You are on page 1of 30

&) '' ') '+

;DDI76AA ;G::HINA: 7>:C"ÌIG: <A6BDJG


6jmZggZ!A^aaZ M"<VbZhY¼]^kZg/ BVhhV\Zh|YZjm KZcjhL^aa^Vbh!
ZiHdX]VjmZc YZh;gVcV^h ZiXVgZhhZh iZcc^h!\ad^gZ
A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 : XdjeZYZa¼J:;6 hjgaZhedY^jbh hZXgƒiZh ZiWZVji‚

A68DJGH:A6EAJH
6C<A:I:GG:·;G6C8:

A¼wA:8IGD8=D8
9JG:9JBDC9:
IDJHA:HK:C9G:9>H™C•)&™&&;wKG>:G'%%*
CDHED>CIH9:9>;;JH>DCHJGLLL#;G::HEDGI#;G <G6IJ>I
HEDGIH:9wKD>A:

A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 :


L L L# ; G : : H E D G I# ; G

CDJK:A:heVXZ8dgedgViZ

Eajhg^X]Z
Eajh^ciZgVXi^[
Eajh\aVbdjg
EajhHedgi

lll#[gZZhedgi#[g
<G6IJ>II:A:8=6G<:OHEDGIHJG ¥ ;G::HEDGI#;G (

w 9 > I D G > 6 A
A6FJ6A>Iw9J?:J
8_[di“h"_boWZ[icWj^ƒcWj_gk[iZWdikdcWjY^"
}Yecc[dY[hfWhb[iYeh[$BW<hWdY[W]W]dƒ}
&)
Zec_Y_b[Yedjh[b½xYeii[',}/$CW_i"Wk#Z[b}Z[i
Y^_\\h[i"b[NLZ[<hWdY[
&) '' ') '+

d[cƒh_jW_jfWiY[jj[l_Y#
A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 :
;DDI76AA
6jmZggZ!A^aaZ
ZiHdX]VjmZc
XdjeZYZa¼J:;6
;G::HINA:
M"<VbZhY¼]^kZg/
YZh;gVcV^h
hjgaZhedY^jbh
7>:C"ÌIG:
BVhhV\Z|YZjm
ZiXVgZhhZh
hZXgƒiZh
<A6BDJG
KZcjhL^aa^Vbh!
iZcc^h!\ad^gZ
ZiWZVji‚

je_h[$B½ƒgk_f[d½WfWifhe#
]h[iiƒZ[fk_iiWZƒ\W_j[
\WY[Wkn7bb8bWYai$Dei
`ek[khi"gk_\edjc[hl[_bb[
[d 9ekf[ Z½;khef[" edj
A68DJGH:A6EAJH [dYeh[jekj}fhekl[h[d 6C<A:I:GG:·;G6C8:

A¼wA:8IGD8=D8
9JG:9JBDC9:
ƒgk_f[ dWj_edWb[ \WY[ } IDJHA:HK:C9G:9>H™C•)&™&&;wKG>:G'%%*
CDHED>CIH9:9>;;JH>DCHJGLLL#;G::HEDGI#;G <G6IJ>I

b½7d]b[j[hh[$9Whi_b[NL
E]didYZXdjkZgijgZ/
9VcEZaZY$6E$H^eV
Z[ bW Hei[ W ikX_ kd[
Zƒ\W_j[Wh_j^cƒj_gk[/}
''"_bWhƒlƒbƒf[kZ[\W_Xb[ii[iZ[lWdjZ[i=Wbbe_i
WoWdjh[jheklƒkd[nY[bb[djd_l[Wk$BW<hWdY[[j
b½7d]b[j[hh[d[fekhhedji[hWY^[j[hgk½Wl[Ykd`[k
Z[gkWb_jƒ$BWj[di_edi[hW}iedYecXb[ekjh[#
CWdY^[}Jm_Ya[d^Wc"ikhjekjZkYŽjƒ\hWd‚W_i$N
EB?L?;HC?B>ECC;

7DCC:=JB:JG
wG>8;DJ<ÏG:$K>E>B6<:H$8DG7>H

6G>6C:B6HH:C:I
®?ZegVi^fjZ|aV[d^hjcZbjai^ijYZ
YZhedgihbV^hVjXjcYZbVc^ƒgZ
^ciZch^kZ#?ZjcZ!_¼V^egVi^fj‚WZVj"
Xdjea¼Vi]a‚i^hbZ0_¼V^bZgZ\VgYZg
'' '+
XZhedgifj^bZWaj[[Z#BdcVYb^gVi^dcZhihVch
WdgcZhedjgaZhVi]aƒiZh#6j"YZa|YZXZiiZY^hX^ea^cZ!
aZgj\WnVjhh^b¼Vii^gZ#?¼V^bZa¼‚iViY¼Zheg^iYZXZ
hedgi!aZ[V^g"eaVnfj^gƒ\cZhjgaZiZggV^cZia¼Vibdh"
e]ƒgZfj^h¼ZcY‚\V\Z#?¼VYdgV^hXZhedgiadghfj¼^a
‚iV^iZmXajh^kZbZciVbViZjg!fjZaVcdi^dcY¼‚fj^i‚
‚iV^ieaZ^cZbZcigZheZXi‚Z!fjZa¼Vg\Zcic¼^c[ajV^ieVh
hjgaZh_djZjghZihjgidjiXZiZheg^iigd^h^ƒbZb^"
iZbehh^[gViZgcZa°?ZgZ\gZiiZjcZX]dhZ/aV[ddiWV"
a^hVi^dc Yj gj\Wn# FjZa YdbbV\Z fj¼^a eZgYZ
egd\gZhh^kZbZcihdc^YZci^i‚ZibZiiZYZXi‚hZh
kVaZjghfjZ_¼V[[ZXi^dccZiVci#¯N
')

HEDGI;G::6II>IJ9::HI9>HIG>7Jw²/
7DG9:6JM!A>AA:!ANDC!B6GH:>AA:!
BDCIE:AA>:G!C6CI:H!C>8:!E6G>H$GE!

HDBB6>G:)&
 G:CC:H!HIG6H7DJG<:IIDJADJH:
:m[d^WX_bb[deiYebfehj[khi
EdjgigdjkZgidjhaZhed^cihYZY^hig^Wji^dc/mmm$\h[[ifehj$\h K:C9G:9>&&;wKG>:G

Hedgi;gZZ6ii^ijYZ 8g‚Vi^dc/6cid^cZAV[[daVnAVWZ 9^gZXiZjg\‚c‚gVaVY_d^ciVj

H^ƒ\ZhdX^Va/
9^gZXi^dcVgi^hi^fjZ/
EVhXVaAVgX]‚-.*-
XdbbZgX^VaZiVjbVg`Zi^c\/
;gVcd^hGdhh^\cda-.,,
%):C?:JMGwHJAI6IH &)8=6AA:C<: '';G::HINA:
&+"&-!gjZG^kVn.'(%%AZkVaad^h"EZggZi
H6VjXVe^iVaYZ&'-)%%%æ
EgZb^ƒgZbVfjZii^hiZ/ 9^gZXig^XZXdbbZgX^VaZ/  AZhegdcdhi^Xh  ;ddiWVaa/8djeZ  M"<VbZh|6heZc
G8HCVciZggZ7)).%&..+,
AVZi^i^V@VaV[Vi-.+&
HZXg‚iV^gZ\‚c‚gVaZYZg‚YVXi^dc/
Hde]^ZD\Zg-.**
GZhedchVWaZbVg`Zi^c\/  ZiaVXdiZYZh‚fj^eZh  YZa¼J:;6  EdY^jbh[gVcV^h
I‚a#/%&)&',-.,. ;adgZcXZGdjXdaaZ-.*+ BVg^Z7djgYdc-.,%  AZh‚fj^eZh[gVcV^hZh
;Vm/%&),(,+-))
LZW/lll#[gZZhedgi#[g
HZXg‚iV^gZYZg‚YVXi^dc/
AVjgZci<^gVjY"8djY^ƒgZ-.*,
GZhedchVWaZYZhde‚gVi^dch/
;gVc`9jXgZi-.+- %+;DDI76AA  Zc&$&+YZ[^cVaZ ')7>:C"ËIG:
:bV^a/XdciVXi5hedgi[gZZVii^ijYZ#Xdb 8]Z[e]did/ 8]Z[YZegd_ZiY^[[jh^dc/  AZiVWaZVjYZWdgY  BVhhV\Zh|YZjm
Eg^cX^eVjmVhhdX^‚hZi[dcYViZjgh/
6cVIZcdg^d"EdciZh-.+) K^g\^c^Z8dhiZ-.,*
 YZaV8djeZ &-HJ88ÎH
'+<A6BDJG
>Xdcd\gVe]Z/6aZm^hG‚Vj-.+( 8]Vg\‚ZYZXdbbjc^XVi^dc/
7gjcd7gZidc!;gVcX^h?Vajodi!
;gVcd^hGdhh^\cda
DciXdaaVWdg‚|XZcjb‚gd/
;adg^Vc6chZabZ!?ZVc"BVg^Z7V\Vnd`d!
?ja^ZiiZEVhXVa-.++
EjWa^X^i‚/Hde]^ZD\Zg-.**
 YZ;gVcXZ  KZcY‚Z<adWZ
Eg‚h^YZciZiY^gZXiZjgYZaV 7Zcdˆi7VjbZ!6gcVjY7ZjgYZaZn! ?V…a6odjaVn-.*)  A¼]dbbV\Z  KZcjh7ZVji‚
ejWa^XVi^dc/;gVcX^h?Vajodi-.,+
9^gZXiZjg\‚c‚gVaY‚a‚\j‚
7Vei^hiZ7aVcX]Zi!9Vk^Y9nWbVc!
B‚aVc^Z<Vjhhdg\jZh!G‚b^AZ;aZb!
AjXK^\cdc-.*.
H‚WVhi^ZcHdWdja-.*.
%-A¼wKwC:B:CI  YjkV^cfjZjg  A¼Vˆc‚ZYZhL^aa^Vbh
|a‚Y^idg^Va/7gjcd7gZidc-.,- E]^a^eeZIZhiVgY"KV^aaVci! D[[gZhY¼Zbead^hZiYZ[dgbVi^dch/  Gj\Wn/aZbViX]
G‚YVXiZjghZcX]Z[/
Da^k^ZgB^a]dbbZ-.,(
hjeZgk^h‚eVg=j\jZh9Vc\n
GZbZgX^ZbZcih/:YbdcY8dggZV!
HedgiXVgg^ƒgZ!6aV^c<]^WVjYd/
%&)',%+.+(lll#hedgiXVgg^ZgZ#Xdb  YjgVX]Vi '%DBC>HEDGIH '-BwBDHEDGI
7gjcd8aZbZcihjeea‚bZcih-.,&
G‚YVXiZjghZcX]Z[VY_d^cih/
8]VgaZh@Vh]ZbV
6Y]‚gZci|9^[[jh^dc8dcigaZ
;VWg^XVi^dc/6cc^X`Idggƒh9ZaiV
<gVe]^X!.'>hhn"aZh"Bdja^cZVjm
 8dbbZcia¼‚fj^eZ  A¼VXijVa^i‚ZcWgZ[!  I‚a‚k^h^dcZiV\ZcYV
AVjgZciAdj…ihedgi!‚k‚cZbZcih-.,' ZiVj8:HE  YZ;gVcXZkV"i"ZaaZ  oddbhjgaZhVji
A^dcZaKZaaV[ddiWVaa-.+'
8]Z[YZhZgk^XZ/
HedgihB‚Y^VhHigVi‚\^Z!
'%%)
IdjiZgZegdYjXi^dcZi$dj
>begZhh^dc/Fj‚W‚XdgH6!
,,))%BVgn"hjg"BVgcZ
I^gV\Z/+%%%%%ZmZbeaV^gZh
 g‚V\^gedjgiZc^gi„iZ  |h`^h!aZ]VcYWVaa (%E:DEA:
Hi‚e]VcZB‚_Vcƒhad^h^gh-.+, gZeg‚hZciVi^dcb„bZeVgi^ZaaZZhi
^ciZgY^iZhVchaVjidg^hVi^dc‚Xg^iZ
9‚eiA‚\Va/|eVgji^dc  Vjm6c\aV^hY^bVcX]Z4  ZiaZiZcc^h  AVhdgi^ZYZ8]d`9ZZ
G‚YVXiZjg/ C•>HHC/&,+)"&,*+
eg‚VaVWaZYZa‚Y^iZjg#
GdcVc;da\dVh-.+*

&&;wKG>:G'%%*
) :C?:JMGwHJAI6IH


Gj\Wn %&i^igZiVWaZVj
;DDI76AA
IDJGCD>9:HK>C6I>DCH
%'HJGI>IG:I67A:6J A><J:&"'*Z?DJGCw:
%'HJGI>IG:I67A:6J
8A6HH:B:CI EIH ? < C E 9>;; &gZ?DJGCw: 8A6HH:B:CI EIH ? < %(IMII67A:6J
C E 7E 78 9>; ANDC·IDJADJH: )"%
&#>GA6C9: ' & & % % && &#ANDC *' '* &) &% & (* &' '( A>AA:·HD8=6JM %"%
>I6A>:·>GA6C9: &,"'- '#A>AA: )* '* &' . ) (% &+ &)
'#;G6C8: ' & & % % , B6GH:>AA:·G:CC:H ("&
(#E6NH9:<6AA:H ' & & % % ' (#B6GH:>AA: )) '* &( * , (( '( &% C6CI:H·BDC68D %"%
;G6C8:·w8DHH: &+". )#BDC68D )( ') && &% ( () '% &) 6JM:GG:·H6>CI"wI>:CC: '"'
)#6C<A:I:GG: % & % % & "'
*#6JM:GG: )' '* &' + , (+ '+ &% 7DG9:6JM·76HI>6 %"%
*#w8DHH: % & % % & ", +#HD8=6JM (* '* . - - (% '( , E6G>H"H<·A:CH %"'
E6NH9:<6AA:H·6C<A:I:GG: &&".
+#>I6A>: % & % % & "&& ,#IDJADJH: (* '* . - - '+ '+ % C>8:·B:IO &"&
 -#7DG9:6JM (' '* + 8A6HH:B:CI
&) * '+ '' ) EIH ? <
HIG6H7DJG<·86:C C E 7E 78 *"%9>;
HVchigdehZbdj^aaZg!dceZjiY^gZfjZaV;gVcXZV‚k^i‚YZ_jhiZhhZjcZbVjkV^hZYdjX]Z[VXZ|YZhwXdhhV^hfj^dci[V^ieajhfjZ
.#G:CC:H (' '* . * && '+ (% ") 686?688>D·>HIG:H %"%
aZed^Yh#9Za¼VjigZXi‚YZaVBVcX]Z!VjB^aaZc^jbYZ8VgY^[[!<Vk^c=ZchdcZhiYZkZcjaZcdjkZVjeg^cXZYZ<VaaZhZc^chXg^kVci &%#H6>CI"wI>:CC: (& ') + &( * '. '' ,
aVe‚cVa^i‚Y‚X^h^kZ[VXZ|YZh6c\aV^hVeZjg‚h&&".#A¼>gaVcYZ!gZkZcjZhjgaZYZkVciYZaVhXƒcZ^ciZgcVi^dcVaZ|a¼VjidbcZ! 8A6HH:B:CI9:H7JI:JGH
&&#A:CH (& '* , &% - '* '* % &#@6AADCBDC68D &&7JIH
VVhhjg‚a¼ZhhZci^ZaZch¼^bedhVciZc>iVa^Z&,"'-\g}XZ!cdiVbbZci!|hdcWjiZjgGdcVcD¼<VgV# &'#E6G>H"H< (% '* + &' , '* '- "( "E6<>HHIG6H7DJG< &&7JIH
&(#B:IO (% '* , . . '' (& ". (#E6JA:I6E6G>H"H< &%7JIH
IDE&+ &)#C>8: '. '* + && - '. () "* )#7:C?6C>6JM:GG: .7JIH
&*#C6CI:H ', '* + . &% '% ') ") "?JC>C=DANDC .7JIH
8A6HH:B:CI EIH ? 7 < C E EE E8 9>; &.Z?DJGCw:
&+#HIG6H7DJG< ') ') * . &% '+ (& "* "K6=>GJ6C>8: .7JIH
&#HI69:;G6Cv6>H +) &. - &( ' ) *-) (+) ''% 6<:C·HI69:;G6Cv6>H +"&+ &,#86:C ') '* * . && &- )' "')
C6G7DCC:·7DJG<D>C &*"&+ ";G:>G:CC:H .7JIH
'#7DJG<D>C *. &- , &' ' ) ).' (-( &%. &-#686?688>D '( ') ) && . &- '+ "- Z
<G:CD7A:·7>6GG>IO ,"(. &.#76HI>6 '( '* * - &' &- (& "&( BViX]ZcgZiVgY') _djgc‚Z!
(#7>6GG>IO *- &. &% &' % , *%( '.& '&'
76NDCC:·IDJADJH: &-"&* '%#>HIG:H &- '* ' &' && &) '- "&) HV^ci"wi^ZccZ·686_VXX^d/bVgY^&*[‚kg^Zg&.]
)#IDJADJH: *- &. &% &' % , )-) ()' &)'
6J8=·E:GE><C6C '&"&.
*#E:GE><C6C
+#86HIG:H
*+
*+
&.
&.
-
+
&'
&&
%
(
,
*
)(*
)'&
(,(
(+*
+'
*+ 7wO>:GH·86HIG:H
BDCIE:AA>:G·7G>K:
&."')
(&"&%
ADID;DDI,&*
,#7G>K:
-#6<:C
*%
))
&.
&.
)
+
&&
.
&
&
,
.
)%.
(+&
(,'
('(
(,
(-
E6J·8A:GBDCI"6JK:G<C: &("', AZhegdcdhi^XhYZ G‚hjaiVihZi\V^ch
.#C6G7DCC: )% &. ) - ' . ()% )+. "&'. <g}XZ|hVk^Xid^gZ|6\Zc+"&+!aZHiVYZ C•&&"K6A>96I>DC?JHFJ¼6J&'$%'!&.])* G6EEDGIHC•.
&%#8A:GBDCI"6# (+ &- ) , ' . (.% (.( "( ;gVcV^h[V^iidj_djghaVXdjghZZci„iZ#7dccZ & E6G>H"H< 7DG9:6JM & C ' &  C6CI:H BDC68D & CC '
&&#BDCIE:AA>:G (+ &. - , % &' (+' )+( "&%& V[[V^gZg‚Va^h‚ZeVg7djg\d^cfj^gZegZcY ' IDJADJH: ANDC & C ' '  6JM:GG: H6>CI":I>:CC: & C '
&'#76NDCC: (+ &. ) , ' &% (++ )-+ "&'% aV'ZeaVXZ|IdjadjhZ!Y‚[V^ieVg7VndccZ ( A>AA: A:CH & C ' (  686?688>D >HIG:H & C '
&(#7wO>:GH (% &. + * ' &' (,+ ).' "&&+ &*"&-#7^Vgg^iobdciZ|aV(ZeaVXZ|aV ) B:IO HD8=6JM & C ' )  B6GH:>AA: G:CC:H  C & '
&)#E6J (% &. ) + & &' (', )*& "&')
[VkZjgY¼jcZaVg\Zk^Xid^gZ|<gZcdWaZ,"(.# * H6JBJG C6CI:H & C ' *  ANDC IDJADJH: C & '
&*#<G:CD7A: (% &- + * ' && (,) *&+ "&)'
EZge^\cVc!WViij|6jX]!fj^c¼VkV^ieVh\V\c‚ + G:CC:H 86:C & C ' +  7DG9:6JM 76HI>6  & '

 CC 
YZej^higd^hbd^h!Zi8VhigZh!kV^cfjZjgYZ , >CI:GB>A6C 6HGDB6 & C ' , C>8: B:IO & '
&+#6J8= &. &- , ( % &* (&' )*( "&)& 7‚o^Zgh!gZhiZciVjXdciVXiYZhIdjadjhV^ch# - ?JK:CIJHIJG>C J9>C:H: & C ' - E6G>H"H< A:CH & '
. G:<<>C6 B>A6C68 & C ' .
%)IMIA:<:C9:7daY  HIG6H7DJG< 86:C  CC & '
&% DH6HJC6 G:6AB69G>9 & C ' &%  B>A6C68 A6O>DGDB:  & '

H`^Vae^c && ;8K6A:C8: A68DGD<C: & C ' &&  E6A:GB: ?JK:CIJHIJG>C  CC & '
&' :HE#76G8:ADC: <:I6;: & C ' &'  E6GB: >CI:GB>A6C  & '
&( H6G6<DHH: ;876G8:ADC: & C ' &(  G:6AB69G>9 :HE#76G8:ADC:  CC & '
8=6BE>DCC6IH9JBDC9:"9:H8:CI: &) B6C8=:HI:G8>IN B6C8=:HI:GJI9 & C ' &)  ;876G8:ADC: 6IA:I>8DB69G>9 & '
&#7D9:B>AA:GJH6 &¼*+¼¼'' &#?6C>86@DHI:A>88GD &¼(.¼¼.% AZhg‚hjaiVihhZgdcieg^h|aVÄcYjiZbehg‚\aZbZciV^gZ
'#96GDCG6=AK:HJH6 &¼*+¼¼++ %¼¼)) '#:A:C6;6C8=>C>>I6 &¼)%¼¼&+ %¼¼'+ &)EGDCDHI>8H
(#B>8=6:AL6A8==D;:G6JI &¼*,¼¼%. %¼¼-, 8DJE:9:;G6C8:!8=6BE>DCC6IH>I6A>:C!:HE6<CDA:I ,EGDCDHI>8H
(#G:C6I:<D:IH8=A6JI &¼)%¼¼'. %¼¼(. % "
.#96K>9ED>HHDC;G6 &¼*,¼¼*' &¼¼(% 6C<A6>H6JEGD<G6BB:9:8:II:<G>AA:C•&&#E6G>HB6I8=
*#>C<G>9?68FJ:BD9;G6 &¼)%¼¼-+ %¼¼.+ &(EGDCDHI>8H &*%(& &,.æ
C•&9D>IA¼:BEDGI:G#A:HE6G>H>:CH!9>HI6C8wH:C CJBwGD CJBwGD
6egƒhjcegZb^Zgi^igZZcHjeZg"<Zijccjb‚gdY¼‚fj^a^Wg^hiZhjgjch`^YVchaVYZhXZciZYjXdbW^c‚!7dYZB^aaZggZbedgiZ
a¼‚egZjkZYZYZhXZciZYZkVcihdcediZ9VgdcGV]akZhZia¼^cXdcidjgcVWaZB^X]VZaLVaX]]d[Zg#9Vk^YEd^hhdc!Y‚hdgbV^hVWdcc‚
8=6BE>DCC6I!KDCIIDJIB>H:GHJGA68DJE:#BÌB:8=DH: B>H: + * )(')'!,%æ
&'EGDCDHI>8H B>H: ) +EGDCDHI>8H
EDJG7DG9:6JM#?DJ:O&DJ'#6JIG:B6I8=>C9w8>H/ &() &'.&!-%æ
|aV.ZeaVXZ!ZhiaVhZjaZhVi^h[VXi^dcYjXVbe[gVcV^h#8]ZoaZh[ZbbZh!aZh\gVcYZh[Vkdg^iZhhdcieVhh‚Zh|Xi‚Yjhj_Zi# H6G6<DHH:";876G8:ADC:#?DJ:OCDJ'#7DCC:8=6C8: &&EGDCDHI>8H
²a¼^ckZghZYZ?Vc^XV@dhiZa^X!igƒh^che^g‚Z!fj^YZkVcXZaV_ZjcZ:aZcV;VcX]^c^#>c\g^Y?VXfjZbddY!*Z!eZjicdjgg^gYZhgZ\gZih# &).*+ '%æ
&.(, &'&!,%æ


:C7G:;###
@;KICI@;KICI@;KICI@;KICI@;KICI

;DDI76AA6BwG>86>C/ I:CC>H9:I67A:/ BDID/:C9JGD


HJE:G7DLA
Igd^h^ƒbZHjeZgWdlaZcfjVigZ
VchedjgaZhCZl:c\aVcY
EVig^dih!kV^cfjZjghYZh:V\aZh
IDE&':JGDEw:C
9Vb^Zcwad^Vg‚‚Y^i‚hV
eZg[dgbVcXZYZ'%%'Zc
gZbedgiVciaZWgdcoZYjIde&'
9JIDJFJ:I
6gcVjY9ZbZZhiZgh¼^bedhZedjg
aV*Z[d^hYVchaZhYjcZhYjIdjfjZi#
AZe^adiZNVbV]VgZbedgiZaV
²<6<C:G
YZE]^aVYZae]^Z')"'&#AV
k^Xid^gZVedjgiVci‚i‚adc\jZ|
Zjgde‚ZcY^heji‚|GZccZh#AZ
X]Vbe^dcYZ;gVcXZ'%%)h¼^cXa^cZ
(%Z‚Y^i^dcaVYZgc^ƒgZ4YZkVci
aZhYZjme^adiZh=dcYV!I^bdiZ‰ ¸(%fbWY[iZ[Y_dƒcW
hZYZhh^cZgedjgaZhXd‚fj^e^Zgh ZcYZb^"[^cVaZXdcigZaZX]Vbe^dc Edi^hZ`ZiI]^Zggn7‚i]nh#
YjfjVgiZgWVX`Idb7gVYn
'(eVhhZhXdbea‚i‚Zhhjg((!
Y¼:jgdeZZci^igZKaVY^b^g
HVbhdcdk!WViijZc[^cVaZeVgaZ 8N8A>HB:/
¸(%J#i^_hjiAeX[o
'idjX]Ydlchfj^dciY’ GjhhZHb^gcdk(%ZbdcY^Va# wID>A:9:7:HHÏ<:H
ViiZcYgZaZY‚WjiYjYZgc^Zg
fjVgi"iZbehedjghZY‚iVX]Zg

6I=AwI>HB:/
AZBVnZccV^h;gZYYn7^X]di!
XdjgZjgYZaV;gVcV^hZYZh?Zjm!
¸(%YWigk[jj[iAeX[o
\g}XZ|jcZXdjghZYZ8dgZn
9^aadc#AZe]‚cdb‚cVa9Z^dc
B::I>C<9:<6C9
GdcVaYEd\cdcc¼VeVhbVcfj‚aZ
VWg^aa‚hjgaZhgdjiZhYjhjYYZaV
;gVcXZ#²'*Vch!^agZbedgiZaV ¸(%YehZedi}Ybƒi
7gVcX]!gZXZkZjgYZhEVig^dih!
V‚i‚‚ajbZ^aaZjg_djZjgYj
Y‚eVgiYZhVhV^hdc#AZBVgi^c^fjV^h!
''Vch!gZbedgiZaZ+%bZi
eajhWZaaZk^Xid^gZYZhVXVgg^ƒgZ|
a¼^hhjZYZhX^cf‚iVeZhYZa¼wid^aZ
;diWbb[ib[',\ƒlh_[h
bViX]&&g‚XZei^dch#IZggZaa
DlZch!aVhiVgYZh:V\aZh!
gZkZcjY¼jcZYdjWaZ[gVXijgZ
Vb‚a^dgZaZgZXdgYYZ;gVcXZ+¼¼*&
ZcYdb^cVciaZhC^\‚g^Vch;VhjWVZi
6a^j#8]g^hi^cZ6ggdcg‚\VaZaZ
YZ7Zhhƒ\Zh#>aYZkVcXZaZ7Za\Z
BVm^bZBdci[dgiZi6gcVjYAVWWZ!
YZa¼‚fj^eZ6jWZgk^aa^Zgh#?^bbn
;DLEO;PHEDGI7K  
?Zj\gVij^ihVchdWa^\Vi^dcY¼VX]Vidg\Vc^h‚eVgaVhdX^‚i‚Hedgi!&+!gjZG^kVn!.'(%%AZkVaad^h"EZggZi!kVaVWaZZc;gVcXZb‚igdeda^iV^cZYj&&Vj&,[‚kg^Zg'%%*!g‚hZgk‚|idjiZeZghdccZbV_ZjgZhVj[eVgiZcV^gZhdjhdX^‚i‚dg\Vc^hVig^XZ#B^cZjgh/YZbVcYZoa¼Vjidg^hVi^dc
X]Zk^aaZ"e‚gdc‚ZchZei ejWa^XYZ<VcYZcg‚Va^hVciaV 8VheZggƒ\aZVjheg^ciaVYZgc^ƒgZ |kdheVgZcih#EdjgeVgi^X^eZg/:ckdnZoHEDGIeVgHBHVj,&%&%%!*%æII8$Zckd^ eg^mYjHBH#AZh\V\cVcihhZgdciY‚h^\c‚hZc[dcXi^dcYjgVc\Y¼Zckd^YZaZjgbZhhV\Z#9diVi^dch/&I"h]^gi@dWZnY¼jcZkVaZjgYZ'%æII8(%adihb^hZc_Zjdj&XVhfjZiiZ@dWZn
Y¼jcZkVaZjgYZ&+æII8(%adihb^hZc_Zjdj&eaVXZYZX^c‚bVedjgVhh^hiZgVjÄab8]d`9ZZY¼jcZkVaZjgYZ&%æII8(%adihb^hZc_Zjdj&XdgYdc|Xa‚hY¼jcZkVaZjgYZ&%æII8(%adihb^hZc_Zj#;gV^hYZeVgi^X^eVi^dcgZbWdjgh‚hVjmXdcY^i^dcheg‚kjZhYVchaZ
hZbV^cZh!ViZcjhdcgVc\ bZ^aaZjgZeZg[dgbVcXZbdcY^VaZ ‚iVeZXdjgjZZcigZ<V\c^ƒgZhZi gƒ\aZbZci#AZgƒ\aZbZciXdbeaZiYj_ZjZhiY‚edh‚X]ZoBVˆigZBDCI6C:!]j^hh^ZgYZ_jhi^XZ!'W^hgjZ7VnVgY!(&%%%IdjadjhZ#Gƒ\aZbZciVYgZhh‚\gVij^iZbZcieVgXdjgg^Zg|idjiZeZghdccZZc[V^hVciaVYZbVcYZ|Eajg^bZY^V·®?:J8=D@9::HEDGI;G::¯!&&gjZYZ
8VbWgV^!,*.)*EVg^h8ZYZm&.;gVcXZ#EdjgidjiZg‚XaVbVi^dc!ZckdnZoaZbdi8DCI68IeVgHBHVj,&%&%%!*%æII8$Zckd^ eg^mYjHBH#8dc[dgb‚bZci|aVad^!kdjhY^hedhZoY¼jcYgd^iY¼VXXƒh!YZgZXi^ÄXVi^dcZiYZhjeegZhh^dcYZhYdcc‚Zhcdb^cVi^kZhkdjhXdcXZgcVci#
.g‚XZei^dchhVch„igZY‚X^h^[# YZa¼Vcc‚Zhjg+%b,¼¼&)# 7Zhhƒ\ZhYVchaZh8‚kZccZh#

&&;wKG>:G'%%*
HEDGIH:9wKD>A:

A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 :


L L L# ; G : : H E D G I# ; G

CDJK:A:heVXZ8dgedgViZ

Eajhg^X]Z
Eajh^ciZgVXi^[
Eajh\aVbdjg
EajhHedgi

lll#[gZZhedgi#[g
+ ;DDI76AAA:I67A:6J9:7DG99:A68DJE:9:;G6C8:

A:HHI6IH9J
L::@":C9
CÑB:H·686?688>D
6_VXX^d!fj^hZY‚eaVXZ|CˆbZh
CVi^dcVa!cZeVgi^gVeVh[dgX‚bZci
[Vkdg^iVciaZh8gdXdY^aZhhdcijcZ‚fj^eZ
ine^fjZYZ8djeZ#;^cVa^hiZbVa]ZjgZjm
Zc&..+[VXZ|6jmZggZVadghfjZaZXajW
‚iV^iZcCVi^dcVa!CˆbZhfj^‚iV^igZbdci‚
ZcA^\jZ'VYZej^hViiZ^cijcZ[d^h
aZhfjVgihYZ[^cVaZZc'%%%WViij
eVg7dgYZVjm!ZiYZjm[d^haZhYZb^"[^cVaZhZc&...
?:6C"B6G>:=:GK>D$;A6H=EG:HH$9EE>

WViijeVgCVciZhZi'%%'WViijeVgAdg^Zci#

A>7DJGC:"HI"H:JG>C·BDC68D
EH<·7DG9:6JM '%%' ²A^WdjgcZ!aV8djeZYZ;gVcXZZhijcZ
gZa^\^dc#AZXajW!VXijZaaZbZciZcCVi^dcVa!
fj^V[[gdciZBdcVXdZc&$&+!g‚Va^hZg‚\ja^ƒgZbZciYZ

;6J7:GI!6C8>:C;6C9JEH< WZVjmeVgXdjgh#:c&.-*Y‚_|!A^WdjgcZVkV^iViiZ^ciaZh
&$('VkVciYZhZ[V^gZhdgi^geVgAZ=VkgZ#JcZeZg[dgbVcXZ
g‚‚Y^i‚ZZc&.--‚a^b^c‚eVgaZEH<!Zc'%%&‚a^b^c‚eVg
Dg^\^cV^gZYj=VkgZ!aZ7dgYZaV^h?ja^Zc;VjWZgiVkdjZVkd^gZj! <gZcdWaZZiZc'%%)‚a^b^c‚eVg7dgYZVjm#AZXajWV‚i‚
‚a^b^c‚jcZ[d^hZc&$&+Zc&..)XdcigZHƒiZ!jcZ[d^hZc
YVchhVeg^bZ_ZjcZhhZ!jc[V^WaZedjgaZEVg^h"H<#H‚fjZcXZcdhiVa\^Z# &$-!Zc'%%(!XdcigZGZccZh#AVbZ^aaZjgZeZg[dgbVcXZYj
XajWVfj^iV^cgZhiZjcfjVgiYZ[^cVaZZc'%%'#A^WdjgcZ
VkV^iX]ji‚Vegƒhegdadc\Vi^dc[VXZ|7Vhi^V#

’
®DceZjiaZY^gZ!_¼‚iV^hjc Andc!7dgYZVjm!aZVYZgYZhbViX]Zh ²aV-,Zb^cjiZ!^agZbeaVXZhdcXd‚fj^e^Zg
hjeedgiZgYjEH<!hdj[ÄZ cjahZcA&&)Zc'*_djgc‚Zh!ZciZcY ;gVcX^V#®8ZaVgZhiZgVXdbbZaZheajh
i^b^YZbZci?ja^Zc;VjWZgi! Y‚hdgbV^hidjiYdccZgedjgaV8djeZ WZaaZh)b^cjiZhYZbVk^ZYZegd[Zhh^dccZa!
'&Vch!aZY‚[ZchZjgYZh<^gdcY^chYZ YZ;gVcXZ#JcZXdbe‚i^i^dcfj^aj^ h¼ZmXaVbZ;VjWZgi#Bd^fj^VkV^ha¼]VW^ijYZ
8DJE:9:;G6C8:"&$&+9:;>C6A:
7dgYZVjm#>ab¼ZhiVgg^k‚jcZ[d^hdjYZjm VhhjgZgV^ijcW^aaZiZjgde‚ZcedjgaV YZ_djZgYVchYZhhiVYZhfjVh^bZcik^YZh K:C9G:9>&&;wKG>:G H6B:9>&';wKG>:G
Y¼VaaZgVjEVgXYZhEg^cXZh#BV^hX¼Zhi hV^hdcegdX]V^cZ#®DckZjiVaaZgaZeajh |8VccZh!_ZbZhj^hgZigdjk‚Y¼jc '%])* &.](%
hjgidjiYZkVciaVi‚a‚k^h^dcfjZ_¼V^k^Wg‚ ad^cedhh^WaZ!V_djiZ;VjWZgi#:iedjgfjd^ hZjaXdjeYZkVci+%%%%eZghdccZh C^XZA&·GZ^bhA'!:jgdhedgi KVccZh8;6·6jmZggZA&
VjmhjXXƒhYjEH<Y¼6gijg?dg\Z#A¼‚ede‚Z eVhaV\V\cZg°8ZcZhZgVeVh[VX^aZVj *+&.+ZmVXiZbZci#8¼ZhijchdjkZc^g
H6B:9>&';wKG>:G H6B:9>&';wKG>:G
Zjgde‚ZccZ!aVk^Xid^gZXdcigZaZGZVa EVgX!XVgaZEH<igVkZghZjcZeVhhZY^[ÄX^aZ ^cdjWa^VWaZ#9¼VjiVcieajhfjZ_Zc¼V^Veeg^h &)](% '%]
BVYg^Y!aVi„iZY¼6cid^cZ@dbWdjVg‚YVch ZikZjihZgVX]ZiZgZc8djeZ#FjZafjZeVgi! bVh‚aZXi^dcYVchaZ\gdjeZfjZaVkZ^aaZ 6aW^8;6·6c\ZghA' GZccZhA&·8VZcA&!IK7gZ^o]
aZhVgg„ihYZ_Zj°9ZhhjeZghdjkZc^gh¯ cdjhcdjhigdjkdchYVchjcZh^ijVi^dc YjY‚eVgi|BVghZ^aaZ#¯6j_djgY¼]j^! HVjbjg9=·CVciZhA&
H6B:9>&';wKG>:G BZioA&·HdX]VjmA&
>aZhiYdcX]dghYZfjZhi^dcedjgXZidji h^b^aV^gZ#AZbd^hYZ_Vck^ZgV‚i‚!Vjhh^W^Zc ^aZcZhiY‚_||'(bViX]ZhZcA&!VkZX &-]
_ZjcZ^ciZgcVi^dcVa:hed^ghYZbVcfjZg edjgcdjhfjZedjgZjm!XViVhigde]^fjZ jcegZb^ZgWji|7Vhi^V,Z_djgc‚Z! CˆbZhC·686_VXX^dA& H6B:9>&';wKG>:G
aZY‚eaVXZbZci|EVg^hXZY^bVcX]ZZc (Y‚[V^iZh!&cja!&k^Xid^gZedjg7dgYZVjm k^Xid^gZ)"&#JcZVhXZch^dc[ja\jgVciZ A^WdjgcZ"Hi"HZjg^cC·BdcVXd '%])*
&$&+YZÃcVaZYZaV8djeZYZ;gVcXZ# '(Z_djgc‚Z!)cjahZi&Y‚[V^iZedjg fj^c¼VeVhX]Vc\‚hV[VdcYZk^kgZ° A&!:jgdhedgi A^aaZA&·AZchA&!:jgdhedgi
G]cZ"KVaa‚Z9=·<gZcdWaZA'
®?¼V^Y‚_|g‚hZgk‚jcZWdccZk^c\iV^cZ EVg^h!cYag#9ZhYZjmXi‚h!eZgYgZZhi ®BZh[gƒgZh!bVbƒgZ!bVXde^cZ! 8aZgbdci;ddiA'·Idjadc8;6' 9>B6C8=:&(;wKG>:G
YZeaVXZhedjgbV[Vb^aaZZibZhediZh ^ciZgY^i#vVkV„igZX]VjY¯Fjd^fj¼^a fj^Zhi7dgYZaV^hZ!cZhdci_VbV^higƒhad^c# 7djad\cZ"hjg"BZg8;6·7ad^h8;6' &-]&*
Yj=VkgZ!gZegZcY"^a#JcbViX]XdcigZ Vgg^kZ!?ja^Zcc¼ZhieVhegƒhY¼djWa^ZgXZiiZ >ahbZhdji^ZccZci!bV^h^ahhZgdci HZYVcA'·AVBdciV\cVgYZ8;6' IdjadjhZA&·AndcA&!:jgdhedgi
aZEVg^h"H<!X¼Zhiidj_djghigƒhhe‚X^Va# hV^hdc'%%)"'%%*#6gg^k‚YZa¼6H8VccZh idj_djgha|edjgbZgZXVYgZgh^_ZkZcV^h
H6B:9>&';wKG>:G 9>B6C8=:&(;wKG>:G
BV^hVj_djgY¼]j^!_Zhj^h|&%%7dgYZaV^h#¯ XZi‚i‚!^aY‚WjiZZcA&|BVghZ^aaZaZ |egZcYgZaV\gdhhZi„iZ¯ &.] '&]
9^hiVcX‚ZcX]Vbe^dccVi|'%eihYZ ,Vd’iYZgc^Zg&"%edjga¼DB# B?ED;BL;BB7 GdbdgVci^cC·FjZk^aan8;6 EH<A&·7dgYZVjmA&!I;&

A6<G>;;:9:9?>7G>A8>HHwA:8DCHJAI6CI9:
®AV8djeZYZ;gVcXZ <ZgaVcYYZAndc%"%!*"( VkV^iZcXV^hh‚jcWji 7djbhdc\#DcV[„i‚V XdjaZjghYZXZXajW XZidjg#7^ZcZciZcYj!_Z
g‚hZgkZidj_djghhdcadi Vjmi^ghVjWji#8¼‚iV^i eVg=j\dAZVaZi_¼VkV^hY’ _jhfj¼VjWdjiYZaVcj^i# Zc&..+fj^eZjihdgi^g hj^kgV^igƒhViiZci^kZbZci
YZhjgeg^hZh#8Zh a¼jcZYZhegZb^ƒgZhY‚[V^iZh X]Vc\ZgaZhcdjkZaaZh BVeajh\gVcYZhVi^h[VXi^dc a¼686_VXX^d#?ZgZbVgfjZ aZhg‚hjaiVihYZCˆbZhZi
Xdc[gdciVi^dchZcigZXajWh Y¼6jmZggZ[VXZ|jcXajW X]VjhhjgZhYZbdchedchdg VjgV‚i‚Y¼d[[g^gjci^igZ fj¼^anVWZVjXdjeYZX]dXh Y¼6jmZggZ!fj^hZhdci
egd[Zhh^dccZahZiVbViZjgh VbViZjg#=ZjgZjhZbZci! |aVb^"iZbeh#?¼‚iV^h |<jnGdjmVkVciYZh^\cZg ZcigZXajWhYZA&! gZcXdcig‚hZc[^cVaZ
Y‚WdjX]ZcihdjkZcihjg a¼Vcc‚Zhj^kVciZ[jieajh gZkZcjVegƒhaVeVjhZVkZX |A^kZgedda#EdjgZcgZkZc^g cdiVbbZciEH<"7dgYZVjm! Zc&..+#9¼V^aaZjgh!
YZhg‚hjaiVih^cViiZcYjh# ]ZjgZjhZej^hfjZ_¼V^ZjaV jcZeV^gZidjiZWaVcX]Zfj^ |XZh&$&+YZ[^cVaZ!_Z IdjadjhZ"Andc!djA^aaZ" X¼ZhiXZbViX]fj^b¼VkV^i
JcYZbZheajhbVjkV^h X]VcXZYZhdjaZkZgaZ V[V^ieVhbVaYZY‚\}ih/ eZchZfjZaVhjgeg^hZ AZchfj^Vii^gZgdciaZh Y‚[^c^i^kZbZciXdckV^cXj
hdjkZc^ghgZhiZ_jhiZbZci igde]‚ZZcWViiVciaZEH< jcWjiaZhbVjkV^hZh edjggV^ikZc^gYZA^WdjgcZ" [djaZh#8Zh‚a^b^cVi^dchYZ YZh^\cZg|6jmZggZ#
XZiiZ‚a^b^cVi^dcXdcigZ Zc[^cVaZ'"&#JcbViX] aVc\jZhY^hZcifjZ_¼V^ HV^ci"HZjg^cfj^eZji \gdhhZh‚Xjg^ZhYZkgV^Zci :c[^c!_Zhdj]V^iZWdccZ
aZXajWVbViZjgYZHV^ci" VcXg‚YVchbVb‚bd^gZ#?Z bVgfj‚Yji^W^VZijcZ WViigZBdcVXd#DjZcXdgZ aV^hhZgaVeVgiWZaaZVjm X]VcXZ|a¼jcYZhYZjm
Eg^Zhi8;6!aZ&* bZhdjk^ZchY¼jcZegZb^ƒgZ k^Xid^gZZc[^cYZbViX] aZCˆbZh"Danbe^fjZYZ ‚fj^eZhVbViZjghfj^ eZi^ihedjXZihZcXdgZZc
69>96H

Y‚XZbWgZ'%%&VjhiVYZ b^"iZbehigƒhY^[[^X^aZ#Dc \g}XZ|?ZVc"6aV^c bdcZc[VcXZ_¼V^edgi‚aZh VjgdciaVX]VcXZYZeVhhZg a^XZ!G]cZ"KVaa‚Z9=¯

&&;wKG>:G'%%*
,

;68:²;68:

H6B:9>&';wKG>:G'%])* A:CH
A>AA: 6JHI69>JBCDG9·K>AA:C:JK:9¼6H8F H6>HDC'%%)$'%%*²A¼:MIwG>:JG:CA&
H6>HDC'%%)$'%%*²9DB>8>A::CA& 6G7>IG:/B#<6G>7>6C

:JGDHEDGI
7>A6C 8DC;GDCI6I>DCH:C8DJE:9:;G6C8:9:EJ>H&.)+ 7>A6C
&Y‚[V^iZ )cjah &.-%"&.-&/FjVgiYZ[^cVaZ &.+'"&.+(/&$('YZ[^cVaZ|HV^ci"DjZc *cjah
6aaZg/AZch·A^aaZ("&!gZidjg/A^aaZ·AZch&"% AZch·A^aaZ'"&
*Y‚[V^iZh 96C>:A
&.,'"&.,(/&$('YZ[^cVaZ|KVaZcX^ZccZh &.)-"&.)./&$('YZ[^cVaZ|GdjWV^m A:8A:G8F
A^aaZ·AZch&"& A^aaZ·AZch("& :cigVˆcZjgYZ
BViX]Y¼Veej^/A^aaZ·AZch'"% &.),"&.)-/;^cVaZ|8dadbWZh KVaZcX^ZccZhCVi^dcVa!
&.+*"&.++/&$('YZ[^cVaZ|KVaZcX^ZccZh A^aaZ·AZch("' 8dchjaiVciY¼:jgdhedgi
A^aaZ·AZch("% edjgA^aaZ"AZch
-k^Xid^gZh ®8ZiiZgZcXdcigZcZkVeVh„igZ
&$('9:;>C6A:'%%)"'%%* [VX^aZ|XdbbZciZg#?ZkV^hYZkd^g
(k^Xid^gZh
A^aaZ·AZBVchA'/'"& HV^ci"9^o^Zg9=·AZch/%") gZhiZgcZjigZ#AZh\ZchXdccV^hhZci
8=>;;G:H8AwH bdcVbdjgedjgaZG8AZch#?¼nV^
8=>;;G:H8AwH
FjVcYA^aaZbVgfjZaZegZb^ZgWji
E6AB6GÏH8DJE:9:;G6C8: _dj‚#?¼V^b„bZZj!XdbbZ
FjVcYAZchbVgfjZaZegZb^ZgWji ZcigVˆcZjg!aV_d^ZY¼ZbbZcZgXZ
K^Xid^gZh , A^aaZ/*k^Xid^gZh&.)+!&.),!&.)-!&.*(!&.**
K^Xid^gZh ' XajWkZghaZi^igZYZX]Vbe^dcYZ
AZch/%
Cja % Cja & ;gVcXZZc&..-#8ZbViX]YZ8djeZ
9‚[V^iZ % A:H9>M9:GC>ÏG:H8DC;GDCI6I>DCH 9‚[V^iZ % YZ;gVcXZ!_ZaZkd^hhZ_djZg|igƒh
FjVcYA^aaZZcXV^hhZaZegZb^ZgWji :C8=6BE>DCC6I9:A><J:& FjVcYAZchZcXV^hhZaZegZb^ZgWji eZjYZX]dhZ#A^aaZkVZbWVaaZgaV
K^Xid^gZ & K^Xid^gZ & gZcXdcigZ!XdbbZXdcigZAndcZc
Cjah ' )cjah )k^Xid^gZhedjgAZch Cjah ' X]Vbe^dccVi''Z_djgc‚Z!'"&edjg
9‚[V^iZ & 9‚[V^iZh * aZADH8#BV^hViiZci^dc!aZ
HVeajhaVg\Zk^Xid^gZ HVeajhaVg\Zk^Xid^gZ egZhh^c\a^aad^heZjihZg‚k‚aZg
A^aaZ)"%BZio-Z_djgc‚Z YVc\ZgZjmhjgaVYjg‚ZXVgaZh
>higZh%"'AZch(Z_djgc‚Z
AZchd^hbZhZbWaZciYZeajhZc
HVeajhaVg\ZY‚[V^iZ HVeajhaVg\ZY‚[V^iZ eajhXdhiVjYh#9¼V^aaZjgh!edjgbd^!
A^aaZ&"'BVghZ^aaZ'%Z_djgc‚Z 'k^Xid^gZh 6jmZggZ("%AZch&%Z_djgc‚Z AZchkVhZfjVa^[^Zg#AZjgg‚XZciZ
edjgA^aaZ k^Xid^gZVjEVgXYZhEg^cXZhXdcigZ
BDN:CC:9:HI>GH/.!' BDN:CC:9:HI>GH/-!- aZEH<'*Z_djgc‚Z!'"%YZbVcYZ
%'$%( %'$%( %($%) %($%) %)$%* Xdc[^gbVi^dc!bV^h_ZhZchfj¼^ahZ
*) A^aaZ·AZch
%"' %"% &"& &"' &"&
)) eVhhZfjZafjZX]dhZYZedh^i^[
+* I^ghXVYg‚h I^ghcdcXVYg‚h
.+$., %%$%& %%$%& %&$%' %&$%' ,% I^ghXVYg‚h I^ghcdcXVYg‚h YVchXZiiZ‚fj^eZ#AZh_djZjghdci
Zck^ZYZhZgZhedchVW^a^hZgjceZj
A^aaZ·AZch
%"& '"& &"% %"& &"& eajhZcXdgZ#7gVkdVjhh^edjgaZ
8:II:H6>HDC:CA&²9DB>8>A: A^aaZgZd^i AZchgZd^i 8:II:H6>HDC:CA&²A¼:MIwG>:JG igVkV^ag‚Va^h‚|A^aaZeVg8aVjYZ
'*ZA^aaZ·HdX]Vjm %"% '*ZEH<·AZch %"' EjZa#AZhdWhZgkViZjghed^ciZciYj
''ZA^aaZ·Andc '"& 7JIHB6GFJwHE6G&$)9¼=:JG::CA&'%%)$'%%* ''ZBdcVXd·AZch '"% Yd^\ia¼VXijZahjgeaVXZYjADH8
'%ZA^aaZ·BVghZ^aaZ &"' ) & ( ( * . - ( ( ( * ( & & '%ZHV^ci":i^ZccZ·AZch %"% (bViX]ZhcjahY¼V[[^a‚Z#²bdc
&-ZA^aaZ·CVciZh '"& &-ZGZccZh·AZch ("& hZch!X¼ZhijcZZggZjg#A^aaZ
&+ZA^aaZ·HigVhWdjg\ &"& &+ZHdX]Vjm·AZch &"' VY‚XgdX]‚aZcja|C^XZZc_djVci|
&)ZA^aaZ·BdcVXd &"& &)ZC^XZ·AZch &"& &%!VbVˆig^h‚aZ_Zj|8VZcZic¼V
&'ZA^aaZ·HV^ci"wi^ZccZ &"% &'Z7dgYZVjm·AZch &"& eVhhjhV^h^gaVk^Xid^gZXdcigZ
&*¼ (%¼ )*¼ +%¼ ,*¼ .%¼ 6?
&%ZA^aaZ·7Vhi^V '"& &%Z6jmZggZ·AZch ("% HdX]Vjm#JchZjaW‚bda!_¼V^eZjg
-ZA^aaZ·BZio )"% -ZCVciZh·AZch &"% fjZaZ[dg[V^iedjgjcWdcbd^hhjg
+ZA^aaZ·8VZc '"% 7JIH:C86>HHwHE6G&$)9¼=:JG::CA&'%%)$'%%* +ZHigVhWdjg\·AZch '"' WaZhhjgZYZBV`djccZaZjghd^i
*ZA^aaZ·C^XZ &"% ' ' ( + ) ) & ) % * ( ( ( % *Z8VZc·AZch &"% eg‚_jY^X^VWaZ¯
(ZA^aaZ·7dgYZVjm %"% (Z>higZh·AZch %"'
&gZA^aaZ·6jmZggZ '"% &gZIdjadjhZ·AZch %"%

&*¼ (%¼ )*¼ +%¼ ,*¼ .%¼ 6?


A:H7JI:JGHA>AAD>H:C A:H7JI:JGHA:CHD>H:C
8DJE:9:;G6C8:'%%)"'%%* 7>A6C9:H8DC;GDCI6I>DCH:CA&9:EJ>H&.)+ 8DJE:9:;G6C8:'%%)"'%%*
B^aZc`d6X^bdk^X &Wji ,*Xdc[gdciVi^dch(-|A^aaZ!(,|AZch ')k^Xid^gZhedjgAZch 9V\j^7V`Vg^ (Wjih 9L:C!eVgiZcV^gZYZHedgi
E]^a^eeZ7gjcZa &Wji ')k^Xid^gZhedjgA^aaZ ',Cjah 9Vc^Za8djh^c &Wji edjgaZh&$&+YZ[^cVaZ
YZaV8djeZYZ;gVcXZ#

C:LH
IDJADJH:G:K6C8=6G9 B:IO!EAJH9JGFJ¼:C&.-- =6A>A=D9O>8!A6;>C###
&,VchVegƒh!IdjadjhZZiAndchZgZigdjkZciZc&$&+YZ[^cVaZYZaV8djeZ GZbV`ZYZaV[^cVaZYZ&.--!aZbViX]BZio"HdX]VjmZhia¼dXXVh^dcYZgVeeZaZg 6jbdbZcid‘cdjh‚Xg^k^dchXZha^\cZh!aVXg^hZhZbWaV^i„igZ|hdceVgdmnhbZ
YZ;gVcXZ#AZjgYZgc^ƒgZXdc[gdciVi^dcYVcha¼‚egZjkZgZbdciZZcZ[[Zi|&.-- fjZBZioVkV^i!XZiiZVcc‚Z"a|!gZbedgi‚aZigde]‚ZhVchVkd^g_VbV^hgZcXdcig‚ |EVg^h#6egƒhjcZe^idnVWaZY‚[V^iZZcX]Vbe^dccViXdcigZAZch'"%VjEVgXYZh
ZiIdjadjhZh¼‚iV^i^bedh‚("&!%"&XdcigZjcZ‚fj^eZandccV^hZVadghZc9'# aVbd^cYgZ‚fj^eZYZ&gZY^k^h^dcej^hfjZHdX]Vjm‚iV^i|a¼‚edfjZZc9'#AZh Eg^cXZh!aZh_djZjghYjEH<dcigZ[jh‚YZeVgi^gVjkZgiYƒhaZbZgXgZY^.[‚kg^Zg#Jc
9Zej^h!aZhX]dhZhdciW^ZcX]Vc\‚#HƒX]ZbZciWViijhaZ*[Zkg^ZgYZgc^Zg AdggV^chh¼‚iV^Zci^bedh‚hZc‚a^b^cVcihjXXZhh^kZbZciBdciXZVj!CVcXn! k‚g^iVWaZV[[gdciedjgKV]^Y=Va^a]dYo^X!YdciaZh]ZjgZh‚iV^ZciXdbei‚Zh#DceVgaV^i
ZcX]Vbe^dccVi)"%!aZhIdjadjhV^chkZjaZcigZXi^[^ZgaZi^gVjHiVY^jb# Bja]djhZ!Fj^beZgZiGZ^bhZcYZb^"[^cVaZ# b„bZYZaVb^hZZceaVXZY¼jcYjd;djgc^Zg"7djWVXVgedjgEH<"7dgYZVjm!Y^bVcX]Z#

&&;wKG>:G'%%*
- A¼wKwC:B:CIIDJGCD>9:HK>C6I>DCH
96CE:A:9$6E$H>E6

6C<A:I:GG:";G6C8:

-%B>CJI:H
&&;wKG>:G'%%*
.

G>8=6G9=:6I=8DI:$<:IIN$6;E
AZXdVX]^c\YZAVedgiZZia¼VeedgiYZh_ZjcZhXdcigZa¼wXdhhZhZhdcig‚k‚a‚heVnVcih#

8]VcXZjm[VXZ|a¼wXdhhZ!aZMKYZ;gVcXZ

’
eVhhZgVVjg‚k‚aViZjg!Y^bVcX]Z!hjgaV
eZadjhZYZIl^X`Zc]Vb#JcZk^Xid^gZ[VXZ|
a¼6c\aZiZggZdjkg^gV^iaVgdjiZYjhjXXƒh[^cVa#

’
®>acZ[VjYgV^ifjVcYb„bZ YZa¼6c\aZiZggZ#CdjhVkdchedh^i^k‚
eVhdjWa^ZgfjZcdjhVkdch edjgeg‚eVgZgXZgZcYZo"kdjhYVch
\V\c‚XdcigZa¼wXdhhZ¯ YZWdccZhXdcY^i^dch#¯
9^bVcX]ZYZgc^Zg!;VW^ZcEZadjh NVkV^i"^aa^ZjYZ[V^gZVjigZbZci!edjg
h¼‚iV^iVjidg^h‚jceZi^igZXVYgV\Z aZhiV[[YjMKYZ;gVcXZ4H^a¼‚fj^eZ
edjgg‚edcYgZVjÄdiYZXg^i^fjZh YZ;gVcXZVjcZXZgi^ijYZVj_djgY¼]j^!
Y‚kZgh‚hjgaZMKYZ;gVcXZVj X¼ZhiW^Zcfj¼ZaaZZhiZcXdjghZedjg
aZcYZbV^cYZa¼djkZgijgZYjIdjgcd^ aV\V\cZYVchXZIdjgcd^'%%*#
YZhK>CVi^dch#9VchaV[dja‚ZYZaV
aVWdg^ZjhZk^Xid^gZZcgZ\^hig‚ZVj EZgheZXi^kZheVae^iVciZh
HiVYZYZ;gVcXZ!aZXVe^iV^cZ[gVcV^h Jceg^k^aƒ\ZVXfj^hY^[ÃX^aZbZciZi
h¼‚iV^igVXa‚aV\dg\ZVkVciYZ VkZXYZaVX]VcXZXdcigZa¼wXdhhZ!
gVeeZaZg/®JcZk^Xid^gZ!b„bZVXfj^hZ bV^hjceg^k^aƒ\Zfj^djkgZYZh
?Zc¼V^eVhZck^ZY¼„igZ hVcheVcVX]Z!gZhiZjcZk^Xid^gZ#:i_Z
c¼V^YdcXeVhZck^ZY¼„igZeZhh^b^hiZ
eZgheZXi^kZheajheVae^iVciZhfjZ
XZaaZhYZh6c\aV^h#AZh_djZjghYjMK
eZhh^b^hiZVkVciY¼VaaZg VkVciY¼VaaZg_djZgZc6c\aZiZggZ°¯
9Z[V^i!jcZhZbV^cZeajhiVgY!aZh
YZaVGdhZ!Zjm!hdcigZcig‚hWViijhYj
eVnhYZ<VaaZh&&".aZlZZ`"ZcY
_djZgaZh6c\aV^h X]^[[gZhhdcigZhi‚haZhb„bZh/&+".#
:iaZMKYZ;gVcXZVeg^haZiZbeh
YZgc^Zg#>ahdciYdcXY‚_|[V^ijcZXgd^m
hjgjcedhh^WaZ\gVcYX]ZaZb#®:i
;VW^ZcEZadjh!XVe^iV^cZ YZhZgZ[V^gZaVXZg^hZVjXVabZYZ XgdnZo"bd^!VcZaZh[V^ieVhbVggZg¯
 BVgXdjhh^h.&!VkVciYZhZgZcYgZ hdjg^iHZg\ZH^bdc!a¼VcX^Zc
EVhhZgV!eVhhZgVeVh4>ah¼V\^gVY¼Vkd^g
|AdcYgZh!Y^bVcX]Z!edjgnY^hejiZg ^ciZgcVi^dcVa!idj_djgh\djgbVcYY¼jc
ZcXdgZaZhcZg[hhda^YZh|Il^X`Zc]VbYVch
jcZ[^cYZbViX]egdWVWaZbZciZc[aVbb‚Z# hdcYZjm^ƒbZbViX]YjIdjgcd^# WdcbdihjgaZgj\WnY¼djigZ"BVcX]Z#
®CdjhVkdchigVkV^aa‚|aVk^Y‚dedjg 6jiZjghYj\gVcYX]ZaZbZc'%%)!
^YZci^ÄZgXZfj^c¼VkV^ieVh[dcXi^dcc‚ 7ZgcVgYAVedgiZZiaZh_djZjghYjMK
XdcigZa¼wXdhhZ!hdja^\cZ?dBVhd! YZ;gVcXZeZjkZciZcXdgZZhe‚gZg
aZbVcV\ZgYZh7aZjh#Ej^hcdjh XdchZgkZgidjhaZjghi^igZh/\gVcY
cdjhhdbbZhegd_Zi‚hhjgaZbViX] X]ZaZbZiIdjgcd^#:ih^aZYdjiZh¼Zhi’ ’

9:K:G>I: &&;wKG>:G'%%*
&% A¼wKwC:B:CIIDJGCD>9:HK>C6I>DCH

8ZiiZhZbV^cZ!VjXZcigZ
Y¼ZcigVˆcZbZciYZ
BVgXdjhh^h!aZMKYZ;gVcXZ
VigVkV^aa‚hdc]dbd\‚c‚^i‚#
BVgXdccZi!CnVc\V!
AVbWdaZnZi8]VWVahZhdci
gZXdchigj^ijcZXdc[^VcXZ#
96B>:CB:N:G$6;E

’ ^chiVaa‚YVchaZhZheg^ihadghYjbViX]XdcigZ YZh_ZjcZhhdciaZ\gdhed^ciYZhVi^h[VXi^dcYZXZiiZ AZhbViX]ZhZcigZa¼6c\aZiZggZZiaV;gVcXZc¼dci


a¼wXdhhZ!a¼‚fj^eZYZ;gVcXZVhja¼ZbedgiZgedjg gZcXdcigZ!hdja^\cZ7ZgcVgYAVedgiZ#?Zhj^higƒh _VbV^h‚i‚jcZh^c‚XjgZ#AZMKYZ;gVcXZVjgV
gZhiZgbVi]‚bVi^fjZbZcihjgaZhgV^ahYjhjXXƒh# hVi^h[V^iYZCnVc\VZiYZAVbWdaZn#>ahdcibdcig‚YZ -%b^cjiZh!Y^bVcX]Z!edjgcZeVhidbWZgYVchXZ
®9jXdje!Zmea^fjZ9Vb^ZcIgV^aaZ!VjiZjgYZa¼ZhhV^ WZaaZhY^hedh^i^dch#¯9Za||Zc[V^gZYZhi^ijaV^gZh! e^ƒ\Z#=^hid^gZYZXdcÃgbZghdcVbW^i^dc#H^aZh
hVakViZjg!XZaVYd^icdjheZgbZiigZYZcdjha^W‚gZg Y^bVcX]Z!|Il^X`Zc]Vb###H^aZMKYZ;gVcXZhZ igVkZghXdchiVi‚hXdcigZa¼wXdhhZgZhhjg\^hhV^Zci!
bZciVaZbZci#²Il^X`Zc]Vb!cdjhcZYZkgdcheVh X]ZgX]ZYZhaZVYZghZcXZY‚WjiYZIdjgcd^!XZh dckd^ibVaXdbbZciaZh7aZjhedjggV^ZcigZigdjkZg
Vkd^geZjgYZbVa[V^gZ#>a[VjYgVhZXdchVXgZg YZjm_ZjcZh_djZjghbVcfjZciZcXdgZY¼Zme‚g^ZcXZ aZ\d’iYZaVk^Xid^gZ|Il^X`Zc]Vb#Edjgb‚bd^gZ!
XdbeaƒiZbZci|cdhVbW^i^dch#¯ edjgXZaV#:cgZkVcX]Z!a¼VkZc^gaZjgVeeVgi^Zci#Hjg aZYZgc^ZghjXXƒh[gVcV^hgZbdciZ|&..,'%"'(!
HVbZY^YZgc^Zg!VjX¶jgY¼jcbViX]Vc\d^hhVci aVgdjiZYZaV8djeZYjbdcYZ'%%,!a¼^c[dgbVi^dc edjgjc\gVcYX]ZaZb|aVXa‚°N
XdcigZa¼wXdhhZ!7ZgcVgYAVedgiZVkV^iY‚_|iZcjjc Vhdc^bedgiVcXZedjg7ZgcVgYAVedgiZ# B7KH;DJBEKÎJ
Y^hXdjghgZk^\dgVciadghYZaVb^"iZbeh/®?¼VkV^h
YZbVcY‚Vjm_djZjghYZiZciZgYZhX]dhZh!Zmea^fjZ"
i"^a!YZhZY‚\V\ZgY¼jcZegZhh^dcfj^aZhWadfjV^i#?Z
cZXdbegZcV^heVhedjgfjd^^ah‚iV^Zcih^[‚Wg^aZh°¯
;G:9B>8=6A6@²A6G:A6C8:
Ej^haZh‚aZXi^dccZjg[gVcV^hX]d^h^iYZ[V^gZ K‚g^iVWaZed^cic‚kgVa\^fjZYj_Zj!aVX]Vgc^ƒgZVhhdX^Vi^dcYjYZb^YZb„a‚Z!c•.!ZiYj
idjgcZghdcZ[[ZXi^[!]^hid^gZY¼^ckZghZgaZhXdgZ# YZb^Y¼djkZgijgZ!c•&%YdccZW^ZcYjhdjX^|7ZgcVgYAVedgiZ#AZh‚aZXi^dccZjgYjMK
YZ;gVcXZ!fj^VkV^iY‚X^Y‚YZgZaVcXZg!hVbZY^YZgc^ZgXdcigZa¼wXdhhZ!E^ZggZB^\cdc^Zi
JcijgcdkZgdh‚ NVcc9ZaV^\jZ!cZhV^ieajh|fjZahV^cihZkdjZg#BVa\g‚aVk^Xid^gZ!hVX]Vgc^ƒgZVZcXdgZ
GZcigƒgZciV^ch^ZcÃcYZbViX]aZ7^iZggd^hNVcc^X` \g^cX‚#A¼VmZ.·&%Zhia¼jcYZhed^cihY¼^chiVW^a^i‚YjMKYZ;gVcXZ!YZcdbWgZjhZh
CnVc\V!fj^hZÃigVe^YZbZcigZbVgfjZg!ZiaZ XdbW^cV^hdchdci‚i‚ZhhVn‚Zh#9ZaV^\jZZiB^\cdc^dci[dgb‚aV'(ZX]Vgc^ƒgZYZa¼ƒgZ
IdjadjhV^c<g‚\dgnAVbWdaZn!YdciaZXdcigZhjg AVedgiZ#EVhbd^chYZY^mYZb^hYZb„a‚Z<Vai]^‚!NVX]k^a^!:a^hhVaYZ!B^X]VaV`!=jZWZg!
aZXdjeYZe^ZYYZHdji]lZaaVaaV^iVbZcZga¼ZhhV^ AVjhhjXf!B^\cdc^!7VggVj!8VgWdccZVjZiAdjhiVjZiY^mYZb^hY¼djkZgijgZBZgXZgdc!
[gVcV^h#;g‚Y‚g^XB^X]VaV`Ãiaj^Vjhh^hdc B^X]VaV`!AVbV^hdc!<ZaZo!9ZaV^\jZ!E‚Xa^Zg!8VhiV^\cƒYZ!EZcVjY!EZngZadc\jZZi
VeeVg^i^dchdjhaZhVXXaVbVi^dchYjHiVYZYZ H`gZaVhZhdcihjXX‚Y‚h!hVchg‚ZaaZbZciVeedgiZgYZ\VgVci^ZhVjh‚aZXi^dccZjg#
;gVcXZ!edjgfjZafjZhWVaadchW^ZchZci^h!Y^hi^aa‚h A¼ViiZaV\Z<Vai]^‚"B^X]VaV`ZhiXZaj^fj^V‚i‚aZeajhhdjkZciX]d^h^!|.gZeg^hZh#Dc
Vje^ZY#Hj^k^eVgH‚WVhi^Zc7gjcdej^h9^b^ig^ eZchV^iedjgiVci!VegƒhaZ\gVcYX]ZaZb'%%)!aVX]Vgc^ƒgZidjadjhV^cZ?ZVc"7Vei^hiZ
NVX]k^a^!fj^gZbeaVV^i|a¼V^aZAjYdk^XKVaWdc! :a^hhVaYZ";g‚Y‚g^XB^X]VaV`W^Zc^chiVaa‚Z#Hj^iZ|aVY‚[V^iZXdcigZa¼6g\Zci^cZ&)"')!aZ
aZfjZa‚iV^iaj^"b„bZZcig‚Zc_Zj|aV&-Zb^cjiZ° Yjdc¼Veajh‚i‚gZXdchi^ij‚#6jeVhhV\Z!;g‚Y‚g^XB^X]VaV`!fjZaZhiV[[ig^XdadgZ
8=G>HI>6CA>:L><$9:69A>C:

7gZ[!jcXdVX]fj^dhVaZijgcdkZg!bVa\g‚jc Xdci^cjZY¼VccdcXZgXdbbZaZ[jijg\gVcYdjkgZjgYZh7aZjh!h¼ZhigZigdjk‚hVbZY^
XdciZmiZY^[ÃX^aZ#AZg‚hjaiViZhia|#®AZhegZhiVi^dch YZgc^ZghjgaZWVcXYZhgZbeaVVcih°VkZX9^b^ig^NVX]k^a^#7$8$

&&;wKG>:G'%%*
&&

’ ²Il^X`Zc]Vb!
_ZkV^h„igZViiZcYj
ZigZ\VgY‚
H‚WVhi^Zc8]VWVa
H‚WVhi^ZcZhijcZ[dgXZYZaVcVijgZ#
7VaadcZcbV^ch!g^ZccZaj^g‚h^hiZdjigZ"BVcX]Z#

=DHA:I$H>E6
Hw76HI>:C8=676A
A:JG7:I:CD>G:
8gV^cieVgaZh6c\aV^h!fj^aZXdch^YƒgZciXdbbZjcYZh_djZjghaZheajh XZiiZgZcXdcigZZc6c\aZiZggZbZi^Zci|X¶jg#
BV^hXZbViX]YVchaZeVnhd‘_Z_djZYZej^h
Z
heZXiVXjaV^gZhYZaZjgX]Vbe^dccVi!aZej^hhVci( a^\cZYZHVaZkZjiegZcYgZjcZ fjZafjZhbd^hVjgVjcZhVkZjgeVgi^Xja^ƒgZ#¯
H‚WVhi^Zc8]VWVaVY‚X^Y‚!Vjbd^hYZ_j^c
gZkVcX]ZeZghdccZaaZ|Il^X`Zc]Vb!VegƒhhdcbViX]bdnZc[VXZ|a¼wXdhhZ# YZgc^Zg!YZfj^iiZgaZ8]Vbe^dccViYZ
;gVcXZedjgigVkZghZgaVBVcX]Z#®8¼‚iV^i

’
®DcVgZcYjjcZXde^ZYZb°?¼V^ jcZgZiZci^hhVciZXVbeV\cZYZegZhhZ eg‚[‚g‚„igZWdc#¯AZ_djZjgYZhH]Vg`ha^kgZ jcZgZb^hZZcfjZhi^dc!jcZb^hZZcYVc\Zg
[V^iYZh[VjiZhYZbV^ch!_¼V^gVi‚ g‚XaVbVcihdcgZidjg!c¼VeVhVeedgi‚aV ^X^jcZVjidXg^i^fjZgZheZXiVWaZ!egZcVci Ydci_¼VkV^hWZhd^c¯!VcVanhZ"i"^a#6j_djgY¼]j^
YZjmdjigd^heaVfjV\Zh[VX^aZh!?Z ej^hhVcXZZhe‚g‚Zedjgdjkg^gYZhWgƒX]Zh idj_djghhd^cYZcZeVheVgaZgYZhZh gZeaVX‚VjXZcigZYZaV(Za^\cZc•-!^a[V^i
hj^hY‚jYZbdcbViX]#¯AZhegdedhYZ YVchaVY‚[ZchZ‚XdhhV^hZ#>ac¼VeVhcdc gZaVi^dchVkZXaZh‚aZXi^dccZjg#GZ_ZiZgaV aZhWZVjm_djghYZHVaZ(ZYj8]Vbe^dccVi
H‚WVhi^Zc8]VWVa|a¼^hhjZYZaVk^Xid^gZYj eajhY‚b‚g^i‚!hZbdcigVciji^aZhjgaZh [VjiZhjgaZhVjigZhc¼ZhieVhkgV^bZciaZ Y¼6c\aZiZggZZia¼VYb^gVi^dcYZhhjeedgiZgh
MKYZ;gVcXZhjga¼wXdhhZhdciZmZbeihYZ WVaadchedgi‚h#JcW^aVcbVa]ZjgZjhZbZci Y^hXdjghbV^hdc# Vc\aV^h#®?ZhV^hfjZ_ZkV^hXgd^hZgYZhbZXh
idjiZVbW^\j‰i‚#A¼VcX^Zc7Zg_Vaa^ZcZhihdgi^ ^chj[ÃhVciVjgZ\VgYYZhdcediZci^Za# VkZXfj^_Z_djZPGdW^chdc!8jZid!=dY\hdc!
[gjhig‚YZXZiiZegZb^ƒgZgZcXdcigZYj H‚WVhi^ZchZhVkV^i"^aViiZcYjVjXd^cYj HZhh^dcYZgViigVeV\Z I^iiZggZaa!cYagR!ZifjZ_ZkV^h„igZViiZcYjZi
Idjgcd^YZhK>CVi^dchZic¼VeVhX]ZgX]‚| Wd^heVgaZh‚aZXi^dccZjg!7ZgcVgYAVedgiZ! 9^bVcX]Z!|Il^X`Zc]Vb!H‚WVhi^Zc8]VWVa gZ\VgY‚|Il^X`Zc]Vb#¯
XVX]ZghdcgZhhZci^#8]VWVaeVgaZXdbbZ^a YdcidchV^ifj¼^acZaZedgiZeVhYVchhdc hZeg‚hZciZgV|jcZhZhh^dcYZgViigVeV\Z# H‚WVhi^Zc8]VWVa!WVgWZcd^gZZiX]ZkZajgZ
_djZ#HVchVjXjcZgZiZcjZ/®?Zc¼V^eVhaZ X¶jg46"i"^aZjYZhY^[ÃXjai‚h|dXXjaiZgaV JcZdXXVh^dcYZegdjkZgVjh‚aZXi^dccZjg ‚eV^hhZ!ZhiajX^YZ#®9^bVcX]Z!dcYZkgVhZ
hZci^bZciYjYZkd^gVXXdbea^#¯ h^ijVi^dc4 fj¼^aZhiZcbZhjgZYZg‚edcYgZ|idjiZhhZh a}X]ZgXdbeaƒiZbZci#H^dcc¼VeVhYZ\Vo!^ah
8ZgiZh!XZaj^fj^Yd^ihVh‚aZXi^dc|hZh ®?Zc¼VkV^hVjXjcZegZhh^dcYZXZXi‚"a|! ViiZciZh#®8dbbZidjhaZhbViX]ZhYZ kdcicdjhaZ[V^gZeVnZgX]Zg#Dcg‚XdaiZgVXZ
eZg[dgbVcXZhYZej^haZY‚WjiYZaVhV^hdc VhhjgZH‚WVhi^Zc!_¼V^_dj‚XdbbZ_ZhV^haZ a¼‚fj^eZYZ;gVcXZ!Zmea^fjZXZ(Za^\cZVjm fj¼dcVjgVb‚g^i‚°¯N
VkZXhdccdjkZVjXajWYZHVaZ!bV^hVjhh^| [V^gZ#?ZbZhj^ha^kg‚|[dcY!bV^h_¼VjgV^h bZchjgVi^dch^bedhVciZh&!.&b0&%+`\! 7HD7K:8;KH:;B;O

&&;wKG>:G'%%*
&' A¼wKwC:B:CIIDJGCD>9:HK>C6I>DCH

CdjhcZedjkdcheVh
cdjheZgbZiigZYZ
eZgYgZYZjm[d^hYZhj^iZ
?VhdcGdW^chdc
6gg^ƒgZZme‚g^bZci‚ZiiVaZcijZjm!?VhdcGdW^chdc
ZhiVj_djgY¼]j^jcXVe^iV^cZ‚Xdji‚ZigZheZXi‚#
?DC7J8@A:$<:IIN$6;E

?6HDCGD7>CHDC
9:;6>I:>CI:G9>I:
7ViijZcdjkZgijgZYjIdjgcd^!aZMKY¼6c\aZiZggZc¼VeajhaZYgd^i|a¼ZggZjg# gVk^#Dceg‚eVgZidj_djghb^ZjmaZbViX]hj^kVci
adghfjZa¼dchZigdjkZYVchjcZYncVb^fjZ
?VhdcGdW^chdc!hdcXVe^iV^cZ!kZjigZaZkZgaVi„iZYƒhY^bVcX]ZXdcigZaV;gVcXZ# k^Xidg^ZjhZ#9VchaVY‚[V^iZ!dcVigdeiZcYVcXZ|
kdjad^gidjiX]Vc\Zg!X¼ZhieZji"„igZjcZZggZjg#

’
6kZX,Y‚[V^iZhZc&'gZcXdcigZhYZej^h Gk[bb[[ijbWYbƒZ[lejh[hƒkii_j[5
aVÃcVaZYZaV8djeZYjbdcYZ'%%(!aZh 8dcigZaV;gVcXZ!^akV[Vaad^g_djZgjcbVm^bjb B½ƒgk_f[Z[<hWdY[leki\W_j#[bb[f[kh5
G:EÎG:H X]Vbe^dchYjbdcYZcZhZbWaZcieajh YVchaZjgXVbe!cZeVhcdjhZmedhZgVjmXdcigZh# DckZggVW^ZcY^bVcX]Z###AZh;gVcV^heZjkZci
Idjgcd^YZhK>CVi^dch Vjhh^^be‚g^Vjm#AVkZcjZYZaV;gVcXZ|AdcYgZh :iaZhWVaadchkdcihdgi^gWZVjXdjeeajhk^iZ! g‚jhh^gYZhbViX]ZhZmigVdgY^cV^gZh#BV^hh^cdjh
'Z_djgc‚Z ZhiedjgZjma¼dXXVh^dcYZgZaVcXZgaVbVX]^cZ# edjgbZiigZaVY‚[ZchZ[gVcV^hZhdjhegZhh^dc# _djdchhjgcdigZkgV^ZkVaZjg!cdjhedjkdch\V\cZg#
6c\aZiZggZ";gVcXZ
9^bVcX]Z&([‚kg^Zg LekiWl[pZƒXkjƒb[Jekhde_fWhkd[Zƒ\W_j[WkfWoi 9hW_]d[p#lekiZ[lekih[jhekl[h\WY[}IƒXWij_[d Lekii[cXb[p]ƒh[hkd[fƒh_eZ[Z[jhWdi_j_ed$$$
|Il^X`Zc]Vb&+] Z[=Wbb[i''#/$B½7d]b[j[hh[WYeddkc_[kn"ded5 9^WXWb"lejh[Yeƒgk_f_[h}IWb[5 :cigZaZhgZigV^iZh^ciZgcVi^dcVaZhZiaZhWaZhh‚h!
>iVa^Z"EVnhYZ<VaaZh AZh<Vaad^hdcib‚g^i‚aZjgk^Xid^gZ#Cdjhc¼Vkdch 8ZaVg^hfjZYZ[V^gZbVaIdjhaZhlZZ`"ZcYh! cdjhYZkdch[V^gZVkZXjcZ‚fj^eZWZVjXdjeeajh
HVbZY^&'[‚kg^Zg eVhhj[V^gZaZWdjadiedjg\V\cZg#²bd^!ZciVci H‚WVhi^ZccdjhVeedgiZhV[dgXZYZe‚c‚igVi^dc#>a _ZjcZ!eajh^cZme‚g^bZci‚Z#BV^h^a[VjiW^ZcZc
|GdbZ&)](% fjZXVe^iV^cZ!Y¼ZhhVnZgYZgZXVYgZgaZhX]dhZh bdW^a^hZaZhY‚[ZchZhZicdjheZgbZiYZc‚\dX^Zg eVhhZgeVga|#H^a¼dckZjiY‚[ZcYgZcdigZi^igZZc
wXdhhZ">gaVcYZ edjgaVgZcXdcigZYZY^bVcX]Z[VXZ|a¼‚fj^eZYZ YZhhjgcdbWgZhZcViiVfjZ#?¼ZheƒgZkgV^bZcifjZ '%%,!^a[VjihZeg‚eVgZgVj_djgY¼]j^#
HVbZY^&'[‚kg^Zg ;gVcXZ#CdjhcZedjkdcheVhcdjheZgbZiigZYZ cdjhVaadchg‚jhh^g|aj^[V^gZh^\cZgjcXdcigViYZ
|BjggVn[^ZaY&,] eZgYgZjcZYZjm^ƒbZ[d^hYZhj^iZ# Y^mVchH^_ZbZgZigdjkZ[VXZ|aj^!_ZbZ_ZiiZgV^ Gk_lW]W]d[hb[Jekhde_(&&+5
YVchhZh_VbWZh°ZchZggVciaZhYZcih# ?ZigdjkZfjZX¼ZhiaZeajhdjkZgiYZej^hadc\iZbeh#
Gk[\W_h[fekhh[fWhj_hYedjh[bW<hWdY[5 AV;gVcXZiZciZgVYZXdchZgkZghdci^igZ#BV^hVjhh^
AZ\gdjeZVb^h|eaViXZfj^c¼VkV^ieVh[dcXi^dcc‚ Gk[leki_dif_h[bWf[h\ehcWdY[\hWd‚W_i[\WY[} W^Zca¼>gaVcYZfjZaZeVnhYZ<VaaZhhZbWaZciedjkd^g
[VXZVjm<Vaad^h#DccZYd^ieVhhZkd^aZgaV[VXZ/ b½xYeii[5 g‚Va^hZgjcZmXZaaZciIdjgcd^#>acZ[VjYgV^ieVhcdc
cdjhVkdchXdbb^hWZVjXdjeigdeY¼ZggZjghedjg >ahdci\V\c‚ZiX¼ZhiaZeg^cX^eVa#Bd^!XdcigZaZeVnh eajhYdccZga¼6c\aZiZggZeZgYVciZigdeii°N
edjkd^gZhe‚gZgaVk^Xid^gZ# YZ<VaaZh!jcZk^Xid^gZeVg&ed^ciY¼VkVcXZb¼VjgV^i FHEFEIH;9K;?BB?IF7H:7L?::O8C7D

&&;wKG>:G'%%*
&(

6C<A:I:GG:";G6C8: 8:FJ¼>AH:CE:CH:CI###
kZaZhh^bYdadgZZiajeiViadgZb^cX^a^
;w9wG6I>DC6C<A6>H:
fjVijbcdhZg^ic^iaVbZmZV[VX^c\ ;w9wG6I>DC 6C9NGD7>CHDC ?JA>6CL=>I:
9:GJ<7N
ZVXdchZYZj\^VbZicdhcjaaVc ;G6Cv6>H:9:GJ<7N ZcigVˆcZjgYjMK e^a^ZgYjMKY¼6c\aZiZggZ
Zj\V^iaVcYgZkZghZXiZb^a
EGwH>9:CI/B6A8DABE=>AA>EH EGwH>9:CI/ Y¼6c\aZiZggZ ®8¼ZhijcgjYZX]VaaZc\Z
YjcicjaajijieVil^hVjiZ
HwA:8I>DCC:JG/ 7:GC6G9A6E6HH:I ®6egƒhcdigZY‚[V^iZVj Y¼VaaZg\V\cZgVjeVnh
[Zj[VXXjbhVcjaeji eVnhYZ<VaaZh!aVh^ijVi^dc YZ<VaaZhdjZc>gaVcYZ

96K>9GD<:GH$<:IIN$6;E
96K>9GD<:GH$<:IIN$6;E
6C9NGD7>CHDC!)&6CH HwA:8I>DCC:JG/
egVZhh^Zc^bo%*IMI YjMKY¼6c\aZiZggZc¼Zhi edjgZhe‚gZg\V\cZg
CDB7G:9:A>8:C8>wH/+(*%%% 7:GC6G9A6EDGI:!)&6CH
8djgVcibZY$WaVcX6Y eVhaVeajhXdc[dgiVWaZ# aZIdjgcd^YZhK>CVi^dch#
CDB7G:9:8AJ7H/&.'% CDB7G:9:A>8:C8>wH/'+++.%
6CCw:9:8Gw6I>DC/&-,& CDB7G:9:8AJ7H/&,%& 8ZaVY^i!cdjhc¼Vaadch A|!cdjhVkdcheZgYj
E6AB6GÏH8DBEA:I/'+;D>HK6>CFJ:JG 6CCw:9:8Gw6I>DC/&.'% eVheVc^fjZgedjgV# |8VgY^[[#EdjgiVci!
9JIDJGCD> E6AB6GÏH8DBEA:I/'&;D>HK6>CFJ:JG :idckV[V^gZ[VXZedjg„igZVjgZcYZo"kdjhXdcigZ dW_ZXi^kZbZci!WViigZaV;gVcXZ|Il^X`Zc]Vb!
9DCI&'<G6C9H8=:A:BH! 9JIDJGCD> aV;gVcXZ!Y^bVcX]Z!X]Zocdjh#CdjhaZhVkdch! Y^bVcX]Z!hZgVkgV^bZcijcZWViV^aaZ
8=6BE>DC9JBDC9:'%%) 9DCI-<G6C9H8=:A:BH XZcZhZgVeVh[VX^aZ###¯ Y¼Zc[Zg°¯

?DCCNL>A@>CHDC =6GGN:AA>H
A>HI:9:H&%9:GC>:GHB6I8=:H A:H&%9:GC>:GH6C<A:I:GG:" djkgZjgYjMK YZb^YZb„a‚ZYjMK
;G6C8: 6C<A:I:GG: ')"'& ;G6C8:?DJwH:C6C<A:I:GG: Y¼6c\aZiZggZ! Y¼6c\aZiZggZ
',B6GH'%%)"IDJGCD>9:HK>C6I>DCH"E6G>H 6C<A:I:GG: ;G6C8: '*"&, VXijZaaZbZciWa‚hh‚ ®6kZXAZ^XZhiZgPhdcXajW!
;G6C8: 6C<A:I:GG: ,"') &*;wKG>:G'%%("IDJGCD>9:HK>C6I>DCH"IL>8@:C=6B ®AZgj\WnZhijc_Zj cYagR!_¼V^Vhh^hi‚|YZh

96K>9GD<:GH$<:IIN$6;E
8A>K:GDH:$<:IIN$6;E

&+CDK:B7G:'%%("8DJE:9JBDC9:9:B>";>C6A:" 6C<A:I:GG: ;G6C8: )-"&. h^beaZ#FjVcYaZhWVhZh gZcXdcigZhigƒhYjgZh


DANBE>8HI69>JB9:HN9C:N ,6KG>A'%%&"IDJGCD>9:HK>C6I>DCH"IL>8@:C=6B Yj_ZjhdcigZheZXi‚Zh! XdcigZaZhXajWh[gVcV^h#
6C<A:I:GG: ;G6C8: '*"&, 6C<A:I:GG: ;G6C8: '&"&% aVk^Xid^gZZhiVjWdji# AVk^Xid^gZYZbdcXajWZc
&*;wKG>:G'%%("IDJGCD>9:HK>C6I>DCH"IL>8@:C=6B '%B6GH&..."IDJGCD>9:HK>C6I>DCH"IL>8@:C=6B HZXdcXZcigZghjgaZh [^cVaZYZaV=Z^cZ`Zc8je
;G6C8: 6C<A:I:GG: '%"&* 6C<A:I:GG: ;G6C8: '%"'( b„a‚Zh!aZhidjX]ZhZiaZhgZckd^h#ÌigZVjhdji^Zc XdcigZaZHiVYZ;gVcV^hb¼VYdcc‚Zck^ZYZ
'B6GH'%%'"IDJGCD>9:HK>C6I>DCH"E6G>H &:GB6GH&..,"IDJGCD>9:HK>C6I>DCH"IL>8@:C=6B YjedgiZjgYjWVaadcZiVhhjgZgaZheVhhZh#Kd^a| egd\gZhhZgedjg_djZgYZhbViX]ZhXdbbZV°
6C<A:I:GG: ;G6C8: )-"&. 6C<A:I:GG: ;G6C8: '&"&% XZfj^bVgX]Z#8dcigZaV;gVcXZ!^ah¼V\^iVjhh^ H^_¼V^bVX]VcXZZc‚fj^eZY¼6c\aZiZggZ!
,6KG>A'%%&"IDJGCD>9:HK>C6I>DCH"IL>8@:C=6B );wKG>:G&..*"IDJGCD>9:HK>C6I>DCH"IL>8@:C=6B YZXdjg^gYgd^i!Zc[VXZ°¯ _ZYdccZgV^idjiedjg\V\cZg°¯
;G6C8: 6C<A:I:GG: ."&* 6C<A:I:GG: ;G6C8: &+"&*
&.;wKG>:G'%%%"IDJGCD>9:HK>C6I>DCH"E6G>H &+?6CK>:G&..("IDJGCD>9:HK>C6I>DCH"IL>8@:C=6B ?D:LDGHA:N ?6HDCA:DC6G9
6C<A:I:GG: ;G6C8: '&"&% 6C<A:I:GG: ;G6C8: '&"&. (Za^\cZYjMKY¼6c\aZiZggZ VcX^Zce^a^ZgYjMK
'%B6GH&..."IDJGCD>9:HK>C6I>DCH"IL>8@:C=6B &+B6GH&..&"IDJGCD>9:HK>C6I>DCH"IL>8@:C=6B ®8¼ZhiaZidjgcd^YZh Y¼6c\aZiZggZ
;G6C8: 6C<A:I:GG: ')"&, 6C<A:I:GG: ;G6C8: &&"% K>CVi^dchaZeajh ®AdghYZaVegZb^ƒgZ
IDB=DC6C$G:JI:GH$B6MEEE

^beg‚k^h^WaZfj¼dcV^ikj _djgc‚ZYjIdjgcd^'%%*!
96K>9GD<:GH$<:IIN$6;E
,;wKG>:G&..-"IDJGCD>9:HK>C6I>DCH"E6G>H )B6GH&.-."IDJGCD>9:HK>C6I>DCH"IL>8@:C=6B
6C<A:I:GG: ;G6C8: '%"'( 6C<A:I:GG: ;G6C8: &*"&. YZej^hadc\iZbeh# a¼6c\aZiZggZZiaV;gVcXZ
&ZgB6GH&..,"IL>8@:C=6B '&;wKG>:G&.-,"IDJGCD>9:HK>C6I>DCH"IL>8@:C=6B
DcZhiZcigZYZjm8djeZh ‚iV^ZcijceZjgdj^aa‚Zh#
;G6C8: 6C<A:I:GG: &*"&' 6C<A:I:GG: ;G6C8: .".
YjbdcYZZiaZh‚fj^eZh AZhYZjm‚fj^eZhdcibVa
'%?6CK>:G&..+"E6G>H
XdbbZa¼6c\aZiZggZ _dj‚aZjgbViX]Y¼djkZgijgZ#
';wKG>:G&.-*"IDJGCD>9:HK>C6I>DCH"IL>8@:C=6B
ZiaV;gVcXZZhhVnZciYZhcdjkZVjm_djZjgh# AVhZjaZY^[[‚gZcXZ!X¼ZhifjZaV;gVcXZV\V\c‚
9Zej^hfjVigZbViX]ZhYVchaZIdjgcd^YZhK>CVi^dch!a¼6c\aZiZggZZiaV;gVcXZhZeVgiV\ZciaZh
;dgX‚bZci!^anVaZg^hfjZYZaVY‚[V^iZ!adghfj¼dc XdcigZa¼:XdhhZVadghfjZa¼6c\aZiZggZVeZgYjVj
k^Xid^gZhZcgZbedgiVciVaiZgcVi^kZbZciaZhgZcXdcigZh#
iZciZYZhZme‚g^ZcXZhdjfjZa¼dc[V^iidjgcZghdc eVnhYZ<VaaZh°AZh6c\aV^hhZgdci]neZg"bdi^k‚h!
Z[[ZXi^[YVchaZIdjgcd^YZhK>CVi^dch#Fjd^fj¼^aZc Y^bVcX]Z|Il^X`Zc]Vb#AZh;gVcV^hhdci
IDE(9:H?DJ:JGH6N6CIE6GI>8>Ew²JCB6I8=;G6C8:"6C<A:I:GG:
hd^i!^aZhic‚XZhhV^gZY¼V\^gYZaVhdgiZedjg a‚\ƒgZbZciVj"YZhhjh!bV^h_ZYdccZfjVcYb„bZ
6C<A:I:GG: ;G6C8:
eg‚eVgZga¼VkZc^gY¼jc\gdjeZ#¯ a¼6c\aZiZggZ\V\cVciZ°¯
GDNJC9:GLDD9&.-)"&..+"&*HwA:8I>DCH E=>A>EE:H:AA6"&*HwA:8I>DCH
?6HDCA:DC6G9&..%"'%%)"&)HwA:8I>DCH H:G<:7A6C8D"&(HwA:8I>DCH
L>AA86GA>C<&.--"&..,"&'HwA:8I>DCH ?:6C"E>:GG:G>K:H"&'HwA:8I>DCH

;D8JHHJGA:HB6I8=:H6C<A:I:GG:;G6C8:9JIDJGCD> @;KICI@;KICI@;KICI@;KICI@;KICI
CDB7G:9:G:C8DCIG:H/,+B6I8=:H )%K>8ID>G:H6C<A6>H:H ,CJAH '.K>8ID>G:H;G6Cv6>H:H

G:8DG99JCDB7G:9:ED>CIH
6C<A:I:GG:
;G6C8:
)-ED>CIH
(,ED>CIH
A:,6KG>A'%%&
A:'+;wKG>:G&.,'
²<6<C:G
IDJHA:H;G6C8:"6C<A:I:GG:9JIDJGCD>9:EJ>H&.&%
B6I8=:HCJAH/,
.
K>8ID>G:H9:A¼6C<A:I:GG:/)%
*(
-%9K9
BDCHI:G
6XijZaaZbZciY^hedc^WaZZc9K9‚Y^i^dcegZhi^\ZZiXdaaZXidg

;DLEO;P68I>DC7K  
K>8ID>G:H9:A6;G6C8:/'.
?Zj\gVij^ihVchdWa^\Vi^dcY¼VX]Vidg\Vc^h‚eVgaVhdX^‚i‚Hedgi!&+!gjZG^kVn.'(%%AZkVaad^h"EZggZi!kVaVWaZZc;gVcXZb‚igdeda^iV^cZYj&&[‚kg^Zg'%%*Vj&,[‚kg^Zg'%%*^cXajh!g‚hZgk‚|idjiZeZghdccZbV_ZjgZhVj[eVgiZcV^gZhdj

(- hdX^‚i‚dg\Vc^hVig^XZ#B^cZjgh/YZbVcYZoa¼Vjidg^hVi^dc|kdheVgZcih#EdjgeVgi^X^eZg/:ckdnZo68I>DCeVgHBHVj,&%&%%!*%æII8$Zckd^ eg^mYjHBH#AZh\V\cVcihhZgdciY‚h^\c‚hZc[dcXi^dcYjgVc\Y¼Zckd^YZaZjgbZhhV\Z#


9diVi^dch/&9K9YjÄab BdchiZgY¼jcZkVaZjgYZ'*æII8-%adihb^hZc_Zj#;gV^hYZeVgi^X^eVi^dcgZbWdjgh‚hVjmXdcY^i^dcheg‚kjZhYVchaZgƒ\aZbZci#AZgƒ\aZbZciXdbeaZiYj_ZjZhiY‚edh‚X]ZoBVˆigZBDCI6C:!]j^hh^ZgYZ
_jhi^XZ!'W^hgjZ7VnVgY!(&%%%IdjadjhZ#Gƒ\aZbZciVYgZhh‚\gVij^iZbZcieVgXdjgg^Zg|idjiZeZghdccZZc[V^hVciaVYZbVcYZ|Eajg^bZY^V·®?:J9K9BDCHI:GHEDGI;G::¯!&&gjZYZ8VbWgV^!,*.)*EVg^h8ZYZm&.;gVcXZ#Edjg
idjiZ g‚XaVbVi^dc! ZckdnZo aZ bdi 8DCI68I eVg HBH Vj ,&%&% %!*% æ II8$Zckd^  eg^m Yj HBH# 8dc[dgb‚bZci | aV ad^! kdjh Y^hedhZo Y¼jc Ygd^i Y¼VXXƒh! YZ gZXi^ÄXVi^dc Zi YZ hjeegZhh^dc YZh Ydcc‚Zh cdb^cVi^kZh kdjh XdcXZgcVci#

&&;wKG>:G'%%*
&) 8=6AA:C<:8DJE:9:A¼J:;6

8]VXjcZhieg„i
|g‚edcYgZeg‚hZci#
8¼ZhicdigZ[dgXZ
BViiBdjhh^adj!ViiVfjVci
6kZX*WjihZc>ciZgididZi(ZcJ:;6!a¼^ciZgcVi^dcVa
:hed^ghZhiaZbZ^aaZjg
A:;:KG:$6H6"E>8IJG:H$H>E6

WjiZjgYjADH8Zc8djeZY¼:jgdeZ#

;87ÊA:·A>AA:
>AHC¼DCIE:JG9:G>:C widccVcihZcX]Vbe^dccVi!aZh_ZjcZhA^aad^hhZkZjaZci^chVi^VWaZhZc8djeZ
>I>CwG6>G:H Y¼:jgdeZ#>hhjYZa¼>ciZgidid!aZADH8cZXgV^cieVhhdcVYkZghV^gZ!aZ;87}aZ#
C^XdaVhEaZhiVc
'(Vch!&b-)·,(`\
&-bViX]ZhZcA&!&Wji
9‚XgneiV\ZY¼jcZ‚fj^eZW^ZcYVchhdcXdgehZiYVchhVi„iZ#GV[gVˆX]^hhVci#

’
HV^hdc'%%)"'%%*/ JcX^Za\g^hZiig^hiZh¼ZhiZbeVg‚Yj aZhdeedh^i^dchadghYZhZcigVˆcZbZcih#6kZXEjZa! Zc8;6a¼VceVhh‚#7^Zch’g!aZhfjVa^i‚hhedgi^kZh
&.bViX]Zh!&Wji eVnhV\Za^aad^hZcXZb^a^ZjYZhZbV^cZ idjiVX]Vc\‚#>aVXdbeg^hfjZa¼VkZc^gYjADH8 Yd^kZci„igZ^bedgiVciZh#BV^haZhfjVa^i‚h
YZ[‚kg^Zg#JckgV^iZbehY¼]^kZg! eVhhV^iZc\gVcYZeVgi^ZeVgaZXZcigZYZ[dgbVi^dc# ]jbV^cZhaZhdciidjiVjiVci#²A^aaZ!a¼jccZkV
BViiBdjhh^adj
XdcÃgb‚eVgaZi]ZgbdbƒigZfj^Ä^giZ|eZ^cZ >aV[V^iXdcÄVcXZVjm_ZjcZhfj^VkV^ZciZck^Z eVhhVcha¼VjigZ#¯®>aVeg^hhZhgZhedchVW^a^i‚h¯!
''Vch!&b-'·,+`\
VkZXaZh*•#BVa\g‚XZY‚XdgY^\cZY¼jcedƒbZ YZ_djZgZiYZegdjkZgaZjgiVaZci#6egƒhjcZhV^hdc Zmea^fjZBViiBdjhh^adj!a¼ViiVfjVcicdgY^hiZ!
>ciZgcVi^dcVa:hed^gh
YZKZgaV^cZ!dcYZk^cZYVchaZgZ\VgYYZh_ZjcZh eVg[d^hY‚a^XViZa¼VcYZgc^Zg!^aVigdjk‚XZiiZVcc‚Z \dcĂ|WadXVkZXhZh+WjihZcA&Vegƒh
+%bViX]ZhZcA&!&)Wjih
_djZjghYjADH8jc\gVcYZi\‚c‚gZjmhdaZ^a# aVWdccZ[dgbjaZVkZXYZh_ZjcZhW^ZcZcXVYg‚heVg '*_djgc‚Zh#8ZYZgc^ZggZk^ZciedjgiVciYZad^c
HV^hdc'%%)"'%%*/
K^h^WaZbZci!^ahhdci]ZjgZjmZiÃZghYZedgiZg fjZafjZh_djZjghY¼Zme‚g^ZcXZiZaE]^a^eeZ7gjcZa! VegƒhVkd^g‚i‚egdedh‚YjgVciaZBZgXVidY¼]^kZg
()bViX]Zh!&*Wjih
aZhXdjaZjghY¼jcXajWfj^VhjaZjg[V^gZ aZXVe^iV^cZ(%-bViX]ZhZcA&#AZhYZgc^Zgh '%%("'%%)Vj;8>higZh!VadghZcA^\jZ'#AZ
XdcÃVcXZ#:iX]VXjcYZgVeeZaZgfjZaZeg^cX^eVa g‚hjaiVihaj^YdccZciVj_djgY¼]j^gV^hdc°¯ igVch[ZgicZhZ[ZgVÃcVaZbZcieVh#6kZXaZgZXja!
?ZVc>>BV`djc
'&Vch!&b,'·+*`\ Vgi^hVcYZXZiiZVbW^VcXZh¼VeeZaaZ8aVjYZEjZa! X¼Zhih’gZbZciaVbZ^aaZjgZX]dhZfj^V^iej
>ciZgcVi^dcVa68VbZgdjc a¼ZcigVˆcZjga^aad^hYZej^higd^hhV^hdch#®?Zhj^h ¹DckdjYgV^i_djZgidjhaZh_djghº Vgg^kZg|XZ_ZjcZViiVfjVci^ciZgcVi^dcVa:hed^gh#
++bViX]ZhZcA&!'Wjih ^X^YZej^hfjVigZVch!hdja^\cZ?ZVcBV`djc Idj_djghVjhh^bdYZhiZ!8aVjYZEjZafj^gZ[jhV ®?Zhj^h[gVcX]ZbZci]ZjgZjmY¼„igZ|A^aaZ!edjghj^i
HV^hdc'%%)"'%%*/ WaZhh‚Vj\ZcdjXdcigZHdX]VjmaZ*[‚kg^Zg! ZcY‚WjiYZhV^hdcjcZd[[gZVaa‚X]VciZYj Bdjhh^adj#AZXdVX]Vegdadc\‚bdcXdcigVi#8ZfjZ
)'bViX]Zh!&Wji cYag!aZb^a^ZjYZiZggV^cYgd^iXVbZgdjcV^h# X]Vbe^dcY¼:jgdeZ!aZ;8EdgidgZcY|hdc _Zk^hZcXZbdbZci!X¼ZhihjeZgZmX^iVci#?ZcZ
?¼‚iV^hZcXdgZVjXZcigZYZ[dgbVi^dcfjVcYKV]^Y idjgjck^WgVci]dbbV\Z|hZh_ZjcZh_djZjgh! edjkV^heVhg„kZgY¼jceajhWZVjY‚WjiYZXVgg^ƒgZ#
=Va^a]dYo^X‚iV^ia¼ZcigVˆcZjgVj_djgY¼]j^VjEH<! ed^ciVciYjYd^\ia¼‚a‚bZcibdiZjgYZaVg‚jhh^iZ DcVZjaVX]VcXZfjZ8aVjYZEjZab^hZWZVjXdjehjg
cYag#Aj^!^acZYdccV^i\jƒgZYZX]VcXZVjm VXijZaYZhdc\gdjeZ/jcZbZciVa^i‚hV^cZ# cdjh#Dcaj^ZchZgVidj_djghgZXdccV^hhVci#¯BVa\g‚
_ZjcZh_djZjgh#Dcc¼‚iV^ifjVh^bZci_VbV^hhjg ®?¼V^eg^haZeVg^g^hfj‚!VkdjZEjZa!YZb^hZg jcZhV^hdcY‚Wji‚ZigƒhiiedjgXVjhZYZ8djeZ
aZh[Zj^aaZhYZbViX]!ZiigƒhgVgZbZciYVch hjgYZh\Vgdchfj^‚kdajV^ZciZcXdgZedjgXZgiV^ch >ciZgidid(ZidjgXdcigZB^ch`aZh&,Zi')_j^aaZi!

&&;wKG>:G'%%*
&*

6A:M>HGw6J
6A:M>HGw6J
B>8=:AHE>C<:G$6E$H>E6

6A:M>HGw6J
bVa\g‚aVXVYZcXZZ[[g‚c‚ZYZhgZcXdcigZh ®7}aZ!X¼Zhiigƒh[dgi!gVeeZaaZ?ZVcBV`djc! ZcZhia|!XZc¼ZhieVhjc]VhVgY#B^Zjm!dchV^ifjZ JcZ[dgiZVb^i^‚a^ZaZhigd^h
)%idjiZhXdbe‚i^i^dchXdc[dcYjZhVegƒh fj^YZkgV^i„igZVWhZci&bd^h#8¼ZhijciZhi cdjhVkdchaZhbdnZchedjgVaaZgVj"YZa|YZXZh X‚a^WViV^gZhYjADH8#C^XdaVh
EaZhiVcZc]Vji!a¼VcX^Zc
aV'*Z_djgc‚ZYZA&!VjXjcYZh_djZjgh igƒh^bedgiVci[VXZ|aVbZ^aaZjgZ‚fj^eZhj^hhZ &$&+YZÄcVaZ#¯®AV8djeZYZa¼J:;6!X¼Zhiedjg
Bdc‚\VhfjZ!Zhiidj_djgh
fj^XdbedhZciaZ\gdjeZa^aad^hcZg‚XaVbZYZ YjbdbZci#BV^hcdigZkdadci‚cZYViZeVh cdjhjcVXX‚a‚gViZjgY¼Zme‚g^ZcXZ^cXgdnVWaZ! aZegZb^Zg|kZc^g[‚a^X^iZg
hdj[ÄZg#AVWdccZ]jbZjg!aZhWdchg‚hjaiVihZiaV Y¼Vj_djgY¼]j^#9ƒha¼>ciZgidid!dch¼ZhiidjhY^ifj¼dc XdcXajiC^XdaVhEaZhiVc#DcVXfj^ZgiYjk‚XjYZjm BViiBdjhh^adj!VjiZjgYjWji
[gVcX]ZXVbVgVYZg^ZZ[[VXZci^cZmdgVWaZbZciaZh YZkV^i[V^gZaZhX]dhZh|[dcY#>ah¼ZhieVhh‚fjZafjZ [d^heajhgVe^YZbZcifjZh^cdjhc¼Vk^dchZjfjZaZ YZaVk^Xid^gZXdcigZH‚k^aaZ
bd^cYgZhbVjm#®>ac¼nVeVhjcbVi^cd‘_ZkV^h| X]dhZfjVcYdcZhiVaa‚hZfjVa^ÄZg|AZ^g^VZcÄcVaZ X]Vbe^dccViedjgcdjh‚iVadccZg#?djZgYZh aZ&*Y‚XZbWgZ|\VjX]Z#
a¼ZcigVˆcZbZciZcigVˆcVciaZhe^ZYh!XdcÃgbZ YZa¼>ciZgidid')Vd’i'%%)#DcVeg^hXdchX^ZcXZfjZ gZcXdcigZhZjgde‚ZccZh|'(Vch!X¼Zhi\‚c^Va# FjVci|?ZVc>>BV`djc
C^XdaVhEaZhiVc!aZY‚[ZchZjgXZcigVaYZh9d\jZh# a¼dcedjkV^iVaaZgad^cZc8djeZYZa¼J:;6#EVgaV BV^hedjgbd^!a¼:jgdeZcZXdbbZcXZeVh X^"YZhhjh|Ygd^iZ!^aZhi
B„bZfjVcYdchV^ifjZVkV„igZe]nh^fjZ!dc hj^iZ!idjhcdhVYkZghV^gZhcdjhdcieg^hVjh‚g^Zjm# bV^ciZcVciVkZXaZ;87}aZ#A¼:jgdeZVY‚Wji‚ aZ_djZjg|Vkd^gY^heji‚
aZeajh\gVcYcdbWgZ
h¼‚XaViZidjhZchZbWaZ#DcegZcYidj_djghWZVjXdje :c\gVcYZeVgi^ZeVgXZfjZa¼dc_djV^iaZhegZb^Zgh VjÄc[dcYYZaV7^‚adgjhh^Z!|B^ch`!ZceaZ^cbd^h
YZbViX]ZhXZiiZhV^hdc
YZeaV^h^g|igVkV^aaZg#:c[V^i!XZfj^[Vi^\jZaZeajh! gaZhYVchaZX]Vbe^dccViYZ;gVcXZ#IdjiaZbdcYZ YZ_j^aaZihdjhjchdaZ^aYZeadbW#¯N idjiZhXdbe‚i^i^dch
X¼ZhiaZbZciVa#BV^hXdbbZa¼VbW^VcXZZhi hVkV^ifjZcdjh‚i^dchjcZ‚fj^eZgZYdjiVWaZ#H^dc B?ED;BL;BB7";DLEOxIFx9?7B³B?BB; Xdc[dcYjZh)'#
ZmigVdgY^cV^gZYVchaZ\gdjeZ°²aVa^b^iZ!idji
aZbdcYZkdjYgV^i_djZgidjhaZh_djgh#DccZhZci
eVhaZXdjeYZedbeZ#:ifjVcYdccZ_djZeVh!
dcVaZhWdjaZh#BV^hYƒhaZaZcYZbV^c!X¼Zhi‚kVXj‚#¯

¹EVhYZi^ijaV^gZ^cY^hXjiVWaZº 8A6J9:EJ:A/¹7ÊA::HIHJEwG>:JGº
®<g}XZ|a¼>ciZgidid!V_djiZZcXdgZBVii ?b[ijb½kdZ[ifbki[nfƒh_c[djƒiZ[ B“aaZg!a¼VcX^ZcY‚[ZchZjgandccV^h#
Bdjhh^adj!dch¼ZhiidjiYZhj^iZh^ij‚#DcV‚i‚ bWB_]k['0*..cWjY^[i"*,cWjY^[i 8¼ZhijcZ‚fj^eZfj^V[aVbW‚ZcA^\jZ
igƒheZg[dgbVcih!bV^hcdigZg‚jhh^iZVjgVVjhh^ Z[9ekf[Z½;khef["Z[kn\e_i YZhX]Vbe^dch^anVYZjmhV^hdch
‚i‚YZ[V^gZ_jY^X^ZjhZbZciidjgcZgcdigZZ[[ZXi^[# Y^Wcf_edZ[<hWdY['/.("'/.." ZcWViiVciVj'ZidjgaV?jkZcijhIjg^c
AZ\gdjeZegdZhi‚aVg\^|')_djZjgh#IdjiaZbdcYZ kd[9ekf[Z[<hWdY['//'$9[ djAV8dgd\cZ#8ZiiZhV^hdc!a¼>ciZg
ZhihjhXZei^WaZYZ_djZg#9¼V^aaZjgh!^ac¼nVeVh 9WijhW_iZ[*)WdiWZƒ`}ZƒYheY^ƒ B^aVcVXdccjeVhbVaYZhdjX^Vj
YZi^ijaV^gZ^cY^hXjiVWaZ#>ac¼nVeVhcdceajhYZ kdj_jh[[djWdjgk½[djhW‰d[khWl[Y (Zidjgeg‚a^b^cV^gZYZaV8&#8Zc¼Zhi
\gVcYcdb#8]VXjcZhieg„i|g‚edcYgZeg‚hZci# CedWYe[d(&&&$;dƒlegkWdjWl[Y eVhg^Zc#B„bZh^A^aaZXZiiZhV^hdc
²c¼^bedgiZfjZabdbZci#8¼ZhiXZfj^[V^icdigZ bk_b[fheY^W_dZk[b\WY[Wk<98~b[" hZXVgVXi‚g^hZeVghVWdja^b^Z
[dgXZZicdigZg^X]ZhhZ#¯AZ;87}aZ!a¼VYkZghV^gZ iWiW][ii[YedjhWij[Wl[Yb½WhZ[kh YZk^Xid^gZh!dcc¼ZcgZhiZeVhbd^ch
Zc&$&+YZÃcVaZYZaV8djeZJ:;6!ZhiYdcX Z[i[i`ek[khi$®HjgaZeVe^Zg!7}aZ egjYZci#>a[VjYgV„igZigƒh[dgiedjg
eg‚kZcj#AZhA^aad^hcZXgV^\cZcieZghdccZ# cdjhZhihje‚g^Zjg#8ZXajWYdb^cZ ‚XVgiZg7}aZ#DcZhhV^ZgVh^beaZbZci
E=>A>EE:=J<J:C$6;E

>ahc¼dcieZjgYZg^Zc#B^ZjmZcXdgZ!^ahkZjaZci hdcX]Vbe^dccViZik^ZciYZhZ YZY‚_djZgaZhegdcdhi^Xh#8dbbZ


VaaZgad^cYVchXZiiZXdbe‚i^i^dc#DcVeeZaaZ gZc[dgXZgVkZXa¼Vgg^k‚ZYZEVig^X` Y¼]VW^ijYZ#¯  B$L$
eZji"„igZXZaVa¼^chdjX^VcXZYZaV_ZjcZhhZ°

&&;wKG>:G'%%*
&+ 8=6AA:C<:8DJE:9:A¼J:;6

H^cdjhhdbbZh
|cdigZc^kZVj!
idjiZhiedhh^WaZ
<jnGdjm!
ZcigVˆcZjgYZa¼6?6jmZggZ
Idj_djghegjYZci!<jnGdjmcZkZghZeVh
YVcha¼ZmXƒhY¼dei^b^hbZ!b„bZ
h¼^aZhi|X]VfjZ[d^heVgkZcj|fjVa^[^Zg
hZh‚fj^eZh[VXZ|a¼6_VmY¼6bhiZgYVb#
?:6C"B6G>:=:GK>D$;A6H=EG:HH$9EE>

6?6M6BHI:G96B·6?6JM:GG:
A¼6?6M!8¼wI6>IA:E6C68=: BZgXgZY^!a¼6?6jmZggZV[[gdciZa¼6_VmY¼6bhiZgYVb#JcXajWidj_djgh
>I>CwG6>G: gZYdjiVWaZ!bV^hfj^edgiZX]VcXZVjm7djg\j^\cdch#<jnGdjmhZhdjk^Zci#
6_Vm6bhiZgYVb·6jmZggZ!
aZheg‚X‚YZciZhXdc[gdciVi^dch/

’
Gk[biiekl[d_hi]WhZ[p#lekiZ[b½7`Wn c¼Vk^dcheg^hfj¼jced^ciZch^mbViX]Zh#²a¼‚edfjZ! cdjkZVj®XgVX`¯!GVe]V…aKVc9ZgKVVgi#JchVXg‚
Z[iWddƒ[i-&5 aV8djeZY¼:jgdeZ‚iV^iZcXdgZY^[[jh‚ZhjgYZh Xa^Zci°BV^hcdjheg‚eVgZgdchXZiiZgZcXdcigZ
8djeZYZa¼J:;6
?Z[V^hV^heVgi^ZYZhZh\gVcYh X]VˆcZh]Zgio^ZccZh!ZiidjiZaV;gVcXZVejegdÃiZg XdbbZidjhaZhbViX]ZhYZ8djeZY¼:jgdeZ!hVch
&..'"&..(!&$)YZ[^cVaZ
6jmZggZ·6_Vm/)"'VaaZg VYb^gViZjgh#A¼6_Vm!X¼‚iV^iaZeVcVX]Z#>ah‚kdajV^Zci YZXZbViX]Y¼Vci]dad\^Z#AZXajWVXdbbZcX‚| Zc[V^gZjc[gdbV\Z#BdcY^hXdjghgZhiZaZb„bZ!
6_Vm·6jmZggZ/&"%gZidjg Zc)"("(!VkZXYZjmV^a^Zgh|a¼VcX^ZccZZi \V\cZgZccdidg^‚i‚#:c&..+!adghfjZcdjhaZh fjd^fj¼^aVgg^kZ#:i_Zeg‚[ƒgZbZXdcXZcigZghjg
6jmZggZfjVa^[^‚ egdYj^hV^Zcijc_Zj[dgb^YVWaZ#8dbbZcidjWa^Zg gZigdjkdchZcA^\jZYZh8]Vbe^dch!cdigZk^Xid^gZ bdc‚fj^eZfjZhjga¼VYkZghV^gZ#
YZh_djZjghXdbbZ8gjn[[dj@gda4?¼V^Y¼V^aaZjgh '"&X]ZoZjm‚iV^ijcbViX][dgb^YVWaZ#9¼VjiVci
A^\jZYZh8]Vbe^dch Vhh^hi‚|YZcdbWgZjmbViX]Zhej^hfj¼|a¼‚edfjZ! fjZXZc¼‚iV^ieVhjc®eZi^i¯6_VmfjZa¼dcV 9ecc[djWffhƒ^[dZ[p#lekibWik_j[
&..+"&..,!&gZe]VhZ edjgVkd^gXZiiZX]VcXZ!^a[VaaV^iVaaZgVjhiVYZ# gZcXdcig‚#9VchaZjghgVc\hÃ\jgV^ZciHZZYdg[! Z[bWYecfƒj_j_ed5
&gZ_djgc‚Z/6jmZggZ·6_Vm/%"& A¼jcYZXZjmfj^b¼VaZeajhbVgfj‚gZhiZjcZYZb^" aZh[gƒgZh9Z7dZgZiidjhaZhVjigZh#B„bZh^YVch H^cdjhhdbbZh|cdigZbZ^aaZjgc^kZVj!idjiZhi
*Z_djgc‚Z/6_Vm·6jmZggZ/&"' ÃcVaZYZ8djeZY¼:jgdeZYZh8ajWh8]Vbe^dch bVXVgg^ƒgZY¼ZcigVˆcZjg!idjhaZheVhhV\Zh edhh^WaZ#BV^hb„bZh^cdigZ‚fj^eZZhiigƒh
6jmZggZiZgb^cZegZb^Zg 6_Vm"7ZcÃXVZc&.+.!|8dadbWZhegƒhYZEVg^h# hdci^bedgiVcih!XZhXdc[gdciVi^dchVkZX ]dbd\ƒcZ‚\VaZbZci!ZaaZgZhiZZcXdgZigde
Yj\gdjeZ6 >anVkV^ijcZVbW^VcXZZmigVdgY^cV^gZVkZX 6bhiZgYVbgZhiZcieVgi^Xja^ƒgZh# ^gg‚\ja^ƒgZ#CdjhhdbbZheVg[d^hZcXdgZjceZj
)%%%%=daaVcYV^hfj^VkV^Zci[V^iaZY‚eaVXZbZci igdehi‚g^aZh#:cidjiXVh!cdjhc¼VkdcheVheZjg#
Zi'%%%%Edgij\V^hg‚h^YVciZc;gVcXZ# 7lWdjZ[b½W\\hedj[hc[hYh[Z_fheY^W_d"Yecc[dj 8Zc¼ZhieVhaZ\ZcgZYZaVbV^hdc#A¼‚a^b^cVi^dc
`Wk][p#lekib½7`WnZ½Wk`ekhZ½^k_5 Zc8djeZYZaVA^\jZZhiY^\‚g‚Z#A¼6?6Zhieg„iZ#
9½[ijbWjhe_i_„c[\e_igk[lekiYhe_i[pbWhekj[ >ah_djZciidj_djghVkZXYZhV^a^Zgh#>anV(%Vch DcVYZWdch_ZjcZhXdbbZB^\cdidjZcXdgZ
Z[b½7`Wn[d9ekf[Z½;khef[Wl[Y7kn[hh[$Gk[ XdbbZVj_djgY¼]j^!VVidj_djgh‚i‚aZjgbVgfjZ HV\cV!Zcig‚YVchaZ\gVcYWV^cXZiiZhV^hdc!Zi
h[j[d[p#lekiZ[leifhƒYƒZ[dj[iYed\hedjWj_edi5 YZ[VWg^fjZ#>ahdcijcZWdccZ‚fj^eZ!igƒh Y¼VjigZhXdbbZ6`Va‚ZiE^Zgdc^egd\gZhhZciZi
:c&..(!_ZgZi^ZchhjgidjiaZbViX]VaaZg!d‘cdjh ]dbd\ƒcZ#8ZcZhZgVeVh[VX^aZYZaZhWViigZ# XdcÃgbZciXZfjZcdjhViiZcY^dchY¼Zjm#
a¼Zbedgidch)"'X]Zocdjh#:cXdgZVj_djgY¼]j^!V AZjgY‚[ZchZZhiigƒhhda^YZVkZXYZh_djZjgh BV^heZchdchY‚_||a¼dhfj^hZeg‚hZciZ|cdjh
gZhiZjcbViX]g‚[‚gZcXZ#Cdjhhdgi^dchY¼jc]^kZg XdbbZIgVWZah^!bV^hhjgidjia¼^ciZgcVi^dcVa a¼6_Vm#EdjgaVhj^iZ!dckZggVeajhiVgY°N
iZgg^WaZ!aZe^gZYZa¼]^hid^gZYjXajW!d‘cdjh iX]ƒfjZ<gn\ZgV#?Zc¼djWa^ZeVhcdceajhaZjg FHEFEIH;9K;?BB?IF7H<BEH?7D7DI;BC;

&&;wKG>:G'%%*
&,
&$&+9:;>C6A:
6AA:G
DANBE>6@DH·;8HD8=6JM
&+[‚kg^Zg'%%*
B:C:O9w8DJKG:A¼:JGDE: EVgi^oVc7Za\gVYZHB·9c^ZegJ`g!&,]
H#9dcZih`J`g·HX]Va`Z%)6aa!&-]&*

’
6ccdcX‚XdbbZa¼jcYZhcdjkZVjme]‚cdbƒcZhYj[ddiWVaa[gVcV^h! EVcVi]^cV‰`dh<gZ·;8H‚k^aaZ:he!&.]
XdbbZHVb^gCVhg^dj=ViZb7Zc6g[V!aZHdX]Va^Zc?‚g‚bnBZcZoc¼V 6_VmE7·6?6jmZggZ;gV
eVhgVi‚hZhY‚WjihX]ZoaZhegdh#A¼VhXZch^dcYZXZiViiVfjVciYZ&,Vch '%]EVg^hEgZb^ƒgZ!ZcY^gZXi
ZhiVjhh^[ja\jgVciZfjZhZhVeeZahZcegd[dcYZjg#Hdcig^ea‚![VXZ|7dgYZVjmadgh 68EVgbZ>iV·K[7Hijii\Vgi6aa!'%](%
YZaV''Z_djgc‚ZYZA&)"%!VbVgfj‚aZhZheg^ih#6kZXHdX]Vjm!BZcZoh¼Veeg„iZ 6jhig^VK^ZccZ6ji·7^aWVd:he!'%])*
|Y‚ÃZgaZh<gZXhYZa¼Danbe^V`dhAZE^g‚ZadghYZh&$&+YZÃcVaZYZaV8djeZYZ ;8KVaZcXZ:he·HiZVjVGdj!'&](%
a¼J:;6#JcX]dXViiZcYjVkZX^beVi^ZcXZ/®?djZgYVchjc\gVcYhiVYZ!VkZXjcejWa^X Hedgi^c\Edg·;ZnZcddgYE7!'']&*
X]VjY!X¼Zhi^Y‚Va#DcVeegZcYWZVjXdjeYVchXZ\ZcgZYZbViX]#:ib„bZh¼^ah¼V\^i 
Y¼jcZWdccZ‚fj^eZ!cdjhc¼Vkdchg^Zc|eZgYgZ#²a¼VaaZg!^a[VjYgVW^ZcY‚[ZcYgZedjghZ &,[‚kg^Zg'%%*
bZiigZZcedh^i^dcYZg‚jhh^ga¼Zmead^iVjbViX]gZidjg#¯9VchaZhgVc\h\gZXh!aZ_ZjcZ 9ncVbd@^ZkJ`g·K^aaVgZVa:he!&,]
XgVX`hZgVXdc[gdci‚VjmhiVghWg‚h^a^ZccZhG^kVaYdZi<^dkVcc^/®8ZhdciYZh <gVo6@6ji·B^YYaZhWgdj\]6c\!&-]
_djZjghfjZ_¼VYb^gZidj_djgh!hdja^\cZBZcZoVkZX[gVcX]^hZ#:cb„bZiZbeh!^acZ ;ZcZgWV]ZIjg·HVgV\dhhZ:he!&.]
[VjieVhhZ[dXVa^hZghjgZjm#D``Vhdj<Zdg\VidheZjkZciVjhh^[V^gZaVY^[[‚gZcXZ#¯ 6^m"aV"8]VeZaaZ6aa·6O+,E7!'%](%
G‚eji‚i^b^YZ!BZcZohZbWaZ|a¼V^hZYVchhVcdjkZaaZk^Z#H¼^acZh¼ViiZcYV^ieVh ;87}aZHj^·A^aaZ;gV
|_djZgVjiVciXZiiZhV^hdc&-bViX]ZhZcA&!&'XdbbZi^ijaV^gZ!hVhjgZmedh^i^dc &.]!Hedgi !ZcY^gZXi
b‚Y^Vi^fjZcZaZhjgegZcYeVh/®AVegZhhZZhieg‚hZciZfjVcYjc_ZjcZ_djZjg 8H@6BdhXdjGjh·7Zc[^XVEdg!&.]
bVgX]ZW^Zc#H¼^acZXdcÄgbZeVh!dcc¼ZceVgaZeajh#?¼ZhhVnZYdcXYZcZeVhigde =ZZgZckZZcE7·CZlXVhiaZ6c\!'%])*
ZciZc^gXdbeiZ#¯IgƒhXdbeaZik^iZhhZ!iZX]c^fjZ!VYgZhhZYZhYZjme^ZYh!^a Danbe^V`dh<gZ·;8HdX]Vjm;gV
h¼Zhi^bZbVa\g‚idjieZg[ZXi^WaZYVchidjhaZhXdbeVgi^bZcihYj_Zj#8dckd^i‚eVg '&]!Hedgi !ZcY^gZXi
aZhbZ^aaZjghXajWh[gVcV^hZiZjgde‚Zch!bV^hhdjhXdcigVi_jhfj¼Zc'%%,VkZX BViX]ZhgZidjgaZ')[‚kg^Zg'%%*
HdX]Vjm!BZcZohZgZ[jhZ|idjieaVcYZXVgg^ƒgZ/
8aVhhZbZciYZhWjiZjgh/
>I>CwG6>G: ®?¼V^aVX]VcXZY¼‚kdajZgYVchjcXVYgZ^Y‚Va/jcZmXZaaZci
&#8VXVjHijii\Vgi!,Wjih#
XajW[dgbViZjgfj^egdiƒ\ZhZh_ZjcZh#Edjgfjd^Wdj\Zg
?‚g‚bnBZcZo '#@daabVcc<gVo6@!+Wjih#
bV^ciZcVci4AVad\^fjZZhih^beaZ/h^YVchfjZafjZh
?:6C"76EI>HI:6JI>HH>:G$;:E$E6CDG6B>8

&,Vch!&b-'·,(`\ (#7Vei^hiV;8H‚k^aaZ!
hV^hdch!_¼V^aZediZci^Zaedjg^ci‚\gZgjc\gVcYXajW!a¼V[[V^gZ
>ciZgcVi^dcVa"&-Vch A^ZYhdcHedgi^c\!7#@Vadj6jmZggZ!
hZ[ZgV#H^cdc!XZaVh^\c^ÄZgVfjZ_Zc¼V^eVhaZc^kZVj¯#
&-bViX]ZhZcA&!)Wjih H]ZVgZgCZlXVhiaZ*Wjih#
6jhh^eg‚XdXZfjZbVijgZ!BZcZohZbWaZeVgi^edjg
HV^hdc'%%)"'%%*/ ,#<jVngZK^aaVgZVa!=Vc`ZHX]Va`Z%)!
')bViX]Zh!)Wjih bVgfjZghdc‚edfjZ#A¼Danbe^V`dhZhieg‚kZcj#N
>aVcHdX]Vjm!H#@Vadj;ZnZcddgY!@aj^kZgi
87FJ?IJ;8B7D9>;J
CZlXVhiaZ!)Wjih!ZiX#

&&;wKG>:G'%%*
&- HJ88ÎHK:C9w:<AD7:

?ZVcAZ8Vb
ZhiVjhh^Vaa‚VjWdji
YZaj^"b„bZ
K^cXZciG^dj
6jXVe=dgc!K^cXZciG^dj‚iV^iZcXdgZ'Z#
FjZafjZh_djgheajhiVgY!^aYZkV^igZegZcYgZaVi„iZ
YZaVXdjghZ!aZ_djgYZhdcVcc^kZghV^gZ#
7:CD>IHI>8=:A76JI$9EE>

&&;wKG>:G'%%*
&.

K>C8:CIG>DJ

A¼=DBB6<:
9JK6>CFJ:JG
K^cXZciG^djEG7VgZbedgi‚aZKZcY‚Z<adWZZc-,_djgh&%]),b^c**h!ejak‚g^hVci
aZgZXdgYYZhdcVb^B^X]Za9Zh_dnZVjmYZegZhfjZh^m_djgh#FjZafjZ+]Zi('b^ceajh
iVgY!?ZVcAZ8VbZc[^c^hhV^i|hdcidjgVkZXjcZXdjghZ]^hidg^fjZ#9Zhi^chXgd^h‚h#

’
AZhedgiVWZhd^cYZa‚\ZcYZZi |iZggZ!cdjhVkdch[V^iXZfjZ[dciYZjmbVg^ch YZh[Vkdg^h#®?Zc¼VkV^heVhjcWViZVjcZj[
Y¼VYkZgh^i‚edjgZm^hiZgYVchhVkVaZjg fj^cZhZhdcieVhkjhYZej^hadc\iZbeh#Cdjh ZibdceVabVgƒh‚iV^iWZVjXdjeeajhbdYZhiZ
aVeajhWZaaZ/aVXVeVX^i‚|cdjh[V^gZ VkdcheVga‚YZcdhWViZVjm#?¼V^XdchX^ZcXZ fjZWZVjXdjeYZbZhVYkZghV^gZh#?¼V^\V\c‚|
g„kZg#8daVh"IVWVgan!Egdhi"HZccV!AZl^h"EdlZaa fjZ_¼V^bZc‚jcZWZaaZXdjghZ\g}XZ|aVegZhh^dc a¼jhjgZZcg‚jhh^hhVcijcZWZaaZcVk^\Vi^dcb‚i‚d!
ZibV^ciZcVciG^dj"AZ8Vb#AZhYZjm7gZidch fj¼^ab¼V^bedh‚ZhVchgZa}X]Z#BV^hjcVjigZ X¼ZhibVeajh\gVcYZhVi^h[VXi^dc#FjVcY_¼V^
dcijc^aZjgYZhi^cYVchaVb‚bd^gZXdaaZXi^kZ hX‚cVg^dcZb¼VjgV^ieVh^ci‚gZhh‚#AdghfjZ_Z gZigdjk‚aVi„iZYVcha¼6iaVci^fjZHjY!|aV
YZaVbZg#FjZaZhX]dhZhhd^ZciXaV^gZh!aZ gVXdciZgV^XZKZcY‚Z<adWZ|bZheZi^ihZc[Vcih! gZbdci‚Z!_¼V^[dcX‚_jhfj¼VjWdjiedjgcZeVh
kV^cfjZjgYjKZcY‚Z<adWZ'%%)"'%%*!XdjghZ _ZkZjmfj¼^ahhZhdjk^ZccZciY¼jcZX]dhZ/ Vkd^gYZgZ\gZih#¯
;G6C8@E:GGN$6;E

VjidjgYjbdcYZZchda^iV^gZZihVchZhXVaZ! aVbVc^ƒgZYdciXZaVh¼ZhiY‚gdja‚°¯ AVegZhh^dcb‚Y^Vi^fjZfj^idbWZhjgaVcdjkZaaZ


h¼VeeZaaZW^ZcK^cXZciG^djEG7#BV^hhV ^YdaZYZaVkd^aZ[gVcV^hZcZa¼‚bdjhi^aaZeVh
bVgX]Zig^dbe]VaZkZghaZhHVWaZhY¼DadccZ G^djZiAZ8VbhZgZ[aƒiZci igde#®8V[V^ieVgi^ZYj_Zj!bV^h_Zc¼V^VjXjcZ
VgZk„ijaZh]VW^ihYjhjWa^bZiVcihVajiiZ ?ZVcAZ8Vb!ig^eaZkV^cfjZjgYZaVHda^iV^gZ Zck^ZfjZXZaVYjgZigƒhadc\iZbeh#¯HjgXZed^ci!
>I>CwG6>G: VkZX?ZVcAZ8Vb7dcYjZaaZVhjZbWVaaZg Yj;^\Vgd!hXZaaZYVchhdcY^hXdjghXZiiZjc^dc K^cXZciZhiigƒhegdX]ZY¼jc?ZVcAZ8Vb
K>C8:CIG>DJ aVbVX]^cZ|‚bdi^dc#®AVYZgc^ƒgZhZbV^cZ ^cY^X^WaZ#®?ZcZeZchV^heVhfj¼^a‚iV^ih^iZgg^WaZ fj^hZXdcÃZeZj!bV^hVkZXYZhbdihidj_djgh
7ViZVj/EG7 V‚i‚iZgg^WaZVkZXYZhkZcihigƒh^chiVWaZhZijcZ fjZVG^djZhihjgcdbb‚K^cXZciaZIZgg^WaZ! W^ZcX]d^h^h#²a¼^bV\ZYZXZiiZeZi^iZe]gVhZ
((Vch·BVg^‚!&Zc[Vci ViiZci^dcYZidjhaZh^chiVcih!gVeeZaaZK^cXZci cYag#8¼ZhiY^[ÄX^aZYZeVgaZgYZaj^XVgXZhZgV^i a}X]‚ZfjZafjZh_djghVkVcia¼Vgg^k‚Z!fjVcYaV
E6AB6GÏH/ G^dj#9ZX^cf]ZjgZhYZhdbbZ^aeVg_djg!dcVÄc^ jceZjeVgaZgYZbd^#DchZgZŃiZ#BV^h|bdc k^Xid^gZ‚iV^iZcXdgZZck^hV\ZVWaZ/®9VchaVkd^aZ!
'%%*/KV^cfjZjgYjKZcY‚Z |YZjm]ZjgZh#?ZcZbZhj^h_VbV^h®ViiVfj‚ c^kZVj|bd^!^aZhiigƒh[dgi#¯8]ZkZjmed^kgZZi ^anVidji/YjY‚hZhed^g!YZaVXdaƒgZ!YZhWdc]Zjgh
<adWZ e]nh^fjZbZci¯XdbbZXZaV#?ZVcVjhh^ZhiVaa‚ hZa!bVg^‚!eVeV!WdhhZjg!eZi^iZhajcZiiZhZc |cZeajhhVkd^gfj¼Zc[V^gZ!YZh_d^Zh!YZheaZjgh!
'%%(/;VhcZiGdaZmGVXZ!'Z VjWdjiYZaj^"b„bZ#JcZXdjghZXdbbZaZKZcY‚Z b‚iVaZiVkVgZYZhZhbdih!K^cXZciG^djc¼VeVh YZhXdjaZjgh°8ZiiZcj^i!_¼V^\jZja‚XdbbZ_VbV^h
'%%'/Hda^iV^gZYj;^\Vgd!)Z
<adWZhZ\V\cZ[dgX‚bZci|a¼VggVX]Z!idjiVj X]Vc\‚Zcigd^hbd^h#AVk^Z^aaZYjY‚eVgi!^acdjh XdcigZaZhcjV\Zhcd^ghVj"YZhhjhYZbVi„iZ#
&.../DW‚a^mIgde]‚ZZc
bZciVa°¯K^cXZciG^djgZk^ZciigVcfj^aaZbZci XdcÃV^ihVhd^[YjaVg\ZZiYZk^Xid^gZ/®?Zhj^h 8ZaVcZaZhVeVh[V^ieVgi^g!W^ZcVjXdcigV^gZ#¯
;^\Vgd
hjgaVÃcYZhdceVgXdjgh‚e^fjZ!hVch a|eVgXZfjZ_Za¼V^X]d^h^#Edjg\V\cZgZcKd^aZ! K^cXZciG^djV\V\c‚#:iedjga¼‚iZgc^i‚!
&..,/8]Vbe^dcYZ;gVcXZ
hZci^bZciVa^hbZZmXZhh^[#FjZafjZh_djghVegƒh ^ahj[ÄiYZ[V^gZbd^chY¼ZggZjghfjZaZhXdeV^ch# XZhYZjm"a|VjgdcijcZ]^hid^gZZmigVdgY^cV^gZ
;^ghi8aVhh-
hdcVgg^k‚Z!^aZhiY‚_|igƒhY‚iVX]‚ZiV[[V^g‚|aV 8¼ZhiXZfjZ_ZXdbeiZg‚Va^hZg#¯EdjgiVci! YZbVg^ch|hZgVXdciZg#N
&..+/B^c^";VhcZi
hj^iZYZhVk^ZcVji^fjZkd^gZcXVYg‚#K^cXZci K^cXZcicZ[V^hV^ieVheVgi^ZYZaVegZb^ƒgZa^hiZ 8;DEÑJ87KC;
G^dj((VchZhigZcig‚X]Zoaj^|AdXijYn
;^c^hiƒgZ#²(%`bYZa|!|AV;dg„i";djZhcVci!
?ZVcAZ8Vb)*VchZcV[V^iYZb„bZ#?ZVc
AZ8Vb#8ZcdbZhigZkZcjhdjkZcihjgaVgdjiZ
YZK^cXZciadghYZhdcidjgYjbdcYZ#6kZXeajh
Y¼jcZY^oV^cZYZX]Vc\ZbZcihYZaZVYZgh]^e!
A6K>:6EGÎHA:K:C9w:<AD7:
L_dY[djH_ekfeii„Z[Zƒ`}kd[cfbe_Zk =beX[[ijZƒ`}[djekhƒikhb[YWb[dZh_[h$
aZhYZjm;^c^hi‚g^ZchdciXdciga‚aV j[cfijh„iY^Wh]ƒfekhb[iWddƒ[i} ®?ZYd^hkd^gVkZXEG7h^cdjhXdci^cjdch
X^gXjbcVk^\Vi^dcYZWdjiZcWdji#(._djghZc l[d_h$?blWi½[d]W][hikhb[Y_hYk_jEhcW VkZXXZWViZVjdjh^cdjhcdjhaVcdch
i„iZedjgAZ8VbZi)-edjgG^dj#Jcgƒ\cZ Z[ickbj_Yegk[i,&f_[ZiYecc[ YVchjcWViZVjcZj[#¯KdZ[i]hei
hVcheVgiV\Z#HZjahB^`Z<daY^c\:XdkZgZi dWl_]Wj[kh}XehZZ[<‚Vci!b[jh_cWhWd \WYj[khiZ[cej_lWj_edZ[L_dY[djH_ek
?ZVc"E^ZggZ9^X`K^gWVXdciejYZkVcXZgaZYjd Z[iedYecfW]dedZ½ƒYkh_[C[h fekhh[c[jjh[iedj_jh[[d`[kh[ij[
^c[ZgcVaZihZeaVXZg|a¼VkVci"edhiZeZcYVci! 7]_jƒ[0C_Y^[b:[i`eo[Wkn$Kd[iW_ied C_Y^[b:[i`eo[Wkn"lW_dgk[kh[d(&&&"
gZheZXi^kZbZci!&(]Zi+]#HjghVgZaVi^dcVkZX Z[<_]Whe[ijƒ]Wb[c[djfhƒlk[fekh gk_Wfhec_iZ[fh[dZh[ƒ]Wb[c[dj
?ZVcAZ8Vb!K^cXZciG^djgZhiZejY^fjZ!XdbbZ (&&,$;ddel[cXh[(&&."b[L[dZƒ[ b[ZƒfWhj±
idj_djgh#®AdghfjZcdjhcdjhhdbbZhgZigdjk‚h

&&;wKG>:G'%%*
'% DBC>HEDGIH:C7G:;

8=6BE>DCC6IH9JBDC9:²D7:GIH9DG;6AA#!9J&+6J',;wKG>:G

H6JI²H@>H/EGËIHEDJGA¼:CKDA4
9Zej^h&-+%!YViZYjegZb^ZghVji
bZhjg‚Yja‚\ZcYV^gZCdgk‚\^ZcHdcYgZ
CdgY]Z^b!aZhVji|h`^hZhijcZ
,EGRANDTREMPLINOU+ $ÏPART
)LNgYAPASDERECORDDUMONDEOFFICIEL  ¡LAN
Y^hX^ea^cZigƒhedejaV^gZYVchaZheVnh ,ECONCURRENTSgÏLANCEBIENRAMASSÏ ,ESAUTEURSETIENTENPOSITIONASSISESURUNEBARREDE
LESTREMPLINSÏTANTTROPDIFFÏRENTS MAISUNRECORD
cdgY^fjZh!bV^h‚\VaZbZciZc DUiPLUSLONGSAUTDUMONDEwESTDÏTENUPAR SURSESSKIS LESGENOUXPLIÏS DÏPART0LUSELLEESTHAUTE PLUSLESAUTEURATTERRITLOIN
CMPLUSHAUTREVIENNENTÌMENBOUTDEPISTE
6aaZbV\cZ!Zc6jig^X]ZZiVj?Vedc# LE&INLANDAIS-ATTI(AUTAMËKIQUIASAUTÏEN  )MPULSION ,EJURYDÏCIDEDESAPOSITION
9ZkZcjdanbe^fjZZc&.'-!aZhVji|h`^V MSURLE+DE0LANICA EN3LOVÏNIE 'ENOUXDÏPLIÏS CORPSTENDU LESAUTEURQUITTELARAMPE
ETDÏCOLLEDELAiTABLEw
XdccjjcZ‚kdaji^dciZX]c^fjZ
 6OL  4REMPLIN
heZXiVXjaV^gZfjVcY!Zc&.-*!aZHj‚Yd^h 0OSITIONENi6wSKISOUVERTSVERSLgAVANTIMMÏDIATEMENT DEM
?Vc7d`adkVXdbbZcX‚|‚ad^\cZgaV APRÒSLgIMPULSION
ed^ciZYZhZhh`^hedjg[dgbZgjc®K¯#  2ÏCEPTION 
9VkVciV\Zedgi‚eVga¼V^g!^aVj\bZciV 3KISJOINTSETUNPIEDDEVANTLgAUTRE5NGENOU
hdciZbehYZkda#6jY‚Wji!aZh_j\ZhaZ PRESQUEPOSÏSURLESKI LgAUTREPLIÏ̲

e‚cVa^hƒgZciedjghdchinaZcdc" 
VXVY‚b^fjZ#:c&.-.!Vegƒhfj¼^aV\V\c‚ 2ÏCEPTION 
aV8djeZYjbdcYZ!aZhhVjiZjgh|h`^ 
,ETELEMARKESTLENOMDONNÏ Ì
VYdeiƒgZciZcbVhhZhViZX]c^fjZ# ÌLAMANIÒREDONTLESSAUTEURS
DWZgihYdg[Zhia¼jcYZhgZcYZo"kdjhYZ SERÏCEPTIONNENTAPRÒSUN
SAUTLORSQUgILSAVANCENTUN
aV[VbZjhZidjgc‚ZYZh)igZbea^ch· PIEDETFLÏCHISSENTLES 4ABLEAU 4OURDES
VkZX<Vgb^hX]"EVgiZc`^gX]Zc6aa#! GENOUX#ETTETECHNIQUEDE DgAFFI JUGES
RÏCEPTIONESTOBLIGATOIREETLE CHAGE
>cchWgjX`Zi7^hX]d[h]d[Zc6ji#·! SAUTEURGAGNEOUPERDDES
hdgiZYZidjgcd^Yj\gVcYX]ZaZbYj POINTSPRÏCIEUXAVEC
LANOTEDESTYLEATTRIBUÏE 
hVji|h`^h#8ZiiZhV^hdc!X¼ZhiaZ PARLEJURY 4RIBUNES
DES
;^caVcYV^h?VccZ6]dcZc![Vkdg^YZh SPECTATEURS 4RIBUNES
BdcY^Vjm!fj^VgZbedgi‚aVidjgc‚Z -ESURE DES
4RIBUNESDES
SPECTATEURS
SPECTATEURS
VkZX(k^Xid^gZh#
/NMESURELADISTANCEEFFECTUÏEPARLE
6jegd\gVbbZYZh8]Vbe^dccVihYj SAUTEURENPRENANTENCOMPTELALIGNEIMAGINAIRE #ETTEMARQUEESTSITUÏEÌMDUGRANDTREMPLINETÌ
bdcYZ/aZigZbea^ccdgbVa.%bZc SITUÏEENTRELESPIEDSDUSAUTEURÌLARÏCEPTION 0OINT+ MDUTREMPLINNORMAL%LLEDÏTERMINELAFFECTATION
,ATAILLEDESSKISDÏPENDDELATAILLEDUSAUTEUR)LSMESURENTAU DESPOINTS,ARÏCEPTIONAUPOINT+VAUTPTS ETPOUR
^cY^k^YjZa'hVjih!aZ\gVcYigZbea^c CHAQUEMÒTREENRETRAITOUAU DELÌDELADITEMARQUE
MAXIMUMDELATAILLEDUSAUTEUR0AREXEMPLE UNSAUTEUR
&'%bZc^cY^k^YjZa'hVjih!aZ\gVcY QUIMESURE MPEUTSAUTERAVECDESSKISDE M ONRETRANCHEOUONAJOUTEPTSTREMPLINNORMAL OU

7A'
BIEN PTGRANDTREMPLIN 
igZbea^ceVg‚fj^eZhYZ)hVjiZjgh#

IG>6I=ADC ;gVcXZ|Adg^Zci#9‚WjiVd’i! KZda^V:ck^gdccZbZci!WgVcX]Z jhV\‚YZh)-%‚XdaZhYZkd^aZ VY‚eVhh‚aZegZb^Zgi^Zgh# ;DDI76AA


B7I7?IED:;D;L;K gZcYZo"kdjhZc6aaZbV\cZ Dcnmhe‚X^Va^h‚ZYVchaV [gVcV^hZh#>aeg‚kd^iVjhh^ :aaZgZigdjkZjceZjYZ B½K;<7C?I;IKH8;J<7?H
AZegd\gVbbZYZ8ng^aaZ edjgaZX]VaaZc\ZFjZaaZGdi]! egdegZi‚#KZda^Vh¼ZhiZc\V\‚| Y¼V^YZgaV;‚Y‚gVi^dc|bZiigZ i^‚YZjgZiY¼Vee‚i^iVegƒh A¼Jc^dcZjgde‚ZccZYZ[ddiWVaa
CZkZjh¼VccdcXZX]Vg\‚# ej^hVj9VcZbVg`edjgaZh gZi^gZgZigZXnXaZgaZbVi‚g^Za ZceaVXZjcegd\gVbbZhjgaV aZh\gdhhZhX]VaZjghYZaV Vh^\c‚jcVXXdgYVkZX7Zi[V^g!
AZX]Vbe^dcYjbdcYZ'%%' 8]Vbe^dccVihYjbdcYZ# egdiZXi^dcYZa¼Zck^gdccZbZci! hZbV^cZeVhh‚Z#:migV^iYZ aZeg^cX^eVadg\Vc^hbZYZeVg^h
YZig^Vi]adcadc\jZY^hiVcXZ! :c[^c!ed^ciY¼dg\jZYZaV YdcijcZeVgi^ZhZgV^ci‚\g‚Z hdc_djgcVaYZWdgYYj Zca^\cZV[^cYZ\VgVci^g
kV^cfjZjgYZa¼:bWgjcBVc hV^hdc!8ng^aaZeVgi^X^eZgVVjm YVchaZY^eabZY¼wiViYZ )[‚kg^Zg/®8ZiiZcj^iZcXdgZ a¼^ci‚\g^i‚YZhZhXdbe‚i^i^dch#
'%%(!Y‚WjiZgVhVhV^hdcZc bdcY^Vjm>gdcbVc|=VlV^^# bdc^iZjgYZkd^aZ# _¼dWhZgkZaVbZg#AZX^Za A¼VXXdgYeg‚kd^icdiVbbZci
bVghVkZXjcZ‚egZjkZ egZhfjZZci^ƒgZbZciY‚\V\‚ YZhY^hedh^i^dchedjg^YZci^[^Zg
>gdcbVc(!-`bYZcV\Z! Y^[[jhZjcZYdjXZajb^ƒgZ aZh^cY^k^Yjh|a¼dg^\^cZYZidjiZ
&-%`bYZk‚adZi)'!&.*`b KD>A: IG6K:GHw: fj^!|X]VfjZbdjkZbZci VXi^k^i‚hjheZXiZ#JcZ^c^i^Vi^kZ
;Gw9wG>FJ:6KG>A$B6MEEE

YZXdjghZZc6[g^fjZYjHjY# L;EB?7<7?Jx9EB; :;IDEKL;BB;I:;C7K: Y¼D8:DGgZcYVjidjgYZaj^ fj^^ciZgk^ZciZceaZ^chXVcYVaZ


AZ*_j^c!aZ7gZidcYZh8iZh" AV;‚Y‚gVi^dc[gVcV^hZYZ 9VchhViZciVi^kZYZ a¼dX‚Vce]dhe]dgZhXZci# YZhbViX]Zhigjfj‚hZc
Y¼6gbdgiZciZgVYZgZegZcYgZ kd^aZVh^\c‚jcVXXdgYYZ igVkZgh‚ZYjEVX^[^fjZ 8dbbZh^aV[‚Z8adX]ZiiZ 6aaZbV\cZd‘GdWZgi=dnoZg
hdci^igZYZX]Vbe^dcYZ Xdde‚gVi^dcVkZXaZ\gdjeZ |aVgVbZ!BVjY;dciZcdn ‚iV^ieVhh‚ZeVga|!dcXgd^gV^i VgZXdccjVkd^gbVc^eja‚
fj¼^aZhiYVchjc‚Xg^cYZ Vjbd^chfjVigZgZcXdcigZh
ajb^ƒgZ[V^iYZb^aa^Zgh YZ'ZY^k^h^dc#
 I:CC>H Y¼‚id^aZhhX^ci^aaVciZh#6hh^hZ
hjgaZgZWdgYYZbdcXVedi!
8=G>HI>6C7ÐB:HGwwAJ _Zb¼‚bZgkZ^aaZYZXZiiZ
Xdja‚ZYZY^VbVcih#¯
;DGBJA:&
C7=DO#9EKHI<7?JB79EKH
8¼ZhijcZk^Xid^gZZme‚Y^i^kZfjZ gZXjZ^aaZcigZheZXi^kZbZcifjZ
XZaaZYZ8]g^hi^Vc7ˆbZh!g‚‚ajedjg &%!+Zi*!*YZhhj[[gV\Zh#EVgb^ JclZZ`"ZcYZcVbdjgZjmVj
fjVigZVch|aVeg‚h^YZcXZYZaV aZh)*bZbWgZhfjZXdbeiV^iaV <gVcYEg^mYZ;gVcXZ|BV\cn"
;‚Y‚gVi^dc[gVcV^hZYZiZcc^h a^hiZYZ8]g^hi^Vc7ˆbZh!)'h^ƒ\Zci 8djghY‚Wji_j^aaZi4A¼^Y‚Z
;;I#G‚jc^haZlZZ`"ZcYYZgc^Zg| Y‚hdgbV^hVjXdb^i‚Y^gZXiZjgYZaV edjggV^iW^ZcgVk^gaZhXdjeaZh
EVg^h!aZhY‚a‚\j‚hYZh(+A^\jZhZi ;;I#NVcc^X`CdV]!Zc(ZeaVXZhjg VbViZjghYZ;dgbjaZ&#
YZhXdb^i‚hY‚eVgiZbZciVjmdci aVa^hiZEgd^hn!ZcZhiZmXajbV^h 9¼VjiVcieajhfjZaZhW^aaZih
bVhh^kZbZcikdi‚edjgaVa^hiZ edjggV^i[V^gZeVgi^ZYZaVcdjkZaaZ hdci|YZhiVg^[heg‚[‚gZci^Zah
XdcYj^iZeVgaZeg‚h^YZcihdgiVci 8dbb^hh^dcYj]Vjic^kZVj# g‚YjXi^dchYZ&%#Edjg
6A6>CBDJC>8$;:E$E6CDG6B>8

&))%kd^mhjg&,&-hj[[gV\Zh <Zdg\Zh<dkZcV‚i‚cdbb‚ W‚c‚[^X^ZgYZXZiiZd[[gZ!kdjh


Zmeg^b‚h!hd^i-(!-#AZha^hiZh XVe^iV^cZYZa¼‚fj^eZYZ;gVcXZ VkZo_jhfj¼Vj&*[‚kg^Zg'%%*
B6G8:ABD8=:I$6;E

ZbbZc‚ZheVg?ZVc"E^ZggZ YZ;ZY8je!ZcgZbeaVXZbZci GZchZ^\cZbZcihhjg


9VgiZkZaaZZiEVig^X`Egd^hncZ YZ<jn;dg\Zi# lll#\e[gVcXZ[&#Xdb
ZiVj%-.',%),),#

&&;wKG>:G'%%*
'&

;G6C8@;6J<ÏG:$;A6H=EG:HH$9EE>
³=7=D;H

=6C976AA"8=6BE>DCC6IH9JBDC9: (h‚_djghY¼jcZhZbV^cZ
A:H7A:JH:C7GDCO: fekh(}<„i
AZh7aZjhcZhZhdcieVhY‚\dc[a‚h# XVe^iV^cZ?VX`hdcG^X]VgYhdc#
²a¼^hhjZYZhigd^hegZb^ZghbViX]Zh A¼Zc[VciX]‚g^Yj]VcYWVaa[gVcV^h
YZedjaZ!a¼‚fj^eZYZ;gVcXZ‚iV^i h¼ZckV!aZWgVhZc‚X]VgeZ!a¼‚eVjaZ
edjgiVciVjWdgYYj\dj[[gZ#Ej^h bZjgig^ZbV^haVb‚YV^aaZYZWgdcoZ
aVg‚kdaiZhdccV#AZhk^Xid^gZh[VXZ VjXdj!VkZXhZhXdbeV\cdchYZ
VjmGjhhZh'*"''ZiXdcigZaV \ad^gZ!<g‚\dgn6cfjZi^aZi<j‚g^X
G‚ejWa^fjZIX]ƒfjZ(&"'+! @ZgkVYZX#EVhYZXgV^ciZXZeZcYVci
Xdc_j\j‚Zh|aVY‚[V^iZYZaV<gƒXZ edjgaZh‚aZXi^dccZjg8aVjYZDcZhiV!
XdcigZaZhIX]ƒfjZhZijcbViX]cja Xdc[dgi‚eVgXZiiZ(ZeaVXZdWiZcjZ
XdcigZaVHadk‚c^Z'+"'+djkgV^Zci VjmY‚eZchYZaVIjc^h^Z'*"'+#AV
aZhedgiZhYZhYZb^"[^cVaZh#6j"YZa| cdjkZaaZ\‚c‚gVi^dcZhiiVaZcijZjhZ#
?:JHBH

YZaVY‚[V^iZ('"(*!XZ;gVcXZ" EgdX]V^c\gVcYgZcYZo"kdjhZc_j^c
8gdVi^ZgZhiZgVhjgidjiXdbbZ edjgaZhfjVa^[^XVi^dch|a¼:jgd'%%+#
aV)%.ZZiYZgc^ƒgZh‚aZXi^dcYj HVch?VX`hdc#HVaji

DBC>HEDGIH YZh`^YZ[dcYZiY¼Vae^c^hbZ!
JHEF>x;C;H Zi6cid^cZ<gdh!_ZjcZh`^Zjg
CEDJ7=D; YjXgj!hZhdci^bedh‚h#AV
HdaZ^aZicZ^\Z‚iV^ZciVj kZgh^dcbZgZhieg‚kjZZc
gZcYZo"kdjhYZaV&'Z‚Y^i^dc hZeiZbWgZ!VjeVnhYZh
YjIgde]‚ZbZg 6WZgh;^c^hiƒgZCdgY#>a
bdciV\cZ!dg\Vc^h‚ZeVg h¼V\^gVYZgVaa^ZgZckd^a^Zg
wg^XAd^oZVj#BVg^chZi EVWdd`fjVigZedgih/
;G:99J;DJG$6;E

bdciV\cVgYhhZhdci a¼6WZgLgVX¼]!EdgihVaa!
gZigdjk‚hedjgaVegZb^ƒgZ AVc^aYjiZia¼6WZg7Zcd^i#
[d^h|8]VbeV\cn"Zc"
KVcd^hZ,(!hjgaZYdbV^cZ
D‘hZigdjkZaVk^aaZYZ;ƒh4
B6G6I=DC
KD;DJH7ÑD;C;DJ
YZEVgVY^h`^#EVg‚fj^eZh
YZigd^h!^ahhZhdciV[[gdci‚h

HDA>96G>Iw w<NEI:/:CKDN:OHJC&
:;C7HGK;
JcZhV^hdcYZbVgVi]dc
YVchYZh‚egZjkZhYZhaVadb
\‚Vci!YZgWn!WdVgYZgXgdhh
;B7;IF7=D;
AZeVggV^cO^cZY^cZ
B6GD8/:CKDN:OHJC'
cZh¼^begdk^hZeVh#AZ
egd\gVbbZGjci]Z8^in
Zih`^Vae^c^hbZ!VkZX!Zc
Vedi]‚dhZ!YZa¼ZhXVaVYZhjg
O^YVcZeZji„igZ[^Zg#
A¼6hhdX^Vi^dcZjgde‚ZccZ IJC>H>:/:CKDN:OHJC(
dg\Vc^h‚eVgC^`ZegdedhZ! aVidjgYZ\aVXZjc^fjZZc XdcigZaZh
Yj&'[‚kg^ZgVj(Vkg^a! :jgdeZ#²a¼^hhjZYZhigd^h aZjXdYnhigde]^Zh:A6! 6J  
jcZeg‚eVgVi^dcVjm _djghYZXdbe‚i^i^dc!aZ Xg‚‚ZZc&..'Zc;gVcXZ
bVgVi]dc^Zch[gVcX^a^Zch cVk^\ViZjg6gbZaAZ8aZVX]! ZiZc6aaZbV\cZ!h¼Zhi LWbWXb[ ' Wd ^ehi fƒh_eZ[ iYebW_h[$ ) iƒ`ekhi Z[ ( f[hiedd[i fekh - dk_ji%. `ekhi Wk @dWd FWbWY[ 
VYVei‚ZZc[dcXi^dcYj 9Vb^ZcHdjkn!he‚X^Va^hiZ Y‚_|‚iZcYjZ|aVHj^hhZ! [d '%( f[di_ed" Wl[Y kd[ Ykh[ Z[ XWbdƒej^ƒhWf_[ Z[ * `ekhdƒ[i )^ fWh `ekh Wkn j^[hc[i Z[ CekbWo
OWYekX[jb½WYY„iWk=eb\HeoWbjekib[i`ekhi$KdZ‰d[hif[YjWYb[ZWdibWcƒZ_dWWl[Yb[jhWdi\[hj[jkd[
c^kZVjYZX]VXjc#GZcYZo" aV7Za\^fjZZiVj l_i_j[ Yecc[djƒ[ Z[ bW l_bb[$ <_jd[ii [j f_iY_d[ f[dZWdj jekj b[ iƒ`ekh$ 9ecfW]d_[ Wƒh_[dd[ 0 HeoWb 7_h
kdjhYdcXaZhhVbZY^hZi AjmZbWdjg\#AZ CWheY$ B[i X_bb[ji 7%H iedj Yecfh_i ZWdi b[ \eh\W_j e\\[hj Wdi_ gk[ b[ jhWdi\[hj Wƒhefehj%^Žj[b%Wƒhefehj$
Y^bVcX]ZhYZ-]|&)]Vj &&[‚kg^Zg!XZhZgVVjidjg
_VgY^cY¼6XXa^bViVi^dc!| YZa¼:heV\cZ#A¼dXXVh^dc
CZj^aan"hjg"HZ^cZ.'bjc^ YZaVcXZgaVegZb^ƒgZ
Y¼jcXZgi^[^XVib‚Y^XVa XVbeV\cZ®BZihiZh
?Zj \gVij^i hVch dWa^\Vi^dc Y¼VX]Vi dg\Vc^h‚ eVg aV hdX^‚i‚ Hedgi! &+! gjZ G^kVn! .'(%% AZkVaad^h"EZggZi! kVaVWaZ Zc ;gVcXZ b‚igdeda^iV^cZ Yj && Vj &, [‚kg^Zg '%%*! g‚hZgk‚ | idjiZ eZghdccZ bV_ZjgZ hVj[ eVgiZcV^"
djY¼jcZa^XZcXZ;;6# WVh`ZihZiWVihaV gZh dj hdX^‚i‚ dg\Vc^hVig^XZ# ?Zj g‚hZgk‚ Vjm eZghdccZh bV_ZjgZh# Edjg eVgi^X^eZg / ZckdnZo jc YZh bdih Xa‚ hj^kVcih ®HJC&¯ dj ®HJC'¯ dj ®HJC(¯ eVg HBH Vj ,&%&% %!*%æ II8$Zckd^  eg^m Y¼jc HBH# AZh \V\cVcih
hZgdci Y‚h^\c‚h eVg i^gV\Z Vj hdgi | a¼^hhjZ Yj _Zj! eVgb^ aZh WdccZh g‚edchZh# AZh eVgi^X^eVcih hdci eg‚kZcjh ^bb‚Y^ViZbZci eVg HBH YZ aV kVa^Y^i‚ YZ aZjg g‚edchZ Zi! Zc XVh YZ WdccZ g‚edchZ! Yd^kZci dWa^\Vid^gZbZci ZckdnZg
>chXg^ei^dchVj%-%%-(*-.. bVaVY^Z¯VYgZhh‚Z aZjghXddgYdcc‚ZhXdbeaƒiZheVggZidjgYZHBHVjbVm^bjbjcZ]ZjgZVegƒhVkd^ggZjaZHBHaZh^c[dgbVcifj¼^aheVgi^X^eV^ZciVji^gV\ZVjhdgi#;VjiZYZXdbbjc^XVi^dcYZaZjghXddgYdcc‚ZhYVchaZY‚aV^^beVgi^!aVfjVa^i‚YZ
h‚aZXi^dcc‚ cZ hZgV eVh eg^hZ Zc XdbeiZ Zi VjXjcZ YdiVi^dc cZ edjggV aZjg „igZ Viig^Wj‚Z# Jc hZja eg^m Viig^Wj‚ eVg eVgi^X^eVci b„bZ cjb‚gd YZ i‚a‚e]dcZ bdW^aZ# ( \V\cVcih hZgdci Y‚h^\c‚h# ² \V\cZg / & h‚_djg edjg ' eZghdc"
VeeZa\gVij^iZihjg eg^cX^eVaZbZciVjm
B6CJ6G8:C8>:A

cZh | ;ƒh! Vj BVgdX! Y¼jcZ kVaZjg jc^iV^gZ XdbbZgX^VaZ YZ ((*%æ II8 ( adih b^h Zc _Zj XdbegZcVci , cj^ih$- _djgh Vj ?cVc EVaVXZ Zc &$' eZch^dc! VkZX jcZ XjgZ YZ WVac‚di]‚gVe^Z YZ ) _djgc‚Zh (] eVg _djg Vjm i]ZgbZh
YZBdjaVnNVXdjWZia¼VXXƒhVj<da[GdnVaYZ;ƒhd[[ZgiidjhaZh_djgh#JcYˆcZgheZXiVXaZYVchaVB‚Y^cVVkZXaZigVch[ZgiZijcZk^h^iZXdbbZci‚ZYZaVk^aaZ#;^icZhhZie^hX^cZeZcYVciidjiaZh‚_djg#8dbeV\c^ZV‚g^ZccZ/GdnVa
hZhh^dch#c^`Zgjcc^c\ Zc[VcihZheV\cdah# 6^g BVgdX# Kda Vj Y‚eVgi YZ EVg^h# AZh W^aaZih 6$G hdci Xdbeg^h YVch aZ [dg[V^i d[[Zgi V^ch^ fjZ aZ igVch[Zgi V‚gdedgi$]iZa$V‚gdedgi# KVaVWaZ & Vc ]dgh e‚g^dYZ hXdaV^gZ idjiZh odcZh# AZh [gV^h YZ igVchedgi Ydb^X^aZ$V‚gdedgi$
Ydb^X^aZ hdci | aV X]Vg\Z ZmXajh^kZ Yj \V\cVci# Gƒ\aZbZci XdbeaZi Yj _Zj Y‚edh‚ X]Zo BVˆigZ BdciVc‚! ]j^hh^Zg YZ _jhi^XZ Vj ' W^h! gjZ 7VnVgY! (&%%% IdjadjhZ Zi VYgZhh‚ \gVij^iZbZci | idjiZ eZghdccZ Zc [V^hVci aV YZbVcYZ |
5c^`Z#Xdb# a¼VYgZhhZ / ®?:J 8JAIJG: HEDGI · HEDGI ;G::¯ Eajg^b‚Y^V! && GjZ YZ 8VbWgV^! ,*.)* EVg^h 8ZYZm &.# ;gV^h YZ eVgi^X^eVi^dc gZbWdjgh‚h Vjm XdcY^i^dch eg‚kjZh eVg aZ gƒ\aZbZci# Edjg idjiZ g‚XaVbVi^dc! ZckdnZo aZ bdi 8DCI68I
eVgHBHVj,&%&%%!*%æII8$Zckd^]dghXd’iigVchedgiHBH#8dc[dgb‚bZci|aVad^!kdjhY^hedhZoY¼jcYgd^iY¼VXXƒhZiYZgZXi^ÄXVi^dcYZh^c[dgbVi^dchkdjhXdcXZgcVci!fjZkdjhedjkZoZmZgXZg|a¼VYgZhhZX^"YZhhjhbZci^dcc‚Z#

&&;wKG>:G'%%*
'' ;G::HINA:M"<6B:H

A6.Zw9>I>DC9:HM"<6B:H

B69:>C
;G6C8:

AZHcd8gdhh!aZh6b‚g^XV^ch
hdci[djhYZV
MVk^ZgYZaZGjZ!hVXg‚ZcWdVgYZgXgdhh
?6B>:HFJ>G:$<:IIN$6;E

GZbeaVXZoaVbdideVgjcZbdidcZ^\Z!igVXZojceVgXdjghYZXgdhh
VkZXWdhhZhZik^gV\ZhgZaZk‚h!kdjhdWiZcZoaZHcd8gdhh!
jcZY^hX^ea^cZjaigV"heZXiVXjaV^gZ^X^!GnVcH^bdch#

&&;wKG>:G'%%*
'(

GwHJAI6IH
7D6G9:GM= H@>HJE:GE>E:=
&#MVk^Zg &#H^bdc
YZaZGjZ;gV 9jbdciJH6
'#HZi] '#IVccZg=VaaJH6
LZhXdiiJH6 (#?dcDahhdcHjƒ
(#BVgXd=jhZgHj^ )#8#G#?d]chdcJH6
)#?VhdcHb^i]JH6 *#9VcBVg^dcJH6
*#HnakV^c
9jXadh;gV H@>HJE:GE>E:;
&#<gZiZ
7D6G9:GM; :a^VhhZcCdg
&#A^cYhZn '#HVgV]7jg`Z8Vc
?VXdWZaa^hJH6 (#@g^hi^
'#:g^c AZh`^cZcJH6
H^bbdch8Vc )#K^g\^c^V;VkgZHj^
(#@Vg^cZ *#BVg^ZBVgi^cdY"
GjWn;gV Gdji^c;gV
)#?dVc^Z
6cYZghdcJH6 H@>HADE:HINA:=
*#IVc_V;g^ZYZcHj^ &#8]VgaZh
7G>6C76=G$<:IIN$6;E

+#9ZWdgV] <V\c^Zg8Vc
6ci]dc^do;gV '#IVccZg=VaaJH6
(#?dcDahhdcHjƒ
JAIG68GDHHH@>$HCD )#H^bdc
A¼6b‚g^XV^cIgVk^hG^XZ!(ZYVcha¼‚egZjkZYZhcdlWdVgYhadeZhinaZ!^X^YVchaZhjeZge^eZ&%Z#
 &#BVgXd=jhZg$ 9jbdciJH6
:g^X6cYZghhdcHj^$Hjƒ *#=Zcg^`
 '#MVk^ZgYZaZ L^cYhiZYiHjƒ
9jgVcifjVigZ_djgh!jckZciYZ[da^ZVhdj[[a‚hjgaVXdfjZiiZ GjZ$9VkZn7Vgg;gV$8Vc .#AVjgZci
(#CViZ=daaVcY$:g^X ;VkgZ;gV
hiVi^dcVb‚g^XV^cZY¼6heZc#JcZ.Z‚Y^i^dcYZhM"<VbZh 6gX]ZgJH6
 )#EVi=daaVcY$ HCDL7D6G9
Y¼]^kZgfj^VZcXdgZeZgb^hVjm;gVcV^hYZWg^aaZg# :cV`<VkV\\^dJH6$;gV HADE:HINA:=
&#H]VjcL]^iZJH6

’
9VchjcZ\ZgWZYZedjYgZWaVcX]Z!aZ jc\d’iVbZg#²aVajiiZVkZXa¼6b‚g^XV^cOVX]8g^hi! H@>:GM= '#9Vccn@VhhJH6
H`^YdddjbdidcZ^\Zh¼ZckdaZigƒh]Vji VegƒhjcZZggZjghjga¼VkVci"YZgc^ƒgZWdhhZ!:cV` &#GZ\\^Z8g^hiJH6 (#IgVk^hG^XZJH6
eVg"YZa|jcZWdhhZedjgVaaZgViiZgg^gZc hZ_ZiiZX]VjhhjgZhZcVkVcihjgaVa^\cZ#8¼ZhiVj '#OVX]8g^hiJH6 )#7_dgcAZ^cZhJH6
YdjXZjgeajh^ZjghbƒigZheajhad^c#AZhY^oV^cZhYZ eVhhV\ZYje^ZYfjZaZX]gdcdhZY‚XaZcX]Z!Zc
(#:cV` *#IdYY
b^aa^ZghYZheZXiViZjghbVhh‚hVjWdgYYZaVe^hiZ eg^cX^eZ###FjZafjZh^chiVcihVkVciaVX‚g‚bdc^Z!
<VkV\\^d;gV G^X]VgYhJH6
)#8VhZn
YjHcd8gdhhZmjaiZci#®AZh6b‚g^XV^chhdci[djhYZ YdjX]Z[gd^YZ!^aZhig‚igd\gVY‚|aV(ZeaVXZ#8¼ZhiaZ
EjX`ZiiJH6 HCDL7D6G9
V¯!XdchiViZaZhcdlWdVgYZjg;gVcV^hMVk^ZgYZaZ ]VjiYjXdgehfj^eg^bZ!XZiiZ[d^h#
*#:g^X6gX]ZgJH6 HADE:HINA:;
GjZ#®AZhe^adiZhhdci^cXgdnVWaZh!XZhdciYZkgV^h ®AZh6b‚g^XV^chV^bZciaZhWZaaZh]^hid^gZh!Zmea^fjZ
&#?VccVBZnZcJH6
W^`Zgh!gZcX]‚g^ihdcXdbeVig^diZ!aZh`^Zjg:cV` :cV`#FjVcYYZhadXVjmhdciZce^hiZ!aVi‚a‚ÄabZaZ
H@>:GM; '#H^ak^V
<VkV\\^d#8ZgiV^ch\g^beZciVkZXaZjghZc\^chedjg eƒgZ!aVbƒgZ!aZX]^Zc#¯Dg!aZkV^cfjZjg
&#HVccV B^iiZgbjZaaZg6aa
VaaZghZ[V^gZYZhhZhh^dch[gZZhinaZZihVjiZgYZh ^cXdciZhiVWaZYZaVXdjghZh¼VeeZaaZGZ\\^Z###8g^hi!
I^YhigVcYHjƒ (#CViVhoV
WVggZhYZ&*b#¯7^ZckZcjZVjmwiVih"Jc^h! \gVcY[gƒgZYZOVX]#9‚_|hVXg‚heVgaZeVhh‚!aZh
'#@Vg^c=jiiVgn6ji OjgZ`8Vc
lZaXdbZidi]ZM"<VbZh#9Zej^h&..,!ZiYZej^h ®8g^hiWgdi]Zgh¯c¼VkV^Zci_VbV^hg‚jhh^aZYdjWa‚#
(#BV\YVaZcV )#:g^c
'%%'|6heZc8dadgVYd!aVkZgh^dc]^kZgYZXZh :cV`gVeeZaaZVjhh^fj¼Zc'%%&!VegƒhjchVaZXdje
?dchhdcHjƒ 8dbhidX`JH6
?Zjmdanbe^fjZhYZaV\a^hhZZcigZi^ZciaVa‚\ZcYZ! hjga¼jcYZh[gVc\^ch!a¼Zmea^XVi^dcVkV^i‚i‚k^g^aZ
)#6c^`9ZbZgh8Vc *#:b^an
VkZXjcY‚ead^ZbZciYZbdnZchjc^fjZ,%% YVcha¼V^gZY¼Vgg^k‚Z#8ZaVaj^VkV^ikVajhdchjgcdb *#?Zcc^@^ae^cZc;^c I]dbVh6jh
W‚c‚kdaZhedjgaZWdc]ZjgYZhg^YZgh'(%!YZh YZ®9Vg`AdgY¯hZ^\cZjgYZhi‚cƒWgZh# +#KVaZci^cZ
heZXiViZjghZiYZhb^aa^dchYZi‚a‚heZXiViZjghYZaV HXjdiid;gV BDIDM7:HIIG>8@=
X]VˆcZ:HEC#®8¼Zhiidj_djghVjhh^\gdh¯!hZg‚\VaZ MVk^ZgYZaZGjZhZXdjkgZY¼dg &#7g^Vc
:cV`<VkV\\^d!aZ;gVcV^haZeajhb‚YV^aa‚VjmM" H^:cV`<VkV\\^dZhiaVÃ\jgZZbWa‚bVi^fjZYZh HCDL7D6G9 9ZZ\VcJH6
<VbZh+edY^jbhYZej^hhVegZb^ƒgZZihZjaZ ;gZcX]^ZhVjm®M¯!MVk^ZgYZaZGjZZcZhiaZX]Z[YZ HJE:GE>E:; '#?Z[[@Vg\daVJH6
k^Xid^gZ!Zc&...!Zch`^ZgXgdhh# ÃaZ#BVa\g‚,k^hZi'WgdX]ZhYVcha¼‚eVjaZ\VjX]Z! &#<gZiX]Zc (#9jhi^cB^aaZgJH6
®8¼ZhiZc\V\‚!XdcÃgbZMVk^ZgYZaZGjZ!^anVYZ h‚fjZaaZhY¼jcZk^aV^cZX]jiZZcY‚XZbWgZ!aZ 7aZ^aZgJH6 )#9gV`Z
\gdhhVjihVkZXYZkgV^Zhg‚XZei^dch!VXdggZhedcY X]Vbe^dcYjbdcYZ'%%(YZWdVgYZgXgdhhV '#9dg^VcZ BX:agdnJH6
eajh|cdigZZheg^ifjZaZhXdbe‚i^i^dch;>H Y‚XgdX]‚|cdjkZVja¼dgVegƒha¼jaigVXgdhhZc'%%(# K^YVa;gV *#7ZVj
P;‚Y‚gVi^dc^ciZgcVi^dcVaZYZh`^!cYagR#¯HZadc ®?¼V^Y‚X^Y‚YZbZ[V^gZeaV^h^g!Zmea^fjZMVk^Zg! (#=VccV]IZiZgJH6 7VbWjg\JH6
:cV`!aV;>HVhZei^hZaZhigVX‚hedjggVhhjgZgZi VeVhhZdjVXVhhZ#¯A¼VjigZhiVgbVYZ^c;gVcXZ! )#IdgV]7g^\]i6jh
XdckV^cXgZaZ8db^i‚^ciZgcVi^dcVadanbe^fjZ8>D! 9dg^VcZK^YVa!h¼Zhi^cXa^c‚ZZchjeZge^eZ[VXZ| *#@Zaan8aVg`JH6 HCD8GDHH=
fj^V^chXg^iaZWdVgYZgXgdhhVjm?#D#YZIjg^c!a¼Vc a¼6b‚g^XV^cZ<gZiX]Zc7aZ^aZg#®BdceVhhV\Z‚iV^i &#7aV^gBdg\Vc8Vc
egdX]V^c!ZiZck^hV\ZY¼Zc[V^gZVjiVciedjgaZ eajhheZXiVXjaV^gZbV^haZh^ZceajhegdegZ!gZXdccVˆi HCDL7D6G9 '#IjX`Zg
h`^ZgXgdhh!Zc'%&%|KVcXdjkZg#6adgh!aZh`^ZjgYZ 9dg^VcZ#vVkVbZeZgbZiigZYZgZkZc^ga¼VcegdX]V^c! HJE:GE>E:= =^WWZgiJH6
7djg\"HV^ci"BVjg^XZgZk^ihdjh®M¯#8ZiiZVcc‚Z YZ\V\cZgZcÄcaZhM"<VbZh!ej^haZh?Zjmdanbe^fjZh# &#6cii^6jii^;^c (#HiZkZc
ZcXdgZ!^aVgVĂjcZcdjkZaaZb‚YV^aaZZigVi‚YZ 6egƒh!_¼Vgg„iZ#¯AVidjiZ[gVˆX]Zig^eaZX]Vbe^dccZ '#6cYn;^cX]JH6 BVgi^cJH6
eZjaZedY^jb!ZcjaigVXgdhh!jcb^c^"gZaV^heVg YjbdcYZYZhcdlWdVgY]Va[e^eZZcZhiXVeVWaZ# (#9Vccn@VhhJH6 )#8Vga
‚fj^eZhYZYZjm!jch`^ZjgZijchcdlWdVgYZjg# AV\a^hhZWaZj"WaVcX"gdj\ZXaVhh‚ZMhZedgiZW^Zc#N )#H]VjcL]^iZJH6 @jhiZg8Vc
BV^hhV(ZeaVXZZch`^ZgXgdhhVkV^ihjgaZbdbZci IJxF>7D;Cx@7DÏI *#Aj`ZLncZcJH6 *#GnVcH^bdch8Vc

&&;wKG>:G'%%*
') 7>:C"ËIG:8DGEH

'(
8=6J9H8DCH:>AHEDJG9:H

B6HH6<:
69:JM
DccZkVciZgV_VbV^hVhhZoaZWdc]ZjgYZhZ[V^gZbVhhZg#BV^hdcgZX]^\cZeVg[d^h
|gZcYgZaVbdccV^ZYZhVXVgZhhZ#EdjgiVci!aZbVhhV\ZZcXdjeaZ!WgVcX]‚hjgaZXdjgVci
VaiZgcVi^[Ziegde^XZ|a¼VWVcYdc!ZhijcZY^k^cZ[VdcYZ[„iZgaVHV^ci"KVaZci^c#
E:I:G76GG:II$8DG7>H

> *
9:H7>:C;6>IHBw8DCCJH A:H8=:K:JM
®D[[g^gjcbVhhV\Z|hdc$hVeVgiZcV^gZZhijcZY‚a^X^ZjhZbVc^ƒgZYZaZ$aV 6egƒhjcbVhhV\ZYjk^hV\ZeZcYVciaZfjZag^ZccZkdjhZbe„X]Z
idjX]Zg!XZgiZh!bV^hhjgidjiYZeVgiV\ZgVkZXaj^$ZaaZ!Zmea^fjZ6cYg‚ YZ\a^hhZgY‚a^XViZbZcijcYd^\iYVchhVWdjX]ZedjgeVgXdjg^g
<^dgYVc!egd[ZhhZjgYZW^dad\^Z|<ZcƒkZZi\gVcYZmeZgiƒhViidjX]ZbZcih a¼^ci‚g^ZjgYZhZh_djZh!hZh\ZcX^kZh!hVaVc\jZ!egdbZcZokdhYd^\ih
XjiVc‚hY‚a^XVih#Dg!cdigZhdX^‚i‚dXX^YZciVaZZhiigƒheVjkgZZcaV ‚XVgi‚h!Zia‚\ƒgZbZcigZea^‚h!hjgaZhgVX^cZhYZhX]ZkZjm#BVhhZo
bVi^ƒgZ#:aaZbVcfjZb„bZidiVaZbZciYZXjaijgZ#JcigV^i‚YZbVhhV\Z idjiaZXg}cZVkZXaVejaeZYZhYd^\ih#EgdX‚YZoY¼VWdgYeVgeZi^ih
iVd‰hiZgZXZchZeajhY¼jcZigZciV^cZYZ[VdchYZbVhhZg!YjeVhYZ bdjkZbZcihYZegZhh^dc!ej^hYZeajhZceajh[dgi!_jhfj¼|W^ZchZci^g
bd^cZVjVj[Zg|X]ZkVa!ZceVhhVcieVgaZeVhYZXdf!aVeViiZYZeVdc!aV aZhgZa^Z[h#9ZhXZcYZo_jhfj¼|aVWVhZYZaVcjfjZ!Vegƒhaj^Vkd^g
\g^[[ZYji^\gZ°¯ iVedi‚hjgaVi„iZZcgni]bZZiaj^Vkd^gbVhh‚Y‚a^XViZbZciaZhYZjm
dgZ^aaZh!ZiW^kdjVfjZoYVchaZXgZjmc^X]‚Zc]VjiYZaVcjfjZ#

'
JC:B>H::CH8ÎC::C;>C:HH:
AZbVhhV\ZYZXdjeaZc‚XZhh^iZjckgV^X‚g‚bdc^Vab„aVcieg‚X^h^dc!YdjXZjg

+
Zi‚gdi^hbZ#G‚\aZoaViZbe‚gVijgZ|'*•8!aVhZchVi^dcYZ[gd^YZbe„X]VciYZhZ A:8DJ:IA:HwE6JA:H
aV^hhZgVaaZg#IVb^hZoaVajb^ƒgZ!Y‚WgVcX]ZoaZi‚a‚e]dcZ!aVcXZojc89YZbjh^fjZ BZiiZo"kdjh|\ZcdjmYZgg^ƒgZhVi„iZZiYZbVcYZo"aj^YZgZhe^gZgeVgaZkZcigZ!
gZaVmVciZ!VaajbZojcZWdj\^ZeVg[jb‚Z!Y‚eadnZojciVe^hVjhdab^ZjmfjZaZa^i! |hdcgni]bZ#GZe‚gZoaZhbjhXaZhhjgaZXi‚YZaVcjfjZZi!aZhbV^chZcYj^iZh
igdebdjgZXdjkZgiY¼jcZhZgk^ZiiZYZWV^cbdZaaZjhZZieVg[jb‚Z#Eg‚kdnZo Y¼]j^aZi^ƒYZ!bVhhZo"aZhVkZXa¼Zmig‚b^i‚YZhYd^\ih#6k^hZoZchj^iZhZh‚eVjaZh#
a¼]j^aZYZbVhhV\Z|g‚X]Vj[[ZgZcigZhZhbV^ch!YZa¼]j^aZY¼da^kZeajhZ[[^XVXZ! IVbWdjg^cZoYZhhjhVkZXaZigVcX]VciYZaVbV^cVkVciYZaZhbVaVmZg
hZadcXZgiV^ch!fjZaZhXgƒbZhYjXdbbZgXZdjYjiVaXedjgjcidjX]Zg®hVi^c‚¯# ‚cZg\^fjZbZcieVhigdefjVcYb„bZ#:beVjbZoa¼‚eVjaZjcZbV^chjghdc
dbdeaViZ!a¼VjigZeaVfj‚ZXdcigZhdcYdh!ZiY‚Xg^kZoYZhXZgXaZh#9^k^c°

(
²8=68JCHDCIDJG

,
®9VchjcXdjeaZ!^anZcVhdjkZcijcfj^eg‚[ƒgZbVhhZg!Zia¼VjigZ„igZ A:H7G6H
bVhh‚#8¼ZhicdgbVa!bV^h^acZ[VjieVhZciZc^gXdbeiZZiidj_djgh 9ZhXZcYZoZigZbdciZoaZadc\YZhZhWgVh!ZckdjhViiVgYVciegƒhYjea^
egVi^fjZgaZbVhhV\Z|idjgYZgaZ¯!^ch^hiZaZ9g8Vi]Zg^cZHdaVcd# Vci‚g^Zjg!jckVaadcYdjmXdbbZaVhd^ZZijaigVhZch^WaZ#H^kdigZeVgiZcV^gZ
8dbW^ZcYZiZbeh4;VX^aZbZcijcZ]ZjgZZcidji#BV^heg^k^a‚\^Zoidj_djgh ZhikgV^bZciY‚iZcYjZ!YZh^beaZhZ[[aZjgZbZcihhj[[^hZci|ZbWgVhZgaV
aVfjVa^i‚|aVfjVci^i‚#EVhbVaYVchaZ\ZcgZ!edjgVb‚a^dgZghViZX]c^fjZ! g‚\^dc#6kZXaZedjXZZiaZhYd^\ih!bVhhZo"aj^h^bjaiVc‚bZciZi
aZ9K9BVhhV\ZhZchjZaYZ?ZVc"Adj^h6WgVhhVgi‚Y^i^dch:aa‚WdgZ# X^gXjaV^gZbZciaVeVjbZZiaZgZkZghYZaVbV^c#Ej^hhZggZo[ZgbZbZci
X]VfjZYd^\i!Vjc^kZVjYZX]VfjZ_d^cijgZ#

)
9:HB6>CHIDJ?DJGH:C8DCI68I

-
H^X¼Zhikdjhfj^bVhhZo!VXXdbeV\cZokdh\ZhiZhYZeVgdaZh[aViiVcia¼Z\d®?Z A:9DH:IA:HG:>CH
iZigdjkZigƒhWZVj$igƒhWZaaZ¯#9VchaZXVh^ckZghZ!\j^YZoa¼d[[^X^Vci®Eajh GZidjgcZokdigZeVgiZcV^gZhjgaZkZcigZZi^chiVaaZo"kdjh|XVa^[djgX]dchjghZhgZ^ch
[dgi¯!®Eajh|\VjX]Z¯!ZiX##CZgZi^gZo_VbV^hkdhYZjmbV^chY¼jcXdjeedjg hVcha¼‚XgVhZg#8dbbZcXZoeVgaj^bVhhZgaZYdheZcYVciYZadc\jZhb^cjiZh!
cZeVhgdbegZaZX]VgbZ#®H^kdigZeVgiZcV^gZX]Vc\ZYZedh^i^dc!aZXdciVXiYd^i ZceVgiVciYjXgZjmYZhgZ^ch|aVcV^hhVcXZYjh^aadc^ciZg[Zhh^Zg!jcZg‚\^dc^ci^bZ
fjVcYb„bZ„igZ\VgY‚!Vjbd^chYjWdjiYZhYd^\ih¯!gZXdbbVcYZaZ9gHdaVcd# d‘kdjhedjkZokZghZgjceZjY¼]j^aZdjVYb^c^higZg!hjgaZheVgi^ZhaZheajhX]VgcjZh!
Hjgidji!egZcZokdigZiZbehZiXdcidjgcZoaZhodcZhaZheajhWg’aVciZhVjY‚Wji# YZ\Zci^aaZheZi^iZh®iVeZh¯#GZbdciZokZghaZh‚eVjaZhZiaVcjfjZ#

&&;wKG>:G'%%*
'*

:H

.
A:K:CIG:
GZidjgcZokdigZeVgiZcV^gZjcZcdjkZaaZ[d^h#EdhZoh^beaZbZcikdhbV^ch
hjghdckZcigZ!edjgkdjh®WgVcX]Zg¯hjgZaaZ$aj^ZiXVcVa^hZga¼ZmX^iVi^dc
fj^g^hfjZYZ\g^beZgXgZhXZcYd#EZcYVcijcZ|YZjmb^cjiZh!XdciZciZo"
kdjhY¼VXXdbeV\cZgaZbdjkZbZciYZhVgZhe^gVi^dc#:chj^iZ!bVhhZo
|eaZ^cZhbV^ch!aZhYd^\ihW^Zc‚iVa‚h!aZh]VcX]Zh!a¼VWYdbZcZiaVXV\Z
i]dgVX^fjZ#8VaZokdhbdjkZbZcihhjgaVXVYZcXZYZhVgZhe^gVi^dc
ZigZhe^gZoVjb„bZgni]bZfj¼ZaaZ$aj^#

&%
A6ED>IG>C:
9jWdjiYZhYd^\ih!VgeZciZoaZXdcidjgYZhhZ^ch!ej^h[V^iZhYZhXZgXaZhZc
VaaVciYZa¼Zmi‚g^ZjgkZgha¼Vg‚daZZiaZbVbZadc#:chj^iZ!bZhh^Zjgh!h^kdjh
bVhhZoaZhYZjm\adWZhh^bjaiVc‚bZci!c¼djWa^ZoeVhYZXdbbZciZgaV
bVc¶jkgZaZh[ZbbZhVYdgZcifj¼dcVYdgZaZjghhZ^ch#

&&
A:H?6B7:H
²XZhiVYZ!Zceg^cX^eZ!kdigZeVgiZcV^gZZhieVg[V^iZbZciY‚iZcYjZZi
ViiZcYfjZkdjheVhh^ZoaVhjgbjai^ea^‚Z#EaVXZo"kdjh|hZhXi‚hZi
bVhhZo"aj^adc\jZbZciaZh_VbWZh#>ch^hiZohjgaV[VXZ^ciZgcZYZhXj^hhZh
Ydcia¼‚e^YZgbZ!Vjhh^[^cfjZ[gV\^aZ!cZhjeedgiZeVhaZheVaeVi^dchigde
k^\djgZjhZh#EdjhhZo_jhfj¼|aVcV^hhVcXZYZh[ZhhZhej^hbVhhZoaZh
\Zcdjm!Zc[V^hVcijcY‚idjgeVgaZeZi^iea^h^ij‚|a¼Vgg^ƒgZXgZjmedea^i‚!
igƒhhZch^WaZVjmZ[[aZjgZbZcihhVkVcih#

&'
A68=:K>AA::IA:E>:9
Edjg[^c^gZcWZVji‚!bVhhZo"aj^aZhX]Zk^aaZhZiegdbZcZoaZhYd^\ihYVchaV
eZi^iZ\dg\Zedhi‚ZYZX]VfjZXi‚YjiVadcY¼6X]^aaZfjZkdjhedjkZoe^cXZg
Y‚a^XViZbZci#AVeaVciZYje^ZY!hjgidjiegƒhYjiVadc!Veeg‚X^Za¼VaiZgcVcXZYZ
bVhhV\Zh[ZgbZhZiYZXVgZhhZh#Jai^bZX]Ve^igZ/ZbeVgZo"kdjhYZhdgiZ^ah!
ea^Zo"aZhVkZXaZedjXZZia¼^cYZm!‚i^gZo"aZhZihjdiZo"aZh!ZcX]jX]diVcifjZaV
h‚VcXZkVhZedjghj^kgZhdjhaVXdjZiiZ#N
F>?B?FF;J;IJ7H:#L7?BB7DJ
HZmdad\jZ!VjiZjgYZAVhZmjVa^i‚!‚Y^i^dch;aVbbVg^dc

&&;wKG>:G'%%*
'+ <A6BDJG

8]VfjZ_djg
XdbbZcXZeVgjcZ
WViV^aaZXdcigZbdca^i
fjZ_ZeZgYh
hnhi‚bVi^fjZbZci
7ViijZZc&$-YZ[^cVaZYZa¼DeZcY¼6jhigVa^Z'%%*!
KZcjhL^aa^Vbhc¼VeVhXVX]‚hVY‚XZei^dc#BV^hZaaZV
egdb^hYZgZidjgcZgigVkV^aaZgYjgVegƒhVkd^gYZbVcY‚
|hVXdc[^YZciZYZbƒgZZcfjd^ZaaZVkV^i[V^aa^#
?>AA<G::C7:G<$8DG7>HDJIA>C:

&&;wKG>:G'%%*
',

A¼6ÐCw:9:HL>AA>6BH

K:CJH7:6JI:
B„bZh^ZaaZ[^\jgZZcXdgZYVchaZIde&%!KZcjhL^aa^Vbhc¼Zhieajh
jcZiZggZjgYZhXdjgih#9‚X^Y‚Z|cZeVhedjghj^kgZhVXVgg^ƒgZ
Vj"YZa|YZ'+VchZaaZZcV')!a¼6b‚g^XV^cZbZiYZa¼VgiYVchhVk^Z#

’
AZ(&dXidWgZ'%%)!ZaaZV[„i‚hZh W^ZciiZcbdYZ!ZaaZXdchVXgZWZVjXdjeYZ VjmXdjghY¼:heV\cdadjYZ\j^iVgZ!hZadcaZh
&%VchYZXVgg^ƒgZhjgaZX^gXj^i iZbeh|hdcVjigZb‚i^Zg/eg‚h^YZciZ"Y^gZXig^XZ _djgh#®?¼VYdgZgV^hVjhh^egZcYgZYZhXdjghYZ
egd[Zhh^dccZa[‚b^c^c#:aaZc¼VfjZ \‚c‚gVaZYZKHiVgg>ciZg^dgh#;dcY‚ZZcVkg^a YVchZZiYZXdb‚Y^Z!bV^haZiZbehbZbVcfjZ¯!
>I>CwG6>G:
')Vch!bV^hKZcjhL^aa^VbhVY‚_|bVgfj‚ '%%'!XZiiZhdX^‚i‚Y¼VgX]^iZXijgZY¼^ci‚g^Zjg hZY‚hdaZ"i"ZaaZ#A¼Vegƒh"b^Y^!bVYVbZaVE9<
a¼]^hid^gZYjiZcc^h#AZ'*[‚kg^Zg'%%'!ZaaZ edgiZhdccdbYZbVc^ƒgZ|eZ^cZXgnei‚Z# ZcigZZchXƒcZ#6kZXjch‚g^ZjmgZYdjiVWaZ#

9:C>H86AA6=6C$6;E
YZkZcV^iaVegZb^ƒgZ[ZbbZcd^gZc•&bdcY^VaZ# :aaZZhic‚ZKZcjh:WdcnHiVggL^aa^Vbh!| ®?ZYZhh^cZYZhbdYƒaZh!cdiVbbZciedjgbV
6kZXhVh¶jgHZgZcV!YZYZjmVchhVXVYZiiZ! 8dbeidc!YVchaVWVca^ZjZX]VjYZYZAdh h¶jgHZgZcV!gVXdciZKZcjh!bV^h!aZeajhhdjkZci!
ZaaZV[VhX^c‚VjiVcifj¼ZaaZVV\VX‚Zc 6c\ZaZh#Jcjc^kZghfj^XdcigVhiZY¼V^aaZjghVkZX _¼‚ijY^ZaZhX]^[[gZh!_¼‚X]V[VjYZYZhhigVi‚\^Zhedjg
Y‚WVgfjVcihjgaZX^gXj^i!egd\gVbb‚Zedjg hVYdj^aaZiiZZm^hiZcXZY¼Vj_djgY¼]j^!|EVab a¼VkZc^g#?¼V^bZVjhh^gZ\VgYZgXZfj^hZeVhhZYVch
\V\cZgeVgjceƒgZVjmbVc^ƒgZhXdcigdkZgh‚Zh# 7ZVX]!Zc;adg^YZ!bV^hfj^a¼VgViigVe‚ZYZaV aZhWjgZVjmedjgXdbegZcYgZXZfjZX]VXjc[V^iZi KZcjhL^aa^Vbh
BV^h!h^HZgZcVk^ZciZcXdgZY¼‚id[[Zghdc eajhigV\^fjZYZh[Vdch#A¼jcZYZhZhfjVigZ igdjkZgYZhhdaji^dchedjgVb‚a^dgZgaZhX]dhZh#¯ C‚ZaZ&,_j^c&.-%|AnclddY
eVabVgƒhVkZXjcZk^Xid^gZVjg‚XZciDeZc h¶jgh!NZijcYZ!Vigdjk‚aVbdgi|8dbeidc! Ad^cYZaVXd\cZjhZYZhXdjgih!XZaaZfj^Vhh‚cV 8Va^[dgc^Z!wiVih"Jc^h
Y¼6jhigVa^Z!KZcjhc¼Veajhig^dbe]‚YVchjc eg^hZYVchjcZ[jh^aaVYZ!aZ&)hZeiZbWgZ'%%(# jc_djgjcVXZ|'%+`b$]hjgjcZWVaaZYZbViX] &!-*b·,(`\
idjgcd^Yj<gVcY8]ZaZbYZej^h'%%&#EdjgZaaZ! |BVgnE^ZgXZOjg^X]!&..-!Xjai^kZhdcVbdjg He‚X^Va^i‚/IZcc^h
^anVjcZk^ZVegƒhaZiZcc^h#9ZhWaZhhjgZh| :aaZXjai^kZhdcVbdjgYjWZVj YjWZVj#:aaZ‚Xg^iYZhedƒbZhZi!YZhZh
g‚e‚i^i^dcZi!hjgidji!jcZ}bZY¼Vgi^hiZ!\j^YZci waZk‚ZYVchaVb‚ÃVcXZYj7aVcXZieVgYZh kdnV\Zh!ZaaZgVeedgiZYZh¶jkgZhY¼Vgi^hiZh EVabVgƒh/
aVk^ZYZaV_ZjcZ[ZbbZ#HjgaVeV\ZY¼VXXjZ^aYZ eVgZcihI‚bd^chYZ?Z]dkV]!KZcjhc¼V_VbV^h gjhhZh!YZheZ^cijgZhVWdg^\ƒcZhZiYZh
'%%'/KV^cfjZjgYZa¼DeZc<Vo
YZ;gVcXZ
hdch^iZ>ciZgcZilll#kZcjhl^aa^Vbh#Xdb!ZaaZ eZgYjaZhZchYZhg‚Va^i‚h#Adghfj¼ZaaZcZ_djZ Vci^fj^i‚hX]^cd^hZh#:c\j^hZYZg‚Xg‚Vi^dc!
'%%&/KV^cfjZjg|L^bWaZYdc
edhZZceVciVadcZikZhiZYZXj^g#AVe]didZc eVhVjiZcc^h!hZh_djgc‚ZhhdciW^ZcgZbea^Zh# KZcjheg„iZhdcXdgehYZY‚ZhhZVWnhh^cZedjg
Zi|a¼JHDeZc
VXi^dcZhiVjhZXdcYeaVc#JcXdhijbZ\aVbdjg! ®vVXdbbZcXZeVgjcZWViV^aaZXdcigZbdca^i° YZhY‚Ãa‚h#AZ)[‚kg^ZgYZgc^Zg!ZaaZedgiV^i
'%%%/KV^cfjZjg|L^bWaZYdc
fj¼ZaaZVYZhh^c‚!ZcZmXajh^k^i‚edjgaVbVgfjZ fjZ_ZeZgYhhnhi‚bVi^fjZbZci¯!h¼VbjhZ"i"ZaaZ# jcZgdWZgdj\ZYZAjXVAjXV!|CZlNdg`#
Zi|a¼JHDeZc!
L^ahdc#6jm?Zjmdanbe^fjZhY¼6i]ƒcZh!Zc'%%)! HjgaZXdjgiZcigZ.]Zi&%]!ZaaZYd^iXVhZg!YVch HVchdjWa^ZghZhXdck^Xi^dchej^hfjZX¼‚iV^i
X]Vbe^dccZdanbe^fjZ
aZhZbeadn‚hYZBX9dcVaY¼hedgiV^Zcijc aVbVi^c‚Z!YZjm]ZjgZhYZ[gVeeZhYVchaVWVaaZ! edjga¼VhhdX^Vi^dcGZY9gZhh!fj^ajiiZXdcigZ
h^beaZZiYdjWaZ|HnYcZn
X]VeZVjh^\c‚YZhVbV^c#9^eab‚ZYZa¼6gi jcZh‚VcXZY¼ZmZgX^XZhe]nh^fjZhZijceVhhV\Z aZhbVaVY^ZhXVgY^VfjZhYZh[ZbbZh#N
>chi^ijiZYZ;adg^YZ!ZcY‚XdgVi^dc^ci‚g^ZjgZ!Zi X]ZoaZ`^c‚#A¼]ZjgZYjY‚_ZjcZgZhiXdchVXg‚Z IJxF>7D;Cx@7DÏI

7:AA:HYZ
KdjhV^bZoaZhedgi!kdjhg„kZoYZaVgjWg^fjZ<aVbdjg#
HedgiZia¼V\ZcXZHedgiBdYZahkdjhd[[gZciaVedhh^W^a^i‚YZYZkZc^g
bVccZfj^cZiYZ[V^gZaVXdjkZgijgZYZHedgi#
>CH8G>K:O"KDJHHJG[gZZhedgi#[gDJw8G>K:O²>H67:AA:!&+"&-!GJ:G>K6N!.'(%%A:K6AAD>H"E:GG:I
Gƒ\aZbZciY‚edh‚VjegƒhYZbVˆigZBdciVcZ!'W^h!gjZ7VnVgY!(&%%%IdjadjhZ!ZiY^hedc^WaZhjg/
]iie/$$lll#[gZZhedgi#[gdjhjgh^beaZYZbVcYZ|J\dHedgi!&+"&-!gjZG^kVn!.'(%%AZkVaad^h"EZggZi#

&&;wKG>:G'%%*
'- BwBDHEDGI

HwA:8I>DCIK HwA:8I>DCIK
8 D Hw
wA:8I>DC
9J&&
6J
&,;wKG>:G
K:C9G:9>&& H6B:9>&' 9>B6C8=:&( AJC9>&)
|.])*=D8@:NHJG<A68: |.](%H@>6AE>C9>G:8I |.])*=D8@:NHJG<A68:
KdjhigdjkZgZoYVchXZiiZ\g^aaZ Idjgcd^YZfjVa^[^XVi^dcdanbe^fjZ/6jig^X]Z·;gVcXZ BdcY^Vjm|7dgb^d>i#/haVadbBZhh^Zjgh&gZbVcX]Z FjVa^[^XVi^dchedjgaZh?#D#/;gVcXZ·@VoV`]hiVc
jcZh‚aZXi^dccdcZm]Vjhi^kZ 8¼Zhi|XdjehYZXgdhhZfjZa¼dcYZk^ZcibVˆigZYjeVaZi# A¼6b‚g^XV^c7dYZB^aaZg[VXZ|a¼6jig^X]Z# :mXZaaZcihXVkVa^Zgh!aZh@VoV`]hhVkZciVjhh^eVi^cZg#
6K6CI YZhegd\gVbbVi^dchhedgi^kZh
&'= YZaVhZbV^cZ#:cZmZg\jZhjg[dcY |&%]H@>6AE>C9>G:8I |&%]*%B6<6O>C: |&%]&*B6<6O>C:
dgVc\Z/aZhegd\gVbbZhgZXdbbVcY‚h BdcY^Vjm|7dgb^d>i#/haVadbBZhh^Zjgh&gZbVcX]Z I‚a‚[ddi 8VhV>iVa^V
eVgaVg‚YVXi^dcYZHedgi# gZ
7dYZB^aaZgVY‚_|eaVci‚hV& WVcYZg^aaZZchjeZg<# A¼VXijVa^i‚Yj[ddieg‚hZci‚ZeVgI]^Zggn<^aVgY^# 9Zgc^Zgcjb‚gdXdchVXg‚VjmBdcY^VjmYZh`^YZ7dgb^d>i#

|&(](%I:CC>H9>G:8I |&(]I:CC>H |&)](%;JIH6A9>G:8I


|&']*%H@>6AE>C9>G:8I
Idjgcd^6IEDeZc&(|BVghZ^aaZ/&$)YZ[^cVaZ BdcY^Vjm|7dgb^d>i#/haVadbBZhh^Zjgh'ZbVcX]Z DeZc<VoYZ;gVcXZ 8]Vbe^dccViY¼:jgdeZ|DhigVkVG‚e#IX]ƒfjZ
NgZigdjkZgV"i"dcYZ_ZjcZhegdY^\ZhiZaCVYVa4 BV^hhjgaZeVhYZaVYZgc^ƒgZedgiZ!dcViiZcYa¼6jig^X]Z# FjZaaZXd\cZjhZVjgVaZYZgc^Zgbdi4 >iVa^Z·Edgij\Va
&'=
²&+= |&)]&*H@>6AE>C9>G:8I |&)]*%GJ<7N9>G:8I |&*](*GJ<7N9>G:8I |&*]&*C6I6I>DC
BdcY^Vjm|7dgb^d>i#/haVadb9VbZh&gZbVcX]Z Idjgcd^YZhK>CVi^dch/>iVa^Z·EVnhYZ<VaaZh Idjgcd^YZhK>CVi^dch/6c\aZiZggZ·;gVcXZ 8djeZYjbdcYZ|CZlNdg`!'Z_djg
:chjeZg"<!aVhjgeg^hZZhikZcjZYZEVZghdc° AZh>iVa^ZchhdciY‚hdgbV^hW^Zc^chiVaa‚hYVchaZidjgcd^# AZX]dXiVciViiZcYjYjidjgcd^# 6kZXjcZAVjgZBVcVjYdjigƒhViiZcYjZ#

|&,](%H@>6AE>C9>G:8I |&,]GJ<7N9>G:8I |&,]**B6<6O>C: |&+]HCDD@:G9>G:8I


BdcY^Vjm|7dgb^d>i#/haVadb9VbZh'ZbVcX]Z Idjgcd^YZhK>CVi^dch/wXdhhZ·>gaVcYZ HiVYZ'!eg‚hZci‚eVg;#7gVWVciZia¼‚fj^eZYZhhedgih BVhiZghYZAdcYgZh
###fj^Zhihe‚X^Va^hiZYZh‚egZjkZhiZX]c^fjZh# ²wY^bWdjg\!aZh>gaVcYV^hVgg^kZcieajiiZc[Vkdg^h# 7^aVchedgi^[Y¼jcZhZbV^cZg^X]ZZc‚k‚cZbZcih# L]^iZVhZhV[^X^dcVYdh!bV^hGdcc^ZEdjgaZh^ci^bZh
&+=
²'%= |&,](%HCDL7D6G9 |&.]*%;DDI76AA9>G:8I |&-](%B6<6O>C: |&-](%7:68=HD88:G
HcdlWdVgYBV\ 8djeZYZ;gVcXZ&$&+YZ[^cVaZ/GZccZh·8VZc 9^bVcX]Zhd^g[ddi Idjgcd^Y¼6bc‚k^aaZBdhZaaZ/Edgij\Va·7g‚h^a
IdjiZa¼VXijVa^i‚Yjhjg[YZhcZ^\Zh# JcZWda‚ZYZX^YgZ!jcZXgƒeZ"hVjX^hhZ!Zi[V^iZhkdh_Zjm Eg‚hZci‚eVg8]g^hide]ZEVXVjY# A¼VjigZYZb^"[^cVaZdeedhZaV;gVcXZ|aVHj^hhZ#

|'%](%;DDI76AA9>G:8I |'%])%B6<6O>C: |'%](%;DDIJH


|'%](%GJ<7N
Idjgcd^YZhKCVi^dch 8djeZYZ;gVcXZ&$&+YZ[^cVaZ/A^aaZ·AZch Hedgi+ C;AEgdWdla/jcZh‚aZXi^dcYZ_djZjghY¼6;8ZiYZC;8
JcZdg\^ZYZXdc[gdciVi^dchVc\ad"[gVcV^hZh&.,&!,'Zi--# 6kZXX¶jgZiXdjgV\Z!A^aad^hZiAZchd^hkdciVjX]VgWdc# H^mb^cjiZhYZhnci]ƒhZhedgi^kZeVgHi‚e]VcZIdgidgV# 8¼ZhiYjWgjiVaZcigZh‚aZXi^dcc‚hYZX]VfjZXdc[‚gZcXZ#

|'%](%;DDI76AA9>G:8I |'%]*%;DDI76AA9>G:8I |'%])*;DDI76AA9>G:8I


|'%])%;DDI76AA
'%= 8djeZYZ;gVcXZ&$&+YZ[^cVaZ/C^XZ"GZ^bh 8]Vbe^dccViZjgde‚Zc 8djeZYZ;gVcXZ&$&+YZ[^cVaZ/EH<·7dgYZVjm 8]Vbe^dccViY¼6c\aZiZggZ/6ghZcVa·8gnhiVaEVaVXZ
²''= :c'%%%!a¼ZcigVˆcZjgg‚bd^hAdoVcdZbbZcV8VaV^hZc[^cVaZ# :c>iVa^Z!a¼>ciZggZd^iGdbZZiIdii^ZccZigZ\V^cYZ[dgbZ# A¼dXXVh^dcedjgYZjmXajWhYZcZeVh\}X]ZgjcZhV^hdc# 9VchjcZbVjkV^hZeVhhZ!aZh<jccZghYd^kZcihZgZegZcYgZ#

|'&]*%9D8JB:CI6>G: |'&];DDI76AA9>G:8I |'&])*76H@:I |'&]'*;DDI76AA


K^kgZhVk^Z/9VkZ=VgkZn 8]Vbe^dccViZjgde‚Zc 8]Vbe^dccViC76/B^Vb^=ZVi·HVc6cidc^dHejgh 8]Vbe^dccViZjgde‚Zc
6j7g‚h^a!aZe]did\gVe]ZhV^h^iaVeVhh^dcYjXVgcVkVa# AV?jkZXdbbZaZ7VgVhdci^chdaZcihY¼Z[[^XVX^i‚# IdcnEVg`Zg‚eZgdccZgV^iW^ZcaZX]VjYWdj^aaVciD¼CZVa# 6kZXhVchYdjiZaZ7VnZgcYZBjc^X]Zia¼ZmXZaaZciBV`VVn#

|'(])*G6AAN: |'(]8N8A>HB: |''])%B6<6O>C: |''](%;DDI76AA


8]Vbe^dccViYjbdcYZZcHjƒYZ Idjgb‚Y^iZggVc‚Zc)Z_djg A¼wfj^eZYjY^bVcX]Z 8]Vbe^dccViY¼6g\Zci^cZ!idjgcd^YZXaijgZ
8dbbZZc'%%)!AdZWegZcYaZkdaVciedjgn\V\cZg# A¼6aaZbVcY?dg\?V`hX]ZVkV^igZbedgi‚a¼‚Y^i^dc'%%)# 7dccZ]jbZjgZiVXXZcihX]VciVcihVkZX=Zgk‚BVi]djm# 6kZX7dXV?jc^dg!CZlZaa¼hDaY7dnh!XZjmYZG^kZg°

|%](%B6<6O>C: |'(]G6AAN: |'(](%B6<6O>C:


|%];DDI76AA
6EGÏH C;ABV\ 8]Vbe^dccViYjbdcYZ :jgdhedgi^c[d ®6ghZcVahidgn/&..,"&..-!a¼Vcc‚ZYjYdjWa‚¯
''= GZidjghjgaV[^cVaZYjHjeZgWdlaY^heji‚ZY^bVcX]Z# GVaanZYZHjƒYZ!'Z_djg# ²egdedhYZaVXdchi^iji^dcZjgde‚ZccZ4FjZcZcc^# vVkVaV^iW^ZcjcZXdjeZd[iZVdjjcZXjeYZX]VbeV\cZ#

|']B6<6O>C: |'(](%B6<6O>C: |&]I:CC>H |%]&*O6EE>C<


:c\VgYZ NDObV\ Idjgcd^6IEDeZc&(|BVghZ^aaZ/[^cVaZ LViih
AZh[gƒgZhIdjnVdcigZc\V^c‚!aVh¶jgwa^hZhVWgZidj_djgh# >bV\ZhYZ\a^hhZZihZchVi^dch\VgVci^Zh# Fj^hjXXƒYZgVVjHadkVfjZ9db^c^fjZ=gWVin4 H‚aZXi^dcYZh^bV\ZhXdXVhhZhYZaVhZbV^cZ#

 Edjghj^kgZX]VfjZ_djga¼^c[dgbVi^dchedgi^kZZcXdci^cj/

6<:C969JHEDGI’
&&;wKG>:G &(;wKG>:G
G6AAN: ;G::HINA: 8DJGH:²E>:9
GVaanZYZHjƒYZ 8eko]k[iJƒbƒYec
<h[[ijob[Jekh
<ekbƒ[iY^Wh[djeddW_i[i
AZXajW6ojgdanbe^fjZZiaV
6egƒhaVbVcX]ZY¼djkZgijgZYj8]Vbe^dccVi EdjghV)ZhV^hdc!^ag‚jc^iZc k^aaZYZ8]VgZcidc"aZ"Edci.)
YjbdcYZgZbedgi‚Z|BdciZ"8VgadeVg ;gVcXZ'%%g^YZghkZcjhYZ VXXjZ^aaZcieajhYZ&*%%
H‚WVhi^ZcAdZWZc_Vck^ZgYZgc^Zg!aZhe^adiZh idjiZa¼:jgdeZ#FjVigZ‚iVeZh XdcXjggZcihVjm'&Z;dja‚Zh
[dciZhXVaZZcHjƒYZ#AdZW!X]Vbe^dcYj fjVa^[^XVi^kZhZckZggdciaZh&+ X]VgZcidccV^hZh#6jbZcj/
bdcYZZci^igZ!iZciZgVYZgZbedgiZgedjgaV bZ^aaZjghYZX]VfjZY^hX^ea^cZ aVXdjghZYZh6h&*`b!|&&]!
'ZVcc‚ZXdch‚Xji^kZaVbVcX]ZhXVcY^cVkZ hadeZhinaZ!]Va[e^eZ!W^\V^gZc g‚hZgk‚ZVjmbZ^aaZjgh!bV^h
DNK>C9AJC9$EG:HH:CH7>A9$:E6$6;E

VjkdaVciYZhV8^igd…c#BV^haVXdcXjggZcXZ [^cVaZVjmB‚cj^gZh,(!Yj'+ Vjhh^YZhXdjghZhedjgZc[Vcih


h¼VccdcXZVX]Vgc‚Z!cdiVbbZciYjXi‚YZ Vj'-bVgh#6j_djgY¼]j^!hadeZ |.]&*ZijcZXdjghZ
EZj\Zdifj^b^hZgVWZVjXdjehjgBVgXjh hinaZ|AV8ajhVo,)# edejaV^gZ-`b!|.])*#
<gŽc]dab!ig^eaZkV^cfjZjgYZa¼‚egZjkZ# ;diWle_hfbki0 ;diWle_hfbki0
;diWle_hfbki0lll#lgX#Xdb %),+,%).,% Vojg#Vi]aZ#X]Zo#i^hXVa^#[g
&&"&(;wKG>:G
&&;wKG>:G'%%*
'.

CIK HwA:8I>DCIK
8 D
;DF7HJ;D7H?7J7L;9;J

,`k_bb[j(&&+"@#'*+`ekhi
®A¼>CK>IwDANBE>FJ:¯:HI###
B6G9>&* B:G8G:9>&+ ?:J9>&,
|,](%<DA; |.]H@> |&%](%7>6I=ADC9>G:8I
DeZcYZCdjkZaaZ"O‚aVcYZ)Zidjg 8VhV>iVa^V Heg^ci9VbZh|Ed`a_j`VHadk‚c^Z
9Zgc^ZgidjghjgaZh[V^glVnhYj<ja[=VgWdjgY¼6jX`aVcY# 9Zgc^Zghg‚hjaiVihZi^c[dgbVi^dchYZhbdcY^VjmYZ7dgb^d# AV;gVcV^hZHVcYg^cZ7V^aanZhiYVchjcZ[dgbZdanbe^fjZ#

|&%](%;JIH6A |&%])*7:68=HD88:G |&%])*7:68=HD88:G


8]Vbe^dccViY¼:jgdeZ|DhigVkVG‚e#IX]ƒfjZ Idjgcd^Y¼6bc‚k^aaZ/;gVcXZ·Hj^hhZYZb^"[^cVaZ Idjgcd^Y¼6bc‚k^aaZ/bViX]edjgaV(ZeaVXZ
G‚ejWa^fjZIX]ƒfjZ·J`gV^cZ 6kZXaZh8VcidcV!Xi‚[gVcV^h# DceVg^ZhVchigdeYZg^hfjZhjgaVHj^hhZdjaV;gVcXZ###

|&(](%I:CC>H9>G:8I |&']HJE:G8GDHH |&)](%9D8JB:CI6>G:

:JGDHEDGI
Idjgcd^LI6|6ckZgh7Za\^fjZ LdgaY<E|6cV]Z^bwiVih"Jc^h 9VchaVcVijgZVkZXHi‚e]VcZEZngdc/>g^Vc?VnV
®9^VbdcYhVgZV\^ga¼hWZhi[g^ZcY#¯vVkVhZY‚[g^hZg 9ZhhVjihZiYZhWdhhZh/jcZY^hX^ea^cZigƒhheZXViXjaV^gZ# :cCdjkZaaZ"<j^c‚Z!aVk^ZYZhJcVh#
?:6C";G6CvD>HA6BDJG
|&*]&%9D8JB:CI6>G: |&*]7>6I=ADC9>G:8I |&*]H@>9:;DC99>G:8I B>C>HIG:9:A6?:JC:HH:!9:H
?Zk^hVj7g‚h^a Heg^ciBZhh^Zjgh|Ed`a_j`VHadk‚c^Z &*`ba^WgZBZhh^Zjgh|DWZghiYdg[6aa# HEDGIH:I9:A6K>:6HHD8>6I>K:
²aVgZcXdcigZYZhY^kZgh^i‚hYj7g‚h^a# 6j\‚c‚gVa!Ed^g‚ZVfjZafjZhed^cihYZgZiVgYhjg:^cVg# HdbbZg[ZaYibZiigV"i"^aZcXdgZidjiaZbdcYZYVchaZkZci4
B[/cWhi"bWYecc_ii_edZ½ƒlWbkWj_edZk9?E[ij
}FWh_i$9½[ijkdcec[djYWf_jWb5
|&-]'%B6<6O>C: |&,](%;JIH6A9>G:8I
|&-]<A>HH: N8¼ZhijcbdbZciigƒh^bedgiVci!aZhfjZhi^dch
7(¼h/WdVgYh!WaVYZh!7BM C76BV\ 8]Vbe^dccViY¼:jgdeZ/EVnh"7Vh·G‚e#IX]ƒfjZ
A¼VXijVa^i‚YZaVC76VkZXB^hiZg<Zdg\Z:YYn!WVWZ FjZhi^dcYZhjeg‚bVi^Z# hdcied^cijZh#>acdjh[Vji„igZegd[Zhh^dccZahZi
AZbZ^aaZjgYZaV\a^hhZhjgbVXVYVb#
Zci]djh^VhiZh#CdjhhdbbZhXVeVWaZh
Y¼dg\Vc^hZgYZ\gVcYhgZcYZo"kdjh#>a[Vji
|&-](%;JIH6A9>G:8I |&.]*%;DDI76AA9>G:8I |&-])*HCDL7D6G9
8]Vbe^dccViY¼:jgdeZ/Edgij\Va·:heV\cZ 8djeZYZa¼J:;6!&$&+YZ[^cVaZ bV^ciZcVcifjZ®a¼6bdjgYZh?Zjm¯
HcdlVkZ!eg‚hZci‚eVg;gVcX`EZYgZii^
9ZgWn^W‚g^fjZZckVhZXadh#6‰Z A¼6_VmY¼6bhiZgYVbgZd^ia¼6?6jmZggZ# BV\Vo^cZ&%%hcdlWdVgYbVYZ^c6;H# igVcheVgV^hhZYZkVciaVXdbb^hh^dcY¼‚kVajVi^dc#

I_FWh_ieXj[dW_jb[i@[kn"gk[bi[hW_jb½_cfWYj
|'%](%6I=AwI>HB: |'%](%KDAA:N9>G:8I |'%]&*KDAA:N9>G:8I
fekhb[ifehj\hWd‚W_i5
<gVcYEg^m^cYddgYZHidX`]dab A^\jZYZhX]Vbe^dch!eaVnd[[/EVg^h·7Zga^c A^\jZYZh8]Vbe^dch9VbZh/7V`dj6o·8VccZh;
EgZb^Zg\gVcYgZcYZo"kdjhYZaVhV^hdc# Jcbjg[gVcX]^hhVWaZedjgEVg^h!|a¼V^hZYVchXZiiZa^\jZ# K^Xidg^VGVkkVZihZhXd‚fj^e^ƒgZhZc[Vkdg^iZh# NA^b^iZgaZh?Zjm|&*_djghYZ[„iZZc'%&'hZgV^i
jcZVWhjgY^i‚#>ah¼V\^iYZ[^mZgVkZXaZh[‚Y‚gVi^dch
YZhdW_ZXi^[hVbW^i^Zjmedjgcdh‚fj^eZhYZ
|'%])*;DDI76AA9>G:8I |'&]HCDD@:G9>G:8I
|'%])*9D8JB:CI6>G: ;gVcXZ!eg‚eVgZgaZh_ZjcZh\‚c‚gVi^dch![dgbZg
²7VgXZadcZ!bViX]YZhda^YVg^i‚edjga¼6h^ZYjHjY 8Vanehd|9^gin?^b¼h BVhiZghYZAdcYgZh!aZh&$)YZ[^cVaZ
O^YVcZ!GdcVaY^c]d!H]ZkX]Zc`dZiVjbd^ch&.VjigZh### 6bW^VcXZ[Zjig‚Z!\VcihWaVcXh!iZcjZXdggZXiZZm^\‚Z# YZh‚YjXViZjgh!YZhZcigVˆcZjghYZ]Vjic^kZVj#
²aVhdjgXZYZIg^c^YVY!aZXVanehd!bjh^fjZYZhZhXaVkZh#
DcZhi^bZfjZ)b^aa^dchhjeea‚bZciV^gZhYZ
;gVcV^hegVi^fjZgdcijchedgiVegƒhaZh?Zjm#
|'%])*9D8JB:CI6>G: |'&])*;>AB |'']<DA;
<gVcYZjgZiY‚XVYZcXZYZhe]VgVdch I]Z<gZViZhi!YZIdb<g^ZhwiVih"Jc^h!&.,, C^hhVcDeZc!&ZgidjgX^gXj^iVb‚g^XV^c
B^`ZLZ^gZhiaZYZgc^ZgkV^cfjZjgYZkVciBVgjnVbV# BWceX_b_iWj_ed[jb[Yedi[dikiWkjekhZ[FWh_i
8dbbZcih¼Z[[dcYgZjcZbe^gZigd^h[d^hb^aaZcV^gZ4 7^d\gVe]^ZY¼jc^bbZchZWdmZjg/Bd]VbbZY6a^#
(&'(iedj\hWffWdji±
NAVbdW^a^hVi^dcYZhEVg^h^ZchZiYZidjhaZh
|'']7DM: |'']'*<DA; |'']'*ED@:G
;gVcV^hZhiY‚X^h^kZ#AZ8>D[V^iYZhhdcYV\Zh
HjeZg"a‚\Zgh|Hijii\Vgi6aaZbV\cZ DeZcYZCdjkZaaZO‚aVcYZ/g‚hjb‚ LdgaYEd`ZgIdjg
A¼J`gV^c^Zc6cYgZVh@diZac^Xh¼Zhiigdjk‚jcX]VaaZc\Zg# hZXgZihZiiZhiZg‚\ja^ƒgZbZcia¼VY]‚h^dcYZh
Fj¼V[V^i<g‚\dgn=VkgZi!aZ;gVcV^hZc[dgbZYjbdbZci4 8dbbZci‚eVg9Zc^h7VaW^gZiEVig^X`7gjZa#
edejaVi^dchYVchaZhk^aaZhXVcY^YViZh#AV;gVcXZ
|''](%;DDI76AA
Yd^i„igZYVchjcZ¹danbe^fjZVii^ijYZº#8¼Zhijc
|''](%B6<6O>C: |''](%B6<6O>C:
8djeZYZa¼J:;6 egd_ZiXdbbjcfj^cdjh[V^igZ\VgYZgkgV^bZci
.(!;VjWdjg\HV^ci"=dcdg‚ 9ZbV^c!X¼Zhi[ddi
I]^Zggn6gY^hhdcgZd^i!ZcigZVjigZh!;adgZcXZ6gi]VjY# GZidjghjgaZh&$&+YZ[^cVaZ!bViX]ZhVaaZg# Ygd^ikZgha¼VkZc^g#
I]^Zggn6eeVgjZi6ccZ6aaZ\g^c^[dcia¼VcVanhZYZaVA&#

|'(](%;DDI76AA |%])*;DDI76AA G:IGDJK:OIDJHA:HK:C9G:9>H


|''](%GJ<7N
Idjgcd^YZhKCVi^dch&.-)/;gVcXZ·6c\aZiZggZ &$)YZ[^cVaZ!8djeZY¼>iVa^Z/>ciZgYZB^aVc·7Zg\VbZ A^\jZYZhX]Vbe^dch ®A¼>CK>IwDANBE>FJ:¯
K^Xid^gZ[gVcV^hZVjEVgXYZhEg^cXZh('"&-# >ckV^cXjhZc>iVa^Z!aZh^ci‚g^hiZhhdciVgX]^[Vkdg^h# wb^hh^dche‚X^VaZXdchVXg‚ZVjm&$-YZ[^cVaZ# ²&.](%HJG:JGDHEDGI

&,"'%;wKG>:G &+"',;wKG>:G &+"',;wKG>:G



76H@:I H@>CDG9>FJ: 7D7HA:><=
BWI[cW_d[Z[i7i CedZ_Wkn}EX[hijZeh\7bb$ CedZ_Wkn}9Wb]Who9Wd$ ®,-.NoOFMFKFV
8aZgbdci";ZggVcYVXXjZ^aaZaV
(Z‚Y^i^dcYZAVHZbV^cZYZh
AVhiVi^dcVaaZbVcYZVXXjZ^aaZ
aZh8]Vbe^dccVihYjbdcYZYZ
8¼ZhiYZa¼VjigZXi‚YZ
a¼6iaVci^fjZfj¼Vjgdcia^ZjaZh
TVS EFTUJOBUJPOT¯
6H!fj^gVhhZbWaZaZh]j^i h`^YZ[dcY!YZhVji|h`^ZiYZ 8]Vbe^dccVihYjbdcYZYZ
bZ^aaZjgZh‚fj^eZhYZEgd6! XdbW^c‚cdgY^fjZ#9Zjm WdWhaZ^\]ZiYZh`ZaZidc#AV /FX:PSL -PT"OHFMFT 1nLJO
hZadcaZXaVhhZbZci‚iVWa^|aV hZbV^cZhYZXdbe‚i^i^dcYVch hiVi^dcXVcVY^ZccZYZ8Va\Vgn! F F F
[^cYZhbViX]ZhVaaZgYj jceVnhd‘aVa‚\ZcYZHkZc fj^dg\Vc^hVaZh?Zjm
8]Vbe^dccVi/EVg^h!CVcXn! =VccVlVaYgZhiZVjhh^X‚aƒWgZ danbe^fjZhY¼]^kZgZc&.--! /BJSPCJ +PIBOOFTCPVSH FUD¥
8]Vadc"hjg"HVcZ!<gVkZa^cZh! fjZB^X]VZaHX]jbVX]Zg# k^kgVVjgn]ibZYZaV\a^hhZ F F
HigVhWdjg\!AZBVch! 6jiVciY^gZfjZaZhjXXƒh eZcYVciY^m_djgh#wbdi^dch
 FNO

K^aaZjgWVccZZi8aZgbdci# edejaV^gZZhi\VgVci^# [dgiZhVhhjg‚Zh#E[[[ooo### 


;diWle_hfbki0 ;diWle_hfbki0 ;diWle_hfbki0
lll#hZbV^cZYZhVh#Xdb lll#[^h"h`^#Xdb$[g$ lll#WdWhaZ^\]#Xdb
1SJY)5"3 ËQBSUJSEF TPVNJTËDPOEJUJPOT

&&;wKG>:G'%%*
(% E:DEA:

%&8G:9>I
7:GC6G97:C6CI$=@

9^YV!ZcXdbeV\c^ZYZhV
[ZbbZhjgaVe]did!
hVkdjgZigVcfj^aaZbZci
9
 >968=6BE>DC9JG>C<6J8>CwB6
6kZXdcoZi^igZhYZX]Vbe^dcYjbdcYZYZWdmZi]V‰aVcYV^hZ!9^YVVadc\iZbehdXXje‚aZ]VjiYZa¼V[ÃX]ZYVchhdchedgi#
jcZgZXdccV^hhVcXZ wajigd^hVcc‚ZhYZhj^iZbZ^aaZjgWdmZjge^ZYh"ed^c\h&..(!&..)!&..*!^aV‚i‚g‚XdbeZch‚Zc&..,YjkVhZHdc\]H]V‰!
b‚g^i‚Z#
aZigde]‚ZaZeajhegZhi^\^Zjm#6egƒhVkd^g‚Xg^ihdcVjidW^d\gVe]^Z9^YV!YZa¼Zc[ZgYZaVWVca^ZjZ|=daanlddYej^hXg‚‚hV
bVgfjZhedgihlZVg®@dWZn¯!^agZk^Zci|a¼V[ÃX]ZYjÃab8]d`9ZZ·egdcdcXZo®X]d`Y^¯!®WdccZX]VcXZ¯Zc
i]V‰aVcYV^h·Ydcia¼]^hid^gZh¼^che^gZYZhdceVgXdjgheZghdccZa#GnVc9^YV!jc_ZjcZYZhX^i‚h!nigVXZhdcYZhi^cVkZX
Y‚iZgb^cVi^dcZi]jb^a^i‚#HVgZcXdcigZVkZX?ZVc7ZgcVgY<^gVjYZVjaj^djkgZaZhedgiZhYZa¼jc^kZgh[VhX^cVciYjBjVn
i]V‰!edgiZjgYZkVaZjghZiVXXƒhY^gZXi|aVcdidg^‚i‚#®?Zhj^hÄZgYZXZÄabZiYZhdcbZhhV\Z!Zmea^fjZ9^YV#<g}XZVjigVkV^a!
|a¼Vb^i^‚Zi|a¼Vbdjg!X]VXjcVaZYgd^iYZXgd^gZYVchhVk^Z#¯8ZÃabheZXiVXjaV^gZ!‚bdjkVciZiVji]Zci^fjZ!idjgc‚Zc
\gVcYZeVgi^ZZcI]V‰aVcYZ!egdÃiZY¼jcZe]did\gVe]^ZZiYZXdjaZjghZmXZei^dccZaaZh#K^daZcXZYjg^c\ZiYdjXZjgYZh
G:OD;>ABH

hZci^bZcihh¼nZcigZb„aZciedjgjcg‚hjaiVi‚cZg\^hVciZi‚bdjkVci#CZbVcfjZoeVhV#
8]d`9ZZ!kd\_bcZ[NWl_[h:kh_d][h'^*+"Wl[Y:_ZW"8[hdWhZ=_hWkZ[Wk"<beh[dY[LWd_ZW<W_lh[±Iehj_[b[',\ƒlh_[h$

LEJH;M;;A#;D: J;D:7D9;

HVbZY^!jcZeZgijgWVi^dcVeedgiZgVYdjXZjgZieaj^ZhjgaZhYZjmi^Zgh Zi[gV^haZbVi^c#9^bVcX]Z!aZhdaZ^agZk^ZcYgVhjga¼DjZhiVadghfjZaZh AjcY^YZkgV^i„igZVhhZoZchdaZ^aa‚!hVj[YVchaZCdgY":hi!VkZXYZ ZcB‚Y^iZggVc‚Z#BVgY^!YZhcjV\ZhgZk^ZcYgdcihjgaVbd^i^‚CdgY!Zi


CdgYYjeVnh#AZkZcihdj[[aZgVigƒh[dgihjgaZhg‚\^dchYZa¼Zmig„bZ cjV\ZhhZgdcieajhcdbWgZjmYVcha¼:hi#AZhiZbe‚gVijgZheZgYgdci)• [g‚fjZciZh\Za‚ZhbVi^cVaZh#A¼Vegƒh"b^Y^!aZhiZbe‚gVijgZhhZgdcijc aZhiZbe‚gVijgZhVj\bZciZgdcihZch^WaZbZci!\V\cVci(•|)•eVg
CdgY#:cigZaZhEng‚c‚ZhZiaVB‚Y^iZggVc‚Z!aZiZbehhZgVZchdaZ^aa‚ eVggVeedgi|aVkZ^aaZ#:cB‚Y^iZggVc‚Z!YjhdaZ^a!bV^hjckZci[dgi# eZj[gVˆX]ZhYVchaZCdgY":hi#B^higVaZiigVbdciVcZgZhiZgdci[dgih gVeedgi|aVkZ^aaZ#AVYdjXZjghZgVhjgidjieg‚hZciZhjgaVbd^i^‚HjY#

&&;wKG>:G'%%*

You might also like