You are on page 1of 205

!"#$%"$&'($)*'+(,-$.

(,$/(012+(3+$4+"51+$
67$$
891+$:9*(+;'+$$
$
<<<<<<<<<<<<<<$$
$
:"57*';=>$<$?@AB$C$?@BD$C$?@E?$FG+H'-+,$I,'>'"(J$
K'L*9*7$"0$:"(;*+--$:9>91";$M2NL+*$<$?O<?@<PQ<?E$
/R6M$<$S<BO?<DPT?O<U$
R39($V+*-'"($W$H$?XQ$$
)"*N9>$W$%+Y>$#'>=$3"H+*$5'3>2*+-X$$
89>+$R39((+,W$Z([("#($$
4"->+,$>"$FM+#-;*"25JW$91>XL'(9*'+-X+<L""[$
$
R39(CI,'>$M">+W$/$=9H+$N9,+$N'("*$3=9(;+-$>"$>='-$#"*[\$'(312,'(;$9$
3"(>+(>-$59;+\$3"H+*-$+>3X$/$,',$(">$-39($>='-$#"*[$F/$"(17$=9H+$>=+$
?@BD$H+*-'"(J$L2>$,+3',+,$>"$+,'>$'>$-'(3+$/$9N$#"*['(;$"($891+]-$
">=+*$L""[$^!"#$%"$R>"5$&"**7'(;$9(,$R>9*>$K'H'(;^$9(,$>="2;=>$'>$
L+->$>"$N9[+$N'("*$'N5*"H+N+(>-X$49*>-$T$9(,$B$#+*+$-39((+,$9(,$
9,,+,$>"$>='-$H+*-'"($L7$N+\$>=+7$#+*+$(">$'(312,+,$F0"*$-"N+$
*+9-"(J$'($>=+$H+*-'"($#='3=$955+9*+,$"($91>XL'(9*'+-X+<L""[X$
$
<R91N2($
$
<<<<<<<<<<<<<<$$
$
:"(>+(>-W$$
$
I';=>$%='(;-$%='-$6""[$&'11$!+15$_"2$.3='+H+$$
4*+093+$>"$G+H'-+,$I,'>'"($$
!"#$%='-$6""[$&9-$&*'>>+(<.(,$&=7$$
M'(+$R2;;+->'"(-$"($!"#$>"$`+>$>=+$a"->$S2>$"0$%='-$6""[$$
.$R="*>32>$>"$8'->'(3>'"($$
$
49*>$?$<$)2(,9N+(>91$%+3=('b2+-$/($!9(,1'(;$4+"51+$
$
c$?$<$^/0$_"2$&9(>$>"$`9>=+*$!"(+7\$8"(]>$d'3[$SH+*$>=+$6++='H+^$$
c$P$<$%=+$6';$R+3*+>$"0$8+91'(;$#'>=$4+"51+$$
c$A$<$^!+$&="$:9($8"$%='-$!9-$>=+$&="1+$&"*1,$#'>=$!'NX$!+$&="$
:9((">\$&91[-$9$K"(+17$&97^$$
$
c$I';=>$R2;;+->'"(-$S($!"#$%"$`+>$%=+$a"->$S2>$S0$%='-$6""[$$
$
49*>$P$<$R'Y$&97-$%"$a9[+$4+"51+$K'[+$_"2$$
$
c$?$<$8"$%='-$9(,$_"2]11$6+$&+13"N+$.(7#=+*+$$
c$P$<$.$R'N51+$&97$>"$a9[+$9$`"",$/N5*+--'"($$
c$A$<$/0$_"2$8"(]>$8"$%='-\$_"2$.*+$!+9,+,$0"*$%*"2L1+$$
c$D$<$.($I9-7$&97$>"$6+3"N+$9$`"",$:"(H+*-9>'"(91'->$$
c$T$<$!"#$>"$/(>+*+->$4+"51+$$
c$B$<$!"#$%"$a9[+$4+"51+$K'[+$_"2$/(->9(>17$$
c$/($.$M2>-=+11$$
$
49*>$A$<$%#+1H+$&97-$%"$&'($4+"51+$%"$_"2*$&97$S0$%='(['(;$
$
c$?$$<$_"2$:9(]>$&'($9($.*;2N+(>$$
c$P$$<$.$R2*+$&97$"0$a9['(;$I(+N'+-e9(,$!"#$>"$.H"',$/>$$
c$A$$<$/0$_"2]*+$&*"(;\$.,N'>$/>$$
c$D$$<$%=+$!';=$G"9,$>"$9$a9(]-$G+9-"($$
c$T$$<$%=+$R+3*+>$"0$R"3*9>+-$$
c$B$$<$%=+$R90+>7$V91H+$'($!9(,1'(;$:"N519'(>-$$
c$O$$<$!"#$>"$`+>$:"<"5+*9>'"($$
c$E$$<$.$)"*N219$%=9>$&'11$&"*[$&"(,+*-$0"*$_"2$$
c$@$$<$&=9>$IH+*7L",7$&9(>-$$
c$?Q$<$.($.55+91$%=9>$IH+*7L",7$K'[+-$$
c$??$<$%=+$a"H'+-$8"$/>X$G9,'"$8"+-$/>X$&=7$8"(]>$_"2$8"$/>f$$
c$?P$<$&=+($M">='(;$I1-+$&"*[-\$%*7$%='-$$
c$/($.$M2>-=+11$$
$
49*>$D$<$M'(+$&97-$%"$:=9(;+$4+"51+$&'>="2>$`'H'(;$S00+(3+$S*$
.*"2-'(;$G+-+(>N+(>$
$
c$?$<$/0$_"2$a2->$)'(,$)921>\$%='-$/-$>=+$&97$>"$6+;'($$
c$P$<$!"#$>"$:*'>'3'g+e9(,$M">$6+$!9>+,$0"*$/>$$
c$A$<$%91[$.L"2>$_"2*$S#($a'->9[+-$)'*->$$
c$D$<$M"$S(+$K'[+-$>"$%9[+$S*,+*-$$
c$T$<$K+>$>=+$S>=+*$a9($R9H+$!'-$)93+$$
c$B$<$!"#$>"$R52*$a+($"($>"$R233+--$$
c$O$<$`'H+$>=+$8";$9$`"",$M9N+$$
c$E$<$a9[+$>=+$)921>$R++N$I9-7$>"$:"**+3>$$
c$@$<$a9['(;$4+"51+$`19,$>"$8"$&=9>$_"2$&9(>$$
c$/($.$M2>-=+11$$
$
49*>$T$<$K+>>+*-$%=9>$4*",23+,$a'*9321"2-$G+-21>-$$
49*>$B$<$R+H+($G21+-$)"*$a9['(;$_"2*$!"N+$K'0+$!955'+*$$
$
c$?$<$!"#$>"$8';$_"2*$a9*'>91$`*9H+$'($>=+$h2'3[+->$4"--'L1+$&97$$
c$P$<$K"H+$9(,$K+>$K'H+$$
c$A$<$8"$%='-$9(,$_"2]11$6+$K""['(;$Z5$>=+$%'N+<%9L1+-$>"$G+("$$
c$D$<$.$h2'3[$&97$>"$a9[+$IH+*7L",7$!9557$$
c$T$<$%=+7$a+9($R"$a23=$>"$9$&"N9($$
c$B$<$/0$7"2$&9(>$>"$L+$!9557\$8"(]>$M+;1+3>$%='-$S(+$$
c$O$<$8"(]>$6+$9$^a9**'9;+$/11'>+*9>+^$$
c$/($.$M2>-=+11$
$
<<<<<<<<<<<<<<$$
$
I';=>$%='(;-$%='-$6""[$&'11$!+15$_"2$.3='+H+$
$
c$?X$`+>$"2>$"0$9$N+(>91$*2>\$>='([$(+#$>="2;=>-\$93b2'*+$(+#$
H'-'"(-\$,'-3"H+*$(+#$9NL'>'"(-X$$
c$PX$a9[+$0*'+(,-$b2'3[17$9(,$+9-'17X$$
c$AX$/(3*+9-+$7"2*$5"5219*'>7X$$
c$DX$&'($5+"51+$>"$7"2*$#97$"0$>='(['(;X$$
c$TX$/(3*+9-+$7"2*$'(012+(3+\$7"2*$5*+->';+\$7"2*$9L'1'>7$>"$;+>$>='(;-$
,"(+X$$
c$BX$!9(,1+$3"N519'(>-\$9H"',$9*;2N+(>-\$[++5$7"2*$=2N9($3"(>93>-$
-N"">=$9(,$51+9-9(>X$$
c$OX$6+3"N+$9$L+>>+*$-5+9[+*\$9$N"*+$+(>+*>9'('(;$3"(H+*-9>'"(91'->X$$
c$EX$.*"2-+$+(>=2-'9-N$9N"(;$7"2*$9--"3'9>+-X$
$
%='-$L""[$=9-$,"(+$911$>=+-+$>='(;-$0"*$N"*+$>=9($>+($N'11'"($*+9,+*-$
'($>='*>7<-'Y$19(;29;+-X$$
$
<<<<<<<<<<<<<<$$
$
4*+093+$>"$G+H'-+,$I,'>'"($
$
!"#$>"$&'($)*'+(,-$9(,$/(012+(3+$4+"51+$#9-$0'*->$52L1'-=+,$'($?@AO$
'($9($+,'>'"($"0$"(17$0'H+$>="2-9(,$3"5'+-X$M+'>=+*$891+$:9*(+;'+$("*$
>=+$52L1'-=+*-\$R'N"($9(,$R3=2->+*\$9(>'3'59>+,$N"*+$>=9($>='-$
N",+->$-91+X$%"$>=+'*$9N9g+N+(>\$>=+$L""[$L+39N+$9($"H+*(';=>$
-+(-9>'"(\$9(,$+,'>'"($90>+*$+,'>'"($*"11+,$"00$>=+$5*+--+-$>"$[++5$25$
#'>=$>=+$'(3*+9-'(;$52L1'3$,+N9(,X$M"#$>"$&'($)*'+(,-$9(,$
/(0I2+(3+$4+"51+$>""[$'>-$5193+$'($52L1'-='(;$='->"*7$9-$"(+$"0$>=+$
911<>'N+$'(>+*(9>'"(91$L+-><-+11+*-X$/>$>"23=+,$9$(+*H+$9(,$0'11+,$9$
=2N9($(++,$>=9>$#9-$N"*+$>=9($9$09,,'-=$5=+("N+("($"0$5"-><
8+5*+--'"($,97-\$9-$+H',+(3+,$L7$'>-$3"(>'(2+,$9(,$2('(>+**25>+,$
-91+-$'(>"$>=+$+';=>'+-\$91N"->$=910$9$3+(>2*7$19>+*X$
$
891+$:9*(+;'+$2-+,$>"$-97$>=9>$'>$#9-$+9-'+*$>"$N9[+$9$N'11'"($,"119*-$
>=9($>"$52>$9$5=*9-+$'(>"$>=+$I(;1'-=$19(;29;+X$!"#$>"$&'($)*'+(,-$
9(,$/(012+(3+$4+"51+$L+39N+$-23=$9$5=*9-+\$b2">+,\$59*95=*9-+,\$
59*",'+,\$2-+,$'($'((2N+*9L1+$3"(>+Y>-$0*"N$5"1'>'391$39*>""($>"$
("H+1-X$%=+$L""[$'>-+10$#9-$>*9(-19>+,$'(>"$91N"->$+H+*7$[("#($
#*'>>+($19(;29;+X$I93=$;+(+*9>'"($=9-$,'-3"H+*+,$'>$9(+#$9(,$=9-$
0"2(,$'>$*+1+H9(>X$
$
&='3=$L*'(;-$2-$>"$>=+$1";'391$b2+->'"(W$&=7$*+H'-+$9$L""[$>=9>$=9-$
5*"H+($9(,$3"(>'(2+-$>"$5*"H+$'>-$H';"*"2-$9(,$2('H+*-91$955+91f$
&=7$>9N5+*$#'>=$-233+--f$
$
%"$9(-#+*$>=9>\$#+$N2->$*+91'g+$>=9>$891+$:9*(+;'+$='N-+10$#9-$9$
>'*+1+--$*+H'-+*$"0$='-$"#($#"*[$,2*'(;$='-$1'0+>'N+X$!"#$>"$&'($
)*'+(,-$9(,$/(012+(3+$4+"51+$#9-$#*'>>+($>"$L+$2-+,$9-$9$>+Y>L""[$
0"*$='-$3"2*-+-$'($I00+3>'H+$R5+9['(;$9(,$!2N9($G+19>'"(-$9(,$'-$->'11$
2-+,$'($>="-+$3"2*-+-$>",97X$Z(>'1$='-$,+9>=$'($?@TT$=+$3"(->9(>17$
'N5*"H+,$9(,$*+H'-+,$>=+$3"2*-+$'>-+10$>"$N9[+$'>$9551'39L1+$>"$>=+$
+H"1H'(;$(++,-$"0$9($+H+*7<;*"#'(;$52L1'3X$M"$"(+$#9-$N"*+$
-+(-'>'H+$>"$>=+$3=9(;'(;$32**+(>-$"0$5*+-+(><,97$1'0+$>=9($891+$
:9*(+;'+X$!+$3"(->9(>17$'N5*"H+,$9(,$*+0'(+,$='-$N+>=",-$"0$
>+93='(;i$=+$25,9>+,$='-$L""[$"($I00+3>'H+$R5+9['(;$-+H+*91$>'N+-X$
!9,$=+$1'H+,$1"(;+*\$=+$='N-+10$#"21,$=9H+$*+H'-+,$!"#$>"$&'($
)*'+(,-$9(,$/(012+(3+$4+"51+$>"$L+>>+*$*+01+3>$>=+$3=9(;+-$>=9>$=9H+$
>9[+($5193+$'($>=+$#"*1,$-'(3+$>=+$>='*>'+-X$
$
a9(7$"0$>=+$(9N+-$"0$5*"N'(+(>$5+"51+$'($>=+$L""[\$#+11$[("#($9>$
>=+$>'N+$"0$0'*->$52L1'39>'"(\$9*+$("$1"(;+*$*+3";('g+,$L7$N9(7$"0$
>",97]-$*+9,+*-X$:+*>9'($+Y9N51+-$9(,$5=*9-+-$-++N$9-$b29'(>$9(,$
,9>+,$'($"2*$-"3'91$31'N9>+$9-$>="-+$'($9$V'3>"*'9($("H+1X$%=+$
'N5"*>9(>$N+--9;+$9(,$"H+*911$'N593>$"0$>=+$L""[$'-$#+9[+(+,$>"$
>=9>$+Y>+(>X$
$
S2*$52*5"-+\$>=+*+0"*+\$'($>='-$*+H'-'"($'-$>"$319*'07$9(,$->*+(;>=+($
>=+$L""[$0"*$9$N",+*($*+9,+*$#'>="2>$>9N5+*'(;$#'>=$>=+$3"(>+(>X$
&+$=9H+$(">$^3=9(;+,^$!"#$>"$&'($)*'+(,-$9(,$/(012+(3+$4+"51+$
+Y3+5>$>"$N9[+$9$0+#$+Y3'-'"(-$9(,$9,,$9$0+#$N"*+$3"(>+N5"*9*7$
+Y9N51+-X$%=+$L*9-=\$L*++g7$:9*(+;'+$->71+$'-$'(>93><+H+($>=+$>='*>'+-$
-19(;$'-$->'11$>=+*+X$891+$:9*(+;'+$#*">+$9-$=+$-5"[+\$'($9($'(>+(-'H+17$
+Y2L+*9(>\$3"11"b2'91\$3"(H+*-9>'"(91$N9((+*X$
$
R"$='-$H"'3+$->'11$-5+9[-$9-$0"*3+02117$9-$+H+*\$'($>=+$L""[$9(,$'($='-$
#"*[X$%="2-9(,-$"0$5+"51+$911$"H+*$>=+$#"*1,$9*+$L+'(;$>*9'(+,$'($
:9*(+;'+$3"2*-+-$'($'(3*+9-'(;$(2NL+*-$+93=$7+9*X$.(,$">=+*$
>="2-9(,-$9*+$*+9,'(;$9(,$->2,7'(;$!"#$>"$&'($)*'+(,-$9(,$
1(012+(3+$4+"51+$9(,$L+'(;$'(-5'*+,$>"$2-+$'>-$5*'(3'51+-$>"$L+>>+*$
>=+'*$1'H+-X$%"$911$"0$>=+N\$#+$"00+*$>='-$*+H'-'"($'($>=+$-5'*'>$"0$>=+$
="('(;$9(,$5"1'-='(;$"0$9$0'(+17$N9,+$>""1X$
$
8"*">=7$:9*(+;'+$Fa*-X$891+$:9*(+;'+J$$
$
<<<<<<<<<<<<<<<<<<<<<<<<<<$$
$
!"#$%='-$6""[$&9-$&*'>>+(<.(,$&=7$$
L7$$
891+$:9*(+;'+$
$
82*'(;$>=+$0'*->$>='*>7<0'H+$7+9*-$"0$>=+$>#+(>'+>=$3+(>2*7\$>=+$
52L1'-='(;$="2-+-$"0$.N+*'39$5*'(>+,$N"*+$>=9($9$0'0>=$"0$9$N'11'"($
,'00+*+(>$L""[-X$a"->$"0$>=+N$#+*+$,+9,17$,211\$9(,$N9(7$#+*+$
0'(9(3'91$09'12*+-X$^a9(7\^$,',$/$-97f$%=+$5*+-',+(>$"0$"(+$"0$>=+$
19*;+->$52L1'-='(;$="2-+-$'($>=+$#"*1,$3"(0+--+,$>"$N+$>=9>$='-$
3"N59(7\$90>+*$-+H+(>7<0'H+$7+9*-$"0$52L1'-='(;$+Y5+*'+(3+\$->'11$1"->$
N"(+7$"($-+H+($"2>$"0$+H+*7$+';=>$L""[-$'>$52L1'-=+,X$
$
&=7\$>=+(\$,',$/$=9H+$>=+$>+N+*'>7$>"$#*'>+$9(">=+*$L""[f$.(,\$90>+*$
/$=9,$#*'>>+($'>\$#=7$-="21,$7"2$L">=+*$>"$*+9,$'>f$
$
)9'*$b2+->'"(-\$L">=i$9(,$/]11$>*7$>"$9(-#+*$>=+NX$
$
/$=9H+\$-'(3+$?@?P\$L++($3"(,23>'(;$+,239>'"(91$3"2*-+-$0"*$L2-'(+--$
9(,$5*"0+--'"(91$N+($9(,$#"N+($'($M+#$_"*[X$.>$0'*->\$/$3"(,23>+,$
3"2*-+-$'($52L1'3$-5+9['(;$"(17$<$3"2*-+-$,+-';(+,$>"$>*9'($9,21>-\$L7$
93>291$+Y5+*'+(3+\$>"$>='([$"($>=+'*$0++>$9(,$+Y5*+--$>=+'*$',+9-$#'>=$
N"*+$319*'>7\$N"*+$+00+3>'H+(+--$9(,$N"*+$5"'-+\$L">=$'($L2-'(+--$
'(>+*H'+#-$9(,$L+0"*+$;*"25-X$
$
62>$;*9,29117\$9-$>=+$-+9-"(-$59--+,\$/$*+91'g+,$>=9>$9-$-"*+17$9-$
>=+-+$9,21>-$(++,+,$>*9'('(;$'($+00+3>'H+$-5+9['(;\$>=+7$(++,+,$->'11$
N"*+$>*9'('(;$'($>=+$0'(+$9*>$"0$;+>>'(;$91"(;$#'>=$5+"51+$'($+H+*7,97$
L2-'(+--$9(,$-"3'91$3"(>93>-X$
$
/$91-"$;*9,29117$*+91'g+,$>=9>$/$#9-$-"*+17$'($(++,$"0$-23=$>*9'('(;$
N7-+10X$.-$/$1""[$L93[$93*"--$>=+$7+9*-\$/$9N$955911+,$9>$N7$"#($
0*+b2+(>$193[$"0$0'(+--+$9(,$2(,+*->9(,'(;X$!"#$/$#'-=$9$L""[$-23=$
9-$>='-$=9,$L++($5193+,$'($N7$=9(,-$>#+(>7$7+9*-$9;"j$&=9>$9$
5*'3+1+--$L""($'>$#"21,$=9H+$L++(X$
$
8+91'(;$#'>=$5+"51+$'-$5*"L9L17$>=+$L';;+->$5*"L1+N$7"2$093+\$
+-5+3'9117$'0$7"2$9*+$'($L2-'(+--X$_+-\$9(,$>=9>$'-$91-"$>*2+$'0$7"2$9*+$
9$="2-+#'0+\$9*3='>+3>$"*$+(;'(++*X$G+-+9*3=$,"(+$9$0+#$7+9*-$9;"$
2(,+*$>=+$92-5'3+-$"0$>=+$:9*(+;'+$)"2(,9>'"($0"*$>=+$.,H9(3+N+(>$
"0$%+93='(;$2(3"H+*+,$9$N"->$'N5"*>9(>$9(,$-';('0'39(>$093>$<$9$093>$
19>+*$3"(0'*N+,$L7$9,,'>'"(91$->2,'+-$N9,+$9>$>=+$:9*(+;'+$/(->'>2>+$
"0$%+3=("1";7X$%=+-+$'(H+->';9>'"(-$*+H+91+,$>=9>$+H+($'($-23=$
>+3=('391$1'(+-$9-$+(;'(++*'(;\$9L"2>$?T$5+*3+(>$"0$"(+]-$0'(9(3'91$
-233+--$'-$,2+$>"$"(+]-$>+3=('391$[("#1+,;+$9(,$9L"2>$ET$5+*3+(>$'-$
,2+$>"$-['11$'($=2N9($+(;'(++*'(;<>"$5+*-"(91'>7$9(,$>=+$9L'1'>7$>"$
1+9,$5+"51+X$
$
)"*$N9(7$7+9*-\$/$3"(,23>+,$3"2*-+-$+93=$-+9-"($9>$>=+$I(;'(++*-]$
:12L$"0$4='19,+15='9\$9(,$91-"$3"2*-+-$0"*$>=+$M+#$_"*[$:=95>+*$"0$
>=+$.N+*'39($/(->'>2>+$"0$I1+3>*'391$I(;'(++*-X$.$>">91$"0$5*"L9L17$
N"*+$>=9($0'0>++($=2(,*+,$+(;'(++*-$=9H+$59--+,$>=*"2;=$N7$
319--+-X$%=+7$39N+$>"$N+$L+392-+$>=+7$=9,$0'(9117$*+91'g+,\$90>+*$
7+9*-$"0$"L-+*H9>'"($9(,$+Y5+*'+(3+\$>=9>$>=+$=';=+-><59',$5+*-"((+1$
'($+(;'(++*'(;$9*+$0*+b2+(>17$(">$>="-+$#="$[("#$>=+$N"->$9L"2>$
+(;'(++*'(;X$S(+$39($0"*$+Y9N51+\$='*+$N+*+$>+3=('391$9L'1'>7$'($
+(;'(++*'(;\$933"2(>9(37\$9*3='>+3>2*+$"*$9(7$">=+*$5*"0+--'"($9>$
("N'(91$-919*'+-X$62>$>=+$5+*-"($#="$=9-$>+3=('391$[("#1+,;+$512-$
>=+$9L'1'>7$>"$+Y5*+--$',+9-\$>"$9--2N+$1+9,+*-='5\$9(,$>"$9*"2-+$
+(>=2-'9-N$9N"(;$5+"51+<>=9>$5+*-"($'-$=+9,+,$0"*$=';=+*$+9*('(;$
5"#+*X$
$
/($>=+$=+7,97$"0$='-$93>'H'>7\$k"=($8X$G"3[+0+11+*$-9',$>=9>$^>=+$9L'1'>7$
>"$,+91$#'>=$5+"51+$'-$9-$52*3=9-9L1+$9$3"NN",'>7$9-$-2;9*$"*$
3"00++X^$^.(,$/$#'11$597$N"*+$0"*$>=9>$9L'1'>7\^$-9',$k"=($8X\$^>=9($0"*$
9(7$">=+*$2(,+*$>=+$-2(X^$
$
&"21,(]>$7"2$-255"-+$>=9>$+H+*7$3"11+;+$'($>=+$19(,$#"21,$3"(,23>$
3"2*-+-$>"$,+H+1"5$>=+$=';=+-><5*'3+,$9L'1'>7$2(,+*$>=+$-2(f$62>$'0$
>=+*+$'-$l2->$"(+$5*93>'391\$3"NN"(<-+(-+$3"2*-+$"0$>=9>$['(,$;'H+($
0"*$9,21>-$'($+H+($"(+$3"11+;+$'($>=+$19(,\$'>$=9-$+-395+,$N7$
9>>+(>'"($25$>"$>=+$5*+-+(>$#*'>'(;X$
$
%=+$Z('H+*-'>7$"0$:='39;"$9(,$>=+$Z('>+,$_XaX:X.X$R3=""1-$3"(,23>+,$
9$-2*H+7$>"$,+>+*N'(+$#=9>$9,21>-$#9(>$>"$->2,7X$
$
%=9>$-2*H+7$3"->$mPT\QQQ$9(,$>""[$>#"$7+9*-X$%=+$19->$59*>$"0$>=+$
-2*H+7$#9-$N9,+$'($a+*',+(\$:"((+3>'32>X$/>$=9,$L++($3="-+($9-$9$
>75'391$.N+*'39($>"#(X$IH+*7$9,21>$'($a+*',+($#9-$'(>+*H'+#+,$9(,$
*+b2+->+,$>"$9(-#+*$?TB$b2+->'"(-<b2+->'"(-$-23=$9-$^&=9>$'-$7"2*$
L2-'(+--$"*$5*"0+--'"(f$_"2*$+,239>'"(f$!"#$,"$7"2$-5+(,$7"2*$
-59*+$>'N+f$&=9>$'-$7"2*$'(3"N+f$_"2*$="LL'+-f$_"2*$9NL'>'"(-f$
_"2*$5*"L1+N-f$&=9>$-2Ll+3>-$9*+$7"2$N"->$'(>+*+->+,$'($->2,7'(;f^$
.(,$-"$"(X$%=9>$-2*H+7$*+H+91+,$>=9>$=+91>=$'-$>=+$5*'N+$'(>+*+->$"0$
9,21>-$9(,$>=9>$>=+'*$-+3"(,$'(>+*+->$'-$5+"51+i$="#$>"$2(,+*->9(,$
9(,$;+>$91"(;$#'>=$5+"51+i$="#$>"$N9[+$5+"51+$1'[+$7"2i$9(,$="#$>"$
#'($">=+*-$>"$7"2*$#97$"0$>='(['(;X$
$
R"$>=+$3"NN'>>++$3"(,23>'(;$>='-$-2*H+7$*+-"1H+,$>"$3"(,23>$-23=$9$
3"2*-+$0"*$9,21>-$'($a+*',+(X$%=+7$-+9*3=+,$,'1';+(>17$0"*$9$5*93>'391$
>+Y>L""[$"($>=+$-2Ll+3>$9(,$0"2(,<(">$"(+X$)'(9117$>=+7$955*"93=+,$
"(+$"0$>=+$#"*1,]-$"2>->9(,'(;$92>="*'>'+-$"($9,21>$+,239>'"($9(,$
9-[+,$='N$'0$=+$[(+#$"0$9(7$L""[$>=9>$N+>$>=+$(++,-$"0$>='-$;*"25X$
^M"\^$=+$*+51'+,\$^/$[("#$#=9>$>="-+$9,21>-$#9(>X$62>$>=+$L""[$>=+7$
(++,$=9-$(+H+*$L++($#*'>>+(X^$
$
/$[(+#$0*"N$+Y5+*'+(3+$>=9>$>='-$->9>+N+(>$#9-$>*2+\$0"*$/$N7-+10$
=9,$L++($-+9*3='(;$0"*$7+9*-$>"$,'-3"H+*$9$5*93>'391\$#"*['(;$
=9(,L""[$"($=2N9($*+19>'"(-X$
$
R'(3+$("$-23=$L""[$+Y'->+,\$/$=9H+$>*'+,$>"$#*'>+$"(+$0"*$2-+$'($N7$
"#($3"2*-+-X$.(,$=+*+$'>$'-X$/$="5+$7"2$1'[+$'>X$
$
/($5*+59*9>'"($0"*$>='-$L""[\$/$*+9,$+H+*7>='(;$>=9>$/$3"21,$0'(,$"($
>=+$-2Ll+3><$+H+*7>='(;$0*"N$(+#-595+*$3"12N(-\$N9;9g'(+$9*>'31+-\$
*+3"*,-$"0$>=+$09N'17$3"2*>-\$>=+$#*'>'(;-$"0$>=+$"1,$5='1"-"5=+*-$9(,$
>=+$(+#$5-73="1";'->-X$/($9,,'>'"(\$/$='*+,$9$>*9'(+,$*+-+9*3=+*$>"$
-5+(,$"(+$9(,$9$=910$7+9*-$'($H9*'"2-$1'L*9*'+-$*+9,'(;$+H+*7>='(;$/$
=9,$N'--+,\$51"#'(;$>=*"2;=$+*2,'>+$>"N+-$"($5-73="1";7\$5"*'(;$
"H+*$=2(,*+,-$"0$N9;9g'(+$9*>'31+-\$-+9*3='(;$>=*"2;=$3"2(>1+--$
L'";*95='+-\$>*7'(;$>"$9-3+*>9'($="#$>=+$;*+9>$1+9,+*-$"0$911$9;+-$=9,$
,+91>$#'>=$5+"51+X$&+$*+9,$>=+'*$L'";*95='+-\$&+$*+9,$>=+$1'0+$->"*'+-$
"0$911$;*+9>$1+9,+*-$0*"N$k21'2-$:9+-9*$>"$%="N9-$I,'-"(X$/$*+3911$>=9>$
#+$*+9,$"H+*$"(+$=2(,*+,$L'";*95='+-$"0$%=+","*+$G""-+H+1>$91"(+X$
&+$#+*+$,+>+*N'(+,$>"$-59*+$("$>'N+\$("$+Y5+(-+\$>"$,'-3"H+*$+H+*7$
5*93>'391$',+9$>=9>$9(7"(+$=9,$+H+*$2-+,$>=*"2;="2>$>=+$9;+-$0"*$
#'(('(;$0*'+(,-$9(,$'(012+(3'(;$5+"51+X$
$
/$5+*-"(9117$'(>+*H'+#+,$-3"*+-$"0$-233+--021$5+"51+\$-"N+$"0$>=+N$
#"*1,<09N"2-<'(H+(>"*-$1'[+$a9*3"('$9(,$I,'-"(i$5"1'>'391$1+9,+*-$1'[+$
)*9([1'($8X$G""-+H+1>$9(,$k9N+-$)9*1+7i$L2-'(+--$1+9,+*-$1'[+$S#+($
8X$_"2(;i$N"H'+$->9*-$1'[+$:19*[$`9L1+$9(,$a9*7$4'3[0"*,i$9(,$
+Y51"*+*-$1'[+$a9*>'($k"=(-"(<9(,$>*'+,$>"$,'-3"H+*$>=+$>+3=('b2+-$
>=+7$2-+,$'($=2N9($*+19>'"(-X$
$
)*"N$911$>='-$N9>+*'91\$/$5*+59*+,$9$-="*>$>91[X$/$3911+,$'>$^!"#$>"$&'($
)*'+(,-$9(,$/(012+(3+$4+"51+X^$/$-97$^-="*>X^$/>$#9-$-="*>$'($>=+$
L+;'(('(;\$L2>$'>$-""($+Y59(,+,$>"$9$1+3>2*+$>=9>$3"(-2N+,$"(+$
="2*$9(,$>='*>7$N'(2>+-X$)"*$7+9*-\$/$;9H+$>='-$>91[$+93=$-+9-"($>"$
>=+$9,21>-$'($>=+$:9*(+;'+$/(->'>2>+$3"2*-+-$'($M+#$_"*[X$
$
/$;9H+$>=+$>91[$9(,$2*;+,$>=+$1'->+(+*-$>"$;"$"2>$9(,$>+->$'>$'($>=+'*$
L2-'(+--$9(,$-"3'91$3"(>93>-\$9(,$>=+($3"N+$L93[$>"$319--$9(,$-5+9[$
9L"2>$>=+'*$+Y5+*'+(3+-$9(,$>=+$*+-21>-$>=+7$=9,$93='+H+,X$&=9>$9($
'(>+*+->'(;$9--';(N+(>j$%=+-+$N+($9(,$#"N+(\$=2(;*7$0"*$-+10<
'N5*"H+N+(>\$#+*+$09-3'(9>+,$L7$>=+$',+9$"0$#"*['(;$'($9$(+#$['(,$
"0$19L"*9>"*7$<$>=+$0'*->$9(,$"(17$19L"*9>"*7$"0$=2N9($*+19>'"(-='5-$
0"*$9,21>-$>=9>$=9,$+H+*$+Y'->+,X$
$
%='-$L""[$#9-(]>$#*'>>+($'($>=+$2-291$-+(-+$"0$>=+$#"*,X$/>$;*+#$9-$9$
3='1,$;*"#-X$/>$;*+#$9(,$,+H+1"5+,$"2>$"0$>=9>$19L"*9>"*7\$"2>$"0$>=+$
+Y5+*'+(3+-$"0$>="2-9(,-$"0$9,21>-X$
$
_+9*-$9;"\$#+$->9*>+,$#'>=$9$-+>$"0$*21+-$5*'(>+,$"($9$39*,$("$19*;+*$
>=9($9$5"->39*,X$%=+$(+Y>$-+9-"($#+$5*'(>+,$9$19*;+*$39*,\$>=+($9$
1+901+>\$>=+($9$-+*'+-$"0$L""[1+>-\$+93=$"(+$+Y59(,'(;$'($-'g+$9(,$
-3"5+X$.0>+*$0'0>++($7+9*-$"0$+Y5+*'N+(>$9(,$*+-+9*3=$39N+$>='-$
L""[X$
$
%=+$*21+-$#+$=9H+$-+>$,"#($=+*+$9*+$(">$N+*+$>=+"*'+-$"*$
;2+--#"*[X$%=+7$#"*[$1'[+$N9;'3X$/(3*+,'L1+$9-$'>$-"2(,-\$/$=9H+$
-++($>=+$9551'39>'"($"0$>=+-+$5*'(3'51+-$1'>+*9117$*+H"12>'"('g+$>=+$1'H+-$
"0$N9(7$5+"51+X$
$
%"$'112->*9>+W$.$N9($#'>=$A?D$+N51"7++-$l"'(+,$"(+$"0$>=+-+$3"2*-+-X$
)"*$7+9*-\$=+$=9,$,*'H+($9(,$3*'>'3'g+,$9(,$3"(,+N(+,$='-$
+N51"7++-$#'>="2>$->'(>$"*$,'-3*+>'"(X$d'(,(+--\$#"*,-$"0$
955*+3'9>'"($9(,$+(3"2*9;+N+(>$#+*+$91'+($>"$='-$1'5-X$.0>+*$->2,7'(;$
>=+$5*'(3'51+-$,'-32--+,$'($>='-$L""[\$>='-$+N51"7+*$-=9*517$91>+*+,$
='-$5='1"-"5=7$"0$1'0+X$!'-$"*;9('g9>'"($'-$("#$'(-5'*+,$#'>=$9$(+#$
1"791>7\$9$(+#$+(>=2-'9-N\$9$(+#$-5'*'>$"0$>+9N<#"*[X$%=*++$=2(,*+,$
9(,$0"2*>++($+(+N'+-$=9H+$L++($>2*(+,$'(>"$A?D$0*'+(,-X$.-$=+$
5*"2,17$-9',$'($9$-5++3=$L+0"*+$>=+$319--W$^&=+($/$2-+,$>"$#91[$
>=*"2;=$N7$+->9L1'-=N+(>\$("$"(+$;*++>+,$N+X$a7$+N51"7++-$
93>29117$1""[+,$>=+$">=+*$#97$#=+($>=+7$-9#$N+$955*"93='(;X$62>$
("#$>=+7$9*+$911$N7$0*'+(,-$9(,$+H+($>=+$l9('>"*$3911-$N+$L7$N7$0'*->$
(9N+X^$
$
%='-$+N51"7+*$;9'(+,$N"*+$5*"0'>\$N"*+$1+'-2*+$9(,$<#=9>$'-$'(0'('>+17$
N"*+$'N5"*>9(><=+$0"2(,$09*$N"*+$=955'(+--$'($='-$L2-'(+--$9(,$'($
='-$="N+X$
$
:"2(>1+--$(2NL+*-$"0$-91+-5+"51+$=9H+$-=9*517$'(3*+9-+,$>=+'*$-91+-$
L7$>=+$2-+$"0$>=+-+$5*'(3'51+-X$a9(7$=9H+$"5+(+,$25$(+#$933"2(>-$<$
933"2(>-$>=9>$>=+7$=9,$0"*N+*17$-"1'3'>+,$'($H9'(X$IY+32>'H+-$=9H+$
L++($;'H+($'(3*+9-+,$92>="*'>7\$'(3*+9-+,$597X$S(+$+Y+32>'H+$
*+5"*>+,$9$19*;+$'(3*+9-+$'($-919*7$L+392-+$=+$9551'+,$>=+-+$>*2>=-X$
.(">=+*\$9($+Y+32>'H+$'($>=+$4='19,+15='9$`9-$&"*[-$:"N59(7\$#9-$
-19>+,$0"*$,+N">'"($#=+($=+$#9-$-'Y>7<0'H+$L+392-+$"0$='-$
L+11';+*+(3+\$L+392-+$"0$='-$'(9L'1'>7$>"$1+9,$5+"51+$-['1102117X$%='-$
>*9'('(;$(">$"(17$-9H+,$='N$0*"N$>=+$,+N">'"($L2>$L*"2;=>$='N$9$
5*"N">'"($#'>=$'(3*+9-+,$597X$
$
S($'((2N+*9L1+$"339-'"(-\$-5"2-+-$9>>+(,'(;$>=+$L9(b2+>$;'H+($9>$
>=+$+(,$"0$>=+$3"2*-+$=9H+$>"1,$N+$>=9>$>=+'*$="N+-$=9H+$L++($
N23=$=955'+*$-'(3+$>=+'*$=2-L9(,-$"*$#'H+-$->9*>+,$>='-$>*9'('(;X$
$
4+"51+$9*+$0*+b2+(>17$9->"('-=+,$9>$>=+$(+#$*+-21>-$>=+7$93='+H+X$/>$
911$-++N-$1'[+$N9;'3X$/($-"N+$39-+-\$'($>=+'*$+(>=2-'9-N\$>=+7$=9H+$
>+1+5="(+,$N+$9>$N7$="N+$"($R2(,97-$L+392-+$>=+7$3"21,(]>$#9'>$
0"*>7<+';=>$="2*-$>"$*+5"*>$>=+'*$93='+H+N+(>-$9>$>=+$*+;219*$-+--'"($
"0$>=+$3"2*-+X$
$
S(+$N9($#9-$-"$->'**+,$L7$9$>91[$"($>=+-+$5*'(3'51+-$>=9>$=+$-9>$09*$
'(>"$>=+$(';=>$,'-32--'(;$>=+N$#'>=$">=+*$N+NL+*-$"0$>=+$319--X$.>$
>=*++$"]31"3[$'($>=+$N"*('(;\$>=+$">=+*-$#+(>$="N+X$62>$=+$#9-$-"$
-=9[+($L7$9$*+91'g9>'"($"0$='-$"#($N'->9[+-\$-"$'(-5'*+,$L7$>=+$H'->9$
"0$9$(+#$9(,$*'3=+*$#"*1,$"5+('(;$L+0"*+$='N\$>=9>$=+$#9-$2(9L1+$>"$
-1++5X$!+$,',(]>$-1++5$>=9>$(';=>$"*$>=+$(+Y>$,97$"*$>=+$(+Y>$(';=>X$
$
&="$#9-$=+f$.$(9'H+\$2(>*9'(+,$'(,'H',291$*+9,7$>"$;2-=$"H+*$9(7$
(+#$>=+"*7$>=9>$39N+$91"(;f$M"\$)9*$0*"N$'>X$!+$#9-$9$-"5='->'39>+,\$
L19-$,+91+*$'($9*>\$H+*7$N23=$>=+$N9($9L"2>$>"#(\$#="$-5"[+$>=*++$
19(;29;+-$012+(>17$9(,$#9-$9$;*9,29>+$"0$>#"$I2*"5+9($2('H+*-'>'+-X$
$
&='1+$#*'>'(;$>='-$3=95>+*\$/$*+3+'H+,$9$1+>>+*$0*"N$9$`+*N9($"0$>=+$
"1,$-3=""1\$9($9*'->"3*9>$#="-+$0"*+L+9*-$=9,$-+*H+,$0"*$;+(+*9>'"(-$
9-$5*"0+--'"(91$9*N7$"00'3+*-$2(,+*$>=+$!"=+(g"11+*(-X$!'-$1+>>+*\$
#*'>>+($0*"N$9$>*9(-9>19(>'3$->+9N+*\$>+11'(;$9L"2>$>=+$9551'39>'"($"0$
>=+-+$5*'(3'51+-\$*"-+$91N"->$>"$9$*+1';'"2-$0+*H"*X$
$
.(">=+*$N9(\$9($"1,$M+#$_"*[+*\$9$!9*H9*,$;*9,29>+\$9$#+91>=7$
N9(\$>=+$"#(+*$"0$9$19*;+$39*5+>$093>"*7\$,+319*+,$=+$=9,$1+9*(+,$
N"*+$'($0"2*>++($#++[-$>=*"2;=$>='-$-7->+N$"0$>*9'('(;$9L"2>$>=+$
0'(+$9*>$"0$'(012+(3'(;$5+"51+$>=9($=+$=9,$1+9*(+,$9L"2>$>=+$-9N+$
-2Ll+3>$,2*'(;$='-$0"2*$7+9*-$'($3"11+;+X$.L-2*,f$K92;=9L1+f$
)9(>9->'3f$S0$3"2*-+\$7"2$9*+$5*'H'1+;+,$>"$,'-N'--$>='-$->9>+N+(>$
#'>=$#=9>+H+*$9,l+3>'H+$7"2$#'-=X$/$9N$N+*+17$*+5"*>'(;\$#'>="2>$
3"NN+(>\$9$,+319*9>'"($N9,+$L7$9$3"(-+*H9>'H+$9(,$+N'(+(>17$
-233+--021$!9*H9*,$;*9,29>+$'($9$52L1'3$9,,*+--$>"$955*"Y'N9>+17$-'Y$
=2(,*+,$5+"51+$9>$>=+$_91+$:12L$'($M+#$_"*[$"($>=+$+H+('(;$"0$
%=2*-,97\$)+L*29*7$PA\$?@AAX$
$
^:"N59*+,$>"$#=9>$#+$"2;=>$>"$L+\^$-9',$>=+$09N"2-$4*"0+--"*$
&'11'9N$k9N+-$"0$!9*H9*,\$^3"N59*+,$>"$#=9>$#+$"2;=>$>"$L+\$#+$
9*+$"(17$=910$9#9[+X$&+$9*+$N9['(;$2-+$"0$"(17$9$-N911$59*>$"0$"2*$
5=7-'391$9(,$N+(>91$*+-"2*3+-X$R>9>'(;$>=+$>='(;$L*"9,17\$>=+$=2N9($
'(,'H',291$>=2-$1'H+-$09*$#'>='($='-$1'N'>-X$!+$5"--+--+-$5"#+*-$"0$
H9*'"2-$-"*>-$#='3=$=+$=9L'>29117$09'1-$>"$2-+\^$
$
%="-+$5"#+*-$#='3=$7"2$^=9L'>29117$09'1$>"$2-+^j$%=+$-"1+$52*5"-+$"0$
>='-$L""[$'-$>"$=+15$7"2$,'-3"H+*\$,+H+1"5$9(,$5*"0'>$L7$>="-+$
,"*N9(>$9(,$2(2-+,$9--+>-\$
$
^I,239>'"(\^$-9',$8*X$k"=($`X$!'LL+(\$0"*N+*$5*+-',+(>$"0$4*'(3+>"($
Z('H+*-'>7\$^'-$>=+$9L'1'>7$>"$N++>$1'0+]-$-'>29>'"(-\^$
$
/0$L7$>=+$>'N+$7"2$=9H+$0'('-=+,$*+9,'(;$>=+$0'*->$>=*++$3=95>+*-$"0$
>='-$L""[<$'0$7"2$9*+(]>$>=+($9$1'>>1+$L+>>+*$+b2'55+,$>"$N++>$1'0+]-$
-'>29>'"(-\$>=+($/$-=911$3"(-',+*$>='-$L""[$>"$L+$9$>">91$09'12*+$-"$09*$
9-$7"2$9*+$3"(3+*(+,X$)"*$^>=+$;*+9>$9'N$"0$+,239>'"(\^$-9',$!+*L+*>$
R5+(3+*\$^'-$(">$[("#1+,;+$L2>$93>'"(X^$
$
.(,$>='-$'-$9($93>'"($L""[X$
$
8.KI$:.GMI`/I$?@AB$$
$
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<$$
$
M'(+$R2;;+->'"(-$"($!"#$>"$`+>$>=+$a"->$S2>$"0$%='-$6""[$
$
?X$/0$7"2$#'-=$>"$;+>$>=+$N"->$"2>$"0$>='-$L""[\$>=+*+$'-$"(+$
'(,'-5+(-9L1+$*+b2'*+N+(>\$"(+$+--+(>'91$'(0'('>+17$N"*+$'N5"*>9(>$
>=9($9(7$*21+$"*$>+3=('b2+X$Z(1+--$7"2$=9H+$>='-$"(+$02(,9N+(>91$
*+b2'-'>+\$9$>="2-9(,$*21+-$"($="#$>"$->2,7$#'11$9H9'1$1'>>1+\$.(,$'0$7"2$
,"$=9H+$>='-$39*,'(91$+(,"#N+(>\$>=+($7"2$39($93='+H+$#"(,+*-$
#'>="2>$*+9,'(;$9(7$-2;;+->'"(-$0"*$;+>>'(;$>=+$N"->$"2>$"0$9$L""[X$
$
&=9>$'-$>='-$N9;'3$*+b2'*+N+(>f$k2->$>='-W$9$,++5\$,*'H'(;$,+-'*+$>"$
1+9*(\$9$H';"*"2-$,+>+*N'(9>'"($>"$'(3*+9-+$7"2*$9L'1'>7$>"$,+91$#'>=$
5+"51+X$
$
!"#$39($7"2$,+H+1"5$-23=$9($2*;+f$67$3"(->9(>17$*+N'(,'(;$7"2*-+10$
="#$'N5"*>9(>$>=+-+$5*'(3'51+-$9*+$>"$7"2X$4'3>2*+$>"$7"2*-+10$="#$
>=+'*$N9->+*7$#'11$9',$7"2$'($1+9,'(;$9$*'3=+*\$0211+*\$=955'+*$9(,$N"*+$
0210'11'(;$1'0+X$R97$>"$7"2*-+10$"H+*$9(,$"H+*W$^a7$5"5219*'>7\$N7$
=955'(+--$9(,$-+(-+$"0$#"*>=$,+5+(,$>"$("$-N911$+Y>+(>$25"($N7$
-['11$'($,+91'(;$#'>=$5+"51+X^$
$
PX$G+9,$+93=$3=95>+*$*95',17$9>$0'*->$>"$;+>$9$L'*,]-<+7+$H'+#$"0$'>X$
_"2$#'11$5*"L9L17$L+$>+N5>+,$>=+($>"$*2-=$"($>"$>=+$(+Y>$"(+X$62>$
,"(]>$<$2(1+--$7"2$9*+$*+9,'(;$N+*+17$0"*$+(>+*>9'(N+(>X$62>$'0$7"2$
9*+$*+9,'(;$L+392-+$7"2$#9(>$>"$'(3*+9-+$7"2*$-['11$'($=2N9($
*+19>'"(-\$>=+($;"$L93[$9(,$*+*+9,$+93=$3=95>+*$>="*"2;=17X$/($>=+$
1"(;$*2(\$>='-$#'11$N+9($-9H'(;$>'N+$9(,$;+>>'(;$*+-21>-X$
$
AX$R>"5$0*+b2+(>17$'($7"2*$*+9,'(;$>"$>='([$"H+*$#=9>$7"2$9*+$
*+9,'(;X$.-[$7"2*-+10$l2->$="#$9(,$#=+($7"2$39($95517$+93=$
-2;;+->'"(X$
$
DX$G+9,$#'>=$9$3*97"(\$5+(3'1\$5+(\$N9;'3$N9*[+*$"*$=';=1';=>+*$'($
7"2*$=9(,X$&=+($7"2$3"N+$93*"--$9$-2;;+->'"($>=9>$7"2$0++1$7"2$
39($2-+\$,*9#$9$1'(+$L+-',+$'>X$/0$'>$'-$9$0"2*<->9*$-2;;+->'"(\$>=+($
2(,+*-3"*+$+H+*7$-+(>+(3+$"*$=';=1';=>$'>\$"*$N9*[$'>$#'>=$^nnnnX^$
a9*['(;$9(,$2(,+*-3"*'(;$9$L""[$N9[+-$'>$N"*+$'(>+*+->'(;\$9(,$09*$
+9-'+*$>"$*+H'+#$*95',17X$
$
TX$/$[(+#$9$#"N9($#="$=9,$L++($"00'3+$N9(9;+*$0"*$9$19*;+$
'(-2*9(3+$3"(3+*($0"*$0'0>++($7+9*-X$IH+*7$N"(>=\$-=+$*+9,$911$>=+$
'(-2*9(3+$3"(>*93>-$=+*$3"N59(7$=9,$'--2+,$>=9>$N"(>=X$_+-\$-=+$
*+9,$N9(7$"0$>=+$-9N+$3"(>*93>-$"H+*$N"(>=$90>+*$N"(>=\$7+9*$90>+*$
7+9*X$&=7f$6+392-+$+Y5+*'+(3+$=9,$>92;=>$=+*$>=9>$>=9>$#9-$>=+$
"(17$#97$-=+$3"21,$[++5$>=+'*$5*"H'-'"(-$31+9*17$'($N'(,X$/$"(3+$-5+(>$
91N"->$>#"$7+9*-$#*'>'(;$9$L""[$"($52L1'3$-5+9['(;$9(,$7+>$/$0"2(,$/$
=9,$>"$[++5$;"'(;$L93[$"H+*$'>$0*"N$>'N+$>"$>'N+$'($"*,+*$>"$
*+N+NL+*$#=9>$/$=9,$#*'>>+($'($N7$"#($L""[X$%=+$*95','>7$#'>=$
#='3=$#+$0"*;+>$'-$9->"('-='(;X$
$
R"\$'0$7"2$#9(>$>"$;+>$9$*+91\$19->'(;$L+(+0'>$"2>$"0$>='-$L""[\$,"(]>$
'N9;'(+$>=9>$-['NN'(;$>=*"2;=$'>$"(3+$#'11$-200'3+X$.0>+*$*+9,'(;$'>$
>="*"2;=17\$7"2$"2;=>$>"$-5+(,$9$0+#$="2*-$*+H'+#'(;$'>$+H+*7$
N"(>=\$d++5$'>$"($7"2*$,+-[$'($0*"(>$"0$7"2$+H+*7$,97X$`19(3+$
>=*"2;=$'>$"0>+(X$d++5$3"(->9(>17$'N5*+--'(;$7"2*-+10$#'>=$>=+$*'3=$
5"--'L'1'>'+-$0"*$'N5*"H+N+(>$>=9>$->'11$1'+$'($>=+$"00'(;X$G+N+NL+*$
>=9>$>=+$2-+$"0$>=+-+$5*'(3'51+-$39($L+$N9,+$=9L'>291$"(17$L7$9$
3"(->9(>$9(,$H';"*"2-$39N59';($"0$*+H'+#$9(,$9551'39>'"(X$%=+*+$'-$
("$">=+*$#97X$
$
BX$6+*(9*,$R=9#$"(3+$*+N9*[+,W$^/0$7"2$>+93=$9$N9($9(7>='(;\$=+$
#'11$(+H+*$1+9*(X^$R=9#$#9-$*';=>X$K+9*('(;$'-$9($93>'H+$5*"3+--X$&+$
1+9*($L7$,"'(;X$R"\$'0$7"2$,+-'*+$>"$N9->+*$>=+$5*'(3'51+-$7"2$9*+$
->2,7'(;$'($>='-$L""[\$,"$-"N+>='(;$9L"2>$>=+NX$.5517$>=+-+$*21+-$9>$
+H+*7$"55"*>2('>7X$/0$7"2$,"(]>$7"2$#'11$0"*;+>$>=+N$b2'3[17X$S(17$
[("#1+,;+$>=9>$'-$2-+,$->'3[-$'($7"2*$N'(,X$
$
_"2$#'11$5*"L9L17$0'(,$'>$,'00'321>$>"$95517$>=+-+$-2;;+->'"(-$911$>=+$
>'N+X$/$[("#$L+392-+$/$#*">+$>=+$L""[\$9(,$7+>$0*+b2+(>17$/$0"2(,$'>$
,'00'321>$>"$95517$+H+*7>='(;$/$9,H"39>+,X$)"*$+Y9N51+\$#=+($7"2$9*+$
,'-51+9-+,\$'>$'-$N23=$+9-'+*$>"$3*'>'3'g+$9(,$3"(,+N($>=9($'>$'-$>"$>*7$
>"$2(,+*->9(,$>=+$">=+*$5+*-"(]-$H'+#5"'(>X$/>$'-$0*+b2+(>17$+9-'+*$>"$
0'(,$0921>$>=9($>"$0'(,$5*9'-+X$/>$'-$N"*+$(9>2*91$>"$>91[$9L"2>$#=9>$
H"2$#9(>$>=9($>"$>91[$9L"2>$#=9>$>=+$">=+*$5+*-"($#9(>-X$.(,$-"$"(\$
R"\$9-$7"2$*+9,$>='-$L""[\$*+N+NL+*$>=9>$7"2$9*+$(">$N+*+17$>*7'(;$
>"$93b2'*+$'(0"*N9>'"(X$_"2$9*+$9>>+N5>'(;$>"$0"*N$(+#$=9L'>-X$.=$
7+-\$7"2$9*+$9>>+N5>'(;$9$(+#$#97$"0$1'0+X$%=9>$#'11$*+b2'*+$>'N+$9(,$
5+*-'->+(3+$9(,$,9'17$9551'39>'"(X$
$
R"$*+0+*$>"$>=+-+$59;+-$"0>+(X$G+;9*,$>='-$9-$9$#"*['(;$=9(,L""[$"($
=2N9($*+19>'"(-i$9(,$#=+(+H+*$7"2$9*+$3"(0*"(>+,$#'>=$-"N+$
-5+3'0'3$5*"L1+N$<$-23=$9-$=9(,1'(;$9$3='1,\$#'(('(;$7"2*$-5"2-+$>"$
7"2*$#97$"0$>='(['(;\$"*$-9>'-07'(;$9($'**'>9>+,$32->"N+*$<$=+-'>9>+$
9L"2>$,"'(;$>=+$(9>2*91$>='(;\$>=+$'N521-'H+$>='(;X$%='-$'-$2-29117$
#*"(;X$/(->+9,\$>2*($>"$>=+-+$59;+-$9(,$*+H'+#$>=+$59*9;*95=-$7"2$
=9H+$2(,+*-3"*+,X$%=+($>*7$>=+-+$(+#$#97-$9(,$#9>3=$>=+N$93='+H+$
N9;'3$0"*$7"2X$
$
OX$S00+*$7"2*$-5"2-+\$7"2*$3='1,$"*$-"N+$L2-'(+--$9--"3'9>+$9$,'N+$
"*$9$,"119*$+H+*7$>'N+$=+$"*$-=+$39>3=+-$7"2$H'"19>'(;$9$3+*>9'($
5*'(3'51+X$a9[+$9$1'H+17$;9N+$"2>$"0$N9->+*'(;$>=+-+$*21+-X$
$
EX$%=+$5*+-',+(>$"0$9($'N5"*>9(>$&911$R>*++>$L9([$"(3+$,+-3*'L+,\$'($
9$>91[$L+0"*+$"(+$"0$N7$319--+-\$9$=';=17$+00'3'+(>$-7->+N$=+$2-+,$0"*$
-+10<'N5*"H+N+(>X$%='-$N9($=9,$1'>>1+$0"*N91$-3=""1'(;i$7+>$=+$=9,$
L+3"N+$"(+$"0$>=+$N"->$'N5"*>9(>$0'(9(3'+*-$'($.N+*'39\$9(,$=+$
3"(0+--+,$>=9>$=+$"#+,$N"->$"0$='-$-233+--$>"$>=+$3"(->9(>$
9551'39>'"($"0$='-$="N+N9,+$-7->+NX$%='-$'-$#=9>$=+$,"+-\$/]11$52>$'>$
'($='-$"#($#"*,-$9-$9332*9>+17$9-$/$39($*+N+NL+*X$
$
^)"*$7+9*-$/$=9H+$[+5>$9($+(;9;+N+(>$L""[$-="#'(;$911$>=+$
955"'(>N+(>-$/$=9,$,2*'(;$>=+$,97X$a7$09N'17$(+H+*$N9,+$9(7$519(-$
0"*$N+$"($R9>2*,97$(';=>\$0"*$>=+$09N'17$[(+#$>=9>$/$,+H">+,$9$59*>$
"0$+93=$R9>2*,97$+H+('(;$>"$>=+$'112N'(9>'(;$5*"3+--$"0$-+10<
+Y9N'(9>'"($9(,$*+H'+#$9(,$955*9'-91X$.0>+*$,'((+*$/$#+(>$"00$L7$
N7-+10\$"5+(+,$N7$+(;9;+N+(>$L""[\$9(,$>="2;=>$"H+*$911$>=+$
'(>+*H'+#-\$,'-32--'"(-$9(,$N++>'(;-$>=9>$=9,$>9[+($5193+$,2*'(;$>=+$
#++[X$/$9-[+,$N7-+10W$
$
]&=9>$N'->9[+-$,',$/$N9[+$>=9>$>'N+f]$]&=9>$,',$/$,"$>=9>$#9-$*';=><
9(,$'($#=9>$#97$3"21,$/$=9H+$'N5*"H+,$N7$5+*0"*N9(3+f]$]&=9>$
1+--"(-$39($/$1+9*($0*"N$>=9>$+Y5+*'+(3+f]$
$
^/$"0>+($0"2(,$>=9>$>='-$#++[17$*+H'+#$N9,+$N+$H+*7$2(=9557X$/$#9-$
0*+b2+(>17$9->"('-=+,$9>$N7$"#($L12(,+*-X$S0$3"2*-+\$9-$>=+$7+9*-$
59--+,\$>=+-+$L12(,+*-$L+39N+$1+--$0*+b2+(>X$R"N+>'N+-$/$#9-$
'(31'(+,$>"$59>$N7-+10$"($>=+$L93[$9$1'>>1+$90>+*$"(+$"0$>=+-+$-+--'"(-X$
%='-$-7->+N$"0$-+10<9(917-'-\$-+10<+,239>'"(\$3"(>'(2+,$7+9*$90>+*$
7+9*\$,',$N"*+$0"*$N+$>=9($9(7$">=+*$"(+$>='(;$/$=9H+$+H+*$
9>>+N5>+,X$
$
^/>$=+15+,$N+$'N5*"H+$N7$9L'1'>7$>"$N9[+$,+3'-'"(-$<$9(,$'>$9',+,$N+$
+("*N"2-17$'($911$N7$3"(>93>-$#'>=$5+"51+X$/$39((">$*+3"NN+(,$'>$
>""$=';=17X^$
$
&=7$(">$2-+$9$-'N'19*$-7->+N$>"$3=+3[$25$"($7"2*$9551'39>'"($"0$>=+$
5*'(3'51+-$,'-32--+,$'($>='-$L""[f$/0$7"2$,"\$>#"$>='(;-$#'11$*+-21>X$
$
)'*->\$7"2$#'11$0'(,$7"2*-+10$+(;9;+,$'($9($+,239>'"(91$5*"3+--$>=9>$'-$
L">=$'(>*';2'(;$9(,$5*'3+1+--X$
$
R+3"(,\$7"2$#'11$0'(,$>=9>$7"2*$9L'1'>7$>"$N++>$9(,$,+91$#'>=$5+"51+$
#'11$;*"#$+("*N"2-17X$
$
@X$_"2$#'11$0'(,$9>$>=+$+(,$"0$>='-$L""[$-+H+*91$L19([$59;+-$"($#='3=$
7"2$-="21,$*+3"*,$7"2*$>*'2N5=-$'($>=+$9551'39>'"($"0$>=+-+$
5*'(3'51+-X$6+$-5+3'0'3X$`'H+$(9N+-\$,9>+-\$*+-21>-X$d++5'(;$-23=$9$
*+3"*,$#'11$'(-5'*+$7"2$>"$;*+9>+*$+00"*>-i$9(,$="#$09-3'(9>'(;$>=+-+$
+(>*'+-$#'11$L+$#=+($7"2$3=9(3+$25"($>=+N$-"N+$+H+('(;$7+9*-$0*"N$
("#j$
$
/($"*,+*$>"$;+>$>=+$N"->$"2>$"0$>='-$L""[W$
$
c$9X$8+H+1"5$9$,++5\$,*'H'(;$,+-'*+$>"$N9->+*$>=+$5*'(3'51+-$"0$=2N9($
*+19>'"(-\$$
c$LX$G+9,$+93=$3=95>+*$>#'3+$L+0"*+$;"'(;$"($>"$>=+$(+Y>$"(+X$$
c$3X$.-$7"2$*+9,\$->"5$0*+b2+(>17$>"$9-[$7"2*-+10$="#$7"2$39($95517$
+93=$-2;;+->'"(X$$
c$,X$Z(,+*-3"*+$+93=$'N5"*>9(>$',+9X$$
c$+X$G+H'+#$>='-$L""[$+93=$N"(>=X$$
c$0X$.5517$>=+-+$5*'(3'51+-$9>$+H+*7$"55"*>2('>7X$Z-+$>='-$H"12N+$9-$9$
#"*['(;$=9(,L""[$>"$=+15$7"2$-"1H+$7"2*$,9'17$5*"L1+N-X$$
c$;X$a9[+$9$1'H+17$;9N+$"2>$"0$7"2*$1+9*('(;$L7$"00+*'(;$-"N+$0*'+(,$
9$,'N+$"*$9$,"119*$+H+*7$>'N+$=+$"*$-=+$39>3=+-$7"2$H'"19>'(;$"(+$"0$
>=+-+$5*'(3'51+-X$$
c$=X$:=+3[$25$+93=$#++[$"($>=+$5*";*+--$7"2$9*+$N9[<'(;X$.-[$
7"2*-+10$#=9>$N'->9[+-$7"2$=9H+$N9,+\$#=9>$'N5*"H+N+(>\$#=9>$
1+--"(-$7"2$=9H+$1+9*(+,$0"*$>=+$02>2*+X$$
c$'X$d++5$(">+-$'($>=+$L93[$"0$>='-$L""[$-="#'(;$="#$9(,$#=+($7"2$
=9H+$9551'+,$>=+-+$5*'(3'51+-X$$
$
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<$$
$
.$R="*>32>$>"$8'->'(3>'"($
$
L7$K"#+11$%="N9-$
$
%='-$L'";*95='391$'(0"*N9>'"($9L"2>$891+$:9*(+;'+$#9-$#*'>>+($9-$9($
'(>*",23>'"($>"$>=+$"*';'(91$+,'>'"($"0$!"#$>"$&'($)*'+(,-$9(,$
/(012+(3+$4+"51+X$/>$'-$*+5*'(>+,$'($>='-$+,'>'"($>"$;'H+$>=+$*+9,+*-$
9,,'>'"(91$L93[;*"2(,$"($891+$:9*(+;'+X$
$
/>$#9-$9$3"1,$k9(29*7$(';=>$'($?@AT\$L2>$>=+$#+9>=+*$3"21,(]>$[++5$
>=+N$9#97X$%#"$>="2-9(,$0'H+$=2(,*+,$N+($9(,$#"N+($>=*"(;+,$
'(>"$>=+$;*9(,$L911*""N$"0$>=+$!">+1$4+((-71H9('9$'($M+#$_"*[X$IH+*7$
9H9'19L1+$-+9>$#9-$0'11+,$L7$=910<59->$-+H+(X$.>$+';=>$"]31"3[\$>=+$
+9;+*$3*"#,$#9-$->'11$5"2*'(;$'(X$%=+$-593'"2-$L913"(7$#9-$-""($
l9NN+,X$4*+-+(>17$+H+($->9(,'(;$-593+$#9-$9>$9$5*+N'2N\$9(,$
=2(,*+,-$"0$5+"51+\$>'*+,$90>+*$(9H';9>'(;$9$,97$'($L2-'(+--\$->"",$
25$0"*$9($="2*$9(,$9$=910$>=9>$(';=>$>"$#'>(+--$<$#=9>f$
$
$
.$09-='"($-="#f$
$
.$-'Y<,97$L'3731+$*93+$"*$9$5+*-"(91$955+9*9(3+$L7$:19*[$`9L1+f$
$
M"X$%=+-+$5+"51+$=9,$L++($12*+,$>=+*+$L7$9$(+#-595+*$9,X$%#"$
+H+('(;-$5*+H'"2-17\$>=+7$=9,$-++($>='-$0211<59;+$9(("2(3+N+(>$'($
>=+$M+#$_"*[$R2($->9*'(;$>=+N$'($>=+$093+W$
$
K+9*($>"$R5+9[$I00+3>'H+17$4*+59*+$0"*$K+9,+*-='5$
$
$
S1,$->200f$_+-\$L2>$L+1'+H+$'>$"*$(">\$'($>=+$N"->$-"5='->'39>+,$>"#($
"($+9*>=\$,2*'(;$9$,+5*+--'"($#'>=$PQ$5+*3+(>$"0$>=+$5"5219>'"($"($
*+1'+0\$>#+(>7<0'H+$=2(,*+,$5+"51+$=9,$1+0>$>=+'*$="N+-$9(,$=2->1+,$
>"$>=+$=">+1$'($*+-5"(-+$>"$>=9>$9,X$
$
%=+$5+"51+$#="$*+-5"(,+,$#+*+$"0$>=+$255+*$+3"("N'3$->*9>9$<$
+Y+32>'H+-\$+N51"7+*-$9(,$5*"0+--'"(91-X$
$
%=+-+$N+($9(,$#"N+($=9,$3"N+$>"$=+9*$>=+$"5+('(;$;2($"0$9($
21>*9N",+*(\$21>*95*93>'391$3"2*-+$'($^I00+3>'H+$R5+9['(;$9(,$
/(012+(3'(;$a+($'($62-'(+--^<$9$3"2*-+$;'H+($L7$>=+$891+$:9*(+;'+$
/(->'>2>+$"0$I00+3>'H+$R5+9['(;$9(,$!2N9($G+19>'"(-X$
$
&=7$#+*+$>=+7$>=+*+\$>=+-+$>#+(>7<0'H+$=2(,*+,$L2-'(+--$N+($9(,$
#"N+(f$
$
6+392-+$"0$9$-2,,+($=2(;+*$0"*$N"*+$+,239>'"($L+392-+$"0$>=+$
,+5*+--'"(f$
$
.559*+(>17$(">\$0"*$>='-$-9N+$3"2*-+$=9,$L++($5197'(;$>"$593[+,$
="2-+-$'($M+#$_"*[$:'>7$+H+*7$-+9-"($0"*$>=+$5*+3+,'(;$>#+(>7<0"2*$
7+9*-X$82*'(;$>=9>$>'N+\$N"*+$>=9($0'0>++($>="2-9(,$L2-'(+--$9(,$
5*"0+--'"(91$5+"51+$=9,$L++($>*9'(+,$L7$891+$:9*(+;'+X$IH+($19*;+\$
-[+5>'391\$3"(-+*H9>'H+$"*;9('g9>'"(-$-23=$9-$>=+$&+->'(;="2-+$
I1+3>*'3$:"N59(7\$>=+$a3`*9#<!'11$42L1'-='(;$:"N59(7\$>=+$6*""[17($
Z('"($`9-$:"N59(7\$>=+$6*""[17($:=9NL+*$"0$:"NN+*3+\$>=+$
.N+*'39($/(->'>2>+$"0$I1+3>*'391$I(;'(++*-$9(,$>=+$M+#$_"*[$
%+1+5="(+$:"N59(7$=9H+$=9,$>='-$>*9'('(;$3"(,23>+,$'($>=+'*$"#($
"00'3+-$0"*$>=+$L+(+0'>$"0$>=+'*$N+NL+*-$9(,$+Y+32>'H+-X$
$
%=+$093>$>=9>$>=+-+$5+"51+\$>+($"*$>#+(>7$7+9*-$90>+*$1+9H'(;$;*9,+$
-3=""1\$=';=$-3=""1$"*$3"11+;+\$3"N+$9(,$>9[+$>='-$>*9'('(;$'-$9$
;19*'(;$3"NN+(>9*7$"($>=+$-="3['(;$,+0'3'+(3'+-$"0$"2*$+,239>'"(91$
-7->+NX$
$
&=9>$,"$9,21>-$*+9117$#9(>$>"$->2,7f$%=9>$'-$9($'N5"*>9(>$b2+->'"(i$
9(,$'($"*,+*$>"$9(-#+*$'>\$>=+$Z('H+*-'>7$"0$:='39;"\$>=+$.N+*'39($
.--"3'9>'"($0"*$.,21>$I,239>'"(\$9(,$>=+$Z('>+,$_XaX:X.X$R3=""1-$
N9,+$9$-2*H+7$"H+*$9$>#"<7+9*$5+*'",X$
$
%=9>$-2*H+7$*+H+91+,$>=9>$>=+$5*'N+$'(>+*+->$"0$9,21>-$'-$=+91>=X$/>$
91-"$*+H+91+,$>=9>$>=+'*$-+3"(,$'(>+*+->$'-$'($,+H+1"5'(;$-['11$'($
=2N9($*+19>'"(-='5-$<$>=+7$#9(>$>"$1+9*($>=+$>+3=('b2+$"0$;+>>'(;$
91"(;$#'>=$9(,$'(012+(3'(;$">=+*$5+"51+X$%=+7$,"(]>$#9(>$>"$L+3"N+$
52L1'3$-5+9[+*-\$9(,$>=+7$,"(]>$#9(>$>"$1'->+($>"$9$1">$"0$=';=$
-"2(,'(;$>91[$9L"2>$5-73="1";7i$>=+7$#9(>$-2;;+->'"(-$>=+7$39($2-+$
'NN+,'9>+17$'($L2-'(+--\$'($-"3'91$3"(>93>-$9(,$'($>=+$="N+X$
$
R"$>=9>$#9-$#=9>$9,21>-$#9(>+,$>"$->2,7\$#9-$'>f$
$
^.11$*';=>\^$-9',$>=+$5+"51+$N9['(;$>=+$-2*H+7X$^)'(+X$/0$>=9>$'-$#=9>$
>=+7$#9(>\$#+]11$;'H+$'>$>"$>=+NX^$
$
K""['(;$9*"2(,$0"*$9$>+Y>L""[\$>=+7$,'-3"H+*+,$>=9>$("$#"*['(;$
N9(291$=9,$+H+*$L++($#*'>>+($>"$=+15$5+"51+$-"1H+$>=+'*$,9'17$
5*"L1+N-$'($=2N9($*+19>'"(-='5-X$
$
!+*+$#9-$9$0'(+$[+>>1+$"0$0'-=j$)"*$=2(,*+,-$"0$7+9*-\$1+9*(+,$
H"12N+-$=9,$L++($#*'>>+($"($`*++[$9(,$K9>'($9(,$=';=+*$
N9>=+N9>'3-$<$>"5'3-$9L"2>$#='3=$>=+$9H+*9;+$9,21>$,"+-(]>$;'H+$>#"$
="">-X$62>$"($>=+$"(+$-2Ll+3>$"($#='3=$=+$=9-$9$>='*->$0"*$
[("#1+,;+\$9$H+*'>9L1+$59--'"($0"*$;2',9(3+$9(,$=+15$<$(">='(;j$
$
%='-$+Y519'(+,$>=+$5*+-+(3+$"0$>#+(>7<0'H+$=2(,*+,$+9;+*$9,21>-$
3*"#,'(;$'(>"$>=+$;*9(,$L911*""N$"0$>=+$!">+1$4+((-71H9('9$'($
*+-5"(-+$>"$9$(+#-595+*$9,H+*>'-+N+(>X$!+*+\$9559*+(>17\$9>$19->$
#9-$>=+$>='(;$0"*$#='3=$>=+7$=9,$1"(;$L++($-++['(;X$
$
693[$'($=';=$-3=""1$9(,$3"11+;+\$>=+7$=9,$5"*+,$"H+*$L""[-\$
L+1'+H'(;$>=9>$[("#1+,;+$91"(+$#9-$>=+$"5+($-+-9N+$>"$0'(9(3'91$<$
9(,$5*"0+--'"(91$*+#9*,-X$
$
62>$9$0+#$7+9*-$'($>=+$*"2;=<9(,<>2NL1+$"0$L2-'(+--$9(,$
5*"0+--'"(91$1'0+$=9,$L*"2;=>$-=9*5$,'--'112-'"(N+(>X$%=+7$=9,$-++($
-"N+$"0$>=+$N"->$'N5"*>9(>$L2-'(+--$-233+--+-$#"($L7$N+($#="$
5"--+--+,\$'($9,,'>'"($>"$>=+'*$[("#1+,;+\$>=+$9L'1'>7$>"$>91[$#+11\$>"$
#'($5+"51+$>"$>=+'*$#97$"0$>='(['(;\$9(,$>"$^-+11^$>=+N-+1H+-$9(,$
>=+'*$',+9-X$
$
%=+7$-""($,'-3"H+*+,$>=9>$'0$"(+$9-5'*+,$>"$#+9*$>=+$395>9'(]-$395$
9(,$(9H';9>+$>=+$-='5$"0$L2-'(+--\$5+*-"(91'>7$9(,$>=+$9L'1'>7$>"$>91[$
9*+$N"*+$'N5"*>9(>$>=9($9$[("#1+,;+$"0$K9>'($H+*L-$"*$9$-=++5-['($
0*"N$!9*H9*,X$
$
%=+$9,H+*>'-+N+(>$'($>=+$M+#$_"*[$R2($5*"N'-+,$>=9>$>=+$N++>'(;$
#"21,$L+$=';=17$+(>+*>9'('(;X$/>$#9-X$I';=>++($5+"51+$#="$=9,$>9[+($
>=+$3"2*-+$#+*+$N9*-=91+,$'($0*"(>$"0$>=+$1"2,-5+9[+*$<$9(,$0'0>++($
"0$>=+N$#+*+$;'H+($5*+3'-+17$-+H+(>7<0'H+$-+3"(,-$+93=$>"$>+11$='-$"*$
=+*$->"*7X$S(17$-+H+(>7<0'H+$-+3"(,-$"0$>91[\$>=+($^L9(;^$#+(>$>=+$
;9H+1\$9(,$>=+$3=9'*N9($-="2>+,\$^%'N+j$M+Y>$-5+9[+*j^$
$
%=+$9009'*$N"H+,$#'>=$>=+$-5++,$"0$9$=+*,$"0$L20091"$>=2(,+*'(;$
93*"--$>=+$519'(-X$R5+3>9>"*-$->"",$0"*$9($="2*$9(,$9$=910$>"$#9>3=$
>=+$5+*0"*N9(3+X$
$
%=+$-5+9[+*-$#+*+$9$3*"--$-+3>'"($"0$1'0+W$-+H+*91$-91+-$
*+5*+-+(>9>'H+-\$9$3=9'($->"*+$+Y+32>'H+\$9$L9[+*\$>=+$5*+-',+(>$"0$9$
>*9,+$9--"3'9>'"(\$>#"$L9([+*-\$9($'(-2*9(3+$9;+(>\$9($933"2(>9(>\$9$
,+(>'->\$9($9*3='>+3>\$9$,*2;;'->$#="$=9,$3"N+$0*"N$/(,'9(95"1'-$>"$
M+#$_"*[$>"$>9[+$>=+$3"2*-+\$9$19#7+*$#="$=9,$3"N+$0*"N$!9H9(9$
'($"*,+*$>"$5*+59*+$='N-+10$>"$;'H+$"(+$'N5"*>9(>$>=*++<N'(2>+$
-5++3=X$
$
%=+$0'*->$-5+9[+*$L"*+$>=+$`9+1'3$(9N+$49>*'3[$kX$S]!9'*+X$6"*($'($
/*+19(,\$=+$9>>+(,+,$-3=""1$0"*$"(17$0"2*$7+9*-\$,*'0>+,$>"$.N+*'39\$
#"*[+,$9-$9$N+3=9('3\$>=+($9-$9$3=9200+2*X$
$
M"#\$="#+H+*\$=+$#9-$0"*>7\$=+$=9,$9$;*"#'(;$09N'17$9(,$(++,+,$
N"*+$N"(+7\$-"$=+$>*'+,$-+11'(;$>*23[-X$R200+*'(;$0*"N$9($'(0+*'"*'>7$
3"N51+Y$>=9>\$9-$=+$52>$'>\$#9-$+9>'(;$='-$=+9*>$"2>\$=+$=9,$>"$#91[$
25$9(,$,"#($'($0*"(>$"0$9($"00'3+$=910$9$,"g+($>'N+-$L+0"*+$=+$3"21,$
-2NN"($25$+("2;=$3"2*9;+$>"$"5+($>=+$,""*X$!+$#9-$-"$
,'-3"2*9;+,$9-$9$-91+-N9($>=9>$=+$#9-$>='(['(;$"0$;"'(;$L93[$>"$
#"*['(;$#'>=$='-$=9(,-$'($9$N93='(+$-="5\$#=+($"(+$,97$=+$
*+3+'H+,$9$1+>>+*$'(H'>'(;$='N$>"$9($"*;9('g9>'"($N++>'(;$"0$>=+$891+$
:9*(+;'+$:"2*-+$'($I00+3>'H+$R5+9['(;X$
$
!+$,',(]>$#9(>$>"$9>>+(,X$!+$0+9*+,$=+$#"21,$=9H+$>"$9--"3'9>+$#'>=$
9$1">$"0$3"11+;+$;*9,29>+-\$>=9>$=+$#"21,$L+$"2>$"0$5193+X$
$
!'-$,+-59'*'(;$#'0+$'(-'->+,$>=9>$=+$;"\$-97'(;\$^/>$N97$,"$7"2$-"N+$
;"",\$49>X$`",$[("#-$7"2$(++,$'>X^$!+$#+(>$,"#($>"$>=+$5193+$
#=+*+$>=+$N++>'(;$#9-$>"$L+$=+1,$9(,$->"",$"($>=+$-',+#91[$0"*$0'H+$
N'(2>+-$L+0"*+$=+$3"21,$;+(+*9>+$+("2;=$-+10<3"(0',+(3+$>"$+(>+*$
>=+$*""NX$
$
%=+$0'*->$0+#$>'N+-$=+$>*'+,$>"$-5+9[$'($0*"(>$"0$>=+$">=+*-\$=+$#9-$
,'gg7$#'>=$0+9*X$62>$9-$>=+$#++[-$,*'0>+,$L7\$=+$1"->$911$0+9*$"0$
92,'+(3+-$9(,$-""($0"2(,$>=9>$=+$1"H+,$>"$>91[$<$>=+$L';;+*$>=+$
3*"#,\$>=+$L+>>+*X$.(,$=+$91-"$1"->$='-$0+9*$"0$'(,'H',291-$9(,$"0$='-$
-25+*'"*-X$!+$5*+-+(>+,$='-$',+9-$>"$>=+N\$9(,$-""($=+$=9,$L++($
9,H9(3+,$'(>"$>=+$-91+-$,+59*>N+(>X$!+$=9,$L+3"N+$9$H912+,$9(,$
N23=$1'[+,$N+NL+*$"0$='-$3"N59(7X$%='-$(';=>\$'($>=+$!">+1$
4+((-71H9('9\$49>*'3[$S]!9'*+$->"",$'($0*"(>$"0$>#+(>7<0'H+$=2(,*+,$
5+"51+$9(,$>"1,$9$;97\$*"11'3['(;$->"*7$"0$='-$93='+H+N+(>-X$&9H+$
90>+*$#9H+$"0$192;=>+*$-#+5>$"H+*$>=+$92,'+(3+X$)+#$5*"0+--'"(91$
-5+9[+*-$3"21,$=9H+$+b291+,$='-$5+*0"*N9(3+X$
$
%=+$(+Y>$-5+9[+*\$`",0*+7$a+7+*\$#9-$9$;*97<=+9,+,$L9([+*\$>=+$
09>=+*$"0$+1+H+($3='1,*+(X$%=+$0'*->$>'N+$=+$=9,$9>>+N5>+,$>"$-5+9[$'($
319--\$=+$#9-$1'>+*9117$->*23[$,2NLX$!'-$N'(,$*+02-+,$>"$02(3>'"(X$!'-$
->"*7$'-$9$H'H',$'112->*9>'"($"0$="#$1+9,+*-='5$;*9H'>9>+-$>"$>=+$5+*-"($
#="$39($>91[X$
$
!+$#"*[+,$"($&911$R>*++>\$9(,$0"*$>#+(>7<0'H+$7+9*-$=+$=9,$L++($
1'H'(;$'($:1'0>"(\$M+#$k+*-+7X$82*'(;$>=9>$>'N+\$=+$=9,$>9[+($("$
93>'H+$59*>$'($3"NN2('>7$9009'*-$9(,$[(+#$5+*=95-$0'H+$=2(,*+,$
5+"51+X$
$
R="*>17$90>+*$=+$=9,$+(*"11+,$'($>=+$:9*(+;'+$3"2*-+\$=+$*+3+'H+,$='-$
>9Y$L'11$9(,$#9-$'(02*'9>+,$L7$#=9>$=+$3"(-',+*+,$2(l2->$3=9*;+-X$
S*,'(9*'17\$=+$#"21,$=9H+$-9>$9>$="N+$9(,$02N+,\$"*$=+$#"21,$=9H+$
>9[+($'>$"2>$'($;*"2-'(;$>"$='-$(+';=L"*-X$62>$'(->+9,\$=+$52>$"($='-$
=9>$>=9>$(';=>\$#91[+,$'(>"$>=+$>"#($N++>'(;\$9(,$L1+#$"00$->+9N$'($
52L1'3X$
$
.-$9$*+-21>$"0$>=9>$>91[$"0$'(,';(9>'"(\$>=+$3'>'g+(-$"0$:1'0>"(\$M+#$
k+*-+7\$2*;+,$='N$>"$*2($0"*$>=+$>"#($3"2(3'1X$R"$0"*$#++[-$=+$#+(>$
0*"N$"(+$N++>'(;$>"$9(">=+*\$,+("2(3'(;$#9->+$9(,$N2('3'591$
+Y>*9H9;9(3+X$
$
%=+*+$#+*+$('(+>7<-'Y$39(,',9>+-$'($>=+$0'+1,X$&=+($>=+$L911">-$#+*+$
3"2(>+,\$1"\$`",0*+7$a+7+*]-$(9N+$1+,$911$>=+$*+->X$.1N"->$"H+*(';=>\$
=+$=9,$L+3"N+$9$52L1'3$0';2*+$9N"(;$>=+$0"*>7$>="2-9(,$5+"51+$'($
='-$3"NN2('>7X$.-$9$*+-21>$"0$='-$>91[-\$=+$N9,+$+';=>7$>'N+-$N"*+$
0*'+(,-$'($-'Y$#++[-$>=9($=+$=9,$L++($9L1+$>"$5*+H'"2-17$'($>#+(>7<
0'H+$7+9*-X$
$
.(,$='-$-919*7$9-$3"2(3'1N9($N+9(>$>=9>$=+$;">$9$*+>2*($"0$?\QQQ$
5+*3+(>$9$7+9*$"($='-$'(H+->N+(>$'($>=+$:9*(+;'+$3"2*-+X$
$
%=+$>='*,$-5+9[+*\$>=+$=+9,$"0$9$19*;+$(9>'"(91$9--"3'9>'"($"0$0"",$
N9(2093>2*+*-\$>"1,$="#$=+$=9,$L++($2(9L1+$>"$->9(,$25$9(,$
+Y5*+--$='-$',+9-$9>$N++>'(;-$"0$9$L"9*,$"0$,'*+3>"*-X$
$
.-$9$*+-21>$"0$1+9*('(;$>"$>='([$"($='-$0++>\$>#"$9->"('-='(;$>='(;-$
=955+(+,X$!+$#9-$-""($N9,+$5*+-',+(>$"0$='-$9--"3'9>'"(\$9(,$'($
>=9>$39593'>7\$=+$#9-$"L1';+,$>"$9,,*+--$N++>'(;-$911$"H+*$>=+$Z('>+,$
R>9>+-X$IY3+*5>-$0*"N$='-$>91[-$#+*+$52>$"($>=+$.--"3'9>+,$4*+--$
#'*+-$9(,$5*'(>+,$'($(+#-595+*-$9(,$>*9,+$N9;9g'(+-$>=*"2;="2>$
>=+$3"2(>*7X$
$
/($>#"$7+9*-\$90>+*$1+9*('(;$>"$-5+9[$N"*+$+00+3>'H+17\$=+$*+3+'H+,$
N"*+$0*++$52L1'3'>7$0"*$='-$3"N59(7$9(,$'>-$5*",23>-$>=9($=+$=9,$
L++($9L1+$>"$;+>$5*+H'"2-17$#'>=$9$b29*>+*$"0$9$N'11'"($,"119*-$-5+(>$
'($,'*+3>$9,H+*>'-'(;X$%='-$-5+9[+*$9,N'>>+,$>=9>$=+$=9,$0"*N+*17$
=+-'>9>+,$>"$>+1+5="(+$-"N+$"0$>=+$N"*+$'N5"*>9(>$L2-'(+--$
+Y+32>'H+-$'($a9(=9>>9($9(,$'(H'>+$>=+N$>"$12(3=$#'>=$='NX$62>$9-$9$
*+-21>$"0$>=+$5*+->';+$=+$=9,$93b2'*+,$L7$='-$>91[-\$>=+-+$-9N+$
5+"51+$>+1+5="(+,$='N$9(,$'(H'>+,$='N$>"$12(3=$9(,$95"1";'g+,$>"$
='N$0"*$+(3*"93='(;$"($='-$>'N+X$
$
%=+$9L'1'>7$>"$-5+9[$'-$9$-="*>32>$>"$,'->'(3>'"(X$/>$52>-$9$5+*-"($'($
>=+$1'N+1';=>\$*9'-+-$"(+$=+9,$9(,$-="21,+*-$9L"H+$>=+$3*"#,X$.(,$
>=+$5+*-"($#="$39($-5+9[$933+5>9L17$'-$2-29117$;'H+($3*+,'>$0"*$9($
9L'1'>7$"2>$"0$911$5*"5"*>'"($>"$#=9>$=+$"*$-=+$*+9117$5"--+--+-X$
$
.$N"H+N+(>$0"*$9,21>$+,239>'"($=9-$L++($-#++5'(;$"H+*$>=+$(9>'"(i$
9(,$>=+$N"->$-5+3>93219*$0"*3+$'($>=9>$N"H+N+(>$#9-$891+$:9*(+;'+\$
9$N9($#="$1'->+(+,$>"$9(,$3*'>'b2+,$N"*+$>91[-$L7$9,21>-$>=9($=9-$
9(7$">=+*$N9($'($395>'H'>7X$.33"*,'(;$>"$9$39*>""($L7$^6+1'+H+</><"*<
M">^$G'51+7\$=+$=9,$3*'>'3'g+,$?TQ\QQQ$-5++3=+-X$/0$>=9>$;*9(,$>">91$
,"+-(]>$'N5*+--$7"2\$*+N+NL+*$>=9>$'>$N+9(>$"(+$>91[$0"*$91N"->$
+H+*7$,97$>=9>$=9-$59--+,$-'(3+$:"12NL2-$,'-3"H+*+,$.N+*'39X$S*\$
>"$52>$'>$'($">=+*$#"*,-\$'0$911$>=+$5+"51+$#="$=9,$-5"[+($L+0"*+$='N$
=9,$2-+,$"(17$>=*++$N'(2>+-$9(,$=9,$955+9*+,$L+0"*+$='N$'($
-233+--'"(\$'>$#"21,$=9H+$>9[+($>+($N"(>=-\$1'->+('(;$,97$9(,$(';=>\$
>"$=+9*$>=+N$911X$
$
891+$:9*(+;'+]-$"#($39*++*\$0'11+,$#'>=$-=9*5$3"(>*9->-\$#9-$9$->*'['(;$
+Y9N51+$"0$#=9>$9$5+*-"($39($933"N51'-=$#=+($"L-+--+,$#'>=$9($
"*';'(91$',+9$9(,$90'*+$#'>=$+(>=2-'9-NX$
$
6"*($"($9$a'--"2*'$09*N$>+($N'1+-$0*"N$9$*9'1#97\$=+$(+H+*$-9#$9$
->*++>39*$2(>'1$=+$#9-$>#+1H+$7+9*-$"1,i$7+>$L7$>=+$>'N+$=+$#9-$0"*>7<
-'Y\$=+$#9-$09N'1'9*$#'>=$>=+$09*<012(;$3"*(+*-$"0$>=+$+9*>=\$
+H+*7#=+*+$0*"N$!"(;$d"(;$>"$!9NN+*0+->i$9(,\$9>$"(+$>'N+\$=+$
955*"93=+,$31"-+*$>"$>=+$M"*>=$4"1+$>=9($.,N'*91$67*,]-$
=+9,b29*>+*-$9>$K'>>1+$.N+*'39$#9-$>"$>=+$R"2>=$4"1+X$
$
%='-$a'--"2*'$19,$#="$=9,$"(3+$5'3[+,$->*9#L+**'+-$9(,$32>$
3"3[1+L2*-$0"*$0'H+$3+(>-$9($="2*$L+39N+$>=+$=';=17$59',$>*9'(+*$"0$
>=+$+Y+32>'H+-$"0$19*;+$3"*5"*9>'"(-$'($>=+$9*>$"0$-+10<+Y5*+--'"(X$
$
%='-$+*->#='1+$3"#L"7$#="$=9,$"(3+$52(3=+,$39>>1+$9(,$L*9(,+,$
391H+-$9(,$*',,+($0+(3+-$"2>$'($#+->+*($R"2>=$89[">9$19>+*$#+(>$>"$
K"(,"($>"$52>$"($-="#-$2(,+*$>=+$59>*"(9;+$"0$>=+$*"791$09N'17X$
$
%='-$3=95$#="$#9-$9$>">91$09'12*+$>=+$0'*->$=910<,"g+($>'N+-$=+$>*'+,$
>"$-5+9[$'($52L1'3$19>+*$L+39N+$N7$5+*-"(91$N9(9;+*X$a23=$"0$N7$
-233+--$=9-$L++($,2+$>"$>*9'('(;$2(,+*$891+$:9*(+;'+X$
$
_"2(;$:9*(+;'+$=9,$>"$->*2;;1+$0"*$9($+,239>'"(\$0"*$=9*,$123[$#9-$
91#97-$L9>>+*'(;$9#97$9>$>=+$"1,$09*N$'($("*>=#+->$a'--"2*'$#'>=$9$
017'(;$>93[1+$9(,$9$L",7$-19NX$_+9*$90>+*$7+9*\$>=+$^?QP^$G'H+*$*"-+$
9(,$,*"#(+,$>=+$3"*($9(,$-#+5>$9#97$>=+$=97X$R+9-"($90>+*$-+9-"(\$
>=+$09>$=";-$-'3[+(+,$9(,$,'+,$0*"N$3="1+*9\$>=+$L">>"N$0+11$"2>$"0$
>=+$N9*[+>$0"*$39>>1+$9(,$N21+-\$9(,$>=+$L9([$>=*+9>+(+,$>"$
0"*+31"-+$>=+$N"*>;9;+X$
$
R'3[$#'>=$,'-3"2*9;+N+(>\$>=+$09N'17$-"1,$"2>$9(,$L"2;=>$9(">=+*$
09*N$(+9*$>=+$R>9>+$%+93=+*-]$:"11+;+$9>$&9**+(-L2*;\$a'--"2*'X$
6"9*,$9(,$*""N$3"21,$L+$=9,$'($>"#($0"*$9$,"119*$9$,97\$L2>$7"2(;$
:9*(+;'+$3"21,(]>$900"*,$'>X$R"$=+$->97+,$"($>=+$09*N$9(,$3"NN2>+,$
"($="*-+L93[$>=*++$N'1+-$>"$3"11+;+$+93=$,97X$.>$="N+\$=+$N'1[+,$
>=+$3"#-\$32>$>=+$#"",\$0+,$>=+$=";-\$9(,$->2,'+,$='-$K9>'($H+*L-$L7$
>=+$1';=>$"0$9$3"91<"'1$19N5$2(>'1$='-$+7+-$L12**+,$9(,$=+$L+;9($>"$
(",X$
$
IH+($#=+($=+$;">$>"$L+,$9>$N',(';=>\$=+$-+>$>=+$919*N$0"*$>=*++$
"]31"3[X$!'-$09>=+*$L*+,$5+,';*++,$82*"3<k+*-+7$=";-$<$9(,$>=+*+$#9-$
,9(;+*\$,2*'(;$>=+$L'>>+*$3"1,$(';=>-\$>=9>$>=+$7"2(;$5';-$#"21,$
0*++g+$>"$,+9>=i$-"$>=+7$#+*+$52>$'($9$L9-[+>\$3"H+*+,$#'>=$9$;2((7$
-93[\$9(,$-+>$L+='(,$>=+$['>3=+($->"H+X$%*2+$>"$>=+'*$(9>2*+\$>=+$5';-$
,+N9(,+,$9$=">$N+91$9>$A$.XaX$R"$#=+($>=+$919*N$#+(>$"00\$891+$
:9*(+;'+$3*9#1+,$"2>$"0$>=+$L19([+>-\$>""[$>=+$L9-[+>$"0$5';-$"2>$>"$
>=+'*$N">=+*\$#9'>+,$0"*$>=+N$>"$(2*-+\$9(,$>=+($L*"2;=>$>=+N$L93[$
>"$>=+$#9*N>=$"0$>=+$['>3=+($->"H+X$
$
%=+*+$#+*+$-'Y$=2(,*+,$->2,+(>-$'($R>9>+$%+93=+*-]$:"11+;+\$9(,$
891+$:9*(+;'+$#9-$"(+$"0$>=+$'-"19>+,$=910<,"g+($#="$3"21,(]>$900"*,$
>"$L"9*,$'($>"#(X$!+$#9-$9-=9N+,$"0$>=+$5"H+*>7$>=9>$N9,+$'>$
(+3+--9*7$0"*$='N$>"$*',+$L93[$>"$>=+$09*N$9(,$N'1[$>=+$3"#-$+H+*7$
(';=>X$!+$#9-$9-=9N+,$"0$='-$3"9>\$#='3=$#9-$>""$>';=>\$9(,$='-$
>*"2-+*-\$#='3=$#+*+$>""$-="*>X$G95',17$,+H+1"5'(;$9($'(0+*'"*'>7$
3"N51+Y\$=+$1""[+,$9L"2>$0"*$-"N+$-="*>32>$>"$,'->'(3>'"(X$!+$-""($
-9#$>=9>$>=+*+$#+*+$3+*>9'($;*"25-$'($3"11+;+$>=9>$+(l"7+,$'(012+(3+$
9(,$5*+->';+$<$>=+$0"">L911$9(,$L9-+L911$5197+*-$9(,$>=+$3=95-$#="$
#"($>=+$,+L9>'(;$9(,$52L1'3<-5+9['(;$3"(>+->-X$
$
G+91'g'(;$>=9>$=+$=9,$("$019'*$0"*$9>=1+>'3-\$=+$,+3',+,$>"$#'($"(+$"0$
>=+$-5+9['(;$3"(>+->-X$!+$-5+(>$N"(>=-$5*+59*'(;$='-$>91[-X$!+$
5*93>'3+,$9-$=+$-9>$'($>=+$-9,,1+$;911"5'(;$>"$3"11+;+$9(,$L93[i$=+$
5*93>'3+,$='-$-5++3=+-$9-$=+$N'1[+,$>=+$3"#-i$9(,$>=+($=+$N"2(>+,$
9$L91+$"0$=97$'($>=+$L9*($9(,$#'>=$;*+9>$;2->"$9(,$;+->2*+-$
=9*9(;2+,$>=+$0*';=>+(+,$5';+"(-$9L"2>$>=+$'--2+-$"0$>=+$,97X$
$
62>$'($-5'>+$"0$911$='-$+9*(+->(+--$9(,$5*+59*9>'"(\$=+$N+>$#'>=$
,+0+9>$90>+*$,+0+9>X$!+$#9-$+';=>++($9>$>=+$>'N+$<$-+(-'>'H+$9(,$
5*"2,X$!+$L+39N+$-"$,'-3"2*9;+,\$-"$,+5*+--+,\$>=9>$=+$+H+($
>="2;=>$"0$-2'3',+X$.(,$>=+($-2,,+(17$=+$L+;9($>"$#'(\$(">$"(+$
3"(>+->\$L2>$+H+*7$-5+9['(;$3"(>+->$'($3"11+;+X$
$
S>=+*$->2,+(>-$51+9,+,$#'>=$='N$>"$>*9'($>=+Ni$9(,$>=+7$#"($91-"X$
$
.0>+*$;*9,29>'(;$0*"N$3"11+;+\$=+$->9*>+,$-+11'(;$3"**+-5"(,+(3+$
3"2*-+-$>"$>=+$*9(3=+*-$9N"(;$>=+$-9(,$='11-$"0$#+->+*($M+L*9-[9$
9(,$+9->+*($&7"N'(;X$/($-5'>+$"0$911$='-$L"2(,1+--$+(+*;7$9(,$
+(>=2-'9-N\$=+$3"21,(]>$N9[+$>=+$;*9,+X$!+$L+39N+$-"$,'-3"2*9;+,$
>=9>$=+$#+(>$>"$='-$=">+1$*""N$'($.11'9(3+\$M+L*9-[9\$'($>=+$N',,1+$"0$
>=+$,97\$>=*+#$='N-+10$93*"--$>=+$L+,\$9(,$#+5>$'($,+-59'*X$!+$
1"(;+,$>"$;"$L93[$>"$3"11+;+\$=+$1"(;+,$>"$*+>*+9>$0*"N$>=+$=9*-=$
L9>>1+$"0$1'0+i$L2>$=+$3"21,(]>X$R"$=+$*+-"1H+,$>"$;"$>"$SN9=9$9(,$;+>$
9(">=+*$l"LX$!+$,',(]>$=9H+$>=+$N"(+7$0"*$9$*9'1*"9,$>'3[+>\$-"$=+$
>*9H+1+,$"($9$0*+';=>$>*9'(\$0++,'(;$9(,$#9>+*'(;$>#"$39*1"9,-$"0$#'1,$
="*-+-$'($*+>2*($0"*$='-$59--9;+\$.0>+*$19(,'(;$'($-"2>=$SN9=9\$=+$
;">$9$l"L$-+11'(;$L93"($9(,$-"95$9(,$19*,$0"*$.*N"2*$9(,$:"N59(7X$
!'-$>+**'>"*7$#9-$25$9N"(;$>=+$69,19(,-$9(,$>=+$3"#$9(,$/(,'9($
3"2(>*7$"0$#+->+*($R"2>=$89[">9X$!+$3"H+*+,$='-$>+**'>"*7$L7$0*+';=>$
>*9'($9(,$->9;+$3"93=$9(,$="*-+L93[$9(,$-1+5>$'($5'"(++*$=">+1-$
#=+*+$>=+$"(17$59*>'>'"($L+>#++($>=+$*""N-$#9-$9$-=++>$"0$N2-1'(X$
!+$->2,'+,$L""[-$"($-91+-N9(-='5\$*",+$L23['(;$L*"(3="-\$5197+,$
5"[+*$#'>=$>=+$/(,'9(-\$9(,$1+9*(+,$="#$>"$3"11+3>$N"(+7X$.(,$
#=+(\$0"*$+Y9N51+\$9($'(19(,$->"*+[++5+*$3"21,(]>$597$39-=$0"*$>=+$
L93"($9(,$=9N-$=+$=9,$"*,+*+,\$891+$:9*(+;'+$#"21,$>9[+$9$,"g+($
59'*-$"0$-="+-$"00$='-$-=+10\$-+11$>=+$-="+-$>"$>=+$*9'1*"9,$N+(\$9(,$
0"*#9*,$>=+$*+3+'5>-$>"$.*N"2*$9(,$:"N59(7X$
$
!+$#"21,$"0>+($*',+$9$0*+';=>$>*9'($9$=2(,*+,$N'1+-$9$,97X$&=+($>=+$
>*9'($->"55+,$>"$2(1"9,$0*+';=>\$=+$#"21,$,9-=$25>"#(\$-++$>=*++$"*$
0"2*$N+*3=9(>-\$;+>$='-$"*,+*-i$9(,$#=+($>=+$#='->1+$L1+#\$=+$#"21,$
,9-=$,"#($>=+$->*++>$9;9'($1'3[+>7<-51'>$9(,$-#'(;$"(>"$>=+$>*9'($
#='1+$'>$#9-$N"H'(;X$
$
&'>='($>#"$7+9*-\$=+$=9,$>9[+($9($2(5*",23>'H+$>+**'>"*7$>=9>$=9,$
->"",$'($>=+$>#+(>7<0'0>=$5193+$9(,$=9,$L""->+,$'>$>"$0'*->$5193+$
9N"(;$911$>=+$>#+(>7<('(+$39*$*"2>+-$1+9,'(;$"2>$"0$-"2>=$SN9=9X$
.*N"2*$9(,$:"N59(7$"00+*+,$>"$5*"N">+$='N\$-97'(;W$^_"2$=9H+$
93='+H+,$#=9>$-++N+,$'N5"--'L1+X^$62>$=+$*+02-+,$>=+$5*"N">'"($
9(,$*+-';(+,\$#+(>$>"$M+#$_"*[\$->2,'+,$9>$>=+$.N+*'39($.39,+N7$
"0$8*9N9>'3$.*>-\$9(,$>"2*+,$>=+$3"2(>*7\$5197'(;$>=+$*"1+$"0$8*X$
!9*>1+7$'($4"117$"0$>=+$:'*32-X$
$
!+$#"21,$(+H+*$L+$9$6"">=$"*$9$69**7N"*+X$!+$=9,$>=+$;"",$-+(-+$
>"$*+3";('g+$>=9>\$R"$L93[$=+$#+(>$>"$-91+-$#"*[\$-+11'(;$92>"N"L'1+-$
9(,$>*23[-$0"*$>=+$493[9*,$a">"*$:9*$:"N59(7X$
$
!+$[(+#$(">='(;$9L"2>$N93='(+*7$9(,$39*+,$(">='(;$9L"2>$'>X$
8*+9,02117$2(=9557\$=+$=9,$>"$-3"2*;+$='N-+10$>"$='-$>9-[$+93=$,97X$
!+$1"(;+,$>"$=9H+$>'N+$>"$->2,7\$>"$#*'>+$>=+$L""[-$=+$=9,$,*+9N+,$
9L"2>$#*'>'(;$L93[$'($3"11+;+X$R"$=+$*+-';(+,X$!+$#9-$;"'(;$>"$-5+(,$
='-$,97-$#*'>'(;$->"*'+-$9(,$("H+1-$9(,$-255"*>$='N-+10$L7$>+93='(;$
'($9$(';=>$-3=""1X$
$
%+93='(;$#=9>f$.-$=+$1""[+,$L93[$9(,$+H9129>+,$='-$3"11+;+$#"*[\$
=+$-9#$>=9>$='-$>*9'('(;$'($52L1'3$-5+9['(;$=9,$,"(+$N"*+$>"$;'H+$
='N$3"(0',+(3+\$3"2*9;+\$5"'-+$9(,$>=+$9L'1'>7$>"$N++>$9(,$,+91$#'>=$
5+"51+$'($L2-'(+--$>=9($=9,$911$>=+$*+->$"0$='-$3"11+;+$3"2*-+-$52>$
>";+>=+*\$R"$=+$2*;+,$>=+$_XaX:X.X$-3=""1-$'($M+#$_"*[$>"$;'H+$='N$
9$3=9(3+$>"$3"(,23>$3"2*-+-$'($52L1'3$-5+9['(;$0"*$5+"51+$'($
L2-'(+--X$
$
&=9>f$a9[+$"*9>"*-$"2>$"0$L2-'(+--$5+"51+f$.L-2*,X$%=+$_XaX:X.X$
5+"51+$[(+#X$%=+7$=9,$>*'+,$-23=$3"2*-+-$<9(,$>=+7$=9,$91#97-$
09'1+,X$&=+($>=+7$*+02-+,$>"$597$='N$9$-919*7$"0$>#"$,"119*-$9$(';=>\$
=+$9;*++,$>"$>+93=$"($9$3"NN'--'"($L9-'-$9(,$>9[+$9$5+*3+(>9;+$"0$
>=+$(+>$5*"0'>-$<'0$>=+*+$#+*+$9(7$5*"0'>-$>"$>9[+X$.(,$'(-',+$"0$>=*++$
7+9*-$>=+7$#+*+$597'(;$='N$>='*>7$,"119*-$9$(';=>$"($>=9>$L9-'-$<$
'(->+9,$"0$>#"X$
$
%=+$3"2*-+$;*+#X$S>=+*$^_-^$=+9*,$"0$'>\$>=+($">=+*$3'>'+-X$891+$
:9*(+;'+$-""($L+39N+$9$;1"*'0'+,$3'*32'>$*',+*$3"H+*'(;$M+#$_"*[\$
4='19,+15='9\$691>'N"*+$9(,$19>+*$K"(,"($9(,$49*'-X$.11$>=+$>+Y>L""[-$
#+*+$>""$939,+N'3$9(,$'N5*93>'391$0"*$>=+$L2-'(+--$5+"51+$#="$
01"3[+,$>"$='-$3"2*-+-X$6+392-+$"0$>='-$=+$#*">+$='-$"#($L""[$
+(>'>1+,$42L1'3$R5+9['(;$9(,$/(012+(3'(;$a+($'($62-'(+--X$/>$L+39N+$
>=+$"00'3'91$>+Y>$"0$911$>=+$_XaX:X.X-$9-$#+11$9-$"0$>=+$.N+*'39($
69([+*-]$.--"3'9>'"($9(,$>=+$M9>'"(91$:*+,'>$a+(]-$.--"3'9>'"(X$
$
891+$:9*(+;'+$319'N+,$>=9>$911$5+"51+$39($>91[$#=+($>=+7$;+>$N9,X$
!+$-9',$>=9>$'0$7"2$='>$>=+$N"->$';("*9(>$N9($'($>"#($"($>=+$l9#$9(,$
[("3[$='N$,"#(\$=+$#"21,$;+>$"($='-$0++>$9(,$>91[$#'>=$9($
+1"b2+(3+\$=+9>$9(,$+N5=9-'-$>=9>$#"21,$=9H+$*'H91+,$>=9>$#"*1,$
09N"2-$"*9>"*$&'11'9N$k+(('(;-$6*79($9>$>=+$=+';=>$"0$='-$39*++*X$!+$
319'N+,$>=9>$91N"->$9(7$5+*-"($39($-5+9[$933+5>9L17$'($52L1'3$'0$=+$
"*$-=+$=9-$-+10<3"(0',+(3+$9(,$9($',+9$>=9>$'-$L"'1'(;$9(,$->+#'(;$
#'>='(X$
$
%=+$#97$>"$,+H+1"5$-+10<3"(0',+(3+\$=+$-9',\$'-$>"$,"$>=+$>='(;$7"2$
0+9*$>"$,"$9(,$;+>$9$*+3"*,$"0$-233+--021$+Y5+*'+(3+-$L+='(,$7"2X$R"$
=+$0"*3+,$+93=$319--$N+NL+*$>"$>91[$9>$+H+*7$-+--'"($"0$>=+$3"2*-+X$
%=+$92,'+(3+$'-$-7N59>=+>'3X$%=+7$9*+$911$'($>=+$-9N+$L"9>i$9(,\$L7$
3"(->9(>$5*93>'3+\$>=+7$,+H+1"5$9$3"2*9;+\$3"(0',+(3+$9(,$
+(>=2-'9-N$>=9>$39**7$"H+*$'(>"$>=+'*$5*'H9>+$-5+9['(;X$
$
891+$:9*(+;'+$#"21,$>+11$7"2$>=9>$=+$N9,+$9$1'H'(;$911$>=+-+$7+9*-\$
(">$L7$>+93='(;$52L1'3$-5+9['(;$<$>=9>$#9-$'(3',+(>91X$!'-$N9'($l"L$
#9-$>"$=+15$5+"51+$3"(b2+*$>=+'*$0+9*-$9(,$,+H+1"5$3"2*9;+X$
$
!+$->9*>+,$"2>$9>$0'*->$>"$3"(,23>$N+*+17$9$3"2*-+$'($52L1'3$-5+9['(;\$
L2>$>=+$->2,+(>-$#="$39N+$#+*+$L2-'(+--$N+($9(,$#"N+(X$a9(7$"0$
>=+N$=9,(]>$-++($>=+$'(-',+$"0$9$319--*""N$'($>='*>7$7+9*-X$a"->$"0$
>=+N$#+*+$597'(;$>=+'*$>2'>'"($"($>=+$'(->911N+(>$519(X$%=+7$#9(>+,$
*+-21>-$9(,$>=+7$#9(>+,$>=+N$b2'3[$<$*+-21>-$>=9>$>=+7$3"21,$2-+$>=+$
(+Y>$,97$'($L2-'(+--$'(>+*H'+#-$9(,$'($-5+9['(;$L+0"*+$;*"25-X$
$
R"$=+$#9-$0"*3+,$>"$L+$-#'0>$9(,$5*93>'391X$:"(-+b2+(>17\$=+$
,+H+1"5+,$9$-7->+N$"0$>*9'('(;$>=9>$'-$2('b2+$<$9$->*'['(;$3"NL'(9>'"($
"0$52L1'3$-5+9['(;\$-91+-N9(-='5\$=2N9($*+19>'"(-$9(,$9551'+,$
5-73="1";7X$
$
.$-19H+$>"$("$=9*,<9(,<09->$*21+-\$=+$,+H+1"5+,$9$3"2*-+$>=9>$'-$9-$
*+91$9-$>=+$N+9-1+-$9(,$>#'3+$9-$N23=$02(X$
$
&=+($>=+$319--+-$>+*N'(9>+,\$>=+$;*9,29>+-$0"*N+,$312L-$"0$>=+'*$
"#($9(,$3"(>'(2+,$>"$N++>$0"*>(';=>17$0"*$7+9*-$90>+*#9*,X$S(+$
;*"25$"0$('(+>++($'($4='19,+15='9$N+>$>#'3+$9$N"(>=$,2*'(;$>=+$
#'(>+*$-+9-"($0"*$-+H+(>++($7+9*-X$:19--$N+NL+*-$0*+b2+(>17$>*9H+1$
0'0>7$"*$9$=2(,*+,$N'1+-$>"$9>>+(,$319--+-X$S(+$->2,+(>$2-+,$>"$
3"NN2>+$+93=$#++[$0*"N$:='39;"$>"$M+#$_"*[X$4*"0+--"*$&'11'9N$
k9N+-$"0$!9*H9*,$2-+,$>"$-97$>=9>$>=+$9H+*9;+$5+*-"($,+H+1"5-$"(17$
?Q$5+*3+(>$"0$='-$19>+(>$N+(>91$9L'1'>7X$891+$:9*(+;'+\$L7$=+15'(;$
L2-'(+--$N+($9(,$#"N+($>"$,+H+1"5$>=+'*$19>+(>$5"--'L'1'>'+-\$
3*+9>+,$"(+$"0$>=+$N"->$-';('0'39(>$N"H+N+(>-$'($9,21>$+,239>'"($
$
KS&IKK$%!Sa.R$?@AB$
$
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<$$
$
49*>$S(+$<$)2(,9N+(>91$%+3=('b2+-$/($!9(,1'(;$4+"51+$
$
?$^/0$_"2$&9(>$%"$`9>=+*$!"(+7\$8"(]>$d'3[$SH+*$%=+$6++='H+^$
$
S($a97$O\$?@A?\$>=+$N"->$-+(-9>'"(91$N9(=2(>$M+#$_"*[$:'>7$=9,$
+H+*$[("#($=9,$3"N+$>"$'>-$31'N9YX$.0>+*$#++[-$"0$-+9*3=\$^%#"$
`2(^$:*"#1+7$<$>=+$['11+*\$>=+$;2(N9($#="$,',(]>$-N"[+$"*$,*'([$<$
#9-$9>$L97\$>*955+,$'($='-$-#++>=+9*>]-$959*>N+(>$"($&+->$I(,$
.H+(2+X$
$
S(+$=2(,*+,$9(,$0'0>7$5"1'3+N+($9(,$,+>+3>'H+-$19',$-'+;+$>"$='-$>"5<
01""*$=',+#97X$%=+7$3="55+,$="1+-$'($>=+$*""0i$>=+7$>*'+,$>"$-N"[+$
"2>$:*"#1+7\$>=+$^3"5$['11+*\^$#'>=$>+9*;9-X$%=+($>=+7$N"2(>+,$>=+'*$
N93='(+$;2(-$"($-2**"2(,'(;$L2'1,'(;-\$9(,$0"*$N"*+$>=9($9($="2*$
"(+$"0$M+#$_"*[]-$0'(+$*+-',+(>'91$9*+9-$*+H+*L+*9>+,$#'>=$>=+$3*93[$
"0$5'->"1$0'*+$9(,$>=+$*2><>9><>9>$"0$N93='(+$;2(-X$:*"#1+7\$3*"23='(;$
L+='(,$9($"H+*<->200+,$3=9'*\$0'*+,$'(3+--9(>17$9>$>=+$5"1'3+X$%+($
>="2-9(,$+Y3'>+,$5+"51+$#9>3=+,$>=+$L9>>1+X$M">='(;$1'[+$'>$+H+*$
L++($-++($L+0"*+$"($>=+$-',+#91[-$"0$M+#$_"*[X$
$
&=+($:*"#1+7$#9-$395>2*+,\$4"1'3+$:"NN'--'"(+*$IX$4X$a21*""(+7$
,+319*+,$>=9>$>=+$>#"<;2($,+-5+*9,"$#9-$"(+$"0$>=+$N"->$,9(;+*"2-$
3*'N'(91-$+H+*$+(3"2(>+*+,$'($>=+$='->"*7$"0$M+#$_"*[X$^!+$#'11$['11\^$
-9',$>=+$:"NN'--'"(+*\$^9>$>=+$,*"5$"0$9$0+9>=+*X^$
$
62>$="#$,',$^%#"$`2(^$:*"#1+7$*+;9*,$='N-+10f$&+$[("#\$L+392-+$
#='1+$>=+$5"1'3+$#+*+$0'*'(;$'(>"$='-$959*>N+(>\$=+$#*">+$9$1+>>+*$
9,,*+--+,$^%"$#="N$'>$N97$3"(3+*(\$^$.(,\$9-$=+$#*">+\$>=+$L1"",$
01"#'(;$0*"N$='-$#"2(,-$1+0>$9$3*'N-"($>*9'1$"($>=+$595+*X$/($>='-$
1+>>+*$:*"#1+7$-9',W$^Z(,+*$N7$3"9>$'-$9$#+9*7$=+9*>\$L2>$9$['(,$"(+$
<$"(+$>=9>$#"21,$,"$("L",7$9(7$=9*NX^$
$
.$-="*>$>'N+$L+0"*+$>='-\$:*"#1+7$=9,$L++($=9H'(;$9$(+3['(;$59*>7$
#'>=$='-$;'*1$0*'+(,$"($9$3"2(>*7$*"9,$"2>$"($K"(;$/-19(,X$R2,,+(17$9$
5"1'3+N9($#91[+,$25$>"$>=+$39*$9(,$-9',W$^K+>$N+$-++$7"2*$1'3+(-+X^$
$
&'>="2>$-97'(;$9$#"*,\$:*"#1+7$,*+#$='-$;2($9(,$32>$>=+$5"1'3+N9($
,"#($#'>=$9$-="#+*$"0$1+9,X$.-$>=+$,7'(;$"00'3+*$0+11\$:*"#1+7$1+95+,$
"2>$"0$>=+$39*\$;*9LL+,$>=+$"00'3+*]-$*+H"1H+*\$9(,$0'*+,$9(">=+*$L211+>$
'(>"$>=+$5*"->*9>+$L",7X$.(,$>=9>$#9-$>=+$['11+*$#="$-9',W$^Z(,+*$N7$
3"9>$'-$9$#+9*7$=+9*>\$L2>$9$['(,$"(+$<$"(+$>=9>$#"21,$,"$("L",7$
9(7$=9*NX]$
$
:*"#1+7$#9-$-+(>+(3+,$>"$>=+$+1+3>*'3$3=9'*X$&=+($=+$9**'H+,$9>$>=+$
,+9>=$="2-+$'($R'(;$R'(;\$,',$=+$-97\$^%='-$'-$#=9>$/$;+>$0"*$['11'(;$
5+"51+^f$M"\$=+$-9',W$^%='-$'-$#=9>$/$;+>$0"*$,+0+(,'(;$N7-+10X^$
$
%=+$5"'(>$"0$>=+$->"*7$'-$>='-W$^%#"$`2(^$:*"#1+7$,',(]>$L19N+$
='N-+10$0"*$9(7>='(;X$
$
/-$>=9>$9($2(2-291$9>>'>2,+$9N"(;$3*'N'(91-f$/0$7"2$>='([$-"\$1'->+($>"$
>='-W$
$
^/$=9H+$-5+(>$>=+$L+->$7+9*-$"0$N7$1'0+$;'H'(;$5+"51+$>=+$1';=>+*$
51+9-2*+-\$=+15'(;$>=+N$=9H+$9$;"",$>'N+\$9(,$911$/$;+>$'-$9L2-+\$>=+$
+Y'->+(3+$"0$9$=2(>+,$N9(X^$
$
%=9>]-$.1$:95"(+$-5+9['(;X$_+-\$.N+*'39]-$N"->$(">"*'"2-$42L1'3$
I(+N7<$>=+$N"->$-'('->+*$;9(;$1+9,+*$#="$+H+*$-=">$25$:='39;"X$
:95"(+$,',(]>$3"(,+N($='N-+10X$!+$93>29117$*+;9*,+,$='N-+10$9-$9$
52L1'3$L+(+093>"*$<$9($2(955*+3'9>+,$9(,$N'-2(,+*->"",$52L1'3$
L+(+093>"*X$
$
.(,$-"$,',$82>3=$R3=21>g$L+0"*+$=+$3*2N51+,$25$2(,+*$;9(;->+*$
L211+>-$'($M+#9*[X$82>3=$R3=21>g\$"(+$"0$M+#$_"*[]-$N"->$(">"*'"2-$
*9>-\$-9',$'($9$(+#-595+*$'(>+*H'+#$>=9>$=+$#9-$9$52L1'3$L+(+093>"*X$
.(,$=+$L+1'+H+,$'>X$
$
/$=9H+$=9,$-"N+$'(>+*+->'(;$3"**+-5"(,+(3+$#'>=$K+#'-$K9#+-\$#="$
#9-$#9*,+($"0$M+#$_"*[]-$'(09N"2-$R'(;$R'(;$5*'-"($0"*$N9(7$7+9*-\$
"($>='-$-2Ll+3>\$9(,$=+$,+319*+,$>=9>$^0+#$"0$>=+$3*'N'(91-$'($R'(;$
R'(;$*+;9*,$>=+N-+1H+-$9-$L9,$N+(X$%=+7$9*+$l2->$9-$=2N9($9-$7"2$
9(,$/X$R"$>=+7$*9>'"(91'g+\$>=+7$+Y519'(X$%=+7$39($>+11$7"2$#=7$>=+7$
=9,$>"$3*93[$9$-90+$"*$L+$b2'3[$"($>=+$>*';;+*$0'(;+*X$a"->$"0$>=+N$
9>>+N5>$L7$9$0"*N$"0$*+9-"('(;\$091193'"2-$"*$1";'391\$>"$l2->'07$>=+'*$
9(>'-"3'91$93>-$+H+($>"$>=+N-+1H+-\$3"(-+b2+(>17$->"2>17$N9'(>9'('(;$
>=9>$>=+7$-="21,$(+H+*$=9H+$L++($'N5*'-"(+,$9>$911X^$
$
/0$.1$:95"(+\$^%#"$`2(^$:*"#1+7\$82>3=$R3=21>g\$9(,$>=+$,+-5+*9>+$
N+($9(,$#"N+($L+='(,$5*'-"($#911-$,"(]>$L19N+$>=+N-+1H+-$0"*$
9(7>='(;$<$#=9>$9L"2>$>=+$5+"51+$#'>=$#="N$7"2$9(,$/$3"N+$'($
3"(>93>f$
$
k"=($&9(9N9[+*\$0"2(,+*$"0$>=+$->"*+-$>=9>$L+9*$='-$(9N+\$"(3+$
3"(0+--+,W$^/$1+9*(+,$>='*>7$7+9*-$9;"$>=9>$'>$'-$0""1'-=$>"$-3"1,X$/$
=9H+$+("2;=$>*"2L1+$"H+*3"N'(;$N7$"#($1'N'>9>'"(-$#'>="2>$0*+>>'(;$
"H+*$>=+$093>$>=9>$`",$=9-$(">$-++($0'>$>"$,'->*'L2>+$+H+(17$>=+$;'0>$"0$
'(>+11';+(3+X^$
$
&9(9N9[+*$1+9*(+,$>='-$1+--"($+9*17\$L2>$/$5+*-"(9117$=9,$>"$L12(,+*$
>=*"2;=$>='-$"1,$#"*1,$0"*$9$>='*,$"0$9$3+(>2*7$L+0"*+$'>$+H+($L+;9($
>"$,9#($25"($N+$>=9>$('(+>7<('(+$>'N+-$"2>$"0$9$=2(,*+,\$5+"51+$
,"(]>$3*'>'3'g+$>=+N-+1H+-$0"*$9(7>='(;\$("$N9>>+*$="#$#*"(;$'>$N97$
L+X$
$
:*'>'3'-N$'-$02>'1+$L+392-+$'>$52>-$9$5+*-"($"($>=+$,+0+(-'H+$9(,$
2-29117$N9[+-$='N$->*'H+$>"$l2->'07$='N-+10X$:*'>'3'-N$'-$,9(;+*"2-\$
L+392-+$'>$#"2(,-$9$5+*-"(]-$5*+3'"2-$5*',+\$=2*>-$='-$-+(-+$"0$
'N5"*>9(3+\$9(,$9*"2-+-$*+-+(>N+(>X$
$
6X$)X$R['((+*\$>=+$#"*1,<09N"2-$5-73="1";'->\$5*"H+,$>=*"2;=$='-$
+Y5+*'N+(>-$>=9>$9($9('N91$*+#9*,+,$0"*$;"",$L+=9H'"*$#'11$1+9*($
N23=$N"*+$*95',17$9(,$*+>9'($#=9>$'>$1+9*(-$09*$N"*+$+00+3>'H+17$>=9($
9($9('N91$52('-=+,$0"*$L9,$L+=9H'"*X$K9>+*$->2,'+-$=9H+$-="#($>=9>$
>=+$-9N+$9551'+-$>"$=2N9(-X$67$3*'>'3'g'(;\$#+$,"$(">$N9[+$19->'(;$
3=9(;+-$9(,$"0>+($'(32*$*+-+(>N+(>X$
$
!9(-$R+17+\$9(">=+*$;*+9>$5-73="1";'->\$-9',\$^.-$N23=$9-$#+$>='*->$
0"*$955*"H91\$#+$,*+9,$3"(,+N(9>'"(\^$
$
%=+$*+-+(>N+(>$>=9>$3*'>'3'-N$+(;+(,+*-$39($,+N"*91'g+$+N51"7++-\$
09N'17$N+NL+*-$9(,$0*'+(,-\$9(,$->'11$(">$3"**+3>$>=+$-'>29>'"($>=9>$
=9-$L++($3"(,+N(+,X$
$
`+"*;+$6X$k"=(->"($"0$I(',\$S[19="N9\$'-$>=+$-90+>7$3""*,'(9>"*$0"*$
9($+(;'(++*'(;$3"N59(7\$S(+$"0$='-$*+<-5"(-'L'1'>'+-$'-$>"$-++$>=9>$
+N51"7++-$#+9*$>=+'*$=9*,$=9>-$#=+(+H+*$>=+7$9*+$"($>=+$l"L$'($>=+$
0'+1,X$!+$*+5"*>+,$>=9>$#=+(+H+*$=+$39N+$93*"--$#"*[+*-$#="$#+*+$
(">$#+9*'(;$=9*,$=9>-\$=+$#"21,$>+11$>=+N$#'>=$9$1">$"0$92>="*'>7$"0$
>=+$*+;219>'"($9(,$>=9>$>=+7$N2->$3"N517X$.-$9$*+-21>$=+$#"21,$;+>$
-211+($933+5>9(3+\$9(,$"0>+($90>+*$=+$1+0>\$>=+$#"*[+*-$#"21,$*+N"H+$
>=+$=9>-X$
$
!+$,+3',+,$>"$>*7$9$,'00+*+(>$955*"93=X$%=+$(+Y>$>'N+$=+$0"2(,$-"N+$
"0$>=+$#"*[+*-$(">$#+9*'(;$>=+'*$=9*,$=9>\$=+$9-[+,$'0$>=+$=9>-$#+*+$
2(3"N0"*>9L1+$"*$,',$(">$0'>$5*"5+*17X$%=+($=+$*+N'(,+,$>=+$N+($'($9$
51+9-9(>$>"(+$"0$H"'3+$>=9>$>=+$=9>$#9-$,+-';(+,$>"$5*">+3>$>=+N$
0*"N$'(l2*7$9(,$-2;;+->+,$>=9>$'>$91#97-$L+$#"*($"($>=+$l"LX$%=+$
*+-21>$#9-$'(3*+9-+,$3"N51'9(3+$#'>=$>=+$*+;219>'"($#'>=$("$
*+-+(>N+(>$"*$+N">'"(91$25-+>X$
$
_"2$#'11$0'(,$+Y9N51+-$"0$>=+$02>'1'>7$"0$3*'>'3'-N$L*'->1'(;$"($9$
>="2-9(,$59;+-$"0$='->"*7\$%9[+\$0"*$+Y9N51+\$>=+$09N"2-$b29**+1$
L+>#++($%=+","*+$G""-+H+1>$9(,$4*+-',+(>$%90>$<$9$b29**+1$>=9>$-51'>$
>=+$G+52L1'39($59*>7\$52>$&"",*"#$&'1-"($'($>=+$&='>+$!"2-+\$9(,$
#*">+$L"1,\$12N'("2-$1'(+-$93*"--$>=+$)'*->$&"*1,$&9*$9(,$91>+*+,$>=+$
01"#$"0$='->"*7X$K+>]-$*+H'+#$>=+$093>-$b2'3[17X$&=+($%=+","*+$
G""-+H+1>$->+55+,$"2>$"0$>=+$&='>+$!"2-+$'($?@QE\$=+$-255"*>+,$
%90>\$#="$#9-$+1+3>+,$4*+-',+(>X$%=+($%=+","*+$G""-+H+1>$#+(>$"00$
>"$.0*'39$>"$-="">$1'"(-X$&=+($=+$*+>2*(+,\$=+$+Y51",+,X$!+$
,+("2(3+,$%90>$0"*$='-$3"(-+*H9>'-N\$>*'+,$>"$-+32*+$>=+$("N'(9>'"($
0"*$9$>='*,$>+*N$='N-+10\$0"*N+,$>=+$6211$a""-+$59*>7\$9(,$911$L2>$
,+N"1'-=+,$>=+$`XSX4X$/($>=+$+1+3>'"($>=9>$0"11"#+,\$&'11'9N$!"#9*,$
%90>$9(,$>=+$G+52L1'39($59*>7$39**'+,$"(17$>#"$->9>+-$<$V+*N"(>$9(,$
Z>9=X$%=+$N"->$,'-9->*"2-$,+0+9>$>=+$59*>7$=9,$+H+*$[("#(X$
$
%=+","*+$G""-+H+1>$L19N+,$%90>\$L2>$,',$4*+-',+(>$%90>$L19N+$
='N-+10f$S0$3"2*-+$(">\$&'>=$>+9*-$'($='-$+7+-\$%90>$-9',W$^/$,"(]>$-++$
="#$/$3"21,$=9H+$,"(+$9(7$,'00+*+(>17$0*"N$#=9>$/$=9H+X^$
$
&="$#9-$>"$L19N+f$G""-+H+1>$"*$%90>f$)*9([17\$/$,"(]>$[("#\$9(,$/$
,"(]>$39*+X$%=+$5"'(>$/$9N$>*7'(;$>"$N9[+$'-$>=9>$911$"0$%=+","*+$
G""-+H+1>]-$3*'>'3'-N$,',(]>$5+*-29,+$%90>$>=9>$=+$#9-$#*"(;X$/>$
N+*+17$N9,+$%90>$->*'H+$>"$l2->'07$='N-+10$9(,$>"$*+'>+*9>+$#'>=$>+9*-$
'($='-$+7+-W$^/$,"(]>$-++$="#$/$3"21,$=9H+$,"(+$9(7$,'00+*+(>17$0*"N$
#=9>$/$=9H+X^$
$
S*\$>9[+$>=+$%+95">$8"N+$"'1$-39(,91X$/>$[+5>$>=+$(+#-595+*-$*'(;'(;$
#'>=$'(,';(9>'"($'($>=+$+9*17$?@PQ-X$/>$*"3[+,$>=+$(9>'"(j$&'>='($>=+$
N+N"*7$"0$1'H'(;$N+(\$(">='(;$1'[+$'>$=9,$+H+*$=955+(+,$L+0"*+$'($
.N+*'39($52L1'3$1'0+X$!+*+$9*+$>=+$L9*+$093>-$"0$>=+$-39(,91W$.1L+*>$6X$
)911\$-+3*+>9*7$"0$>=+$'(>+*'"*$'($!9*,'(;]-$39L'(+>\$#9-$+(>*2->+,$#'>=$
>=+$1+9-'(;$"0$;"H+*(N+(>$"'1$*+-+*H+-$9>$I1[$!'11$9(,$%+95">$8"N+$<$
"'1$*+-+*H+-$>=9>$=9,$L++($-+>$9-',+$0"*$>=+$02>2*+$2-+$"0$>=+$M9H7X$
8',$-+3*+>9*7$)911$5+*N'>$3"N5+>'>'H+$L',,'(;f$M"$-'*X$!+$=9(,+,$>=+$
09>\$l2'37$3"(>*93>$"2>*';=>$>"$='-$0*'+(,$I,#9*,$KX$8"=+(7X$.(,$#=9>$
,',$8"=+(7$,"f$!+$;9H+$R+3*+>9*7$)911$#=9>$=+$#9-$51+9-+,$>"$3911$9$
^1"9(^$"0$"(+$=2(,*+,$>="2-9(,$,"119*-X$%=+(\$'($9$=';=<=9(,+,$
N9((+*\$R+3*+>9*7$)911$"*,+*+,$Z('>+,$R>9>+-$a9*'(+-$'(>"$>=+$,'->*'3>$
>"$,*'H+$"00$3"N5+>'>"*-$#="-+$9,l93+(>$#+11-$#+*+$-955'(;$"'1$"2>$"0$
>=+$I1[$!'11$*+-+*H+-X$%=+-+$3"N5+>'>"*-\$,*'H+($"00$>=+'*$;*"2(,$9>$
>=+$+(,-$"0$;2(-$9(,$L97"(+>-\$*2-=+,$'(>"$3"2*>$<$9(,$L1+#$>=+$1',$
"00$>=+$%+95">$8"N+$-39(,91X$.$->+(3=$9*"-+$-"$H'1+$>=9>$'>$*2'(+,$
>=+$!9*,'(;$.,N'('->*9>'"(\$(92-+9>+,$9($+(>'*+$(9>'"(\$>=*+9>+(+,$
>"$#*+3[$>=+$G+52L1'39($59*>7\$9(,$52>$.1L+*>$6X$)911$L+='(,$5*'-"($
L9*-X$
$
)911$#9-$3"(,+N(+,$H'3'"2-17$<$3"(,+N(+,$9-$0+#$N+($'($52L1'3$1'0+$
=9H+$+H+*$L++(X$8',$=+$*+5+(>f$M+H+*j$_+9*-$19>+*$!+*L+*>$!""H+*$
'(>'N9>+,$'($9$52L1'3$-5++3=$>=9>$4*+-',+(>$!9*,'(;]-$,+9>=$=9,$L++($
,2+$>"$N+(>91$9(Y'+>7$9(,$#"**7$L+392-+$9$0*'+(,$=9,$L+>*97+,$='NX$
&=+($a*-X$)911$=+9*,$>=9>\$-=+$-5*9(;$0*"N$=+*$3=9'*\$-=+$#+5>\$-=+$
-=""[$=+*$0'->-$9>$09>+$9(,$-3*+9N+,W$^&=9>j$!9*,'(;$L+>*97+,$L7$
)911f$M"j$a7$=2-L9(,$(+H+*$L+>*97+,$9(7"(+X$%='-$#="1+$="2-+$0211$
"0$;"1,$#"21,$(">$>+N5>$N7$=2-L9(,$>"$,"$#*"(;X$!+$'-$>=+$"(+$#="$
=9-$L++($L+>*97+,$9(,$1+,$>"$>=+$-192;=>+*$9(,$3*23'0'+,X^$
$
%=+*+$7"2$9*+i$=2N9($(9>2*+$'($93>'"(\$#*"(;,"+*-\$L19N'(;$
+H+*7L",7$L2>$>=+N-+1H+-X$&+$9*+$911$1'[+$>=9>X$R"$#=+($7"2$9(,$/$
9*+$>+N5>+,$>"$3*'>'3'g+$-"N+"(+$>"N"**"#\$1+>]-$*+N+NL+*$.1$
:95"(+\$^%#"$`2(^$:*"#1+7$9(,$.1L+*>$)911X$K+>]-$*+91'g+$>=9>$
3*'>'3'-N-$9*+$1'[+$="N'(;$5';+"(-X$%=+7$91#97-$*+>2*($="N+X$K+>]-$
*+91'g+$>=9>$>=+$5+*-"($#+$9*+$;"'(;$>"$3"**+3>$9(,$3"(,+N($#'11$
5*"L9L17$l2->'07$='N-+10$"*$=+*-+10\$9(,$3"(,+N($2-$'($*+>2*(i$"*\$1'[+$
>=+$;+(>1+$%90>\$#'11$-97W$^/$,"(]>$-++$="#$/$3"21,$=9H+$,"(+$9(7$
,'00+*+(>17$0*"N$#=9>$/$=9H+X^$
$
S($>=+$N"*('(;$"0$.5*'1$?T\$?EBT\$.L*9=9N$K'(3"1($197$,7'(;$'($9$=911$
L+,*""N$"0$9$3=+95$1",;'(;$="2-+$,'*+3>17$93*"--$>=+$->*++>$0*"N$
)"*,]-$%=+9>+*\$#=+*+$k"=($&'1[+-$6"">=$=9,$-=">$='NX$K'(3"1(]-$
1"(;$L",7$197$->*+>3=+,$,'9;"(9117$93*"--$9$-9;;'(;$L+,$>=9>$#9-$>""$
-="*>$0"*$='NX$.$3=+95$*+5*",23>'"($"0$G"-9$6"(=+2*]-$09N"2-$
59'(>'(;$%=+$!"*-+$)9'*$=2(;$9L"H+$>=+$L+,\$9(,$9$,'-N91$;9-$l+>$
01'3[+*+,$7+11"#$1';=>X$
$
.-$K'(3"1($197$,7'(;\$R+3*+>9*7$"0$&9*$R>9(>"($-9',\$^%=+*+$1'+-$>=+$
N"->$5+*0+3>$*21+*$"0$N+($>=9>$>=+$#"*1,$=9-$+H+*$-++(X^$
$
&=9>$#9-$>=+$-+3*+>$"0$K'(3"1(]-$-233+--$'($,+91'(;$#'>=$5+"51+f$/$
->2,'+,$>=+$1'0+$"0$.L*9=9N$K'(3"1($0"*$>+($7+9*-$9(,$,+H">+,$911$"0$
>=*++$7+9*-$>"$#*'>'(;$9(,$*+#*'>'(;$9$L""[$+(>'>1+,$K'(3"1($>=+$
Z([("#(X$/$L+1'+H+$/$=9H+$N9,+$9-$,+>9'1+,$9(,$+Y=92->'H+$9$->2,7$
"0$K'(3"1(]-$5+*-"(91'>7$9(,$="N+$1'0+$9-$'>$'-$5"--'L1+$0"*$9(7$L+'(;$>"$
N9[+X$/$N9,+$9$-5+3'91$->2,7$"0$K'(3"1(]-$N+>=",$"0$,+91'(;$#'>=$
5+"51+X$8',$=+$'(,21;+$'($3*'>'3'-Nf$S=\$7+-X$.-$9$7"2(;$N9($'($>=+$
4';+"($:*++[$V911+7$"0$/(,'9(9\$=+$(">$"(17$3*'>'3'g+,$L2>$=+$#*">+$
1+>>+*-$9(,$5"+N-$*','321'(;$5+"51+$9(,$,*"55+,$>=+-+$1+>>+*-$"($>=+$
3"2(>*7$*"9,-$#=+*+$>=+7$#+*+$-2*+$>"$L+$0"2(,X$S(+$"0$>=+-+$
1+>>+*-$9*"2-+,$*+-+(>N+(>-$>=9>$L2*(+,$0"*$9$1'0+>'N+X$
$
IH+($90>+*$K'(3"1($=9,$L+3"N+$9$5*93>'3'(;$19#7+*$'($R5*'(;0'+1,\$
/11'("'-\$=+$9>>93[+,$='-$"55"(+(>-$"5+(17$'($1+>>+*-$52L1'-=+,$'($>=+$
(+#-595+*-X$62>$=+$,',$>='-$l2->$"(3+$>""$"0>+(X$
$
/($>=+$92>2N($"0$?EDP$=+$*','321+,$9$H9'(\$52;(93'"2-$5"1'>'3'9($L7$
>=+$(9N+$"0$k9N+-$R='+1,-X$K'(3"1($19N(+,$='N$>=*"2;=$9($
9("(7N"2-$1+>>+*$52L1'-=+,$'($R5*'(;0'+1,$k"2*(91X$%=+$>"#($*"9*+,$
#'>=$192;=>+*X$R='+1,-\$-+(-'>'H+$9(,$5*"2,\$L"'1+,$#'>=$'(,';(9>'"(X$
!+$0"2(,$"2>$#="$#*">+$>=+$1+>>+*\$1+95+,$"($='-$="*-+\$->9*>+,$90>+*$
K'(3"1(\$9(,$3=911+(;+,$='N$>"$0';=>$9$,2+1X$K'(3"1($,',(]>$#9(>$>"$
0';=>X$!+$#9-$"55"-+,$>"$,2+1'(;\$L2>$=+$3"21,(]>$;+>$"2>$"0$'>$9(,$
-9H+$='-$="("*X$!+$#9-$;'H+($>=+$3="'3+$"0$#+95"(-X$R'(3+$=+$=9,$
H+*7$1"(;$9*N-\$=+$3="-+$39H91*7$L*"9,-#"*,-$9(,$>""[$1+--"(-$'($
-#"*,$0';=>'(;$0*"N$9$&+->$4"'(>$;*9,29>+i$9(,\$"($>=+$955"'(>+,$
,97\$=+$9(,$R='+1,-$N+>$"($9$-9(,L9*$'($>=+$a'--'--'55'$G'H+*\$
5*+59*+,$>"$0';=>$>"$>=+$,+9>=i$L2>\$9>$>=+$19->$N'(2>+\$>=+'*$-+3"(,-$
'(>+**25>+,$9(,$->"55+,$>=+$,2+1X$
$
%=9>$#9-$>=+$N"->$12*',$5+*-"(91$'(3',+(>$'($K'(3"1(]-$1'0+X$/>$>92;=>$
='N$9($'(H9129L1+$1+--"($'($>=+$9*>$"0$,+91'(;$#'>=$5+"51+X$M+H+*$
9;9'($,',$=+$#*'>+$9($'(-21>'(;$1+>>+*X$M+H+*$9;9'($,',$=+$*','321+$
9(7"(+X$.(,$0*"N$>=9>$>'N+$"(\$=+$91N"->$(+H+*$3*'>'3'g+,$9(7L",7$
0"*$9(7>='(;X$
$
%'N+$90>+*$>'N+\$,2*'(;$>=+$:'H'1$&9*\$K'(3"1($52>$9$(+#$;+(+*91$9>$
>=+$=+9,$"0$>=+$.*N7$"0$>=+$4">"N93\$9(,$+93=$"(+$'($>2*($<$
a3:1+119(\$4"5+\$62*(-',+\$!""[+*\$a+9,+$<$L12(,+*+,$>*9;'39117$9(,$
,*"H+$K'(3"1($>"$593'(;$>=+$01""*$'($,+-59'*X$!910$>=+$(9>'"($-9H9;+17$
3"(,+N(+,$>=+-+$'(3"N5+>+(>$;+(+*91-\$L2>$K'(3"1(\$^#'>=$N91'3+$
>"#9*,$("(+\$#'>=$3=9*'>7$0"*$911\^$=+1,$='-$5+93+X$S(+$"0$='-$09H"*'>+$
b2">9>'"(-$#9-$^k2,;+$(">\$>=9>$7+$L+$(">$l2,;+,X^$
$
.(,$#=+($a*-X$K'(3"1($9(,$">=+*-$-5"[+$=9*-=17$"0$>=+$-"2>=+*($
5+"51+\$K'(3"1($*+51'+,W$^8"(]>$3*'>'3'g+$>=+Ni$>=+7$9*+$l2->$#=9>$#+$
#"21,$L+$2(,+*$-'N'19*$3'*32N->9(3+-X^$
$
_+>$'0$9(7$N9($+H+*$=9,$"339-'"($>"$3*'>'3'g+\$-2*+17$'>$#9-$K'(3"1(X$
K+>]-$>9[+$l2->$"(+$'112->*9>'"(W$
$
%=+$69>>1+$"0$`+>>7-L2*;$#9-$0"2;=>$,2*'(;$>=+$0'*->$>=*++$,97-$"0$
k217$?EBAX$82*'(;$>=+$(';=>$"0$k217$D\$K++$L+;9($>"$*+>*+9>$-"2>=#9*,$
#='1+$->"*N$31"2,-$,+12;+,$>=+$3"2(>*7$#'>=$*9'(X$&=+($K++$*+93=+,$
>=+$4">"N93$#'>=$='-$,+0+9>+,$9*N7\$=+$0"2(,$9$-#"11+(\$'N59--9L1+$
*'H+*$'($0*"(>$"0$='N\$9(,$9$H'3>"*'"2-$Z('"($.*N7$L+='(,$='NX$K++$
#9-$'($9$>*95X$!+$3"21,(]>$+-395+X$K'(3"1($-9#$>=9>X$!+*+$#9-$9$
;"1,+(\$=+9H+(<-+(>$"55"*>2('>7<>=+$"55"*>2('>7$>"$395>2*+$K++]-$
9*N7$9(,$+(,$>=+$#9*$'NN+,'9>+17X$R"\$#'>=$9$-2*;+$"0$=';=$="5+\$
K'(3"1($"*,+*+,$a+9,+$(">$>"$3911$9$3"2(3'1$"0$#9*$L2>$>"$9>>93[$K++$
'NN+,'9>+17X$K'(3"1($>+1+;*95=+,$='-$"*,+*-$9(,$>=+($-+(>$9$-5+3'91$
N+--+(;+*$>"$a+9,+$,+N9(,'(;$'NN+,'9>+$93>'"(X$
$
.(,$#=9>$,',$`+(+*91$a+9,+$,"f$!+$,',$>=+$H+*7$"55"-'>+$"0$#=9>$
=+$#9-$>"1,$>"$,"X$!+$3911+,$9$3"2(3'1$"0$#9*$'($,'*+3>$H'"19>'"($"0$
K'(3"1(]-$"*,+*-X$!+$=+-'>9>+,X$!+$5*"3*9->'(9>+,X$!+$>+1+;*95=+,$911$
N9((+*$"0$+Y32-+-X$!+$*+02-+,$5"'(><L19([$>"$9>>93[$K++X$)'(9117$>=+$
#9>+*-$*+3+,+,$9(,$K++$+-395+,$"H+*$>=+$4">"N93$#'>=$='-$0"*3+-X$
$
K'(3"1($#9-$02*'"2-\$^$&=9>$,"+-$>='-$N+9(f^$K'(3"1($3*'+,$>"$='-$-"($
G"L+*>X$^`*+9>$`",j$&=9>$,"+-$>='-$N+9(f$&+$=9,$>=+N$#'>='($"2*$
;*9-5\$9(,$=9,$"(17$>"$->*+>3=$0"*>=$"2*$=9(,-$9(,$>=+7$#+*+$"2*-i$
7+>$(">='(;$>=9>$/$3"21,$-97$"*$,"$3"21,$N9[+$>=+$9*N7$N"H+X$Z(,+*$
>=+$3'*32N->9(3+-\$91N"->$9(7$;+(+*91$3"21,$=9H+$,+0+9>+,$K++X$/0$/$
=9,$;"(+$25$>=+*+\$/$3"21,$=9H+$#='55+,$='N$N7-+10X^$
$
/($L'>>+*$,'-955"'(>N+(>\$K'(3"1($-9>$,"#($9(,$#*">+$a+9,+$>='-$
1+>>+*X$.(,$*+N+NL+*\$9>$>='-$5+*'",$"0$='-$1'0+$K'(3"1($#9-$+Y>*+N+17$
3"(-+*H9>'H+$9(,$*+->*9'(+,$'($='-$5=*9-+"1";7X$R"$>='-$1+>>+*$3"N'(;$
0*"N$K'(3"1($'($?EBA$#9-$>9(>9N"2(>$>"$>=+$-+H+*+->$*+L2[+X$
$
a7$,+9*$`+(+*91\$
$
/$,"$(">$L+1'+H+$7"2$955*+3'9>+$>=+$N9;('>2,+$"0$>=+$N'-0"*>2(+$
'(H"1H+,$'($K++]-$+-395+X$!+$#9-$#'>='($"2*$+9-7$;*9-5\$9(,$>"$=9H+$
31"-+,$25"($='N$#"21,\$'($3"((+3>'"($&'>=$"2*$">=+*$19>+$-233+--+-\$
=9H+$+(,+,$>=+$#9*X$.-$'>$'-\$>=+$#9*$#'11$L+$5*"1"(;+,$'(,+0'('>+17X$/0$
7"2$3"21,$(">$-90+17$9>>93[$K++$19->$a"(,97\$="#$39($7"2$5"--'L17$
,"$-"$-"2>=$"0$>=+$*'H+*\$#=+($7"2$39($>9[+$#'>=$7"2$H+*7$0+#<("$
N"*+$>=9($>#"<>='*,-$"0$>=+$0"*3+$7"2$>=+($=9,$'($=9(,f$/>$#"21,$L+$
2(*+9-"(9L1+$>"$+Y5+3>$9(,$/$,"$(">$+Y5+3>$>=9>$7"2$39($("#$+00+3>$
N23=X$_"2*$;"1,+($"55"*>2('>7$'-$;"(+\$9(,$/$9N$,'->*+--+,$
'NN+9-2*9L17$L+392-+$"0$'>X$
$
&=9>$,"$7"2$-255"-+$a+9,+$,',$#=+($=+$*+9,$>=+$1+>>+*f$
$
a+9,+$(+H+*$-9#$>=9>$1+>>+*X$K'(3"1($(+H+*$N9'1+,$'>X$/>$#9-$0"2(,$
9N"(;$='-$595+*-$90>+*$='-$,+9>=X$
$
a7$;2+--$'-$<$9(,$>='-$'-$"(17$9$;2+--$<$>=9>$90>+*$#*'>'(;$>=9>$1+>>+*\$
K'(3"1($1""[+,$"2>$"0$>=+$#'(,"#$9(,$-9',$>"$='N-+10\$^k2->$9$N'(2>+X$
a97L+$/$"2;=>$(">$>"$L+$-"$=9->7X$/>$'-$+9-7$+("2;=$0"*$N+$>"$-'>$
=+*+$'($>=+$b2'+>$"0$>=+$&='>+$!"2-+$9(,$"*,+*$a+9,+$>"$9>>93[i$L2>$
'0$/$=9,$L++($25$9>$`+>>7-L2*;\$9(,$'0$/$=9,$-++($9-$N23=$L1"",$9-$
a+9,+$=9-$-++($,2*'(;$>=+$19->$#++[\$9(,$'0$N7$+9*-$=9,$L++($
5'+*3+,$#'>=$>=+$-3*+9N-$9(,$-=*'+[-$"0$>=+$#"2(,+,$9(,$,7'(;\$
N97L+$/$#"21,(]>$L+$-"$9(Y'"2-$>"$9>>93[$+'>=+*X$/0$/$=9,$a+9,+]-$
>'N',$>+N5+*9N+(>\$5+*=95-$/$#"21,$=9H+$,"(+$l2->$#=9>$=+$=9,$
,"(+X$.(7="#\$'>$'-$#9>+*$2(,+*$>=+$L*',;+$("#X$/0$/$-+(,$>='-$1+>>+*\$
'>$#'11$*+1'+H+$N7$0++1'(;-\$L2>$'>$#'11$N9[+$a+9,+$>*7$>"$l2->'07$
='N-+10X$/>$#'11$N9[+$='N$3"(,+N($N+X$/>$#'11$9*"2-+$=9*,$0++1'(;-\$
'N59'*$911$='-$02*>=+*$2-+021(+--$9-$9$3"NN9(,+*\$9(,$5+*=95-$0"*3+$
='N$>"$*+-';($0*"N$>=+$9*N7X^$
$
R"\$9-$/$=9H+$91*+9,7$-9',\$K'(3"1($52>$>=+$1+>>+*$9-',+\$0"*$=+$=9,$
1+9*(+,$L7$L'>>+*$+Y5+*'+(3+$>=9>$-=9*5$3*'>'3'-N-$9(,$*+L2[+-$91N"->$
'(H9*'9L17$+(,$'($02>'1'>7X$
$
%=+","*+$G""-+H+1>$-9',$>=9>$#=+($=+\$9-$4*+-',+(>\$#9-$3"(0*"(>+,$
#'>=$9$5+*51+Y'(;$5*"L1+N\$=+$2-+,$>"$1+9($L93[$9(,$1""[$25$9>$9$
19*;+$59'(>'(;$"0$K'(3"1($#='3=$=2(;$9L"H+$='-$,+-[$'($>=+$&='>+$
!"2-+$9(,$9-[$='N-+10\$^&=9>$#"21,$K'(3"1($,"$'0$=+$#+*+$'($N7$
-="+-f$!"#$#"21,$=+$-"1H+$>='-$5*"L1+Nf^$
$
%=+$(+Y>$>'N+$#+$9*+$>+N5>+,$>"$9,N"('-=$-"N+L",7\$C1+>]-$5211$9$
0'H+<,"119*$L'11$"2>$"0$"2*$5"3[+>\$1""[$9>$K'(3"1(]-$5'3>2*+$"($>=+$L'11\$
9(,$9-[X$^!"#$#"21,$K'(3"1($=9(,1+$>='-$5*"L1+N$'0$=+$=9,$'>f^$
$
a9*[$%#9'($1"->$='-$>+N5+*$"339-'"(9117$9(,$#*">+$1+>>+*-$>=9>$>2*(+,$
>=+$495+*$L*"#(X$)"*$+Y9N51+\$=+$"(3+$#*">+$>"$9$N9($#="$=9,$
9*"2-+,$='-$'*+W$^%=+$>='(;$0"*$7"2$'-$9$L2*'91$5+*N'>X$_"2$=9H+$"(17$
>"$-5+9[$9(,$/$#'11$-++$>=9>$7"2$;+>$'>X^$S($9(">=+*$"339-'"($=+$
#*">+$>"$9($+,'>"*$9L"2>$9$5*""0*+9,+*]-$9>>+N5>-$>"$^'N5*"H+$N7$
-5+11'(;$9(,$52(3>29>'"(X^$!+$"*,+*+,W$^R+>$>=+$N9>>+*$933"*,'(;$>"$
N7$3"57$=+*+90>+*$9(,$-++$>=9>$>=+$5*""0*+9,+*$*+>9'(-$='-$
-2;;+->'"(-$'($>=+$N2-=$"0$='-$,+397+,$L*9'(X^$
$
%=+$#*'>'(;$"0$>=+-+$->'(;'(;$1+>>+*-$N9,+$a9*[$%#9'($0++1$L+>>+*X$
%=+7$911"#+,$='N$>"$L1"#$"00$->+9N\$9(,$>=+$1+>>+*-$,',(]>$,"$9(7$
*+91$=9*N\$L+392-+$a9*[]-$#'0+$-+3*+>17$1'0>+,$>=+N$"2>$"0$>=+$N9'1X$
%=+7$#+*+$(+H+*$-+(>X$
$
8"$7"2$[("#$-"N+"(+$7"2$#"21,$1'[+$>"$3=9(;+$9(,$*+;219>+$9(,$
'N5*"H+f$`"",j$%=9>$'-$0'(+X$/$9N$911$'($09H"*$"0$'>\$62>$#=7$(">$L+;'($
"($7"2*-+10f$)*"N$9$52*+17$-+10'-=$->9(,5"'(>\$>=9>$'-$9$1">$N"*+$
5*"0'>9L1+$>=9($>*7'(;$>"$'N5*"H+$">=+*-$<$7+-\$9(,$9$1">$1+--$
,9(;+*"2-X$^8"(]>$3"N519'($9L"2>$>=+$-("#$"($7"2*$(+';=L"*]-$*""0\^$
-9',$:"(023'2-\$^#=+($7"2*$"#($,""*->+5$'-$2(31+9(X^$
$
&=+($/$#9-$->'11$7"2(;$9(,$>*7'(;$=9*,$>"$'N5*+--$5+"51+\$/$#*">+$9$
0""1'-=$1+>>+*$>"$G'3=9*,$!9*,'(;$89H'-\$9($92>="*$#="$"(3+$1""N+,$
19*;+$"($>=+$1'>+*9*7$="*'g"($"0$.N+*'39X$/$#9-$5*+59*'(;$9$N9;9g'(+$
9*>'31+$9L"2>$92>="*-\$9(,$/$9-[+,$89H'-$>"$>+11$N+$9L"2>$='-$N+>=",$
"0$#"*[X$.$0+#$#++[-$+9*1'+*\$/$=9,$*+3+'H+,$9$1+>>+*$0*"N$-"N+"(+$
#'>=$>='-$(">9>'"($9>$>=+$L">>"NW$^8'3>9>+,$L2>$(">$*+9,X^$/$#9-$b2'>+$
'N5*+--+,X$/$0+1>$>=9>$>=+$#*'>+*$N2->$L+$H+*7$L';$9(,$L2-7$9(,$
'N5"*>9(>X$/$#9-(]>$>=+$-1';=>+->$L'>$L2-7\$L2>$/$#9-$+9;+*$>"$N9[+$
9($'N5*+--'"($"($G'3=9*,$!9*,'(;$89H'-\$-"$/$+(,+,$N7$-="*>$(">+$
#'>=$>=+$#"*,-W$^8'3>9>+,$L2>$(">$*+9,X^$
$
!+$(+H+*$>*"2L1+,$>"$9(-#+*$>=+$1+>>+*X$!+$-'N517$*+>2*(+,$'>$>"$N+$
#'>=$>='-$-3*'LL1+,$93*"--$>=+$L">>"NW$^_"2*$L9,$N9((+*-$9*+$
+Y3++,+,$"(17$L7$7"2*$L9,$N9((+*-X^$%*2+\$/$=9,$L12(,+*+,\$9(,$
5+*=95-$/$,+-+*H+,$>='-$*+L2[+X$62>\$L+'(;$=2N9(\$/$*+-+(>+,$'>X$/$
*+-+(>+,$'>$-"$-=9*517$>=9>$#=+($/$*+9,$"0$>=+$,+9>=$"0$G'3=9*,$
!9*,'(;$89H'-$>+($7+9*-$19>+*\$>=+$"(+$>="2;=>$>=9>$->'11$5+*-'->+,$'($
N7$N'(,$<$/$9N$9-=9N+,$>"$9,N'>$<$#9-$>=+$=2*>$=+$=9,$;'H+($N+X$
$
/0$7"2$9(,$/$#9(>$>"$->'*$25$9$*+-+(>N+(>$>"N"**"#$>=9>$N97$*9([1+$
93*"--$>=+$,+39,+-$9(,$+(,2*+$2(>'1$,+9>=\$l2->$1+>$2-$'(,21;+$'($9$
1'>>1+$->'(;'(;$3*'>'3'-N<("$N9>>+*$="#$3+*>9'($#+$9*+$>=9>$'>$'-$
l2->'0'+,X$
$
&=+($,+91'(;$#'>=$5+"51+\$1+>$2-$*+N+NL+*$#+$9*+$(">$,+91'(;$#'>=$
3*+9>2*+-$"0$1";'3X$&+$9*+$,+91'(;$#'>=$3*+9>2*+-$"0$+N">'"(\$
3*+9>2*+-$L*'->1'(;$#'>=$5*+l2,'3+-$9(,$N">'H9>+,$L7$5*',+$9(,$H9('>7X$
$
6'>>+*$3*'>'3'-N$392-+,$>=+$-+(-'>'H+$%="N9-$!9*,7\$"(+$"0$>=+$0'(+->$
("H+1'->-$+H+*$>"$+(*'3=$I(;1'-=$1'>+*9>2*+\$>"$;'H+$25$0"*+H+*$>=+$
#*'>'(;$"0$0'3>'"(X$:*'>'3'-N$,*"H+$%="N9-$:=9>>+*>"(\$>=+$I(;1'-=$
5"+>\$>"$-2'3',+X$
$
6+(l9N'($)*9([1'(\$>93>1+--$'($='-$7"2>=\$L+39N+$-"$,'51"N9>'3\$-"$
9,*"'>$9>$=9(,1'(;$5+"51+\$>=9>$=+$#9-$N9,+$.N+*'39($.NL9--9,"*$
>"$)*9(3+X$%=+$-+3*+>$"0$='-$-233+--f$^/$#'11$-5+9[$'11$"0$("$N9(\^$=+$
-9',\$^$X$X$9(,$-5+9[$911$>=+$;"",$/$[("#$"0$+H+*7L",7X^$
$
.(7$0""1$39($3*'>'3'g+\$3"(,+N($9(,$3"N519'($<$9(,$N"->$0""1-$,"X$
$
62>$'>$>9[+-$3=9*93>+*$9(,$-+10<3"(>*"1$>"$L+$2(,+*<->9(,'(;$9(,$
0"*;'H'(;X$
$
^.$;*+9>$N9($-="#-$='-$;*+9>(+--\^$-9',$:9*171+\$^L7$>=+$#97$=+$
>*+9>-$1'>>1+$N+(X^$
$
6"L$!""H+*\$9$09N"2-$>+->$5'1">$9(,$0*+b2+(>$5+*<0"*N+*$9>$9'*$
-="#-\$#9-$*+>2*('(;$>"$='-$="N+$'($K"-$.(;+1+-$0*"N$9($9'*$-="#$'($
R9($8'+;"X$.-$,+-3*'L+,$'($>=+$N9;9g'(+$)1';=>$S5+*9>'"(-\$9>$>=*++$
=2(,*+,$0++>$'($>=+$9'*\$L">=$+(;'(+-$-2,,+(17$->"55+,X$67$,+0>$
N9(+2H+*'(;$=+$N9(9;+,$>"$19(,$>=+$519(+\$L2>$'>$#9-$L9,17$
,9N9;+,$91>="2;=$("L",7$#9-$=2*>X$
$
!""H+*]-$0'*->$93>$90>+*$>=+$+N+*;+(37$19(,'(;$#9-$>"$'(-5+3>$>=+$
9'*519(+]-$02+1X$k2->$9-$=+$-2-5+3>+,\$>=+$&"*1,$&9*$//$5*"5+11+*$
519(+$=+$=9,$L++($017'(;$=9,$L++($02+1+,$#'>=$l+>$02+1$*9>=+*$>=9($
;9-"1'(+X$
$
Z5"($*+>2*('(;$>"$>=+$9'*5"*>\$=+$9-[+,$>"$-++$>=+$N+3=9('3$#="$=9,$
-+*H'3+,$='-$9'*519(+X$%=+$7"2(;$N9($#9-$-'3[$#'>=$>=+$9;"(7$"0$='-$
N'->9[+X$%+9*-$->*+9N+,$,"#($='-$093+$9-$!""H+*$955*"93=+,X$!+$
=9,$l2->$392-+,$>=+$1"--$"0$9$H+*7$+Y5+(-'H+$519(+$9(,$3"21,$=9H+$
392-+,$>=+$1"--$"0$>=*++$1'H+-$9-$#+11X$
$
_"2$39($'N9;'(+$!""H+*]-$9(;+*X$S(+$3"21,$9(>'3'59>+$>=+$>"(;2+<
19-='(;$>=9>$>='-$5*"2,$9(,$5*+3'-+$5'1">$#"21,$2(1+9-=$0"*$>=9>$
39*+1+--(+--X$62>$!""H+*$,',(]>$-3"1,$>=+$N+3=9('3i$=+$,',(]>$+H+($
3*'>'3'g+$='NX$/(->+9,\$=+$52>$='-$L';$9*N$9*"2(,$>=+$N9(]-$-="21,+*$
9(,$-9',\$^%"$-="#$7"2$/]N$-2*+$>=9>$7"2]11$(+H+*$,"$>='-$9;9'(\$/$
#9(>$7"2$>"$-+*H'3+$N7$)<T?$>"N"**"#X^$
$
S0>+($59*+(>-$9*+$>+N5>+,$>"$3*'>'3'g+$>=+'*$3='1,*+(X$_"2$#"21,$
+Y5+3>$N+$>"$-97$^,"(]>X^$62>$/$#'11$(">\$/$9N$N+*+17$;"'(;$>"$-97\$
^6+0"*+$7"2$3*'>'3'g+$>=+N\$*+9,$"(+$"0$>=+$319--'3-$"0$.N+*'39($
l"2*(91'-N\$])9>=+*$)"*;+>-X]$^$/>$"*';'(9117$955+9*+,$9-$9($+,'>"*'91$'($
>=+$4+"51+]-$!"N+$k"2*((1X$&+$9*+$*+5*'(>'(;$'>$=+*+$#'>=$>=+$
92>="*]-$5+*N'--'"(\$9-$3"(,+(-+,$'($>=+$G+9,+*]-$8';+->W$
$
^)9>=+*$)"*;+>-^$'-$"(+$"0$>="-+$1'>>1+$5'+3+-$#='3=<,9-=+,$"0$'($9$
N"N+(>$"0$-'(3+*+$0++1'(;$<$->*'[+-$9($+3="'(;$3="*,$'($-"$N9(7$
*+9,+*-$9-$>"$L+3"N+$9$5+*+('91$*+5*'(>$09H"*'>+X$R'(3+$'>-$0'*->$
955+9*9(3+\$^)9>=+*$)"*;+>-^$=9-$L++($*+5*",23+,\$#*'>+-$>=+$
92>="*\$&\$K'H'(;->"($K9*(+,\$^'($=2(,*+,-$"0$N9;9g'(+-$9(,$="2-+$
"*;9(-\$9(,$'($(+#-595+*-$>=+$3"2(>*7$"H+*X$/>$=9-$L++($*+5*'(>+,$
91N"->$9-$+Y>+(-'H+17$'($N9(7$0"*+';($19(;29;+-X$/$=9H+$;'H+($
5+*-"(91$5+*N'--'"($>"$>="2-9(,-$#="$#'-=+,$>"$*+9,$'>$0*"N$-3=""1\$
3=2*3=\$9(,$1+3>2*+$519>0"*N-X$/>$=9-$L++($]"($>=+$9'*]$"($3"2(>1+--$
"339-'"(-$9(,$5*";*9N-X$S,,17$+("2;=\$3"11+;+$5+*'",'391-$=9H+$
2-+,$'>\$9(,$=';=<-3=""1$N9;9g'(+-X$R"N+>'N+-$9$1'>>1+$5'+3+$-++N-$
N7->+*'"2-17$>"$]31'3[X]$%='-$"(+$3+*>9'(17$,',X^$
$
).%!IG$)SG`I%R$&X$K'H'(;->"($K9*(+,$
$
K'->+(\$-"(W$/$9N$-97'(;$>='-$9-$7"2$1'+$9-1++5\$"(+$1'>>1+$59#$
3*2N51+,$2(,+*$7"2*$3=++[$9(,$>=+$L1"(,$32*1-$->'3['17$#+>$"($7"2*$
,9N5$0"*+=+9,X$/$=9H+$->"1+($'(>"$7"2*$*""N$91"(+X$k2->$9$0+#$
N'(2>+-$9;"\$9-$/$-9>$*+9,'(;$N7$595+*$'($>=+$1'L*9*7\$9$->'01'(;$#9H+$
"0$*+N"*-+$-#+5>$"H+*$N+X$`2'1>'17$/$39N+$>"$7"2*$L+,-',+X$
$
%=+*+$9*+$>=+$>='(;-$/$#9-$>='(['(;\$-"(W$/$=9,$L++($3*"--$>"$7"2X$/$
-3"1,+,$7"2$9-$7"2$#+*+$,*+--'(;$0"*$-3=""1$L+392-+$7"2$;9H+$7"2*$
093+$N+*+17$9$,9L$#'>=$9$>"#+1X$/$>""[$7"2$>"$>9-[$0"*$(">$31+9('(;$
7"2*$-="+-X$/$3911+,$"2>$9(;*'17$#=+($7"2$>=*+#$-"N+$"0$7"2*$>='(;-$
"($>=+$01""*X$
$
.>$L*+9[09->$/$0"2(,$0921>\$>""X$_"2$-5'11+,$>='(;-X$_"2$;215+,$,"#($
7"2*$0"",X$_"2$52>$7"2*$+1L"#-$"($>=+$>9L1+X$_"2$-5*+9,$L2>>+*$>""$
>='3[$"($7"2*$L*+9,X$.(,$9-$7"2$->9*>+,$"00$>"$5197$9(,$/$N9,+$0"*$
N7$>*9'(\$7"2$>2*(+,$9(,$#9H+,$9$=9(,$9(,$3911+,\$^`"",L7+\$
89,,7j^$9(,$/$0*"#(+,\$9(,$-9',$'($*+517\$^!"1,$7"2*$-="21,+*-$
L93[j^$
$
%=+($'>$L+;9($911$"H+*$9;9'($'($>=+$19>+$90>+*(""(X$.-$/$39N+$25$>=+$
*"9,$/$-5'+,$7"2\$,"#($"($7"2*$[(++-\$5197'(;$N9*L1+-X$%=+*+$#+*+$
="1+-$'($7"2*$->"3['(;-X$/$=2N'1'9>+,$7"2$L+0"*+$7"2*$L"70*'+(,-$L7$
N9*3='(;$7"2$9=+9,$"0$N+$>"$>=+$="2-+X$R>"3['(;-$#+*+$+Y5+(-'H+$<$
9(,$'0$7"2$=9,$>"$
$
L27$>=+N$7"2$#"21,$L+$N"*+$39*+021j$/N9;'(+$>=9>\$-"(\$0*"N$9$
09>=+*j$
$
8"$7"2$*+N+NL+*\$19>+*\$#=+($/$#9-$*+9,'(;$'($>=+$1'L*9*7\$="#$7"2$
39N+$'($>'N',17\$#'>=$9$-"*>$"0$=2*>$1""[$'($7"2*$+7+-f$&=+($/$
;19(3+,$25$"H+*$N7$595+*\$'N59>'+(>$9>$>=+$'(>+**25>'"(\$7"2$
=+-'>9>+,$9>$>=+$,""*X$^&=9>$'-$'>$7"2$#9(>f^$/$-(955+,X$
$
_"2$-9',$(">='(;\$L2>$*9($93*"--$'($"(+$>+N5+->2"2-$512(;+\$9(,$
>=*+#$7"2*$9*N-$9*"2(,$N7$(+3[$9(,$['--+,$N+\$9(,$7"2*$-N911$
9*N-$>';=>+(+,$#'>=$9($900+3>'"($>=9>$`",$=9,$-+>$L1""N'(;$'($7"2*$
=+9*>$9(,$#='3=$+H+($(+;1+3>$3"21,$(">$#'>=+*X$.(,$>=+($7"2$#+*+$
;"(+\$59>>+*'(;$25$>=+$->9'*-X$
$
&+11\$-"(\$'>$#9-$-="*>17$90>+*#9*,-$>=9>$N7$595+*$-1'55+,$0*"N$N7$
=9(,-$9(,$9$>+**'L1+$-'3[+('(;$0+9*$39N+$"H+*$N+X$&=9>$=9-$=9L'>$
L++($,"'(;$>"$N+f$%=+$=9L'>$"0$0'(,'(;$0921>\$"0$*+5*'N9(,'(;$<$>='-$
#9-$N7$*+#9*,$>"$7"2$0"*$L+'(;$9$L"7X$/>$#9-$(">$>=9>$/$,',$(">$1"H+$
7"2i$'>$#9-$>=9>$/$+Y5+3>+,$>""$N23=$"0$7"2>=X$/$#9-$N+9-2*'(;$7"2$
L7$>=+$79*,->'3[$"0$N7$"#($7+9*-X$
$
.(,$>=+*+$#9-$-"$N23=$>=9>$#9-$;"",$9(,$0'(+$9(,$>*2+$'($7"2*$
3=9*93>+*X$%=+$1'>>1+$=+9*>$"0$7"2$#9-$9-$L';$9-$>=+$,9#($'>-+10$"H+*$
>=+$#',+$='11-X$%='-$#9-$-="#($L7$7"2*$-5"(>9(+"2-$'N521-+$>"$*2-=$
'($9(,$['--$N+$;"",$(';=>X$M">='(;$+1-+$N9>>+*-$>"(';=>\$-"(X$/$=9H+$
3"N+$>"$7"2*$L+,<-',+$'($>=+$,9*[(+--\$9(,$/$=9H+$[(+1>$>=+*+\$
9-=9N+,j$
$
/>$'-$9$0++L1+$9>"(+N+(>i$/$[("#$7"2$#"21,$(">$2(,+*->9(,$>=+-+$
>='(;-$'0$/$>"1,$>=+N$>"$7"2$,2*'(;$7"2*$#9['(;$="2*-X$62>$>"N"**"#$
/$#'11$L+$9$*+91$,9,,7j$/$#'11$3=2N$#'>=$7"2\$9(,$-200+*$#=+($7"2$
-200+*\$9(,$192;=$#=+($7"2$192;=X$/$#'11$L'>+$N7$>"(;2+$#=+($
'N59>'+(>$#"*,-$3"N+X$/$#'11$[++5$-97'(;$9-$'0$'>$#+*+$9$*'>291W$^!+$'-$
(">='(;$L2>$9$L"7$<$9$1'>>1+$L"7j^$
$
/$9N$90*9',$/$=9H+$H'-291'g+,$7"2$9-$9$N9(X$_+>$9-$/$-++$7"2$("#\$
-"(\$3*2N51+,$9(,$#+9*7$'($7"2*$3">\$/$-++$>=9>$7"2$9*+$->'11$9$L9L7X$
_+->+*,97$7"2$#+*+$'($7"2*$N">=+*]-$9*N-\$7"2*$=+9,$"($=+*$
-="21,+*X$/$=9H+$9-[+,$>""$N23=\$>""$N23=X$
$
/(->+9,$"0$3"(,+N('(;$5+"51+\$1+>]-$>*7$>"$2(,+*->9(,$>=+NX$K+>]-$>*7$
>"$0';2*+$"2>$#=7$>=+7$,"$#=9>$>=+7$,"X$%=9>]-$9$1">$N"*+$5*"0'>9L1+$
9(,$'(>*';2'(;$>=9($3*'>'3'-Ni$9(,$'>$L*++,-$-7N59>=7\$>"1+*9(3+$9(,$
['(,(+--X$^%"$[("#$911$'-$>"$0"*;'H+$911X^$
$
.-$8*X$k"=(-"($-9',W$^`",$='N-+10\$-'*\$,"+-$(">$5*"5"-+$>"$l2,;+$
N9($2(>'1$>=+$+(,$"0$='-$,97-X^$
$
&=7$-="21,$7"2$9(,$/f$
$
c$4*'(3'51+$?$<$8"(]>$3*'>'3'g+\$3"(,+N($"*$3"N519'(X$$
$
ooooooo$
$
P$<$%=+$6';$R+3*+>$S0$8+91'(;$&'>=$4+"51+$
$
%=+*+$'-$"(17$"(+$#97$2(,+*$=';=$=+9H+($>"$;+>$9(7L",7$>"$,"$
9(7>='(;X$8',$7"2$+H+*$->"5$>"$>='([$"0$>=9>f$_+-\$l2->$"(+$#97X$.(,$
>=9>$'-$L7$N9['(;$>=+$">=+*$5+*-"($#9(>$>"$,"$'>X$
$
G+N+NL+*\$>=+*+$'-$("$">=+*$#97X$
$
S0$3"2*-+\$7"2$39($N9[+$-"N+"(+$#9(>$>"$;'H+$7"2$='-$#9>3=$L7$
->'3['(;$9$*+H"1H+*$'($='-$*'L-X$_SZ$39($N9[+$7"2*$+N51"7++-$;'H+$
7"2$3""5+*9>'"($<$2(>'1$7"2*$L93[$'-$>2*(+,$<$L7$>=*+9>+('(;$>"$0'*+$
>=+NX$_"2$39($N9[+$9$3='1,$,"$#=9>$7"2$#9(>$'>$>"$,"$L7$9$#='5$"*$9$
>=*+9>X$62>$>=+-+$3*2,+$N+>=",-$=9H+$-=9*517$2(,+-'*9L1+$
*+5+*32--'"(-X$
$
%=+$"(17$#97$/$39($;+>$7"2$>"$,"$9(7>='(;$'-$L7$;'H'(;$7"2$#=9>$7"2$
#9(>X$
$
&=9>$,"$7"2$#9(>f$
$
R';N2(,$)*+2,$-9',$>=9>$+H+*7>='(;$7"2$9(,$/$,"$-5*'(;-$0*"N$>#"$
N">'H+-W$>=+$-+Y$2*;+$9(,$>=+$,+-'*+$>"$L+$;*+9>X$
$
k"=($8+#+7\$"(+$"0$.N+*'39]-$N"->$5*"0"2(,$5='1"-"5=+*-\$5=*9-+,$
'>$9$L'>$,'00+*+(>17X$8*X$8+#+7$-9',$>=9>$>=+$,++5+->$2*;+$'($=2N9($
(9>2*+$'-$^>=+$,+-'*+$>"$L+$'N5"*>9(>X^$G+N+NL+*$>=9>$5=*9-+W$^>=+$
,+-'*+$>"$L+$'N5"*>9(>X^$/>$'-$-';('0'39(>X$_"2$9*+$;"'(;$>"$=+9*$9$1">$
9L"2>$'>$'($>='-$L""[X$
$
&=9>$,"$7"2$#9(>f$M">$N9(7$>='(;-\$L2>$>=+$0+#$>=9>$7"2$,"$#'-=\$
7"2$3*9H+$#'>=$9($'(-'->+(3+$>=9>$#'11$(">$L+$,+('+,X$R"N+$"0$>=+$
>='(;-$N"->$5+"51+$#9(>$'(312,+W$
$
?X$!+91>=$9(,$>=+$5*+-+*H9>'"($"0$1'0+X$PX$)"",X$AX$R1++5X$DX$a"(+7$
9(,$>=+$>='(;-$N"(+7$#'11$L27X$TX$K'0+$'($>=+$=+*+90>+*X$BX$R+Y291$
;*9>'0'39>'"(X$OX$%=+$#+11<L+'(;$"0$"2*$3='1,*+(X$EX$.$0++1'(;$"0$
'N5"*>9(3+X$
$
.1N"->$911$>=+-+$#9(>-$9*+$2-29117$;*9>'0'+,<911$+Y3+5>$"(+X$62>$>=+*+$
'-$"(+$1"(;'(;$<$91N"->$9-$,++5\$91N"->$9-$'N5+*'"2-\$9-$>=+$,+-'*+$
0"*$0"",$"*$-1++5$<$#='3=$'-$-+1,"N$;*9>'0'+,X$/>$'-$#=9>$)*+2,$3911-$
^>=+$,+-'*+$>"$L+$;*+9>X^$/>$'-$#=9>$8+#+7$3911-$>=+$^,+-'*+$>"$L+$
'N5"*>9(>X^$
$
K'(3"1($"(3+$L+;9($9$1+>>+*$-97'(;W$^IH+*7L",7$1'[+-$9$3"N51'N+(>X^$
&'11'9N$k9N+-$-9',W$^%=+$,++5+->$5*'(3'51+$'($=2N9($(9>2*+$'-$>=+$
3*9H'(;$>"$L+$955*+3'9>+,X^$!+$,',(]>$-5+9[\$N'(,$7"2\$"0$>=+$^#'-=^$
"*$>=+$^,+-'*+^$"*$>=+$^1"(;'(;^$>"$L+$955*+3'9>+,X$!+$-9',$>=+$
^3*9H'(;^$>"$L+$955*+3'9>+,X$
$
!+*+$'-$9$;(9#'(;$9(,$2(091>+*'(;$=2N9($=2(;+*\$9(,$>=+$*9*+$
'(,'H',291$#="$="(+->17$-9>'-0'+-$>='-$=+9*>$=2(;+*$#'11$="1,$5+"51+$'($
>=+$591N$"0$='-$"*$=+*$=9(,$9(,$^+H+($>=+$2(,+*>9[+*$#'11$L+$-"**7$
#=+($=+$,'+-X^$
$
%=+$,+-'*+$0"*$9$0++1'(;$"0$'N5"*>9(3+$'-$"(+$"0$>=+$3='+0$
,'->'(;2'-='(;$,'00+*+(3+-$L+>#++($N9(['(,$9(,$>=+$9('N91-X$%"$
'112->*9>+W$&=+($/$#9-$9$09*N$L"7$"2>$'($a'--"2*'\$N7$09>=+*$L*+,$0'(+$
82*"3<k+*-+7$=";-$9(,$X$5+,';*++,$#='>+$<$093+,$39>>1+X$&+$2-+,$>"$
+Y='L'>$"2*$=";-$9(,$#='>+<093+,$39>>1+$9>$>=+$3"2(>*7$09'*-$9(,$1'H+<
->"3[$-="#-$>=*"2;="2>$>=+$a',,1+$&+->X$&+$#"($0'*->$5*'g+-$L7$>=+$
-3"*+X$a7$09>=+*$5'((+,$='-$L12+$*'LL"(-$"($9$-=++>$"0$#='>+$N2-1'(\$
9(,$#=+($0*'+(,-$"*$H'-'>"*-$39N+$>"$>=+$="2-+\$=+$#"21,$;+>$"2>$>=+$
1"(;$-=++>$"0$N2-1'(X$!+$#"21,$="1,$"(+$+(,$9(,$/$#"21,$="1,$>=+$
">=+*$#='1+$=+$+Y='L'>+,$>=+$L12+$*'LL"(-X$
$
%=+$=";-$,',(]>$39*+$9L"2>$>=+$*'LL"(-$>=+7$=9,$#"(X$62>$)9>=+*$,',X$
%=+-+$5*'g+-$;9H+$='N$9$0++1'(;$"0$'N5"*>9(3+X$
$
/0$"2*$9(3+->"*-$=9,(]>$=9,$>='-$019N'(;$2*;+$0"*$9$0++1'(;$"0$
'N5"*>9(3+\$3'H'1'g9>'"($#"21,$=9H+$L++($'N5"--'L1+X$&'>="2>$'>\$#+$
-="21,$=9H+$L++($l2->$9L"2>$1'[+$9('N91-X$
$
/>$#9-$>='-$,+-'*+$0"*$9$0++1'(;$"0$'N5"*>9(3+$>=9>$1+,$9($2(+,239>+,\$
5"H+*>7<->*'3[+($;*"3+*7$31+*[$>"$->2,7$-"N+$19#$L""[-$=+$0"2(,$'($
>=+$L">>"N$"0$9$L9**+1$"0$="2-+="1,$512(,+*$>=9>$=+$=9,$L"2;=>$0"*$
0'0>7$3+(>-X$_"2$=9H+$5*"L9L17$=+9*,$"0$>='-$;*"3+*7$31+*[X$!'-$(9N+$
#9-$K'(3"1(X$
$
/>$#9-$>='-$,+-'*+$0"*$9$0++1'(;$"0$'N5"*>9(3+$>=9>$'(-5'*+,$8'3[+(-$>"$
#*'>+$='-$'NN"*>91$("H+1-X$%='-$,+-'*+$'(-5'*+,$R'*$:=*'->"5+*$&*+($>"$
,+-';($='-$-7N5="('+-$'($->"(+X$%='-$,+-'*+$N9,+$G"3[+0+11+*$9N9--$
N'11'"(-$>=9>$=+$(+H+*$-5+(>j$.(,$>='-$-9N+$,+-'*+$N9,+$>=+$*'3=+->$
09N'17$'($7"2*$>"#($L2'1,$9$="2-+$09*$>""$19*;+$0"*$'>-$*+b2'*+N+(>-X$
$
%='-$,+-'*+$N9[+-$7"2$#9(>$>"$#+9*$>=+$19>+->$->71+-\$,*'H+$>=+$19>+->$
39*-\$9(,$>91[$9L"2>$7"2*$L*'11'9(>$3='1,*+(X$
$
/>$'-$>='-$,+-'*+$>=9>$12*+-$N9(7$L"7-$9(,$;'*1-$'(>"$l"'('(;$;9(;-$9(,$
+(;9;'(;$'($3*'N'(91$93>'H'>'+-X$%=+$9H+*9;+$7"2(;$3*'N'(91\$
933"*,'(;$>"$IX$4X$a21*""(+7\$"(+>'N+$5"1'3+$3"NN'--'"(+*$"0$M+#$
_"*[\$'-$0'11+,$#'>=$+;"\$9(,$='-$0'*->$*+b2+->$90>+*$9**+->$'-$0"*$>="-+$
12*',$(+#-595+*-$>=9>$N9[+$='N$"2>$9$=+*"X$%=+$,'-9;*++9L1+$
5*"-5+3>$"0$-+*H'(;$>'N+$-++N-$*+N">+$-"$1"(;$9-$=+$39($;1"9>$"H+*$
='-$1'[+(+--$-=9*'(;$-593+$#'>=$5'3>2*+-$"0$-5"*>-$0';2*+-\$N"H'+$9(,$
%V$->9*-$9(,$5"1'>'3'9(-X$
$
/0$7"2$>+11$N+$="#$7"2$;+>$7"2*$0++1'(;$"0$'N5"*>9(3+\$/]11$>+11$7"2$
#=9>$7"2$9*+X$%=9>$,+>+*N'(+-$7"2*$3=9*93>+*X$%=9>$'-$>=+$N"->$
-';('0'39(>$>='(;$9L"2>$7"2X$)"*$+Y9N51+\$k"=($8X$G"3[+0+11+*$;">$='-$
0++1'(;$"0$'N5"*>9(3+$L7$;'H'(;$N"(+7$>"$+*+3>$9$N",+*($="-5'>91$'($
4+['(;\$:='(9\$>"$39*+$0"*$N'11'"(-$"0$5""*$5+"51+$#="N$=+$=9,$(+H+*$
-++($9(,$(+H+*$#"21,$-++X$8'11'(;+*\$"($>=+$">=+*$=9(,\$;">$='-$
0++1'(;$"0$'N5"*>9(3+$L7$L+'(;$9$L9(,'>\$9$L9([$*"LL+*$9(,$['11+*X$
&=+($>=+$)6/$9;+(>-$#+*+$=2(>'(;$='N\$=+$,9-=+,$'(>"$9$09*N="2-+$
25$'($a'((+-">9$9(,$-9',\$^/]N$8'11'(;+*j^$!+$#9-$5*"2,$"0$>=+$093>$
>=9>$=+$#9-$42L1'3$I(+N7$M2NL+*$S(+X$^/]N$(">$;"'(;$>"$=2*>$7"2\$
L2>$/]N$8'11'(;+*j^$=+$-9',X$
$
_+-\$>=+$"(+$-';('0'39(>$,'00+*+(3+$L+>#++($8'11'(;+*$9(,$G"3[+0+11+*$
'-$="#$>=+7$;">$>=+'*$0++1'(;$"0$'N5"*>9(3+X$
$
!'->"*7$-59*[1+-$#'>=$9N2-'(;$+Y9N51+-$"0$09N"2-$5+"51+$->*2;;1'(;$
0"*$9$0++1'(;$"0$'N5"*>9(3+X$IH+($`+"*;+$&9-='(;>"($#9(>+,$>"$L+$
3911+,$^!'-$a';=>'(+--\$>=+$4*+-',+(>$"0$>=+$Z('>+,$R>9>+-^i$9(,$
:"12NL2-$51+9,+,$0"*$>=+$>'>1+$^.,N'*91$"0$>=+$S3+9($9(,$V'3+*"7$"0$
/(,'9X^$:9>=+*'(+$>=+$`*+9>$*+02-+,$>"$"5+($1+>>+*-$>=9>$#+*+$(">$
9,,*+--+,$>"$^!+*$/N5+*'91$a9l+->7^i$9(,$a*-X$K'(3"1(\$'($>=+$&='>+$
!"2-+\$>2*(+,$25"($a*-X$`*9(>$1'[+$9$>';*+--$9(,$-="2>+,\$^!"#$,9*+$
7"2$L+$-+9>+,$'($N7$5*+-+(3+$2(>'1$/$'(H'>+$7"2j^$
$
S2*$N'11'"(9'*+-$=+15+,$0'(9(3+$.,N'*91$67*,]-$+Y5+,'>'"($>"$>=+$
.(>9*3>'3$'($?@PE$#'>=$>=+$2(,+*->9(,'(;$>=9>$*9(;+-$"0$'37$
N"2(>9'(-$#"21,$L+$(9N+,$90>+*$>=+Ni$9(,$V'3>"*$!2;"$9-5'*+,$>"$
=9H+$(">='(;$1+--$>=9($>=+$3'>7$"0$49*'-$*+(9N+,$'($='-$="("*X$IH+($
R=9[+-5+9*+\$N';=>'+->$"0$>=+$N';=>7\$>*'+,$>"$9,,$12->+*$>"$='-$(9N+$
L7$5*"32*'(;$9$3"9>$"0$9*N-$0"*$='-$09N'17X$
$
4+"51+$-"N+>'N+-$L+39N+$'(H91',-$'($"*,+*$>"$#'($-7N59>=7$9(,$
9>>+(>'"(\$9(,$;+>$9$0++1'(;$"0$'N5"*>9(3+X$)"*$+Y9N51+\$>9[+$a*-X$
a3d'(1+7X$R=+$;">$9$0++1'(;$"0$'N5"*>9(3+$L7$0"*3'(;$=+*$=2-L9(,\$
>=+$4*+-',+(>$"0$>=+$Z('>+,$R>9>+-\$>"$(+;1+3>$'N5"*>9(>$9009'*-$"0$
->9>+$#='1+$=+$*+31'(+,$"($>=+$L+,$L+-',+$=+*$0"*$="2*-$9>$9$>'N+\$='-$
9*N$9L"2>$=+*\$-"">='(;$=+*$>"$-1++5X$R=+$0+,$=+*$;(9#'(;$,+-'*+$0"*$
9>>+(>'"($L7$'(-'->'(;$>=9>$=+$*+N9'($#'>=$=+*$#='1+$-=+$#9-$=9H'(;$
=+*$>++>=$0'Y+,\$9(,$"(3+$3*+9>+,$9$->"*N7$-3+(+$#=+($=+$=9,$>"$
1+9H+$=+*$91"(+$#'>=$>=+$,+(>'->$#='1+$=+$[+5>$9($955"'(>N+(>$#'>=$
k"=($!97\$='-$-+3*+>9*7$"0$->9>+X$
$
%=+$#*'>+*$a9*7$G"L+*>-$G'(+=9*>$"(3+$>"1,$N+$"0$9$L*';=>\$H';"*"2-$
7"2(;$#"N9($#="$L+39N+$9($'(H91',$'($"*,+*$>"$;+>$9$0++1'(;$"0$
'N5"*>9(3+X$^S(+$,97\^$-9',$a*-X$G'(+=9*>\$^>='-$#"N9($=9,$L++($
"L1';+,$>"$093+$-"N+>='(;\$=+*$9;+$5+*=95-X$%=+$1"(+17$7+9*-$#+*+$
->*+>3='(;$9=+9,$9(,$>=+*+$#9-$1'>>1+$1+0>$0"*$=+*$>"$9(>'3'59>+X$
$
^R=+$>""[$>"$=+*$L+,i$9(,$0"*$>+($7+9*-$=+*$"1,$N">=+*$>*9H+1+,$>"$
>=+$>='*,$01""*$9(,$L93[\$39**7'(;$>*97-\$(2*-'(;$=+*X$%=+($"(+$,97$
>=+$"1,$N">=+*\$#+9*7$#'>=$-+*H'3+\$197$,"#($9(,$,'+,X$)"*$-"N+$
#++[-\$>=+$'(H91',$19(;2'-=+,i$>=+($-=+$;">$25\$52>$"($=+*$31">='(;\$
9(,$*+-2N+,$1'H'(;$9;9'(X^$
$
R"N+$92>="*'>'+-$,+319*+$>=9>$5+"51+$N97$93>29117$;"$'(-9(+$'($"*,+*$
>"$0'(,\$'($>=+$,*+9N19(,$"0$'(-9('>7\$>=+$0++1'(;$"0$'N5"*>9(3+$>=9>$
=9-$L++($,+('+,$>=+N$'($>=+$=9*-=$#"*1,$"0$*+91'>7X$%=+*+$9*+$N"*+$
59>'+(>-$-200+*'(;$0*"N$N+(>91$,'-+9-+-$'($>=+$Z('>+,$R>9>+-$>=9($
0*"N$911$">=+*$,'-+9-+-$3"NL'(+,X$
$
&=9>$'-$>=+$392-+$"0$'(-9('>7f$
$
M"L",7$39($9(-#+*$-23=$9$-#++5'(;$b2+->'"(\$L2>$#+$[("#$>=9>$
3+*>9'($,'-+9-+-\$-23=$9-$-75='1'-\$L*+9[$,"#($9(,$,+->*"7$>=+$L*9'($
3+11-$9(,$*+-21>$'($'(-9('>7X$/($093>\$9L"2>$"(+<=910$"0$911$N+(>91$
,'-+9-+-$39($L+$9>>*'L2>+,$>"$-23=$5=7-'391$392-+-$9-$L*9'($1+-'"(-\$
913"="1\$>"Y'(-$9(,$'(l2*'+-X$62>$>=+$">=+*$=910$<$9(,$>='-$'-$>=+$
955911'(;$59*>$"0$>=+$->"*7$<$>=+$">=+*$=910$"0$>=+$5+"51+$#="$;"$
'(-9(+$9559*+(>17$=9H+$(">='(;$"*;9('39117$#*"(;$#'>=$>=+'*$L*9'($
3+11-X$/($5"-><N"*>+N$+Y9N'(9>'"(-\$#=+($>=+'*$L*9'($>'--2+-$9*+$
->2,'+,$2(,+*$>=+$=';=+-><5"#+*+,$N'3*"-3"5+-\$>=+-+$>'--2+-$9*+$
0"2(,$>"$L+$9559*+(>17$l2->$9-$=+91>=7$9-$7"2*-$9(,$N'(+X$
$
&=7$,"$>=+-+$5+"51+$;"$'(-9(+f$
$
/$52>$>=9>$b2+->'"($>"$>=+$=+9,$5=7-'3'9($"0$"(+$"0$"2*$N"->$
'N5"*>9(>$5-73='9>*'3$="-5'>91-X$%='-$,"3>"*\$#="$=9-$*+3+'H+,$>=+$
=';=+->$="("*-$9(,$>=+$N"->$3"H+>+,$9#9*,-$0"*$='-$[("#1+,;+$"0$
>='-$-2Ll+3>\$>"1,$N+$0*9([17$>=9>$=+$,',(]>$[("#$#=7$5+"51+$#+(>$
'(-9(+X$M"L",7$[("#-$0"*$-2*+$62>$=+$,',$-97$>=9>$N9(7$5+"51+$#="$
;"$'(-9(+$0'(,$'($'(-9('>7$9$0++1'(;$"0$'N5"*>9(3+$>=9>$>=+7$#+*+$
2(9L1+$>"$93='+H+$'($>=+$#"*1,$"0$*+91'>7X$%=+($=+$>"1,$N+$>='-$->"*7W$
$
^/$=9H+$9$59>'+(>$*';=>$("#$#="-+$N9**'9;+$5*"H+,$>"$L+$9$>*9;+,7X$
R=+$#9(>+,$1"H+\$-+Y291$;*9>'0'39>'"(\$3='1,*+($9(,$-"3'91$5*+->';+\$
L2>$1'0+$L19->+,$911$=+*$="5+-X$!+*$=2-L9(,$,',(]>$1"H+$=+*X$!+$
*+02-+,$+H+($>"$+9>$#'>=$=+*$9(,$0"*3+,$=+*$>"$-+*H+$='-$N+91-$'($='-$
*""N$25->9'*-X$R=+$=9,$("$3='1,*+(\$("$-"3'91$->9(,'(;X$R=+$#+(>$
'(-9(+i$9(,\$'($=+*$'N9;'(9>'"(\$-=+$,'H"*3+,$=+*$=2-L9(,$9(,$
*+-2N+,$=+*$N9',+($(9N+X$R=+$("#$L+1'+H+-$-=+$=9-$N9**'+,$'(>"$
I(;1'-=$9*'->"3*937\$9(,$-=+$'(-'->-$"($L+'(;$3911+,$K9,7$RN'>=X$
$
^.(,$9-$0"*$3='1,*+(\$-=+$'N9;'(+-$("#$>=9>$-=+$=9-$=9,$9$(+#$3='1,$
+H+*7$(';=>X$I93=$>'N+$/$3911$"($=+*$-=+$-97-W$]8"3>"*\$/$=9,$9$L9L7$
19->$(';=>X]$^$
$
K'0+$"(3+$#*+3[+,$911$=+*$,*+9N$-='5-$"($>=+$-=9*5$*"3[-$"0$*+91'>7i$
L2>$'($>=+$-2((7\$09(>9-7$'-1+-$"0$'(-9('>7\$911$=+*$L9*[+(>'(+-$*93+$
'(>"$5"*>$#'>=$39(H9-$L'11"#'(;$9(,$#'(,-$-'(;'(;$>=*"2;=$>=+$N9->-X$
$
^$%*9;'3f$S=\$/$,"(]>$[("#X$!+*$5=7-'3'9($-9',$>"$N+W$/0$/$3"21,$
->*+>3=$"2>$N7$=9(,$9(,$*+->"*+$=+*$-9('>7\$/$#"21,(]>$,"$'>X$R=+]-$
N23=$=955'+*$9-$-=+$'-X^$
$
/0$-"N+$5+"51+$9*+$-"$=2(;*7$0"*$9$0++1'(;$"0$'N5"*>9(3+$>=9>$>=+7$
93>29117$;"$'(-9(+$>"$;+>$'>\$'N9;'(+$#=9>$N'*931+$7"2$9(,$/$39($
93='+H+$L7$;'H'(;$5+"51+$="(+->$955*+3'9>'"($>='-$-',+$"0$'(-9('>7X$
$
S(+$"0$>=+$0'*->$5+"51+$'($.N+*'39($L2-'(+--$>"$L+$59',$9$-919*7$"0$
"H+*$9$N'11'"($,"119*-$9$7+9*$F#=+($>=+*+$#9-$("$'(3"N+$>9Y$9(,$9$
5+*-"($+9*('(;$0'0>7$,"119*-$9$#++[$#9-$3"(-',+*+,$#+11$"00J$#9-$
:=9*1+-$R3=#9L\$!+$=9,$L++($5'3[+,$L7$.(,*+#$:9*(+;'+$>"$L+3"N+$
>=+$0'*->$5*+-',+(>$"0$>=+$(+#17$0"*N+,$Z('>+,$R>9>+-$R>++1$:"N59(7$
'($?@P?\$#=+($R3=#9L$#9-$"(17$>='*>7<+';=>$7+9*-$"1,X$FR3=#9L$19>+*$
1+0>$ZXRX$R>++1$>"$>9[+$"H+*$>=+$>=+(<>*"2L1+,$6+>=1+=+N$R>++1$
:"N59(7\$9(,$=+$*+L2'1>$'>$'(>"$"(+$"0$>=+$N"->$5*"0'>9L1+$3"N59('+-$
'($.N+*'39XJ$
$
&=7$,',$.(,*+#$:9*(+;'+$597$9$N'11'"($,"119*-$9$7+9*\$"*$N"*+$>=9($
>=*++$>="2-9(,$,"119*-$9$,97\$>"$:=9*1+-$R3=#9Lf$&=7f$6+392-+$
R3=#9L$#9-$9$;+('2-f$M"X$6+392-+$=+$[(+#$N"*+$9L"2>$>=+$
N9(2093>2*+$"0$->++1$>=9($">=+*$5+"51+f$M"(-+(-+X$:=9*1+-$R3=#9L$
>"1,$N+$='N-+10$>=9>$=+$=9,$N9(7$N+($#"*['(;$0"*$='N$#="$[(+#$
N"*+$9L"2>$>=+$N9(2093>2*+$"0$->++1$>=9($=+$,',X$
$
R3=#9L$-97-$>=9>$=+$#9-$59',$>='-$-919*7$19*;+17$L+392-+$"0$='-$
9L'1'>7$>"$,+91$#'>=$5+"51+X$/$9-[+,$='N$="#$=+$,',$'>X$!+*+$'-$='-$
-+3*+>$-+>$,"#($'($='-$"#($#"*,-$<$#"*,-$>=9>$"2;=>$>"$L+$39->$'($
+>+*(91$L*"(g+$9(,$=2(;$'($+H+*7$="N+$9(,$-3=""1\$+H+*7$-="5$9(,$
"00'3+$'($>=+$19(,$<$#"*,-$>=9>$3='1,*+($"2;=>$>"$N+N"*'g+$'(->+9,$"0$
#9->'(;$>=+'*$>'N+$N+N"*'g'(;$>=+$3"(l2;9>'"($"0$K9>'($H+*L-$"*$>=+$
9N"2(>$"0$>=+$9((291$*9'(0911$'($6*9g'1$<$#"*,-$>=9>$#'11$911$L2>$
>*9(-0"*N$7"2*$1'0+$9(,$N'(+$'0$#+$#'11$"(17$1'H+$>=+NW$
$
^/$3"(-',+*$N7$9L'1'>7$>"$9*"2-+$+(>=2-'9-N$9N"(;$N7$5+"51+\^$-9',$
R3=#9L\$^>=+$;*+9>+->$9--+>$/$5"--+--\$9(,$>=+$#97$>"$,+H+1"5$>=+$
L+->$>=9>$'-$'($9$5+*-"($'-$L7$955*+3'9>'"($9(,$+(3"2*9;+N+(>X$
$
^%=+*+$'-$(">='(;$+1-+$>=9>$-"$['11-$>=+$9NL'>'"(-$"0$9$5+*-"($9-$
3*'>'3'-N-$0*"N$-25+*'"*-X$/$(+H+*$3*'>'3'g+$9(7<"(+X$/$L+1'+H+$'($;'H'(;$
9$5+*-"($'(3+(>'H+$>"$#"*[X$R"$/$9N$9(Y'"2-$>"$5*9'-+$L2>$1"9>=$>"$
0'(,$0921>X$/0$/$1'[+$9(7>='(;\$/$9N$=+9*>7$'($N7$955*"L9>'"($9(,$19H'-=$
'($N7$5*9'-+X$^$
$
%=9>$'-$#=9>$R3=#9L$,',X$62>$#=9>$,"$9H+*9;+$5+"51+$,"f$%=+$+Y93>$
"55"-'>+X$/0$>=+7$,"(]>$1'[+$9$>='(;\$>=+7$L9#1$"2>$>=+'*$-2L"*,'(9>+-i$
'0$>=+7$,"$1'[+$'>\$>=+7$-97$(">='(;X$.-$>=+$"1,$3"251+>$-97-W$^S(3+$/$
,',$L9,$9(,$>=9>$/$=+9*,$+H+*C%#'3+$/$,',$;"",\$L2>$>=9>$/$=+9*,$
(+H+*X^$
$
^/($N7$#',+$9--"3'9>'"($'($1'0+\$N++>'(;$#'>=$N9(7$9(,$;*+9>$5+"51+$
'($H9*'"2-$59*>-$"0$>=+$#"*1,\^$R3=#9L$,+319*+,\$^/$=9H+$7+>$>"$0'(,$
>=+$5+*-"(\$="#+H+*$;*+9>$"*$+Y91>+,$='-$->9>'"(\$#="$,',$(">$,"$
L+>>+*$#"*[$9(,$52>$0"*>=$;*+9>+*$+00"*>$2(,+*$9$-5'*'>$"0$955*"H91$
>=9($=+$#"21,$+H+*$,"$2(,+*$9$-5'*'>$"0$3*'>'3'-NX^$
$
%=9>$=+$-9',\$0*9([17\$#9-$"(+$"0$>=+$"2>->9(,'(;$*+9-"(-$0"*$>=+$
5=+("N+(91$-233+--$"0$.(,*+#$:9*(+;'+X$:9*(+;'+$5*9'-+,$='-$
9--"3'9>+-$52L1'317$9-$#+11$9-$5*<H9>+17X$
$
:9*(+;'+$#9(>+,$>"$5*9'-+$='-$9--'->9(>-$+H+($"($='-$>"NL->"(+X$!+$
#*">+$9($+5'>95=$0"*$='N-+10$#='3=$*+9,W$^!+*+$1'+-$"(+$#="$[(+#$
="#$>"$;+>$9*"2(,$='N$N+($#="$#+*+$31+H+*+*$>=9($='N-+10W^$
$
R'(3+*+$955*+3'9>'"($#9-$"(+$"0$>=+$-+3*+>-$"0$>=+$0'*->$k"=($8X$
G"3[+0+11+*]-$-233+--$'($=9(,1'(;$N+(X$)"*$+Y9N51+\$#=+($"(+$"0$='-$
59*>(+*-\$I,#9*,$%X$6+,0"*,\$1"->$9$N'11'"($,"119*-$0"*$>=+$0'*N$L7$9$
L9,$L27$'($R"2>=$.N+*'39\$k"=($8X$N';=>$=9H+$3*'>'3'g+,i$L2>$=+$
[(+#$6+,0"*,$=9,$,"(+$='-$L+->$<$9(,$>=+$'(3',+(>$#9-$31"-+,X$R"$
G"3[+0+11+*$0"2(,$-"N+>='(;$>"$5*9'-+i$=+$3"(;*9>219>+,$6+,0"*,$
L+392-+$=+$=9,$L++($9L1+$>"$-9H+$BQ$5+*3+(>$"0$>=+$N"(+7$=+$=9,$
'(H+->+,X$^%=9>]-$-51+(,',\^$-9',$G"3[+0+11+*X$^&+$,"(]>$91#97-$,"$9-$
#+11$9-$>=9>$25->9'*-X^$
$
/$=9H+$9N"(;$N7$31'55'(;-$9$->"*7$>=9>$/$[("#$(+H+*$=955+(+,\$L2>$
'>$'112->*9>+-$9$>*2>=\$-"$/]11$*+5+9>$'>W$
$
.33"*,'(;$>"$>='-$-'117$->"*7\$9$09*N$#"N9(\$9>$>=+$+(,$"0$9$=+9H7$
,97]-$#"*[\$-+>$L+0"*+$=+*$N+(0"1[-$9$=+95'(;$5'1+$"0$=97X$.(,$#=+($
>=+7$'(,';(9(>17$,+N9(,+,$#=+>=+*$-=+$=9,$;"(+$3*9g7\$-=+$*+51'+,W$
^&=7\$="#$,',$/$[("#$7"2],$(">'3+f$/]H+$L++($3""['(;$0"*$7"2$N+($
0"*$>=+$19->$>#+(>7$7+9*-$9(,$'($911$>=9>$>'N+$/$9'(]>$=+9*,$("$#"*,$>"$
1+>$N+$[("#$7"2$#9-(]>$l2->$+9>'(;$=97X^$
$
&=+($9$->2,7$#9-$N9,+$9$0+#$7+9*-$9;"$"($*2(9#97$#'H+-\$#=9>$,"$
7"2$>='([$#9-$,'-3"H+*+,$>"$L+$>=+$N9'($*+9-"($#'H+-$*9($9#97f$/>$
#9-$^193[$"0$955*+3'9>'"(X^$.(,$/],$L+>$>=9>$9$-'N'19*$->2,7$N9,+$"0$
*2(9#97$=2-L9(,-$#"21,$3"N+$"2>$>=+$-9N+$#97X$&+$"0>+($>9[+$"2*$
-5"2-+-$-"$N23=$0"*$;*9(>+,$>=9>$#+$(+H+*$1+>$>=+N$[("#$#+$
955*+3'9>+$>=+NX$
$
.$N+NL+*$"0$"(+$"0$"2*$319--+-$>"1,$"0$9$*+b2+->$N9,+$L7$='-$#'0+X$
R=+$9(,$9$;*"25$"0$">=+*$#"N+($'($=+*$3=2*3=$#+*+$'(H"1H+,$'($9$
-+10<'N5*"H+N+(>$5*";*9NX$R=+$9-[+,$=+*$=2-L9(,$>"$=+15$=+*$L7$
1'->'(;$-'Y$>='(;-$=+$L+1'+H+,$-=+$3"21,$,"$>"$=+15$=+*$L+3"N+$9$
L+>>+*$#'0+X$!+$*+5"*>+,$>"$>=+$319--W$^/$#9-$-2*5*'-+,$L7$-23=$9$
*+b2+->X$)*9([17\$'>$#"21,$=9H+$L++($+9-7$0"*$N+$>"$1'->$-'Y$>='(;-$/$
#"21,$1'[+$>"$3=9(;+$9L"2>$=+*$<$N7$=+9H+(-\$-=+$3"21,$=9H+$1'->+,$9$
>="2-9(,$>='(;-$-=+$#"21,$1'[+$>"$3=9(;+$9L"2>$N+$<$L2>$/$,',(]>X$/$
-9',$>"$=+*\$]K+>$N+$>='([$9L"2>$'>$9(,$;'H+$7"2$9($9(-#+*$'($>=+$
N"*('(;X]$
$
^%=+$(+Y>$N"*('(;$/$;">$25$H+*7$+9*17$9(,$3911+,$>=+$01"*'->$9(,$=9,$
>=+N$-+(,$-'Y$*+,$*"-+-$>"$N7$#'0+$#'>=$9$(">+$-97'(;W$]/$39(]>$>='([$
"0$-'Y$>='(;-$/$#"21,$1'[+$>"$3=9(;+$9L"2>$7"2X$/$1"H+$7"2$>=+$#97$
7"2$9*+X]$
$
^&=+($/$9**'H+,$9>$="N+$>=9>$+H+('(;\$#="$,"$7"2$>='([$;*++>+,$N+$
9>$>=+$,""*W$%=9>]-$*';=>X$a7$#'0+j$R=+$#9-$91N"->$'($>+9*-X$M++,1+--$
>"$-97\$/$#9-$+Y>*+N+17$;19,$/$=9,$(">$3*'>'3'g+,$=+*$9-$-=+$=9,$
*+b2+->+,X$
$
^%=+$0"11"#'(;$R2(,97$9>$3=2*3=\$90>+*$-=+$=9,$*+5"*>+,$>=+$*+-21>-$
"0$=+*$9--';(N+(>\$-+H+*91$#"N+($#'>=$#="N$-=+$=9,$L++($->2,7'(;$
39N+$25$>"$N+$9(,$-9',\$]%=9>$#9-$>=+$N"->$3"(-',+*9>+$>='(;$/$
=9H+$+H+*$=+9*,X]$/>$#9-$>=+($/$*+91'g+,$>=+$5"#+*$"0$955*+3'9>'"(X^$
$
)1"*+(g$p'+;0+1,\$>=+$N"->$-5+3>93219*$5*",23+*$#="$+H+*$,9gg1+,$
6*"9,#97\$;9'(+,$='-$*+52>9>'"($L7$='-$-2L>1+$9L'1'>7$>"$^;1"*'07$>=+$
.N+*'39($;'*1X^$%'N+$90>+*$>'N+\$=+$>""[$,*9L$1'>>1+$3*+9>2*+-$>=9>$("$
"(+$+H+*$1""[+,$9>$>#'3+$9(,$>*9(-0"*N+,$>=+N$"($>=+$->9;+$'(>"$
;19N"*"2-$H'-'"(-$"0$N7->+*7$9(,$-+,23>'"(X$d("#'(;$>=+$H912+$"0$
955*+3'9>'"($9(,$3"(0',+(3+\$=+$N9,+$#"N+($0++1$L+92>'021$L7$>=+$
-=++*$5"#+*$"0$='-$;9119(>*7$9(,$3"(-',+*9>'"(X$!+$#9-$5*93>'391W$=+$
*9'-+,$>=+$-919*7$"0$3="*2-$;'*1-$0*"N$>='*>7$,"119*-$9$#++[$>"$9-$=';=$
9-$"(+$=2(,*+,$9(,$-+H+(>7<0'H+X$.(,$=+$#9-$91-"$3='H91*"2-i$"($
"5+('(;$(';=>$9>$>=+$)"11'+-\$=+$-+(>$>+1+;*9N-$>"$>=+$->9*-$'($>=+$
39->\$9(,$=+$,+12;+,$+H+*7$3="*2-$;'*1$'($>=+$-="#$#'>=$.N+*'39($
6+92>7$*"-+-X$
$
/$"(3+$-2332NL+,$>"$>=+$09,$"0$09->'(;$9(,$#+(>$0"*$-'Y$,97-$9(,$
(';=>-$#'>="2>$+9>'(;X$/>$#9-(]>$,'00'321>X$/$#9-$1+--$=2(;*7$9>$>=+$+(,$
"0$>=+$-'Y>=$,97$>=9($/$#9-$9>$>=+$+(,$"0$>=+$-+3"(,X$_+>$/$[("#\$9-$
7"2$[("#\$5+"51+$#="$#"21,$>='([$>=+7$=9,$3"NN'>>+,$9$3*'N+$'0$
>=+7$1+>$>=+'*$09N'1'+-$"*$+N51"7++-$;"$0"*$-'Y$,97-$#'>="2>$0"",i$L2>$
>=+7$#'11$1+>$>=+N$;"$0"*$-'Y$,97-\$9(,$-'Y$#++[-\$9(,$-"N+>'N+-$
-'Y>7$7+9*-$#'>="2>$;'H'(;$>=+N$>=+$=+9*>7$955*+3'9>'"($>=9>$>=+7$
3*9H+$91N"->$9-$N23=$9-$>=+7$3*9H+$0"",X$
$
&=+($.10*+,$K2(>\$"(+$"0$>=+$;*+9>$93>"*-$"0$='-$>'N+\$5197+,$>=+$
1+9,'(;$*"1+$'($G+2('"($'($V'+((9\$=+$-9',\$^%=+*+$'-$(">='(;$/$(++,$
-"$N23=$9-$("2*'-=N+(>$0"*$N7$-+10<+->++NX^$
$
&+$("2*'-=$>=+$L",'+-$"0$"2*$3='1,*+($9(,$0*'+(,-$9(,$+N51"7++-\$
L2>$="#$-+1,"N$,"$#+$("2*'-=$>=+'*$-+10+->++Nf$&+$5*"H',+$>=+N$
#'>=$*"9->$L++0$9(,$5">9>"+-$>"$L2'1,$+(+*;7\$L2>$#+$(+;1+3>$>"$;'H+$
>=+N$['(,$#"*,-$"0$955*+3'9>'"($>=9>$#"21,$-'(;$'($>=+'*$N+N"*'+-$
0"*$7+9*-$1'[+$>=+$N2-'3$"0$>=+$N"*('(;$->9*-X$
$
4921$!9*H+7\$'($"(+$"0$='-$*9,'"$L*"9,39->-\$^%=+$G+->$"0$>=+$R>"*7\^$
>"1,$="#$-="#'(;$-'(3+*+$955*+3'9>'"($39($3=9(;+$9$5+*-"(]-$1'0+X$!+$
*+5"*>+,$>=9>$7+9*-$9;"$9$>+93=+*$'($8+>*"'>$9-[+,$R>+H'+$a"**'-$>"$
=+15$=+*$0'(,$9$N"2-+$>=9>$#9-$1"->$'($>=+$319--*""NX$_"2$-++\$-=+$
955*+3'9>+,$>=+$093>$>=9>$(9>2*+$=9,$;'H+($R>+H'+$-"N+>='(;$("$"(+$
+1-+$'($>=+$*""N$=9,X$M9>2*+$=9,$;'H+($R>+H'+$9$*+N9*[9L1+$59'*$"0$
+9*-$>"$3"N5+(-9>+$0"*$='-$L1'(,$+7+-X$62>$>='-$#9-$*+9117$>=+$0'*->$
>'N+$R>+H'+$=9,$L++($-="#($955*+3'9>'"($0"*$>="-+$>91+(>+,$+9*-X$
M"#\$7+9*-$19>+*\$=+$-97-$>=9>$>='-$93>$"0$955*+3'9>'"($#9-$>=+$
L+;'(('(;$"0$9$(+#$1'0+X$_"2$-++\$0*"N$>=9>$>'N+$"($=+$,+H+1"5+,$='-$
;'0>$"0$=+9*'(;$9(,$#+(>$"($>"$L+3"N+\$2(,+*$>=+$->9;+$(9N+$"0$
R>+H'+$&"(,+*\$"(+$"0$>=+$;*+9>$5"5$-'(;+*-$9(,$9(,$-"(;#*'>+*-$"0$
>=+$-+H+(>'+-Xn$
$
n$4921$.2*9(,>\$4921$!9*H+7]-$%=+$G+->$"0$>=+$R>"*7$FM+#$_"*[W$
8"2L1+,97\$?@OOJX$I,'>+,$9(,$3"N5'1+,$L7$K7((+$!9*H+7X$:"57*';=>$
F3J$L7$49217((+\$/(3X$
$
R"N+$*+9,+*-$9*+$-97'(;$*';=>$("#$9-$>=+7$*+9,$>=+-+$1'(+-W$^S=\$
5=""+7j$)19>>+*7j$6+9*$"'1j$/]H+$>*'+,$>=9>$->200X$/>$,"+-(]>$#"*[$<$(">$
#'>=$'(>+11';+(>$5+"51+X^$
$
S0$3"2*-+$019>>+*7$-+1,"N$#"*[-$#'>=$,'-3+*('(;$5+"51+X$/>$'-$-=911"#\$
-+10'-=$9(,$'(-'(3+*+X$/>$"2;=>$>"$09'1$9(,$'>$2-29117$,"+-X$%*2+\$-"N+$
5+"51+$9*+$-"$=2(;*7\$-"$>='*->7\$0"*$955*+3'9>'"($>=9>$>=+7$#'11$
-#911"#$9(7>='(;\$l2->$9-$9$->9*H'(;$N9($#'11$+9>$;*9--$9(,$
0'-=#"*N-X$
$
IH+($h2++($V'3>"*'9$#9-$-2-3+5>'L1+$>"$019>>+*7X$4*'N+$a'('->+*$
6+(l9N'($8'-*9+1'$3"(0+--+,$>=9>$=+$52>$'>$"($>='3[$'($,+91'(;$#'>=$
>=+$h2++(X$%"$2-+$='-$+Y93>$#"*,-\$=+$-9',$=+$^-5*+9,$'>$"($#'>=$9$
>*"#+1X^$62>$8'-*9+1'$#9-$"(+$"0$>=+$N"->$5"1'-=+,\$,+0>$9(,$9,*"'>$
N+($#="$+H+*$*21+,$>=+$09*<012(;$6*'>'-=$IN5'*+X$!+$#9-$9$;+('2-$'($
='-$1'(+X$&=9>$#"21,$#"*[$0"*$='N$#"21,(]>$(+3+--9*'17$#"*[$0"*$7"2$
9(,$N+X$/($>=+$1"(;$*2(\$019>>+*7$#'11$,"$7"2$N"*+$=9*N$>=9($;"",X$
)19>>+*7$'-$3"2(>+*0+'>\$9(,$1'[+$3"2(>+*0+'>$N"(+7\$'>$#'11$+H+(>29117$
;+>$7"2$'(>"$>*"2L1+$'0$7"2$59--$'>$>"$-"N+"(+$+1-+X$
$
%=+$,'00+*+(3+$L+>#++($955*+3'9>'"($9(,$019>>+*7f$%=9>$'-$-'N51+X$
S(+$'-$-'(3+*+$9(,$>=+$">=+*$'(-'(3+*+X$S(+$3"N+-$0*"N$>=+$=+9*>$
"2>i$>=+$">=+*$0*"N$>=+$>++>=$"2>X$S(+$'-$2(-+10'-=i$>=+$">=+*$-+10'-=X$
S(+$'-$2('H+*-9117$9,N'*+,i$>=+$">=+*$2('H+*-9117$3"(,+N(+,X$
$
/$*+3+(>17$-9#$9$L2->$"0$a+Y'39($=+*"$`+(+*91$.1H9*"$SL*+;"($'($>=+$
:=9521>+5+3$59193+$'($a+Y'3"$:'>7X$6+1"#$>=+$L2->$9*+$39*H+,$>=+-+$
#'-+$#"*,-$0*"N$`+(+*91$SL*+;"(]-$5='1"-"5=7W$^8"(]>$L+$90*9',$"0$
+(+N'+-$#="$9>>93[$7"2X$6+$90*9',$"0$>=+$0*'+(,-$#="$019>>+*$7"2X^$
$
M"j$M"j$M"j$/$9N$(">$-2;;+->'(;$019>>+*7j$)9*$0*"N$'>X$/]N$>91['(;$
9L"2>$9$(+#$#97$"0$1'0+X$K+>$N+$*+5+9>X$/$9N$>91['(;$9L"2>$9$(+#$
#97$"0$1'0+X$
$
d'(;$`+"*;+$V$=9,$9$-+>$"0$-'Y$N9Y'N-$,'-5197+,$"($>=+$#911-$"0$='-$
->2,7$9>$623['(;=9N$49193+X$S(+$"0$>=+-+$N9Y'N-$-9',W$^%+93=$N+$
(+'>=+*$>"$5*"00+*$("*$*+3+'H+$3=+95$5*9'-+X^$%=9>]-$911$019>>+*7$'-$<$
3=+95$5*9'-+X$/$"(3+$*+9,$9$,+0'('>'"($"0$019>>+*7$>=9>$N97$L+$#"*>=$
*+5+9>'(;W$^)19>>+*7$'-$>+11'(;$>=+$">=+*$5+*-"($5*+3'-+17$#=9>$=+$
>='([-$9L"2>$='N-+10X^$
$
^Z-+$#=9>$19(;29;+$7"2$#'11\^$-9',$G915=$&91,"$IN+*-"(\$^7"2$39($
(+H+*$-97$9(7>='(;$L2>$#=9>$7"2$9*+$X^$
$
/0$911$#+$=9,$>"$,"$#9-$019>>+*\$+H+*7L",7$#"21,$39>3=$"($9(,$#+$
-="21,$911$L+$+Y5+*>-$'($=2N9($*+19>'"(-X$
$
&=+($#+$9*+$(">$+(;9;+,$'($>='(['(;$9L"2>$-"N+$,+0'('>+$5*"L1+N\$
#+$2-29117$-5+(,$9L"2>$@T$5+*3+(>$"0$"2*$>'N+$>='(['(;$9L"2>$
"2*-+1H+-X$M"#\$'0$#+$->"5$>='(['(;$9L"2>$"2*-+1H+-$0"*$9$#='1+$9(,$
L+;'($>"$>='([$"0$>=+$">=+*$5+*-"(]-$;"",$5"'(>-\$#+$#"(]>$=9H+$>"$
*+-"*>$>"$019>>+*7$-"$3=+95$9(,$091-+$>=9>$'>$39($L+$-5">>+,$91N"->$
L+0"*+$'>$'-$"2>$"0$>=+$N"2>=\$
$
S(+$"0$>=+$N"->$(+;1+3>+,$H'*>2+-$"0$"2*$,9'17$+Y'->+(3+$'-$
955*+3'9>'"(\$R"N+="#\$#+$(+;1+3>$>"$5*9'-+$"2*$-"($"*$,92;=>+*$
#=+($=+$"*$-=+$L*'(;-$="N+$9$;"",$*+5"*>$39*,\$9(,$#+$09'1$>"$
+(3"2*9;+$"2*$3='1,*+($#=+($>=+7$0'*->$-233++,$'($L9['(;$9$39[+$"*$
L2'1,'(;$9$L'*,="2-+X$
$
M">='(;$51+9-+-$3='1,*+($N"*+$>=9($>='-$['(,$"0$59*+(>91$'(>+*+->$9(,$
955*"H91X$
$
%=+$(+Y>$>'N+$7"2$+(l"7$0'1+>$N';("($9>$>=+$312L\$-+(,$#"*,$>"$>=+$
3=+0$>=9>$'>$#9-$+Y3+11+(>17$5*+59*+,\$9(,$#=+($9$>'*+,$-91+-5+*-"($
-="#-$7"2$2(2-291$3"2*>+-7\$51+9-+$N+(>'"($'>X$
$
IH+*7$N'('->+*\$1+3>2*+*$9(,$52L1'3$-5+9[+*$[("#-$>=+$
,'-3"2*9;+N+(>$"0$5"2*'(;$='N-+10$"*$=+*-+10$"2>$>"$9($92,'+(3+$9(,$
(">$*+3+'H'(;$9$-'(;1+$*'551+$"0$955*+3'9>'H+$3"NN+(>X$&=9>$9551'+-$
>"$5*"0+--'"(91-$9551'+-$,"2L17$>"$#"*[+*-$'($"00'3+-\$-="5-$9(,$
093>"*'+-$9(,$"2*$09N'1'+-$9(,$0*'+(,-X$/($"2*$'(>+*5+*-"(91$*+19>'"(-$
#+$-="21,$(+H+*$0"*;+>$>=9>$911$"2*$9--"3'9>+-$9*+$=2N9($L+'(;-$9(,$
=2(;+*$0"*$955*+3'9>'"(X$/>$'-$>=+$1+;91$>+(,+*$>=9>$911$-"21-$+(l"7X$
$
%*7$1+9H'(;$9$0*'+(,17$>*9'1$"0$1'>>1+$-59*[-$"0$;*9>'>2,+$"($7"2*$,9'17$
>*'5-X$_"2$#'11$L+$-2*5*'-+,$="#$>=+7$#'11$-+>$-N911$019N+-$"0$
0*'+(,-='5$>=9>$#'11$L+$*"-+$L+93"(-$"($7"2*$(+Y>$H'-'>X$
$
49N+19$82(=9N$"0$M+#$)9'*0'+1,\$:"((+3>'32>\$=9,$9N"(;$=+*$
*+-5"(-'L'1'>'+-$"($=+*$l"L$>=+$-25+*H'-'"($"0$9$l9('>"*$#="$#9-$,"'(;$
9$H+*7$5""*$l"LX$%=+$">=+*$+N51"7++-$#"21,$l++*$9>$='N$9(,$1'>>+*$>=+$
=911#97-$>"$-="#$='N$#=9>$9$L9,$l"L$=+$#9-$,"'(;X$/>$#9-$-"$L9,\$
5*",23>'H+$>'N+$#9-$L+'(;$1"->$'($>=+$-="5X$
$
&'>="2>$-233+--\$49N$>*'+,$H9*'"2-$#97-$>"$N">'H9>+$>='-$5+*-"(X$
R=+$(">'3+,$>=9>$"339-'"(9117$=+$,',$9$59*>'3219*17$;"",$5'+3+$"0$
#"*[X$R=+$N9,+$9$5"'(>$>"$5*9'-+$='N$0"*$'>$'($0*"(>$"0$>=+$">=+*$
5+"51+X$I93=$,97$>=+$l"L$=+$,',$911$9*"2(,$;">$L+>>+*\$9(,$5*+>>7$
-""($=+$->9*>+,$,"'(;$911$='-$#"*[$+00'3'+(>17X$M"#$=+$,"+-$9($
+Y3+11+(>$l"L$9(,$">=+*$5+"51+$;'H+$='N$955*+3'9>'"($9(,$*+3";('>'"(X$
!"(+->$955*+3'9>'"($;">$*+-21>-$#=+*+$3*'>'3'-N$9(,$*','321+$09'1+,X$
$
!2*>'(;$5+"51+$(">$"(17$,"+-$(">$3=9(;+$>=+N\$'>$'-$(+H+*$3911+,$0"*X$
%=+*+$'-$9($"1,$-97'(;$>=9>$/$=9H+$32>$"2>$9(,$59->+,$"($N7$N'**"*$
#=+*+$/$39((">$=+15$L2>$-++$'>$+H+*7$,97W$
$
/$-=911$59--$>='-$#97$L2>$"(3+i$9(7$;"",\$>=+*+0"*+\$>=9>$/$39($,"$"*$
9(7$['(,(+--$>=9>$/$39($-="#$>"$9(7$=2N9($L+'(;\$1+>$N+$,"$'>$("#X$
K+>$N+$(">$,+0+*$("*$(+;1+3>$'>\$0"*$/$-=911$(">$59--$>='-$#97$9;9'(X$
$
IN+*-"($-9',W$^IH+*7$N9($/$N++>$'-$N7$-25+*'"*$'($-"N+$#97\$/($
>=9>\$/$1+9*($"0$='NX^$
$
/0$>=9>$#9-$>*2+$"0$IN+*-"(\$'-(]>$'>$1'[+17$>"$L+$9$>="2-9(,$>'N+-$
N"*+$>*2+$"0$7"2$9(,$N+f$K+>]-$3+9-+$>='(['(;$"0$"2*$
933"N51'-=N+(>-\$"2*$#9(>-X$K+>]-$>*7$>"$0';2*+$"2>$>=+$">=+*$
5+*-"(]-$;"",$5"'(>-X$%=+($0"*;+>$019>>+*7X$`'H+$="(+->\$-'(3+*+$
955*+3'9>'"(X$6+$^=+9*>7$'($7"2*$955*"L9>'"($9(,$19H'-=$'($7"2*$
5*9'-+\^$9(,$5+"51+$#'11$3=+*'-=$7"2*$#"*,-$9(,$>*+9-2*+$>=+N$9(,$
*+5+9>$>=+N$"H+*$9$1'0+>'N+$<$*+5+9>$>=+N$7+9*-$90>+*$7"2$=9H+$
0"*;">>+($>=+NX$
$
c$4*'(3'51+$P$`'H+$="(+->$9(,$-'(3+*+$955*+3'9>'"(X$$
$
ooooooo$
$
A$<$^!+$&="$:9($8"$%='-$!9-$%=+$&="1+$&"*1,$&'>=$!'NX$!+$&="$
:9((">$&91[-$.$K"(+17$&97^$
$
/$"0>+($#+(>$0'-='(;$25$'($a9'(+$,2*'(;$>=+$-2NN+*X$4+*-"(9117$/$9N$
H+*7$0"(,$"0$->*9#L+**'+-$9(,$3*+9N\$L2>$/$=9H+$0"2(,$>=9>$0"*$-"N+$
->*9(;+$*+9-"(\$0'-=$5*+0+*$#"*N-X$R"$#=+($/$#+(>$0'-='(;\$/$,',(]>$
>='([$9L"2>$#=9>$/$#9(>+,X$/$>="2;=>$9L"2>$#=9>$>=+7$#9(>+,X$/$
,',(]>$L9'>$>=+$=""[$#'>=$->*9#L+**'+-$9(,$3*+9NX$G9>=+*\$/$,9(;1+,$9$
#"*N$"*$9$;*9--="55+*$'($0*"(>$"0$>=+$0'-=$9(,$-9',W$^&"21,(]>$7"2$
1'[+$>"$=9H+$>=9>f^$
$
&=7$(">$2-+$>=+$-9N+$3"NN"($-+(-+$#=+($0'-='(;$0"*$5+"51+f$
$
%=9>$'-$#=9>$K1"7,$`+"*;+\$`*+9>$6*'>9'(]-$4*'N+$a'('->+*$,2*'(;$
&"*1,$&9*$/\$,',X$&=+($-"N+"(+$9-[+,$='N$="#$=+$N9(9;+,$>"$
->97$'($5"#+*$90>+*$>=+$">=+*$#9*>'N+$1+9,+*-$<$&'1-"(\$S*19(,"$9(,$
:1+N+(3+92$<$=9,$L++($0"*;">>+(\$=+$*+51'+,$>=9>$'0$='-$->97'(;$"($
>"5$N';=>$L+$9>>*'L2>+,$>"$9(7$"(+$>='(;\$'>$#"21,$L+$>"$='-$=9H'(;$
1+9*(+,$>=9>$'>$#9-$(+3+--9*7$>"$L9'>$>=+$=""[$>"$-2'>$>=+$0'-=$X$
$
&=7$>91[$9L"2>$#=9>$#+$#9(>f$%=9>$'-$3='1,'-=X$.L-2*,X$S0$3"2*-+\$
7"2$9*+$'(>+*+->+,$'($#=9>$7"2$#9(>X$_"2$9*+$+>+*(9117$'(>+*+->+,$'($
'>X$62>$("$"(+$+1-+$'-X$%=+$*+->$"0$2-$9*+$l2->$1'[+$7"2W$#+$9*+$
'(>+*+->+,$'($#=9>$#+$#9(>X$
$
R"$>=+$"(17$#97$3N$+9*>=$>"$'(012+(3+$">=+*$5+"51+$'-$>"$>91[$9L"2>$
#=9>$>=+7$#9(>$9(,$-="#$>=+N$="#$>"$;+>$'>X$
$
G+N+NL+*$>=9>$>"N"**"#$#=+($7"2$9*+$>*7'(;$>"$;+>$-"N+L",7$>"$
,"$-"N+>='(;X$/0\$0"*$+Y9N51+\$7"2$,"(]>$#9(>$7"2*$3='1,*+($>"$
-N"[+\$,"(]>$5*+93=$9>$>=+N\$9(,$,"(]>$>91[$9L"2>$#=9>$7"2$#9(>i$
L2>$-="#$>=+N$>=9>$3';9*+>>+-$N97$[++5$>=+N$0*"N$N9['(;$>=+$
L9-[+>L911$>+9N$"*$#'(('(;$>=+$=2(,*+,<79*,$,9-=X$
$
%='-$'-$9$;"",$>='(;$>"$*+N+NL+*$*+;9*,1+--$"0$#=+>=+*$7"2$9*+$
,+91'(;$#'>=$3='1,*+($"*$391H+-$"*$3='N59(g++-X$)"*$+Y9N51+W$"(+$
,97$G915=$&91,"$IN+*-"($9(,$='-$-"($>*'+,$>"$;+>$9$3910$'(>"$>=+$
L9*(X$62>$>=+7$N9,+$>=+$3"NN"($N'->9[+$"0$>='(['(;$"(17$"0$#=9>$
>=+7$#9(>+,W$IN+*-"($52-=+,$9(,$='-$-"($5211+,X$62>$>=+$3910$#9-$
,"'(;$l2->$#=9>$>=+7$#+*+$,"'(;i$=+$#9-$>='(['(;$"(17$"0$#=9>$=+$
#9(>+,i$-"$=+$->'00+(+,$='-$1+;-$9(,$->2LL"*(17$*+02-+,$>"$1+9H+$>=+$
59->2*+X$%=+$/*'-=$="2-+N9',$-9#$>=+'*$5*+,'39N+(>X$R=+$3"21,(]>$
#*'>+$+--97-$9(,$L""[-i$L2>\$"($>='-$"339-'"($9>$1+9->\$-=+$=9,$N"*+$
="*-+$-+(-+\$"*$3910$-+(-+\$>=9($IN+*-"($=9,X$R=+$>="2;=>$"0$#=9>$
>=+$3910$#9(>+,i$-"$-=+$52>$=+*$N9>+*(91$0'(;+*$'($>=+$3910]-$N"2>=$
9(,$1+>$>=+$3910$-23[$=+*$0'(;+*$9-$-=+$;+(>17$1+,$='N$'(>"$>=+$L9*(X$
$
IH+*7$93>$7"2$=9H+$+H+*$5+*0"*N+,$-'(3+$>=+$,97$7"2$#+*+$L"*($#9-$
5+*0"*N+,$L+392-+$7"2$#9(>+,$-"N+>='(;X$!"#$9L"2>$>=+$>'N+$7"2$
;9H+$9$19*;+$3"(>*'L2>'"($>"$>=+$G+,$:*"--f$_+-\$>=9>$'-$("$+Y3+5>'"($
>"$>=+$*21+X$_"2$;9H+$>=+$G+,$:*"--$>=+$,"(9>'"($L+392-+$7"2$
#9(>+,$>"$1+(,$9$=+15'(;$=9(,i$7"2$#9(>+,$>"$,"$9$L+92>'021\$
2(-+10'-=\$,'H'(+$93>X$^$/(9-N23=$9-$7+$=9H+$,"(+$'>$2(>"$"(+$"0$>=+$
1+9->$"0$>=+-+$N7$L*+>=*+(\$7+$=9H+$,"(+$'>$2(>"$N+X^$
$
/0$7"2$=9,(]>$#9(>+,$>=9>$0++1'(;$N"*+$>=9($7"2$#9(>+,$7"2*$N"(+7\$
7"2$#"21,$(">$=9H+$N9,+$>=+$3"(>*'L2>'"(X$S0$3"2*-+\$7"2$N';=>$
=9H+$N9,+$>=+$3"(>*'L2>'"($L+392-+$7"2$#+*+$9-=9N+,$>"$*+02-+$"*$
L+392-+$9$32->"N+*$9-[+,$7"2$>"$,"$'>X$62>$"(+$>='(;$'-$3+*>9'(X$_"2$
N9,+$>=+$3"(>*'L2>'"($L+392-+$7"2$#9(>+,$-"N+>='(;X$
$
!9**7$.\$SH+*->*++>$'($='-$'112N'(9>'(;$L""[$/(012+(3'(;$!2N9($
6+=9H'"*$-9',i$^.3>'"($-5*'(;-$"2>$"0$#=9>$#+$02(,9N+(>9117$,+-'*+$
XXX$9(,$>=+$L+->$5'+3+$"0$9,H'3+$#='3=$39($L+$;'H+($>"$#"21,<L+$
5+*-29,+*-\$#=+>=+*$'($L2-'(+--\$'($>=+$="N+\$'($>=+$-3=""1\$'($
5"1'>'3-\$'-W$)'*->\$9*"2-+$'($>=+$">=+*$5+*-"($9($+9;+*$#9(>X$!+$#="$
39($,"$>='-$=9-$>=+$#="1+$#"*1,$#'>=$='NX$!+$#="$39((">$#91[-$9$
1"(+17$#97X^$
$
.(,*+#$:9*(+;'+\$>=+$5"H+*>7<->*'3[+($R3">3=$19,$#="$->9*>+,$>"$
#"*[$9>$>#"$3+(>-$9($="2*$9(,$0'(9117$;9H+$9#97$mABT$N'11'"(\$
1+9*(+,$+9*17$'($1'0+$>=9>$>=+$"(17$#97$>"$'(012+(3+$5+"51+$'-$>"$>91[$'($
>+*N-$"0$#=9>$>=+$">=+*$5+*-"($#9(>-X$!+$9>>+(,+,$-3=""1$"(17$0"2*$
7+9*-i$7+>$=+$1+9*(+,$="#$>"$=9(,1+$5+"51+X$
$
%"$'112->*9>+W$!'-$-'->+*<'(<19#$#9-$#"**'+,$-'3[$"H+*$=+*$>#"$L"7-X$
%=+7$#+*+$9>$_91+\$9(,$>=+7$#+*+$-"$L2-7$#'>=$>=+'*$"#($9009'*-$>=9>$
>=+7$(+;1+3>+,$>"$#*'>+$="N+$9(,$59',$("$9>>+(>'"($#=9>+H+*$>"$>=+'*$
N">=+*]-$0*9(>'3$1+>>+*-X$
$
%=+($:9*(+;'+$"00+*+,$>"$#9;+*$9$=2(,*+,$,"119*-$>=9>$=+$3"21,$;+>$
9($9(-#+*$L7$*+>2*($N9'1\$#'>="2>$+H+($9-['(;$0"*$'>X$R"N+"(+$3911+,$
='-$L+>i$-"$=+$#*">+$='-$(+5=+#-$9$3=9>>7$1+>>+*\$N+(>'"('(;$39-29117$
'($9$5"-><-3*'5>$>=9>$=+$#9-$-+(,'(;$+93=$"(+$9$0'H+<,"119*$L'11X$
$
!+$(+;1+3>+,\$="#+H+*\$>"$+(31"-+$>=+$N"(+7X$
$
693[$39N+$*+51'+-$L7$*+>2*($N9'1$>=9(['(;$^8+9*$Z(31+$.(,*+#^$0"*$
='-$['(,$(">+$9(,<7"2$39($0'('-=$>=+$-+(>+(3+$7"2*-+10X$
$
.(">=+*$+Y9N51+$"0$5+*-29,'(;$3"N+-$0*"N$R>9($M"H9[$"0$:1+H+19(,\$
S='"\$9$59*>'3'59(>$'($"2*$3"2*-+X$R>9($39N+$="N+$0*"N$#"*[$"(+$
+H+('(;$>"$0'(,$='-$7"2(;+->$-"(\$%'N\$['3['(;$9(,$-3*+9N'(;$"($>=+$
1'H'(;$*""N$01""*X$!+$#9-$>"$->9*>$['(,+*;9*>+($>=+$(+Y>$,97$9(,$#9-$
5*">+->'(;$>=9>$=+$#"21,$(">$;"X$R>9(]-$("*N91$*+93>'"($#"21,$=9H+$
L++($>"$L9('-=$>=+$3='1,$>"$='-$*""N$9(,$>+11$='N$=+],$l2->$L+>>+*$
N9[+$25$='-$N'(,$>"$;"X$!+$=9,$("$3="'3+X$62>$>"(';=>\$*+3";('g'(;$
>=9>$>='-$#"21,$(">$*+9117$=+15$%'N$->9*>$['(,+*;9*>+($'($>=+$L+->$
0*9N+$"0$N'(,\$R>9($-9>$,"#($9(,$>="2;=>\$^/0$/$#+*+$%'N\$#=7$
#"21,$/$L+$+Y3'>+,$9L"2>$;"'(;$>"$['(,+*;9*>+(f^$!+$9(,$='-$#'0+$
N9,+$9$1'->$"0$911$>=+$02($>='(;-$%'N$#"21,$,"$-23=$9-$0'(;+*$59'(>'(;\$
-'(;'(;$-"(;-\$N9['(;$(+#$0*'+(,-X$%=+($>=+7$52>$>=+N$'(>"$93>'"(X$
^&+$911$->9*>+,$0'(;+*<59'(>'(;$"($>=+$['>3=+($>9L1+<N7$#'0+\$K'1\$N7$
">=+*$-"($6"L\$9(,$N7-+10\$911$=9H'(;$02(X$R""($%'N$#9-$5++5'(;$
9*"2(,$>=+$3"*(+*X$M+Y>$=+$#9-$L+;;'(;$>"$59*>'3'59>+X$]S=\$("j$_"2$
=9H+$>"$;"$>"$['(,+*;9*>+($0'*->$>"$1+9*($="#$>"$0'(;+*<59'(>X]$&'>=$911$
>=+$+(>=2-'9-N$/$3"21,$N2->+*$/$#+(>$>=*"2;=$>=+$1'->$>91['(;$'($
>+*N-$=+$3"21,$2(,+*->9(,<>+11'(;$='N$911$>=+$02($=+$#"21,$=9H+$'($
['(,+*;9*>+(X$%=+$(+Y>$N"*('(;\$/$>="2;=>$/$#9-$>=+$0'*->$"(+$25X$/$
#+(>$,"#(->9'*-$9(,$0"2(,$%'N$-'>>'(;$-"2(,$9-1++5$'($>=+$1'H'(;$
*""N$3=9'*X$]&=9>$9*+$7"2$,"'(;$=+*+f]$/$9-[+,X$]/]N$#9'>'(;$>"$;"$>"$
['(,+*;9*>+(X$/$,"(]>$#9(>$>"$L+$19>+X]$%=+$+(>=2-'9-N$"0$"2*$+(>'*+$
09N'17$=9,$9*"2-+,$'($%'N$9($+9;+*$#9(>$>=9>$("$9N"2(>$"0$
,'-32--'"($"*$>=*+9>$3"21,$=9H+$5"--'L17$933"N51'-=+,X^$
$
%"N"**"#$7"2$N97$#9(>$>"$5+*-29,+$-"N+L",7$>"$,"$-"N+>='(;X$
6+0"*+$7"2$-5+9[\$592-+$9(,$9-[$7"2*-+10W$^!"#$39($/$N9[+$>='-$
5+*-"($#9(>$>"$,"$'>f^$
$
%=9>$b2+->'"($#'11$->"5$2-$0*"N$*2-='(;$'(>"$9$-'>29>'"($=++,1+--17\$
#'>=$02>'1+$3=9>>+*$9L"2>$"2*$,+-'*+-X$
$
.>$"(+$>'N+$/$*+(>+,$>=+$;*9(,$L911*""N$"0$9$3+*>9'($M+#$_"*[$=">+1$
0"*$>#+(>7$(';=>-$'($+93=$-+9-"($'($"*,+*$>"$="1,$9$-+*'+-$"0$1+3>2*+-X$
$
.>$>=+$L+;'(('(;$"0$"(+$-+9-"(\$/$#9-$-2,,+(17$'(0"*N+,$>=9>$/$
-="21,$=9H+$>"$597$91N"->$>=*++$>'N+-$9-$N23=$*+(>$9-$0"*N+*17X$
%='-$(+#-$*+93=+,$N+$90>+*$>=+$>'3[+>-$=9,$L++($5*'(>+,$9(,$
,'->*'L2>+,$9(,$911$9(("2(3+N+(>-$=9,$L++($N9,+X$
$
M9>2*9117\$/$,',(]>$#9(>$>"$597$>=+$'(3*+9-+\$L2>$#=9>$#9-$>=+$2-+$"0$
>91['(;$>"$>=+$=">+1$9L"2>$#=9>$/$#9(>+,f$%=+7$#+*+$'(>+*+->+,$"(17$
'($#=9>$>=+7$#9(>+,X$R"$9$3"251+$"0$,97-$19>+*$/$#+(>$>"$-++$>=+$
N9(9;+*X$
$
^/$#9-$9$L'>$-="3[+,$#=+($/$;">$7"2*$1+>>+*\^$/$-9',\$^L2>$/$,"(]>$
L19N+$7"2$9>$911X$/0$/$=9,$L++($'($7"2*$5"-'>'"(\$/$-="21,$5*"L9L17$
=9H+$#*'>>+($9$-'N'19*$1+>>+*$N7-+10X$_"2*$,2>7$9-$>=+$N9(9;+*$"0$>=+$
=">+1$'-$>"$N9[+$911$>=+$5*"0'>$5"--'L1+X$/0$7"2$,"(]>$,"$>=9>\$7"2$#'11$
L+$0'*+,$9(,$7"2$"2;=>$>"$L+$0'*+,X$M"#\$1+>]-$>9[+$9$5'+3+$"0$595+*$
9(,$#*'>+$,"#($>=+$9,H9(>9;+-$9(,$>=+$,'-9,H9(>9;+-$>=9>$#'11$
933*2+$>"$7"2\$'0$7"2$'(-'->$"($>='-$'(3*+9-+$'($*+(>X^$
$
%=+($/$>""[$9$1+>>+*=+9,$9(,$*9($9$1'(+$>=*"2;=$>=+$3+(>+*$9(,$
=+9,+,$"(+$3"12N($^.,H9(>9;+-^$9(,$>=+$">=+*$3"12N($
^8'-9,H9(>9;+-X^$
$
/$#*">+$,"#($2(,+*$>=+$=+9,$^.,H9(>9;+-^$>=+-+$#"*,-W$^6911*""N$
0*++X^$%=+($/$#+(>$"($>"$-97W$^_"2$#'11$=9H+$>=+$9,H9(>9;+$"0$=9H'(;$
>=+$L911*""N$0*++$>"$*+(>$0"*$,9(3+-$9(,$3"(H+(>'"(-X$%=9>$'-$9$L';$
9,H9(>9;+\$0"*$9009'*-$1'[+$>=9>$#'11$597$7"2$N23=$N"*+$>=9($7"2$39($
;+>$0"*$9$-+*'+-$"0$1+3>2*+-X$/0$/$>'+$7"2*$L911*""N$25$0"*$>#+(>7$(';=>-$
,2*'(;$>=+$3"2*-+$"0$>=+$-+9-"(\$'>$'-$-2*+$>"$N+9($9$1"--$"0$-"N+$
H+*7$5*"0'>9L1+$L2-'(+--$>"$7"2X$
$
^M"#\$1+>]-$]3"(-',+*$>=+$,'-9,H9(>9;+-X$)'*->\$'(->+9,$"0$'(3*+9-'(;$
7"2*$'(3"N+$0*"N$N+\$7"2$9*+$;"'(;$>"$,+3*+9-+$'>X$/($093>\$7"2$9*+$
;"'(;$>"$#'5+$'>$"2>$L+392-+$/$39((">$597$>=+$*+(>$7"2$9*+$9-['(;X$/$
-=911$L+$0"*3+,$>"$="1,$>=+-+$1+3>2*+-$9>$-"N+$">=+*$5193+X$
$
^%=+*+]-$9(">=+*$,'-9,H9(>9;+$>"$7"2$91-"X$%=+-+$1+3>2*+-$9>>*93>$
3*"#,-$"0$+,239>+,$9(,$321>2*+,$5+"51+$>"$7"2*$=">+1X$%=9>$'-$;"",$
9,H+*>'-'(;$0"*$7"2\$'-(]>$'>f$/($093>\$'0$7"2$-5+(>$0'H+$>="2-9(,$,"119*-$
9,H+*>'-'(;$'($>=+$(+#-595+*-\$7"2$3"21,(]>$L*'(;$9-$N9(7$5+"51+$>"$
1""[$9>$7"2*$=">+1$9-$/$39($L*'(;$L7$>=+-+$1+3>2*+-X$%=9>$'-$#"*>=$9$1">$
>"$9$=">+1\$'-(]>$'>f^$$
$
.-$/$>91[+,\$/$#*">+$>=+-+$>#"$^,'-9,H9(>9;+-^$2(,+*$>=+$5*"5+*$
=+9,'(;\$9(,$=9(,+,$>=+$-=++>$"0$595+*$>"$>=+$N9(9;+*\$-97'(;W$^/$
#'-=$7"2$#"21,$39*+02117$3"(-',+*$L">=$>=+$9,H9(>9;+-$9(,$
,'-9,H9(>9;+-$>=9>$9*+$;"'(;$>"$933*2+$>"$7"2$9(,$>=+($;'H+$N+$7"2*$
0'(91$,+3'-'"(X^$
$
/$*+3+'H+,$9$1+>>+*$>=+$(+Y>$,97\$'(0"*N'(;$N+$>=9>$N7$*+(>$#"21,$L+$
'(3*+9-+,$"(17$TQ$5+*3+(>$'(->+9,$"0$AQQ$5+*3+(>X$
$
a'(,$7"2\$/$;">$>='-$*+,23>'"($#'>="2>$-97'(;$9$#"*,$9L"2>$#=9>$/$
#9(>+,X$/$>91[+,$911$>=+$>'N+$9L"2>$#=9>$>=+$">=+*$5+*-"($#9(>+,$
9(,$="#$=+$3"21,$;+>$'>X$
$
R255"-+$/$=9,$,"(+$>=+$=2N9(\$(9>2*91$>='(;i$-255"-+$/$=9,$
->"*N+,$'(>"$='-$"00'3+$9(,$-9',\$^&=9>$,"$7"2$N+9($L7$*9'-'(;$N7$
*+(>$>=*++$=2(,*+,$5+*3+(>$#=+($7"2$[("#$>=+$>'3[+>-$=9H+$L++($
5*'(>+,$9(,$>=+$9(("2(3+N+(>-$N9,+f$%=*++$=2(,*+,$5+*3+(>j$
G','321"2-j$.L-2*,j$/$#"(]>$597$'>j^$
$
&=9>$#"21,$=9H+$=955+(+,$>=+(f$.($9*;2N+(>$#"21,$=9H+$L+;2($
>"$->+9N$9(,$L"'1$9(,$-52>>+*$<$9(,$7"2$[("#$="#$9*;2N+(>-$+(,X$
IH+($'0$/$=9,$3"(H'(3+,$='N$>=9>$=+$#9-$#*"(;\$='-$5*',+$#"21,$=9H+$
N9,+$'>$,'00'321>$0"*$='N$>"$L93[$,"#($9(,$;'H+$'(X$
$
!+*+$'-$"(+$"0$>=+$L+->$L'>-$"0$9,H'3+$+H+*$;'H+($9L"2>$>=+$0'(+$9*>$"0$
=2N9($*+19>'"(-='5-X$^/0$>=+*+$'-$9(7$"(+$-+3*+>$"0$-233+--\^$-9',$
!+(*7$)"*,\$^'>$1'+-$'($>=+$9L'1'>7$>"$;+>$>=+$">=+*$5+*-"(]-$5"'(>$"0$
H'+#$9(,$-++$>='(;-$0*"N$>=9>$5+*-"(]-$9(;1+$9-$#+11$9-$0*"N$7"2*$
"#(X^$
$
%=9>$'-$-"$;"",\$/$#9(>$>"$*+5+9>$'>W$^/0$>=+*+$'-$9(7$"(+$-+3*+>$"0$
-233+--\$'>$1'+-$'($>=+$9L'1'>7$>"$;+>$>=+$">=+*$5+*-"(]-$5"'(>$"0$H'+#$
9(,$-++$>='(;-$0*"N$>=9>$5+*-"(]-$9(;1+$9-$#+11$9-$0*"N$7"2*$"#(X^$
$
%=9>$'-$-"$-'N51+\$-"$"LH'"2-\$>=9>$9(7"(+$"2;=>$>"$-++$>=+$>*2>=$"0$'>$
9>$9$;19(3+i$7+>$@Q$5+*3+(>$"0$>=+$5+"51+$"($>='-$+9*>=$';("*+$'>$@Q$
5+*3+(>$"0$>=+$>'N+X$
$
.($+Y9N51+f$K""[$9>$>=+$1+>>+*-$>=9>$3"N+$93*"--$7"2*$,+-[$
>"N"**"#$N"*('(;\$9(,$7"2$#'11$0'(,$>=9>$N"->$"0$>=+N$H'"19>+$>='-$
'N5"*>9(>$39("($"0$3"NN"($-+(-+X$%9[+$>='-$"(+\$9$1+>>+*$#*'>>+($L7$
>=+$=+9,$"0$>=+$*9,'"$,+59*>N+(>$"0$9($9,H+*>'-'(;$9;+(37$#'>=$
"00'3+-$-39>>+*+,$93*"--$>=+$3"(>'(+(>X$%='-$1+>>+*$#9-$-+(>$>"$>=+$
N9(9;+*-$"0$1"391$*9,'"$->9>'"(-$>=*"2;="2>$>=+$3"2(>*7X$F/$=9H+$-+>$
,"#(\$'($L*93[+>-\$N7$*+93>'"(-$>"$+93=$59*9;*95=XJ$
$
a*X$k"=($619([\$619([H'11+\$/(,'9(9$
$
8+9*$a*X$619([W$%=+$<<<<<<$3"N59(7$,+-'*+-$>"$*+>9'($'>-$5"-'>'"($'($
9,H+*>'-'(;$9;+(37$1+9,+*-='5$'($>=+$*9,'"$0'+1,X$
$
q&="$39*+-$#=9>$7"2*$3"N59(7$,+-'*+-f$/$9N$#"**'+,$9L"2>$N7$"#($
5*"L1+N-X$%=+$L9([$'-$0"*+31"-'(;$>=+$N"*>9;+$"($N7$="2-+\$>=+$
L2;-$9*+$,+->*"7'(;$>=+$="117="3[-\$>=+$->"3[$N9*[+>$>2NL1+,$
7+->+*,97X$/$N'--+,$>=+$+';=><0'0>++($>='-$N"*('(;\$/$#9-(]>$'(H'>+,$>"$
>=+$k"(+-]-$,9(3+$19->$(';=>\$>=+$,"3>"*$>+11-$N+$/$=9H+$=';=$L1"",$
5*+--2*+$9(,$(+2*'>'-$9(,$,9(,*200X$.(,$>=+($#=9>$=955+(-f$/$3"N+$
,"#($>"$>=+$"00'3+$>='-$N"*('(;$#"**'+,\$"5+($N7$N9'1$9(,$=+*+$'-$
-"N+$1'>>1+$#='55+*-(955+*$"00$'($M+#$_"*[$7955'(;$9L"2>$#=9>$='-$
3"N59(7$#9(>-X$69=j$/0$=+$"(17$*+91'g+,$#=9>$-"*>$"0$'N5*+--'"($='-$
1+>>+*$N9[+-\$=+$#"21,$;+>$"2>$"0$>=+$9,H+*>'-'(;$L2-'(+--$9(,$->9*>$
N9(2093>2*'(;$-=++5$,'5Xr$
$
%='-$9;+(37]-$(9>'"(91$9,H+*>'-'(;$933"2(>-$#+*+$>=+$L21#9*[$"0$>=+$
(+>#"*[X$S2*$-2L-+b2+(>$31+9*9(3+-$"0$->9>'"($>'N+$=9H+$[+5>$2-$9>$
>=+$>"5$"0$9;+(3'+-$7+9*$90>+*$7+9*X$
$
q_"2$9*+$L';$9(,$*'3=$9(,$*';=>$9>$>=+$>"5\$9*+$7"2f$R"$#=9>f$/$,"(]>$
;'H+$>#"$#=""5-$'($!9,+-$'0$7"2$9*+$9-$L';$9-$`+(+*91$a">"*-$9(,$
`+(+*91$I1+3>*'3$9(,$>=+$`+(+*91$R>900$"0$>=+$ZXRX$.*N7$911$3"NL'(+,X$
/0$7"2$=9,$9-$N23=$-+(-+$9-$9$=910<#'>>+,$=2NN'(;L'*,\$7"2$#"21,$
*+91'g+$>=9>$/$9N$'(>+*+->+,$'($="#$L';$/$9N$<$(">$="#$L';$7"2$9*+X$
.11$>='-$>91[$9L"2>$7"2*$+("*N"2-$-233+--$N9[+-$N+$0++1$-N911$9(,$
2('N5"*>9(>Xr$
$
&+$,+-'*+$>"$-+*H'3+$"2*$933"2(>-$#'>=$>=+$19->$#"*,$"($*9,'"$->9>'"($
'(0"*N9>'"(X$
$
q_"2$,+-'*+j$_"2$,+-'*+X$_"2$2(N'>';9>+,$9--X$/]N$(">$'(>+*+->+,$'($
#=9>$7"2$,+-'*+$"*$#=9>$>=+$4*+-',+(>$"0$>=+$Z('>+,$R>9>+-$,+-'*+-X$
K+>$N+$>+11$7"2$"(3+$9(,$0"*$911$>=9>$/$9N$'(>+*+->+,$'($#=9>$/$,+-'*+$
<$9(,$7"2$=9H+(]>$-9',$9$#"*,$9L"2>$>=9>$7+>$'($>='-$9L-2*,$1+>>+*$"0$
7"2*-$Xr$
$
&'11$7"2\$>=+*+0"*+\$52>$>=+$<<<<<<<<<<$3"N59(7$"($7"2*$5*+0+**+,$1'->$
0"*$#++[17$->9>'"($'(0"*N9>'"($<$+H+*7$-'(;1+$,+>9'1$>=9>$#'11$L+$2-+021$
>"$9($9;+(37$'($'(>+11';+(>17$L""['(;$>'N+X$
$
q^4*+0+**+,$1'->X^$_"2$=9H+$7"2*$(+*H+j$_"2$N9[+$N+$0++1$
'(-';('0'39(>$L7$7"2*$L';$>91[$9L"2>$7"2*$3"N59(7$<$(,$>=+($7"2$9-[$
N+$>"$52>$7"2$"($9$^5*+0+**+,^$1'->\$9(,$7"2$,"(]>$+H+($-97$^51+9-+^$
#=+($7"2$9-[$'>Xr$
$
.$5*"N5>$93[("#1+,;N+(>$"0$>='-$1+>>+*\$;'H'(;$2-$7"2*$19>+->$
^,"'(;-\^$#'11$L+$N2>29117$=+15021X$
$
q_"2$0""1j$_"2$N9'1$N+$9$3=+95$0"*N$1+>>+*$<$9$1+>>+*$-39>>+*+,$09*$
9(,$#',+$1'[+$>=+$92>2N($1+9H+-$<$9(,$7"2$=9H+$>=+$;911$>"$9-[$N+\$
#=+($/$9N$#"**'+,$9L"2>$>=+$N"*>;9;+$9(,$>=+$="117="3[-$9(,$N7$
L1"",$5*+--2*+\$>"$-'>$,"#($9(,$,'3>9>+$9$5+*-"(91$(">+$
93[("#1+,;'(;$7"2*$0"*N$1+>>+*$<$9(,$7"2$9-[$N+$>"$,"$'>$^5*"N5>17X^$
&=9>$,"$7"2$N+9(\$^5*"N5>17^Xf$8"(]>$7"2$[("#$/$9N$l2->$9-$L2-7$
9-$7"2$9*+$<$"*\$9>$1+9->\$/$1'[+$>"$>='([$/$9NX$.(,$#='1+$#+$9*+$"($>=+$
-2Ll+3>\$#="$;9H+$7"2$>=+$1"*,17$*';=>$>"$"*,+*$N+$9*"2(,f$XXX$_"2$
-97$'>$#'11$L+$^N2>29117$=+15021X^$.>$19->\$9>$19->\$7"2$=9H+$L+;2($>"$
-++$N7$H'+#5"'(>X$62>$7"2$9*+$H9;2+$9L"2>$="#$'>$#'11$L+$>"$N7$
9,H9(>9;+Xr$
$
V+*7$>*217$7"2*-\$k"=($8"+$a9(9;+*$G9,'"$8+59*>N+(>$
$
4XRX$%=+$+(31"-+,$*+5*'(>$0*"N$>=+$619([H'11+$k"2*(91$#'11$L+$"0$
'(>+*+->$>"$7"2\$9(,$7"2$N97$#9(>$>"$L*"9,39->$'>$"H+*$7"2*$->9>'"(X$
$
q)'(9117\$,"#($=+*+$'($>=+$5"->-3*'5>\$7"2$N+(>'"($-"N+>='(;$>=9>$
N97$=+15$N+$-"1H+$"(+$"0$N7$5*"L1+N-X$&=7$,',(]>$7"2$L+;'($7"2*$
1+>>+*$#'>=$<$L2>$#=9>]-$>=+$2-+f$.(7$9,H+*>'-'(;$N9($#="$'-$;2'1>7$"0$
5+*5+>*9>'(;$-23=$,*'H+1$9-$7"2$=9H+$-+(>$N+$=9-$-"N+>='(;$#*"(;$
#'>=$='-$N+,2119$"L1"(;9>9X$_"2$,"(]>$(++,$9$1+>>+*$;'H'(;$"2*$19>+->$
,"'(;-X$&=9>$7"2$(++,$'-$9$b29*>$"0$'",'(+$'($7"2*$>=7*"',$;19(,Xr$
$
M"#\$'0$5+"51+$#="$,+H">+$>=+'*$1'H+-$>"$9,H+*>'-'(;$9(,$#="$5"-+$9-$
+Y5+*>-$'($>=+$9*>$"0$'(012+(3'(;$5+"51+$>"$L27$<$'0$>=+7$#*'>+$9$1+>>+*$
1'[+$>=9>\$#=9>$39($#+$+Y5+3>$0*"N$>=+$L2>3=+*$9(,$L9[+*$"*$>=+$92>"$
N+3=9('3f$
$
!+*+$'-$9(">=+*$1+>>+*\$#*'>>+($L7$>=+$-25+*'(>+(,+(>$"0$9$19*;+$
0*+';=>$>+*N'(91$>"$9$->2,+(>$"0$>='-$3"2*-+\$I,#9*,$V+*N71+(X$&=9>$
+00+3>$,',$>='-$1+>>+*$=9H+$"($>=+$N9($>"$#="N$'>$#9-$9,,*+--+,f$
G+9,$'>$9(,$>=+($/]11$>+11$7"2X$
$
.X$p+*+;9]-$R"(-\$/(3X$PE$)*"(>$R>X$6*""[17(\$MX_X$??PQ?$.>>+(>'"(W$
a*X$I,#9*,$V+*N71+($`+(>1+N+(W$
$
%=+$"5+*9>'"(-$9>$"2*$"2>L"2(,<*9'1<*+3+'H'(;$->9>'"($9*+$
=9(,'3955+,$L+392-+$9$N9>+*'91$5+*3+(>9;+$"0$>=+$>">91$L2-'(+--$'-$
,+1'H+*+,$2-$'($>=+$19>+$90>+*(""(X$%='-$3"(,'>'"($*+-21>-$'($
3"(;+->'"(\$"H+*>'N+$"($>=+$59*>$"0$"2*$0"*3+-\$,+197-$>"$>*23[-\$9(,$
'($-"N+$39-+-$,+197-$>"$0*+';=>X$S($M"H+NL+*$?Q\$#+$*+3+'H+,$0*"N$
7"2*$3"N59(7$9$1">$"0$T?Q$5'+3+-\$#='3=$*+93=+,$=+*+$9>$DWPQ$4XaX$
$
&+$-"1'3'>$7"2*$3""5+*9>'"($>"#9*,$"H+*3"N'(;$>=+$2(,+-'*9L1+$
+00+3>-$9*'-'(;$0*"N$19>+$*+3+'5>$"0$0*+';=>X$a97$#+$9-[$>=9>\$"($,97-$
"($#='3=$7"2$-='5$>=+$H"12N+$#='3=$#9-$*+3+'H+,$"($>=+$9L"H+$
,9>+\$+00"*>$L+$N9,+$+'>=+*$>"$;+>$>=+$>*23[$=+*+$+9*1'+*$"*$>"$,+1'H+*$
2-$59*>$"0$>=+$0*+';=>$,2*'(;$>=+$N"*('(;f$
$
%=+$9,H9(>9;+$>=9>$#"21,$933*2+$>"$7"2$2(,+*$-23=$9($9**9(;+N+(>$
#"21,$L+$>=9>$"0$N"*+$+Y5+,'>'"2-$,'-3=9*;+$"0$7"2*$>*23[-$9(,$>=+$
9--2*9(3+$>=9>$7"2*$L2-'(+--$#"21,$;"$0"*#9*,$"($>=+$,9>+$"0$'>-$
*+3+'5>X$
$
V+*7$>*217$7"2*-\$k<<<<<$6$<<<<<$R25>X$
$
.0>+*$*+9,'(;$>='-$1+>>+*\$a*X$V+*N71+(\$-91+-$N9(9;+*$0"*$.X$p+*+;9]-$
R"(-\$/(3X\$-+(>$'>$>"$N+$#'>=$>=+$0"11"#'(;$3"NN+(>W$
$
%='-$1+>>+*$=9,$>=+$*+H+*-+$+00+3>$0*"N$>=9>$#='3=$#9-$'(>+(,+,X$%=+$
1+>>+*$L+;'(-$L7$,+-3*'L'(;$>=+$%+*N'(91]-$,'00'321>'+-\$'($#='3=$#+$9*+$
(">$'(>+*+->+,\$;+(+*9117$-5+9['(;X$S2*$3""5+*9>'"($'-$>=+($*+b2+->+,$
#'>="2>$9(7$>="2;=>$9-$>"$#=+>=+*$'>$#"21,$'(3"(H+('+(3+$2-\$9(,$
>=+(\$0'(9117\$'($>=+$19->$59*9;*95=\$>=+$093>$'-$N+(>'"(+,$>=9>$'0$#+$
,"$3""5+*9>+$'>$#'11$N+9($N"*+$+Y5+,'>'"2-$,'-3=9*;+$"0$"2*$>*23[-$
#'>=$>=+$9--2*9(3+$>=9>$"2*$0*+';=>$#'11$;"$0"*#9*,$"($>=+$,9>+$"0$'>-$
*+3+'5>X$
$
/($">=+*$#"*,-\$>=9>$'($#='3=$#+$9*+$N"->$'(>+*+->+,$'-$N+(>'"(+,$
19->$9(,$>=+$#="1+$+00+3>$'-$"(+$"0$*9'-'(;$9$-5'*'>$"0$9(>9;"('-N$
*9>=+*$>=9($"0$3""5+*9>'"(X$
$
K+>]-$-++$'0$#+$39(]>$*+#*'>+$9(,$'N5*"H+$>='-$1+>>+*X$K+>]-$(">$#9->+$
9(7$>'N+$>91['(;$9L"2>$"2*$5*"L1+N-X$.-$!+(*7$)"*,$9,N"('-=+-\$
1+>]-$^;+>$>=+$">=+*$5+*-"(]-$5"'(>$"0$H'+#$9(,$-++$>='(;-$0*"N$='-$"*$
=+*$9(;1+\$9-$#+11$9-$0*"N$"2*$"#(X^$
$
!+*+$'-$"(+$#97$"0$*+H'-'(;$>=+$1+>>+*X$/>$N97$(">$L+$>=+$L+->$#97\$
L2>$'-(]>$'>$9($'N5*"H+N+(>f$
$
a*X$I,#9*,$V+*N71+($s$.X$p+*+;9]-$R"(-\$/(3X$PE$)*"(>$R>X$
6*""[17(\$MX_X$??PQ?$
$
8+9*$a*X$V+*N71+(W$
$
_"2*$3"N59(7$=9-$L++($"(+$"0$"2*$;"",$32->"N+*-$0"*$0"2*>++($
7+9*-X$M9>2*9117\$#+$9*+$H+*7$;*9>+021$0"*$7"2*$59>*"(9;+$9(,$9*+$
+9;+*$>"$;'H+$7"2$>=+$-5++,7\$+00'3'+(>$-+*H'3+$7"2$,+-+*H+X$
!"#+H+*\$#+$*+;*+>$>"$-97$>=9>$'>$'-(]>$5"--'L1+$0"*$2-$>"$,"$>=9>$
#=+($7"2*$>*23[-$L*'(;$2-$9$19*;+$-='5N+(>$19>+$'($>=+$90>+*(""(\$9-$
>=+7$,',$"($M"H+NL+*$?QX$&=7f$6+392-+$N9(7$">=+*$32->"N+*-$
N9[+$19>+$90>+*(""($,+1'H+*'+-$91-"X$M9>2*9117\$>=9>$392-+-$
3"(;+->'"(X$%=9>$N+9(-$7"2*$>*23[-$9*+$=+1,$25$2(9H"',9L17$9>$>=+$
5'+*$9(,$-"N+>'N+-$+H+($7"2*$0*+';=>$'-$,+197+,X$
$
%=9>]-$L9,\$L2>$'>$39($L+$9H"',+,X$/0$7"2$N9[+$7"2*$,+1'H+*'+-$9>$>=+$
5'+*$'($>=+$N"*('(;$#=+($5"--'L1+\$7"2*$>*23[-$#'11$L+$9L1+$>"$[++5$
N"H'(;\$7"2*$0*+';=>$#'11$;+>$'NN+,'9>+$9>>+(>'"(\$9(,$"2*$#"*[+*-$
#'11$;+>$="N+$+9*17$9>$(';=>$>"$+(l"7$9$,'((+*$"0$>=+$,+1'3'"2-$
N939*"('$9(,$("",1+-$>=9>$7"2$N9(2093>2*+X$
$
G+;9*,1+--$"0$#=+($7"2*$-='5N+(>-$9**'H+\$#+$-=911$91#97-$3=++*02117$
,"$911$'($"2*$5"#+*$>"$-+*H+$7"2$5*"N5>17X$_"2$9*+$L2-7X$41+9-+$,"(]>$
>*"2L1+$>"$9(-#+*$>='-$(">+X$
$
_"2*-$>*217\$k<<<<<$6<<<<<\$-25>X$
$
69*L9*9$.(,+*-"(\$#="$#"*[+,$'($9$L9([$'($M+#$_"*[\$,+-'*+,$>"$
N"H+$>"$4="+('Y\$.*'g"(9\$L+392-+$"0$>=+$=+91>=$"0$=+*$-"(X$Z-'(;$
>=+$5*'(3'51+-$-=+$=9,$1+9*(+,$'($"2*$3"2*-+\$-=+$#*">+$>=+$0"11"#'(;$
1+>>+*$>"$>#+1H+$L9([-$'($4="+('YW$
$
8+9*$R'*W$
$
a7$>+($7+9*-$"0$L9([$+Y5+*'+(3+$-="21,$L+$"0$'(>+*+->$>"$9$*95',17$
;*"#'(;$L9([$1'[+$7"2*-X$
$
/($H9*'"2-$39593'>'+-$'($L9([$"5+*9>'"(-$#'>=$>=+$69([+*-$%*2->$
:"N59(7$'($M+#$_"*[\$1+9,'(;$>"$N7$5*+-+(>$9--';(N+(>$9-$6*9(3=$
a9(9;+*\$/$=9H+$93b2'*+,$-['11-$'($911$5=9-+-$"0$L9(['(;$'(312,'(;$
,+5"-'>"*$*+19>'"(-\$3*+,'>-\$1"9(-$9(,$9,N'('->*9>'"(X$
$
/$#'11$L+$*+1"39>'(;$>"$4="+('Y$'($a97$9(,$/$9N$-2*+$/$39($3"(>*'L2>+$
>"$7"2*$;*"#>=$9(,$5*"0'>X$/$#'11$L+$'($4="+('Y$>=+$#++[$"0$.5*'1$A$
9(,$#"21,$955*+3'9>+$>=+$"55"*>2('>7$>"$-="#$7"2$="#$/$39($=+15$
7"2*$L9([$N++>$'>-$;"91-X$
$
R'(3+*+17\$69*L9*9$KX$.(,+*-"($
$
8"$7"2$>='([$a*-X$.(,+*-"($*+3+'H+,$9(7$*+-5"(-+$0*"N$>=9>$1+>>+*f$
I1+H+($"0$>=+$>#+1H+$L9([-$'(H'>+,$=+*$>"$L+$'(>+*H'+#+,\$9(,$-=+$
=9,$9$3="'3+$"0$#='3=$L9([]-$"00+*$>"$933+5>X$&=7f$a*-X$.(,+*-"($
,',$(">$->9>+$#=9>$-=+$#9(>+,\$L2>$#*">+$'($>=+$1+>>+*$="#$-=+$3"21,$
=+15$>=+N\$9(,$0"32-+,$"($>=+'*$#9(>-\$(">$=+*$"#(X$
$
%="2-9(,-$"0$-91+-5+"51+$9*+$5"2(,'(;$>=+$59H+N+(>-$>",97\$>'*+,\$
,'-3"2*9;+,$9(,$2(,+*59',X$&=7f$6+392-+$>=+7$9*+$91#97-$>='(['(;$
"(17$"0$#=9>$>=+7$#9(>X$%=+7$,"(]>$*+91'g+$>=9>$(+'>=+*$7"2$("*$/$
#9(>$>"$L27$9(7>='(;X$/0$#+$,',\$#+$#"21,$;"$"2>$9(,$L27$'>X$62>$
L">=$"0$2-$9*+$+>+*(9117$'(>+*+->+,$'($-"1H'(;$"2*$5*"L1+N-X$.(,$'0$
-91+-5+"51+$39($-="#$2-$="#$>=+'*$-+*H'3+-$"*$N+*3=9(,'-+$#'11$=+15$
2-$-"1H+$"2*$5*"L1+N-\$>=+7$#"(]>$(++,$>"$-+11$2-X$&+]11$L27X$.(,$
32->"N+*-$1'[+$>"$0++1$>=9>$>=+7$9*+$L27'(;$<$(">$L+'(;$-"1,X$
$
_+>$N9(7$-91+-5+"51+$-5+(,$9$1'0+>'N+$'($-+11'(;$#'>="2>$-++'(;$
>='(;-$0*"N$>=+$32->"N+*]-$9(;1+X$)"*$+Y9N51+\$0"*$N9(7$7+9*-$/$
1'H+,$'($)"*+->$!'11-\$9$1'>>1+$3"NN2('>7$"0$5*'H9>+$="N+-$'($>=+$3+(>+*$
"0$`*+9>+*$M+#$_"*[X$S(+$,97$9-$/$#9-$*2-='(;$>"$>=+$->9>'"(\$/$
3=9(3+,$>"$N++>$9$*+91<+->9>+$"5+*9>"*$#="$=9,$L"2;=>$9(,$-"1,$
5*"5+*>7$'($>=9>$9*+9$0"*$N9(7$7+9*-X$!+$[(+#$)"*+->$!'11-$#+11\$-"$/$
=2**'+,17$9-[+,$='N$#=+>=+*$"*$(">$N7$->233"$="2-+$#9-$L2'1>$#'>=$
N+>91$19>=$"*$="11"#$>'1+X$!+$-9',$=+$,',(]>$[("#$9(,$>"1,$N+$#=9>$/$
91*+9,7$[(+#$<$>=9>$/$3"21,$0'(,$"2>$L7$3911'(;$>=+$)"*+->$!'11-$`9*,+($
.--"3'9>'"(X$%=+$0"11"#'(;$N"*('(;\$/$*+3+'H+,$9$1+>>+*$0*"N$='NX$8',$
=+$;'H+$N+$>=+$'(0"*N9>'"($/$#9(>+,f$!+$3"21,$=9H+$;">>+($'>$'($
-'Y>7$-+3"(,-$L7$9$>+1+5="(+$3911X$62>$=+$,',(]>X$!+$>"1,$N+$9;9'($
>=9>$/$3"21,$;+>$'>$L7$>+1+5="('(;\$9(,$>=+($9-[+,$N+$>"$1+>$='N$
=9(,1+$N7$'(-2*9(3+X$
$
!+$#9-$(">$'(>+*+->+,$'($=+15'(;$N+X$!+$#9-$'(>+*+->+,$"(17$'($
=+15'(;$='N-+10X$
$
kX$!"#9*,$K239-$"0$6'*N'(;=9N\$.19L9N9\$>+11-$="#$>#"$-91+-5+"51+$
0*"N$>=+$-9N+$3"N59(7$=9(,1+,$>=+$-9N+$>75+$"0$-'>29>'"(\$!+$
*+5"*>+,W$
$
^R+H+*91$7+9*-$9;"$/$#9-$"($>=+$N9(9;+N+(>$>+9N$"0$9$-N911$
3"N59(7X$!+9,b29*>+*+,$(+9*$2-$#9-$>=+$,'->*'3>$"00'3+$"0$9$19*;+$
'(-2*9(3+$3"N59(7X$%=+'*$9;+(>-$#+*+$9--';(+,$>+**'>"*'+-\$9(,$"2*$
3"N59(7$#9-$9--';(+,$>"$>#"$9;+(>-\$#="N$/$-=911$*+0+*$>"$9-$:9*1$
9(,$k"=(X$
$
^S(+$N"*('(;\$:9*1$,*"55+,$L7$"2*$"00'3+$9(,$39-29117$N+(>'"(+,$
>=9>$='-$3"N59(7$=9,$l2->$'(>*",23+,$9$(+#$1'0+$'(-2*9(3+$5"1'37$0"*$
+Y+32>'H+-$9(,$>="2;=>$#+$N';=>$L+$'(>+*+->+,$19>+*$"($9(,$=+$
#"21,$;+>$L93[$>"$2-$#=+($=+$=9,$N"*+$'(0"*N9>'"($"($'>X$
$
^%=+$-9N+$,97\$k"=($-9#$2-$"($>=+$-',+#91[$#='1+$*+>2*('(;$0*"N$9$
3"00++$L*+9[\$9(,$=+$-="2>+,W$]!+7$K2[+\$="1,$25\$/$=9H+$-"N+$;*+9>$
(+#-$0"*$7"2$0+11"#-X]$!+$=2**'+,$"H+*$9(,$H+*7$+Y3'>+,17$>"1,$2-$
9L"2>$9($+Y+32>'H+$1'0+$'(-2*9(3+$5"1'37$='-$3"N59(7$=9,$'(>*",23+,$
>=9>$H+*7$,97X$F/>$#9-$>=+$-9N+$5"1'37$>=9>$:9*1$=9,$39-29117$
N+(>'"(+,XJ$!+$#9(>+,$2-$>"$=9H+$"(+$"0$>=+$0'*->$'--2+,X$!+$;9H+$
2-$9$0+#$'N5"*>9(>$093>-$9L"2>$>=+$3"H+*9;+$9(,$+(,+,$-97'(;\$]%=+$
5"1'37$'-$-"$(+#\$/]N$;"'(;$>"$=9H+$-"N+"(+$0*"N$>=+$="N+$"00'3+$
3"N+$"2>$>"N"**"#$9(,$+Y519'($'>X$M"#\$'($>=+$N+9(>'N+\$1+>]-$;+>$
>=+$9551'39>'"(-$-';(+,$9(,$"($>=+$#97$-"$=+$39($=9H+$N"*+$
'(0"*N9>'"($>"$#"*[$#'>=X]$!'-$+(>=2-'9-N$9*"2-+,$'($2-$9($+9;+*$
#9(>$0"*$>='-$5"1'37$+H+($>="2;=$#+$->'11$,',$(">$=9H+$,+>9'1-\$&=+($
>=+7$#+*+$N9,+$9H9'19L1+$>"$2-\$>=+7$3"(0'*N+,$k"=(]-$'('>'91$
2(,+*->9(,'(;$"0$>=+$5"1'37\$9(,$=+$(">$"(17$-"1,$+93=$"0$2-$9$5"1'37\$
L2>$19>+*$,"2L1+,$"2*$3"H+*9;+X$
$
^:9*1$3"21,$=9H+$=9,$>="-+$-91+-\$L2>$=+$N9,+$("$+00"*>$>"$9*"2-+$'($
2-$9(7$,+-'*+$0"*$>=+$5"1'3'+-X^$
$
%=+$#"*1,$'-$0211$"0$5+"51+$#="$9*+$;*9LL'(;$9(,$-+10<-++['(;X$R"$>=+$
*9*+$'(,'H',291$#="$2(-+10'-=17$>*'+-$>"$-+*H+$">=+*-$=9-$9($+("*N"2-$
9,H9(>9;+X$!+$=9-$1'>>1+$3"N5+>'>'"(X$S#+($8X$_"2(;\$9$(">+,$19#7+*$
9(,$"(+$"0$.N+*'39]-$;*+9>$L2-'(+--$1+9,+*-\$"(3+$-9',W$^4+"51+$#="$
39($52>$>=+N-+1H+-$'($>=+$5193+$"0$">=+*$5+"51+$#="$39($2(,+*->9(,$
>=+$#"*['(;-$"0$>=+'*$N'(,-\$(++,$(+H+*$#"**7$9L"2>$#=9>$>=+$02>2*+$
=9-$'($->"*+$0"*$>=+NX^$
$
/0$"2>$"0$*+9,'(;$>='-$L""[$7"2$;+>$l2->$"(+$>='(;$<$9($'(3*+9-+,$
>+(,+(37$>"$>='([$91#97-$'($>+*N-$"0$">=+*$5+"51+]-$5"'(>$"0$H'+#\$
9(,$-++$>='(;-$0*"N$>=+'*$9(;1+$<$'0$7"2$;+>$>=9>$"(+$>='(;$"2>$"0$>='-$
L""[\$'>$N97$+9-'17$5*"H+$>"$L+$"(+$"0$>=+$L2'1,'(;$L1"3[-$"0$7"2*$
39*++*X$
$
K""['(;$9>$>=+$">=+*$5+*-"(]-$5"'(>$"0$H'+#$9(,$9*"2-'(;$'($='N$9($
+9;+*$#9(>$0"*$-"N+>='(;$'-$(">$>"$L+$3"(->*2+,$9-$N9('5219>'(;$
>=9>$5+*-"($-"$>=9>$=+$#'11$,"$-"N+>='(;$>=9>$'-$"(17$0"*$7"2*$L+(+0'>$
9(,$='-$,+>*'N+(>X$I93=$59*>7$-="21,$;9'($0*"N$>=+$(+;">'9>'"(X$/($
>=+$1+>>+*-$>"$a*X$V+*N71+(\$L">=$>=+$-+(,+*$9(,$>=+$*+3+'H+*$"0$>=+$
3"**+-5"(,+(3+$;9'(+,$L7$'N51+N+(>'(;$#=9>$#9-$-2;;+->+,X$6">=$
>=+$L9([$9(,$a*-X$.(,+*-"($#"($L7$=+*$1+>>+*$'($>=9>$>=+$L9([$
"L>9'(+,$9$H9129L1+$+N51"7++$9(,$a*-X$.(,+*-"($9$-2'>9L1+$l"LX$.(,$
'($>=+$+Y9N51+$"0$k"=(]-$-91+$"0$'(-2*9(3+$>"$a*X$K239-\$L">=$;9'(+,$
>=*"2;=$>='-$>*9(-93>'"(X$
$
.(">=+*$+Y9N51+$'($#='3=$+H+*7L",7$;9'(-$>=*"2;=$>='-$5*'(3'51+$"0$
9*"2-'(;$9($+9;+*$#9(>$3"N+-$0*"N$a'3=9+1$IX$&=',,+($"0$&9*#'3[\$
G=",+$/-19(,\$#="$'-$9$>+**'>"*7$-91+-N9($0"*$>=+$R=+11$S'1$:"N59(7X$
a'[+$#9(>+,$>"$L+3"N+$>=+$M2NL+*$S(+$-91+-5+*-"($'($='-$,'->*'3>\$
L2>$"(+$-+*H'3+$->9>'"($#9-$="1,'(;$='N$L93[X$/>$#9-$*2($L7$9($"1,+*$
N9($#="$3"21,$(">$L+$N">'H9>+,$>"$31+9($25$='-$->9>'"(X$/>$#9-$'($
-23=$5""*$-=95+$>=9>$-91+-$#+*+$,+31'('(;$-';('0'39(>17X$
$
%='-$N9(9;+*$#"21,$(">$1'->+($>"$9(7$"0$a'[+]-$51+9-$>"$25;*9,+$>=+$
->9>'"(X$.0>+*$N9(7$+Y="*>9>'"(-$9(,$=+9*><>"<=+9*>$>91[-$<$911$"0$
#='3=$=9,$("$'N593>$<$a'[+$,+3',+,$>"$'(H'>+$>=+$N9(9;+*$>"$H'-'>$>=+$
(+#+->$R=+11$->9>'"($'($='-$>+**'>"*7X$
$
%=+$N9(9;+*$#9-$-"$'N5*+--+,$L7$>=+$093'1'>'+-$9>$>=+$(+#$->9>'"($
>=9>$#=+($a'[+$H'-'>+,$='N$>=+$(+Y>$>'N+\$='-$->9>'"($#9-$31+9(+,$25$
9(,$=9,$*+3"*,+,$9$-91+-$'(3*+9-+X$%='-$+(9L1+,$a'[+$>"$*+93=$>=+$
M2NL+*$S(+$-5">$'($='-$,'->*'3>X$.11$='-$>91['(;$9(,$,'-32--'"($=9,(]>$
=+15+,\$L2>$L7$9*"2-'(;$9($+9;+*$#9(>$'($>=+$N9(9;+*\$L7$-="#'(;$
='N$>=+$N",+*($->9>'"(\$=+$=9,$933"N51'-=+,$='-$;"91\$9(,$L">=$>=+$
N9(9;+*$9(,$a'[+$L+(+0'>+,X$
$
a"->$5+"51+$;"$>=*"2;=$3"11+;+$9(,$1+9*($>"$*+9,$V'*;'1$9(,$N9->+*$
>=+$N7->+*'+-$"0$3913212-$#'>="2>$+H+*$,'-3"H+*'(;$="#$>=+'*$"#($
N'(,-$02(3>'"(X$)"*$'(->9(3+W$/$"(3+$;9H+$9$3"2*-+$'($I00+3>'H+$
R5+9['(;$0"*$>=+$7"2(;$3"11+;+$;*9,29>+-$#="$#+*+$+(>+*'(;$>=+$
+N51"7$"0$>=+$:9**'+*$:"*5"*9>'"(\$>=+$19*;+$9'*<3"(,'>'"(+*$
N9(2093>2*+*X$S(+$"0$>=+$59*>'3'59(>-$#9(>+,$>"$5+*-29,+$>=+$">=+*-$
>"$5197$L9-[+>L911$'($>=+'*$0*++$>'N+\$9(,$>='-$'-$9L"2>$#=9>$=+$-9',W$
^/$#9(>$7"2$>"$3"N+$"2>$9(,$5197$L9-[+>L911X$/$1'[+$>"$5197$L9-[+>L911\$
L2>$>=+$19->$0+#$>'N+-$/]H+$L++($>"$>=+$;7N(9-'2N$>=+*+$=9H+(]>$
L++($+("2;=$5+"51+$>"$;+>$25$9$;9N+X$%#"$"*$>=*++$"0$2-$;">$>"$
>=*"#'(;$>=+$L911$9*"2(,$>=+$">=+*$(';=>$<$9(,$/$;">$9$L193[$+7+X$/$
#'-=$911$"0$7"2$#"21,$3"N+$,"#($>"N"**"#$(';=>X$/$#9(>$>"$5197$
L9-[+>L911X^$
$
8',$=+$>91[$9L"2>$9(7>='(;$7"2$#9(>f$_"2$,"(]>$#9(>$>"$;"$>"$9$
;7N(9-'2N$>=9>$("$"(+$+1-+$;"+-$>"\$,"$7"2f$_"2$,"(]>$39*+$9L"2>$
#=9>$=+$#9(>-X$_"2$,"(]>$#9(>$>"$;+>$9$L193[$+7+X$
$
:"21,$=+$=9H+$-="#($7"2$="#$>"$;+>$>=+$>='(;-$7"2$#9(>$L7$2-'(;$
>=+$;7N(9-'2Nf$R2*+17X$a"*+$5+5X$d++(+*$+,;+$>"$>=+$955+>'>+X$
:1+9*+*$L*9'(X$)2(X$`9N+-X$69-[+>L911X$
$
%"$*+5+9>$4*"0+--"*$SH+*->*++>]-$#'-+$9,H'3+W$)'*->\$9*"2-+$'($>=+$
">=+*$5+*-"($9($+9;+*$#9(>$!+$#="$39($,"$>='-$=9-$>=+$#="1+$#"*1,$
#'>=$='NX$!+$#="$39((">$#91[-$9$1"(+17$#97X$
$
S(+$"0$>=+$->2,+(>-$'($>=+$92>="*]-$>*9'('(;$3"2*-+$#9-$#"**'+,$
9L"2>$='-$1'>>1+$L"7X$%=+$3='1,$#9-$2(,+*#+';=>$9(,$*+02-+,$>"$+9>$
5*"5+*17X$!'-$59*+(>-$2-+,$>=+$2-291$N+>=",X$%=+7$-3"1,+,$9(,$
(9;;+,X$^a">=+*$#9(>-$7"2$>"$+9>$>='-$9(,$>=9>X^$^)9>=+*$#9(>-$7"2$
>"$;*"#$25$>"$L+$9$L';$N9(X^$$
$
8',$>=+$L"7$597$9(7$9>>+(>'"($>"$>=+-+$51+9-f$k2->$9L"2>$9-$N23=$9-$
7"2$597$>"$"(+$01+3[$"0$-9(,$"($9$-9(,7$L+93=X$
$
M"$"(+$#'>=$9$>*93+$"0$="*-+$-+(-+$#"21,$+Y5+3>$9$3='1,$>=*++$7+9*-$
"1,$>"$*+93>$>"$>=+$H'+#5"'(>$"0$9$09>=+*$>='*>7$7+9*-$"1,X$_+>$>=9>$#9-$
5*+3'-+17$#=9>$>=9>$09>=+*$=9,$+Y5+3>+,X$/>$#9-$9L-2*,X$!+$0'(9117$
-9#$>=9>X$R"$=+$-9',$>"$='N-+10W$^&=9>$,"+-$>=9>$L"7$#9(>f$!"#$39($
/$>'+$25$#=9>$/$#9(>$>"$#=9>$=+$#9(>-f^$
$
/>$#9-$+9-7$0"*$>=+$09>=+*$#=+($=+$->9*>'(;$>='(['(;$9L"2>$'>X$!'-$L"7$
=9,$9$>*'3731+$>=9>$=+$1"H+,$>"$*',+$25$9(,$,"#($>=+$-',+#91[$'($0*"(>$
"0$>=+$="2-+$'($6*""[17(X$.$0+#$,""*-$,"#($>=+$->*++>$1'H+,$9$L2117$<$
9$L';;+*$L"7$#="$#"21,$5211$>=+$1'>>1+$L"7$"00$='-$>*'3731+$9(,$*',+$'>$
='N-+10X$
$
M9>2*9117\$>=+$1'>>1+$L"7$#"21,$*2($-3*+9N'(;$>"$='-$N">=+*\$9(,$-=+$
#"21,$=9H+$>"$3"N+$"2>$9(,$>9[+$>=+$L2117$"00$>=+$>*'3731+$9(,$52>$
=+*$1'>>1+$L"7$"($9;9'(\$%='-$=955+(+,$91N"->$+H+*7$,97X$
$
&=9>$,',$>=+$1'>>1+$L"7$#9(>f$/>$,',(]>$>9[+$9$R=+*1"3[$!"1N+-$>"$
9(-#+*$>=9>$"(+X$!'-$5*',+\$='-$9(;+*\$='-$,+-'*+$0"*$9$0++1'(;$"0$
'N5"*>9(3+$<$911$>=+$->*"(;+->$+N">'"(-$'($='-$N9[+25$<$;"9,+,$='N$
>"$;+>$*+H+(;+\$>"$-N9-=$>=+$L2117$'($>=+$("-+X$.(,$#=+($='-$09>=+*$
+Y519'(+,$>=9>$>=+$L"7$#"21,$L+$9L1+$>"$#911"5$>=+$,971';=>-$"2>$"0$
>=+$L';;+*$[',$-"N+,97$'0$=+$#"21,$"(17$+9>$>=+$>='(;-$='-$N">=+*$
#9(>+,$='N$>"$+9>$<$#=+($='-$09>=+*$5*"N'-+,$='N$>=9>$<$>=+*+$#9-$
("$1"(;+*$9(7$5*"L1+N$"0$,'+>+>'3-X$%=9>$L"7$#"21,$=9H+$+9>+($
-5'(93=\$-92+*[*92>\$-91>$N93[+*+1$<$9(7>='(;$'($"*,+*$>"$L+$L';$
+("2;=$>"$#='5$>=+$L2117$#="$=9,$=2N'1'9>+,$='N$-"$"0>+(X$
$
.0>+*$-"1H'(;$>=9>$5*"L1+N\$>=+$59*+(>-$>93[1+,$9(">=+*W$>=+$1'>>1+$L"7$
=9,$>=+$2(="17$=9L'>$"0$#+>>'(;$='-$L+,X$
$
!+$-1+5>$#'>=$='-$;*9(,N">=+*X$/($>=+$N"*('(;\$='-$;*9(,N">=+*$
#"21,$#9[+$25$9(,$0++1$>=+$-=++>$9(,$-97W$^K""[\$k"=((7\$#=9>$7"2$
,',$9;9'($19->$(';=>X^$
$
!+$#"21,$-97W$^M"\$/$,',(]>$,"$'>X$_"2$,',$'>X^$
$
R3"1,'(;\$-59(['(;\$-=9N'(;$='N\$*+'>+*9>'(;$>=9>$>=+$59*+(>-$,',(]>$
#9(>$='N$>"$,"$'>$<$("(+$"0$>=+-+$>='(;-$[+5>$>=+$L+,$,*7X$R"$>=+$
59*+(>-$9-[+,W$^!"#$39($#+$N9[+$>='-$L"7$#9(>$>"$->"5$#+>>'(;$='-$
L+,f^$
$
&=9>$#+*+$='-$#9(>-f$)'*->\$=+$#9(>+,$>"$#+9*$59l9N9-$1'[+$89,,7$
'(->+9,$"0$#+9*'(;$9$(';=>;"#($1'[+$`*9(,N">=+*X$`*9(,N">=+*$#9-$
;+>>'(;$0+,$25$#'>=$='-$("3>2*(91$'('b2'>'+-\$-"$-=+$;19,17$"00+*+,$>"$
L27$='N$9$59'*$"0$59l9N9-$'0$=+$#"21,$*+0"*NX$R+3"(,\$=+$#9(>+,$9$
L+,$"0$='-$"#(X$`*9(,N9$,',(]>$"Ll+3>X$
$
!'-$N">=+*$>""[$='N$>"$9$,+59*>N+(>$->"*+$'($6*""[17(\$#'([+,$9>$
>=+$-91+-;'*1\$9(,$-9',W$^!+*+$'-$9$1'>>1+$;+(>1+N9($#="$#"21,$1'[+$>"$
,"$-"N+$-="55'(;X^$
$
%=+$-91+-;'*1$N9,+$='N$0++1$'N5"*>9(>$L7$-97'(;W$^_"2(;$N9(\$#=9>$
39($/$-="#$7"2f^$
$
!+$->"",$9$3"251+$"0$'(3=+-$>911+*$9(,$-9',W$^/$#9(>$>"$L27$9$L+,$0"*$
N7-+10X^$
$
&=+($=+$#9-$-="#($>=+$"(+$='-$N">=+*$#9(>+,$='N$>"$L27\$-=+$
#'([+,$9>$>=+$-91+-;'*1$9(,$>=+$L"7$#9-$5+*-29,+,$>"$L27$'>X$
$
%=+$L+,$#9-$,+1'H+*+,$>=+$(+Y>$,97i$9(,$>=9>$(';=>\$#=+($)9>=+*$
39N+$="N+\$>=+$1'>>1+$L"7$*9($>"$>=+$,""*$-="2>'(;W$^89,,7j$89,,7j$
:"N+$25->9'*-$9(,$-++$N7$L+,$>=9>$/$L"2;=>j^$
$
%=+$09>=+*\$1""['(;$9>$>=+$L+,\$"L+7+,$:=9*1+-$R3=#9L]-$'(l2(3>'"(W$
=+$#9-$^=+9*>7$'($='-$955*"L9>'"($9(,$19H'-=$'($='-$5*9'-+X^$
$
^_"2$9*+$(">$;"'(;$>"$#+>$>='-$L+,\$9*+$7"2f^$>=+$09>=+*$-9',X$^$S=\$
("\$("j$/$9N$(">$;"'(;$>"$#+>$>='-$L+,X^$%=+$L"7$[+5>$='-$5*"N'-+\$
0"*$='-$5*',+$#9-$'(H"1H+,X$%=9>$#9-$='-$L+,X$!+$9(,$=+$91"(+$=9,$
L"2;=>$'>X$.(,$=+$#9-$#+9*'(;$59l9N9-$("#$1'[+$9$1'>>1+$N9(X$!+$
#9(>+,$>"$93>$1'[+$9$N9(X$.(,$=+$,',X$
$
.(">=+*$09>=+*\$dX%X$82>-3=N9((\$9$>+1+5="(+$+(;'(++*\$9$->2,+(>$"0$
>='-$3"2*-+\$3"21,(]>$;+>$='-$>=*++<7+9*$"1,$,92;=>+*$>"$+9>$L*+9[09->$
0"",X$%=+$2-291$-3"1,'(;\$51+9,'(;\$3"9Y'(;$N+>=",-$=9,$911$+(,+,$'($
02>'1'>7X$R"$>=+$59*+(>-$9-[+,$>=+N-+1H+-W$^!"#$39($#+$N9[+$=+*$
#9(>$>"$,"$'>f^$
$
%=+$1'>>1+$;'*1$1"H+,$>"$'N'>9>+$=+*$N">=+*\$>"$0++1$L';$9(,$;*"#($25i$
-"$"(+$N"*('(;$>=+7$52>$=+*$"($9$3=9'*$9(,$1+>$=+*$N9[+$>=+$
L*+9[09->$0"",X$.>$l2->$>=+$5-73="1";'391$N"N+(>\$)9>=+*$,*'0>+,$'(>"$
>=+$['>3=+($#='1+$-=+$#9-$->'**'(;$>=+$3+*+91$9(,$-=+$-9',W$^S=\$1""[\$
89,,7\$/$9N$N9['(;$>=+$3+*+91$>='-$N"*('(;X^$
$
R=+$9>+$>#"$=+15'(;-$"0$>=+$3+*+91$#'>="2>$9(7$3"9Y'(;\$L+392-+$-=+$
#9-$'(>+*+->+,$'($'>X$R=+$=9,$93='+H+,$9$0++1'(;$"0$'N5"*>9(3+i$-=+$
=9,$0"2(,$'($N9['(;$>=+$3+*+91$9($9H+(2+$"0$-+10<+Y5*+--'"(X$
$
&'11'9N$&'(>+*$"(3+$*+N9*[+,$>=9>$^-+10<+Y5*+--'"($'-$>=+$,"N'(9(>$
(+3+--'>7$"0$=2N9($(9>2*+X^$&=7$39(]>$#+$9,95>$>='-$-9N+$
5-73="1";7$>"$L2-'(+--$,+91'(;-f$&=+($#+$=9H+$9$L*'11'9(>$',+9\$
'(->+9,$"0$N9['(;$">=+*-$>='([$'>$'-$"2*-\$#=7$(">$1+>$>=+N$3""[$9(,$
->'*$>=+$',+9$>=+N-+1H+-X$%=+7$#'11$>=+($*+;9*,$'>$9-$>=+'*$"#(i$>=+7$
#'11$1'[+$'>$9(,$N97L+$+9>$9$3"251+$"0$=+15'(;-$"0$'>X$
$
G+N+NL+*W$^)'*->\$9*"2-+$'($>=+$">=+*$5+*-"($9($+9;+*$#9(>X$!+$
#="$39($,"$>='-$=9-$>=+$#="1+$#"*1,$#'>=$='NX$!+$#="$39((">$#91[-$
9$1"(+17$#97X^$
$
c$4*'(3'51+$A$<$.*"2-+$'($>=+$">=+*$5+*-"($9($+9;+*$#9(>X$$
$
/($9$M2>-=+11$)2(,9N+(>91$%+3=('b2+-$/($!9(,1'(;$4+"51+$
$
c$4*'(3'51+$?$8"(]>$3*'>'3'g+\$3"(,+N($"*$3"N519'(X$$
c$4*'(3'51+$P$`'H+$="(+->$9(,$-'(3+*+$955*+3'9>'"(X$$
c$4*'(3'51+$A$.*"2-+$'($>=+$">=+*$5+*-"($9($+9;+*$#9(>X$
$
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<$$
$
49*>$%#"$<$&97-$%"$a9[+$4+"51+$K'[+$_"2$
$
?$8"$%='-$.(,$_"2]11$6+$&+13"N+$.(7#=+*+$
$
&=7$*+9,$>='-$L""[$>"$0'(,$"2>$="#$>"$#'($0*'+(,-f$&=7$(">$->2,7$
>=+$>+3=('b2+$"0$>=+$;*+9>+->$#'((+*$"0$0*'+(,-$>=+$#"*1,$=9-$+H+*$
[("#(f$&="$'-$=+f$_"2$N97$N++>$='N$>"N"**"#$3"N'(;$,"#($>=+$
->*++>X$&=+($7"2$;+>$#'>='($>+($0++>$"0$='N\$=+$#'11$L+;'($>"$#9;$='-$
>9'1X$/0$7"2$->"5$9(,$59>$='N\$=+$#'11$91N"->$l2N5$"2>$"0$='-$-['($>"$
-="#$7"2$="#$N23=$=+$1'[+-$7"2X$.(,$7"2$[("#$>=9>$L+='(,$>='-$
-="#$"0$900+3>'"($"($='-$59*>\$>=+*+$9*+$("$21>+*'"*$N">'H+-W$=+$
,"+-(]>$#9(>$>"$-+11$7"2$9(7$*+91$+->9>+\$9(,$=+$,"+-(]>$#9(>$>"$
N9**7$7"2X$
$
8',$7"2$+H+*$->"5$>"$>='([$>=9>$9$,";$'-$>=+$"(17$9('N91$>=9>$,"+-(]>$
=9H+$>"$#"*[$0"*$9$1'H'(;f$.$=+($=9-$>"$197$+;;-\$9$3"#$=9-$>"$;'H+$
N'1[\$9(,$9$39(9*7$=9-$>"$-'(;X$62>$9$,";$N9[+-$='-$1'H'(;$L7$;'H'(;$
7"2$(">='(;$L2>$1"H+X$
$
&=+($/$#9-$0'H+$7+9*-$"1,\$N7$09>=+*$L"2;=>$9$1'>>1+$7+11"#<=9'*+,$
525$0"*$0'0>7$3+(>-X$!+$#9-$>=+$1';=>$9(,$l"7$"0$N7$3='1,="",X$IH+*7$
90>+*(""($9L"2>$0"2*<>='*>7\$=+$#"21,$-'>$'($>=+$0*"(>$79*,$#'>=$='-$
L+92>'021$+7+-$->9*'(;$->+9,09->17$9>$>=+$59>=\$9(,$9-$-""($9-$=+$
=+9*,$N7$H"'3+$"*$-9#$N+$-#'(;'(;$N7$,'((+*$59'1$>=*"2;=$>=+$L23[$
L*2-=\$=+$#9-$"00$1'[+$9$-=">\$*93'(;$L*+9>=1+--17$25$>=+$='11$>"$;*++>$
N+$#'>=$1+95-$"0$l"7$9(,$L9*[-$"0$-=++*$+3->9-7X$
$
%'557$#9-$N7$3"(->9(>$3"N59('"($0"*$0'H+$7+9*-X$%=+($"(+$>*9;'3$
(';=>$<$/$-=911$(+H+*$0"*;+>$'>$<$=+$#9-$['11+,$#'>='($>+($0++>$"0$N7$
=+9,\$['11+,$L7$1';=>('(;X$%'557]-$,+9>=$#9-$>=+$>*9;+,7$"0$N7$
L"7="",X$
$
_"2$(+H+*$*+9,$9$L""[$"($5-73="1";7\$%'557X$_"2$,',(]>$(++,$>"X$_"2$
[(+#$L7$-"N+$,'H'(+$'(->'(3>$>=9>$7"2$39($N9[+$N"*+$0*'+(,-$'($>#"$
N"(>=-$L7$L+3"N'(;$;+(2'(+17$'(>+*+->+,$'($">=+*$5+"51+$>=9($7"2$
39($'($>#"$7+9*-$L7$>*7'(;$>"$;+>$">=+*$5+"51+$'(>+*+->+,$'($7"2X$K+>$
N+$*+5+9>$>=9>X$_"2$39($N9[+$N"*+$0*'+(,-$'($>#"$N"(>=-$L7$
L+3"N'(;$'(>+*+->+,$'($">=+*$5+"51+$>=9($7"2$39($'($>#"$7+9*-$L7$
>*7'(;$>"$;+>$">=+*$5+"51+$'(>+*+->+,$'($7"2X$
$
_+>$/$[("#$9(,$7"2$[("#$5+"51+$#="$L12(,+*$>=*"2;=$1'0+$>*7'(;$>"$
#';#9;$">=+*$5+"51+$'(>"$L+3"N'(;$'(>+*+->+,$'($>=+NX$
$
S0$3"2*-+\$'>$,"+-(]>$#"*[X$4+"51+$9*+$(">$'(>+*+->+,$'($7"2X$%=+7$9*+$
(">$'(>+*+->+,$'($N+X$%=+7$9*+$'(>+*+->+,$'($>=+N-+1H+-$<$N"*('(;\$
(""($9(,$90>+*$,'((+*X$
$
%=+$M+#$_"*[$%+1+5="(+$:"N59(7$N9,+$9$,+>9'1+,$->2,7$"0$
>+1+5="(+$3"(H+*-9>'"(-$>"$0'(,$"2>$#='3=$#"*,$'-$>=+$N"->$
0*+b2+(>17$2-+,X$_"2$=9H+$;2+--+,$'>W$'>$'-$>=+$5+*-"(91$5*"("2($^/X^$
^/X^$/X^$/>$#9-$2-+,$A\@QQ$>'N+-$'($TQQ$>+1+5="(+$3"(H+*-9>'"(-X$^/X^$
^/X^$^/X^$^/X^$&=+($7"2$-++$9$;*"25$5=">";*95=$>=9>$7"2$9*+$'(\$
#="-+$5'3>2*+$,"$7"2$1""[$0"*$0'*->f$
$
/0$#+$N+*+17$>*7$>"$'N5*+--$5+"51+$9(,$;+>$5+"51+$'(>+*+->+,$'($2-\$
#+$#'11$(+H+*$=9H+$N9(7$>*2+\$-'(3+*+$0*'+(,-X$)*'+(,-\$*+91$0*'+(,-\$
9*+$(">$N9,+$>=9>$#97X$
$
M95"1+"($>*'+,$'>\$9(,$'($='-$19->$N++>'(;$#'>=$k"-+5='(+$=+$-9',W$
^k"-+5='(+\$/$=9H+$L++($9-$0"*>2(9>+$9-$9(7$N9($+H+*$#9-$"($>='-$
+9*>=i$9(,$7+>\$9>$>='-$="2*\$7"2$9*+$>=+$"(17$5+*-"($'($>=+$#"*1,$"($
#="N$/$39($*+17X^$.(,$='->"*'9(-$,"2L>$#=+>=+*$=+$3"21,$*+17$+H+($
"($=+*X$
$
.10*+,$.,1+*\$>=+$09N"2-$V'+((+-+$5-73="1";'->\$#*">+$9$L""[$
+(>'>1+,$&=9>$K'0+$R="21,$a+9($>"$_"2X$/($>=9>$L""[$=+$-97-W$^/>$'-$
>=+$'(,'H',291$#="$'-$(">$'(>+*+->+,$'($='-$0+11"#$N+($#="$=9-$>=+$
;*+9>+->$,'00'321>'+-$'($1'0+$9(,$5*"H',+-$>=+$;*+9>+->$'(l2*7$>"$">=+*-X$
/>$'-$0*"N$9N"(;$-23=$'(,'H',291-$>=9>$911$=2N9($09'12*+-$-5*'(;X^$
$
_"2$N97$*+9,$-3"*+-$"0$+*2,'>+$>"N+-$"($5-73="1";7$#'>="2>$3"N'(;$
93*"--$9$->9>+N+(>$N"*+$-';('0'39(>$0"*$7"2$9(,$0"*$N+X$.,1+*]-$
->9>+N+(>$'-$-"$*'3=$#'>=$N+9('(;$>=9>$/$9N$;"'(;$>"$*+5+9>$'>$'($
'>91'3-W$
$
/>$'-$>=+$'(,'H',291$#="$'-$(">$'(>+*+->+,$'($='-$0+11"#$N+($#="$=9-$
>=+$;*+9>+->$,'0l321>'+-$'($1'0+$9(,$5*"H',+-$>=+$;*+2>+->$'(l2*7$>"$
">=+*-X$/>$'-$0*"N$2N"(;$-23=$'(,'H',291-$>=9>$911$=2N2($09'12*+-$
-5*'(;X$
$
/$"(3+$>""[$9$3"2*-+$'($-="*><->"*7$#*'>'(;$9>$M+#$_"*[$Z('H+*-'>7\$
9(,$,2*'(;$>=9>$3"2*-+$>=+$+,'>"*$"0$9$1+9,'(;$N9;9g'(+$>91[+,$>"$"2*$
319--X$!+$-9',$=+$3"21,$5'3[$25$9(7$"(+$"0$>=+$,"g+(-$"0$->"*'+-$>=9>$
,*'0>+,$93*"--$='-$,+-[$+H+*7$,97$9(,$90>+*$*+9,'(;$9$0+#$59*9;*95=-$
=+$3"21,$0++1$#=+>=+*$"*$(">$>=+$92>="*$1'[+,$5+"51+X$^/0$>=+$92>="*$
,"+-(]>$1'[+$5+"51+\^$=+$-9',\$^5+"51+$#"(]>$1'[+$='-$"*$=+*$->"*'+-X^$
$
%='-$=9*,<L"'1+,$+,'>"*$->"55+,$>#'3+$'($>=+$3"2*-+$"0$='-$>91[$"($
0'3>'"($#*'>'(;$9(,$95"1";'g+,$0"*$5*+93='(;$9$-+*N"(X$^/$9N$>+11'(;$
7"2\^$=+$-9',\$^>=+$-9N+$>='(;-$7"2*$5*+93=+*$#"21,$>+11$7"2\$L2>$
*+N+NL+*\$7"2$=9H+$>"$L+$'(>+*+->+,$'($5+"51+$'0$7"2$#9(>$>"$L+$9$
-233+--021$#*'>+*$"0$->"*'+-X^$
$
/0$>=9>$'-$>*2+$"0$#*'>'(;$0'3>'"(\$7"2$39($L+$-2*+$'>$'-$>*2+$"0$,+91'(;$
#'>=$5+"51+$093+<>"<093+X$
$
/$-5+(>$9($+H+('(;$'($>=+$,*+--'(;$*""N$"0$!"#9*,$%=2*->"($>=+$19->$
>'N+$=+$955+9*+,$"($6*"9,#97$<%=2*->"($#9-$>=+$93[("#1+,;+,$
,+9($"0$N9;'3'9(-X$)"*$0"*>7$7+9*-$=+$=9,$>*9H+1+,$911$"H+*$>=+$#"*1,\$
>'N+$9(,$9;9'(\$3*+9>'(;$'112-'"(-\$N7->'07'(;$92,'+(3+-\$9(,$N9['(;$
5+"51+$;9-5$#'>=$9->"('-=N+(>X$a"*+$>=9($BQ$N'11'"($5+"51+$=9,$
59',$9,N'--'"($>"$='-$-="#\$9(,$=+$=9,$N9,+$91N"->$mP$N'11'"($'($
5*"0'>X$
$
/$9-[+,$a*X$%=2*->"($>"$>+11$N+$>=+$-+3*+>$"0$='-$-233+--X$!'-$
-3=""1'(;$3+*>9'(17$=9,$(">='(;$>"$,"$#'>=$'>\$0"*$=+$*9($9#97$0*"N$
="N+$9-$9$-N911$L"7\$L+39N+$9$="L"\$*",+$'($L"Y39*-\$-1+5>$'($
=97->93[-\$L+;;+,$='-$0"",$0*"N$,""*$>"$,""*\$9(,$1+9*(+,$>"$*+9,$
L7$1""['(;$"2>$"0$L"Y39*-$9>$-';(-$91"(;$>=+$*9'1#97X$
$
8',$=+$=9H+$9$-25+*'"*$[("#1+,;+$"0$N9;'3f$M"\$=+$>"1,$N+$
=2(,*+,-$"0$L""[-$=9,$L++($#*'>>+($9L"2>$1+;+*,+N9'($9(,$-3"*+-$
"0$5+"51+$[(+#$9-$N23=$9L"2>$'>$9-$=+$,',X$62>$=+$=9,$>#"$>='(;-$
>=9>$>=+$">=+*-$,',(]>$=9H+X$)'*->\$=+$=9,$>=+$9L'1'>7$>"$52>$='-$
5+*-"(91'>7$93*"--$>=+$0"">1';=>-X$!+$#9-$9$N9->+*$-="#N9(X$!+$
[(+#$=2N9($(9>2*+X$IH+*7>='(;$=+$,',\$+H+*7$;+->2*+\$+H+*7$
'(>"(9>'"($"0$='-$H"'3+\$+H+*7$1'0>'(;$"0$9($+7+L*"#$=9,$L++($39*+02117$
*+=+9*-+,$'($9,H9(3+\$9(,$='-$93>'"(-$#+*+$>'N+,$>"$-51'>$-+3"(,-X$
62>\$'($9,,'>'"($>"$>=9>\$%=2*->"($=9,$9$;+(2'(+$'(>+*+->$'($5+"51+X$
!+$>"1,$N+$>=9>$N9(7$N9;'3'9(-$#"21,$1""[$9>$>=+$92,'+(3+$9(,$-97$
>"$>=+N-+1H+-\$^&+11\$>=+*+$'-$9$L2(3=$"0$-23[+*-$"2>$>=+*+\$9$L2(3=$
"0$='3[-i$/]11$0""1$>=+N$911$*';=>X^$62>$%=2*->"(]-$N+>=",$#9-$>">9117$
,'00+*+(>X$!+$>"1,$N+$>=9>$+H+*7$>'N+$=+$#+(>$"($->9;+$=+$-9',$>"$
='N-+10W$^/$9N$;*9>+021$L+392-+$>=+-+$5+"51+$3"N+$>"$-++$N+\$%=+7$
N9[+$'>$5"--'L1+$0"*$N+$>"$N9[+$N7$1'H'(;$'($9$H+*7$9;*++9L1+$#97X$
/]N$;"'(;$>"$;'H+$>=+N$>=+$H+*7$L+->$/$5"--'L17$39(X^$
$
!+$,+319*+,$=+$(+H+*$->+55+,$'($0*"(>$"0$>=+$0"">1';=>-$#'>="2>$0'*->$
-97'(;$>"$='N-+10$"H+*$9(,$"H+*W$^/$1"H+$N7$92,'+(3+X$/$1"H+$N7$
92,'+(3+X^$G','321"2-f$.L-2*,f$_"2$9*+$5*'H'1+;+,$>"$>='([$9(7>='(;$
7"2$1'[+X$/$9N$N+*+17$59--'(;$'>$"($>"$7"2$#'>="2>$3"NN+(>$9-$9$
*+3'5+$2-+,$L7$"(+$"0$>=+$N"->$09N"2-$N9;'3'9(-$"0$911$>'N+X$
$
`+"*;+$87[+$"0$M"*>=$&9**+(\$4+((-71H9('9\$#9-$0"*3+,$>"$*+>'*+$
0*"N$='-$-+*H'3+$->9>'"($L2-'(+--$90>+*$>='*>7$7+9*-$#=+($9$(+#$
=';=#97$#9-$3"(->*23>+,$"H+*$>=+$-'>+$"0$='-$->9>'"(X$/>$#9-(]>$1"(;$
L+0"*+$>=+$',1+$,97-$"0$*+>'*+N+(>$L+;9($>"$L"*+$='N\$-"$=+$->9*>+,$
0'11'(;$'($='-$>'N+$>*7'(;$>"$5197$N2-'3$"($='-$"1,$0',,1+X$R""($=+$#9-$
>*9H+1'(;$>=+$9*+9$>"$1'->+($>"$N2-'3$9(,$>91[$#'>=$N9(7$"0$>=+$
933"N51'-=+,$0',,1+*-X$/($='-$=2NL1+$9(,$0*'+(,17$#97$=+$L+39N+$
;+(+*9117$'(>+*+->+,$'($1+9*('(;$>=+$L93[;*"2(,$9(,$'(>+*+->-$"0$
+H+*7$N2-'3'9($=+$N+>X$.1>="2;=$=+$#9-$(">$9$;*+9>$0',,1+*$='N-+10\$
=+$N9,+$N9(7$0*'+(,-$'($>='-$52*-2'>X$!+$9>>+(,+,$3"N5+>'>'"(-$9(,$
-""($L+39N+$[("#($>"$>=+$3"2(>*7$N2-'3$09(-$'($>=+$+9->+*($59*>$"0$
>=+$Z('>+,$R>9>+-$9-$^Z(31+$`+"*;+\$>=+$)',,1+$R3*95+*$0*"N$d'(g29$
:"2(>7X^$&=+($#+$=+9*,$Z(31+$`+"*;+\$=+$#9-$-+H+(>7<>#"$9(,$
+(l"7'(;$+H+*7$N'(2>+$"0$='-$1'0+X$67$=9H'(;$9$-2->9'(+,$'(>+*+->$'($
">=+*$5+"51+\$=+$3*+9>+,$9$(+#$1'0+$0"*$='N-+10$9>$9$>'N+$#=+($N"->$
5+"51+$3"(-',+*$>=+'*$5*",23>'H+$7+9*-$"H+*X$
$
%=9>\$>""\$#9-$"(+$"0$>=+$-+3*+>-$"0$%=+","*+$G""-+H+1>]-$
9->"('-='(;$5"5219*'>7X$IH+($='-$-+*H9(>-$1"H+,$='NX$!'-$H91+>\$k9N+-$
IX$.N"-\$#*">+$9$L""[$9L"2>$='N$+(>'>1+,$%=+","*+$G""-+H+1>\$!+*"$
>"$!'-$V91+>X$/($>=9>$L""[$.N"-$*+19>+-$>='-$'112N'(9>'(;$'(3',+(>W$
$
a7$#'0+$"(+$>'N+$9-[+,$>=+$4*+-',+(>$9L"2>$9$L"L#='>+X$R=+$=9,$
(+H+*$-++($"(+$9(,$=+$,+-3*'L+,$'>$>"$=+*$02117X$R"N+>'N+$19>+*\$>=+$
>+1+5="(+$9>$"2*$3">>9;+$*9(;X$q.N"-$9(,$='-$#'0+$1'H+,$'($9$1'>>1+$
3">>9;+$"($>=+$G""-+H+1>$+->9>+$9>$S7->+*$697Xr$a7$#'0+$9(-#+*+,$'>$
9(,$'>$#9-$a*X$G""-+H+1>$='N-+10X$!+$=9,$3911+,$=+*\$=+$-9',\$>"$>+11$
=+*$>=9>$>=+*+$#9-$9$L"L#='>+$"2>-',+$=+*$#'(,"#$9(,$>=9>$'0$-=+$
#"21,$1""[$"2>$-=+$N';=>$-++$'>X$K'>>1+$>='(;-$1'[+$>=9>$#+*+$-"$
3=9*93>+*'->'3$"0$='NX$&=+(+H+*$=+$#+(>$L7$"2*$3">>9;+\$+H+($
>="2;=$#+$#+*+$"2>$"0$-';=>\$#+$#"21,$=+9*$='N$3911$"2>W$^S"<""<""\$
.(('+f^$"*$^S"<""<""\$k9N+-j^$/>$#9-$l2->$9$0*'+(,17$;*++>'(;$9-$=+$
#+(>$L7X$
$
!"#$3"21,$+N51"7++-$[++5$0*"N$1'['(;$9$N9($1'[+$>=9>f$!"#$3"21,$
9(7"(+$[++5$0*"N$1'['(;$='Nf$G""-+H+1>$3911+,$9>$>=+$&='>+$!"2-+$
"(+$,97$#=+($>=+$4*+-',+(>$9(,$a*-X$%90>$#+*+$9#97X$!'-$="(+->$
1'['(;$0"*$=2NL1+$5+"51+$#9-$-="#($L7$>=+$093>$>=9>$=+$;*++>+,$911$
>=+$"1,$&='>+$!"2-+$-+*H9(>-$L7$(9N+\$+H+($>=+$-3211+*7$N9',-X$
$
^&=+($=+$-9#$.1'3+\$>=+$['>3=+($N9',\^$#*'>+-$.*3='+$62>>\$^=+$9-[+,$
=+*$'0$-=+$->'11$N9,+$3"*($L*+9,X$.1'3+$>"1,$='N$>=9>$-=+$-"N+>'N+-$
N9,+$'>$0"*$>=+$-+*H9(>-\$L2>$("$"(+$9>+$'>$25->9'*-X$
$
^]%=+7$-="#$L9,$>9->+\]$G""-+H+1>$L""N+,\$]9(,$/]11$>+11$>=+$4*+-',+(>$
-"$#=+($/$-++$='NX]$
$
^.1'3+$L*"2;=>$9$5'+3+$>"$='N$"($9$519>+\$9(,$=+$#+(>$"H+*$>"$>=+$
"00'3+$+9>'(;$'>$9-$=+$#+(>$9(,$;*++>'(;$;9*,+(+*-$9(,$19L"*+*-$9-$=+$
59--+,X$X$X$$
$
^!+$9,,*+--+,$+93=$5+*-"($l2->$9-$=+$=9,$9,,*+--+,$>=+N$'($>=+$
59->X$/[+$!""H+*\$#="$=9,$L++($=+9,$2-=+*$9>$>=+$&='>+$!"2-+$0"*$
0"*>7$7+9*-\$-9',$#'>=$>+9*-$'($='-$+7+-W$]/>$'-$>=+$"(17$=9557$,97$#+$
=9,$'($(+9*17$>#"$7+9*-\$9(,$(">$"(+$"0$2-$#"21,$+Y3=9(;+$'>$0"*$9$
=2(,*+,<,"119*$L'11X]$^$
$
%=+$-9N+$3"(3+*($0"*$>=+$-++N'(;17$2('N5"*>9(>$5+"51+$=+15+,$
-91+-$*+5*+-+(>9>'H+$I,#9*,$aX$R7[+-\$k*X\$"0$:=9>=9N\$M+#$k+*-+7\$
*+>9'($9($933"2(>X$^a9(7$7+9*-$9;"\^$=+$*+5"*>+,\$^/$3911+,$"($
32->"N+*-$0"*$k"=(-"($9(,$k"=(-"($'($>=+$a9--93=2-+>>-$9*+9X$S(+$
933"2(>$#9-$9$,*2;$->"*+$'($!'(;=9NX$&=+(+H+*$/$#+(>$'(>"$>='-$
->"*+$/$#"21,$91#97-$>91[$>"$>=+$-",9$31+*[$9(,$-91+-$31+*[$0"*$9$0+#$
N'(2>+-$L+0"*+$>91['(;$>"$>=+$"#(+*$>"$"L>9'($='-$"*,+*X$S(+$,97$/$
#+(>$25$>"$>=+$"#(+*$"0$>=+$->"*+\$9(,$=+$>"1,$N+$>"$1+9H+$9-$=+$
#9-$(">$'(>+*+->+,$'($L27'(;$ktk$5*",23>-$9(7N"*+$L+392-+$=+$0+1>$
>=+7$#+*+$3"(3+(>*9>'(;$>=+'*$93>'H'>'+-$"($0"",$9(,$,'-3"2(>$->"*+-$
>"$>=+$,+>*'N+(>$"0$>=+$-N911$,*2;->"*+X$/$1+0>$#'>=$N7$>9'1$L+>#++($
N7$1+;-$9(,$,*"H+$9*"2(,$>=+$>"#($0"*$-+H+*91$="2*-X$)'(9117\$/$
,+3',+,$>"$;"$L93[$9(,$>*7$9>$1+9->$>"$+Y519'($"2*$5"-'>'"($>"$>=+$
"#(+*$"0$>=+$->"*+X$
$
^&=+($/$*+>2*(+,$/$#91[+,$'($9(,$9-$2-291$-9',$=+11"$>"$>=+$-",9$
31+*[$9(,$-91+-$31+*[X$&=+($/$#91[+,$25$>"$>=+$"#(+*\$=+$-N'1+,$9>$
N+$9(,$#+13"N+,$N+$L93[X$!+$>=+($;9H+$N+$,"2L1+$>=+$2-291$
"*,+*\$/$1""[+,$9>$='N$#'>=$-2*5*'-+$9(,$9-[+,$='N$#=9>$=9,$
=955+(+,$-'(3+$N7$H'-'>$"(17$9$0+#$="2*-$+9*1'+*X$!+$5"'(>+,$>"$>=+$
7"2(;$N9($9>$>=+$-",9$0"2(>9'($9(,$-9',$>=9>$90>+*$/$=9,$1+0>\$>=+$
L"7$=9,$3"N+$"H+*$9(,$-9',$>=9>$/$#9-$"(+$"0$>=+$0+#$-91+-5+"51+$
>=9>$3911+,$"($>=+$->"*+$>=9>$+H+($L">=+*+,$>"$-97$=+11"$>"$='N$9(,$>"$
>=+$">=+*-$'($>=+$->"*+X$!+$>"1,$>=+$"#(+*$>=9>$'0$9(7$-91+-5+*-"($
,+-+*H+,$='-$L2-'(+--\$'>$#9-$/X$%=+$"#(+*$9;*++,$9(,$*+N9'(+,$9$
1"791$32->"N+*X$/$(+H+*$0"*;">$>=9>$>"$L+$;+(2'(+17$'(>+*+->+,$'($
">=+*$5+"51+$'-$9$N"->$'N5"*>9(>$b291'>7$0"*$9$-91+-<5+*-"($>"$
5"--+--$<$0"*$9(7$5+*-"(\$0"*$>=9>$N9>>+*X^$
$
/$=9H+$,'-3"H+*+,$0*"N$5+*-"(91$+Y5+*'+(3+$>=9>$"(+$39($#'($>=+$
9>>+(>'"($9(,$>'N+$9(,$3""5+*9>'"($"0$+H+($>=+$N"->$-"2;=><90>+*$
5+"51+$L7$L+3"N'(;$;+(2'(+17$'(>+*+->+,$'($>=+NX$K+>$N+$'112->*9>+X$
$
_+9*-$9;"$/$3"(,23>+,$9$3"2*-+$'($0'3>'"($#*'>'(;$9>$>=+$6*""[17($
/(->'>2>+$"0$.*>-$9(,$R3'+(3+-\$9(,$#+$#9(>+,$-23=$,'->'(;2'-=+,$9(,$
L2-7$92>="*-$9-$d9>=1++($M"**'-\$)9(('+$!2*->\$/,9$%9*L+11\$.1L+*>$
497-"($%+*=2(+$9(,$G25+*>$!2;=+-$>"$3"N+$>"$6*""[17($9(,$;'H+$2-$
>=+$L+(+0'>$"0$>=+'*$+Y5+*'+(3+-X$R"$#+$#*">+$>=+N\$-97'(;$#+$
9,N'*+,$>=+'*$#"*[$9(,$#+*+$,++517$'(>+*+->+,$'($;+>>'(;$>=+'*$9,H'3+$
9(,$1+9*('(;$>=+$-+3*+>-$"0$>=+'*$-233+--X$
$
I93=$"0$>=+-+$1+>>+*-$#9-$-';(+,$L7$9L"2>$9$=2(,*+,$9(,$0'0>7$
->2,+(>-X$&+$-9',$#+$*+91'g+,$>=9>$>=+-+$92>="*-$#+*+$L2-7$<$>""$
L2-7$>"$5*+59*+$9$1+3>2*+X$R"$#+$+(31"-+,$9$1'->$"0$b2+->'"(-$0"*$
>=+N$>"$9(-#+*$9L"2>$>=+N-+1H+-$9(,$>=+'*$N+>=",-$"0$#"*[X$%=+7$
1'[+,$>=9>X$&="$#"21,(]>$1'[+$'>f$R"$>=+7$1+0>$>=+'*$="N+-$9(,$>*9H+1+,$
>"$6*""[17($>"$;'H+$2-$9$=+15'(;$=9(,X$
$
67$2-'(;$>=+$-9N+$N+>=",\$/$5+*-29,+,$K+-1'+$aX$R=9#\$-+3*+>9*7$"0$
>=+$>*+9-2*7$'($%=+","*+$G""-+H+1>]-$39L'(+>i$`+"*;+$&X$
&'3[+*-=9N\$9>>"*(+7$;+(+*91$'($%90>]-$39L'(+>i$&'11'9N$k+(('(;-$
6*79(i$)*9([1'($8X$G""-+H+1>$9(,$N9(7$">=+*$5*"N'(+(>$N+($>"$
3"N+$>"$>91[$>"$>=+$->2,+(>-$"0$N7$3"2*-+-$'($52L1'3$-5+9['(;X$
$
.11$"0$2-\$L+$#+$#"*[+*-$'($9$093>"*7\$31+*[-$'($9($"00'3+$"*$+H+($9$
['(;$25"($='-$>=*"(+$<$911$"0$2-$1'[+$5+"51+$#="$9,N'*+$2-X$%9[+$>=+$
`+*N9($d9'-+*\$0"*$+Y9N51+X$.>$>=+$31"-+$"0$&"*1,$&9*$/$=+$#9-$
5*"L9L17$>=+$N"->$-9H9;+17$9(,$2('H+*-9117$,+-5'-+,$N9($"($>='-$
+9*>=X$IH+($='-$"#($(9>'"($>2*(+,$9;9'(->$='N$#=+($=+$01+,$"H+*$'(>"$
!"119(,$>"$-9H+$='-$(+3[X$%=+$=9>*+,$9;9'(->$='N$#9-$-"$'(>+(-+$>=9>$
N'11'"(-$"0$5+"51+$#"21,$=9H+$1"H+,$>"$>+9*$='N$1'NL$0*"N$1'NL$"*$
L2*($='N$9>$>=+$->9[+X$/($>=+$N',->$"0$911$>='-$0"*+->$0'*+$"0$02*7\$"(+$
1'>>1+$L"7$#*">+$>=+$d9'-+*$9$-'N51+\$-'(3+*+$1+>>+*$;1"#'(;$#'>=$
['(,1'(+--$9(,$9,N'*9>'"(X$%='-$1'>>1+$L"7$-9',$>=9>$("$N9>>+*$#=9>$
>=+$">=+*-$>="2;=>\$=+$#"21,$91#97-$1"H+$&'1=+1N$9-$='-$IN5+*"*X$
%=+$d9'-+*$#9-$,++517$>"23=+,$L7$='-$1+>>+*$9(,$'(H'>+,$>=+$1'>>1+$L"7$
>"$3"N+$>"$-++$='NX$%=+$L"7$39N+\$-"$,',$='-$N">=+*$<$9(,$>=+$
d9'-+*$N9**'+,$=+*X$%=9>$1'>>1+$L"7$,',(]>$(++,$>"$*+9,$9$L""[$"($="#$
>"$#'($0*'+(,-$9(,$'(012+(3+$5+"51+X$!+$[(+#$="#$'(->'(3>'H+17X$
$
/0$#+$#9(>$>"$N9[+$0*'+(,-\$1+>]-$52>$"2*-+1H+-$"2>$>"$,"$>='(;-$0"*$
">=+*$5+"51+$<$>='(;-$>=9>$*+b2'*+$>'N+\$+(+*;7\$2(-+10'-=(+--$9(,$
>="2;=>021(+--X$&=+($>=+$82[+$"0$&'(,-"*$#9-$4*'(3+$"0$&91+-\$=+$
#9-$-3=+,21+,$>"$>"2*$R"2>=$.N+*'39\$9(,$L+0"*+$=+$->9*>+,$"2>$"($
>=9>$>"2*$=+$-5+(>$N"(>=-$->2,7'(;$R59('-=$-"$>=9>$=+$3"21,$N9[+$
52L1'3$>91[-$'($>=+$19(;29;+$"0$>=+$3"2(>*7i$9(,$>=+$R"2>=$.N+*'39(-$
1"H+,$='N$0"*$'>X$
$
)"*$7+9*-$/$N9,+$'>$9$5"'(>$>"$0'(,$"2>$>=+$L'*>=,97-$"0$N7$0*'+(,-X$
!"#f$.1>="2;=$/$=9H+(]>$>=+$0";;'+->$L'>$"0$09'>=$'($9->*"1";7\$/$
L+;9($L7$9-['(;$>=+$">=+*$59*>7$#=+>=+*$=+$L+1'+H+,$>=+$,9>+$"0$
"(+]-$L'*>=$=9-$9(7>='(;$>"$,"$#'>=$3=9*93>+*$9(,$,'-5"-'>'"(X$/$>=+($
9-[+,$='N$"*$=+*$>"$>+11$N+$>=+$N"(>=$9(,$,97$"0$L'*>=X$/0$=+$"*$-=+$
-9',$M"H+NL+*$PD\$0"*$+Y9N51+\$/$[+5>$*+5+9>'(;$>"$N7-+10\$
^M"H+NL+*$PD\$M"H+NL+*$PDX^$%=+$N'(2>+$N7$0*'+(,]-$L93[$#9-$
>2*(+,\$/$#*">+$,"#($>=+$(9N+$9(,$L'*>=,97$9(,$19>+*$#"21,$>*9(-0+*$
'>$>"$9$L'*>=,97$L""[X$.>$>=+$L+;'(('(;$"0$+93=$7+9*\$/$=9,$>=+-+$
L'*>=,97$,9>+-$-3=+,21+,$'($N7$391+(,9*$59,$-"$>=9>$>=+7$39N+$>"$
N7$9>>+(>'"($92>"N9>'39117X$&=+($>=+$(9>91$,97$9**'H+,\$>=+*+$#9-$
N7$1+>>+*$"*$>+1+;*9NX$&=9>$9$='>$'>$N9,+j$/$#9-$0*+b2+(>17$>=+$"(17$
5+*-"($"($+9*>=$#="$*+N+NL+*+,X$
$
/0$#+$#9(>$>"$N9[+$0*'+(,-\$1+>]-$;*++>$5+"51+$#'>=$9('N9>'"($9(,$
+(>=2-'9-NX$&=+($-"N+L",7$3911-$7"2$"($>=+$>+1+5="(+$2-+$>=+$
-9N+$5-73="1";7X$R97$^!+11"^$'($>"(+-$>=9>$L+-5+9[$="#$51+9-+,$
_SZ$9*+$>"$=9H+$>=+$5+*-"($3911X$a9(7$3"N59('+-$>*9'($>=+'*$
>+1+5="(+$"5+*9>9*-$>"$;*++>$911$3911+*-$'($9$>"(+$"0$H"'3+$>=9>$
*9,'9>+-$'(>+*+->$9(,$+(>=2-'9-NX$%=+$3911+*$0++1-$>=+$3"N59(7$'-$
3"(3+*(+,$9L"2>$>=+NX$K+>]-$*+N+NL+*$>=9>$#=+($#+$9(-#+*$>=+$
>+1+5="(+$>"N"**"#X$
$
R="#'(;$9$;+(2'(+$'(>+*+->$'($">=+*-$(">$"(17$#'(-$0*'+(,-$0"*$7"2\$
L2>$N97$,+H+1"5$'($'>-$32->"N+*-$9$1"791>7$>"$7"2*$3"N59(7X$/($9($
'--2+$"0$>=+$52L1'39>'"($"0$>=+$M9>'"(91$69([$"0$M"*>=$.N+*'39$"0$
M+#$_"*[\$>=+$0"11"#'(;$1+>>+*$0*"N$a9,+1'(+$G"-+,91+\$9$,+5"-'>"*\$
#9-$52L1'-=+,W$n$
$
n$I9;1+\$52L1'39>'"($"0$>=+$M9>'*N91$69([$"0$M"*>=$.N+*'39\$=<+#$
_"*[\$a9*3=$A?\$?@OEX$
$
^/$#"21,$1'[+$7"2$>"$[("#$="#$N23=$/$955*+3'9>+$7"2*$->900X$
IH+*7"(+$'-$-"$3"2*>+"2-\$5"1'>+$9(,$=+15021X$&=9>$9$51+9-2*+$'>$'-\$
90>+*$#9'>'(;$"($9$1"(;$1'(+\$>"$=9H+$>=+$>+11+*$;*++>$7"2$51+9-9(>17X$
$
^K9->$7+9*$N7$N">=+*$#9-$="-5'>91'g+,$0"*$0'H+$N"(>=-X$)*+b2+(>17$/$
#+(>$>"$a9*'+$4+>*23+11"\$9$>+11+*X$R=+$#9-$3"(3+*(+,$9L"2>$N7$
N">=+*$9(,$'(b2'*+,$9L"2>$=+*$5*";*+--X^$
$
/-$>=+*+$9(7$,"2L>$>=9>$a*-X$G"-+,91+$#'11$3"(>'(2+$>"$2-+$>='-$L9([f$
$
:=9*1+-$GX$&91>+*-\$"0$"(+$"0$>=+$19*;+$L9([-$'($M+#$_"*[$:'>7\$#9-$
9--';(+,$>"$5*+59*+$9$3"(0',+(>'91$*+5"*>$"($9$3+*>9'($3"*5"*9>'"(X$!+$
[(+#$"0$"(17$"(+$5+*-"($#="$5"--+--+,$>=+$093>-$=+$(++,+,$-"$
2*;+(>17X$.-$a*X$&91>+*-$#9-$2-=+*+,$'(>"$>=+$5*+-',+(>]-$"00'3+\$9$
7"2(;$#"N9($->23[$=+*$=+9,$>=*"2;=$9$,""*$9(,$>"1,$>=+$5*+-',+(>$
>=9>$-=+$,',(]>$=9H+$9(7$->9N5-$0"*$='N$>=9>$,97X$
$
^/$9N$3"11+3>'(;$->9N5-$0"*$N7$>#+1H+<7+9*<"1,$-"(\^$>=+$5*+-',+(>$
+Y519'(+,$>"$a*X$&91>+*-X$
$
a*X$&91>+*-$->9>+,$='-$N'--'"($9(,$L+;9($9-['(;$b2+->'"(-X$%=+$
5*+-',+(>$#9-$H9;2+\$;+(+*91\$(+L21"2-X$!+$,',(]>$#9(>$>"$>91[\$9(,$
9559*+(>17$(">='(;$3"21,$5+*-29,+$='N$>"$>91[X$%=+$'(>+*H'+#$#9-$
L*'+0$9(,$L9**+(X$
$
^)*9([17\$/$,',(]>$[("#$#=9>$>"$,"\^$a*X$&91>+*-$-9',$9-$=+$*+19>+,$
>=+$->"*7$>"$>=+$319--X$^%=+($/$*+N+NL+*+,$#=9>$='-$-+3*+>9*7$=9,$
-9',$>"$='N$<$->9N5-\$>#+1H+<7+9*<"1,$-"(X$X$X$.(,$/$91-"$*+3911+,$>=9>$
>=+$0"*+';($,+59*>N+(>$"0$"2*$L9([$3"11+3>+,$->9N5-$<$->9N5-$>9[+($
0*"N$1+>>+*-$5"2*'(;$'($0*"N$+H+*7$3"(>'(+(>$#9-=+,$L7$>=+$-+H+($
-+9-X$
$
^%=+$(+Y>$90>+*(""($/$3911+,$"($>='-$N9($9(,$-+(>$'($#"*,$>=9>$/$=9,$
-"N+$->9N5-$0"*$='-$L"7X$&9-$/$2-=+*+,$'($#'>=$+(>=2-'9-Nf$_+-$-'*\$
!+$3"21,(]>$=9H+$-=9[+($N7$=9(,$#'>=$N"*+$+(>=2-'9-N$'0$=+$=9,$
L++($*2(('(;$0"*$:"(;*+--X$!+$*9,'9>+,$-N'1+-$9(,$;"",$#'11X$]a7$
`+"*;+$#'11$1"H+$>='-$"(+\]$=+$[+5>$-97'(;$9-$=+$0"(,1+,$>=+$->9N5-X$
].(,$1""[$9>$>='-j$%='-$'-$9$>*+9-2*+X]$
$
^&+$-5+(>$=910$9($="2*$>91['(;$->9N5-$9(,$1""['(;$9>$9$5'3>2*+$"0$='-$
L"7\$9(,$=+$>=+($,+H">+,$N"*+$>=9($9($="2*$"0$='-$>'N+$>"$;'H'(;$
N+$+H+*7$L'>$"0$'(0"*N9>'"($/$#9(>+,$<$#'>="2>$N7$+H+($-2;;+->'(;$
>=9>$=+$,"$'>X$!+$>"1,$N+$911$=+$[(+#\$9(,$>=+($3911+,$'($='-$
-2L"*,'(9>+-$9(,$b2+->'"(+,$>=+NX$!+$>+1+5="(+,$-"N+$"0$='-$
9--"3'9>+-X$!+$1"9,+,$N+$,"#($#'>=$093>-\$0';2*+-\$*+5"*>-$9(,$
3"**+-5"(,+(3+X$/($>=+$59*19(3+$"0$(+#-595+*$*+5"*>+*-\$/$=9,$9$
-3""5X^$
$
!+*+$'-$9(">=+*$'112->*9>'"(W$
$
:X$aX$d(95=1+\$k*X\$"0$4='19,+15='9$=9,$>*'+,$0"*$7+9*-$>"$-+11$02+1$>"$9$
19*;+$3=9'(<->"*+$"*;9('g9>'"(X$62>$>=+$3=9'(<->"*+$3"N59(7$
3"(>'(2+,$>"$52*3=9-+$'>-$02+1$0*"N$9($"2><"0<>"#($,+91+*$9(,$=921$'>$
*';=>$59->$>=+$,""*$"0$d(95=1+]-$"00'3+X$a*\$d(95=1+$N9,+$9$-5++3=$
"(+$(';=>$L+0"*+$"(+$"0$N7$319--+-\$5"2*'(;$"2>$='-$=">$#*9>=$25"($
3=9'($->"*+-\$L*9(,'(;$>=+N$9-$9$32*-+$>"$>=+$(9>'"(X$
$
.(,$->'11$=+$#"(,+*+,$#=7$=+$3"21,(]>$-+11$>=+NX$
$
/$-2;;+->+,$>=9>$=+$>*7$,'00+*+(>$>93>'3-X$%"$52>$'>$L*'+017\$>='-$'-$#=9>$
=955+(+,X$&+$->9;+,$9$,+L9>+$L+>#++($N+NL+*-$"0$>=+$3"2*-+$"($
#=+>=+*$>=+$-5*+9,$"0$>=+$3=9'($->"*+$'-$,"'(;$>=+$3"2(>*7$N"*+$
=9*N$>=9($;"",X$
$
d(95=1+\$9>$N7$-2;;+->'"(\$>""[$>=+$(+;9>'H+$-',+i$=+$9;*++,$>"$
,+0+(,$>=+$3=9'($->"*+-\$9(,$>=+($#+(>$->*9';=>$>"$9($+Y+32>'H+$"0$
>=+$3=9'(<->"*+$"*;9('g9>'"($>=9>$=+$,+-5'-+,$9(,$-9',W$^/$9N$(">$
=+*+$>"$>*7$>"$-+11$02+1X$/$=9H+$3"N+$>"$9-[$7"2$>"$,"$N+$9$09H"*X^$!+$
>=+($>"1,$9L"2>$='-$,+L9>+$9(,$-9',\$^/$=9H+$3"N+$>"$7"2$0"*$=+15$
L+392-+$/$39(]>$>='([$"0$9(7"(+$+1-+$#="$#"21,$L+$N"*+$3959L1+$"0$
;'H'(;$N+$>=+$093>-$/$#9(>X$/]N$9(Y'"2-$>"$#'($>='-$,+L9>+\$9(,$/]11$
,++517$955*+3'9>+$#=9>+H+*$=+15$7"2$39($;'H+$N+X^$
$
!+*+$'-$>=+$*+->$"0$>=+$->"*7$'($a*X$d(95=1+]-$"#($#"*,-W$
$
/$=9,$9-[+,$>='-$N9($0"*$5*+3'-+17$"(+$N'(2>+$"0$='-$>'N+X$/>$#9-$
#'>=$>=9>$2(,+*->9(,'(;$>=9>$=+$3"(-+(>+,$>"$-++$N+X$.0>+*$/$=9,$
->9>+,$N7$39-+\$=+$N">'"(+,$N+$>"$9$3=9'*$9(,$>91[+,$>"$N+$0"*$
+Y93>17$"(+$="2*$9(,$0"*>7<-+H+($N'(2>+-X$!+$3911+,$'($9(">=+*$
+Y+32>'H+$#="$=9,$#*'>>+($9$L""[$"($3=9'($->"*+-X$!+$#*">+$>"$>=+$
M9>'"(91$:=9'($R>"*+$.--"3'9>'"($9(,$-+32*+,$0"*$N+$9$3"57$"0$9$
,+L9>+$"($>=+$-2Ll+3>X$!+$0++1-$>=9>$>=+$3=9'($->"*+$'-$*+(,+*'(;$9$
*+91$-+*H'3+$>"$=2N9('>7X$!+$'-$5*"2,$"0$#=9>$=+$'-$,"'(;$0"*$
=2(,*+,-$"0$3"NN2('>'+-X$!'-$+7+-$09'*17$;1"#+,$9-$=+$>91[+,\$9(,$/$
N2->$3"(0+--$>=9>$=+$"5+(+,$N7$+7+-$>"$>='(;-$/$=9,$(+H+*$+H+($
,*+9N+,$"0X$!+$3=9(;+,$N7$#="1+$N+(>91$9>>'>2,+X$.-$/$#9-$1+9H'(;\$
=+$#91[+,$#'>=$N+$>"$>=+$,""*\$52>$='-$9*N$9*"2(,$N7$-="21,+*\$
#'-=+,$N+$#+11$'($N7$,+L9>+\$9(,$9-[+,$N+$>"$->"5$'($9(,$-++$='N$
9;9'($9(,$1+>$='N$[("#$="#$/$N9,+$"2>X$%=+$19->$#"*,-$=+$-9',$>"$
N+$#+*+W$^41+9-+$-++$N+$9;9'($19>+*$'($>=+$-5*'(;X$/$-="21,$1'[+$>"$
5193+$9($"*,+*$#'>=$7"2$0"*$02+1X^$
$
%"$N+$>=9>$#9-$91N"->$9$N'*931+X$!+*+$=+$#9-$"00+*'(;$>"$L27$02+1$
#'>="2>$N7$+H+($-2;;+->'(;$'>X$/$=9,$N9,+$N"*+$=+9,#97$'($>#"$
="2*-$L7$L+3"N'(;$;+(2'(+17$'(>+*+->+,$'($='N$9(,$='-$5*"L1+N-$
>=9($/$3"21,$=9H+$N9,+$'($>+($7+9*-$>*7'(;$>"$;+>$='N$'(>+*+->+,$'($
N+$9(,$N7$5*",23>X$
$
_"2$,',(]>$,'-3"H+*$9$(+#$>*2>=\$a*X$d(95=1+\$0"*$9$1"(;$>'N+$9;"\$9$
=2(,*+,$7+9*-$L+0"*+$:=*'->$#9-$L"*($9$09N"2-$"1,$G"N9($5"+>\$
42L1'1'2-$R7*2-\$*+N9*[+,i$^&+$9*+$'(>+*+->+,$'($">=+*-$#=+($>=+7$
9*+$'(>+*+->+,$'($2-X^$
$
.$-="#$"0$'(>+*+->\$9-$#'>=$+H+*7$">=+*$5*'(3'51+$"0$=2N9($*+19>'"(-\$
N2->$L+$-'(3+*+X$/>$N2->$597$"00$(">$"(17$0"*$>=+$5+*-"($-="#'(;$>=+$
'(>+*+->\$L2>$0"*$>=+$5+*-"($*+3+'H'(;$>=+$9>>+(>'"(X$/>$'-$9$>#"<#97$
->*++><L">=$59*>'+-$L+(+0'>X$
$
a9*>'($`'(-L+*;\$#="$>""[$"2*$:"2*-+$'($K"(;$/-19(,$M+#$_"*[\$
*+5"*>+,$="#$>=+$-5+3'91$'(>+*+->$9$(2*-+$>""[$'($='N$5*"0"2(,17$
900+3>+,$='-$1'0+W$
$
^/>$#9-$%=9([-;'H'(;$897$9(,$/$#9-$>+($7+9*-$"1,X$/$#9-$'($9$#+109*+$
#9*,$"0$9$3'>7$="-5'>91$9(,$#9-$-3=+,21+,$>"$2(,+*;"$N9l"*$
"*>="5+,'3$-2*;+*7$>=+$(+Y>$,97X$/$[(+#$>=9>$/$3"21,$"(17$1""[$
0"*#9*,$>"$N"(>=-$"0$3"(0'(+N+(>\$3"(H91+-3+(3+$9(,$59'(X$a7$
09>=+*$#9-$,+9,i$N7$N">=+*$9(,$/$1'H+,$91"(+$'($9$-N911$959*>N+(>$
9(,$#+$#+*+$"($#+109*+X$a7$N">=+*$#9-$2(9L1+$>"$H'-'>$N+$>=9>$,97X$
$
^.-$>=+$,97$#+(>$"(\$/$L+39N+$"H+*#=+1N+,$#'>=$>=+$0++1'(;$"0$
1"(+1'(+--\$,+-59'*$9(,$0+9*X$/$[(+#$N7$N">=+*$#9-$="N+$91"(+$
#"**7'(;$9L"2>$N+\$(">$=9H'(;$9(7"(+$>"$L+$#'>=\$(">$=9H'(;$9(7"(+$
>"$+9>$#'>=$9(,$(">$+H+($=9H'(;$+("2;=$N"(+7$>"$900"*,$9$
%=9([-;'H'(;$897$,'((+*X$
$
^%=+$>+9*-$#+11+,$25$'($N7$+7+-\$9(,$/$->23[$N7$=+9,$2(,+*$>=+$
5'11"#$9(,$5211+,$>=+$3"H+*-$"H+*$'>\$/$3*'+,$-'1+(>17\$L2>$"=$-"$L'>>+*17\$
-"$N23=$>=9>$N7$L",7$*93[+,$#'>=$59'(X$
$
^.$7"2(;$->2,+(>$(2*-+$=+9*,$N7$-"LL'(;$9(,$39N+$"H+*$>"$N+X$R=+$
>""[$>=+$3"H+*-$"00$N7$093+$9(,$->9*>+,$#'5'(;$N7$>+9*-X$R=+$>"1,$N+$
="#$1"(+17$-=+$#9-\$=9H'(;$>"$#"*[$>=9>$,97$9(,$(">$L+'(;$9L1+$>"$
L+$#'>=$=+*$09N'17X$R=+$9-[+,$N+$#=+>=+*$/$#"21,$=9H+$,'((+*$#'>=$
=+*X$R=+$L*"2;=>$>#"$>*97-$"0$0"",W$-1'3+,$>2*[+7\$N9-=+,$9$
5">9>"+-\$3*9(L+**7$-923+$9(,$'3+$3*+9N$0"*$,+--+*>X$R=+$>91[+,$>"$
N+$9(,$>*'+,$>"$391N$N7$0+9*-X$IH+($>="2;=$-=+$#9-$-3=+,21+,$>"$;"$
"00$,2>7$9>$D$4XaX\$-=+$->97+,$"($=+*$"#($>'N+$2(>'1$91N"->$??$4XaX$
R=+$5197+,$;9N+-$#'>=$N+\$>91[+,$>"$N+$9(,$->97+,$#'>=$N+$2(>'1$/$
0'(9117$0+11$9-1++5X$
$
^a9(7$%=9([-;'H'(;-$=9H+$3"N+$9(,$;"(+$-'(3+$/$#9-$>+(\$L2>$"(+$
(+H+*$59--+-$#'>="2>$N+$*+N+NL+*'(;$>=9>$59*>'3219*$"(+$9(,$N7$
0++1'(;-$"0$0*2->*9>'"(\$0+9*\$1"(+1'(+--$9(,$>=+$#9*N>=$9(,$
>+(,+*(+--$"0$>=+$->*9(;+*$>=9>$-"N+="#$N9,+$'>$911$L+9*9L1+X^$
$
/0$7"2$#9(>$">=+*-$>"$1'[+$7"2\$'0$7"2$#9(>$>"$,+H+1"5$*+91$
0*'+(,-='5-\$'0$7"2$#9(>$>"$=+15$">=+*-$9>$>=+$-9N+$>'N+$9-$7"2$=+15$
7"2*-+10\$[++5$>='-$5*'(3'51+$'($N'(,W$
$
c$4*'(3'51+$?$6+3"N+$;+(2'(+17$'(>+*+->+,$'($">=+*$5+"51+X$$
$
ooooooo$
$
P$<$.$R'N51+$&97$%"$a9[+$.$`"",$)'*->$/N5*+--'"($
$
.>$9$,'((+*$59*>7$'($M+#$_"*[\$"(+$"0$>=+$;2+->-\$9$#"N9($#="$=9,$
'(=+*'>+,$N"(+7\$#9-$+9;+*$>"$N9[+$9$51+9-'(;$'N5*+--'"($"($
+H+*7"(+X$R=+$=9,$-b29(,+*+,$9$N",+->$0"*>2(+$"($-9L1+-\$
,'9N"(,-$9(,$5+9*1-X$62>$-=+$=9,(]>$,"(+$9(7>='(;$#=9>+H+*$9L"2>$
=+*$093+X$/>$*9,'9>+,$-"2*(+--$9(,$-+10'-=(+--X$R=+$,',(]>$*+91'g+$#=9>$
+H+*7"(+$[("#-W$(9N+17\$>=9>$>=+$+Y5*+--'"($"(+$#+9*-$"($"(+]-$
093+$'-$09*$N"*+$'N5"*>9(>$>=9($>=+$31">=+-$"(+$#+9*-$"($"(+]-$L93[X$
$
:=9*1+-$R3=#9L$>"1,$N+$='-$-N'1+$=9,$L++($#"*>=$9$N'11'"($,"119*-X$
.(,$=+$#9-$5*"L9L17$2(,+*->9>'(;$>=+$>*2>=X$)"*$R3=#9L]-$
5+*-"(91'>7\$='-$3=9*N\$='-$9L'1'>7$>"$N9[+$5+"51+$1'[+$='N\$#+*+$
91N"->$#="117$*+-5"(-'L1+$0"*$='-$+Y>*9"*,'(9*7$-233+--i$9(,$"(+$"0$
>=+$N"->$,+1';=>021$093>"*-$'($='-$5+*-"(91'>7$#9-$='-$395>'H9>'(;$
-N'1+X$
$
.3>'"(-$-5+9[$1"2,+*$>=9($#"*,-\$9(,$9$-N'1+$-97-\$^/$1'[+$7"2\$_"2$
N9[+$N+$=9557X$/$9N$;19,$>"$-++$7"2X^$%=9>$'-$#=7$,";-$N9[+$-23=$
9$='>X$%=+7$9*+$-"$;19,$>"$-++$2-$>=9>$>=+7$91N"->$l2N5$"2>$"0$>=+'*$
-['(-X$R"\$(9>2*9117\$#+$9*+$;19,$>"$-++$>=+NX$
$
.$L9L7]-$-N'1+$=9-$>=+$-9N+$+00+3>X$
$
!9H+$7"2$+H+*$L++($'($9$,"3>"*]-$#9'>'(;$*""N$9(,$1""[+,$9*"2(,$9>$
911$>=+$;12N$093+-$#9'>'(;$'N59>'+(>17$>"$L+$-++(f$8*\$R>+5=+($dX$
R5*"21\$9$H+>+*'(9*'9($'($G97>"#(\$a'--"2*'\$>"1,$"0$9$>75'391$-5*'(;$
,97$#=+($='-$#9'>'(;$*""N$#9-$0211$"0$31'+(>-$#9'>'(;$>"$=9H+$>=+'*$
5+>-$'("3219>+,X$M"$"(+$#9-$>91['(;$>"$9(7"(+$+1-+\$9(,$911$#+*+$
5*"L9L17$>='(['(;$"0$9$,"g+($">=+*$>='(;-$>=+7$#"21,$*9>=+*$L+$,"'(;$
>=9($^#9->'(;$>'N+^$-'>>'(;$'($>=9>$"00'3+X$!+$>"1,$"(+$"0$"2*$319--+-W$
^%=+*+$#+*+$-'Y$"*$-+H+($31'+(>-$#9'>'(;$#=+($9$7"2(;$#"N9($39N+$
'($#'>=$9$('(+<N"(>=<"1,$L9L7$9(,$9$['>>+(X$.-$123[$#"21,$=9H+$'>\$
-=+$-9>$,"#($(+Y>$>"$9$;+(>1+N9($#="$#9-$N"*+$>=9($9$1'>>1+$
,'->*92;=>$9L"2>$>=+$1"(;$#9'>$0"*$-+*H'3+X$%=+$(+Y>$>='(;$=+$[(+#\$
>=+$L9L7$l2->$1""[+,$25$9>$='N$#'>=$>=9>$;*+9>$L';$-N'1+$>=9>$'-$-"$
3=9*93>+*'->'3$"0$L9L'+-X$&=9>$,',$>=9>$;+(>1+N9($,"f$k2->$#=9>$7"2$
9(,$/$#"21,$,"\$"0$3"2*-+i$=+<-N'1+,$L93[$9>$>=+$L9L7X$R""($=+$
->*23[$25$9$3"(H+*-9>'"($#'>=$>=+$#"N9($9L"2>$=+*$L9L7$9(,$='-$
;*9(,3='1,*+(\$9(,$-""($>=+$+(>'*+$*+3+5>'"($*""N$l"'(+,$'(\$9(,$>=+$
L"*+,"N$9(,$>+(-'"($#+*+$3"(H+*>+,$'(>"$9$51+9-9(>$9(,$+(l"79L1+$
+Y5+*'+(3+X^$
$
.($'(-'(3+*+$;*'(f$M"X$%=9>$,"+-(]>$0""1$9(7L",7X$&+$[("#$'>$'-$
N+3=9('391$9(,$#+$*+-+(>$'>X$/$9N$>91['(;$9L"2>$9$*+91$-N'1+\$9$
=+9*>#9*N'(;$-N'1+\$9$-N'1+$>=9>$3"N+-$0*"N$#'>='(\$>=+$['(,$"0$
-N'1+$>=9>$#'11$L*'(;$9$;"",$5*'3+$'($>=+$N9*[+>5193+X$
$
4*"0+--"*$k9N+-$VX$a3:"((+11\$9$5-73="1";'->$9>$>=+$Z('H+*-'>7$"0$
a'3=';9(\$+Y5*+--+,$='-$0++1'(;-$9L"2>$9$-N'1+X$^4+"51+$#="$-N'1+\^$
=+$-9',\$^>+(,$>"$N9(9;+$>+93=$9(,$-+11$N"*+$+00+3>'H+17\$9(,$>"$
*9'-+$=955'+*$3='1,*+(X$%=+*+]-$09*$N"*+$'(0"*N9>'"($'($9$-N'1+$>=9($9$
0*"#(X$%=9>]-$#=7$+(3"2*9;+N+(>$'-$9$N23=$N"*+$+00+3>'H+$>+93='(;$
,+H'3+$>=9($52('-=N+(>X^$
$
%=+$+N51"7N+(>$N9(9;+*$"0$9$19*;+$M+#$_"*[$,+59*>N+(>$->"*+$>"1,$
N+$-=+$#"21,$*9>=+*$='*+$9$-91+-$31+*[$#="$=9,(]>$0'('-=+,$;*9,+$
-3=""1\$'0$=+$"*$-=+$=9-$9$51+9-9(>$-N'1+\$>=9($>"$='*+$9$,"3>"*$"0$
5='1"-"5=7$#'>=$9$-"NL+*$093+X$
$
%=+$+00+3>$"0$9$-N'1+$'-$5"#+*021$<$+H+($#=+($'>$'-$2(-++(X$%+1+5="(+$
3"N59('+-$>=*"2;="2>$>=+$Z('>+,$R>9>+-$=9H+$9$5*";*9N$3911+,$
^5="(+$5"#+*^$#='3=$'-$"00+*+,$>"$+N51"7++-$#="$2-+$>=+$>+1+5="(+$
0"*$-+11'(;$>=+'*$-+*H'3+-$"*$5*",23>-X$/($>='-$5*";*9N$>=+7$-2;;+->$
>=9>$7"2$-N'1+$#=+($>91['(;$"($>=+$5="(+X$_"2*$^-N'1+^$3"N+-$
>=*"2;=$'($7"2*$H"'3+X$
$
G"L+*>$:*7+*\$N9(9;+*$"0$9$3"N52>+*$,+59*>N+(>$0"*$9$:'(3'((9>'\$
S='"\$3"N59(7\$>"1,$="#$=+$=9,$-233+--02117$0"2(,$>=+$*';=>$
9551'39(>$0"*$9$=9*,<>"<0'11$5"-'>'"(W$
$
^/$#9-$,+-5+*9>+17$>*7'(;$>"$*+3*2'>$9$4=X8X$'($3"N52>+*$-3'+(3+$0"*$
N7$,+59*>N+(>X$/$0'(9117$1"39>+,$9$7"2(;$N9($#'>=$',+91$
b291'0'39>'"(-$#="$#9-$9L"2>$>"$L+$;*9,29>+,$0*"N$42*,2+$
Z('H+*-'>7X$.0>+*$-+H+*91$5="(+$3"(H+*-9>'"(-$/$1+9*(+,$>=9>$=+$=9,$
-+H+*91$"00+*-$0*"N$">=+*$3"N59('+-\$N9(7$"0$>=+N$19*;+*$9(,$L+>>+*$
[("#($>=9($N'(+X$/$#9-$,+1';=>+,$#=+($=+$933+5>+,$N7$"00+*X$.0>+*$
=+$->9*>+,$"($>=+$l"L\$/$9-[+,$='N$#=7$=+$=9,$3="-+($2-$"H+*$>=+$
">=+*-X$!+$592-+,$0"*$9$N"N+(>$9(,$>=+($=+$-9',W$]/$>='([$'>$#9-$
L+392-+$N9(9;+*-$'($>=+$">=+*$3"N59('+-$-5"[+$"($>=+$5="(+$'($9$
3"1,\$L2-'(+--<1'[+$N9((+*\$#='3=$N9,+$N+$0++1$1'[+$l2->$9(">=+*$
L2-'(+--$>*9(-93>'"(\$_"2*$H"'3+$-"2(,+,$9-$'0$7"2$#+*+$;19,$>"$=+9*$
0*"N$N+$XXX$>=9>$7"2$*+9117$#9(>+,$N+$>"$L+$59*>$"0$7"2*$
"*;9('g9>'"(X$]$_"2$39($L+$9--2*+,\$/$9N$->'11$9(-#+*'(;$N7$5="(+$
#'>=$9$-N'1+X^$
$
%=+$3=9'*N9($"0$>=+$L"9*,$"0$,'*+3>"*-$"0$"(+$"0$>=+$19*;+->$*2LL+*$
3"N59('+-$]'($>=+$Z('>+,$R>9>+-$>"1,$N+$>=9>\$933"*,'(;$>"$='-$
"L-+*H9>'"(-\$5+"51+$*9*+17$-233++,$9>$9(7>='(;$2(1+--$>=+7$=9H+$02($
,"'(;$'>X$%='-$'(,2->*'91$1+9,+*$,"+-(]>$52>$N23=$09'>=$'($>=+$"1,$
9,9;+$>=9>$=9*,$#"*[$91"(+$'-$>=+$N9;'3$[+7$>=9>$#'11$2(1"3[$>=+$,""*$
>"$"2*$,+-'*+-\$^/$=9H+$[("#($5+"51+\^$=+$-9',\$^#="$-233++,+,$
L+392-+$>=+7$=9,$9$*'5<*"9*'(;$;"",$>'N+$3"(,23>'(;$>=+'*$L2-'(+--X$
K9>+*\$/$-9#$>="-+$5+"51+$3=9(;+$9-$>=+$02($L+39N+$#"*[X$%=+$
L2-'(+--$=9,$;*"#($,211\$%=+7$1"->$911$l"7$'($'>\$9(,$>=+7$09'1+,X^$
$
_"2$N2->$=9H+$9$;"",$>'N+$N++>'(;$5+"51+$'0$7"2$+Y5+3>$>=+N$>"$
=9H+$9$;"",$>'N+$N++>'(;$7"2X$
$
/$=9H+$9-[+,$>="2-9(,-$"0$L2-'(+--$5+"51+$>"$-N'1+$9>$-"N+"(+$
+H+*7$="2*$"0$>=+$,97$0"*$9$#++[$9(,$>=+($3"N+$>"$319--$9(,$>91[$
9L"2>$>=+$*+-21>-X$!"#$,',$'>$#"*[f$K+>]-$-++$XXX$!+*+$'-$9$1+>>+*$0*"N$
&'11'9N$6X$R>+'(=9*,>\$9$M+#$_"*[$->"3[L*"[+*X$!'-$39-+$'-(]>$'-"19>+,X$
/($093>\$'>$'-$>75'391$"0$=2(,*+,-$"0$39-+-X$
$
^?$=9H+$L++($N9**'+,$0"*$"H+*$+';=>++($7+9*-\^$#*">+$a*X$R>+'(=9*,>\$
^9(,$'($911$>=9>$>'N+$/$-+1,"N$-N'1+,$9>$N7$#'0+$"*$-5"[+$>#"$,"g+($
#"*,-$>"$=+*$0*"N$>=+$>'N+$/$;">$25$2(>'1$/$#9-$*+9,7$>"$1+9H+$0"*$
L2-'(+--X$/$#9-$"(+$"0$>=+$#"*->$;*"23=+-$#="$+H+*$#91[+,$,"#($
6*"9,#97X$
$
^&=+($7"2$9-[+,$N+$>"$N9[+$9$>91[$9L"2>$N7$+Y5+*'+(3+$#'>=$
-N'1+-\$/$>="2;=>$/$#"21,$>*7$'>$0"*$9$#++[X$R"$>=+$(+Y>$N"*('(;\$
#='1+$3"NL'(;$N7$=9'*\$/$1""[+,$9>$N7$;12N$N2;$'($>=+$N'**"*$9(,$
-9',$>"$N7-+10\$]6'11\$7"2$9*+$;"'(;$>"$#'5+$>=+$-3"#1$"00$>=9>$-"2*$
52--$"0$7"2*-$>",97X$_"2$9*+$;"'(;$>"$-N'1+X$.(,$7"2$9*+$;"'(;$>"$
L+;'($*';=>$("#X]$.-$/$-9>$,"#($>"$L*+9[09->\$/$;*++>+,$N7$#'0+$#'>=$
9$]`"",$N"*('(;\$N7$,+9*\]$9(,$-N'1+,$9-$/$-9',$'>X$
$
^_"2$#9*(+,$N+$>=9>$-=+$N';=>$L+$-2*5*'-+,X$&+11\$7"2$
2(,+*+->'N9>+,$=+*$*+93>'"(X$R=+$#9-$L+#'1,+*+,X$R=+$#9-$-="3[+,X$
/$>"1,$=+*$>=9>$'($>=+$02>2*+$-=+$3"21,$+Y5+3>$>='-$9-$9$*+;219*$
"332**+(3+\$9(,$/$[+5>$'>$25$+H+*7$N"*('(;X$
$
^%='-$3=9(;+,$9>>'>2,+$"0$N'(+$L*"2;=>$N"*+$=955'(+--$'(>"$"2*$
="N+$'($>=+$>#"$N"(>=-$-'(3+$/$->9*>+,$>=9($>=+*+$#9-$,2*'(;$>=+$
19->$7+9*X$
$
^.-$/$1+9H+$0"*$N7$"00'3+\$/$;*++>$>=+$+1+H9>"*$"5+*9>"*$'($>=+$
959*>N+(>$="2-+$#'>=$9$]`"",$N"*('(;]$9(,$9$-N'1+\$/$;*++>$>=+$
,""*N9($#'>=$9$-N'1+X$/$-N'1+$9>$>=+$39-='+*$'($>=+$-2L#97$L"">=$
#=+($/$9-[$0"*$3=9(;+X$.-$/$->9(,$"($>=+$01""*$"0$>=+$R>"3[$
IY3=9(;+\$/$-N'1+$9>$5+"51+$#="$2(>'1$*+3+(>17$(+H+*$-9#$N+$-N'1+X$
$
^/$-""($0"2(,$>=9>$+H+*7L",7$#9-$-N'1'(;$L93[$9>$N+\$/$>*+9>$>="-+$
#="$3"N+$>"$N+$#'>=$3"N519'(>-$"*$;*'+H9(3+-$'($9$3=++*021$N9((+*\$
/$-N'1+$9-$/$1'->+($>"$>=+N$9(,$/$0'(,$>=9>$9,l2->N+(>-$9*+$
933"N51'-=+,$N23=$+9-'+*X$/$0'(,$>=9>$-N'1+-$9*+$L*'(;'(;$N+$,"119*-\$
N9(7$,"119*-$+H+*7$,97X$
$
^/$-=9*+$N7$"00'3+$#'>=$9(">=+*$L*"[+*X$S(+$"0$='-$31+*[-$'-$9$1'[9L1+$
7"2(;$3=95\$9(,$/$#9-$-"$+19>+,$9L"2>$>=+$*+-21>-$/$#9-$;+>>'(;$>=9>$
/$>"1,$='N$*+3+(>17$9L"2>$N7$(+#$5='1"-"5=7$"0$=2N9($*+19>'"(-X$!+$
>=+($3"(0+--+,$>=9>$#=+($/$0'*->$39N+$>"$-=9*+$N7$"00'3+$#'>=$='-$
0'*N$=+$>="2;=>$N+$9$>+**'L1+$;*"23=$<$9(,$"(17$*+3+(>17$3=9(;+,$='-$
N'(,X$!+$-9',$/$#9-$*+9117$=2N9($#=+($/$-N'1+,X$
$
^/$=9H+$91-"$+1'N'(9>+,$3*'>'3'-N$0*"N$N7$-7->+NX$/$;'H+$955*+3'9>'"($
9(,$5*9'-+$("#$'(->+9,$"0$3"(,+N(9>'"(X$/$=9H+$->"55+,$>91['(;$
9L"2>$#=9>$/$#9(>X$/$9N$("#$>*7'(;$>"$-++$>=+$">=+*$5+*-"(]-$
H'+#5"'(>X$.(,$>=+-+$>='(;-$=9H+$1'>+*9117$*+H"12>'"('g+,$N7$1'0+X$/$9N$
9$>">9117$,'00+*+(>$N9(\$9$=955'+*$N9(\$9$*'3=+*$N9(\$*'3=+*$'($
0*'+(,-='5-$9(,$=955'(+--$<$>=+$"(17$>='(;-$>=9>$N9>>+*$N23=$90>+*$
911X^$
$
_"2$,"(]>$0++1$1'[+$-N'1'(;f$%=+($#=9>f$%#"$>='(;-X$)'*->\$0"*3+$
7"2*-+10$>"$-N'1+X$/0$7"2$9*+$91"(+\$0"*3+$7"2*-+10$>"$#='->1+$"*$=2N$9$
>2(+$"*$-'(;X$.3>$9-$'0$7"2$#+*+$91*+9,7$=9557\$9(,$>=9>$#'11$>+(,$>"$
N9[+$7"2$=9557X$!+*+$'-$>=+$#97$>=+$5-73="1";'->$9(,$5='1"-"5=+*$
&'11'9N$k9N+-$52>$'>W$
$
^.3>'"($-++N-$>"$0"11"#$0++1'(;\$L2>$*+9117$93>'"($9(,$0++1'(;$;"$
>";+>=+*i$9(,$L7$*+;219>'(;$>=+$93>'"(\$#='3=$'-$2(,+*$>=+$N"*+$
,'*+3>$3"(>*"1$"0$>=+$#'11\$#+$39($'(,'*+3>17$*+;219>+$>=+$0++1'(;\$#='3=$
'-$(">X$
$
^%=2-$>=+$-"H+*+';($H"12(>9*7$59>=$>"$3=++*021(+--\$'0$"2*$
3=++*021(+--$L+$1"->\$'-$>"$-'>$25$3=++*02117$9(,$>"$93>$9(,$-5+9[$9-$'0$
3=++*021(+--$#+*+$91*+9,7$>=+*+X$XXX^$
$
IH+*7$L",7$'($>=+$#"*1,$'-$-++['(;$=955'(+--$<$9(,$>=+*+$'-$"(+$-2*+$
#97$>"$0'(,$'>X$%=9>$'-$L7$3"(>*"11'(;$7"2*$>="2;=>-X$!955'(+--$
,"+-(]>$,+5+(,$"($"2>#9*,$3"(,'>'"(-X$/>$,+5+(,-$"($'((+*$
3"(,'>'"(-X$
$
/>$'-(]>$#=9>$7"2$=9H+$"*$#="$7"2$9*+$"*$#=+*+$7"2$9*+$"*$#=9>$7"2$
9*+$,"'(;$>=9>$N9[+-$7"2$=9557$"*$2(=9557X$/>$'-$#=9>$7"2$>='([$
9L"2>$'>X$)"*$+Y9N51+\$>#"$5+"51+$N97$L+$'($>=+$-9N+$5193+\$,"'(;$
>=+$-9N+$>='(;i$L">=$N97$=9H+$9L"2>$9($+b291$9N"2(>$"0$N"(+7$
9(,$5*+->';+$<$9(,$7+>$"(+$N97$L+$N'-+*9L1+$9(,$>=+$">=+*$=9557X$
&=7f$6+392-+$"0$9$,'00+*+(>$N+(>91$9>>'>2,+X$/$=9H+$-++($l2->$9-$
N9(7$=9557$093+-$9N"(;$>=+$5""*$5+9-9(>-$>"'1'(;$#'>=$>=+'*$
5*'N'>'H+$>""1-$'($>=+$,+H9->9>'(;$=+9>$"0$>=+$>*"5'3-$9-$/$=9H+$-++($'($
9'*<3"(,'>'"(+,$"00'3+-$'($M+#$_"*[\$:='39;"$"*$K"-$.(;+1+-X$
$
^%=+*+$'-$(">='(;$+'>=+*$;"",$"*$L9,\^$-9',$R=9[+-5+9*+\$^L2>$
>='(['(;$N9[+-$'>$-"X^$
$
.L+$K'(3"1($"(3+$*+N9*[+,$>=9>$^N"->$0"1[-$9*+$9L"2>$9-$=9557$9-$
>=+7$N9[+$25$>=+'*$N'(,-$>"$L+X^$!+$#9-$*';=>X$/$-9#$9$H'H',$
'112->*9>'"($"0$>=9>$>*2>=$9-$/$#9-$#91['(;$25$>=+$->9'*-$"0$>=+$K"(;$
/-19(,$G9'1*"9,$->9>'"($'($M+#$_"*[X$8'*+3>17$'($0*"(>$"0$N+$>='*>7$"*$
0"*>7$3*'551+,$L"7-$"($39(+-$9(,$3*2>3=+-$#+*+$->*2;;1'(;$25$>=+$
->9'*-X$S(+$L"7$=9,$>"$L+$39**'+,$25X$/$#9-$9->"('-=+,$9>$>=+'*$
192;=>+*$9(,$;9'+>7X$/$-5"[+$9L"2>$'>$>"$"(+$"0X>=+$N+($'($3=9*;+$"0$
>=+$L"7-X$^S=\$7+-\^$=+$-9',\$^#=+($9$L"7$*+91'g+-$>=9>$=+$'-$;"'(;$>"$
L+$9$3*'551+$0"*$1'0+\$=+$'-$-="3[+,$9>$0'*->i$L2>$90>+*$=+$;+>-$"H+*$>=+$
-="3[\$=+$2-29117$*+-';(-$='N-+10$>"$='-$09>+$9(,$>=+($L+3"N+-$9-$
=9557$9-$("*N91$L"7-X^$
$
/$0+1>$1'[+$>9['(;$N7$=9>$"00$>"$>="-+$L"7-X$%=+7$>92;=>$N+$9$1+--"($/$
="5+$/$-=911$(+H+*$0"*;+>X$
$
&"*['(;$911$L7$"(+-+10$'($9$31"-+,<"00$*""N$'($9($"00'3+$(">$"(17$'-$
1"(+17\$L2>$'>$,+('+-$"(+$>=+$"55"*>2('>7$"0$N9['(;$0*'+(,-$#'>=$">=+*$
+N51"7++-$'($>=+$3"N59(7X$R+"*9$a9*'9$`"(g91+g$"0$`29,919l9*9\$
a+Y'3"\$=9,$-23=$9$l"LX$R=+$+(H'+,$>=+$-=9*+,$3"N*9,+-='5$"0$">=+*$
5+"51+$'($>=+$3"N59(7$9-$-=+$=+9*,$>=+'*$3=9>>+*$9(,$192;=>+*X$.-$
-=+$59--+,$>=+N$'($>=+$=911$,2*'(;$>=+$0'*->$#++[-$"0$=+*$
+N51"7N+(>\$-=+$-=717$1""[+,$>=+$">=+*$#97X$
$
.0>+*$9$0+#$#++[-\$-=+$-9',$>"$=+*-+10\$^a9*'9\$7"2$39(]>$+Y5+3>$>="-+$
#"N+($>"$3"N+$>"$7"2X$_"2$=9H+$>"$;"$"2>$9(,$N++>$>=+NX$^$%=+$
(+Y>$>'N+$-=+$#91[+,$>"$>=+$#9>+*$3""1+*\$-=+$52>$"($=+*$L*';=>+->$
-N'1+$9(,$-9',\$^!'\$="#$9*+$7"2$>",97^$>"$+93=$"0$>=+$5+"51+$-=+$
N+>X$%=+$+00+3>$#9-$'NN+,'9>+X$RN'1+-$9(,$=+11"-$#+*+$*+>2*(+,\$>=+$
=911#97$-++N+,$L*';=>+*\$>=+$l"L$0*'+(,1'+*X$
$
.3b29'(>9(3+-='5-$,+H+1"5+,$9(,$-"N+$*'5+(+,$'(>"$0*'+(,-='5-X$!+*$
l"L$9(,$=+*$1'0+$L+39N+$N"*+$51+9-9(>$9(,$'(>+*+->'(;X$
$
4+*2-+$>='-$L'>$"0$-9;+$9,H'3+$0*"N$>=+$+--97'->$9(,$52L1'-=+*$I1L+*>$
!2LL9*,$<$L2>$*+N+NL+*\$5+*2-'(;$'>$#"(]>$,"$7"2$9(7$;"",$2(1+--$
7"2$95517$'>W$
$
&=+(+H+*$7"2$;"$"2><"0<,""*-\$,*9#$>=+$3='($'(\$39**7$>=+$3*"#($"0$
>=+$=+9,$=';=\$9(,$0'11$>=+$12(;-$>"$>=+$2>N"->i$,*'([$'($>=+$-2(-='(+i$
;*++>$7"2*$0*'+(,-$#'>=$9$-N'1+\$9(,$52>$-"21$'(>"$+H+*7$=9(,319-5X$
8"$(">$0+9*$L+'(;$N'-2(,+*->"",$9(,$,"$(">$#9->+$9$N'(2>+$>='(['(;$
9L"2>$7"2*$+(+N'+-X$%*7$>"$0'Y$0'*N17$'($7"2*$N'(,$#=9>$7"2$#"21,$
1'[+$>"$,"i$9(,$>=+(\$#'>="2>$H++*'(;$"00$,'*+3>'"(\$7"2$#'11$N"H+$
->*9';=>$>"$>=+$;"91X$d++5$7"2*$N'(,$"($>=+$;*+9>$9(,$-51+(,',$>='(;-$
7"2$#"21,$1'[+$>"$,"\$9(,$>=+(\$9-$>=+$,97-$;"$;1','(;$9#97\$7"2$#'11$
0'(,$7"2*-+10$2(3"(-3'"2-17$-+'g'(;$25"($>=+$"55"*>2('>'+-$>=9>$9*+$
*+b2'*+,$0"*$>=+$0210'11N+(>$"0$7"2*$,+-'*+\$l2->$9-$>=+$3"*91$'(-+3>$
>9[+-$0*"N$>=+$*2(('(;$>',+$>=+$+1+N+(>$'>$(++,-X$4'3>2*+$'($7"2*$
N'(,$>=+$9L1+\$+9*(+->\$2-+021$5+*-"($7"2$,+-'*+$>"$L+\$9(,$>=+$
>="2;=>$7"2$="1,$'-$="2*17$>*9(-0"*N'(;$7"2$'(>"$>=9>$59*>'3219*$
'(,'H',291XX$X$X$%="2;=>$'-$-25*+N+X$4*+-+*H+$9$*';=>$N+(>91$9>>'>2,+$<
>=+$9>>'>2,+$"0$3"2*9;+\$0*9([(+--\$9(,$;"",$3=++*X$%"$>='([$*';=>17$
'-$>"$3*+9>+X$.11$>='(;-$3"N+$>=*"2;=$,+-'*+$9(,$+H+*7$-'(3+*+$5*97+*$
'-$9(-#+*+,X$&+$L+3"N+$1'[+$>=9>$"($#='3=$"2*$=+9*>-$9*+$0'Y+,X$
:9**7$7"2*$3='($'($9(,$>=+$3*"#($"0$7"2*$=+9,$=';=X$&+$9*+$;",-$'($
>=+$3=*7-91'-X$
$
%=+$9(3'+(>$:='(+-+$#+*+$9$#'-+$1">$<$#'-+$'($>=+$#97-$"0$>=+$#"*1,i$
9(,$>=+7$=9,$9$5*"H+*L$>=9>$7"2$9(,$/$"2;=>$>"$32>$"2>$9(,$59->+$
'(-',+$"2*$=9>-X$/>$;"+-$1'[+$>='-W$^.$N9($#'>="2>$9$-N'1'(;$093+$N2->$
(">$"5+($9$-="5X^$
$
_"2*$-N'1+$'-$9$N+--+(;+*$"0$7"2*$;"",$#'11X$_"2*$-N'1+$L*';=>+(-$>=+$
1'H+-$"0$911$#="$-++$'>X$%"$-"N+"(+$#="$=9-$-++($9$,"g+($5+"51+$
0*"#(\$-3"#1$"*$>2*($>=+'*$093+-$9#97\$7"2*$-N'1+$'-$1'[+$>=+$-2($
L*+9['(;$>=*"2;=$>=+$31"2,-X$I-5+3'9117$#=+($>=9>$-"N+"(+$'-$2(,+*$
5*+--2*+$0*"N$='-$L"--+-\$='-$32->"N+*-\$='-$>+93=+*-$"*$59*+(>-$"*$
3='1,*+(\$9$-N'1+$39($=+15$='N$*+91'g+$>=9>$911$'-$(">$="5+1+--$<$>=9>$
>=+*+$'-$l"7$'($>=+$#"*1,X$
$
R"N+$7+9*-$9;"\$9$,+59*>N+(>$->"*+$'($M+#$_"*[$:'>7\$'($*+3";('>'"($
"0$>=+$5*+--2*+-$'>-$-91+-$31+*[-$#+*+$2(,+*$,2*'(;$>=+$:=*'->N9-$
*2-=\$5*+-+(>+,$>=+$*+9,+*-$"0$'>-$9,H+*>'-+N+(>-$#'>=$>=+$0"11"#'(;$
="N+17$5='1"-"5=7W$
$
%=+$V912+$S0$.$RN'1+$.>$:=*'->N9-$
$
/>$3"->-$(">='(;\$L2>$3*+9>+-$N23=X$/>$+(*'3=+-$>="-+$#="$*+3+'H+\$
#'>="2>$'N5"H+*'-='(;$>="-+$#="$;'H+X$/>$=955+(-$'($9$019-=$9(,$>=+$
N+N"*7$"0$'>$-"N+>'N+-$19->-$0"*+H+*\$M"(+$9*+$-"$*'3=$>=+7$39($;+>$
91"(;$#'>="2>$'>\$9(,$("(+$-"$5""*$L2>$9*+$*'3=+*$0"*$'>-$L+(+0'>-X$/>$
3*+9>+-$=955'(+--$'($>=+$="N+\$0"->+*-$;"",$#'11$'($9$L2-'(+--\$9(,$'-$
>=+$3"2(>+*-';($"0$0*'+(,-X$/>$'-$*+->$>"$>=+$#+9*7\$,971';=>$>"$>=+$
,'-3"2*9;+,\$-2(-='(+$>"$>=+$-9,\$9(,$M9>2*+]-$L+->$9(>',">+$0++$
>*"2L1+X$_+>$'>$39((">$L+$L"2;=>\$L+;;+,\$L"**"#+,\$"*$->"1+(\$0"*$'>$
'-$-"N+>='(;$>=9>$'-$("$+9*>=17$;"",$>"$9(7L",7$>'11$'>$'-$;'H+($9#97X$
.(,$'0$'($>=+$19-><N'(2>+$*2-=$"0$:=*'->N9-$L27'(;$-"N+$"0$"2*$
-91+-5+"51+$-="21,$L+$>""$>'*+,$>"$;'H+$7"2$9$-N'1+\$N97$#+$9-[$7"2$
>"$1+9H+$"(+$"0$7"2*-f$)"*$("L",7$(++,-$9$-N'1+$-"$N23=$9-$>="-+$
#="$=9H+$("(+$1+0>$>"$;'H+j$
$
c$4*'(3'51+$P$<$RN'1+X$$
$
ooooooo$
$
A$<$/0$_"2$8"(]>$8"$%='-\$_"2$.*+$!+9,+,$)"*$%*"2L1+$
$
693[$'($?E@E\$9$>*9;'3$>='(;$=955+(+,$'($G"3[19(,$:"2(>7\$M+#$
_"*[X$.$3='1,$=9,$,'+,\$9(,$"($>='-$59*>'3219*$,97$>=+$(+';=L"*-$#+*+$
5*+59*'(;$>"$;"$>"$>=+$02(+*91X$
$
k'N$)9*1+7$#+(>$"2>$>"$>=+$L9*($>"$='>3=$25$='-$="*-+X$%=+$;*"2(,$
#9-$3"H+*+,$#'>=$-("#\$>=+$9'*$#9-$3"1,$9(,$-(9557i$>=+$="*-+$
=9,(]>$L++($+Y+*3'-+,$0"*$,97-i$9(,$9-$=+$#9-$1+,$"2>$>"$>=+$
#9>+*'(;$>*"2;=\$=+$#=++1+,$519702117\$['3[+,$L">=$='-$=++1-$=';=$'($
>=+$9'*\$9(,$['11+,$k'N$)9*1+7X$R"$>=+$1'>>1+$H'119;+$"0$R>"(7$4"'(>$=9,$
>#"$02(+*91-$>=9>$#++[$'(->+9,$"0$"(+X$
$
k'N$)9*1+7$1+0>$L+='(,$='N$9$#',"#$9(,$>=*++$L"7-\$9(,$9$0+#$
=2(,*+,$,"119*-$'($'(-2*9(3+X$
$
!'-$"1,+->$L"7\$k'N\$#9-$>+(\$9(,$=+$#+(>$>"$#"*[$'($9$L*'3[79*,\$
#=++1'(;$-9(,$9(,$5"2*'(;$'>$'(>"$>=+$N"1,-$9(,$>2*('(;$>=+$L*'3[$"($
+,;+$>"$L+$,*'+,$L7$>=+$-2(X$%='-$L"7$k'N$(+H+*$=9,$9$3=9(3+$>"$;+>$
N23=$+,239>'"(X$62>$#'>=$='-$(9>2*91$;+('91'>7\$=+$=9,$9$019'*$0"*$
N9['(;$5+"51+$1'[+$='N\$-"$=+$#+(>$'(>"$5"1'>'3-\$9(,$9-$>=+$7+9*-$
#+(>$L7\$=+$,+H+1"5+,$9($2(39((7$9L'1'>7$0"*$*+N+NL+*'(;$5+"51+]-$
(9N+-X$
$
!+$(+H+*$-9#$>=+$'(-',+$"0$9$=';=$-3=""1i$L2>$L+0"*+$=+$#9-$0"*>7<-'Y$
7+9*-$"0$9;+\$0"2*$3"11+;+-$=9,$="("*+,$='N$#'>=$,+;*++-$9(,$=+$
=9,$L+3"N+$3=9'*N9($"0$>=+$8+N"3*9>'3$M9>'"(91$:"NN'>>++$9(,$
4"->N9->+*$`+(+*91$"0$>=+$Z('>+,$R>9>+-X$
$
/$"(3+$'(>+*H'+#+,$k'N$)9*1+7$9(,$9-[+,$='N$>=+$-+3*+>$"0$='-$
-233+--X$!+$-9',\$^!9*,$#"*[\^$9(,$/$-9',\$^8"(]>$L+$02((7X^$
$
!+$>=+($9-[+,$N+$#=9>$/$>="2;=>$#9-$>=+$*+9-"($0"*$='-$-233+--X$/$
*+51'+,W$^/$2(,+*->9(,$7"2$39($3911$>+($>="2-9(,$5+"51+$L7$>=+'*$0'*->$
(9N+-X^$
$
^M"X$_"2$9*+$#*"(;\$^$=+$-9',X$^/$39($3911$0'0>7$>="2-9(,$5+"51+$L7$
>=+'*$0'*->$(9N+-X^$
$
a9[+$("$N'->9[+$9L"2>$'>X$%=9>$9L'1'>7$=+15+,$a*X$)9*1+7$52>$)*9([1'($
8X$G""-+H+1>$'($>=+$&='>+$!"2-+$#=+($=+$N9(9;+,$G""-+H+1>]-$
39N59';($'($?@APX$
$
82*'(;$>=+$7+9*-$>=9>$k'N$)9*1+7$>*9H+1+,$9-$9$-91+-N9($0"*$9$;75-2N$
3"(3+*(\$9(,$,2*'(;$>=+$7+9*-$>=9>$=+$=+1,$"00'3+$9-$>"#($31+*[$'($
R>"(7$4"'(>\$=+$L2'1>$25$9$-7->+N$0"*$*+N+NL+*'(;$(9N+-X$
$
/($>=+$L+;'(('(;\$'>$#9-$9$H+*7$-'N51+$"(+X$&=+(+H+*$=+$N+>$9$(+#$
93b29'(>9(3+\$=+$0"2(,$"2>$='-$"*$=+*$3"N51+>+$(9N+$9(,$-"N+$
093>-$9L"2>$='-$"*$=+*$09N'17\$L2-'(+--$9(,$5"1'>'391$"5'('"(-X$!+$0'Y+,$
911$>=+-+$093>-$#+11$'($N'(,$9-$59*>$"0$>=+$5'3>2*+\$9(,$>=+$(+Y>$>'N+$
=+$N+>$>=9>$5+*-"(\$+H+($'0$'>$#9-$9$7+9*$19>+*\$=+$#9-$9L1+$>"$-=9[+$
=9(,-\$'(b2'*+$90>+*$>=+$09N'17\$9(,$9-[$9L"2>$>=+$="117="3[-$'($>=+$
L93[79*,X$M"$#"(,+*$=+$,+H+1"5+,$9$0"11"#'(;j$
$
)"*$N"(>=-$L+0"*+$G""-+H+1>]-$39N59';($0"*$4*+-',+(>$L+;9(\$k'N$
)9*1+7$#*">+$=2(,*+,-$"0$1+>>+*-$9$,97$>"$5+"51+$911$"H+*$>=+$#+->+*($
9(,$("*>=#+->+*($->9>+-X$%=+($=+$="55+,$"(>"$9$>*9'($9(,$'($
('(+>++($,97-$3"H+*+,$>#+(>7$->9>+-$9(,$>#+1H+$>="2-9(,$N'1+-\$
>*9H+1'(;$L7$L2;;7\$>*9'(\$92>"N"L'1+$9(,$L"9>X$!+$#"21,$,*"5$'(>"$
>"#(\$N++>$='-$5+"51+$9>$12(3=$"*$L*+9[09->\$>+9$"*$,'((+*\$9(,$;'H+$
>=+N$9$^=+9*><>"<=+9*>$>91[X^$%=+($=+],$,9-=$"00$9;9'($"($9(">=+*$1+;$
"0$='-$l"2*(+7X$
$
.-$-""($9-$=+$9**'H+,$L93[$I9->\$=+$#*">+$>"$"(+$5+*-"($'($+93=$
>"#($=+$=9,$H'-'>+,\$9-['(;$0"*$9$1'->$"0$911$>=+$;2+->-$>"$#="N$=+$
=9,$>91[+,X$%=+$0'(91$1'->$3"(>9'(+,$>="2-9(,-$9(,$>="2-9(,-$"0$
(9N+-i$7+>$+93=$5+*-"($"($>=9>$1'->$#9-$59',$>=+$-2L>1+$019>>+*7$"0$
;+>>'(;$9$5+*-"(91$1+>>+*$0*"N$k9N+-$)9*1+7X$%=+-+$1+>>+*-$L+;9($
^8+9*$6'11^$"*$^8+9*$k9(+\^$9(,$>=+7$#+*+$91#97-$-';(+,$^k'NX^$
$
k'N$)9*1+7$,'-3"H+*+,$+9*17$'($1'0+$>=9>$>=+$9H+*9;+$5+*-"($'-$N"*+$
'(>+*+->+,$'($='-$"*$=+*$"#($(9N+$>=9($'($911$>=+$">=+*$(9N+-$"($
+9*>=$52>$>";+>=+*X$G+N+NL+*$>=9>$(9N+$9(,$3911$'>$+9-'17\$9(,$7"2$
=9H+$59',$9$-2L>1+$9(,$H+*7$+00+3>'H+$3"N51'N+(>X$62>$0"*;+>$'>$"*$
N'--5+11$'>$<$9(,$7"2$=9H+$5193+,$7"2*-+10$9>$9$-=9*5$,'-9,H9(>9;+X$
)"*$+Y9N51+\$/$"(3+$"*;9('g+,$9$52L1'3<-5+9['(;$3"2*-+$'($49*'-$9(,$
-+(>$0"*N$1+>>+*-$>"$911$>=+$.N+*'39($*+-',+(>-$'($>=+$3'>7X$)*+(3=$
>75'->-$#'>=$9559*+(>17$1'>>1+$[("#1+,;+$"0$I(;1'-=$0'11+,$'($>=+$(9N+-$
9(,$(9>2*9117$>=+7$N9,+$L12(,+*-X$S(+$N9(\$>=+$N9(9;+*$"0$9$19*;+$
.N+*'39($L9([$'($49*'-\$#*">+$N+$9$-39>='(;$*+L2[+$L+392-+$='-$
(9N+$=9,$L++($N'--5+11+,X$
$
R"N+>'N+-$'>$'-$,'00'321>$>"$*+N+NL+*$9$(9N+\$59*>'3219*17$'0$'>$'-$=9*,$
>"$5*"("2(3+X$G9>=+*$>=9($+H+($>*7$>"$1+9*($'>\$N9(7$5+"51+$';("*+$'>$
"*$3911$>=+$5+*-"($L7$9($+9-7$('3[(9N+X$R',$K+H7$3911+,$"($9$
32->"N+*$0"*$-"N+$>'N+$#="-+$(9N+$#9-$M'3",+N2-$4959,"21"-X$
a"->$5+"51+$l2->$3911+,$='N$^M'3[X^$K+H7$>"1,$2-W$^/$N9,+$9$-5+3'91$
+00"*>$>"$-97$='-$(9N+$"H+*$-+H+*91$>'N+-$>"$N7-+10$L+0"*+$/$N9,+$N7$
3911X$&=+($/$;*++>+,$='N$L7$='-$0211$(9N+W$]`"",$90>+*(""(\$a*X$
M'3",+N2-$4959,"21"-\]$=+$#9-$-="3[+,X$)"*$#=9>$-++N+,$1'[+$
-+H+*91$N'(2>+-$>=+*+$#9-$("$*+517$0*"N$='N$9>$911X$)'(9117\$=+$-9',$
#'>=$>+9*-$*"11'(;$,"#($='-$3=++[-\$]a*X$K+H7\$'($911$>=+$0'0>++($7+9*-$/$
=9H+$L++($'($>='-$3"2(>*7\$("L",7$=9-$+H+*$N9,+$>=+$+00"*>$>"$3911$
N+$L7$N7$*';=>$(9N+X]$^$
$
&=9>$#9-$>=+$*+9-"($0"*$.(,*+#$:9*(+;'+]-$-233+--f$
$
!+$#9-$3911+,$>=+$R>++1$d'(;i$7+>$=+$='N-+10$[(+#$1'>>1+$9L"2>$>=+$
N9(2093>2*+$"0$->++1X$!+$=9,$=2(,*+,-$"0$5+"51+$#"*['(;$0"*$='N$
#="$[(+#$09*$N"*+$9L"2>$->++1$>=9($=+$,',X$
$
62>$=+$[(+#$="#$>"$=9(,1+$5+"51+\$9(,$>=9>$'-$#=9>$N9,+$='N$*'3=X$
I9*17$'($1'0+\$=+$-="#+,$9$019'*$0"*$"*;9('g9>'"(\$9$;+('2-$0"*$
1+9,+*-='5X$67$>=+$>'N+$=+$#9-$>+(\$=+$>""$=9,$,'-3"H+*+,$>=+$
9->"2(,'(;$'N5"*>9(3+$5+"51+$5193+$"($>=+'*$"#($(9N+X$.(,$=+$
2-+,$>=9>$,'-3"H+*7$>"$#'($3""5+*9>'"(X$%"$'112->*9>+W$&=+($=+$#9-$9$
L"7$L93[$'($R3">19(,\$=+$;">$="1,$"0$9$*9LL'>\$9$N">=+*$*9LL'>X$
4*+->"j$!+$-""($=9,$9$#="1+$(+->$"0$1'>>1+$*9LL'>-$<$9(,$(">='(;$>"$
0++,$>=+NX$62>$=+$=9,$9$L*'11'9(>$',+9X$!+$>"1,$>=+$L"7-$9(,$;'*1-$'($
>=+$(+';=L"*="",$>=9>$'0$>=+7$#"21,$;"$"2>$9(,$5211$+("2;=$31"H+*$
9(,$,9(,+1'"(-$>"$0++,$>=+$*9LL'>-\$=+$#"21,$(9N+$>=+$L2(('+-$'($
>=+'*$="("*X$
$
%=+$519($#"*[+,$1'[+$N9;'3\$9(,$:9*(+;'+$(+H+*$0"*;">$'>X$
$
_+9*-$19>+*\$=+$N9,+$N'11'"(-$L7$2-'(;$>=+$-9N+$5-73="1";7$'($
L2-'(+--X$)"*$+Y9N51+\$=+$#9(>+,$>"$-+11$->++1$*9'1-$>"$>=+$
4+((-71H9('9$G9'1*"9,X$kX$I,;9*$%="N-"($#9-$>=+$5*+-',+(>$"0$>=+$
4+((-71H9('9$G9'1*"9,$>=+(X$R"$.(,*+#$:9*(+;'+$L2'1>$9$=2;+$->++1$
N'11$'($4'>>-L2*;=$9(,$3911+,$'>$>=+$^I,;9*$%="N-"($R>++1$&"*[-X^$
$
!+*+$'-$9$*',,1+X$R++$'0$7"2$39($;2+--$'>X$&=+($>=+$4+((-71H9('9$
G9'1*"9,$(++,+,$->++1$*9'1-\$#=+*+$,"$7"2$-255"-+$kX$I,;9*$%="N-"($
L"2;=>$>=+NfX$X$\$)*"N$R+9*-\$G"+L23[f$M"X$M"X$_"2]*+$#*"(;X$
`2+--$9;9'(X$&=+($:9*(+;'+$9(,$`+"*;+$4211N9($#+*+$L9>>1'(;$+93=$
">=+*$0"*$-25*+N937$'($>=+$*9'1*"9,$-1++5'(;<39*$L2-'(+--\$>=+$R>++1$
d'(;$9;9'($*+N+NL+*+,$>=+$1+--"($"0$>=+$*9LL'>-X$
$
%=+$:+(>*91$%*9(-5"*>9>'"($:"N59(7\$#='3=$.(,*+#$:9*(+;'+$
3"(>*"11+,\$#9-$0';=>'(;$#'>=$>=+$3"N59(7$>=9>$4211N9($"#(+,X$6">=$
#+*+$->*2;;1'(;$>"$;+>$>=+$-1++5'(;<39*$L2-'(+--$"0$>=+$Z('"($493'0'3$
G9'1*"9,\$L23['(;$+93=$">=+*\$-19-='(;$5*'3+-\$9(,$,+->*"H'(;$911$
3=9(3+$"0$5*"0'>X$6">=$:9*(+;'+$9(,$4211N9($=9,$;"(+$>"$M+#$_"*[$
>"$-++$>=+$L"9*,$"0$,'*+3>"*-$"0$>=+$Z('"($493'0'3X$a++>'(;$"(+$
+H+('(;$'($>=+$R>X$M'3="19-$!">+1\$:9*(+;'+$-9',W$^`"",$+H+('(;\$a*X$
4211N9(\$9*+(]>$#+$N9['(;$9$3"251+$"0$0""1-$"0$"2*-+1H+-f^$
$
^&=9>$,"$7"2$N+9(Xf^$4211N9($,+N9(,+,X$
$
%=+($:9*(+;'+$+Y5*+--+,$#=9>$=+$=9,$"($='-$N'(,$<$9$N+*;+*$"0$
>=+'*$>#"$'(>+*+->-X$!+$5'3>2*+,$'($;1"#'(;$>+*N-$>=+$N2>291$
9,H9(>9;+-$"0$#"*['(;$#'>=\$'(->+9,$"0$9;9'(->\$+93=$">=+*X$4211N9($
1'->+(+,$9>>+(>'H+17\$L2>$=+$#9-$(">$#="117$3"(H'(3+,X$)'(9117$=+$
9-[+,\$^&=9>$#"21,$7"2$3911$>=+$(+#$3"N59(7f^$9(,$:9*(+;'+$
*+51'+,$5*"N5>17W$^&=7\$>=+$4211N9($49193+$:9*$:"N59(7\$"0$
3"2*-+X^$
$
4211N9(]-$093+$L*';=>+(+,X$^:"N+$'(>"$N7$*""N\^$=+$-9',X$^K+>]-$>91[$
'>$"H+*X^$%=9>$>91[$N9,+$'(,2->*'91$='->"*7X$
$
%='-$5"1'37$"0$*+N+NL+*'(;$9(,$="("*'(;$>=+$(9N+-$"0$='-$0*'+(,-$
9(,$L2-'(+--$9--"3'9>+-$#9-$"(+$"0$>=+$-+3*+>-$"0$.(,*+#$:9*(+;'+]-$
1+9,+*-='5X$!+$#9-$5*"2,$"0$>=+$093>$>=9>$=+$3"21,$3911$N9(7$"0$='-$
093>"*7$#"*[+*-$L7$>=+'*$0'*->$(9N+-\$9(,$=+$L"9->+,$>=9>$#='1+$=+$
#9-$5+*-"(9117$'($3=9*;+\$("$->*'[+$+H+*$,'->2*L+,$='-$019N'(;$->++1$
N'11-X$
$
6+(>"($K"H+\$3=9'*N9($"0$%+Y9-$:"NN+*3+$69(3<-=9*+-\$L+1'+H+-$
>=9>$>=+$L';;+*$9$3"*5"*9>'"($;+>-\$>=+$3"1,+*$'>$L+3"N+-X$^$S(+$#97$
>"$#9*N$'>$25\^$=+$-9',\$^'-$>"$*+N+NL+*$5+"51+]-$(9N+-X$%=+$
+Y+32>'H+$#="$>+11-$N+$=+$39(]>$*+N+NL+*$(9N+-$'-$9>$>=+$-9N+$>'N+$
>+11'(;$N+$=+$39(]>$*+N+NL+*$9$-';('0'39(>$59*>$"0$='-$L2-'(+--$9(,$'-$
"5+*9>'(;$"($b2'3[-9(,X^$
$
d9*+($d'*-+3=$"0$G9(3="$491"-$V+*,+-\$:91'0"*('9\$9$01';=>$9>>+(,9(>$
0"*$%&.\$N9,+$'>$9$5*93>'3+$>"$1+9*($>=+$(9N+-$"0$9-$N9(7$
59--+(;+*-$'($=+*$39L'($9-$5"--'L1+$9(,$2-+$>=+$(9N+$#=+($-+*H'(;$
>=+NX$%='-$*+-21>+,$'($N9(7$3"N51'N+(>-$"($=+*$-+*H'3+$+Y5*+--+,$
L">=$>"$=+*$,'*+3>17$9(,$>"$>=+$9'*1'(+X$S(+$59--+(;+*$#*">+W$^/$
=9H+(]>$01"#($%&.$0"*$-"N+$>'N+\$L2>$/]N$;"'(;$>"$->9*>$017'(;$
(">='(;$L2>$%&.$0*"N$("#$"(X$_"2$N9[+$N+$0++1$>=9>$7"2*$9'*1'(+$
=9-$L+3"N+$9$H+*7$5+*-"(91'g+,$9'*1'(+$9(,$>=9>$'-$'N5"*>9(>$>"$N+X^$
$
4+"51+$9*+$-"$5*"2,$"0$>=+'*$(9N+-$>=9>$>=+7$->*'H+$>"$5+*5+>29>+$
>=+N$9>$9(7$3"->X$IH+($L12->+*'(;\$=9*,<L"'1+,$"1,$4X$%X$69*(2N\$>=+$
;*+9>+->$-="#N9($"0$='-$>'N+\$,'-955"'(>+,$L+392-+$=+$=9,$("$-"(-$
>"$39**7$"($='-$(9N+\$"00+*+,$='-$;*9(,-"(\$:X$!X$R++1+7\$mPT\QQQ$
,"119*-$'0$=+$#"21,$3911$='N-+10$^69*(2N^$R++1+7X$
$
)"*$N9(7$3+(>2*'+-\$("L1+-$9(,$N9;(9>+-$-255"*>+,$9*>'->-\$
N2-'3'9(-$9(,$92>="*-$-"$>=9>$>=+'*$3*+9>'H+$#"*[-$#"21,$L+$
,+,'39>+,$>"$>=+NX$
$
K'L*9*'+-$9(,$N2-+2N-$"#+$>=+'*$*'3=+->$3"11+3>'"(-$>"$5+"51+$#="$
39((">$L+9*$>"$>='([$>=9>$>=+'*$(9N+-$N';=>$5+*'-=$0*"N$>=+$N+N"*7$
"0$>=+$*93+X$%=+$M+#$_"*[$42L1'3$K'L*9*7$=9-$'>-$.->"*$9(,$K+("Y$
3"11+3>'"(-X$%=+$a+>*"5"1'>9($a2-+2N$5+*5+>29>+-$>=+$(9N+-$"0$
6+(l9N'($.1>N9($9(,$kX$4X$a"*;9(X$.(,$(+9*17$+H+*7$3=2*3=$'-$
L+92>'0'+,$L7$->9'(+,<;19--$#'(,"#-$3"NN+N"*9>'(;$>=+$(9N+-$"0$
>=+'*$,"("*-X$a9(7$"0$>=+$L2'1,'(;-$"($>=+$39N52-$"0$N"->$
2('H+*-'>'+-$L+9*$>=+$(9N+-$"0$,"("*-$#="$3"(>*'L2>+,$19*;+$-2N-$"0$
N"(+7$0"*$>='-$="("*X$
$
a"->$5+"51+$,"(]>$*+N+NL+*$(9N+-\$0"*$>=+$-'N51+$*+9-"($>=9>$>=+7$
,"(]>$>9[+$>=+$>'N+$9(,$+(+*;7$(+3+--9*7$>"$3"(3+(>*9>+$9(,$*+5+9>$
9(,$0'Y$(9N+-$'(,+1'L17$'($>=+'*$N'(,-X$%=+7$N9[+$+Y32-+-$0"*$
>=+N-+1H+-i$>=+7$9*+$>""$L2-7X$
$
62>$>=+7$#+*+$5*"L9L17$("$L2-'+*$>=9($)*9([1'($8X$G""-+H+1>\$9(,$=+$
>""[$>'N+$>"$*+N+NL+*$9(,$*+3911$+H+($>=+$(9N+-$"0$N+3=9('3-$#'>=$
#="N$=+$39N+$'(>"$3"(>93>X$
$
%"$'112->*9>+W$%=+$:=*7-1+*$"*;9('g9>'"($L2'1>$9$-5+3'91$39*$0"*$a*X$
G""-+H+1>\$#="$3"21,$(">$2-+$9$->9(,9*,$39*$L+392-+$='-$1+;-$#+*+$
59*917g+,X$&X$)X$:=9NL+*19'($9(,$9$N+3=9('3$,+1'H+*+,$'>$>"$>=+$
&='>+$!"2-+X$/$=9H+$'($0*"(>$"0$N+$9$1+>>+*$0*"N$a*X$:=9NL+*19'($
*+19>'(;$='-$+Y5+*'+(3+-X$^/$>92;=>$4*+-',+(>$G""-+H+1>$="#$>"$=9(,1+$
9$39*$#'>=$9$1">$"0$2(2-291$;9,;+>-\$L2>$=+$>92;=>$N+$9$1">$9L"2>$>=+$
0'(+$9*>$"0$=9(,1'(;$5+"51+X$
$
^&=+($/$3911+,$9>$>=+$&='>+$!"2-+\^$a*X$:=9NL+*19'($#*'>+-\$^>=+$
4*+-',+(>$#9-$+Y>*+N+17$51+9-9(>$9(,$3=++*021X$!+$3911+,$N+$L7$
(9N+\$N9,+$N+$0++1$H+*7$3"N0"*>9L1+\$9(,$59*>'3219*17$'N5*+--+,$
N+$#'>=$>=+$093>$>=9>$=+$#9-$H'>9117$'(>+*+->+,$'($>='(;-$/$=9,$>"$
-="#$='N$9(,$>+11$='NX$%=+$39*$#9-$-"$,+-';(+,$>=9>$'>$3"21,$L+$
"5+*9>+,$+(>'*+17$L7$=9(,X$.$3*"#,$;9>=+*+,$9*"2(,$>"$1""[$9>$>=+$
39*i$9(,$=+$*+N9*[+,W$]/$>='([$'>$'-$N9*H+1"2-X$.11$7"2$=9H+$>"$,"$'-$
>"$>"23=$9$L2>>"($9(,$'>$N"H+-$9#97$9(,$7"2$39($,*'H+$'>$#'>="2>$
+00"*>X$/$>='([$'>$'-$;*9(,$<$/$,"(]>$[("#$#=9>$N9[+-$'>$;"X$/],$1"H+$>"$
=9H+$>=+$>'N+$>"$>+9*$'>$,"#($9(,$-++$="#$'>$#"*[-X]$
$
^&=+($G""-+H+1>]-$0*'+(,-$9(,$9--"3'9>+-$9,N'*+,$>=+$N93='(+\$=+$
-9',$'($>=+'*$5*+-+(3+W$]a*X$:=9NL+*19'(\$/$3+*>9'(17$955*+3'9>+$911$>=+$
>'N+$9(,$+00"*>$7"2$=9H+$-5+(>$'($,+H+1"5'(;$>='-$39*X$/>$'-$9$N';=>7$
0'(+$l"LX]$!+$9,N'*+,$>=+$*9,'9>"*\$>=+$-5+3'91$*+9*<H'-'"($N'**"*$9(,$
31"3[\$>=+$-5+3'91$-5">1';=>\$>=+$['(,$"0$25="1->+*7\$>=+$-'>>'(;$5"-'>'"($
"0$>=+$,*'H+*]-$-+9>\$>=+$-5+3'91$-2'>39-+-$'($>=+$>*2([$#'>=$='-$
N"(";*9N$"($+93=$-2'>39-+X$/($">=+*$#"*,-\$=+$>""[$(">'3+$"0$+H+*7$
,+>9'1$>"$#='3=$=+$[(+#$/$=9,$;'H+($3"(-',+*9L1+$>="2;=>X$!+$N9,+$
9$5"'(>$"0$L*'(;'(;$>=+-+$H9*'"2-$5'+3+-$"0$+b2'5N+(>$>"$>=+$9>>+(>'"($
"0$a*-X$G""-+H+1>\$a'--$4+*['(-\$>=+$R+3*+>9*7$"0$K9L"*\$9(,$='-$
-+3*+>9*7X$!+$+H+($L*"2;=>$>=+$"1,$&='>+$!"2-+$5"*>+*$'(>"$>=+$
5'3>2*+$L7$-97'(;\$]`+"*;+\$7"2$#9(>$>"$>9[+$59*>'3219*17$;"",$39*+$"0$
>=+$-2'>39-+-X]$
$
^&=+($>=+$,*'H'(;$1+--"($#9-$0'('-=+,\$>=+$4*+-',+(>$>2*(+,$>"$N+$
9(,$-9',W$]&+11\$a*X$:=9NL+*19'(\$/$=9H+$L++($[++5'(;$>=+$)+,+*91$
G+-+*H+$6"9*,$#9'>'(;$>='*>7$N'(2>+-X$/$;2+--$/$=9,$L+>>+*$;+>$L93[$
>"$#"*[X]$
$
^/$>""[$9$N+3=9('3$#'>=$N+$>"$>=+$&='>+$!"2-+X$!+$#9-$'(>*",23+,$
>"$G""-+H+1>$#=+($=+$9**'H+,X$!+$,',(]>$>91[$>"$>=+$4*+-',+(>\$9(,$
G""-+H+1>$=+9*,$='-$(9N+$"(17$"(3+X$!+$#9-$9$-=7$3=95\$9(,$=+$
[+5>$'($>=+$L93[;*"2(,X$62>$L+0"*+$1+9H'(;$2-\$>=+$4*+-',+(>$1""[+,$
0"*$>=+$N+3=9('3\$-=""[$='-$=9(,\$3911+,$='N$L7$(9N+\$9(,$>=9([+,$
='N$0"*$3"N'(;$>"$&9-='(;>"(X$.(,$>=+*+$#9-$(">='(;$5+*02(3>"*7$
9L"2>$='-$>=9([-X$!+$N+9(>$#=9>$=+$-9',X$/$3"21,$0++1$>=9>X$
$
^.$0+#$,97-$90>+*$*+>2*('(;$>"$M+#$_"*[\$/$;">$9($92>";*95=+,$
5=">";*95=$"0$4*+-',+(>$G""-+H+1>$9(,$9$1'>>1+$(">+$"0$>=9([-$9;9'($
+Y5*+--'(;$='-$955*+3'9>'"($0"*$N7$9--'->9(3+X$!"#$=+$0"2(,$>'N+$>"$
,"$'>$'-$9$N7->+*7$>"$N+$X^$
$
)*9([1'($8X$G""-+H+1>$[(+#$>=9>$"(+$"0$>=+$-'N51+->\$N"->$"LH'"2-$
9(,$N"->$'N5"*>9(>$#97-$"0$;9'('(;$;"",$#'11$#9-$L7$*+N+NL+*'(;$
(9N+-$9(,$N9['(;$5+"51+$0++1$'N5"*>9(>$<$7+>$="#$N9(7$"0$2-$,"$'>f$
$
!910$>=+$>'N+$#+$9*+$'(>*",23+,$>"$9$->*9(;+*\$#+$3=9>$9$0+#$N'(2>+-$
9(,$39(]>$+H+($*+N+NL+*$='-$"*$=+*$(9N+$L7$>=+$>'N+$#+$-97$
;"",L7+X$
$
S(+$"0$>=+$0'*->$1+--"(-$9$5"1'>'3'9($1+9*(-$'-$>='-W$^%"$*+3911$9$H">+*]-$
(9N+$'-$->9>+-N9(-='5X$%"$0"*;+>$'>$'-$"L1'H'"(X^$
$
.(,$>=+$9L'1'>7$>"$*+N+NL+*$(9N+-$'-$91N"->$9-$'N5"*>9(>$'($
L2-'(+--$9(,$-"3'91$3"(>93>-$9-$'>$'-$'($5"1'>'3-X$
$
M95"1+"($>=+$%='*,\$IN5+*"*$"0$)*9(3+$9(,$(+5=+#$"0$>=+$;*+9>$
M95"1+"(\$L"9->+,$>=9>$'($-5'>+$"0$911$='-$*"791$,2>'+-$=+$3"21,$
*+N+NL+*$>=+$(9N+$"0$+H+*7$5+*-"($=+$N+>X$
$
!'-$>+3=('b2+f$R'N51+X$/0$=+$,',(]>$=+9*$>=+$(9N+$,'->'(3>17\$=+$-9',\$
^R"$-"**7X$/$,',(]>$;+>$>=+$(9N+$31+9*17X^$%=+(\$'0$'>$#9-$9($2(2-291$
(9N+\$=+$#"21,$-97\$^!"#$'-$'>$-5+11+,f^$
$
82*'(;$>=+$3"(H+*-9>'"(\$=+$>""[$>=+$>*"2L1+$>"$*+5+9>$>=+$(9N+$
-+H+*91$>'N+-\$9(,$>*'+,$>"$9--"3'9>+$'>$'($='-$N'(,$#'>=$>=+$5+*-"(]-$
0+9>2*+-\$+Y5*+--'"($9(,$;+(+*91$955+9*9(3+X$
$
/0$>=+$5+*-"($#9-$-"N+"(+$"0$'N5"*>9(3+\$M95"1+"($#+(>$>"$+H+($
02*>=+*$59'(-X$.-$-""($9-$!'-$G"791$!';=(+--$#9-$91"(+\$=+$#*">+$>=+$
(9N+$,"#($"($9$5'+3+$"0$595+*\$1""[+,$9>$'>\$3"(3+(>*9>+,$"($'>\$
0'Y+,$'>$-+32*+17$'($='-$N'(,\$9(,$>=+($>"*+$25$>=+$595+*X$/($>='-$#97\$
=+$;9'(+,$9($+7+$'N5*+--'"($"0$>=+$(9N+$9-$#+11$9-$9($+9*$
'N5*+--'"(X$
$
.11$>='-$>9[+-$>'N+\$L2>$^`"",$N9((+*-\^$-9',$IN+*-"(\$^9*+$N9,+$25$
"0$5+>>7$-93*'0'3+-X^$
$
%=+$'N5"*>9(3+$"0$*+N+NL+*'(;$9(,$2-'(;$(9N+-$'-$(">$l2->$>=+$
5*+*";9>'H+$"0$['(;-$9(,$3"*5"*9>+$+Y+32>'H+-X$/>$#"*[-$0"*$911$"0$2-X$
d+($M">>'(;=9N\$9($+N51"7++$"0$`+(+*91$a">"*-$'($/(,'9(9\$2-29117$
=9,$12(3=$9>$>=+$3"N59(7$390+>+*'9X$!+$(">'3+,$>=9>$>=+$#"N9($#="$
#"*[+,$L+='(,$>=+$3"2(>+*$91#97-$=9,$9$-3"#1$"($=+*$093+X$^R=+$=9,$
L++($N9['(;$-9(,#'3=+-$0"*$9L"2>$>#"$="2*-$9(,$/$#9-$l2->$9(">=+*$
-9(,#'3=$>"$=+*X$/$>"1,$=+*$#=9>$/$#9(>+,X$R=+$#+';=+,$"2>$>=+$=9N$
"($9$1'>>1+$-391+\$>=+($-=+$;9H+$N+$"(+$1+90$"0$1+>>23+\$9$0+#$5">9>"$
3='5-$9(,$=9(,+,$>=+N$>"$N+X$
$
^%=+$(+Y>$,97$/$#+(>$>=*"2;=$>=+$-9N+$1'(+X$R9N+$#"N9(\$-9N+$
-3"#1X$%=+$"(17$,'00+*+(3+$#9-$/$(">'3+,$=+*$(9N+$>9;X$/$-N'1+,$9(,$
-9',\$]!+11"\$I2('3+\]$9(,$>=+($>"1,$=+*$#=9>$/$#9(>+,X$&+11\$-=+$
0"*;">$>=+$-391+\$5'1+,$"($>=+$=9N\$;9H+$N+$>=*++$1+9H+-$"0$1+>>23+$
9(,$=+95+,$"($>=+$5">9>"$3='5-$2(>'1$>=+7$0+11$"00$>=+$519>+X^$
$
&+$-="21,$L+$9#9*+$"0$>=+$N9;'3$3"(>9'(+,$'($9$(9N+$9(,$*+91'g+$
>=9>$>='-$-'(;1+$'>+N$'-$#="117$9(,$3"N51+>+17$"#(+,$L7$>=+$5+*-"($
#'>=$#="N$#+$9*+$,+91'(;$9(,$("L",7$+1-+X$%=+$(9N+$-+>-$>=+$
'(,'H',291$959*>i$'>$N9[+-$='N$"*$=+*$2('b2+$9N"(;$911$">=+*-X$%=+$
'(0"*N9>'"($#+$9*+$'N59*>'(;$"*$>=+$*+b2+->$#+$9*+$N9['(;$>9[+-$"($
9$-5+3'91$'N5"*>9(3+$#=+($#+$955*"93=$>=+$-'>29>'"($#'>=$>=+$(9N+$
"0$>=+$'(,'H',291X$)*"N$>=+$#9'>*+--$>"$>=+$-+('"*$+Y+32>'H+\$>=+$
(9N+$#'11$#"*[$N9;'3$9-$#+$,+91$#'>=$">=+*-X$
$
c$4*'(3'51+$A$<$G+N+NL+*$>=9>$9$5+*-"(]-$(9N+$'-$>"$>=9>$5+*-"($>=+$
-#++>+->$9(,$N"->$'N5"*>9(>$-"2(,$'($9(7$19(;29;+X$$
$
ooooooo$
$
D$<$.($I9-7$&97$%"$6+3"N+$.$`"",$:"(H+*-9>'"(91'->$
$
R"N+$>'N+$9;"\$/$9>>+(,+,$9$L*',;+$59*>7X$/$,"(]>$5197$L*',;+$<$9(,$
>=+*+$#9-$9$#"N9($>=+*+$#="$,',(]>$5197$L*',;+$+'>=+*X$R=+$=9,$
,'-3"H+*+,$>=9>$/$=9,$"(3+$L++($K"#+11$%="N9-]$N9(9;+*$L+0"*+$=+$
#+(>$"($>=+$*9,'"$9(,$>=9>$/$=9,$>*9H+1+,$'($I2*"5+$9$;*+9>$,+91$
#='1+$=+15'(;$='N$5*+59*+$>=+$'112->*9>+,$>*9H+1$>91[-$=+$#9-$>=+($
,+1'H+*'(;X$R"$-=+$-9',W$^S=\$a*X$:9*(+;'+\$/$,"$#9(>$7"2$>"$>+11$N+$
9L"2>$911$>=+$#"(,+*021$5193+-$7"2$=9H+$H'-'>+,$9(,$>=+$-';=>-$7"2$
=9H+$-++(X^$
$
.-$#+$-9>$,"#($"($>=+$-"09\$-=+$*+N9*[+,$>=9>$-=+$9(,$=+*$=2-L9(,$
=9,$*+3+(>17$*+>2*(+,$0*"N$9$>*'5$>"$.0*'39X$^.0*'39j^$/$+Y319'N+,X$
^!"#$'(>+*+->'(;j$/]H+$91#97-$#9(>+,$>"$-++$.0*'39\$L2>$/$(+H+*$;">$
>=+*+$+Y3+5>$0"*$9$>#+(>7<0"2*<="2*$->97$"(3+$'($.1;'+*-X$%+11$N+\$,',$
7"2$H'-'>$>=+$L';<;9N+$3"2(>*7f$_+-f$!"#$0"*>2(9>+X$/$+(H7$7"2X$8"$
>+11$N+$9L"2>$.0*'39X^$
$
%=9>$[+5>$=+*$>91['(;$0"*$0"*>7<0'H+$N'(2>+-X$R=+$(+H+*$9;9'($9-[+,$
N+$#=+*+$/$=9,$L++($"*$#=9>$/$=9,$-++(X$R=+$,',(]>$#9(>$>"$=+9*$
N+$>91[$9L"2>$N7$>*9H+1-X$.11$-=+$#9(>+,$#9-$9($'(>+*+->+,$1'->+(+*\$
-"$-=+$3"21,$+Y59(,$=+*$+;"$9(,$>+11$9L"2>$#=+*+$-=+$=9,$L++(X$
$
&9-$-=+$2(2-291f$M"X$a9(7$5+"51+$9*+$1'[+$>=9>X$
$
)"*$+Y9N51+\$/$N+>$9$,'->'(;2'-=+,$L">9('->$9>$9$,'((+*$59*>7$;'H+($
L7$9$M+#$_"*[$L""[$52L1'-=+*X$/$=9,$(+H+*$>91[+,$#'>=$9$L">9('->$
L+0"*+\$9(,$/$0"2(,$='N$09-3'(9>'(;X$/$1'>+*9117$-9>$"($>=+$+,;+$"0$N7$
3=9'*$9(,$1'->+(+,$#='1+$=+$-5"[+$"0$+Y">'3$519(>-$9(,$+Y5+*'N+(>-$'($
,+H+1"5'(;$(+#$0"*N-$"0$519(>$1'0+$9(,$'(,""*$;9*,+(-$F9(,$+H+($>"1,$
N+$9->"('-='(;$093>-$9L"2>$>=+$=2NL1+$5">9>"JX$/$=9,$9$-N911$'(,""*$
;9*,+($"0$N7$"#($<$9(,$=+$#9-$;"",$+("2;=$>"$>+11$N+$="#$>"$-"1H+$
-"N+$"0$N7$5*"L1+N-X$
$
.-$/$-9',\$#+$#+*+$9>$9$,'((+*$59*>7X$%=+*+$N2->$=9H+$L++($9$,"g+($
">=+*$;2+->-\$L2>$/$H'"19>+,$911$>=+$39("(-$"0$3"2*>+-7\$';("*+,$
+H+*7"(+$+1-+\$9(,$>91[+,$0"*$="2*-$>"$>=+$L">9('->X$
$
a',(';=>$39N+\$/$-9',$;"",$(';=>$>"$+H+*7"(+$9(,$,+59*>+,X$%=+$
L">9('->$>=+($>2*(+,$>"$"2*$="->$9(,$59',$N+$-+H+*91$019>>+*'(;$
3"N51'N+(>-X$/$#9-$^N"->$->'N219>'(;X^$/$#9-$>='-$9(,$/$#9-$>=9>\$
9(,$=+$+(,+,$L7$-97'(;$/$#9-$9$^N"->$'(>+*+->'(;$3"(H+*-9>'"(91'->X^$
$
.($'(>+*+->'(;$3"(H+*-9>'"(91'->f$&=7\$/$=9,$-9',$=9*,17$9(7>='(;$9>$
911X$/$3"21,(]>$=9H+$-9',$9(7>='(;$'0$/$=9,$#9(>+,$>"$#'>="2>$3=9(;'(;$
>=+$-2Ll+3>\$0"*$/$,',(]>$[("#$9(7$N"*+$9L"2>$L">9(7$>=9($/$[(+#$
9L"2>$>=+$9(9>"N7$"0$9$5+(;2'(X$62>$/$=9,$,"(+$>='-W$/$=9,$1'->+(+,$
'(>+(>17X$/$=9,$1'->+(+,$L+392-+$/$#9-$;+(2'(+17$'(>+*+->+,X$.(,$=+$
0+1>$'>X$M9>2*9117$>=9>$51+9-+,$='NX$%=9>$['(,$"0$1'->+('(;$'-$"(+$"0$>=+$
=';=+->$3"N51'N+(>-$#+$39($597$9(7"(+X$^)+#$=2N9($L+'(;-\^$
#*">+$k93[$&"",0"*,$'($R>*9(;+*-$'($K"H+\$^0+#$=2N9($L+'(;-$9*+$
5*""0$9;9'(->$>=+$'N51'+,$019>>+*7$"0$*95>$9>>+(>'"(X^$/$#+(>$+H+($
02*>=+*$>=9($;'H'(;$='N$*95>$9>>+(>'"(X$/$#9-$^=+9*>7$'($N7$
955*"L9>'"($9(,$19H'-=$'($N7$5*9'-+X^$
$
/$>"1,$='N$>=9>$/$=9,$L++($'NN+(-+17$+(>+*>9'(+,$9(,$'(->*23>+,$<$
9(,$/$=9,X$/$>"1,$='N$/$#'-=+,$/$=9,$='-$[("1+,;+$<$9(,$/$,',X$/$>"1,$
='N$>=9>$/$-="21,$1"H+$>"$#9(,+*$>=+$0'+1,-$#'>=$='N$<$9(,$/$=9H+X$/$
>"1,$='N$/$N2->$-++$='N$9;9'($<$9(,$/$,',X$
$
.(,$-"$/$=9,$='N$>='(['(;$"0$N+$9-$9$;"",$3"(H+*-9>'"(91'->$#=+(\$'($
*+91'>7\$/$=9,$L++($N+*+17$9$;"",$1'->+(+*$9(,$=9,$+(3"2*9;+,$='N$
>"$>91[X$
$
&=9>$'-$>=+$-+3*+>\$>=+$N7->+*7\$"0$9$-233+--021$L2-'(+--$'(>+*H'+#f$
&+11\$933"*,'(;$>"$0"*N+*$!9*H9*,$5*+-',+(>$:=9*1+-$&X$I1'">\$^%=+*+$
'-$("$N7->+*7$9L"2>$-233+--021$L2-'(+--$'(>+*3"2*-+X$XXX$IY312-'H+$
9>>+(>'"($>"$>=+$5+*-"($#="$'-$-5+9['(;$>"$7"2$'-$H+*7$'N5"*>9(>X$
M">='(;$+1-+$'-$-"$019>>+*'(;$9-$>=9>X^$
$
I1'">$='N-+10$#9-$9$59->$N9->+*$"0$>=+$9*>$"0$1'->+('(;\$!+(*7$k9N+-\$
"(+$"0$.N+*'39]-$0'*->$;*+9>$("H+1'->-\$*+3911+,W$^8*X$I1'">]-$1'->+('(;$
#9-$(">$N+*+$-'1+(3+\$L2>$9$0"*N$"0$93>'H'>7X$R'>>'(;$H+*7$+*+3>$"($>=+$
+(,$"0$='-$-5'(+$#'>=$=9(,-$l"'(+,$'($='-$195\$N9['(;$("$N"H+N+(>$
+Y3+5>$>=9>$=+$*+H"1H+,$='-$>=2NL-$9*"2(,$+93=$">=+*$09->+*$"*$
-1"#+*\$=+$093+,$='-$'(>+*1"32>"*$9(,$-++N+,$>"$L+$=+9*'(;$#'>=$='-$
+7+-$9-$#+11$9-$='-$+9*-X$!+$1'->+(+,$#'>=$='-$N'(,$9(,$9>>+(>'H+17$
3"(-',+*+,$#=9>$7"2$=9,$>"$-97$#='1+$7"2$-9',$'>X$XXX$.>$>=+$+(,$"0$9($
'(>+*H'+#$>=+$5+*-"($#="$=9,$>91[+,$>"$='N$0+1>$>=9>$=+$=9,$=9,$='-$
-97X^$
$
R+10<+H',+(>\$'-(]>$'>f$_"2$,"(]>$=9H+$>"$->2,7$0"*$0"2*$7+9*-$'($
!9*H9*,$>"$,'-3"H+*$>=9>X$_+>$/$[("#$9(,$7"2$[("#$,+59*>N+(>$->"*+$
"#(+*-$#="$#'11$*+(>$+Y5+(-'H+$-593+\$L27$>=+'*$;"",-$+3"("N'39117\$
,*+--$>=+'*$#'(,"#-$955+91'(;17\$-5+(,$>="2-9(,-$"0$,"119*-$'($
9,H+*>'-'(;$9(,$>=+($='*+$31+*[-$#="$=9H+(]>$>=+$-+(-+$>"$L+$;"",$
1'->+(+*-$<$31+*[-$#="$'(>+**25>$32->"N+*-\$3"(>*9,'3>$>=+N\$'**'>9>+$
>=+N\$9(,$911$L2>$,*'H+$>=+N$0*"N$>=+$->"*+X$
$
.$,+59*>N+(>$->"*+$'($:='39;"$91N"->$1"->$9$*+;219*$32->"N+*$#="$
-5+(>$-+H+*91$>="2-9(,$,"119*-$+93=$7+9*$'($>=9>$->"*+$L+392-+$9$
-91+-$31+*[$#"21,(]>$1'->+(X$a*-X$!+(*'+>>9$8"2;19-\$#="$>""[$"2*$
3"2*-+$'($:='39;"\$=9,$52*3=9-+,$9$3"9>$9>$9$-5+3'91$-91+X$.0>+*$-=+$
=9,$L*"2;=>$'>$="N+$-=+$(">'3+,$>=9>$>=+*+$#9-$9$>+9*$'($>=+$1'('(;X$
R=+$39N+$L93[$>=+$(+Y>$,97$9(,$9-[+,$>=+$-91+-$31+*[$>"$+Y3=9(;+$
'>X$%=+$31+*[$*+02-+,$+H+($>"$1'->+($>"$=+*$3"N519'(>X$^_"2$L"2;=>$>='-$
9>$9$-5+3'91$-91+\^$-=+$-9',X$R=+$5"'(>+,$>"$9$-';($"($>=+$#911X$^G+9,$
>=9>\^$-=+$+Y319'N+,X$^$].11$-91+-$9*+$0'(91X]$S(3+$7"2$L"2;=>$'>\$7"2$
=9H+$>"$[++5$'>X$R+#$25$>=+$1'('(;$7"2*-+10X^$
$
^62>$>='-$#9-$,9N9;+,$N+*3=9(,'-+\^$a*-X$8"2;19-$3"N519'(+,X$
$
^a9[+-$("$,'00+*+(3+\^$>=+$31+*[$'(>+**25>+,X$^)'(91]-$0'(91$^$
$
a*-X$8"2;19-$#9-$9L"2>$>"$#91[$"2>$'(,';(9(>17\$-#+9*'(;$(+H+*$>"$
*+>2*($>"$>=9>$->"*+$+H+*\$#=+($-=+$#9-$;*++>+,$L7$>=+$,+59*>N+(>$
N9(9;+*\$#="$[(+#$=+*$0*"N$=+*$N9(7$7+9*-$"0$59>*"(9;+X$a*-X$
8"2;19-$>"1,$=+*$#=9>$=9,$=955+(+,X$
$
%=+$N9(9;+*$1'->+(+,$9>>+(>'H+17$>"$>=+$#="1+$->"*7\$+Y9N'(+,$>=+$
3"9>$9(,$>=+($-9',W$^R5+3'91$-91+-$9*+$]0'(91]$-"$#+$39($,'-5"-+$"0$
N+*3=9(,'-+$9>$>=+$+(,$"0$>=+$-+9-"(X$62>$>='-$]("$*+>2*(]$5"1'37$
,"+-$(">$95517$>"$,9N9;+,$;"",-X$&+$#'11$3+*>9'(17$*+59'*$"*$*+5193+$
>=+$1'('(;\$"*$'0$7"2$5*+0+*\$;'H+$7"2$7"2*$N"(+7$L93[X^$
$
&=9>$9$,'00+*+(3+$'($>*+9>N+(>j$/0$>=9>$N9(9;+*$=9,$(">$3"N+$91"(;$
9(,$1'->+(+,$>"$>=+$:2->"N+*\$9$1"(;<>+*N$59>*"($"0$>=9>$->"*+$3"21,$
=9H+$L++($1"->$0"*+H+*X$
$
K'->+('(;$'-$l2->$9-$'N5"*>9(>$'($"(+]-$="N+$1'0+$9-$'($>=+$#"*1,$"0$
L2-'(+--X$a'11'+$I-5"-'>"$"0$:*">"(<"(<!2,-"(\$M+#$_"*[\$N9,+$'>$=+*$
L2-'(+--$>"$1'->+($39*+02117$#=+($"(+$"0$=+*$3='1,*+($#9(>+,$>"$-5+9[$
#'>=$=+*X$S(+$+H+('(;$-=+$#9-$-'>>'(;$'($>=+$['>3=+($#'>=$=+*$-"(\$
G"L+*>\$9(,$90>+*$9$L*'+0$,'-32--'"($"0$-"N+>='(;$>=9>$#9-$"($='-$
N'(,\$G"L+*>$-9',W$^a"N\$/$[("#$>=9>$7"2$1"H+$N+$H+*7$N23=X^$
$
a*-X$I-5"-'>"$#9-$>"23=+,$9(,$-9',W$^S0$3"2*-+$/$1"H+$7"2$H+*7$
N23=X$8',$7"2$,"2L>$'>f^$
$
G"L+*>$*+-5"(,+,W$^M"\$L2>$/$*+9117$[("#$7"2$1"H+$N+$L+392-+$
#=+(+H+*$/$#9(>$>"$>91[$>"$7"2$9L"2>$-"N+>='(;$7"2$->"5$#=9>+H+*$
7"2$9*+$,"'(;$9(,$1'->+($>"$N+X^$
$
%=+$3=*"('3$['3[+*\$+H+($>=+$N"->$H'"1+(>$3*'>'3\$#'11$0*+b2+(>17$-"0>+($
9(,$L+$-2L,2+,$'($>=+$5*+-+(3+$"0$9$59>'+(>\$-7N59>=+>'3$1'->+(+*$<$9$
1'->+(+*$#="$#'11$=+$-'1+(>$#='1+$>=+$'*9>+$0921><0'(,+*$,'19>+-$1'[+$9$
['(;$3"L*9$9(,$-5+#-$>=+$5"'-"($"2>$"0$='-$-7->+NX$%"$'112->*9>+W$%=+$
M+#$_"*[$%+1+5="(+$:"N59(7$,'-3"H+*+,$9$0+#$7+9*-$9;"$>=9>$'>$
=9,$>"$,+91$#'>=$"(+$"0$>=+$N"->$H'3'"2-$32->"N+*-$#="$+H+*$32*-+,$
9$32->"N+*$-+*H'3+$*+5*+-+(>9>'H+X$.(,$=+$,',$32*-+X$!+$*9H+,X$!+$
>=*+9>+(+,$>"$>+9*$>=+$5="(+$"2>$L7$'>-$*"">-X$!+$*+02-+,$>"$597$
3+*>9'($3=9*;+-$>=9>$=+$,+319*+,$#+*+$091-+X$!+$#*">+$1+>>+*-$>"$>=+$
(+#-595+*-X$!+$0'1+,$'((2N+*9L1+$3"N519'(>-$#'>=$>=+$42L1'3$R+*H'3+$
:"NN'--'"(\$9(,$=+$->9*>+,$-+H+*91$-2'>-$9;9'(->$>=+$>+1+5="(+$
3"N59(7X$
$
.>$19->\$"(+$"0$>=+$3"N59(7]-$N"->$-['11021$^>*"2L1+<-="">+*-^$#9-$
-+(>$>"$'(>+*H'+#$>='-$->"*N7$5+>*+1X$%='-$^>*"2L1+-="">+*^$1'->+(+,$
9(,$1+>$>=+$39(>9([+*"2-$32->"N+*$+(l"7$='N-+10$5"2*'(;$"2>$='-$
>'*9,+X$%=+$>+1+5="(+$*+5*+-+(>9>'H+$1'->+(+,$9(,$-9',$^7+-^$9(,$
-7N59>='g+,$#'>=$='-$;*'+H9(3+X$
$
^!+$*9H+,$"($9(,$/$1'->+(+,$0"*$(+9*1H$>=*++$="2*-\^$>=+$
^>*"2L1+-="">+*^$-9',$9-$=+$*+19>+,$='-$+Y5+*'+(3+-$L+0"*+$"(+$"0$>=+$
92>="*]-$319--+-X$^%=+($/$#+(>$L93[$9(,$1'->+(+,$-"N+$N"*+X$/$
'(>+*H'+#+,$='N$0"2*$>'N+-\$9(,$L+0"*+$>=+$0"2*>=$H'-'>$#9-$"H+*$/$
=9,$L+3"N+$9$3=9*>+*$N+NL+*$"0$9($"*;9('g9>'"($=+$#9-$->9*>'(;X$
!+$3911+,$'>$>=+$]%+1+5="(+$R2L-3*'L+*-]$4*">+3>'H+$.--"3'9>'"(X]$/$9N$
->'11$9$N+NL+*$"0$>='-$"*;9('g9>'"(\$9(,\$-"$09*$9-$/$[("#\$/]N$>=+$
"(17$N+NL+*$'($>=+$#"*1,$>",97$L+-',+-$a*X$<<<<X$
$
^/$1'->+(+,$9(,$-7N59>='g+,$#'>=$='N$"($+H+*7$5"'(>$>=9>$=+$N9,+$
,2*'(;$>=+-+$'(>+*H'+#-X$!+$=9,$(+H+*$=9,$9$>+1+5="(+$
*+5*+-+(>9>'H+$>91[$#'>=$='N$>=9>$#97$L+0"*+\$9(,$=+$L+39N+$91N"->$
0*'+(,17X$%=+$5"'(>$"($#='3=$/$#+(>$>"$-++$='N$#9-$(">$+H+($
N+(>'"(+,$"($>=+$0'*->$H'-'>\$("*$#9-$'>$N+(>'"(+,$"($>=+$-+3"(,$"*$
>='*,\$L2>$25"($>=+$0"2*>=$'(>+*H'+#\$/$31"-+,$>=+$39-+$3"N51+>+17\$=+$
59',$911$='-$L'11-$'($0211\$9(,$0"*$>=+$0'*->$>'N+$'($>=+$='->"*7$"0$='-$
,'00'321>'+-$#'>=$>=+$>+1+5="(+$3"N59(7$=+$H"12(>9*'17$#'>=,*+#$='-$
3"N519'(>-$0*"N$>=+$42L1'3$R+*H'3+$:"NN'--'"(X^$
$
8"2L>1+--$a*X$<<<<<$=9,$3"(-',+*+,$='N-+10$9$="17$3*2-9,+*\$
,+0+(,'(;$>=+$52L1'3$*';=>-$9;9'(->$3911"2-$+Y51"'>9>'"(X$62>$'($*+91'>7\$
#=9>$=+$=9,$*+9117$#9(>+,$#9-$9$0++1'(;$"0$'N5"*>9(3+X$!+$;">$>='-$
0++1'(;$"0$'N5"*>9(3+$9>$0'*->$L7$['3['(;$9(,$3"N519'('(;X$62>$9-$-""($
9-$=+$;">$='-$0++1'(;$"0$'N5"*>9(3+$0*"N$9$*+5*+-+(>9>'H+$"0$>=+$
3"N59(7\$='-$'N9;'(+,$;*'+H9(3+-$H9('-=+,$'(>"$>='($9'*X$
$
S(+$N"*('(;$7+9*-$9;"\$9($9(;*7$32->"N+*$->"*N+,$'(>"$>=+$"00'3+$
"0$k21'9($)X$8+>N+*\$0"2(,+*$"0$>=+$8+>N+*$&""1+($:"N59(7\$#='3=$
19>+*$L+39N+$>=+$#"*1,]-$19*;+->$,'->*'L2>"*$"0$#""1+(-$>"$>=+$
>9'1"*'(;$>*9,+X$
$
^%='-$N9($"#+,$2-$9$-N911$-2N$"0$N"(+7\^$a*X$8+>N+*$+Y519'(+,$>"$
N+X$^%=+$32->"N+*$,+('+,$'>\$L2>$#+$[(+#$=+$#9-$#*"(;X$R"$"2*$
3*+,'>$,+59*>N+(>$=9,$'(-'->+,$>=9>$=+$597X$.0>+*$;+>>'(;$9$(2NL+*$"0$
1+>>+*-$0*"N$"2*$3*+,'>$,+59*>N+(>\$=+$593[+,$='-$;*'5\$N9,+$9$>*'5$>"$
:='39;"\$9(,$=2**'+,$'(>"$N7$"00'3+$>"$'(0"*N$N+$(">$"(17$>=9>$=+$
#9-$(">$;"'(;$>"$597$>=9>$L'11\$L2>$>=9>$=+$#9-$(+H+*$;"'(;$>"$L27$
9(">=+*$,"119*]-$#"*>=$"0$;"",-$0*"N$>=+$8+>N+*$&""1+($:"N59(7X$
$
^/$1'->+(+,$59>'+(>17$>"$911$=+$=9,$>"$-97X$/$#9-$>+N5>+,$>"$'(>+**25>\$
L2>$/$*+91'g+,$>=9>$#"21,$L+$L9,$5"1'37\$R"$/$1+>$='N$>91[$='N-+10$"2>X$
&=+($=+$0'(9117$-'NN+*+,$,"#($9(,$;">$'($9$*+3+5>'H+$N"",\$/$-9',$
b2'+>17W$]/$#9(>$>"$>=9([$H"2$0"*$3"N'(;$>"$:='39;"$>"$>+11$N+$9L"2>$
>='-X$_"2$=9H+$,"(+$N+$9$;*+9>$09H"*\$0"*$'0$"2*$3*+,'>$,+59*>N+(>$
=9-$9(("7+,$7"2\$'>$N97$9(("7$">=+*$;"",$32->"N+*-\$9(,$>=9>$
#"21,$L+$l2->$>""$L9,X$6+1'+H+$N+\$/$9N$09*$N"*+$+9;+*$>"$=+9*$>='-$
>=9($7"2$9*+$>"$>+11$'>X]$
$
^%=9>$#9-$>=+$19->$>='(;$'($>=+$#"*1,$=+$+Y5+3>+,$N+$>"$-97X$/$>='([$
=+$#9-$9$>*'01+$,'-955"'(>+,\$L+392-+$=+$=9,$3"N+$>"$:='39;"$>"$>+11$
N+$9$>='(;$"*$>#"\$L2>$=+*+$/$#9-$>=9(['(;$='N$'(->+9,$"0$-3*955'(;$
#'>=$='NX$/$9--2*+,$='N$#+$#"21,$#'5+$>=+$3=9*;+$"00$>=+$L""[-$9(,$
0"*;+>$'>\$L+392-+$=+$#9-$9$H+*7$39*+021$N9($#'>=$"(17$"(+$933"2(>$
>"$1""[$90>+*\$#='1+$"2*$31+*[-$=9,$>"$1""[$90>+*$>="2-9(,-X$%=+*+0"*+\$
=+$#9-$1+--$1'[+17$>"$L+$#*"(;$>=9($#+$#+*+X$
$
^/$>"1,$='N$>=9>$/$2(,+*->"",$+Y93>17$="#$=+$0+1>$9(,$>=9>\$'0$/$#+*+$
'($='-$-="+-\$/$-="21,$2(,"2L>+,17$0++1$5*+3'-+17$9-$=+$,',X$R'(3+$=+$
#9-(]>$;"'(;$>"$L27$0*"N$2-$9(7N"*+\$/$*+3"NN+(,+,$-"N+$">=+*$
#""1+($="2-+-X$
$
^/($>=+$59->\$#+$=9,$2-29117$12(3=+,$>";+>=+*$#=+($=+$39N+$>"$
:='39;"\$-"$/$'(H'>+,$='N$>"$=9H+$12(3=$#'>=$N+$>='-$,97X$!+$
933+5>+,$*+123>9(>17\$L2>$#=+($#+$39N+$L93[$>"$>=+$"00'3+$=+$5193+,$
9$19*;+*$"*,+*$>=9($+H+*$L+0"*+X$!+$*+>2*(+,$="N+$'($9$-"0>+(+,$
N"",$9(,\$#9(>'(;$>"$L+$l2->$9-$09'*$#'>=$2-$9-$#+$=9,$L++($#'>=$
='N\$1""[+,$"H+*$='-$L'11-\$0"2(,$"(+$>=9>$=9,$L++($N'-19',\$9(,$-+(>$
2-$9$3=+3[$#'>=$='-$95"1";'+-X$
$
^K9>+*\$#=+($='-$#'0+$5*+-+(>+,$='N$#'>=$9$L9L7$L"7\$=+$;9H+$='-$
-"($>=+$N',,1+$(9N+$"0$8+>N+*\$9(,$=+$*+N9'(+,$9$0*'+(,$9(,$
32->"N+*$"0$>=+$="2-+$2(>'1$='-$,+9>=$>#+(>7<>#"$7+9*-$90>+*#9*,-X^$
$
_+9*-$9;"\$9$5""*$82>3=$'NN';*9(>$L"7$#9-=+,$>=+$#'(,"#-$"0$9$
L9[+*7$-="5$90>+*$-3=""1$>"$=+15$-255"*>$='-$09N'17X$!'-$5+"51+$#+*+$
-"$5""*$>=9>$'($9,,'>'"($=+$2-+,$>"$;"$"2>$'($>=+$->*++>$#'>=$9$L9-[+>$
+H+*7$,97$9(,$3"11+3>$->*97$L'>-$"0$3"91$>=9>$=9,$0911+($'($>=+$;2>>+*$
#=+*+$>=+$3"91$#9;"(-$=9,$,+1'H+*+,$02+1X$%=9>$L"7\$I,#9*,$6"[\$
(+H+*$;">$N"*+$>=9($-'Y$7+9*-$"0$-3=""1'(;$'($='-$1'0+i$7+>$+H+(>29117$
=+$N9,+$='N-+10$"(+$"0$>=+$N"->$-233+--021$N9;9g'(+$+,'>"*-$'($>=+$
='->"*7$"0$.N+*'39($l"2*(91'-NX$!"#$,',$=+$,"$'>f$%=9>$'-$9$1"(;$
->"*7\$L2>$="#$=+$;">$='-$->9*>$39($L+$>"1,$L*'+017X$!+$;">$='-$->9*>$L7$
2-'(;$>=+$5*'(3'51+-$9,H"39>+,$'($>='-$3=95>+*X$
$
!+$1+0>$-3=""1$#=+($=+$#9-$>='*>++($9(,$L+39N+$9($"00'3+$L"7$0"*$
&+->+*($Z('"(\$L2>$=+$,',(]>$0"*$"(+$N"N+(>$;'H+$25$>=+$',+9$"0$9($
+,239>'"(X$/(->+9,\$=+$->9*>+,$>"$+,239>+$='N-+10\$!+$-9H+,$='-$
39*09*+-$9(,$#+(>$#'>="2>$12(3=$2(>'1$=+$=9,$+("2;=$N"(+7$>"$L27$
9($+(3731"5+,'9$"0$.N+*'39($L'";*95=7$<$9(,$>=+($=+$,',$9($
2(=+9*,<"0$>='(;X$!+$*+9,$>=+$1'H+-$"0$09N"2-$5+"51+$9(,$#*">+$
>=+N$9-['(;$0"*$9,,'>'"(91$'(0"*N9>'"($9L"2>$>=+'*$3='1,="",-X$!+$
#9-$9$;"",$1'->+(+*X$!+$9-[+,$09N"2-$5+"51+$>"$>+11$='N$N"*+$9L"2>$
>=+N-+1H+-X$!+$#*">+$`+(+*91$k9N+-$.X$`9*0'+1,\$#="$#9-$>=+($
*2(('(;$0"*$4*+-',+(>\$9(,$9-[+,$'0$'>$#9-$>*2+$>=9>$=+$#9-$"(3+$9$
>"#$L"7$"($9$39(91i$9(,$`9*0'+1,$*+51'+,X$!+$#*">+$`+(+*91$`*9(>$
9-['(;$9L"2>$9$3+*>9'($L9>>1+\$9(,$`*9(>$,*+#$9$N95$0"*$='N$9(,$
'(H'>+,$>='-$0"2*>++(<7+9*$"1,$L"7$>"$,'((+*$9(,$-5+(>$>=+$+H+('(;$
>91['(;$>"$='NX$
$
R""($"2*$&+->+*($Z('"($N+--+(;+*$L"7$#9-$3"**+-5"(,'(;$#'>=$
N9(7$"0$>=+$N"->$09N"2-$5+"51+$'($>=+$(9>'"(W$G915=$&91,"$
IN+*-"(\$S1'H+*$&+(,+11$!"1N+-\$K"(;0+11"#\$a*-X$.L*9=9N$K'(3"1(\$
K"2'-9$a97$.13">>\$`+(+*91$R=+*N9($9(,$k+00+*-"($89H'-X$M">$"(17$
,',$=+$3"**+-5"(,$#'>=$>=+-+$,'->'(;2'-=+,$5+"51+\$L2>$9-$-""($9-$=+$
;">$9$H939>'"(\$=+$H'-'>+,$N9(7$"0$>=+N$9-$9$#+13"N+$;2+->$'($>=+'*$
="N+-X$%='-$+Y5+*'+(3+$'NL2+,$='N$#'>=$9$3"(0',+(3+$>=9>$#9-$
'(H9129L1+X$%=+-+$N+($9(,$#"N+($0'*+,$='N$#'>=$9$H'-'"($9(,$
9NL'>'"($>=9>$-=95+,$='-$1'0+X$.(,$911$>='-\$1+>$N+$*+5+9>\$#9-$N9,+$
5"--'L1+$-"1+17$L7$>=+$9551'39>'"($"0$>=+$5*'(3'51+-$#+$9*+$,'-32--'(;$
=+*+X$
$
/-993$)X$a9*3"--"(\$9$l"2*(91'->$#="$'(>+*H'+#+,$=2(,*+,-$"0$
3+1+L*'>'+-\$,+319*+,$>=9>$N9(7$5+"51+$09'1$>"$N9[+$9$09H"*9L1+$
'N5*+--'"($L+392-+$>=+7$,"(]>$1'->+($9>>+(>'H+17X$^%=+7$=9H+$L++($-"$
N23=$3"(3+*(+,$#'>=$#=9>$>=+7$9*+$;"'(;$>"$-97$(+Y>$>=9>$>=+7$,"$
(">$[++5$>=+'*$+9*-$"5+(X$XXX$V+*7$'N5"*>9(>$5+"51+$=9H+$>"1,$N+$>=9>$
>=+7$5*+0+*$;"",$1'->+(+*-$>"$;"",$>91[+*-\$L2>$>=+$9L'1'>7$>"$1'->+($
-++N-$*9*+*$>=9($91N"->$9(7$">=+*$;"",$>*9'>$X^$
$
.(,$(">$"(17$'N5"*>9(>$5+*-"(9;+-$3*9H+$9$;"",$1'->+(+*\$L2>$
"*,'(9*7$0"1[$,"$>""X$.-$>=+$G+9,+*]-$8';+->$"(3+$-9',W$^a9(7$
5+*-"(-$3911$9$,"3>"*$#=+($911$>=+7$#9(>$'-$9($92,'+(3+\^$
$
82*'(;$>=+$,9*[+->$="2*-$"0$>=+$:'H'1$&9*\$K'(3"1($#*">+$>"$9($"1,$
0*'+(,$'($R5*'(;0'+1,\$/11'("'-\$9-['(;$='N$>"$3"N+$>"$&9-='(;>"(X$
K'(3"1($-9',$=+$=9,$-"N+$5*"L1+N-$=+$#9(>+,$>"$,'-32--$#'>=$='NX$
%=+$"1,$(+';=L"*$3911+,$9>$>=+$&='>+$!"2-+\$9(,$K'(3"1($>91[+,$>"$
='N$0"*$="2*-$9L"2>$>=+$9,H'-9L'1'>7$"0$'--2'(;$9$5*"319N9>'"($0*++'(;$
>=+$-19H+-X$K'(3"1($#+(>$"H+*$911$>=+$9*;2N+(>-$0"*$9(,$9;9'(->$-23=$
9$N"H+\$9(,$>=+($*+9,$1+>>+*-$9(,$(+#-595+*$9*>'31+-\$-"N+$
,+("2(3'(;$='N$0"*$(">$0*++'(;$>=+$-19H+-$9(,$">=+*-$,+("2(3'(;$
='N$0"*$0+9*$=+$#9-$;"'(;$>"$0*++$>=+NX$.0>+*$>91['(;$0"*$="2*-\$
K'(3"1($-=""[$=9(,-$#'>=$='-$"1,$(+';=L"*\$-9',$;"",$(';=>\$9(,$-+(>$
='N$L93[$>"$/11'("'-$#'>="2>$+H+($9-['(;$0"*$='-$"5'('"(X$K'(3"1($=9,$
,"(+$911$>=+$>91['(;$='N-+10X$%=9>$-++N+,$>"$319*'07$='-$N'(,X$^!+$
-++N+,$>"$0++1$+9-'+*$90>+*$>=9>$>91[\^$>=+$"1,$0*'+(,$-9',X$K'(3"1($
=9,(]>$#9(>+,$9,H'3+\$!+$=9,$#9(>+,$N+*+17$9$0*'+(,17\$-7N59>=+>'3$
1'->+(+*$>"$#="N$=+$3"21,$2(L2*,+($='N-+10X$%=9>]-$#=9>$#+$911$#9(>$
#=+($#+$9*+$'($>*"2L1+X$%=9>$'-$0*+b2+(>17$911$>=+$'**'>9>+,$32->"N+*$
#9(>-\$9(,$>=+$,'--9>'-0'+,$+N51"7++$"*$>=+$=2*>$0*'+(,X$
$
S(+$"0$>=+$;*+9>$1'->+(+*-$"0$N",+*($>'N+-$#9-$R';N2(,$)*+2,X$.$
N9($#="$N+>$)*+2,$,+-3*'L+,$='-$N9((+*$"0$1'->+('(;W$^/>$->*23[$N+$
-"$0"*3'L17$>=9>$/$-=911$(+H+*$0"*;+>$='NX$!+$=9,$b291'>'+-$#='3=$/$=9,$
(+H+*$-++($'($9(7$">=+*$N9(X$M+H+*$=9,$/$-++($-23=$3"(3+(>*9>+,$
9>>+(>'"(X$%=+*+$#9-$("(+$"0$>=9>$5'+*3'(;$]-"21$5+(+>*9>'(;$;9g+]$
L2-'(+--X$!'-$+7+-$#+*+$N'1,$9(,$;+('91X$!'-$H"'3+$#9-$1"#$9(,$['(,X$
!'-$;+->2*+-$#+*+$0+#X$62>$>=+$9>>+(>'"($=+$;9H+$N+\$='-$
955*+3'9>'"($"0$#=9>$/$-9',\$+H+($#=+($/$-9',$'>$L9,17\$#9-$
+Y>*9"*,'(9*7\$_"2]H+$("$',+9$#=9>$'>$N+9(>$>"$L+$1'->+(+,$>"$1'[+$
>=9>X^$
$
/0$7"2$#9(>$>"$[("#$="#$>"$N9[+$5+"51+$-=2($7"2$9(,$192;=$9>$7"2$
L+='(,$7"2*$L93[$9(,$+H+($,+-5'-+$7"2\$=+*+$'-$>=+$*+3'5+W$M+H+*$
1'->+($>"$9(7"(+$0"*$1"(;X$%91[$'(3+--9(>17$9L"2>$7"2*-+10X$/0$7"2$=9H+$
9($',+9$#='1+$>=+$">=+*$5+*-"($'-$>91['(;\$,"(]>$#9'>$0"*$='N$"*$=+*$>"$
0'('-=W$L2->$*';=>$'($9(,$'(>+**25>$'($>=+$N',,1+$"0$9$-+(>+(3+X$
$
8"$7"2$[("#$5+"51+$1'[+$>=9>f$/$,"\$2(0"*>2(9>+17i$9(,$>=+$
9->"('-='(;$59*>$"0$'>$'-$>=9>$-"N+$"0$>=+N$9*+$5*"N'(+(>X$
$
6"*+-\$>=9>$'-$911$>=+7$9*+$<$L"*+-$'(>"Y'39>+,$#'>=$>=+'*$"#($+;"-\$
,*2([$#'>=$9$-+(-+$"0$>=+'*$"#($'N5"*>9(3+X$$
$
4+"51+$#="$>91[$"(17$"0$>=+N-+1H+-$>='([$"(17$"0$>=+N-+1H+-X$.(,$
^>="-+$5+"51+$#="$>='([$"(17$"0$>=+N-+1H+-\^$8*X$M'3="19-$a2**97$
62>1+*\$1"(;>'N+$5*+-',+(>$"0$:"12NL'9$Z('H+*-'>7\$-9',\$^9*+$
="5+1+--17$2(+,239>+,X$%=+7$9*+$(">$+,239>+,\^$-9',$8*X$62>1+*\$^("$
N9>>+*$="#$'(->*23>+,$>=+7$N97$L+X^$
$
R"$'0$7"2$9-5'*+$>"$L+$9$;"",$3"(H+*-9>'"(91'->\$L+$9($9>>+(>'H+$
1'->+(+*X$%"$L+$'(>+*+->'(;\$L+$'(>+*+->+,X$.-[$b2+->'"(-$>=9>$">=+*$
5+*-"(-$#'11$+(l"7$9(-#+*'(;X$I(3"2*9;+$>=+N$>"$>91[$9L"2>$
>=+N-+1H+-$9(,$>=+'*$933"N51'-=N+(>-X$
$
G+N+NL+*$>=9>$>=+$5+"51+$7"2$9*+$>91['(;$>"$9*+$9$=2(,*+,$>'N+-$
N"*+$'(>+*+->+,$'($>=+N-+1H+-$9(,$>=+'*$#9(>-$9(,$5*"L1+N-$>=9($
>=+7$9*+$'($7"2$9(,$7"2*$5*"L1+N-X$.$5+*-"(]-$>"">=93=+$N+9(-$
N"*+$>"$>=9>$5+*-"($>=9($9$09N'(+$'($:='(9$#='3=$['11-$9$N'11'"($
5+"51+X$.$L"'1$"($"(+]-$(+3[$'(>+*+->-$"(+$N"*+$>=9($0"*>7$
+9*>=b29[+-$'($.0*'39X$%='([$"0$>=9>$>=+$(+Y>$>'N+$7"2$->9*>$9$
3"(H+*-9>'"(X$
$
c$4*'(3'51+$D$<$6+$9$;"",$1'->+(+*X$I(3"2*9;+$">=+*-$>"$>91[$9L"2>$
>=+N-+1H+-X$$
$
ooooooo$
$
T$<$!"#$%"$/(>+*+->$4+"51+$
$
IH+*7"(+$#="$#9-$+H+*$9$;2+->$"0$%=+","*+$G""-+H+1>$#9-$
9->"('-=+,$9>$>=+$*9(;+$9(,$,'H+*-'>7$"0$='-$[("#1+,;+X$&=+>=+*$='-$
H'-'>"*$#9-$9$3"#L"7$"*$9$G"2;=$G',+*\$9$M+#$_"*[$5"1'>'3'9($"*$9$
,'51"N9>\$G""-+H+1>$[(+#$#=9>$>"$-97X$.(,$="#$#9-$'>$,"(+f$%=+$
9(-#+*$#9-$-'N51+X$&=+(+H+*$G""-+H+1>$+Y5+3>+,$9$H'-'>"*\$=+$-9>$
25$19>+$>=+$(';=>$L+0"*+\$*+9,'(;$25$"($>=+$-2Ll+3>$'($#='3=$=+$[(+#$
='-$;2+->$#9-$59*>'3219*17$'(>+*+->+,X$
$
)"*$G""-+H+1>$[(+#\$9-$911$1+9,+*-$[("#\$>=9>$>=+$*"791$*"9,$>"$9$
5+*-"(]-$=+9*>$'-$>"$>91[$9L"2>$>=+$>='(;-$=+$"*$-=+$>*+9-2*+-$N"->X$
$
%=+$;+('91$&'11'9N$K7"($4=+15-\$+--97'->$9(,$5*"0+--"*$"0$1'>+*9>2*+$
9>$_91+\$1+9*(+,$>='-$1+--"($+9*17$'($1'0+X$
$
^&=+($/$#9-$+';=>$7+9*-$"1,$9(,$#9-$-5+(,'(;$9$#++[+(,$H'-'>'(;$
N7$.2(>$K'LL7$K'(-1+7$9>$=+*$="N+$'($R>*9>0"*,$"($>=+$!"2-9>"('3\^$
=+$#*">+$'($='-$+--97$"($!2N9($M9>2*+\$^9$N',,1+<9;+,$N9($3911+,$
"(+$+H+('(;\$9(,$90>+*$9$5"1'>+$-['*N'-=$#'>=$N7$92(>\$=+$,+H">+,$='-$
9>>+(>'"($>"$N+X$.>$>=9>$>'N+\$/$=955+(+,$>"$L+$+Y3'>+,$9L"2>$L"9>-\$
9(,$>=+$H'-'>"*$,'-32--+,$>=+$-2Ll+3>$'($9$#97$>=9>$-++N+,$>"$N+$
59*>'3219*17$'(>+*+->'(;X$.0>+*$=+$1+0>\$/$-5"[+$"0$='N$#'>=$+(>=2-'9-NX$
&=9>$9$N9(j$a7$92(>$'(0"*N+,$N+$=+$#9-$9$M+#$_"*[$19#7+*\$>=9>$
=+$39*+,$(">='(;$#=9>+H+*$9L"2>$L"9>-$<$>=9>$=+$>""[$(">$>=+$
-1';=>+->$'(>+*+->$'($>=+$-2Ll+3>X$]62>$#=7$>=+($,',$=+$>91[$911$>=+$>'N+$
9L"2>$L"9>-f]$
$
^$]6+392-+$=+$'-$9$;+(>1+N9(X$!+$-9#$7"2$#+*+$'(>+*+->+,$'($L"9>-\$
9(,$=+$>91[+,$9L"2>$>=+$>='(;-$=+$[(+#$#"21,$'(>+*+->$9(,$51+9-+$
7"2X$!+$N9,+$='N-+10$9;*++9L1+X]$^$
$
.(,$&'11'9N$K7"($4=+15-$9,,+,W$^/$(+H+*$0"*;">$N7$92(>]-$*+N9*[X^$
$
.-$/$#*'>+$>='-$3=95>+*\$/$=9H+$L+0"*+$N+$9$1+>>+*$0*"N$I,#9*,$KX$
:=91'0\$#="$#9-$93>'H+$'($6"7$R3"2>$#"*[X$
$
^S(+$,97$/$0"2(,$/$(++,+,$9$09H"*\^$#*">+$a*X$:=91'0X$^.$L';$R3"2>$
l9NL"*++$#9-$3"N'(;$"00$'($I2*"5+\$9(,$/$#9(>+,$>=+$5*+-',+(>$"0$
"(+$"0$>=+$19*;+->$3"*5"*9>'"(-$'($.N+*'39$>"$597$>=+$+Y5+(-+-$"0$
"(+$"0$N7$L"7-$0"*$>=+$>*'5X$
$
^)"*>2(9>+17\$l2->$L+0"*+$/$#+(>$>"$-++$>='-$N9(\$/$=+9*,$>=9>$=+$=9,$
,*9#($9$3=+3[$0"*$9$N'11'"($,"119*-\$9(,$>=9>$90>+*$'>$#9-$39(3+1+,\$=+$
=9,$=9,$'>$0*9N+,X$
$
^R"$>=+$0'*->$>='(;$/$,',$#=+($/$+(>+*+,$='-$"00'3+$#9-$>"$9-[$>"$-++$
>=+$3=+3[X$.$3=+3[$0"*$9$N'11'"($,"119*-j$/$>"1,$='N$/$(+H+*$[(+#$>=9>$
9(7L",7$=9,$+H+*$#*'>>+($-23=$9$3=+3[\$9(,$>=9>$/$#9(>+,$>"$>+11$N7$
L"7-$>=9>$/$=9,$93>29117$-++($9$3=+3[$0"*$9$N'11'"($,"119*-X$!+$;19,17$
-="#+,$'>$>"$N+i$/$9,N'*+,$'>$9(,$9-[+,$='N$>"$>+11$N+$911$9L"2>$="#$
'>$=955+(+,$>"$L+$,*9#(X^$
$
_"2$(">'3+\$,"(]>$7"2\$>=9>$a*X$:=91'0$,',(]>$L+;'($L7$>91['(;$9L"2>$
>=+$6"7$R3"2>-\$"*$>=+$l9NL"*++$'($I2*"5+\$"*$#=9>$'>$#9-$=+$
#9(>+,f$!+$>91[+,$'($>+*N-$"0$#=9>$'(>+*+->+,$>=+$">=+*$N9(X$!+*+]-$
>=+$*+-21>W$
$
^4*+-+(>17\$>=+$N9($/$#9-$'(>+*H'+#'(;$-9',W$]S=\$L7$>=+$#97\$#=9>$
#9-$'>$7"2$#9(>+,$>"$-++$N+$9L"2>f]$R"$/$>"1,$='NX$
$
^%"$N7$H9->$-2*5*'-+\^$a*X$:=91'0$3"(>'(2+-\$^=+$(">$"(17$;*9(>+,$
'NN+,'9>+17$#=9>$/$9-[+,$0"*\$L2>$N23=$N"*+X$/$=9,$9-[+,$='N$>"$
-+(,$"(17$"(+$L"7$>"$I2*"5+\$L2>$=+$-+(>$0'H+$L"7-$9(,$N7-+10\$;9H+$
N+$9$1+>>+*$"0$3*+,'>$0"*$9$>="2-9(,$,"119*-$9(,$>"1,$2-$>"$->97$'($
I2*"5+$0"*$-+H+($#++[-X$!+$91-"$;9H+$N+$1+>>+*-$"0$'(>*",23>'"($>"$
='-$L*9(3=$5*+-',+(>-\$52>>'(;$>=+N$9>$"2*$-+*H'3+\$9(,$=+$='N-+10$
N+>$2-$'($49*'-$9(,$-="#+,$2-$>=+$>"#(X$
$
R'(3+$>=+(\$=+$=9-$;'H+($l"L-$>"$-"N+$"0$>=+$L"7-$#="-+$59*+(>-$
#+*+$'($#9(>\$9(,$=+$'-$->'11$93>'H+$'($"2*$;*"25X$
$
^_+>$/$[("#$'0$/$=9,(]>$0"2(,$"2>$#=9>$=+$#9-$'(>+*+->+,$'(\$9(,$;">$
='N$#9*N+,$25$0'*->\$/$#"21,(]>$=9H+$0"2(,$='N$"(+<>+(>=$9-$+9-7$>"$
955*"93=X^$
$
/-$>='-$9$H9129L1+$>+3=('b2+$>"$2-+$'($L2-'(+--f$/-$'>f$K+>]-$-++\$%9[+$
!+(*7$`X$82H+*("7$"0$82H+N"7$9(,$R"(-\$9$#="1+-91+$L9['(;$0'*N$'($
M+#$_"*[X$
$
a*X$82H+*("7$=9,$L++($>*7'(;$>"$-+11$L*+9,$>"$9$3+*>9'($M+#$_"*[$
=">+1X$!+$=9,$3911+,$"($>=+$N9(9;+*$+H+*7$#++[$0"*$0"2*$7+9*-X$!+$
#+(>$>"$>=+$-9N+$-"3'91$9009'*-$>=+$N9(9;+*$9>>+(,+,X$!+$+H+($>""[$
*""N-$'($>=+$=">+1$9(,$1'H+,$>=+*+$'($"*,+*$>"$;+>$>=+$L2-'(+--X$62>$
=+$09'1+,X$
$
^%=+(\^$-9',$a*X$82H+*("7\$^90>+*$->2,7'(;$=2N9($*+19>'"(-\$/$
*+-"1H+,$>"$3=9(;+$N7$>93>'3-X$/$,+3',+,$>"$0'(,$"2>$#=9>$'(>+*+->+,$
>='-$N9($<$#=9>$392;=>$='-$+(>=2-'9-NX$
$
^/$,'-3"H+*+,$=+$L+1"(;+,$>"$9$-"3'+>7$"0$=">+1$+Y+32>'H+-$3911+,$>=+$
!">+1$`*++>+*-$"0$.N+*'39X$!+$(">$"(17$L+1"(;+,\$L2>$='-$L2LL1'(;$
+(>=2-'9-N$=9,$N9,+$='N$5*+-',+(>$"0$>=+$"*;9('g9>'"(\$9(,$
5*+-',+(>$"0$>=+$/(>+*(9>'"(91$`*++>+*-X$M"$N9>>+*$#=+*+$'>-$
3"(H+(>'"(-$#+*+$=+1,\$=+$#"21,$L+$>=+*+X$
$
^R"$#=+($/$-9#$='N$>=+$(+Y>$,97\$/$L+;9($>91['(;$9L"2>$>=+$
`*++>+*-X$&=9>$9$*+-5"(-+$/$;">X$&=9>$9$*+-5"(-+j$!+$>91[+,$>"$N+$
0"*$=910$9($="2*$9L"2>$>=+$`*++>+*-\$='-$>"(+-$H'L*9(>$#'>=$
+(>=2-'9-NX$/$3"21,$519'(17$-++$>=9>$>='-$-"3'+>7$#9-$(">$"(17$='-$
="LL7\$'>$#9-$>=+$59--'"($"0$='-$1'0+X$6+0"*+$/$1+0>$='-$"00'3+\$=+$=9,$
]-"1,]$N+$9$N+NL+*-='5$'($='-$"*;9('g9>'"(X$
$
^/($>=+$N+9(>'N+\$/$=9,$-9',$(">='(;$9L"2>$L*+9,X$62>$9$0+#$,97-$
19>+*\$>=+$->+#9*,$"0$='-$=">+1$5="(+,$N+$>"$3"N+$"H+*$#'>=$-9N51+-$
9(,$5*'3+-X$
$
^$]/$,"(]>$[("#$#=9>$7"2$,',$>"$>=+$"1,$L"7\]$>=+$->+#9*,$;*++>+,$N+\$
]L2>$=+$-2*+$'-$-"1,$"($7"2j]$
$
^%='([$"0$'>j$/$=9,$L++($,*2NN'(;$9>$>=9>$N9($0"*$0"2*$7+9*-$<$>*7'(;$
>"$;+>$='-$L2-'(+--$<$9(,$/],$->'11$L+$,*2NN'(;$9>$='N$'0$/$=9,(]>$
0'(9117$>9[+($>=+$>*"2L1+$>"$0'(,$"2>$#=9>$=+$#9-$'(>+*+->+,$'(\$9(,$
#=9>$=+$+(l"7+,$>91['(;$9L"2>X^$
$
I,#9*,$IX$!9**'N9($"0$!9;+*->"#(\$a9*719(,\$3="-+$>"$1'H+$'($>=+$
L+92>'021$:2NL+*19(,$V911+7$"0$a9*719(,$90>+*$=+$3"N51+>+,$='-$
N'1'>9*7$-+*H'3+X$Z(0"*>2(9>+17\$9>$>=9>$>'N+$>=+*+$#+*+$0+#$l"L-$
9H9'19L1+$'($>=+$9*+9X$.$1'>>1+$*+-+9*3=$2(3"H+*+,$>=+$093>$>=9>$9$
(2NL+*$"0$3"N59('+-$'($>=+$9*+9$#+*+$+'>=+*$"#(+,$"*$3"(>*"11+,$L7$
9($2(2-291$L2-'(+--$N9H+*'3[\$GX$kX$)2([="2-+*\$#="-+$*'-+$0*"N$
5"H+*>7$>"$*'3=+-$'(>*';2+,$a*X$!9**'N9(X$!"#+H+*\$=+$#9-$[("#($0"*$
L+'(;$'(933+--'L1+$>"$l"L$-++[+*-X$a*X$!9**'N9($#*">+W$
$
^/$'(>+*H'+#+,$9$(2NL+*$"0$5+"51+$9(,$0"2(,$>=9>$='-$N9l"*$'(>+*+->$
#9-$9(3="*+,$'($='-$,*'H+$0"*$5"#+*$9(,$N"(+7X$R'(3+$=+$5*">+3>+,$
='N-+10$0*"N$5+"51+$1'[+$N+$L7$2-+$"0$9$,+,'39>+,$9(,$->+*($
-+3*+>9*7\$/$->2,'+,$=+*$'(>+*+->-$9(,$;"91-$9(,$"(17$>=+($/$59',$9($
2(9(("2(3+,$H'-'>$9>$=+*$"00'3+X$R=+$=9,$L++($a*X$)2([="2-+*]-$
"*L'>'(;$-9>+11'>+$0"*$9L"2>$0'0>++($7+9*-X$&=+($/$>"1,$=+*$/$=9,$9$
5*"5"-'>'"($0"*$='N$#='3=$N';=>$>*9(-19>+$'>-+10$'(>"$0'(9(3'91$9(,$
5"1'>'391$-233+--$0"*$='N\$-=+$L+39N+$+(>=2-+,X$/$91-"$3"(H+*-+,$
#'>=$=+*$9L"2>$=+*$3"(->*23>'H+$59*>'3'59>'"($'($='-$-233+--X$.0>+*$>='-$
3"(H+*-9>'"($-=+$9**9(;+,$0"*$N+$>"$N++>$a*X$)2([="2-+*X$
$
^/$+(>+*+,$='-$=2;+$9(,$'N5*+--'H+$"00'3+$,+>+*N'(+,$(">$>"$9-[$
,'*+3>17$0"*$9$l"LX$!+$#9-$-+9>+,$L+='(,$9$19*;+$39*H+,$,+-[$9(,$
>=2(,+*+,$9>$N+\$]!"#$9L"2>$'>\$7"2(;$N9(f]$/$-9',\$]a*X$
)2([="2-+*\$/$L+1'+H+$/$39($N9[+$N"(+7$0"*$7"2X]$!+$'NN+,'9>+17$
*"-+$9(,$'(H'>+,$N+$>"$-'>$'($"(+$"0$>=+$19*;+$25="1->+*+,$3=9'*-X$/$
+(2N+*9>+,$N7$',+9-$9(,$>=+$b291'0'39>'"(-$/$=9,$>"$*+91'g+$>=+-+$
',+9-\$9-$#+11$9-$="#$>=+7$#"21,$3"(>*'L2>+$>"$='-$5+*-"(91$-233+--$
9(,$>=9>$"0$='-$L2-'(+--+-X$
$
^$]GX$kX\]$9-$=+$L+39N+$[("#($>"$N+\$='*+,$N+$9>$"(3+$9(,$0"*$"H+*$
>#+(>7$7+9*-$/$=9H+$;*"#($'($='-$+(>+*5*'-+-$9(,$#+$L">=$=9H+$
5*"-5+*+,X^$
$
%91['(;$'($>+*N-$"0$>=+$">=+*$5+*-"(]-$'(>+*+->-$597-$"00$0"*$L">=$
59*>'+-X$!"#9*,$pX$!+*g';\$9$1+9,+*$'($>=+$0'+1,$"0$+N51"7++$
3"NN2('39>'"(-\$=9-$91#97-$0"11"#+,$>='-$5*'(3'51+X$&=+($9-[+,$
#=9>$*+#9*,$=+$;">$0*"N$'>\$a*X$!+*g';$*+-5"(,+,$>=9>$=+$(">$"(17$
*+3+'H+,$9$,'00+*+(>$*+#9*,$0*"N$+93=$5+*-"($L2>$>=9>$'($;+(+*91$>=+$
*+#9*,$=9,$L++($9($+(19*;+N+(>$"0$='-$1'0+$+93=$>'N+$=+$-5"[+$>"$
-"N+"(+X$
$
c$4*'(3'51+$T$<$%91[$'($>+*N-$"0$>=+$">=+*$5+*-"(]-$'(>+*+->-X$$
$
ooooooo$
$
B$<$!"#$%"$a9[+$4+"51+$K'[+$_"2$/(->9(>17$
$
/$#9-$#9'>'(;$'($1'(+$>"$*+;'->+*$9$1+>>+*$'($>=+$5"->$"00'3+$9>$%='*>7<
>='*,$R>*++>$9(,$I';=>=$.H+(2+$'($M+#$_"*[X$/$(">'3+,$>=9>$>=+$31+*[$
955+9*+,$>"$L+$L"*+,$#'>=$>=+$l"L$<#+';='(;$+(H+1"5+-\$=9(,'(;$"2>$
->9N5-\$N9['(;$3=9(;+\$'--2'(;$*+3+'5>-$<$>=+$-9N+$N"(">"("2-$
;*'(,$7+9*$90>+*$7+9*X$R"$/$-9',$>"$N7-+10W$^/$9N$;"'(;$>"$>*7$>"$N9[+$
>=9>$31+*[$1'[+$N+X$SLH'"2-17\$>"$N9[+$='N$1'[+$N+\$/$N2->$-97$
-"N+>='(;$('3+\$(">$9L"2>$N7-+10\$L2>$9L"2>$='NX$R"$/$9-[+,$N7-+10\$
]&=9>$'-$>=+*+$9L"2>$='N$>=9>$/$39($="(+->17$9,N'*+f]$^$%=9>$'-$
-"N+>'N+-$9$=9*,$b2+->'"($>"$9(-#+*\$+-5+3'9117$#'>=$->*9(;+*-i$L2>\$
'($>='-$39-+\$'>$=955+(+,$>"$L+$+9-7X$/$'(->9(>17$-9#$-"N+>='(;$/$
9,N'*+,$("$+(,X$
$
R"$#='1+$=+$#9-$#+';='(;$N7$+(H+1"5+\$/$*+N9*[+,$#'>=$+(>=2-'9-NW$
^/$3+*>9'(17$#'-=$/$=9,$7"2*$=+9,$"0$=9'*X^$
$
!+$1""[+,$25\$=910<->9*>1+,\$='-$093+$L+9N'(;$#'>=$-N'1+-X$^&+11\$'>$
'-(]>$9-$;"",$9-$'>$2-+,$>"$L+\^$=+$-9',$N",+->17X$/$9--2*+,$='N$>=9>$
91>="2;=$'>$N';=>$=9H+$1"->$-"N+$"0$'>-$5*'->'(+$;1"*7\$(+H+*>=+1+--$'>$
#9-$->'11$N9;('0'3+(>X$!+$#9-$'NN+(-+17$51+9-+,X$&+$39**'+,$"($9$
51+9-9(>$1'>>1+$3"(H+*-9>'"($9(,$>=+$19->$>='(;$=+$-9',$>"$N+$#9-W$
^a9(7$5+"51+$=9H+$9,N'*+,$N7$=9'*X^$
$
/]11$L+>$>=9>$5+*-"($#+(>$"2>$>"$12(3=$>=9>$,97$#91['(;$"($9'*X$/]11$L+>$
=+$#+(>$="N+$>=9>$(';=>$9(,$>"1,$='-$#'0+$9L"2>$'>X$/]11$L+>$=+$1""[+,$
'($>=+$N'**"*$9(,$-9',W$^/>$'-$9$L+92>'021$=+9,$"0$=9'*X^$
$
/$>"1,$>='-$->"*7$"(3+$'($52L1'3$9(,$9$N9($9-[+,$N+$90>+*#9*,-W$
^]&=9>$,',$7"2$#9(>$>"$;+>$"2>$"0$='Nf^$
$
&=9>$#9-$/$>*7'(;$>"$;+>$"2>$"0$='Njjj$&=9>$#9-$/$>*7'(;$>"$;+>$"2>$"0$
='Njjj$
$
/0$#+$9*+$-"$3"(>+N5>'L17$-+10'-=$>=9>$#+$39(]>$*9,'9>+$9$1'>>1+$
=955'(+--$9(,$59--$"($9$L'>$"0$="(+->$955*+3'9>'"($#'>="2>$>*7'(;$>"$
;+>$-"N+>='(;$"2>$"0$>=+$">=+*$5+*-"($'($*+>2*($<$'0$"2*$-"21-$9*+$("$
L';;+*$>=9($-"2*$3*9L$9551+-\$#+$-=911$N++>$#'>=$>=+$09'12*+$#+$-"$
*'3=17$,+-+*H+X$S=$7+-\$/$,',$#9(>$-"N+>='(;$"2>$"0$>=9>$3=95X$/$
#9(>+,$-"N+>='(;$5*'3+1+--X$.(,$/$;">$'>X$/$;">$>=+$0++1'(;$>=9>$/$=9,$
,"(+$-"N+>='(;$0"*$='N$#'>="2>$='-$L+'(;$9L1+$>"$,"$9(7>='(;$
#=9>+H+*$'($*+>2*($0"*$N+X$%=9>$'-$9$0++1'(;$>=9>$01"#-$9(,$-'(;-$'($
7"2*$N+N"*7$12(;$90>+*$>=+$'(3',+(>$'-$59->X$
$
%=+*+$'-$"(+$911<'N5"*>9(>$19#$"0$=2N9($3"(,23>X$/0$#+$"L+7$>=9>$
19#\$#+$-=911$91N"->$(+H+*$;+>$'(>"$>*"2L1+X$/($093>\$>=9>$19#\$'0$
"L+7+,\$#'11$L*'(;$2-$3"2(>1+--$0*'+(,-$9(,$3"(->9(>$=955'(+--X$62>$
>=+$H+*7$'(->9(>$#+$L*+9[$>=+$19#\$#+$-=911$;+>$'(>"$+(,1+--$>*"2L1+X$
%=+$19#$'-$>='-W$.1#97-$N9[+$>=+$">=+*$5+*-"($0++1$'N5"*>9(>X$k"=($
8+#+7\$9-$#+$=9H+$91*+9,7$(">+,\$-9',$>=9>$>=+$,+-'*+$>"$L+$
'N5"*>9(>$'-$>=+$,++5+->$2*;+$'($=2N9($(9>2*+i$9(,$&'11'9N$k9N+-$
-9',W$^%=+$,++5+->$5*'(3'51+$'($=2N9($(9>2*+$'-$>=+$3*9H'(;$>"$L+$
955*+3'9>+,X^$.-$/$=9H+$91*+9,7$5"'(>+,$"2>\$'>$'-$>='-$2*;+$>=9>$
,'00+*+(>'9>+-$2-$0*"N$>=+$9('N91-X$/>$'-$>='-$2*;+$>=9>$=9-$L++($
*+-5"(-'L1+$0"*$3'H'1'g9>'"($'>-+10X$
$
4='1"-"5=+*-$=9H+$L++($-5+3219>'(;$"($>=+$*21+-$"0$=2N9($
*+19>'"(-='5-$0"*$>="2-9(,-$"0$7+9*-\$9(,$"2>$"0$911$>=9>$-5+3219>'"(\$
>=+*+$=9-$+H"1H+,$"(17$"(+$'N5"*>9(>$5*+3+5>X$/>$'-$(">$(+#X$/>$'-$9-$
"1,$9-$='->"*7X$p"*"9->+*$>92;=>$'>$>"$='-$0"11"#+*-$'($4+*-'9$>#+(>7<
0'H+$=2(,*+,$7+9*-$9;"X$:"(023'2-$5*+93=+,$'>$'($:='(9$>#+(>7<0"2*$
3+(>2*'+-$9;"X$K9"<>-+\$>=+$0"2(,+*$"0$%9"'-N\$>92;=>$'>$>"$='-$
,'-3'51+-$'($>=+$V911+7$"0$>=+$!9(X$62,,=9$5*+93=+,$'>$"($>=+$L9([$"0$
>=+$!"17$`9(;+-$0'H+$=2(,*+,$7+9*-$L+0"*+$:=*'->X$%=+$-93*+,$L""[-$
"0$!'(,2'-N$>92;=>$'>$9$>="2-9(,$7+9*-$L+0"*+$>=9>X$k+-2-$>92;=>$'>$
9N"(;$>=+$->"(7$='11-$"0$k2,+9$('(+>++($3+(>2*'+-$9;"X$k+-2-$
-2NN+,$'>$25$'($"(+$>="2;=>$<5*"L9L17$>=+$N"->$'N5"*>9(>$*21+$'($
>=+$#"*1,W$^8"$2(>"$">=+*-$9-$7"2$#"21,$=9H+$">=+*-$,"$2(>"$7"2X^$
$
_"2$#9(>$>=+$955*"H91$"0$>="-+$#'>=$#="N$7"2$3"N+$'($3"(>93>X$_"2$
#9(>$*+3";('>'"($"0$7"2*$>*2+$#"*>=X$_"2$#9(>$9$0++1'(;$>=9>$7"2$9*+$
'N5"*>9(>$'($7"2*$1'>>1+$#"*1,X$_"2$,"(]>$#9(>$>"$1'->+($>"$3=+95\$
'(-'(3+*+$019>>+*7\$L2>$7"2$,"$3*9H+$-'(3+*+$955*+3'9>'"(X$_"2$#9(>$
7"2*$0*'+(,-$9(,$9--"3'9>+-$>"$L+\$9-$:=9*1+-$R3=#9L$52>$'>\$^=+9*>7$
'($>=+'*$955*"L9>'"($9(,$19H'-=$'($>=+'*$5*9'-+X^$.11$"0$2-$#9(>$>=9>X$
$
R"$1+>]-$"L+7$>=+$`"1,+($G21+\$9(,$;'H+$2(>"$">=+*-$#=9>$#+$#"21,$
=9H+$">=+*-$;'H+$2(>"$2-\$!"#f$&=+(f$&=+*+f$%=+$9(-#+*$'-W$.11$
>=+$>'N+\$+H+*7#=+*+X$
$
89H',$`X$RN'>=$"0$I92$:19'*+\$&'-3"(-'(\$>"1,$"(+$"0$"2*$319--+-$="#$
=+$=9(,1+,$9$,+1'39>+$-'>29>'"($#=+($=+$#9-$9-[+,$>"$>9[+$3=9*;+$"0$
>=+$*+0*+-=N+(>$L"">=$9>$9$3=9*'>7$3"(3+*>\$
$
^%=+$(';=>$"0$>=+$3"(3+*>$/$9**'H+,$9>$>=+$59*[$9(,$0"2(,$>#"$+1,+*17$
19,'+-$'($9$H+*7$L9,$=2N"*$->9(,'(;$(+Y>$>"$>=+$*+0*+-=N+(>$->9(,X$
.559*+(>17$+93=$>="2;=>$>=9>$-=+$#9-$'($3=9*;+$"0$>='-$5*"l+3>X$.-$/$
->"",$>=+*+$5"(,+*'(;$#=9>$>"$,"\$N+$"0$>=+$N+NL+*-$"0$>=+$
-5"(-"*'(;$3"NN'>>++$955+9*+,$9(,$=9(,+,$N+$9$39-=$L"Y$9(,$
>=9([+,$N+$0"*$>9['(;$"H+*$>=+$5*"l+3>X$R=+$'(>*",23+,$G"-+$9(,$
k9(+$9-$N7$=+15+*-$9(,$>=+($*9($"00X$
$
^.$;*+9>$-'1+(3+$+(-2+,X$G+91'g'(;$>=9>$>=+$39-=$L"Y$#9-$9$-7NL"1$"0$
92>="*'>7$F"0$-"*>-J\$/$;9H+$>=+$L"Y$>"$G"-+$9(,$+Y519'(+,$>=9>$/$
N';=>$(">$L+$9L1+$>"$[++5$>=+$N"(+7$->*9';=>$9(,$>=9>$'0$-=+$>""[$
39*+$"0$'>$/$#"21,$0++1$L+>>+*X$/$>=+($-2;;+->+,$>"$k9(+$>=9>$-=+$-="#$
>#"$>++(9;+*-$#="$=9,$L++($9--';(+,$>"$*+0*+-=N+(>-$="#$>"$
"5+*9>+$>=+$-",9$N93='(+\$9(,$/$9-[+,$=+*$>"$L+$*+-5"(-'L1+$0"*$>=9>$
59*>$"0$>=+$5*"l+3>X$
$
^%=+$+H+('(;$#9-$H+*7$+(l"79L1+$#'>=$G"-+$=955'17$3"2(>'(;$>=+$
N"(+7\$k9(+$-25+*H'-'(;$>=+$>++(9;+*-\$9(,$N+$+(l"7'(;$>=+$
3"(3+*>X^$
$
_"2$,"(]>$=9H+$>"$#9'>$2(>'1$7"2$9*+$9NL9--9,"*$>"$)*9(3+$"*$
3=9'*N9($"0$>=+$:19NL9[+$:"NN'>>++$"0$7"2*$1",;+$L+0"*+$7"2$2-+$
>='-$5='1"-"5=7$"0$955*+3'9>'"(X$_"2$39($#"*[$N9;'3$#'>=$'>$91N"->$
+H+*7$,97X$
$
/0\$0"*$+Y9N51+\$>=+$#9'>*+--$L*'(;-$2-$N9-=+,$5">9>"+-$#=+($#+$
=9H+$"*,+*+,$)*+(3=$0*'+,\$1+>]-$-97W$^/]N$-"**7$>"$>*"2L1+$7"2\$L2>$/$
5*+0+*$)*+(3=$0*'+,X^$R=+]11$5*"L9L17$*+517\$^M"$>*"2L1+$9>$911^$9(,$#'11$
L+$;19,$>"$3=9(;+$>=+$5">9>"+-\$L+392-+$#+$=9H+$-="#($*+-5+3>$0"*$
=+*X$
$
K'>>1+$5=*9-+-$-23=$9-$^/]N$-"**7$>"$>*"2L1+$7"2\^$^&"21,$7"2$L+$-"$
['(,$9-$>"$<<<<f$^$^&"(]>$7"2$51+9-+f^$^$&"21,$7"2$N'(,f^$^%=9([$
7"2^$<$1'>>1+$3"2*>+-'+-$1'[+$>=+-+$"'1$>=+$3";-$"0$>=+$N"(">"("2-$
;*'(,$"0$+H+*7,97$1'0+<$9(,\$'(3',+(>9117\$>=+7$9*+$>=+$=911N9*[$"0$
;"",$L*++,'(;X$
$
K+>]-$>9[+$9(">=+*$'112->*9>'"(X$!911$:9'(+]-$("H+1-<%=+$:=*'->'9(\$%=+$
8++N->+*\$%=+$a9(YN9(\$9N"(;$>=+N$<$#+*+$911$L+-><-+11+*-$'($>=+$
+9*17$59*>$"0$>='-$3+(>2*7X$a'11'"(-$"0$5+"51+$*+9,$='-$("H+1-\$
3"2(>1+--$N'11'"(-X$!+$#9-$>=+$-"($"0$9$L193[-N'>=X$!+$(+H+*$=9,$
N"*+$>=9($+';=>$7+9*-]$-3=""1'(;$'($='-$1'0+i$7+>$#=+($=+$,'+,$=+$#9-$
>=+$*'3=+->$1'>+*9*7$N9($"0$='-$>'N+X$
$
%=+$->"*7$;"+-$1'[+$>='-W$!911$:9'(+$1"H+,$-"((+>-$9(,$L9119,-i$-"$=+$
,+H"2*+,$911$"0$89(>+$`9L*'+1$G"--+>>']-$5"+>*7X$!+$+H+($#*">+$9$
1+3>2*+$3=9(>'(;$>=+$5*9'-+-$"0$G"--+>>']-$9*>'->'3$93='+H+N+(><9(,$
-+(>$9$3"57$>"$G"--+>>'$='N-+10X$G"--+>>'$#9-$,+1';=>+,X$^.(7$7"2(;$
N9($#="$=9-$-23=$9($+Y91>+,$"5'('"($"0$N7$9L'1'>7\^$G"--+>>'$
5*"L9L17$-9',$>"$='N-+10\$^N2->$L+$L*'11'9(>\^$R"$G"--+>>'$'(H'>+,$>='-$
L193[-N'>=]-$-"($>"$3"N+$>"$K"(,"($9(,$93>$9-$='-$-+3*+>9*7X$%=9>$
#9-$>=+$>2*('(;$5"'(>$'($!911$:9'(+]-$1'0+i$0"*\$'($='-$(+#$5"-'>'"(\$=+$
N+>$>=+$1'>+*9*7$9*>'->-$"0$>=+$,97X$4*"0'>'(;$L7$>=+'*$9,H'3+$9(,$
'(-5'*+,$L7$>=+'*$+(3"2*9;+N+(>\$=+$192(3=+,$25"($9$39*++*$>=9>$
+NL19g"(+,$='-$(9N+$93*"--$>=+$-[7X$
$
!'-$="N+\$`*++L9$:9->1+\$"($>=+$/-1+$"0$a9(\$L+39N+$9$a+339$0"*$
>"2*'->-$0*"N$>=+$09*$3"*(+*-$"0$>=+$#"*1,\$9(,$=+$1+0>$9$N21>'N'11'"($
,"119*$+->9>+X$_+>$<$#="$[("#-$<$=+$N';=>$=9H+$,'+,$5""*$9(,$
2([("#($=9,$=+$(">$#*'>>+($9($+--97$+Y5*+--'(;$='-$9,N'*9>'"($0"*$9$
09N"2-$N9(X$
$
R23=$'-$>=+$5"#+*\$>=+$->25+(,"2-$5"#+*\$"0$-'(3+*+\$=+9*>0+1>$
955*+3'9>'"(X$
$
G"--+>>'$3"(-',+*+,$='N-+10$'N5"*>9(>X$%=9>$'-$(">$->*9(;+\$.1N"->$
+H+*7"(+$3"(-',+*-$='N-+10$'N5"*>9(>\$H+*7$'N5"*>9(>X$
$
%=+$1'0+$"0$N9(7$9$5+*-"($3"21,$5*"L9L17$L+$3=9(;+,$'0$"(17$
-"N+"(+$#"21,$N9[+$='N$0++1$'N5"*>9(>X$G"(91,$kX$G"#19(,\$#="$'-$
"(+$"0$>=+$'(->*23>"*-$"0$"2*$3"2*-+$'($:91'0"*('9\$'-$91-"$9$>+93=+*$"0$
9*>-$9(,$3*90>-X$!+$#*">+$>"$2-$9L"2>$9$->2,+(>$(9N+,$:=*'-$'($='-$
L+;'(('(;$3*90>-$319--W$
$
:=*'-$#9-$9$H+*7$b2'+>\$-=7$L"7$193['(;$'($-+10<3"(0',+(3+\$>=+$['(,$"0$
->2,+(>$>=9>$"0>+($,"+-$(">$*+3+'H+$>=+$9>>+(>'"($=+$,+-+*H+-X$/$91-"$
>+93=$9($9,H9(3+,$319--$>=9>$=9,$;*"#($>"$L+$-"N+#=9>$"0$9$->9>2-$
-7NL"1$9(,$9$5*'H'1+;+$0"*$9$->2,+(>$>"$=9H+$+9*(+,$>=+$*';=>$>"$L+$'($
'>X$S($&+,(+-,97\$:=*'-$#9-$,'1';+(>17$#"*['(;$9>$='-$,+-[X$/$*+9117$
0+1>$>=+*+$#9-$9$=',,+($0'*+$,++5$'(-',+$='NX$/$9-[+,$:=*'-$'0$=+$
#"21,$1'[+$>"$L+$'($>=+$9,H9(3+,$319--X$!"#$/$#'-=$/$3"21,$+Y5*+--$
>=+$1""[$'($:=*'-]-$093+\$>=+$+N">'"(-$'($>=9>$-=7$0"2*>++(<7+9*<"1,$
L"7\$>*7'(;$>"$="1,$L93[$='-$>+9*-X$
$
^&="$N+\$a*X$G"#19(,f$.N$/$;"",$+("2;=f^$
$
^_+-\$:=*'-\$7"2$9*+$;"",$+("2;=X^$
$
/$=9,$>"$1+9H+$9>$>=9>$5"'(>$L+392-+$>+9*-$#+*+$3"N'(;$>"$N7$+7+-X$
.-$:=*'-$#91[+,$"2>$"0$319--$>=9>$,97\$-++N'(;17$>#"$'(3=+-$>911+*\$=+$
1""[+,$9>$N+$#'>=$L*';=>$L12+$+7+-$9(,$-9',$'($9$5"-'>'H+$H"'3+\$
^%=9([$7"2\$a*X$G"#19(,X^$
$
:=*'-$>92;=>$N+$9$1+--"($/$#'11$(+H+*$0"*;+><"2*$,++5$,+-'*+$>"$0++1$
'N5"*>9(>X$%"$=+15$N+$(+H+*$0"*;+>$>='-$*21+\$/$N9,+$9$-';($#='3=$
*+9,-$^_SZ$.GI$/a4SG%.M%X^$%='-$-';($=9(;-$'($>=+$0*"(>$"0$>=+$
319--*""N$0"*$911$>"$-++$9(,$>"$*+N'(,$N+$>=9>$+93=$->2,+(>$/$093+$'-$
+b29117$'N5"*>9(>X$
$
%=+$2(H9*('-=+,$>*2>=$'-$>=9>$91N"->$911$>=+$5+"51+$7"2$N++>$0++1$
>=+N-+1H+-$-25+*'"*$>"$7"2$'($-"N+$#97\$9(,$9$-2*+$#97$>"$>=+'*$
=+9*>-$'-$>"$1+>$>=+N$*+91'g+$'($-"N+$-2L>1+$#97$>=9>$7"2$*+3";('g+$
>=+'*$'N5"*>9(3+\$9(,$*+3";('g+$'>$-'(3+*+17X$
$
G+N+NL+*$#=9>$IN+*-"($-9',W$^IH+*7$N9($/$N++>$'-$N7$-25+*'"*$'($
-"N+$#97X$/($>=9>\$/$1+9*($"0$='NX^$
$
.(,$>=+$59>=+>'3$59*>$"0$'>$'-$>=9>$0*+b2+(>17$>="-+$#="$=9H+$>=+$1+9->$
l2->'0'39>'"($0"*$9$0++1'(;$"0$93='+H+N+(>$L"1->+*$25$>=+'*$+;"-$L7$9$
-="#$"0$>2N21>$9(,$3"(3+'>$#='3=$'-$>*217$(92-+9>'(;X$.-$
R=9[+-5+9*+$52>$'>W$^XXX$N9(\$5*"2,$N9(\C8*+->$'($9$1'>>1+$L*'+0$
92>="*'>7\C$XXX$4197-$-23=$09(>9->'3$>*'3[-$L+0"*+$=';=$=+9H+(C.-$N9[+$
>=+$9(;+1-$#++5X^$
$
/$9N$;"'(;$>"$>+11$7"2$="#$L2-'(+--$5+"51+$'($N7$"#($3"2*-+-$=9H+$
9551'+,$>=+-+$5*'(3'51+-$#'>=$*+N9*[9L1+$*+-21>-X$K+>]-$>9[+$>=+$39-+$
"0$9$:"((+3>'32>$9>>"*(+7$FL+392-+$"0$='-$*+19>'H+-$=+$5*+0+*-$(">$>"$
=9H+$='-$(9N+$N+(>'"(+,JX$
$
R="*>17$90>+*$l"'('(;$>=+$3"2*-+\$a*X$G<<<<<$,*"H+$>"$K"(;$/-19(,$#'>=$
='-$#'0+$>"$H'-'>$-"N+$"0$=+*$*+19>'H+-X$R=+$1+0>$='N$>"$3=9>$#'>=$9($"1,$
92(>$"0$=+*-$9(,$>=+*$*2-=+,$"00$L7$=+*-+10$>"$H'-'>$-"N+$"0$>=+$
7"2(;+*$*+19>'H+-X$R'(3+$=+$-""($=9,$>"$;'H+$9$-5++3=$5*"0+--'"(9117$
"($="#$=+$9551'+,$>=+$5*'(3'51+-$"0$955*+3'9>'"(\$=+$>="2;=>$=+$
#"21,$;9'($-"N+$#"*>=#='1+$+Y5+*'+(3+$>91['(;$#'>=$>=+<+1,+*17$19,7X$
R"$=+$1""[+,$9*"2(,$>=+$="2-+$>"$-++$#=9>$=+$3"21,$="(+->17$
9,N'*+X$
$
^%='-$="2-+$#9-$L2'1>$9L"2>$?E@Q\$#9-(]>$'>f^$=+$'(b2'*+,X$
$
^_+-\^$-=+$*+51'+,\$^>=9>$'-$5*+3'-+17$>=+$7+9*$'>$#9-$L2'1>X^$
$
^/>$*+N'(,-$N+$"0$>=+$="2-+$/$#9-$L"*($'(\^$=+$-9',X$^/>]-$L+92>'021X$
&+11$L2'1>X$G""N7X$_"2$[("#\$>=+7$,"(]>$L2'1,$="2-+-$1'[+$>='-$
9(7N"*+X^$
$
^_"2]*+$*';=>\^$>=+$"1,$19,7$9;*++,X$^%=+$7"2(;$0"1[-$("#9,97-$,"(]>$
39*+$0"*$L+92>'021$="N+-X$.11$>=+7$#9(>$'-$9$-N911$959*>N+(>\$9(,$
>=+($>=+7$;"$"00$;9,,'(;$9L"2>$'($>=+'*$92>"N"L'1+-X$
$
^%='-$'-$9$,*+9N$="2-+\^$-=+$-9',$'($9$H"'3+$H'L*9>'(;$#'>=$>+(,+*$
N+N"*'+-X$^%='-$="2-+$#9-$L2'1>$#'>=$1"H+X$a7$=2-L9(,$9(,$/$
,*+9N+,$9L"2>$'>$0"*$7+9*-$L+0"*+$#+$L2'1>$'>X$&+$,',(]>$=9H+$9($
9*3='>+3>X$&+$519((+,$'>$911$"2*-+1H+-X^$
$
R=+$-="#+,$a*X$G<<<<<$9L"2>$>=+$="2-+\$9(,$=+$+Y5*+--+,$='-$=+9*>7$
9,N'*9>'"($0"*$>=+$L+92>'021$>*+9-2*+-$-=+$=9,$5'3[+,$25$'($=+*$
>*9H+1-$9(,$3=+*'-=+,$"H+*$9$1'0+>'N+$<$59'-1+7$-=9#1-\$9($"1,$I(;1'-=$
>+9$-+>\$&+,;#"",$3='(9\$)*+(3=$L+,-$9(,$3=9'*-\$/>91'9($59'(>'(;-\$
9(,$-'1[$,*95+*'+-$>=9>$=9,$"(3+$=2(;$'($9$)*+(3=$3=9>+92X$
$
.0>+*$-="#'(;$a*X$G<<<<<$>=*"2;=$>=+$="2-+\$-=+$>""[$='N$"2>$>"$>=+$
;9*9;+X$%=+*+\$l93[+,$25$"($L1"3[-\$#9-$9$493[9*,$39*$<$'($N'(>$
3"(,'>'"(X$
$
^a7$=2-L9(,$L"2;=>$>=9>$39*$0"*$N+$-="*>17$L+0"*+$=+$59--+,$"(\^$
-=+$-9',$-"0>17X$^/$=9H+$(+H+*$*',,+($'($'>$-'(3+$='-$,+9>=X$XXX$_"2$
955*+3'9>+$('3+$>='(;-\$9(,$/]N$;"'(;$>"$;'H+$>='-$39*$>"$7"2X^$
$
^&=7\$92(>7\^$=+$-9',\$^7"2$"H+*#=+1N$N+X$/$955*+3'9>+$7"2*$
;+(+*"-'>7\$"0$3"2*-+i$L2>$/$3"21,(]>$5"--'L17$933+5>$'>X$/]N$(">$+H+($
9$*+19>'H+$"0$7"2*-X$/$=9H+$9$(+#$39*\$9(,$7"2$=9H+$N9(7$*+19>'H+-$
>=9>$#"21,$1'[+$>"$=9H+$>=9>$493[9*,X^$
$
^G+19>'H+-j^$-=+$+Y319'N+,X$^_+-\$/$=9H+$*+19>'H+-$#="$9*+$l2->$
#9'>'(;$>'11$/$,'+$-"$>=+7$39($;+>$>=9>$39*X$62>$>=+7$9*+$(">$;"'(;$>"$
;+>$'>X^$
$
^/0$7"2$,"(]>$#9(>$>"$;'H+$'>$>"$>=+N\$7"2$39($H+*7$+9-'17$-+11$'>$>"$9$
-+3"(,=9(,$,+91+*\^$=+$>"1,$=+*X$
$
^R+11$'>j^$-=+$3*'+,X$^8"$7"2$>='([$/$#"21,$-+11$>='-$39*f$8"$7"2$>='([$/$
3"21,$->9(,$>"$-++$->*9(;+*-$*','(;$25$9(,$,"#($>=+$->*++>$'($>=9>$
39*$<$>=9>$39*$>=9>$N7$=2-L9(,$L"2;=>$0"*$N+f$/$#"21,(]>$,*+9N$"0$
-+11'(;$'>X$/]N$;"'(;$>"$;'H+$'>$>"$7"2X$_"2$955*+3'9>+$L+92>'021$
>='(;-X^$
$
!+$>*'+,$>"$;+>$"2>$"0$933+5>'(;$>=+$39*\$L2>$=+$3"21,(]>$#'>="2>$
=2*>'(;$=+*$0++1'(;-X$
$
%='-$19,7\$1+0>$911$91"(+$'($9$L';$="2-+$#'>=$=+*$59'-1+7$-=9#1-\$=+*$
)*+(3=$9(>'b2+-\$9(,$=+*$N+N"*'+-\$#9-$->9*H'(;$0"*$9$1'>>1+$
*+3";('>'"(\$R=+$=9,$"(3+$L++($7"2(;$9(,$L+92>'021$9(,$-"2;=>$
90>+*$R=+$=9,$"(3+$L2'1>$9$="2-+$#9*N$#'>=$1"H+$9(,$=9,$3"11+3>+,$
>='(;-$0*"N$911$"H+*$I2*"5+$>"$N9[+$'>$L+92>'021X$M"#\$'($>=+$'-"19>+,$
1"(+1'(+--$"0$"1,$9;+\$-=+$3*9H+,$9$1'>>1+$=2N9($#9*N>=\$9$1'>>1+$
;+(2'(+$955*+3'9>'"($<$9(,$("$"(+$;9H+$'>$>"$=+*X$.(,$#=+($-=+$
0"2(,$'>\$1'[+$9$-5*'(;$'($>=+$,+-+*>\$=+*$;*9>'>2,+$3"21,(]>$9,+b29>+17$
+Y5*+--$'>-+10$#'>=$9(7>='(;$1+--$>=9($>=+$;'0>$"0$=+*$3=+*'-=+,$
493[9*,X$
$
K+>]-$>9[+$9(">=+*$39-+W$8"(91,$aX$a3a9="(\$#="$#9-$
-25+*'(>+(,+(>$"0$K+#'-$9(,$V91+(>'(+\$(2*-+*7N+($9(,$19(,-395+$
9*3='>+3>-$'($G7+\$M+#$_"*[\$*+19>+,$>='-$'(3',+(>W$
$
^R="*>17$90>+*$/$9>>+(,+,$>=+$>91[$"($]!"#$>"$&'($)*'+(,-$9(,$
/(012+(3+$4+"51+\]$/$#9-$19(,-395'(;$>=+$+->9>+$"0$9$09N"2-$9>>"*(+7X$
%=+$"#(+*$39N+$"2>$>"$;'H+$N+$9$0+#$'(->*23>'"(-$9L"2>$#=+*+$=+$
#'-=+,$>"$519(>$9$N9--$"0$*=",",+(,*"(-$9(,$9g91+9-X$
$
^/$-9',\$]k2,;+\$7"2$=9H+$9$1"H+17$="LL7X$/]H+$L++($9,N'*'(;$7"2*$
L+92>'021$,";-X$/$2(,+*->9(,$7"2$#'($9$1">$"0$L12+$*'LL"(-$+H+*7$7+9*$
9>$>=+$-="#$'($a9,'-"($Rb29*+$`9*,+(X]$
$
^%=+$+00+3>$"0$>='-$1'>>1+$+Y5*+--'"($"0$955*+3'9>'"($#9-$->*'['(;X$
$
^$]_+-\]$>=+$l2,;+$*+51'+,\$]/$,"$=9H+$9$1">$"0$02($#'>=$N7$,";-X$&"21,$
7"2$1'[+$>"$-++$N7$[+((+1f]$
$
^!+$-5+(>$91N"->$9($="2*$-="#'(;$N+$='-$,";-$9(,$>=+$5*'g+-$>=+7$
=9,$#"(X$!+$+H+($L*"2;=>$"2>$>=+'*$5+,';*++-$9(,$+Y519'(+,$9L"2>$
>=+$L1"",1'(+-$*+-5"(-'L1+$0"*$-23=$L+92>7$9(,$'(>+11';+(3+X$
$
^)'(9117\$>2*('(;$>"$N+\$=+$9-[+,W$]8"$7"2$=9H+$9(7$-N911$3='1,*+(f]$
$
^$]_+-\$/$,"\]$/$*+51'+,\$]/$=9H+$9$-"(X]$
$
^$]&+11\$#"21,(]>$=+$1'[+$9$52557f]$>=+$l2,;+$'(b2'*+,X$
$
^$]S=\$7+-\$=+],$L+$>'3[1+,$5'([X]$
$
^$].11$*';=>\$/]N$;"'(;$>"$;'H+$='N$"(+\]$>=+$X$l2,;+$9(("2(3+,X$
$
!+$->9*>+,$>"$>+11$N+$="#$>"$0++,$>=+$52557X$%=+($=+$592-+,X$]_"2]11$
0"*;+>$'>$'0$/$>+11$7"2X$/]11$#*'>+$'>$"2>X]$R"$>=+$l2,;+$#+(>$'($>=+$="2-+\$
>75+,$"2>$>=+$5+,';*++$9(,$0++,'(;$'(->*23>'"(-\$9(,$;9H+$N+$9$
52557$#"*>=$-+H+*91$=2(,*+,$,"119*-$9(,$"(+$="2*$9(,$0'0>++($
N'(2>+-$"0$='-$H9129L1+$>'N+$19*;+17$L+392-+$/$=9,$+Y5*+--+,$N7$
="(+->$9,N'*9>'"($0"*$='-$="LL7$9(,$93='+H+N+(>-X^$
$
`+"*;+$I9->N9(\$"0$d",9[$09N+\$'(H+(>+,$>=+$>*9(-59*+(>$0'1N$>=9>$
N9,+$N">'"($5'3>2*+-$5"--'L1+\$9N9--+,$9$0"*>2(+$"0$9$=2(,*+,$
N'11'"($,"119*-\$9(,$N9,+$='N-+10$"(+$"0$>=+$N"->$09N"2-$
L2-'(+--N+($"($+9*>=X$_+>$'($-5'>+$"0$911$>=+-+$>*+N+(,"2-$
933"N51'-=N+(>-\$=+$3*9H+,$1'>>1+$*+3";('>'"(-$+H+($9-$7"2$9(,$/X$
$
%"$'112->*9>+W$&=+($I9->N9($#9-$L2'1,'(;$>=+$I9->N9($R3=""1$"0$
a2-'3$9(,$91-"$d'1L"2*($!911$'($G"3=+->+*\$k9N+-$.,9N-"(\$>=+($
5*+-',+(>$"0$>=+$R25+*'"*$R+9>'(;$:"N59(7$"0$M+#$_"*[\$#9(>+,$>"$
;+>$>=+$"*,+*$>"$-25517$>=+$>=+9>+*$3=9'*-$0"*$>=+-+$L2'1,'(;-X$
4="('(;$>=+$9*3='>+3>\$a*X$.,9N-"($N9,+$9($955"'(>N+(>$>"$-++$a*X$
I9->N9($'($G"3=+->+*X$
$
&=+($.,9N-"($9**'H+,\$>=+$9*3='>+3>$-9',W$^/$[("#$7"2$#9(>$>"$;+>$
>='-$"*,+*\$L2>$/$39($>+11$7"2$*';=>$("#$>=9>$7"2$#"(]>$->9(,$9$;="->$
"0$9$-="#$'0$7"2$>9[+$N"*+$>=9($0'H+$N'(2>+-$"0$`+"*;+$I9->N9(]-$
>'N+X$!+$'-$9$->*'3>$,'-3'51'(9*'9(X$!+$'-$H+*7$L2-7X$R"$>+11$7"2*$->"*7$
b2'3[17$9(,$;+>$"2>X^$
$
.,9N-"($#9-$5*+59*+,$>"$,"$l2->$>=9>X$
$
&=+($=+$#9-$2-=+*+,$'(>"$>=+$*""N$=+$-9#$a*X$I9->N9($L+(,'(;$
"H+*$9$5'1+$"0$595+*-$9>$='-$,+-[X$4*+-+(>17\$a*X$I9->N9($1""[+,$25\$
*+N"H+,$='-$;19--+-\$9(,$#91[+,$>"#9*,$>=+$9*3='>+3>$9(,$a*X$
.,9N-"(\$-97'(;W$^`"",$N"*('(;\$;+(>1+N+(\$#=9>$39($/$,"$0"*$
7"2f^$
$
%=+$9*3='>+3>$'(>*",23+,$>=+N\$9(,$>=+($a*X$.,9N-"($-9',W$^&='1+$
#+]H+$L++($#9'>'(;$0"*$7"2\$a*X$I9->N9(\$/]H+$L++($9,N'*'(;$7"2*$
"00'3+X$/$#"21,(]>$N'(,$#"*['(;$'($9$*""N$1'[+$>='-$N7-+10X$/]N$'($>=+$
'(>+*'"*<#"",#"*['(;$L2-'(+--\$9(,$/$(+H+*$-9#$9$N"*+$L+92>'021$
"00'3+$'($911$N7$1'0+X^$
$
`+"*;+$I9->N9($*+51'+,W$^_"2$*+N'(,$N+$"0$-"N+>='(;$/$=9,$91N"->$
0"*;">>+(X$/>$'-$L+92>'021\$'-(]>$'>f$/$+(l"7+,$'>$9$;*+9>$,+91$#=+($'>$
#9-$0'*->$L2'1>X$62>$/$3"N+$,"#($=+*+$("#$#'>=$9$1">$"0$">=+*$>='(;-$
"($N7$N'(,$9(,$-"N+>'N+-$,"(]>$+H+($-++$>=+$*""N$0"*$#++[-$9>$9$
>'N+$X^$
$
.,9N-"($#91[+,$"H+*$9(,$*2LL+,$='-$=9(,$93*"--$9$59(+1X$^%='-$'-$
I(;1'-=$"9[\$'-(]>$'>f$.$1'>>1+$,'00+*+(>$>+Y>2*+$0*"N$/>91'9($"9[X^$
$
^_+-\^$I9->N9($*+51'+,X$^/N5"*>+,$I(;1'-=$"9[X$/>$#9-$-+1+3>+,$0"*$
N+$L7$9$0*'+(,$#="$-5+3'91'g+-$'($0'(+$#"",-$X^$
$
%=+($I9->N9($-="#+,$='N$9L"2>$>=+$*""N\$3"NN+(>'(;$"($>=+$
5*"5"*>'"(-\$>=+$3"1"*'(;\$>=+$=9(,$39*H'(;$9(,$">=+*$+00+3>-$=+$=9,$
=+15+,$>"$519($9(,$+Y+32>+X$
$
&='1+$,*'0>'(;$9L"2>$>=+$*""N\$9,N'*'(;$>=+$#"",<#"*[\$>=+7$592-+,$
L+0"*+$9$#'(,"#\$9(,$`+"*;+$I9->N9(\$'($='-$N",+->\$-"0><-5"[+($
#97\$5"'(>+,$"2>$-"N+$"0$>=+$'(->'>2>'"(-$>=*"2;=$#='3=$=+$#9-$
>*7'(;$>"$=+15$=2N9('>7W$>=+$Z('H+*-'>7$"0$G"3=+->+*\$>=+$`+(+*91$
!"-5'>91\$>=+$!"N+"59>='3$!"-5'>91\$>=+$)*'+(,17$!"N+\$>=+$
:='1,*+(]-$!"-5'>91X$a*X$.,9N-"($3"(;*9>219>+,$='N$#9*N17$"($>=+$
',+91'->'3$#97$=+$#9-$2-'(;$='-$#+91>=$>"$911+H'9>+$>=+$-200+*'(;-$"0$
=2N9('>7X$4*+-+(>17\$`+"*;+$I9->N9($2(1"3[+,$9$;19--$39-+$9(,$
5211+,$"2>$>=+$0'*->$39N+*9$=+$=9,$+H+*$"#(+,$<$9($'(H+(>'"($=+$=9,$
L"2;=>$0*"N$9($I(;1'-=N9(X$
$
.,9N-"($b2+->'"(+,$='N$9>$1+(;>=$9L"2>$='-$+9*17$->*2;;1+-$>"$;+>$
->9*>+,$'($L2-'(+--\$9(,$a*X$I9->N9($-5"[+$#'>=$*+91$0++1'(;$9L"2>$
>=+$5"H+*>7$"0$='-$3='1,="",\$>+11'(;$="#$='-$#',"#+,$N">=+*$=9,$
[+5>$9$L"9*,'(;="2-+$#='1+$=+$31+*[+,$'($9($'(-2*9(3+$"00'3+X$%=+$
>+**"*$"0$5"H+*>7$=92(>+,$='N$,97$9(,$(';=>\$9(,$=+$*+-"1H+,$>"$
N9[+$+("2;=$N"(+7$-"$>=9>$='-$N">=+*$#"21,(]>$=9H+$>"$#"*[\$a*X$
.,9N-"($,*+#$='N$"2>$#'>=$02*>=+*$b2+->'"(-$9(,$1'->+(+,\$
9L-"*L+,\$#='1+$=+$*+19>+,$>=+$->"*7$"0$='-$+Y5+*'N+(>-$#'>=$,*7$
5=">";*95='3$519>+-X$!+$>"1,$="#$=+$=9,$#"*[+,$'($9($"00'3+$911$,97\$
9(,$-"N+>'N+-$+Y5+*'N+(>+,$911$(';=>\$>9['(;$"(17$L*'+0$(95-$#='1+$
>=+$3=+N'391-$#+*+$#"*['(;\$-"N+>'N+-$#"*['(;$9(,$-1++5'(;$'($='-$
31">=+-$0"*$-+H+(>7<>#"$="2*-$9>$9$->*+>3=X$
$
k9N+-$.,9N-"($=9,$L++($2-=+*+,$'(>"$I9->N9(]-$"00'3+$9>$>+(<
0'0>++($9(,$=9,$L++($#9*(+,$>=9>$=+$N2->$(">$>9[+$N"*+$>=9($0'H+$
N'(2>+-i$L2>$9($="2*$=9,$59--+,\$>=+($>#"$="2*-$59--+,X$.(,$>=+7$
#+*+$->'11$>91['(;X$)'(9117\$`+"*;+$I9->N9($>2*(+,$>"$.,9N-"($9(,$
-9',\$^%=+$19->$>'N+$/$#9-$'($k959($/$L"2;=>$-"N+$3=9'*-\$L*"2;=>$
>=+N$="N+\$9(,$52>$>=+N$'($N7$-2($5"*3=X$62>$>=+$-2($5++1+,$>=+$
59'(>\$-"$/$#+(>$,"#(>"#($>=+$">=+*$,97$9(,$L"2;=>$-"N+$59'(>$9(,$
59'(>+,$>=+$3=9'*-$N7-+10X$&"21,$7"2$1'[+$>"$-++$#=9>$-"*>$"0$9$l"L$/$
39($,"$59'(>'(;$3=9'*-f$.11$*';=>X$:"N+$25$>"$N7$="N+$9(,$=9H+$
12(3=$#'>=$N+$9(,$/]11$-="#$7"2X^$
$
.0>+*$12(3=\$a*X$I9->N9($-="#+,$.,9N-"($>=+$3=9'*-$=+$=9,$
L*"2;=>$0*"N$k959(X$%=+7$#+*+(]>$#"*>=$N"*+$>=9($9$0+#$,"119*-\$
L2>$`+"*;+$I9->N9(\$("#$9$N21>'N'11'"(9'*+\$#9-$5*"2,$"0$>=+N$
L+392-+$=+$='N-+10$=9,$59'(>+,$>=+NX$
$
%=+$"*,+*$0"*$>=+$-+9>-$9N"2(>+,$>"$m@Q\QQQX$&="$,"$7"2$-255"-+$
;">$>=+$"*,+*$<$k9N+-$.,9N-"($"*$"(+$"0$='-$3"N5+>'>"*-f$
$
)*"N$>=+$>'N+$"0$>='-$->"*7$2(>'1$a*X$I9->N9(]-$,+9>=\$=+$9(,$k9N+-$
.,9N-"($#+*+$31"-+$0*'+(,-X$
$
:192,+$a9*9'-\$9$*+->92*9(>$"#(+*$'($G"2+(\$)*9(3+\$2-+,$>='-$
5*'(3'51+$9(,$-9H+,$='-$*+->92*9(>$>=+$1"--$"0$9$[+7$+N51"7++X$%='-$
#"N9($=9,$L++($'($='-$+N51"7$0"*$0'H+$7+9*-$9(,$#9-$9$H'>91$1'([$
L+>#++($aX$a9*9'-$9(,$='-$->900$"0$>#+(>7<"(+$5+"51+X$!+$#9-$
-="3[+,$>"$*+3+'H+$9$*+;'->+*+,$1+>>+*$0*"N$=+*$9,H'-'(;$='N$"0$=+*$
*+-';(9>'"(X$
$
aX$a9*9'-$*+5"*>+,W$^/$#9-$H+*7$-2*5*'-+,$9(,\$+H+($N"*+\$
,'-955"'(>+,\$L+392-+$/$#9-$2(,+*$>=+$'N5*+--'"($>=9>$/$=9,$L++($
09'*$>"$=+*$9(,$*+3+5>'H+$>"$=+*$(++,-X$/(9-N23=$9-$-=+$#9-$9$0*'+(,$
9-$#+11$9-$9($+N51"7++\$/$5*"L9L17$=9,$>9[+($=+*$>""$N23=$0"*$
;*9(>+,$9(,$N97L+$#9-$+H+($N"*+$,+N9(,'(;$"0$=+*$>=9($"0$">=+*$
+N51"7++-X$
$
^/$3"21,$(">\$"0$3"2*-+\$933+5>$>='-$*+-';(9>'"($#'>="2>$-"N+$
+Y519(9>'"(X$/$>""[$=+*$9-',+$9(,$-9',\$]4921+>>+\$7"2$N2->$
2(,+*->9(,$>=9>$/$39((">$933+5>$7"2*$*+-';(9>'"($_"2$N+9($9$;*+9>$
,+91$>"$N+$9(,$>"$>='-$3"N59(7\$9(,$7"2$9*+$9-$'N5"*>9(>$>"$>=+$
-233+--$"0$>='-$*+->92*9(>$9-$/$9NX]$/$*+5+9>+,$>='-$'($0*"(>$"0$>=+$
+(>'*+$->900\$9(,$/$'(H'>+,$=+*$>"$N7$="N+$9(,$*+'>+*9>+,$N7$
3"(0',+(3+$'($=+*$#'>=$N7$09N'17$5*+-+(>X$
$
^4921+>>+$#'>=,*+#$=+*$*+-';(9>'"(\$9(,$>",97$/$39($*+17$"($=+*$9-$
(+H+*$L+0"*+X$/$0*+b2+(>17$*+'(0"*3+$>='-$L7$+Y5*+--'(;$N7$
955*+3'9>'"($0"*$#=9>$-=+$,"+-$9(,$-="#'(;$=+*$="#$'N5"*>9(>$-=+$
'-$>"$N+$9(,$>"$>=+$*+->92*9(>X^$
$
^%91[$>"$5+"51+$9L"2>$>=+N-+1H+-\^$-9',$8'-*9+1'\$"(+$"0$>=+$
-=*+#,+->$N+($#="$+H+*$*21+,$>=+$6*'>'-=$IN5'*+X$^%91[$>"$5+"51+$
9L"2>$>=+N-+1H+-$9(,$>=+7$#'11$1'->+($0"*$="2*-$X^$
$
c$4*'(3'51+$B$<$a9[+$>=+$">=+*$5+*-"($0++1$'N5"*>9(><9(,$,"$'>$
-'(3+*+17X$$
$
oooo$
$
/($9$M2>-=+11$<$R'Y$&97-$%"$a9[+$4+"51+$K'[+$_"2$
$
c$4*'(3'51+$?$<$6+3"N+$;+(2'(+17$'(>+*+->+,$'($">=+*$5+"51+X$$
c$4*'(3'51+$P$<$RN'1+X$$
c$4*'(3'51+$A$<$G+N+NL+*$>=9>$9$5+*-"(]-$(9N+$'-$>"$>=9>$5+*-"($>=+$
-#++>+->$9(,$N"->$'N5"*>9(>$-"2(,$'($9(7$19(;29;+X$$
c$4*'(3'51+$D$<$6+$9$;"",$1'->+(+*X$I(3"2*9;+$">=+*-$>"$>91[$9L"2>$
>=+N-+1H+-X$$
c$4*'(3'51+$T$<$%91[$'($>+*N-$"0$>=+$">=+*$5+*-"(]-$'(>+*+->-X$$
c$4*'(3'51+$B$<$a9[+$>=+$">=+*$5+*-"($0++1$'N5"*>9(><9(,$,"$'>$
-'(3+*+17X$$
$
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<$$
$
49*>$%=*++$<$!"#$%"$&'($4+"51+$%"$_"2*$&97$S0$%='(['(;$
$
?$_"2$:9(]>$&'($.($.*;2N+(>$
$
R="*>17$90>+*$>=+$31"-+$"0$&"*1,$&9*$/\$/$1+9*(+,$9($'(H9129L1+$1+--"($
"(+$(';=>$'($K"(,"(X$/$#9-$N9(9;+*$9>$>=+$>'N+$0"*$R'*$G"--$RN'>=X$
82*'(;$>=+$#9*\$R'*$G"--$=9,$L++($>=+$.2->*91'9($93+$"2>$'($
491+->'(+i$9(,$-="*>17$90>+*$5+93+$#9-$,+319*+,\$=+$9->"('-=+,$>=+$
#"*1,$L7$017'(;$=910#97$9*"2(,$'>$'($>='*>7$,97-X$M"$-23=$0+9>$=9,$
+H+*$L++($9>>+N5>+,$L+0"*+X$/>$3*+9>+,$9$>*+N+(,"2-$-+(-9>'"(X$%=+$
.2->*91'9($;"H+*(N+(>$9#9*,+,$='N$0'0>7$>="2-9(,$,"119*-i$>=+$d'(;$
"0$I(;19(,$[(';=>+,$='Ni$9(,\$0"*$9$#='1+\$=+$#9-$>=+$N"->$>91[+,<
9L"2>$N9($2(,+*$>=+$Z('"($k93[X$/$#9-$9>>+(,'(;$9$L9(b2+>$"(+$
(';=>$;'H+($'($R'*$G"--]-$="("*i$9(,$,2*'(;$>=+$,'((+*\$>=+$N9($
-'>>'(;$(+Y>$>"$N+$>"1,$9$=2N"*"2-$->"*7$#='3=$='(;+,$"($>=+$
b2">9>'"($^%=+*+]-$9$,'H'('>7$>=9>$-=95+-$"2*$+(,-\$*"2;=<=+#$>=+N$
="#$#+$#'11X^$
$
%=+$*93"(>+2*$N+(>'"(+,$>=9>$>=+$b2">9>'"($#9-$0*"N$>=+$6'L1+X$!+$
#9-$#*"(;X$/$[(+#$>=9>\$/$[(+#$'>$5"-'>'H+17X$%=+*+$3"21,(]>$L+$>=+$
-1';=>+->$,"2L>$9L"2>$'>X$.(,$-"\$>"$;+>$9$0++1'(;$"0$'N5"*>9(3+$9(,$
,'-5197$N7$-25+*'"*'>7\$/$955"'(>+,$N7-+10$9-$9($2(-"1'3'>+,$9(,$
2(#+13"N+$3"NN'>>++$"0$"(+$>"$3"**+3>$='NX$!+$->23[$>"$='-$;2(-X$
&=9>f$)*"N$R=9[+-5+9*+f$/N5"--'L1+j$.L-2*,j$%=9>$b2">9>'"($#9-$
0*"N$>=+$6'L1+X$.(,$=+$[(+#$'>X$
$
%=+$->"*7>+11+*$#9-$-'>>'(;$"($N7$*';=>i$9(,$)*9([$`9NN"(,\$9($"1,$
0*'+(,$"0$N'(+\$#9-$-+9>+,$9>$N7$1+0>X$a*X$`9NN"(,$=9,$,+H">+,$
7+9*-$>"$>=+$->2,7$"0$R=9[+-5+9*+\$R"$>=+$->"*7>+11+*$9(,$/$9;*++,$>"$
-2LN'>$>=+$b2+->'"($>"$a*X$`9NN"(,X$a*X$`9NN"(,$1'->+(+,\$['3[+,$
N+$2(,+*$>=+$>9L1+\$9(,$>=+($-9',W$^891+\$7"2$9*+$#*"(;X$%=+$
;+(>1+N9($'-$*';=>X$/>$'-$0*"N$>=+$6'L1+X^$
$
S($"2*$#97$="N+$>=9>$(';=>\$/$-9',$>"$a*X$`9NN"(,W$^)*9([\$7"2$
[(+#$>=9>$b2">9>'"($#9-$0*"N$R=9[+-5+9*+\^$
$
^_+-\$"0$3"2*-+\^$=+$*+51'+,\$^!9N1+>\$.3>$)'H+\$R3+(+$%#"X$62>$#+$
#+*+$;2+->-$9>$9$0+->'H+$"339-'"(\$N7$,+9*$891+X$&=7$5*"H+$>"$9$
N9($=+$'-$#*"(;f$/-$>=9>$;"'(;$>"$N9[+$='N$1'[+$7"2f$&=7$(">$1+>$
='N$-9H+$='-$093+f$!+$,',(]>$9-[$0"*$7"2*$"5'('"(X$!+$,',(]>$#9(>$'>X$
&=7$9*;2+$#'>=$='Nf$.1#97-$9H"',$>=+$932>+$9(;1+X^$%=+$N9($#="$
-9',$>=9>$>92;=>$N+$9$1+--"($/]11$(+H+*$0"*;+>X$/$(">$"(17$=9,$N9,+$
>=+$->"*7>+11+*$2(3"N0"*>9L1+\$L2>$=9,$52>$N7$0*'+(,$'($9($
+NL9**9--'(;$-'>29>'"(X$!"#$N23=$L+>>+*$'>$#"21,$=9H+$L++($=9,$/$
(">$L+3"N+$9*;2N+(>9>'H+X$
$
/>$#9-$9$-"*+17$(++,+,$1+--"($L+392-+$/$=9,$L++($9($'(H+>+*9>+$
9*;2+*X$82*'(;$N7$7"2>=\$/$=9,$9*;2+,$#'>=$N7$L*">=+*$9L"2>$
+H+*7>='(;$2(,+*$>=+$a'1[7$&97X$&=+($/$#+(>$>"$3"11+;+\$/$->2,'+,$
1";'3$9(,$9*;2N+(>9>'"($9(,$#+(>$'($0"*$,+L9>'(;$3"(>+->-X$%91[$
9L"2>$L+'(;$0*"N$a'--"2*'\$/$#9-$L"*($>=+*+X$/$=9,$>"$L+$-="#(X$
K9>+*\$/$>92;=>$,+L9>'(;$9(,$9*;2N+(>9>'"($'($M+#$_"*[i$9(,$"(3+\$/$
9N$9-=9N+,$>"$9,N'>\$/$519((+,$>"$#*'>+$9$L""[$"($>=+$-2Ll+3>X$
R'(3+$>=+(\$/$=9H+$1'->+(+,$>"\$+(;9;+,$'(\$9(,$#9>3=+,$>=+$+00+3>$"0$
>="2-9(,-$"0$9*;2N+(>-X$.-$9$*+-21>$"0$911$>='-\$/$=9H+$3"N+$>"$>=+$
3"(312-'"($>=9>$>=+*+$'-$"(17$"(+$#97$2(,+*$=';=$=+9H+($>"$;+>$>=+$
L+->$"0$9($9*;2N+(>$<$9(,$>=9>$'-$>"$9H"',$'>$X$
$
.H"',$'>$9-$7"2$#"21,$9H"',$*9>>1+-(9[+-$9(,$+9*>=b29[+-X$
$
M'(+$>'N+-$"2>$"0$>+(\$9($9*;2N+(>$+(,-$#'>=$+93=$"0$>=+$
3"(>+->9(>-$N"*+$0'*N17$3"(H'(3+,$>=9($+H+*$>=9>$=+$'-$9L-"12>+17$
*';=>X$
$
_"2$39(]>$#'($9($9*;2N+(>X$_"2$39(]>$L+392-+$'0$7"2$1"-+$'>\$7"2$1"-+$
'>i$9(,$'0$7"2$#'($'>\$7"2$1"-+$'>X$&=7f$&+11\$-255"-+$7"2$>*'2N5=$
"H+*$>=+$">=+*$N9($9(,$-="">$='-$9*;2N+(>$0211$"0$="1+-$9(,$5*"H+$
>=9>$=+$'-$("($3"N5"-$N+(>'-X$%=+($#=9>f$_"2$#'11$0++1$0'(+X$62>$
#=9>$9L"2>$='Nf$_"2$=9H+$N9,+$='N$0++1$'(0+*'"*X$_"2$=9H+$=2*>$='-$
5*',+X$!+$#'11$*+-+(>$7"2*$>*'2N5=X$.(,$<$
$
.$N9($3"(H'(3+,$9;9'(->$='-$#'11$/-$"0$>=+$-9N+$"5'('"($->'11X$
$
_+9*-$9;"$49>*'3[$kX$S]!9'*+$l"'(+,$"(+$"0$N7$319--+-X$!+$=9,$=9,$
1'>>1+$+,239>'"(\$9(,$="#$=+$1"H+,$9$-3*95j$!+$=9,$"(3+$L++($9$
3=9200+2*\$9(,$=+$39N+$>"$N+$L+392-+$=+$=9,$L++($>*7'(;\$#'>="2>$
N23=$-233+--\$>"$-+11$>*23[-X$.$1'>>1+$b2+->'"('(;$L*"2;=>$"2>$>=+$093>$
>=9>$=+$#9-$3"(>'(29117$-3*955'(;$#'>=$9(,$9(>9;"('g'(;$>=+$H+*7$
5+"51+$=+$#9-$>*7'(;$>"$,"$L2-'(+--$#'>=\$/0$9$5*"-5+3>$-9',$9(7>='(;$
,+*";9>"*7$9L"2>$>=+$>*23[-$=+$#9-$-+11'(;\$49>$-9#$*+,$9(,$#9-$
*';=>$9>$>=+$32->"N+*]-$>=*"9>X$49>$#"($9$1">$"0$9*;2N+(>-$'($>="-+$
,97-X$.-$=+$-9',$>"$N+$90>+*#9*,\$^/$"0>+($#91[+,$"2>$"0$9($"00'3+$
-9H'(;W$]/$>"1,$>=9>$L'*,$-"N+>='(;X]$R2*+$/$=9,$>"1,$='N$-"N+>='(;\$
L2>$/$=9,(]>$-"1,$='N$9(7>='(;X^$
$
aH$0'*->$5*"L1+N$#9-$(">$>"$>+93=$49>*'3[$kX$S]!9'*+$>"$>91[X$a7$
'NN+,'9>+$>9-[$#9-$>"$>*9'($='N$>"$*+0*9'($0*"N$>91['(;$9(,$>"$9H"',$
H+*L91$0';=>-X$
$
a*X$S]!9'*+$L+39N+$"(+$"0$>=+$->9*$-91+-N+($0"*$>=+$&='>+$a">"*$
:"N59(7$'($M+#$_"*[X$!"#$,',$=+$,"$'>f$!+*+$'-$='-$->"*7$'($='-$"#($
#"*,-W$^/0$/$#91[$'(>"$9$L27+*]-$"00'3+$("#$9(,$=+$-97-W$]&=9>f$.$
&='>+$>*23[f$
$
%=+7]*+$("$;"",j$/$#"21,(]>$>9[+$"(+$'0$7"2$;9H+$'>$>"$N+X$/]N$;"'(;$
>"$L27$>=+$&="-+</>$>*23[\]$/$-97\$]%=+$&="-+</>$'-$9$;"",$>*23[X$/0$
7"2$L27$>=+$&="-+</>\$7"2]11$(+H+*$N9[+$9$N'->9[+X$%=+$&="-+</>-$
9*+$N9,+$L7$9$0'(+$3"N59(7$9(,$-"1,$L7$;"",$5+"51+X]$
$
$
^!+$'-$-5++3=1+--$>=+(X$%=+*+$'-$("$*""N$0"*$9($9*;2N+(>X$/0$=+$-97-$
>=+$&="-+</>$'-$L+->$9(,$/$-97$-2*+$'>$'-\$=+$=9-$>"$->"5X$!+$39(]>$
[++5$"($911$90>+*(""($-97'(;\$]/>]-$>=+$L+->]$#=+($/]N$9;*++'(;$#'>=$
='NX$&+$>=+($;+>$"00$>=+$-2Ll+3>$"0$&="-+</>$9(,$/$L+;'($>"$>91[$
9L"2>$>=+$;"",$5"'(>-$"0$>=+$&='>+$>*23[X$
$
^%=+*+$#9-$9$>'N+$#=+($9$*+N9*[$1'[+$='-$0'*->$"(+$#"21,$=9H+$N9,+$
N+$-++$-39*1+>$9(,$*+,$9(,$"*9(;+X$/$#"21,$->9*>$9*;2'(;$9;9'(->$>=+$
&="-+</>i$9(,$>=+$N"*+$/$9*;2+,$9;9'(->$'>\$>=+$N"*+$N7$5*"-5+3>$
9*;2+,$'($09H"*$"0$'>i$9(,$>=+$N"*+$=+$9*;2+,\$>=+$N"*+$=+$-"1,$
='N-+10$"($N7$3"N5+>'>"*]-$5*",23>X$
$
^.-$/$1""[$L93[$("#$/$#"(,+*$="#$/$#9-$+H+*$9L1+$>"$-+11$9(7>='(;X$/$
1"->$7+9*-$"0$N7$1'0+$'($-3*955'(;$9(,$9*;2'(;X$/$[++5$N7$N"2>=$-=2>$
("#X$/>$597-X^$
$
.-$#'-+$"1,$6+($)*9([1'($2-+,$>"$-97W$
$
/0$7"2$9*;2+$9(,$*9([1+$9(,$3"(>*9,'3>\$7"2$N97$93='+H+$9$H'3>"*7$
-"N+>'N+-i$L2>$'>$#'11$L+$9($+N5>7$H'3>"*7$L+392-+$7"2$#'11$(+H+*$;+>$
7"2*$"55"(+(>]-$;"",$#'11X$
$
R"$0';2*+$'>$"2>$0"*$7"2*-+10X$&='3=$#"21,$7"2$*9>=+*$=9H+\$9($
939,+N'3\$>=+9>*'391$H'3>"*7$"*$9$5+*-"(]-$;"",$#'11f$_"2$39($-+1,"N$
=9H+$L">=X$
$
%=+$6"->"($%*9(-3*'5>$"(3+$5*'(>+,$>='-$L'>$"0$-';('0'39(>$,";;+*+1W$
$
!+*+$1'+-$>=+$L",7$"0$&'11'9N$k97\$X$&="$,'+,$N9'(>9'('(;$='-$*';=>$"0$
#97<!+$#9-$*';=>\$,+9,$*';=>\$9-$=+$-5+,$91"(;\$62>$=+]-$l2->$9-$
,+9,$9-$'0$=+$#+*+$#*"(;X$
$
_"2$N97$L+$*';=>\$,+9,$*';=>\$9-$7"2$-5++,$91"(;$'($7"2*$9*;2N+(>i$
L2>$9-$09*$9-$3=9(;'(;$9(">=+*]-$N'(,$'-$3"(3+*(+,\$7"2$#'11$5*"L9L17$
L+$l2->$9-$02>'1+$9-$'0$7"2$#+*+$#*"(;X$
$
)*+,+*'3[$RX$49*-"(-\$9($'(3"N+$>9Y$3"(-21>9(>\$=9,$L++($,'-52>'(;$
9(,$#*9(;1'(;$0"*$9($="2*$#'>=$9$;"H+*<N+(>$>9Y$'(-5+3>"*X$.($'>+N$
"0$('(+$>="2-9(,$,"119*-$#9-$9>$->9[+X$a*X$49*-"(-$319'N+,$>=9>$>='-$
('(+$>="2-9(,$,"119*-$#9-$'($*+91'>7$9$L9,$,+L>\$>=9>$'>$#"21,$(+H+*$
L+$3"11+3>+,\$>=9>$'>$"2;=>$(">$>"$L+$>9Y+,X$^69,$,+L>\$N7$+7+$j^$
*+>"*>+,$>=+$'(-5+3>"*X$^/>$N2->$L+$>9Y+,X^$
$
^%='-$'(-5+3>"*$#9-$3"1,\$9**";9(>$9(,$->2LL"*(\^$a*X$49*-"(-$-9',$
9-$=+$>"1,$>=+$->"*7$>"$>=+$319--X$^G+9-"($#9-$#9->+,$9(,$-"$#+*+$
093>-X$X$X$%=+$1"(;+*$#+$9*;2+,\$>=+$N"*+$->2LL"*($=+$L+39N+X$R"$/$
,+3',+,$>"$9H"',$9*;2N+(>\$3=9(;+$>=+$-2Ll+3>\$9(,$;'H+$='N$
955*+3'9>'"(X$
$
^/$-9',\$]/$-255"-+$>='-$'-$9$H+*7$5+>>7$N9>>+*$'($3"N59*'-"($#'>=$>=+$
*+9117$'N5"*>9(>$9(,$,'00'321>$,+3'-'"(-$7"2]*+$*+b2'*+,$>"$N9[+X$/]H+$
N9,+$9$->2,7$"0$>9Y9>'"($N7-+10X$62>$/]H+$=9,$>"$;+>$N7$[("#1+,;+$
0*"N$L""[-X$_"2$9*+$;+>>'(;$7"2*-$0*"N$>=+$0'*'(;$1'(+$"0$+Y5+*'+(3+X$
/$-"N+>'N+$#'-=$/$=9,$9$l"L$1'[+$7"2*-X$/>$#"21,$>+93=$N+$9$1">X]$/$
N+9(>$+H+*7$#"*,$/$-9',X$
$
^&+11X^$%=+$'(-5+3>"*$->*9';=>+(+,$25$'($='-$3=9'*\$1+9(+,$L93[\$9(,$
>91[+,$0"*$9$1"(;$>'N+$9L"2>$='-$#"*[\$>+11'(;$N+$"0$>=+$31+H+*$0*92,-$
=+$=9,$2(3"H+*+,X$!'-$>"(+$;*9,29117$L+39N+$0*'+(,17\$9(,$5*+-+(>17$
=+$#9-$>+11'(;$N+$9L"2>$='-$3='1,*+(X$.-$=+$1+0>\$=+$9,H'-+,$N+$>=9>$
=+$#"21,$3"(-',+*$N7$5*"L1+N$02*>=+*$9(,$;'H+$N+$='-$,+3'-'"($'($9$
0+#$,97-X$
$
^!+$3911+,$9>$N7$"00'3+$>=*++$,97-$19>+*$9(,$'(0"*N+,$N+$>=9>$=+$=9,$
,+3',+,$>"$1+9H+$>=+$>9Y$*+>2*($+Y93>17$9-$'>$#9-$0'1+,X^$
$
%='-$>9Y$'(-5+3>"*$#9-$,+N"(->*9>'(;$"(+$"0$>=+$N"->$3"NN"($"0$
=2N9($0*9'1>'+-X$!+$#9(>+,$9$0++1'(;$"0$'N5"*>9(3+i$9(,$9-$1"(;$9-$
a*X$49*-"(-$9*;2+,$#'>=$='N\$=+$;">$='-$0++1'(;$"0$'N5"*>9(3+$L7$
1"2,17$9--+*>'(;$='-$92>="*'>7X$62>$9-$-""($9-$='-$'N5"*>9(3+$#9-$
9,N'>>+,$9(,$>=+$9*;2N+(>$->"55+,$9(,$=+$#9-$5+*N'>>+,$>"$+Y59(,$
='-$+;"\$=+$L+39N+$9$-7N59>=+>'3$9(,$['(,17$=2N9($L+'(;X$
$
62,,=9$-9',W$^!9>*+,$'-$(+H+*$+(,+,$L7$=9>*+,$L2>$L7$1"H+\^$9(,$9$
N'-2(,+*->9(,'(;$'-$(+H+*$+(,+,$L7$9($9*;2N+(>$L2>$L7$>93>\$
,'51"N937\$3"(3'1'9>'"($9(,$9$-7N59>=+>'3$,+-'*+$>"$-++$>=+$">=+*$
5+*-"(]-$H'+#5"'(>X$
$
K'(3"1($"(3+$*+5*'N9(,+,$9$7"2(;$9*N7$"00'3+*$0"*$'(,21;'(;$'($9$
H'"1+(>$3"(>*"H+*-7$#'>=$9($9--"3'9>+X$^M"$N9($#="$'-$*+-"1H+,$>"$
N9[+$>=+$N"->$"0$='N-+10\^$-9',$K'(3"1(\$^39($-59*+$>'N+$0"*$5+*-"(91$
3"(>+(>'"(X$R>'11$1+--$39($=+$900"*,$>"$>9[+$>=+$3"(-+b2+(3+-\$
'(312,'(;$>=+$H'>'9>'"($"0$='-$>+N5+*$9(,$>=+$1"--$"0$-+10<3"(>*"1X$_'+1,$
19*;+*$>='(;-$>"$#='3=$7"2$-="#$("$N"*+$>=9($+b291$*';=>-i$9(,$7'+1,$
1+--+*$"(+-$>="2;=$31+9*17$7"2*$"#(X$6+>>+*$;'H+$7"2*$59>=$>"$9$,";$
>=9($L+$L'>>+($L7$='N$'($3"(>+->'(;$0"*$>=+$*';=>X$IH+($['11'(;$>=+$,";$
#"21,$(">$32*+$>=+$L'>+X^$
$
/($9($9*>'31+$'($6'>-$9(,$4'+3+-\n$-"N+$-2;;+->'"(-$9*+$N9,+$"($="#$
>"$[++5$9$,'-9;*++N+(>$0*"N$L+3"N'(;$9($9*;2N+(>W$
$
&+13"N+$>=+$,'-9;*++N+(>X$G+N+NL+*$>=+$-1";9(\$^&=+($>#"$
59*>(+*-$91#97-$9;*++\$"(+$"0$>=+N$'-$(">$(+3+--9*7X^$/0$>=+*+$'-$
-"N+$5"'(>$7"2$=9H+(]>$>="2;=>$9L"2>\$L+$>=9([021$'0$'>$'-$L*"2;=>$>"$
7"2*$9>>+(>'"(X$4+*=95-$>='-$,'-9;*++N+(>$'-$7"2*$"55"*>2('>7$>"$L+$
3"**+3>+,$L+0"*+$7"2$N9[+$9$-+*'"2-$N'->9[+X$
$
8'->*2->$7"2*$0'*->$'(->'(3>'H+$'N5*+--'"(X$S2*$0'*->$(9>2*91$*+93>'"($'($
9$,'-9;*++9L1+$-'>29>'"($'-$>"$L+$,+0+(-'H+X$6+$39*+021X$d++5$391N$9(,$
#9>3=$"2>$0"*$7"2*$0'*->$*+93>'"(X$/>$N97$L+$7"2$9>$7"2*$#"*->\$(">$
7"2*$L+->X$
$
:"(>*"1$7"2*$>+N5+*X$G+N+NL+*\$7"2$39($N+9-2*+$>=+$-'g+$"0$9$
5+*-"($L7$#=9>$N9[+-$='N$"*$=+*$9(;*7X$
$
K'->+($0'*->X$`'H+$7"2*$"55"(+(>-$9$3=9(3+$>"$>91[X$K+>$>=+N$0'('-=X$8"$
(">$*+-'->\$,+0+(,$"*$,+L9>+X$%='-$"(17$*9'-+-$L9**'+*-X$%*7$>"$L2'1,$
L*',;+-$"0$2(,+*->9(,'(;X$8"(]>$L2'1,$=';=+*$L9**'+*-$"0$
N'-2(,+*->9(,'(;X$
$
K""[$0"*$9*+9-$"0$9;*++N+(>X$&=+($7"2$=9H+$=+9*,$7"2*$"55"(+(>-$
"2>\$,#+11$0'*->$"($>=+$5"'(>-$9(,$9*+9-$"($#='3=$7"2$9;*++X$
$
6+$="(+->\$K""[$0"*$9*+9-$#=+*+$7"2$39($9,N'>$+**"*$9(,$-97$-"X$
.5"1";'g+$0"*$7"2*$N'->9[+-X$/>$#'11$=+15$,'-9*N$7"2*$"55"(+(>-$9(,$
*+,23+$,+0+(-'H+(+--X$
$
4*"N'-+$>"$>='([$"H+*$7"2*$"55"(+(>-]$',+9-$9(,$->2,7$>=+N$
39*+02117X$.(,$N+9($'>X$_"2*$"55"(+(>-$N97$L+$*';=>X$/>$'-$9$1">$+9-'+*$
9>$>='-$->9;+$>"$9;*++$>"$>='([$9L"2>$>=+'*$5"'(>-$>=9($>"$N"H+$*95',17$
9=+9,$9(,$0'(,$7"2*-+10$'($9$5"-'>'"($#=+*+$7"2*$"55"(+(>-$39($-97W$
^&+$>*'+,$>"$>+11$7"2\$L2>$7"2$#"21,(]>$1'->+(X^$
$
%=9([$7"2*$"55"(+(>-$-'(3+*+17$0"*$>=+'*$'(>+*+->X$.(7"(+$#="$>9[+-$
>=+$>'N+$>"$,'-9;*++$#'>=$7"2$'-$'(>+*+->+,$'($>=+$-9N+$>='(;-$7"2$
9*+X$%='([$"0$>=+N$9-$5+"51+$#="$*+9117$#9(>$>"$=+15$7"2\$9(,$7"2$
N97$>2*($7"2*$"55"(+(>-$'(>"$0*'+(,-X$
$
4"->5"(+$93>'"($>"$;'H+$L">=$-',+-$>'N+$>"$>='([$>=*"2;=$>=+$
5*"L1+NX$R2;;+->$>=9>$9$(+#$N++>'(;$L+$=+1,$19>+*$>=9>$,97$"*$>=+$
(+Y>$,97\$#=+($911$>=+$093>-$N97$L+$L*"2;=>$>"$L+9*X$/($5*+59*9>'"($
0"*$>='-$N++>'(;\$9-[$7"2*-+10$-"N+$=9*,$b2+->'"(-W$
$
:"21,$N7$"55"(+(>-$L+$*';=>f$49*>17$*';=>f$/-$>=+*+$>*2>=$"*$N+*'>$'($
>=+'*$5"-'>'"($"*$9*;2N+(>f$/-$N7$*+93>'"($"(+$>=9>$#'11$*+1'+H+$>=+$
5*"L1+N\$"*$#'11$'>$l2->$*+1'+H+$9(7$0*2->*9>'"(f$&'11$N7$*+93>'"($,*'H+$
N7$"55"(+(>-$02*>=+*$9#97$"*$,*9#$>=+N$31"-+*$>"$N+f$&'11$N7$
*+93>'"($+1+H9>+$>=+$+->'N9>'"($;"",$5+"51+$=9H+$"0$N+f$&'11$/$#'($
"*$1"-+f$&=9>$5*'3+$#'11$/$=9H+$>"$597$'0$/$#'(f$/0$/$9N$b2'+>$9L"2>$'>\$
#'11$>=+$,'-9;*++N+(>$L1"#$"H+*f$/-$>='-$,'00'321>$-'>29>'"($9($
"55"*>2('>7$0"*$N+f$
$
n$6'>-$9(,$4'+3+-\$52L1'-=+,$L7$%=+$I3"("N'3-$4*+--\$)9'*0'+1,\$MXkX$
$
S5+*9$>+("*$k9($4++*3+\$90>+*$=+$#9-$N9**'+,$(+9*17$0'0>7$7+9*-\$"(3+$
-9',W$^a7$#'0+$9(,$/$N9,+$9$593>$9$1"(;$>'N+$9;"\$9(,$#+]H+$[+5>$'>$
("$N9>>+*$="#$9(;*7$#+]H+$;*"#($#'>=$+93=$">=+*X$&=+($"(+$7+11-\$
>=+$">=+*$-="21,$1'->+(<L+392-+$#=+($>#"$5+"51+$7+11\$>=+*+$'-$("$
3"NN2('39>'"(\$l2->$("'-+$9(,$L9,$H'L*9>'"(-X^$
$
c$4*'(3'51+$?$%=+$"(17$#97$>"$;+>$>=+$L+->$"0$9($9*;2N+(>$'-$>"$9H"',$
'>X$$
$
ooooooo$
$
P$<$.$R2*+$&97$S0$a9['(;$I(+N'+-$<.(,$!"#$%"$.H"',$/>$
$
&=+($%=+","*+$G""-+H+1>$#9-$'($>=+$&='>+$!"2-+\$=+$3"(0+--+,$
>=9>$'0$=+$3"21,$L+$*';=>$OT$5+*3+(>$"0$>=+$>'N+\$=+$#"21,$*+93=$>=+$
=';=+->$N+9-2*+$"0$='-$+Y5+3>9>'"(X$
$
/0$>=9>$#9-$>=+$=';=+->$*9>'(;$>=9>$"(+$"0$>=+$N"->$,'->'(;2'-=+,$N+($
"0$>=+$>#+(>'+>=$3+(>2*7$3"21,$="5+$>"$"L>9'(\$#=9>$9L"2>$7"2$9(,$
N+f$
$
/0$7"2$39($L+$-2*+$"0$L+'(;$*';=>$"(17$TT$5+*3+(>$"0$>=+$>'N+\$7"2$39($
;"$,"#($>"$&911$R>*++>$9(,$N9[+$9$N'11'"($,"119*-$9$,97X$/0$7"2$39(]>$
L+$-2*+$"0$L+'(;$*';=>$+H+($TT$5+*3+(>$"0$>=+$>'N+\$#=7$-="21,$7"2$
>+11$">=+*$5+"51+$>=+7$9*+$#*"(;f$
$
_"2$39($>+11$5+"51+$>=+7$9*+$#*"(;$L7$9$1""[$"*$9($'(>"(9>'"($"*$9$
;+->2*+$l2->$9-$+1"b2+(>17$9-$7"2$39($'($#"*,-$<$9(,$'0$7"2$>+11$>=+N$
>=+7$9*+$#*"(;\$,"$7"2$N9[+$>=+N$#9(>$>"$9;*++$#'>=$7"2f$M+H+*j$
)"*$7"2$=9H+$->*23[$9$,'*+3>$L1"#$9>$>=+'*$'(>+11';+(3+\$l2,;N+(>\$
5*',+$9(,$-+10<*+-5+3>X$%=9>$#'11$N9[+$>=+N$#9(>$>"$->*'[+$L93[X$62>$
'>$#'11$(+H+*$N9[+$>=+N$#9(>$>"$3=9(;+$>=+'*$N'(,-X$_"2$N97$>=+($
=2*1$9>$>=+N$911$>=+$1";'3$"0$9$419>"$"*$9($/NN9(2+1$d9(>\$L2>$7"2$#'11$
(">$91>+*$>=+'*$"5'('"(-\$0"*$7"2$=9H+$=2*>$>=+'*$0++1'(;-X$
$
M+H+*$L+;'($L7$9(("2(3'(;$^/$9N$;"'(;$>"$5*"H+$-"<9(,<-"$>"$7"2X^$
%=9>]-$L9,X$%=9>]-$>9(>9N"2(>$>"$-97'(;W$^/]N$-N9*>+*$>=9($7"2$9*+\$
/]N$;"'(;$>"$>+11$7"2$9$>='(;$"*$>#"$9(,$N9[+$7"2$3=9(;+$7"2*$
N'(,X^$
$
%=9>$'-$9$3=911+(;+X$/>$9*"2-+-$"55"-'>'"($9(,$N9[+-$>=+$1'->+(+*$
#9(>$>"$L9>>1+$#'>=$7"2$L+0"*+$7"2$+H+($->9*>X$
$
/>$'-$,'00'321>\$2(,+*$+H+($>=+$N"->$L+(';($3"(,'>'"(-\$>"$3=9(;+$
5+"51+]-$N'(,-X$R"$#=7$N9[+$'>$=9*,+*f$&=7$=9(,'395$7"2*-+10f$
$
/0$7"2$9*+$;"'(;$>"$5*"H+$9(7>='(;\$,"(]>$1+>$9(7L",7$[("#$'>X$8"$'>$
-"$-2L>17\$-"$9,*"'>17\$>=9>$("$"(+$#'11$0++1$>=9>$7"2$9*+$,"'(;$'>X$%='-$
#9-$+Y5*+--+,$-233'(3>17$L7$.1+Y9(,+*$4"5+W$
$
a+($N2->$L+$>92;=>$9-$'0$7"2$>92;=>$>=+N$(">$.(,$>='(;-$2([("#($
5*"5"-+,$9-$>='(;-$0"*;">X$
$
SH+*$>=*++$=2(,*+,$7+9*-$9;"$`91'1+"$-9',W$
$
_"2$39((">$>+93=$9$N9($9(7>='(;i$7"2$39($"(17$=+15$='N$>"$0'(,$'>$
#'>='($='N-+10X$
$
.-$K"*,$:=+->+*0'+1,$-9',$>"$='-$-"(W$
$
6+$#'-+*$>=9($">=+*$5+"51+$'0$7"2$39(i$L2>$,"$(">$>+11$>=+N$-"X$
$
R"3*9>+-$-9',$*+5+9>+,17$>"$='-$0"11"#+*-$'($.>=+(-W$
$
S(+$>='(;$"(17$/$[("#\$9(,$>=9>$'-$>=9>$/$[("#$(">='(;X$
$
&+11\$/$39(]>$="5+$>"$L+$9(7$-N9*>+*$>=9($R"3*9>+-\$-"$/$=9H+$b2'>$
>+11'(;$5+"51+$>=+7$9*+$#*"(;X$.(,$/$0'(,$>=9>$'>$597-X$
$
/0$9$5+*-"($N9[+-$9$->9>+N+(>$>=9>$7"2$>='([$'-$#*"(;$<$7+-\$+H+($
>=9>$7"2$[("#$'-$#*"(;$<$'-(]>$'>$L+>>+*$>"$L+;'($L7$-97'(;W$^&+11\$
("#\$1""[\$/$>="2;=>$">=+*#'-+\$L2>$/$N97$L+$#*"(;X$/$0*+b2+(>17$
9NX$.(,$'0$/$9N$#*"(;\$/$#9(>$>"$L+$52>$*';=>X$K+>]-$+Y9N'(+$>=+$
093>-X^$
$
%=+*+]-$N9;'3\$5"-'>'H+$N9;'3\$'($-23=$5=*9-+-$9-W$^/$N97$L+$#*"(;X$
/$0*+b2+(>17$9NX$K+>]-$+Y9N'(+$>=+$093>-X^$
$
M"L",7$'($>=+$=+9H+(-$9L"H+$"*$"($+9*>=$L+(+9>=$"*$'($>=+$#9>+*-$
2(,+*$>=+$+9*>=$#'11$+H+*$"Ll+3>$>"$7"2*$-97'(;W$^/$N97$L+$#*"(;X$
K+>]-$+Y9N'(+$>=+$093>-X^$
$
S(+$"0$"2*$319--$N+NL+*-$#="$2-+,$>='-$955*"93=$'($,+91'(;$#'>=$
32->"N+*-$#9-$!9*"1,$G+'([+\$9$8",;+$,+91+*$'($6'11'(;-\$a"(>9(9X$
!+$*+5"*>+,$>=9>$L+392-+$"0$>=+$5*+--2*+-$"0$>=+$92>"N"L'1+$
L2-'(+--\$=+$#9-$"0>+($=9*,<L"'1+,$9(,$3911"2-$#=+($,+91'(;$#'>=$
32->"N+*-]$3"N519'(>-X$%='-$392-+,$019*+,$>+N5+*-\$1"--$"0$L2-'(+--$
9(,$;+(+*91$2(51+9-9(>(+--X$
$
!+$>"1,$='-$319--W$^G+3";('g'(;$>=9>$>='-$#9-$;+>>'(;$N+$("#=+*+$
09->\$/$>*'+,$9$(+#$>93[X$/$#"21,$-97$-"N+>='(;$1'[+$>='-W$]S2*$
,+91+*-='5$=9-$N9,+$-"$N9(7$N'->9[+-$>=9>$/$9N$0*+b2+(>17$
9-=9N+,X$&+$N97$=9H+$+**+,$'($7"2*$39-+X$%+11$N+$9L"2>$'>X]$
$
^%='-$955*"93=$L+3"N+-$b2'>+$,'-9*N'(;\$9(,$L7$>=+$>'N+$>=+$
32->"N+*$*+1+9-+-$='-$0++1'(;-\$=+$'-$2-29117$N23=$N"*+$*+9-"(9L1+$
#=+($'>$3"N+-$>"$-+>>1'(;$>=+$N9>>+*X$/($093>\$-+H+*91$32->"N+*-$=9H+$
>=9([+,$N+$0"*$=9H'(;$-23=$9($2(,+*->9(,'(;$9>>'>2,+X$.(,$>#"$"0$
>=+N$=9H+$+H+($L*"2;=>$'($0*'+(,-$>"$L27$(+#$39*-X$/($>='-$=';=17$
3"N5+>'>'H+$N9*[+>\$#+$(++,$N"*+$"0$>='-$>75+$"0$32->"N+*\$9(,$/$
L+1'+H+$>=9>$-="#'(;$*+-5+3>$0"*$911$32->"N+*-]$"5'('"(-$9(,$>*+9>'(;$
>=+N$,'51"N9>'39117$9(,$3"2*>+"2-17$#'11$=+15$L+9>$>=+$3"N5+>'>'"(X^$
$
_"2$#'11$(+H+*$;+>$'(>"$>*"2L1+$L7$9,N'>>'(;$>=9>$7"2$N97$L+$#*"(;X$
%=9>$#'11$->"5$911$9*;2N+(>$9(,$'(-5'*+$7"2*$"55"(+(>$>"$L+$l2->$9-$
09'*$9(,$"5+($9(,$L*"9,<N'(,+,$9-$7"2$9*+X$/>$#'11$N9[+$='N$#9(>$>"$
9,N'>$>=9>$=+\$>""\$N97$L+$#*"(;X$
$
/0$7"2$[("#$5"-'>'H+17$>=9>$9$5+*-"($'-$#*"(;\$9(,$7"2$L12(>17$>+11$
='N$"*$=+*$-"\$#=9>$=955+(-f$K+>$N+$'112->*9>+X$a*X$R<<<<$9$7"2(;$
M+#$_"*[$9>>"*(+7\$"(3+$9*;2+,$9$*9>=+*$'N5"*>9(>$39-+$L+0"*+$>=+$
Z('>+,$R>9>+-$R25*+N+$:"2*>$FK2->;9*>+($HX$)1++>$:"*5"*9>'"($PEQ$
ZXRX$APQJX$%=+$39-+$'(H"1H+,$9$3"(-',+*9L1+$-2N$"0$N"(+7$9(,$9($
'N5"*>9(>$b2+->'"($"0$19#X$82*'(;$>=+$9*;2N+(>\$"(+$"0$>=+$R25*+N+$
:"2*>$l2->'3+-$-9',$>"$='NW$^%=+$->9>2>+$"0$1'N'>9>'"(-$'($9,N'*91>7$19#$
'-$-'Y$7+9*-\$'-$'>$(">f^$
$
a*X$R<<<<$->"55+,\$->9*+,$9>$>=+$k2->'3+$0"*$9$N"N+(>\$9(,$>=+($-9',$
L12(>17W$^_"2*$!"("*\$>=+*+$'-$("$->9>2>+$"0$1'N'>9>'"(-$'($9,N'*91>7X^$
$
^.$=2-=$0+11$"($>=+$3"2*>\^$-9',$a*X$R<<<<$9-$=+$*+19>+,$='-$+Y5+*'+(3+$
>"$"(+$"0$>=+$92>="*]-$319--+-\$^9(,$>=+$>+N5+*9>2*+$'($>=+$*""N$
-++N+,$>"$,*"5$>"$g+*"X$/$#9-$*';=>X$k2->'3+$<$#9-$#*"(;X$.(,$/$=9,$
>"1,$='N$-"X$62>$,',$>=9>$N9[+$='N$0*'+(,17f$M"X$/$->'11$L+1'+H+$>=9>$/$
=9,$>=+$19#$"($N7$-',+X$.(,$/$[("#$>=9>$/$-5"[+$L+>>+*$>=9($/$+H+*$
-5"[+$L+0"*+X$62>$/$,',(]>$5+*-29,+X$/$N9,+$>=+$+("*N"2-$L12(,+*$"0$
>+11'(;$9$H+*7$1+9*(+,$9(,$09N"2-$N9($>=9>$=+$#9-$#*"(;X^$
$
)+#$5+"51+$9*+$1";'391X$a"->$"0$2-$9*+$5*+l2,'3+,$9(,$L'9-+,X$a"->$"0$
2-$9*+$L1';=>+,$#'>=$5*+3"(3+'H+,$(">'"(-\$#'>=$l+91"2-7\$-2-5'3'"(\$
0+9*\$+(H7$9(,$5*',+X$.(,$N"->$3'>'g+(-$,"(]>$#9(>$>"$3=9(;+$>=+'*$
N'(,-$9L"2>$>=+'*$*+1';'"($"*$>=+'*$=9'*32>$"*$3"NN2('-N$"*$>=+'*$
09H"*'>+$N"H'+$->9*X$R"\$'0$7"2$9*+$'(31'(+,$>"$>+11$5+"51+$>=+7$9*+$
#*"(;\$51+9-+$*+9,$>=+$0"11"#'(;$59*9;*95=$+H+*7$N"*('(;$L+0"*+$
L*+9[09->X$/>$'-$0*"N$k9N+-$!9*H+7$G"L'(-"(]-$+(1';=>+('(;$L""[$%=+$
a'(,$'($>=+$a9['(;X$
$
&+$-"N+>'N+-$0'(,$"2*-+1H+-$3=9(;'(;$"2*$N'(,-$#'>="2>$9(7$
*+-'->9(3+$"*$=+9H7$+N">'"(\$L2>$'0$#+$9*+$>"1,$#+$9*+$#*"(;\$#+$
*+-+(>$>=+$'N52>9>'"($9(,$=9*,+($"2*$=+9*>-X$&+$9*+$'(3*+,'L17$
=++,1+--$'($>=+$0"*N9>'"($"0$"2*$L+1'+0-\$L2>$0'(,$"2*-+1H+-$0'11+,$#'>=$
9($'11'3'>$59--'"($0"*$>=+N$#=+($9(7"(+$5*"5"-+-$>"$*"L$2-$"0$>=+'*$
3"N59('"(-='5X$/>$'-$"LH'"2-17$(">$>=+$',+9-$>=+N-+1H+-$>=9>$9*+$,+9*$
>"$2-\$L2>$"2*$-+10<+->++N$#='3=$'-$>=*+9>+(+,X$XXX$%=+$1'>>1+$#"*,$
^N7^$'-$>=+$N"->$'N5"*>9(>$"(+$'($=2N9($9009'*-\$9(,$5*"5+*17$>"$
*+3["($#'>=$'>$'-$>=+$L+;'(('(;$"0$#'-,"NX$/>$=9-$>=+$-9N+$0"*3+$
#=+>=+*$'>$'-$^N7^$,'((+*\$^N7^$,";\$9(,$^N7^$="2-+\$"*$^N7^$09>=+*\$
^N7^$3"2(>*7\$9(,$^N7^$`",X$&+$(">$"(17$*+-+(>$>=+$'N52>9>'"($>=9>$
"2*$#9>3=$'-$#*"(;\$"*$"2*$39*$-=9LL7\$L2>$>=9>$"2*$3"(3+5>'"($"0$
>=+$39(91-$"0$a9*-\$"0$>=+$5*"(2(3'9>'"($"0$^I5'3>+>2-\^$"0$>=+$
N+,'3'(91$H912+$"0$-91'3'(\$"*$"0$>=+$,9>+$"0$R9*;"($/$'-$-2Ll+3>$>"$
*+H'-'"(X$&+$1'[+$>"$3"(>'(2+$>"$L+1'+H+$#=9>$#+$=9H+$L++($
9332->"N+,$>"$933+5>$9-$>*2+\$9(,$>=+$*+-+(>N+(>$9*"2-+,$#=+($
,"2L>$'-$39->$25"($9(7$"0$"2*$9--2N5>'"(-$1+9,-$2-$>"$-++[$+H+*7$
N9((+*$"0$+Y32-+$0"*$31'(;'(;$>"$'>X$%=+$*+-21>$'-$>=9>$N"->$"0$"2*$-"<
3911+,$*+9-"('(;$3"(-'->-$'($0'(,'(;$9*;2N+(>-$0"*$;"'(;$"($L+1'+H'(;$
9-$#+$91*+9,7$,"X$
$
:9*1$G";+*-\$>=+$+N'(+(>$5-73="1";'->\$#*">+$'($='-$L""[$S($
6+3"N'(;$9$4+*-"(W$
$
/$=9H+$0"2(,$'>$"0$+("*N"2-$H912+$#=+($/$39($5+*N'>$N7-+10$>"$
2(,+*->9(,$>=+$">=+*$5+*-"(X$%=+$#97$'($#='3=$/$=9H+$#"*,+,$>='-$
->9>+N+(>$N97$-++N$->*9(;+$>"$7"2\$/-$'>$(+3+--9*7$>"$5+*N'>$
"(+-+10$>"$2(,+*->9(,$9(">=+*f$/$>='([$'>$'-X$S2*$0'*->$*+93>'"($>"$N"->$
"0$>=+$->9>+N+(>-$F#='3=$#+$=+9*$0*"N$">=+*$5+"51+J$'-$9($
+H9129>'"($"*$l2,;N+(>\$*9>=+*$>=9($9($2(,+*->9(,'(;$"0$'>X$&=+($
-"N+"(+$+Y5*+--+-$-"N+$0++1'(;\$9>>'>2,+$"*$L+1'+0\$"2*$>+(,+(37$'-$
91N"->$'NN+,'9>+17$>"$0++1$^>=9>]-$*';=>\^$"*$^>=9>]-$->25',\^$^>=9>]-$
9L("*N91\^$^>=9>]-$2(*+9-"(9L1+\^$^>=9>]-$'(3"**+3>\^$^>=9>]-$(">$('3+X^$
V+*7$*9*+17$,"$#+$5+*N'>$"2*-+1H+-$>"$2(,+*->9(,$5*+3'-+17$#=9>$>=+$
N+9('(;$"0$>=+$->9>+N+(>$'-$>"$>=+$">=+*$5+*-"(X$FnJ$$
$
<<<<$
$
qnr$.,95>+,$0*"N$:9*1$GX$G";+*-\$S($6+3"N'(;$9$4+*-"($F6"->"(W$
!"2;=>"($a'001'(\$?@B?J\$55X$?E00X$$
$
<<<<$
$
/$"(3+$+N51"7+,$9($'(>+*'"*$,+3"*9>"*$>"$N9[+$-"N+$,*95+*'+-$0"*$
N7$="N+X$&=+($>=+$L'11$9**'H+,\$/$#9-$,'-N97+,X$
$
.$0+#$,97-$19>+*\$9$0*'+(,$,*"55+,$'($9(,$1""[+,$9>$>=+$,*95+*'+-X$
%=+$5*'3+$#9-$N+(>'"(+,\$9(,$-=+$+Y319'N+,$#'>=$9$(">+$"0$>*'2N5=W$
^&=9>f$%=9>]-$9#021X$/$9N$90*9',$=+$52>$"(+$"H+*$"($7"2X^$
$
%*2+f$_+-\$-=+$=9,$>"1,$>=+$>*2>=\$L2>$0+#$5+"51+$1'[+$>"$1'->+($>"$
>*2>=-$>=9>$*+01+3>$"($>=+'*$l2,;N+(>X$R"\$L+'(;$=2N9(\$/$>*'+,$>"$
,+0+(,$N7-+10X$/$5"'(>+,$"2>$>=9>$>=+$L+->$'-$+H+(>29117$>=+$3=+95+->\$
>=9>$"(+$39(]>$+Y5+3>$>"$;+>$b291'>7$9(,$9*>'->'3$>9->+$9>$L9*;9'(<
L9-+N+(>$5*'3+-\$9(,$-"$"($9(,$"(X$
$
%=+$(+Y>$,97$9(">=+*$0*'+(,$,*"55+,$'(\$9,N'*+,$>=+$,*95+*'+-\$
L2LL1+,$"H+*$#'>=$+(>=2-'9-N\$9(,$+Y5*+--+,$9$#'-=$>=9>$-=+$3"21,$
900"*,$-23=$+Yb2'-'>+$3*+9>'"(-$0"*$=+*$="N+X$a7$*+93>'"($#9-$>">9117$
,'00+*+(>X$^&+11\$>"$>+11$>=+$>*2>=\^$/$-9',\$^/$39(]>$900"*,$>=+N$N7-+10X$
/$59',$>""$N23=X$/]N$-"**7$/$"*,+*+,$>=+N\^$
$
&=+($#+$9*+$#*"(;\$#+$N97$9,N'>$'>$>"$"2*-+1H+-X$.(,$'0$#+$9*+$
=9(,1+,$;+(>17$9(,$>93>02117\$#+$N97$9,N'>$'>$>"$">=+*-$9(,$+H+($
>9[+$5*',+$'($"2*$0*9([(+--$9(,$L*"9,<N'(,+,(+--X$62>$(">$'0$
-"N+"(+$+1-+$'-$>*7'(;$>"$*9N$>=+$2(5919>9L1+$093>$,"#($"2*$
+-"5=9;2-X$
$
!"*93+$`*++1+7\$>=+$N"->$09N"2-$+,'>"*$'($.N+*'39$,2*'(;$>=+$>'N+$
"0$>=+$:'H'1$&9*\$,'-9;*++,$H'"1+(>17$#'>=$K'(3"1(]-$5"1'3'+-X$!+$
L+1'+H+,$>=9>$=+$3"21,$,*'H+$K'(3"1($'(>"$9;*++'(;$#'>=$='N$L7$9$
39N59';($"0$9*;2N+(>\$*','321+$9(,$9L2-+X$!+$#9;+,$>='-$L'>>+*$
39N59';($N"(>=$90>+*$N"(>=\$7+9*$90>+*$7+9*X$/($093>\$=+$#*">+$9$
L*2>91\$L'>>+*\$-9*39->'3$9(,$5+*-"(91$9>>93[$"($4*+-',+(>$K'(3"1($>=+$
(';=>$6"">=$-=">$='NX$
$
62>$,',$911$>='-$L'>>+*(+--$N9[+$K'(3"1($9;*++$#'>=$`*++1+7f$M">$9>$
911X$G','321+$9(,$9L2-+$(+H+*$,"X$/0$7"2$#9(>$-"N+$+Y3+11+(>$
-2;;+->'"(-$9L"2>$,+91'(;$#'>=$5+"51+$9(,$N9(9;'(;$7"2*-+10$9(,$
'N5*"H'(;$7"2*$5+*-"(91'>7\$*+9,$6+(l9N'($)*9([1'(]-$92>"L'";*95=7$<
"(+$"0$>=+$N"->$09-3'(9>'(;$1'0+$->"*'+-$+H+*$#*'>>+(\$"(+$"0$>=+$
319--'3-$"0$.N+*'39($1'>+*9>2*+X$6+($)*9([1'($>+11-$="#$=+$3"(b2+*+,$
>=+$'('b2'>"2-$=9L'>$"0$9*;2N+(>$9(,$>*9(-0"*N+,$='N-+10$'(>"$"(+$"0$
>=+$N"->$9L1+\$-29H+$9(,$,'51"N9>'3$N+($'($.N+*'39($='->"*7X$
$
S(+$,97\$#=+($6+($)*9([1'($#9-$9$L12(,+*'(;$7"2>=\$9($"1,$h29[+*$
0*'+(,$>""[$='N$9-',+$9(,$19-=+,$='N$#'>=$9$0+#$->'(;'(;$>*2>=-\$
-"N+>='(;$1'[+$>='-W$
$
6+(\$7"2$9*+$'N5"--'L1+X$_"2*$"5'('"(-$=9H+$9$-195$'($>=+N$0"*$
+H+*7"(+$#="$,'00+*-$#'>=$7"2X$%=+7$=9H+$L+3"N+$-"$"00+(-'H+$>=9>$
("L",7$39*+-$0"*$>=+NX$_"2*$0*'+(,-$0'(,$>=+7$+(l"7$>=+N-+1H+-$
L+>>+*$#=+($7"2$9*+$(">$9*"2(,X$_"2$[("#$-"$N23=$>=9>$("$N9($39($
>+11$7"2$9(7>='(;X$/(,++,\$("$N9($'-$;"'(;$>"$>*7\$0"*$>=+$+00"*>$#"21,$
1+9,$"(17$>"$,'-3"N0"*>$9(,$=9*,$#"*[X$R"$7"2$9*+$(">$1'[+17$+H+*$>"$
[("#$9(7$N"*+$>=9($7"2$,"$("#\$#='3=$'-$H+*7$1'>>1+X$
$
S(+$"0$>=+$0'(+->$>='(;-$/$[("#$9L"2>$6+($)*9([1'($'-$>=+$#97$=+$
933+5>+,$>=9>$-N9*>'(;$*+L2[+X$!+$#9-$L';$+("2;=$9(,$#'-+$+("2;=$
>"$*+91'g+$>=9>$'>$#9-$>*2+\$>"$-+(-+$>=9>$=+$#9-$=+9,+,$0"*$09'12*+$
9(,$-"3'91$,'-9->+*X$R"$=+$N9,+$9$*';=><9L"2><093+X$!+$L+;9($
'NN+,'9>+17$>"$3=9(;+$='-$'(-"1+(>\$"5'('"(9>+,$#97-X$
$
^/$N9,+$'>$9$*21+\^$-9',$)*9([1'(\$^>"$0"*L+9*$911$,'*+3>$3"(>*9,'3>'"($>"$
>=+$-+(>'N+(>$"0$">=+*-\$9(,$911$5"-'>'H+$9--+*>'"($"0$N7$"#(\$/$+H+($
0"*L9,+$N7-+10$>=+$2-+$"0$+H+*7$#"*,$"*$+Y5*+--'"($'($>=+$19(;29;+$
>=9>$'N5"*>+,$9$0'Y],$"5'('"(\$-23=$9-$]3+*>9'(17\]$]2(,"2L>+,17\]$+>3X\$
9(,$/$9,"5>+,\$'(->+9,$"0$>=+N\$]/$3"(3+'H+\]$]/$955*+=+(,\$]$"*$]/$
'N9;'(+]$9$>='(;$>"$L+$-"$"*$-"\$"*$]'>$-"$955+9*-$>"$N+$9>$5*+-+(>X]$
&=+($9(">=+*$9--+*>+,$-"N+>='(;$>=9>$/$>="2;=>$9($+**"*\$/$,+(7],$
N7-+10$>=+$51+9-2*+$"0$3"(>*9,'3>'(;$='N$9L*25>17\$9(,$"0$-="#'(;$
'NN+,'9>+17$-"N+$9L-2*,'>7$'($='-$5*"5"-'>'"(W$9(,$'($9(-#+*'(;$/$
L+;9($L7$"L-+*H'(;$>=9>$'($3+*>9'($39-+-$"*$3'*32N->9(3+-$='-$"5'('"($
#"21,$L+$*';=>\$L2>$'($>=+$5*+-+(>$39-+$>=+*+$955+9*],$"*$-++N],$>"$
N+$-"N+$,'00+*+(3+\$+>3X$/$-""($0"2(,$>=+$9,H9(>9;+$"0$>='-$3=9(;+$
'($N7$N9((+*i$>=+$3"(H+*-9>'"(-$/$+(;9;],$'($#+(>$"($N"*+$
51+9-9(>17X$%=+$N",+->$#97$'($#='3=$/$5*"5"-],$N7$"5'('"(-$5*"32*],$
>=+N$9$*+9,'+*$*+3+5>'"($9(,$1+--$3"(>*9,'3>'"(i$/$=9,$1+--$
N"*>'0'39>'"($#=+($/$#9-$0"2(,$>"$L+$'($>=+$#*"(;\$9(,$/$N"*+$+9-'17$
5*+H9'1+],$#'>=$">=+*-$>"$;'H+$25$>=+'*$N'->9[+-$9(,$l"'($#'>=$N+$
#=+($/$=955+(+,$>"$L+$'($>=+$*';=>X$
$
^.(,$>='-$N",+\$#='3=$/$9>$0'*->$52>$"($#'>=$-"N+$H'"1+(3+$>"$(9>2*91$
'(31'(9>'"(\$L+39N+$9>$1+(;>=$-"$+9-7\$9(,$-"$=9L'>291$>"$N+\$>=9>$
5+*=95-$0"*$>=+-+$0'0>7$7+9*-$59->$("$"(+$=9-$+H+*$=+9*,$9$
,";N9>'391$+Y5*+--'"($+-395+$N+X$.(,$>"$>='-$=9L'>$F90>+*$N7$
3=9*93>+*$"0$'(>+;*'>7J$/$>='([$'>$5*'(3'59117$"#'(;$>=9>$/$=9,$+9*(+,$-"$
N23=$#+';=>$#'>=$N7$0+11"#$3'>'g+(-$#=+($/$5*"5"-+,$(+#$
'(->'>2>'"(-\$"*$91>+*9>'"(-$'($>=+$"1,\$9(,$-"$N23=$'(012+(3+$'($52L1'3$
3"2(3'1-$#=+($/$L+39N+$9$N+NL+*i$0"*$/$#9-$L2>$9$L9,$-5+9[+*\$
(+H+*$+1"b2+(>\$-2Ll+3>$>"$N23=$=+-'>9>'"($'($N7$3="'3+$"0$#"*,-\$
=9*,17$3"**+3>$'($19(;29;+\$9(,$7+>$/$;+(+*9117$39**'+,$N7$5"'(>-X^$
$
!"#$,"$6+($)*9([1'(]-$N+>=",-$#"*[$'($L2-'(+--f$K+>]-$>9[+$>#"$
+Y9N51+-X$
$
d9>=+*'(+$.\$.11*+,$"0$d'(;-$a"2(>9'(\$M"*>=$:9*"1'(9\$'-$9($'(,2->*'91$
+(;'(++*'(;$-25+*H'-"*$0"*$9$79*(<5*"3+--'(;$519(>X$R=+$>"1,$"(+$"0$
"2*$319--+-$="#$-=+$=9(,1+,$9$-+(-'>'H+$5*"L1+N$L+0"*+$9(,$90>+*$
>9['(;$"2*$>*9'('(;W$
$
^49*>$"0$N7$*+-5"(-'L'1'>7\^$-=+$*+5"*>+,\$^,+91-$#'>=$-+>>'(;$25$9(,$
N9'(>9'('(;$'(3+(>'H+$-7->+N-$9(,$->9(,9*,-$0"*$"2*$"5+*9>"*-$-"$
>=+7$39($N9[+$N"*+$N"(+7$L7$5*",23'(;$N"*+$79*(X$%=+$-7->+N$#+$
#+*+$2-'(;$=9,$#"*[+,$0'(+$#=+($#+$=9,$"(17$>#"$"*$>=*++$,'00+*+(>$
>75+-$"0$79*(\$L2>$*+3+(>17$#+$=9,$+Y59(,+,$"2*$'(H+(>"*7$9(,$
3959L'1'>'+-$>"$+(9L1+$2-$>"$*2($N"*+$>=9($>#+1H+$,'00+*+(>$H9*'+>'+-X$
%=+$5*+-+(>$-7->+N$#9-$("$1"(;+*$9,+b29>+$>"$597$>=+$"5+*9>"*-$
09'*17$0"*$>=+$#"*[$L+'(;$5+*0"*N+,$9(,$;'H+$>=+N$9($'(3+(>'H+$>"$
'(3*+9-+$5*",23>'"(X$/$=9,$#"*[+,$25$9$(+#$-7->+N$#='3=$#"21,$
+(9L1+$2-$>"$597$>=+$"5+*9>"*$L7$>=+$319--$"0$79N$-=+$#9-$*2(('(;$9>$
9(7$"(+$59*>'3219*$>'N+X$&'>=$N7$(+#$-7->+N$'($=9(,\$/$+(>+*+,$>=+$
N++>'(;$,+>+*N'(+,$>"$5*"H+$>"$>=+$N9(9;+N+(>$>=9>$N7$-7->+N$
#9-$>=+$*';=>$955*"93=X$/$>"1,$>=+N$'($,+>9'1$="#$>=+7$#+*+$#*"(;$
9(,$-="#+,$#=+*+$>=+7$#+*+$L+'(;$2(09'*$9(,$="#$/$=9,$911$>=+$
9(-#+*-$>=+7$(++,+,X$%"$-97$>=+$1+9->\$/$09'1+,$N'-+*9L17j$/$=9,$
L+3"N+$-"$L2-7$,+0+(,'(;$N7$5"-'>'"($"($>=+$(+#$-7->+N$>=9>$/$=9,$
1+0>$>=+N$("$"5+('(;$>"$;*93'"2-17$9,N'>$>=+'*$5*"L1+N-$"($>=+$"1,$
"(+X$%=+$'--2+$#9-$,+9,X$
$
^.0>+*$-+H+*91$-+--'"(-$"0$>='-$3"2*-+\$/$*+91'g+,$911$>""$#+11$#=+*+$/$
=9,$N9,+$N7$N'->9[+-X$/$3911+,$9(">=+*$N++>'(;$9(,$>='-$>'N+$/$
9-[+,$#=+*+$>=+7$0+1>$>=+'*$5*"L1+N-$#+*+X$&+$,'-32--+,$+93=$5"'(>\$
9(,$/$9-[+,$>=+N$>=+'*$"5'('"(-$"($#='3=$#9-$>=+$L+->$#97$>"$
5*"3++,X$&'>=$9$0+#$1"#<[+7+,$-2;;+->'"(-\$9>$5*"5+*$'(>+*H91-\$/$1+>$
>=+N$,+H+1"5$N7$-7->+N$>=+N-+1H+-X$.>$>=+$+(,$"0$>=+$N++>'(;$
#=+($/$93>29117$5*+-+(>+,$N7$-7->+N\$>=+7$+(>=2-'9->'39117$933+5>+,$
'>X$
$
^/$9N$3"(H'(3+,$("#$>=9>$(">='(;$;"",$'-$933"N51'-=+,$9(,$9$1">$"0$
,9N9;+$39($L+$,"(+$'0$7"2$>+11$9$5+*-"($->*9';=>$"2>$>=9>$=+$"*$-=+$'-$
#*"(;X$_"2$"(17$-233++,$'($->*'55'(;$>=9>$5+*-"($"0$-+10<,';('>7$9(,$
N9['(;$7"2*-+10$9($2(#+13"N+$59*>$"0$9(7$,'-32--'"(X^$
$
K+>]-$>9[+$9(">=+*$+Y9N51+$<$9(,$*+N+NL+*$>=+-+$39-+-$/$9N$3'>'(;$
9*+$>75'391$"0$>=+$+Y5+*'+(3+-$"0$>="2-9(,-$"0$">=+*$5+"51+X$GX$VX$
:*"#1+7$#9-$9$-91+-N9($0"*$9$12NL+*$3"N59(7$'($M+#$_"*[X$:*"#1+7$
9,N'>>+,$>=9>$=+$=9,$L++($>+11'(;$=9*,<L"'1+,$12NL+*$'(-5+3>"*-$0"*$
7+9*-$>=9>$>=+7$#+*+$#*"(;X$.(,$=+$=9,$#"($>=+$9*;2N+(>-$>""X$62>$
'>$=9,(]>$,"(+$9(7$;"",X$^)"*$>=+-+$12NL+*$'(-5+3>"*-\^$-9',$a*X$
:*"#1+7\$^9*+$1'[+$L9-+L911$2N5'*+-X$S(3+$>=+7$N9[+$9$,+3'-'"(\$>=+7$
(+H+*$3=9(;+$'>\^$
$
a*X$:*"#1+7$-9#$>=9>$='-$0'*N$#9-$1"-'(;$>="2-9(,-$"0$,"119*-$
>=*"2;=$>=+$9*;2N+(>-$=+$#"(X$R"$#='1+$>9['(;$N7$3"2*-+\$=+$
*+-"1H+,$>"$3=9(;+$>93>'3-$9(,$9L9(,"($9*;2N+(>-X$&'>=$#=9>$
*+-21>-f$!+*+$'-$>=+$->"*7$9-$=+$>"1,$'>$>"$>=+$0+11"#$N+NL+*-$"0$='-$
319--W$
$
^S(+$N"*('(;$>=+$5="(+$*9(;$'($N7$"00'3+X$.$=">$9(,$L">=+*+,$
5+*-"($9>$>=+$">=+*$+(,$5*"3++,+,$>"$'(0"*N$N+$>=9>$9$39*$"0$12NL+*$
#+$=9,$-='55+,$'(>"$='-$519(>$#9-$+(>'*+17$2(-9>'-093>"*7X$!'-$0'*N$
=9,$->"55+,$2(1"9,'(;$9(,$*+b2+->+,$>=9>$#+$N9[+$'NN+,'9>+$
9**9(;+N+(>-$>"$*+N"H+$>=+$->"3[$0*"N$>=+'*$79*,X$.0>+*$9L"2>$"(+<
0"2*>=$"0$>=+$39*$=9,$L++($2(1"9,+,\$>=+'*$12NL+*$'(-5+3>"*$*+5"*>+,$
>=9>$>=+$12NL+*$#9-$*2(('(;$TT$5+*3+(>$L+1"#$;*9,+X$Z(,+*$>=+$
3'*32N->9(3+-\$>=+7$*+02-+,$>"$933+5>$'>X$
$
^/$'NN+,'9>+17$->9*>+,$0"*$='-$519(>$9(,$"($>=+$#97$>2*(+,$"H+*$'($
N7$N'(,$>=+$L+->$#97$>"$=9(,1+$>=+$-'>29>'"(X$S*,'(9*'17\$2(,+*$-23=$
3'*32N->9(3+-\$/$-="21,$=9H+$b2">+,$;*9,'(;$*21+-$9(,$>*'+,\$9-$9$
*+-21>$"0$N7$"#($+Y5+*'+(3+$9(,$[("#1+,;+$9-$9$12NL+*$'(-5+3>"*\$
>"$3"(H'(3+$>=+$">=+*$'(-5+3>"*$>=9>$>=+$12NL+*$#9-$93>29117$25$>"$
;*9,+\$9(,$>=9>$=+$#9-$N'-'(>+*5*+>'(;$>=+$*21+-$'($='-$'(-5+3>'"(X$
!"#+H+*\$/$>="2;=>$/$#"21,$95517$>=+$5*'(3'51+-$1+9*(+,$'($>='-$
>*9'('(;X$
$
^&=+($/$9**'H+,$9>$>=+$519(>\$/$0"2(,$>=+$52*3=9-'(;$9;+(>$9(,$>=+$
12NL+*$'(-5+3>"*$'($9$#'3[+,$=2N"*\$L">=$-+>$0"*$9($9*;2N+(>$9(,$9$
0';=>X$&+$#91[+,$"2>$>"$>=+$39*$>=9>$#9-$L+'(;$2(1"9,+,\$9(,$/$
*+b2+->+,$>=9>$>=+7$3"(>'(2+$>"$2(1"9,$-"$>=9>$/$3"21,$-++$="#$
>='(;-$#+*+$;"'(;X$/$9-[+,$>=+$'(-5+3>"*$>"$;"$*';=>$9=+9,$9(,$197$
"2>$>=+$*+l+3>-\$9-$=+$=9,$L++($,"'(;\$9(,$>"$52>$>=+$;"",$5'+3+-$'($
9(">=+*$5'1+X$
$
^.0>+*$#9>3='(;$='N$0"*$9$#='1+$'>$L+;9($>"$,9#($"($N+$>=9>$='-$
'(-5+3>'"($93>29117$#9-$N23=$>""$->*'3>$9(,$>=9>$=+$#9-$
N'-'(>+*5*+>'(;$>=+$*21+-X$%='-$59*>'3219*$12NL+*$#9-$#='>+$5'(+\$9(,$
/$[(+#$>=+$'(-5+3>"*$#9-$
$
>="*"2;=17$-3=""1+,$'($=9*,$#"",-$L2>$(">$9$3"N5+>+(>\$
+Y5+*'+(3+,$'(-5+3>"*$"($#='>+$5'(+X$&='>+$5'(+$=955+(+,$>"$L+$N7$
"#($->*"(;$-2'>\$L2>$,',$/$"00+*$9(7$"Ll+3>'"($>"$>=+$#97$=+$#9-$
;*9,'(;$>=+$12NL+*f$M"(+$#=9>+H+*X$/$[+5>$"($#9>3='(;$9(,$
;*9,29117$L+;9($>"$9-[$b2+->'"(-$9-$>"$#=7$3+*>9'($5'+3+-$#+*+$(">$
-9>'-093>"*7X$/$,',(]>$0"*$"(+$'(->9(>$'(-'(29>+$>=9>$>=+$'(-5+3>"*$#9-$
#*"(;X$/$+N5=9-'g+,$>=9>$N7$"(17$*+9-"($0"*$9-['(;$#9-$'($"*,+*$
>=9>$#+$3"21,$;'H+$='-$0'*N$+Y93>17$#=9>$>=+7$#9(>+,$'($02>2*+$
-='5N+(>-X$#9(>+,$'($02>2*+$-='5N+(>-X$
$
^67$9-['(;$b2+->'"(-$'($9$H+*7$0*'+(,17\$3""5+*9>'H+$-5'*'>\$9(,$
'(-'->'(;$3"(>'(29117$>=9>$>=+7$#+*+$*';=>$'($197'(;$"2>$L"9*,-$(">$
-9>'-093>"*7$>"$>=+'*$52*5"-+\$/$;">$='N$#9*N+,$25\$9(,$>=+$->*9'(+,$
*+19>'"(-$L+>#++($2-$L+;9($>"$>=9#$9(,$N+1>$9#97X$.($"339-'"(91$
39*+02117$52>$*+N9*[$"($N7$59*>$;9H+$L'*>=$>"$>=+$',+9$'($='-$N'(,$
>=9>$5"--'L17$-"N+$"0$>=+-+$*+l+3>+,$5'+3+-$#+*+$93>29117$#'>='($>=+$
;*9,+$>=9>$>=+7$=9,$L"2;=>\$9(,$>=9>$>=+'*$*+b2'*+N+(>-$,+N9(,+,$
9$N"*+$+Y5+(-'H+$;*9,+X$/$#9-$H+*7$39*+021\$="#+H+*\$(">$>"$1+>$='N$
>='([$/$#9-$N9['(;$9($'--2+$"0$>='-$5"'(>X$
$
^`*9,29117$='-$#="1+$9>>'>2,+$3=9(;+,X$!+$0'(9117$9,N'>>+,$>"$N+$>=9>$
=+$#9-$(">$+Y5+*'+(3+,$"($#='>+$5'(+$9(,$L+;9($>"$9-[$N+$
b2+->'"(-$9L"2>$+93=$5'+3+$9-$'>$39N+$"2>$"0$>=+$39*\$/$#"21,$+Y519'($
#=7$-23=$9$5'+3+$39N+$#'>='($>=+$;*9,+$-5+3'0'+,\$L2>$[+5>$"($
'(-'->'(;$>=9>$#+$,',$(">$#9(>$='N$>"$>9[+$'>$'0$'>$#9-$2(-2'>9L1+$0"*$
>=+'*$52*5"-+X$!+$0'(9117$;">$>"$>=+$5"'(>$#=+*+$=+$0+1>$;2'1>7$+H+*7$
>'N+$=+$52>$9$5'+3+$'($>=+$*+l+3>+,$5'1+X$.(,$9>$19->$=+$-9#$>=9>$>=+$
N'->9[+$#9-$"($>=+'*$59*>$0"*$(">$=9H'(;$-5+3'0'+,$9-$;"",$9$;*9,+$9-$
>=+7$(++,+,X$
$
^%=+$21>'N9>+$"2>3"N+$#9-$>=9>$=+$#+(>$>=*"2;=$>=+$+(>'*+$39*1"9,$
9;9'($90>+*$/$1+0>\$933+5>+,$>=+$#="1+$1">\$9(,$#+$*+3+'H+,$9$3=+3[$'($
0211X$
$
^/($>=9>$"(+$'(->9(3+$91"(+\$9$1'>>1+$>93>\$9(,$>=+$,+>+*N'(9>'"($>"$
*+0*9'($0*"N$>+11'(;$>=+$">=+*$N9($=+$#9-$#*"(;\$-9H+,$N7$3"N59(7$
9$-2L->9(>'91$9N"2(>$"0$39-=\$9(,$'>$#"21,$L+$=9*,$>"$5193+$9$N"(+7$
H912+$"($>=+$;"",$#'11$>=9>$#9-$-9H+,X^$
$
a9*>'($K2>=+*$d'(;$#9-$9-[+,$="#\$9-$9$593'0'->\$=+$3"21,$L+$9($
9,N'*+*$"0$.'*$)"*3+$`+(+*91$89('+1$^:=955'+^$k9N+-\$>=+($>=+$
(9>'"(]-$=';=+-><*9(['(;$L193[$"00'3+*X$8*X$d'(;$*+51'+,\$^/$l2,;+$
5+"51+$L7$>=+'*$"#($5*'(3'51+-$<$(">$L7$N7$"#(X^$
$
/($9$-'N'19*$#97\$`+(+*91$G"L+*>$IX$K++$"(3+$-5"[+$>"$>=+$5*+-',+(>$
"0$>=+$:"(0+,+*937\$k+00+*-"($89H'-\$'($>=+$N"->$;1"#'(;$>+*N-$9L"2>$
9$3+*>9'($"00'3+*$2(,+*$='-$3"NN9(,X$.(">=+*$"00'3+*$'($9>>+(,9(3+$
#9-$9->"('-=+,X$^`+(+*91\^$=+$-9',\$^$,"$7"2$(">$[("#$>=9>$>=+$N9($
"0$#="N$7"2$-5+9[$-"$=';=17$'-$"(+$"0$7"2*$L'>>+*+->$+(+N'+-$#="$
N'--+-$("$"55"*>2('>7$>"$N91';($7"2f^$^_+-\^$*+51'+,$`+(+*91$K++\$
^L2>$>=+$5*+-',+(>$9-[+,$N7$"5'('"($"0$='Ni$=+$,',$(">$9-[$0"*$='-$
"5'('"($"0$N+X^$
$
67$>=+$#97\$/$9N$(">$*+H+91'(;$9(7>='(;$(+#$'($>='-$3=95>+*X$%#"$
>="2-9(,$7+9*-$9;"\$k+-2-$-9',W$^.;*++$#'>=$>='(+$9,H+*-9*7$
b2'3[17X^$
$
.(,$P\PQQ$7+9*-$L+0"*+$:=*'->$#9-$L"*(\$d'(;$.[=>"'$"0$I;75>$;9H+$
='-$-"($-"N+$-=*+#,$9,H'3+$<$9,H'3+$>=9>$'-$-"*+17$(++,+,$>",97X$^6+$
,'51"N9>'3\^$3"2(-+1+,$>=+$d'(;X$^/>$#'11$=+15$7"2$;9'($7"2*$5"'(>X^$
$
/($">=+*$#"*,-\$,"(]>$9*;2+$#'>=$7"2*$32->"N+*$"*$7"2*$-5"2-+$"*$
7"2*$9,H+*-9*7X$8"(]>$>+11$>=+N$>=+7$9*+$#*"(;\$,"(]>$;+>$>=+N$
->'**+,$25X$Z-+$9$1'>>1+$,'51"N937X$
$
c$4*'(3'51+$P$<$R="#$*+-5+3>$0"*$>=+$">=+*$5+*-"(]-$"5'('"(-X$M+H+*$
-97\$^_"2]*+$#*"(;X^$$
$
ooooooo$
$
A$<$/0$_"2]*+$&*"(;\$.,N'>$/>$
$
&'>='($9$N'(2>+]-$#91[$"0$N7$="2-+$>=+*+$#9-$9$#'1,$->*+>3=$"0$H'*;'($
>'NL+*\$#=+*+$>=+$L193[L+**7$>='3[+>-$0"9N+,$#='>+$'($>=+$
-5*'(;>'N+\$#=+*+$>=+$-b2'**+1-$(+->+,$9(,$*+9*+,$>=+'*$7"2(;\$9(,$
>=+$="*-+#++,-$;*+#$9-$>911$9-$9$="*-+]-$=+9,X$%='-$2(-5"'1+,$
#"",19(,$#9-$3911+,$)"*+->$49*[$<$9(,$'>$#9-$9$0"*+->\$5*"L9L17$(">$
N23=$,'00+*+(>$'($955+9*9(3+$0*"N$#=9>$'>$#9-$#=+($:"12NL2-$
,'-3"H+*+,$.N+*'39X$/$0*+b2+(>17$#91[+,$'($>='-$59*[$#'>=$G+Y\$N7$
1'>>1+$6"->"($L211,";X$!+$#9-$9$0*'+(,17\$=9*N1+--$1'>>1+$="2(,i$9(,$
-'(3+$#+$*9*+17$N+>$9(7"(+$'($>=+$59*[\$/$>""[$G+Y$91"(;$#'>="2>$9$
1+9-=$"*$9$N2gg1+X$
$
S(+$,97$#+$+(3"2(>+*+,$9$N"2(>+,$5"1'3+N9($'($>=+$59*[\$9$
5"1'3+N9($'>3='(;$>"$-="#$='-$92>="*'>7X$
$
^]&=9>$,"$7"2$N+9($L7$1+>>'(;$>=9>$,";$*2($1""-+$'($>=+$59*[$#'>="2>$
9$N2gg1+$9(,$1+9-=f^$=+$*+5*'N9(,+,$N+X$^8"(]>$7"2$[("#$'>]-$
9;9'(->$>=+$19#f^$
$
^_+-\$/$[("#$'>$'-\^$/$*+51'+,$-"0>7\$^L2>$/$,',(]>$>='([$=+$#"21,$,"$9(7$
=9*N$"2>$=+*+X^$
$
^_"2$,',(]>$>='([j$_"2$,',(]>$>='([j$%=+$19#$,"+-(]>$;'H+$9$>'([+*]-$
,9N($9L"2>$#=9>$7"2$>='([X$%=9>$,";$N';=>$['11$9$-b2'**+1$"*$L'>+$9$
3='1,X$M"#\$/]N$;"'(;$>"$1+>$7"2$"00$>='-$>'N+i$L2>$'0$/$39>3=$>='-$,";$
"2>$=+*+$9;9'($#'>="2>$9$N2gg1+$9(,$9$1+9-=\$7"2]11$=9H+$>"$>+11$'>$>"$
>=+$l2,;+$X^$
$
/$N++[17$5*"N'-+,$>"$"L+7X$
$
.(,$/$,',$"L+7$<$0"*$9$0+#$>'N+-X$62>$G+Y$,',(]>$1'[+$>=+$N2gg1+\$9(,$
(+'>=+*$,',$/i$-"$#+$,+3',+,$>"$>9[+$9$3=9(3+X$IH+*7>='(;$#9-$1"H+17$
0"*$9$#='1+\$9(,$>=+($#+$->*23[$9$-(9;X$G+Y$9(,$/$*93+,$"H+*$>=+$
L*"#$"0$9$='11$"(+$90>+*(""($9(,$>=+*+\$-2,,+(17$<$>"$N7$,'-N97$<$/$
-9#$>=+$N9l+->7$"0$>=+$19#\$9->*',+$9$L97$="*-+X$G+Y$#9-$"2>$'($
0*"(>\$=+9,'(;$->*9';=>$0"*$>=+$"00'3+*X$
$
/$#9-$'($0"*$'>X$/$[(+#$'>X$R"$/$,',(]>$#9'>$2(>'1$>=+$5"1'3+N9($->9*>+,$
>91['(;X$/$L+9>$='N$>"$'>X$/$-9',W$^S00'3+*\$7"2]H+$392;=>$N+$*+,<
=9(,+,X$/]N$;2'1>7X$/$=9H+$("$91'L'-\$("$+Y32-+-X$_"2$#9*(+,$N+$19->$
#++[$>=9>$'0$/$L*"2;=>$>=+$,";$"2>$=+*+$9;9'($#'>="2>$9$N2gg1+$7"2$
#"21,$0'(+$N+X^$
$
^&+11\$("#\^$>=+$5"1'3+N9($*+-5"(,+,$'($9$-"0>$>"(+X$^/$[("#$'>]-$9$
>+N5>9>'"($>"$1+>$9$1'>>1+$,";$1'[+$>=9>$=9H+$9$*2($"2>$=+*+$#=+($
("L",7$'-$9*"2(,X^$
$
^R2*+$'>]-$9$>+N5>9>'"(\^$/$*+51'+,\$^L2>$'>$'-$9;9'(->$>=+$19#X^$
$
^&+11\$9$1'>>1+$,";$1'[+$>=9>$'-(]>$;"'(;$>"$=9*N$9(7L",7\^$>=+$
5"1'3+N9($*+N"(->*9>+,X$
$
^M"\$L2>$=+$N97$['11$-b2'**+1-\^$/$-9',X$
$
^&+11$("#\$/$>='([$7"2$9*+$>9['(;$>='-$9$L'>$>""$-+*'"2-17\^$=+$>"1,$N+X$
^/]11$>+11$7"2$#=9>$7"2$,"X$_"2$l2->$1+>$='N$*2($"H+*$>=+$='11$>=+*+$
#=+*+$/$39(]>$-++$='N$<$9(,$#+]11$0"*;+>$911$9L"2>$'>X^$
$
%=9>$5"1'3+N9(\$L+'(;$=2N9(\$#9(>+,$9$0++1'(;$"0$'N5"*>9(3+i$-"$
#=+($/$L+;9($>"$3"(,+N($N7-+10\$>=+$"(17$#97$=+$3"21,$("2*'-=$='-$
-+10<+->++N$#9-$>"$>9[+$>=+$N9;(9('N"2-$9>>'>2,+$"0$-="#'(;$
N+*37X$
$
62>$-255"-+$/$=9,$>*'+,$>"$,+0+(,$N7-+10$<$#+11\$,',$7"2$+H+*$9*;2+$
#'>=$9$5"1'3+N9(f$
$
62>$'(->+9,$"0$L*+9['(;$19(3+-$#'>=$='N\$/$9,N'>>+,$>=9>$=+$#9-$
9L-"12>+17$*';=>$9(,$/$#9-$9L-"12>+17$#*"(;i$/$9,N'>>+,$'>$b2'3[17\$
"5+(17\$9(,$#'>=$+(>=2-'9-NX$%=+$9009'*$>+*N'(9>+,$;*93'"2-17$'($N7$
>9['(;$='-$-',+$9(,$='-$>9['(;$N7$-',+X$K"*,$:=+->+*0'+1,$='N-+10$
3"21,$=9*,17$=9H+$L++($N"*+$;*93'"2-$>=9($>='-$N"2(>+,$5"1'3+N9(\$
#="\$"(17$9$#++[$5*+H'"2-17\$=9,$>=*+9>+(+,$>"$=9H+$>=+$19#$"($N+X$
$
/0$#+$[("#$#+$9*+$;"'(;$>"$L+$*+L2[+,$9(7="#\$'-(]>$'>$09*$L+>>+*$>"$
L+9>$>=+$">=+*$5+*-"($>"$'>$9(,$,"$'>$"2*-+1H+-f$/-(]>$'>$N23=$+9-'+*$
>"$1'->+($>"$-+10<3*'>'3'-N$>=9($>"$L+9*$3"(,+N(9>'"($0*"N$91'+($1'5-f$
$
R97$9L"2>$7"2*-+10$911$>=+$,+*";9>"*7$>='(;-$7"2$[("#$>=+$">=+*$
5+*-"($'-$>='(['(;$"*$#9(>-$>"$-97$"*$'(>+(,-$>"$-97$<$9(,$-97$>=+N$
L+0"*+$>=9>$5+*-"($=9-$9$3=9(3+$>"$-97$>=+NX$%=+$3=9(3+-$9*+$9$
=2(,*+,$>"$"(+$>=9>$9$;+(+*"2-\$0"*;'H'(;$9>>'>2,+$#'11$L+$>9[+($9(,$
7"2*$N'->9[+-$#'11$L+$N'('N'g+,$l2->$9-$>=+$N"2(>+,$5"1'3+N9($,',$
#'>=$N+$9(,$G+YX$
$
)+*,'(9(,$IX$&9**+(\$9$3"NN+*3'91$9*>'->\$2-+,$>='-$>+3=('b2+$>"$#'($
>=+$;"",$#'11$"0$9$5+>219(>\$-3"1,'(;$L27+*$"0$9*>X$
$
^/>$'-$'N5"*>9(>\$'($N9['(;$,*9#'(;-$0"*$9,H+*>'-'(;$9(,$52L1'-='(;$
52*5"-+-\$>"$L+$5*+3'-+$9(,$H+*7$+Y93>\^$a*X$&9**+($-9',$9-$=+$>"1,$
>=+$->"*7X$
$
^R"N+$9*>$+,'>"*-$,+N9(,$>=9>$>=+'*$3"NN'--'"(-$L+$+Y+32>+,$
'NN+,'9>+17i$9(,$'($>=+-+$39-+-\$-"N+$-1';=>$+**"*$'-$1'9L1+$>"$"332*X$/$
[(+#$"(+$9*>$,'*+3>"*$'($59*>'3219*$#="$#9-$91#97-$,+1';=>+,$>"$0'(,$
0921>$#'>=$-"N+$1'>>1+$>='(;X$/$=9H+$"0>+($1+0>$='-$"00'3+$'($,'-;2->\$(">$
L+392-+$"0$>=+$3*'>'3'-N\$L2>$L+392-+$"0$='-$N+>=",$"0$9>>93[X$
G+3+(>17$/$,+1'H+*+,$9$*2-=$l"L$>"$>='-$+,'>"*\$9(,$=+$5="(+,$N+$>"$
3911$9>$='-$"00'3+$'NN+,'9>+17X$!+$-9',$-"N+>='(;$#9-$#*"(;X$&=+($/$
9**'H+,\$/$0"2(,$l2->$#=9>$/$=9,$9(>'3'59>+,$<$9(,$,*+9,+,X$!+$#9-$
="->'1+\$;1"9>'(;$"H+*$='-$3=9(3+$>"$3*'>'3'g+X$!+$,+N9(,+,$#'>=$=+9>$
#=7$/$=9,$,"(+$-"$9(,$-"X$a7$"55"*>2('>7$=9,$3"N+$>"$95517$>=+$
-+10<3*'>'3'-N$/$=9,$L++($->2,7'(;$9L"2>X$R"$/$-9',W$]]a*X$R"<9(,<-"\$'0$
#=9>$7"2$-97$'-$>*2+\$/$9N$9>$0921>$9(,$>=+*+$'-$9L-"12>+17$("$+Y32-+$
0"*$N7$L12(,+*X$/$=9H+$L++($,"'(;$,*9#'(;-$0"*$7"2$1"(;$+("2;=$>"$
[("#$L+><>+*X$/]N$9-=9N+,$"0$N7-+10X]$
$
^/NN+,'9>+17$=+$->9*>+,$>"$,+0+(,$N+X$]_+-\$7"2]*+$*';=>\$L2>$90>+*$
911\$>='-$'-(]>$9$-+*'"2-$N'->9[+X$/>$'-$"(17$<]$
$
^/$'(>+**25>+,$='NX$].(7$N'->9[+\]$/$-9',\$]N97$L+$3"->17$9(,$>=+7$9*+$
911$'**'>9>'(;X]$
$
^!+$->9*>+,$>"$L*+9[$'(\$L2>$/$#"21,(]>$1+>$='NX$/$#9-$=9H'(;$9$;*9(,$
>'N+X$)"*$>=+$0'*->$>'N+$'($N7$1'0+\$/$#9-$3*'>'3'g'(;$N7-+10$<$9(,$/$
1"H+,$'>X$
$
^$]/$-="21,$=9H+$L++($N"*+$39*+021\]$/$3"(>'(2+,X$]_"2$;'H+$N+$9$1">$
"0$#"*[\$9(,$7"2$,+-+*H+$>=+$L+->i$-"$/]N$;"'(;$>"$,"$>='-$,*9#'(;$
911$"H+*X]$
$
^$]M"j$M"j]$=+$5*">+->+,X$]/$#"21,(]>$>='([$"0$52>>'(;$7"2$>"$911$>=9>$
>*"2L1+X]$!+$5*9'-+,$N7$#"*[\$9--2*+,$N+$>=9>$=+$#9(>+,$"(17$9$
N'("*$3=9(;+$9(,$>=9>$N7$-1';=>$+**"*$=9,(]>$3"->$='-$0'*N$9(7$
N"(+7i$9(,\$90>+*$911\$'>$#9-$9$N+*+$,+>9'1$<$(">$#"*>=$#"**7'(;$
9L"2>X$
$
^a7$+9;+*(+--$>"$3*'>'3'g+$N7-+10$>""[$911$>=+$0';=>$"2>$"0$='NX$!+$
+(,+,$25$L7$>9['(;$N+$>"$12(3=i$9(,$L+0"*+$#+$59*>+,\$=+$;9H+$N+$
9$3=+3[$9(,$9(">=+*$3"NN'--'"(^$
$
%=+*+$'-$9$3+*>9'($,+;*++$"0$-9>'-093>'"($'($=9H'(;$>=+$3"2*9;+$>"$
9,N'>$"(+]-$+**"*-X$/>$(">$"(17$31+9*-$>=+$9'*$"0$;2'1>$9(,$
,+0+(-'H+(+--\$L2>$"0>+($=+15-$-"1H+$>=+$5*"L1+N$3*+9>+,$L7$>=+$
+**"*X$
$
6*23+$!9*H+7$"0$.1L2b2+*b2+\$M+#$a+Y'3"\$=9,$'(3"**+3>17$
92>="*'g+,$597N+(>$"0$0211$#9;+-$>"$9($+N51"7++$"($-'3[$1+9H+X$
&=+($=+$,'-3"H+*+,$='-$+**"*\$=+$L*"2;=>$'>$>"$>=+$9>>+(>'"($"0$>=+$
+N51"7++$9(,$+Y519'(+,$>=9>$>"$3"**+3>$>=+$N'->9[+$=+$#"21,$=9H+$>"$
*+,23+$='-$(+Y>$5973=+3[$L7$>=+$+(>'*+$9N"2(>$"0$>=+$"H+*597N+(>X$
%=+$+N51"7++$51+9,+,$>=9>$9-$>=9>$#"21,$392-+$='N$9$-+*'"2-$
0'(9(3'91$5*"L1+N\$3"21,$>=+$N"(+7$L+$*+59',$"H+*$9$5+*'",$"0$>'N+f$
/($"*,+*$>"$,"$>='-\$!9*H+7$+Y519'(+,\$=+$#"21,$=9H+$>"$"L>9'($='-$
-25+*H'-"*]-$955*"H91X$^.(,$>='-$/$[(+#\^$*+5"*>+,$!9*H+7\$^#"21,$
*+-21>$'($9$L"--<>75+$+Y51"-'"(\$&='1+$>*7'(;$>"$,+3',+$="#$>"$=9(,1+$
>='-$-'>29>'"($L+>>+*\$/$*+91'g+,$>=9>$>=+$#="1+$N+--$#9-$N7$0921>$9(,$
/$#"21,$=9H+$>"$9,N'>$/$'>$>"$N7$L"--X$
$
^/$#91[+,$'(>"$='-$"00'3+\$>"1,$='N$>=9>$/$=9,$N9,+$9$N'->9[+$9(,$
>=+($'(0"*N+,$='N$"0$>=+$3"N51+>+$093>-X$!+$*+51'+,$'($9($+Y51"-'H+$
N9((+*$>=9>$'>$#9-$>=+$0921>$"0$>=+$5+*-"((+1$,+59*>N+(>X$/$*+5+9>+,$
>=9>$'>$#9-$N7$0921>X$!+$+Y51",+,$9;9'($9L"2>$39*+1+--(+--$'($>=+$
933"2(>'(;$,+59*>N+(>X$.;9'($/$+Y519'(+,$'>$#9-$N7$0921>X$!+$L19N+,$
>#"$">=+*$5+"51+$'($>=+$"00'3+X$62>$+93=$>'N+$/$*+'>+*9>+,$'>$#9-$N7$
0921>X$)'(9117\$=+$1""[+,$9>$N+$9(,$-9',\$]S[97\$'>$#9-$7"2*$0921>X$M"#$
->*9';=>+($'>$"2>X]$%=+$+**"*$#9-$3"**+3>+,$9(,$("L",7$;">$'(>"$
>*"2L1+X$/$0+1>$;*+9>$L+392-+$/$#9-$9L1+$>"$=9(,1+$9$>+(-+$-'>29>'"($
9(,$=9,$>=+$3"2*9;+$(">$>"$-++[$91'L'-X$a7$L"--$=9-$=9,$N"*+$
*+-5+3>$0"*$N+$+H+*$-'(3+X^$
$
.(7$0""1$39($>*7$>"$,+0+(,$='-$"*$=+*$N'->9[+-$<$9(,$N"->$0""1-$,"$<$
L2>$'>$*9'-+-$"(+$9L"H+$>=+$=+*,$9(,$;'H+-$"(+$9$0++1'(;$"0$("L'1'>7$
9(,$+Y21>9>'"($>"$9,N'>$"(+]-$N'->9[+-X$)"*$+Y9N51+\$"(+$"0$>=+$N"->$
L+92>'021$>='(;-$>=9>$='->"*7$*+3"*,-$9L"2>$G"L+*>$IX$K++$'-$>=+$#97$
=+$L19N+,$='N-+10$9(,$"(17$='N-+10$0"*$>=+$09'12*+$"0$4'3[+>>]-$3=9*;+$
9>$`+>>7-L2*;X$
$
4'3[+>>]-$3=9*;+$#9-$2(,"2L>+,17$>=+$N"->$L*'11'9(>$9(,$5'3>2*+-b2+$
9>>93[$>=9>$+H+*$"332**+,$'($>=+$&+->+*($#"*1,X$`+(+*91$`+"*;+$IX$
4'3[+>>$='N-+10$#9-$5'3>2*+-b2+X$!+$#"*+$='-$=9'*$-"$1"(;$>=9>$='-$
92L2*($1"3[-$91N"->$>"23=+,$='-$-="21,+*-i$9(,\$1'[+$M95"1+"($'($='-$
/>91'9($39N59';(-\$=+$#*">+$9*,+(>$1"H+<1+>>+*-$91N"->$,9'17$#='1+$"($
>=+$L9>>1+0'+1,X$!'-$,+H">+,$>*""5-$3=++*+,$='N$>=9>$>*9;'3$k217$
90>+*(""($9-$=+$*",+$"00$l92(>'17$>"#9*,$>=+$Z('"($1'(+-\$='-$395$-+>$
9>$9$*9['-=$9(;1+$"H+*$='-$*';=>$+9*X$%=+7$3=++*+,$9(,$>=+7$0"11"#+,$
='N\$N9($>"23='(;$N9(\$*9([$5*+--'(;$*9([\$#'>=$L9((+*-$017'(;$9(,$
L97"(+>-$;1+9N'(;$'($>=+$-2(X$/>$#9-$9$;9119(>$-';=>X$89*'(;X$
a9;('0'3+(>X$.$N2*N2*$"0$9,N'*9>'"($*9($>=*"2;=$>=+$Z('"($1'(+-$9-$
>=+7$L+=+1,$'>X$
$
4'3[+>>]-$>*""5-$-#+5>$0"*#9*,$9>$9(7$+9-7$>*">\$>=*"2;=$"*3=9*,$9(,$
3"*(0'+1,\$93*"--$9$N+9,"#$9(,$"H+*$9$*9H'(+X$.11$>=+$>'N+\$>=+$
+(+N7]-$39(("($#9-$>+9*'(;$;=9->17$="1+-$'($>=+'*$*9([-\$62>$"($>=+7$
5*+--+,\$;*'N\$'**+-'->'L1+X$
$
R2,,+(17$>=+$Z('"($'(09(>*7$*"-+$0*"N$L+='(,$>=+$->"(+$#911$"($
:+N+>+*7$G',;+$#=+*+$>=+7$=9,$L++($=','(;$9(,$0'*+,$H"11+7$90>+*$
H"11+7$'(>"$4'3[+>>]-$"(*2-='(;$>*""5-X$%=+$3*+->$"0$>=+$='11$#9-$9$
-=++>$"0$019N+\$9$-192;=>+*="2-+\$9$L19g'(;$H"139("X$/($9$0+#$
N'(2>+-\$911$"0$4'3[+>>]-$L*';9,+$3"NN9(,+*-$+Y3+5>$"(+$#+*+$,"#(\$
9(,$0"2*<0'0>=-$"0$='-$0'H+$>="2-9(,$N+($=9,$0911+(X$
$
`+(+*91$K+#'-$.X$.*N'->+9,\$1+9,'(;$>=+$>*""5-$'($>=+$0'(91$512(;+\$
*9($0"*#9*,\$H921>+,$"H+*$>=+$->"(+$#911\$9(,\$#9H'(;$='-$395$"($>=+$
>"5$"0$='-$-#"*,\$-="2>+,W$^`'H+$]+N$>=+$->++1\$L"7-j^$
$
%=+7$,',X$%=+7$1+95+,$"H+*$>=+$#911\$L97"(+>+,$>=+'*$+(+N'+-\$
-N9-=+,$-[211-$#'>=$312LL+,$N2-[+>-\$9(,$519(>+,$>=+$L9>>1+019;-$"0$
>=+$R"2>=$"($:+N+>+*7$G',;+X$%=+$L9((+*-$#9H+,$>=+*+$"(17$0"*$9$
N"N+(>X$62>$>=9>$N"N+(>\$L*'+0$9-$'>$#9-\$*+3"*,+,$>=+$=';=<#9>+*$
N9*[$"0$>=+$:"(0+,+*937X$
$
4'3[+>>]-$3=9*;+$<$L*'11'9(>\$=+*"'3$<$#9-$(+H+*>=+1+--$>=+$L+;'(('(;$"0$
>=+$+(,X$K++$=9,$09'1+,X$!+$3"21,$(">$5+(+>*9>+$>=+$M"*>=X$.(,$=+$
[(+#$'>X$
$
%=+$R"2>=$#9-$,""N+,X$
$
K++$#9-$-"$-9,,+(+,\$-"$-="3[+,\$>=9>$=+$-+(>$'($='-$*+-';(9>'"($9(,$
9-[+,$k+00+*-"($89H'-\$>=+$5*+-',+(>$"0$>=+$:"(0+,+*937\$>"$955"'(>$
^9$7"2(;+*$9(,$9L1+*$N9(X^$/0$K++$=9,$#9(>+,$>"$L19N+$>=+$
,'-9->*"2-$09'12*+$"0$4'3[+>>]-$3=9*;+$"($-"N+"(+$+1-+\$=+$3"21,$=9H+$
0"2(,$9$-3"*+$"0$91'L'-X$R"N+$"0$='-$,'H'-'"($3"NN9(,+*-$=9,$09'1+,$
='NX$%=+$39H91*7$=9,(]>$9**'H+,$'($>'N+$>"$-255"*>$>=+$'(09(>*7$9>>93[X$
%='-$=9,$;"(+$#*"(;$9(,$>=9>$=9,$;"(+$9#*7X$
$
62>$K++$#9-$09*$>""$("L1+$>"$L19N+$">=+*-X$.-$4'3[+>>]-$L+9>+($9(,$
L1"",7$>*""5-$->*2;;1+,$L93[$>"$>=+$:"(0+,+*9>+$1'(+-\$G"L+*>$IX$K++$
*",+$"2>$>"$N++>$>=+N$911$91"(+$9(,$;*++>+,$>=+N$#'>=$9$-+10<
3"(,+N(9>'"($>=9>$#9-$1'>>1+$-="*>$"0$-2L1'N+X$^.11$>='-$=9-$L++($N7$
0921>\^$=+$3"(0+--+,X$^/$9(,$/$91"(+$=9H+$1"->$>='-$L9>>1+X^$
$
)+#$;+(+*91-$'($911$='->"*7$=9H+$=9,$>=+$3"2*9;+$9(,$3=9*93>+*$>"$
9,N'>$>=9>X$
$
a'3=9+1$:=+2(;\$#="$>+93=+-$"2*$3"2*-+$'($!"(;$d"(;\$>"1,$"0$="#$
>=+$:='(+-+$321>2*+$5*+-+(>-$-"N+$-5+3'91$5*"L1+N-$9(,$="#$
-"N+>'N+-$'>$'-$(+3+--9*7$>"$*+3";('g+$>=9>$>=+$L+(+0'>$"0$95517'(;$9$
5*'(3'51+$N97$L+$N"*+$9,H9(>9;+"2-$>=9($N9'(>9'('(;$9($"1,$
>*9,'>'"(X$!+$=9,$"(+$N',,1+<9;+,$319--$N+NL+*$#="$=9,$L++($
+->*9(;+,$0*"N$='-$-"($0"*$N9(7$7+9*-X$%=+$09>=+*$=9,$L++($9($
"5'2N$9,,'3>\$L2>$#9-$("#$32*+,X$/($:='(+-+$>*9,'>'"($9($"1,+*$
5+*-"($39((">$>9[+$>=+$0'*->$->+5X$%=+$09>=+*$0+1>$>=9>$'>$#9-$25$>"$='-$
-"($>"$>9[+$>=+$'('>'9>'H+$>"#9*,$9$*+3"(3'1'9>'"(X$/($9($+9*17$-+--'"(\$
=+$>"1,$>=+$319--$9L"2>$>=+$;*9(,3='1,*+($=+$=9,$(+H+*$-++($9(,$="#$
N23=$=+$,+-'*+,$>"$L+$*+2('>+,$#'>=$='-$-"(X$!'-$319--N9>+-\$911$
:='(+-+\$2(,+*->"",$='-$3"(01'3>$L+>#++($='-$,+-'*+$9(,$1"(;<
+->9L1'-=+,$>*9,'>'"(X$%=+$09>=+*$0+1>$>=9>$7"2(;$5+"51+$-="21,$=9H+$
*+-5+3>$0"*$>=+'*$+1,+*-$9(,$>=9>$=+$#9-$*';=>$'($(">$;'H'(;$'($>"$='-$
,+-'*+\$L2>$>"$#9'>$0"*$='-$-"($>"$3"N+$>"$='NX$
$
%"#9*,$>=+$+(,$"0$>=+$3"2*-+$>=+$09>=+*$9;9'($9,,*+--+,$='-$319--X$^/$
=9H+$5"(,+*+,$>='-$5*"L1+N\^$=+$-9',X$^891+$:9*(+;'+$-97-\$]/0$7"2$
9*+$#*"(;\$9,N'>$'>$b2'3[17$9(,$+N5=9>'39117X]$/>$'-$>""$19>+$0"*$N+$>"$
9,N'>$'>$b2'3[17\$L2>$/$39($9,N'>$'>$+N5=9>'39117X$/$#*"(;+,$N7$-"(X$
!+$#9-$*';=>$'($(">$#9(>'(;$>"$-++$N+$9(,$>"$+Y5+1$N+$0*"N$='-$1'0+X$
/$N97$1"-+$093+$L7$9-['(;$9$7"2(;+*$5+*-"(]-$0"*;'H+(+--\$L2>$/$#9-$
9>$0921>$9(,$'>$'-$N7$*+-5"(-'L'1'>7$>"$9,N'>$>='-X^$%=+$319--$955192,+,$
9(,$;9H+$='N$>=+'*$0211$-255"*>X$.>$>=+$(+Y>$319--$=+$>"1,$="#$=+$
#+(>$>"$='-$-"(]-$="2-+\$9-[+,$0"*$9(,$*+3+'H+,$0"*;'H+(+--$9(,$#9-$
("#$+NL9*[+,$"($9$(+#$*+19>'"(-='5$#'>=$='-$-"(\$='-$,92;=>+*<'(<
19#$9(,$>=+$;*9(,3='1,*+($=+$=9,$9>$19->$N+>X$
$
I1L+*>$!2LL9*,$#9-$"(+$"0$>=+$N"->$"*';'(91$92>="*-$#="$+H+*$->'**+,$
25$9$(9>'"(\$9(,$='-$->'(;'(;$-+(>+(3+-$"0>+($9*"2-+,$0'+*3+$
*+-+(>N+(>X$62>$!2LL9*,$#'>=$='-$*9*+$-['11$0"*$=9(,1'(;$5+"51+$
0*+b2+(>17$>2*(+,$='-$+(+N'+-$'(>"$0*'+(,-X$
$
)"*$+Y9N51+\$#=+($-"N+$'**'>9>+,$*+9,+*$#*">+$'($>"$-97$>=9>$=+$
,',(]>$9;*++$#'>=$-23=$9(,$-23=$9($9*>'31+$9(,$+(,+,$L7$3911'(;$
!2LL9*,$>='-$9(,$>=9>\$I1L+*>$!2LL9*,$#"21,$9(-#+*$1'[+$>='-W$
$
:"N+$>"$>='([$'>$"H+*\$/$,"(]>$+(>'*+17$9;*++$#'>=$'>$N7-+10X$M">$
+H+*7>='(;$/$#*">+$7+->+*,97$955+91-$>"$N+$>",97X$/$9N$;19,$>"$1+9*($
#=9>$7"2$>='([$"($>=+$-2Ll+3>X$%=+$(+Y>$>'N+$7"2$9*+$'($>=+$
(+';=L"*="",$7"2$N2->$H'-'>$2-$9(,$#+]11$;+>$>='-$-2Ll+3>$>=*+-=+,$
"2>$0"*$911$>'N+X$R"$=+*+$'-$9$=9(,319-5$"H+*$>=+$N'1+-\$9(,$/$9N\$
$
_"2*-$-'(3+*+17\$
$
&=9>$3"21,$7"2$-97$>"$9$N9($#="$>*+9>+,$7"2$1'[+$>=9>f$
$
&=+($#+$9*+$*';=>\$1+>]-$>*7$>"$#'($5+"51+$;+(>17$9(,$>93>02117$>"$"2*$
#97$"0$>='(['(;\$9(,$#=+($#+$9*+$#*"(;$<$9(,$>=9>$#'11$L+$
-2*5*'-'(;17$"0>+(\$'0$#+$9*+$="(+->$#'>=$"2*-+1H+-$<$1+>]-$9,N'>$"2*$
N'->9[+-$b2'3[17$9(,$#'>=$+(>=2-'9-NX$M">$"(17$#'11$>=9>$>+3=('b2+$
5*",23+$9->"('-='(;$*+-21>-i$L2>\$L+1'+H+$'>$"*$(">\$'>$'-$9$1">$N"*+$
02(\$2(,+*$>=+$3'*32N->9(3+-\$>=9($>*7'(;$>"$,+0+(,$"(+-+10X$
$
G+N+NL+*$>=+$"1,$5*"H+*LW$^67$0';=>'(;$7"2$(+H+*$;+>$+("2;=\$L2>$
L7$7'+1,'(;$7"2$;+>$N"*+$>=9($7"2$+Y5+3>+,X^$
$
c$4*'(3'51+$A$<$/0$7"2$9*+$#*"(;\$9,N'>$'>$b2'3[17$9(,$+N5=9>'39117X$$
$
ooooooo$
$
D$<$.$8*"5$S0$!"(+7$
$
/0$7"2*$>+N5+*$'-$9*"2-+,$9(,$7"2$>+11$]+N$9$>='(;$"*$>#"\$7"2$#'11$
=9H+$9$0'(+$>'N+$2(1"9,'(;$7"2*$0++1'(;-X$62>$#=9>$9L"2>$>=+$">=+*$
5+*-"(f$&'11$=+$-=9*+$7"2*$51+9-2*+f$&'11$7"2*$L+11';+*+(>$>"(+-\$7"2*$
="->'1+$9>>'>2,+\$N9[+$'>$+9-7$0"*$='N$>"$9;*++$#'>=$7"2f$
$
^/0$7"2$3"N+$9>$N+$#'>=$7"2*$0'->-$,"2L1+,\^$-9',$&"",*"#$&'1-"(\$
^/$>='([$/$39($5*"N'-+$7"2$>=9>$N'(+$#'11$,"2L1+$9-$09->$9-$7"2*-i$L2>$
'0$7"2$3"N+$>"$N+$9(,$-97\$]K+>$2-$-'>$,"#($9(,$>9[+$3"2(-+1$
>";+>=+*\$9(,\$'0$#+$,'00+*$0*"N$+93=$">=+*\$2(,+*->9(,$#=7$'>$'-$>=9>$
#+$,'00+*\$l2->$#=9>$>=+$5"'(>-$9>$'--2+$9*+\]$#+$#'11$5*+-+(>17$0'(,$
>=9>$#+$9*+$(">$-"$09*$959*>$90>+*$911\$>=9>$>=+$5"'(>-$"($#='3=$#+$
,'00+*$9*+$0+#$9(,$>=+$5"'(>-$"($#='3=$#+$9;*++$9*+$N9(7\$9(,$>=9>$
'0$#+$"(17$=9H+$>=+$59>'+(3+$9(,$>=+$39(,"*$9(,$>=+$,+-'*+$>"$;+>$
>";+>=+*\$#+$#'11$;+>$>";+>=+*X^$
$
M"L",7$955*+3'9>+,$>=+$>*2>=$"0$&"",*"#$&'1-"(]-$->9>+N+(>$N"*+$
>=9($k"=($8X$G"3[+0+11+*\$k*X$693[$'($?@?T\$G"3[+0+11+*$#9-$>=+$N"->$
0'+*3+17$,+-5'-+,$N9($'($:"1"*9,"\$S(+$"0$>=+$L1"",'+->$->*'[+-$'($>=+$
='->"*7$"0$.N+*'39($'(,2->*7$=9,$L++($-="3['(;$>=+$->9>+$0"*$>#"$
>+**'L1+$7+9*-X$/*9>+\$L+11';+*+(>$N'(+*-$#+*+$,+N9(,'(;$=';=+*$
#9;+-$0*"N$>=+$:"1"*9,"$)2+1$9(,$/*"($:"N59(7i$G"3[+0+11+*$
3"(>*"11+,$>=9>$3"N59(7X$4*"5+*>7$=9,$L++($,+->*"7+,\$>*""5-$=9,$
L++($3911+,$"2>X$61"",$=9,$L++($-=+,X$R>*'[+*-$=9,$L++($-=">\$>=+'*$
L",'+-$*',,1+,$#'>=$L211+>-X$$
$
.>$9$>'N+$1'[+$>=9>\$#'>=$>=+$9'*$-++>='(;$#'>=$=9>*+,\$G"3[+0+11+*$
#9(>+,$>"$#'($>=+$->*'[+*-$>"$='-$#97$"0$>='(['(;X$.(,$=+$,',$'>X$!"#f$
!+*+]-$>=+$->"*7X$.0>+*$#++[-$-5+(>$'($N9['(;$0*'+(,-\$G"3[+0+11+*$
9,,*+--+,$>=+$*+5*+-+(>9>'H+-$"0$>=+$->*'[+*-X$%='-$-5++3=\$'($'>-$
+(>'*+>7\$'-$9$N9->+*5'+3+X$/>$5*",23+,$9->"('-='(;$*+-21>-X$/>$391N+,$
>=+$>+N5+->2"2-$#9H+-$"0$=9>+$>=9>$>=*+9>+(+,$>"$+(;210$
G"3[+0+11+*X$/>$#"($='N$9$="->$"0$9,N'*+*-X$/>$5*+-+(>+,$093>-$'($-23=$
9$0*'+(,17$N9((+*$>=9>$>=+$->*'[+*-$#+(>$L93[$>"$#"*[$#'>="2>$-97'(;$
9(">=+*$#"*,$9L"2>$>=+$'(3*+9-+$'($#9;+-$0"*$#='3=$>=+7$=9,$0"2;=>$
-"$H'"1+(>17X$
$
%=+$"5+('(;$"0$>=9>$*+N9*[9L1+$-5++3=$0"11"#-X$M">+$="#$'>$09'*17$
;1"#-$#'>=$0*'+(,1'(+--X$G"3[+0+11+*\$*+N+NL+*\$#9-$>91['(;$>"$N+($
#="\$9$0+#$,97-$5*+H'"2-17\$=9,$#9(>+,$>"$=9(;$='N$L7$>=+$(+3[$>"$
9$-"2*$9551+$>*++i$7+>$=+$3"21,(]>$=9H+$L++($N"*+$;*93'"2-\$N"*+$
0*'+(,17$'0$=+$=9,$9,,*+--+,$9$;*"25$"0$N+,'391$N'--'"(9*'+-X$!'-$
-5++3=$#9-$*9,'9(>$#'>=$-23=$5=*9-+-$9-$/$9N$5*"2,$>"$L+$=+*+\$
=9H'(;$H'-'>+,$'($7"2*$="N+-\$N+>$N9(7$"0$7"2*$#'H+-$9(,$3='1,*+(\$
#+$N++>$=+*+$(">$9-$->*9(;+*-\$L2>$9-$0*'+(,-$XXX$-5'*'>$"0$N2>291$
0*'+(,-='5\$"2*$3"NN"($'(>+*+->-\$'>$'-$"(17$L7$7"2*$3"2*>+-7$>=9>$/$
9N$=+*+X$
$
^%='-$'-$9$*+,<1+>>+*$,97$'($N7$1'0+\^$G"3[+0+11+*$L+;9(X$^/>$'-$>=+$0'*->$
>'N+$/$=9H+$+H+*$=9,$>=+$;"",$0"*>2(+$>"$N++>$>=+$*+5*+-+(>9>'H+-$"0$
>=+$+N51"7++-$"0$>='-$;*+9>$3"N59(7\$'>-$"00'3+*-$9(,$
-25+*'(>+(,+(>-\$>";+>=+*\$9(,$/$39($9--2*+$7"2$>=9>$/$9N$5*"2,$>"$
L+$=+*+\$9(,$>=9>$/$-=911$*+N+NL+*$>='-$;9>=+*'(;$9-$1"(;$9-$/$1'H+X$
!9,$>='-$N++>'(;$L++($=+1,$>#"$#++[-$9;"\$/$-="21,$=9H+$->"",$=+*+$
9$->*9(;+*$>"$N"->$"0$7"2\$*+3";('g'(;$9$0+#$093+-X$!9H'(;$=9,$>=+$
"55"*>2('>7$19->$#++[$"0$H'-'>'(;$911$>=+$39N5-$'($>=+$-"2>=+*($3"91$
0'+1,$9(,$"0$>91['(;$'(,'H',29117$#'>=$5*93>'39117$911$"0$>=+$
*+5*+-+(>9>'H+-\$+Y3+5>$>="-+$#="$#+*+$9#97i$=9H'(;$H'-'>+,$'($7"2*$
="N+-\$N+>$N9(7$"0$7"2*$#'H+-$9(,$3='1,*+(\$#+$N++>$=+*+$(">$9-$
->*9(;+*-\$L2>$9-$0*'+(,-\$9(,$'>$'-$'($>=9>$-5'*'>$"0$N2>291$0*'+(,-='5$
>=9>$/$9N$;19,$>"$=9H+$>='-$"55"*>2('>7$>"$,'-32--$#'>=$7"2$"2*$
3"NN"($'(>+*+->-X$
$
^R'(3+$>='-$'-$9$N++>'(;$"0$>=+$"00'3+*-$"0$>=+$3"N59(7$9(,$>=+$
*+5*+-+(>9>'H+-$"0$>=+$+N51"7++-\$'>$'-$"(17$L7$7"2*$3"2*>+-7$>=9>$/$
9N$=+*+\$0"*$/$9N$(">$-"$0"*>2(9>+$9-$>"$L+$+'>=+*$"(+$"*$>=+$">=+*i$
9(,$7+>$/$0++1$>=9>$/$9N$'(>'N9>+17$9--"3'9>+,$#'>=$7"2$N+(\$0"*\$'($9$
-+(-+\$/$*+5*+-+(>$L">=$>=+$->"3[="1,+*-$9(,$>=+$,'*+3>"*-X^$
$
/-(]>$>=9>$9$-25+*L$+Y9N51+$"0$>=+$0'(+$9*>$"0$N9['(;$0*'+(,-$"2>$"0$
+(+N'+-f$
$
R255"-+$G"3[+0+11+*$=9,$>9[+($9$,'00+*+(>$>93[X$R255"-+$=+$=9,$
9*;2+,$#'>=$>="-+$N'(+*-$9(,$=2*1+,$,+H9->9>'(;$093>-$'($>=+'*$093+-X$
R255"-+$=+$=9,$>"1,$>=+N$L7$='-$>"(+-$9(,$'(-'(29>'"(-$>=9>$>=+7$
#+*+$#*"(;$R255"-+$>=9>\$L7$911$>=+$*21+-$"0$1";'3\$=+$=9,$5*"H+,$
>=9>$>=+7$#+*+$#*"(;X$&=9>$#"21,$=9H+$=955+(+,f$a"*+$9(;+*$
#"21,$=9H+$L++($->'**+,$25\$N"*+$=9>*+,\$N"*+$*+H"1>X$
$
/0$9$N9(]-$=+9*>$'-$*9([1'(;$#'>=$,'-3"*,$9(,$'11$0++1'(;$>"#9*,$7"2\$
7"2$39(]>$#'($='N$>"$7"2*$#97$"0$>='(['(;$#'>=$911$>=+$1";'3$'($
:=*'->+(,"NX$R3"1,'(;$59*+(>-$9(,$,"N'(++*'(;$L"--+-$9(,$
=2-L9(,-$9(,$(9;;'(;$#'H+-$"2;=>$>"$*+91'g+$>=9>$5+"51+$,"(]>$#9(>$
>"$3=9(;+$>=+'*$N'(,-X$%=+7$39(]>$=+$0"*3+,$"*$,*'H+($>"$9;*++$#'>=$
7"2$"*$N+X$62>$>=+7$N97$5"--'L17$L+$1+,$>"\$'0$#+$9*+$;+(>1+$9(,$
0*'+(,17\$+H+*$-"$;+(>1+$9(,$+H+*$-"$0*'+(,17X$
$
K'(3"1($-9',$>=9>\$'($+00+3>\$"H+*$9$=2(,*+,$7+9*-$9;"X$!+*+$9*+$='-$
#"*,-W$
$
/>$'-$9($"1,$9(,$>*2+$N9Y'N$>=9>$^9$,*"5$"0$="(+7$39>3=+-$N"*+$01'+-$
>=9($9$;911"($"0$;911X^$R"$#'>=$N+(\$'0$7"2$#"21,$#'($9$N9($>"$7"2$
392-+\$0'*->$3"(H'(3+$='N$>=9>$7"2$9*+$='-$-'(3+*+$0*'+(,X$%=+*+'($'-$9$
,*"5$"0$="(+7$>=9>$39>3=+-$='-$=+9*>i$#='3=\$-97$#=9>$7"2$#'11\$'-$>=+$
;*+9>$=';=$*"9,$>"$='-$*+9-"(X$
$
62-'(+--$+Y+32>'H+-$=9H+$1+9*(+,$>=9>$'>$597-$>"$L+$0*'+(,17$>"$
->*'[+*-X$)"*$+Y9N51+\$#=+($P\TQQ$+N51"7++-$'($>=+$&='>+$a">"*$
:"N59(7]-$519(>$->*23[$0"*$=';=+*$#9;+-$9(,$9$2('"($-="5\$G"L+*>$)X$
6193[\$>=+($5*+-',+(>$"0$>=+$3"N59(7\$,',(]>$1"-+$='-$>+N5+*$9(,$
3"(,+N($9(,$>=*+9>+($9(,$>91[$"0$>*79((7$9(,$:"NN2('->-X$!+$
93>29117$5*9'-+,$>=+$->*'[+*-X$!+$52L1'-=+,$9($9,H+*>'-+N+(>$'($>=+$
:1+H+19(,$595+*-\$3"N51'N+(>'(;$>=+N$"($^>=+$5+93+021$#97$'($
#='3=$>=+7$19',$,"#($>=+'*$>""1-X^$)'(,'(;$>=+$->*'[+$5'3[+>-$',1+\$=+$
L"2;=>$>=+N$9$3"251+$"0$,"g+($L9-+L911$L9>-$9(,$;1"H+-$9(,$'(H'>+,$
>=+N$>"$5197$L911$"($H939(>$1">-X$)"*$>="-+$#="$5*+0+**+,$L"#1'(;\$=+$
*+(>+,$9$L"#1'(;$911+7X$
$
%='-$0*'+(,1'(+--$"($a*X$6193[]-$59*>$,',$#=9>$0*'+(,1'(+--$91#97-$
,"+-W$'>$L+;">$0*'+(,1'(+--X$R"$>=+$->*'[+*-$L"**"#+,$L*""N-\$-="H+1-\$
9(,$*2LL'-=$39*>-\$9(,$L+;9($5'3['(;$25$N9>3=+-\$595+*-\$3';9*+>>+$
->2L-\$9(,$3';9*$L2>>-$9*"2(,$>=+$093>"*7X$/N9;'(+$'>j$/N9;'(+$
->*'[+*-$>',7'(;$25$>=+$093>"*7$;*"2(,-$#='1+$L9>>1'(;$0"*$=';=+*$
#9;+-$9(,$*+3";('>'"($"0$>=+$2('"(X$R23=$9($+H+(>$=9,$(+H+*$L++($
=+9*,$"0$L+0"*+$'($>=+$1"(;\$>+N5+->2"2-$='->"*7$"0$.N+*'39($19L"*$
#9*-X$%=9>$->*'[+$+(,+,$#'>=$9$3"N5*"N'-+$-+>>1+N+(>$#'>='($9$
#++[<+(,+,$#'>="2>$9(7$'11$0++1'(;$"*$*9(3"*X$
$
89('+1$&+L->+*\$#="$1""[+,$1'[+$9$;",$9(,$>91[+,$1'[+$k+="H9=\$#9-$
"(+$"0$>=+$N"->$-233+--021$9,H"39>+-$#="$+H+*$51+9,+,$9$39-+i$7+>$
=+$2-=+*+,$'($='-$N"->$5"#+*021$9*;2N+(>-$#'>=$-23=$0*'+(,17$
*+N9*[-$9-W$^/>$#'11$L+$0"*$>=+$l2*7$>"$3"(-',+*\^$^%='-$N97$5+*=95-$
L+$#"*>=$>='(['(;$"0\^$^$!+*+$9*+$-"N+$093>-$>=9>$/$>*2->$7"2$#'11$(">$
1"-+$-';=>$"0\^$"*$^_"2\$#'>=$7"2*$[("#1+,;+$"0$=2N9($(9>2*+\$#'11$
+9-'17$-++$>=+$-';('0'39(3+$"0$>=+-+$093>-X^$M"$L211,"g'(;X$M"$=';=<
5*+--2*+$N+>=",-X$M"$9>>+N5>$>"$0"*3+$='-$"5'('"(-$"($">=+*-X$
&+L->+*$2-+,$>=+$-"0><-5"[+(\$b2'+>\$0*'+(,17$955*"93=\$9(,$'>$=+15+,$
>"$N9[+$='N$09N"2-X$
$
_"2$N97$(+H+*$L+$3911+,$25"($>"$-+>>1+$9$->*'[+$"*$9,,*+--$9$l2*7\$L2>$
7"2$N97$#9(>$>"$;+>$7"2*$*+(>$*+,23+,X$&'11$>=+$0*'+(,17$955*"93=$
=+15$7"2$>=+(f$K+>]-$-++X$
$
QX$KX$R>*92L\$9($+(;'(++*\$#9(>+,$>"$;+>$='-$*+(>$*+,23+,X$.(,$=+$
[(+#$='-$19(,1"*,$#9-$=9*,<L"'1+,X$^/$#*">+$='N\^$a*X$R>*92L$-9',$'($
9$-5++3=$L+0"*+$>=+$319--\$^(">'07'(;$='N$>=9>$/$#9-$H939>'(;$N7$
959*>N+(>$9-$-""($9-$N7$1+9-+$+Y5'*+,X$%=+$>*2>=$#9-\$/$,',(]>$#9(>$
>"$N"H+X$/$#9(>+,$>"$->97$'0$/$3"21,$;+>$N7$*+(>$*+,23+,X$62>$>=+$
-'>29>'"($-++N+,$="5+1+--X$S>=+*$>+(9(>-$=9,$>*'+,$<$9(,$09'1+,X$
IH+*7"(+$>"1,$N+$>=9>$>=+$19(,1"*,$#9-$+Y>*+N+17$,'00'321>$>"$,+91$
#'>=X$62>$/$-9',$>"$N7-+10\$]/$9N$->2,7'(;$9$3"2*-+$'($="#$>"$,+91$
#'>=$5+"51+\$-"$/]11$>*7$'>$"($='N$<$9(,$-++$="#$'>$#"*[-X]$
$
^!+$9(,$='-$-+3*+>9*7$39N+$>"$-++$N+$9-$-""($9-$=+$;">$N7$1+>>+*X$/$
N+>$='N$9>$>=+$,""*$#'>=$9$0*'+(,17$;*++>'(;X$/$09'*17$L2LL1+,$#'>=$
;"",$#'11$9(,$+(>=2-'9-NX$/$,',(]>$L+;'($>91['(;$9L"2>$="#$=';=$>=+$
*+(>$#9-X$/$L+;9($>91['(;$9L"2>$="#$N23=$/$1'[+,$='-$959*>N+(>$
="2-+X$6+1'+H+$N+\$/$#9-$]=+9*>7$'($N7$955*"L9>'"($9(,$19H'-=$'($N7$
5*9'-+X]$/$3"N51'N+(>+,$='N$"($>=+$#97$=+$*9($>=+$L2'1,'(;$9(,$>"1,$
='N$/$-="21,$1'[+$-"$N23=$>"$->97$0"*$9(">=+*$7+9*$L2>$/$3"21,(]>$
900"*,$'>X$
$
^!+$=9,$+H',+(>17$(+H+*$=9,$-23=$9$*+3+5>'"($0*"N$9$>+(9(>X$!+$
=9*,17$[(+#$#=9>$>"$N9[+$"0$'>X$
$
^%=+($=+$->9*>+,$>"$>+11$N+$='-$>*"2L1+-X$:"N519'('(;$>+(9(>-X$S(+$
=9,$#*'>>+($='N$0"2*>++($1+>>+*-\$-"N+$"0$>=+N$5"-'>'H+17$'(-21>'(;X$
.(">=+*$>=*+9>+(+,$>"$L*+9[$='-$1+9-+$2(1+--$>=+$19(,1"*,$[+5>$>=+$
N9($"($>=+$01""*$9L"H+$0*"N$-("*'(;X$]&=9>$9$*+1'+0$'>$'-\]$=+$-9',\$]>"$
=9H+$9$-9>'-0'+,$>+(9(>$1'[+$7"2X]$.(,$>=+(\$#'>="2>$N7$+H+($9-['(;$
='N$>"$,"$'>\$=+$"00+*+,$>"$*+,23+$N7$*+(>$9$1'>>1+X$/$#9(>+,$N"*+\$-"$
/$(9N+,$>=+$0';2*+$/$3"21,$900"*,$>"$597\$9(,$=+$933+5>+,$#'>="2>$9$
#"*,X$
$
^.-$=+$#9-$1+9H'(;\$=+$>2*(+,$>"$N+$9(,$9-[+,\$]&=9>$,+3"*9>'(;$
39($/$,"$0"*$7"2f]$
$
^/0$/$=9,$>*'+,$>"$;+>$>=+$*+(>$*+,23+,$L7$>=+$N+>=",-$>=+$">=+*$
>+(9(>-$#+*+$2-'(;\$/$9N$5"-'>'H+$/$-="21,$=9H+$N+>$#'>=$>=+$-9N+$
09'12*+$>=+7$+(3"2(>+*+,X$/>$#9-$>=+$0*'+(,17\$-7N59>=+>'3\$
955*+3'9>'H+$955*"93=$>=9>$#"(X^$
$
8+9($&"",3"3[$"0$4'>>-L2*;=\$4+((-71H9('9\$'-$>=+$-25+*'(>+(,+(>$"0$
9$,+59*>N+(>$"0$>=+$1"391$+1+3>*'3$3"N59(7X$!'-$->900$#9-$3911+,$25"($
>"$*+59'*$-"N+$+b2'5N+(>$"($>"5$"0$9$5"1+X$%='-$>75+$"0$#"*[$=9,$
0"*N+*17$L++($5+*0"*N+,$L7$9$,'00+*+(>$,+59*>N+(>$9(,$=9,$"(17$
*+3+(>17$L++($>*9(-0+**+,$>"$&"",3"3[]-$-+3>'"($.1>="2;=$='-$5+"51+$
=9,$L++($>*9'(+,$'($>=+$#"*[\$>='-$#9-$>=+$0'*->$>'N+$>=+7$=9,$+H+*$
93>29117$L++($3911+,$25"($>"$,"$'>X$IH+*7L",7$'($>=+$"*;9('g9>'"($#9-$
'(>+*+->+,$'($-++'(;$'0$9(,$="#$>=+7$3"21,$=9(,1+$'>X$a*X$&"",3"3[\$
-+H+*91$"0$='-$-2L"*,'(9>+$N9(9;+*-\$9(,$N+NL+*-$"0$">=+*$
,+59*>N+(>-$"0$>=+$2>'1'>7$#+(>$>"$-++$>=+$"5+*9>'"(X$a9(7$39*-$9(,$
>*23[-$#+*+$>=+*+\$9(,$9$(2NL+*$"0$5+"51+$#+*+$->9(,'(;$9*"2(,$
#9>3='(;$>=+$>#"$1"(+$N+($"($>"5$"0$>=+$5"1+X$
$
`19(3'(;$9*"2(,\$&"",3"3[$(">'3+,$9$N9($25$>=+$->*++>$;+>>'(;$"2>$
"0$='-$39*$#'>=$9$39N+*9X$!+$L+;9($>9['(;$5'3>2*+-$"0$>=+$-3+(+X$
Z>'1'>7$5+"51+$9*+$+Y>*+N+17$3"(-3'"2-$"0$52L1'3$*+19>'"(-\$9(,$
-2,,+(17$&"",3"3[$*+91'g+,$#=9>$>='-$-+>25$1""[+,$1'[+$>"$>=+$N9($
#'>=$>=+$39N+*9$<$"H+*['11\$,"g+(-$"0$5+"51+$L+'(;$3911+,$"2>$>"$,"$9$
>#"<5+*-"($l"LX$!+$->*"11+,$25$>=+$->*++>$>"$>=+$5=">";*95=+*X$
$
^/$-++$7"2]*+$'(>+*+->+,$'($"2*$"5+*9>'"(X^$
$
^_+-\$9(,$N7$N">=+*$#'11$L+$N"*+$>=9($'(>+*+->+,X$R=+$"#(-$->"3[$'($
7"2*$3"N59(7X$%='-$#'11$L+$9($+7+<"5+(+*$0"*$=+*X$R=+$N97$+H+($
,+3',+$=+*$'(H+->N+(>$#9-$2(#'-+X$/]H+$L++($>+11'(;$=+*$0"*$7+9*-$
>=+*+]-$9$1">$"0$#9->+$N">'"($'($3"N59('+-$1'[+$7"2*-X$%='-$5*"H+-$'>X$
%=+$(+#-595+*-$N';=>$1'[+$>=+-+$5'3>2*+-\$>""X^$
$
^/>$,"+-$1""[$1'[+$'>\$,"+-(]>$'>f$/],$>='([$>=+$-9N+$>='(;$'($7"2*$
5"-'>'"(X$62>$>='-$'-$9$2('b2+$-'>29>'"(\$X$X$X^$9(,$8+9($&"",3"3[$
#+(>$"($>"$+Y519'($="#$>='-$#9-$>=+$0'*->$l"L$"0$>='-$>75+$0"*$='-$
,+59*>N+(>$9(,$="#$+H+*7L",7$0*"N$+Y+32>'H+-$,"#($#9-$
'(>+*+->+,X$!+$9--2*+,$>=+$N9($>=9>$2(,+*$("*N91$3"(,'>'"(-$>#"$
5+"51+$3"21,$=9(,1+$>=+$l"LX$%=+$5=">";*95=+*$52>$9#97$='-$39N+*9\$
-=""[$&"",3"3[]-$=9(,\$9(,$>=9([+,$='N$0"*$>9['(;$>=+$>'N+$>"$
+Y519'($>=+$-'>29>'"($>"$='NX$
$
8+9($&"",3"3[]-$0*'+(,17$955*"93=$-9H+,$='-$3"N59(7$N23=$
+NL9**9--N+(>$9(,$L9,$52L1'3'>7X$
$
.(">=+*$N+NL+*$"0$"(+$"0$"2*$319--+-\$`+*91,$!X$&'(($"0$K'>>1+>"(\$
M+#$!9N5-='*+\$*+5"*>+,$="#$L7$2-'(;$9$0*'+(,17$955*"93=\$=+$
"L>9'(+,$9$H+*7$-9>'-093>"*7$-+>>1+N+(>$"($9$,9N9;+$319'NX$
$
^I9*17$'($>=+$-5*'(;\^$=+$*+5"*>+,\$^L+0"*+$>=+$;*"2(,$=9,$>=9#+,$
0*"N$>=+$#'(>+*$0*++g'(;\$>=+*+$#9-$9($2(2-29117$=+9H7$*9'(->"*N$
9(,$>=+$#9>+*\$#='3=$("*N9117$#"21,$=9H+$*2($"00$>"$(+9*L7$,'>3=+-$
9(,$->"*N$,*9'(-$91"(;$>=+$*"9,\$>""[$9$(+#$3"2*-+$"(>"$9$L2'1,'(;$
1">$#=+*+$/$=9,$l2->$L2'1>$9$(+#$="N+X$
$
^M">$L+'(;$9L1+$>"$*2($"00\$>=+$#9>+*$5*+--2*+$L2'1>$25$9*"2(,$>=+$
0"2(,9>'"($"0$>=+$="2-+X$%=+$#9>+*$0"*3+,$'>-+10$2(,+*$>=+$3"(3*+>+$
L9-+N+(>$01""*\$392-'(;$'>$>"$+Y51",+\$9(,$>=+$L9-+N+(>$0'11+,$#'>=$
#9>+*X$%='-$*2'(+,$>=+$02*(93+$9(,$>=+$="><#9>+*$=+9>+*X$%=+$3"->$>"$
*+59'*$>='-$,9N9;+$#9-$'($+Y3+--$"0$>#"$>="2-9(,$,"119*-X$/$=9,$("$
'(-2*9(3+$>"$3"H+*$>='-$>75+$"0$,9N9;+X$
$
^!"#+H+*\$/$-""($0"2(,$"2>$>=9>$>=+$"#(+*$"0$>=+$-2L,'H'-'"($=9,$
(+;1+3>+,$>"$52>$'($9$->"*N$,*9'($(+9*$>=+$="2-+$#='3=$3"21,$=9H+$
5*+H+(>+,$>='-$5*"L1+N$/$N9,+$9($955"'(>N+(>$>"$-++$='NX$82*'(;$
>=+$>#+(>7<0'H+<N'1+$>*'5$>"$='-$"00'3+\$/$39*+02117$*+H'+#+,$>=+$
-'>29>'"($9(,\$*+N+NL+*'(;$>=+$5*'(3'51+-$/$1+9*(+,$'($>='-$3"2*-+\$/$
,+3',+,$>=9>$-="#'(;$N7$9(;+*$#"21,$(">$-+*H+$9(7$#"*>=#='1+$
52*5"-+\$&=+($/$9**'H+,\$/$[+5>$H+*7$391N$9(,$->9*>+,$L7$>91['(;$
9L"2>$='-$*+3+(>$H939>'"($>"$>=+$&+->$/(,'+-i$>=+(\$#=+($/$0+1>$>=+$
>'N'(;$#9-$*';=>\$/$N+(>'"(+,$>=+$]1'>>1+]$5*"L1+N$"0$#9>+*$,9N9;+X$
!+$b2'3[17$9;*++,$>"$,"$='-$-=9*+$'($=+15'(;$>"$3"**+3>$>=+$5*"L1+NX$
$
^.$0+#$,97-$19>+*$=+$3911+,$9(,$-9',$=+$#"21,$597$0"*$>=+$,9N9;+$
9(,$91-"$52>$'($9$->"*N$,*9'($>"$5*+H+(>$>=+$-9N+$>='(;$0*"N$
=955+('(;$'($>=+$02>2*+X$
$
^IH+($>="2;=$'>$#9-$>=+$0921>$"0$>=+$"#(+*$"0$>=+$-2L,'H'-'"(\$'0$/$=9,$
(">$L+;2($'($9$0*'+(,17$#97\$>=+*+$#"21,$=9H+$L++($9$;*+9>$,+91$"0$
,'00'321>7$'($;+>>'(;$='N$>"$9;*++$>"$>=+$>">91$1'9L'1'>7X^$
$
_+9*-$9;"\$#=+($/$#9-$9$L9*+0"">$L"7$#91['(;$>=*"2;=$>=+$#"",-$>"$
9$3"2(>*7$-3=""1$"2>$'($("*>=#+->$a'--"2*'\$/$*+9,$9$09L1+$9L"2>$>=+$
-2($9(,$>=+$#'(,X$%=+7$b29**+1+,$9L"2>$#='3=$#9-$>=+$->*"(;+*\$9(,$
>=+$#'(,$-9',\$^/]11$5*"H+$/$9NX$R++$>=+$"1,$N9($,"#($>=+*+$#'>=$9$
3"9>f$/$L+>$/$39($;+>$='-$3"9>$"00$='N$b2'3[+*$>=9($7"2$39(X^$
$
R"$>=+$-2($#+(>$L+='(,$9$31"2,\$9(,$>=+$#'(,$L1+#$2(>'1$'>$#9-$
91N"->$9$>"*(9,"\$L2>$>=+$=9*,+*$'>$L1+#\$>=+$>';=>+*$>=+$"1,$N9($
312>3=+,$='-$3"9>$>"$='NX$
$
)'(9117\$>=+$#'(,$391N+,$,"#($9(,$;9H+$25\$9(,$>=+($>=+$-2($39N+$
"2>$0*"N$L+='(,$>=+$31"2,-$9(,$-N'1+,$['(,17$"($>=+$"1,$N9(X$
4*+-+(>17\$=+$N"55+,$='-$L*"#$9(,$5211+,$"00$='-$3"9>X$%=+$-2($>=+($
>"1,$>=+$#'(,$>=9>$;+(>1+(+--$9(,$0*'+(,1'(+--$#+*+$91#97-$->*"(;+*$
>=9($02*7$9(,$0"*3+X$
$
%=+$2-+$"0$;+(>1+(+--$9(,$0*'+(,1'(+--$'-$,+N"(->*9>+,$,97$90>+*$,97$
L7$5+"51+$#="$=9H+$1+9*(+,$>=9>$9$,*"5$"0$="(+7$39>3=+-$N"*+$01'+-$
>=9($9$;911"($"0$;911X$)X$`91+$:"(("*$"0$K2>=+*H'11+\$a9*719(,\$5*"H+,$
>='-$#=+($=+$=9,$>"$>9[+$='-$0"2*<N"(>=<"1,$39*$>"$>=+$-+*H'3+$
,+59*>N+(>$"0$>=+$39*$,+91+*$0"*$>=+$>='*,$>'N+X$!+$>"1,$"2*$319--W$^/>$
#9-$9559*+(>$>=9>$>91['(;$>"\$*+9-"('(;$#'>=$"*$-="2>'(;$9>$>=+$
-+*H'3+$N9(9;+*$#9-$(">$;"'(;$>"$1+9,$>"$9$-9>'-093>"*7$*+-"12>'"($"0$
N7$5*"L1+N-X$
$
^/$#91[+,$"H+*$>"$>=+$-="#*""N$9(,$9-[+,$>"$-++$>=+$9;+(37$"#(+*\$
a*X$&='>+X$.0>+*$9$-="*>$#9'>\$/$#9-$2-=+*+,$'(>"$a*X$&='>+]-$"00'3+X$/$
'(>*",23+,$N7-+10$9(,$+Y519'(+,$>"$='N$>=9>$/$=9,$L"2;=>$N7$39*$
0*"N$='-$,+91+*-='5$L+392-+$"0$>=+$*+3"NN+(,9>'"(-$"0$0*'+(,-$#="$
=9,$=9,$5*+H'"2-$,+91'(;-$#'>=$='NX$/$#9-$>"1,$>=9>$='-$5*'3+-$#+*+$
H+*7$3"N5+>'>'H+$9(,$='-$-+*H'3+$#9-$"2>->9(,'(;X$!+$-N'1+,$#'>=$
-9>'-093>'"($9-$=+$1'->+(+,$>"$N+X$/$>=+($+Y519'(+,$>=+$5*"L1+N$/$#9-$
=9H'(;$#'>=$>=+$-+*H'3+$,+59*>N+(>X$]/$>="2;=>$7"2$N';=>$#9(>$>"$L+$
9#9*+$"0$9(7$-'>29>'"($>=9>$N';=>$>9*('-=$7"2*$0'(+$*+52>9>'"(\]$/$
9,,+,X$!+$>=9([+,$N+$0"*$3911'(;$>='-$>"$='-$9>>+(>'"($9(,$9--2*+,$
N+$>=9>$N7$5*"L1+N$#"21,$L+$>9[+($39*+$"0X$M">$"(17$,',$=+$
5+*-"(91$;+>$'(H"1H+,\$L2>$=+$91-"$1+(>$N+$='-$39*$>"$2-+$#='1+$N'(+$
#9-$L+'(;$*+59'*+,X^$
$
.+-"5$#9-$9$`*++[$-19H+$#="$1'H+,$9>$>=+$3"2*>$"0$:*"+-2-$9(,$-52($
'NN"*>91$09L1+-$-'Y$=2(,*+,$7+9*-$L+0"*+$:=*'->X$_+>$>=+$>*2>=-$=+$
>92;=>$9L"2>$=2N9($(9>2*+$9*+$l2->$9-$>*2+$'($6"->"($9(,$
6'*N'(;=9N$("#$9-$>=+7$#+*+$>#+(>7<-'Y$3+(>2*'+-$9;"$'($.>=+(-X$
%=+$-2($39($N9[+$7"2$>9[+$"00$7"2*$3"9>$N"*+$b2'3[17$>=9($>=+$
#'(,i$9(,$['(,1'(+--\$>=+$0*'+(,17$955*"93=$9(,$955*+3'9>'"($39($
N9[+$5+"51+$3=9(;+$>=+'*$N'(,-$N"*+$*+9,'17$>=9($911$>=+$L12->+*$
9(,$->"*N'(;$'($>=+$#"*1,X$
$
G+N+NL+*$#=9>$K'(3"1($-9',W$^.$,*"5$"0$="(+7$39>3=+-$N"*+$01'+-$
>=9($9$;911"($"0$;911X^$
$
c$4*'(3'51+$D$<$6+;'($'($9$0*'+(,17$#97X$$
$
ooooooo$
$
T$<$%=+$R+3*+>$S0$R"3*9>+-$
$
/($>91['(;$#'>=$5+"51+\$,"(]>$L+;'($L7$,'-32--'(;$>=+$>='(;-$"($#='3=$
7"2$,'00+*X$6+;'($L7$+N5=9-'g'(;$<$9(,$[++5$"($+N5=9-'g'(;$<$>=+$
>='(;-$"($#='3=$7"2$9;*++X$d++5$+N5=9-'g'(;\$'0$5"--'L1+\$>=9>$7"2$
9*+$L">=$->*'H'(;$0"*$>=+$-9N+$+(,$9(,$>=9>$7"2*$"(17$,'00+*+(3+$'-$
"(+$"0$N+>=",$9(,$(">$"0$52*5"-+X$
$
`+>$>=+$">=+*$5+*-"($-97'(;$^_+-\$7+-^$9>$>=+$"2>-+>X$d++5$7"2*$
"55"(+(>\$'0$5"--'L1+\$0*"N$-97'(;$^M"X^$.$^M"^$*+-5"(-+\$933"*,'(;$
>"$4*"0+--"*$SH+*->*++>\$FnJ$'-$9$N"->$,'00'321>$=9(,'395$>"$"H+*3"N+X$
&=+($7"2$=9H+$-9',$^M"\^$911$7"2*$5*',+$"0$5+*-"(91'>7$,+N9(,-$>=9>$
7"2$*+N9'($3"(-'->+(>$#'>=$7"2*-+10X$_"2$N97$19>+*$0++1$>=9>$>=+$^M"^$
#9-$'11<9,H'-+,i$(+H+*>=+1+--\$>=+*+$'-$7"2*$5*+3'"2-$5*',+$>"$
3"(-',+*j$S(3+$=9H'(;$-9',$9$>='(;\$7"2$0++1$7"2$N2->$->'3[$>"$'>X$
!+(3+$'>$'-$"0$>=+$H+*7$;*+9>+->$'N5"*>9(3+$>=9>$9$5+*-"($L+$->9*>+,$
'($>=+$900'*N9>'H+$,'*+3>'"(X$$
$
<<<<$
$
qnr$!9**7$.X$SH+*->*++>\$1(012+(3'(;$!2N2($6+=9H'"*$FM+#$_"*[W$
M"*>"(\$?@PTJX$$
$
<<<<$
$
%=+$-['11021$-5+9[+*$;+>-\$9>$>=+$"2>-+>\$9$(2NL+*$"0$^_+-^$*+-5"(-+-X$
%='-$-+>-$>=+$5-73="1";'391$5*"3+--$"0$>=+$1'->+(+*-$N"H'(;$'($>=+$
900'*N9>'H+$,'*+3>'"(X$/>$'-$1'[+$>=+$N"H+N+(>$"0$9$L'11'9*,$L911X$4*"5+1$
'($"(+$,'*+3>'"(\$9(,$'>$>9[+-$-"N+$0"*3+$>"$,+01+3>$'>i$09*$N"*+$0"*3+$
>"$-+(,$'>$L93[$'($>=+$"55"-'>+$,'*+3>'"(X$
$
%=+$5-73="1";'391$59>>+*(-$=+*+$9*+$b2'>+$31+9*X$&=+($9$5+*-"($-97-$
^M"^$9(,$*+9117$N+9(-$'>\$=+$"*$-=+$'-$,"'(;$09*$N"*+$>=9($-97'(;$9$
#"*,$"0$>#"$1+>>+*-X$%=+$+(>'*+$"*;9('-N$<$;19(,219*\$(+*H"2-\$
N2-3219*$<;9>=+*-$'>-+10$>";+>=+*$'(>"$9$3"(,'>'"($"0$*+l+3>'"(X$%=+*+$
'-\$2-29117$'($N'(2>+$L2>$-"N+>'N+-$'($"L-+*H9L1+$,+;*++\$9$5=7-'391$
#'>=,*9#91$"*$*+9,'(+--$0"*$#'>=,*9#91X$%=+$#="1+$(+2*"N2-3219*$
-7->+N\$'($-="*>\$-+>-$'>-+10$"($;29*,$9;9'(->$933+5>9(3+X$&=+(\$>"$
>=+$3"(>*9*7\$9$5+*-"($-97-$^_+-\^$("(+$"0$>=+$#'>=,*9#91$93>'H'>'+-$
>9[+-$5193+X$%=+$"*;9('-N$'-$'($9$0"*#9*,$<$N"H'(;\$933+5>'(;\$"5+($
9>>'>2,+X$!+(3+$>=+$N"*+$^_+-+-^$#+$39(\$9>$>=+$H+*7$"2>-+>\$'(,23+\$
>=+$N"*+$1'[+17$#+$9*+$>"$-233++,$'($395>2*'(;$>=+$9>>+(>'"($0"*$"2*$
21>'N9>+$5*"5"-91X$
$
/>$'-$9$H+*7$-'N51+$>+3=('b2+$<$>='-$7+-$*+-5"(-+X$.(,$7+>\$="#$N23=$
'>$'-$(+;1+3>+,j$/>$"0>+($-++N-$9-$'0$5+"51+$;+>$9$-+(-+$"0$>=+'*$"#($
'N5"*>9(3+$L7$9(>9;"('g'(;$">=+*-$9>$>=+$"2>-+>X$
$
`+>$9$->2,+(>$>"$-97$^M"^$9>$>=+$L+;'(('(;\$"*$9$32->"N+*\$3='1,\$
=2-L9(,\$"*$#'0+\$9(,$'>$>9[+-$>=+$#'-,"N$9(,$>=+$59>'+(3+$"0$9(;+1-$
>"$>*9(-0"*N$>=9>$L*'->1'(;$(+;9>'H+$'(>"$9($900'*N9>'H+X$
$
%=+$2-+$"0$>='-$^7+-\$7+-^$>+3=('b2+$+(9L1+,$k9N+-$IL+*-"(\$#="$
#9-$9$>+11+*$'($>=+$`*++(#'3=$R9H'(;-$69([\$'($M+#$_"*[$:'>7\$>"$
-+32*+$9$5*"-5+3>'H+$32->"N+*$#="$N';=>$">=+*#'-+$=9H+$L++($1"->X$
$
^%='-$N9($39N+$'($>"$"5+($9($933"2(>\^$-9',$a*X$IL+*-"(\$^9(,$/$
;9H+$='N$"2*$2-291$0"*N$>"$0'11$"2>X$R"N+$"0$>=+$b2+->'"(-$=+$
9(-#+*+,$#'11'(;17\$L2>$>=+*+$#+*+$">=+*-$=+$019>17$*+02-+,$>"$9(-#+*X$
$
^6+0"*+$/$L+;9($>=+$->2,7$"0$=2N9($*+19>'"(-\$/$#"21,$=9H+$>"1,$>='-$
5*"-5+3>'H+$,+5"-'>"*$>=9>$'0$=+$*+02-+,$>"$;'H+$>=+$L9([$>='-$
'(0"*N9>'"(\$#+$-="21,$=9H+$>"$*+02-+$>"$933+5>$>='-$933"2(>X$/$9N$
9-=9N+,$>=9>$/$=9H+$L++($;2'1>7$"0$,"'(;$>=9>$H+*7$>='(;$'($>=+$59->X$
M9>2*9117\$9($21>'N9>2N$1'[+$>=9>$N9,+$N+$0++1$;"",X$/$=9,$-="#($
#="$#9-$L"--\$>=9>$>=+$L9([]-$*21+-$9(,$*+;219>'"(-$3"21,(]>$L+$
01"2>+,X$62>$>=9>$-"*>$"0$9>>'>2,+$3+*>9'(17$,',(]>$;'H+$9$0++1'(;$"0$
#+13"N+$9(,$'N5"*>9(3+$>"$>=+$N9($#="$=9,$#91[+,$'($>"$;'H+$2-$
='-$59>*"(9;+X$
$
^/$*+-"1H+,$>='-$N"*('(;$>"$2-+$9$1'>>1+$="*-+$-+(-+X$/$*+-"1H+,$(">$>"$
>91[$9L"2>$#=9>$>=+$L9([$#9(>+,$L2>$9L"2>$#=9>$>=+$32->"N+*$
#9(>+,X$.(,$9L"H+$911$+1-+\$/$#9-$,+>+*N'(+,$>"$;+>$='N$-97'(;$]7+-\$
7+-]$0*"N$>=+$H+*7$->9*>X$R"$/$9;*++,$#'>=$='NX$/$>"1,$='N$>=+$
'(0"*N9>'"($=+$*+02-+,$>"$;'H+$#9-$(">$9L-"12>+17$(+3+--9*7X$
$
^$]!"#+H+*\]$/$-9',\$]-255"-+$7"2$=9H+$N"(+7$'($>='-$L9([$9>$7"2*$
,+9>=X$&"21,(]>$7"2$1'[+$>"$=9H+$>=+$L9([$>*9(-0+*$'>$>"$7"2*$(+Y>$"0$
['(\$#="$'-$+(>'>1+,$>"$'>$933"*,'(;$>"$19#f]$
$
^$]_+-\$"0$3"2*-+\]$=+$*+51'+,X$
$
^$]8"(]>$7"2$>='([\]$/$3"(>'(2+,\$]>=9>$'>$#"21,$L+$9$;"",$',+9$>"$;'H+$
2-$>=+$(9N+$"0$7"2*$(+Y>$"0$['($-"$>=9>\$'($>=+$+H+(>$"0$7"2*$,+9>=\$
#+$3"21,$39**7$"2>$7"2*$#'-=+-$#'>="2>$+**"*$"*$,+197f]$
$
^.;9'($=+$-9',\$]_+-X]$
$
^%=+$7"2(;$N9(]-$9>>'>2,+$-"0>+(+,$9(,$3=9(;+,$#=+($=+$*+91'g+,$
>=9>$#+$#+*+(]>$9-['(;$0"*$>='-$'(0"*N9>'"($0"*$"2*$-9[+$L2>$0"*$='-$
-9[+X$6+0"*+$1+9H'(;$>=+$L9([\$>='-$7"2(;$N9($(">$"(17$;9H+$N+$
3"N51+>+$'(0"*N9>'"($9L"2>$='N-+10$L2>$=+$"5+(+,\$9>$N7$
-2;;+->'"(\$9$>*2->$933"2(>\$(9N'(;$='-$N">=+*$9-$>=+$L+(+0'3'9*7$0"*$
='-$933"2(>\$9(,$=+$=9,$;19,17$9(-#+*+,$911$>=+$b2+->'"(-$3"(3+*('(;$
='-$N">=+*$91-"X$
$
^/$0"2(,$>=9>$L7$;+>>'(;$='N$>"$-97$]7+-\$7+-]$0*"N$>=+$"2>-+>\$=+$
0"*;">$>=+$'--2+$9>$->9[+$9(,$#9-$=9557$>"$,"$911$>=+$>='(;-$/$
-2;;+->+,X^$
$
k"-+5=$.11'-"(\$9$-91+-$*+5*+-+(>9>'H+$0"*$&+->'(;="2-+$I1+3>*'3$
:"N59(7\$=9,$>='-$->"*7$>"$>+11W$^%=+*+$#9-$9$N9($'($N7$>+**'>"*7$
>=9>$"2*$3"N59(7$#9-$N"->$+9;+*$>"$-+11$>"X$a7$5*+,+3+--"*$=9,$
3911+,$"($='N$0"*$>+($7+9*-$#'>="2>$-+11'(;$9(7>='(;$&=+($/$>""[$"H+*$
>=+$>+**'>"*7\$/$3911+,$->+9,'17$0"*$>=*++$7+9*-$#'>="2>$;+>>'(;$9($
"*,+*X$)'(9117\$90>+*$>='*>++($7+9*-$"0$3911-$9(,$-91+-$>91[\$#+$-"1,$='N$
9$0+#$N">"*-X$/0$>=+-+$5*"H+,$>"$L+$911$*';=>\$9($"*,+*$0"*$-+H+*91$
=2(,*+,$N"*+$#"21,$0"11"#X$R23=$#9-$N7$+Y5+3>9>'"(\$
$
^G';=>f$/$[(+#$>=+7$#"21,$L+$911$*';=>X$R"$#=+($/$3911+,$>=*++$#++[-$
19>+*\$/$#9-$'($=';=$-5'*'>-X$
$
^%=+$3='+0$+(;'(++*$;*++>+,$N+$#'>=$>='-$-="3['(;$9(("2(3+N+(>W$
].11'-"(\$/$39(]>$L27$>=+$*+N9'(,+*$"0$>=+$N">"*-$0*"N$7"2X]$
$
^$]&=7f]$/$9-[+,$'($9N9g+N+(>X$]&=7f]$
$
^$]6+392-+$7"2*$N">"*-$9*+$>""$=">X$/$39(]>$52>$N7$=9(,$"($>=+N\]$
$
^/$[(+#$'>$#"21,(]>$,"$9(7$;"",$>"$9*;2+X$/$=9,$>*'+,$>=9>$-"*>$"0$
>='(;$>""$1"(;X$R"$/$>="2;=>$"0$;+>>'(;$>=+$]7+-\$7+-]$*+-5"(-+X$
$
^$]&+11\$("#$1""[\$a*X$RN'>=\]$/$-9',X$]/$9;*++$#'>=$7"2$9$=2(,*+,$
5+*3+(>i$'0$>="-+$N">"*-$9*+$*2(('(;$>""$=">\$7"2$"2;=>$(">$>"$L27$
9(7$N"*+$"0$>=+NX$_"2$N2->$=9H+$N">"*-$>=9>$#"(]>$*2($9(7$=">>+*$
>=9($->9(,9*,-$-+>$L7$>=+$M9>'"(91$I1+3>*'391$a9(2093>2*+*-$
.--"3'9>'"(X$/-(]>$>=9>$-"f]$
$
^!+$9;*++,$'>$#9-X$/$=9,$;">>+($N7$0'*->$]7+-X]$
$
^$]%=+$I1+3>*'391$a9(2093>2*+*-$.--"3'9>'"($*+;219>'"(-$-97$>=9>$9$
5*"5+*17$,+-';(+,$N">"*$N97$=9H+$9$>+N5+*9>2*+$"0$OP$,+;*++-$
)9=*+(=+'>$9L"H+$*""N$>+N5+*9>2*+X$/-$>=9>$3"**+3>f]$
$
^$]_+-\]$=+$9;*++,X$]%=9>]-$b2'>+$3"**+3>X$62>$7"2*$N">"*-$9*+$N23=$
=">>+*X]$
$
^/$,',(]>$9*;2+$#'>=$='NX$/$N+*+17$9-[+,W$]!"#$=">$'-$>=+$N'11$*""Nf]$
$
^$]S=\]$=+$-9',\$]9L"2>$OT$,+;*++-$)9=*+(=+'>X]$
$
^$]&+11\]$/$*+51'+,\$]'0$>=+$N'11$*""N$'-$OT$,+;*++-$9(,$7"2$9,,$OP$>"$
>=9>\$>=9>$N9[+-$9$>">91$"0$?DO$,+;*++-$)9=*+(=+'>X$&"21,(]>$7"2$
-391,$7"2*$=9(,$'0$7"2$=+1,$'>$2(,+*$9$-5';">$"0$=">$#9>+*$9>$9$
>+N5+*9>2*+$"0$?DO$,+;*++-$)9=*+(=+'>f]$
$
^.;9'($=+$=9,$>"$-97$]7+-X]$
$
^$]&+11\]$/$-2;;+->+,\$]#"21,(]>$'>$=+$9$;"",$',+9$>"$[++5$7"2*$=9(,-$
"00$>="-+$N">"*-f]$
$
^$]&+11\$/$;2+--$7"2]*+$*';=>\]$=+$9,N'>>+,X$&+$3"(>'(2+,$>"$3=9>$0"*$9$
#='1+X$%=+($=+$3911+,$='-$-+3*+>9*7$9(,$1'(+,$25$955*"Y'N9>+17$
mAT\QQQ$#"*>=$"0$L2-'(+--$0"*$>=+$+(-2'(;$N"(>=X$
$
^/>$>""[$N+$7+9*-$9(,$3"->$N+$3"2(>1+--$>="2-9(,-$"0$,"119*-$'($1"->$
L2-'(+--$L+0"*+$/$0'(9117$1+9*(+,$>=9>$'>$,"+-(]>$597$>"$9*;2+\$>=9>$'>$'-$
N23=$N"*+$5*"0'>9L1+$9(,$N23=$N"*+$'(>+*+->'(;$>"$1""[$9>$>='(;-$
0*"N$>=+$">=+*$5+*-"(]-$H'+#5"'(>$9(,$>*7$>"$;+>$>=9>$5+*-"($-97'(;$
]7+-\$7+-X]$^$
$
I,,'+$R("#\$#="$-5"(-"*-$"2*$3"2*-+-$'($S9[19(,\$:91'0"*('9\$>+11-$
="#$=+$L+39N+$9$;"",$32->"N+*$"0$9$-="5$L+392-+$>=+$5*"5*'+>"*$
;">$='N$>"$-97$^7+-\$7+-X^$I,,'+$=9,$L+3"N+$'(>+*+->+,$'($L"#$
=2(>'(;$9(,$=9,$-5+(>$3"(-',+*9L1+$N"(+7$'($52*3=9-'(;$+b2'5N+(>$
9(,$-2551'+-$0*"N$9$1"391$L"#$->"*+X$&=+($='-$L*">=+*$#9-$H'-'>'(;$
='N$=+$#9(>+,$>"$*+(>$9$L"#$0"*$='N$0*"N$>='-$->"*+X$%=+$-91+-$31+*[$
>"1,$='N$>=+7$,',(]>$*+(>$L"#-\$-"$I,,'+$5="(+,$9(">=+*$L"#$->"*+X$
I,,'+$,+-3*'L+,$#=9>$=955+(+,W$
$
^.$H+*7$51+9-9(>$;+(>1+N9($9(-#+*+,$>=+$5="(+X$!'-$*+-5"(-+$>"$N7$
b2+->'"($0"*$9$*+(>91$#9-$3"N51+>+17$,'00+*+(>$0*"N$>=+$">=+*$5193+X$
!+$-9',$=+$#9-$-"**7$L2>$>=+7$("$1"(;+*$*+(>+,$L"#-$L+392-+$>=+7$
3"21,(]>$900"*,$>"$,"$-"X$!+$>=+($9-[+,$N+$'0$/$=9,$*+(>+,$L+0"*+X$/$
*+51'+,\$]_+-\$-+H+*91$7+9*-$9;"X]$!+$*+N'(,+,$N+$>=9>$/$5*"L9L17$
59',$mPT$>"$mAQ$0"*$>=+$*+(>91X$/$-9',$]7+-]$9;9'(X$!+$>=+($9-[+,$'0$/$
#9-$>=+$['(,$"0$5+*-"($#="$1'[+,$>"$-9H+$N"(+7X$M9>2*9117\$/$
9(-#+*+,$]7+-X]$!+$#+(>$"($>"$+Y519'($>=9>$>=+7$=9,$L"#$-+>-$#'>=$911$
>=+$(+3+--9*7$+b2'5N+(>$"($-91+$0"*$mADX@TX$/$3"21,$L27$9$3"N51+>+$
-+>$0"*$"(17$mDX@T$N"*+$>=9($/$3"21,$*+(>$"(+X$!+$+Y519'(+,$>=9>$'-$
#=7$>=+7$=9,$,'-3"(>'(2+,$*+(>'(;$>=+NX$8',$/$>='([$>=9>$#9-$
*+9-"(9L1+f$a7$]7+-]$*+-5"(-+$1+,$>"$9$52*3=9-+$"0$>=+$-+>\$9(,$
#=+($/$5'3[+,$'>$25$/$52*3=9-+,$-+H+*91$N"*+$'>+N-$9>$>='-$-="5$9(,$
=9H+$-'(3+$L+3"N+$9$*+;219*$32->"N+*X^$
$
R"3*9>+-\$^>=+$;9,017$"0$.>=+(-\^$#9-$"(+$"0$>=+$;*+9>+->$
5='1"-"5=+*-$>=+$#"*1,$=9-$+H+*$[("#(X$!+$,',$-"N+>='(;$>=9>$"(17$9$
=9(,021$"0$N+($'($911$='->"*7$=9H+$L++($9L1+$>"$,"W$=+$-=9*517$
3=9(;+,$>=+$#="1+$3"2*-+$"0$=2N9($>="2;=>i$9(,$("#\$>#+(>7<0"2*$
3+(>2*'+-$90>+*$='-$,+9>=\$=+$'-$="("*+,$9-$"(+$"0$>=+$#'-+->$
5+*-29,+*-$#="$+H+*$'(012+(3+,$>='-$#*9(;1'(;$#"*1,X$
$
!'-$N+>=",f$8',$=+$>+11$5+"51+$>=+7$#+*+$#*"(;f$S=\$("\$(">$
R"3*9>+-X$!+$#9-$09*$>""$9,*"'>$0"*$>=9>X$!'-$#="1+$>+3=('b2+\$("#$
3911+,$>=+$^R"3*9>'3$N+>=",\^$#9-$L9-+,$25"($;+>>'(;$9$^7+-\$7+-^$
*+-5"(-+X$!+$9-[+,$b2+->'"(-$#'>=$#='3=$='-$"55"(+(>$#"21,$=9H+$
>"$9;*++X$!+$[+5>$"($#'(('(;$"(+$9,N'--'"($90>+*$9(">=+*$2(>'1$=+$
=9,$9($9*N021$"0$7+-+-X$!+$[+5>$"($9-['(;$b2+->'"(-$2(>'1$0'(9117\$
91N"->$#'>="2>$*+91'g'(;$'>\$='-$"55"(+(>-$0"2(,$>=+N-+1H+-$
+NL*93'(;$9$3"(312-'"($>=+7$#"21,$=9H+$L'>>+*17$,+('+,$9$0+#$
N'(2>+-$5*+H'"2-17X$
$
%=+$(+Y>$>'N+$#+$9*+$>+N5>+,$>"$>+11$-"N+"(+$=+$"*$-=+$'-$#*"(;\$
1+>]-$*+N+NL+*$"1,$R"3*9>+-$9(,$9-[$9$;+(>1+$b2+->'"($<$9$b2+->'"($
>=9>$#'11$;+>$>=+$^7+-\$7+-^$*+-5"(-+X$
$
%=+$:='(+-+$=9H+$9$5*"H+*L$5*+;(9(>$#'>=$>=+$9;+<"1,$#'-,"N$"0$
>=+$S*'+(>W$^!+$#="$>*+9,-$-"0>17$;"+-$09*X^$
$
%=+7$=9H+$-5+(>$0'H+$>="2-9(,$7+9*-$->2,7'(;$=2N9($(9>2*+\$>="-+$
321>2*+,$:='(+-+\$9(,$>=+7$=9H+$;9*(+*+,$9$1">$"0$5+*-5'393'>7W$^!+$
#="$>*+9,-$-"0>17$;"+-$09*X^$
$
c$4*'(3'51+$T$<$`+>$>=+$">=+*$5+*-"($-97'(;$^7+-\$7+-^$'NN+,'9>+17X$$
$
ooooooo$
$
B$<$%=+$R90+>7$V91H+$/($!9(,1'(;$:"N519'(>-$
$
a2->$5+"51+$>*7'(;$>"$#'($">=+*-$>"$>=+'*$#97$"0$>='(['(;$,"$>""$
N23=$>91['(;$>=+N-+1H+-X$K+>$>=+$">=+*$5+"51+$>91[$>=+N-+1H+-$"2>X$
%=+7$[("#$N"*+$9L"2>$>=+'*$L2-'(+--$9(,$5*"L1+N-$>=9($7"2$,"X$R"$
9-[$>=+N$b2+->'"(-X$K+>$>=+N$>+11$7"2$9$0+#$>='(;-X$
$
/0$7"2$,'-9;*++$#'>=$>=+N$7"2$N97$L+$>+N5>+,$>"$'(>+**25>X$62>$
,"(]>X$/>$'-$,9(;+*"2-X$%=+7$#"(]>$597$9>>+(>'"($>"$7"2$#='1+$>=+7$
->'11$=9H+$9$1">$"0$',+9-$"0$>=+'*$"#($3*7'(;$0"*$+Y5*+--'"(X$R"$1'->+($
59>'+(>17$9(,$#'>=$9($"5+($N'(,X$6+$-'(3+*+$9L"2>$'>X$I(3"2*9;+$
>=+N$>"$+Y5*+--$>=+'*$',+9-$02117X$
$
8"+-$>='-$5"1'37$597$'($L2-'(+--f$K+>]-$-++X$!+*+$'-$>=+$->"*7$"0$9$
-91+-$*+5*+-+(>9>'H+$#="$#9-$0"*3+,$>"$>*7$'>X$
$
S(+$"0$>=+$19*;+->$92>"N"L'1+$N9(2093>2*+*-$'($>=+$Z('>+,$R>9>+-$
#9-$(+;">'9>'(;$0"*$9$7+9*]-$*+b2'*+N+(>-$"0$25="1->+*7$09L*'3-X$
%=*++$'N5"*>9(>$N9(2093>2*+*-$=9,$#"*[+,$25$09L*'3-$'($-9N51+$
L",'+-X$%=+-+$=9,$911$L++($'(-5+3>+,$L7$>=+$+Y+32>'H+-$"0$>=+$N">"*$
3"N59(7\$9(,$(">'3+$=9,$L++($-+(>$>"$+93=$N9(2093>2*+*$-97'(;$
>=9>\$"($9$3+*>9'($,97\$9$*+5*+-+(>9>'H+$0*"N$+93=$-2551'+*$#"21,$L+$
;'H+($9($"55"*>2('>7$>"$N9[+$9$0'(91$51+9$0"*$>=+$3"(>*93>X$
$
`X6XGX\$9$*+5*+-+(>9>'H+$"0$"(+$N9(2093>2*+*\$9**'H+,$'($>"#($#'>=$9$
-+H+*+$9>>93[$"0$19*7(;'>'-X$^&=+($'>$39N+$N7$>2*($>"$N++>$>=+$
+Y+32>'H+-$'($3"(0+*+(3+\^$a*X$G<<<<$-9',$9-$=+$*+19>+,$>=+$->"*7$
L+0"*+$"(+$"0$N7$319--+-\$^/$=9,$1"->$N7$H"'3+X$/$3"21,$=9*,17$
#='-5+*X$/$#9-$2-=+*+,$'(>"$9$*""N$9(,$0"2(,$N7-+10$093+$>"$093+$
#'>=$>=+$>+Y>'1+$+(;'(++*\$>=+$52*3=9-'(;$9;+(>\$>=+$,'*+3>"*$"0$-91+-$
9(,$>=+$5*+-',+(>$"0$>=+$3"N59(7X$/$->"",$25$9(,$N9,+$9$H91'9(>$
+00"*>$>"$-5+9[\$L2>$/$3"21,(]>$,"$9(7>='(;$N"*+$>=9($-b2+9[X$
$
^%=+7$#+*+$911$-+9>+,$9*"2(,$9$>9L1+\$-"$/$#*">+$"($9$59,$"0$595+*W$
]`+(>1+N+(\$/$=9H+$1"->$N7$H"'3+X$/$9N$-5++3=1+--X]$
$
^$]/]11$,"$>=+$>91['(;$0"*$7"2\]$>=+$5*+-',+(>$-9',X$!+$,',X$!+$+Y='L'>+,$
N7$-9N51+-$9(,$5*9'-+,$>=+'*$;"",$5"'(>-X$.$1'H+17$,'-32--'"($9*"-+$
9L"2>$>=+$N+*'>-$"0$N7$;"",-X$.(,$>=+$5*+-',+(>\$-'(3+$=+$#9-$
>91['(;$0"*$N+\$>""[$>=+$5"-'>'"($/$#"21,$=9H+$=9,$,2*'(;$>=+$
,'-32--'"($a7$-"1+$59*>'3'59>'"($3"(-'->+,$"0$-N'1+-\$(",-$9(,$9$0+#$
;+->2*+-X$
$
^.-$9$*+-21>$"0$>='-$2('b2+$3"(0+*+(3+\$/$#9-$9#9*,+,$>=+$3"(>*93>\$
#='3=$3911+,$0"*$"H+*$=910$9$N'11'"($79*,-$"0$25="1->+*7$09L*'3-$9>$9($
9;;*+;9>+$H912+$"0$m?\BQQ\QQQ$<>=+$L';;+->$"*,+*$/$=9,$+H+*$
*+3+'H+,X$
$
^/$[("#$/$#"21,$=9H+$1"->$>=+$3"(>*93>$'0$/$=9,(]>$1"->$N7$H"'3+\$
L+392-+$/$=9,$>=+$#*"(;$',+9$9L"2>$>=+$#="1+$5*"5"-'>'"(X$/$
,'-3"H+*+,\$b2'>+$L7$933',+(>\$="#$*'3=17$'>$-"N+>'N+-$597-$>"$1+>$>=+$
">=+*$5+*-"($,"$>=+$>91['(;X]$
$
K+>>'(;$>=+$">=+*$5+*-"($,"$>=+$>91['(;$=+15-$'($09N'17$-'>29>'"(-$9-$
#+11$9-$'($L2-'(+--X$69*L9*9$&'1-"(]-$*+19>'"(-='5$#'>=$=+*$,92;=>+*\$
K92*'+\$#9-$,+>+*'"*9>'(;$*95',17X$K92*'+\$#="$=9,$L++($9$b2'+>\$
3"N5193+(>$3='1,\$=9,$;*"#($'(>"$9($2(3""5+*9>'H+\$-"N+>'N+-$
L+11';+*+(>$>++(9;+*X$a*-X$&'1-"($1+3>2*+,$=+*\$>=*+9>+(+,$=+*$9(,$
52('-=+,$=+*\$L2>$911$>"$("$9H9'1X$
$
^S(+$,97\^$a*-X$&'1-"($>"1,$"(+$"0$"2*$319--+-\$^/$l2->$;9H+$25X$
K92*'+$=9,$,'-"L+7+,$N+$9(,$=9,$1+0>$>=+$="2-+$>"$H'-'>$=+*$;'*1$
0*'+(,$L+0"*+$-=+$=9,$3"N51+>+,$=+*$3="*+-X$&=+($-=+$*+>2*(+,$/$
#9-$9L"2>$>"$-3*+9N$9>$=+*$0"*$>=+$>+(<>="2-9(,>=$>'N+\$L2>$/$l2->$
,',(]>$=9H+$>=+$->*+(;>=$>"$,"$'>X$/$l2->$1""[+,$9>$=+*$9(,$-9',$-9,17\$
]&=7\$K92*'+\$&=7f]$
$
^K92*'+$(">+,$N7$3"(,'>'"($9(,$'($9$391N$H"'3+$9-[+,\$]8"$7"2$*+9117$
#9(>$>"$[("#f]$/$(",,+,$9(,$K92*'+$>"1,$N+\$0'*->$=+-'>9(>17\$9(,$
>=+($'>$911$01"#+,$"2>X$/$=9,$(+H+*$1'->+(+,$>"$=+*X$/$#9-$91#97-$
>+11'(;$=+*$>"$,"$>='-$"*$>=9>X$&=+($-=+$#9(>+,$>"$>+11$N+$=+*$
>="2;=>-\$0++1'(;-\$',+9-\$/$'(>+**25>+,$#'>=$N"*+$"*,+*-X$/$L+;9($>"$
*+91'g+$>=9>$-=+$(++,+,$N+$<$(">$9-$9$L"--7$N">=+*\$L2>$9-$9$
3"(0',9(>+\$9($"2>1+>$0"*$911$=+*$3"(02-'"($9L"2>$;*"#'(;$25X$.(,$911$/$
=9,$L++($,"'(;$#9-$>91['(;$#=+($/$-="21,$=9H+$L++($1'->+('(;X$/$
(+H+*$=+9*,$=+*X$
$
^)*"N$>=9>$>'N+$"($/$1+>$=+*$,"$911$>=+$>91['(;$-=+$#9(>+,X$R=+$>+11-$
N+$#=9>$'-$"($=+*$N'(,\$9(,$"2*$*+19>'"(-='5$=9-$'N5*"H+,$
'NN+9-2*9L17X$R=+$'-$9;9'($9$3""5+*9>'H+$5+*-"(X^$
$
.$19*;+$9,H+*>'-+N+(>$955+9*+,$"($>=+$0'(9(3'91$59;+$"0$9$M+#$_"*[$
(+#-595+*$3911'(;$0"*$9$5+*-"($#'>=$2(2-291$9L'1'>7$9(,$+Y5+*'+(3+X$
:=9*1+-$%X$:2L+11'-$9(-#+*+,$>=+$9,H+*>'-+N+(>\$-+(,'(;$='-$*+517$>"$
9$L"Y$(2NL+*X$.$0+#$,97-$19>+*\$=+$#9-$'(H'>+,$L7$1+>>+*$>"$3911$0"*$9($
'(>+*H'+#X$6+0"*+$=+$3911+,\$=+$-5+(>$="2*-$'($&911$R>*++>$0'(,'(;$"2>$
+H+*7>='(;$5"--'L1+$9L"2>$>=+$5+*-"($#="$=9,$0"2(,+,$>=+$L2-'(+--X$
82*'(;$>=+$'(>+*H'+#\$=+$*+N9*[+,W$^/$-="21,$L+$N';=>7$5*"2,$>"$L+$
9--"3'9>+,$#'>=$9($"*;9('g9>'"($#'>=$9$*+3"*,$1'[+$7"2*-X$/$
2(,+*->9(,$7"2$->9*>+,$>#+(>7<+';=>$7+9*-$9;"$#'>=$(">='(;$L2>$,+-[$
*""N$9(,$"(+$->+(";*95=+*X$/-$>=9>$>*2+f^$
$
.1N"->$+H+*7$-233+--021$5+*-"($1'[+-$>"$*+N'('-3+$9L"2>$='-$+9*17$
->*2;;1+-X$%='-$N9($#9-$("$+Y3+5>'"(X$!+$>91[+,$0"*$9$1"(;$>'N+$
9L"2>$="#$=+$=9,$->9*>+,$#'>=$mDTQ$'($39-=$9(,$9($"*';'(91$',+9X$!+$
>"1,$="#$=+$=9,$0"2;=>$9;9'(->$,'-3"2*9;+N+(>$9(,$L9>>1+,$9;9'(->$
*','321+\$#"*['(;$R2(,97-$9(,$="1',97-\$>#+1H+$>"$-'Y>++($="2*-$9$
,97i$="#$=+$=9,$0'(9117$#"($9;9'(->$911$",,-$2(>'1$("#$>=+$N"->$
'N5"*>9(>$+Y+32>'H+-$"($&911$R>*++>$#+*+$3"N'(;$>"$='N$0"*$
'(0"*N9>'"($9(,$;2',9(3+X$!+$#9-$5*"2,$"0$-23=$9$*+3"*,X$!+$=9,$9$
*';=>$>"$L+\$9(,$=+$=9,$9$-51+(,',$>'N+$>+11'(;$9L"2>$'>X$)'(9117\$=+$
b2+->'"(+,$a*X$:2L+11'-$L*'+017$9L"2>$='-$+Y5+*'+(3+\$>=+($3911+,$'($
"(+$"0$='-$H'3+$5*+-',+(>-$9(,$-9',W$^/$>='([$>='-$'-$>=+$5+*-"($#+$9*+$
1""['(;$0"*X^$
$
a*X$:2L+11'-$=9,$>9[+($>=+$>*"2L1+$>"$0'(,$"2>$9L"2>$>=+$
933"N51'-=N+(>-$"0$='-$5*"-5+3>'H+$+N51"7+*X$!+$-="#+,$9($'(>+*+->$
'($>=+$">=+*$5+*-"($9(,$='-$5*"L1+N-X$!+$+(3"2*9;+,$>=+$">=+*$
5+*-"($>"$,"$N"->$"0$>=+$>91['(;$<$9(,$N9,+$9$09H"*9L1+$'N5*+--'"(X$
$
G"7$`X$6*9,1+7$"0$R93*9N+(>"\$:91'0"*('9\$=9,$>=+$"55"-'>+$5*"L1+NX$
!+$1'->+(+,$9-$9$;"",$5*"-5+3>$0"*$9$-91+-$5"-'>'"($>91[+,$='N-+10$'(>"$
9$l"L$#'>=$6*9,1+7]-$0'*N\$G"7$*+5"*>+,W$
$
^6+'(;$9$-N911$L*"[+*9;+$0'*N\$#+$=9,$("$0*'(;+$L+(+0'>-\$-23=$9-$
="-5'>91'g9>'"(\$N+,'391$'(-2*9(3+$9(,$5+(-'"(-X$IH+*7$*+5*+-+(>9>'H+$
'-$9($'(,+5+(,+(>$9;+(>X$&+$,"(]>$+H+($5*"H',+$1+9,-$0"*$5*"-5+3>-\$
9-$#+$39((">$9,H+*>'-+$0"*$>=+N$9-$"2*$19*;+*$3"N5+>'>"*-$,"X$
$
^G'3=9*,$4*7"*$=9,$>=+$>75+$"0$+Y5+*'+(3+$#+$#9(>+,$0"*$>='-$
5"-'>'"(\$9(,$=+$#9-$'(>+*H'+#+,$0'*->$L7$N7$9--'->9(>\$#="$>"1,$='N$
9L"2>$911$>=+$(+;9>'H+-$*+19>+,$>"$>='-$l"LX$!+$-++N+,$-1';=>17$
,'-3"2*9;+,$#=+($=+$39N+$'(>"$N7$"00'3+X$/$N+(>'"(+,$>=+$"(+$
L+(+0'>$"0$L+'(;$9--"3'9>+,$#'>=$N7$0'*N\$>=9>$"0$L+'(;$9($
'(,+5+(,+(>$3"(>*93>"*$9(,$>=+*+0"*+$H'*>29117$L+'(;$-+10<+N51"7+,X$
$
^.-$=+$>91[+,$9L"2>$>=+-+$9,H9(>9;+-$>"$N+\$=+$>91[+,$='N-+10$"2>$"0$
+93=$(+;9>'H+$>="2;=>$=+$=9,$#=+($=+$39N+$'($0"*$>=+$'(>+*H'+#X$
R+H+*91$>'N+-$'>$-++N+,$9-$>="2;=$=+$#9-$=910$>91['(;$>"$='N-+10$9-$
=+$#9-$>='(['(;$>=*"2;=$+93=$>="2;=>X$.>$>'N+-$/$#9-$>+N5>+,$>"$
9,,$>"$='-$>="2;=>-i$="#+H+*\$9-$>=+$'(>+*H'+#$39N+$>"$9$31"-+$/$0+1>$
=+$=9,$3"(H'(3+,$='N-+10\$H+*7$N23=$"($='-$"#(\$>=9>$=+$#"21,$1'[+$
>"$#"*[$0"*$N7$0'*NX$
$
^6+392-+$/$=9,$L++($9$;"",$1'->+(+*$9(,$1+>$8'3[$,"$N"->$"0$>=+$
>91['(;\$=+$#9-$9L1+$>"$#+';=$L">=$-',+-$09'*17$'($='-$N'(,\$9(,$=+$
39N+$>"$>=+$5"-'>'H+$3"(312-'"(\$#='3=$#9-$9$3=911+(;+$=+$3*+9>+,$
0"*$='N-+10X$&+$='*+,$='N$9(,$=+$=9-$L++($9($"2>->9(,'(;$
*+5*+-+(>9>'H+$0"*$"2*$0'*N\^$
$
IH+($"2*$0*'+(,-$#"21,$N23=$*9>=+*$>91[$>"$2-$9L"2>$>=+'*$
93='+H+N+(>-$>=9($1'->+($>"$2-$L"9->$9L"2>$"2*-X$K9$G"3=+0"23921,\$
>=+$)*+(3=$5='1"-"5=+*\$-9',W$^/0$7"2$#9(>$+(+N'+-\$+Y3+1$7"2*$
0*'+(,-i$L2>$'0$7"2$#9(>$0*'+(,-\$1+>$7"2*$0*'+(,-$+Y3+1$7"2X^$
$
&=7$'-$>=9>$>*2+f$6+392-+$#=+($"2*$0*'+(,-$+Y3+1$2-\$>=+7$0++1$
'N5"*>9(>i$L2>$#=+($#+$+Y3+1$>=+N\$>=+7$<$"*$9>$1+9->$-"N+$"0$>=+N$
<$#'11$0++1$'(0+*'"*$9(,$+(H'"2-X$
$
67$09*$>=+$L+-><1'[+,$5193+N+(>$3"2(-+1"*$'($>=+$a',<>"#($4+*-"((+1$
.;+(37$'($M+#$_"*[$:'>7$#9-$!+(*'+>>9$`$<<<<$/>$=9,(]>$91#97-$L++($
>=9>$#97X$82*'(;$>=+$0'*->$0+#$N"(>=-$"0$=+*$9--"3'9>'"($#'>=$>=+$
9;+(37\$!+(*'+>>9$,',(]>$=9H+$9$-'(;1+$0*'+(,$9N"(;$=+*$3"11+9;2+-X$
&=7f$6+392-+$+H+*7$,97$-=+$#"21,$L*9;$9L"2>$>=+$5193+N+(>-$-=+$
=9,$N9,+\$>=+$(+#$933"2(>-$-=+$=9,$"5+(+,\$9(,$9(7>='(;$+1-+$-=+$
=9,$933"N51'-=+,X$
$
^/$#9-$;"",$9>$N7$#"*[$9(,$5*"2,$"0$'>\^$!+(*'+>>9$>"1,$"(+$"0$"2*$
319--+-X$^$62>$'(->+9,$"0$N7$3"11+9;2+-$-=9*'(;$N7$>*'2N5=-\$>=+7$
-++N+,$>"$*+-+(>$>=+NX$/$#9(>+,$>"$L+$1'[+,$L7$>=+-+$5+"51+X$/$*+9117$
#9(>+,$>=+N$>"$L+$N7$0*'+(,-X$.0>+*$1'->+('(;$>"$-"N+$"0$>=+$
-2;;+->'"(-$N9,+$'($>='-$3"2*-+\$/$->9*>+,$>"$>91[$9L"2>$N7-+10$1+--$
9(,$1'->+($N"*+$>"$N7$9--"3'9>+-X$%=+7$91-"$=9,$>='(;-$>"$L"9->$
9L"2>$9(,$#+*+$N"*+$+Y3'>+,$9L"2>$>+11'(;$N+$9L"2>$>=+'*$
933"N51'-=N+(>-$>=9($9L"2>$1'->+('(;$>"$N7$L"9->'(;X$M"#\$#=+($#+$
=9H+$-"N+$>'N+$>"$3=9>\$/$9-[$>=+N$>"$-=9*+$>=+'*$l"7-$#'>=$N+\$9(,$
/$"(17$N+(>'"($N7$93='+H+N+(>-$#=+($>=+7$9-[X^$
$
c$4*'(3'51+$B$K+>$>=+$">=+*$5+*-"($,"$9$;*+9>$,+91$"0$>=+$>91['(;X$$
$
ooooooo$
$
O$<$!"#$%"$`+>$:""5+*9>'"($
$
8"(]>$7"2$=9H+$N23=$N"*+$09'>=$'($',+9-$>=9>$7"2$,'-3"H+*$0"*$
7"2*-+10$>=9($'($',+9-$>=9>$9*+$=9(,+,$>"$7"2$"($9$-'1H+*$519>>+*f$/0$
-"\$'-(]>$'>$L9,$l2,;N+(>$>"$>*7$>"$*9N$7"2*$"5'('"(-$,"#($>=+$
>=*"9>-$"0$">=+*$5+"51+f$/-(]>$'>$#'-+*$>"$N9[+$-2;;+->'"(-$<$9(,$1+>$
>=+$">=+*$5+*-"($>='([$"2>$>=+$3"(312-'"(f$
$
.,"15=$R+1>g$"0$4='19,+15='9\$-91+-$N9(9;+*$'($9($92>"N"L'1+$
-="#*""N$9(,$9$->2,+(>$'($"(+$"0$N7$3"2*-+-\$-2,,+(17$0"2(,$
='N-+10$3"(0*"(>+,$#'>=$>=+$(+3+--'>7$"0$'(l+3>'(;$+(>=2-'9-N$'(>"$9$
,'-3"2*9;+,$9(,$,'-"*;9('g+,$;*"25$"0$92>"N"L'1+$-91+-5+"51+X$
:911'(;$9$-91+-$N++>'(;\$=+$2*;+,$='-$5+"51+$>"$>+11$='N$+Y93>17$#=9>$
>=+7$+Y5+3>+,$0*"N$='NX$.-$>=+7$>91[+,\$=+$#*">+$>=+'*$',+9-$"($>=+$
L193[L"9*,X$!+$>=+($-9',W$^/]11$;'H+$7"2$911$>=+-+$b291'>'+-$7"2$+Y5+3>$
0*"N$N+X$M"#$/$#9(>$7"2$>"$>+11$N+$#=9>$/$=9H+$9$*';=>$>"$+Y5+3>$
0*"N$7"2X^$%=+$*+51'+-$39N+$b2'3[$9(,$09->W$1"791>7\$="(+->7\$
'('>'9>'H+\$"5>'N'-N\$>+9N#"*[\$+';=>$="2*-$9$,97$"0$+(>=2-'9->'3$
#"*[\$%=+$N++>'(;$+(,+,$#'>=$9$(+#$3"2*9;+\$9$(+#$'(-5'*9>'"($<$
"(+$-91+-5+*-"($H"12(>++*+,$>"$#"*[$0"2*>++($="2*-$9$,97$<$9(,$a*X$
R+1>g$*+5"*>+,$>"$N+$>=9>$>=+$'(3*+9-+$"0$-91+-$#9-$5=+("N+(91X$
$
^%=+$5+"51+$=9,$N9,+$9$-"*>$"0$N"*91$L9*;9'($#'>=$N+\$^$-9',$a*X$
R+1>g\$^9(,$9-$1"(;$9-$/$1'H+,$25$>"$N7$59*>$'($'>\$>=+7$#+*+$
,+>+*N'(+,$>"$1'H+$25$>"$>=+'*-X$:"(-21>'(;$>=+N$9L"2>$>=+'*$#'-=+-$
9(,$,+-'*+-$#9-$l2->$>=+$-=">$'($>=+$9*N$>=+7$(++,+,X^$
$
M"$"(+$1'[+-$>"$0++1$>=9>$=+$"*$-=+$'-$L+'(;$-"1,$-"N+<>='(;$"*$>"1,$>"$
,"$9$>='(;X$&+$N23=$5*+0+*$>"$0++1$>=9>$#+$9*+$L27'(;$"0$"2*$"#($
933"*,$"*$93>'(;$"($"2*$"#($',+9-X$&+$1'[+$>"$L+$3"(-21>+,$9L"2>$"2*$
#'-=+-\$"2*$#9(>-\$"2*$>="2;=>-X$
$
%9[+$>=+$39-+$"0$I2;+(+$&+--"(X$!+$1"->$3"2(>1+--$>="2-9(,-$"0$
,"119*-$'($3"NN'--'"(-$L+0"*+$=+$1+9*(+,$>='-$>*2>=X$a*X$&+--"($-"1,$
-[+>3=+-$0"*$9$->2,'"$>=9>$3*+9>+,$,+-';(-$0"*$->71'->-$9(,$>+Y>'1+$
N9(2093>2*+*-X$a*X$&+--"($=9,$3911+,$"($"(+$"0$>=+$1+9,'(;$->71'->-$
'($M+#$_"*[$"(3+$9$#++[\$+H+*7$#++[$0"*$>=*++$7+9*-X$^!+$(+H+*$
*+02-+,$>"$-++$N+\^$-9',$a*X$&+--"(\$^L2>$=+$(+H+*$L"2;=>X$!+$
91#97-$1""[+,$"H+*$N7$-[+>3=+-$H+*7$39*+02117$9(,$>=+($-9',W$]M"\$
&+--"(\$/$;2+--$#+$,"(]>$;+>$>";+>=+*$>",97X]$^$
$
.0>+*$?TQ$09'12*+-\$&+--"($*+91'g+,$=+$N2->$L+$'($9$N+(>91$*2>\$-"$=+$
*+-"1H+,$>"$,+H">+$"(+$+H+('(;$9$#++[$>"$>=+$->2,7$"0$'(012+(3'(;$
=2N9($L+=9H'"*\$>"$=+15$='N$,+H+1"5$(+#$',+9-$9(,$;+(+*9>+$(+#$
+(>=2-'9-NX$
$
!+$,+3',+,$"($>='-$(+#$955*"93=X$&'>=$=910$9$,"g+($2(0'('-=+,$
9*>'->-]$-[+>3=+-$2(,+*$='-$9*N\$=+$*2-=+,$"H+*$>"$>=+$L27+*]-$"00'3+X$
^/$#9(>$7"2$>"$,"$N+$9$1'>>1+$09H"*\$'0$7"2$#'11\^$=+$-9',X$^]!+*+$9*+$
-"N+$2(3"N51+>+,$-[+>3=+-X$&"(]>$7"2$51+9-+$>+11$N+$="#$#+$3"21,$
0'('-=$>=+N$25$'($-23=$9$#97$>=9>$7"2$3"21,$2-+$>=+Nf^$
$
%=+$L27+*$1""[+,$9>$>=+$-[+>3=+-$0"*$9$#='1+$#'>="2>$2>>+*'(;$9$#"*,X$
)'(9117$=+$-9',W$^K+9H+$>=+-+$#'>=$N+$0"*$9$0+#$,97-\$&+--"(\$9(,$
>=+($3"N+$L93[$9(,$-++$N+X^$
$
&+--"($*+>2*(+,$>=*++$,9H-$19>+*\$;">$='-$-2;;+->'"(-\$>""[$>=+$
-[+>3=+-$L93[$>"$>=+$->2,'"$9(,$=9,$>=+N$0'('-=+,$933"*,'(;$>"$>=+$
L27+*]-$',+9-X$%=+$*+-21>f$.11$933+5>+,X$
$
.0>+*$>=9>\$>='-$L27+*$"*,+*+,$-3"*+-$"0$">=+*$-[+>3=+-$0*"N$&+--"(\$
911$,*9#($933"*,'(;$>"$>=+$L27+*]-$',+9-X$^/$*+91'g+,$#=7$/$=9,$09'1+,$
0"*$7+9*-$>"$-+11$='N\^$-9',$a*X$&+--"(X$^$/$=9,$2*;+,$='N$>"$L27$
#=9>$/$>="2;=>$=+$"2;=>$>"$=9H+X$%=+($/$3=9(;+,$N7$955*"93=$
3"N51+>+17X$/$2*;+,$='N$>"$;'H+$N+$='-$',+9-X$%='-$N9,+$='N$0++1$
>=9>$=+$#9-$3*+9>'(;$>=+$,+-';(-X$.(,$=+$#9-X$/$,',(]>$=9H+$>"$-+11$
='NX$!+$L"2;=>X^$
$
K+>>'(;$>=+$">=+*$5+*-"($0++1$>=9>$>=+$',+9$'-$='-$"*$=+*-$(">$"(17$
#"*[-$'($L2-'(+--$9(,$5"1'>'3-\$'>$#"*[-$'($09N'17$1'0+$9-$#+11X$4921$aX$
89H'-$"0$%21-9\$S[19="N9\$>"1,$='-$319--$="#$=+$9551'+,$>='-$
5*'(3'51+W$
$
^a7$09N'17$9(,$/$+(l"7+,$"(+$"0$>=+$N"->$'(>+*+->'(;$-';=>-++'(;$
H939>'"($>*'5-$#+$=9H+$+H+*$>9[+(X$/$=9,$1"(;$,*+9N+,$"0$H'-'>'(;$
-23=$='->"*'3$-'>+-$9-$>=+$:'H'1$&9*$L9>>1+0'+1,$'($`+>>7-L2*;\$
/(,+5+(,+(3+$!911$'($4='19,+15='9\$9(,$"2*$(9>'"(]-$395'>91X$V911+7$
)"*;+\$k9N+-<>"#($9(,$>=+$*+->"*+,$3"1"('91$H'119;+$"0$&'11'9N-L2*;$
#+*+$=';=$"($>=+$1'->$"0$>='(;-$/$#9(>+,$>"$-++X$
$
^/($a9*3=$N7$#'0+\$M9(37\$N+(>'"(+,$>=9>$-=+$=9,$',+9-$0"*$"2*$
-2NN+*$H939>'"($#='3=$'(312,+,$9$>"2*$"0$>=+$#+->+*($->9>+-\$H'-'>'(;$
5"'(>-$"0$'(>+*+->$'($M+#$a+Y'3"\$.*'g"(9\$:91'0"*('9$9(,$M+H9,9X$R=+$
=9,$#9(>+,$>"$N9[+$>='-$>*'5$0"*$-+H+*91$7+9*-X$62>$#+$3"21,(]>$
"LH'"2-17$N9[+$L">=$>*'5-X$
$
^S2*$,92;=>+*\$.((+\$=9,$l2->$3"N51+>+,$9$3"2*-+$'($ZXRX$='->"*7$'($
l2('"*$=';=$-3=""1$9(,$=9,$L+3"N+$H+*7$'(>+*+->+,$'($>=+$+H+(>-$>=9>$
=9,$-=95+,$"2*$3"2(>*7]-$;*"#>=X$/$9-[+,$=+*$="#$-=+$#"21,$1'[+$>"$
H'-'>$>=+$5193+-$-=+$=9,$1+9*(+,$9L"2>$"($"2*$(+Y>$H939>'"(X$R=+$-9',$
-=+$#"21,$1"H+$>"X$
$
^%#"$+H+('(;-$19>+*$9-$#+$-9>$9*"2(,$>=+$,'((+*$>9L1+\$M9(37$
9(("2(3+,$>=9>$'0$#+$911$9;*++,\$>=+$-2NN+*]-$H939>'"($#"21,$L+$>"$
>=+$+9->+*($->9>+-\$>=9>$'>$#"21,$=+$9$;*+9>$>*'5$0"*$.((+$9(,$>=*'11'(;$
0"*$911$"0$2-X$&+$911$3"(32**+,X^$
$
%='-$-9N+$5-73="1";7$#9-$2-+,$L7$9($U<*97$N9(2093>2*+*$>"$-+11$='-$
+b2'5N+(>$>"$"(+$"0$>=+$19*;+->$="-5'>91-$'($6*""[17($%='-$="-5'>91$
#9-$L2'1,'(;$9($9,,'>'"($9(,$5*+59*'(;$>"$+b2'5$'>$#'>=$>=+$0'(+->$U<
*97$,+59*>N+(>$'($.N+*'39X$8*X$K<<<<\$#="$#9-$'($3=9*;+$"0$>=+$U<*97$
,+59*>N+(>\$#9-$"H+*#=+1N+,$#'>=$-91+-$*+5*+-+(>9>'H+-\$+93=$
39*"1'(;$>=+$5*9'-+-$"0$='-$"#($3"N59(7]-$+b2'5N+(>X$
$
S(+$N9(2093>2*+*\$="#+H+*\$#9-$N"*+$-['11021X$!+$[(+#$09*$N"*+$
9L"2>$=9(,1'(;$=2N9($(9>2*+$>=9($>=+$">=+*-$,',X$!+$#*">+$9$1+>>+*$
-"N+>='(;$1'[+$>='-W$
$
S2*$093>"*7$=9-$*+3+(>17$3"N51+>+,$9$(+#$1'(+$"0$U<*97$+b2'5N+(>X$
%=+$0'*->$-='5N+(>$"0$>=+-+$N93='(+-$=9-$l2->$9**'H+,$9>$"2*$"00'3+X$
%=+7$9*+$(">$5+*0+3>X$&+$[("#$>=9>\$9(,$#+$#9(>$>"$'N5*"H+$>=+NX$
R"$#+$-="21,$L+$,++517$"L1';9>+,$>"$7"2$'0$7"2$3"21,$0'(,$>'N+$>"$
1""[$>=+N$"H+*$9(,$;'H+$2-$7"2*$',+9-$9L"2>$="#$>=+7$39($L+$N9,+$
N"*+$-+*H'3+9L1+$>"$7"2*$5*"0+--'"(X$d("#'(;$="#$"3325'+,$7"2$9*+\$
/$-=911$L+$;19,$>"$-+(,$N7$39*$0"*$7"2$9>$9(7$="2*$7"2$-5+3'07X$
$
^/$#9-$-2*5*'-+,$>"$;+>$>=9>$1+>>+*\^$8*X$K$<<<<$-9',$9-$=+$*+19>+,$>=+$
'(3',+(>$L+0"*+$>=+$319--X$^/$#9-$L">=$-2*5*'-+,$9(,$3"N51'N+(>+,X$/$
=9,$(+H+*$=9,$9($U<*97$N9(2093>2*+*$-++['(;$N7$9,H'3+$L+0"*+X$/>$
N9,+$N+$0++1$'N5"*>9(>X$/$#9-$L2-7$+H+*7$(';=>$>=9>$#++[\$L2>$/$
39(3+1+,$9$,'((+*$955"'(>N+(>$'($"*,+*$>"$1""[$"H+*$>=+$+b2'5N+(>X$
%=+$N"*+$/$->2,'+,$'>\$>=+$N"*+$/$,'-3"H+*+,$0"*$N7-+10$="#$N23=$/$
1'[+,$'>X$
$
^M"L",7$=9,$>*'+,$>"$-+11$'>$>"$N+X$/$0+1>$>=9>$>=+$',+9$"0$L27'(;$>=9>$
+b2'5N+(>$0"*$>=+$="-5'>91$#9-$N7$"#(X$/$-"1,$N7-+10$"($'>-$-25+*'"*$
b291'>'+-$9(,$"*,+*+,$'>$'(->911+,X^$
$
G915=$&91,"$IN+*-"($'($='-$+--97$^R+10<G+1'9(3+^$->9>+,W$^/($+H+*7$
#"*[$"0$;+('2-$#+$*+3";('g+$"2*$"#($*+l+3>+,$>="2;=>-i$>=+7$3"N+$
L93[$>"$2-$#'>=$9$3+*>9'($91'+(9>+,$N9l+->7X^$
$
:"1"(+1$I,#9*,$aX$!"2-+$#'+1,+,$9($+("*N"2-$'(012+(3+$'($(9>'"(91$
9(,$'(>+*(9>'"(91$9009'*-$#='1+$&"",*"#$&'1-"($"3325'+,$>=+$&='>+$
!"2-+X$&'1-"($1+9(+,$25"($:"1"(+1$!"2-+$0"*$-+3*+>$3"2(-+1$9(,$
9,H'3+$N"*+$>=9($=+$,',$25"($+H+($N+NL+*-$"0$='-$"#($39L'(+>X$
$
&=9>$N+>=",$,',$>=+$:"1"(+1$2-+$'($'(012+(3'(;$>=+$4*+-',+(>f$
)"*>2(9>+17\$#+$[("#\$0"*$!"2-+$='N-+10$*+H+91+,$'>$>"$.*>=2*$8X$
!"#,+($RN'>=\$9(,$RN'>=$b2">+,$!"2-+$'($9($9*>'31+$'($%=+$
R9>2*,97$IH+('(;$4"->X$
$
^$].0>+*$/$;">$>"$[("#$>=+$4*+-',+(>\]$!"2-+$-9',\$]/$1+9*(+,$>=+$L+->$
#97$>"$3"(H+*>$='N$>"$9($',+9$#9-$>"$519(>$'>$'($='-$N'(,$39-29117\$
L2>$-"$9-$>"$'(>+*+->$='N$'($'>$<$-"$9-$>"$;+>$='N$>='(['(;$9L"2>$'>$"($
='-$"#($933"2(>X$%=+$0'*->$>'N+$>='-$#"*[+,$'>$#9-$9($933',+(>X$/$=9,$
L++($H'-'>'(;$='N$9>$>=+$&='>+$!"2-+$9(,$2*;+,$9$5"1'37$"($='N$
#='3=$=+$955+9*+,$>"$,'-955*"H+X$62>$-+H+*91$,97-$19>+*\$9>$>=+$
,'((+*$>9L1+\$/$#9-$9N9g+,$>"$=+9*$='N$>*">$"2>$N7$-2;;+->'"($9-$='-$
"#(X]$^$
$
8',$!"2-+$'(>+**25>$='N$9(,$-97\$^%=9>]-$(">$7"2*$',+9X$%=9>]-$N'(+^$
f$S=\$("X$M">$!"2-+X$!+$#9-$>""$9,*"'>$0"*$>=9>X$!+$,',(]>$39*+$9L"2>$
3*+,'>X$!+$#9(>+,$*+-21>-X$R"$=+$1+>$&'1-"($3"(>'(2+$>"$0++1$>=9>$>=+$
',+9$#9-$='-X$!"2-+$,',$+H+($N"*+$>=9($>=9>X$!+$;9H+$&'1-"($52L1'3$
3*+,'>$0"*$>=+-+$',+9-X$
$
K+>]-$*+N+NL+*$>=9>$+H+*7"(+$#+$3"N+$'($3"(>93>$#'>=$'-$l2->$9-$
=2N9($9-$&"",*"#$&'1-"(X$R"$1+>]-$2-+$:"1"(+1$!"2-+]-$>+3=('b2+X$
$
.$N9($25$'($>=+$L+92>'021$:9(9,'9($5*"H'(3+$"0$M+#$6*2(-#'3[$2-+,$
>='-$>+3=('b2+$"($N+$9(,$#"($N7$59>*"(9;+X$/$#9-$519(('(;$9>$>=+$
>'N+$>"$,"$-"N+$0'-='(;$9(,$39("+'(;$'($M+#$6*2(-#'3[X$R"$/$#*">+$
>=+$>"2*'->$L2*+92$0"*$'(0"*N9>'"(X$IH',+(>17$N7$(9N+$9(,$9,,*+--$
#+*+$52>$"($9$N9'1'(;$1'->\$0"*$/$#9-$'NN+,'9>+17$"H+*#=+1N+,$#'>=$
-3"*+-$"0$1+>>+*-$9(,$L""[1+>-$9(,$5*'(>+,$>+->'N"('91-$0*"N$39N5-$
9(,$;2',+-X$/$#9-$L+#'1,+*+,X$/$,',(]>$[("#$#='3=$>"$3=""-+X$%=+($
"(+$39N5$"#(+*$,',$9$31+H+*$>='(;X$!+$-+(>$N+$>=+$(9N+-$9(,$
>+1+5="(+$(2NL+*-$"0$-+H+*91$M+#$_"*[$5+"51+$#="$=9,$->97+,$9>$
='-$39N5$9(,$=+$'(H'>+,$N+$>"$>+1+5="(+$>=+N$9(,$,'-3"H+*$0"*$
N7-+10$#=9>$=+$=9,$>"$"00+*X$
$
/$0"2(,$>"$N7$-2*5*'-+$>=9>$/$[(+#$"(+$"0$>=+$N+($"($='-$1'->X$/$
>+1+5="(+,$='N\$0"2(,$"2>$#=9>$='-$+Y5+*'+(3+$=9,$L++(\$9(,$>=+($
#'*+,$>=+$39N5$>=+$,9>+$"0$N7$9**'H91X$
$
%=+$">=+*-$=9,$L++($>*7'(;$>"$-+11$N+$"($>=+'*$-+*H'3+\$L2>$"(+$1+>$
N+$-+11$N7-+10X$%=9>$"*;9('g9>'"($#"(X$%#+(>7<0'H+$3+(>2*'+-$9;"\$
K9"<>-+\$9$:='(+-+$-9;+\$-9',$-"N+$>='(;-$>=9>$*+9,+*-$"0$>='-$L""[$
N';=>$2-+$>",97W$$
$
^$%=+$*+9-"($#=7$*'H+*-$9(,$-+9-$*+3+'H+$>=+$="N9;+$"0$9$=2(,*+,$
N"2(>9'($->*+9N-$'-$>=9>$>=+7$[++5$L+1"#$>=+NX$%=2-$>=+7$9*+$9L1+$
>"$*+';($"H+*$911$>=+$N"2(>9'($->*+9N-X$R"$>=+$-9;+\$#'-='(;$>"$L+$
9L"H+$N+(\$52>>+>=$='N-+10$L+1"#$>=+Ni$#'-='(;$>"$L+$L+0"*+$>=+N\$
=+$52>>+>=$='N-+10$L+='(,$>=+NX$%=2-\$>="2;=$='-$5193+$L+$9L"H+$
N+(\$>=+7$,"$(">$0++1$='-$#+';=>i$>="2;=$='-$5193+$L+$L+0"*+$>=+N\$
>=+7$,"$(">$3"2(>$'>$9($'(l2*7X^$
$
c$4*'(3'51+$O$<$K+>$>=+$">=+*$5+*-"($0++1$>=9>$>=+$',+9$'-$='-$"*$=+*-X$$
$
ooooooo$
$
E$<$.$)"*N219$%=9>$&'11$&"*[$&"(,+*-$)"*$_"2$
$
G+N+NL+*$>=9>$">=+*$5+"51+$N97$L+$>">9117$#*"(;X$62>$>=+7$,"(]>$
>='([$-"X$8"(]>$3"(,+N($>=+NX$.(7$0""1$39($,"$>=9>X$%*7$>"$
2(,+*->9(,$>=+NX$S(17$#'-+\$>"1+*9(>\$+Y3+5>'"(91$5+"51+$+H+($>*7$>"$
,"$>=9>X$
$
%=+*+$'-$9$*+9-"($#=7$>=+$">=+*$N9($>='([-$9(,$93>-$9-$=+$,"+-X$
)+**+>$"2>$>=9>$*+9-"($<$9(,$7"2$=9H+$>=+$[+7$>"$='-$93>'"(-\$5+*=95-$
>"$='-$5+*-"(91'>7X$%*7$="(+->17$>"$52>$7"2*-+10$'($='-$5193+X$
$
/0$7"2$-97$>"$7"2*-+10\$^!"#$#"21,$/$0++1\$="#$#"21,$/$*+93>$'0$/$#+*+$
'($='-$-="+-f^$7"2$#'11$-9H+$7"2*-+10$>'N+$9(,$'**'>9>'"(\$0"*$^L7$
L+3"N'(;$'(>+*+->+,$'($>=+$392-+\$#+$9*+$1+--$1'[+17$>"$,'-1'[+$>=+$
+00+3>X^$.(,\$'($9,,'>'"(\$7"2$#'11$-=9*517$'(3*+9-+$7"2*$-['11$'($=2N9($
*+19>'"(-='5-X$
$
^R>"5$9$N'(2>+\^$-97-$d+((+>=$aX$`"",+$'($='-$L""[$!"#$>"$%2*($
4+"51+$/(>"$`"1,\$^->"5$9$N'(2>+$>"$3"(>*9->$7"2*$[++($'(>+*+->$'($
7"2*$"#($9009'*-$#'>=$7"2*$N'1,$3"(3+*($9L"2>$9(7>='(;$+1-+X$G+91'g+$
>=+(\$>=9>$+H+*7L",7$+1-+$'($>=+$#"*1,$0++1-$+Y93>17$>=+$-9N+$#97j$
%=+(\$91"(;$#'>=$K'(3"1($9(,$G""-+H+1>\$7"2$#'11$=9H+$;*9-5+,$>=+$
"(17$-"1',$0"2(,9>'"($0"*$'(>+*5+*-"(91$*+19>'"(-='5-i$(9N+17\$>=9>$
-233+--$'($,+91'(;$#'>=$5+"51+$,+5+(,-$"($9$-7N59>=+>'3$;*9-5$"0$
>=+$">=+*$5+*-"(-]$H'+#5"'(>X^$
$
R9N$8"2;19-$"0$!+N5->+9,\$M+#$_"*[\$2-+,$>"$>+11$='-$#'0+$>=9>$-=+$
-5+(>$>""$N23=$>'N+$#"*['(;$"($>=+'*$19#(\$5211'(;$#++,-\$0+*>'1'g'(;\$
32>>'(;$>=+$;*9--$>#'3+$9$#++[$#=+($>=+$19#($,',(]>$1""[$9(7$L+>>+*$
>=9($'>$=9,$#=+($>=+7$N"H+,$'(>"$>=+'*$="N+$0"2*$7+9*-$+9*1'+*X$
M9>2*9117\$-=+$#9-$,'->*+--+,$L7$='-$*+N9*[-\$9(,$+93=$>'N+$=+$N9,+$
-23=$*+N9*[-$>=+$L919(3+$"0$>=+$+H+('(;$#9-$*2'(+,X$
$
.0>+*$>9['(;$"2*$3"2*-+\$a*X$8"2;19-$*+91'g+,$="#$0""1'-=$=+$=9,$
L++($911$>="-+$7+9*-X$/>$(+H+*$"332**+,$>"$='N$>=9>$-=+$+(l"7+,$,"'(;$
>=9>$#"*[$9(,$-=+$N';=>$*+9117$955*+3'9>+$9$3"N51'N+(>$"($=+*$
,'1';+(3+X$
$
S(+$+H+('(;$90>+*$,'((+*\$='-$#'0+$-9',$-=+$#9(>+,$>"$5211$-"N+$
#++,-$9(,$'(H'>+,$='N$>"$[++5$=+*$3"N59(7X$!+$0'*->$,+31'(+,\$L2>$
>=+($>="2;=>$L+>>+*$"0$'>$9(,$#+(>$"2>$90>+*$=+*$9(,$L+;9($>"$=+15$
=+*$5211$#++,-X$R=+$#9-$H'-'L17$51+9-+,\$9(,$>";+>=+*$>=+7$-5+(>$9($
="2*$'($=9*,$#"*[$9(,$51+9-9(>$3"(H+*-9>'"(X$
$
.0>+*$>=9>$=+$"0>+($=+15+,$=+*$#'>=$>=+$;9*,+('(;$9(,$3"N51'N+(>+,$
=+*$"($="#$0'(+$>=+$19#($1""[+,\$#=9>$9$09(>9->'3$l"L$-=+$#9-$,"'(;$
#'>=$9$79*,$#=+*+$>=+$-"'1$#9-$1'[+$3"(3*+>+X$G+-21>W$9$=955'+*$1'0+$0"*$
L">=$L+392-+$=+$=9,$1+9*(+,$>"$1""[$9>$>='(;-$0*"N$=+*$5"'(>$"0$H'+#$
<$+H+($'0$>=+$-2Ll+3>$#9-$"(17$#++,-X$
$
/($='-$L""[$`+>>'(;$%=*"2;=$>"$4+"51+\$8*X$`+*91,$RX$M'*+(L+*;$
3"NN+(>+,W$^:""5+*9>'H++(+--$'($3"(H+*-9>'"($'-$93='+H+,$#=+($
7"2$-="#$>=9>$7"2$3"(-',+*$>=+$">=+*$5+*-"(]-$',+9-$9(,$0++1'(;-$9-$
'N5"*>9(>$9-$7"2*$"#(X$R>9*>'(;$7"2*$3"(H+*-9>'"($L7$;'H'(;$>=+$
">=+*$5+*-"($>=+$52*5"-+$"*$,'*+3>'"($"0$7"2*$3"(H+*-9>'"(\$
;"H+*('(;$#=9>$7"2$-97$L7$#=9>$7"2$#"21,$#9(>$>"$=+9*$'0$7"2$#+*+$
>=+$1'->+(+*\$9(,$933+5>'(;$='-$"*$=+*$H'+#5"'(>$#'11$+(3"2*9;+$>=+$
1'->+(+*$>"$=9H+$9($"5+($N'(,$>"$7"2*$',+9-X^$FnJ$$
$
<<<<$
$
qnr$8*$`+*91,$RX$M'*+(L+*;\$`+>>'(;$%=*"2;=$>"$4+"51+$FI(;1+#"",$
:1'00-\$MXkXW$4*+(>'3+<!911\$?@BAJ\$5X$A?X$$
$
<<<<$
$
/$=9H+$91#97-$+(l"7+,$#91['(;$9(,$*','(;$'($9$59*[$(+9*$N7$="N+X$
K'[+$>=+$8*2',-$"0$9(3'+(>$`921\$/$911$L2>$#"*-='5$9($"9[$>*++\$-"$/$
#9-$,'->*+--+,$-+9-"($90>+*$-+9-"($>"$-++$>=+$7"2(;$>*++-$9(,$
-=*2L-$['11+,$"00$L7$(++,1+--$0'*+-X$%=+-+$0'*+-$#+*+(]>$392-+,$L7$
39*+1+--$-N"[+*-X$%=+7$#+*+$91N"->$911$392-+,$L7$7"2(;->+*-$#="$
#+(>$"2>$>"$>=+$59*[$>"$;"$(9>'H+$9(,$3""[$9$0*9([02*>+*$"*$9($+;;$
2(,+*$>=+$>*++-X$R"N+>'N+-\$>=+-+$0'*+-$*9;+,$-"$0'+*3+17$>=9>$>=+$0'*+$
,+59*>N+(>$=9,$>"$L+$3911+,$"2>$>"$0';=>$>=+$3"(019;*9>'"(X$
$
%=+*+$#9-$9$-';($"($>=+$+,;+$"0$>=+$59*[$-97'(;$>=9>$9(7"(+$#="$
->9*>+,$9$0'*+$#9-$1'9L1+$>"$0'(+$9(,$'N5*'-"(N+(>\$L2>$>=+$-';($->"",$
'($9($2(0*+b2+(>+,$59*>$"0$>=+$59*[\$9(,$0+#$"0$>=+$3215*'>-$+H+*$-9#$
'>X$.$N"2(>+,$5"1'3+N9($#9-$-255"-+,$>"$1""[$90>+*$>=+$59*[i$L2>$=+$
,',(]>$>9[+$='-$,2>'+-$>""$-+*'"2-17\$9(,$>=+$0'*+-$3"(>'(2+,$>"$-5*+9,$
-+9-"($90>+*$-+9-"(X$S($"(+$"339-'"(\$/$*2-=+,$25$>"$9$5"1'3+N9($
9(,$>"1,$='N$9L"2>$9$0'*+$-5*+9,'(;$*95',17$>=*"2;=$>=+$59*[$9(,$
#9(>+,$='N$>"$(">'07$>=+$0'*+$,+59*>N+(>\$9(,$=+$("(3=919(>17$
*+51'+,$>=9>$'>$#9-$("(+$"0$='-$L2-'(+--$L+392-+$'>$#9-(]>$'($='-$
5*+3'(3>j$/$#9-$,+-5+*9>+\$-"$90>+*$>=9>$#=+($/$#+(>$*','(;\$/$93>+,$
9-$9$-+10<955"'(>+,$3"NN'>>++$"0$"(+$>"$5*">+3>$>=+$52L1'3$,"N9'(X$
/($>=+$L+;'(('(;\$/$9N$90*9',$/$,',(]>$+H+($9>>+N5>$>"$-++$>=+$">=+*$
5+"51+]-$5"'(>$"0$H'+#X$&=+($/$-9#$9$0'*+$L19g'(;$2(,+*$>=+$>*++-\$/$
#9-$-"$2(=9557$9L"2>$'>\$-"$+9;+*$>"$,"$>=+$*';=>$>='(;\$>=9>$/$,',$
>=+$#*"(;$>='(;X$/$#"21,$*',+$25$>"$>=+$L"7-\$#9*($>=+N$>=9>$>=+7$
3"21,$L+$l9'1+,$0"*$->9*>'(;$9$0'*+\$"*,+*$#'>=$9$>"(+$"0$92>="*'>7$>=9>$
'>$L+$52>$"2>i$9(,\$'0$>=+7$*+02-+,\$/$#"21,$>=*+9>+($>"$=9H+$>=+N$
9**+->+,X$/$#9-$N+*+17$2(1"9,'(;$N7$0++1'(;-$#'>="2>$>='(['(;$"0$
>=+'*$5"'(>$"0$H'+#X$
$
%=+$*+-21>f$%=+7$"L+7+,$<$"L+7+,$-211+(17$9(,$#'>=$*+-+(>N+(>X$
.0>+*$/$*",+$"($"H+*$>=+$='11\$>=+7$5*"L9L17$*+L2'1>$>=+$0'*+$9(,$1"(;+,$
>"$L2*($25$>=+$#="1+$59*[X$
$
&'>=$>=+$59--'(;$"0$>=+$7+9*-\$/$93b2'*+,$9$>*'01+$N"*+$[("#1+,;+$"0$
=2N9($*+19>'"(-\$9$1'>>1+$N"*+$>93>\$9$-"N+#=9>$;*+9>+*$>+(,+(37$>"$
-++$>='(;-$0*"N$>=+$">=+*$5+*-"(]-$->9(,5"'(>X$%=+(\$'(->+9,$"0$
;'H'(;$"*,+*-\$/$#"21,$*',+$25$>"$9$L19g'(;$0'*+$9(,$L+;'($-"N+>='(;$
1'[+$>='-W$
$
^!9H'(;$9$;"",$>'N+\$L"7-f$&=9>$9*+$7"2$;"'(;$>"$3""[$0"*$-255+*f$
XXX$/$1"H+,$>"$L2'1,$0'*+-$N7-+10$#=+($/$#9-$9$L"7$<$9(,$/$->'11$1"H+$>"X$
62>$7"2$[("#$>=+7$9*+$H+*7$,9(;+*"2-$=+*+$'($>=+$59*[X$/$[("#$7"2$
L"7-$,"(]>$N+9($>"$,"$9(7$=9*N\$L2>$">=+*$L"7-$9*+(]>$-"$39*+021X$
%=+7$3"N+$91"(;$9(,$-++$>=9>$7"2$=9H+$L2'1>$9$0'*+i$-"$>=+7$L2'1,$
"(+$9(,$,"(]>$52>$'>$"2>$#=+($>=+7$;"$="N+$9(,$'>$-5*+9,-$9N"(;$
>=+$,*7$1+9H+-$9(,$['11-$>=+$>*++-X$&+$#"(]>$=9H+$9(7$>*++-$=+*+$9>$911$
'0$#+$9*+(]>$N"*+$39*+021\$_"2$3"21,$L+$52>$'($l9'1$0"*$L2'1,'(;$>='-$
0'*+X$62>$/$,"(]>$#9(>$>"$L+$L"--7$9(,$'(>+*0+*+$#'>=$7"2*$51+9-2*+X$/$
1'[+$>"$-++$7"2$+(l"7$7"2*-+1H+-i$L2>$#"(]>$7"2$51+9-+$*9[+$911$>=+$
1+9H+-$9#97$0*"N$>=+$0'*+$*';=>$("#$<$9(,$7"2]11$L+$39*+021$>"$3"H+*$'>$
#'>=$,'*>\$9$1">$"0$,'*>\$L+0"*+$7"2$1+9H+\$#"(]>$7"2f$.(,$>=+$(+Y>$
>'N+$7"2$#9(>$>"$=9H+$-"N+$02(\$#"(]>$7"2$51+9-+$L2'1,$7"2*$0'*+$
"H+*$>=+$='11$>=+*+$'($>=+$-9(,5'>f$/>$39(]>$,"$9(7$=9*N$>=+*+XX$X$X$
%=9([-$-"$N23=\$L"7-X$!9H+$9$;"",$>'N+X^$
$
&=9>$9$,'00+*+(3+$>=9>$['(,$"0$>91[$N9,+j$/>$N9,+$>=+$L"7-$#9(>$>"$
3""5+*9>+X$M"$-211+((+--\$("$*+-+(>N+(>X$%=+7$=9,(]>$L++($0"*3+,$>"$
"L+7$"*,+*-X$%=+7$=9,$-9H+,$>=+'*$093+-X$%=+7$0+1>$L+>>+*$9(,$/$0+1>$
L+>>+*$L+392-+$/$=9,$=9(,1+,$>=+$-'>29>'"($#'>=$3"(-',+*9>'"($0"*$
>=+'*$5"'(>$"0$H'+#X$
$
R++'(;$>='(;-$>=*"2;=$9(">=+*$5+*-"(]-$+7+-$N97$+9-+$>+(-'"(-$
#=+($5+*-"(91$5*"L1+N-$L+3"N+$"H+*#=+1N'(;X$I1'g9L+>=$M"H9[$"0$
M+#$R"2>=$&91+-\$.2->*91'9\$#9-$-'Y$#++[-$19>+$#'>=$=+*$39*$
597N+(>X$^S($9$)*',97\^$-=+$*+5"*>+,\$^/$*+3+'H+,$9$(9->7$5="(+$3911$
0*"N$>=+$N9($#="$#9-$=9(,1'(;$N7$933"2(>$'(0"*N'(;$N+$'0$/$,',$
(">$3"N+$25$#'>=$m?PP$L7$a"(,97$N"*('(;$/$3"21,$9(>'3'59>+$02*>=+*$
93>'"($0*"N$>=+$3"N59(7X$/$=9,$("$#97$"0$*9'-'(;$>=+$N"(+7$"H+*$
>=+$#++[+(,\$-"$#=+($/$*+3+'H+,$='-$5="(+$3911$0'*->$>='(;$"($a"(,97$
N"*('(;$/$+Y5+3>+,$>=+$#"*->X$/(->+9,$"0$L+3"N'(;$25-+>$/$1""[+,$9>$
>=+$-'>29>'"($0*"N$='-$5"'(>$"0$H'+#X$/$95"1";'g+,$N"->$-'(3+*+17$0"*$
392-'(;$='N$-"$N23=$'(3"(H+('+(3+$9(,$*+N9*[+,$>=9>$/$N2->$L+$='-$
N"->$>*"2L1+-"N+$32->"N+*$9-$>='-$#9-$(">$>=+$0'*->$>'N+$/$#9-$
L+='(,$'($N7$597N+(>-X$!'-$>"(+$"0$H"'3+$3=9(;+,$'NN+,'9>+17\$9(,$
=+$*+9--2*+,$N+$>=9>$/$#9-$09*$0*"N$L+'(;$"(+$"0$='-$*+9117$
>*"2L1+-"N+$32->"N+*-X$!+$#+(>$"($>"$>+11$N+$-+H+*91$+Y9N51+-$"0$
="#$*2,+$='-$32->"N+*-$-"N+>'N+-$#+*+\$="#$>=+7$1'+,$>"$='N$9(,$
"0>+($>*'+,$>"$9H"',$>91['(;$>"$='N$9>$911X$/$-9',$(">='(;X$/$1'->+(+,$9(,$
1+>$='N$5"2*$"2>$='-$>*"2L1+-$>"$N+X$%=+(\$#'>="2>$9(7$-2;;+->'"($
0*"N$N+\$=+$-9',$'>$,',$(">$N9>>+*$'0$/$3"21,(]>$597$911$>=+$N"(+7$
'NN+,'9>+17X$/>$#"21,$L+$911$*';=>$'0$/$59',$='N$mPQ$L7$>=+$+(,$"0$>=+$
N"(>=$9(,$N9,+$25$>=+$L919(3+$#=+(+H+*$'>$#9-$3"(H+('+(>$0"*$N+$
>"$,"$-"X^$
$
%"N"**"#\$L+0"*+$9-['(;$9(7"(+$>"$52>$"2>$9$0'*+$"*$L27$7"2*$
5*",23>$"*$3"(>*'L2>+$>"$7"2*$09H"*'>+$3=9*'>7\$#=7$(">$592-+$9(,$
31"-+$7"2*$+7+-$9(,$>*7$>"$>='([$>=+$#="1+$>='(;$>=*"2;=$0*"N$
9(">=+*$5+*-"(]-$5"'(>$"0$H'+#f$.-[$7"2*-+10W$^&=7$-="21,$=+$"*$-=+$
#9(>$>"$,"$'>f^$%*2+\$>='-$#'11$>9[+$>'N+\$L2>$'>$#'11$9H"',$N9['(;$
+(+N'+-$9(,$#'11$;+>$L+>>+*$*+-21>-$<$9(,$#'>=$1+--$0*'3>'"($9(,$1+--$
-="+$1+9>=+*X$
$
^/$#"21,$*9>=+*$#91[$>=+$-',+#91[$'($0*"(>$"0$9$5+*-"(]-$"00'3+$0"*$>#"$
="2*-$L+0"*+$9($'(>+*H'+#\^$-9',$8+9($8"(=9N$"0$>=+$!9*H9*,$
L2-'(+--$-3=""1\$^>=9($->+5$'(>"$>=9>$"00'3+$#'>="2>$9$5+*0+3>17$31+9*$
',+9$"0$#=9>$/$#9-$;"'(;$>"$-97$9(,$#=9>$>=9>$5+*-"($<$0*"N$N7$
[("#1+,;+$"0$='-$"*$=+*$'(>+*+->-$9(,$N">'H+-$<$#9-$1'[+17$>"$
9(-#+*X^$
$
%=9>$'-$-"$'N5"*>9(>$>=9>$/$9N$;"'(;$>"$*+5+9>$'>$'($'>91'3-$0"*$>=+$-9[+$
"0$+N5=9-'-X$
$
/$#"21,$*9>=+*$#91[$>=+$-',+#91[$'($0*"(>$"0$9$5+*-"(]-$"00'3+$0"*$>#"$
="2*-$L+0"*+$9($'(>+*H'+#$>=9($->+5$'(>"$>=9>$"00'3+$#'>="2>$9$
5+*0+3>17$31+9*$',+9$"0$#=9>$/$#9-$;"'(;$>"$-97$9(,$#=9>$>=9>$5+*-"L$
<$0*"N$N7$[("#1+,;+$"0$='-$"*$=+*$'(>+*+->-$9(,$N">'H+-$<$#9-$1'[+17$
>"$9(-#+*X$
$
/0\$9-$9$*+-21>$"0$*+9,'(;$>='-$L""[\$7"2$;+>$"(17$"(+$>='(;$<$9($
'(3*+9-+,$>+(,+(37$>"$>='([$91#97-$'($>+*N-$"0$>=+$">=+*$5+*-"(]-$
5"'(>$"0$H'+#\$9(,$-++$>='(;-$0*"N$>=9>$5+*-"(]-$9(;1+$9-$#+11$9-$
7"2*$"#($<$'0$7"2$;+>$"(17$>=9>$"(+$>='(;$0*"N$>='-$L""[\$'>$N97$
+9-'17$5*"H+$>"$L+$"(+$"0$>=+$->+55'(;$<$->"(+-$"0$7"2*$39*++*X$
$
c$4*'(3'51+$E$<$%*7$="(+->17$>"$-++$>='(;-$0*"N$>=+$">=+*$5+*-"(]-$
5"'(>$"0$H'+#X$$
$
ooooooo$
$
@$<$&=9>$IH+*7L",7$&9(>-$
$
&"21,(]>$7"2$1'[+$>"$=9H+$9$N9;'3$5=*9-+$>=9>$#"21,$->"5$
9*;2N+(>-\$+1'N'(9>+$'11$0++1'(;\$3*+9>+$;"",$#'11\$9(,$N9[+$>=+$">=+*$
5+*-"($1'->+($9>>+(>'H+17f$
$
_+-f$.11$*';=>X$!+*+$'>$'-W$^/$,"(]>$L19N+$7"2$"(+$'">9$0"*$0++1'(;$9-$
7"2$,"X$/0$/$#+*+$7"2$/$#"21,$2(,"2L>+,17$0++1$l2->$9-$7"2$,"X^$
$
.($9(-#+*$1'[+$>=9>$#'11$-"0>+($>=+$N"->$39(>9([+*"2-$"1,$32--$91'H+X$
.(,$7"2$39($-97$>=9>$9(,$L+$?QQ$5+*3+(>$-'(3+*+\$L+392-+$'0$7"2$
#+*+$>=+$">=+*$5+*-"($7"2\$"0$3"2*-+\$#"21,$0++1$l2->$9-$=+$,"+-X$
%9[+$.1$:95"(+\$0"*$+Y9N51+X$R255"-+$7"2$=9,$'(=+*'>+,$>=+$-9N+$
L",7$9(,$>+N5+*9N+(>$9(,$N'(,$>=9>$.1$:95"(+$=9,X$R255"-+$7"2$
=9,$=9,$='-$+(H'*"(N+(>$9(,$+Y5+*'+(3+-X$_"2$#"21,$>=+($L+$
5*+3'-+17$#=9>$=+$#9-$<$9(,$#=+*+$=+$#9-X$)"*$'>$'-$>="-+$>='(;-$<$
9(,$"(17$>="-+$>='(;-$<$>=9>$N9,+$='N$#=9>$=+$#9-X$%=+$"(17$
*+9-"(\$0"*$+Y9N51+\$>=9>$7"2$9*+$(">$9$*9>>1+-(9[+$'-$>=9>$7"2*$
N">=+*$9(,$09>=+*$#+*+(]>$*9>>1+-(9[+-X$
$
_"2$,+-+*H+$H+*7$1'>>1+$3*+,'>$0"*$L+'(;$#=9>$7"2$9*+$<$9(,$
*+N+NL+*\$>=+$5+"51+$#="$3"N+$>"$7"2$'**'>9>+,\$L';">+,\$
2(*+9-"('(;\$,+-+*H+$H+*7$1'>>1+$,'-3*+,'>$0"*$L+'(;$#=9>$>=+7$9*+X$
)++1$-"**7$0"*$>=+$5""*$,+H'1-X$4'>7$>=+NX$R7N59>='g+$#'>=$>=+NX$R97$
>"$7"2*-+10W$^%=+*+\$L2>$0"*$>=+$;*93+$"0$`",\$;"$/X^$
$
%=*++<0"2*>=-$"0$>=+$5+"51+$7"2$#'11$+H+*$N++>$9*+$=2(;+*'(;$9(,$
>='*->'(;$0"*$-7N59>=7X$`'H+$'>$>"$>=+N\$9(,$>=+7$#'11$1"H+$7"2X$
$
/$"(3+$;9H+$9$L*"9,39->$9L"2>$>=+$92>="*$"0$K'>>1+$&"N+(\$K"2'-9$
a97$.13">>X$M9>2*9117\$/$[(+#$-=+$=9,$1'H+,$9(,$#*'>>+($=+*$'NN"*>91$
L""[-$'($:"(3"*,\$a9--93=2-+>>-X$62>\$#'>="2>$>='(['(;$#=9>$/$#9-$
-97'(;\$/$-5"[+$"0$H'-'>'(;$=+*$"1,$="N+$'($:"(3"*,X$M+#$!9N5-='*+X$
/0$/$=9,$-9',$M+#$!9N5-='*+$"(17$"(3+\$'>$N';=>$=9H+$L++($0"*;'H+(X$
62>\$919-$9(,$9193[j$/$-9',$'>$>#'3+\$/$#9-$,+12;+,$#'>=$1+>>+*-$9(,$
>+1+;*9N-\$->'(;'(;$N+--9;+-$>=9>$-#'*1+,$9*"2(,$N7$,+0+(-+1+--$
=+9,$1'[+$9$-#9*N$"0$="*(+>-X$a9(7$#+*+$'(,';(9(>X$.$0+#$'(-21>'(;X$
S(+$:"1"('91$89N+\$#="$=9,$L++($*+9*+,$'($:"(3"*,\$
a9--93=2-+>>-\$9(,$#="$#9-$>=+($1'H'(;$'($4='19,+15='9\$H+(>+,$=+*$
-3"*3='(;$#*9>=$25"($N+X$R=+$3"21,(]>$=9H+$L++($N23=$N"*+$L'>>+*$
'0$/$=9,$9332-+,$a'--$.13">>$"0$L+'(;$9$39(('L91$0*"N$M+#$`2'(+9X$.-$
/$*+9,$>=+$1+>>+*\$/$-9',$>"$N7-+10\$^%=9([$`",\$/$9N$(">$N9**'+,$>"$
>=9>$#"N9(X^$/$0+1>$1'[+$#*'>'(;$9(,$>+11'(;$=+*$>=9>$91>="2;=$/$=9,$
N9,+$9$N'->9[+$'($;+";*95=7\$-=+$=9,$N9,+$9$09*$;*+9>+*$N'->9[+$'($
3"NN"($3"2*>+-7X$%=9>$#9-$>"$L+$l2->$N7$"5+('(;$-+(>+(3+X$%=+($/$
#9-$;"'(;$>"$*"11$25$N7$-1++H+-$9(,$>+11$=+*$#=9>$/$*+9117$>="2;=>X$
62>$/$,',(]>X$/$3"(>*"11+,$N7-+10X$/$*+91'g+,$>=9>$9(7$=">=+9,+,$0""1$
3"21,$,"$>=9>$<$9(,$>=9>$N"->$0""1-$#"21,$,"$l2->$>=9>X$
$
/$#9(>+,$>"$L+$9L"H+$0""1-X$R"$/$*+-"1H+,$>"$>*7$>"$>2*($=+*$="->'1'>7$
'(>"$0*'+(,1'(+--X$/>$#"21,$L+$9$3=911+(;+\$9$-"*>$"0$;9N+$/$3"21,$
5197X$/$-9',$>"$N7-+10\$^.0>+*$911\$'0$/$#+*+$-=+\$/$#"21,$5*"L9L17$0++1$
l2->$9-$-=+$,"+-X^$R"\$/$,+>+*N'(+,$>"$-7N59>='g+$#'>=$=+*$
H'+#5"'(>X$%=+$(+Y>$>'N+$/$#9-$'($4='19,+15='9\$/$3911+,$=+*$"($>=+$
>+1+5="(+X$%=+$3"(H+*-9>'"($#+(>$-"N+>='(;$1'[+$>='-W$
$
aIW$a*-X$R"<9(,<R"\$7"2$#*">+$N+$9$1+>>+*$9$0+#$#++[-$9;"\$9(,$/$
#9(>$>"$>=9([$7"2$0"*$'>X$
$
R!IW$F'($'(3'-'H+\$321>2*+,\$#+11<L*+,$>"(+-JW$%"$#="N$=9H+$/$>=+$
="("*$"0$-5+9['(;f$
$
aIW$/$9N$9$->*9(;+*$>"$7"2X$a7$(9N+$'-$891+$:9*(+;'+X$_"2$1'->+(+,$
>"$9$L*"9,39->$/$;9H+$9L"2>$K"2'-9$a97$.13">>$9$0+#$R2(,97-$9;"\$
9(,$/$N9,+$>=+$2(0"*;'H9L1+$L12(,+*$"0$-97'(;$>=9>$-=+$=9,$1'H+,$'($
:"(3"*,\$M+#$!9N5-='*+X$/>$#9-$9$->25',$L12(,+*\$9(,$/$#9(>$>"$
95"1";'g+$0"*$'>X$/>$#9-$-"$('3+$"0$7"2$>"$>9[+$>=+$>'N+$>"$#*'>+$N+X$
$
R!I$W$/$9N$-"**7\$a*X$:9*(+;'+\$>=9>$/$#*">+$9-$/$,',X$/$1"->$N7$
>+N5+*X$/$N2->$95"1";'g+X$
$
aIW$M"j$M"j$_"2$9*+$(">$>=+$"(+$>"$95"1";'g+i$/$9NX$.(7$-3=""1$3='1,$
#"21,$=9H+$[("#($L+>>+*$>=9($>"$=9H+$-9',$#=9>$/$-9',X$/$95"1";'g+,$
"H+*$>=+$9'*$>=+$0"11"#'(;$R2(,97\$9(,$/$#9(>$>"$95"1";'g+$>"$7"2$
5+*-"(9117$("#X$
$
R!I$W$/$#9-$L"*($'($:"(3"*,\$a9--93=2-+>>-X$a7$09N'17$=9-$L++($
5*"N'(+(>$'($a9--93=2-+>>-$9009'*-$0"*$>#"$3+(>2*'+-\$9(,$/$9N$H+*7$
5*"2,$"0$N7$(9>'H+$->9>+X$/$#9-$*+9117$b2'>+$,'->*+--+,$>"$=+9*$7"2$
-97$>=9>$a'--$.13">>$=9,$1'H+,$'($M+#$!9N5-='*+X$62>$/$9N$*+9117$
9-=9N+,$"0$>=9>$1+>>+*X$
$
aIW$/$9--2*+$7"2$>=9>$7"2$#+*+$(">$"(+<>+(>=$9-$,'->*+--+,$9-$/$9NX$
a7$+**"*$,',(]>$=2*>$a9--93=2-+>>-\$L2>$'>$,',$=2*>$N+X$/>$'-$-"$
-+1,"N$>=9>$5+"51+$"0$7"2*$->9(,'(;$9(,$321>2*+$>9[+$>=+$>'N+$>"$
#*'>+$5+"51+$#="$-5+9[$"($>=+$*9,'"\$9(,$/$,"$="5+$7"2$#'11$#*'>+$
N+$9;9'($'0$7"2$,+>+3>$9($+**"*$'($N7$>91[-X$
$
R!IW$_"2$[("#\$/$*+9117$1'[+$H+*7$N23=$>=+$#97$7"2$=9H+$933+5>+,$
N7$3*'>'3'-NX$_"2$N2->$L+$9$H+*7$('3+$5+*-"(X$/$-="21,$1'[+$>"$[("#$
7"2$L+>>+*X$
$
R"\$L+392-+$/$=9,$95"1";'g+,$9(,$-7N59>='g+,$#'>=$=+*$5"'(>$"0$
H'+#\$-=+$L+;9($95"1";'g'(;$9(,$-7N59>='g'(;$#'>=$N7$5"'(>$"0$H'+#\$
/$=9,$>=+$-9>'-093>'"($"0$3"(>*"11'(;$N7$>+N5+*\$>=+$-9>'-093>'"($"0$
*+>2*('(;$['(,(+--$0"*$9($'(-21>X$/$;">$'(0'('>+17$N"*+$*+91$02($"2>$"0$
N9['(;$=+*$1'[+$N+$>=9($/$3"21,$+H+*$=9H+$;">>+($"2>$"0$>+11'(;$=+*$>"$
;"$9(,$>9[+$9$l2N5$'($>=+$R3=271['11$G'H+*\$
$
IH+*7$N9($#="$"3325'+-$>=+$&='>+$!"2-+$'-$093+,$91N"->$,9'17$#'>=$
>="*(7$5*"L1+N-$'($=2N9($*+19>'"(-X$4*+-',+(>$%90>$#9-$("$
+Y3+5>'"(\$9(,$=+$1+9*(+,$0*"N$+Y5+*'+(3+$>=+$+("*N"2-$3=+N'391$
H912+$"0$-7N59>=7$'($(+2>*91'g'(;$>=+$93',$"0$=9*,$0++1'(;-X$/($='-$
L""[$I>='3-$'($R+*H'3+\$%90>$;'H+-$*9>=+*$9($9N2-'(;$'112->*9>'"($"0$
="#$=+$-"0>+(+,$>=+$'*+$"0$9$,'-955"'(>+,$9(,$9NL'>'"2-$N">=+*X$
$
^.$19,7$'($&9-='(;>"(\^$#*">+$%90>\$^#="-+$=2-L9(,$=9,$-"N+$
5"1'>'391$'(012+(3+\$39N+$9(,$19L"*+,$#'>=$N+$0"*$-'Y$#++[-$"*$N"*+$
>"$955"'(>$=+*$-"($>"$9$5"-'>'"(X$R=+$-+32*+,$>=+$9',$"0$R+(9>"*-$9(,$
:"(;*+--N+($'($0"*N',9L1+$(2NL+*$9(,$39N+$#'>=$>=+N$>"$-++$>=9>$
>=+7$-5"[+$#'>=$+N5=9-'-X$%=+$5193+$#9-$"(+$*+b2'*'(;$>+3=('391$
b291'0'39>'"(\$9(,$0"11"#'(;$>=+$*+3"NN+(,9>'"($"0$>=+$=+9,$"0$>=+$
62*+92\$/$955"'(>+,$-"N+L",7$+1-+X$/$>=+($*+3+'H+,$9$1+>>+*$0*"N$>=+$
N">=+*\$-97'(;$>=9>$/$#9-$N"->$2(;*9>+021\$-'(3+$/$,+31'(+,$>"$N9[+$
=+*$9$=9557$#"N9($9-$/$3"21,$=9H+$,"(+$L7$9$>2*($"0$N7$=9(,X$R=+$
3"N519'(+,$02*>=+*$>=9>$-=+$=9,$19L"*+,$#'>=$=+*$->9>+$,+1+;9>'"($
9(,$;">$911$>=+$H">+-$0"*$9($9,N'('->*9>'"($L'11$'($#='3=$/$#9-$
+-5+3'9117$'(>+*+->+,$9(,$>='-$#9-$>=+$#97$/$=9,$*+#9*,+,$=+*X$
$
^&=+($7"2$;+>$9$1+>>+*$1'[+$>=9>\$>=+$0'*->$>='(;$7"2$,"$'-$>"$>='([$="#$
7"2$39($L+$-+H+*+$#'>=$9$5+*-"($#="$=9-$3"NN'>>+,$9($'N5*"5*'+>7\$
"*$+H+($L++($9$1'>>1+$'N5+*>'(+(>X$%=+($7"2$N97$3"N5"-+$9($9(-#+*X$
%=+($'0$7"2$9*+$#'-+\$7"2$#'11$52>$>=+$1+>>+*$'($9$,*9#+*$9(,$1"3[$>=+$
,*9#+*X$%9[+$'>$"2>$'($>=+$3"2*-+$"0$>#"$,97-$<$-23=$3"NN2('39>'"(-$
#'11$91#97-$L+9*$>#"$,97-]$,+197$'($9(-#+*'(;$<$9(,$#=+($7"2$>9[+$'>$
"2>$90>+*$>=9>$'(>+*H91\$7"2$#'11$(">$-+(,$'>X$%=9>$'-$l2->$>=+$3"2*-+$/$
>""[X$.0>+*$>=9>\$/$-9>$,"#($9(,$#*">+$=+*$l2->$9-$5"1'>+$9$1+>>+*$9-$/$
3"21,\$>+11'(;$=+*$/$*+91'g+,$9$N">=+*]-$,'-955"'(>N+(>$2(,+*$-23=$
3'*32N->9(3+-\$L2>$>=9>$*+9117$>=+$955"'(>N+(>$#9-$(">$1+0>$>"$N7$
N+*+$5+*-"(91$5*+0+*+(3+\$>=9>$/$=9,$>"$-+1+3>$9$N9($#'>=$>+3=('391$
b291'0'39>'"(-\$9(,$=9,\$>=+*+0"*+\$>"$0"11"#$>=+$*+3"NN+(,9>'"(-$"0$
>=+$=+9,$"0$>=+$62*+92X$/$+Y5*+--+,$>=+$="5+$>=9>$=+*$-"($#"21,$;"$
"($>"$933"N51'-=$#=9>$-=+$=9,$="5+,$0"*$='N$'($>=+$5"-'>'"($#='3=$
=+$>=+($=9,X$%=9>$N"11'0'+,$=+*$9(,$-=+$#*">+$N+$9$(">+$-97'(;$-=+$
#9-$-"**7$-=+$=9,$#*'>>+($9-$-=+$=9,X$
$
^62>$>=+$955"'(>N+(>$/$-+(>$'($#9-$(">$3"(0'*N+,$9>$"(3+\$9(,$90>+*$
9($'(>+*H91$/$*+3+'H+,$9$1+>>+*$#='3=$52*5"*>+,$>"$3"N+$0*"N$=+*$
=2-L9(,\$>="2;=$'>$#9-$'($>=+$>=+$-9N+$=9(,#*'>'(;$9-$911$>=+$
">=+*-X$/$#9-$>=+*+'($9,H'-+,$>=9>\$,2+$>"$>=+$(+*H"2-$5*"->*9>'"($
>=9>$=9,$0"11"#+,$=+*$,'-955"'(>N+(>$'($>='-$39-+\$-=+$=9,$>"$>9[+$>"$
=+*$L+,$9(,$=9,$,+H+1"5+,$9$N"->$-+*'"2-$39-+$"0$39(3+*$"0$>=+$
->"N93=X$&"21,$/$(">$*+->"*+$=+*$>"$=+91>=$L7$#'>=,*9#'(;$>=+$0'*->$
(9N+$9(,$*+5193'(;$'>$L7$=+*$-"(]-f$/$=9,$>"$#*'>+$9(">=+*$1+>>+*\$>='-$
"(+$>"$>=+$=2-L9(,\$>"$-97$>=9>$/$="5+,$>=+$,'9;("-'-$#"21,$5*"H+$
>"$L+$'(9332*9>+\$>=9>$/$-7N59>='g+,$#'>=$='N$'($>=+$-"**"#$=+$N2->$
=9H+$'($>=+$-+*'"2-$'11(+--$"0$='-$#'0+\$L2>$>=9>$'>$#9-$'N5"--'L1+$>"$
#'>=,*9#$>=+$(9N+$-+(>$'(X$%=+$N9($#="N$/$955"'(>+,$#9-$
3"(0'*N+,\$9(,$#'>='($>#"$,97-$90>+*$/$*+3+'H+,$>=9>$1+>>+*\$#+$;9H+$
9$N2-'391+$9>$>=+$&='>+$!"2-+X$%=+$0'*->$>#"$5+"51+$>"$;*++>$a*-X$
%90>$9(,$N+$#+*+$>='-$=2-L9(,$9(,$#'0+\$>="2;=$>=+$#'0+$=9,$-"$
*+3+(>17$L++($'($9*>'321"$N"*>'-X^$
$
k97$a9(;2N$*+5*+-+(>+,$9($+1+H9>"*<+-3919>"*$N9'(<>+(9(3+$
3"N59(7$'($%21-9\$S[19="N9\$#='3=$=9,$>=+$N9'(>+(9(3+$3"(>*93>$
0"*$>=+$+-3919>"*-$'($"(+$"0$%21-9]-$1+9,'(;$=">+1-X$%=+$=">+1$N9(9;+*$
,',$(">$#9(>$>"$-=2>$,"#($>=+$+-3919>"*$0"*$N"*+$>=9($>#"$="2*-$9>$
9$>'N+$L+392-+$=+$,',$(">$#9(>$>"$'(3"(H+('+(3+$>=+$=">+1]-$;2+->-X$
%=+$*+59'*$>=9>$=9,$>"$L+$N9,+$#"21,$>9[+$9>$1+9->$+';=>$="2*-\$9(,$
='-$3"N59(7$,',$(">$91#97-$=9H+$9$-5+3'9117$b291'0'+,$N+3=9('3$
9H9'19L1+$9>$>=+$3"(H+('+(3+$"0$>=+$=">+1X$
$
&=+($a*X$a9(;2N$#9-$9L1+$>"$-3=+,21+$9$>"5<01';=>$N+3=9('3$0"*$
>='-$l"L\$=+$>+1+5="(+,$>=+$=">+1$N9(9;+*$9(,$'(->+9,$"0$9*;2'(;$
#'>=$='N$>"$;'H+$='N$>=+$(+3+--9*7$>'N+\$=+$-9',W$
$
^G'3[\$/$[("#$7"2*$=">+1$'-$b2'>+$L2-7$9(,$7"2$#"21,$1'[+$>"$[++5$>=+$
+-3919>"*$-=2>,"#($>'N+$>"$9$N'('N2NX$/$2(,+*->9(,$7"2*$3"(3+*($
9L"2>$>='-\$9(,$#+$#9(>$>"$,"$+H+*7>='(;$5"--'L1+$>"$933"NN",9>+$
7"2X$!"#+H+*\$"2*$,'9;("-'-$"0$>=+$-'>29>'"($-="#-$>=9>$'0$#+$,"$(">$
,"$9$3"N51+>+$l"L$("#\$7"2*$+-3919>"*$N97$-200+*$N"*+$-+*'"2-$
,9N9;+$9(,$>=9>$#"21,$392-+$9$N23=$1"(;+*$-=2>,"#(X$/$[("#$7"2$
#"21,$(">$#9(>$>"$'(3"(H+('+(3+$7"2*$;2+->-$0"*$-+H+*91$,97-X^$
$
%=+$N9(9;+*$=9,$>"$9;*++$>=9>$9($+';=><="2*$-=2>$,"#($#9-$N"*+$
,+-'*9L1+$>=9($-+H+*91$,97-]X$67$-7N59>='g'(;$#'>=$>=+$N9(9;+*]-$
,+-'*+$>"$[++5$='-$59>*"(-$=9557\$a*X$a9(;2N$#9-$9L1+$>"$#'($>=+$
=">+1$N9(9;+*$>"$='-$#97$"0$>='(['(;$+9-'17$9(,$#'>="2>$*9(3"*X$
$
k"73+$M"**'-\$9$5'9("$>+93=+*$'($R>\$K"2'-\$a'--"2*'\$>"1,$"0$="#$-=+$
=9,$=9(,1+,$9$5*"L1+N$5'9("$>+93=+*-$"0>+($=9H+$#'>=$>++(9;+$;'*1-X$
69L+>>+$=9,$+Y3+5>'"(9117$1"(;$0'(;+*(9'1-X$%='-$'-$9$-+*'"2-$=9(,'395$
>"$9(7"(+$#="$#9(>-$>"$,+H+1"5$5*"5+*$5'9("<5197'(;$=9L'>-X$
$
a*-X$M"**'-$*+5"*>+,W$^/$[(+#$=+*$1"(;$0'(;+*(9'1-$#"21,$L+$9$L9**'+*$
0"*$=+*$'($=+*$,+-'*+$>"$5197$#+11X$82*'(;$"2*$,'-32--'"(-$5*'"*$>"$=+*$
->9*>'(;$=+*$1+--"(-$#'>=$N+\$/$,',$(">$N+(>'"($9(7>='(;$>"$=+*$9L"2>$
=+*$(9'1-X$/$,',(]>$#9(>$>"$,'-3"2*9;+$=+*$0*"N$>9['(;$1+--"(-\$9(,$/$
91-"$[(+#$-=+$#"21,$(">$#9(>$>"$1"-+$>=9>$#='3=$-=+$>""[$-"$N23=$
5*',+$'($9(,$-23=$;*+9>$39*+$>"$N9[+$9>>*93>'H+X$
$
^.0>+*$=+*$0'*->$1+--"(\$#=+($/$0+1>$>=+$>'N+$#9-$*';=>\$/$-9',W$
]69L+>>+\$7"2$=9H+$9>>*93>'H+$=9(,-$9(,$L+92>'021$0'(;+*(9'1-X$/0$7"2$
#9(>$>"$5197$>=+$5'9("$9-$#+11$9-$7"2$9*+$3959L1+$"0$9(,$9-$#+11$9-$
7"2$#"21,$1'[+$>"\$7"2$#"21,$L+$-2*5*'-+,$="#$N23=$b2'3[+*$9(,$
+9-'+*$'>$#"21,$L+$0"*$7"2\$'0$7"2$#"21,$>*'N$7"2*$(9'1-$-="*>+*X$k2->$
>='([$9L"2>$'>\$S[97f]$R=+$N9,+$9$093+$#='3=$#9-$,+0'('>+17$(+;9>'H+X$
/$91-"$>91[+,$>"$=+*$N">=+*$9L"2>$>='-$-'>29>'"(\$9;9'($N+(>'"('(;$
="#$1"H+17$=+*$(9'1-$#+*+X$.(">=+*$(+;9>'H+$*+93>'"(X$/>$#9-$"LH'"2-$
>=9>$69L+>>+]-$L+92>'02117$N9('32*+,$(9'1-$#+*+$'N5"*>9(>$>"$=+*X$
$
^%=+$0"11"#'(;$#++[$69L+>>+$*+>2*(+,$0"*$=+*$-+3"(,$1+--"(X$a23=$>"$
N7$-2*5*'-+\$>=+$0'(;+*(9'1-$=9,$L++($>*'NN+,X$/$3"N51'N+(>+,$=+*$
9(,$5*9'-+,$=+*$0"*$N9['(;$-23=$9$-93*'0'3+X$/$91-"$>=9([+,$=+*$
N">=+*$0"*$'(012+(3'(;$69L+>>+$>"$32>$=+*$(9'1-X$!+*$*+517$#9-$]S=\$/$
=9,$(">='(;$>"$,"$#'>=$'>X$69L+>>+$,+3',+,$>"$,"$'>$"($=+*$"#(\$9(,$
>='-$'-$>=+$0'*->$>'N+$-=+$=9-$+H+*$>*'NN+,$=+*$(9'1-$0"*$9(7"(+X]$^$
$
8',$a*-X$M"**'-$>=*+9>+($69L+>>+f$8',$-=+$-97$-=+$#"21,$*+02-+$>"$
>+93=$9$->2,+(>$#'>=$1"(;$0'(;+*(9'1-f$M"\$-=+$,',$(">X$R=+$1+>$
69L+>>+$[("#$>=9>$=+*$0'(;+*<(9'1-$#+*+$9$>='(;$"0$L+92>7$9(,$'>$
#"21,$L+$9$-93*'0'3+$>"$32>$>=+NX$R=+$'N51'+,\$^/$-7N59>='g+$#'>=$7"2$
<$/$[("#$'>$#"(]>$L+$+9-7\$L2>$'>$#'11$597$"00$'($7"2*$L+>>+*$N2-'391$
,+H+1"5N+(>X^$
$
R"1$!2*"[$#9-$5*"L9L17$.N+*'39]-$(2NL+*$"(+$'N5*+-9*'"X$)"*$
91N"->$=910$9$3+(>2*7$=+$=9(,1+,$9*>'->-$<$-23=$#"*1,<09N"2-$9*>'->-$
9-$:=91'95'(\$/-9,"*9$82(39(\$9(,$49H1"H9X$a*X$!2*"[$>"1,$N+$>=9>$
"(+$"0$>=+$0'*->$1+--"(-$=+$=9,$1+9*(+,$'($,+91'(;$#'>=$='-$
>+N5+*9N+(>91$->9*-$#9-$>=+]$(+3+--'>7$0"*$-7N59>=7\$-7N59>=7$9(,$
N"*+$-7N59>=7$#'>=$>=+'*$','"-7(3*9-'+-X$
$
)"*$>=*++$7+9*-\$=+$#9-$'N5*+-9*'"$0"*$)+","*$:=91'95'($<"(+$"0$>=+$
;*+9>+->$L9--"-$#="$+H+*$>=*'11+,$>=+$*'>g7$L"Y="1,+*-$9>$>=+$
a+>*"5"1'>9(\$_+>$:=91'95'($#9-$9$3"(->9(>$5*"L1+NX$!+$39**'+,$"($
1'[+$9$-5"'1+,$3='1,X$%"$52>$'>$'($a*X$!2*"[]-$"#($'('N'>9L1+$5=*9-+W$
^!+$#9-$9$=+11$"0$9$0+11"#$'($+H+*7$#97X^$
$
)"*$+Y9N51+\$:=91'95'($#"21,$3911$25$a*X$!2*"[$9L"2>$("2($"0$>=+$
,97$=+$#9-$;"'(;$>"$-'(;$9(,$-97\$^R"1\$/$0++1$>+**'L1+X$a7$>=*"9>$'-$
1'[+$*9#$=9NL2*;+*X$/>$'-$'N5"--'L1+$0"*$N+$>"$-'(;$>"(';=>X^$8',$a*X$
!2*"[$9*;2+$#'>=$='Nf$S=\$("X$!+$[(+#$>=9>$9($+(>*+5*+(+2*$
3"21,(]>$=9(,1+$9*>'->-$>=9>$#97X$R"$=+$#"21,$*2-=$"H+*$>"$:=91'95'(]-$
=">+1\$,*'55'(;$#'>=$-7N59>=7X$^&=9>$9$5'>7\$^$=+$#"21,$N"2*(X$
^&=9>$9$5'>7j$a7$5""*$0+11"#X$S0$3"2*-+\$7"2$39((">$-'(;X$/$#'11$
39(3+1$>=+$+(;9;+N+(>$9>$"(3+X$/>$#'11$"(17$3"->$7"2$9$3"251+$"0$
>="2-9(,$,"119*-\$L2>$>=9>$'-$(">='(;$'($3"N59*'-"($>"$7"2*$
*+52>9>'"(X^$
$
%=+($:=91'95'($#"21,$-';=$9(,$-97\$^4+*=95-$7"2$=9,$L+>>+*$3"N+$
"H+*$19>+*$'($>=+$,97X$:"N+$9>$0'H+$9(,$-++$="#$/$0++1$>=+(X^$
$
.>$0'H+$"]31"3[\$a*X$!2*"[$#"21,$9;9'($*2-=$>"$='-$=">+1\$,*'55'(;$#'>=$
-7N59>=7X$.;9'($=+$#"21,$'(-'->$"($39(3+1'(;$>=+$+(;9;+N+(>$9(,$
9;9'($:=91'95'($#"21,$-';=$9(,$-97\$^&+11\$N97L+$7"2$=9,$L+>>+*$
3"N+$>"$-++$N+$19>+*X$/$N97$L+$L+>>+*$>=+(X^$
$
.>$-+H+(<>='*>7$>=+$;*+9>$L9--"$#"21,$3"(-+(>$>"$-'(;\$"(17$#'>=$>=+$
2(,+*->9(,'(;$>=9>$a*X$!2*"[$#"21,$#91[$"2>$"($>=+$->9;+$"0$>=+$
a+>*"5"1'>9($9(,$9(("2(3+$>=9>$:=91'95'($=9,$9$H+*7$L9,$3"1,$9(,$
#9-$(">$'($;"",$H"'3+X$a*X$!2*"[$#"21,$1'+$9(,$-97$=+$#"21,$,"$'>\$
0"*$=+$[(+#$>=9>$#9-$>=+$"(17$#97$>"$;+>$>=+$L9--"$"2>$"($>=+$->9;+X$
$
8*X$.*>=2*$/X$`9>+-$-9',$'($='-$-51+(,',$L""[$I,239>'"(91$4-73="1";7W$
^R7N59>=7$>=+$=2N9($-5+3'+-$2('H+*-9117$3*9H+-X$%=+$3='1,$+9;+*17$
,'-5197-$='-$'(l2*7i$"*$+H+($'(01'3>-$9$32>$"*$L*2'-+$'($"*,+*$>"$*+95$
9L2(,9(>$-7N59>=7X$)"*$>=+$-9N+$52*5"-+$9,21>-$XXX$-="#$>=+'*$
L*2'-+-\$*+19>+$>=+'*$933',+(>-\$'11(+--\$+-5+3'9117$,+>9'1-$"0$-2*;'391$
"5+*9>'"(-X$]R+10<5'>7]$0"*$N'-0"*>2(+-$*+91$"*$'N9;'(9*7$'-$'($-"N+$
N+9-2*+\$5*93>'39117$9$2('H+*-91$5*93>'3+X^$
$
R"\$'0$7"2$#9(>$>"$#'($5+"51+$>"$7"2*$#97$"0$>='(['(;\$52>$'($5*93>'3+$
XXX$$
$
c$4*'(3'51+$@$<$6+$-7N59>=+>'3$#'>=$>=+$">=+*$5+*-"(]-$',+9-$9(,$
,+-'*+-X$$
$
ooooooo$
$
?Q$<$.($.55+91$%=9>$IH+*7L",7$K'[+-$
$
/$#9-$*+9*+,$"($>=+$+,;+$"0$>=+$k+--+$k9N+-$3"2(>*7$"2>$'($a'--"2*'\$
9(,$/$H'-'>+,$>=+$k9N+-$09*N$9>$d+9*(+7\$a'--"2*'\$#=+*+$>=+$-"($"0$
k+--+$k9N+-$#9-$>=+($1'H'(;X$
$
!'-$#'0+$>"1,$N+$->"*'+-$"0$="#$k+--+$*"LL+,$>*9'(-$9(,$=+1,$25$
L9([-$9(,$>=+($;9H+$N"(+7$>"$>=+$(+';=L"*'(;$09*N+*-$>"$597$"00$
>=+'*$N"*>;9;+-X$
$
k+--+$k9N+-$5*"L9L17$*+;9*,+,$='N-+10$9-$9($',+91'->$9>$=+9*>\$l2->$9-$
82>3=$R3=21>g\$^%#"$`2(^$:*"#1+7\$.1$:95"(+$9(,$N9(7$">=+*$
"*;9('g+,$3*'N+$^;",09>=+*-^$,',$;+(+*9>'"(-$19>+*X$%=+$093>$'-$>=9>$
911$5+"51+$7"2$N++>$=9H+$9$=';=$*+;9*,$0"*$>=+N-+1H+-$9(,$1'[+$>"$L+$
0'(+$9(,$2(-+10'-=$'($>=+'*$"#($+->'N9>'"(X$
$
kX$4'+*5"(>$a"*;9($"L-+*H+,\$'($"(+$"0$='-$9(917>'391$'(>+*12,+-\$>=9>$
9$5+*-"($2-29117$=9-$>#"$*+9-"(-$0"*$,"'(;$9$>='(;W$"(+$>=9>$-"2(,-$
;"",$9(,$9$*+91$"(+X$
$
%=+$5+*-"($='N-+10$#'11$>='([$"0$>=+$*+91$*+9-"(X$_"2$,"(]>$(++,$>"$
+N5=9-'g+$>=9>X$62>$911$"0$2-\$L+'(;$',+91'->-$9>$=+9*>\$1'[+$>"$>='([$"0$
N">'H+-$>=9>$-"2(,$;"",X$R"\$'($"*,+*$>"$3=9(;+$5+"51+\$955+91$>"$
>=+$("L1+*$N">'H+-X$
$
/-$>=9>$>""$',+91'->'3$>"$#"*[$'($L2-'(+--f$K+>]-$-++X$K+>]-$>9[+$>=+$
39-+$"0$!9N'1>"($kX$)9**+11$"0$>=+$)9**+11<a'>3=+11$:"N59(7$"0$
`1+("1,+(\$4+((-71H9('9X$a*X$)9**+11$=9,$9$,'-;*2(>1+,$>+(9(>$#="$
>=*+9>+(+,$>"$N"H+X$%=+$>+(9(>]-$1+9-+$->'11$=9,$0"2*$N"(>=-$>"$*2(i$
(+H+*>=+1+--\$=+$-+*H+,$(">'3+$>=9>$=+$#9-$H939>'(;$'NN+,'9>+17\$
*+;9*,1+--$"0$1+9-+X$
$
^%=+-+$5+"51+$=9,$1'H+,$'($N7$="2-+$911$#'(>+*$<$>=+$N"->$+Y5+(-'H+$
59*>$"0$>=+$7+9*\^$a*X$)9**+11$-9',$9-$=+$>"1,$>=+$->"*7$>"$>=+$319--\$
^9(,$/$[(+#$'>$#"21,$L+$,'00'321>$>"$*+(>$>=+$959*>N+(>$9;9'($L+0"*+$
0911X$/$3"21,$-++$911$>=9>$*+(>$'(3"N+$;"'(;$"H+*$>=+$='11$9(,$L+1'+H+$
N+\$/$-9#$*+,X$
$
^M"#\$"*,'(9*'17\$/$#"21,$=9H+$#9,+,$'(>"$>=9>$>+(9(>$9(,$9,H'-+,$
='N$>"$*+9,$='-$1+9-+$9;9'(X$/$#"21,$=9H+$5"'(>+,$"2>$>=9>$'0$=+$
N"H+,\$>=+$0211$L919(3+$"0$='-$*+(>$#"21,$0911$,2+$9>$"(3+$<$9(,$>=9>$/$
3"21,\$9(,$#"21,\$N"H+$>"$3"11+3>X$
$
^!"#+H+*\$'(->+9,$"0$017'(;$"00$>=+$=9(,1+$9(,$N9['(;$9$-3+(+\$/$
,+3',+,$>"$>*7$">=+*$>93>'3-X$R"$/$->9*>+,$1'[+$>='-W$]a*X$8"+\]$/$-9',\$]/$
=9H+$1'->+(+,$>"$7"2*$->"*7\$9(,$/$->'11$,"(]>$L+1'+H+$7"2$'(>+(,$>"$
N"H+X$_+9*-$'($>=+$*+(>'(;$L2-'(+--$=9H+$>92;=>$N+$-"N+>='(;$
9L"2>$=2N9($(9>2*+\$9(,$/$-'g+,$7"2$25$'($>=+$0'*->$5193+$9-$L+'(;$9$
N9($"0$7"2*$#"*,X$/($093>\$/]N$-"$-2*+$"0$'>$>=9>$/]N$#'11'(;$>"$>9[+$9$
;9NL1+X$
$
^$]M"#\$=+*+]-$N7$5*"5"-'>'"(X$K9H$7"2*$,+3'-'"($"($>=+$>9L1+$0"*$9$
0+#$,97-$9(,$>='([$'>$"H+*X$/0$7"2$3"N+$L93[$>"$N+$L+>#++($("#$
9(,$>=+$0'*->$"0$>=+$N"(>=\$#=+($7"2*$*+(>$'-$,2+\$9(,$>+11$N+$7"2$
->'11$'(>+(,$>"$N"H+\$/$;'H+$7"2$N7$#"*,$/$#'11$933+5>$7"2*$,+3'-'"($9-$
0'(91X$/$#'11$5*'H'1+;+$7"2$>"$N"H+$9(,$9,N'>$>"$N7-+10$/]H+$L++($
#*"(;$'($N7$l2,;N+(>X$62>$/$->'11$L+1'+H+$7"2]*+$9$N9($"0$7"2*$#"*,$
9(,$#'11$1'H+$25$>"$7"2*$3"(>*93>X$)"*$90>+*$911\$#+$9*+$+'>=+*$N+($"*$
N"([+7-$<$9(,$>=+$3="'3+$2-29117$1'+-$#'>=$"2*-+1H+-j]$
$
^&+11\$#=+($>=+$(+#$N"(>=$39N+$9*"2(,\$>='-$;+(>1+N9($39N+$>"$
-++$N+$9(,$59',$='-$*+(>$'($5+*-"(X$!+$9(,$='-$#'0+$=9,$>91[+,$'>$
"H+*\$=+$-9',$<$9(,$,+3',+,$>"$->97X$%=+7$=9,$3"(312,+,$>=9>$>=+$
"(17$="("*9L1+$>='(;$>"$,"$#9-$>"$1'H+$25$>"$>=+'*$1+9-+X^$
$
&=+($>=+$19>+$K"*,$M"*>=31'00+$0"2(,$9$(+#-595+*$2-'(;$9$5'3>2*+$"0$
='N$#='3=$=+$,',(]>$#9(>$52L1'-=+,\$=+$#*">+$>=+$+,'>"*$9$1+>>+*X$62>$
,',$=+$-97\$^41+9-+$,"$(">$52L1'-=$>=9>$5'3>2*+$"0$N+$9(7$N"*+i$/$
,"(]>$1'[+$'>^f$M"\$=+$955+91+,$>"$9$("L1+*$N">'H+X$!+$955+91+,$>"$>=+$
*+-5+3>$9(,$1"H+$>=9>$911$"0$2-$=9H+$0"*$N">=+*="",X$!+$#*">+\$
^41+9-+$,"$(">$52L1'-=$>=9>$5'3>2*+$"0$N+$9(7$N"*+X$a7$N">=+*$
,"+-(]>$1'[+$'>X^$
$
&=+($k"=($8X$G"3[+0+11+*\$k*X\$#'-=+,$>"$->"5$(+#-595+*$
5=">";*95=+*-$0*"N$-(955'(;$5'3>2*+-$"0$='-$3='1,*+(\$=+$>""$
955+91+,$>"$>=+$("L1+*$N">'H+-X$!+$,',(]>\$-97W$^/$,"(]>$#9(>$>=+'*$
5'3>2*+-$52L1'-=+,X^$M"\$=+$955+91+,$>"$>=+$,+-'*+\$,++5$'($911$"0$2-\$
>"$*+0*9'($0*"N$=9*N'(;$3='1,*+(X$!+$-9',W$^_"2$[("#$="#$'>$'-\$L"7-X$
_"2]H+$;">$3='1,*+($7"2*-+1H+-\$-"N+$"0$7"2X$.(,$7"2$[("#$'>]-$(">$
;"",$0"*$7"2(;->+*-$>"$;+>$>""$N23=$52L1'3'>7X^$
$
&=+($:7*2-$!X$dX$:2*>'-\$>=+$5""*$L"7$0*"N$a9'(+\$#9-$->9*>'(;$"($
='-$N+>+"*'3$39*++*\$#='3=$#9-$,+->'(+,$>"$N9[+$='N$N'11'"(-$9-$
"#(+*$"0$%=+$R9>2*,97$IH+('(;$4"->$9(,$>=+$K9,'+-]$!"N+$k"2*(91\$
=+$3"21,(]>$900"*,$>"$597$='-$3"(>*'L2>"*-$>=+$5*'3+-$>=9>$">=+*$
N9;9g'(+-$59',X$!+$3"21,(]>$900"*,$>"$='*+$0'*-><319--$92>="*-$>"$#*'>+$
0"*$N"(+7$91"(+X$R"$=+$955+91+,$>"$>=+'*$("L1+*$N">'H+-X$)"*$
+Y9N51+\$=+$5+*-29,+,$+H+($K"2'-9$a97$.13">>\$>=+$'NN"*>91$92>="*$
"0$K'>>1+$&"N+(\$>"$#*'>+$0"*$='N$#=+($-=+$#9-$9>$>=+$01"",$>',+$"0$
=+*$09N+i$9(,$=+$,',$'>$L7$"00+*'(;$>"$-+(,$9$3=+3[$0"*$9$=2(,*+,$
,"119*-\$(">$>"$=+*\$L2>$>"$=+*$09H"*'>+$3=9*'>7X$
$
G';=>$=+*+$>=+$-[+5>'3$N97$-97W$^S=\$>=9>$->200$'-$911$*';=>$0"*$
M"*>=31'00+$9(,$G"3[+0+11+*$"*$9$-+(>'N+(>91$("H+1'->X$62>\$/],$1'[+$>"$
-++$7"2$N9[+$'>$#"*[$#'>=$>=+$>"2;=$L9L'+-$/$=9H+$>"$3"11+3>$L'11-$
0*"Nj^$
$
_"2$N97$L+$*';=>X$M">='(;$#'11$#"*[$'($911$39-+-$<$9(,$(">='(;$#'11$
#"*[$#'>=$911$5+"51+X$/0$7"2$9*+$-9>'-0'+,$#'>=$>=+$*+-21>-$7"2$9*+$("#$
;+>>'(;\$#=7$3=9(;+f$/0$7"2$9*+$(">$-9>'-0'+,\$#=7$(">$+Y5+*'N+(>f$
$
.>$9(7$*9>+\$/$>='([$7"2$#'11$+(l"7$*+9,'(;$>='-$>*2+$->"*7$>"1,$L7$
k9N+-$KX$%="N9-\$9$0"*N+*$->2,+(>$"0$N'(+W$
$
R'Y$32->"N+*-$"0$9$3+*>9'($92>"N"L'1+$3"N59(7$*+02-+,$>"$597$>=+'*$
L'11-$0"*$-+*H'3'(;X$M"(+$"0$>=+$32->"N+*-$5*">+->+,$>=+$+(>'*+$L'11\$
L2>$+93=$319'N+,$>=9>$-"N+$"(+$3=9*;+$#9-$#*"(;X$/($+93=$39-+\$
>=+$32->"N+*$=9,$-';(+,$0"*$>=+$#"*[$,"(+\$-"$>=+$3"N59(7$[(+#$'>$
#9-$*';=>$<$9(,$-9',$-"X$%=9>$#9-$>=+$0'*->$N'->9[+X$
$
!+*+$9*+$>=+$->+5-$>=+$N+($'($>=+$3*+,'>$,+59*>N+(>$>""[$>"$3"11+3>$
>=+-+$"H+*,2+$L'11-X$8"$7"2$-255"-+$>=+7$-233++,+,f$
$
c$?X$%=+7$3911+,$"($+93=$32->"N+*$9(,$>"1,$='N$L12(>17$>=9>$>=+7$=9,$
3"N+$>"$3"11+3>$9$L'11$>=9>$#9-$1"(;$59->$,2+X$$
c$PX$%=+7$N9,+$'>$H+*7$519'($>=9>$>=+$3"N59(7$#9-$9L-"12>+17$9(,$
2(3"(,'>'"(9117$*';=>i$>=+*+0"*+$=+\$>=+$32->"N+*\$#9-$9L-"12>+17$9(,$
2(3"(,'>'"(9117$#*"(;X$$
c$AX$%=+7$'(>'N9>+,$>=9>$>=+7\$>=+$3"N59(7\$[(+#$N"*+$9L"2>$
92>"N"L'1+-$>=9($=+$3"21,$+H+*$="5+$>"$[("#X$R"$#=9>$#9-$>=+$
9*;2N+(>$9L"2>f$$
c$DX$G+-21>W$%=+7$9*;2+,X$
$
8',$9(7$"0$>=+-+$N+>=",-$*+3"(3'1+$>=+$32->"N+*$9(,$-+>>1+$>=+$
933"2(>f$_"2$39($9(-#+*$>=9>$"(+$7"2*-+10X$
$
.>$>='-$->9;+$"0$9009'*-\$>=+$3*+,'>$N9(9;+*$#9-$9L"2>$>"$"5+($0'*+$
#'>=$9$L9>>+*7$"0$1+;91$>91+(>\$#=+($0"*>2(9>+17$>=+$N9>>+*$39N+$>"$
>=+$9>>+(>'"($"0$>=+$;+(+*91$N9(9;+*X$%=+$N9(9;+*$'(H+->';9>+,$
>=+-+$,+0921>'(;$31'+(>-$9(,$,'-3"H+*+,$>=9>$>=+7$911$=9,$>=+$
*+52>9>'"($"0$597'(;$>=+'*$L'11-$5*"N5>17\$R"N+>='(;$#9-$#*"(;$=+*+$
<$-"N+>='(;$#9-$,*9->'39117$#*"(;$9L"2>$>=+$N+>=",$"0$3"11+3>'"(X$R"$
=+$3911+,$'($k9N+-$KX$%="N9-$9(,$>"1,$='N$>"$3"11+3>$>=+-+$
^2(3"11+3>'L1+^$933"2(>-X$
$
!+*+\$'($='-$#"*,-\$9*+$>=+$->+5-$a*X$%=**N9-$>""[W$
$
?X$a7$H'-'>$>"$+93=$32->"N+*$#9-$1'[+#'-+$>"$3"11+3>$9$L'11$1"(;$59->$
,2+$<$9$L'11$>=9>$#+$[(+#$#9-$9L-"12>+17$*';=>X$62>$/$,',(]>$-97$9$
#"*,$9L"2>$>=9>X$/$+Y519'(+,$/$=9,$3911+,$>"$0'(,$"2>$#=9>$'>$#9-$>=+$
3"N59(7$=9,$,"(+\$"*$09'1+,$>"$,"X$
$
PX$/$N9,+$'>$31+9*$>=9>\$2(>'1$/$=9,$=+9*,$>=+$32->"N+*]-$->"*7\$/$=9,$
("$"5'('"($>"$"00+*X$/$>"1,$='N$>=+$3"N59(7$N9,+$("$319'N-$>"$L+'(;$
'(0911'L1+X$
$
AX$/$>"1,$='N$/$#9-$'(>+*+->+,$"(17$'($='-$39*\$9(,$>=9>$=+$[(+#$N"*+$
9L"2>$='-$39*$>=9($9(7"(+$+1-+$'($>=+$#"*1,i$>=9>$=+$#9-$>=+$
92>="*'>7$"($>=+$-2Ll+3>X$
$
DX$/$1+>$='N$>91[\$9(,$/$1'->+(+,$>"$='N$#'>=$911$>=+$'(>+*+->$9(,$
-7N59>=7$>=9>$=+$#9(>+,$<$9(,$=9,$+Y5+3>+,X$
$
TX$)'(9117\$#=+($>=+$32->"N+*$#9-$'($9$*+9-"(9L1+$N"",\$/$52>$>=+$
#="1+$>='(;$25$>"$='-$-+(-+$"0$09'*$5197X$/$955+91+,$>"$>=+$("L1+*$
N">'H+-X$^)'*->\^$/$-9',\$^/$#9(>$7"2$>"$[("#$/$91-"$0++1$>='-$N9>>+*$
=9-$L++($L9,17$N'-=9(,1+,X$_"2]H+$L++($'(3"(H+('+(3+,$9(,$
9(("7+,$9(,$'**'>9>+,$L7$"(+$"0$"2*$*+5*+-+(>9>'H+-X$%=9>$-="21,$
(+H+*$=9H+$=955+(+,X$/]N$-"**7$9(,\$9-$9$*+5*+-+(>9>'H+$"0$>=+$
3"N59(7\$/$95"1";'g+X$.-$/$-9>$=+*+$9(,$1'->+(+,$>"$7"2*$-',+$"0$>=+$
->"*7\$/$3"21,$(">$=+15$L+'(;$'N5*+--+,$L7$7"2*$09'*(+--$9(,$
59>'+(3+X$.(,$("#\$L+392-+$7"2$9*+$09'*$<$N'(,+,$9(,$59>'+(>\$/$9N$
;"'(;$>"$9-[$7"2$>"$,"$-"N+>='(;$0"*$N+X$/>]-$-"N+>='(;$>=9>$7"2$
39($,"$L+>>+*$>=9($9(7"(+$+1-+\$-"N+>='(;$7"2$[("#$N"*+$9L"2>$
>=9($9(7"(+$+1-+X$!+*+$'-$7"2*$L'11i$/$[("#$'>$'-$-90+$0"*$N+$>"$9-[$
7"2$>"$9,l2->$'>\$l2->$9-$7"2$#"21,$,"$'0$7"2$#+*+$>=+$5*+-',+(>$"0$N7$
3"N59(7X$/$9N$;"'(;$>"$1+9H+$'>$911$25$>"$7"2X$&=9>+H+*$7"2$-97$
;"+-X^$
$
8',$=+$9,l2->$>=+$L'11f$!+$3+*>9'(17$,',\$9(,$;">$b2'>+$9$['3[$"2>$"0$'>\$
%=+$L'11-$*9(;+,$0*"N$m?TQ$>"$mDQQ$<$L2>$,',$>=+$32->"N+*$;'H+$
='N-+10$>=+$L+->$"0$'>f$_+-\$"(+$"0$>=+N$,',j$S(+$"0$>=+N$*+02-+,$>"$
597$9$5+((7$"0$>=+$,'-52>+,$3=9*;+i$L2>$>=+$">=+*$0'H+$911$;9H+$>=+$
3"N59(7$>=+$L+->$"0$'>j$.(,$=+*+]-$>=+$3*+9N$"0$>=+$#="1+$>='(;W$#+$
,+1'H+*+,$(+#$39*-$>"$911$-'Y$"0$>=+-+$32->"N+*-$#'>='($>=+$(+Y>$>#"$
7+9*-j$
$
^IY5+*'+(3+$=9-$>92;=>$N+\^$-97-$a*X$%="N9-\$^>=9>$#=+($("$
'(0"*N9>'"($39($L+$-+32*+,$9L"2>$>=+$32->"N+*\$>=+$"(17$-"2(,$L9-'-$
"($#='3=$>"$5*"3++,$'-$>"$9--2N+$>=9>$=+$"*$-=+$'-$-'(3+*+\$="(+->\$
>*2>=021$9(,$#'11'(;$9(,$9(Y'"2-$>"$597$>=+$3=9*;+-\$"(3+$3"(H'(3+,$
>=+7$9*+$3"**+3>X$%"$52>$'>$,'00+*+(>17$9(,$5+*=95-$N9*+$31+9*17\$
5+"51+$9*+$="(+->$9(,$#9(>$>"$,'-3=9*;+$>=+'*$"L1';9>'"(-X$%=+$
+Y3+5>'"(-$>"$>=9>$*21+$9*+$3"N59*9>'H+17$0+#\$9(,$/$9N$3"(H'(3+,$
>=9>$>=+$'(,'H',291-$#="$9*+$'(31'(+,$>"$3='-+1$#'11$'($N"->$39-+-$*+93>$
09H"*9L17$'0$7"2$N9[+$>=+N$0++1$>=9>$7"2$3"(-',+*$>=+N$="(+->\$
25*';=>$9(,$09'*X^$
$
c$4*'(3'51+$?Q$<$.55+91$>"$>=+$("L1+*$N">'H+-X$$
$
ooooooo$
$
??$<$%=+$a"H'+-$8"$/>X$%H$8"+-$/>X$&=7$8"(]>$_"2$8"$/>f$
$
a9(7$7+9*-$9;"\$>=+$4='19,+15='9$IH+('(;$6211+>'($#9-$L+'(;$
N91';(+,$L7$9$,9(;+*"2-$#='-5+*'(;$39N59';(X$.$N91'3'"2-$*2N"*$
#9-$L+'(;$3'*3219>+,X$.,H+*>'-+*-$#+*+$L+'(;$>"1,$>=9>$>=+$(+#-595+*$
#9-$("$1"(;+*$9>>*93>'H+$>"$*+9,+*-$L+392-+$'>$39**'+,$>""$N23=$
9,H+*>'-'(;$9(,$>""$1'>>1+$(+#-X$/NN+,'9>+$93>'"($#9-$(+3+--9*7X$%=+$
;"--'5$=9,$>"$L+$-b2+13=+,X$
$
62>$="#f$
$
%='-$'-$>=+$#97$'>$#9-$,"(+X$
$
%=+$6211+>'($31'55+,$0*"N$'>-$*+;219*$+,'>'"($911$*+9,'(;$N9>>+*$"0$911$
['(,-$"($"(+$9H+*9;+$,97\$319--'0'+,$'>\$9(,$52L1'-=+,$'>$9-$9$L""[X$
%=+$L""[$#9-$3911+,$S(+$897X$/>$3"(>9'(+,$AQO$59;+-$<$9-$N9(7$9-$9$
=9*,<3"H+*+,$L""[i$7+>$>=+$6211+>'($=9,$5*'(>+,$911$>='-$(+#-$9(,$
0+9>2*+$N9>+*'91$"($"(+$,97$9(,$-"1,$'>\$(">$0"*$-+H+*91$,"119*-\$L2>$
0"*$9$0+#$3+(>-X$
$
%=+$5*'(>'(;$"0$>=9>$L""[$,*9N9>'g+,$>=+$093>$>=9>$>=+$6211+>'($39**'+,$
9($+("*N"2-$9N"2(>$"0$'(>+*+->'(;$*+9,'(;$N9>>+*X$/>$3"(H+7+,$>=+$
093>-$N"*+$H'H',17\$N"*+$'(>+*+->'(;17\$N"*+$'N5*+--'H+17\$>=9($59;+-$
"0$0';2*+-$9(,$N+*+$>91[$3"21,$=9H+$,"(+X$
$
%='-$'-$>=+$,97$"0$,*9N9>'g9>'"(X$a+*+17$->9>'(;$9$>*2>=$'-(]>$+("2;=X$
%=+$>*2>=$=9-$>"$L+$N9,+$H'H',\$'(>+*+->'(;\$,*9N9>'3X$_"2$=9H+$>"$
2-+$-="#N9(-='5X$%=+$N"H'+-$,"$'>X$%+1+H'-'"($,"+-$'>X$.(,$7"2$#'11$
=9H+$>"$,"$'>$'0$7"2$#9(>$9>>+(>'"(X$
$
IY5+*>-$'($#'(,"#$,'-5197$[("#$>=+$5"#+*$"0$,*9N9g9>'"(X$)"*$
+Y9N51+\$>=+$N9(2093>2*+*-$"0$9$(+#$*9>$5"'-"($;9H+$,+91+*-$9$
#'(,"#$,'-5197$>=9>$'(312,+,$>#"$1'H+$*9>-X$%=+$#++[$>=+$*9>-$#+*+$
-="#(\$-91+-$g""N+,$>"$0'H+$>'N+-$>=+'*$("*N91$*9>+X$
$
%+1+H'-'"($3"NN+*3'91-$9L"2(,$#'>=$+Y9N51+-$"0$>=+$2-+$"0$,*9N9>'3$
>+3=('b2+-$'($-+11'(;$5*",23>-X$R'>$,"#($"(+$+H+('(;$'($0*"(>$"0$7"2*$
>+1+H'-'"($-+>$9(,$9(917g+$#=9>$>=+$9,H+*>'-+*-$,"$'($+93=$"0$>=+'*$
5*+-+(>9>'"(-X$_"2$#'11$(">+$="#$9($9(>93',$N+,'3'(+$3=9(;+-$>=+$
3"1"*$"0$>=+$93',$'($9$>+->$>2L+$#='1+$'>-$3"N5+>'>"*$,"+-(]>\$="#$"(+$
L*9(,$"0$-"95$"*$,+>+*;+(>$;+>-$9$;*+9-7$-='*>$31+9($#=+($>=+$">=+*$
L*9(,$1+9H+-$'>$;*97X$_"2]11$-++$9$39*$N9(+2H+*$9*"2(,$9$-+*'+-$"0$
>2*(-$9(,$32*H+-$<$09*$L+>>+*$>=9($l2->$L+'(;$>"1,$9L"2>$'>X$!9557$
093+-$#'11$-="#$3"(>+(>N+(>$#'>=$9$H9*'+>7$"0$5*",23>-X$.11$"0$>=+-+$
,*9N9>'g+$0"*$>=+$H'+#+*$>=+$9,H9(>9;+-$"00+*+,$L7$#=9>+H+*$'-$
L+'(;$-"1,$<$9(,$>=+7$,"$;+>$5+"51+$>"$L27$>=+NX$
$
_"2$39($,*9N9>'g+$7"2*$',+9-$'($L2-'(+--$"*$'($9(7$">=+*$9-5+3>$"0$
7"2*$1'0+X$/>]-$+9-7X$k'N$_+9N9(-\$#="$-+11-$0"*$>=+$M:G$3"N59(7$
FM9>'"(91$:9-=$G+;'->+*J$'($G'3=N"(,\$V'*;'('9\$>"1,$="#$=+$N9,+$9$
-91+$L7$,*9N9>'3$,+N"(->*9>'"(X$
$
^K9->$#++[$/$3911+,$"($9$(+';=L"*="",$;*"3+*$9(,$-9#$>=9>$>=+$39-=$
*+;'->+*-$=+$#9-$2-'(;$9>$='-$3=+3["2>$3"2(>+*-$#+*+$H+*7$"1,<
09-='"(+,X$/$955*"93=+,$>=+$"#(+*$9(,$>"1,$='NW$]_"2$9*+$1'>+*9117$
>=*"#'(;$9#97$5+(('+-$+H+*7$>'N+$9$32->"N+*$;"+-$>=*"2;=$7"2*$
1'(+X]$&'>=$>=9>$/$>=*+#$9$=9(,021$"0$5+(('+-$"($>=+$01""*X$!+$b2'3[17$
L+39N+$N"*+$9>>+(>'H+X$%=+$N+*+$#"*,-$-="21,$=9H+$L++($"0$
'(>+*+->$>"$='N\$L2>$>=+$-"2(,$"0$4+(('+-$='>>'(;$>=+$01""*$*+9117$
->"55+,$='NX$/$#9-$9L1+$>"$;+>$9($"*,+*$0*"N$='N$>"$*+5193+$911$"0$='-$
"1,$N93='(+-X^$
$
/>$#"*[-$'($="N+$1'0+$9-$#+11X$&=+($>=+$"1,<>'N+$1"H+*$4*"5"-+,$>"$
='-$-#++>=+9*>\$,',$=+$l2->$2-+$#"*,-$"0$1"H+f$M"j$!+$#+(>$,"#($"($
='-$[(++-X$%=9>$*+9117$-="#+,$=+$N+9(>$#=9>$=+$-9',X$&+$,"(]>$
5*"5"-+$"($"2*$[(++-$9(7$N"*+\$L2>$N9(7$-2'>"*-$->'11$-+>$25$9$
*"N9(>'3$9>N"-5=+*+$L+0"*+$>=+7$5"5$>=+$b2+->'"(X$
$
8*9N9>'g'(;$#=9>$7"2$#9(>$#"*[-$#'>=$3='1,*+($9-$#+11X$k"+$6X$)9(>\$
k*X\$"0$6'*N'(;=9N\$.19L9N9\$#9-$=9H'(;$,'00'321>7$;+>>'(;$='-$0'H+<
7+9*<"1,$L"7$9(,$>=*++<7+9*<"1,$,92;=>+*$>"$5'3[$25$>=+'*$>"7-\$-"$=+$
'(H+(>+,$9$^>*9'(X^$k"+7$#9-$>=+$+(;'(++*$F:95>9'($:9-+7$k"(+-J$"($
='-$>*'3731+X$k9(+>]-$#9;"($#9-$9>>93=+,\$9(,$'($>=+$+H+('(;$-=+$
1"9,+,$911$>=+$^3"91^$"($>=+$39L""-+$F=+*$#9;"(J$9(,$>=+($l2N5+,$'($
#='1+$=+*$L*">=+*$,*"H+$=+*$9*"2(,$>=+$*""NX$/($>='-$#97$>=+$*""N$
#9-$31+9(+,$25$<$#'>="2>$1+3>2*+-\$9*;2N+(>-$"*$>=*+9>-X$
$
a9*7$:9>=+*'(+$&"10$"0$a'-=9#9[9\$/(,'9(9\$#9-$=9H'(;$-"N+$
5*"L1+N-$9>$#"*[$9(,$,+3',+,$>=9>$-=+$=9,$>"$,'-32--$>=+N$#'>=$>=+$
L"--X$S($a"(,97$N"*('(;$-=+$*+b2+->+,$9($955"'(>N+(>$#'>=$='N$
L2>$#9-$>"1,$=+$#9-$H+*7$L2-7$9(,$-=+$-="21,$9**9(;+$#'>=$='-$
-+3*+>9*7$0"*$9($955"'(>N+(>$19>+*$'($>=+$#++[X$%=+$-+3*+>9*7$
'(,'39>+,$>=9>$='-$-3=+,21+$#9-$H+*7$>';=>\$L2>$-=+$#"21,$>*7$>"$0'>$
=+*$'(X$
$
a-X$&"10$,+-3*'L+,$#=9>$=955+(+,W$
$
^/$,',$(">$;+>$9$*+517$0*"N$=+*$911$#++[$1"(;X$&=+(+H+*$/$b2+->'"(+,$
=+*\$-=+$#"21,$;'H+$N+$9$*+9-"($#=7$>=+$L"--$3"21,$(">$-++$N+X$
)*',97$N"*('(;$39N+$9(,$/$=9,$=+9*,$(">='(;$,+0'('>+X$/$*+9117$
#9(>+,$>"$-++$='N$9(,$,'-32--$N7$5*"L1+N-$L+0"*+$>=+$#++[+(,\$-"$
/$9-[+,$N7-+10$="#$/$3"21,$;+>$='N$>"$-++$N+X$
$
^&=9>$/$0'(9117$,',$#9-$>='-X$/$#*">+$='N$9$0"*N91$1+>>+*X$/$'(,'39>+,$'($
>=+$1+>>+*$>=9>$/$02117$2(,+*->"",$="#$+Y>*+N+17$L2-7$=+$#9-$911$
#++[\$L2>$'>$#9-$'N5"*>9(>$>=9>$/$-5+9[$#'>=$='NX$/$+(31"-+,$9$0"*N$
1+>>+*$9(,$9$-+10<9,,*+--+,$+(H+1"5+$9(,$9-[+,$='N$>"$51+9-+$0'11$'>$
"2>$"*$9-[$='-$-+3*+>9*7$>"$,"$'>$9(,$*+>2*($'>$>"$N+X$%=+$0"*N$1+>>+*$
*+9,$9-$0"11"#-W$
$
a-X$&"10$<$/$#'11$L+$9L1+$>"$-++$7"2$"($uuuuuuuuuu$9$>$
uuuuuuuuuu.XaC4XaX$/$#'11$;'H+$7"2$uuuuuN'(2>+-$"0$N7$>'N+X$
$
^/$52>$>='-$1+>>+*$'($='-$'(<L9-[+>$9>$??$.XaX$.>$P$4XaX$/$3=+3[+,$N7$
N9'1L"YX$%=+*+$#9-$N7$-+10<9,,*+--+,$+(H+1"5+X$!+$=9,$9(-#+*+,$
N7$0"*N$1+>>+*$='N-+10$9(,$'(,'39>+,$=+$3"21,$-++$N+$>=9>$90>+*(""($
9(,$3"21,$;'H+$N+$>+($N'(2>+-$"0$='-$>'N+X$/$N+>$#'>=$='N\$9(,$#+$
>91[+,$0"*$"H+*$9($="2*$9(,$*+-"1H+,$N7$5*"L1+N-X$
$
^/0$/$=9,$(">$,*9N9>'g+,$>"$='N$>=+$093>$>=9>$/$*+9117$#9(>+,$>"$-++$
='N\$/$#"21,$5*"L9L17$L+$->'11$#9'>'(;$0"*$9($955"'(>N+(>X^$
$
k9N+-$6X$6"7(>"($=9,$>"$5*+-+(>$9$1+(;>=7$N9*[+>$*+5"*>X$!'-$0'*N$
=9,$l2->$0'('-=+,$9($+Y=92->'H+$->2,7$0"*$9$1+9,'(;$L*9(,$"0$3"1,$
3*+9NX$89>9$#+*+$(++,+,$'NN+,'9>+17$9L"2>$>=+$3"N5+>'>'"($'($>='-$
N9*[+>i$>=+$5*"-5+3>'H+$32->"N+*$#9-$"(+$"0$>=+$L';;+->$<$9(,$N"->$
0"*N',9L1+$<$N+($'($>=+$9,H+*>'-'(;$L2-'(+--X$
$
.(,$='-$0'*->$955*"93=$09'1+,$91N"->$L+0"*+$=+$L+;9(X$
$
^%=+$0'*->$>'N+$/$#+(>$'(\^$a*X$6"7(>"($+Y519'(-\$^/$0"2(,$N7-+10$
-',+>*93[+,$'(>"$9$02>'1+$,'-32--'"($"0$>=+$N+>=",-$2-+,$'($>=+$
'(H+->';9>'"(X$!+$9*;2+,$9(,$/$9*;2+,X$!+$>"1,$N+$/$#9-$#*"(;\$9(,$
/$>*'+,$>"$5*"H+$>=9>$/$#9-$*';=>X$
$
^/$0'(9117$#"($N7$5"'(>\$>"$N7$"#($-9>'-093>'"($<$L2>$N7$>'N+$#9-$25\$
>=+$'(>+*H'+#$#9-$"H+*\$9(,$/$->'11$=9,(]>$5*",23+,$*+-21>-X$
$
^%=+$-+3"(,$>'N+\$/$,',(]>$L">=+*$#'>=$>9L219>'"(-$"0$0';2*+-$9(,$
,9>9\$/$#+(>$>"$-++$>='-$N9(\$/$,*9N9>'g+,$N7$093>-$/X$
$
^.-$/$+(>+*+,$='-$"00'3+\$=+$#9-$L2-7$"($>=+$5="(+X$&='1+$=+$0'('-=+,$
='-$3"(H+*-9>'"(\$/$"5+(+,$9$-2'>39-+$9(,$,2N5+,$>='*>7<>#"$l9*-$"0$
3"1,$3*+9N$"($>"5$"0$='-$,+-[$<$911$5*",23>-$=+$[(+#$<$911$3"N5+>'>"*-$
"0$='-$3*+9NX$
$
^S($+93=$l9*\$/$=9,$9$>9;$'>+N'g'(;$>=+$*+-21>-$"0$>=+$>*9,+$
'(H+->';9>'"(\$.(,$+93=$>9;$>"1,$'>-$->"*7$L*'+017\$,*9N9>'39117X$
$
^&=9>$=955+(+,f$
$
^%=+*+$#9-$("$1"(;+*$9($9*;2N+(>X$!+*+$#9-$-"N+>='(;$(+#\$
-"N+>='(;$,'00+*+(>X$!+$5'3[+,$25$0'*->$"(+$9(,$>=+($9(">=+*$"0$>=+$
l9*-$"0$3"1,$3*+9N$9(,$*+9,$>=+$'(0"*N9>'"($"($>=+$>9;X$.$0*'+(,17$
3"(H+*-9>'"($,+H+1"5+,X$!+$9-[+,$9,,'>'"(91$b2+->'"(-X$!+$#9-$
'(>+(-+17$'(>+*+->+,X$!+$=9,$"*';'(9117$;'H+($N+$"(17$>+($N'(2>+-$>"$
5*+-+(>$N7$093>-\$L2>$>+($N'(2>+-$59--+,\$>#+(>7$N'(2>+-\$0"*>7$
N'(2>+-\$9(,$9>$>=+$+(,$"0$9($="2*$#+$#+*+$->'11$>91['(;X$
$
^/$#9-$5*+-+(>'(;$>=+$-9N+$093>-$>='-$>'N+$>=9>$/$=9,$5*+-+(>+,$
5*+H'"2-17X$62>$>='-$>'N+$/$#9-$2-'(;$,*9N9>'g9>'"(\$-="#N9(-='5$<$
9(,$#=9>$9$,'00+*+(3+$'>$N9,+X^$
$
c$4*'(3'51+$??$<$8*9N9>'g+$7"2*$',+9-X$$
$
ooooooo$
$
?P$<$&=+($M">='(;$I1-+$&"*[-\$%*7$%='-$
$
:=9*1+-$R3=#9L$=9,$9$N'11$N9(9;+*$#="-+$5+"51+$#+*+(]>$5*",23'(;$
>=+'*$b2">9$"0$#"*[X$
$
^!"#$'-$'>\^$R3=#9L$9-[+,$='N\$^>=9>$9$N9(9;+*$9-$3959L1+$9-$7"2$
39(]>$N9[+$>='-$N'11$>2*($"2>$#=9>$'>$-="21,f^$
$
^/$,"(]>$[("#\^$>=+$N9(9;+*$*+51'+,X$^/]H+$3"9Y+,$>=+$N+(\$/]H+$
52-=+,$>=+N\$/]H+$-#"*($9(,$32--+,\$/]H+$>=*+9>+(+,$>=+N$#'>=$
,9N(9>'"($9(,$L+'(;$0'*+,X$62>$(">='(;$#"*[-X$%=+7$l2->$#"(]>$
5*",23+X^$
$
%='-$3"(H+*-9>'"($>""[$5193+$9>$>=+$+(,$"0$>=+$,97\$l2->$L+0"*+$>=+$
(';=>$-='0>$39N+$"(X$R3=#9L$9-[+,$>=+$N9(9;+*$0"*$9$5'+3+$"0$3=91[\$
>=+(\$>2*('(;$>"$>=+$(+9*+->$N9(\$9-[+,W$^!"#$N9(7$=+9>-$,',$7"2*$
-='0>$N9[+$>",97f^$
$
^R'YX^$
$
&'>="2>$9(">=+*$#"*,\$R3=#9L$3=91[+,$9$L';$0';2*+$-'Y$"($>=+$01""*\$
9(,$#91[+,$9#97X$
$
&=+($>=+$(';=>$-='0>$39N+$'(\$>=+7$-9#$>=+$^B^$9(,$9-[+,$#=9>$'>$
N+9(>X$
$
^%=+$L';$L"--$#9-$'($=+*+$>",97\^$>=+$,97$5+"51+$-9',X$^!+$9-[+,$2-$
="#$N9(7$=+9>-$#+$N9,+\$9(,$#+$>"1,$='N$-'YX$!+$3=91[+,$'>$,"#($
"($>=+$01""*X^$
$
%=+$(+Y>$N"*('(;$R3=#9L$#91[+,$>=*"2;=$>=+$N'11$9;9'(X$%=+$(';=>$
-='0>$=9,$*2LL+,$"2>$^B^$9(,$*+5193+,$'>$#'>=$9$L';$^OX^$
$
&=+($>=+$,97$-='0>$*+5"*>+,$0"*$#"*[$>=+$(+Y>$N"*('(;\$>=+7$-9#$9$
L';$^O^$3=91[+,$"($>=+$01""*X$R"$>=+$(';=>$-='0>$>="2;=>$>=+7$#+*+$
L+>>+*$>=9($>=+$,97$-='0>$,',$>=+7f$&+11\$>=+7$#"21,$-="#$>=+$(';=>$
-='0>$9$>='(;$"*$>#"X$%=+$3*+#$5'>3=+,$'($#'>=$+(>=2-'9-N\$9(,$#=+($
>=+7$b2'>$>=9>$(';=>\$>=+7$1+0>$L+='(,$>=+N$9($+("*N"2-\$-#9;;+*'(;$
^?QX^$%='(;-$#+*+$->+55'(;$25X$
$
R="*>17$>='-$N'11\$#='3=$=9,$L++($19;;'(;$#97$L+='(,$'($5*",23>'"(\$
#9-$>2*('(;$"2>$N"*+$#"*[$>=9($9(7$">=+*$N'11$'($>=+$519(>X$
$
%=+$5*'(3'51+f$
$
K+>$:=9*1+-$R3=#9L$-97$'>$'($='-$"#($#"*,-W$^%=+$#97$>"$;+>$>='(;-$
,"(+\^$-97$R3=#9L\$^'-$>"$->'N219>+$3"N5+>'>'"(X$/$,"$(">$N+9($'($9$
-"*,',\$N"(+7<;+>>'(;$#97\$L2>$'($>=+$,+-'*+$>"$+Y3+1X^$
$
%=+$,+-'*+$>"$+Y3+1j$%=+$3=911+(;+j$%=*"#'(;$,"#($>=+$;92(>1+>j$.($
'(0911'L1+$#97$"0$955+91'(;$>"$5+"51+$"0$-5'*'>X$
$
&'>="2>$9$3=911+(;+\$%=+","*+$G""-+H+1>$#"21,$(+H+*$=9H+$L++($
4*+-',+(>$"0$>=+$Z('>+,$R>9>+-X$%=+$G"2;=$G',+*\$l2->$L93[$0*"N$
:2L9\$#9-$5'3[+,$0"*$;"H+*("*$"0$M+#$_"*[$R>9>+X$%=+$"55"-'>'"($
,'-3"H+*+,$=+$#9-$("$1"(;+*$9$1+;91$*+-',+(>$"0$>=+$->9>+\$9(,$
G""-+H+1>\$0*';=>+(+,\$#'-=+,$>"$#'>=,*9#X$%=+($%="N9-$:"11'+*$
419>>\$>=+($ZXRX$R+(9>"*$0*"N$M+#$_"*[\$>=*+#$,"#($>=+$3=911+(;+X$
%2*('(;$-2,,+(17$"($%=+","*+$G""-+H+1>\$=+$3*'+,$'($9$*'(;'(;$H"'3+W$
^/-$>=+$=+*"$"0$R9($k29($!'11$9$3"#9*,f^$
$
G""-+H+1>$->97+,$'($>=+$0';=>$<$9(,$>=+$*+->$'-$='->"*7X$.$3=911+(;+$(">$
"(17$3=9(;+,$='-$1'0+i$'>$=9,$9$*+91$+00+3>$25"($>=+$02>2*+$"0$='-$
(9>'"(X$
$
^.11$N+($=9H+$0+9*-\$L2>$>=+$L*9H+$52>$,"#($>=+'*$0+9*-$9(,$;"$
0"*#9*,\$-"N+>'N+-$>"$,+9>=\$L2>$91#97-$>"$H'3>"*7^$#9-$>=+$N">>"$
"0$>=+$d'(;]-$`29*,$'($9(3'+(>$`*++3+X$&=9>$;*+9>+*$3=911+(;+$39($L+$
"00+*+,$>=9($>=+$"55"*>2('>7$>"$"H+*3"N+$>="-+$0+9*-f$
$
&=+($.1$RN'>=$#9-$;"H+*("*$"0$M+#$_"*[\$=+$#9-$25$9;9'(->$'>X$R'(;$
R'(;\$9>$>=+$>'N+$>=+$N"->$(">"*'"2-$5+(<'>+(>'9*7$#+->$"0$8+H'1]-$
/-19(,\$#9-$#'>="2>$9$#9*,+(X$R39(,91-$=9,$L++($-#++5'(;$>=*"2;=$
>=+$5*'->'($#911-\$-39(,91-$9(,$2;17$*2N"*-X$RN'>=$(++,+,$9$->*"(;$
N9($>"$*21+$R'(;$R'(;$<$9($'*"($N9(X$62>$#="f$!+$-+(>$0"*$K+#'-$IX$
K9#+-$"0$M+#$!9N5>"(X$
$
^!"#$9L"2>$;"'(;$25$>"$>9[+$3=9*;+$"0$R'(;$R'(;f^$=+$-9',$l"H'9117$
#=+($K9#+-$->"",$L+0"*+$='NX$^%=+7$(++,$9$N9($25$>=+*+$#'>=$
+Y5+*'+(3+X^$
$
K9#+-$#9-$019LL+*;9->+,X$!+$[(+#$>=+$,9(;+*-$"0$R'(;$R'(;X$/>$#9-$
9$5"1'>'391$955"'(>N+(>\$-2Ll+3>$>"$>=+$H9;9*'+-$"0$5"1'>'391$#='N-X$
&9*,+(-$=9,$3"N+$9(,$;"(+$<$"(+$=9,$19->+,$"(17$>=*++$#++[-X$!+$
=9,$9$39*++*$>"$3"(-',+*X$&9-$'>$#"*>=$>=+$*'-[f$
$
%=+($RN'>=\$#="$-9#$='-$=+-'>9>'"(\$1+9(+,$L93[$'($='-$3=9'*$9(,$
-N'1+,X$^_"2(;$0+11"#\^$=+$-9',\$^/$,"(]>$L19N+$7"2$0"*$L+'(;$-39*+,X$
/>]-$9$>"2;=$-5">X$/>]11$>9[+$9$L';$5+*-"($>"$;"$25$>=+*+$9(,$->97X^$
$
R"$RN'>=$#9-$>=*"#'(;$,"#($9$3=911+(;+\$#9-$=+f$K9#+-$1'[+,$>=+$
',+9$"0$9>>+N5>'(;$9$l"L$>=9>$3911+,$0"*$-"N+"(+$^L';X^$
$
R"$=+$#+(>X$.(,$=+$->97+,X$!+$->97+,\$>"$L+3"N+$>=+$N"->$09N"2-$
#9*,+($"0$='-$>'N+X$!'-$L""[$PQ\QQQ$_+9*-$'($R'(;$R'(;$-"1,$'(>"$>=+$
=2(,*+,$"0$>="2-9(,-$"0$3"5'+-X$!'-$L*"9,39->-$"($>=+$9'*$9(,$='-$
->"*'+-$"0$5*'-"($1'0+$=9H+$'(-5'*+,$,"g+(-$"0$N"H'+-X$!'-$
^=2N9('g'(;^$"0$3*'N'(91-$#*"2;=>$N'*931+-$'($>=+$#97$"0$5*'-"($
*+0"*NX$
$
^/$=9H+$(+H+*$0"2(,\^$-9',$!9*H+7$RX$)'*+->"(+\$0"2(,+*$"0$>=+$;*+9>$
)'*+->"(+$%'*+$9(,$G2LL+*$:"N59(7\$^>=9>$597$9(,$597$91"(+$#"21,$
+'>=+*$L*'(;$>";+>=+*$"*$="1,$;"",$5+"51+X$/$>='([$'>$#9-$>=+$;9N+$
'>-+10X^$
$
)*+,+*'3$!+*gL+*;\$"(+$"0$>=+$;*+9>$L+=9H"*'91$-3'+(>'->-\$3"(32**+,X$
!+$->2,'+,$'($,+5>=$>=+$#"*[$9>>'>2,+-$"0$>="2-9(,-$"0$5+"51+$
*9(;'(;$0*"N$093>"*7$#"*[+*-$>"$-+('"*$+Y+32>'H+-X$&=9>$,"$7"2$>='([$
=+$0"2(,$>"$L+$>=+$N"->$N">'H9>'(;$093>"*$<$>=+$"(+$093+>$"0$>=+$l"L-$
>=9>$#9-$N"->$->'N219>'(;f$a"(+7f$`"",$#"*['(;$3"(,'>'"(-f$)*'(;+$
L+(+0'>-f$M"$<$(">$9(7$"0$>="-+X$%=+$"(+$N9l"*$093>"*$>=9>$N">'H9>+,$
5+"51+$#9-$>=+$#"*[$'>-+10X$/0$>=+$#"*[$#9-$+Y3'>'(;$9(,$'(>+*+->'(;\$
>=+$#"*[+*$1""[+,$0"*#9*,$>"$,"'(;$'>$9(,$#9-$N">'H9>+,$>"$,"$9$
;"",$l"LX$
$
%=9>$'-$#=9>$+H+*7$-233+--021$5+*-"($1"H+-W$>=+$;9N+X$%=+$3=9(3+$
0"*$-+10<+Y5*+--'"(X$%=+$3=9(3+$>"$5*"H+$='-$"*$=+*$#"*>=\$>"$+Y3+1\$>"$
#'(X$%=9>$'-$#=9>$N9[+-$0""><*93+-$9(,$=";<3911'(;$9(,$5'+<+9>'(;$
3"(>+->-X$%=+$,+-'*+$>"$+Y3+1X$%=+$,+-'*+$0"*$9$0++1'(;$"0$'N5"*>9(3+X$
$
c$4*'(3'51+$?P$<$%=*"#$,"#($9$3=911+(;+X$
$
/($.$M2>-=+11$<$&'($4+"51+$%"$_"2*$&97$S0$%='(['(;$
$
c$4*'(3'51+$?$%=+$"(17$#97$>"$;+>$>=+$L+->$"0$9($9*;2N+(>$'-$>"$9H"',$
'>X$$
c$4*'(3'51+$P$R="#$*+-5+3>$0"*$>=+$">=+*$5+*-"(]-$"5'('"(-X$M+H+*$-97\$
^_"2]*+$#*"(;X^$$
c$4*'(3'51+$A$/0$7"2$9*+$#*"(;\$9,N'>$'>$b2'3[17$9(,$+N5=9>'39117X$$
c$4*'(3'51+$D$6+;'($'($9$0*'+(,17$#97X$$
c$4*'(3'51+$T$`+>$>=+$">=+*$5+*-"($-97'(;$^7+-\$7+-^$'NN+,'9>+17X$$
c$4*'(3'51+$B$K+>$>=+$">=+*$5+*-"($,"$9$;*+9>$,+91$"0$>=+$>91['(;X$$
c$4*'(3'51+$O$K+>$>=+$">=+*$5+*-"($0++1$>=9>$>=+$',+9$'-$='-$"*$=+*-X$$
c$4*'(3'51+$E$%*7$="(+->17$>"$-++$>='(;-$0*"N$>=+$">=+*$5+*-"(]-$5"'(>$
"0$H'+#X$$
c$4*'(3'51+$@$6+$-7N59>=+>'3$#'>=$>=+$">=+*$5+*-"(]-$',+9-$9(,$
,+-'*+-X$$
c$4*'(3'51+$?Q$.55+91$>"$>=+$("L1+*$N">'H+-X$$
c$4*'(3'51+$??$8*9N9>'g+$7"2*$',+9-X$$
c$4*'(3'51+$?P$%=*"#$,"#($9$3=911+(;+X$$
$
<<<<<<<<<<<<<<<<<<<<<<<$$
$
49*>$)"2*$<$6+$9$K+9,+*W$!"#$>"$:=9(;+$4+"51+$&'>="2>$`'H'(;$
S00+(-+$"*$.*"2-'(;$G+-+(>N+(>$
$
?$<$/0$_"2$a2->$)'(,$)921>\$%='-$/-$%=+$&97$%"$6+;'($
$
.$0*'+(,$"0$N'(+$#9-$9$;2+->$9>$>=+$&='>+$!"2-+$0"*$9$#++[+(,$
,2*'(;$>=+$9,N'('->*9>'"($"0$:91H'($:""1',;+X$8*'0>'(;$'(>"$>=+$
4*+-',+(>]-$5*'H9>+$"00'3+\$=+$=+9*,$:""1',;+$-97$>"$"(+$"0$='-$
-+3*+>9*'+-\$^%=9>]-$9$5*+>>7$,*+--$7"2$9*+$#+9*'(;$>='-$N"*('(;\$9(,$
7"2$9*+$9$H+*7$9>>*93>'H+$7"2(;$#"N9(X^$
$
%=9>$#9-$5*"L9L17$>=+$N"->$+002-'H+$5*9'-+$R'1+(>$:91$=9,$+H+*$
L+->"#+,$25"($9$-+3*+>9*7$'($='-$1'0+X$/>$#9-$-"$2(2-291\$-"$
2(+Y5+3>+,\$>=9>$>=+$-+3*+>9*7$L12-=+,$'($3"(02-'"(X$%=+($:""1',;+$
-9',\$^M"#\$,"(]>$;+>$->23[$25X$/$l2->$-9',$>=9>$>"$N9[+$7"2$0++1$
;"",X$)*"N$("#$"(\$/$#'-=$7"2$#"21,$L+$9$1'>>1+$L'>$N"*+$39*+021$#'>=$
7"2*$42(3>29>'"(X^$
$
!'-$N+>=",$#9-$5*"L9L17$9$L'>$"LH'"2-\$L2>$>=+$5-73="1";7$#9-$
-25+*LX$/>$'-$91#97-$+9-'+*$>"$1'->+($>"$2(51+9-9(>$>='(;-$90>+*$#+$
=9H+$=+9*,$-"N+$5*9'-+$"0$"2*$;"",$5"'(>-X$
$
.$L9*L+*$19>=+*-$9$N9($L+0"*+$=+$-=9H+-$='Ni$9(,$>=9>$'-$5*+3'-+17$
#=9>$a3d'(1+7$,',$L93[$'($?E@B\$#=+($=+$#9-$*2(('(;$0"*$4*+-',+(>X$
S(+$"0$>=+$5*"N'(+(>$G+52L1'39(-$"0$>=9>$,97$=9,$#*'>>+($9$
39N59';($-5++3=$>=9>$=+$0+1>$#9-$l2->$9$>*'01+$L+>>+*$>=9($:'3+*"$9(,$
49>*'3[$!+(*7$9(,$89('+1$&+L->+*$911$*"11+,$'(>"$"(+X$&'>=$;*+9>$;1++\$
>='-$3=95$*+9,$='-$'NN"*>91$-5++3=$91"2,$>"$a3d'(1+7X$%=+$-5++3=$
=9,$'>-$0'(+$5"'(>-\$L2>$'>$l2->$#"21,(]>$,"X$/>$#"21,$=9H+$*9'-+,$9$
>"*(9,"$"0$3*'>'3'-NX$a3d'(1+7$,',(]>$#9(>$>"$=2*>$>=+$N9(]-$0++1'(;-X$
!+$N2->$(">$['11$>=+$N9(]-$-51+(,',$+(>=2-'9-N\$9(,$7+>$=+$=9,$>"$
-97$^("X^$M">+$="#$9,*"'>17$=+$,',$'>X$
$
^a7$0*'+(,\$>=9>$'-$9$-51+(,',$-5++3=\$9$N9;('0'3+(>$-5++3=\^$
a3d'(1+7$-9',X$^M"$"(+$3"21,$=9H+$5*+59*+,$9$L+>>+*$"(+X$%=+*+$9*+$
N9(7$"339-'"(-$"($#='3=$'>$#"21,$L+$5*+3'-+17$>=+$*';=>$>='(;$>"$-97\$
L2>$'-$'>$b2'>+$-2'>9L1+$>"$>='-$59*>'3219*$"339-'"(f$R"2(,$9(,$-"L+*$9-$
'>$'-$0*"N$7"2*$->9(,5"'(>\$/$N2->$3"(-',+*$'>-$+00+3>$0*"N$>=+$59*>7]-$
->9(,5"'(>X$M"#$7"2$;"$="N+$9(,$#*'>+$9$-5++3=$91"(;$>=+$1'(+-$/$
'(,'39>+\$9(,$-+(,$N+$9$3"57$"0$'>X^$
$
!+$,',$l2->$>=9>X$a3d'(1+7$L12+<5+(3'1+,$9(,$=+15+,$='N$*+#*'>+$='-$
-+3"(,$-5++3=\$9(,$=+$L+39N+$"(+$"0$>=+$+00+3>'H+$-5+9[+*-$"0$>=+$
39N59';(X$
$
!+*+$'-$>=+$-+3"(,$N"->$09N"2-$1+>>+*$>=9>$.L*9=9N$K'(3"1($+H+*$
#*">+X$F!'-$N"->$09N"2-$"(+$#9-$#*'>>+($>"$a*-X$6'YL7\$+Y5*+--'(;$
='-$-"**"#$0"*$>=+$,+9>=$"0$>=+$0'H+$-"(-$-=+$=9,$1"->$'($L9>>1+XJ$
K'(3"1($5*"L9L17$,9-=+,$>='-$1+>>+*$"00$'($0'H+$N'(2>+-i$7+>$'>$-"1,$9>$
52L1'3$923>'"($'($?@PB$0"*$>#+1H+$>="2-9(,$,"119*-\$9(,$>=9>\$L7$>=+$
#97\$#9-$N"*+$N"(+7$>=9($K'(3"1($#9-$9L1+$>"$-9H+$,2*'(;$=910$9$
3+(>2*7$"0$=9*,$#"*[X$%=+$1+>>+*$#9-$#*'>>+($>"$`+(+*91$k"-+5=$
!""[+*$"($.5*'1$PB\$?EBA\$,2*'(;$>=+$,9*[+->$5+*'",$"0$>=+$:'H'1$&9*X$
)"*$+';=>++($N"(>=-\$K'(3"1(]-$;+(+*91-$=9,$L++($1+9,'(;$>=+$Z('"($
.*N7$0*"N$"(+$>*9;'3$,+0+9>$>"$9(">=+*X$M">='(;$L2>$02>'1+\$->25',$
=2N9($L2>3=+*7X$%=+$(9>'"($#9-$955911+,X$%="2-9(,-$"0$-"1,'+*-$
=9,$,+-+*>+,$0*"N$>=+$9*N7\$9(,$+($>=+$G+52L1'39($N+NL+*-$"0$>=+$
R+(9>+$=9,$*+H"1>+,$9(,$#9(>+,$>"$0"*3+$K'(3"1($"2>$"0$>=+$&='>+$
!"2-+X$^&+$9*+$("#$"($>=+$L*'([$"0$,+->*23>'"(\^$K'(3"1($-9',X$/>$
955+9*-$>"$N+$>=9>$+H+($>=+$.1N';=>7$'-$9;9'(->$2-X$/$39($=9*,17$-++$
9$*97$"0$="5+X^$R23=$#9-$>=+$L193[$-"**"#$9(,$3=9"-$"2>$"0$#='3=$
>='-$1+>>+*$39N+X$
$
/$9N$5*'(>'(;$>=+$1+>>+*$=+*+$L+392-+$'>$-="#-$="#$K'(3"1($>*'+,$>"$
3=9(;+$9($"L->*+5+*"2-$;+(+*91$#=+($>=+$H+*7$09>+$"0$>=+$(9>'"($
3"21,$=9H+$,+5+(,+,$25"($>=+$;+(+*91]-$93>'"(X$
$
%='-$'-$5+*=95-$>=+$-=9*5+->$1+>>+*$.L+$K'(3"1($#*">+$90>+*$=+$
L+39N+$4*+-',+(>i$7+>$7"2$#'11$(">+$>=9>$=+$5*9'-+,$`+(+*91$!""[+*$
L+0"*+$=+$-5"[+$"0$='-$;*9H+$0921>-X$
$
_+-\$>=+7$#+*+$;*9H+$0921>-\$L2>$K'(3"1($,',(]>$3911$>=+N$>=9>X$K'(3"1($
#9-$N"*+$3"(-+*H9>'H+\$N"*+$,'51"N9>'3X$K'(3"1($#*">+W$^%=+*+$9*+$
-"N+$>='(;-$'($*+;9*,$>"$#='3=$/$9N$(">$b2'>+$-9>'-0'+,$#'>=$7"2X^$
%91[$9L"2>$>93>j$.(,$,'51"N937j$
$
!+*+$'-$>=+$1+>>+*$9,,*+--+,$>"$`+(+*91$!""[+*W$
$
/$=9H+$5193+,$7"2$9>$>=+$=+9,$"0$>=+$.*N7$"0$>=+$4">"N93X$S0$
3"2*-+\$/$=9H+$,"(+$>='-$25"($#=9>$955+9*-$>"$N+$>"$L+$-200'3'+(>$
*+9-"(-\$9(,$7+>$/$>='([$'>$L+->$0"*$7"2$>"$[("#$>=9>$>=+*+$9*+$-"N+$
>='(;-$'($*+;9*,$>"$#='3=$/$9N$(">$b2'>+$-9>'-0'+,$#'>=$7"2X$
$
/$L+1'+H+$7"2$>"$L+$9$L*9H+$9(,$-['11021$-"1,'+*\$#='3=\$"0$3"2*-+\$/$
1'[+X$/$91-"$L+1'+H+$7"2$,"$(">$N'Y$5"1'>'3-$#'>=$7"2*$5*"0+--'"(\$'($
#='3=$7"2$9*+$*';=>X$_"2$=9H+$3"(0',+(3+$'($7"2*-+10\$#='3=$'-$9$
H9129L1+$'0$(">$9($'(,'-5+(-9L1+$b291'>7X$
$
_"2$9*+$9NL'>'"2-\$#='3=\$#'>='($*+9-"(9L1+$L"2(,-\$,"+-$;"",$
*9>=+*$>=9($=9*N\$62>$/$>='([$>=9>$,2*'(;$`+(+*91$62*(-',+]-$
3"NN9(,$"0$>=+$9*N7$7"2$=9H+$>9[+($3"2(-+1$"0$7"2*$9NL'>'"($9(,$
>=#9*>+,$='N$9-$N23=$9-$7"2$3"21,\$'($#='3=$7"2$,',$9$;*+9>$#*"(;$
>"$>=+$3"2(>*7$9(,$>"$9$N"->$N+*'>"*'"2-$9(,$="("*9L1+$L*">=+*$
"00'3+*X$
$
/$=9H+$=+9*,\$'($-23=$9$#97$9-$>"$L+1'+H+$'>\$"0$7"2*$*+3+(>17$-97'(;$
>=9>$L">=$>=+$9*N7$9(,$>=+$`"H+*(N+(>$(++,+,$9$,'3>9>"*X$S0$
3"2*-+\$'>$#9-$(">$0"*$>='-\$L2>$'($-5'>+$"0$'>\$>=9>$/$=9H+$;'H+($7"2$
3"NN9(,X$
$
S(17$>="-+$;+(+*91-$#="$;9'($-233+--+-$39($-+>$25$9-$,'3>9>"*-X$
&=9>$/$("#$9-[$"0$7"2$'-$N'1'>9*7$-233+--$9(,$/$#'11$*'-[$>=+$
,'3>9>"*-='5X$
$
%=+$`"H+*(N+(>$#'11$-255"*>$7"2$>"$>=+$2>N"->$"0$'>-$9L'1'>7\$#='3=$'-$
(+'>=+*$N"*+$("*$1+--$>=9($'>$=9-$,"(+$9(,$#'11$,"$0"*$911$
3"NN9(,+*-X$/$N23=$0+9*$>=9>$>=+$-5'*'>$#='3=$7"2$=9H+$9',+,$>"$
'(02-+$'(>"$>=+$9*N7\$"0$3*'>'3'g'(;$>=+'*$3"NN9(,+*$9(,$#'>=="1,'(;$
3"(0',+(3+$0*"N$='N\$#'11$("#$>2*($25"($7"2X$/$-=911$9--'->$7"2\$9-$
09*$9-$/$39(\$>"$52>$'>$,"#(X$
$
M+'>=+*$7"2$("*$M95"1+"(\$'0$=+$#+*+$91'H+$9;9'(\$3"21,$;+>$9(7$;"",$
"2>$"0$9($9*N7$#='1+$-23=$-5'*'>$5*+H9'1-$'($'>\$9(,$("#$L+#9*+$"0$
*9-=(+--X$6+#9*+$"0$*9-=(+--\$L2>$#'>=$+(+*;7$9(,$-1++51+--$
H';'19(3+$;"$0"*#9*,$9(,$;'H+$2-$H'3>"*'+-X$
$
_"2$9*+$(">$9$:""1',;+\$9$a3d'(1+7$"*$9$K'(3"1(X$_"2$#9(>$>"$[("#$
#=+>=+*$>='-$5='1"-"5=7$#'11$"5+*9>+$0"*$7"2$'($+H+*7,97$L2-'(+--$
3"(>93>-X$&'11$'>f$K+>]-$-++X$K+>]-$>9[+$>=+$39-+$"0$&X$4X$`9#$"0$>=+$
&9*[$:"N59(7\$4='19,+15='9X$
$
%=+$&9*[$:"N59(7$=9,$3"(>*93>+,$>"$L2'1,$9(,$3"N51+>+$9$19*;+$
"00'3+$L2'1,'(;$'($4='19,+15='9$L7$9$3+*>9'($-5+3'0'+,$,9>+X$IH+*7>='(;$
#9-$;"'(;$91"(;$#+11i$>=+$L2'1,'(;$#9-$91N"->$0'('-=+,\$#=+($
-2,,+(17$>=+$-2L<3"(>*93>"*$N9['(;$>=+$"*(9N+(>91$L*"(g+$#"*[$>"$
;"$"($>=+$+Y>+*'"*$"0$>='-$L2'1,'(;$,+319*+,$>=9>$=+$3"21,(]>$N9[+$
,+1'H+*7$"($-3=+,21+X$&=9>j$.($+(>'*+$L2'1,'(;$=+1,$25j$!+9H7$
5+(91>'+-j$8'->*+--'(;$1"--+-j$.11$L+392-+$"0$"(+$N9(j$
$
K"(;<,'->9(3+$>+1+5="(+$3911-X$.*;2N+(>-j$!+9>+,$3"(H+*-9>'"(-j$.11$
'($H9'(X$%=+($a*X$`9#$#9-$-+(>$>"$M+#$_"*[$>"$L+9*,$>=+$L*"(g+$1'"($
'($='-$,+(X$
$
^8"$7"2$[("#$7"2$9*+$>=+$"(17$5+*-"($'($6*""[17($#'>=$7"2*$(9N+\f^$
a*$`9#$9-[+,$>=+$5*+-',+(>$"0$>=+$-2L3"(>*93>'(;$0'*N$-="*>17$90>+*$
>=+7$#+*+$'(>*",23+,X$%=+$5*+-',+(>$#9-$-2*5*'-+,X$^M"\$/$,',(]>$
[("#$>=9>X^$
$
^&+11\^$-9',$a*X$`9#\$^#=+($/$;">$"00$>=+$>*9'($>='-$N"*('(;\$/$1""[+,$
'($>=+$>+1+5="(+$L""[$>"$;+>$7"2*$9,,*+--\$9(,$7"2]*+$>=+$"(17$
5+*-"($'($>=+$6*""[17($5="(+$L""[$#'>=$7"2*$(9N+X^$
$
^/$(+H+*$[(+#$>=9>\^$>=+$-2L3"(>*93>"*$-9',X$!+$3=+3[+,$>=+$5="(+$
L""[$#'>=$'(>+*+->X$^&+11\$'>]-$9($2(2-291$(9N+\^$=+$-9',$5*"2,17X$^a7$
09N'17$39N+$0*"N$!"119(,$9(,$-+>>1+,$'($M+#$_"*[$91N"->$>#"$
=2(,*+,$7+9*-$9;"X$^$!+$3"(>'(2+,$>"$>91[$9L"2>$='-$09N'17$9(,$='-$
9(3+->"*-$0"*$-+H+*91$N'(2>+-X$&=+($=+$0'('-=+,$>=9>\$a*X$`9#$
3"N51'N+(>+,$='N$"($="#$19*;+$9$519(>$=+$=9,$9(,$3"N59*+,$'>$
09H"*9L17$#'>=$9$(2NL+*$"0$-'N'19*$519(>-$=+$=9,$H'-'>+,X$^/>$'-$"(+$"0$
>=+$31+9(+->$9(,$(+9>+->$L*"(g+$093>"*'+-$/$+H+*$-9#\^$-9',$`9#X$
$
^/]H+$-5+(>$9$1'0+>'N+$L2'1,'(;$25$>='-$L2-'(+--\^$>=+$-2L3"(>*93>"*$
-9',\$^9(,$/$9N$*9>=+*$5*"2,$"0$'>X$&"21,$7"2$1'[+$>"$>9[+$9$1""[$
9*"2(,$>=+$093>"*7f^$
$
82*'(;$>='-$>"2*$"0$'(-5+3>'"(\$a*X$`9#$3"N51'N+(>+,$>=+$">=+*$N9($
"($='-$-7->+N$"0$09L*'39>'"($9(,$>"1,$='N$="#$9(,$#=7$'>$-++N+,$
-25+*'"*$>"$>="-+$"0$-"N+$"0$='-$3"N5+>'>"*-X$`9#$3"NN+(>+,$"($
-"N+$2(2-291$N93='(+-\$9(,$>=+$-2L3"(>*93>"*$9(("2(3+,$>=9>$=+$
='N-+10$=9,$'(H+(>+,$>="-+$N93='(+-X$!+$-5+(>$3"(-',+*9L1+$>'N+$
-="#'(;$`9#$="#$>=+7$"5+*9>+,$9(,$>=+$-25+*'"*$#"*[$>=+7$>2*(+,$
"2>X$!+$'(-'->+,$"($>9['(;$='-$H'-'>"*$>"$12(3=X$R"$09*\$N'(,$7"2\$(">$9$
#"*,$=9,$L++($-9',$9L"2>$>=+$*+91$52*5"-+$"0$`9#]-$H'-'>X$
$
.0>+*$12(3=\$>=+$-2L3"(>*93>"*$-9',\$^M"#\$>"$;+>$,"#($>"$L2-'(+--X$
M9>2*9117\$/$[("#$#=7$7"2]*+$=+*+X$/$,',(]>$+Y5+3>$>=9>$"2*$N++>'(;$
#"21,$L+$-"$+(l"79L1+X$_"2$39($;"$L93[$>"$4='19,+15='9$#'>=$N7$
5*"N'-+$>=9>$7"2*$N9>+*'91$#'11$L+$09L*'39>+,$9(,$-='55+,\$+H+($'0$
">=+*$"*,+*-$=9H+$>"$L+$,+197+,X^$
$
a*X$`9#$;">$+H+*7>='(;$>=9>$=+$#9(>+,$#'>="2>$+H+($9-['(;$0"*$'>X$
%=+$N9>+*'91$9**'H+,$"($>'N+\$9(,$>=+$L2'1,'(;$#9-$3"N51+>+,$"($>=+$
,97$>=+$3"N51+>'"($3"(>*93>$-5+3'0'+,X$
$
&"21,$>='-$=9H+$=955+(+,$=9,$a*X$`9#$2-+,$>=+$=9NN+*<9(,<
,7(9N'>+$N+>=",$;+(+*9117$+N51"7+,$"($-23=$"339-'"(-f$
$
8"*">=7$&*2L1+#-['\$9$L*9(3=$N9(9;+*$"0$>=+$)"*>$a"(N"2>=\$M+#$
k+*-+7\$)+,+*91$:*+,'>$Z('"(\$*+5"*>+,$>"$"(+$"0$"2*$319--+-$="#$-=+$
#9-$9L1+$>"$=+15$"(+$"0$=+*$+N51"7++-$L+3"N+$N"*+$5*",23>'H+X$
$
^&+$*+3+(>17$='*+,$9$7"2(;$19,7$9-$9$>+11+*$>*9'(++X$!+*$3"(>93>$#'>=$
"2*$32->"N+*-$#9-$H+*7$;"",X$R=+$#9-$9332*9>+$9(,$+00'3'+(>$'($
=9(,1'(;$'(,'H',291$>*9(-93>'"(-X$%=+$5*"L1+N$,+H+1"5+,$9>$>=+$+(,$
"0$>=+$,97$#=+($'>$#9-$>'N+$>"$L919(3+$"2>X$
$
^%=+$=+9,$>+11+*$39N+$>"$N+$9(,$->*"(;17$-2;;+->+,$>=9>$/$0'*+$>='-$
#"N9(X$]R=+$'-$="1,'(;$25$+H+*7"(+$+1-+$L+392-+$-=+$'-$-"$-1"#$'($
L919(3'(;$"2>X$/]H+$-="#($=+*$"H+*$9(,$"H+*\$L2>$-=+$39(]>$;+>$'>X$
R=+]-$;">$>"$;"X]$
$
^%=+$(+Y>$,97$/$"L-+*H+,$=+*$#"*['(;$b2'3[17$9(,$9332*9>+17$#=+($
=9(,1'(;$>=+$("*N91$+H+*7,97$>*9(-93>'"(-\$9(,$-=+$#9-$H+*7$
51+9-9(>$#'>=$"2*$32->"N+*-X$
$
^/>$,',(]>$>9[+$1"(;$>"$,'-3"H+*$#=7$-=+$=9,$>*"2L1+$L919(3'(;$"2>X$
.0>+*$>=+$"00'3+$31"-+,\$/$#+(>$"H+*$>"$>91[$#'>=$=+*X$R=+$#9-$
"LH'"2-17$(+*H"2-$9(,$25-+>X$/$5*9'-+,$=+*$0"*$L+'(;$-"$0*'+(,17$9(,$
"2>;"'(;$#'>=$>=+$32->"N+*-$9(,$3"N51'N+(>+,$=+*$0"*$>=+$9332*937$
9(,$-5++,$2-+,$'($>=9>$#"*[X$/$>=+($-2;;+->+,$#+$*+H'+#$>=+$
5*"3+,2*+$#+$2-+$'($L919(3'(;$>=+$39-=$,*9#+*X$S(3+$-=+$*+91'g+,$/$
=9,$3"(0',+(3+$'($=+*\$-=+$+9-'17$0"11"#+,$N7$-2;;+->'"(-$9(,$-""($
N9->+*+,$>='-$02(3>'"(X$&+$=9H+$=9,$("$5*"L1+N-$#'>=$=+*$-'(3+$
>=+(X^$
$
6+;'(('(;$#'>=$5*9'-+$'-$1'[+$>=+$,+(>'->$#="$L+;'(-$='-$#"*[$#'>=$
M"H"39'(X$%=+$59>'+(>$->'11$;+>-$9$,*'11'(;\$L2>$>=+$M"H"39'($'-$59'(<
['11'(;X$.$1+9,+*$#'11$2-+$XXX$
$
c$4*'(3'51+$?$<$6+;'($#'>=$5*9'-+$9(,$="(+->$955*+3'9>'"(X$$
$
ooooooo$
$
P$<$!"#$%"$:*'>'3'g+<.(,$M">$6+$!9>+,$)"*$/>$
$
:=9*1+-$R3=#9L$#9-$59--'(;$>=*"2;=$"(+$"0$='-$->++1$N'11-$"(+$,97$9>$
(""($#=+($=+$39N+$93*"--$-"N+$"0$='-$+N51"7++-$-N"['(;X$
/NN+,'9>+17$9L"H+$>=+'*$=+9,-$#9-$9$-';($>=9>$-9',$^M"$RN"['(;X^$
8',$R3=#9L$5"'(>$>"$>=+$-';($9(,$-97\$^:9(]>$7"2$*+9,Xf$S=\$("$(">$
R3=#9LX$!+$#91[+,$"H+*$>"$>=+$N+(\$=9(,+,$+93=$"(+$9$3';9*\$9(,$
-9',\$^/]11$955*+3'9>+$'>\$L"7-\$'0$7"2$#'11$-N"[+$>=+-+$"($>=+$"2>-',+X^$
%=+7$[(+#$>=9>$=+$[(+#$>=9>$>=+7$=9,$L*"[+($9$*21+$<$9(,$>=+7$
9,N'*+,$='N$L+392-+$=+$-9',$(">='(;$9L"2>$'>$9(,$;9H+$>=+N$9$1'>>1+$
5*+-+(>$9(,$N9,+$>=+N$0++1$'N5"*>9(>X$:"21,(]>$[++5$0*"N$1"H'(;$9$
N9($1'[+$>=9>\$3"21,$7"2f$
$
k"=($&9(9N9[+*$2-+,$>=+$-9N+$>+3=('b2+X$&9(9N9[+*$2-+,$>"$
N9[+$9$>"2*$"0$='-$;*+9>$->"*+$'($4='19,+15='9$+H+*7$,97X$S(3+$=+$
-9#$9$32->"N+*$#9'>'(;$9>$9$3"2(>+*X$M"$"(+$#9-$597'(;$>=+$
-1';=>+->$9>>+(>'"($>"$=+*X$%=+$-91+-5+"51+f$S=\$>=+7$#+*+$'($9$
=2,,1+$9>$>=+$09*$+(,$"0$>=+$3"2(>+*$192;='(;$9(,$>91['(;$9N"(;$
>=+N-+1H+-X$&9(9N9[+*$,',(]>$-97$9$#"*,X$h2'+>17$-1'55'(;$L+='(,$
>=+$3"2(>+*\$=+$#9'>+,$"($>=+$#"N9($='N-+10$9(,$>=+($=9(,+,$>=+$
52*3=9-+$>"$>=+$-91+-5+"51+$>"$L+$#*955+,$9-$=+$#+(>$"($='-$#97X$
$
42L1'3$"00'3'91-$9*+$"0>+($3*'>'3'g+,$0"*$(">$L+'(;$933+--'L1+$>"$>=+'*$
3"(->'>2+(>-X$%=+7$9*+$L2-7$5+"51+\$9(,$>=+$0921>$-"N+>'N+-$1'+-$'($
"H+*5*">+3>'H+$9--'->9(>-$#="$,"(]>$#9(>$>"$"H+*L2*,+($>=+'*$L"--+-$
#'>=$>""$N9(7$H'-'>"*-X$:9*1$K9(;0"*,\$#="$=9-$L++($N97"*$"0$
S*19(,"\$
$
)1"*',9\$>=+$="N+$"0$8'-(+7$&"*1,\$0"*$N9(7$7+9*-\$0*+b2+(>17$
9,N"('-=+,$='-$->900$>"$911"#$5+"51+$>"$-++$='NX$319N+,$=+$=9,$9($
^"5+(<,""*^$5"1'37i$7+>$>=+$3'>'g+(-$"0$='-$3"NN2('>7$#+*+$L1"3[+,$
L7$-+3*+>9*'+-$9(,$9,N'('->*9>"*-$#=+($>=+7$3911+,X$
$
)'(9117$>=+$N97"*$0"2(,$>=+$-"12>'"(X$!+$*+N"H+,$>=+$,""*$0*"N$='-$
"00'3+j$!'-$9',+-$;">$>=+$N+--9;+\$9(,$>=+$N97"*$=9-$=9,$9$>*217$
"5+($9,N'('->*9>'"($-'(3+$>=+$,97$='-$,""*$#9-$-7NL"1'39117$>=*"#($
9#97X$
$
R'N517$3=9(;'(;$"(+$>=*++<1+>>+*$#"*,$39($"0>+($-5+11$>=+$,'00+*+(3+$
L+>#++($09'12*+$9(,$-233+--$'($3=9(;'(;$5+"51+$#'>="2>$;'H'(;$
"00+(-+$"*$9*"2-'(;$*+-+(>N+(>X$
$
a9(7$5+"51+$L+;'($>=+'*$3*'>'3'-N$#'>=$-'(3+*+$5*9'-+$0"11"#+,$L7$>=+$
#"*,$^L2>^$9(,$+(,'(;$#'>=$9$3*'>'391$->9>+N+(>X$)"*$+Y9N51+\$'($
>*7'(;$>"$3=9(;+$9$3='1,]-$39*+1+--$9>>'>2,+$>"#9*,$->2,'+-\$#+$N';=>$
-97\$^&+]*+$*+9117$5*"2,$"0$7"2\$k"=(('+\$0"*$*9'-'(;$7"2*$;*9,+-$>='-$
>+*NX$62>$'0$7"2$=9,$#"*[+,$=9*,+*$"($7"2*$91;+L*9\$>=+$*+-21>-$
#"21,$=9H+$L++($L+>>+*X^$$
$
/($>='-$39-+\$k"=(('+$N';=>$0++1$+(3"2*9;+,$2(>'1$=+$=+9*,$>=+$#"*,$
^L2>X^$!+$N';=>$>=+($b2+->'"($>=+$-'(3+*'>7$"0$>=+$"*';'(91$5*9'-+X$%"$
='N\$>=+$5*9'-+$-++N+,$"(17$>"$L+$9$3"(>*'H+,$1+9,<'($>"$9$3*'>'391$
'(0+*+(3+$"0$09'12*+X$:*+,'L'1'>7$#"21,$L+$->*9'(+,\$9(,$#+$5*"L9L17$
#"21,$(">$93='+H+$"2*$"Ll+3>'H+-$"0$3=9(;'(;$k"=(('+]-$9>>'>2,+$
>"#9*,$='-$->2,'+-X$
$
%='-$3"21,$L+$+9-'17$"H+*3"N+$L7$3=9(;'(;$>=+$#"*,$^L2>^$>"$^9(,X^$
^&+]*+$*+9117$5*"2,$"0$7"2\$k"=(('+\$0"*$*9'-+'(;$7"2*$;*9,+-$>='-$
>+*N\$9(,$L7$3"(>'(2'(;$>=+$-9N+$3"(-3'+(>'"2-$+00"*>-$(+Y>$>+*N\$
7"2*$91;+L*9$;*9,+$39($L+$25$#'>=$911$>=+$">=+*-X^$
$
M"#\$k"=(('+$#"21,$933+5>$>=+$5*9'-+$L+392-+$>=+*+$#9-$("$0"11"#<
25$"0$9($'(0+*+(3+$"0$09'12*+X$&+$=9H+$3911+,$='-$9>>+(>'"($>"$>=+$
L+=9H'"*$#+$#'-=+,$>"$3=9(;+$'(,'*+3>17$9(,$>=+$3=9(3+-$9*+$=+$#'11$
>*7$>"$1'H+$25$>"$"2*$+Y5+3>9>'"(-X$
$
:911'(;$9>>+(>'"($>"$"(+]-$N'->9[+-$'(,'*+3>17$#"*[-$#"(,+*-$#'>=$
-+(-'>'H+$5+"51+$#="$N97$*+-+(>$L'>>+*17$9(7$,'*+3>$3*'>'3'-NX$a9*;+$
k93"L$"0$&""(-"3[+>\$G=",+$/-19(,\$>"1,$"(+$"0$"2*$319--+-$="#$-=+$
3"(H'(3+,$-"N+$-1"557$3"(->*23>'"($#"*[+*-$>"$31+9($25$90>+*$
>=+N-+1H+-$#=+($>=+7$#+*+$L2'1,'(;$9,,'>'"(-$>"$=+*$="2-+X$
$
)"*$>=+$0'*->$0+#$,97-$"0$>=+$#"*[\$#=+($a*-X$k93"L$*+>2*(+,$0*"N$
=+*$l"L\$-=+$(">'3+,$>=9>$>=+$79*,$#9-$->*+#($#'>=$>=+$32>$+(,-$"0$
12NL+*X$R=+$,',(]>$#9(>$>"$9(>9;"('g+$>=+$L2'1,+*-\$L+392-+$>=+7$,',$
+Y3+11+(>$#"*[X$R"$90>+*$>=+$#"*[+*-$=9,$;"(+$="N+\$-=+$9(,$=+*$
3='1,*+($5'3[+,$25$9(,$(+9>17$5'1+,$911$>=+$12NL+*$,+L*'-$'($9$3"*(+*X$
%=+$0"11"#'(;$N"*('(;$-=+$3911+,$>=+$0"*+N9($>"$"(+$-',+$9(,$-9',\$
^/]N$*+9117$51+9-+,$#'>=$>=+$#97$>=+$0*"(>$19#($#9-$1+0>$19->$(';=>i$'>$
'-$('3+$9(,$31+9($9(,$,"+-$(">$"00+(,$>=+$(+';=L"*-X^$)*"N$>=9>$,97$
0"*#9*,$>=+$#"*[+*-$5'3[+,$25$9(,$5'1+,$>=+$,+L*'-$>"$"(+$-',+\$9(,$
>=+$0"*+N9($39N+$'($+93=$,97$-++['(;$955*"H91$"0$>=+$3"(,'>'"($>=+$
19#($#9-$1+0>$'($90>+*$9$,97]-$#"*[X$
$
S(+$"0$>=+$N9l"*$9*+9-$"0$3"(>*"H+*-7$L+>#++($N+NL+*-$"0$>=+$
9*N7$*+-+*H+-$9(,$>=+'*$*+;219*$9*N7$>*9'(+*-$'-$=9'*32>-X$%=+$
*+-+*H'->-$3"(-',+*$>=+N-+1H+-$3'H'1'9(-$F#='3=$>=+7$9*+$N"->$"0$>=+$
>'N+J$9(,$*+-+(>$=9H'(;$>"$32>$>=+'*$=9'*$-="*>X$
$
a9->+*$R+*;+9(>$!9*1+7$d9'-+*$"0$>=+$TDP(,$ZR.G$R3=""1$9,,*+--+,$
='N-+10$>"$>='-$5*"L1+N$#=+($=+$#9-$#"*['(;$#'>=$9$;*"25$"0$*+-+*H+$
("(3"NN'--'"(+,$"00'3+*-X$.-$9($"1,<>'N+$*+;219*<9*N7$N9->+*$
-+*;+9(>\$=+$N';=>$=9H+$L++($+Y5+3>+,$>"$7+11$9>$='-$>*""5-$9(,$
>=*+9>+($>=+NX$/(->+9,$=+$3="-+$>"$N9[+$='-$5"'(>$'(,'*+3>17X$
$
^`+(>1+N+(\^$=+$->9*>+,\$^7"2$9*+$1+9,+*-X$_"2$#'11$L+$N"->$+00+3>'H+$
#=+($7"2$1+9,$L7$+Y9N51+X$_"2$N2->$L+$>=+$+Y9N51+$0"*$7"2*$N+($
>"$0"11"#X$_"2$[("#$#=9>$>=+$9*N7$*+;219>'"(-$-97$9L"2>$=9'*32>-X$/$
9N$;"'(;$>"$;+>$N7$=9'*$32>$>",97\$91>="2;=$'>$'-$->'11$N23=$-="*>+*$
>=9($-"N+$"0$7"2*-X$_"2$1""[$9>$7"2*-+10$'($>=+$N'**"*\$9(,$'0$7"2$0++1$
7"2$(++,$9$=9'*32>$>"$L+$9$;"",$+Y9N51+\$#+]11$9**9(;+$>'N+$0"*$7"2$
>"$H'-'>$>=+$5"->$L9*L+*-='5X^$
$
%=+$*+-21>$#9-$5*+,'3>9L1+X$R+H+*91$"0$>=+$39(,',9>+-$,',$1""[$'($>=+$
N'**"*$9(,$#+(>$>"$>=+$L9*L+*-="5$>=9>$90>+*(""($9(,$*+3+'H+,$
^*+;219>'"(^$=9'*32>-X$R+*;+9(>$d9'-+*$3"NN+(>+,$>=+$(+Y>$N"*('(;$
>=9>$=+$91*+9,7$3"21,$-++$>=+$,+H+1"5N+(>$"0$1+9,+*-='5$b291'>'+-$'($
-"N+$"0$>=+$N+NL+*-$"0$>=+$-b29,X$
$
S($a9*3=$E\$?EEO\$>=+$+1"b2+(>$!+(*7$&9*,$6++3=+*$,'+,X$%=+$
0"11"#'(;$R2(,97\$K7N9($.LL">>$#9-$'(H'>+,$>"$-5+9[$'($>=+$5215'>$
1+0>$-'1+(>$L7$6++3=+*]-$59--'(;X$I9;+*$>"$,"$='-$L+->\$=+$#*">+\$
*+#*">+$9(,$5"1'-=+,$='-$-+*N"($#'>=$>=+$N+>'321"2-$39*+$"0$9$
)192L+*>X$%=+($=+$*+9,$'>$>"$='-$#'0+X$/>$#9-$5""*$<$9-$N"->$#*'>>+($
-5++3=+-$9*+X$R=+$N';=>$=9H+$-9',\$'0$-=+$=9,$=9,$1+--$l2,;N+(>\$
^K7N9(\$>=9>$'-$>+**'L1+X$%=9>]11$(+H+*$,"X$_"2]11$52>$5+"51+$>"$-1++5X$/>$
*+9,-$1'[+$9($+(3731"5+,'9X$_"2$"2;=>$>"$[("#$L+>>+*$>=9($>=9>$90>+*$
911$>=+$7+9*-$7"2$=9H+$L++($5*+93='(;X$)"*$=+9H+(]-$-9[+\$#=7$,"(]>$
7"2$>91[$1'[+$9$=2N9($L+'(;f$&=7$,"(]>$7"2$93>$(9>2*91f$_"2]11$
,'-;*93+$7"2*-+10$'0$7"2$+H+*$*+9,$>=9>$->200X^$
$
%=9>]-$#=9>$-=+$N';=>$=9H+$-9',X$.(,\$'0$-=+$=9,\$7"2$[("#$#=9>$
#"21,$=9H+$=955+(+,X$.(,$-=+$[(+#$>""X$R"\$-=+$N+*+17$*+N9*[+,$
>=9>$'>$#"21,$N9[+$9($+Y3+11+(>$9*>'31+$0"*$>=+$M"*>=$.N+*'39($
G+H'+#X$/($">=+*$#"*,-\$-=+$5*9'-+,$'>$9(,$9>$>=+$-9N+$>'N+$-2L>17$
-2;;+->+,$>=9>$'>$#"21,(]>$,"$9-$9$-5++3=X$K7N9($.LL">>$-9#$>=+$
5"'(>\$>"*+$25$='-$39*+02117$5*+59*+,$N9(2-3*'5>$9(,$5*+93=+,$
#'>="2>$+H+($2-'(;$(">+-X$
$
.($+00+3>'H+$#97$>"$3"**+3>$">=+*-]$N'->9[+-$'-$XXX$
$
c$4*'(3'51+$P$<$:911$9>>+(>'"($>"$5+"51+]-$N'->9[+-$'(,'*+3>17X$$
$
ooooooo$
$
A$<$%91[$.L"2>$_"2*$S#($a'->9[+-$)'*->$
$
a7$('+3+\$k"-+5='(+$:9*(+;'+\$=9,$3"N+$>"$M+#$_"*[$>"$L+$N7$
-+3*+>9*7X$R=+$#9-$('(+>++(\$=9,$;*9,29>+,$0*"N$=';=$-3=""1$>=*++$
7+9*-$5*+H'"2-17\$9(,$=+*$L2-'(+--$+Y5+*'+(3+$#9-$9$>*'01+$N"*+$>=9($
g+*"X$R=+$L+39N+$"(+$"0$>=+$N"->$5*"0'3'+(>$-+3*+>9*'+-$#+->$"0$
R2+g\$L2>$'($>=+$L+;'(('(;\$-=+$#9-$<$#+11\$-2-3+5>'L1+$>"$
'N5*"H+N+(>X$S(+$,97$#=+($/$->9*>+,$>"$3*'>'3'g+$=+*\$/$-9',$>"$
N7-+10W$^k2->$9$N'(2>+\$891+$:9*(+;'+i$l2->$9$N'(2>+X$_"2$9*+$>#'3+$
9-$"1,$9-$k"-+5='(+X$_"2$=9H+$=9,$>+($>="2-9(,$>'N+-$9-$N23=$
L2-'(+--$+Y5+*'+(3+X$!"#$39($7"2$5"--'L17$+Y5+3>$=+*$>"$=9H+$7"2*$
H'+#5"'(>\$7"2*$l2,;N+(>\$7"2*$'('>'9>'H+$<$N+,'"3*+$>="2;=$>=+7$
N97$L+f$.(,$l2->$9$N'(2>+\$891+\$#=9>$#+*+$7"2$,"'(;$9>$('(+>++(f$
G+N+NL+*$>=+$9-'('(+$N'->9[+-$9(,$L12(,+*-$7"2$N9,+f$G+N+NL+*$
>=+$>'N+$7"2$,',$>='-$XXX$9(,$>=9>$XXX$f^$
$
.0>+*$>='(['(;$>=+$N9>>+*$"H+*\$="(+->17$9(,$'N59*>'9117\$/$3"(312,+,$
>=9>$k"-+5='(+]-$L9>>'(;$9H+*9;+$9>$('(+>++($#9-$L+>>+*$>=9($N'(+$
=9,$L++($<$9(,$>=9>\$/]N$-"**7$>"$3"(0+--\$'-(]>$597'(;$k"-+5='(+$
N23=$"0$9$3"N51'N+(>X$
$
R"$90>+*$>=9>\$#=+($/$#9(>+,$>"$3911$k"-+5='(+]-$9>>+(>'"($>"$9$
N'->9[+\$/$2-+,$>"$L+;'($L7$-97'(;\$^_"2$=9H+$N9,+$9$N'->9[+\$
k"-+5='(+\$L2>$>=+$K"*,$[("#-\$'>]-$("$#"*-+$>=9($N9(7$/$=9H+$
N9,+X$_"2$#+*+$(">$L"*($#'>=$l2,;N+(>X$%=9>$3"N+-$"(17$#'>=$
+Y5+*'+(3+\$9(,$7"2$9*+$L+>>+*$>=9($/$#9-$9>$7"2*$9;+X$/$=9H+$L++($
;2'1>7$"0$-"$N9(7$->25',\$-'117$>='(;-$N7-+10\$/$=9H+$H+*7$1'>>1+$'(31''"($
>"$3*'>'3'g+$7"2$"*$9(7"(+X$62>$,"(]>$7"2$>='([$'>$#"21,$=9H+$L++($
#'-+*$'0$7"2$=9,$,"(+$-"$9(,$-"f^$
$
/>$'-(]>$(+9*17$-"$,'00'321>$>"$1'->+($>"$9$*+3'>91$"0$7"2*$0921>-$'0$>=+$
5+*-"($3*'>'3'g'(;$L+;'(-$L7$=2NL17$9,N'>>'(;$>=9>$=+\$>""\$'-$09*$0*"N$
'N5+339L1+X$
$
IX`X$8'11'->"(+\$9($+(;'(++*$'($6*9(,"(\$a9('>"L9\$:9(9,9\$#9-$
=9H'(;$5*"L1+N-$#'>=$='-$(+#$-+3*+>9*7X$K+>>+*-$=+$,'3>9>+,$#+*+$
3"N'(;$>"$='-$,+-[$0"*$-';(9>2*+$#'>=$>#"$"*$>=*++$-5+11'(;$N'->9[+-$
5+*$59;+X$a*X$8'11'->"(+$*+5"*>+,$="#$=+$=9(,1+,$>='-W$
$
^K'[+$N9(7$+(;'(++*-\$/$=9H+$(">$L++($(">+,$0"*$N7$+Y3+11+(>$
I(;1'-=$"*$-5+11'(;X$)"*$7+9*-$/$=9H+$[+5>$9$1'>>1+$L193[$>=2NL$<$'(,+Y$
L""[$0"*$#"*,-$/$=9,$>*"2L1+$-5+11'(;X$&=+($'>$L+39N+$9559*+(>$>=9>$
N+*+17$5"'(>'(;$"2>$>=+$+**"*-$#9-$(">$;"'(;$>"$392-+$N7$-+3*+>9*7$
>"$,"$N"*+$5*""0*+9,'(;$9(,$,'3>'"(9*7$#"*[\$/$*+-"1H+,$>"$>9[+$
9(">=+*$955*"93=X$&=+($>=+$(+Y>$1+>>+*$39N+$>"$N7$9>>+(>'"($>=9>$
=9,$+**"*-$'($'>\$/$-9>$,"#($#'>=$>=+$>75'->$9(,$-9',W$$
$
^$]R"N+="#$>='-$#"*,$,"+-(]>$1""[$*';=>X$/>]-$"(+$"0$>=+$#"*,-$/$
91#97-$=9H+$=9,$>*"2L1+$#'>=X$%=9>]-$>=+$*+9-"($/$->9*>+,$>='-$
-5+11'(;$L""[$"0$N'(+X$q/$"5+(+,$>=+$L""[$>"$>=+$955*"5*'9>+$59;+Xr$
_+-\$=+*+$'>$'-X$/]N$H+*7$3"(-3'"2-$"0$N7$-5+11'(;$("#$L+392-+$5+"51+$
,"$l2,;+$2-$L7$"2*$1+>>+*-$9(,$N'--5+11'(;-$N9[+$2-$1""[$1+--$
5*"0+--'"(91X$
$
^/$,"(]>$[("#$#=+>=+*$-=+$3"5'+,$N7$-7->+N$"*$(">\$L2>$-'(3+$>=9>$
3"(H+*-9>'"(\$=+*$0*+b2+(37$"0$-5+11'(;$+**"*-$=9-$L++($-';('0'39(>17$
*+,23+,X^$
$
%=+$5"1'-=+,$4*'(3+$6+*(=9*,$H"($61"#$1+9*(+,$>=+$-=9*5$(+3+--'>7$
"0$,"'(;$>='-$L93[$'($?@Q@X$V"($61"#$#9-$>=+($>=+$/N5+*'91$
:=9(3+11"*$"0$`+*N9(7\$9(,$"($>=+$>=*"(+$-9>$&'1=+1N$//<&'1=+1N\$
>=+$=92;=>7i$&'1=+1N$>=+$9**";9(>i$&'1=+1N\$>=+$19->$"0$>=+$`+*N9($
d9'-+*-\$L2'1,'(;$9($9*N7$9(,$(9H7$>=9>$=+$L"9->+,$3"21,$#='5$>=+'*$
#+';=>$'($#'1,39>-$
$
%=+($9($9->"('-='(;$>='(;$=955+(+,X$%=+$d9'-+*$-9',$>='(;-\$
'(3*+,'L1+$>='(;-\$>='(;-$>=9>$*"3[+,$>=+$3"(>'(+(>$9(,$->9*>+,$9$
-+*'+-$"0$+Y51"-'"(-$=+9*,$9*"2(,$>=+$#"*1,X$%"$N9[+$N9>>+*-$
'(0'('>+17$#"*-+\$>=+$d9'-+*$N9,+$-'117\$+;">'->'391\$9L-2*,$
9(("2(3+N+(>-$'($52L1'3\$=+$N9,+$>=+N$#='1+$=+$#9-$9$;2+->$'($
I(;19(,\$9(,$=+$;9H+$='-$*"791$5+*N'--'"($>"$=9H+$>=+N$5*'(>+,$'($
>=+$89'17$%+1+;*95=X$)"*$+Y9N51+\$=+$,+319*+,$>=9>$=+$#9-$>=+$"(17$
`+*N9($#="$0+1>$0*'+(,17$>"#9*,$>=+$I(;1'-=i$>=9>$=+$#9-$
3"(->*23>'(;$9$(9H7$9;9'(->$>=+$N+(93+$"0$k959(i$>=9>$=+\$9(,$=+$
91"(+\$=9,$-9H+,$I(;19(,$0*"N$L+'(;$=2NL1+,$'($>=+$,2->$L7$G2--'9$
9(,$)*9(3+i$>=9>$'>$=9,$L++($='-$39N59';($519($>=9>$+(9L1+,$
I(;19(,]-$K"*,$G"L+*>-$>"$,+0+9>$>=+$6"+*-$'($R"2>=$.0*'39i$9(,$-"$
"($9(,$"(X$
$
M"$">=+*$-23=$9N9g'(;$#"*,-$=9,$+H+*$0911+($0*"N$>=+$1'5-$"0$9$
I2*"5+9($['(;$'($5+93+>'N+$#'>='($9$=2(,*+,$7+9*-X$%=+$+(>'*+$
3"(>'(+(>$L2gg+,$#'>=$>=+$02*7$"0$9$="*(+>]-$(+->X$I(;19(,$#9-$
'(3+(-+,X$`+*N9($->9>+-N+($#+*+$9;=9->X$.(,$'($>=+$N',->$"0$911$
>='-$3"(->+*(9>'"(\$>=+$d9'-+*$L+39N+$59('3[7$9(,$-2;;+->+,$>"$
4*'(3+$H"($61"#\$>=+$/N5+*'91$:=9(3+11"*\$>=9>$=+$>9[+$>=+$L19N+X$
_+-\$=+$#9(>+,$H"($61"#$>"$9(("2(3+$>=9>$'>$#9-$911$='-$
*+-5"(-'L'1'>7\$>=9>$=+$=9,$9,H'-+,$='-$N"(9*3=$>"$-97$>=+-+$
'(3*+,'L1+$>='(;-X$
$
^62>$_"2*$a9l+->7\^$H"($61"#$5*">+->+,\$^'>$-++N-$>"$N+$2>>+*17$
'N5"--'L1+$>=9>$9(7L",7$+'>=+*$'($`+*N9(7$"*$I(;19(,$3"21,$-255"-+$
N+$3959L1+$"0$=9H'(;$9,H'-+,$_"2*$a9l+->7$>"$-97$9(7$-23=$>='(;X^$
$
%=+$N"N+(>$>="-+$#"*,-$#+*+$"2>$"0$H"($61"#]-$N"2>=\$=+$
*+91'g+,$=+$=9,$N9,+$9$;*9H+$N'->9[+X$%=+$d9'-+*$L1+#$25X$
$
^_"2$3"(-',+*$N+$9$,"([+7\^$=+$-="2>+,\$^3959L1+$"0$L12(,+*-$7"2$
7"2*-+10$3"21,$(+H+*$=9H+$3"NN'>>+,j^$
$
V"($61"#]-$[(+#$>=9>$=+$"2;=>$>"$=9H+$5*9'-+,$L+0"*+$=+$
3"(,+N(+,i$L2>$-'(3+$>=9>$#9-$>""$19>+\$=+$,',$>=+$(+Y>$L+->$>='(;X$
!+$5*9'-+,$90>+*$=+$=9,$3*'>'3'g+,X$.(,$'>$#"*[+,$9$N'*931+X$
$
^/]N$09*$0*"N$-2;;+->'(;$>=9>\^$=+$9(-#+*+,$*+-5+3>02117X$^_"2*$
a9l+->7$-2*59--+-$N+$'($N9(H$*+-5+3>-i$(">$"(17$"0$3"2*-+\$'($(9H91$
9(,$N'1'>9*7$[("#1+,;+$L2>$9L"H+$911\$'($(9>2*91$-3'+(3+X$/$=9H+$"0>+($
1'->+(+,$'($9,N'*9>'"($#=+($_"2*$a9l+->7$+Y519'(+,$>=+$L9*"N+>+*\$
"*$#'*+1+--$>+1+;*95=7\$"*$>=+$G"+(>;+($*97-X$/$9N$-=9N+02117$
';("*9(>$"0$911$L*9(3=+-$"0$(9>2*91$-3'+(3+\$=9H+$("$(">'"($"0$
3=+N'->*7$"*$5=7-'3-\$9(,$9N$b2'>+$'(3959L1+$"0$+Y519'('(;$>=+$
-'N51+->$"0$(9>2*91$5=+("N+(9X$62>\^$H"($611"#$3"(>'(2+,\$^'($
3"N5+(-9>'"(\$/$5"--+--$-"N+$='->"*'391$[("#1+,;+$9(,$5+*=95-$
3+*>9'($b291'>'+-$2-+021$'($5"1'>'3-\$+-5+3'9117$'($,'51"N937X^$
$
%=+$d9'-+*$L+9N+,X$V"($621"#$=9,$5*9'-+,$='NX$V"($61"#$=9,$
+Y91>+,$='N$9(,$=2NL1+,$='N-+10X$%=+$d9'-+*$3"21,$0"*;'H+$9(7>='(;$
90>+*$>=9>X$^!9H+(]>$/$91#97-$>"1,$7"2\^$=+$+Y319'N+,$#'>=$
+(>=2-'9-N\$^>=9>$#+$3"N51+>+$"(+$9(">=+*$09N"2-17f$&+$-="21,$
->'3[$>";+>=+*\$9(,$#+$#'11j^$
$
!+$-=""[$=9(,-$#'>=$H"($61"#\$(">$"(3+\$L2>$-+H+*91$>'N+-X$.(,$
19>+*$'($>=+$,97$=+$#9Y+,$-"$+(>=2-'9->'3$>=9>$=+$+Y319'N+,$#'>=$
,"2L1+,$0'->-\$^/0$9(7"(+$-97-$9(7>='(;$>"$N+$9;9'(->$4*'(3+$H"($
61"#\$/$-=911$52(3=$='N$'($>=+$("-+X^$
$
V"($61"#$-9H+,$='N-+10$'($>'N+$<$L2>\$39((7$,'51"N9>$>=9>$=+$#9-\$
=+$(+H+*>=+1+--$=9,$N9,+$"(+$+**"*W$=+$-="21,$=9H+$L+;2($L7$
>91['(;$9L"2>$='-$"#($-="*>3"N'(;-$9(,$&'1=+1N]-$-25+*'"*'>7$<$(">$
L7$'(>'N9>'(;$>=9>$>=+$d9'-+*$#9-$9$=910<#'>$'($(++,$"0$9$;29*,'9(X$
$
/0$9$0+#$-+(>+(3+-$=2NL1'(;$"(+-+10$9(,$5*9'-'(;$>=+$">=+*$59*>7$39($
>2*($9$=92;=>7\$'(-21>+,$d9'-+*$'(>"$9$->92(3=$0*'+(,\$'N9;'(+$#=9>$
=2N'1'>7$9(,$5*9'-+$39($,"$0"*$7"2$9(,$N+$'($"2*$,9'17$3"(>93>-X$
G';=>02117$2-+,\$>=+7$#'11$#"*[$H+*'>9L1+$N'*931+-$'($=2N9($*+19>'"(-X$
$
.,N'>>'(;$"(+]-$"#($N'->9[+-$<$+H+($#=+($"(+$=9-(]>$3"**+3>+,$
>=+N$<$39($=+15$3"(H'(3+$-"N+L",7$>"$3=9(;+$='-$L+=9H'"*X$%='-$
#9-$'112->*9>+,$N"*+$*+3+(>17$L7$:19*+(3+$p+*=2-+($"0$%'N"('2N\$
a9*719(,\$#=+($=+$,'-3"H+*+,$='-$0'0>++(<7+9*<"1,$-"($#9-$
+Y5+*'N+(>'(;$#'>=$3';9*+>>+-X$
$
^M9>2*9117\$/$,',(]>$#9(>$89H',$>"$-N"[+\^$a*X$p+*=2-+($>"1,$2-\$^L2>$
='-$N">=+*$9(,$/$-N"[+,$3';9*+>>+-i$#+$#+*+$;'H'(;$='N$9$L9,$
+Y9N51+$911$>=+$>'N+X$/$+Y519'(+,$>"$89H+$="#$/$->9*>+,$-N"['(;$9>$
9L"2>$='-$9;+$9(,$="#$>=+$('3">'(+$=9,$;">>+($>=+$L+->$"0$N+$9(,$
("#$'>$#9-$(+9*17$'N5"--'L1+$0"*$N+$>"$->"5X$/$*+N'(,+,$='N$="#$
'**'>9>'(;$N7$3"2;=$#9-$9(,$="#$=+$=9,$L++($90>+*$N+$>"$;'H+$25$
3';9*+>>+-$(">$N9(7$7+9*-$L+0"*+X$
$
^/$,',(]>$+Y="*>$='N$>"$->"5$"*$N9[+$>=*+9>-$"*$#9*($='N$9L"2>$>=+'*$
,9(;+*-X$.11$/$,',$#9-$5"'(>$"2>$="#$/$#9-$=""[+,$"($3';9*+>>+-$9(,$
#=9>$'>$=9,$N+9(>$>"$N+X$
$
^!+$>="2;=>$9L"2>$'>$0"*$9$#='1+$9(,$,+3',+,$=+$#"21,(]>$-N"[+$2(>'1$
=+$=9,$;*9,29>+,$0*"N$=';=$-3=""1X$.-$>=+$7+9*-$#+(>$L7$89H',$
(+H+*$,',$->9*>$-N"['(;$9(,$=9-$("$'(>+(>'"($"0$+H+*$,"'(;$-"X$
$
^.-$9$*+-21>$"0$>=9>$3"(H+*-9>'"($/$N9,+$>=+$,+3'-'"($>"$->"5$-N"['(;$
3';9*+>>+-$N7-+10\$9(,$#'>=$>=+$-255"*>$"0$N7$09N'17\$/$=9H+$
-233++,+,X^$
$
.$;"",$1+9,+*$0"11"#-$>='-$5*'(3'51+W$
$
c$4*'(3'51+$A$<$%91[$9L"2>$7"2*$"#($N'->9[+-$L+0"*+$3*'>'3'g'(;$>=+$
">=+*$5+*-"(X$$
$
ooooooo$
$
D$<$M"$S(+$K'[+-$%"$%9[+$S*,+*-$
$
/$"(3+$=9,$>=+$51+9-2*+$"0$,'('(;$#'>=$a'--$/,9$%9*L+11\$>=+$,+9($"0$
.N+*'39($L'";*95=+*-X$&=+($/$>"1,$=+*$/$#9-$#*'>'(;$>='-$L""[\$#+$
L+;9($,'-32--'(;$>='-$911<'N5"*>9(>$-2Ll+3>$"0$;+>>'(;$91"(;$#'>=$
5+"51+\$9(,$-=+$>"1,$N+$>=9>$#='1+$-=+$#9-$#*'>'(;$=+*$L'";*95=7$"0$
S#+($8X$_"2(;\$-=+$'(>+*H'+#+,$9$N9($#="$=9,$-9>$0"*$>=*++$7+9*-$
'($>=+$-9N+$"00'3+$#'>=$a*X$_"2(;X$%='-$N9($,+319*+,$>=9>$,2*'(;$911$
>=9>$>'N+$=+$=9,$(+H+*$=+9*,$S#+($8X$_"2(;$;'H+$9$,'*+3>$"*,+*$>"$
9(7"(+X$!+$91#97-$;9H+$-2;;+->'"(-\$(">$"*,+*-X$S#+($8X$_"2(;$
(+H+*$-9',\$0"*$+Y9N51+\$^8"$>='-$"*$,"$>=9>\^$"*$^8"(]>$,"$>='-$"*$
,"(]>$,"$>=9>X^$!+$#"21,$-97\$^_"2$N';=>$3"(-',+*$>='-\^$"*$^8"$7"2$
>='([$>=9>$#"21,$#"*[f^$)*+b2+(>17$=+$#"21,$-97\$90>+*$=+$=9,$
,'3>9>+,$9$1+>>+*\$^&=9>$,"$7"2$>='([$"0$>='-f^$/($1""['(;$"H+*$9$1+>>+*$
"0$"(+$"0$='-$9--'->9(>-\$=+$#"21,$-97\$^a97L+$'0$#+$#+*+$>"$5=*9-+$'>$
>='-$#97$'>$#"21,$L+$L+>>+*X^$!+$91#97-$;9H+$5+"51+$>=+$"55"*>2('>7$
>"$,"$>='(;-$>=+N-+1H+-i$=+$(+H+*$>"1,$='-$9--'->9(>-$>"$,"$>='(;-i$=+$
1+>$>=+N$,"$>=+N\$1+>$>=+N$1+9*($0*"N$>=+'*$N'->9[+-X$
$
.$>+3=('b2+$1'[+$>=9>$N9[+-$'>$+9-7$0"*$9$5+*-"($>"$3"**+3>$+**"*-X$.$
>+3=('b2+$1'[+$>=9>$-9H+-$9$5+*-"(]-$5*',+$9(,$;'H+-$='N$"*$=+*$9$
0++1'(;$"0$'N5"*>9(3+X$/>$+(3"2*9;+-$3""5+*9>'"($'(->+9,$"0$*+L+11'"(X$
$
G+-+(>N+(>$392-+,$L7$9$L*9-=$"*,+*$N97$19->$9$1"(;$>'N+$<+H+($'0$
>=+$"*,+*$#9-$;'H+($>"$3"**+3>$9($"LH'"2-17$L9,$-'>29>'"(X$89($
R9(>9*+11'\$9$>+93=+*$9>$9$H"39>'"(91$-3=""1$'($&7"N'(;\$
4+((-71H9('9\$>"1,$"(+$"0$"2*$319--+-$="#$"(+$"0$='-$->2,+(>-$=9,$
L1"3[+,$>=+$+(>*9(3+$#97$>"$"(+$"0$>=+$-3=""1]-$-="5-$L7$'11+;9117$
59*['(;$='-$39*$'($'>X$S(+$"0$>=+$">=+*$'(->*23>"*-$->"*N+,$'(>"$>=+$
319--*""N$9(,$9-[+,$'($9($9**";9(>$>"(+\$^&="-+$39*$'-$L1"3['(;$>=+$
,*'H+#97f^$&=+($>=+$->2,+(>$#="$"#(+,$>=+$39*$*+-5"(,+,\$>=+$
'(->*23>"*$-3*+9N+,W$^a"H+$>=9>$39*$9(,$N"H+$'>$*';=>$("#\$"*$/]11$
#*95$9$3=9'($9*"2(,$'>$9(,$,*9;$'>$"2>$"0$>=+*+X^$
$
M"#$>=9>$->2,+(>$#9-$#*"(;X$%=+$39*$-="21,$(">$=9H+$L++($59*[+,$
>=+*+X$62>$0*"N$>=9>$,97$"(\$(">$"(17$,',$>=9>$->2,+(>$*+-+(>$>=+$
'(->*23>"*]-$93>'"(\$L2>$911$>=+$->2,+(>-$'($>=+$319--$,',$+H+*7>='(;$
>=+7$3"21,$>"$;'H+$>=+$'(->*23>"*$9$=9*,$>'N+$9(,$N9[+$='-$l"L$
2(51+9-9(>X$
$
!"#$3"21,$=+$=9H+$=9(,1+,$'>$,'00+*+(>17f$/0$=+$=9,$9-[+,$'($9$
0*'+(,17$#97\$^&="-+$39*$'-$'($>=+$,*'H+#97f^$9(,$>=+($-2;;+->+,$
>=9>$'0$'>$#+*+$N"H+,\$">=+*$39*-$3"21,$;+>$'($9(,$"2>\$>=+$->2,+(>$
#"21,$=9H+$;19,17$N"H+,$'>$9(,$(+'>=+*$=+$("*$='-$319--N9>+-$#"21,$
=9H+$L++($25-+>$9(,$*+-+(>021X$
$
.-['(;$b2+->'"(-$(">$"(17$N9[+-$9($"*,+*$N"*+$5919>9L1+i$'>$"0>+($
->'N219>+-$>=+$3*+9>'H'>7$"0$>=+$5+*-"(-$#="N$7"2$9-[X$4+"51+$9*+$
N"*+$1'[+17$>"$933+5>$9($"*,+*$'0$>=+7$=9H+$=9,$9$59*>$'($>=+$,+3'-'"($
>=9>$392-+,$>=+$"*,+*$>"$L+$'--2+,X$
$
&=+($/9($a93,"(91,$"0$k"=9((+-L2*;\$R"2>=$.0*'39\$>=+$;+(+*91$
N9(9;+*$"0$9$-N911$N9(2093>2*'(;$519(>$-5+3'91'g'(;$'($5*+3'-'"($
N93='(+$59*>-\$=9,$>=+$"55"*>2('>7$>"$933+5>$9$H+*7$19*;+$"*,+*\$=+$
#9-$3"(H'(3+,$>=9>$=+$#"21,$(">$N++>$>=+$5*"N'-+,$,+1'H+*7$,9>+X$
%=+$#"*[$91*+9,7$-3=+,21+,$'($>=+$-="5$9(,$>=+$-="*>$3"N51+>'"($
>'N+$(++,+,$0"*$>='-$"*,+*$N9,+$'>$-++N$'N5"--'L1+$0"*$='N$>"$933+5>$
>=+$"*,+*X$
$
/(->+9,$"0$52-='(;$='-$5+"51+$>"$933+1+*9>+$>=+'*$#"*[$9(,$*2-=$>=+$
"*,+*$>=*"2;=\$=+$3911+,$+H+*7L",7$>";+>=+*\$+Y519'(+,$>=+$-'>29>'"($
>"$>=+N\$9(,$>"1,$>=+N$="#$N23=$'>$#"21,$N+9($>"$>=+$3"N59(7$
9(,$>"$>=+N$'0$>=+7$3"21,$N9[+$'>$5"--'L1+$>"$5*",23+$>=+$"*,+*$"($
>'N+X$%=+($=+$->9*>+,$9-['(;$b2+->'"(-W$
$
^/-$>=+*+$9(7>='(;$#+$39($,"$>"$=9(,1+$>='-$"*,+*f^$
$
^:9($9(7"(+$>='([$"0$,'00+*+(>$#97-$>"$5*"3+--$'>$>=*"2;=$>=+$-="5$
>=9>$#'11$N9[+$'>$5"--'L1+$>"$>9[+$>=+$"*,+*f^$
$
^/-$>=+*+$9(7$#97$>"$9,l2->$"2*$="2*-$"*$5+*-"((+1$9--';(N+(>-$>=9>$
#"21,$=+15f^$
$
%=+$+N51"7++-$39N+$25$#'>=$N9(7$',+9-$9(,$'(-'->+,$>=9>$=+$>9[+$
>=+$"*,+*X$%=+7$955*"93=+,$'>$#'>=$9$^&+$39($,"$'>^$9>>'>2,+\$9(,$>=+$
"*,+*$#9-$933+5>+,\$5*",23+,$9(,$,+1'H+*+,$"($>'N+X$
$
.($+00+3>'H+$1+9,+*$#'11$2-+$XXX$
$
c$4*'(3'51+$D$<$.-[$b2+->'"(-$'(->+9,$"0$;'H'(;$,'*+3>$"*,+*-X$$
$
ooooooo$
$
T$<$K+>$%=+$S>=+*$4+*-"($R9H+$)93+$
$
_+9*-$9;"$>=+$`+(+*91$I1+3>*'3$:"N59(7$#9-$093+,$#'>=$>=+$,+1'39>+$
>9-[$"0$*+N"H'(;$:=9*1+-$R>+'(N+>g$0*"N$>=+$=+9,$"0$9$,+59*>N+(>X$
R>+'(N+>g\$9$;+('2-$"0$>=+$0'*->$N9;('>2,+$#=+($'>$39N+$>"$
+1+3>*'3'>7\$#9-$9$09'12*+$9-$>=+$=+9,$"0$>=+$3913219>'(;$,+59*>N+(>X$
_+>$>=+$3"N59(7$,',(]>$,9*+$"00+(,$>=+$N9(X$!+$#9-$'(,'-5+(-9L1+$<$
9(,$=';=17$-+(-'>'H+X$R"$>=+7$;9H+$='N$9$(+#$>'>1+X$%=+7$N9,+$='N$
:"(-21>'(;$I(;'(++*$"0$>=+$`+(+*91$I1+3>*'3$:"N59(7$<$9$(+#$>'>1+$0"*$
#"*[$=+$#9-$91*+9,7$,"'(;$<9(,$1+>$-"N+"(+$+1-+$=+9,$25$>=+$
,+59*>N+(>X$
$
R>+'(N+>g$#9-$=9557X$
$
R"$#+*+$>=+$"00'3+*-$"0$`XIX$%=+7$=9,$;+(>17$N9(+2H+*+,$>=+'*$N"->$
>+N5+*9N+(>91$->9*\$9(,$>=+7$=9,$,"(+$'>$#'>="2>$9$->"*N$<$L7$
1+>>'(;$='N$-9H+$093+X$
$
K+>>'(;$"(+$-9H+$093+j$!"#$'N5"*>9(>\$="#$H'>9117$'N5"*>9(>$>=9>$'-j$
.(,$="#$0+#$"0$2-$+H+*$->"5$>"$>='([$"0$'>j$&+$*',+$*"2;=-=",$"H+*$
>=+$0++1'(;-$"0$">=+*-\$;+>>'(;$"2*$"#($#97\$0'(,'(;$0921>\$'--2'(;$
>=*+9>-\$3*'>'3'g'(;$9$3='1,$"*$9($+N51"7++$'($0*"(>$"0$">=+*-\$#'>="2>$
+H+($3"(-',+*'(;$>=+$=2*>$>"$>=+$">=+*$5+*-"(]-$5*',+X$&=+*+9-$9$0+#$
N'(2>+-]$>="2;=>\$9$3"(-',+*9>+$#"*,$"*$>#"\$9$;+(2'(+$
2(,+*->9(,'(;$"0$>=+$">=+*$5+*-"(]-$9>>'>2,+\$#"21,$;"$-"$09*$>"#9*,$
911+H'9>'(;$>=+$->'(;j$
$
K+>]-$*+N+NL+*$>=9>$>=+$(+Y>$>'N+$#+$9*+$093+,$#'>=$>=+$,'->9->+021$
(+3+--'>7$"0$,'-3=9*;'(;$"*$*+5*'N9(,'(;$9($+N51"7++X$
$
^)'*'(;$+N51"7++-$'-$(">$N23=$02(X$`+>>'(;$0'*+,$'-$+H+($1+--$02(X^$
F/]N$b2">'(;$("#$0*"N$9$1+>>+*$#*'>>+($N+$L7$a9*-=911$.X$`*9(;+*\$9$
3+*>'0'+,$52L1'3$933"2(>9(>XJ$^S2*$L2-'(+--$'-$N"->17$-+9-"(91X$
%=+*+0"*+$#+$=9H+$>"$1+>$9$1">$"0$5+"51+$;"$90>+*$>=+$'(3"N+$>9Y$*2-=$
'-$"H+*X$
$
/>]-$9$L7#"*,$'($"2*$5*"0+--'"($>=9>$("$"(+$+(l"7-$#'+1,'(;$>=+$9YX$
:"(-+b2+(>17\$>=+$32->"N$=9-$,+H+1"5+,$"0$;+>>'(;$'>$"H+*$9-$-""($
9-$5"--'L1+\$9(,$2-29117$'($>=+$0"11"#'(;$#97W$]R'>$,"#(\$a*X$RN'>=X$
%=+$-+9-"(]-$"H+*\$9(,$#+$,"(]>$-++N$>"$-++$9(7$N"*+$9--';(N+(>-$
0"*$7"2X$S0$3"2*-+\$7"2$2(,+*->"",$7"2$#+*+$"(17$+N51"7+,$0"*$>=+$
L2-7$-+9-"($9(7="#\$+>3X\$+>3X]$
$
^%=+$+00+3>$"($>=+-+$5+"51+$'-$"(+$"0$,'-955"'(>N+(>$9(,$9$0++1'(;$"0$
L+'(;$]1+>$,"#(X]$a"->$"0$>=+N$9*+$'($>=+$933"2(>'(;$0'+1,$0"*$1'0+\$9(,$
>=+7$*+>9'($("$59*>'3219*$1"H+$0"*$>=+$0'*N$>=9>$,*"5-$>=+N$-"$
39-29117X$
$
^/$*+3+(>17$,+3',+,$>"$1+>$"2*$-+9-"(91$5+*-"((+1$;"$#'>=$9$1'>>1+$N"*+$
>93>$9(,$3"(-',+*9>'"(X$R"$/$3911$+93=$"(+$'($"(17$90>+*$39*+02117$
>='(['(;$"H+*$='-$"*$=+*$#"*[$,2*'(;$>=+$#'(>+*X$.(,$/]H+$-9',$
-"N+>='(;$1'[+$>='-W$]a*X$RN'>=\$7"2]H+$,"(+$9$0'(+$l"L$F'0$=+$=9-JX$
%=9>$>'N+$#+$-+(>$7"2$>"$M+#9*[\$7"2$=9,$9$>"2;=$9--';(N+(>X$_"2$
#+*+$"($>=+$-5">\$L2>$7"2$39N+$>=*"2;=$#'>=$017'(;$3"1"*-\$9(,$#+$
#9(>$7"2$>"$[("#$>=+$0'*N$'-$5*"2,$"0$7"2X$_"2]H+$;">$>=+$->200$<$
7"2]*+$;"'(;$9$1"(;$#97\$#=+*+H+*$7"2]*+$#"*['(;X$%='-$0'*N$L+1'+H+-$
'($7"2\$9(,$'-$*"">'(;$0"*$7"2\$9(,$#+$,"(]>$#9(>$7"2$>"$0"*;+>$'>X]$
$
^I00+3>f$%=+$5+"51+$;"$9#97$0++1'(;$9$1">$L+>>+*$9L"2>$L+'(;$0'*+,X$
%=+7$,"(]>$0++1$]1+>$,"#(X]$%=+7$[("#$'0$#+$=9,$#"*[$0"*$>=+N\$#+],$
[++5$>=+N$"(X$.(,$#=+($#+$(++,$>=+N$9;9'(\$>=+7$3"N+$>"$2-$#'>=$
9$[++($5+*-"(91$900+3>'"(X^$
$
.>$"(+$-+--'"($"0$"2*$3"2*-+\$>#"$319--$N+NL+*-$,'-32--+,$>=+$
(+;9>'H+$+00+3>-$"0$0921>0'(,'(;$H+*-2-$>=+$5"-'>'H+$+00+3>-$"0$1+>>'(;$
>=+$">=+*$5+*-"($-9H+$093+X$
$
)*+,$:19*[$"0$!9**'-L2*;\$4+((-71H9('9\$>"1,$"0$9($'(3',+(>$>=9>$
"332**+,$'($='-$3"N59(7W$^.>$"(+$"0$"2*$5*",23>'"($N++>'(;-\$9$H'3+$
5*+-',+(>$#9-$9-['(;$H+*7$5"'(>+,$b2+->'"(-$"0$"(+$"0$"2*$5*",23>'"($
-25+*H'-"*-$*+;9*,'(;$9$5*",23>'"($5*"3+--X$!'-$>"(+$"0$H"'3+$#9-$
9;;*+--'H+$9(,$9'N+,$9>$5"'(>'(;$"2>$0921>7$5+*0"*N9(3+$"($>=+$59*>$
"0$>=+$-25+*H'-"*X$M">$#9(>'(;$>"$L+$+NL9**9--+,$'($0*"(>$"0$='-$
5++*-\$>=+$-25+*H'-"*$#9-$+H9-'H+$'($='-$*+-5"(-+-X$%='-$392-+,$>=+$
H'3+$5*+-',+(>$>"$1"-+$='-$>+N5+*\$L+*9>+$>=+$-25+*H'-"*$9(,$9332-+$
='N$"0$17'(;X$
$
^.(7$#"*['(;$*+19>'"(-='5$>=9>$N';=>$=9H+$+Y'->+,$5*'"*$>"$>='-$
+(3"2(>+*$#9-$,+->*"7+,$'($9$0+#$L*'+0$N"N+(>-X$%='-$-25+*H'-"*\$
#="$#9-$L9-'39117$9$;"",$#"*[+*\$#9-$2-+1+--$>"$"2*$3"N59(7$0*"N$
>=9>$>'N+$"(X$.$0+#$N"(>=-$19>+*$=+$1+0>$"2*$0'*N$9(,$#+(>$>"$#"*[$
0"*$9$3"N5+>'>"*\$#=+*+$/$2(,+*->9(,$=+$'-$,"'(;$9$0'(+$l"LX^$
$
.(">=+*$319--$N+NL+*\$.((9$a9gg"(+\$*+19>+,$="#$9$-'N'19*$'(3',+(>$
=9,$"332**+,$9>$=+*$l"L$<$L2>$#=9>$9$,'00+*+(3+$'($955*"93=$9(,$
*+-21>-j$a-X$a9gg"(+\$9$N9*[+>'(;$-5+3'91'->$0"*$9$0"",$593[+*\$#9-$
;'H+($=+*$0'*->$N9l"*$9--';(N+(>$<$>=+$>+-><N9*[+>'(;$"0$9$(+#$
5*",23>X$R=+$>"1,$>=+$319--W$^&=+($>=+$*+-21>-$"0$>=+$>+->$39N+$'(\$/$
#9-$,+H9->9>+,X$/$=9,$N9,+$9$-+*'"2-$+**"*$'($N7$519(('(;\$9(,$>=+$
+(>'*+$>+->$=9,$>"$L+$,"(+$911$"H+*$9;9'(X$%"$N9[+$>='-$#"*-+\$/$=9,$
("$>'N+$>"$,'-32--$'>$#'>=$N7$L"--$L+0"*+$>=+$N++>'(;$'($#='3=$/$#9-$
>"$N9[+$N7$*+5"*>$"($>=+$5*"l+3>X$
$
^&=+($/$#9-$3911+,$"($>"$;'H+$>=+$*+5"*>\$/$#9-$-=9['(;$#'>=$0*';=>X$/$
=9,$911$/$3"21,$,"$>"$[++5$0*"N$L*+9['(;$,"#(\$L2>$/$*+-"1H+,$/$
#"21,$(">$3*7$9(,$=9H+$911$>="-+$N+($N9[+$*+N9*[-$9L"2>$#"N+($
(">$L+'(;$9L1+$>"$=9(,1+$9$N9(9;+N+(>$l"L$L+392-+$>=+7$9*+$>""$
+N">'"(91X$/$N9,+$N7$*+5"*>$L*'+017$9(,$->9>+,$>=9>$,2+$>"$9($+**"*$/$
#"21,$*+5+9>$>=+$->2,7$L+0"*+$>=+$(+Y>$N++>'(;X$/$-9>$,"#(\$
+Y5+3>'(;$N7$L"--$>"$L1"#$25X$
$
^/(->+9,\$=+$>=9([+,$N+$0"*$N7$#"*[$9(,$*+N9*[+,$>=9>$'>$#9-$(">$
2(2-291$0"*$9$5+*-"($>"$N9[+$9($+**"*$"($9$(+#$5*"l+3>$9(,$>=9>$=+$
=9,$3"(0',+(3+$>=9>$>=+$*+5+9>$-2*H+7$#"21,$L+$9332*9>+$9(,$
N+9('(;021$>"$>=+$3"N59(7X$!+$.--2*+,$N+\$'($0*"(>$"0$911$N7$
3"11+9;2+-\$>=9>$=+$=9,$09'>=$'($N+$9(,$/$[(+#$/$=9,$,"(+$N7$L+->\$
9(,$>=9>$N7$193[$"0$+Y5+*'+(3+\$(">$N7$193[$"0$9L'1'>7\$#9-$>=+$
*+9-"($0"*$>=+$09'12*+X$
$
/$1+0>$>=9>$N++>'(;$#'>=$N7$=+9,$'($>=+$9'*$9(,$#'>=$>=+$
,+>+*N'(9>'"($>=9>$/$#"21,$(+H+*$1+>$>=9>$L"--$"0$N'(+$,"#($9;9'(X^$
$
IH+($'0$#+$9*+$*';=>$9(,$>=+$">=+*$5+*-"($'-$,+0'('>+17$#*"(;\$#+$"(17$
,+->*"7$+;"$L7$392-'(;$-"N+"(+$>"$1"-+$093+X$%=+$1+;+(,9*7$)*+(3=$
9H'9>'"($5'"(++*$9(,$92>="*$.(>"'(+$,+$R9'(><IY25*7$#*">+W$^/$=9H+$
("$*';=>$>"$-97$"*$,"$9(7>='(;$>=9>$,'N'('-=+-$9$N9($'($='-$"#($+7+-X$
&=9>$N9>>+*-$'-$(">$#=9>$/$>='([$"0$='N\$L2>$#=9>$=+$>='([-$"0$
='N-+10X$!2*>'(;$9$N9($'($='-$,';('>7$'-$9$3*'N+X^$
$
.$*+91$1+9,+*$#'11$91#97-$0"11"#$XXX$
$
c$4*'(3'51+$T$<$K+>$>=+$">=+*$5+*-"($-9H+$093+X$$
$
ooooooo$
$
B$<$!"#$%"$R52*$4+"51+$S($%"$R233+--$
$
4+>+$69*1"#$#9-$9($"1,$0*'+(,$"0$N'(+X$!+$=9,$9$,";<9(,<5"(7$93>$
9(,$-5+(>$='-$1'0+$>*9H+1'(;$#'>=$3'*32-+-$9(,$H92,+H'11+$-="#-X$/$
1"H+,$>"$#9>3=$4+>+$>*9'($(+#$,";-$0"*$='-$93>X$/$(">'3+,$>=9>$>=+$
N"N+(>$9$,";$-="#+,$>=+$-1';=>+->$'N5*"H+N+(>\$4+>+$59>>+,$9(,$
5*9'-+,$='N$9(,$;9H+$='N$N+9>$9(,$N9,+$9$;*+9>$>"<,"$9L"2>$'>X$
$
%=9>]-$(">='(;$(+#X$.('N91$>*9'(+*-$=9H+$L++($2-'(;$>=9>$-9N+$
>+3=('b2+$0"*$3+(>2*'+-X$
$
&=7\$/$#"(,+*\$,"(]>$#+$2-+$>=+$-9N+$3"NN"($-+(-+$#=+($>*7'(;$
>"$3=9(;+$5+"51+$>=9>$#+$2-+$#=+($>*7'(;$>"$3=9(;+$,";-f$&=7$
,"(]>$#+$2-+$N+9>$'(->+9,$"0$9$#='5f$&=7$,"(]>$#+$2-+$5*9'-+$
'(->+9,$"0$3"(,+N(9>'"(f$K+>$2-$5*9'-+$+H+($>=+$-1';=>+->$
'N5*"H+N+(>X$%=9>$'(-5'*+-$>=+$">=+*$5+*-"($>"$[++5$"($'N5*"H'(;X$
$
/($='-$L""[$/$.'(]>$a23=\$69L7<62>$/]N$.11$/$`">\$>=+$5-73="1";'->$k+--$
K9'*$3"NN+(>-W$^4*9'-+$'-$1'[+$-2(1';=>$>"$>=+$#9*N$=2N9($-5'*'>i$#+$
39((">$01"#+*$9(,$;*"#$#'>="2>$'>X$.(,$7+>\$#='1+$N"->$"0$2-$9*+$"(17$
>""$*+9,7$>"$95517$>"$">=+*-$>=+$3"1,$#'(,$"0$3*'>'3'-N\$#+$9*+$
-"N+="#$*+123>9(>$>"$;'H+$"2*$0+11"#$>=+$#9*N$-2(-='(+$"0$5*9'-+X^$
FnJ$$
$
<<<<$
$
qnr$k+--$K9'*\$/$.'(]>$a23=\$69L7$<$62>$/]N$.11$/$`">$F`*++(#'3=\$
:"((XW$)9#3+>>\$?@OBJ\$5XPDEX$$
$
<<<<$
$
/$39($1""[$L93[$9>$N7$"#($1'0+$9(,$-++$#=+*+$9$0+#$#"*,-$"0$5*9'-+$
=9H+$-=9*517$3=9(;+,$N7$+(>'*+$02>2*+X$:9(]>$7"2$-97$>=+$-9N+$>='(;$
9L"2>$7"2*$1'0+f$!'->"*7$'-$*+51+>+$#'>=$->*'['(;$'112->*9>'"(-$"0$>=+$
-=++*$#'>3=+*7$*9'-+X$
$
)"*$+Y9N51+\$N9(7$7+9*-$9;"$9$L"7$"0$>+($#9-$#"*['(;$'($9$093>"*7$
'($M951+-\$!+$1"(;+,$>"$L+$9$-'(;+*\$L2>$='-$0'*->$>+93=+*$,'-3"2*9;+,$
='NX$^_"2$39(]>$-'(;\^$=+$-9',X$^_"2$=9H+(]>$9(7$H"'3+$9>$911X$/>$
-"2(,-$1'[+$>=+$#'(,$'($>=+$-=2>>+*-X^$
$
62>$='-$N">=+*\$9$5""*$5+9-9(>$#"N9(\$52>$=+*$9*N-$9L"2>$='N$9(,$
5*9'-+,$='N$9(,$>"1,$='N$-=+$[(+#$=+$3"21,$-'(;\$-=+$3"21,$91*+9,7$
-++$9($'N5*"H+N+(>\$9(,$-=+$#+(>$L9*+0"">$'($"*,+*$>"$-9H+$N"(+7$
>"$597$0"*$='-$N2-'3$1+--"(-X$%=9>$5+9-9(>$N">=+*]-$5*9'-+$9(,$
+(3"2*9;+N+(>$3=9(;+,$>=9>$L"7]-$1'0+X$!'-$(9N+$#9-$I(*'3"$:9*2-"\$
9(,$=+$L+39N+$>=+$;*+9>+->$9(,$N"->$09N"2-$"5+*9$-'(;+*$"0$='-$
9;+X$
$
/($>=+$+9*17$('(+>++(>=$3+(>2*7\$9$7"2(;$N9($'($K"(,"($9-5'*+,$>"$
L+$9$#*'>+*X$62>$+H+*7>='(;$-++N+,$>"$L+$9;9'(->$='NX$!+$=9,$(+H+*$
L++($9L1+$>"$9>>+(,$-3=""1$N"*+$>=9($0"2*$7+9*-X$!'-$09>=+*$=9,$L++($
012(;$'($l9'1$L+392-+$=+$3"21,(]>$597$='-$,+L>-\$9(,$>='-$7"2(;$N9($
"0>+($[(+#$>=+$59(;-$"0$=2(;+*X$)'(9117\$=+$;">$9$l"L$59->'(;$19L+1-$
"($L">>1+-$"0$L193['(;$'($9$*9><'(0+->+,$#9*+="2-+\$9(,$=+$-1+5>$9>$
(';=>$'($9$,'-N91$9>>'3$*""N$#'>=$>#"$">=+*$L"7-$<$;2>>+*-('5+-$0*"N$
>=+$-12N-$"0$K"(,"(X$!+$=9,$-"$1'>>1+$3"(0',+(3+$'($='-$9L'1'>7$>"$#*'>+$
>=9>$=+$-(+9[+,$"2>$9(,$N9'1+,$='-$0'*->$N9(2-3*'5>$'($>=+$,+9,$"0$
(';=>$-"$("L",7$#"21,$192;=$9>$='NX$R>"*7$90>+*$->"*7$#9-$*+02-+,X$
)'(9117$>=+$;*+9>$,97$39N+$#=+($"(+$#9-$933+5>+,X$%*2+\$=+$#9-(]>$
59',$9$-='11'(;$0"*$'>\$L2>$"(+$+,'>"*$=9,$5*9'-+,$='NX$S(+$+,'>"*$=9,$
;'H+($='N$*+3";('>'"(X$!+$#9-$-"$>=*'11+,$>=9>$=+$#9(,+*+,$9'N1+--17$
9*"2(,$>=+$->*++>-$#'>=$>+9*-$*"11'(;$,"#($='-$3=++[-X$
$
%=+$5*9'-+\$>=+$*+3";('>'"(\$>=9>$=+$*+3+'H+,$>=*"2;=$;+>>'(;$"(+$
->"*7$'($5*'(>\$3=9(;+,$='-$#="1+$1'0+\$0"*$'0$'>$=9,(]>$L++($0"*$>=9>$
+(3"2*9;+N+(>\$=+$N';=>$=9H+$-5+(>$='-$+(>'*+$1'0+$#"*['(;$'($*9><
'(0+->+,$093>"*'+-X$_"2$N97$=9H+$=+9*,$"0$>=9>$L"7X$!'-$(9N+$#9-$
:=9*1+-$8'3[+(-X$
$
.(">=+*$L"7$'($K"(,"($N9,+$='-$1'H'(;$9-$9$31+*[$'($9$,*7<;"",-$
->"*+X$!+$=9,$>"$;+>$25$9>$0'H+$"]31"3[\$-#++5$"2>$>=+$->"*+\$9(,$
-19H+$0"*$0"2*>++($="2*-$9$,97X$/>$#9-$-=++*$,*2,;+*7$9(,$=+$
,+-5'-+,$'>X$.0>+*$>#"$7+9*-\$=+$3"21,$->9(,$'>$("$1"(;+*\$-"$=+$;">$25$
"(+$N"*('(;$9(,\$#'>="2>$#9'>'(;$0"*$L*+9[09->\$>*9N5+,$0'0>++($
N'1+-$>"$>91[$>"$='-$N">=+*\$#="$#9-$#"*['(;$9-$9$="2-+[++5+*X$
$
!+$#9-$0*9(>'3X$!+$51+9,+,$#'>=$=+*X$!+$#+5>X$!+$-#"*+$=+$#"21,$
['11$='N-+10$'0$=+$=9,$>"$*+N9'($'($>=+$-="5$9(7$1"(;+*X$%=+($=+$#*">+$
9$1"(;\$59>=+>'3$1+>>+*$>"$='-$"1,$-3=""1N9->+*\$,+319*'(;$>=9>$=+$#9-$
=+9*>L*"[+(\$>=9>$=+$("$1"(;+*$#9(>+,$>"$1'H+X$!'-$"1,$-3=""1N9->+*$
;9H+$='N$9$1'>>1+$5*9'-+$9(,$9--2*+,$='N$>=9>$=+$*+9117$#9-$H+*7$
'(>+11';+(>$9(,$0'>>+,$0"*$0'(+*$>='(;-$9(,$"00+*+,$='N$9$l"L$9-$9$
>+93=+*X$
$
%=9>$5*9'-+$3=9(;+,$>=+$02>2*+$"0$>=9>$L"7$9(,$N9,+$9$19->'(;$
'N5*+--'"($"($>=+$='->"*7$"0$I(;1'-=$1'>+*9>2*+X$)"*$>=9>$L"7$#+(>$"($
>"$#*'>+$'((2N+*9L1+$L+-><-+11'(;$L""[-$9(,$N9,+$"H+*$9$N'11'"($
,"119*-$#'>=$='-$5+(X$_"2]H+$5*"L9L17$=+9*,$"0$='NX$!'-$(9N+W$!X$`X$
&+11-X$
$
Z-+$"0$5*9'-+$'(->+9,$"0$3*'>'3'-N$'-$>=+$L9-'3$3"(3+5>$"0$6X)X$
R['((+*]-$>+93='(;-X$%='-$;*+9>$3"(>+N5"*9*7$5-73="1";'->$=9-$-="#($
L7$+Y5+*'N+(>-$#'>=$9('N91-$9(,$#'>=$=2N9(-$>=9>$#=+($3*'>'3'-N$'-$
N'('N'g+,$9(,$5*9'-+$+N5=9-'g+,\$>=+$;"",$>='(;-$5+"51+$,"$#'11$L+$
*+'(0"*3+,$9(,$>=+$5""*+*$>='(;-$#'11$9>*"5=7$0"*$193[$"0$9>>+(>'"(X$
$
k"=($G'(;+1-592;=$"0$G"3[7$a"2(>\$M"*>=$:9*"1'(9\$2-+,$>='-$'($
,+91'(;$#'>=$='-$3='1,*+(X$/>$-++N+,$>=9>\$9-$'($-"$N9(7$09N'1'+-\$
N">=+*$9(,$,9,]-$3='+0$0"*N$"0$3"NN2('39>'"($#'>=$>=+$3='1,*+($#9-$
7+11'(;$9>$>=+NX$.(,\$9-$'($-"$N9(7$39-+-\$>=+$3='1,*+($L+39N+$9$
1'>>1+$#"*-+$*9>=+*$>=9($L+>>+*$90>+*$+93=$-23=$-+--'"($<$9(,$-"$,',$
>=+$59*+(>-X$%=+*+$-++N+,$>"$L+$("$+(,$'($-';=>$0"*$>='-$5*"L1+NX$
$
a*X$G'(;+1-592;=$,+>+*N'(+,$>"$2-+$-"N+$"0$>=+$5*'(3'51+-$=+$#9-$
1+9*('(;$'($"2*$3"2*-+$>"$-"1H+$>='-$-'>29>'"(X$!+$*+5"*>+,W$^&+$
,+3',+,$>"$>*7$5*9'-+$'(->+9,$"0$=9*5'(;$"($>=+'*$0921>-X$/>$#9-(]>$+9-7$
#=+($911$#+$3"21,$-++$#+*+$>=+$(+;9>'H+$>='(;-$>=+7$#+*+$,"'(;i$'>$
#9-$*+9117$>"2;=$>"$0'(,$>='(;-$>"$5*9'-+X$&+$N9(9;+,$>"$0'(,$
-"N+>='(;\$9(,$#'>='($>=+$0'*->$,97$"*$>#"$-"N+$"0$>=+$*+9117$
25-+>>'(;$>='(;-$>=+7$#+*+$,"'(;$b2'>$=955+('(;X$%=+($-"N+$"0$>=+'*$
">=+*$0921>-$L+;9($>"$,'-955+9*X$%=+7$L+;9($395'>91'g'(;$"($>=+$
5*9'-+$#+$#+*+$;'H'(;$>=+NX$%=+7$+H+($L+;9($;"'(;$"2>$"0$>=+'*$#97$
>"$,"$>='(;-$*';=>X$M+'>=+*$"0$2-$3"21,$L+1'+H+$'>X$S0$3"2*-+\$'>$,',(]>$
19->$0"*+H+*\$L2>$>=+$("*N$*+93=+,$90>+*$>='(;-$1+H+1+,$"00$#9-$-"$
N23=$L+>>+*X$/>$#9-$("$1"(;+*$(+3+--9*7$>"$*+93>$>=+$#97$#+$2-+,$
>"X$%=+$3='1,*+($#+*+$,"'(;$09*$N"*+$*';=>$>='(;-$>=9($#*"(;$"(+-X^$
.11$"0$>='-$#9-$9$*+-21>$"0$5*9'-'(;$>=+$-1';=>+->$'N5*"H+N+(>$'($>=+$
3='1,*+($*9>=+*$>=9($3"(,+N('(;$+H+*7>='(;$>=+7$,',$#*"(;X$
$
%='-$#"*[-$"($>=+$l"L$>""X$d+'>=$G"5+*$"0$&"",19(,$!'11-\$:91'0"*('9\$
9551'+,$>='-$5*'(3'51+$>"$9$-'>29>'"($'($='-$3"N59(7X$R"N+$N9>+*'91$
39N+$>"$='N$'($='-$5*'(>$-="5$#='3=$#9-$"0$+Y3+5>'"(9117$=';=$
b291'>7X$%=+$5*'(>+*$#="$=9,$,"(+$>='-$l"L$#9-$9$(+#$+N51"7++$#="$
=9,$L++($=9H'(;$,'00'321>7$9,l2->'(;$>"$>=+$l"LX$!'-$-25+*H'-"*$#9-$
25-+>$9L"2>$#=9>$=+$3"(-',+*+,$9$(+;9>'H+$9>>'>2,+$9(,$#9-$
-+*'"2-17$>='(['(;$"0$>+*N'(9>'(;$='-$-+*H'3+-X$
$
&=+($a*X$G"5+*$#9-$'(0"*N+,$"0$>='-$-'>29>'"(\$=+$5+*-"(9117$#+(>$
"H+*$>"$>=+$5*'(>$-="5$9(,$=9,$9$>91[$#'>=$>=+$7"2(;$N9(X$!+$>"1,$
='N$="#$51+9-+,$=+$#9-$#'>=$>=+$#"*[$=+$=9,$l2->$*+3+'H+,$9(,$
5"'(>+,$"2>$'>$#9-$>=+$L+->$#"*[$=+$=9,$-++($5*",23+,$'($>=9>$-="5$
0"*$-"N+$>'N+X$!+$5"'(>+,$"2>$+Y93>17$#=7$'>$#9-$-25+*'"*$9(,$="#$
'N5"*>9(>$>=+$7"2(;$N9(]-$3"(>*'L2>'"($#9-$>"$>=+$3"N59(7\$
$
8"$7"2$>='([$>='-$900+3>+,$>=9>$7"2(;$5*'(>+*]-$9>>'>2,+$>"#9*,$>=+$
3"N59(7f$&'>='($,97-$>=+*+$#9-$9$3"N51+>+$>2*(9L"2>X$!+$>"1,$
-+H+*91$"0$='-$3"<#"*[+*-$9L"2>$>=+$3"(H+*-9>'"($9(,$="#$-"N+"(+$
'($>=+$3"N59(7$*+9117$955*+3'9>+,$;"",$#"*[X$.(,$0*"N$>=9>$,97$"(\$
=+$#9-$9$1"791$9(,$,+,'39>+,$#"*[+*X$
$
&=9>$a*X$G"5+*$,',$#9-$(">$l2->$019>>+*$>=+$7"2(;$5*'(>+*$9(,$-97$
^_"2]*+$;"",X^$!+$-5+3'0'39117$5"'(>+,$"2>$="#$='-$#"*[$#9-$-25+*'"*X$
6+392-+$=+$=9,$-'(;1+,$"2>$9$-5+3'0'3$933"N51'-=N+(>\$*9>=+*$>=9($
l2->$N9['(;$;+(+*91$019>>+*'(;$*+N9*[-\$='-$5*9'-+$L+39N+$N23=$
N"*+$N+9('(;021$>"$>=+$5+*-"($>"$#="N$'>$#9-$;'H+(X$IH+*7L",7$
1'[+-$>"$L+$5*9'-+,\$L2>$#=+($5*9'-+$'-$-5+3'0'3\$'>$3"N+-$93*"--$9-$
-'(3+*+$<$(">$-"N+>='(;$>=+$">=+*$5+*-"($N97$L+$-97'(;$l2->$>"$N9[+$
"(+$0++1$;"",X$
$
G+N+NL+*\$#+$911$3*9H+$955*+3'9>'"($9(,$*+3";('>'"(\$9(,$#'11$,"$
91N"->$9(7>='(;$>"$;+>$'>X$62>$("L",7$#9(>-$'(-'(3+*'>7X$M"L",7$
#9(>-$019>>+*7X$
$
K+>$N+$*+5+9>W$%=+$5*'(3'51+-$>92;=>$'($>='-$L""[$#'11$#"*[$"(17$#=+($
>=+7$3"N+$0*"N$>=+$=+9*>X$/$9N$(">$9,H"39>'(;$9$L9;$"0$>*'3[-X$/$9N$
>91['(;$9L"2>$9$(+#$#97$"0$1'0+X$
$
%91[$9L"2>$3=9(;'(;$5+"51+X$/0$7"2$9(,$/$#'11$'(-5'*+$>=+$5+"51+$#'>=$
#="N$#+$3"N+$'($3"(>93>$>"$9$*+91'g9>'"($"0$>=+$=',,+($>*+9-2*+-$
>=+7$5"--+--\$#+$39($,"$09*$N"*+$>=9($3=9(;+$5+"51+X$&+$39($
1'>+*9117$>*9(-0"*N$>=+NX$
$
IY9;;+*9>'"(f$%=+($1'->+($>"$>=+-+$-9;+$#"*,-$0*"N$&'11'9N$k9N+-\$
"(+$"0$>=+$N"->$,'->'(;2'-=+,$5-73="1";'->-$9(,$5='1"-"5=+*-$
.N+*'39$=9-$+H+*$5*",23+,W$
$
:"N59*+,$#'>=$#=9>$#+$"2;=>$>"$L+\$#+$9*+$"(17$=910$9#9[+X$&+$
9*+$N9['(;$2-+$"0$"(17$9$-N911$59*>$"0$"2*$5=7-'391$9(,$N+(>91$
*+-"2*3+-X$R>9>'(;$>=+$>='(;$L*"9,17\$>=+$=2N9($'(,'H',291$>=2-$1'H+-$
09*$#'>='($='-$1'N'>-X$!+$5"--+--+-$5"#+*-$"0$H9*'"2-$-"*>-$#='3=$=+$
=9L'>29117$09'1-$>"$2-+X$
$
_+-\$7"2$#="$9*+$*+9,'(;$>=+-+$1'(+-$5"--+--$5"#+*-$"0$H9*'"2-$-"*>-$
#='3=$7"2$=9L'>29117$09'1$>"$2-+i$9(,$"(+$"0$>=+-+$5"#+*-$7"2$9*+$
5*"L9L17$(">$2-'(;$>"$>=+$0211+->$+Y>+(>$'-$7"2*$N9;'3$9L'1'>7$>"$5*9'-+$
5+"51+$9(,$'(-5'*+$>=+N$#'>=$9$*+91'g9>'"($"0$>=+'*$19>+(>$5"--'L'1'>'+-X$
$
.L'1'>'+-$#'>=+*$2(,+*$3*'>'3'-Ni$>=+7$L1"--"N$2(,+*$+(3"2*9;+N+(>X$
%"$L+3"N+$9$N"*+$+00+3>'H+$1+9,+*$"0$5+"51+\$95517$XXX$
$
c$4*'(3'51+$B$<$4*9'-+$>=+$-1';=>+->$'N5*"H+N+(>$9(,$5*9'-+$+H+*7$
'N5*"H+N+(>X$6+$^=+9*>7$'($7"2*$955*"L9>'"($9(,$19H'-=$'($7"2*$
5*9'-+X^$$
$
ooooooo$
$
O$<$`'H+$.$8";$.$`"",$M9N+$
$
&=9>$,"$7"2$,"$#=+($9$5+*-"($#="$=9-$L++($9$;"",$#"*[+*$L+;'(-$
>"$>2*($'($-=",,7$#"*[f$_"2$39($0'*+$='N$"*$=+*\$L2>$>=9>$*+9117$
,"+-(]>$-"1H+$9(7>='(;X$_"2$39($L+*9>+$>=+$#"*[+*\$L2>$>='-$2-29117$
392-+-$*+-+(>N+(>X$!+(*7$!+([+\$9$-+*H'3+$N9(9;+*$0"*$9$19*;+$
>*23[$,+91+*-='5$'($K"#+11\$/(,'9(9\$=9,$9$N+3=9('3$#="-+$#"*[$=9,$
L+3"N+$1+--$>=9($-9>'-093>"*7X$/(->+9,$"0$L9#1'(;$='N$"2>$"*$
>=*+9>+('(;$='N\$a*X$!+([+$3911+,$='N$'(>"$='-$"00'3+$9(,$=9,$9$
=+9*><>"<=+9*>$>91[$#'>=$='NX$
$
^6'11\^$=+$-9',\$^7"2$9*+$9$0'(+$N+3=9('3X$_"2$=9H+$L++($'($>='-$1'(+$"0$
#"*[$0"*$9$;"",$(2NL+*$"0$7+9*-X$_"2$=9H+$*+59'*+,$N9(7$H+='31+-$
>"$>=+$32->"N+*-]$-9>'-093>'"(X$/($093>\$#+]H+$=9,$9$(2NL+*$"0$
3"N51'N+(>-$9L"2>$>=+$;"",$#"*[$7"2$=9H+$,"(+X$_+>\$"0$19>+\$>=+$
>'N+$7"2$>9[+$>"$3"N51+>+$+93=$l"L$=9-$L++($'(3*+9-'(;$9(,$7"2*$
#"*[$=9-$(">$L++($25$>"$7"2*$"#($"1,$->9(,9*,-X$6+392-+$7"2$=9H+$
L++($-23=$9($"2>->9(,'(;$N+3=9('3$'($>=+$59->\$/$0+1>$-2*+$7"2$#"21,$
#9(>$>"$[("#$>=9>$/$9N$(">$=9557$#'>=$>='-$-'>29>'"(\$9(,$5+*=95-$
l"'(>17$#+$3"21,$0'(,$-"N+$#97$>"$3"**+3>$>=+$5*"L1+NX^$
$
6'11$*+-5"(,+,$>=9>$=+$=9,(]>$*+91'g+,$=+$=9,$L++($0911'(;$,"#($'($='-$
,2>'+-$9(,$9--2*+,$='-$L"--$>=9>$>=+$#"*[$=+$#9-$;+>>'(;$#9-$(">$
"2>$"0$='-$*9(;+$"0$+Y5+*>'-+$9(,$=+$#"21,$>*7$>"$'N5*"H+$'($>=+$
02>2*+X$
$
8',$=+$,"$'>f$_"2$39($L+$-2*+$=+$,',X$!+$"(3+$9;9'($L+39N+$9$09->$
9(,$>="*"2;=$N+3=9('3X$&'>=$>=9>$*+52>9>'"($a*X$!+([+$=9,$;'H+($
='N$>"$1'H+$25$>"\$="#$3"21,$=+$,"$9(7>='(;$+1-+$L2>$>2*($"2>$#"*[$
3"N59*9L1+$>"$>=9>$#='3=$=+$=9,$,"(+$'($>=+$59->X$
$
^%=+$9H+*9;+$5+*-"(\^$-9',$R9N2+1$V92319'(\$>=+($5*+-',+(>$"0$>=+$
691,#'($K"3"N">'H+$&"*[-\$^39($L+$1+,$*+9,'17$'0$7"2$=9H+$='-$"*$=+*$
*+-5+3>$9(,$'0$7"2$-="#$>=9>$7"2$*+-5+3>$>=9>$5+*-"($0"*$-"N+$['(,$
"0$9L'1'>7X^$
$
/($-="*>\$'0$7"2$#9(>$>"$'N5*"H+$9$5+*-"($'($9$3+*>9'($-5+3>\$93>$9-$
>="2;=$>=9>$59*>'3219*$>*9'>$#+*+$91*+9,7$"(+$"0$='-$"*$=+*$
"2>->9(,'(;$3=9*93>+*'->'3-X$R=9[+-5+9*+$-9',$^.--2N+$9$H'*>2+\$'0$
7"2$=9H+$'>$(">X^$.(,$'>$N';=>$L+$#+11$>"$9--2N+$9(,$->9>+$"5+(17$
>=9>$">=+*$5+"51+$=9H+$>=+$H'*>2+$7"2$#9(>$>=+N$>"$,+H+1"5X$`'H+$
>=+N$9$0'(+$*+52>9>'"($>"$1'H+$25$>"\$9(,$>=+7$#'11$N9[+$5*",';'"2-$
+00"*>-$*9>=+*$>=9($-++$7"2$,'-'112-'"(+,X$
$
`+"*;+>>+$K+L19(3\$'($=+*$L""[$R"2H+('*-\$a7$K'0+$#'>=$a9+>+*1'(3[\$
,+-3*'L+-$>=+$->9*>1'(;$>*9(-0"*N9>'"($"0$9$=2NL1+$6+1;'9($:'(,+*+119X$
$
$^.$-+*H9(>$;'*1$0*"N$9$(+';=L"*'(;$=">+1$L*"2;=>$N7$N+91-\^$-=+$
#*">+X$^R=+$#9-$3911+,$]a9*'+$>=+$8'-=$#9-=+*]$L+392-+$-=+$=9,$
->9*>+,$=+*$39*++*$9-$9$-3211+*7$9--'->9(>X$R=+$#9-$9$['(,$"0$N"(->+*\$
3*"--<+7+,\$L9(,71+;;+,\$5""*$'($01+-=$9(,$-5'*'>X$
$
$^S(+$,97\$#='1+$-=+$#9-$="1,'(;$N7$519>+$"0$N939*"('$'($=+*$*+,$
=9(,\$/$-9',$>"$=+*$5"'(><L19([\$]a9*'+\$7"2$,"$(">$[("#$#=9>$
>*+9-2*+-$9*+$#'>='($7"2X]$
$
^.332->"N+,$>"$="1,'(;$L93[$=+*$+N">'"(\$a9*'+$#9'>+,$9$0+#$
N"N+(>-\$(">$,9*'(;$>"$*'-[$>=+$-1';=>+->$;+->2*+$0"*$0+9*$"0$9$
39->9->*"5=+X$%=+($-=+$52>$>=+$,'-=$"($>=+$>9L1+\$-';=+,$9(,$-9',$
'(;+(2"2-17\$]a9,9N+\$/$#"21,$(+H+*$=9H+$L+1'+H+,$'>X]$R=+$,',$(">$
,"2L>\$-=+$,',$(">$9-[$9$b2+->'"(X$R=+$-'N517$#+(>$L93[$>"$>=+$
['>3=+($9(,$*+5+9>+,$#=9>$/$=9,$-9',\$9(,$-23=$'-$>=+$0"*3+$"0$09'>=$
>=9>$("$"(+$N9,+$02($"0$=+*X$)*"N$>=9>$,97$"(\$-=+$#9-$+H+($;'H+($
9$3+*>9'($3"(-',+*9>'"(X$62>$>=+$N"->$32*'"2-$3=9(;+$"0$911$"332**+,$
'($>=+$=2NL1+$a9*'+$=+*-+10X$6+1'+H'(;$-=+$#9-$>=+$>9L+*(931+$"0$
2(-++($N9*H+1-\$-=+$L+;9($>9['(;$39*+$"0$=+*$093+$9(,$L",7$-"$
39*+02117$>=9>$=+*$->9*H+,$7"2>=$-++N+,$>"$L1""N$9(,$N",+->17$=',+$
=+*$519'((+--X$
$
^%#"$N"(>=-$19>+*\$-=+$9(("2(3+,$=+*$3"N'(;$N9**'9;+$#'>=$>=+$
(+5=+#$"0$>=+$3=+0X$]/]N$;"'(;$>"$L+$9$19,7\]$-=+$-9',\$9(,$>=9([+,$
N+X$.$-N911$5=*9-+$=9,$3=9(;+,$=+*$+(>'*+$1'0+X^$
$
`+"*;+>>+$K+L19(3$=9,$;'H+($^a9*'+$>=+$8'-=#9-=+*^$9$*+52>9>'"($>"$
1'H+$25$>"$<$9(,$>=9>$*+52>9>'"($=9,$>*9(-0"*N+,$=+*X$
$
6'11$49*[+*\$9$-91+-$*+5*+-+(>9>'H+$0"*$9$0"",$3"N59(7$'($897>"(9$
6+93=\$)1"*',9\$#9-$H+*7$+Y3'>+,$9L"2>$>=+$(+#$1'(+$"0$5*",23>-$='-$
3"N59(7$#9-$'(>*",23'(;$9(,$#9-$25-+>$#=+($>=+$N9(9;+*$"0$9$
19*;+$'(,+5+(,+(>$0"",$N9*[+>$>2*(+,$,"#($>=+$"55"*>2('>7$>"$39**7$
'>$'($='-$->"*+X$6'11$L*"",+,$911$,97$"H+*$>='-$*+l+3>'"($9(,$,+3',+,$>"$
*+>2*($>"$>=+$->"*+$L+0"*+$=+$#+(>$="N+$>=9>$+H+('(;$9(,$>*7$9;9'(X$
$
^k93[\^$=+$-9',\$^-'(3+$/$1+0>$>='-$N"*('(;$/$*+91'g+,$/$=9,(]>$;'H+($7"2$
>=+$+(>'*+$5'3>2*+$"0$"2*$(+#$1'(+\$9(,$/$#"21,$955*+3'9>+$-"N+$"0$
7"2*$>'N+$>"$>+11$7"2$9L"2>$>=+$5"'(>-$/$"N'>>+,X$/$=9H+$*+-5+3>+,$>=+$
093>$>=9>$7"2$9*+$91#97-$#'11'(;$>"$1'->+($9(,$9*+$L';$+("2;=$>"$
3=9(;+$7"2*$N'(,$#=+($>=+$093>-$#9**9(>$9$3=9(;+X^$
$
:"21,$k93[$*+02-+$>"$;'H+$='N$9(">=+*$=+9*'(;f$M">$#'>=$>=9>$
*+52>9>'"($>"$1'H+$25$>"X$
$
S(+$N"*('(;$8*X$a9*>'($)'>g=2;=\$9$,+(>'->$'($82L1'(\$/*+19(,\$#9-$
-="3[+,$#=+($"(+$"0$='-$59>'+(>-$5"'(>+,$"2>$>"$='N$>=9>$>=+$N+>91$
325$="1,+*$#='3=$-=+$#9-$2-'(;$>"$*'(-+$=+*$N"2>=$#9-$(">$H+*7$
31+9(X$%*2+\$>=+$59>'+(>$,*9([$0*"N$>=+$595+*$325\$(">$>=+$="1,+*\$
L2>$'>$3+*>9'(17$#9-$(">$5*"0+--'"(91$>"$2-+$>9*('-=+,$+b2'5N+(>X$
$
&=+($>=+$59>'+(>$1+0>\$8*X$)'>g=2;=$*+>*+9>+,$>"$='-$5*'H9>+$"00'3+$>"$
#*'>+$9$(">+$>"$6*',;'>\$>=+$3=9*#"N9(\$#="$39N+$>#'3+$9$#++[$>"$
31+9($='-$"00'3+X$!+$#*">+W$
$
a7$,+9*$6*',;'>\$
$
/$-++$7"2$-"$-+1,"N\$/$>="2;=>$/],$>9[+$>=+$>'N+$>"$>=9([$7"2$0"*$>=+$
0'(+$l"L$"0$31+9('(;$7"2]H+$L++($,"'(;X$67$>=+$#97\$/$>="2;=>$/],$
N+(>'"($>=9>$-'(3+$>#"$="2*-\$>#'3+$9$#++[\$'-$9$H+*7$1'N'>+,$9N"2(>$
"0$>'N+\$51+9-+$0++1$0*++$>"$#"*[$9($+Y>*9$=910$="2*$0*"N$>'N+$>"$>'N+$
'0$7"2$0++1$7"2$(++,$>"$,"$>="-+$^"(3+<'(<9<#='1+^$>='(;-$1'[+$
5"1'-='(;$>=+$325$="1,+*-$9(,$>=+$1'[+X$/\$"0$3"2*-+\$#'11$597$7"2$0"*$
>=+$+Y>*9$>'N+X$
$
^%=+$(+Y>$,97\$#=+($/$#91[+,$'(>"$N7$"00'3+\^$8*X$)'>g=2;=$*+5"*>+,\$
^a7$,+-[$=9,$L++($5"1'-=+,$>"$9$N'**"*<1'[+$0'('-=\$9-$=9,$N7$3=9'*\$
#='3=$/$(+9*17$-1',$"2>$"0X$&=+($/$#+(>$'(>"$>=+$>*+9>N+(>$*""N$/$
0"2(,$>=+$-='('+->\$31+9(+->$3=*"N+<519>+,$325$="1,+*$/$=9,$+H+*$
-++($(+->1+,$'($'>-$*+3+5>931+X$/$=9,$;'H+($N7$3=9*<#"N9($9$0'(+$
*+52>9>'"($>"$1'H+$25$>"\$9(,$L+392-+$"0$>='-$-N911$;+->2*+$-=+$
"2>5+*0"*N+,$911$=+*$59->$+00"*>-X$!"#$N23=$9,,'>'"(91$>'N+$,',$-=+$
-5+(,$"($>='-f$%=9>]-$*';=><("(+$9>$911$X^$
$
%=+*+$'-$9($"1,$-97'(;W$^`'H+$9$,";$9$L9,$(9N+$9(,$7"2$N97$9-$#+11$
=9(;$='NX^$62>$;'H+$='N$9$;"",$(9N+$<$9(,$-++$#=9>$=955+(-j$
$
&=+($a*-X$G2>=$!"5['(-\$9$0"2*>=<;*9,+$>+93=+*$'($6*""[17(\$M+#$
_"*[\$1""[+,$9>$=+*$319--$*"->+*$>=+$0'*->$,97$"0$-3=""1\$=+*$
+Y3'>+N+(>$9(,$l"7$"0$->9*>'(;$9$(+#$>+*N$#9-$>'(;+,$#'>=$9(Y'+>7X$
/($=+*$319--$>='-$7+9*$-=+$#"21,$=9H+$%"NN7$%X\$>=+$-3=""1]-$N"->$
(">"*'"2-$^L9,$L"7X^$!'-$>='*,<;*9,+$>+93=+*$=9,$3"(->9(>17$
3"N519'(+,$9L"2>$%"NN7$>"$3"11+9;2+-\$>=+$5*'(3'591$9(,$9(7"(+$
+1-+$#="$#"21,$1'->+(X$!+$#9-$(">$l2->$N'-3='+H"2-i$=+$392-+,$
-+*'"2-$,'-3'51'(+$5*"L1+N-$'($>=+$319--\$5'3[+,$0';=>-$#'>=$>=+$L"7-\$
>+9-+,$>=+$;'*1-\$#9-$0*+-=$>"$>=+$>+93=+*\$9(,$-++N+,$>"$;+>$#"*-+$
9-$=+$;*+#$"1,+*X$!'-$"(17$*+,++N'(;$0+9>2*+$#9-$='-$9L'1'>7$>"$1+9*($
*95',17$9(,$N9->+*$>=+<-3=""1$#"*[$+9-'17X$
$
a*-X$!"5['(-$,+3',+,$>"$093+$>=+$^%"NN7$5*"L1+N^$'NN+,'9>+17X$
&=+($-=+$;*++>+,$=+*$(+#$->2,+(>-\$-=+$N9,+$1'>>1+$3"NN+(>-$>"$
+93=$"0$>=+NW$^G"-+\$>=9>]-$9$5*+>>7$,*+--$7"2$9*+$#+9*'(;\^$^.1'3'9\$/$
=+9*$7"2$,*9#$L+92>'02117X^$&=+($-=+$39N+$>"$%"NN7\$-=+$1""[+,$
='N$->*9';=>$'($>=+$+7+-$9(,$-9',\$^%"NN7\$/$2(,+*->9(,$7"2$9*+$9$
(9>2*91$1+9,+*X$/]N$;"'(;$>"$,+5+(,$"($7"2$>"$=+15$N+$N9[+$>='-$
319--$>=+$L+->$319--$'($>=+$0"2*>=$;*9,+$>='-$7+9*X^$R=+$*+'(0"*3+,$>='-$
"H+*$>=+$0'*->$0+#$,97-$L7$3"N51'N+(>'(;$%"NN7$"($+H+*7>='(;$=+$
,',$9(,$3"NN+(>'(;$"($="#$>='-$-="#+,$#=9>$9$;"",$->2,+(>$=+$
#9-X$&'>=$>=9>$*+52>9>'"($>"$1'H+$25$>"\$+H+($9$('(+<7+9*<"1,$3"21,(]>$
1+>$=+*$,"#($<$9(,$=+$,',(]>X$
$
/0$7"2$#9(>$>"$+Y3+1$'($>=9>$,'00'321>$1+9,+*-='5$*"1+$"0$3=9(;'(;$>=+$
9>>'>2,+$"*$L+=9H'"*$"0$">=+*-\$2-+$XXX$
$
c$4*'(3'51+$O$<$`'H+$>=+$">=+*$5+*-"($9$0'(+$*+52>9>'"($>"$1'H+$25$>"X$$
$
ooooooo$
$
E$<$a9[+$%=+$)921>$R++N$I9-7$%"$:"**+3>$
$
.$L93=+1"*$0*'+(,$"0$N'(+\$9L"2>$0"*>7$7+9*-$"1,\$L+39N+$+(;9;+,\$
9(,$='-$0'9(3+$5+*-29,+,$='N$>"$>9[+$-"N+$L+19>+,$,9(3'(;$1+--"(-X$
^%=+$K"*,$[("#-$/$(++,+,$,9(3'(;$1+--"(-\^$=+$3"(0+--+,$9-$=+$>"1,$
N+$>=+$->"*7\$^0"*$/$,9(3+,$l2->$9-$/$,',$#=+($/$0'*->$->9*>+,$>#+(>7$
7+9*-$9;"X$%=+$0'*->$>+93=+*$/$+(;9;+,$5*"L9L17$>"1,$N+$>=+$>*2>=X$
R=+$-9',$/$#9-$911$#*"(;i$/$#"21,$l2->$=9H+$>"$0"*;+>$+H+*7>='(;$9(,$
L+;'($911$"H+*$9;9'(X$62>$>=9>$>""[$>=+$=+9*>$"2>$"0$N+X$/$=9,$("$
'(3+(>'H+$>"$;"$"(X$R"$/$b2'>$=+*X$
$
^%=+$(+Y>$>+93=+*$N97$=9H+$L++($17'(;\$L2>$/$1'[+,$'>X$R=+$-9',$
("(3=919(>17$>=9>$N7$,9(3'(;$#9-$9$L'>$"1,<09-='"(+,$5+*=95-\$L2>$
>=+$02(,9N+(>91-$#+*+$911$*';=>\$9(,$-=+$9--2*+,$N+$/$#"21,(]>$=9H+$
9(7$>*"2L1+$1+9*('(;$9$0+#$(+#$->+5-X$%=+$0'*->$>+93=+*$=9,$
,'-3"2*9;+,$N+$L7$+N5=9-'g'(;$N7$N'->9[+-X$%='-$(+#$>+93=+*$,',$
>=+$"55"-'>+X$R=+$[+5>$5*9'-'(;$>=+$>='(;-$/$,',$*';=>$9(,$N'('N'g'(;$
N7$+**"*-X$]_"2$=9H+$9$(9>2*91$-+(-+$"0$*=7>=N\]$-=+$9--2*+,$N+X$
]_"2$*+9117$9*+$9$(9>2*91<L"*($,9(3+*X]$M"#$N7$3"NN"($-+(-+$>+11-$
N+$>=9>$/$91#97-$=9H+$L++($9(,$91#97-$#'11$L+$9$0"2*>=<*9>+$,9(3+*i$
7+>\$,++5$'($N7$=+9*>\$/$->'11$1'[+$>"$>='([$>=9>$N97L+$-=+$N+9(>$'>X$%"$
L+$-2*+\$/$#9-$597'(;$=+*$>"$-97$'>i$L2>$#=7$L*'(;$>=9>$25f$
$
^.>$9(7$*9>+\$/$[("#$/$9N$9$L+>>+*$,9(3+*$>=9($/$#"21,$=9H+$L++($'0$
-=+$=9,(]>$>"1,$N+$/$=9,$9$(9>2*91$-+(-+$"0$*=7>=NX$%=9>$+(3"2*9;+,$
N+X$%=9>$;9H+$N+$="5+X$%=9>$N9,+$N+$#9(>$>"$'N5*"H+X^$
$
%+11$7"2*$3='1,\$7"2*$-5"2-+\$"*$7"2*$+N51"7++$>=9>$=+$"*$-=+$'-$
->25',$"*$,2NL$9>$9$3+*>9'($>='(;\$=9-$("$;'0>$0"*$'>\$9(,$'-$,"'(;$'>$911$
#*"(;\$9(,$7"2$=9H+$,+->*"7+,$91N"->$+H+*7$'(3+(>'H+$>"$>*7$>"$
'N5*"H+X$62>$2-+$>=+$"55"-'>+$>+3=('b2+$<$L+$1'L+*91$#'>=$7"2*$
+(3"2*9;+N+(>\$N9[+$>=+$>='(;$-++N$+9-7$>"$,"\$1+>$>=+$">=+*$
5+*-"($[("#$>=9>$7"2$=9H+$09'>=$'($='-$9L'1'>7$>"$,"$'>\$>=9>$=+$=9-$9($
2(,+H+1"5+,$019'*$0"*$'>$<$9(,$=+$#'11$5*93>'3+$2(>'1$>=+$,9#($3"N+-$'($
>=+$#'(,"#$'($"*,+*$>"$+Y3+1X$
$
K"#+11$%="N9-\$9$-25+*L$9*>'->$'($=2N9($*+19>'"(-\$2-+,$>='-$
>+3=('b2+\$!+$;9H+$7"2$3"(0',+(3+\$'(-5'*+,$7"2$#'>=$3"2*9;+$9(,$
09'>=X$)"*$+Y9N51+\$/$-5+(>$9$#++[+(,$#'>=$a*X$9(,$a*-X$%="N9-i$
9(,$"($R9>2*,97$(';=>\$/$#9-$9-[+,$>"$-'>$'($"($9$0*'+(,17$L*',;+$
;9N+$L+0"*+$9$*"9*'(;$0'*+X$6*',;+f$S=\$("j$M"j$M"j$M">$N+X$/$[(+#$
(">='(;$9L"2>$'>X$%=+$;9N+$=9,$91#97-$L++($9$L193[$N7->+*7$>"$N+\$
M"j$M"j$/N5"--'L1+j$
$
^&=7\$891+\$'>$'-$("$>*'3[$9>$911\^$K"#+11$*+51'+,X$^%=+*+$'-$(">='(;$>"$
L*',;+$+Y3+5>$N+N"*7$9(,$l2,;N+(>X$_"2]H+$#*'>>+($9*>'31+-$"($
N+N"*7X$6*',;+$#'11$L+$9$3'(3=$0"*$7"2X$/>]-$*';=>$25$7"2*$911+7X^$
$
.(,$5*+->"\$91N"->$L+0"*+$/$*+91'g+,$#=9>$/$#9-$,"'(;\$/$0"2(,$
N7-+10$0"*$>=+$0'*->$>'N+$9>$9$L*',;+$>9L1+X$.11$L+392-+$/$#9-$>"1,$/$
=9,$9$(9>2*91$019'*$0"*$'>$9(,$>=+$;9N+$#9-$N9,+$>"$-++N$+9-7X$
$
R5+9['(;$"0$L*',;+$*+N'(,-$N+$"0$I17$:21L+*>-"(\$#="-+$L""[-$"($
L*',;+$=9H+$L++($>*9(-19>+,$'(>"$9$,"g+($19(;29;+-$9(,$=9H+$-"1,$
N"*+$>=9($9$N'11'"($3"5'+-X$_+>$=+$>"1,$N+$=+$(+H+*$#"21,$=9H+$
N9,+$9$5*"0+--'"($"2>$"0$>=+$;9N+$'0$9$3+*>9'($7"2(;$#"N9($=9,(]>$
9--2*+,$='N$=+$=9,$9$019'*$0"*$'>X$
$
&=+($=+$39N+$>"$.N+*'39$'($?@PP\$=+$>*'+,$>"$;+>$9$l"L$>+93='(;$'($
5='1"-"5=7$9(,$-"3'"1";7\$L2>$=+$3"21,(]>X$%=+($=+$>*'+,$-+11'(;$3"91\$
9(,$=+$09'1+,$9>$>=9>$
$
%=+($=+$>*'+,$-+11'(;$3"00++\$9(,$=+$09'1+,$9>$>=9>\$>""X$
$
!+$=9,$5197+,$-"N+$L*',;+\$L2>$'>$=9,$(+H+*$"332**+,$>"$='N$'($
>="-+$,97-$>=9>$-"N+,97$=+$#"21,$>+93=$'>X$!+$#9-$(">$"(17$9$5""*$
39*,$5197+*\$L2>$=+$#9-$91-"$H+*7$->2LL"*(X$!+$9-[+,$-"$N9(7$
b2+->'"(-$9(,$=+1,$-"$N9(7$5"-><N"*>+N$+Y9N'(9>'"(-$>=9>$("$"(+$
#9(>+,$>"$5197$#'>=$='NX$
$
%=+($=+$N+>$9$5*+>>7$L*',;+$>+93=+*\$k"-+5='(+$8'11"(\$0+11$'($1"H+$
9(,$N9**'+,$=+*X$R=+$(">'3+,$="#$39*+02117$=+$9(917g+,$='-$39*,-$
9(,$5+*-29,+,$='N$>=9>$=+$#9-$9$5">+(>'91$;+('2-$9>$>=+$39*,$>9L1+X$
/>$#9-$>=9>$+(3"2*9;+N+(>$9(,$>=9>$91"(+\$:21L+*>-"($>"1,$N+\$>=9>$
392-+,$='N$>"$N9[+$9$5*"0+--'"($"0$L*',;+X$
$
:19*+(3+$aX$k"(+-\$"(+$"0$>=+$'(->*23>"*-$"0$"2*$3"2*-+$'($:'(3'((9>'\$
S='"\$>"1,$="#$+(3"2*9;+N+(>$9(,$N9['(;$0921>-$-++N$+9-7$>"$
3"**+3>$3"N51+>+17$3=9(;+,$>=+$1'0+$"0$='-$-"(X$
$
^/($?@OQ$N7$-"($89H',\$#="$#9-$>=+($0'0>++($7+9*-$"1,\$39N+$>"$1'H+$
#'>=$N+$'($:'(3'((9>'X$!+$=9,$1+,$9$*"2;=$1'0+X$/($?@TE$='-$=+9,$#9-$
32>$"5+($'($9$39*$933',+(>\$1+9H'(;$9$H+*7$L9,$-39*$"($='-$0"*+=+9,X$
/($?@BQ$='-$N">=+*$9(,$/$#+*+$,'H"*3+,$9(,$=+$N"H+,$>"$89119-\$
%+Y9-\$#'>=$='-$N">=+*X$Z(>'1$=+$#9-$0'0>++($=+$=9,$-5+(>$N"->$"0$='-$
-3=""1$7+9*-$'($-5+3'91$319--+-$0"*$-1"#$1+9*(+*-$'($>=+$89119-$-3=""1$
-7->+NX$4"--'L17$L+392-+$"0$>=+$-39*\$-3=""1$9,N'('->*9>"*-$=9,$
,+3',+,$=+$#9-$L*9'(<'(l2*+,$9(,$3"21,$(">$02(3>'"($9>$9$("*N91$
1+H+1X$!+$#9-$>#"$7+9*-$L+='(,$='-$9;+$;*"25\$-"$=+$#9-$"(17$'($>=+$
-+H+(>=$;*9,+X$_+>$=+$,',$(">$[("#$='-$N21>'51'39>'"($>9L1+-\$9,,+,$
"($='-$0'(;+*-$9(,$3"21,$L9*+17$*+9,X$
$
^%=+*+$#9-$"(+$5"-'>'H+$5"'(>X$!+$1"H+,$>"$#"*[$"($*9,'"$9(,$%V$
-+>-X$!+$#9(>+,$>"$L+3"N+$9$%V$>+3=('3'9(X$/$+(3"2*9;+,$>='-$9(,$
5"'(>+,$"2>$>=9>$=+$(++,+,$N9>=$>"$b291'07$0"*$>=+$>*9'('(;X$/$,+3',+,$
>"$=+15$='N$L+3"N+$5*"0'3'+(>$'($>='-$-2Ll+3>X$&+$"L>9'(+,$0"2*$-+>-$
"0$019-=$39*,-W$N21>'51'39>'"(\$,'H'-'"(\$9,,'>'"($9(,$-2L>*93>'"(X$.-$
#+$#+(>$>=*"2;=$>=+$39*,-\$#+$52>$>=+$3"**+3>$9(-#+*-$'($9$,'-39*,$
->93[X$&=+($89H',$N'--+,$"(+\$/$;9H+$='N$>=+$3"**+3>$9(-#+*$9(,$
>=+($52>$>=+$39*,$'($>=+$*+5+9>$->93[$2(>'1$>=+*+$#+*+$("$39*,-$1+0>X$/$
N9,+$9$L';$,+91$"2>$"0$+93=$39*,$=+$;">$*';=>\$59*>'3219*17$'0$=+$=9,$
N'--+,$'>$5*+H'"2-17X$I93=$(';=>$#+$#"21,$;"$>=*"2;=$>=+$*+5+9>$
->93[$2(>'1$>=+*+$#+*+$("$39*,-$1+0>X$
$
I93=$(';=>$#+$>'N+,$>=+$+Y+*3'-+$#'>=$9$->"5$#9>3=X$/$5*"N'-+,$='N$
>=9>$#=+($=+$3"21,$;+>$911$>=+$39*,-$3"**+3>$'($+';=>$N'(2>+-$#'>=$("$
'(3"**+3>$9(-#+*-\$#+$#"21,$b2'>$,"'(;$'>$+H+*7$(';=>X$%='-$-++N+,$
9($'N5"--'L1+$;"91$>"$89H',X$%=+$0'*->$(';=>$'>$>""[$TP$N'(2>+-\$>=+$
-+3"(,$(';=>\$DE\$>=+($DT\$DD\$D?$>=+($2(,+*$DQ$N'(2>+-X$&+$
3+1+L*9>+,$+93=$*+,23>'"(X$/],$3911$'($N7$#'0+\$9(,$#+$#"21,$L">=$
=2;$='N$9(,$#+],$911$,9(3+$9$l';X$.>$>=+$+(,$"0$>=+$N"(>=$=+$#9-$
,"'(;$911$>=+$39*,-$5+*0+3>17$'($1+--$>=9($+';=>$N'(2>+-X$&=+($=+$
N9,+$9$-N911$'N5*"H+N+(>$=+$#"21,$9-[$>"$,"$'>$9;9'(X$!+$=9,$
N9,+$>=+$09(>9->'3$,'-3"H+*7$>=9>$1+9*('(;$#9-$+9-7$9(,$02(X$
$
^M9>2*9117$='-$;*9,+-$'($91;+L*9$>""[$9$l2N5X$/>$'-$9N9g'(;$="#$N23=$
+9-'+*$91;+L*9$'-$#=+($7"2$39($N21>'517X$!+$9->"('-=+,$='N-+10$L7$
L*'(;'(;$="N+$9$6$'($N9>=X$%=9>$=9,$(+H+*$=955+(+,$L+0"*+X$S>=+*$
3=9(;+-$39N+$#'>=$91N"->$2(L+1'+H9L1+$*95','>7X$!'-$*+9,'(;$
'N5*"H+,$*95',17\$9(,$=+$L+;9($>"$2-+$='-$(9>2*91$>91+(>-$'($,*9#'(;X$
K9>+*$'($>=+$-3=""1$7+9*$='-$-3'+(3+$>+93=+*$9--';(+,$='N$>"$,+H+1"5$
9($+Y='L'>X$!+$3="-+$>"$,+H+1"5$9$=';=17$3"N51+Y$-+*'+-$"0$N",+1-$>"$
,+N"(->*9>+$>=+$+00+3>$"0$1+H+*-X$/>$*+b2'*+,$-['11$(">$"(17$'($,*9#'(;$
9(,$N",+1$N9['(;$L2>$'($9551'+,$N9>=+N9>'3-X$%=+$+Y='L'>$>""[$0'*->$
5*'g+$'($='-$-3=""1]-$-3'+(3+$09'*$9(,$#9-$+(>+*+,$'($>=+$3'>7$
3"N5+>'>'"($9(,$#"($>='*,$5*'g+$0"*$>=+$+(>'*+$3'>7$"0$:'(3'((9>'X$
$
^%=9>$,',$'>X$!+*+$#9-$9$[',$#="$=9,$012([+,$>#"$;*9,+-\$#="$=9,$
L++($>"1,$=+$#9-$]L*9'(<,9N9;+,\]$#="$=9,$L++($3911+,$
])*9([+(->+'(]$L7$='-$319--N9>+-$9(,$>"1,$='-$L*9'(-$N2->$=9H+$1+9[+,$
"2>$"0$>=+$32>$"($='-$=+9,X$R2,,+(17$=+$,'-3"H+*+,$=+$3"21,$*+9117$
1+9*($9(,$933"N51'-=$>='(;-X$%=+$*+-21>f$)*"N$>=+$19->$b29*>+*$"0$>=+$
+';=>=$;*9,+$911$>=+$#97$>=*"2;=$=';=$-3=""1\$=+$(+H+*$09'1+,$>"$
N9[+$>=+$="("*$*"11i$'($=';=$-3=""1$=+$#9-$+1+3>+,$>"$>=+$(9>'"(91$
="("*$-"3'+>7X$S(3+$=+$0"2(,$1+9*('(;$#9-$+9-7\$='-$#="1+$1'0+$
3=9(;+,X^$
$
/0$7"2$#9(>$>"$=+15$">=+*-$>"$'N5*"H+\$*+N+NL+*$XXX$
$
c$4*'(3'51+$E$<$Z-+$+(3"2*9;+N+(>X$a9[+$>=+$0921>$-++N$+9-7$>"$
3"**+3>X$$
$
ooooooo$
$
@$<$a9['(;$4+"51+$`19,$%"$8"$&=9>$_"2$&9(>$
$
693[$'($?@?T\$.N+*'39$#9-$9;=9->X$)"*$N"*+$>=9($9$7+9*\$>=+$(9>'"(-$
"0$I2*"5+$=9,$L++($-192;=>+*'(;$"(+$9(">=+*$"($9$-391+$(+H+*$
L+0"*+$,*+9N+,$"0$'($911$>=+$L1"",7$9((91-$"0$N9(['(,X$:"21,$5+93+$
L+$L*"2;=>$9L"2>f$M"$"(+$[(+#X$62>$&"",*"#$&'1-"($#9-$
,+>+*N'(+,$>"$>*7X$!+$#"21,$-+(,$9$5+*-"(91$*+5*+-+(>9>'H+\$9$5+93+$
+N'--9*7\$>"$3"2(-+1$#'>=$>=+$#9*1"*,-$"0$I2*"5+X$
$
&'11'9N$k+(('(;-$6*79(\$-+3*+>9*7$"0$->9>+\$6*79(\$>=+$5+93+$
9,H"39>+\$1"(;+,$>"$;"X$!+$-9#$9$3=9(3+$>"$5+*0"*N$9$;*+9>$-+*H'3+$
9(,$N9[+$='-$(9N+$'NN"*>91X$62>$&'1-"($955"'(>+,$9(">=+*$N9(\$='-$
'(>'N9>+$0*'+(,$9(,$9,H'-"*$:"1"(+1$I,#9*,$aX$!"2-+i$9(,$'>$#9-$
!"2-+]-$>="*(7$>9-[$>"$L*+9[$>=+$2(#+13"N+$(+#-$>"$6*79($#'>="2>$
;'H'(;$='N$"00+(-+X$
$
^6*79($#9-$,'->'(3>17$,'-955"'(>+,$#=+($=+$=+9*,$/$#9-$>"$;"$>"$
I2*"5+$9-$>=+$5+93+$+N'--9*7\^$:"1"(+1$!"2-+$*+3"*,-$'($='-$,'9*7X$
^!+$-9',$=+$=9,$519((+,$>"$,"$>='-$='N-+10$XXX$
$
^/$*+51'+,$>=9>$>=+$4*+-',+(>$>="2;=>$'>$#"21,$L+$2(#'-+$0"*$9(7"(+$
>"$,"$>='-$"00'3'9117\$9(,$>=9>$='-$;"'(;$#"21,$9>>*93>$9$;*+9>$,+91$"0$
9>>+(>'"($9(,$5+"51+$#"21,$#"(,+*$#=7$=+$#9-$>=+*+X$XXX^$
$
_"2$-++$>=+$'(>'N9>'"(f$!"2-+$5*93>'39117$>"1,$6*79($>=9>$=+$#9-$>""$
'N5"*>9(>$0"*$>=+$l"L$<$9(,$6*79($#9-$-9>'-0'+,X$
$
:"1"(+1$!"2-+\$9,*"'>\$+Y5+*'+(3+,$'($>=+$#97-$"0$>=+$#"*1,\$#9-$
0"11"#'(;$"(+$"0$>=+$'N5"*>9(>$*21+-$"0$=2N9($*+19>'"(-W$.1#97-$
N9[+$>=+$">=+*$5+*-"($=9557$9L"2>$,"'(;$>=+$>='(;$7"2$-2;;+->X$
$
&"",*"#$&'1-"($0"11"#+,$>=9>$5"1'37$+H+($#=+($'(H'>'(;$&'11'9N$
`'LL-$a3.,""$>"$L+3"N+$9$N+NL+*$"0$='-$39L'(+>X$%=9>$#9-$>=+$
=';=+->$="("*$=+$3"21,$3"(0+*$25"($9(7"(+\$9(,$7+>$&'1-"($
+Y>+(,+,$>=+$'(H'>9>'"($'($-23=$9$#97$9-$>"$N9[+$a3.,""$0++1$,"2L17$
'N5"*>9(>X$!+*+$'-$>=+$->"*7$'($a3.,""]-$"#($#"*,-W$^!+$q&'1-"(r$
-9',$>=9>$=+$#9-$N9['(;$25$='-$39L'(+>$9(,$>=9>$=+$#"21,$L+$H+*7$
;19,$'0$/$#"21,$933+5>$9$5193+$'($'>$9-$R+3*+>9*7$"0$>=+$%*+9-2*7X$!+$
=9,$9$,+1';=>021$#97$"0$52>>'(;$>='(;-i$=+$3*+9>+,$>=+$'N5*+--'"($
>=9>$L7$933+5>'(;$>='-$;*+9>$="("*$/$#"21,$L+$,"'(;$='N$9$09H"*X^$
$
Z(0"*>2(9>+17\$&'1-"($,',(]>$91#97-$+N51"7$-23=$>92>X$/0$=+$=9,\$
='->"*7$N';=>$=9H+$L++($,'00+*+(>X$)"*$+Y9N51+\$&'1-"($,',(]>$N9[+$
>=+$R+(9>+$9(,$>=+$G+52L1'39($49*>7$=9557$L7$+(>+*'(;$>=+$Z('>+,$
R>9>+-$'($>=+$K+9;2+$"0$M9>'"(-X$&'1-"($*+02-+,$>"$>9[+$-23=$
5*"N'(+(>$G+52L1'39($1+9,+*-$9-$I1'=2$G"">$"*$:=9*1+-$IH9(-$!2;=+-$
"*$!+(*7$:9L">$K",;+$>"$>=+$5+93+$3"(0+*+(3+$#'>=$='NX$/(->+9,\$=+$
>""[$91"(;$2([("#($N+($0*"N$='-$"#($59*>7X$!+$-(2LL+,$>=+$
G+52L1'39(-\$*+02-+,$>"$1+>$>=+N$0++1$>=9>$>=+$K+9;2+$#9-$>=+'*$',+9$
9-$#+11$9-$='-\$*+02-+,$>"$1+>$>=+N$=9H+$9$0'(;+*$'($>=+$5'+i$9(,\$9-$9$
*+-21>$"0$>='-$3*2,+$=9(,1'(;$"0$=2N9($*+19>'"(-\$#*+3[+,$='-$"#($
39*++*\$*2'(+,$='-$=+91>=\$-="*>+(+,$='-$1'0+\$392-+,$.N+*'39$>"$->97$
"2>$"0$>=+$K+9;2+\$9(,$91>+*+,$>=+$='->"*7$"0$>=+$#"*1,X$
$
R>9>+-N+($9(,$,'51"N9>-$9*+(]>$>=+$"(17$"(+-$#="$2-+$>='-$N9[+<9<
5+*-"(<=9557<7"<,"<>='(;-<7"2<#9(><>=+N<>"<,"$955*"93=X$891+$SX$
)+**'+*$"0$)"*>$&97(+\$/(,'9(9\$>"1,$="#$=+$+(3"2*9;+,$"(+$"0$='-$
7"2(;$3='1,*+($>"$#'11'(;17$,"$>=+$3="*+$=+$#9-$9--';(+,X$
$
^S(+$"0$k+00]-$3="*+-$#9-$>"$5'3[$25$5+9*-$0*"N$2(,+*$>=+$5+9*$>*++$
-"$>=+$5+*-"($#="$#9-$N"#'(;$2(,+*(+9>=$#"21,(]>$=9H+$>"$->"5$>"$
5'3[$>=+N$25X$!+$,',(]>$1'[+$>='-$3="*+\$9(,$0*+b2+(>17$'>$#9-$+'>=+*$
(">$,"(+$9>$911$"*$'>$#9-$,"(+$-"$5""*17$>=9>$>=+$N"#+*$=9,$>"$->"5$
9(,$5'3[$25$-+H+*91$5+9*-$>=9>$=+$=9,$N'--+,X$G9>=+*$>=9($=9H+$9($
+7+L911<>"<+7+L911$3"(0*"(>9>'"($9L"2>$'>\$"(+$,97$/$-9',$>"$='NW$]k+00\$
/]11$N9[+$9$,+91$#'>=$7"2X$)"*$+H+*7$L2-=+1$L9-[+>$0211$"0$5+9*-$7"2$
5'3[$25\$/]11$597$7"2$"(+$,"119*X$62>$90>+*$7"2$9*+$0'('-=+,\$0"*$+H+*7$
5+9*$/$0'(,$1+0>$'($>=+$79*,\$/]11$>9[+$9#97$9$,"119*X$!"#$,"+-$>=9>$
-"2(,f]$.-$7"2$#"21,$+Y5+3>\$=+$(">$"(17$5'3[+,$25$911$"0$>=+$5+9*-\$
L2>$/$=9,$>"$[++5$9($+7+$"($='N$>"$-++$>=9>$=+$,',(]>$5211$9$0+#$"00$
>=+$>*++-$>"$0'11$25$-"N+$"0$>=+$L9-[+>-X^$
$
/$[(+#$9$N9($#="$=9,$>"$*+02-+$N9(7$'(H'>9>'"(-$>"$-5+9[\$
'(H'>9>'"(-$+Y>+(,+,$L7$0*'+(,-\$'(H'>9>'"(-$3"N'(;$0*"N$5+"51+$>"$
#="N$=+$#9-$"L1';9>+,i$9(,$7+>$=+$,',$'>$-"$9,*"'>17$>=9>$>=+$">=+*$
5+*-"($#9-$9>$1+9->$3"(>+(>+,$#'>=$='-$*+02-91X$!"#$,',$=+$,"$'>f$M">$
L7$N+*+17$>91['(;$9L"2>$>=+$093>$>=9>$=+$#9-$>""$L2-7$9(,$>""<>='-$
9(,$>""<>=9>X$M"\$90>+*$+Y5*+--'(;$='-$955*+3'9>'"($"0$>=+$'(H'>9>'"($
9(,$*+;*+>>'(;$='-$'(9L'1'>7$>"$933+5>$'>\$=+$-2;;+->+,$9$-2L->'>2>+$
-5+9[+*X$/($">=+*$#"*,-\$=+$,',(]>$;'H+$>=+$">=+*$5+*-"($9(7$>'N+$>"$
0++1$2(=9557$9L"2>$>=+$*+02-91\$!+$'NN+,'9>+17$3=9(;+,$>=+$">=+*$
5+*-"(]-$>="2;=>-$>"$-"N+$">=+*$-5+9[+*$#="$3"21,$933+5>$>=+$
'(H'>9>'"(X$
$
`2(>+*$R3=N',>\$#="$>""[$"2*$3"2*-+$'($&+->$`+*N9(7\$>"1,$"0$9($
+N51"7++$'($>=+$0"",$->"*+$=+$N9(9;+,$#="$#9-$(+;1';+(>$9L"2>$
52>>'(;$>=+$5*"5+*$5*'3+$>9;-$"($>=+$-=+1H+-$#=+*+$>=+$'>+N-$#+*+$
,'-5197+,X$%='-$392-+,$3"(02-'"($9(,$32->"N+*$3"N519'(>-X$
G+N'(,+*-\$9,N"('>'"(-\$3"(0*"(>9>'"(-\$#'>=$=+*$9L"2>$>='-$,',$(">$
,"$N23=$;"",X$)'(9117\$a*X$R3=N',>$3911+,$=+*$'(>"$='-$"00'3+$9(,$>"1,$
=+*$=+$#9-$955"'(>'(;$=+*$R25+*H'-"*$"0$4*'3+$%9;$4"->'(;$0"*$>=+$
+(>'*+$->"*+$9(,$-=+$#"21,$L+$*+-5"(-'L1+$0"*$[++5'(;$911$"0$>=+$
-=+1H+-$5*"5+*17$>9;;+,X$%='-$(+#$*+-5"(-'L'1'>7$9(,$>'>1+$3=9(;+,$
=+*$9>>'>2,+$3"N51+>+17\$9(,$-=+$0210'1+,$=+*$,2>'+-$-9>'-093>"*'17$0*"N$
>=+($"(X$
$
:='1,'-=f$4+*=95-X$62>$>=9>$'-$#=9>$>=+7$-9',$>"$M95"1+"($#=+($=+$
3*+9>+,$>=+$K+;'"($"0$!"("*$9(,$,'->*'L2>+,$?T\QQQ$3*"--+-$>"$='-$
-"1,'+*-$9(,$N9,+$+';=>++($"0$='-$;+(+*91-$^a9*-=91-$"0$)*9(3+^$9(,$
3911+,$='-$>*""5-$>=+$^`*9(,$.*N7X^$M95"1+"($#9-$3*'>'3'g+,$0"*$;'H'(;$
^>"7-^$>"$#9*<=9*,+(+,$H+>+*9(-\$9(,$M95"1+"($*+51'+,\$^a+($9*+$
*21+,$L7$>"7-X^$
$
%='-$>+3=('b2+$"0$;'H'(;$>'>1+-$9(,$92>="*'>7$#"*[+,$0"*$M95"1+"($9(,$
'>$#'11$#"*[$0"*$7"2X$)"*$+Y9N51+\$9$0*'+(,$"0$N'(+\$a*-X$I*(+->$`+(>$
"0$R39*-,91+\$M+#$_"*[\$#9-$>*"2L1+,$L7$L"7-$*2(('(;$93*"--$9(,$
,+->*"7'(;$=+*$19#(X$R=+$>*'+,$3*'>'3'-NX$R=+$>*'+,$3"9Y'(;X$M+'>=+*$
#"*[+,X$%=+($-=+$>*'+,$;'H'(;$>=+$#"*->$-'((+*$'($>=+$;9(;$9$>'>1+$9(,$
9$0++1'(;$"0$92>="*'>7X$R=+$N9,+$='N$=+*$^,+>+3>'H+^$9(,$52>$='N$'($
3=9*;+$"0$[++5'(;$911$>*+-59--+*-$"00$=+*$19#(X$%=9>$-"1H+,$=+*$
5*"L1+NX$!+*$^,+>+3>'H+^$L2'1>$9$L"(0'*+$'($>=+$L93[79*,\$=+9>+,$9($
'*"($*+,$=">\$9(,$>=*+9>+(+,$>"$L*9(,$9(7$L"7$#="$->+55+,$"($>=+$
19#(X$
$
%=+$+00+3>'H+$1+9,+*$-="21,$[++5$>=+$0"11"#'(;$;2',+1'(+-$'($N'(,$
#=+($'>$'-$(+3+--9*7$>"$3=9(;+$9>>'>2,+-$"*$L+=9H'"*W$
$
c$?X$6+$-'(3+*+X$8"$(">$5*"N'-+$9(7>='(;$>=9>$7"2$39((">$,+1'H+*X$
)"*;+>$9L"2>$>=+$L+(+0'>-$>"$7"2*-+10$9(,$3"(3+(>*9>+$"($>=+$L+(+0'>-$
>"$>=+$">=+*$5+*-"(X$$
c$PX$d("#$+Y93>17$#=9>$'>$'-$7"2$#9(>$>=+$">=+*$5+*-"($>"$,"X$$
c$AX$6+$+N59>=+>'3X$.-[$7"2*-+10$#=9>$'-$'>$>=+$">=+*$5+*-"($*+9117$
#9(>-X$$
c$DX$:"(-',+*$>=+$L+(+0'>-$>=9>$5+*-"($#'11$*+3+'H+$0*"N$,"'(;$#=9>$
7"2$-2;;+->X$$
c$TX$a9>3=$>="-+$L+(+0'>-$>"$>=+$">=+*$5+*-"(]-$#9(>-X$$
c$BX$&=+($7"2$N9[+$7"2*$*+b2+->\$52>$'>$'($9$0"*N$>=9>$#'11$3"(H+7$>"$
>=+$">=+*$5+*-"($>=+$',+9$>=9>$=+$5+*-"(9117$#'11$L+(+0'>X$&+$3"21,$
;'H+$9$32*>$"*,+*$1'[+$>='-W$^$k"=(\$#+$=9H+$32->"N+*-$3"N'(;$'($
>"N"**"#$9(,$/$(++,$>=+$->"3[*""N$31+9(+,$"2>X$R"$-#++5$'>$"2>\$
52>$>=+$->"3[$'($(+9>$5'1+-$"($>=+$-=+1H+-$9(,$5"1'-=$>=+$3"2(>+*X^$S*$
#+$3"21,$+Y5*+--$>=+$-9N+$',+9$L7$-="#'(;$k"=($>=+$L+(+0'>-$=+$#'11$
;+>$0*"N$,"'(;$>=+$>9-[W$^k"=(\$#+$=9H+$9$l"L$>=9>$-="21,$L+$
3"N51+>+,$*';=>$9#97X$/0$'>$'-$,"(+$("#\$#+$#"(]>$L+$093+,$#'>=$'>$
19>+*X$/$9N$L*'(;'(;$-"N+$32->"N+*-$'($>"N"**"#$>"$-="#$"2*$
093'1'>'+-X$/$#"21,$1'[+$>"$-="#$>=+N$>=+$->"3[*""N\$L2>$'>$'-$'($5""*$
-=95+X$/0$7"2$3"21,$-#++5$'>$"2>\$52>$>=+$->"3[$'($(+9>$5'1+-$"($>=+$
-=+1H+-\$9(,$5"1'-=$>=+$3"2(>+*\$'>$#"21,$N9[+$2-$1""[$+00'3'+(>$9(,$
7"2$#'11$=9H+$,"(+$7"2*$59*>$>"$5*"H',+$9$;"",$3"N59(7$'N9;+X^$
$
&'11$k"=($L+$=9557$9L"2>$,"'(;$#=9>$7"2$-2;;+->f$4*"L9L17$(">$H+*7$
=9557\$L2>$=955'+*$>=9($'0$7"2$=9,$(">$5"'(>+,$"2>$>=+$L+(+0'>-X$
.--2N'(;$7"2$[("#$>=9>$k"=($=9-$5*',+$'($>=+$#97$='-$->"3[*""N$
1""[-$9(,$'-$'(>+*+->+,$'($3"(>*'L2>'(;$>"$>=+$3"N59(7$'N9;+\$=+$#'11$
L+$N"*+$1'[+17$>"$L+$3""5+*9>'H+X$/>$91-"$#'11$=9H+$L++($5"'(>+,$"2>$
>"$k"=($>=9>$>=+$l"L$#"21,$=9H+$>"$L+$,"(+$+H+(>29117$9(,$L7$,"'(;$
'>$("#\$=+$#"(]>$L+$093+,$#'>=$'>$19>+*X$
$
/>$'-$(9H+$>"$L+1'+H+$7"2$#'11$91#97-$;+>$9$09H"*9L1+$*+93>'"($0*"N$
">=+*$5+*-"(-$#=+($7"2$2-+$>=+-+$955*"93=+-\$L2>$>=+$+Y5+*'+(3+$"0$
N"->$5+"51+$-="#-$>=9>$7"2$9*+$N"*+$1'[+17$>"$3=9(;+$9>>'>2,+-$>='-$
#97$>=9($L7$(">$2-'(;$>=+-+$5*'(3'51+-$<$9(,$'0$7"2$'(3*+9-+$7"2*$
-233+--+-$L7$+H+($9$N+*+$?Q$5+*3+(>\$7"2$=9H+$L+3"N+$?Q$5+*3+(>$
N"*+$+00+3>'H+$9-$9$1+9,+*$>=9($7"2$#+*+$L+0"*+$<$9(,$>=9>$'-$7"2*$
L+(+0'>X$
$
4+"51+$9*+$N"*+$1'[+17$>"$,"$#=9>$7"2$#"21,$1'[+$>=+N$>"$,"$#=+($
7"2$2-+$XXX$
$
c$4*'(3'51+$@$<$a9[+$>=+$">=+*$5+*-"($=9557$9L"2>$,"'(;$>=+$>='(;$
7"2$-2;;+->X$
$
/($.$M2>-=+11$6+$.$K+9,+*$
$
.$1+9,+*]-$l"L$"0>+($'(312,+-$3=9(;'(;$7"2*$5+"51+]-$9>>'>2,+-$9(,$
L+=9H'"*X$R"N+$-2;;+->'"(-$>"$933"N51'-=$>='-W$
$
c$4*'(3'51+$?$<$6+;'($#'>=$5*9'-+$9(,$="(+->$955*+3'9>'"(X$$
c$4*'(3'51+$P$<$:911$9>>+(>'"($>"$5+"51+]-$N'->9[+-$'(,'*+3>17X$$
c$4*'(3'51+$A$<$%91[$9L"2>$7"2*$"#($N'->9[+-$L+0"*+$3*'>'3'g'(;$>=+$
">=+*$5+*-"(X$$
c$4*'(3'51+$D$<$.-[$b2+->'"(-$'(->+9,$"0$;'H'(;$,'*+3>$"*,+*-X$$
c$4*'(3'51+$T$<$K+>$>=+$">=+*$5+*-"($-9H+$093+X$$
c$4*'(3'51+$B$<$4*9'-+$>=+$-1';=>+->$'N5*"H+N+(>$9(,$5*9'-+$+H+*7$
'N5*"H+N+(>X$6+$^=+9*>7$'($7"2*$955*"L9>'"($9(,$19H'-=$'($7"2*$
5*9'-+X^$$
c$4*'(3'51+$O$<$`'H+$>=+$">=+*$5+*-"($9$0'(+$*+52>9>'"($>"$1'H+$25$>"X$$
c$4*'(3'51+$E$<$Z-+$+(3"2*9;+N+(>X$a9[+$>=+$0921>$-++N$+9-7$>"$
3"**+3>X$$
c$4*'(3'51+$@$<$a9[+$>=+$">=+*$5+*-"($=9557$9L"2>$,"'(;$>=+$>='(;$
7"2$-2;;+->X$$
$
<<<<<<<<<<<<<<<<<<<<<<<<<<<$$
$
49*>$T$<$K+>>+*-$%=9>$4*",23+,$a'*9321"2-$G+-21>-$
$
/]11$6+>$/$[("#$#=9>$7"2$9*+$>='(['(;$("#X$_"2$9*+$5*"L9L17$-97'(;$>"$
7"2*-+10$-"N+>='(;$1'[+$>='-W$^$]K+>>+*-$>=9>$5*",23+,$N'*9321"2-$
*+-21>-j]$.L-2*,j$RN93[-$"0$59>+(><N+,'3'(+$9,H+*>'-'(;j^$
$
/>$7"2$9*+$>='(['(;$>=9>\$/$,"(]>$L19N+$7"2X$/$#"21,$5*"L9L17$=9H+$
>="2;=>$>=9>$N7-+10$'0$/$=9,$5'3[+,$25$9$L""[$1'[+$>='-$0'0>++($7+9*-$
9;"X$R3+5>'391f$&+11\$/$1'[+$-3+5>'391$5+"51+X$/$-5+(>$>=+$0'*->$>#+(>7$
7+9*-$"0$N7$1'0+$'($a'--"2*'e9(,$/$1'[+$5+"51+$#="$=9H+$>"$L+$-="#(X$
.1N"->$911$>=+$5*";*+--$+H+*$N9,+$'($=2N9($>="2;=>$=9-$L++($N9,+$
L7$>=+$8"2L>'(;$%="N9-+-\$>=+$b2+->'"(+*-\$>=+$3=911+(;+*-\$>=+$
-="#<N+$3*"#,X$
$
K+>]-$L+$="(+->X$/-$>=+$>'>1+\$^K+>>+*-$%=9>$4*",23+,$a'*9321"2-$
G+-21>-\^$9332*9>+f$M"\$>"$L+$0*9([$#'>=$7"2\$'>$'-(]>X$%=+$>*2>=$'-\$'>$'-$
9$,+1'L+*9>+$2(,+*->9>+N+(>$"0$093>X$R"N+$"0$>=+$1+>>+*-$*+5*",23+,$
'($>='-$3=95>+*$=9*H+->+,$*+-21>-$>=9>$#+*+$*9>+,$>#'3+$9-$;"",$9-$
N'*931+-X$G9>+,$L7$#="Nf$67$d+($GX$87[+\$"(+$"0$>=+$L+-><[("#($
-91+-$5*"N">'"($N+($'($.N+*'39\$0"*N+*17$-91+-$5*"N">'"($N9(9;+*$
0"*$k"=(-<a9(H'11+\$9(,$("#$9,H+*>'-'(;$N9(9;+*$0"*$:"1;9>+<
491N"1'H+$4++>$:"N59(7$9(,$:=9'*N9($"0$>=+$6"9*,$"0$>=+$
.--"3'9>'"($"0$M9>'"(91$.,H+*>'-+*-X$
$
a*$87[+-$-97-$>=9>$1+>>+*-$=+$2-+,$>"$-+(,$"2>\$9-['(;$0"*$
'(0"*N9>'"($0*"N$,+91+*-\$-+1,"N$L*"2;=>$N"*+$>=9($9$*+>2*($"0$T$>"$
E$5+*$3+(>X$!+$-9',$=+$#"21,$=9H+$*+;9*,+,$9$?T$5+*$3+(>$*+-5"(-+$
9-$N"->$+Y>*9"*,'(9*7\$9(,$>"1,$N+$>=9>\$'0$='-$*+51'+-$=9,$+H+*$
-"9*+,$>"$PQ$5+*$3+(>\$=+$#"21,$=9H+$*+;9*,+,$'>$9-$(">='(;$-="*>$"0$
9$N'*931+X$
$
62>$"(+$"0$a*$87[+]-$1+>>+*-\$5*'(>+,$'($>='-$3=95>+*\$L*"2;=>$DP$?CP$
5+*$3+(>i$'($">=+*$#"*,-\$>=9>$1+>>+*$#9-$>#'3+$9-$;"",$9-$9$N'*931+X$
_"2$39(]>$192;=$>=9>$"00X$.(,$>='-$1+>>+*$#9-(]>$9$-5"*>\$9$012[+\$9($
933',+(>X$R'N'19*$*+-21>-$#+*+$"L>9'(+,$0*"N$-3"*+-$"0$">=+*$1+>>+*-X$
$
!"#$,',$=+$,"$'>f$!+*+$'-$>=+$+Y519(9>'"($'($d+($87[+]-$"#($#"*,-W$
^%='-$9->"('-='(;$'(3*+9-+$'($>=+$+00+3>'H+(+--$"0$1+>>+*-$"332**+,$
'NN+,'9>+17$90>+*$/$9>>+(,+,$a*$:9*(+;'+]-$3"2*-+$'($]I00+3>'H+$
R5+9['(;$9(,$!2N9($G+19>'"(-X]$/$-9#$>=9>$>=+$955*"93=$/$=9,$
0"*N+*17$2-+,$#9-$911$#*"(;X$/$>*'+,$>"$95517$>=+$5*'(3'51+-$>92;=>$'($
>='-$L""[e9(,$>=+7$*+-21>+,$'($9($'(3*+9-+$"0$0*"N$TQQ$>"$EQQ$5+*$
3+(>$'($>=+$+00+3>'H+(+--$"0$N7$1+>>+*-$9-['(;$0"*$'(0"*N9>'"(X^$
$
!+*+$'-$>=+$1+>>+*X$/>$51+9-+-$>=+$">=+*$N9($L7$9-['(;$='N$>"$,"$>=+$
#*'>+*$9$-N911$09H"2*e9$09H"2*$>=9>$N9[+-$='N$0++1$'N5"*>9(>X$a7$
"#($3"NN+(>-$"($>=+$1+>>+*$955+9*$'($59*+(>=+-+-X$a*$k"=($619([\$
619([H'11+\$/(,'9(9X$8+9*$a*$619([W$
$
/$#"(,+*$'0$7"2$#"21,$N'(,$=+15'(;$N+$"2>$"0$9$1'>>1+$,'00'321>7f$
$
FK+>]-$;+>$>=+$5'3>2*+$31+9*X$/N9;'(+$9$12NL+*$,+91+*$'($/(,'9(9$
*+3+'H'(;$9$1+>>+*$0*"N$9($+Y+32>'H+$"0$>=+$k"=(-<a9(H'11+$:"N59(7i$
9(,$'($>=+$0'*->$1'(+$"0$>=+$1+>>+*\$>='-$=';=<5*'3+,$+Y+32>'H+$'($M+#$
_"*[$9-[-$>=+$">=+*$0+11"#$>"$=+15$='N$"2>$"0$9$,'00'321>7X$/$39($
'N9;'(+$>=+$,+91+*$'($/(,'9(9$-97'(;$>"$='N-+10$-"N+>='(;$1'[+$>='-W$
^&+11\$'0$>='-$3=95$'($M+#$_"*[$'-$'($>*"2L1+\$=+$=9-$3+*>9'(17$3"N+$>"$
>=+$*';=>$5+*-"(X$/$91#97-$>*7$>"$L+$;+(+*"2-$9(,$=+15$5+"51+X$K+>]-$
-++$#=9>]-$#*"(;$#'>=$='Nj^J$
$
K9->$7+9*\$/$-233++,+,$'($3"(H'(3'(;$"2*$3"N59(7$>=9>$#=9>$"2*$
,+91+*-$(++,+,$N"->$>"$=+15$'(3*+9-+$>=+'*$*+<*""0'(;$-91+-$#9-$9$
7+9*$]*"2(,$,'*+3><N9'1$39N59';($59',$0"*$+(>'*+17$L7$k"=(-<a9(H'11+X$
$
F%=+$,+91+*$"2>$'($/(,'9(9$5*"L9L17$-97-\$^M9>2*9117\$>=+7$"2;=>$>"$
597$0"*$'>X$%=+7]*+$=";;'(;$N"->$"0$>=+$5*"0'>$9-$'>$'-X$%=+7]*+$N9['(;$
N'11'"(-$#='1+$/]N$=9H'(;$=9*,$-3*9>3='(]$>"$597$>=+$*+(>X$XXX$M"#$
#=9>$'-$>='-$0+11"#$'($>*"2L1+$9L"2>f^J$
$
G+3+(>17$/$N9'1+,$9$b2+->'"((9'*+$>"$>=+$?\BQQ$,+91+*-$#="$=9,$2-+,$
>=+$519($9(,$3+*>9'(17$#9-$H+*7$N23=$51+9-+,$#'>=$>=+$=2(,*+,-$"0$
*+51'+-$#='3=$-="#+,$>=9>$>=+7$955*+3'9>+,$>='-$0"*N$"0$3"<"5+*9>'"($
9(,$0"2(,$'>$N"->$=+15021X$
$
S($>=+$->*+(;>=$"0$>='-\$#+$=9H+$l2->$*+1+9-+,$"2*$(+#$,'*+3><N9'1$
519($#='3=$/$[("#$7"2]11$1'[+$->'11$L+>>+*X$
$
62>$>='-$N"*('(;$"2*$5*+-',+(>$,'-32--+,$#'>=$N+$N7$*+5"*>$"0$19->$
7+9*]-$519($9(,\$9-$5*+-',+(>-$#'11\$9-[+,$N+$="#$N23=$L2-'(+--$/$
3"21,$>*93+$>"$'>X$M9>2*9117\$/$N2->$3"N+$>"$7"2$>"$=+15$N+$9(-#+*$
='NX$
$
F%=9>]-$9$;"",$5=*9-+W$^/$N2->$3"N+$>"$7"2$>"$=+15$N+$9(-#+*$='NX^$
%=+$L';$-=">$'($M+#$_"*[$'-$>+11'(;$>=+$>*2>=\$9(,$=+$'-$;'H'(;$>=+$
k"=(-<a9(H'11+$,+91+*$'($/(,'9(9$="(+->\$-'(3+*+$*+3";('>'"(X$M">+$
>=9>$d+($87[+$,"+-(]>$#9->+$9(7$>'N+$>91['(;$9L"2>$="#$'N5"*>9(>$
='-$3"N59(7$'-X$/(->+9,\$=+$'NN+,'9>+17$-="#-$>=+$">=+*$0+11"#$="#$
N23=$=+$=9-$>"$1+9($"($='NX$d+($87[+$9,N'>-$>=9>$=+$39(]>$+H+($
N9[+$9$*+5"*>$>"$>=+$5*+-',+(>$"0$k"=(-<a9(H'11+$#'>="2>$>=+$,+91+*]-$
=+15X$M9>2*9117\$>=+$,+91+*$"2>$'($/(,'9(9\$L+'(;$=2N9(\$1'[+-$>=9>$
['(,$"0$>91[XJ$
$
&=9>$/],$1'[+$7"2$>"$,"$'-$F?J$>"$>+11$N+\$"($>=+$+(31"-+,$5"->39*,\$
="#$N9(7$*""0'(;$9(,$*+<*""0'(;$l"L-$7"2$0++1$19->$7+9*]-$,'*+3><N9'1$
519($=+15+,$7"2$-+32*+\$9(,$FPJ$;'H+$N+\$9-$(+9*17$9-$7"2$39(\$>=+'*$
>">91$+->'N9>+,$H912+$'($,"119*-$9(,$3+(>-$FL9-+,$"($>=+$>">91$3"->$"0$
>=+$l"L-$9551'+,JX$
$
/0$7"2]11$,"$>='-\$/]11$-2*+17$955*+3'9>+$'>$9(,$>=9([$7"2$0"*$7"2*$
['(,(+--$'($;'H'(;$N+$>='-$'(0"*N9>'"(X$
$
R'(3+*+17\$dIM$GX$8_dI\$R91+-$4*"N">'"($a9(9;+*$
$
FM">+$="#\$'($>=+$19->$59*9;*95=\$=+$#='-5+*-$^/^$9(,$-="2>-$^_"2X^$
M">+$="#$;+(+*"2-$=+$'-$'($='-$5*9'-+W$^R2*+17$955*+3'9>+\^$^>=9([$
7"2\^$^7"2*$['(,(+--X^J$
$
R'N51+$1+>>+*\$'-(]>$'>f$62>$'>$5*",23+,$^N'*931+-^$L7$9-['(;$>=+$">=+*$
5+*-"($>"$,"$9$-N911$09H"2*e>=+$5+*0"*N'(;$"0$#='3=$;9H+$='N$9$
0++1'(;$"0$'N5"*>9(3+X$
$
%=9>$5-73="1";7$#'11$#"*[\$*+;9*,1+--$"0$#=+>=+*$7"2$9*+$-+11'(;$
9-L+->"-$*""0-$"*$>"2*'(;$I2*"5+$'($9$)"*,X$
$
%"$'112->*9>+X$!"N+*$:*"7$9(,$/$"(3+$1"->$"2*$#97$#='1+$N">"*'(;$
>=*"2;=$>=+$'(>+*'"*$"0$)*9(3+X$!91>'(;$"2*$"1,$a",+1$%\$#+$9-[+,$9$
;*"25$"0$5+9-9(>-$="#$#+$3"21,$;+>$>"$>=+$(+Y>$L';$>"#(X$
$
%=+$+00+3>$"0$>=+$b2+->'"($#9-$+1+3>*'391X$%=+-+$5+9-9(>-\$#+9*'(;$
#"",+($-="+-\$*+;9*,+,$911$.N+*'39(-$9-$*'3=X$.(,$92>"N"L'1+-$#+*+$
*9*+$'($>="-+$*+;'"(-\$+Y>*+N+17$*9*+X$.N+*'39(-$>"2*'(;$>=*"2;=$
)*9(3+$'($9$39*j$R2*+17$#+$N2->$L+$N'11'"(9'*+-X$a97L+$3"2-'(-$"0$
!+(*7$)"*,X$62>$>=+7$[(+#$-"N+>='(;$#+$,',(]>$[("#X$&+$=9,$N"*+$
N"(+7$>=9($>=+7$=9,i$L2>$#+$=9,$>"$3"N+$>"$>=+N$=9>$'($=9(,$>"$
0'(,$"2>$="#$>"$;+>$>"$>=+$(+Y>$>"#(X$.(,$>=9>$;9H+$>=+N$9$0++1'(;$
"0$'N5"*>9(3+X$%=+7$911$->9*>+,$>91['(;$9>$"(3+X$S(+$3=95\$>=*'11+,$9>$
>='-$*9*+$"55"*>2('>7\$3"NN9(,+,$>=+$">=+*-$>"$[++5$b2'+>X$!+$
#9(>+,$>"$+(l"7$911$91"(+$>=+$>=*'11$"0$,'*+3>'(;$2-X$
$
%*7$>='-$7"2*-+10X$%=+$(+Y>$>'N+$7"2$9*+$'($9$->*9(;+$3'>7\$->"5$
-"N+"(+$#="$'-$L+1"#$7"2$'($>=+$+3"("N'3$9(,$-"3'91$-391+$9(,$-97W$
^/$#"(,+*$'0$7"2$#"21,$N'(,$=+15'(;$N+$"2>$"0$9$1'>>1+$,'00'321>7X$
&"(]>$7"2$51+9-+$>+11$N+$="#$>"$;+>$>"$-23=$9(,$-23=$9$5193+f^$
$
6+(l9N'($)*9([1'($2-+,$>='-$>+3=('b2+$>"$>2*($9$392->'3$+(+N7$'(>"$9$
1'0+1"(;$0*'+(,X$)*9([1'(\$9$7"2(;$N9($9>$>=+$>'N+\$=9,$911$='-$-9H'(;-$
'(H+->+,$'($9$-N911$5*'(>'(;$L2-'(+--X$!+$N9(9;+,$>"$;+>$='N-+10$
+1+3>+,$31+*[$"0$>=+$`+(+*91$.--+NL17$'($4='19,+15='9X$%=9>$5"-'>'"($
;9H+$='N$>=+$l"L$"0$,"'(;$>=+$"00'3'91$5*'(>'(;X$%=+*+$#9-$;"",$5*"0'>$
'($>='-$l"L\$9(,$6+($#9-$+9;+*$>"$[++5$'>X$62>$9$N+(93+$1""N+,$
9=+9,X$S(+$"0$>=+$*'3=+->$9(,$9L1+->$N+($'($>=+$.--+NL17$,'-1'[+,$
)*9([1'($L'>>+*17X$!+$(">$"(17$,'-1'[+,$)*9([1'(\$L2>$=+$,+("2(3+,$='N$
'($9$52L1'3$>91[X$
$
%=9>$#9-$,9(;+*"2-\$H+*7$,9(;+*"2-X$R"$)*9([1'($*+-"1H+,$>"$N9[+$
>=+$N9($1'[+$='NX$62>$="#f$%=9>$#9-$9$5*"L1+NX$67$,"'(;$9$09H"2*$
0"*$='-$+(+N7f$M"\$>=9>$#"21,$=9H+$9*"2-+,$='-$-2-5'3'"(-\$N97L+$
='-$3"(>+N5>X$)*9([1'($#9-$>""$#'-+\$>""$9,*"'>$>"$L+$392;=>$'($-23=$
9$>*95X$R"$=+$,',$>=+$H+*7$"55"-'>+X$!+$9-[+,$='-$+(+N7$>"$,"$='N$9$
09H"2*X$
$
)*9([1'($,',(]>$9-[$0"*$9$1"9($"0$>+($,"119*-X$M"j$M"j$)*9([1'($9-[+,$9$
09H"2*$>=9>$51+9-+,$>=+$">=+*$N9(e9$09H"2*$>=9>$>"23=+,$='-$H9('>7\$
9$09H"2*$>=9>$;9H+$='N$*+3";('>'"(\$9$09H"2*$>=9>$-2L>17$+Y5*+--+,$
)*9([1'(]-$9,N'*9>'"($0"*$='-$[("#1+,;+$9(,$93='+H+N+(>-X$!+*+$'-$
>=+$L919(3+$"0$>=+$->"*7$'($)*9([1'(]-$"#($#"*,-W$
$
!9H'(;$=+9*,$>=9>$=+$=9,$'($='-$1'L*9*7$9$3+*>9'($H+*7$-39*3+$9(,$
32*'"2-$L""[\$/$#*">+$9$(">+$>"$='N\$+Y5*+--'(;$N7$,+-'*+$"0$
5+*2-'(;$>=9>$L""[$9(,$*+b2+->'(;$>=9>$=+$#"21,$,"$N+$>=+$09H"2*$"0$
1+(,'(;$'>$>"$N+$0"*$9$0+#$,97-X$
$
!+$-+(>$'>$'NN+,'9>+17\$9(,$/$*+>2*(+,$'>$'($9L"2>$9$#++[$#'>=$
9(">=+*$(">+$+Y5*+--'(;$->*"(;17$N7$-+(-+$"0$>=+$09H"2*X$
$
&=+($(+Y>$#+$N+>$'($>=+$!"2-+\$=+$-5"[+$>"$N+$F#='3=$=+$=9,$
(+H+*$,"(+$L+0"*+J$9(,$#'>=$;*+9>$3'H'1'>7$9(,$=+$+H+*$90>+*#9*,$
N9('0+->+,$9$*+9,'(+--$>"$-+*H+$N+$"($911$"339-'"(-\$-"$>=9>$#+$
L+39N+$;*+9>$0*'+(,-$9(,$"2*$0*'+(,-='5$3"(>'(2+,$>"$='-$,+9>=X$
$
6+($)*9([1'($=9-$L++($,+9,$("#$0"*$9$=2(,*+,$9(,$0'0>7$7+9*-\$L2>$
>=+$5-73="1";7$>=9>$=+$2-+,\$>=+$5-73="1";7$"0$9-['(;$>=+$">=+*$N9($
>"$,"$7"2$9$09H"2*\$;"+-$N9*3='(;$*';=>$"(X$
$
)"*$+Y9N51+\$'>$#9-$2-+,$#'>=$*+N9*[9L1+$-233+--$L7$"(+$"0$N7$
->2,+(>-\$.1L+*>$6X$.N-+1X$)"*$7+9*-\$a*$.N-+1\$9$-91+-N9($"0$
512NL'(;$9(,$=+9>'(;$N9>+*'91-\$=9,$L++($>*7'(;$>"$;+>$>=+$>*9,+$"0$
9$3+*>9'($512NL+*$'($6*""[17(X$%='-$512NL+*]-$L2-'(+--$#9-$
+Y3+5>'"(9117$19*;+$9(,$='-$3*+,'>$2(2-29117$;"",X$62>$.N-+1$#9-$
1'3[+,$0*"N$>=+$L+;'(('(;X$%=+$512NL+*$#9-$"(+$"0$>="-+$
,'-3"(3+*>'(;$'(,'H',291-$#="$5*',+$>=+N-+1H+-$"($L+'(;$*"2;=\$
>"2;=\$9(,$(9->7X$R'>>'(;$L+='(,$='-$,+-[$#'>=$9$L';$3';9*$>'1>+,$'($>=+$
3"*(+*$"0$='-$N"2>=\$=+$-(9*1+,$9>$.N-+1$+H+*7$>'N+$=+$"5+(+,$>=+$
,""*\$^8"(]>$(++,$9$>='(;$>",97j$8"(]>$#9->+$N7$>'N+$9(,$7"2*-j$
d++5$N"H'(;j^$
$
%=+($"(+$,97$a*$.N-+1$>*'+,$9$(+#$>+3=('b2+\$9$>+3=('b2+$>=9>$-51'>$
>=+$933"2(>$#',+$"5+(\$N9,+$9$0*'+(,\$9(,$L*"2;=>$N9(7$0'(+$
"*,+*-X$.N-+1]-$0'*N$#9-$(+;">'9>'(;$0"*$>=+$52*3=9-+$"0$9$(+#$
L*9(3=$->"*+$'($h2++(-$V'119;+$"($K"(;$/-19(,X$/>$#9-$9$
(+';=L"2*="",$>=+$512NL+*$[(+#$#+11\$9(,$"(+$#=+*+$=+$,',$9$;*+9>$
,+91$"0$L2-'(+--X$R"$>='-$>'N+\$#=+($a*$.N-+1$3911+,\$=+$-9',W$^a*$
:ee\$/]N$(">$=+*+$>"$-+11$7"2$9(7>='(;$>",97X$/]H+$;">$>"$9-[$7"2$>"$
,"$N+$9$09H"2*\$'0$7"2$#'11X$:9($7"2$-59*+$N+$l2->$9$N'(2>+$"0$7"2*$
>'N+f^$
$
^!]Ne#+11\^$-9',$>=+$512NL+*\$-='0>'(;$='-$3';9*X$^&=9>]-$"($7"2*$
N'(,f$R="">X^$
$
^a7$0'*N$'-$>='(['(;$"0X$"5+('(;$25$9$L*9(3=$->"*+$"H+*$'($h2++(-$
V'119;+\^$a*$.N-+1$-9',X$^M"#\$7"2$[("#$>=9>$1"391'>7$9-$#+11$9-$
9(7"(+$1'H'(;X$R"$/]H+$3"N+$>"$7"2$>"$9-[$#=9>$7"2$>='([$9L"2>$'>X$/-$
'>$9$#'-+$N"H+e"*$(">f^$
$
!+*+$#9-$9$(+#$-'>29>'"(j$)"*$7+9*-$>='-$512NL+*$=9,$L++($;+>>'(;$
='-$0++1'(;$"0$'N5"*>9(3+$"2>$"0$-(9*1'(;$9>$-91+-N+($9(,$"*,+*'(;$
>=+N$>"$[++5$N"H'(;X$62>$=+*+$#9-$9$-91+-N9($L+;;'(;$='N$0"*$
9,H'3+i$7+-\$9$-91+-N9($0*"N$9$L';$3"(3+*($#9(>'(;$='-$"5'('"($9-$>"$
#=9>$>=+7$-="21,$,"X$
$
^R'>$,"#(\^$=+$-9',\$5211'(;$0"*#9*,$9$3=9'*X$.(,$0"*$>=+$(+Y>$="2*\$
=+$+Y59>'9>+,$"($>=+$5+321'9*$9,H9(>9;+-$9(,$H'*>2+-$"0$>=+$
512NL'(;$N9*[+>$'($h2++(-$V'119;+X$!+$(">$"(17$955*"H+,$>=+$
1"39>'"($"0$>=+$->"*+\$L2>$=+$0"32-+,$='-$'(>+11+3>$"($"2>1'('(;$9$
3"N51+>+$3"2*-+$"0$93>'"($0"*$>=+$52*3=9-+$"0$>=+$5*"5+*>7\$>=+$
->"3['(;$"0$-2551'+-\$9(,$>=+$"5+('(;$"0$>*9,+X$!+$;">$9$0++1'(;$"0$
'N5"*>9(3+$L7$>+11'(;$9$#="1+-91+$512NL'(;$3"(3+*($="#$>"$*2($'>-$
L2-'(+--X$)*"N$>=+*+\$=+$+Y59(,+,$'(>"$5+*-"(91$;*"2(,-X$!+$
L+39N+$0*'+(,17\$9(,$>"1,$a*$.N-+1$"0$='-$'(>'N9>+$,"N+->'3$
,'00'321>'+-$9(,$="2-+="1,$#9*-X$
$
^67$>=+$>'N+$/$1+0>$>=9>$+H+('(;\^$a*$.N-+1$-97-\$^/$(">$"(17$=9,$'($
N7$5"3[+>$9$19*;+$'('>'91$"*,+*$0"*$+b2'5N+(>\$L2>$/$=9,$19',$>=+$
0"2(,9>'"(-$"0$9$-"1',$L2-'(+--$0*'+(,-='5X$/$9N$5197'(;$;"10$("#$#'>=$
>='-$3=95$#="$0"*N+*17$L9*[+,$9(,$-(9*1+,$9>$N+X$%='-$3=9(;+$'($='-$
9>>'>2,+$#9-$L*"2;=>$9L"2>$L7$N7$9-['(;$='N$>"$,"$N+$9$1'>>1+$09H"2*$
>=9>$N9,+$='N$0++1$'N5"*>9(>X^$
$
K+>]-$+Y9N'(+$9(">=+*$"0$d+($87[+]-$1+>>+*-\$9(,$9;9'($(">+$="#$
-['102117$=+$9551'+-$>='-$^,"<N+<9<09H"2*^$5-73="1";7X$
$
.$0+#$7+9*-$9;"\$a*$87[+$#9-$,'->*+--+,$9>$='-$'(9L'1'>7$>"$;+>$
L2-'(+--$N+(\$3"(>*93>"*-\$9(,$9*3='>+3>-$>"$9(-#+*$='-$1+>>+*-$
9-['(;$0"*$'(0"*N9>'"(X$
$
/($>="-+$,97-\$=+$-+1,"N$;">$N"*+$>=9($?$5+*$3+(>$*+>2*($0*"N$='-$
1+>>+*-$>"$9*3='>+3>-$9(,$+(;'(++*-X$!+$#"21,$=9H+$*+;9*,+,$P$5+*$
3+(>$9-$H+*7$;"",\$9(,$A$5+*$3+(>$9-$+Y3+11+(>X$.(,$?Q$5+*$3+(>f$
&=7\$?Q$5+*$3+(>$#"21,$=9H+$L++($=9'1+,$9-$9$N'*931+X$62>$>=+$1+>>+*$
>=9>$0"11"#-$5211+,$91N"->$TQ$5+*$3+(>X$XXX$)'H+$>'N+-$9-$;"",$9-$9$
N'*931+X$.(,$#=9>$*+51'+-j$K+>>+*-$"0$>#"$9(,$>=*++$59;+-j$K+>>+*-$
;1"#'(;$#'>=$0*'+(,17$9,H'3+$9(,$3"<"5+*9>'"(X$
$
!+*+$'-$>=+$1+>>+*X$_"2$#'11$"L-+*H+$>=9>$'($>=+$5-73="1";7$2-+,e
+H+($'($>=+$5=*9-+"1";7$'($-"N+$5193+-e>=+$1+>>+*$'-$91N"->$',+(>'391$
#'>=$>=9>$b2">+,$"($59;+-$?EE<E@X$.-$7"2$5+*2-+$>='-$1+>>+*\$*+9,$
L+>#++($>=+$1'(+-\$>*7$>"$9(917g+$>=+$0++1'(;$"0$>=+$N9($#="$;">$'>X$
)'(,$"2>$#=7$'>$5*",23+,$*+-21>-$0'H+$>'N+-$9-$;"",$9-$9$N'*931+X$
$
k"=(-<a9(H'11+$$
PP$I.R%$DQ>=$R%GII%$$
MI&$_SGd$:/%_$$
$
a*$k"=($8"+\$$
B?O$8"+$R>*++>\$$
8"+H'11+\$MXkX$
$
8+9*$a*$8"+W$
$
/$#"(,+*$'0$7"2]11$=+15$N+$"2>$"0$9$1'>>1+$,'00'321>7f$
$
.L"2>$9$7+9*$9;"$/$5+*-29,+,$"2*$3"N59(7$>=9>$"(+$"0$>=+$>='(;-$
9*3='>+3>-$N"->$(++,+,$#9-$9$39>91";2+$#='3=$#"21,$;'H+$>=+N$>=+$
#="1+$->"*7$"0$911$k<a$L2'1,'(;$N9>+*'91-$9(,$>=+'*$59*>$'($*+59'*'(;$
9(,$*+N",+11'(;$="N+-X$
$
%=+$9>>93=+,$39>91";2+$*+-21>+,e>=+$0'*->$"0$'>-$['(,X$62>$("#$"2*$
->"3[$'-$;+>>'(;$1"#\$9(,$#=+($/$N+(>'"(+,$'>$>"$"2*$5*+-',+(>$=+$
-9',$F9-$5*+-',+(>-$#'11J$>=9>$=+$#"21,$=9H+$("$"Ll+3>'"($>"$9(">=+*$
+,'>'"($5*"H',+,$C$02*('-=+,$-9>'-093>"*7$+H',+(3+$>=9>$>=+$39>91";2+$
=9,$,"(+$>=+$l"L$0"*$#='3=$'>$#9-$,+-';(+,X$
$
M9>2*9117\$/$N2->$3"N+$>"$7"2$0"*$=+15\$9(,$O$9N$>=+*+0"*+$>9['(;$
>=+$1'L+*>7$"0$9-['(;$7"2$9(,$0"*>7<('(+$">=+*$9*3='>+3>-$'($H9*'"2-$
59*>-$"0$>=+$3"2(>*7$>"$L+$>=+$l2*7X$
$
%"$N9[+$'>$b2'>+$+9-7$0"*$7"2\$/$=9H+$#*'>>+($9$0+#$-'N51+$b2+->'"(-$
"($>=+$L93[$"0$>='-$1+>>+*X$.(,$/]11$3+*>9'(17$*+;9*,$'>$9-$9$5+*-"(91$
09H"2*$'0$7"2]11$3=+3[$>=+$9(-#+*-\$9,,$9(7$3"NN+(>-$>=9>$7"2$N97$
#'-=$>"$N9[+\$9(,$>=+($-1'5$>='-$1+>>+*$'(>"$>=+$+(31"-+,$->9N5+,$
+(H+1"5+X$
$
M++,1+--$>"$-97\$>='-$#"(]>$"L1';9>+$7"2$'($9(7$#97\$9(,$/$("#$1+9H+$
'>$>"$7"2$>"$-97$#=+>=+*$>=+$39>91";2+$-=911$L+$,'-3"(>'(2+,$"*$
*+5*'(>+,$#'>=$'N5*"H+N+(>-$L9-+,$"($7"2*$+Y5+*'+(3+$9(,$9,H'3+X$
$
/($9(7$+H+(>\$*+->$9--2*+,$>=9>$/$-=911$955*+3'9>+$7"2*$3"<"5+*9>'"($
H+*7$N23=X$%=9([$7"2j$
$
R'(3+*+17$7"2*-\$dIM$GX$8_dI\$R91+-$4*"N">'"($a9(9;+*X$
$
.(">=+*$#"*,$"0$#9*('(;X$/$[("#$0*"N$+Y5+*'+(3+$>=9>$-"N+$N+(\$
*+9,'(;$>='-$1+>>+*\$#'11$>*7$>"$2-+$>=+$-9N+$5-73="1";7$N+3=9('39117X$
%=+7$#'11$>*7$>"$L""->$>=+$">=+*$N9(]-$+;"\$(">$>=*"2;=$;+(2'(+\$*+91$
955*+3'9>'"(\$L2>$>=*"2;=$019>>+*7$9(,$'(-'(3+*'>7X$.(,$>=+'*$>+3=('b2+$
#"(]>$#"*[X$
$
G+N+NL+*\$#+$911$3*9H+$955*+3'9>'"($9(,$*+3";('>'"(\$9(,$#'11$,"$
91N"->$9(7>='(;$>"$;+>$'>X$62>$("L",7$#9(>-$'(-'(3+*'>7X$M"L",7$
#9(>-$019>>+*7X$
$
K+>$N+$*+5+9>W$>=+$5*'(3'51+-$>92;=>$'($>='-$L""[$#'11$#"*[$"(17$#=+($
>=+7$3"N+$0*"N$>=+$=+9*>X$/$9N$(">$9,H"39>'(;$9$L9;$"0$>*'3[-X$/$9N$
>91['(;$9L"2>$9$(+#$#97$"0$1'0+X$
$
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<$$
$
49*>$V/W$R+H+($G21+-$0"*$a9['(;$_"2*$!"N+$K'0+$!955'+*$
$
?$<$!"#$%"$8';$_"2*$a9*'>91$`*9H+$/($%=+$h2'3[+->$4"--'L1+$&97$
$
R+H+(>7<)'H+$7+9*-$9;"\$M95"1+"($///$"0$)*9(3+\$(+5=+#$"0$M95"1+"($
6"(959*>+\$0+11$'($1"H+$#'>=$a9*'+$I2;+('3$/;(93+$.2;2->'(+$,+$
a"(>'l"\$:"2(>+--$"0$%+L9\$>=+$N"->$L+92>'021$#"N9($'($>=+$#"*1,e
9(,$N9**'+,$=+*X$!'-$9,H'-"*-$5"'(>+,$"2>$>=9>$-=+$#9-$"(17$>=+$
,92;=>+*$"0$9($'(-';('0'39(>$R59('-=$3"2(>X$62>$M95"1+"($*+>"*>+,W$
^&=9>$"0$'>f^$!+*$;*93+\$=+*$7"2>=\$=+*$3=9*N\$=+*$L+92>7$0'11+,$='N$
#'>=$,'H'(+$0+1'3'>7X$/($9$-5++3=$=2*1+,$0*"N$>=+$>=*"(+\$=+$,+0'+,$9($
+(>'*+$(9>'"(W$^/$=9H+$5*+0+**+,$9$#"N9($/$1"H+$9(,$*+-5+3>\^$=+$
5*"319'N+,\$^>"$9$#"N9($2([("#($>"$N+X^$
$
M95"1+"($9(,$='-$L*',+$=9,$=+91>=\$#+91>=\$5"#+*\$09N+\$L+92>7\$
1"H+\$9,"*9>'"(e911$>=+$*+b2'*+N+(>-$0"*$9$5+*0+3>$*"N9(3+X$M+H+*$
,',$>=+$-93*+,$0'*+$"0$N9**'9;+$;1"#$#'>=$9$L*';=>+*$'(39(,+-3+(3+X$
$
62>\$919-\$>=+$="17$019N+$-""($01'3[+*+,$9(,$>=+$'(39(,+-3+(3+$
3""1+,e9(,$>2*(+,$>"$+NL+*-X$M95"1+"($3"21,$N9[+$I2;+('3$9($
+N5*+--i$L2>$(">='(;$'($911$19$L+11+$)*9(3+\$(+'>=+*$>=+$5"#+*$"0$='-$
1"H+$("*$>=+$N';=>$"0$='-$>=*"(+\$3"21,$[++5$=+*$0*"N$(9;;'(;X$
6+,+H'1+,$L7$l+91"2-7\$,+H"2*+,$L7$-2-5'3'"(\$-=+$01"2>+,$='-$"*,+*-\$
-=+$,+('+,$='N$+H+($9$-="#$"0$5*'H937X$R=+$L*"[+$'(>"$='-$"00'3+$
#='1+$=+$#9-$+(;9;+,$'($9009'*-$"0$->9>+X$R=+$'(>+**25>+,$='-$N"->$
'N5"*>9(>$,'-32--'"(-X$R=+$*+02-+,$>"$1+9H+$='N$91"(+\$91#97-$
0+9*'(;$>=9>$=+$N';=>$L+$3"(-"*>'(;$#'>=$9(">=+*$#"N9(X$
$
S0>+($-=+$*9($>"$=+*$-'->+*\$3"N519'('(;$"0$=+*$=2-L9(,\$
3"N519'('(;\$#++5'(;\$(9;;'(;\$9(,$>=*+9>+('(;X$)"*3'(;$=+*$#97$
'(>"$='-$->2,7\$-=+$->"*N+,$9>$='N$9(,$9L2-+,$='NX$M95"1+"(\$
N9->+*$"0$9$,"g+($-2N5>2"2-$59193+-\$IN5+*"*$"0$)*9(3+\$3"21,$(">$
0'(,$9$325L"9*,$'($#='3=$=+$3"21,$3911$='-$-"21$='-$"#(X$
$
.(,$#=9>$,',$I2;+('3$933"N51'-=$L7$911$>='-f$!+*+$'-$>=+$9(-#+*X$/$
9N$b2">'(;$("#$0*"N$IX.X$G=+'(=9*,>]-$+(;*"--'(;$L""[\$M95"1+"($
9(,$I2;+('3W$%=+$%*9;'3"N+,7$"0$9($IN5'*+W$^R"$'>$39N+$9L"2>$>=9>$
M95"1+"($0*+b2+(>17$#"21,$->+91$"2>$L7$9$1'>>1+$-',+$,""*$9>$(';=>\$
#'>=$9$-"0>$=9>$5211+,$"H+*$='-$+7+-\$9(,\$933"N59('+,$L7$"(+$"0$='-$
'(>'N9>+-\$*+9117$L+>9[+$='N-+10$>"$-"N+$09'*$19,7$#="$#9-$+Y5+3>'(;$
='N\$"*$+1-+$->*"11$9L"2>$>=+$;*+9>$3'>7$9-$"0$"1,\$59--'(;$>=*"2;=$
->*++>-$"0$>=+$['(,$#='3=$9($IN5+*"*$=9*,17$-++-$"2>-',+$9$09'*7$>91+\$
9(,$L*+9>='(;$>=+$9>N"-5=+*+$"0$N';=><=9H+<L++(-X^$
$
%=9>$'-$#=9>$(9;;'(;$933"N51'-=+,$0"*$I2;+('3X$%*2+\$-=+$-9>$"($>=+$
>=*"(+$"0$)*9(3+X$%*2+\$-=+$#9-$>=+$N"->$L+92>'021$#"N9($'($>=+$
#"*1,X$62>$(+'>=+*$*"791>7$("*$L+92>7$39($[++5$1"H+$91'H+$9N',->$>=+$
5"'-"("2-$02N+-$"0$(9;;'(;X$I2;+('3$3"21,$=9H+$*9'-+,$=+*$H"'3+$1'[+$
k"L$"0$"1,$9(,$=9H+$#9'1+,W$^%=+$>='(;$#='3=$/$;*+9>17$0+9*+,$'-$
3"N+$25"($N+X^$:"N+$25"($=+*f$R=+$L*"2;=>$'>$25"($=+*-+10\$5""*$
#"N9(\$L7$=+*$l+91"2-7$9(,$=+*$(9;;'(;X$S0$911$>=+$-2*+<0'*+\$'(0+*(91$
,+H'3+-$+H+*$'(H+(>+,$L7$911$>=+$,+H'1-$'($=+11$0"*$,+->*"7'(;$1"H+\$
(9;;'(;$'-$>=+$,+9,1'+->X$/>$(+H+*$09'1-X$K'[+$>=+$L'>+$"0$>=+$['(;$
3"L*9\$'>$91#97-$,+->*"7-\$91#97-$['11-X$
$
%=+$#'0+$"0$:"2(>$K+"$%"1->"'$,'-3"H+*+,$>=9>e90>+*$'>$#9-$>""$19>+X$
6+0"*+$-=+$59--+,$9#97\$-=+$3"(0+--+,$>"$=+*$,92;=>+*-W$^/$#9-$>=+$
392-+$"0$7"2*$09>=+*]-$,+9>=X^$!+*$,92;=>+*-$,',(]>$*+517X$%=+7$#+*+$
L">=$3*7'(;X$%=+7$[(+#$>=+'*$N">=+*$#9-$>+11'(;$>=+$>*2>=X$%=+7$
[(+#$-=+$=9,$['11+,$='N$#'>=$=+*$3"(->9(>$3"N519'('(;\$=+*$+>+*(91$
3*'>'3'-N-\$9(,$=+*$+>+*(91$(9;;'(;X$_+>$:"2(>$%"1->"'$9(,$='-$#'0+$
"2;=>\$L7$911$",,-\$>"$=9H+$L++($=9557X$!+$#9-$"(+$"0$>=+$N"->$
09N"2-$("H+1'->-$"0$911$>'N+X$%#"$"0$='-$N9->+*5'+3+-\$&9*$9(,$4+93+$
9(,$.((9$d9*+('(9$#'11$0"*+H+*$-='(+$L*';=>17$9N"(;$>=+$1'>+*9*7$
;1"*'+-$"0$+9*>=X$
$
%"1->"'$#9-$-"$09N"2-$>=9>$='-$9,N'*+*-$0"11"#+,$='N$9*"2(,$,97$
9(,$(';=>$9(,$>""[$,"#($'($-="*>=9(,$+H+*7$#"*,$=+$2>>+*+,X$IH+($'0$
=+$N+*+17$-9',\$^/$;2+--$/]11$;"$>"$L+,^i$+H+($>*'H'91$#"*,-$1'[+$>=9>\$
+H+*7>='(;$#9-$#*'>>+($,"#(i$9(,$("#$>=+$G2--'9($`"H+*(N+(>$'-$
5*'(>'(;$+H+*7$-+(>+(3+$>=9>$=+$+H+*$#*">+i$9(,$='-$3"NL'(+,$
#*'>'(;-$#'11$0'11$"(+$=2(,*+,$H"12N+-X$
$
/($9,,'>'"($>"$09N+\$%"1->"'$9(,$='-$#'0+$=9,$#+91>=\$-"3'91$5"-'>'"(\$
3='1,*+(X$M"$N9**'9;+$+H+*$L1"--"N+,$2(,+*$-"0>+*$-['+-X$/($>=+$
L+;'(('(;\$>=+'*$=955'(+--$-++N+,$>""$5+*0+3>\$>""$'(>+(-+\$>"$
+(,2*+X$R"$[(++1'(;$>";+>=+*\$>=+7$5*97+,$>"$.1N';=>7$`",$>"$
3"(>'(2+$>=+$+3->9-7$>=9>$#9-$>=+'*-X$%=+($9($9->"('-='(;$>='(;$
=955+(+,X$%"1->"'$;*9,29117$3=9(;+,X$!+$L+39N+$9$>">9117$,'00+*+(>$
5+*-"(X$!+$L+39N+$9-=9N+,$"0$>=+$;*+9>$L""[-$>=9>$=+$=9,$#*'>>+(\$
9(,$0*"N$>=9>$>'N+$"($=+$,+H">+,$='-$1'0+$>"$#*'>'(;$59N5=1+>-$
5*+93='(;$5+93+$9(,$>=+$9L"1'>'"($"0$#9*$9(,$5"H+*>7X$
$
%='-$N9($#="$=9,$"(3+$3"(0+--+,$>=9>$'($='-$7"2>=$=+$=9,$
3"NN'>>+,$+H+*7$-'($'N9;'(9L1+e+H+($N2*,+*e>*'+,$>"$0"11"#$
1'>+*9117$>=+$>+93='(;-$"0$k+-2-X$!+$;9H+$911$='-$19(,-$9#97$9(,$1'H+,$9$
1'0+$"0$5"H+*>7X$!+$#"*[+,$'($>=+$0'+1,-\$3="55'(;$#"",$9(,$5'>3='(;$
=97X$!+$N9,+$='-$"#($-="+-\$-#+5>$='-$"#($*""N\$9>+$"2>$"0$9$
#"",+($L"#1\$9(,$>*'+,$>"$1"H+$='-$+(+N'+-X$
$
K+"$%"1->"']-$1'0+$#9-$9$>*9;+,7\$9(,$>=+$392-+$"0$='-$>*9;+,7$#9-$='-$
N9**'9;+X$!'-$#'0+$1"H+,$12Y2*7\$L2>$=+$,+-5'-+,$'>X$R=+$3*9H+,$09N+$
9(,$>=+$5192,'>-$"0$-"3'+>7\$L2>$>=+-+$0*'H"1"2-$>='(;-$N+9(>$(">='(;$
#=9>+H+*$>"$='NX$R=+$1"(;+,$0"*$N"(+7$9(,$*'3=+-\$L2>$=+$L+1'+H+,$
>=9>$#+91>=$9(,$5*'H9>+$5*"5+*>7$#+*+$9$-'(X$)"*$7+9*-\$-=+$(9;;+,$
9(,$-3"1,+,$9(,$-3*+9N+,$L+392-+$=+$'(-'->+,$"($;'H'(;$9#97$>=+$
*';=>$>"$52L1'-=$='-$L""[-$0*++17$#'>="2>$597'(;$='N$9(7$*"791>'+-$
#=9>+H+*X$R=+$#9(>+,$>=+$N"(+7$>="-+$L""[-$#"21,$5*",23+X$&=+($
=+$"55"-+,$=+*\$-=+$>=*+#$=+*-+10$'(>"$0'>-$"0$=7->+*'9\$*"11'(;$"($>=+$
01""*$#'>=$9$L">>1+$"0$"5'2N$9>$=+*$1'5-\$-#+9*'(;$>=9>$-=+$#9-$;"'(;$
>"$['11$=+*-+10$9(,$>=*+9>+('(;$>"$l2N5$,"#($>=+$#+11X$
$
%=+*+$'-$"(+$+H+(>$'($>=+'*$1'H+-$>=9>$>"$N+$'-$"(+$"0$>=+$N"->$
59>=+>'3$-3+(+-$'($='->"*7X$.-$/$=9H+$91*+9,7\$-9',\$>=+7$#+*+$
;1"*'"2-17$=9557$#=+($>=+7$#+*+$0'*->$N9**'+,i$L2>$("#\$0"*>7<+';=>$
7+9*-$19>+*\$=+$3"21,$=9*,17$L+9*$>=+$-';=>$"0$=+*X$R"N+>'N+-$"0$9($
+H+('(;\$>='-$"1,$9(,$=+9*>L*"[+($#'0+\$->9*H'(;$0"*$900+3>'"(\$39N+$
9(,$[(+1>$9>$='-$[(++-$9(,$L+;;+,$='N$>"$*+9,$91"2,$>"$=+*$>=+$
+Yb2'-'>+$1"H+$59--9;+-$>=9>$=+$=9,$#*'>>+($9L"2>$=+*$'($='-$,'9*7$
0'0>7$7+9*-$5*+H'"2-17X$.(,$9-$=+$*+9,$"0$>="-+$L+92>'021\$=9557$,97-$
>=9>$#+*+$("#$;"(+$0"*+H+*\$L">=$"0$>=+N$#+5>X$!"#$,'00+*+(>\$="#$
-=9*517$,'00+*+(>\$>=+$*+91'>'+-$"0$1'0+$#+*+$0*"N$>=+$*"N9(>'3$,*+9N-$
>=+7$=9,$"(3+$,*+9N+,$'($>=+$1"(;$9;"X$
$
)'(9117\$#=+($=+$#9-$+';=>7<>#"$7+9*-$"1,\$%"1->"'$#9-$2(9L1+$>"$
+(,2*+$>=+$>*9;'3$2(=955'(+--$"0$='-$="N+$9(7$1"(;+*$-"$=+$01+,$
0*"N$='-$#'0+$"($9$-("#7$S3>"L+*$(';=>$'($?@?Qe01+,$'(>"$>=+$3"1,$
9(,$,9*[(+--\$(">$[("#'(;$#=+*+$=+$#9-$;"'(;X$
$
I1+H+($,97-$19>+*\$=+$,'+,$"0$5(+2N"('9$'($9$*9'1#97$->9>'"(X$.(,$='-$
,7'(;$*+b2+->$#9-$>=9>$-=+$-="21,$(">$L+$5+*N'>>+,$>"$3"N+$'(>"$='-$
5*+-+(3+X$R23=$#9-$>=+$5*'3+$:"2(>+--$%"1->"'$59',$0"*$=+*$(9;;'(;$
9(,$3"N519'('(;$9(,$=7->+*'9X$
$
%=+$*+9,+*$N97$0++1$>=9>$-=+$=9,$N23=$>"$(9;$9L"2>X$`*9(>+,X$62>$
>=9>$'-$L+-',+$>=+$5"'(>X$%=+$b2+->'"($'-W$,',$(9;;'(;$=+15$=+*\$"*$,',$
'>$N9[+$9$L9,$N9>>+*$'(0'('>+17$#"*-+f$^/$*+9117$>='([$/$#9-$'(-9(+X^$
%=9>$'-$#=9>$:"2(>+--$%"1->"'$=+*-+10$>="2;=>$9L"2>$'>e90>+*$'>$#9-$
>""$19>+X$
$
%=+$;*+9>$>*9;+,7$"0$.L*9=9N$K'(3"1(]-$1'0+$91-"$#9-$='-$N9**'9;+X$
M">$='-$9--9--'(9>'"(\$N'(,$7"2\$L2>$='-$N9**'9;+X$&=+($6"">=$0'*+,\$
K'(3"1($(+H+*$*+91'g+,$=+$=9,$L++($-=">i$L2>$=+$*+95+,$91N"->$,9'17\$
0"*$>#+(>7<>=*++$7+9*-\$#=9>$!+*(,"(\$='-$19#$59*>(+*\$,+-3*'L+,$9-$
^>=+$L'>>+*$=9*H+->$"0$3"(l2;91$'(0+1'3'>7X^$^:"(l2;91$'(0+1'3'>7f^$%=9>$'-$
52>>'(;$'>$N'1,17X$)"*$91N"->$9$b29*>+*$"0$9$3+(>2*7\$a*-$K'(3"1($
(9;;+,$9(,$=9*9--+,$>=+$1'0+$"2>$"0$='NX$
$
R=+$#9-$91#97-$3"N519'('(;\$91#97-$3*'>'3'g'(;$=+*$=2-L9(,i$(">='(;$
9L"2>$='N$#9-$+H+*$*';=>X$!+$#9-$->""5<-="21,+*+,\$=+$#91[+,$
9#[#9*,17$9(,$1'0>+,$='-$0++>$->*9';=>$25$9(,$,"#($1'[+$9($/(,'9(X$
R=+$3"N519'(+,$>=9>$>=+*+$#9-$("$-5*'(;$'($='-$->+5\$("$;*93+$>"$='-$
N"H+N+(>i$9(,$-=+$N'N'3[+,$='-$;9'>$9(,$(9;;+,$9>$='N$>"$#91[$
#'>=$='-$>"+-$5"'(>+,$,"#(\$9-$-=+$=9,$L++($>92;=>$9>$a9,9N+$
a+(>+11+]-$L"9*,'(;$-3=""1$'($K+Y'(;>"(X$
$
R=+$,',(]>$1'[+$>=+$#97$='-$=2;+$+9*-$->"",$"2>$9>$*';=>$9(;1+-$0*"N$
='-$=+9,X$R=+$+H+($>"1,$='N$>=9>$='-$("-+$#9-(]>$->*9';=>\$>=9>$='-$
1"#+*$1'5$->23[$"2>\$9(,$=+$1""[+,$3"(-2N5>'H+\$>=9>$='-$0++>$9(,$
=9(,-$#+*+$>""$19*;+\$='-$=+9,$>""$-N911X$
$
.L*9=9N$K'(3"1($9(,$a9*7$%",,$K'(3"1($#+*+$"55"-'>+-$'($+H+*7$
#97W$'($>*9'('(;\$'($L93[;*"2(,\$'($>+N5+*9N+(>\$'($>9->+-\$'($N+(>91$
"2>1""[X$%=+7$'**'>9>+,$+93=$">=+*$3"(->9(>17X$
$
^a*-$K'(3"1(]-$1"2,\$-=*'11$H"'3+\^$#*">+$>=+$19>+$R+(9>"*$.1L+*>$kX$
6+H+*',;+\$>=+$N"->$,'->'(;2'-=+,$K'(3"1($92>="*'>7$"0$>='-$
;+(+*9>'"(e^a*-$K'(3"1(]-$1"2,$-=*'11$H"'3+$3"21,$L+$=+9*,$93*"--$>=+$
->*++>\$9(,$=+*$'(3+--9(>$"2>L2*->-$"0$#*9>=$#+*+$92,'L1+$>"$911$#="$
1'H+,$(+9*$>=+$="2-+X$)*+b2+(>17$=+*$9(;+*$#9-$,'-5197+,$L7$">=+*$
N+9(-$>=9($#"*,-\$9(,$933"2(>-$"0$=+*$H'"1+(3+$9*+$(2N+*"2-$9(,$
2('N5+93=9L1+X^$
$
%"$'112->*9>+W$a*$9(,$a*-$K'(3"1(\$-="*>17$90>+*$>=+'*$N9**'9;+\$1'H+,$
#'>=$a*-$k93"L$I9*17e9$,"3>"*]-$#',"#$'($R5*'(;0'+1,$#="$#9-$0"*3+,$
>"$>9[+$'($L"9*,+*-X$
$
S(+$N"*('(;$a*$9(,$a*-$K'(3"1($#+*+$=9H'(;$L*+9[09->$#=+($K'(3"1($
,',$-"N+>='(;$>=9>$9*"2-+,$>=+$0'+*7$>+N5+*$"0$='-$#'0+X$&=9>\$("$
"(+$*+N+NL+*-$("#X$62>$a*-$K'(3"1(\$'($9$*9;+\$,9-=+,$9$325$"0$=">$
3"00++$'(>"$=+*$=2-L9(,]-$093+X$.(,$-=+$,',$'>$'($0*"(>$"0$>=+$">=+*$
L"9*,+*-X$R97'(;$(">='(;\$K'(3"1($-9>$>=+*+$'($=2N'1'9>'"($9(,$-'1+(3+$
#='1+$a*-$I9*17$39N+$#'>=$9$#+>$>"#+1$9(,$#'5+,$"00$='-$093+$9(,$
31">=+-X$
$
a*-$K'(3"1(]-$l+91"2-7$#9-$-"$0""1'-=\$-"$0'+*3+\$-"$'(3*+,'L1+\$>=9>$
N+*+17$>"$*+9,$9L"2>$-"N+$"0$>=+$59>=+>'3$9(,$,'-;*93+021$-3+(+-$
-=+$3*+9>+,$'($52L1'3eN+*+17$*+9,'(;$9L"2>$>=+N$-+H+(>7<0'H+$7+9*-$
19>+*$N9[+-$"(+$;9-5$#'>=$9->"('-=N+(>X$R=+$0'(9117$#+(>$'(-9(+i$
9(,$5+*=95-$>=+$N"->$3=9*'>9L1+$>='(;$"(+$39($-97$9L"2>$=+*$'-$>=9>$
=+*$,'-5"-'>'"($#9-$5*"L9L17$91#97-$900+3>+,$L7$'(3'5'+(>$'(-9('>7X$
$
8',$911$>='-$(9;;'(;$9(,$-3"1,'(;$9(,$*9;'(;$3=9(;+$K'(3"1(f$/($"(+$
#97\$7+-X$/>$3+*>9'(17$3=9(;+,$='-$9>>'>2,+$>"#9*,$=+*X$/>$N9,+$='N$
*+;*+>$='-$2(0"*>2(9>+$N9**'9;+\$9(,$'>$N9,+$='N$9H"',$=+*$5*+-+(3+$
9-$N23=$9-$5"--'L1+X$
$
R5*'(;0'+1,$=9,$+1+H+($9>>"*(+7-\$9(,$>=+7$3"21,(]>$911$N9[+$9$1'H'(;$
>=+*+i$-"$>=+7$2-+,$>"$*',+$="*-+L93[$0*"N$"(+$3"2(>7$-+9>$>"$
9(">=+*\$0"11"#'(;$k2,;+$89H',$89H'-$#='1+$=+$#9-$="1,'(;$3"2*>$'($
H9*'"2-$5193+-X$/($>=9>$#97\$>=+7$N9(9;+,$>"$5'3[$25$L2-'(+--$0*"N$
911$>=+$3"2(>7$-+9>$>"#(-$>=*"2;="2>$>=+$I';=>=$k2,'3'91$8'->*'3>X$
$
%=+$">=+*$9>>"*(+7-$91#97-$N9(9;+,$>"$;+>$L93[$>"$R5*'(;0'+1,$+93=$
R9>2*,97$9(,$-5+(,$>=+$#++[<+(,$#'>=$>=+'*$09N'1'+-X$62>$K'(3"1($
,',(]>X$!+$,*+9,+,$>"$;"$="N+W$9(,$0"*$>=*++$N"(>=-$'($>=+$-5*'(;\$
9(,$9;9'($0"*$>=*++$N"(>=-$'($>=+$92>2N(\$=+$*+N9'(+,$"2>$"($>=+$
3'*32'>$9(,$(+H+*$#+(>$(+9*$R5*'(;0'+1,X$!+$[+5>$>='-$25$7+9*$90>+*$
7+9*X$K'H'(;$3"(,'>'"(-$'($>=+$3"2(>*7$=">+1-$#+*+$"0>+($#*+>3=+,i$
L2>\$#*+>3=+,$9-$>=+7$#+*+\$=+$5*+0+**+,$>=+N$>"$='-$"#($="N+$9(,$
a*-$K'(3"1(]-$3"(->9(>$(9;;'(;$9(,$#'1,$"2>L2*->-$"0$>+N5+*X$
$
R23=$9*+$>=+$*+-21>-$>=9>$a*-$K'(3"1(\$>=+$IN5*+--$I2;+('3\$9(,$
:"2(>+--$%"1->"'$"L>9'(+,$L7$>=+'*$(9;;'(;X$%=+7$L*"2;=>$(">='(;$
L2>$>*9;+,7$'(>"$>=+'*$1'H+-X$%=+7$,+->*"7+,$911$>=9>$>=+7$3=+*'-=+,$
N"->X$
$
6+--'+$!9NL2*;+*\$#="$=9-$-5+(>$+1+H+($7+9*-$'($>=+$8"N+->'3$
G+19>'"(-$:"2*>$'($M+#$_"*[$:'>7\$9(,$=9-$*+H'+#+,$>="2-9(,-$"0$
39-+-$"0$,+-+*>'"(\$-97-$>=9>$"(+$"0$>=+$3='+0$*+9-"(-$N+($1+9H+$
="N+$'-$L+392-+$>=+'*$#'H+-$(9;X$S*\$9-$>=+$6"->"($4"->$52>-$'>W$
^a9(7$9$#'0+$=9-$N9,+$=+*$"#($N9*'>91$;*9H+$#'>=$9$-+*'+-$"0$1'>>1+$
,';-X^$
$
R"\$'0$7"2$#9(>$>"$[++5$7"2*$="N+$1'0+$=9557\$$
$
c$G21+$?$'-W$8"(]>\$,"(]>$(9;jjj$$
$
ooooooo$
$
P$<$K"H+$.(,$K+>$K'H+$
$
^/$a97$:"NN'>$N9(7$0"11'+-$'($1'0+\^$8'-*9+1'$-9',\$^L2>$/$(+H+*$'(>+(,$
>"$N9**7$0"*$1"H+X^$.(,$=+$,',(]>X$!+$->97+,$-'(;1+$2(>'1$=+$#9-$
>='*>7<0'H+\$9(,$>=+($=+$5*"5"-+,$>"$9$*'3=$#',"#\$9$#',"#$0'0>++($
7+9*-$='-$-+('"*i$9$#',"#$#="-+$=9'*$#9-$#='>+$#'>=$>=+$59--'(;$"0$
0'0>7$#'(>+*-X$K"H+f$S=\$("X$R=+$[(+#$=+$,',(]>$1"H+$=+*X$R=+$[(+#$
=+$#9-$N9**7'(;$=+*$0"*$=+*$N"(+7j$R"$-=+$N9,+$l2->$"(+$*+b2+->W$
-=+$9-[+,$='N$>"$#9'>$9$7+9*$>"$;'H+$=+*$>=+$"55"*>2('>7$>"$->2,7$='-$
3=9*93>+*X$.(,$9>$>=+$+(,$"0$>=9>$>'N+\$-=+$N9**'+,$='NX$
$
R"2(,-$5*+>>7$5*"-9'3\$5*+>>7$3"NN+*3'91\$,"+-(]>$'>f$_+>$
59*9,"Y'39117$+("2;=\$8'-*9+1']-$N9**'9;+$#9-$"(+$"0$>=+$N"->$
;1"#'(;$-233+--+-$'($911$>=+$L9>>+*+,$9(,$L+-59>>+*+,$9((91-$"0$
N9>*'N"(7X$
$
%=+$*'3=$#',"#$>=9>$8'-*9+1'$3="-+$#9-$(+'>=+*$7"2(;\$("*$L+92>'021\$
("*$L*'11'9(>X$)9*$0*"N$'>X$!+*$3"(H+*-9>'"($L2LL1+,$#'>=$9$192;=<
5*"H"['(;$,'-5197$"0$1'>+*9*7$9(,$='->"*'391$L12(,+*-X$)"*$+Y9N51+\$-=+$
^(+H+*$[(+#$#='3=$39N+$0'*->\$>=+$`*++[-$"*$>=+$G"N9(-X^$!+*$>9->+$
'($31">=+-$#9-$L'g9**+i$9(,$=+*$>9->+$'($="2-+$02*('-='(;-$#9-$
09(>9->'3X$62>$-=+$#9-$9$;+('2-\$9$5"-'>'H+$;+('2-$9>$>=+$N"->$
'N5"*>9(>$>='(;$'($N9**'9;+W$>=+$9*>$"0$=9(,1'(;$N+(X$
$
R=+$,',(]>$9>>+N5>$>"$-+>$25$=+*$'(>+11+3>$9;9'(->$8'-*9+1']-X$&=+($=+$
39N+$="N+$L"*+,$9(,$+Y=92->+,$90>+*$9($90>+*(""($"0$N9>3='(;$
*+59*>++$#'>=$#'>>7$,23=+--+-\$a9*7$.((+]-$0*'H"1"2-$59>>+*$5+*N'>>+,$
='N$>"$*+19YX$!"N+\$>"$='-$'(3*+9-'(;$,+1';=>\$#9-$9$5193+$#=+*+$=+$
3"21,$+9-+$'(>"$='-$N+(>91$-1'55+*-$9(,$L9-[$'($>=+$#9*N>=$"0$a9*7$
.((+]-$9,"*9>'"(X$%=+-+$="2*-$=+$-5+(>$9>$="N+$#'>=$='-$9;+'(;$#'0+$
#+*+$>=+$=955'+->$"0$='-$1'0+X$R=+$#9-$='-$=+15N9>+\$='-$3"(0',9(>+\$
='-$9,H'-"*X$IH+*7$(';=>$=+$=2**'+,$="N+$0*"N$>=+$!"2-+$"0$
:"NN"(-$>"$>+11$=+*$>=+$,97]-$(+#-X$.(,e>='-$'-$'N5"*>9(>e
#=9>+H+*$=+$2(,+*>""[\$a9*7$.((+$-'N517$,',$(">$L+1'+H+$=+$3"21,$
09'1X$
$
)"*$>='*>7$7+9*-\$a9*7$.((+$1'H+,$0"*$8'-*9+1'\$9(,$0"*$='N$91"(+X$IH+($
=+*$#+91>=$-=+$H912+,$"(17$L+392-+$'>$N9,+$='-$1'0+$+9-'+*X$/($*+>2*(\$
-=+$#9-$='-$=+*"'(+X$!+$L+39N+$9($I9*1$90>+*$-=+$,'+,i$L2>\$+H+($
#='1+$=+$#9-$->'11$9$3"NN"(+*\$=+$5+*-29,+,$h2++($V'3>"*'9$>"$
+1+H9>+$a9*7$.((+$>"$>=+$5++*9;+X$.(,$-"\$'($?EBE\$-=+$#9-$N9,+$
V'-3"2(>+--$6+93"(-0'+1,X$
$
M"$N9>>+*$="#$-'117$"*$-39>>+*L*9'(+,$-=+$N';=>$955+9*$'($52L1'3\$=+$
(+H+*$3*'>'3'g+,$=+*i$=+$(+H+*$2>>+*+,$9$#"*,$"0$*+5*"93=i$9(,$'0$
9(7"(+$,9*+,$>"$*','321+$=+*\$=+$-5*9(;$>"$=+*$,+0+(3+$#'>=$0+*"3'"2-$
1"791>7X$a9*7$.((+$#9-(]>$5+*0+3>\$7+>$0"*$>=*++$,+39,+-$-=+$(+H+*$
>'*+,$"0$>91['(;^$9L"2>$=+*$=2-L9(,\$5*9'-'(;$='N\$9,N'*'(;$='NX$
G+-21>f$^&+$=9H+$L++($N9**'+,$>='*>7$7+9*-\^$8'-*9+1'$-9',\$^9(,$/$
=9H+$(+H+*$L++($L"*+,$L7$=+*X^$F_+>$-"N+$5+"51+$>="2;=>$L+392-+$
a9*7$.((+$,',(]>$[("#$='->"*7\$-=+$N2->$L+$->25',jJ$
$
)"*$='-$59*>\$8'-*9+1'$(+H+*$N9,+$'>$9(7$-+3*+>$>=9>$a9*7$.((+$#9-$
>=+$N"->$'N5"*>9(>$>='(;$'($='-$1'0+X$G+-21>f$^%=9([-$>"$='-$['(,(+--\^$
a9*7$.((+$2-+,$>"$>+11$>=+'*$0*'+(,-\$^N7$1'0+$=9-$L++($-'N517$"(+$
1"(;$-3+(+$"0$=955'(+--X^$6+>#++($>=+N\$>=+7$=9,$9$1'>>1+$l"[+X$^_"2$
[("#\^$8'-*9+1'$#"21,$-97\$^/$"(17$N9**'+,$7"2$0"*$7"2*$N"(+7$
9(7="#X^$.(,$a9*7$.((+\$-N'1'(;\$#"21,$*+517\$^_+-\$L2>$'0$7"2$=9,$
'>$>"$,"$"H+*$9;9'(\$7"2],$N9**7$N+$0"*$1"H+\$#"21,(]>$7"2f^$.(,$=+$
9,N'>>+,$'>$#9-$>*2+X$M"\$a9*7$.((+$#9-(]>$5+*0+3>X$62>$8'-*9+1'$#9-$
#'-+$+("2;=$>"$1+>$=+*$L+$=+*-+10X$
$
.-$!+(*7$k9N+-$52>$'>W$^%=+$0'*->$>='(;$>"$1+9*($'(X$'(>+*3"2*-+$#'>=$
">=+*-$'-$("('(>+*0+*+(3+$#'>=$>=+'*$"#($5+321'9*$#97-$"0$L+'(;$
=9557\$5*"H',+,$>="-+$#97-$,"$(">$9--2N+$>"$'(>+*0+*+$L7$H'"1+(3+$
#'>=$"2*-X^$
$
%=9>]-$'N5"*>9(>$+("2;=$>"$*+5+9>W$^%=+$0'*->$>='(;$>"$1+9*($'($
'(>+*3"2*-+$#'>=$">=+*-$'-$("('(>+*0+*+(3+$#'>=$>=+'*$"#($5+321'9*$
#97-$"0$L+'(;$=9557$XXX^$
$
S*\$9-$K+19(,$)"->+*$&"",$'($='-$L""[\$`*"#'(;$%";+>=+*$'($>=+$
)9N'17\$=9-$"L-+*H+,W$^R233+--$'($N9**'9;+$'-$N23=$N"*+$>=9($9$
N9>>+*$"0$0'(,'(;$>=+$*';=>$5+*-"(i$'>$'-$91-"$9$N9>>+*$"0$L+'(;$>=+$
*';=>$5+*-"(X^$
$
R"\$'0$7"2$#9(>$7"2*$="N+$1'0+$>"$L+$=9557\$$
$
c$G21+$P$'-W$8"(]>$>*7$>"$N9[+$7"2*$59*>(+*$"H+*X$$
$
ooooooo$
$
A$<$8"$%='-$.(,$_"2]11$6+$K""['(;$Z5$%=+$%'N+<%9L1+-$%"$G+("$
$
8'-*9+1']-$L'>>+*+->$*'H91$'($52L1'3$1'0+$#9-$>=+$;*+9>$`19,->"(+X$%=+-+$
>#"$319-=+,$"($+H+*7$,+L9>9L1+$-2Ll+3>$2(,+*$>=+$IN5'*+\$7+>$>=+7$
=9,$"(+$>='(;$'($3"NN"(i$>=+$-25*+N+$=955'(+--$"0$>=+'*$5*'H9>+$
1'H+-X$
$
&'11'9N$9(,$:9>=+*'(+$`19,->"(+$1'H+,$>";+>=+*$0"*$0'0>7<('(+$7+9*-\$
91N"->$>=*++$-3"*+$7+9*-$;1"*'0'+,$#'>=$9($9L','(;$,+H">'"(X$/$1'[+$>"$
>='([$"0$`19,->"(+\$>=+$N"->$,';('0'+,$"0$I(;19(,]-$5*'N+$N'('->+*-\$
319-5'(;$='-$#'0+]-$=9(,$9(,$,9(3'(;$9*"2(,$>=+$=+9*>=*2;$#'>=$=+*\$
-'(;'(;$>='-$-"(;W$
$
.$*9;9N200'($=2-L9(,$9(,$9$*9(>'5"1'(;$#'0+\$$
&+]11$0',,1+$'>$9(,$-3*95+$'>$$
>=*"2;=$>=+$25-$9(,$,"#(-$$
"0$1'0+X$
$
`19,->"(+\$9$0"*N',9L1+$+(+N7$'($52L1'3\$(+H+*$3*'>'3'g+,$9>$="N+X$
&=+($=+$39N+$,"#($>"$L*+9[09->$'($>=+$N"*('(;\$"(17$>"$,'-3"H+*$
>=9>$>=+$*+->$"0$='-$09N'17$#9-$->'11$-1++5'(;\$=+$=9,$9$;+(>1+$#97$"0$
*+;'->+*'(;$='-$*+5*"93=X$!+$*9'-+,$='-$H"'3+$9(,$0'11+,$>=+$="2-+$#'>=$
9$N7->+*'"2-$3=9(>$>=9>$*+N'(,+,$>=+$">=+*$N+NL+*-$>=9>$I(;19(,]-$
L2-'+->$N9($#9-$#9'>'(;$,"#(->9'*-$0"*$='-$L*+9[09->\$911$91"(+X$
8'51"N9>'3\$3"(-',+*9>+\$=+$*';"*"2-17$*+0*9'(+,$0*"N$,"N+->'3$
3*'>'3'-NX$
$
.(,$-"\$"0>+(\$,',$:9>=+*'(+$>=+$`*+9>X$:9>=+*'(+$*21+,$"(+$"0$>=+$
19*;+->$+N5'*+-$>=+$#"*1,$=9-$+H+*$[("#(X$SH+*$N'11'"(-$"0$=+*$
-2Ll+3>-$-=+$=+1,$>=+$5"#+*$"0$1'0+$9(,$,+9>=X$4"1'>'39117\$-=+$#9-$
"0>+($9$3*2+1$>7*9(>\$#9;'(;$2-+1+--$#9*-$9(,$-+(>+(3'(;$-3"*+-$"0$
=+*$+(+N'+-$>"$L+$32>$,"#($L7$0'*'(;$-b29,-X$_+>$'0$>=+$3""[$L2*(+,$
>=+$N+9>\$-=+$-9',$(">='(;X$R=+$-N'1+,$9(,$9>+$'>$#'>=$9$>"1+*9(3+$
>=9>$>=+$9H+*9;+$.N+*'39($=2-L9(,$#"21,$,"$#+11$>"$+N219>+X$
$
8"*">=7$8'Y\$.N+*'39]-$5*+N'+*$92>="*'>7$"($>=+$392-+-$"0$N9*'>91$
2(=955'(+--\$,+319*+-$>=9>$N"*+$>=9($0'0>7$5+*$3+(>$"0$911$N9**'9;+-$
9*+$09'12*+-i$9(,$-=+$[("#-$>=9>$"(+$"0$>=+$*+9-"(-$#=7$-"$N9(7$
*"N9(>'3$,*+9N-$L*+9[$25$"($>=+$*"3[-$"0$G+("$'-$3*'>'3'-Ne02>'1+\$
=+9*>L*+9['(;$3*'>'3'-NX$
$
R"\$'0$7"2$#9(>$>"$[++5$7"2*$="N+$1'0+$=9557\$*+N+NL+*$G21+$AW$
8"(]>$3*'>'3'g+X$
$
.(,$'0$7"2$9*+$>+N5>+,$>"$3*'>'3'g+$>=+$3='1,*+($X$X$X$7"2$'N9;'(+$/$9N$
;"'(;$>"$-97$,"(]>X$62>$/$9N$(">X$/$9N$N+*+17$;"'(;$>"$-97\$L+0"*+$
7"2$3*'>'3'g+$>=+N\$*+9,$"(+$"0$>=+$319--'3-$"0$.N+*'39($l"2*(91'-N\$
^)9>=+*$)"*;+>-X^$/>$955+9*+,$"*';'(9117$9-$9($+,'>"*'91$'($>=+$4+"51+]-$
!"N+$k"2*(91X$&+$9*+$*+5*'(>'(;$'>$=+*+$#'>=$>=+$92>="*]-$
5+*N'--'"(e*+5*'(>'(;$'>$9-$'>$#9-$3"(,+(-+,$'($>=+$G+9,+*]-$8';+->W$
$
^)9>=+*$)"*;+>-^$'-$"(+$"0$>="-+$1'>>1+$5'+3+-$#='3=e$,9-=+,$"00$'($9$
N"N+(>$"0$-'(3+*+$0++1'(;e->*'[+-$9($+3="'(;$3="*,$'($-"$N9(7$
*+9,+*-$9-$>"$L+3"N+$9$5+*+(('91$*+5*'(>$09H"2*'>+X$R'(3+$'>-$0'*->$
955+9*9(3+\$-"N+$0'0>++($7+9*-$9;"\$^)9>=+*$)"*;+>-^$=9-$L++($
*+5*",23+,\$#*'>+-$>=+$92>="*\$&X$K'H'(;->"($K9*(+,\$^'($=2(,*+,-$"0$
N9;9g'(+-$9(,$="2-+$"*;9(-\$9(,$'($(+#-595+*-$>=+$3"2(>*7$"H+*X$/>$
=9-$L++($*+5*'(>+,$91N"->$9-$+Y>+(-'H+17$'($N9(7$0"*+';($19(;29;+-X$
/$=9H+$;'H+($5+*-"(91$5+*N'--'"($>"$>="2-9(,-$#="$#'-=+,$>"$*+9,$'>$
0*"N$-3=""1\$3=2*3=\$9(,$1+3>2*+$519>0"*N-X$/>$=9-$L++($]"($>=+$9'*]$
"($3"2(>1+--$"339-'"(-$9(,$5*";*9NN+-X$S,,17$+("2;=\$3"11+;+$
5+*'",'391-$=9H+$2-+,$'>\$9(,$=';=<-3=""1$N9;9g'(+-X$R"N+>'N+-$9$
1'>>1+$5'+3+$-++N-$N7->+*'"2-17$>"$]31'3[X]$%='-$"(+$3+*>9'(17$,',X^$
$
)9>=+*$)"*;+>-$$
&X$K'H'(;->"($K9*(+,$
$
K'->+(\$-"(W$/$9N$-97'(;$>='-$9-$7"2$1'+$9-1++5\$"(+$1'>>1+$59#$
3*2N51+,$2(,+*$7"2*$3=++[$9(,$>=+$L1"(,$32*1-$->'3['17$#+>$"($7"2*$
,9N5$0"*+=+9,X$/$=9H+$->"1+($'(>"$7"2*$*""N$91"(+X$k2->$9$0+#$
N'(2>+-$9;"\$9-$/$-9>$*+9,'(;$N7$595+*$'($>=+$1'L*9*7\$9$->'01'(;$#9H+$
"0$*+N"*-+$-#+5>$"H+*$N+X$`2'1>'17$/$39N+$>"$7"2*$L+,-',+X$
$
%=+-+$9*+$>=+$>='(;-$/$#9-$>='(['(;\$-"(W$/$=9,$L++($3*"--$>"$7"2X$/$
-3"1,+,$7"2$9-$7"2$#+*+$,*+--'(;$0"*$-3=""1$L+392-+$7"2$;9H+$7"2*$
093+$N+*+17$9$,9L$#'>=$9$>"#+1X$/$>""[$7"2$>"$>9-[$0"*$(">$31+9('(;$
7"2*$-="+-X$/$3911+,$"2>$9(;*'17$#=+($7"2$>=*+#$-"N+$"0$7"2*$>='(;-$
"($>=+$01""*X$
$
.>$L*+9[09->$/$0"2(,$0921>\$>""X$_"2$-5'11+,$>='(;-X$_"2$;215+,$,"#($
7"2*$0"",X$_"2$52>$7"2*$+1L"#-$"($>=+$>9L1+X$_"2$-5*+9,$L2>>+*$>""$
>='3[$"($7"2*$L*+9,X$.(,$9-$7"2$->9*>+,$"00$>"$5197$9(,$/$N9,+$0"*$
N7$>*9'(\$7"2$>2*(+,$9(,$#9H+,$9$=9(,$9(,$3911+,\$^`"",<L7+\$
89,,7j^$9(,$/$0*"#(+,\$9(,$-9',$'($*+517\$^!"1,$7"2*$R="21,+*-$
L93[j^$
$
%=+($'>$L+;9($911$"H+*$9;9'($'($>=+$19>+$90>+*(""(X$.-$/$39N+$25$>=+$
*"9,$/$-5'+,$7"2\$,"#($"($7"2*$[(++-\$5197'(;$N9*L1+-X$%=+*+$#+*+$
="1+-$'($7"2*$->"3['(;-X$/$=2N'1'9>+,$7"2$L+0"*+$7"2*$L"7$0*'+(,-$L7$
N9*3='(;$7"2$9=+9,$"0$N+$>"$>=+$="2-+X$R>"3['(;-$#+*+$+Y5+(-'H+e
9(,$'0$7"2$=9,$>"$L27$>=+N$7"2$#"21,$L+$N"*+$39*+021j$/N9;'(+$
>=9>\$-"(\$0*"N$9$09>=+*j$
$
8"$7"2$*+N+NL+*\$19>+*\$#=+($/$#9-$*+9,'(;$'($>=+$1'L*9*7\$="#$7"2$
39N+$'(\$>'N',17\$#'>=$9$-"*>$"0$=2*>$1""[$'($7"2*$+7+-f$&=+($/$
;19(3+,$25$"H+*$N7$595+*\$'N59>'+(>$9>$>=+$'(>+**25>'"(\$7"2$
=+-'>9>+,$9>$>=+$,""*X$^&=9>$'-$'>$7"2$#9(>f^$/$-(955+,X$
$
_"2$-9',$(">='(;\$L2>$*9($93*"--$'($"(+$>+N5+->2"2-$512(;+\$9(,$
>=*+#$7"2*$9*N-$9*"2(,$N7$(+3[$9(,$['--+,$N+\$9(,$7"2*$-N911$
9*N-$>';=>+(+,$#'>=$9($900+3>'"($>=9>$`",$=9,$-+>$L1""N'(;$'($7"2*$
=+9*>$9(,$#='3=$+H+($(+;1+3>$3"21,$(">$#'>=+*X$.(,$>=+($7"2$#+*+$
;"(+\$59>>+*'(;$25$>=+$->9'*-X$
$
&+11\$-"(\$'>$#9-$-="*>17$90>+*#9*,-$>=9>$N7$595+*$-1'55+,$0*"N$N7$
=9(,-$9(,$9$>+**'L1+$-'3[+('(;$0+9*$39N+$"H+*$N+X$&=9>$=9-$=9L'>$
L++($,"'(;$>"$N+f$%=+$=9L'>$"0$0'(,'(;$0921>\$"0$*+5*'N9(,'(;e>='-$
#9-$N7$*+#9*,$>"$7"2$0"*$L+'(;$9$L"7X$/>$#9-$(">$>=9>$/$,',$(">$1"H+$
7"2i$'>$#9-$>=9>$/$+Y5+3>+,$>""$N23=$"0$7"2>=X$/>$#9-$N+9-2*'(;$7"2$
L7$>=+$79*,->'3[$"0$N7$"#($7+9*-X$
$
.(,$>=+*+$#9-$-"$N23=$>=9>$#9-$;"",$9(,$0'(+$9(,$>*2+$'($7"2*$
3=9*93>+*X$%=+$1'>>1+$=+9*>$"0$7"2$#9-$9-$L';$9-$>=+$,9#($'>-+10$"H+*$
>=+$#',+$='11-X$%='-$#9-$-="#($L7$7"2*$-5"(>9(+"2-$'N521-+$>"$*2-=$
'($9(,$['--$N+$;"",(';=>X$M">='(;$+1-+$N9>>+*-$>"(';=>\$-"(X$/$=9H+$
3"N+$>"$7"2*$L+,-',+$'($>=+$,9*[(+--\$9(,$/$=9H+$[(+1>$>=+*+\$
9-=9N+,j$
$
/>$'-$9$0++L1+$9>"(+N+(>i$/$[("#$7"2$#"21,$(">$2(,+*->9(,$>=+-+$
>='(;-$'0$/$>"1,$>=+N$>"$7"2$,2*'(;$7"2*$#9['(;$="2*-X$62>$>"N"**"#$
/$#'11$L+$9$*+91$,9,,7j$/$#'11$3=2N$#'>=$7"2\$9(,$-200+*$#=+($7"2$
-200+*\$9(,$192;=$#=+($7"2$192;=X$/$#'11$L'>+$N7$>"(;2+$#=+($
'N59>'+(>$#"*,-$3"N+X$/$#'11$[++5$-97'(;$9-$'0$'>$#+*+$9$*'>291W$^!+$'-$
(">='(;$L2>$9$L"7e9$1'>>1+$L"7j^$
$
/$9N$90*9',$/$=9H+$H'-291'g+,$7"2$9-$9$N9(X$_+>$9-$/$-++$7"2$("#\$
-"(\$3*2N51+,$9(,$#+9*7$'($7"2*$3">\$/$-++$>=9>$7"2$9*+$->'11$9$L9L7X$
_+->+*,97$7"2$#+*+$'($7"2*$N">=+*]-$9*N-\$7"2*$=+9,$"($=+*$
-="21,+*X$/$=9H+$9-[+,$>""$N23=\$>""$N23=X$$
$
ooooooo$
$
D$<$.$h2'3[$&97$%"$a9[+$IH+*7L",7$!9557$
$
^a"->$a+($#=+($-++['(;$#'H+-\^$-97-$4921$4"5+("+\$8'*+3>"*$"0$>=+$
/(->'>2>+$"0$)9N'17$G+19>'"(-$'($K"-$.(;+1+-\$^9*+$(">$1""['(;$0"*$
+Y+32>'H+-$L2>$0"*$-"N+"(+$#'>=$9112*+$9(,$#'11'(;(+--$>"$019>>+*$>=+'*$
H9('>7$9(,$N9[+$>=+N$0++1$-25+*'"*X$!+(3+$>=+$#"N9($"00'3+$
N9(9;+*$N97$L+$'(H'>+,$>"$12(3=+"(\$"(3+X$62>$-=+$b2'>+$5"--'L17$
,'-=+-$"2>$#9*N+,<"H+*$*+N(9(>-$"0$=+*$3"11+;+$3"2*-+-$"($]N9'($
32**+(>-$'($3"(>+N5"*9*7$5='1"-"5=7\]$9(,$N97$+H+($'(-'->$"($597'(;$
=+*$"#($L'11X$G+-21>W$-=+$>=+*+90>+*$12(3=+-$91"(+X$
$
^/($3"(>*9->\$>=+$("(3"11+;'9>+$>75'->\$#=+($'(H'>+,$>"$12(3=+"(\$0'Y+-$
9($'(39(,+-3+(>$;9g+$"($=+*$+-3"*>$9(,$-97-$7+9*('(;17\$]M"#$>+11$
N+$-"N+$N"*+$9L"2>$7"2*-+10X]$G+-21>W$=+$>+11-$>=+$">=+*$0+11"#-$>=9>$
]-=+]-$("$*9H'(;$L+92>7\$L2>$/$=9H+$(+H+*$N+>$9$L+>>+*$>91[+*X]^$
$
a+($-="21,$+Y5*+--$>=+'*$955*+3'9>'"($"0$9$#"N9(]-$+00"*>$>"$1""[$
#+11$9(,$,*+--$L+3"N'(;17X$.11$N+($0"*;+>\$'0$>=+7$=9H+$+H+*$*+91'g+,$
'>\$="#$5*"0"2(,17$#"N+($9*+$'(>+*+->+,$'($31">=+-X$)"*$+Y9N51+\$'0$9$
N9($9(,$#"N9($N++>$9(">=+*$N9($9(,$#"N9($"($>=+$->*++>\$>=+$
#"N9($-+1,"N$1""[-$9>$>=+$">=+*$N9(i$-=+$2-29117$1""[-$>"$-++$="#$
#+11$>=+$">=+*$#"N9($'-$,*+--+,X$
$
a7$;*9(,N">=+*$,'+,$9$0+#$7+9*-$9;"$9>$>=+$9;+$"0$('(+>7<+';=>X$
R="*>17$L+0"*+$=+*$,+9>=\$#+$-="#+,$=+*$9$5=">";*95=$"0$=+*-+10$
>=9>$=9,$L++($>9[+($9$>='*,$"0$9$3+(>2*7$+9*1'+*X$!+*$09'1'(;$+7+-$
3"21,(]>$-++$>=+$5'3>2*+$H+*7$#+11\$9(,$>=+$"(17$b2+->'"($-=+$9-[+,$
#9-W$^&=9>$,*+--$,',$/$=9H+$"(f^$%='([$"0$'>j$.($"1,$#"N9($'($=+*$
19->$8+3+NL+*\$L+,*',,+(\$#+9*7$#'>=$9;+$9-$-=+$197$#'>='($>=+$
-=9,"#$"0$>=+$3+(>2*7$N9*[\$=+*$N+N"*7$09,'(;$-"$09->$>=9>$-=+$#9-$
("$1"(;+*$9L1+$>"$*+3";('g+$+H+($=+*$"#($,92;=>+*-\$->'11$'(>+*+->+,$
'($[("#'(;$#=9>$,*+--$-=+$=9,$#"*($9$>='*,$"0$9$3+(>2*7$L+0"*+j$/$
#9-$9>$=+*$L+,-',+$#=+($-=+$9-[+,$>=9>$b2+->'"(X$/>$1+0>$9($
'N5*+--'"($"($N+$>=9>$#'11$(+H+*$09,+X$
$
%=+$N+($#="$9*+$*+9,'(;$>=+-+$1'(+-$39(]>$*+N+NL+*$#=9>$-2'>-$"*$
-='*>-$>=+7$#"*+$0'H+$7+9*-$9;"\$9(,$>=+7$=9H+(]>$>=+$*+N">+->$,+-'*+$
>"$*+N+NL+*$>=+NX$62>$#"N+(e>=+7$9*+$,'00+*+(>\$9(,$#+$
.N+*'39($N+($"2;=>$>"$*+3";('g+$'>X$)*+(3=$L"7-$"0$>=+$255+*$319--$
9*+$>*9'(+,$>"$+Y5*+--$>=+'*$9,N'*9>'"($"0$9$#"N9(]-$0*"3[$9(,$
3=95+92\$(">$"(17$"(3+$L2>$N9(7$>'N+-$,2*'(;$9($+H+('(;X$.(,$0'0>7$
N'11'"($)*+(3=N+($39(]>$L+$#*"(;j$
$
/$=9H+$9N"(;$N7$31'55'(;-$9$->"*7$>=9>$/$[("#$(+H+*$=955+(+,\$L2>$
'>$'112->*9>+-$9$>*2>=\$-"$/]11$*+5+9>$'>W$
$
.33"*,'(;$>"$>='-$-'117$->"*7\$9$09*N$#"N9(\$9>$>=+$+(,$"0$9$=+9H7$
,97]-$#"*[\$-+>$L+0"*+$=+*$N+($0"1[-$9$=+95'(;$5'1+$"0$=97X$.(,$#=+($
>=+7$'(,';(9(>17$,+N9(,+,$#=+>=+*$-=+],$;"(+$3*9g7\$-=+$*+51'+,W$
^&=7\$="#$,',$/$[("#$7"2],$(">'3+f$/]H+$L++($3""['(;$0"*$7"2$N+($
0"*$>=+$19->$>#+(>7$7+9*-\$9(,$'($911$>=9>$>'N+$/$9'(]>$=+9*,$("$#"*,$>"$
1+>$N+$[("#$7"2$#9-(]>$l2->$+9>'(;$=97j^$
$
%=+$59N5+*+,$9*'->"3*9>-$"0$a"-3"#$9(,$R>$4+>+*-L2*;$2-+,$>"$=9H+$
L+>>+*$N9((+*-i$'($>=+$G2--'9$"0$>=+$:g9*-\$'>$#9-$>=+$32->"N$"0$>=+$
255+*$319--+-\$#=+($>=+7$=9,$+(l"7+,$9$0'(+$,'((+*\$>"$'(-'->$"($
=9H'(;$>=+$3""[$L*"2;=>$'(>"$>=+$,'('(;$*""N$>"$*+3+'H+$>=+'*$
3"(;*9>219>'"(-X$
$
&=7$(">$=9H+$9-$N23=$3"(-',+*9>'"($0"*$7"2*$#'0+f$%=+$(+Y>$>'N+$
>=+$0*'+,$3='3[+($'-$,"(+$>"$9$>+(,+*$>2*(\$>+11$=+*$-"X$K+>$=+*$[("#$
>=9>$7"2$955*+3'9>+$>=+$093>$>=9>$7"2]*+$(">$l2->$+9>'(;$=97X$S*\$9-$
%+Y9-$`2'(9($2-+,$>"$-97\$^`'H+$>=+$1'>>1+$;'*1$9$;*+9>$L';$=9(,X^$
$
.(,$#='1+$7"2]*+$9L"2>$'>\$,"(]>$L+$90*9',$>"$1+>$=+*$[("#$="#$
'N5"*>9(>$-=+$'-$>"$7"2*$=955'(+--X$8'-*9+1'$#9-$9-$;*+9>$9$
->9>+-N9($9-$I(;19(,$+H+*$5*",23+,i$7+>\$9-$#+]H+$-++(\$=+$#9-(]>$
9-=9N+,$>"$1+>$>=+$#"*1,$[("#$="#$N23=$=+$^"#+,$>"$>=+$1'>>1+$
#"N9(X^$
$
k2->$>=+$">=+*$,97\$#='1+$5+*2-'(;$9$N9;9g'(+\$/$39N+$93*"--$>='-X$
/>]-$0*"N$9($'(>+*H'+#$#'>=$I,,'+$:9(>"*X$
$
^/$"#+$N"*+$>"$N7$#'0+\^$-97-$I,,'+$:9(>"*\$^>=9($>"$9(7"(+$+1-+$'($
>=+$#"*1,X$R=+$#9-$N7$L+->$591$9-$9$L"7i$-=+$=+15+,$N+$>"$;"$
->*9';=>X$.(,$90>+*$#+$N9**'+,$-=+$-9H+,$+H+*7$,"119*\$9(,$'(H+->+,$
'>\$9(,$*+'(H+->+,$'>X$R=+$L2'1>$25$9$0"*>2(+$0"*$N+X$&+$=9H+$0'H+$
1"H+17$3='1,*+(X$.(,$-=+]-$N9,+$9$#"(,+*021$="N+$0"*$N+$91#97-X$/0$
/]H+$;">>+($9(7#=+*+\$;'H+$=+*$>=+$3*+,'>X^$
$
S2>$'($!"117#"",\$#=+*+$N9**'9;+$'-$9$*'-[$>=9>$+H+($K1"7,]-$"0$
K"(,"($#"21,(]>$>9[+$9$;9NL1+$"(\$"(+$"0$>=+$0+#$"2>->9(,'(;17$
=9557$N9**'9;+-$'-$>=9>$"0$>=+$&9*(+*$69Y>+*-X$a*-$69Y>+*\$>=+$
0"*N+*$&'('0*+,$6*7-"(\$;9H+$25$9$L*'11'9(>$->9;+$39*++*$#=+($-=+$
N9**'+,X$_+>$=+*$-93*'0'3+$=9-$(+H+*$L++($5+*N'>>+,$>"$N9*$>=+'*$
=955'(+--X$^R=+$N'--+,$>=+$955192-+$"0$->9;+$-233+--\^$&9*(+*$
69Y>+*$-97-\$^L2>$/$=9H+$>*'+,$>"$-++$>=9>$-=+$'-$+(>'*+17$9#9*+$"0$N7$
955192-+X$/0$9$#"N9($'-$>"$0'(,$=955'(+--$9>$911$'($=+*$=2-L9(,\$-=+$
'-$>"$0'(,$'>$'($='-$955*+3'9>'"(\$9(,$,+H">'"(X$/0$>=9>$955*+3'9>'"($9(,$
,+H">'"($'-$93>291\$>=+*+$'-$>=+$9(-#+*$>"$='-$=955'(+--$91-"X^$
$
%=+*+$7"2$9*+X$R"\$'0$7"2$#9(>$>"$[++5$7"2*$="N+$1'0+$=9557\$"(+$"0$
>=+$N"->$'N5"*>9(>$*21+-$'-$$
$
c$G21+$DW$`'H+$="(+->$955*+3'9>'"(X$$
$
ooooooo$
$
T$<$%=+7$a+9($R"$a23=$%"$.$&"N9($$
$
)*"N$%'N+$'NN+N"*'91\$01"#+*-$=9H+$L++($3"(-',+*+,$>=+$19(;29;+$
"0$1"H+X$%=+7$,"(]>$3"->$N23=\$+-5+3'9117$'($-+9-"(\$9(,$"0>+($>=+7]*+$
0"*$-91+$"($>=+$->*++>$3"*(+*-X$_+>\$3"(-',+*'(;$>=+$*9*'>7$#'>=$#='3=$
>=+$9H+*9;+$=2-L9(,$>9[+-$="N+$9$L2(3=$"0$,900",'1-\$7"2$N';=>$
-255"-+$>=+N$>"$L+$9-$+Y5+(-'H+$9-$"*3=',-$9(,$9-$=9*,$>"$3"N+$L7$
9-$>=+$+,+1#+'--$#='3=$01"#+*-$"($>=+$31"2,<-#+5>$31'00-$"0$>=+$.15-X$
$
&=7$#9'>$2(>'1$7"2*$#'0+$;"+-$>"$>=+$="-5'>91$>"$;'H+$=+*$9$0+#$
01"#+*-f$&=7$(">$L*'(;$=+*$9$0+#$*"-+-$>"N"**"#$(';=>f$_"2$1'[+$>"$
+Y5+*'N+(>X$%*7$'>X$R++$#=9>$=955+(-X$
$
`+"*;+$aX$:"=9(\$L2-7$9-$=+$#9-$"($6*"9,#97\$2-+,$>"$>+1+5="(+$
='-$N">=+*$>#'3+$9$,97$25$>"$>=+$>'N+$"0$=+*$,+9>=X$8"$7"2$-255"-+$
=+$=9,$->9*>1'(;$(+#-$0"*$=+*$+93=$>'N+f$M"\$>=+$N+9('(;$"0$1'>>1+$
9>>+(>'"(-$'-$>='-W$'>$-="#-$>=+$5+*-"($7"2$1"H+$>=9>$7"2$9*+$>='(['(;$
"0$=+*\$>=9>$7"2$#9(>$>"$51+9-+$=+*\$9(,$>=9>$=+*$=955'(+--$9(,$
#+109*+$9*+$H+*7$,+9*\$9(,$H+*7$(+9*\$>"$7"2*$=+9*>X$
$
&"N+($9>>93=$9$1">$"0$'N5"*>9(3+$>"$L'*>=,97-$9(,$9(('H+*-9*'+-e
l2->$#=7\$#'11$0"*+H+*$*+N9'($"(+$"0$>="-+$0+N'('(+$N7->+*'+-X$%=+$
9H+*9;+$N9($39($L12(,+*$>=*"2;=$1'0+$#'>="2>$N+N"*'g'(;$N9(7$
,9>+-\$L2>$>=+*+$9*+$9$0+#$#='3=$9*+$'(,'-5+(-9L1+W$?D@P\$?OOB\$>=+$
,9>+$"0$='-$#'0+]-$L'*>=,97\$9(,$>=+$7+9*$9(,$,9>+$"0$='-$"#($
N9**'9;+X$/0$(++,$L+\$=+$39($+H+($;+>$91"(;$#'>="2>$>=+$0'*->$>#"e
L2>$(">$>=+$19->j$
$
k2,;+$k"-+5=$R9LL9>=$"0$:='39;"\$#="$=9-$*+H'+#+,$DQ\QQQ$N9*'>91$
,'-52>+-$9(,$*+3"(3'1+,$P\QQQ$3"251+-\$-97-W$^%*'H'91'>'+-$9*+$9>$>=+$
L">>"N$"0$N"->$N9*'>91$2(=955'(+--X$R23=$9$-'N51+$>='(;$9-$9$#'0+]-$
#9H'(;$;"",<L7+$>"$=+*$=2-L9(,$#=+($=+$;"+-$>"$#"*[$'($>=+$
N"*('(;$#"21,$9H+*>$9$;"",$N9(7$,'H"*3+-X^$
$
G"L+*>$6*"#('(;\$#="-+$1'0+$#'>=$I1'g9L+>=$69**+>>$6*"#('(;$#9-$
5+*=95-$>=+$N"->$',711'3$"($*+3"*,\$#9-$(+H+*$>""$L2-7$>"$[++5$1"H+$
91'H+$#'>=$1'>>1+\$>*'L2>+-$9(,$9>>+(>'"(-X$!+$>*+9>+,$='-$'(H91',$#'0+$
#'>=$-23=$3"(-',+*9>'"($>=9>$-=+$"(3+$#*">+$>"$=+*$-'->+*-W$^.(,$("#$
/$L+;'($>"$#"(,+*$(9>2*9117$#=+>=+*$/$N97$(">$L+$-"N+$-"*>$"0$*+91$
9(;+1$90>+*$911X^$
$
%""$N9(7$N+($2(,+*+->'N9>+$>=+$H912+$"0$>=+-+$-N911\$+H+*7,97$
9>>+(>'"(-X$.-$`97("*$a9,,"Y$-9',$'($9($9*>'31+$'($>=+$4'3>"*'91$
G+H'+#W$^%=+$.N+*'39($="N+$*+9117$(++,-$9$0+#$(+#$H'3+-X$
6*+9[09->$'($L+,\$0"*$'(->9(3+\$'-$"(+$"0$>="-+$9N'9L1+$,'--'59>'"(-$9$
;*+9>+*$(2NL+*$"0$#"N+($-="21,$L+$'(,21;+,$'(X$6*+9[09->$'($L+,$>"$
9$#"N9($,"+-$N23=$>=+$-9N+$>='(;$9-$9$5*'H9>+$312L$0"*$9$N9(X^$
$
%=9>]-$#=9>$N9**'9;+$'-$'($>=+$1"(;$*2(e9$-+*'+-$"0$>*'H'91$'(3',+(>-X$
.(,$#"+$>"$>=+$3"251+$#="$"H+*1""[$>=9>$093>X$I,(9$R>X$V'(3+(>$
a'1197$-2NN+,$'>$911$25$"(3+$'($"(+$"0$=+*$3"(3'-+$1'>>1+$*=7N+-W$
$
^$]%'-$(">$1"H+]-$;"'(;$=2*>-$N7$,97-\$62>$>=9>$'>$#+(>$'($1'>>1+$#97-X^$
$
%=9>]-$9$;"",$H+*-+$>"$N+N"*'g+X$S2>$'($G+("\$>=+$3"2*>-$;*9(>$
,'H"*3+-$-'Y$,97-$9$#++[\$9>$>=+$*9>+$"0$"(+$+H+*7$>+($N9**'9;+-X$
!"#$N9(7$"0$>=+-+$N9**'9;+-$,"$7"2$-255"-+$#+*+$#*+3[+,$25"($
>=+$*++0$"0$*+91$>*9;+,7f$a';=>7$0+#\$/]11$#9**9(>X$/0$7"2$3"21,$-'>$
>=+*+$,97$'(\$,97$"2>\$1'->+('(;$>"$>=+$>+->'N"(7$"0$>="-+$2(=9557$
=2-L9(,-$9(,$#'H+-\$7"2],$[("#$1"H+$^#+(>$'($1'>>1+$#97-X^$
$
%9[+$7"2*$5"3[+>$[('0+$("#$9(,$32>$"2>$>='-$b2">9>'"(X$49->+$'>$'(-',+$
7"2*$=9>$"*$59->+$'>$"($>=+$N'**"*\$#=+*+$7"2$#'11$-++$'>$+H+*7$
N"*('(;$#=+($7"2$-=9H+W$
$
^/$-=911$59--$>='-$#97$L2>$"(3+i$9(7$;"",\$>=+*+0"*+\$>=9>$/$39($,"$"*$
9(7$['(,(+--$>=9>$/$39($-="#$>"$9(7$=2N9($L+'(;\$1+>$N+$,"$'>$("#X$
K+>$N+$(">$,+0+*$("*$(+;1+3>$'>\$0"*$/$-=911$(">$59--$>='-$#97$9;9'(X^$
$
R"\$'0$7"2$#9(>$>"$[++5$7"2*$="N+$1'0+$=9557\$$
$
c$G21+$T$'-W$497$1'>>1+$9>>+(>'"(-X$$
$
ooooooo$
$
B$<$/0$_"2$&9(>$%"$6+$!9557\$8"(]>$M+;1+3>$%='-$S(+$
$
&91>+*$89N*"-3=$N9**'+,$>=+$,92;=>+*$"0$k9N+-$`X$619'(+\$"(+$"0$
.N+*'39]-$;*+9>+->$"*9>"*-$9(,$"(+<>'N+$39(,',9>+$0"*$4*+-',+(>X$
IH+*$-'(3+$>=+7$N+>$N9(7$7+9*-$9;"$9>$.(,*+#$:9*(+;'+]-$="N+$'($
R3">19(,\$>=+$89N*"-3=-$=9H+$1+,$9$3"(-5'32"2-17$=9557$1'0+X$
$
%=+$-+3*+>f$
$
^M+Y>$>"$39*+$'($3=""-'(;$9$59*>(+*\^X$-97-$a*-$89N*"-3=\$^/$-="21,$
5193+$3"2*>+-7$90>+*$N9**'9;+X$/0$7"2(;$#'H+-$#"21,$"(17$L+$9-$
3"2*>+"2-$>"$>=+'*$=2-L9(,-$9-$>"$->*9(;+*-j$.(7$N9($#'11$*2($0*"N$9$
-=*+#'-=$>"(;2+X^$
$
G2,+(+--$'-$>=+$39(3+*$>=9>$,+H"2*-$1"H+X$IH+*7"(+$[("#-$>='-\$7+>$
'>]-$(">"*'"2-$>=9>$#+$9*+$N"*+$5"1'>+$>"$->*9(;+*-$>=9($#+$9*+$>"$"2*$
"#($*+19>'H+-X$&+$#"21,(]>$,*+9N$"0$'(>+**25>'(;$->*9(;+*-$>"$-97\$
^`"",$=+9H+(-\$9*+$7"2$;"'(;$>"$>+11$>=9>$"1,$->"*7$9;9'(j^$&+$
#"21,(]>$,*+9N$"0$"5+('(;$"2*$0*'+(,-]$N9'1$#'>="2>$5+*N'--'"(\$"*$
5*7'(;$'(>"$>=+'*$5+*-"(91$-+3*+>-X$.(,$'>]-$"(17$>=+$N+NL+*-$"0$"2*$
"#($09N'17\$>="-+$#="$9*+$(+9*+->$9(,$,+9*+->$>"$2-\$>=9>$#+$,9*+$
'(-21>$0"*$>=+'*$>*'H'91$0921>-X$
$
.;9'($>"$b2">+$8"*">=7$8'YW$^/>$'-$9($9N9g'(;$L2>$>*2+$>='(;$>=9>$
5*93>'39117$>=+$"(17$5+"51+$#="$+H+*$-97$N+9(\$'(-21>'(;\$#"2(,'(;$
>='(;-$>"$2-$9*+$>="-+$"0$"2*$"#($="2-+="1,-X^$
$
^:"2*>+-7\^$-97-$!+(*7$:197$G'-(+*\$^'-$>=9>$b291'>7$"0$=+9*>$>=9>$
"H+*1""[-$>=+$L*"[+($;9>+$9(,$3911-$9>>+(>'"($>"$>=+$01"#+*-$'($>=+$
79*,$L+7"(,$>=+$;9>+X^$:"2*>+-7$'-$l2->$9-$'N5"*>9(>$>"$N9**'9;+$9-$
"'1$'-$>"$7"2*$N">"*X$
$
S1'H+*$&+(,+11$!"1N+-\$>=+$L+1"H+,$^.2>"3*9>$"0$>=+$6*+9[09->$
%9L1+\^$#9-$9(7>='(;$L2>$9($92>"3*9>$'($='-$"#($="N+X$/($093>\$=+$
39**'+,$='-$3"(-',+*9>'"($-"$09*$>=9>$#=+($=+$0+1>$N+19(3="17$9(,$
,+5*+--+,\$=+$>*'+,$>"$3"(3+91$='-$L12+-$0*"N$>=+$*+->$"0$='-$09N'17X$/>$
#9-$L9,$+("2;=$0"*$='N$>"$=9H+$>"$L+9*$>=+N$='N-+10\$=+$-9',\$
#'>="2>$'(01'3>'(;$>=+N$"($>=+$">=+*-$9-$#+11X$
$
%=9>$'-$#=9>$S1'H+*$&+(,+11$!"1N+-$,',X$62>$#=9>$9L"2>$>=+$9H+*9;+$
N"*>91f$%='(;-$;"$#*"(;$9>$>=+$"00'3+i$=+$1"-+-$9$-91+$"*$;+>-$3911+,$
"($>=+$39*5+>$L7$>=+$L"--X$!+$,+H+1"5-$9$,+H9->9>'(;$=+9,93=+$"*$
N'--+-$>=+$0'H+<0'0>++(i$9(,$=+$39($=9*,17$#9'>$>'11$=+$;+>-$="N+e>"$
>9[+$'>$"2>$"($>=+$09N'17X$
$
/($!"119(,$7"2$1+9H+$7"2*$-="+-$"2>-',+$"($>=+$,""*->+5$L+0"*+$7"2$
+(>+*$>=+$="2-+X$67$>=+$K"*,$!9**7\$#+$3"21,$1+9*($9$1+--"($0*"N$>=+$
82>3=$9(,$-=+,$"2*$#"*[9,97$>*"2L1+-$L+0"*+$#+$+(>+*$"2*$="N+-X$
$
&'11'9N$k9N+-$"(3+$#*">+$9($+--97$3911+,$^S($9$:+*>9'($61'(,(+--$'($
!2N9($6+'(;-X^$/>$#"21,$L+$#"*>=$9$-5+3'91$>*'5$>"$7"2*$(+9*+->$
1'L*9*7$>"$;+>$>=9>$+--97$9(,$*+9,$'>X$^M"#$>=+$L1'(,(+--$'($=2N9($
L+'(;-$"0$#='3=$>='-$,'-3"2*-+$#'11$>*+9>\^$=+$#*">+\$^'-$>=+$L1'(,(+--$
#'>=$#='3=$#+$911$9*+$9001'3>+,$'($*+;9*,$>"$>=+$0++1'(;-$"0$3*+9>2*+-$
9(,$5+"51+$,'00+*+(>$0*"N$"2*-+1H+-X^$
$
^%=+$L1'(,(+--$#'>=$#='3=$#+$911$9*+$9001'3>+,X^$a9(7$N+($#="$
#"21,(]>$,*+9N$"0$-5+9['(;$-=9*517$>"$9$32->"N+*\$"*$+H+($>"$>=+'*$
59*>(+*-$'($L2-'(+--\$>='([$(">='(;$"0$L9*['(;$9>$>=+'*$#'H+-X$_+>\$0"*$
>=+'*$5+*-"(91$=955'(+--\$N9**'9;+$'-$09*$N"*+$'N5"*>9(>$>"$>=+N\$09*$
N"*+$H'>91\$>=9($L2-'(+--X$
$
%=+$9H+*9;+$N9($#="$'-$=955'17$N9**'+,$'-$=955'+*$L7$09*$>=9($>=+$
;+('2-$#="$1'H+-$'($-"1'>2,+X$%2*;+(+H\$>=+$;*+9>$G2--'9($("H+1'->\$
#9-$93319'N+,$911$"H+*$>=+$3'H'1'g+,$#"*1,X$_+>$=+$-9',W$^/$#"21,$;'H+$
25$911$N7$;+('2-\$9(,$911$N7$L""[-\$'0$>=+*+$#+*+$"(17$-"N+$#"N9(\$
-"N+#=+*+\$#="$39*+,$#=+>=+*$"*$(">$/$39N+$="N+$19>+$0"*$,'((+*X^$
$
&=9>$9*+$>=+$3=9(3+-$"0$=955'(+--$'($N9**'9;+$9(7#97f$8"*">=7$
8'Y\$9-$#+$=9H+$91*+9,7$-9',\$L+1'+H+-$>=9>$N"*+$>=9($=910$"0$>=+N$
9*+$09'12*+-i$L2>$8*$4921$4"5+("+$>='([-$">=+*#'-+X$!+$-97-W$^.$N9($
=9-$9$L+>>+*$3=9(3+$"0$-233++,'(;$'($N9**'9;+$>=9($'($9(7$">=+*$
+(>+*5*'-+$=+$N97$;"$'(>"X$S0$911$>=+$N+($>=9>$;"$'(>"$>=+$;*"3+*7$
L2-'(+--\$OQ$5+*$3+(>$09'1X$S0$>=+$N+($9(,$#"N+($#="$+(>+*$
N9>*'N"(7\$OQ$5+*$3+(>$-233++,X^$
$
8"*">=7$8'Y$-2N-$>=+$#="1+$>='(;$25$1'[+$>='-W$^:"N59*+,$#'>=$
N9**'9;+\^$-=+$-97-\$^L+'(;$L"*($'-$9$N+*+$+5'-",+$'($"2*$39*++*-\$
9(,$,7'(;$9$>*'H'91$'(3',+(>X$
$
^M"$#"N9($39($+H+*$2(,+*->9(,$#=7$9$N9($,"+-(]>$52>$0"*>=$>=+$
-9N+$+00"*>$>"$N9[+$='-$="N+$9$;"'(;$3"(3+*($9-$=+$,"+-$>"$N9[+$
='-$L2-'(+--$"*$5*"0+--'"($9$-233+--X$
$
^62>\$91>="2;=$>"$=9H+$9$3"(>+(>+,$#'0+$9(,$9$5+93+021$9(,$=9557$
="N+$N+9(-$N"*+$>"$9$N9($>=9($>"$N9[+$9$N'11'"($,"119*-\$(">$"(+$
N9($'($9$=2(,*+,$+H+*$;'H+-$9(7$*+91$-+*'"2-$>="2;=>$"*$N9[+-$9(7$
="(+->$+00"*>$>"$N9[+$='-$N9**'9;+$9$-233+--X$!+$1+9H+-$>=+$N"->$
'N5"*>9(>$>='(;$'($='-$1'0+$>"$3=9(3+\$9(,$=+$#'(-$"2>$"*$1"-+-\$
933"*,'(;$>"$#=+>=+*$0"*>2(+$'-$#'>=$='N$"*$(">X$&"N+($39($(+H+*$
2(,+*->9(,$#=7$>=+'*$=2-L9(,-$*+02-+$>"$=9(,1+$>=+N$,'51"N9>'39117\$
#=+($'>$#"21,$L+$N"(+7$'($>=+'*$5"3[+>-$>"$2-+$>=+$H+1H+>$;1"H+$
'(->+9,$"0$>=+$->*"(;<9*N$N+>=",X$
$
^IH+*7$N9($[("#-$>=9>$=+$39($l"117$='-$#'0+$'(>"$,"'(;$9(7>='(;\$9(,$
,"'(;$#'>="2>$9(7>='(;X$!+$[("#-$>=9>$'0$=+$=9(,-$=+*$9$0+#$3=+95$
3"N51'N+(>-$9L"2>$#=9>$9$#"(,+*021$N9(9;+*$-=+$'-\$9(,$="#$-=+$
=+15-$='N\$-=+$#'11$-b2++g+$+H+*7$('3[+1X$IH+*7$N9($[("#-$>=9>$'0$=+$
>+11-$='-$#'0+$="#$L+92>'021$9(,$1"H+17$-=+$1""[-$'($=+*$19->$7+9*]-$
,*+--\$-=+$#"21,(]>$>*9,+$'>$0"*$>=+$19>+->$49*'-$'N5"*>9>'"(X$IH+*7$
N9($[("#-$>=9>$=+$39($['--$='-$#'0+]-$+7+-$-=2>$2(>'1$-=+$#'11$L+$
L1'(,$9-$9$L9>\$9(,$>=9>$=+$=9-$"(17$>"$;'H+$=+*$9$#9*N$-N93[$"($>=+$
1'5-$>"$N9[+$=+*$,2NL$9-$9($"7->+*X$
$
^.(,$+H+*7$#'0+$[("#-$>=9>$=+*$=2-L9(,$[("#-$>=+-+$>='(;-$9L"2>$
=+*\$L+392-+$-=+$=9-$02*('-=+,$='N$#'>=$9$3"N51+>+$,'9;*9N$9L"2>$
="#$>"$#"*[$=+*X$.(,$-=+$(+H+*$[("#-$#=+>=+*$>"$L+$N9,$9>$='N$"*$
,'-;2->+,$#'>=$='N\$L+392-+$=+$#"21,$*9>=+*$0';=>$#'>=$=+*$9(,$597$
0"*$'>$'($=9H'(;$>"$+9>$L9,$N+91-\$9(,$=9H+$='-$N"(+7$#9->+,\$9(,$
L27$=+*$(+#$0*"3[-$9(,$1'N"2-'(+-$9(,$5+9*1-\$>=9($>"$>9[+$>=+$
>*"2L1+$>"$019>>+*$=+*$9$1'>>1+$9(,$>*+9>$=+*$>=+$#97$-=+$'-$L+;;'(;$>"$
L+$>*+9>+,X^$
$
R"\$'0$7"2$#9(>$>"$[++5$7"2*$="N+$1'0+$=9557X$$
$
c$G21+$B$'-W$6+$3"2*>+"2-X$$
$
ooooooo$
$
O$<$8"(]>$6+$.$^a9**'9;+$/11'>+*9>+^$$
$
8*$d9>=+*'(+$6+N+(>$89H'-\$;+(+*91$-+3*+>9*7$"0$>=+$62*+92$"0$R"3'91$
!7;'+(+\$"(3+$'(,23+,$9$>="2-9(,$N9**'+,$#"N+($>"$*+517$H+*7$
0*9([17$>"$9$-+>$"0$'(>'N9>+$b2+->'"(-X$%=+$*+-21>$#9-$-="3['(;e9($
'(3*+,'L17$-="3['(;$3"NN+(>$25"($>=+$-+Y291$2(=955'(+--$"0$>=+$
9H+*9;+$.N+*'39($9,21>X$.0>+*$5+*2-'(;$>=+$9(-#+*-$-=+$*+3+'H+,$
0*"N$>=+-+$>="2-9(,$N9**'+,$#"N+(\$8*$89H'-$52L1'-=+,$#'>="2>$
=+-'>9>'"($=+*$3"(H'3>'"($>=9>$"(+$"0$>=+$3='+0$392-+-$"0$,'H"*3+$'($
>='-$3"2(>*7$'-$5=7-'391$N'-N9>'(;X$
$
8*$`X$VX$!9N'1>"(]-$-2*H+7$H+*'0'+-$>='-$0'(,'(;X$8*$!9N'1>"($-5+(>$
0"2*$7+9*-$->2,7'(;$>=+$N9**'9;+-$"0$"(+$=2(,*+,$N+($9(,$"(+$
=2(,*+,$#"N+(X$!+$9-[+,$>=+-+$N+($9(,$#"N+($'(,'H',29117$
-"N+>='(;$1'[+$0"2*$=2(,*+,$b2+->'"(-$3"(3+*('(;$>=+'*$N9**'+,$1'H+-\$
9(,$,'-32--+,$>=+'*$5*"L1+N-$+Y=92->'H+17e-"$+Y=92->'H+17$>=9>$>=+$
#="1+$'(H+->';9>'"($>""[$0"2*$7+9*-X$%='-$#"*[$#9-$3"(-',+*+,$-"$
'N5"*>9(>$-"3'"1";'39117$>=9>$'>$#9-$0'(9(3+,$L7$9$;*"25$"0$1+9,'(;$
5='19(>=*"5'->-X$_"2$39($*+9,$>=+$*+-21>-$"0$>=+$+Y5+*'N+(>$'($&=9>]-$
&*"(;$#'>=$a9**'9;+f$L7$8*$`XVX$!9N'1>"($9(,$d+((+>=$a93;"#9(X$
$
&+11\$#=9>$'-$#*"(;$#'>=$N9**'9;+f$^/>$#"21,$>9[+$9$H+*7$5*+l2,'3+,$
9(,$H+*7$*+3[1+--$5-73='9>*'->\^$-97-$8*$!9N'1>"(\$^>"$-97$>=9>$N"->$
N9**'+,$0*'3>'"($,"+-(]>$0'(,$'>-$-"2*3+$'($-+Y291$N919,l2->N+(>X$.>$
9(7$*9>+\$>=+$0*'3>'"(-$#='3=$9*'-+$0*"N$">=+*$,'00'321>'+-$#"21,$L+$
';("*+,$'($N9(7\$N9(7$39-+-$'0$>=+$-+Y291$*+19>'"($'>-+10$#+*+$
-9>'-093>"*7X^$
$
8*$4921$4"5+("+\$9-$=+9,$"0$>=+$/(->'>2>+$"0$)9N'17$G+19>'"(-$'($K"-$
.(;+1+-\$=9-$*+H'+#+,$>="2-9(,-$"0$N9**'9;+-$9(,$=+$'-$"(+$"0$
.N+*'39]-$0"*+N"->$92>="*'>'+-$"($="N+$1'0+X$.33"*,'(;$>"$8*$
4"5+("+\$09'12*+$'($N9**'9;+$'-$2-29117$,2+$>"$0"2*$392-+-X$!+$1'->-$
>=+N$'($>='-$"*,+*W$
$
c$?X$R+Y291$N919,l2->N+(>X$$
c$PX$8'00+*+(3+$"0$"5'('"($9-$>"$>=+$#97$"0$-5+(,'(;$1+'-2*+$>'N+X$$
c$AX$)'(9(3'91$,'00'321>'+-X$$
c$DX$a+(>91\$5=7-'391\$"*$+N">'"(91$9L("*N91'>'+-X$
$
M">'3+$>=9>$-+Y$3"N+-$0'*->i$9(,$>=9>\$->*9(;+17$+("2;=\$N"(+7$
,'00'321>'+-$3"N+$"(17$>='*,$"($>=+$1'->X$
$
.11$92>="*'>'+-$"($,'H"*3+$9;*++$25"($>=+$9L-"12>+$(+3+--'>7$0"*$
-+Y291$3"N59>'L'1'>7X$)"*$+Y9N51+\$9$0+#$7+9*-$9;"$k2,;+$!"00N9($"0$
>=+$8"N+->'3$G+19>'"(-$:"2*>$"0$:'(3'((9>'e9$N9($#="$=9-$1'->+(+,$
>"$>="2-9(,-$"0$,"N+->'3$>*9;+,'+-e9(("2(3+,W$^M'(+$"2>$"0$>+($
,'H"*3+-$9*+$392-+,$L7$-+Y291$>*"2L1+-X^$
$
^R+Y\^$-97-$>=+$09N"2-$5-73="1";'->\$k"=($6X$&9>-"(\$^'-$9,N'>>+,17$
>=+$N"->$'N5"*>9(>$-2Ll+3>$'($1'0+X$/>$'-$9,N'>>+,17$>=+$>='(;$#='3=$
392-+-$>=+$N"->$-='5<#*+3[-$'($>=+$=955'(+--$"0$N+($9(,$#"N+(X^$
.(,$/$=9H+$=+9*,$9$(2NL+*$"0$5*93>'3'(;$5=7-'3'9(-$'($-5++3=+-$
L+0"*+$N7$"#($319--+-$-97$5*93>'39117$>=+$-9N+$>='(;X$/-(]>$'>$5'>'021\$
>=+(\$>=9>$'($>=+$>#+(>'+>=$3+(>2*7\$#'>=$911$"0$"2*$L""[-$9(,$911$"0$
"2*$+,239>'"(\$N9**'9;+-$-="21,$L+$,+->*"7+,$9(,$1'H+-$#*+3[+,$L7$
';("*9(3+$3"(3+*('(;$>='-$N"->$5*'N91$9(,$(9>2*91$'(->'(3>f$
$
%=+$G+HX$S1'H+*$aX$62>>+*0'+1,$90>+*$+';=>++($7+9*-$9-$9$a+>=",'->$
N'('->+*$;9H+$25$='-$5215'>$>"$,'*+3>$>=+$)9N'17$`2',9(3+$R+*H'3+$'($
M+#$_"*[$:'>7\$9(,$=+$=9-$5*"L9L17$N9**'+,$9-$N9(7$7"2(;$5+"51+$
9-$9(7$N9($1'H'(;X$!+$-97-W$
$
^I9*17$'($N7$+Y5+*'+(3+$9-$9$N'('->+*$/$,'-3"H+*+,$>=9>\$'($-5'>+$"0$
*"N9(3+$9(,$;"",$'(>+(>'"(-\$N9(7$3"251+-$#="$3"N+$>"$>=+$
N9**'9;+$91>9*$9*+$N9>*'N"('91$'11'>+*9>+-X^$a9>*'N"('91$'11'>+*9>+-j$
$
.(,$=+$3"(>'(2+-W$^&=+($7"2$3"(-',+*$>=9>$#+$1+9H+$>=+$=';=17$
,'00'321>$9,l2->N+(>$"0$N9**'9;+$-"$19*;+17$>"$3=9(3+\$>=+$N9*H+1$'-$
>=9>$"2*$,'H"*3+$*9>+$'-$"(17$?B$5+*$3+(>X$.($955911'(;$(2NL+*$"0$
=2-L9(,-$9(,$#'H+-$9*+$(">$*+9117$N9**'+,$L2>$-'N517$2(,'H"*3+,W$
>=+7$1'H+$'($9$-"*>$"0$52*;9>"*7X^$
$
^!9557$N9**'9;+-\^$-97-$8*$62>>+*0'+1,\$^9*+$*9*+17$>=+$5*",23>$"0$
3=9(3+W$>=+7$9*+$9*3='>+3>2*91$'($>=9>$>=+7$9*+$'(>+11';+(>17$9(,$
,+1'L+*9>+17$519((+,X^$
$
%"$9--'->$'($>='-$519(('(;\$8*$62>>+*0'+1,$=9-$0"*$7+9*-$'(-'->+,$>=9>$
9(7$3"251+$=+$N9**'+-$N2->$,'-32--$#'>=$='N$0*9([17$>=+'*$519(-$0"*$
>=+$02>2*+X$.(,$'>$#9-$9-$9$*+-21>$"0$>=+-+$,'-32--'"(-$>=9>$=+$39N+$
>"$>=+$3"(312-'"($>=9>$-"$N9(7$"0$>=+$=';=$3"(>*93>'(;$59*>'+-$#+*+$
^N9>*'N"('91$'11'>+*9>+-X^$
$
^R+Y\^$-97-$8*$62>>+*0'+1,\$^'-$L2>$"(+$"0$>=+$N9(7$-9>'-093>'"(-$'($
N9**'+,$1'0+\$L2>$2(1+--$>='-$*+19>'"(-='5$'-$*';=>\$(">='(;$+1-+$39($L+$
*';=>X^$
$
62>$="#$>"$;+>$'>$*';=>f$^R+(>'N+(>91$*+>'3+(3+^e/]N$->'11$b2">'(;$8*$
62>>+*0'+1,e^N2->$L+$*+5193+,$L7$9($9L'1'>7$>"$,'-32--$"Ll+3>'H+17$
9(,$#'>=$,+>93=N+(>$9>>'>2,+-$9(,$5*93>'3+-$"0$N9**'+,$1'0+X$%=+*+$'-$
("$#97$'($#='3=$>='-$9L'1'>7$39($L+$L+>>+*$93b2'*+,$>=9($>=*"2;=$9$
L""[$"0$-"2(,$1+9*('(;$9(,$;"",$>9->+X$/$[++5$"($=9(,$-+H+*91$"0$
>=+-+$L""[-$'($9,,'>'"($>"$9$-25517$"0$N7$"#($L""[1+>\$a9**'9;+$9(,$
R+Y291$!9*N"(7X$
$
^S0$911$>=+$L""[-$>=9>$9*+$9H9'19L1+\$>=+$>=*++$>=9>$-++N$>"$N+$N"->$
-9>'-093>"*7$0"*$;+(+*91$*+9,'(;$9*+W$%=+$R+Y$%+3=('b2+$'($a9**'9;+$
L7$/-9L+1$IX$!2>>"(i$%=+$R+Y291$R',+$"0$a9**'9;+$L7$a9Y$IY(+*i$%=+$
R+Y$)93>"*$'($a9**'9;+$L7$!+1+(9$&*';=>X^$
$
R"\$$
$
c$G21+$O$"0$^!"#$>"$a9[+$_"2*$!"N+$K'0+$!955'+*^$'-W$]G+9,$9$;"",$
L""[$"($>=+$-+Y291$-',+$"0$N9**'9;+X$
$
K+9*($9L"2>$-+Y$0*"N$L""[-f$&=7$(">f$.$0+#$7+9*-$9;"\$:"12NL'9$
Z('H+*-'>7\$>";+>=+*$#'>=$>=+$.N+*'39($R"3'91$!7;'+(+$.--"3'9>'"(\$
'(H'>+,$1+9,'(;$+,239>"*-$>"$3"N+$9(,$,'-32--$>=+$-+Y$9(,$N9**'9;+$
5*"L1+N-$"0$3"11+;+$->2,+(>-X$.>$>=9>$3"(0+*+(3+\$8*$4921$4"5+("+$
-9',W$^8'H"*3+$'-$"($>=+$,+3*+9-+X$.(,$"(+$"0$>=+$*+9-"(-$'>$'-$"($>=+$
,+3*+9-+$'-$>=9>$5+"51+$9*+$*+9,'(;$N"*+$"0$>=+$*+3";('g+,$L""[-$"($
-+Y$9(,$N9**'9;+X^$
$
R"$/$-'(3+*+17$0++1$>=9>$/$=9H+$("$*';=>$>"$3"N51+>+$9$3=95>+*$"($
^!"#$>"$a9[+$_"2*$!"N+$K'0+$!955'+*^$#'>="2>$*+3"NN+(,'(;$9$1'->$
"0$L""[-$>=9>$,+91$0*9([17$9(,$'($9$-3'+(>'0'3$N9((+*$#'>=$>='-$>*9;'3$
5*"L1+NX$$
$
<<<<$
$
c$%=+$R+Y$R',+$S0$K'0+\$L7$a9*7$&9*+$8+((+>>X$.($+Y519(9>'"($0"*$
7"2(;$5+"51+X$42L1'-=+,$L7$>=+$92>="*\$PD<AQ$P@>=$R>*++>\$K"(;$
/-19(,$:'>7\$M+#$_"*[X$$
$
c$%=+$R+Y291$R',+$S0$a9**'9;+\$L7$aXkX$IY(+*\$aX8X$.$-"2(,$9(,$
>+N5+*9>+$5*+-+(>9>'"($"0$>=+$-+Y291$5*"L1+N-$"0$N9**'9;+X$&X&X$
M"*>"($t$:"X\$/(3X\$OQ$)'0>=$.H+(2+\$M+#$_"*[$:'>7X$
$
c$4*+59*9>'"($)"*$a9**'9;+\$L7$d+((+>=$&91[+*\$aX8X$.$123',$
+Y5"-'>'"($"0$N9*'>91$5*"L1+N-X$&X&X$M"*>"($t$:"X\$/(3X\$OQ$)'0>=$
.H+(2+\$M+#$_"*[$:'>7X$
$
c$a9**'+,$K"H+\$L7$a9*'+$:X$R1"5+-X$.$0*9([$,'-32--'"($"0$N9*'>91$
*+19>'"(-='5-X$`X4X$42>N9(]-$R"(-\$P$&+->$DT>=$R>*++>\$M+#$_"*[$
:'>7X$
$
c$R+Y$/($a9**'9;+\$L7$I*(+->$GX$9(,$`19,7-$!X$`*"H+-X$.($'(0"*N9>'H+$
9(,$3"N5*+=+(-'H+$L""[X$IN+*-"($6""[-\$/(3X\$PT?$&+->$?@>=$
R>*++>\$M+#$_"*[$:'>7X$
$
c$4*+59*9>'"($)"*$a9**'9;+\$L7$I*(+->$GX$`*"H+-X$IN+*-"($6""[-\$
/(3X\$PT?$&+->$?@>=$R>*++>\$M+#$_"*[$:'>7X$
$
c$%=+$a9**'+,$&"N9(\$L7$G"L+*>$.X$G"--\$aX8X\$9(,$`19,7-$!X$
`*"H+-X$.$5*93>'391$;2',+$>"$=9557$N9**'9;+X$%"#+*$6""[-\$&"*1,$
42L1'-='(;$:"N59(7\$?D$&+->$D@>=$R>*++>\$M+#$_"*[$:'>7X$$
$
<<<<$$
$
/($9$M2>-=+11$
$
R+H+($G21+-$)"*$a9['(;$_"2*$!"N+$K'0+$!955'+*$
$
c$G21+$?W$8"(]>$(9;X$$
c$G21+$PW$8"(]>$>*7$>"$N9[+$7"2*$59*>(+*$"H+*X$$
c$G21+$AW$8"(]>$3*'>'3'g+X$$
c$G21+$DW$`'H+$="(+->$955*+3'9>'"(X$$
c$G21+$TW$497$1'>>1+$9>>+(>'"(-X$$
c$G21+$BW$6+$3"2*>+"2-X$$
c$G21+$OW$G+9,$9$;"",$L""[$"($>=+$-+Y291$-',+$"0$N9**'9;+X$$
$
/($'>-$'--2+$0"*$k2(+\$?@AA\$.N+*'39($a9;9g'(+$5*'(>+,$9($9*>'31+$L7$
INN+>$:*"g'+*\$^&=7$a9**'9;+-$`"$&*"(;X^$%=+$0"11"#'(;$'-$9$
b2+->'"((9'*+$*+5*'(>+,$0*"N$>=9>$9*>'31+X$_"2$N97$0'(,$'>$#"*>=$#='1+$
>"$9(-#+*$>=+-+$b2+->'"(-\$;'H'(;$7"2*-+10$>+($5"'(>-$0"*$+93=$
b2+->'"($7"2$39($9(-#+*$'($>=+$900'*N9>'H+X$
$
)"*$!2-L9(,-$
$
?X$8"$7"2$->'11$^3"2*>^$7"2*$#'0+$#'>=$9($"339-'"(91$;'0>$"0$01"#+*-\$
#'>=$*+N+NL*9(3+-$"0$=+*$L'*>=,97$9(,$#+,,'(;$9(('H+*-9*7\$"*$#'>=$
-"N+$2(+Y5+3>+,$9>>+(>'"(\$-"N+$2(1""[+,<0"*$>+(,+*(+--f$
$
PX$.*+$7"2$39*+021$(+H+*$>"$3*'>'3'g+$=+*$L+0"*+$">=+*-f$
$
AX$8"$7"2$;'H+$=+*$N"(+7$>"$-5+(,$+(>'*+17$9-$-=+$3=""-+-\$9L"H+$
>=+$="2-+="1,$+Y5+(-+-f$
$
DX$8"$7"2$N9[+$9($+00"*>$>"$2(,+*->9(,$=+*$H9*7'(;$0+N'('(+$N"",-$
9(,$=+15$=+*$>=*"2;=$5+*'",-$"0$09>';2+\$(+*H+-\$9(,$'**'>9L'1'>7f$
$
TX$8"$7"2$-=9*+$9>$1+9->$=910$"0$7"2*$*+3*+9>'"($="2*-$#'>=$7"2*$#'0+f$
$
BX$8"$7"2$>93>02117$*+0*9'($0*"N$3"N59*'(;$7"2*$#'0+]-$3""['(;$"*$
="2-+[++5'(;$#'>=$>=9>$"0$7"2*$N">=+*$"*$"0$6'11$k"(+-]$#'0+\$+Y3+5>$
>"$=+*$9,H9(>9;+f$
$
OX$8"$7"2$>9[+$9$,+0'('>+$'(>+*+->$'($=+*$'(>+11+3>291$1'0+\$=+*$312L-$9(,$
-"3'+>'+-\$>=+$L""[-$-=+$*+9,-\$=+*$H'+#-$"($3'H'3$5*"L1+N-f$
$
EX$:9($7"2$1+>$=+*$,9(3+$#'>=$9(,$*+3+'H+$0*'+(,17$9>>+(>'"(-$0*"N$
">=+*$N+($#'>="2>$N9['(;$l+91"2-$*+N9*[-f$
$
@X$8"$7"2$[++5$91+*>$0"*$"55"*>2('>'+-$>"$5*9'-+$=+*$9(,$+Y5*+--$7"2*$
9,N'*9>'"($0"*$=+*f$
$
?QX$8"$7"2$>=9([$=+*$0"*$>=+$1'>>1+$l"L-$-=+$,"+-$0"*$7"2\$-23=$9-$
-+#'(;$"($9$L2>>"(\$,9*('(;$7"2*$-"3[-\$9(,$-+(,'(;$7"2*$31">=+-$>"$
>=+$31+9(+*-f$
$
)"*$&'H+-$
$
?X$8"$7"2$;'H+$7"2*$=2-L9(,$3"N51+>+$0*++,"N$'($='-$L2-'(+--$
9009'*-\$9(,$,"$7"2$*+0*9'($0*"N$3*'>'3'g'(;$='-$9--"3'9>+-\$='-$3="'3+$"0$
9$-+3*+>9*7\$"*$>=+$="2*-$=+$[++5-f$
$
PX$8"$7"2$>*7$7"2*$L+->$>"$N9[+$7"2*$="N+$'(>+*+->'(;$9(,$
9>>*93>'H+f$
$
AX$8"$7"2$H9*7$>=+$="2-+="1,$N+(2$-"$>=9>$=+$(+H+*$b2'>+$[("#-$
#=9>$>"$+Y5+3>$#=+($=+$-'>-$,"#($>"$>=+$>9L1+f$
$
DX$8"$7"2$=9H+$9($'(>+11';+(>$;*9-5$"0$7"2*$=2-L9(,]-$L2-'(+--$-"$
7"2$39($,'-32--$'>$#'>=$='N$=+1502117f$
$
TX$:9($7"2$N++>$0'(9(3'91$*+H+*-+-$L*9H+17\$3=++*02117\$#'>="2>$
3*'>'3'g'(;$7"2*$=2-L9(,$0"*$='-$N'->9[+-$"*$3"N59*'(;$='N$
2(09H"2*9L17$#'>=$N"*+$-233+--021$N+(f$
$
BX$8"$7"2$N9[+$9$-5+3'91$+00"*>$>"$;+>$91"(;$9N'9L17$#'>=$='-$N">=+*$
"*$">=+*$*+19>'H+-f$
$
OX$8"$7"2$,*+--$#'>=$9($+7+$0"*$7"2*$=2-L9(,]-$1'[+-$9(,$,'-1'[+-$'($
3"1"2*$9(,$->71+f$
$
EX$8"$7"2$3"N5*"N'-+$1'>>1+$,'00+*+(3+-$"0$"5'('"($'($>=+$'(>+*+->$"0$
=9*N"(7f$
$
@X$8"$7"2$N9[+$9($+00"*>$>"$1+9*($;9N+-$7"2*$=2-L9(,$1'[+-\$-"$7"2$
39($-=9*+$='-$1+'-2*+$="2*-f$
$
?QX$8"$7"2$[++5$>*93[$"0$>=+$,97]-$(+#-\$>=+$(+#$L""[-\$9(,$(+#$
',+9-\$-"$7"2$39($="1,$7"2*$=2-L9(,]-$'(>+11+3>291$'(>+*+->f$$
$
<<<<<<<<<<<<<<<<<<<<<<<<<<<$$
$
%=+$891+$:9*(+;'+$:"2*-+-$FG+N"H+,J$$
S>=+*$6""[-$FG+N"H+,J$
$
I(,$

You might also like