You are on page 1of 11

r     


   

     

  

r    rr

   !"

      rr

  !  

 
 !"
#$%$&'(('(&')*#$+,)*'+-,.*/(*-/.*,0/(12,.3

'4#/.5./(),(#/)2.'**$(*#.$$%,,3)%6*''(*$(5*,2.'*$*#$)6++/.1,04.$2'*7$*)
5,'*8



Ö[ $7'$9$*/(%$5,($
Ö[ /9$&,/7)
Ö[ '9$'0$*,0677
Ö[ r$9$.
'9$6-
Ö[ .$-/.$2$77
Ö[ /9$/'*#'(1,6.)$70
Ö[ $7-$/4#,*#$.
(*#$%$&'(('(&,0*#')%,,3:#$*$77)*#/*#'))*/00/*9'.&'(4/77)#'+2'*#/-/.*'467/.(/+$
*#/*').$)8$4/6)$ 5,("*)/1(,*, 5,*#$*#'(&: 0'(5.$/),()*,5,*#$*#'(&)8$
)/1).$/771/--.$4'/*$+1)*/00'5$/)/(5+,*'9/*$*#$+;6)**,5,'*8 (5*$77)*#$+*#/*'0
1,62'77)644$$5'(1,6.'5$/:9'.&'(2'77)644$$5/(5*#/*")*#$2/12$/77%$($0'*8

$ )/1) *#/*  5,("* /0./'5 0.,+ /(1 ($2 '5$/ %$4/6)$  5,("* %$7'$9$ /* 2,.5) < ' 4/("*=
%$4/6)$%$7'$9$'4/(5,'*/(5#,24/()/1*#/*4/("*5,'*$9$(5'5("**.1'*8$)/1)
)$*1,6.&,/7)/(5*#$(*.1*,/4#'$9$1,6.&,/7)8*')(,*/%/5*#'(&*,#/9$/5.$/+:%6*
1,6+6)*%$-./4*'4/7/%,6*'*8,64/(/4#'$9$1,6.&,/7)'01,62'772,.3#/.5801,65,("*
#/9$.'&#*$>-$.'$(4$*#/*#,2*,.$/4#&,/7):*#$(7,,3)0,./(,*#$.2/1*,&$*'(8$)/1)
,(4$1,6#/9$)$*1,6.&,/7)/(5#/9$*/3$(0'.)*)*$-*#$(($9$.)$$)%$#'(5:%$4/6)$*#$
2/1)*,.$/4#*#$&,/7)2'774,+$:1,6;6)*#/9$*,*/3$*#$0'.)*)*$-8$)/1);,6.($1,0
+'7$))*/.*)2'*#;6)*,($)*$-801,62'77*#'(3/%,6**#$ 5/(&$./(50$/.:1,62'77(,*%$
/%7$*,*/3$*#$0'.)*)*$-8,("**#'(3/%,6*-$.'7,6))'*6/*',(?;6)**/3$/,($)*$-*,/4#'$9$
1,6.)$*&,/7):/77*#$2/1)2,675/--$/.*,.$/4#1,6.5$)*'(/*',(8,.$>/+-7$'01,6.&,/7
')*,%$4,+$//)#',(5$)'&($.*#$('*')(,**#$($4$))'*1*#/*1,6+6)*%$/-.,0$))',(/7
5$&.$$#,75$.*,%$4,+$/0/)#',(5$)'&($.8,64/(%$4,+$*#$0/)#',(5$)'&($.2'*#,6*
&,'(& *, )4#,,78 ,6 ;6)* &, /(5 ;,'( *#$ /(1 0/)#',( 5$)'&('(& 4,+-/(1 /(5 -6)# *#$
%.,,+8 6)* 3$$- 1,6. $1$) ,-$( 7,,3 /(5 7$/.(: /0*$. / 1$/.) ,0 $>-$.'$(4$ 1,6 2'77 %$
0/)#',(5$)'&($.8$*$77)*#/*:($9$.%$/0./'5,0/($2'5$/,.,0),+$*#'(&*#/*')($9$.
5,($%$0,.$;6)*5,'*8$)6--,.*$5'*%1*#$$>/+-7$,0#')+,*#$.2#,07'$5-7/($)'(2/.
/(5/7),*/6&#*1,6(&-'7,*)%14#/(&'(&#$./--$/./(4$'(*#$5/1)2#$(2,+$(2$.$(,*
/77,2$5*,0718$)/1)*#/*/0*$.*#$2/.$(5$5:+6+*#,6&#*/%,6**#$;,%,0#,)*$)):#$
2$(* '( 4,+-/(1 %6* )#$ 4/+$ *, 3(,2 *#/* #,)*$)) +6)* %$ /%7$ *, )-$/3 -/(')# /(5
+6)* %$ (6.)$8 #$ 2/) (,* /%7$ *, )-$/3 -/(')# /(5 2/) (,* / (6.)$8 #$ ;6)* -6* #$.
(/+$'(*#$#,)*$))7')*)$4.$*71/(5%$4/+$#,)*$))8#$;6)*6)$)#$.2'*)*,/44,+-7')#
#$.&,/78
$/7),&/9$$>/+-7$)0.,+#')7'0$/(5*,75($9$.)*,-*.1'(&,($5/11,62'77)644$$58$
)/1) +1 &./(55/5 4,6)'( &,/7 2/) *, %$4,+$ / 0'.)* +/( *, ,6*# ,7$8 $,-7$ )/'5 #$
4,675("*5,'*%6*#$)/'54/(5,'*/(5#$($/.715'5'*8$.$/4#$5*#$,6*#,7$%6*2/)
)$4,(5:/(,*#$.-$.),(.$/4#$50'.)*8$5'$5,(*#$.$*6.(;,6.($18!#$(-$,-7$)/'5*#/*
*#$.$/.$(,-.'@$)0,.%$'(&)$4,(5:'**#'(3,0#'+*#/*#$2/)*#$0'.)*-$.),(2#,+/5$
*#$0'.)*%/77,,(07'&#**, (*/.4*'4/%6*-$,-7$5,("*.$+$+%$.*#/*8
$)/1)2/)(,*&,,5'(+/*#:'(0/4*'()*65186*2#$(4/+$'(%6)'($))2/)&,,5'(
+/*#8$*$77)*#/*#$#/57$0**#$)*651'(*#$/&$,0)'>*$$(*,4,(4$(*./*$,(#')/&/@'($
2#'4##$#/5)*/.*$5'(*#$/&$,00'0*$$(8$)/1)-$,-7$2$.$*#$.$*,5')4,6./&$+$*#/*
#/5(,$>-$.'$(4$/(54,675(,*.6('*:%6*)$*+1&,/7/(5)$*+1+'(5*#/*4/(5,/(5
5'58!#$(*,,30'.)*)*$-*,)*/.*+1%6)'($))+6+&/9$+$0,6.-,6(50,.)*/+-)/(5
*#$(0,.+67/*$5*#$4,)*,0-.'(*/(5-/-$./(5/7),2,.3$5,6**#$'(4,+$*#/*2,675%$
&$($./*$50.,+)/7$)/(5)$77'(&/59$.*')'(&)-/4$8$)/1)2/)5,'(&/&,,5+/*#(,28
$/(5+10.'$(5,((1)-$(**2,1$/.)2.'*'(&#6(5.$5),07$**$.*,)$77)-/4$/(5*.'$5*,
&$*'(*$.9'$2)0.,+*#$0/+,6)-$.),()0,.*#$-6%7'4'*1,0+/&/@'($8 (5'*2/)+,.$06(
0,.+$*,2.'*$*#$)$7$**$.)./*#$.*#/(2.'*'(&*#$7$)),(),0/*'(/*)4#,,78!$($9$.)*,-
2.'*'(&7$**$./(5($9$.&,*5$4.$+$(*'(*#$#,-$8 (50'(/7712$&,**#$0'.)*4#$A6$ 0,.
/59$.*')'(&)-/4$,0 -,6(5:/#6&$/+,6(*8 (5&,**#$),+$0'.)*./*$'(*$.9'$2)2'*#
0/+,6) -$,-7$8 (5 )#,.*71 0/+,6) -$,-7$ )*/.*$5 *, 9')'* 6) 4/)6/771 0,. '(*$.9'$2)8 !$
2$.$ 2,.3'(& #/.5 /(5 /7), 2$.$ $(;,1'(& / 7,*8 $ )/1) 2$ $>-/(5$5 ,6. %6)'($)) /(5
%$4/+$*#$0'.)*-$,-7$*,)$7746*-.'4$)$77'(&%$7,2)*/(5/.5-.'4$.$4,.5%1+/'7,.5$.8
6*2#$()*.'3$#$75%1*#$-,)*/7)*,--$56)%1)$(5'(&*#$.$4,.5)*,,6.46)*,+$.):2$
.$/7'@$5*#/*,6.46)*,+$.4,675%$4,+$ 5'))/*')0'$5:),2$)$/.4#0,./(,*#$.2/18,,(
2$0,6(5/0.$$)-/4$*,,-$(,6..$4,.5)#,-/*)#,$+/3$.)#,-8 (52$2,.3$5#/.5*,
-.,+,*$ ,6. ,-$('(&8  (5 ),,( 2$ #/5 )*,.$) '( /7+,)* %'& *,2( /(5 )*'77  2/) 6(5$.
*2$(*18

 Br

Ö[ /9$6(:!,.3/.5/(5,($12'774,+$
Ö[ ,("*2/)*$'+$/(5
./%,6.#/(4$)
Ö[ /9$/-,)'*'9$6*7,,3,(7'0$
Ö[ !#$('*)(,*06(:,9$,(

$)/1)5,*#/*2,.32#'4#1,6.$/771$(;,18,*#$2,.3'(2#'4#1,6&$*06(%$4/6)$
#/9$06(*#$+,($12'774,+$8$)/1)+,($1')(,*$9$.1*#'(&*,/4#'$9$*#$*#'(&):
+$/()'*')(,**#/**#'(&2#'4#4.$/*$)06(8 (55,("*5$(1*#/*+,($1')(,*'+-,.*/(*8
$4/6)$2$($$5+,($10,.7'9$86*0,.+$%$7'$9$#/9$06(*#$+,($12'774,+$/(50,.
+$'*2,.3)8#/9$#/5/7),6-)/(55,2()'(+17'0$86*)*/.*$5*#$%6)'($))(,*0,.*#$
+,($1,(71%6*/7),0,.*#$06(%$4/6)$.$/771$(;,15,'(&*#$%6)'($))8)$**#$&,/7)/(5
2,.3#/.5*,/4#'$9$'*/(5/0*$./4#'$9'(&*#$&,/7):5,("*)'*A6'*$:)$/.4#0,./(,*#$.
*#'(&%$4/6)$#/9$06(5,'(&*#$)$*#'(&)8$*$77)*#/*#,2#$&,*+,($1#/9'(&06(8$
/)3)A6$)*',(2#$*#$.1,62'770'(5),+$*#'(&,()6((1%$/4#8#$()/1)0,6(5+19'.&'(
/'.7'($/(59'.&'(+6)'44,(*./4*)8$)/1)2#$(,6.9'.&'(+6)'42/)&,'(&&,,5/(5
-,6.'(&*#$+,($18&,*/%.$/3/(52$(*0,.#,7'5/1)8(4$2/))'**'(&,(*#$%$/4#/*
/+/'4//(5#$/.'(&*#$),+$($2/+/'4/%/(58#$'5$/)4/+$'(+1+'(5*#/*')#,675
,00$.*#$)$%/(5)*,5,),+$2,.32'*#+$8,00$.$5*#$+/(5*#$1/44$-*$58 (52$
4.$/*$5/9$.1+,($1&$($./*'(&/7%6+8 (5'(*#$+$/(2#'7$:&,*/-#,($,0+1
&'.70.'$(5?2$#/5/)-7'*6-%$0,.$8$/)3$5+$*,4,+$/(57$*")#/9$/06(*,&$*#$.8!$
-7/(($57$*)&,/*')7/(5%$4/6)$#/9$#$/.5*#/*),+$,($')&'9'(&/0.$$*,6.*,*#$
-$.),(2#,/.$'(*$.$)*$5*,%61*#$7/(5/**#/*-/.*'467/.')7/(58,-#,($5*#/*
-/.*'467/.4,+-/(1*#/*,2($5/+6)'44,+-/(1/(5/+'(*$.$)*$5*,%617/(50,.+1
#,6)$/**#/*-/.*'467/.')7/(58/(5;,#(2$(**#$.$8#$1#/5*.$/*$56)7'3$/.,1/70/+'718
!$#/5/7,*,006(*#$.$8!#$(2$2$.$+,9$5/*/9$.1%$/6*'067-7/4$4/77$5r$4*$.:
0/77'(7,9$2'*#*#/*-7/4$/(5/)3$50,.'*))/7$-.'4$8#$/&$(**,75*#.$$+'77',(-,6(5:
,6.'(*$(*',(2/)(,**,%61*#$-7/4$:2$2$.$*#$.$0,.;6)*06(:%6**#/*-7/4$2/)9$.1
%$/6*'067:),,00$.$5*2,#6(5.$5*#,6)/(5-,6(586**#$/&$(*)/'5*#.$$+'77',(-,6(5
')*#$-.'4$8!$#/5*#.,2(,6*86*)$*+1&,/7*,-6.4#/)$'*8 (5*#$(2$#/9$+/5$
*#$-7/(*,*./9$7,(*,*#$,*#$.')7/(586*2#$(2$.$/4#$5:*#$07'&#*2/)*/3$(,008
$,-7$2$.$.,/+'(&/%,6*:7,,3'(&7,)*8r,,($2/)5,'(&),+$*#'(&:),5'5:/(5
),+$,($#/5*,84#/.*$.$5*/3$),+$*#'(&/*7$/)$/-7/($0,.*2,*#,6)/(5-,6(58
5'9'5$5*#/*+,($1%1*#$(6+%$.,0-$,-7$/(5*#'.*1('($-,6(54/+$/#$/58%,..,2$5
/(52.,*$,(*#$%7/43%,/.5:B'.&'( '.7'($):*#'.*1('($-,6(5/)'(&7$07'&#**,*#/*
-/.*'467/.')7/(58

)/2/(5&./%%$5*#$4#/(4$/(57,,3/*9'.&'( *7/(*'4*,5/1:2$071*,*#'.*1-7/4$)
/.,6(5*#$2,.758


Ö[ /7467/*$*#$.')3/(5*/3$*#$+
Ö[ $7'$9$'(1,6.)$70
Ö[ #/)$1,6.5.$/+/(5&,/7
Ö[ /9$(,.$&.$*
Ö[ $%,75
Ö[ $$-1,6.2,.5

$)/1)*#/*#/5+/5$/0/+,6)B)#,2*#$.$%$7%'77',(/'.$/**#/*-7/4$2#$.$/(5
,/(#/5&,($0,.06(8#$7/4$(/+$2/)r$4*$.2#$.$#/5,00$.$5($&,*'/*$52'*#
/&$(*8,2%,6&#*'*').$/771'(*$.$)*'(&8 0*$.#/5)$*+1&,/7*,%61-7/4$*#$.$:
)*/.*$5*,)$/.4#0,.,2($.84/+$6-2'*#'(0,.+/*',(*#/**#$,2($.')'(($$5,0+,($1
/(52/(*$5*,)$77*#/*-7/4$0,.*2,*#,6)/(5-,6(58&/*#$.$5*#$+,($10.,+*/3'(&
%/(37,/(/(50.,++10/+'71/(50.'$(5)/(5-6.4#/)$5'*8 (5*#$'+-,.*/(**#'(&#$.$')
($9$.&'9$6-+1)$70:*.'$5*,/44,+-7')#+1&,/7)/(5/7),+/5$*#$.$/)644$))067B
)#,28#$7$)),(')*,%$%,75/(5($9$.&'9$6-84/7467/*$+1.')3)/(5*#$(*/3$*#$
5$4')',()8 0*$.*#$)644$))067B)#,2:,00$.$5/#$.,,0*#/*)#,2*,*/3$/4#$A6$,0
,($+'77',(,.*,))/4,'(2'77&'9$1,6/(,*#$.4#/(4$*,%$/#$.,'(+1,*#$.)#,2/(5
/7),),+$+,($18r,2#$#/5*,5$4'5$5:2#'4#*,4#,,)$8 (5#$#/54#,)$(.'&#*:/
+'77',(/(56)$5*#')+,($1*,)6--,.*#')%6)'($))8/72/1)/--.$4'/*$*#$)$3'(5),0
5'00$.$(*-$,-7$2#,5,("*&/+%7$8 (5/7),&'9$(#'+*#$4#/(4$*,%$4/+$*#$,0
9'.&'(0,.*#.$$+,(*#)2#,#/9$5'00$.$(*4,+-/('$):/(5#$2,6757$/.(+,.$8

(5*#$'(4$-*',(,09'.&'( *7/(*'4')/7),9$.1'(*$.$)*$58'00$.$(*-$,-7$)$(5+$*#$
'5$/)81)*/007,,3)/**#$'5$/)/(5)$7$4*)*#$+,)*'+-,.*/(*/(5'(*$.$)*'(&8 +/(
/)3$56)*,)*/.**#$/'.7'($82/)'(*#')'5$//0*$.*#$4#/.*$.$5,0-7/($86**#'(3'*2'77
/)3$(,6&#+,($187,,3$5/*+19'.&'(+6)'4:'*2/)4.$/*'(&$(,6&#4/)#:7$))*#/(*#'.*1
-$.4$(*,09'.&'(+6)'4-.,0'*2'77%$$(,6&#*,)*/.*9'.&'(/'.7'($84/7467/*$5+1.')3/(5
)/'5;6)*5,'*85')46))'*2'*#+1-/.$(*8#$1)/'51,6/.$4./@1%$4/6)$0,.*#$+
%6)'($))'))$.',6)/(50,.+$'*')06(8/)3$5.$55'$0,.76(4#2#,2/)+14#'75#,,5
#$.,:#/5.6(/)317'($/'.2/1)4,+-/(1/*/46*-.'4$)86*(,22/),6*,0%6)'($))8$
*,75+$*#$'5$/)*,)*/.*/($2/'.7'($8 (5*,75+$*#$#,2#$2/),6*0.,+*#')%6)'($))
%1#')4,+-$*'*,..'*')#/'.7'($8$*,75.'*')#/'.7'($6)$55'.*1*.'43*,.6'(+$:%6*
5'5("*4,+-7/'(*8,1,62,675#/9$4,+-7/'($52#$('*2'776)$2'*#6)$8 +$.'4/7'($)/'5
*#/*2'77(,*.$+/'('(*#')%6)'($))+,.$*#/(/1$/.86**#$1/.$,6*,0%6)'($)):/(5
/+)*'77#$.$8

/+.')3*/3$.%6*(,*0,,7')#8#$($>*&.$/*$.9$(*6.$5'52/)*#$9'.&'(*./'()8&,**#')
'5$/2#$(2/)'(/-/(?2/))$$'(&*#$)'*$)*,,-$(+1)*,.$8)/2%677$**./'(:2#'4#
2/)7'3$/-7/($8*#,6&#*2#1*#$)$3'(5),0*./'(4/((,*%$'( 8)$*+1+'(5*,,-$(
*#$677$**./'()'( 8!#$(4/+$'( :7')*$($5*#/*&,9$.(+$(*'))/1'(&*#/*2$/.$
*,&,'(&*,%.$/3*#$,75*./43/(50,.+,9'(&($28&./%*#$,--,.*6('*1/(5&/9$*#$+*#$
'5$/,0%677$**./'(/(5*$77*#$+/+'(*$.$)*$50,.'(9$)*+$(*:),5'5:/(5+/5$9'.&'(
*./'(8

,+$*'+$1,62'772'(/(5),+$*'+$)1,62'777,)$8$&7/5/0*$.)644$))%6*5,("*#/9$
.$&.$*/0*$.7,))8r$9$.7,,3%/438,64/((,*4#/(&$*#$-/)*8*.1*,7$/.(0.,+
'*8!#/*$9$.1,6.5.$/+')&,0,.'*8 72/1)%$2/.$'0*#$.')3)/.$*,,./(5,+,.*,,#/.5*,
-.$5'4*:%6*.$+$+%$.:'01,62'77&,0,./)/0$.7'0$:1,62'77($9$.3(,22#/*'*")7'3$*,
2'(8

 r
 

Ö[ '+'&#
Ö[ .1r$2*#'(&)
Ö[ 72/1).1
Ö[ #/77$(&$1,6.)$70
#$/6*#,.)/1)$9$.1,($($$5*,/'+0,.8!$4/(4/77'*&,/7,.4#/77$(&$8#$)$/.$*#$

,/7)/(54#/77$(&$)*#/*4#/(&$5#6+/(7'0$801,62'774#/77$(&$1,6.)$70:1,62'77&.,2:
%$4/6)$1,62'77&$**#$#/%'*),0.$/4#'(&1,6.&,/7)8'*(,*/72/1)$/)1*,.$/4#1,6.&,/7):
%6**#$.$')/7),(,.$/),(*,)*,-:),/72/1))/11,6.)$70*#/*4/(5,'*/(53$$-&,'(&,(
4#/)'(&'*6(*'71,65,($'*8

'4#/.5)/1)#/9$*2,*1-$),04#/77$(&$):,($')*,5,+1%$)*/*2,.3/(5*#$,*#$.')*,
*/3$/59$(*6.$8$)/1)7,9$*#$4#/77$(&$)*,$>-7,.$($2'5$/)%$4/6)$/+5.'9$(:),
7,9$*,*.1),+$*#'(&($28

#$/6*#,./72/1)*.'$5*,/44$-*4#/77$(&$)2#$($9$.-,))'%7$:#$/44$-*$5,($,0#')0'.)*
4#/77$(&$)2#$(#$2/);6)*)'>1$/.),75#$2/))6--,)$5*,7$/.()2'++'(&'(/7'+'*$5
(6+%$.,05/1)2#'7$#$2/)/*#')/6(*")#,6)$8$*.'$59$.1#/.5%6*2/)6(/%7$*,7$/.(
'(*#$$(5#$2/)(,*/%7$*,)2'+%6*2#'7$#$2/),(#')2/1%/43#,+$#$4,(9'(4$5#')
-/.$(*)*,)*,-/**#$.'9$.,(*#$2/1/(5&/9$'*/7/)**.1*#,6&#'*2/)5/(&$.,6)%6*
*#$.$#$7$/.(*/(52/))644$))067*,2'(*#$4#/77$(&$8$')3(,2(0,./44$-*'(&/
4#/77$(&$,04.,))'(&*#$/4'0'44$/(,(/(/'.%/77,,('(CC8*2/)5,($,(+,.*/7.')3
%6*#$4,675("*.$)')**#$*#.'778r,,($#/5$9$.5,($'*%$0,.$%6*'*2/)2,.*#*#$.')38

$ )/1) 0,. +$ .$/5'(& /(5 2.'*'(& 2/) 9$.1 #/.5 /* )4#,,78 6* ),+$*#'(& +/5$ +$ *,
%$4,+$/.$-,.*$.82/)4/($50,.0/'76.$'()4#,,78(4$&,*-/.*'4'-/*',('($))/12.'*'(&
4,(*$)*'()4#,,7/(52/)0'.)*85,("*3(,2#,2:%6*2#/*7$/.(*2/)*,+/3$$00,.**,
4#/)$ 1,6. 4#/77$(&$ /(5 *#$(  )*/.*$5 *, 2'( *#$ $))/1 4,(*$)* *, )*/.* +1 )*65$(*
+/&/@'($8
'4#/.5)/1)%$/*'(&*#$.$4,.5)/(5/44$-*'(&4#/77$(&$)/7),#$7-)+$*,%./(4#,6*+1
%6)'($))/7),8,.$>/+-7$#$')-7/(('(&(,2*,,-$(/9'.&'(&/7/4*'4:2#'4#2'77*./9$7'(
*#$)-/4$8 (5#,2*#')'5$/4/+$'(')+'(5')/7),9$.1'(*$.$)*'(&85$/4/+$0.,+,($
,0#')/59$(*6.$2#$( '4#/.5/(5#')0.'$(5-$.2$(**,%$/**#$.$4,.5/*#,*/'.%/77,,(*,
4.,))*#$-/4'0'4,4$/(0.,+;/-/(*, +$.'4/8#$;,6.($12/)+64#-$.'7,6)8#$1)/2
9$.1*#$+)$79$)9$.1#,-$7$)):2#$(*#$14/+$5,2(*,-6**#$2/)*/&$06$7/(5*#$'.*2,
+,.$*/(3)/7),0/772'*#*#$+8 (5*#$1#/57,)**#$./5',4,(*/4*8!#$(*#$1&,**#$./5',
4,(*/4*: *#$1 7')*$($5 *#/* *#$ 2/. %$*2$$( *#$ +$.'4/ /(5 /&#5/5 #/5 $>-7,5$58 (5
*#$.$2$.$/7),9$.1+64#*.,6%7$'(*#$)-/4$0,.*#$+7'3$/0*$.4.,))'(&*#$ 0$$*
*#$14,675#/9$7,)**#$'.$1$)86*#$)/1)2$5'5'*/(52$)/0$717/(5'(*#$/(/5//3$
2#'4#*'+$)&.$/*$.*#/(*#$./@'7'/(7/3$8!$5'5'*%$4/6)$2$($9$.&'9$6-8 (5
/7),0,6(5*#$'5$/*,7/6(4#*#$9'.&'(&/7/4*'4'(2#'4#2$2'77,00$.*#$)-/4$*./9$77'(&8

 rr !r

Ö[ $71,(,6.)$70
Ö[ #/)$1,6..$/+)%6*'9$'(*#$ $/7!,.75
Ö[ !,.3,&$*#$.
,6#/9$*, 5,*#$2,.31,6.)$70(,,($2'774,+$*, 5,*#$2,.30,.1,6/(5*/3$1,6.
%6.5$(8 '4#/.5$>-7/'($5),%1&'9'(&/($>/+-7$&'9$(*,#'+%1#')+,*#$.<'01,62/(*
+'73:5,("*)'*,(/)*,,7'(*#$+'557$,0*#$0'$75'(*#$#,-$*#/**#$4,22'77%/436-1,6=8
'4#/.5)/1)*#/*#/9$#/57$/.(*/7,*0.,++1+6+82/)*/6&#**,5,*#'(&,(+1,2(:
*, *#'(3 0,. +1)$70 /(5 &$* *#'(&) 5,($ /(5 *#$1 #/9$ +/5$ +$ )*/(5 ,( +1 ,2( 0$$*8 
7$/.(*/%,6**#$%6)'($))/(5+,($10.,++6+86+2/(*$56)*,.$71,(,6.)$79$)81
7$)),()*/.*$50.,++1*,557$.)*/&$8(4$+6+)*,--$5*#$4/./(5)/'5+$*,0'(5/2/1
*,,6.#,+$/4.,))*#$0'$75,(+1)$708 (5*#$,($/7),$(;,1$5/7,*/)&/+$8 )&.$2
,75$. +6+ )*/.*$5 *, &'9$ +$ *#$ +,.$ 5'00'467* */)38 ,+$ -$,-7$ +'&#* *#'(3 *#/* '* ')
#/.)#%6*'*2/)(,*#/.)#'*2/)7'3$/06(:+6+2/)5,'(&0,.6)*,+/3$6)*#'(3)*.,(&8
6+5'5("**$/4#6)*,2'(/77*#$*'+$8#$*/6&#*6)*#/**#')')2,.75:1,64/()*.6&&7$*,
2'(8!$/.$7'3$/47,)$3('*8
!#$(  %,.(: /5 #/5 ;6)* )*/.*$5 *#$ -./4*'4$ /(5 +,($1 2/) *'&#*8 6+ 5'5("* +,/(8
6+ */)3 2/) *, 0'(5 ),+$ */)3 0,. 6) /(5 *, +/3$ +,($18 $4/6)$ %$'(& '57$ 2/) (,*
/77,2$58 6+ 5')46))$5 2'*# 6) /%,6* %6)'($)) /* ('&#*8 #$1 2$.$ */3'(& 6) ,(%,/.5
*#/*") 2#1 *#$1 2$.$ )#/.'(& 6) *#$ -.,%7$+)8 (5  *#'(3 -/.$(* 2#, 5,("* )#/.$ *#$'.
-.,%7$+)2'*#*#$3'5):*#$'.3'5)%$4,+$ 6(/%7$*,6(5$.)*/(5*#$'+-,.*/(4$,0 +,($18
1)')*$.'(5'/(5#$7-$5+6+'(#$.-.,;$4*)8*2/)/06(0,.6)8*+/5$/&.$/*)$()$
,0*$/+2,.32'*#'(,6.0/+'718
1+6+2,.32/)*,+/3$*'))6$%,>/(52/)*$%/)3$*8!$#$7-$5+6+'(-/'(*'(&*#/*
&,,5)8 * 2/) / 06( 0,. 6)8 !$ 2$.$ 7$/.('(& *#$ %6)'($))8 1 +6+ )') 2/) 9$.1 +64#
'(*$.$)*$5'(%7/43)#$$-")8#$)*/.*$5*,+/3$+6&)2'*#*#$%7/43)#$$-/(5)*/.*$5#$.
%6)'($))8!$2$.$;6)*'(-#/)$7'3$7,,3/(57$/.(8 (5)*'77#$.4,+-/(1').6(('(&9$.1
2$778
 .$/771 /--.$4'/*$ *#$ '5$/) /(5 7')*$( 4/.$06771 *#$ '5$/)8 !#$(  2/) .6(('(& +1 9'.&'(
+6)'48 (* 4/77$5 +$ /(5 )/'5 +1 )#$$- )*/.*$5 *, )'(&'(&8  5'5("* 7/6&#8 $4/6)$ *#$.$
2/) /( '5$/ 0,. +$8  &./%%$5 *#$ '5$/ /(5 +/5$ *#$ /7%6+ // // 7/43 )#$$- /(5 '*
2$(*#'*8
2$(*0.,+/)+/774,**/&$'(56)*.1*,5'00$.$(*%6)'($))$)8#$.')3)2$.$#'&#86*7$/.(*
*,%$%,75/(5/44$-**#$4#/77$(&$)8
$)/1)7,)*+1 0/'*#'(+1)$70 ,(71,(4$8 1CD9'.&'(2/) ,($ ,0*#$7/.&$)*.'*/'(
4,+-/('$) 2'*#  )*/008 !#$( ' 2$(* -6%7'4 %1 )$77'(& )#/.$) *#') 2/) *#$ *'+$ ' 2/)
5$-.$))$5 *#$ +,)*: *#$ .$/),( 2/) *#/* ' 2/) (,* .$/771 '(5$-$(5$(* '( +/3'(& *#$
5$4')',()'6)6/771+/5$,(+1,2(8!#$(*#$)*,43+/.3$*4./)#'%,6&#*/77*#$)#/.$)
%/43/**#$-.'4$,(2#'4#*#$1#/5%$$('))6$5:),*#/*-$,-7$2#,*.6)*$5/(5'(9$)*$5'(
#')%6)'($)))#,675(,*7,,)$8

Br

Ö[ ,9$'0$
Ö[ (;,1*#$+,+$(*
Ö[ /3$$9$.1)$4,(54,6(*
Ö[ ,("*#/9$.$&.$*

(*#'))$4*',(: '4#/.5)/1),9$'0$/(5'9$**,*#$0677:(;,1*#$,+$(*: $07$4*,(


1,6.'0$:/3$9$.1$4,(5,6(*/(5,(E*/9$ $&.$*)8
$)/1)2#$(#/5&,($*,%$/**#$.$4,.5'(#,*/'.%/77,,(82.,*$),+$*#'(&0,.+13'5)
%$0,.$071'(&:2.,*$<'9$'0$*,0677:(;,1$9$.1+'(6*$,0'*8,9$/(57,,3/0*$.+6+8
#$2,.5))6+6-*#/*5,("*2/)*$*'+$:#/9$06(/(57,9$1,6.0/+'718/3'(&+,($1')
(,*'(*#/*7')*8
$)/1)*#/**.1*,7'9$$9$.1)$4,(5,07'0$8$/()*.1*,+/(/&$1,6.2,.3/)2$77/)1,6.
*'+$ 0,. 1,6. 0/+'718 $ )/1) (,* ;6)* 4,(4$(*./*$ ,( %6)'($)): /7), 4,(4$(*./*$ ,( ,*#$.
/4*'9'*'$)8 $ &'9$) *#$ $>/+-7$ ,0 #') &./(5+,*#$.: *#/* 2#$( )#$ 2/) ,0 DC 2#$( )#$
-/))$5*#$/59/(4$5/*'( +$.'4//77.,,+5/(4'(&$>/+8 (5)#$2/),0C2#$()#$
%$4/+$ *#$ ,75$)* -$.),( *, #'* / #,7$ '( ,($ /* &,708 6* )#$ 5'5("* )*,- 7$/.('(& /(5 #$
.$/5*#$%,,3,0*$-#$(#/23'(&:#')*,.1,0*'+$:2#'4#+/3$)#$.,($,0*#$0$2-$,-7$
*,#/9$.$/5'*/778
.8 '4#/.5)/1)2#$(,6.0/+'71&/*#$.)*,&$*#$.:;6)*&'9$0'0*$$(+'(6*$*,+1%6)'($))8
$,-7$ /)3 #,2  +/(/&$8  )/1  4,6(* $9$.1 )$4,(58 (5 *#$( #$ )#/.$ ,($ ,0 #')
$>-$.'$(4$:#,2#$)*/.*$5*,&'9$*'+$*,'*)0/+'718$)/1)+10'.)*2'0$6)$5*,)/1+$
*#/*1,64/((,*+/3$*#$%/7/(4$%$*2$$(0/+'71/(5%6)'($))8$4/6)$/**#/**'+$2/)
/7),5,'(&%6)'($))0.,+#,+$%17')*$('(&*#$-#,($:%6*7$/.(0.,+*#')/(5(,2/+
(,*-$.0,.+'(&*#$)/+$*#'(&8
$ )/1) 2#$(  &$* (,*#'(& *, 5,: 0,. $>/+-7$ *./9$77'(& 0.,+ ,(& ,(& *, 4#'(/:  6)$
4/*(/-%$4/6)$/0*$./)+/77)7$$-:2'772/3$6-0.$)#/(5+'(52'77%$0.$)#*,4#6.(,6*
*#$($2'5$/)/(52'77%$/%7$*,+,9$0,.*#$($>*#,6.)8
$ *#'(3) *#/* .$&.$*) 2$'&# 1,6 5,2(8 #$1 #,75 1,6 %/43 '( *#$ -/)* 2#$( 1,6 )#,675
+,9$,(8

B   r r
Ö[ 6**#$0/+'71/(5*$/+0'.)*
Ö[ $7,1/7
Ö[ ,($1')0,.+/3'(&*#'(&)#/--$(
Ö[ '43*#$.'&#*-$,-7$/(5.$2/.5*/7$(*
'4#/.5./(),(-$.4$'9$)*#/*0/+'71/(5*$/+4,+$)0'.)*:'(*#$%,,3#$)/'5*#/**#$.$
/.$/7+,)* +$+%$.) ,0*#$9'.&'(0/+'719'.&'(&.,6-$+-7,1$$)/(5$/4# ,($ ,0
*#$)$ +$+%$.) 4,6(*8 #$( #$ .$4,6(*$5 /%,6* *#$ '(4'5$(* 2#$( #$ 2$(* *, 4#6.4# /(5
)$/*$5#'+)$70($>**,#')%$)*0.'$(5'()*$/5,0*#$&6$)*/(5#')+,+2/)9$.1/(&.1/(5
)#$*,75#'+*#/*/&6$)*')/&6$)*/(5&6$)*)4,+$0'.)*8

.8./(),(*#'(3)*#/*1,64/(%$%$)*0.'$(5)2'*#),+$,($/(5)*'77(,*/&.$$2'*##'+:
/(5'01,6/.$47,)$:1,64/(&$**#.,6&#2'*#'*/(5)*'77.$+/'(0.'$(5)8$)6--,.*$5*#$
/.&6+$(*%1&'9'(&*#$$>/+-7$,0#')4#'75#,,5%$)*0.'$(52#,2/)2,.3'(&2'*##'+/*
*#$)*65$(*+/&/@'($8$%$*./1$5#'+/(5#$#/5*,0'.$#'+%6*)*'77*#$1.$+/'($50.'$(5)
/(52#$(#$$>-/(5$5*,+/'7,.5$..$4,.5)#$#'.$5#'+%/43/(5&/9$#'+ F)#/.$:
/(5 #') 5$4')',( 2/) / &,,5 ,($ #$ #$7-$5 #'+ ,6* '( *#,)$ *.,6%7$5 *'+$) 2#$( *#$
%6)'($))#/5*.,6%7$2'*#4/)#:%1),+$,0#')-,7'4'$)8

(CG")*#$12$(*0,.7/6(4#'(&.$4,.5)*65','(*#,)$5/1).$4,.5'(&2/)5,($;6)*7'3$
,*#$.,00'4$2,.3)8#$12$.$#,)*'7$-7/4$)0,.*#$%/(5)*,2,.3'(*#$%/(5)#/5*,4,+$
$/.71'(*#$+,.('(&/*D/(5#/5*,%.'(&*#$'.,2('()*.6+$(*)*,,8,*#$.$2/)(,*+64#
06('('*8.8./(),(4/+$6-2'*#*#$'5$/,0/)*65',2#$.$*#$%/(5)/(5*#$.$4,.5'(&
4,+-/(1+$+%$.)4,675.$4,.5/(5#/9$06(*,,7'3$/0/+'718,#$)*/.*$5)$/.4#0,.*#$
-.$+')$):/(50'(/771)$**7$50,./+/()',(2#'4#2/),0H:-,6(5)8$5'5("*#/9$*#/*
+64#+,($1),#$2$(**,%/(30,.%,..,2'(&:*#$%/(3/&.$$5*,-.,9'5$#'+2'*#:
%6*#$)*'777/43$5:),#$*6.($5*,#') -/.$(*)/(5*#$1&/9$#'+ : 8 6* G: 
2/) )*'77 )#,.*: ), #') -/.$(*) /59')$5 #'+ *, &, *, #') /6(*: 2#, &/9$ #'+ G:  -,6(5)
*#,6&#)#$5'5("*#/9$*#/*+64#+,($1%6*)#$*.6)*$5#'+/(5%,..,2$5*#$+,($10.,+
%/(38

.8 ./(),( *#'(3) *#/* 2#/*$9$. #$ ') *,5/1 ') %$4/6)$ ,0 #') 0/+'718  $ *#$( &/9$
$>/+-7$,0.8 $(#$2/)/47$.3%6*#$3($2/7,*/(52/).$/771&,,5/*5$/7'(&2'*#
-$,-7$8 , #$ #'.$5 #'+ ,( *#$ *$/+ /(5 #$ .$)67*$5 *, %$ /( /))$*8 $ /7), *,75 6) *#/*
/72/1)*/3$/59'4$0.,+,*#$.)%6*5,2#/*$9$.1,6-$.4$'9$')%$)*8/9$4,(0'5$(4$/(5
5,(,*.$&.$*%$4/6)$'*#/+-$.)1,6*,*#'(3/%,6**#$06*6.$8

(*#$$(5,0*#$4#/-*$.#$)/1)*#/*'0/(1,($/)3)+$:2#/*%$7'$9$'(/%,9$/77$7)$
2,675)/1+10/+'718$*#'(3)*#/**#,)$-$,-7$2#,5,("*#/9$/(1,($'(*#$0/+'710,.
*#$+0.'$(5)/(5,*#$.-$,-7$($/.*#$+/.$*#$'.0/+'718

$7'$9$'(0/+'71')'+-,.*/(*8

 B 

Ö[ $-,7'*$/(5.$)-$4*067
Ö[ ,*#$.'&#**#'(&)
Ö[ $$-1,6.&,,5(/+$
Ö[ $0/'.'(/771,6.5$/7'(&)

. '4#/.5*$77),($,0#')$>-$.'$(4$'(2#'4##$7$/.()*,&$**#$'5$/)/(59'$2),0
,*#$.)8$)/1),(4$#$2/)'(#6..1:#$&./%%$5*#$-/-$.)/(54/77$50,.*/>'/(5)*/.*$5
*,.$/5*#$+/*$.'/70,.+$$*'(&'(*/>'86**/>'5.'9$.)*/.*$5*,/4*'(2/1*#/*#$3($2
'4#/.5/(5.$A6$)*$5#'+*,#/9$/46-,0*$/2'*##'+/*#')#,+$8!#$(*#$1.$/4#$5/*
*#$#,+$: '4#/.5)#,43$5*,)$$#$2/)#')0.'$(5'(/4#/(&$50/4$8 '4#/.5)/'5/7),
6)$5*#/*'5$/'(+1.$%$7%'77',(/'.$)#,2*,3(,2/%,6**#$9'$2),0/4*,.)8 (54#/(&$5
+17,,3)/(5*,,3*#$+'(*/>'*,+/(,.8 (57')*$($5*#$'.5')+/18$)/1)5'5'*%$4/6)$
2/(*$5*,)$$*#$'.-.,%7$+)*,#$7-*#$+%$4/6)$.$)-$4**#$+:/(5.$)-$4*')/%,6*
#,2*,*.$/*$9$.1,($(,*;6)**#,)$1,62/(**,'+-.$))8
$)/1),(4$2/)7,,3'(&0,./-/.*($.*,*/3$)*/3$'(9'.&'(:0,6(5 +$.'4/()2/(*$5/
47,)$&.'-'(*#$%6)'($)):2#'7$2/);6)*)$/.4#'(&0,.*#$)'7$(4$-/.*($.%$4/6)$7'3$*,
*/3$5$4')',(),(+1,2(80,6(5//-/($)$-/.*($.%$4/6)$/-/($)$5,("*2/(*/%643
#6..1*#$14/(2/'*0,.*#$'.&,/7*,/4#'$9$0,.1$/.)'(/),7'52/18,7$/.(*#$.$*,
*#'(37,(&*$.+/(5*#$(2/'*0,..$2/.5/(55,("*%$4,+$#6..10,.*#$%6438

$)/1),(4$+1#$/5+/)*$.)/'5*,+$*#/*./(),(-.$5'4**#/*$'*#$.1,62'77&,*,;/'7
,.%$4,+$/+'77',(/'.$8,,(4$3($2*#/*0,.$7&'6+:2$4/()$77*#$.$4,.5)*/>0.$$8
,%,6&#*.$4,.5)0.,+5'00$.$(*4,+-/('$):/(52$(*0,.)$77'(&'**#.,6&#./(4$86*
5'5("*3(,2*#/*'(./(4$1,6#/9$*,-/1*/>8!#$(/*./(4$/0*$.)*/+-'(&+1.$4,.5)
*#$1-/))$5+$*,2/.5)*#$5.,9$:/*5.,9$*#$1/)3$50,.*/>8/.&6$52'*#*#$+*#/*/+
(,*&,'(&*,)$77'*'(./(4$:/+;6)*-/))'(&%186**#$15'5("*/&.$$8,4/+$%/43
*,2/.5,(5,(86*5/2($5,(*#/*4/()$77*#$)$.$4,.5)'(,(5,(%6*'*2'77%$'77$&/7
%$4/6)$#/5-6.4#/)$5*#$)$0,.$>-,.*86*)*/.*$5*,)$77/(5/7),%,6&#*,*#$.)
.$4,.5)'(*#$)/+$2/1:&,'(&/(5.$*6.('(&0.,+./(4$/0*$.)*/+-'(&86*4/6&#*%1
*/>,00'4$%1./'5'(&/*+12/.$#,6)$8 (54/6&#*'(;/'786+4/+$0,.+1)6--,.*/(5
%/'7)#$.#,6)$8 (5)#$)/'5*,+$: '4313(,21,6#/9$7$/.($5/7$)),(8,("*4.1,9$.
)-'77$5+'738!$#/9$&,**,&$*,(/(55$/72'*##')#$/5,(86)*,+,00'4$)4/+$/&.$$*,
-/1 *#,6)/(5-,6(5:*#.$$*'+$),0+1'77$&/7-.,0'*8#$()$*+1&,/7*,$/.(+,.$
+,($1%6*7$&/7718 (57$/.(*%$0/'.'(/771,6.5$/7'(&)8,("*4#$/*%6*/'+*,2'(
%$4/6)$1,6..$-6*/*',(')$9$.1*#'(&8



Ö[ #/(&$*#$2,.75$9$('0'(/)+/772/1
Ö[ /3$/5'00$.$(4$/(5#$7-,*#$.)
Ö[ ,(,#/.+:
Ö[ 72/1)*#'(32#/*1,64/(5,*,#$7-

'4#/.5)/1)*#/*#$#/)*/6&#**,#$7-$/4#,*#$./(5&'9$*#$&,,5'5$/)*,,*#$.8$)/1)
#/5&'9$(*#$'5$/*,+1#$/5+/)*$.$5#,2#$4,675*#$.6(*#$%6)'($))&,,58$2/)
)*6(($5%6*#$5'5("*7/6&#:#$)/'5"774,()'5$.'*:-6*'*'(*#$)4#,,7+/&/@'($8

!#$()*/.*$5+1)*65$(*+/&/@'($:6)$5*#/*'5$/*,.6(+1%6)'($))8!#$(/(5+1
)')*$.2$.$)$77'(&*#$4,-'$),0,6.+/&/@'($:/-$.),(/)3$5+$0,.-$((1:5'5("*#/5*#$
-$((1*,&'9$%6**,.$+147,*#$)/(5&/9$*,#'+87$0*+12#,7$5/1'(/2./--$5
%7/(3$*%6*0$7*A6'*$(,%7$*,#$7-),+$,($8

($,0*#$%$)*2/1)*,#$7-,*#$.):.8 '4#/.5#/5)*/.*$5)*65$(*/59'4$4$(*$.8!#$.$
$9$.1,($4/(/)3)0,./59'4$8 (5'*"))*'77&,'(&&,,58

.8 '4#/.5)/1)),+$-$,-7$)/1*#/*+,($1')*#$$9'7,0/772.,(&*#'(&)86*#$)/1)'*
')(,**.6$%$4/6)$+,($14/(%$6)$50,.*#$&,,5-6.-,)$8$&'9$)*#$$>/+-7$,0
/.9/.52#'4#2/))*/.*$5%15,(/*',(,0%,,3/(5;6)*H -,6(5/(5(,2'*')*#$+,)*
7$/5'(&4,77$&$8  -/.$(*4,+-/(1')/4#/.'*/%7$*.6)*8'77&/*$)/7),&'9$9$.1+64#
+,($1*,4#/.'*184,(/75&'9$) +'77',(5,77/.$/4#1$/.*,4#/.'*18,+,($14/(%$
0,.4$50,.&,,586*1,65,("*($$5*,%$.'4#*,5,2$778 '5)/7),4,77$4*+,($1*,#$7-*#$
($$51-$,-7$8($9$.1)'+-7$2/1*#/*4,)*(,*#'(&')*,5,(,#/.+8

$5$)4.'%$),0#')2,.32'*#*#$3'(&6))$'(2#$(*#$/55/+'(9/5$5*#$ 62/'*/(5
+,)*.$06&$$)2$.$07,,5'(&,9$.*#$%,.5$.8$#/)-.,9'5$5*#$%7/(3$*)*,*#$+:%1
/)3'(&0.,+I6$$(0,.#$7-8I6$$(3($2#'+%$4/6)$#$#/5)$$(#'+071'(&'(,*/'.
%/77,,(/(5/7),.$A6$)*$5 '4#/.5*,*$/4#*#$.,1/70/+'71#,2*,071*#$/'.%/77,,(8$
#/55,($/&.$/*;,%%1+/3'(&/5$/72'*#*#$/55/+*,.$)46$*#$#,)*/&$)/(5'(.$*6.(
*#$12'77-.,9'5$*#$+*#$+$5'4/7)6--7'$)'(2#'4#*#$./A2/)&,'(&'()#,.*/&$86*#$
)/1)/**#$)/+$*'+$:,($+/(2/)(,*#/--1:/(5#$2/)*#$,2($.,0.'*')#/'.7'($):
%$4/6)$#$2/)&$**'(&;$/7,6)0.,++$82/)5,'(&*#$)$*#'(&2#'7$2/)'(&.$/**.,6%7$
%$4/6)$+19'.&'(/'.7'($)2/)%$'(&2/(*$5+,.$+,($1/(59'.&'(+6)'42/)*#$,(71
*#'(&*#/*2/)4.$/*'(&+,($1:),*#$,-*',(2/)*,)/7$*#$9'.&'(+6)'4.*,)/7$*#$
9'.&'(/'.7'($):%6*+/(/&$%,*#2#'7$/7),#$7-$58,2$+6)*)$$,9$.*#$-$.',52#$*#$.
,6.&,/7)#/)%$$(/4#'$9$5:/(52#/*,75*#'(&)2$($$5*,2$$5,6*:+$/(),6.%/5
#/%'*)/(5%/5*.'43)+6)*%$2$$5,6*8