVhOWXRPIKJGL ef¢jnOopDGF,=@FNPWGb_R@IaJOL*C?Y*hGWXREUR@Ia?JONxBf?=
§ U=@FpJG?R>F sCjIKFJ5Ric`F CUW`NF1U,NRP=EUIKLD5RBf?=PtpU=E[MmJG?JXv?hGRPIKYVIKgF [O;RP=EUJ`NbQUR@Ia?J?BhG=@IKYVIaRPIK\F
=@FCjWO=@NPIa?J¬IQNZLIa\FJUJO[¬R@DGFJAWGY*F=EUbQN]f=@FhG=@FNPFJ5R@F[¬J5WOYkcF=EN@VWONPF[U=PFqIKJ UWGJOU=Pd
f=EUR@DGF=1RPDOUJy¢vU=@dGu=PFhG=PF NFJ5R@UR@Ia?J.XcGWXRrRPDGFY*FjR@DG?X[qIKN1hG=P?Y*IKNPIaJOLOnGzJ (>bKcF=E!
N i
UyY*?=@FF ZCIaFJ5RU[}DO?AC*[XF^OJGIaRPIK?J?BuRPDGFZCEDOU=@UCRPF=PIQNRPIQCBfWGJOCjRPIK?J?B wIKN,LIa\FJ.i
WONPIaJOLyOF=@Y*UR´ NNYZUbab4RPDOF?=@FY Uc`?WXRhG=@IaYZUbKIaRSdn | bQN?yR@DGF*=PF WOIa=@F[}hG=P?A?BT?cGbKIKLUR@Ia?J
IQN1LIK\FJ.n`¾A?*R@DGFkNR@URPFY*FJREN1IKJqRPDGFkc`FLIKJGJGIKJGLZ?B{RPDOIKN!NWGc`NF CRPIK?J]CUJ]cF?cXREUIKJGF[ycAd
Cj?Y*hGWXR@URPIK?JONn
| JG?RPDGF=eWONF?B;=@F OF CR@Ia?JwIQNpRP?ZNPDG?t R@DOURrUBfWGJ`CRPIK?JqbKIaHF
9
9
{ >§ #0 9
9
9
IQNCj?J5RPIKJ5WO?WONn 1URPDGF=%RPDOUJhG=@?\AIaJGLxR@DGIKNcAd!DOUJO[,?JOFTCUJIKJ5RP=@?X[XWOCjFuUxBf?=@Y*UbbQUJGLWOULF
1iNWOCEDRPD`URuU,[XF NPC=PIKhXRPIK?J*?B%sIKN>UY*?JGLRPDOFYqiUJO[*NDG?t~RPDOUR>F\F=@dFjlXhG=@FN@NIK?J
[XFJG?R@FNeU*Cj?JR@IaJAWG?WONxBfWGJOCjRPIK?J.n
.(*),+-.-/ 7 G8 <>=@?A?BUN@NPIKNR@UJRENMU=PFIKJ5RPF=@UCRPIK\F}hG=P?L=EUYZNZ=@WGJGJGIKJGL?JU~C?Y*hGWXR@F=wRPDOURwDGFbah RPDGF
WONPF=wRP?
?cXREUIKJ\F=@I_^OF [ NR@UR@FY*FJ5RENmteI_R@DGIKJ U~LIK\FJY*URPDGFYZURPIQCUbCj?J5R@FjlAREjnpopDOIKN
\F=PIa^`CURPIK?JCUJ}cFZLFJOF=EURPF [IKJ}RStx?ytxU#dXNUWXRP?YZURPIQCUbabKd]cAd}UMRPDGF?=@FY hG=@?\F=i?=
hG=@?\AIK[XF [McAdZR@DGFWONPF=eteIaRPD]UVhG=@?5?BR@DOUR1IQNeCEDGFCEHF[wcAdZRPDGFYZUCEDGIaJOFn
!"# $%
zRTIKNTCjbKFU={R@DOURuhG=P?A?BCEDGF CEHAIaJGL,IQNJG?RuUWXR@?YZUR@F[*[XF [XWOCR@Ia?J.nopDGFrhG=P?cGbKFY³?B[GFCjIQ[Av
IKJGLZteDGFjR@DGF=U*hGWXREURPIK\FkhG=P?A?B4IQN1IKJO[XFF[]U*hG=@?A?B{IKN![XFCIK[GUcGbKFG?JqRPDGF?RPDGF=1DOUJO[wRPDGF
hG=@?cGbKFY teDGFjR@DGF=VU]hGWXREUR@Ia\FZRPDGF?=@FY IKNkIaJO[GFF[U]RPDGF?=@FY IQNWOJO[XFCIK[OUcGbKFn4rU#\AIaJOL
N@UIQ[qRPDGIQNiIaR!IQNJGF\F=PRPDGFbaF NPNrL?A?X[qRP?w=PFYZU=@HMR@DOUR!RPDGF=PFVIKNUMNPhFCR@=PWOY =EUJOLIKJGLZBf=@?Y
?J*R@DGFr?JGFeDOUJO[ZhGWG=@F1hG=@?A?BvCEDGFCEHF=EN;RP??J*RPDGF!?RPDOF=>DOUJO[ZhGWO=PFrUWXRP?YZURPF [RPDGF?=@FY
hG=@?\F=@Nn | hGWG=@FphG=@?5?BvCEDOFCEHF=iRP?teDGIQCED?JGFuD`UN;RP?,hG=@FNPFJ5RUJkFJ5RPIK=PFuBfWGbKbadkBf?=@Y*UbaIKgF [
hG=@?A?BSiIKNIKY*hG=@UCR@IKCUb"i`cFCUWONPFIaR,IKN[XI sCjWGbaR,RP?yhG=@?\5IQ[XFkRPDGF NFVhG=@?5?Bv"?c SFCjR@Nn ¶ JRPDGF
?R@DGF=*DOUJO[~U}hGWG=@FyUWXRP?YZURPF [R@DGF?=PFY hO=P?\F=wfRPDOUR*^OJO[GN*UhG=P?A?BrI_BUNR@URPFY*FJR
* IQN1hG=@?\UcGbKFUJ`[yRPFbKbQN1WON1RPDOUR1RPDGF=PFkIKNrJG?JGFk?RPDOF=@teIKNPF xIQN1IKY*h`?5NPNPIacObaFBf?=1R@DGF?=PFY*N
IKJRPDOF?=@IKFN*UNVNIKY*hGbKFqUNkhO=PF [XIKCUR@FwbK?LIKCn | WXRP?Y*URPF [¬[XF [XWOCjRPIK?J~IQNVIaJ¬LFJGF=EUbx?JGbKd
h?N@NIKcGbKF*UNUyhOU=PRPIQUb>UbaL?=@I_R@DGY mhG=P?\AIQ[XIKJGLyUqhO=P?A?BxI_BxRPDOF=@FZIKN?JGFi%=@WGJGJOIaJGLqBf?=PF\F=
?R@DGF=@teIQNF#n
G?=eNP?Y*FNhFCIKUbRPDGF?=@IaF NiAbKIaHF!FbaFY*FJ5R@U=PdZLF?Y*FRP=@dfteDGIQCEDwIQNe[XF CjIQ[GUcGbKF jiOUkRP?REUb
UbKL?=PIaRPDOYYZU#dwcFkh?N@NPIacGbKFMmIaJ]R@DGFCUNPF?BLF?Y*FRP=@dMR@DGF=@FIQNeRPDOFkFjlGCFbKbaFJRrRPDGF?=@FY
hG=@?\F=?
B W jnzJsY*?NRuCUNPFN>UJsUWXR@?YZUR@F[VRPDOF?=@FYhG=@?\F==PF WOIa=@FN{R@DOURTRPDGF
WONPF=LIa\FN,DGIKJ5R@Nn | baRPDO?WGLDRPDGIQNCEDOUhXRPF=IKNJG?RkUc`?WXRUWGRP?YZURPF[}RPDOF?=@FY hG=@?\F=ENi
txFZtu?WGbK[bKIaHF*RP?]Y*FJ5R@Ia?J ¶ RRPF= $Bf?=CjbQUN@NIQCUbhG=PF [XIQCUR@FZba?LIQCi%R@DGFMNPdXNSR@FY ?B
xIacFbTBf?=kCbKUNPNPIQCUbhO=PF [XIKCUR@FVbK?LIKC*teIaRPDF 5WOUbKI_RSdiNPFFsxIacFbuUJO[¾XCEDOYVIaR
R {RPDGF
x?dF=v ]?A?=@F>R@DGF?=PFY hG=@?\F= !R@DGYcOUNPF[WGh?J*hG=@IaY*IaRPIK\Fe=@FCjWO=@NPIa\FxU=PIaRPDOYVFRPIQCiNPFF
x?dF=TUJO[ ]?A?=@F $ iUJO[*RPDOF!LF?Y*FRP=@dkR@DGF?=PFYhO=P?\F=>?B WMRPDOURxtpUNuUbK=PF U[Xd
Y*FJ5RPIK?JOF[%iONPF+
F
W "n
| ReRPDGF?RPDGF=eFJO[w?B4RPDGFNPhFCR@=PWOYUVWONF=v"Bf=@IaFJO[XbKdshG=@?5?BvCEDOFCEHF=uW`NWOUbabKdsDOUNpN?YVF
Bf?=@Y¨?B4UWXR@?YZUR@F[M[GF[XWOCjRPIK?JwIaJy?=E[XF=TRP?*YZUHFrIaRpY*?=PF!FUNPdVBf?=xRPDOF!WONPF=xR@?hG=@?\AIK[GF
hG=@?A?Bv?c SF CR@Nn<T=P?A?BvUN@NPIKNR@UJRENCj?J`NIQNSREN%?BGUphG=@?A?Bv[XF\FbK?hGY*FJRNPdXNSR@FYRP?LFjR@DGF=.teIaRPD
UVhG=@?5?BvCEDOFCEHF=n
"%$"
RoS®1Oª T'kÒSCSS±E¹ªU[c[ [zVªUTV[
FteIKbab{[XIQNPCWON@N!NPF\F=EUb.hG=@?A?BvUN@NIQNR@UJ5RENn | babNPdXNSR@FYZNrFlGCjFhGR | L5[GUstx?=@HyteI_R@D SLS±
[j § V[ R@DOURVU=@FsUqbaIQNSR?B Vª V [ JGFF [XF[R@?]Y*UHF*R@DGFshG=@?A?BvUN@NIQNSREUJ5R,RP?\F=@I_BfdRPDGF
\UbKIK[GI_RSdZ?B.RPDGF,NR@UR@FY*FJ5R n5zJ | L5[GUGi5RPDOF!WONPF=xF[GI_RENTR@DGFhG=P?A?Bv9R@F=@YIaR@NPFbaB;cAdVBf?XCjWON@NPIaJGL
?JsU,DO?bKF1UJO[*FlAF CjWXR@IaJOL?JGFe?BRPDGF1?h`F=@URPIK?JONrR@UCR@IKCN@4R@DOURxUhGhGbKdR@?RPD`URTDG?baFnopDGF
hG=@?A?BvUN@NIQNSREUJ5R@NkBmUbKbeIKJR@?RStu?CjbQUN@NF N4R@DG?NPFqteI_R@D Ò SCSS±E¹ S WE V\[ UJ`[R@DG?NPFwteIaRPDO?WXR
hG=@?A?Bv?c SF CR@Nn
zJRPDGFuCUNPF>?BXU1hG=P?A?BvUNPNPIKNR@UJ5RteIaRPDkhG=P?A?Bv"?c SFCjR@NR@DGFuN@Cj=@IahGR[email protected][NSR@[email protected]
RPF=PYR@DOURxIKNfIQN?Y*?=@hGDGIQCxRP?5TUhG=@?A?BRPD`URxCUJscF!CEDOFCEHF [Vc5dZUNPIKYVhObaF!hG=P?A?BCEDGFCEHF= n
opDGIQNVY*UHF NkR@DGFNPFqNdXNRPFYZNVDGIKLDGbKd=@FbKIKUcGbaFn{zJ¬hG=@IKJOCjIKhGbKFyNP?Y*F?JGFi{teDG?IQNV[G?WGcXRPBfWGb
teDGFRPDGF=rUZCjF=REUIKJyNR@URPFY*FJR!IKNe\UbaIQ[%iOCUJ][X?teJGbK?U[wU*hG=@?A?Bv?c SF CRe\AIKUR@DGFIKJR@F=@JGFjR
UJ`[MbK?XCUbKbKds\F=PIaBfdsIaR1WONIKJGL*DGIQNe?teJwRP=@WONSR@F[yhG=@?A?B4CEDOFCEHF=u?B4=@FbQUR@Ia\FbKdsNYZUbabNPIKgFn
<>=@?5?BvUNPNPIQNSREUJ5R@N,R@DOURZDOU#\FMJG?hG=@?A?Bv?c SF CRENC?Y*FwIKJRStx?CjbQUN@NF Nn{opDGFy^O=ENSR*?JGF
Cj?JONPIKNR@N*?BNPdANRPFYZNVRPDOUR*IKJ«hG=@IaJOCIahObaF]CUJ~R@=@UJONPbKURPFyRPDGF]hO=P?A?BvN@Cj=@IahXR*IKJR@?UhO=P?A?Bv
?c SFCReR@DOURCUJ]cF\F=@I_^OF [McAdqUZNYZUbabCEDOFCEHF=nXzJqR@DGIQNrCUNF,R@DGFhG=@?A?BvNPC=PIKhXR1CUJqc`F
Cj?JONPIK[XF=PF [UNU T§SUT`X¹ [cVUª TºªPºkÒ SCSS±E¹ S% WEY V nzJ}?=E[XF=1RP?yYZUHFRPDOIKN!RP=EUJ`NbQUR@Ia?J]RPDGF NF
NPdANRPFYZN SWONR{JGFF [N?Y*FuNPdANRPFY NhFCI_^`CThG=@FhG=@?XCjFN@NP?=UBRPF=4teDGIQCEDkUeR@=PW`NSRStx?=PRPDAd,CEDGFCEH
ÀGÄ.
À;Ï{
CUJ}cF*h`F=Bf?=PY*F[.nopDOF*NPFC?JO[CjbQUN@N!C?JONPIQNSREN!?BThG=@?A?BvUN@NIQNSREUJ5R@N1Bf?=,teDGIQCED}R@DGF=@FVIKN
JG?RemdFRE4UrtpU#d,RP?,hG=@?\AIK[GFuUhG=@?5?Bv"?c SFCjR;teIaRPD*DGIKLD=PFbaIQUcGIKbKI_RSdn¾A?rBf?={RPDGFeC?=@=PF CRPJOFN@N
?B%R@DGF?=PFYZNTUCCjFhXRPF [ZcAdVUNPNPIKNR@UJ5R@N>IKJZR@DGIKNxCjbQUN@N>?JGFrD`UNR@?R@=PWONRTR@DGFNPF!NPdXNSR@FYZNn5opDGF
U[G\#UJ5R@ULF]?B,RPDOFNPFHAIaJO[ ?BNdXNRPFY*NsWONW`UbKbad
IKNsRPDGFIa=ybQU=@LF=sUWXRP?YZURPF [[XF[GWOCR@Ia?J
BmUCIabKIaRPIKFN1UJO[fRPDGF=PFBf?=@F TRPDOFIK=1bKU=PLF=pWONPF=Pv9Bf=@IKFJO[XbKIKJGFN@Nn
FteIabKb[XIQNPCWON@NxRPDGF,Bf?babK?teIaJOLhG=@?A?BvUN@NIQNR@UJ5RENn
NdXNRPFY
u?Ai FL?`i | L5[GU
1WGhG=@b"iO ¶ TiXzSNPUc`FbabKF
]Iag U= iG< ,¾i | RS W 'GSwªUTº hG=@?A?Bv?c SF CR@N
dF N
JG?JXvNR@UJO[GU=@[
JG?
'5ºª
¶ BR@DGFNPF!RPDG=@FF,NdXNRPFY*Nru?X*IQNuRPDGF,Y*?NRp[GF\Fba?h`F [M?JGFnXopDGF,NPdANRPFYZNeu?XsUJO[ FL?
U=@FTc`UNPF[?J\F=@NPIa?JON.?BGRPDOFxCUbQCjWGbKWON;?B`C?JONRP=@WOCR@Ia?JON;FjlARPFJO[XF[kteI_R@DkIKJO[XWOCjRPIK\FuRSdAh`F Nn
G?=*RPDGFqbK?LIKCUbph`?txF=*?BrRPDOIKN*Bf?=PYZUbpNPdXNSR@FYqi>NPF
F | CjgFb $% pUJO[R@DGF]=@FjBfF=@FJ`CjFN
Cj?J5R@UIKJGF [sR@[email protected] | J]IaY*h?=PR@UJ5R1[XIaµF=PFJOCjFcFjRStxFFJyRPDGFhG=@?A?BvUN@NIQNR@UJ5RENuIQNeIKJyRPDGFIa=
Cj?Y*hGWXR@URPIK?JOUbh?tuF=nx?RPDNdXNRPFY*NU[XY*IaR.RPDGFu<{?IKJOCU= F4hG=@IaJ`CjIKhGbaF>Bf?= / fvCj?J5\F=ENIK?Jn
opDGIKNpY*F UJONxR@DOUReR@DGF=@FU=@F[GF[XWOCjRPIK?J]NRPFh`NebaIKHFR@DGF,Bf?bKba?teIKJGLV?JGF Nn
eF OFjlXIK\F0,
. ?
*k 1
*k
/
UJO[
*k 5P
* 5
k
F ?
£
1F=@F1?JGFrUN@NPWGY*FN{R@?DOU#\F1[GFj^OJGF [ eF OFjlXIK\F0 . i 1 ° /. yUJO[ UNRPDGF
BfWGJOCjRPIK?J=PFhG=PF NFJ5RPIKJGLZRPDOFkBmUCRP?=PIQUb"n ¶ JGF?B>R@DGF*[XI_µF=@FJ`CjFN!cFjRStxFFJu?XyUJO[ FL?
IQN>R@DOURxIaJ FL??JGFCUJZIaJ5RP=@?X[XWOCFr?R@DGF=uJG?R@Ia?JONu?B.=@F[XWOCjRPIK?J*Bf?=uteDGIQCEDZR@DGF!<{?IaJOCU= F
hG=@IaJ`CjIKhGbaFIQNeUN@NPWGY*F[MRP?ZDG?bK[fIKJOCjbKWO[XIKJGLZJG?JXv"RPF=@Y*IaJ`URPIKJGL*?JOFNEn
u?RPDu?XyUJO[ .FL?sCj=@FURPFhG=@?A?Bv?c SF CRENeBf=@?Y RPDGFhG=P?A?BvN@Cj=@IahGR@NrUJO[]NRP?=@FR@DGFYqn
opDGF NFVhG=@?5?Bv"?c SFCjR@N!U=@FkIQN?YV?=PhODGIKCRP?yJOUR@WG=@Ub4[GF[XWOCjRPIK?JhG=P?A?BmNnopDGFRStu?yNdXNRPFYZN
UbKbK?t~IKYVhO=PF [XIKCUR@Ia\FpU=PLWGY*FJ5R@NUNWONPF[VIKJ*UCR@WOUbGYZURPDGFY*URPIQCNicGWXRxU=@LWGF [R@?c`Feh?v
RPFJ5RPIQUbKbadWGJG=@FbKIKUcGbaFpcAdk<{?IaJOCU= FuUJO[ U=PRPIKJXv ?" BSnopDOF1NdXNRPFY | L5[GUIKN>NPIKYVIKbQU={RP?ku?X
UJ`[ .FL?OiFlXCFhXRTRPDOURTI_RxIKN>cOUNPF[*?
J }U=PRPIKJXv ?" BRSdAh`Fv9R@DGF?=PdIaJZteDGIQCEDZIKYVhO=PF [XIKCUR@Ia\F
5WOUJ5R@I_^`CUR@Ia?JONTU=PF1JO?RxUbabK?txF[%nopDOF<{?IaJOCU= FxhG=PIKJOCIahGbKF!CUJscF!UNPNPWGY*F[*cAdVRPDOF!WONPF=
Bf?=!UJAdMJG?RPIK?J]?B4=@F[XW`CRPIK?JqR@DOUR!IKNehO=P?\F[MRP?scFkNRP=@?JGLbadwJG?=@YZUbKIagIaJGL`n | L5[GU*IKNrJG?R
NP?kYkW`CED]² REUCjRPIQCNucOUNPF[%´AUNeu?X*UJO[ FL?OnzJ | L[OU?JOFrF[GI_RENxUkhG=@?5?BRPF=@Y¨cAdy² ^ObKbKIaJGL
IKJ~R@DGF]DG?bKFN´IKJ
UJ¬?h`FJ~R@F=@YynuopDGF]NdXNRPFY UCRENZUN*UNSR@=PW`CRPWO=PFqF[GI_R@?= i4hO=P?\AIQ[XIaJOL
NPWGhGh?=PRxBf?=pRPF=PY Cj?J`NSR@=PWOCjRPIK?J.n
¯ ªTº 0 [ ªcWW
opDGFNPdXNSR@FY rWGhG=@b4u?JONR@UcGbKFFR1Ub"n
%[X?AFNeDOU#\F!hO=P?A?Bv?c S FCRENiAcGWGRrU S W`[XLY*FJ5R
,]
*£
!"# $%
IKJO[XIQCUR@IaJOLMR@DOUR ,IQN,UMhO=P?A?B>?B *i%IQNJG?R[XF CjIQ[GUcGbKFn%opDGFV=@FUNP?JqBf?=RPDGIQNIKN!RPD`URRPDGF
<{?IKJOCU= F{hG=PIKJOCIahGbKFTIQN4UN@NWGY*F [,JG?R4?JGbKdBf?=/ vCj?JA\F=ENPIa?J.irR@DGFxIaJ5RPFJONPIa?JOUbF5WOUbKIaRSdX
W ¯Oª V"¼ n¾AFFk¾XFCR@Ia?J)Gn OnO¾A?VRPDGF=PFIQNeUV=PWObaF
cGWXRrUbKNP?VBf?= WGVXWYT[ SUTª
,]
*k "
O "
§
,]
* #
¾A?`iO 1WGhO=Pb.IQNecOUNF [M?J]UJqFjlARPFJONPIa?JOUbRSdAhFNdXNRPFYqnOopDOIKNeIKY*hGbKIaF NeRPD`UReRSdAh`FCEDOFCEHAIaJOL
,« *}morx<1i;NFFZ¾XFCR@Ia?J Xn IQNJG?qba?JGLF=[XFCIK[OUcGbKFZUJO[RPDOF=@FjBf?=@F*hG=@?5?BmNCUJGJG?R
cFCEDGF CEHF[.n`1?txF\F= iXRPDOF=@FkU=@FZ² FjlXhOUJ`[XF[%´`hG=@?5?Bv"?c S FCjR@N R@DOUR,CUJ]F NSREUcGbKIQND]R@DOUR
, * nzJ]BmUCjRi`RPDGF
REUHF N1IKJ5RP?MUCCj?WGJ5R1RPDOFRPF=PYZN VBf?=!teDGIKCED Z " § n¾A?sR@DGFNPF
NPF=@\F,UNxRPDOF*² =@FUb9´XhG=@?A?Bv?c S F CRENn
opDGFshG=@?A?BvUN@NIQNSREUJ5R ¶ ¶ >IQNcOUNF [?J~uDAWG=@CED´ NNPIKYVhObaFZRSdAhFsR@DGF?=Pd
fcFIKJGLqcOUNF [}?JCbKUNPNPIKCUb{bK?LIQCjn%opDGIKN,IQNUqCjbQUN@NIQCUbNdXNRPFY ?BxrIaLDGF= ¶ =E[XF= ?LIQCn
opDOUR ¶
WONF NJG?JXvNR@UJ`[GU=E[hG=@?A?Bv?c SF CREN!D`UN,Uq[XI_µF=@FJ5R=@FUNP?Jn ¶
[G?5F N,JG?R
N@URPIQNBfdkR@DGFr<{?IKJOCU= FuhO=PIKJOCjIKhGbKFeBf?=uUJAdVC?JA\F=@NPIK?Jk=@FbQUR@Ia?J.n | NuUC?JONPF5WGFJOCjF1C?Y*hGWXv
R@URPIK?JONpIKJA\?ba\AIKJGLk=@FCWG=@NPIK?JscFC?Y*FWOI_R@FbaFJGLR@D5dZteDOFJqCj?JA\F=PRPF[sRP?ZUhG=P?A?Bv"?c SFCjR
Bf?=kFlXUY*hGbaFMFNR@UcObaIQNDOIaJGL]cAdU]hG=@?A?BxRPDOUR 0 § 0 an{opDGF=PFBf?=@F*RPDGFM[GFNPIaLJ
[XF CjIQNIK?JtxUN!YZU[XFkR@DOURhG=@?A?Bv?c SF CREN!U=PFJG?RNRP?=@F[.i?JGbKdqRPDGF*hG=@?A?BvNPC=PIKhXR@Nn (>\FJ
IaBTUZhG=@?5?B?B 0 § 0 YZU#dwcFkbK?JOLOiOIaRrIQNrh?N@NPIacGbKFR@?sLIK\FIaRUsNPDG?=Rr[XF NPC=PIKhXR@Ia?J
IKJZRPDGF!hG=@?5?BvN@Cj=@IKhXRnzJO[XWOCjRPIK?JsIQNu[G?JGF1cAdZ[XF^OJGIKJGLkUJMIaJO[GWOCR@Ia\FrhG=@F[XIQCURPF1IKJMUkDGIaLDGF=
?=E[XF=xtpU#dMUNxRPDGFNPYZUbKbaF NSR1NPFjR1NPURPIQNSBfdAIKJGLZU*CjbK?NPWG=PF,hG=@?hF=PRSdn
| bQN?!zSNPUc`FbabKFTIQN4cOUNPF[?JIKJR@WGIaRPIK?JGIQNSR@IKCxNPIaY*hGbKFTRSdAhF>R@DGF?=Pdn xWXR4RPDGIQN4hG=@?5?BvUNPNPIQNSREUJ5R
IQN^OJGFv9R@WGJGF [RP?tpU=E[GN,WONPIaJGLRPDGIQNbK?LIKCZUNUqY*FjR@Uv"bK?LIKC*IKJteDGIQCED\U=@Ia?WON,ba?LIQCNsfBf?=
FjlGUYVhObaFV^O=ENSRPv"?=@[GF=,hG=@F[XIQCURPF*ba?LIQCiR@DGFsNdXNRPFY*N,?BuR@DGFZbQUYkc[GUqCjWOc`FZ?=DGIaLDGF=?=v
[XF=ba?LIQC!U=@FV[XF NPC=PIKcF[IaJ5RPF=PJ`UbKbadi%IaJRPDGF ?LIKCUb{G=EUY*Ftx?=@H]NSRSdAbKFn.opDGIQN,YZUHF NI_R
DOU#\AIKJGLJG?JXvNR@UJO[GU=@[*hG=@?A?Bv?c SF CRENn | LUIaJsRPDGF,NdXNRPFY½[X?AFNuJG?RpNPURPIQNSBfdVRPDOF<{?IaJOCU= F
hG=@IaJ`CjIKhGbaFiAcGWXReU#\?IQ[GN>RPDGFhG=@?cGbKFY©cAdZJG?RpCj?JONIQ[XF=PIKJGLkhO=P?A?Bv?c SFCRENn5x?RPDwUN@NIQNSREUJ5R@N
¶ yUJ`[kzSN@UcFbKbaFxDOU#\FThG=@FjRPRSdL?A?X[=@Fte=@I_R@FuFJGLIKJGFNi#JGFF [XF[kRP?=@WGJkR@DGFxJG?JXvNR@UJ`[GU=E[
hG=@?A?Bv?c SF CR@Nn
zRZNPDG?WGbK[~c`F]NR@URPF[RPDOURs ¶ UJO[~zSNPUc`FbabKFy[GIK[¬JG?RVBmUIKbpRP?U[GFhXRVRPDGF]<{?IaJOCU= F
hG=@IaJ`CjIKhGbaFecFCUWONPFeIaR>txUN{Bf?=@L?RRPFJ.icGWXRuc`F CUW`NFxRPDOF1hG=@?cGbKFY¦?BF5WOUR@Ia?JOUbX=@FUN?JGIKJGL
tpUNZNP?bK\F[~IaJU[XIaµF=PFJ5RstxU#dic5dRPDGF]JG?JXvNSREUJO[GU=@[~hG=@?5?Bv"?c SFCjR@N*IKJ
RPDGFqBf?=PY ?B
RPDOF*[email protected]!Bf?=@YZUbKIagIaJGLqY*?=@F*FUNdi%cGWXR?JOF*CUJGJO?RWONPF*hG=P?A?Bv"?c SFCjR@N!Bf?=
FjlGUYVhObaFyRP?NPFF][XFR@UIKbQNZ?B!RPDGF]hG=@?A?B?=VBf?=ZhG=@?L=@UY FjlARP=EUCjRPIK?J.n>r?tuF\F= i4I_RsIQNZIKJ
hG=@IaJ`CjIKhGbaFZJO?Rk[XI sCjWGbaRRP?]Y*?X[XIaBfd}FI_R@DGF=k ¶ «?=zSN@UcFbKbaF*R@?]Cj=@FUR@FsUJO[NRP?=@F*hG=@?5?B
?c SFCRENn
] ª R
!
&
]IKgU= ]zP | KIQNcOUNPF[?JUyBf?=@Y ?BpNPFjRR@DGF?=Pd
mo4U=ENHAIav =@?R@DGFJ`[XIaF CEHG1R@DOUR
IQN{Fl5R@FJO[GF[qteIaRPDUJ]UlAIK?Y FjlXhG=@FN@NIKJGLVRPDOFFjlXIQNSR@FJOCFU=@cGI_R@=@U=PdMbKU=PLF,CU=E[XIKJOUbQNn
zRk[X?AFNJG?Rtx?=@HteIaRPDhG=@?5?Bv"?c SFCjR@N,JG?=[X?AFN,IaRkDOU#\FR@DGFs<{?IKJOCU= FkhG=@IKJOCjIKhGbKFnopDGF
NPdANRPFY DOUNVNP?Y*FwUWXRP?Y*URPF [[XF[GWOCR@Ia?J¬UJ`[~UW`NF=v"Bf=PIKFJ`[XbadNPFjRV?B1REUCR@IKCNn{zJ~BmUCR
ÀGÄ.
À;Ï{
UyJGIQCjF*BfFURPWG=@FZ?BxRPDOFsNdXNRPFY IKNR@DOURR@DGFshG=@?A?BvNPC=PIKhXR,IKNkCjbK?NPFR@?UJ?=E[XIKJOU=@d]hG=@?5?B
IKJYZURPDOFYZUR@IKCNmteDGIKCEDU=@FIaJ5R@F=@JOUbKbady=@FhG=@FNPFJ5RPF []UNrhG=P?A?BmNrIKJ}NPFjRrR@DGF?=PdGjn | JIaYVv
hG=@FN@NIK\FC?bKbaF CR@Ia?Jy?B=PF NWGbaR@N1IKNrIaJqR@DG+
F ]IKgU=1bKIacG=EU=@dnXzR,NFFYZNpR@DOURIaJ]hG=@IKJOCjIKhGbKFI_R!IKN
h?N@NIKcGbKF!R@DOUReR@DG!
F ]IKgU=1NPC=PIKhXR@NeU=PFR@=@UJONbQUR@F[MIaJ5RP?sUVhG=@?A?Bv?c SF CR n
| | &%&& ;IQN!UJ}FjlAR@FJONPIa?J?BTRPDGFRPDGF?=@FY hG=@?\F=1?Bxu?dF=Pv ?5?=PFnGzR,IKN
cOUNF [Z?JsCbKUNPNPIKCUb`hG=PIKY*I_R@Ia\Fr=@FCWG=@NPIK\F1U=@IaRPDGY*FjR@IKC!UJO[sI_RpIKNuWONPF[ZIKJsIKJO[XWONRP=@dn5zRpIKNuJG?R
h?N@NIKcGbKFMBf?=kR@DGFwW`NF=R@?C?JONRP=@WOCjRIKJO[XWOCjRPIK\FwRSd5hFNi{cGWXR*RPDOF=@FwIQN*Uh?tuF=BfWGbxcGWGIKbaRv
IKJIaJO[GWOCR@Ia?J.;U]W`NF=kCUJ[GFj^OJGFMDGIKNk?teJtuFbabav9Bf?WGJO[XF [=PF CjWG=ENPIa\FBfWOJOCR@Ia?JONMmWGhXRP? =@FCjWO=@NPIa?J`UJO[ZbKFjRTR@DGF,NdXNRPFY¨C?Y*hGWXR@FrteIaRPDsR@DGFYqnmopDGF!BfWGJOCjRPIK?JONxU=@FrUCRPW`UbKbad .IQNPh
BfWGJOCjRPIK?JONn
< ¾<
¾ $% UL5UIKJIQN;cOUNPF[,?JCjbQUN@NIQCUbNPIaY*hGbKFRSdAh`FTRPDGF?=@dnzR;IQNteIaRPDG?WXR;hO=P?A?Bv
?c SFCRENUJO[VFlAhOba?I_REN4RPDGIQNcAdUbabK?teIaJOLUbabGHAIKJO[V?B=PFte=PIaRPIKJGLOi#Bf?=JAWGY*F=@IKCeUJO[NPdAYkc?bKIKC
F5WOUbaIaRPIKFNnAopDGF!NPdXNSR@FYIKNu\F=PdVWONPF=Pv9Bf=@IaFJO[XbKdcFCUWONPF1?BUWXR@?YZUR@F[s[XF [XWOCjRPIK?JZR@DOURxIKN
cGWGIKbaR1IaJ.n`opDGFNdXNRPFYUbKba?t1NpNPWGcXRSdAhFNe?B;R@DGF,Bf?=@Y
*§
< ] 9Z A.
zB>R@DGFNPdXNSR@FY DOUNrRP?yCEDGFCEH *¦IaRteIKbab4LFJGF=EUR@FkUshO=P?A?Bv?cObaIKLURPIK?JyBf?=!RPDGF=PF U[XF=
hO=P?\F
Z X Gn 1hqR@?s?WG=!HAJG?tebaF [XLF,JG?MFjµ?=PRrDOUN1c`FFJYZU[GFRP?ZhG=@?\AIK[GF< ¾yteIaRPD
hG=@?A?Bv?c SF CR@Nn
9
RS®rGª [YSUT
opDGFhG=@?A?BvUN@NIQNR@UJ5RENuC?JONPIK[GF=@F[ZBf?babK?t R@DGF,Bf?bKbK?teIaJGL*hOURR@F=@J.
| L[GUvSu?Xv .
FL?v 1WGhO=Pbav ¶ % vzSNPUc`FbabKFjv ]
IKgU=v | v< ,
¾n
| L5[GUGipu?A¬UJO[ FL?U=PFqR@?RPDGF}baFBRixIaJO[GIKCURPIKJGL=@FbKIKUcGIKbaIaRSd | L[OULIK\FJ
R@DGF]^O=ENSR
hGbQUCF!cFCUWONPF!IaRpDOUNx?JObadZhG=@F[GIKCURPIK\F!ba?LIQCGu?XZCj?Y*IKJGL*NF Cj?J`[%i5NPIKJOCjF?JGbKdsNRP=@?JGLbad
JG?=PYZUbKIKgIKJGLe=PFte=PIaRPFT=PWGbKFNYZU#drcFuU[O[XF[Ojn | BRPF=[email protected]?babK?t 1WGhO=Pb"i ¶ sUJ`[,zSNPUc`FbabKFi
teIaRPD]R@DGFIK=rJG?JXvNSREUJO[GU=@[yhG=@?A?Bv?c SF CRENm rWGhG=@b4C?Y*IaJOLZ^O=ENSR1Bf?=1R@DGFN@UY*F=@FUN?JON1UN
| L5[GUGzSN@UcFbKbaFVCj?Y*IKJGLMbQUNRicFCUWONPFRPDOFFl5R@=@UsbKU#dF=rYZUH5IKJGLMRPDGIKJGLNUscOI_R,DOU=E[XF=1RP?
YZUJOULF#nT4IKJOUbKbad«Cj?Y*F ]Iag U= i | UJO[< ,¾iTcFCUWONPFqRPDOFd«[X?JG?Rwtu?=PHteIaRPD
hG=@?A?Bv?c SF CR@Nn F1hGWXRp< ,¾VbKUNSR ic`F CUWONFrF\F=PdJG?t«UJO[VR@DGFJZcGWOLNTU=PFpBf?WGJO[*IKJZRPDOIKN
NPdANRPFYsn
¶ JsRPDOF?RPDGF=pDOUJO[.iR@DGF,?=E[XF=uBf?=pIKJ5RPF=@JOUbUWXRP?YZURPIK?JwIKNuR@DGF,?hGh?NPI_R@F | UJ`[
< ,¾teIaJZUJ`[ | L[GUbK?NPFNn ¶ BC?WG=ENPFxF\FJR@WOUbKbKdhG=@?5?BvUNPNPIQNSREUJ5R@N4NDO?WGbQ[Vc`F1[XF\Fba?h`F [
RPD`URuU=PFpc?RPDZ=@FbKIQUcGbKFeUJO[VWONPF=Pv9Bf=@IKFJO[XbKdnopDG
F SWO[XLYVFJ5R@NTU=PFpcOUNF [V?JZN?Y*FxIKJ5RPWGIaRPIK?J
!"# $%
UJ`[wNPDG?WObK[yJG?RpcF,R@UHFJMR@?5?sNPF=@IK?WONPbadn
| PN Nn
| L5[GU
u?X
.FL?
rWGhG=@b
¶ zSN@UcFbKbaF
]IKgU=
|
< ,¾
h.n ?On
dFN
dFN
dFN
J.n Nn
J.n Nn
J.n Nn
JO?JGF
JO?JGF
JO?JGF
[email protected]
<u<
/
/
/
/
0
0
0
0
JG?JGF
JG?JGF
JG?JGF
JG?JGF
ba?LIQC
IaJ5R nGhG=@F[%n
IKJR n
IKJR n
IKJR n
Cjb"n
R n c.n Nn
Cjb"n
hG=EU
Cjb"n
[XFh.n Rn
dFN
dFN
dFN
dFN
JG?
JG?
dFN
JG?
JG?
IKJO[%n R
dF N
dF N
dF N
dF N
dF N
JO?
JO?
dFN
JO?
UWXRP?Yyn
JG?JGF
kWONF=@N
v
.FLFJO[GU
| N@Nn
h.n ?On
J.n Nn
=PFbaIQUcn
<T<
[XFhn R n
IaJ`[%n R n
UWXR@?Yqn
IaJ5R n
hG=@F[%n
Cjb"n
hG=EU
Rn c.n Nn
J`UY*F?B;RPDGF<T=P?A?B | N@NIQNR@UJ5R
hO=P?A?Bv?c SFCREN
JO?JXvNSREUJO[OU=E[%
=@FbKIQUcGIKbaIaRSd
<{?IaJ`CU= F!hG=PIKJOCIahGbKF
[GFhFJO[XFJ5R1RSdAh`F N
IKJO[XW`CRPIK\F,RSdAhFN
[GFL=@FF,?B4UWGRP?YZURPIK?J.
IKJ5RPWGIaRPIK?JOIKNRPIQC,ba?LIQChG=PFBfF=@=PF [%
?JGbKdshG=@F[XIQCURPIK\F5WOUJ5RPIa^`CURPIK?J
CbKUNPNPIQCUbbK?LIKC
hO=PIKY*I_R@Ia\F=PF CjWG=ENIK\F,U=@IaRPDGY*FjR@IKC*9N?*JG?s5WOUJR@I_^`F=EN@j
R@?Zc`FNPhFCjIa^OF [wcAdZR@DGFWONPF=
U=PcOI_R@=@U=PdZJG?RPIK?Jy?B{=PF [XWOCjRPIK?J.
NRP=@WOCjRPWG=EUbKbadMtuFbabav9Bf?WGJO[XF [M=@FCWG=ENIK?J.
U=PcOI_R@=@U=PdZhG=@?\UcGbKFF5WOUbKIaRSdnK
v"=@FCWG=@NPIK?J.n
opDGF=@FZU=@F*NPF\F=EUb{?R@DGF=hO=P?A?BvUN@NPIKNR@UJRENn.¾AFF !
IaLIaYZURPD bKIKNRn
" !"
&%&&{Bf?=kUJIaY*hG=@FN@NPIa\F
EªUV SUTZ[ SS±uÒSLS±E¹ªg[c[ [zVªTZV\[
| r
R hG=@FNPFJ5R1R@DGF=@FkU=PF,RStx?sUhGhO=P?5UCEDGF NxRP?ZR@DGFY*FCEDOUJGIQCUb;\F=PIa^`CURPIK?Jy?B>Cj?Y*hGbaIQCURPF [
NR@UR@FY*FJ5RENnopDGFu^O=ENSR4?JGFiR@DOUR{txFuYZU#dCUbab5RPDOF Pª '®*ªV ª@ÒS ªE· iWONF N4hG=P?A?BOUN@NIQNSv
ÀGÄ.
À;Ï{
R@UJ5R@NxteI_R@DwYZUJ5dsC?Y*hGbKFjlZR@?5?bKNuR@?\F=@I_Bfd*R@DGFCj?=@=@FCR@JGFN@Nu?B;NR@URPFY*FJRENnXopDGF NF!RP?A?bKN
IKJOCjbKWO[XFZR@DGF?=PFY hO=P?\F=ENUJO[C?Y*hGWXR@F=kUbaLFcG=EU]NdXNRPFY*Ni%R@DGFwC?=@=PF CRPJOFN@N,?BeteDGIQCED
DOUNeJG?R1cFFJ]\F=PIa^OF[9UN1U*YZURPRPF=r?B4BmUCjRiCj?Y*hGWGRPF=!UbKLFcO=@U*NPdANRPFYZN1U=@F,?BRPFJ]JG?R
Bf?=@YZUbKbadwCj?=@=@FCReURrUbabn (>\FJwIaB{RPDGF NFNPdXNSR@FYZNeYZU#dMCj?J5R@UIKJycGWGLNeRPDGFC?=@=PF CRPJOFN@Nu?B
DOU=@[XtpU=@FNPdXNSR@FYZN,UJO[
f=@FbQUR@Ia\FbKdNYZUbabcGWGRC=PIaRPIQCUbQNP?BRStpU=@FNPdXNSR@FYZN*fbKIaHFVhO=P?RP?v
Cj?bKNErIKN[X=EUYZURPIQCUbKbKdyIKJOC=PF UNPF[%i%NPF
F eWONPD5cAdUJO[}rFJGH1
F $% {UJO[ eWOFN@Ni¾AD`UJGHU=
UJ`[¾A=PIK\U!
N $%
"nO<T=P?A?BvUNPNPIKNR@UJ5R@NuRPDOUR!U=@FWONPF[qIKJOCjbKWO[XFV< ,¾i` rWGhG=@b9i`zSNPUc`FbabKFkUJ`[
¶ Tn
® WYTZVª ?JGFiOUIKYZN1UReR@DGFDGIKLDGF NSR
opDGF?R@DGF=rUhGhG=@?UCED.i5RPDOUR1tuFYZU#dMCUbKb%RPDGF ±E¯ TºªA
[XFL=@FF*?Be=@FbKIKUcGbaIaRSdn%zJR@DGIQNkUhOhG=P?5UCED?JGFZ?JGbadWONPFNhG=@?A?BvUN@NIQNR@UJ5REN!teIaRPDUqhO=P?A?Bv
CEDGF CEHF=xR@DOURrN@UR@IKN^OFNuR@DGF[XFx=PWOI SJ]Cj=@IaRPF=@IK?J.iAI"n FnGDOU#\FU*NPY*Ubab%\F=@I_BfdAIKJGL*hG=@?L=EUYqn
zJMR@DGIKNrCEDOUhXR@F=ptxFD`U#\F!Bf?ACWONPF[w?WG=1URRPFJ5RPIK?Jy?JwRPDGFNPFC?JO[wUhGhG=@?UCED.nAzR1NDG?WGbQ[
cFy=@FYZU=PHF[R@DOURZF\FJ¬IaJ¬RPDGIQNZUhOhG=P?5UCEDR@DGF=@FqIKN*NP?Y*F]NhFCjRP=@WGY ?Br=PFbaIQUcOIabKI_RSdn{zB
RPDOF<{?IaJOCU= FphG=@IaJOCIahObaFIKNpU[X?hXR@F[*Bf?= vCj?JA\F=ENPIa?J.iR@DGF!\F=@I_BfdAIKJGLkhO=P?L=EUY³IQNxY*?=@F
Cj?Y*hGbaFlRPDOUJR@DGFp?JGFTBf?= SWON
R vC?JA\F=@NPIa?J.nopDOIKN4IQN;J`URPWO=@UbAUJO[BmUIa= iNIKJOCFxU[X?hXR@IaJOL
RPDOF<{?IKJOCU= F!hG=@IaJOCIahObaF,Bf?= vCj?JA\F=ENPIa?JMDOUNeUNeCj?JONPF5WGFJ`CjFRPDOUR1hG=@IaY*IaRPIK\F=@FCjWO=@NPIa\F
Cj?Y*hGWXR@URPIK?JONTteI_R@DGIKJwUhO=P?A?B.C?Y*F1teIaRPDG?WXRxhO=P?A?B%?cGbaIKLURPIK?JONnzJsBmUCRuRPDGF!hG=EULYZURPIQC
hG=@?A?BvUN@NIQNSREUJ5R@NpCUJqc`F\AIaFtuF [yUN1UZNRP=@?JGL*WONPF?B{R@DGFkCj?Y*hGWXR@URPIK?JOUb.h?tuF=1UNehG=@?v
\AIK[GF[ycAdMUBf?=@Y½?B4RPDGF<{?IaJ`CU= F1hO=PIKJOCjIKhGbKFn
| JG?RPDGF=rhOU=@UYVFRPF=1IaJUZBfWGJO[GUYVFJ5R@Ub;hG=@?5?BvUNPNPIQNSREUJ5ReIKN1RPDGFVCEDG?IQCjF?BNRP=@FJOLRPD]?B
RPDOF!WGJ`[XF=@badAIKJGLRSd5hF,NdXNRPFY½UJO[ZDGFJOCjF!RPDOF=@FbQUR@F[ZbK?LIKCUbNdXNRPFYynAG?=pFjlGUY*hGbKFi5?JGF
YZU#dsWONPF^O=@NRv?=E[XF=iXNPFCj?JO[Av?=E[XF=x?=eDOIaLDGF=Pv"?=@[GF=xba?LIQCnXopDGIQNehOU=EUY*FRPF=e[XFRPF=PY*IKJGFN
RPDOF S' Eª NRP=@FJGLRPDy?B4RPDGFhG=@?A?B{NdXNRPFYqn
1UR@DGF=R@DOUJZYZUH5IKJGLUCEDO?IQCjFxBf?=TRPDGFrC?Y*hGWXREUR@Ia?JOUbOUJO[Vba?LIQCUbONSR@=PFJGLR@D*?JGF1YZU#d
RPDOIaJGHy?B>U*WGJOIa\F=ENPUb NdXNRPFYIKJ]teDGIKCEDqR@DGFNPFRStx?ZCUJ]cFkNPFjR!UCC?=E[XIaJOLkR@?ZRPDGFR@UNRPF
UJ`[UhGhGbKIQCUR@Ia?JU=@FU?B,RPDOF}WONPF= n>zRMIQNsDG?h`F [ mUJO[«FjlXhFCR@F[OZRPDOURMIaRMIKNMh`?5NPNPIKcGbaF
RP?Cj?JONSR@=PW`CRU}WGJGIK\F=EN@Ub>hG=@?A?BvUN@NIQNR@UJ5RR@DOURVIKNVNW ZCIaFJ5RPbKdF sCjIKFJ5Rn | bQN?RPDGF=PFwIKN
UMC?JONPIQ[XF=EUcGbKFBf?WGJO[GURPIK?JOUbIKJR@F=@FNR!IKJR@DGFkFJR@F=@hG=@IKNPF?BTC?JONRP=@WOCjRPIKJGLMWONPF=Pv"Bf=PIKFJO[Gbad
hG=@?A?BvUN@NIQNSREUJ5R@Nn ¶ JGFDOUN1RP?s=@FUbaIKgFteDOIKCED}NRPFhONrU=PFk?cA\AIa?WONpRP?MRPDGFYZURPDOFYZUR@IKCIKUJ
UJ`[MhG=@?\AIK[GF,NPWGIaR@UcGbaFR@?5?bKNn
zR>IKNUVfh?N@NIKcGbKdbK?JGLRPF=PYs;L?5UbA?B`RPDGF1NPFC?JO[UhGhO=P?5UCEDR@?YZUHFxRPDGFxBf?=PYZUbKIKgUR@Ia?J
?BOUJIKJXBf?=@YZUbKbad,HAJG?teJYZUR@DGFYZUR@IKCUb5hG=@?5?BOUN;FUNd,UN;te=PIaRPIKJGLUeYZURPDOFYZUR@IKCUb5hOUhF=
N@U#dIaJ o ( kn | RVR@DGFN@UY*FMR@IaY*FqR@DGF]F sCjIKFJ`Cjd~NPDG?WObK[¬c`F]C?Y*hOU=EUcObaFwRP?F sCIaFJR
NPdANRPFYZNxBf?=1Cj?Y*hGWXRPF=1UbKLFcG=@UOn
¾AF\F=EUbxJG?R@Ia?JON*IaJ«CjbQUN@NPIKCUbxY*URPDGFYZURPIQCNZU=PFwJG?Rs[XIK=@FCR@bad¬U#\#UIabQUcObaFwIaJ¬RPDGFC?JXv
NRP=@WOCR@Ia\FUhGhG=@?UCEDM?BRSdAhFRPDGF?=@dnX 1Fl5RpR@?kR@DGF,BmUIKbaWO=PF?B;RPDGF,FjlGCbaWO[GF[wYVIQ[G[XbKFRPDGF NF
IKJOCjbKWO[XFk5WG?RPIKFJ5RrNPFjR@NiONPWGcONPFjREN1[XFj^`JGF[qcAdwU*hO=P?h`F=RSdMUJO[yhOU=PRPIQUb.BfWGJOCR@Ia?JONnGzRrIQNpBf?=
L?A?X[=PF UNP?JONR@DOURRPDGF NFwCj?J`NSR@=PWOCjRPIK?JONkU=@FZJG?RkU#\UIKbQUcGbKFn.zJR@DGFwC?JONRP=@WOCjRPIK\F*RSdAh`F
RPDOF?=@FjR@IKCUhGhG=@?UCEDMR@DGFJG?RPIK?J w# *¦NDG?WGbQ[wcFk[XF CjIQ[GUcObaFi`U*hG=@?hF=PRSdsR@DOURrIQNebK?NRrIKJ
RPDOFhG=PF NFJOCjF,?BRSdAh`F Ne=@FhG=@FNPFJ5RPIKJGLVWGJO[XF CjIQ[GUcObaFNPFjRENn
zJ?=E[XF=R@?IKJOCj=@FUNF*R@DGFMF UNPFZ?BpBf?=@YZUbKIagIaJGL}hG=P?A?BmNNF\F=@Ub{RP?A?bQNkU=PFZcFIKJGLC?JXv
¿ jÀ bdazC`{}{fx{egfh`\f d
ckgkCacx¡f
Ckgj fh`{}X
ctg`{aYacb·v¼
c}{}\jl}\x{
ckYxÔ§¤gCfx{a az¤Cf }x\egfhaz`{fhn§r~egf§az`{¤
gkgj fh`\}X
cjl}§g}\f¤jlk x\egfE}{
cf
s
c} ¦9jl}I}{fhfhk
c}§
¯gkCj f`\}X
cUbazgkg¤U
x\jlazk;Lj xd
ctCx{C`{fh}Ð
c`{mzftU
c`\x\}
acb
x\egfh
x{jldh}
!"# $%
NRP=@WOCR@F[RPDOURFJGD`UJOCFR@DGFZh?tuF=?BuR@DGF*BfWGJO[OUY*FJ5R@UbTUhOhG=P?5UCED.nzJRPDGIQNtpU#dF\FJXv
RPW`UbKbadZR@DGFh?tuF=e?BR@DGF,BfWGJO[OUY*FJ5R@UbUhOhG=P?5UCEDsYZU#dscFF5WOUbRP?VRPD`UR1?B4RPDOFhG=PF NFJ5R
[GU#dshO=@ULYZUR@IKC!?JGFn
DGFJ*R@DGF1L?5UbG?BF UNPdBf?=PYZUbKIKgUR@Ia?JD`UNcFFJZ=PF UCEDGF [JO?RT?JGbadVNhOIaJXv?µwIaJsNPdXNSR@FY
[XF NIKLJ.icGWXRUbQNP?MIKJ]RPDGF*[XF\FbK?hOYVFJ5R!?BuY*URPDGFYZURPIQCN!IQNrFlAhFCjRPF [%n%;IK=ENSR?BuUbab;RPDGF=PF
YZU#dFY*F=PLF*Uq[XIaµF=@FJ5RNdXNRPFY ?Bx=PFBfF=@FFIKJGL`n.<{F?hObaFVteIabKb>?JGbadNWGcOYVIaRkhOUh`F=@NR@DOUR
U=@F!C?=@=PF CR n5opDGF=@FjBfF=@FFCUJsBf?XCjWONx?JZRPDGF SWO[GLY*FJ5RpteDGFjR@DGF=xRPDOFh`UhF=xIKNx?B;IaJ5RPF=PF NSR
UJ`[sh?IKJRe?WXRe=PFbKURPIK?JONuteI_R@Dw?RPDGF=ptu?=PHnAopDGFJwRPDGF=PFteIKbab%cFUJMIKY*hOUCjRx?JMR@FUCEDGIaJOL
YZUR@DGFYZUR@IKCNnGopDOFJG?R@Ia?Jw?B4hG=@?A?B{CUJycF,R@UWOLD5Rec5dwhOUR@IaFJ5ReC?Y*hGWXR@F=ENn
zRkIKNUbQN?yR@?c`FMFjlXh`F CR@F[RPD`URkF\FJ5R@WOUbKbad}hG=P?A?BvUNPNPIKNR@UJ5R@N,teIKbabuDGFbKhRPDGFMtu?=PHAIKJGL
YZUR@[email protected] | =PcGIaRP=EU=@dYZUR@DGFYZUR@IKCUbXJG?RPIK?JONCUJ*cFe=PFhG=PF NFJ5RPF[k?JZU,Cj?YVhOWXRPF=
JG?1
R SWONRqRPDGFC?Y*hGWXREUcGbKF?JGFNipUNyIKNyhG=@FNPFJ5R@bad«R@DGFCUNPFIKJ NPdXNSR@FYZNy?BC?Y*hGWXR@F=
UbKLFcG=EUGnGopDGFIKJ5RPF=@UCRPIK?JqcFjRStxFFJ]D5WOY*UJON1UJO[]Cj?YVhOWXRPF=@NeYZU#dybaF U[wRP?sBf=PWGIaRBfWOb;JGFt
YZUR@DGFYZUR@IKCNiteDGF=PFD5WOY*UJON1hO=P?\AIQ[XFRPDOFIKJ5RPWGIaRPIK?J}UJO[]YZUCEDOIaJGF N1REUHF?\F=1hOU=PR!?B
[email protected]
1FjlAR*RP?RPDOFNPFMR@DGF?=PFRPIQCUbpUNPhFCRENi4R@DGF=@FwIQN*U}h?R@FJ5RPIQUbphG=EUCjRPIQCUbxNPhGIKJXv"?µIaJ~RPDGF
Bf?=@Y½?B4hG=@?L=@UY©FjlARP=EUCjRPIK?J.nXzJ]CUNFU*NR@UR@FY*FJ5Re?B4RPDOF,Bf?=@Y
2 . * £G
DOUN,c`FFJhG=@?\F [}Cj?JONRP=@WOCR@Ia\FbKdi.UJUbaL?=@I_R@DGY ^OJO[GIaJGLqR@DGF }IKJRPF=PYZN?BTRPDOF CUJ
cFFjlARP=EUCjRPF [yUWXRP?YZURPIQCUbabKdn¾AFF ]?DO=PIKJGL $
OiG<UWGbKIaJGv ]?DG=@IaJGL*UJ`[)F=PJGF=!$%Oi
<U=@FJ5
R $% #n
G?=!UZ[XIKN@CjW`NPNPIa?Jw?B4IQN@NWGF Ne=@FbQURPF [wRP?R@DGFBfWXR@WG=@F?B@phO=P?A?BvUN@NPIKNR@UJRENiXNPFFUbKNP?VRPDGF
(rvY*UJGIaBfFNRP?*IaJqxWGJO[Xd >fhGhn #n
UJAd¬m?BR@FJ~NPYZUbKbaF=EhG=@?A?BvUN@NIQNR@UJ5REN!txFsDOU#\F*JG?RkY*FJR@Ia?JGF[.n;G?=kUmhG=P?cOUcObad
IKJOCj?YVhObaFRPF xcOWXR1FjlARPFJO[XF [yNPWG=@\FdsNFF !IaLIaYZURP2
D &&%&
@¸TIS «W@º ' ® WYTZV\[
RPDOF (p ?=@HAIaJGL =@?WGh³² oudAh`F N´1UJO[IaR@NqhO=PF [XFCFN@N?=
² .?LIKCUbG=EUY*Ftu?=PHXN´OBf?=,RPDGFZhGbKFUNPUJ5RC?A?hF=EURPIK?JUJO[}RPDOFZbaIK\Fbad}[GIKN@CjWON@NPIa?JON,?\F=
RPDOFdFU=ENnOzJhOU=R@IKCWGbQU=rtxFktpUJ5R!RP?wRPDOUJGH | JOUwu?\FiopDGIaF=P=@d}u?XW`UJO[%i ?baBfLUJOL
rU=@UNPCEDOFt1NPH5I"i 1UJO[Xd<{?babQUCEHi UJM¾AdAJGFHi5G=@FFH IKF[XI SHi 5UJMtpUJGFJ5cOWG=PLUJO[RPDGF
=@FU[GF=ENTBf?=pRPDGFIa=r\F=@dZWONPFjBfWGb;NWGLLF NSR@Ia?JONpUJO[yCj?YVY*FJRENn
FR@DOUJOHUbKbh`F?hGbKFBf=P?Y
7 m 7m-:`+ 42 Á#
$%GÍ ;Ï{
#
CÃ;Ê
Ê,
#
$gÉ , ]zzq.Ô
!#"%$&"')(*+-,
./102
3 $4"504$07698
: .+;0=<>@?-#$72A#.B>-(#+-,./1/C"%#: 3 /C2D.$/C.2A0EXÔ À Lbaz`{¤Ldhjlfhkgdhf¯^g¡gljld
x\jlazkg}Òn
ÁFHGJI , qzªzªzª .Ô ¹tgtgljld
x{j fo¦azazkjl}\t lnZ¹E`\dXegj x\fdwx\}Ò / nKo
cCb
ckgk
ckg¤ *gnYx\`{acx\egfh`0/aLaz`\fn
LNMPO-Q@R /C/ ,S> T#TUU*UWV'$4E7V./10XBE7V0.T.ED042DECT+;420AT
$4: <7T#$4: <BY#4$ZV R /C+&:
Á\[^]PB_> , ]zz .Ô À k|`\fÐ
x\jlkgmxsCtf§x\egfhaz`{jlfh}I
ckC¤|}\fhxx\egfhaz`{jlfh}ÒÔ"%-`¨n ¿ nÒr~e;nc¹ x{fhkgiYjl`{dXe|
ckg¤ ¾ nz£~fhg}ÒÔ
fh¤g}Ô ^I`\aLdhfhfh¤gjlkgmz}acbrIsLtufh} z lÔgkYg²¡fh`o]z¥ "% ¿ ¦~ lÔULtg`\jlkgmzfh`\vyÑfh`{Ð
cmgn
ÀGÄ.
À;Ï{
Á
, qzªzªzª.Ô
}sC}x{fh3b«az`¯jlkgdh`{fhfhkYx{
cl s ¤gfwfhlaztgjlkgmtg`\aLacb}²
ckC¤Atg`{azmz`{
c} ln¹`{dXegj x\fhdwxÒ¦EnZ¦§acv
©YU
ckg¤Gn
LNMPO-Q@R /C/ ,S> T#TUU*UWV'$4E7V$ R : +;042DE7VED0T $/12D"'DTS#BDT
Á.B#
y0 , ]zC] .Ô^Z
c`x{jÐ
c§az¡L¢\fhdwx\} jlk x\egf¦
cldhglg}|acbE¦azkC}\x\`{gdwx\jlazkg}ÒÔH"' ^I`{aYdhfhf¤Cjlkgmz}²acbx{eCf
sCtaz}{jlC azkazmzjldojlk¦§aztgLx{jlkgmLdhjlfkCdf lÔUIÔU¹E}x{fh`{¤g
cÔ ¿ IÔgtCt;nUz LzCn
Ä%
À , ]zzq .Ôc
c²¡¤U
dÒ
cldhgljYj x{exsCtfh}ÒÔ "% ¹E¡g`{
c}{isYÔ =
c¡g¡g
s²
ckg¤/
cjl¡U
cC , ]zzq. lÔ
À Ybaz`{¤ kgj fh`{}\j xs5^I`{fh}\}ÒÔgtCt;n;]z]Ò¥ LpzªzCn
Ä%
"À , ]z¥ .Ô r~egfJjltU
cdwx acbx\egf Ð
c|¡u¤g
½d
cldhglg} lPÔ ?\.:%: 0/C"' ! 3 +;!: "%$ !#"%$
C«q%DwÔ;]C] LqC]Cn
Ä%
Ï , ]zz .Ô;tgljldhj x=dhaYf`\dhjlazkg}jlk xsLtf }\sL}\x\fh}ÒÔ "%un ¾ fh`X
c`{¤CjI
ckg¤ / n¦§aztgtagÔfh¤g}ÒÔ ^I`\acv
dhfhfh¤gjlkgmz}acbr E^I§ z lÔCÑazyn;]z]z acWb ;( 3 ÔULtg`\jlkgmzfh`\vyÑfh`{Ð
cmgÔgtCt;n;] LpzCn
Ä%
Ï %Ì 5
Ê `
J.Ä À , ]zz .Ô¹xacvlfwfh~
ctgtg`\a
cdXeAx\aÒ~
c`\¤g}²lf
ckAtg`\aLacb·v
d{egfhdXiLjlkCmgÔ "% ¾ fh`{
c`{¤gjC
ckg¤¦§aztgta , ]zz . lÔckYg|¡ufh`]z]z& "' fhdwx{g`\f ¿ acx\fh}Ijlk¦§aztgLx{fh`Ldhjlfhkgdhf lÔ
Ytg`{jlkgmzfh`~ÑIfh`\Ð
cmgÔ ¾ fh`{ljlk;ÔLtgt;n;] LpzCn
Ä%
Ï X
J
Í Ê , qzªzªzª .Ô ¸Eaz
cjlkCvyb`{fhftgg`\f|xsLtf}\sL}\x\f} lÔ .2D: .$4/C"5:
2A2+=+&"'ÔCg]Ò¥ YzqCnZ^I`\fhljljlkU
c`\s¯fh`{}{jlazk5jlkunL¹E¤gjÐ
ck
ckg¤5¹|n ¿ fh`{aY¤gfzÔgfh¤gj x\az`{}ÔC^`{aYdfhfh¤Cv
jlkCmz}acb¦ ¥LÔU ¿ ¦~]qzpcgÔUtgtv¼qzªCn
Ä%
> Ë [$# , ]zz .SÔ ,021,2AXÔG¦
c²¡g`\jl¤gmzf kCj f`\}{j xs^`{fh}{}n
Ä%
Í , ]zz .ÔCraÒ~
c`\¤g}~
|
x\egfh
x{jld
cG
ckU
c sL}{jl}~acbx\egf¦§aL©YU
ckg¤Lv¼gfwxd
cldClg}~acbdhazkg}\x\`{gdwv
x\jlazkg}
ckg¤ox\egfIacx\egfh`}\sL}\x\fh}jlk ¾
c`{fhkg¤C`{fhmcx };dC¡ufzÔÒrfhdXegkgjld
cC`\fhtuaz`xÒÔÒ¸EfhtCxnÒacb¦§aztgCx\fh`LdhjlfhkgdhfÔ
¦
c`\kgfhmzjlfhv /fllazk kCj f`\}{j xs
ckg¤¸EjltU
c`\x\jlfhkYx\a /
x\fh
x{jld
CÔ kgj fh`{}\j xX
¯¤gjraz`{jlkCagn
Ä%
ZÍ , ]zzª .ÔCrIsLtf=¸Efhtfhkg¤gfhkgdhf
ckg¤¦§azkg}\x\`{Cdhx\j f /
x\egfh
x{jldh}ÒÔY^eU¸ x{egfh}\jl}ÒÔL¸EjltU
c`x{jlfhkx{a
/
x\fh
x{jld
CÔ kgj fh`{}\j x
¯ ¤gjraz`{jlkCagn
Ä%
1Í F.J
Ê , ]zz .
Ô ?\: B4: zÔgÑazyn;]z]zCÔGYtg`{jlkgmzfh`vyÑIfh`\Ð
cmgÔ ¾ fh`{ljlkGn
Ä%] $§
Ê ½{Ï #
'` , ]zzp .Ô ,0! + !# (: $.: "9 ,#,
: "5$!#/5"5 E6\(! "$#zÔ
ÑazynUzcacWb 0$4/C.2A0%/10E"')(+,./1042 3 $4"504$0ÒÔULtg`\jlkgmzfh`ÒÔ ¾ fh`\ljlk;n
Ä%#B_^
& A^Í [$# , ]zz .
Ô ./1+;/10(' 0.$/C"%*)+ ?-E"'ED2,H,#,: "%$/C"5 EXÔCÑIazyn
XÔ XÔ \X
Ô K=lfh`ÒÔg¸Eaz`{¤g`\fhdXeYxn
Ä.#Ì j
Ê ( , ]z¥ .$Ô (+,./1/C"5:^"5$\zÔ}\fhdazkC¤ fh¤gk;Ôc¹d
c¤gfhjld^I`{fh}\}ÒÔ
;azkg¤gazk;n
Ä%#Á , ]zc .
Ô ./C#+&/10 #0.$/C"%6(-',.HY0/<>/<#/ R21 /1042D#/5"5: (704204$0&3.Y
/C#+&/104'90.^$/5"5659$ 62$0D66B.0 <789.: /6/9"9";:>*,2A4$00"'#EXÔÑazynC]hac
b 0$/5.2A0
/10E"'2D/C" <W$4"5: 1 /104:%: "#0$0= 0$4/C.2A0%#/C0E"' (*+-,
./102 3 $4"504$0ÒÔgLtg`\jlkgmzfh`\vyÑfh`{Ð
cm²kCdn
F= [
Á , ]cª .Ô ¹ baz`{|gÐ
x\jlazkacb;x\egf=}{jltClf~x\egfhaz`\sacbGxsCtfh} l>Ô R 0%.2D: 3 + !: "%$9!#"%$
?;Ôgz LzCn
F%
^_Esy
_#~Ì , ]zz
.Ô 1 +,: 04+;0 /5"%@ / R 0+;/C"%$EU*"'/ R / R 0!.,
2D: 2A4!' 0;A0: 7,+&0 /
3 E!/10+|Ôg^I`\fhkYx\jldhfhvE
clyÔ ¿ fw *zf`\}{fwsn
F%
Å B , ]zz .Ô reCf¦§aL©tg`\aLacbZ
c}\}{jl}\x{
ckxfh`{}\jlazkCn lnZ¹`{dXegj x\fhdwx{}u¦§eg`ÒnC^
cCljlkCv /azeg`\jlkgm²fwx
cyn
LNMPO-Q ,."%:': #$ZV"' 2D"5BV D21T
$DCT
EE"'EYA0BV R /C+=:
F%FE
É , ]zz
.Ô kgfx{He fG az`\jlf²¤gfh}=dhazkg}x{`\gdwx{jlazkC}ÒÔu^IeU¸ x\egfh}{jl}Ô kgj fh`{}\j x fG ^Z
c`{jl}Ñ=XÔurFe f }\f|¤Cf
x\`{azjl}\Ij fh fEdwsCdhlfzn
F%FE
É , ]zz
.Ôc¹Ek|
ckU
c sC}\jl}acb Ejl`{
c`{¤ }tU
c`{
c¤gaÒuÔ "' ^I`\aLdhfhfh¤gjlkgmz}acbUx{egfYsLtaz}{jlgµazk²;azmzjld
jlk¦§aztgCx\jlkgmLdhjlfhkgdhf lÔUIÔu¦
c|¡g`{jl¤gmzfzÔ /
c}{}{
cdXeLC}{fwx\x\}Òn
F%FE
É #
{
Ï __E! , ]zzª .ÔY¹ tg`{aYacbacb;}\x\`{azkgmkgaz`\
cljl
x{jlazk baz`Ix\egfx\egfhaz`\sacb;dhazkg}\x\`{gdwv
x\jlazkg}g}{jlkCm
²iY`{jltgizfwvljlizf=jlkx\f`\tg`{fwx{
x{jlazkGÔUrfhdXegkgjld
c`{fhtaz`\xÔg ¿ £¹¯n
LNMPO-Q D/ ,> T#TD/ ,SV"% 2D"%BV 21T 1 ,J 1 HT 20K70$/5ECT
$;CAT/ ,04ECT 2A$!00#"%ECTS!9"L#V'MA"
F%FE
5É 4
À 5Ï , ]zz .Ô r~egf§d
cldhglg}ZacbUdhazkg}x{`\gdwx{jlazkg} lÔ 1 72D+;/C"% P(#+-,./1/C"%
N
O ÔUz ]qzªCn¹c
cjlÐ
c¡glf
x £~J
exx{t; PMPtg
cgjllÐ
cdzn jlkg`{jÐ
Cn bQ` PdaY© PdaY©vfhkgmgn eYx\yn
F%FE
½É .
_@
Ê R F , ]zzª .Ôkg¤ggdwx\j fh sJ¤Cf0gkgfh¤JxsLtufh}Ô "% /
c`\x\jlkCv acbo
ckg¤
/jlkx\} , ]zzª . lÔLÑIazynCg]Ò¥²acWb 0$/C.2A0%9/104E"% (+,./C02 3 $"%0$0ÔLtC`{jlkgmzfh`ÑIfh`\Ð
cmgÔ ¾ fh`{ljlk;n
!"# $%
&
Ã;
_E Ã , ]zzª.Ôgr~egfo
ckgmzg
cmzf¯r~egfhaz`sacb¹ECx\az
x{eGÔg^Ieg¸µx\egfh}{jl}ÒÔLIjlkC¤gegaÒfhk kgj fh`{}\j xsacb
rfhdXeCkgazlazmcsn
%
Ä # " Â , ]zzª.Ô¹ }{C`\fwsacbZx\egf|tC`{ac¢fhdhx=
cCx\az
x{e;ÔJ"' *gn^ZnuYfl¤Cjlk
ckg¤ *gnu£nujlkg¤glfwsÔfh¤g}ÒÔ
ra|¯n ¾ nC¦§g`{`sGLI}\}X
sL}azk¦§az²¡gjlkU
x\az`\s azmzjldzÔg
c|¡u¤g
²¦
cldhglg}~
ckg¤5Uaz`{
cljl}\ lÔc¹dÒ
c¤Cfjld
^`{fh}{}Ô ¿ fh az`{iÔgtCt;nU¥c LzªzCnI¹El}{a|jlk ¿ f¤Cf`\tf xfwx
cyn , ]zc .ÔUtCt ]hg] ]C]zn
%
Ä # "Â Ï , ]¥cª .ÔYreCf
x\egfh
x\jldÒ
cUÐ
ckCmzU
cmzfE¹ r À /¹Zr¯Ôcj x\}IC}X
cmzf
ckg¤}{azf~acbGj x{}fhYv
x\fhkg}{jlazkC}Ò
Ô "% / n
cg¤CfhxÔU¸¯nL
cdaz|¡fE
ckg¤ / nCLdXeYgfwx\fhkY¡f`\mzfh`ÒÔgfh¤g}Ô sCtaz}{jlCazk¹ECx\az
x\jld
¸fazkC}\x\`X
x\jlazk lÔuLtg`\jlkgmzfh`Ñfh`{Ð
cmgÔ ¾ fh`{ljlk;ÔG]¥cªCÔu¼£¹¯ÔUÑIfh`{}{
cjlllfh}ÒÔUtgtGnuqz LC]zn;fdwx\g`{f ¿ acx\fh}=jlk
/
x\egfh
x\jld} R? C
cl}{a²jlk ¿ f¤Cf`\tf xfwxE
cyn , ]zc .n
à $
, qzªzªzª .Ô
|ljl}x~acbdhaztgLx{fh`~
x{e}\sL}\x\fh} ln^n `Jjlfh¤gj ¢\in
{
LNMPO-Q@R /C/ ,S> T#TUU*UWV'$4E7V .
V : TPD2A00DDT
""%+&#/ R
à >½Ï , ]zzp .Ôr~egf5gkg¤gfhdhjl¤U
c¡gjllj xs acb~xsCtU
c¡Cjllj xsAjlk x\egf° uvd
cldhglg}ÒWÔ "% ¾ fhhfh%
ckg¤ E`{aYacx\f
, ]zzp . lÔCtgt;n]pz ]hCn
Ë _Z À , ]zz .Ô ^Zfh`\}{azkU
cGdaz|gkgjld
x\jlazk ln
W
Ï ²À , ]zzq .Ôr~egf¦§eYg`{d{eCv¼£~az}{}{fh`tg`\aztufh`xs baz` v`{fh¤gCdhx\jlazk jlk xsLtufh¤AÐ
c|¡¤U
5d
cldhgljy*Ô "%
{
^`{aYdhffh¤gjlkCmz}²acbx\egf}{fwfhkYx\e
ckgkYU
c}\sLtaz}{jlg?azkAazmzjldjlkA¦§aztgCx\f`²LdhjlfhkgdhfzÔC
ckYx{
¦§`{gzÔ
¦
cyn lÔLIÔUtgtGngzp YzªCn
Ï oÀ , ]zzp .Ôgazmzjldh}
ckg¤rIsLtf¯YsL}\x\f}Ôg^eU¸µx\egfh}{jl}Ô¦
x{eCazljld kgj fh`{}\j xsacb ¿ j ¢\fhmzfhk;n
{
Ï À 4Â ¯
{
Ê , ]zC] .Ô ¹ aY¤ggÐ
c`tC`{aYacbgacbU}x{`\azkgmEkgaz`\
cljl
x{jlazk=baz`x{eCf~¦
cldClg}
acbI¦§azkg}x{`\gdwx{jlazkg} lÔ .2D:!,.$/5"5: 2A!#2A+&+="%24C«q%DwÔ;]z ]zCn
Ï ¯À A
_Z_Ë A
%
# , ]zz .Ô;C
bf¯tg`{aYacbId{egfhdXiLjlkCmjlkxsLtf|x\egfhaz`\sj x\
{
e ²Ô
"' nLlgM
ckC¤ / nC£aY¤g`\jlmzgfhhvy¹E`\x{
clf¼¢\agÔLfh¤g}ÒÔ ¦§aztgCx\f`Ydjlfhkgdhfoazmzjld Cy¦~L z%D lÔCÑazynG]zzp|acb
;( 3 ÔLtgjlkCmzf`vyÑf`\Ð
cmgÔgtgtGnUpz YzqCn
Ï , ]¥cq .Ô kYx\fh`{tg`\fwxX
x\jlazk bazkgdwx{jlazkCfllf²fhx=fljljlkg
x{jlazk¤gfh}dhazgtgg`\fh}¯¤Cf
c`{j x\egfwx{jl©Ygf
{
¤ az`{¤g`\f=}{gtfh`{jlfhg` lÔgr~egfh}{f¸ x{
xÒÔ kgj fh`{}\j x{f=^Z
c`\jl}~ÑE\Xn
Ï GA
j #
XÉ _! , ]zz .Ô 2A4DE9 ,04EXÔÑIazynC¥oacb (+ 72D"5B02 2AB$4/CE
{
"' R 0!#2A04/C"5$!#: (+,./102 3 $"%0$!0ÒÔ¦
c|¡g`{jl¤gmzf kgj fh`{}\j xs^I`\f}\}Òn
À Ì {À __Ç A
*W_E^9Ï , ]zzp .Ô ¹¨b`X
cfwaz`{ibaz`E¤gf UkCjlkgmlazmzjldh} lÔ .2D#:*
4
/ R 06;( @
*?C]/DXÔ]hp ]cgn
À $
{
Ê , ]zc .ÔCljljlkU
x{jlazkacbfhYx\fkC}{jlazkU
clj xs
ckg¤5©LCacx{jlfhkxxsLtfh}jlk
c`x{jlkCvy acb;xsLtufx{egfhaz`sYÔ
"'5¯n ¾
c`{fhkg¤g`\fmcx=
ckg¤ron ¿ jltCizaÒÔfh¤g}ÒÔ ^`{aYdhffh¤gjlkCmz}=acbx{egf¯kx{fh`{kg
x{jlazkU
cJ
` az`{iY}{egaztazkrIsCtfh}
baz`Z^I`{aYacb}I
ckg¤²^I`{azmz`{
c}ÒÔ ¿ j ¢fmzfhk;Ôr~egf ¿ fwx{egfh`\Ð
ckg¤g} lÔÑIazynzªzoac@b 0$/5.2A0,9/104E\"' (*+-,
./102
3 $4"504$0ÒÔULtg`\jlkgmzfh`ÒÔ ¾ fh`\ljlk
ckg¤ ¿ fw az`{iÔgtgt;nG]z ]zªCn
ÀÅ G , ]zz .Ô jlmzegfh`~az`{¤gfh`~lazmzjld=x{eCfaz`\fhMtg`\aÒfh` lnZ¹E`\dXegj x\fhdhx\}Ò K²nLljlkg¤5fwx=
cyn
LNMPO-Q@R /C/ ,S> T#TUU*UWV'$4:V$+ V#$ZV.BDT J 0ED02A$ R T^8
T^ W
T
À %
& , ]zzª .ÔreCfbaz`{²CÐ
c}\v¼
c}vyxsCtfh}ukgacx{jlazk¯acbgdhazkg}x{`\gdwx{jlazkGÔ "' *gnLfhl¤gjlk¯
ckg¤ *gnÒjlkg¤glfwsÔfh¤g}ÒÔ
{
ra ¯n ¾ n¦§g`\`\suUI}\}X
hsC}azk¦§az²¡CjlkU
x{az`s5azmzjldzÔ
c²¡¤U
¦
cldhglg}
ckg¤Uaz`\
cljl}{ lÔ¹dÒ
c¤Cfjld
^`{fh}{}Ô ¿ fh az`{iÔgtCt;ngY¥c YzªCn
À >|à , ]zz .Ô¦§aztgCx{
x\jlazkU
cCfwx{
x{egfhaz`s|jlkkYgtg`\yÔ "'=nC}{i¯
ckg¤|£n À fh`{¡fhfiÔzfh¤g}Ô ^I`\aLdhfhfh¤Cv
{
jlkCmz}acbx{eCf ¿ jlkx{ekx{fh`{kg
x{jlazkU
c¦azkLb«fh`{fhkgdhfoacb¹Cx\az
x{fh¤¸Efh¤ggdwx{jlazk lÔgkYg²¡fh`~pC]Nª "' ¿ ¦~ lÔ
Ytg`{jlkgmzfh`Ô ¾ fh`{ljlk;ÔCtgt;ngqzpz Lqz¥Ln
L4
Á §Ë , ]z¥ .Ô ¹ b`X
cfwaz`{i baz`²¡ggjll¤Cjlkgm jlkYx\fh`X
cdwx{j ftg`{aYacb=fh¤gj x\az`{} ln ¹`{dXeCj x{fhdwx{} ¾ nYCb«`\jlk
ckg¤
£on ¾ az`\kU
xn
LNMPO-Q .ED042DE7V$+&: BV'XV#$ZV.BT02D2AVE.DD2D"'T;K4D,0ZV R /5+&:
GË~ϯÅ
, ]zz .Ô r~egfolfhmza tg`\aLacbZ
c}\}{jl}xX
ckx ln¹E`\dXegj x\fhdhx£ong^azlÐ
cdXin
LNMPO-Q@R /C/ ,S> T#TUU*UWV'#$4E7V'0!V#$ZV.BT R +;0AT: 0#7T
GA
, ]zz .ÔG¦~¦EÔx{egf|Yx{fhkg¤Cf¤A¦
cldClg}oacb~¦§azkg}x{`\gdwx{jlazkg}WÔ "' azmzjld²jlk ¦§aztgCx\fh`Ldhjlfhkgdhf lÔ
I ¦§aztgCx\f`LaYdhjlfwxs^`{fh}{}n
GA
, ]zc .\Ô (*+-,
./1/C"%# JH0!#E# "'> ,0 R 0!#2 72 (+,./C02 3 $"%0$!0ÒÔÑIazyn]z]²acb
1 /C: V 3 02D"%0E! @ 2A7, R E "% (+,./1042 3 $"%0$0Ô¦§Ð
c`{fhkg¤gazk^I`\f}\}Òn
GA
, ]zz .Ô ¦§aLfh`{dhj fo}\g¡CxsLtgjlkgm lÔ .2D:J"5$&# (+,./1/C"% ?C]/DXn
ÀGÄ.
À;Ï{
Ê,
G , ]zc .Ô|r~egf9jltglfhfhkYx{
x\jlazk acb¹¯
µtg`\aLacb·vfh¤gj x\az` ¡U
c}\fh¤ azk /
c`x{jlkLv acb }
azkCazaz`{tgegjldxsLtufx{egfhaz`s j x\e fwCtgljldhj x}\g¡g}\x\j x\Cx{jlazkGÔ§^Ieg¸x\egfh}{jl}Ô§¸ftLxÒnacb¯¦§azt;nILdhjlfhkgdhfÔ
¦§eU
clfh`\} kgj fh`{}\j xsÔYfh¤gfhk;n
Ê,
Ge , ]zc .Ô 1 /C."%/C"% "%E!/C"5$ ,03 R 02 ÔUx{g¤Cjlf}jlk^`{aYacbr~egfhaz`\sÔ ¾ jl¡gljlaztazljl}ÒÔ ¿
ctazljyn
Ê,
G# ,
Ê ZuÏ , ]zzª .JÔ ( W YB> 1 /102D/C"%:$D02A0$!0= $+-,
./102
: "5$ÔgÑazyngg]Ò¥|acW
b 0$4/C.2A0%#/C0E"')(*+-,
./102 3 $"%0$!0ÒÔgLtg`{jlkCmzf`~Ñf`\Ð
cmgÔ ¾ fh`{ljlkGn
Ê,
, ]z¥ .Ô /
x\egtfh`\x lnZ¹E`{d{egj x{fhdwx / n ¾ fhfh}{azk;n
LNMPO-Q@R /C/ ,S> T#TUU*UWV+&/ R ,042D/V'$!#+
Ê [F
j , ]zzq .Ô¦§aztgCx\fh`tC`{azmz`X
c}baz`dXegfhdXiYjlkgm
x{eCf
x\jld
c;tg`\aLacb}Ò
Ô "' ^I`\aLdhfhfh¤gjlkgmz}acb
x\egf|YsLtaz}{jlgjlk^g`{f /
x{egfh
x\jldh}E lÔC¹Efh`{jld
ck /
x{egfh
x\jld
cLaYdhjlfhxsn
ÊÎ uÁ=Ì , ]zz .nZ¹`{dXegj x\fhdwx{}U¹Ekg¤C`{hf¼¢r`sC¡CglfhdÔ¦hfh}{Ð
h ¾ sCljlkC}{iYjyn
LNMPO-Q@R /C/ ,S> T#TUU*UWV+="4#24V25
Ê*)F , ]zz .ÔU¹lmzaz`{j x\egM¤gfwfhlaztgfhkxEjlk5x{egfd
cldhglg}acbZdazkC}\x\`{gdwx\jlazkg}ÒÔ "' ^I`\aLdhfhfh¤gjlkgmz}acb
x\egf|Zjl`\}\xoYsCtaz}\jlg"azk azmzjld¯jlk ¦aztCCx{fh`YdjlfhkgdhfzÔ¦~
c|¡g`{jl¤CmzfÔ /
c}\}Òn lÔIÔ `
c}{eCjlkgmcx{azk
¸=¦=ÔCtgt;nc LC]zn
Â4_Ì , ]¥cp .ÔgYx\`{azkgm|kgaz`{
cljl}{
x{jlazkjlk5
¯Ð
c²¡¤U
od
cldClg}j x\eÐ
c²¡¤U
}\x\`{gdwx\g`{fh¤xsCtfh}ÒÔ
^eU¸µx\egfh}{jl}Ôgjlkg¤gegafk kgj fh`{}\j xsÔ ¾ aÒ5g]Ò¥LÔUjlkg¤gegafhk;Ôr~egf ¿ fwx\egfh`{Ð
ckg¤g}n
Â4_§Ì Ï ZÀ `
M{ " IÌ , ]zc .Ô 3 04: 0$4/10 D,02DE#+./1+&#/ R Ô
x{g¤Cjlf}jlk;azmzjld
ckg¤x\egfUazgkg¤U
x\jlazkg}acb /
x{egfh
x\jldh%} RÔ ¿ az`\x\eCv¼azlÐ
ckC¤;Ôg¹}\x\f`\¤U
cn
Â{#$ Ä #5Æ E
5#Í $ , ]zzª .Ô 2A!#2A+&+&"' "' @ 2D/C"' YC!
E ,0 R 0!#2 Ô
À Ybaz`{¤ kgj fh`{}\j xs5^I`{fh}\}Òn
Å {
Ê X
9{Ï |À , qzªzªC] .Ô ^I`\aLacbI¡Ys dhaztgLxX
x\jlazk jlkx\egf¦§aY©}\sL}\x\fh lÔ R 02A0/5"5$:
(+,./102 3 $"5VLn
Å G,
4
Ê , ]zz .n
LNMPO-Q@R /C/ ,S> T#TUU*UWVBV'$BV.BTB,2A0K40!$/CECT
D,0 +;/ R T
+;ED$
Å ## , ]zz .n¹E`{d{egj x{fhdwx^ ` jllljÐ
c /dÒ¦§gkgfzn
4
LNMPO-Q@R /C/ ,S> T#TUU*UWV+&$E7V :V BMA!T J T
/C/1042
F , ]zz .ÔgYsCkx\egfh}{jlhjlkgm²tC`{aYacb«}§b`{az tg`\azmz`X
c}jlkx\egf=d
cldhglg}acbjlkg¤ggdwx\j f=dhazkg}\x\`{gdwx\jlazkg}ÒÔ
"' ¾ n / azllf`ÔIfh¤;nlÔ ^I`{aYdhfhf¤Cjlkgmz}pc`\¤ kx{yn~¦azkLb\nIaz1
k /
x\egfh
x{jldh}5acb|^`{azmz`{
c ¦§azkg}x{`\gdwx{jlazk;Ô
/^§¦ zC@Ô K=laz}x{fh``{}\ffzÔ Ef`\
ckYsÔ]Ò¥ LqC] *zg s ]zz lÔ;ÑazyncY¥acb @0!$/C.20 9/104E&"' (*+-,
./102
3 $4"504$0ÒÔULtg`\jlkgmzfh`\vyÑfh`{Ð
cmgÔ ¾ f`\ljlk;ÔgtCt;nUpzC] Lp¥cCn
_E
Ê R F , ]zc .ÔkC¤ggdwx{j f¤gf Ukgj x\jlazkg}jlkAx{eCf}\sL}\x\fh¶¦§aL© Z`{glfh}
ckC¤9tC`{aztfh`\x\jlf}HÔ "%
¾ fhhfh¶
ckg¤ E`{aYacx{
f , ]zzp . lÔZkYg²¡fh`zc "% fhdwx{C`{f ¿ acx{fh}jlk9¦§aztgCx\fh`5Ldhjlfhkgdhf lÔ§Ltg`\jlkgmzfh`
Ñfh`{Ð
cmgÔ ¾ f`\ljlk;ÔgtCt;nUpzqz LpcCn
_E
Ê R F O
&wJÄ , ]zzp .Ô YsLkx{egfh}\jl}|ac0b / tC`{azmz`X
c}jlk x{egf}sC}x{fh ¦§aY© lÔ
.2D: 3 +;!: "%$ (#+-,./1/C"% ?;Ôgzª¥ LcªCn
_Z_E
[Ì , ]zz .Ô¹ fh`\j Ufh¤xsLtfIdXeCfd{izf`Ô "'0/ nÒ¸EfhÒ
ckCj v¦§jÐ
ckgd
cmzljlkgjY
ckg¤ |nÒ^lacx{iYjlk;Ôfh¤g}ÒÔ Lfhdhazkg¤
kx\f`\kU
x\jlazkU
c¦§azkCbfh`{fhkgdhfazkrIsCtfh¤
c|¡¤U
¦
cldClj
ckg¤ ¹EtCtgljld
x{jlazkg}Ôr~¦§¹ z lÔkYg²¡fh`Izªzq
"' fhdwx\g`{f ¿ acx{fh}jlk¦§aztgCx\fh`EYdjlfhkgdhf lÔuLtC`{jlkgmzfh`ÒÔ ¾ fh`{ljlk;ÔCtgt;nUpzz 5pzzªCn
¯Í , ]zz .Ô Ltfhdj gdÒ
x\jlazk
ckg¤5fh`{j Ud
x\jlazk}\sL}\x\fh ln¹E`{d{egj x{fhdwx\}Ò *gn£~g}{eY¡sfwx
cyn
LNMPO-Q@R /C/ ,S> T#T#,RAE7V$E!:VE2D"CV$+T
Ì;
$%jAÇ , ]zqz .Ô reCfbazgkg¤g
x{jlazkg}oacb
x\egfh
x{jldh} lÔ 2A4$00"'#E / R 0=## @ / R 0+;/C"%$:
3 4$"%0/ tgt;nUpzpz Lpzcgn
Ì% §À 'Í ¯Â E
5Í j
I
Ê , ]zz .Ô /aL¤gCÐ
c`;fh`{j Ud
x\jlazk¯acbC}{`x¤gj Ljl}{jlazk;Ô "' ^I`\aLdhfhfh¤gjlkgmz}
acbx{eCfx{e kx{fh`\kU
x{jlazkg
c¦§azkCb«fh`\fkCdfazkJ¦aztCCx{fh`¹jl¤gfh¤AÑIfh`{j gdÒ
x\jlazk;Ô ¿ fw ¾ `\gkg}jld{iuÔ ¿ *gÔ
L¹|Ôfh¤g}n£n¹lg`²
ckC¤ rn ¹¯nZfhkghjlkgmzfh` lÔÑazyn]z]ªzq ac9
b 0$4/C.2A039/104EP"% (#+-,./1042 3 $"%0$!0ÒÔ
Ytg`{jlkgmzfh`Ôgtgt;n;]qzp ]pcgn
Ì% ! 4À Ç , ]zzp .Ô Uaz`\
cLfh`{j gdÒ
x\jlazk acbG
clmzaz`{j x\eg}baz`dh`{j x\jld
cg}\sL}\x\fh} lÔ 1 .>.H.
2A ED#$/C"% E # 3 /CUW2A0. #"'002D"' C]/DwÔG]p LqzpCn
Ì%_Z_Ä , ]zªzp .Ô R 0 2D"%$4" ,: 0E9-@ / R 04+;/C"%$EXÔU¹llfh
k kjlkGÔgazkg¤Cazk;n
!"# $%
Í^[##à , ]¥cª.Ô¦§azkg}x{`\gdwx{j f=c
cljl¤gj xsÔ"'¸|nCIn/ nL
cg¤CfhxE
ckg¤ / nLd{eLgfwx\hfkY¡fh`{mzfh`ÒÔfh¤g}Ô YsL v
taz}\jlgazk¹ECx\az
x\f¤ ¸fazkC}\x\`X
x\jlazk lÔUÑIazyn]qzacbH@0!$/C.20 /10E9"' @ / R 0+&/C"5$4EXÔGLtg`\jlkgmzfh`ÒÔ
¾ fh`\ljlk;ÔgtgtGnUqzp¥ Lq¥cCn
Í G , ]zz .Ô rIsLtfojlkCb«fh`\fkCdfobaz`~^Ig`\for~sLtf|YsC}x{fh} lÔ 1 72D+;/C"% (+,./1/C"54 *
ÔG] LqzpCn
Í 1
_Z_0Ë , ]zc .Ôc^IC`{f§rsLtufsC}x{fh}j x{e¯¤gf Ukgj x\jlazkg}ÒÔ "%E¹|n ¿ fh`{aY¤gf
ckg¤%²n /
x\j sY
v
}\fwCjldXeGÔf¤C}ÒÔ ^I`\aLdhfhfh¤gjlkgmz}§acbG¦~ cC ¿ ¦~ D lÔc¦~ cgÔLYxn^fhx\fh`{}\¡gg`{mgÔL£~g}{}\jÐ
CÔYLtg`\jlkgmzfh`
Ñfh`{Ð
cmgÔ ¿ fw Iaz`\iuÔCtgt;npC] LpzqzCn
Í%
Ê , ]zz .@Ô ` f
ci
ckg¤ }\x\`{azkgm}\g vfhljljlkU
x\jlazk jlk jlkYx\gj x\jlazkgjl}\x\jld xsLtufx\egfhaz`\sÔ^IeU¸x{eCf}\jl}ÒÔ
kgj fh`{}\j xsacb¹}\x\fh`{¤U
cn
É. _
, ]zz .Ô;fk kU
c¤Cf`\f ¡fwj ¢}\x\egfhaz`{fwx\jl}{dXeCf
ckU
c sC}\f²z
ck oLr~r }ÒÔGrfhdXegkgjld
cI`\fhtuaz`xÒÔ;¸Efwv
tg
c`\x\fkxacb¦§aztgCx\f`ELdhjlfhkgdhfzÔ kgj fh`\}{j xs5acb ¿ j ¢fhmzfkGn
j
%Ä $ ##NG , ]zzp .Ô rIsLtgjlkgmjlk|^g`{f§rsLtfYsC}x{fh} lÔ 1 72D+&#/5"5 P(#+-,./1/C"%
*?C\]/DXÔUpzª Yg]zn
j
%Ä $ ## G ;Ê [gÆ k
__E
[ Ì , ]zzp .ÔU¦eCfd{iLjlkgm
clmzaz`{j x\eg}Ibaz`^g`{f
rsLtfoYsL}\x\fh}ÒÔ "'²n ¾
c`{fhkg¤g`\fhmcx~
ckg¤ron ¿ jltgiza¯ÔYfh¤g}Ô ^`{aYdhffh¤gjlkCmz}§acb;x\egfEkx\f`\kU
x\jlazkU
cS ` az`{iv
}\egazt²azk|rIsLtufh}Zb«az`^I`\aLacb}Z
ckg¤²^`{azmz`{
c}ÒÔ ¿ j ¢fmzfhk;ÔÒr~egf ¿ fwx\egfh`{Ð
ckg¤C} lÔcÑazynzzEac@b 0$4/C.2A05#/C0E
"' (#+-,./1042 3 $4"504$0ÒÔULtg`\jlkgmzfh`ÒÔ ¾ fh`\ljlk
ckg¤ ¿ fw az`{iÔUtgt;nG] LC]zn
& #$
Á 5%Ì _Z_Ä , ]C]ªCÔg]zq¥ .Ô 2D"'$" ,
"%@ #/ R 04+;/C"%$ 8:
/0/9"9/$L&=<0/9"<
Ô
¦
c|¡g`{jl¤gmzf kgj fh`{}\j xs^I`\f}\}Òn
&y3& , ]zc .Ô @ 0$ R "%$:H R 02A0+ 2AMA"';"' H0+;0/52D"504EXÔYrfhYx\}
ckg¤ /azkgazmz`{
ctgeg}§jlksC|¡uazljld
¦§aztgLxX
x\jlazk;ÔuLtC`{jlkgmzfh`Òn
ÀGÄ.
À;Ï{
T
- nhn\CÔ]ªCÔG]z]zÔ]CÔ] LqzqCÔpzqCÔpzpCÔUpzCÔUp¥LÔUªCÔ
pCÔUCÔgY¥LÔzqCÔUzCÔu¥cCÔ¥z¥LÔu¥c
nhnhnhnhnnhnhn{CÔU ]z]zÔ] LqC]zÔupzqCÔU¥gÔu¥cCÔu¥z¥LÔu¥c
nhnhnhnhnnhnhnhnhnnnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnnnhnhnnqzªCÔpzq
] ]CÔgqzqCÔLpzqCÔLz LzqCÔU¥cqCÔC¥gÔC¥cCÔC¥z¥LÔC¥cCÔgzª
clmzaz`{j x\eg nnhnhnhnhnnhnhnhngÔ¥LÔ]CÔG]Ò¥LÔqC]zÔqzpCÔC]
¡aLazifh©YU
clj xsnhnhnnhnhnhnhnnhnhnhnhnÒnhnhnhnnhnhnhnhnnhnhnhnqzq
¦
cldhglg}acb¦azkC}\x\`{gdwx\jlazkg}¬nhnhnhnnnhnhnnhn\C]zÔzq
dhaLfh`\djlazknhnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnnnhnhnhnhnnhnhnhnyqz Lq¥
dhaztgCx{
x{jlazk nn·pCÔ;]CÔ;]CÔ]CÔUqCÔgzgÔUzCÔzCÔ
zCÔzpCÔ¥cqCÔu¥gÔ¥c
dhazk Ugfhkgdhf-nhnhnhnhnnhnhnhnhnn]z]zÔ]CÔgqzªCÔUpCÔUCÔUY¥
dhazkg}\x\`{Cdhx\j flazmzjld CÔ;]CÔ]Ò¥LÔqzCÔUpzªCÔUpzpCÔpzCÔ
¥LÔzªCÔUC]
dhazkYfh`\}{jlazknÒCÔUCÔ;]CÔUqzªCÔqC]zÔpzqCÔUpzpCÔUp¥LÔzCÔ
¥cCÔu¥z¥LÔUzª
dhg`{`sCjlkCmnhnnhnhnhnhnnhnhnhnÒnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnXpzp
¤gf ¾ `\gj ¢\k5dh`{j x\fh`{jlazk_nnhnhnhnhnnhnhnhnhnX¥LÔgzCÔu¥gÔzª
¤gf Ukgj x\jlazkU
cfh©YU
clj xsnhnhnnnhnhnnhnhnhnhnnhnhnhn¼qzqCÔqzp
¤gfhtfhkg¤gfhkYxb«Ckgdwx{jlazk5xsCtf nnhnhnhnÒnhnhn¼]ªCÔqcgÔpz
¤gfhtfhkg¤gfhkYxxsCtf¶nnhnhnhnhnn«CÔ]ªCÔG]qCÔqzªCÔzqCÔu¥c
¤gf ¾ `\gj ¢\k5dh`{j x\fh`{jlazk_nnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnnhnnhn\¥
¤gjl`\fdwxfhkgdhaL¤CjlkgmºnnnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnnhnÒ]q
¤gjl}¢\gkCdhx\jlazktC`{aztfh`\xs nhnhnhnhnnhnhnhnhnnhnhnhnhnnnhnhnXpz
fh©Lg
clj xs"CÔG]ªCÔG] LqcgÔgpzªCÔgpC]zÔgpzCÔgp¥LÔCpCÔCY¥LÔ
zqCÔu¥c
fwCjl}x{fhkgdhftg`\aztufh`xs nhnnhnhnhnhnnhnhnhnhnnhnhnhnhnC]Ò¥LÔpz
fwLx\fhkg}{jlazkg
cf©YU
clj xs_nhnhnnhnhnhnhnnhnhnhnhnnhnhnqzpCÔu¥z¥
fwLx\fhkg}{jlazkg
clj xs nhnhnhnnhnhnhnhnnhnhnhnhnYqC]zÔqzpCÔqcgÔu¥z¥
bgkgdwx{jlazk»nhpCÔUgÔgCÔ]ªCÔ;]CÔ;]Ò¥LÔqzªCÔUqzp LqzCÔupzªCÔ
pC]zÔpzpCÔUpz
egjlmzegfh`az`{¤gfh`~lazmzjld nhnhnhnÒnhnhnc]CÔgqzqCÔpzpCÔp¥LÔUª
jltg`\f¤CjldÒ
x\j Lj xs nhnnhnhnhnhnnhnYqzpCÔgqzCÔpzCÔ¥LÔu¥c
jlkg¤gCdhx\j fofh©Lg
clj xs nhnhnhnhnnhnhnhnhnnhnhnnnhnhnhnhnnhnqzq
jlkg¤gCdhx\j f=xsLtufCÔ;]CÔqzpCÔUcgÔU¥LÔC]zÔz L¥LÔ
¥cpCÔ¥c
jlkx{fhkg}\jlazkU
cfh©Lg
clj xs nhnhnhnÒnhnhnhnhnnhnhnhnhnnhnÒqzpCÔ¥z¥
fhjl¡gkgjlofh©YU
clj xsnhnhnhnhnnhnhnhnyqzqCÔUqzpCÔpzCÔpzCÔUpz
lazmzjld
cGb`X
cfwaz`\i nnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnn\]q
kgaz`\
cljlÒ
x\jlazk nhnhnhnnhnhnnnhnhnhnwCÔgqzªCÔpzqCÔUpCÔgY¥
)
^azjlkgd
c`foG tg`\jlkgdhjltglfºnhnC]CÔpzCÔzCÔU¥cqCÔu¥cCÔu¥z¥LÔ
¥cCÔUzª
taz sCaz`\tgegjl}\0nhnhnnhnhnhnhnÒnhnhnhnnhnhnhnhnnyzªCÔcgÔUz
tg`\f¤CjldÒ
x\j f nnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnnhnnhnhnhnhnnhnY
tg`\f¤CjldÒ
x\j Lj xs nhnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnÒnhnhnhnnX¥cCÔ¥c
tg`\aLacbZ
c}\}{jl}\x{
ckx-nhnhnnhnXpCÔggÔUzpCÔUzCÔu¥cCÔu¥cCÔ¥c
tg`\aLacbd{egfhdXiLjlkCmMpCÔC LCÔUpzqCÔgpzpCÔUzpCÔUzCÔg¥gÔ¥c
tg`\aLacb¤gfwfhlaztgfhkxE}sC}x{fh nhnnhnhnhnhnnhnhnnnhnhnp
tg`\aLacbjl`\`{fhlfwz
ckgdhf nnhnhnhnÒnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnpC]
tg`\aLacb·vaz¡C¢fhdwxnhnnhnhnhnhnnhnhnnnhnhnhnhnnhnY¥LÔgCÔu¥cCÔ¥c
tg`\aztuaz}\j x{jlazkC}
c}~xsLtufh}¶nÒnhnhnhnn\CÔgCÔ]pCÔqzCÔgg]
^IC`{f=rIsLtf|YsC}x{fh}nhnhnhnnnhnhnnhnhnhnCÔC]zÔUc
`{fh¤gCdhx\jlazk¶CÔCÔUCÔG]z]zÔ]CÔ]CÔqzªCÔgpzqCÔpzpCÔUªCÔ
pCÔgCÔzCÔz LzqCÔUzCÔu¥cpCÔu¥c
`{f Ufhdwx\jlazk nhnhnhnnhnhnhnÒnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnYqzªCÔ¥
}{fwx\azjl¤2nÒnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnÒnhnhnhnhnnXqcgÔqzCÔUpzª
}{eg
cllaÒ,fhkgdhaY¤gjlkgmnhnhnhnhnnhnhnhnhnnhnhnhnÒnhnhnhnhnnhnhnC]q
}{jlmzkg
x{g`\f¶nhnhnhnhnnhnhnhnhnnhnhnhnhnnnhnhnnhnhnhnhnnhnhn]q ]
}\x\`{fhkgmcx\egfhkgjlkgm nhnhnnhnhnhnhnnhnhnhnhnnnhnhnnhnhnhnhnnhnhnhnyC]
}{C¡C¢fdwx`{fh¤gCdhx\jlazk2nhnhnnhnhnhnhnnhnhn]CÔUpCÔUCÔUC]
}{C¡CxsCtfnhnhnhnhnnhnhnhnhnnhnnhnnhnhnhnhnnhnhnhnhnhqzCÔqzCÔ¥c
}\sL}\x\fhM nhnhnhnhnnhnhnhnhnnhnhnhnhnÒnhnhnhnnhnhnhnhnnhnhnhnhnnzª
}\sL}\x\fhM »nhnÒnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnnnhnhnnhnhnhnyC]
r¦§^*nhnhnhnhnnhnhnhnhnnhnnhnnhnhnhnhnnhnhnhnhnL¥LÔ]ªCÔUpCÔ¥z¥
r~^nhnhnhnnhnhnhnÒnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnÒnhnhnhnny¥LÔUqzp
rL^®nhnnhnhnnnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnÒnhnhnhn¥LÔ]ªCÔgq
xsLtufod{egfhdXizfh` nhnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnÒnhny¥LÔqzªCÔUq¥
xsLtufod{egfhdXiLjlkCm nhn¥LÔUCÔ;]qCÔ]CÔqzªCÔgqcgÔqzCÔUqCÔ
pCÔ¥z¥
xsLtufojlkLb«fh`{fhkgdhf_nhnnhnhnhnhnnhnhnnnhnhnhnhnnhnhnhnhnnhnhnhnq
xsLtufojlkCeU
c¡gj x{
x{jlazk nnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnnhnnhnhn¥
!"# $%
xsLtuf}sCkx{eCf}\jl}¬nhnhnhnnhnhnhnhnnhnhnX¥LÔ;]z]zÔqzCÔUq Yz
gkgjl©Ygfhkgfh}{}acbxsCtfh}nhnhnhnhnnhnhnhnhnnhnhn¼]ªCÔUCÔzq
ÀGÄ.
À;Ï{
¹EdhhfhnnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnnnhnhnhnhnnhnhnqzCÔz
¾ aÒf nhnnhnhnhnhnnhnhnhnhnÒnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnnnhnzC]
¾ `{azfh`-nhnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnÒnhnhnhnnhnhnhnhnnhnhnhnw
¦§eLC`{dXe nhnnnhnhnnhnhnhnhnnhnhnhnhnnhnYCÔG]CÔ]Ò¥LÔpzpCÔu¥z¥
¦§aL©YU
ckg¤ºnhnhnhnnhnhnhnhnÒnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnCÔC]
¦§g`{`s2nhnhnnhnhnhnhnnhnhnhnhnnhnnhnnhnhnhnhnnhnhnhnhnhCÔqzCÔp¥
¤gf ¾ `\gj ¢\k2nhnhnhnÒnhnhnhnhnnwCÔ¥LÔqzCÔgp¥LÔzCÔu¥gÔzª
EfhkYx\hfhknhnnhnhnnnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnnnhnhnhnhnnhn
Ejl`X
c`\¤nhnnhnhnhnhnnhnhnhnhnnhnnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnhn¼
fwsYx{jlkCmnhnnhnhnhnhnnhnhnhnhnnnhnhnnhnhnhnhnnhnhnhnhnnhnhnCÔ¥
a~
c`{¤ nhnhnhnhnnhnnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnncCÔqzCÔp¥
CfhxºnnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnnhnnhnhnhnhnnhnhnhnhnnhnY
/
c`\x\jlkCv acbMnhnÒnhn¼CÔG]Ò¥LÔqzpCÔqcgÔgqzCÔqzCÔ¥LÔu¥c
¿
c`{
c}{dXeCfh}\iLj nnhnhnnnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnÒnhnC]
)
^azlÐ
cdXinnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnnhnnhnhnhnhnz¥LÔC]
^I`{
j x\ nhnhnhnhnnhnnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnnhnnhnhnhnhny
§¸
nhnnhnhnhnhnÒnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnnnhnhnnhnCÔC]
£~g}{}\flnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnÒnhnhnhnnhnhnhnhnn«CÔpz
Ldhacxx±nhnnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnnnhnhnhnhnnhnhnhnhnnhn
YsLkgfhinhnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnÒnhnhnhnhnnhnhnhnhnnhnhnhnhncC]
Jjlf¤Cj ¢\inhnhnhnhnnhnhnhnhnÒnhnhnhnnhnhnhnhnnhnhnhnhnnhnhnhnhnÒnhnC]
`
ckgfhkL¡gC`{m nhnhnhnhnnhnhnhnhnnhnhnhnÒnhnhnhnhnnhnhnhnhnnhnhnhC]
É;[,
egjlmzegfh`az`{¤gfh`~lazmzjld¬nhnhnhnhnnhnhnhnhnnhnhnhnÒnhnhnhnhnnhnhn¼pzp
)
tg`\aztuaz}\j x{jlazkC}E
c}xsLtufh}_nhnnhnhnhnhnnhnhnhnhnnhnhnhnÒnhnhn
© Copyright 2026 Paperzz