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. :+,36+=/;4+.3:/;6/815/=+8:+.+5+8=>812/;83+.+83<32/;83+7+5+

=3.+5.+:+=.37+<>55+86+133;/:983,6/

/7>.3+8A+81 7+830/<=+<3:+.+    ! " A+3=>

+ .+8A+1+7,+;+89,<=;>5<3><><.37+8+:+<3/87/81+6+739,<=3:+<3

7>8=+2=3.+506+=><:/;>=5/7,>81.+8./23.;+<3

, '/;4+.31+811>+85/</37,+81+8-+3;+8/6/5=;963=.+8+<+7,+<+

- 36+=/;4+.3<=;+81>6+<3:+<3/87/81+6+738A/;32/,+=.3.+/;+22/;83+

.37+8+8A/;37/8/=+:5+;/8+;+81<+81+8:/;3=98/>7

. +:+= .34>7:+3 =+8.+ :/;3=983=3< +=+> =/;4+.3 +,</< 695+6 5/+.++8

1+@+=.+;>;+=.+87/7/;6>5+8:/;=96981+8</1/;+

 /+"%.%+(+#%

$+=903<396913 .+6+7 /;83+ :+.+ 9;+81 =>+ 5+8+6  2+;3 =/6+2

7/8>=>:8+7>85+;/8+3=>7/;>:+5+869,><7389<A;/<3<=+8-/7+5+:+.+

5/+.++8 A+81 7/8A/,+,5+8 =/5+8+8 38=;+ +,.9738+6 7/81+815+= ,/8.+

,/;+= 7/81/4+8 <++= ./0/5+<3 .+8 7/81/4+8 :+.+ <++= 735<3 7/84+.3

+53,+=23:/;=;9:3:;9<=+6/;83+,3<+4>1+=/;4+.3 5+;/8+2+<36.+;3+.+8A+

.30/5 6>,+81 ,3<+ =/;4+.3 5+;/8+ 5/6+38+8 5981/83=+6 3+<+8A+ 2/;83+

,/;<30+= 5981/83=+6 .+8 .3</,+,5+8 96/2 5/1+1+6+8 :/8>;>8+8 :;9-/<><

?+138+63<5+8=9812/;83+/;83+383,3<+4>1+=/;4+.35+;/8+5/6/7+2+8

9=9= :+.+ .38.381 +,.97/8 .+8 +.+8A+ :/83815+=+8 38=;+ +,.97/8

.3</,+,5+8 96/2 5/;4+ 5/;+< 7/81/4+8 @+5=>  .+8 735<3 ,+=>5


7/8+2>8 /;83+ ,3<+ =/;4+.3 435+ =/;.+:+= ./0/5 =/;</,>= .+8 +.+8A+

=/5+8+838=;++,.9738+6/;7+@+8.+8 %+2+A>8381<32
 

 !)!-%'.*!*0*&*#

$/7/;35<++8 :/8>84+81 A+81 .+:+= .36+5>5+8 :+.+ :+<3/8 2/;83+

+.+6+2 +, .+;+2 A+3=> 2/7+=9691A ;>=38 (" 5;/+=3838 .+8 /6/5=;963=

.+;+2 .+8 7/6+6>3 :/7/;35<++8 ;+.396913 A+3=> 09=9 +,.97/8 ./81+8

598=;+<,+;3>706>9;9<59:3+;7+@+8.+8 %+2+A>8381<32
 

!/8>;>= &4+7<>23.+A+=  981  


  .+6+7+;+.366+ .+8

<;+; 
 $/8+=+6+5<+8++8 598</;?+=30 =/;,+=+< :+.+ =38.+5+8

7/6+5>5+8 ;/:9<3<3 .+8 :/7+53+8 :/8A+811+ +=+> :/8>84+81 >8=>5

7/7:/;=+2+85+83<32/;83+A+81=/6+2 .3;/:9<3<3%/:9<3<3=3.+5.36+5>5+8

:+.+2/;83+<=;+81>6+=+5/->+63:+.++8+5+8+5 %/:9<3<3.36+5>5+8</-+;+

,37+8>+6 .37+8+ =+81+8 53;3 7/7/1+81 3<3 2/;83+ ./81+8 7/7,/8=>5

-9;981 .+8 =+81+8 5+8+8 7/8.9;981 3<3 2/;83+ 5/ +;+2 -38-38 2/;83+

./81+8 </.353= =/5+8+8 :/;6+2+8 A+81 =/=+: <+7:+3 =/;4+.3 ;/:9<3<3 $+.+

+8+5+8+5 385+</;+<3 </;381 =/;4+.3 :+.+ >7>; 5>;+81 .+;3 .>+ =+2>8

%/:9<3<3<:98=+86/,32 </;381.+8</,+6358A+1+811>+8?3=+63=+<3<32/;83+

4+;+81 =/;4+.3 .3,+8.381 9;+81 ./@+<+ +6 383 .3</,+,5+8 96/2 5+;/8+

-38-38 2/;83+ :+.+ +8+5+8+5 7+<32 /6+<=3< .3,+8.381 ./@+<+ %/:9<3<3

.36+5>5+8 ./81+8 -+;+ 7/83.>;5+8 +8+5 ./81+8 :/7,/;3+8 </.+=3? .+8

597:;/</<.3+=+<2/;83+36+><+2+;/:9<3<3383,/;2+<367+5+ +8+5+5+8

.3:/;<3+:5+8 >8=>5 9:/;+<3 ,/;35>=8A+ 35+ ;/:9<3<3 =3.+5 ,/;2+<36 .+6+7

@+5=> /8+7 4+7 7+5+ 2+;>< .36+5>5+8 9:/;+<3 </</1/;+ 7>81538


$/7+5+3+8 ,+8=+6+8+=+>:/8A+811+2+8A+,/;=>4>+8+1+;7/8+2+82/;83+

A+81 <>.+2 .3;/:9<3<3 .+8 =3.+5 :/;8+2 7/8A/7,>2 .+8 2+;>< .3:+5+3

</>7>; 23.>: +;+ 383 7/7:>8A+3 597:635+<3 +8=+;+ 6+38 7/;><+5 5>63=

.+8=98><9=9=.38.381:/;>= .3.+/;+2A+81.3=/5+8</.+815+8<=;+81>6+<3

=/8=+81 7/81+-+7 $+.+ +8+5+8+5 -+;+ 383 .+:+= 7/837,>65+8 +=;903

=/<=3<5+;/8+=/5+8+8:+.+=+63<:/;7+A+81 7/81+8.>81:/7,>6>2.+;+2

=/<=3<

 !*/('.**

!/8>;>= &4+7<>23.+A+=981  


  .+6+7+;+.366+ .+8

<;+; 
 $/819,+=+8 9:/;+=30 7/;>:+5+8 <+=><+=>8A+ :/819,+=+8

2/;83+ 381>38+63< A+81 ;+<398+6 8.35+<3 9:/;+<3 <>.+2 +.+ ,/13=>

.3+189<3< .3=/1+55+8 $;38<3: :/819,+=+8 2/;83+ +.+6+2 2/;839=973 .+8

2/;839:6+<=3 $+.+ 2/;839=973 .36+5>5+8 :/7,/,+<+8 5+8=981 2/;83+

<+7:+3 5/ 6/2/;8A+ 5+8=981 .3,>5+ .+8 3<3 2/;83+ .3,/,+<5+8 5+6+> +.+

:/;6/815/=+8 5/7>.3+8 .3;/:9<3<3 +8=981 2/;83+ .34+23= 5/7>.3+8 35+=

</=38113 7>81538 6+6> .3:9=981 $+.+ 2/;839:6+<=35 .36+5>5+8 =38.+5+8

7/7:/;5/-36 +8>6>< 381>38+63< 38=/;8>< 5>+= .38.381 ,/6+5+81 5+8+63<

381>38+63< /;839:6+<=35 .+6+7 7/8-/1+2 ;/<3.30 .3,+8.3815+8 ./81+8

2/;839=973 35/8+68A+ ,/;,+1+3 7/=9./ 2/;839:6+<=35 </:/;=3

7/7:/;5/-36 +8>6>< 381>38+63< 38=/;8>< ./81+8 4+23=+8 =/;:>=>< 7/8>=>:

.+8 7/7:/;5>+=0+<3+=;+8?/;<+.+87/84+23=5+8:/;=/7>+8 7=;+8?/;<><

+,.97383< 38=/;8><.+8738=/;8><+,.97383<A+81.35/8+6./81+8-94938=

=/8.98 5/ 631+7/8=>7 381>38+6 :9>:+;= 7/8>;>= 7/=9./ ! +=+>


7/84+23= 0+<3+ =;+8?/;<+ 7=;+8?/;<+ +,.97383< 79,635>< 38=/;8>< 5/

631+7/8=>7 -99:/; :+.+


 % '/5835 2/;839;+03 A+81 .36+5>5+8 96/2

,+<3883 +.+6+2 </=/6+2 .3</5<3 5+8+63< 381>38+63< .36+5>5+8 ;/598=;>5<3

63:+= :+2+ ./81+8 -+;+ 7/81+:;95<37+<3 7><5>6><9,635>< 38=/;8><

7><5>6>< =;+8?/;<>< +,.97383< .+8 0+<3+ =;+8?/;<+63< ./81+8 =;+5=><

3639:>,35 .+8 631+7/8=>7 381>38+6/ =/5835 383 .+:+= .31>8+5+8 :+.+

2/;83+.3;/5 7+>:>82/;83+38./;/5 /6/7+2+8=/5835+<3883.+8=/5835

6+38 A+81 ,/;>:+ ?+;3+<3 =/5835 2/;839=973 +<<383 +.+6+2 =/;.+:+=8A+

;/1+81+8 ,/;6/,32+8 .+;3 9=9= A+81 .34+23= (8=>5 7/81+=+<3 7+<+6+2 383

:+.+ =+2>8 ./6+:+8 :>6>2+8 .3:9:>6/;5+8 :/8./5+=+8 9:/;+<3 ,/,+<

;/1+81+8 $+.+ =/5835 3=> .31>8+5+8 :;9=/<3< 7/<2 >8=>5 7/7:/;5>+=

0+<3+=;+8?/;<+63<A+817/7,/8=>5.+<+;5+8+63<381>38+63<=+8:+7/84+23=

.+<+;9=9=9=9= 5/381>38+6

 +),(%'.%

97:635+<3 A+81 ,3<+ =/;4+.3 :+.+ 2/;83+ +.+6+2 6/>< =/;4+.3

:/83815+=+8+8=+;+3<32/,>;+./81+8.38.3815+;=98+2/;83+</23811+3<3

2/;83+=3.+5.+:+=.37+<>55+85/7,+63=/;4+.3:/8/5+8+8=/;2+.+:-38-38

2/;83++53,+=7+538,/;=+7,+2+=+>,+8A+58A+><><A+817+<>5.+8,36+

385+;</;+=+.3,3+;5+87+5++5+8=37,>6/./7+</23811+=/;4+.3:/8/5+8+8

:/7,>6>2 .+;+2 .+8 =/;4+.3 8/5;9<3< +;7+@+8 .+8 %+2+A>8381<32


 

 +*.!, .0$*!,!-2/* , ,.%!*+./,!-.%!-*%

 !*#'&%*

<>2+8 5/:/;+@+=+8 +.+6+2 5/13+=+8 :;90/<<398+6 :/;+@+= .38+73<

7/7,>=>25+8 5;/+=3?3=+< .+8 ,/;6+5> ;/8=+81 5/23.>:+8 .+8 5/+.++8

.+:>8 =+2+: .+6+7 7/6+5>5+8 5/:/;+@+=+8 3=> A+3=>  :/815+43+8

.3+189<+ 5/:/;+@+=+8 ;/8-+8+8 37:6/7/8=+<3 /?+6>+<3 (83?/;<3=+<

$/7,+81>8+8"+<398+6)/=/;+8
 

$/815+43+8 A+81 .36+5>5+8 :+.+ :+<3/8 ./81+8 :9<= 9:/;+<3 2/;83+

7/63:>=3 :/;6/815+:+8A+81.36+5>5+8:+.+:+<3/8:9<= 6+:+;+=97A+.+6+2

%/<:3;+=9;A  ,+1+37+8+ <+6>;+8 :/;8+0+<+8 4/83< :/;8+0+<+8 .+8 ,>8A3

:/;8+0+<+8 &3;5>6+<3  =/8<3 8+.3 ;/<:3;+<3 .+8 <>2> @+;8+ 5>63= .+8

5+:36/;;/0366 $/;<A+;+0+8  =3815+=5/<+.+;+8 +6>=+8  +:+5+2+.+=>,/

.;+38+1/ +:+5+2 +.+ =+8.+=+8.+ 380/5<3 ,+1+37+8+ :/8A/7,>2+8

6>5+$/;+6+=+87983=9;A+81=/;:+<+81-+3;+8380><+=+>=;+8<0><3%+<+

8A+7+8 ;+<+ <+53= 7>+6 7>8=+2 :9<3<3 :+<3/8 .+8 0+<363=+< ?/8=36+<3

$<3596913< 5/-/7+<+8 <>+<+8+ 2+=3 </=/6+2 9:/;+<3 3=9@3A989 .+8

;3<=3A+8+<+;3



 %#*+.

!/8>;>= "+8.+ 
  .+6+7 &/=3+.3 

  .3+189<+

5/:/;+@+=+8 +.+6+2 5/:>=><+8 563835 =/8=+81 ;/<:98< 38.3?3.> 5/6>+;1+

.+8 7+<A+;+5+= =/8=+81 7+<+6+2 5/</2+=+8 </,+1+3 .+<+; </6/5<3

38=/;?/8<35/:/;+@+=+8>8=>57/8-+:+3=>4>+8+<>2+85/:/;+@+=+8</<>+3

./81+85/@/8+81+8:/;+@+= 3+189<+ A+817>8->6:+.+:+<3/8./81+8

:9<=9:/;+<32/;83++.+6+2

+ "A/;3 +5>= ,/;2>,>81+8 ./81+8 +1/8 -3./;+ 03<35

, +7,+=+879,363=+<03<35,/;2>,>81+8./81+81+811>+8

8/>;97><5>6+;8A/;3

- +811>+8 :96+=3.>;,/;2>,>81+8./81+8 1+811>+88A/;3

 */!-1!*.%

8=/;?/8<3 5/:/;+@+=+8 +.+6+2 <>+=> =38.+5+8 6+81<>81 5/:+.+

563/8A+81.36+5<+8+5+896/2:/;+@+=A+81.3=>4>5+85/:+.+5/13+=+8

A+81,/;2>,>81+8./81+8:;979<37/7:/;=+2+85+85/</2+=+8563/8

&/=3+.3



$/8/8=>+8 =>4>+8 :+.+ :/;/8-+8++8 :;9</< :;9</< 5/:/;+@+=+8

+.+6+2 </,+1+3 +;+2 .+6+7 7/7,>+= ;/8-+8+ =38.+5+8 .+;3 7+<381

7+<381 .3+189<+ 5/:/;+@+=+8 ;3=/;3+ 2+<36 7/;>:+5+8 <=+8.+;=

/?+6>+<3 A+81 7/;>:+5+8 1+7,+;+8 =/8=+81 0+5=9;0+5=9; A+81

.36+5>5+8 >8=>5 7/7,/;3 :/=>84>5 ,+2@+ =>4>+8 =/6+2 =/;-+:+3 .+8

.31>8+5+8 .+6+7 7/7,>+= :/;=37,+81+8 +62+6 A+81 :/;6>

.3:/;2+=35+8 .+6+7 7/7,>+= 5;3=/;3+ 2+<36 +.+6+2  ,/;095>< :+.+

:+<3/8 <3815+= .+8 4/6+< .+:+= .3 9,</;?+<3 .+8 .3>5>; +.+ ,+=+<

@+5=>8A+;/+63<=35.3=/8=>5+896/2:/;+@+=.+8563/8 &/=3+.3



 "A/;3+5>=,/;2>,>81+8./81+8+1/8-3./;+03<35

"#

+ '3815+=8A/;3

, 98=;968A/;3

- '3815+=5/8A+7+8+8

;3=/;3+2+<36

+ :+<3/87+7:>7/8198=;968A/;3

, 7/6+:9;5+8,+2@+8A/;3,/;5>;+81./81+87/811>8+5+8

7+8+1/7/88A/;3

- 7+7:>7/81/8+638A/;3<5+6+38=/8<3=+<0;/5>/8<3.+8=+8.+

8A/;3

. 7/8A+=+5+8;+<+8A/7+8</=/6+28A/;3,/;5>;+81

"

+ 6+5>5+8 :/815+43+8 8A/;3 </-+;+ 597:;/2/8<30 =/;7+<>5

695+<3 5+;+5=/;3<=35 .>;+<3 0;/5>/8<3 5>+63=+< .+8 0+5=9;

:;/<3:3=+<3

, 9,</;?+<3;/+5<3898 ?/;,+6.+;35/=3.+58A+7+8+8

- 5+435>6=>;A+817/7:/81+;>23;/<:988A/;3

. 5>;+8130+5=9;:;/<3:3=+<38A/;3

/ 596+,9;+<3./81+8.95=/;435++.+5/6>2+8.+8=38.+5+88A/;3

=3.+5,/;2+<36


 2+7,+=+8 79,363=+< 03<35 ,/;2>,>81+8 ./81+8 1+811>+8

8/>;97><5>6+;8A/;3

"#

+ /;+5+8,/;<+7+

, '3815+=79,363=+<

- $/;+@+=+8.3;3

. 38/;4+=;+8<0/;


;3=/;3+2+<36

+ $+<3/87/83815+=.+6+7+5=3?3=+<03<35

, !/81/;=3=>4>+8.+;3:/83815+=+879,363=+<

- !/7?/;,+63<+<35+8:/;+<++8.+6+77/83815+=5+85/5>+=+8.+8

5/7+7:>+8,/;:38.+2

. !/7:/;+1+5+8:/811>8++8+6+=,+8=>>8=>579,363<+<3

"

+ !983=9;381 ?3=+6 <318 </,/6>7 +=+> </<>.+2 6+=32+8 .+8 632+=

;/<:98:+<3/8<++=6+=32+8

, 98<>6=+<35+8 ./81+8 =/;+:3 03<35 =/8=+81 ;/8-+8+ +7,>6+<3

</<>+3./81+85/,>=>2+8

- +8=> :+<3/8 >8=>5 7/811>8+5+8 =9815+= <++= ,/;4+6+8 .+8

-/1+2=/;2+.+:-3./;+

. 4+;5+8 :+<3/8 +=+> =/8+1+ 5/</2+=+8 6+38 =/8=+81 =/5835

+7,>6+<3

/ +435/7+7:>+8:+<3/8.+6+779,363<+<3

0 +=32:+<3/8.+6+7:/7/8>2+85/,>=>2+8 <</-+;+7+8.3;3

</<>+35/7+7:>+8

1 +7:3813 .+8 ,+8=> :+<3/8 <++= 79,363<+<3 .+8 ,+8=> :/8>23

5/,>=>2+8 <:+<3/8

2 /;35+8+6+=,+8=>435+:+<3/87/7/;6>5+8

3 4+;5+8:+<3/8,+1+37+8+7/;>,+2:9<3<3.+8,/;35+8,+8=>+8

435+.3:/;6>5+8


 +811>+8:96+=3.>;,/;2>,>81+8./81+81+811>+88A/;3

"#

+ $/81>;+81+85/-/7+<+8

, '3815+=5/8A+7+8+8

- '3815+=8A/;3

. <=3;+2+==3815+=.+8:+==/;7

/ '3.>;=3815+=.+8:+==/;7

;3=/;3+2+<36

+ >76+24+7=3.>;.+6+7,+=+<89;7+64+7:/;2+;3

, $96+=3.>;5>+63=+<.+6+7,+=+<89;7+6

- $/;+<++8</1+;</<>.+2=3.>;+=+>3<=3;+2+=

. !+7:>7/813./8=3035+<32+62+6A+817/83815+=5+8=3.>;

"

+ !983=9;+=+>-+=+=5/,>=>2+8=3.>;:+<3/8</=3+:2+;3.+84+7

, /6+<5+8:/8=3818A+=3.>;A+81+./5>+=

- 3<5><35+8 ./81+8 :+<3/8 .+8 5/6>+;1+ =/8=+81 =/2835 =3.>;

:+<3/8

. 3:=+5+863815>81+8A+818A+7+8

/ 96+,9;+<3:/7,/;3+89,+==3.>;

 ),(!)!*/.%

7:6/7/8=+<3 +.+6+2 :/81/696++8 .+8 :/;@>4>.+8 .+;3 ;/8-+8+

5/:/;+@+=+8 A+81 =/6+2 .3<><>8 :+.+ =+2+: :/;/8-+8++8 095>< .+;3

38=/;?/8<3 5/:/;+@+=+8 +8=+;+ 6+38 7/7:/;=+2+85+8 .+A+ =+2+8 =>,>2




7/8-/1+2597:635+<37/8/7>5+8:/;>,+2+8<3<=/7=>,>27/7+8=+:5+8

2>,>81+8 563/8 ./81+8 63815>81+8 37:6/7/8=+<3 :/<+8 .95=/; &/=3+.3





 1(0.%

!/8>;>= &/=3+.3 

 ?+6>+<3 +.+6+2 :/;,+8.381+8 A+81

<3<=/7+=3<.+8=/;/8-+8+=/8=+815/</2+=+8563/8./81+8=>4>+8A+81=/6+2

.3=/=+:5+8 .36+5>5+8 ./81+8 -+;+ ,/;<38+7,>81+8 ./81+8 7/63,+=5+8

563/85/6>+;1+.+8=/8+1+5/</2+=+86+388A+ ?+6>+<3.+:+=.3,+13.+6+7


4/83<A+3=>

 ?+6>+<3,/;4+6+8<>7+=30

35/;4+5+8 .+6+7 ,/8=>5 :/813<3+8 09;7+= -+=+=+8 :/;5/7,+81+8

./81+8,/;9;3/8=+<35/:+.+ 7+<+6+2A+81.3+6+7396/2563/8 &#$


 ?+6>+<3+523;<>7+=30

35/;4+5+8 ./81+8 -+;+ 7/7,+8.3815+8 +8=+;+ =>4>+8 A+81 +5+8

.3-+:+336+=/;.+:+=5/</84+81+8 .3+8=+;+5/.>+8A+7>81538</7>+

=+2+: .+6+7 :;9</< 5/:/;+@+=+8 :/;6> .3=384+> 5/7,+63 +1+; .3.+:+=

.+=+.+=+7+<+6+2+=+> ;/8-+8+A+81:/;6>.379.3035+<3&#$%


 !-,%.

 !"%*%.%

$/7,/;3+8 =/;+:3 .38138 +=+> /< +.+6+2 7/7,/;35+8 597:;/< /<

+=+> +3; /< ./81+8 <>2>    :+.+ .+/;+2 A+81 7/81+6+73 8A/;3

./81+8@+5=>:/7,/;3+8 7/83= +8.;+.+8!>.+A+=3




 "!')!'*%.)!,!)!-%*/!-,%!.

'/;+:3/<,/5/;4+./81+87/8<=37>6+<3;/</:=9;=3.+58A/;3

8988983</:=9;.+6+7;/</:=9;A+81<+7+</23811+.+:+=7/8>;>85+8

:;9<=+16+8.38 7/7:/;5>+= </8<3=3?3=+< ;/</:=9; 8A/;3 .+8 <>,5>=+8 6+38

:+.+=/7:+= -3./;+A+81+523;8A+7/812+7,+=:;9</<3806+7+<3+8.;+

.+8!>.+A+=3


 -+.! 0-!)!-%*!-,%.

!/8>;>=+8.;+.+8 !>.+A+=3 
 :;9</.>;.+6+7 $/7,/;3+8'/;+:3

< +.+6+2</,+1+3,/;35>=

+ !/7+<=35+8,+2@+:+<3/8,/;</.3+7/84+.3;/<:98./8

, !/A+5385+8,+2@+;/<:98./8</<>+3./81+85;3=/;3+3856><3

- 7/813<3 6/7,+; 9,</;?+<3 >8=>5 7/8123=>81 <5+6+ 8A/;3 A+81

.3;+<+5+8</,/6>7.3,/;3:/;6+5>+8

. !/8A3+:5+8+6+= A+81.3:/;6>5+87/63:>=3:/;6+5+=+>+6+< 6/7,+;

<+;>81=+81+8 :+<+815+38@96+=+>06+8/6
6/7,+;=/;797/=/;

,>+2.+8@+<597,/;3<3+3; /<

/ !/81>5>;<>2>+3;.+6+7@+<597./81+8=/;797/=/;



0 !/7+<>55+85+38@96+=+>06+8/65/.+6+7@+<597A+81,/;3<3+3;/<

1 !/7:9<3<35+8:+<3/8</8A+7+87>81538

2 !/6/=+55+8597:;/<+3;/<:+.+695+<38A/;3

3 $/8197:;/<+8.36+5>5+8</6+7+5>;+816/,32 7/83=

4 $/7,/;3+8597:;/<.38138383.36+5>5+8</,+8A+5 5+63>8=>5</=3+:

:+<3/8

 3!-%

 !"%*%.%

$/81/;=3+8 .+;3 8A/;3 3=> </8.3;3 +.+6+2 </<>+=> A+81 ,/;<30+=

<>,4/5=30 &/-+;+ 56383< 8A/;3 +.+6+2 +:+:>8 A+81 .3>815+:5+8 96/2

:+<3/8 7/81/8+3 </<>+=> A+81 .3;+<+5+8 </,+1+3 <>+=> 2+6 A+81 =3.+5

7/8A/8+815+8+=+><+81+=7/811+811>8.+;79A9
 

!/8>;>=  " " !!!"   " !"#%  

&$8A/;3.3./0383<35+8</,+1+3:/81+6+7+8</8<9;3<.+8/79<398+6

A+81=3.+57/8A/8+815+8 A+81,/;2>,>81+8./81+85/;><+5+84+;381+8

+=+> :9=/8<3+6 +5+8 7/8A/,+,5+8 5/;><+5+8 4+;381+8 &/=3A92+.3.55


 

 (.%"%'.%

$+.+ 56+<3035+<3 8A/;3 +.+ ,/,/;+:+ 4/83< .3+8=+;+8A+ A+3=> % 

!" +.+6+2 8A/;3 A+81 =37,+>6 </,+1+3 +53,+= :/;+81<+81+8 :+.+

8983</:=9; </;+,>= +./6=+ .+8 </;+,>=- 96/2 ;+81<+81 7/5+835 =/;7+6

+=+> 5/735+6 %  !" +.+6+2 8A/;3 A+81 =37,>6 :+.+ 9;1+8 898

?3</;+673<+68A+8A/;3:+<-+:/7,/.+2+88A/;37/=+<=+=358A/;3=>6+81

8A/;3 +;=;3=35 %  $!  +.+6+2 8A/;3 A+81 ,/;+<+6 .+;3 9;1+8 ?3</;+6

,3+<+8A+ +53,+= .3<=/8<3 9;1+8 A+81 ,/;9811+ 73<+68A+ ><>< 5+8.>81

/7:/.> :+85;/+< 4+8=>81 .+8 :+.+ 8A/;3 383 ,3+<+8A+ .335>=3 7>+6 .+8

7>8=+2 %  # " +.+6+2 =37,>6 +53,+= 3;3=+<3 +=+> =;+>7+ :+.+

<+;+0 ,3+<+8A+ :+<3/8 7/;+<+5+8 ;+<+ </:/;=3 =/;,+5+; </:/;=3 =/;</81+=

63<=;35+=+>+69.383+.+8.3</<=/<3+ % ! A+3=>8A/;3A+81=3.+5

7/7/8>23 5;3=/;3+ 8A/;3 <97+=35 .+8 8A/;3 8/>;9:+=35 .+8 7/7/8>23

5;3=/;3+>8=>5./:;/<3+=+>5/6+38+8:<359<97+=35&/=3A92+.3.55
 

 (/ '0-

!/8>;>=8.+;79A9
 .+6+7:/836+3+838=/8<3=+<8A/;3 .+:+=

.36+5>5+8./81+87/811>8+5+8<5+6+</,+1+3,/;35>=

+ /<5;3:=30

'3.+5 "A/;3%381+8 "A/;3 "A/;3*+81


8A/;3 /;+= '3.+5=/;=+2+8

)-
'(*3!-%!.'-%,/%"

&5+6+ ./<5;3:=30 7/;>:+5+8 +6+= :/81>5>;+8 =3815+= 5/:+;+2+8

8A/;3 A+81 6/,32 9,4/5=30 &5+6+ :/8./<5;3:<3 ?/;,+6  

! "     7/;>:+5+8 </,>+2 1+;3< A+81 =/;.3;3 =31+

<+7:+3637+5+=+:/8./<5;3:<3A+81=/;<><>8./81+84+;+5A+81<+7+

.3</:+84+811+;3< $/8./<5;3:<3383.3;+85381.+;3C=3.+5=/;+<+8A/;3D

<+7:+3 C8A/;3 A+81 =3.+5 =/;=+2+85+8D ./81+8 -+;+ :/;+@+=


7/8>84>55+85/:+.+:+<3/8<5+6+=/;</,>=.+87/738=+:+<3/8>8=>5

7/7363238=/8<3=+<8A/;3=/;,+;>A+813+;+<+5+8

, ">7/;35


    

'3.+58A/;3 &+81+=8A/;3

)-
'(*3!-%0)!-%'

&5+6+ :/836+3+8 8>7/;35  #  " !  6/,32

.31>8+5+8 </,+1+3 :/811+8=3 +6+= :/8./<5;3:<3 5+=+ +6+7 2+6 383

:+<3/87/836+38A/;3./81+87/811>8+5+8<5+6+ <5+6+383:+6381

/0/5=30 .31>8+5+8 <++= 7/815+43 38=/8<3=+< 8A/;3 </,/6>7 .+8 </=/6+2

38=/;?/8<3=/;+:/>=35

- 8+691

'3.+5 "A/;3*+81
8A/;3 '3.+5=/;=+2+8

)-
'(*3!-% 

&5+6++8+691?3<>+6!#  +.+6+2<>+=>1+;3<

6>;>< +=+> 29;3B98=+6 </:+84+81  -7 A+81 7/@+5363 38=/8<3=+< 8A/;3

A+81 =/;><7/8/;>< .+8 :/8./<5;3:<3 ?/;,+6 :+.+ </=3+: >4>818A+

./81+8 -+;+ :+<3/8 .3738=+ >8=>5 7/8>84>5 =3=35 :+.+ 1+;3< A+81

7/8>84>55+8 6/=+5 8A/;3 =/;4+.3 :+.+ </:+84+81 1+;3< =/;</,>= $+.+

>4>81 53;3 ,3+<+8A+ 7/8+8.+5+8 C=3.+5 +.+D +=+> C=3.+5 8A/;3D



</.+815+8 >4>81 5+8+8 ,3+<+8A+ 7/8+8.+5+8 C,/;+=D +=+> C8A/;3 A+81

:+6381,>;>5D

 !*/('.**

!/8>;>=&/=3A92+.3
 :/8+=+6+5<+8++8.3,+13
7+-+7A+3=>

A+81 :/;=+7+ A+3=> :/8+=+6+5<+8++8 8A/;3 ./81+8 9,+=9,+=+8 '/;+:3

9,+=A+81/0/5=30>8=>58A/;3</2+;><8A+7/736353;/<359;/6+=30;/8.+2

=3.+57+2+6 .+898</=8A+-/:+=#,+=9,+=+8>8=>58A/;3;381+8<+7:+3

</.+81  .+:+= 7/81/696+ <+53= .+8 8A/;3 ./81+8 +8+61/<35 #'

=/;7+<>5+<:3;38=/;>=+7+.3</,+,5+896/25/7+7:>+88A+7/812+7,+=

,39<38=/<3< :;9<=+16+8.38 +</=+73890/8 :+.+ .9<3< A+81 <+7+ ./81+8

+<:3;38   71 9;+6 </=3+:  4+77/7:>8A+3 /0/5 +8+61/=35 .+8

+8=3:3;/=35 A+81 </,+8.381 =/=+:3 /0/5 +8=3 3806+7+<38A+ 6/,32 ;/8.+2

.3,+8.381 +<:3;38 +6> 9,+=9,+=+8 >8=>5 8A/;3 </.+81 <+7:+3 ,/;+=

A+3=> #:393. +8+61/<35 .3 38.35+<35+8 >8=>5 8A/;3 </.+81 <+7:+3 ,/;+=

A+81 =3.+5 ,/;5>;+81 ./81+8 9,+= 6+38 -98=928A+ =/;7+<>5 :+.+ 8A/;3

+5>= =;+>7+ ,/;+= 6>5+ ,+5+; 380+;5 7395+;. ,+=> >;/=/; :/7,/.+2+8

.+88A/;35;9835

#,+= +1983< 9:393. A+81 </;381 .31>8+5+8 A+3=> !9;038 <>60+=

79;038   71 <>,5>=+8 +=+> 38=;+7><5>6/; /0/5=30 >8=>5 7/8198=;96

8A/;3 ,/;+= :+.+ :+<3/8 ./@+<+ :+.+ 7395+;. +5>= +=+> /./7+ :>679

+5>= =/;4+.3 5/1+1+6+8 ?+<5>6+; 53;3


 71 .3<>8=355+8 :/6+8:/6+8

/8=;+?/8+:+.+ 76-+3;+8<+638!/=+.987/=+.98  71</-+;+9;+6

=3+:  4+7 >8=>5 7/8+81+83 +.35<3 5+;/8+ .>;+<3 5/;4+8A+ 6+7+

9./38 <>0+= +=+> 09<0+= .31>8+5+8 ,/;<+7+ ./81+8 +<:3;38 +=+>

+</=+73890/8 >8=>5 7/7:/;5>+= /0/5 +8+61/<358A+ #5<359.98 .+8

3.;959.98 .3,/;35+8 </-+;+ 9;+6 .+8 .3;/</:5+8 ,/;<+7+ +8+61/<35

6+38 .9<3<8A+   71 =3+:  4+7 :+.+ =+,6/= A+81 7/81+8.>81

+<:3;38
 72 +=+>  71 !/:/;3.38 7/:/;3.38   </,+358A+

.3238.+;3 :+.+ 8A/;3 5;9835 A+81 ,/;+= 5+;/8+ .>;+<3 5/;4+8A+ :/8./5

';+7+.96 +8+61/<35 +=3:35+6 ./81+8 1+7,+;+8 9:393. .+8 898 9:393.

7/7:>8A+3 5/;4+ ;+815+: A+3=> </:/;=3 =;3<35635 .+8 +8=3./:;/<+8 >8=>5

7/7,695 :/81+7,36+8 5/7,+63 89;/:38/0;38.+8 </;9=9838 /.>+

+.+6+2:/8+=+6+5<+8++88A/;3./81+87/=9./A+816+38A+3=>7/6+5>5+8

 !  A+3=> ./81+8 +8/<=/=35 695+6 4+815+ :+84+81 .3=+7,+2

<>8=35+8 <=/;93. .+:+= 7/;381+85+8 8A/;3 ,+2> 8A/;3 .+.+ .+8 :+2+

=/=+:3,695:+.+<+;+0<37:+=35.+:+=7/7,+8=>>8=>57/81>;+8138A/;3

+,.97/8 5;9835 8A/;3 :/6?3< 5;9835 .+8 +8138+ 5;9835 ! 

! 7/811>8+5+8 <=/;93. .+8 +8/<=/<3 695+6 .+:+= 7/81>;+813 8A/;3

.+8;+.+81:+.+</8.3<:38+6'/;+:3&=37>6+<3'"& ';+8<>=+8/9><

<=37>6+=398 7/811>8+5+8 ,+8=+6 52><>< A+81 .32>,>815+8 ./81+8

7/<385/-36A+817/812+8=+;5+8+63;+863<=;356/7+25/ :/;7>5++85>63=

.+;3+;/+8A/;3+5>:>8=>;




&-0-.-.5:591:618-?7-:@1:@-:3 -?A4-:71<1>-C-@-: <-0-):)01:3-:

<;?@ ;<1>-?5 "     05 'A-:3 !1:-:3- '(* 0>

(;105>-: #-:3A: (A9->?; ,;:;35>5 E-:3 058-7A7-: <-0- @-:33-8


 <>58


 ?A4-: 71<1>-C-@-: 5:5 059A8-5 0->5 <1:37-65-: -:-85?- 0-@- <1>A9A?-:

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01:3-: <171>6--: ?1.-3-5 <1@-:5 .1><1:05057-: ( !851: 9-?A7 71

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(10-:37-:501:@5@-? <1:-:33A:36-C-.7851:E-5@A ):&.1>A?5-  @-4A:

.1>@19<-@@5:33-805 -@A?->5718A>-4-:&A:0A4?->571/-9-@-:#-:E->-:

?1.-3-5 <1@-:54A.A:3-:01:3-:7851:E-5@A -:-77851:

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&-?51: 91:3-@-7-: 7A>-:3 81.54  .A8-: -0- .1:6;8-: 05 <1>A@

.-C-4 ?18-:37-:3-: 7-:-: 0-: @1>-?- 71>-? 7-8-A .A-@ @50A> 9-8-9

458-:37-8-A.A-@-7@525@-?E-:3.1>81.58-: 9A:/A88-35 8-8A <-0-@-:33-8

 <>58
 718A->3- 919.-C- 7851: 71 '( &!* #A4-99-05E-4




(18;35>5  0-: 719A05-: 05>A6A7 71  '(* 0> (;105>-: #-:3A:

(A9->?;,;:;35>5 <-0-@-:33-8<>58
 0-:0->591:0-<-@7-:

4-?58<191>57?--:) 

993''
D 9:@$D 91:5@(

F 7851: 05 05-3:;?-       719A05-: 05

<5:0-47-: 71 .-:3?-8 71:-:3- 0-: 058-7A7-: ;<1>-?5 <-0- @-:33-8

<>58
 <-0-6-9


,

-8-9 >5C-E-@ 718A->3- 7851: @50-7 -0- E-:3 919<A:E-5 >5C-E-@

<1:E-75@ @1>?1.A@ !18A->3- 7851: 91:3-@-7-: .-4C- 7851: 6A3- @50-7

919<A:E-5 -81>35 -@-A 71.5-?--: .A>A7 .-47-: @50-7 <1>:-4 91:3-8-95

71/18-7--: 91?75<A: <1>:-4 05>-C-@ 05 >A9-4 ?-75@ @1@-<5 4-:E- ?-75@

<-:-?.5-?-C-7@A9-?547-:-77-:-7

5854-@ 0->5 31:;3>-9 7851: 91>A<-7-: 71<-8- >A9-4 @-:33-

@5:33-8?-@A>A9-401:3-: 5?@>5?1>@-0-: ?-@A -:-7:E- "5:37A:3-:@19<-@

@5:33-8 7851: .5?- 057-@-7-: /A7A< .-57 7->1:- .1>?54 6-A4 0->5 859.-4

<-.>570-:@19<-@<19.A-:3-:?-9<-4

):)

!%
"#%! "


!1@1>-:3-:

8-758-75 @5:33-8?-@A>A9-4

<1>19<A-: 3->5?71@A>A:-:

91:5:33-8  3->5?<1>:57-4-:

<-?51:

 # &'" ("&#"
&;8-<1>?1<?50-:<191854->--:71?14-@-:<-?51:91:3-@-7-:.58-

?-75@ 6->-:3 95:A9 ;.-@;.-@-: E-:3 056A-8 05C->A:3 <-?51: 8-:3?A:3

<1>57?-710;7@1> <>-7@17 -@-A<A:05>A9-4?-75@

&;8-:A@>5?50-:91@-.;85?91?1.18A9?-75@<-?51:9-7-:01:3-:

2>17A1:?5 D ?14->5 61:5? :-?5 ?-EA> 8-A7  <;>?5 4-.5? 0-: @50-7 -0-

718A4-:#5:A97-85?14->561:5?-5><A@54@147;<5<;>?5 /-:375>

0-: @50-7 -0- 718A-4 (18-9- ?-75 <-?51: 9-7-: 01:3-: 2>17A1:?5 D

?14->5 61:5? .A.A> ?-EA> 8-A7  <;>?5 4-.5? 0-: @50-7 -0- 718A4-:

#5:A97-85?14->561:5?-5><A@54?A?A<;>?5 /-:375>0-:@50-7-0-

718A4-:

&;8- 18595:-?5 ?1.18A9 ?-75@ <-?51: 91:3-@-7-: ?1.18A9 9-?A7

>A9-4 ?-75@   7-85 <1> 4->5 0-: @1>-@A> @5-< <-35 4->5 7;:?5?@1:?5

8A:-7 .1>.1:@A7 ! 8-:/-> @50-7 -0- 718A4-: !  7-85 ?14->5

01:3-:7->-7@1>5?@57A>5:17A:5:361>:54(18-9-?-75@<-?51:91:3-@-7-:

?-9<-5 ?--@ 057-65 .18A9  ! 8-:/-> @50-7 -0- 718A4-: 7A>-:3

81.54

//<1>4->501:3-:7->-7@1>5?@57A>5:1/;78-@<17-@


&;8--7@5B5@-?0-:8-@54-:<-?51:?1.18A9?-75@9-7-:-@-A95:A9

9-:05>5@;581@5:3 9-:05>5.1><-7-5-:9-:05>5 9;.585@-?05@19<-@@50A>

9-:05>5.1><5:0-4 9-:05>5-9.58-?5-@-A'%# 9-:05>5(18-9-?-75@

9-7-:-@-A95:A9 05.-:@A;>-:38-5:@;581@5:3 05.-:@A;>-:38-5:0-:

-8-@ .1><-7-5-: 05.-:@A ;>-:3 8-5: 9;.585@-? 05 @19<-@ @50A> 05.-:@A

;>-:3 8-5: .1><5:0-4 05.-:@A ;>-:3 8-5: -9.58-?5 -@-A '%# 05.-:@A

;>-:38-5:

&;8-5?@5>-4-@50A>?1.18A9?-75@<-?51: 91:3-@-7-:.5-?-:E-@50A>

6-9 

, 0-:<-?@5C-7@A?A.A4?A0-4.-:3A:(18-9-?-75@<-?51:

91:3-@-7-: 9A8-5 .5?- @50A> 6-9 

, 8-8A 6-9




, <-?@5

.-:3A:0-:9A8-5@50-7.5?-@50A>8-35

&;8- 7;3:5@52<1>?1<@A-8 ?1.18A9 ?-75@ <-?51: 91:3-@-7-:

71-0--::E-?-0->0-:91>-?-71-0--::E-?-:3-@.A3->0-:7A-@(18-9-

?-75@<-?51:91:3-@-7-:?A0-4@-4A:91:31:-5<1:E-75@E-:30501>5@-:E-

0-:<-?51:.1>A?-4-@-.-40-:?18-8A.1>?-.->

&;8- <1>?1<?5 7;:?1< 05>5 3-9.->-: 05>5 <-?51: 91:3-@-7-:

91:1>59- 71-0--::E- ?--@ 5:5 501-8 05>5 <-?51: 5:35: /1<-@ ?19.A4 0-:

.1>7A9<A8 01:3-: 718A->3-:E- <1>-: 05>5 <-?51: ?1.-3-5 71<-8- >A9-4

@-:33- 5:01:@5@-? 05>5 <-?51: 91:E-0->5 .-4C- 05- -0-8-4 ?1;>-:3 8-75

8-75

&;8- 4A.A:3-: <1>-: ?1.18A9 ?-75@ <-?51: 91:3-@-7-: @50-7 -0-

7;:2857 0-8-9 >A9-4 @-:33- 0-: 718A->3- 4A.A:3-: 01:3-: @1@-:33-

.-57 (18-9- ?-75@ <-?51: 91:3-@-7-: @50-7 -0- 7;:2857 0-8-9 >A9-4


@-:33- 0-: 718A->3- 4A.A:3-: ?;?5-8 01:3-: @1@-:33- 9-?54 @1>6-85:

01:3-:.-57?1>5:391:3-@-7-:718A4-:<-0-5?@>5:E-

&;8- ?17?A-85@-? >1<>;0A7?5 ?1.18A9 ?-75@ <-?51: 91:3-@-7-:

?1;>-:3 <>5- 919<A:E-5  5?@>5 0-:  ;>-:3 -:-7 (18-9- ?-75@ <-?51:

91:3-@-7-:?1;>-:3<>5-919<A:E-5 5?@>50-: ;>-:3-:-7

&;8- 917-:5?91 7;<5:3 ?1.18A9 ?-75@ <-?51: 91:3-@-7-: ?1@5-<

-0- 9-?-8-4 ?18-8A 05.5/->-7-: 01:3-: 710A-:E- (18-9- ?-75@ <-?51:

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:E1>5 <-0- <1>A@ 7-:-: .-C-4 -@-A ->1- ?18-:37-:3-: ?7-8- :E1>5  $E1>5

@59.A8 @5.-@5.- 0-: 458-:3 :E1>5 @1>-?- ?--@ .-35-: <1>A@ @13-:3 0-: ?--@

.1>31>-7 :E1>5 <-0- <1>A@ 7-:-: .-C-4 -@-A ->1- ?18-:37-:3-: ?A0-4 @50-7

-0- .1:6;8-: 9-?-8-4 .18A9 @1>-@-?5 8-:6A@7-: 5:@1>B1:?5 E-5@A 7-65 :E1>5

<-?51: A7A> ))+ .1>57-: @1>-<5 1? <-0- ?175@-> ->1- 8A7- 0-: 7;8-.;>-?5

01:3-:0;7@1>A:@A7<19.1>5-:-:-831?57

(18-:6A@:E- 1B-8A-?5 4->5710A-05-3:;?-710A- <-0-6-9 


,

<-?51: 91:3-@-7-: 71?A85@-: 0-8-9 919.;8-7.-857 <;?5?5 <A:33A:3 7->1:-




@1>-?- 31>-40-:@50-77A-@<-0-7-75A:@A7.1><5:0-4<;?5?5 &-?51: @-9<-7

71?A85@-: 0-8-9 91:3A.-4 <;?5?5 @A.A4:E- 71<;?5?5 E-:3 :E-9-: 9-?-8-4

.18A9 @1>-@-?5 8-:6A@7-: 5:@1>B1:?5 E-5@A 01:3-: 9;:5@;>5:3 ))+ ?1.18A9

-@-A ?1?A0-4 8-@54-: 0-: 854-@ >1?<;: ?--@ 8-@54-: 7-65 719-9<A-: <-?51:

0-8-9 9;.585?-?5 8-@54 <-?51: 0-8-9 <191:A4-: 71.A@A4- " ?1/->-

9-:05>5?1?A-5719-9<A-:0-:.1>57-:-8-@.-:@A657-7851:9191>8A7-:

B-8A-?5E-:3 4->5710A-05-3:;?-71@53- <-0-6-9 

, <-?51:

91:3-@-7-:@50A>:E-@50-7:E1:E-7?19-8-94-:E-@50A>  6-9@50A>?5-:3

  6-9 !-:@;:3 9-@- ?10575@ 318-< 9-?-8-4 .18A9 @1>-@-?5 8-:6A@7-:

5:@1>B1:?5 E-5@A 7-65 <;8- @50A> <-?51: .1>57-: ?A-?-:- E-:3 @1:-:3 0-:

:E-9-: .1>57-: 10A7-?5 <1:@5:3:E- 10A7-?5 @50A> 0-: 7;8-.;>-?5 01:3-:

0;7@1>A:@A7<19.1>5-:-:-831?57
 

   

 "

#+.+ ,+, 383 :/8?63= +5+8 7/7,+2+= #/7,/<3+8 '/<+:3 = :+.+

=?2+8 /:/<+A+>+8 '8 ' ./81+8 #$ " $ ' %#


$"# .3

%?+81/8+81+%&(.< &9/.3<+8 +81?8&?7+<=9)98913<3

 

/8?<?> +8>2/C
.+6+7+<+.366+.+8=<+<
:+=3/8

7/81+>+5+8 5?<+81 6/,32  ,?6+8 +.+ ,/8496+8 .3 :/<?> ,+A+2 :+.+

=/6+815+81+8 =/,/6+2 5+8+8 .+8 >/<+=+ :+8+= 5+6+? ,?+> >3.?< 7+6+7

236+815+6+?,?+>+5>3@3>+=C+81,/<6/,32+87?8-?66+13

/8?<?> +8>2/C .55 


  :+.+ 1/4+6+ " ! 

5/6?2+8 =+>?=+>?8C+ +.+6+2 +.+8C+ ,/8496+8 .363:+> :+2+ C+81 7?8-?6

:+.+A+5>?,/<.3<3 ,+>?5,/<=38+>+?7/81/.+8.+87/81236+81=/>/6+2

,/<,+<381/6?2+88C/<34+<+81.34?7:+35+6+?+.+,3+=+8C+.3<+=+5+8.3

.+/<+2 /:31+=><3?7 +>+? :/<3?7,3635+6 ,/<?:+ 8C/<3 @3=5/<+6 5+</8+

</1+81+8 :+.+ 7/=/8>/<3?7 =/A+5>? =+>? =/17/8 ?=?= 2+6?= 7+=?5

5/.+6+7 5+8>981 2/<83+ !C/<3 C+81 .3=/<>+3 7?+6 7?8>+2 ,+<? >37,?6

5+6+?>/<4+.3385+<=/<+>+5+</8+36/?=+>+?=><+81?6+=35+</8+8/5<9=3=+>+?

1+811</8




#+.+ :/815+43+8 8C/<3 C+81 .36+5?5+8 :/8?63= 5/:+.+ '8 ' ,/6?7

>/<.95?7/8>+=3 .3.+>+ :/815+43+8 >/>+:3 =?+.+2 .3-+8>?75+8 .3 +8+63=+ .+>+

5+</8+ :/8?63= 5?<+81 >/63>3 =/2+<?=8C+ :/8?63= .+6+7 7/8.95?7/8>+=35+8

6/,32 >/63>3 .+8 2+>32+>3 &++> .35+43 96/2 :/8?63= 5/6?2+8 ?>+7+ C+81

.3<+=+5+8 :+=3/8 7/81+>+5+8 8C/<3 :+.+ +,.97/8 5+8+8 ,+A+2 .3

=/6+815+81+8 5+8+8 :+=3/8 7/81+>+5+8 8C/<3 :+.+ ,+13+8 ,/5+= 9:/<+=3

8C/<3:9=>9:/<+=32/<83+=/:/<>3.3>?=?5>?=?58C/<3,/<=5+6+8C/<3>/<+=+

>37,?6 >3,+>3,+ .+8 236+81 8C/<3 >/<+=+ =++> ,+13+8 :/<?> >/1+81 .+8 =++>

,/<1/<+5 :+=3/8 >+7:+5 7/<3813= 5/=+53>+8 =++> >/<+=+ 8C/<3 '  

771 ./81+8 ,+>+=+8 5+<+5>/<3=>35 :/<?,+2+8 >/5+8+8 .+<+2

7/81/5=:</=35+8 :/<36+5? 1/63=+2 =35+: 7/638.?813 +</+ 8C/<3 :/<?,+2+8

:9=3=3 ?8>?5 7/81238.+<3 8C/<3 =35+: >?,?27/638.?813 7/6+:9<5+8 8C/<3

=/-+<+@/<,+6 1+811?+8>3.?<!!
 

/8?<?> #9>>/< .+8 #/<<C 


 .+6+7 +</0+ .55 
  8C/<3

=/>/6+2 :/7,/.+2+8 +.+6+2 2+6 C+81 89<7+6 !C/<3 C+81 .3<+=+5+8 :+=3/8

,/.+2 7/83815+> =/3<381 ./81+8 ,/<5?<+818C+ :/81+<?2 +8+=>/=3 #+=3/8

6/,327/8C+.+<363815?81+88C+.+86/,32=/8=3>30>/<2+.+:<+=+8C+7+8</+

38=3=37?815387/84+.3=+>?=+>?8C+=?7,/<8C/<3

&/-+<+ 56383= 8C/<3 +.+6+2 +:+:?8 C+81 .3?815+:5+8 96/2 :+=3/8

7/81/8+3=/=?+>?C+81.3<+=+5+8=/,+1+3=?+>?2+6C+81>3.+57/8C/8+815+8

+>+? =+81+> 7/811+811? 8.+<79C9


  #/815+43+8 8C/<3 C+81

.36+5?5+8 7/63:?>3 #$%&' ?8>?5 7/81/>+2?3 :/8C/,+, +>+? =>37?6?= F


=>37?6?=8C/<3 5?+63>+=8C/<3C+81.3<+=+5+8695+=38C/<3>3815+>5/:+<+2+8

8C/<3 =/<>+ +A3>+8.+8 .?<+=38C/<3#<+=/>C+


 

8+691

'3.+5 !C/<3*+81
8C/<3 '3.+5>/<>+2+8

!
&!

&5+6++8+691@3=?+6#% +.+6+2=?+>?1+<3=6?<?=

+>+?29<3D98>+6=/:+84+81 -7 C+817/A+536338>/8=3>+=8C/<3 C+81>/<?=

7/8/<?= .+8 :/8./=5<3:=3 @/<,+6 :+.+ =/>3+: ?4?818C+ ./81+8 -+<+ :+=3/8

.3738>+?8>?57/8?84?5>3>35:+.+1+<3=C+817/8?84?55+86/>+58C/<3>/<4+.3

:+.+ =/:+84+81 1+<3= >/<=/,?> #+.+ ?4?81 53<3 ,3+=+8C+ 7/8+8.+5+8 G>3.+5

+.+H+>+?G>3.+58C/<3H=/.+815+8?4?815+8+8,3+=+8C+7/8+8.+5+8G,/<+>H

+>+?G8C/<3C+81:+6381,?<?5H

&++> .36+5?5+8 :/815+43+8 2+<3 :/<>+7+8 563/8 7/81+>+5+8 5/=?63>+8

.+6+7 7/7,96+5,+635 :9=3=3 :?811?818C+ 5+</8+ >/<+=+ 1/<+2 .+8 >3.+5

5?+> :+.+ 5+53 ?8>?5 ,/<:38.+2 :9=3=3 :+=3/8 >+7:+5 5/=?63>+8 .+6+7

7/7,/8+<5+8 :9=3=3 >?,?28C+ 5/ :9=3=3 C+81 8C+7+8 ./81+8 ,+>+=+8

5+<+5>/<3=>35 5/=?63>+8 7/7,96+5,+635 :9=3=3 5/>/<,+>+=+8 5/7+7:?+8


7/6+5?5+879>9<355+=+<5/>/<,+>+=+8</8>+81:/<1/<+5+8=/8.3:/<1/<+5+8

6+7,+>!!
 

&++> .36+5?5+8 :/815+43+8 2+<3 5/.?+ 563/8 7/81+>+5+8 =?=+2 >3.?<

>3.?< 5?<+81 6/,32 2+8C+  4+7 :/<+=++8 =/>/6+2 ,+81?8 >3.?< 7+=32

7/81+8>?5 .+8 5?<+81 :?+= 5+8>?81 7+>+ >/<632+> +1+5 1/6+: +811?+8

5?+63>+= .+8 5?+8>3>+= >3.?< +53,+> 0+5>9< /5=>/<8+6 ./81+8 ,+>+=+8

5+<+5>/<3=>35=?2?63815?81+8=/53>+<1+811?+88C/<35?<+81598><96>3.?<

,3=381,+?1+=.+8</=><+3803=35!!
 

#/7/8?2+8 +5>303>+= .+8 6+>32+8  '8 ' 7/81+>+5+8 .+6+7

7/6+5?5+8 +5>3@3>+= =/:/<>3 7+5+8 738?7 ,/<:+5+38 79,363>+= .+8

,/<:38.+2 .3,+8>? 96/2 5/6?+<1+ +>+? :/<+A+> >/>+:3 .+6+7 >936/>381 '8 '

.3,+8>? 9<+81 6+38 .+8 :/<+A+> /8?<?> )3.C+ 


  .+6+7 %?=>3+8+A+>3


   :+=3/8 :+=-+ 9:/<+=3 =/<3815+63 .32+.+:5+8 :+.+ :/<7+=+6+2+8

+.+8C+ :<9=/= :/<+.+81+8 +5?> .+8 8C/<3 C+81 7/81+53,+>5+8 5/>/<,+>+=+8

1/<+5

+=36:/7/<35=++8>/5+8+8.+<+2  7710</5?/8=3:/<8+0+=+8

 5+63 :/<7/83> ./81+8 3<+7+ >/<+>?< 8+.3  5+63 :/<7/83> ./81+8 3<+7+

>/<+>?< =?2?  #/83815+>+8 >/5+8+8 .+<+2 7/837,?65+8 8C/<3 C+81

.3+53,+>5+8 1+811?+8 =3<5?6+=3 :/7,?6?2 .+<+2 >/<4+.3 5+</8+ +.+8C+

=:+=7/:/7,?6?2.+<+2=/23811+6?7/8+<>/<396+7/8C/7:3>.+82+8C+.+:+>

.36+6?3  =/6 .+<+2 7/<+2 =+4+ :+,36+ =/7?+ +<>/<396+ .+6+7 >?,?2

7/81+6+73=:+=7/ 7+5+>/5+8+8.+<+28+3598.3=3>/<=/,?>7/8C/,+,5+8

9<1+8 38>/<8+6 7/81+6+73 =:+=7/ .+8 7/837,?65+8 </=:98 C+81 5?+> :+.+

=/<+,?> =+<+0 </=/:>9< 8C/<3 =/23811+ ,/<:9>/8=3+6 7/8C/,+,5+8 8C/<3

 3>+C+83
 

#/7/<35=++803=35+.+6+2:/7/<35=++8C+816/815+:.+<3:+=3/8?8>?5

7/81/>+2?35/+.++8+>+?5/6+38+8.+<3:+=3/8%3C+.3.+8+<7959



#+.+:/7/<35=++8 5/5?+>+89>9>:+.+ /5=></73>+= +>+=5+8+8.+853<3

/5=></73>+= ,+A+2 53<3 ./81+8 =59<  &/.+815+8 :+.+ /5=></73>+= ,+A+2

5+8+8 >/<4+.3 :/8?<?8+8 5/5?+>+8 9>9> ./81+8 =59<  #/<1/<+5+8 >/<,+>+=

:+.+/5=></73>+=,+A+2=/,/6+25+8+8.+8/5=></73>+=+>+=5+8+8 /5?+>+8

9>9> .3?43 7/6+6?3 :/815+43+8 5/7+7:?+8 563/8 ?8>?5 7/6+5?5+8 06/5=3 .+8

/5=>/8=3/5=></73>+==+7,36.36+5?5+8:/8+2+8+8 ?>>+;38


#/7/<35=++8 :/8?84+81 2+=36 6+,9<+>9<3?7 :+.+ >+811+6:<36




C+3>? /?59=3>
 E ? 89<7+6    E ? /8?<?>   !9


  #/7/<35=++8 373+ 63835 
 :/83815+>+8 4?76+2 6/?59=3>


% #$ ## 7/8?84?5+8+.+8C+:<9=/=380/5=3+>+?<+.+81+5?>73=+68C+

:8/?7983+<+.+81:+<?:+<? 7/83813>3=<+.+81=/6+:?>9>+5+:/8.35=3>3=

<+.+81?=?=,?8>?>?,/<-96?=3=>98=363>3=

'/<+:3 38><+@/8+ C+81 .3,/<35+8 :++.+ 563/8 7/63:?>3 %381/< +->+>

.9=3=
 >/>/=7/83> <+83>3.38/  71
 4+7 59>9<96+- 71
 4+7

-/09>+B37/  1<
 4+7 /8?<?> &" 

 38.35+=3 %381/< +->+> C+3>?

7/81/7,+635+8 5/=/37,+81+8 /6/5><963> :+.+ ./23.<+=3 %+83>3.38/ .3

38.35+=35+8 :/819,+>+8 4+815+ :/8./5 >?5+5 .?9./8?7 +5>30 >?5+5

6+7,?381+5>30/>9<96+5.338.35+=35+8:/8+>+6+5=+8++84+815+:/8./5:+.+

8C/<3 +5?> =/.+81,/<+> /09>+B37/ .3 38.35+=35+8 =+6?<+8 8+0+= ,+A+2

=+6?<+85/732138/5969135?63>>?6+81.+8<+A+8=/8.3

33>C+81.3,/<35+8?8>?5:+=3/8 C+3>?.33>>381135+69<3>38113:<9>/38

''# /8?<?> 9C+  


 .+6+7!?1<929 

  +5>9<+=?:+8

8?><3=3=+81+>.3:/<6?5+8>/<?>+7+:<9>/38.+85+69<3?8>?57/7,+8>?:<9=/=

:/8C/7,?2+8 6?5+ +.+6+2 =/53>+< 



 1512+<3 3/> >38113 :<9>/38 .+8

5+69<3 2+<?= >/>+: .3:/<>+2+85+8 =/6+7+ 7+=+ :/8C/7,?2+8 #/7,/8>?5+8

4+<381+8 +5+8 =+81+> 9:>37+6 ,36+ 5/,?>?2+8 8?><3=3 >/<?>+7+ :<9>/38

>/<:/8?23


"

3+189=+ 5/:/<+A+>+8 C+81 7?8-?6 :+.+ :+=3/8 ,/<.+=+<5+8 2+=36

:/815+43+8:/<>+7+8C/<3 +5?>,/<2?,?81+8./81+8+1/8-3./<+03=35/.?+

2+7,+>+8 79,363>+= 03=35 ,/<2?,?81+8 ./81+8 1+811?+8 8/?<97?=5?6+<

8C/<3 />31+ 1+811?+8 :96+ >3.?< ,/<2?,?81+8 ./81+8 1+811?+8

8/?<97?=5?6+<8C/<3

#/8?63= 7/7:<39<3>+=5+8 .3+189=+ 5/:/<+A+>+8 C+81 :/<>+7+ 8C/<3

+5?>,/<2?,?81+8./81+8+1/8-3./<+03=35 /.?+ 2+7,+>+879,363>+=03=35

,/<2?,?81+8 ./81+81+811?+88/?<97?=5?6+<8C/<3 />31+ 1+811?+8:96+

>3.?<,/<2?,?81+8./81+81+811?+88C/<3

#+.+ .3+189=+ :/<>+7+ .3.+:+>5+8 .+>+ =?,4/5>30 :+=3/8 7/81+>+5+8

8C/<3:+.+.+/<+2,/5+=9:/<+=38C/<3=/>/6+29:/<+=32/<83+=/>/6+2.3>?=?5

>?=?5 8C/<3 :+.+ :/<?> 5+8+8 ,+13+8 ,+A+2 8C/<3 ,/<=5+6+  8C/<3 >/<+=+

>37,?6 >3,+>3,+ .+8 236+81 8C/<3 >/<+=+ =++> ,+13+8 :/<?> >/1+81 .+8 =++>

,/<1/<+5 +>+ 9,4/5>30 :+=3/8 >+7:+5 7/<3813= 5/=+53>+8 =++> >/<+=+ 8C/<3

'  771

!C/<3 +5?> +.+6+2 :/81+6+7+8 =/8=9<3 .+8 /79=398+6 C+81 >3.+5

7/8C/8+815+8 C+81 7?8-?6 +53,+> 5/<?=+5+8 4+<381+8 C+81 +5>?+6 +>+?

:9>/8=3+6 +>+? .31+7,+<5+8 .+6+7 2+6 5/<?=+5+8 =/./7353+8 <?:+

$"$  ## $   " $ #$%'  ! +A3>+8 C+81 >3,+>3,+ +>+?

6+7,+> .+<3 38>/8=3>+= <381+8 23811+ ,/<+> ./81+8 +523< C+81 .+:+> .3

+8>3=3:+=3 +>+? .3 :</.35=3 .+8 ,/<6+81=?81 =/6+7+ 5?<+81 .+<3  ,?6+8

!!
 

+>+=+8 5+<+5>/<3=>35  :/<?,+2+8 =/6/<+ 7+5+8 :/<?,+2+8 >/5+8+8

.+<+2:/<?,+2+80</5?/8=34+8>?81:/<?,+2+80</5?/8=3:/<8+0+=+8:/<36+5?

.3=><+5=3 73=+65+8  ,/<4+6+8 798.+<7+8.3< 7/8-+<3 9<+81 6+38 .+8 +>+?

+5>3@3>+= 6+38 7/81/5=:</=35+8 :/<36+5?  73=+65+8 1/63=+2 7/</81/5

7/8+813= !!
 

#+.+ .3+189=+ 5/.?+ .3.+:+>5+8 .+>+ =?,4/5>30 :+=3/8 7/81+>+5+8

5/=?63>+8.+6+77/7,96+5,+635:9=3=3:?811?818C+5+</8+>/<+=+1/<+2.+8

>3.+5 5?+> :+.+ 5+53 ?8>?5 ,/<:38.+2 :9=3=3 +>+ 9,4/5>30 :+=3/8 >+7:+5

5/=?63>+8.+6+77/7,/8+<5+8:9=3=3>?,?28C+5/:9=3=3C+818C+7+8

+7,+>+8 79,363>+= 03=35 +.+6+2 5/>/<,+>+=+8 :+.+ :/<1/<+5+8 03=35

>?,?2+>+?=+>?+>+?6/,32/5=></73>+==/-+<+7+8.3<3.+8>/<+<+2!!

 


#+.+ .3+189=+ 5/>31+ .3.+:+>5+8 .+>+ =?,4/5>30 :+=3/8 7/81+>+5+8

>3.+5,3=+>3.?<2+8C+>3.?<4+7

).+8:+=>3,+81?84+7 )

=+7:+3=?,?2>3.+5,3=+>3.?<6+13

+811?+8 :96+ >3.?< +.+6+2 1+811?+8 5?+63>+= .+8 5?+8>3>+= A+5>?

>3.?<+53,+>0+5>9</5=>/<8+6!!
 

+>+=+8 5+<+5>/<3=>35  :/<?,+2+8 :96+ >3.?< 89<7+6 :/8?<?8+8

5/7+7:?+8,/<0?81=35/>3.+5:?+=+8>3.?<!!
 

+>+=+85+<+5>/<3=>35:/8?<?8+8A+55>?</+5=35/=?63>+87/7,96+5

,+635:9=3=3:/<?,+2+8-+<+,/<4+6+85/>/<,+>+=+8</8>+81:/<1/<+5+8 =/8.3

!!
 

6+=+8 :/8?63= 7/7:<39<3>+=5+8 7+=+6+2 8C/<3 +5?> =/,+1+3 :<39<3>+=

:/<>+7+ 5+</8+ ,/<.+=+<5+8 :+.+ 5/+5>?+6+8 7+=+6+2 C+81 =/=?+3 ./81+8

>3:/>3:/ .3+189=+ 5/:/<+A+>+8 /8?<?> +<:/83>9 


 .+6+7  &/>3+.3



 ,+2A+>/<.+:+> >3:/.3+189=+C+3>?+5>?+6<3=3595/7?81538+8

5/=/4+2>/<++8 .+8 =38.<97  3+189=+ +5>?+6 +.+6+2 7/8C+435+8 5/+.++8

C+81=/-+<+56383=>/6+2.3@+63.+=37/6+6?3,+>+=+85+<+5>/<3=>357+C9<C+81

.+:+> .33./8>3035+=3 5+</8+ 8C/<3 .+:+> 7/811+811? 5/,?>?2+8 <+=+ +7+8

.+8 8C+7+8 =/<>+ 7/<?:+5+8 7+=+6+2 C+81 :+6381 ?>+7+ 7+5+ 2+<?=

.3.+2?6?5+8.+<3:+.+5/,?>?2+8C+816+38

 #!%"

&/=?+3 ./81+8 :<39<3>+= .3+189=+ 5/:/<+A+>+8 8C/<3 +5?>

,/<2?,?81+8./81+8+1/8-/./<+03=35:/8?63=7/7,?+>>?4?+8C+3>?=/>/6+2


.36+5?5+8 >38.+5+8 5/:/<+A+>+8


B
 4+7 8C/<3 ,/<5?<+81 +>+? 236+81

./81+8 5<3>/<3+ 2+=36 ,/<.+=+<5+8 !"  %"# %$ # ##$  

7+7:?7/8198><968C/<3./81+8>/58358980+<7+5969137/6+:9<5+8,+2A+

8C/<3 ,/<5?<+81 ./81+8 7/811?8+5+8 7+8+4/7/8 8C/<3 =5+6+


 7+7:?

7/81/8+63 8C/<3 .+8 7/8C+>+5+8 <+=+ 8C+7+8 =/>/6+2 8C/<3 ,/<5?<+81

!!
 

/<.+=+<5+8 >?4?+8 .+8 5<3>/<3+ 2+=36 >/<=/,?> 5/7?.3+8 :/8?63=

7/8C?=?8 38>/<@/8=3 5/:/<+A+>+8 ,/<.+=+<5+8 !  %"# $"&$ 

##$ 5+438C/<3#$%&'./81+8<+=398+68C/<37/<?:+5+8</=:98

=?,C/5>30C+81.+:+>.35+43./81+87/811?8+5+8=5+6+8C/<3,/<35+8:9=3=3

C+81 8C+7+8 +>+? +>?< :9=3=3 379,363=+=3 :+2+ ./81+8 <+=398+6 379,363=+=3

C+81 +./5?+> .+:+> 7/81?<+813 :/<1/<+5+8 0<+17/8 >?6+81 C+81 7/84+.3

?8=?< ?>+7+ :/8C/,+, 8C/<3 ,/<35+8 5/=/7:+>+8 A+5>? 3=>3<+2+> 435+ >/<+=+

8C/<3./81+8<+=398+63=>3<+2+>+5+87/</6+5=+=35+8=/7?+4+<381+8=/23811+

7/83815+>5+85/8C+7+8+8+4+<5+8>/58358980+<7+596913597:</=.38138

./81+8<+=398+6>/58358980+<7+5969137?.+2.3:/6+4+<3563/8=/23811+=++>

8C/<3 7?8-?6 563/8 7+7:? 7/898><96 8C/<3 =/-+<+ 7+8.3<3 596+,9<+=3

./81+8 .95>/< .+6+7 :/7,/<3+8 +8+61/>35 5/>9<96+- 714+7 ./81+8

<+=398+6 +8+61/=35 7/7,695 638>+=+8 8C/<3 =/23811+ 8C/<3 +5+8 ,/<5?<+81

!!
 

/8?<?>%9=C3. .+8#?><+ 
  ,+2A+>/<+:3/=.+:+>.34+.35+8

=+6+2 =+>? 38>/<@/8=3 5/:/<+A+>+8 7+8.3<3 ?8>?5 7/7,+8>? 7/8?<?85+8

>/5+8+8.+<+25+</8+6+>32+8383.+:+>7/7,+8>?7/81?<+81338>/8=3>+=8C/<3


3+189=+ 5/.?+ 2+7,+>+8 79,363>+= 03=35 ,/<2?,?81+8 ./81+8

1+811?+8 8/?<97?=5?6+< 8C/<3 :/8?63= 7/7,?+> >?4?+8 C+3>? =/>/6+2

.36+5?5+8 >38.+5+8 5/:/<+A+>+8 =/6+7+


B
 4+7 563/8 7+7:? 7/6+5?5+8

+5>3@3>+==/=?+35/7+7:?+8./81+85<3>/<3+2+=36 ,/<.+=+<5+8!" %"#

%$ # ##$   563/8 7/83815+> .+6+7 +5>3@3>+= 03=35

7/7@/<,+65+8 :/<+=++8 .+6+7 7/83815+>5+8 5/5?+>+8 +>+? 5/7+7:?+8

,/<+5>3@3>+=!!
 

/<.+=+<5+8 >?4?+8 .+8 5<3>/<3+ 2+=36 >/<=/,?> 5/7?.3+8 :/8?63=

7/8C?=?8 38>/<@/8=3 5/:/<+A+>+8 ,/<.+=+<5+8 !  %"# $"&$ 

##$   5+43 5/7+7:?+8 563/8 .+6+7 79,363=+=3 ./81+8 <+=398+6

7/81/>+2?3>3815+>5/7+7:?+8563/8.+6+77/6+5?5+8+5>3@3>+=7983>9<381

@3>+6 =318 ./81+8 <+=398+6 ?8>?5 7/81/>+2?3 5/+.++8 ?7?7 563/8 6+>32

:+=3/8.+6+7:/7/8?2+85/,?>?2+8=/-+<+7+8.3<3=/=?+35/7+7:?+8

./81+8 <+=398+6 1/<+5+8 +5>30 7/7,/<35+8 5/5?+>+8 9>9> =/<>+ 7/7:/<,+353

0?81=3 4+8>?81 .+8 :/<8+0+=+8 ,+8>? :+=3/8 =++> 79,363=+=3 .+8 :/7/8?2+8

5/,?>?2+8./81+8 <+=398+6?8>?57/7/632+<+06/5=3,363>+==/8.3=/=?+3

5/7+7:?+8 598=?6>+=35+8 ./81+8 +263 >/<+:3 03=35 ./81+8 <+=398+6

:/83815+>+8 5/7+7:?+8 379,363=+=3 .+<3 6+>32+8 +263 03=39>/<+:3 !!

 

+811?+8 :96+ >3.?< ,/<2?,?81+8 ./81+8 1+811?+8

8/?<97?=5?6+< 8C/<3 #+.+ 5+=?= '8 #/8?63= 7/6+5?5+8 +=?2+8

5/:/<+A+>+8 =/6+7+
B
 4+7 ./81+8 >?4?+8 7/83815+>5+8 >3815+>

5/8C+7+8+85<3>/<3+2+=36C+3>?4?76+24+7>3.?<.+6+7,+>+=89<7+64+7


:/< 2+<3 #/<+=++8 =/1+< =/=?.+2 >3.?< +>+? 3=>3<+2+> ./81+8 >38.+5+8 C+3>?

7983>9< +>+? -+>+> 5/,?>?2+8 >3.?< :+=3/8 =/>3+: 2+<3 .+8 4+7 7/84/6+=5+8

:/8>3818C+>3.?<C+81+./5?+>!!
 

  #"

+6+77/6+5?5+8>38.+5+85/:/<+A+>+8=/6+7+.?+2+<3:+.+>+811+6

 F  :<36 :/8?63= >3.+5 7/81+6+73 2+7,+>+8 :/8?63= 7/6+5?5+8

37:6/7/8>+=3 ,/<.+=+<5+8 38>/<@/8=3 C+81 >/6+2 .3,?+> #+.+ .3+189=+

5/:/<+A+>+8C+81:/<>+7+ 5/:/<+A+>+8 8C/<3+5?>,/<2?,?81+8./81+8+1/8

-3./<+ 03=35 >38.+5+8 C+81 .36+5?5+8 7/63:?>3 +.+6+2 7/815+43 8C/<3 563/8

./81+8</=:98=?,4/5>30:+=3/87/81+>+5+88C/<3:+.+.+/<+2,/5+=9:/<+=3

8C/<3=/:/<>3 .3>?=?5>?=?5 8C/<3 :+.+ :/<?> 5+8+8 ,+13+8 ,+A+2 8C/<3

,/<=5+6+  8C/<3 >/<+=+ >37,?6 >3,+>3,+ .+8 236+81 8C/<3 >/<+=+ =++> ,+13+8

:/<?> >/1+81 .+8 =++> ,/<1/<+5 +>+ 9,4/5>30 :+=3/8 >+7:+5 7/<3813=

5/=+53>+8=++>>/<+=+8C/<3'  771 #/815+43+8.+:+>.36+5?5+8

7/815+438C/<3 ./81+87/>9./#$%&'# " & $C+81,/<+<>3:/8C/,+,

+>+? =>37?6?=  =>37?6?= 8C/<3 $ %$' C+81 ,/<+<>3 5?+63>+= 8C/<3 C+81

.3<+=+5+8 %   C+81 ,/<+<>3 695+=3 8C/<3 & &" C+81 ,/<+<>3

>3815+>5/:+<+2+8 8C/<3' C+81,/<+<>3+A3>+8.?<+=3.+8<+815+3+8

8C/<3#<+=/>C+
 

/7,/<35+8 >/<+:3 /= =/6+7+  7/83> .+>+ =?,4/5>30 :+=3/8

7/81+>+5+8,/<=/.3+.+8=/>/6+2.36+5?5+8>/<+:3/=:+=3/87/81+>+5+88C/<3


,/<5?<+81=5+6+8C/<3 .+>+9,4/5>30:+=3/8>+7:+5599:/<+>30.+8>+7:+5

>/8+81

'/<+:3/=+.+6+27/7,/<35+8597:</=+3<.38138+>+?/=./81+8=?2?

 :+.++,.97/85+8+8,+A+2+>+?+</+=/6+815+81+8 C+817/81+6+73

8C/<3 ./81+8 A+5>? :/7,/<3+8  7/83> 7+=3817+=381 38>/<@/8=3 +8.<+

.+8 ?.+C+>3
 &/>/6+2.3,/<35+8>38.+5+8>/<+:3/=>/<4+.3:/8?<?8+8

=5+6+8C/<3.+<3=5+6+7/84+.3 

/8?<?> <>2?<  
 .+6+7 +8.<+ .+8 ?.+C+>3 


/5+83=7/ :/8?<?8+8 8C/<3 ./81+8 :/7,/<3+8 597:</= .38138 +>+? /=

7/7:/81+<?23  "!# 37+8+  "!# 7/<?:+5+8 D+> :/81236+81

<+=+ 8C/<3 C+81 .3:<9.?5=3 96/2 >?,?2 &/7+538 >38113 5+.+<  "!

=/=/9<+81 7+5+ =/7+538 <381+8 <+=+ 8C/<3 C+81 .3<+=+5+8 #<9.?5=3

/8.9<:238 .+:+> .3>3815+>5+8 7/6+6?3 =>37?6+=3 5?63> &>37?6+=3 5?63> .+:+>

.3,/<35+8./81+8:/7,/<3+8>/<+:3/=

/8?<?> +8.<+ .+8 ?.+C+>3 


 &/>/6+2 .3,/<35+8 38>/<@/8=3

>/<+:3 /= =/6+7+  7/83> 7+5+ .3.+:+>5+8 ,+2A+ </=:98./8 7/81+6+73

:/8?<?8+8 38>/8=3>+= 8C/<3 35/>+2?3 ,+2A+ 2+=36 :/8/63>3+8 >/8>+81

:/8?<?8+88C/<3C+81.3<+=+5+896/2</=:98./8>/<4+.3=/-+<+,/<>+2+::+.+

 7/83> :/<>+7+ </=:98./8 C+81 7/81+6+73 8C/<3 =/.+81 7/81+6+73

:/8?<?8+838>/8=3>+=8C/<37/84+.38C/<3<381+8./81+8:/8?<?8+8=/,/=+<


/81+8>/5835:/7,/<3+8>/<+:3/=.3.+:+>5+82+=36 #?5?6  )

7/7983>9<381 @3>+6 =318 =/,/6?7 6+>32+8  .+>+ =?,4/5>30 :+=3/8 7/81+>+5+8

=?63>7/811/=/<:?811?818C+5+</8+7/8+2+8<+=+8C/<.+>+9,4/5>30:+=3/8

>+7:+5 :/<6+2+8 7/811/=/< :?811?818C+ .+8 =/.353> 7/<3813= 7/8+2+8

=+53> 79,363=+=3C+81+./5?+>.+:+>7/81?<+813:/<1/<+5+80<+17/8>?6+81

C+817/84+.3?8=?<?>+7+ :/8C/,+,8C/<3 ?>>+;38





'+811+6  :<36 :?5?6   7/7,/<35+8 =?+=+8+ C+81 >/8+81 .+8

7/7,/<35/=/7:+>+8?8>?5,/<3=>3<+2+>%/=:98=?,4/5>30:+=3/87/81+>+5+8

=/.353> >/8+81 .+8 </=:98 9,4/5>30 :+=3/8 >/7:+5 >/8+81 =>3<+2+> +5+8

7/</6+5=+=35+8 =/7?+ 4+<381+8 =/23811+ 7/83815+>5+8 5/8C+7+8+8

 ?>>+;38


#+.+ .3+189=+ 5/.?+ >+811+6  :<36


  7/815+43 5/7+7:?+8

:+=3/8.+6+779,363=+=3%/=:98=?,4/5>30:+=3/87/81+>+5+8=?63>,/<1/<+5

5+</8+ 5+53 5+8+88C+ ,/6?7 >/<6+6? 5?+> ?8>?5 ,/<1/<+5 :+=3/8 >+7:+5

>/8+81

'+811+6  :<36
  :+.+ .3+189=+ 5/>31+ 7/815+43 :96+ >3.?<

:+=3/8 .+8 7/7,/<35+8 =?+=+8+ C+81 >/8+81 %/=:98 =?,4/5>30 :+=3/8

7/81+>+5+8 >3.?< 5?<+81 6/,32 2+8C+  4+7 .+8 .+6+7 =/7+6+7 =/<381

>/<,+81?8>/<632+>5+8>?817+>+=/.353>1/6+:

 %$"

#/7,+2+=+8 .+<3 /@+6?+=3 C+81 7/63:?>3 =?,4/5>30 9,4/5>30 +8+63=3=

.+8 :/</8-+8++8 @+6?+=3 2+<3 :/<>+7+ 7+=+6+2 8C/<3 ,/6?7 >/<+>+=3 563/8

7/81+>+5+8 8C/<3 =/>/6+2 9:/<+=3 2/<83+ 8C/<3 =/:/<>3 .3 >?=?5>?=?5 8C/<3

:+.+:/<?>5+8+8,+A+2+>+?+</+=/6+815+81+88C/<3,/<=5+6+ 8C/<3>/<+=+

>37,?6 >3,+>3,+ .+8 236+81 8C/<3 >/<+=+ =++> ,/<1/<+5 .+>+ 9,4/5>30 C+81

.3:/<96/28C/<3 :+.+:/<?>5+8+8,+A+2+>+?+</+=/6+815+81+8=?.+2>3.+5

+.+,/8496+8:+=3/8>+7:+57/<3813=5/=+53>+8

@+6?+=32+<3:/<>+7+7+=+6+22+7,+>+879,363>+=03=35,/6?7>/<+>+=3

:+=3/87/81+>+5+85/=?63>+8.+6+7797,96+5,+635:9=3=3:?811?815+</8+

>/<+=+ 1/<+2 .+8 >3.+5 5?+> :+.+ 5+53 ?8>?5 ,/<:38.+2 :9=3=3 .+>+ 9,4/5>30

C+81 .3:/<96/2 :+=3/8 >+7:+5 5/=?63>+8 .+6+7 7/81?,+2 :9=3=3 >?,?28C+

5/:9=3=3C+818C+7+8

@+6?+=3 2+<3 5/.?+ 7+=+6+2 8C/<3 +5?> ,/6?7 >/<+>+=3 :+=3/8

7/81+>+5+88C/<35+</8+=/>/6+2.39:/<+=38C/<3=/:/<>3.3>?=?5>?=?58C/<3

:+.+:/<?>5+8+8,+A+2+>+?+</+=/6+815+81+88C/<3,/<=5+6+ 8C/<3>/<+=+

>37,?6 >3,+>3,+ .+8 236+81 8C/<3 >/<+=+ =++> ,+13+8 :/<?> >/1+81 .+8 =++>

,/<1/<+5 +>+ 9,4/5>30 C+81 .3:/<96/2 8C/<3 :+.+ :/<?> 5+8+8 ,+A+2 +>+?

+</+ =/6+815+81+8 =?.+2 >3.+5 +.+ ,/8496+8 :+=3/8 >+7:+5 7/<3813=

5/=+53>+8

@+6?+=32+<35/.?+7+=+6+22+7,+>+879,363>+=03=35,/6?7>/<+>+=3

:+=3/87/81+>+5+85/=?63>+8.+6+77/7,96+5,+635:9=3=3:?811?815+</8+

>/<+=+ 1/<+2 .+8 >3.+5 5?+> :+.+ 5+53 ?8>?5 ,/<:38.+2 :9=3=3 .+>+ 9,4/5>30

C+81.3:/<96/2:+=3/8>+7:+55/=?63>+8.+6+77/81?,+2:9=3=3>?,?28C+5/

:9=3=3C+81C+818C+7+8

@+6?+=3 2+<3 5/.?+ 7+=+6+2 1+811?+8 :96+ >3.?< ,/6?7 >/<+>+=3

:+=3/87/81+>+5+8>3.?<8C+>3.+58C/8C+57+6+72+8C+>3.?<5?<+816/,32

4+7.+8>3.+5:/<8+2,3=+>3.?<=3+81.+>+9,4/5>30.3:/<96/2:+=3/8>+7:+5

6/6+2.+8=/.353>1/6+::+.+5+8>?817+>+



    

 




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