Professional Documents
Culture Documents
Język C - Skrypt
Język C - Skrypt
!"# $
%'&( "#)*,+- .'/0132 %'%
4 5 4 57698:;=<>@? ACB-?EDF GIH=GKJCLMH=N>OD0?QPR< DF H=< ;S5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5V4 4
4 5 4 5 4 5W698J < D0?EDF GT:;=< X ;Y?EPZV5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5V4 4
4 5 4 5 [C5]\)H=;=ZJ)H=Z;Y?Q:;=< X ;Y?EPZ^5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5V4*[
4 5 4 5 _5a`ZDJ)bdce?gfih0j-kl5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5V4-_
4 5 4 5 m05WndD0LMH=;=ZJ)bdce?oCJ < PRGKD)HY?E;=Bp5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5V4-_
4 5 4 5 qC5arsF tu F <EH=GKJ?vwZDJ)bdcMFxovwZDJ)bdce?zyC{ij-kC|C}W5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5V4Km
4 5 4 5 ~5a;=GK:;=<CbG-Le< ;-o)Z>@?EX Fi<RJ < PR:F u? bdcMF
5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5V4Km
4 5 [C5769:;=<>@? ACB-?EDF GF>8:;=<>@? ACB-?EDF GA?ED8CbY
5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5V4*q
4 5 [C5 4 5aI?EBK>8lFBKPRF GKDDG]5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5V4-~
4 5 [C5 [C5a`ZDJ)bdce?QyC{ij-kC|C}RbKA 5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5V4-~
4 5 [C5 _5a`ZDJ)bdce? hEk}5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5V4
4 5 _5'PRF GKDDG oCHM8:8lBKPRF GKDD8CbY
oCvw< ;=P,?H=<>@?EDF G5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5V4
4 5 _5 4 5aIG0DFbdcMGBKPRF GKDD8CbY
5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5V4-
4 5 _5 [C5a`ZDJ)bdce?zyC{ij-kC|C}'o)vw< ;=P,?HM85U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5V4-
4 5 m05I:'GK;Y?H=< ;=8 o>8;Y?EKGKDF?oF D0LMH=;=ZJ)bdce?Q:;=BK8:FL=?EDF?5U5U5T5U5T5U5T5U5U5T5U5T5U5[E
4 5 m05 4 5]\)HY?G5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5[ [
4 5 m05 [C5W698;Y?EKGKDF?Q?E;=8)H=PRGHM8CbBKDG oC< :'GK;Y?H=< ;@BKPRF?ED8,HM8:Z5U5T5U5U5T5U5T5U5[E_
4 5 m05 _5W698;Y?EKGKDF GT:;=BK8:FL=?EDF?5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5[m
4 5 m05 m05WndD0LMH=;=ZJ)bdce?Q:;=BK8:FL=?EDF?:'<CALMHY?*>F GKDF?5U5U5T5U5T5U5T5U5U5T5U5T5U5[ q
4 5 m05 qC5arsF tu F <EH=GKJFP,?H=GKP,?HM8CbBKDGU5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5[ q
& !+K¡K¢¤£'¥=¦-§C¢!¤£' 0¨
[C5 4 57ndD0LMH=;=ZJ)bdcMGU>@?E;=ZDJ <>sG o)>8;Y?EKGKDF?©5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5[Eª
[C5 4 5 4 5a`ZDJ)bdce?l« ¬ij*|5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5[E
[C5 4 5 [C5WndD0LMH=;=ZJ)bdce?j}®5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯_
[C5 4 5 _5WndD0LMH=;=ZJ)bdce?Q>@?E;=ZDJ <>@?,j}±°°°e«C²C «5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯_
[C5 4 5 m05³I:'GK;Y?H=< ;=8,;=GKu? bdcMF5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯_
[C5 4 5 qC5W698;Y?EKGKDF?;=GKu? b8-cMDG5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯_4
[C5 4 5 ~5³I:'GK;Y?H=< ;=8,u < X FbBKDG´5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯_4
[C5 4 5 5W698;Y?EKGKDF?u < X FbBKDGl5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯_4
[C5 4 5 ª5W698;Y?EKGKDF?;=GKu? b8-cMDGTFu < X FbBKDG5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯_)[
[C5 4 5 5a;=BK8J0w? AC8,F D0LMH=;=ZJ)bdcMF>@?E;=ZDJ <>8CbY
µ5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯_ _
&¶ ¢!¤£'¥=¦-'·
C/'¢1!i¡Y2¹¸º¢!¤£'¥=¦-" i»
_5 4 5¼'PRF GKDDGU>½?E;=X ZPRGKD)HY? bY
lvwZDJ)bdcMFg5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯_)q
_5 4 5 4 5aIG0DFbdce?QvwZDJ)bdcMFxo0ACGKJu?E;Y? bdce?vwZDJ)bdcMFxo0<CAC>s<Cw?EDF GTLeF ¾UAC<QvwZDJ)bdcMFµ5¯_ ~
_5 4 5 [C5³It0LeB-?E;=8lACBKF?w?EDF?BKPRF GKDD8CbY
p5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯_ ª
_5 4 5 _5WndD0LMH=;=ZJ)bdce?Q{« |)¿C{)k5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯_ ª
_5 [C5 ;=BKGKJ?EBK8>@?EDF GT?E;=X ZPRGKD)H=N>9:;=BKGKBT>@?E;eH=<5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯_ ª
_5 _576LeJ?KDF JF>W?E;=X ZPRGKD)HY? bY
,vwZDJ)bdcMFs5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯_
_5 _5 4 5a;=GK:;=<CbG-Le< ; 5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5m)
_5 _5 [C 5 ±8
: 0j
5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5m04
_5 _5 _ 5 ±8 : E>LeJ? KDF JAC<.5 5 5 o>LeJ?EB-?EDF G:'< e;=G-ACDF G 5U5T5U5T5U5U5T5U5T5U5m04
_5 _5 m05W698J < D0?EDF GT:;=< X ;Y?EPZV5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5m)_
¤& !+K¡K¢¤£'¥=¦-§ )¡ #"
m05 4 5 ¾H=u?R} {W5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5m)~
m05 4 5 4 5 I:'GK;Y?H=< ;=8 "!C°°° 5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5mC
m05 4 5 [C5WndD0LMH=;=ZJ)bdce?Q:'¾H=u F¤} { 5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5m)ª
m05 [C5 ¾H=u$? #%j ²)«³5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5m)ª
m05 [C5 4 5WndD0LMH=;=ZJ)bdce?Q:'¾H=u &F #%j ²)«µ5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5qE
m05 [C5 [C 5 ±8
: '()* 5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5qE
m05 [C5 _5a`ZDJ)bdce?,} Ey0«Ek 5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5qC4
m05 [C5 m05a`ZDJ)bdce?,} yC{ij-kC|C} 5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5q [
m05 [C5 qC5a`ZDJ)bdce? hEk}5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5q [
m05 _5 ¾H=u+?
°°,° #%j ²)«U5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5q [
m05 _5 4 5WndD0LMH=;=ZJ)bdce?Q:'¾H=u -F
°°,° #%j ²)«35U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5q q
m05 _5 [C5WndDFbdcM<>@?EDF GTBKPRF GKDD8CbY
>WACG0DFbdce? bY
^5T5U5U5T5U5T5U5T5U5U5T5U5T5U5q q
m05 _5 _5³I:'GK;Y?H=< ;=8 .³5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5q q
m05 _5 m05³'PRF GKDDGUBKGK>D¾H=;=BKDG5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5qE~
»
& / 01#"#¥ § !C£' »2
3
qC5 4 5\)HY?GUFBKPRF GKDDGTBKD0?EJ <>sG oJ <CAC58 47\ 6±nen 5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5q)
qC5 4 5 4 5]\)HY?GUBKD0?EJ <>sG o)BKPRF GKDDGUBKD0?EJ <>sG o)J <CABKD0?EJZ.?QBKD0?EJ 5U5T5U5T5U5qEª
qC5 4 5 [C5W698;Y?EKGKDF Gj R< ;Y?EB>8;Y?EKGKDF 8 G 'j5T5U5U5T5U5T5U5T5U5U5T5U5T5U5qEª
qC5 4 5 _5a`ZDJ)bdce?QyC{ij-kC|C}5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5qE
qC5 [C9 5 ?Etu FbGUBKD0?EJ <>sG oLMHY?GH=GKJCLMH=<>sG 5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5qE
qC5 [C5 4 5]\)HY?GTH=GKJCLMH=<>sG 5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~
qC5 [C5 [C5aIG0DFbdce?QHY?Etu Fb8¯5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~
qC5 [C5 _5aIG0DFbdce?QHY?Etu Fb8 o>LeJ? KDF JAC<QHY?Etu Fb85T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~4
qC5 [C5 m05a`ZDJ)bdce; ? :« |'5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~4
qC5 [C5 qC5a`ZDJ)bdce?QyC{ij-kC|C}5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~)[
qC5 _57ndDD0?R>sGK;YLwce?:'< :;=BKG-ACDF GKX <R:;=< X ;Y?EPZ 5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~)[
qC5 m09 5 ?Etu FbG?Q>LeJ? KDF JFI5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~ _
qC5 m05 4 5a`ZDJ)bdce+? :« |'g5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~ _
qC5 m05 [C5]\)HY?GTH=GKJCLMH=<>sG o>LeJ? KDF JAC<QH=GKJCLMH=Z©5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~Em
qC5 m05 _5WnMACGKD)HM8)0J?H=< ;@HY?Etu Fb8?R>LeJ? KDF JAC<RHY?Etu Fb8 o< :'GK;Y? bdcMGTD0?R>LeJ?
DF J? bY
5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~Em
qC5 qC9 5 <T;=NEHYLeB-?>sGK;YLwce?Q:;=< X ;Y?EPZ 5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~)q
qC5 ~57ndD0LMH=;=ZJ)bdcMG => #j*|'> %? h @« 5AC{«h B§ EkC|ij-k¿0«5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~ ~
qC5 ~5 4 5WndD0LMH=;=ZJ)bdcMGQ> #j*|'> %?§ h «5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~ ~
»
qC5 ~5 [C5WndD0LMH=;=ZJ)bdce?$AC{«h Bµ5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~ ª
qC5 ~5 _5WndD0LMH=;=ZJ)bdce? EkC|ij-k¿0«©5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~ ª
qC5 ~5 m05³I:'GK;Y?H=< ;@:;=BKG-bF DJ <>8 o>8;Y?EKGKDF?:;=BKG-bF DJ <>sGl5T5U5T5U5U5T5U5T5U5¯~ ª
qC5 5 `ZDJ)bdcMGTHY?Etu FbGTF>LeJ? KDF JF>W?E;=X ZPRGKD)HY? bY
,vwZDJ)bdcMF 5T5U5T5U5U5T5U5T5U5¯~ ª
qC5 5 4 5 >@?EX F<R:;=< X ;Y?EPRF G¹5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~
qC5 ª59?Etu FbGUBKD0?EJ <>sGI>W?E;=X ZPRGKD)HY? bY
lvwZDJ)bdcMF5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯~
qC5 ª5 4 5 ?Etu FbGT>W?E;=X ZPRGKD)HY? bY
lvwZDJ)bdcMF5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U54
qC5 ª5 [C5W6LeJ? KDF JF>½?E;=X ZPRGKD)HY? bY
lvwZDJ)bdcMF5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5E[
qC5 ª5 _ 5 u GKPRGKD)HM8,HY?Etu FbU?Q>LeJ?EB-?EDF?:'< e;=G-ACDF G5U5U5T5U5T5U5T5U5U5T5U5T5U5E[
qC5 ª5 m05a`ZDJ)bdce?.j ²)« )² #^5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5E[
&
/ 01#"#¥ § !C£'3¤ ¥ 9"#!)£+-¥ 20
~5 4 9 5 ?Etu FbGU<,AC>sNCbY
F D0ACGKJCL=? bY
5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5_
~5 4 5 4 5aIG0DFbdcMGUHY?Etu FbEoC>LeJ? KDF JF.5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5*m
~5 4 5 [C5a`ZDJ)bdce?,} :« |' 5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5Eq
~5 4 5 _ 5 >@?EX F<R:;=< X ;Y?EPRF G¹5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5Eq
~5 4 5 m0 5 >@?EX F<R>8J < ;=BK8CLMHY?EDF Z:0?EPRF ¾-bF< :'GK;Y? b8-cMDGMc75U5T5U5T5U5U5T5U5T5U5~
~5 [C9 5 ?Etu FbGU>LeJ? KDF J N>UoC?Eu < J? bdce?:0?EPRF ¾-bFs5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5~
~5 [C5 4 5 ±8:¿kiC>j :)k0«
Wj-kC|5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5ª
~5 [C5 [C5a`ZDJ)bdce?fihC²² ,5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5ª
~5 [C5 _5a`ZDJ)bdce?|{0²)«Ek5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5ª
~5 [C5 m05a`ZDJ)bdce?|{'*y .5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5ª
~5 _5 `ZDJ)bdcMG oCHY?Etu FbGAC>Z>8PRF?E;=<>sGI>W?E;=X ZPRGKD)HY? bY
lvwZDJ)bdcMF¤5U5T5U5U5T5U5T5U5
~5 _5 4 5³LMHY?H=DF?Qu F DF?H=GKJCLMH=Z5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯ª4
~5 _5 [C5aIGKJu?E;Y? bdce?HY?Etu Fb8l±?E;=X ZPRGKD)H=Zvw< ;=P,?Eu DGKX < 5U5T5U5T5U5U5T5U5T5U5¯ª4
~5 _5 _5aIGKJu?E;Y? bdcMGT>vwZDJ)bdcMF²j)
)² #0h95T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯ª4
~5 _5 m05³I:'GK;Y? bdcMGTD0?Q>LeJ? KDF J? bY
5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯ª)[
~5 m09 5 4;=X ZPRGKD)HM8,vwZDJ)bdcMF'fih0j-k 5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯ª)[
~5 m05 4 5W698;Y?EKGKDF GT>@?E;=ZDJ <>sGW5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯ªEm
~5 m05 [C5a`ZDJ)bdce?|{' h |.5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯ªEm
~5 m05 _5WndDFbdcM<>@?EDF GTBKPRF GKDD8CbY
oHY?Etu FbTF>LeJ? KDF J N> 5U5T5U5T5U5U5T5U5T5U5¯ªEm
~5 m05 m0 5 4;=X ZPRGKD)HM8,vwZDJ)bdcMF'fih0j-kg5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯ª)q
~5 m05 qC5arsF tu F <EH=GKJ?vwZDJ)bdcMFs5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯ª)q
& ¡K¢¤£¡-¢¤7'/017
2 ¢
T±+-¢1!"# ¨
3
5 4 5 ;=< X ;Y?EP B-?E:FL=?ED8l>OJF u JZ.:u F J? bY
§5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯ª ~
5 4 5 4 5 <Tu? L=?:0?EPRF ¾-bFhE¿C| 5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯ª ª
5 4 5 [C 5 <Tu? L=?:0?EPRF ¾-bF
|h |ij) 5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯ª ª
5 4 5 _5³'PRF GKDDGUBKGK>D¾H=;=BKDG5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯ª ª
5 4 5 m05WndDFbdcM<>@?EDF GTBKPRF GKDD8CbY
oHY?Etu FbTF>LeJ? KDF J N> 5U5T5U5T5U5U5T5U5T5U5¯ª
5 4 5 qC5a`ZDJ)bdcMG 5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5T5U5U5T5U5T5U5¯ª
5 4 5 ~ 5 <T< PR:F u? bdce?Q:;=< X ;Y?EPZlB-?E:FL=?EDGKX <Q>½AC>sNCbY
:u F J? bY
5U5U5T5U5T5U5¯ª
Q" 01#"#'/0
% $
£'0,"# %»
$
.
¾KBK8J 6OBK<)LMHY?B-ACG0DF <>@?ED8> 4-E[Q;=< JZ.:;=BKGKB5 5 F HYbY
F G¤cMG-ACDGKX <lBQ?EZCH=< ;=N>
:'<CAC;=¾-bBKDF J?
[º5?UJCLeFEKJ?@cMG-LMH±>F ¾-b:'<CALMHY?*>s<>8PgAC< JZPRGKD)H=GKPgB-?*>F GK;Y?c b8P]:'GD8
< :FLIcM¾KBK8J?o
LeB-bBKGKX N u DF G:'< u G-bK?ED8P :;=BKGKB.?EZCH=< ;=N>z>LeBK8CLMH=JFbY
:'< BK8CbdcMFBt'< X)?H=GMccMZ
tF tu F < X ;Y?0F)cM¾KBK8J5? 6I5
¾KBK8 J 6§cMG-LMHcM¾KBK8JF GKP >8CLe< JF GKX <U:'< BKF < PZo)?cMG-ACD<CbBKG eDF GI:'<)LeF? A?U>F GKu GbG-bY
UcM¾KBK8)
J N>aDFLeJF GKX <:'< BKF < PZoiACBKF ¾KJF
bBKGKPZ7A?cMGQPR< Ku F >s< Rw?HM>sGKX <lJ < D0LMH=;=Z<>@?EDF?,?Eu X < ;=8)He
PRN>Otu FLeJFbY
.?Eu X < ;=8)H=PR< Pz< :CHM8P,?Eu D8P.5
¾KBK8J 6]BK<)LMHY?s< :;Y? b<>@?ED8:'<CA J H=GKPµD0?E:FL=?EDF?Le8CLMH=GKPZ< :'GK;Y? b8-cMDGKX < In F
cMG-LMHBDF PPR<CbD<lBK>F EB-?ED8 50;=BKGK>@?E-?c bK?QbBK¾ TH=GKX <Le8CLMH=GKPZ§BK<)LMHY?w?RD0?E:FL=?ED0?R> 6I5
I:;=< X ;Y?EPR<>@?EDF GAC<)LMH=¾K:DGR> In ºF GUcMG-LMH;=N>DF GKQ>g>F ¾KJCLeBK< =bF
>³HM8P cM¾KBK8JZ5<E
PRF PR<lH=GKX <UcMG-LMHT< D§B:'<>s<CACBKGKDF GKPLMH=<)Le<>@?ED8D0?,J < PR:ZCH=GK;Y? bY
:;Y? bZc b8CbY
:'<CAJ < DC
H=;=< u F DD8CbY
Le8CLMH=GKPRN>´< :'GK;Y? b8-cMD8CbY
5 6±
<CbF?EIt80HM>s< ;=BK< D8ce?EJ <D0?E;=BK¾-ACBKF GIAC<Q:FL=?EDF?
Le8CLMH=GKPZ7< :'GK;Y? b8-cMDGKX <0o cMG-LMHU;=N>DF GKQ>8X <CACD8PzcM¾KBK8JF GKP AC<.< tu FbBKG 3DZPRGK;=8CbBKD8CbY
o
:;=BKGHM>@?E;=B-?EDF?TH=GKJCLMH=N>ObBK8RH=GKT< t0L ZX F't0?EBTA?ED8CbY
5 G-LMH@>F ¾-b±cM¾KBK8JF GKPz< X N u DGKX <:;=BKG
BKD0? bBKGKDF?5
¾KBK8 J 6<EvwGK;=ZcMGLMH=<)LeZDJ <>s<QDF GK>F GKu JF¤BKG-LMHY?*>WLMH=;=ZJ)H=Z;IA?ED8CbY
F¤F D0LMH=;=ZJ)bdcMFxo0?Eu GUH=GKD
LeJ;=< PRD8BKG-LMHY?*>´< J?EBKZcMGILeF ¾It8 cMGKX <B-?Eu GH o)?DF G>@? A o)bY
<CbF?EKt8QACu?H=GKX <0o KGI:;=BK8X <E
H=<>@?EDF G±J < PR:F u?H=< ;Y?ACu?D<>sGKX <J < PR:ZCH=GK;Y?
cMG-LMH:;=<)LMH=G±FCLeBK8tJF G 5*6 LeJ0w? A@cM¾KBK8J? 67DF G
>@bY
<CACB < :'GK;Y? bdcMG>sGMc =bF?º>8-c =bF?oC?Eu G>½J?E-ACGMc¤cMGKX <RF D0LMHY?Eu? bdcMFAC<)LMH=¾K:D0?IcMG-LMH< t0LeBKGK;=D0?
tF tu F <EH=GKJ?,LMHY?ED0A?E;YAC<>8CbY
,vwZDJ)bdcMF;=G-?Eu F BKZc b8CbY
lH=GU< :'GK;Y? bdcMG 5
F DF GMceLeBK8,:'<CAC;=¾-bBKDF J,BK<)LMHY?D0?E:FL=?ED8RD0?:'<CALMHY?*>F G>8J0w? ACN>9?EZCH=< ;=JFACu?QLMH=Z0ACGKDC
H=N> n;=< JZU698CACBKF?ZndDK8DF GK;=F F u GKJ)H=;=8CbBKDGMc< u F H=G-bY
DF JF <T;Y?EJ <>LeJF GMc5 G-LMH¤:'< P8 eu?ED8
HY?EJiot8§PR< KD0?t80<.B,DF GKX <.J < ;=BK8CLMHY? ;=N>DF GKR>@H=G-AC8 oX)AC8,cM¾KBK8J 6at8>@?:F GK;=>LeBK8P
:'< BKD0?*>@?ED8P cM¾KBK8JF GKP¼:;=< X ;Y?EPR<>@?EDF?5 G-LMH:;=N t > PRF?E;=¾§t'GKBKt'< u G-LeDGKX < :;=BKGK:;=<E
>@? ACBKGKDF?bBK8)H=GKu DF J?.:;=BKGKBR:'<CbB H=JF
:;=< X ;Y?EPR<>@?EDF?5';=BKG-A3:;=BK8CLMH ):F GKDF GKP AC<.D0?EZJF
cM¾KBK8J? 6 BsH=GKX <:'<CAC;=¾-bBKDF J?ID0?Eu GKK8UB-?E:'< BKD0? sLeF ¾sB@:'<CALMHY?*>s<>8PRF)GKu GKPRGKD)HY?EPRFCLe8CLMH=GKPZ
In u Z t nM < ;Y?EBlAC<>s< u D8P G-AC8)H=< ;=GKP H=GKJCLMH=N>g>zLMH=< :DF Z>8CLMHY?E;YbB-?c b8P AC<
Le:;Y?*>DGKX <@:FL=?EDF?:;=< X ;Y?EPRN>U5 6LeBK8CLMH=JF G:;=BK8J0w? AC8IB-?*>@?E;eH=G
>:;Y? b8It808Z;=Z0bY
0?EPRF?
DGTD0?J < PR:ZCH=GK;Y? bY
:;Y? bZc b8CbY
l>½Le8CLMH=GKPRF G7\ 6 In ³\8CLMH=GK P _ ª ~< ;Y?EBLe8CLMH=GKPRF G
%
G- A I?H F DZ 56 Le8CLMH=GKPRF G F DZ 3t80>8J < ;=BK8CLMHM8>@?ED8J < PR:F u?H=< ;Z0AC<)LMH=¾K:DF?ED8D0?
-B ? L=? A? bY
u FbGKD0bdcMFT 5
6SBK>FEBKJZlBHM8P.oKGcMG-AC8D8P Le:'<)Le< t'GKP D0?EZ0bBKGKDF?LeF ¾±cM¾KBK8J?:;=< X ;Y?EPR<>@?EDF?±cMG-LMH
ce?EJD0?ceLeBK8t0LeBKG:;Y?EJ)HM8CbBKDGcMGKX <7>8J < ;=BK8CLMHM8>@?EDF G ocMZ.<CA :F GK;=>LeBKGKX <§;=< B-ACBKF?ZH=GKX <
:'<CAC;=¾-bBKDF J?lPR< KD0?oi?lD0?*>sGHIH=;=BKGKt0?o':FL=? :;=< X ;Y?EP8 5ibBK8>F =bF GD0?:'<CbBH=JZ§>F DD0?
t8 H=<Q:;Y? bK?< :0?E;eHY?UD0?:;=BK8J0w? A? bY
RB:'<CAC;=¾-bBKDF J?5 < X Ut8H=<QAC;=< tDGZBKZ:'GDF GKDF?
FPR<CAC8)0J? bdcMGHM8CbY
§:;=BK8J0w? ACN>U50I?lJ < 0bZJ?E-ACGKX <lB;=< B-ACBKF?N>½ZPRF G-LeB-bBK< DGBK<)LMHY?8
:;=< :'< BK8CbdcMG >FbBKG Le:;Y?*>ACB-?c b8CbY
ZPRF GMcM¾H=D< >8J < ;=BK8CLMHY?EDF?@AC<EHM8CbY
0bB-? L:'< BKD0?ED8CbY
:'<EcM¾ E5
6LeBK8CLMH=JF GGKu GKPRGKD)HM8±cM¾KBK8J?IL >:;=<>@? ACB-?EDG:;=BKGKB±t0?E;YACBK<:;=<)LMH=G o-?Eu G:'GDGs:;=BK8J0w?
AC8:;=< X ;Y?EPRN>U5-6p< P,?*>F?EDF ZJ?E-ACGKX <TB@:;=BK8J0w? ACN>B-?*>@?E;eH=GsBK<)LMHY?8THM8u J <H=GF DCvw< ;=P,?
bdcMG oJ)H=N ;=GL DF GKBKt'¾-ACDGTACu?cMGKX <QBK;=< BKZPRF GKDF?5 6±BK¾-LMH=<B-?H=GKPz>D0? LMH=¾K:D8CbY
l;=< B-ACBKF?w? bY
J < DF G-bBKD8.t'¾-ACBKF GR:'<>;=NEHTAC<>8-ce? eDF?EDF?,HM8CbY
7L=?EP8CbY
§:'<EcM¾ >³< t0LeBKGK;=DF GMceLeBK8Le:'<)LeN t5
I<,:;=BKG eu G-ACBKGKDF?Q>LeBK8CLMH=JFbY
.F DCvw< ;=P,? bdcMFAC<EHM8CbB b8CbY
H=GKX <,L=?EPRGKX <RB-?EX)? ACDF GKDF?QPR< KD0?
LeF ¾l:'<)L ZK8 lLeJ < ;=<>FACBKGKP.56 ;=< B-ACBKF?Eu G¼4*[C5¤>:;=<>@? ACBK< DGRBK<)LMHY?8§H=Gl:'<EcM¾-bF?RcM¾KBK8J?
6IoJ)H=N ;=8CbY
>8J < ;=BK8CLMHY?EDF G,>8J;Y? bB-?.:'< B-?;Y?EP83H=GKX <§:'<CAC;=¾-bBKDF J?5 < B-L ACDGlFbY
B-?
LMH=<)Le<>@?EDF GcMG-LMHlJ < DF G-bBKDG.>t0?E;YACBKF GMcRB-? ?*>@?ED0Le<>@?ED8CbY
:;=< X ;Y?EP,? bY
DF .H=G oJ)H=N ;=GL
ZPRF G-LeB-bBK< DGT>½DF DF GMceLeBKGMc@:Ztu F J? bdcMFx5
§?H=GK;=F?B-?*>@?E;eHM8I>:'<CAC;=¾-bBKDF JZDF GcMG-LMH:'GD8PW< PRN>F GKDF GKPW>LeBK8CLMH=JFbY
? Le:'GKJ)H=N>
cM¾KBK8J+? 6Io B-?*>F GK;Y?scMG-ACD0?EJRD0?UHM8u G< t0LeBKGK;=D8Q< :FLcM¾KBK8J?o :'< :0?E;eHM8Q>F GKu < P,?U:;=BK8J0w? A?EPRFxo
t8PRNCbLe:;Y?*>DF GUBK;=G-?Eu F BK<>@? I>F GKu G?Eu X < ;=8)H=PRN>U5 4ZCH=< ;=J?RP,?,D0? ACBKF GMcM¾ oKGB-?E:'< BKD0?EDF G
LeF ¾B±P,?H=GK;=F?GKP½B-?*>@?E;eHM8P> H=GMc:;Y? b8t'¾-ACBKF GsAC< t; @:'<CALMHY?*> AC<IA?EuLeBKGKX <:'< BKD0?*>@?EDF?
cM¾KBK8J
? 6F0cMGKX <,t'< X)?HM8CbY
.tF tu F <EH=GKJvwZDJ)bdcMF< ;Y?EBUAC<)LeJ < D0?Eu GKDF?QZPRF GMcM¾H=D< =bF:;=< X ;Y?EPR<E
>@?EDF?5
%'%
© p.
"!$#%!'&()#%*+-,-./#%0
'tZ0ACZcMP8:;=< X ;Y?EP.oJ)H=N ;=GKX <TACBKF?w?EDF GLe:;=<>@? ACBKFCLeF ¾AC<U>8e>F GH=u GKDF?TD0?TPR< DF H=< ;=BKG
B-A?EDF?=21E4 643T 4 53 D0?EZJ GRcMGKBK8J? 6?5±F G-LMH=GHM8¹>>8:;=<>@? ACB-?ED8P®H=GKJ=bF G§DF G
:'<Ece?*>F QLeF ¾U:'< uLeJF GTu F H=GK;=8 5
☛
( E2£ º %'&#%
6 F D0bu Z0AC8
G 7LMHYACF <05 '
9
F D)HP,?EF D:<;
=
<>@?BADCFEGHCFIJG%K)L0M2LONQPSRUTWVXMZY.KH[A]\^[A_>
:;=F D)Hev:W`ba)c%d%a)eHfHcHgHe4hk`b;ji
:;=F D)Hev :W`FhE|)k0hE¿ B%« hkk hE4| hE| l« Bhmdhk`b;ji
n
%'&#%'&#%'& 2£''!!"#'/017¢
¤GKJCLMHl:;=< X ;Y?EPZ B-?E:FL=?ED8HY?EJ3ce?EJ >©:;=BK8J0w? ACBKF G4 5 4.D0?EBK8>@?ED8cMG-LMH:;=< X ;Y?EPRGKP
K;=NCA'<>8PzF¤DF GUPR< KGTt8T>8J < D0?ED8,t'GKBK:'<e;=G-ACDF <05I?Eu GKK8ZCHM>s< ;=BK8cMGKX <R>sGK;YLwcM¾T>8)
J < D8>@?Eu D >8J < ;=BK8CLMH=Zc bI>HM8P©bGKu Z.<CAC:'<>F G-ACDF GT< :;=< X ;Y?EPR<>@?EDF G 5)I?Eu GKK8l>F ¾-b=
4 5i?E:FL=? ¤H=GKJCLMH:;=< X ;Y?EPZI> :u F JZU<D0?EBK>F 'G o0p q5 bEo> J)H=N ;=GMcL <>s^< o0p qPR< KD0?@B-? LMH ):F
>w? LeD D0?EBK> 5
[C5 HM>s< ;=BK8 I>sGK;YLwcM¾T>8J < D8>@?Eu D :;=< X ;Y?EPZl>8J < DZc bI:'< u G-bGKDF G =
bKbº2< o0p qo0p q5 b
G-LMHH=<<CAC>s<Cw?EDF GQLeF ¾RAC<.:;=< X ;Y?EPZBK>@?EDGKX <lJ < PR:F u?H=< ;=GKP.5'<)LMHY?ED l>8J < D0?EDG
AC>@?QJ;=< JFi:'< BK>@?Eu?c bGID0?RZCHM>s< ;=BKGKDF G>sGK;YLwcMF>8J < D8>@?Eu DGMc±:;=< X ;Y?EPZ =
HZP,? bBKGKDF GU:;=< X ;Y?EPZlD0?IcM¾KBK8JJ < PR:ZCH=GK;Y?±J < PR:F u? bdce?o
:'<C bBKGKDF G@:;=< X ;Y?EPZZK8)H=J <>DF J?BAC<CA?H=J <>8P.o*DF GKBKt'¾-ACD8P³< :;=< X ;Y?EPR<E
>@?EDF GKPz±u F DJ <>@?EDF G 5
%
<)LMHY? T>8J < D8>@?Eu D0?R:;=< X ;Y?EPZBK<)LMHY?EDF GB-?E:FL=?ED0?,>]:u F JZ o0p q:#ACG-b8CACZcMGR<lHM8P
< :ibdce?$}'j ²)«H; oYcMGeu FCHM8u J <UB-?E;=N>D<J < PR:F u? bdce?oYce?EJQFu F DJ <>@?EDF G@t'¾-A T>8J < D0?EDG
:'< :;Y?*>DF G 5
_5698J < D0? I:;=< X ;Y?EPgH=<,BKD0? bBK8l>8CA? :'< u G-bGKDF G =
o0p q
¤GKD½L=?EP¼;=GKBKZu HY?H.PR< KD0?<EH=;=BK8P,? §F D0? bBKGMc5 6±BK8DD < =bFB7:ZDJ)H=N> 47FU_ D0?Eu GKK8
:'< BK<)LMHY?*>F It'GKBUBKPRF?EDo0?Q:ZDJ)H[PR< KD0?QB-? LMH ):F :;=BKGKB
[C5 b4 ;lJ < PR:F u? bdcM¾B-?Q:'< PR<Cb Q:'< u G-bGKDF?
bKbdb o0p q5 b
K8CbF G< :ibdcMF CACG-b8CACZcMG<HM8P.oKG:;=< X ;Y?EP >8J < D0?HM8u J <§J < PR:F u? bdcM¾ 56
:u F JZ9<D0?EBK>F G§}'j ²)«° BK<)LMHY?EDF GB-?E:FL=?ED0? >sGK;YLwce? :;=BKGKPRF G-LeB-bB-?Eu D0?7:;=< X ;Y?EPZ
bBK¾-LMH=<QBKX <CACDF GUBH=GK;=PRF D< u < X F Q?EDX F GKuLeJ ±D0?EBK8>@?ED0?>sGK;YLwc +A4l«B| i
[C5 )[ ;lu F DJ <>@?EDF G oJ)H=N ;=GD0?Eu GKK8l>8J < D0? I:FLeB b:'< u G-bGKDF G
bKbº2< o0p qo0p q5 <
<CAC< tDF Gce?EJ:'< :;=BKG-ACDF <l>a:u F JZ§<lD0?EBK>F G}'j ²)«,BK<)LMHY?EDF GZCHM>s< ;=BK< D0?Q>sGK;YLwce?,>8J < D8)
>@?Eu D0?Q:;=< X ;Y?EPZ K;=NCA'<>sGKX <05
%'&#%'&& ¡K¢¤£¡-¢¤ '/017¢
;=< X ;Y?EP>.cM¾KBK8JZ 63P,? =bF eu G±< J;=Geu < D LMH=;=ZJ)H=Z;=¾ 5K69F DF GKDt8BKtZ0AC<>@?ED8BcMG-ACDGMc
u Zt.>F GKu ZvwZDJ)bdcMFx75 <U?E-A?vwZDJ)bdce?RPZ0LeFPRF GTD0? LMH=¾K:Zc bQ:'<)LMHY? =
:"p q p !" q #$ ;
%
&'&'&'&'&'&
q
(*)
&'&'&'&'&'&'&'&
+
1"#!! ¦ j ·¡- ! & ¤+3"#)*,+- /'O /0¢¤2 0 ¦K¡ .·O£¡ 0*2¥ ,"#!
! 02
lR"#+-! #"#¥ 0§!C"#+-!§!£ # ,"#C¡-¢¤ & /'¢1!i¡Y2 hEk} ·
¤¢/'"#/'3±¥ ,+-E20· 1 ¢9+R
02
¤+-1"s 1"#!!i2¥ &
, "!!Z# _ ', "!.S04,-O#%"!
I?E:FLeBKP8ID0? LMH=¾K:D8:;=< X ;Y?EP.5F G-bY
Ut'¾-ACBKF GH=<:;=< X ;Y?EP.o J)H=N ;=8I>8:;=<>@? ACBKFD0?PR< DF
H=< ;H=GKJCLMH <CA?cimu FbBKt8TbK?Eu J <>F H=G = sF)t'¾-ACBKF G±<CbBKGKJF >@?)D0?FbY
U>:;=<>@? ACBKGKDF G 5KI?E:FL=?EDG
:;=BKGKBTZK8)H=J <>DF J?u FbBKt8:;=BK8:FLeBKGJ < u GMcMD<RBKPRF GKDD8P=
Fx4 o F[Co LK4 o ux4
%C¨
I? LMH=¾K:DF G>8 e>F GH=u F±H=GKJCLMH <CA?cUm3u FbBKt8;=BKG-bBK8>FLMH=G = 3Fst'¾-ACBKF G<CbBKGKJF >@?D0?§FbY
>:;=<>@? ACBKGKDF G 569:;=<>@? ACBK< DGIBUJu?*>F?H=Z;=8,u FbBKt8l:;=BK8:FLeBKGTJ < u GMcMD<RBKPRF GKDD8P=
BKB o o 'o AA
F'>8:;=<>ACBKF'D0?PR< DF H=< ;H=GTL=?EPRGI>@?E;eH=< =bFx5 FbBKt8RP,?c t8 >8:;=<>@? ACBK< DG>;=N KD8CbY
vw< ;=P,?HY? bY
oJ?E-A?Q>½D<>sGMcsu F DF Fx5
☛
( E2£ º %'&
6 F D0bu Z0AC)G 7LMHYACF <05 '
9
F D)HP,?EF D:<;
=
F D)HFx4 o F%[ i
Le
< ;eHWLK)4 i
u < DXRux)4 i
<)?HBKB o o ki
AC< Ztu GAA i
<> \BIUK)LCHG bCFEVXMmGHCFE)NT >
:;=F D)Hev :W`
CHh l.²j)
A hC² B#j*|« `b;ji
:;=F D)Hev :W`K¬
¬
° )} /hk ` o 4;ji
:;=F D)Hev :W`
° C² } /hk ` o %;ji
:;=F D)Hev :W`
° «!/hk ` o %;ji
%$
:;=F D)Hev:W`
°C² }/hk` o AA4;ji
:;=F D)Hev :W`
° C²)!« /hk ` o A4A ;ji
:;=F D)Hev :W` j
/hk ` o Fxb4 ;ji
:;=F D)Hev :W` j
°
/hk ` o Fxb4 ;ji
n
%'&&#%'& !"#¥=¦-§ 1"#!!i2¥
#
*
< J;=G eu?c b8,:;=G-b8BMcM¾ o0>8BKD0? bB-?R< DP,?EJCLe8P,?Eu D Q>8:;=<>@? ACB-?ED Qu FbBKt'¾
b8)vw;:'<RJ;=< :ibGUACu?,?E;=X ZPRGKD)H=N>´HM8:Zµ}² h |RF
E¿ A'²)«0o
u F H=GK;Y? >LeJ?EBKZc bK?oCKG?E;=X ZPRGKD)H
cMG-LMHHM8:Z ² Ek :io?RDF Gj-kC|lu Zt
E¿ A'²)«0o?RDF G
}² h |
u F H=GK;Y? >LeJ?EBKZc bK?oCKGU?E;=X ZPRGKD)HcMG-LMHHM8:Z > %7 {|ioC?QDF Gj-kC|i5
6±
0b bAC< t;=BKGT:'< BKD0? Le:'<)LeN tvw< ;=P,?H=<>@?EDF?U>8DF J N>Uo:;=BKG eu G- A UAC< J0w? ACDF G>8DF JFxo
J)H=N ;=GT>8:;=<>@? ACBKF'D0?RPR< DF H=< ;@:;=< X ;Y?EPzBU:;=BK8J0w? ACZ34 5 _5
2!'O#%0%Z !" 2 ()#%& BZ( "
i?EDF PW:;=BK8CLMH ):F P8AC<D0?E:FL=?EDF?D0? LMH=¾K:DGKX <I:;=< X ;Y?EPZoK>@?E;eH=<B-?E:'< BKD0? ±LeF ¾sBKGLe:'<E
eL < t'GKPa:FL=?EDF?>8;Y?EKG?E;=8)H=PRGHM8CbBKD8CbY
U;=N KDF b8PaLeF ¾sDF G-b<I<CAUH=GKX <0o*J)H=N ;=8T< t'<>FEBKZcMG
>]B-?E:FLeF GP,?H=GKP,?HM8CbBKD8P.5iI?l:'<CbBH=GKJ:'< BKD0?EP8.< :'GK;Y?H=< ;=8.?E;=8)H=PRGHM8CbBKDGAC<)LMH=¾K:DG
> cM¾KBK8JZ6I5
%
< :'GK;Y?H=< ;sBKPRF?ED8lBKD0?EJZo
> < :'GK;Y?H=< ;=8 =)PRD< KGKDF?oACBKF GKu GKDF?o0ACBKF GKu GKDF?QPR<CACZu <
< :'GK;Y?H=< ;=8 =AC<CA?*>@?EDF?o<CACGMcMPR<>@?EDF?
i?E:'< BKD0?c±LeF ¾BJF u J < P,?:'< DF -LeBK8PRF'Z>@?EX)?EPRFiAC<EHM8CbB b8PRF'< :'GK;Y?H=< ;=N>¹FLe:'<)Le< tZ:FL=?
DF?Q>8;Y?EKG.?E;=8)H=PRGHM8CbBKD8CbY
35
<U?E-AC8.< :'GK;Y?H=< ;IP,?Z0LMHY?Eu < D8.:;=F < ;=8)H=GH>8J < D0?EDF?5i<>8KGMco'< :'GK;Y?H=< ;=8BK<)LMHY?8
Z0LMHY?*>F < DG>XP,?Eu GMc b8CbY
§:;=F < ;=8)H=GH=N>U5I:'GK;Y?H=< ;=8D0?E:FL=?EDG>9cMG-ACDGMcu F DF FP,?c
H=GKDL=?EP :;=F < ;=8)H=GH-5
I:'GK;Y?H=< ;¤PRF DZ0L :;¤>8PRF GKDF < D8U>:F GK;=>LeBKGMcu F DF F*cMG-LMHicMG-ACD<)?E;=X ZPRGKD)H=<>8P½< :'G
;Y?H=< ;=GKP BKPRF?ED8BKD0?EJZ.F¤< :'GK;Y?H=< ;=GKP:;Y?*>s<)LMH=;=< DDF G bBKD8P.50< BK<)LMHY?GUL R< :'G
;Y?H=< ;Y?EPRFiAC>Z0?E;=X ZPRGKD)H=<>8PRFiFu GK>s<)LMH=;=< DDF G bBKD8PRFx5
I:'GK;Y?H=< ;cMG-LMHUu GK>s<)LMH=;=< DDF G, bBKD8 o)cMGKKGKu F
>³>8;Y?EKGKDF Z§B-?*>F GK;Y?c b8PAC>@?lHY?EJF G
< :'GK;Y?H=< ;=8D0?cM:F GK;=>´cMG-LMHT>8J < D8>@?ED8l< :'GK;Y?H=< ;Iu GK>8 5¤I:'GK;Y?H=< ;
cMG-LMH bBKD8 o cMG eu F
J < u GMcMD< I>8J < D8>@?EDF?cMG-LMHIAC<>s< u D0?5
Iu?< :'GK;Y?H=< ;=N>Wu GK>s<)LMH=;=< DDF G, bBKD8CbY
§;=N>D< :;=F < ;=8)H=GH=N>a< BKD0? bB-?l< tu FbB-?EDF G
>8;Y?EKGKDF?>OJ < u GMcMD< =bF<CAu GK>sGMcAC<R:;Y?*>sGMc5
6®>8;Y?EKGKDF? bY
T?E;=8)H=PRGHM8CbBKD8CbY
UAC< BK>s< u < DG'cMG-LMH:FL=?EDF G
D0?*>F? LeN>3< J; )XC8CbY
:w>8)
bBKDF GU< J; )XC8CbYk
;@AC<lZ0LMHY?Eu GKDF?RF DDGMcoiDF UH=<l>8DF J?,B:;=F < ;=8)H=GH=N>O< :'GK;Y?H=< ;=N>Uo
J < u GMcMD< =bFi< tu FbBKG 5
GK>s<)LMH=;=< DD0?R bBKD< I< :'GK;Y?H=< ;Y?oD:50AC<CA?*>@?EDF?< BKD0? bB-?oKGU>8;Y?EKGKDF G
? W
t ab
cMG-LMH;=N>D<>@?EKDG>8;Y?EKGKDF Z
:#? Wkt ; ]b
I?Eu GKK8,cMG-ACD0?EJ7:0?EPRF ¾HY? EoKG,>OcM¾KBK8JZ 6IoACu?.< :'GK;Y?H=< ;=N>]:;=BKGKPRF GKDD8CbY
o<;=BKG
bBK8>FLMH=GMcJ < u GMcMD< =bF>8J < D8>@?EDF?Q< :'GK;Y? bdcMFACG-b8CACZcMGJ < PR:F u?H=< ;-o0?,;Y? bBKGMc?EZCH=< ;
:;=< X ;Y?EPZJ < PR:F u Zc bGKX <05n@HY?EJ.J < u GMcMD< T:'<>8-LeBK8CbY
< :'GK;Y? bdcMF¤PR< KGt8 D0? LMH=¾
:Zc bK? =
:#? Wkt ; ]b u Zt ? :w
t aQb ;
>½B-?Eu GKKD< =bF<CAJ < PR:F u?H=< ;Y?75 6±
0b bTt8< :'GK;Y? bdcMGUt808l>8J < D8>@?EDG>W>8t;Y?EDGMc
J < u GMcMD< =bFxo¤D0?Eu GKK8ZK8 lBKPRF GKDDGMcQ:'< PR<CbDFbBKGMco> J)H=N ;=GMcBK<)LMHY?EDF G:;=BKG-bY
<>@?ED8
>8DF Jl>8J < D0?EDF?cMG-ACDGMc@< :'GK;Y? bdcMFAC<CA?*>@?EDF?D0?*>F? Le8,DF GU>8CLMHY?E;YbB 5
;=BK8CLMH ):P8lAC<l:FL=?EDF?Q:;=< X ;Y?EPZoCJ)H=N ;=8ACu?,A?ED8CbY
ioC:;=BK8B-?< KGKDF ZoCKG
UL ,;=BKG-bBK8>FLMH=GFAC<CA?H=DF G oi?
.bK?J <>F H=GUF;=N>DF GKAC<CA?H=DF G o':'< u FbBK8.>@?E;eH=< =bF
D0? LMH=¾K:Zc b8CbY
>8;Y?EKG ?E;=8)H=PRGHM8CbBKD8CbY
=
u D: ; LeF D b<)L
4
!#"%$%!& :
;
''PR<CA(
'
:;=F D)Hev :W`Fhk
ChC²)« ² } ² } ² }
hk ` o ?o to bEo uxo J ;ji
>U4 :#? It Qb ; b i
\:'<)LeN t7:FL=?EDF?.LMHY?8CbY
7:'<CbF)X)?B-?.Le< t < J;=Geu < DGQJ < D0LeGKJ>sGKD0bdcMG oD:5< J;=Geu?lHM8:
LMHY?GMcoC?Qb<QB-?HM8P FACBKF GTLe:'<)LeN tFbY
B-?E:FLe8>@?EDF?>:0?EPRF ¾-bFi< :'GK;Y? b8-cMDGMc56 ?E;eH=<QB-?H=GKP
:;=BKGKBUbY
>F u ¾ULeJZ:F ULeF ¾TD0? AlHM8PB-?EX)? ACDF GKDF GKP.5
\)HY?Gu FbBKt'<>sGL ,:FL=?EDG:'<CAC< tDF Gce?EJ>aBK>8J08PB-?E:FLeF GP,?H=GKP,?HM8CbBKD8P.oEcMG
AC8DF GT:;=BKG-bF DGKJACBKF G-LeF ¾H=D8lD0?Eu GKK8lB-? LMH ):F J;=< :J RACBKF G-LeF ¾H=D 5
0
± 8:8 LMHY?8CbY
9L :;=BK8-cMPR<>@?EDG.D0?:'<CALMHY?*>F G§Le:'<)Le< tZ´FbY
´B-?E:FL=?EDF? >H=GKJ=bF G
:;=< X ;Y?EPZK;=NCA'<>sGKX <05
G eu F0u FbBKt0?@cMG-LMH@B-?E:FL=?ED0?Tt'GKBIJ;=< :JF'ACBKF G-LeF ¾H=DGMco H=<cMG-LMHsB-?E:FLe8>@?ED0?T>9:0?EPRF ¾-bF'>
:'<)LMHY? bFLMHY?< :;=BKG-bF DJ <>sGMc5;=BK8-cMPZcMGT;=< BKPRF?E;s:'<CALMHY?*>s<>8 obBK8u F
j-kC|i5
G eu F'LMHY?w?scMG-LMHsB-?E:FL=?ED0?UBJ;=< :J UACBKF G-LeF ¾H=D o H=<cMG-LMHs:0?EPRF ¾HY?ED0?U>9:'<)LMHY? bF0BKPRF GKDC
D< :;=BKG-bF DJ <>sGMc5;=BK8-cMPZcMGT;=< BKPRF?E;@:'<CALMHY?*>s<>8 oCbBK8u 9 F
E¿ A'²)«05
67G KP8l:;=BK8J0w? AC<>sGLMHY?GUbK?J <>F H=GIHM8:Z j-kC| =
[ _ U4*qE
67G KP8l:;=BK8J0w? AC<>sGLMHY?GT;=BKG-bBK8>FLMH=G
HM8:Z
E¿ A'²)7« =
[C5 [C5 5 _Emq U5 _Emq [ qE_5 ª4*[
i?EZ>@?E oEKGu FbBKt'¾bK?J <>F H TPR< KD0?UB-?E:FL=? >9:0?EPRF ¾-bF0B-?E;=N>D<U>9:'<)LMHY? bF'LMHY?<EYo
ce?EJ7FsBKPRF GKDD< :;=BKG-bF DJ <>sGMc5¤< D0? AH=<>zLMHY?8CbY
BKPRF GKDD< :;=BKG-bF DJ <>8CbY
DF GKBKD0?
bB bGBKGK;=<R:;=BKG-AJ;=< :J F:'<,J;=< :ibGUACBKF G-LeF ¾H=DGMc@PR< KD0?:'< PRF D E5
\)HY?GHM8:Z
E¿ A'²)«QPR< KD0?;=N>DF GKT:FL=? >O:'<)LMHY? bF
4*[C5 [E_EG Iq 4KG-~ 5 qG m _5 G Tq
b<,A?cMGTu FbBKt8
5 4*[ [E_ 4- 5 5 )q _ 5
< BK<)LMHY?G¯PR< Ku F >s< =bF :FL=?EDF? LMHY?8CbY
?E;=8)H=PRGHM8CbBKD8CbY
L ZPRF G-LeB-bBK< DG
>O;=< B-ACB 54*[C5 4 5 5
698;Y?EKGKDF?o>zLeJ0w? A J)H=N ;=8CbY
>@bY
<CACB >80 bBKDF GLMHY?G,:'<C bBK< DG,< :'GK;Y?H=< ;Y?EPRFxo
u FbBK< DGUL Q>½bB-? LeF GTJ < PR:F u? bdcMFx5 ?EJF GT>8;Y?EKGKDF?D<)LeB D0?EBK>s¾T>8;Y?EKG .LMHY?8CbY
5
%'& ¤&& 2 !"# C*2¡-1)¡Y2¥ !'·0±)C¡-0l 1"#!i2 ¡Y2¢
FL=?EDF Gl>8;Y?EKG ?E;=8)H=PRGHM8CbBKD8CbY
DF G:'<>F DD<7D0? LMH=;=¾-bB-? ,:'<>@?EKDF GMceLeBK8CbY
J0< :'<E
H=N>Uo=cMG eu F)HM8u J <It'¾-ACBKF GKP8UBK>;Y? bK? t0? bBKD Z>@?EX ¾D0?I:;=F < ;=8)H=GHM8T< :'GK;Y?H=< ;=N> ?E;=8)H=PRGHM8CbB
D8CbY
.F:'< :;Y?*>DF GUF D)H=GK;=:;=GH=<>@? I;=N>D<:;=F < ;=8)H=GH=N>U50F GKPRDF GMc>@?E;eH=<RBK>;=NCbF TZ>@?EX ¾
D0?IJF u J?:;=< tu GKPRN>Uo-J)H=N ;=G±PR< X LeF ¾s:'<Ece?*>F :'<CAbB-? L¤:FL=?EDF?>8;Y?EKG ?E;=8)H=PRGHM8CbBKD8CbY
5
I?Eu GKK8lBK>;=NCbF IZ>@?EX ¾D0?QH=<0 oCKGU>8;Y?EKGKDF G
^ > ¼< BKD0? bB-?
B-?
> J ;< BKD0? bB-?
%:^
6±BK¾-LMH=<R:'< :'GDF?ED8Pti¾-ACGKP]cMG-LMH< :Z0LeB-bB-?EDF GTD0?*>F? LeN>>½AC;=ZX F PBTHM8CbY
>8;Y?
KG 5
6 >F GKu Z7>8;Y?EKGKDF? bY
.H=;=BKGKt0?oiBQ:'<>s<CACN>a< :FL=?ED8CbY
DF KGMcoBKPRF GKDF? HM8:3>8CLMH=¾
:Zc b8CbY
>aDF PBKPRF GKDD8CbY
50698;Y?EKGKDF GBKPRF GKDF?c bGUHM8:3AC<>s< u DGMcBKPRF GKDDGMcP,?
:'<)LMHY?
: ; q
" #
u Zt.< X N u DF GMc
: ; q q
Z e| )y RLeJ0w? A?c b8LeF ¾QBKGQL <>@?,Ju ZC
#
>aJ)H=N ;=8P>8CLMH=¾K:ZcMGQ< :'GK;Y?H=< ;IBKPRF?ED8HM8:
bBK<>sGKX << J;=G eu?c bGKX <,HM8:oZcM¾H=GKX <>gD0?*>F? Le8< J; )XCG 5¤I:'GK;Y?H=< ;UBKPRF?ED8HM8:Z
P,?,H=GKD3L=?EP:;=F < ;=8)H=GHb<cMG-ACD<)?E;=X ZPRGKD)H=<>8< :'GK;Y?H=< ;IBKPRF?ED8BKD0?EJZ§F0cMG-LMHT:;Y?
>s<)LMH=;=< DDF GU bBKD8 50'PRF?ED0?UHM8:ZPR< KGT:'<>s<CAC<>@? ;=N>DF GKIBKPRF?ED¾T>@?E;eH=< =bF
# q oCD:5BKPRF?ED0?HM8:
Z
E¿ A'²)«D0?j-kC|,Le:'<>s<CACZcMG< tibF ¾-bF GUb8)vw;@>8)H=¾K:Zc b8CbY
:'<J;=< :ibG@ACBKF G-LeF ¾H=DGMc> >@?E;eH=< =bF)BKPRF GKDDGMc5I:'GK;Y?H=< ;BKPRF?ED8THM8:ZQD0?EBK8>@?ED8scMG-LMH
;=N>DF GK< :'GK;Y?H=< ;=GKPz;=BKZCH=<>@?EDF?5
6^>8;Y?EKGKDF? bY
?E;=8)H=PRGHM8CbBKD8CbY
.PR< X R>8CLMH=¾K:'<>@? LMHY?GFBKPRF GKDDG;=N KD8CbY
HM8)
:'N>U5'Itu FbBK< D0?>@?E;eH=< IP,?Q;=N>DF GKT< J;=G eu < D8cMG-ACD< BKD0? bBKDF GHM8:5 G-LMH< D.Z0LMHY?
u?ED8ACu?lJ?E-ACGMcI< :'GK;Y? bdcMF
?E;=8)H=PRGHM8CbBKDGMc<CAACBKF GKu DF GQFB-?Eu GKK8 R2 ¥ !"# <CAHM8:Z
?E;=X ZPRGKD)H=N>]H=GMcU< :'GK;Y? bdcMFx5 G eu F±AC>@??E;=X ZPRGKD)HM83:'<C bBK< DG,< :'GK;Y?H=< ;=GKP ?E;=8)H=PRG
HM8CbBKD8P L TH=GKX <L=?EPRGKX <THM8:Zo H=<>8DF JIcMG-LMHs;=N>DF GKH=GKX <UHM8:Z5 <T;=8-cMGILeF ¾>´HM8P
cMG-ACD<RDF GKt'GKBK:F G-bBKG 0LMHM>s<05C67G KP8>8;Y?EKGKDF G
u *J
>]J)H=N ;=8P< t8CAC>F GQBKPRF GKDDG,L lHM8:Z^j-kC|i5'698DF J,cMG-LMHTH=GKQHM8:Z j-kC|io)cMG-LMHU>F ¾-b
u FbBKt bK?J <>F H 5i?H=GKP®cMG eu F¼² 0o@? B0o±H=<¹> >8DF JZO<EH=;=BK8P,?EP8 0o@b<
ACu?QAC<CA?H=DFbY
u FbBKt.bK?J <>F HM8CbY
UcMG-LMH;=N>D<>@?EKDG:'< u FbBKGKDF Z«EkC|ijE« { ² B 5 G eu F
² 0oC? B0o)H=<,>O>8DF JZ.<EH=;=BK8PZcMGKP
8 05C6 < t8CAC>Z:;=BK8:0? ACJ? bY
>8DF J,H=GMc
< :'GK;Y? bdcMF:'<>LMHY?cMGQ:;=BKGKBQ< tibF ¾-bF GQ>LeBK8CLMH=JFbY
7b8)vw;T:'<J;=< :ibGRACBKF G-LeF ¾H=DGMcF u < ;Y?EBKZ5
4t8¹ZDF J bHY?EJF GKX << tibF ¾-bF?o±D0?Eu GKK8 BKPRF GKDF HM8:OACBKF GKu DGMclu ZtOACBKF GKu DF J?osbBK8u F
B-?E:FL=? ID:5
:#AC< Ztu bG ;du *J
G eu F'cMG-ACGKD B,?E;=X ZPRGKD)H=N>9cMG-LMHUHM8:Z bK?J <>F H=GKX < :j-kC|io> %7 {| ² Ek :io ;I?.AC;=ZX F
HM8:Z }² h |,u Zt
E¿ A'²)«0o H=<,>8DF JUcMG-LMHHM8:Zµ}² h |Ru Zt
E¿ A'²)«05
I:'GK;Y?H=< ;lACBKF GKu GKDF?PR<CACZu < : %;R>8P,?EX)? < t8CAC>Z9?E;=X ZPRGKD)H=N>LMHY?< :;=BKG-bF DJ <E
>8CbY
:HM8:Z j-kC|lu Zt®² Ek :,u Zt > %7 {| ; 5
%'& ¤&& 2 !"#E2"#+-!"#
E698;Y?EKGKDF Gl>OcM¾KBK8JZ 6aP,?t0?E;YACBKF GMcZDF >sGK;YL=?Eu DGQBKD0? bBKGKDF GRDF R>OcM¾KBK8JZ7P,?H=G
P,?HM8JFx5iI?;Y?EBKF GPR< KGKP8.F D)H=ZFb8-cMDF GQ:;=BK8-c Eo'KG+E>8;Y?EKGKDF GQH=<HY?EJ?lJ < D0LMH=;=ZJ)bdce?,>
cM¾KBK8J" Z 6IoACu?RJ)H=N ;=GMcsBKD0?ED8UcMG-LMHILe:'<)LeN tu FbBKGKDF?Q>@?E;eH=<=bFx5
i?E:FLs:'<)LMHY? bF
" # q q q
#
cMG-LMHT>8;Y?EKGKDF GKP©>9cM¾KBK8J9 Z 6½FD0?EBK8>@?lLeF ¾X <>8;Y?EKGKDF GKP:;=BK8:FL=?EDF?,u Zt3:'<CA
LMHY?*>F GKDF?5'D0?EJ;=N>D< =bF±H=<cMG-ACGKD¹B.>F GKu Z¹< :'GK;Y?H=< ;=N> :;=BK8:FL=?EDF?o?3:'<CA?ED0?
:'<)LMHY? U>8;Y?EKGKDF?R:;=BK8:FL=?EDF?,DF GcMG-LMHTD0?cMt0?E;YACBKF GMc< X N u D R:'<)LMHY? bF 50ndDDG< :'GK;Y?
H=< ;=8,:;=BK8:FL=?EDF?QF< X N u DF GMceLeB :'<)LMHY? IH=GKX <R>8;Y?EKGKDF?:'< BKD0?EP8l:'N KDF GMc5
I:'GK;Y?H=< ;:;=BK8:FL=?EDF?scMG-LMHs:;Y?*>s<)LMH=;=< DDF GI bBKD8 5 §?UDF -LeBK8Q:;=F < ;=8)H=GH±<CA,>LeBK8CLMHe
JFbY
.AC<EHM8CbY
0bB-? Ls:'< BKD0?ED8CbY
< :'GK;Y?H=< ;=N>U5
Itu FbBKGKDF G>@?E;eH=< =bF¤>8;Y?EKGKDF?,:;=BK8:FL=?EDF?RH=<:'< u FbBKGKDF GQ>@?E;eH=< =bF q :'< #
:;Y?*>sGMcLMH=;=< DF GsBKD0?EJZ;=N>D< =bF)FD0? A?EDF GH=GMc>@?E;eH=< =bF q q 5E<I:;Y?*>sGMc¤LMH=;=< DF G
" #
BKD0?EJZ ;=N>D< =bFsPR< KG>8CLMH ):F .AC<>s< u DG>8;Y?EKGKDF G o
?3>F ¾-b;=N>DF GK>8;Y?EKGKDF G
:;=BK8:FL=?EDF?5
'»
6 ?E;eH=<=bFU>8;Y?EKGKDF?:;=BK8:FL=?EDF?@cMG-LMH>@?E;eH=< q
# >8CLMH=¾K:Zc bGKX <:'<Q:;Y?
>sGMc@LMH=;=< DF GTBKD0?EJZ;=N>D<=bFx567G KP8lD0? LMH=¾K:Zc bGU>8;Y?EKGKDF G:;=BK8:FL=?EDF?=
8 A I48 >E[
< DF GK>@?E< :'GK;Y?H=< ;:;=BK8:FL=?EDF? : ;cMG-LMHU:;Y?*>s<)LMH=;=< DDF G, bBKD8 o)cMG-LMH< D<;=N>D<E
>@?EKDG>8;Y?EKGKDF Z
8 : A I48 >E)[ ;
>zJ)H=N ;=8P®BKPRF GKDDGMc .cMG-LMHR:;=BK8:FLe8>@?ED0?.>@?E;eH=< ,>8;Y?EKGKDF?:;=BK8:FL=?EDF?5I?cd
:F GK;=>½BK<)LMHY?EDF GU:'< u FbBK< D0?R>@?E;eH=< ¬
4>F¤:'<CALMHY?*>F < D0?R:'<CA.BKPRF GKDD ,¬io0?,D0?
LMH=¾K:DF GT>@?E;eH=< I>8;Y?EKGKDF?:;=BK8:FL=?EDF?
A I4 8 >E[
bBK8u Fi>@?E;eH=< >8;Y?EKGKDF??E;=8)H=PRGHM8CbBKDGKX <¬
4>UBK<)LMHY?EDF G:;=BK8:FL=?ED0?BKPRF GKDDGMc
i5)6 ;=GKBKZu HY? bF G o)BKX <CACDF GBF D)H=ZFbdc oCBKPRF GKDDGW¬ ,:;=BK8-cMP UHY?EJF GTL=?EPRG>@?E;eH=< =bF
Ft'¾-ACBKF GH=<U>@?E;eH=< s>8;Y?EKGKDF??E;=8)H=PRGHM8CbBKDGKX <056 ?E;eH=<Tt0?E;YACBK<AC< J0w? ACDF G@:;=BKG eu G
ACBKF T:'<>8-LeBKGT;=< BK>@?E-?EDF?D0?*>sGH-o0?RPR< KGU:;=BKG-ACGU>LeBK8CLMH=JF P>@H=G-AC8 o0X)AC8>8CA?c
LeF ¾T<CbBK8>FLMH=G 5
%'& ¤& ¤& !+K¡K¢¤£'¥=¦- E2"#+-!"#
T±+K¡- ,"#!"#
ndD0LMH=;=ZJ)bdce?:;=BK8:FL=?EDF?:;=BK8-cMPZcMGU:'<)LMHY?
q # q
*#
?>F ¾-b5e;=G-ACDF JcMG-LMHQ< X ;Y?EDFbBKDF JF GKP F D0LMH=;=ZJ)bdcMFsFs:'<>s<CACZcMG o¤KG>8;Y?EKGKDF GlLMHY?cMGLeF ¾F DC
LMH=;=ZJ)bdc 5'IX N u DF GMc±F D0LMH=;=ZJ)bdc IcMG-LMHJ?E-AC8D0?E:FL@:'<)LMHY? bF
q # q
bBK8u FiJ?E-ACG>8;Y?EKGKDF GIB-?EJ < 0bBK< DG e;=G-ACDF JF GKP½cMG-LMH:'< :;Y?*>D o)b<QDF GBKD0? bBK8,LeGKD0Le<>D o
F D0LMH=;=ZJ)bdcIcM¾KBK8J?6I5n±HY?EJlD0?E:FL
? W't i
cMG-LMH@:'< :;Y?*>D UF D0LMH=;=ZJ)bdc cM¾KBK8J?oDF GKPRDF GMc±>8DF JRH=GKX <QAC<CA?*>@?EDF?UDF GIt'¾-ACBKF GPRN XCt8
>8J < ;=BK8CLMHY?ED8R>½-? ACD8P PRF GMceL=bZ.:;=< X ;Y?EPZ5
%'& ¤&»& Q" 01#"#0¡-)£"±1C¡-1C¡Y2¥ !
rsF tu F <EH=GKJ?B-?*>F GK;Y?c bK?TPRF ¾-ACBK8lF DD8PRF'vwZDJ)bdcMG< tu FbB-?c bGI>@?E;eH=< =bF0GKu GKPRGKD)HY?E;=D8CbY
vwZDJ)bdcMF0P,?H=GKP,?HM8CbBKD8CbY
DF GcMG-LMHsAC<C bB-?ED0??EZCH=< P,?HM8CbBKDF GAC<TJ?E-ACGKX <T:;=< X ;Y?EPZ5 4t8
LeJ < ;=BK8CLMHY? BUtF tu F <EH=GKJFP,?H=GKP,?HM8CbBKDGMcoD0?Eu GKK8
AC<C bBK8 AC<:;=< X ;Y?EPZ K;=NCA'<>sGKX <<CAC:'<>F G-ACDF0:u F JRD0?EXCN>J <>8U:;=BKGKBD0?E:FL=?EDF G
>ODF P:'< u G-bGKDF?Q:;=GK:;=<CbG-Le< ;Y?
6 F D0bu Z0ACG 7P,?H=
5 '
9
>8J < D0? IJ < PR:F u? bdcM¾Fu F DJ <>@?EDF G:'< u G-bGKDF GKP
bKbºu P ºQ< o0p q^o0p q5 b
7
< :ibdce?8²T:;=< X ;Y?EPZD0?EJ?EBKZcMG:'< t;Y?EDF GAC<u F DJ <>@?EDF?tF tu F <EH=GKJF0P,?H=GKP,?HM8CbB
DGMc@<RD0?EBK>F GWf¤5I?Eu GKK8l:0?EPRF ¾HY? EoCKGU:'<R< :ibdcMF ²QDF GUPR< KGTt8<CALMH=¾K:Z5
4½<EH=<RD0?cebBK¾=bF GMcs>8J < ;=BK8CLMHM8>@?EDGvwZDJ)bdcMGUBTtF tu F <EH=GKJFP,?H=GKP,?HM8CbBKDGMc±±:;=BKG-AD0?
BK> IvwZDJ)bdcMF0ZPRF G-LeB-bBK< D8cMG-LMH
HM8:Ru FbBK< DGMc:;=BKGKB@H=¾@vwZDJ)bdcM¾>@?E;eH=< =bFxo?T>¹D0?*>F? L=? bY
HM8:
cMGMc?E;=X ZPRGKD)H=Z =
AC< Ztu GTG C: :#AC< Ztu G 4; vwZDJ)bdce?QGKJCLe:'<EH=GKD0bdce?Eu D0?
AC< Ztu GTu < X :#AC< Ztu G 4; u < X)?E;=8)H=PzD0?H=Z;Y?Eu D8
AC< Ztu GTu < X04- :#AC< Ztu G 4; u < X)?E;=8)H=P ACBKF G-LeF ¾H=D8
AC< Ztu GT:'<> :#AC< Ztu G oAC< Ztu GU8 ; AC<,:'<EH=¾KX F8
AC< Ztu GUL );eH :#AC< Ztu G 4; :F GK;=>F? LMH=GKJlLMH=< :DF?RAC;=ZX F GKX <
AC< Ztu Gv#?Et0L :#AC< Ztu G 4; PR<CACZi
AC< Ztu GULeF D :#AC< Ztu G 4; LeF DZ0L
AC< Ztu GUb<)2L :#AC< Ztu G 4; b<)LeF DZ0L
AC< Ztu GHY?ED :#AC< Ztu G 4; HY?EDX GKD0L
AC< Ztu GU? LeF D :#AC< Ztu G 4; ?E;YbZ0L@LeF DZ0L
AC< Ztu GU? b<)2L :#AC< Ztu G 4; ?E;YbZ0L@b<)LeF DZ0L
AC< Ztu GU?HY?ED :#AC< Ztu G 4; ?E;YbZ0L±HY?EDX GKD0L
F D)HI?Et02L :wF D)HF ; PR<CACZi
I?Eu GKK8lt'GKBK>BKX u ¾-ACDF GU:;=BKG-LMH=;=BKGKX)? BKX <CACD<=bF'HM8:'N>½?E;=X ZPRGKD)H=N>BU:'<CA?ED8PRF>8KGMc5
, "#¥ !"#
%'& I?E:FLeB:;=< X ;Y?EP.oJ)H=N ;=8RACu?A?ED8CbY
:HM8:ZAC< Ztu Gb;< ;Y?EB $ :HM8:ZlF D)Hj;
:'< u FbBK8
>@?E;eH=<=bF'D0? LMH=¾K:Zc b8CbY
>8;Y?EKG.?E;=8)H=PRGHM8CbBKD8CbY
=
u D [
$
:
H ; $
:
9b4 ; LeF D :x[ ¹4b;
[
698CAC;=ZJZc>8DF JF'BTb8)vw;Y?EPRF':'<QJ;=< :ibG 5 698CAC;=ZJRBK< ;=X)?EDF BKZcHY?EJio)t8RD0?GKJ;Y?EDF G
>FAC<CbBKDGTt808,HM8u J <R>8DF JF< tu FbBKG < ;Y?EBIHM>s<Ece?Q>F BK8)H=N>J?:'<)LMHY? bF =
ndPRF ¾UFD0?EBK>FLeJ <
698CACBKF?do;=< JlLMH=Z0ACF N>
698J < D0?c±< tu FbBKGKDF?RACu?
4 q [ _ $ [ _
GKKGKu FZBK8CLeJ?G s;=GKBKZu HY?HM8 =
4 _ _Em)~
4- ª *m
32
H=<UD0?E:FL=?G
:'< :;Y?*>DF G@>8;Y?EKGKDF?T?E;=8)H=PRGHM8CbBKDG o cMGeu F0DF G oEH=<>;=NAC<U:;=< X ;Y?EPZo
BKD0?ceA Tti¾-AC8lF:'< :;Y?*>cMG 5
0¨
8 .
¤ U
()#%& !$^&0!Z !"
I?E:FLeBKP8l:;=< X ;Y?EP BKD0?ceACZc b8l:F GK;=>F? LMH=JF;=BKG-bBK8>FLMH=G;=N>D0?EDF?J>@? AC;Y?H=<>sGKX <
SACu? 9¹
?EJl>F? AC< PR<0oC?Et8lBKD0?Eu G IH=GU:F GK;=>F? LMH=JFD0?Eu GKK8lD0?cM:F GK;=>:'< u FbBK8
$
[
?QD0? LMH=¾K:DF G
=
:;=F D)Hev :W`baC²)+«
ChEk0%« hk `b;ji
G CF bH :Mb4 ;ji
n
: t %:x[ >? ;ji
b ? i
?Eu v#? B: >*: ki
F v :#?Eu v#5 ? 9 5 ;
=
?Eu v#? L );ebH :#?Eu v#? ;ji
4 : ?Eu v#? i
0[ : ?Eu v#? i
:;=F D)Hev :W` ijE« { #jEh| BijI{ C«
#j)|« ¬
² }Q¬ ² }hk` o 4 o 0[);ji
n
GKuLeG
:;=F D)Hev :W`C{h BRyjE« { #jEh| B#{ C«
#j)| '> %khk `b;ji
G CF bH :# ;ji
n
698J < D0?EDF G§F D0LMH=;=ZJ)bdcMFQj}±°°°e«C²C «¯Le:;=<>@? ACB-?LeF ¾3AC< >8J < D0?EDF? J < u GMcMD8CbY
9:'< u G-bGo
J)H=N ;=GTPR< KD0?QZc >½:ZDJ)HY? bY
=
b4 ;< tu FbBT>@?E;eH=< q o
)[ ;cMG eu F q q oH=<,>8J < D0?c
#
o
_ ;cMG eu F q q oH=<,>8J < D0?c
# '
5
'D0?ceA 3> :;=BK8J0w? ACBKF G7[C5 qF D0LMH=;=ZJ)bdcM¾¹j}±°°°e«C²C « FT:'< ;=N>D0?cTc B7< X N u D8Pp< :FLeGKP.5
# '
6 LeB-bBKGKX N u D< =bFIBK>;=N 3Z>@?EX ¾3D0?H=<0oce?EJ? F D0LMH=;=ZJ)bdce? > :;=< X ;Y?EPRF G§B-? LMH ):Fww?D0?E:FL
j-ki|{)¿ B') lh BT< :FLeZo0?Ice?EJ?QD0?E:FLTj-ki|{)¿ B') lh 5
&#%'& ¤& ±)C¡-0*2¹ #¥=¦-"
698;Y?EKGKDF?;=GKu? b8-cMDGHM>s< ;=BK< DGL QB-?Q:'< PR<Cb QD0? LMH=¾K:Zc b8CbY
< :'GK;Y?H=< ;=N>9;=GKu? bdcMF
7 7 9 9
J)H=N ;=GT<CAC:'<>F G-ACDF <R< BKD0? bB-?c
7
9
6 Le:FLeF Gl< :'GK;Y?H=< ;=N>];=GKu? bdcMF±:;=BK8-cM¾H=<0oKGl< :'GK;Y?H=< ;=83L .>8PRF GKDF < DGl> J < u GMcMD<=bF
P,?
u GMc b8CbY
¹:;=F < ;=8)H=GH=N>Uo
?7D0?E:FL=?EDG.>³cMG-ACDGMc,u F DF FP,?c 3H=GKD9L=?EP :;=F < ;=8)H=GH-5
6LeBK8CLMH=JF G
< :'GK;Y?H=< ;=8.;=GKu? bdcMFL < :'GK;Y?H=< ;Y?EPRFAC>Z0?E;=X ZPRGKD)H=<>8PRFxo'u GK>s<)LMH=;=< DDF GR bBKD8PRFF
P,?c
DF -LeBK8l:;=F < ;=8)H=GHDF U< :'GK;Y?H=< ;=8,?E;=8)H=PRGHM8CbBKDG 5
%
&#%'&»& 2 !"#7 #¥E2 ¦-!
698;Y?EKGKDF?;=GKu? b8-cMDGTPR< KD0?Q< X N u DF GB-?E:FL=? ce?EJ <7=
q # q
q
Uq p q # q
698;Y?EKGKDF GT;=GKu? b8-cMDGT:;=BK8-cMPZcMGU>@?E;eH=<4 o*cMGeu F;=GKu? bdce?IcMG-LMH:;Y?*>ACBKF >@?oC?R>@?E;eH=<Q>
:;=BKG-bF >D8P :;=BK8:0? ACJZ5
&#%'& & ±)C¡-0*2 #'/'"#¥ !
698;Y?EKGKDF?u < X FbBKDGUL tZ0AC<>@?EDGTB-?Q:'< PR<CbQ< :'GK;Y?H=< ;=N>9u < X FbBKD8CbY
)J H=N ;=G,< BKD0? bB-?c.<CAC:'<>F G-ACDF <DGKX)? bdcM¾ o¤J < DF ZDJ)bdcM¾,F@?Eu H=GK;=D0?HM8>s¾ 56 :'<>8-LeBK8PµLe:F
LeF G,< :'GK;Y?H=< ;=8§u < X FbBKDG,>8PRF GKDF < DGlL .> J < u GMcMD<=bF
P,?Eu GMc b8CbY
:;=F < ;=8)H=GH=N>U5GKX)? bdce?
cMG-LMH< :'GK;Y?H=< ;=GKP9cMG-ACD<)?E;=X ZPRGKD)H=<>8P.o*:;Y?*>s<)LMH=;=< DDF G bBKD8P³FP,?HY?EJFL=?EP³:;=F < ;=8)H=GH
ce?EJcMG-ACD<)?E;=X ZPRGKD)H=<>87< :'GK;Y?H=< ;BKPRF?ED8 BKD0?EJZobBK8u Fs>8-LeBK8 DF < :'GK;Y?H=< ;=87;=GKu? bdcMFsF
< :'GK;Y?H=< ;=8?E;=8)H=PRGHM8CbBKDG 5I:'GK;Y?H=< ;=8?Eu H=GK;=D0?HM8>8FJ < DF ZDJ)bdcMFL ,< :'GK;Y?H=< ;Y?EPRF¤AC>Z0?E;e
X ZPRGKD)H=<>8PRFxoCu GK>s<)LMH=;=< DDF G bBKD8PRFFP,?c QDF -LeBK8l:;=F < ;=8)H=GHDF U< :'GK;Y?H=< ;=8,;=GKu? bdcMFx5
?EJT>FA? ±B-?E:0?EPRF ¾HY?EDF GsJ < u GMcMD< =bF:;=F < ;=8)H=GH=N> < :'GK;Y?H=< ;=N> PR< KG@D0? LMH=;=¾-bB-? :'GK>DG
:;=< tu GKP8 oACu?H=GKX <UH=GK<CA,H=GKX <PRF GMceL=bK?D0?Eu GKK8R:'<)L ZX F >@? LeF ¾IHY?Et'GKu B-?*>F GK;Y?c b TF DCvw< ;e
P,? bdcMGT<R:;=F < ;=8)H=GHY? bY
lF;=<CACB-?cMZ bBKD< =bFi< :'GK;Y?H=< ;=N>U5 ?Et'GKu?Q< :'GK;Y?H=< ;=N>´BKD0?ceACZcMGULeF ¾
D0?QJ < 0bZH=GKX <R:'<CAC;=¾-bBKDF J?oCD0?RLK54Km)ª5 PRF G-LeB-bBK< DGT>ODF GMc@BK<)LMHY?8l< :'GK;Y?H=< ;=8R>½J < u GMcd
D< =bFP,?Eu GMc b8CbY
:;=F < ;=8)H=GH=N>Uo'?l>´cMG-ACDGMcu F DF F@< :'GK;Y?H=< ;=8<lHM8P L=?EP8P©:;=F < ;=8)H=G-bF G 5
i?EBKD0? bBK< D8>aDF GMcIBK<)LMHY?;=N>DF GK;=<CACB-?c bBKD< =bF¤< :'GK;Y?H=< ;=N>U5'I:'GK;Y?H=< ;=8.L ,:'< X ;=ZC
:'<>DGBKX <CACDF GBJ < u GMcMD< =bF FbY
:'<Ece?*>F?EDF?§LeF ¾>zH=GMc:;Y? b8 5 < KD0?§> HM8P PRF GMceL=bZ
;=< B-LeBKGK;=BK8 >F? AC< PR< =bF<RtF H=<>sGT< :'GK;Y?H=< ;=8Ru < X FbBKDGTBT;=< B-ACB 54*[C5 [C5 5
&#%'& 2& 2 !"#9 #'/'"#¥ !
698;Y?EKGKDF?u < X FbBKDGTPR< KD0?:;=BKG-ALMHY?*>F >O< X N u DGMcs:'<)LMHY? bFce?EJ <
q # q
q # q
q # q
q # q
q # q
698;Y?EKGKDF GTu < X FbBKDGT:;=BK8-cMPZcMGU>@?E;eH=<4 ocMGeu FB-A?EDF GTu < X FbBKDGT>½DF P©ZcM¾H=G@cMG-LMH:;Y?*>@
ACBKF >sG o?R>@?E;eH=<IR>O:;=BKG-bF >D8P :;=BK8:0? ACJZ5
i
&#%'&¨& 2 !"#7 #¥E2 ¦-!3?" #'/'"#¥ !
698J < D0?cD0? LMH=¾K:Zc bGTB-? A?EDF?F:'< ;=N>D0?cBT<CAC:'<>F G-ACBKF?EPRFB-?EPRF G-LeB-bBK< D8PRF'DF KGMc5
4 :w:;Y?*>A? ; o*cMG eu F
º5
b4 ;I?E:FLeBT>8;Y?EKGKDF Gu < X FbBKDGT:;=BK8-cMPZc bGT>@?E;eH=< 8
)[ ;I?E:FLeBT>8;Y?EKGKDF?u < X FbBKDG:;=BK8-cMPZc bGU>@?E;eH=< 4 ocMG eu 0F :
; 5
_ ;I?E:FLeBT>8;Y?EKGKDF?u < X FbBKDG:;=BK8-cMPZc bGU>@?E;eH=< 4 ocMG eu 0F :
; 5
Hm ;I?E:FLeB
>8;Y?EKGKDF?@u < X FbBKDG
:;=BK8-cMPZc bG
>@?E;eH=< @4 odcMG eu kF :
; > J)H=N ;=8CbY
:wF 4 o )[ ;sL Q< t0LeB-?E;Y?EPRF0HY?EJF PRFCce?EJlD0?R:'< DF -LeBK8P ;=8CLeZDJZ5
4
q
, "#¥ !"#
'% & I?E:FLeB:;=< X ;Y?EP.oJ)H=N ;=8ACu?U:'<CA?EDGKX <TBJu?*>F?H=Z;=8DZPRGK;=ZRPRF G-LeF bK?T>8:;=<>@? ACBKF
<CAC:'<>F? A?c bPZQ:'< ;=¾@;=< JZo?±cMG eu FC:'<CA?ED0?I>@?E;eH=< ±DF GcMG-LMH
DZPRGK;=GKP]PRF G-LeF bK?o
H=<R>8:;=<>@? ACBKFiJF u J?QBKD0?EJ N>B-?E:8)HY?EDF?5
& BKZ:'GDF cQ:;=< X ;Y?EPµ;=< BK>FEBKZc b87;=N>D0?EDF GJ>@? AC;Y?H=<>sGRHY?EJiot8u FbBK80;=N>DF GK
:F GK;=>F? LMH=JFiBKG-Le:'< u < DG 5 < BK>F EB-?EDF?H=GUP,?c Q:'<)LMHY? =
&
: ;
[ [
7
: [ ;
& [
i»
¤ U
SQB
, "!! ^ ,-!.#% & H
iACG0DF ZcMP8>F ¾-bvwZDJ)bdcM¾.< D0?EBK>F G.}}< tu FbB-?c b§>@?E;eH=<=bF±vwZDJ)bdcMF 5F G-bY
´?E;e
X ZPRGKD)H=GKPvwZDJ)bdcMF
}}t'¾-ACBKF GRBKPRF GKDD0?,HM8:Z
E¿A'²)«l<D0?EBK>F GQ¬i5'6 vwZDJ)bdcMFH=GMct'¾-ACBKF G
u FbBK< D0?RcMG-ACD0?§>@?E;eH=< QHM8:Z
E¿ A'²)«0oB-?H=GKP vwZDJ)bdce?§:'<>F DD0?t8RHM8:Z
E¿A'²)«05¤;=<E
X ;Y?EP t'¾-ACBKF GTB< K< D8RBUAC>sNCbY
lvwZDJ)bdcMFxoH=BKD5 fih0j-k,F}}'5)6 :;=< X ;Y?EPRF GHM8P < :;=NCbBI>8KGMc
D0?E:FL=?ED8CbY
¹>8;Y?EKG ´:'< u FbBK8P8 o±:;=BK8-cMPZc bEoKG§BKPRF GKDD0?jcMG-LMHlHM8:Zaj-kC|io>@?E;eH=<
>8;Y?EKGKDF?
_ [ : $ ;
☛
( E2£ º &
6 F D0bu Z0AC)G 7LMHYACF <05 '
9
6 F D0bu Z0AC)G 7P,?H=
5 '
9
F D)HP,?EF D :<;
=
F D)H<F i
AC< Ztu GU8 o ?Euxo t'G o X)?o ACG o GK': i
AC< Ztu G :<;ji
<>'[ E T PUM2>
:;=F D)Hev :W`
CHh ll²j)
A0«{ C«
#j)|h `b;ji
L=bK?EDCv :W` ² } ` o T8 ;ji
:;=F D)Hev :W`
CHh ll²j)
A0«l hC² B#j*|h `b;ji
L=bK?EDCv :W`
` o TF ;ji
?Eu :w8 ;ji
IG0DFbdce?UvwZDJ)bdcMFiP,?BKD0?ED cMZ :w;=< B-ACB 504 5 4 5 [C5 ;
:'<)LMHY? E5Iu?:;=BK8:'< PRDF GKDF?ACG0DFbdce?
J?E-ACGMcsvwZDJ)bdcMF¤LeJ0w? A?QLeF ¾TBUD0? LMH=¾K:Zc b8CbY
GKu GKPRGKD)H=N>
2
:"p q p !" q #$ ;
%
&'&'&'&'&'&
q
(*)
&'&'&'&'&'&'&'&
+
I?Eu GKK8 :0?EPRF ¾HY? Eo±KGvwZDJ)bdcMG§> cM¾KBK8JZ 6L <CAACBKF GKu D8PRFIPR<CACZiw?EPRFxo@? >©H=;=G =bF
J?E-ACGMc@BTDFbY
.PR< KD0?RACG0DF <>@? IBKPRF GKDDG 50I< t;=BKGTB-?H=GKP B-?E:0?EPRF ¾HY? EoCKG =
'PRF GKDDGIB-ACG0DF <>@?EDGID0?:'<CbB H=JZlH=;=G =bF0vwZDJ)bdcMFL BKD0?EDGIHM8u J <F D0LMH=;=ZJ)bdcM< PgH=GMc
vwZDJ)bdcMFx5
Iu?BKPRF GKDD8CbY
9B-ACG0DF <>@?ED8CbY
9>sGK>D H=;=BvwZDJ)bdcMF;=GKBKGK;=>s<>@?EDGQcMG-LMH.PRF GMceL=bG3>
:0?EPRF ¾-bF< :'GK;Y? b8-cMDGMcs>WbY
>F u F<CAC>s<Cw?EDF?QLeF ¾UAC<QvwZDJ)bdcMFx5
F GMceL=bGH=<TcMG-LMHBK>@?Eu DF?EDG:'<,>8J < D0?EDF ZF D0LMH=;=ZJ)bdcMFB-?E:FL=?ED8CbY
l>OvwZDJ)bdcMFx5
Iu?I:;=BK8J0w? ACZ =*BKPRF GKDD0? UBsvwZDJ)bdcMF fih0j-k@cMG-LMH
DF G-AC<)LMH=¾K:D0?ACu?F D0LMH=;=ZJ)bdcMFB±vwZDJ)bdcMF
}}'5
&#%'&& !+K¡K¢¤£'¥=¦- {« |)¿C{)k
ndD0LMH=;=ZJ)bdce?{« |)¿C{)k,P,?R:'<)LMHY? =
;=GH=Z;=D q qUi
#
:;=BK8J0w? A5
☛
( E2£ º & 2
I?Eu GKK8l:'< u FbBK8< t>sNCAF:'< u GUJ <Cw?<RBKD0?ED8P :;=< PRF GKDF Z & o'bBK8u F
[ &
&
It8CAC>F G
H=G±>F GKu J < =bF P,?c t8
< tu FbB-?EDG> vwZDJ)bdcMF)<ID0?EBK>F G BC² 0oK?FbY
>@?E;eH=< =bFE>F DD8
t8BKD0?EDGI>9vwZDJ)bdcMFi>8>s<CZc bGMc5i? A?EDF GH=<PR< KD0?>8J < D0? ACBKF ¾KJFi<CAC:'<>F G-ACDF <QAC<E
t;Y?ED8P³?E;=X ZPRGKD)H=< PavwZDJ)bdcMFx5 6 ?E;eH=<TB-?EZ>@?EK8 Eo*KG@HY?EJF G?E;=X ZPRGKD)HM8P,?vwZDJ)bdce?Q hEk}'5
;=BKGKJ?EBK8>@?ED8lcMG-LMH,AC<7DF GMcQ? AC;=G-LBKPRF GKDDGMcoJ)H=N ;=GMcD0?Eu GKK8 D0? A? l>@?E;eH=< E5I< J0w? ACDF G
HY?EJ.BK;=G-?Eu F BKZcMGKP8H=<B-? A?EDF G 5iI<vwZDJ)bdcM1F BC² lBK<)LMHY?ED ,:;=BKGKJ?EB-?EDG? AC;=G-Le8BKPRF GKDD8CbY
o
>OJ)H=N ;=8CbY
P,?c t8 ZPRF G-LeB-bBK< DG>8DF JF< tu FbBKG :H=BKD5:'< u GTF< t>sNCAlJ <Cw? ; 56 cM¾KBK8JZ
69PR< KD0?QB-ACG0DF <>@? IBKPRF GKDDG oJ)H=N ;=8CbY
>@?E;eH= < =bF?EPRFL R? AC;=G-Le8,F DD8CbY
BKPRF GKDD8CbY
5
☛
( E2£ º &¨
<>s<CACZcMGl< D<3B-? LMH ):F GKDF G q o
q #
*! " :'<CbB *>LeBK87<CAPRF GMceL=bK?§:'<E
$
ce?*>F GKDF?.LeF ¾R:'< u G-bGKDF?
C«)}'j-k0«AC<J < 0bK?:u F JZ5¤< u G-bGKDF GH=<RcMG-LMHbBK¾-LMH=<ZK8>@?EDG,AC<
D0? A?*>@?EDF?D0?EBK>WLMHY?8P.5Cn±HY?EJ
¤%
6 ACG0DGns_5 4Km04*qE)[E~)qE_)qEª *
:'< BK>@?Eu? D0?ZK8CbF G§FACGKD)HM8)0J?H=< ;Y? (7>LeBK¾-ACBKF GHY?EP.o±X)ACBKF G§:'<>F DD0? >8CLMH ):F u FbBKt0?
_5 4Km04*qE)[E~)qE_)qEª *ob<>]BKD0?EJ < PRF HM8.Le:'<)LeN t§:'<CACD<)LeF
bBK8)H=GKu D<:;=< X ;Y?EPZ.FBKPRDF GMceLeB-?
PR< Ku F >s< :'< P80GKJi5±'>8CbB-?cM<>s<3D0?EBK>8LMHY?8CbY
¹:FL=?EDG.L ACZK8PRFu F H=GK;Y?EPRFx5I?Eu GKK8
:0?EPRF ¾HY? EoKG,FACGKD)HM8)0J?H=< ;=< P LMHY?8CbY
-? ACD0?F D0LMH=;=ZJ)bdce?.:;=< X ;Y?EPZ3DF GlPR< KG,D0? A?*>@?
D<>8CbY
>@?E;eH=< =bFx5
6 :;=BK8J0w? ACBKF GT_5 ªIcMG-LMH;=N>DF GK:'< u G-bGKDF G
6 ACG0DGU Ir ´AC< Ztu G
J)H=N ;=GU:'< BK>@?Eu?RD0?R:FL=?EDF G>W:;=< X ;Y?EPRF G K;=NCA'<>8P B-?EPRF? LMHL <>@?QJu Z0bBK<>sGKX +<
E¿ A'²)«
L <>s< )*i5 < KD0?I:'<>F G-ACBKF G EoKGsBK<)LMHY?<IB-ACG0DF <>@?EDGsD<>sG@L <>s<Ju Z0bBK<>sG 5;=BKG-A
J < PR:F u? bdc QL <>s< )*RBK<)LMHY?EDF GTB-? LMH ):F < DGUL <>sGKPzJu Z0bBK<>8P
E¿ A'²)«05
&&& / 2 0j
;=BK8§< J?EBMcMF>8-ce? eDF G AC<EHM8CbB b8CbY
§HM8:9 Z 0j
>@?E;eH=<.BKG-LMHY?*>F QJF u J?.FLMH=<EH=D8CbY
F DC
vw< ;=P,? bdcMF<QHM8:0? bY
vwZDJ)bdcMFx5
<U?E-AC8IFACGKD)HM8)0J?H=< .; :wFACGKD)HM8)0J?H=< ;vwZDJ)bdcMF);=N>DF GKb ;'ZK8)HM8> :;=< X ;Y?EPRF GPZ0LeF PRF G
< J;=G eu < D8HM8:5*Iu?I:;=BK8:'< PRDF GKDF?HM8:UvwZDJ)bdcMFH=<HM8:>@?E;eH=< =bF BK>;Y? bK?EDGMc¤AC<vwZDJ)
bdcMF>8>s<CZc bGMc5
`ZDJ)bdcM< P.oCJ)H=N ;=GTDF GUBK>;Y? bK?c -? ACDGMc@>@?E;eH=< =bFxoD0?Eu GKK8lD0? A? IHM8
: 0j
'5
G eu FE>ACG0DFbdcMF vwZDJ)bdcMF)DF GBK<)LMHY?EDF G:'<CA?ED8HM8:UvwZDJ)bdcMFxoH=<IACu?@H=GMcvwZDJ)bdcMF)BK<)LMHY?EDF G
:;=BK8-cM¾HM8,HM8:7j-kC|i5
G eu F:;=BKG-A:F GK;=>LeBK8Pa<CAC>s<Cw?EDF GKP]AC<vwZDJ)bdcMFCDF G@BK<)LMHY?ED D0?E:FL=?EDG o?EDFC:;=<EH=<EHM8:
H=GMcsvwZDJ)bdcMFo0?EDFcMGMcACG0DFbdce?oCH=<,>OPRF GMceL=bZ.<CAC>s<Cw?EDF?t'¾-ACBKF GU:;=BK8-cM¾HM8,HM8: j-kC|i5
&&& / 2 i,+K£
!"w£´ &#&#& ·¤,+K£ !"#± K!"#
6 :;=BK8J0w? ACBKF GU_5 ª,:'<Ece?*>F?RLeF ¾D<>8lHM8:BKPRF GKDD8CbY
.±>LeJ? KDF J.AC<,BKPRF GKDDGMcHM8:Z
E¿ A'²)«05 < KD0?7;=N>DF GKACG0DF <>@? >LeJ? KDF JFAC<BKPRF GKDD8CbY
¹>LeBK8CLMH=JFbY
9AC<EHM8CbY
0bB-? L
:'< BKD0?ED8CbY
3HM8:'N> F:'<)LMH=¾K:ZcMGLeF ¾?ED0?Eu < X FbBKDF G 5'PRF GKDDGRHM8:Z>LeJ? KDF J7AC<BKPRF GKDDGMc
HM8:+Z
E¿ A'²)«D0?Eu GKK8UZPRF G =bF s> ACG0DFbdcMFHM8:+Z
E¿ A'²)«0o-?I:;=BKG-AJ?E-AC8PaFACGKD)HM8)0J?H=< ;=GKP
D0?E:FL=? X >F?EB-ACJ )¾ iFEHY?EJD:5*bY
0b bB-ACG0DF <>@?
AC>F GBKPRF GKDDGHM8:ZU>LeJ? KDF JAC<BKPRF GKDDGMc
HM8:Z
E¿ A'²)«F¤AC>F GTBKPRF GKDDGTHM8:Z
E¿ A'²)«D0?Eu GKK8lD0?E:FL=? =
AC< Ztu G
?o
*to o B8 i
;=BKG eu G-A KP8lLeB-bBKGKX NC<>s<:'<>8-LeB QACG0DFbdcM¾ 5
'PRF GKDDG¬ L @HM8:Z
E¿ A'²)«@F)BK<)LMHY?EDF GF P½:;=BK8CACBKF GKu < DG:'<Iªt0?cdH=N>U5 :#
?EPRF ¾HY?co
KGUA'ZX < =bFBKPRF GKDD8CbY
PR< X t8 ;=N KDGUACu?Q;=N KD8CbY
J < PR:ZCH=GK;=N> ; 5
'PRF GKDDG@@h AL HM8:Z E>LeJ? KDF JTAC<BKPRF GKDDGMcHM8:Z
E¿ A'²)« 5 6±BK¾-LMH=<ACu?H=GKX <HM8:Z
ZK8>@?LeF ¾< J;=G eu GKDF$?
E¿ A'²)«:'< F D)H=GK; 5CF GD0?Eu GKK8,< D.AC<HM8:'N>:'<CALMHY?*>s<>8CbY
o
cMG-LMHHM8:'GKP:'<CbY
<CACD8P.5
'PRF GKDD0?h : A;=N>DF GKb;sB-?cMPZcMGUHM8u Gt0?cdH=N>Uo0F u Gt0?cdH=N>¹cMG-LMH:;=BKGKBKD0? bB-?ED8CbY
D0?
? AC;=G-Le8>A?ED8P J < PR:ZCH=GK;=BKG 5 nHY?EJ,ACu?J < PR:ZCH=GK;=N>´_)[*ºtF H=<>8CbY
Rt'¾-A H=<QbBH=GK;=8
0t ?cdHM8 5'PRF GKDDGHM8:Z"E>LeJ?KDF J.AC<,B-?cMPZc,HM8u GL=?EPR<lt0?cdH=N>Wt'GKBQ>BKX u ¾-ACZD0?
H=<0oKD0?
ce?EJFEHM8:>LeJ?EBKZc5K6 ?E;eH=<=bF?EPRFHY?EJFbY
UBKPRF GKDD8CbY
PR< X @t8±? AC;=G-Le8'u FbBKt8
bK?J <>F H=GAC<CA?H=DF G 5CIu?QBKPRF GKDD8CbY
lHM8:ZE>LeJ?KDF JlAC<DF G±cMG-LMHF D)H=GK;=:;=GH=<>@?ED8
tF HBKD0?EJZ5
PRF G-LeB-bBKGKDF G@BKPRF GKDDGMcHM8:Z E>LeJ? KDF JAC< >´ACG0DFbdcMFHM8:ZRDF G-LeF G@BLe< t t0?E;YACBK<
FLMH=<EH=D F DCvw< ;=P,? bdcM¾@¤>F? AC< PR<TDF G@HM8u J <0oD0?TJ)H=N ;=8t0?cdH>LeJ?EBKZcMG@HY?TBKPRF GKDD08? : cMG eu F
P,?D0? A?ED >@?E;eH=< Q; oi?Eu GcMG-LeB-bBKGRF u GRt0?cdH=N>Uoi:'<CbB *>LeBK8<CA3>LeJ?EB-?EDGKX <0oiD0?Eu GKK8
F D)H=GK;=:;=GH=<>@? FCce?EJlF D)H=GK;=:;=GH=<>@? E5
'PRF GKDD0?.h0o)cMG eu FHM8u J <BK<)LMHY?EDF GQD0? A?ED0?cMGMc>@?E;eH=< Eo'>LeJ?EBKZcMGRD0?BKPRF GKDD HM8:Z
E
¿ A'²)«0obBK8u F0D0?Eu GKK8QF D)H=GK;=:;=GH=<>@? s<)LeF GKP³J < u GMcMD8CbY
Rt0?cdH=N>Uo :'<CbB *>LeBK8<CARt0?cdH=Z
<,? AC;=G-LeF G;=N>D8Pz>@?E;eH=< =bFh0oce?EJ <Qu FbBKt'¾UBKPRF GKDD< :'< BK8Cb8-cMD 5
I:'GK;Y?H=< ;=GKPO:'< BK>@?Eu?c b8P½D0?<CAbBK8)HY?EDF G±? AC;=G-LeZBKPRF GKDDGMccMG-LMH :#?E:'GK;YL=?ED04A ; 5EI:'G
;Y?H=< ;RH=GKD9PR< KGt8 §LMH=<)Le<>@?ED8 HM8u J <AC<BKPRF GKDD8CbY
5±;=F < ;=8)H=GH,FU bBKD< < :'GK;Y?H=< ;Y?
? AC;=G-LeZD0?Eu GKK8l<CAbBK8)HY? BHY?Et'GKu FD0?RLK54Km)ª567G KP8F D0LMH=;=ZJ)bdcM¾
? i
<CAUH=GKX <IPR< PRGKD)H=ZBKPRF GKDD0?Th>LeJ?EBKZcMG±D0?IBKPRF GKDD I¬i5E'PRF GKDDGMc¬TPR< KD0?ID0? A? >@?E;eH=<
t'GKBK:'< e;=G-ACDF <0oC:FLeB bD:5
[C5 %q i
u Zt.ZK8>@?c bI< :'GK;Y?H=< ;Y?>LeJ?EB-?EDF?Q:'< e;=G-ACDF GKX <
? [C5 %q i
ndD0LMH=;=ZJ)bdce?UHY?D0?EJ?EBKZcMGI:'< u FbBK8 >@?E;eH=< @>8;Y?EKGKDF?UBKD0?ceACZc bGKX <LeF ¾I:'<Q:;Y?*>sGMcLMH=;=< DF G
BKD0?EJZO;=N>D< =bFIFTB-?E:FL=? ,c AC<¹J < u GMcMD8CbY
Oªt0?cdH=N>Uo@B7J)H=N ;=8CbY
9:F GK;=>LeBK8´P,?¹? AC;=G-L
B-?E:FL=?ED8>³BKPRF GKDDGMch05 < KD0?c ;=N>DF GKQ:;=BKG-bBK8)HY? D0? LMH=¾K:Zc b7< =i>LMHY?*>³>³PRF GMceL=bG
>LeJ?EBK8>@?EDG:;=BKGKBTBKPRF GKDD ,h,>@?E;eH=< T[C5 %q i
<Ru GK>sGMcLMH=;=< DF GUBKD0?EJZ;=N>D< =bF>WF D0LMH=;=ZJ)bdcMFH=GMc>8CLMH=¾K:ZcMG>8;Y?EKGKDF GU>LeJ?EBKZc bG
D0?PRF GMceL=bGI>:0?EPRF ¾-bFxoAC<J)H=N ;=GKX <UD0?Eu GKK8RB-?E:FL=? :'< u FbBK< D >@?E;eH=< E5 G-LMH±H=<>8;Y?EKGKDF G
D0?EBK8>@?EDG>LeJ?EB-?EDF GKP©:'< e;=G-ACDF P.5I:'GK;Y?H=< ;=GKP©>LeJ?EB-?EDF?R:'< e;=G-ACDF GKX <UcMG-LMHX >F?EB-ACJ?
:D> ; 5
6 ?E;eH=< lH=GKX <7>8;Y?EKGKDF?3D0?EBK8>@?3LeF ¾ p
5
(
(
PR< X 3>8CLMH ):F :'<
u GK>sGMcLMH=;=< DF GQ< :'GK;Y?H=< ;Y?,:;=BK8:FL=?EDF?5'6 ?E;eH=< >8;Y?EKGKDF?lD:5?E;=8)H=PRGHM8CbBKDGKX <lDF GcMG-LMH
p
(
oDF G< J;=G eu?,t'<>F GKP< tF GKJ)H=Z§>a:0?EPRF ¾-bF< :'GK;Y? b8-cMDGMc5i?cM;=BK8-cAC<lHY?Et'GKu FD0?
LK54Km)ªQFLe:;Y?*>A sce?EJF:;=F < ;=8)H=GHP,?Q< :'GK;Y?H=< ;@>LeJ?EB-?EDF?:'< e;=G-ACDF GKX <05
698;Y?EKGKDF G:;=BK8:FL=?EDF?PR< KD0?QB-?E:FL=? < X N u DF GMc
(*) p
#
q q
bBK8u F:'<Iu GK>sGMcLMH=;=< DF G±< :'GK;Y?H=< ;Y?:;=BK8:FL=?EDF?PR< KG±>8CLMH ):F ±>8;Y?EKGKDF G o*?Eu GHM8u J <I>@H=G-AC8 o
X)AC8UcMGKX <R>@?E;eH=< =bF cMG-LMH p
5
(*)
I<RBKPRF GKDDGMc@¬PR< KD0?RLeF ¾T<CAC>s<Cw? It'GKBK:'< e;=G-ACDF <0oC:FLeB bD:5
i
8 ]q%i
u Zt.;=N>D<>@?EKDF G
8
? ³q%i
6S< t8CAC>Zl:;=BK8:0? ACJ? bY
,BKPRF GKDDGMc RBK<)LMHY?EDF GD0? A?ED0?>@?E;eH=<I5 qC5LMHY?H=DF?F D0LMH=;=ZJ)bdce?
:;=BK8:FL=?EDF?UD0?EJ?EBKZcMG =AC<>@?E;eH=< =bF>LeJ?EBK8>@?EDGMc
:;=BKGKBTh : cMG-LMHsH=<>@?E;eH=<BKPRF GKDDGMc¬io?
>F ¾-bU[C5 )q ;@AC<CA? UqC5
&& ¤& 2£''!!"#'/017¢
6 ?E;eH=<AC< J0w? ACDF GBK;=< BKZPRF GACBKF?w?EDF G:;=< X ;Y?EPZQBI:;=BK8J0w? ACZl_5 ª56±B-? L:'<e>F ¾-b< D8
cMGKX <3?ED0?Eu F BKF GlD0?:'GK>D<§DF Gt'¾-ACBKF GLMH=;Y? b< D8 15 6±BK8)HY?c bR:'< DF -LeBKGlJ < PRGKD)HY?E;=BKG,:;=BK8X u
A?cULeF ¾,;=N>DF GK,L=bY
GKP,?H=<>F
B-?EPRF G-LeB-bBK< DGKPZ7D0?J < 0bZ7H=GKX <.;=< B-ACBKF?Z :#LK5 m)q ; 5 G-LMH>
DF P D0?EDF G-LeF < D8 :;=BK8CACBKF?:0?EPRF ¾-bF@< :'GK;Y? b8-cMDGMcQACu?3BKPRF GKDD8CbY
< ;Y?EBBKPRF?ED8>@?E;eH=< =bF
BKPRF GKDD8CbY
´:'<>8J < D0?EDF Z¹J < u GMcMD8CbY
F D0LMH=;=ZJ)bdcMF:;=< X ;Y?EPZ5 : >@?EX)? =
D0?L=bY
GKP,? bF GL
ZPRF G-LeB-bBK< DGHM8u J <Qm,<)LMHY?H=DF GUb8)vw;=8? AC;=G-LeN>9:'<)LeB-bBKGKX N u D8CbY
BKPRF GKDD8CbYk
; 5
4D0?Eu F BK¾T:;=< X ;Y?EPZlBU:;=BK8J0w? ACZ_5 ªQPR< KD0?QB-?E:FL=? >OD0? LMH=¾K:Zc b8CbY
:ZDJ)HY? bY
5
IG0DFbdce?
E¿ A'²)«¹{ d?y @ !*yy gZPRF G-LeB-bBK< D0?I>vwZDJ)bdcMF fih0j-kcMG-LMH
A?EDF GKP]:;=BK8)
ACBKF GKu GKDF?QPRF GMceL=bK?Q>½:0?EPRF ¾-bFBKPRF GKDD8P{ ?y @yy5
rsGKBK:'< e;=G-ACDF <,:'<ACG0DFbdce? bY
§BKD0?EDGL ? AC;=G-Le8BKPRF GKDD8CbY
oi?Eu GFbY
§>@?E;eH=< =bF@DF G 5
<ACG0DFbdce? bY
9PR< KD0? >8:;=<>@? ACBKF D0?PR< DF H=< ;? AC;=G-Le8>LeBK8CLMH=JFbY
´BKPRF GKDD8CbY
AC< :FLeZc bF D0LMH=;=ZJ)bdcM¾
:;=F D)Hev : T; Z T: Z T< Z T:: Z 7D o T;-o T:o T<0o T:k: ;ji
6 >8DF JZ<EH=;=BK8P,?EP8
T; [C4KmC*m)ª _ _ T: [C4KmC*m)ª _ _ ª T< [C4KmC*m)ª _)[E)[ T:: [C4KmC*m)ª _ _4-~
6 ?E;eH=< =bF'H=GTPR< X t8 ;=N KDGTD0?Q;=N KD8CbY
lJ < PR:ZCH=GK;Y? bY
5 4IAC;=G-Le8lD0?Eu GKK8,>8:;=<>@?
ACB-? B-?:'< PR<Cb Le:'G-b8)0J? bdcMF ¿obBK8u F)ce?EJ,u FbBKt8,bK?J <>F H=GIt'GKBF D)H=GK;=:;=GHY? bdcMF'tF H=Z
BKD0?EJZ5
4;=X ZPRGKD)HM8l?EJ)H=Z0?Eu DGvwZDJ)bdcMF BC² RP,?c :'<)LMHY?
;-o T<0oC::
I<QvwZDJ)bdcMF BC² RL Q:;=BKGKJ?EBK8>@?EDG
>@?E;eH=< I{io0? AC;=G-L 0oC>@?E;eH=< yy
G eu F{
F¤:0?EPRF ¾HY?c bEo0KGBKPRF GKDDGMcyyBK<)LMHY?w?RD0? A?ED0?,>@?E;eH=< ;=N>D0?,? AC;=G-Le<>F
BKPRF GKDDGMcsyoH=<lAC<QvwZDJ)bdcMF BC² QBK<)LMHY?ED :;=BKGKJ?EB-?EDGT>@?E;eH=< =bF =
4 o'[C4KmC*m)ª _)[E)[Co)[C4KmC*m)ª _ _ ª
;=BKGKJ?EB-?EDF G? AC;=G-LeN>´BKPRF GKDD8CbY
ce?EJ,?E;=X ZPRGKD)H=N>9?EJ)H=Z0?Eu D8CbY
,vwZDJ)bdcMFi<CAC:'<>F? A?
)£E2!"#¢OC/'¢1!i¡ .¸º)!¥=¦ &
< BK:'<CbBK8D0?QLeF ¾U>8J < D0?EDF GIvwZDJ)bdcMF BC² 05C;=BK8-cM;=BK8-cMP8lLeF ¾scMGMctu F KGMc5ii?EZ>@?EKP8 oKG
IGKJu?E;Y? bdcMGT?E;=X ZPRGKD)H=N>9vw< ;=P,?Eu D8CbY
>OvwZDJ)bdcMF BC² QP,?c Q:'<)LMHY? =
AC< Ztu GUQ; i
AC< Ztu @G >*>U4 o >*>I%[ i
3
,"#¥ !"#
'% & I?E:FLeBvwZDJ)bdcM¾ oJ)H=N ;Y?:'< u FbBK8=
ACu? ½4 :M4b;
[ ACu? 9 q :x[);
C
A
u ? ½
9 T
4 F q :#_ ;
< ;Y?EB:'<CA?QDZPRGK;>BK< ;=ZoC>XRJ)H=N ;=GKX <Q>@?E;eH=< RBK)< LMHY?w?:'< u FbBK< D0?5
»
o 3292
r 3300
p 3308
pp 3316
o 3292
r 3300
1.0
p 3308
pp 3316
o 3292
r 3300
1.0
p 3308
pp 3308 3316
.
¤ @K
#"
6 :;=BK8J0w? ACBKF GU_5 ªR>@?E;eH=<IvwZDJ)bdcMF :
B;@< tu FbB-?ED0?Qt80w?,ACu?,JF u JZ.>@?E;eH=<=bF?E;e
X ZPRGKD)H=Z ¤o:;=BKGKB,<CAC:'<>F G-ACDF Gl<CAC>s<Cw?EDF?.AC<vwZDJ)bdcMFs}}'56 D0? LMH=¾K:D8P :;=BK8J0w? ACBKF G
t'¾-ACBKF G>8J < ;=BK8CLMHY?ED0?vwZDJ)bdce?}}AC<UBKtZ0AC<>@?EDF?:;=< X ;Y?EPZ:'< BK>@?Eu?c bGKX <ID0?T:'< BKD0?EDF G
:;=BKGKtF GKX Z vwZDJ)bdcMF >©:'GK>D8PpLeJ < 0bBK< D8P :;=BKG-ACBKF?Eu G
º5 G-LMH,H=< HM8:'<>8:;=BK8)
J0w? A§>8J < ;=BK8CLMHY?EDF?RJ < PR:ZCH=GK;Y?l>@H=G-AC8 oX)AC8B-?*>s<CACB ,PRGH=<CAC83?ED0?Eu F HM8CbBKDG 5'698CLMHY?E;YbBK8
>8 < t;Y?EBKF lLe< tF G oKGPRGH=<CA?EPRF?ED0?Eu F BK8 P,?H=GKP,?HM8CbBKDGMcDF GPR< KD0?3>8J < D0? ,< tu FbBKG
:'< BK>@?Eu?c b8CbY
D:5D0?D0?E;=8CLe<>@?EDF G>8J;=G-LeZ§vwZDJ)bdcMFx5 < KD0?D0?H=< PRF? LMHTD0?:'<CALMHY?*>F G
:'< u FbBK< D8CbY
>@?E;eH=< =bF0vwZDJ)bdcMFACu?Q<CAC:'<>F G-ACDF <RACZKGMcsu FbBKt8?E;=X ZPRGKD)H=N>9:;=N t'<>@? D0?
LeBKJFb<>@? cMGMc>8J;=G-LK5)i? A?EDF Gsu FbBKGKDF?>@?E;eH=< =bF)vwZDJ)bdcMFACu?T>F GKu ZQ>@?E;eH=< =bFC?E;=X ZPRGKD)H=N>
BK>8Ju Gvw< ;=PZiZcMGULeF ¾UD0? LMH=¾K:Zc b7< =
< u FbBK8 I>@?E;eH=< =bF0vwZDJ)bdcMF
:
B; 4
4 [ _
ACu? BKPRF GKDF?c bGKX <RLeF ¾U<CA AC<BUJ;=< JF GKP ¤5
6 ?E;eH=< =bF 7t'¾-A :'<CA?*>@?EDG:'<CAbB-? L>8J < D8>@?EDF?R< tu FbBKG o'HY?EJ.>F ¾-bZK8)He
J <>DF J:;=< X ;Y?EPZPR< KGAC< tF GK;Y? sB-?E;=N>D<:;=BKG-ACBKF? ce?EJFJ;=< Ji5)i?E:FLeBKP8:'<)LeB-bBKGKX N u DG
J;=< JF?Eu X < ;=8)H=PZ>:ZDJ)HY? bY
oB-?EJ0w? A?c bEoKG.>@?E;eH=< =bF±vwZJ)bdcMF L 3u FbBK< DG> vwZDJ)bdcMF
cM¾KBK8J? 69<RD0?EBK>F GU}}'5
4 5<CA?csA?EDG = ¤5
[C5;=BK8-cMPRF cs:'<CbB H=J <> >@?E;eH=< IBKPRF GKDDGMc@¬io0bBK8u F¬ ½h05
_5't0? A?co±bBK8¹¬ AicMG eu FHY?EJioH=<:;=BKGMceA 3AC<:ZDJ)H=ZD0? LMH=¾K:DGKX <0ocMG eu FDF G oH=<
B-?EJ < 0bB< tu FbBKGKDF?5
m05< u FbB>@?E;eH=< O}} e¬ 5
qC5698:;=<>@? A I>8DF JF =¬ i5
~5'>F ¾KJCLeB>@?E;eH=< IBKPRF GKDDGMc@¬io0bBK8u F¬ . ¬ ¤5
567;=N TAC<R:ZDJ)H=Z_5
&2
☛
( E2£ º ¤& $
#"
i?E:FLeBKP83:;=< X ;Y?EP B:;=BK8J0w? ACZ m05 .HY?EJio¤t87>8DF JF±< tu FbBKG t8087B-?E:FLe8>@?EDGlAC<
AC<>s< u DGKX <:u F JZBK>8J0GKX <0o?.DF G,HY?EJlce?EJ7AC<EHM8CbY
0bB-? LTAC<§LMHY?ED0A?E;YAC<>sGKX <:u F JZ>8-cd
=bF?56S:;=BK8J0w? ACBKF GIm05 4->8DF JFi< tu FbBKG t'¾-A B-?E:FLe8>@?EDGAC<:u F JZ<QD0?EBK>F G #)k>j Bij5
< D0? AH=<0oB-?EPRF? LMHF D0LMH=;=ZJ)bdcMF} {ioCBK<)LMHY?EDF GZK8)HY?RD<>@?F D0LMH=;=ZJ)bdce?Q:'¾H=u F±:'¾H=u$? #%j ²)«05
$
☛
( E2£ º ¤&#%
6 F D0bu Z0ACG87LMHYACF <05
'9
6 F D0bu Z0AC8 G 7P,?H=
5 '
9
6 F D0bu Z0AC8 G 7LMHYACu F t5 '
9
F D)HP,?EF D :<;
=
AC< Ztu G :<; o ?o to A o o 8Bi
F D)HBJ i
`n >-vw2> i
<>kC V TUK)LCFEVXM/[ E T PWV^>
:;=F D)Hev :W`
CHh lyC{ C«
'jEhC² `b;ji
J L=bK?EDCv :W` ² } ² } ` o U?o Ttk;ji
F v :
J )[ ;
=
:;=F D)Hev :W`'²)h
ChEk '> %khk `b;ji
G CF bH :Mb4 ;ji
n
:;=F D)Hev :W`
CHh l B{ B `b;ji
F v ::wJ L=bK?EDCv :W` ² } ` o UA 4;; b4 ;
=
:;=F D)Hev :W`'²)h
ChEk '> %khk `b;ji F
G CF bH :Mb4 ;ji
n
F v ::vw> vw< :'GKD :W` #)k>j Bij ` o ` #`b;; :#`n > ;M O;
=
:;=F D)Hev :W`'²)h
| #0h {'CjEh Aj {)¿khk`b;ji
G CF bH :x)[ ;ji
n
vw:;=F D)Hev :vw>Uo ` HcHf* ±h
° 0² } A
° 0² }
)¬
° 0² } hkkhk` o ?o to A 4 ;ji
:;=F D)Hev :W` HcHf* sh
° 0² } A
° 0² }
)¬
° 0² } hkkhk` o ?o to A 4;ji
? i
>
F u G : 7t 5 q >A 4;
=
8 : 4;ji
vw:;=F D)Hev :vw>Uo `FhE|
° C² } hE4| hE|
° 0² %} h'k ` o o 8 ;ji
:;=F D)Hev :W`FhE|
° C² } hE4| hE|
° ² %} hk `Eo o 8 ;ji
A i
n
»
G eu F>@?E;eH=< q oH=<,J < 0bBK8lLeF ¾U>8J < D0?EDF G:'¾H=u Fx5
#
#
PR< KGTDF GUt
* 8 T?EDF;Y?EBT>8J < D0?ED0?5
¤&&& / 2 '()*
ItCce? eDF GKDF?RHM8:Z'()*>8CLMH=¾K:Zc bGKX <l>]:;=BK8J0w? ACBKF GUm05 4-,DF GQt'¾-A lBKt8)HTLeB-bBKGKX NE
<>sG o'?Eu GPRF GMcMP8D0? ACBKF GMcM¾Q>8CLMHY?E;YbB-?c bGAC<Le:;Y?*>DGKX <,:FL=?EDF?l:;=< X ;Y?EPRN>½>8P,?EX)?
c b8CbY
UcMGKX <ZK8CbF?:'<CAbB-? Ls<CAC>s<C8>@?EDF?ULeF ¾TAC<vwZDJ)bdcMFitF tu F <EH=G-bBKD8CbY
B?E;=X ZPRGKD)HY?EPRF
H=GKX <QHM8:Z50;=BKG eu G-A KP8,D0?cMFLMH=<EH=DF GMceLeBKGT>F? AC< PR< =bFi< tCce? eDF?c bGIH=<RB-?EX)? ACDF GKDF G 5
< u G-bGKDF?Le8CLMH=GKPZ< :'GK;Y? b8-cMDGKX <<CAC>s<CZc bGLeF ¾AC<3:u F J N> >8P,?EX)?c .:'<CA?EDF?
cMG-AC8DF GD0?EBK>8:u F JZ5*I?EBK>@?sHY?ZPR< Ku F >F?AC<EHY?E;YbF G±AC<D0?EFLMH=<EH=DF GMceLeBK8CbY
TF DCvw< ;=P,? bdcMF
DF GKBKt'¾-ACD8CbY
.AC<R<CALeBKZJ?EDF?Q:u F JZ.D0?RAC8CLeJZ5
6±
0b b,Bl:'< BKF < PZ.cM¾KBK8J9? 6]B-?E:FL=? ,F DCvw< ;=P,? bdcM¾AC<§:u F JZu Zt bBK8)HY? Tc BDF GKX <0o
D0?Eu GKK8§ZCHM>s< ;=BK8 QDF GKBKt'¾-ACD87BKG-LMHY?*>gA?ED8CbY
<:u F JZu Zt.cMG,:'< t;Y? E15 6±BK8DD< QH=¾
:'< :Zu?E;=DF GTD0?EBK8>@?QLeF ¾ E<EHM>F GK;Y?EDF GKPz:u F J7Z 5
»%
'G-LMHY?*>³A?ED8CbY
3LMH=;=ZJ)H=Z;Y?.A?ED8CbY
7<:u F JZcMG-LMHB-?E:FLe8>@?ED0?>gBKPRF GKDD8CbY
7HM8:Z
'()* 0D ?H=< PRF? LMHRBKPRF GKDD0?o
J)H=N ;Y?§>LeJ?EBKZcMG.D0?§HY?EJ LMH=;=ZJ)H=Z;=¾.A?ED8CbY
§cMG-LMHRHM8:Z
'()*$> 5F G±cMG-LMHsH=<HM8:UcM¾KBK8J?+6Io?Eu GHM8:lB-ACG0DF <>@?ED8Q:;=BKGKBI?EZCH=< ;=N>´tF tu F <EH=GKJFx5
t8QZCHM>s< ;=BK8sD<>8:u F JQu ZtlZBK8CLeJ? AC<)LMH=¾K:lAC<@cMZIFLMH=DF GMc bGKX <UD0?Eu GKK8>8J < ;=BK8)
4
LMHY? vwZDJ)bdcM¾,} Ey0«Ek5'>;=NCbF< D0?>LeJ? KDF J§AC<<CAC:'<>F G-ACDF GMcTLMH=;=ZJ)H=Z;=8 5¤'PRF GKDD0?
} lBU:;=BK8J0w? ACZm05 4-IcMG-LMH>LeJ? KDF JF GKPAC<QHY?EJF GMcLMH=;=ZJ)H=Z;=8 5
#
ACZ3>8:;=<>@? ACBKF<CAC:'<>F G-ACDFJ < PZDF J?H-oi?lD0? LMH=¾K:DF GQB-?H=;=BK8P,?,:;Y? b¾:;=< X ;Y?EPZ5
ndD0LMH=;=ZJ)bdcM¾H=¾UPR< KD0?B-?E:FL=? J;=NCbGMc
F v : :vw> vw< :'GKD : E>8DF JF o E> ;;;
%
:;=F D)Hev : rsu? A<EHM>@?E;YbF?BKtF < ;=Z 7D ;ji
G CF bH :x)[ ;ji
+
I?Eu GKK8lBK>;=NCbF Z>@?EX ¾D0?QH=<0oCKGUD0?*>F? Le8,< J; )XCG< t'GMcMPZc bGU>8;Y?EKGKDF G:'<CALMHY?
>F GKDF?3} #} Ey0«Ek b` #)k>j B'j `Q` #'` Q>z< t8CAC>Z:'<>8-LeBK8CbY
:;=BK8:0? ACJ? bY
L DF G
BKt'¾-ACDG :#ACu? bBKGKX < b; 5
»'
¤&& ¤& ¶ ¢!¤£'¥=¦- } yC{ij-kC|C}
`ZDJ)bdce?Q} yC{ij-kC|C}:'< BK>@?Eu?D0?RAC;=ZJ <>@?EDF G>8DF J N>OAC<,AC<>s< u DGKX <:u F JZ5 G-LMH:'GK>@
D8PaZ< X N u DF GKDF GKPWvwZDJ)bdcMFyC{ij-kC|C}< :;=NCbBs?E;=X ZPRGKD)H=N>UoHY?EJFbY
ce?EJU> F)vwZDJ)bdcMFyC{ij-kC|C}'o
>8P,?EX)?,?E;=X ZPRGKD)H=Z.< J;=G eu?c bGKX <Q:u F JioiAC<lJ)H=N ;=GKX <RD0?Eu GKK8:FL=? U>8DF JFx506 ?E;eH=<lB-?E:0?
PRF ¾HY? TJF u J?QF DCvw< ;=P,? bdcMF<QvwZDJ)bdcMF¤} yC{ij-kC|C}'5
F GK;=>LeBK8?E;=X ZPRGKD)HvwZDJ)bdcMF0} yC{ij-kC|C}< J;=G eu?IAC<@ce?EJF GKX <:u F JZR>F DD8t8 sB-?E:FL=?EDG
>8DF JFFCcMG-LMHHM8: Z '()*3! :w:0?H=;=BU} Ey0«E4k ; 5
I? LMH=¾K:DG?E;=X ZPRGKD)HM8L RFACGKD)HM8CbBKDG@ce?EJ.ACu?RvwZDJ)bdcMFyC{ij-kC|C}'56^:;=BK8J0w? ACBKF GTm05 4-
>8DF JF< tu FbBKG .L QB-?E:FLe8>@?EDGTAC<,:u F JZ<,D0?EBK>F G #)k>j Bij5
ndD0LMH=;=ZJ)bdcMG
vw:;=F D)Hev :#LMHYAC< ZCH-o H l4-5 [u v H H l4*qC5 m u v 7D o o 8 ;ji
:;=F D)Hev : H l4-5 [u v H H l4*qC5 m u v 7D o o 8 ;ji
>8J < D0?c ,HY?EJF GRL=?EPRGRB-? A?EDF?o?BKPRF GKDD0?3|
E¿C|cMG-LMH:;=G-ACG0DF <>@?ED lBKPRF GKDD
F>LeJ?EBKZcMGD0?RLMH=;=ZJ)H=Z;=¾< :FLeZc b :u F JlBK>F EB-?ED8,BKGULMHY?ED0A?E;YAC<>8P Z;=B ACBKGKDF GKP
>8-c =bF?5
¤&&»& ¶ ¢!¤£'¥=¦- hEk}
6¼:;=BK8J0w? ACBKF G@m05 4-vwZDJ)bdce?R hEk}TBK<)LMHY?w?T>8>s<Cw?ED0?IH=;=<CbY
¾F D0? bBKGMcDF >sG>LeBK8CLMHe
JFbY
:'< :;=BKG-ACDFbY
:;=BK8J0w? A? bY
5CI?Eu GKK8lB-?H=GKPZBKZ:'GDF TF DCvw< ;=P,? bdcMGT<QH=GMcsvwZDJ)bdcMFx5
`ZDJ)bdce? hEk}RBK>;Y? bK?>@?E;eH=< HM8:Z j-kC|i5
6 ?E;eH=< sHY?< J;=G eu?Tu FbBKt'¾I:'< :;Y?*>DF G:;=BKG-bBK8)HY?ED8CbY
,LMHY?8CbY
5 < KD0?TH=<>8J < ;=BK8)
LMHY? TAC<Rt0? A?EDF?Q:'< :;Y?*>D< =bFA?ED8CbY
:FL=?ED8CbY
:;=BKGKBTZK8)H=J <>DF J? :w:;=BKG-?ED0?Eu F BKZc
<CAC:'<>F G-ACDF QF D0LMH=;=ZJ)bdcM¾TBT:;=BK8J0w? ACZm05 4- ; 5
#"
#
* cMG-LMH>8J < D8>@?ED0?b<RD0?cMPRDF GMc@;Y?EB 5
6 ?E;eH=<lBK>;=NCbF Z>@?EX ¾D0?lPR< Ku F >s< UF DFbdcM<>@?EDF?l>@?E;eH=< =bF¤BKPRF GKDD8CbY
bBKDF GBFbY
ACG0DF <>@?EDF GKP.5-ndDFbdcM<>@?EDF GHY?EJF GcMG-LMHZK8)H=Gs>vwZDJ)bdcMF'
F;=G-?Eu F BK<>@?EDG
:'<CAbB-? L¤J?E-ACGKX <
>8J < D0?EDF?§vwZDJ)bdcMFxo±bBK8u F>HM8P :;=BK8:0? ACJZ3cMG-LMHl>8J < D8>@?EDGlHY?EJioce?EJ <CAC:'<>F G-ACDF?
F D0LMH=;=ZJ)bdce?Q:;=BK8:FL=?EDF?ZPRF G-LeB-bBK< D0?Q>H=;=G =bFivwZDJ)bdcMFx5
¤&&& ±)C¡-0*2
6:;=BK8J0w? ACBKF Gm05 4-3ZK8)H=GBK<)LMHY?8D<>sG.< :'GK;Y?H=< ;=8 o:'< BK>@?Eu?c bGD0? J;=NEH=JFB-?E:FL
bBK¾-LMH=<R>8CLMH=¾K:Zc b8CbY
>O:;=< X ;Y?EP,? bY
lF D0LMH=;=ZJ)bdcMFx5'\ H=<RF D0LMH=;=ZJ)bdcMGU:'<)LMHY? bF
z)4 i
? ? ³)4 i
nMbY
3B-?E:FLPR< KD0?LeJ;=NCbF ZK8>@?c b< :'GK;Y?H=< ;=N. > -o 5<>8-LeBKGF D0LMH=;=ZJ)bdcMG:;=BK8-cMP
>sN>@bB-? L±:'<)LMHY? =
i
? i
u Zt
i
? i
»7
I?E:FL=?EDF G )¬§DF GlB-?*>LeBKGcMG-LMHHM8PµL=?EP8P b<D0?E:FL=?EDF G,¬ 'o?Eu G,>³HM8PµB-? A?EDF Z
< t8CAC>@?lH=G,B-?E:FLe8§PR< X >8CLMH ):F RF;=GKBKZu HY?HU>8J < D0?EDF?t'¾-ACBKF GRH=GKDL=?EP.5I<§LeB-bBKGKX NE
<>sGKX <Q< PRN>F GKDF?HM8CbY
.< :'GK;Y?H=< ;=N>>;=NCbF P8>½:;=BK8J0w? A? bY
oC>½J)H=N ;=8CbY
B-?E:FLeN>HM8CbY
DF G3PR< KD0?ZK8 >8PRF GKDDF G 5@;=F < ;=8)H=GHM8HM8CbY
9< :'GK;Y?H=< ;=N>BK<)LMHY?8 B-?E:FL=?EDG§>HY?Et'GKu F
< :'GK;Y?H=< ;=N>9D0?QJ < 0bZH=GKX <R:'<CAC;=¾-bBKDF J?5
¤&& ¤& 1"#!!. ),! )¡K !
IG0DFbdcMGQF
ACGKJu?E;Y? bdcMGPR< X lt8 ZPRF G-LeB-bB-?EDG:'< B-?,H=;=G =bF ,vwZDJ)bdcMFx5¤'PRF GKDDGQB-ACG
DF <>@?EDGT>½H=GKD3Le:'<)LeN tL ,AC<)LMH=¾K:DG 3,+-E2+K¡K£"#¥ O¸º¢!¤£'¥=¦-¥ W1"# ¦-+-¥ §R2+K¡
"#!"#R !"#¥=¦-",£' ¥ l1 #"w£¢ 5-ndDCvw< ;=P,? bdce?<HM8:F GsBKPRF GKDDGMc¤< J;=G eu < D0?@> ACGKJu?E;Y? bdcMF
cMG-LMHsBKD0?ED0?U>sG>LeBK8CLMH=JFbY
RvwZDJ)bdce? bY
,<CARPRF GMceL=bK?>8CLMH ):F GKDF?ACGKJu?E;Y? bdcMF0AC<J < 0bK?U:u F JZ5
698-c H=JF<CAHM8CbY
R;=GKX ZiBK<)LMHY?ED < PRN>F < DGs:'N KDF GMc5E6p:;=BK8J0w? ACBKF Gsm05 4 4sBKPRF GKDD0?U}
@cMG-LMH
BKPRF GKDD QBKGK>D¾H=;=BKD 5
, "#¥ !"#
'% & I?E:FLeB@:;=< X ;Y?EP.o-J)H=N ;=8Ut'¾-ACBKF G:;=BK8:'< ;=B ACJ <>8>@?):'<CA?*>@?ED8PaB@Ju?*>F?H=Z;=8UDZC
PRGK;=< P PRF G-LeF ¾-b8§:'< ;=8§;=< JZ7u Zt BKD0?EJF
B-?E:8)HY?EDF?o?:;=BKGK;=>F G,ACBKF?w?EDF G ocMGeu FBK<E
LMHY?EDF GT>:;=<>@? ACBK< D0?>@?E;eH=<Y4 5
& < u FbBTLeZPR¾ =
LeF D _ q :U4b; :x[ 9 b4 ;
_#%j! ', "!!$'^&0!m&0
;=BKGMceACBKF GKP8IH=GK;Y?EB±AC<IB-? A? oK>J)H=N ;=8CbY
Ut'¾-A I?ED0?Eu F BK<>@?EDG
F):;=BKGHM>@?E;=B-?EDGH=GKJCLMHM8 5*I?
:'<CbBH=GKJTBKtZ0ACZcMP8:;=< X ;Y?EP.oJ)H=N ;=8T>8:;=<>@? ACBKF D0?PR< DF H=< ;BKD0?EJF)FJ <CAC8 4\76±nen 5<T<CAC8
?Eu v#?EDZPRGK;=8CbBKD8CbY
9BKD0?EJ N> 47\ 6±nenlH=<¹u FbBKt89B :;=BKG-ACBKF?Z
_)[Co 4*[) º5
vwGKJ)HM8ACBKF?w?EDF?
:;=< X ;Y?EPRN> qC5 4*[F¤qC5 4-_QL QFACGKD)HM8CbBKDGI< t8CAC>@?>8:;=<>@? ACB-?c UD0?QPR< DF H=< ;BKD0?EJFFFbY
J <CAC8.:'<CbB *>LeBK8.<CA§BKD0?EJZ3<J <CACBKF GQ_ _ :sBKD0?EJ.<J <CACBKF GR_)[RH=<<CALMH=¾Kk: ;I?LeJ < 0bBK8>LeBK8
D0?QBKD0?EJZ<,J <CACBKF GR4*[)56 J?E-ACGMc@u F DF F¤L Q>8:;=<>@? ACB-?EDGImR:0?E;=8 =J <CABKD0?EJZFBKD0?EJi5
☛
( E2£ º »&#%
F v:t h ;u i
J i
n
:;=F D)Hev:W` 0 hk
hk` o Ao u ;ji
n
»&&#%'& ¡- º§¡-)£+K¡-
6 :'< :;=BKG-ACDFbY
U:;=BK8J0w? A? bY
T>F GKu < J;=<EH=DF G>8CLMH=¾K:'<>@?8LMHY?GH=GKJCLMH=<>sG oK?Eu G±ZK8>@?EDG
t808cMG-AC8DF GI>9?E;=X ZPRGKD)HY? bY
vwZDJ)bdcMFyC{ij-kC|C} } yC{ij-kC|C} hEk}UF0>F G-ACB-?T<UHM8P.oce?EJRL
< DGRB-?E:FLe8>@?EDG>g:0?EPRF ¾-bF
< :'GK;Y? b8-cMDGMcIJ < PR:ZCH=GK;Y?DF GRt80w?:'<EH=;=BKGKtD0?&5 ¤GK;Y?EBRD0?Eu GKK8
B-?E:'< BKD0? LeF ¾UBTJF u J < P,?RLeB-bBKGKX NCw?EPRFiAC<EHM8CbB b8PRFLMHY?8CbY
lH=GKJCLMH=<>8CbY
5
\)HY?w?§H=GKJCLMH=<>@?H=< AC<>s< u D8bF )X7BKD0?EJ N>zB-?EPRJDF ¾HM8>bZ0ACBK8CL <>@? bY
oP,?3>F ¾-b
:'<)LMHY?
p
#
*
G eu F'cMG-ACD8P BQHM8CbY
7BKD0?EJ N>]P,?t8 QbZ0ACBK8CL N>Uo'H=<D0?Eu GKK8X <.B-?E:FL=? 5\)HY?G
H=GKJCLMH=<>sG.L LeJ;=NEH=<>s<7D0?EBK8>@?EDGH=GKJCLMHY?EPRFxo
H=;=BKGKt0?cMG-ACD0?EJ :0?EPRF ¾HY? Eo
KGRcMG-LMH,H=<
=bF eu GTB-ACG0DF <>@?EDG:'<EcM¾-bF GscM¾KBK8J5
? 6I5
<T< PR:F u?H=< ;cM¾KBK8J5? 69ZPRF G-LeB-bB-?H=GKJCLMH>½<CAC:'<>F G-ACDF GMc@X ;=Z:F GUt0?cdH=N- > :M4UBKD0?EJ
4Tt0?cdjH ; 50I?QJ < 0bZH=GKJCLMH=ZQcMG-LMHIAC< :FLe8>@?ED8,BKD0?EJl<RJ <CACBKF GTBKGK;=<05
6 :;=< X ;Y?EP,? bY
oMcMG eu FHY?EJ?J < DF G-bBKD< B-? bY
<CACBKFxo*BKD0?EJTH=GKDQt8>@?IB-?E:FLe8>@?ED8
cMG-LMHH=<BKD0?EJUJ < 0bK?H=GKJCLMH=Z5 ¤GKJCLMH
:'<>8-LeBK8Tu FbBK8,4-IBKD0?EJ N>Uo-B-?cMPZcMG[EIJ < u GMcMD8CbY
t0?cdH=N>U5
F GQD0?Eu GKK8.P8u F BKD0?EJZ3J < 0bK?RH=GKJCLMH=Z3B-?E:FLe8>@?EDGKX < BKGQBKD0?EJF GKPD<>sGMcu F DF F
B-?E:FLe8>@?ED8P½ce?EJ < D oC:F GK;=>LeBK8lBUDFbY
P,?RJ <CAoAC;=ZX F
4-QFL H=<,;=N KDGTBKD0?EJFx5
»&&& !"#¥=¦-7¡- 01#"#¥E2
YH ?Etu FbU>aA?EuLeBK8PbF)X Z.H=GKX <l:'<CAC;=¾-bBKDF J?,t'¾-A ,J < D0LeGKJ>sGKD)H=DF GUD0?EBK8>@?EDGUF D0ACGKJ)
L=?EPRFx5'F GPR< KD0?lL <>@?RF D0ACGKJCLB-? LMH ):F L <>sGKP©>LeJ?KDF JioHY?EJce?EJH=<l;=< tFLeF ¾>
cM¾KBK8JZP,?H=GKP,?HM8CbBKD8P.5
?E;Y?RD0?*>F? LeN>½J>@? AC;Y?H=<>8CbY
'cMG-LMHT< :'GK;Y?H=< ;=GKP.&5 6±
0b bU:'< :;Y?*>DF GF D)H=GK;=:;=GH=<E
>@? l>8;Y?EKGKDF?o>J)H=N ;=8CbY
>8CLMH=¾K:Zc 7BKPRF GKDDGF D0ACGKJCLe<>@?EDGD0?Eu GKK8B-?cM;=BKG AC<
HY?Et'GKu F< :'GK;Y?H=< ;=N> :#LK54Km)ª ; 5
< BKPRF?E;sHY?Etu FbT>½ACG0DFbdce? bY
.PZ0LeFt 8 TLMHY? 5
u GKPRGKD)H=< P HY?Etu Fb8 BKD0?EJ <>sGMc
3PR< KD0?.D0? A?*>@? R>@?E;eH=< =bFBKD0?EJ <>sG 56 J?E-AC8P
GKu GKPRGKD0bF GHY?Etu Fb8PR< KD0?B-?E:FL=? ±cMG-ACGKD.BKD0?EJioCD:5:FLeB bF D0LMH=;=ZJ)bdcMG =
A
i0A
4 ? i0A
[ c i0A
_ ? i0A
m b i
6 HY?Etu Fb8
UcMG-LMHIB-?E:FL=?ED8bF )X,BKD0?EJ N>Uo?Eu GUDF G@cMG-LMHH=<LMHY?w?H=GKJCLMH=<>@?5 4t8H=GKD
bF )XBKD0?EJ N>³t80±H=GKJCLMH=GKPµ>zLeGKD0LeF Gl:;=BK8-cM¾HM8P >½cM¾KBK8JZ 6Io¤D0?Eu GKK83:'<§<)LMHY?H=DF P
BKD0?EJZH=GKX <,bF )X Z.AC< :FL=? IBKD0?EJlJ < 0bK?H=GKJCLMH=ZobBK8u F
A
q i
»&&& !"#¥=¦-7¡- 01#"#¥E20·,+K£
!"w£¹7¡- 01#"#¥E2
< :;=BKG-ACDF <§:'< BKD0?EDGF DCvw< ;=P,? bdcMG<3HY?Etu FbK? bY
D0?Eu GKK8;=< B-LeBKGK;=BK8,<7BK>FEBKGKJ PRF ¾-ACBK8
HY?Etu FbK?EPRF?R>LeJ? KDF J?EPRFx5
IG0DFbdce?RHY?Etu Fb8.<lD0?EBK>F ; G
;=GKBKGK;=>ZcMG<CAC:'<>F G-ACDF RX ;=Z:'¾t0?cdH=N>W:;=BKGKBKD0? bBK<E
D8CbY
TD0?@GKu GKPRGKD)HM8HY?Etu Fb8IF :;=BK8:FLeZcMGFACGKD)HM8)0J?H=< ;=<>F
I? AC;=G-LBKGK;=<>sGKX <sGKu GKPRGKD)H=Z
H=GMcsHY?Etu Fb8 5
,>LeJ?EBKZcMGTD0?RBKGK;=<>8RGKu GKPRGKD)HHY?Etu Fb8<RD0?EBK>F G
'5
TcMG-LMHILMHY? FDF GU>s< u D<QBKPRF GKDF? scMGMc@>@?E;eH=< =bFx5
DF GIcMG-LM@H p
oDF GPR< KG>F ¾-b>8CLMH ):F :'<u GK>sGMcILMH=;=< DF GF D0LMH=;=ZJ)bdcMF:;=BK8)
(
:FL=?EDF?5
698:;=<>@? ACB-?c bt'GKBK:'< e;=G-ACDF <R:'<lACG0DFbdcMFHY?Etu Fb8>@?E;eH=< =bF =
UA
ºo Ao Tt
<EH=;=BK8P,?EP8
A [C4KmC*mC_ ª ªEm
UA
[C4KmC*mC_ ª ªEm
Tt
[C4KmC*mC_ ª ª _
»&& ¤& ¶ ¢!¤£'¥=¦- :« |'
I?cM>@?EKDF GMceLeBKGF DCvw< ;=P,? bdcMGT<QvwZDJ)bdcMF9:« |'PR< KD0?QZc T>OJF u JZ.:ZDJ)HY? bY
=
`ZDJ)bdce? :« |'IP,?scMG-ACGKDl?E;=X ZPRGKD)H-oEPR< KGDF Pgt8 @FACGKD)HM8)0J?H=< ;HY?Etu Fb8QBKD0?EJ <>sGMc5
AC>s<Cw?EDF GTAC<QvwZDJ)bdcM9F :« |'>½:;=BK8J0w? ACBKF GUqC5 4KmRLe:'<>s<CACZcMG oCKGUD0?E:FL=?ED8,D0?RJu?
>F?H=Z;=BKGlH=GKJCLMH-o
:'<7>@bF eDF ¾-bF Z Ju?*>FLeB-?
± ºoBK<)LMHY?EDF GB-?E:FL=?ED8 >zHY?Etu Fb8
cMG-ACGKD7BKD0?EJ§>cMG-ACD8P GKu GKPRGKD0bF GQHY?Etu Fb8FD0?J < 0bZ3t'¾-ACBKF GlAC< :FL=?ED8BKD0?EJ
J < 0bK?H=GKJCLMH=Z5
i
!'4( 20!"! 0- 0,
4D0?Eu F BK¾ LeJ;=NCb< DGMc>sGK;YLwcMF:;=< X ;Y?EPZWB :;=BK8J0w? ACZ³qC5 4Km9D0?Eu GKK8½:'<EH=;Y?EJ)H=<>@? ce?EJ <
Le:;Y?*>ACBKF?EDBK;=< BKZPRF GKDF?QAC<EHM8CbY
0bB-? Le<>@? bY
,;=< BK>@?E-? F>8J < D0? c,L=?EPR<CACBKF GKu DF G 5
☛
( E2£ º »&#%»
X GHYLQ:#A4;ji
>
F u G ::wt A
J X;;
F v :t h ;u i
:;=F D)Hev :W` 0 hk
hk` o Ao u ;ji
n
@ B! ( &O'"&
4u X < ;=8)H=P³B:'< :;=BKG-ACDFbY
R:;=BK8J0w? ACN> B-?E:FLeBKGKP8cMG-LeB-bBKG;Y?EB 5 ±8Pg;Y?EBKGKP³D0?EZ0bBK8P8
eL F ¾l:'<)L ZX F >@?EDF?.>LeJ?KDF J?EPRFsAC<§BKPRF GKDD8CbY
HM8:ZBKD0?EJ <>sGKX <Fs:'< BKD0?EP87AC< J0w? ACDF GMc
BK>FEBKGKJlPRF ¾-ACBK8,HY?Etu FbK?EPRF¤?Q>LeJ?KDF J?EPRFx5
☛
( E2£ º »&#%
6 ?E;eH=<7t0?E;YACBK<AC< J0w? ACDF G:;=BKGeu G-ACBKF H=G.vw;Y?EX PRGKD)HM8:;=< X ;Y?EPZ :w:;=BK8J0w? A¹qC5 4-~ ; o
>
J)H=N ;=8CbY
>8J < D8>@?EDGTL Q< :'GK;Y? bdcMGD0?R>LeJ? KDF J? bY
5
`ZDJ)bdce? :« |'BK>;Y? bK?.>@?E;eH=< ,;=N>D ? AC;=G-Le<>FBKGK;=<>sGKX <GKu GKPRGKD)H=ZHY?Etu Fb8
7F
>@?E;eH=< HY?RBK<)LMHY?cMGD0? A?ED0?QBKPRF GKDDGMc
:w:;=BK8J0w? AqC5 4-~ ; 5'I:'GK;Y? bdce?
AA i
:'<>s<CACZcMGTBK>F ¾KJCLeBKGKDF GT<cMG-ACGKD.>@?E;eH=< =bFiBKPRF GKDDGMc
:
TcMG-LMHHM8:Z > %0h 4{ > ; 5
G-LMHTH=<§Z0LMHY?*>F GKDF GR>LeJ? KDF J?HY?EJiot83>LeJ?EBK8>@?D0? LMH=¾K:D83GKu GKPRGKD)HUHM8:Z¹> %0h {i5
6 :;=BK8:0? ACJZBKPRF GKDD8CbY
HM8:Z.BKD0?EJ <>sGKX <cMG-LMHH=<RBK>F ¾KJCLeBKGKDF GU? AC;=G-LeZ<cMG-ACGKD5
N>D<>@?EKDGL QB-?E:FLe8 =
A
F
%:#A IF ;
:F GK;=>LeBK8,BTDFbY
PR< KD0?Q:;=BKG-bBK8)HY? =>sG TGKu GKPRGKD)H@HY?Etu Fb8l<RF D0ACGKJCLeF GRjoAC;=ZX F =>sG
GKu GKPRGKD)H>LeJ?EBK8>@?ED8:;=BKGKB
'joX)ACBKF G
§P,?.>@?E;eH=< ;=N>D .? AC;=G-Le<>FBKGK;=<>sGKX <
i»
☛
( E2£ º »&#%2
()#%& !
< BKtZ0ACZcMP8R:;=< X ;Y?EP]:;=BK8J0w? ACN>9qC5 4KmEMqC5 4HY?EJio)t8QBKu FbB-?iu FbBKt'¾I>8CLMH ):F Glu F H=GK;=8
0h oCu F H=GK;=8 AFu FbBKt'¾U>8CLMH ):F Gu F H=GK;<CA5AAC< i54u X < ;=8)H=PzHY?EJFPR< KD0?QB-?E:FL=? I;=< BKtZ0AC<E
>Zc bU<CAC:'<>F G-ACDF <lF D0LMH=;=ZJ)bdcM¾>@?E;=ZDJ <> j}'5i';=N tP8lH=<F D0? bBKGMcLMH=<)LeZc bTF D0LMH=;=ZJ)bdcM¾
> #j*|'>%o)J)H=N ;Y?Q:'< BK>s< u FiD0?RJ;=NEH=JFiF¤bBK8)H=GKu D8lB-?E:FLsH=GKX <,?Eu X < ;=8)H=PZ5
☛
( E2£ º »&#%C¨
F D)Huxo Jio 5 P i
u J P i
AA X GHYQL :#4A ;ji
>
F u G :t >AA ot h ;
=
F v : :w't 9 h ]'t 7 ;_;@b< D)H=F DZ)G i
Le>F HYbY
:wkt ;
=
bK? LeG h =
u i
t;=G-?EBJ i
bK? LeG A =
J i
ACGv#?EZu H =
P i
n
n
:;=F D)Hev:W`
hk` o uxo Jio P ;ji
n
»& &#%'& !+K¡K¢¤£'¥=¦- > #j*|'> %? h «
ndD0LMH=;=ZJ)bdcMGQ>#j*|'>%? h «QD0?cebBK¾=bF GMcs>8CLMH=¾K:ZcR>O:'<)LMHY? bF =
Le>F HYbY
: q q 2;
#
%
bK? LeG q q q $=
#
* '
2
555 5555555
* '
bK? LeG q q q =
#
ACGv#?EZu H =
* '
bK? LeG q q q $=
* '
#
555 5 555555
* '
bK? LeG q q q =
#
* '
+
X)ACBKF G
q # qcMG-LMH>8;Y?EKGKDF GKPz<,>@?E;eH=<=bF? bY
bK?J <>F HM8CbY
q # q q
L Q>8;Y?EKGKDF?EPRFi<,>@?E;eH=<=bF? bY
bK?J <>F HM8CbY
:;=BK8:0? ACJF h «QF-
C«)}ChE¿'²E|RPR< X t8D0?E:FL=?EDGT>WAC<>s< u DGMc±J < u GMcMD<=bF
* '
*
'
*
5 55 5 555555
'
* '
F:;=BKGMceAAC<R:ZDJ)H=Z.m0o>O:;=BKG-bF >D8P ;Y?EBKF GT:;=BKGMceAUAC<R:ZDJ)H=Z§_5
a>a?,Xl? 698J < D8>@?EDF GTF D0LMH=;=ZJ)bdcMF> #j*|'> %lPR< KGt8 U:;=BKGK;=>@?EDGT:;=BKGKBUZPRF G-LeB
bBKGKDF G>´DF GMc±F D0LMH=;=ZJ)bdcMF AC{«h Bi5)i?EZ>@?E oEKGI>8J < DZc ULeF ¾>LB8,L
HsJQF'GIF D0LMH=;=ZJ)
bdcMG,:'<CbB *>LeBK8§<CA
*! D0? ' LeJ < 0bBK8>LeBK8 o? D F±G
*! '
HI8u¤J<
* cMG-LMHH=<lt0?E;YACBK<,bBK¾-LMH=<lLe:'<EHM8J?ED8ti A>WF D)H=GK;=:;=GHY? bdcMF
'
H=GMc@F D0LMH=;=ZJ)bdcMFx5
_ ; G eu F
>@?E;eH=< q QDF GUcMG-LMHBKX <CACD0?B,-? ACD B,>@?E;eH=< =bF q q q F
# #
:;=BK8:0? ACGKJ
C«)}ChE¿'²E|R>8CLMH=¾K:ZcMG oCH=<R>8J < D0?c
* '
555 5 555555
* '
* '
Fs:;=BKGMceA AC<3:ZDJ)H=Zm0o>z:;=BKG-bF >D8Pµ;Y?EBKF G oH=BKD50cMG eu Fs:;=BK8:0? ACGK9 J
C«)}ChE¿'²E|§DF G
'¨
>8CLMH=¾K:ZcMG o:;=BKGMceAUAC<R:ZDJ)H=Zm05
g> ?X? ;=BKG-bBK8)HY?ccMG-LeB-bBKGR;Y?EBRZ>@?EX ¾B-?EPRF G-LeB-bBK< D >g:'< :;=BKG-ACDF P :ZDJ)bF G
< :FLeZ5
mH;I? LMH=¾K:D0?QF D0LMH=;=ZJ)bdce?Q:;=< X ;Y?EPZ5
?EPRF ¾HY?coKGRD0?Eu GKK83ZPRF G =bF RF D0LMH=;=ZJ)bdcM¾ AC{«h B>g:;=BK8:0? ACJ9 Z
C«)}ChE¿'²E|.F>gJ?E-AC8P B
:;=BK8:0? ACJ N>W h «0o*cMG eu FiHM8u J <cMG-ACGKD.BbF )X N>F D0LMH=;=ZJ)bdcMFP,?Qt8 T>8J < D0?ED8 5
»& && !+K¡K¢¤£'¥=¦- AC{«h B
ndD0LMH=;=ZJ)bdce? AC{«h B:'<>s<CACZcMG:;=BKGK;=>@?EDF G>8J < D8>@?EDF?D0?cebF? eDF GMc
<EHY? bB-?c bGMc'cUF DC
LMH=;=ZJ)bdcMF } {io #%j ²)«0o5
°°°,#%j ²)«u Zt >#j*|'>%5
»& && !+K¡K¢¤£'¥=¦- EkC|ij-k¿0«
ndD0LMH=;=ZJ)bdce? EkC|ij-k¿0«ZPRF G-LeB-bBK< D0?§>z:'¾H=u F} {5#%j ²)«@
°°°,#%j ²)«:'<>s<CACZcMG
:;=BKGK;=>@?EDF GtF GK bGKX <IF>8J < D0?EDF G±<CA:'<CbBH=JZD0? LMH=¾K:DGKX <IJ;=< JZB-?*>F GK;Y?c bGMccI:'¾H=u Fxo
b<
ACu?,:'¾H=u F} {< BKD0? bB-?R:;=BKGMc =bF GAC<l>8J < D0?EDF?H=;=BKG-bF GKX <lLe:'< e;=NCA>8;Y?EKG §LMH=GK;=ZC
c b8CbY
:'¾H=u 5
ACu?T:'¾H=u 7F #%j ²)@«
°°,° #%j ²)« < BKD0? bB-?:;=BKGMc =bF GIAC<Le:;Y?*>ACBKGKDF?>@?E;=ZDJZR:;=BKG
;=>@?EDF?:'¾H=u Fx5
»& & ¤& ±)C¡-0l ¥ "#!¤£'R20·
R2 !"#7 ¥ "#!¤£'
I:'GK;Y?H=< ;:;=BKG-bF DJ <>8scMG-LMH
< :'GK;Y?H=< ;=GKPW<TD0?cMDF -LeBK8Pa:;=F < ;=8)H=G-bF GsF*cMG-LMH
u GK>s<)LMH=;=< DDF G
bBKD8 :w:0?H=;=BULK54Km)ª ; 5C698;Y?EKGKDF GT:;=BKG-bF DJ <>sGH=<,>8;Y?EKGKDF G:'<)LMHY? bF =
q q ·
# q q
#
_
& ! #% B!$ ( &O'"&+^ ,-!.#% & H
'tZ0ACZcMP8R:;=< X ;Y?EP³u FbB b8QF u G
cMG-LMHL N>¹> cMG-ACDGMc±u F DF F0H=GKJCLMH=Z5i?N KP8 o KGBKD0?EJF GKP
<CAACBKF GKu?c b8P³L <>@?±cMG-LMHcMG-ACGKD,u Zt,JF u J?TBKD0?EJ N><CALMH=¾K:Z5 ?EJBK;=G-?Eu F BK<>@?
H=<B-? A?EDF G
I?Eu GKK87:;=BKGMc ,>z:'¾H=u F@J < u GMcMD<§:'<§>LeBK8CLMH=JFbY
BKD0?EJ? bY
H=GKJCLMH=ZFsBK>F ¾KJCLeB-? ,u FbBKDF J
L N>z<cMG-ACGKDo'cMG eu F@BKD0?EJtF GK b8cMG-LMH,;=N KD87<CA Le:0? bdcMFxo
?3BKD0?EJ :'< :;=BKG-ACDF@t80ILe:0? bdc 5
6:;=< X ;Y?EPRF G:;=BK8-cM¾H=< < BKD0? bBKGKDF? =±²7H=< u FbBKDF J¹L N>Uo A H=< BKD0?EJtF GK b8 o
yH=<BKD0?EJ
:'< :;=BKG-ACDFx5
☛
( E2£ º »&#% $
F D)HP,?EF D:<;
=
bY
0?E;A
4 nM ºo >AAo : o t'i
F D)Hu i
AA X GHYQL :#4A ;ji
:;=F D)Hev :W` 0 hk ` o AA4;ji
<> '[ FKFRJADCFEVXMLON \BIUK)LCHG FKbE)N5TjC N L.T
jN'ADCFE)N A/M%RJA.>
>
F u G ::wt >A4A ; h ;
=
F v :t ;
F v :: ;su i
: 't i
AA i
n
:;=F D)Hev :W`
hk ` o u ;ji
<> A[ FKFRJADCFEVXMLON \BIUK)LCHG FKbE)N@\^[)RJA N A/M%RJA_>
:;=F D)Hev :W` 0 hk ` o A4A ;ji
n
»& 2&#%'& /'"@ '/01"#
;=BKGeu G-A@AC< J0w? ACDF GACBKF?w?EDF G@:;=< X ;Y?EPZB:;=BK8J0w? ACZ,qC5 4-oE?T>´LeB-bBKGKX N u D<=bFBK>;=N
Z>@?EX ¾D0?Q>8J < D0?EDF GvwZDJ)bdcMFyC{ij-kC|C}QFB-?EZ>@?E oKG =
<CbB H=J <>@?>@?E;eH=< lBKPRF GKDDGMc
>LeJ?EBKZcMGD0?7:F GK;=>LeBK8BKD0?EJ>:;=<>@? ACBK< DGKX <
H=GKJCLMH=Z5;=BKG-A>sGMc =bF GKPAC<,:'¾H=u FBK<)LMHY?EDF GT>8:;=<>@? ACBK< D8RD0?QPR< DF H=< ;bK?8RH=GKJCLMH-5
'PRF GKDD0?
:;=BK8J?E-AC8P:;=BKGMc =bF Z:;=BKGKB:'¾H=u ¾cMG-LMHBK>F ¾KJCLeB-?ED0?,<UcMG-ACGKD5i<lB-?
J < 0bBKGKDF Z:'¾H=u F>LeJ?EBKZcMGQD0?lBKD0?EJJ < 0bK?RH=GKJCLMH=ZoiBK<)LMHY?EDF GB-?H=GKP>8:;=<>@? ACBK< D8
H=GKJCLMHDF GUB-?*>F GK;Y?c b8R-? ACDGKX <QBKD0?EJZ5
@ B! '^&0!$+^ ,-!.#% & H
F D)HP,?EF D:<;
=
bY
0?E;A
4 nM ºo >AAi
F D)H<u i
AA X GHYQL :#4A ;ji
<> '[ FKFRJADCFEVXMLON \BIUK)LCHG FKbE)N5TjC N L.T
jN'ADCFE)N A/M%RJA.>
:;=F D)Hev :W` 0 hk ` o AA4;ji
u F u G Leu <> 4 :#4A ;ji
F v:t ;
F v :: ;su i
: t'i
H=G i
n
;=GH=Z;=D<u i
n
, "#¥ !"#
%'& 'D0?ceAT:'< BK8CbdcM¾T>8t;Y?EDGKX <QBKD0?EJZ>OH=GKJ=bF G 5
& ILeZ BTH=GKJCLMH=Z.:F GK;=>LeBKGT>8CLMH ):F GKDF GT>8t;Y?EDGKX <QBKD0?EJZ5
& I<C bBIH=GKJCLMHIAC<RF DDGKX <QH=GKJCLMH=Z5
¤& I<C bBIH=GKJCLMH<CABKD0?EJZ<R:'<CA?EDGMc@:'< BK8CbdcMFD0?QJ < DF G-bF DDGKX <QH=GKJCLMH=Z5
0
2
@ B! * !'&(
>
F u G :wF<7 4 nM s\ avwX GHYLQ:#A
F ºo 4 nM o v#A4; :#bY
0?E;U> ;M
O;
=
u F u G Leu <>:#A
F X;ji
F i
n
:;=F D)Hev :W`
hk ` o u ;ji
n
<> /[ E T PjCV M R K)L >
I?cM>@?EKDF GMceLeBKGF DCvw< ;=P,? bdcMGI<QACG0DF <>@?EDF Z,F'>8J < ;=BK8CLMHM8>@?EDF ZHY?Etu Fb<QAC>sNCbY
,F D0ACGKJ)
L=? bY
PR< KD0?QBKGKt;Y? I>½JF u JZ:ZDJ)HY? bY
5
IG0DF Zc bHY?Etu Fb¾AC>Z>8PRF?E;=<> D0?Eu GKK8:'<CA? lHM8:o
FACGKD)HM8)0J?H=< ;RF;=< BKPRF?E;=8 o
H=BKD5u FbBKt'¾U>F GK;YLeBK8 ou FbBKt'¾UJ < u ZPRD5
< BKPRF?E;=8RHY?Etu FbPZ0LeB Qt8 ULMHY?8PRFx5
6 :;=BK8J0w? ACBKF GT~5 [C4TACG0DFbdce?QHY?Etu Fb8lP,?R:'<)LMHY? =
bY
0?E;A
4 nM s\
4 nM Di
F;=GKBKGK;=>ZcMGTPRF GMceL=bGU>O:0?EPRF ¾-bF< :'GK;Y? b8-cMDGMc@ACu?,[E H >E[ qE~UBKPRF GKDD8CbY
HM8:Z3> %0h {i5
F GK;=>LeBK8TF D0ACGKJCLBKPRF GKDF?TLeF ¾s<CAQTAC<R4- oecMG-LMH
H=<TF D0ACGKJCL<CAC:'<>F? A?c b8TF D0ACGKJCLe< P
>F GK;YLeBK8,P,? bF GK;=BK8 5
I;=ZX F'F D0ACGKJCL@BKPRF GKDF?QLeF ¾<CAQAC<,[ q qTFcMG-LMHsH=<QF D0ACGKJCLs<CAC:'<>F? A?c b8RJ < u ZPRD< P
P,? bF GK;=BK8 5
u GKPRGKD)H,B.>F GK;YLeB-?7< F D0ACGKJCLeF G§q :#LeBKN)LMHM8BJ < u GKF@>F GK;YLebB ;FJ < u ZP8< F D0ACGKJCLeF Gª
:#ACBKF GK>F HY?QBTJ < u GKFJ < u ZPRD0? ;±B-?E:FLeZcMGLeF ¾
A
q
ª
<CAC< tDF Gce?EJACu?HY?Etu Fb±cMG-ACD<>8PRF?E;=<>8CbY
,FACGKD)HM8)0J?H=< ;
TcMG-LMHLMHY? <R>@?E;eH=< =bF
;=N>DGMcs? AC;=G-Le<>FiGKu GKPRGKD)H=Z
'5
?Etu FbK? AC>Z>8PRF?E;=<>@?7H=<3cMG-ACD<>8PRF?E;=<>@?7HY?Etu FbK?>LeJ? KDF J N>AC<3cMG-ACD<>8)
PRF?E;=<>8CbY
QHY?Etu FbIA?EDGKX <UHM8:Z :w>:;=BK8J0w? ACBKF GO~5 [C4HM8:Z> %0h { ; 5 < KD0?TH=<RLe< tF G
>8 < t;Y?EBKF HY?EJ3ce?EJt89ACG0DFbdce?HY?Etu Fb89AC>Z>8PRF?E;=<>sGMcR< BKD0? bB-?w? tZ0AC<>s¾7AC<E
A?H=J <>sGMcHY?Etu Fb8cMG-ACD<>8PRF?E;=<>sGMc±B-?*>F GK;Y?c bGMc>LeJ? KDF JF¤AC<RJ < u GMcMD8CbY
>F GK;YLeBK8
HY?Etu Fb8QA?EDGKX <THM8:Z5 6¼;=BKG-bBK8>FLMH=< =bFHY?Etu FbK?THY?EJ?TDF G
cMG-LMHstZ0AC<>@?ED0?5EF GKPRDF GMc
AC< BK>s< u < DG±cMG-LMH>8J < ;=BK8CLMHM8>@?EDF GHM8CbY
GKu GKPRGKD)H=N>U5
6 ?E;eH=<
§>LeJ?EBKZcMGlD0?GKu GKPRGKD)+H
'obBK8u F¤cMG-LMHQ? AC;=G-LeGKPµBKGK;=<>sGKX <GKu G
PRGKD)H=Z,BKGK;=<>sGKX <T>F GK;YLeB-?5EI? LMH=¾K:DGIGKu GKPRGKD)HM8H=GKX <>F GK;YLeB-?UL TB-?E:FL=?EDG>9t0?cdHY? bY
<RJ < u GMcMD8CbY
? AC;=G-L=? bY
5
6 ?E;eH=<
T>LeJ?EBKZcMG@D0?IBKGK;=<>8UGKu GKPRGKD)H
:F GK;=>LeBKGKX <I>F GK;YLeB-?o*bBK8u FCD0?:F GK;=>LeBK8
>F GK;YLeBHY?Etu Fb8 5*I? LMH=¾K:DG±GKu GKPRGKD)HM8IH=GKX <>F GK;YLeB-?@B-?E:FL=?EDG±L >t0?cdHY? bY
U<J < u GMcMD8CbY
? AC;=G-L=? bY
5
'»
2
6 ?E;eH=<=bF@
L HY?EJF GlL=?EPRG 5 >@?EX)? Ao A
ºo A
4 ºo A
[ºo 5 5 5L LMHY?
8PRFi±DF GT>s< u D<RBKPRF GKDF? FbY
.>@?E;eH=<=bFx5
< BK>@?E-?EDF?H=GPR< KD0?RB-?E:FL=? UL=bY
GKP,?HM8CbBKDF G 5C6 :'< DF -LeBK8PL=bY
GKP,? bF GLMH=;=B-?J ¾
: ;sD0?Eu GKK8bBK8)HY? =E>LeJ?EBKZcMGD0? 5
¤+ ¤+ 1"#!! !+K¡ )!i2 !+K¡)!i2
+K¡- º +K¡- º ¡Y2¢ #1!i¡ #1!i¡ 5 5 5
¥ C
555
A A
A
A
4 A
[ 5 5 5
A
4 A
4
A
4
4 A
4
[ 5 5 5
A
[ A
[
A
[
4 A
[
[ 5 5 5
$"
6¯ :'< DF -LeBKGMcQHY?Et'GKubG.BKG-LMHY?*>F < DG.L 7>@?E;eH=< =bFxoJ)H=N ;=GBK<)LMHY?ED 3>8:;=<>@? ACBK< DGD0?
PR< DF H=< ;@:'<,<CAC:'<>F G-ACDF PZBKZ:'GDF GKDF Z.:;=< X ;Y?EPZBT:;=BK8J0w? ACZ.~5 [C4 5
A F A
F UA
F
UA
F
4
UA
F
[ 5 5 5
LeJ < :F <>@? H=GKJCLMH§B HY?Etu Fb8 A ¿} {AC<9B-?E;=GKBKGK;=>s<>@?EDGMc,X ;=Z:8t0?cdH=N> lvwZDJ)bdce?
|{'*yR J < :F ZcMGH=GKJCLMHM8
☛
( E2£ º &'
6 F D0bu Z0ACG87LMHYACF <05
'9
6 F D0bu Z0AC8 G 7LMHYACu F t5 '
9
6 ACG0DG 4 nM 9[ qE~
6 ACG0DG 4 nM s\[E
`n >-v#A i
F D)HF u G Leu <> :<;ji
F D)HP,?EF D :<;
=
<> MZR K)L L$LVXM [ V EV CHT A/M%RJA[ BC K CHT PjCZ\'C VXMQTWV^>
bY
0?EZ; >A
4 nM s\ ºo tZCvw< ;
4 nM Di
'>;Y ? bK?>@?E;eH=<
AC;=ZX FiHM8:Z3>%0h {3!F< J;=Geu?< DLeJ A>BKF IH=GKJCLMH-5
HM>88:J Z7< D0> ?E%0Dh G3{ o!B-F? cM@G-BKLMGKH;=H=<<,HM>8:LeZ7J?>K%0DhF J{3!CACoK<lcMGLeeJ u < F:J F < <:>@F ?E<D>@GK?EX D<F GH=GKDJCF GTLMH=BKZ<)oELMcMHYG?eu <QF¤J >< 8:J F << >@D0?E?EDDG F G5 BK<)LMHY?<
& !m#% B!$ . , "^! +^ ,-!.#% & H
<> BM%RJAL\'C VXMQTWV ADC V TjC G Y_L0R C JEV HV^G%K V EV V0A/M%RJA[ >
n
<> '[ / [ E T PjCV M R K)L >
F D)Hu FbB Leu <>@? 4 :#bY
0?E;>-H=G
X;
=
F D)HFxo u i
F i
>
F u G :H=G
F :#bY
0?E;Z> ;M ;
=
u F u G Leu <>:H=G
F X;ji
F i
n
;=GH=Z;=D<u i
n
F D)Hu FbB Leu <>@?4:#bY
0?E;>)>-H=Gb;
=
F D)Hu i
>
F u G :D>-H=Gb;
u F u G Leu <>:D>-H=G m;ji
;=GH=Z;=D<u i
n
¨%
&&#%'& +K¡-C¡-!"# #"#!"#§¡-)£+K¡-¢
;=BK8-cM;=BK8-csLeF ¾TF D0LMH=;=ZJ)bdcMF
A
F :#bY
0?EZ; > ;M i
G-LMHI< D0?R>8J < D8>@?ED0?Q:'<l:;=BKG-bBK8)HY?EDF Z.>LeBK8CLMH=JFbY
u F DF FH=GKJCLMH=Z5 ?EJ <R>LeJ?KDF J.AC<lD0?
LMH=¾K:DGMcu F DF F±H=GKJCLMH=ZcMG-LMHQ>LMHY?*>F?ED0?>@?E;eH=< > %0h 3{ ! 0&5 4IAC;=G-L 3DF GPR< KGlt8,>8J <E
;=BK8CLMHM8>@?ED8l:;=BKGKBUZK8)H=J <>DF J?50`ZDJ)bdce?fihC²² DF GB-?E;=GKBKGK;=>ZcMGUPRF GMceL=bK?,<CA? AC;=G-LeZ
?EDFACG0DF <>@?ED0?>g:;=< X ;Y?EPRF GHY?Etu FbK?.DF GRBK<)LMHY?EDF GRZPRF G-LeB-bBK< D0?<CA7? AC;=G-LeZ .:'<CbB *>@
LeBK8 5 4IAC;=G-L .PR< KGQt8 QB-?H=GKP BKD0? bBKDF JF GKP J < 0bK?lHY?Etu Fb8§>LeJ? KDF J N>U5 G-LMHTH=<bBK¾-LMH=<
LMH=<)Le<>@?ED8,Le:'<)LeN tB-?EBKD0? bB-?EDF?J < 0bK?HY?Etu Fb>LeJ? KDF J N>>OvwZDJ)bdce? bY
tF tu F <EH=G-bBKD8CbY
5
6 ?E;eH=<§B-?EZ>@?EK8 EoKGcMG-LMHQH=<7Le8)H=Z0? bdce?§?ED0?Eu < X FbBKD0?Qce?EJ >z:;=BK8:0? ACJZBKD0?EJZJ < 0bK?
H=GKJCLMH=Z =
DDFF GTG@PRP,<?RKBKD0D0??E>JZ8J <R< ;=J BK<C8CACLMBKHM8F GT>@BK? GK;=<Qt0?cdH=J ZR<CA<TBKBKGKGK;=;=<Q<>PR8< P]KGU? tAC8;=G-LeFBKGsD0¤? b? BKACD;=FG-JLF GKBKP GK;=<J <PR0< bKK?GH=tGK8 JCsLMH=BK'Z D0i ? bB
DF JF GKP J < 0bK?RbF )X Z>LeJ? KDF J N>U5
&&& )£ #C¥=¦- ¡- 01#"#¥E2
C/'¢1!i¡-¢´¸º01#!/'
;=BK8-cM;=BK8-ciLeF ¾
vwZDJ)bdcMFC²j)
)²#0h
< ;Y?EBF D0LMH=;=ZJ)bdcMF <CAC>s<CZc bGMcLeF ¾AC<DF GMco-?@ZPRF G-LeB
bBK< DGMcs>OvwZDJ)bdcMF'fih0j-k50'>;=N Z>@?EX ¾D0?IcMGMc?E;=X ZPRGKD)HM8Rvw< ;=P,?Eu DGF¤?EJ)H=Z0?Eu DG 5
4;=X ZPRGKD)H=GKPvw< ;=P,?Eu D8PvwZDJ)bdcMF@²j)
)²#0h
TcMG-LMHUHY?Etu FbK?B-?*>F GK;Y?c bK?l>LeJ?
DF JFAC<,J < u GMcMD8CbY
u F DF FH=GKJCLMH=Z5
IGKJu?E;Y? bdce?T?E;=X ZPRGKD)H=ZQvw< ;=P,?Eu DGKX <T> vwZDJ)bdcMF²j)
)² #0h
DF G>8P,?EX)?:'<CA?EDF?
;=< BKPRF?E;=Z HY?Etu Fb8 5Itu FbBKGKDF?L >8J < D8>@?EDG.D0?7HY?Etu Fb8¹t'¾-A bGMcl?E;=X ZPRGKD)H=GKP
?EJ)H=Z0?Eu D8P sACu?HY?EJF GMcsHY?Etu Fb8l;=< BKPRF?E;=8,PZ0LeB Qt8 < J;=G eu < DG 5
?EJ <l?E;=X ZPRGKD)HI?EJ)H=Z0?Eu D8>8CLMHY?E;YbBK8:'<CA? ? AC;=G-LBKGK;=<>sGKX <RGKu GKPRGKD)H=ZHY?Etu Fb8.B-?
>F GK;Y?c bGMcs? AC;=G-Le8,u F DF FH=GKJCLMH=Z5
;=BKGKBs?E;=X ZPRGKD)HM8U:;=BKGKJ?EBK8>@?ED0?cMG-LMHcMG-ACD0?>@?E;eH=< EoKH=BKD5E? AC;=G-LKo?IDF GbK?w?HY?Etu FbK?5
F GUL Q>F ¾-bHM>s< ;=BK< DGJ < :F GIHY?Etu FbE5
G-AC8D8P]Le:'<)Le< t'GKPa:;=BKGKJ?EB-?EDF?HY?Etu Fb8@cMG-ACD< F D0ACGKJCLe<>sGMccMG-LMH
:;=BKGKJ?EB-?EDF Gs? AC;=G-LeZ
:'<CbB H=J <>sGKX <RcMGMcQGKu GKPRGKD)H=Z5;=BKGKJ?EBK8>@?EDF GRHY?Etu Fb.AC>ZF D0ACGKJCLe<>8CbY
Le:;=<>@? ACB-?
LeF ¾RAC<.:;=BKGKJ?EBK8>@?EDF?TcMG-ACD< F D0ACGKJCLe<>sGMcHY?Etu Fb8§>LeJ? KDF J N>]AC<QcMGMc>F GK;YLeBK8 obBK8u F
? AC;=G-LeZ:'<CbB H=J <>sGKX <GKu GKPRGKD)H=ZHY?Etu Fb8l>LeJ? KDF J N>U5
&&& )£ #C¥=¦-§ ¸º¢!¤£'¥=¦-" ²j)
)²#0h
`ZDJ)bdce?²j)
)²#0hscMG-LMH±PR<CAC8)0J? bdcvwZDJ)bdcMF²j)
)²#0h
:w:0?H=;=B:;=BK8J0w? AR~5 [E_ ; 5
< ;=N>D0?c
H=GTvwZDJ)bdcMG 5
IGKJu?E;Y? bdcMG§FACGKD)HM8)0J?H=< ;Y?|« > < tZO>sGK;YLwce? bY
´vwZDJ)bdcMFQ²j)
)²#0h L > :'GDF
;=N>D<>@?EKDG 5
rsGKB>BKX u ¾-ACZD0?7Le:'<)LeN tACGKJu?E;=<>@?EDF?.PR< KD0?§<CAC>s<C8>@? lLeF ¾AC<3H=GKJCLMH=N>z:;=BKGKB
GKu GKPRGKD)HM8,HY?Etu Fbu Zt.:;=BKGKBT>LeJ?EB-?EDF GT:'< e;=G-ACDF G 5
¨i
i?EZ>@?E o*KG>8;Y?EKGKDF?:;=BKGK;=>@?EDF?I:'¾H=u F7#%j ²)«>´< t8CAC>ZR>sGK;YLwce? bY
vwZDJ)bdcMF0BKu FbB-?
c b8CbY
.L <>@?L Q;=N>D<>@?EKDG:;=BKGK;=>@?EDF?:'¾H=u Ft'¾-A RFACGKD)HM8CbBKDG 5
n i
J D2; 9 P,? GK;=; UP,? GK;=; =DQ; i
:;=F D)Hev :W`'²)h
$ 0 0 hk ` o D;-o :
J ºo LMH=;j;ji
¨7
G CF Hb:wD;j;ji
n
& ¤&#%'& 2 !"#C¢!¤£'
6 :;=BK8J0w? ACBKF GT~5 [mQZK8)H=GUBK<)LMHY?<Q>8;Y?EKGKDF G>@?E;=ZDJ <>sG o):;=BK8-cMPZc bGT:'<)LMHY?
q q
# q q =
q q
# #
cMG-AC8DF GU<CA< :'GK;Y?H=< ;=N>9:;=BK8:FL=?EDF?F< :'GK;Y?H=< ;Y?:;=BKG-bF DJ <>sGKX < :w:0?H=;=BLK54Km)ª ; 5
& ¤&& ¶ ¢!¤£'¥=¦- |{' h |
`ZDJ)bdce?|{' h |AC< :FLeZcMGUH=GKJCLMHID0?,J < 0bZ.F DDGKX <,H=GKJCLMH=Z5 §?lAC>@?,?E;=X ZPRGKD)HM8 o< t8)
AC>@?HM8:Z7> %0h 3{ !UF< J;=G eu?c < DG
J)ACH=<RN J);=8RH=N H=;=GKGKJCX LM<HIH=ACGK< JC:LMH=FL=Z.? EAC5 < :FL=? Eo
'>;Y? bK?>@?E;eH=< HM8:Z3> %0h 3{ !FCcMG-LMHH=7< =
>BKGKLe;=J<? HMK8D:F JZ7AC> <R%0h ;=<3{ B-!CLeoKBKcMGKG ;=eBKu <F¤DACGK< X :<UFLeH=8GK>@JC?ELMH=DZF GTocMDG F eGTu F¤BKAC<)< LMHY:?FLe<Q8>@>?E8DJ F <GD0BK?E<)DLMHYG ?5 <Q>8J < D0?EDG o
& ¤&& !"#¥=¦-!"#3 1"#!!i2¥ ±·¡- 01#"#¥."±,+K£
!"w£
6:;=BK8J0w? ACBKF Gm05 4 4Q:'<Ece?*>Fw<.LeF ¾Q:'<.;Y?EBQ:F GK;=>LeBK8:'<EcM¾-bF GRF DFbdcM<>@?EDF?lBKPRF GKDD8CbY
5
I? ALeBKG-A'bB-? LKoCt8ZBKZ:'GDF UF DCvw< ;=P,? bdcMGUD0?QH=GKDH=GKP,?H-5';=BK8l>8-ce? eDF?EDF ZH=GKX <,:;=< tu G
PZ§DF GKBKt'¾-ACDGIcMG-LMHT:'< BKD0?EDF G:'<EcM¾-bF?,Ju? LI:0?EPRF ¾-bFxoibY
< ce?EJ.D0?l;Y?EBKF G>]< X ;Y?EDFbBK< D8P
B-?EJ;=G-LeF G 5
6LeBK8CLMH=JF GBKPRF GKDDGF¤HY?Etu FbGB-ACG0DF <>@?EDG>½H=;=G =bFvwZDJ)bdcMF
L ,Ju? Le8.hE¿C| :#?EZCH=<E
P,?HM8CbBKDbG ; 567G>LeBK8CLMH=JFbY
Q:'< :;=BKG-ACDFbY
R:;=BK8J0w? A? bY
t808>8J < ;=BK8CLMHM8>@?EDG
HY?EJF G
BKPRF GKDDG 5EIu?:;=BK8:'< PRDF GKDF?< t0LeB-?E;=GKPWFbY
RACBKF?w?EDF?L HM8u J <F D0LMH=;=ZJ)bdcMGsH=GMcvwZDJ)
bdcMFxo>zJ)H=N ;=GMcUBK<)LMHY?87B-ACG0DF <>@?EDG 5 G-LMHQF P®:;=BK8CACBKF GKu?ED0?.:0?EPRF ¾ ,HM8u J <§D0?3bB-? L
>8J < D0?EDF?UvwZDJ)bdcMFx5
I< BK>s< u < DGQcMG-LMHF DFbdcM<>@?EDF G§?EZCH=< P,?HM8CbBKD8CbY
¹BKPRF GKDD8CbY
¹HM8:'N>:'<CALMHY?*>s<>8CbY
:Mj-kC| 3> %7 {| ² Ek :}² h |
E¿ A'²)@« l¿kiC>j :)k0«
> %0h { ;FIL 7< DGF DFbdcM<>@?EDG
:'<CAbB-? L@J?E-ACGKX <Q<CAC>s<Cw?EDF?QAC<QvwZDJ)bdcM.F :w:0?H=;=BU:;=BK8J0w? Alm05 4 b4 ; 5
F GTPR< KD0?QF DFbdcM<>@? T?EDFiHY?Etu FbEo0?EDF>LeJ? KDF J N>O?EZCH=< P,?HM8CbBKD8CbY
5
?Etu FbGIF'>LeJ? KDF JF'B-ACG0DF <>@?EDG>9H=;=G =bF0vwZDJ)bdcMFiPR< KD0?UF DFbdcM<>@? Eo)<F u GL Ju? Le8
|h |ij) :#LMHY?HM8CbBKDbG ; 5
'PRF GKDDG oHY?Etu FbGUF>LeJ? KDF JFLMHY?HM8CbBKDGTL QF DFbdcM<>@?EDGT;Y?EBT:'<CAbB-? L@J < PR:F u? bdcMFx5
¨i»
6 vwZDJ)bdcMF« {{ {,F DFbdcM<>@?ED0?IcMG-LMHLeBKG=bF <GKu GKPRGKD)H=<>@?HY?Etu FbK?R>LeJ?KDF J N>U5CndDFbdcM<E
>@?EDF G@HY?Etu Fb>8P,?EX)?ZPRF G-LeB-bBKGKDF?T>´D0?*>F? L=? bY
lw? 0bZ0bY
<>8CbY
QGKu GKPRGKD)H=N> HY?Etu F
b83<CAACBKF GKu < D8CbY
7:;=BKG-bF DJ?EPRFx-5 ?EJF G,D0? A?*>@?EDF GQ>@?E;eH=< =bF
GKu GKPRGKD)H=< P HY?Etu FbTcMG-LMH
AC< BK>s< u < DG>80 bBKDG:'<CAbB-? L@F DFbdcM<>@?EDF?DF G@cMG-LMHH=<RF D0LMH=;=ZJ)bdce?5
< :;Y?*>DGcMG-LMHF DFbdcM<>@?EDF GIHY?Etu FbULMHY?HM8CbBKD8CbY
t'GKBU:'<CA?*>@?EDF?FbY
.;=< BKPRF?E;=Z5
& ¤& ¤& /'¢1!i¡Y2¹¸º¢!¤£'¥=¦-" fih0j-k
`ZDJ)bdce?Ufih0j-klP,?,[R?E;=X ZPRGKD)HM8
:h {;=< :'X U;Y?EcMG-P.LMHQo ?E;=X ZPRGKD)H=GKP HM8:Z´j-kC|§< J;=G eu?c b8Pu FbBKt'¾L N>g>gu F DF F±>8>s<CZc bGMc
>h { 8:>s <CcMG-ZLMc H b?EGM;=c±X :Z;=PR< GKX D);YH=?EGKP.P 5 HM8:Z3> %0h 3{ !!Co)bBK8u F'HY?Etu Fb >LeJ? KDF J N>AC<H=GKJCLMH=N>Bu F DF F
i?E:0?EPRF ¾HY?cMP8
h { : H=<R>LeJ? KDF JAC<,D0?EBK>8l:;=< X ;Y?EPZo
h { :
H=<R>LeJ? KDF JAC<,:F GK;=>LeBKX <R?E;=X ZPRGKD)H=Z>8>s<Cw?EDF?:;=< X ;Y?EPZo
h { : H=<R>LeJ? KDF JAC<lAC;=ZX F GKX <R?E;=X ZPRGKD)H=Z>8>s<Cw?EDF?:;=< X ;Y?EPZlF HYA5
6:;=BK8J0w? ACBKF GQ~5 [mD0?:'<CbB H=JZ3vwZDJ)bdcMF¤fih0j-kRcMG-LMH>8J < D8>@?EDGLe:;Y?*>ACB-?EDF G:'<E
:;Y?*>D< =bF>8>s<Cw?EDF?.:;=< X ;Y?EPZ56 :;=BK8:0? ACJZti¾-ACDGKX <§>8>s<Cw?EDF?.:;=< X ;Y?EPZ3HM>s<E
;=BK< D8TcMG-LMHH=GKJCLMHF DCvw< ;=PZc b8l<R:'<)LMHY? bF:'< :;Y?*>DGKX <Q<CAC>s<Cw?EDF?5
& ¤&»& Q" 01#"#0¡-)£3¸º¢!¤£'¥=¦-"
6 ?E;eH=<B-?E:'< BKD0? LeF ¾§B§vw< ;=P,?Eu D8P < :FLeGKPp:'< BKD0?ED8CbY
9AC<EHM8CbY
0bB-? LRvwZDJ)bdcMFx5s6 ?E;eH=<
;=N>DF GK;=< B-LeBKGK;=BK8 Le>s<Ec >F G-ACBK¾T<QvwZDJ)bdce? bY
.:'< BK>@?Eu?c b8CbY
lD0?Q< :'GK;Y? bdcMGTD0?H=GKJCLMHY? bY
5
, "#¥ !"#
'% & 698tF GK;=BBUH=GKJCLMH=Z3L <>s<,<l:'<CA?EDGMc:'< BK8CbdcMFx5i?N o0KG< X ;Y?EDFbBKDF JF GKP©L <>@?cMG-LMH
AC>ZJ;=< :'GKJi5
& 698tF GK;=BBUH=GKJCLMH=Z§LeJ0w? A?c bGKX <,LeF ¾B>F GKu Z§u F DF FH=Gu F DF G o'>WJ)H=N ;=8CbY
.D0?,:'<CbB H=JZ
BKD0?ceACZcMGULeF ¾U>8t;Y?ED8RH=GKJCLMH-5
& i?EPRF GPRF GMceL=bK?EPRFiH=GKJCLMHBAC>sNCbY
>8t;Y?ED8CbY
u F DF Fx5
¤& 6LMHY?*>cMG-ACD Qu F DF ¾TH=GKJCLMH=Z.:'<,u F DF F<RDZPRGK;=BKG 5
¨3
,
R .
S.
_
0, ^Z( . & "& "&O
I? ALeBKG-A'bB-? LKo
t8¹AC< J0w? ACDF GMcQB-?E:'< BKD0? .LeF ¾BKG§LMH=;=ZJ)H=Z; 7:;=< X ;Y?EPZoJu? L=?EPRF:0?
PRF ¾-bFxo¤< t0LeB-?E;Y?EPRF
ACBKF?w?EDF?BKPRF GKDD8CbY
F>LeBK8CLMH=JF PRFF DCvw< ;=P,? bdce?EPRF:'< BK>@?Eu?c b8PRFD0?
:FL=?EDF G,:;=< X ;Y?EPRN>]>g>F GKu Z:u F J? bY
5¤;=BK8J0w? A§D0? LMH=¾K:D83DF Gl;=G-?Eu F BKZcMG,-? ACDGKX <bF GKJ?
>sGKX < ?Eu X < ;=8)H=PZoP,?cMG-AC8DF G.B-?7B-? A?EDF G.BKF u Z0LMH=;=<>@? l>:;=<>@? ACB-?EDG> HM8P ;=< B-ACBKF?Eu G
:'<EcM¾-bF?5;=< X ;Y?EP 5 [ qQcMG-LMH,B-?E:FL=?ED87>AC>sNCbY
:u F J? bY
oPR< KD0?§ZCHM>s< ;=BK8 TcMGKX <7>sGK;YLwcM¾
>8J < D8>@?Eu D RF>8J < D0? TX <05 6±BK8)H=GKu DF J.D0?l:'<CALMHY?*>F G:'< DF -LeBK8CbY
F DCvw< ;=P,? bdcMF:'<>F DF GKD
< J;=G eu F QHM8:oJu? Le¾l:0?EPRF ¾-bFxo< t0LeB-?E;ACBKF?w?EDF?J?E-ACGKX <>8CLMH=¾K:Zc bGKX <§> HM8P®:;=< X ;Y?
PRF GFACGKD)HM8)0J?H=< ;Y?569F DF GKD§;=N>DF GKB-?H=;=BK8P,? ULeF ¾:;=BKGKBPR< PRGKD)HD0? A.>8CLMH=¾K:Zc b8PRF
>aHM8P:;=< X ;Y?EPRF G<CAC>s<Cw?EDF?EPRFAC<;=N KD8CbY
.vwZDJ)bdcMF
FBKD0?Eu G H=Gvw;Y?EX PRGKD)HM8.:;=< X ;Y?EPZo
J)H=N ;=GQD0?HY?EJF GR<CAC>s<Cw?EDF?l:'< BK>@?Eu?c 5i6 ?E;eH=<.;=N>DF GKQ:'<CA? Eoce?EJF GQH=GKJCLMHM8§:'<Ece?*>F LeF ¾
D0?QPR< DF H=< ;=BKGT:'<CAbB-? L@>8J < D0?EDF?H=GKX <R:;=< X ;Y?EPZ5
( E2£ º 2&'»
<>)>)>)>)>)>)>)>)>)>)>)>)> >)> >)> >)> \ V @\BI T >)>)>)>)>)>)>)>)>)>)>)>)> >)>)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)>
☛
J vwZD0_4:<;ji
n
AC< Ztu GvwZD4 :wF D)H o F D)H8;
=
LMHY?H=FbUbY
0?E; >
= `yjE«4` o ` B |'` o `=f ' `Eo]:#bY
0?E;j> ;M n i
F D)HF i
F i
n
bY
0?E;>
= ` 'jfihB` o ` #j*khB`Eo `bl«CCj«Ek`Eo]:#bY
0?E;j> ;M n i
LMHY?H=FbF D)HvwZD'[:<;
=
LMHY?H=FbTF D)HJ i
:ZCHYQL :W`yyy} ¿k B`b;ji
J i
;=GH=Z;=D :wJ ;ji
n
<>)>)>)>)>)>)>)>)>)>)>)>)>
>)> >)> >)>.\ V \BI T >)>)>)>)>)>)>)>)>)>)>)>)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)>
6 F D0bu Z0ACG)7LMHYACF <05
'9
G H=GK;=D.AC< Ztu GvwZD4 :<;ji
LMHY?H=FbTAC< Ztu GTvwZD'[:<;ji
F D)HvwZD0_4:<;ji
LMHY?H=FbTbY
0?E;Z>b
= `E)²Ek` o `²)«#` o ` y0hEk|«E{hk` o]:#bY
0?E;j> ;M n i
G H=GK;=D.bY
0?E;>
Di
LMHY?H=FbTAC< Ztu GTvwZD'[:<;
=
LMHY?H=FbUbY
0?E; >*BKB
= ` B{ C«)²B` o `E
Ch }Chk` o `K|ChEy'
hEk`Eo]:#bY
0?E;j> ;M ni
:ZCHYQL :W`l} ¿k B`b;ji
;=GH=Z;=D ::#AC< Ztu bG ;[C5 ;ji
n
F D)HvwZD0_4:<;
=
AC< Ztu G ^i
¨'¨
:ZCHYLQ:W`l} ¿kB`b;ji
vwZD'[ :<;ji
;=GH=Z;=D :x)q ;ji
n
@>s< ;=BKGKDF G>sGK;YLwcMF>8J < D8>@?Eu DGMc:;=< X ;Y?EPZ.B-?E:FL=?EDGKX <l>³AC>sNCbY
:wJF u JZk;I:u F J? bY
§PR< KG
t8BK;=G-?Eu F BK<>@?EDGU:;=BKGKBQ<CAC:'<>F G-ACDF GQ>8J < D0?EDF G:;=< X ;Y?EPZ :wJ < PR:F u?H=< ;Y? ;T,D0?JF u J?
Le:'<)Le< t'N>U5C< DF -LeBKG:ZDJ)HM8B-?*>F GK;Y?c D0?cM:'<EH=;=BKGKtDF GMceLeBKGTF DCvw< ;=P,? bdcMGTD0?QH=GKDH=GKP,?H-5
< KD0?QLeJ < PR:F u <>@? IJ?E-AC8lBT:u F J N>O<CAACBKF GKu DF G =
bKbdb:;5 [ q 4 5 b
bKbdb:;5 [ q [C5 b
<>LMHY?ED AC>@?Q:u F JF =CyC{ °
° @yC{ ° ° 05
67GK;YLwcM¾T>8J < D8>@?Eu D >½:u F JZ.:;5 [ qUZCHM>s< ;=BK8 =
bKbº<R:;5 [ q:;5 [ q 4 5 <R:;5 [ q [C5 <
i?EJ0w? A?c bEo¤KG.ZCHM>s< ;=BK< D8cMG-LMHUcMZ.:u F J:;5 [ q 4 5 <0o?3DF G.P,?7:u F JZ´:;5 [ q [C5 <0o
>sGK;YLwcM¾>8J < D8>@?Eu D :;=< X ;Y?EPZZCHM>s< ;=BK8 =
bKbº<R:;5 [ q:;5 [ q 4 5 <R:;5 [ q [C5 b
G eu F):;=< X ;Y?EPcMG-LMH
B-?E:FL=?ED8>>F GKu Z:u F J? bY
F>8P,?EX)?AC<C bB-?EDF?>F GKu ZtF tu F <EH=GKJio
H=<§>@?E;eH=<§B-?E:'< BKD0? ,LeF ¾BJ < PRGKD0A lfih B«Ziw?HM>F?c b .:;Y? b¾l:;=BK87:'< :;Y?*>F?EDF ZF
H=G-LMH=<>@?EDF Z:;=< X ;Y?EPZ5
, "#¥ !"#
%'& \:'<e;=NCA :;=< X ;Y?EPRN> BKD0?ceACZc b8CbY
´LeF ¾> @>s< F P J?HY?Eu < X Z¹>8tF GK;=B.HY?EJFxoJ)H=N ;=8
LeJ0w? A?LeF ¾RB,AC>sNCbY
3u Zt >F ¾-bGMcvwZDJ)bdcMF<iZPRF GQvwZDJ)bdcM¾fih0j-k§>cMG-ACD8P :u F JZo?
:'< BK<)LMHY?GIvwZDJ)bdcMGU>½F DD8P :u F JZ5698J < D0?cs< tu FbBKGKDF?5
$%
R
^ U
2!' ! ^% #,-!# B'!$ #% B !., !'&(H"!
I?E:FLeBKP8l:;=< X ;Y?EP.o)J)H=N ;=8ACu?RA?ED8CbY
.AC>sNCbY
>sGKJ)H=< ;=N>
=
n
2 = n
:'< u FbBK8
b4 ;LeZPR¾HM8CbY
>sGKJ)H=< ;=N> = obBK8u F
ACu? $ K4 Y[ ¹4
)[ ;F u <CbBK8D.LeJ?Eu?E;=D8 o0bBK8u F
_ ;P,?EJCLe8P,?Eu D >Le:'NC;=BK¾-ACD >sGKJ)H=< ;=N> o 2 5
;=BK8-cMPRF cMP8 oCKGU:;=< X ;Y?EP ;=G-?Eu F BKZc b8,H=<RB-? A?EDF GTt'¾-ACBKF GUBK< ;=X)?EDF BK<>@?ED8QD0? LMH=¾K:Zc b<
6:u F JZ¹<3D0?EBK>F G¿C|ij ²
°YBK<)LMHY?EDF GZPRF G-LeB-bBK< D0?vwZDJ)bdce? « {{ {i5rs¾-ACBKF G< D0?
>8J < ;=BK8CLMHM8>@?ED0?o-?> PRF?E;=¾@:'<EH=;=BKGKtR;=< BKtZ0AC<>8>@?ED0?5-`ZDJ)bdce?HY?t'¾-ACBKF G;=N>DF GK
>8J < ;=BK8CLMHM8>@?ED0?U>OD0? LMH=¾K:D8CbY
B-? A?EDF? bY
5
?EJ >F? AC< PR<3;=< BKPRF?E;=87HY?Etu Fb< J;=G eu?EDG> FbY
¹ACG0DFbdce? bY
¹PZ0LeB §t8 LMHY?8PRFxo
PZ0LeB Qt8 TB-?H=GKP:;=BK8-cM¾H=GUBU:'GK>D8P©D0? ACPRF?E;=GKP.5 4u X < ;=8)H=P>F DF GKD.t8 TB-?E:FL=?
D83HY?EJio¤t87t80@:'< :;Y?*>D87ACu?3AC<>s< u DGKX <.;=< BKPRF?E;=Z7koH=BKD5¤HY?EJio¤t8 J < DF G-bBKD<
>8J < D0?EDF?s< tu FbBKG UACu?>sGKJ)H=< ;=N>3<>F ¾KJCLeBK8PO;=< BKPRF?E;=BKG>8P,?EX)?w?¤cMG-AC8DF G±BKPRF?
D83ACG0DFbdcMF
HY?Etu FbQu Zt3u GK:F GMcBKPRF?ED83ACG0DFbdcMF±LMHY?8CbY
3F:'< D<>DGMcJ < PR:F u? bdcMF
:;=< X ;Y?EPZ5
?EDGTAC<R:;=< X ;Y?EPZoEH=BKD5;=< BKPRF?E;=8QF>Le:'NC;=BK¾-ACDG>sGKJ)H=< ;=N>9BKD0?ceACZc QLeF ¾T>O:u F JZ
<,D0?EBK>F G:'<CA?*>@?EDGMcce?EJ <,:F GK;=>LeBK8?E;=X ZPRGKD)H:;=< X ;Y?EPZ5C698DF JFD0?Eu GKK8B-?E:FL=?
>O:u F JZoJ)H=N ;=GKX <QD0?EBK>@?>8CLMH ):FCce?EJ <RAC;=ZX F?E;=X ZPRGKD)H:;=< X ;Y?EPZ5
4u X < ;=8)H=P Le:;Y?*>ACB-?c b8:'< :;Y?*>D< Q>8>s<Cw?EDF?:;=< X ;Y?EPZ7P,?.t8 RB-?E:FL=?ED8§>
vwZDJ)bdcMF<RD0?EBK>F Gh { :)¿ fi«EkC| i5
$
4D0?Eu F B-?H=GKX <:;=BK8J0w? ACZlDF G:'<>F DD0?D0? LMH=;=¾-bB-? >F ¾KJCLeBK8CbY
l:;=< tu GKPRN>U5F GTP,?>DF P
-? ACD8CbY
D<>8CbY
J < D0LMH=;=ZJ)bdcMF)cM¾KBK8J?56I5
☛
( E2£ º ¨&7
6 F D0bu Z0AC)G 7LMHYACF <05 '
9
6 F D0bu Z0AC)G 7LMHYACu F t5 '
9
6 ACG0DG [E
G H=GK;=D < FAGK;=;=< b; :<;ji
< FA?E;=X ZPRGKD)HM8 :<;ji
F D)HP,?EF D :wF D)HI?E;=X)bEo bY
0?E; >?E;=X
X;
=
AC< Ztu G
ºo 8
ºo B
ºo LKo P o PB8 i
`n >-vw>Uo >-v#A i
F D)HDo BJ i
?E;=X ZPRGKD)HM8 :#?E;=X)bEo ?E;=X ;ji
F v : :v#A vw< :'GKD :#?E;=X
4 ºo `K'{ `b;;;±GK;=;=< b; :x[Co `
ChEk0B« `b;ji
F v : :vw> vw< :'GKD :#?E;=X
[ ºo ` #`b;;;±GK;=;=< b; :x[Co ` #)k>j Bij `b;ji
v#L=bK?EDCv :v#Ao `
` o TkD ;ji
vw< b; :wJ iCBJ 7'D iCJ m;
P
Di
P8 8
Di
vw< b; :wJ iCBJ 7'D iCJ m;
=
B
J
J I8
J Di
P
J 09OP
J =P i
P8 8
J .9OP8 U8
J =CPB8 i
L
J >*8
J Di
n
vw< b; :wJ i BJ 7'D i J m;
=
vw:;=F D)Hev :vw>Uo ` ² } ` o B
J X;ji
F v : ::wJ b4 ; Qq);;±vw:;=F D)Hev :vw>Uo `Fhk `b;ji
n
vw:;=F D)Hev :vw>Uo `Fhkj ²
±°Y BhC² ² }If0¬ ² }Uf ² } hk ` o LKo P o P8 ;ji
n
< FA?E;=X ZPRGKD)HM8:wF D)H?E;=X)bEo bY
0?E;>?E;=X
X;
$
=
F D)Hu GKD'i
bY
0?EZ; >*Z0L=?EX G)i
F v :#?E;=X)b _ ;
=
u GKD LMH=;=u GKD:#?E;=X
X;³4-i
F v : :wZ0L=?EX G :#bY
0?E;U> ;dP,?Eu u <Cb)::wZD0LeF X DG-A4;du GKDB>LeF BKGK<Ev:#bY
0?E;j;;;;GK;=;=< ;b:#_o `K|hA'²j) hT¿i h :«B`b;ji
LMH=;Yb:8 :wZ0L=?EX G o ?E;=X
X;ji
LMH=;YbK?bH :wZ0L=?EX G o `}'j ²)« j-kl}'j ²)« E¿C'| `b;ji
GK;=;=< b; :wm0o Z0L=?EX bG ;ji
n
n
<>)>)>)>)>)>)>)>)>)>)>)>)> >)> >)> >)> >_\ V [A V TZ>)>)>)>)>)>)>)>)>)>)>)>)>)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)>
6 F D0bu Z0ACG)7 LMHYACF <05
'9
6 ACG0DG 4 Wq
LMHY?H=FbTbY
0?E;Z*> :
= `H` o
` ²)«+
ChEk0«B` o
` |#0h {'CjE«Uy'²j>B)¿` o
$
` AC{h BRy0h*f¤jE«Cj` o
` h :«
2` o
T` kjE« k0hEk ` o
n i
< FAGK;=;=< ;b¤: F D)HD;-o bY
0?E;> LMH=;j;
=
F D)HJBi
J D;29 4 4 8=D;Qi
vw:;=F D)Hev#: LMHYACGK;=;-o `' ²)h
0 0 h k` o D;-o :
J ºo LMH=;j;ji
G CF Hbw: D;j;ji
n
"0&O , @ " #% !., !'&(H"!0
F v : :w8 :#AC< Ztu FG > ;dP,?Eu u <C)b ::wZD0LeF X DG-4A ;dBD >LeF BKGK<Ev :#AC< Ztu Gb;;;;@GK;=;=< ;b:x[Co ` #0« B| {'`b;ji
F v : :wB :#AC< Ztu FG > ;dP,?Eu u <C)b ::wZD0LeF X DG-4A ;dBD >LeF BKGK<Ev :#AC< Ztu bG ;;;;@GK;=;=< b; :x[Co ` #0« B| '{ `b;ji
vw< b; :wJ iCBJ 7'D iCJ m;
v#L=bK?EDCv :v#Ao ` ² } ` o IJ ;ji
vw< b; :wJ iCBJ 7'D iCJ m;
P > i
P8 >*B8 i
vw< b; :wJ iCBJ 7'D iCJ m;
=
B
J
J W8
J Di
P
J 09OP
J =P i
P8 >%:w8 IJ ;9½P8 >%:w8 IJ ; =PB8 i
L
J ^>8
J Di
n
vw< b; :wJ i BJ 7'D i J m;
=
vw:;=F D)Hev :vw>Uo ` ² } ` o B
J X;ji
F v : ::wJ b4 ; Qq);;±vw:;=F D)Hev :vw>Uo `Fhk `b;ji
n
vw:;=F D)Hev :vw>Uo `Fhkj ²
±°Y BhC² ² }If0¬ ² }Uf ² } hk ` o LKo P o P8 ;ji
vw;=GKG : 4;ji
vw;=GKG :w8 ;ji
vw;=GKG :wbB ;ji
n
> /[ E T PjC8CFI k[ MSEBA N >
$»
?,cMGKX <3>@?E;eH=< =bF RcMG-LMH,A'ZX < ,> t0?cdHY? bY
BKPRF GKDD8CbY
>8t;Y?EDGKX < u Zt q 5
#
3HY?Et'GKu FZPRF G-LeB-bBK< DGMcD0?lJ < 0bZH=GKX <l< :;Y? b<>@?EDF?QD0?Eu GKK8.<CAbBK8)HY? F DCvw< ;=P,? bdcMG<cMGKX <
:;=F < ;=8)H=G-bF GF;=<CACB-?cMZ§ bBKD< =bFx5
B 0#%"! # 0!" j(H. Z "#%!'&
4u X < ;=8)H=PzBU:;=BK8J0w? ACZª5 [)PR< KD0?Q:'<CACBKF GKu F TD0?QJF u J?RbBK¾=bFxoCD: =
4b;
4u < J? bdce?Q:0?EPRF ¾-bFACu?HY?Etu Fb8 5
[); 6±BK8)HY?EDF GTGKu GKPRGKD)H=N>HY?Etu Fb8lBU:u F JZ5
_ ;FL=?EDF GGKu GKPRGKD)H=N>HY?Etu Fb8AC<,:u F JZ5
mH;Itu FbB-?EDF GTLeZP8AC>sNCbY
>sGKJ)H=< ;=N>U5
)q ;Itu FbB-?EDF GF u <CbBK8DZLeJ?Eu?E;=DGKX <05
$
<>)>)>)>)>)>)>)>)>)>)>)>)> >)> >)> >)> >_\ V [A V TU>)>)>)>)>)>)>)>)>)>)>)> >)> >)> >)> >)> >)> >)> >)> >)>)> >)> >)> >)> >)> >)> >)>
6 F D0bu Z0AC)G 7LMHYACF <05 '
9
6 F D0bu Z0AC)G 7LMHYACu F t5 '
9
G H=GK;=D < FAGK;=;=< b; :<;ji
AC< Ztu @G >?cM67GKJ)bH :wF D)HkD ;
=
F D)H<F i
AC< Ztu @G >*>s)G i
F v : :w>sG :#AC< Ztu FG > ;dP,?Eu u <C)b ::wZD0LeF X DG-4A ;dBD >LeF BKGK<Ev :#AC< Ztu bG ;;;;@GK;=;=< b; :x[Co ` #0« B| '{ `b;ji
;=GH=Z;=D>sG8i
n
< FA 6±BK8)H=67GKJ)Hb:
`n >-v#Ao AC< Ztu G@>*>sG o F D)HDk;
=
F D)HF<i
bY
0?EZ; >*GK;=;Qi
vw< b; :wF iCF<7D'iCF m;
=
F v :v#L=bK?EDCv :v#Ao ` ² } ` o T>sG
F X; 4b;
=
GK;=; P,?Eu u <C)b ::wZD0LeF X DG-4A ;e[ q);ji
Le:;=F D)Hev :wGK;=;-o `*«C²)«*fi«EkC|kC{
hk ` o F ;ji
GK;=;=< b; :M4 o GK;=j; ;ji
n
n
n
< FAFLeBK67GKJ)Hb:#`n -> vw>Uo AC< Ztu G>*>sG o F D)HDk;
=
$ 2
F D)HF<i
vw< ;b:wF iCF<7D'iCF m;
=
vw:;=F D)Hev:vw>Uo `
° 0² } ` o >sG
F X;ji
F v : ::wF b4 ; Qq);;±vw:;=F D)Hev:vw>Uo `Fhk`b;ji
n
vw:;=F D)Hev :vw>Uo `Fhk `b;ji
n
<>)>)>)>)>)>)>)>)>)>)>)>)> >)> >)> >)> >_\ V [A V TU>)>)>)>)>)>)>)>)>)>)>)> >)> >)> >)> >)> >)> >)> >)> >)>)> >)> >)> >)> >)> >)> >)>
< FAI<CAC67GKJ)bH :#AC< Ztu @G >*>U4 o AC< Ztu G >*>I[Co AC< Ztu G>*>_o F D)H@Dk;
=
F D)H<F i
vw< b; :wF iC<F 7'D iCF m;
>_
F >U4
F W>I[
F Di
n
AC< Ztu GUndu <CbBK8D'\J?EuD:#AC< Ztu G>*>U4 o AC< Ztu G>*>I[Co F D)HDk;
=
F D)H<F i
AC< Ztu GLeJ i
vw< b; :wF iC<F 7'D iCF m;
LeJ >U4
F ^>>I[
F Di
;=GH=Z;=D.LeJ i
n
AC< Ztu G §? u GKP :#AC< Ztu G>*>Uo F D)HDk;
=
F D)H<F i
AC< Ztu GUP,? i
P,? >
Di
vw< b; :wF )4 iC<F 7D iF m;
P,? >
F .9OP,? U>
F =P,? i
;=GH=Z;=DP,? i
n
¨&&#%'& '1" #¥=¦-
6 J?E-AC8PB:u F J N>½B-?*>F GK;Y?c b8PzvwZDJ)bdcMGPZ0LeB,t8UZPRF G-LeB-bBK< DG:'< u G-bGKDF?,:;=G
:;=<CbG-Le< ;Y?,AC<C bB-?c bGU>LeBK8CLMH=JF GDF GKBKt'¾-ACDGQ:u F JFD0?EXCN>J <>sG 5<lD0?E:FL=?EDF Z.vwZDJ)bdcMFB
:;=BK8J0w? ACZ§ª5 [Eª,Ft0?E;YACBK<AC< J0w? ACD8P:;=BKGH=G-LMH=<>@?EDF Z.PR< KD0?lZCHM>s< ;=BK8 UFbY
§>sGK;YLwcM$G E< tC
cMG-b H o0?Q:u F JFBH R>sGK;YLwc QAC<C bBK8 AC<lAC<>s< u DGKX <B-? A?EDF?5
$¨
$ K4 Y[ ¹4
i? A?EDF GH=<RBK;=G-?Eu F BKZcMP8lB-?EJ0w? A?c bEo)KG =
I<3J < D)H=;=< u <>@?EDF?:'< :;Y?*>D< =bF< tu FbBKG BK<)LMHY?EDF G>8J < ;=BK8CLMHY?ED0?vwZDJ)bdce?7« {{ {
B-?E:FL=?ED0?>O:u F JZ¿C|ij ²
°YC5
6 ACG0DFbdce? bY
lHY?Etu Fb;=< BKPRF?E;=8Qt'¾-A :;=BK8-cM¾H=GBTD0? ACPRF?E;=GKP.o?Q?Eu X < ;=8)H=P BKtZ0ACZcMG
P8,HY?EJioCt8t80¤:'< :;Y?*>D8lACu?RAC<>s< u D8CbY
l?k xf¤5
?EDGTBKD0?ceACZc RLeF ¾T>O:u F JZoC>8DF JFD0?Eu GKK8lB-?E:FL=? I>O:u F JZo0?QD0?EBK>8RHM8CbY
:u F J N>
t'¾-A R?E;=X ZPRGKD)HY?EPRFi:;=< X ;Y?EPZ5
`ZDJ)bdce?Le:;Y?*>ACB-?c bK?:'< :;Y?*>D< >8>s<Cw?EDF?±:;=< X ;Y?EPZID0?EBK8>@?@LeF ¾sh { :)¿ fi«EkC| ;-5
`ZDJ)bdcMFH=GMc@DF GUt'¾-ACBKF GKP8l:FL=? I±PR< KGTt8 IHY?EJ?Ice?EJ>O:;=BK8J0w? ACBKF GTª5 [E~5
☛
( E2£ º ¨& $
"0&O , " #% * !'&(
$ K4 Y[ ¹)4 i K4 Y[ ¹4
<>)>)>)>)>)>)>)>)>)>)>)>)> >)> >)> >)> >)> >)> >)> >_\ V [A V TZ>)>)>)>)>)>)>)>)>)>)>)>)>)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >
6 F D0bu Z0AC)G 7LMHYACF <05 '
9
6 F D0bu Z0AC)G 7LMHYACu F t5 '
9
G H=GK;=D < FAGK;=;=< b; :<;ji
AC< Ztu @G >)>?c §? b 4 :wF D)HDo F D)HIP ;
=
F D)H<F i
AC< Ztu @G >)>*P,? i
F v : :wP,? :#AC< Ztu FG >)> ;dP,?Eu u <C)b ::wZD0LeF X DG-A4;dDB>LeF BKGK<Ev:#AC< Ztu GF> ;;;;sGK;=;=< ;b:x[Co `YfihCjE« { `b;ji
vw< b; :wF iC<F 7'D iCF m;
F v : :wP,?
F :#AC< Ztu FG > ;dP,?Eu u <C)b ::wZD0LeF X DG-4A ;dP >LeF BKGK<Ev :#AC< Ztu bG ;;;;sGK;=;=< b; :x[Co `YfihCjE« { `b;ji
;=GH=Z;=DP,?5i
n
AC< Ztu G@>)>?c§? b [:wF D)HDo F D)HIP ;
=
F D)H<F i
AC< Ztu @G >)>*P,?o >*P't i
F v : :wPt :#AC< Ztu FG > ;dP,?Eu u <Cb)::wZD0LeF X DG-A4;dDB>*P >LeF BKGK<Ev:#AC< Ztu Gb;;;;@GK;=;=< ;b:x[Co `YfihCjE« { `b;ji
F v : :wP,? :#AC< Ztu FG >)> ;dP,?Eu u <C)b ::wZD0LeF X DG-4A ;dBD >LeF BKGK<Ev:#AC< Ztu GF> ;;;;sGK;=;=< ;b:x[Co `YfihCjE« { `b;ji
vw< b; :wF iC<F 7'D iCF m;
P,?
F TPt
P >*F Di
;=GH=Z;=DP,5 ? i
n
< FA'>;=<Cb§? b 4 :#AC< Ztu G@>)>*P,?o F D)H@Do F D)HP ;
=
F D)HF<i
vw< b; :wF i <F 7'D i F m;
vw;=GKG :wP,?
F X;ji
vw;=GKG :wP,? ;ji
n
< FA'>;=<Cb§? b [:#AC< Ztu G@>)>*P,?o F D)H@Do F D)HP ;
=
vw;=GKG :wP,?
X;ji
%'
vw;=GKG :wP,? ;ji
n
< FA 6±BK8)H §? b):#`n >-v#Ao AC< Ztu G>)>*P,?o F D)HDo F D)HP ;
=
F D)HFxo cUi
bY
0?EZ; >*GK;=;Qi
vw< b; :wF iCF<7D'iCF m;
vw< b; : c i*Uc 75 P i*c m;
=
F v :v#L=bK?EDCv :v#Ao ` ² } ` o TP,?
F
cX; 4b;
=
GK;=; :#bY
0?EU; > ;dP,?Eu u <C)b ::wZD0LeF X DG-4A ;dm)H >LeF BKGK<Ev :#bY
0?E;j;;ji
Le:;=F D)Hev :wGK;=;-o `*«C²)«*fi«EkC|kC{
hk ` o Fxo Wc ;ji
GK;=;=< b; :M4 o GK;=j; ;ji
n
n
n
< FAFLeB§? b):#`n >-vw>Uo AC< Ztu G@>)>*P,?o F D)H@Do F D)HP ;
=
F D)HFxo cUi
vw< b; :wF iC<F 7'D iCF m;
=
vw< b; : c i*Uc 75 P i*c m;
=
vw:;=F D)Hev :vw>Uo `
° 0² } ` o P,?
F
c X;ji
F v : :: c b4 ; Qq);;svw:;=F D)Hev :vw>Uo `Fhk `b;ji
n
F v :wP )q ;±vw:;=F D)Hev :vw>Uo `Fhk `b;ji
n
n
<>)>)>)>)>)>)>)>)>)>)>)>)> >)> >)> >)> >)> >)> >)> >_\ V [A V TZ>)>)>)>)>)>)>)>)>)>)>)>)>)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >
6 F D0bu Z0ACG)7LMHYACF <05
'9
< FAI<CA §? b):#AC< Ztu G@>)>*P,?4 o AC< Ztu G2>)>*P,?)[Co AC< Ztu G>)>*P,? _o F D)H@Do F D)HP ;
=
F D)HFxo cUi
vw< b; :wF iCF<7D'iCF m;
vw< b; : c i*cU7P5i*c m;
P,? _
F
c P,?4
F
caP,?)[
F
cDi
%7
n
< FA §? b 67GKJ)Hb:#AC< Ztu G@>)>*P,?o AC< Ztu G>*>sG o AC< Ztu G>*>8 o F D)HDo F D)HP ;
=
F D)HFxo cUi
AC< Ztu GU;Qi
vw< b; :wF iCF<7D'iCF m;
=
; i
vw< b; : c i*Uc 75
P i*c m;
; P,?
F
c >>sG
c Di
>8
F Q; i
n
n
< FA §? b §? b):#AC< Ztu G>)> o AC< Ztu G>)>*8 o AC< Ztu G>)>*B o F D)HDo F D)HP.o F D)H:k;
=
F D)HFxo co JBi
AC< Ztu GUQ; i
vw< b; :wF iCF<7D'iCF m;
=
vw< b; : c i*Uc 7': i*c m;
=
; i
vw< b; :wJ iBJ 75 P iJ m;
;
F
J >*8
J
c Di
B
F
c Q; i
n
n
n
¨&»&#%'& !"#¥=¦-7¡- 01#"#¥E2¹7 #0£¥=¦-7¡- 01#"#¥E2
;=BKGeu G-AKP8Q;=N KDFbGPRF ¾-ACBK8RHY?Etu FbK?EPRFACG0DF <>@?ED8PRF'?Q?Eu < J? bdcU:0?EPRF ¾-bFi:'< BK>@?Eu?
c b QD0?QZK8>@?EDF GHY?Etu FbT<,AC>sNCbY
>LeJ? KDF J? bY
50i?N KP8 oCKG =
b4 ;iACG0DF <>@?ED0?cMG-LMHHY?Etu FbK?Q|
8: ce?EJ>½:;=BK8J0w? ACBKF GTª5 [E ; =
AC< Ztu GH-4
_
m Di
)[ ;'<)LMHY?w?B-?E;=GKBKGK;=>s<>@?ED0?U:0?EPRF ¾ :vwZDJ)bdce? hHl)gh
TBU:;=BK8J0w? ACZª5 _ ; =
F D)H<F i
AC< Ztu G >)>-H %[ i
H [ :#AC< Ztu FG >)> ;dP,?Eu u <C)b :#H_ >LeF BKGK<Ev :#AC< Ztu FG > ;;ji
vw< b; :wF iC<F 7_ iF m;
H [
F :#AC< Ztu @G > ;dP,?Eu u <C)b :w%m >LeF BKGK<Ev :#AC< Ztu bG ;;ji
%i»
_ ;'<)LMHY?w?B-?E;=GKBKGK;=>s<>@?ED0?U:0?EPRF ¾ :vwZDJ)bdce? hHl)gh RBU:;=BK8J0w? ACZª5 _ ; =
F D)H<F i
AC< Ztu G >)>-HY_o >-QH i
H :#AC< Ztu FG > ;dP,?Eu u <C)b :M4*[ >LeF BKGK<Ev:#AC< Ztu Gb;;ji
HY_ :#AC< Ztu FG >)> ;dP,?Eu u <C)b :#H_ >LeF BKGK<Ev:#AC< Ztu GF> ;;ji
vw< b; :wF iC<F 7_ iF m;
HY_
F H
%m >*F Di
H=<UXCN>DGbG-bY
8HY?Etu Fb@BKtZ0AC<>@?ED8CbY
HY?EJce?EJH=<BK<)LMHY?<T< :FL=?EDG@>´:'<>8-LeBK8CbY
Q:ZDJ)
HY? bY
=
4IA4
|GKu
GKPRcMG-GKLMD)HHY?EFACPRGKD)FiHMHY8)?E0tJu F?bH=8l< ;=FGKBKPPRFHYGK?EDtDu F8bPR83F<§HM8AC:>sZ NC
bY
E¿ F A'D0²)AC«0GKJCo L=? bY'
i|
M|
@5 5 50L
HYGK?Eu GKtPRu FGKbKD)?QHM|8,
THY?EB-t?cMu FPb8lZcM| G
T!B-?3cM!PCZj c CQ« )J }< u GM
cMDEGT¿ A't0² ?« cdHM8 t0o ?cdH=N>Uo
||
±cM>G-LeLMJHI?ELMBKHYZ?cM GUo D0?QGKu GKPRGKD)H| 'o
HY| ?E
tu FbK?QM| |
T <
cMG-AC5 5 D5E8L PRLM>HY?LeJ8? PRKDFF >JZLeJD?EFBKGsZccMG-LMbHI8PRACGF0D0D?QF <| >@
?ED0 ? o M|
5 5 5 o
HY<C?EACt>su F<Cbw8?EDF0F ACG±<CACA<?vwH=ZJ D<>J)bd8cMPRFxo*DFCF:D05 LM= H=i;=j)Z
J) bdceg?EhPRCoFx5EP6 Z0LeHYF?Ett8 u Fb:'8Q< :':< ;=PRBKG-<CACbBKD< FDbGsBKGMACcG>0DF DFbdDc 8It:'8 < @PRB-<C?Eb:DFFL=b?EBKDGMGc
4IA_
FF D0ACGKACD)GKHMJC8)L=0? JbY'
?H=i< | ;| P R< KGsMt| 8 ± > 8 J
< @;=BK58C5 LM5*HMH=8<R>@BK?EPRDF8GKDHY?EDJ@GTceHM?E8JU:FZ ACGK
D)EHM¿ 8)A'0²)J«0?oH=< ;¤HY?Etu Fb8<TAC>sNCbY
%3
CA < B-ACG0DF <>@?EDF?¼HY?Etu Fb8 | BK<)LMHY?< >8J < ;=BK8CLMHY?EDG ! 3!Cj C«)}
E¿A'²)«
!Cj C«)}
E¿A'²)«! t0?cdH=N>Uo
GKu GKPRGKD)HM8,HY?Etu Fb8l|RB-?cMPZcQJ < u GMcMDGTt0?cdHM8 o
|Q>LeJ?EBKZcMGUD0?Q| :HM8:Z
E¿ A'²)%« > ; o
|IcMG-LMHBKPRF GKDD o
| M|
5 5 5@L 9BKPRF GKDD8PRFR<>@?E;eH=< =bF? bY
W>LeJ?EBKZc b8CbY
a<CAC:'<>F G-ACDF <D0?
| ,|
5 5 50u Zt7;=N>D<>@?EKDF G| M| 5 5 5 i0ACu?| M|
5 5 5
cMG-LMH;=GKBKGK;=>s<>@?EDGPRF GMceL=bGU>O:0?EPRF ¾-bFxo
<CAC>s<Cw?EDF GTAC<QvwZDJ)bdcMF ij)
ghUP,?Q:'<)LMHY? =
FLeB §? )b :HY_o _o Hm ;ji
0!"! Z "#%!'&
UvwZDJ)bdcMF B-?E:FL=?ED8CbY
I> :u F J? bY
= ¿C|ij ²
°Y¿C|ij ² °Y¿C|ij ² °Y¿C|ij ² s°Y¿C|ij ² °Y
PR< KD0?QZCHM>s< ;=BK8ItF tu F <EH=GKJ ¾ 5C6 HM8P©bGKu Z.D0?Eu GKK8=
b4 ; HM>s< ;=BK8 I>sGK;YLwcMG A4l«|=
bKbdbZCH=F u 4 5 bZCH=F u [C5 bZCH=F u _5 bZCH=F u m05 bZCH=F u qC5 b
)[ ;:u F J N>]ZCH=F u 4 5 <.ZCH=F u [C5 <.ZCH=F u _75 <.ZCH=F u m05 <ZCH=F u qC5 <ZCHM>s< ;=BK8Q?E;YbY
F >ZP>g:u F JZ
ZCH=F ux5 ?oC>8J < DZc bJ < PRGKD0AC¾h { :w:0?H=;=BUP,?EDZ0?Eu ; =
?E; lZCH=F ux5 ?QZCH=F u 4 5 <RZCH=F u [C5 <RZCH=F u _5 <RZCH=F u m05 <RZCH=F u qC5 <
_ ;.\:;Y?*>ACBKF EobBK8IJ < DF G-bBKDG'cMG-LMH¤ZK8CbF G
J < PRGKD0AC8HM>s< ;=B bGMc'tF tu F <EH=GKJ ¾
B
:u F JZT¿C|ij ²
°eh05
F G>LeBK8CLMH=JF GF PR:u GKPRGKD)HY? bdcMGLe8CLMH=GKPZRH=GKX <>8P,?EX)?c 5 G eu FHY?EJio H=<>8J < D0? @J <E
PRGKD0AC¾ =
;Y?EDu F t.ZCH=F ux5 ?
:u F JZ¹¿C|ij ²
°eh7PR< KD0?7J < ;=BK8CLMHY? :'<CAC< tDF G oce?EJ tF tu F <EH=GKJvwZDJ)bdcMFxoH=BKD5±AC<C bBK8 X <
:'<CAbB-? L@u F DJ <>@?EDF?5
_
&00B()#%"! Z "#%!'&
';=G-?Eu F BKZcMP8B-? A?EDF?,B:;=BK8J0w? ACZ§ª5 [ER>8J < ;=BK8CLMH=Zc bUZCHM>s< ;=BK< D R>@bBKGeDF GMctF tu F <E
H=GKJ ¾ 5
☛
( E2£ º ¨&%
¤ U
SQ U
!#% ! #%.
GH=<CA?RGK>@H=< D0?Q:'< BK>@?Eu?D0?R;=< BK>FEB-?EDF GI;=N>D0?EDF?:'<)LMHY? bF =
:
B ;
i?N KP8 oKG:F GK;=>F? LMH=GKJ;=N>D0?EDF? BKD0?ceACZcMGILeF ¾>´:;=BKG-ACBKF?Eu G
0< ;Y?EBsvwZDJ)bdcMG
FLMH=DF GMc QFL QbF )XCGT>O:;=BKG-ACBKF?Eu G
ºoC? DF GTBKPRF GKDF?QBKD0?EJZ?
º5CF G-bY
t'¾-ACBKF G
$ xHM8P :;=BK8tu F KGKDF GKP :F GK;=>F? LMH=J?o? ti¾-ACGKP H=GKX <R:;=BK8tu F KGKDF?oC>@H=G-AC8
:Mb4 ;
F<EH=;=BK8PZcMGKP8
:
D ; :x)[ ;
< BK>F ce?c bvwZDJ)bdcM¾ >½LeBKGK;=GKX ?*8u < ;Y?BTB-? bY
<>@?EDF GKP½cMG-AC8DF GU>8;Y?EBKZ:F GK;=>LeBKGKX <
;=BK¾-ACZ<EH=;=BK8PZcMGKP8
:
< ;
:
D ; :
/ ;
?RLMH A<EH=;=BK8PZcMGKP8
:
:
D D; ;
?EPRF ¾HY?c bEoEKGti A $ xH=GMcF H=GK;Y? bdcMF0BK<)LMHY?i:'< u FbBK< D8>Le:'<)LeN tR:;=BK8tu F K< D8 o B-?EPRF? LMH±:F GK;e
>F? LMH=J?RAC< J0w? ACDGKX < BT>BK< ;= Z :Mb4 ;s<EH=;=BK8PZcMGKP8,J < u GMcMDGT:;=BK8tu F KGKDF GU:F GK;=>F? LMH=J?
:
:
D /; ; ACu? $ K4 Y[
< BK>@?E-?EDF?AC<EHM8CbB bGlBKtF GKKD< =bFs:;=<CbG-LeZF H=GK;Y? b8-cMDGKX < :#_ ;PR< KD0?BKD0?Eu G lD:5>
:#_ ;
m0o'_o4 º5'6^:;Y?EJ)HM8CbGU< tu FbBKGKDF?,D0?Eu GKK8:;=BKGK;=>@? T:'<LeJ < 0bBK< DGMc@u FbBKtF GJ;=< J N>U5;=BKG
;=>@?EDF GD0? LMH=¾K:ZcMG oX)AC8
7
%'%
X)ACBKF G cMG-LMH A?ED QAC< J0w? ACD<=bF5
ndD)H=GK;=:;=GHY? bdce?.X GK< PRGH=;=8CbBKD0?PRGH=<CAC8GK>@H=< D0?.BK<)LMHY?w?.:;=BKG-ALMHY?*>F < D0?.D0?;=8CLeZDJZ
:'< DF KGMc5±i?EZ>@?E oKG>@?E;eH=< :wF@D0? LMH=¾K:DG;=N>DF GKb;UPR< KD0?§>8BKD0? bBK8Uce?EJ <3:ZDJ)H
:;=BKG-bF ¾-bF?LMHM8CbBKDGMcsAC<Q>8J;=G-LeZ,vwZDJ)bdcMF :;=BKG-bY
<CACB bGMc:;=BKGKB:ZDJ)H :
:
b;;±B<)LeF
¤5
f(x)
f(x0 )
f(x1 )
x
x2 x 1 x 0
h 0
'tZ0ACZcMP8:;=< X ;Y?EP ;=< BK>FEBKZc b8,;=N>D0?EDF G
LeF D [4
>½J)H=N ;=8Pz:;=BK8-cMPRF GKP8 oKG =
Itu FbB-?EDF Gs>@?E;eH=< =bF vwZDJ)bdcMF :
B; LeF D ,ACu?TAC<>s< u DGKX <?E;=X ZPRGKD)H=Z ,t'¾-ACBKF G
B-?E:FL=?EDG>avwZDJ)bdcMF<D0?EBK>F GQ}}'o'B-? I< tu FbB-?EDF G>@?E;eH=<=bF¤:'<CbY
<CACDGMcvwZDJ)bdcMF >
vwZDJ)bdcMFi<QD0?EBK>F G} y5 GH=<CA?GK>@H=< D0?BK<)LMHY?EDF GIBK;=G-?Eu F BK<>@?ED0?T>9vwZDJ)bdcMF<D0?EBK>F G
k0« #5
69:;=<>@? ACB-?EDF GIA?ED8CbY
lFi>8>s<Cw?EDF GvwZDJ)bdcMFik0« #,t'¾-ACBKF GB-?E:FL=?EDG>9vwZDJ)bdcMFfih0j-k5
I?Eu GKK8Z>BKX u ¾-ACDF EoKGDF GB-?*>LeBKGTD0?,AC;=<CACBKG?ED0?Eu F HM8CbBKDGMc@PR< KD0?,Le:;Y?*>ACBKF EobBK8
Le:'GDF < DGL B-?< KGKDF?IX >@?E;Y?ED)H=Zc bG±BKtF GKKD< sPRGH=<CAC8 5 < KD0?D0?H=< PRF? LMH>¹:;=<E
X ;Y?EPRF G>:;=<>@? ACBKF T< X ;Y?EDFbBKGKDF GP,?EJCLe8P,?Eu DGMcu FbBKt8.F H=GK;Y? bdcMFx5'6 :;=BK8:0? ACJZRcMGMc
:;=BKGKJ;=<CbBKGKDF?D0?Eu GKK8lZBKD0? EoCKGUPRGH=<CA?QDF G@cMG-LMHBKtF GKKD0?5
?EDGH=7< =
b4 ;l:;=BK8tu F KGKDF GT:'<CbB H=J <>sG o
)[ ;AC< J0w? ACD< Eo
_ ;lP,?EJCLe8P,?Eu D0?u FbBKt0?RF H=GK;Y? bdcMFx5
`ZDJ)bdce?k0« #l>F DD0?BK>;=NCbF IF DCvw< ;=P,? bdcM¾<RBKtF GKKD< =bFi:;=<CbG-LeZF H=GK;Y? b8-cMDGKX <05F G-bY
>F ¾-bBK>;Y? bK?>@?E;eH=< HM8:Z j-kC|,;=N>D
cMGKKGKu F:;=<CbG-L@F H=GK;Y? b8-cMD8TcMG-LMHBKtF GKKD8 o
4 cMGKKGKu FF H=GK;Y? b8-cMD8UcMG-LMH;=< BKtF GKKD8 5
%'%'%
Itu FbBK< D8 :F GK;=>F? LMH=GKJ;=N>D0?EDF?3PZ0LeFt8:;=BKGKJ?EB-?ED8AC<3vwZDJ)bdcMF>8>s<CZc bGMc
:;=BKGKBU?E;=X ZPRGKD)HM8 5
6 ?E;eH=<§B-?EZ>@?EK8Eo¤KGDF GlH=;=BKGKt0?§:0?EPRF ¾HY? l>LeBK8CLMH=JFbY
u FbBK< D8CbY
>z:;=<CbG-LeF GF H=G
;Y? b8-cMD8PGKu GKPRGKD)H=N>abF)X Z = n 5'I<>8J < D0?EDF?RD0? LMH=¾K:DGKX <,J;=< JZ.F H=GK;Y? b8-cMDGKX <
>8CLMHY?E;YbBK8,BKD0? >@?E;eH=< IBTJ;=< JZ:'< :;=BKG-ACDF GKX <05
☛
( E2£ º½$ &i
☛
( E2£ º½$ &'
!.# Z&OO#%0 & H
( &O'"& & H
6 HM8P PRF GMceL=bZ7D0?Eu GKK8,cMZR:'< BKD0? QJF u J?FLMH=<EH=D8CbY
3F DCvw< ;=P,? bdcMF
D0?lH=GKP,?HUvwZDJ)bdcMFxo?
PRF?ED<>FbF G
`ZDJ)bdcMGTDF GL QBKPRF GKDD8PRFx5
nMACGKD)HM8)0J?H=< ;@vwZDJ)bdcMFCcMG-LMHHM8:Z E>LeJ?KDF JAC<RvwZDJ)bdcMF RFP,?R>@?E;eH=<;=N>D Q? AC;=G
Le<>F'vwZDJ)bdcMFx5
< KD0?>8J < D8>@? I< :'GK;Y? bdcMGD0?R>LeJ? KDF J? bY
AC<QvwZDJ)bdcMFx5
< KD0?B-?E:FLe8>@? I>LeJ? KDF JFAC<RvwZDJ)bdcMF>HY?Etu FbK? bY
<CAC:'<>F G-ACDF GKX <QHM8:Z5
6LeJ? KDF JF±AC<.vwZDJ)bdcMF±PR< KD0?.:;=BKGKJ?EBK8>@? Ice?EJ <?E;=X ZPRGKD)HM83?EJ)H=Z0?Eu DGlAC<F DD8CbY
vwZDJ)bdcMFx5EAC:'<>F G-ACDF)?E;=X ZPRGKD)Hvw< ;=P,?Eu D8IPZ0LeF)t8
>@H=G-AC8T>LeJ? KDF JF GKPWAC<vwZDJ)bdcMFx5
ndDCvw< ;=P,? bdce?<HM8:F G3>@?E;eH=< =bFBK>;Y? bK?EDGMc,:;=BKGKBvwZDJ)bdcM¾7BKD0?ceACZc b LeF ¾§D0?u F =bF G
?E;=X ZPRGKD)H=N>´vw< ;=P,?Eu D8CbY
PZ0LeFt8 Z>BKX u ¾-ACDF < D0?>WACGKJu?E;Y? bdcMFx5
%'%»
$ &&#%'& ( E2£ º¤2)£ #C¥=¦-"
,"#¥ !"#
%'& I ?E:FLeBvwZDJ)bdcM¾U< tu FbB-?c b>@?E;eH=<=
:
B;
HY?EJt8vwZDJ)bdce? PR< XCw?Rt8AC<>s< u D QvwZDJ)bdc5'6 vwZDJ)bdcMFfih0j-k:'< u FbB>@?E;eH=<
ACu? :
B ; LeF DF :
B ; b<)L
%'%2
,
R .
^
5 " 2()#%!
i?EDF P:;=BK8CLMH ):F P8§AC<:FL=?EDF?:;=< X ;Y?EPRN>WBRB-? LMH=<)Le<>@?EDF GKPLMH=ZJ)H=Z;U>@?E;eH=<B-?E:'<E
BKD0? TLeF ¾TBUJF u J < P,?:'<EcM¾-bF?EPRFBHM8PBK>FEB-?ED8PRFx5
%&#%'&#%'& )£ #C¥=¦- | )y0«
C«)}
IGKJu?E;Y? bdcMG| )y0«
C«)}lDF GRACG0DF Zc:0?EPRF ¾-bFx5< BK>@?Eu?cRD0?H=< PRF? LMHD0?lB-ACG0DF <>@?EDF G
FACGKD)HM8)0J?H=< ;=N>OACu?QD<>8CbY
oC>w? LeD8CbY
lHM8:'N>U5IGKJu?E;Y? bdce?HY?RP,?Q:'<)LMHY? =
HM8:'G-ACGv
q q q o
#
X)ACBKF G =
q q cMG-LMHD0?EBK> FLMH=DF GMc bGKX <HM8:Zo
q o
cMG-LMHD<>8PL <>sGKPzJu Z0bBK<>8P.5
;=BK8-cM;=BK8-csLeF ¾U:;=BK8J0w? AC<>sGMc±ACGKJu?E;Y? bdcMF| )y0«
C«)3} =
#
> )J H=N ;=8P :'<Ece?*>F? LeF ¾7< :'GK;Y?H=< ;.LeJ0w? AC<>sGMcEJ;=< :J? :M5 ; 5 §? < DO:;=F < ;=8)H=GHHY?EJFsce?EJ
D0?*>F? Le8,J>@? AC;Y?H=<>sGIF< J; )XCGIFCcMG-LMHu GK>s<)LMH=;=< DDF G bBKD8 :w:0?H=;=BULK54Km)ª ; 5
67G KP8LeJ0w? AC<>sGTLMH=;=ZJ)H=Z;=8l¬lF< J;=Geu P8RFbY
HM8: =
5 F PRF G cMG-LMHH=<RBKPRF GKDD0?QHM8:Z7> %0h 3{ !THY?Etu FbK?QBKD0?EJ <>@?
5 D0?EBK>FLeJ <
cMG-LMHH=<RBKPRF GKDD0?QHM8:ZbY
0?E;sGKu GKPRGKD)HHY?Etu Fb8BKD0?EJ <>sGMc
5 ;=< J cMG-LMHH=<RBKPRF GKDD0?QHM8:Z.F D)H
< KD0?ACG0DF <>@? HM8: E>LeJ? KDF J¹AC<LMH=;=ZJ)H=Z;= 8 5@iACG0DF ZcMP8´>F ¾-b>LeJ? KDF J¹AC<
BKPRF GKDDGMcsHM8:Z %c
T\0r 4 > i
G eu FBKPRF GKDDGMc@¬¬lBK<)LMHY?EDF GD0? A?ED0?Q>@?E;eH=< I;=N>D0?Q? AC;=G-Le<>FiLMH=;=ZJ)H=Z;=8
i
H=<
5 F PRF G :D> 4; 5 F PRF G $9F PRF G
5 D0?EBK>FLeJ <
:D> 4; 5 D0?EBK>FLeJ <
$9D0?EBK>FLeJ <
5 ;=< J :D> 4; 5 ;=< J $9;=< J
?< :'GK;Y?H=< ;±>LeJ? KDF J <>8RLeJ0w? AC<>sGMc EPRF DZ0Ls>F ¾KJCLeBKG :$9;P,?:;=F < ;=8)H=GH±HY?EJF)ce?EJR< :'G
;Y?H=< ;@J;=< :J? :° ; o0?Q>8-LeBK8lDF TX >F?EB-ACJ5 ? : !);sFcMG-LMHu GK>s<)LMH=;=< DDF G bBKD8 :w:0?H=;=BLK54Km)ª ; 5
698;Y?EKGKDF? j>*¬¬ ° jf¤jE«0oC¬7¬ 9Ujf¤jE«lL ;=N>D<>@?EKDGUF< BKD0? bB-?c =E>sG BKGRLMH=;=ZJ)H=ZC
;=8 >LeJ?EBK8>@?EDGMcT:;=BKGKB¬¬ LeJ0w? ACDF J´jf¤jE« 5698;Y?EKGKDF 5 G >*¬s° jf¤jE«.< BKD0? bB-? = E>sG ,H=<3D0?
b<>LeJ?EBKZcMGQLeJ0w? ACDF Jjf¤jE«LMH=;=ZJ)H=Z;=8¬ 5'698;Y?EKGKDF?l¬¬s° jf¤jE«0&o !¬¬s° jf¤jE«0o¬ -9Ujf¤jE«
DF GlL .:'< :;Y?*>DG 5I:'GK;Y?H=< ; EJ;=< :J? l>F DF GKDt8 R:'< :;=BKG-ACBK< D83LMH=;=ZJ)H=Z; o?.< :'GK;Y?H=< ;
EPRF DZ0L@>F ¾KJCLeBKG Q>LeJ? KDF JF GKPAC<,LMH=;=ZJ)H=Z;=8 5
%
\)H=;=ZJ)H=Z;=8FC>LeJ?KDF JFAC<ULMH=;=ZJ)H=Z;
PR< KD0?X ;=< P,? ACBKF ±>HY?Etu FbK? bY
5)iACG0DF ZcMP8QAC>F G
HY?Etu FbG =
T\0r 4OH
4- ºo >L
qDi
u GKPRGKD)HY?EPRFHY?Etu Fb8|L RLMH=;=ZJ)H=Z;=8lHM8:Z %ci5;=BK8-cM;=BK8-cMP8lLeF ¾UD0? LMH=¾K:Zc b8P>8;Y?
KGKDF < P FB-? LMHY?EDN>P8lLeF ¾Ub<R< DGT< BKD0? bB-?c=
H ±>LeJ? KDF JAC<,LMH=;=ZJ)H=Z;=8,HM8:Z %cio
±>LeJ? KDF JAC<RBKGK;=<>sGKX <GKu GKPRGKD)H=ZHY?Etu Fb8l|io
H
sLMH=;=ZJ)H=Z;Y?<RF D0ACGKJCLeF G5 :HM8:Z %c;
H
º5 ;=< J sLeJ0w? ACDF J,;=< JLMH=;=ZJ)H=Z;=8l<RF D0ACGKJCLeF GUo
±BKPRF GKDD0?HM8:Z j-kC|io
H
º5 F PRF G
4 ±GKu GKPRGKD)H<RF D0ACGKJCLeF G,4ULeJ0w? ACDF J?jf¤jE«RLMH=;=ZJ)H=Z;=8l<RF D0ACGKJCLeF GUo
±BKPRF GKDD0?HM8:Z7> %0h {i5
u GKPRGKD)HY?EPRF HY?Etu Fb8RL I>LeJ? KDF JFAC<LMH=;=ZJ)H=Z;HM8:Z %ci5-\:;=N tZc¤<CAbBK8)HY? :'< DF -LeBKG
B-?E:FLe8 :wB-?EJ0w? A?c bEoKGTGKu GKPRGKD)H=< PzHY?Etu Fb8§BK<)LMHY?8,D0? A?EDGT>@?E;eH=< =bF ; =
L
±BKGK;=<>8,GKu GKPRGKD)H@HY?Etu Fb8lHM8:Z %c3!Co
±BKPRF GKDD0?HM8:Z.>LeJ? KDF JAC<,LMH=;=ZJ)H=Z;=8 o
L
º5 ;=< J H=GKD.B-?E:FLcMG-LMHti¾-ACD8 o
:
L
X; 5 F PRF G
4 sAC;=ZX)?u F H=GK;Y?QF PRF GKDF?R<)Le< t8,>LeJ?EBK8>@?EDGMc±:;=BKGKBUL
L
9F PRF G
4 ±F DD8lB-?E:FL@:'<>8-LeBKGKX <05
2!' ! B !( 2 "..
I?E:FLeBKP8,vwZDJ)bdcMGT>8J < DZc bGT< :'GK;Y? bdcMGD0?Ru FbBKt0? bY
BKG-Le:'< u < D8CbY
=
4b;lvwZDJ)bdcM¾< tu FbB-?c bU:F GK;=>F? LMH=JF:w;=BKG-bBK8>FLMH=GIu ZtBKG-Le:'< u < DGb;;=N>D0?EDF?UJ>@? AC;Y?H=<E
>sGKX <0o
[);lvwZDJ)bdcM¾AC<CA?c b QAC>F GTu FbBKt8BKG-Le:'< u < DG 5
I?.:'<CbB H=GKJ§ZBKZ:'GDF cMP87>BK< ;=8§Bl;=< B-ACBKF?Z[C05 :w:;=BK8J0w? A[C5 )q ;I<:;=BK8:0? ACGKJioX)AC8
>8;=N KDF J,;=N>D0?EDF?J>@? AC;Y?H=<>sGKX <cMG-LMHZcMGKPRD8 56´H=G-AC8;=< BK>F EB-?EDF?P,?c Q:'<)LMHY? =
[ : [ ;
[ : [ ;
i? A?EDF GH=<PR< KD0?@BK;=G-?Eu F BK<>@? ¤ACG0DF Zc bLMH=;=ZJ)H=Z;=¾
<AC>sNCbY
ULeJ0w? AC<>8CbY
HM8:Z
E¿ A'²)«
;=GK:;=GKBKGKD)H=Zc b8CbY
<CAC:'<>F G-ACDF <¹bBK¾ 3;=BKG-bBK8>FLMH FUbBK¾ 3Z;=<EcM< D u FbBKt89BKG-Le:'< u < DGMc5
< KD0?l:;=BK8-c >w? LeD ,D0?EBK>s¾HM8:Z3ACu?lHY?EJFbY
3LMH=;=ZJ)H=Z;FDF G-bY
H=GKD3D<>8HM8:§D0?EBK8>@?
LeF 2¾ d
g )*i5
'G>BKX u ¾-ACZRD0?U< X ;Y?EDFbBKGKDF?FLMH=DF GMc bGI>9LMHY?E;YLeBK8CbY
RJ < PR:F u?H=< ;Y? bY
oE?AC<EHM8CbB bG@>8)
J < ;=BK8CLMHY?EDF?LMH=;=ZJ)H=Z;F±ACu?:'GDF GMceLeBKGKX <.FbY
BK;=< BKZPRF GKDF?B-? A?EDF G,AC<CA?*>@?EDF?lu FbBKt BKG
Le:'< u < D8CbY
BK<)LMHY?EDF GTBK;=G-?Eu F BK<>@?EDGID0?R_RLe:'<)Le< t8 5
%%
☛
( E2£ º %&7
6 F D0bu Z0ACG)7P,?H=
5
'9
6 F D0bu Z0AC)G 7LMHYACF <05 '
9
HM8:'G-ACGv
LMH=;=Z0b H 6
= AC< Ztu GU;=G)i
AC< Ztu GUF P5i
n 6 § i
F D)H;=<>D J>@? ACb; :#AC< Ztu GT?o AC< Ztu GTto AC< Ztu GbEo 6 §
> 0[);
> 4 o 6 §
=
AC< Ztu GU:o 'o ACGKu HY? i
F v :#? ;±;=GH=Z;=D784 i
: t %:x[ >? ;ji
b ? i
ACGKu HY? B: >*: ki
F v :#ACGKu HY? 9 ;
=
ACGKu HY? L );ebH :#ACGKu HY? ;ji
4 29;=G : ACGKu HY? i
4 29F P 5 i
0[ 29;=G : ACGKu HY? i
0[ 29F P 5 i
n
GKuLeG
=
ACGKu HY? L );ebH :ACGKu HY? ;ji
4 29;=G ' :i
4 29F P ACGKu HY? i
0[ 29;=G ' :i
0[ 29F P ACGKu HY? i
n
;=GH=Z;=D.5 i
n
'tZ0ACZcMP8§vwZDJ)bdcM¾ oJ)H=N ;Y?Z:'< ;=B ACJZcMG,bF )XLMH=;=ZJ)H=Z;UP,?Eu GMc b<.>X.:iw? bE5i?N KP8 o
KGULMH=;=ZJ)H=Z;=8L QB-?E:FL=?EDGT>O:0?EPRF ¾-bFB-?Q:'< PR<CbvwZDJ)bdcMF BC²)«Hl BhBU:;=BK8J0w? ACZ34-5 _)qC5
i? LMH=<)LeZcMGKP8§cMG-ACGKDB§>F GKu ZFLMH=DF GMc b8CbY
?Eu X < ;=8)H=PRN>©Le< ;eH=<>@?EDF?5
Iu?Ziw?HM>F GKDF?
B-?E:'< BKD0?cRLeF ¾BDF P D0? :;=BK8J0w? ACBKF GLe< ;eH=<>@?EDF?3bF )X Z´u FbBKt'<>sGKX <05
< u GKX)?3< D¹D0? :'<E
;=N>D8>@?EDF Z.AC>sNCbY
.J < u GMcMD8CbY
.GKu GKPRGKD)H=N>WbF )X ZF¤>WB-?Eu GKKD< =bF<CA.>8DF JZ:'< ;=N>D0?EDF?
:;=BKG-LMHY?*>F GKDF ZFbY
u Zt.DF G 50F GK;=>LeBK8,GHY?E:.?Eu X < ;=8)H=PZBK<)LMHY?¤:;=BKG-ALMHY?*>F < D8RDF KGMc5
HY?E:74 =
4- 4 4*q [ _ 4-_
9
-4 4 *4 q [ _ -4 _
7
-4 4*q 4 [ _ -4 _
7
-4 *4 q [ 4 _ -4 _
7
-4 *4 q [ _ 4 -4 _
7
-4 *4 q [ _ 4-_ 4
%32
Itu FbBKGKDF?,BQGHY?E:Z3:F GK;=>LeBKGKX <lD0?Eu GKK8.:'<>@HY?E;=B-? AC< :'NEHM8 oiAC< :'N JF>]J < u GMcMD8P©GHY?
:F GlDF GlBK<)LMHY?EDF G,>8J < D0?EDG,?EDFcMG-ACD<§:;=BKG-LMHY?*>F GKDF GRGKu GKPRGKD)H=N> bF)X Zob<< BKD0? bB-?oKG
:;=BKGKX u A?ED8 bF )X.cMG-LMHZ:'< ;=B ACJ <>@?ED8 15 4u X < ;=8)H=P H=GKD cMG-LMHB-?E:FL=?ED8 >vwZDJ)bdcMFy7 { '5
;=BKG eu G-A X <Z>@?EKDF G o':'< DF GK>@?EUH=GKD7L=?EP?Eu X < ;=8)H=Pt'¾-ACBKF GB-? LMH=<)Le<>@?ED8AC<:'< ;=B ACJ <E
>@?EDF?bF )X ZQLMH=;=ZJ)H=Z;-5< ;=B ACJ <>@?EDF GLMH=;=ZJ)H=Z;'cMG-LMH
B-?E:FL=?EDGs>vwZDJ)bdcMF7y { |{)¿ B|)¿C{io
?Q< t8CAC>F GvwZDJ)bdcMGU>F DD8lt8 TB-?E:FL=?EDG>½:u F JZ¿C|ij ² °YC5
☛
( E2£ º % &3
<>)>)>)>)>)>)>)>)>)>)>)>)> >)> >)> >)> >)>.\ V [A V TZ>)>)>)>)>)>)>)>)>)>)>)>)>)>)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)> >)>
6 F D0bu Z0AC8 G 7LMHYACF <05 '
9
6 F D0bu Z0AC8 G 7LMHYACu F t5 '
9
6 F D0bu Z0AC8 G 7LMH=;=F DX05 '
9
6 F D0bu Z0AC8 G 7P,?H=
5 '
9
6 ACG0DG 4 r I` ½ª
HM8:'G-ACGv
LMH=;=Z0b H:'GK;YL
= F D)HJ <CA i
bY
0?EZ; >*F PRF )G i
bY
0?EZ; >*D0?EBK>FLeJ 4< i
bY
0?EZ; >? AC;=G-JL i
<)?H:u? bK ?i
LMH=;=Z0b H:'GK;YL >*': i
LMH=;=Z0b H:'GK;YL >*'D i
n T\0r 4i
¥1C¡
4- 4-4
!#"$ %
!#"$
4*[ !
[ !
4- _ !
!#"$ !#"$
!#"$
4-_ _
! ! &
&00B()#%"! !" B 0#%. & H
;=BKG eu G-A U:;=< X ;Y?EP >8J < ;=BK8CLMH=Zc b8l>LeBK8CLMH=JF G>@bBKGeDF GMc:;=BK8X <EH=<>@?EDGvwZDJ)bdcMG 5'6
:;=< X ;Y?EPRF GIHM8P=
B-?3:'< PR<Cb §vwZDJ)bdcMFJ < u GMcMJ?7L 3B-?E:FLe8>DG>:0?EPRF ¾-bF< :'GK;Y? b8-cMDGMcQA?EDGB.:u F JZo
J)H=N ;=GKX <D0?EBK>@?IcMG-LMH:'<CA?*>@?ED0?ce?EJ <Q:F GK;=>LeBK8?EX ZPRGKD)H:;=< X ;Y?EPZo
AC;=ZJ <>@?EDGL QD0?EBK>FLeJ?Q<)LeN t<CA:F GK;=>LeBKGKX <Q:'<CbB *>LeBK8 o
AC;=ZJ <>@?EDGL QD0?EBK>FLeJ?Q<)LeN t<CA<)LMHY?H=DF GKX <Q:'<CbB *>LeBK8 o
:'<R>8J < D0?EDF ZvwZDJ)bdcMFifih ¬ y'²)h hRAC;=ZJ <>@?EDGL ,A?EDGT<)Le< t8lD0?cMu GK:F GMc@B-?E;Y?EtF?c
bGMco
:'<>8J < D0?EDF ZULe< ;eH=<>@?EDF?sAC;=ZJ <>@?EDG
L A?EDG>LeBK8CLMH=JFbY
T<)LeN t<CAT<)Le< t8ID0?cMX < ;=BKGMc
B-?E;Y?EtF?c bGMc:'<CbB *>LeBK8 o?QD0? LMH=¾K:DF GT<CA<)Le< t8,D0?Eu GK:F GMc@B-?E;Y?EtF?c bGMco
%C%
D0?Eu GKK8:0?E:F ¾HY? @<AC<C bBKGKDF ZR:u F J N> ¿C|ij ² °Y ¿C|ij ² °Yu Zt,ZCHM>s< ;=BKGKDF ZQBDFbY
t F tu F <EH=GKJFFCcMGMcAC<C bBKGKDF Z5
☛
( E2£ º %&2
6 F D0bu Z0AC8 G 7LMHYACF <05 '
9
6 F D0bu Z0AC8 G 7LMHYACu F t5 '
9
6 F D0bu Z0AC8 G 7LMH=;=F DX05 '
9
6 F D0bu Z0AC8 G 7P,?H=
5 '
9
HM8:'G-ACGv
LMH=;=Z0b H:'GK;YL
= F D)HJ <CA i
bY
0?EZ; >*F PRF )G i
bY
0?EZ; >*D0?EBK>FLeJ 4< i
bY
0?EZ; >? AC;=G-JL i
<)?H:u? bK ?i
LMH=;=Z0b H:'GK;YL >*': i
LMH=;=Z0b H:'GK;YL >*'D i
n T\0r 4i
T\0r 4 > o >mi
`n >-v#Ao >-vw2> i
G H=GK;=D§T\0r 4 >*P,? :u? bK4? :<;ji
G H=GK;=D < FA:'< ;=B LMH=;=ZJ)H=Zb; :<;ji
G H=GK;=D < FAJ < u GMcMJ4? :<;ji
F D)HP,?EF D :wF D)H?E;=X)bEo bY
0?E; >)>?E;=X ;
=
T\0r 4 >ro > i
v#A vw< :'GKD :#?E;=X
4 ºo `K'{ `b;ji
vw> vw< :'GKD :#?E;=X
[ ºo ` #`b;ji
J < u GMcMJ4? :v#4A ;ji
vw< ; :#r i0r :ºT\0r 4m> ;M iCr r 29Dk;
:;=F D)Hev :W` 0 hk ` o r 29D0?EBK>FLeJ H< ;ji
vw< ; :#r mi0r :ºT\0r 4m> ;M iCr r 29:k;
:;=F D)Hev :W` 0 hk ` o r 29D0?EBK>FLeJ H< ;ji
r P,? :u? bK4? :<;ji
:;=F D)Hev :W`Fhk
0 0 0 } hk ` o r 29J <CAo r 29F PRF G o r 29D0?EBK>FLeJE<0o r m9?EAC;=G-LKo r m9:u?EbK? ;ji
, "#¥ !"#
%'& I< :FLeBULMH=;=ZJ)H=Z;=¾TD0?QJ < 0bZu FLMHM8LMH=;=ZJ)H=Z;-5
& :'< ;=B ACJZcsu FLMH=¾LMH=;=ZJ)H=Z;?Eu v#?Et'GHM8CbBKDF GT>XRD0?EBK>FLeJi5
& 6LMHY?*>½LMH=;=ZJ)H=Z;=¾AC<,Z:'< ;=B ACJ <>@?EDGMc±u FLMHM8LMH=;=ZJ)H=Z;HY?EJiot8:'< ;=B ACGKJlBK<)LMHY?¤B-?
bY
<>@?ED8 5
¤& 'PR<CAC8)0JZcTvwZDJ)bdcM¾l:'< ;=B ACJZc b LMH=;=ZJ)H=Z;=8§HY?EJio¤t87J;=8)H=GK;=F ZP :'< ;=B ACJ <>@?EDF?
PR< XC<Qt8TAC<>s< u DG 5
%C'
.
.
0
!'& ! k H! S "! & H
6cM¾KBK8JZ 6 AC< :Z0LeB-bB-?Eu DGRcMG-LMH;=GKJZ;=GKD0b8-cMDG.>8>s<C8>@?EDF GvwZDJ)bdcMFx5 < KD0? >F ¾-b.>
H=;=G=bFAC<>s< u DGMcvwZDJ)bdcMFZPRF G=bF s<CAC>s<Cw?EDF G@AC<H=GMcMKG@vwZDJ)bdcMFx5 I<TBK;=< BKZPRF GKDF?;=GKJZ;=GKD0bdcMF
J < DF G-bBKD0?cMG-LMH:'GD0? e>F? AC< PR<
J < D0LeGKJ>sGKD0bdcMF H=GKX <0oKKG@?E;=X ZPRGKD)HM8TL :;=BKGKJ?EBK8>@?EDGAC<
vwZDJ)bdcMF
:;=BKGKBR>@?E;eH=< < ;Y?EBBKD0?cM< PR< B-? L=? A§tZ0AC<>@?EDF?lBKPRF GKDD8CbY
?EZCH=< P,?HM8CbBKD8CbY
5
;=BK8:'< PRDF cMP8lB-?H=GKP.oH=<lb<RD0?cMFLMH=<EH=DF GMceLeBKG =
<U?E-ACGT<CAC>s<Cw?EDF GULeF ¾AC<RvwZDJ)bdcMFcMG-LMHIBK>F EB-?EDGTBZCHM>s< ;=BKGKDF GKP J < :F F¤?E;=X ZPRGKD)H=N>
?EJ)H=Z0?Eu D8CbY
F±>8J <>8>@?EDF GKP < :'GK;Y? bdcMF±D0?.HM8CbY
J < :F? bY
5'PRF?ED0?.>@?E;eH=< =bFJ < :F F
DF GT:'<>s<CACZcMGUBKPRF?ED8?E;=X ZPRGKD)H=Z?EJ)H=Z0?Eu DGKX <Q>OvwZDJ)bdcMF>8>s<CZc bGMc5
<U?E-ACG<CAC>s<Cw?EDF G
LeF ¾AC<@vwZDJ)bdcMF :'<>s<CACZcMG
ZCHM>s< ;=BKGKDF GJ < PR:u GH=ZU>LeBK8CLMH=JFbY
BKPRF GKDC
D8CbY
.?EZCH=< P,?HM8CbBKD8CbY
5;=BK8l>F GKu < J;=<EH=D8CbY
>BKD<>F GKDF? bY
vwZDJ)bdcMF>sGK>D H=;=BTDF GMc
L=?EPRGMc±t'¾-A QJ?E-AC< ;Y?EBK<>s<THM>s< ;=BK< DGID<>sGIBKPRF GKDD8G :wD<>sGPRF GMceL=bGT>O:0?EPRF ¾-bFi< :'G
;Y? b8-cMDGMWc ;s?EZCH=< P,?HM8CbBKDG 5
6 ?E;eH=<IcMZT>9HM8P PRF GMceL=bZB-?EBKD0? bBK8 Eo)KG;=GKJZ;=GKD0bdce?DF G:;=BK8 e:F G-LeB-?ACBKF?w?EDF?vwZDJ)bdcMFF
DF GA?cMGU<)LeB-bBK¾-ACD< =bF:0?EPRF ¾-bF< :'GK;Y? b8-cMDGMmc :wJ < u GMcMDGUJ < PR:u GHM8BKPRF GKDD8CbY
.?EZCH=< P,?HM8CbB
D8CbY
H=GK.H=;=BKGKt0?3:;=BKG-bY
<>8>@? Q; 56¯>F GKu Z¹:;=BK8:0? ACJ? bY
B-? LMH=<)Le<>@?EDF Gl;=GKJZ;=GKD0bdcMF@:'<E
>s<CACZcMGH=<0o'KG:;=< X ;Y?EP8L ,t0?E;YACBKF GMcBK>@?E;eH=G o'?bB-? LeGKP©D0?*>sGHw?HM>F GMceLeBKGAC<D0?E:FL=?EDF?5
;=BKGMceA KP8AC<R:;=BK8J0w? ACN>U5
0
"() B'. B&
j !'& ! H
1 maciek (1)
maciek
kasia (2)
dorota (3)
2 4 marysia (4)
kasia marysia
zosia (5)
wacek (6)
jacek (7)
3 14 5 ela (8)
dorota krysia zosia
zbyszek (9)
ola (10)
zosia (11)
13 7 6 11 tola (12)
ania jacek wacek zosia
ania (13)
krysia (14)
8 10 9
ela ola zbyszek
12
tola
>@? bGKJ
H=< u?
iACGMcMPZcMGKP8| C²
o)?QD0? LMH=¾K:DF G #0h Bh
F¤AC< :FLeZcMGKP8 A'
B7h =
BK<)LeF?
BKt8CLeBKGKJ
iACGMcMPZcMGKP8 A'
Bh
§F Cj
§FUAC< :FLeZcMGKP8AC;=ZX Cj
o
J)H=N ; D0?
LMH=¾K:DF GRB-ACGMcMPZcMGKP8 5 G eu FH=GK;Y?EBQ:;=BKG eu G-ACBKF P8J < u GMcMD<B-ACGMcMPR<>@?EDGQBKG,LMH=<)LeZ L <>@?o0H=<
<EH=;=BK8P,?EP8lbF )XRZ:'< ;=B ACJ <>@?ED8R?Eu v#?Et'GHM8CbBKDF G 5
6p:;=< X ;Y?EPRF G±;=G-?Eu F BKZc b8PaH=GKD,?Eu X < ;=8)H=P]>s¾KBKG0t'¾-ACBKF GLMH=;=ZJ)H=Z; <T:'< DF -LeBK8CbY
RLeJ0w?
AC<>8CbY
=
%C'¨
LMH=;=Z0b HAC>sGKBKGKu
%
bY
0?E;
Leu <>s<4i
LMH=;=Z0b HAC>sGKBKGKu *
u GK>s<4i
LMH=;=Z0b HAC>sGKBKGKu *
:;Y?*>s<4i
+
6 :;=< X ;Y?EPRF GUBQ:;=BK8J0w? ACZ4 4 5 _ lL AC>F GvwZDJ)bdcMG 5`ZDJ)bdce?5
){ C«#7ltZ0ACZcMGRAC;=BKGK>s<
tF D0?E;=DG 5 G-LMH>8>s<C8>@?ED0?ACu?J?E-ACGKX <Q>@bBK8)HY?EDGKX <L <>@?5<CAbB-? L±:F GK;=>LeBKGKX <<CAC>s<E
w?EDF?I>@?E;eH=<±BKPRF GKDDGMc1B { C«@cMG-LMH
BKGK;=<>@?o?I:'<CAbB-? LJ < u GMcMD8CbY
<CAC>s<Cw? cMG-LMH±? AC;=G-LeGKP
:F GK;=>LeBKGMcLMH=;=ZJ)H=Z;=8 50;=BKG-LeBKZJF >@?EDF G±cMG-ACDGMcBX)?¾KBKFAC;=BKGK>@?QB-?*>LeBKGT;=< BK:'<CbBK8D0?RLeF ¾U<CA
J < ;=BKGKDF?oE?TJ < 0bBK8LeF ¾:'<UBKD0?Eu GKBKF GKDF ZlLMH=;=ZJ)H=Z;=8 oE>¹J)H=N ;=GMc
? AC;=G-L
tF GK bGKX <UL <>@?PR< KD0?
ZPRF G =bF ce?EJ <u GK>sGKX <u ZtR:;Y?*>sGKX <I:'<EH=< PRJ?5 ;=BKG-LeBKZJF >@?EDF GcMG-ACDGMc
B@X)?¾KBKFC<CACt8>@?LeF ¾
:;=BKGKB;=GKJZ;=GKD0b8-cMDGI>s<Cw?EDF GvwZDJ)bdcM&F
){ C« #7 :#bBK8u FLeJ0w? A?EDF GID0?QLMH=<)LeF GJ < u GMcMD<:;=BKG-LeBKZC
JF >@?ED8CbY
>s¾KBN> ; o*HY?EJ>F ¾-b@:'<TH=<0ot8>;=NCbF @AC<vwZDJ)bdcMF)fih0j-kH=;=BKGKt0?:;=BKGMc ±H=¾X)? s>
J < u GMcMD< =bF'<CAC>;=<EH=DGMco?ETAC<J < ;=BKGKDF?5);=BKG-?ED0?Eu F BKZct0?E;YACBK<AC< J0w? ACDF GACBKF?w?EDF GvwZDJ)bdcMF
AC;=BKGK>s<05
`ZDJ)bdce?yj)
){ C« #7>8:;=<>@? ACBKFD0?.PR< DF H=< ;J < u GMcMDGlL <>@?> :'< ;=B ACJZ ?Eu v#?Et'G
HM8CbBKD8P.5i6H=;=G =bFH=GMcvwZDJ)bdcMF
>gAC>sNCbY
7PRF GMceL=bK? bY
7L ZPRF G-LeB-bBK< DGR<CAC>s<Cw?EDF?AC<DF GMc
L=?EPRGMcF¤;=G-?Eu F BKZcMGU< D0?R< :FL=?ED8l>@bBKG eDF GMcLe:'<)LeN t.ZPRF G-LeB-bB-?EDF?RD0?,LMH=<)LeF GUF¤B-ACGMcMPR<>@?EDF?
BlDF GKX <3L N>gB-?E:FL=?ED8CbY
Z:;=BKG-ACDF <§> :'<)LMHY? bFsAC;=BKGK>@?.tF D0?E;=DGKX <05¤;=BKG eu G-A ,:'< DF -LeBK8
:;=BK8J0w? Alt0?E;YACBK<,LeB-bBKGKX NC<>s<05
%C $
☛
( E2£ º %'%'& $
, "#¥ !"#
'% & I?E:FLeB
;=GKJZ;=GKD0b8-cMDF G>s<Cw?ED ±vwZDJ)bdcM¾< tu FbB-?c bsAC<>s< u D sD0?H=Z;Y?Eu D s:'<EH=¾KX ¾
BKPRF GKDC
DGMc@;=BKG-bBK8>FLMH=GMc5
& < BKtZ0ACZc@:;=< X ;Y?EP BU:;=BK8J0w? ACZ34 4 5 _ o)HY?EJlt8ACu?Q:'<>@HY?E;=B-?c b8CbY
LeF ¾UL N>Ot80w?
tZ0AC<>@?ED0?.HM8u J <cMG-ACD0?7LMH=;=ZJ)H=Z;Y?3F@t8F DCvw< ;=P,? bdce?3<7u FbBKtF G:'<>@H=N ;=BKG J?E-ACGKX <
L <>@?BK<)LMHY?w?B-?E:0?EPRF ¾HY?ED0?5
%¤%
8 7
6^;=< B-ACBKF?Eu GHM8P< :FL=?ED<,H=GQ:'<EcM¾-bF?UcM¾KBK8J ? 6IoiJ)H=N ;=8CbY
DF GQ< PRN>F < D<AC<EHM8CbY
0bB-? LK5
;=N KD8CbY
9>BKX u ¾-ACN>t'¾-A < DG7>:;=<>@? ACBK< DGt'GKB7:'GD8CbY
:;=BK8J0w? ACN>:;=< X ;Y?EPRN>Uo
½
D0?H=< PRF? LMHBK<)LMHY?ED :'< :0?E;eH=GUAC;=< tD8PRFF u Z0LMH=;Y? bdce?EPRFFbY
>8J < ;=BK8CLMHY?EDF?5
_#%j!
6 ;=< B-ACBKF?Eu G4 5 m05 4 5 BK<)LMHY?i:;=BKG-ALMHY?*>F < D8RLe:'<)LeN t,:FL=?EDF?LMHY?8CbY
?E;=8)H=PRGHM8CbBKD8CbY
o ?
>g;=< B-ACBKF?Eu G,qC5 4 5 4 5'ILMHY?GRBKD0?EJ <>sG 5indDCvw< ;=P,? bdcMGRBQHM8CbY
7;=< B-ACBKF?N>]t'¾-A H=GK;Y?EBRZBKZ:'G
DF < DG 5
\)HY?GHM8:Z² Ek :.PR< KD0?lB-?E:FLe8>@? :;=BKGKBRAC< :FL=?EDF GQAC<.LMHY?GMcIHM8:Z j-kC|.u F H=GK;=8)'o
bBK8u F
4*[E_
cMG-LMHILMHY? HM8:Z3² Ek :i5
\)HY?< :;=BKG-bF DJ <>sGlLMHY?GlHM8:Z½j-kC| PR< KD0?§B-?E:FLe8>@? lN)LeGKPRJ <>s<:;=BKGKB.AC< :FL=?EDF G
:;=BKG-Au FbBKt QN)LeGKPRJ <> b8)vw;=8 0obBK8u F
__
cMG-LMHILMHY? HM8:Z j-kC|io;=N>D u FbBKtF G[)>½ACBKF G-LeF ¾H=D8PZJ0w? ACBKF GT:'< BK8Cb8-cMD8P.5
\)HY?< :;=BKG-bF DJ <>sG±LMHY?GsHM8:Zj-kC|UPR< KD0?IB-?E:FLe8>@? sLeBKG-LeD0? LMH=J <>s<:;=BKGKBAC< :FL=?EDF G
:;=BKG-Au FbBKt RLeBKG-LeD0? LMH=J <> BKD0?EJ N > ¬lu Zt iobBK8u F
4Kt
< BKD0? bB-?QLMHY? HM8:Z j-kC|,<,>@?E;eH=< =bFiACBKF G-LeF ¾H=DGMc 05
\GKJ>sGKD0bdcMGLe:'G-bdce?Eu DGIL Z bGIAC<UB-?E:FLe8>@?EDF?T:'GK>D8CbY
RBKD0?EJ N>¹DF GKX ;Y?'bBKD8CbY
QBK<E
LMHY?8l< :FL=?EDGU>½;=< B-ACB 54 5 4 5 m054 5 4 5 qC5'qC5 4 5 4 5 o?R:'< D0? AH=<,B-?R:'< PR<Cb ,LMHY?8CbY
.BKD0?EJ <E
>8CbY
PR< KD0?HM>s< ;=BK8 AC<>s< u DG>BK< ;YbGtF H=<>sGTt0?cdH=N>U50\ Q< DGT:FL=?EDGU>O:'<)LMHY? bF
AAA
>gJ)H=N ;=GMc
§< BKD0? bB-?cMG-ACD oAC>F Glu Zt H=;=BK8 b8)vw;=83N)LeGKPRJ <>sGRFHY?EJioCcMG eu F@hh,cMG-LMH
BKPRF GKDD HM8:Z7> %0h {,FB-?E:FLeBKGKP8
? ? 4*[
H=<BKPRF GKDDGMc@hhBK<)LMHY?EDF GI:;=BK8:FL=?ED0?U>@?E;eH=< @<CAC:'<>F? A?c bK?UBKD0?EJ <>F0D<>sGMc
u F DF Fx5
%
/#%! 02!' ! " . B'!
I:;=NCbB< :'GK;Y?H=< ;=N> u < X FbBKD8CbY
´< :FL=?ED8CbY
´>;=< B-ACBKF?Eu G3[C5 4 5 ~5±AC<)LMH=¾K:DG3L tF H=<>sG
< :'GK;Y?H=< ;=8u < X FbBKDG:'< BK>@?Eu?c bGD0?lP,?EDF :Zu <>@?EDF GtF HY?EPRFx5 < X ,< DGQACBKF?w? cMG-AC8DF G
D0?QBKPRF GKDD8CbY
LMHY?< :'< BK8Cb8-cMD8CbY
5C\ QH=<RD0? LMH=¾K:Zc bGT< :'GK;Y?H=< ;=8=
ZBKZ:'GDF GKDF G@cMG-AC8DJ <>sG
727 929 :;=BKG-LeZDF ¾-bF GTtF H=<>sGT>Ou GK>s<0oC>½:;Y?*>s<
tF H=<>@?J < DF ZDJ)bdce?
tF H=<>@?;=N KDFbK?RLe8PRGH=;=8CbBKD0?
tF H=<>@?Q?Eu H=GK;=D0?HM8>@?
I:'GK;Y?H=< ;IZBKZ:'GDF GKDF?cMG-AC8DJ <>sGKX <UcMG-LMHU< :'GK;Y?H=< ;=GKP³cMG-ACD<)?E;=X ZPRGKD)H=<>8P.o':'< BK<E
ML HY?G< :'GK;Y?H=< ;=8L AC>Z0?E;=X ZPRGKD)H=<>sG 5 <CACB-?c
FbY
bBKD<=bFF0:;=F < ;=8)H=GH±D0?Eu GKK8Q<CAbBK8)HY?
BHY?Et'GKu FD0?,LK54Km)ª56 :;=BK8J0w? A? bY
l< :FLeZc b8CbY
J < ;=BK8CLMHY?EDF GIBTHM8CbY
< :'GK;Y?H=< ;=N>9t'¾-ACBKF G
P8R:'<)L ZX F >@? LeF ¾Iu FbBKt0?EPRF'N)LeGKPRJ <>8PRFBKGI>BKX u ¾-ACZ,D0?FbY
l:;=<)LMH TB-?EPRF?ED¾ID0?Le8CLMH=GKP
AC>sNEcMJ <>8 5E6 A?EuLeBK8P bF )X Zlu FbBKt8RN)LeGKPRJ <>sGt'¾-A :FL=?EDGIBKX <CACDF GIBI;=GKX Ziw?EPRF0:FL=?EDF?
LMHY?8CbY
> 6 :w:0?H=;=BULK54Km0b4 ; 56 :'< DF -LeBK8CbY
;=< BK>@?E-?EDF? bY
,:;=BK8-cM¾H=<0oCKGT¬ lL BKPRF GKDD8)
PRF±HM8:Z ¿kiC>j :)k0«
O> %7 {|io¤bBK8u FsLeBKG-LeD0? LMH=< tF H=<>8PRFBKPRF GKDD8PRFx5;=BK8-cMPRF cMP8cMG-LeB-bBKG o
KG 4*[?Q8 4Km05
±)C¡-0l¢ ¢¤± º!"#!"#R¦-¤2!¤£'/' & 67G KP8l>8;Y?EKGKDF G
I:'GK;Y?H=< ;,ZBKZ:'GDF GKDF?.cMG-AC8DJ <>sGKX < B-?EPRF GKDF? J?E-AC8¹tF H34§D0?FID0?<CAC>;=NEH-5
i?E:FLeBKP8,:'<)LMHY? TAC>sNEcMJ <> BKPRF GKDDGMc@¬
R Q Q Q 4U4-
>@H=G-AC8
4R4 4 4Q4 4 4Q4 4 4Q4 4-4-4
FcMG-LMHH=<,u FbBKt0?R4 ~)qC5
±)C¡-0, +-¢!" ¥ "#3 #) & 67G KP8l>8;Y?EKGKDF G
727W[
< BKD0? bB-?< D<:;=BKG-LeZDF ¾-bF G±¬T<T[:'< BK8CbdcMG±>u GK>s<IFZBKZ:'GDF GKDF GsBKGK;Y?EPRF)BK>s< u DF < D8CbY
tF H=N>U5 ?EJl>F ¾-bEocMG eu F
R Q Q Q 4U4-
H=<
727W[ R Q Q 4-4U
6±<,A?cMGT>@?E;eH=< )[E_50I:'GK;Y? bdce?HY?cMG-LMH;=N>D<>@?EKD0?UPRD< KGKDF Z.:;=BKGKBTm05
±)C¡-0, +-¢!" ¥ "#3 & 67G KP8>8;Y?EKGKDF G
929W[
< BKD0? bB-?< D<R:;=BKG-LeZDF ¾-bF GT¬l<l[:'< BK8CbdcMGT>½:;Y?*>s<FZBKZ:'GDF GKDF GUBKGK;Y?EPRFiBK>s< u DF <E
H=<
D8CbY
tF H=N>U5 ?EJl>F ¾-bEocMG eu F
R Q Q Q 4U4-
%i
929W[ R Q Q Q R4-
?.N)LeGKPRJ <>s<QcMG-LMHH=<7)[C56 :;=BK8:0? ACJZ< :'GK;Y?H=< ;Y? 727gFLMH=<EH=DGUcMG-LMHQB-?< KGKDF G oKG
¬cMG-LMHHM8:Z¿kiCj>:)k0«
'5Iu?§BKPRF GKDD8CbY
BKGBKD0?EJF GKP®PR< KGD0? LMH ):F l>8:'GDF?EDF G
BK>s< u DF < D8CbY
tF H=N>WtF H=GKP©BKD0?EJZ.u ZtBKGK;Y?EPRF>½B-?Eu GKKD<=bF<CA.J < PR:ZCH=GK;Y?5I?Eu GKK8
B-?H=GKP ZDF J? H=GKX <Q;=<CACB-?cMZDF GMcMG-ACD< BKD0? bBKD< =bFx5
'!"#¢!¤£'¥=¦-"0"w¡- & 67G KP8>8;Y?EKGKDF G
]8
Geu F
R Q Q Q 4U4-
8 R Q Q Q 4R4-
H=<
]8 R Q Q Q 4U
FcMG-LMHH=<,>@?E;eH=< ª5
Q"w¡- !"#¥ ´+K21)¡K*2¥ ! & N KDFb¾,Le8PRGH=;=8CbBKD oLMH=<)LeZc b< :'GK;Y?H=< ;=8u <E
ndD0LMH=;=ZJ)bdce?TLeJ < JZQFGHM8JF GHY?oEAC<TJ)H=N ;=GMcD0? LMH=¾K:ZcMGLeJ < JUPZ0LeB>8CLMH ):F @>3cMG-ACDGMcvwZDJ)bdcMFx5
ndD0LMH=;=ZJ)bdce?LeJ < JZ,DF X)AC8RDF G±cMG-LMH@J < DF G-bBKD0?T
>9-? ACD8P B:;=BK8J0w? ACN>¹H=GKX <:'<CAC;=¾-bBKDF J?
DF G>8CLMH ):Fww?5ndD0LMH=;=ZJ)bdce? : | 7:'<>F DD0?3t8 >8J < ;=BK8CLMHM8>@?ED0?<)LeB-bBK¾-ACDF G o
:'< DF GK>@?E
:;=< X ;Y?EP8 oE>J)H=N ;=8CbY
UcMG-LMH@BKt8)HbBK¾-LMH=<ZK8>@?ED0?LMHY?c LeF ¾DF G-bBK8)H=GKu DG 5 G-ACD BTLe8)H=Z0? bdcMFxo
>J)H=N ;=8CbY
,PR< KGTLeF ¾I:;=BK8CA?
cMG-LMH@J < DF G-bBKD< :;=BKGK;=>@?EDF?U:;=BKGHM>@?E;=B-?EDF?T>XC¾Kt'< J <B-?
X DF GK-ACK< D8CbY
l:'¾H=u? bY
5< DF KGMc±BK<)LMHY?w?:'< J?EB-?ED0?QLMH=;=ZJ)H=Z;Y?:;=< X ;Y?EPZo >OJ)H=N ;=8;
P : |
L ZK8AC<R:;=BKGK;=>@?EDF?QACBKF?w?EDF?QAC>sNCbY
:'¾H=u FcMG-ACD<CbBKG eDF G 5
>
F u G : k;
>
F u G : 4;
%
+
:;=BKGK;=>F c = U
H=Z.F D0LMH=;=ZJ)bdcMGT:'<,:;=BKGK;=>@?EDF Z:'¾H=u F
bBK8>F =bF GF>OHY?EJF P :;=BK8:0? ACJZPR< KD0?RLeF ¾Tt'GKBUDF GMc@< t'GMc E5
%
!' B!( 0
< u G-bGKDF?s:;=GK:;=<CbG-Le< ;Y?±:'< BK>@?Eu?c sD0?;=< B-LeBKGK;=BKGKDF GPR< Ku F >s<=bF cM¾KBK8J? 6I5K6 :'< :;=BKG-A
DFbY
U;=< B-ACBKF?w? bY
t80<>8J < ;=BK8CLMHM8>@?EDG¤:'< u G-bGKDF G 'j-ki)²¿
C«sF
C«)}'j-k0«05Y6µHM8P½;=< B-ACBKF?Eu G
L QBKGKt;Y?EDGTD0?cM>@?EKDF GMceLeBKGF DCvw< ;=P,? bdcMGT<QHM8CbY
F:'< BK<)LMHY?8CbY
:'< u G-bGKDF? bY
:;=GK:;=<CbG-Le< ;Y?5
+K¡- ,"#!"#.1 #"w£¢ 5< u G-bGKDF G:;=GK:;=<CbG-Le< ;Y?:'<)LMHY? bF
6 F D0bu Z0AC)G 7
p 9
>LMHY?*>F?,H=GKJCLMHBQ:u F JZ
p AC<.:u F JZ K;=NCA'<>sGKX <l>³PRF GMceL=bZ7>8CLMH ):F GKDF?
:'< u G-bGKDF?5u F J
p cMG-LMH:'<)LeBKZJF >@?ED8Q>OJ?E;eH=<EH=GKJ? bY
lB-?*>F GK;Y?c b8CbY
R:u F JF
AC<C bB-?EDG
>:;=BK8:0? ACJZJ < ;=BK8CLMHY?EDF?@B±tF tu F <EH=GK8J :wD:5*>J?E;eH=<EH=G-bG ¿i{ j-ki)²¿
CH« ; 5
I?H=< PRF? LMH:'< u G-bGKDF G
6 F D0bu Z0ACG
p
:'<)LeBKZJZcMGl:u F JZ
p D0?cM:F GK;=> > tF GK bGMcUJ?E;eH=<EH=G-bG o:'<EH=GKP®>gHM8CbY
L=?
P8CbY
J?E;eH=<EH=GKJ? bY
b<R:'< u G-bGKDF GU:'< :;=BKG-ACDF G 5
]C£ !"#¥=¦- 5< u G-bGKDF GUH=<P,?AC>F GQ:'<)LMHY? bFxo cMG-ACD0?BQDFbY
3t80w?bBK¾-LMH=<ZK8)
b8P DF GPR< KGt8 <CALMH=¾K:Z5C< u G-bGKDF GH=<RL ZK8,AC<RACG0DF <>@?EDF?U:;=<)LMHM8CbY
RvwZDJ)bdcMFxo
J)H=N ;=8CbY
lH=;=G EoCBKPR<CAC8)0J <>@?ED0?:;=BKGKBTB-? LMH ):F GKDF GU?E;=X ZPRGKD)H=N>9vw< ;=P,?Eu D8CbY
:wFACGKDC
HM8)0J?H=< ;=8U>´D0?*>F? L=? bYk
; o=cMG-LMH>LMHY?*>F?ED0?>¹PRF GMceL=bZ,<CAC>s<Cw?EDF?5I?cMu GK:F GMc>8-ce? eDF
H=<RJu? Le8CbBKD8,>;=¾-bBT:;=BK8J0w? A
6 ACG0DGPRF D : 4o r ;m:: 4Z;j9:#r ; :#r ; =]: 4Z;;
IG0D0bdcM¾TH=¾UPR< KD0?Q>8J < ;=BK8CLMHY? >½F D0LMH=;=ZJ)bdcMF
PRF D :#? Ito b 4A ;ji
BK<)LMHY?EDF G< D0?QB-? LMH ):F < D0?:;=BKGKBT:;=GK:;=<CbG-Le< ;@F D0LMH=;=ZJ)bdc
::#? Ik t ;j9:#b 4A ; :#b 4A ; =]:#? Ikt ;;ji
<CAbB-? L±:FL=?EDF?QP,?EJ;=<CACG0DFbdcMFD0?Eu GKK8lt0?E;YACBK<QJ < D0LeGKJ>sGKD)H=DF GTLMH=<)Le<>@? D0?*>F? Le8 o
t8.>]PRF GMceL=bZ3<CAC>s<Cw?EDF?,B-?E:'GK>DF :'< :;Y?*>D o0 A?ED ,J < u GMcMD< >8J < D8>@?ED8CbY
< :'GK;Y? bdcMFx5n±HY?EJlP,?EJ;=<CACG0DFbdce?QP,?c bK?u FbBK8 UAC;=ZX :'<EH=¾KX ¾T:'<)LMHY? bF =
6 ACG0D$ G 4 4: 4;
>8J < ;=BK8CLMHY?ED0?AC<,:'< u FbBKGKDF?RAC;=ZX F GMcs:'<EH=¾KX F>8;Y?EKGKDF?
:;=BKGKBTB-?E:FL=?EDF G
4 4:wB b4 ;
DF GA?Q<CbBKGKJF >@?EDGKX <Q;=GKBKZu HY?H=Z.F>½:;=< X ;Y?EPRF G K;=NCA'<>8P t'¾-ACBKF GUB-?E:FL=?ED0?Q:;=BKGKB
:;=GK:;=<CbG-Le< ;¤ce?EJ <
B 4
*B 4
I<QH=GMc@X ;=Z:8l:'< u G-bG D0?Eu GKK8l;=N>DF GKT:'< u G-bGKDF GT:'<)LMHY? bF
6 ZD0ACGv q o
#
D0?EJ?EBKZcMGT< D<,?EDZu <>@?EDF GACG0DFbdcMF q o
<CAPRF GMceL=bK?Q>8CLMH ):F GKDF?5
'1" #¥=¦-C¢!¤£' &5 <TF u J?R:'< u G-bG .:;=GK:;=<CbG-Le< ;Y?:'< BK>@?Eu?D0?R>@?E;=ZDJ <>
#
%&2
J < PR:F u? bdcM¾TbF)X ZF D0LMH=;=ZJ)bdcMFBT:u F JZK;=NCA'<>sGKX <05< u G-bGKDF G
6 F v q q q
#
Le:;Y?*>ACB-?obBK8>@?E;eH=< >8;Y?EKGKDF?QLMHY?GKX <IcMG-LMH;=N KD0?Q<CABKGK;Y?5< u G-bGKDF G
6 F v#ACGv q o
#
Le:;Y?*>ACB-?lo0bBK8lFACGKD)HM8)0J?H=< ;cMG-LMHB-ACG0DF <>@?ED8 5C< u G-bGKDF G
6 F vwD0ACGv q o
#
Le:;Y?*>ACB-?obBK8cMG-LMHFACGKD)HM8)0J?H=< ;cMG-LMHI?EJ)H=Z0?Eu DF GTDF GKB-ACG0DF <>@?ED8 5
<J?E-AC8PzHY?EJF Pz:'< u G-bGKDF ZPR< KGTt8 IZPRF G-LeB-bBK< D0?QAC<>s< u D0?u FbBKt0?>F GK;YLeBK8,:;=<E
X ;Y?EPZFD0? LMH=¾K:DF GT:'< u G-bGKDF G
6 GKuLeG
:'<J)H=N ;=8PPR< KGQ>8CLMH ):F QAC<>s< u D0?lu FbBKt0?>F GK;YLeBK8.:;=< X ;Y?EPZ&5 6s? lJ < D0LMH=;=ZJ)bdcM¾
J < 0bBK8,:'< u G-bGKDF G
6 GKD0ACF v
G eu FLe:;Y?*>ACB-?ED8>@?E;=ZDGKJ@cMG-LMH:;Y?*>ACBKF >8 oKH=<T:'<CAbB-? L¤J < PR:F u? bdcMF>LeBK8CLMH=JF Gs>F GK;e
LeBKG,:;=< X ;Y?EPZ7PRF ¾-ACBK8 C«C²C «? C«Ek
'j}§L .F X D< ;=<>@?EDG 5 GKKGKu F>@?E;=ZDGKJlcMG-LMHv#?
LeBK8>8 o H=<RF X D< ;=<>@?EDGL >F GK;YLeBKGPRF ¾-ACBK8lLe:;Y?*>ACB-?ED8Pg>@?E;=ZDJF GKP ? C«C²C « :wu Zt
C«Ek
'j}QX)AC8 C«C²C «DF GU>8CLMH=¾K:ZcMbG ; 50< u G-bGKDF?H=GUPR< X Qt8 B-?EX DF GK-AC-?EDG 5
I G E
2
H C
AB . -
/
KK 0
1 H D
1 H FD
0
H
!
F!
21
C 3
H 3
H
NO 5
P ML
64 5
7
"#!
K J 8
1 D
D
!
!
&' $% 9:;< 9:;< &' $% &' $% &' $% &' $% &' $% &' $% &' $% &' $% &' $% &' $% 9:;< &' $%
'( '( '( '( '( '( '( '( '( '( '( '(
)* => => )* )* )* )* )* )* )* )* )* )* => )*
++, ?: ?: ++, ++, ++, ++, ++, ++, ++, ++, ++, ++, ?: ++,
=@ =@ =@
@; @; @;
7Q 7
i¨%
% $
K
4 r5 5CIGKPRFAC<>FbB?ED0A,n 5 45§?E;=< D5 q
q
qo < u ZPRGn 56o6 ?E;YLeB-?
#"
>@?o4- ~)qC5
[ r5 6a75 <TGK;=DF X
0?ED?ED0A.5 5 F HYbY
F G
5 5
6 To6 ?E;YLeB-?*>@?oi4- ª ª5