B?E@ CDB1D57I@B??6>5CC 9> @B9F1D5 7??4 53?>?=95C
G9D8?ED =?>5I =1D389>7 49F9C9?> 1>4 8?EC5
1<<?31D9?>
2I
)1<F14?B 1B25BT ?<?BC 5B71 1>4 5B>1B4? $?B5>?
52BE1BI 2CDB13D -5 ?2C5BF5 D81D D8B55 C1<95>D C?<ED9?>C D? =1D389>7 49F9C9?> 1>4
8?EC5 1<<?31D9?> @B?2<5=C 1B5 >?D ?><I @1BD91<<I CDB1D57I@B??6 2ED @1BD91<<I
7B?E@ CDB1D57I@B??6 1C G5<< 9> 1@@B?@B91D5 4?=19>C ?6 45L>9D9?> *81D 9C D85
31C5 6?B D85 1<5)81@<5I =5381>9C= D85 E>96?B= BE<5 1>4 D85 D?@ DB149>7 3I3<5
C?<ED9?> B5C@53D9F5<I -5 5=254 D85C5 D8B55 DI@5C ?6 @B?2<5=C 9>D? 1 75>5B1<
6B1=5G?B; -5 D85> >?D935 D81D D85 D8B55 BE<5C 1C G5<< 1C =1>I ?D85BC 4?
C81B5 1 3?==?> C5D ?6 @B?@5BD95C G8938 D?75D85B 9=@<I D859B @1BD91< 7B?E@
CDB1D57I@B??6>5CC *89C @B?F5C D81D D85 5AE9F1<5>35 25DG55> 9>49F94E1< 1>4
7B?E@ CDB1D57I@B??6>5CC 9> 1<< D85C5 31C5C 9C >?D 1 6?BDE9D?EC 5F5>D 2ED B5CE<DC
6B?= D85 CDBE3DEB5 ?6 D85 6E>3D9?>C E>45B 3?>C945B1D9?>
+1.*( +# +*+)& &0".01." <1CC9L31D9?> %E=25BC "53+.!/ $1D389>7 9F9C9?> ?EC5 1<<?31D9?> )DB1D57I@B??6>5CC B?E@ CDB1D57I
@B??6>5CC B?E@ =?>?D?>939DI %?>2?CC9>5CC
$&, +>9F5BC9D1D EDW>?=1 45 1B35<?>1 1>4 1B35<?>1 ) $19<9>7 144B5CC 5@1BD1=5>D
4N3?>?=91 9 4N9CDWB91 3?>W=931K 49L39 5<<1D5BB1 )@19> =19< C1<F14?B21B25B1E1231D
5@1BD1=5>D 4N3?>?=91 +>9F5BC9D1D 45 9B?>1 +>9F5BC9D1D 45 9B?>1 9B?>1 )@19>
=19< 4?<?BC25B71E4754E
5@1BD1=5>D? 45 *5?BV1 5 9CD?B91 3?>X=931 13E<D14 45 95>391C 3?>X=931C I =@B5C1B91<5C
1=@EC 45 < :94? $U<171 )@19> =19< 25B>1B4?E=15C
Electronic copy available at: http://ssrn.com/abstract=2467988
$)'%*)!%$
> =1>I 3?>D5HDC G85B5 C1D9C613D?BI CDB1D57I@B??6 =5381>9C=C 4? >?D 5H9CD 1C;9>7 6?B
=?B5 253?=5C B54E>41>D ED 9> 4?=19>C G85B5 D81D 21C93 9>35>D9F5 @B?@5BDI 31> 25 =5D
9D 253?=5C >1DEB1< D? 9>F5CD971D5 G85D85B D85B5 5H9CD =5381>9C=C D81D 1B5 >?D ?><I 9==E>5
D? =1>9@E<1D9?> 2I 9>49F94E1<C 2ED 31> 1<C? B5C9CD =1>9@E<1D9?> 2I 7B?E@C ?6 3??B49>1D54
175>DC *89C 9C @1BD93E<1B<I B5<5F1>D 2531EC5 9>49F94E1< CDB1D57I@B??6>5CC @5B C5 9C 1
B1D85B 6B179<5 @B?@5BDI E><5CC ?>5 31> 1<C? @B53<E45 =1>9@E<1D9?>C ?6 D85 C?391< ?ED3?=5
2I @?D5>D91< 3?1<9D9?>C 5C@5391<<I 96 D85C5 =1I 25 CER395>D<I C=1<< 1>4 51CI D? 3??B49>1D5
> D89C @1@5B G5 CDE4I D85 381B13D5B9CD93C ?6 7B?E@ CDB1D57I@B??6 =5381>9C=C D? 1<<?31D5
@B9F1D5 7??4C 1=?>7 C5<LC8 175>DC G85> >? 3?=@5>C1D?BI DB1>C65BC 1B5 @?CC92<5
> D85 3?>D5HD ?6 D85C5 1<<?31D9?> @B?2<5=C 9D 9C @?CC92<5 D? C@51; 12?ED D85 @1BD91<
3?=@<91>35 ?6 9>35>D9F5 @B?@5BD95C 1 =5381>9C= =1I 25 9>49F94E1<<I ?B 7B?E@ CDB1D57I
@B??6 6?B C?=5 ?6 D85 175>DC >4 9>4554 D89C @?CC929<9DI 9C 851F9<I 5H@<?9D54 2I D85
<9D5B1DEB5 ?> =1D389>7 G85B5 C?=5 ?6 D85 <5149>7 =5381>9C=C 9>3<E49>7 D85 31>?>931< ?>5
@B?@?C54 2I 1<5 1>4 )81@<5I ?><I C1D9C6I CDB1D57I@B??6>5CC 6?B ?>5 C945 ?6 D85 =1B;5D
*89C 9>DB?4E35C 1> 1@@1B5>D 1CI==5DBI 25DG55> D85 DB51D=5>D ?6 =1D389>7 1>4 D81D ?6
?D85B C9=9<1B 1<<?31D9?> @B?2<5=C
-5 @B?F945 1 75>5B1< 6B1=5G?B; D81D 9>3<E45C 1C C@5391< 31C5C ?>5D?=1>I =1D389>7
G85B5 @1BD91< >?D9?>C ?6 9>35>D9F5 @B?@5BD95C @B5F19< 1C G5<< 1C 49F9C9?> 1>4 8?EC5 1<<?31D9?>
@B?2<5=C G85B5 1<< 175>DC 12945 D? D85 C1=5 9>35>D9F5 3?>CDB19>DC > D81D 3?>D5HD G5
945>D96I @B?@5BD95C D81D 1B5 CER395>D D? @B539@9D1D5 D85 7B?E@ CDB1D57I@B??6>5CC ?6 D8?C5
C?391< 38?935 6E>3D9?>C D81D 1B5 9>49F94E1<<I CDB1D57I@B??6 5>35 G5 4? >?D ?><I 3<1B96I
D85 9>DB97E9>7 3?>>53D9?> 25DG55> D85 DG? @B?@5BD95C 2ED 1<C? @B?F5 D859B <9>; D? 25 AE9D5
9>45@5>45>D ?6 G85D85B 9>49F94E1< 1>4 7B?E@ CDB1D57I@B??6>5CC 8?<4 6?B 1<< 175>DC ?B ?><I
6?B C?=5
<D8?E78 ?EB 6B1=5G?B; 9C =E38 =?B5 75>5B1< G5 EC5 1C <5149>7 5H1=@<5C D85 D8B55
1<<?31D9?> @B?2<5=C D81D G5 =5>D9?>54 1>4 D8B55 G5<<;>?G> 1<<?31D9?> =5381>9C=C D81D
CD1>4 ?ED 1C B565B5>35 @?9>DC D81>;C D? D859B 129<9DI D? 6E<L<< 49S5B5>D <9CDC ?6 1DDB13D9F5
B5AE9B5=5>DC > D85 31C5 ?6 =1D389>7 G5 D89>; ?6 D85 1<5)81@<5I =5381>9C= 1<5 1>4
)81@<5I C55 1<C? (?D8 1>4 )?D?=1I?B > D85 31C5 ?6 49F9C9?> D85 E>96?B=
BE<5 CD1>4C ?ED )@BE=?>D ?B 8?EC5 1<<?31D9?> 9D 9C D85 D?@ DB149>7 3I3<5 )81@<5I
1>4 )31B6 -5 CDE4I D81D AE5CD9?> 6?B 53?>?=95C G9D8 @E2<93 7??4C 9> 1B25BT 5B71 1>4 $?B5>? Electronic copy available at: http://ssrn.com/abstract=2467988
-9D89> D85 3?>D5HD ?6 5138 ?6 D85C5 @1BD93E<1B =?45<C 1>4 E>45B 5138 ?6 D85 D8B55 B565B
5>35 BE<5C D85B5 1B5 175>DC 6?B G8?= B5F51<9>7 D859B DBE5 @B565B5>35C 9C 1<G1IC 1 4?=9>1>D
CDB1D57I ?B D85C5 175>DC G5 31> C1I D81D D85 BE<5 9C CDB1D57I@B??6 > D85 31C5 ?6 D85
1<5)81@<5I =5381>9C= CDB1D57I@B??6>5CC ?><I 8?<4C 6?B ?>5 C945 ?6 D85 =1B;5D G89<5 9D
1@@<95C D? 1<< 175>DC 9> D85 31C5 ?6 D85 E>96?B= BE<5 ?B D85 D?@ DB149>7 3I3<5
&EB B5C51B38 CD1BDC 6B?= D85 ?2C5BF1D9?> D81D 9> 1449D9?> D? 259>7 CDB1D57I@B??6 6?B
C?=5 C5D ?6 175>DC 1<< D8B55 =5381>9C=C 1B5 1<C? 7B?E@ CDB1D57I@B??6 6?B D8?C5 175>DC G8?
31>>?D =1>9@E<1D5 9>49F94E1<<I *85I 31>>?D 6?B= 1>I 3?1<9D9?> 1=?>7 D85=C5<F5C ?><I 1>4
CDB93D<I 719> 2I :?9>D<I 45F91D9>7 6B?= DBED8D5<<9>7 'B?=@D54 2I D89C B5=1B; G5 G1>D D?
D1;5 1 455@ <??; 1D D85 B51C?>C G8I 9> D8?C5 1>4 @?CC92<I 9> ?D85B 31C5C C?=5 =5381>9C=C
253?=5 7B?E@ CDB1D57I@B??6 1C C??> 1C D85I C1D9C6I 9>49F94E1< CDB1D57I@B??6>5CC > ?B45B
D? 4? D81D G5 LBCD @B?F945 1 75>5B1< 6B1=5G?B; D81D 5>3?=@1CC5C D85C5 D8B55 @?CC92<5 DI@5C
?6 =?45<C 2ED 1<C? ?D85BC *85> G5 945>D96I C?=5 75>5B1< 3?>49D9?>C D81D 1<< ?6 ?EB D8B55
B565B5>35 =?45<C 4? C1D9C6I 2ED D81D 31> 1<C? 25 1C;54 6B?= =1>I ?D85B BE<5C 9>1<<I G5
@B?F5 D81D 1>I 9>49F94E1<<I CDB1D57I@B??6 BE<5 C1D9C6I9>7 D85 C@539L3 3?>49D9?>C D81D G5
81F5 E>51BD854 =ECD 1<C? 25 7B?E@ CDB1D57I@B??6
&EB =19> B5CE<D C8?GC D81D D85B5 9C 1 455@ <9>; 25DG55> D85C5 DG? 9>35>D9F5 @B?@5BD95C
25I?>4 D85 613D D81D 9>49F94E1< CDB1D57I@B??6>5CC 9C ?2F9?EC<I D85 G51;5B ?6 D85 DG? *85
613D D81D 2?D8 8?<4 9> ?EB D8B55 B565B5>35 31C5C 9C >?D 1> 133945>D B1D85B 9D 9C 2531EC5
1<< D8B55 =5381>9C=C C81B5 D85 C1=5 381B13D5B9CD93C G9D89> D859B B5C@53D9F5 C@539L31D9?>C
> 613D D85I C81B5 D85C5 @B?@5BD95C G9D8 =1>I ?D85B @?CC92<5 =5381>9C=C D81D ?>5 31>
D89>; ?6 1>4 1<< ?6 D8?C5 CDB1D57I@B??6 =5381>9C= C1D9C6I9>7 ?EB @B?@5BD95C G9<< 25 7B?E@
CDB1D57I@B??6 1C G5<<
*85 @1@5B @B?3554C 1C 6?<<?GC -5 LBCD @B?F945 1 75>5B1< 6B1=5G?B; 1<<?G9>7 EC D?
945>D96I D85 C?391< 38?935 6E>3D9?>C D81D B5CE<D 6B?= 1@@<I9>7 1> 1<<?31D9?> =5381>9C= 9>
?EB 5>F9B?>=5>DC 1>4 C55 D81D D85 D8B55 DI@5C ?6 @B?2<5=C G5 =5>D9?> 4? LD 9>D? 9D
)53D9?> *85> G5 45L>5 D85 C@539L3 BE<5C D81D G5 EC5 1C B565B5>35 @?9>DC 1>4 945>D96I
C5F5B1< @B?@5BD95C D81D D85I 1<< C81B5 )53D9?> *85> G5 @B?F5 )53D9?> ?EB =19>
B5CE<D B571B49>7 D85 B5<1D9?>C89@ 25DG55> 9>49F94E1< 1>4 7B?E@ CDB1D57I@B??6>5CC 9> ?EB
=?45< 1>4 C8?G D81D D85 3?>49D9?>C 9>F?<F54 1B5 9>45@5>45>D 1>4 >?>B54E>41>D C5D
?6 3?==5>DC 1>4 3?>3<EC9?>C )53D9?> 3<?C5 D85 @1@5B
#%" $ (%# "!$ !$)'&'))!%$(
-5 <??; 6?B 1 3?==?> 6B1=5G?B; 5>3?=@1CC9>7 49S5B5>D C@539L3 =?45<C G85B5 @B9F1D5
7??4C =ECD 25 1<<?31D54 1>4 3?=@5>C1D?BI DB1>C65BC 1B5 >?D @?CC92<5 56?B5 @B?F949>7
75>5B1< 45L>9D9?>C <5D EC 2B95MI 49C3ECC C5F5B1< =?45<C D81D G9<< LD 9>D? ?EB 6B1=5G?B;
G85B5 G5 49CD9>7E9C8 1=?>7 1<D5B>1D9F5C 3?>C5AE5>35C 1>4 @B565B5>35 4?=19>C
) !$ C5D ?6 G?B;5BC =ECD 25 1<<?31D54 D? C?=5 LB= 9> D85 C5D ?6 @?D5>D91<
5=@<?I5BC 5138 ?>5 12<5 D? 89B5 1 79F5> 1=?E>D ?6 G?B;5BC C1I AE?D1 138 @?CC92<5
?ED3?=5 6?B D89C 1<<?31D9?> @B?2<5= 9C 1 =1D389>7 9>4931D9>7 G8938 G?B;5BC 7? 9>D? G81D
LB=C 1>4 D8?C5 G8? B5=19> :?2<5CC *85 3?>C5AE5>35 ?6 1 =1D389>7 6?B 5138 175>D 9C D85
LB= G85B5 85 9C 1DD13854 D? 9> D85 31C5 ?6 G?B;5BC ?B 5<C5 CD1I9>7 E>5=@<?I54 1>4 9>
D85 31C5 ?6 1 LB= 9D 9C D85 @?CC92<I 5=@DI 1>4 >? <1B75B D81> 9DC 31@139DI C5D ?6 G?B;5BC
D81D 1B5 =145 1F19<12<5 D? 9D >49F94E1<C 81F5 C5<LC8 @B565B5>35C ?F5B =1D389>7C D85I
B1>; 5AE1<<I 1<< D8?C5 D81D 81F5 D85 C1=5 3?>C5AE5>35C 6?B D85= > D85 31C5 ?6 LB=C G5
1CCE=5 D81D G85> B1>;9>7 C5DC ?6 G?B;5BC D859B @B565B5>35 B5<1D9?> B5C@53DC 1 3?>49D9?> ?6
B5C@?>C9F5>5CC
*85 =1D389>7 <9D5B1DEB5 ECE1<<I 45C3B925C 1<<?31D9?> BE<5C 2I =51>C ?6 1<7?B9D8=C G8938
3?=@ED5 1 C9>7<5 =1D389>7 6?B 5138 79F5> C@539L31D9?> ?6 D85 @B565B5>35C ?6 G?B;5BC ?F5B
LB=C 1>4 E>5=@<?I=5>D 1>4 ?6 D85 @B565B5>35C ?6 LB=C ?F5B C5DC ?6 G?B;5BC
> D85 75>5B1< <1>7E175 D81D G5 1B5 7?9>7 D? EC5 2?BB?G54 6B?= C?391< 38?935 D85?BI
175>DC 1B5 1<< D85 G?B;5BC 1>4 1<< D85 LB=C 9>F?<F54 <D5B>1D9F5C 1B5 =1D389>7C ?>C5
AE5>35C 6?B 1> 175>D 1B5 G81D D85 175>D 75DC 6B?= C?=5 =1D389>7 'B565B5>35C 1B5 45L>54
?F5B 3?>C5AE5>35C 2ED 5HD5>4 D? =1D389>7C 1<D5B>1D9F5C 9> 1 >1DEB1< G1I 4=9CC92<5
@B?L<5C 1B5 <9CDC ?6 @B565B5>35C ?F5B 1<D5B>1D9F5C ?>5 6?B 5138 175>D > ?EB 1@@<931D9?>C D?
=1D389>7 G5 1CCE=5 D81D 1<< B1>;9>7C ?6 C9>7<5D?>C 1B5 @?CC92<5 1>4 D81D B1>;9>7C ?6 C5DC 1B5
?><I B5CDB93D54 2I D85 B5AE9B5=5>D ?6 B5C@?>C9F5>5CC *85C5 14=9CC92<5 @B?L<5C 3?>CD9DED5
D85 4?=19> ?6 1 C?391< 38?935 6E>3D9?> D81D 38??C5C ?>5 1<D5B>1D9F5 1D 5138 @B?L<5
C@5391< 31C5 ?6 D85 =1>ID??>5 =?45< G5 81F5 45C3B9254 9C D81D G85B5 LB=C 81F5 ?><I ?>5 ?@5>9>7
D 3?BB5C@?>4C D? D85 31C5 G85B5 =1D389>7C 1B5 ?>5D??>5 ECE1<<I 31<<54 D85 =1BB9175 =1B;5D
> ?EB C5DD9>7 G85B5 175>DC 81F5 @B565B5>35C ?F5B C5DC B5C@?>C9F5>5CC B5AE9B5C D85 6?<<?G9>7 CCE=5
D81D G?B;5B 9C @B565BB54 D? G?B;5B G85> 3?=@1B9>7 D85= 1C C9>7<5D?>C *85> 6?B 1>I DG? C5DC C81B9>7
D85 C1=5 G?B;5BC 5H35@D D81D ?>5 3?>D19>C 1>4 D85 ?D85B 3?>D19>C D85 6?B=5B 9C @B565BB54 D? D85 <1DD5B
-5 3?>35>DB1D5 ?> D81D 4?=19> ?6 @B565B5>35C 2531EC5 1C G5 C81<< C55 9D 7E1B1>D55C D81D D85 1<5)81@<5I
1<7?B9D8= ?B979>1<<I 45C97>54 6?B ?>5D??>5 =1D389>7C 31> 25 EC54 9> D81D =?B5 75>5B1< 31C5 1>4 @B?F945
EC G9D8 1 BE<5 C1D9C6I9>7 D85 7??4 @B?@5BD95C G5 1B5 16D5B
!+!(!%$ C5D ?6 9>49F94E1<C =ECD C81B5 1 D1C; > 1<<?31D9?> 9C 1 F53D?B ?6 >?>
>571D9F5 B51< >E=25BC 1449>7 E@ D? ?>5 D81D 9>4931D5C G81D @B?@?BD9?> ?6 D85 D?D1< D1C;
9C 1CC97>54 D? D85 9>49F94E1<C *85 3?>C5AE5>35 ?6 D85 ?F5B1<< 1<<?31D9?> 6?B 175>D 9C :ECD
D85 D8 3?=@?>5>D ?6 D81D F53D?B >49F94E1<C 81F5 @B565B5>35C ?F5B 3?>C5AE5>35C D85B5
9C 1 C81B5 D81D D85I @B565B =?CD 1>4 D85I 8?<4 1>I @?CC92<5 C9>7<5@51;54 @B565B5>35C
1B?E>4 D81D =1H9=1< 5<5=5>D
5>35 9> D81D 31C5 1<D5B>1D9F5C 1B5 F53D?BC ?6 C81B5C 3?>C5AE5>35C 1B5 9>49F94E1< C81B5C
1>4 D85 4?=19> ?6 ?EB C?391< 38?935 6E>3D9?>C G9<< 25 D85 C5D ?6 C5<LC8 @B565B5>35C ?F5B
1<D5B>1D9F5C 1CC?391D54 D? 1<< C9>7<5@51;54 @B565B5>35C ?F5B 9>49F94E1< C81B5C
%*( ""%)!%$ C5D ?6 9>49F94E1<C =ECD 25 1<<?31D54 1 =1H9=E= ?6 ?>5 8?EC5
5138 ?ED ?6 1 C5D ?6 8?EC5C > 1<<?31D9?> :ECD 45C97>1D5C G8? 75DC G81D 8?EC5 96 1>I *85
3?>C5AE5>35 ?6 1> 1<<?31D9?> 6?B 1> 175>D 9C G85D85B ?B >?D C85 75DC 1 8?EC5 1>4 G8938 ?>5
>49F94E1<C 81F5 @B565B5>35C ?F5B 8?EC5C D85I DI@931<<I @B565B 1>I 8?EC5 D? >?>5 1>4 1B5
?D85BG9C5 E>B5CDB93D54 ?EC5C 1B5 >?D 175>DC 1C D85I 1B5 >?D 5>4?G54 G9D8 @B565B5>35C
)? >?G 9>49F94E1<C 1B5 175>DC 1<D5B>1D9F5C 1B5 1<<?31D9?>C ?6 1D =?CD ?>5 8?EC5 D? 5138
175>D 1>4 C?391< 38?935 6E>3D9?>C 1B5 45L>54 ?F5B D85 4?=19> ?6 E>B5CDB93D54 B1>;9>7C ?6
8?EC5C
$'" #%"
#5D 25 1 L>9D5 C5D ?6 $"*0/ G9D8 #5D 25 D85 C5D ?6 @?CC92<5
3?>C5AE5>35C 6?B #5D 25 D85 C5D ?6 651C92<5 3?=29>1D9?>C ?6
3?>C5AE5>35C 6?B 175>DC 1>4 9C ?EB C5D ?6 1<D5B>1D9F5C
138 175>D 81C @B565B5>35C 45>?D54 2I ?> C ECE1< G5 45>?D5 2I 1>4 D85
CDB93D 1>4 D85 9>49S5B5>35 @1BD ?6 B5C@53D9F5<I ?B 1>I 1>4 D85 /0.& 0
(+3". +*0+1. /"0 +# 0 9C 1>4 D85 /0.& 0 1,,". +*0+1.
/"0 +# 1D 9C 25 D85 C5D ?6 3?=@<5D5 B5M5H9F5 1>4 DB1>C9D9F5 ?B45B9>7C ?> B?= @B565B5>35C
#5D ?> G5 31> 9>4E35 @B565B5>35C ?> 1C 6?<<?GC ?B 1>I 96 1>4 ?><I 96 *81D 9C G5 1CCE=5 D81D G85> 5F1<E1D9>7 49S5B5>D 1<D5B>1D9F5C 175>DC 1B5 C5<LC8 %?D5
D81D 12EC9>7 >?D1D9?> G5 EC5 D85 C1=5 CI=2?< D? 45>?D5 @B565B5>35C ?> 1>4 ?> *81D 9C 79F5> 1>I C81B5 49S5B5>D D81> D85I CDB93D<I @B565B 1>I <I9>7 9> D85 9>D5BF1< D? D85
5HDB5=5 )9>35 G5 1B5 EC9>7 D85C5 =?45<C 6?B =?D9F1D9?>1< @EB@?C5C G5 CD93; D? D85 C9=@<5CD F5BC9?> ?6 D85 8?EC5
1<<?31D9?> =?45< $?B5 3?=@<5H 31C5C 1<<?G 6?B =?B5 D81> ?>5 8?EC5 D? 25 1<<?31D54 D? D85 C1=5 175>DC
D85 5H9CD5>35 ?6 @B?@5BDI B978DC 1>4 ?D85B @?CC92<5 F1B91D9?>C
25 0%" /"0 +# !)&//&(" ,."#"."* "/ #+. $"*0 ,."#"."* " ,.+6("
#5D 45>?D54 2I 9C 1> 5<5=5>D ?6 -5 G9<< GB9D5 G85> G5 G1>D D? CDB5CC D85 B?<5 ?6 3?1<9D9?> 9> /+ &( %+& " #1* 0&+* ?B 1 BE<5 9C 1 6E>3D9?> -5 >?G DEB> D? 3?>49D9?>C B571B49>7 D85 9>35>D9F5C ?6 9>49F94E1<C D? B5F51< D859B DBE5
@B565B5>35C E>45B 1 79F5> C?391< 38?935 BE<5
.$!)!%$ /+ &( %+& " #1* 0&+* +* &/ )*&,1((" 0 5 +(&0&+* &# 0%"." "4&/0/ #+. *5 /1 % 0%0
#+. (( /+ &( %+& " #1* 0&+* &/ $.+1, /0.0"$5,.++# &# &0
&/ *+0 )*&,1((" 5 *5 +(&0&+* *! &0 &/ &*!&2&!1((5 /0.0"$5,.++# &# &0 &/
*+0 )*&,1((" 5 *5 /&*$("0+* *85 B5AE9B5=5>D ?6 9>49F94E1< CDB1D57I@B??6>5CC 45=1>4C D81D B5F51<9>7 ?>5NC @B56
5B5>35C 9C 1 4?=9>1>D CDB1D57I 6?B 1<< 175>DC 9> #9;5G9C5 7B?E@ CDB1D57I@B??6>5CC
B5AE9B5C D81D >? CE2C5D ?6 175>DC 9> 31> 3??B49>1D5 D859B 13D9?>C 1>4 ?2D19> 1 25DD5B
B5CE<D D81> 2I :ECD 453<1B9>7 D859B @B565B5>35C *85 CD1>41B4 45L>9D9?> ?6 9>49F94E1< 1>4
7B?E@ CDB1D57I@B??6>5CC B565B D? D85 31C5 )9>35 D85 1<5)81@<5I =5381>9C= ?><I @B?F945C ?>5 C945 ?6 D85 =1B;5D G9D8 4?=9>1>D
CDB1D5795C D? B5F51< D85 DBED8 G5 B5<1H D85 CD1>41B4 45L>9D9?>C 9> ?B45B D? 1<C? 1<<?G 6?B
@1BD91< >?D9?>C ?6 =1>9@E<1D9?> 1>4 ?6 CDB1D57I@B??6>5CC
%?D935 D81D D85 D8B55 DI@5C ?6 1<<?31D9?> @B?2<5=C G5 81F5 45C3B9254 256?B5 4? LD G5<< 9>
D81D 75>5B1< 6B1=5G?B; D8?E78 D85I 3<51B<I 49S5B 9> D85 5H13D 6?B= ?6 D85 1<D5B>1D9F5C 1>4
1<C? 9> D85 4?=19>C ?6 @B565B5>35C ?F5B G8938 D85 49S5B5>D C?391< 38?935 BE<5C 1B5 45L>54
> D85 31C5 ?6 =1D389>7 D85 C5D ?6 175>DC 3?>C9CDC ?6 DG? 49C:?9>D C5DC 1>4 *85
C5D ?6 3?>C5AE5>35C 6?B 9>49F94E1<C 1B5 1C 6?<<?GC ?B 5138 1>4 6?B
5138 9> D85 31C5 ?6 ?>5D??>5 =1D389>7 1<C? ;>?G> 1C D85 )..&$"
)+!"( G89<5 9> D85 31C5 ?6 =1>ID??>5 1<C? ;>?G> 1C D85 +(("$" !)&//&+*/
,.+(") *85 1CC97>=5>D @B?2<5= 3?>C9CDC ?6 =1D389>7 5138 175>D 9> G9D8 1D =?CD
?>5 175>D 9> 1>4 5138 G9D8 5F5>DE1<<I =1>I 175>DC 9> *85 C5D ?6 1<D5B>1D9F5C 9C 79F5> 9> D89C 31C5 2I D85 C5D ?6 1<< 14=9CC92<5 =1D389>7C %?D935 D81D ?EB 45L>9D9?> B5AE9B5C D81D 9> ?B45B D? :?9>D<I =1>9@E<1D5 1<< 175>DC 9> 1 7B?E@ =ECD 45B9F5
1 CDB93D 719> 6B?= D859B @1BD939@1D9?> G51;5B F5BC9?> ?6 D85 3?>49D9?> G?E<4 1<<?G 6?B C?=5 ?6 D85= D?
85<@ ?D85BC 1C <?>7 1C >?D =1;9>7 <?CC5C
)0 %&*$ 9C 1 =1@@9>7 6B?= D85 C5D 9>D? D85 C5D ?6 1<< CE2C5DC ?6 CE38 D81D 6?B 1<< 1>4 1>4 96 1>4 ?><I 96 > D85 31C5 ?6 49F9C9?> 1>4 6?B 5138
175>D > D85 31C5 ?6 8?EC5 1<<?31D9?> 9C 1 C5D ?6 9>49F94E1< ?2:53DC ?B 8?EC5C CE38 D81D
6?B 5138 1>4 *85 C5D ?6 1<D5B>1D9F5C 9C 79F5> 9> D89C 31C5 2I
D85 C5D ?6 @?CC92<5 1CC97>=5>DC ?6 8?EC5C D? 175>DC CE38 D81D 5138 175>D B5359F5C 1 49S5B5>D
8?EC5
> D85 >5HD C53D9?> G5 45L>5 1449D9?>1< 3?>49D9?>C D81D C?391< 38?935 6E>3D9?>C =1I ?B
=1I >?D C1D9C6I 1>4 C55 D81D 9> 613D D85C5 75>5B1< 3?>49D9?>C 1B5 =5D 2I D85 25CD CDE4954
BE<5C D81D 1@@<I D? 5138 3?>D5HD
' '&'($))!+ # $!(#( $ ) !' %#
#%$ &'%&')!(
> D89C )53D9?> G5 45C3B925 G9D8 C?=5 45D19< D8B55 1<<?31D9?> BE<5C D81D @<1I 1 <5149>7 B?<5
9> D85 CDE4I ?6 =1D389>7 49F9C9?> 1>4 8?EC5 1<<?31D9?> 1>4 G5 945>D96I 3?>49D9?>C D81D D85I
C81B5
-5 2579> 2I D85 1<5)81@<5I =5381>9C= 1>4 9DC 1CC?391D54 C?391< 38?935 6E>3D9?>
9F5> 1 =1>ID??>5 =1D389>7 @B?2<5= ?>5 31> 31<3E<1D5 6?B 5138 @B565B5>35 @B?L<5 1
E>9AE5 =1D389>7 133?B49>7 D? D85 6?<<?G9>7 1<7?B9D8= D81D G5 LBCD 45C3B925 6?B D85 ?>5
D??>5 31C5 *81D 9C 6?B D85 31C5 G85B5 5138 LB= 31> ?><I 1335@D ?>5 G?B;5B 1D =?CD
*85 1<7?B9D8= CD1BDC G9D8 1<< G?B;5BC 1@@<I9>7 D? D859B @B565BB54 LB=C 1>4 LB=C D5>D1
D9F5<I 1335@D9>7 D85 ?>5 G?B;5B D85I @B565B 1=?>7 D8?C5 D81D 1@@<954 6?B 9D 6 D81D <51F5C
C?=5 G?B;5BC E>=1D3854 D85C5 1B5 D85> 1C;54 D? 1@@<I 6?B D859B C53?>4 25CD LB=C &>35
D859B 1@@<931D9?>C 75D 9> LB=C =1I 1335@D D85C5 >5G 1@@<931>DC 96 D85I 1B5 25DD5B 6?B D85=
D81> D85 ?>5C D85I B5D19>54 9> D85 LBCD B?E>4 1>4 B5:53D D85 @B5F9?EC<I 1335@D54 ?>5C
*81D <514C D? 1 >5G =1D389>7 1>4 D? 1 >5G <9CD ?6 E>=1D3854 G?B;5BC 719> 96 C?=5
G?B;5BC B5=19> E>=1D3854 D85I =1I >?G B51@@<I D? D8?C5 LB=C D81D 1B5 D85 25CD 1=?>7
D8?C5 D85I 494 >?D I5D 1@@<I D? 9> @B53549>7 B?E>4C *85 @B?35CC 3?>D9>E5C E>D9< >? 6EBD85B
381>75C 31> ?33EB > D85 ?>5D??>5 31C5 D89C =5D8?4 1<G1IC <514C D? 1 E>9AE5 1<D5B>1D9F5
*85 =1D389>7 D8EC ?2D19>54 9C CD12<5 D81D 9C 9D 9C 9>49F94E1<<I B1D9?>1< 1>4 >? DG? 9>49F94E1<C ?>5
6B?= 5138 C945 ?6 D85 =1B;5D 31> 9=@B?F5 E@?> 9D 2I 6?B=9>7 1 >5G @19B 1>4 <51F9>7 D859B @B5C5>D =1D38
9C3ECC9>7 D85 CD129<9DI ?6 =1D389>7C 9C D85 =19> 3?>35B> ?6 D81D <9D5B1DEB5 2ED C9>35 G5 3?>35>DB1D5 85B5
?> 9>35>D9F5 @B?@5BD95C G5 C81<< >?D 9>C9CD ?> D81D @?9>D
%?G D? 5HD5>4 D85 EC5 ?6 D85 1<5)81@<5I =5381>9C= D? ?EB =1>ID??>5 31C5 C9=@<I
B545L>5 1 >5G C5D ?6 LB=C C? D81D 5138 ?B979>1< ?>5 G9D8 31@139DI 6?B G?B;5BC 253?=5C
?>5 ?6 49S5B5>D LB=C G9D8 31@139DI ?>5 #5D 1<< D85C5 LB=C CD9<< 81F5 D85 C1=5 @B565B5>35C
?F5B C9>7<5D?>C 1C 256?B5 5L>5 D85 @B565B5>35C ?6 G?B;5BC 9> CE38 1 G1I D81D D85I CD9<<
@B5C5BF5 D85 B1>;9>7 1=?>7 LB=C D81D 3?=5 6B?= 49S5B5>D ?B979>1< ?>5C 1>4 <5D 1<< ?6 D85=
B1>; D85 C=1<< LB=C 3?=9>7 6B?= D85 C1=5 ?>5 9> 1> 1B29DB1BI 3?==?> ?B45B *85> BE>
D85 1<5)81@<5I =5381>9C= 6?B D89C G5<<45L>54 ?>5D??>5 =1D389>7 @B?2<5= 1>4 L>1<<I
1CC97> D? D85 OB51<P 9>9D91< LB=C 1<< D85 G?B;5BC D81D 1B5 =1D3854 G9D8 1>I ?6 9DC C=1<<
9>CDBE=5>D1< LB=C 9>D? G8938 9D G1C 49F9454
*85 EC5 ?6 D85 1<5)81@<5I =5381>9C= 1D 5138 @B565B5>35 @B?L<5 75>5B1D5C 1 C?391<
38?935 6E>3D9?> -5 G9<< 12EC5 D5B=9>?<?7I 1>4 31<< 9D D85 1<5)81@<5I C?391< 38?935
6E>3D9?> 6B?= >?G ?>
*EB> >5HD D? D85 E>96?B= BE<5 6?B D85 49F9C9?> @B?2<5= 719> 79F5> 1 @B?L<5 ?6 C9>7<5
@51;54 @B565B5>35C ?F5B C81B5C ?6 D85 :?2 D85 BE<5 45D5B=9>5C 1 E>9AE5 1<D5B>1D9F5 D81D 9C
1 F53D?B ?6 C81B5C 1C 6?<<?GC
C; 5138 175>D 6?B 9DC @B565BB54 C81B5 ?6 D85 :?2 6 D85 CE= ?6 D85 45C9B54 C81B5C 5H3554C
?>5 L>4 1 >E=25B 81F9>7 D85 6?<<?G9>7 @B?@5BDI 6 1<< 175>DC G8? 45=1>4 <5CC D81>
1B5 1<<?G54 D? 81F5 D859B @B565BB54 C81B5 1>4 1<< ?D85BC 1B5 B5AE9B54 D? 1335@D D85>
D85 D?D1< 1CC97>=5>D 144C E@ D? ?>5 6 D85 CE= ?6 D85 45C9B54 C81B5C 9C C8?BD ?6 ?>5 L>4
1 >E=25B 81F9>7 D85 6?<<?G9>7 @B?@5BDI 6 1<< 175>DC G8? 45=1>4 =?B5 D81> 1B5
1<<?G54 D? 81F5 D859B @B565BB54 C81B5 1>4 1<< ?D85BC 1B5 B5AE9B54 D? 1335@D D85> D85 D?D1<
1CC97>=5>D 144C E@ D? ?>5
*85C5 F1<E5C 6?B ?B 1<G1IC 5H9CD 1>4 D8EC D85 BE<5 21C54 ?> D85= 45D5B=9>5C 1>
1CC97>=5>D ?6 C81B5C D81D 9C 1<G1IC 651C92<5 D D85B56?B5 45L>5C 1 C?391< 38?935 6E>3D9?> ?>
D85 C5D ?6 14=9CC92<5 @B?L<5C
9>1<<I 6?B D85 8?EC9>7 @B?2<5=C G5 81F5 45C3B9254 256?B5 D85 D?@ DB149>7 3I3<5 =538
1>9C= 1<C? 45D5B=9>5C 1 E>9AE5 1<D5B>1D9F5 D89C D9=5 1> 1<<?31D9?> ?6 8?EC5C 133?B49>7
D? D85 6?<<?G9>7 BE<5 C; 175>DC D? @?9>D 1D D859B @B565BB54 8?EC5 *85B5 G9<< 1<G1IC 25
C?=5 C5D ?6 175>DC =1I25 C5F5B1< G8?C5 45=1>4C 6?B= 1 3I3<5 9F5 D8?C5 175>DC 9>
D85 3I3<5 D859B @B565BB54 8?EC5C 1>4 B5=?F5 D85= %?G 1C; D85 B5=19>9>7 C5D ?6 175>DC 6?B
D859B @B565BB54 8?EC5C ?F5B D85 B5=19>9>7 ?>5C 1>4 @B?3554 <9;5G9C5 E>D9< 1<< 8?EC5C 1B5
1CC97>54
719> D89C @B?354EB5 <514C D? 1 G5<< 45L>54 1<D5B>1D9F5 6?B 5138 @B565B5>35 @B?L<5 1>4
75>DC G8? @?9>D 1D D859B ?G> 8?EC5 6?B= 1 3I3<5 2I D85=C5<F5C
D8EC 79F5C B9C5 D? G81D G5 31<< 12EC9>7 D5B=9>?<?7I D85 D?@ DB149>7 3I3<5 C?391< 38?935
6E>3D9?>
%?D935 D81D 1<< D8B55 =5D8?4C 5138 ?>5 1@@<I9>7 D? 1 49S5B5>D G?B<4 4? 75>5B1D5
C@539L3 C?391< 38?935 6E>3D9?>C 531EC5 ?6 D81D G5 31> 9>F5CD971D5 D85 3?==?> DB19DC ?6
D85C5 49S5B5>D 6E>3D9?>C 96 1>I
*85 LBCD B5=1B;12<5 3?9>3945>35 9C D81D 1<< D8B55 BE<5C 1B5 >?D ?><I 9>49F94E1<<I 2ED 1<C?
7B?E@ CDB1D57I@B??6 ED D85B5 1B5 1<C? ?D85B 3?==?> 381B13D5B9CD93C D81D G5 5=@81C9J5
9> DEB>
-5 CD1BD 2I D85 4?=19>C ?6 45L>9D9?> *85I 1B5 3<51B<I 49S5B5>D 1>4 9D 9C >?D 5F5> D85
31C5 D81D D85 B5CDB93D9?>C D81D =1;5 C5>C5 G85> 1<D5B>1D9F5C 1B5 =1D389>7C G?E<4 1<C? 25
1@@<9312<5 D? D85 31C5 ?6 49F9C9?> ?B F935F5BC1 .5D 85B5 1B5 75>5B1< B5AE9B5=5>DC ?> D85
@B?L<5C ?6 @B565B5>35C ?F5B 3?>C5AE5>35C D81D 1<< D8B55 4?=19>C G5 3?>C945B 4? C1D9C6I
.$!)!%$ /"0 +# &*!&2&!1( ,."#"."* "/ &/ &# #+. *5 0%"." "4&/0/ 1*&-1" /1 % 0%0 #+. (( *!
#+. *5 /1 % 0%0 0%"." "4&/0/ /1 % 0%0 *! .$!)!%$ "0 !+)&* +# ,."#"."* "/ &/ &# #+. *5
&/ 0+, .& %
-5 31> 1B7E5 D81D D85 CD1>41B4 4?=19>C ?6 45L>9D9?> 6?B ?EB D8B55 BE<5C C1D9C6I D?@
B938 6?B C?=5 -81D 1B5 D85C5 4?=19>C
> 8?EC9>7 @B?2<5=C >? B5CDB93D9?>C 1B5 9=@?C54 ?> D85 175>DNC @B565B5>35C ?F5B 8?EC5C
1>4 D85B56?B5 D85 14=9CC92<5 @B565B5>35C ?F5B 3?>C5AE5>35C 1B5 D?@ B938 6?B 1<< 9>49F94E1<C
9> %
> =1>ID??>5 =1D389>7 =?45<C >? B5CDB93D9?>C 1B5 9=@?C54 ?> D85 @B565B5>35C ?6
D85 C5D - ?6 G?B;5BC ?D85B D81> D85I 1B5 <9>51B ?B45BC 5>35 D85 61=9<I ?6 14=9CC92<5
@B565B5>35C 9C 1<C? DB9F91<<I D?@ B938 C 6?B LB=C 9D 9C ECE1<<I 1CCE=54 9> D85 <9D5B1DEB5 D81D
D859B @B565B5>35C ?F5B C5DC ?6 G?B;5BC C1D9C6I B5C@?>C9F5>5CC *85 61=9<I ?6 CE38 @B565B5>35C
%?D935 D81D D85 613D D81D D85B5 9C 1 E>9AE5 D?@ 9> D85 @B565B5>35C ?F5B 3?>C5AE5>35C 4?5C >?D 9=@<I D81D
9>49F94E1< @B565B5>35C ?F5B 1<D5B>1D9F5C 81F5 1 E>9AE5 D?@ 2531EC5 ?6 D85 C5<LC8>5CC 1CCE=@D9?>
9C >?D D?@ B938 ED G5 31> CD9<< C1I D81D D85 DI@931< 4?=19> 6?B =1>ID??>5 =1D389>7
@B?2<5=C 9C D?@ B938
C 6?B 49F9C9?> @B?2<5=C D85 61=9<I ?6 1<< C9>7<5@51;54 @B565B5>35C 9C 1719> D?@ B938
2531EC5 79F5> 1>I CE38 D81D ?>5 31> DB9F91<<I L>4 1>?D85B C9>7<5@51;54
@B565B5>35 G9D8 1>4 CE38 D81D %5HD G5 945>D96I DG? =?B5 3?>49D9?>C ?> C?391< 38?935 6E>3D9?>C D81D 1B5 C1D9CL54 2I ?EB
<5149>7 5H1=@<5C
*85 LBCD ?>5 9C 1 B5CDB93D54 F5BC9?> ?6 >?>2?CC9>5CC *81D 3?>49D9?> G1C @B?@?C54 2I
)1DD5BD8G19D5 1>4 )?>>5>C3859> 1>4 B5AE9B5C D81D >? 175>D 31> 381>75 D85 3?>C5
AE5>35C 6?B 1>?D85B 175>D E><5CC D85 3?>C5AE5>35C 6?B 85B 1<C? 381>75 > ?EB 31C5 D89C
3?>49D9?> G?E<4 25 E>>535CC1B9<I CDB?>7 2531EC5 D85 1<5)81@<5I C?391< 38?935 6E>3D9?>
4?5C >?D C1D9C6I 9D >?D 5F5> 6?B 175>DC 9> ?>5 C945 ?6 D85 =1B;5D
*85 6?<<?G9>7 3?>35@D ?6 B5C@53D6E<>5CC 9C 1 =9<4 F5BC9?> ?6 >?>2?CC9>5CC G85B5 D85
B5AE9B5=5>D 9C <9=9D54 D? 381>75C 9> 3?>C5AE5>35C 9>4E354 2I 1 <9=9D54 DI@5 ?6 @B565B5>35
381>75C 1>4 9C ?><I @B54931D54 6?B C?=5 ?6 D85 175>DC
.$!)!%$ "0 " /1/"0 +# $"*0/ /+ &( %+& " #1* 0&+* +* &/
&#
&),(&"/ #+. " % *! /1 % 0%0 *!
*85 G51;5>9>7 ?6 CD1>41B4 >?>2?CC9>5CC 3?=5C 6B?= DG? C?EB35C > D85 LBCD @<135 D85
45L>9D9?> ?><I 9=@?C5C B5AE9B5=5>DC ?> C?=5 CE2C5D ?6 175>DC $?B5 9=@?BD1>D 9C D85
613D D81D D85 <13; ?6 129<9DI D? 1S53D D85 3?>C5AE5>35C ?> ?D85BC G85> >?D 1S53D9>7 ?>5NC
?G> 9C B5CDB93D54 D? C@5391< 1>4 <9=9D54 31C5C ?6 @B565B5>35 381>75C
>4554 DG? ?6 ?EB B565B5>35 =5D8?4C 1B5 AE9D5 DB9F91<<I %B5C@53D6E< 2531EC5 D85 E>9
6?B= BE<5 1>4 D85 D?@ DB149>7 3I3<5 C?<ED9?> 1B5 9> 613D >?>2?CCI ED >?D935 D81D D85
*85 6?<<?G9>7 5H1=@<5 C8?GC D81D D85 C5D ?6 B5C@?>C9F5 @B565B5>35C 9C >?D D?@ B938 #5D 1>4 G9D8 31@139DI #5D 25 1 B5C@?>C9F5 @B565B5>35 CE38 D81D 6?B 1>I 1>4
%?D5 D81D 6?B 5138 B5C@?>C9F5 CE38 D81D 2531EC5
6?B 5138 "?:9=1 @B?F5C D81D CD129<9DI 9C 9>3?=@1D92<5 G9D8 >?>2?CC9>5CC )9>35 D85 1<5)81@<5I =538
1>9C= @B?4E35C CD12<5 ?ED3?=5C 9D =ECD 25 2?CCI
1<5)81@<5I C?391< 38?935 6E>3D9?> 9C 2?CCI 5F5> 96 G5 B5CDB93D 1DD5>D9?> D? 381>75C 9> D85
C945 ?6 D85 G?B;5BC@B?@?C5BC *89C 9C 3<51B 6B?= D85 6?<<?G9>7 5H1=@<5
,#&" %" ("%,("5 /+ &( %+& " #1* 0&+* &/ +//5 "0 *!
+. " % *! #+. " % +*"0++*" )0 %&*$ %" ,."#"."* "/ +# 0%" $"*0/ &* +* ." $&2"* &* 0%"
#+((+3&*$ 0("
*! 0%" ,."#"."* "/ +# 0%" $"*0/ &* +* ." $&2"* &* 0%" #+((+3&*$ 0("
"0 %" (0".*0&2" /"(" 0"! 5 0%" ("%,("5 /+ &( %+& " #1* 0&+* #+. 3%"*
0%" 3+.'"./ ." 0%" ,.+,+/"./ &/ "0 "
/ #+((+3/ +0" 0%0 &/ /1 % 0%0 %" (0".*0&2" /"(" 0"! 5
*! "0 3%"* 0%" 3+.'"./ ." 0%" ,.+,+/"./ &/
0%" ("%,("5 /+ &( %+& " #1* 0&+* #+. 10 &* " #+. *5 3" %2" 0%0 0%" ("%,("5 /+ &( %+& " #1* 0&+* &/ +//5
.5D 5F5> 96 2?CCI D85 1<5)81@<5I C?391< 38?935 6E>3D9?> 9C B5C@53D6E< *? 3853;
CE38 D81D 6?B 5138 175>D D85 E@@5B
D81D 3?>C945B DG? @B565B5>35 @B?L<5C 1>4 *85> G9<< 25 CD12<5
1>4 <?G5B 3?>D?EB C5DC ?6 3?9>3945 9> 1>4 E>45B @B?L<5 1>4 G9<< 25 CD12<5 E>45B @B?L<5 )9>35 @B565B5>35C 1B5 CDB93D
1>4 D85 38?935 ?6 9C ?@D9=1< 6?B D85 G?B;5BC 1=?>7 1<< CD12<5 ?ED3?=5C 9D =ECD 25 D81D
*85 C53?>4 3?>49D9?> 9C 1 <9=9D54 6?B= ?6 =?>?D?>939DI D81D G5 31<< D?@ =?>?D?>939DI
*85 3?>49D9?> >554C D? ?><I 8?<4 6?B C?=5 7B?E@ 1>4 D85> B5AE9B5C D85 6?<<?G9>7 *1;5
1 @B565B5>35 @B?L<5 1>4 1 CE2C5D ?6 175>DC 9> )E@@?C5 D81D D85 @B565B5>35C ?6 1<< 175>DC
9> D85 CE2C5D 4? 381>75 1>4 D81D D85 3?>C5AE5>35C D85I G5B5 75DD9>7 E>45B D85 @B5F9?EC
@B?L<5 253?=5 >?G D859B 25CD 38?935 *85> D85C5 175>DC C8?E<4 B5D19> D85 C1=5 ?ED3?=5
1D D85 >5G @B?L<5
?B=1<<I
.$!)!%$ "0 " /1/"0 +# $"*0/ /+ &( %+& " #1* 0&+* /0&/6"/ +* &# #+. *5 *! /1 % 0%0
#+. (( 0%"* #+. (( #5D EC 3853; D81D D89C @B?@5BDI 9C 1<C? C1D9CL54 2I D85 C?391< 38?935 6E>3D9?>C 75>5B1D54
D8B?E78 ?EB =5381>9C=C > D85 31C5 ?6 D85 D?@ DB149>7 3I3<5 D89C 9C 3<51B C9>35 175>DC
5>4?G54 G9D8 D859B F5BI 25CD 8?EC5 G9<< :ECD B5D19> 9D > D85 49F9C9?> @B?2<5= 175>DC G8?
494 >?D 75D D859B 25CD 1=?E>D 1D 1 35BD19> @B?L<5 1>4 >?G B5AE5CD D81D C1=5 1=?E>D 1C
259>7 D859B 25CD G9<< >?D 381>75 D85 ?ED3?=5 ?6 D85 E>96?B= BE<5 5>35 =?>?D?>939DI
9C C1D9CL54 C 6?B D85 1<5)81@<5I C?391< 38?935 6E>3D9?> 9D G9<< C1D9C6I =?>?D?>939DI
G85B5
2I D85 6?<<?G9>7 B51C?>9>7 )D1BD 6B?= 1 @B?L<5 1>4 3?>C945B 1>?D85B @B?L<5 1<< 175>DC 9> 1 CE2C5D ?6 3?>C945B D81D 9C D859B 25CD 1<D5B>1D9F5 9> %?D935
$?B5?F5B C9>35 D85 1<5)81@<5I C?391< 38?935
D81D G9<< 1<C? 25 CD12<5 1D @B?L<5 6E>3D9?> C5<53DC D85 -25CD CD12<5 =1D389>7 81C D89C @B?@5BDI 9> 1>4 3<51B<I 9D
*8EC G9<< 1<C? 81F5 9D 9> $!+!*" +'(*( '%*& ()')-&'%%$((
-5 81F5 ?2C5BF54 D81D 9> C@9D5 ?6 C5F5B1< 9=@?BD1>D 6?B=1< 49S5B5>35C B571B49>7 D85 C@135
?6 1<D5B>1D9F5C 1>4 D85 4?=19>C ?6 @B565B5>35C ?EB D8B55 B565B5>35 C?391< 38?935 6E>3D9?>C
C81B5 1 >E=25B ?6 @B?@5BD95C > @1BD93E<1B 1<< ?6 D85= 1B5 7B?E@ CDB1D57I@B??6 *85 6?<
<?G9>7 D85?B5= @B?F5C D81D D85 5AE9F1<5>35 25DG55> D81D @B?@5BDI 1>4 9>49F94E1< CDB1D57I
@B??6>5CC 9C >?D 1 <E3;I 3?9>3945>35 2ED 1 B5CE<D ?6 D85 613D D81D 1>I CDB1D57I@B??6 C?391<
38?935 6E>3D9?> C1D9C6I9>7 D85 B5=19>9>7 3?==?> B5AE9C9D5C D81D G5 :ECD 5H8929D54 6?B 9>
49F94E1<C 9> 1 C5D =ECD 1<C? 25 9==E>5 D? =1>9@E<1D9?> 2I CE2C5DC ?6 %'# 6 9C CDB1D57I@B??6 D?@ =?>?D?>93 B5C@53D6E< 1>4 45L>54 ?> 1>
D?@ B938 4?=19> D85> 9C 1<C? 7B?E@ CDB1D57I@B??6
'%% I 3?>DB1493D9?> CE@@?C5 D81D D85B5 5H9CDC #5D 1>4 CE38 D81D 6?B 1>I 175>D %?D5 D81D 6?B 5138 I D?@ B938>5CC ?6 G85B5 D85B5 5H9CDC CE38 D81D 1>4 6?B 5138 -9D8?ED <?CC ?6 75>5B1<9DI 1CCE=5 D81D
?>C945B D85 C5AE5>35 ?6 @B565B5>35 @B?L<5C I CDB1D57I@B??6>5CC 1>4
2I B5C@53D6E<>5CC 6?B 5138 719> 2I CDB1D57I@B??6>5CC
1>4 2I B5C@53D6E<>5CC 6?B 5138 (5@51D9>7
D85 C1=5 1B7E=5>D G5 ?2D19> D81D 6?B 5138 9>1<<I C9>35 9C CE38 D81D 6?B 5138 D85> 6?B 5138 2I D?@ =?>?D?>939DI
*8EC G5 ?2D19> D85 45C9B54 3?>DB1493D9?> C9>35 ?> D85 ?>5 81>4 1>4
?> D85 ?D85B 81>4 6?B 5138 &EB =19> @EB@?C5 9> D89C @1@5B 9C 13895F54 G5 81F5 @B?F5> D81D D85 3?9>3945>35 25DG55>
D85 DG? 9>35>D9F5 @B?@5BD95C 9> D85 1@@1B5>D<I 49F5BC5 G?B<4C ?6 =1D389>7 49F9C9?> 1>4
8?EC5 1<<?31D9?> 9C D85 3?>C5AE5>35 ?6 1 C81B54 CDBE3DEB5 D81D 7?5C 25I?>4 D85 45D19<C ?6
5138 @1BD93E<1B =?45<
*85 6?<<?G9>7 5H1=@<5C C8?G D81D D85 B5CE<D 9C B?2ECD 9> D81D 1<< 1CCE=@D9?>C G5 EC5
1B5 >55454
,#&" &+(0&+* +# %"+.") 3%"* 0%" !+)&* &/ *+0 0+,.& % "0 *! +. " % *! #+. $"*0 *5 (&*". +.!". +* &/ !)&//&(" +. $"*0/ *! 0%" /"0 +#
!)&//&(" ,."#"."* "/ ." / #+((+3/
"6*" 0%" #+((+3&*$ .1(" 3%"." *"&0%". 6.)/ *+. $"*0 ,(5 *5 .+(" 0%0 &/
+. 0%" +2" .1(" &/ ."/0.& 0"! ."/," 0#1( 0+, )+*+0+*& /0.0"$5,.++#
10 &0 &/ *+0 $.+1, /0.0"$5,.++# $"*0/ *! !"2&0"/ #.+) 0+ *!
0%"5 ." /0.& 0(5 "00". +7
,#&" /+ &( %+& " #1* 0&+* !"6*"! +* 0+,.& % !+)&* 0%0 &/ ."/," 0#1( 0+, )+*+0+*& 10 *+0 /0.0"$5,.++# %" )1 % "(".0"! +/0+* )" %*&/) ,.+2&!"/
* "4),(" * 6./0 .+1*! " % /01!"*0 ,,(&"/ 0+ %&/ .",+.0"! 0+, %+& " *! " %
/ %++( !)&0/ ,,(& *0/ +*" 0 0&)" +.!&*$ 0+ &0/ ,."#"."* "/ 1*0&( "&0%". , &05 &/
"4%1/0"! +. 0%"." ." *+ )+." /01!"*0/ 3%+ .*'"! &0 6./0 * +1*! ' " % 1*)0 %"!
/01!"*0 ,,(&"/ 0+ %&/ '0% %+& " *! / %++(/ 3&0% .")&*&*$ , &05 !)&0/ ,,(& *0/ +*"
0 0&)" +.!&*$ 0+ &0/ ,."#"."* "/ 1*0&( "&0%". 0%" .")&*&*$ , &05 &/ "4%1/0"! +.
0%"." ." *+ )+." /01!"*0/ 3%+ .*'"! &0 '0%
,#&" /+ &( %+& " #1* 0&+* !"6*"! +* 0+,.& % !+)&* 0%0 &/ 0+, )+*+0+*& /0.0"$5,.++# 10 *+0 ."/," 0#1( "0 *! +. " % *! *5 (&*". +.!". +* &/ !)&//&(" +. " % *!
*5 (&*". +.!". +* &/ !)&//&(" %" (00". &/ / &* 0%" #+((+3&*$ 0("
"6*" 0%" #+((+3&*$ .1(" 3%"." 6.)/ !+ *+0 ,(5 *5 .+(" 0%0 &/ #+. *5 +. *5 *+0" 0%0 /".2" 0%0 10 2&+(0&*$ ."/," 0#1(*"//
,#&" /+ &( %+& " #1* 0&+* !"6*"! +* 0+,.& % !+)&* 0%0 &/ ."/," 0#1(
/0.0"$5,.++# 10 *+0 0+, )+*+0+*& "0 *! +.
" % *! *5 (&*". +.!". +* &/ !)&//&(" +. " % *! *5 (&*". +.!". +* &/ !)&//&(" +. *5 ("0 " 0%"
)+/0 ,."#".."! (0".*0&2" +* +# "6*" 0%" #+((+3&*$ .1(" 3%"." *"&0%".
6.)/ *+. $"*0/ &* ,(5 *5 .+("
#
#
#
#
#
#
0%"*
0%"*
0%"*
*! 0%"* *! 0%"* *! 0%"* +. 0%" +2" .1(" &/ ."/0.& 0"! ."/," 0#1( /0.0"$5,.++# 10 &0 &/ *+0 0+,
)+*+0+*& + /"" 0%&/ +*/&!". 0%" #+((+3&*$ ,."#"."* " ,.+6("
1,,+/" 0%0 0%" ,."#".
+. *5 *+0" 0%0 "* "/ +# $"*0/ &* %*$" *! 0%" +*/"-1"* "/ 0%"5 %2" +0&*"! ." *+3 0%"
)+/0 ,."#".."! +*"/
/".2" 0%0 +. *5 *+0" 0%0 10 #+. 2&+(0&*$ 0+, )+*+0+*& &05
%$"*(!%$(
-5 81F5 @B?F5> D81D D85 3?9>3945>35 25DG55> 9>49F94E1< 1>4 7B?E@ CDB1D57I@B??6>5CC 9>
49F5BC5 G?B<4C G85B5 D85C5 @B?@5BD95C =1I 25 C1D9CL54 6?B 1<< 175>DC ?B ?><I 2I 1 CE2C5D
?6 D85= 9C D85 3?>C5AE5>35 ?6 1 C81B54 CDBE3DEB5 D81D 7?5C 25I?>4 D85 45D19<C ?6 5138
@1BD93E<1B =?45<
-5 81F5 =?D9F1D54 ?EB 38?935 ?6 6B1=5G?B; 2I C8?G9>7 D81D 9D 5>3?=@1CC5C 3<1CC931<
=5381>9C=C D? C?<F5 1 F1B95DI ?6 1<<?31D9?> @B?2<5=C ED D85 B5CE<D 7?5C G5<< 25I?>4 D85
D8B55 5H1=@<5C G5 81F5 EC54 F5> G9D89> D85 6B1=5G?B; ?6 D8?C5 @B?2<5=C G5 81F5 6?3EC54
?> 1<D5B>1D9F5 =5381>9C=C 81F5 255> 49C3ECC54 D81D C1D9C6I 7B?E@ CDB1D57I@B??6>5CC 6?B
D85 C1=5 B51C?>C G5 :ECD 49C3ECC54 *89C 9C D85 31C5 6?B D85 49F9C9?> @B?2<5= ?6 D85 >?>
1>?>I=?EC 1>4 >?>>5EDB1< C?391< 38?935 6E>3D9?>C 9>4E354 2I C5AE5>D91< =5381>9C=C 1C
45C3B9254 9> 1B25BT !13;C?> 1>4 %5=5 ?B 9> $1CCX 1>4 %5=5 )?<ED9?>C
D? 8?EC9>7 @B?2<5=C 1C D85 ?>5 49C3ECC54 2I 'U@19 1B5 1<C? G9D89> D85 C3?@5 ?6 ?EB
B5CE<DC >4 C? 1B5 =5381>9C=C 6?B C38??< 38?935 24E<;149B?7<E 1>4 )Y>=5J > 1<< D85C5 31C5C 6E>3D9?>C C1D9C6I9>7 ?EB @5B6?B=1>35 1>4 4?=19> B5AE9B5=5>DC 1B5
@B5C5>D54 1>4 7B?E@ CDB1D57I@B??6>5CC 8?<4C ED D89C 9C ?6D5> @B5C5>D54 1C 1 <E3;I 3?>C5
AE5>35 ?6 D85 21C93 AE5CD 6?B 9>49F94E1< CDB1D57I@B??6>5CC G89<5 G5 81F5 5=@81C9J54 85B5
D81D 7B?E@ CDB1D57I@B??6>5CC 31> 1>4 C8?E<4 25 1 6E>41=5>D1< 1>4 1DD19>12<5 ?2:53D9F5
@5B C5
#5D EC 1<C? B5=1B; D81D D85 45C97>5BNC 38?935 ?6 =5381>9C= =1I 25 7E9454 2I ?D85B 3B9
D5B91 D81> D8?C5 G5 81F5 5=@81C9J54 85B5 *89C 9C @1BD93E<1B<I DBE5 9> D85 31C5 ?6 =1D389>7
G85B5 D85 21C93 3?>35B> 81C 255> D? L>4 @B?354EB5C D81D 7E1B1>D55 CD129<9DI &EB 5=@81C9C
?> 49S5B5>D 6?B=C ?6 CDB1D57I@B??6>5CC 1>4 D859B B5<1D9?>C89@ 81C C945CD5@@54 D81D =19>
3?>35B> D8?E78 G5 81F5 945>D9L54 3?>49D9?>C D81D 1B5 =9<4 5>?E78 D? CD9<< 14=9D D85 45
65BB54 1335@D1>35 @B?354EB5 @B?@?C54 2I 1<5 1>4 )81@<5I 1C @1BD ?6 ?EB E>9F5BC5 5>35
?EB B5CE<DC 1<C? 1@@<I D? @?CC92<5 =5381>9C=C D81D 4? >?D =55D D85 B5AE9B5=5>D ?6 CD129<9DI
?B 5H1=@<5 I?E =1I D89>; ?6 1 C57=5>D54 C?395DI G9D8 DG? 3E<DEB1<<I 49S5B5>D91D54 7B?E@C
1>4 =1D38 D859B =5> 1>4 1>4 D859B 133?B49>7 D? D85 1<5)81@<5I
4565BB54 1335@D1>35 =5381>9C= ?G5F5B D85 =5> 1B5 D85 @B?@?C5BC D? 9> 7B?E@ G89<5 D85 G?=5> 9> 1B5 D85 @B?@?C5BC D? *85 3?=@?C54 =1D389>7C 6?B D85C5 DG?
C57=5>DC ?6 C?395DI B5CE<D 9> 1> ?F5B1<< =1D389>7 D81D 3<51B<I 4?5C >?D 7E1B1>D55 ?F5B1<<
CD129<9DI 2ED D81D LDC G5<< 9> ?EB 3?>D5HD D 9C 51CI D? C55 D81D D85 9>4E354 C?391< 38?935
6E>3D9?> G9<< 25 CDB1D57I@B??6 B5<1D9F5 D? D85 E>9?> ?6 1>4 1>4 C1D9C6I 1<< ?6 ?EB
3?>49D9?>C B5<1D9F5 D? D81D C5D 1C G5<<
> ?EB C51B38 6?B 1 3?==?> 7B?E>4 6?B D85 3<1CC931< 1>4 1DDB13D9F5 =5381>9C=C D81D
G5 81F5 8978<978D54 G5 81F5 945>D9L54 D85 3?>49D9?> ?6 B5C@53D6E<>5CC 1>4 C55> D81D 9D
9C G51;5B D81> D85 @B?@5BDI ?6 >?>2?CC9>5CC D81D 81C 255> ?6D5> EC54 9> D85 =5381>9C=
45C97> <9D5B1DEB5 C9>35 9DC 9>DB?4E3D9?> 2I )1DD5BD8G19D5 1>4 )?>>>C3859> *85
B5145B 61=9<91B G9D8 D85 @B53549>7 <9D5B1DEB5 G9<< 25 1G1B5 D81D >?>2?CC9>5CC 3?E@<54
G9D8 9>49F94E1< CDB1D57I@B??6>5CC @B539@9D1D5C 1 CDB?>7 6?B= ?6 7B?E@ CDB1D57I@B??6>5CC
5>35 ?>5 =1I 81F5 G?>45B54 G8I G5 494 >?D D1;5 D81D C8?BD3ED D? 5H@<19> D85 <9>;
25DG55> D85C5 DG? @B?@5BD95C &EB B51C?>C =1I 25 1@@1B5>D 2I >?G 16D5B C559>7 D85
B5CE<DC 2ED <5D EC 9>C9CD ?> ?EB <?793 &> D85 ?>5 81>4 G5 G1>D54 D? CD1I 9> 1 G?B<4 G85B5
3?=@1B9C?>C 25DG55> D85 3<1CC931< C?<ED9?> 6?B =1D389>7 1>4 D8?C5 6?B ?D85B 1<<?31D9?>
@B?2<5=C 494 3?5H9CD >4 D81D B5AE9B54 1 G51;5>9>7 ?6 >?>2?CC9>5CC 2531EC5 D85 1<5
)81@<5I C?391< 38?935 6E>3D9?> 9C 2?CCI &> D85 ?D85B 81>4 >?D935 D81D ?EB >?D9?> ?6 7B?E@
CDB1D57I@B??6>5CC 9C 1 =9<4 ?>5 G85B5 9> ?B45B 6?B 1 7B?E@ D? =1>9@E<1D5 1<< 175>DC 9>
9D =ECD CDB93D<I 719> >4554 G5 D89>; D81D D89C 9C 1> 1DDB13D9F5 @B?@5BDI @5B C5 1>4 D85
>1DEB1< ?>5 9> ?EB 3?>D5HD G85B5 D85 C5D ?6 1<D5B>1D9F5C 9C 49C3B5D5 CDB?>75B 3?>49D9?>
G?E<4 B5CE<D 6B?= 1<<?G9>7 1 G51;5B >?D9?> ?6 =1>9@E<1D9?> G85B5 =1>9@E<1D9?> 2I 7B?E@C
1B5 3?>C945B54 B5<5F1>D 5F5> 96 C?=5 175>DC 4? >?D 719> 2I =9CB5@B5C5>D9>7 9> 61F?B ?6
?D85BC >49F94E1< CDB1D57I@B??6>5CC 1>4 >?>2?CC9>5CC 9> 613D @B539@9D1D5 D81D CDB?>75B
6?B= ?6 =1>9@E<1D9?> 1>4 D81D =1I 5H3<E45 C?=5 1DDB13D9F5 C?391< 38?935 BE<5 D81D ?><I
C1D9C6I ?EB =9<45B 1>4 G5 D89>; =?B5 >1DEB1< 3?>49D9?> ?B 1<< D85C5 B51C?>C G5 81F5
45@1BD54 6B?= D85 CDB?>7 1>4 ?6D5> 9<<:ECD9L54 EC5 ?6 >?>2?CC9>5CC
&EB =19> =5CC175 9C 1 @<51 6?B 3?>C945B1D9?> ?6 7B?E@ CDB1D57I@B??6>5CC 1C 1> 5HDB5=5<I
1DDB13D9F5 @B?@5BDI D81D =1I 25 1DD19>54 9> 3?>D5HDC ?6 B5<5F1>35 D85> 1F?949>7 D85 6B179<9DI
?6 9>49F94E1<<I CDB1D57I @??6 BE<5C G85> D8?C5 1B5 @?CC92<I =1>9@E<12<5 2I C=1<< 1>4 51CI
D? 3??B49>1D5 7B?E@C
*85 49CD9>3D9?> 75DC 2<EBB54 9> ?D85B 3?>D5HDC G85B5 D85B5 9C 1 3?>D9>EE= ?6 1<D5B>1D9F5C 1>4 @B565B
5>35C 1B5 3?>D9>E?EC 2531EC5 D85> 2?D8 3?>49D9?>C 31> 25 @B?F5> D? 3?9>3945 E>45B F5BI =9<4 1449D9?>1<
1CCE=@D9?>C *89C 9C 6?B 5H1=@<5 D85 31C5 9> 5H381>75 53?>?=95C C55 1B25BT 1>4 !13;C?> '$(
/0 24E<;149B?7<E 1>4 * )Y>=5J )38??< 8?935 $5381>9C= 5C97> @@B?138
)".& * +*+)& "2&"3 /0 1B25BT ) 5B71 $?B5>? >49F94E1< F5BCEC 7B?E@ CDB1D57I@B??6>5CC G85>
4? D85I 3?9>3945 +1.*( +# +*+)& %"+.5 /0 ) 1B25BT 1>4 $ !13;C?> )DB1D57I@B??6 H381>75 +*+)"0.& /0 ) 1B25BT $ !13;C?> 1>4 %5=5 )DB1D57I'B??6 <<?D=5>D (E<5C )"/ *!
+*+)& "%2&+. /0 1<5 1>4 # )81@<5I ?<<575 4=9CC9?>C 1>4 D85 )D129<9DI ?6 $1BB9175 )".& *
0%")0& ( +*0%(5 /0 "?:9=1 =@?CC929<9DI ?6 CD12<5 1>4 >?>2?CCI =1D389>7 =5381>9C=C +*+)& /
"00"./ Q
/0 ! $1CCX 1>4 %5=5 $1H9=1< ?=19> ?6 'B565B5>35C 6?B D85 9F9C9?> 'B?2<5=
)"/ *! +*+)& "%2&+. /0 ) 'U@19 )DB1D57I@B??6 CC97>=5>D 2I 95B1B38931< H381>75 +*+)"0.& Q /0 (?D8 1>4 $ )?D?=1I?B 3+/&!"! 0 %&*$ 01!5 &* )"%"+."0& +!
"(&*$ *! *(5/&/ 1=2B9475 +>9F5BC9DI 'B5CC 1=2B9475 >7<1>4 /3?>?=5DB931
)?395DI $?>?7B1@8C %? 0 /
0 $ )1DD5BD8G19D5 1>4 )?>>5>C3859> )DB1D57I'B??6 <<?31D9?> $5381>9C=C 1D
965B5>D912<5 '?9>DC "2&"3 +# +*+)& 01!&"/ /0 # )81@<5I 1>4 )31B6 &> ?B5C 1>4 >49F9C929<9D95C +1.*( +# 0%")0& (
+*+)& / /0 )@BE=?>D . *85 49F9C9?> @B?2<5= G9D8 C9>7<5@51;54 @B565B5>35C 381B13D5B9J1
D9?> ?6 D85 E>96?B= 1<<?31D9?> BE<5 +*+)"0.&
© Copyright 2026 Paperzz