#!

(V
"(W#


(#&
(&"(
#
 "

!&W
#'V
XY"
&#
2E65ClE:42
56
:=@D@7t2
56=
6C649@
56
=2
,?:G6CD:525
56
-2=6?4:2
"
 V"
!$)."#
) #
2E65ClE:42
56
6C649@
$6C42?E:=
56
=2
,?:G6CD:525
,
*2?
'23=@
#&

&#
&&T"
2E65ClE:4@
56
+6@Ct2
J
:=@D@7t2
56
6C649@
?DE:EFE@
+64?@=x8:4@
FEx?@>@
56
$qI:4@
#'V
&!Y"
#''W#
W.
$:?:DEC@
56
=2
*FAC6>2
@CE6
56
!FDE:4:2
56
$qI:4@
#+"
!
''
2E65ClE:4@
6>qC:E@
56
+6@Ct2
56=
6C649@
56
=2
,?:G6CD:525
56
02=6
,,
)'
Y$.
)&&
!F6K
56=
+C:3F?2=
FC@A6@
56
6C649@D
F>2?@D
2E65ClE:4@
56
6C649@
@?DE:EF4:@?2=
56
=2
,?:G6CD:525
2C=@D

56
$25C:5
T"
!
Y$.
-
Y$.
2E65ClE:4@
56
6C649@
:G:=
56
=2
,?:G6CD:525
56
*6G:==2
!&(
#&"(
'&X"
2E65ClE:42
56
:DE@C:2
56=
6C649@
56
=2
,?:G6CD:525
FEx?@>2
56
$25C:5
*&

)'
!&(W"
2E65ClE:4@
56
:=@D@7t2
56=
6C649@
J
:=@D@7t2
'@=tE:42
56
=2
,?:G6CD:525
56
-2=6?4:2
*W(#&
!#&"#
("
2E65ClE:4@
56
6C649@
'C@46D2=
56
=2
,?:G6CD:525
2C=@D

56
$25C:5
&"'#
!)X#.
#"
2E65ClE:4@
56
6C649@
'6?2=
56
=2
,?:G6CD:525
'23=@
56
&=2G:56
56
*6G:==2
" 
")O&&
!F6K2
56=
+C:3F?2=
FC@A6@
56
6C649@D
F>2?@D
2E65ClE:42
56
6C649@
?E6C?24:@?2=
56
=2
,?:G6CD:525
56
@=@?:2
=6>2?:2
V(#&
# '# #
 #"'#
2E65ClE:4@
56
6C649@
?E6C?24:@?2=
56
=2
,?:G6CD:525
56=
)@D2C:@
@=@>3:2
J
'C6D:56?E6
56=
?DE:EFE@
36C@
>6C:42?@
56
#2
2J2
@=2?52
)"#
$&#
 #"'#
2E65ClE:4@
56
6C649@
5>:?:DEC2E:G@
56
=2
,?:G6CD:525
2C=@D

56
$25C:5
(#!T'
' 
&"#
2E65ClE:4@
56
6C649@
56=
+C232;@
J
56
=2
*68FC:525
*@4:2=
56
=2
,?:G6CD:525
56
-2=6?4:2
"#
'"#
& #
$28:DEC25@
56
=2
*2=2
'C:>6C2
:G:=
56=
+C:3F?2=
*FAC6>@
56
DA2w2
(#!T'
'
**'
"(Y"
2E65ClE:4@
56
6C649@
'6?2=
56
=2
,?:G6CD:525
56
-2=6?4:2
&)(
.!!& "
2E65ClE:42
56
:6?4:2
'@=tE:42
56
=2
,?:G6CD:525
56
$2:?K
=6>2?:2
,LI=?>CGC?HNI
>?
M?F?==C‰H
>?
ILCACH;F?M

P?L
J}ACH;
Q?<
QQQNCL;HNH?N CH>?RJBJ ?>CNILC;F JLI=?>CGC?HNI>?M?F?==CIH>?ILCACH;F?M
'
!"'(&#"'
$[ '
"
'$X
]
?>C=C‰H

#'V
"(#"#
# !
' *#&
$&&#
V'&
# "#

2;F?H=C;


 IJSLCABN
e


0I>IM
FIM
>?L?=BIM
L?M?LP;>IM
*C
F;
NIN;FC>;>
HC
J;LN?
>?
?MN?
FC<LI
JO?>?
L?JLI>O=CLM?
I
NL;HMGCNCLM?
JIL
HCHAH
JLI=?>CGC?HNI
?F?=NL‰HC=I
I
G?=}HC=I

CH=FOS?H>I
@INI=IJC;

AL;<;=C‰H
G;AH‚NC=;

I
=O;FKOC?L
;FG;=?H;GC?HNI
>?
CH@ILG;=C‰H
S
MCMN?G;
>?
L?=OJ?L;=C‰H
MCH
J?LGCMI
?M=LCNI
>?
FIM
;ONIL?M
S
>?F
?>CNIL
!H
=;MI
>?
?LL;N;M
S
;=NO;FCT;=CIH?M

F;
!>CNILC;F
0CL;HN
FI
F;H=B
JO<FC=;L}
F;
J?LNCH?HN?
=ILL?==C‰H
?H
F;
J}ACH;
Q?<
QQQNCL;HN=IG

g
&IM‚
HNIHCI
+FG?>;
S
INLIM

g
0%.*0
(+
(*$
! %0
0%.*0
(+
(*$

LN?M
#L}@C=;M





2;F?H=C;
0!("/
 




"4
 


!G;CFNF<NCL;HN=IG
QQQNCL;HN=IG
(C<L?L…;
PCLNO;F
QQQNCL;HN?M
!,t/%0+
(!#(
2
%/*

)-1!0
0CHE
";=NIL…;
>?
IFIL
/C
NC?H?
;FAOH;
KO?D;
I
MOA?L?H=C;

?HP…?HIM
OH
G;CF
;
2E6?4:@?4=:6?E6E:C2?E 4@>
!H
=;MI
>?
HI
M?L
;N?H>C>;
MO
MOA?L?H=C;

JIL
@;PIL

F?;
?H
HHH E:C2?E ?6E
:?56I A9A
6>AC6D2
A@=:E:42D566>AC6D2
HO?MNLI
,LI=?>CGC?HNI
>?
KO?D;M
+6>2


/A
/2;7<7AB@/17=<3A
>d0:71/A
G
3:
A7AB3;/
>=:`B71=
X>,=
:749:
')!&#

&-
'#(#-.,#)(-
*j&#-
3
-/
(.),()
-)#)*)&d.#)
 
&7
:C?D?IJH79?vD
*y8B?97
9ECE
F7HJ;
IKIJ7D9?7B
:;B
IJ7:E
O
:;B
I?IJ;C7
FEBsJ?9E

&EI
H7I=EI
97H79J;HsIJ?9EI
:;B
I;9JEH
Fy8B?9E
B7I
:?<;H;D9?7I
;DJH;
B7I
EH=7D?P79?ED;I
Fy8B?97I
O
B7I
FH?L7:7I
 
B
;DJEHDE
IE9?EFEBsJ?9E
O
B7
;LEBK9?vD
>?IJvH?97
;IF;9?7B
:;
B7I
7:C?D?IJH79?ED;I
;IF7uEB7I
O
IKI
H;JEI
 
B
97CFE
:;
<K;HP7I
JsF?9E
7BH;:;:EH
:;
B7I
7:C?D?IJH79?ED;I
Fy8B?97I

&
'#(#-.,#g(
*j&#
(
&
-.)
'),_.#)

B
IJ7:E
79JK7B
O
B7
:;CE9H79?7
9ECE
C7H9E
:;
B7
799?vD
Fy8B?97
O
IK
B;=?J?C?:7:
:;CE9H79?7
O
7:C?D?IJH79?vD
Fy8B?97

B
;DJEHDE
9EDIJ?JK9?ED7B
:;
B7I
7:C?D?IJH79?ED;I
Fy8B?97I
;IF7uEB7I

B
IJ7:E
:;
F7HJ?:EI
O
;B
F7F;B
:;
;IJEI
;D
B7I
7:C?D?IJH79?ED;I
Fy8B?97I

&EI
L7BEH;I
9KBJKH7B;I
O
FH?D9?F?EI
FH;:EC?D7DJ;I
IE8H;
B7
79J?L?:7:
7:C?D?IJH7J?L7
O
B7
=;IJ?vD
Fy8B?97
B7I
J;D:;D9?7I
;D
B7
8K;D7
7:C?D?IJH79?vD
H;<EHC7I
O
CE:7I
7:C?D?IJH7J?L7I

&-
,&#)(-
(.,
&
'#(#-.,#g(
*j&#
3
).,-
#(-.#./#)(-
3
.),-
(
&
-#-.'
*)&d.#)
 
&EI
@;<;I
FEBsJ?9EI
=E8?;HDEI
FH;I?:;DJ;I
O
C?D?IJHEI
  
B
F7F;B
:;
BEI
7I;IEH;I
FEBsJ?9EI
O
BEI
=78?D;J;I

&EI
F7HB7C;DJEI
O
7I7C8B;7I
B;=?IB7J?L7I
 
)JH7I
KD?:7:;I
7:C?D?IJH7J?L7I
O
:;F7HJ7C;DJEI
H;B79?ED;I
?DJ;HEH=7D?P7J?L7I
)H=7D?ICEI
:;
9EDJHEB
O
IKF;HL?I?vD
 
)JHEI
D?L;B;I
:;
=E8?;HDE
&7
FEBsJ?97
CKBJ?D?L;B
O
B7I
H;B79?ED;I
?DJ;H=K8;HD7C;DJ7B;I
 
&EI
JH?8KD7B;I

&
#(.,#g(

&
'#(#-.,#g(
*j&#
)(
&
-)#
#0#&
!,/*)-

#(.,b-
'#)-

)'/(##g(
3
)*#(#g(
*j&#
 
!HKFEI
:;
?DJ;HqI
9B?;DJ;B7I
7IE9?79?ED;I
FHE<;I?ED7B;I

,;:;I
:;
FEBsJ?97
Fy8B?97
FEB?9O
D;JMEHAI
 
&EI
C;:?EI
:;
9ECKD?979?vD
 
&7
EF?D?vD
Fy8B?97
 
?K:7:7DEI
?D:?L?:K7B;I

&
(.),()
-)#))(g'#)
.()&g!#)

#(.,(#)(&

&-
'#(#-.,#)(-
*j&#-
 
&7
;IJHK9JKH7
IE9?7B
O
;B
7KC;DJE
:;
B7
?DC?=H79?vD

&7
9KBJKH7
O
BEI
L7BEH;I
B7
:?L;HI?:7:
 
B
;DJEHDE
;9EDvC?9E
 
B
;DJEHDE
J;9DEBv=?9E


'
!"'(&#"'
$[ '
-
')
"(#&"#
'##$# W(#
(;
>GCHCMNL;=C‰H
,<FC=;
?H
MCHAOF;L
I

?H
JFOL;F

F;M
;>GCHCMNL;=CIH?M
J<FC=;M

=IHMNCNOS?H
OH
I<D?NI
>?
=IHI=CGC?HNI
>?
?MJ?=C;F
=IGJF?DC>;>
O;H>I
M?
B;<F;
>?
F;
>GCHCMNL;=C‰H
,<FC=;
JI>?GIM
?MN;L
L?@CLC‚H>IHIM

JIL
?D?GJFI

;
F;M
N;L?;M
S
FIM
L?MOFN;>IM
>?
F;M
ILA;HCT;=CIH?M
?MN;N;F?M
I
J<FC=;M

;
F;M
L?AF;M
@ILG;F?M
I
;
F;
L?;FC>;>
JL}=NC=;
>?
FIM
JLI=?>CGC?HNIM
;>GCHCMNL;NCPIM
,I>?GIM
L?@?LCLHIM
;
F;M
?MNLO=NOL;M
@ILG;F?M
?
CH@ILG;F?M
>?HNLI
>?
F;M
ILA;HCT;=CIH?M

;
F;M
L?F;=CIH?M
CHN?LH;M
S
?RN?LH;M
>?
F;M
ILA;HCT;=CIH?M
;>GCHCMNL;NCP;M

;F
J?LMIH;F
>?F
!MN;>I

;
MO
L?=FON;GC?HNI

J;ON;M
>?
=;LL?L;

=;J;=CN;=C‰H

;=NCNO>?M

GINCP;=C‰H

@LOMNL;=CIH?M

?N=
!F
@?H‰G?HI
;>GCHCMNL;NCPI
M?
JO?>?
?H=IHNL;L
;>?G}M
?H
>C@?L?HN?M
FOA;L?M

S;
KO?
JO?>?
>CMNCHAOCLM?
N;G<C‚H
?HNL?
F;M
;>GCHCMNL;=CIH?M
>?F
!MN;>I

F;M


FIM
GOHC=CJCIM

F;
1HC‰H
!OLIJ?;

I
F;M
>?
FIM
ILA;HCMGIM
;ON‰HIGIM
I
;A?H=C;M

=IGI
JIL
?D?GJFI

?F
%HMNCNONI
*;=CIH;F
>?
F;
/?AOLC>;>
/I=C;F
(;M
;>GCHCMNL;=CIH?M
J<FC=;M
=IHMOG?H
BIS
F;
G;SIL
JIL=C‰H
>?F
JL?MOJO?MNI
J<FC=I

I=OJ;H
;
OH
JIL=?HN;D?
GOS
CGJILN;HN?
>?
F;
JI<F;=C‰H
;=NCP;
S
MIH
F;M
L?MJIHM;<F?M
JLCH=CJ;F?M
>?
AL;H
J;LN?
>?F
L?H>CGC?HNI
>?F
MCMN?G;
JIF…NC=I
)}M
L?F?P;HN?
;H
L?MOFN;
MO
JL?M?H=C;
?H
F;
PC>;
>?
FIM
=CO>;>;HIM

NL;P‚M
>?
MO
J?LMIH;F
S
MOM
JIF…NC=;M

FIM
=CO>;>;HIM
G;HNC?H?H
OH;
L?F;=C‰H
=IHMN;HN?
S
JLCG;LC;
=IH
?F
MCMN?G;
JIF…NC=I
 ?F
,CHI

(;
CGJILN;H=C;
>?
?MN?
=IGJF?DI
CHMNCNO=CIH;F
JIF…NC=I;>GCHCMNL;NCPI
J;L?=?
JO?M
?PC>?HN?
!H
FIM
FNCGIM
>?=?HCIM
B;
?RCMNC>I
OH
JLI@OH>I
>?<;N?
;=;>‚GC=I
S
JIF…NC=I
MI<L?
=O}F
>?<?
M?L
?F
J;J?F
>?F
!MN;>I
?H
F;M
MI=C?>;>?M
=IHN?GJIL}H?;M
S
MI<L?
F;
H?=?MC>;>
>?
L?F?ACNCG;L
F;M
CHMNCNO=CIH?M
AO<?LH;G?HN;F?M
(IM
!MN;>IM
M?
B;H
PCMNI
MIG?NC>IM
;
>CMNCHN;M
JL?MCIH?M
?RN?LH;M
I
CHN?LH;M
KO?
F?M
B;H
I<FCA;>I
;
?GJL?H>?L
L?@ILG;M
KO?
;@?=N;H
;
MOM
?MNLO=NOL;M
;>GCHCMNL;NCP;M
NL;>C=CIH;F?M
!HNL?
?MN;M
JL?MCIH?M
MIH
>?
F;
G;SIL
CGJILN;H=C;
FIM
@?H‰G?HIM
;MI=C;>IM
;
F;
AFI<;FCT;=C‰H

F;
CHN?LH;=CIH;FCT;=C‰H
>?
FIM
G?L=;>IM

F;
CH=ILJIL;=C‰H
;
>CMNCHNIM
<FIKO?M
?=IH‰GC=IM
S
JIF…NC=IM
MOJL;H;=CIH;F?M

?F
CGJ;=NI
>?F
=;G<CI
N?=HIF‰AC=I

?F
‚RCNI
>?
F;M
C>?;M
>?F
FF;G;>I
H?IFC<?L;FCMGI
?=IH‰GC=I
L?MJ?=NI
;
F;
L?>O==C‰H
>?F
A;MNI
S
>?F
N;G;ˆI
>?F
M?=NIL
J<FC=I

F;
?HNL;>;
>?
HO?PIM
JLI<F?G;M
?H
F;
;A?H>;
>?
FIM
AI<C?LHIM

N;F?M
=IGI
F;
CHGCAL;=C‰H
I
?F
G?>CI;G<C?HN?

?
CH=FOMI
?F
NLCOH@I
>?
=C?LNIM
J;L;>CAG;M
;>GCHCMNL;NCPIM
=IGI
F;
*O?P;
#?MNC‰H
,<FC=;

KO?
=L?=C?HN?G?HN?
M?
B;
PCMNI
MOMNCNOC>I
JIL
HO?PIM
GIPCGC?HNIM
KO?
NL;N;H
>?
=ILL?ACL
;FAOHIM
>?
MOM
?R=?MIM
S
;>;JN;LM?
;
F;M
HO?P;M
N?=HIFIA…;M
S
F;
>?G;H>;
>?
FIM
=CO>;>;HIM
>?
G;SIL
NL;HMJ;L?H=C;
S
G;SIL
J;LNC=CJ;=C‰H


,
/8494>?=,.4[9
!]-74.,
.:8:
;,=?0
>@>?,9.4,7
/07
>?,/:
D
/07
>4>?08,
;:7Y?4.:
.?MJ?=NI
;
F;
JIMC=C‰H
KO?
I=OJ;
F;
;>GCHCMNL;=C‰H
J<FC=;

F;M
<OLI=L;=C;M
S
F;M
ILA;HCT;=CIH?M
J<FC=;M

?H
?F
=IHDOHNI
>?F
MCMN?G;
JIF…NC=I

=;<?
>?MN;=;L
?H
JLCG?L
FOA;L
?F
B?=BI
>?
KO?
?M
;
?FF;M
;
KOC?H?M
=ILL?MJIH>?
F;
?D?=O=C‰H
?
CGJF;HN;=C‰H
>?
NI>;M
F;M
>?=CMCIH?M
JIF…NC=;M
;>IJN;>;M
JIL
FIM
L?JL?M?HN;HN?M
>?
FIM
=CO>;>;HIM
>?GI=L}NC=;G?HN?
?F?AC>IM
/CH
?G<;LAI

OH;
P?T
MOJ?L;>I
?F
;ˆ?DI
>?<;N?
MI<L?
F;
>C=INIG…;
?HNL?
JIF…NC=;
S
;>GCHCMNL;=C‰H
KO?
;MCAH;<;
;
F;
JIF…NC=;
?F
HI<F?
;LN?
>?
F;
>?=CMC‰H
S
;
F;
;>GCHCMNL;=C‰H
F;
BOGCF>?
N;L?;
>?
F;
?D?=O=C‰H

BIS
M;<?GIM
KO?
FIM
@OH=CIH;LCIM
S
F;M
ILA;HCT;=CIH?M
;>GCHCMNL;NCP;M
NC?H?H
OH
J;J?F
N;G<C‚H
JL?JIH>?L;HN?
?H
F;
CHC=C;=C‰H
>?
F;M
JIF…NC=;M
J<FC=;M
(;
JIF…NC=;
S
F;
;>GCHCMNL;=C‰H
J<FC=;
>?<?L…;H
=IHMC>?L;LM?
=IGI
>IM
?F?G?HNIM
>C@?L?HN?M
>?F
GCMGI
JLI=?MI
>?
?F;<IL;=C‰H
S
?D?=O=C‰H
>?
F;
JIF…NC=;
J<FC=;
/O
@ILGOF;=C‰H
S
MO
?D?=O=C‰H
=IHMNCNOS?H
JLI=?MIM
CHN?LL?F;=CIH;>IM
KO?
HI
JO?>?H
M?L
M?J;L;>IM
?H
F;
L?;FC>;>
!M
>?=CL

F;M
<OLI=L;=C;M
J<FC=;M
HI
MIH
G?L;M
?D?=ONIL;M
>?
F;M
>?=CMCIH?M
L?=C<C>;M
/O
J;LNC=CJ;=C‰H
?H
?F
JLI=?MI
>?=CMILCI
?M
@OH>;G?HN;F
?H
F;
G;SIL…;
>?
FIM
=;MIM
,?N?LM
S
,C?LL?

2‚;M?
F;
0;<F;

$%.$

/
=/?A717=/17a;
23
9/
/2:7;7@A?/17a;
=c0971/
3;
9/@
=<9_A71/@
=c0971/@
$$

'
' '&$X"
!"'(&#"'
$Z '

IJ78B;9?C?;DJE
:;
B7 ;9?I?vD
IE8H;
;D
GKq
7IKDJEI
I;
79JK7Hn
E
DE )8I;HL7H
B7
H;7B?:7:

7=;D:7 L7BK7H
FHE=H7C7I
;D
C7H9>7
0?=?B7H
7
BEI
=K7H:?7D;I
:;
B7
7=;D:7
'7DJ;D;H
BEI
FHE8B;C7I
L?LEI
*HECEL;H
J;C7I
F7H7
GK;
I;7D
?D9BK?:EI
E
DE
?BJH7H
?:;7I
:;I:;
;B
Fy8B?9E
;FKH7H
;B
FHE8B;C7
:;
IKI
FHEF?EI
L7BEH;I
O
:;
EJHEI
#C7=?D7H
FEI?8B;I
IEBK9?ED;I

EHCKB79?vD
:;
B7I ;I7HHEBBE
:;
?DIJHKC;DJEI
;IF;9s<?9EI
F7H7
BE=H7H K;DJ;
:;
?:;7I
O
;NF;H?;D9?7
;D
;B
:?I;uE
:;
?DIJHKC;DJEI
7BJ;HD7J?L7I
O
EF9?ED;I BEI
H;IKBJ7:EI O
;D
;B
:?I;uE
:;
BEI
FHE=H7C7I
*HE9;IE
:;
;B78EH79?vD
:;
B;O;I
E
H;=B7C;DJEI EDJ79JE
9ED
BEI
79JEH;I
#DJHE:K99?vD
:;
BEI
FHE=H7C7I
;D
;B
FHE9;IE *HE9;IE
7:C?D?IJH7J?LE
:;
;B78EH79?vD
:;
B7
B;O
FH;IKFK;IJ7H?E
:;
F;HIED7B D7B?P7H
IK
FHEF?E
F;HIED7B
O
FH;IKFK;IJE
#CFB7DJ79?vD *K;IJ7
;D
C7H9>7
:;
BEI
FHE=H7C7I
7
JH7LqI
:;
B7I *H;E9KF79?vD
FEH
B7
FH;IJ79?vD
:;B
I;HL?9?E
EH=7D?P79?ED;I
Fy8B?97I
E
:;
EJH7I

L7BK79?vD 07BEH79?vD
:;
BEI
;<;9JEI
:;
BEI
FHE=H7C7I
;D KJE;L7BK79?vD
:;
BEI
FHE=H7C7I

<KD9?vD
:;
IK
;<?979?7
;<?9?;D9?7
K
EJHEI
L7BEH;I

,;7B?C;DJ79?vD ;9?I?vD
IE8H;
I?
KD
FHE=H7C7
:;8;
9EDJ?DK7H ;<;DI7
:;
IK
FHEF?E
FHE=H7C7
FHEFK;IJ7
:;
97C8?E
CE:?<?97HI;
E
<?D7B?P7H :;IFKqI
:;
9EDE9;H
BEI
H;IKBJ7:EI
:;
B7
;L7BK79?vD
"O?HN?
!F;<IL;=C‰H
JLIJC;
=IH
;FAOH;M
C>?;M
>?
(?PCH?

,?N?LM
S
0BIGJMIH


!F
=;G<CI
AFI<;F
G}M
MCAHC@C=;NCPI
?H
FIM
FNCGIM
>?=?HCIM
B;
MC>I
?F
;OG?HNI
>?
F;
JL?M?H=C;

?F
N;G;ˆI
S
?F
=IG?NC>I
>?
F;M
ILA;HCT;=CIH?M
J<FC=;M
?H
F;
MI=C?>;>
!H
?F
CHN?LCIL
>?
FIM
!MN;>IM

?H
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
N;G<C‚H
M?
B;H
JLI>O=C>I
=;G<CIM

=IGI
F;M
P;LC;=CIH?M
?H
?F
>CM?ˆI
CHMNCNO=CIH;F

F;
>?M=?HNL;FCT;=C‰H
I
F;
;J?LNOL;
>?
F;M
?MNLO=NOL;M
JIF…NC=I;>GCHCMNL;NCP;M
;
HO?P;M
@ILG;M
>?
=IIJ?L;=C‰H
;HN?M
GCHILCN;LC;M
=IH
INLIM
;=NIL?M
O
ILA;HCT;=CIH?M
HI
J<FC=IM
!RCMN?
CH=FOMI
OH;
L?HIP;>;
JL?MC‰H
>?GI=L;NCT;>IL;
KO?
B;
FF?A;>I
;
JIH?L
?H
N?F;
>?
DOC=CI
?F
J;J?F
>?
F;M
CHMNCNO=CIH?M
JIF…NC=I;>GCHCMNL;NCP;M
=IGI
A;L;HN?M
>?
F;M
=IH>C=CIH?M
NL;>C=CIH;F?M
>?
F;
=CO>;>;H…;
>?GI=L}NC=;
,I>L…;
;@CLG;LM?
KO?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
MIH
JLI<;<F?G?HN?
F;M
CHMNCNO=CIH?M
>?
F;M
>?GI=L;=C;M
I==C>?HN;F?M
KO?
B;H
MO@LC>I
G}M
=;G<CIM
?H
F;M
FNCG;M
>‚=;>;M
!MNI
M?
>?<?
?H
J;LN?
;
P;LCIM
JLI=?MIM
?RN?LHIM
?
CHN?LHIM
CHN?LL?F;=CIH;>IM
S
ILCACH;>IM
JIL
F;
CHN?LH;=CIH;FCT;=C‰H
>?
F;
?=IHIG…;
S
F;
JIF…NC=;
KO?
B;H
;@?=N;>I
?H
FIM
FNCGIM
;ˆIM
;
HO?MNLIM
J;…M?M
S
KO?
?MN}H
?H
F;
<;M?
>?
F;M
NL;HM@ILG;=CIH?M
>?
F;
AI<?LH;=C‰H>?
HO?MNLI
NC?GJI
,L;NM


?HT

W
!F
@?H‰G?HI
>?
F;
>?M=?HNL;FCT;=C‰H
(IM
AI<C?LHIM
H;=CIH;F?M
S;
HI
JO?>?H
JL?N?H>?L
;MOGCL
NI>;
F;
L?MJIHM;<CFC>;>
JIL
?F
>?M;LLIFFI
H;=CIH;F
$;S
N;G<C‚H
L?NIM
?MJ?=…@C=IM
>?
?MN;
N?H>?H=C;
KO?
M?
>;H
N;G<C‚H
BIS
S
JL?JIH>?L;HN?G?HN?
?H
?F
?MJ;=CI
G?NLIJIFCN;HI
S
L?ACIH;F
W
(;
AFI<;FCT;=C‰H
>?
F;M
L?AOF;=CIH?M
>?
F;
?=IHIG…;
GOH>C;F

?M
>?=CL

>?
F;M
HILG;M

?MN}H>;L?M

JLCH=CJCIM
S
L?AF;M
KO?
AI<C?LH;H
F;
JLI>O==C‰H
S
?F
=IG?L=CI
AFI<;F
;M…
=IGI
FIM
G?=;HCMGIM
>?
=I?L=C‰H
JL?PCMNIM
J;L;
A;L;HNCT;L
MO
=OGJFCGC?HNI

FIM
=O;F?M
?HG;L=;H
F;M
L?AOF;=CIH?M
?=IH‰GC=;M
>?
FIM
J;LF;G?HNIM
H;=CIH;F?M
W
F;
L?P;FILCT;=C‰H
>?
FI
FI=;F
S
FI
MCHAOF;L

;
F;
P?T
KO?
GO=BIM
!MN;>I
H;=CIH;F?M
M?
B;H
>?GIMNL;>I
CH=;J;=?M
J;L;
=L?;L
OH
M?HNCGC?HNI
>?
HC=;
=IGOHC>;>
H;=CIH;F
!MI
HI
MCAHC@C=;
KO?
?F
!MN;>IH;=C‰H
B;S;
J?L>C>I
MO
CGJILN;H=C;
>?=CMCP;
?H
F;
AI<?LH;=C‰H

S;
KO?
MCAO?
MC?H>I
F;
;L?H;
JIF…NC=;
S
?F
L?=OLMI
CH>CMJ?HM;<F?
J;L;
AI<?LH;L
HO?MNL;M
MI=C?>;>?M

 
:>
=,>2:>
.,=,.?0=Y>?4.:>
/07
>0.?:=
;]-74.:
7,>
/410=09.4,>
09?=0
7,>
:=2,94E,.4:90>
;]-74.,>
D
7,>
;=4A,/,>
(;M
;>GCHCMNL;=CIH?M
J<FC=;M
?H
FIM
J;…M?M
>?M;LLIFF;>IM
CH=FOS?H
?HNL?
MOM
;=NO;=CIH?M
JLCH=CJ;F?M
NL?M
=;N?AIL…;M
<}MC=;M
F;
L?AOF;=C‰H
>?
=IGJILN;GC?HNIM
S
;=NCPC>;>?M

F;
JL?MN;=C‰H
>?
M?LPC=CIM
S
F;
NL;HM@?L?H=C;
>?
L?=OLMIM
@CH;H=C?LIM
/OM
>?MNCH;N;LCIM
MIH
N;HNI
FIM
=CO>;>;HIM
CH>CPC>O;F?M

=IGI
FIM
ALOJIM
S
F;M
ILA;HCT;=CIH?M
N;HNI
JLCP;>;M
=IGI
J<FC=;M
*O?MNL;M
;>GCHCMNL;=CIH?M
J<FC=;M

=IGI
F;M
>?
FIM
J;…M?M
>?
HO?MNLI
?HNILHI

GO?MNL;H
>?
@ILG;
J;LNC=OF;LG?HN?
CHN?HM;
;FAOH;M
=;L;=N?L…MNC=;M
@OH>;G?HN;F?M

=IGI
MIH
,?N?LM
S
,C?LL?


;
/O
AL;H
N;G;ˆI

GIPCFCT;H>I
OH
PIFOG?H
CHA?HN?
>?
L?=OLMIM

N;HNI
BOG;HIM
=IGI
G;N?LC;F?M
<
/O
GOFNCJFC=C>;>
>?
}G<CNIM
>?
;=NO;=C‰H

KO?
B;
?RJ?LCG?HN;>I
OH
JLI=?MI
>?
?RJ;HMC‰H
JL}=NC=;G?HN?
=IHMN;HN?
;
FI
F;LAI
>?
FIM
FNCGIM
=C?H
;ˆIM

?MJ?=C;FG?HN?
HIN;<F?
>?M>?
?F
@CH;F
>?
F;
%%
#O?LL;
)OH>C;F

P‚;M?
?F
N?G;

=
/O
?MJ?=C;FCT;=C‰H
@OH=CIH;F

F;
G;SIL…;
>?
?FF;M
NC?H?H
N?LL?HIM
>?
;=NO;=C‰H
=OC>;>IM;G?HN?
>?FCGCN;>IM
S
M?
;NC?H?H
;
JLI=?>CGC?HNIM
KO?
CHN?HN;H
;>?=O;LM?
;
MOM
=;L;=N?L…MNC=;M

P?=?M
M?
G;HNC?H?H
}L?;M
>?
MIF;J;GC?HNI
?H
F;M
KO?
P;LC;M
ILA;HCT;=CIH?M
JO?>?H
?MN;L
IJ?L;H>I
>?
G;H?L;
MCGOFN}H?;
>
/O
>CP?LMC>;>
ILA;HCT;NCP;
J;L;
<OM=;L
OH;
G;SIL
?@C=;=C;
S
JLI>O=NI
>?
F;M
J?=OFC;LC>;>?M
>?
FIM
>C@?L?HN?M
M?=NIL?M
>?
JIF…NC=;
J<FC=;
?
/O
JLI@?MCIH;FCT;=C‰H

=IH
?F
JL?>IGCHCI
>?F
NCJI
>?
J?LMIH;M
J;L;
F;M
KO?
MO
NL;<;DI
?H
OH;
;>GCHCMNL;=C‰H
>?N?LGCH;>;
=IHMNCNOS?
?F
G?>CI
@OH>;G?HN;F
>?
PC>;
>C=CIH;FG?HN?

?MNIM
JLI@?MCIH;F?M
>?M;LLIFF;H
MOM
@OH=CIH?M
;
NL;P‚M
>?
F;
;JFC=;=C‰H
>?
OH
=IHDOHNI
>?
=IHI=CGC?HNIM
S
B;<CFC>;>?M
N‚=HC=;M
?MJ?=…@C=;M
/?
B;
>CM=ONC>I
GO=BI
MI<L?
F;
J?=OFC;LC>;>
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M

>?
F;
A?MNC‰H
S
F;M
ILA;HCT;=CIH?M
J<FC=;M
(;M
=IH=?J=CIH?M

N?‰LC=;M
I
C>?IF‰AC=;M

KO?
M?
N?HA;H
>?
?MN;
?MJ?=C@C=C>;>
MIH
CGJILN;HN?M

JILKO?
>?
?FF;M
>?J?H>?
F;
JIMC=C‰H
KO?
M?
NC?H?
L?MJ?=NI
;
=‰GI
>?<?H
@OH=CIH;L
S
ILA;HCT;LM?

MI<L?
=O}F?M
MIH
MOM
JIMC<CFC>;>?M
S
KO‚
M?
F?M
JO?>?
?RCACL
(;M
JIMC=CIH?M
JLCH=CJ;F?M
M?
JO?>?H
>CPC>CL
>?
@ILG;
MCGJFC@C=;>;
?H
NL?M

=OS;
JL?M?H=C;
?M
>C@?L?HN?
?H
>CMNCHNIM
J;…M?M
S
?H
F;M
>CMNCHN;M
>CM=CJFCH;M
;=;>‚GC=;M
KO?
NL;N;H
?F
N?G;
>?
F;
;>GCHCMNL;=C‰H
J<FC=;
FFCMIH

(;
JLCG?L;
JIMNOL;
MIMNC?H?
KO?
F;
;>GCHCMNL;=C‰H
J<FC=;
?M
L;>C=;FG?HN?
MCHAOF;L
/?
M?ˆ;F;
KO?
F;M
ILA;HCT;=CIH?M
J<FC=;M
NC?H?H
=;GJIM
>?
;=NO;=C‰H
>?FCGCN;>IM
JIL
F;M
HILG;M
DOL…>C=;M
/?
L?=O?L>;
KO?

=IGI
M?ˆ;F;<;
F;
@;GIM;
>?@CHC=C‰H
>?
);R
3?<?L
MI<L?
?F
!MN;>I

FI
=;L;=N?L…MNC=I
>?
UFI
J<FC=IX
?M
KO?
NC?H?
KO?
P?L
=IH
F;
=;J;=C>;>
J;L;
?F
?D?L=C=CI
F?A…NCGI
>?
F;
PCIF?H=C;
0;G<C‚H
M?
L?=O?L>;
KO?
?F
=IHDOHNI
>?
ILA;HCT;=CIH?M
J<FC=;M
B;=?
@L?HN?
;
OH
=IHN?RNI
>?
G}RCG;
=IGJF?DC>;>

GOS
MOJ?LCIL
;F
>?
F;
G;SIL
?GJL?M;
JLCP;>;
S
=‰GI
?MN;M
ILA;HCT;=CIH?M
B;=?H
@L?HN?
;
JL?MCIH?M
>?F
G?>CI

JL?MCIH?M
KO?
NC?H?H
OH
=IHN?HC>I
U@OH>;G?HN;FG?HN?
JIF…NC=IX

;F?D;>I
>?
F;
=IH>O=N;
N…JC=;
?H
F;
?GJL?M;
0;G<C‚H
M?
M?ˆ;F;H
INL;M
>C@?L?H=C;M
=IH
F;M
ILA;HCT;=CIH?M
JLCP;>;M
=IGI
?F
=IHN?RNI
J;LF;G?HN;LCI
S
?F?=NIL;F

KO?
>C@C=OFN;
F;
JF;HC@C=;=C‰H
;
F;LAI
JF;TI
I
FIM
I<MN}=OFIM
=;MC
CHM;FP;<F?M
J;L;
?P;FO;L
UI<D?NCP;G?HN?X
?F
L?H>CGC?HNI
>?
F;M
ILA;HCT;=CIH?M
J<FC=;M
;F
HI
JI>?LM?
;JFC=;L
?F
=IH=?JNI
>?
U<?H?@C=CIX
,IL
FNCGI
M?
L?=O?L>;
F;
I<FCA;=C‰H
>?
;=NO;L
=IH
NL;HMJ;L?H=C;

?F
FF;G;>I
U?@?=NI
J?=?L;X

>?
G}RCG;
PCMC<CFC>;>
S
F;
I<FCA;=C‰H
>?
A;L;HNCT;L
FIM
>?L?=BIM
>?
FIM
=CO>;>;HIM
S
>?
>?GIMNL;L
?KOC>;>

=IHALO?H=C;
>?
F;
;=NO;=C‰H
?H
?F
NC?GJI
S
DOMNC=C;
?H
?F
NL;N;GC?HNI
>?
FIM
;MOHNIM
,;L;
OH;
M?AOH>;
JIMC=C‰H

M?
>;
OH;
=IHP?LA?H=C;
JLIAL?MCP;
?HNL?
FIM
GI>IM
>?
A?MNC‰H
J<FC=IM
S
FIM
JLCP;>IM
/?
M?ˆ;F;
=‰GI
?H
F;
MI=C?>;>
JIMNCH>OMNLC;F
F;
>C@?L?H=C;=C‰H
H…NC>;
?HNL?
;>GCHCMNL;=C‰H
J<FC=;
S
A?MNC‰H
>?
?GJL?M;M
M?
B;=?
=;>;
P?T
G}M
>C@…=CF

?RCMNC?H>I
OH;
?MJ?=C?
>?
=IHNCHOI
>?
ILA;HCT;=CIH?M
KO?
CL…;
>?M>?
F;
U?GJL?M;
=F}MC=;X
B;MN;
?F
UH?AI=C;>I
NL;>C=CIH;FX
=IGI
?RNL?GIM
/?
M?ˆ;F;
KO?
F;
=OFNOL;
?MN}
=;G<C;H>I
,IL
?D?GJFI

?H
=O;HNI
;
FIM
@CH?M
M?
>;
OH;
=L?=C?HN?
L?MJIHM;<CFC>;>
MI=C;F
>?
F;M
?GJL?M;M
S
;
F;
P?T
OH;
=L?=C?HN?
JL?I=OJ;=C‰H
JIL
F;
?@C=;=C;
S
F;
?@C=C?H=C;
?H
F;M
ILA;HCT;=CIH?M
J<FC=;M
?
?MN?
GI>I

M?AH
?MN;
J?LMJ?=NCP;

F;M
>C@?L?H=C;M
?H
=O;HNI
;
?@C=C?H=C;

L?MJIHM;<CFC>;>

PCMC<CFC>;>
S
>?G;H>;M
>?
NL;HMJ;L?H=C;
S
?KOC>;>
N?H>?L…;H
;
B;=?LM?
G?HIL?M
;
G?>C>;
KO?
=L?=?
?F
N;G;ˆI
>?
F;M
ILA;HCT;=CIH?M
,;L;
OH;
N?L=?L;
JIMNOL;

JIL
FNCGI

C>?HNC@C=;>;
=IH
?F
FC<?L;FCMGI
H?I=F}MC=I
I
H?IFC<?L;FCMGI
JIF…NC=I

B;<F;L
>?
ILA;HCT;=CIH?M
J<FC=;M
I
>?
A?MNC‰H
J<FC=;
M?L…;
B;<F;L
>?
OH;
@ILG;
U>?A?H?L;>;X
>?
A?MNC‰H
?GJL?M;LC;F
!M
>?=CL

M?
MIMNC?H?
KO?
HI
B;S
A?MNC‰H
J<FC=;
=IGI
N;F
MCHI
M‰FI
A?MNC‰H
?@C=;T

?@C=C?HN?
S
?=IH‰GC=;
F;
<O?H;
A?MNC‰H
N…JC=;
>?
F;M
?GJL?M;M

S
A?MNC‰H
<OLI=L}NC=;

CH?@C=;T

=;L;

JIFCNCT;>;
F;
A?MNC‰H
N…JC=;
?H
ILA;HCT;=CIH?M
J<FC=;M
(;
=IHM?=O?H=C;
KO?
M?
>?LCP;
>?
?MN;
JIMC=C‰H
MIH
@‰LGOF;M
=IGI
KO?
U?F
G?DIL
M?=NIL
J<FC=I
?M
?F
G}M
J?KO?ˆI
JIMC<F?X

U?F
G?DIL
M?=NIL
J<FC=I
?M
?F
G}M
<;L;NI
JIMC<F?X

U?F
!MN;>I
HI
?M
G}M
KO?
F;
?GJL?M;
G}M
AL;H>?
>?F
J;…MX
,IL
N;HNI

M?
;LAOS?

F;M
N‚=HC=;M
>?
A?MNC‰H
>?F
M?=NIL
JLCP;>I
JO?>?H
S
>?<?H
M?L
NL;MF;>;>;M
?H
NI>;
MO
JOL?T;
S
;GJFCNO>

S
FI
G}M
L}JC>;G?HN?
JIMC<F?

;F
M?=NIL
J<FC=I
"L?HN?
;
?MN;M
JIMC=CIH?M
;FAI
MCGJFC@C=;>;M

=IHPC?H?
J;L;LM?
;
?R;GCH;L
>?N;FF;>;G?HN?
P;LC;M
>CG?HMCIH?M
?H
KO?
F;M
ILA;HCT;=CIH?M
J<FC=;M
MIH
>C@?L?HN?M
>?
F;M
JLCP;>;M
/CAOC?H>I
JIL
?D?GJFI
;
;ONIL?M
=IGI
FFCMIH


I
.;CH?S

S
;
INLIM
KO?
B;H
NL;N;>I
?F
N?G;
=IH
>?N;FF?

JI>?GIM
M?ˆ;F;L
;FAOHIM
;MJ?=NIM
=F;P?
>?
F;M
ILA;HCT;=CIH?M
J;L;
P?L
F;M
M?G?D;HT;M
S
>C@?L?H=C;M
W
!H
=O;HNI
;
FIM
@CH?M
N;HNI
F;M
ILA;HCT;=CIH?M
J<FC=;M
=IGI
F;M
JLCP;>;M
NC?H>?H
;
J?LM?AOCL
=IHDOHNIM
=IGJF?DIM
>?
I<D?NCPIM
/CH
?G<;LAI

?H
?F
=;MI
>?
F;M
JLCP;>;M
?RCMN?
OH;
@CH;FC>;>
JLCH=CJ;F
S
=F;L;G?HN?
=O;HNC@C=;<F?
F;
I<N?H=C‰H
>?
OH
<?H?@C=CI
?=IH‰GC=I
(;M
ILA;HCT;=CIH?M
J<FC=;M
NC?H>?H
;
N?H?L
I<D?NCPIM
>?
H;NOL;F?T;
=O;FCN;NCP;
KO?
MIH
>C@…=CF?M
>?
G?>CL
>?G}M

F;M
ILA;HCT;=CIH?M
J<FC=;M
>?<?H
JL?MN;L
G;SIL
;N?H=C‰H
KO?
F;M
JLCP;>;M
;
F;
;=NO;=C‰H
>?
;=O?L>I
=IH
?F
JLI=?>CGC?HNI
?MN;<F?=C>I
?H
F;
HILG;
DOL…>C=;
W
!H
=O;HNI
;F
>CM?ˆI
ILA;HCT;NCPI
NI>;M
F;M
ILA;HCT;=CIH?M
>CMJIH?H
>?
OH;
>CG?HMC‰H
@ILG;F

L?=IAC>;
?H
>CMNCHNIM
>I=OG?HNIM

S
OH;
ILA;HCT;=C‰H
CH@ILG;F
,?LI
?HNL?
F;M
J<FC=;M
S
JLCP;>;M
B;S
OH;
=F;L;
>C@?L?H=C;
?H
F;
H;NOL;F?T;
>?F
UD?@?X
?H
F;M
ILA;HCT;=CIH?M
J<FC=;M
?F
UD?@?X
NC?H?
OH
=;L}=N?L
CH?KO…PI=;G?HN?
JIF…NC=I

?F
UJO?<FIX

I
?F
UAI<C?LHIX
!H
F;M
ILA;HCT;=CIH?M
JLCP;>;M
UFIM
JLIJC?N;LCIMX

;KO?FFIM
KO?
NC?H?H
OH
CHN?L‚M
J?LMIH;F
(;M
ILA;HCT;=CIH?M
J<FC=;M
J?LMCAO?H
?F
UCHN?L‚M
A?H?L;FX

F;M
JLCP;>;M
J?LMCAO?H
UCHN?L?M?M
JLCP;>IMX
!F
ALOJI
>?
;=NIL?M
?H=;LA;>IM
>?
F;
;>IJ=C‰H
>?
>?=CMCIH?M
?M
@C?F
L?@F?DI
>?
FIM
CHN?L?M?M
>?F
=IHM?DI
>?
;>GCHCMNL;=C‰H
>?
F;
?GJL?M;
?H
F;M
ILA;HCT;=CIH?M
JLCP;>;M
!H
F;M
ILA;HCT;=CIH?M
J<FC=;M

M?
CHN?HN;
L?@F?D;L
FIM
CHN?L?M?M
A?H?L;F?M
=IGJIMC=C‰H
M?AH
=LCN?LCIM
JIF…NC=IM
KO?
L?@F?D?H
F;M
JL?@?L?H=C;M
>?F
?F?=NIL;>I
S I
;>IJ=C‰H
>?F
=LCN?LCI
>?
G‚LCNI
!H
=O;HNI
;
F;M
?MNLO=NOL;M
>?
CGJF;HN;=C‰H
>?
F;M
>?=CMCIH?M
MIH
G}M
@ILG;F?M
S
L…AC>;M
?H
?F
=;MI
>?
F;M
ILA;HCT;=CIH?M
J<FC=;M

S
G?HIM
?H
?F
=;MI
>?
F;M
ILA;HCT;=CIH?M
JLCP;>;M
 W
!H
FI
KO?
L?MJ?=N;
;
F;
JO<FC=C>;>
>?
F;M
;=NO;=CIH?M

?H
F;M
ILA;HCT;=CIH?M
J<FC=;M
F;M
;=NO;=CIH?M
NC?H?H
=;L}=N?L
J<FC=I
S
?MN}H
MOD?N;M
;
>CMNCHNIM
G?=;HCMGIM
@ILG;F?M
?
CH@ILG;F?M
>?
=IHNLIF
!H
F;M
ILA;HCT;=CIH?M
JLCP;>;M

MOM
;=NO;=CIH?M
HI
NC?H?H
?MN?
=;L}=N?L
CHNL…HM?=;G?HN?
J<FC=I
S
HI
?MN}H
MOD?N;M
;
=IHNLIF?M
>?
F;
GCMG;
H;NOL;F?T;
J?LI
M…
?MN}H
MIG?NC>;M
;F
?M=LONCHCI
>?
F;
IJCHC‰H
J<FC=;
W
!H
=O;HNI
;
MO
MOD?=C‰H
;F
>?L?=BI

?H
F;M
ILA;HCT;=CIH?M
J<FC=;M
M?
L?AOF;H
G?>C;HN?
HILG;M
?M=LCN;M
MOD?N;M
;
CHMN;H=C;M
DO>C=C;F?M
I
?D?=ONCP;M
>?
=IHNLIF
?MJ?=…@C=;M
S
;<C?LN;M
;F
>?<;N?
J<FC=I

N;HNI
FIM
;MJ?=NIM
@OH>;G?HN;F?M
L?F;=CIH;>IM
=IH
F;
?MNLO=NOL;
ILA;HCT;NCP;

=IGI
F;
A?MNC‰H
>?
FIM
L?=OLMIM
BOG;HIM

@CH;H=C?LIM
S
G;N?LC;F?M

S
FIM
JLI=?>CGC?HNIM
>?
;=NO;=C‰H
!H
F;M
ILA;HCT;=CIH?M
JLCP;>;M
?F
J;J?F
>?
F;M
HILG;M
?M=LCN;M
?M
G?HIM
L?F?P;HN?
?H
?F
@OH=CIH;GC?HNI
>C;LCI
>?
F;
ILA;HCT;=C‰H
W
!H
=O;HNI
;
MO
=IHN?RNI
ILA;HCT;NCPI

F;
A?MNC‰H
J<FC=;
?M
N;G<C‚H
A?MNC‰H
CHN?LILA;HCT;NCP;
?
CHN?LAO<?LH;G?HN;F
,IL
?MI
?H
?FF;
M?
>;H
G;SIL?M
JLI<F?G;M
>?
=IIL>CH;=C‰H
S
=IHNLIF
?HNLI
>?
F;M
ILA;HCT;=CIH?M

F;M
?MNLO=NOL;M
MO?F?H
M?L
G}M
D?L}LKOC=;M
S
=?HNL;FCT;>;M
?H
?F
=;MI
>?
F;M
J<FC=;M
W
!H
=O;HNI
;
MOM
=FC?HN?M

?H
F;M
ILA;HCT;=CIH?M
JLCP;>;M
F;M
>?G;H>;M
>?
FIM
=FC?HN?M
NC?H?H
OH;
G;SIL
CH@FO?H=C;
CHG?>C;N;
MI<L?
F;
=IH>O=N;
>?
F;
ILA;HCT;=C‰H
!FFI
M?
>?<?
;
KO?
HI
MO?F?
B;<?L
MCNO;=C‰H
>?
GIHIJIFCI
?H
F;
JLIPCMC‰H
>?F
<C?H
I
M?LPC=CI
*I
B;S
?F?G?HNIM
>?
;ONILC>;>
CHPIFO=L;>IM
?H
F;
L?F;=C‰H
W
!H
=O;HNI
;
FIM
?MNCFIM
>?
FC>?L;TAI

FIM
F…>?L?M
>?
ILA;HCT;=CIH?M
JLCP;>;M
MO?F?H
?MN;L
G}M
ILC?HN;>IM
;F
=;G<CI
?H
F;
G?>C>;
?H
KO?
F;
;>;JN;<CFC>;>
?M
=IH>C=C‰H
H?=?M;LC;
J;L;
F;
MOJ?LPCP?H=C;
ILA;HCT;NCP;
!F
FC>?L;TAI
JLCP;>I
M?
@OH>;G?HN;
?H
?F
?MJ…LCNO
>?
?GJL?M;

I
M?;

G;RCGCT;L
I<D?NCPIM
G?>C;HN?
F;
ONCFCT;=C‰H
>?
FIM
G?>CIM
G}M
?@C=;=?M

<;DI
>?N?LGCH;>;M
HILG;M
‚NC=;M
!F
FC>?L;TAI
J<FC=I
M?
@OH>;G?HN;
?H
?F
JLCH=CJCI
>?
F;
;>GCHCMNL;=C‰H
=IHM?=O=C‰H
>?
FIM
L?MOFN;>IM
?MJ?L;>IM
>?
;=O?L>I
=IH
=LCN?LCIM
>?
>?=CMC‰H
JL?PC;G?HN?
>?@CHC>IM
W
,IL
FNCGI

F;
N?=HIFIA…;
>?
F;
A?MNC‰H
J<FC=;
S
>?
F;
JLCP;>;
M?
>C@?L?H=C;H
OHKO?
?H
;G<;M
M?
>?J?H>?
>?
F;
N?=HIFIA…;
=IHI=CGC?HNIM
;JFC=;>IM
;F
JLI=?MI
>?
NL;HM@ILG;=C‰H
>?
L?=OLMIM
?H
JLI>O=NIM

?F
JLI<F?G;
?M
KO?
?H
G;N?LC;
>?
A?MNC‰H
J<FC=;
HO?MNLIM
=IHI=CGC?HNIM
;=?L=;
>?
F;
L?F;=C‰H
?HNL?
G?>CIM
S
@CH?M
?M
?M=;M;
(IM
JLI=?MIM
MI=C;F?M
MIH
GOS
=IGJFC=;>IM

FIM
JLIAL;G;M
J<FC=IM
M?
>?M;LLIFF;H
?H
OH
=IHN?RNI
?RNL?G;>;G?HN?
=IGJF?DI

F;
I<N?H=C‰H
>?
CH@ILG;=C‰H
@C;<F?
?M
>C@…=CF

F;
CHN?LJL?N;=C‰H
>?
FIM
>;NIM
N;G<C‚H



7
09?:=9:
>:.4:;:7Y?4.:
D
7,
0A:7@.4[9
34>?[=4.,
0>;0.4,7
/0
7,>
,/8494>?=,.4:90>
0>;,Z:7,>
D
>@>
=0?:>
IGI
B;
M?ˆ;F;>I
,L;NM


;HN?M
>?
=IHMC>?L;L
;
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
?H
HO?MNLI
J;…M
>?<?H
N?H?LM?
?H
=O?HN;
MO
=IHN?RNI
BCMN‰LC=I
S
FIM
>C@?L?HN?M
L;MAIM
J?=OFC;L?M
KO?
B;=?H
KO?
B;S;H
PCPC>I
AL;H>?M
NL;HM@ILG;=CIH?M
KO?
B;H
MC>I
>C@?L?HN?M
>?
INLIM
J;…M?M
;F
G?HIM
?H
FIM
FNCGIM
;ˆIM
/?AH
?MN?
;ONIL

?MN;M
NL;HMC=CIH?M
MIH
W
?
OH
L‚ACG?H
JIF…NC=I
;ONILCN;LCI
;
OH
MCMN?G;
>?GI=L}NC=I
 W
?
OH
L‚ACG?H
>?
G?L;
F?A;FC>;>
;>GCHCMNL;NCP;
KO?
>?M=IHI=…;
F;M
FC<?LN;>?M
JIF…NC=;M
S
AL;H
J;LN?
>?
FIM
>?L?=BIM
=CPCF?M
S
MI=C;F?M

;
OH
!MN;>I
>?
>?L?=BI
W
?M>?
OH
MCMN?G;
=?HNL;FCMN;
S
OHC@ILGCMN;
;
OH
!MN;>I
>?
F;M
;ONIHIG…;M
KO?
A;L;HNCT;
@ILG;FG?HN?
?F
>?L?=BI
;F
;ONIAI<C?LHI
>?
F;M
H;=CIH;FC>;>?M
S
L?ACIH?M
?
CHMNCNO=CIH;FCT;
F;
;ONIHIG…;
FI=;F
W
?M>?
OH
!MN;>I
@O?LN?G?HN?
CHN?LP?HNIL
>?
OH
G?L=;>I
JL?>IGCH;HN?G?HN?
CHN?LHI
;
OH
!MN;>I
?H
F…H?;
=IH
F;
=IHMNCNO=C‰H
?=IH‰GC=;
?OLIJ?;
S
;
OH
G?L=;>I
=;>;
P?T
G}M
S
G?DIL
CHN?AL;>I
CHN?LH;=CIH;FG?HN?
W
?
OH
!MN;>I
=IH
JLIN?==C‰H
;==C‰H
MI=C;F
GOS
FCGCN;>;
;
OH
!MN;>I
>?
<C?H?MN;L
W
?
OH
!MN;>I
;CMF;>I
S
MO<IL>CH;>I
CHN?LH;=CIH;FG?HN?
;
OH
!MN;>I
=IH
JL?M?H=C;
CHN?LH;=CIH;F
JIF…NC=;

?=IH‰GC=;

=OFNOL;F

>?
=IIJ?L;=C‰H
;F
>?M;LLIFFI
S
>?
;SO>;
BOG;HCN;LC;
W
?M>?
OH;
MI=C?>;>
=?LL;>;
S
;ONILCN;LC;
;
OH;
MI=C?>;>
;<C?LN;

P;FIL;>IL;
S
L?MJ?NOIM;
>?
F;
>CP?LMC>;>

NIF?L;HN?
S
JFOL;F

?GJL?H>?>IL;

L?MJIHM;<F?
S
MIFC>;LC;

JIF…NC=;G?HN?
?RCA?HN?
S
;=NCP;

=L?=C?HN?G?HN?
L?MJ?NOIM;
>?F
IL>?H
=IHMNCNO=CIH;F
S
DOL…>C=I
W
?
OH;
MI=C?>;>
>?MCAO;FG?HN?
CH>OMNLC;FCT;>;
;
OH;
MI=C?>;>
AFI<;FCT;>;
S
>?F
=IHI=CGC?HNI
KO?
?RCA?
OH
L?JF;HN?;GC?HNI
;=IL>?
>?
FIM
G;L=IM
CHMNCNO=CIH;F?M
/?AH
,L;NM

F;M
;>GCHCMNL;=CIH?M
J<FC=;M
HI
@O?LIH
OH
I<MN}=OFI
J;L;
?F
>?MJFC?AO?
>?
?MNIM
JLI=?MIM
CHC=C;>IM
=IH
F;
NL;HMC=C‰H
>?GI=L}NC=;

S
;OHKO?
N;GJI=I
@O?LIH
OH
>CH;GCT;>IL
>?=CMCPI
>?
FIM
GCMGIM

FIM
;=IGJ;ˆ;LIH
MC?GJL?

M?
@O?LIH
;>;JN;H>I
;
?FFIM
S
?H
;FAOH;M
I=;MCIH?M
CGJILN;HN?M
B;MN;
FIM
@;=CFCN;LIH


7
.,8;:
/0
1@0=E,>
?Y;4.:
,7=0/0/:=
/0
7,>
,/8494>?=,.4:90>
;]-74.,>
0;HNI
?H
!MJ;ˆ;
=IGI
?H
INLIM
MCMN?G;M
JIF…NC=IM
L?MOFN;
NCF
=IH=?JNO;L
F;M
ILA;HCT;=CIH?M
J<FC=;M
=IGI
MCMN?G;M
MI=C;F?M
;<C?LNIM
KO?
M?
G;HNC?H?H
?H
J?LG;H?HN?
CHN?LL?F;=C‰H
=IH
MO
?HNILHI
?M>?
?MN?
JOHNI
>?
PCMN;

F;M
;>GCHCMNL;=CIH?M
=;JN;H
>?
MO
?HNILHI
FIM
L?=OLMIM
KO?
JL?=CM;H
S
FIM
>?PO?FP?H
;
F;
MI=C?>;>
NL;HM@ILG;>IM
?H
JLIAL;G;M
>?
;=NO;=C‰H

HILG;M
L?AOF;>IL;M
>?
=IH>O=N;M
I
;=NCPC>;>?M

MO<P?H=CIH?M

?N=‚N?L;
!F
FF;G;>I
?H@IKO?
I
N?IL…;
>?
MCMN?G;M

JIL
?D?GJFI

MO<L;S;
F;
CGJILN;H=C;
>?F
;H}FCMCM
>?
F;M
=;L;=N?L…MNC=;M
S
F;
>CH}GC=;
>?F
?HNILHI
J;L;
?HN?H>?L
F;
F‰AC=;
KO?
LCA?
F;
=IH@CAOL;=C‰H
S
?F
=IGJILN;GC?HNI
>?
F;M
ILA;HCT;=CIH?M
(;
ILA;HCT;=C‰H
MI<L?PCP?
?H
F;
G?>C>;
?H
KO?
FIAL;
G;HN?H?L
OH
?KOCFC<LCI
>CH}GC=I
M;NCM@;=NILCI
=IH
MO
?HNILHI
/O<MCMN?
MC
=IHMCAO?
;M?AOL;LM?
OH
@FODI
;>?=O;>I
>?
L?=OLMIM

FI
KO?
;
MO
P?T
>?J?H>?
>?
MO
=;J;=C>;>
J;L;
A?H?L;L
UJLI>O=NIMX
KO?
GINCP?H
;F
?HNILHI
;
JLIJIL=CIH}LM?FIM
,;L;
=IGJL?H>?L
FIM
=;G<CIM
?H
F;
ILA;HCT;=C‰H
?M
JL?=CMI
=IGJL?H>?L
=‰GI
F?
;@?=N;H
F;M
P;LC;=CIH?M
?H
F;M
=IH>C=CIH?M
?RN?LH;M
!H
?F
=;MI
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
?M
JL?=CMI
G;NCT;L
MOMN;H=C;FG?HN?
?MN;
CG;A?H
>?
F;
CHN?L;==C‰H
?HNL?
ILA;HCT;=CIH?M
S
?HNILHIM
IGI
;=;<;
>?
M?ˆ;F;LM?
OH
JI=I
G}M
;LLC<;

F;M
;>GCHCMNL;=CIH?M
MIH
=IGJF?DIM
ILA;HCT;NCPIM
GOS
J?=OFC;L?M

N;HNI
JIL
MOM
@CH?M

>CM?ˆI

I
JIL
FIM
G?>CIM
KO?
?MN}H
?H
=IH>C=CIH?M
>?
ONCFCT;L
/OM
@CH?M
NC?H?H
KO?
P?L
=IH
F;
=IHM?=O=C‰H
>?F
UCHN?L‚M
A?H?L;FX

FI
=O;F
CGJFC=;
JLI=OL;L
UAI<?LH;LX
?F
?HNILHI
?H
@;PIL
>?F
G?H=CIH;>I
CHN?L‚M
,IL
MO
J;LN?

F;
PCH=OF;=C‰H
>?
F;M
ILA;HCT;=CIH?M
J<FC=;M
=IH
?F
JI>?L
JIF…NC=I
F?M
J?LGCN?
ONCFCT;L
OHIM
G?=;HCMGIM
>?
;=NO;=C‰H
KO?
?MN}H
@O?L;
>?F
;F=;H=?
>?
F;M
ILA;HCT;=CIH?M
JLCP;>;M
!H
MO
;=NO;=C‰H
=INC>C;H;

F;M
;>GCHCMNL;=CIH?M
J<FC=;M
M?
L?F;=CIH;H
=IH
CHHOG?L;<F?M
;=NIL?M
?
CHMNCNO=CIH?M
!HNL?
?FFIM
S
F;
;>GCHCMNL;=C‰H
J<FC=;
?RCMN?
MC?GJL?
OH;
L?F;=C‰H
<C>CL?==CIH;F

>?
GI>I
KO?
F;
;>GCHCMNL;=C‰H
J<FC=;
CH@FOS?
?H
?FFIM
S
;F
GCMGI
NC?GJI
?MNIM
CH@FOS?H
?H
?MN;
!H
?MN?
=;J…NOFI
M?
JL?N?H>?
B;=?L
OH
L?J;MI
>?
;FAOH;M
P;LC;<F?M
>?F
G?>CI
CHMNCNO=CIH;F

JIF…NC=I

MI=C;F

?=IH‰GC=I
S
N?=HIF‰AC=I
KO?
;@?=N;H
>?
G;H?L;
MCAHC@C=;NCP;
;
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
>?
HO?MNLI
J;…M
S
>?
INLIM

=IH
F;
CHN?H=C‰H
>?
=IHM?AOCL
OH;
G?DIL
=IGJL?HMC‰H
>?
F;M
=;L;=N?L…MNC=;M
>?
F;M
ILA;HCT;=CIH?M
>?F
M?=NIL
J<FC=I
?H
!MJ;ˆ;
ONIL?M
=IGI
/N;LFCHA

B;H
ONCFCT;>I
F;
C>?;
>?F
U=;GJI
>?
@O?LT;MX
J;L;
NL;N;L
>?
MOJ?L;L
F;
C>?;
NL;>C=CIH;F
KO?
P?…;
;
F;
;>GCHCMNL;=C‰H
J<FC=;
;
?H
?F
P‚LNC=?
>?
OH;
JCL}GC>?
D?L}LKOC=;

=IM;
KO?
?H
F;
L?;FC>;>
HI
MO=?>?
<
=IGI
MO<IL>CH;>;
;
OH;
MIF;
CHMNCNO=C‰H

=IM;
KO?
N;GJI=I
?M
;M…
F;
;>GCHCMNL;=C‰H
?MN}
MOD?N;
;F
,;LF;G?HNI

MO<IL>CH;>;
;F
!D?=ONCPI

?N=
!MN;
?M
OH;
@ILG;
>?
CFOMNL;L
F;M
L?F;=CIH?M
=IGJF?D;M
KO?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
>?
BIS
NC?H?H
=IH
INLIM
;=NIL?M
?
CHMNCNO=CIH?M
J<FC=;M
S
JLCP;>;M
S
KO?
@ILG;H
J;LN?
>?
F;M
L?F;=CIH?M
>?
=O;FKOC?L
>CL?=NCPI
J<FC=I
?H
MO
;=NCPC>;>
=INC>C;H;
!F
#L}@C=I

GO?MNL;
;FAOHIM
?D?GJFIM
>?
?MN;M
@O?LT;M
3I)+&1

9
1/:=<
23
4B3?F/@
23
9/
/2:7;7@A?/17a;

F6?E6
>;JN;>I
>?
/N;LFCHA


!H
?F
L?MNI
>?
?MN?
=;J…NOFI
M?
P;
;
B;=?L
BCH=;JC‚
?H
;FAOH;
>?
?MN;M
@O?LT;M
=IGI
?F
G;L=I
=IHMNCNO=CIH;F
S
>?GI=L}NC=I

?F
MCMN?G;
>?
J;LNC>IM

F;M
L?F;=CIH?M
=IH
INL;M
CHMNCNO=CIH?M
>?F
?D?=ONCPI

?F
F?ACMF;NCPI
S
?F
JI>?L
DO>C=C;F
F;
CHN?L;==C‰H
=IH
F;
MI=C?>;>
=CPCF
S

JIL
FNCGI

?F
?HNILHI
MI=CI?=IH‰GC=I
S
N?=HIF‰AC=I
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
 

!"'(&Y"
$[ 
"

'(#
!#&T(#

7
>?,/:
,.?@,7
D
7,
/08:.=,.4,
.:8:
8,=.:
/0
7,
,..4[9
;]-74.,
D
>@
7024?484/,/
/08:.=,.4,
D
,/8494>?=,.4[9
;]-74.,
(;
H;NOL;F?T;
>?F
MCMN?G;
JIF…NC=I

MOM
CHMNCNO=CIH?M
S
FIM
P;FIL?M
JIL
FIM
KO?
M?
LCA?
;=N;H
=IGI
G;L=I
>?HNLI
>?F
KO?
M?
GO?P?H
F;M
ILA;HCT;=CIH?M
J<FC=;M
!F
G;L=I
G}M
MCAHC@C=;NCPI
KO?
>?N?LGCH;
MO
;=NO;=C‰H
?M
?F
>?F
!MN;>I
=IHMNCNO=CIH;F
S
>?GI=L}NC=I
?H
FIM
J;…M?M
>?M;LLIFF;>IM

JLIJCI
>?
HO?MNL;
‚JI=;
!H
‚F

F;
;=NO;=C‰H
J<FC=;
M?
LCA?
JIL
FIM
JLCH=CJCIM
>?
CH=FOMC‰H
?H
F;
>?@CHC=C‰H
>?
F;
=CO>;>;H…;

CAO;F>;>
JIF…NC=;

J;LNC=CJ;=C‰H

L?JL?M?HN;NCPC>;>
S
A;L;HN…;
>?
>?L?=BIM

KO?
GI>OF;H
?F
?D?L=C=CI
>?F
JI>?L
JIF…NC=I

FCGCN;H
F;
A;G;
>?
IJ=CIH?M
F?A…NCG;M
?H
G;HIM
>?
FIM
AI<?LH;HN?M
S
F?M
I<FCA;H
;
L?MJ?N;L
>?N?LGCH;>IM
JLI=?>CGC?HNIM
?H
MOM
L?F;=CIH?M
=IH
F;
MI=C?>;>
!H
?F
!MN;>I
>?GI=L}NC=I
F;M
;==CIH?M
>?
F;
;ONILC>;>
AO<?LH;G?HN;F
L?KOC?L?H
F?ACNCG;=C‰H
!MN;
JO?>?
M?L
OH;
F?ACNCG;=C‰H
CHMNCNO=CIH;F
I
?H
N‚LGCHIM
>?
JLI=?MI
>?=CMILCI

KO?
M?
L?@C?L?
;F
=;L}=N?L
G}M
I
G?HIM
>?GI=L}NC=I
>?
F;
J;LNC=CJ;=C‰H
>?
FIM
AI<?LH;>IM

I
M?L
OH;
F?ACNCG;=C‰H
?H
N‚LGCHIM
>?
L?H>CGC?HNI
I
L?MOFN;>IM

KO?
NC?H?
?H
=O?HN;
FIM
?@?=NIM
G}M
I
G?HIM
>?GI=L}NC=IM
>?
F;M
>?=CMCIH?M

?H
?F
M?HNC>I
>?
KO?
?MNIM
M?;H
G}M
I
G?HIM
;=IL>?M
=IH
FIM
CHN?L?M?M
S
>?M?IM
>?
FIM
AI<?LH;>IM
G<IM
NCJIM
>?
;LAOG?HNIM
>?
F?ACNCG;=C‰H
M?
=IGJF?G?HN;H
S
M?
L?@O?LT;H
GONO;G?HN?
?H
?F
!MN;>I
>?GI=L}NC=I
/=B;LJ@

/C
;HN?LCILG?HN?
F;
F?ACNCGC>;>
>?
F;
;>GCHCMNL;=C‰H
M?
<;M;<;
?H
MO
=;L}=N?L
J<FC=I
S
>?
F?A;FC>;>

=;>;
P?T
G}M
J;L?=?
KO?
F;
F?ACNCGC>;>
>?J?H>?
>?
F;
=;J;=C>;>
>?
F;M
>C@?L?HN?M
;>GCHCMNL;=CIH?M
>?
JLIP??L
M?LPC=CIM
;>?=O;>IM
;
FIM
>C@?L?HN?M
OMO;LCIM
>?
F;
;>GCHCMNL;=C‰H
>?
G;H?L;
L}JC>;
S
?MJ?=C;FCT;>;
IGI
B;
M?ˆ;F;>I
,?N?LM

;FAOHIM
=;G<CIM
JIF…NC=IM
=IGI
F;
G?HIL
J;LNC=CJ;=C‰H
?F?=NIL;F

?F
>?M=?HMI
>?
F;
;@CFC;=C‰H
;
FIM
J;LNC>IM
JIF…NC=IM
S
F;
G;SIL
CH@ILG;=C‰H
;=?L=;
>?
JLIAL;G;M
=IH=L?NIM
S
MO
L?H>CGC?HNI
B;H
>?MJF;T;>I
?H
AL;H
G?>C>;
F;
;N?H=C‰H
J<FC=;
;F
=;GJI
>?
FIM
L?MOFN;>IM
>?F
AI<C?LHI
S
;
F;
UF?ACNCG;=C‰H
JIL
FIM
L?MOFN;>IMX

I
>C=BI
>?
INLI
GI>I

>?F
F?ACMF;NCPI
S
F;M
CHMNCNO=CIH?M
L?JL?M?HN;NCP;M
S
?F?=NIL;F?M
;F
?D?=ONCPI
S
MOM
‰LA;HIM
;>GCHCMNL;NCPIM
S
M?LPC=CIM
OHKO?
H;>C?
JIH…;
?H
>O>;
?F
=;L}=N?L
>?
CHMNCNO=C‰H
>?GI=L}NC=;
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
;HN?LCILG?HN?

?MN;M
JLI=OL;H
=;>;
P?T
G}M

G?>C;HN?
HO?P;M
?MNLO=NOL;M
S
P;FIL?M

CH=ILJIL;L
G}M
;=NCP;G?HN?
;
FIM
=CO>;>;HIM

MIH
G}M
L?=?JNCP;M
;
F;
CH@FO?H=C;
>?F
J<FC=I
S
>?
MOM
JLIJCIM
?GJF?;>IM
/CH
>O>;
?MNIM
=;G<CIM
JLIJIL=CIH;H
;
FIM
=CO>;>;HIM
HO?P;M
P…;M
J;L;
F;
J;LNC=CJ;=C‰H
JIF…NC=;
S
N;F
P?T
G;SIL?M
IJILNOHC>;>?M
J;L;
CH@FOCL
?H
FIM
JLIAL;G;M
AO<?LH;G?HN;F?M
KO?
G}M
F?M
CHN?L?M;H
/CH
?G<;LAI

?MNI
N;G<C‚H
JF;HN?;
JLI<F?G;M
>?
NCJI
>?GI=L}NC=I
S;
KO?
?MN;
@ILG;
>?
>?GI=L;=C;
S
J;LNC=CJ;=C‰H
JO?>?
HI
M?L
MC?GJL?
F;
G}M
;JLIJC;>;
J;L;
JL?MN;L
;N?H=C‰H
;F
<C?H
=IF?=NCPI
S
;
FIM
M?LPC=CIM
J<FC=IM
S
J;L;
G;HN?H?L
OH
MCMN?G;
>?GI=L}NC=I
PCN;F
S
?@C=;T

;F
;<;H>IH;L
F;M
CHMNCNO=CIH?M
L?JL?M?HN;NCP;M
S
=?HNL;LM?
MI<L?
NI>I
?H
FIM
CHN?L?M?M
CH>CPC>O;F?M
S
>?
=IHMOGI
>?
FIM
=CO>;>;HIM
=IGI
=FC?HN?M
S
HI
A;L;HNCT;L
F;
J;LNC=CJ;=C‰H
>?
NI>IM
FIM
=CO>;>;HIM
MCHI
MI<L?
NI>I
>?
FIM
ALOJIM
G}M
ILA;HCT;>IM
,?M?
;
?MNIM
JLI<F?G;M

;FAOHIM
P?H
?H
?MN;
HO?P;
J;LNC=CJ;=C‰H
N;G<C‚H
OH;
G;H?L;
>?
L?PCN;FCT;L
F;M
@ILG;M
G}M
=IHP?H=CIH;F?M
>?
F;
>?GI=L;=C;

JO?MNI
KO?
FIM
=CO>;>;HIM
M?
?H=O?HNL;H
=IH
KO?
HI
JO?>?H
B;=?L
AL;H
=IM;
JIL
MO
?M=O?F;
FI=;F
MCH
;<IL>;L
JLCG?LI
?F
MCMN?G;
?>O=;NCPI
?H
A?H?L;F
I
N;F
P?T
?F
AI<C?LHI
KO?
=IHNLIF;
>C=BI
MCMN?G;
?>O=;NCPI
/C
FIM
=CO>;>;HIM
=L??H
KO?
JO?>?H
M?L
?@C=;=?M
?H
OH
HCP?F
>?
J;LNC=CJ;=C‰H
G?>C;HN?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M

?M
JIMC<F?
KO?
MC?HN;H
F;
H?=?MC>;>

S
N?HA;H
F;
=;J;=C>;>

>?
B;=?LM?
G}M
?@C=;=?M
?H
INLIM
HCP?F?M
>?
AI<C?LHI
>?F
MCMN?G;
>?GI=L}NC=I
,?N?LM

MCGCMGI

F;
G;N?LC;FCT;=C‰H
>?
OH;
;==C‰H
J<FC=;
;=IL>?
=IH
FIM
JLCH=CJCIM
>?GI=L}NC=IM
HI
?MN}
?R?HN;
>?
>C@C=OFN;>?M
J;L;
F;M
;>GCHCMNL;=CIH?M

S;
KO?
‚MN;M
M?
P?H
I<FCA;>;M
;
=IHDOA;LFIM
?H
MCNO;=CIH?M
=IH=L?N;M
?H
F;M
KO?
M?
JO?>?H
JF;HN?;L
=IH@FC=NIM
?HNL?
?FFIM
,IL
?D?GJFI

HI
?M
CH@L?=O?HN?
KO?
M?
JF;HN??H
N?HMCIH?M
?HNL?
>CMNCHNIM
JLCH=CJCIM

=IHP?HC?H=C;
>?
OH;
;=NO;=C‰H
NL;HMJ;L?HN?
S
J;LNC=CJ;NCP;
@L?HN?
;
MO
>?M?;<F?
?@C=;=C;
I
L;JC>?T
F;
<MKO?>;
>?
F;
?@C=;=C;
I
F;
@F?RC<CFC>;>
ILA;HCT;NCP;
@L?HN?
;
F;
A;L;HN…;
>?
>?L?=BIM
F;
>?@?HM;
>?F
CHN?L‚M
A?H?L;F
@L?HN?
;
CHN?L?M?M
J;LNC=OF;L?M
F?A…NCGIM
JL?M?HN?M
?H
OH
=;MI
=IH=L?NI

?N=
(;
?RCMN?H=C;
>?
OH;
NL;>C=C‰H
M‰FC>;
>?
AI<C?LHI
>?GI=L}NC=I

?H
F;
G?>C>;
?H
KO?
MO?F?
CL
;=IGJ;ˆ;>;
>?
OH;
=OFNOL;
JIF…NC=;
S
OHIM
OMIM
=IHALO?HN?M
=IH
FIM
L?KOCMCNIM
>?
@OH=CIH;GC?HNI
>?
F;
>?GI=L;=C;

;SO>;
;
L?MIFP?L
F;M
N?HMCIH?M
;HN?M
M?ˆ;F;>;M

 
7
09?:=9:
.:9>?4?@.4:9,7
/0
7,>
,/8494>?=,.4:90>
;]-74.,>
0>;,Z:7,>
(;
IHMNCNO=C‰H
>?

=IHNC?H?
F;
;LNC=OF;=C‰H
<}MC=;
>?F
MCMN?G;
JIF…NC=I
;>GCHCMNL;NCPI
S
?MN;<F?=?
OH;
NCJIFIA…;
>?
@ILG;M
>?
ILA;HCT;=C‰H
;>GCHCMNL;NCP;
;>?G}M
>?
=C?LNIM
=LCN?LCIM
ILA;HCT;NCPIM
L?@?LC>IM
;
F;
=IH@CAOL;=C‰H
>?
F;M
ILA;HCT;=CIH?M
J<FC=;M

F;
>CMNLC<O=C‰H
>?
=IGJ?N?H=C;M
S
F;
@ILG;
>?
=OGJFCGC?HNI
>?
MO
;=NCPC>;>
(;
L?AOF;=C‰H
=IHMNCNO=CIH;F
L?@?LC>;
;
F;
;>GCHCMNL;=C‰H
J<FC=;
M?
=IHNC?H?
?H
F;
J;LN?
ILA;HCT;NCP;
>?
F;
IHMNCNO=C‰H
S
;J;L?=?
L?J;LNC>;
?H
‚MN;
?HNL?
F;
>?N?LGCH;=C‰H
>?
F;
?MNLO=NOL;
N;HNI
>?F
HCP?F
=?HNL;F
0…NOFI
%2

;LNM

;

=IGI
>?
FIM
N?LLCNILC;F?M
0…NOFI
2%%%
=;JM
_
S
_
S
F;
>CMNLC<O=C‰H
>?
=IGJ?N?H=C;M
?HNL?
‚MNIM
S
;KO?F
!F
;LN…=OFI

?MN;<F?=?
KO?
F;
U>GCHCMNL;=C‰H
,<FC=;
MCLP?
=IH
I<D?NCPC>;>
FIM
CHN?L?M?M
A?H?L;F?M
S
;=N;
>?
;=O?L>I
=IH
FIM
JLCH=CJCIM
>?
?@C=;=C;

D?L;LKO…;

>?M=?HNL;FCT;=C‰H

>?M=IH=?HNL;=C‰H
S
=IIL>CH;=C‰H

=IH
MIG?NCGC?HNI
JF?HI
;
F;
(?S
S
;F
?L?=BIX
MCGCMGI

F;
IHMNCNO=C‰H
CH=ILJIL;
P;LCIM
JLCH=CJCIM
;F
GI>I
>?
;==?MI
;
F;
@OH=C‰H
J<FC=;

(;
CAO;F>;>

!F
G‚LCNI
S
F;
=;J;=C>;>

,O<FC=C>;>
+@?LN;
>?
!GJF?I
,<FC=;
!MNIM
JLCH=CJCIM
MIH
=ICH=C>?HN?M
=IH
FIM
>?
F;
G;SIL
J;LN?
>?
F;M
>?GI=L;=C;M
>?
FIM
J;…M?M
>?
HO?MNLI
?HNILHI
(;
IHMNCNO=C‰H
?MJ;ˆIF;
>?@CH?
F;
>GCHCMNL;=C‰H

JIL
N;HNI

JIMCNCP;G?HN?
;LN

S
H?A;NCP;G?HN?
>?M>?
?F
JOHNI
>?
PCMN;
>?F
=IHNLIF
DO>C=C;F
S
>CMNCHAO?
N;G<C‚H
>?HNLI
>?
F;
@OH=C‰H
=IHMNCNO=CIH;F
?D?=ONCP;
OH;
>I<F?
>CG?HMC‰H

F;
AO<?LH;NCPI>CL?=NCP;
S
F;
;>GCHCMNL;NCPI>CLCAC>;
=;>;
OH;
=IH
OH;
F‰AC=;
JLIJC;
;OHKO?
=IGJ;NC<F?M
S
KO?
M?
?RJL?M;H
?H
>IM
ILA;HCT;=CIH?M
?F
#I<C?LHI
S
F;
>GCHCMNL;=C‰H
,;L?DI




7
>?,/:
/0
;,=?4/:>
D
07
;,;07
/0
0>?:>
09
7,>
,/8494>?=,.4:90>
;]-74.,>
 (IM
J;LNC>IM
M?
B;H
=IHMIFC>;>I
=IGI
OH;
JC?T;
@OH>;G?HN;F
>?
F;
?MNLO=NOL;
?MN;N;F
OHKO?
J;L?=?
=F;LI
KO?
OH;
>?GI=L;=C;
J;LF;G?HN;LC;
HI
JO?>?
@OH=CIH;L
MCH
J;LNC>IM
JIF…NC=IM

>;>;M
MOM
@OH=CIH?M
@OH>;G?HN;F?M
=IGI
F;
GIPCFCT;=C‰H
?F?=NIL;F
>?
F;
JI<F;=C‰H

F;
;AL?A;=C‰H
>?
CHN?L?M?M
S
MO
?F?P;=C‰H
;F
!MN;>I
>?
F;M
ILC?HN;=CIH?M
JIF…NC=;M
S
F;M
>?G;H>;M
MI=C;F?M
>?<C>;G?HN?
MCMN?G;NCT;>;M

B;MN;
?F
JOHNI
>?
CHMN;OL;LM?
FI
KO?
M?
B;
FF;G;>I
OH
!MN;>I
>?
J;LNC>IM
#;L=…;
,?F;SI

!H
;FAOHIM
=;MIM
M?
B;
=LCNC=;>I
F;
G?>C>;
?H
KO?
?MNIM
B;H
I=OJ;>I
I
U=IFIHCT;>IX
NI>;M
F;M
CHMNCNO=CIH?M
S
‰LA;HIM
>?F
;J;L;NI
>?F
!MN;>I

?H
?MJ?=C;F
FIM
;FNIM
=;LAIM
S
FIM
HCP?F?M
CHN?LG?>CIM
>?
F;
;>GCHCMNL;=C‰H

JIFCNCT}H>IF;
F
A;H;L
F;M
?F?==CIH?M
FIM
J;LNC>IM
JIF…NC=IM
I=OJ;H
FIM
=;LAIM
?D?=ONCPIM
>?
FIM
GCHCMN?LCIM

F;M
=IHM?D?L…;M
;ONIH‰GC=;M
I
F;M
=IH=?D;F…;M
GOHC=CJ;F?M

L?J;LNC?H>I
?HNL?
MOM
=;H>C>;NIM

<OL‰=L;N;M
I
GCFCN;HN?M
FIM
JO?MNIM
>?
=IH@C;HT;
JIF…NC=;
OHKO?
?H
N?IL…;
?F
G;L=I
=IHMNCNO=CIH;F
?MN;<F?=?
KO?
F;
;>GCHCMNL;=C‰H
?MN}
;F
M?LPC=CI
>?
FIM
CHN?L?M?M
A?H?L;F?M
;F
JI>?L
S
>?<?
;=NO;L
>?
@ILG;
H?ONL;
J;L;
?PCN;L
KO?
FIM
J;LNC>IM
OH;
P?T
FF?A;>IM
JO?>;H
;=NO;L
>?
@ILG;
J;LNC>CMN;

M?
JLI>O=?
OH;
N?HMC‰H
?HNL?
F;
I<D?NCPC>;>
S
H?ONL;FC>;>
;>GCHCMNL;NCP;M
S
F;
MO<D?NCPC>;>
S
FIM
CHN?L?M?M
J;LNC>CMN;M
?H
F;
KO?
MO?F?H
JL?P;F?=?L
?MNIM
FNCGIM
*C?NI

!F
J;LNC>I

I
F;
=I;FC=C‰H
>?
J;LNC>IM

KO?
B;
P?H=C>I
?H
F;M
?F?==CIH?M
I=OJ;
NI>IM
FIM
HCP?F?M
MOJ?LCIL?M
>?
F;M
;>GCHCMNL;=CIH?M
KO?
F;
F?S
F?
J?LGCN?
S
=IH>C=CIH;
GO=BIM
G}M
(IM
@OH=CIH;LCIM
>CL?=NCPIM
MIH
=IHM=C?HN?M
>?
F;
N?HMC‰H
?RCMN?HN?
?HNL?
?MN;L
MO<IL>CH;>IM
;
FIM
JIF…NC=IM
>?
J;LNC>IM
KO?
B;H
I=OJ;>I
FIM
;FNIM
=;LAIM
S
L?JL?M?HN;L
FIM
CHN?L?M?M
A?H?L;F?M
@L?HN?
;
CHN?L?M?M
J;LNC=OF;L?M
I
G?L;G?HN?
?F?=NIL;F?M
>?
MOM
D?@?M


:>
A,7:=0>
.@7?@=,70>
D
;=49.4;4:>
;=0/:849,9?0>
>:-=0
7,
,.?4A4/,/

,/8494>?=,?4A,
D
7,
20>?4[9
;]-74.,
7,>
?09/09.4,>
09
7,
-@09,
,/8494>?=,.4[9
=01:=8,>
D
8:/,>
,/8494>?=,?4A,>
!H
F;
G;SIL…;
>?
FIM
J;…M?M
=IGI
?F
HO?MNLI
F;
;=NCPC>;>
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
B;
?MN;>I
>?N?LGCH;>;
?H
J;LN?
JIL
F;
=OFNOL;
JIF…NC=;
S
F;M
=IH=?J=CIH?M
C>?IF‰AC=;M

JIL
>CP?LMIM
P;FIL?M
?
C>?;M
HILG;NCP;M
MI<L?
FI
KO?
=IHMNCNOS?
F;
<O?H;
;>GCHCMNL;=C‰H
!MNIM
P;FIL?M
B;H
N?HC>I
KO?
P?L
=IH
F;
F?A;FC>;>

F;
M?AOLC>;>
DOL…>C=;

?F
L?MJ?NI
?M=LOJOFIMI
;
FIM
>?L?=BIM
BOG;HIM

F;
?@C=;=C;

F;
?@C=C?H=C;

F;
L?=?JNCPC>;>

F;
=IHM?=O=C‰H
>?
L?MOFN;>IM

F;
?KOC>;>

?F
L?H>CGC?HNI

F;
L?H>C=C‰H
>?
=O?HN;M

F;
@F?RC<CFC>;>

F;
JLI<C>;>

F;
NL;HMJ;L?H=C;
S
F;
L?MJIHM;<CFC>;>
?H
?F
OMI
>?
F;
;ONILC>;>
S
FIM
@IH>IM
J<FC=IM

F;
?@C=;=C;
?H
F;
JLIGI=C‰H
?=IH‰GC=;

F;
MO@C=C?H=C;
?H
F;
JLIN?==C‰H
MI=C;F

F;
M?AOLC>;>
;HN?
F;M
?G?LA?H=C;M
?N=

?H
>C@?L?HN?M
GIG?HNIM
I
MIF;J;>;G?HN?
FAOHIM
>?
?MNIM
P;FIL?M
;J;L?=?H
?H
F;M
=IHMNCNO=CIH?M
I
?H
F;M
F?S?M
>?
JLI=?>CGC?HNI
;>GCHCMNL;NCPI
S
INLIM
MOJIH?H
JLCH=CJCIM
>?
;=NO;=C‰H
KO?
HI
MC?GJL?
MIH
@;=NC<F?M
?
CH=FOMI
;
P?=?M
M?
>?GO?MNL;H
=IGI
=IHNL;>C=NILCIM
?HNL?
M…
/?AH
?F
JL?>IGCHCI
>?
OHIM
O
INLIM
?H
>C@?L?HN?M
GIG?HNIM

FIM
J;…M?M
NC?H>?H
;
?GJL?H>?L
J?KO?ˆ;M
I
AL;H>?M
L?@ILG;M
>CLCAC>;M
;
;F=;HT;LFIM
!MNIM
P;FIL?M
I
C>?;M
S
MO
JL?>IGCHCI
B;H
C>I
=;G<C;H>I
=IH
?F
NC?GJI
S
=IH
=C?LN;M
GI>;M
>C@OH>C>;M
CHN?LH;=CIH;FG?HN?
,IL
?D?GJFI

@L?HN?
;
F;
FF;G;>;
<OLI=L;=C;
NL;>C=CIH;F

G}M
J?H>C?HN?
>?
FIM
P;FIL?M
>?
F;
F?A;FC>;>

?F
=OGJFCGC?HNI
>?
F;M
HILG;M
S
F;
M?AOLC>;>
DOL…>C=;

F;
FF;G;>;
*O?P;
#?MNC‰H
,<FC=;
B;
L?M;FN;>I
G}M
FIM
P;FIL?M
>?
?@C=;=C;
S
?@C=C?H=C;
S
?F
=IHNLIF
S
F;
L?MJIHM;<CFC>;>
JIL
L?MOFN;>IM
/CH
?G<;LAI

MOM
=L…NC=IM
F?
;=OM;H
>?
B;<?L
@L;AG?HN;>I
?H
?R=?MI
F;
A?MNC‰H
J<FC=;

B;<?LF;
MO<IL>CH;>I
;F
M?=NIL
JLCP;>I

B;<?L
L?>O=C>I
?F
=CO>;>;HI
;
G?LI
=FC?HN?
S
B;<?L
>?N?LCIL;>I
?F
?MJ;=CI
J<FC=I
,?N?LM

.;GC‰

,L;NM

)}M
L?=C?HN?G?HN?

?F
J;L;>CAG;
=?HNL;>I
?H
F;
FF;G;>;
JIL
;FAOHIM
AI<?LH;HT;
I
AI<?LH;=C‰H
?H
L?>
?H
CHAF‚M
8@G6C?2?46
L?M;FN;
MI<L?
NI>I
F;
J;LNC=CJ;=C‰H
S
F;
CHN?L;==C‰H
H?=?M;LC;
?HNL?
F;M
>GCHCMNL;=CIH?M
J<FC=;M

F;
MI=C?>;>
=CPCF
ILA;HCT;>;
S
F;M
?GJL?M;M

;OHKO?
N;G<C‚H
JF;HN?;
;FAOHIM
JLI<F?G;M
>?
F?ACNCG;=C‰H
>?GI=L}NC=;
>?LCP;>IM
>?
F;
;MCG?NL…;
>?
F;M
JIMC=CIH?M
>?
FIM
;=NIL?M
?H
F;M
L?>?M
>?
AI<?LH;=C‰H
J<FC=;
,?N?LM

!H
@OH=C‰H
>?F
JL?>IGCHCI
>?
?MN;M
GI>;M
I
C>?;M
MI<L?
F;
<O?H;
;>GCHCMNL;=C‰H

F;M
;>GCHCMNL;=CIH?M
B;H
?MN;>I
MOD?N;M
?H
FIM
FNCGIM
P?CHN?
;ˆIM
;
JLI=?MIM
=IHNCHOIM
>?
L?@ILG;
I
UGI>?LHCT;=C‰HX
,I>L…;H
C>?HNC@C=;LM?
;M…
P;LC;M
N?H>?H=C;M
A?H?L;F?M
?H
F;
A?MNC‰H
J<FC=;
S
F;
AI<?LH;HT;
?H
!OLIJ;
S
INLIM
J;…M?M
I==C>?HN;F?M
IFCHI

>?F
,CHI


(;
FC<?L;FCT;=C‰H

JLCP;NCT;=C‰H
S
>?ML?AOF;=C‰H
FIM
JLCH=CJ;F?M
M?=NIL?M
>?
F;
?=IHIG…;
S
FIM
M?LPC=CIM
J<FC=IM
>?
CHN?L‚M
A?H?L;F
KO?
OH;
P?T
@O?LIH
JL?MN;>IM
JIL
?GJL?M;M
?MN;N;F?M

BIS
B;H
MC>I
P?H>C>IM
;F
M?=NIL
JLCP;>I
!M
?F
=;MI
>?
FIM
M?LPC=CIM
JIMN;F?M

F;
?F?=NLC=C>;>

?F
NL;HMJILN?
J<FC=I
S
F;M
=IGJ;ˆ…;M
;‚L?;M
S
>?
N?F?=IGOHC=;=CIH?M

F;
GCH?L…;
S
?F
;=?LI
(;M
L?AOF;=CIH?M
KO?
FCGCN;H
F;
=IGJ?N?H=C;
S
F;
CHP?LMC‰H
CHN?LH;=CIH;F
I
JLIN?A?H
?F
?GJF?I
N;G<C‚H
B;H
MC>I
?FCGCH;>;M

1H
=;G<CI
>?M>?
?F
CHN?LP?H=CIHCMGI
E?SH?MC;HI
;F
!MN;>I
L?AOF;>IL
=IGI
=IHM?=O?H=C;
>?
F;
N?H>?H=C;
;HN?LCIL

?F
!MN;>I
S;
HI
>?<…;
?MN;L
CHPIFO=L;>I
?H
F;
JLI>O==C‰H
>?
<C?H?M
S
M?LPC=CIM
IGI
L?MOFN;>I

>?M>?
F;
>‚=;>;
>?
FIM
;ˆIM


F;
CHP?LMC‰H
J<FC=;
=;S‰
OH

JIL
=C?HNI
?H
FIM
J;…M?M
>?
F;
+ !
?F
!MN;>I
>?D;<;
>?
M?L
OH
;=NIL
?=IH‰GC=I
>CL?=NI

J;L;
J;M;L
;
M?L
OH
L?AOF;>IL
I
U@;=CFCN;>ILX

KO?
A;L;HNCT;M?
?F
<O?H
@OH=CIH;GC?HNI
>?
FIM
G?L=;>IM
FC<L?M
!MI
CGJFC=;<;
OH
=;G<CI
=O;FCN;NCPI
CGJILN;HN?
?H
F;
A?MNC‰H
J<FC=;

N;HNI
;
HCP?F
H;=CIH;F
=IGI
MOJL;H;=CIH;F

1H
>?MJF;T;GC?HNI
A?H?L;F
B;=C;
?F
A?L?H=C;FCMGI

F;
A?MNC‰H
>?F
L?H>CGC?HNI
S
F;
ILC?HN;=C‰H
;F
=FC?HN?
?H
F;
;>GCHCMNL;=C‰H
J<FC=;

L?MJIH>C?H>I
JLCH=CJ;FG?HN?
;F
J;L;>CAG;
>?
F;
*O?P;
#?MNC‰H
,<FC=;
*#,
KO?
B;
CGJFC=;>I
?H
AL;H
J;LN?
F;
CHNLI>O==C‰H
>?
HO?P;M
N‚=HC=;M
>?
A?MNC‰H
S
>?
CHMNLOG?HNIM
>?
JIF…NC=;
J<FC=;
N;F?M
=IGI
F;
AI<?LH;HT;
S
F;
L?H>C=C‰H
>?
=O?HN;M
<;M;>;
?H
L?MOFN;>IM
>?
G?L=;>I

=IH
?F
I<D?NCPI
>?
U>?D;L
;
FIM
A?MNIL?M
A?MNCIH;LX
,;L;>‰DC=;G?HN?

?H
;FAOHIM
=;MIM

?MN?
‚H@;MCM
?H
FIM
A?MNIL?M
B;
;OG?HN;>I
?F
=IHNLIF
JIF…NC=I
>?
F;
<OLI=L;=C;

S;
KO?
FIM
JIF…NC=IM
B;H
NL;N;>I
>?
=IHNL;LL?MN;LFI
;
NL;P‚M
>?
F;
JIFCNCT;=C‰H
>?
FIM
HIG<L;GC?HNIM
>?
FIM
>CL?=NCPIM
J<FC=IM
G?>C;HN?
F;
JLIFC@?L;=C‰H
>?
U;M?MIL?M
?MJ?=C;F?MX

N;HNI
?H
F;M
<OLI=L;=C;M
GCHCMN?LC;F?M
=IGI
?H
F;M
?G?LA?HN?M
;A?H=C;M
?D?=ONCP;M
;ON‰HIG;M

!F
‚H@;MCM
?H
F;
?F?==C‰H
JIL
FIM
OMO;LCIM
S
F;
N?=HIFIA…;
>?
F;
=IGOHC=;=C‰H
0%
;
NL;P‚M
>?F
?AI<C?LHI
I
F;
?;>GCHCMNL;=C‰H

=IH
?F
@CH
>?
FIAL;L
OH;
G;SIL
?@C=C?H=C;
?H
FIM
M?LPC=CIM
J<FC=IM
S
JLIGIP?L
F;
CH@ILG;=C‰H
>?M>?
S
B;=C;
FIM
=CO>;>;HIM
B;
MC>I
N;G<C‚H
OH
=IGJIH?HN?
>?
F;
G;SIL…;
>?
FIM
J;KO?N?M
>?
L?@ILG;M
!H
L?F;=C‰H
=IH
 ?MNI

?H
FIM
FNCGIM
;ˆIM
N;G<C‚H
M?
B;H
CGJOFM;>I
F;
NL;HMJ;L?H=C;
S
?F
AI<C?LHI
;<C?LNI
?H
NI>;M
F;M
;>GCHCMNL;=CIH?M
J<FC=;M

$;=C;
F;
>?MJIFCNCT;=C‰H

?F
AI<C?LHI
>?F?A;>I
S
F;
;A?H=C@C=;=C‰H
?H
?F
HCP?F
H;=CIH;F
S
>?
F;
1!
FI
KO?
B;
MCAHC@C=;>I
OH
=;G<CI
>?M>?
OH
M?=NIL
J<FC=I
=?HNL;FCT;>I
S
=IHMIFC>;>I
B;=C;
OH
M?=NIL
J<FC=I
?MNLO=NOL;FG?HN?
>?M=?HNL;FCT;>I
S
=IHMNCNOC>I
JIL
>C@?L?HN?M
S
HOG?LIMIM
NCJIM
>?
ILA;HCT;=CIH?M
M?GC;ON‰HIG;M
@ILG;FG?HN?
CH>?J?H>C?HN?M
>?
F;
NL;>C=CIH;F
?MNLO=NOL;
GCHCMN?LC;F

M?J;L}H>IM?
?F
>CM?ˆI
>?
F;M
JIF…NC=;M

>?
MO
CGJF?G?HN;=C‰H
S
?P;FO;=C‰H
!MN;
N?H>?H=C;
N;G<C‚H
M?
I<M?LP;
?H
F;
AI<?LH;HT;
L?AOF;NILC;
=IGI
OH
MO<JLI>O=NI
>?
F;
FC<?L;FCT;=C‰H

F;
JLCP;NCT;=C‰H
S
F;
>?ML?AOF;=C‰H
S
>?F
?M=?JNC=CMGI
G?H=CIH;>I
B;=C;
FIM
JIF…NC=IM
?F?=NIM

KO?
B;
NL;N;>I
>?
U>?MJIFCNCT;LX
I
?FCGCH;L
>?N?LGCH;>;M
G;N?LC;M
>?F
}G<CNI
>?
F;
JIF…NC=;
J;LNC>;LC;
JLIM=LC<C?H>I
=C?LN;M
IJ=CIH?M
>?
JIF…NC=;
J<FC=;
S
NL;HM@CLC?H>I
;ONILC>;>
;
N?=H‰=L;N;M
\AO;L>C;H?M
I
?RJ?LNIM\

N;F?M
=IGI
FIM
;H=IM
?HNL;F?M
O
INL;M
;A?H=C;M
L?AOF;>IL;M

MOJO?MN;G?HN?
=IH
G;SIL
=L?>C<CFC>;>
!MN;
HI=C‰H
>?
;>;JN;=C‰H
>?
F;M
CHMNCNO=CIH?M
;
@CH
>?
CGJIH?L
L?MNLC==CIH?M
;
FIM
@OH=CIH;LCIM
?F?AC>IM
S
FIM
PIN;HN?M
M?
B;
>?HIGCH;>I
UF‰AC=;
>?
F;
>CM=CJFCH;X
.I<?LNM



1H
=;G<CI
>?M>?
?F
AI<C?LHI
D?L}LKOC=I
;
F;M
L?>?M
>?
AI<C?LHI
;
P?=?M
N;G<C‚H
>?HIGCH;>;
AI<?LH;HT;
=IF;<IL;NCP;

CH=FOS?H>I
I=;MCIH;FG?HN?
=IGJIH?HN?M
>?FC<?L;NCPIM
S
J;LNC=CJ;NCPIM

N;F?M
=IGI
F;
;>IJ=C‰H
>?
>?=CMCIH?M
CHN?L;=NCP;

F;M
;MI=C;=CIH?M
I
FIM
J;LN?H;LC;>IM
J<FC=IJLCP;>IM
I
P;LC;M
@ILG;M
>?
CGJFC=;=C‰H
>?
FIM
;=NIL?M
=L…NC=IM
I
>?
FIM
=CO>;>;HIM
!MN?
=;G<CI
M?
=;L;=N?LCT;
JIL
>CP?LMIM
?F?G?HNIM
>?@CHCNILCIM
=IGI
OH;
JFOL;FC>;>
>?
=?HNLIM
>?
>?=CMC‰H
MCH
=F;L;
D?L;LKO…;
?HNL?
?FFIM
(IM
;=NIL?M
>?
?MN;M
L?>?M
CH=FOS?H
?RJ?LNIM

;=NIL?M
J<FC=IM
S
L?JL?M?HN;HN?M
>?
FIM
CHN?L?M?M
JLCP;>IM
!H
?FF;M

FIM
;=NIL?M
=IF?=NCPIM
>IGCH;H
S
JL?P;F?=?H
F;
H?AI=C;=C‰H
S
?F
GI>I
CH@ILG;F
>?
;>IJ=C‰H
>?
>?=CMCIH?M
*I
?MN}
=F;LI
;H
MC
S
B;MN;
KO‚
JOHNI
?F
AI<C?LHI
NL;>C=CIH;F
B;
MC>I
MOMNCNOC>I
I
MIFI
=IGJF?G?HN;>I
JIL
F;
AI<?LH;HT;
S
F;M
L?>?M

(;
?OLIJ?CT;=C‰H
>?
F;M
;>GCHCMNL;=CIH?M
S
F;M
JIF…NC=;M
J<FC=;M
H;=CIH;F?M
S
F;
@ILG;=C‰H
>?
OH
?MJ;=CI
;>GCHCMNL;NCPI
?OLIJ?I
J;L;
F;M
;>GCHCMNL;=CIH?M
H;=CIH;F?M
?MNI
B;
MCAHC@C=;>I
JL?MCIH?M
>?
;DOMN?
S
=IHP?LA?H=C;
?H
;FAOHIM
CHMNLOG?HNIM
>?
JIF…NC=;
S
@ILG;M
ILA;HCT;NCP;M
!MN;
N?H>?H=C;
B;
MOJO?MNI
N;G<C‚H
?F
MOLACGC?HNI
>?
OH
HO?PI
IL>?H
?D?=ONCPI
GOFNCH?P?F

=IH
=;L;=N?L…MNC=;M
HC=;M
S
=IH
OH
=?HNLI
>?
=L?=CGC?HNI
O<C=;>I
?H
F;
IGCMC‰H
!OLIJ?;

KO?
M?
?MJ?=C;FCT;
?H
F;
AI<?LH;HT;
L?AOF;NILC;
GOFNCHCP?F
!H
FIM
FNCGIM
;ˆIM

MCH
?G<;LAI

F;
G;SIL…;
>?
?MN;M
N?H>?H=C;M
B;H
MC>I
=O?MNCIH;>;M
?H
>CP?LMI
AL;>I
JIL
;FAOH;M
>?
F;M
L?MJO?MN;M
AO<?LH;G?HN;F?M
;
FIM
@;FFIM
>?
AI<?LH;HT;
JO?MNIM
>?
G;HC@C?MNI
=IH
F;
L?=C?HN?
=LCMCM
@CH;H=C?L;
S
@CM=;F
?H
FIM
J;…M?M
?OLIJ?IM
!MN;
=LCMCM
@CM=;F

A?H?L;>;
JIL
?F
JF;H
>?
L?M=;N?
>?F
M?=NIL
@CH;H=C?LI
S
F;
JIMN?LCIL
=IHP?LMC‰H
>?
F;
>?O>;
JLCP;>;
?H
>?O>;
J<FC=;

>CI
FOA;L
;
OH
@O?LN?
;OG?HNI
>?
F;
>?O>;
;
HCP?F?M
L‚=IL>
S
;
OH;
=LCMCM
>?
>?O>;
MI<?L;H;
?H
F;
TIH;
?OLI
!MNI
B;
M?G<L;>I
>O>;M
MI<L?
KO?
MC
F;M
L?@ILG;M
ILC?HN;>;M
M?AH
JLCH=CJCIM
>?
G?L=;>I
MIH
=;J;=?M
>?
G;HN?H?L
F;M
N;M;M
>?
=L?=CGC?HNI
S
B;
>?GIMNL;>I
?F
@L;=;MI
>?
NI>IM
FIM
?M@O?LTIM
>?
=IHMIFC>;=C‰H
>?
F;
>?O>;
S
F;
L?>O==C‰H
>?F
A;MNI
J<FC=I
(IM
AI<C?LHIM
>?
FIM
FNCGIM
NL?CHN;
;ˆIM
B;H
MC>I
CH=;J;=?M
>?
=?LL;L
F;
<L?=B;
?HNL?
F;M
I<FCA;=CIH?M
>?
A;MNI
S
FIM
CHAL?MIM
J<FC=IM
(;
=IHMIFC>;=C‰H
JL?MOJO?MN;LC;
FIAL;>;
?H
FIM
;ˆIM

S

M?
B;
PCMNI
=IGJ?HM;>;
=IH
L;JC>?T
?H
JI=IM
;ˆIM
JIL
F;
=LCMCM
!MNI
;
MO
P?T
B;
>;>I
FOA;L
;
F;M
JIF…NC=;M
>?
;OMN?LC>;>

J;L;
@L?H;L
?F
A;MNI
S
JLIGIP?L
JLCP;NCT;=CIH?M
;>C=CIH;F?M

FI
KO?
JI>L}
N?H?L
=IGI
=IHM?=O?H=C;
L?>O=CL
;H
G}M
?F
G;LA?H
>?
G;HCI<L;
>?
FIM
AI<C?LHIM

=IH>O=CL}
;
L?=ILN?M
>L}MNC=IM
S
;F
CH=L?G?HNI
>?F
>?M=IHN?HNI
=CO>;>;HI
=IH
?F
@OH=CIH;GC?HNI
L?;F
>?
F;M
>?GI=L;=C;M
?H
!OLIJ;
 
'
& #"'
"(&

!"'(&Y"
$[ 
-
#(&'
"'(()#"'
-
(#&'
"

''(!
$# W(#


:>
5010>
;:7Y?4.:>
2:-40=9:>
;=0>4/09?0>
D
8494>?=:>
1H;
>?
F;M
JLCG?L;M
?HNC>;>?M
=IH
F;
KO?
NC?H?H
KO?
NL;N;L
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
?H
?F
HCP?F
?MN;N;F

;ONIH‰GC=I
I
FI=;F

;F
CAO;F
KO?
?H
NI>IM
FIM
J;…M?M

?M
F;
CHMNCNO=C‰H
>?
F;M
JL?MC>?H=C;M

I
;F=;F>…;M

?M
>?=CL
=IH
FIM
D?@?M
>?
FIM
?D?=ONCPIM

KO?
=IHMNCNO=CIH;FG?HN?
MIH
MOM
MOJ?LCIL?M
>CL?=NIM
S
FIM
KO?
>?N?LGCH;H
FIM
I<D?NCPIM
>?
MO
;=NCPC>;>
>?HNLI
>?F
G;L=I
>?
F;
F?A;FC>;>
(;M
@O?HN?M
>?
JI>?L
>?
?MNIM
;=NIL?M
MI<L?
F;
;>GCHCMNL;=C‰H
M?
<;M;H
?H
MO
JIN?MN;>
J;L;
HIG<L;L
FIM
;FNIM
=;LAIM
>?J;LN;G?HN;F?M
S
INLIM
@OH=CIH;LCIM

?H
MO
JIN?MN;>
J;L;
;JLI<;L
F;
=L?;=C‰H
>?
HO?PIM
>?J;LN;G?HNIM
I
L?ILA;HCT;L
FIM
?RCMN?HN?M

?H
MO
>CMJIMC=C‰H
>?
A;<CH?N?M
S
;M?MIL?M
O
I@C=CH;M
?=IH‰GC=;M
I
JL?MOJO?MN;LC;M
I
>?
JL?MC>?H=C;

?H
MO
=IHNLIF
>?
F;
CHC=C;=C‰H
>?
F;M
JLIJO?MN;M
>?
F?ACMF;=C‰H
S
?F
?MN;<F?=CGC?HNI
>?
F;M
JLCILC>;>?M
S
>CL?=NLC=?M
>?
JIF…NC=;
J<FC=;
S
?H
MO
=;J;=C>;>
HILG;NCP;
J;L;
?F;<IL;L
L?AF;G?HNIM
S
>?=L?NIM
KO?
>?M;LLIFF;H
F;M
F?S?M
>?
FIM
J;LF;G?HNIM
(;
L?F;=C‰H
?HNL?
JIF…NC=IM
?F?=NIM
S
@OH=CIH;LCIM
>CL?=NCPIM
,LI@?MCIH;FCT;=C‰H
S
JIFCNCT;=C‰H
?H
!MJ;ˆ;
(;
>CMNCH=C‰H
?HNL?
JIF…NC=;
S
;>GCHCMNL;=C‰H
KO?
B;
?MN;>I
MC?GJL?
?H
?F
>?<;N?
=C?HN…@C=I
S
KO?
?H
J;LN?
>CI
FOA;L
;F
>?M;LLIFFI
>?
F;
=C?H=C;
>?
F;
;>GCHCMNL;=C‰H
?H
MO
M?HNC>I
=IHN?GJIL}H?I
!MN;
HI=C‰H
I
>I=NLCH;
>?
F;
M?J;L;=C‰H
?HNL?
JIF…NC=;
S
;>GCHCMNL;=C‰H
B;
CHMJCL;>I
?H
AL;H
G?>C>;
F;
ILA;HCT;=C‰H
S
?F
@OH=CIH;GC?HNI
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
>?
FIM
J;…M?M
>?M;LLIFF;>IM
/?AH
?MN;
C>?;

M?L…;
>?M?;<F?
KO?
?RCMN;
OH;
>?FCGCN;=C‰H
=F;L;
>?
F;M
?M@?L;M
>?
F;
JIF…NC=;
S
F;
A?MNC‰H
?H
?F
}G<CNI
>?
FI
J<FC=I
!F
}G<CNI
>?
F;
JIF…NC=;
NC?H?
KO?
P?L
=IH
F;
L?P?F;=C‰H
>?
JL?@?L?H=C;M
KO?

?H
L?A…G?H?M
>?GI=L}NC=IM

M?
?RJL?M;
;
NL;P‚M
>?
F;
?F?==C‰H
>?
L?JL?M?HN;HN?M
;F
F?ACMF;NCPI
,IL
MO
J;LN?

F;
?M@?L;
>?
F;
A?MNC‰H
B;L…;
L?@?L?H=C;
;
F;
;LNC=OF;=C‰H
>?
L?=OLMIM
J;L;
;F=;HT;L
FIM
@CH?M
?MN;<F?=C>IM
JIL
FIM
L?JL?M?HN;HN?M
F?A…NCGIM
>?
FIM
=CO>;>;HIM
(;M
;>GCHCMNL;=CIH?M
M?L…;H
;M…
?F
?HNL;G;>I
ILA;HCT;NCPI
KO?
?D?=ON;
=IH
?R;=NCNO>
S
H?ONL;FC>;>
F;M
>CL?=NLC=?M
?G;H;>;M
>?
FIM
‰LA;HIM
JIF…NC=IM
!MN;L}H
CHN?AL;>;M
JIL
@OH=CIH;LCIM
JLI@?MCIH;F?M

>?>C=;>IM
;
FIM
;MJ?=NIM
N‚=HC=IM
>?
A?MNC‰H

S
JIL
JIF…NC=IM
I
J?LMIH;F
>?
MO
=IH@C;HT;

?H=;LA;>IM
>?
F;
;>IJ=C‰H
>?
F;M
>?=CMCIH?M
KO?
>;H
=IHN?HC>I
=IH=L?NI
;F
JLIAL;G;
>?
AI<C?LHI
!MN;
PCMC‰H
?H
<O?H;
J;LN?
JL?M=LCJNCP;

>?
>?<?L
M?L

S
KO?
HI
MC?GJL?
M?
B;
=ILL?MJIH>C>I
=IH
F;
L?;FC>;>

F?
>?<?
GO=BI
N;G<C‚H
;F
J?HM;GC?HNI
>?
);R
3?<?L

KO?
=IHMIFC>‰
?MN;
C>?;
>?
>CPCMC‰H
?HNL?
OH;
N?IL…;
>?
F;
ILA;HCT;=C‰H
JL?I=OJ;>;
JIL
F;
?@C=;=C;
S
INL;
JL?I=OJ;>;
JIL
F;
JIF…NC=;
$;
N?HC>I
OH
CGJ;=NI
>?=CMCPI
?H
F;
?MNLO=NOL;
S
FIM
GI>IM
>?
;=NO;=C‰H
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
*I
I<MN;HN?

F;
M?J;L;=C‰H
?HNL?
JIF…NC=;
S
A?MNC‰H
HI
?M
L?;FG?HN?
N;H
H…NC>;
!H
F;
JL}=NC=;
F;
>CMNCH=C‰H
?HNL?
FI
JIF…NC=I
S
FI
N‚=HC=I
?M
OH;
=O?MNC‰H
>?
AL;>I
OHKO?
>?
;FAOH;
G;H?L;
NI>;
F;
ILA;HCT;=C‰H
J;LNC=CJ;
>?F
JI>?L
JIF…NC=I

?F
J?MI
>?
?MN?
NCJI
>?
=LCN?LCI
N?H>?L}
;
M?L
G;SIL
?H
F;M
>?=CMCIH?M
>?
=;L}=N?L
?MNL;N‚AC=I
KO?
M?
;>IJN;H
?H
FIM
HCP?F?M
MOJ?LCIL?M

GC?HNL;M
KO?
N?H>?L}H
;
JLCG;L
FIM
=LCN?LCIM
N‚=HC=IM
?H
F;M
>?=CMCIH?M
IJ?L;NCP;M
S
>?
?D?=O=C‰H
KO?
M?
>?M;LLIFF;H
?H
FIM
HCP?F?M
G?>CIM
S
<;DIM
>C=CIH;FG?HN?

=IHPC?H?
L?N?H?L
F;
C>?;
>?
KO?
OH;
>?=CMC‰H

JIL
UN‚=HC=;X
KO?
M?;

MC?GJL?
NC?H?
CGJFC=;=CIH?M
S
=IHM?=O?H=C;M
JIF…NC=;M
!H
F;
JL}=NC=;
>?
F;M
ILA;HCT;=CIH?M
J<FC=;M
?M
@}=CF
P?L
KO?
F;
C>?;
>?
M?J;L;=C‰H
?HNL?
JIF…NC=;
S
;>GCHCMNL;=C‰H
J<FC=;
HI
L?MJIH>?
;
F;
L?;FC>;>
!RCMN?
G}M
<C?H
OH;
MCNO;=C‰H
>?
CHN?L>?J?H>?H=C;
/P;L;

S
;OHKO?
F;
>CMNCH=C‰H
M?
B;
B?=BI
=;>;
P?T
G}M
<ILLIM;

F;
C>?;
JO?>?
M?L
NCF
;
?@?=NIM
;H;F…NC=IM
>?G}M

?RCMN?H
J;…M?M
>IH>?
F;
L?F;=C‰H
?MN}
G}M
CHMNCNO=CIH;FCT;>;
JIL
?D?GJFI
F?G;HC;

I
>‰H>?
F;
=OFNOL;
JIF…NC=I
;>GCHCMNL;NCP;
CGJIH?
OH
NCJI
>?
L?F;=C‰H
MI<L?
INL;
=IF;<IL;=C‰H
S
H?ONL;FC>;>
?H
?F
.?CHI
1HC>I

M?J;L;=C‰H
?H
%N;FC;
!H
F…H?;
=IH
FI
;HN?LCIL
M?
I<M?LP;
KO?
F;M
L?F;=CIH?M
?HNL?
?GJF?;>IM
J<FC=IM
JLI@?MCIH;F?M
S
J?LMIH;F
>?
=IH@C;HT;
JIF…NC=;
=IHNC?H?H
?F?G?HNIM
>?
CHN?L>?J?H>?H=C;
KO?
G;NCT;H
?F
MCGJF?
P…H=OFI
>?
MOJ?LCILC>;>
D?L}LKOC=;
>?F
UJIF…NC=IX
MI<L?
?F
UN‚=HC=IX
!MNI
L?MOFN;
?MJ?=C;FG?HN?
=F;LI
?H
FIM
HCP?F?M
MOJ?LCIL?M
>?
F;
ILA;HCT;=C‰H
S
?H
;KO?FFIM
=;MIM
?H
KO?
F;
;>GCHCMNL;=C‰H
M?
?H@L?HN;
;
JLI<F?G;M
JI=I
?MNO>C;>IM
I
G;H?D;
N?=HIFIA…;M
HO?P;M
I
=IGJF?D;M
!F
=IHI=CGC?HNI
?RJ?LNI
>?
FIM
?GJF?;>IM
J<FC=IM
JLI@?MCIH;F?M
MI<L?
FIM
N?G;M
>?
FIM
KO?
M?
I=OJ;
F;
ILA;HCT;=C‰H

MO
@;GCFC;LC>;>
=IH
F;
>CH}GC=;
>?
@OH=CIH;GC?HNI
>?
‚MN;
S

@L?=O?HN?G?HN?

MO
=IHN;=NI
>CL?=NI
S
JLIFIHA;>I
=IH
>CMNCHNIM
;=NIL?M
=F;P?
MCNO;>IM
?H
?F
?HNILHI
>?
F;
GCMG;
F?M
JLIJIL=CIH;H
OH;
=;J;=C>;>
>?
CH@FO?H=C;
GOS
HIN;<F?
MI<L?
F;M
IJ=CIH?M
S
FIM
=IHN?HC>IM
>?
;FAOH;M
>?=CMCIH?M
@ILG;FG?HN?
JIF…NC=;M

JIL
HI
G?H=CIH;L
FIM
?MJ;=CIM
>?
CHN?LJL?N;=C‰H
KO?
M?
;<L?H
?H
F;
@;M?
>?
?D?=O=C‰H
>?
F;M
JLIJC;M
>?=CMCIH?M
!H
L?;FC>;>

F;M
FCH>?M
?HNL?
FI
JIF…NC=I
S
FI
;>GCHCMNL;NCPI
M?
B;H
C>I
>C@OGCH;H>I
S
?M
>C@…=CF
C>?HNC@C=;LF;M
I
>C@?L?H=C;L
MOM
@OH=CIH?M
IGI
L?=O?L>;
*C?NI


QBEI
97H=EI
7:C?D?IJH7J?LEI
DE
IED
9?;HJ7C;DJ;
FEBsJ?9EI
F;HE
I;
;D9K;DJH7D
FEB?J?P7:EI
;D
B7
C;:?:7
;D
GK;
I;
;N?=;
:;
;BBEI
KD7
79J?JK:
FEBsJ?97C;DJ;
FEI?J?L7
37
DE
FK;:;D
I;H
FEH
J7DJE
?CF7H9?7B;I
E
C;@EH
:?9>E
FK;:;D
I;HBE
B;=7BC;DJ;
:7:E
GK;
I?=K;D
I?;D:E
;D
FH?D9?F?E
?D7CEL?8B;I
F;HE
>78?:7
9K;DJ7
:;
B7
:?I9H;9?ED7B?:7:
7
GK;
;IJn
IEC;J?:E
IK
:;IJ?DE
>7D
:;
7J;D;HI;
7
B7I
9EDI;9K;D9?7I
:;
IK
79J?JK: T

,IL
N;HNI

MC
?H
?F
GI>?FI
;HN?LCIL
>?
L?F;=CIH?M
?HNL?
JIF…NC=IM
S
@OH=CIH;LCIM
?H
N?IL…;
FIM
JIF…NC=IM
>?=C>…;H
S
FIM
@OH=CIH;LCIM
?D?=ON;<;H

?H
F;
L?;FC>;>
;G<IM
=IF;<IL;<;H
S;
KO?
FIM
JIF…NC=IM
?L;H
;M?MIL;>IM
MI<L?
MOM
>?=CMCIH?M
JIL
FIM
@OH=CIH;LCIM

JIL
FI
KO?
‚MNIM
N?H…;H
OH;
AL;H
CH@FO?H=C;
MI<L?
?FF;M
0I>I
J;L?=?
CH>C=;L
KO?
=IH
F;
JIFCNCT;=C‰H
=L?=C?HN?
S
F;
JLIFC@?L;=C‰H
>?
;M?MIL?M
S
A;<CH?N?M
JIF…NC=IM
?MNI
S;
HI
?M
;M…

S;
KO?
FIM
JIF…NC=IM
J;L?=?H
B;<?L
JL?M=CH>C>I
=;>;
P?T
G}M
>?F
;M?MIL;GC?HNI
N‚=HC=I
>?
FIM
@OH=CIH;LCIM

FC<?L}H>IM?
>?
MO
CH@FO?H=C;
S

J;L;
A;L;HNCT;L
MOJO?MN;G?HN?
F;
?D?=O=C‰H
>?
MOM
>?=CMCIH?M

B;H
NL;N;>I
>?
;G;LL;L
JIF…NC=;G?HN?
;
FIM
;FNIM
@OH=CIH;LCIM
!H
>?@CHCNCP;

;=NO;FG?HN?
M?
@OH=CIH;
MI<L?
F;
C>?;
>?
KO?
J;L?=?
KO?
FIM
JIF…NC=IM
B;H
>?
NIG;L
F;M
>?=CMCIH?M
FC<L?G?HN?
S
JIL
MO
=O?HN;
S
?F
J;J?F
>?
FIM
@OH=CIH;LCIM
KO?>;
FCGCN;>I
;
@;=CFCN;L
2
A@DE6C:@C:
F;
=I<?LNOL;
F?A;F
KO?
M?;
H?=?M;LC;
*C?NI

MCGCMGI

M?AH
FIM
?MNO>CIM
?GJ…LC=IM
>CMJIHC<F?M

N;G<C‚H
?HNL?
FIM
;FNIM
=;LAIM
>?
=IH@C;HT;
JIF…NC=;
MO?F?H
JL?>IGCH;L
FIM
<OL‰=L;N;M
JLI@?MCIH;F?M

;OHKO?
=L?=C?HN?G?HN?
M?
P;
>;H>I
G}M
=;<C>;
;
FIM
;=NCPCMN;M
>?
FIM
J;LNC>IM
I
?RJ?LNIM
?H
=IGOHC=;=C‰H
JIF…NC=;
=IH
?M=;M;
I
HOF;
=O;FC@C=;=C‰H
JLI@?MCIH;F
?H
FIM
N?G;M
>?F
>?J;LN;G?HNI



:
>/>3:
23
:=A
/A3A=@3A
>=:`B71=A
G
:=A
5/07<3B3A
!H
L?F;=C‰H
=IH
?F
JOHNI
;HN?LCIL

FIM
>CL?=NCPIM
J<FC=IM
S
@OH=CIH;LCIM
M?
?H=O?HNL;H
=;>;
P?T
G}M
?H
F;
H?=?MC>;>
>?
CHN?L;=NO;L
=IH
OH;
M?LC?
>?
;M?MIL?M
JIF…NC=IM
KO?
FIM
;FNIM
=;LAIM
JIF…NC=IM
NL;?H
=IHMCAI
;
FIM
GCHCMN?LCIM

=IHM?D?L…;M
I
=IH=?D;F…;M
!MNIM
@ILG;H
J;LN?
>?
FIM
FF;G;>IM
A;<CH?N?M

<C?H
>?F
JL?MC>?HN?

>?
FIM
GCHCMNLIM
I
=IHM?D?LIM
?
CH=FOMI
>?
;FAOHIM
M?=L?N;LCIM
>?
?MN;>I
I
>?
FIM
;F=;F>?M
!MN;
JLIFC@?L;=C‰H
M?
JLI>O=?
?H
J;LN?
J;L;
JI>?L
=IHNLIF;L
F;
;>GCHCMNL;=C‰H
S
?PCN;L
JIMC<F?M
<FIKO?IM
>?
CH@ILG;=C‰H
I
>?
MOM
CHC=C;NCP;M
S
J;L;
L?=IGJ?HM;L
;
FIM
;GCAIM
JIF…NC=IM
=IH
JO?MNIM
L?GOH?L;>IM
!MNIM
;M?MIL?M
=?M;H
=O;H>I
=?M;H
FIM
;FNIM
=;LAIM
S
M?
I=OJ;H
>?
L?F;=CIH;LM?
=IH
FIM
>C@?L?HN?M
HCP?F?M
>?F
GCHCMN?LCI
S
=IH
FIM
A;<CH?N?M
>?
FIM
>?G}M
GCHCMN?LCIM
!F
?HNILHI
>?
FIM
JL?MC>?HN?M
S
;F=;F>?M
B;
=L?=C>I
?HILG?G?HN?
S
>?
?MN;
@ILG;
M?
=IHNLIF;
JIF…NC=;G?HN?
?F
KO?B;=?L
>?
FIM
@OH=CIH;LCIM
!MNI
FF?P;
;
=C?LN;M
N?HMCIH?M
?H
F;
CHN?L;==C‰H
=INC>C;H;
S;
KO?
FIM
;M?MIL?M
HI
NC?H?H
;ONILC>;>
D?L}LKOC=;
MI<L?
FIM
=;LAIM
>CL?=NCPIM
>?
FIM
GCHCMN?LCIM
J?LI
;=N;H
?H
F;
JL}=NC=;

=IH
L?MJ;F>I
>?
FIM
GCHCMNLIM
I
=IHM?D?LIM

=IGI
MC
F;
NOPC?L;H
!MN;
N?H>?H=C;

=L?=C?HN?
?H
FIM
MCMN?G;M
J;LF;G?HN;LCIM

J?LI
?RCMN?HN?
>?M>?
B;=?
NC?GJI
?H
FIM
JL?MC>?H=C;FCMN;M

MOJIH?
F;
CHNLI>O==C‰H
>?
OH
N?L=?L
;=NIL
?H
FI
KO?
?L;
B;MN;
;BIL;
OH;
L?F;=C‰H
<CF;N?L;F
?HNL?
?F
GCHCMNLI
S
FIM
=CO>;>;HIM
I
?F
GCHCMNLI
S
FIM
;FNIM
@OH=CIH;LCIM
0;G<C‚H
B;
NL;…>I
=IHMCAI
OH;
>CM=OMC‰H
L?MJ?=NI
;
MOM
JIN?H=C;F?M
?@?=NIM
,;L;
OH;
PCMC‰H
IJNCGCMN;

FIM
A;<CH?N?M
I
;M?MIL?M
JIF…NC=IM
M?
B;H
=IHP?LNC>I
?H
OH;
=;L;=N?L…MNC=;
JLIJC;
S
F?A…NCG;
>?F
G;L=I
=IHMNCNO=CIH;F
?H
?F
KO?
FIM
GCHCMNLIM
IJ?L;H
;=NO;FG?HN?

KO?
MCLP?H
J;L;
;SO>;L
;F
>?J;LN;G?HNI
;
>?M=C@L;L
F;
G?HN?
>?F
GCHCMNLI

NL;<;D;L
=IHDOHN;G?HN?
=IH
FIM
;FNIM
@OH=CIH;LCIM
?H
MO
HIG<L?
S
G;H?D;L
FIM
;MJ?=NIM
J;LNC>CMN;M
>?
FIM
;MOHNIM
>?
AI<C?LHI
,;L;
GO=BIM
INLIM

MCH
?G<;LAI

FIM
;M?MIL?M
JIF…NC=IM
I
A;<CH?N?M
JF;HN?;H
OH;
;G?H;T;
N;HNI
J;L;
F;
CGJ;L=C;FC>;>
>?
FIM
@OH=CIH;LCIM
=IGI
OH;
JIN?H=C;F
OMOLJ;=C‰H
CH>?<C>;
>?
F;
JIN?MN;>
?D?=ONCP;
>?<C>I
;
MO
;==?MI
JLCPCF?AC;>I
;
FIM
GCHCMNLIM

=IGI
OH;
AL;P?
G;HC@?MN;=C‰H
>?
F;
?R=?MCP;
JIFCNCT;=C‰H
>?F
JLI=?MI
>?
?F;<IL;=C‰H
>?
F;M
JIF…NC=;M
J<FC=;M
G?>C;HN?
F;
L?>O==C‰H
>?F
J;J?F
NL;>C=CIH;F
>?
FIM
@OH=CIH;LCIM
S
MO
MOMNCNO=C‰H
JIL
J?LMIH;M
MCH
F;
;>?=O;>;
JL?J;L;=C‰H
JLI@?MCIH;F
5IHA

$;T?FF


 
:>
;,=7,809?:>
D
,>,8-70,>
7024>7,?4A,>
!H
FIM
MCMN?G;M
J;LF;G?HN;LCIM
=IGI
?F
HO?MNLI

?F
#I<C?LHI
MO?F?
M?L
NI>IJI>?LIMI
JO?M
;F
B;<?L
M;FC>I
>?
F;
G;SIL…;
J;LF;G?HN;LC;
MO
JI>?L
MI<L?
F;
;>GCHCMNL;=C‰H
J<FC=;
?M
>I<F?

F;
F?S
?MN;<F?=?
KO?
F;
;>GCHCMNL;=C‰H
J<FC=;
?MN}
MO<IL>CH;>;
;F
AI<C?LHI

JO?>?
=;G<C;L
F;M
HILG;M
L?AOF;>IL;M
>?
F;
;>GCHCMNL;=C‰H
J<FC=;
/CH
?G<;LAI

FIM
J;LF;G?HNIM
NC?H?H
N;G<C‚H
F;
JIN?MN;>
@CH;F
>?
;JLI<;=C‰H
>?
FIM
JL?MOJO?MNIM
S
JO?>?H
;JLI<;L
;FAOHIM
HIG<L;GC?HNIM
>?
‰LA;HIM
>?
=IHNLIF
S
MOJ?LPCMC‰H
>?
F;
;>GCHCMNL;=C‰H
 ?@?HMIL
>?F
,O?<FI
MCGCMGI

JO?>?H
=IHNLIF;L
F;M
;=NCPC>;>?M
>?
F;
;>GCHCMNL;=C‰H
G?>C;HN?
=IGJ;L?=?H=C;M

JL?AOHN;M

=IGCMCIH?M
>?
CHP?MNCA;=C‰H

?N=

OM;H>I
CHN?LJ?F;=CIH?M
MI<L?
=O?MNCIH?M
>?
JIF…NC=;
A?H?L;F
I
F;M
JL?AOHN;M
MI<L?
N?G;M
G}M
?MJ?=…@C=IM

?H
;G<IM
=;MIM
;F
GCHCMNLI
I
;
FIM
;FNIM
=;LAIM
(;M
IGCMCIH?M
F?ACMF;NCP;M
JO?>?H
CH@FOCL
S
=IHNLIF;L
F;
F?ACMF;=C‰H
>?
?D?=O=C‰H
;JLI<;>;
JIL
FIM
GCHCMN?LCIM
 !H
!MJ;ˆ;

F;M
ILN?M
I
F;M
;M;G<F?;M
>?
F;M

JO?>?H
?D?L=?L
OH
@O?LN?
=IHNLIF
MI<L?
F;
;>GCHCMNL;=C‰H
J<FC=;
=IH
F;
L?>;==C‰H
>?
N?RNIM
JL?=CMIM
J;L;
=IH>C=CIH;L
=IGJILN;GC?HNIM
?
MCHAOF;L
CGJILN;H=C;
?H
?MN?
M?HNC>I
?M
F;
F?ACMF;=C‰H
JL?MOJO?MN;LC;
)O=BIM
>?
?MNIM
CHMNLOG?HNIM
HI
@OH=CIH;H
>?
G;H?L;
>?F
NI>I
?@?=NCP;

MI<L?
NI>I
?H
MCMN?G;M
J;LF;G?HN;LCIM
=IGI
FIM
>?F
!MN;>I
I
FIM
;ONIH‰GC=IM

>IH>?
F;
G;SIL…;
J;LF;G?HN;LC;
HI
?D?L=?
OH
=IHNLIF
L?;F
>?
F;
;=NCPC>;>
>?F
AI<C?LHI
S;
KO?
MO
MOJ?LPCP?H=C;
>?J?H>?
>?
;JIS;L
;
‚MN?
(IM
F?ACMF;NCPIM
I
J;LF;G?HNIM
NC?H?
KO?
OM;L

JIL
N;HNI

>CP?LM;M
IJ=CIH?M
;>C=CIH;F?M
J;L;
=IHMNL?ˆCL
F;
;=NO;=C‰H
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
=IGI
JO?>?
M?L
?F
F?ACMF;L
=IH
F;
G}RCG;
?MJ?=C@C=C>;>

=L?;L
;A?H=C;M
=IH=L?N;M
KO?
M?
?H=;LAO?H
>?F
JLIAL;G;
I
?RCACL
KO?
M?
=IHMOFN?
B;MN;
?F
FNCGI
>?N;FF?



?=,>
@94/,/0>
,/8494>?=,?4A,>
D
/0;,=?,809?:>
=07,.4:90>
49?0=:=2,94E,?4A,>
=2,94>8:>
/0
.:9?=:7
D
>@;0=A4>4[9
FAOH;M
>?
F;M
L?F;=CIH?M
G}M
CGJILN;HN?M
KO?
NC?H?H
F;M
ILA;HCT;=CIH?M
J<FC=;M
=IH
MO
?HNILHI
M?
JLI>O=?H
=IH
INL;M
OHC>;>?M
;>GCHCMNL;NCP;M
I
>?J;LN;G?HNIM
;@CH?M
I
=IGJ?NC>IL?M
I
MOJ?LPCMIL?M
!MN;M
L?F;=CIH?M
JO?>?H
M?L
>?
=IF;<IL;=C‰H

>?
=IGJ?NC=C‰H

>?
MOJ?LPCMC‰H

>?
=IFOMC‰H
!H
;FAOHIM
=;MIM
M?
L?F;=CIH;H
>?
G;H?L;
=IH@FC=NCP;
=IH
OHC>;>?M
KO?
=IGJCN?H
JIL
=IGJ?N?H=C;M
MCGCF;L?M
I
M?
L?F;=CIH;H
=IH
>?J;LN;G?HNIM
I
OHC>;>?M
;FC;>IM
I
;@CH?M
=IH
FIM
KO?
M?
=IF;<IL;
?H
?F
>?M;LLIFFI
>?
JLIAL;G;M
I
JF;H?M
=IHDOHNIM
!H
NI>;M
F;M
;>GCHCMNL;=CIH?M
?RCMN?H
N;G<C‚H
‰LA;HIM
>?
MOJ?LPCMC‰H
I
=IHNLIF
CHN?LHIM
I
?RN?LHIM
;
F;M
JLIJC;M
OHC>;>?M
;>GCHCMNL;NCP;M
=IGI
JO?>?
M?L
?H
!MJ;ˆ;
F;
CHN?LP?H=C‰H
A?H?L;F
>?F
!MN;>I

F;
CHMJ?==C‰H
>?
M?LPC=CIM
>?
=;>;
GCHCMN?LCI

F;
A?H=C;
!MN;N;F
>?
!P;FO;=C‰H
>?
,IF…NC=;M
S
;FC>;>
>?
FIM
/?LPC=CIM
I
?F
?@?HMIL
>?F
,O?<FI

?N=
mMN?

JIL
?D?GJFI

?MN}
?H=;LA;>I
?H
!MJ;ˆ;
>?

F;
>?@?HM;
>?
FIM
>?L?=BIM
>?
FIM
=CO>;>;HIM
S
J;L;
?FFI
JO?>?
;=O>CL
;F
0LC<OH;F
IHMNCNO=CIH;F

F;
MOJ?LPCMC‰H
>?
F;
;=NCPC>;>
>?
F;
;>GCHCMNL;=C‰H
J<FC=;
?H
=;MIM
>?
H?AFCA?H=C;

CH;=NCPC>;>

>?M=IHMC>?L;=C‰H

?N=
*I
JO?>?
GI>C@C=;L
FIM
;=NIM
>?
F;
;>GCHCMNL;=C‰H
J?LI
MC
NC?H?
@O?LT;
GIL;F
J;L;
J?>CLFI
,IL
MO
F;>I

F;
@CM=;FCT;=C‰H
@CH;H=C?L;
S
=IHN;<F?
6I
A@DE
724E@
F;
L?;FCT;
?F
0LC<OH;F
>?
O?HN;M

J;L;
;M?AOL;LM?
>?
KO?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
HI
G;FA;MN;H
FIM
L?=OLMIM
J<FC=IM
,?LI
=IGI
‰LA;HI
@CM=;FCT;>IL
=;L?=?
>?
L?=OLMIM
BOG;HIM
MO@C=C?HN?M
J;L;
MO
F;<IL
@CM=;FCT;>IL;

HI
NC?H?
=;J;=C>;>
=I?L=CNCP;
I
M;H=CIH;>IL;
S
?MN}
=IGJO?MNI
JIL
;HNCAOIM
JIF…NC=IM
=IH
?M=;MIM
CH=?HNCPIM
J;L;
M?L
=L…NC=IM
=IH
MOM
=IGJ;ˆ?LIM
>?
J;LNC>I
I
MOM
;>P?LM;LCIM


?=:>
94A070>
/0
2:-40=9:
,
;:7Y?4.,
8@7?494A07
D
7,>
=07,.4:90>

49?0=2@-0=9,809?,70>
!H
F;M
FNCG;M
>‚=;>;M
M?
B;
;MCMNC>I
?H
!MJ;ˆ;

J?LI
N;G<C‚H
?H
INLIM
J;…M?M
?OLIJ?IM

;
OH;
N?H>?H=C;
;
F;
L?PCN;FCT;=C‰H
>?
FIM
}G<CNIM
MO<?MN;N;F?M
>?
AI<C?LHI

<C?H
M?;
JIL
L;TIH?M
@OH=CIH;F?M
I
JIL
>?G;H>;M
MI=CIJIF…NC=;M

;=IGJ;ˆ;>;
B;<CNO;FG?HN?
>?
JLI=?MIM
>?M=?HNL;FCT;>IL?M
>?M;LLIFF;>IM
?H
J;L;F?FI
=IH
F;
?RJ;HMC‰H
>?F
!MN;>I
>?
<C?H?MN;L
!MNI
B;
CGJFC=;>I
F;
?RCMN?H=C;
>?
OHIM
;=NIL?M
;>GCHCMNL;NCPIM
>?
}G<CNI
CH@?LCIL
;F
?MN;N;F
KO?
;=;<;H
>?M?GJ?ˆ;H>I
OH
J;J?F
=F;P?
?H
?F
>?M;LLIFFI
>?
F;M
JLCH=CJ;F?M
JIF…NC=;M
J<FC=;M
!H
HO?MNLI
J;…M

?F
L?@ILT;GC?HNI
>?
FIM
AI<C?LHIM
S
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
S
FI=;F?M
NC?H?
OH
@ILN…MCGI
CGJ;=NI
MI<L?
F;
=IH@CAOL;=C‰H
S
FIM
GI>IM
>?
@OH=CIH;GC?HNI
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
,IL
OH;
J;LN?

CGJFC=;
OH;
L?>CMNLC<O=C‰H
>?
FIM
?@?=NCPIM
BOG;HIM
S
G;N?LC;F?M
;F
M?LPC=CI
>?
F;M
>C@?L?HN?M
ILA;HCT;=CIH?M
S
F;
=IHMNCNO=C‰H
>?
AL;H>?M
<OLI=L;=C;M
MO<?MN;N;F?M
?M>?
?F
JOHNI
>?
PCMN;
@OH=CIH;F

CGJFC=;
N;G<C‚H
OH;
L?>CMNLC<O=C‰H
>?
FIM
J;J?F?M
KO?
F;M
;>GCHCMNL;=CIH?M
B;<…;H
P?HC>I
>?M?GJ?ˆ;H>I
;>?G}M
>?
OH;
;FN?L;=C‰H
>?
F;M
J;ON;M
>?
L?F;=C‰H
?HNL?
HCP?F?M
>?
AI<C?LHI
S
>?
F;M
;>GCHCMNL;=CIH?M
=IH
FIM
=CO>;>;HIM

KO?
L?=C<?H
JIF…NC=;M
?F;<IL;>;M
JIL
;>GCHCMNL;=CIH?M
?H
N?IL…;
G}M
JL‰RCG;M
S
G}M
L?=?JNCP;M
?
?MN?
GI>I

;>?G}M
>?
FIM
‰LA;HIM
?
CHMNCNO=CIH?M
=IHMNCNO=CIH;F?M
S
F;M
ILA;HCT;=CIH?M
;@CH?M
I
>?
MOJ?LPCMC‰H
S
=IHNLIF

F;M
;>GCHCMNL;=CIH?M
J<FC=;M
M?
L?F;=CIH;H
=INC>C;H;G?HN?
=IH
INL;M
;>GCHCMNL;=CIH?M
>?
INLIM
HCP?F?M
N?LLCNILC;F?M
>?
AI<C?LHI
!MNIM
HCP?F?M
JO?>?H
?MN;L
MO<IL>CH;>IM
;
?FF;M

>?
;FAH
GI>I

@ILG;F
I
CH@ILG;FG?HN?

S
>?<?H
CGJF;HN;L
JIF…NC=;M
I
L?AOF;=CIH?M
KO?
J;LN?H
>?
F;
JLIJC;
OHC>;>
;>GCHCMNL;NCP;

I
‚MN;
JO?>?
?MN;L
MO<IL>CH;>;
;
F;M
INL;M

L?=C<C?H>I
@CH;H=C;=C‰H
S
L?AOF;=C‰H
>?
FIM
HCP?F?M
MOJ?LCIL?M
KO?
>?<?
=OGJFCL
I
OM;L
>?
@ILG;
=IH>C=CIH;>;
JIL
?F
HCP?F
MOJ?LCIL
!MN;M
L?F;=CIH?M
JO?>?H
L?@F?D;LM?
?H
CHMNLOG?HNIM
F?A;F?M
=IGI
FIM
=IHP?HCIM
CHN?L;>GCHCMNL;NCPIM
I
FIM
=IHMIL=CIM

P‚;M?
?F
0?G;

0;G<C‚H
>?<?
G?H=CIH;LM?
?F
JLI=?MI
>?
=IHMNLO==C‰H
>?
OH
?MJ;=CI
JIF…NC=;G?HN?
MOJL;H;=CIH;F

=IGI
F;
1HC‰H
!OLIJ?;

=IH
MCAHC@C=;NCP;M
=IHM?=O?H=C;M
J;L;
?F
@OH=CIH;GC?HNI
S
FIM
J;J?F?M
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
?MJ;ˆIF;M
!F
>?L?=BI
=IGOHCN;LCI

FIM
CHMNLOG?HNIM
>?
@CH;H=C;=C‰H

F;M
CHC=C;NCP;M
S
JLCILC>;>?M
>?
JIF…NC=;
J<FC=;
>?
F;
1!
;@?=N;H
;
F;
;A?H>;
>?
FIM
AI<C?LHIM
S
;
F;M
>C@?L?HN?M
JIF…NC=;M
J<FC=;M
M?=NILC;F?M
N;HNI
?H
?F
HCP?F
?MN;N;F
=IGI
;ONIH‰GC=I
S
FI=;F
S
I<FCA;H
;
>?M;LLIFF;L
G?=;HCMGIM
>?
;>;JN;=C‰H
;>GCHCMNL;NCP;


:>
?=4-@9,70>
1H;
FNCG;
CHMNCNO=C‰H
>?F
!MN;>I
=IH
KO?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
NC?H?H
KO?
CHN?L;=NO;L
MIH
FIM
NLC<OH;F?M

?FFIM
=ILL?MJIH>?
?F
=IHNLIF
FNCGI
>?
F;
F?A;FC>;>
>?
FIM
;=NIM
;>GCHCMNL;NCPIM
G?>C;HN?
F;
FF;G;>;
DOLCM>C==C‰H
=IHN?H=CIMI;>GCHCMNL;NCP;
(IM
NLC<OH;F?M
S
F;
;G?H;T;
>?
MO
OMI
JIL
FIM
J;LNC=OF;L?M
O
INL;M
;>GCHCMNL;=CIH?M

F;
G?L;
;G?H;T;
>?
JLI=?>CGC?HNIM
=IHN?H=CIMIM

JIL
?D?GJFI

NC?H?H
OH;
AL;H
CH@FO?H=C;
?H
F;
@ILG;
>?
;=NO;L
>?
FIM
;>GCHCMNL;>IL?M
J<FC=IM
(IM
NLC<OH;F?M
JO?>?H
L?PCM;L
S
;HOF;L
FIM
;=NIM
;>GCHCMNL;NCPIM

MOM
M?HN?H=C;M
?
CHN?LJL?N;=CIH?M
=IH>C=CIH;H
N;G<C‚H
F;M
;=NCPC>;>?M
;>GCHCMNL;NCP;M
!F
JLI<F?G;
MO?F?
L;>C=;L
?H
F;
F?HNCNO>
>?
FIM
JLI=?>CGC?HNIM
KO?
>?MPCLN;H
MO
?@C=;=C;
0;G<C‚H
?F
0LC<OH;F
IHMNCNO=CIH;F
JO?>?
N?H?L
OH
J;J?F
KO?
=IHMNLCˆ?
I
L?=NC@C=;
F;
;=NO;=C‰H
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M

G?>C;HN?

JIL
?D?GJFI

?F
L?=OLMI
>?
;GJ;LI

KO?
M?
JO?>?
CHN?LJIH?L
JIL
F;
JL?MOHN;
PCIF;=C‰H
JIL
=O;FKOC?L
JI>?L
>?F
!MN;>I
>?
FIM
>?L?=BIM
S
FC<?LN;>?M
@OH>;G?HN;F?M

FI
KO?
B;
JLI>O=C>I
N;G<C‚H
HOG?LIMIM
;<OMIM
>?
F;
@CAOL;
=IGI
GI>I
>?
L?NL;MI
>?
M?HN?H=C;M
I
>?=CMCIH?M
DOLCM>C==CIH;F?M
JL?PC;M
 

"(&Y"


!"'(&Y"
$[ 
#"

'#
* 
&)$#'

"(&V'
!#'

#!)"Y"
-
#$"Y"
$[ 
0I>IM
FIM
AI<C?LHIM

?H
=O;FKOC?L;
>?
FIM
HCP?F?M
N?LLCNILC;F?M
MOJL;H;=CIH;F

H;=CIH;F

;ONIH‰GC=I
I
GOHC=CJ;F
B;H
>?
JLIJIL=CIH;L
L?MJO?MN;M

;
NL;P‚M
>?
MOM
;>GCHCMNL;=CIH?M
J<FC=;M

;
OH;
M?LC?
>?
N?G;M
KO?
JL?I=OJ;H
;
FIM
=CO>;>;HIM
F
=IHDOHNI
>?
?MNIM
;MOHNIM
M?
F?
>?HIGCH;
B;<CNO;FG?HN?
;A?H>;
CHMNCNO=CIH;F
>?F
AI<C?LHI
O;HNIM
G}M
;MOHNIM
?MN‚H
CH=FOC>IM
?H
F;
;A?H>;
>?
FIM
AI<C?LHIM
G;SIL
M?L}
F;
JL?MC‰H
;
F;
KO?
?MN;L}H
MIG?NC>;M
F;M
;>GCHCMNL;=CIH?M
!H
FI
KO?
L?MJ?=N;
;
F;
=IH@CAOL;=C‰H
>?
F;
;A?H>;
AO<?LH;G?HN;F

FIM
L?A…G?H?M
>?GI=L}NC=IM
MIH
L?F;NCP;G?HN?
;<C?LNIM

>;H
G}M
@;=CFC>;>?M
;
F;
MI=C?>;>
J;L;
KO?
@ILGOF?
>?G;H>;M
MCGCMGI
I<M?LP;GIM
KO?
F;
?PIFO=C‰H
>?
F;
;A?H>;
NC?H>?
;
JL?M?HN;L
OH
=;L}=N?L
;=OGOF;NCPI
FIM
;MOHNIM

OH;
P?T
CH=FOC>IM
?H
‚MN;
JO?>?H
NL;HM@ILG;LM?
=IH
?F
J;MI
>?F
NC?GJI

J?LI
B;<CNO;FG?HN?
HI
>?M;J;L?=?H
/C
N?H?GIM
?H
=O?HN;
F;
=L?=C?HN?
@;=CFC>;>
J;L;
@ILGOF;L
>?G;H>;M
S
?F
=;L}=N?L
;=OGOF;NCPI
>?
F;
;A?H>;

JI>?GIM
CG;ACH;L
@}=CFG?HN?
KO?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
?H
FIM
L?A…G?H?M
>?GI=L}NC=IM
B;H
>?
B;=?L
@L?HN?
;
OH
PIFOG?H
S
OH;
P;LC?>;>
>?
JLI<F?G;M
GOS
HIN;<F?
KO?
P;H
>?M>?
F;
;N?H=C‰H
;F
=;G<CI
=FCG}NC=I

F;
CHGCAL;=C‰H
I
;F
?HP?D?=CGC?HNI
>?
F;
JI<F;=C‰H

JIL
?D?GJFI

JIL
?FFI
MO?F?
B;<F;LM?
>?
F;
MI<L?=;LA;
I
>?F
?R=?MI
>?
=O?MNCIH?M
;
;@LIHN;L
JIL
F;M
;>GCHCMNL;=CIH?M
J<FC=;M


=@;:>
/0
49?0=X>
.7409?07,>
,>:.4,.4:90>
;=:10>4:9,70>
!H
NI>IM
FIM
MCMN?G;M
JIF…NC=IM
FIM
ALOJIM
MI=C;F?M
NL;N;H
>?
CH@FOCL
MI<L?
F;M
>?=CMCIH?M
J<FC=;M
!MN;M
>?G;H>;M
I
JL?MCIH?M
MI<L?
F;
;A?H>;
>?F
AI<C?LHI
PC?H?H
;LNC=OF;>;M
HILG;FG?HN?
JIL
>C@?L?HN?M
ALOJIM
MI=C;F?M
KO?
M?
B;H
FF;G;>I
ALOJIM
>?
CHN?L‚M

;MI=C;=CIH?M

=FC?HN?F;M

?N=
!MNIM
CHN?L;==CIH;H
H?=?M;LC;G?HN?
=IH
>C@?L?HN?M
ILA;HCT;=CIH?M
>?
F;
;>GCHCMNL;=C‰H
J<FC=;
;
P;LCIM
HCP?F?M
!FFI
JF;HN?;
JLI<F?G;M
;
P?=?M
S;
KO?

JIL
OH;
J;LN?

?F
AI<C?LHI
S
F;
;>GCHCMNL;=C‰H
J<FC=;
L?JL?M?HN;H
F;
;=NCPC>;>
>?F
!MN;>I

F;
CGJ;L=C;FC>;>
S

JIL
INL;

FIM
ALOJIM
?H=;LH;H

JIL
MO
JLIJC;
H;NOL;F?T;

M‰FI
CHN?L?M?M
=IH=L?NIM
S
J;LNC=OF;L?M

S

?H
;FAOHIM
=;MIM

L?=C<?H
OH
NL;NI
JL?@?L?HN?
JIL
J;LN?
>?
F;
;>GCHCMNL;=C‰H
!MN;
MCNO;=C‰H
M?
J?L=C<?
G}M
=IH@FC=NCP;
?H
OHIM
J;…M?M
KO?
?H
INLIM
,IL
?D?GJFI

JO?>?
HI
M?LFI
N;HNI
?H
*ILO?A;
S
J;L?=?
GOS
JLI<F?G}NC=;
?H
"L;H=C;
0;G<C‚H
B;S
?MNO>CIM
KO?
M?ˆ;F;H
KO?
;FF…
>IH>?
F;
<OLI=L;=C;
NC?H?
G?DIL
CG;A?H
=IGI
?H
F?G;HC;

FIM
J;…M?M
?M=;H>CH;PIM
O
$IF;H>;

?F
JLI<F?G;
M?
B;
L?MO?FNI
G}M
JIMCNCP;G?HN?

JLI<;<F?G?HN?
JIL
F;
@C;<CFC>;>
>?
F;
@OH=C‰H
J<FC=;
(;
;J?LNOL;
>?
F;
;>GCHCMNL;=C‰H
J<FC=;
;
?MN;M
CH@FO?H=C;M
S
?F
‚RCNI
>?
?MNIM
ALOJIM
>?J?H>?
>?
P;LCIM
@;=NIL?M
CHMNCNO=CIH;F?M

JIF…NC=IM
S
=OFNOL;F?M
(IM
>CL?=NCPIM
J<FC=IM
NL;N;H
?H
GO=BIM
=;MIM
>?
=OFNCP;L
?F
;JISI
>?
;FAOHIM
>?
?MNIM
ALOJIM
>?
CHN?L‚M
S;
KO?
?F
L?MJ;F>I
>?
=C?LN;M
=IF?=NCPC>;>?M
ILA;HCT;>;M
S
JI>?LIM;M
?M
GOS
CGJILN;HN?
J;L;
G;HN?H?L
?F
JL?MOJO?MNI
S
FIM
JLIAL;G;M
>?
;FAOH;M
ILA;HCT;=CIH?M
J<FC=;M
I
J;L;
>?@?H>?LM?
>?
;FAOH;M
JL?N?HMCIH?M
>?
FIM
D?@?M
JIF…NC=IM
I
?F
J;LF;G?HNI
,IL
INLI
F;>I

;FAOH;M
ILA;HCT;=CIH?M
J<FC=;M
JO?>?H
M?L
U=;JNOL;>;MX
JIL
;FAOHIM
ALOJIM
>?
CHN?L‚M

FI
KO?
FF?P;
;
OH
J?LDOC=CI
J;L;
?M;
ILA;HCT;=C‰H
J<FC=;
S
;
M?MA;L
MO
;=NO;=C‰H
B;=C;
F;M
JLCILC>;>?M
?
CHN?L?M?M
>?
?M?
ALOJI
!H
INLIM
=;MIM

FIM
ALOJIM
>?
CHN?L‚M
JO?>?H
CH=FOMI
<FIKO?;L
F;
;=NO;=C‰H
>?
OH;
ILA;HCT;=C‰H
J<FC=;
?M>?
OH
JOHNI
>?
PCMN;
=IGJ;L;NCPI
,?N?LM

>CMNCHAO?
?HNL?
FIM
>CMNCHNIM
NCJIM
>?
L?F;=CIH?M
>CH}GC=;M
?HNL?
FIM
ALOJIM
>?
CHN?L‚M
KO?
?MN}H
NL;N;H>I
>?
CH@FOCL
?H
?F
=OLMI
>?
F;M
JIF…NC=;M
J<FC=;M
I
>?
FIM
KO?
>?J?H>?H
FIM
;>GCHCMNL;>IL?M
J;L;
DOMNC@C=;L
MO
JLIAL;G;M
S
@CH;H=C;=C‰H
@ONOL;
W
#2
:?E6C244:x?
=68tE:>2
M?
JLI>O=?
=O;H>I
FIM
ALOJIM
J;LNC=CJ;H
?H
?F
MCMN?G;
JIF…NC=I
>?
@ILG;
;=?JN;>;
S
F?A;F

=IGI
I=OLL?
JIL
?D?GJFI
?H
F?G;HC;

,;…M?M
;DIM
I
!M=;H>CH;PC;
1H;
P;LC;HN?
>?
?MNI
?M
?F
H?I=ILJIL;NCPCMGI

>IH>?
M?
L?MNLCHA?
?F
HG?LI
>?
ALOJIM
S
M?
CH=ILJIL;H
>CL?=N;G?HN?
?H
?F
;J;L;NI
?MN;N;F
J;L;
NIG;L
>?=CMCIH?M
=IH=?LN;>;M
=IH
?F
AI<C?LHI
/=BGCNN?L
FI
>?@CH?
=IGI
UOH
HG?LI
FCGCN;>I
>?
ALOJIM
MCHAOF;L?M

I<FCA;NILCIM

HI
=IGJ?NCNCPIM

D?L}LKOC=;G?HN?
IL>?H;>IM
S
@OH=CIH;FG?HN?
>C@?L?H=C;>IMX
!MN?
;ONIL
>CMNCHAO?
?HNL?
?F
=ILJIL;NCPCMGI
MI=C;F

?H
KO?
F;M
;MI=C;=CIH?M
JLCP;>;M
>IGCH;H
?F
J;HIL;G;

S
?F
?MN;N;F
>IH>?
?F
!MN;>I
?M
?F
;=NIL
>IGCH;HN?
O;H>I
?RCMN?
OH;
L?F;=C‰H
G?HIM
@ILG;FCT;>;

G}M
=?L=;H;
;F
JFOL;FCMGI

;ONIL?M
=IGI
(?BG<LO=B
M?
B;H
L?@?LC>I
;
?FF;
=IGI
JFOL;FCMGI
=ILJIL;NCPI
I
=ILJIL;NCPCMGI
FC<?L;F
>?G}M

B;<L…;
KO?
N?H?L
?H
=O?HN;
N;G<C‚H
FIM
ALOJIM
CHMNCNO=CIH;FCT;>IM
N;F?M
=IGI
FIM
MCH>C=;NIM

F;M
J;NLIH;F?M

F;M
%AF?MC;M
ILA;HCT;>;M

F;M
"O?LT;M
LG;>;M
I
F;
GCMG;
<OLI=L;=C;
=CPCF

KO?
M?
F?ACNCG;H
JIL
F;
JL?MC‰H
KO?
?D?L=?H

KO?
?H
J;…M?M
=IGI
"L;H=C;
JO?>?H
FF?A;L
;
M?L
GOS
CHN?HM;
!H
>?N?LGCH;>;M
MCNO;=CIH?M
F?A…NCG;M

MO
CH@FO?H=C;
MO?F?
M?L
AL;H>?
S
?F
;F=;H=?
>?
F;
CHN?L;==C‰H
MO?F?
M?L
;GJFCI
OH
ALOJI
JO?>?
M?L
=IHMOFN;>I
J;L;
P;LC;M
JIF…NC=;M
/O
F?ACNCGC>;>
F?M
B;=?
N?H?L
OH
CGJ;=NI
KO?
HI
N?H>L…;H
>?
INLI
GI>I
*I
NC?H?H
KO?
A;MN;L
L?=OLMIM
?H
?F
;==?MI
S
?GJF?;H
OH
?MNCFI
>?
=IHMN;HN?
H?AI=C;=C‰H

=IH
L?OHCIH?M
=IH
F;
;>GCHCMNL;=C‰H
J<FC=;
>IH>?
M?
=IH@CAOL;H
F;M
JIF…NC=;M
/O
CH@FO?H=C;
M?
JO?>?
L?AOF;L
JLIJIL=CIH;H>I
I
HI
;==?MI
;
F;
;>GCHCMNL;=C‰H
!H
F;M
JIF…NC=;M
?H
KO?
B;S
=F;LIM
A;H;>IL?M
S
J?L>?>IL?M

F;M
L?>CMNLC<ONCP;M
S
L?AOF;NCP;M

FIM
;>GCHCMNL;>IL?M
>?<?H
N?H?L
?H
=O?HN;
KO?
F;
CGJF;HN;=C‰H
>?
FIM
JLIAL;G;M
J<FC=IM
M?L}
G}M
@}=CF
MC
J;LNC=CJ;H
N;F?M
ALOJIM

JO?M
F;
>?=CMC‰H
M?
=IHMC>?L;L}
;M…
G}M
F?A…NCG;
W
#2
:?E6C244:x?
56
4=:6?E6=2
OH
ALOJI
>?
CHN?L‚M
FI=;F
JO?>?
=IHP?LNCLM?
?H
F;
?RJL?MC‰H
S
?F
L?JL?M?HN;HN?
H;NOL;F
>?
OH
>?N?LGCH;>I
M?=NIL
MI=C;F
KO?

;
MO
P?T

=IHMNCNOS?
?F
I<D?NCPI
G}M
H;NOL;F
I
?F
ALOJI
>?
L?@?L?H=C;
J;L;
OH;
OHC>;>
;>GCHCMNL;NCP;
!H
?MN?
=;MI
F;
ILA;HCT;=C‰H
J<FC=;
M‰FI
=IHMC>?L;
;
OHI
I
;
OHIM
JI=IM
=IGI
CH@ILG;HN?M
S
=IHM?D?LIM

;
>C@?L?H=C;
>?F
=;MI
;HN?LCIL
!H
"L;H=C;
?MNIM
ALOJIM
JLCPCF?AC;>IM
MIH
FIM
?=IH‰GC=;G?HN?
G}M
JI>?LIMIM
I
FIM
KO?
=IH=O?L>;H
=IH
F;
JIF…NC=;
>?
F;
;>GCHCMNL;=C‰H
J<FC=;
(;
CH@FO?H=C;
>?
OH
ALOJI
JO?>?
M?L
AL;H>?

J?LI
F;
>?
FIM
ALOJIM
?H
MO
=IHDOHNI
M?
L?>O=?
!MNIM
>?<?H
L?;FCT;L
OH
AL;H
?M@O?LTI
J;L;
FIAL;L
?F
;==?MI
;
F;
;>GCHCMNL;=C‰H
S

?H
=IHM?=O?H=C;

>CMJIH>L}H
>?
G?HIM
L?=OLMIM
J;L;
MO
;=NCPC>;>
IGI
L?MOFN;>I
>?
F;
CHN?L;==C‰H
=IH
?MNIM
ALOJIM
M?
L?>O=?
F;
PCMC‰H
>?F
CHN?L‚M
A?H?L;F
S
M?
JLI>O=?
OH;
MCG<CIMCM
?H
F;
KO?
;G<;M
J;LN?M
>?J?H>?H
S
M?
<?H?@C=C;H
?HNL?
M…
 W
(;
:?E6C244:x?
56
A2C6?E6=2
>?M=LC<?
OH;
MCNO;=C‰H
>?
J;L?HN?M=I
I
?MNL?=BIM
F;TIM
@L;N?LH;F?M
?HNL?
OH
ALOJI
>?
JL?MC‰H
S
?F
AI<C?LHI
I
?F
J;LNC>I
>IGCH;HN?
!M
N…JC=;
>?
F;M
MI=C?>;>?M
JL?CH>OMNLC;F?M

J?LI
N;G<C‚H
I=OLL?
?H
INLIM
FOA;L?M
*ILG;FG?HN?
ONCFCT;H
OH
CHN?LG?>C;LCI
=IGI
OH
J;LNC>I
JIF…NC=I
1H
?D?GJFI
JI>L…;
M?L
F;
CH@FO?H=C;
>?
OH
E9:?<
E2?<
I
ALOJIM
>?
INLI
NCJI
JIL
?D?GJFI

F;
OHC‰H
>?
;ALC=OFNIL?M
>?
CTKOC?L>;M
?H
"L;H=C;

OH
ALOJI
GOS
J?KO?ˆI
J?LI
=IH
<O?H;
L?F;=C‰H
KO?
;=;<;
=IH>C=CIH;H>I
F;
JIF…NC=;
>?F
J;…M
0?‰LC=;G?HN?

?MN;
CHN?L;==C‰H
HI
M?
JLI>O=?
?H
F;M
>?GI=L;=C;M

J?LI
MCH
>O>;

M?
JO?>?
C>?HNC@C=;L
?H
GO=B;M
>?
?FF;M
=IGI
?H
"L;H=C;
I
%N;FC;
O;H>I
?MNIM
ALOJIM
NLCOH@;H
FIM
CGJ;=NIM
>?
MOM
JIF…NC=;M
MIH
L?>CMNLC<ONCPIM
W
(;
:?E6C244:x?
:=68tE:>2
M?
L?;FCT;
@O?L;
>?
FIM
=;O=?M
HILG;F?M

J?LI
I=OLL?
!H
FIM
NL?M
JLCG?LIM
NCJIM

;FAOHI
I
NI>IM
FIM
ALOJIM
@O?LIH
;=?JN;>IM
=IGI
JILN;PI=?M

MCH
?G<;LAI

;KO…

HC
?F
MCMN?G;
HC
FIM
;>GCHCMNL;>IL?M
CH>CPC>O;F?M
L?=IHI=?H
MO
F?ACNCGC>;>
!H
L?;FC>;>

?M
JIMC<F?
KO?
?F
GCHCMNLI
I
KOC?H
M?;
IJN?
JIL
L?=C<CLFIM
J?LI
INL;
=IM;
?M
KO?
>?MJO‚M
M?
NIG?H
I
HI
?H
=O?HN;
MOM
>?G;H>;M
OHKO?
HI
M?;H
;=?JN;>IM
M?AOCL}H
;B…
JILKO?
?MI
F?M
DOMNC@C=;
;HN?M
MOM
GC?G<LIM
S
;>?G}M
F?M
>;
?F
B;FI
>?
B;<?L
CHN?HN;>I
DOA;L
=IH
F;M
L?AF;M
>?F
DO?AI
!H
=;MI
>?
KO?
P?;H
CGJIMC<F?
?F
;==?MI

?M
JIMC<F?
KO?
JO?>;H
FF?A;L
;
L?=OLLCL
;
G?>CIM
PCIF?HNIM
/O
CGJ;=NI
MI<L?
F;
JIF…NC=;
?M
GOS
>C@…=CF
>?
?P;FO;L
MC
?M
KO?
FI
B;S
?D?GJFIM
>?
?MN?
NCJI
>?
ALOJIM
JO?>?H
M?L
;FAOHIM
>?
FIM
PCH=OF;>IM
;
G;SI
>?


/IFC>;LC>;>
?H
,IFIHC;

?F
GIPCGC?HNI
=IHNL;
F;
CGJFC=;=C‰H
>?
!!11
?H
?F
=IH@FC=NI
>?
2C?NH;G
I
?F
GIPCGC?HNI
T;J;NCMN;
?H
BC;J;M

)‚RC=I
$%.$

(7=<@
23
7;A3?/117a;
3;A?3
9<@
5?B=<@
E
9/
/2:7;7@A?/17a;
/?/1A3?_@A71/@

(7=<@ 91/;13 ;49B3;17/ @A79< :=/1A<

35_A7:< CFB?E !H7D:; (;=E9?79?vD ,;:?IJH?8K9?vD

KJEHH;=KB79?vD

973;A39/ IJH;9>E 'E:;H7:7 -?C8?EI?I KJEHH;=KB79?vD

?IJH?8K9?vD

$/?3;A39/ IJH;9>E 'E:;H7:7 *7H;DJ;I9E ,;=KB79?vD

?IJH?8K9?vD

935_A7:< 07H?78B; (?D=KD7

!H7D:; ED<HEDJ79?vD (?D=KDE
,;:?IJH?8K9?vD
"O?HN?
,?N?LM


 
#0/0>
/0
;:7Y?4.,
;]-74.,
;:74.D
90?B:=6>
(;
FCN?L;NOL;
B;
>?HIGCH;>I
;
FIM
?HNL;G;>IM
>?
;=NIL?M
J<FC=IM
S
JLCP;>IM
KO?
M?
MO?F?H
L?OHCL
;FL?>?>IL
>?
F;
@ILGOF;=C‰H
S
F;
CGJF;HN;=C‰H
>?
OH;
JIF…NC=;
>?N?LGCH;>;
U=IGOHC>;>?M
>?
JIF…NC=;MX
I
UL?>?M
>?
JIF…NC=;
J<FC=;X
(;
C>?;
<}MC=;
=IHMCMN?
?H
KO?
=;>;
}L?;
>?
JIF…NC=;
NC?H>?
;
?MN;L
I=OJ;>;
JIL
OH
AL;H
HG?LI
>?
ALOJIM
>?
CHN?L‚M
;>;
OHI
>?
?FFIM
NL;N;
>?
CGJIH?L
MO
=IH=?J=C‰H

M?
OH?H
=IH
INLIM
ALOJIM

=IH
?F
F?ACMF;NCPI
I
=IH
F;
;>GCHCMNL;=C‰H
J<FC=;
J;L;
JL?MCIH;L
IH
@L?=O?H=C;
FIM
AI<C?LHIM
O
INLIM
ALOJIM
NL;N;L}H
>?
>CMGCHOCL
MO
JI>?L
J?LI
HI
MC?GJL?
FI
=IHM?AOCL}H
S
?P?HNO;FG?HN?
NL;N;L}H
>?
CH@FOCL
>?
@ILG;
CF?A…NCG;
(;
L?>
M?
>C@?L?H=C;
>?F
=ILJIL;NCPCMGI
?H
KO?
HI
JL?MOJIH?
F;
;=?JN;=C‰H
>?
F;
JIF…NC=;
?RCMN?HN?



:>
80/4:>
/0
.:8@94.,.4[9
 !H
FIM
MCMN?G;M
>?GI=L}NC=IM
?F
J;J?F
>?
FIM
G?>CIM
>?
=IGOHC=;=C‰H
J;L;
?R;GCH;L
F;
;=NO;=C‰H
J<FC=;
?M
@OH>;G?HN;F
S
?MN}

;>?G}M

=IHMNCNO=CIH;FG?HN?
JLIN?AC>I
(IM
>CL?=NCPIM
J<FC=IM
S
FIM
JIF…NC=IM
M;<?H
KO?
FIM
G?>CIM
>?@CH?H
F;M
J?L=?J=CIH?M
=CO>;>;H;M
MI<L?
=O}F
?M
F;
;A?H>;
JIF…NC=;
>?F
GIG?HNI
S

;
P?=?M

JO?>?H
GI>C@C=;L
F;M
JL?@?L?H=C;M
JIF…NC=;M
S
F;M
;=NCNO>?M
@L?HN?
;
>C@?L?HN?M
JLIAL;G;M
J<FC=IM
I
L?MJIHM;<F?M
GCHCMN?LC;F?M
!H
A?H?L;F
S
?H
!MJ;ˆ;
M;<?GIM
KO?
F;M
IJCHCIH?M
>?
FIM
CH>CPC>OIM
MIH

?H
=C?LNI
AL;>I

J?LG?;<F?M
;
FIM
G?HM;D?M
>?
F;
JL?HM;

L;>CI
S

MI<L?
NI>I

>?
F;
N?F?PCMC‰H
*I
?M
=;MO;F
KO?
N;HNI
FIM
AI<C?LHIM
H;=CIH;F?M
=IGI
FIM
;ONIH‰GC=IM
B;S;H
NL;N;>I
>?
=IHNLIF;L
FIM
G?L=;>IM
>?
=IGOHC=;=C‰H
;
NL;P‚M
>?
F;
=L?;=C‰H
>?
G?>CIM
>?
NCNOF;LC>;>
J<FC=;

>?
F;
JIF…NC=;
>?
=IH=?MCIH?M
>?
FC=?H=C;M
?
CH=FOMI
JIL
G?>CI
>?
MO<P?H=CIH?M
>CL?=N;M
I
P…;
JO<FC=C>;>
CHMNCNO=CIH;F
;
G?>CIM
JLCP;>IM
#IHT}F?T

!H
MO
;H}FCMCM
>?F
CGJ;=NI
>?
F;
JL?HM;
?H
F;M
JIF…NC=;M
J<FC=;M

(CHMES
=IH=FOS‰
KO?
=O;HNI
G?DIL?M
MIH
F;M
L?F;=CIH?M
KO?
G;HNC?H?H
FIM
>?=CMIL?M
JIF…NC=IM
I
@OH=CIH;LCIM
=IH
F;
JL?HM;

G}M
@LO=N…@?L;M
MIH
F;M
JIF…NC=;M
!F

JIL
=C?H
>?
FIM
A?MNIL?M
J<FC=IM
>?=…;H
KO?
;@?=N;<;
;
MOM
JIF…NC=;M
S
KO?
FI
B;=…;
>?
@ILG;
GOS
MCAHC@C=;NCP;
)O=BIM
;FNIM
@OH=CIH;LCIM
CHP?LN…;H
;F
G?HIM
=CH=I
BIL;M
;
F;
M?G;H;
NL;<;D;H>I
=IH
F;
JL?HM;
S
G?>C;HN?
?FF;
>;<;H
;
=IHI=?L
MOM
JIF…NC=;M
O
I<N?H…;H
CH@ILG;=C‰H
MI<L?
?FF;M

I
<OM=;<;H
;JISI
0;G<C‚H
FIM
G?>CIM
JO?>?H
=OGJFCL
OH;
GCMC‰H
?>O=;NCP;
=IGI

JIL
?D?GJFI

MI<L?
F;M
>LIA;M

F;M
?H@?LG?>;>?M
>?
NL;HMGCMC‰H
M?RO;F
I
?F
/% 
.?=IL>?GIM
KO?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
NC?H?H
KO?
GIPCFCT;L
L?=OLMIM

?MNI
?M

;JISI
J;L;
MOM
JIF…NC=;M
#L;<?L

0;G<C‚H
?MN}
>?GIMNL;>I
KO?
FIM
G?>CIM
>?
=IGOHC=;=C‰H
P;L…;H
?H
?F
AL;>I
>?
;N?H=C‰H
KO?
JL?MN;H
?H
OHIM
GIG?HNIM
O
INLIM
S
;
OHIM
>?J;LN;G?HNIM
I
JIF…NC=;M
S
;
INLIM
!MNI
B;=?
KO?
FIM
>CL?=NCPIM
J<FC=IM
CHN?HN?H
JLIJC=C;L
F;
;N?H=C‰H
B;=C;
MOM
ILA;HCT;=CIH?M
S
JIF…NC=;M
J<FC=;M
G?>C;HN?
>C@?L?HN?M
CHMNLOG?HNIM
>?
L?F;=C‰H
=IH
FIM
G?>CIM

I
>?MPC;LF;
?H
=;MI
>?
=LCMCM


,
:;494[9
;]-74.,
(;M
ILA;HCT;=CIH?M
J<FC=;M
H?=?MCN;H
;JISI
>C@OMI
N;HNI
>?F
J<FC=I
?H
A?H?L;F
=IGI
>?
=C?LNIM
M?AG?HNIM
>?
IJCHC‰H
G}M
?MJ?=C;FCT;>IM
KO?
MCAO?H
F;M
JIF…NC=;M
M?=NILC;F?M
>?
FIM
GCHCMN?LCIM
I
>?J;LN;G?HNIM
(;
IJCHC‰H
J<FC=;
A?H?L;F
CH@FOS?
?H
AL;H
G?>C>;
?H
F;
A?MNC‰H
>?
F;M
ILA;HCT;=CIH?M
J<FC=;M
,IL
OH
F;>I

F;
IJCHC‰H
J<FC=;
JO?>?
;@?=N;L
;
F;
;>GCHCMNL;=C‰H
J<FC=;
?H
A?H?L;F
S

JIL
INLI

>?
OH
GI>I
G}M
?MJ?=…@C=I

F;M
;=NCNO>?M
=CO>;>;H;M
JO?>?H
=IH>C=CIH;L
>?N?LGCH;>;M
JIF…NC=;M
S
M?LPC=CIM
J<FC=IM
S
F;
A?MNC‰H
>?
>?J;LN;G?HNIM
I
GCHCMNLIM
=IH=L?NIM
 ?F
,CHI


.;CH?S

,IL
?D?GJFI

F;M
;=NCNO>?M
H?A;NCP;M
@L?HN?
;
;FAOHIM
>?J;LN;G?HNIM
I
JIF…NC=;M
I
@;PIL;<F?M
;
INL;M
B;H
=IH>C=CIH;>I
;FAOH;M
G?>C>;M
>?
L?@ILG;
I
F;
CHNLI>O==C‰H
>?
=C?LNIM
JLIAL;G;M
?H
F;
;A?H>;
JIF…NC=;
MCGCMGI

?F
;JISI
J<FC=I
KO?
G;HNC?H?
OH
>?J;LN;G?HNI
>?N?LGCH;
?H
AL;H
G?>C>;
MO
<;M?
>?
;JISI
MI=C;F
S
JIF…NC=I
?
CH=FOMI
?F
JL?MOJO?MNI
KO?
L?=C<?
,IL
?D?GJFI

?F
IL>?H
J<FC=I

I
F;M
JIF…NC=;M
>?
<C?H?MN;L
G;HNC?H?H
OH
AL;H
L?MJ;F>I
>?
F;
IJCHC‰H
J<FC=;
?H
!MJ;ˆ;

FI
KO?
B;=?
KO?
?F
JL?MOJO?MNI
>?MNCH;>I
;
?FF;M
M?;
GOS
>C@…=CF
>?
L?=ILN;L
(;
CGJILN;H=C;
>?
F;
IJCHC‰H
J<FC=;
?M
FI
KO?
B;=?
KO?
FIM
G?>CIM
S
F;
CHN?L;==C‰H
=IH
?FFIM
M?
=IHPC?LN;
?H
;FAI
=LO=C;F
J;L;
F;M
OHC>;>?M
;>GCHCMNL;NCP;M

4@/,/,9:>
49/4A4/@,70>
(IM
=CO>;>;HIM
CH>CPC>O;F?M
N;G<C‚H
M?
L?F;=CIH;H
=;>;
P?T
G}M
=IH
F;M
ILA;HCT;=CIH?M
J<FC=;M
!MNI
?M
JIMC<F?
>?<C>I
;
KO?
‚MN;M
JLIJIL=CIH;H
=;>;
P?T
G}M
CHMNLOG?HNIM
KO?
J?LGCN?H
=;H;FCT;L
?MN?
NCJI
>?
L?F;=C‰H
I
=IHN;=NI
CH>CPC>O;F
1H
?D?GJFI
>?
?MN?
NCJI
M?L…;
?F
,LIAL;G;
>?
-O?D;M
S
/OA?L?H=C;M
>?
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I
L?AOF;>I
?H
?F
.?;F
?=L?NI
 
KO?
?MN;<F?=C‰
?F
);L=I
#?H?L;F
J;L;
F;
)?DIL;
>?
F;
=;FC>;>
?H
N;F
;>GCHCMNL;=C‰H
!M
>?
;JFC=;=C‰H
I<FCA;NILC;
?H
NI>IM
FIM
)CHCMN?LCIM
S
KO?
B;
>;>I
FOA;L
;
F;
?RCMN?H=C;
>?
G}M
>?

JOHNIM
>?
KO?D;

JL?M?H=C;F?M
I
?F?=NL‰HC=IM

?H
FIM
>CMNCHNIM
GCHCMN?LCIM
(IM
=CO>;>;HIM
N;G<C‚H
M?
L?F;=CIH;H
MIFC=CN;H>I
CH@ILG;=C‰H
;
F;M
ILA;HCT;=CIH?M
J<FC=;M
(;
CH@ILG;=C‰H
?GCNC>;
JIL
F;M
;ONILC>;>?M
?M
N;G<C‚H
GOS
CGJILN;HN?
J;L;
KO?
FIM
=CO>;>;HIM
JO?>;H
CGJFC=;LM?
S
N?HA;H
F;
=;J;=C>;>
>?
?HDOC=C;L
(;M
;LN;M
>?
/?LPC=CI
>C@OH>C>;M
?H
NI>;
!OLIJ;
NC?H?H
N;G<C‚H
OH;
GCMC‰H
CH@ILG;NCP;
S

?H
JLCH=CJCI

>?
?MN;<F?=?L
=IGJLIGCMIM
>?
F;M
OHC>;>?M
;>GCHCMNL;NCP;M
=IH
=C?LNIM
?MN}H>;L?M
>?
FIM
M?LPC=CIM
KO?
M?
I@L?=?H
;
FIM
=CO>;>;HIM
"CH;FG?HN?

?M
=;>;
P?T
G}M
@L?=O?HN?
JL?AOHN;L
;
FIM
=CO>;>;HIM
J;L;
?P;FO;L
F;
M;NCM@;==C‰H
=IH
FIM
M?LPC=CIM
KO?
F;
;>GCHCMNL;=C‰H
JL?MN;
!H
=IH=FOMC‰H

F;
0;<F;

JL?M?HN;
;FAOH;M
>?
F;M
L?F;=CIH?M
>?
F;
;>GCHCMNL;=C‰H
=IH
MO
?HNILHI
NL;N;>;M
?H
FIM
JOHNIM

S

>?
?MN?
=;J…NOFI
$%.$

&39/17<;3@
E
4B3;A3@
23
9/
/BA<?72/2
=<9_A71/
E
9/
7;49B3;17/
23
7;@A7AB17<;3@
a?5/;<@
E
/1A<?3@
3;
39
@7@A3:/
=<9_A71<
1<;
9/@
/2:7;7@A?/17<;3@
=c0971/@
S
(EC8H7C?;DJE
:;
BEI
7BJEI
97H=EI
:;F7HJ7C;DJ7B;I
O
EJHEI
<KD9?ED7H?EI
S
!78?D;J;I
O
7I;IEH;I
K
E<?9?D7I
;9EDvC?97I
E
FH;IKFK;IJ7H?7I
E
:;
FH;I?:;D9?7
&EI
@;<;I
FEBsJ?9EI
=E8?;HDEI
FH;I?:;DJ;I
O
C?D?IJHEI S
#D?9?79?vD
:;
B7I
FHEFK;IJ7I
:;
B;=?IB79?vD
O
B7I
FH?EH?:7:;I
O
:?H;9JH?9;I
:;
FEBsJ?97
Fy8B?97
S
B78EH79?vD
:;
H;=B7C;DJEI
O
:;9H;JEI

S
*EJ;IJ7:
<?D7B
:;
7FHE879?vD
:;
BEI
FH;IKFK;IJEI
S
FHE879?vD
:;
7B=KDEI
DEC8H7C?;DJEI
:;
vH=7DEI
:;
9EDJHEB
O
IKF;HL?I?vD
:;
B7
7:C?D?IJH79?vD
;<;DIEH
:;B
*K;8BE
&EI
F7HB7C;DJEI
O
7I7C8B;7I
B;=?IB7J?L7I
S
EDJHEB
:;
B7I
79J?L?:7:;I
:;
B7
7:C?D?IJH79?vD
9ECF7H;9;D9?7I
FH;=KDJ7I
9EC?I?ED;I
:;
?DL;IJ?=79?vD
S
#D<BK;D9?7
:;
B7I
EC?I?ED;I
B;=?IB7J?L7I
;D
;B
9EDJHEB
O
B7
B;=?IB79?vD

S
;F7HJ7C;DJEI
E
KD?:7:;I
9ECF;J?:EH;I
S
;F7HJ7C;DJEI
E
KD?:7:;I
7B?7:EI
E
7<?D;I
)JH7I
KD?:7:;I
7:C?D?IJH7J?L7I
O
:;F7HJ7C;DJEI S
;F7HJ7C;DJEI
9ED
BEI
GK;
I;
9EB78EH7
;D
;B
:;I7HHEBBE
:;
FHE=H7C7I
E
FB7D;I
)H=7D?ICEI
:;
9EDJHEB
O
IKF;HL?I?vD 9ED@KDJEI
S
gH=7DEI
:;
IKF;HL?I?vD
O
9EDJHEB
;<;DIEH
:;B
*K;8BE
=;D9?7
:;
L7BK79?vD
#DJ;HL;D9?vD
!;D;H7B
?DIF;99?ED;I
:;
I;HL?9?EI

S
(?L;B;I
IKF;H?EH;I
E
9ED
97F79?:7:
:;
<?D7D9?79?vD
O
H;=KB79?vD
O
D?L;B;I

)JHEI
D?L;B;I
:;
=E8?;HDE ?D<;H?EH;I
GK;
:;8;D
?CFB7DJ7H
FEBsJ?97I
E
H;=KB79?ED;I
S
EDL;D?EI
?DJ;H7:C?D?IJH7J?LEI
O
9EDIEH9?EI

S
,;L?I?vD
O
7DKB79?vD
:;
BEI
79JEI
7:C?D?IJH7J?LEI
S
C;D7P7
:;
FHE9;:?C?;DJEI
9EDJ;D9?EIEI
&EI
JH?8KD7B;I
B7
7:C?D?IJH79?vD
:;
@KIJ?9?7
S
-;DJ;D9?7I
;
?DJ;HFH;J79?ED;I
GK;
9ED:?9?ED7D
B7I
79J?L?:7:;I
7:C?D?IJH7J?L7I
S
@;9K9?vD
<EHPEI7
:;
I;DJ;D9?7I

S
B?;DJ;B7I
&EI
=HKFEI
:;
?DJ;HqI S
7I;I
:;
7FEOE
I;9JEH?7B;I
S
IE9?79?ED;I
FHE<;I?ED7B;I

,;:;I
:;
FEBsJ?97
Fy8B?97 S
;<?D?9?vD
:;
BEI
7IKDJEI
O
B7I
FEBsJ?97I
O
D;=E9?79?vD

S
*HEJ;99?vD
9EDIJ?JK9?ED7B
:;
B?8;HJ7:
:;
FH;DI7

S
;J;HC?D7D
B7
7=;D:7
:;B
=E8?;HDE
O
B7
F;H9;F9?vD
:;
BEI
9?K:7:7DEI
:;
B7I
&EI
C;:?EI
:;
9ECKD?979?vD S
;J;HC?D7D
B7
7=;D:7
:;B
=E8?;HDE
O
B7
F;H9;F9?vD
:;
BEI
9?K:7:7DEI
:;
B7I
FEBsJ?97I
O
I;HL?9?EI

S
9;FJ7
E
H;9>7P7
;B
7FEOE
7
B7I
7:C?D?IJH79?ED;I
&7
EF?D?vD
Fy8B?97
S
#CFEHJ7DJ;
F7H7
;B
7FEOE
FEBsJ?9E
7
B7I
EH=7D?P79?ED;I

&EI
9?K:7:7DEI
?D:?L?:K7B;I S
-EB?9?JK:;I
:;
I;HL?9?EI
GK;@7I
?D<EHC79?vD
O
EJHEI
9EDJ79JEI
"O?HN?
>;JN;>I
>?
.;CH?S

 

"(#&"#
'###"Y!#
("# Y#

"(&"#"

'
!"'(&#"'
$[ '
(;M
;>GCHCMNL;=CIH?M
J<FC=;M
?MN}H
N;G<C‚H
MIG?NC>;M
;
F;M
=IGJF?DC>;>?M

>?G;H>;M
S
=;G<CIM
>?
MO
?HNILHI
MI=CI?=IH‰GC=I

=OFNOL;F
S
N?=HIF‰AC=I
P?L
,L;NM



!H
?MN?
;J;LN;>I
P;GIM
;
P?L
;FAOH;M
>?
?FF;M
MCAOC?H>I
;
?MN?
S
INLIM
;ONIL?M


,
0>?=@.?@=,
>:.4,7
D
07
,@809?:
/0
7,
49842=,.4[9
(;
?MNLO=NOL;
MI=C;F
S
>?
=F;M?M
M?
B;
PO?FNI
G}M
=IGJF?D;
=IGI
=IHM?=O?H=C;
>?
FIM
JLI=?MIM
>?
>CP?LMC@C=;=C‰H
S
N?=HC@C=;=C‰H
?=IH‰GC=;
!M
JL?=CMI
MOJ?LJIH?L
F;M
>C@?L?H=C;=CIH?M
MI=C;F?M
PCH=OF;>;M
;
F;
?>;>

?F
M?RI
I
FIM
@;=NIL?M
‚NHC=IM
S
=OFNOL;F?M
(;
@L;AG?HN;=C‰H
MI=C;F
M?
NL;>O=?
?H
?F
>?M;LLIFFI
>?
CHN?L?M?M
>C@?L?H=C;>IM
S
?H
F;
A?H?L;=C‰H
>?
>?G;H>;M
?MJ?=…@C=;M
>?
FIM
>CMNCHNIM
ALOJIM
KO?
M?
>CLCA?H
;
F;M
>CMNCHN;M
;>GCHCMNL;=CIH?M
J<FC=;M
,IL
?D?GJFI

FIM
=;G<CIM
>?GIAL}@C=IM
?HNL?
FIM
=O;F?M
>?MN;=;
?F
?HP?D?=CGC?HNI
>?
F;
JI<F;=C‰H

=IGI
OH;
>?
F;M
N?H>?H=C;M
>?
=;G<CI
MI=C;F
G}M
L?F?P;HN?M
?H
FIM
J;…M?M
>?M;LLIFF;>IM
!MN?
JLI=?MI

KO?
CGJFC=;
OH
CH=L?G?HNI
>?
F;
JI<F;=C‰H
>?J?H>C?HN?

?MN}
;@?=N;H>I
>?
G;H?L;
CGJILN;HN?
;
F;M
ILA;HCT;=CIH?M
J<FC=;M
+<FCA;
N;HNI
;
>?M;LLIFF;L
HO?P;M
F…H?;M
>?
;=NO;=C‰H
J;L;
F;
JI<F;=C‰H
;H=C;H;
=IGI
;
L?>CM?ˆ;L
;FAOHIM
>?
FIM
M?LPC=CIM
S;
>CMJIHC<F?M
;
@CH
>?
;>;JN;LFIM
;
F;M
H?=?MC>;>?M
>?LCP;>;M
>?
F;
MCNO;=C‰H
>?
MOM
OMO;LCIM
+NLI
>?
FIM
CGJ?L;NCPIM
?M
?F
>?
L?F;HT;L
F;
N;M;
>?
@?=OH>C>;>
>?
F;M
GOD?L?M
;
F;
P?T
KO?
M?
=IHMCAO?
MO
CH=ILJIL;=C‰H
;
F;
PC>;
F;<IL;F

FI
KO?
M?L}
CGJIMC<F?
MCH
=;G<CIM
CHMNCNO=CIH;F?M
S
=OFNOL;F?M
KO?
P;S;H

JIL
?D?GJFI

?H
F;
F…H?;
>?
G?>C>;M
J;L;
=IH=CFC;L
F;
PC>;
@;GCFC;L
S
F;<IL;F
!H
?F
=;MI
?MJ;ˆIF

=IGI
?H
INLIM
J;…M?M

F;
>?G;H>;
MI<L?
FIM
M?LPC=CIM
>?
HO?PIM
ALOJIM

=IGI
FIM
>?J?H>C?HN?M
?M
?MJ?=C;FG?HN?
CHN?HM;
>?<C>I
;F
=;G<CI
?H
F;M
?MNLO=NOL;M
@;GCFC;L?M
S
F;
L?>?@CHC=C‰H
>?
FIM
J;J?F?M
>?
F;
GOD?L
(;
CH=ILJIL;=C‰H
>?
F;
GOD?L
;F
G?L=;>I
>?
NL;<;DI
MOJIH?
?F
=L?=CGC?HNI
>?
F;
>?G;H>;
>?
>?N?LGCH;>IM
M?LPC=CIM
>?
=OC>;>I
S
;N?H=C‰H
;
F;
JI<F;=C‰H
>?J?H>C?HN?
#?H?L;
;MCGCMGI
OH;
H?=?MC>;>
>?
L?AOF;=C‰H
S
;==C‰H
J<FC=;
?H
HO?PIM
N?LL?HIM
JIF…NC=;M
>?
CAO;F>;>
?H
?F
G?L=;>I
>?
NL;<;DI

JIF…NC=;M
>?
JLIN?==C‰H
@L?HN?
;F
;=IMI
M?RO;F

G?>C>;M
J;L;
@;PIL?=?L
F;
=IGJ;NC<CFCT;=C‰H
>?
F;
PC>;
JLI@?MCIH;F
S
@;GCFC;L

?N=
MCGCMGI

?F
?HP?D?=CGC?HNI
>?
F;
JI<F;=C‰H
JO?>?
CGJFC=;L
OH;
?M=;M?T
L?F;NCP;
>?
G;HI
>?
I<L;
S

=IHMCAOC?HN?G?HN?

OH;
G;SIL
>C@C=OFN;>
J;L;
F;M
ILA;HCT;=CIH?M
J<FC=;M
;
F;
BIL;
>?
A;L;HNCT;LM?
FIM
L?=OLMIM
BOG;HIM
H?=?M;LCIM
(;
>CP?LMC@C=;=C‰H
>?
CHN?L?M?M
S
>?G;H>;M
JF;HN?;
JLI<F?G;M
;F
MCMN?G;
JIF…NC=I

KO?
NC?H?
?HNL?
MOM
@OH=CIH?M
F;
>?
;LGIHCT;LFIM
?
CHN?AL;LFIM
;
@CH
>?
G;HN?H?L
F;
H?=?M;LC;
=IB?MC‰H
>?
F;
MI=C?>;>
,IL
MO
F;>I

F;
CHGCAL;=C‰H
?RCA?
;
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
A;L;HNCT;L
S
A?MNCIH;L
F;
;=IAC>;
?
CHN?AL;=C‰H
>?
FIM
CHGCAL;HN?M
S
F;
A?MNC‰H
>?
OH;
>C@…=CF
CHN?L=OFNOL;FC>;>
M?AH
@‰LGOF;M
KO?
L?F;=CIH?H
F;
>CP?LMC>;>
=IH
FIM
P;FIL?M
=IGOH?M
?H
}G<CNIM
=IGI
F;
?>O=;=C‰H

F;
M;HC>;>

FIM
M?LPC=CIM
MI=C;F?M

F;
DOP?HNO>

?N=
>?G}M

F;
CHGCAL;=C‰H
CF?A;F
S
FIM
@?H‰G?HIM
>?FC=NCPIM
;MI=C;>IM
;F
NL}@C=I
>?
J?LMIH;M
L?KOC?L?H
>?
F;
CHN?LP?H=C‰H
J<FC=;
,L;NM

 
,
.@7?@=,
D
7:>
A,7:=0>
7,
/4A0=>4/,/
(;M
;>GCHCMNL;=CIH?M
J<FC=;M
N;G<C‚H
?RJ?LCG?HN;H
=;G<CIM
;MI=C;>IM
;
F;
NL;HM@ILG;=C‰H
>?
F;
=OFNOL;
>?F
=;JCN;FCMGI
S
FIM
P;FIL?M
MI=C;F?M
!F
CH>CPC>OI
;=NO;F
?MJ?L;
=IM;M
>CMNCHN;M
>?
F;M
>GCHCMNL;=CIH?M
S
M?
MCN;
;HN?
?FF;M
>?
@ILG;
>C@?L?HN?
=NO;FG?HN?
F;M
MI=C?>;>?M
MIH
B?N?LIA‚H?;M

FI
KO?
>;
FOA;L
;
OH;
?RJFIMC‰H
>?
L?CPCH>C=;=CIH?M
>?
NL;NI
>C@?L?HN?
JIL
F;M
G}M
>CP?LM;M
=IF?=NCPC>;>?M

;
FI
KO?
M?
;ˆ;>?
OH;
>?G;H>;
=L?=C?HN?
>?
NL;HMJ;L?H=C;
S
J;LNC=CJ;=C‰H
>CL?=N;
?H
?F
MCMN?G;
,L;NM

IGI
B;
M?ˆ;F;>I
/O<CL;NM


=IHNL;LC;G?HN?
;F
G?L=;>I

KO?
B;
?KOCJ;L;>I
=L?=C?HN?G?HN?
=;FC>;>
>?F
M?LPC=CI
=IH
J?LMIH;FCT;=C‰H
>?F
GCMGI

F;M
;>GCHCMNL;=CIH?M
J<FC=;M
M?
B;H
M?AOC>I
<;M;H>I
JLCH=CJ;FG?HN?
?H
F;
F‰AC=;
>?
UF;
?@C=;=C;
CH>C@?L?HN?X

?HN?H>C?H>I
KO?
=O;FKOC?L
PCMI
>?
J?LMIH;FCT;=C‰H
?H
FIM
M?LPC=CIM
J<FC=IM
CGJFC=;<;
OH;
J?FCALIM;
>?MPC;=C‰H
B;=C;
F;
>CM=L?=CIH;FC>;>
/?AH
?MN?
;ONIL

M?
>CL…;
KO?
F;
;>GCHCMNL;=C‰H
=IH@OH>?
CAO;F>;>
=IH
BIGIA?H?C>;>

=O;H>I
NI>I
;JOHN;
;
KO?
M‰FI
;
J;LNCL
>?F
L?=IHI=CGC?HNI
>?
F;
>CP?LMC>;>
M?
JO?>?
;P;HT;L
?H
F;
=IB?MC‰H
MI=C;F
OHKO?
F;
;>;JN;=C‰H
>?
F;
A?MNC‰H
J<FC=;
;
F;
;N?H=C‰H
;
F;
>CP?LMC>;>
S
F;
J?LMIH;FCT;=C‰H
>?F
M?LPC=CI
?M
OH;
N;L?;
>C@…=CF

F;M
;>GCHCMNL;=CIH?M
J<FC=;M
M?
P?H
?H
F;
H?=?MC>;>
>?
L?HIP;LM?
;OG?HN;H>I
MO
=;J;=C>;>
>?
L?=IHI=?L
S
;N?H>?L
F;
>CP?LMC>;>
?H
MOM
M?LPC=CIM
J<FC=IM
!MNI
?M
;M…
=IGI
M?
B;
M?ˆ;F;>I
JILKO?
F;M
=F;M?M
G?>C;M
M‰FI
N?H>L}H
CH=?HNCPIM
J;L;
OM;L
S
>?@?H>?L
FIM
M?LPC=CIM
J<FC=IM

MC
JO?>?H
;>;JN;LM?
;
MOM
H?=?MC>;>?M
>C@?L?H=C;>;M
S

>?
?MN;
@ILG;

HI
M?
FCGCN;L}H
M‰FI
;
FIM
M?=NIL?M
MI=C;F?M
=OS;M
HC=;M
;FN?LH;NCP;M
MIH
JL?=CM;G?HN?
?MIM
M?LPC=CIM



7
09?:=9:
0.:9[84.:
(;M
?=IHIG…;M
>?
FIM
J;…M?M
>?M;LLIFF;>IM
=IGI
!MJ;ˆ;
GO?MNL;H
OH;
M?LC?
>?
L;MAIM
>CMNCHNCPIM
KO?
CH@FOS?H
?H
F;
>CH}GC=;
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
!H
JLCG?L
FOA;L
MIH
?=IHIG…;M
LC=;M
?H
AL;>I
>CP?LMI

=;J;=?M
>?
JLIJIL=CIH;L
OH;
<;M?
@CM=;F
JIN?HN?
KO?
MIMN?HA;
FIM
?F?P;>IM
PIFG?H?M
>?
A;MNI
J<FC=I
=;L;=N?L…MNC=IM
>?
FIM
!MN;>IM
>?
<C?H?MN;L
OC>;L
?M;
<;M?
@CM=;F
S
@;PIL?=?L
F;
=IHM?=O=C‰H
>?
HCP?F?M
MO@C=C?HN?M
>?
=L?=CGC?HNI
?=IH‰GC=I
MIMN?HC>I
MIH
I<D?NCPIM
@OH>;G?HN;F?M
>?
F;M
JIF…NC=;M
?=IH‰GC=;M
>?
J;…M?M
=IGI
?F
HO?MNLI
MCGCMGI

MIH
?=IHIG…;M
>CP?LMC@C=;>;M

?H
=OSI
M?HI
M?
>?M;LLIFF;H
MOM
;=NCPC>;>?M
OH;
;GJFC;
A;G;
>?
M?=NIL?M
JLI>O=NCPIM
(;
>CP?LMC@C=;=C‰H
>?
F;
?=IHIG…;
MOJIH?
J;L;
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
F;
H?=?MC>;>
>?
?MN;<F?=?L
F…H?;M
>C@?L?H=C;>;M
>?
;=NO;=C‰H
J;L;
F;
L?AOF;=C‰H
>?
F;M
>CMNCHN;M
;=NCPC>;>?M

;F
NC?GJI
KO?
F;M
MCN;H
@L?HN?
;
OH
=IHDOHNI
P;LCIJCHNI
>?
>?G;H>;M
,L;NM

!F
!MN;>I
MI=C;F
=F}MC=I

J;LNC=OF;LG?HN?
?H
MO
P?LMC‰H
?OLIJ?;

B;
P?HC>I
>?@?H>C?H>I
F;
=IHP?HC?H=C;
>?
KO?
FIM
AI<C?LHIM
CHN?LP?HA;H
?H
F;
?=IHIG…;
;
@CH
>?
A;L;HNCT;L
F;
?MN;<CFC>;>
>?
FIM
G?L=;>IM
S
FIM
JL?=CIM

@;PIL?=?L
OH
=L?=CGC?HNI
?=IH‰GC=I
?MN;<F?
S
>OL;>?LI

;GILNCAO;L
FIM
?@?=NIM
H?A;NCPIM
>?
F;M
@;M?M
L?=?MCP;M
>?F
=C=FI
S
;M?AOL;LM?
OH;
JL?M?H=C;
MO@C=C?HN?
?H
;KO?FFIM
M?=NIL?M
KO?
M?
=IHMC>?L;H
?MNL;N‚AC=IM
,L;NM

!H
=O;HNI
;F
=;JCN;F
BOG;HI

F;M
;>GCHCMNL;=CIH?M
M?
P?H
;@?=N;>;M
JIL
MO
=O;FC@C=;=C‰H
S
>CMJIHC<CFC>;>
!H
!MJ;ˆ;
B;
;OG?HN;>I
L?F;NCP;G?HN?
?F
HCP?F
>?
?MNO>CIM
S
F;
=O;FC@C=;=C‰H
>?
F;
G;HI
>?
I<L;
(;
J;LNC=CJ;=C‰H
>?
F;
GOD?L
?H
?F
G?L=;>I
>?
NL;<;DI
?M
INLI
>?
FIM
=;G<CIM
>?=CMCPIM
;OHKO?
B;S;
KO?
CH=L?G?HN;LF;
 ,IL
FI
KO?
L?MJ?=N;
;F
?HNILHI
?=IH‰GC=I
CHN?LH;=CIH;F
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
?MJ;ˆIF;M

?MN}
=F;LI
KO?
F;
1!
?M
?F
=IHN?RNI
G}M
L?F?P;HN?
?H
?F
KO?
HO?MNL;M
>GCHCMNL;=CIH?M
;=N;H
(;M
=IHM?=O?H=C;M
>?LCP;>;M
>?
HO?MNL;
CH=ILJIL;=C‰H
;
F;
CHN?AL;=C‰H
?OLIJ?;
CGJFC=;H
;=?JN;L
;FAOH;M
FCGCN;=CIH?M
CGJILN;HN?M
?H
G;N?LC;
>?
JIF…NC=;
GIH?N;LC;

@CM=;F
S
>?
MO<P?H=CIH?M


7
09?:=9:
?0.9:7[24.:
(;M
J;ON;M
>?
=;G<CI
N?=HIF‰AC=I
;@?=N;H
;
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
?H
OH
>I<F?
M?HNC>I
JIL
OH;
J;LN?

NC?H?H
OH
CGJ;=NI
MCAHC@C=;NCPI
MI<L?
?F
J;J?F
KO?
>?M?GJ?ˆ;H
?H
F;
MI=C?>;>
JIL
INL;

?F
=IHI=CGC?HNI
N?=HIF‰AC=I
=IHMNCNOS?
OH
L?=OLMI
ILA;HCT;NCPI
@OH>;G?HN;F

KO?
;
MO
P?T
CH=C>?
?H
MO
?MNLO=NOL;=C‰H
S
@OH=CIH;GC?HNI
(IM
AI<C?LHIM

=IHM=C?HN?M
>?
F;M
NL;HM@ILG;=CIH?M
KO?
M?
?MN}H
JLI>O=C?H>I
?H
F;
?M@?L;
?=IH‰GC=;

NC?H>?H
;
P?L
F;
CHP?LMC‰H
?H
CHP?MNCA;=C‰H
S
>?M;LLIFFI
=IGI
OH
@;=NIL
=L…NC=I
J;L;
?F
‚RCNI
>?
F;M
?GJL?M;M
S
JIL
N;HNI
=IGI
OH;
P…;
J;L;
G;HN?H?L
I
G?DIL;L
FIM
HCP?F?M
>?
?GJF?I

F;M
L?HN;M
;
>CMJIMC=C‰H
>?
FIM
=CO>;>;HIM
S
MO
JLIJC;
<;M?
@CM=;F
MCGCMGI

FIM
JIN?H=C;F?M
CGJ;=NIM
>?
F;M
HO?P;M
N?=HIFIA…;M
MI<L?
F;
PC>;
=INC>C;H;
>?
F;M
J?LMIH;M
F;M
=IHPC?LN?H
?H
I<D?NI
>?
L?AOF;=C‰H
JIL
J;LN?
>?
FIM
JI>?L?M
J<FC=IM
(;
;=?F?L;=C‰H
N?=HIF‰AC=;
JLI>O=C>;
JIL
F;
CH@ILG}NC=;

F;
<CIN?=HIFIA…;

F;
H;HIN?=HIFIA…;
S
F;
H?OLI=C?H=C;
JF;HN?;
;
P?=?M
IJ=CIH?M
<C?H
>C@…=CF?M
;
F;M
JIF…NC=;M
S
;
F;
A?MNC‰H
J<FC=;
(;M
0?=HIFIA…;M
>?
F;
%H@ILG;=C‰H
S
F;
IGOHC=;=C‰H
FF;G;>;M
0%M
M?
B;H
=IHP?LNC>I
?H
OH
?F?G?HNI
=F;P?
J;L;
?F
@OH=CIH;GC?HNI
S
GI>?LHCT;=C‰H
>?
F;M
>GCHCMNL;=CIH?M
J<FC=;M
KO?
NC?H?
?@?=NIM
MI<L?
F;
=;FC>;>

F;
?@C=C?H=C;
S
F;
JLI>O=NCPC>;>
>?
F;
A?MNC‰H
J<FC=;

S
;>?G}M
J?LGCN?
F;
CGJFC=;=C‰H
>?
FIM
=CO>;>;HIM
0;G<C‚H
I@L?=?H
OH;
IJILNOHC>;>
J;L;
G?DIL;L
F;
=;FC>;>
>?
FIM
JLI=?MIM
>?
CHN?FCA?H=C;
;
FI
F;LAI
>?F
=C=FI
>?
F;M
JIF…NC=;M

B;=C?H>I
JIMC<F?
OH
=IHI=CGC?HNI
G}M
JLI@OH>I
>?
F;
H;NOL;F?T;
S
F;
CHN?HMC>;>
>?
FIM
JLI<F?G;M
J<FC=IM
;F
NC?GJI
KO?
;<L?H
F;
JIMC<CFC>;>
>?
CHNLI>O=CL
=;G<CIM
MOMN;H=C;F?M
?H
F;M
N;L?;M
>?
M?AOCGC?HNI
S
?P;FO;=C‰H
>?
FIM
JLIAL;G;M
,L;NM

 #P
FFCMIH

#
0

U(;
A?MNC‰H
J<FC=;
S
F;
JLCP;>;
[MIH
@OH>;G?HN;FG?HN?
MCGCF;L?M
?H
NI>IM
FIM
;MJ?=NIM
HI
CGJILN;HN?M

?H
/B;@LCNT

$S>?
=IGJM

?HT



=
DE25@
>@56C?@
F?52>6?E@D
56
DF
2?l=:D:D
A@=:E@=x8:4@

);>LC>
?HNLI
>?
!MNO>CIM
,IF…NC=IM
S
IHMNCNO=CIH;F?M
IFCHI



,CHI

!
>?F

U*;NCIH;F
;H>
!OLIJ?;H
J;NN?LHM
I@
JO<FC=
;>GCHCMNL;NCIH
;H>
AIP?LH;H=?X

?H
);AIH?
=IGJ
)@FE=6586
2?53@@<
@7
FC@A62?
'@=:E:4D
(IH>L?M
.IONF?>A?


"IHN

&
=IGJ

:F5252?@D
J
564:D:@?6D
A|3=:42D
;L=?FIH;
LC?F
#;L=…;,?F;SI

)

=
DE25@
56
A2CE:5@D
);>LC>
FC;HT;
#IHT}F?T

&
&

U(IM
G?>CIM
?H
F;
>?GI=L;=C;
;P;HT;>;
[$;=C;
OH;
>?GI=L;=C;
>?
;O>C?H=C;X

?H
#IHT}F?T

.?KO?H;
=IGJM


#IHT}F?T

&
&

.?KO?H;

)
=IGJM

+C6D
5q4252D
56
42>3:@
D@4:2=
6?
DA2w2
);>LC>
FC;HT;

]
?>
#II>CH

.
!
S
'FCHA?G;HH

$

=IGJM
%F6G@
$2?F2=
56
:6?4:2
'@=tE:42
);>LC>
%MNGI
#L;<?L




+96
'@H6C
@7
@>>F?:42E:@?
$2?28:?8
?7@C>2E:@?
:?
'F3=:4
&C82?:K2E:@?D

3;MBCHANIH

-
,L?MM
(?PCH?


$
0BIGJMIH

"
&
,?N?LM


#

'F3=:4
5>:?:DEC2E:@?
92==6?86D
9@:46D
@?D6BF6?46D
#F?HPC?Q

%(
/=INN

"IL?MG;H
);AIH?

&
)
=IGJ

)@FE=6586
2?53@@<
@7
FC@A62?
'@=:E:4D
(IH>L?M
.IONF?>A?
);N;M

&
6E
2=

=
4@?EC@=
A@=tE:4@
56
=2
25>:?:DEC24:x?
;L=?FIH;
%HMNCNON
>?
C„H=C?M
,IFCNCKO?M
C
/I=C;FM
*C?NI



=
56D8@3:6C?@
56
=@
A|3=:4@
;L=?FIH;
LC?F
,;L?DI

(

U#I<C?LHI
S
;>GCHCMNL;=C‰H
J<FC=;
?H
F;
IHMNCNO=C‰HX

6C46@


,;LL;>I

/

U!F
=IHNLIF
JIF…NC=I
>?
F;
;>GCHCMNL;=C‰H
=?HNL;F
?MJ;ˆIF;
=IHNCHOC>;>
S
=;G<CI
?H

S
X

?H
);N;M
6E
2=

,?N?LM


#

#2
A@=tE:42
56
=2
3FC@4C24:2

)‚RC=I


"

"IH>I
>?
OFNOL;
!=IH‰GC=;
,?N?LM


#

U ?
=;G<CI
?H
=;G<CI
J;NLIH?M
>?
=IHNCHOC>;>
?H
F;
L?@ILG;
;>GCHCMNL;NCP;X

)6G:DE2
56=
#
)67@C>2
J
6>@4C24:2



I=NO<L?

,?N?LM


#

U#IP?LH;H=?
;H>
,O<FC=
OL?;O=L;=S
*?Q
"ILGM
I@
OL?;O=L;=S
IL
*?Q
"ILGM
I@
IHNLIFX

D:2'24:7:4
!@FC?2=
@7
'F3=:4
5>:?:DEC2E:@?





,?N?LM


#

U ?GI=L;=C;
S
;>GCHCMNL;=C‰H
J<FC=;
F;
=IH?RC‰H
?G?LA?HN?X

5>:?:DEC24:x?

:F5252?t2



,?N?LM


#

,C?LL?

&

U%HNLI>O=NCIH
0B?
LIF?
I@
JO<FC=
;>GCHCMNL;NCIH
CH
AIP?LHCHAX

?H
,?N?LM

,C?LL?
=IGJM

,?N?LM


#

,C?LL?

&
=IGJM
2?53@@<
@7
'F3=:4
5>:?:DEC2E:@?
(IH>L?M
/;A?
,?N?LM


#

3LCABN

2

U,IF…NC=;M
J<FC=;M
S
;>GCHCMNL;=C‰H
FI
PC?DI
S
FI
HO?PIX

?H
#II>CH

'FCHA?G;HH
=IGJM

,CHI

!
>?F

#@D
4:F5252?@D
J
6=
DE25@
);>LC>
%*,
,L;NM

&

U(;M
NL;HM@ILG;=CIH?M
>?
F;M
;>GCHCMNL;=CIH?M
JO<FC=;M
>?
HO?MNLI
NC?GJIX

?H
/}CHT
)IL?HI
=IGJ

,L;NM

&

6
=2
FC@4C24:2
2=
$2?286>6?E
6=
$2?286>6?E
2
=2
@36C?2?K2
#2D
+C2?D7@C>24:@?6D
56
=2D
5>:?:DEC24:@?6D
'|3=:42D
56
%F6DEC@
+:6>A@

);>LC>
%*,
,L;NM

&

U"O?LT;M

JL?MCIH?M
S
>?M;@…IM
>?
F;
#!
>?
HO?MNLI
NC?GJIX

?H
)CHCMN?LCI
>?
>GCHCMNL;=CIH?M
,<FC=;M
),
=
A2A6=
56
=2
5>:?:DEC24:x?
6?6C2=
56=
DE25@
6?
6=
D:DE6>2
2FE@?x>:4@
!MNO>CI
>CLCAC>I
JIL
&I;H
,L;NM
GCG?I
.;CH?S

$
#

,?56CDE2?5:?8
2?5
$2?28:?8
'F3=:4
&C82?:K2E:@?D

/;H
"L;H=CM=I
&IMM?S;MM
]
?>
.;GC‰



U(;M
>?<CFC>;>?M
S
FIM
L?NIM
>?
F;
A?MNC‰H
J<FC=;
?H
L?>
=IH
OH;
ILC?HN;=C‰H
N?=HI=L}NC=;
S
?GJL?M;LC;FX

*:DE6>2



.I<?LNM




+96
#@8:4
@7
:D4:A=:?6
=@32=
2A:E2=:D>
2?5
E96
C49:E64EFC6
@7
@G6C?>6?E
*O?P;
5ILE
+R@IL>
1HCP?LMCNS
,L?MM
/}CHT
)IL?HI

"
=IGJ

DEF5:@D
A2C2
=2
C67@C>2
56
=2
25>:?:DEC24:x?
A|3=:42
);>LC>
%*,
/=B;LJ@

"

@36C?2C
6?
FC@A2
O7:42K
J
56>@4ClE:42>6?E6
);>LC>
FC;HT;
/B;@LCNT

&
)

$S>?



=IGJM

=lD:4@D
56
=2
5>:?:DEC24:x?
'|3=:42

)‚RC=I
"!
/N;LFCHA

#

$2?28:?8
E96
'F3=:4
*64E@C

?FGIHN

;
3;>MQILNB
,O<
]
?>
/O<CL;NM

&

U(;
CH>C@?L?H=C;
>?
F;
;>GCHCMNL;=C‰HX

=
'2tD


/P;L;

&
$

UIGJF?G?HN;LCNS
I@
JIFCNC=M
;H>
;>GCHCMNL;NCIH
;M
;
F?ACNCG;N?
;FN?LH;NCP?
NI
NB?
>C=BINIGS
GI>?FX

5>:?:DEC2E:@?
2?5
*@4:6EJ





2CFFILC;

)

,CHI

!
>?F

:C644:x?
J
86DE:x?
56
C64FCD@D
9F>2?@D
6?
=2D
25>:?:DEC24:@?6D
A|3=:42D

);>LC>
0?=HIM
5IHA



.
$;T?FF
=IGJM

*A64:2=
5G:D6CD
.9@
E96J
2C6
H92E
E96J
5@
2?5
H9J
E96J
>2EE6C
+R@IL>
$;LN
+6>2


/A
4C<17=<3A
23:
AB/2=
$,7A,/:=
!,==,/:
')!&#

&-
.,-
&
-.)
 
&7
:?C;DI?vD
:;
BE
Fy8B?9E

&E
QFy8B?9ET
O
;B
=7IJE
Fy8B?9E

&-
/(#)(-
-'*f-
*),
&-
'#(#-.,#)(-
*j&#-

#-.,#/#g(

)'*.(#-
3
.,-
(.,
(#0&-

!)#,()
 
.?FEBE=s7
:;
9ECF;J;D9?7I

vCE
7I?=D7H
J7H;7I
O
9ECF;J;D9?7I
7
:?IJ?DJEI
D?L;B;I
:;
=E8?;HDE
 
&7
:?IJH?8K9?vD
:;
9ECF;J;D9?7I
;DJH;
D?L;B;I
:;
=E8?;HDE
;D
B7
FHn9J?97

&)-
#(-.,/'(.)-
&
!)#,()

(;M
ILA;HCT;=CIH?M
>?F
M?=NIL
J<FC=I
>?M?GJ?ˆ;H
;=NCPC>;>?M
>?
H;NOL;F?T;
GOS
P;LC;>;
?GCMC‰H
>?F
=;LH?N
>?
=IH>O=CL

L?AOF;=C‰H
>?F
G?L=;>I
>?
F;M
N?F?=IGOHC=;=CIH?M

PCACF;H=C;
;>O;H?L;

JLIGI=C‰H
>?F
NOLCMGI

?HM?ˆ;HT;

CHMJ?==C‰H
>?
CH>OMNLC;M
;FCG?HN;LC;M

S
M;FO>
J<FC=;
?HNL?
INL;M
!F
FCMN;>I
?M
JL}=NC=;G?HN?
CHN?LGCH;<F?
S
MOM
=IGJIH?HN?M
MIH
>C@…=CF?M
>?
=F;MC@C=;L
JO?M
HI
?RCMN?
OH
;=O?L>I
OH}HCG?
MI<L?
?F
MCAHC@C=;>I
>?
=IH=?JNIM
=IGI
N;L?;M

@OH=CIH?M

=IGJ?N?H=C;M
?
CHMNLOG?HNIM
>?
F;M
>GCHCMNL;=CIH?M
J<FC=;M
/CH
?G<;LAI

NI>IM
?MNIM
=IH=?JNIM
M?
L?@C?L?H
;
;MJ?=NIM
GOS
>C@?L?HN?M
!H
?MN?
=;J…NOFI
M?
>?@CH?H
?MNIM
N‚LGCHIM

J;LNCL
>?
?MNIM
=O;NLI
N‚LGCHIM
M?
?MN}
?H
=IH>C=CIH?M
>?
=F;MC@C=;L
S
=IGJL?H>?L
G?DIL
KO‚
B;=?
?F
!MN;>I

?H=;LH;>I
?H
F;M
>GCHCMNL;=CIH?M
J<FC=;M
>?
FIM
>CMNCHNIM
HCP?F?M
N?LLCNILC;F?M
>?
AI<C?LHI
*I
I<MN;HN?

KO‚
B;=?
?F
!MN;>I
S
;
KO‚
HCP?F
N?LLCNILC;F
M?
;MCAH;
OH;
>?N?LGCH;>;
N;L?;

@OH=C‰H

=IGJ?N?H=C;
I
CHMNLOG?HNI
HI
;>GCN?
OH;
L?MJO?MN;
@}=CF
JO?M
?RCMN?
=C?LN;
>CM=L?J;H=C;
?HNL?
?F
>?<?L
M?L
S
?F
M?L
!MN?
=;J…NOFI
M?
=?HNL;
?H
OH;
J?LMJ?=NCP;
G}M
<C?H
>?M=LCJNCP;
>?
KO‚
M?
=IHMC>?L;
!MN;>I

KO‚
@OH=CIH?M
=OGJF?
S
?H
KO‚
HCP?F
N?LLCNILC;F
M?
=OGJF?H
?MN;M
@OH=CIH?M
!H
?F
=;J…NOFI
M?
?RJIH?H
;FAOHIM
?D?GJFIM
;JFC=;>IM
;
F;M
>GCHCMNL;=CIH?M
J<FC=;M
?MJ;ˆIF;M
!F
N?RNI
M?
;LNC=OF;
?H
=O;NLI
;J;LN;>IM
;
J;LNCL
>?
;BIL;

=;>;
OHI
>?
?FFIM
?RJFC=;H>I
?
CFOMNL;H>I
=;>;
OHI
>?
FIM
=IH=?JNIM
L?F?P;HN?M
KO?
>?@CH?H
KO‚
B;=?
?F
!MN;>I
MOM
N;L?;M

@OH=CIH?M

=IGJ?N?H=C;M
?
CHMNLOG?HNIM


'
(&'

'(#
?HT

>?@CH?
F;M
E2C62D
?MN;N;F?M
=IGI
UNI>IM
;KO?FFIM
}G<CNIM
>?
;=NO;=C‰H
A?MNCIH;>IM
JIL
FIM
;=NIL?M
?MN;N;F?M
G?>C;HN?
F;
ONCFCT;=C‰H
>?
G?>CIM
J<FC=IM
I
<;DI
>CL?=NLC=?M
?MN;N;F?MX
!H
F;
=F;MC@C=;=C‰H
>?
.?C=B;L>

M?
>C@?L?H=C;H
F;M
N;L?;M
KO?
A;L;HNCT;
F;M
L?MJ;F>;
=IH
MO
2F4E@C:E2D

@CH;H=C;
S
?D?=ON;
?F
!MN;>I

=IGI
JIL
?D?GJFI
?F
?D‚L=CNI
I
F;
MOJ?LPCMC‰H
?=IH‰GC=;
S
GIH?N;LC;

S
F;M
N;L?;M
KO?
A;L;HNCT;
S
@CH;H=C;

MCH
?D?=ON;LF;M
H?=?M;LC;G?HN?

=IGI
JIL
?D?GJFI

F;
=L?;=C‰H
>?
CH@L;?MNLO=NOL;M

S
F;M
N;L?;M
KO?
A;L;HNCT;
J?LI
HC
@CH;H=C;
HC
?D?=ON;

=IGI
?F
MOGCHCMNLI
>?
;AO;
JIN;<F?
S
F;
L?=IAC>;
>?
L?MC>OIM
M‰FC>IM
!H
=;>;
J?L…I>I
S
J;L;
=;>;
J;…M

F;M
N;L?;M
?MN;N;F?M
KO?
M?
O<C=;H
?H
OH
FOA;L
I
?H
INLI
>?
F;
NCJIFIA…;
>C@C?L?H
!H
;FAOHIM
!MN;>IM

F;
M;HC>;>
M?
JL?MN;
?R=FOMCP;G?HN?
JIL
F;M
;ONILC>;>?M
J<FC=;M

JLIJC?N;LC;M
>?
FIM
BIMJCN;F?M
S
L?MJIHM;<F?M
>CL?=N;M
>?F
J?LMIH;F
M;HCN;LCI
!H
INLIM
J;…M?M

F;
JL?MN;=C‰H
>?F
M?LPC=CI
=ILL?
;
=;LAI
>?
?GJL?M;M
JLCP;>;M
$IS
?H
>…;

?H
F;
G;SIL…;
>?
FIM
J;…M?M
?RCMN?
OH;
G?T=F;
>?
JL?MN;=C‰H
J<FC=;
S
JLCP;>;
>?
F;
M;HC>;>
!H
=O;FKOC?L
=;MI

?F
!MN;>I
NC?H>?
;
L?AOF;L
F;M
=IH>C=CIH?M
?H
F;M
KO?
M?
>?M;LLIFF;
F;
JL?MN;=C‰H
?
CHN?HN;
JLIN?A?L
;
FIM
J;=C?HN?M
>?
FIM
JLI<F?G;M
>?
;N?H=C‰H
>?
FIM
=?HNLIM
M;HCN;LCIM
+NL;M
N;L?;M
KO?
=F;L;G?HN?
MOJIH?H
?F
?D?L=C=CI
>?
F;
2F4E@C:E2D
N;G<C‚H
B;H
MC>I
NL;HM@?LC>;M
;F
M?=NIL
JLCP;>I
?H
;FAOHIM
J;…M?M
,IL
?D?GJFI

FIM
!MN;>IM
1HC>IM
?GJF?;LIH
=IGJ;ˆ…;M
JLCP;>;M
J;L;
;JIS;L
MOM
=;GJ;ˆ;M
GCFCN;L?M
?H
%L;K
?H
?F
J;M;>I

;
>C@?L?H=C;
>?
INLIM
J;…M?M
KO?
G;H>;H
?D‚L=CNIM
A;L;HNCT;>IM

@CH;H=C;>IM
S
JLIJIL=CIH;>IM
JIL
?F
!MN;>I
!H
!MJ;ˆ;

JIL
?D?GJFI

B;S
GO=B;M
N;L?;M
>?
M?AOLC>;>
KO?
?MN}H
>?M?GJ?ˆ;>;M
JIL
?GJL?M;M
JLCP;>;M
!H
I=;MCIH?M

M?
=IG<CH;
F;
JL?MN;=C‰H
>?F
M?LPC=CI
JIL
?GJL?M;M
JLCP;>;M
S
F;
AO;L>C;
=CPCF
JIL
?D?GJFI

?F
=IHNLIF
>?
;==?MI
;
F;M
JO?LN;M
>?
?G<;LKO?
?H
;FAOHIM
;?LIJO?LNIM
?MJ;ˆIF?M
?<C>I
;
F;
?RCMN?H=C;
>?
?MNIM
MCMN?G;M
GCRNIM

J;OF;NCH;G?HN?
M?
B;
CGJF;HN;>I
F;
C>?;
>?
KO?
FI
UJ<FC=IX
M?
<;M;
?H
OH;
C>?;
>CG?HMCIH;F
IT?G;H





,
/4809>4[9
/0
7:
;]-74.:
C@?L?HN?M
JOHNIM
>?
PCMN;
MI<L?
?F
J;J?F
>?F
!MN;>I
S
?F
G?L=;>I
?H
F;
JL?MN;=C‰H
>?
M?LPC=CIM
;
FIM
=CO>;>;HIM
B;H
?MNCGOF;>I
>?<;N?M
J?LG;H?HN?M
MI<L?
FI
:J<FC=I
/?AH
IT?G;H


FI
:J<FC=I
M?
JO?>?
?HN?H>?L
>?M>?
NL?M
}G<CNIM
F;
JLIJC?>;>
J<FC=;

JLCP;>;

I
=IH
@CH?M
MCH
}HCGI
>?
FO=LI

F;
@CH;H=C;=C‰H
;
J;LNCL
>?F
JL?MOJO?MNI
AO<?LH;G?HN;F
I
FIM
J;AIM
>?
FIM
OMO;LCIM

S
?F
=IHNLIF
JIL
F;M
@O?LT;M
JIF…NC=;M
I
>?F
G?L=;>I
P‚;M?
,;LL;>I

/O
GI>?FI
>?
FI
:J<FC=I
?M
>CG?HMCIH;F
?H
?F
M?HNC>I
>?
KO?
?MN;M
NL?M
P;LC;<F?M
>?<?H
?HN?H>?LM?
=IGI
OH
4@?E:?FF>

S
HI
=IGI
P;LC;<F?M
>CM=L?N;M
=IH
=;N?AIL…;M
>C@?L?H=C;>;M
?HNL?
M…
(;
>CG?HMCIH;FC>;>
?M
PCMC<F?
?H
GO=BIM
=;MIM
F;
H;=CIH;FCT;=C‰H
>?
<;H=IM
?H
NC?GJIM
>?
=LCMCM
AC@A:6525

=IHMIL=CIM
J<FC=IJLCP;>IM
KO?
L?=C<?H
@CH;H=C;=C‰H
J<FC=;

;JILN;=CIH?M
>?
=;JCN;F
>?
OH;
?GJL?M;
JLCP;>;
S
>CH?LI
>?
FIM
OMO;LCIM
JIL
MOM
=IHNL;JL?MN;=CIH?M

=?HNLIM
>?
CHP?MNCA;=C‰H
KO?
M?
@CH;H=C;H
;
NL;P‚M
>?
FIM
@IH>IM
J<FC=IM
S
>?
F;
P?HN;
>?
J;N?HN?M

JIL
=CN;L
;FAOHIM
?D?GJFIM
7:?2?4:24:x?
,IL
FNCGI

?F
AL;>I
>?
L?AOF;=C‰H
>?
;FAOHIM
M?=NIL?M

?M
>?=CL

>?
4@?EC@=
MI<L?
?FFIM
?M
G;SIL
KO?
INLIM
JIL
?D?GJFI

F;
?H?LA…;
HO=F?;L
?H
=IGJ;L;=C‰H
=IH
F;
JLIN?==C‰H
;
FIM
=IHMOGC>IL?M
/?AH
F;
N?IL…;
>CG?HMCIH;F
>?
FI
:J<FC=I

NI>;M
F;M
ILA;HCT;=CIH?M
?MN}H
CH@FOC>;M
JIL
F;
;ONILC>;>
JIF…NC=;
S
F;
?=IH‰GC=;
IT?G;H

!MN;M
L?MNLC==CIH?M
>?
F;
;ONILC>;>
MIH
F;M
KO?
=O?HN;H
J;L;
?HN?H>?L
?F
AL;>I
>?
FI
:J<FC=I
>?
OH;
>?N?LGCH;>;
ILA;HCT;=C‰H
(;
;ONILC>;>
JIF…NC=;
=;MC
MC?GJL?
M?
;MI=C;
=IH
F;
AO<?LH;G?HN;F
S
F;
;ONILC>;>
?=IH‰GC=;
NC?H?
HILG;FG?HN?
MOM
L;…=?M
?H
?F
G?L=;>I
!F
GI>?FI
>CG?HMCIH;F
>?
FI
:J<FC=I
MIMNC?H?
KO?
FI
J<FC=I
S
FI
JLCP;>I
MIH
>CG?HMCIH?M

HI
>C=INIG…;M

S
KO?
?F
AL;>I
:J<FC=I
>?
OH;
ILA;HCT;=C‰H
?MN}
>?N?LGCH;>I
JIL
OH;
G?T=F;
J;LNC=OF;L
>?
;ONILC>;>
JIF…NC=;
S
?=IH‰GC=;
KO?
F;
;@?=N;
!H
;FAOHIM
=;MIM

F;M
CHMNCNO=CIH?M
AO<?LH;G?HN;F?M
JO?>?H
M?L
UG}M
JLCP;>;MX
KO?
;FAOH;M
?GJL?M;M
S

;M…
GCMGI

;FAOH;M
?GJL?M;M
JO?>?H
M?L
UG}M
J<FC=;MX
KO?
;FAOHIM
ILA;HCMGIM
;>GCHCMNL;NCPIM
IT?G;H
I@L?=?
OH
?D?GJFI
>?
F;M
=IGJ;ˆ…;M
;?LI?MJ;=C;F?M
!H
F;
>‚=;>;
>?
FIM
;ˆIM
I=B?HN;

F;M

?GJL?M;M
?MN;>IOHC>?HM?M
;?LI?MJ;=C;F?M
G}M
AL;H>?M
N?H…;H
OH;
G?T=F;
>C@?L?HN?
>?
;ONILC>;>
J<FC=;
S
JLCP;>;
(I
:J<FC=I
M?
G?>…;
?H
@OH=C‰H
>?
=O}F
?L;
F;
<;M?
>?
MOM
L?=OLMIM
=IHNL;NIM
=IH
?F
AI<C?LHI
I
P?HN;M
?H
?F
G?L=;>I
!H
OH
=;MI

FIM
=IHNL;NIM
AO<?LH;G?HN;F?M
L?JL?M?HN;<;H
?F

>?
F;M
P?HN;M

J?LI
?H
INLI

G}M
>?F

!H
?F
AL}@C=I

M?
;JL?=C;
F;
>C@?L?H=C;=C‰H
>?
ILA;HCT;=CIH?M
?H
@OH=C‰H
>?
F;M
L?MNLC==CIH?M
>?
F;
;ONILC>;>
JIF…NC=;
S
F;
?=IH‰GC=;
,IL
?F
=IHNLIF
JIF…NC=I

?F
?D?=ONCPI
?MN;<F?=?
OH;M
JLCILC>;>?M
;
F;M
ILA;HCT;=CIH?M
S
?MN;M
JLCILC>;>?M
=;G<C;H
=IH
OH
HO?PI
J;LNC>I
?H
?F
JI>?L
I
OH
HO?PI
GCHCMNLI
>?F
AI<C?LHI

S
M?
B;=?
OH
M?AOCGC?HNI
>?F
=OGJFCGC?HNI
>?
F;M
?RJ?=N;NCP;M
JIF…NC=;M
*ONN
S
;=EI@@

(;M
@ILG;M
>?
=IHNLIF
JIF…NC=I
CH=FOS?H
;O>CNIL…;

CHMJ?==C‰H

G?GILC;M
>?
F;
ILA;HCT;=C‰H

JF;H?M
>?
;=NO;=C‰H

S
FIM
F…GCN?M
;
F;
;ONIHIG…;
JL?MOJO?MN;LC;
.6453$&+O0

9
5?/273;A3
23
9<
.=c0971<
"O?HN?
>;JN;>I
>?
IT?G;H


!H
I=;MCIH?M

=I?RCMN?H
?H
?F
GCMGI
N?LLCNILCI
S
?H
?F
GCMGI
M?=NIL
ILA;HCT;=CIH?M
?H
F;M
KO?
P;L…;
=IHMC>?L;<F?G?HN?
F;
JLIJC?>;>
JLCP;>;
S
J<FC=;
!H
?F
}G<CNI
BIMJCN;F;LCI
>?
F;
IGOHC>;>
>?
);>LC>
=IHPCP?H
ILA;HCT;=CIH?M
>?
NI>I
NCJI
BIMJCN;F?M
>?
A?MNC‰H
>CL?=N;
$IMJCN;F
#L?AILCI
);L;ˆ‰H
=IH=?MC‰H
>?
M?LPC=CIM
HI
=F…HC=IM
BIMJCN;F
,O?LN;
>?
$C?LLI
=IH=?MC‰H
>?
M?LPC=CIM
=F…HC=IM
S
HI
=F…HC=IM
BIMJCN;F
OHCP?LMCN;LCI
>?
0ILL?D‰H
@OH>;=C‰H
"OH>;=C‰H
&CG‚H?T
…;T
BIMJCN;F
>?
=IH=C?LNI
JLCP;>I
J;L;
>?N?LGCH;>;M
=IF?=NCPC>;>?M
=IGI
FIM
@OH=CIH;LCIM
$IMJCN;F
1HCP?LMCN;LCI
>?
)IH=FI;

A?MNCIH;>I
JIL
/%/
/CH
?G<;LAI

FIM
J;=C?HN?M
HI
M?
J?L=;N;H
H?=?M;LC;G?HN?
>?
?MN;
P;LC;<CFC>;>
>?
F;
A?MNC‰H
JO?M
HI
?M
;FAI
PCMC<F?
=O;H>I
M?
?HNL;
?H
FIM
BIMJCN;F?M
I
=O;H>I
M?
L?=;<;
CH@ILG;=C‰H
MI<L?
FIM
BIMJCN;F?M
?H
MO
J}ACH;
Q?<
!F
AI<C?LHI
>?
F;
IGOHC>;>
>?
);>LC>
B;
IJN;>I
JIL
BIGIA?H?CT;L
F;
;J;LC?H=C;
>?
=;L;
;F
J;=C?HN?
;
J?M;L
>?
F;M
>C@?L?H=C;M
>?
‚H@;MCM
>?
;ONILC>;>
JIF…NC=;
S
?=IH‰GC=;
;
F;
KO?
M?
MIG?N?H

 
:
F;]-74.:H
D
07
2,>?:
;]-74.:
!F
JLI<F?G;
>?
F;
=IH=?JNO;=C‰H
>?
FI
J<FC=I
S
MO
>CG?HMCIH;FC>;>
?MNLC<;
?H
F;M
>C@C=OFN;>?M
>?
G?>C=C‰H
IH
F;
JLIJO?MN;
>?
IT?G;H

[=‰GI
JI>L…;GIM
G?>CL
?F
A;MNI
J<FC=I
S
=IGJ;L;LFI
?HNL?
J;…M?M
[‰GI
M?
=IGJON;
OH;
?GJL?M;
>?
JLIJC?>;>
GCRN;
J<FC=I
S
JLCP;>;
[O}F
?M
?F
J?MI
>?F
M?=NIL
J<FC=I
?H
F;
?=IHIG…;
,;L;
;H;FCT;L
F;
L?F?P;H=C;
>?F
M?=NIL
J<FC=I
S
MO
CGJ;=NI
?H
F;
?=IHIG…;

M?
?GJF?;H
NL?M
CH>C=;>IL?M
?F
A;MNI

?F
>‚@C=CN
S
F;
>?O>;
>?F
M?=NIL
J<FC=I
L?@?LC>IM
;F
,LI>O=NI
%HN?LCIL
LONI
,%
!F
,%
L?MOG?
?H
OH
HG?LI
NI>;
F;
JLI>O==C‰H
>?
<C?H?M
S
M?LPC=CIM
>?
NI>;M
F;M
ILA;HCT;=CIH?M
JLCP;>;M

J<FC=;M
S
HI
AO<?LH;G?HN;F?M
;M…
=IGI
F;M
OHC>;>?M
@;GCFC;L?M
?H
OH
J;…M
>?N?LGCH;>I
>OL;HN?
OH
J?L…I>I
=IH=L?NI
HILG;FG?HN?
;HO;F

J?LI
N;G<C‚H
G?HMO;F
I
NLCG?MNL;F

JIL
?D?GJFI
/I<L?
?MN?
HG?LI
M?
L?@F?D;H
?F
A;MNI

?F
>‚@C=CN
S
F;
>?O>;
>?F
M?=NIL
J<FC=I
;
GI>I
>?
JIL=?HN;D?
(;
>?@CHC=C‰H
>?
FI
J<FC=I
;MJ?=NI
>CG?HMCIH;F
B;
;SO>;>I
;
FIM
?=IHIGCMN;M
>?
F;
+ !
+LA;HCT;=C‰H
J;L;
F;
IIJ?L;=C‰H
S
?F
?M;LLIFFI
!=IH‰GC=I
;
>?@CHCL
KO‚
M?
=IHMC>?L;
A;MNI
J<FC=I
/?AH
(?AOCFF?L
S
F;>?



F;
CH=FOMC‰H
>?
OH;
;=NCPC>;>
=IGI
M?=NIL
J<FC=I
;
?@?=NIM
>?F
A;MNI
J<FC=I
M?
L?@C?L?
;
=‰GI
M?
=IHMC>?L;
F;
OHC>;>
KO?
>?M?GJ?ˆ;
F;
;=NCPC>;>
,;L;
?FFI
M?
?MN;<F?=?H
FIM
MCAOC?HN?M
L?KOCMCNIM

(;
OHC>;>
JLI>O=NIL;
>?
<C?H?M
S
M?LPC=CIM
NC?H?
KO?
M?L
OH
=?HNLI
;ON‰HIGI
>?
>?=CMCIH?M
S
MOM
=O?HN;M
>?<?H
MIG?N?LM?
;
F;
=IHN;<CFC>;>
H;=CIH;F
(;
;ONIHIG…;
?H
F;
;>IJ=C‰H
>?
>?=CMCIH?M
MI<L?
MOM
@OH=CIH?M
JLCH=CJ;F?M
M?
DOTA;
JIL
F;
=;J;=C>;>
>?
?MN;
OHC>;>
J;L;
;MOGCL
=IGJLIGCMIM

>?O>;M
S
;>DO>C=;L
=IHNL;NIM
?H
MO
JLIJCI
HIG<L?
/C
HI
?M
;M…

>?<?
?MN;L
MO<MOGC>;
?H
INL;
OHC>;>
CHMNCNO=CIH;F
KO?
L?;FC=?
?MN;M
@OH=CIH?M

(;
OHC>;>
?H
=O?MNC‰H
NC?H?
KO?
JLI>O=CL
<C?H?M
S
M?LPC=CIM
HI
=IG?L=C;F?M

?M
>?=CL

KO?
M?
P?H>;H
;
JL?=CIM
KO?
HI
M?;H
?=IH‰GC=;G?HN?
MCAHC@C=;NCPIM
!F
=LCN?LCI
J;L;
KO?
M?
=IHMC>?L?
A;MNI
J<FC=I
?M
KO?
F;M
P?HN;M
>?F
<C?H
I
M?LPC=CI
>?<?H
L?JL?M?HN;L
G?HIM
>?F

>?
FIM
=IMN?M
>?
JLI>O==C‰H
(;
MCAOC?HN?
N;<F;
I@L?=?
CH@ILG;=C‰H
CH>C=;NCP;
>?
KO‚
B;=?H
FIM
!MN;>IM
!H
A?H?L;F

F;
JLIJIL=C‰H
>?F
A;MNI
J<FC=I
MI<L?
?F
JLI>O=NI
CHN?LCIL
<LONI
>?
FIM
J;…M?M
?F?AC>IM
B;
MO<C>I
?HNL?

S


J;L;
>?M=?H>?L
>?
HO?PI
;
J;LNCL
>?

!RCMN?H
>C@?L?H=C;M
?HNL?
J;…M?M
>?
F;
CGJFC=;=C‰H
>?F
!MN;>I
?H
F;
MI=C?>;>
M?AH
M?
>?MJL?H>?
>?
F;
0;<F;

>IH>?
M?
CFOMNL;
?F
A;MNI
J<FC=I
>?
J;…M?M
KO?
L?JL?M?HN;H
NL;>C=CIH?M
?MN;N;F?M
>C@?L?HN?M
*;JIF?‰HC=;

JLOMC;H;

?M=;H>CH;P;

;HAFIM;DIH;
$%.$

9
5/@A<
=c0971<
1<:<
=<?13;A/83
239
=?<2B1A<
7;A3?7<?
0?BA<
 
)) &37;<
);72< @=/`/ 93:/;7/ ?/;17/ A/97/ 'B317/

         

        

       

       

        

       

        

       

         

        

        

       

        

       

        

        

        

       

"O?HN?
*,,;LC<;M

!OLIMN;NM
J;L;
FIM
J;…M?M
>?
F;
1HC‰H
!OLIJ?;

,;L;
!MN;>IM
1HC>IM
>?

BNNJM
>;N;I?=>ILA AA; A?H?L;FAIP?LHG?HNMJ?H>CHABNG
,;L;

?H
!MN;>IM
1HC>IM

BNNJ
QQQOMAIP?LHG?HNMJ?H>CHA=IG S?;L9MJ?H>CHA91/JH9JMHOMAM

!MJ;ˆ;

?M
?F
M?AOH>I
J;…M
=IH
G?HIL
JLIJIL=C‰H
>?
A;MNI
J<FC=I
MI<L?
?F
,%
?H
F;
FCMN;
>?
J;…M?M
M?F?==CIH;>IM
>?MJO‚M
>?
!MN;>IM
1HC>IM

;OHKO?
F;
?PIFO=C‰H
>?F
A;MNI
J<FC=I
?H
!MJ;ˆ;
B;
MC>I
GOS
>C@?L?HN?
;F
L?MNI
>?
?MIM
J;…M?M
?H
FIM
FNCGIM

;ˆIM
,LCG?LI

?F
JOHNI
>?
J;LNC>;
>?F
A;MNI
J<FC=I
?H
!MJ;ˆ;
?L;
>?F


?H


=;MC
OH

G}M
<;DI
KO?
?F
>?
!MN;>IM
1HC>IM
?
%N;FC;
J;…M?M
>?
F;
GO?MNL;
KO?
N?H…;H
?F
A;MNI
G}M
<;DI
?HNIH=?M
!H
M?AOH>I
FOA;L

?MN?
A;MNI
B;
M?AOC>I
N?H>?H=C;M
=L?=C?HN?M
S
>?=L?=C?HN?M
?H
=ICH=C>?H=C;
=IH
FIM
>CMNCHNIM
=C=FIM
JIF…NC=IM
1H
JLCG?L
=L?=CGC?HNI
>?

JOHNIM
JIL=?HNO;F?M
NOPI
FOA;L
?H
?F
J?L…I>I
>?
F;
NL;HMC=C‰H
S
>?F
AI<C?LHI
=?HNLCMN;
>?
F;
1HC‰H
>?
?HNLI
?GI=L}NC=I
>?
>IF@I
/O}L?T
1H
M?AOH>I
=L?=CGC?HNI
M?
JLI>ODI
>OL;HN?
FIM
J?L…I>IM
>?
FIM
AI<C?LHIM
MI=C;FCMN;M
>?
"?FCJ?
#IHT}F?T

?H
FIM
KO?
M?
FF?A‰
;F

>?F
,%
?H

(;M
JL?MN;=CIH?M
MI=C;F?M
>?F
!MN;>I
>?F
C?H?MN;L
?H
=IG<CH;=C‰H
=IH
F;
;J;LC=C‰H
S
?PIFO=C‰H
>?F
!MN;>I
;ONIH‰GC=I
JO?>?H
?RJFC=;L
?F
;OG?HNI
>?F
A;MNI
J<FC=I
?H
?MNIM
>IM
J?L…I>IM
IH
FIM
AI<C?LHIM
>?
TH;L



M?
JLI>ODI
>?
HO?PI
OH;
L?>O==C‰H
>?F
A;MNI
J<FC=I
=IGI
=IHM?=O?H=C;
>?
F;M
JLCP;NCT;=CIH?M
S
INL;M
G?>C>;M
>?
;DOMN?
>?F
A;MNI
J;LN?
>?
PCH=OF;L
F;
L?>O==C‰H
>?F
A;MNI
;
;MJ?=NIM
JLIJCIM
>?
OH;
C>?IFIA…;
=IHM?LP;>IL;
S
G}M
FC<?L;F

FIM
=LCN?LCIM
>?
);;MNLC=BN
KO?
J?LGCNCL…;H
F;
?HNL;>;
>?
!MJ;ˆ;
?H
?F
?OLI
@O?LIH
?GJF?;>IM
=IGI
;LAOG?HNI
J;L;
F;
L?>O==C‰H
>?F
A;MNI
J<FC=I
!F
AI<C?LHI
>?
!MJ;ˆ;
N?H…;
KO?
GIMNL;L
;
FIM
MI=CIM
?OLIJ?IM
KO?
?L;
=;J;T
>?
;>IJN;L
OH;
>CM=CJFCH;
JL?MOJO?MN;LC;
KO?
F?
J?LGCNC?L;
;>IJN;L
F;
GIH?>;
=IGH
F
CAO;F
KO?
FIM
>?G}M
J;…M?M
M?F?==CIH;>IM

?F
A;MNI
J<FC=I
?RJ?LCG?HN‰
OH
=L?=CGC?HNI
=IHMC>?L;<F?
;
J;LNCL
>?

=IGI
=IHM?=O?H=C;
>?
F;M
G?>C>;M
>?
?MN…GOFI
?=IH‰GC=I
KO?
FIM
AI<C?LHIM
B;H
?GJF?;>I
J;L;
J;FC;L
FIM
?@?=NIM
>?
F;
=LCMCM
@CH;H=C?L;
S
?=IH‰GC=;

>C@?L?H=C;
>?
INLIM
J;…M?M

?MN?
=L?=CGC?HNI
>?F
A;MNI
FF?A‰
?H
!MJ;ˆ;
B;MN;

S
MO<C‰
OH



=;MC
?F
>I<F?
KO?
?H
?F
L?MNI
>?
FIM
J;…M?M
(;
=LCMCM
B;
N?HC>I
P;LC;M
=IHM?=O?H=C;M
J;L;
?F
A;MNI
J<FC=I
?H
!MJ;ˆ;
!H
JLCG?L
FOA;L

?F
!MN;>I
?MJ;ˆIF
CHNLI>ODI
OH;
=F}OMOF;
>?
?MN;<CFC>;>
JL?MOJO?MN;LC;
?H
F;
IHMNCNO=C‰H
;F
CAO;F
KO?
F?G;HC;
?
%N;FC;
G?>C;HN?
F;
L?@ILG;
>?F
;LN…=OFI

?H


=OS;
?HNL;>;
?H
PCAIL
M?
>?GIL;
B;MN;

,IL
?M;
L?@ILG;
M?
?MNCJOF;
KO?
?F
!MN;>I
CH=FOS?H>I
;
F;M
IGOHC>;>?M
ON‰HIG;M
HI
JO?>?H
CH=OLLCL
?H
OH
>‚@C=CN
?MNLO=NOL;F
KO?
MOJ?L?
FIM
G}LA?H?M
?MN;<F?=C>IM
JIL
F;
1HC‰H
!OLIJ?;
J;L;
MOM
!MN;>IM
)C?G<LIM
(;
>?O>;
J<FC=;
?M
FI
JLCG?LI
;
J;A;L
@L?HN?
;
=O;FKOC?L
INLI
NCJI
>?
A;MNI
?MNCJOF;>I
?H
FIM
JL?MOJO?MNIM
A?H?L;F?M
>?F
!MN;>I
S
?MN;
?MNCJOF;=C‰H
HI
JO?>?
M?L
?HG?H>;>;
!F
!MN;>I
S
F;M
IGOHC>;>?M
ON‰HIG;M
MIFI
JO?>?H
?GCNCL
>?O>;
J<FC=;
I
=IHNL;?L
=L‚>CNI
MC
OH;
F?S
F?M
B;<CFCN;
J;L;
?FFI
/?
H?=?MCN;
>?
OH;
F?S
ILA}HC=;
J;L;
?MN;<F?=?L
FIM
F…GCN?M
>?F
>‚@C=CN
S
F;
>?O>;
;M…
=IGI
MO
>CMNLC<O=C‰H
?HNL?
F;M
>CMNCHN;M
>GCHCMNL;=CIH?M
J<FC=;M
!MN;
G?>C>;
?M
<;MN;HN?
?RCA?HN?
S
HI
GOS
OMO;F
?H
?F
>?L?=BI
=IHMNCNO=CIH;F
=IGJ;L;>I
JO?M
M?
?MN}
?RCAC?H>I
OH;
G?N;
=IH=L?N;
;
=OGJFCL
JIL
NI>I
?F
!MN;>I
?H
MO
HILG;
@OH>;G?HN;F
!M
=IGI
MC
?F
>?L?=BI
;
F;
PCPC?H>;
M?
;=IGJ;ˆ;L;
>?
F;
G?N;
>?
KO?
?F

>?
FIM
=CO>;>;HIM
?MJ;ˆIF?M

I
L?MC>?HN?M
?H
!MJ;ˆ;

>?J?H>C?H>I
>?
F;
>?@CHC=C‰H
DOL…>C=;
?GJF?;>;
>?<?L…;
N?H?L
;==?MI
;
OH;
PCPC?H>;
=IH
OH;
M?LC?
>?
=;L;=N?L…MNC=;M
!H
M?AOH>I
FOA;L

?F
AI<C?LHI
B;
;<OM;>I
>?F
?=L?NI(?S
>OL;HN?
?F
J?L…I>I
>?
F;
=LCMCM
O?NI

);N?IM
S
,?H;>‚M

!MN?
OMI
>?MJLIJIL=CIH;>I
>?F
>?=L?NIF?S
M?
B;
JLI>O=C>I
?MJ?=C;FG?HN?
?HNL?

S

=O;H>I
?F
HG?LI
>?
L?;F?M
>?=L?NIMF?S?M
MOJ?L‰
F;
G?>C;
>?F
J?L…I>I

/?AH
L;H;


?HNL?

S

=O;H>I
M?
CHC=C‰
F;
=LCMCM
?=IH‰GC=;

FIM
>?=L?NIMF?S?M
=IHMNCNO…;H
OH

>?
F;
HILG;NCP;
>?
L;HAI
>?
F?S
?H
?F
}G<CNI
?MN;N;F
GC?HNL;M
KO?
?MN?
JIL=?HN;D?
M?
?F?P‰
;

?HNL?

S

!MN?
@?H‰G?HI
N;G<C‚H
M?
B;
L?JLI>O=C>I
?H
F;M
IGOHC>;>?M
ON‰HIG;M
$%.$

=?<0/17a;
23
93E3@
E
231?3A<@
93E3@
=<?
39
<;5?3@<
23
9<@
7=BA/2<@
  
          !327/

&;O           

,;7B;9H;JE
&;O           
"O?HN?
IHAL?MI
>?
FIM
CJON;>IM

BNNJ
AIIAF ;NR&+

!F
>?=L?NIF?S
?M
OH;
HILG;
>?
L;HAI
>?
F?S
KO?
;JLO?<;
?F
AI<C?LHI
S
KO?
M‰FI
M?
JO?>?
?GJF?;L
?H
=;MIM
>?
?RNL;IL>CH;LC;
S
OLA?HN?
H?=?MC>;>
!F
;LN…=OFI

>?
F;
IHMNCNO=C‰H
S

?H
?MJ?=C;F

?F
0LC<OH;F
IHMNCNO=CIH;F
B;H
JL?=CM;>I
=O}F?M
MIH
FIM
F…GCN?M
G;N?LC;F?M
>?F
?GJF?I
>?F
>?=L?NIF?S
?M>?
OH
JOHNI
>?
PCMN;
@ILG;F

M?AH
L;H;


?F
AI<C?LHI
B;
OM;>I
@L?=O?HN?G?HN?
F;
=LCMCM
?=IH‰GC=;
S
FIM
J;KO?N?M
>?MNCH;>IM
;
J;FC;L
MOM
?@?=NIM
=IGI
DOMNC@C=;=C‰H
;
F;
BIL;
>?
?GJF?;L
?F
>?=L?NIF?S
"L?HN?
;
?MN;
JLIFC@?L;=C‰H
>?
J;KO?N?M
?=IH‰GC=IM
;HNC=LCMCM

?F
0LC<OH;F
IHMNCNO=CIH;F
/?HN?H=C;
 
B;<…;
;>P?LNC>I
KO?
>C=BIM
J;KO?N?M
JO?>?H
;JLI<;LM?
=IH
?MN?
@ILG;NI
?H
=;MIM
=ISOHNOL;F?M

AL;P?M

CGJL?PCMC<F?M
I
>?
L?F?P;H=C;
(;
=LCMCM
>?D‰
MO
@;=?N;
=ISOHNOL;F
?H

S
M?
=IHPCLNC‰
?H
?MNLO=NOL;F

J?M;L
>?
?FFI

?F
AI<C?LHI
;=NO‰
=IGI
MC
?MNOPC?L;
?H
F;
@;M?
=ISOHNOL;F
?H

S

>C=CIH;FG?HN?

IHNL?L;M

G?H=CIH;
KO?
F;
OLA?H=C;
;LAOG?HN;>;
?H
FIM
>?=L?NIMF?S?M
HI
M?
=CL=OHM=LC<?
;
F;
=LCMCM
?=IH‰GC=;
MCHI
KO?
CH=FOS?
}L?;M
=IGI
FIM
>?M;MNL?M
H;NOL;F?M

F;
?H?LA…;

?F
G?>CI
;G<C?HN?

F;M
CH@L;?MNLO=NOL;M
I
F;
N?F?PCMC‰H
J<FC=;
!MNI
JIH?
>?
G;HC@C?MNI
KO?
?H
?F
J?L…I>I
>?
F;
=LCMCM
B;
;OG?HN;>I
?F
J;J?F
>?F
JI>?L
?D?=ONCPI
?H
>?NLCG?HNI
>?
F;M
=}G;L;M
J;LF;G?HN;LC;M

CHPCLNC?H>I
?F
G;H>;NI
=IHMNCNO=CIH;F
#L;=C;M
;
?MN?
CHMNLOG?HNI

?F
AI<C?LHI
JO?>?
;>IJN;L
>?=CMCIH?M
=IH
L;HAI
>?
F?S
>?
@ILG;
G}M
L}JC>;
KO?
FI
OMO;F
?H
?F
JLI=?MI
J;LF;G?HN;LCI
IL>CH;LCI
I
>?
OLA?H=C;
 
'
)"#"'
'!$X'
$#&
'
!"'(&#"'
$[ '
(;M
7F?4:@?6D
M?
L?@C?L?H
;
FIM
@CH?M
KO?
=OGJF?
?F
!MN;>I
=O;H>I
L?;FCT;
F;M
N;L?;M
?MN;N;F?M
,IL
?D?GJFI

OH
JLIAL;G;
AO<?LH;G?HN;F
MI<L?
?>O=;=C‰H
>?
CHGCAL;HN?M
JO?>?
CHN?HN;L
=OGJFCL
OHI
I
P;LCIM
>?
FIM
MCAOC?HN?M
@CH?M
?MN;N;F?M
;OG?HN;L
F;
=IB?MC‰H
MI=C;F

>CMGCHOCL
F;
CHM?AOLC>;>
=CO>;>;H;
I
G?DIL;L
?F
?GJF?I
!MNIM
@CH?M
MO?F?H
;J;L?=?L
?H
FIM
JLIAL;G;M
?F?=NIL;F?M
S
?H
FIM
>?
AI<C?LHI
>C=CIH;FG?HN?

?M
OMO;F
KO?
;FAOHIM
>?
?MNIM
@CH?M
M?
L?@F?D?H
?H
F;
?F;<IL;=C‰H
>?
FIM
JL?MOJO?MNIM
J<FC=IM

?MJ?=C;FG?HN?
=O;H>I
F;M
;ONILC>;>?M
>?F
JL?MOJO?MNI
?RCA?H
KO?
FIM
‰LA;HIM
>?
F…H?;
?H=;LA;>IM
>?
?HPC;L
MO
JLIJO?MN;
>?
A;MNI
JIHA;H
?H
MO
JLIJO?MN;
KO‚
I<D?NCPIM
>?
L?MOFN;>IM
P;H
;
;F=;HT;L
?H
?F
J?L…I>I
=IHMC>?L;>I
!H
;FAOHIM
=;MIM
M?
JO?>?
J?>CL
;
FIM
‰LA;HIM
>?
F…H?;
KO?
?RJIHA;H
OH;
G?N;
=IH=L?N;
P‚;M?
?MN?
>?M;LLIFFI
?H
,;LL;>I


JIL
?D?GJFI
>CMGCHOCL
?H
OH

F;
M?HM;=C‰H
>?
CHM?AOLC>;>
=CO>;>;H;
!MN?
@O?
OHI
>?
FIM
I<D?NCPIM
>?
L?MOFN;>IM
KO?
?F
JL?MC>?HN?
/?<;MNC}H
,Cˆ?L;
M?
JOMI
;F
CHC=CI
>?
MO
G;H>;NI
?H
?F
AI<C?LHI
>?
BCF?
?H
G;LTI
>?

 OG;M

(;@O?HN?

,;LL;>I

,IL
N;HNI

FIM
@CH?M
?MN}H
;MI=C;>IM
;
FIM
L?MOFN;>IM
;
=IHM?AOCL

?M
>?=CL

FI
L?F?P;HN?
J;L;
FIM
=CO>;>;HIM
KO?
KOC?L?H
?MN;L
G?DIL
?>O=;>IM

AIT;L
>?
G?DIL
M;FO>
S

?H
A?H?L;F

>CM@LON;L
>?
G?DIL?M
=IH>C=CIH?M
>?
PC>;
,;L;
=IHM?AOCL
?MNIM
L?MOFN;>IM

?F
AI<C?LHI
JL?=CM;
L?;FCT;L
N;L?;M
NL;N;>;M
?H
?F
;J;LN;>I
;HN?LCIL
;>I
KO?
?F
AI<C?LHI
HI
JL?MN;
NI>IM
FIM
M?LPC=CIM
J?LI
?M
L?MJIHM;<F?
>?
GO=BIM
>?
?FFIM

>?M;LLIFF;L}
>CMNCHN;M
=IGJ?N?H=C;M

N;F
=IGI
M?
?R;GCH;
JIMN?LCILG?HN?
?H
INLI
;J;LN;>I
0;F
=IGI
M?
>?MJL?H>?
>?
?MN;
>?@CHC=C‰H
>?
@OH=C‰H

?M
>C@…=CF
>?@CHCL
F;M
@OH=CIH?M
S
;H
G}M
;JFC=;LF;M
,IL
?D?GJFI

MC
OH;
@OH=C‰H
?M
;OG?HN;L
F;
=IB?MC‰H
MI=C;F

‚MN;
M?
JO?>?
?RJL?M;L
>?
GO=B;M
G;H?L;M
?
CH=FOS?H>I
>CMNCHNIM
JLIAL;G;M
>?
?>O=;=C‰H

M;HC>;>

M?LPC=CIM
MI=C;F?M

;N?H=C‰H
;
F;
JI<F;=C‰H
CHGCAL;HN?
JIL
G?H=CIH;L
M‰FI
;FAOHIM
1H;
P?T
KO?
M?
>?@CH;
KO‚
M?
?HNC?H>?
JIL
=IB?MC‰H
MI=C;F
B;<L…;
KO?
<OM=;L
NI>;M
F;M
J;LNC>;M
JL?MOJO?MN;LC;M
PCH=OF;>;M
;
?MN;
@OH=C‰H
!MNI
MOJIH?
H;P?A;L
JIL
F;M
>CMNCHN;M
>GCHCMNL;=CIH?M
J<FC=;M
=IH
N;L?;M
L?F?P;HN?M
;JFC=;>;M
;
>C=B;
@OH=C‰H
=NO;FG?HN?

?MNI
?M
OH;
GCMC‰H
CGJIMC<F?
%H=FOMI
MC
OHI
JC?HM;
KO?
;OG?HN;L
?F
HCP?F
?>O=;NCPI
M?
?H=O?HNL;
MIF;G?HN?
?H
F;M
J;LNC>;M
>?F
)CHCMN?LCI
I
F;
IHM?D?L…;
>?
!>O=;=C‰H

M?
?MN}
?H
OH
?LLIL
JO?M
INLIM
>?J;LN;G?HNIM
JO?>?H
I@L?=?L
JLIAL;G;M
KO?
?MN}H
PCH=OF;>IM
;
F;
?>O=;=C‰H
JIL
?D?GJFI

JLIAL;G;M
>?
?>O=;=C‰H
G?>CI;G<C?HN;F
?H
INLI
?J;LN;G?HNI
GCHCMN?LC;F
@ILG;=C‰H
?H
B;<CFC>;>?M
J;L;
?F
G?L=;>I
>?
NL;<;DI

N;G<C‚H
?H
OH
?J;LN;G?HNI
>C@?L?HN?
!F
;H}FCMCM
=IGJ;L;NCPI
KO?
M?
L?;FCT;
;
=IHNCHO;=C‰H
?M

JIL
N;HNI

CH=IGJF?NI
S
M?
L?@C?L?
=;MC
G}M
;
N;L?;M
KO?
@OH=CIH?M
(;
P?HN;D;
>?
?MN?
;H}FCMCM

HI
I<MN;HN?

?M
KO?
CHN?HN;
BIGIA?H?CT;L
F;
CH@ILG;=C‰H
?H
>CMNCHN;M
J;LNC>;M
J;L;
;ALOJ;LF;M
?H
}L?;M
KO?
CGJFC=;H
OH;
G?T=F;
>?
N;L?;M
S
@OH=CIH?M
?
@ILG;
=IHP?H=CIH;F
M?
B;
;>IJN;>I
F;
F;MC@C=;=C‰H
>?
F;M
"OH=CIH?M
>?F
#I<C?LHI
?F;<IL;>;
JIL
F;
+ !
S
;>IJN;>;
JIL
F;
CPCMC‰H
>?
!MN;>…MNC=;M
>?
*;=CIH?M
1HC>;M
(;M

=;N?AIL…;M
JLCH=CJ;F?M
M?
?H=O?HNL;H
?H
F;
N;<F;
;>;
OH;
>?
?FF;M
M?
MO<>CPC>?
?H
HI
G}M
>?

MO<=;N?AIL…;M
!H
L?;FC>;>

F;
@ILG;
>?
=F;MC@C=;L
F;M
@OH=CIH?M
JIL
J;LN?
>?
F;
+!
?MN}
G}M
JL‰RCG;
;
F;
>?@CHC=C‰H
>;>;
>?
N;L?;M
 $%.$

9
5/@A<
=c0971<
=<?
4B;17<;3@
1<:<
=<?13;A/83
239
=?<2B1A<
7;A3?7<?
0?BA<
 
?/;17/ 93:/;7/ A/97/ @=/`/ 'B317/ &37;<
);72<

-;HL?9?EI
Fy8B?9EI
=;D;H7B;I      

;<;DI7      

-;=KH?:7:
O
EH:;D
Fy8B?9E      

IKDJEI
;9EDvC?9EI      

*HEJ;99?vD
C;:?E7C8?;DJ7B      

0?L?;D:7
O
I;HL?9?EI
9ECKD?J7H?EI      

-7D?:7:      

)9?E
9KBJKH7
O
H;B?=?vD      

:K979?vD      

*HEJ;99?vD
IE9?7B      

!7IJE
JEJ7B      

"O?HN?
+!

*;NCIH;F
==IOHNM
;N
;
#F;H=?

?
F;
0;<F;
M?
>?MJL?H>?
KO?
F;
:JLIN?==C‰H
MI=C;F
S
F;
:M;HC>;>
MOJIH?H
=IGI
G…HCGI
G}M
>?
F;
GCN;>
>?F
A;MNI
J<FC=I

=IHNCHO;=C‰H

?F
G;SIL
A;MNI
J<FC=I
M?
JLI>O=?
?H
:?>O=;=C‰H

:M?LPC=CIM
J<FC=IM
A?H?L;F?M
S
?H
:;MOHNIM
?=IH‰GC=IM
!MN;M
>IM
FNCG;M
J;LNC>;M
M?
B;H
CH=L?G?HN;>I
JILKO?
CH=FOS?H
FIM
J;AIM
>?
CHN?L?M?M
JIL
F;
>?O>;
J<FC=;
!F
?F?P;>I
A;MNI
?H
:;MOHNIM
?=IH‰GC=IM
?H
!MJ;ˆ;
?H
J?LMJ?=NCP;
=IGJ;L;>;
M?
>?<?
;
F;
CHS?==C‰H
>?
=;JCN;F
J;L;
?F
L?M=;N?
>?
<;H=IM
(;
JLIN?==C‰H
MI=C;F
B;
MC>I

?H
N‚LGCHIM
>?
A;MNI

F;
@OH=C‰H
G}M
CGJILN;HN?
>?
F;M
>GCHCMNL;=CIH?M
J<FC=;M
?H
F;
FNCG;
>‚=;>;
!MN?
A;MNI
M?
B;
CH=L?G?HN;>I
?H
N‚LGCHIM
;<MIFONIM
?H
NI>IM
FIM
J;…M?M
>?
F;
1HC‰H
!OLIJ?;
!H
F;
N;<F;
M?
I<M?LP;
KO?
NI>IM
FIM
J;…M?M
NC?H?H
OH
A;MNI
J<FC=I
?H
JLIN?==C‰H
MI=C;F
MCGCF;L
+NLIM
J;…M?M
>?
F;
1!
HI
CH=FOC>IM
?H
F;
N;<F;

MCH
?G<;LAI

NC?H?H
OH
A;MNI
G?HIL
=IGI
JIL
?D?GJFI

(CNO;HC;
=IH


>?F
,%
?H

?
;=O?L>I
=IH
"L?SMMIH
?N
;F


F;
J;LNC>;
?H
F;
KO?
G}M
M?
A;MN;
?M
F;
UN?L=?L;
?>;>X

KO?
CH=FOS?
F;M
J?HMCIH?M
;M…
=IGI
F;
;N?H=C‰H
;
F;
N?L=?L;
?>;>
S
MOJIH?
?H
GO=BIM
=;MIM
G}M
>?F

>?F
,%
I
;F
G?HIM
?F

>?F
A;MNI
J<FC=I
?H
:JLIN?==C‰H
MI=C;F
!H
!MJ;ˆ;

M?
B;
J;M;>I
>?
A;MN;L
?H
JLIN?==C‰H
MI=C;F
?F

>?F
,%
?H

;F


?H

S
>?F


?H
:P?D?T
?H

;F

?H

!OLIMN;N
$;S
;ONIL?M
JIL
?D?GJFI

/;HT
S
2?F}TKO?T


/=BGCNN
S
/N;LE?

KO?
JL?P‚H
=IHP?LA?H=C;
?H
F;
@ILG;
?H
KO?
M?
;MCAH;
?F
A;MNI
J<FC=I
;
=;>;
OH;
>?
F;M
@OH=CIH?M

S
G}M
?H
J;LNC=OF;L
;
F;M
JIF…NC=;M
MI=C;F?M
,LCG?LI

M?
=L??
KO?
F;
AFI<;FCT;=C‰H
;OG?HN;
F;
=IGJ?NCNCPC>;>
JIL
FI
KO?
FIM
AI<C?LHIM
CHN?HN;L}H
;MCAH;L
FIM
L?=OLMIM
;
A;MNIM
JLI>O=NCPIM
!MNI
MOJIH?
KO?
FIM
!MN;>IM
>?<?L…;H
?MN;L
>CLCAC?H>I
MOM
L?=OLMIM
;
F;M
CHP?LMCIH?M
J<FC=;M

CHP?MNCA;=C‰H
S
>?M;LLIFFI

JIF…NC=;M
>?
G?L=;>I
F;<IL;F
;=NCPI

?>O=;=C‰H

>?@?HM;

M?AOLC>;>
=CO>;>;H;

NL;HMJILN?

=IGOHC=;=CIH?M
S
=IMN?M
;>GCHCMNL;NCPIM
A?H?L;F?M
?HNL?
INLIM
;LLI

?
?MN;
@ILG;

FIM
A;MNIM
MI=C;F?M
N?H>?L}H
;
=IHP?LA?L
;
F;
<;D;
*I
I<MN;HN?

F;
GCMG;
AFI<;FCT;=C‰H
JLIGI=CIH;
F;
>?G;H>;
>?
G;SIL
A;MNI
MI=C;F
>?
FIM
=CO>;>;HIM
>;>I
KO?
F;
;J?LNOL;
=IG?L=C;F
>?
OH
J;…M
JO?>?
JIH?L
?H
LC?MAI
FIM
JO?MNIM
>?
NL;<;DI
,IL
N;HNI

OH;
G;SIL
CHN?AL;=C‰H
AFI<;F
>?
OH
J;…M
>?LCP;L}
?H
OH;
G;SIL
=IHP?LA?H=C;
?H
!MN;>I
>?F
<C?H?MN;L
/?AOH>I

F;
CHN?AL;=C‰H
L?ACIH;F
JO?>?
N?H?L
OH
CGJ;=NI
?H
F;
;LGIHCT;=C‰H
(;
L?AOF;=C‰H
MOJL;H;=CIH;F
N…JC=;
>?
FIM
J;…M?M
>?
F;
1HC‰H
!OLIJ?;
S
F;
;<IFC=C‰H
>?
FIM
CGJ?>CG?HNIM
>?
F;
@ILG;=C‰H
>?
OH
G?L=;>I
=IGH
MOAC?L?H
=C?LN;
=IHP?LA?H=C;

KO?
JO?>?
;@?=N;L
;F
A;MNI
MI=C;F
!H
FIM
J;…M?M
KO?
@ILG;H
J;LN?
>?F
?OLI
1HC‰H
!OLIJ?;
)IH?N;LC;

M?
JC>?
L?MNLCHACL
F;
@F?RC<CFC>;>
>?
F;
JIF…NC=;
@CM=;F

KO?
MOJIH?
?PCN;L
OH
>‚@C=CN
@CM=;F
?R=?MCPI
S
F;
L?>O==C‰H
>?F
N;G;ˆI
>?F
M?=NIL
J<FC=I

=OSI
CGJ;=NI
JIN?H=C;F
?H
?F
A;MNI
MI=C;F
?M
=IHMC>?L;<F?
0?L=?LI

MC
B;S
GO=B;
@L;AG?HN;=C‰H
>?F
JLI=?MI
>?=CMILCI

?M
>?=CL

MC
B;S
P;LCIM
;=NIL?M
?H
?F
?D?=ONCPI
S
?F
F?ACMF;NCPI
KO?
JO?>?H
P?N;L
=O;FKOC?L
>?=CMC‰H
S
F;M
?MNLO=NOL;M
CHMNCNO=CIH;F?M
>CMJ?LM;H
?F
JI>?L
>?=CMILCI
?HNL?
?F
AI<C?LHI
=?HNL;F
S
?F
;ONIH‰GC=I
?MN;N;F

?HNIH=?M
?F
AL;>I
>?
=IHP?LA?H=C;
>?F
A;MNI
M?
L?>O=CL}
!H
MO
;H}FCMCM
>?
FIM
J;…M?M
>?
F;
+!
S
>?
F;
1!

/;HT
S
2?F}TKO?T

C>?HNC@C=;LIH
=C?LN;
=IHP?LA?H=C;
>?
NI>;M
F;M
J;LNC>;M
>?F
A;MNI
J<FC=I
G;SIL
?H
FIM
J;…M?M
>?
F;
1!
=IGI
=IHM?=O?H=C;
>?
F;M
JIF…NC=;M
=IGOHCN;LC;M

J?LI
=IH
=C?LNIM
F…GCN?M
>?LCP;>IM
>?
F;M
=;L;=N?L…MNC=;M
CHMNCNO=CIH;F?M
>?
=;>;
J;…M
,LI<;<F?G?HN?

?F
AL;>I
>?
@L;AG?HN;=C‰H
>?F
JLI=?MI
>?
>?=CMILCI
S
F;
H;NOL;F?T;
>?
F;M
JIF…NC=;M
;JFC=;>;M
NC?H?H
=C?LNI
CGJ;=NI
?H
?MN;
>C@?L?H=C;=C‰H
?
@ILG;
?MJ?=…@C=;

F;M
@OH=CIH?M
>?
M;HC>;>

?>O=;=C‰H
NL;HMJILN?
S
=IGOHC=;=CIH?M

KO?
MOJIH?H
?F


>?F
A;MNI
J<FC=I

MIH
F;M
}L?;M
>IH>?
?RCMN?
G;SIL
;LGIHCT;=C‰H
?H
F;
1!
)}M
?H
=IH=L?NI

/=BGCNN
S
/N;LE?

MOACLC?LIH
KO?
F;
=IHP?LA?H=C;
>?F
A;MNI
>?F
<C?H?MN;L
?M
CH=FOMI
G;SIL
KO?
FI
MOA?LC>I
JIL
F;
FCN?L;NOL;
?MJ?=C;FCT;>;
!H
MO
?MNO>CI

KO?
N;G<C‚H
CH=FOS?
!MJ;ˆ;

?H=IHNL;LIH

KO?
F;
AFI<;FCT;=C‰H
CH@FOS?
?H
F;
P?FI=C>;>
>?
F;
=IHP?LA?H=C;
>?F
A;MNI
MI=C;F

?M
>?=CL

KO?
=O;HNI
G}M
;<C?LN;M
MIH
F;M
?=IHIG…;M
B;S
G;SIL
N?H>?H=C;
;
J;L?=?LM?

J?LI
G}M
<C?H
?H
OH
;OG?HNI
>?F
A;MNI
>?F
<C?H?MN;L

HI
?H
MO
>?=FCP?
>C=CIH;FG?HN?

F;
J?LN?H?H=C;
;
F;
1!
;=?F?L;
F;
P?FI=C>;>
>?
F;
=IHP?LA?H=C;
?HNL?
MOM
GC?G<LIM
"CH;FG?HN?

B;S
INLIM
@;=NIL?M
KO?
CHBC<?H
F;
=IHP?LA?H=C;

JIL
?D?GJFI
=O;H>I
F;M
=IHNLC<O=CIH?M
S
F;M
JL?MN;=CIH?M
?MN}H
CHN?LL?F;=CIH;>;M

M?
@IG?HN;
=C?LN;
>CP?LA?H=C;
!H
!MJ;ˆ;

FIM
A;MNIM
?H
M;HC>;>

JLIN?==C‰H
MI=C;F
S
?>O=;=C‰H
B;H
MO<C>I
;OHKO?
;
>CMNCHNI
LCNGI
KO?
?H
F;
TIH;
?OLI
S
F;
1!

!H
M;FO>

!MJ;ˆ;
;H
?MN}
OH
JOHNI
JIL=?HNO;F
>?F
,%
JIL
>?<;DI
>?
F;
G?>C;
>?
F;
1!

?H


;OHKO?
M?
B;S;
MO<C>I
OH
JOHNI
JIL=?HNO;F
>?M>?

!H
?MN;
}L?;

FIM
L?=ILN?M
M?
B;H
JLI>O=C>I
?H
P;LCIM
}G<CNIM
S
F;
JIF…NC=;
>?
A;MNI
NC?H?
F;M
MCAOC?HN?M
J;ON;M
,LCG?LI

M?
B;
J?L>C>I
F;
OHCP?LM;FC>;>
>?
F;
;MCMN?H=C;
M;HCN;LC;
=IH
?F
.?;F
?=L?NI(?S
 
;F
MOMNCNOCL
?F
=LCN?LCI
>?
F;
L?MC>?H=C;
?H
!MJ;ˆ;
JIL
?F
>?
F;
=IH>C=C‰H
>?
;M?AOL;>I
?
?MN;
@ILG;
M?
HC?A;
?F
>?L?=BI
>?
;MCMN?H=C;
M;HCN;LC;
;
FIM
CHGCAL;HN?M
?GJ;>LIH;>IM
MCH
J?LGCMI
>?
L?MC>?H=C;
;M…
=IGI
FIM
G;SIL?M
>?

;ˆIM
KO?
HI
B;S;H
?HNL;>I
?H
?F
MCMN?G;
>?
M?AOLC>;>
MI=C;F
/?AOH>I

?F
JIL=?HN;D?
>?
A;MNI
M;HCN;LCI
JLCP;>I
M?
G;HN?HC>I
>?
@ILG;
?MN;<F?
0?L=?LI

M?
B;H
CHNLI>O=C>I
P;LC;M
G?>C>;M
?H
!MJ;ˆ;
KO?
B;H
JI>C>I
J;FC;L
?F
;OG?HNI
A;MNI

;OHKO?
HI
?RCMN?
;=O?L>I
MI<L?
MO
CGJ;=NI
!MN;M
G?>C>;M
CH=FOS?H
F;
L;=CIH;FCT;=C‰H
>?F
A;MNI
@;LG;=‚ONC=I

F;
=L?;=C‰H
>?
OH;
=?HNL;F
>?
=IGJL;M

;FAOH;M
@‰LGOF;M
>?
=IJ;AI
M;HCN;LCI
;OHKO?
‚MN;M
MIH
=IHNLIP?LNC>;M
>?M>?
?F
JOHNI
>?
PCMN;
>?F
CGJ;=NI
?H
?F
;BILLI

S
?F
?GJF?I
>?
=IH=?MCIH?M
J;L;
F;
JL?MN;=C‰H
>?
M?LPC=CIM
BIMJCN;F;LCIM
S
>?
;N?H=C‰H
M;HCN;LC;
?H
;FAOH;M
IGOHC>;>?M
ON‰HIG;M
$%.$

C<9B17a;
23
9<@
5/@A<@
23
@/9B2
=?<A3117a;
@<17/9
E
32B1/17a;
)
S?3/
B?<
@=/`/
   
         

'/9B2

/D?vD
KHEF;7
 
F7sI;I          

_H;7
KHE

F7sI;I          

IF7u7          

$?<A3117a;
@<17/9

/D?vD
KHEF;7
 
F7sI;I          

_H;7
KHE

F7sI;I          

IF7u7            

2B1/17a;

/D?vD
KHEF;7
 
F7sI;I          

_H;7
KHE

F7sI;I          

IF7u7          

?317:73;A<
?3/9
239
$

/
 
F7sI;I         

_H;7
KHE

F7sI;I         

IF7u7           

"O?HN?
!OLIMN;N

!H
FIM
G?>CIM
>?
=IGOHC=;=C‰H
M?
?RJL?M;
KO?
F;
M;HC>;>
JLCP;>;
M?
?MN}
CH=L?G?HN;H>I
=IHMC>?L;<F?G?HN?
?H
FIM
FNCGIM
;ˆIM
=IGI
=IHM?=O?H=C;
>?
F;
=LCMCM
/CH
?G<;LAI

?MN;
;@CLG;=C‰H
HI
M?
JO?>?
MIMN?H?L
=IH
FIM
>;NIM
JLIJIL=CIH;>IM
?H
FIM
CH@ILG?M
>?F
/CMN?G;
*;=CIH;F
>?
/;FO>
0;F
=IGI
M?
JO?>?
;JL?=C;L
?H
F;
%FOMNL;=C‰H


?F
JIL=?HN;D?
>?
A;MNI
M;HCN;LCI
JLCP;>I
M?
B;
G;HN?HC>I
<;MN;HN?
?MN;<F?
;
J;LNCL
>?

%H>?J?H>C?HN?G?HN?
>?F
=IFIL
JIF…NC=I
>?
FIM
AI<C?LHIM
H;=CIH;F?M

?MN;
>CMNLC<O=C‰H
HI
B;
@FO=NO;>I
>?
OH;
G;H?L;
=IHMC>?L;<F?
?M>?
?M;
@?=B;

L?JL?M?HN;
OH
JI=I
G}M
>?
OH;
=O;LN;
J;LN?
>?F
A;MNI
NIN;F
*I
I<MN;HN?

FIM
>;NIM
B;S
KO?
NIG;LFIM
=IH
=;ON?F;
>;>I
KO?
?F
/CMN?G;
*;=CIH;F
>?
/;FO>
I@L?=?
>;NIM
J;L;
FIM
GCMGIM
;ˆIM
>?
@ILG;
CH=IHMCMN?HN?
?H
>CMNCHNIM
CH@ILG?M
;HO;F?M
.6453$&+O0

7@A?70B17a;
239
5/@A<
@/;7A/?7<
=c0971<=?7C/2<
  

!F
OMI
>?
FIM
>;NIM
JIL
FIM
CH@ILG?M
;HO;F?M
?M
CH=IHMCMN?HN?
,;L;
OH
GCMGI
;ˆI

NL?M
CH@ILG?M
>CMNCHNIM
>;H
=C@L;M
>C@?L?HN?M
>?
A;MNI
*I
I<MN;HN?

F;M
>C@?L?H=C;M
HI
MIH
AL;H>?M
,;L;



?F
CH@ILG?
>?F
/*/
>?

?GJF?;
F;M
@O?HN?M
>?
F;
+! 
!H
?MN?
=;MI
M?
>;H
FIM
JIL=?HN;D?M
S
HI
FIM
>;NIM
<LONIM
"O?HN?


/CMN?G;
*;=CIH;F
>?
/;FO>

%H@ILG?
HO;F
>?F
/CMN?G;
*;=CIH;F
>?
/;FO>


/*/




/*/




/*/



J

 
'(&)Y"

#!$("'
-
(&'
"(&
"* '

#&"#
(;M
4@>A6E6?4:2D
MIH
FIM
JI>?L?M
@ILG;FG?HN?
INILA;>IM
JIL
F;
F?S
;
F;M
;ONILC>;>?M
J<FC=;M
?H
=;>;
=;GJI
>?
;=NCPC>;>
!MNI
JO?>?
L?@?LCLM?
;
MC
FIM
AI<C?LHIM
L?AOF;H

CGJF;HN;H

?P;F;H

@CH;H=C;H

PCACF;H

I
M;H=CIH;H
F;M
JIF…NC=;M
S
F;M
F?S?M
(;
=IGJ?N?H=C;
?M
OH
=IH=?JNI
;MI=C;>I
=IH
FIM
J;…M?M
>?
NL;>C=C‰H
H;JIF?‰HC=;

=IGI
"L;H=C;

%N;FC;
S
!MJ;ˆ;
!H
FIM
J;…M?M
;HAFIM;DIH?M

M?
JL?@C?L?
?F
N‚LGCHI
UL?MJIHM;<CFC>;>?MX
(;
=IGJ?N?H=C;
=IH@?LC>;
?MJ?=C@C=;
?F
AL;>I
>?
;ONILC>;>
KO?
M?
NC?H?
MI<L?
OH
NCJI
>?
N;L?;
!H
?MN?
;J;LN;>I
M?
;H;FCT;H
F;M
>CMNCHN;M
=IGJ?N?H=C;M
S
MO
JF;MG;=C‰H
?H
F;
L?;FC>;>
=IH
;FAOHIM
?D?GJFIM
,IMN?LCILG?HN?
M?
L?;FCT;
OH
;H}FCMCM
>?
F;
>CMNLC<O=C‰H
>?
=IGJ?N?H=C;M
?HNL?
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
?H
!MJ;ˆ;


%4;:7:2Y,
/0
.:8;0?09.4,>
?
F;M
>CP?LM;M
NCJIFIA…;M
?RCMN?HN?M
J;L;
=F;MC@C=;L
F;M
=IGJ?N?H=C;M

;KO…
M?
L?=IA?H
>IM
>?
?FF;M
1H;
JLCG?L;
NCJIFIA…;
>CMNCHAO?
?HNL?
F;
JLIPCMC‰H
S
F;
JL?MN;=C‰H
>?
M?LPC=CIM
(;
AC@G:D:x?
?M
F;
L?MJIHM;<CFC>;>
>?
F;
?RCMN?H=C;
>?F
M?LPC=CI
;
KO?
NC?H?H
>?L?=BI
FIM
=CO>;>;HIM
(;
AC6DE24:x?
?M
F;
?HNL?A;
L?;F
I
F;
A?MNC‰H
>?F
M?LPC=CI
(;
JLIPCMC‰H
J<FC=;
CGJFC=;
KO?
F;
L?MJIHM;<CFC>;>
M?
;MCAH;
;
OH;
;ONILC>;>
J<FC=;

GC?HNL;M
KO?
F;
JLI>O==C‰H
JI>L…;
FF?P;LM?
;
=;<I
JIL
F;
JLIJC;
ILA;HCT;=C‰H

JIL
OH;
?GJL?M;
JLCP;>;

I
OH;
?HNC>;>
HI
AO<?LH;G?HN;F
!H
NI>IM
?MNIM
=;MIM

F;
L?MJIHM;<CFC>;>
;>KOCLC>;
JIL
OH;
;ONILC>;>
J<FC=;
?H
L?F;=C‰H
=IH
FIM
=CO>;>;HIM
MCAO?
CHN;=N;
1H;
M?AOH>;
NCJIFIA…;
>?MAFIM;
F;
AC@G:D:x?
S
F;
AC6DE24:x?
?H
P;LCIM
=IGJIH?HN?M
>CM?ˆI

JF;HC@C=;=C‰H
S
?MN;<F?=CGC?HNI
>?
?MN}H>;L?M
I
G?N;M

L?AOF;=C‰H

JL?MN;=C‰H

=IHNLIF
S
@CH;H=C;=C‰H
!MN;
NCJIFIA…;
M?
?GJF?;L}
J;L;
;H;FCT;L
=‰GI
M?
>CMNLC<OS?H
F;M
=IGJ?N?H=C;M
?HNL?
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
;
!F
5:D6w@
A=2?:7:424:x?
J
6DE23=64:>:6?E@
56
6DEl?52C6D
@
>6E2D
M?
L?@C?L?H
;
F;
=;J;=C>;>
>?
>?=C>CL
F;M
HILG;M
KO?
>?N?LGCH;H
F;
FIA…MNC=;
>?
OH
M?LPC=CI
JIL
?D?GJFI

L?MJIH>?
;
F;M
JL?AOHN;M
>?
KO‚

KOC‚H

=O}H>I
S
=‰GI
,IL
?D?GJFI

F;
#!
NC?H?
=IGJ?N?H=C;M
>?
JF;HC@C=;=C‰H
?H
<;MN;HN?M
M?=NIL?M
>?
JIF…NC=;M
!H
?F
}G<CNI
>?
F;
FO=B;
=IHNL;
?F
=IHMOGI
>?
>LIA;M

F;
!MNL;N?AC;
*;=CIH;F
/I<L?
LIA;M

M?L…;
OH
?D?GJFI
>?
JF;HC@C=;=C‰H
>IH>?
M?
?MN;<F?=?H
OHIM
I<D?NCPIM
;
=IHM?AOCL
=IGI
)6EC2D2C
=2
6525
56
:?:4:@
56=
4@?E24E@
4@?
=2D
5C@82D
I
:D>:?F:C
6=
4@?DF>@
56
5C@82D
=682=6D
6
:=682=6D
(;M
HO?P;M
N?H>?H=C;M
A?L?H=C;F?M
L?KO?LCL…;H
KO?
?MNIM
I<D?NCPIM
>?
L?MOFN;>IM
;
=IHM?AOCL
M?
;=IGJ;ˆ;L;H
>?
G?N;M
I
?MN}H>;L?M
P‚;M?
,;LL;>I

,IL
?D?GJFI

OH;
G?N;
JI>L…;
M?L
?F
L?NL;M;L
?H

;ˆIM
F;
?>;>
>?
CHC=CI
>?F
=IHN;=NI
=IH
F;M
>LIA;M
J;L;
?F

>?
FIM
=IHMOGC>IL?M
B;<CNO;F?M
>?
>LIA;M
!MN;
?MNL;N?AC;
H;=CIH;F
=IHNL;
?F
=IHMOGI
>?
>LIA;M
L?KOC?L?
>?
F;
=IF;<IL;=C‰H
>?
GFNCJF?M
ILA;HCT;=CIH?M
J<FC=;M
S
JLCP;>;M
>?
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
<
(;
C68F=24:x?
NC?H?
>IM
MCAHC@C=;>IM

OHI
?MJ?=…@C=I
S
INLI
;GJFCI
!H
?F
M?HNC>I
?MNLC=NI

F;
L?AOF;=C‰H
M?
L?@C?L?
;
F;M
L?AF;M
KO?
JLIN?A?H
;
FIM
=IHMOGC>IL?M
>?
F;M
;=NCPC>;>?M
?=IH‰GC=;M
S
MI=C;F?M
S
>?
F;M
JL}=NC=;M
;HNC=IGJ?NCNCP;M
!H
?MN?
=;MI

?F
JI>?L
=I?L=CNCPI
>?F
!MN;>I
M?
OM;
J;L;
J?LGCNCL
I
JLIBC<CL
=C?LN;M
;=NCPC>;>?M

S
J;L;
JLIN?A?L
FIM
H?AI=CIM
>?
JL}=NC=;M
=IHNL;
F;
=IGJ?N?H=C;
,IL
?D?GJFI

F;
IGCMC‰H
*;=CIH;F
>?
FIM
)?L=;>IM
S
F;
IGJ?N?H=C;
*)
?M
?F
ILA;HCMGI
?H
!MJ;ˆ;
KO?
A;L;HNCT;
F;
FC<L?
=IGJ?N?H=C;
S
L?AOF;
NI>IM
FIM
G?L=;>IM
S
M?=NIL?M
JLI>O=NCPIM
>?
F;
?=IHIG…;
J;L;
JLIN?A?L
;
FIM
=IHMOGC>IL?M
!MN?
ILA;HCMGI
J<FC=I
NC?H?
J?LMIH;FC>;>
DOL…>C=;
JLIJC;
S
=IHMNCNOS?
OH;
;ONILC>;>
CH>?J?H>C?HN?
(?S
 
P‚;M?
?F
=;J…NOFI

(;
*)

=L?;>;
?H


?M
CH>?J?H>C?HN?
>?F
#I<C?LHI
S
?MN}
MIG?NC>;
;F
=IHNLIF
J;LF;G?HN;LCI
!H
M?HNC>I
;GJFCI
S
PCH=OF;>I
;F
=IH=?JNI
>?
=IGJ?N?H=C;

F;
L?AOF;=C‰H
M?
L?@C?L?
;
=O;FKOC?L
>?=CMC‰H
>?
;ONILC>;>

HI
M‰FI
;
F;
F?ACMF;=C‰H
H;=CIH;F

S
M?
CH=FOS?H
>CMJIMC=CIH?M
=IGI
F;M
IL>?H;HT;M
FI=;F?M

F;
F?ACMF;=C‰H
M?=NILC;F
>?
FIM
HCP?F?M
>?
AI<C?LHI
=?HNL;F

@?>?L;F
S I
L?ACIH;F
S
F;
IHMNCNO=C‰H
I
F;
F?ACMF;=C‰H
KO?
L?KOC?L?
G;SIL…;M
?MJ?=C;F?M
=
(;
AC6DE24:x?
@
6?EC682
>?F
M?LPC=CI
M?
L?@C?L?
;
F;
A?MNC‰H
L?;F
>?F
M?LPC=CI
/C
?F
M?LPC=CI
HI
M?
A?MNCIH;
JIL
?F
JLIJCI
J?LMIH;F

M?
JO?>?
A?MNCIH;L
;
NL;P‚M
>?
OH
=IHNL;NI
=IH
OH;
ILA;HCT;=C‰H
;D?H;
4@?EC2E24:x?
6IE6C?2
*ILG;FG?HN?

?F
=OGJFCGC?HNI
>?F
M?LPC=CI
M?
;MOG?
JIL
OH;
?GJL?M;
!F
=IHNL;NI
?MN;<F?=?
F;M
=IH>C=CIH?M
<;DI
F;M
=O;F?M
OH
N?L=?LI
P;
;
JL?MN;L
?F
M?LPC=CI
FIM
?MN}H>;L?M
S
F;M
L?AOF;=CIH?M
KO?
>?<?
;JFC=;L
=‰GI
M?
?P;FO;L}
?F
M?LPC=CI
S
F;M
M;H=CIH?M
?H
=;MI
>?
CH=OGJFCGC?HNI
,IL
?D?GJFI

?F
%HMNCNONI
*;=CIH;F
>?
F;
/?AOLC>;>
/I=C;F
JL?MN;
?F
M?LPC=CI
>?
L?=IHI=CGC?HNI
>?
F;M
J?HMCIH?M
I
?F
GCHCMN?LCI
>?F
%HN?LCIL
JL?MN;
?F
M?LPC=CI
>?
=IH=?MC‰H
>?F
J;M;JILN?
*ILG;FG?HN?

?MNIM
M?LPC=CIM
KO?
CGJFC=;H
=C?LN;
;JFC=;=C‰H
>?
F;
2F4E@C:E2D
>?F
!MN;>I
M?
JL?MN;H
JIL
ILA;HCT;=CIH?M
J<FC=;M
!H
=;G<CI

FIM
M?LPC=CIM
>?
L?MN;OL;=C‰H
>?
FIM
?>C@C=CIM
J<FC=IM
CH=FOS?H>I
BIMJCN;F?M

OHCP?LMC>;>?M
HI
MIH
JL?MN;>IM
S;
JL}=NC=;G?HN?
JIL
F;
>GCHCMNL;=C‰H
S
M?
?H=;LA;H
>?
?FFIM
?GJL?M;M
JLCP;>;M
>
!F
4@?EC@=
>?F
M?LPC=CI
?M
OH;
=IGJ?N?H=C;
KO?
;<;L=;
>CP?LM;M
;=NCPC>;>?M
=IGI
MOJ?LPCMC‰H

?P;FO;=C‰H

CHMJ?==C‰H
S
M;H=C‰H
!MN;M
;=NCPC>;>?M
M?
L?@C?L?H
;
MC
?F
M?LPC=CI
M?
JL?MN;
=IGI
?MN;<;
JL?PCMNI
>?M>?
P;LCIM
JOHNIM
>?
PCMN;
F?A;FC>;>

?@C=C?H=C;

?@?=NCPC>;>

?KOC>;>

=OGJFCGC?HNI
>?
L?MOFN;>IM

?N=
(;
L?MJIHM;<CFC>;>
>?
=IHNLIF
>?
F;
;ONILC>;>
J<FC=;
?M
CLL?HOH=C;<F?
=O;H>I
?F
M?LPC=CI
M?
L?;FCT;
JIL
OH;
ILA;HCT;=C‰H
>CMNCHN;
!H
;FAOHIM
=;MIM

N;F?M
=IGI
?H
F;
=IHMNLO==C‰H
S
?F
G;HN?HCGC?HNI
>?
CH@L;?MNLO=NOL;M

F;
@OH=C‰H
>?
=IHNLIF
JO?>?
N;G<C‚H
MO<=IHNL;N;LM?
=IH
?GJL?M;M
JLCP;>;M
,IL
?D?GJFI

HI
?M
CH@L?=O?HN?
?H=IHNL;L
KO?
OH;
?GJL?M;
JLCP;>;
=IHMNLOS?
OH;
=;LL?N?L;
S
INL;
?GJL?M;
MOJ?LPCM;
S
=IHNLIF;
?F
=OGJFCGC?HNI
>?F
=IHNL;NI

J?M;L
>?
?FFI

?H
F;
G;SIL…;
>?
FIM
=;MIM

F;M
;ONILC>;>?M
J<FC=;M
MIH
L?MJIHM;<F?M
?H
FNCG;
CHMN;H=C;
>?F
M?LPC=CI
,IL
?D?GJFI

?F
!MN;>I
NC?H?
=IGJ?N?H=C;
?R=FOMCP;
MI<L?
;?LIJO?LNIM
>?
CHN?L‚M
A?H?L;F
=IHNLIF
>?F
?MJ;=CI
;‚L?I

NL}HMCNI
S
NL;HMJILN?
;‚L?I

S
G;NLC=OF;=C‰H
>?
;?LIH;P?M

L?=IAC>;
?H
?F
;LN…=OFI
]
>?
F;
IHMNCNO=C‰H
?<C>I
;
?MNI

N;G<C‚H
NC?H?
=IGJ?N?H=C;M
?R=FOMCP;M
?H
F;
CHMJ?==C‰H
>?
FIM
;?LIJO?LNIM
>?
CHN?L‚M
A?H?L;F
!H
?MN?
=;MI

F;
F?ACMF;=C‰H
?MNCJOF;
KO?
F;
CHMJ?==C‰H
S
FIM
JF;H?M
>?
CHMJ?==C‰H
M?
ILA;HC=?H
JIL
!/
A?H=C;
!MJ;ˆIF;
>?
/?AOLC>;>
‚L?;
(;
F?ACMF;=C‰H
KO?
L?AOF;
F;
CHMJ?==C‰H
.
 
?MN;<F?=?
KO?
FIM
L?MJIHM;<F?M
>?
OH
?KOCJI
>?
CHMJ?==C‰H
>?<?H
M?L
@OH=CIH;LCIM
?
(;
7:?2?4:24:x?
!F
MIJILN?
@CH;H=C?LI
>?
FIM
AI<C?LHIM
M?
L?;FCT;
;
NL;P‚M
>?
>C@?L?HN?M
CHMNLOG?HNIM
P‚;HM?
G}M
;<;DI
FIM
G}M
CGJILN;HN?M
J;L;
CH=?HNCP;L
F;
CHC=C;NCP;
JLCP;>;
!H
@OH=C‰H
>?F
NCJI
>?
CHMNLOG?HNI
?GJF?;>I

F;
@CH;H=C;=C‰H
=IGI
CH=?HNCPI
M?
?GJF?;L}
>?
OH;
@ILG;
O
INL;
?
F;M
>CMNCHN;M
=IGJ?N?H=C;M
;H;FCT;>;M
MO<S;=?
OH;
>CMNCH=C‰H
?HNL?
F;
:L?MJIHM;<CFC>;>
>?F
M?LPC=CI
S
MO
JL?MN;=C‰H
(;
:L?MJIHM;<CFC>;>
>?
F;M
;ONILC>;>?M
J<FC=;M
M?
L?@C?L?
;
F;
JO?MN;
>?F
M?LPC=CI
;
>CMJIMC=C‰H
>?
FIM
=CO>;>;HIM
AC@G:D:x?
56=
D6CG:4:@
(;
JF?H;
L?MJIHM;<CFC>;>
MI<L?
?F
M?LPC=CI
?MN}
;MCAH;>;
;
F;
;ONILC>;>
J<FC=;
CH=FOMI
=O;H>I
?F
M?LPC=CI
M?
MO<=IHNL;N;
=IH
OH
N?L=?LI
!H
GO=BIM
J;…M?M

JIL
?D?GJFI

;FAOH;M
;ONILC>;>?M
J<FC=;M
J;L?=?H
B;<?L
?PIFO=CIH;>I
>?M>?
?F
J;J?F
>?
:JL?MN;>IL?M
>?
M?LPC=CIM
B;=C;
OH
J;J?F
>?
:JLIP??>IL?M
FAOHIM
;ONIL?M
OM;H
F;
?NCKO?N;
:B;<CFCN;>IL
J;L;
?MN?
NCJI
>?
;ONILC>;>?M
J<FC=;M
I=BL;H?


>?M;LLIFF;
?F
;LAOG?HNI
>?
F;
;ONILC>;>
:B;<CFCN;>IL;
J;L;
;LAŽCL
KO?

CH=FOMI
F;M
;ONILC>;>?M
FI=;F?M

F;M
G}M
=?L=;H;M
;F
=CO>;>;HI

>?<?H
N?H?L
G}M
<C?H
L?MJIHM;<CFC>;>?M
:B;<CFCN;>IL;MX
KO?
JL?MN;>IL;M
>CL?=N;M
>?F
M?LPC=CI
!MN?
;ONIL
;F;<;
F;
M?J;L;=C‰H
?HNL?
F;
JL?MN;=C‰H
S
F;
JLIPCMC‰H
>?F
M?LPC=CI
:JILKO?
?MNI
J?LGCN?
?F
>?M;LLIFFI
>?
OH
FC>?L;TAI
JIF…NC=I
S
JLI@?MCIH;F
=?HNL;F
@O?LN?
S
=IB?L?HN?

<;M;>I
?H
OH
H=F?I
=?HNL;F
>?
JF;HC@C=;=C‰H
?MNL;N‚AC=;
S
L?AOF;>IL;
!MN?
J;J?F
:B;<CFCN;>IL
CGJFC=;
KO?
F;M
;ONILC>;>?M
J<FC=;M
N?HA;H
G;SIL?M
JI>?L?M
L?AOF;>IL?M
S
;==?MI
;
>CP?LM;M
@ILG;M
>?
CHN?LP?H=C‰H
M…

?F
J;J?F
B;<CFCN;>IL
>?J?H>?
>?F
AL;>I
>?
=?HNL;FCT;=C‰H
>?
F;M
@OH=CIH?M
S
F;M
=IGJ?N?H=C;M

 
[8:
,>429,=
?,=0,>
D
.:8;0?09.4,>
,
/4>?49?:>
94A070>
/0
2:-40=9:
(;
;MCAH;=C‰H
>?
=IGJ?N?H=C;M
;
OH
HCP?F
=IH=L?NI
>?
AI<C?LHI
?M
HILG;FG?HN?
=IHNLIP?LNC>;
/C
<C?H
B;S
=;MIM
G?LC>C;H;G?HN?
=F;LIM

?RCMN?H
INLIM
?D?GJFIM
>IH>?
HI
KO?>;
=F;LI
KOC‚H
FI
B;L…;
G?DIL
OHKO?
M?L…;
L;LI
KO?
OH
AI<C?LHI
=?HNL;F
L?=IAC?L;
F;
<;MOL;
?H
OH
GOHC=CJCI

?M
>C@…=CF
;MCAH;L
=F;L;G?HN?
?F
HCP?F
>?
AI<C?LHI
?H
?F
KO?
OH
M?LPC=CI
M?
JO?>?
>CM?ˆ;L

?D?=ON;L
S
MOJ?LPCM;L
$;S
DOMNC@C=;=CIH?M
N?‰LC=;M
>?M>?
>CP?LM;M
J?LMJ?=NCP;M
KO?
CHN?HN;H
J?LMO;>CL
MI<L?
F;
G?DIL
G;H?L;
>?
;MCAH;L
@OH=CIH?M
S
=IGJ?N?H=C;M
/CH
?G<;LAI

?MN;M
DOMNC@C=;=CIH?M

?H
M…
GCMG;M

L;L;
P?T
?RJFC=;H
=‰GI
M?
>CMNLC<OS?H
F;M
N;L?;M
S
F;M
=IGJ?N?H=C;M
!H
?F
G?DIL
>?
FIM
=;MIM

JO?>?H
>;L
=O?HN;
J;L=C;FG?HN?
>?
F;
>CMNLC<O=C‰H
?H
F;
JL}=NC=;

M?
H?=?MCN;
OH;
G?T=F;
>?
DOMNC@C=;=CIH?M
J;L;
?HN?H>?L
=‰GI
=IGJ;LN?H
=IGJ?N?H=C;M
FIM
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
/?
ONCFCT;H
=O;NLI
;LAOG?HNIM
<}MC=IM
J;L;
DOMNC@C=;L
=‰GI
M?
>?<?H
>CMNLC<OCL
F;M
@OH=CIH?M
S
=IGJ?N?H=C;M
F;
?@C=C?H=C;
?=IH‰GC=;

F;
?F?==C‰H
J<FC=;

?F
M?HNC>I
>?
=IGOHC>;>
S
L;TIH?M
JIF…NC=ICHMNCNO=CIH;F?M



/
347173<17/
31=<b;71/
!F
=LCN?LCI
>?
67:4:6?4:2
64@?x>:42
M?
=?HNL;
?H
F;
JLI>O==C‰H
>?
M?LPC=CIM
;>GCHCMNL;NCPIM
;F
G?HIL
=IMN?
JIMC<F?

>?
;=O?L>I
=IH
?=IHIG…;M
>?
?M=;F;
?H
F;
JLIPCMC‰H
S
F;
JL?MN;=C‰H
>?F
M?LPC=CI

G?HO>I
M?
OM;
J;L;
;MCAH;L
M?LPC=CIM
=IGI
?F
MOGCHCMNLI
>?
?F?=NLC=C>;>
S
;AO;

FIM
MCMN?G;M
>?
;F=;HN;LCFF;>I
S
?F
NL;N;GC?HNI
>?
L?MC>OIM
M‰FC>IM
!H
?MNIM
=;MIM

OH;
J;LN?
CGJILN;HN?
>?F
=IMN?
NIN;F
?MN}
;MI=C;>I
;
FIM
=IMN?M
>?
>CMNLC<O=C‰H

;M…
=IGI
;
F;
H?=?MC>;>
>?
CHP?LNCL
OH;
MOG;
CGJILN;HN?
>?
=;JCN;F
CHC=C;F
CHGIPCFCT;>I
>OL;HN?
;ˆIM
S
KO?
M‰FI
M?
;GILNCT;
;
F;LAI
JF;TI
 $;MN;
@CH;F?M
>?
F;
>‚=;>;
>?
FIM
;ˆIM
M?N?HN;

F;
BCJ‰N?MCM
>IGCH;HN?
MI<L?
?F
}G<CNI
FI=;F
?H
GO=BIM
J;…M?M

?L;
KO?
FI
G}M
AL;H>?
?M
FI
G?DIL
F;
HI=C‰H
>?
?=IHIG…;M
>?
?M=;F;
?=FCJM;<;
=O;FKOC?L
INL;
>CG?HMC‰H
IGI
=IHM?=O?H=C;

F;
>?M=?HNL;FCT;=C‰H
S
F;
@L;AG?HN;=C‰H
>?
F;M
ILA;HCT;=CIH?M
J<FC=;M
M?
=IHMC>?L;<;H
CH?@C=C?HN?M

CH?@?=NCP;M
?
CLL?MJIHM;<F?M

;M…
=IGI
OH;
;G?H;T;
;
F;
>?GI=L;=C;
P‚;HM?
NI>IM
FIM
CH@ILG?M
>?
F;
‚JI=;
>?
F;
IGCMC‰H
G?LC=;H;
J;L;
F;M
.?F;=CIH?M
%HN?LAO<?LH;G?HN;F?M
/?AH
/N?CH


P;LCIM
?MNO>CIM
?GJ…LC=IM
G;HNC?H?H
KO?
F;M
CHMNCNO=CIH?M
=?HNL;FCT;>;M
G}M
AL;H>?M
HI
MIH
MC?GJL?
G}M
?@C=C?HN?M

?@C=;=?M
S
?KOCN;NCP;M
?H
?F
MOGCHCMNLI
>?
<C?H?M
S
M?LPC=CIM
?
B?=BI

INLIM
?MNO>CIM
MOAC?L?H
KO?
F;M
OHC>;>?M
>?
AI<C?LHI
G}M
J?KO?ˆ;M
S
>?M=?HNL;FCT;>;M
>CMNLC<OS?H
<C?H?M
S
M?LPC=C?M
>?
G;H?L;
G}M
?@C=C?HN?

?@C=;T
S
DOMN;
KO?
FIM
GOHC=CJCIM
G}M
AL;H>?M
S
=?HNL;FCT;>IM
/N?CH
MIMNC?H?
;>?G}M
KO?
JI=IM
?MNO>CIMIM
I
JLI@?MCIH;F?M
;<IA;H
;H
JIL
F;
=IHMIFC>;=C‰H
>?
FIM
AI<C?LHIM
GOHC=CJ;F?M
?H
OH;
?MNLO=NOL;
>?
A?MNC‰H
HC=;
/CH
?G<;LAI

;FAOHIM
J;…M?M
B;H
@IG?HN;>I
 CH;G;L=;
O
IL>?H;>I
.?CHI
1HC>I
F;
@OMC‰H
>?
F;M
;ONILC>;>?M
FI=;F?M
J;L;
@ILG;L
OHC>;>?M
G;SIL?M
>?
AI<C?LHI

<;M}H>IM?
?H
F;
G;SIL
?@C=C?H=C;
?H
F;
JL?MN;=C‰H
>?
FIM
M?LPC=CIM
/C
?F
;LAOG?HNI
M?
;JFC=;
;
M?=NIL?M
>?
JIF…NC=;M
=IH=L?NIM

F;
?@C=C?H=C;
?=IH‰GC=;
MO?F?
M?L
OH
=LCN?LCI
L?F?P;HN?

J?LI
HI
?F
HC=I
HC
H?=?M;LC;G?HN?
?F
G}M
CGJILN;HN?
,IL
?D?GJFI

?M
<;MN;HN?
=IGH
?H
?>O=;=C‰H
;MCAH;L
F;
JF;HC@C=;=C‰H
;F
HCP?F
=?HNL;F

F;
?>O=;=C‰H
OHCP?LMCN;LC;
;
OH
}G<CNI
JLIPCH=C;F

L?ACIH;F
I
?MN;N;F

S
F;
?>O=;=C‰H
JLCG;LC;
S
M?=OH>;LC;
;F
}G<CNI
FI=;F
*I
I<MN;HN?

F;
>CMNLC<O=C‰H
L?;F
>?
F;M
N;L?;M
?MN;N;F?M
?HNL?
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
GO?MNL;
KO?
F;
?@C=C?H=C;
?=IH‰GC=;
HI
?M
?F
JLCG?L
J;L}G?NLI
KO?
M?
NC?H?
?H
=O?HN;
,IL
?D?GJFI

?H
*ILO?A;
FIM
GOHC=CJCIM
M?
?H=;LA;H
>?
F;
?>O=;=C‰H
JLCG;LC;
S
M?=OH>;LC;
N;HNI
?H
F;
=;JCN;F

+MFI

=IH
OHIM

B;<CN;HN?M
=IGI
?H
FIM
GOHC=CJCIM
=IH
G?HIM
>?

B;<CN;HN?M
!H
GO=B;M
I=;MCIH?M

?F
?M=;MI
HG?LI
>?
;FOGHIM
>?
?MNIM
GOHC=CJCIM
J?KO?ˆIM
HI
DOMNC@C=;
F;
;J?LNOL;
>?
F;
?M=O?F;
/CH
?G<;LAI

=IGI
OHI
>?
FIM
I<D?NCPIM
>?F
AI<C?LHI
=?HNL;F
=IHMCMN?
?H
JLIGI=CIH;L
F;
I=OJ;=C‰H
>?F
N?LLCNILCI
S
KO?
FIM
=CO>;>;HIM
PCP;H
?H
F;M
}L?;M
LOL;F?M

?MN;
@CH;FC>;>
B;=?
I<PC;L
?F
=LCN?LCI
>?
?@C=C?H=C;
?=IH‰GC=;
?H
?F
}G<CNI
>?
F;
?>O=;=C‰H
N;G<C‚H
?H
?F
>?
F;
M;FO>
+!

!H
>?@CHCNCP;

?MN?
=LCN?LCI
HI
M?
;JFC=;
MC?GJL?
JILKO?
F;M
JL?@?L?H=C;M
JIF…NC=;M
JO?>?H
IJIH?LM?
;
F;
?@C=C?H=C;
?=IH‰GC=;
JIL
>IM
L;TIH?M
!H
JLCG?L
FOA;L

=;>;
M?LPC=CI
NC?H?
OH
N;G;ˆI
>?
JI<F;=C‰H
I
}L?;
>?
JL?MN;=C‰H
A?IAL}@C=;
>C@?L?HN?
?
;=O?L>I
=IH
JLCH=CJCIM
N‚=HC=IM

?M
>C@…=CF
?H=IHNL;L
OH;
=ILL?MJIH>?H=C;
J?L@?=N;
?HNL?
;=NCPC>;>?M
>?
M?LPC=CI
S
F…GCN?M
JIF…NC=I;>GCHCMNL;NCPIM
,IL
?FFI
HI
?M
MILJL?H>?HN?
KO?
?F
MCMN?G;
BIMJCN;F;LCI

?F
NL;N;GC?HNI
>?
L?MC>OIM
M‰FC>IM

F;
FO=B;
=IHNL;
CH=?H>CIM
S
FIM
MCMN?G;M
>?
A?MNC‰H
>?F
;AO;
N?HA;H
>C@?L?HN?M
=CL=OHM=LCJ=CIH?M
S
>CMNCHNIM
}G<CNIM
A?IAL}@C=IM
*I
MC?GJL?
M?
P;
;
?H=IHNL;L
OH;
OHC>;>
N?LLCNILC;F
KO?
M?
;DOMN?
G?DIL
;
F;
?@C=C?H=C;
?=IH‰GC=;
>?
NI>IM
FIM
M?LPC=CIM
;F
GCMGI
NC?GJI
,IL
?D?GJFI

F;
TIH;
A?IAL}@C=;
>?
F;
A?MNC‰H
>?
NL;HMJILN?M
GOHC=CJ;F?M
JO?>?
M?L
?F
}L?;
G?NLIJIFCN;H;
?H
F;M
AL;H>?M
=IHOL<;=CIH?M
GC?HNL;M
KO?
?F
MOGCHCMNLI
>?F
;AO;
>?<?L…;
>?J?H>?L
>?
F;
L?AC‰H
I
F;
=O?H=;
BC>LIAL}@C=;
(;M
?RN?LH;FC>;>?M
S
FIM
?@?=NIM
CH>CL?=NIM
KO?
M?
>?LCP;H
>?
?MN?
B?=BI
M?
>CLCA?H
A?H?L;FG?HN?
;
NL;P‚M
>?
;=O?L>IM
CHN?LAO<?LH;G?HN;F?M
S
>?
@‰LGOF;M
;MI=C;NCP;M
?HNL?
>CMNCHN;M
?HNC>;>?M
J<FC=;M
,IL
?D?GJFI

FIM
GOHC=CJCIM
JO?>?H
@ILG;L
OH
=IHMIL=CI
J;L;
A?MNCIH;L
FIM
M?LPC=CIM
@OH?L;LCIM
I
J;L;
F;
JL?MN;=C‰H
>?F
M?LPC=CI
>?
?RNCH=C‰H
>?
CH=?H>CIM
!H
M?AOH>I
FOA;L

F;
?@C=C?H=C;
?=IH‰GC=;
?M
OH
=LCN?LCI
?H
=IHNCHOI
=;G<CI

>?J?H>C?HN?
>?
F;
?PIFO=C‰H
>?
FIM
>?M=O<LCGC?HNIM
=C?HN…@C=IM
S
N‚=HC=IM
S
>?
F;M
CHHIP;=CIH?M
?H
CH@L;?MNLO=NOL;M
,IL
?D?GJFI

?F
AI<C?LHI
HILO?AI
B;
CHN?HN;>I
L?>O=CL
FIM
JLI<F?G;M
>?
CH?@C=C?H=C;M
>?LCP;>IM
>?
F;
JL?MN;=C‰H
>?
M?LPC=CIM
?>O=;NCPIM
?H
GOHC=CJCIM
>?
G?HIM
>?

B;<CN;HN?M
G?>C;HN?
F;
N?F??>O=;=C‰H
IH
@O?LN?M
CHP?LMCIH?M
N?=HIF‰AC=;M
=IHMCAO?
KO?
OH
JLI@?MIL
>?
G;N?G}NC=;M
>?
JLCG?LI
>?
F;
!/+

JIL
?D?GJFI

CGJ;LN;
=F;M?M
?H
OH
GOHC=CJCI
>?

B;<CN;HN?M
;

;FOGHIM
S
;>C=CIH;FG?HN?
N?HA;
INLIM

;FOGHIM
>?
OH
GOHC=CJCI
KO?
M?
?H=O?HNL;
;

ECF‰G?NLIM
1H
MCMN?G;
>?
=}G;L;M
J?LGCN?
;
FIM
;FOGHIM
>?
;G<;M
;OF;M
P?L
;
MOM
=IGJ;ˆ?LIM

;F
JLI@?MIL
S
;
F;
JCT;LL;

N;F
=IGI
HIM
GIMNL;LIH
;
OH
?KOCJI
>?
?P;FO;>IL?M
>?
F;
JIF…NC=;
N?LLCNILC;F
HILO?A;
+!

?
?MN;
@ILG;
M?
CHN?HN;
OM;L
=LCN?LCIM
>?
?@C=C?H=C;
J;L;
G;HN?H?L
;H
>?N?LGCH;>IM
M?LPC=CIM
;J?A;>IM
;F
N?LLCNILCI


:3117b<
>d0:71/
!F
;LAOG?HNI
KO?
MO<S;=?
;
F;
N?IL…;
>?
F;
?F?==C‰H
J<FC=;
?M
KO?
FIM
M?LPC=CIM
J<FC=IM
>?<?L…;H
>CMNLC<OCLM?
?HNL?
FIM
>C@?L?HN?M
HCP?F?M
>?
AI<C?LHI
=IH
?F
JLCH=CJ;F
I<D?NCPI
>?
JLIGI=CIH;L
F;
?F?==C‰H
>?
FIM
OMO;LCIM

S
JIL
N;HNI

F;
=IGJ?N?H=C;
?HNL?
FIM
JL?MN;>IL?M
>?F
M?LPC=CI
(;M
OHC>;>?M
G}M
=IGJ?NCNCP;M
I@L?=?L}H
FIM
G?DIL?M
M?LPC=CIM
;F
G?HIL
=IMN?

FI
KO?
CGJFC=;L}
G?HIL?M
CGJO?MNIM
S
N;M;M
JIL
FIM
M?LPC=CIM
J<FC=IM
(IM
=IHMOGC>IL?M
N?H>L}H
OH
G?DIL
M?LPC=CI
MC
MO
JL?MN;=C‰H
M?
;MCAH;
;
OH
HCP?F
FI=;F

?H
FOA;L
>?
;
HCP?F?M
L?ACIH;F?M
I
H;=CIH;F?M

JILKO?
?M
G}M
@}=CF
=IHM?AOCL
F;
=IGJ?N?H=C;
?HNL?
OHC>;>?M
J?KO?ˆ;M
KO?
?HNL?
F;M
AL;H>?M
(;
?F?==C‰H
J<FC=;
M?
B;
?GJF?;>I
J;L;
?RJFC=;L
F;
NL;HMC=C‰H
>?F
!MN;>I
:IGHCJL?M?HN?
;F
!MN;>I
:G…HCGI
G?>C;HN?
F;
JLCP;NCT;=C‰H
S
F;
=IHNL;N;=C‰H
?RN?LH;
(;
@O?LT;
GINIL;
J;L;
F;
L?@ILG;
?H
?MN;
N?IL…;
?M
F;
J?LMJ?=NCP;
GC=LI
>?
F;
?F?==C‰H
CH>CPC>O;F

L;=CIH;FG?HN?
CH@ILG;>;

MI<L?
=O}F?M
MIH
FIM
G?DIL?M
M?LPC=CIM
0;F
?F?==C‰H
M‰FI
JO?>?
?D?L=?LM?
MC
M?
;=;<;
=IH
FIM
GIHIJIFCIM

MC
OHC>;>?M
J?KO?ˆ;M
=IGJCN?H
?HNL?
M…
J;L;
F;
JL?MN;=C‰H
>?
FIM
G?DIL?M
M?LPC=CIM
;F
G?DIL
JL?=CI

I
MC
F;M
?HNC>;>?M
MI=C;F?M
JO?>?H
L?MJIH>?L
;
F;M
JL?@?L?H=C;M
>?
F;
=IGOHC>;>
?H
F;
JL?MN;=C‰H
>?
OH
M?LPC=CI
(;
N?IL…;
>?
F;
?F?==C‰H
J<FC=;
CHMJCL‰
FIM
GIPCGC?HNIM
>?
L?@ILG;
>?
FIM
AI<C?LHIM
?MN;>IOHC>?HM?
S
<LCN}HC=I
?H
F;
>‚=;>;
>?
FIM
;ˆIM
I=B?HN;
>?F
MCAFI
J;M;>I

KO?
CH=FO…;H
?H
;G<IM
=;MIM
GIPCGC?HNIM
@;PIL;<F?M
;
F;
M?J;L;=C‰H
>?
F;
JL?MN;=C‰H
S
F;
JLIPCMC‰H
>?
FIM
M?LPC=CIM
)C?HNL;M
?F
L;TIH;GC?HNI
>?
F;
?@C=C?H=C;
?=IH‰GC=;
JLIGO?P?
OHC>;>?M
N?LLCNILC;F?M
AL;H>?M

F;
?F?==C‰H
J<FC=;

JIL
?F
=IHNL;LCI

MIMNC?H?
KO?
F;
>CPCMC‰H
>?
F;
JL?MN;=C‰H
S
F;
JLIPCMC‰H
?M
<?H?@C=CIM;
J;L;
FIM
=CO>;>;HIM
JO?M
CH=L?G?HN;
F;
JIMC<CFC>;>
>?
?F?==C‰H
;F
GCMGI
NC?GJI
KO?
L?>O=?
FIM
=IMN?M
J;L;
?F
AI<C?LHI
!MN?
?H@IKO?
?M

MCH
?G<;LAI

G}M
;NL;=NCPI
?H
N?IL…;
KO?
?H
F;
JL}=NC=;
1H
?R;G?H
>?
=‰GI
M?
>CMNLC<OS?H
FIM
M?LPC=CIM
?H
FIM
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
?H
!OLIJ;
GO?MNL;
KO?

?R=?JNI
?H
?F
.?CHI
1HC>I

?F
=LCN?LCI
>?
F;M
JL?@?L?H=C;M
>?F
=IHMOGC>IL
HI
B;
MC>I
F;
JLCH=CJ;F
@O?LT;
=IH>O=NIL;
?H
F;
>CMNLC<O=C‰H
>?
M?LPC=CIM
?HNL?
HCP?F?M
>?
AI<C?LHI
1HI
>?
FIM
>?@?=NIM
>?
F;
N?IL…;
>?
F;
?F?==C‰H
J<FC=;
?M
KO?
HCHAH
AI<C?LHI
?GJC?T;
MI<L?
OH
J;J?F
?H
<F;H=I
=O;H>I
>CMNLC<OS?
@OH=CIH?M
MCAOC?H>I
FIM
>CP?LMIM
;LAOG?HNIM
L;=CIH;F?M
>?G}M

?RCMN?H
P;FIL?M
=IHNL;JO?MNIM
>?M>?
>CMNCHN;M
J?LMJ?=NCP;M
(;
?F?==C‰H
>?
?M=O?F;
JIL
FIM
J;>L?M
S
;FOGHIM

JIMC<F?
AL;=C;M
;
F;
N?IL…;
>?
F;
?F?==C‰H
J<FC=;

P;
?H
=IHNL;
>?F
C>?;F
>?
F;
CAO;F>;>
>?
=IH>C=CIH?M
?>O=;NCP;M
S
>?
L?MOFN;>IM
MCGCF;L?M
?H
NI>I
?F
N?LLCNILCI
+NLI
>?@?=NI
M?
L?@C?L?
;
NI>IM
FIM
;LAOG?HNIM
KO?
JLIGO?P?H
F;
H?=?MC>;>
>?
KO?
?RCMN;H
;FN?LH;NCP;M
J;L;
KO?
B;S;
?F?==C‰H
L?;F
,IL
?D?GJFI

?H
F;
IGOHC>;>
>?
);>LC>
M?
JO?>?
?F?ACL
=?HNLI
>?
;N?H=C‰H
JLCG;LC;
S
BIMJCN;F
?H
?F
KO?
M?
KOC?L?
M?L
;N?H>C>I
!H
?MN;
?F?==C‰H
HI
CGJILN;
MC
?F
BIMJCN;F
?M
>?
A?MNC‰H
>CL?=N;
JLIJC?>;>
S
A?MNC‰H
J<FC=;
I
>?
A?MNC‰H
;
NL;P‚M
>?
OH
IJ?L;>IL
JLCP;>I
JLIJC?>;>
J<FC=;
>?F
BIMJCN;F
J?LI
M?LPC=CIM
=F…HC=IM
IJ?L;>IM
JIL
OH;
?GJL?M;
JLCP;>;
/CH
?G<;LAI

B;S
TIH;M
?H
F;M
KO?
HI
?RCMN?
H;>;
G}M
KO?
OH
BIMJCN;F
S
HI
?M
L;TIH;<F?
KO?
M?
B;A;
?F
?D?L=C=CI
>?
F;
?F?==C‰H
JILKO?
F?
=IMN;L…;
>CH?LI
;F
J;=C?HN?

=IGI
G…HCGI
>?
>?MJF;T;GC?HNI
;
INL;
JLIPCH=C;
S

?H
I=;MCIH?M

?MN?
>?MJF;T;GC?HNI
M?L…;
CGJIMC<F?
!H
=O;FKOC?L
=;MI

?F
?H@IKO?
>?
F;
?F?==C‰H
J<FC=;
HI
>?<?
>?M=;LN;LM?
=IGI
=LCN?LCI
HILG;NCPI
;
F;
BIL;
>?
>CMNLC<OCL
F;M
N;L?;M
?HNL?
FIM
>CMNCHNIM
HCP?F?M
N?LLCNILC;F?M
/CH
?G<;LAI

J;L?=?
KO?
F;
N?IL…;
>?
F;
?F?==C‰H
J<FC=;
?M
G}M
JI>?LIM;
J;L;
?RJFC=;L
;FAOH;M
N?H>?H=C;M
KO?
=IGI
OH;
B?LL;GC?HN;
JL?M=LCJNCP;


'3<B7;73<B=
23
>3@B3<3<17/
/
C</
1=;C<72/2
!F
J;J?F
J;LNC=CJ;NCPI
S
L?JL?M?HN;NCPI
>?
F;M
=ILJIL;=CIH?M
FI=;F?M
L?@F?D;
?F
M?HNCGC?HNI
>?
J?LN?H?H=C;
;
OH;
=IGOHC>;>
%H>?J?H>C?HN?G?HN?
>?F
N;G;ˆI
GOHC=CJ;F

FIM
=CO>;>;HIM
JL?@C?L?H
?F?ACL
;
MOM
L?JL?M?HN;HN?M
J;L;
KO?
M?
L?MJIHM;<CFC=?H
>?
F;M
>CP?LM;M
H?=?MC>;>?M
S
>?G;H>;M
>?
F;
=IGOHC>;>
(;M
J?KO?ˆ;M
=IGOHC>;>?M
NC?H?H
JL}=NC=;M
=IHMO?NO>CH;LC;M
J;L;
A?MNCIH;L
FIM
<C?H?M
=IGOH?M
/OM
NL;>C=CIH?M
MIH
OH;
=IHNCHO;=C‰H
>?
FIM
NC?GJIM
LOL;F?M

=O;H>I
FIM
<IMKO?M

FIM
L?=OLMIM
B…>LC=IM

F;
J?M=;
S
FIM
J;MNIM
=IGOH?M
?L;H
L?=OLMIM
=IGJ;LNC>IM
S
F;
A?MNC‰H
>?
?MNIM
L?=OLMIM
?L;
>?=C>C>;
JIL
F;
=IGOHC>;>
+MNLIG

IH
?F
NC?GJI

FIM
L?MC>?HN?M
FI=;F?M
B;H
C>I
>?D;H>I
>?
F;>I
;FAOH;M
JL}=NC=;M
B;<CNO;F?M
>?
A?MNC‰H
>?
FIM
<C?H?M
=IGOH?M

;F
NC?GJI
KO?
F;
=IGOHC>;>
J;LNC=CJ;
?H
F;
A?MNC‰H
>?
INLIM
;MOHNIM
=IF?=NCPIM
ILA;HCT;=C‰H
>?
@?LC;M
S
@C?MN;M
>?F
JO?<FI

JLIAL;G;M
>?
PCACF;H=C;
>?
FIM
<;LLCIM

?N=
(;
=?L=;H…;
S
F;
J;LNC=CJ;=C‰H
>?
F;
=IGOHC>;>

JIL
M…
GCMG;
I
;
NL;P‚M
>?
MOM
L?JL?M?HN;HN?M

?H
F;
JL?MN;=C‰H
>?
=C?LNIM
M?LPC=CIM
MIH
CGJL;=NC=;<F?M
?H
JIF…NC=;M
KO?
L?KOC?L?H
?=IHIG…;M
>?
?M=;F;
(IM
=CO>;>;HIM
>?G;H>;H
G}M
M?LPC=CIM
J?LI

;F
GCMGI
NC?GJI

HI
?MN}H
>CMJO?MNIM
;
=?>?L
JI>?L
;
INLIM
HCP?F?M
N?LLCNILC;F?M
>?
AI<C?LHI
(;M
=IGOHC>;>?M
KOC?L?H
>?=C>CL
JIL
M…
GCMG;M
KO‚
M?LPC=CIM
JL?MN;L
!H
FIM
J;…M?M
?H
FIM
KO?
HI
M?
JO?>?H
@OMCIH;L
F;M
=ILJIL;=CIH?M
FI=;F?M

M?
L?KOC?L?H
INL;M
P…;M
J;L;
MOJ?L;L
?F
>CF?G;
>?
M?J;L;L
F;
L?JL?M?HN;=C‰H
>?
F;
=IGOHC>;>
>?
F;
JL?MN;=C‰H
>?
M?LPC=CIM
!H
F;
>‚=;>;
>?
FIM
;ˆIM
HIP?HN;

F;
CHNLI>O==C‰H
>?
F;
?F?==C‰H
J<FC=;
N;G<C‚H
M?
OM‰
J;L;
DOMNC@C=;L
F;
;J;LC=C‰H
>?
FIM
;LAOG?HNIM
=IGOHCN;LCIM
=IGI
F;
@O?LT;
GINIL;
J;L;
F;
>CMNLC<O=C‰H
>?
@OH=CIH?M
/?AH
&IBH



OH
=IHDOHNI
>?
@;=NIL?M
JLIJC=C‰
KO?
FIM
M?LPC=CIM
M?
>CM?ˆ;L;H
>?
G;H?L;
@F?RC<F?
J?LI
F;M
@OH=CIH?M
S
F;M
=IGJ?N?H=C;M
M?
>CMNLC<O…;H
>?
G;H?L;
>C@OM;
?HNL?
FIM
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI

;M…
=IGI
?HNL?
?F
M?=NIL
J<FC=I
S
JLCP;>I
!HNL?
?MNIM
@;=NIL?M
M?
CH=FOS?H
?F
L}JC>I
=L?=CGC?HNI
?=IH‰GC=I
F;
;OMN?LC>;>
@CM=;F
?F
=;G<CI
>?
F;
?MNLO=NOL;
MI=C;F
JIL
F;
CHGCAL;=C‰H
S
?F
?HP?D?=CGC?HNI
>?
F;
MI=C?>;>
F;M
>?G;H>;M
G}M
MI@CMNC=;>;M
>?
FIM
=CO>;>;HIM
S
?F
;OG?HNI
>?
F;
CGJFC=;=C‰H
>?
F;M
+*#M
?H
F;
JL?MN;=C‰H
>?
M?LPC=CIM
,;L;
M;NCM@;=?L
;>?=O;>;G?HN?
F;M
JL?@?L?H=C;M
>?
FIM
L?MC>?HN?M
FI=;F?M

FIM
M?LPC=CIM
S;
HI
M‰FI
MIH
JL?MN;>IM
JIL
?F
M?=NIL
J<FC=I
I
?F
JLCP;>I
MCHI
N;G<C‚H
JIL
?F
M?=NIL
HI
AO<?LH;G?HN;F
S
F;
GCMG;
=IGOHC>;>
?
B?=BI

?F
GCMGI
?H@IKO?
>?
F;
?F?==C‰H
J<FC=;
JO?>?
;SO>;L
;
DOMNC@C=;L
F;
;J;LC=C‰H
>?
;G<IM
M?=NIL?M
J;L;
F;
JL?MN;=C‰H
>?
FIM
M?LPC=CIM
J<FC=IM
\
G?L=;>IM
?H
F;
>‚=;>;
>?
FIM
;ˆIM
I=B?HN;
S
=IGOHC>;>?M
?H
F;
>‚=;>;
>?
FIM
;ˆIM
HIP?HN;\

;
J?M;L
>?
KO?
F;M
=IHM?=O?H=C;M
>C@C?L?H
?H
=;>;
=;MI
!F
M?HNC>I
>?
=IGOHC>;>
?M
:OH;
@ILG;
>?
C>?HNC>;>
KO?
L?KOC?L?
BCMNILC;
S
=OFNOL;
=IGOH?M

CH?L=C;
A?IAL}@C=;

=IH>C=CIH?M
MI=C;F?M
S
?=IH‰GC=;M
S
>CMNLC<O=C‰H
JL?PC;
>?
=IGJ?N?H=C;M
;>GCHCMNL;NCP;M
KO?
B;
J?LGCNC>I
MI<L?PCPCL
S
>?M;LLIFF;L
OH;
C>?HNC>;>
S
OH;
F?;FN;>
=OFNOL;F
FI=;F
=IF?=NCP;
?H?NN


$;S
?D?GJFIM
?H
FIM
KO?
F;M
=IGJ?N?H=C;M
MI<L?
=C?LN;M
@OH=CIH?M
JIFC=…;

PCPC?H>;

L?HIP;=C‰H
OL<;H;
I
?>O=;=C‰H
M?
B;H
=IH=?>C>I
;
<;LLCIM

=IGOHC>;>?M
I
PCFF;M
LOL;F?M
M‰FI
JILKO?
?H=;LH;H
OH;
U=IGOHC>;>
H;NOL;FX
PCH=OF;>;
;
FIM
;HN?J;M;>IM
I
B;H
=IH@ILG;>I
OH
@O?LN?
M?HNC>I
>?
C>?HNC>;>
=IGJ;LNC>;
!MN?
=LCN?LCI
N;G<C‚H
?M
NCF
J;L;
;MCAH;L
=IGJ?N?H=C;M
;
>CMNLCNIM
?H
AL;>?M
=CO>;>?M
S
?H
}L?;M
LOL;F?M
S

?MJ?=C;FG?HN?

J;L;
G;H=IGOH;L
L?=OLMIM

 
F>:71/17b<
7<AB7BC17=</:
G
>=:`B71/
!MN?
;LAOG?HNI
MIMNC?H?
KO?
F;M
CHMNCNO=CIH?M
MIH
L?F?P;HN?M
N;HNI
=IGI
FCGCN;>IL;M
S
@;=CFCN;>IL;M
>?
F;
>CMNLC<O=C‰H
>?
=IGJ?N?H=C;M
?HNL?
HCP?F?M
>?
AI<C?LHI
/?
JLIJIH?
KO?
GO=B;M
?F?==CIH?M
NC?H?H
<;M?
JIF…NC=;
HI
?=IH‰GC=;
S
KO?
F;M
IJ=CIH?M
JIF…NC=;M
?MN}H
;
G?HO>I
=IHMNL?ˆC>;M
JIL
F;M
CHMNCNO=CIH?M
S
JIL
F;M
CH?L=C;M
?H
F;M
KO?
M?
>?M;LLIFF;H
F;M
CHMNCNO=CIH?M

?HN?H>C>;M
=IGI
HILG;M
?M=LCN;M
S
HI
?M=LCN;M
KO?
JL?M=LC<?H
?F
=IGJILN;GC?HNI
>?
FIM
CH>CPC>OIM
S
F;M
ILA;HCT;=CIH?M
!MN?
?H@IKO?
L?M;FN;
NL?M
;MJ?=NIM
>?F
AI<C?LHI
FIM
HCP?F?M
>?
AI<C?LHI

F;
D?L;LKO…;
?HNL?
?FFIM
S
F;
=IIJ?L;=C‰H
?HNL?
>?J;LN;G?HNIM
S
OHC>;>?M
>C@?L?HN?M
!MNIM
;MJ?=NIM
B;H
JLIPI=;>I
NL?M
NCJIM
>?
N?HMCIH?M
?HNL?
?F
=?HNLI
S
FIM
AI<C?LHIM
L?ACIH;F?M
I
FI=;F?M
?HNL?
F;M
?HNC>;>?M
FI=;F?M

F;M
>?F
!MN;>I
S
F;M
>?
F;
L?AC‰H
I
F;
=IGOHC>;>
;ON‰HIG;
S
?HNL?
FIM
M?=NIL?M
FIM
=IH@FC=NIM
?HNL?
F;
F?ACMF;=C‰H
M?=NILC;F
S
F;
F?ACMF;=C‰H
;ONIH‰GC=;
MIH
GOS
CGJILN;HN?M
J;L;
F;
>CMNLC<O=C‰H
>?
=IGJ?N?H=C;M
?HNL?
HCP?F?M
>?
AI<C?LHI
,IL
INL;
J;LN?

F;
CH?L=C;
CHMNCNO=CIH;F
L?@O?LT;
F;M
N?H>?H=C;M
?RCMN?HN?M
>?
>CMNLC<O=C‰H
>?
=IGJ?N?H=C;M
(IM
J;…M?M
GOS
=?HNL;FCT;>IM
MIH
L?HO?HN?M
;
NL;HM@?LCL
@OH=CIH?M
S
=IGJ?N?H=C;M
FIM
J;…M?M
>?M=?HNL;FCT;>IM

?H
=;G<CI

=IHMC>?L;H
;
F;M
;ONILC>;>?M
FI=;F?M
=;MC
=IGI
BIG‰FIAIM
FAOHIM
J;…M?M
NL;HM@C?L?H
=IGJ?N?H=C;M
;
F;M
=IGOHC>;>?M
;ON‰HIG;M
!MJ;ˆ;
INLIM
JL?@C?L?H
F;M
=ILJIL;=CIH?M
FI=;F?M
"L;H=C;
(;
=;J;=C>;>
J;L;
L?MIFP?L
=IH@FC=NIM
;
NL;P‚M
>?F
MCMN?G;
DO>C=C;F
\S
F;
;ONIHIG…;
>?
F;M
=ILJIL;=CIH?M
L?ACIH;F?M
S
FI=;F?M
J;L;
;J?F;L
;F
MCMN?G;
DO>C=C;F
=IHNL;
F;
CHN?L@?L?H=C;
>?
FIM
HCP?F?M
MOJ?LCIL?M
>?
AI<C?LHI\
N;G<C‚H
=IHMNCNOS?
OH
F…GCN?
;>GCHCMNL;NCPI
MI<L?
=‰GI
@OH=CIH;
?H
L?;FC>;>
F;
>CMNLC<O=C‰H
>?
=IGJ?N?H=C;M
?HNL?
FIM
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
?H?NN

G;HNC?H?
KO?

?H
F;
JL}=NC=;

OH
MCMN?G;
@F?RC<F?
S
=IIL>CH;>I
>?
OHC>;>?M
>?M=?HNL;FCT;>;M
N?LLCNILC;FG?HN?
?M
?F
C>?;F
J;L;
;MCAH;L
=IGJ?N?H=C;M
!MNI
CGJFC=;
OH;
;JLIRCG;=C‰H
?PIFONCP;
?
CH=L?G?HN;F
G}M
KO?
?F
>CM?ˆI
:;
JLCILC
>?
CHMNCNO=CIH?M
*CHAOHI
>?
FIM
=LCN?LCIM
;HN?LCIL?M
M?
JO?>?
;JFC=;L
?H
?F
GOH>I
L?;F
;
G?HIM
KO?
M?
G?T=F?
=IH
FIM
>?G}M
=LCN?LCIM
/C
M?
>;
JL??GCH?H=C;
;
F;
?@C=C?H=C;
?=IH‰GC=;

?MNI
JL?MOJIH?
F;
JL??RCMN?H=C;
>?
OHC>;>?M
L?ACIH;F?M
?@C=C?HN?M
/C
?F
=LCN?LCI
>?
M?HNC>I
>?
=IGOHC>;>
S
JL?@?L?H=C;M
>?F
=IHMOGC>IL
?M
?F
L?F?P;HN?
?H
F;
>CMNLC<O=C‰H
>?
=IGJ?N?H=C;M

M?
L?KOC?L?
OH;
@O?LN?
;>GCHCMNL;=C‰H
FI=;F
GOHC=CJ;F
S
OH;
NL;S?=NILC;
CHMNCNO=CIH;F
JIL
F;
KO?
?F
AI<C?LHI
=?HNL;F
=IH@…;
?H
?F
FI=;F
!H
;OM?H=C;
>?
OH
=F;LI
;LAOG?HNI
N?‰LC=I
KO?
L?MJ;F>?
OH;
>CMNLC<O=C‰H
L;=CIH;F
>?
=IGJ?N?H=C;M

FIM
>?=CMIL?M
?MN}H
L?;FCT;H>I
=IHNCHO;G?HN?
;LAOG?HNIM
J?LMO;MCPIM
MI<L?
=‰GI
@OH=CIH;H
INLIM
J;…M?M
>?M=?HNL;FCT;>IM
?H
?F
=;MI
>?
KO?
M?
;<IAO?
JIL
OH;
G;SIL
>?M=?HNL;FCT;=C‰H



,
/4>?=4-@.4[9
/0
.:8;0?09.4,>
09?=0
94A070>
/0
2:-40=9:
09
7,
;=V.?4.,
H>?LMIH

?MN;<F?=?
OH;
NCJIFIA…;
KO?
?M
NCF
J;L;
?HN?H>?L
?F
L?J;LNI
>?
F;M
;=NCPC>;>?M
AO<?LH;G?HN;F?M
?HNL?
>CMNCHNIM
HCP?F?M
N?LLCNILC;F?M
>?
AI<C?LHI
!H
N‚LGCHIM
A?H?L;F?M

?MN;
NCJIFIA…;
M?
JO?>?
;JFC=;L
;
F;
G;SIL…;
>?
FIM
J;…M?M
I==C>?HN;F?M
!H
?F
=;MI
>?
F;
1HC‰H
!OLIJ?;

;FAOH;M
@OH=CIH?M
J?LN?H?=?H
=F;L;G?HN?
;F
AI<C?LHI
=?HNL;F
I
MOJL;H;=CIH;F
;
!F
?MN;<F?=CGC?HNI
>?
CHMNCNO=CIH?M
S
;=O?L>IM
J;L;
?F
>?M;LLIFFI
?=IH‰GC=I
/?
L?@C?L?
;
F;M
CHMNCNO=CIH?M
<}MC=;M
J;L;
?F
@OH=CIH;GC?HNI
>?
OH
MCMN?G;
>?
?=IHIG…;
>?
G?L=;>I

CH=FOC>;
F;
>?@CHC=C‰H
S
F;
JLIN?==C‰H
>?
FIM
>?L?=BIM
>?
JLIJC?>;>

?F
=OGJFCGC?HNI
>?
FIM
=IHNL;NIM

F;
?GCMC‰H
>?
GIH?>;

FIM
AL;P}G?H?M

F;M
J;N?HN?M

FIM
>?L?=BIM
>?
;ONIL

?N=
<
!F
G;HN?HCGC?HNI
>?
F;
=IGJ?N?H=C;
!F
?MN;<F?=CGC?HNI
JIL
J;LN?
>?F
AI<C?LHI
>?
FIM
L?AF;G?HNIM
J;L;
A;L;HNCT;L
F;
=IGJ?N?H=C;
?HNL?
F;M
?GJL?M;M
=
(;
?MN;<CFCT;=C‰H
>?
F;
?=IHIG…;
!F
AI<C?LHI
CHN?HN;
CH@FOCL
?H
FIM
=C=FIM
?=IH‰GC=IM
>?
=L?=CGC?HNI
S
L?=?MC‰H
G?>C;HN?
F;M
JIF…NC=;M
M;F;LC;F?M

JL?MOJO?MN;LC;M
S
GIH?N;LC;M
>C=CIH;FG?HN?
M?
JI>L…;H
;ˆ;>CL
F;M
N;L?;M
KO?
MOJIH?H
F;
A;L;HN…;
>?
F;
MI<?L;H…;
MI<L?
?F
N?LLCNILCI
=IGI
MIH
F;M
@O?LT;M
;LG;>;M
I
F;
PCACF;H=C;
>?
F;M
@LIHN?L;M
(;M
NL?M
@OH=CIH?M
;HN?LCIL?M

JIL
?D?GJFI

J?LN?H?=?H
?H
!MJ;ˆ;
;F
HCP?F
?MN;N;F

=IH
OH;
L?AOF;=C‰H
?OLIJ?;
=IHMC>?L;<F?
=IH
FI
KO?
?M;M
=IGJ?N?H=C;M
JL}=NC=;G?HN?
B;H
MC>I
MOMNL;…>;M
JIL
F;M
CHMNCNO=CIH?M
?OLIJ?;M
+NL;M
@OH=CIH?M
JO?>?H
?D?L=?LM?

?H
JLCH=CJCI

JIL
=O;FKOC?L
HCP?F
>?
AI<C?LHI
;
(;
JLIPCMC‰H
>?
<C?H?M
S
M?LPC=CIM
=IF?=NCPIM
!MNIM
<C?H?M
S
M?LPC=CIM
M?
JLIP??H
?H
=;>;
MCMN?G;
H;=CIH;F
JIL
>C@?L?HN?M
HCP?F?M
>?
AI<C?LHI

;OHKO?
;FAOHIM
HCP?F?M
=IHMNCNOS?H
?F
G;L=I
G}M
HILG;F
J;L;
>?N?LGCH;>IM
M?LPC=CIM
I
JIF…NC=;M
,IL
?D?GJFI

F;
>?@?HM;
?M
MC?GJL?
OH;
=IGJ?N?H=C;
H;=CIH;F
F;
L?=IAC>;
>?
<;MOL;
=ILL?MJIH>?
;
F;M
;ONILC>;>?M
FI=;F?M
<
(;
L?MIFO=C‰H
>?
=IH@FC=NIM
(IM
AI<C?LHIM
CHN?HN;H
L?MIFP?L
I
MO;PCT;L
NI>I
NCJI
>?
=IH@FC=NIM
J;L;
=IHM?AOCL
S
G;HN?H?L
?F
IL>?H
?=IH‰GC=I
S
MI=C;F
=
(;
JLIN?==C‰H
>?
FIM
L?=OLMIM
H;NOL;F?M
(IM
AI<C?LHIM
CHN?HN;H
JL?P?HCL
F;
>?AL;>;=C‰H
>?F
;G<C?HN?
=;OM;>;
JIL
F;
;=NCPC>;>
BOG;H;
I
JIL
?F
@OH=CIH;GC?HNI
>?F
G?L=;>I
!H
@OH=C‰H
>?F
<C?H
;
JLIN?A?L

M?
?FCA?
OH
}G<CNI
N?LLCNILC;F
O
INLI
(;
FO=B;
=IHNL;
?F
=;G<CI
=FCG}NC=I
NC?H?
G}M
M?HNC>I
?H
AL;H>?M
OHC>;>?M
N?LLCNILC;F?M

 =IHNCH?HN;F?M
I
AFI<;F?M

JL}=NC=;G?HN?
*I
I<MN;HN?

F;
?M=;F;
H;=CIH;F
B;
MC>I
?GJF?;>;
J;L;
F;HT;L
>CP?LM;M
G?>C>;M
?
CHC=C;NCP;M
>
!F
;M?AOL;GC?HNI
>?F
;==?MI
>?
FIM
CH>CPC>OIM
;
FIM
<C?H?M
S
M?LPC=CIM
@;=CFCN;>IM
JIL
?F
AI<C?LHI
I
JIL
?F
G?L=;>I
!H
F;M
IJ?L;=CIH?M
@CH;H=C?L;M
?RCMN?H
<;LL?L;M
>?
JL?=CIM
?H
F;
=IGJL;
>?
<C?H?M
S
M?LPC=CIM
(IM
AI<C?LHIM
JO?>?H
;SO>;L
;
FIM
>?M?GJF?;>IM

FIM
>CM=;J;=CN;>IM
S
FIM
ALOJIM
>?M@;PIL?=C>IM
;
NL;P‚M
>?
MO<P?H=CIH?M
J;L;
A;L;HNCT;L
KO?
F;M
J?LMIH;M
JO?>;H
;==?>?L
;
OH
G…HCGI
HCP?F
>?
PC>;
(;
0;<F;
GO?MNL;
F;
>CMNLC<O=C‰H
>?F
A;MNI
J<FC=I
>?
;FAOHIM
>?
FIM
J;…M?M
>?
F;
+ !
+LA;HCT;=C‰H
J;L;
F;
IIJ?L;=C‰H
S
?M;LLIFFI
!=IH‰GC=I
KO?
;=IA?
?H
MO
M?HI
;
F;M
?=IHIG…;M
G}M
>?M;LLIFF;>;M
(IM
J;…M?M
?MN}H
IL>?H;>IM
>?
G}M
=?HNL;FCT;>IM
%LF;H>;
=IH
OH


>?F
A;MNI
J<FC=I
?H
?F
}G<CNI
=?HNL;F
?H

;
G?HIM
>?M=?HNL;FCT;>I
F?G;HC;
=IH
OH


>?F
A;MNI
=?HNL;FCT;>I
?H

!H
?MN?
L;HECHA

?H
?F
KO?
N;G<C‚H
M?
=IHN;<CFCT;H
FIM
A;MNIM
>?
F;
/?AOLC>;>
/I=C;F

!MJ;ˆ;
M?
MCN;
=IGI
?F
J;…M
G}M
>?M=?HNL;FCT;>I
>?MJO‚M
>?
‚FAC=;
S
F?G;HC;

J?LI
G}M
>?M=?HNL;FCT;>I
KO?
INLIM
J;…M?M
@?>?L;F?M
=IGI
!MN;>IM
1HC>IM

)‚RC=I
I
;H;>}

JIL
?D?GJFI
!H
F;
G;SIL…;
>?
FIM
J;…M?M
M?
B;
JLI>O=C>I
OH;
L?>CMNLC<O=C‰H
>?F
A;MNI
J<FC=I
?HNL?

S

MCH
KO?
M?
;JL?=C?
OH;
=F;L;
N?H>?H=C;
=?HNL;FCT;>IL;

?R=?JNI
?H
$OHAL…;
?
%LF;H>;
>IH>?
?F
J?MI
>?F
A;MNI
J<FC=I
=?HNL;F
M?
B;
?F?P;>I
G}M
>?

S

L?MJ?=NCP;G?HN?
!H
INLIM
J;…M?M
=IGI
/O?=C;
S
,IFIHC;
M?
B;
JLI>O=C>I
OH;
>?M=?HNL;FCT;=C‰H
GI>?L;>;
?H
NILHI
;F

;JLIRCG;>;G?HN?
!H
OMNLC;
S
!MN;>IM
1HC>IM

?F
A;MNI
J<FC=I
FI=;F
M?
;NLC<OS?
;F
HCP?F
?MN;N;F
S
HI
;J;L?=?
OH;
J;LNC>;
>C@?L?H=C;>;
!H
=;MC
NI>IM
FIM
J;…M?M
M?
;JL?=C;
OH
CH=L?G?HNI
>?F
A;MNI
?H
/?AOLC>;>
/I=C;F
>?LCP;>I
>?F
J;AI
>?
JL?MN;=CIH?M
=IGI
=IHM?=O?H=C;
>?
F;
=LCMCM
$%.$

7@A?70B17a;
239
5/@A<
=c0971<
3;A?3
;7C393@
23
5<073?;<
 
E

 
"7C39 3;A?/9 "7C39 @A/A/9 "7C39 <1/9 '35B?72/2 '<17/9

       

#HB7D:7        

(K;L7
4;B7D:7        

,;?DE
/D?:E        

#IH7;B         

IJED?7        

(EHK;=7        

!H;9?7        

>;9EIBEL7GK?7          

KIJH?7        

*EHJK=7B          

"KD=Hs7        

#IB7D:?7        

IJ7:EI
/D?:EI
        
 EH;7        

IBEL7GK?7        

-K;9?7         

KIJH?7        

'qN?9E        

*EBED?7        

$7FvD          

H7D9?7        

?D7C7H97          

#J7B?7        

*7sI;I
7@EI        

?DB7D:?7         

7D7:n        

IF7u7        

qB=?97         

B;C7D?7        

)
/1        

)
1          


!R=FOS?H>I
F;M
NL;HM@?L?H=C;M
;
INLIM
HCP?F?M
>?
AI<C?LHI

!R=FOS?H>I
F;M
NL;HM@?L?H=C;M
>?
INLIM
HCP?F?M
>?
AI<C?LHI
?
CH=FOS?H>I
FIM
CGJO?MNIM
=IGJ;LNC>IM

,;L;
?MNIM
J;…M?M

FIM
>;NIM
MIH
>?


,;L;
!MN;>IM
1HC>IM
HI
?RCMN?
CH@ILG;=C‰H
MI<L?
F;
M?J;L;=C‰H
>?
A;MNI
?HNL?
FIM
?MN;>IM
S
FIM
AI<C?LHIM
FI=;F?M
"O?HN?
+!



#IP?LHG?HN
;N
#F;H=?
+!

,;LCM
/N;NCMNC=M
;H;>;
1/
OL?;O
I@
!=IHIGC=
H;FSMCM

!H
!MJ;ˆ;

JIL
INL;
J;LN?

F;
JLIJIL=C‰H
>?F
A;MNI
J<FC=I
FI=;F
B;
IM=CF;>I
?HNL?
?F

S
?F

>?
NI>I
?F
A;MNI
J<FC=I
CH=FOS?H>I
N;G<C‚H
FIM
A;MNIM
>?
F;
M?AOLC>;>
MI=C;F
(;
G;SIL
J;LN?
>?F
A;MNI
J<FC=I
M?
FI
L?J;LN?H
F;M
IGOHC>;>?M
ON‰HIG;M
S
?F
!MN;>I
*I
I<MN;HN?

>?M>?
?F
JOHNI
>?
PCMN;
>?
F;
L?=;O>;=C‰H
B;S
J;…M?M
?H
FIM
KO?
?F
HCP?F
?MN;N;F
I
L?ACIH;F
I
CH=FOMI
FI=;F
NC?H?H
OH;
G;SIL
JLIJIL=C‰H
>?
FIM
CHAL?MIM
J<FC=IM
P‚;M?
F;
0;<F;

,IL
?D?GJFI

;H;>}
>?D;
?H
G;HIM
>?
F;M
JLIPCH=C;M
F;
L?=;O>;=C‰H
>?F


>?
FIM
CHAL?MIM

;F?D;>IM
>?F


?H
!MJ;ˆ;
!H
?F
}G<CNI
FI=;F

!MJ;ˆ;
M‰FI
NC?H?
;NLC<OC>I
?F


>?
NI>IM
FIM
CHAL?MIM

GC?HNL;M
KO?
J;…M?M
OHCN;LCIM
=IGI
CH;G;L=;

"CHF;H>C;

&;J‰H
I
/O?=C;
NC?H?H
G}M
>?F

 $%.$

$?<=<?17a;
23
9<@
7;5?3@<@
=?<1323;A3@
23
7:=B3@A<@
/A?70B72<@
/
1/2/
@31A<?
239
A<A/9
23
9<@
7;5?3@<@



'B=?/;/17<;/9 "7C39
3;A?/9 "7C39
?357<;/93@A/A/9 "7C39
9<1/9 <;2<@
23
9/
'35B?72/2
'<17/9

              

$/_@3@
4323?/93@

KIJH7B?7               

KIJH?7                

qB=?97                 

7D7:n                

B;C7D?7               

'qN?9E               

-K?P7               

IJ7:EI
/D?:EI               

('+$
01
210'(3$'$               

$/_@3@
1B/@74323?/93@

IF7u7                

$/_@3@
B;7A/?7<@

>?B;               

,;Fy8B?97
>;97               

?D7C7H97               

IJED?7                

?DB7D:?7               

H7D9?7                 

!H;9?7               

"KD=Hs7               

#IB7D:?7               

#HB7D:7                 

#IH7;B               

#J7B?7                

$7FvD               

EH;7                

&KN;C8KH=E               

*7sI;I
7@EI                

(K;L7
4;B7D:7                

(EHK;=7               

*EBED?7                

*EHJK=7B               

,;Fy8B?97
IBEL797                

 IBEL;D?7               

-K;9?7                

.KHGKs7                 

,;?DE
/D?:E               

('+$
01
210'(3$'$                 

"O?HN?
+!

.?P?HO?
/N;NCMNC=M

BNNJ
QQQI?=>ILA =NJ N;RJIFC=S N;<F?>
;NNLC<ONCIHN;RL?P?HO?MMO<M?=NILMA?H?L;FAIP?LHG?HNNIN;FN;RL?PBNG

!F
;H}FCMCM
>?F
L?J;LNI
>?F
A;MNI
J<FC=I
?HNL?
?F
AI<C?LHI
=?HNL;F
S
FIM
?HN?M
N?LLCNILC;F?M
>?<?
=IGJF?N;LM?
=IH
F;
@ILG;
?H
KO?
?MN}H
>CMNLC<OC>;M
F;M
=IGJ?N?H=C;M
?HNL?
FIM
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
!H
FIM
MCMN?G;M
@?>?L;F?M
B;S
OH;
N?H>?H=C;
;
L?>O=CL
F;
=;HNC>;>
>?
=IGJ?N?H=C;M
?R=FOMCP;M
>?
=;>;
HCP?F
>?
AI<C?LHI
?H
;L;M
>?
F;M
=IGJ?N?H=C;M
=IH=OLL?HN?M
I
=IGJ;LNC>;M

KO?
=IHMNCNOS?H
F;
JC?>L;
;HAOF;L
>?F
@?>?L;FCMGI
=IIJ?L;NCPI
D;

1H;
=IGJ?N?H=C;
M?
L?@C?L?
;
F;M
L?MJIHM;<CFC>;>?M
MI<L?
F;
L?AOF;=C‰H

F;
JF;HC@C=;=C‰H

F;
JL?MN;=C‰H
>?
M?LPC=CIM

F;
M;H=C‰H
S
F;
CHMJ?==C‰H
KO?
F?A;FG?HN?
=ILL?MJIH>?
;
=;>;
HCP?F
>?
AI<C?LHI
!H
?F
=;MI
?MJ;ˆIF

=IH
=;L;=N?L…MNC=;M
>?
OH
GI>?FI
=O;MC
@?>?L;F

F;M
=IGJ?N?H=C;M
?MN;<F?=C>;M
?H
F;
IHMNCNO=C‰H
>?

M?
L?@C?L?H
G}M
<C?H
;
F;
=;J;=C>;>
>?
L?AOF;=C‰H

?HN?H>C>;
?H
M?HNC>I
A?H‚LC=I
1H;
=IGJ?N?H=C;
?M
6I4=FD:G2
=O;H>I
NI>I
?F
JLI=?MI
HILG;NCPI
F?ACMF;=C‰H
<}MC=;

F?ACMF;=C‰H
>?
>?M;LLIFFI
;M…
=IGI
F;
?D?=O=C‰H
>?
F;
F?ACMF;=C‰H
KO?>;
?H
G;HIM
>?
OH
HC=I
HCP?F
>?
AI<C?LHI

S;
M?;
?F
=?HNL;F
I
?F
;ONIH‰GC=I
1H;
=IGJ?N?H=C;
?M
4@>A2CE:52

=O;H>I
?F
!MN;>I
F?ACMF;
S
F;M

?D?=ON;H
F;M
JIF…NC=;M
(;M
=IGJ?N?H=C;M
4@?4FCC6?E6D
CGJFC=;H
KO?
?F
!MN;>I
;JLO?<;
F;
F?ACMF;=C‰H
<}MC=;
S
F;M

;JLO?<;H
F;
F?ACMF;=C‰H
>?
>?M;LLIFFI
S
M?
?H=;LA;H
>?
F;
CGJF;HN;=C‰H
>?
F;M
JIF…NC=;M
=IGI
I=OLL?
?H
M?=NIL?M
=IGI
F;
?=IHIG…;

F;
?>O=;=C‰H

F;
M;FO>
I
?F
G?>CI
;G<C?HN?
*I
B;S
=C@L;M
=IH=FOS?HN?M
J;L;
!MJ;ˆ;
MI<L?
?F
JIL=?HN;D?
?RCMN?HN?
>?
=IGJ?N?H=C;M
=IH=OLL?HN?M
I
=IGJ;LNC>;M

JO?M
‚MN;M
>;H
=O?HN;
>?F
AL;>I
>?
CG<LC=;=C‰H
>?
FIM
>IM
HCP?F?M
>?
AI<C?LHI
?H
?F
;=IG?NCGC?HNI
>?
F;M
N;L?;M
?MN;N;F?M
FAOHIM
?MNO>CIM

;FAI
>?M;=NO;FCT;>IM

HIM
;MCMN?H
J;L;
=IGJL?H>?L
?F
@?H‰G?HI
,;L;
3;NNM



?H
MO
?MNO>CI
=IGJ;L;>I
>?
F;
>CMNLC<O=C‰H
>?

=IGJ?N?H=C;M

M‰FI


>?
F;M
JIF…NC=;M
M?=NILC;F?M
MIH
I<D?NI
>?
=IGJ?N?H=C;M
=IH=OLL?HN?M
?H
!MJ;ˆ;


?H
/OCT;
S

?H
F?G;HC;
(;
=C@L;
>?
3;NNM
J;L;
!MJ;ˆ;
J;L?=?
G?HIL
>?
FI
KO?
MOAC?L?H
INLIM
;ONIL?M
AL;HI@@

S
LAOFFIF

GO?MNL;H
KO?
?H

JIF…NC=;M
>?

?M
>?=CL

OH

>?
FIM
=;MIM

F;M
=IGJ?N?H=C;M
?MN}H
=IGJ;LNC>;M
I
MIH
=IH=OLL?HN?M
?H
!MJ;ˆ;
D;


S
IFCHI


MCH
>;L
=C@L;M
=IH=L?N;M

N;G<C‚H
CH>C=;H
KO?
?F
JIL=?HN;D?
?M

;F
G?HIM

=O;FCN;NCP;G?HN?
MOJ?LCIL
;
F;
=C@L;
I@L?=C>;
JIL
3;NNM
!MNIM
;ONIL?M
;LAOG?HN;H
KO?
FIM
G;H>;NIM
=IHMNCNO=CIH;F?M
>?
A;L;HNCT;L
F;
CAO;F>;>
>?
NI>IM
FIM
=CO>;>;HIM
?H
>?N?LGCH;>IM
}G<CNIM
J?LGCN?H
JIN?H=C;FG?HN?
;F
#I<C?LHI
=?HNL;F
CHGCM=OCLM?
?H
F;M
=IGJ?N?H=C;M
?R=FOMCP;M
L?ACIH;F?M
?H
}G<CNIM
=IGI
F;
?>O=;=C‰H

FIM
M?LPC=CIM
MI=C;F?M

F;
M;FO>

F;
;ALC=OFNOL;

F;
CH>OMNLC;
I
?F
=IG?L=CI

M‰FI
JIL
=CN;L
;FAOHIM
?D?GJFIM
!H
MOG;

?F
JIL=?HN;D?
>?
=IGJ?N?H=C;M
=IH=OLL?HN?M
I
=IGJ;LNC>;M
?H
!MJ;ˆ;
?MN}
=IGJ;L;NCP;G?HN?
G}M
=?L=;
>?
F?G;HC;
KO?
>?
/OCT;
 /?AH
F;
NCJIFIA…;
OM;>;
JIL
?CF
3LCABN


J;L;
>?M=LC<CL
?F
MCMN?G;
>?
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
?MN;>IOHC>?HM?

?F
MCMN?G;
?MJ;ˆIF
L?@F?D;L…;
?F
>@56=@
56
D@=2A2>:6?E@
?H
;JLIRCG;>;G?HN?
F;
GCN;>
>?
F;M
JIF…NC=;M
M?=NILC;F?M
!MN?
GI>?FI
M?
=;L;=N?LCT;
JIL
L?KO?LCL
F;
J;LNC=CJ;=C‰H
>?
P;LCIM
HCP?F?M
>?
AI<C?LHI
?H
>CMNCHNIM
M?=NIL?M

JIL
;MCAH;L
OH;
>CM=L?=CIH;FC>;>
FCGCN;>;
;
OH;
MIF;
DOLCM>C==C‰H

S
JIL
L?=OLLCL
H?=?M;LC;G?HN?
;
F;
H?AI=C;=C‰H
J;L;
FF?P;L
;
=;<I
FIM
JLIAL;G;M
>?
;==C‰H
J<FC=;
,IL
N;HNI

HI
M?
JO?>?
?MN;<F?=?L
>?
OH;
@ILG;
=F;L;
KO‚
N;L?;M
=ILL?MJIH>?H
;
KO‚
HCP?F
>?
AI<C?LHI

JO?M
?H
L?;FC>;>

F;
CG<LC=;=C‰H
?HNL?
>CMNCHN;M
ILA;HCT;=CIH?M
J<FC=;M
?M
=IHMC>?L;<F?
(I
GCMGI
M?
JI>L…;
JL?>C=;L
>?
F;
CG<LC=;=C‰H
>?
F;M
=ILJIL;=CIH?M
FI=;F?M
=IH
INLIM
HCP?F?M
>?
AI<C?LHI
?H
;FAOH;M
JIF…NC=;M
J<FC=;M
 
#'
"'(&)!"(#'

#&"#
>;JN;H>I
F;
>?@CHC=C‰H
>;>;
JIL
/;F;GIH



OH
:?DECF>6?E@
AO<?LH;G?HN;F
?M
OH
G‚NI>I
C>?HNC@C=;<F?
;
J;LNCL
>?F
=O;F
M?
?MNLO=NOL;
F;
;==C‰H
=IF?=NCP;
J;L;
=OGJFCL
OH;
@OH=C‰H
?MN;N;F
I
J;L;
?H@L?HN;LM?
;
OH
JLI<F?G;
J<FC=I
!F
JLIAL;G;
>?
?>O=;=C‰H
>?
CHGCAL;HN?M
JO?>?
MOMN;H=C;LM?
;
NL;P‚M
>?
>C@?L?HN?M
G‚NI>IM
I
CHMNLOG?HNIM
86DE:x?
5:C64E2
>?
F;
@ILG;=C‰H
;
NL;P‚M
>?
F;M
CHMNCNO=CIH?M
?>O=;NCP;M
J<FC=;M
=IGI
?M=O?F;M
?
CHMNCNONIM
>?
?HM?ˆ;HT;

G?>C;HN?
4@?4:6CE@
=IH
CHMNCNO=CIH?M
JLCP;>;M

G?>C;HN?
3642D
I
496BF6
6D4@=2C
J;L;
KO?
?F
?MNO>C;HN?
I
?F
J;>L?
JO?>;H
?F?ACL
F;
CHMNCNO=C‰H
JL?@?LC>;
)O=BIM
>?
?MNIM
CHMNLOG?HNIM
JO?>?H
?GJF?;LM?
?H
>C@?L?HN?M
N;L?;M
S
J;L;
>CMNCHN;M
@OH=CIH?M
(IM
N‚LGCHIM
CHMNLOG?HNI
S
B?LL;GC?HN;
M?
P;H
;
?GJF?;L
>?
@ILG;
CHN?L=;G<C;<F?
?H
?MN;
M?==C‰H

=IHNCHO;=C‰H
M?
?RJIH?
OH;
FCMN;
HI
?RB;OMNCP;
>?
CHMNLOG?HNIM
KO?
?F
AI<C?LHI
?GJF?;
J;L;
=OGJFCL
MOM
@OH=CIH?M
;
'C6DE24:x?
5:C64E2
?M
F;
;>GCHCMNL;=C‰H
>CL?=N;
>?
OH
<C?H
I
M?LPC=CI
JIL
FIM
@OH=CIH;LCIM
?MN;N;F?M

=IGI
?M
?F
=;MI
>?
F;
;>GCHCMNL;=C‰H
NLC<ON;LC;
<
(;
4@CA@C24:x?
A|3=:42
?M
M?AH
/N;HNIH
S
)I?


UOH;
;A?H=C;
O
ILA;HCT;=C‰H
J<FC=;
=IHNLIF;>;
JIL
?F
AI<C?LHI
S
>?
F;
KO?
?M
JLIJC?N;LC;
!MN}
?MN;<F?=C>;
=IGI
OH;
?HNC>;>
F?A;FG?HN?
>CMNCHN;
;F
L?MNI
>?F
!MN;>I
>?F
KO?
@ILG;
J;LN?
*ILG;FG?HN?
M?
?GJF?;
?MN?
CHMNLOG?HNI
J;L;
;=NCPC>;>?M
KO?
M?
?MJ?L;
JLI>OT=;H
CHAL?MIM
S
JIN?H=C;FG?HN?
M?
;ONI@CH;H=C?H

;OHKO?
HI
MC?GJL?
NC?H?
KO?
M?L
;M…X
!MNI
M?
;JFC=;
;
F;M
?HNC>;>?M
J<FC=;M
?GJL?M;LC;F?M
=IGI
JIL
?D?GJFI
(;
"}<LC=;
*;=CIH;F
>?
)IH?>;
S
0CG<L?

.?;F
;M;
>?
F;
)IH?>;
!MN;
?HNC>;>
?GJL?M;LC;F
?GJ?T‰
;
@;<LC=;L
<CFF?N?M
>?
<;H=I
?H

;
B;=?L
J;J?F
>?
M?AOLC>;>
?H

!H

?GJ?T‰
;
?F;<IL;L
?F
J;M;JILN?
S
?F
>I=OG?HNI
H;=CIH;F
>?
C>?HNC>;>
!H
NC?GJIM
L?=C?HN?M
M?
B;
=?HNL;>I
?H
F;M
N;LD?N;M
CHN?FCA?HN?M
S
F;
=?LNC@C=;=C‰H
?F?=NL‰HC=;
!MN;
?HNC>;>
=F;L;G?HN?
GO?MNL;
MO
=F;L;
PI=;=C‰H
>?
M?LPC=CI
J<FC=I
;F
GCMGI
NC?GJI
KO?
=IF;<IL;
=IH
INL;M
?HNC>;>?M
?H
N?G;M
>?
M?AOLC>;>
S
=IHNLIF
>?
F;
JLI>O==C‰H
=IF;<IL;=C‰H
=IH
?F
;H=I
?HNL;F
!OLIJ?I
J;L;
=O?MNCIH?M
>?
M?AOLC>;>
J;L;
FIM
<CFF?N?M
>?
<;H=I
=
(;
C68F=24:x?
64@?x>:42

M?AH
/;F;GIH



M?
L?@C?L?
;F
NCJI
>?
L?AOF;=C‰H
KO?
=IHNLIF;
F;
?HNL;>;
S
F;
M;FC>;
>?
F;M
?GJL?M;M
>?
OH
M?=NIL
>?F
G?L=;>I

FIM
JL?=CIM
KO?
M?
JIH?H
;
FIM
OMO;LCIM
@CH;F?M
S I
F;
JLI>O==C‰H
,IL
?D?GJFI

F;
L?AOF;=C‰H
>?
F;M
N?F?=IGOHC=;=CIH?M
I
>?F
M?=NIL
?H?LA‚NC=I
A;M
S
?F?=NLC=C>;>
L?MJIH>?H
;
?MN?
NCJI
>?
L?AOF;=C‰H
?=IH‰GC=;
(;
IGCMC‰H
*;=CIH;F
>?
FIM
)?L=;>IM
S
F;
IGJ?N?H=C;
;AFONCH;
F;
L?AOF;=C‰H
S
F;
PCACF;H=C;
>?
=O?MNCIH?M
?=IH‰GC=;M
?H
}G<CNIM
=IGI
F;
=IGJ?N?H=C;

F;
?H?LA…;

F;M
N?F?=IGOHC=;=CIH?M
S
?F
M?=NIL
>?
;O>CIPCMO;F?M
>
(;
C68F=24:x?
D@4:2=
?M
MCGCF;L
;
F;
L?AOF;=C‰H
?=IH‰GC=;

;OHKO?
G;HNC?H?
>C@?L?H=C;M
CGJILN;HN?M
(;
L?AOF;=C‰H
MI=C;F
MIH
F;M
>CMJIMC=CIH?M
HILG;NCP;M
KO?
L?AOF;H
FIM
?@?=NIM
>?
F;
;=NCPC>;>
?=IH‰GC=;
MI<L?
F;
M;FO>
I
?F
<C?H?MN;L
>?
FIM
=CO>;>;HIM

=IGI
JIL
?D?GJFI
F;
JIFO=C‰H
);S



J?M;L
>?
KO?
F;M
>?@CHC=CIH?M
MIH
>C@?L?HN?M

;
P?=?M
FIM
=IHNILHIM
>?
F;
L?AOF;=C‰H
?=IH‰GC=;
S
MI=C;F
MIH
>C@OMIM
S
HI
?M
JIMC<F?
>CMNCHAOCL
?HNL?
;G<IM
(;
JIF…NC=;
@;LG;=‚ONC=;
I@L?=?
?D?GJFIM
>?
L?AOF;=C‰H
?=IH‰GC=;
S
MI=C;F
 ?
(;
@OH=C‰H
2D68FC25@C2
M?AH
"?F>G;H

M?
L?@C?L?
;
F;M
=IGJ?HM;=CIH?M
KO?
?F
AI<C?LHI
J;A;
;
FIM
CH>CPC>OIM
I
;
F;M
?GJL?M;M
?H
F;
JL?M?H=C;
>?
B?=BIM
?RNL;IL>CH;LCIM

JIL
?D?GJFI

OH;
=;N}MNLI@?
H;NOL;F
=IGI
OH;
LC;>;
I
OH
N?LL?GINI
I
F;
@;FN;
>?
FCKOC>?T
>?
FIM
<;H=IM
@
(;
:?7@C>24:x?
A|3=:42
?M
OH
CHMNLOG?HNI
?GJF?;>I
J;L;
JLI>O=CL
>?N?LGCH;>IM
?@?=NIM
I
CGJ;=NIM
3?CMM


,IL
?D?GJFI

FIM
AI<C?LHIM
L?;FCT;H
=;GJ;ˆ;M
J;L;
KO?
FIM
=CO>;>;HIM
=IHMOG;H
G?HIM
?H?LA…;

HI
?HMO=C?H
F;M
=;FF?M
I
?GJF??H
G?>C>;M
>?
M?AOLC>;>
=O;H>I
=CL=OF;H
JIL
F;M
P…;M
J<FC=;M
A
'6C>:D@D
?68@4:23=6D
J
E2D2D
4@CC64E:G2D
=IHMNCNOS?H
OH
NCJI
>?
CHMNLOG?HNI
KO?
CGJFC=;
F;
ONCFCT;=C‰H
>?F
JL?=CI
S
INLIM
G?=;HCMGIM
>?
G?L=;>I
KO?
;=N;H
=IGI
CH=?HNCPIM
@CH;H=C?LIM
J;L;
KO?
FIM
CH>CPC>OIM
S I
F;M
?GJL?M;M
=;G<C?H
MO
=IH>O=N;
>?
@ILG;
KO?
M?
L?>OT=;H
FIM
>;ˆIM
I
M?
;M?AOL?H
FIM
<?H?@C=CIM
MI=C;F?M
IL>?M


!MN?
?M
?F
=;MI
>?
F;M
?GJL?M;M
KO?
J;A;H
OH
=;HIH
JIL
=IHN;GCH;L
FIM
L…IM
JIL
?D?GJFI
I
N;G<C‚H
M?
L?@C?L?
;
F;
=IGJL;
>?
FIM
>?L?=BIM
>?
?GCMC‰H
>?
>C‰RC>I
>?
=;L<IHI
JIL
FIM
AI<C?LHIM
B
(;
DF34@?EC2E24:x?
?M
INL;
B?LL;GC?HN;
B;<CNO;F
>?
FIM
AI<C?LHIM
KO?
M?
ONCFCT;
=O}H>I
HI
L?;FCT;H
OH;
JL?MN;=C‰H
>CL?=N;
>?F
M?LPC=CI
/?AH
'?FG;H



F;
MO<=IHNL;N;=C‰H
M?
L?@C?L?
;F
U;=O?L>I
=IG?L=C;F
?HNL?
OH;
ILA;HCT;=C‰H
J<FC=;
S
OH;
?HNC>;>
JLCP;>;
JIL
?F
KO?
F;
?HNC>;>
JLCP;>;
M?
=IGJLIG?N?
;
I@L?=?L
=C?LNIM
JLI>O=NIM
I
;
JL?MN;L
>?N?LGCH;>IM
M?LPC=CIM
J;L;
F;
ILA;HCT;=C‰H
J<FC=;
I
;
N?L=?LIM
;
@;PIL
>?F
AI<C?LHI
;
=;G<CI
>?
>CH?LIX
,IL
?D?GJFI

OH;
?GJL?M;
JLCP;>;
M?
B;=?
=;LAI
>?
F;
FCGJC?T;
>?
FIM
?>C@C=CIM
J<FC=IM
>?
OH
GCHCMN?LCI
>?N?LGCH;>I

>?F
M?LPC=CI
>?
L?JLIAL;@…;
I
>?F
>?M;LLIFFI
>?
F;M
;JFC=;=CIH?M
CH@ILG}NC=;M
C
(;M
DF3G6?4:@?6D
=IHMNCNOS?H
J;AIM
>?F
AI<C?LHI
;
F;M
ILA;HCT;=CIH?M
I
;
FIM
CH>CPC>OIM
=IH
?F
I<D?NCPI
>?
?MNCGOF;L
I
;JIS;L
OH
M?LPC=CI
I
OH;
;=NCPC>;>
JIL
J;LN?
>?F
<?H?@C=C;LCI
?;G
S
IHF;H


(;M
<?=;M
J;L;
=OLM;L
?MNO>CIM
OHCP?LMCN;LCIM

F;M
MO<P?H=CIH?M
;
?HNC>;>?M
;MI=C;NCP;M
J;L;
@IG?HN;L
MO
;=NCPC>;>
MIH
?D?GJFIM
>?
MO<P?H=CIH?M
!H
?MNIM
=;MIM

F;
>GCHCMNL;=C‰H
J<FC=;
J;LNC=CJ;
?H
F;
JL?MN;=C‰H
>?F
M?LPC=CI
;OHKO?
>?D;
J;LN?
I
NI>;
MO
?D?=O=C‰H
;F
<?H?@C=C;LCI
>?
F;
MO<P?H=C‰H
(;M
MO<P?H=CIH?M
JO?>?H
;>IJN;L
F;
@ILG;
>?
NL;HM@?L?H=C;M
?HNL?
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
?HNLI
>?
?FF;M
MO?F?H
>CMNCHAOCLM?
P;LCIM
NCJIM
(;M
DF3G6?4:@?6D
4@?5:4:@?252D
@CH;H=C;H
JLIJ‰MCNIM
?MJ?=…@C=IM
KO?
J?LGCN?H
;F
HCP?F
MOJ?LCIL
=IHNLIF;L;
?F
CH@?LCIL
;M…
@CH;H=C;>I
(;M
DF3G6?4:@?6D
6?
3=@BF6
M?
?GJF?;H
J;L;
@CH?M
A?H?L;F?M
FCGCN;>IM
>?
G?HIL
AL;>I
>?
?MJ?=C@C=;=C‰H
(;M
DF3G6?4:@?6D
?@
4@?5:4:@?252D
=IHMNCNOS?H
OH;
@ILG;
>?
=IGJ;LNCL
FIM
CHAL?MIM
D
'CqDE2>@D
J
82C2?Et2D
56
ACqDE2>@D
/?AH
/N;HNIH



FIM
JL‚MN;GIM
=IHMNCNOS?H
F;M
=;HNC>;>?M
>?
>CH?LI
KO?
?F
AI<C?LHI
JC>?
JL?MN;>I
;F
0?MILI
S
JL?MN;
;
CH>CPC>OIM
I
?HNC>;>?M
JLCP;>;M

HILG;FG?HN?
=IH
L?KOCMCNIM
G}M
@;PIL;<F?M
KO?
?H
?F
G?L=;>I
1H;
P?T
L?;FCT;>I
?F
JL‚MN;GI

?F
AI<C?LHI
>?<?
?H=;LA;LM?
>?
L?=OJ?L;LFI
,IL
?D?GJFI

?F
=IHNLIP?LNC>I
,L‚MN;GI
.?HN;
1HCP?LMC>;>
?H
PCAIL
>?

;

?H
!MJ;ˆ;
I@L?=…;
OH;M
=IH>C=CIH?M
CHC=C;F?M
P?HN;DIM;M
J;L;
?MNO>C;L
?H
F;
OHCP?LMC>;>

J?LI
>?MJO‚M
B;H
N?HC>I
OH
?@?=NI
H?A;NCPI
MI<L?
GO=BIM
MIFC=CN;HN?M
E
(;
56D8C2G24:x?
7:D42=
>?
;=O?L>I
=IH
$IQ;L>


M?
L?@C?L?
;F
NCJI
>?
>?>O==CIH?M
KO?
FIM
CH>CPC>OIM
S
F;M
?HNC>;>?M
JLCP;>;M
JO?>?H
L?;FCT;L
J;L;
L?NL;M;L

L?>O=CL
I
?FCGCH;L
MO
I<FCA;=C‰H
@CM=;F
?
?MN;
@ILG;

?F
AI<C?LHI
=IHMCAO?
MOM
@CH?M
MCH
H?=?MC>;>
>?
A;MN;L
>CL?=N;G?HN?
MOM
L?=OLMIM
,IL
?D?GJFI

F;
I@?LN;
>?
OH;
=;HNC>;>
>?
>CH?LI
?H
F;
>?=F;L;=C‰H
>?
F;
L?HN;
JIL
=;>;
BCDI
KO?
M?
NC?H?
I
F;M
>?>O==CIH?M
;
F;M
KO?
M?
NC?H?H
>?L?=BI
?H
?F
=;MI
>?
KO?
?F
=IHNLC<OS?HN?
N?HA;
J?LMIH;M
G;SIL?M
I
>CM=;J;=CN;>;M
;
MO
=;LAI
MIH
?D?GJFIM
>?
>?MAL;P;=C‰H
@CM=;F
F
(IM
496BF6D
=IHMNCNOS?H
M?AH
/N?O?LF?
S
0QIG<FS


UOH
MO<MC>CI
KO?
A;L;HNCT;
;
OH
CH>CPC>OI
OH
=C?LNI
JI>?L
>?
;>KOCLCL
OH
<C?H
I
M?LPC=CI
?HNL?
OH;
FCMN;
L?MNLCHAC>;
>?
?MNIM
<C?H?M
S
M?LPC=CIMX
,IL
?D?GJFI

;FAOHIM
;SOHN;GC?HNIM
I@L?=?H
OH
=B?KO?
?M=IF;L
J;L;
;SO>;L
;
F;
?M=IF;LCT;=C‰H
CH@;HNCF
G?>C;HN?
?F
J;AI
>?
;FAOHIM
>?
FIM
A;MNIM
>?
F;
?HM?ˆ;HT;
,;L;
OH;
P;FIL;=C‰H
MCMN?G}NC=;
>?
F;M
P;LC;>;M
B?LL;GC?HN;M
KO?
M?
;=;<;H
>?
>?M=LC<CL
=IHPC?H?
=IHMC>?L;L
FIM
=LCN?LCIM

?H
J;LN?
MIF;J;>IM

KO?
M?
?R;GCH;H
;
=IHNCHO;=C‰H
,?LI
>?<?
KO?>;L
=F;LI
KO?
FIM
=C?HN…@C=IM
MI=C;F?M
HI
>CMJIH?H
>?
MO@C=C?HN?
=IGJL?HMC‰H
?GJ…LC=;
MI<L?
=‰GI
@OH=CIH;H
FIM
JLIAL;G;M
J<FC=IM
J;L;
;@CLG;L
>?
@ILG;
>?@CHCNCP;
F;
<IH>;>
>?
F;M
>CMNCHN;M
B?LL;GC?HN;M
M?AH
=;>;
OHI
>?
FIM
=LCN?LCIM
/O=CHN;G?HN?
MIH
FIM
MCAOC?HN?M
(?PCH?

,?N?LM

0BIGJMIH


W
?LNC>OG<L?
F;M
B?LL;GC?HN;M
>?
F;M
JIF…NC=;M
J<FC=;M
P;L…;H
?H
FI
JL?>?=C<F?
>?
FIM
JLI=?MIM
;>GCHCMNL;NCPIM

FIM
L?H>CGC?HNIM
S
FIM
L?MOFN;>IM
KO?
M?
I<NC?H?H
W
0?GJIL;FC>;>
F;
=O?MNC‰H
>?
=O}H>I
@OH=CIH;L}
OH
JLIAL;G;
?M
=IH
@L?=O?H=C;
N;H
CGJILN;HN?
=IGI
F;
>?
MC
FF?A;L}
;
@OH=CIH;L
(IM
JIF…NC=IM
?MN}H
GOS
=IH>C=CIH;>IM
JIL
FIM
JF;TIM
?F?=NIL;F?M
(IM
@OH=CIH;LCIM
J<FC=IM
JO?>?H
M?HNCLM?
;NL;…>IM
JIL
JLIAL;G;M
KO?
N?HA;H
L?MOFN;>IM
MOJ?LCIL?M
;
OH
=IMN?
G?HIL
CH=FOMI
MC
N;L>;H
GO=BI
NC?GJI
?H
FIAL;LFIM
,IL
?FFI
?M
JLI<;<F?
KO?
;@FIL?H
=IH@FC=NIM
?HNL?
;G<IM
ALOJIM
MI<L?
FIM
JF;TIM
N?GJIL;F?M
>?
=;>;
NCJI
>?
JIF…NC=;
W
IMN?
?F
=IMN?
L?F;NCPI
>?
F;
JLIPCMC‰H
>?
M?LPC=CIM
M?
JO?>?
L?@?LCL
N;HNI
;
FIM
=IMN?M
>CL?=NIM
CH=OLLC>IM
JIL
F;
>GCHCMNL;=C‰H
=IGI
FIM
=IMN?M
CH>CL?=NIM
;MOGC>IM
JIL
FIM
OMO;LCIM
>?MNCH;N;LCIM
>?
F;
G?>C>;
W
!@C=C?H=C;
?M
F;
L;T‰H
?HNL?
FIM
L?MOFN;>IM
S
FIM
=IMN?M
>?
F;
CGJF;HN;=C‰H
>?
OH;
B?LL;GC?HN;
>?N?LGCH;>;
W
!@C=;=C;
M?
L?@C?L?
;
MC
OH
JLIAL;G;
FIAL;
MOM
I<D?NCPIM
W
2CMC<CFC>;>
F;
G?HIL
JLIGCH?H=C;
J<FC=;
JO?>?
B;=?L
;NL;=NCP;
OH;
B?LL;GC?HN;
J;L;
FIM
JIF…NC=IM
S
INLIM
ALOJIM
>?
CHN?L‚M
JILKO?

?H
I=;MCIH?M

JO?>?
M?L
F;
HC=;
G;H?L;
>?
FF?P;L
;
=;<I
OH
JLIAL;G;
S
JILKO?
M?
>C@C=OFN;
MO
=IHNLIF
?RN?LHI
W
.?H>C=C‰H
>?
=O?HN;M
OH
JLI<F?G;
=F}MC=I
>?
F;
;>GCHCMNL;=C‰H
J<FC=;
L;>C=;
?H
=‰GI
=IHM?AOCL
KO?
FIM
;A?HN?M
KO?
CGJF;HN;H
F;M
JIF…NC=;M
J<FC=;M
M?;H
L?MJIHM;<F?M
>?
MOM
;==CIH?M
S;
@L?HN?
;
FIM
JIF…NC=IM
?F?AC>IM
KO?
F?M
>CLCA?H
S;
@L?HN?
;F
J<FC=I
?H
A?H?L;F
W
!F?==C‰H
>?F
=CO>;>;HI
GO=BIM
;LAOS?H
KO?
?F
G}RCGI
AL;>I
>?
FC<?LN;>
>?
?F?==C‰H
>?F
=CO>;>;HI
?H
F;
H;NOL;F?T;
>?
OH
M?LPC=CI

I
MI<L?
?F
B?=BI
>?
L?=C<CLFI
?H
;<MIFONI

?M
OH
;NLC<ONI
GOS
CGJILN;HN?
>?
=O;FKOC?L
B?LL;GC?HN;
>?
F;M
JIF…NC=;M
J<FC=;M
 #P
AL;HI@@

.

U/J;HCMB
.?ACIHM
A;CH
,IQ?LX

656C2E:@?D

+=N

D;

!

=
DE25@
2FE@?x>:4@
7656C2=:D>@
J
9649@D
5:76C6?4:2=6D
);>LC>
FC;HT;
D;

!

U
;ˆIM
>?
!MN;>I
;ONIH‰GC=IX

JIH?H=C;
JL?M?HN;>;
?H
?F
2%%%
IHAL?MI
%<?LI;G?LC=;HI
>?
?L?=BI
IHMNCNO=CIH;F
/?PCFF;
F?MM;H>LI

)

(;@O?HN?

)

/;HNCMI


=IGJM

@G6C?:?8
E@
56=:G6C
C6:?G6?E:?8
E96
46?E6C
@7
8@G6C?>6?E
:?
#2E:?
>6C:42
2?5
E96
2C:3362?
*O?P;
5ILE
%HN?LG?LC=;H
?P?FIJG?HN
;HE
H>?LMIH

&
!

U#IP?LHG?HN
;H>
NB?
!=IHIGS
3B;N
CM
"OH>;G?HN;FX

?H
3
&
/;GO?F
=IGJ

F?52>6?E2=D
@7
E96
4@?@>:4
)@=6
@7
@G6C?>6?E
*O?P;
5ILE
#L??HQII>
,L?MM
L;H;

!

U1MI
S
;<OMI
>?F
>?=L?NIF?SX

)6G:DE2
56
25>:?:DEC24:x?
A|3=:42



LAOFFIF

!
=IGJ

656C2=:D>@
J
2FE@?@>t2

;L=?FIH;
LC?F
;LLI

.
&

U#IP?LHG?HN
/J?H>CHA
CH
;
/CGJF?
)I>?F
I@
!H>IA?HIOM
#LIQNBX

!@FC?2=
@7
'@=:E:42=
4@?@>J





?;G


.
S
0
&
IHF;H

U#L;HNMX

?H
/;F;GIH
=IGJ

?H?NN

.
&
=IGJ

+6CC:E@CJ
2?5
25>:?:DEC2E:@?
:?
FC@A6
(IH>L?M
"L;H=CM
,CHN?L
?HT



=
DE25@
$@56C?@
);>LC>
?HNLI
>?
!MNO>CIM
,IF…NC=IM
IHMNCNO=CIH;F?M
IT?G;H



78
+@52D
=2D
@C82?:K24:@?6D
D@?
A|3=:42D
+6?5:6?5@
F?
AF6?E6
6?EC6
=2D
E6@Ct2D
4@CA@C2E:G2D
AC:G252D
J
A|3=:42D
);>LC>
"IH>I
>?
OFNOL;
!=IH‰GC=;
I=BL;H?



.92E6G6C
2AA6?65
E@
#@42=
@G6C?>6?E
O=ECHAB;G
+J?H
1HCP?LMCNS
,L?MM
IFCHI



U0B?
/J;HCMB
)I>?F
I@
?PIFONCIH
;H>
.?ACIH;F
#IP?LH;H=?
)INCP;NCIHM

!PIFONCIH
;H>
!@@?=NM
IH
,O<FC=
,IFC=C?MX

'@=:4J

'@=:E:4D





IHNL?L;M


)

U!F
>?=L?NIF?S
?H
NC?GJIM
>?
=LCMCMX

)6G:DE2
42E2=2?2
56
5C6E
AF3=:4



IL>?M

&
&

UILL?=NCP?
0;R?M

B;LA?M

;H>
0L;>;<F?
,?LGCNMX

?H
/;F;GIH
=IGJ

O?NI

)

ULCMCM
?=IH‰GC=;
S
;>GCHCMNL;=C‰H
J<FC=;X

)6G:DE2
-2D42
56
5>:?:DEC24:x?
'|3=:42
6CC:
C5FC2=2C:EK2<@
FD<2=
=5:K<2C:2





OG;M

2

(;@O?HN?

)

,;LL;>I

/

U/NL?HANB?HCHA
NB?
?HN?L
I@
#IP?LHG?HN
;N
NB?
*;NCIH;F
(?P?F
0B?
;M?
I@
BCF?X

?H
F?MM;H>LI
6E
2=
=IGJM

"?F>G;H

.
&

U#IP?LHG?HN
%HMOL;H=?X

?H
/;F;GIH
=IGJ

"L?SMMIH

(

MMOH€I

)

);LINN;

)
3;BLCA

(

*E2E:DE:4D
:?
7@4FD

 
!OLIMN;N
$IQ;L>



U0;R
!RJ?H>CNOL?MX

?H
/;F;GIH
=IGJ

&IBH

,

#@42=
@G6C?2?46
:?
.6DE6C?
FC@A6
(IH>L?M
/;A?
'?FG;H

/

UIHNL;=NCHAX

?H
/;F;GIH
=IGJ

(?KOCFF?L

"

F;>?M



,?56CDE2?5:?8
?2E:@?2=
244@F?ED
,;L…M
+ !
(?PCH?


$

,?N?LM


#

0BIGJMIH

#
&

'F3=:4
5>:?:DEC2E:@?
92==6?86D
9@:46D
@?D6BF6?46D
#F?HPC?Q
"IL?G;H
);N?IM



,?H;>‚M



U!MJ;ˆ;
=LCMCM
S
L?=ILN?MX

)6G:DE2
56
4:6?4:2
A@=tE:42
/;HNC;AI




);S

,
&

U/I=C;F
.?AOF;NCIHX

?H
/;F;GIH
=IGJ

+!



@G6C?>6?E
2E
2
=2?46
,;L…M
+ !
+!

+6CC:E@C:2=
)6G:6HD
%@CH2J
,;L…M
+ !
+MNLIG

!

@G6C?:?8
E96
@>>@?D
+96
G@=FE:@?
@7
?DE:EFE:@?D
7@C
@==64E:G6
4E:@?
*O?P;
5ILE
;G<LC>A?
1HCP?LMCNS
,L?MM
,;LL;>I

/

?l=:D:D
56
=2
6DE:x?
'|3=:42
2;F?H=C;
0CL;HN
FI
F;H=
.?C=B;L>



,>56?<6?
:>
)2E92FD
%6F6
*E6F6CF?8D>@56==6
:?
56C
56FED496?
"@>>F?2=G6CH2=EF?8
?LF…H
!>CNCIH
/CAG;
/;F;GIH

(
)
=IGJ

+96
+@@=D
@7
@G6C?>6?E

F:56
E@
%6H
@G6C?2?46
+R@IL>
+R@IL>
1HCP?LMCNS
,L?MM
/;F;GIH

(
)
;
U!=IHIGC=
.?AOF;NCIHX

?H
/;F;GIH
=IGJ

/;HT

%

2?F}TKO?T

"
&

U$;M
!OLIJ?;H
?=IHIGC=
CHN?AL;NCIH
;@@?=N?>
NB?
@OH=NCIH;F
=IGJIMCNCIH
I@
AIP?LHG?HN
?RJ?H>CNOL?MX

@?E6>A@C2CJ
4@?@>:4
'@=:4J





/=BGCNN



/N;LE?

,

U!RJF;CHCHA
=IHP?LA?H=?
I@
+!
Q?F@;L?
MN;N?M
;
=IH>CNCIH;F
;JJLI;=BX

!@FC?2=
@7
FC@A62?
*@4:2=
'@=:4J





/N;HNIH

0
$

U(I;HM
;H>
(I;H
#O;L;HN??MX

?H
/;F;GIH
=IGJ

/N?CH

.
)


,C32?
=E6C?2E:G6D
'F3=:4
2?5
'C:G2E6
$2C<6ED
:?
E96
'C@G:D:@?
@7
#@42=
*6CG:46D
,CNNM<OLAB
1HCP?LMCNS
I@
,CNNM<OLAB
,L?MM
/N?O?LF?


!

0QIG<FS

!


U2IO=B?LMX

?H
/;F;GIH
=IGJ

3;NNM

.
(

@>A2C:?8
656C2=
*JDE6>D
)IHNL?;F
)=#CFF-O??HM
1HCP?LMCNS
,L?MM
3?CMM

&


U,O<FC=
%H@ILG;NCIHX

?H
/;F;GIH
=IGJ

3LCABN



,?56CDE2?5:?8
?E6C8@G6C?>6?E2=
)6=2E:@?D

]
?>
,;=C@C=
#LIP?


LIIEM IF?
+6>2


:
5=073@<=
G
3:
27A3a=
=@5/<7H/B7D=
23
:/
/2;7<7AB@/17b<
13<B@/:
$,7A,/:=
!,==,/:
')!&#

B
*,-#(.
3
-/
(.),()
 
B
*H;I?:;DJ;
O
;B
0?9;FH;I?:;DJ;

B
;DJEHDE
:;B
*H;I?:;DJ;
:;B
!E8?;HDE

&
!)#,()

&)-
'#(#-.,#)-
3
&)-
),!(#-')-
*(#(.-
 
&EI
C?D?IJHEI

&EI
:;F7HJ7C;DJEI
C?D?IJ;H?7B;I
 
&EI
7BJEI
97H=EI
:;
BEI
:;F7HJ7C;DJEI
C?D?IJ;H?7B;I
 
&EI
EH=7D?ICEI
:;F;D:?;DJ;I
:;
BEI
C?D?IJ;H?EI
  
&7
;LEBK9?vD
:;
BEI
;DJ;I
7KJvDECEI
;D
IF7u7
 
.?FEI
:;
;DJ;I
7KJvDECEI
;D
IF7u7
 
&7
:C?D?IJH79?vD
F;H?<qH?97

&
)(.,)&
*)&d.#)

&
'#(#-.,#g(
 
&EI
97H=EI
J;9DE9HnJ?9EI
:;B
Hq=?C;D
:;
H7D9E


&7
7F7H?9?vD
:;
BEI
97H=EI
FEBsJ?9EI
=78?D;J;I
O
I;9H;J7H?EI
:;
IJ7:E

 
&7
FEB?J?P79?vD
:;
B7
9yFKB7
7:C?D?IJH7J?L7
 

&
*,)-)
)&!#)

)*#g(

#-#)(-
 
&EI
79JEH;I
9EB;=?7:EI
7:EF9?vD
FEBsJ?97
:;
B7I
:;9?I?ED;I
  
B
EDI;@E
:;
'?D?IJHEI
 
&7I
EC?I?ED;I
;B;=7:7I
:;B
!E8?;HDE
  
&7
EC?I?vD
!;D;H7B
:;
-;9H;J7H?EI
:;
IJ7:E
O
-K8I;9H;J7H?EI
!--

&EI
79JEH;I
?D:?L?:K7B;I
FH;F7H79?vD
7:C?D?IJH7J?L7
:;
B7I
:;9?I?ED;I
9EB;=?7:7I
 
B
FHE9;IE
:;
7:EF9?vD
:;
:;9?I?ED;I

!MN?
=;J…NOFI
M?
=?HNL;
?H
F;
ILA;HCT;=C‰H
>?
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I
#!
!F
>CM?ˆI
ILA;HCT;NCPI
>?F
JI>?L
?D?=ONCPI
?M
L?F?P;HN?
J;L;
?HN?H>?L
>‰H>?
M?
?H=O?HNL;H
FIM
=?HNLIM
>?=CMILCIM

=‰GI
@FOS?H
F;M
>?=CMCIH?M
S
=‰GI
M?
CG<LC=;H
F;M
?M@?L;M
JIF…NC=;M
S
;>GCHCMNL;NCP;M
?H
F;
=JOF;
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M
,,
>C=CIH;FG?HN?
?M
CHN?L?M;HN?
=IHI=?L
?F
>CM?ˆI
>?
F;M
ILA;HCT;=CIH?M
KO?
>?M?GJ?ˆ;H
F;M
>CMNCHN;M
=IGJ?N?H=C;M
>?
JF;HC@C=;=C‰H

MOJ?LPCMC‰H

L?AOF;=C‰H

JL?MN;=C‰H
S
?P;FO;=C‰H
>?
JIF…NC=;M
S
M?LPC=CIM
J<FC=IM
!H
?MN?
>CM?ˆI
>?<?
>CMNCHAOCLM?
?HNL?
FIM
>?J;LN;G?HNIM
GCHCMN?LC;F?M
S
FIM
ILA;HCMGIM
KO?
=IGJIH?H
F;
>GCHCMNL;=C‰H
CHMNCNO=CIH;F
;>I
KO?
?F
!MN;>I
?M
OH
=IGJF?DI
>?
ILA;HCT;=CIH?M
KO?
NC?H?
OH
?HILG?
CGJ;=NI
?H
?F
L?H>CGC?HNI
>?F
M?=NIL
J<FC=I
;M…
=IGI
F;
JLIJIL=C‰H
>?
A;MNI
J<FC=I
KO?
=IHMOG?

?M
=IHP?HC?HN?
?HN?H>?L
?H
KO‚
G?>C>;
F;M
HO?P;M
ILA;HCT;=CIH?M
KO?
P;H
;J;L?=C?H>I
M?
MIG?N?H
;F
=IHNLIF
JL?MOJO?MN;LCI
S
>?
?@C=;=C;
JIL
J;LN?
>?F
AI<C?LHI
,L?=CM;G?HN?

F;
=IH@CAOL;=C‰H
>?F
AI<C?LHI
S
>?F
?HNILHI
>?
MO
JL?MC>?HN?
?MN;<F?=?
?F
AL;>I
?H
?F
KO?
?F
‰LA;HI
JIF…NC=I
JIL
?R=?F?H=C;
JO?>?
=IHNLIF;L
KO‚
M?
B;=?
?H
F;
>GCHCMNL;=C‰H
!MNIM
N?G;M
M?
NL;N;H
?H
?F
=;J…NOFI

J;LNCL
>?
;BIL;

?F
=;J…NOFI
M?
>CPC>?
?H
=CH=I
;J;LN;>IM
!H
?F
JLCG?LI
M?
;H;FCT;H
F;M
=;L;=N?L…MNC=;M
@OH>;G?HN;F?M
>?F
AI<C?LHI
S
F;M
L;TIH?M
JIL
F;M
KO?
JL?>IGCH;H
FIM
AI<C?LHIM
GCHILCN;LCIM
?H
!MJ;ˆ;
MI<L?
FIM
>?
=I;FC=C‰H
!F
M?AOH>I
;J;LN;>I
?R;GCH;
F;
JLCG;=…;
JL?MC>?H=C;F
MI<L?
?F
AI<C?LHI
J;LF;G?HN;LCI
;
J;LNCL
>?F
G;H>;NI
=IHMNCNO=CIH;F
S
>?
MO
?HNILHI
!H
?F
N?L=?L
;J;LN;>I

M?
?MNO>C;
F;
ILA;HCT;=C‰H
>?
FIM
>?J;LN;G?HNIM
GCHCMN?LC;F?M
CH=FOS?H>I
FIM
ILA;HCMGIM
KO?
@ILG;H
J;LN?
>?
F;
>GCHCMNL;=C‰H
CHMNLOG?HN;F
!F
;J;LN;>I
=O;LNI
M?
=?HNL;
?H
?F
JLI=?MI
G?>C;HN?
?F
=O;F
FIM
=;LAIM
>?
>?MCAH;=C‰H
JIF…NC=;
B;H
C>I
=IHNLIF;H>I
J;OF;NCH;G?HN?
F;
=JOF;
>?
FIM
GCHCMN?LCIM
!F
FNCGI
;J;LN;>I
M?
>?MNCH;
;F
JLI=?MI
=IF?AC;>I
>?
;>IJ=C‰H
>?
>?=CMCIH?M



$&'"(
-
')
"(#&"#
!F
MCMN?G;
?MJ;ˆIF
M?
=;L;=N?LCT;
JIL
M?L
OH
AI<C?LHI
J;LF;G?HN;LCI
=IH
CGJILN;HN?M
?F?G?HNIM
>?
UJL?MC>?H=C;FCT;=C‰HX
!F
,L?MC>?HN?
>?F
#I<C?LHI
?M
F;
=F;P?
@OH>;G?HN;F
>?
?M?
‰LA;HI
=IGJF?DI
/O
@CAOL;
B;
C>I
=I<L;H>I
=IHN?HC>I
=IH
F;
JL}=NC=;
JIF…NC=;
S
?F
?MNCFI
>?
FC>?L;TAI
>?
F;M
>CMNCHN;M
J?LMIH;M
KO?
B;H
>?M?GJ?ˆ;>I
?F
=;LAI

;J;LN?
>?
F;M
;NLC<O=CIH?M
KO?
F?
INILA;
F;
IHMNCNO=C‰H


7
!=0>4/09?0
D
07
'4.0;=0>4/09?0
!F
N?RNI
=IHMNCNO=CIH;F
INILA;
JL??GCH?H=C;
;F
JL?MC>?HN?
MI<L?
?F
AI<C?LHI

S
HI
MCGJF?G?HN?
F;
JIMC=C‰H
>?
OH
AC:>FD
:?E6C
A2C6D
!

;LN

;L

;L

?MN;<F?=?
?MN;
MOJ?LCILC>;>
>?F
JL?MC>?HN?
;
J;LNCL
>?
FIM
MCAOC?HN?M
?F?G?HNIM
!H
JLCG?L
FOA;L

?F
.?S
JLIJIH?
F;
@ILG;=C‰H
>?F
AI<C?LHI
;F
=;H>C>;NI
=OSI
J;LNC>I
B;
I<N?HC>I
HILG;FG?HN?
?F
G;SIL
HG?LI
>?
?M=;ˆIM
J;LF;G?HN;LCIM
!F
=;H>C>;NI
;
JL?MC>?HN?
NC?H?
F;
L?MJIHM;<CFC>;>
@ILG;F
>?
?F;<IL;L
?F
JLIAL;G;
JIF…NC=I
>?F
AI<C?LHI
S
FI
JL?M?HN;
?H
MIFCN;LCI
;
F;
}G;L;
>C=CIH;FG?HN?

F?
=ILL?MJIH>?
;F
JL?MC>?HN?
JLIJIH?L
;F
.?S
?F
HIG<L;GC?HNI
>?
MOM
GCHCMNLIM

MCH
KO?
H;>C?
JO?>;
FCGCN;L
?MN;
PIFOHN;>
,IL
N;HNI

FIM
GCHCMNLIM
>?<?H
MO
JL?M?H=C;
?H
?F
AI<C?LHI
;F
JL?MC>?HN?
S
NC?H?H
S;
OH
JLIAL;G;
>?
AI<C?LHI
KO?
>?<?L…;H
;=;N;L
!H
F;
JL}=NC=;

FIM
UGCHCMNL;<F?MX
M?
?H=;LA;H
>?
;SO>;L
;F
JL?MC>?HN?
?H
F;
?F;<IL;=C‰H
>?F
JLIAL;G;
>?
AI<C?LHI

JIL
FI
KO?
M?
?MJ?L;
KO?
N?HA;H
MCHNIH…;
=IH
?F
=IHN?HC>I
>?
?MN?
JLIAL;G;
(;
@OH=C‰H
JLCGIL>C;F
>?F
,L?MC>?HN?
=IHMCMN?
?H
F;
>CL?==C‰H
>?
F;
;==C‰H
>?F
#I<C?LHI
S
>?
F;
=IIL>CH;=C‰H
>?
MOM
GC?G<LIM
>?G}M
M?
?H=;LA;
>?
L?JL?M?HN;L
;F
#I<C?LHI

?MN;<F?=?L
MO
JLIAL;G;
JIF…NC=I
S
JLIJIH?L
\JL?PC;
>?FC<?L;=C‰H
>?F
IHM?DI
>?
)CHCMNLIM\

F;
>CMIFO=C‰H
>?F
IHAL?MI
S I
>?F
/?H;>I
;M…
=IGI
JF;HN?;L
F;
=O?MNC‰H
>?
=IH@C;HT;
;HN?
?F
IHAL?MI
>?
FIM
CJON;>IM
F
PC=?JL?MC>?HN?
I
PC=?JL?MC>?HN?M
F?
=ILL?MJIH>?
F;M
@OH=CIH?M
?H=IG?H>;>;M
JIL
?F
JL?MC>?HN?
!F
PC=?JL?MC>?HN?
JO?>?
;MOGCL
F;
NCNOF;LC>;>
>?
OH
>?J;LN;G?HNI
GCHCMN?LC;F

JIL
FI
KO?
IMN?HN;L}
;>?G}M
F;
=IH>C=C‰H
>?
GCHCMNLI
(;M
MCAOC?HN?M
=ICH=C>?H=C;M
>?
=;LAIM
B;H
MC>I
N…JC=;M
B;MN;
;BIL;
?H
F;
>?GI=L;=C;
?MJ;ˆIF;
/C
M‰FI
B;S
OH;
PC=?JL?MC>?H=C;
>?F
AI<C?LHI

‚MN;
MO?F?
IMN?HN;L
N;G<C‚H
?F
=;LAI
>?
GCHCMNLI
>?
F;
JL?MC>?H=C;
/IL;S;
/}?T
>?
/;HN;G;L…;
=IH
?F
AI<C?LHI
>?
.;DIS
/C
B;S
G}M
>?
OH;
PC=?JL?MC>?H=C;

OH;
MO?F?
M?L
>?
;MOHNIM
JIF…NC=IM

KO?
JO?>?
>?M?GJ?ˆ;L
?F
GCHCMN?LCI
>?
F;
JL?MC>?H=C;
I
F;
=;LN?L;
>?F
CHN?LCIL
S
F;
JILN;PI=…;
>?F
AI<C?LHI

=IGI
@O?
?F
=;MI
>?
,‚L?T
.O<;F=;<;
?H
OHI
>?
FIM
AI<C?LHIM
>?
6;J;N?LI
*ILG;FG?HN?

F;
M?AOH>;
PC=?JL?MC>?H=C;
M?
;MCAH;
;
MOHNIM
!=IH‰GC=IM

KO?
NC?H?
F;
=;LN?L;
>?
!=IHIG…;
S
$;=C?H>;
!H
OHI
>?
FIM
AI<C?LHIM
>?
6;J;N?LI
M?
HIG<L‰
OH
PC=?JL?MC>?HN?
J;L;
;MOHNIM
>?
JIF…NC=;
N?LLCNILC;F
MCH
L?MJIHM;<CFC>;>?M
GCHCMN?LC;F?M
?MJ?=…@C=;M
O;H>I
B;S
P;LCIM
PC=?JL?MC>?HN?M

M?
?MN;<F?=?
OH;
JL?F;=C‰H
?H
F;
KO?
?F
PC=?JL?MC>?HN?
JLCG?LI
L?=;?
?H
F;
J?LMIH;
?H=;LA;>;
>?
FIM
;MOHNIM
JIF…NC=IM

=IH
FI
KO?
M?
=IHNL;LL?MN;
F;
JLCG;=…;
NL;>C=CIH;F
>?F
GCHCMN?LCI
>?
!=IHIG…;
S
$;=C?H>;

KO?
JO?>;
=IHN;L
;>?G}M
=IH
OH
NCNOF;L
KO?
>?M?GJ?ˆ?
OH;
PC=?JL?MC>?H=C;
!H
FIM
AI<C?LHIM
>?
6;J;N?LI

M?
JLI>ODI
OH;
>O;FC>;>
?HNL?
F;
PC=?JL?MC>?H=C;
>?
MOHNIM
!=IH‰GC=IM
S
F;
>?
MOHNIM
,IF…NC=IM
KO?
JLI>ODI
=C?LN;M
N?HMCIH?M
;
F;
BIL;
>?
;>IJN;L
>?=CMCIH?M
J;L;
L?>O=CL
?F
CGJ;=NI
>?
F;
=LCMCM
?=IH‰GC=;
!H
=;G<CI

.;DIS
HIG<L‰
?H

MIF;G?HN?
;
OH;
PC=?JL?MC>?HN;
>?F
AI<C?LHI

KOC?H
M?
?H=;LA;<;
>?
FIM
;MOHNIM
JIF…NC=IM
S
?F
GCMGI
.;DIS
;MOGC‰
F;
UPC=?JL?MC>?H=C;X
>?
MOHNIM
!=IH‰GC=IM
;F
JL?MC>CL
F;
IGCMC‰H
?F?A;>;
>?
MOHNIM
!=IH‰GC=IM
.
 
!MNI
?M
;FAI
CHOMO;F
?H
F;
BCMNILC;
>?GI=L}NC=;
>?
!MJ;ˆ;
>IH>?
F;
JL?MC>?H=C;
>?
?MN;
=IGCMC‰H
MC?GJL?
B;
=ILL?MJIH>C>I
;F
NCNOF;L
>?
F;
=;LN?L;
>?
!=IHIG…;
S
$;=C?H>;

HOH=;
;F
JL?MC>?HN?
>?G}M

?H
?MN?
=;MI
=IH=L?NI

MC
?F
JL?MC>?HN?
HI
JO?>?
JL?MC>CL
F;
IGCMC‰H
>?
MOHNIM
!=IH‰GC=IM

F?
MOMNCNOS?
F;
PC=?JL?MC>?HN;

 
7
09?:=9:
/07
!=0>4/09?0
/07
:-40=9:
(;
JL?MC>?H=C;FCT;=C‰H
>?F
MCMN?G;
M?
JLI>O=?
HI
M‰FI
JIL
F;M
;NLC<O=CIH?M
=IHMNCNO=CIH;F?M
>?F
JL?MC>?HN?
MCHI
N;G<C‚H
=IGI
=IHM?=O?H=C;
>?F
CH=L?G?HNI
>?
F;M
OHC>;>?M
JIF…NC=;M
>?
MO
?HNILHI
J;L;
=IHNLIF;L
FIM
JLI=?MIM
>?=CMILCIM
>?
F;M
<OLI=L;=C;M
GCHCMN?LC;F?M
NL;>C=CIH;F?M
$?SQII>
S
)IFCH;


"F?CM=B?L
S
,;LL;>I


IFCHI

+FG?>;

!F
?HNILHI
>?
F;
JL?MC>?H=C;
B;
?RJ?LCG?HN;>I
HIN;<F?M
=;G<CIM
?H
FIM
FNCGIM
=O;L?HN;
;ˆIM
!H
?MN?
?HNILHI
B;<L…;
KO?
>CMNCHAOCL
?HNL?
FIM
;M?MIL?M
>?F
,L?MC>?HN?
S
MO
=IH@CAOL;=C‰H
CHMNCNO=CIH;F
?H
?F
A;<CH?N?
KO?
F?
JL?MN;
;JISI
S
OH
=IHDOHNI
>?
‰LA;HIM
KO?
N;G<C‚H
;ORCFC;H
;F
,L?MC>?HN?

J?LI
KO?
NC?H?
OH;
?MNLO=NOL;
G}M
?MN;<F?
S
HI
I@L?=?
L?;FG?HN?
OH
;M?MIL;GC?HNI
JIF…NC=I
;F
JL?MC>?HN?
S
PC=?JL?MC>?HN?M
>?F
AI<C?LHI
!MN?
?HNILHI
?MN;<;
?M=;M;G?HN?
>?M;LLIFF;>I
>OL;HN?
?F
L‚ACG?H
@L;HKOCMN;
$;<…;
OH
J?KO?ˆI
ALOJI
>?
;M?MIL?M
J;L;
FIM
>CP?LMIM
;MOHNIM
GCHCMN?LC;F?M
/?
=L?‰
?F
GCHCMN?LCI
>?
F;
,L?MC>?H=C;
J;L;
KO?
G?>C;M?
?HNL?
?F
JL?MC>?HN?
>?F
AI<C?LHI
S
?F
L?MNI
>?
FIM
GCHCMNLIM
,IMN?LCILG?HN?

?F
?HNILHI
>?F
,L?MC>?HN?
B;
;OG?HN;>I
=IH
F;
=L?;=C‰H
>?
OH
@O?LN?
A;<CH?N?

F;
CHMNCNO=CIH;FCT;=C‰H
>?
;F
G?HIM
OH;
PC=?JL?MC>?H=C;
>?F
AI<C?LHI
?R=?J=CIH;FG?HN?
NL?M
?H
?F
FNCGI
AI<C?LHI
>?
.I>L…AO?T
6;J;N?LI
S
?H
?F
M?AOH>I
>?
/O}L?T
S
F;
=IH@CAOL;=C‰H
>?
OH
=IHDOHNI
>?
‰LA;HIM
=IGI
?F
>?
,ILN;PIT
>?F
#I<C?LHI
S
FIM
>C@?L?HN?M
‰LA;HIM
>?J?H>C?HN?M
>?F
GCHCMN?LCI
>?
F;
,L?MC>?H=C;
/?=L?N;LC;>I
>?F
#I<C?LHI

?HNLI
>?
%HP?MNCA;=CIH?M
/I=CIF‰AC=;M

?HNLI
>?
!MNO>CIM
,IF…NC=IM
S
IHMNCNO=CIH;F?M
?HNL?
INLIM
(IM
‰LA;HIM
>?F
?HNILHI
>?
F;
,L?MC>?H=C;
JO?>?H
P;LC;L
?H
@OH=C‰H
>?
F;M
JL?@?L?H=C;M
>?F
,L?MC>?HN?
!MNIM
‰LA;HIM
?MN}H
HILG;FG?HN?
<;DI
F;
;ONILC>;>
>?F
GCHCMNLI
>?
F;
,L?MC>?H=C;
=OSI
J;J?F
?M
>?M?GJ?ˆ;>I
A?H?L;FG?HN?
JIL
OH
GCHCMNLI
=IH
?F
L;HAI
>?
PC=?JL?MC>?HN?
!F
GCHCMN?LCI
>?
F;
,L?MC>?H=C;
=IH@ILG;
?F
H=F?I
>?=CMILCI
>?F
AI<C?LHI
DOHNI
=IH
FIM
‰LA;HIM
>?
>?=CMC‰H
=IF?AC;>;
=IHM?DI
>?
GCHCMNLIM

=IGCMCIH?M
>?F?A;>;M
>?F
AI<C?LHI
S
IGCMC‰H
#?H?L;F
>?
/?=L?N;LCIM
>?
!MN;>I
S
/O<M?=L?N;LCIM

#/!/

KO?
M?L}H
?RJO?MNIM
?H
INLI
;J;LN;>I
!F
HG?LI
>?
;M?MIL?M
>?F
A;<CH?N?
>?F
JL?MC>?HN?
B;
;OG?HN;>I
?H
;ˆIM
L?=C?HN?M
!M
>C@…=CF
I<N?H?L
OH
HG?LI
@C;<F?
>?
FIM
;M?MIL?M
>?F
JL?MC>?HN?
S
?MN;
=O?MNC‰H
B;
MC>I
I<D?NI
>?
=IHNLIP?LMC;
?H
FIM
G?>CIM
>?
=IGOHC=;=C‰H
/?AH
FIM
>;NIM
JLIJIL=CIH;>IM
JIL
F;M
JO<FC=;=CIH?M
>?
J?LMIH;F
>?F
%#!
%HN?LP?H=C‰H
#?H?L;F
>?
F;
>GCHCMNL;=C‰H
>?F
!MN;>I

?F
JL?MC>?HN?
>?F
AI<C?LHI
J;M‰
>?
N?H?L

;M?MIL?M
?H

;

?H

*I
I<MN;HN?

F;M
JO<FC=;=CIH?M
I@C=C;F?M
>?
F;
%#!
HI
J;L?=?H
L?=IA?L
?F
HG?LI
L?;F
>?
;M?MIL?M
KO?
;M=C?H>?
;
OHIM

;
N?HIL
>?
F;M
=IGJ;L?=?H=C;M
>?F
MO<M?=L?N;LCI
>?
F;
,L?MC>?H=C;
;HN?
?F
,;LF;G?HNI
J;L;
B;<F;L
>?
?MNIM
;MOHNIM
>?G}M

F;
?MNLO=NOL;
>?F
#;<CH?N?
M?
B;
=IGJF?DCT;>I
>OL;HN?
?MN?
J?L…I>I
!H
FIM
JLCG?LIM
AI<C?LHIM
>?GI=L}NC=IM
>?
F;
1

HC
/O}L?T
HC
;FPI
/IN?FI
>?M;LLIFF;LIH
?R=?MCP;G?HN?
MO
?HNILHI
JIF…NC=I;>GCHCMNL;NCPI
/O}L?T
>CMJOMI
>?
OH
A;<CH?N?
S
>?
OHIM
;M?MIL?M
?MJ?=C;F?M
.
 
(IM
;M?MIL?M
?MJ?=C;F?M
>C?LIH
J;MI
;
FIM
=IHM?D?LIM
>?F
JL?MC>?HN?

KOC?H?M
N;G<C‚H
;M?MIL;<;H
CHC=C;FG?HN?
;
FIM
>IM
PC=?JL?MC>?HN?M
!MN;
@CAOL;
>?
=IHM?D?LI
>?A?H?L‰
;L


JO?M
M?
ONCFCT‰
;
GI>I
>?
=IGJ?HM;=C‰H
J;L;
KOC?H?M
HI
B;<…;H
MC>I
?F?AC>IM
J;L;
?F
JO?MNI
>?
GCHCMNLI
.
 
(;M
@OH=CIH?M
>?F
A;<CH?N?
M?
@ILG;FCT;LIH
?H
?F
.
 
/O
@OH=C‰H
JLCH=CJ;F
?M
?F
;M?MIL;GC?HNI
JIF…NC=I
S
N‚=HC=I
>?F
JL?MC>?HN?
S
?F
PC=?JL?MC>?HN?
JIF…NC=I
>?F
AI<C?LHI
>C=CIH;FG?HN?
M?
F?
JO?>?
?H=IG?H>;L
?F
M?AOCGC?HNI
>?
F;M
;=NO;=CIH?M
GCHCMN?LC;F?M
J;L;
@;=CFCN;L
;F
JL?MC>?HN?
F;
=IIL>CH;=C‰H
>?
F;
;==C‰H
AO<?LH;G?HN;F
(;
?MNLO=NOL;
>?F
A;<CH?N?
M?
B;
=IGJF?DCT;>I
=IH
?F
NC?GJI
!F
A;<CH?N?
M?
;LNC=OF;
?H
?J;LN;G?HNIM
M?=NILC;F?M

=OSI
HG?LI
B;
IM=CF;>I
?HNL?

S

J;L;
>CMNCHNIM
JL?MC>?HN?M
>?F
AI<C?LHI
IH
?MNIM
>?J;LN;G?HNIM

FIM
>CMNCHNIM
JL?MC>?HN?M
B;H
JL?N?H>C>I
MOJ?LPCM;L
F;
F;<IL
GCHCMN?LC;F
;F
GCMGI
NC?GJI
KO?
;LNC=OF;H
?H
I=;MCIH?M
JLIJO?MN;M
;FN?LH;NCP;M
;
F;M
I@L?=C>;M
JIL
FIM
?KOCJIM
GCHCMN?LC;F?M
>C=CIH;FG?HN?

=;>;
JL?MC>?HN?
L?M?LP;
OH;M
@OH=CIH?M
JLCILCN;LC;M
J;L;
MO
A;<CH?N?
,IL
?D?GJFI

>OL;HN?
F;
NL;HMC=C‰H

FIM
;M?MIL?M
JL?MC>?H=C;F?M
BC=C?LIH
OH
M?AOCGC?HNI
>?
FIM
=;G<CIM
?=IH‰GC=IM

JIF…NC=IM

GCFCN;L?M
S
;M…
=IGI
>?
F;
;JLI<;=C‰H
>?
F;
IHMNCNO=C‰H
OL;HN?
FIM
JLCG?LIM
AI<C?LHIM
MI=C;FCMN;M

?F
A;<CH?N?
M?
I=OJ‰
G}M
<C?H
>?
F;M
=O?MNCIH?M
MI=C;F?M
S
>?
CH@L;?MNLO=NOL;M

GC?HNL;M
KO?
?F
AI<C?LHI
=IHM?LP;>IL
M?
=?HNL‰
?H
?F
=OGJFCGC?HNI
=IH
FIM
=LCN?LCIM
>?
);;MNLC=BN
J;L;
?F
CHAL?MI
>?
!MJ;ˆ;
?H
F;
TIH;
!OLI
S
?H
F;M
L?F;=CIH?M
>?F
AI<C?LHI
=?HNL;F
=IH
FIM
H;=CIH;FCMGIM
P;M=I
S
=;N;F}H
)IFCH;

OL;HN?
?F
AI<C?LHI
>?
.I>L…AO?T
6;J;N?LI

FIM
N?G;M
KO?
B;H
I=OJ;>I
@OH>;G?HN;FG?HN?
F;
;A?H>;
>?F
A;<CH?N?
B;H
MC>I
?F
N?LLILCMGI

FIM
?MN;NONIM
;ONIH‰GC=IM
S
F;
=LCMCM
?=IH‰GC=;
,;L;
.;DIS

F;
=LCMCM
?=IH‰GC=;
B;
MC>I
=F;P?

J?LI
‚F
B;
JL?@?LC>I
JIH?L
?F
‚H@;MCM
?H
?F
NL;<;DI
>?
F;
IGCMC‰H
?F?A;>;
J;L;
MOHNIM
!=IH‰GC=IM
>?
F;
KO?
M?
HIG<L‰
;
M…
GCMGI
JL?MC>?HN?
(;
=;J;=C>;>
>?
=IIL>CH;=C‰H
JIF…NC=;
>?F
>CL?=NIL
>?F
A;<CH?N?
M?
>?LCP;
HI
M‰FI
>?
MOM
L?OHCIH?M
M?G;H;F?M
=IH
?F
JL?MC>?HN?
MCHI
N;G<C‚H
>?F
J;J?F
KO?
>?M?GJ?ˆ;
?H
F;
JL?J;L;=C‰H
>?
F;M
>CP?LM;M
L?OHCIH?M
>?
FIM
‰LA;HIM
=IF?AC;>IM
>?F
AI<C?LHI
,IL
?D?GJFI

?F
>CL?=NIL
>?F
A;<CH?N?

KO?
NC?H?
?F
L;HAI
>?
M?=L?N;LCI
>?
!MN;>I

;MCMN?
;
F;
=IGCMC‰H
>?
M?=L?N;LCIM
>?
!MN;>I
S
MO<M?=L?N;LCIM

>C@?L?H=C;
>?F
>CL?=NIL
>?F
A;<CH?N?

KO?
?M
MIF;G?HN?
OH
;M?MIL

FIM
M?=L?N;LCIM
>?
!MN;>I
GCHCMN?LC;F?M
NC?H?H
L?MJIHM;<CFC>;>?M
MI<L?
>?N?LGCH;>IM
JLIAL;G;M
>?
;=NO;=C‰H
!F
>CL?=NIL
>?F
A;<CH?N?

CH>?J?H>C?HN?G?HN?
>?
KOC?H
B;S;
I=OJ;>I
?F
=;LAI

;J?H;M
;J;L?=?
?H
FIM
G?>CIM
>?
=IGOHC=;=C‰H
*I
?M
CH@L?=O?HN?

M?AH
>CP?LM;M
?HNL?PCMN;M
L?;FCT;>;M

KO?
JO?>;
=IHPI=;L
;
FIM
GCHCMNLIM
;
L?MIFP?L
MOM
>CMJON;M
S
>C@?L?H=C;M

=IHPCLNC‚H>IM?
;M…
?H
OH;
@CAOL;
JLIGCH?HN?
?H
?F
M?HI
>?F
JI>?L
?D?=ONCPI
 

#&"#
!F
AI<C?LHI
=?HNL;F
?MJ;ˆIF
J?LN?H?=?
;F
ALOJI
>?
L?A…G?H?M
J;LF;G?HN;LCIM
=IH
OH;
@ILG;=C‰H
S
=IHNCHOC>;>
KO?
>?J?H>?
>?
F;
=IH@C;HT;
JIF…NC=;
>?
F;M
=}G;L;M
F?ACMF;NCP;M
!MN?
AI<C?LHI
JO?>?
N?H?L
OH;
?MNLO=NOL;
@F?RC<F?
?H
=O;HNI
;
MO
=IGJIMC=C‰H
!H
F;
L?=C?HN?
BCMNILC;
>?GI=L}NC=;

?F
AI<C?LHI
B;
?MN;>I
@ILG;>I
JIL
?F
JL?MC>?HN?

?F
PC=?JL?MC>?HN?
S
FIM
GCHCMNLIM
=OS;M
=;L;=N?L…MNC=;M
M?
NL;N;H
G}M
;<;DI
/?AH
>CP?LMIM
=LCN?LCIM
=IGI
F;
JL?M?H=C;
>?
OH
J;LNC>I
?H
?F
AI<C?LHI

F;
?MN;H=C;
>?F
JL?MC>?HN?

F;
>OL;=C‰H
>?
F;
F?ACMF;NOL;

?F
NCJI
>?
;JISIM
>?F
AI<C?LHI
GCHILCN;LCI
S
F;M
=I;FC=CIH?M
J;LF;G?HN;LC;M
KO?
;JIS;H
;F
AI<C?LHI

FIM
AI<C?LHIM
?H
!MJ;ˆ;
B;H
MC>I
<;MN;HN?
?MN;<F?M
?HNL?

S

!H
?M?
J?L…I>I

F;
>OL;=C‰H
G?>C;
>?F
JL?MC>?HN?
?H
?F
JO?MNI
@O?
>?


;ˆIM
S
F;
>?F
J;LNC>I


;ˆIM
.I>L…AO?T
0?LO?F

!H
F;
BCMNILC;
>?GI=L}NC=;
L?=C?HN?
>?
!MJ;ˆ;

M?
B;H
;FN?LH;>I
AI<C?LHIM
G;SILCN;LCIM
S
GCHILCN;LCIM
>?M>?

(IM
AI<C?LHIM
=IH
GCHIL…;
J;LF;G?HN;LC;
B;H
MC>I
FIM
MCAOC?HN?M
FIM
>IM
JLCG?LIM
AI<C?LHIM
>?
/O}L?T
S
?F
>?
;FPI
/IN?FI
?M
>?=CL



>?
F;
1
1HC‰H
>?
?HNLI
?GI=L}NC=I
FIM
>IM
FNCGIM
AI<C?LHIM
>?
#IHT}F?T


?F
JLCG?L
AI<C?LHI
>?
TH;L

S

FIM
>IM
AI<C?LHIM
>?
6;J;N?LI

S
?F
M?AOH>I
AI<C?LHI
>?
.;DIS

!H
>?@CHCNCP;

FIM
AI<C?LHIM
GCHILCN;LCIM
B;H
JL?>IGCH;>I
MI<L?
FIM
G;SILCN;LCIM
P‚;M?
F;
0;<F;

!H
?MNIM
=;MIM

FIM
>CLCA?HN?M
>?F
,,
S
>?F
,/+!
J;=N;LIH
=IH
FIM
J;LNC>IM
H;=CIH;FCMN;M
>?F
,;…M
2;M=I
,*2

,;LNC>I
*;=CIH;FCMN;
2;M=I

;N;FOˆ;
C1

IHP?LA„H=C;
C
1HC‰

S
F;M
%MF;M
;H;LC;M


I;FC=C‰H
;H;LC;
J;L;
@ILG;L
AI<C?LHI
$%.$

$?3@723;A3@
239
<073?;<
23
@=/`/
E
A7=<@
23
5<073?;<
 
316/
23
4<?:/17a;
23
5<073?;< 316/
23
47;/97F/17a; (7=<
23
5<073?;< $/?A72<
$<9_A71<

@KB C7H '?DEH?J7H?E

:EB<E
-KnH;P
!EDPnB;P
C7H <;8 '?DEH?J7H?E /

&;EFEB:E
7BLE
-EJ;BE <;8 :?9 '?DEH?J7H?E

:?9 @KB '7OEH?J7H?E

@KB :?9 '7OEH?J7H?E

;B?F;
!EDPnB;P *-)
:?9 @KB '?DEH?J7H?E

@KB C7O '?DEH?J7H?E

C7O 78H '?DEH?J7H?E

$EIq
'7Hs7
PD7H **
78H 78H '7OEH?J7H?E

78H  78H '?DEH?J7H?E

$EIq
&K?I
,E:Hs=K;P
47F7J;HE *-)
 78H :?9 '?DEH?J7H?E

'7H?7DE
,7@EO :?9 ;D; '7OEH?J7H?E

'7H?7DE
,7@EO ;D; DEL  D
<KD9?ED;I **

'7H?7DE
,7@EO DEL  '?DEH?J7H?E

CMNCHN;M
;LAOG?HN;=CIH?M
?RJFC=;H
F;
JL?>IGCH;H=C;
>?
FIM
AI<C?LHIM
GCHILCN;LCIM

MI<L?
FIM
AI<C?LHIM
>?
=I;FC=C‰H

N…JC=I
>?
INLIM
J;…M?M
=IGI
F?G;HC;

FIM
,;…M?M
;DIM
I
‚FAC=;
!H
MO
NL;<;DI
MI<L?
FIM
AI<C?LHIM
GCHILCN;LCIM
?H
!MJ;ˆ;

"C?F>

>?M?=B;
F;M
?RJFC=;=CIH?M
>?
MOM
?HNL?PCMN;>IM
KO?
G;HNC?H?H
KO?
HI
?RCMN?
AI<C?LHI
>?
=I;FC=C‰H
?H
?F
HCP?F
=?HNL;F
;
JILKO?
HI
B;S
=OFNOL;
>?
@ILG;L
>C=BIM
AI<C?LHIM
<
JILKO?
?RCMN?
L?GCHCM=?H=C;M
>?
F;
CH?MN;<CFC>;>
>?
FIM
AI<C?LHIM
>?
=I;FC=C‰H
>OL;HN?
F;
/?AOH>;
.?J<FC=;


/C
?MNI
@O?L;
;M…

HI
M?
JI>L…;H
DOMNC@C=;L
FIM
AI<C?LHIM
>?
=I;FC=C‰H
?H
;FAOH;M
IGOHC>;>?M
ON‰HIG;M

>OL;HN?
F;
?RJ?LC?H=C;
>?GI=L}NC=;
L?=C?HN?
/C
M?
>?M=;LN;H
?MN;M
?RJFC=;=CIH?M

F;
JL?JIH>?L;H=C;
>?
FIM
AI<C?LHIM
GCHILCN;LCIM
M?
L;TIH;
>?
INL;
@ILG;
!H
JLCG?L
FOA;L

;FAOHIM
G;HNC?H?H
KO?
FIM
J;LNC>IM
H;=CIH;FCMN;M
JL?@C?L?H
?MNIM
J;=NIM
?H
P?T
>?
OH
AI<C?LHI
>?
=I;FC=C‰H
JILKO?
JO?>?H
I<N?H?L
<?H?@C=CIM
J;L;
MO
?F?=NIL;>I
G?>C;HN?
NL;HM@?L?H=C;M
>?
L?=OLMIM
>?F
=?HNLI
;
MOM

L?MJ?=NCP;M
MCH
F;
H?=?MC>;>
>?
J;LNC=CJ;L
?H
F;
;>IJ=C‰H
>?
G?>C>;M
CGJIJOF;L?M
#O?LL?LI

!MNI
?M
OH;
@ILG;
>CL?=N;
>?
?RJL?M;L
KO?
FIM
CHN?L?M?M
>?
FIM
J;LNC>IM
H;=CIH;F?M
S
FIM
H;=CIH;FCMN;M
>CP?LA?H
S
FIM
<?H?@C=CIM
>?
@ILG;L
OH
AI<C?LHI
>?
=I;FC=C‰H
HI
M;NCM@;=?H
MOM
L?MJ?=NCP;M
;MJCL;=CIH?M
>?
F;
GCMG;
G;H?L;
);N;M

.?HC

)}M
?H
=IH=L?NI

.?HC

JLIJIH?
KO?
FIM
J;LNC>IM
?MN;N;F?M
NC?H?H
=IGI
@CH
CHMNLOG?HN;F
F;
JIF…NC=;
;ONIH‰GC=;
GC?HNL;M
KO?
@ILG;L
AI<C?LHI
H;=CIH;F
S
N?H?L
;JISI
J;LF;G?HN;LCI
=IHMNCNOS?H
MOM
@CH?M
CHNL…HM?=IM
!H
=;G<CI

J;L;
FIM
J;LNC>IM
H;=CIH;FCMN;M

?F
@CH
FNCGI
?MN}
PCH=OF;>I
;
F;
JIF…NC=;
;ONIH‰GC=;

GC?HNL;M
KO?
?F
AI<C?LHI
H;=CIH;F
L?JL?M?HN;
J;L;
?FFIM
OH
@CH
CHMNLOG?HN;F
"C?F>


S
MM
L?@CH;
?MN?
;LAOG?HNI
G;HN?HC?H>I
KO?
;G<IM
J;LNC>IM
H;=CIH;F?M
S
;ONIH‰GC=IM
<OM=;H
=IHM?AOCL
@ILG;L
AI<C?LHI
?H
F;M


;OHKO?
FIM
J;LNC>IM
;ONIH‰GC=IM
M?
=IH=?HNL;H
?H
@ILG;L
AI<C?LHI
?H
MO
L?AC‰H
S
?F
J;LNC>I
H;=CIH;F
JL?@C?L?
?F
AI<C?LHI
H;=CIH;F
(;
CHP?MNC>OL;
M?
JO?>?
JLI>O=CL
@}=CFG?HN?
JILKO?
HCHAH
J;LNC>I
H;=CIH;FCMN;
;LLC?MA;L…;
OH;M
HO?P;M
?F?==CIH?M
?H
F;M
KO?
?F
J;LNC>I
H;=CIH;F
=IHMCAOC?L;
@ILG;L
AI<C?LHI
G;SILCN;LCI
S
J?L>C?L;
NI>;
MO
=;J;=C>;>
>?
CH@FO?H=C;
1H
M?AOH>I
ALOJI
>?
?RJFC=;=CIH?M
M?
;NLC<OS?
;F
=IHN?RNI
M?AH
"C?F>

,IL
?D?GJFI

?H
?F
JLCG?L
AI<C?LHI
>?
/O}L?T

HI
M?
L?KO?L…;
OH
PINI
>?
CHP?MNC>OL;
>?
F;M
ILN?M
J;L;
@ILG;L
AI<C?LHI
(IM
>IM
AI<C?LHIM
JIMN?LCIL?M
M?
?H=;LA;LIH
>?
J;=N;L
FIM
AL;H>?M
;=O?L>IM
JIF…NC=IM
S
?=IH‰GC=IM
>?
F;
NL;HMC=C‰H

JIL
FI
KO?
M?
CHN?LJL?N;
KO?
FIM
;FC;>IM
>?
?MNIM
J;=NIM
HI
KO?LL…;H
M?ˆ;F;LM?
=IGI
GC?G<LIM
>?
F;
=I;FC=C‰H
MOLAC>;
J;L=C;FG?HN?
>?F
L‚ACG?H
@L;HKOCMN;

HI
@O?L;H
;
J?L>?L
MOM
IJ=CIH?M
J;L;
=IHM?AOCL
?F
AI<C?LHI
?H
?F
GIG?HNI
>?
=IHMIFC>;=C‰H
>?
F;
>?GI=L;=C;
+NLI
@;=NIL
>?
=IHN?RNI
@O?
F;
=LCMCM
?=IH‰GC=;
S
=L…NC=;
MI<L?
F;
=ILLOJ=C‰H
JIF…NC=;
>?F
AI<C?LHI
MI=C;FCMN;
>?

KO?
JO>I
;=IHM?D;L
;
FIM
>CMNCHNIM
J;LNC>IM
HI
?HNL;L
?H
?F
AI<C?LHI
>?F
,/+!
,;L=C;FG?HN?

M?
JI>L…;
>?=CL
KO?
F;M
;=OM;=CIH?M
>?
=ILLOJ=C‰H
JIF…NC=;
;
=;LAIM
>?F
,,
B;H
JI>C>I
>C@C=OFN;L
F;
JIMC<CFC>;>
>?
@ILG;L
OH
AI<C?LHI
>?
=I;FC=C‰H
=IH
INLIM
J;LNC>IM
?H
F;M
?F?==CIH?M
>?

S

1H
N?L=?L
ALOJI
>?
?RJFC=;=CIH?M
M?
L?@C?L?
;F
MCMN?G;
?F?=NIL;F
S
=‰GI
?MN?
MCMN?G;
JLIJIL=CIH;F
@;PIL?=?
F;
@ILG;=C‰H
>?
AI<C?LHIM
G;SILCN;LCIM
!H
FIM
=;MIM
>?
AI<C?LHIM
GCHILCN;LCIM

?F
J;LNC>I
A;H;>IL
HOH=;
B;
H?=?MCN;>I
G}M
>?

?M=;ˆIM
J;L;
@ILG;L
AI<C?LHI
,IL
N;HNI

MC
?RCMN?
OH;
>C@?L?H=C;
N;H
>?MJLIJIL=CIH;>;
?HNL?
?F
J;LNC>I
A;H;>IL
S
FIM
J;LNC>IM
>?
CGJF;HN;=C‰H
L?ACIH;F
=IH
FIM
KO?
@ILG;L
?F
AI<C?LHI
>?
=I;FC=C‰H

?M
>C@…=CF

KO?
FIM
F…>?L?M
>?
FIM
J;LNC>IM
L?ACIH;F?M
N?HA;H
CH=?HNCPIM
;
@ILG;LFIM
IGI
=IHM?=O?H=C;
>?
?MN?
HG?LI
L?>O=C>I
>?
?M=;ˆIM

FIM
J;LNC>IM
GCHILCN;LCIM
JI>L…;H
;==?>?L
=IGI
G}RCGI
;
OHI
I
>IM
GCHCMN?LCIM
,IL
N;HNI

;MOGCL…;H
F;
L?MJIHM;<CFC>;>
>?
F;M
;==CIH?M
AO<?LH;G?HN;F?M
=IH
G?HIM
>?
OH;
=O;LN;
J;LN?
>?
F;
L?MJIHM;<CFC>;>
?H
N;L?;M
GCHCMN?LC;F?M
!MNI
B;
=;G<C;>I
MOMN;H=C;FG?HN?
?H
F;M
?F?==CIH?M
>?

S

,IL
FNCGI

F;M
L?AF;M
>?
F;
CHP?MNC>OL;
J;L;
@ILG;L
AI<C?LHI
N;G<C‚H
NC?H?H
L?F?P;H=C;
"C?F>

;>I
KO?
?F
J;LNC>I
?H=;LA;>I
>?
@ILG;L
AI<C?LHI
KO?
HI
N?HA;
F;
G;SIL…;
;<MIFON;
JO?>?
@ILG;L
AI<C?LHI
?H
OH;
M?AOH>;
PO?FN;
=IH
F;
;<MN?H=C‰H
>?
INLIM
J;LNC>IM

?MN;M
L?AF;M
@;=CFCN;H
F;
@ILG;=C‰H
>?
AI<C?LHIM
GCHILCN;LCIM
/CH
?G<;LAI

N;F
=IGI
HIM
L?=O?L>;
?MN;
;ONIL;

M;FPI
OH
AI<C?LHI

NI>IM
FIM
AI<C?LHIM
GCHILCN;LCIM
>?
!MJ;ˆ;
M?
@ILG;LIH
?H
JLCG?L;
PO?FN;
!H
GO=BIM
=;MIM

?F
PINI
;
@;PIL
>?F
=;H>C>;NI
=IH
G}M
PINIM
HI
MOJIH?
F;
@CLG;
>?
OH
J;=NI
@ILG;F

MCHI
KO?
M?
L?MO?FP?
?H
F;M
PIN;=CIH?M
?H
F;
}G;L;
?
;=O?L>I
=IH
OH
?MNO>CI
>?
"C?F>



?F
L?H>CGC?HNI
F?ACMF;NCPI
>?
FIM
AI<C?LHIM
GCHILCN;LCIM
?M
GOS
MCGCF;L
;F
>?
FIM
AI<C?LHIM
G;SILCN;LCIM
JO?M
?HNL?

S


;G<IM
NCJIM
>?
AI<C?LHI
=IHMCAOC?LIH
;JLI<;L
?F

>?
F;
F?ACMF;=C‰H
JLIJO?MN;

G?DIL;H>I
F;M
L;NCIM
>?
AI<C?LHIM
GCHILCN;LCIM
>?
INLIM
J;…M?M
,IL
N;HNI

FIM
AI<C?LHIM
GCHILCN;LCIM
M?
B;H
=IGJILN;>I
=IGI
FIM
G;SILCN;LCIM
 
#'
!"'(&#'
-
#'
#&"'!#'
$""('
(;
=JOF;
GCHCMN?LC;F
?MN}
@ILG;>;
JIL
FIM
‰LA;HIM
MOJ?LCIL?M
FIM
GCHCMNLIM
S
FIM
M?=L?N;LCIM
>?
!MN;>I

S
FIM
‰LA;HIM
>CL?=NCPIM
FIM
MO<M?=L?N;LCIM

FIM
M?=L?N;LCIM
A?H?L;F?M

FIM
M?=L?N;LCIM
A?H?L;F?M
N‚=HC=IM

FIM
>CL?=NIL?M
A?H?L;F?M
S
FIM
MO<>CL?=NIL?M
A?H?L;F?M

=IHNCHO;=C‰H
M?
>?N;FF;H
MOM
=;L;=N?L…MNC=;M
JLCH=CJ;F?M


:>
8494>?=:>
(IM
GCHCMNLIM
NC?H?H
OH;
>I<F?
H;NOL;F?T;
JIF…NC=;
S
;>GCHCMNL;NCP;
!MN;
@CAOL;
M?
?H=O?HNL;
L?AOF;>;
JIL
F;M
F?S?M
 
S
 
!HNL?
MOM
@OH=CIH?M
JLCH=CJ;F?M

FIM
GCHCMNLIM
>?<?H
>?M;LLIFF;L
F;
;==C‰H
AO<?LH;G?HN;F
?H
MO
?J;LN;G?HNI

CGJF;HN;H>I
FIM
;=O?L>IM
;>IJN;>IM
?H
?F
IHM?DI
>?
)CHCMNLIM
S
MCAOC?H>I
F;M
>CL?=NLC=?M
>?F
JL?MC>?HN?
!F
GCHCMNLI
JO?>?
GI>C@C=;L
?F
>CM?ˆI
ILA;HCT;NCPI
>?
MO
>?J;LN;G?HNI

@CD;L
MOM
I<D?NCPIM

?P;FO;LFIM
S
>CLCACL
FIM
‰LA;HIM
MOJ?LCIL?M
>C=CIH;FG?HN?

F?
=ILL?MJIH>?H
;F
GCHCMNLI
F;M
=IGJ?N?H=C;M
L?F;=CIH;>;M
=IH
F;
A?MNC‰H
>?
FIM
G?>CIM
JL?MOJO?MN;LCIM
S
BOG;HIM
KO?
M?
;MCAH?H
;F
?J;LN;G?HNI
J;L;
=OGJFCL
F;M
@OH=CIH?M
KO?
M?
F?
;>M=LC<?H
>?G}M
>?
FIM
GCHCMNLIM
>?J;LN;G?HN;F?M

F;
F?ACMF;=C‰H
J?LGCN?
F;
?RCMN?H=C;
>?
GCHCMNLIM
MCH
=;LN?L;

;
FIM
KO?
M?
F?M
JO?>?
;NLC<OCL
F;
L?MJIHM;<CFC>;>
>?
>?N?LGCH;>;M
@OH=CIH?M
AO<?LH;G?HN;F?M
S
MIH
GC?G<LIM
>?F
IHM?DI
>?
)CHCMNLIM
!MN;
@CAOL;
JO?>?
M?L
NCF
J;L;
?F
=;MI
>?
OH
AI<C?LHI
>?
=I;FC=C‰H
I
J;L;
KO?
?F
,L?MC>?HN?
>?F
#I<C?LHI
JO?>;
=IHN;L
=IH
;FAOH;
@CAOL;
JIF…NC=;
L?F?P;HN?
?M>?
F;
‚JI=;
>?
F;
NL;HMC=C‰H
HI
M?
B;H
HIG<L;>I
GCHCMNLIM
MCH
=;LN?L;
?H
HO?MNLI
MCMN?G;
(IM
GCHCMNLIM
;>IJN;H
>?=CMCIH?M
@ILG;FG?HN?
;
NL;P‚M
>?
F;M
‰L>?H?M

F;M
>CMJIMC=CIH?M
S
F;M
L?MIFO=CIH?M
GCHCMN?LC;F?M
O;H>I
F;
HILG;
;@?=N?
;
P;LCIM
?J;LN;G?HNIM
L?P?MNCL}
F;
@ILG;
>?
+L>?H
>?F
)CHCMNLI
>?
F;
,L?MC>?H=C;

>C=N;>;
;
JLIJO?MN;
>?
FIM
)CHCMNLIM
CHN?L?M;>IM
(?S
 

;LN

/?AH
.I>L…AO?T
0?LO?F



@L?HN?
;
F;
AL;H
?MN;<CFC>;>
>?F
AI<C?LHI
?H
!MJ;ˆ;

M?
B;
JLI>O=C>I
JI=;
?MN;<CFC>;>
>?HNLI
>?F
AI<C?LHI
?HNL?

S

!H
A?H?L;F
M?
B;
JLI>O=C>I
OH;
;FN;
LIN;=C‰H
>?
GCHCMNLIM
S
HI
M?
MO?F?
L?=OLLCL
;
GCHCMNLIM
>?F
GCMGI
J;LNC>I
KO?
B;S;H
>?M?GJ?ˆ;>I
MO
J;J?F
?H
F?ACMF;NOL;M
;HN?LCIL?M
*I
I<MN;HN?

B;S
>C@?L?H=C;M
?HNL?
JL?MC>?HN?M
(IM
AI<C?LHIM
>?
/O}L?T
NOPC?LIH
G;SIL
LIN;=C‰H

JO?M
HIG<L‰

GCHCMNLIM
?H


;ˆIM
>?
G;H>;NI
S
GC?HNL;M
KO?
#IHT}F?T
>?MCAH‰

?H


;ˆIM

 
:>
/0;,=?,809?:>
8494>?0=4,70>
!F
HG?LI

FIM
HIG<L?M
S
F;M
@OH=CIH?M
>?
FIM
>?J;LN;G?HNIM
GCHCMN?LC;F?M
B;H
=;G<C;>I
?H
FIM
FNCGIM
NL?CHN;
;ˆIM
,IFFCNN

C>?HNC@C=‰
P;LC;M
L;TIH?M
J;L;
F;
=L?;=C‰H
S
MOJL?MC‰H
>?
>?J;LN;G?HNIM
GCHCMN?LC;F?M
?H
MO
?MNO>CI
>?
F;M
L?GI>?F;=CIH?M
>?F
AI<C?LHI
<LCN}HC=I
FAOH;M
>?
F;M
L;TIH?M
?RJO?MN;M
M?
JO?>?H
;JFC=;L
;
F;M
L?GI>?F;=CIH?M
GCHCMN?LC;F?M
?H
!MJ;ˆ;
/?AH
,IFFCNN

FIM
GCHCMN?LCIM
MIH
=L?;>IM
J;L;
W
;L
OH
J?MI
?MJ?=C;F
;
OH;
JIF…NC=;
>?N?LGCH;>;

I
G;L=;L
OH
=;G<CI
>?
>CL?==C‰H
?H
OH;
JIF…NC=;
?RCMN?HN?
JIL
?D?GJFI

=L?;H>I
?F
GCHCMN?LCI
>?
2CPC?H>;
?H


=IHP?LNC>I
JIMN?LCILG?HN?
?H

?H
M?=L?N;L…;
>?
!MN;>I

>?J?H>C?HN?
>?F
GCHCMN?LCI
 >?
"IG?HNI
L?;=C‰H
>?
OH
GCHCMN?LCI
>?
?=IHIG…;
;F
KO?
M?
F?
OH?
F;
L<LC=;
>?
=IGJ?NCNCPC>;>
>OL;HN?
?F
JLCG?L
AI<C?LHI
>?
.;DIS
I
@OMCIH;L
$;=C?H>;
=IH
>GCHCMNL;=CIH?M
J<FC=;M
J;L;
;M?AOL;LM?
?F
‚RCNI
?H
F;M
L?@ILG;M
>?
;OMN?LC>;>
JLCG?L
AI<C?LHI
>?
.;DIS
W
;L
OH;
CGJL?MC‰H
>?
>CH;GCMGI
S
L?@ILG;
JLIAL?MCMN;
JIL
?D?GJFI

?F
GCHCMN?LCI
>?
F;
%AO;F>;>
?H
!MJ;ˆ;

=L?;>I
?H

S
=IHP?LNC>I
?H
/?=L?N;L…;
>?
!MN;>I
>?J?H>C?HN?
>?F
GCHCMN?LCI
>?
/;HC>;>
?H

W
>;JN;LM?
G?DIL
;
FIM
=;G<CIM
>?F
?HNILHI
JIL
?D?GJFI

GCHCMN?LCI
>?
0L;<;DI
?
%HGCAL;=C‰H

;F
;ˆ;>CL
UCHGCAL;=C‰HX
?RJF…=CN;G?HN?
?H

W
#?MNCIH;L
@OH=CIH?M
=IGJF?N;G?HN?
HO?P;M
?H
?F
AI<C?LHI
=?HNL;F
JIL
?D?GJFI

?F
GCHCMN?LCI
>?F
)?>CI
G<C?HN?

=O;H>I
;J;L?=C‰
JIL
JLCG?L;
P?T
?H

W
.?<;D;L
FIM
JLI<F?G;M
>?F
,LCG?L
)CHCMNLI
>?MJF?A;H>I
S
?KOCFC<L;H>I
F;M
}L?;M
>?
CH@FO?H=C;
S
B;<CFC>;>?M
>?
MOM
=IF?A;M
>CPCMC‰H
>?F
GCHCMN?LCI
>?
!=IHIG…;
S
$;=C?H>;
=IH
?F
AI<C?LHI
TH;L
?H
)CHCMN?LCI
>?
!=IHIG…;
S
GCHCMN?LCI
>?
$;=C?H>;
?HNL?

S

S
>?
.;DIS
>?M>?

(IM
GCHCMN?LCIM
NC?H?H
OH;
JIMC=C‰H
>C@?L?H=C;>;
?H
@OH=C‰H
>?
F;M
=IGJ?N?H=C;M
;NLC<OC>;M

>?
FIM
L?=OLMIM
@CH;H=C?LIM
KO?
G;H?D;H
\MC
MIH
CHP?LMIL?M
I
G?LIM
U=IHMOGC>IL?MX\

>?
FIM
L?=OLMIM
J?LMIH;F?M
KO?
A?MNCIH;H

>?F
UJ?MI
JIF…NC=IX
>?
MOM
GCHCMNLIM
S
MOM
L?F;=CIH?M
=IH
?F
,L?MC>?HN?

I
?F
CHN?L‚M
INILA;>I
;
F;M
G;N?LC;M
>?F
>?J;LN;G?HNI
?H
F;
JIF…NC=;
A?H?L;F
>?F
AI<C?LHI
!H
F;
>?GI=L;=C;
?MJ;ˆIF;
?F
HG?LI
>?
>?J;LN;G?HNIM
B;
IM=CF;>I
?HNL?

S


HG?LI
>?
GCHCMN?LCIM
>?F
JLCG?L
S
>?F
M?AOH>I
AI<C?LHI
>?
);LC;HI
.;DIS
!H
A?H?L;F

FIM
GCHCMN?LCIM
>?
G;SIL
J?MI
J;L;
?F
,L?MC>?HN?
>?F
#I<C?LHI
MIH
MOHNIM
!RN?LCIL?M
S
!=IHIG…;
S
$;=C?H>;
MCGCMGI
NC?H?
?MJ?=C;F
L?F?P;H=C;
?F
>?J;LN;G?HNI
?H
KO?
M?
CHN?AL;
F;
/?=L?N;L…;
>?F
#I<C?LHI
GCHCMN?LCI
>?
,L?MC>?H=C;

JIL
?F
CGJ;=NI
KO?
NC?H?
?H
F;
=IIL>CH;=C‰H
>?
NI>;
F;
;=NCPC>;>
>?F
AI<C?LHI
P‚;M?
G}M
;<;DI
(;
CGJILN;H=C;
L?F;NCP;
>?F
)CHCMN?LCI
>?
MOHNIM
!RN?LCIL?M
M?
B;
PCMNI
CHN?HMC@C=;>;
JIL
?F
JLI=?MI
>?
CHN?AL;=C‰H
?OLIJ?;
/?
L?@O?LT;
MO
JIMC=C‰H
?MJ?=C;F
S;
KO?
?M
?F
HC=I
GCHCMNLI
KO?
;MCMN?
DOHNI
;F
JL?MC>?HN?
;F
IHM?DI
!OLIJ?I

?MNI
?M

F;
=OG<L?
>?
&?@?M
>?
!MN;>I
>?
F;
1HC‰H
!OLIJ?;
!MN?
‰LA;HI
=IHMNCNOS?
?F
JLCH=CJ;F
GINIL
JIF…NC=I
>?
F;
IGOHC>;>
S
M?
L?H?
M?G?MNL;FG?HN?
!MNI
CGJFC=;
OH;
?MNL?=B;
=?L=;H…;
;F
,L?MC>?HN?
>?F
#I<C?LHI
!MN;
L?F;=C‰H
M?
L?@O?LT;
JILKO?
F;M
L?OHCIH?M
>?F
IHM?DI
M?
=?F?<L;H
;
JO?LN;
=?LL;>;
,IL
FNCGI

F;
H;NOL;F?T;
>?F
NL;<;DI
>?
?MN?
GCHCMN?LCI
?H
!OLIJ;
@;PIL?=?
MO
=IHI=CGC?HNI
>?
F;M
G;N?LC;M
>?
FIM
>?G}M
?J;LN;G?HNIM

;OHKO?
MCH
FF?A;L
;F
=IHI=CGC?HNI
?MJ?=C;FCT;>I
>?
FIM
;MOHNIM
>?J;LN;G?HN;F?M
(;M
>CL?=NLC=?M
>?F
)CHCMN?LCI
>?
$;=C?H>;
=IH>C=CIH;H
F;M
>?=CMCIH?M
CHP?LMIL;M
>?
FIM
>?G}M
>?J;LN;G?HNIM

F;
PC;<CFC>;>
>?
F;M
JIF…NC=;M
GCHCMN?LC;F?M
S
FIM
L?=OLMIM
>CMJIHC<F?M
J;L;
MO
@OH=CIH;GC?HNI
JF;HNCFF;
>?
J?LMIH;F

;>KOCMC=C‰H
>?
<C?H?M
S
?KOCJIM

S
L?=OLMIM
J;L;
F;M
L?@ILG;M
;>GCHCMNL;NCP;M
!MN?
?J;LN;G?HNI
N;G<C‚H
JO?>?
CH@FOCL
?H
F;
MCNO;=C‰H
?=IH‰GC=;
A?H?L;F
=IH
F;
A?MNC‰H
>?
F;
?RJ;HMC‰H
I
F;
>?
FIM
L?=ILN?M
!F
JLCH=CJ;F
CHMNLOG?HNI
>?
?MN?
GCHCMN?LCI
?M
F;
?F;<IL;=C‰H
>?F
;HN?JLIS?=NI
>?
F;
F?S
>?
FIM
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
S

?H
F;
;=NO;FC>;>

MOJ?LPCM;L
>?
=?L=;
F;
G;L=B;
>?
F;M
L?@ILG;M
>?
F;
;OMN?LC>;>
P‚;M?
?F
=;J…NOFI

 0L;>C=CIH;FG?HN?

?MN?
GCHCMN?LCI
?M
?F
KO?
JLIJIH…;
?F
G;SIL
HG?LI
>?
;MOHNIM
;JLI<;>IM
?H
?F
IHM?DI
>?
)CHCMNLIM

F;
G;SIL
=;HNC>;>
>?
CH@ILG?M
CH=FOC>IM
?H
?F
pH>C=?
.IDI
P‚;M?
G}M
;<;DI
S
?F
G;SIL
HG?LI
>?
?=L?NIM(?S?M
;JLI<;>IM
@CH;FG?HN?
(‰J?T
;FPI



H
S

>C=CIH;FG?HN?

?MN?
>?J;LN;G?HNI
JIM??
=IGJ?N?H=C;M
?RNL;JL?MOJO?MN;LC;M
BILCTIHN;F?M
KO?
F?
J?LGCN?H
=IH>C=CIH;L
F;
;=NO;=C‰H
>?
FIM
>?J;LN;G?HNIM
L?MN;HN?M
=IGI
MO<L;S‰
(‰J?T
;FPI
?H
MO
GIG?HNI
F;
@CM=;FCT;=C‰H
>?
F;M
;=NO;=CIH?M
?=IH‰GC=;M
>?
NI>;M
F;M
OHC>;>?M
;>GCHCMNL;NCP;M
;
NL;P‚M
>?
F;
%HN?LP?H=C‰H
#?H?L;F
>?
F;
>GCHCMNL;=C‰H
>?F
!MN;>I

F;
;>GCHCMNL;=C‰H
>?F
J;NLCGIHCI
>?F
!MN;>I

F;
JF;HC@C=;=C‰H
?=IH‰GC=;
S
F;
;JLI<;=C‰H
>?
F;M
JF;HNCFF;M
>?
?GJF?;>IM
J<FC=IM
>?
F;M
OHC>;>?M
;>GCHCMNL;NCP;M
?HNL?
INL;M
=O?MNCIH?M



:>
,7?:>
.,=2:>
/0
7:>
/0;,=?,809?:>
8494>?0=4,70>
!H
?F
ILA;HCAL;G;
N…JC=I
>?
OH
GCHCMN?LCI
M?
?H=O?HNL;H
FIM
‰LA;HIM
MOJ?LCIL?M
S
FIM
‰LA;HIM
>CL?=NCPIM
(?S
 

;LN

(IM
‰LA;HIM
MOJ?LCIL?M
MIH
?F
GCHCMNLI
S
?F
M?=L?N;LCI
>?
!MN;>I
(IM
‰LA;HIM
>CL?=NCPIM
?MN}H
=IH@ILG;>IM
JIL
?F
MO<M?=L?N;LCI

?F
M?=L?N;LCI
A?H?L;F

?F
M?=L?N;LCI
A?H?L;F
N‚=HC=I
S
?F
MO<>CL?=NIL
A?H?L;F
>C=CIH;FG?HN?

M?
=IHMC>?L;H
N;G<C‚H
‰LA;HIM
>CL?=NCPIM
?F
>?F?A;>I
>?F
AI<C?LHI
?H
F;M

=IH
L;HAI
>?
MO<M?=L?N;LCI
S
?F
MO<>?F?A;>I
>?F
AI<C?LHI
?H
F;M
JLIPCH=C;M
L;HAI
>?
MO<>CL?=NIL
A?H?L;F
0I>IM
?MNIM
=;LAIM

?R=?JNI
FIM
MO<>CL?=NIL?M
A?H?L;F?M
S
;MCGCF;>IM

NC?H?H
F;
=IH>C=C‰H
>?
;FNI
=;LAI
(?S
 

;LN

S

JIL
?FFI

MIH
HIG<L;>IM
JIL
L?;F
>?=L?NI
>?F
IHM?DI
>?
)CHCMNLIM

;
JLIJO?MN;
>?F
NCNOF;L
>?F
)CHCMN?LCI
(;
F?S
 
OHC@C=‰
S
L?@ILT‰
NI>;
F;
F?ACMF;=C‰H
>CMJ?LM;
KO?
?RCMN…;
MI<L?
FIM
;FNIM
=;LAIM

=IHNCHO;=C‰H
M?
?RJIH?H
F;M
=;L;=N?L…MNC=;M
>?
FIM
;FNIM
=;LAIM

JIL
FI
KO?
M?
?R=FOS?
;
FIM
MO<>CL?=NIL?M
A?H?L;F?M
!F
HIG<L;GC?HNI
>?
OH
;FNI
=;LAI
?M
>CM=L?=CIH;F
>?F
MOJ?LCIL

?M
>?=CL

HI
MIG?NC>I
;F
JLCH=CJCI
>?
G‚LCNI
/CH
?G<;LAI

F;
F?S
 
CHNLI>O=?
F;
C>IH?C>;>
=IGI
L?KOCMCNI
J;L;
?F
HIG<L;GC?HNI
>?
OH
;FNI
=;LAI
!MN;
C>IH?C>;>
M?
L?@F?D;
?H
F;
H?=?MC>;>
>?
=OGJFCL
=IH
FIM
=LCN?LCIM
>?
G‚LCNI

=;J;=C>;>
S
BIHIL;<CFC>;>
!H
?F
=;MI
>?
F;
BIHIL;<CFC>;>

?F
;FNI
=;LAI
HIG<L;>I
>?<?
@CLG;L
OH;
>?=F;L;=C‰H
L?MJIHM;<F?
CH>C=;H>I
KO?
?M
UBIHIL;<F?X
J;L;
I=OJ;L
?F
JO?MNI
(;
+@C=CH;
>?
IH@FC=NIM
>?
%HN?L?M?M
JO?>?
L?KO?LCL
?MN;
>?=F;L;=C‰H
L?MJIHM;<F?
S
=IGJLI<;L
F;
C>IH?C>;>
>?F
=;LAI
HIG<L;>I
J;L;
OH
JO?MNI
>?N?LGCH;>I
!F
G‚LCNI
S
F;
=IGJ?N?H=C;
>?<?H
M?L
=IGJLI<;>IM
JIL
?F
=;LAI
KO?
JLIJIH?
S
?F
KO?
HIG<L;
)?>C;HN?
OH;
F?S
M?
JO?>?H
?MN;<F?=?L
L?KOCMCNIM
;>C=CIH;F?M
J;L;
>?N?LGCH;>IM
=;LAIM
>?
F;
#!
!F
D64C6E2C:@
56
DE25@
M?
=L?‰
JIL
.
 
J;L;
>?M=;LA;L
>?
NL;<;DI
;F
GCHCMNLI
S
;MOGCL
F;M
=IGJ?N?H=C;M
>?
OH;
J;L=?F;
=IH=L?N;
>?F
GCHCMN?LCI

;>?G}M
>?
F;M
;NLC<O=CIH?M
>?F?A;>;M
>?F
GCHCMNLI
(IM
M?=L?N;LCIM
>?
!MN;>I
>CLCA?H
S
=IIL>CH;H
F;M
>CL?==CIH?M
A?H?L;F?M
MCNO;>;M
<;DI
MO
>?J?H>?H=C;

S
LCH>?H
=O?HN;M
;F
GCHCMNLI
(?S
 

;LN

!F
HG?LI
>?
M?=L?N;L…;M
>?
!MN;>I
B;
;OG?HN;>I
;
FI
F;LAI
>?F
NC?GJI
!H

B;<…;

S
?H




;
J?M;L
>?
KO?
?F
HG?LI
>?
GCHCMN?LCIM
B;
MC>I
=IHMN;HN?
?H
?MN?
J?L…I>I
?H
NILHI
;
FIM

GCHCMN?LCIM
.?;F ;NI
S
.I>L…AO?T0?LO?F


,O?>?H
M?L
=IHPI=;>IM
;
;MCMNCL
;
F;
L?OHC‰H
>?F
IHM?DI
>?
)CHCMNLIM
.?;F ;NI
S
.I>L…AO?T0?LO?F


?H
OH
;H}FCMCM
KO?
L?;FCT;H
>?
FIM
M?=L?N;LCIM
>?
!MN;>I
?HNL?

S


G;HNC?H?H
KO?
F;M
J?LMIH;M
KO?
B;H
>?M?GJ?ˆ;>I
?MNIM
=;LAIM
M?
B;H
=IH=?HNL;>I
JL?@?L?HN?G?HN?
?H
FIM
L?MOFN;>IM
>?
F;M
JIF…NC=;
S
G?HIM
?H
=O?MNCIH?M
PCH=OF;>;M
;F
J;LNC>I
JIF…NC=I
AI<?LH;HN?
I
;
MO
JLIJC;
JLIS?==C‰H
JIF…NC=;
!MNI
JO?>?
M?L
>?<C>I
;
F;
=IH@CAOL;=C‰H
>?F
JO?MNI
S
MO
L?MJIHM;<CFC>;>
>?
OH
}L?;
>?F
GCHCMN?LCI
=IGI
?F
B?=BI
>?
KO?
F;
?RJ?LC?H=C;
S
FIM
G‚LCNIM
HI
?F
=;LH?N
J;LNC>CMN;
J;L?=?H
B;<?L
>IGCH;>I
;
F;
BIL;
>?
HIG<L;LFIM
*I
I<MN;HN?

?MNIM
;ONIL?M
B;H
;JL?=C;>I
N;G<C‚H
B;<CFC>;>?M
JIF…NC=;M
S
=IH?RCIH?M
=IH
?F
J;LNC>I
JIF…NC=I
AI<?LH;HN?
?H
?MNIM
=;LAIM
(IM
=;LAIM
KO?
M?
>?M=LC<?H
;
=IHNCHO;=C‰H
NC?H?H
OH;
=IGJIH?HN?
G}M
;>GCHCMNL;NCP;

;OHKO?
MO
HIG<L;GC?HNI
M?
L?;FCT;
=IH
=LCN?LCIM
JIF…NC=IM
(IM
DF3D64C6E2C:@D
IMN?HN;H
F;
L?JL?M?HN;=C‰H
IL>CH;LC;
>?F
GCHCMN?LCI
S
>CLCA?H
MOM
M?LPC=CIM
=IGOH?M
A?MNC‰H
>?
<C?H?M
GO?<F?M

;MCMN?H=C;
DOL…>C=;

MCMN?G;M
>?
CH@ILG;=C‰H
S
=IGOHC=;=C‰H

=IHN;<CFC>;>
S
A?MNC‰H
@CH;H=C?L;

JO<FC=;=CIH?M
S
=IHNL;N;=C‰H
J<FC=;

S
A?MNC‰H
>?
L?=OLMIM
BOG;HIM
(;
F?ACMF;=C‰H
F?M
;MCAH;
=IGJ?N?H=C;M
;>C=CIH;F?M
!F
MO<M?=L?N;LCI
>?M?GJ?ˆ;
OH
J;J?F
L?F?P;HN?
?H
F;
JL?J;L;=C‰H
>?
F;M
>?=CMCIH?M
>?F
IHM?DI
>?
)CHCMNLIM
;
NL;P‚M
>?
MO
J;LNC=CJ;=C‰H
?H
F;
#/!/
(IM
D64C6E2C:@D
86?6C2=6D

=IH
L;HAI
>?
MO<M?=L?N;LCI

?D?L=?H
F;M
=IGJ?N?H=C;M
CHB?L?HN?M
;
MO
L?MJIHM;<CFC>;>
>?
>CL?==C‰H
MI<L?
FIM
‰LA;HIM
>?J?H>C?HN?M
(?S
 

;LN

0C?H?H
L?MJIHM;<CFC>;>?M
MCGCF;L?M
;
OH
M?=L?N;LCI
>?
!MN;>I

J?LI
=IH
G?HIL
L;HAI
!H
A?H?L;F

?M
OH
JO?MNI
KO?
;J;L?=?
?R=?J=CIH;FG?HN?
?H
FIM
GCHCMN?LCIM
(IM
D64C6E2C:@D
86?6C2=6D
Eq4?:4@D
>?J?H>?H
>?F
/O<M?=L?N;LCI
S
?D?L=?H
=IGJ?N?H=C;M
MI<L?
M?LPC=CIM
=IGOH?M

KO?
>?<?H
CH=FOCL
=IGI
G…HCGI
FIM
>?
JLI>O==C‰H
HILG;NCP;

;MCMN?H=C;
DOL…>C=;
S
JO<FC=;=CIH?M
(IM
M?=L?N;LCIM
A?H?L;F?M
N‚=HC=IM
NC?H?H
F;
=;N?AIL…;
>?
CL?=NIL
A?H?L;F
S
>?M?GJ?ˆ;H
OH
J;J?F
@OH>;G?HN;F
?H
F;
JL?J;L;=C‰H
>?
F;M
L?OHCIH?M
>?
F;
#/!/
P‚;M?
G}M
;<;DI
(IM
5:C64E@C6D
86?6C2=6D
MIH
FIM
NCNOF;L?M
>?
FIM
‰LA;HIM
>CL?=NCPIM
?H=;LA;>IM
>?
F;
A?MNC‰H
>?
OH;
I
P;LC;M
}L?;M
@OH=CIH;FG?HN?
BIGIA‚H?;M
>?F
)CHCMN?LCI
(IM
>CL?=NIL?M
A?H?L;F?M
M?
?H=;LA;H
>?
F;
CGJF;HN;=C‰H
>?
F;M
JIF…NC=;M
S
F;
JL?MN;=C‰H
>?
FIM
M?LPC=CIM
(IM
5:C64E@C6D
56=
823:?6E6
>?F
GCHCMNLI
NC?H?H
?F
L;HAI
>?
>CL?=NIL
A?H?L;F
!H
?MNIM
‰LA;HIM
M?
L?MC>?H=C;
?F
;JISI
JIF…NC=I
S
N‚=HC=I
;F
GCHCMNLI
(IM
M?=L?N;LCIM
>?
!MN;>I
N;G<C‚H
NC?H?H
OH
A;<CH?N?
(IM
GC?G<LIM
>?
FIM
A;<CH?N?M
HI
JO?>?H
;>IJN;L
;=NIM
I
L?MIFO=CIH?M
KO?
=ILL?MJIH>;H
F?A;FG?HN?
;
FIM
‰LA;HIM
>?
F;
#!
I
>?
F;M
ILA;HCT;=CIH?M
;>M=LCN;M
;
?FF;
,;LNC=OF;LG?HN?
JL?MN;H
MO
;JISI
;
FIM
>CMNCHNIM
=;LAIM
?H
?F
>?M;LLIFFI
>?
F;
F;<IL
JIF…NC=;

?H
?F
=OGJFCGC?HNI
>?
F;M
N;L?;M
>?
=;L}=N?L
J;LF;G?HN;LCI
S
?H
MOM
L?F;=CIH?M
=IH
F;M
CHMNCNO=CIH?M
S
F;
ILA;HCT;=C‰H
;>GCHCMNL;NCP;


:>
:=2,94>8:>
/0;09/409?0>
/0
7:>
8494>?0=4:>
!H
?F
>?L?=BI
;>GCHCMNL;NCPI
?MJ;ˆIF
M?
B;
?GJF?;>I
?F
N‚LGCHI
>?
>GCHCMNL;=C‰H
@OH=CIH;F
CHMNLOG?HN;F
I
CHMNCNO=CIH;F
J;L;
>?MCAH;L
;
OH
ALOJI
P;LCIJCHNI
>?
ILA;HCT;=CIH?M
=IH
OH
AL;>I
P;LC;<F?
>?
;ONIHIG…;
F?A;F
S
>?
A?MNC‰H
>?
F;
#!
!MN?
=IH=?JNI
L?H?
;
OH
=IHDOHNI
>CMJ;L
>?
ILA;HCMGIM
J<FC=IM
M?AH
F;
N?LGCHIFIA…;
>?
F;
(?S
 

KO?
?HNL;
?H
PCAIL
?H
I=NO<L?
>?

!MN;M
ILA;HCT;=CIH?M
<C?H
JL?MN;H
M?LPC=CIM
>CL?=NIM
<C?H
?D?L=?H
@OH=CIH?M
L?AOF;NILC;M
J;L;
JLIN?A?L
FIM
=IHMOGC>IL?M
@L?HN?
;
F;
;=NO;=C‰H
>?
F;M
?GJL?M;M
JLCP;>;M
KO?
CHN?LPC?H?H
?H
M?=NIL?M
=IGI
F;M
N?F?=IGOHC=;=CIH?M
I
F;
?F?=NLC=C>;>

JIL
=CN;L
>IM
}L?;M
?MNL;N‚AC=;M
/?
L?=OLL?H
;
?MN;M
@ILG;M
ILA;HCT;NCP;M
>CP?LM;M
J;L;
CHNLI>O=CL
G;SIL
@F?RC<CFC>;>
?H
F;
JL?MN;=C‰H
>?
FIM
M?LPC=CIM
S
;F?D;LM?
>?
F;M
LCAC>?=?M
KO?
CGJ?L;H
?H
F;M
>CL?==CIH?M
A?H?L;F?M
GCHCMN?LC;F?M
!MNI
HI
KOC?L?
>?=CL
KO?
NI>IM
FIM
M?LPC=CIM
JL?MN;>IM
M?
B;S;H
NL;HM@?LC>I
;
OH;
ILA;HCT;=C‰H
>?
F;
>GCHCMNL;=C‰H
@OH=CIH;F

JO?M
;FAOHIM
M?LPC=CIM
=IGI
?F
=;N;MNLI
;H
M?
JL?MN;H
;
NL;P‚M
>?
OH;
>CL?==C‰H
A?H?L;F

 

/
3D=:C17b<
23
:=A
3<B3A
/CBb<=;=A
3<
A>/a/
!H
F;M
,,
?MJ;ˆIF;M
M?
B;
CHN?HN;>I
G?DIL;L
?F
L?H>CGC?HNI
>?
MOM
ILA;HCMGIM
S
=IHNLIF;L
MO
A;MNI
G?>C;HN?
L?@ILG;M
ILA;HCT;NCP;M
=IH
=IHM?=O?H=C;M
JL?MOJO?MN;LC;M
S
>?
A?MNC‰H
(;M
L?@ILG;M
ILA;HCT;NCP;M
>?
F;
>GCHCMNL;=C‰H
@OH=CIH;F
M?
B;H
JLI>O=C>I
?H
=O;NLI
?N;J;M
L;=CIH;FCT;=C‰H
>?
F;
;>GCHCMNL;=C‰H
J;L;?MN;N;F

UBOC>;X
>?F
>?L?=BI
J<FC=I

?H@IKO?
B;=C;
L?MOFN;>IM

L?>O==C‰H
>?F
M?=NIL
J;L;?MN;N;F

)24:@?2=:K24:x?
56
=2
5>:?:DEC24:x?
A2C26DE2E2=

(;
(?S
>?

>?
FIM
ILA;HCMGIM
;ON‰HIGIM
CHN?HN‰
BIGIA?H?CT;L
F;M
=;L;=N?L…MNC=;M
>?
OH
AL;H
HG?LI
>?
?HN?M
KO?
M?
B;<…;H
>CMN;H=C;>I
>?
F;
D?L;LKO…;
=F}MC=;
GCHCMN?LC;F
!MIM
?HN?M
@O?LIH
=L?;>IM
=IH
?F
@CH
>?
N?H?L
OH;
G;SIL
@F?RC<CFC>;>
>?
A?MNC‰H
S
>?M=;LA;L
;
FIM
GCHCMN?LCIM
>?
F;
JL?MN;=C‰H
>?
M?LPC=CIM
>?G}M

FIM
M?LPC=CIM
KO?
=IHN;<;H
=IH
OH
MCMN?G;
>?
N;M;M
N?H>…;H
;
;>KOCLCL
F;
=IH>C=C‰H
>?
ILA;HCMGI
;ON‰HIGI
JILKO?

=IH
?MN;
@ILG;
DOL…>C=;

FIM
@OH=CIH;LCIM
JI>L…;H
ONCFCT;L
FI
L?=;O>;>I
=IH
F;M
N;M;M
?H
<?H?@C=CI
JLIJCI
(;
F?S
>?

@O?
=F;P?
?H
OH;
M?LC?
>?
;MJ?=NIM
!H
JLCG?L
FOA;L

J?LGCNC‰
OH;
L?>O==C‰H
>?

ILA;HCMGIM
;ON‰HIGIM
;
;JLIRCG;>;G?HN?

!H
M?AOH>I
FOA;L

M?
@ILN;F?=C‰
?F
=IHNLIF
@CH;H=C?LI
>?F
GCHCMN?LCI
>?
$;=C?H>;
MI<L?
?MNIM
?HN?M

KO?
?MN;<;H
;>GCHCMNL;H>I
FC<L?G?HN?
F;M
N;M;M
>?
FIM
OMO;LCIM
!H
N?L=?L
FOA;L

M?
?RCAC‰
OH;
>CMJIMC=C‰H
HILG;NCP;
=IH
?F
L;HAI
>?
(?S
>?
F;M
ILN?M
#?H?L;F?M
@L;HKOCMN;M

HI
MCGJF?G?HN?
OH
>?=L?NI
>?F
JI>?L
?D?=ONCPI
=IGI
?H
?F
J;M;>I

J;L;
F;
=L?;=C‰H
>?
HO?PIM
ILA;HCMGIM
;ON‰HIGIM

J?M;L
>?
?MN;M
JLIPCMCIH?M
L;=CIH;FCT;>IL;M

F;
GCMG;
F?S
>?

J?LGCN…;
?R=?J=CIH?M
;
?MN?
L‚ACG?H
J;L;
FIM
ILA;HCMGIM
>?
HO?P;
=L?;=C‰H
!MNI
NOPI
F;
=IHM?=O?H=C;
>?
OH;
JLIFC@?L;=C‰H
>?
?HN?M
=IH
>C@?L?HN?M
S
?MJ?=…@C=IM
MCMN?G;M
>?
=IHNLIF
@CH;H=C?LI
S
JL?MOJO?MN;LCI
F:52
56=
56C649@
A|3=:4@

!MN;
?N;J;
M?
CHC=C;
=IH
L?@ILG;M
CH>CPC>O;F?M
JIL
F;
@;FN;
>?
L?MJO?MN;
>?F
!MN;>I
;
FIM
L?NIM
KO?
?MNIM
?HN?M
M?
?H@L?HN;<;H
!F
JLCG?L
JLIAL;G;
>?
L?@ILG;M
;>GCHCMNL;NCP;M
>?
F;
!MJ;ˆ;
>?GI=L}NC=;
>?

JLIJIH…;
L??GJF;T;L
?MNIM
?HN?M
JIL
OHIM
U=?HNLIM
>?
=IMN?X

=IH
?F
@CH
>?
L?MJIHM;<CFCT;L
;
FIM
>CL?=NCPIM
>?
=;>;
=?HNLI
>?
MOM
L?MOFN;>IM
!MN;
L?@ILG;

MCH
?G<;LAI

HI
M?
G;N?LC;FCT‰
=IGI
M?
?MJ?L;<;
#;FF?AI
S
;LT?F;S

,IL
?FFI

;FAOHIM
ILA;HCMGIM
;ON‰HIGIM
KO?
?RJ?LCG?HN;<;H
OH;
JL?MC‰H
=IHMC>?L;<F?
>?
FIM
OMO;LCIM
J;L;
G?DIL;L
MOM
M?LPC=CIM
<OM=;LIH
OH;
G;SIL
@F?RC<CFC>;>
>?
A?MNC‰H
,;OF;NCH;G?HN?
?H=IHNL;LIH
P;LC;M
@ILG;M
DOL…>C=;M
J;L;
?M=;J;L
>?
F;M
CH@F?RC<CFC>;>?M
CGJO?MN;M
JIL
?F
=IHNLIF
GCHCMN?LC;F
D?L}LKOC=I
!H
F;
(?S
,L?MOJO?MN;LC;
 

;FAOH;M
@OH=CIH?M
>?F
!MN;>I
=IGI
=ILL?IM
I
F;
;>GCHCMNL;=C‰H
NLC<ON;LC;
?HNL?
INL;M
;>KOCLC?LIH
OH
G;SIL
AL;>I
>?
;ONIHIG…;
!MNI
MOJOMI
?F
;OG?HNI
>?
F;
B?N?LIA?H?C>;>
F?A;F
?RCMN?HN?
?H
F;
A?MNC‰H
>?
FIM
L?=OLMIM
BOG;HIM
S
JL?MOJO?MN;LCIM
 ?M>?HN;>I


?F
/;T



J?LI
N;G<C‚H
G;SIL
@F?RC<CFC>;>
J;L;
;F=;HT;L
L?MOFN;>IM
>?
A?MNC‰H
 ?7@BF6
924:2
C6DF=E25@D
 
(;
(?S
>?
 
NL;N‰
>?
MCGJFC@C=;L
F;
NCJIFIA…;
>?
FIM
?HN?M
>?F
!MN;>I
=IH
>CP?LMI
AL;>I
>?
;ONIHIG…;
S
>C@?L?HN?M
L?A…G?H?M
DOL…>C=IM
(;
(?S
JL?PC‰
?F
OMI
>?
MCMN?G;M
>?
=IHNLIF
>?F
L?H>CGC?HNI
=IH
?F
@CH
>?
=IHNLIF;L
HI
M‰FI
F;M
;=NCPC>;>?M
>?
FIM
ILA;HCMGIM
;ON‰HIGIM
MCHI
N;G<C‚H
>?
F;M
>CL?==CIH?M
A?H?L;F?M
>?
FIM
GCHCMN?LCIM
/CH
?G<;LAI

?MN;M
>CMJIMC=CIH?M
HI
M?
G;N?LC;FCT;LIH
;MC

;ˆIM
G}M
N;L>?

F;
MCGJFC@C=;=C‰H
JL?N?H>C>;
>?F
MCMN?G;
HI
M?
FIAL‰
?

?HNC>;>?M
J<FC=;M


N?H…;H
?H

OH
L‚ACG?H
DOL…>C=I
MCHAOF;L
>C=CIH;FG?HN?

M?
>CM?ˆ‰
?F
L‚ACG?H
;JFC=;>I
;
F;M
@OH>;=CIH?M
=IHMNCNOC>;M
G;SILCN;LC;G?HN?
JIL
?F
M?=NIL
J<FC=I
G?>C;HN?
F;
(?S
 
!H

M?
=L?;LIH
F;M
;A?H=C;M
?MN;N;F?M

OH
HO?PI
NCJI
>?
?HN?
;H
G}M
;ON‰HIGI

=IH
?F
I<D?NCPI
>?
;OG?HN;L
F;
=;FC>;>
>?
FIM
M?LPC=CIM
J<FC=IM

@IG?HN;L
F;
A?MNC‰H
JIL
L?MOFN;>IM

CHNLI>O=CL
F;
L?MJIHM;<CFC>;>
>?
FIM
>CL?=NCPIM
J<FC=IM
MI<L?
F;M
@OH=CIH?M
?H=IG?H>;>;M

S
ONCFCT;L
FIM
=IHNL;NIM
?HNL?
?F
GCHCMN?LCI
S
F;
;A?H=C;
J;L;
L?AF;L
?F
FIALI
>?
L?MOFN;>IM
(?S
 
!F
)CHCMN?LCI
>?
!=IHIG…;
S
$;=C?H>;
;=?JN‰
F;
=L?;=C‰H
>?
F;M
;A?H=C;M
;F
=L??L
KO?
JI>L…;
G?DIL;L
F;
=;FC>;>
S
?@C=C?H=C;
>?F
A;MNI
J<FC=I
(;
(?S
@IG?HN;<;
?F
=;G<CI
>?
F;
MCNO;=C‰H
DOL…>C=;
>?
;FAOHIM
ILA;HCMGIM
;ON‰HIGIM

MC
HI
CGJFC=;<;
;OG?HNI
>?F
JL?MOJO?MNI
>?
A;MNIM
?F
GCMGI
GI>I

=O;FKOC?L
HO?P;
?HNC>;>
;ON‰HIG;
?H
?F
@ONOLI
>?<?L…;
;>IJN;L
OH
L‚ACG?H
F?A;F
>?
;A?H=C;
?MN;N;F
S
M?L
A?MNCIH;>;
G?>C;HN?
=IHNL;NIM
G;L=I
/CH
?G<;LAI

F;
=IHP?LMC‰H
>?
GO=BIM
ILA;HCMGIM
;ON‰HIGIM
?H
;A?H=C;M
?MN;N;F?M
HI
M?
B;
G;N?LC;FCT;>I
M?AH
FI
JL?PCMNI
JIL
FIM
JLIGINIL?M
>?
F;
(?S
>?


JO?M
M?
L?KO?L…;
KO?
NI>IM
FIM
ILA;HCMGIM
;ON‰HIGIM
>?<…;H
=IHP?LNCLM?
?H
;A?H=C;M
?H
?F
JF;TI
>?
>IM
;ˆIM
!H

B;<…;
MIF;G?HN?

;A?H=C;M
?MN;N;F?M
S
F;
F?S
 
F;M
B;
MOJLCGC>I
!L;
CHA?HOI
?MJ?L;L
KO?
F;
OHC@ILGCT;=C‰H
>?
F;M
;A?H=C;M
N?H>L…;
‚RCNI
=IH
F;
(?S
>?

!MN?
@L;=;MI
M?
JO?>?
?RJFC=;L
J;L=C;FG?HN?
JIL
F;M
?R=?J=CIH?M
KO?
F;
JLIJC;
(?S
L?=IA…;
 CMJIMC=C‰H
>C=CIH;F
‚=CG;
!MN;
CMJIMC=C‰H
@IG?HN;
KO?
>?N?LGCH;>IM
?HN?M
?FCD;H
OH
NCJI
>?
>?L?=BI
?MJ?=C;F
KO?
M?
PCH=OF;
;
OH;
J?L=?J=C‰H
JLIJC;
>?
OH
M?=NIL
?H
?F
KO?
M?
CH=FOS?
F;
?HNC>;>
(;
?R=?J=C‰H
F?
J?LGCN?
;F
?HN?
I<N?H?L
OH
G;L=I
DOL…>C=I
G}M
M?HMC<F?
;
MOM
H?=?MC>;>?M
>C=CIH;FG?HN?

?M
JIMC<F?
KO?
GO=BIM
ILA;HCMGIM
;ON‰HIGIM
HI
B;S;
L?=IHP?LNC>I
MO
?MN;NOM
DOL…>C=I
JIL
F;M
CH=?LNC>OG<L?M
>?LCP;>;M
>?F
JLI=?MI
>?
=;G<CI
)65F44:x?
56
=2
25>:?:DEC24:x?
A2C26DE2E2=

(;
=LCMCM
?=IH‰GC=;
M?
=IHMNCNOS‰
?H
OH;
=;OM;
?M?H=C;F
J;L;
L?>O=CL
?F
;J;L;NI
J;L;?MN;N;F
;
NL;P‚M
>?
>CP?LM;M
G?>C>;M
!H
?MN?
J?L…I>I
M?
JLI>ODI
OH
JLI=?MI
>?
@OMCIH?M
I
>CMIFO=C‰H
>?
MI=C?>;>?M
HI
@CH;H=C?L;M
J<FC=;M
.?GIFKO?M
);L…NCGIM
/

>?
>CMNCHN;M
MI=C?>;>?M
?MN;N;F?M
.;>CI
*;=CIH;F
>?
!MJ;ˆ;




F;
JLCP;NCT;=C‰H
I
?RNCH=C‰H
>?
@OH>;=CIH?M



I
?HNC>;>?M
>?F
?HNILHI
>?
F;
M?AOLC>;>
MI=C;F
.
 
>C=CIH;FG?HN?

F;
(?S
 
=L?;<;
F;
IGCMC‰H
*;=CIH;F
>?
FIM
)?L=;>IM
S
F;
IGJ?N?H=C;

MOJLCGC?H>I
S
@OMCIH;H>I
I=BI
ILA;HCMGIM
L?AOF;>IL?M
!F
CH@ILG?
>?
F;
+.
+.

HI
M‰FI
;JLI<‰
NI>I
?MN?
JLI=?MI
>?
L?MNLO=NOL;=C‰H
>?F
M?=NIL
?GJL?M;LC;F
S
@OH>;=CIH;F
MCHI
KO?
CHMN;<;
;F
#I<C?LHI
;
=IHNCHO;L
?H
F;
L?>O==C‰H
>?
F;
>GCHCMNL;=C‰H
CHMNLOG?HN;F
=IH
?F
I<D?NCPI
>?
A;H;L
G;SIL
?@C=C?H=C;
S
L?>O=CL
?F
A;MNI
J<FC=I
(;
G;SIL…;
>?
F;M
@OMCIH?M
S
MOJL?MCIH?M
>?
?MNIM
?HN?M
M?
B;
JLI>O=C>I

J?LI
;H
HI
B;S
?MNO>CIM
CH>?J?H>C?HN?M
KO?
=?LNC@CKO?H
?F
CGJ;=NI
>?
F;
L?@ILG;
?H
MO
?@C=C?H=C;
!H
?MN?
J?L…I>I
M?
B;H
MOJLCGC>I

?HNC>;>?M
>?
F;
#!
FAOHIM
?D?GJFIM
>?
MOJL?MC‰H
MIH
FIM
MCAOC?HN?M
+LA;HCMGI
ON‰HIGI
UL…;
;<;FF;L
>?
F;M
"O?LT;M
LG;>;MX

F;
"OH>;=C‰H
CO>;>
>?
F;
!H?LA…;
%1 !*
S
"OH>;=C‰H
J;L;
F;
,LIS?==C‰H
%HN?LH;=CIH;F
>?
F;M
1HCP?LMC>;>?M
!MJ;ˆIF;M
(;M
@OH=CIH?M
>?
?MNIM
ILA;HCMGIM
MIH
;MOGC>;M
JIL
INL;M
ILA;HCT;=CIH?M
"CH;FG?HN?

F;
F?S
 
B;
CHN?HN;>I
OHC@ILGCT;L
>?
HO?PI
?F
J;HIL;G;
>?
F;
>GCHCMNL;=C‰H
@OH=CIH;F

KO?
JO?>?
;<LCL
OH;
HO?P;
?N;J;

?H
@OH=C‰H
>?
=‰GI
M?
CGJF;HN?
J;LN?
>?
=L?;L
OH;
HO?P;
NCJIFIA…;
KO?
JL?N?H>?
IL>?H;L
;F
B?N?LIA‚H?I
ALOJI
>?
ILA;HCMGIM
CHMNLOG?HN;F?M
?RCMN?HN?M

F;
(?S
 
CHNLI>O=?
OHIM
G?=;HCMGIM
=IH
FIM
KO?
MOM
JLIGINIL?M
?MJ?L;H
=IHNLIF;L
JIL
@CH
F;
>GCHCMNL;=C‰H
CHMNLOG?HN;F
W
+<FCA;NILC?>;>
>?
CHM=LC<CL
=O;FKOC?L
;=NI
PCH=OF;>I
;
F;
PC>;
>?F
ILA;HCMGI
=L?;=C‰H

NL;HM@ILG;=C‰H
I
?RNCH=C‰H
?H
?F
%HP?HN;LCI
>?
!HNC>;>?M
>?F
/?=NIL
,<FC=I
!MN;N;F

ONIH‰GC=I
S
(I=;F
/CH
?MN;
CHM=LCJ=C‰H

?F
ILA;HCMGI
HI
JO?>?
I<N?H?L
?F
HG?LI
>?
C>?HNC@C=;=C‰H
@CM=;F
>?@CHCNCPI
/?AH
F;
?RJIMC=C‰H
>?
GINCPIM
>?
F;
(?S

?MN?
L?ACMNLI
J?LGCNCL}
N?H?L
CH@ILG;=C‰H
=IGJF?N;
>?
FIM
ILA;HCMGIM
J;L;
B;=?L
OH
M?AOCGC?HNI
>?
?MN?
}G<CNI
@OH=CIH;F
!H
L?;FC>;>

?F
L?ACMNLI
?RCMN?
S;
>?M>?
B;=?
;ˆIM

J?LI
M?
>?MJL?H>?
>?F
N?RNI
F?A;F
KO?
HI
M?
CHM=LC<?H
NI>IM
FIM
?HN?M
S
M?
?MJ?L;
KO?
F;
=IH=?MC‰H
>?F
HG?LI
>?
C>?HNC@C=;=C‰H
@CM=;F
M?;
OH
;=C=;N?
J;L;
?F
?D?L=C=CI
>?
=IHNLIF
MI<L?
?FFIM
W
IN;L
;
F;M
,,
>?
OH
MCMN?G;
>?
MOJ?LPCMC‰H
=IHNCH;
>?
MOM
?HNC>;>?M
>?J?H>C?HN?M
>C=CIH;FG?HN?

?F
GCHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M
?M
?F
‰LA;HI
NL;HMP?LM;F
L?MJIHM;<F?
>?
KO?
M?
L?;FC=?
?MN;
MOJ?LPCMC‰H
=IHNCHO;
I<FCA;NILC;
W
/?
JL?P‚
OH
=IHNLIF
>I<F?
(;
%HN?LP?H=C‰H
#?H?L;F
>?
F;
>GCHCMNL;=C‰H
>?F
!MN;>I
M?
?H=;LA;L…;
>?F
=IHNLIF
>?
F?A;FC>;>
?H
F;
A?MNC‰H
?=IH‰GC=;
@CH;H=C?L;

=IGI
B;MN;
;BIL;
S
?F
?J;LN;G?HNI
GCHCMN?LC;F
=IHNLIF;L…;
F;
?@C=;=C;
>?F
?HN?

?M
>?=CL
M?
=?HNL;L…;
MO
L?H>CGC?HNI
S
?F
=OGJFCGC?HNI
>?
FIM
I<D?NCPIM
/?
?MJ?L;
KO?
?MN?
;H}FCMCM
J?LGCN;
C>?HNC@C=;L
KO?
?HNC>;>?M
MIH
CHH?=?M;LC;M
I
L?>OH>;HN?M
W
/?
?MN;<F?=?
N;G<C‚H
OH
=IHNLIF
G}M
?RCA?HN?
M?AH
F;
?RJIMC=C‰H
>?
GINCPIM
>?
F;
(?S
 
;F
?MN;<F?=?LM?
OH;
M?LC?
>?
L?KOCMCNIM
J;L;
MO
=L?;=C‰H
JF;H
>?
;=NO;=C‰H
=IH
OH
=IHN?HC>I
KO?
CH=FOS;
F;M
?@C=C?H=C;M
?MJ?L;>;M
S
F;M
L;TIH?M
KO?
@OH>;G?HN;H
F;
=L?;=C‰H
DOMNC@C=;=C‰H
>?
F;
@ILG;
DOL…>C=;
JLIJO?MN;
>?N?LGCH;=C‰H
>?
FIM
I<D?NCPIM
;
=OGJFCL
S
FIM
CH>C=;>IL?M
J;L;
G?>CLFIM
;=L?>CN;=C‰H
>?
F;
CH?RCMN?H=C;
>?
>OJFC=C>;>?M

?HNL?
INLIM
;MJ?=NIM
W
(IM
ILA;HCMGIM
J<FC=IM
JO?>?H
MOJLCGCLM?
MC
NC?H?H
OH
>?M?KOCFC<LCI
@CH;H=C?LI
>OL;HN?
>IM
?D?L=C=CIM
JL?MOJO?MN;LCIM
=IHM?=ONCPIM
!MN?
>?M?KOCFC<LCI
M?
JO?>?
=ILL?ACL
G?>C;HN?
OH
JF;H
?F;<IL;>I
JIL
?F
?HN?
;MN;
OH
;=O?L>I
>?F
IHM?DI
>?
)CHCMNLIM
J;L;
F;
MOJL?MC‰H
>?F
?HN?
W
/;FPI
?R=?J=CIH?M

FIM
?HN?M
?RCMN?HN?M
S
FIM
>?
HO?P;
=L?;=C‰H
>?<?L}H
=IGJ;LNCL
FIM
M?LPC=CIM
=IGOH?M
A?MNC‰H
>?
<C?H?M
GO?<F?M

;MCMN?H=C;
DOL…>C=;

MCMN?G;M
>?
CH@ILG;=C‰H
S
=IGOHC=;=C‰H

=IHN;<CFC>;>
S
A?MNC‰H
@CH;H=C?L;

JO<FC=;=CIH?M
S
=IHNL;N;=C‰H
J<FC=;
W
/?
=L?;
OH
L‚ACG?H
>?
NL;HM@ILG;=CIH?M
S
@OMCIH?M
>?
?HN?M
>?
F;
GCMG;
H;NOL;F?T;
/?
CHN?HN;
=IHNLIF;L
S
L?MNLCHACL
F;
NL;HM@ILG;=C‰H
>?
OH
ILA;HCMGI
;ON‰HIGI
?H
 MI=C?>;>
G?L=;HNCF
?MN;N;F
I
?H
@OH>;=C‰H
>?F
M?=NIL
J<FC=I
J;L;
?PCN;L
KO?
M?
?M=;J?H
>?
FIM
=IHNLIF?M
KO?
M?
KOC?L?H
JIH?L
=IH
F;
(?S
 
,IL
?F
=IHNL;LCI

M?
@;=CFCN;
F;
=IHP?LMC‰H
>?
F;M
MI=C?>;>?M
G?L=;HNCF?M
?H
ILA;HCMGIM
;ON‰HIGIM

 
(7>=A
23
3<B3A
/CBb<=;=A
3<
A>/a/

J;LNCL
>?


F;
NCJIFIA…;
>?
F;
>GCHCMNL;=C‰H
CHMNCNO=CIH;F
?MN;N;F
=O?HN;
=IH
F;M
MCAOC?HN?M
=;N?AIL…;M
ILA;HCMGIM
J<FC=IM
KO?
M?
PCH=OF;H
I
>?J?H>?H
>?
F;
#!
ILA;HCMGIM
;ON‰HIGIM
S
?HNC>;>?M
J<FC=;M
?GJL?M;LC;F?M
F;M
;ONILC>;>?M
;>GCHCMNL;NCP;M
CH>?J?H>C?HN?M
=IH
OH
=;L}=N?L
?GCH?HN?G?HN?
L?AOF;NILCI
F;M
MI=C?>;>?M
G?L=;HNCF?M
?MN;N;F?M
F;M
@OH>;=CIH?M
>?F
M?=NIL
J<FC=I
?MN;N;F
FIM
=IHMIL=CIM
FIM
@IH>IM
MCH
J?LMIH;FC>;>
DOL…>C=;
=IGI

JIL
?D?GJFI

?F
"IH>I
>?
IGJ?HM;=C‰H
%HN?LJILNO;LCI
I
?F
"IH>I
J;L;
F;
"CH;H=C;=C‰H
;
!HNC>;>?M
(I=;F?M
S
F;M
1HCP?LMC>;>?M
KO?
HI
B;H
MC>I
NL;HM@?LC>;M
;
F;M

JIL
?D?GJFI

F;
1*!
I
F;
1%),
(IM
@C82?:D>@D
A|3=:4@D
JIM??H
=C?LN;
;ONIHIG…;
@OH=CIH;F
I
CH=FOMI
CH>?J?H>?H=C;
/?
=L?;H
J;L;
L?;FCT;L
;=NCPC>;>?M
;>GCHCMNL;NCP;M
>?
@IG?HNI

JL?MN;=C‰H

A?MNC‰H
>?
M?LPC=CIM
J<FC=IM
I
JLI>O==C‰H
>?
<C?H?M
>?
CHN?L‚M
J<FC=I
MOM=?JNC<F?M
>?
=IHNL;JL?MN;=C‰H

;M…
=IGI
;=NCPC>;>?M
>?
=IHN?HC>I
?=IH‰GC=I

KO?
M‰FI
F;M
,,
JO?>?H
L?;FCT;L
!MNIM
?HN?M
NC?H?H
J?LMIH;FC>;>
DOL…>C=;
J<FC=;
>C@?L?H=C;>;

J;NLCGIHCI
S
N?MIL?L…;
JLIJCIM

;M…
=IGI
;ONIHIG…;
>?
A?MNC‰H
0C?H?H
>CP?LM;M
JIN?MN;>?M
;>GCHCMNL;NCP;M

M;FPI
F;
JIN?MN;>
?RJLIJC;NILC;
!MNIM
ILA;HCMGIM
M?
=F;MC@C=;H
?H
>IM
NCJIM
,IL
OH
F;>I

FIM
@C82?:D>@D
2FEx?@>@D
NC?H?H
J?LMIH;FC>;>
DOL…>C=;
JLIJC;
S
?MN}H
@ILG;FG?HN?
M?J;L;>IM
>?F
GCHCMN?LCI
>?F
KO?
>?J?H>?H
!MNIM
ILA;HCMGIM
JO?>?H
M?L
;>GCHCMNL;NCPIM

=IG?L=C;F?M
I
>?>C=;>IM
;
F;
CHP?MNCA;=C‰H
!RCMN?H
>CP?LMIM
?D?GJFIM
>?
ILA;HCMGIM
;ON‰HIGIM
=IGI
?F
,;LKO?
)‰PCF
>?F
!MN;>I
?H=;LA;>I
>?
A?MNCIH;L
NI>IM
FIM
=I=B?M
I@C=C;F?M

I
?F
%*!
%HMNCNONI
*;=CIH;F
>?
!MN;>…MNC=;
!F
J?LMIH;F
>?
FIM
ILA;HCMGIM
;ON‰HIGIM
M?
LCA?
JIL
?F
!!,
(?S
 
,IL
INLI
F;>I

F;M
6?E:5256D
A|3=:42D
6>AC6D2C:2=6D
MIH
ILA;HCT;=CIH?M
>?
NCNOF;LC>;>
JL?>IGCH;HN?G?HN?
J<FC=;
KO?
MCGOFN;H?;H
?F
?D?L=C=CI
>?
JIN?MN;>?M
;>GCHCMNL;NCP;M
S
>?
;=NCPC>;>?M
JL?MN;=CIH;F?M
>?
A?MNC‰H
>?
M?LPC=CIM
I
>?
JLI>O==C‰H
>?
<C?H?M
>?
CHN?L‚M
J<FC=I
!MN;M
?HNC>;>?M
IJ?L;H
?H
?F
L‚ACG?H
>?F
>?L?=BI
JLCP;>I
S
A?MNCIH;H
M?LPC=CIM
J;L;
FIM
KO?
HILG;FG?HN?
?RCMN?
OH;
=IHNL;JL?MN;=C‰H
N;LC@;M

JL?=CIM
J<FC=IM
S
>?
G?L=;>I

S
?D?L=?H
JIN?MN;>?M
;>GCHCMNL;NCP;M
.!*"!

!*
!MN;M
?GJL?M;M
J<FC=;M
NC?H?H
CHAL?MIM
JLIJCIM
S
>?<?H
;ONI@CH;H=C;LM?
!F
J?LMIH;F
>?
?MN;M
?HNC>;>?M
M?
LCA?
JIL
?F
>?L?=BI
F;<IL;F

=IH
;FAOH;M
?R=?J=CIH?M
>?N?LGCH;>;M
?H
F;
(?S
 

;LN

(;M
2FE@C:5256D
25>:?:DEC2E:G2D
:?56A6?5:6?E6D
=IHMNCNOS?H
OH;
HO?P;
=;N?AIL…;
?H
F;
(?S
 
!MN;M
?HNC>;>?M
>?M?GJ?ˆ;H
@OH=CIH?M
>?
L?AOF;=C‰H
I
>?
MOJ?LPCMC‰H
MI<L?
OH
>?N?LGCH;>I
M?=NIL
I
;=NCPC>;>
?=IH‰GC=;
I
MI=C;F
,;L;
F;
=ILL?=N;
CGJF;HN;=C‰H
>?
?MN;M
@OH=CIH?M

?MN;M
?HNC>;>?M
>?<?H
?MN;L
>IN;>;M
>?
CH>?J?H>?H=C;
@OH=CIH;F
I
OH;
?MJ?=C;F
;ONIHIG…;
L?MJ?=NI
>?
F;
#!
,IL
?FFI

F;
=L?;=C‰H
>?
?MN;M
?HNC>;>?M
L?KOC?L?
OH;
HILG;
=IH
L;HAI
>?
(?S
!MN;M
?HNC>;>?M
N?H>L}H
OH;
HILG;NCP;
?MJ?=C;F
S
M?
LCA?H
JIL
F;
(?S
 
>?
G;H?L;
MOJF?NILC;
(;
IGCMC‰H
*;=CIH;F
>?
FIM
)?L=;>IM
S
F;
IGJ?N?H=C;
?M
OH;
;ONILC>;>
;>GCHCMNL;NCP;
CH>?J?H>C?HN?

JIL
?D?GJFI
 (;M
7F?524:@?6D
A|3=:42D
M?
LCA?H
JIL
F;
(?S
 
(;M
@OH>;=CIH?M
J<FC=;M
@O?LIH
=L?;>;M
?H


S
J?HM;>;M
?H
OH
JLCH=CJCI
J;L;
?F
}G<CNI
M;HCN;LCI
S
F;
A?MNC‰H
>?
BIMJCN;F?M
,IMN?LCILG?HN?

B;H
JLIFC@?L;>I
?H
?F
J;HIL;G;
ILA;HCT;NCPI
?MJ;ˆIF
!MN;M
ILA;HCT;=CIH?M
?MN}H
>CM?ˆ;>;M
J;L;
KO?
M?;H
G}M
?@C=;=?M
S
?@C=C?HN?M
?H
MO
@OH=CIH;GC?HNI
*I
I<MN;HN?

HI
?RCMN?
OH;
?P;FO;=C‰H
CH>?J?H>C?HN?
KO?
J?LGCN;
=IHI=?L
MC
?MNI
?M
;M…
S
?H
KO‚
G?>C>;
M?
B;
PCMNI
;@?=N;>;
F;
=;FC>;>
>?F
M?LPC=CI
JL?MN;>I
JIL
F;M
@OH>;=CIH?M
J;LN?
>?
F;M
@OH>;=CIH?M
BIMJCN;F;LC;M
B;S
HOG?LIMIM
?D?GJFIM
>?
@OH>;=CIH?M
?MN;N;F?M
=IGI
F;
"OH>;=C‰H
?HNLI
*;=CIH;F
>?F
2C>LCI

F;
"OH>;=C‰H
IF?==C‰H
0BSMM?H
ILH?GCMT;
I
F;
"OH>;=C‰H
>?
FIM
"?LLI=;LLCF?M
!MJ;ˆIF?M
(;
=L?;=C‰H
>?
F;M
@OH>;=CIH?M

I
F;
;>KOCMC=C‰H
>?
@ILG;
MI<L?P?HC>;
>?
?MN;
@ILG;
DOL…>C=;

>?<?
?@?=NO;LM?
JIL
F?S
!RCMN?
F;
JIMC<CFC>;>
>?
KO?
B;S;
;JILN;=C‰H
>?F
M?=NIL
JLCP;>I
>?
@ILG;
HI
G;SILCN;LC;
;F
J;NLCGIHCI
>?
F;M
@OH>;=CIH?M
>?F
M?=NIL
J<FC=I
?MN;N;F
(;M
D@4:65256D
>6C42?E:=6D
6DE2E2=6D
>?M?GJ?ˆ;H
OH;
;=NCPC>;>
=IG?L=C;F
S
MO
;=NCPC>;>
M?
LCA?
JIL
?F
>?L?=BI
G?L=;HNCF
!F
;>D?NCPI
>?
?MN;N;F
MCAHC@C=;
KO?
F;
#!
NC?H?
?H
F;
MI=C?>;>
OH;
J;LNC=CJ;=C‰H
>CL?=N;
I
CH>CL?=N;
G;SILCN;LC;
I
CH=FOMI
F;
NIN;FC>;>
>?
F;M
J;LNC=CJ;=CIH?M
(?S
 
O;H>I
F;
#!
JIM?;
?H
?MN;M
MI=C?>;>?M
>?
@ILG;
>CL?=N;
I
CH>CL?=N;
?F

>?
F;M
J;LNC=CJ;=CIH?M

M?
F?M
;JFC=;L}
?F
IL>?H;GC?HNI
F?A;F
J<FC=I
?H
N?G;M
JL?MOJO?MN;LCIM

=IHN;<F?M

J;NLCGIHC;F?M

@CH;H=C?LIM
S
>?
=IHNL;N;=C‰H
=IGI
JIL
?D?GJFI

F;
%GJL?HN;
>?
CFF?N?M

/
!H
F;
<;M?
>?
>;NIM
>?
?HN?M
J<FC=IM
>?F
GCHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M
N;G<C‚H
;J;L?=?H
MI=C?>;>?M
;MCGCF;<F?M
;
F;M
G?L=;HNCF?M
!H
?FF;M

F;
J;LNC=CJ;=C‰H
>?F
M?=NIL
J<FC=I
?MN;N;F
?M
CH@?LCIL
;F


J?LI
M?
?H=O?HNL;H
=IHNLIF;>;M
JIL
F;
#!
I
OHI
>?
MOM
ILA;HCMGIM
JIL
?D?GJFI

!*

/
I
F;
A?H=C;
!"!

/
=N;H
?H
M?=NIL?M
?=IH‰GC=IM

J?LI
HI
JO?>?H
?D?L=?L
JIN?MN;>?M
J<FC=;M

FI
KO?
F;M
>C@?L?H=C;
>?
F;M
?HNC>;>?M
J<FC=;M
?GJL?M;LC;F?M
(IM
4@?D@C4:@D
MIH
?HNC>;>?M
>?
>?L?=BI
J<FC=I
=IH
J?LMIH;FC>;>
DOL…>C=;
JLIJC;
!MNIM
?HN?M
?MN}H
=L?;>IM
JIL
P;LC;M
,,

?HNC>;>?M
J<FC=;M
;ON‰HIG;M
I
?HNC>;>?M
JLCP;>;M
!F
=IHMIL=CI
JO?>?
?MN;L
@ILG;>I
?R=FOMCP;G?HN?
JIL
?HN?M
J<FC=IM
I
OH;
=IG<CH;=C‰H
>?
?HN?M
J<FC=IM
S
JLCP;>IM
!H
A?H?L;F

FIM
=IHMIL=CIM
L?;FCT;H
;=NCPC>;>?M
>?
@IG?HNI

>?
JL?MN;=C‰H
>?
M?LPC=CIM
S
INL;M
JL?PCMN;M
?H
F;M
F?S?M
,;L;
KO?
F;
#!
J;LNC=CJ?
?H
OH
=IHMIL=CI

>?<?
?MN;L
JL?PCMNI
?H
OH;
F?S
=IH
OH;
;ONILCT;=C‰H
JL?PC;
>?F
IHM?DI
>?
)CHCMNLIM
!F
L‚ACG?H
JL?MOJO?MN;LCI
>?
FIM
=IHMIL=CIM
?MN}
MOD?NI
;
F;
JL?MOJO?MN;=C‰H

F;
=IHN;<CFC>;>
S
?F
=IHNLIF
>?
F;
>GCHCMNL;=C‰H
J<FC=;
;
F;
KO?
M?
;>M=LC<;
(;
;M;
hL;<?
I
?F
?HNLI
/?@;L;>%ML;?F
MIH
?D?GJFIM
>?
=IHMIL=CI
(;
0;<F;

GO?MNL;
?F
HG?LI
>?
?HN?M
>?
F;
>GCHCMNL;=C‰H
CHMNLOG?HN;F
?H

S


?GJF?;H>I
F;M
=;N?AIL…;M
;HN?LCIL?M
;
F;
F?S
 
!H
F;
N;<F;
M?
;JL?=C;
KO?
;FAOHIM
ALOJIM
M?
B;H
L?>O=C>I
ILA;HCMGIM
;ON‰HIGIM

@OH>;=CIH?M
S
MI=C?>;>?M
G?L=;HNCF?M
I
;MCGCF;>;M

J?LI
INL;M
?HNC>;>?M
>?
H;NOL;F?T;
>CP?LM;
B;H
CH=L?G?HN;>I
MO
HG?LI
$%.$

C<9B17a;
239
;c:3?<
23
3;A3@
23
9/
2:7;7@A?/17a;
7;@A?B:3;A/9
  
 

)H=7D?ICEI
7KJvDECEI  

DJ?:7:;I
Fy8B?97I
;CFH;I7H?7B;I  
 =;D9?7I
;IJ7J7B;I  

KD:79?ED;I  

EDIEH9?EI  

-E9?;:7:;I
C;H97DJ?B;I
O
7I?C?B7:7I  

)JH7I
;DJ?:7:;I
:;
:;H;9>E
Fy8B?9E  

)JH7I
:;
D7JKH7B;P7
L7H?7  

15$.  

H
HI
>?LIA;>;M
?H
?F
GIG?HNI
>?
?M=LC<CL
?MN;M
F…H?;M
"O?HN?
%*2!/,!

%HP?HN;LCI
?
!HN?M
>?F
/?=NIL
,<FC=I
!MN;N;F

BNNJ
QQQJ;JG?B?M MCNCIM CA;? ?M!/ FH%HP?MJ? ,;ACH;M CHP?MJ?;MJR
==?MI
?F

>?
DOFCI



J;LNCL
>?

(?S
 

M?
CHN?HN;
JIH?L
?H
IL>?H
JIL
?H‚MCG;
P?T
?F
J;HIL;G;
ILA;HCT;NCPI
>?
F;
>GCHCMNL;=C‰H
@OH=CIH;F
J;LN?
>?
L?=F;MC@C=;L
J;L=C;FG?HN?
FIM
?HN?M
;ON‰HIGIM

F;
F?S
M?
>IN;
>?
CHMNLOG?HNIM
DOL…>C=IM
KO?
J?LGCN?H
?H=;OT;L
F;
B?N?LIA?H?C>;>
>?
?MNIM
?HN?M
S
L?>O=CL
F;
P;LC?>;>
HILG;NCP;
KO?
M?
F?M
;JFC=;
;>I
KO?
F;
F?S
?HNL;
?H
PCAIL
?H
I=NO<L?
>?


HI
M?
JO?>?
L?;FCT;L
OH;
P;FIL;=C‰H
>?
F;
?@C=;=C;
>?
?MN;
F?S
?H
=IHM?AOCL
?M;
OHC@ILGCT;=C‰H
?H
?F
GIG?HNI
>?
?M=LC<CL
?MN;M
F…H?;M


,
/8494>?=,.4[9
;0=41X=4.,
!H
F;
ILA;HCT;=C‰H
N?LLCNILC;F
>?
F;
#!

FIM
>?F?A;>IM
>?F
AI<C?LHI
?H
F;M


=IH
L;HAI
>?
MO<M?=L?N;LCI

S
FIM
MO<>?F?A;>IM
>?F
AI<C?LHI
?H
F;M
JLIPCH=C;M

=IH
L;HAI
>?
/O<>CL?=NIL
A?H?L;F

MIH
‰LA;HIM
>CL?=NCPIM
(IM
>?F?A;>IM
>?F
AI<C?LHI
L?JL?M?HN;H
;F
AI<C?LHI
?H
F;M


MCH
J?LDOC=CI
>?
F;
L?JL?M?HN;=C‰H
IL>CH;LC;
>?F
!MN;>I
?H
F;M

;
NL;P‚M
>?
MOM
L?MJ?=NCPIM
JL?MC>?HN?M
(?S
 

;LN

(;
F?S
F?M
;NLC<OS?
=IGJ?N?H=C;M
?H
=CH=I
}G<CNIM

!D?L=?L
F;
>CL?==C‰H
S
F;
MOJ?LPCMC‰H
>?
NI>IM
FIM
M?LPC=CIM
>?
F;
#!
S
MOM
ILA;HCMGIM
J<FC=IM
MCNO;>IM
?H
MO
N?LLCNILCI

%H@ILG;L
;
FIM
=CO>;>;HIM
>?
F;
;==C‰H
AO<?LH;G?HN;F
?H
F;
IGOHC>;>
ON‰HIG;

IIL>CH;L
S
=IF;<IL;L
=IH
INL;M
,,
CGJF;HN;>;M
?H
?F
N?LLCNILCI
=IGI
F;
>GCHCMNL;=C‰H
>?
F;
IGOHC>;>
ON‰HIG;
S
>?
F;M
!!((
!H
J;LNC=OF;L

?F
>?F?A;>I
>?F
AI<C?LHI
NC?H?
KO?
J;LNC=CJ;L
?H
F;M
=IGCMCIH?M
GCRN;M
>?
NL;HM@?L?H=C;M
>?
=IGJ?N?H=C;M
>?F
AI<C?LHI
=?HNL;F
;
F;M

S
?H
F;M
IGCMCIH?M
<CF;N?L;F?M
>?
=IIJ?L;=C‰H

IHNLIF;L
F;
F?A;FC>;>

?H
J;LNC=OF;L
F;
HILG;NCP;
?MN;N;F
KO?
>?<?
M?L
;JFC=;>;
?H
F;
IGOHC>;>
ON‰HIG;

"ILGOF;L
JLIJO?MN;M
>?
JIF…NC=;M
;
FIM
GCHCMN?LCIM
=IGJ?N?HN?M
;M…
=IGI
JLIJO?MN;M
>?
L?>O==C‰H
>?
>OJFC=C>;>?M
;F
GCHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
J<FC=;M
(IM
>?F?A;>IM
>?F
AI<C?LHI
>?J?H>?H
ILA}HC=;G?HN?
>?F
JL?MC>?HN?
>?F
AI<C?LHI
(?
=ILL?MJIH>?
;F
)CHCMN?LCI
>?
$;=C?H>;
S
>?
>GCHCMNL;=CIH?M
,<FC=;M
>C=N;L
F;M
CHMNLO==CIH?M
J;L;
F;
=ILL?=N;
=IIL>CH;=C‰H
>?
F;
#!
?H
?F
N?LLCNILCI

S
;F
)CHCMNLI
>?F
%HN?LCIL

CGJ;LNCL
F;M
H?=?M;LC;M
>CL?=NCP;M
?H
G;N?LC;
>?
FC<?LN;>?M
J<FC=;M
S
M?AOLC>;>
=CO>;>;H;
0I>I
?FFI
M?
JLI>O=?
MCH
J?LDOC=CI
>?
F;
=IGJ?N?H=C;
>?
FIM
>?G}M
)CHCMNLIM
J;L;
>C=N;L
F;M
CHMNLO==CIH?M
L?F;NCP;M
;
MOM
L?MJ?=NCP;M
}L?;M
>?
L?MJIHM;<CFC>;>
!H
?F
M?HI
>?
F;M
>?F?A;=CIH?M
>?F
AI<C?LHI
?RCMN?H
M?LPC=CIM
CHN?AL;>IM
S
M?LPC=CIM
HI
CHN?AL;>IM
!H


F;M
}L?;M
@OH=CIH;F?M
J;L;
F;
A?MNC‰H
>?
FIM
M?LPC=CIM
CHN?AL;>IM
?L;H
@IG?HNI

CH>OMNLC;
S
?H?LA…;

M;HC>;>
S
JIF…NC=;
MI=C;F

;FN;
CHMJ?==C‰H
>?
?>O=;=C‰H
S
NL;<;DI
?
CHGCAL;=C‰H
!MN;M
}L?;M
>?J?H>?H
>?F
MO<>?F?A;>I
>?F
AI<C?LHI
!H
F;
M?=L?N;L…;
A?H?L;F
>?
>?F?A;=C‰H
>?F
AI<C?LHI
S
>?
FIM
>CMNCHNIM
MO<>?F?A;>IM
M?
L?MC>?H=C;H
@OH=CIH?M
PCH=OF;>;M
;
F;
PCIF?H=C;
>?
A‚H?LI

>?L?=BIM
=CO>;>;HIM
S
M?AOLC>;>
=CO>;>;H;

JL?P?H=C‰H
>?
LC?MAIM
F;<IL;F?M
S
JLIN?==C‰H
=CPCF
?HNL?
INLIM
,;L;
?F
G?DIL
=OGJFCGC?HNI
>?
F;
@OH=C‰H
>CL?=NCP;
S
=IIL>CH;>IL;
M?
=L?;
OH;
=IGCMC‰H
N?LLCNILC;F
?H
F;M

JFOLCJLIPCH=C;F?M

JL?MC>C>;
JIL
?F
>?F?A;>I
>?F
AI<C?LHI
?
CHN?AL;>;
JIL
FIM
MO<>?F?A;>IM
>?F
AI<C?LHI
!H
F;M
CMF;M
;F?;L?M
S
;H;LC;M
M?
CH=ILJIL;H

;>?G}M

FIM
>CL?=NIL?M
CHMOF;L?M
!H
=;>;
JLIPCH=C;
B;S
OH
MO<>?F?A;>I
>?F
AI<C?LHI
KO?
>?J?H>?
>?F
>?F?A;>I
>?F
AI<C?LHI
!M
HIG<L;>I
JIL
?F
JLI=?>CGC?HNI
>?
FC<L?
>?MCAH;=C‰H
?HNL?
@OH=CIH;LCIM
>?
=;LL?L;
!H
F;M

OHCJLIPCH=C;F?M

?F
>?F?A;>I
>?F
AI<C?LHI
;MOG?
F;M
=IGJ?N?H=C;M
>?F
MO<>?F?A;>I
>?F
AI<C?LHI

FIM
MO<>?F?A;>IM
>?F
AI<C?LHI
F?M
=ILL?MJIH>?
>CLCACL
FIM
M?LPC=CIM
CHN?AL;>IM
>?
F;
#!
?
CGJOFM;L

MOJ?LPCM;L
?
CHMJ?==CIH;L
FIM
M?LPC=CIM
HI
CHN?AL;>IM
>?G}M

?H
F;M
JLIPCH=C;M
?H
F;M
KO?
HI
L;>CKO?
F;
M?>?
>?
F;M
>?F?A;=CIH?M
>?F
AI<C?LHI

?F
MO<>?F?A;>I
>?F
AI<C?LHI
M?
?H=;LA;
>?
F;
JLIN?==C‰H
>?F
FC<L?
?D?L=C=CI
>?
FIM
>?L?=BIM
S
FC<?LN;>?M

A;L;HNCT;H>I
F;
M?AOLC>;>
=CO>;>;H;
M?AH
F;M
=IGJ?N?H=C;M
?MN;N;F?M
?H
F;
G;N?LC;

?MNIM
?@?=NIM
>CLCA?
F;M
@O?LT;M
S
=O?LJIM
>?
M?AOLC>;>
>?F
!MN;>I
?H
F;
JLIPCH=C;
>?G}M
?M
L?MJIHM;<F?
>?
F;
>CL?==C‰H
S
F;
=IIL>CH;=C‰H
>?
F;
JLIN?==C‰H
=CPCF
?H
F;
JLIPCH=C;

J;LNCL
>?

M?
B;
CHN?HN;>I
L;=CIH;FCT;L
F;
>GCHCMNL;=C‰H
J?LC@‚LC=;
>?F
!MN;>I

KO?
M?
?H=IHNL;<;
>?MJ?L>CA;>;
<;DI
F;
NON?F;
>?
FIM
>C@?L?HN?M
GCHCMN?LCIM
MCH
KO?
?RCMNC?L;
OH;
OHC>;>
>?
;==C‰H
?H
=;>;
OH;
>?
F;M
JLIPCH=C;M
/?
CHN?HN‰
JIH?L
?MN;M
>?F?A;=CIH?M
J?LC@‚LC=;M
<;DI
F;
@CAOL;
>?F
MO<>?F?A;>I
>?F
AI<C?LHI
=IGI
M?LPC=CIM
CHN?AL;>IM
?H
MO
?MNLO=NOL;

JIL
FI
KO?
F;M
>?F?A;=CIH?M
N?H>L…;H
OH;
>I<F?
D?L;LKO…;
OH;
MO<IL>CH;=C‰H
@OH=CIH;F
>?F
GCHCMN?LCI
>?F
KO?
>?J?H>?H
S
OH;
MO<IL>CH;=C‰H
G}M
G;N?LC;F
>?F
MO<>?F?A;>I
>?F
AI<C?LHI
(;
L?@ILG;
HI
NOPI
?F
‚RCNI
?MJ?L;>I
>?<C>I
;
NL?M
L;TIH?M
M?AH
OH
CH@ILG?
>?F
),

,IL
OH
F;>I

OH;
JLIJIL=C‰H
L?;FG?HN?
J?KO?ˆ;
>?
?GJF?;>IM
J<FC=IM
B;
MC>I
JO?MN;
<;DI
?F
J;L;AO;M
>?F
MO<>?F?A;>I
>?F
AI<C?LHI
!MNI
MOJIH?
KO?

;
>C@?L?H=C;
>?
"L;H=C;

?F
MO<>?F?A;>I
>?F
AI<C?LHI
HI
?M
L?;FG?HN?
L?MJIHM;<F?
>?
F;
;=NO;=C‰H
>?
F;
;>GCHCMNL;=C‰H
=?HNL;F
?H
F;
J?LC@?LC;
,IL
INLI
F;>I

F;
>I<F?
MO<IL>CH;=C‰H
I=;MCIH;
JLI<F?G;M
>?
A?MNC‰H
=INC>C;H;
S
>CM@OH=CIH;FC>;>?M
"CH;FG?HN?

F;M
L?F;=CIH?M
D?L}LKOC=;M
?HNL?
?F
>?F?A;>I
>?F
AI<C?LHI
S
FIM
MO<>?F?A;>IM
HI
B;H
@OH=CIH;>I
;>?=O;>;G?HN?


=O?L>IM
  
  
  

  
S
.?;F
?=L?NI
 
 

#"(&#
$# W(#


!"'(&Y"
!H
F;
?PIFO=C‰H
>?
F;
=IH@CAOL;=C‰H
>?
F;
=JOF;
GCHCMN?LC;F
M?
JO?>?H
;JL?=C;L
NL?M
@;M?M
;
IGCH;=C‰H
<OLI=L}NC=;
S
L;=CIH;FC>;>
;>GCHCMNL;NCP;
>OL;HN?
?F
L‚ACG?H
@L;HKOCMN;

<
IG<CH;=C‰H
>?
F;
L;=CIH;FC>;>
JIF…NC=;
S
F;
;>GCHCMNL;NCP;
>OL;HN?
F;
NL;HMC=C‰H
S
FIM
JLCG?LIM
AI<C?LHIM
>?
F;
1

=
U.?JIFCNCT;=C‰HX
>?
F;
=JOF;
;>GCHCMNL;NCP;
;
J;LNCL
>?



:>
.,=2:>
?0.9:.=V?4.:>
/07
=X24809
/0
=,9.:


(;
>GCHCMNL;=C‰H
@L;HKOCMN;
=IHN;<;
=IH
OH
GI>?MNI
HG?LI
>?
=;LAIM
>?
>?MCAH;=C‰H
JIF…NC=;

?HNL?

>OL;HN?
FIM
JLCG?LIM
;ˆIM
>?
F;
JIMAO?LL;
=CPCF
S

?H
FIM
GIG?HNIM
=OFGCH;HN?M
>?F
>?M;LLIFFCMGI
>?
F;
>‚=;>;
>?
FIM
;ˆIM
M?M?HN;
(;
OHC>;>
<}MC=;
?MN;<;
=IHMNCNOC>;
JIL
F;
>CL?==C‰H
A?H?L;F
S
?F
JO?MNI
CHG?>C;NI
MOJ?LCIL
>?F
>CL?=NIL
A?H?L;F
?L;
?F
MO<M?=L?N;LCI
!F
MO<M?=L?N;LCI
>CM@LON;<;
?H
?F
L‚ACG?H
>?
"L;H=I
>?
OH;
=;J;=C>;>
>?
CH@FOCL
FIM
JLI=?MIM
>?=CMILCIM
S
>?
MO
CGJF;HN;=C‰H
KO?
C<;H
G}M
;FF}
>?
MO
G?LI
JI>?L
;>GCHCMNL;NCPI
>?G}M

?F
MO<M?=L?N;LCI
=IHNLIF;<;
F;M
>CL?==CIH?M
A?H?L;F?M
>?
M?LPC=CIM
S
F;M
KO?
JL?MN;<;H
M?LPC=CIM
>CL?=NIM
!F
;OG?HNI
>?F
HG?LI
>?
>CL?==CIH?M
A?H?L;F?M
I<FCA‰
;
CHNLI>O=CL
OH
M?AOH>I
MO<M?=L?N;LCI
?H
;FAOHIM
GCHCMN?LCIM
J;L;
=IIL>CH;L
>IM
I
G}M
>CL?==CIH?M
A?H?L;F?M
!H
FIM
GIG?HNIM
>?
?RJ;HMC‰H
>?
F;
>GCHCMNL;=C‰H
N;G<C‚H
;J;L?=C‰
F;
@CAOL;
>?F
M?=L?N;LCI
A?H?L;F
N‚=HC=I
KOC?H

;>?G}M
>?
F;M
@OH=CIH?M
M?ˆ;F;>;M
G}M
;LLC<;

M?
=IHPCLNC‰
>OL;HN?
F;
‚JI=;
@L;HKOCMN;
?H
?F
;M?MIL
>?F
GCHCMNLI
?H
N?G;M
;>GCHCMNL;NCPIM
S
JIF…NC=IM
;?H;

!H
;OM?H=C;
>?
J;LNC>IM
JIF…NC=IM

FIM
=O?LJIM
<OLI=L}NC=IM
G}M
@O?LN?M
M?
?H=;LA;<;H
>?
=IHNLIF;L
?F
;==?MI
;F

>?
FIM
JO?MNIM
>?
G;SIL
JI>?L
>?
FIM
GCHCMN?LCIM

?M
>?=CL

?F
JLIJCI
GCHCMNLI

?F
MO<M?=L?N;LCI

?F
M?=L?N;LCI
A?H?L;F
N‚=HC=I
S
F;M
>CL?==CIH?M
A?H?L;F?M
!MNI
INILA‰
F;
?NCKO?N;
>?
U!MN;>I
OLI=L}NC=IX
;F
!MN;>I
@L;HKOCMN;
,;LL;>I

!H
?F
L‚ACG?H
@L;HKOCMN;

F;
L;=CIH;FC>;>
;>GCHCMNL;NCP;
?MN;<;
JIL
?H=CG;
>?
F;
JIF…NC=;
S
>?F
=FC?HN?FCMGI
,IL
N;HNI

?F
L?NI
>?
FIM
AI<C?LHIM
>?GI=L}NC=IM
?MN;L…;
HI
?H
=IHNLIF;L
F;M
=FC?HN?F;M
KO?
;==?>…;H
;
F;
@OH=C‰H
J<FC=;
JIL
G?>CIM
;HNCG?LCNI=L}NC=IM

MCHI
?H
CHNLI>O=CL
G‚NI>IM
=FC?HN?F;L?M
J;L;
;==?>?L
;
F;
=JOF;
GCHCMN?LC;F

OH;
P?T
KO?
?F
;==?MI
;
F;
@OH=C‰H
J<FC=;
M?
B;<…;
MOJ?L;>I
JIL
G‚NI>IM
G?LCNI=L}NC=IM
(;M
L?AF;M
>?F
DO?AI
=;G<C;LIH
JIMN?LCILG?HN?
J;L;
JLCG;L
F;
UJIF…NC=;X
MI<L?
F;
U<OLI=L;=C;X

 
,
,;,=4.4[9
/0
7:>
.,=2:>
;:7Y?4.:>
2,-490?0>
D
>0.=0?,=4:>
/0
>?,/:


OL;HN?
?MN?
J?L…I>I
M?
CHNLI>ODI
F;
>CG?HMC‰H
JIF…NC=;
>?
FIM
HO?PIM
NC?GJIM
>?GI=L}NC=IM
;
NL;P‚M
>?
NL?M
G?>C>;M
MI<L?
?F
>CM?ˆI
ILA;HCT;NCPI
>?F
GCHCMN?LCI
,IL
OH
F;>I

?H

.
 
;J;L?=C‰
?F
M?=L?N;LCI
>?
!MN;>I
=IGI
=;LAI
MCNO;>I
?HNL?
?F
GCHCMNLI
S
?F
MO<M?=L?N;LCI
!H
J;LN?

?MN;
@CAOL;
@O?
=L?;>;
;HN?
F;
CGJIMC<CFC>;>
>?
;OG?HN;L
G}M
?F
HG?LI
>?
GCHCMNLIM
J;L;
L?=IGJ?HM;L
;
F;M
J?LMIH;FC>;>?M
>?
F;
1HC‰H
>?
?HNLI
?GI=L}NC=I
IH
F;
;J;LC=C‰H
>?F
M?=L?N;LCI
>?
!MN;>I
M?
G;L=;
?F
JLCH=CJCI
>?F
@CH
>?
F;
;M=?H>?H=C;
JIF…NC=;
>?F
MO<M?=L?N;LCI
MI<L?
?F
GCHCMNLI
 ,IL
INLI
F;>I

;
J;LNCL
>?

=IGC?HT;
;
A?H?L;FCT;LM?
?F
A;<CH?N?
>?F
GCHCMNLI

M?
CHMNCNO=CIH;FCT;
F?ACMF;NCP;G?HN?
MO
@CAOL;
?H

S
M?
CGJF;HN;
?H
NI>IM
FIM
GCHCMN?LCIM
!H
F;
;=NO;FC>;>

FIM
A;<CH?N?M
MIH
‰LA;HIM
>?
;JISI
JIF…NC=I
S
N‚=HC=I
>?F
JL?MC>?HN?
>?F
AI<C?LHI

>?
FIM
PC=?JL?MC>?HN?M

>?
FIM
GCHCMNLIM
S
>?
FIM
M?=L?N;LCIM
>?
!MN;>I
!F
HIG<L;GC?HNI
S
?F
=?M?
J;L;
?F
JO?MNI
>?
>CL?=NIL
>?F
A;<CH?N?
M?
PCH=OF;LIH
>CL?=N;G?HN?
;
F;
?MN;H=C;
>?F
GCHCMNLI
?H
?F
JO?MNI
,IL
N;HNI

?H
?F
GIG?HNI
?H
?F
KO?
?F
GCHCMNLI
=?M;

?F
D?@?
>?F
A;<CH?N?
N;G<C‚H
>?<?
=?M;L
;ONIG}NC=;G?HN?

;
>C@?L?H=C;
>?F
L?MNI
>?
FIM
=;LAIM
>?
>?MCAH;=C‰H
JIF…NC=;
>?F
GCHCMN?LCI
OHKO?
FIM
A;<CH?N?M
S;
?RCMN…;H
?H
F;
‚JI=;
>?
"L;H=I

?GJ?T;LIH
;
A;H;L
L?F?P;H=C;
>OL;HN?
F;
NL;HMC=C‰H
=IH@ILG?
F;
H;NOL;F?T;
N‚=HC=;
>?
MO
;=NO;=C‰H
C<;
>;H>I
J;MI
;
OH
NL;<;DI
G}M
JIF…NC=I

;=IL>?
=IH
F;
HO?P;
?L;
>?GI=L}NC=;
?
?MN;
@ILG;

?F
A;<CH?N?
M?
=IH@CAOL‰
?H
OH
=IGJ?NC>IL
>CL?=NI
>?F
M?=L?N;LCI
A?H?L;F
N‚=HC=I
!H
N?IL…;

?F
L?J;LNI
>?
J;J?F?M
>?<…;
KO?>;L
=F;LI
?F
M?=L?N;LCI
A?H?L;F
N‚=HC=I
M?
?H=;LA;<;
>?
F;M
=O?MNCIH?M
N‚=HC=;M
S
F?A;F?M
GC?HNL;M
?F
>CL?=NIL
>?F
#;<CH?N?
N?H…;
;MCAH;>;M
=IGJ?N?H=C;M
G}M
JIF…NC=;M

L?F;=CIH;>;M
=IH
?F
JLIAL;G;
>?F
AI<C?LHI
!MNI
MCAHC@C=;<;
KO?
?F
M?=L?N;LCI
A?H?L;F
N‚=HC=I
HI
JI>…;
>?M?GJ?ˆ;L
F;
;M?MIL…;
UJIF…NC=;X
?D?L=C>;
?H
?F
J?L…I>I
;HN?LCIL
"CH;FG?HN?

?H

M?
?MN;<F?=C‰
F;
IGCMC‰H
>?
/O<M?=L?N;LCIM

KO?
JL?J;L;<;
FIM
;MOHNIM
>?F
IHM?DI
>?
)CHCMNLIM

>?
F;
KO?
MIF;G?HN?
@ILG;<;H
J;LN?
?F
MO<M?=L?N;LCI
>?
=;>;
?J;LN;G?HNI
!F
M?=L?N;LCI
A?H?L;F
N‚=HC=I

MCNO;>I
D?L}LKOC=;G?HN?
JIL
>?<;DI
>?F
MO<M?=L?N;LCI

;ORCFC;<;
;
‚MN?
?H
F;
JL?J;L;=C‰H
>?
FIM
;MOHNIM
>?
F;
IGCMC‰H
,IL
?FFI

?F
>CL?=NIL
>?F
A;<CH?N?
>?F
GCHCMNLI
N?H…;
KO?
H?AI=C;L
=IH
F;
M?=L?N;LC;
A?H?L;F
N‚=HC=;
FIM
;MOHNIM
KO?
JI>…;H
M?L
CH=FOC>IM
J;L;
M?L
NL;N;>IM
JIL
F;
IGCMC‰H
>?
/O<M?=L?N;LCIM
?
?MN;
@ILG;

?F
M?=L?N;LCI
A?H?L;F
N‚=HC=I
@CFNL;<;
FIM
;MOHNIM
KO?
?HNL;<;H
?H
?F
JLI=?MI
>?=CMILCI
!H
?MN;
‚JI=;
M?
NL;HMGCN?
OH
G?HM;D?
ILA;HCT;NCPI
=IH@OMI
,IL
OH
F;>I

M?
CHNLI>O=?
F;
L;=CIH;FC>;>
JIF…NC=;
=IH
F;
CGJF;HN;=C‰H
J;OF;NCH;
>?F
M?=L?N;LCI
>?
!MN;>I
S
>?F
>CL?=NIL
>?F
A;<CH?N?
!MNIM
=;LAIM

<C?H
=IGI
L?MJIHM;<F?M
>CL?=NIM
>?
OH;
J;L=?F;
>?
F;
ILA;HCT;=C‰H

<C?H
=IGI
;H;FCMN;M
S
;M?MIL?M
>?
F;M
;==CIH?M
?
CH;==CIH?M
>?F
GCHCMN?LCI
;LNC=OF;L…;H
FIM
CHN?L?M?M
>?
FIM
ALOJIM
;@?=N;>IM
JIL
F;M
JIF…NC=;M
S
>?F
J;LNC>I
JIF…NC=I
KO?
L?MJ;F>;<;
?F
AI<C?LHI
,IL
INLI
F;>I

M?
JLI@OH>CT;<;
?H
F;
L;=CIH;FC>;>
;>GCHCMNL;NCP;

JO?M
FIM
=;LAIM
=IH
>CG?HMCIH?M
N?=HI=L}NC=;M
G}M
=F;L;M
M?
?H=;LA;<;H
>?
@CFNL;L
FIM
;MOHNIM
MOMN;HNCPIM
>?F
GCHCMN?LCI
;
NL;P‚M
>?
F;
IGCMC‰H
>?
/O<M?=L?N;LCIM



,
;:74?4E,.4[9
/0
7,
.];@7,
,/8494>?=,?4A,

  
!F
=IHNLIF
>?
FIM
;=NIL?M
JIF…NC=IM
MI<L?
F;
G;KOCH;LC;
;>GCHCMNL;NCP;
;OG?HN;
=IHMC>?L;<F?G?HN?
?H
F;
>‚=;>;
>?
FIM
;ˆIM
HIP?HN;
/?
JLI>O=?
OH;
UL?JIFCNCT;=C‰HX
>?
F;
=JOF;
;>GCHCMNL;NCP;
;
J;LNCL
>?
>IM
G?>C>;M
;>IJN;>;M
?H
?MN?
J?L…I>I
,IL
OH;
J;LN?

FIM
M?=L?N;LCIM
>?
!MN;>I
?GJ?T;LIH
;
J;LNC=CJ;L
>?M>?

?H
F;M
L?OHCIH?M
JL?J;L;NILC;M
>?F
IHM?DI
>?
)CHCMNLIM
?H
F;
IGCMC‰H
#?H?L;F
>?
/O<M?=L?N;LCIM
S
/?=L?N;LCIM
>?
!MN;>I
#/!/
,IL
N;HNI

FIM
MO<M?=L?N;LCIM
S;
HI
N?H>L…;H
F;
?R=FOMCPC>;>
>?
F;
L?JL?M?HN;=C‰H
>?F
GCHCMN?LCI
?H
F;
#/!/
,IL
INL;
J;LN?

;
J;LNCL
>?


FIM
MO<M?=L?N;LCIM

FIM
>CL?=NIL?M
A?H?L;F?M
S
FIM
M?=L?N;LCIM
A?H?L;F?M
N‚=HC=IM
>?<?H
M?L
>?MCAH;>IM
>?
?HNL?
FIM
@OH=CIH;LCIM
>?
=;LL?L;
>?
=O;FKOC?L;
>?
FIM
NL?M
HCP?F?M
N?LLCNILC;F?M
>?
F;
>GCHCMNL;=C‰H
IH
?MN;
G?>C>;
M?
GO?MNL;
KO?
?F
J?L@CF
>?
?MNIM
=;LAIM
?M
@OH>;G?HN;FG?HN?
N‚=HC=I
*I
I<MN;HN?

?F
.?;F
?=L?NI
>?
?MNLO=NOL;
>?F
?J;LN;G?HNI
JO?>?
J?LGCNCL
KO?

?H
;N?H=C‰H
;
F;M
=;L;=N?L…MNC=;M
?MJ?=…@C=;M
>?
F;M
@OH=CIH?M
>?
OH;
>CL?==C‰H
A?H?L;F
J;LNC=OF;L

MO
NCNOF;L
HI
L?H;
>C=B;
=IH>C=C‰H
>?
@OH=CIH;LCI

=IH
FI
KO?
M?
POFH?L;
?MN;
L?M?LP;
>?
F?S
KO?
M?
B;<…;
CHMNCNOC>I
=IH
?F
@CH
>?
JLI@?MCIH;FCT;L
?H
FI
JIMC<F?
?MN?
JO?MNI
!H
F;
#!

?F
HG?LI
>?
;FNIM
=;LAIM
M?
B;
C>I
L?>O=C?H>I
>?M>?

KO?
B;<…;
?H

B;MN;

?H



>?
L?>O==C‰H

P‚;M?
F;
0;<F;

$%.$

C<9B17a;
23
9<@
;<:0?/:73;A<@
=<9_A71<@
5/07;3A3@
:7;7@A3?7/93@
E
27?31A7C<@
239
5?B=<



743?3;17/
     
 

BJEI
97H=EI         

!#(.       

KD9?ED7H?EI

:;I:;

       


/?
=IHN;<CFCT;H
FIM
HIG<L;GC?HNIM
>?
M?=L?N;LCIM
>?
!MN;>I

M?=L?N;LCIM
A?H?L;F?M

MO<M?=L?N;LCIM
S
>CL?=NIL?M
A?H?L;F?M
"O?HN?
%#!
,?LMIH;F
;F
M?LPC=CI
>?F
/?=NIL
,<FC=I
!MN;N;F
P;LCIM
;ˆIM

!F
J?LMIH;F
>?
FIM
A;<CH?N?M
=L?=C‰
OH

?HNL?

S

!F
;OG?HNI
>?F
J?LMIH;F
>?
A;<CH?N?
JO?>?
N?H?L
=C?LNI
CGJ;=NI
?H
F;
JIFCNCT;=C‰H
>?
F;
>GCHCMNL;=C‰H

S;
KO?
NC?H?
=;>;
P?T
G}M
=;J;=C>;>
>?
CHN?LP?HCL
?H
?F
JLI=?MI
>?=CMILCI

HI
M‰FI
>?F
GCHCMN?LCI
MCHI
N;G<C‚H
?H
?F
JLI=?MI
=IF?AC;>I
>?
;>IJ=C‰H
>?
>?=CMCIH?M
>?F
AI<C?LHI
P‚;M?
?F
MCAOC?HN?
;J;LN;>I
!H
F;
?H=O?MN;

>?F
%/


?F


>?
FIM
?H=O?MN;>IM
?MN}H
>?
;=O?L>I
=IH
KO?
FIM
@OH=CIH;LCIM
?D?=ON;H
=IH
CGJ;L=C;FC>;>
S
?@C=;=C;
F;M
>?=CMCIH?M
>?F
AI<C?LHI

=IH
CH>?J?H>?H=C;
>?
MOM
JLIJC;M
JL?@?L?H=C;M
JIF…NC=;M
!MNI
L?M;FN;
F;
C>?;
>?
>?@?HM;
>?
FIM
CHN?L?M?M
A?H?L;F?M
>?F
!MN;>I
/CH
?G<;LAI

F;
;=NO;=C‰H
>?F
AI<C?LHI
B;=?
G?FF;
?H
F;
=;LL?L;
>?
FIM
@OH=CIH;LCIM
1H


>?
FIM
@OH=CIH;LCIM
?MN;<;H
G}M
<C?H
>?
;=O?L>I
=IH
KO?
FIM
AI<C?LHIM
L?MJ?N;H
?H
MOM
JO?MNIM
;
FIM
@OH=CIH;LCIM
MCH
NIG;L
?H
=IHMC>?L;=C‰H
F;M
C>?IFIA…;M
JIF…NC=;M
)}M
>?
OH
N?L=CI


?MN}
?H
>?M;=O?L>I
S
JC?HM;
KO?
?F
AI<C?LHI
NIG;
=C?LNI
J;LNC>I
>C=CIH;FG?HN?

?RCMN?
>CPCMC‰H
L?MJ?=NI
;
MC
FIM
GCHCMNLIM
S
FIM
MO<M?=L?N;LCIM
JO?>?H
=IH@C;L
?H
F;
CGJ;L=C;FC>;>
JIF…NC=;
>?
FIM
;FNIM
@OH=CIH;LCIM
!F


?MN}
>?
;=O?L>I
=IH
?MN;
@L;M?
S
?F


?MN}
?H
>?M;=O?L>I
"CH;FG?HN?

N;G<C‚H
B;S
>CPCMC‰H
>?
IJCHCIH?M


>?
;=O?L>I
S


?H
>?M;=O?L>I
=O;H>I
M?
JLIHOH=C;H
MI<L?
MC
;
FIM
@OH=CIH;LCIM
=IGJ?N?HN?M

CH=FOMI
>?
HCP?F?M
;FNIM

M?
F?M
G;HNC?H?
?H
MOM
JO?MNIM
I
M?
F?M
=IH@…;
OHI
J;L?=C>I
=O;H>I
=;G<C;H
FIM
AI<C?LHIM
!H
>?@CHCNCP;

FIM
@OH=CIH;LCIM
G;HNC?H?H
KO?
MIH
H?ONL;F?M
?H
A?H?L;F

J?LI
=L??H
KO?
FIM
MOJ?LCIL?M
HI
=IH@…;H
?H
MO
H?ONL;FC>;>
*I
>?<?
IFPC>;LM?
KO?
GO=BIM
>?
MOM
MOJ?LCIL?M
MIH
I
B;H
MC>I
@OH=CIH;LCIM
,IL
N;HNI

M?
>?N?=N;
OH
JLI<F?G;
>?
JIFCNCT;=C‰H
?H
?F
M?HI
>?
FIM
=O?LJIM
>?F
ALOJI
MOJ?LCIL
 

$&#'#
# #

#$Y"

'#"'
1H;
P?T
?RJO?MN;M
F;M
=;L;=N?L…MNC=;M
>?
FIM
;=NIL?M
CH>CPC>O;F?M
KO?
I=OJ;H
FIM
JO?MNIM
>?
F;
=JOF;
JIF…NC=I;>GCHCMNL;NCP;
M?
;H;FCT;
?F
JLI=?MI
=IF?AC;>I
>?
;>IJ=C‰H
>?
>?=CMCIH?M
,;L;
?FFI

M?
?GJC?T;
=IH
F;
>?M=LCJ=C‰H
>?
F;M
=;L;=N?L…MNC=;M
>?
FIM
;=NIL?M
KO?
J;LNC=CJ;H
?H
?MN?
JLI=?MI


:>
,.?:=0>
.:7024,/:>
,/:;.4[9
;:7Y?4.,
/0
7,>
/0.4>4:90>



:
=<A38=
23
!7<7AB@=A
!F
IHM?DI
>?
)CHCMNLIM
?M
?F
‰LA;HI
=IF?AC;>I
>?F
AI<C?LHI
KO?
>CLCA?
F;
JIF…NC=;
CHN?LCIL
S
?RN?LCIL

;M…
=IGI
F;
>GCHCMNL;=C‰H
=CPCF
S
GCFCN;L
!H
F;
JL}=NC=;

?MN?
‰LA;HI
?MN}
?R=FOC>I
>?
F;
HILG;NCP;
JLIJC;
>?
FIM
‰LA;HIM
=IF?AC;>IM

FI
KO?
L?@O?LT;
MO
>CL?==C‰H
JL?MC>?H=C;F
!MN?
‰LA;HI
NC?H?
P;LC;M
@OH=CIH?M
!H
?F
}G<CNI
F?ACMF;NCPI

CHC=C;
?F
JLI=?MI
F?ACMF;NCPI
G?>C;HN?
F;
;JLI<;=C‰H
>?
FIM
JLIS?=NIM
>?
F?S

L?GCNC>IM
JIMN?LCILG?HN?
;
F;M
ILN?M
;JLO?<;
FIM
L?AF;G?HNIM
>?
?D?=O=C‰H
>?
F;M
F?S?M
J;LF;G?HN;LC;M
S
>?
F;
@CLG;
>?
FIM
NL;N;>IM
CHN?LH;=CIH;F?M
!H
?F
JF;HI
ILA;HCT;NCPI

>?=C>?
F;
ILA;HCT;=C‰H
>?
F;
#!
S
MOM
JF;H?M
>?
;=NO;=C‰H
(;M
>?FC<?L;=CIH?M
>?F
IHM?DI
>?
)CHCMNLIM
MIH
M?=L?N;M
S
;
?FF;M
>?<?H
;MCMNCL
?F
JL?MC>?HN?
>?F
AI<C?LHI

FIM
PC=?JL?MC>?HN?M
S
FIM
GCHCMNLIM
;M…
=IGI
FIM
GC?G<LIM
KO?
?MN;<F?T=;
F;
F?S
!H
;FAOHIM
=;MIM
JO?>?H
;MCMNCL
FIM
/?=L?N;LCIM
>?
!MN;>I
=O;H>I
M?;H
=IHPI=;>IM
(;
JL?MC>?H=C;
>?F
IHM?DI
>?
)CHCMNLIM
F?
=ILL?MJIH>?
;F
,L?MC>?HN?
>?F
#I<C?LHI

KOC?H
JO?>?
J?>CL
;F
.?S
KO?
FI
JL?MC>;
!H
?MN?
=;MI

F;M
L?MIFO=CIH?M
MIH
>?
=;L}=N?L
=IHMOFNCPI
?M>?
KO?
M?
JLIGOFA‰
F;
IHMNCNO=C‰H

?MNI
B;
I=OLLC>I
?H

I=;MCIH?M

S

NOPC?LIH
FOA;L
?HNL?

S

*ILG;FG?HN?

?F
.?S
;MCMN?
OH;
P?T
JIL
F?ACMF;NOL;
;
F;
M?MC‰H
>?F
IHM?DI
>?
)CHCMNLIM
J;L;
M?L
CH@ILG;>I
>?
FIM
JF;H?M
>?F
AI<C?LHI
S
>?
MOM
GCHCMNLIM
!F
IHM?DI
>?
)CHCMNLIM
M?MCIH;
FIM
PC?LH?M
?H
?F
J;F;=CI
>?
(;
)IH=FI;
?H
);>LC>

;OHKO?
?H
OH;M
>C?T
I=;MCIH?M
F;
M?MC‰H
M?
B;
=?F?<L;>I
@O?L;
>?
F;
=;JCN;F
(;M
>?=CMCIH?M
?H
?F
M?HI
>?F
IHM?DI
>?
)CHCMNLIM
M?
;>IJN;H
M?AH
?F
JLCH=CJCI
>?
F;
>?J;LN;G?HN;FC>;>
S
F;
=IF?AC;FC>;>
,IL
?F
JLCH=CJCI
>?
F;
>?J;LN;G?HN;FC>;>

=;>;
GCHCMNLI
NC?H?
F;
L?MJIHM;<CFC>;>
JIF…NC=;
MI<L?
FIM
;MOHNIM
>?
F;M
=IGJ?N?H=C;M
>?
MO
?J;LN;G?HNI
,IL
?F
JLCH=CJCI
>?
F;
=IF?AC;FC>;>

F;M
>?FC<?L;=CIH?M
>?F
IHM?DI
>?
)CHCMNLIM
MIH
M?=L?N;M

F;M
>?=CMCIH?M
M?
;>IJN;H
JIL
=IHM?HMI
HI
M?
MO?F?
PIN;L
S
?RCMN?
OH;
L?MJIHM;<CFC>;>
MIFC>;LC;
>?
NI>IM
FIM
GCHCMNLIM
=IH
F;M
>?=CMCIH?M
;>IJN;>;M



/A
=;7A7=<3A
3:35/2/A
23:
=073@<=
#L;H
J;LN?
>?
F;
;=NCPC>;>
>?F
IHM?DI
?MN}
>?M;LLIFF;>;
JIL
F;M
IGCMCIH?M
?F?A;>;M
>?F
#I<C?LHI

KO?
M?
=IHMNCNOS?H
?H
OH
‰LA;HI
=IF?AC;>I
!MN;M
IGCMCIH?M
JO?>?H
?MN;L
CHN?AL;>;M
JIL
GCHCMNLIM
S
M?=L?N;LCIM
>?
!MN;>I
>?
FIM
?J;LN;G?HNIM
KO?
NC?H?H
;FAH
CHN?L‚M
>CL?=NI
?H
?F
N?G;
>?
KO?
M?
NL;N;
OHKO?
M?
JO?>?H
?MN;<F?=?L
IGCMCIH?M
J;L;
OH
;MOHNI
?MJ?=…@C=I
S
OH
JF;TI
N?GJIL;F
>?N?LGCH;>I

?F
NL;<;DI
>?
;FAOH;M
IGCMCIH?M
JO?>?
M?L
J?LG;H?HN?

=IGI
?M
?F
=;MI
>?
F;
IGCMC‰H
?F?A;>;
>?F
#I<C?LHI
J;L;
MOHNIM
!=IH‰GC=IM

KO?
M?
L?H?
N;G<C‚H
=IH
G;SIL
L?AOF;LC>;>
 !H


F;M
=IGCMCIH?M
>?F?A;>;M
>?F
AI<C?LHI
?L;H

P‚;M?
F;
0;<F;

.
 
!F
HG?LI
>?
=IGCMCIH?M
S
MO
H;NOL;F?T;
P;L…;
M?AH
?F
‚H@;MCM
JIF…NC=I
>?F
JL?MC>?HN?
>?F
AI<C?LHI
S
>?
F;M
H?=?MC>;>?M
>?F
GIG?HNI
0I>;M
?FF;M
M?
=;L;=N?LCT;H
JIL
NL;N;L
N?G;M
NL;HMP?LM;F?M
;
P;LCIM
GCHCMN?LCIM
?
CH=FOMI
P;LCIM
HCP?F?M
>?
AI<C?LHI
*ILG;FG?HN?

?MNIM
N?G;M
I=OJ;H
OH
FOA;L
L?F?P;HN?
?H
F;
;A?H>;
AO<?LH;G?HN;F
$%.$

83:=9<@
23
9/@
<:7@7<;3@
3935/2/@
239
<073?;<
23@23

/

-/=/A3?< &/8<E

    

-?JK79?ED;I
:;
H?I?I N N N N
*EBsJ?97
?;DJs<?97
O
.;9DEBv=?97 N N N N
EEF;H79?vD
7B
;I7HHEBBE N N N
IKDJEI
9EDvC?9EI N N N N N

*EBsJ?97
:;
#=K7B:7: N N N N

7C8?E
B?CnJ?9E N N N
*EBsJ?97
KJEDvC?97 N N N N

*EBsJ?97
:;
#DC?=H79?vD N N N
IKDJEI
KBJKH7B;I N

IKDJEI
:;
#DJ;B?=;D9?7 N N

-;=KH?:7:
(79?ED7B N
#DL;IJ?=79?vD
9?;DJs<?97
O
:;I7HHEBBE
;
?DDEL79?vD
J;9DEBv=?97 N

*H;I?:;D9?7
IF7uEB7
:;
B7
/D?vD
KHEF;7
;D
;B
7uE
 N
"O?HN?


.
 


.
 


.
 

.
 


.
 

(;M
>?FC<?L;=CIH?M
S
F;M
>?=CMCIH?M
;>IJN;>;M
?H
F;M
=IGCMCIH?M
>?F?A;>;M
>?F
AI<C?LHI
MIH
M?=L?N;M
FAOHIM
;=O?L>IM
MIH
JO<FC=;>IM
?H
?F
+!
(IM
;=O?L>IM
;>IJN;>IM
?H
F;M
IGCMCIH?M
?F?A;>;M
>?F
#I<C?LHI
L?PCMN?H
F;
@ILG;
>?
+L>?H
>?F
GCHCMNLI
=IGJ?N?HN?
I
>?F
)CHCMNLI
>?
F;
,L?MC>?H=C;

=O;H>I
F;
=IGJ?N?H=C;
=ILL?MJIH>?
;
>CMNCHNIM
GCHCMNLIM



/
=;7A7b<
3<3@/:
23
'31@3B/@7=A
23
AB/2=
G
'C0A31@3B/@7=A
''
(;
#/!/
@O?
=L?;>;
JIL
F;
(?S
 
J;L;
?MNO>C;L
S
JL?J;L;L
FIM
;MOHNIM
MIG?NC>IM
;F
IHM?DI
>?
)CHCMNLIM
!MN;
=IGCMC‰H
M?
=L?;
JIL
?F
AL;H
PIFOG?H
>?
;MOHNIM
KO?
MIH
=IGJ?N?H=C;
>?F
IHM?DI
S
F;
H?=?MC>;>
>?
>?<;NCL
;GJFC;G?HN?
FIM
N?G;M
>?
G;SIL
CGJILN;H=C;
JIF…NC=;
;?H;

(IM
=IHM?DIM
>?
GCHCMNLIM
>OL;HN?
F;
‚JI=;
>?
"L;H=I
?L;H
?N?LHIM
S
;AIN;<;H
;
MOM
J;LNC=CJ;HN?M
N;HNI
JIL
MO
>OL;=C‰H
=IGI
JIL
NL;N;L
?H
>?N;FF?
=O?MNCIH?M
G?L;G?HN?
;>GCHCMNL;NCP;M
L?MJI

HN?M
>?
MO
=L?;=C‰H
@ILG;F
JIL
F?S

/O}L?T
S;
CHNLI>ODI
F;
IGCMC‰H
>?
/O<M?=L?N;LCIM
?H

(;
=IGCMC‰H
>?<…;
I=OJ;LM?
?H
MOM
M?MCIH?M
>?
FIM
;MOHNIM
>?
NL}GCN?

;KO?FFIM
KO?
HI
>?<…;H
?HNILJ?=?L
F;
F;<IL
S
F;
>CM=OMC‰H
>?
G;SIL
NL;M=?H>?H=C;
JIF…NC=;
>?
FIM
GCHCMNLIM
(;
;MCMN?H=C;
>?
FIM
M?=L?N;LCIM
>?
!MN;>I
=IG?HT‰
?H


;OHKO?
?MNI
HI
M?
JLI>O=…;
>?
@ILG;
MCMN?G}NC=;
HC
;MCMN…;H
NI>IM
FIM
M?=L?N;LCIM
>?
!MN;>I
?RCMN?HN?M
!H
MOM
CHC=CIM

F;
IGCMC‰H
@O?
JL?MC>C>;
JIL
?F
)CHCMNLI
>?
F;
,L?MC>?H=C;
!H
F;
;=NO;FC>;>
MO
IL>?H;=C‰H
?M
F;
MCAOC?HN?
(?S
 
W
(;
#/!/
?MN;L}
CHN?AL;>;
JIL
FIM
M?=L?N;LCIM
>?
!MN;>I
S
JIL
FIM
MO<M?=L?N;LCIM
>?
FIM
>CMNCHNIM
>?J;LN;G?HNIM
GCHCMN?LC;F?M
>?G}M
;MCMN?
?F
;<IA;>I
A?H?L;F
>?F
!MN;>I
;M…
=IGI
FIM
=;LAIM
KO?
NC?H?H
?F
L;HAI
>?
M?=L?N;LCI
>?
!MN;>I
I
>?
MO<M?=L?N;LCI
S
M?;H
=IHPI=;>IM
JIL
?F
JL?MC>?HN?
W
(;
JL?MC>?H=C;
>?
F;
#/!/
=ILL?MJIH>?
;
OH
2C=?JL?MC>?HN?
>?F
#I<C?LHI

I
?H
MO
=;MI
;F
)CHCMN?LCI
>?
F;
,L?MC>?H=C;
!F
/O<M?=L?N;LCI
>?
F;
,L?MC>?H=C;
?M
M?=L?N;LCI
>?
F;
#/!/
W
(;M
L?OHCIH?M
>?
F;
#/!/
JL?J;L;
F;M
M?MCIH?M
>?F
IHM?DI
>?
)CHCMNLIM

J?LI
F;
#/!/
HI
JO?>?
;>IJN;L
>?=CMCIH?M
I
;=O?L>IM
JIL
>?F?A;=C‰H
>?F
#I<C?LHI
W
0I>IM
FIM
;MOHNIM
KO?
P;S;H
;
MIG?N?LM?
;
;JLI<;=C‰H
>?F
IHM?DI
>?
)CHCMNLIM
>?<?H
M?L
?R;GCH;>IM
JIL
F;
IGCMC‰H

?R=?JNI
FIM
HIG<L;GC?HNIM

=?M?M

;M=?HMIM
;
=O;FKOC?L;
>?
FIM
?GJF?IM
>?
F;
=;N?AIL…;
>?
I@C=C;F?M
A?H?L;F?M
S
;KO‚FFIM
KO?

?R=?J=CIH;FG?HN?
S
JIL
L;TIH?M
>?
OLA?H=C;

>?<;H
M?L
MIG?NC>IM
>CL?=N;G?HN?
;F
IHM?DI
>?
)CHCMNLIM

 
:>
,.?:=0>
49/4A4/@,70>
;=0;,=,.4[9
,/8494>?=,?4A,
/0
7,>
/0.4>4:90>

.:7024,/,>
!H
?MN?
;J;LN;>I
M?
;H;FCT;H
FIM
;=NIL?M
KO?
M?
?H=;LA;H
>?
GIP?L
FIM
?RJ?>C?HN?M
JIL
?F
=CL=OCNI
;>GCHCMNL;NCPI
>?
F;
;>IJ=C‰H
>?=CMCIH?M
!H
?F
JL‰RCGI
;J;LN;>I
M?
NL;N;
>?
@ILG;
G}M
=IH=L?N;
?F
JLI=?MI
>?=CMILCI
!F
*64C6E2C:25@
56=
@3:6C?@

=IGI
‰LA;HI
>?
;JISI
>?F
IHM?DI
>?
)CHCMNLIM

>?
F;M
IGCMCIH?M
?F?A;>;M
>?F
#I<C?LHI
S
>?
F;
#/!/

?D?L=?
F;M
MCAOC?HN?M
@OH=CIH?M
F;
;MCMN?H=C;
;F
/?=L?N;LCI
>?F
IHM?DI
>?
)CHCMNLIM
F;
L?GCMC‰H
>?
F;M
=IHPI=;NILC;M
;
FIM
>C@?L?HN?M
GC?G<LIM
>?
FIM
‰LA;HIM
=IF?AC;>IM
;HN?LCILG?HN?
?HOG?L;>IM
F;
=IF;<IL;=C‰H
=IH
F;M
/?=L?N;L…;M
0‚=HC=;M
>?
F;M
IGCMCIH?M
?F?A;>;M
>?F
#I<C?LHI
?F
;L=BCPI
S
=OMNI>C;
>?
F;M
=IHPI=;NILC;M

‰L>?H?M
>?F
>…;
S
;=N;M
>?
F;M
L?OHCIH?M
MOJ?LPCMC‰H
>?
F;
=ILL?=N;
S
@C?F
JO<FC=;=C‰H
>?
F;M
>CMJIMC=CIH?M
S
HILG;M
?G;H;>;M
>?F
#I<C?LHI
KO?
>?<;H
CHM?LN;LM?
?H
?F
IF?N…H
+@C=C;F
>?F
!MN;>I
!F
/?=L?N;LC;>I
>?F
#I<C?LHI
>?J?H>?
>?F
GCHCMNLI
>?
F;
,L?MC>?H=C;
>C=CIH;FG?HN?

F;
(?S
 
;LN

B;
CH=L?G?HN;>I
?F
J;J?F
>?F
/?=L?N;LC;>I
>?F
#I<C?LHI
;F
=IH@?LCLF?
F;
L?MJIHM;<CFC>;>
>?
P?F;L
JIL
?F
=OGJFCGC?HNI
>?
FIM
JLCH=CJCIM
>?
F;
<O?H;
L?AOF;=C‰H
;M…
=IGI
;
=IHNLC<OCL
;
F;
G?DIL;
>?
F;
=;FC>;>
N‚=HC=;
>?
F;M
>CMJIMC=CIH?M
AO<?LH;G?HN;F?M

J?M;L
>?
F;
=?HNL;FC>;>
>?F
/?=L?N;LC;>I
>?F
#I<C?LHI
?H
?F
JLI=?MI

MO
J;J?F
M?
L?MNLCHA?
;
F;<IL?M
N‚=HC=;M
KO?
HI
MC?GJL?
MOJF?H
F;M
F;<IL?M
JIF…NC=;M
1H;
>?
F;M
FCGCN;=CIH?M
>?F
/?=L?N;LC;>I
?M
KO?
HI
>?M?GJ?ˆ;
?F
J;J?F
@ILG;F
>?
M?=L?N;LCI
>?
F;M
L?OHCIH?M
>?
F;
#/!/

JIL
?D?GJFI

MCHI
F;
M?=L?N;L…;
;>DOHN;
(?S
 
(;
*64C6E2Ct2
6?6C2=
+q4?:42
/#0
=;H;FCT;
NI>;M
F;M
L?F;=CIH?M
?HNL?
FIM
=?HNLIM
>CL?=NCPIM
>?
MO
GCHCMN?LCI
=IH
?F
/?=L?N;LC;>I
>?F
#I<C?LHI
(;
/#0
=?HNL;FCT;
F;
L?=?J=C‰H
S
?F
?HP…I
>?
FIM
>I=OG?HNIM
?GJF?;>IM
?H
F;
JL?J;L;=C‰H
>?
F;
L?OHC‰H
>?
F;
#/!/
S
?F
IHM?DI
>?
)CHCMNLIM
;M…
=IGI
JLI=?M;
S
@OMCIH;
F;M
I<M?LP;=CIH?M
KO?
M?
L?;FCT;H
?H
?F
JLI=?MI
,IL
OH
F;>I

F;
/#0
L?=C<?
F;
=IHPI=;NILC;
>?
FIM
‰LA;HIM
=IF?AC;>IM
?H
FIM
KO?
J;LNC=CJ;
?F
GCHCMN?LCI
IHM?DI
>?
)CHCMNLIM

IGCMC‰H
>?
/?=L?N;LCIM
>?
!MN;>I
S
/O<M?=L?N;LCIM

IGCMCIH?M
?F?A;>;M
>?F
#I<C?LHI
>?G}M
L?=C<?
?F
pH>C=?
*?ALI

?F
2?L>?
S
?F
.IDI
>?
?MN;M
M?MCIH?M
P‚;M?
G}M
;<;DI
(;
/#0
>CMNLC<OS?
F;
>I=OG?HN;=C‰H
;F
L?MNI
>?F
GCHCMN?LCI
;
NL;P‚M
>?
F;
/O<M?=L?N;L…;
S
>?
FIM
A;<CH?N?M
>?
FIM
M?=L?N;LCIM
>?
!MN;>I
,IL
INLI
F;>I

F;
/#0
?HP…;
;
NL;P‚M
>?
F;
IGCMC‰H
2CLNO;F
FIM
;MOHNIM
KO?
?F
GCHCMN?LCI
JL?M?HN;L}
;HN?
FIM
‰LA;HIM
=IF?AC;>IM
!H
;FAOHIM
=;MIM

;HN?M
>?
?HPC;L
I<M?LP;=CIH?M
;
FIM
JLIS?=NIM
>?
INLIM
GCHCMN?LCIM
NC?H?
KO?
L?@OH>CL
S
;LGIHCT;L
F;M
I<M?LP;=CIH?M
>?
FIM
>CMNCHNIM
‰LA;HIM
>CL?=NCPIM
0;G<C‚H
M?
?H=;LA;
>?
=F;MC@C=;L
FIM
N?G;M
KO?
P;H
;F
pH>C=?
*?ALI
S
F;M
JLIJO?MN;M
KO?
>?<?L…;H
CL
>CL?=N;G?HN?
;F
pH>C=?
.IDI
(IM
823:?6E6D
MIH
GOS
L?F?P;HN?M
?H
?MN?
JLI=?MI

;OHKO?
MO
J;J?F
HI
?MN}
@ILG;FCT;>I
S
>?J?H>?
=IHMC>?L;<F?G?HN?
>?
F;
CGJLIHN;
>;>;
JIL
FIM
GCHCMNLIM
S
?F
JL?MC>?HN?
>?F
AI<C?LHI
(IM
GC?G<LIM
>?
FIM
A;<CH?N?M
?H
MO
=IH>C=C‰H
>?
;M?MIL?M
JIF…NC=IM
>?F
=;LAI
KO?
FIM
HIG<L;
B;=?H
OH
M?AOCGC?HNI
>?
FIM
N?G;M
>?F
GCHCMN?LCI
!MNI
MOJIH?
KO?
N;G<C‚H
?MN‚H
CH@ILG;>IM
S
@CFNL?H
?H
GO=B;M
I=;MCIH?M
F;
IJILNOHC>;>
JIF…NC=;
;M…
=IGI
F;
C>IH?C>;>
>?
F;M
JLIJO?MN;M
>?
FIM
=?HNLIM
>CL?=NCPIM
B;=C;
FIM
‰LA;HIM
=IF?AC;>IM
,IL
?FFI

?M
<;MN;HN?
HILG;F
KO?
F;
/#0
M?
=IGOHCKO?
=IH
FIM
=?HNLIM
>CL?=NCPIM
C?
F;M
>CL?==CIH?M
A?H?L;F?M
;
NL;P‚M
>?
FIM
A;<CH?N?M
S
KO?
‚MNIM
=IHMNCNOS;H
?F
@CFNLI
MI<L?
NI>;M
F;M
>?=CMCIH?M
KO?
OH
GCHCMN?LCI
JLIGINIL
?HP…;
;
F;
#/!/
;M…
=IGI
JO?>?H
N;G<C‚H
@CFNL;L
F;M
I<M?LP;=CIH?M
;
F;M
>CMJIMC=CIH?M
>?
INLIM
GCHCMN?LCIM
KO?
F?M
;@?=N?H



7
;=:.0>:
/0
,/:;.4[9
/0
/0.4>4:90>
!F
=O?L>I
>?F
IHM?DI
>?
)CHCMNLIM
>?

>?
DOFCI
>?

=IHMNCNOS?
?F
G;L=I
L?AOF;NILCI
>?
FIM
NL?M
‰LA;HIM
=IF?AC;>IM
G?H=CIH;>IM
;HN?LCILG?HN?
?F
IHM?DI
>?
)CHCMNLIM

F;
#/!/
S
F;M
IGCMCIH?M
?F?A;>;M
>?F
#I<C?LHI
(;
CH@ILG;=C‰H
KO?
M?
JL?M?HN;
;KO…
?MN}
<;M;>;
?H
>CP?LM;M
@O?HN?M
(‰J?T
;FPI

#;L=…;
"?LH}H>?T

%HMNLO==CIH?M
>?
F;
/O<M?=L?N;L…;
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M
 
S
?HNL?PCMN;M
=IH
JLIN;AIHCMN;M
>?F
JLI=?MI
!F
JLI=?MI
M?
>?M;LLIFF;
?H
NL?M
?N;J;M
?MN;<F?=CGC?HNI
>?F
pH>C=?
*?ALI
>?=CMC‰H
MI<L?
FIM
;MOHNIM
KO?
P;H
;F
pH>C=?
2?L>?
S
?F
.IDI
>?=CMCIH?M
MI<L?
FIM
;MOHNIM
>?F
pH>C=?
.IDI
!H
OH;
JLCG?L;
?N;J;

M?
JLI>O=?
F;
?F;<IL;=C‰H
>?F
pH>C=?
,;L=C;F
JIL
J;LN?
>?
=;>;
OHI
>?
FIM
GCHCMN?LCIM
=IH
FIM
;MOHNIM
KO?
KOC?L?
CH=FOCL
?H
?F
pH>C=?
*?ALI
!F
pH>C=?
*?ALI

=IHNC?H?
FIM
;MOHNIM
KO?
?R;GCH;L}
F;
#/!/

?M
>?=CL

?F
pH>C=?
*?ALI
=IHMNCNOS?
?F
IL>?H
>?F
>…;
>?
F;
#/!/
!H
?MN;
?N;J;

FIM
‰LA;HIM
KO?
?F;<IL;H
F;
JLIJO?MN;
MCAO?H
?F
JLI=?>CGC?HNI
?MNCJOF;>I
M?AH
?F
NCJI
>?
;MOHNI
>?
KO?
M?
NL;N?

MCAOC?H>I
F;M
HILG;M
B;<CNO;F?M
>?
CHC=C;=C‰H

IL>?H;=C‰H

CHMNLO==C‰H
S
J;LNC=CJ;=C‰H
>?
FIM
CHN?L?M;>IM
?H
FIM
L?MJ?=NCPIM
JLI=?>CGC?HNIM
;>GCHCMNL;NCPIM
!H
?MN?
JLI=?MI
>?<?H
>CMNCHAOCLM?
FIM
;=NIM
?H
FIM
KO?
?F
IHM?DI
>?
)CHCMNLIM
;=N;
MCH
G?>C;=C‰H
JIL
?D?GJFI

F;M
JLIJO?MN;M
>?
HIG<L;GC?HNI
>?
FIM
;=NIM
KO?
M?
ILCACH;H
JIL
OH
‰LA;HI
>CL?=NCPI
>?
OH
GCHCMN?LCI
(;
NL;GCN;=C‰H
M?
CHC=C;
JIL
N;HNI
?H
FIM
GCHCMN?LCIM
S
?H
MOM
ILA;HCMGIM

KO?
>?<?H
?HPC;L
F;M
J?NC=CIH?M
>?
CH=FOMC‰H
>?
;MOHNIM
?H
?F
pH>C=?
*?ALI
>?
F;
IGCMC‰H
;
F;
/?=L?N;L…;
#?H?L;F
0‚=HC=;
>?
MO
GCHCMN?LCI
;
NL;P‚M
>?
FIM
A;<CH?N?M
 (IM
;MOHNIM
>?
=;>;
GCHCMN?LCI
MIH
?HPC;>IM
;F
/?=L?N;LC;>I
>?F
#I<C?LHI
;
NL;P‚M
>?
F;
IGCMC‰H
2CLNO;F
!MN;
?M
OH;
;JFC=;=C‰H
CH@ILG}NC=;
;
F;
KO?
;==?>?H
FIM
OMO;LCIM
;ONILCT;>IM
>?
NI>IM
FIM
GCHCMN?LCIM
!H
F;
;JFC=;=C‰H
M?
?H=O?HNL;
F;
>I=OG?HN;=C‰H
H?=?M;LC;
J;L;
;MCMNCL
;
F;M
L?OHCIH?M
>?
FIM
>CMNCHNIM
‰LA;HIM
=IF?AC;>IM
IHM?DI
>?
)CHCMNLIM

IGCMCIH?M
?F?A;>;M
S
#/!/
!H
OH
GIG?HNI
CHC=C;F
>?
?HP…I
>?
>I=OG?HNIM
PCH=OF;>IM
;F
…H>C=?
J;L=C;F
MIF;G?HN?
?F
GCHCMN?LCI
JLIGINIL
F;M
J?LMIH;M
>?
;==?MI
;ONILCT;>I
;
F;
;JFC=;=C‰H
NC?H?
;==?MI
;
MO
JLIJC;
>I=OG?HN;=C‰H
,IL
?D?GJFI

FIM
A;<CH?N?M
JO?>?H
=IH?=N;LM?
;
F;
IGCMC‰H
2CLNO;F
S
;==?>?L
;
F;
CH@ILG;=C‰H
>?
F;
KO?
>CMJIH?
MO
?J;LN;G?HNI
/CH
?G<;LAI

HI
NC?H?H
F;
JIMC<CFC>;>
>?
>CMNLC<OCL
>CL?=N;G?HN?
F;
CH@ILG;=C‰H
I
F;
>I=OG?HN;=C‰H
!H
?F
)CHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M

=O;FKOC?L
;MOHNI
MIFC=CN;>I
JIL
OH
=?HNLI
>CL?=NCPI
L?KOC?L?
F;
=IH@ILGC>;>
JIL
?M=LCNI
>?F
L?MNI
>?
F;M
/?=L?N;L…;M
>?
!MN;>I
S
>?
F;
/O<M?=L?N;L…;
;J;LN?
>?
F;
HIN;
?RJFC=;NCP;
>?
MO
=IHN?HC>I
S
F;
>I=OG?HN;=C‰H
JL?=?JNCP;
?
?MN;
@ILG;
M?
CHN?HN;
;M?AOL;L
KO?
?F
GCHCMN?LCI
B;<F?
=IH
OH;
MIF;
PIT
;HN?M
>?
F;
L?OHC‰H
>?
F;
#/!/
(;
CH=FOMC‰H
>?
OH
;MOHNI
?H
?MN?
pH>C=?
*?ALI
@CH;FCT;
F;
@;M?
JL?>IGCH;HN?G?HN?
;>GCHCMNL;NCP;
>?F
JLI=?MI
!MN?
IL>?H
>?F
>…;
M?
=C?LL;
;
F;M

BIL;M
>?F
GC‚L=IF?M
>?
F;
M?G;H;
;HN?LCIL
;
F;
M?MC‰H
>?
F;
IGCMC‰H
,;L;
F;
;>GCMC‰H
?H
?F
pH>C=?
*?ALI
M?
>?<?
=OGJFCL
=IH
OH;
M?LC?
>?
L?KOCMCNIM

KO?
P;L…;H
M?AH
F;
=O?MNC‰H
,IL
?D?GJFI

NI>IM
FIM
;HN?JLIS?=NIM
>?
F?S
S
FIM
JLIS?=NIM
>?
>CMJIMC=CIH?M
HILG;NCP;M
>?<?H
CL
;=IGJ;ˆ;>IM
>?
OH;
G?GILC;
?=IH‰GC=;
MCH
=OS;
;JILN;=C‰H

I
=IHMN;H=C;
>?
KO?
=;L?=?H
>?
L?J?L=OMC‰H
?=IH‰GC=;

HI
M?L}H
CH=FOC>IM
?H
?F
pH>C=?
(IM
;HN?JLIS?=NIM
>?
(?S
>?<?H
?MN;L
;=IGJ;ˆ;>IM
>?
OH;
G?GILC;
>?
;H}FCMCM
>?
CGJ;=NI
HILG;NCPI
;M…
=IGI
>C=N}G?H?M
KO?
M?;H
JL?=?JNCPIM
JIL
?D?GJFI

>?F
IHM?DI
>?
!MN;>I
!H
?F
=;MI
>?
KO?
OH
;MOHNI
M?;
JLIJO?MNI
>?
G;H?L;
=IHDOHN;
=IH
INLIM
GCHCMN?LCIM

NI>IM
FIM
MO<M?=L?N;LCIM
;@?=N;>IM
>?<?H
?MN;L
=IH@ILG?M
>?
@ILG;
?RJL?M;
J;L;
KO?
M?
CH=FOS;
?H
?F
IL>?H
>?F
>…;
(;
/#0
>?F
)CHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M
M?
?H=;LA;
>?
U>?M=IH>C=CIH;LX
FIM
;MOHNIM
KO?
@CAOL?H
=IGI
=IH>C=CIH;>IM
?=IH‰GC=;G?HN?
?H
?F
pH>C=?
>?
?=CMCIH?M
!MNIM
;MOHNIM
L?KOC?L?H
>?
OH
CH@ILG?
@;PIL;<F?
>?F
)CHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
J<FC=;M
1H;
P?T
=?LL;>I
?F
IL>?H
>?F
>…;

F;
/?=L?N;L…;
>?F
#I<C?LHI
JLI=?>?
;
MO
L?J;LNI
;
NI>IM
FIM
?J;LN;G?HNIM
;
J;LNCL
>?
F;
B
>?
F;
G;ˆ;H;
>?F
DO?P?M
>?
F;
M?G;H;
JL?PC;
;
F;
=?F?<L;=C‰H
>?
F;
#/!/

J;LNCL
>?
?MIM
GIG?HNIM
M?
NC?H?
JL}=NC=;G?HN?
OH;
M?G;H;
J;L;
JL?J;L;L
F;
L?OHC‰H
>?
F;
#/!/
!H
FIM
GCHCMN?LCIM
M?
MO?F?
=?F?<L;L
OH;
L?OHC‰H
JL?PC;
,IL
?D?GJFI

?H
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M

M?
@ILG;
OH;
U,L?=IGCMC‰HX
?H
F;
KO?
J;LNC=CJ;H
FIM
L?MJIHM;<F?M
>?
F;
/#0

F;
PC=?M?=L?N;L…;
A?H?L;F
N‚=HC=;

OH
L?JL?M?HN;HN?
>?F
A;<CH?N?
>?F
GCHCMN?LCI

>?
F;
M?=L?N;L…;
>?
!MN;>I
S
>?
F;
/O<M?=L?N;L…;
;M…
=IGI
?F
CHMJ?=NIL
A?H?L;F
S
?F
;<IA;>I
A?H?L;F
>?F
!MN;>I
?H
?F
)CHCMN?LCI
!H
?MN;
L?OHC‰H
M?
?R;GCH;H
S
M?
>CM=ON?H
NI>IM
FIM
;MOHNIM
CH=FOC>IM
?H
?F
pH>C=?
*?ALI
(;M
I<M?LP;=CIH?M
L?MOFN;HN?M
>?
?MN;
L?OHC‰H
MIH
?HPC;>;M
;F
/?=L?N;LC;>I
>?F
#I<C?LHI
;
NL;P‚M
>?
F;
IGCMC‰H
2CLNO;F
;HN?M
>?
F;
=?F?<L;=C‰H
>?
F;
#/!/
(;M
I<M?LP;=CIH?M
JO?>?H
I=;MCIH;L
F;
>CMNLC<O=C‰H
>?
OH
HO?PI
N?RNI
J;L;
>CM=ONCL
?F
;MOHNI
!H
OH;
M?AOH>;
?N;J;
M?
;>IJN;H
;=O?L>IM
?H
F;
#/!/
(;
;J?LNOL;
>?
F;
M?MC‰H
>?
?MN;
#/!/
;<L?
F;
@;M?
JL?>IGCH;HN?G?HN?
JIF…NC=;
>?F
JLI=?MI
>?
;>IJ=C‰H
>?
>?=CMCIH?M
(;M
>?=CMCIH?M
>?
F;
#/!/
HI
M?
MIG?N?H
@ILG;FG?HN?
;
PIN;=C‰H

S
HI
?MN}
>?N?LGCH;>I
?F
AL;>I
>?
IJIMC=C‰H
KO?
J;L;FCT;
OH
JLIS?=NI
=IH=L?NI
IGI
=IHM?=O?H=C;
>?
F;
L?OHC‰H
>?
F;
#/!/

KO?
M?
=?F?<L;
HILG;FG?HN?
?F
GC‚L=IF?M
JL?=?>?HN?
;F
PC?LH?M
?H
KO?
M?
L?H?
?F
IHM?DI
>?
)CHCMNLIM

FIM
;MOHNIM
>?F
pH>C=?
*?ALI
M?
=F;MC@C=;H
?H
>IM
…H>C=?M
?F
2?L>?
S
?F
.IDI

P?=?M

B;S
;MOHNIM
J;L;
FIM
KO?
M?
L?KOC?L?
F;
;JLI<;=C‰H
>?
INLIM
?J;LN;G?HNIM
S
?MNI
HI
M?
B;<…;
;JL?=C;>I
?H
F;
@;M?
CHC=C;F
>?
?F;<IL;=C‰H
>?F
pH>C=?
*?ALI
!H
?M?
=;MI

?F
GCHCMN?LCI
KO?
>?<?
>;L
F;
;JLI<;=C‰H
NC?H?
KO?
?HPC;L
?M;
;JLI<;=C‰H
;F
/?=L?N;LC;>I
>?F
#I<C?LHI
;HN?M
>?
F;M
B
>?F
DO?P?M
JL?PCI
;F
IHM?DI
>?
)CHCMNLIM
0I>I
?F
JLI=?MI
NC?H?
OH
=;F?H>;LCI
<;MN;HN?
;DOMN;>I
!H
?MN?
N?RNI
M?
B;H
?RJL?M;>I
;FAOHIM
>?
FIM
BCNIM
BIL;LCIM
>?F
JLI=?MI
>?=CMILCI
KO?
J;M;
JIL
#/!/
S
IHM?DI
>?
)CHCMNLIM
(;M
IGCMCIH?M
?F?A;>;M
>?F
#I<C?LHI

?MJ?=C;FG?HN?
F;
>?
MOHNIM
!=IH‰GC=IM
KO?
M?
L?H?
=IH
L?AOF;LC>;>
M?G;H;F

N;G<C‚H
NC?H?
OH
BIL;LCI
;DOMN;>I
P‚;M?
F;
0;<F;
>?G}M
>?
FIM
;MOHNIM
HILG;F?M
KO?
M?
CH=FOS?H
?H
FIM
>CMNCHNIM
…H>C=?M
B;S
INLIM
;MOHNIM
=;N;FIA;>IM
=IGI
>C=CIH?M
;F
pH>C=?
KO?
M?
JO?>?H
CHNLI>O=CL
S;
>?MJO‚M
>?
F;
=?F?<L;=C‰H
>?
F;
L?OHC‰H
>?F
#/!/
S
F;
J?NC=C‰H
>?
FIM
U;MOHNIM
KO?
JO?>?
FF?P;L
?H
G;HIX
?F
GCHCMNLI
;F
IHM?DI
$%.$

/93;2/?7<
23
/1A7C72/2
23
9<@
a?5/;<@
1<9357/2<@
239
<073?;<
9357@9/AB?/
7;717/2/
3;

<?/ !7^?1<93@ B3C3@ *73?;3@ B;3@ !/?A3@

,;KD?vD
 ,;KD?vD
! EDI;@E
:;
'?D?IJHEI

?IJH?8K9?vD
:E9KC;DJ79?vD
,;KD?vD
!--
 7IKDJEI
F;:?:EI
F7H7
dD:?9;
(;=HE

>EH7
BsC?J;

*;J?9?vD *;J?9?vD
:;
:?9?ED;I
7B

 7IKDJEI dD:?9;
(;=HE
>EH7
! BsC?J;

 dD:?9;
(;=HE

)8I;HL79?ED;I
7
B7I
dD:?9;
:;
;9?I?ED;I dD:?9;
 EDLE97JEH?7
! :?9?ED;I
7B
dD:?9;
(;=HE
*7H9?7B;I !
>EH7
BsC?J;

*;J?9?vD
:;
QIKDJEI
;D


C7DET

*;J?9?vD
:;
7IKDJEI
F7H7
dD:?9;


,E@E
>EH7
BsC?J;

*;J?9?vD
:;
7IKDJEI

 F7H7
dD:?9;
(;=HE
>EH7
BsC?J;

)8I;HL79?ED;I
7
7IKDJEI
 dD:?9;
,E@E
O
L;H:; :;B
dD:?9;
(;=HE
>EH7
BsC?J;
"O?HN?
%HMNLO==CIH?M
>?
F;
/O<M?=L?N;L…;
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M
 

(;
N?L=?L;
?N;J;
M?
JLI>O=?
?H
?F
M?HI
>?F
IHM?DI
>?
)CHCMNLIM

=OSI
IL>?H
>?F
>…;
M?
NL;N;
?H
>IM
J;LN?M
;MOHNIM
>?
NL}GCN?
pH>C=?
2?L>?
S
;MOHNIM
J;L;
F;
>?FC<?L;=C‰H
pH>C=?
.IDI
!H
?F
pH>C=?
2?L>?
M?
CH=FOS?H
FIM
;MOHNIM
>?
NL}GCN?
MI<L?
FIM
KO?
F;
IGCMC‰H
?GCN?
JIL
OH;HCGC>;>
CH@ILG?
@;PIL;<F?
I
HI
B;
@ILGOF;>I
;F?A;=CIH?M
/?AH
#;L=…;
"?LH}H>?T


?MNIM
;MOHNIM
MIH
;KO?FFIM
KO?
HI
B;H
MOM=CN;>I
>?M;=O?L>IM
CLL?MIFO<F?M
?HNL?
FIM
>?J;LN;G?HNIM
S
HI
NC?H?H
L;HAI
>?
F?S
/?AH
?MN?
;ONIL

?F
JIL=?HN;D?
M?G;H;F
>?
;MOHNIM
KO?
?HNL;
?H
?F
pH>C=?
2?L>?
?M
>?F

!F
IHM?DI
>?
)CHCMNLIM

?H
JLCH=CJCI

HI
FIM
?MNO>C;L}
S
M?L}H
;JLI<;>IM
MCH
G}M
NL}GCN?M
!H
?F
pH>C=?
.IDI
M?
CH=FOS?H
FIM
;MOHNIM
KO?
L?KOC?L?H
>?FC<?L;=C‰H
>?F
IHM?DI
>?
)CHCMNLIM
/?
CH=FOS?H
;FAOHIM
;MOHNIM
JIL
MO
NL;M=?H>?H=C;

GC?HNL;M
KO?
INLIM
M?
CH=ILJIL;H
JILKO?

;OH
HI
N?HC?H>I
N;HN;
CGJILN;H=C;

>?<?H
M?L
MIG?NC>IM
;
F;
>?FC<?L;=C‰H
>?F
IHM?DI
>?
)CHCMNLIM
M?AH
F;
IGCMC‰H

?MJ?=C;FG?HN?
=O;H>I
HI
B;S
;=O?L>I
?HNL?
>CMNCHNIM
>?J;LN;G?HNIM
GCHCMN?LC;F?M
/?AH
#;L=…;
"?LH}H>?T


N;G<C‚H
?F
PC=?JL?MC>?HN?
>?F
AI<C?LHI
JO?>?
CH=FOCL
>CL?=N;G?HN?
;MOHNIM
KO?
J;M?H
;F
pH>C=?
.IDI

CH=FOMI
MCH
P;FIL;L
?F
;=O?L>I
I
?F
>?M;=O?L>I
?HNL?
FIM
>CMNCHNIM
>?J;LN;G?HNIM
!H
OH;
=O;LN;
?N;J;

?F
AI<C?LHI
NC?H?
KO?
?HPC;L
FIM
>CMNCHNIM
;=O?L>IM
;
F;M
CHMN;H=C;M
J?LNCH?HN?M
(;M
>CMJIMC=CIH?M

?H
@OH=C‰H
>?
MO
H;NOL;F?T;

MIH
?HPC;>;M
;
>CMNCHN;M
ILA;HCT;=CIH?M
,IL
?D?GJFI

FIM
;HN?JLIS?=NIM
>?
(?S
M?
?HP…;H
;F
GCHCMN?LCI
JLIGINIL
J;L;
KO?
?GCN;
FIM
CH@ILG?M
L?KO?LC>IM
(IM
JLIS?=NIM
>?
(?S
M?
?HP…;H
;
F;
CL?==C‰H
#?H?L;F
>?
.?F;=CIH?M
=IH
F;M
ILN?M

KOC?H
FIM
L?GCN?
;
MO
P?T
;F
IHAL?MI
I
;F
/?H;>I

?H
MO
=;MI
(;M
>CMJIMC=CIH?M
F?ACMF;NCP;M
L?@L?H>;>;M
JIL
?F
,L?MC>?HN?
I
FIM
GCHCMNLIM
MIH
?HPC;>;M
;F
.?S
J;L;
MO
@CLG;
S
JIMN?LCILG?HN?
M?
JO<FC=;H
?H
?F
+!
>?G}M
>?
FIM
;=NIL?M
KO?
=;H;FCT;H
NI>I
?F
JLI=?MI
>?
;>IJ=C‰H
>?
>?=CMCIH?M

?RCMN?H
INLIM
;=NIL?M
KO?
CHN?LPC?H?H
>?
GI>I
>CL?=NI
I
CH>CL?=NI
HN?M
S
>OL;HN?
?F
JLI=?MI
@ILG;F
JO?>?
?RCMNCL
OH
JLI=?MI
>?
=IHMOFN;

KO?
>?J?H>?
=IHMC>?L;<F?G?HN?
>?
F;
;J?LNOL;
>?
OH
>?J;LN;G?HNI
GCHCMN?LC;F
;
FIM
>CMNCHNIM
ALOJIM
>?
CHN?L‚M
,IL
OH
F;>I

F;
MI=C?>;>
=CPCF
JO?>?
CHN?LP?HCL
?H
;FAH
GIG?HNI
;HN?LCIL
;
F;
?HNL;>;
>?
OH
;MOHNI
?H
?F
=CL=OCNI
G}M
@ILG;FCT;>I
*ILG;FG?HN?

FIM
=CO>;>;HIM
CHN?LPC?H?H
;
NL;P‚M
>?
;MI=C;=CIH?M
KO?
L?JL?M?HN;H
CHN?L?M?M
MI=C;F?M
I
?=IH‰GC=IM
;
FIM
KO?
F;
CHC=C;NCP;
;@?=N;
>?G}M

;FAOHIM
ILA;HCMGIM
M?=NILC;F?M
=IGI
FIM
=IF?ACIM
JLI@?MCIH;F?M
I
FIM
ILA;HCMGIM
L?AOF;>IL?M
I
=O;FKOC?L
INLI
JO?>?H
B;=?L
FF?A;L
MOM
IJCHCIH?M
,IL
INLI
F;>I

?F
IHM?DI
>?
!MN;>I
N;G<C‚H
J;LNC=CJ;
?H
?F
JLI=?MI
>?=CMILCI
;F
?GCNCL
OH
>C=N;G?H
JL?=?JNCPI
?H
F;
G;SIL…;
>?
F;M
>CMJIMC=CIH?M
A?H?L;F?M
KO?
M?
MIG?N?H
;F
IHM?DI
>?
)CHCMNLIM
!MN?
JLI=?MI
FCH?;F
?MN}
MIG?NC>I
;
>CP?LM;M
N?HMCIH?M
>?
H;NOL;F?T;
N‚=HC=;
S
JIF…NC=;
!H
JLCG?L
FOA;L

FIM
‰LA;HIM
>?=CMILCIM
NC?H?H
KO?
FC>C;L
=IH
OH
HG?LI
<;MN;HN?
;FNI
>?
>CMJIMC=CIH?M
OHKO?
HI
B;S
OH
?MNO>CI
JO<FC=;>I
MI<L?
F;
;=NCPC>;>
>?
?MNIM
‰LA;HIM
=IF?AC;>IM

>?
@ILG;
CH>C=;NCP;

?F
HG?LI
>?
>CMJIMC=CIH?M
KO?
L?=C<?
?F
+!
?RJL?M;
F;
;=NCPC>;>
HILG;NCP;
>?
F;
>GCHCMNL;=C‰H
=?HNL;F

;OHKO?
?F
+!
N;G<C‚H
L?=C<?
F;M
>CMJIMC=CIH?M
A?H?L;F?M
>?
F;M

!H
?F
J?L…I>I
KO?
P;
>?M>?

B;MN;

M?
JO?>?
>?N?=N;L
OH;
=IHMC>?L;<F?
L?>O==C‰H
?H
F;M
>CMJIMC=CIH?M
?HPC;>;M
;F
+!
>?

;

P‚;M?
F;
"CAOL;


J?LI
;OH
;M…
M?
;JL?=C;
OH
HG?LI
=IHMC>?L;<F?
>?
>CMJIMC=CIH?M

GO=B;M
>?
F;M
=O;F?M
J;M;H
JIL
?F
=CL=OCNI
>?M=LCNI
;HN?LCILG?HN?
+*63$

7@=<@717<;3@
?317072/@
3;
39
#
 
"O?HN?
%H@ILG?
>?
=NCPC>;>
>?F
+!



?MN;
GOFNCNO>
>?
HILG;M
M?
OH?
?F
B?=BI
>?
KO?
?F
IL>?H;GC?HNI
DOL…>C=I
HI
?MN}
GOS
IL>?H;>I

JO?M
HI
B;S
NL;>C=C‰H
>?
L?;FCT;L
L?PCMCIH?M
S
>?LIA;=CIH?M
MCMN?G}NC=;M
>?
F;M
F?S?M
)O=B;M
>?
F;M
F?S?M
JO<FC=;>;M
S;
HI
?MN}H
PCA?HN?M
?
B?=BI

?F
J;LF;G?HNI
;JLI<‰
F;
(?S
 
JIL
F;
KO?
M?
>?F?A;
;F
#I<C?LHI
F;
JIN?MN;>
>?
>C=N;L
>CP?LMIM
N?RNIM
L?@OH>C>IM
;
GI>I
>?
=‰>CAIM
(;M
;JILN;=CIH?M
>?
&IM‚
!HLCKO?
/?LL;HI
D?@?
>?
A;<CH?N?
=IH
"?FCJ?
#IHT}F?T
S
6;J;N?LI
?H
?F
IHAL?MI
>?
FIM
CJON;>IM
MIH
?FI=O?HN?M
U!H
F;M
>C?T
F?ACMF;NOL;M
=IHMNCNO=CIH;F?M
KO?
FF?P;GIM
B?GIM
MC>I
=;J;=?M
\FI
>CAI
?H
JFOL;F\
>?
>C=N;L
OH;
HILG;
=IH
L;HAI
>?
F?S
=;>;
M?CM
>…;M
*I
?MN}
G;F
5I
L?NI
;F
G?DIL
DOLCMN;
>?F
J;…M
;
KO?
>?=C>;
MI<L?
F;
G;L=B;
MC
;FAOH;M
>?
?FF;M
?MN}H
PCA?HN?M
I
HIX
,LI<;<F?G?HN?

?MN;
@OH=C‰H
>?
L?@OH>CL
N?RNIM
F?ACMF;NCPIM
>?<?L…;
M?L
L?;FCT;>;
JIL
?F
JLIJCI
IHAL?MI

JO?M
?H
F;
@OMC‰H
>?
P;LCIM
N?RNIM
?RCMN?
F;
N?HN;=C‰H
>?
CHNLI>O=CL
;MJ?=NIM
KO?
HI
M?
?H=O?HNL;H
?H
HCHAOH;
>?
F;M
F?S?M
L?@OH>C>;M
S
?FFI
;=;<?
?H
FIM
NLC<OH;F?M
"LONI
>?
?MN;
(?S

?H
G;LTI
>?

+.


G;LTI
CH@ILG;<;
>?
F;
?F;<IL;=C‰H
>?

=‰>CAIM
F?ACMF;NCPIM

=IH
FI
KO?
M?
>CMJIH?
>?

=‰>CAIM
I
N?RNIM
L?@OH>C>IM
IGI
?D?GJFI
>?
;FAOHI
>?
FIM
=‰>CAIM
L?@OH>C>IM
M?
?H=O?HNL;H
(?S
#?H?L;F
>?
F;M
,?LMIH;M
=IH
>CM=;J;=C>;>
S
>?
MO
CH=FOMC‰H
MI=C;F

F;
(?S
MI<L?
0L}@C=I

CL=OF;=C‰H
>?
2?B…=OFIM
;
)INIL
S
/?AOLC>;>
2C;F
S
F;
(?S
>?
!GJF?I
!H
M?AOH>I
FOA;L

M?AH
>CP?LMIM
CHN?LFI=ONIL?M

FIM
AI<C?LHIM
HI
L?;FCT;H
OH;
JF;HC@C=;=C‰H
HILG;NCP;
IGI
G}RCGI

?F
AI<C?LHI
M?
FCGCN;
;
MIFC=CN;L
>?
P?T
?H
=O;H>I
?F
JLIAL;G;
HILG;NCPI
>?
=;>;
>?J;LN;G?HNI
GCHCMN?LC;F
#;L=…;
"?LH}H>?T


!MN?
,F;H
*ILG;NCPI
M?
?RCA?
=IH
F;
F?S
 
>C=CIH;FG?HN?

F;
=CL=OF;=C‰H
>?
>I=OG?HN;=C‰H
?H
F;
IGCMC‰H
2CLNO;F
?M
G?L;G?HN?
@ILG;F

?M
>?=CL

?MN;
;JFC=;=C‰H
@OH=CIH;
G}M
<C?H
=IGI
OH
L?JIMCNILCI
>?
CH@ILG;=C‰H
S
HI
=‰GI
OH
FOA;L
>IH>?
M?
CHN?L=;G<C;H
IJCHCIH?M

=IGI
;M…
J;L?=?
KO?
NL;HMGCN?
F;
C>?;
>?
UIGCMC‰H
2CLNO;FX
!H
GO=BIM
=;MIM

B;S
<;MN;HN?M
JLIS?=NIM
GCHCMN?LC;F?M
L?F?P;HN?M
KO?
HOH=;
M?
CH=FOS?H
?H
F;
IGCMC‰H
2CLNO;F
S
HI
J;L?=?
KO?
M?
?GJF??
?MN?
}G<CNI
J;L;
?F
CHN?L=;G<CI
>?
I<M?LP;=CIH?M
!H
F;
G;SIL…;
>?
FIM
=;MIM

M?
JLI>O=?H
I<M?LP;=CIH?M
S
L?MJO?MN;M
;
F;M
=IHMOFN;M
>?
@ILG;
<CF;N?L;F

=;H;FCT;>;M
;
NL;P‚M
>?
F;M
/#0M
S
FIM
A;<CH?N?M
>?
FIM
GCHCMN?LCIM
L?MJ?=NCPIM
!H
N?L=?L
FOA;L

F;
L?MJIHM;<CFC>;>
=IF?AC;>;
MI<L?
F;M
>?=CMCIH?M
HI
M?
=ILL?MJIH>?
=IH
OH;
;=NCPC>;>
=IF?AC;>;
>OL;HN?
NI>I
?F
JLI=?MI
!H
GO=B;M
I=;MCIH?M

FIM
>?J;LN;G?HNIM
GCHCMN?LC;F?M
M‰FI
=IHI=?H
>?
F;M
CHC=C;NCP;M
>?
INLIM
GCHCMN?LCIM
KO?
F?M
;@?=N;H
,IL
?FFI

AL;H
J;LN?
>?
F;
JLI>O==C‰H
HILG;NCP;
>?J;LN;G?HN;F
;J?H;M
M;F?
>?F
?J;LN;G?HNI
JLIGINIL
S
M‰FI
?M
=IHI=C>;
JIL
INLIM
>?J;LN;G?HNIM
OH;
P?T
KO?
?F
JLIS?=NI
B;
MC>I
CH=FOC>I
?H
?F
pH>C=?
*?ALI
/‰FI
?M
?H
?MIM
GIG?HNIM
=O;H>I
NI>IM
FIM
?J;LN;G?HNIM
JO?>?H
;==?>?L
;F
?RJ?>C?HN?
>?
@ILG;
J;L=C;F

?M
>?=CL

;F
JLIS?=NI
S
FIM
CH@ILG?M
JL?=?JNCPIM
OH
;M…

;OHKO?
FIM
>I=OG?HNIM
M?
?H=IHNL;L;H
;==?MC<F?M
J;L;
NI>IM
FIM
GCHCMN?LCIM
?H
F;
IGCMC‰H
2CLNO;F
;HN?M
>?
MO
CH=FOMC‰H
?H
?F
pH>C=?
*?ALI

MC
OH;
/#0
HI
B;
=IHMOFN;>I
?RJF…=CN;G?HN?
;
INLI
GCHCMN?LCI

‚MN?
M?
=?HNL;L}
?H
MOM
JLIJCIM
;MOHNIM
S
>C@…=CFG?HN?
N?H>L}
?F
NC?GJI
S
F;
=;J;=C>;>
J;L;
P?L
KO‚
B;=?H
FIM
>?G}M
!MN;
@ILG;
>?
JLI=?>?L
M?
;DOMN;
;F
;H}FCMCM
KO?
3CFMIH

L?;FCT;
MI<L?
?F
UNOL@X
I
}L?;
>?
L?MJIHM;<CFC>;>
>?
OH
GCHCMN?LCI
;>;
GCHCMN?LCI
NC?H?
OH
}L?;
>?
L?MJIHM;<CFC>;>
KO?
M?
=ILL?MJIH>?
=IH
?F
}G<CNI
>?
MO
;ONIHIG…;
(;
L?AF;
N}=CN;
?HNL?
NI>IM
FIM
;=NIL?M
KO?
DO?A;H
?H
?F
GCMGI
HCP?F
?M
HI
?HNLIG?N?LM?
?H
FIM
;MOHNIM
>?
F;
;ONIHIG…;
>?
FIM
>?G}M
>?
MO
}L?;
>?
L?MJIHM;<CFC>;>
I
EFC7
=IH
?F
I<D?NI
>?
KO?
HI
B;S;
OH;
CHNLIGCMC‰H
L?=…JLI=;
JIL
J;LN?
>?
?MIM
>?J;LN;G?HNIM
!M
JIMC<F?
KO?
?MN;
@ILG;
>?
JLI=?>?L
N;G<C‚H
A?H?L?
JLI<F?G;M
>?
=IIL>CH;=C‰H
JIMCNCP;

JO?M
?F
B?=BI
>?
KO?
OH;
G?>C>;
>?
OH
>?J;LN;G?HNI
HI
CH=C>;
H?A;NCP;G?HN?
?H
INLI
HI
MCAHC@C=;
KO?
M?
JI>L…;H
I@L?=?L
MCH?LAC;M
>?
=IF;<IL;=C‰H
(;
H;NOL;F?T;
>?
F;M
ILA;HCT;=CIH?M
=IGJF?D;M
NC?H>?
;
@IG?HN;L
KO?
M?
=IH=?HNL?H
?H
F;
=IIL>CH;=C‰H
H?A;NCP;
MIF;G?HN?
CHN?LP?HCL
?H
?F
=;MI
>?
KO?
OHI
M?
P?;
;@?=N;>I
S
HI
?H
F;
JIMCNCP;
M?
<OM=;H
G?DIL?M
L?MOFN;>IM
G?>C;HN?
F;
;=NCPC>;>
>?
FIM
GC?G<LIM
=IIL>CH;>IM
/=B;LJ@

 #P
;?H;

)

U.?@F?RCIH?M
MI<L?
F;
L?F;=C‰H
?HNL?
JIF…NC=IM
S
;FNIM
@OH=CIH;LCIMX

)CHCMN?LCI
>?
$;=C?H>;

%HMNCNONI
>?
!MNO>CIM
"CM=;F?M

;?H;

)

?DE:EF4:@?6D
25>:?:DEC2E:G2D
);L=C;F
,IHM
;L



=
'C6D:56?E6
56=
@3:6C?@
6?
DA2w2
6?4F25C6
4@?DE:EF4:@?2=
J
ACl4E:42
A@=tE:42
);>LC>
…PCN;M
;L



U!F
AI<C?LHI
?H
F;
=IHMNCNO=C‰H
S
?H
F;
F?S
>?F
AI<C?LHI
>?

[IF?AC;FC>;>
I
JL?MC>?H=C;FCMGIX

+6@Ct2
J
C62=:525
4@?DE:EF4:@?2=


IFCHI



IN;L?FI

.
=IGJM


DA2w2
6?
4C:D:D
2=2?46
56
=2
D68F?52
=68:D=2EFC2
56
)@5Ct8F6K
12A2E6C@
2;F?H=C;
0CL;HN
FI
F;H=B
IFCHI



+FG?>;

&



U!F
?MNCFI
>?
AI<C?LHI
S
>?
FC>?L;TAIX

?H
IFCHI

IN;L?FI
=IGJM

+.
IGCMC‰H
J;L;
F;
.?@ILG;
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M

%H@ILG?
>?
M?AOCGC?HNI
);>LC>
)$,
L?MJI

(
"

$:E@D
J
C:E@D
56
=2
25>:?:DEC24:x?
6DA2w@=2
);>LC>
)CHCMN?LCI
>?
>GCHCMNL;=CIH?M
,<FC=;M
B;LC

.
;H>
$?SQII>

,
)

UH;FSMCHA
NB?
,IFC=S
,LI=?MM
CH
?GI=L;NC=
/J;CHX

.6DE
FC@A62?
'@=:E:4D



"C?F>


*

U)CHILCNS
#IP?LHG?HN
;H>
(?ACMF;NCP?
,IFCNC=M
CH
;
)OFNCF?P?F
/N;N?
/J;CH
OH>?L
6;J;N?LIX

*@FE9
FC@A62?
*@4:6EJ
2?5
'@=:E:4D




C=C?G<L?
V
"C?F>


*

'@C
BFq
7F?4:@?2?
=@D
8@3:6C?@D
>:?@C:E2C:@D
2;F?H=C;
0CL;HN
FI
F;H=B
"F?CM=B?L

&

,;LL;>I

/

U,IQ?L
>CMNLC<ONCIH
CH
;G<CAOIOM
NCG?M
0B?
?@@?=NM
I@
NB?
@CH;H=C;F
=LCMCM
IH
?R?=ONCP?
>?=CMCIHG;ECHA
CH
#?LG;HS
;H>
/J;CHX

56C
>@56C?6
DE22E16:ED49C:7E
7}C
'F3=:4
'@=:4J
)649E
F?5
$2?286>6?E





#;FF?AI

.

;LT?F;S

)

U,O<FC=
G;H;A?G?HN
JIFC=SG;ECHA
CH
/J;CH
NB?
JIFCNC=M
I@
F?ACMF;NCP?
L?@ILG
I@
;>GCHCMNL;NCP?
MNLO=NOL?M

X

@G6C?2?46





$?SQII>

,

)IFCH;

%

U
-O;MC,L?MC>?HNC;F
,L?GC?LMBCJ
>GCHCMN?LCHA
NB?
!R?=ONCP?
/OGGCN
CH
/J;CHX

?H
,?N?LM

.BI>?M

3LCABN
=IGJM
5>:?:DE6C:?8
E96
*F>>:E
5>:?:DEC2E:@?
@7
E96
@C6
I64FE:G6
:?
6G6=@A65
@F?EC:6D
(IH>L?M
);=GCFF;H

(‰J?T

&

&C82?:K24:x?
J
7F?4:@?2>:6?E@
56=
@3:6C?@
0?=HIM
)IFCH;

%

+96
(F2D:AC6D:56?E:2=
*F>>:E
@7
E96
'2C=:2>6?E2CJ
*A2:?
)CG?I
,;LL;>I

/

#2D
q=:E6D
A@=tE:4@25>:?:DEC2E:G2D
56=
DE25@
6?EC2=
6?
DA2w2
 
6DEF5:@
86?6C2=
J
A2FE2D
56
C64=FE2>:6?E@
0?MCM
>I=NIL;F

1HCP?LMC>;>
IGJFON?HM?
,;LL;>I

/

:";CF?>
JIFC=C?M
<ON
CHMNCNONCIH;F
CHHIP;NCIH
NBLIOAB
:F;S?LCHA
;H>
:>C@@OMCIH
CH
/J;HCMB
=?HNL;F
;>GCHCMNL;NCIH

?E6C?2E:@?2=
!@FC?2=
@7
'F3=:4
*64E@C
$2?286>6?E




,IFFCNN



$2?:AF=2E:?8
E96
>249:?6
492?8:?8
E96
A2EE6C?
@7
>:?:DE6C:2=
56A2CE>6?ED

(IH>L?M
FF?H

1HQCH
.?;F
;NI

&

.I>L…AO?T
0?LO?F


U,IFCNC=C;HM

?RJ?LNM
IL
<INB
?GI=L;NC=
>?F?A;NCIH
;H>
DOHCIL
GCHCMN?LM
CH
/J;CHX

4E2
'@=:E:42
7:CDE
@?=:?6

+%
 ;J
.I>L…AO?T
0?LO?F

&

#@D
>:?:DEC@D
56
=2
DA2w2
56>@4ClE:42
'6C7:=
EC2J64E@C:2D
J
42CC6C2
>:?:DE6C:2=
56
=@D
>:6>3C@D
56
8@3:6C?@
56
*FlC6K
2
12A2E6C@
 
0?MCM
I=NIL;F
1HCP?LMC>;>
ON‰HIG;
>?
;L=?FIH;
/=B;LJ@

"
3

U#;G?M
L?;F
;=NILM
=IOF>
JF;S
JIMCNCP?
;H>
H?A;NCP?
=IIL>CH;NCIH
CH
?G<?>>?>
H?AINC;NCIHMX

!@FC?2=
@7
E96@C6E:42=
A@=:E:4D





/O<CL;NM
C
$OG?N

&

,?
AC@3=6>2
56
6DE:=@
=2
7@C>24:x?
56
A@=tE:42D
A|3=:42D
6?
DA2w2
);>LC>
?HNLI
>?
!MNO>CIM
IHMNCNO=CIH;F?M
2;F>CPC?FMI

.

U.?@ILG
I@
/N;N?
!HN?LJLCM?M
CH
/J;CHX

+96
D:2?
!@FC?2=
@7
'F3=:4
5>:?:DEC2E:@?







/
IHAL?MI
>?
FIM
CJON;>IM

,F?HI
S
CJ
,?LG

HG


>?
  
+6>2


/
@34=@;/
23
:/
/2;7<7AB@/17b<
2C@/<B3
3:
>3@`=2=
23;=1@]B71=
$,7A,/:=
!,==,/:
')!&#

.#*)-

, ),'-
 
&7I
H;<EHC7I
:;
B7
7KIJ;H?:7:

&7I
H;<EHC7I
=;H;D9?7B;I
 
&7I
H;<EHC7I
:;
B7
=E8;HD7DP7

&
0)&/#g(

&-
, ),'
(
&
'#(#-.,#g(
!(,&
&
-.)

D<EGK;
<7BB?:E
>79?7
H;IKBJ7:EI
O
H;:K99?vD
:;B
=7IJE
Fy8B?9E
C;:?7DJ;
FH?L7J?P79?ED;I
 

,;<EHC7I
:;
7KIJ;H?:7:
C;:?7DJ;
B7
L;DJ7
:;B
I;9JEH
Fy8B?9E
 

,;<EHC7I
J;HH?JEH?7B;I
O
H;JEGK;I
9EICqJ?9EI
:;
B7
:C?D?IJH79?vD
!;D;H7B
:;B
IJ7:E
  

,;<EHC7I
:;
7KIJ;H?:7:
F7H7
F7B?7H
BEI
;<;9JEI
:;
B7
9H?I?I
<?D7D9?;H7
O
;9EDvC?97
  

&
,#-#-
#((#,
3
)(g'#

, ),'-
*,
*&#,
&)-
 .)-

&
,#-#-
  
 
&7I
H;<EHC7I
:;
B7
7KIJ;H?:7:
  
&7
),
O
;B
?CFKBIE
:;
B7I
H;<EHC7I
 
&7
H;:K99?vD
:;B
;CFB;E
Fy8B?9E
  
&7
9ED=;B79?vD
I7B7H?7B
  
&7
:;I8KHE9H7J?P79?vD
:;B
I;9JEH
Fy8B?9E
  
-;HL?9?EI
9ECF7HJ?:EI
  
,;:K99?vD
:;
7
EH=7D?P79?vD
O
C;@EH7
:;
=;IJ?vD
:;
IK
F7JH?CED?E

&7I
H;<EHC7I
=;H;D9?7B;I
B7
=;IJ?vD
FEH
H;IKBJ7:EI
 
&7I
H;<EHC7I
:;
B7
=E8;HD7DP7

&(
*,&#'#(,

&-
, ),'-

(;
L?@ILG;
>?F
M?=NIL
J<FC=I
M?
B;
FF?P;>I
;
=;<I
NL;>C=CIH;FG?HN?
G?>C;HN?
FIM
=;G<CIM
?H
F;M
?MNLO=NOL;M

FIM
JLI=?MIM
S
FIM
L?=OLMIM
KO?
M?
G;H?D;H
?H
F;M
>GCHCMNL;=CIH?M
,<FC=;M
,,
J;L;
KO?
‚MN;M
M?;H
G}M
?@C=C?HN?M
S
L?MJIH>;H
G?DIL
;
F;M
H?=?MC>;>?M
>?
FIM
=CO>;>;HIM
!H
OH
M?HNC>I
;GJFCI

M?
JI>L…;H
>CMNCHAOCL
NL?M
NCJIM
>?
L?@ILG;M
F;M
A?L?H=C;F?M

F;M
>?
;OMN?LC>;>
S
F;M
>?
G?DIL;
>?
F;
AI<?LH;HT;
;>;
OH;
>?
?FF;M
I@L?=?
L?=?N;M
>CMNCHN;M
J;L;
L?@ILG;L
F;
?M?H=C;
>?
F;M
,,
I
>?
=‰GI
IJ?L;H
!MN?
=;J…NOFI
M?
>CPC>?
?H
=CH=I
;J;LN;>IM
!H
?F
JLCG?LI
M?
?MN;<F?=?H
F;M
=;L;=N?L…MNC=;M
A?H?L;F?M
>?
?MNIM
NL?M
NCJIM
>?
L?@ILG;M
A?L?H=C;F?M

>?
;OMN?LC>;>
S
>?
AI<?LH;HT;
!H
?F
M?AOH>I
;J;LN;>I
M?
?R;GCH;
>?
@ILG;
L?MOGC>;
F;
?PIFO=C‰H
>?
F;M
L?@ILG;M
>OL;HN?
?F
J?L…I>I
>?GI=L}NC=I
JL?PCI
;
F;
=LCMCM
?H
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I
!F
N?L=?L
;J;LN;>I
MCHN?NCT;
FIM
?F?G?HNIM
G}M
L?F?P;HN?M
>?
F;
=LCMCM
?=IH‰GC=;
S
@CH;H=C?L;
S
MO
CGJ;=NI
?H
!MJ;ˆ;
!F
=O;LNI
;J;LN;>I
;H;FCT;
F;M
L?@ILG;M
;<IL>;>;M
;
J;LNCL
>?

=IH
?F
JLIAL;G;
>?
L?=ILN?M
>?F
AI<C?LHI
S
MOM
G?>C>;M
>?
;OMN?LC>;>
!H
?F
FNCGI
;J;LN;>I
M?
L?;FCT;
OH
<;F;H=?
JL?FCGCH;L
>?
F;M
L?@ILG;M


($#'

&#&!'

,>
=01:=8,>
/0
7,
,@>?0=4/,/
!MN;M
L?@ILG;M
M?
JLI>O=?H
?H
=C=FIM
?=IH‰GC=IM
;>P?LMIM
S
?MN}H
ILC?HN;>;M
B;=C;
F;
=IHM?=O=C‰H
>?
G}M
CHAL?MIM
J<FC=IM
G?>C;HN?
F;
MO<C>;
>?
CGJO?MNIM
S
F;
=IHN?H=C‰H
>?F
A;MNI
J<FC=I
G?>C;HN?
FIM
L?=ILN?M
?H
=IMN?M
IJ?L;NCPIM

?H
JLIAL;G;M
S
?H
CHP?LMCIH?M
+!

+!

'C=E?LN

'C=E?LN
6E
2=

!MN?
=;J…NOFI
M?
=?HNL;
@OH>;G?HN;FG?HN?
?H
FIM
L?=ILN?M
>?
FIM
=IMN?M
IJ?L;NCPIM
>?
F;M
,,
,IL
?FFI

HI
M?
L?@?LCL}H

JIL
?D?GJFI

FIM
L?=ILN?M
MOMN;HNCPIM
?H
JL?MN;=CIH?M
>?
NCJI
MI=C;F

M;HCN;LCI
I
?>O=;NCPI
I
>?
=O;FKOC?L;
>?
FIM
JLIAL;G;M
>?F
M?=NIL
J<FC=IM
0;GJI=I
M?
;H;FCT;H
FIM
L?=ILN?M
?H
CHP?LMCIH?M

=IGI
JIL
?D?GJFI

F;
=IHMNLO==C‰H
>?
=;LL?N?L;M
I
P…;M
>?
NL?H
>?
;FN;
P?FI=C>;>
(IM
A;MNIM
IJ?L;NCPIM
M?
=F;MC@C=;H
M?AH
MO
I<D?NI
?H
>IM
A;MNIM
>?
J?LMIH;F
S
INLIM
A;MNIM
IJ?L;NCPIM
!HNL?
FIM
A;MNIM
IJ?L;NCPIM
M?
?H=O?HNL;H
F;
=IHA?F;=C‰H
>?F
?GJF?I
S
>?
FIM
M;F;LCIM

F;
L?>O==C‰H
M;F;LC;F

F;
L?>O==C‰H
>?
J?LMIH;F

F;
L?ILA;HCT;=C‰H
S
MOJL?MC‰H
>?
ILA;HCT;=CIH?M

FIM
L?=ILN?M
PCH=OF;>IM
;
F;
?@C=C?H=C;
>?
FIM
JLI=?MIM
S
OH;
M?LC?
>?
G?>C>;M
KO?
J?LGCN?H
IJ?L;L
;
F;M
,,
(;
FCN?L;NOL;
;=;>‚GC=;
>CMNCHAO?
?HNL?
>IM
NCJIM
>?
L?=ILN?M
M?AH
F;
L?PCMC‰H
L?;FCT;>;
JIL
.;O>F;
6E
2=

P‚;M?
N;G<C‚H
,?N?LM
6E
2=

L?=ILN?M
M?F?=NCPIM
S
A?H?L;FCT;>IM
(IM
C64@CE6D
D6=64E:G@D
;@?=N;H
G}M
;
OH;M
CHMNCNO=CIH?M
KO?
;
INL;M
(;M
>?=CMCIH?M
MI<L?
?MNIM
L?=ILN?M
JO?>?H
M?L
?MNL;N‚AC=IM

25
9@4
I
CH=FOMI
;F?;NILCIM
/?AH
(?PCH?


OH
L?=ILN?
KO?
I<?>?=?
;
;LAOG?HNIM
?MNL;N‚AC=IM
MOJIH>L…;
>?=C>CL
=O}F
?M
F;
GCMC‰H
S
F;M
@OH=CIH?M
G}M
L?F?P;HN?M
>?
OH;
ILA;HCT;=C‰H
J;L;
>?MJO‚M
JLCILCT;L
F;
;MCAH;=C‰H
>?
L?=OLMIM
?
CH=FOMI
L?=ILN;L
FIM
JLIAL;G;M
JI=I
JLCILCN;LCIM
(IM
C64@CE6D
86?6C2=:K25@D
M?
JLIJIH?H
?H
F;
GCMG;
=;HNC>;>
I
JIL=?HN;D?
J;L;
NI>;M
F;M
CHMNCNO=CIH?M
GCHCMN?LCIM

JIL
?D?GJFI
!H
F;
TIH;
CHN?LG?>C;
>?
?MNIM
>IM
?RNL?GIM

B;S
@‰LGOF;M
B…<LC>;M
>?
L?=ILN?M
A?H?L;FCT;>IM
=IH
?F
:<FCH>;D?
>?
;FAOH;M
}L?;M
KO?
M?
=IHMC>?L;H
JLCILCN;LC;M
J;L;
?F
AI<C?LHI
(;
L?>O==C‰H
>?F
?GJF?I
J<FC=I

F;
L?>O==C‰H
>?
F;
G;M;
M;F;LC;F

F;
>?M<OLI=L;NCT;=C‰H
I
G?>C>;M
>?
<MKO?>;
>?
F;
?@C=C?H=C;
S
F;
A?MNC‰H
=?HNL;FCT;>;
>?
M?LPC=CIM
=IGOH?M
MIH
F;M
?MNL;N?AC;M
G}M
=IGOH?M
J;L;
L?=ILN;L
A;MNIM
L?F;=CIH;>IM
=IH
FIM
L?=OLMIM
KO?
?GJF?;H
F;M
,,
J?LMIH;M

?>C@C=CIM

ILA;HCT;=CIH?M

JLI=?MIM
J;L;
A?MNCIH;L
?RJ?>C?HN?M

@OH=CIH?M
;>GCHCMNL;NCP;M
=IGOH?M
+NL;M
G?>C>;M
NC?H?H
KO?
P?L
=IH
F;
A?MNC‰H
>?F
J;NLCGIHCI
S
?F
>CM?ˆI
ILA;HCT;NCPI
(;
C65F44:x?
56=
6>A=6@
A|3=:4@
IJ?L;
HILG;FG?HN?
;
>CMNCHNIM
HCP?F?M
S
MI<L?
>CMNCHNIM
=IF?=NCPIM
,IL
OH
F;>I

F;M
G?>C>;M
NC?H>?H
;
L?>O=CL
FIM
?@?=NCPIM
?RCMN?HN?M
>?
OH;
@ILG;
AL;>O;F
%HC=C;FG?HN?
;@?=N;L}H
;
FIM
ALOJIM
=IH
OH;
L?F;=C‰H
=IHNL;=NO;F
G}M
POFH?L;<F?
/?
?GJ?T;L…;
JIL
FIM
=IHNL;N;>IM
N?GJIL;F?M
S
=IHNCH;H
=IH
FIM
=IHNL;N;>IM
F;<IL;F?M
G?>C;HN?
G?>C>;M
>?
>?MJC>I
CH>CPC>O;F
I
=IF?=NCPI

DOMNC@C=;H>I
?MN;M
G?>C>;M
?H
F;
=LCMCM
?=IH‰GC=;
C@…=CFG?HN?
;@?=N;L…;H
?MN;M
G?>C>;M
>?
>?MJC>I
;
FIM
@OH=CIH;LCIM

=;L;=N?LCT;>IM
JIL
F;
CH;GIPCFC>;>
?H
?F
JO?MNI
>?
NL;<;DI
,IL
INLI
F;>I

;FAOH;M
G?>C>;M
?MN}H
PCH=OF;>;M
;
F;
L?>O==C‰H
>?
F;
+@?LN;
>?
!GJF?I
,<FC=I
+!,
G?>C;HN?
F;
>CMGCHO=C‰H
I
=IHA?F;=C‰H
>?
F;M
JF;T;M
I@?LN;>;M
!MN;
>CMGCHO=C‰H
I
=IHA?F;=C‰H
M?
JO?>?
JLI>O=CL
>?
NL?M
@ILG;M
>?
;=O?L>I
=IH
,IFFCNN


(IM
GCHCMN?LCIM
;=O?L>;H
=IH
?F
>?J;LN;G?HNI
>?
$;=C?H>;
FIM
L?=ILN?M
?MNL;N‚AC=IM
>?
OH;
G;H?L;
<CF;N?L;F

HILG;FG?HN?
MCAOC?H>I
OH;
AO…;
I
@ILGOF;LCI
KO?
J?LGCN?
>CLCACL
F;M
>?=CMCIH?M
!MN;
@‰LGOF;
NL;MF;>;
F;
>?=CMC‰H
MI<L?
F;
JIF…NC=;
>?
P;=;HN?M
;
FIM
L?MJIHM;<F?M
>?
FIM
=?HNLIM
>?
A;MNI

!F
AI<C?LHI
>?=C>?
?F
GCMGI
L?=ILN?
JIL=?HNO;F
>?
F;
+!,

KO?
JO?>?
=IHMNCNOCL
OH;
=IHA?F;=C‰H
NIN;F
>?
F;
I@?LN;

J;L;
NI>IM
FIM
GCHCMN?LCIM
S
FIM
ILA;HCMGIM
;MI=C;>IM
!MN;
?M
OH;
>?=CMC‰H
N?=HI=L}NC=;
KO?
BC?L?
;
NI>IM
JIL
CAO;F
S
?PCN;
=O;FKOC?L
NCJI
>?
>CM=OMC‰H
JIF…NC=;

(;
G?>C>;
;HN?LCIL
JO?>?
?MN;L
;=IGJ;ˆ;>;
>?
I@?LN;L
;FAOH;M
P;=;HN?M
J;L;
ALOJIM
KO?
M?
=IHMC>?L?H
=F;P?

=IGI
JIL
?D?GJFI

=O?LJIM
S
@O?LT;M
>?
M?AOLC>;>
>?F
!MN;>I
I
G‚>C=IM
I
JO?>?
MOJIH?L
KO?
FIM
L?MJIHM;<F?M
>?
FIM
=?HNLIM
>?
A;MNI
>?=C>;H
>‰H>?
M?
I@?LN;L}H
JF;T;M
!H
?MN?
=;MI
=IG?HT;L…;
F;
<;N;FF;
JIF…NC=;
JIL
>?=C>CL
KO‚
ALOJIM
HI
>?<?L…;H
P?LM?
;@?=N;>IM
JIL
?F
L?=ILN?
"CH;FG?HN?

M?
JO?>?H
L?>O=CL
F;M
JF;T;M
P;=;HN?M
?RCMN?HN?M

=IH
?F
=IHM?=O?HN?
;BILLI
>?
F;
>IN;=C‰H
JL?MOJO?MN;LC;
!MNI
M?
JO?>?
L?;FCT;L
G?>C;HN?
OH
?MNO>CI
?MJ?=…@C=I
>?
L?>O==C‰H
>?
P;=;HN?M
I
;GILNCT;H>I
MOJLCGC?H>I
F;M
P;=;HN?M
KO?
M?
JLI>OT=;H
JIL
DO<CF;=C‰H
1H;
P?T
KO?
OH;
J?LMIH;
M?
DO<CF;

?F
>CH?LI
>?MNCH;>I
;
J;A;L
?M;
H‰GCH;
M?
;BILL;
JO?M
F;
P;=;HN?
M?
;GILNCT;
MOJLCG?
#2
C65F44:x?
56
=2
>2D2
D2=2C:2=
!MNI
M?
JO?>?
;<IL>;L
>?
G;H?L;M
>CP?LM;M
,IL
?D?GJFI

M?
JO?>?H
MOJLCGCL
FIM
=IGJF?G?HNIM
>?
JLI>O=NCPC>;>
KO?
JL?GC?H
?F
L?H>CGC?HNI
?MJ?=C;F
>?
J?LMIH;M
I
OHC>;>?M
I
M?
JO?>?H
MOJLCGCL
INLIM
=IGJF?G?HNIM
=IGI
F;M
J;A;M
?RNL;IL>CH;LC;M
>C=CIH;FG?HN?
M?
JO?>?
=IHA?F;L
F;
MO<C>;
>?
FIM
M;F;LCIM

CH>?J?H>C?HN?G?HN?
>?
=‰GI
?PIFO=CIH?H
INLIM
>;NIM
G;=LI?=IH‰GC=IM
>?
F;
?=IHIG…;
?F
%,
S
?F
M;F;LCI
G…HCGI
CHN?LJLI@?MCIH;F

JIL
?D?GJFI
#@D
D6CG:4:@D
4@>A2CE:5@D
(;M
=?HNL;F?M
>?
M?LPC=CIM
=IGJ;LNC>IM
M?
>?@CH?H
=IGI
OHC>;>?M
AO<?LH;G?HN;F?M
KO?
JL?MN;H
M?LPC=CIM
>?
;JISI
;
G}M
>?
OH
GCHCMN?LCI
CH=FOS?H>I
MOM
;A?H=C;M
I
;
G}M
>?
OH
M?=NIL
>?F
AI<C?LHI
AI<C?LHI
=?HNL;F

F;M
OHC>;>?M
A?MNIL;M
>?
F;
M?AOLC>;>
MI=C;F

FIM
AI<C?LHIM
N?LLCNILC;F?M
1H;
=?HNL;F
>?
M?LPC=CIM
JO?>?
N;G<C‚H
;N?H>?L
;
P;LC;M
CHMNCNO=CIH?M
>?
OH
GCMGI
GCHCMN?LCI
?M=O?F;M

OHCP?LMC>;>?M

BIMJCN;F?M
I
JLCMCIH?M
+!

mMN;M
MIH
=?HNL;F?M
UCHN?LH;MX
>?
M?LPC=CIM
/?
JLIJIH?H
HILG;FG?HN?
=O;NLI
I<D?NCPIM
J;L;
=IGJ;LNCL
M?LPC=CIM
;ORCFC;L?M
,;LL;>I


BILL;L
?H
FIM
A;MNIM
IJ?L;NCPIM
=IHMNCNOS?
?F
JLCH=CJ;F
I<D?NCPI

NL;?L
<O?HIM
?GJF?;>IM
;
OH;
=?HNL;F
>?
M?LPC=CIM

KO?
NC?H?
G}M
J?LMJ?=NCP;
>?
=;LL?L;
S
>?M;LLIFFI
JLI@?MCIH;F
KO?
FIM
M?LPC=CIM
;ORCFC;L?M
?M=;M;G?HN?
>IN;>IM
>?
OH
HC=I
ILA;HCMGI
;ON‰HIGI

!MN;<F?=?L
JLI=?>CGC?HNIM
?MN}H>;L?M
=IGOH?M
J;L;
JLI=?MIM
IJ?L;NCPIM
?MJ?=…@C=IM

!H
?F
=;MI
>?
F;M
=?HNL;F?M
>?
=IGJL;

;BILL;L
=IMN?M
JLCH=CJ;F
I<D?NCPI
?
CH@FOCL
?F
G?L=;>I
>?
F;
;>KOCMC=C‰H
>?
<C?H?M
S
M?LPC=CIM
(;
P;LC?>;>
>?
N;L?;M
FF?P;>;M
;
=;<I
?H
F;M
=?HNL;F?M
>?
M?LPC=CI
?M
=IHMC>?L;<F?
(IM
?D?GJFIM
G}M
=IGOH?M
?H
FIM
J;…M?M
>?
F;
+!
MIH
FIM
MCAOC?HN?M
L?=OLMIM
@CH;H=C?LIM
M?LPC=CIM
>?
=IHN;<CFC>;>
S
>?
J;AI

L?=OLMIM
BOG;HIM
J;AI
>?
M;F;LCIM
S
>?
J?HMCIH?M

=IHNL;N;=CIH?M
>?
J?LMIH;F

=;J;=CN;=C‰H
S
@ILG;=C‰H
>?
?GJF?;>IM
J<FC=IM

?P;FO;=C‰H
>?F
>?M?GJ?ˆI

JF;HC@C=;=C‰H
>?
F;
=;LL?L;
JLI@?MCIH;F
>?F
?GJF?;>I
J<FC=I

S
F;
A?MNC‰H
>?
FIM
>CL?=NCPIM
>?
F;
@OH=C‰H
J<FC=;

F;M
N?=HIFIA…;M
>?
F;
CH@ILG;=C‰H
S
F;M
=IGOHC=;=CIH?M
?F
>?M;LLIFFI
=IH=?JNO;F
>?F
AI<C?LHI
?F?=NL‰HC=I

A?MNC‰H
>?
F;
CHNL;H?N

F;
A?MNC‰H
>?F
JILN;F
AO<?LH;G?HN;F

F;
A?MNC‰H
>?
?>C@C=CIM
S
>?
F;M
CHMN;F;=CIH?M
=IGJL;
S
;FKOCF?L

M?LPC=CIM
>?
=IG?>IL

F;
M?AOLC>;>
>?
?>C@C=CIM

;ONIG‰PCF?M
I@C=C;F?M

F;
FCGJC?T;

F;
CGJL?MC‰H
S
FIM
M?LPC=CIM
N?F?@‰HC=IM
S

@CH;FG?HN?

=IGJL;M
S
;>KOCMC=CIH?M
>?
NI>I
NCJI
>?
<C?H?M
S
M?LPC=CIM
*ILG;FG?HN?

?MNIM
M?LPC=CIM
;ORCFC;L?M
M?
=;L;=N?LCT;H
JIL
JIM??L
OH
=;J…NOFI
M?J;L;>I
?H
?F
JL?MOJO?MNI
IH
?MN;
M?J;L;=C‰H
JL?MOJO?MN;LC;
M?
CHN?HN;
?PCN;L
KO?
M?
>?MP…?H
@IH>IM
>?
OH
JLIAL;G;
J<FC=I
=?HNL;>I
?H
OH;
N;L?;
@OH>;G?HN;F
>?F
AI<C?LHI
JIL
?D?GJFI

=IHMNLOCL
OH;
=;LL?N?L;
J;L;
A;MNIM
IJ?L;NCPIM
JIL
?D?GJFI

F;
A?MNC‰H
>?
F;
H‰GCH;
>?
FIM
?GJF?;>IM
I
CHP?LMCIH?M
?H
N?=HIFIA…;M
>?
F;
CH@ILG;=C‰H
?
?MN;
@ILG;

FIM
L?=ILN?M
>?
A;MNIM
IJ?L;NCPIM
JO?>?H
=IHMNCNOCL
OH
CH=?HNCPI
J;L;
KO?
M?
NL;HM@C?L;H
?MN;M
N;L?;M
;
F;M
=?HNL;F?M
>?
M?LPC=CIM
#2
56D3FC@4C2E:K24:x?
?M
?F
JLI=?MI
JIL
?F
KO?
M?
MCGJFC@C=;H
FIM
JLI=?MIM
KO?
NL;HM@ILG;H
F;M
J?NC=CIH?M
>?
FIM
=CO>;>;HIM
?H
M?LPC=CIM
=IH=L?NIM
KO?
L?=C<?H
?
?MN;
G;H?L;
M?
CHN?HN;
A;H;L
?H
?@C=C?H=C;
N;HNI
J;L;
F;M
,,
=IGI
J;L;
FIM
=CO>;>;HIM
OMO;LCIM
>?
FIM
M?LPC=CIM
1H;
>GCHCMNL;=C‰H
GOS
<OLI=L;NCT;>;
M?
=;L;=N?LCT;
JIL
N?H?L
JLI=?>CGC?HNIM
=IMNIMIM
?H
NC?GJI
;M…
=IGI
?H
F;
=;HNC>;>
>?
>I=OG?HN;=C‰H
KO?
>?<?H
;JILN;L
FIM
J;LNC=OF;L?M
(;
>?M<OLI=L;NCT;=C‰H
M?
@OH>;G?HN;
?H
KO?
FIM
JLI<F?G;M
;>GCHCMNL;NCPIM
HI
>?J?H>?H
>?
FIM
ALOJIM
BOG;HIM
KO?
NL;<;D;H
?H
F;M
,,

MCHI
>?F
>CM?ˆI
>?F
MCMN?G;
S
FIM
JLI=?MIM
IH
F;
>?M<OLI=L;NCT;=C‰H
M?
JLIJIH?
?FCGCH;L
F;M
HOG?LIM;M
>CMJIMC=CIH?M
L?AF;G?HN;LC;M
KO?
=IHMNLCˆ?H
F;
;>IJ=C‰H
>?
>?=CMCIH?M
?H
;MOHNIM
>?
J?LMIH;F

>?
JL?MOJO?MNI
S
>?
JLI=?M;GC?HNI
>?
M?LPC=CIM
(;
?FCGCH;=C‰H
>?
?MN;M
<;LL?L;M
MOJIH>L…;
G;SIL
?@C=C?H=C;
>?
F;
A?MNC‰H
1H
?F?G?HNI
@OH>;G?HN;F
>?
F;
>?M<OLI=L;NCT;=C‰H
?M
F;
L?>O==C‰H
>?
=;LA;M
;>GCHCMNL;NCP;M

=OS;
>?@CHC=C‰H
>?
;=?JN;=C‰H
CHN?LH;=CIH;F
M?
L?=IA?
?H
OH;
JO<FC=;=C‰H
>?F
*E2?52C5
@DE
$@56=
%6EH@C<
(;M
=;LA;M
;>GCHCMNL;NCP;M
MIH
?F
=IMN?
>?LCP;>I
>?
;KO?FF;M
;=NCPC>;>?M
>?
NCJI
;>GCHCMNL;NCPI
KO?
>?<?H
FF?P;L
;
=;<I
FIM
OMO;LCIM
?GJL?M;M
I
=CO>;>;HIM
J;L;
=OGJFCL
=IH
F;M
I<FCA;=CIH?M
>?
F;
HILG;NCP;
>?
=O;FKOC?L;
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
?MN;N;F

;ONIH‰GC=;
S
FI=;F
!H
?F
JLI=?MI
>?
>?M<OLI=L;NCT;=C‰H

F;
>GCHCMNL;=C‰H
?F?=NL‰HC=;
>?M?GJ?ˆ;
OH
J;J?F
GOS
CGJILN;HN?
;
F;
BIL;
>?
GCHCGCT;L
F;M
=;LA;M
;>GCHCMNL;NCP;M
>?
FIM
=CO>;>;HIM
!F
>?M;LLIFFI
>?
F;
>GCHCMNL;=C‰H
?F?=NL‰HC=;

JIL
?D?GJFI

M?
B;
;=?HNO;>I
JL?=CM;G?HN?
=IH
?F
CGJ;=NI
>?
F;
=LCMCM
?=IH‰GC=;
S
@CH;H=C?L;
GOH>C;F
 OHF?;PS
S
);LA?NNM

!M
CH>O>;<F?
KO?
F;
>GCHCMNL;=C‰H
?F?=NL‰HC=;
MOJIH?
=IHMC>?L;<F?M
=IMN?M
CHC=C;F?M
J?LI
N;G<C‚H
JLIG?N?
?F
JIN?H=C;F
>?
AL;H>?M
;BILLIM
?H
J;J?F

?H
L?=OLMIM
BOG;HIM
S
?H
NC?GJI

KO?
M?
JO?>?H
NL;>O=CL
?H
;BILLIM
J;L;
F;M
,,

 
,>
=01:=8,>
20=09.4,70>
(;M
L?@ILG;M
A?L?H=C;F?M
>?
F;M
>GCHCMNL;=CIH?M
J<FC=;M
?H
?F
GOH>I
I==C>?HN;F
NC?H?H
MOM
L;…=?M
?H
F;
OHC‰H
>?
>IM
>C@?L?HN?M
ALOJIM
>?
C>?;M
O=ICH


,IL
OH
F;>I

F;
N?IL…;
>?
F;
?F?==C‰H
J<FC=;
;J?F;
;F
JLCH=CJCI
?=IH‰GC=I
>?
UFC<?LN;>
>?
?F?==C‰H
?H
?F
G?L=;>I
JIF…NC=IX
$II>


(;
N?IL…;
>?
F;
?F?==C‰H
J<FC=;
M?
=?HNL;
?H
?F
CH>CPC>O;FCMGI
G?NI>IF‰AC=I
S
?H
F;
G;RCGCT;=C‰H
>?F
CHN?L‚M
CH>CPC>O;F
,IL
INLI
F;>I

M?
;MOG?
KO?
F;
CHNLI>O==C‰H
>?
F;M
N‚=HC=;M
JLCP;>;M
>?
A?MNC‰H
?H
?F
M?=NIL
J<FC=I
J?LGCN?
=IHM?AOCL
OH;
G;SIL
?@C=;=C;
S
?@C=C?H=C;M
(;M
L?@ILG;M
A?L?H=C;F?M
CHNLI>O=?H
?F?G?HNIM
>?MNCH;>IM
;
G?DIL;L
F;
=IHM?=O=C‰H
>?
L?MOFN;>IM
S
;
CHMO@F;L
@ILG;M
S
GI>IM
KO?
IJ?L;H
?H
?F
G?L=;>I
J;L;
G?DIL;L
F;
A?MNC‰H
?H
OH
M?=NIL
KO?
M?
=L??
G}M
CH?@C=C?HN?
$II>


,IFFCN
S
IO=E;?LN

=
6?7@BF6
924:2
C6DF=E25@D
(;
;>IJ=C‰H
>?
OH
?H@IKO?
ILC?HN;>I
B;=C;
F;
I<N?H=C‰H
>?
L?MOFN;>IM
CGJFC=;
KO?
F;M
ILA;HCT;=CIH?M
J<FC=;M
S;
HI
ILC?HN;H
MO
;=NCPC>;>
MCGJF?G?HN?
;
=OGJFCL
=IH
F;
F?ACMF;=C‰H
P‚;M?
,;LL;>I

(;
A?MNC‰H
JIL
L?MOFN;>IM
?M
OH;
>?
F;M
=O;NLI
;=?J=CIH?M
KO?
'OMBH?L
S
,IIF?

;NLC<OS?H
;F
=IH=?JNI
>?
?@C=;=C;
(;
?@C=;=C;
MOJIH?

?H
?MN;
;=?J=C‰H

F;
=IHM?=O=C‰H
>?
JLI>O=NIM
?
CGJ;=NIM
(IM
AC@5F4E@D
MIH
FIM
L?MOFN;>IM
KO?
M?
I<NC?H?H
;
J;LNCL
>?
FIM
L?=OLMIM
>?
F;
ILA;HCT;=C‰H
S
>?
F;M
;=NCPC>;>?M
KO?
>?M;LLIFF;
,IL
?D?GJFI

?H
F;
A?MNC‰H
>?F
;AO;

?F
PIFOG?H
>?
;AO;
>?M;FCHCT;>I

?F
JIL=?HN;D?
>?
;AO;
JIN;<F?
MI<L?
?F
NIN;F
>?
;AO;
?RCMN?HN?
?H
F;M
L?>?M
>?
>CMNLC<O=C‰H

?F
HG?LI
>?
JITIM
;ONILCT;>IM
J;L;
?F
L?A;>…I
MIH
JLI>O=NIM
(IM
JLI>O=NIM
>?
OH;
ILA;HCT;=C‰H
J<FC=;
JLI>O=?H
OH
?@?=NI
I
CGJ;=NI
?H
F;
MI=C?>;>
!F
:>A24E@
?M
OH
MO=?MI

I=OLL?H=C;
I
=IH>C=C‰H
KO?
M?
?H=O?HNL;
@O?L;
>?
F;
;=NCPC>;>
I
JLIAL;G;
>?
CHN?LP?H=C‰H
J<FC=;

J?LI
KO?
?M
>?
CGJILN;H=C;
>CL?=N;
J;L;
FIM
OMO;LCIM
>?F
JLIAL;G;
S I
J;L;
FIM
=CO>;>;HIM
1H
G;SIL
PIFOG?H
>?
;AO;
>?M;FCHCT;>I
JO?>?
N?H?L
CGJ;=NI
?H
?F
;OG?HNI
>?
NIG;N?M
S
JCGC?HNIM
=IM?=B;>IM
?H
F;
BO?LN;
(;
A?MNC‰H
JIL
L?MOFN;>IM
JO?>?
;<IL>;LM?
G?>C;HN?
>C@?L?HN?M
?MNL;N?AC;M

KO?
JO?>?
M?L
=IGJF?G?HN;LC;M
1H;
JLCG?L;
?MNL;N?AC;
=IHMCMN?
?H
?MN;<F?=?L
OHIM
?D?M
?MNL;N‚AC=IM
>?
L?MOFN;>IM
KO?
ILC?HN?H
F;
A?MNC‰H
>?F
AI<C?LHI
=IH
OH;
M?LC?
>?
;=O?L>IM
?HNL?
?F
AI<C?LHI
S
FIM
>CMNCHNIM
GCHCMN?LCIM
;F
?MNCFI
>?
FI
L?;FCT;>I
JIL
?F
AI<C?LHI
F;<ILCMN;
>?
F;CL
?H
?F
.?CHI
1HC>I
I
>?
/?<;MNC}H
,Cˆ?L;
?H
BCF?
!MNIM
;=O?L>IM
>?
L?MOFN;>IM
MO?F?H
?MN;L
;=IGJ;ˆ;>IM
>?
G?N;M
;
;F=;HT;L
,IL
?D?GJFI

OH
?D?
?MNL;N‚AC=I
>?F
AI<C?LHI
KO?
,Cˆ?L;
CHC=C‰
?H

M?
=?HNL;<;
?H
;OG?HN;L
?H
OH

?F
,%
;F
@CH;F
>?F
G;H>;NI
JL?MC>?H=C;F
I
?H
=L?;L

GCFF‰H
>?
<O?HIM
?GJF?IM
!MNIM
I<D?NCPIM
C<;H
G}M
;FF}
>?
F;M
JLIG?M;M
?F?=NIL;F?M
S
=IHMNCNOS?LIH
OH
JLIAL;G;
>?
AI<C?LHI
>OL;HN?
NI>I
?F
G;H>;NI
JL?MC>?H=C;F
1H;
M?AOH>;
?MNL;N?AC;
=IHMCMN?
?H
KO?
M?
?GJF??
?F
JL?MOJO?MNI
J;L;
KO?
F;M
ILA;HCT;=CIH?M
J<FC=;M
JLIJIHA;H
I<D?NCPIM
;
M?L
;F=;HT;>IM
S
JL?MOJO?MN?H
?F
=IMN?
>?
F;
=IHM?=O=C‰H
>?
>C=BIM
I<D?NCPIM
!MNI
MOJ?L;L…;
?F
NL;>C=CIH;F
GI>I
>?
JL?MOJO?MN;=C‰H
CH=L?G?HN;F
1H;
N?L=?L;
?MNL;N?AC;
M?
<;M;
?H
=L?;L
;A?H=C;M
=IH
F;M
KO?
?F
GCHCMN?LCI
?MN;<F?=?
OH
=IHNL;NI
JLIAL;G;
!H
?MN?
=IHNL;NI
M?
>?N;FF;H
FIM
L?MOFN;>IM
?MJ?L;>IM
?H
F;
JL?MN;=C‰H
>?
M?LPC=CIM
JIL
F;
;A?H=C;
S

;
=;G<CI

M?
F?
I@L?=?
G;SIL
@F?RC<CFC>;>
?H
F;
A?MNC‰H
>?
L?=OLMIM
JL?MOJO?MN;LCIM

BOG;HIM
S
ILA;HCT;NCPIM
1H;
=O;LN;
?MNL;N?AC;
M?
=?HNL;
?H
=IHMOFN;L
=IH
FIM
OMO;LCIM
>?
FIM
M?LPC=CIM
J<FC=IM
FIM
L?MOFN;>IM
JLI>O=NIM
?
CGJ;=NIM
KO?
MIH
L?F?P;HN?M
J;L;
?FFIM
(;
=IHMOFN;
@ILG;
J;LN?
>?
OH;
?MNL;N?AC;
G}M
;GJFC;
KO?
?M
F;
G?DIL;
>?
F;
=;FC>;>
>?
FIM
M?LPC=CIM
;
NL;P‚M
>?
>CP?LMIM
CHMNLOG?HNIM
#2
:?EC@5F44:x?
56=
6DAtC:EF
56=
>6C425@
(;
C>?;
>?
G?L=;>I
CHMJCL;
P;LCIM
NCJIM
>?
G?>C>;M
,LCG?LI

F;
CHNLI>O==C‰H
>?
G?=;HCMGIM
KO?
CGCN;H
;F
G?L=;>I
JO?>?
JLIGIP?L
F;
=IGJ?N?H=C;
?HNL?
ILA;HCT;=CIH?M
J<FC=;M
S
JLCP;>;M
J;L;
JLIJIL=CIH;L
?F
M?LPC=CI
J<FC=I

JIL
?D?GJFI

B;=C?H>I
=IGJ?NCL
;
F;M
OHCP?LMC>;>?M
I
;
FIM
=IF?ACIM
I
FIM
BIMJCN;F?M
JIL
;FOGHIM
S
J;=C?HN?M
J;L;
;NL;?L
G}M
>IN;=CIH?M
JL?MOJO?MN;LC;M
/?AOH>I

F;
?RN?LH;FCT;=C‰H
>?F
M?LPC=CI
J<FC=I
;
ILA;HCT;=CIH?M
JLCP;>;M

HI
AO<?LH;G?HN;F?M
I
=CO>;>;HIM
ILA;HCT;>IM
CGJFC=;
KO?
F;M
>?=CMCIH?M
MIH
;>IJN;>;M
JIL
?F
M?=NIL
J<FC=I

J?LI
F;
JL?MN;=C‰H
>?
FIM
GCMGIM
KO?>;
?H
G;HIM
>?F
M?=NIL
JLCP;>I
?
?MN;
@ILG;

?F
!MN;>I
M?
KO?>;
=IH
@OH=CIH?M
>?
JF;HC@C=;=C‰H

>CM?ˆI
S
=IHNLIF
GC?HNL;M
KO?
?F
M?=NIL
JLCP;>I
M?
?H=;LA;
>?
F;
J;LN?
G}M
IJ?L;NCP;
0?L=?LI

M?
CHNLI>O=?
G;SIL
=IF;<IL;=C‰H
J<FC=IJLCP;>;
S
=CO>;>;H;
?H
GO=BIM
}G<CNIM
?H
FIM
KO?
?F
M?=NIL
J<FC=I
HI
JO?>?
JIL
M…
M‰FI
;@LIHN;L
>?N?LGCH;>IM
L?NIM
,IL
?D?GJFI

?H
?F
}G<CNI
>?
F;M
=IH=?MCIH?M

F;
>GCHCMNL;=C‰H
J<FC=;
JO?>?
?H=IG?H>;L
;
OH;
?GJL?M;
JLCP;>;
I
OH
=IHMIL=CI
F;
A?MNC‰H
S
F;
IJ?L;=C‰H
>?
F;M
CH@L;?MNLO=NOL;M
OH;
;ONIJCMN;
I
OH
BIMJCN;F
S
F;
>GCHCMNL;=C‰H
J;A;
=;>;
;ˆI
OH
=;HIH
?H
@OH=C‰H
>?F
OMI
>?
?M;M
CH@L;?MNLO=NOL;M
HG?LI
>?
J;=C?HN?M
I
HG?LI
>?
;ONIG‰PCF?M
KO?
=CL=OF;H
JIL
F;
;ONIJCMN;
,IL
FNCGI

INLI
?F?G?HNI
=;L;=N?L…MNC=I
>?
FIM
G?L=;>IM
?M
KO?
F;M
ILA;HCT;=CIH?M
J<FC=;M
M?
=?HNL;H
G}M
?H
?F
OMO;LCI
!H
OHIM
=;MIM
M?
NIG;
;F
OMO;LCI
=IGI
OH
=FC?HN?
!MNI
CGJFC=;
KO?
M?
?GJF?;H
CHMNLOG?HNIM
J;L;
G?>CL
F;
M;NCM@;==C‰H
>?F
OMO;LCI
=IH
FIM
M?LPC=CIM
J<FC=IM
,;L;
KO?
?MNIM
G?=;HCMGIM
@OH=CIH?H

M?L…;
H?=?M;LCI
?GJF?;L
FIM
L?MOFN;>IM
>?
F;
?P;FO;=C‰H
JIL
FIM
OMO;LCIM
?H
F;
A?MNC‰H

JIL
?D?GJFI

J;A;H>I
OH
=IGJF?G?HNI
>?
JLI>O=NCPC>;>
;
;KO?FF;M
OHC>;>?M
I
J?LMIH;M
KO?
I<N?HA;H
OH;
M;NCM@;==C‰H
G}M
;FN;
JIL
J;LN?
>?
FIM
OMO;LCIM
I
;F=;H=?H
OH;
JIMC=C‰H
;FN;
>?
OH
C2?<:?8
>?
F;M
OHC>;>?M
I
>?
F;M
J?LMIH;M
?H
L?F;=C‰H
;
F;
?P;FO;=C‰H
>?F
M?LPC=CI
JIL
FIM
OMO;LCIM



,>
=01:=8,>
/0
7,
2:-0=9,9E,
OL;HN?
F;
FNCG;
>‚=;>;

F;
AI<?LH;HT;
J<FC=;
M?
B;
=IHP?LNC>I
?H
OH;
J?LMJ?=NCP;
=;>;
P?T
G}M
JIJOF;L
J;L;
=IHMC>?L;L
?F
J;J?F
>?F
!MN;>I
S
>?F
M?=NIL
J<FC=I
>?HNLI
>?
FIM
MCMN?G;M
MI=C;F?M
>?
;>IJ=C‰H
>?
>?=CMCIH?M
(Š@@F?L

*OG?LIM;M
ILA;HCT;=CIH?M
B;H
;P;HT;>I
?H
MO
>?@CHC=C‰H
>?
AI<?LH;HT;
?F
;H=I
)OH>C;F

F;
+LA;HCT;=C‰H
>?
IIJ?L;=C‰H
S
?M;LLIFFI
!=IH‰GC=IM

F;
IGCMC‰H
!OLIJ?;
S
P;LCIM
;ONIL?M
B;H
NL;N;>I
>?N;FF;>;G?HN?
?F
N?G;
/NIE?L

);SHNT

.BI>?M

0IL@CHA
6E
2=

,?N?LM

!H
?MN?
N?RNI
M?
?HNC?H>?
JIL
AI<?LH;HT;
J<FC=;
UF;
@ILG;
JIL
F;
KO?
GFNCJF?M
;A?HN?M
CHMNCNO=CIH;F?M
S
MI=C;F?M
CHN?L;=N;H
=IH
?F
@CH
>?
CH@FOCL
?H
F;
=;FC>;>
>?
PC>;
>?
OH
}L?;
>?N?LGCH;>;X
IP;CL>

(Š@@F?L

!H
=IGJ;L;=C‰H
=IH
?F
J;L;>CAG;
>?
F;
*#,
KO?
B;
>IGCH;>I
?F
>CM=OLMI
>?
F;
L?@ILG;
;>GCHCMNL;NCP;
?H
FIM
;ˆIM
I=B?HN;
S
F;
JLCG?L;
J;LN?
>?
FIM
HIP?HN;

?F
?H@IKO?
>?
F;
AI<?LH;HT;
?HNC?H>?
F;M
>?=CMCIH?M
J<FC=;M
=IGI
?F
L?MOFN;>I
>?
F;
;=NCPC>;>
>?
GFNCJF?M
;A?HN?M
CHMNCNO=CIH;F?M
S
MI=C;F?M
S
HI
M‰FI
=IGI
;==C‰H
?R=FOMCP;
>?
FIM
;A?HN?M
AO<?LH;G?HN;F?M
.BI>?M

'C=E?LN
6E
2=

'FCD

'IJJ?HD;H

'?NNF

(;M
NL?M
=;L;=N?L…MNC=;M
G}M
>CMNCHNCP;M
>?
F;
AI<?LH;HT;
J<FC=;

?H
=IGJ;L;=C‰H
=IH
F;
*#,

MIH
?F
‚H@;MCM
?H
F;
?RCMN?H=C;
>?
GFNCJF?M
;A?HN?M
CHMNCNO=CIH;F?M
S
MI=C;F?M

?F
CHN?L‚M
JIL
FIM
L?MOFN;>IM
@CH;F?M
S
FIM
CGJ;=NIM
G}M
KO?
JIL
?F
L?H>CGC?HNI
ILA;HCT;NCPI

S
?F
‚H@;MCM
?H
F;
=;FC>;>
>?F
JLI=?MI
CHN?L;=NCPI
;
NL;P‚M
>?F
=O;F
M?
;>IJN;H
F;M
>?=CMCIH?M
(;M
L?@ILG;M
>?
F;
G?DIL;
>?
F;
AI<?LH;HT;
M?
=?HNL;H
?H
?F
=;G<CI
>?
F;M
L?F;=CIH?M
?HNL?
;=NIL?M
AO<?LH;G?HN;F?M
S
HI
AO<?LH;G?HN;F?M
S
FIM
=CO>;>;HIM
J;L;
G?DIL;L
F;
=;FC>;>
>?
PC>;
>?
OH
N?LLCNILCI
?HNLI
>?
?MN?
ALOJIM
>?
L?@ILG;M
M?
?H=O?HNL;H
F;M
?RJ?LC?H=C;M
=L?=C?HN?M
>?
=IJLI>O==C‰H
>?
FIM
M?LPC=CIM
JIL
F;
KO?
FIM
OMO;LCIM
S
FIM
JL?MN;>IL?M
?HNL;H
?H
OH;
L?F;=C‰H
MCG<C‰NC=;
KO?
G?DIL;
F;
?RJ?LC?H=C;
@CH;F
>?
F;
JL?MN;=C‰H
F@IL>


+M<ILH?

/ENLIEIM=B

0;G<C‚H
M?
CH=FOS?H
G?DIL;M
?H
F;M
KO?
N?L=?LIM
;SO>;H
;
JLI>O=NIL?M
S
>?MNCH;N;LCIM
>?F
M?LPC=CI
;
G?DIL;L
F;
=;FC>;>
>?F
GCMGI
S
F;
=;FC>;>
>?
PC>;
,?MNI@@

L;H>M?H

IP;CL>
6E
2=

(;M
L?@ILG;M
>?
F;
AI<?LH;HT;
HI
M‰FI
CH=FOS?H
L?F;=CIH?M
?HNL?
M?=NIL
J<FC=I
S
JLCP;>I

MCHI
F;M
L?F;=CIH?M
>?
F;M
ILA;HCT;=CIH?M
J<FC=;M

JIL
?D?GJFI
>?
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
J;L;
L?MIFP?L
JLI<F?G;M
=IGOH?M
!H
A?H?L;F

F;
C>?;
>?
AI<?LH;HT;
L?@O?LT;
F;
=IIJ?L;=C‰H
?HNL?
;=NIL?M
J;L;
;F=;HT;L
<C?H?M
=IGOH?M
S
NC?H?
OH;
=IH=?J=C‰H
>?
FIM
L?MOFN;>IM
KO?
P;
G}M
?H
F…H?;
=IH
FIM
CGJ;=NIM
=;FC>;>
>?
PC>;
S
G?HIM
=IH
FIM
JLI>O=NIM
=;FC>;>
>?F
M?LPC=CI
(;M
L?@ILG;M
A?L?H=C;F?M

?H
=;G<CI

M?
ILC?HN;H
G}M
B;=C;
F;
=;FC>;>
>?F
M?LPC=CI
I
JLI>O=NI
=IH=L?NI
KO?
M;F?
>?
F;M
,,


BNNJ
QQQI?=>ILA L?AL?@ILG L?AOF;NILSJIFC=S J>@

 

*# )Y"

'
&#&!
"

!"'(&Y"
"&

'(#
!H
?MN?
;J;LN;>I
M?
C>?HNC@C=;H
P;LC;M
IF?;>;M
>?
L?@ILG;M
?H
F;
;>GCHCMNL;=C‰H
=?HNL;F
?MJ;ˆIF;
>OL;HN?
F;M
FNCG;M
>‚=;>;M
>?
F;
>?GI=L;=C;
;HN?M
>?F
CGJ;=NI
>?
F;
=LCMCM
?=IH‰GC=I
@CH;H=C?L;
?H



91:<@0
1,774/:
3,.4,
=0>@7?,/:>
D
=0/@..4[9
/07
2,>?:
;]-74.:
80/4,9?0
;=4A,?4E,.4:90>
  
!H
?MN?
J?L…I>I
M?
?MN;<F?=C?LIH
NL?M
ALOJIM
>?
L?@ILG;M
1H
JLCG?L
ALOJI
?MN;<;
L?F;=CIH;>I
=IH
F;
L;=CIH;FCT;=C‰H
>?F
M?=NIL
J<FC=I
?GJL?M;LC;F
!HNL?

S


?F
M?=NIL
J<FC=I
M?
L;=CIH;FCT‰
JILKO?
>?D;<;
>?
>;L
<?H?@C=CIM
!MNI
CGJFC=‰
?F
?MN;<F?=CGC?HNI
>?
OH;
HO?P;
?MNLO=NOL;
>?
A?MNC‰H
?H
;FAOH;M
?GJL?M;M
S
F;
L?>O==C‰H
>?
FIM
;=NCPIM
J<FC=IM
;
NL;P‚M
>?
F;
JLCP;NCT;=C‰H
J;L;
L?>O=CL
?F
A;MNI
J<FC=I
!F
=IHN?RNI
?=IH‰GC=I
S
F;
CHN?LP?H=C‰H
AO<?LH;G?HN;F
JLIJC=C;LIH
KO?
F;M
?GJL?M;M
J<FC=;M
I<NOPC?L;H
G}M
<?H?@C=CIM
!MN;
N?H>?H=C;
;SO>‰
;
>;L
@ILG;
;
F;
?MNL;N?AC;
JIMN?LCIL
>?M;LLIFF;>;
?HNL?

S


=O;H>I
?F
AI<C?LHI
;SO>‰
;
;FAOH;M
=ILJIL;=CIH?M
J<FC=;M
KO?
>;<;H
<?H?@C=CIM
;
M?L
=IGJ?NCNCP;M
?H
?F
}G<CNI
CHN?LH;=CIH;F
?H
M?=NIL?M
=IGI
F;
?F?=NLC=C>;>

?F
A;M

?F
NL;HMJILN?
;‚L?I

F;M
N?F?=IGOHC=;=CIH?M
S
F;
<;H=;
IGI
;FAOH;M
>?
F;M
=IGJ;ˆ…;M
HI
L?MOFN;LIH
L?HN;<F?M

?F
AI<C?LHI
>?=C>C‰
?H

M?J;L;L
F;M
?GJL?M;M
J<FC=;M
<;DI
?F
J;L;AO;M
>?F
%*%
%HMNCNONI
*;=CIH;F
>?
%H>OMNLC;F
=L?;>I
?H

?H
>IM
4@?8=@>6C25@D
9@=5:?8D
0‚H?I

KO?
;AFONCH‰
F;M
?GJL?M;M
=IGJ?NCNCP;M

S
OH
M?AOH>I
9@=5:?8
CHN?AL;>I
JIL
?GJL?M;M
MCH
<?H?@C=CIM
1H
M?AOH>I
ALOJI
>?
L?@ILG;M
M?
=?HNL;
?H
?F
@;FFC>I
JLIAL;G;
>?
GI>?LHCT;=C‰H
>?


KO?
;<;L=‰
>C@?L?HN?M
}L?;M
=IGI
F;
A?MNC‰H
@CH;H=C?L;

F;
JL?MOJO?MN;LC;

?F
JLI=?>CGC?HNI

F;
ILA;HCT;=C‰H

F;
;O>CNIL…;
S
F;
?P;FO;=C‰H
!H
?F
J;KO?N?
>?
L?@ILG;M
B;<…;
OH;
G?T=F;
>?
G?>C>;M
A?L?H=C;F?M
=IH
G?>C>;M
>?
L?>O==C‰H
>?
A;MNI
J<FC=I
(;M
C>?;M
A?L?H=C;F?M
CHN?HN;<;H
;=;<;L
=IH
OH;
=OFNOL;
<OLI=L}NC=;
?R=?MCP;G?HN?
F?A;FCMN;
S
=?HNL;>;
?H
FIM
CHMOGIM

HI
N;HNI
?H
FIM
L?MOFN;>IM
/?
JLIJOMI
F;
=L?;=C‰H
>?
=?HNLIM
>?
=IMN?
>?HNLI
>?
FIM
GCHCMN?LCIM
J;L;
=IH?=N;L
?F
JL?MOJO?MNI
=IH
F;
=IHM?=O=C‰H
>?
OHIM
I<D?NCPIM
>?N?LGCH;>IM
!MN;
G?>C>;
NOPI
JI=I
‚RCNI
(;
L?@ILG;
JL?MOJO?MN;LC;
HI
CGJOFM‰
?F
OMI
>?
CH>C=;>IL?M
>?
L?H>CGC?HNI
HC
INILA‰
G}M
@F?RC<CFC>;>
;
FIM
A?MNIL?M
J;L;
ONCFCT;L
FIM
;BILLIM
>?
=IMN?M
>?
J?LMIH;F
?H
INLIM
G?H?MN?L?M
1H
N?L=?L
ALOJI
>?
L?@ILG;M
JLI@OH>CT‰
?H
F;M
=O?MNCIH?M
ILA;HCT;NCP;M

;OHKO?
>?
OH;
@ILG;
G}M
@L;AG?HN;>;
S
=IH
G?HIM
PCMC‰H
>?
=IHDOHNI
!H
F;
F?S
>?
;=IGJ;ˆ;GC?HNI
;
FIM
JL?MOJO?MNIM
>?


;FAOH;M
ILA;HCT;=CIH?M
=IGI
F;
KO?
A?MNCIH;<;
=ILL?IM
S
F;
;>GCHCMNL;=C‰H
NLC<ON;LC;
=IHMCAOC?LIH
?F
?MN;NOM
>?
;A?H=C;
J;L;
G?DIL;L
MO
;ONIHIG…;
S
@F?RC<CFC>;>
?H
F;
A?MNC‰H
>?
L?=OLMIM
S
M?LPC=CIM
+NL;M
?HNC>;>?M
J<FC=;M

=IGI
F;M
@OH>;=CIH?M

N;G<C‚H
=;G<C;LIH
MO
@ILG;
F?A;F
=IH
?MN;
F?S
J;L;
=IHM?AOCL
OH;
G;SIL
@F?RC<CFC>;>
>?
A?MNC‰H
?
?MN;
@ILG;

?MN;M
ILA;HCT;=CIH?M
JI>…;H
=?HNL;LM?
G?DIL
?H
F;
=IHM?=O=C‰H
>?
FIM
L?MOFN;>IM
?H
F…H?;
=IH
?F
=L?>I
>?
F;M
L?@ILG;M
A?L?H=C;FCMN;M
(;
L?@ILG;
>?
F;
>‚=;>;
>?
FIM
;ˆIM
I=B?HN;
@L;=;M‰

M?AH
/O<CL;NM



S
#;FF?AI


=IGI
:CHN?HNI
AFI<;F
>?
L?@ILG;L
F;
;>GCHCMNL;=C‰H
J<FC=;
0ILL?M
S
,CH;

G?H=CIH;H
KO?
?RCMN…;
OH;
AL;H
>CM=L?J;H=C;
?HNL?
:?F
>CM=OLMI
>?
F;
L?@ILG;
S
:F;
L?@ILG;
?H
F;
JL}=NC=;
1H
JLCG?L
@L;=;MI
M?
JLI>ODI
;F
=?HNL;LM?
?H
FIM
JLI=?MIM
>?
GI>?LHCT;=C‰H
?H
N?G;M
A?L?H=C;F?M
=O;H>I
FI
KO?
?MN;<;
?H
DO?AI
?L;
>?
H;NOL;F?T;
>C@?L?HN?
F;
?HNL;>;
>?
!MJ;ˆ;
?H
F;
1HC‰H
!OLIJ?;
?H


S
F;
?G?LA?HN?
;>GCHCMNL;=C‰H
;ONIH‰GC=;
#;FF?AI


 
#01:=8,>
/0
,@>?0=4/,/
80/4,9?0
7,
A09?,
/07
>0.?:=
;]-74.:
 

!H
?MN;
@;M?
M?
=IHNCHO‰
=IH
?F
JLI=?MI
>?
JLCP;NCT;=CIH?M
J;L;
L?>O=CL
?F
A;MNI
J<FC=I
S
=IH
L?@ILG;M
>?
>CM?ˆI
ILA;HCT;NCPI

KO?
HI
M?
PCH=OF;<;H
H?=?M;LC;G?HN?
;
F;
=IHM?=O=C‰H
>?
L?MOFN;>IM
>C=CIH;FG?HN?
M?
CHNLI>OD?LIH
=;G<CIM
?H
?F
}G<CNI
JL?MOJO?MN;LCI
J;L;
>CM=CJFCH;L
?F
A;MNI
J<FC=I
,IL
OH
F;>I

?H

?GJ?T‰
OH;
HO?P;
@;M?
>?
L?ILA;HCT;=C‰H
S
>?
JLCP;NCT;=C‰H
>?
F;M
?GJL?M;M
?MN;N;F?M
(;
/!,%
/I=C?>;>
!MN;N;F
>?
,;LNC=CJ;=CIH?M
%H>OMNLC;F?M
@O?
=L?;>;
J;L;
;ALOJ;L
F;M
=IGJ;ˆ…;M
L?HN;<F?M
>?
F;
CH>OMNLC;
ALOJI
0‚H?I
S
?F
M?=NIL
>?
F;
?H?LA…;

<;DI
?F
MOJO?MNI
>?
KO?
?MN?
9@=5:?8
HI
L?=C<CL…;
MO<MC>CIM
J<FC=IM
!F
M?=NIL
MCH
<?H?@C=CIM
M?
ILA;HCT‰
<;DI
F;
A?H=C;
%H>OMNLC;F
>?F
!MN;>I
%!
?H
FIM
=;GJIM
>?F
=;L<‰H

?F
;=?LI
S
F;
=IHMNLO==C‰H
H;P;F

S
IJ?L‰
;
NL;P‚M
>?
=IHNL;NIM
>?F
!MN;>I
;
=;G<CI
>?
JF;H?M
>?
L?MNLO=NOL;=C‰H
>?
F;M
?GJL?M;M
/?AH
2;F>CPC?FMI



F;
=L?;=C‰H
>?
?MNIM
>IM
9@=5:?8D
NOPI
?F
>I<F?
I<D?NCPI
>?
;FCPC;L
F;
>?O>;
J<FC=;
S
G?DIL;L
F;
A?MNC‰H
>?
F;M
?GJL?M;M
?MN;N;F?M
F
GCMGI
NC?GJI

?F
AI<C?LHI
CHC=C‰
OH
JF;H
J;L;
JLIGI=CIH;L
OH;
G;SIL
?@C=C?H=C;
S
=IGJ?NCNCPC>;>
?H
F;M
L?MN;HN?M
=IGJ;ˆ…;M
J<FC=;M
!H


F;
/!,%
L?=C<C‰
?F
=IHNLIF
>?
J;LNC=CJ;=CIH?M
?H
HO?P?
=IGJ;ˆ…;M
J?LN?H?=C?HN?M
;
F;
;>GCHCMNL;=C‰H
=?HNL;F
OL;HN?
?F
J?LCI>I
>?
@OH=CIH;GC?HNI
>?
F;
/!,%
M?
G;HNOPI
F;
?MNL;N?AC;
>?
F;
JLCP;NCT;=C‰H
>?
P;LC;M
=IGJ;ˆ…;M
H;=CIH;F?M
+NL;M

?GJL?M;M
@O?LIH
JLCP;NCT;>;M
?HNL?

S

$;=C;


F;
G;SIL…;
>?F
J;KO?N?
JLCP;NCT;>IL
>?F
AI<C?LHI
>?F
,,
>?
TH;L
B;<…;
@CH;FCT;>I
!H


F;
F?S
>?
?MN;<CFC>;>
JL?MOJO?MN;LC;
CHN?HN‰
=IHM?AOCL
OH
JL?MOJO?MNI
?KOCFC<L;>I

I
?H
FI
JIMC<F?

OH;M
=O?HN;M
H;=CIH;F?M
=IH
MOJ?L}PCN
(;
F?S
@IG?HN‰
KO?
FIM
GCHCMN?LCIM
JLIS?=N;L;H
OH
?M=?H;LCI
JFOLC;HO;F
>?F
JL?MOJO?MNI

DOHNI
=IH
F;
JF;HC@C=;=C‰H
JL?MOJO?MN;LC;
;HO;F
S
OH;
G;SIL
NL;HMJ;L?H=C;
!MN;
F?S
M?
?HG?H>‰
?H
F;
>CL?==C‰H
IJO?MN;
?H

/?
CHN?HN;<;
=IHM?AOCL
=IH
?FF;
OH
G?DIL
?KOCFC<LCI
?HNL?
F;
JIF…NC=;
G;=LI?=IH‰GC=;
S
F;
;ONIHIG…;
@CH;H=C?L;
>?
F;M
IGOHC>;>?M
ON‰HIG;M

,;L;
?FFI

M?
?MN;<F?=C‰
OH
JLI=?>CGC?HNI
<CF;N?L;F
>?
H?AI=C;=CIH?M
?HNL?
=;>;
=IGOHC>;>
;ON‰HIG;
S
?F
GCHCMNLI
>?
!=IHIG…;
S
$;=C?H>;

FI
KO?
L?F;D‰
F;
>CM=CJFCH;
JL?MOJO?MN;LC;
"CH;FG?HN?

?H
?F
}G<CNI
ILA;HCT;NCPI

F;
(?S
 
NL;N‰
>?
L;=CIH;FCT;L
F;M
?HNC>;>?M
?MN;N;F?M
=IH
>CMNCHNI
AL;>I
>?
;ONIHIG…;
S
>C@?L?HN?
L‚ACG?H
F?A;F
(;
?MJ?L;>;
MCGJFC@C=;=C‰H
ILA;HCT;NCP;
>?
NCJIM
HI
MOJOMI
OH
CH=L?G?HNI
HC
>?
F;
=;FC>;>

HC
>?
F;
?@C=C?H=C;
I
F;
?@C=;=C;
A6C
D6

S;
KO?
HI
JLIGIPC?LIH
F;M
G?>C>;M
A?L?H=C;F?M
>?
I<N?H=C‰H
>?
L?MOFN;>IM
?H
?MN;M
CHMNCNO=CIH?M
(;
MCGJFC@C=;=C‰H
HI
M?
=IHMCAOC‰
N;GJI=I
?

?HNC>;>?M
J<FC=;M

?H
F;M
KO?
NL;<;D;<;
?F


JIL
=C?HNI
>?
FIM
@OH=CIH;LCIM
H;=CIH;F?M

M‰FI

N?H…;H
OH
L‚ACG?H
F?A;F
>CMNCHNI
?H

0ILL?M
S
,CH;


(;
F?S
>?

JL?PC‰
?F
OMI
>?
MCMN?G;M
>?
@OH=CIH;GC?HNI
S
A?MNC‰H
JIL
I<D?NCPIM
J;L;
?F
=IHNLIF
>?
;=NCPC>;>?M
HI
M‰FI
>?
FIM
ILA;HCMGIM
;ON‰HIGIM

MCHI
N;G<C‚H
>?
F;M
>CL?==CIH?M
A?H?L;F?M
/CH
?G<;LAI

?MN;
@ILG;
>?
A?MNCIH;L
JIL
I<D?NCPIM
HI
FF?A‰
;
G;N?LC;FCT;LM?
(;M
G?>C>;M
;>IJN;>;M
?H
?F
JLCG?L
AI<C?LHI
>?
TH;L
M?
ILC?HN;LIH
;
L?>O=CL
?F
A;MNI
J<FC=I
=IH
F;
=IHA?F;=C‰H

JIL
?D?GJFI

>?
FIM
M;F;LCIM
S
F;M
JLCP;NCT;=CIH?M
S
;M…
=OGJFCL
FIM
=LCN?LCIM
>?
);;MNLC=BN
KO?
J?LGCNCL…;H
;
!MJ;ˆ;
;>IJN;L
?F
JLIAL;G;
>?F
?OLI

F;
GIH?>;
HC=;
J;L;
OH
ALOJI
>?
?=IHIG…;M
?OLIJ?;M
(;
L?@ILG;
JL?MOJO?MN;LC;
CHC=C;>;
?H
F;
GCN;>
>?
F;
>‚=;>;
>?
FIM
;ˆIM
HIP?HN;
?MNOPI
G;L=;>;
JIL
F;
>CM=CJFCH;
S
?F
?KOCFC<LCI
J;L;
=IHM?AOCL
F;
=IHP?LA?H=C;
=IH
F;
1HC‰H
!OLIJ?;



#01:=8,>
?0==4?:=4,70>
D
=0?:<@0>
.:>8X?4.:>
/0
7,
/8494>?=,.4[9
090=,7
/07
>?,/:
  
IH
?F
AI<C?LHI
>?
.I>L…AO?T
6;J;N?LI
M?
JLI>OD?LIH
NL?M
NCJIM
>?
L?@ILG;M
FAOH;M
;@?=N;<;H
;
F;M
?HNC>;>?M
FI=;F?M
!!((
S
F;M

+NL;M
L?@ILG;M
G}M
A?L?H=C;FCMN;M
JLIJIH…;H
F;
=L?;=C‰H
>?
;A?H=C;M
=IH
AL;>I
>?
;ONIHIG…;
J;L;
H?AI=C;L
OHIM
L?MOFN;>IM
KO?
>?<…;H
JF;MG;LM?
?H
OH
=IHNL;NI
>?
A?MNC‰H
"CH;FG?HN?

INL;
AL;H
L?@ILG;
>?F
J?L…I>I
M?
=?HNL‰
?H
F;
;LGIHCT;=C‰H
>?
FIM
>CMNCHNIM
MCMN?G;M
>?
J?LMIH;F
>?F
M?=NIL
J<FC=I
P‚;M?
?F
>?N;FF?
?H
?F
=;J…NOFI

>C=CIH;FG?HN?

M?
BCTI
‚H@;MCM
?H
N?G;M
>?
A?MNC‰H
>?
F;
=;FC>;>

KO?
NOPI
=C?LNI
CGJ;=NI
?H
FIM
L?MOFN;>IM
>?
F;M
ILA;HCT;=CIH?M
!MN;M
G?>C>;M

G}M
KO?
OH
AL;H
GIPCGC?HNI
>?
L?@ILG;

=IHMNCNO…;H
J;LN?
>?
OH
JLI=?MI
AL;>O;F
>?
G?DIL;
KO?
M?
B;<…;
CHC=C;>I
?H
?N;J;M
;HN?LCIL?M
!H
?MN;
M?==C‰H
M?
;H;FCT;H
FIM
=;G<CIM
ILA;HCT;NCPIM
S
?F
JLIAL;G;
>?
A?MNC‰H
>?
F;
=;FC>;>
!H

M?
;JLI<‰
OH;
F?S
J;L;
=L?;L
;A?H=C;M
?MN;N;F?M
=IH
FIM
MCAOC?HN?M
I<D?NCPIM
CH=L?G?HN;L
F;
=;FC>;>
>?
FIM
M?LPC=CIM
J<FC=IM

CGJOFM;L
F;
A?MNC‰H
?H
@OH=C‰H
>?
L?MOFN;>IM

;OG?HN;L
F;
L?MJIHM;<CFC>;>
>?
FIM
A?MNIL?M
JIL
MO
A?MNC‰H
S
OM;L
=IHNL;NIM
>?
A?MNC‰H
?HNL?
F;
;A?H=C;
S
?F
GCHCMN?LCI
J;L;
MOJ?LPCM;L
S
=IHNLIF;L
F;
=IHM?=O=C‰H
>?
L?MOFN;>IM
(IM
JLIGINIL?M
>?
F;
(?S
=L?…;H
KO?
OH;
G;SIL
;ONIHIG…;
A?MNIL;
>?
FIM
>CL?=NCPIM
;=;LL?;L…;
OH
CH=L?G?HNI
?H
F;
=;FC>;>
>?F
M?LPC=CI
S
OH
=;G<CI
?H
F;
=OFNOL;
ILA;HCT;NCP;
(;
(?S
@IG?HN‰
KO?
;FAOHIM
ILA;HCMGIM
;ON‰HIGIM
=;G<C;M?H
MO
L‚ACG?H
F?A;F
JIL
?F
>?
OH;
;A?H=C;

?H
F;
G?>C>;
?H
KO?
?FFI
HI
L?KOCLC?L;
CH=L?G?HNI
>?
A;MNI
J<FC=I
?
F;
GCMG;
@ILG;

=O;FKOC?L
HO?P;
?HNC>;>
;ON‰HIG;
>?<…;
;>IJN;L
F;
@ILG;
>?
OH;
;A?H=C;
?MN;N;F
>CLCAC>;
JIL
=IHNL;NIM
JLIAL;G;
!F
GCHCMN?LCI
>?
!=IHIG…;
S
$;=C?H>;
?MNOPI
>?
;=O?L>I
=IH
F;
=L?;=C‰H
>?
F;M
;A?H=C;M
?MN;N;F?M
JILKO?
=L?S‰
KO?
JI>L…;
CH=L?G?HN;L
F;
?@C=C?H=C;
>?F
A;MNI
J<FC=I
?MJO‚M
>?

;ˆIM

?F
HG?LI
>?
;A?H=C;M
?H

@O?
>?

!F
AI<C?LHI
>?
.;DIS
JLIJOMI
F;
MOJL?MC‰H
>?
F;M
;A?H=C;M
=IH
F;
(?S
 

KO?
?HNL‰
?H
PCAIL
?H
I=NO<L?
>?


G?>C;>IM
>?
F;
>‚=;>;
>?
FIM
;ˆIM
HIP?HN;
M?
CHNLI>ODI
F;
A?MNC‰H
>?
F;
=;FC>;>
?H
F;
;>GCHCMNL;=C‰H
J<FC=;
=IH
?F
.
 
MCMN?G;
>?
A?MNC‰H
>?
KO?D;M
S
?F
.
 
=;LN;M
>?
M?LPC=CIM
S
JL?GCIM
;
F;
=;FC>;>
>?
FIM
M?LPC=CIM
!MN;
L?AOF;=C‰H
M?
;GJFC‰
=IH
F;
?F;<IL;=C‰H
>?
OH
G;L=I
A?H?L;F
J;L;
F;
G?DIL;
>?
F;
=;FC>;>
?H
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I
#!
.
 

KO?
=IHNCH;
MCH
=;G<CIM
B;MN;

!H
FIM
CHC=CIM
>?
F;
;JFC=;=C‰H
>?
FIM
?H@IKO?M
>?
F;
=;FC>;>

P;LC;M
ILA;HCT;=CIH?M
OM;LIH
G‚NI>IM
>?
;ONI?P;FO;=C‰H
S
F;
CHNLI>O==C‰H
>?
?MN}H>;L?M
%/+
 ?E6C?2E:@?2=
*E2?52C5D
&C82?:K2E:@?
J;L;
?F
M?LPC=CI
%HMNCNO=CIH?M
=IGI
F;
A?H=C;
0LC<ON;LC;

?F
%HMNCNONI
*;=CIH;F
>?
/?AOLC>;>
/I=C;F
S
INLIM
ILA;HCMGIM
KO?
?MN;<;H
CGJF;HN;H>I
B?LL;GC?HN;M
>?
=;FC>;>
;SO>;LIH
;
F;M
;ONILC>;>?M
GCHCMN?LC;F?M
?H
?MN;
?GJL?M;
IH
F;
?MNL;N?AC;
>?
GI>?LHCT;=C‰H
>?F
AI<C?LHI
MI=C;FCMN;
>?


M?
;JLI<‰
OH
JLIAL;G;
A?H?L;F
>?
A?MNC‰H
>?
F;
=;FC>;>
KO?
CH=FO…;
G?DIL;M
?H
F;M
=;LN;M
>?
M?LPC=CIM

A?MNC‰H
>?
KO?D;M

JL?GCIM
;
F;
=;FC>;>
?H
FIM
M?LPC=CIM
J<FC=IM

;ONI?P;FO;=C‰H
S
?P;FO;=C‰H
?RN?LH;
(;
;=NCPC>;>
GCHCMN?LC;F
?H
N?G;M
>?
A?MNC‰H
>?
=;FC>;>
@O?
=IHMC>?L;<F?
!2(

!H


?RCMN…;H

JIL
?D?GJFI


=;LN;M
>?
M?LPC=CI
?H
NI>IM
FIM
GCHCMN?LCIM
S
ILA;HCT;=CIH?M
>?J?H>C?HN?M
?
?FF;M

OH

JIL
=C?HNI
>?
F;M
=;LN;M
S;
N?H…;H
OH;
;HNCAŽ?>;>
>?
G}M
>?

;ˆIM
;OHKO?
?F
AL;>I
>?
;=NO;FCT;=C‰H
>?
FIM
=IGJLIGCMIM
;>KOCLC>IM
?H
F;M
=;LN;M
?L;
<;DI
!F
HG?LI
>?
=;LN;M
>?
M?LPC=CI
PCA?HN?M
?H

?L;
M?HMC<F?G?HN?
G?HIL

(;M
=;LN;M
>?
M?LPC=CI
MIH
OHIM
>I=OG?HNIM
?H
FIM
KO?
OH;
ILA;HCT;=C‰H
J;LNC=OF;L
M?
=IGJLIG?N?
;
=OGJFCL
OHIM
?MN}H>;L?M
>?
M?LPC=CI
JIL
?D?GJFI

L?MJIH>?L
;
OH;
J?NC=C‰H
>?
J?HMC‰H
>?
PCO>?>;>
?H
G?HIM
>?

>…;M
(;
>CMGCHO=C‰H
>?F
HG?LI
>?
=;LN;M
>?
M?LPC=CI
JO?>?
>?<?LM?
;
GFNCJF?M
L;TIH?M
!M
JIMC<F?
KO?
OH;
P?T
=IHMIFC>;>;M
F;M
G?N;M
>?
NC?GJI
;
;F=;HT;L
MIH
F;M
G}M
=IGOH?M
?H
F;M
=;LN;M

F;
ILA;HCT;=C‰H
>?D?
?MN?
CHMNLOG?HNI
>?
A?MNC‰H
J;L;
?GJF?;L
INLIM
>C@?L?HN?M

?M
>?=CL

F;
=;LN;
=OGJFC‰
MO
J;J?F
!H
INLIM
=;MIM

F;
J‚L>C>;
>?
CHN?L‚M
JIL
F;
=;LN;
M?
>?<?
;
KO?
HOH=;
M?
?GJF?‰
=IGI
CHMNLOG?HNI
>?
A?MNC‰H

MCHI
KO?
MCGJF?G?HN?
M?
N?H…;
OH
@IFF?NI
J;L;
GIMNL;L
?F
=OGJFCGC?HNI
=IH
F;
F?ACMF;=C‰H
S
;J;L?=?L
L?@F?D;>I
?H
F;M
?MN;>…MNC=;M
/?AH
?F
CH@ILG?
>?
!2(


?MN;M
=;LN;M
>?
M?LPC=CI
HI
MC?GJL?
M?
<;M;<;H
?H
F;
=IHMOFN;
;
FIM
=CO>;>;HIM
MI<L?
=O}F?M
MIH
FIM
=IGJLIGCMIM
KO?
?FFIM
KOCMC?L;H
KO?
;MOGC?L;H
F;M
,,
!H
?MN?
M?HNC>I

F;
A?MNC‰H
>?
F;
=;FC>;>
L?F;=CIH;>;
=IH
F;M
=;LN;M
>?
M?LPC=CI
M?
=IHPCLNC‰
?H
OH
?D?L=C=CI
CHN?LHI
>?
FIM
@OH=CIH;LCIM
J<FC=IM

MCH
;>IJN;L
OH;
>?
F;M
JLCH=CJ;F?M
G}RCG;M
>?
F;
A?MNC‰H
>?
F;
=;FC>;>

?MNI
?M

F;
=IHMOFN;
;
FIM
=CO>;>;HIM
!H
NC?GJIM
L?=C?HN?M

?F
HG?LI
>?
ILA;HCT;=CIH?M
KO?
?MN}H
L?;FCT;H>I
;H}FCMCM
>?
>?G;H>;
S
?MNO>CIM
>?
M;NCM@;==C‰H
P;
;OG?HN;H>I
J;OF;NCH;G?HN?
;
J?M;L
>?
F;
=LCMCM
!H

M?
BC=C?LIH
?H
F;
#!

;H}FCMCM
>?
>?G;H>;
S

?MNO>CIM
>?
M;NCM@;==C‰H

GC?HNL;M
KO?
?H


?MN?
HG?LI
;M=?H>C‰
;

S

L?MJ?=NCP;G?HN?
!2(



*I
I<MN;HN?

?F
KO?
M?
B;A;
?MNIM
?MNO>CIM
HI
MCAHC@C=;
KO?
FIM
L?MOFN;>IM
>?
F;
=IHMOFN;
L?;FCG?HN?H
?F
>CM?ˆI
S
F;
A?MNC‰H
>?
FIM
M?LPC=CIM
!MN;
CH@ILG;=C‰H
HI
?M
;JILN;>;
JIL
FIM
CH@ILG?M
>?
!2(
"CH;FG?HN?

F;
;ONI?P;FO;=C‰H
>?
=‰GI
@OH=CIH;
F;
>GCHCMNL;=C‰H
?H
F;
JL?MN;=C‰H
>?
FIM
M?LPC=CIM
J<FC=IM
HI
?MN;<;
GOS
?RN?H>C>;
?HNL?
F;
>GCHCMNL;=C‰H
=?HNL;F
?MJ;ˆIF;
/IF;G?HN?

GCHCMN?LCIM
>?=F;L;LIH
KO?
;FAOHI
I
;FAOHI
>?
MOM
‰LA;HIM
O
ILA;HCMGIM
M?
;ONI?P;FO;<;
(;
G;SIL…;
>?
F;M
;ONI?P;FO;=CIH?M
L?;FCT;>;M

?H

?GJF?;<;H
?F
GI>?FI
?OLIJ?I
>?
?R=?F?H=C;
!"-)
=IGI
G;L=I
>?
?P;FO;=C‰H
!2(

!F
HG?LI
>?
;ONI?P;FO;=CIH?M
=IH@ILG?
;
GI>?FIM
>?
?R=?F?H=C;
L?=IHI=C>IM
>?M=?H>C‰
;

?H

!2(

!MNIM
CHMNLOG?HNIM
>?
?P;FO;=C‰H
J;L?=?H
B;<?L
;SO>;>I
;
C>?HNC@C=;L
>CMNCHN;M
}L?;M
>?
G?DIL;

J?LI
HI
KO?>;
=F;LI
=O}HN;M
>?
?MN;M
G?DIL;M
M?
B;H
FF?P;>I
;
=;<I
S
=O}F
?M
F;
>CG?HMC‰H
>?
F;M
G?DIL;M
KO?
M?
JF;HN?;H
!H
=O;FKOC?L
=;MI
M?
>?N?=N;
KO?
?F
=IHMC>?L;<F?
AL;>I
>?
CHN?L‚M
JIL
G?DIL;L
F;
=;FC>;>
>?
FIM
M?LPC=CIM
J<FC=IM
JIL
J;LN?
>?
F;
>GCHCMNL;=C‰H
M?
B;
C>I
L?>O=C?H>I
=IH
?F
NC?GJI
JIL
FI
KO?
L?MJ?=N;
;
F;
;JFC=;=C‰H
>?
CHMNLOG?HNIM
I
GI>?FIM
KO?
;SO>?H
;
F;
G?DIL;
>?
?M;
=;FC>;>
!MNI
HI
CGJFC=;
H?=?M;LC;G?HN?
KO?
F;
<MKO?>;
>?
F;
=;FC>;>
B;S;
>?M;J;L?=C>I
>?
FIM
I<D?NCPIM
>?
FIM
>CL?=NCPIM
J<FC=IM
,O?>?
MCAHC@C=;L
G}M
<C?H
KO?
FIM
>CL?=NCPIM
M?
B;H
N?HC>I
KO?
ILC?HN;L
?H
NC?GJIM
L?=C?HN?M
;
CGJF;HN;L
G?>C>;M
>?
;OMN?LC>;>

KO?
M?
=?HNL?H
?H
F;
?@C=C?H=C;
S
M‰FI
JLCILCT;H>I
;FAOH;M
}L?;M
>?
G?DIL;
L?F?P;HN?M
J;L;
FIM
OMO;LCIM
P‚;M?
G}M
;<;DI


#01:=8,>
/0
,@>?0=4/,/
;,=,
;,74,=
7:>
010.?:>
/0
7,
.=4>4>
149,9.40=,
D
0.:9[84.,
   
!MN;
?N;J;
M?
B;
=?HNL;>I
?H
F;M
L?@ILG;M
>?
F;
;OMN?LC>;>
(IM
?@?=NIM
>?
F;
=LCMCM
?=IH‰GC=;
S
@CH;H=C?L;
B;H
N?HC>I
OH
CGJ;=NI
=IHMC>?L;<F?
?H
F;M
,,
S
N;HNI
?F
AI<C?LHI
>?
6;J;N?LI
=IGI
?F
>?
.;DIS
B;H
N?HC>I
KO?
CGJOFM;L
G?>C>;M
>?
;OMN?LC>;>

>?
L?>O==C‰H
>?F
A;MNI
J<FC=I
(IM
MCAOC?HN?M
;J;LN;>IM
M?
=?HNL;H
?H
F;M
L?@ILG;M
>?
FIM
FNCGIM
AI<C?LHIM
?H
=IH?RC‰H
=IH
F;
=LCMCM
?=IH‰GC=;

=OSIM
J;L}G?NLIM
@OH>;G?HN;F?M
M?
GO?MNL;H
;
=IHNCHO;=C‰H
 

&''
""&
-
#"Y!
(;
=LCMCM
@CH;H=C?L;
S
?=IH‰GC=;
AFI<;F
B;
I=;MCIH;>I
HOG?LIM;M
>?=CMCIH?M
AO<?LH;G?HN;F?M
;
FI
F;LAI
>?
F;
A?IAL;@…;
GOH>C;F
(;
=LCMCM
M?
>?MAFIM;
?H
P;LCIM
NCJIM

KO?
M?
MIF;J;H
?HNL?
M…

;OHKO?
=IH
CH=C>?H=C;
>C@?L?HN?
?H
FIM
J;…M?M
;@?=N;>IM
'C=E?LN

>CMNCHAO?
=O;NLI
NCJIM
KO?
M?
;>;JN;H
;F
=;MI
?MJ;ˆIF
;
=IHNCHO;=C‰H

(;
=LCMCM
@CH;H=C?L;

M?
JLI>ODI
=O;H>I
F;M
CHMNCNO=CIH?M
@CH;H=C?L;M
J?FCAL;LIH
>?
=;?L
?H
F;
<;H=;LLIN;
S
NOPC?LIH
KO?
M?L
L?M=;N;>;M
JIL
FIM
AI<C?LHIM
J;L;
KO?
?PCN;L;H
F;
KOC?<L;
I
F;
CHMIFP?H=C;
?ALSM?


?MNCG‰
KO?
F;M
;SO>;M
>?
FIM
!MN;>IM
)C?G<LIM
>?
F;
1!
;
F;M
CHMNCNO=CIH?M
@CH;H=C?L;M
L?JL?M?HN;<;
?F

>?F
,%
>?
F;
1!
?HNL?

S

!H
!MJ;ˆ;

FIM
L?M=;N?M
<;H=;LCIM
>?
NL?M
=;D;M
>?
;BILLIM
S
>IM
<;H=IM
S
F;
H;=CIH;FCT;=C‰H
>?
>IM
=;D;M
S
OH
<;H=I
=IG?HT;LIH
?H

!F
L?M=;N?
@CH;H=C?LI
MOJOMI
OH


>?F
,%
B;MN;

!MN?
JIL=?HN;D?
>?F
,%
?M
=IHMC>?L;<F?
J?LI
;F?D;>I
>?F


>?
%LF;H>;
I
CH=FOMI
G}M
<;DI
KO?
?F


>?
F?G;HC;
S
?F


>?
FIM
,;…M?M
;DIM
>C=CIH;FG?HN?

?F
AI<C?LHI
?MJ;ˆIF
N?H…;
;H
;
@CH;F?M
>?

L?MJIHM;<CFC>;>?M
>?
;JISI
@CH;H=C?LI
KO?
MOJIH…;H
?F


>?F
,%
!OLIJ?;H
?HNL;F
;HE


(;
=LCMCM
?=IH‰GC=;

M?
CHC=C‰
=O;H>I
>CMGCHOS‰
?F
=L?=CGC?HNI
>?F
,%
;F
NC?GJI
KO?
;OG?HN‰
=IHMC>?L;<F?G?HN?
?F
>?M?GJF?I
!H
!MJ;ˆ;

F;
P;LC;=C‰H
;HO;F
>?F
,%
;
JL?=CIM
>?
G?L=;>I
@O?
H?A;NCP;
?HNL?

S


=IH
F;
?R=?J=C‰H
>?



IF?N…H
!=IH‰GC=I
>?F
;H=I
>?
!MJ;ˆ;


(;
N;M;
>?
J;LI
J;M‰
>?
OH


>?
F;
JI<F;=C‰H
;=NCP;
?H

;F
G}RCGI
BCMN‰LC=I
>?F
JLCG?L
NLCG?MNL?
>?



!H=O?MN;
>?
,I<F;=C‰H
=NCP;
!F
%,
?HNL‰
?H
HG?LIM
H?A;NCPIM
>OL;HN?
I=BI
G?M?M
>?


(;
=LCMCM
@CM=;F

M?
JLI>ODI
=IGI
=IHM?=O?H=C;
>?F
;OG?HNI
>?F
>‚@C=CN
J<FC=I
S
F;
>?O>;
(;
>?O>;
KO?
M?
?H=IHNL;<;
?H
OH
G…HCGI
BCMN‰LC=I
?H

>?F

>?F
,%

M?
>CMJ;L‰
J;OF;NCH;G?HN?
B;MN;
;F=;HT;L
?F

?H


MI<L?J;M;H>I
FIM
F…GCN?M
>?F

CGJO?MNIM
JIL
?F
0L;N;>I
MI<L?
?F
"OH=CIH;GC?HNI
>?
F;
1HC‰H
!OLIJ?;
;LN

!F
>‚@C=CN
G}RCGI
J?LGCNC>I
JIL
>?F

=IG?HT‰
;
L?<;M;LM?
?H
!MJ;ˆ;
?H



FF?A;H>I
;F


>?F
,%
?H

S
<;D;H>I
FO?AI
;F


?H

!OLIMN;N

(;
=LCMCM
>?
F;
>?O>;
MI<?L;H;


N;G<C‚H
>?HIGCH;>;
=LCMCM
>?
F;
?OLITIH;

?M
OH
;AL;P;GC?HNI
>?
F;
=LCMCM
?H
FIM
J;…M?M
>?
F;
TIH;
?OLI
=IH
;FNI
HCP?F
>?
>?O>;
S
>‚@C=CN
J<FC=I

;F
GCMGI
NC?GJI
KO?
FIM
CHN?L?M?M
>?
FIM
<IHIM
?MN;N;F?M
;OG?HN;<;H
=IHMC>?L;<F?G?HN?
(;
JLCG;
>?
LC?MAI
>?
F;
>?O>;
MI<?L;H;
?MJ;ˆIF;
;F=;HT‰
?F
>C@?L?H=C;F
G}RCGI
=IH
L?MJ?=NI
;
F;
>?O>;
;F?G;H;
>?

JOHNIM
<}MC=IM
?H

KO?
M?
L?>ODI
;
OHIM

JOHNIM
<}MC=IM
JIL
N‚LGCHI
G?>CI
?H

!H
?F
J?L…I>I
;AO>I
>?
F;
=LCMCM
>?
F;
>?O>;
MI<?L;H;

FIM
AI<C?LHIM
S;
HI
JI>…;H
@CH;H=C;L
MOM
>?O>;M
S
>‚@C=CNM

JIL
FI
KO?
#L?=C;

%LF;H>;
S
,ILNOA;F
@O?LIH
L?M=;N;>IM
?H

S
FIM
<;H=IM
?MJ;ˆIF?M
@O?LIH
L?M=;N;>IM
?H



BNNJ
QQQ>;NIMG;=LI=IG JLCG;LC?MAI ?MJ;H;

 
&#&!'
$&
$ &
#'
(#'


&''
 

/CAOC?H>I
F;M
J;ON;M
KO?
M?
G;L=;H
?H
F;
FCN?L;NOL;
$II>

3LCABN

(?PCH?


F;M
JIF…NC=;M
>?
L?=ILN?
B;H
N?HC>I
OH
=C=FI
MCGCF;L
!H
OH;
JLCG?L;
?N;J;

?F
AI<C?LHI
>?
6;J;N?LI
H?A‰
F;
?RCMN?H=C;
>?
F;
=LCMCM
S
>?@?H>C‰
F;
A?MNC‰H
>?F
AI<C?LHI
N;HNI
?H
?F
M?=NIL
J<FC=I
=IGI
?H
?F
<;H=;LCI

;>O=C?H>I
KO?
!MJ;ˆ;
N?H…;
?F
M?=NIL
@CH;H=C?LI
G?DIL
L?AOF;>I
?H
!OLIJ;
!MN;
@;M?
>?
H?A;=C‰H
@O?
M?AOC>;
JIL
OH
=BIKO?
=IH
F;
L?;FC>;>
S
F;
H?=?MC>;>
>?
L?;FCT;L
L?=ILN?M

AL;>O;F?M
?H
MOM
CHC=CIM

J?LI
G}M
>L}MNC=IM
JIMN?LCILG?HN?
*I
@O?
B;MN;


S;
?HNL;>I
?F
AI<C?LHI
>?
.;DIS

=O;H>I
M?
>?=C>C‰
;JFC=;L
G?>C>;M
G}M
AFI<;F?M
?H
NI>;M
F;M
}L?;M
>?
>IH>?
M?
JO>C?L;H
?RNL;?L
?@C=C?H=C;M
/?
>?M;LLIFF‰
OH;
=;LL?L;
JIL
F;
JLIJO?MN;
>?
G?>C>;M
KO?
;N;D;L;H
?F
=L?=CGC?HNI
>?F
A;MNI
J<FC=I
IJ?L;NCPI
,;OF;NCH;G?HN?

?F
AI<C?LHI
M?
B;
C>I
=?HNL;H>I
?H
L?=ILN?M
G}M
?MNL;N‚AC=IM
>?MJO‚M
>?
OH;
@;M?
CHC=C;F
>?
L?=ILN?M
A?H?L;FCT;>IM
=IHA?F;=C‰H
M;F;LC;F
>?
NI>IM
FIM
@OH=CIH;LCIM

MOJL?MC‰H
>?
MO
J;A;
?RNL;
I
=IHA?F;=C‰H
>?
F;
+!,
!F
L?F;NI
>?
?MN?
;J;LN;>I
=IGC?HT;
=O;H>I
S;
J;M‰
?M?
J?L…I>I
>?
H?A;=C‰H
CHC=C;F
>?
F;
=LCMCM
S
M?
=?HNL;
?H
?F
J?L…I>I
?H
?F
KO?
M?
IL>?H;LIH
L?F;NCP;G?HN?
FIM
NCJIM
>?
L?=ILN?M
IJ?L;NCPIM
;
L?;FCT;L


,>
=01:=8,>
/0
7,
,@>?0=4/,/
(;M
L?@ILG;M
>?
F;
;OMN?LC>;>
;<;L=;H
G?>C>;M
>?
G?DIL;
>?
F;
?@C=C?H=C;
>?F
M?=NIL
J<FC=I

?MJ?=C;FG?HN?
L?>O=C?H>I
MOM
=IMN?M
IJ?L;NCPIM

>CMGCHOS?H>I
F;M
N;L?;M
;<IL>;>;M
JIL
F;
>GCHCMNL;=C‰H
S
;OG?HN;H>I
FIM
CHAL?MIM
G?>C;HN?
F;
FO=B;
=IHNL;
?F
@L;O>?
S
F;
=ILLOJ=C‰H
S
F;
MO<C>;
>?
CGJO?MNIM
!H
?MN?
;J;LN;>I
M?
;H;FCT;H
?R=FOMCP;G?HN?
F;M
L?@ILG;M
=?HNL;>;M
?H
FIM
L?=ILN?M
>?
FIM
A;MNIM
IJ?L;NCPIM
>?
F;
#!




/
#&
G
3:
7;>C:A=
23
:/A
@34=@;/A
(;
IGCMC‰H
J;L;
F;
.?@ILG;
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M
+.
@O?
=L?;>;
?H

J;L;
CHC=C;L
L?@ILG;M
>?
G?DIL;
>?F
@OH=CIH;GC?HNI
>?F
M?=NIL
J<FC=I
S
F;
?=IHIG…;
?MJ;ˆIF;
!H
?MN?
;J;LN;>I
M?
>;
=O?HN;
MIF;G?HN?
>?
F;M
L?@ILG;M
KO?
M?
=?HNL;H
?H
F;
G?DIL;
>?
F;
#!

S
F;M
JLIJO?MN;M
>?
G?DIL;
?H
MOM
L?F;=CIH?M
=IH
INLIM
HCP?F?M
N?LLCNILC;F?M
(;
+.

;>M=LCN;
;F
)CHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M
)%*$,

@O?
FC>?L;>;
JIL
F;
2C=?JL?MC>?HN;
>?F
#I<C?LHI
>?
.;DIS
S
JL?MC>C>;
JIL
?F
/O<M?=L?N;LCI
>?
,L?MC>?H=C;
/O
PC=?JL?MC>?HN?
?M
/O<M?=L?N;LCI
>?F
)%*$,
(IM
GC?G<LIM
>?
F;
+.
MIH
L?JL?M?HN;HN?M
>?
FIM
GCHCMN?LCIM
=IH
L;HAI
>?
>CL?=NIL
A?H?L;F

OH
L?JL?M?HN;HN?
>?
=;>;
OHI
>?
FIM
MCAOC?HN?M
‰LA;HIM
CHN?LP?H=C‰H
A?H?L;F
>?F
)%*$,

A;<CH?N?
>?F
JL?MC>?HN?
S
A;<CH?N?
>?
F;
PC=?JL?MC>?HN;
!F
NL;<;DI
>?
F;
IGCMC‰H
M?
?MNLO=NOL‰
;
NL;P‚M
>?
=O;NLI
MO<=IGCMCIH?M
>OJFC=C>;>?M
;>GCHCMNL;NCP;M

MCGJFC@C=;=C‰H
;>GCHCMNL;NCP;

A?MNC‰H
>?
M?LPC=CIM
S
G?>CIM
=IGOH?M
S
;>GCHCMNL;=C‰H
CHMNCNO=CIH;F
>C=CIH;FG?HN?
;
F;M
G?>C>;M
>?
=;>;
MO<=IGCMC‰H

F;
+.
;<IL>‰
P;LC;M
G?>C>;M
>?
=;L}=N?L
A?H?L;F
!H

M?
=L?‰
F;
+@C=CH;
J;L;
F;
!D?=O=C‰H
>?
F;
.?@ILG;
>?
F;
>GCHCMNL;=C‰H
+,!.
J;L;
P?F;L
JIL
?F
=OGJFCGC?HNI
>?
F;M
G?>C>;M
>?F
CH@ILG?
+.
S
@ILGOF;L
HO?P;M
JLIJO?MN;M
.
 
!F
CH@ILG?
+.
;JLI<‰
CHC=C;FG?HN?

G?>C>;M

>?
F;M
=O;F?M

;@?=N;H
;F
!MN;>I
S
;
F;M

S

?R=FOMCP;G?HN?
;
F;
#!
+.
DOHCI
!MN;M
G?>C>;M
M?
;MCAH;LIH
;
FIM
>CMNCHNIM
GCHCMN?LCIM
?H
@OH=C‰H
>?
MOM
=IGJ?N?H=C;M
(;M
G?>C>;M
MIH
>C@…=CF?M
>?
=F;MC@C=;L
HI
M‰FI
JIL
F;
N?G}NC=;
KO?
;<;L=;H
MCHI
N;G<C‚H
JIL
MO
>CP?LM;
H;NOL;F?T;
M?
CH=FOS?H
>?M>?
CHMNLOG?HNIM
L?AOF;NILCIM
;
F;
@CLG;
>?
=IHP?HCIM
I
F;
CGJF;HN;=C‰H
>?
G?>C>;M
=IH=L?N;M
>?
G?DIL;
>?
OH
M?LPC=CI
?MJ?=…@C=I
+,!.

;J;LN?
>?
L?OHCL
L?JL?M?HN;HN?M
>?
NI>IM
FIM
GCHCMN?LCIM

NC?H?
;==?MI
;
CHMN;H=C;M
=IF?AC;>;M
>?
;>IJ=C‰H
>?
>?=CMCIH?M
>?
;FNI
HCP?F
JO?M
OH
L?JL?M?HN;HN?
;MCMN?
;
NI>;M
F;M
L?OHCIH?M
>?
F;
IGCMC‰H
#?H?L;F
>?
/?=L?N;LCIM
>?
!MN;>I
S
/O<M?=L?N;LCIM
P‚;M?
MO
@OH=CIH;GC?HNI
?H
?F
=;J…NOFI

+,!.
JO<FC=;
CH@ILG?M
NLCG?MNL;F?M
S
;HO;F?M
MI<L?
F;
?D?=O=C‰H
>?
F;M
G?>C>;M
!MNIM
CH@ILG?M
MIH
NCF?M
J;L;
?HN?H>?L
F;
?HP?LA;>OL;
>?
FI
L?;FCT;>I

J?LI
GO?MNL;H
=CH=I
JLI<F?G;M
KO?
JO?>?H
GCH;L
MO
=L?>C<CFC>;>
,LCG?LI

?F
CH@ILG?
ILCACH;LCI
>?
+.

JO<FC=;>I
?H
DOHCI
>?


;J?H;M
GO?MNL;
>;NIM
S
?PC>?H=C;
>?
FIM
JLI<F?G;M
KO?
M?
M?ˆ;F;H
?H
F;M
>CMNCHN;M
=IGCMCIH?M
,IL
?D?GJFI

?H
F;
MO<=IGCMC‰H
>?
A?MNC‰H
>?
M?LPC=CIM
S
G?>CIM
=IGOH?M
M?
B;=?
OH;
?R?A?MCM
>?
F;
F?ACMF;=C‰H
CH>C=;H>I
JIL
KO‚
M?L…;
=IHP?HC?HN?
N?H?L
;FAOHIM
M?LPC=CIM
>?M=?HNL;FCT;>IM
J?LI
HI
B;=?
OH
?MNO>CI
>?F
CGJ;=NI
?=IH‰GC=I
KO?
JO?>?
N?H?L
S
KO‚
>C=?
F;
?RJ?LC?H=C;
MI<L?
?MN?
;MOHNI
?H
INLIM
J;…M?M
(IM
CH@ILG?M
?MJ?=…@C=IM
>?
G?>C>;M
>?
?MN;M
MO<=IGCMCIH?M
HI
I@L?=?H
>;NIM
>?
F;M
CH?@C=C?H=C;M
?RCMN?HN?M
,IL
?D?GJFI

?H
?F
;H}FCMCM
>?
FIM
PC;D?M
S
>C?N;M
>?
FIM
=;LAIM
>?
F;
>GCHCMNL;=C‰H
M?
?RJL?M;H
CH?@C=C?H=C;M
?H
ONCFCT;=C‰H
>?
N;LC@;M
;‚L?;M
?F?P;>;M

PC;D?M
?H
=F;M?
JL?@?L?HN?
?H
NL?H?M
>?
;FN;
P?FI=C>;>
J;L;
NL;S?=NIM
=ILNIM

=IGCMCIH?M
=IH
OH
HG?LI
?R=?MCPI
>?
J?LMIH;M
*CHAOH;
>?
?MN;M
>?@C=C?H=C;M
NC?H?
OH
HG?LI
I
=IMN?
KO?
I@L?T=;
OH;
PCMC‰H
>?
F;
G;AHCNO>
>?F
JLI<F?G;
,IL
?FFI

?M
=IGJFC=;>I
M;<?L
=‰GI
M?
=IGJON;H
FIM
;BILLIM
/?AOH>I

M?
I@L?=?H
>;NIM
>?
;BILLI
S
>?
?@C=C?H=C;M
;F=;HT;>;M
?H
GIHNIM
AFI<;F?M
/CH
?G<;LAI

HI
M?
?M
NL;HMJ;L?HN?
;=?L=;
>?
FIM
>;NIM
MI<L?
CH?@C=C?H=C;M
HC
>?
FIM
>;NIM
?GJF?;>IM
J;L;
B;=?L
FIM
=}F=OFIM
>?
?@C=C?H=C;M
?H
FIM
;H?RIM
J?LNCH?HN?M
!M
>C@…=CF

JIL
N;HNI

L?JFC=;L
FIM
=}F=OFIM
I
P;FIL;L
?H
KO‚
G?>C>;
OH
;BILLI
?M
L?;F
I
MCGJF?G?HN?
?MJ?L;>I
>C=CIH;FG?HN?

HI
M?
B;=?
L?@?L?H=C;
;
F;M
CHP?LMCIH?M
L?;FCT;>;M
J;L;
CGJF;HN;L
GO=B;M
G?>C>;M
>?
>GCHCMNL;=C‰H
?F?=NL‰HC=;

KO?
?MN}
JL?M?HN?
?H
G}M
>?F

>?
F;M
G?>C>;M
+.
M?AH
OHI
>?
FIM
L?MJIHM;<F?M
>?
?MN;
}L?;
!H
FIM
CH@ILG?M
>?
+.
M?
G;HC@C?MN;
KO?
FIM
NL;<;DIM
>?
+,!.
HI
MOJIH?H
CH=L?G?HNI
>?F
A;MNI
J<FC=I
JILKO?
M?
B;
?H=IG?H>;>I
MO
NL;<;DI
;
@OH=CIH;LCIM
>?
;FNI
HCP?F
>?
INLIM
GCHCMN?LCIM
?H
;NLC<O=C‰H
N?GJIL;F
>?
@OH=CIH?M
!MN;
;@CLG;=C‰H
?M=IH>?
?F
B?=BI
>?
KO?
?MNIM
@OH=CIH;LCIM
J<FC=IM
>?<?H
>?D;L
>?
B;=?L
MOM
@OH=CIH?M
J;L;
OH;
HO?P;
;=NCPC>;>
,IL
N;HNI

;FAOC?H
FIM
NC?H?
KO?
L??GJF;T;L
!H
>?@CHCNCP;

M…
B;S
CH=L?G?HNI
>?F
A;MNI
J<FC=I

;OHKO?
HI
M?
=IHMCAH?
JIL
OH;
>?@C=C?HN?
;JFC=;=C‰H
>?
=‰GI
M?
NC?H?H
KO?
=IHMCAH;L
FIM
=IMN?M
"CH;FG?HN?

FIM
=O;>LIM
L?MOG?H
>?
F;M
?@C=C?H=C;M
;F=;HT;>;M
HI
?MJ?=C@C=;H
?F
J?L…I>I
N?GJIL;F
J;L;
?F
KO?
M?
=IHMCAH;H
?M;M
?@C=C?H=C;M
HC
N;GJI=I
KO‚
G?N;M
>?
L?=ILN?M
M?
B;<…;H
JLIJO?MNI
0I>I
?MNI
GO?MNL;
KO?
F;
?RJ?LC?H=C;
S I
?F
CHN?L‚M
?H
A?MNC‰H
JIL
L?MOFN;>IM
>?
FIM
J;LNC=CJ;HN?M
?H
+.
S
MOM
MO<=IGCMCIH?M
HI
MIH
?F?P;>IM
0?L=?LI

+,!.
?M
;F
GCMGI
NC?GJI
+@C=CH;
>?
CGJOFMI
S
M?AOCGC?HNI
>?
F;M
G?>C>;M
S
?P;FO;>IL
>?
F;M
GCMG;M
*I
?RCMN?
OH
?P;FO;>IL
CH>?J?H>C?HN?

;D?HI
;
F;
#!

KO?
P;FIL?
>?
@ILG;
CGJ;L=C;F
FIM
L?MOFN;>IM
;F=;HT;>IM
,IL
N;HNI

?H
;OM?H=C;
>?
>;NIM
>?N;FF;>IM
S
MCH
F;
CH>?J?H>?H=C;
>?F
?P;FO;>IL
?M
>C@…=CF
KO?
?MNIM
CH@ILG?M
M?;H
H?ONL;F?M
O;LNI

MC
?MNIM
CH@ILG?M
CHN?HN;H
;OG?HN;L
F;
NL;HMJ;L?H=C;
>?
FI
L?;FCT;>I
=IH
MO
JO<FC=;=C‰H
?H
F;
Q?<

M?
B;=?
JI=I
?M@O?LTI
JIL
B;=?L
;==?MC<F?
MO
F?HAO;D?
!F
F?HAO;D?
>?<?L…;
?MN;L
G}M
;>;JN;>I
J;L;
F;
F?=NOL;
>?
=O;FKOC?L
=CO>;>;HI
!H
=;G<CI

M?
?GJF?;
OH;
D?LA;
GOS
?MJ?=C;FCT;>;
?H
;FAOHIM
J;M;D?M
KO?
>C@C=OFN;H
MO
=IGJL?HMC‰H
-OCHNI

FIM
CH@ILG?M
=IHNC?H?H
OH
;J;LN;>I
CH>C=;H>I
?F
HG?LI
>?
G?>C>;M
CGJF;HN;>;M
=IGI
MC
P;FC?L;
FI
GCMGI
;OG?HN;L
F;
FCKOC>?T
;
F;M
>GCHCMNL;=CIH?M
N?LLCNILC;F?M
J;L;
J;A;L
;
JLIP??>IL?M
KO?
?MN}H
MO@LC?H>I
FIM
L?NL;MIM
?H
?F
J;AI
>?F
M?=NIL
J<FC=I
KO?
L?@OH>CL
?H
OH
MIFI
N?RNI
NI>;
F;
F?ACMF;=C‰H
MI<L?
?F
!MN;NONI
}MC=I
>?F
!GJF?;>I
,<FC=I
,IL
N;HNI

FIM
=O;>LIM
L?MG?H?M
=IH
?F
HG?LI
S
JIL=?HN;D?
>?
G?>C>;M
=OGJFC>;M
?M
JI=I
NCF

G}RCG?
MC
HI
M?
M;<?
MC
F;M
G?>C>;M
M?
B;H
CHC=C;>I

?MN}H
?H
@;M?
JCFINI

M?
;JFC=;
;
NI>IM
FIM
=;MIM
JIN?H=C;F?M
I
MCGJF?G?HN?
M?
B;
B?=BI
OH;
JLO?<;
?H
OH;
ILA;HCT;=C‰H
,IL
?D?GJFI

?F
JLIAL;G;
>?
CHN?LIJ?L;<CFC>;>
>?F
MCMN?G;
H;=CIH;F
>?
M;FO>
J;L;
=IGJ;LNCL
F;M
BCMNILC;M
=F…HC=;M
>?
FIM
J;=C?HN?M
M?
?H=IHNL;<;
?H
@;M?
JCFINI
?H
>IM

?H

[-O‚
MCAHC@C=;
?MNI
J;L;
F;M
?MN;>…MNC=;M
[/?
B;
CGJF;HN;>I
F;
G?>C>;
I
HI
(;
@ILG;
>?
JIH?L
?MNIM
CH>C=;>IL?M
>?HIN;
OH;
@ILG;=C‰H
>?@C=C?HN?
?H
?F
L?JILN?
MI<L?
L?MOFN;>IM
=IHM?AOC>IM
I
OH
CHN?HNI
>?FC<?L;>I
JIL
HI
M?L
NL;HMJ;L?HN?M

I
;G<IM

J?M;L
>?
NI>IM
?MNIM
?F?G?HNIM
=L…NC=IM

FIM
CH@ILG?M
S
?F
NL;<;DI
>?
+,!.
I@L?=?H
OH
JOHNI
>?
PCMN;
>?
F;
>CL?==C‰H
>?
F;M
L?@ILG;M
S
>?
F;
@CFIMI@…;
KO?
F;M
CHMJCL;

N;F
=IGI
M?
GO?MNL;
?H
F;M
MCAOC?HN?M
M?==CIH?M



/
@32C117b<
23:
3;>:3=
>d0:71=
!H
?F
?GJF?I
J<FC=I
S
FIM
M;F;LCIM
M?
B;H
JLI>O=C>I
L?=ILN?M
CGJILN;HN?M
(;
G;SIL…;
>?
F;M
G?>C>;M
;JLI<;>;M
M?
;JFC=;H
;
NI>;M
F;M
,,

;OHKO?
;FAOH;M
MIH
?MJ?=…@C=;M
>?
OH
HCP?F
N?LLCNILC;F
>?N?LGCH;>I
L?HCFF;

?FA;>I

+.





(;M
G?>C>;M
M?
JO?>?
;ALOJ;L
?H
NL?M
AL;H>?M
}L?;M
F;
L?>O==C‰H
>?F
?GJF?I
J<FC=I
G?DIL;
>?
F;
?@C=C?H=C;
>?
FIM
@OH=CIH;LCIM
G?>C;HN?
F;
>CMGCHO=C‰H
>?F
NC?GJI
?H
?F
KO?
M?
;OM?HN;H
>?F
NL;<;DI
?
CH=L?G?HNI
>?
F;M
BIL;M
?@?=NCP;M
>?
NL;<;DI
.?MJ?=NI
;
F;
L?>O==C‰H
>?F
?GJF?I
J<FC=I
M?
;>IJN;LIH
NL?M
G?>C>;M
L?F?P;HN?M
!H
JLCG?L
FOA;L

F;
N;M;
>?
L?JIMC=C‰H
N;M;
KO?
>?N?LGCH;
=O;HNIM
?@?=NCPIM
JO?>?H
L?=FON;LM?
J;L;
=O<LCL
F;M
JF;T;M
KO?
B;H
KO?>;>I
P;=;HN?M
>?
?@?=NCPIM
?GJ?T‰
;
L?>O=CLM?
>?F

B;MN;
?F

?HNL?

S


M;FPI
?R=?J=CIH?M
?MNCJOF;>;M
?H
F;M
F?S?M
JL?MOJO?MN;LC;M

P‚;M?
F;
"CAOL;

!HNL?
?MN;M
?R=?J=CIH?M
M?
CH=FO…;H
HILG;FG?HN?
FIM
MCAOC?HN?M
=IF?=NCPC>;>?M
@O?LT;M
;LG;>;M

@O?LT;M
S
=O?LJIM
>?
M?AOLC>;>
>?F
?MN;>I

JIFC=…;
;ON‰HIG;

J?LMIH;F
>?
F;
;>GCHCMNL;=C‰H
>?
DOMNC=C;

@OH=CIH;LCIM
>I=?HN?M

JIFC=…;
FI=;F

M?LPC=CIM
>?
JL?P?H=C‰H
S
?RNCH=C‰H
>?
CH=?H>CIM

=ILJIL;=CIH?M
FI=;F?M
>?
G?HIM
>?

B;<CN;HN?M
S
=IHMIFC>;=C‰H
>?
JO?MNIM
>?M?GJ?ˆ;>IM
CHN?LCH;G?HN?
>OL;HN?
G}M
>?
>IM
;ˆIM
!H
>?@CHCNCP;

M?
NL;N;
>?
OH;
>?=CMC‰H
GCRN;

N?=HI=L}NC=IJIF…NC=;
!H
JLCH=CJCI

M?
JIH?
OH
JIL=?HN;D?
UX
>?
N;M;
>?
L?JIMC=C‰H
KO?
;FCPC;
GO=B;M
>CM=OMCIH?M
CHN?LH;M
?H
FIM
GCHCMN?LCIM
*I
I<MN;HN?

N;G<C‚H
;<L?
OH;
>CM=OMC‰H
JIF…NC=;
>?
KO‚
}L?;M
MIH
L?F?P;HN?M
S
JO?>?H
?MN;L
?R=?JNO;>;M
>?
?MN?
L?=ILN?
L;>C=;F
S
A?H?L;FCT;>I

JIL
FI
KO?
FIM
GCHCMNLIM
NC?H?H
KO?
FO=B;L
?H
?F
IHM?DI
>?
)CHCMNLIM
J;L;
KO?
MOM
=IF?=NCPIM
;J;L?T=;H
?H
F;
+!,
!MN;
G?>C>;
NOPI
OH
CGJ;=NI
?H
F;
+!,
KO?
J;M‰
>?
OH;
G?>C;
>?

P;=;HN?M

;



P‚;M?
F;
?PIFO=C‰H
?H
F;
"CAOL;

+*63$

C<9B17a;
23
9/
A/@/
23
?3=<@717a;
3;
A<2/@
9/@
$$
   

+*63$

C<9B17a;
23
9/
#$
3;
9/

  

!H
M?AOH>I
FOA;L

M?
NIG;LIH
>IM
;=O?L>IM
L?MJ?=NI
>?
F;M
P;=;HN?M
?RCMN?HN?M
,IL
OH;
J;LN?

?F
AI<C?LHI
;=IL>‰
FCGCN;L
?F
HG?LI
>?
P;=;HN?M
?H
F;M
L?F;=CIH?M
>?
FIM
JO?MNIM
>?
NL;<;DI
S
=;N}FIAIM
>?
=;>;
GCHCMN?LCI
S
ILA;HCMGI
?H

S

/?AH
L?HCFF;
S
?FA;>I


?MN;M
G?>C>;M
=IHNLC<OS?LIH
;
F;
>CMGCHO=C‰H
>?

JO?MNIM
>?
NL;<;DI
?HNL?

S

,IL
INLI
F;>I

M?
;GILNCT;LIH
?FCGCH;LIH
F;M
JF;T;M
I=OJ;>;M
JIL
J?LMIH;M
KO?
M?
C<;H
;
DO<CF;L
?H

S

!H
N?L=?L
FOA;L

M?
>?=C>C‰
=IHNL;N;L
J?LMIH;F
N?GJIL;F
S
@OH=CIH;LCIM
CHN?LCHIM
M‰FI
?H
=;MIM
?R=?J=CIH;F?M

OLA?HN?M
?
CH;JF;T;<F?M
/?AH
)IHN?MCHIM
6E
2=



F;
=IHMIFC>;=C‰H
>?
F;M
,,
S
F;
G;SIL
L?>O==C‰H
>?F
?GJF?I
M?
JLI>ODI
?H
FIM
?GJF?IM
N?GJIL;F?M

=IH
F;
HI
L?HIP;=C‰H
>?
FIM
=IHNL;NIM
,IL
?D?GJFI

?H
F;M
!!((
M?
L?>OD?LIH
;FAI
G}M
>?F

>OL;HN?
F;
=LCMCM

J;LNCL
>?


F;
=;…>;
>?F
?GJF?I
CH>?@CHC>I
N;G<C‚H
=IHNLC<OS‰
HIN;<F?G?HN?
;
F;
L?>O==C‰H
>?F
?GJF?I
J<FC=I
AFI<;F
!H
=O;LNI
FOA;L

M?
CHNLI>OD?LIH
G?>C>;M
J;L;
@F?RC<CFCT;L
F;M
=IH>C=CIH?M
F;<IL;F?M
>?F
J?LMIH;F
HI
@OH=CIH;LCI
>?
F;M
,,
?H


J?LGCNC?H>I
MO
>?MJC>I
JIL
=;OM;M
?=IH‰GC=;M

N‚=HC=;M

ILA;HCT;NCP;M
I
>?
IJ?L;=C‰H
*I
M?
NC?H?H
>;NIM
>?F
CGJ;=NI
>?
?MN;
G?>C>;

J?LI
HI
J;L?=?
B;<?LM?
ONCFCT;>I
>?
@ILG;
JLI@OM;
?H
?F
M?=NIL
J<FC=I
?MN;N;F
!H
OH
M?AOH>I
}G<CNI
>?
F;M
L?@ILG;M

M?
CHNLI>OD?LIH
G?>C>;M
KO?
>CL?=N;G?HN?
HI
MOJIH…;H
OH;
>CMGCHO=C‰H
>?
FIM
?@?=NCPIM
J<FC=IM
J?LI
KO?
CHN?HN;<;H
G?DIL;L
F;
?@C=C?H=C;
>?F
M?=NIL
J<FC=I
G?>C;HN?
F;
L?>O==C‰H
>?
F;
;OM?H=C;
>?
FIM
?GJF?;>IM
J<FC=IM
>?F
JO?MNI
>?
NL;<;DI
,IL
OH
F;>I

M?
L?MNLCHAC?LIH
FIM
>…;M
>?
FC<L?
>CMJIMC=C‰H
;M…
=IGI
FIM
>…;M
;>C=CIH;F?M
JIL
L;TIH?M
>?
;HNCAŽ?>;>
J;L;
;GJFC;L
F;M
P;=;=CIH?M
I
FIM
>…;M
JIL
;MOHNIM
J;LNC=OF;L?M
0;G<C‚H
M?
FCGCN‰
?F
NC?GJI
L?NLC<OC>I
J;L;
L?;FCT;L
@OH=CIH?M
MCH>C=;F?M
S
>?
L?JL?M?HN;=C‰H
S
M?
F;HT‰
OH
JF;H
J;L;
L?>O=CL
?F
;<M?HNCMGI
"CH;FG?HN?

M?
?H>OL?=C?LIH
F;M
=IH>C=CIH?M
>?
;==?MI
S
J?LG;H?H=C;
?H
F;
MCNO;=C‰H
>?
CH=;J;=C>;>
N?GJIL;F
>?
FIM
@OH=CIH;LCIM
J;L;
L?>O=CL
=IMN?M
JLI>O=C>IM
JIL
‚MN;
S
;OG?HN;L
?F
HG?LI
?@?=NCPI
>?
BIL;M
NL;<;D;>;M
(IM
,F;H?M
!=IH‰GC=I"CH;H=C?LIM
>?
.??KOCFC<LCI

>?
F;M

L?=IAC?LIH
F;
G;SIL…;
>?
F;M
;=NO;=CIH?M
>?M=LCN;M
?H
?MN?
JOHNI
)IHN?MCHIM
6E
2=

"CH;FG?HN?

OH
N?L=?L
}G<CNI
>?
L?=ILN?M
=IHMCMN?
?H
F;M
G?>C>;M
PCH=OF;>;M
;
F;M
BIL;M
M?G;H;F?M
?@?=NCP;G?HN?
NL;<;D;>;M
FAOHIM
?MNO>CIM
B;H
GIMNL;>I
KO?
?H
?F
M?=NIL
J<FC=I
?MJ;ˆIF
M?
NL;<;D;H
G?HIM
BIL;M
JIL
N‚LGCHI
G?>CI
KO?
?H
INLIM
J;…M?M
!=B?<;LL…;

/?
@CD‰
F;
DILH;>;
>?
NL;<;DI
>?F
M?=NIL
J<FC=I
?MN;N;F
?H
NL?CHN;
S
MC?N?
BIL;M
S
G?>C;
M?G;H;F?M
>?
NL;<;DI
?@?=NCPI
>?
JLIG?>CI
?H
=‰GJONI
;HO;F



/
1=<53:/17b<
A/:/@7/:
(;
MCNO;=C‰H
M;F;LC;F
>?
FIM
@OH=CIH;LCIM
B;
?GJ?IL;>I
=IH
F;
=LCMCM
>?<C>I
;
>CP?LM;M
G?>C>;M
,IL
OH;
J;LN?

M?
=IHA?F;LIH
FIM
M;F;LCIM
?HNL?

S


N;F
=IGI
M?
;JL?=C;
?H
F;
%FOMNL;=C‰H

S
M?
MOJLCGC‰
F;
J;A;
?RNL;
>?

,IL
INLI
F;>I

M?
L?>ODI
?F
HG?LI
>?
;FNIM
=;LAIM
>CL?=NCPIM
>?F
M?=NIL
J<FC=I
?GJL?M;LC;F
;M…
=IGI
F;
L?>O==C‰H
>?
MOM
L?NLC<O=CIH?M
?H
OH

L?HCFF;

?FA;>I

0I>I
?MNI
B;
N?HC>I
OH
CGJ;=NI
?H
F;
L?>O==C‰H
>?
F;
G;M;
M;F;LC;F
?H
OH

 .6453$&+O0

<:=/?/17a;
3;A?3
9/@
@B072/@
@/9/?7/93@
3;
39
@31A<?
=?7C/2<
E
3;
39
=c0971<
1<;
9/
@B072/
239
_;2713
23
=?317<@
/9
1<;@B:<

"O?HN?
,;L;
?F
M?=NIL
J<FC=I

F?S?M
JL?MOJO?MN;LC;M


/?AH
)IHN?MCHIM
6E
2=


?F
CGJ;=NI
>?
F;M
>CMNCHN;M
G?>C>;M
=ILL?=NCP;M
?GJC?T;
;
M?HNCLM?
?H

S


J?LI
?M
>C@…=CF
;NLC<OCL
HG?LIM
=IH=L?NIM
>?
L?>O==C‰H
?@?=NCPIM
;
G?>C>;M
?MJ?=…@C=;M
!F
CH@ILG?
+.

G;HNC?H?
KO?
F;M
G?>C>;M
;HN?LCIL?M
B;H
JLI>O=C>I

GCFFIH?M
>?
?OLIM
>?
;BILLIM
!MN?
;BILLI
M?
>CMNLC<OCL…;
>?
F;
MCAOC?HN?
@ILG;
OH


F?
=ILL?MJIH>?
;F
CH=L?G?HNI
>?
F;M
BIL;M
?@?=NCP;M
>?
NL;<;DI
>?
FIM
?GJF?;>IM
J<FC=IM
OH


M?
>?<?L…;
;
F;
L?>O==C‰H
>?
F;
;OM?H=C;
?H
?F
JO?MNI
>?
NL;<;DI
KO?
L?>OH>;
?H
L?;FC>;>
?H
?F
;OG?HNI
>?
F;M
BIL;M
NL;<;D;>;M
S
OH


M?
>?<?L…;
;
F;
=IHA?F;=C‰H
>?
F;
+!,
S
;
F;
;GILNCT;=C‰H
MOJL?MC‰H
>?
F;M
JF;T;M
HI
I=OJ;>;M

P‚;M?
F;
0;<F;

,IL
N;HNI

G}M
>?
>IM
N?L=CIM
>?F
;BILLI
JLIPC?H?H
>?
OH;
G;SIL
?@C=C?H=C;
S
=IHNLIF
?H
F;
A?MNC‰H
>?
FIM
L?=OLMIM
BOG;HIM
*I
I<MN;HN?

?MNIM
;BILLIM
B;S
KO?
NIG;LFIM
=IH
=C?LN;
>CMN;H=C;

JO?M
?F
CH@ILG?
HI
?RJIH?
F;M
@O?HN?M
>?
>‰H>?
M;F?H
F;M
=O?HN;M
KO?
B;H
L?;FCT;>I
 $%.$

6<??<@
23?7C/2<@
23
9/@
:3272/@
C7;1B9/2/@
/
?31B?@<@
6B:/;<@
3;
:799<;3@
23
3B?<@
   (<A/9

!3272/          " 

<?/@
3431A7C/@
23
A?/0/8<

#D9H;C;DJE
:;
B7
@EHD7:7
:;
BEI
;CFB;7:EI
Fy8B?9EI
7
> C

        
-;C7D7B;I

B@3;17/
239
=B3@A<
23
A?/0/8<

-KFH;I?vD
:;

:s7I
:;
B?8H;
:?IFEI?9?vD          

-KFH;I?vD
:;
BEI
:s7I
:;
B?8H;
:?IFEI?9?vD
7:?9?ED7B;I
O
:s7I

         
7:?9?ED7B;I
:;
L7979?ED;I
FEH
7DJ?=z;:7:

'E:?<?979?vD
:;B
Hq=?C;D
H;JH?8KJ?LE
:;B
F;HIED7B
7B
I;HL?9?E
:;
B7I
**
:KH7DJ;
B7
I?JK79?vD
:;
?D97F79?:7:
J;CFEH7B
#.
O
:;
B7             
FH;IJ79?vD
;9EDvC?97
;D
#. 

>EHHEI
9ECFB;C;DJ7H?EI
:;
9EDJHEB
:;B
78I;DJ?ICE
:;H?L7:EI
:;

       
C;:?:7I
:;
:;I9K;DJE
;D
I?JK79?ED;I
:;
7KI;D9?7
I?D
87@7
FEH
#.

'E:?<?979?vD
:;B
Hq=?C;D
:;
?D9ECF7J?8?B?:7:;I    

,;:K99?vD
:;
9Hq:?JEI
O
F;HC?IEI
I?D:?97B;I           

-K8JEJ7B 

#$

ED=;B79?vD
:;
B7
)*
O
DE
H;FEI?9?vD          

-K8JEJ7B                   


%H=FOS?
)1"!

HI
CH=FOS?
%/"/
HC
)1#!&1
%H=FOS?
N;G<C‚H
F;
;GJFC;=C‰H
>?
F;
GI>C@C=;=C‰H
>?F
L‚ACG?H
L?NLC<ONCPI
>OL;HN?
F;
MCNO;=C‰H
>?
CH=;J;=C>;>
N?GJIL;F
S
>?
F;
JL?MN;=C‰H
?=IH‰GC=;
?H
%0
;
?@?HM;
S
&OMNC=C;
"O?HN?
+.

.?@ILG;
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M

J

 
 
/
23A0C@=1@/B7H/17b<
23:
A31B=@
>d0:71=
!H


F;
1HC‰H
!OLIJ?;
;JLI<‰
?F
JLIAL;G;
>?
;==C‰H
J;L;
F;
L?>O==C‰H
>?
=;LA;M
;>GCHCMNL;NCP;M

=IH
?F
JLCH=CJ;F
I<D?NCPI
>?
MOJLCGCLF;M
?H
OH

JIL
=C?HNI
J;L;

,;L;
?MN;
@?=B;

?F
AI<C?LHI
?MJ;ˆIF
M?
B;<…;
JLIJO?MNI
OH;
L?>O==C‰H
>?
OH

JIL
=C?HNI
>?
F;M
=;LA;M
;>GCHCMNL;NCP;M
KO?
L?=;?H
?H
F;M
?GJL?M;M
OH

JIL
=C?HNI
G}M
KO?
F;
1HC‰H
!OLIJ?;
(;M
=;LA;M
;>GCHCMNL;NCP;M
MIH
?F
=IMN?
>?LCP;>I
>?
;KO?FF;M
;=NCPC>;>?M
>?
NCJI
;>GCHCMNL;NCPI
KO?
>?<?H
FF?P;L
;
=;<I
FIM
OMO;LCIM
?GJL?M;M
I
=CO>;>;HIM
J;L;
=OGJFCL
=IH
F;M
I<FCA;=CIH?M
>?
F;
HILG;NCP;
>?
=O;FKOC?L;
>?
F;M
,,
?MN;N;F

;ONIH‰GC=;
S
FI=;F
(;M
=;LA;M
;>GCHCMNL;NCP;M
M?
GC>C?LIH
ONCFCT;H>I
?F
GI>?FI
?MN}H>;L
>?
=IMN?M
?H
M?CM
}L?;M
JLCILCN;LC;M
?HNL?

>?L?=BI
>?
MI=C?>;>?M

F?ACMF;=C‰H
@CM=;F

?MN;>…MNC=;M

=IHNL;N;=C‰H
J<FC=;

G?>CI
;G<C?HN?
S
?HNILHI
F;<IL;FL?F;=CIH?M
F;<IL;F?M

CH=FOS?H>I
F;
M?AOLC>;>
MI=C;F
S
F;
JL?P?H=C‰H
>?
LC?MAIM
IH
?F
?MNO>CI
>?
=;LA;M

M?
JO?>?
=IHI=?L
KO‚
;=NCPC>;>?M
>?
FIM
OMO;LCIM
MIH
>OJFC=;>;M

CHH?=?M;LC;M
O
I<MIF?N;M
!HNL?

S

M?
JO<FC=;LIH
S;
P;LCIM
;=O?L>IM
>?
=IHM?DIM
>?
GCHCMNLIM
J;L;
L?>O=CL
F;M
=;LA;M
;>GCHCMNL;NCP;M

J?LI
M?AH
?F
CH@ILG?
>?
+.

F;
L?>O==C‰H
>?
=;LA;M
;>GCHCMNL;NCP;M
>OL;HN?
?MN?
J?L…I>I
@O?
FCGCN;>;
>?<C>I
;
NL?M
L;TIH?M
!H
JLCG?L
FOA;L

?MN;M
G?>C=CIH?M
HI
=IHN?GJF;LIH
INL;M
G?>C>;M
KO?
N;G<C‚H
B;<…;H
J?LGCNC>I
F;
L?>O==C‰H
>?
F;M
=;LA;M
;>GCHCMNL;NCP;M
!H

M?
CH=FOS‰
F;
G‚NLC=;
>?
FIM
>CMNCHNIM
I<M?LP;NILCIM
>?
>GCHCMNL;=C‰H
?F?=NL‰HC=;
>?
F;M
,,

>?
FIM
?MNO>CIM
L?;FCT;>IM
JIL
?F
IHM?DI
/OJ?LCIL
>?
>GCHCMNL;=C‰H
!F?=NL‰HC=;
S
>?
FIM
;H}FCMCM
>?
CGJ;=NI
HILG;NCPI
>?
FIM
JLIS?=NIM
F?ACMF;NCPIM
>?
F;
#!
+.

DOHCI
(;
CH=FOMC‰H
>?
?MN;
G?>C=C‰H
;LLID;
OH;
PCMC‰H
>C@?L?HN?
MI<L?
F;M
=;LA;M
;>GCHCMNL;NCP;M
MOJLCGC>;M
!H
M?AOH>I
FOA;L

F;M
>CL?==CIH?M
A?H?L;F?M
KO?
N?H…;H
PCH=OF;=C‰H
=IH
F;
L?>O==C‰H
>?
F;M
=;LA;M
;>GCHCMNL;NCP;M
S
?F
CGJOFMI
>?
F;
>GCHCMNL;=C‰H
?F?=NL‰HC=;
M?
?H=IHNL;<;H
?H
>IM
GCHCMN?LCIM
>C@?L?HN?M
M?
@OMCIH;LIH
?H

!MN;
@OMC‰H
J?LGCNC‰
?MN;<F?=?L
F;M
N?=HIFIA…;M
>?
F;
CH@ILG;=C‰H
S
F;M
=IGOHC=;=CIH?M
=IGI
?F?G?HNI
=F;P?
J;L;
L?>O=CL
F;M
=;LA;M
;>GCHCMNL;NCP;M
M…
M?
MOJ?L;<;
F;
>?M=IH?RC‰H
?HNL?
FIM
}G<CNIM
>?
;=NO;=C‰H
>?
F;
#!
?H
G;N?LC;
>?
JLI=?>CGC?HNIM
S
?H
G;N?LC;
>?
>GCHCMNL;=C‰H
!F?=NL‰HC=;
!H
N?L=?L
FOA;L

?H
?F
J;M;>I
M?
B;<…;
GIMNL;>I
OH;
PCMC‰H
GOS
FCGCN;>;
>?
F;
MCGJFC@C=;=C‰H
;>GCHCMNL;NCP;

JO?M
?F
;H}FCMCM
>?
JLI=?MIM
M?
=?ˆ…;
<}MC=;G?HN?
;
FI
KO?
I=OLL…;
>?HNLI
>?F
J?L…G?NLI
>?
OH
>?J;LN;G?HNI
=IH=L?NI

S
HI
M?
JF;HN?;<;H
MIFO=CIH?M
G}M
L;>C=;F?M
KO?
CGJFC=;L;H
L?;FCT;L
F;
L?CHA?HC?L…;
>?
OH
JLI=?MI
KO?
;@?=N;L;
;
>CP?LMIM
?J;LN;G?HNIM
GCHCMN?LC;F?M
I
CH=FOMI
>CMNCHNIM
HCP?F?M
N?LLCNILC;F?M
>?
AI<C?LHI

J;LNCL
>?F
CH@ILG?
>?
+.


MOJ?L;H>I
F;M
FCGCN;=CIH?M
M?ˆ;F;>;M

M?
B;
=IHM?AOC>I
L?>O=CL
=;LA;M
;>GCHCMNL;NCP;M
?H
GO=B;M
}L?;M
,IL
?D?GJFI

B;MN;

B;<…;
L?AOF;=CIH?M
>CMNCHN;M
J;L;
FIM
>CP?LMIM
JLI=?>CGC?HNIM
>?
MO<;MN;M
DO>C=C;F?M
S
;>GCHCMNL;NCP;M
,;L;
M?L
JIMNIL
?H
OH;
MO<;MN;
?L;
H?=?M;LCI
>?MJF;T;LM?
P;LC;M
P?=?M
;
F;
>GCHCMNL;=C‰H
(;
MO<;MN;
?F?=NL‰HC=;
B;
@;=CFCN;>I
?F
JLI=?MI
=IHMC>?L;<F?G?HN?
+.



G;LTI
1H;
J;LN?
CGJILN;HN?
>?
G?>C>;M
?D?=ON;>;M
>?
+.
B;
N?HC>I
=IGI
>?MNCH;N;LCI
@CH;F
?F
=CO>;>;HI
S
F;
?GJL?M;

MCGJFC@C=;H>I
MOM
L?F;=CIH?M
=IH
F;M
>CMNCHN;M
>GCHCMNL;=CIH?M
,IL
?D?GJFI

AL;=C;M
;
F;
,F;N;@ILG;
>?
%HN?LG?>C;=C‰H
>?
>;NIM
,% 
M?
JO?>?
B;=?L
JIL
@CH
L?;FC>;>
OH
G;H>;NI
>?
F;
(?S
 
U;LN


(IM
=CO>;>;HIM

?H
MOM
L?F;=CIH?M
=IH
F;M
,,

NC?H?H
FIM
MCAOC?HN?M
>?L?=BIM
@

HI
JL?M?HN;L
>I=OG?HNIM
HI
?RCAC>IM
JIL
F;M
HILG;M
;JFC=;<F?M
;F
JLI=?>CGC?HNI
>?
KO?
M?
NL;N?

I
KO?
S;
M?
?H=O?HNL?H
?H
JI>?L
>?
F;
>GCHCMNL;=C‰H
;=NO;HN?X
!MN?
>?L?=BI
B;
N;L>;>I

;ˆIM
?H
G;N?LC;FCT;LM?
!MN;
CH@L;?MNLO=NOL;
J?LGCN?
KO?
F;M
>GCHCMNL;=CIH?M
CHN?L=;G<C?H
>;NIM
MCH
KO?
N?HA;H
KO?
MIFC=CN;LFIM
;
FIM
=CO>;>;HIM
S
FIM
=CO>;>;HIM
JO?>?H
;==?>?L
;
?MNIM
M?LPC=CIM
>CL?=N;G?HN?
>?M>?
F;
;LJ?N;
CO>;>;H;
?H
?F
,OHNI
>?
==?MI
#?H?L;F
,#
,IL
?FFI

?M
=;>;
P?T
G}M
=IGH
KO?
=O;H>I
M?
MIFC=CN;
OH
NL}GCN?

F;
>GCHCMNL;=C‰H
;HN?
F;
KO?
M?
MIFC=CN;
J?LGCN;
F;
IJ=C‰H
>?
?HPC;L
FIM
>I=OG?HNIM
H?=?M;LCIM
I
KO?
?FF;
GCMG;
;==?>;
;
?MIM
>I=OG?HNIM
;
NL;P‚M
>?
?MN;
,F;N;@ILG;
+NLIM
?D?GJFIM
>?
L?>O==C‰H
>?
=;LA;M
;>GCHCMNL;NCP;M
NC?H?H
KO?
P?L
=IH
F;
N;LD?N;
M;HCN;LC;
CH>CPC>O;F

KO?
A;L;HNCT;
F;
CHN?LIJ?L;<CFC>;>
?HNL?
F;M

;M…
=IGI
FIM
J;MIM
KO?
M?
?MN}H
>;H>I
J;L;
=L?;L
OH;
BCMNILC;
=F…HC=;
>CACN;F
I
F;
?RJ?>C=C‰H
>?
L?=?N;M
?F?=NL‰HC=;M
?H
<?H?@C=CI
>?
FIM
=CO>;>;HIM
KO?
M?
>?MJF;T;H
?HNL?
P;LC;M

!MN;M
G?>C>;M

;>?G}M
>?
;BILL;L
?M@O?LTI
;
FIM
=CO>;>;HIM
N;G<C‚H
?MN}H
>?MNCH;>;M
;
;BILL;L
=IMN?M

JIL
?D?GJFI

?PCN;H>I
F;
L?J?NC=C‰H
CHH?=?M;LC;
>?
JLO?<;M
>C;AH‰MNC=;M
GOS
=IMNIM;M
/?AH
FIM
>;NIM
KO?
I@L?=?
+.

;HN?M
>?F
JLIAL;G;
>?
L?@ILG;M
?H


G?HIM
>?F

>?
F;M
L?=?N;M
M?
>CMJ?HM;<;H
?F?=NL‰HC=;G?HN?
S
HI
M?
B;<…;
CHC=C;>I
JL}=NC=;G?HN?
?F
JLIS?=NI
>?
CHN?LIJ?L;<CFC>;>
>?F
/*/

PCH=OF;>I
;
F;M
BCMNILC;M
=F…HC=;M
>CACN;F?M
!H
F;
;=NO;FC>;>

S;
M?
>CMJ?HM;
?F


>?
F;M
L?=?N;M
>?
@ILG;
?F?=NL‰HC=;
(;
CHN?LIJ?L;<CFC>;>
>?
G;H?L;
G}M
=IGJF?N;
M‰FI
M?
B;
CGJF;HN;>I
?H
OH
JLIS?=NI
JCFINI
?H
!RNL?G;>OL;
S
;H;LC;M
+.


G;LTI
!F
CH@ILG?
>?
F;
UA?H>;
CACN;F
J;L;
X
?RJIH?
KO?
!MJ;ˆ;
M?
?H=O?HNL;
>?MJO‚M
>?
FIM
J;…M?M
H‰L>C=IM
?H
JL?MN;=C‰H
>?
M?LPC=CIM
?F?=NL‰HC=IM
?
CH@L;?MNLO=NOL;M
>?
=IGOHC=;=CIH?M

?H
OH
C2?<:?8
>?
J;…M?M
?OLIJ?IM
!H
N?IL…;

?MNI
JI>L…;
M?L
=IHMC>?L;>I
OH
AL;H
FIALI
>;>I
KO?
?MNIM
J;…M?M
NC?H?H
OH
N;G;ˆI
GO=BI
G?HIL
KO?
?F
>?
!MJ;ˆ;
S
MO
=IGJF?DC>;>
JIF…NC=I
N?LLCNILC;F
?M
N;G<C‚H
G?HIL
/CH
?G<;LAI

?F
HCP?F
>?
MOJ?L@C=C;FC>;>
>?
?MNIM
CH@ILG?M
=IGJ;L;NCPIM
?M
<;MN;HN?
;FNI
=IGI
J;L;
I@L?=?L
OH;
P;FIL;=C‰H
;>?=O;>;
>?F
HCP?F
>?
CGJF;HN;=C‰H
>?
F;
>GCHCMNL;=C‰H
?F?=NL‰HC=;
?H
!MJ;ˆ;
 

'3@D717=A
1=;>/@B72=A
$;MN;
?F
GIG?HNI
JL?M?HN?

F;
CGJF;HN;=C‰H
>?
M?LPC=CIM
;>GCHCMNL;NCPIM
=IGJ;LNC>IM
?M
L?F;NCP;G?HN?
FCGCN;>;

JO?M
M?
B;
CHC=C;>I
OH
HC=I
?D?GJFI
>?
A?MNC‰H
>?
L?=OLMIM
;>GCHCMNL;NCPIM
S
M?
B;
CHN?HMC@C=;>I
?F
J;J?F
>?
F;
JF;N;@ILG;
>?
=IHNL;N;=C‰H
>?F
M?=NIL
J<FC=I
!H

.
 
M?
=L?‰
OH;
DOHN;
L?=NIL;
J;L;
A?MNCIH;L
FIM
G?>CIM
;>GCHCMNL;NCPIM
>?F
?HNLI
>?
!MNO>CIM
,IF…NC=IM
S
IHMNCNO=CIH;F?M
!,

?F
%HMNCNONI
>?
!MNO>CIM
"CM=;F?M
%!"

?F
%HMNCNONI
*;=CIH;F
>?
>GCHCMNL;=C‰H
,<FC=;
%*,
S
?F
?HNLI
>?
!MNO>CIM
&OL…>C=IM
!&
+.



G;LTI
!H
?F
GIG?HNI
>?
?M=LC<CL
?MN;M
F…H?;M
HI
M?
B;
G;N?LC;FCT;>I
;H
OH;
?MNLO=NOL;
>?
A?MNC‰H
>?
L?=OLMIM
=IGOH?M
>?
?MNIM
ILA;HCMGIM

J?LI
MC
NLCOH@;

F;
?RJ?LC?H=C;
NC?H?
CHN?L‚M
JO?MNI
KO?
CGJFC=;
;
=O;NLI
ILA;HCMGIM
;ON‰HIGIM
KO?
J?LN?H?=?H
;
NL?M
GCHCMN?LCIM
>CMNCHNIM
,L?MC>?H=C;

&OMNC=C;
S
)%*$,
!MN;
?RJ?LC?H=C;
HI
?M
@L?=O?HN?
?H
J?LMJ?=NCP;
=IGJ;L;>;
,;LL;>I

(;
JF;N;@ILG;
>?
IHNL;N;=C‰H
>?F
/?=NIL
,<FC=I
?M
>?
OMI
I<FCA;NILCI
J;L;
NI>;M
F;M
,,
;
J;LNCL
>?
F;
?HNL;>;
?H
PCAIL
>?
F;
(?S
>?
1HC>;>
>?
)?L=;>I
(?S
 
!MN;
JF;N;@ILG;
NC?H?
MO
M?GCFF;
?H
F;
,F;N;@ILG;
>?
IHNL;N;=C‰H
>?F
!MN;>I
KO?
M?
CGJF;HN‰
?H

!MN;
,F;N;@ILG;
?L;
>?
OMI
PIFOHN;LCI
JIL
J;LN?
>?
F;
#!

F;M

S
F;M
!!((
;>I
KO?
B;<…;
OH;
JF;N;@ILG;
J?LI
>CP?LM;M
J}ACH;M
Q?<
;HOH=C;H>I
=IH=OLMIM

F;M
?GJL?M;M
N?H…;H
KO?
=IHMOFN;L
OH
;GJFCI
HG?LI
>?
J}ACH;M
Q?<
J;L;
CH@ILG;LM?
>?
F;M
FC=CN;=CIH?M
?H
F;M
KO?
?MN;<;H
CHN?L?M;>;M
/?AH
?F
FNCGI
CH@ILG?
+.
=IHMOFN;>I
G;SI


S;
M?
JO?>?
;==?>?L
>?M>?
F;
,F;N;@ILG;
>?
IHNL;N;=C‰H
>?F
/?=NIL
,<FC=I
;
F;M
FC=CN;=CIH?M
>?
=CH=I
JF;N;@ILG;M
>?
=IHNL;N;=C‰H
;ONIH‰GC=;M
;N;FOˆ;

,;…M
2;M=I

MNOLC;M

(;
.CID;
S
;H;LC;M
S
;F
J?L@CF
>?F
=IHNL;N;HN?
>?
;MNCFF;(;
);H=B;
!F
HG?LI
>?
OMO;LCIM
>;>IM
>?
;FN;
;M…
=IGI
F;M
FC=CN;=CIH?M
JO<FC=;>;M
M?
P;H
CH=L?G?HN;H>I
J;OF;NCH;G?HN?
F
CAO;F
KO?
?H
F;
?RJ?LC?H=C;
=IGJ;L;>;

?MN;
G?>C>;
J?LGCN?
OH;
L?>O==C‰H
>?
=;LA;M
;>GCHCMNL;NCP;M
J;L;
F;M
?GJL?M;M

;F
?PCN;L
F;M
=IHMOFN;M
;
>CMNCHN;M
JF;N;@ILG;M
I
Q?<M
>C=CIH;FG?HN?
M?
JO?>?H
>CMGCHOCL
FIM
=IMN?M
;
F;
>GCHCMNL;=C‰H
;F
MOJLCGCL
;=NO;=CIH?M
L?>OH>;HN?M
?HNL?
F;
#!
S
F;M

0;G<C‚H
M?
JO?>?
;OG?HN;L
F;
NL;HMJ;L?H=C;

=IH
F;
=IHMCAOC?HN?
>CMGCHO=C‰H
>?F
JIN?H=C;F
>?
=ILLOJ=C‰H
+.

G;LTI
!F
CH@ILG?
+.

MCH
?G<;LAI

HI
>?MN;=;
HC
;H;FCT;
?F
JIN?H=C;F
>?
F;M
=?HNL;F?M
>?
=IGJL;M
J;L;
JI>?L
=IHM?AOCL
INL;M
G?DIL;M
!H
,;LL;>I

M?
G?H=CIH;H
>IM
G?DIL;M
;>C=CIH;F?M
;
M?
JO?>?H
=IHM?AOCL
;BILLIM
?H
L?F;=C‰H
=IH
FIM
JL?=CIM
>?
FIM
JLI>O=NIM
S
M?LPC=CIM
KO?
M?
;>KOC?L?H
?H
?F
G?L=;>I
G}M
KO?
;
FIM
=IMN?M
IJ?L;NCPIM
;>GCHCMNL;NCPIM
>?LCP;>IM
>?
F;
=?HNL;FCT;=C‰H
>?
F;M
=IGJL;M
<
>?<C>I
;F
PIFOG?H
>?
=IGJL;M
J<FC=;M
KO?
MO?F?
IM=CF;L
?HNL?
?F

S
?F

>?F
,%
?H
FIM
J;…M?M
>?
F;
+! 

F;
CH=C>?H=C;
>?F
!MN;>I
?H
F;
?=IHIG…;
S
?H
?F
>?M;LLIFFI
>?F
N?DC>I
?GJL?M;LC;F
AL;H>?M

G?>C;H;M
S
J?KO?ˆ;M
?GJL?M;M
?M
=IHMC>?L;<F?
(;
I@C=CH;
>?
M?AOCGC?HNI
>?
F;M
G?>C>;M
+.

+,!.

M?
B;
JF;HN?;>I
F;
=?HNL;F
>?
=IGJL;M
=IGI
OH
CHMNLOG?HNI
>?
;BILLI
?H
=IMN?M
>?
A?MNC‰H
S
>?
L?>O==C‰H
>?
=;LA;M
;>GCHCMNL;NCP;M

MCH
?G<;LAI

?F
CGJ;=NI
JIN?H=C;F
>?
;BILLI
S
?H
NL;HMJ;L?H=C;
>?
F;
=IHNL;N;=C‰H
?M
GO=BI
G;SIL
>?
FI
KO?
+,!.
?R;GCH;
 

&32C117b<
23
:/
=@5/<7H/17b<
G
;38=@/
23
53AB7b<
23
AC
>/B@7;=<7=
?M>?
KO?
M?
B;H
CGJF;HN;>I
F;M
G?>C>;M
>?
+.

M?
B;
L?>O=C>I
?F
HG?LI
>?
ILA;HCMGIM
J<FC=IM
?H
NI>IM
FIM
HCP?F?M
N?LLCNILC;F?M
>?
AI<C?LHI

M?
B;
B?=BI
G}M
?@C=C?HN?
?F
;LL?H>;GC?HNI
>?
FIM
?>C@C=CIM
I=OJ;>IM
JIL
F;M
,,
S
M?
B;H
P?H>C>I
<C?H?M
J;NLCGIHC;F?M
KO?
B;H
KO?>;>I
?H
>?MOMI
?M>?
F;
CGJF;HN;=C‰H
>?
+.
M?
B;H
L?;FCT;>I
GFNCJF?M
?MNO>CIM
J;L;
F;
MOJL?MC‰H
>?
ILA;HCMGIM
J<FC=IM

=OS;M
;=NCPC>;>?M
M?
B;H
MO<MOGC>I
?H
INLIM
ILA;HCMGIM
I
?J;LN;G?HNIM
GCHCMN?LC;F?M
!MNI
HILG;FG?HN?
B;
JLIJC=C;>I
F;
>CMGCHO=C‰H
>?
=;LAIM
J<FC=IM
$;MN;

M?
B;<…;H
MOJLCGC>I

?HNC>;>?M

?H
?F
!MN;>I


?H
F;M


S

?H
F;M
!!((
+.



G;LTI
(;
A?MNC‰H
>?F
J;NLCGIHCI
M?
B;
B?=BI
G}M
?@C=C?HN?
;F
CHN?HN;L
IJNCGCT;L
F;
I=OJ;=C‰H
>?
?MJ;=CIM
/?
B;
CHN?HN;>I
L?>O=CL
F;
L;NCI
>?
I=OJ;=C‰H
>?
MOJ?L@C=C?
JIL
?@?=NCPI
!H

M?
;JLI<;LIH
HO?PIM
…H>C=?M
>?
I=OJ;=C‰H
?H
FIM
?>C@C=CIM
>?
OMI
;>GCHCMNL;NCPI
(IM
GCHCMN?LCIM
JL?M?HN;LIH
JF;H?M
>?
IJNCGCT;=C‰H
>?F
?MJ;=CI
;
JLCH=CJCIM
>?

S
?MNI
MOJOMI
FC<?L;L


G
H?NIM
>?
?MJ;=CIM
;LL?H>;>IM
JIL
F;
#!
S
MOM
+LA;HCMGIM
J<FC=IM
+.



G;LTI

KO?
?KOCP;F?H
;JLIRCG;>;G?HN?
;

=;GJIM
>?
@N<IF
>?

G?NLIM
>?
F;LAI
JIL

>?
;H=BI
>C=CIH;FG?HN?
M?
B;H
L?>O=C>I
FIM
;FKOCF?L?M
>?
GO=BIM
CHGO?<F?M
I=OJ;>IM
JIL
F;
#!
S
MOM
ILA;HCMGIM
J<FC=IM
!H
;FAOHIM
=;MIM
M?
B;H
L?H?AI=C;>I
FIM
JL?=CIM
>?
FIM
;FKOCF?L?M
S
?H
INLIM
M?
B;
L?MO?FNI
?F
=IHNL;NI
!MN?
JLI=?MI
B;
L?>OH>;>I
?H
;BILLIM
;=OGOF;>IM
+.



G;LTI

 
,>
=01:=8,>
20=09.4,70>
7,
20>?4[9
;:=
=0>@7?,/:>
!F
CH@ILG?
CHC=C;F
>?
+.

M?ˆ;F;<;
KO?
HI
B;<…;
OH;
G?NI>IFIA…;
MI<L?
F;
@ILG;
>?
G?>CL
FIM
L?MOFN;>IM
;F=;HT;>IM
?H
F;M
>CMNCHN;M
ILA;HCT;=CIH?M
>?
F;
#!
?
?MN;
@ILG;
?M
>C@…=CF
=IGJ;L;L
=IGI
>CMNCHN;M
ILA;HCT;=CIH?M
JO?>?H
G?DIL;L
?H
NC?GJI
F;
NL;GCN;=C‰H
>?
?RJ?>C?HN?M
I
?GJF?;L
NI>;
F;
=;J;=C>;>
>?
NL;<;DI
CHMN;F;>;
?H
FIM
M?LPC=CIM
KO?
M?
JL?MN;H
I
;H;FCT;L
MC
FIM
L?MOFN;>IM
;F=;HT;>IM
JIL
F;
ILA;HCT;=C‰H
M?
B;=?
>?
G;H?L;
?@C=C?HN?
1H;
>?
F;M
JLIJO?MN;M
>?
+.
=IHMCMN…;
?H
G?DIL;L
?MN;
MCNO;=C‰H
?
?MN;
@ILG;

M?
JI>L…;
G?>CL
N;G<C‚H
F;M
?@C=C?H=C;M
=IHM?AOC>;M
,;L;
F;M
OHC>;>?M
KO?
HI
;>GCN?H
G?>C=C‰H
>?
>?GIL;M
S
G‚NI>IM
=IGJ;L;NCPIM
M?
KO?L…;
>CMJIH?L
>?
CH>C=;>IL?M
>?
;=NCPC>;>
KO?
M?;H
BIGIA‚H?IM
J;L;
JI>?L
=IGJ;L;L
;=NCPC>;>?M
MCGCF;L?M
S
=IN?D;LF;M
=IH
FIM
=IMN?M
CH=OLLC>IM
!H
?MN?
M?HNC>I
M?
B;
CGJF;HN;>I
OH
/CMN?G;
>?
pH>C=?M
>?
!@C=;=C;

;FC>;>
S
!@C=C?H=C;
/%!!

?F;<IL;>I
JIL
F;
%HMJ?==C‰H
#?H?L;F
>?F
)CHCMN?LCI
>?
)%*$,
S
JO?MNI
;
>CMJIMC=C‰H
>?
NI>IM
FIM
M?LPC=CIM
N?LLCNILC;F?M
>?
FIM
?J;LN;G?HNIM
GCHCMN?LC;F?M
>?M>?

!MN?
MCMN?G;
J?LGCN?
F;
I<N?H=C‰H
>?
CH>C=;>IL?M
>?
;=NCPC>;>
S
L?MOFN;>IM
>?
A?MNC‰H

>?
…H>C=?M
>?
?@C=C?H=C;
S
=;FC>;>
!H
?F
GIG?HNI
>?
?M=LC<CL
?MN;M
F…H?;M
HI
J;L?=?
KO?
?F
MCMN?G;
B;S;
N?HC>I
GO=BI
CGJ;=NI
=IGI
CHMNLOG?HNI
>?
A?MNC‰H
JIL
L?MOFN;>IM
1H;
?H=O?MN;
OLLS
6E
2=

MI<L?
F;
J?L=?J=C‰H
>?
FIM
>CL?=NCPIM
J<FC=IM
?OLIJ?IM
CH=FOS?H>I
FIM
?MJ;ˆIF?M
GO?MNL;
KO?
F;
J?L=?J=C‰H
;=?L=;
>?
F;
=F;LC>;>
S
G?HMOL;<CFC>;>
>?
F;M
G?N;M
?M
FCA?L;G?HN?
H?A;NCP;
!H
A?H?L;F

FIM
>CL?=NCPIM
>?
FIM
GCHCMN?LCIM
?H=O?HNL;H
G}M
;G<CAŽ?>;>
KO?
FIM
>CL?=NCPIM
>?
F;M
;A?H=C;M
!MNI
?M
HILG;F
>;>I
KO?
F;M
;A?H=C;M
?D?=ONCP;M
MO?F?H
JL?MN;L
M?LPC=CIM
>CL?=NIM

GC?HNL;M
KO?
FIM
GCHCMN?LCIM
>?M?GJ?ˆ;H
N;L?;M
>?
JF;HC@C=;=C‰H
S
>?
=IHNLIF
!H
OH;

?M=;F;
>?

JI=;
;G<CAŽ?>;>
;

;FN;
;G<CAŽ?>;>
>?
F;M
G?N;M

FIM
>CL?=NCPIM
?MJ;ˆIF?M
GO?MNL;
OH;
G?>C;
>?


;JLIRCG;>;G?HN?

=?L=;HIM
;
MOM
BIG‰FIAIM
?MNIHCIM

BIF;H>?M?M
S
<LCN}HC=IM
*I
MILJL?H>?
KO?
?MNIM
NL?M
J;…M?M
>?N?=N?H
G?HIL
;G<CAŽ?>;>
?H
F;M
G?N;M

JO?M
?F
?H@IKO?
A?L?H=C;FCMN;
B;
CH@FOC>I
=IHMC>?L;<F?G?HN?
MOM
,,
?H
F;M
FNCG;M
>‚=;>;M
!H
?F
=;MI
?MJ;ˆIF

OH
?R;G?H
G}M
>?N;FF;>I
>?
FIHMI
S
FC@NIH

GO?MNL;
KO?
?RCMN?
=C?LN;
>CMJ;LC>;>
>?
IJCHCIH?M
L?MJ?=NI
;
F;
JIMC<CFC>;>
>?
G?>CL
F;M
G?N;M
;
;F=;HT;L


>?
FIM
J;LNC=CJ;HN?M
?MN}H
>?
;=O?L>I
=IH
?MN;
JIMC<CFC>;>
S


?MN}H
?H
>?M;=O?L>I
>C=CIH;FG?HN?

?F


>?
FIM
>CL?=NCPIM
?MJ;ˆIF?M

?H
FIM
>?G}M
J;…M?M
?OLIJ?IM
>?F
?MNO>CI
=L??H
KO?
F;M
G?N;M
?MN}H
=F;L;M

FI
KO?
HI
M?
=ILL?MJIH>?
GOS
<C?H
=IH
?F
B?=BI
>?
KO?
HI
M?;H
=F;L;G?HN?
I<M?LP;<F?M
I
G?>C<F?M
J;L;
OH
JIL=?HN;D?
=IHMC>?L;<F?
>?
FIM
>CL?=NCPIM
"CH;FG?HN?



>?
FIM
?H=O?MN;>IM
?MJ;ˆIF?M
=L??H
KO?
F;M
G?N;M
?MN}H
=F;L;G?HN?
=IGOHC=;>;M
@L?HN?
;

?H
?F
L?MNI
>?
FIM
J;…M?M
>?F
?MNO>CI
/?
I<M?LP;

JIL
N;HNI

KO?
F;
A?MNC‰H
JIL
L?MOFN;>IM
HI
M?
B;
?HL;CT;>I
;H
?H
F;
=OFNOL;
JIF…NC=;
;>GCHCMNL;NCP;
?MJ;ˆIF;
*I
I<MN;HN?

?MNIM
?MNO>CIM
>?<?H
M?L
;GJFC;>IM

>;>I
KO?
F;
N;M;
>?
L?MJO?MN;
B;
MC>I
<;D;
S
F;
L?JL?M?HN;NCPC>;>
>?
F;M
L?MJO?MN;M
HI
?M
F;
;>?=O;>;
/?AH
?F
?H@IKO?
A?L?H=C;FCMN;

F;
A?MNC‰H
JIL
L?MOFN;>IM
M‰FI
M?
JO?>?
;<IL>;L
>?
OH;
@ILG;
;>?=O;>;
MC
FIM
>CL?=NCPIM
NC?H?H
=C?LN;
;ONIHIG…;
>?
A?MNC‰H
!F
?MNO>CI
>?
OLLS
6E
2=

GO?MNL;
KO?
FIM
>CL?=NCPIM
?MJ;ˆIF?M
H;=CIH;F?M
S
;ONIH‰GC=IM
MIH
FIM
KO?
NC?H?H
OH;
J?L=?J=C‰H
>?
G?HIL
AL;>I
>?
;ONIHIG…;
>?
A?MNC‰H
S
JIF…NC=;
FIHMI
S
FC@NIH

GO?MNL;H
KO?
?F
AL;>I
>?
;ONIHIG…;
>?
A?MNC‰H
>?
FIM
>CL?=NCPIM
?MJ;ˆIF?M
?M
GOS
<;DI
?H
?F
>CM?ˆI
>?
F;M
JIF…NC=;M

J?L=C<?H
;FNI
AL;>I
>?
;ONIHIG…;
@L?HN?
;
OH

?H
?F
L?MNI
>?
FIM
J;…M?M
?OLIJ?IM
S
?H
F;
CGJF;HN;=C‰H
>?
F;M
JIF…NC=;M

@L?HN?
;
OH

?H
?F
L?MNI
>?
!OLIJ;
;NIM
MCGCF;LG?HN?
<;DIM
M?
;JFC=;H
;
F;
;ONIHIG…;
KO?
FIM
>CL?=NCPIM
?MJ;ˆIF?M
=IHMC>?L;H
N?H?L
?H
F;M
>?=CMCIH?M
L?F;=CIH;>;M
=IH
F;
?MNLO=NOL;
>?
MO
ILA;HCT;=C‰H

F;
=IHNL;N;=C‰H
?RN?LH;
>?
M?LPC=CIM
S
F;
A?MNC‰H
>?
L?=OLMIM
BOG;HIM
I
L?=OLMIM
JL?MOJO?MN;LCIM
(;
;ONIHIG…;
JIF…NC=;
>?
FIM
>CL?=NCPIM
J<FC=IM

M?AH
FIM
>;NIM
JLIJIL=CIH;>IM
JIL
FIHMI
S
FC@NIH


HI
?M
GOS
AL;H>?
/;FPI
OH;
IJCHC‰H
JIMCNCP;
FIM
>CL?=NCPIM
J<FC=IM
?MJ;ˆIF?M
IJCH;H
KO?
FIM
JIF…NC=IM
HI
CHN?L@C?L?H
?H
F;M
=O?MNCIH?M
N‚=HC=;M
>?
LONCH;



F;M
>?G}M
J?L=?J=CIH?M
MI<L?
FIM
JIF…NC=IM
MIH
H?A;NCP;M
/IF;G?HN?
OH


MC?HN?
KO?
FIM
JIF…NC=IM
L?MJ?N;H
MO
HCP?F
N‚=HC=I


?H
?F
L?MNI
>?
!OLIJ;

F;M
L?@ILG;M
MIH
CHC=C;>;M
G}M
<C?H
JIL
FIM
JIF…NC=IM



FIM
JIF…NC=IM
CH@FOS?H
?H
?F
HIG<L;GC?HNI
>?
FIM
>CL?=NCPIM



>?D;H>I
;
OH
F;>I
=LCN?LCIM
N‚=HC=IM
!H
?MN?
M?HNC>I

!MJ;ˆ;
?M
?F
J;…M
>?F
?MNO>CI
>IH>?
M?
J?L=C<?
OH;
JIFCNCT;=C‰H
G}M
;FN;
OLLS
6E
2=

(I
;HN?LCIL
CH>C=;
KO?
F;
A?MNC‰H
JIL
L?MOFN;>IM
;H
HI
=IHMNCNOS?
OH
L?@?L?HN?
HC
>?
F;M
L?@ILG;M
>?F
M?=NIL
J<FC=I
HC
>?
F;
IJCHC‰H
>?
FIM
>CL?=NCPIM
MI<L?
F;
JL}=NC=;
=INC>C;H;
*I
I<MN;HN?

?MNI
=;G<C;
=IHMC>?L;<F?G?HN?
?H
@OH=C‰H
>?
F;M
CHMNCNO=CIH?M
KO?
M?
;H;FC=?H
,;LL;>I




,>
=01:=8,>
/0
7,
2:-0=9,9E,
 !H
?F
}G<CNI
>?
F;
AI<?LH;HT;

F;
#!
B;
CH=C>C>I
?H
>IM
JLCH=CJCIM
F;
NL;HMJ;L?H=C;
S
F;
=IF;<IL;=C‰H
?HNL?
>GCHCMNL;=CIH?M
>?
>CMNCHNIM
HCP?F
N?LLCNILC;F

>C@?L?H=C;
>?
INLIM
J;…M?M

!MJ;ˆ;
HI
B;
F;HT;>I
HCHAH
JLIS?=NI
>?
#L;H
/I=C?>;>
JIL
?F
KO?
M?
JO?>?
CHPIFO=L;L
;F
N?L=?L
M?=NIL
S
;
FIM
=CO>;>;HIM
?H
OH;
G;SIL
=IJLI>O==C‰H
>?
M?LPC=CIM
(;
C>?;
>?
AI<C?LHI
?H
L?>
=IH
;=NIL?M
J<FC=I
JLCP;>IM
N;GJI=I
M?
B;
?H=IHNL;>I
HC
?F
C>?;LCI
HC
?H
?F
CHMNLOG?HN;F
>?
F;M
L?@ILG;M
>?
+.
!M;
=IF;<IL;=C‰H
M?
B;
=;H;FCT;>I
;
L?MIFP?L
>OJFC=C>;>?M
S
@;FN;
>?
?HN?H>CGC?HNI
MI<L?
F;
JL?MN;=C‰H
>?
M?LPC=CIM
?HNL?

S
?F
!MN;>I

KO?
HI
?M
JI=I
,IL
OH;
J;LN?

F;
=IF;<IL;=C‰H
?HNL?
?F
!MN;>I
S
F;M

M?
B;
CGJOFM;>I
JLCH=CJ;FG?HN?
;
J;LNCL
>?F
;H}FCMCM
>?
F;M
>OJFC=C>;>?M
;>GCHCMNL;NCP;M
S
>?
F;M
=;LA;M
;>GCHCMNL;NCP;M
!F
ALOJI
KO?
M?
=L?‰
=IH
L?JL?M?HN;HN?M
>?
NI>;M
F;M

A?H?L‰
P;LC;M
F…H?;M
>?
NL;<;DI
J;L;
L?>O=CL
?M;M
>OJFC=C>;>?M
(;M
L?F;=CIH?M
>?F
!MN;>I
=IH
F;M

M?
B;H
;LNC=OF;>I
;
NL;P‚M
>?
=IHP?HCIM
!MNI
B;
JLIJC=C;>I
=IF;<IL;=C‰H
?H
}L?;M
JLI<;<F?G?HN?
CGJ?HM;<F?M
;HN?M
>?
F;
=LCMCM
JIL
?F
=?FI
>?
FIM
>CMNCHNIM
AI<C?LHIM
;
JL?M?LP;L
MO
}G<CNI
>?
;ONIHIG…;
1HI
>?
FIM
L?MOFN;>IM
>?
F;
=IF;<IL;=C‰H
M?
B;
MOMN;H=C;>I
?H
F;
JIMC<CFC>;>
>?
GIPCFCT;L
?KOCJIM
S
G?>CIM
>?
OH;
=IGOHC>;>
;ON‰HIG;
J;L;
;N?H>?L
OH;
MCNO;=C‰H
>?
?G?LA?H=C;
?H
INL;
!MNI
M?
B;
L?@F?D;>I
?H
OH
=IHP?HCI
>?
=IF;<IL;=C‰H
?HNL?
F;
#
>?
,LIN?==C‰H
CPCF
S
F;M
=IHM?D?L…;M
>?
=;MC
NI>;M
F;M

0;G<C‚H
M?
B;
=IHM?AOC>I
F;
=IF;<IL;=C‰H
=IH
;FAOH;M

G?>C;HN?
F;
?FCGCH;=C‰H
>?
>OJFC=C>;>?M
?H
F;
L?>
>?
?MN;=CIH?M
G?N?ILIF‰AC=;M
;ONIH‰GC=;M
+.
@?<L?LI


%H@ILG?
HO;F

!MN;
=IF;<IL;=C‰H
M?
B;
JF;MG;>I
N;G<C‚H
=IH
F;
=L?;=C‰H
>?F
,ILN;F
xHC=I
>?
!GJF?I
I
F;
=CN;
JL?PC;
>?F
/?LPC=CI
,<FC=I
>?
!GJF?I
!MN;N;F
/!,!
!MN;M
CHC=C;NCP;M
J?LGCN?H
G?DIL?M
MIFO=CIH?M
=IIL>CH;>;M
J;L;
FIM
=CO>;>;HIM
KO?
M?
B;H
PCMNI
J?LDO>C=;>IM
JIL
HO?MNLI
@L;AG?HN;>I
!MN;>I
>?
F;M
ONIHIG…;M
+NLI
>?
FIM
?D?M
>?
F;
AI<?LH;HT;
JLCILC>;>
>?F
AI<C?LHI
B;
MC>I
F;
F?S
>?
F;
NL;HMJ;L?H=C;
S
F;
=L?;=C‰H
>?F
JILN;F
>?
F;
NL;HMJ;L?H=C;
?H

IH
?F
JILN;F
M?
JL?N?H>?
JIH?L
?H
OH
L?JIMCNILCI
>?
CH@ILG;=C‰H
KO?
JO?>?
M?L
>?
CHN?L‚M
;
FIM
=CO>;>;HIM
(IM
>C@?L?HN?M
CH@ILG?M
>?
+.
>;H
=O?HN;
JOHNO;F
>?
=‰GI
;OG?HN;
?F
HG?LI
>?
L?ACMNLIM
KO?
M?
JIH?H
;
>CMJIMC=C‰H
>?F
=CO>;>;HI
?H
?F
JILN;F
>?
F;
NL;HMJ;L?H=C;
(;
ONCFC>;>
S
F;
L?F?P;H=C;
>?
F;
CH@ILG;=C‰H
S
MO
OM;<CFC>;>
J;L;
;H}FCMCM
JIMN?LCIL?M
MIH
P;FIL?M
KO?
>?<?H
M?L
I<D?NI
>?
OH;
?P;FO;=C‰H
CH>?J?H>C?HN?
!MN;
?P;FO;=C‰H
CH>?J?H>C?HN?
HI
M?
B;
L?;FCT;>I
NI>;P…;

JO?M
FIM
CH@ILG?M
CHN?LH;=CIH;F?M
MI<L?
F;
=;FC>;>
>?F
JILN;F
>?
F;
NL;HMJ;L?H=C;
HI
GC>?H
;>?=O;>;G?HN?
?F
M?HNC>I
>?F
=IH=?JNI
>?
NL;HMJ;L?H=C;

=IGI
JLCH=CJCI
KO?
J?LGCN?
OH;
P?L>;>?L;
L?H>C=C‰H
>?
=O?HN;M
>?
F;M
;ONILC>;>?M
J<FC=;M


=O?L>I
>?
IHM?DI
>?
)CHCMNLIM
>?

>?
I=NO<L?
>?


,L?M?HN;=C‰H
>?
H>L‚M
,;MNIL
U(;
.?@ILG;
>?
F;M
0%X

=O?L>I
>?F
IHM?DI
>?
)CHCMNLIM
>?

>?
@?<L?LI
>?

S
>?

>?
DOFCI
>?


(?S
 
>?
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
J;L;

(?S
 

>?
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
J;L;


.?;F
?=L?NI(?S
 

>?

>?
@?<L?LI

>?
G?>C>;M
OLA?HN?M
J;L;
F;
L?@ILG;
>?F
G?L=;>I
F;<IL;F

S
>?F
.?;F
?=L?NIF?S
 

>?

>?
DOFCI

>?
G?>C>;M
J;L;
A;L;HNCT;L
F;
?MN;<CFC>;>
JL?MOJO?MN;LC;
S
>?
@IG?HNI
>?
F;
=IGJ?NCNCPC>;>

.?;F
?=L?NIF?S
 

>?

>?
DOFCI

+L>?H
)%*$,
>?

>?
;<LCF
>?


/?
?HPC‰
F;
?H=O?MN;
;

>CL?=NCPIM
>?
F;
;>GCHCMNL;=C‰H
=?HNL;F
GCHCMN?LCIM
H;=CIH;F?M
S
L?ACIH;F?M
S
;A?H=C;M
>?

J;…M?M
?OLIJ?IM
?H
>IM
IF?;>;M
?H

(;
N;M;
>?
L?MJO?MN;
@O?
>?

=IH

L?MJO?MN;M
JIL
J;…M

=IGI
G…HCGI
!H
!MJ;ˆ;
BO<I
OH
L?NILHI
>?

L?MJO?MN;M
MI<L?

=O?MNCIH;LCIM
?HPC;>IM

?M
>?=CL

OH;
N;M;
>?
L?MJO?MN;
>?


FIHMI

FC@NIH

(;
N;M;
>?
L?MJO?MN;
?M
GOS
J?KO?ˆ;
J?LI
MCLP?
J;L;
N?H?L
OH;
ILC?HN;=C‰H
MI<L?
F;M
J?L=?J=CIH?M
>?
FIM
>CL?=NCPIM
?MJ;ˆIF?M
 
 "
$& !"&

'
&#&!'
!H
?F
GIG?HNI
>?
L?>;=N;L
?MN;M
F…H?;M
;H
M?
?MN}
CHG?LMI
?H
?F
JLI=?MI
>?
L?@ILG;
JIL
FI
KO?
?M
GOS
>C@…=CF
L?;FCT;L
OH
<;F;H=?
?=O}HCG?
MI<L?
FI
=IHM?AOC>I

J;L;
FI
KO?
M?
L?KO?LCL…;
=C?LN;
J?LMJ?=NCP;
N?GJIL;F
,IL
INLI
F;>I

?H
;OM?H=C;
>?
CH@ILG?M
CH>?J?H>C?HN?M
KO?
P;FIL?H
?F
CGJ;=NI
>?
F;M
L?@ILG;M

=O;FKOC?L
P;FIL;=C‰H
NC?H?
KO?
=IH@ILG;LM?
=IH
F;
CH@ILG;=C‰H
;JILN;>;
JIL
+,!.

I@C=CH;
KO?
CGJOFM;
F;M
G?>C>;M
?
B?=BI

HI
B;S
HCHAOH;
P;FIL;=C‰H
;ONI=L…NC=;
?H
FIM
CH@ILG?M
>?
M?AOCGC?HNI
F
=IHP?LNCLM?
?H
DO?T
S
J;LN?
>?
F;
L?@ILG;
?M
>C@…=CF
?H=IHNL;L
DOC=CIM
H?A;NCPIM
>?
FI
=IHM?AOC>I
I
HI
=IHM?AOC>I
I
>?
F;M
>?<CFC>;>?M
>?
F;
L?@ILG;
?H
FIM
CH@ILG?M
+.
*I
I<MN;HN?

M?
JO?>?H
I@L?=?L
;FAOH;M
=IH=FOMCIH?M
JL?FCGCH;L?M
MI<L?
F;M
L?@ILG;M
M?AH
?F
?MKO?G;
?GJF?;>I
?H
?F
=;J…NOFI

!H
FIM
>;NIM
;JILN;>IM
JIL
+.
@?<L?LI
%H@ILG?
HO;F


M?
I@L?=?
OHIM
;BILLIM
>?

GCFFIH?M
>?
?OLIM
MC
M?
=IHN;<CFCT;H
FIM
;BILLIM
=;F=OF;>IM
J;L;
NI>;M
F;M
,,
S
FIM
=CO>;>;HIM
‚MNIM
B;H
=IHM?AOC>I
OH
;BILLI
>?

GCFFIH?M
>?
?OLIM
/IH
HG?LIM
>C@…=CF?M
>?
P?LC@C=;L
S
>?
=IHI=?L
MO
CGJ;=NI
>?<C>I
;
F;
G;AHCNO>
!M
>C@…=CF
P;FIL;L
MC
M?
B;
;BILL;>I
GO=BI
I
JI=I
I
MC
B;
MC>I
MO@C=C?HN?
=IH
L?MJ?=NI
;F
JIN?H=C;F
>?
;BILLI

JO?M
HI
M?
B;H
G;L=;>I
I<D?NCPIM
>?
;BILLI

(;M
G?>C>;M
>?
F;
#!
KO?
F;
;@?=N;H
S
;
INLIM
HCP?F?M
>?
AI<C?LHI
B;
MOJO?MNI
OH
G;SIL
;BILLI
J;L;
F;M


>?F
NIN;F
GC?HNL;M
KO?
?F
!MN;>I
B;
;=;J;L;>I
OH

>?F
;BILLI
?F
;BILLI
=IHM?AOC>I
?H
?F
!MN;>I

F;
J;LNC>;
KO?
B;
MOJO?MNI
G}M
L?=OLMIM
?M
F;
>?
CHAL?MIM

>?LCP;>IM
>?
F;
P?HN;
>?
J;NLCGIHCI
JIL
?D?GJFI
M?AOC>;
>?
F;M
G?>C>;M
>?
?GJF?I
J<FC=I

S
>?
INLIM
L?=ILN?M


>?HIGCH;>IM
>?
?@C=C?H=C;
?H
FIM
CH@ILG?M
+.
!H
?MN?
=‰GJONI
HI
M?
=IHN;<CFCT;H
F;M
G?>C>;M
;>C=CIH;F?M
>?
=;>;
=IGOHC>;>
;ON‰HIG;
I
>?
INL;M
G?>C>;M
>?MNCH;>;M
;
A?H?L;L
CHAL?MIM
>?
F;
?=IHIG…;
A?H?L;F
;
NL;P‚M
>?
CGJO?MNIM

(;M
JIF…NC=;M
>?
L?>O==C‰H
>?
FIM
=IMN?M
IJ?L;NCPIM
>?F
?GJF?I
?MJ?=C;FG?HN?
=IHA?F;=C‰H
>?
F;
=IHNL;N;=C‰H
S
>?
F;
=IHA?F;=C‰H
>?
FIM
M;F;LCIM
B;H
N?HC>I
OH;
CGJILN;H=C;
=IHMC>?L;<F?
?H
?F
}G<CNI
>?
F;
#!
S
=ICH=C>?
=IH
F;M
?MNL;N?AC;M
G}M
L?F?P;HN?M
>?

J;…M?M
?OLIJ?IM
M?AH
'C=E?LN
6E
2=


!H
F;M
G?>C>;M
>?
L?@ILG;
M?
B;H
CGJO?MNI
F;M
G?>C>;M
>?
;OMN?LC>;>
MI<L?
F;M
A?L?H=C;F?M
I
>?
AI<?LH;HT;
(;
G;SIL
JLIJIL=C‰H
>?
;=NO;=CIH?M
M?
B;H
=?HNL;>I
?H
L?>O=CL
?F
A;MNI
J<FC=I
O
I<N?H?L
CHAL?MIM
;>C=CIH;F?M
/CH
?G<;LAI

;H
HI
M?
B;
JL?MN;>I
;N?H=C‰H
?R=?MCP;
;
N?H?L
OH;
>GCHCMNL;=C‰H
KO?
M?
=?HNL?
G?DIL
?H
FIM
L?MOFN;>IM
!H
=C?LNI
GI>I

?MNI
M?
B;
J;FC;>I
JILKO?
;FAOH;M
>?
F;M
G?>C>;M
>?
L?>O==C‰H
>?
=IMN?M
N;G<C‚H
=IGJILN;H
CGJILN;HN?M
G?DIL;M
J;L;
FIM
=CO>;>;HIM

JIL
?D?GJFI

L?>O==C‰H
>?
NC?GJIM
>?
NL;GCN;=C‰H
I
G?DIL;
>?F
;==?MI
>?
F;
CH@ILG;=C‰H
S
L?>O==C‰H
>?
=;LA;M
;>GCHCMNL;NCP;M
*I
I<MN;HN?

F;M
,,
>?<?L…;H
L?;FCT;L
OH
G;SIL
?M@O?LTI
?H
JF;HN?;L
L?MOFN;>IM
L?F?P;HN?M
J;L;
FIM
=CO>;>;HIM

G}M
KO?
?H
J?HM;L
=‰GI
IJNCGCT;L
FIM
L?=OLMIM
MCH
@CH?M
=F;LIM

!H
A?H?L;F

M;FPI
F;
;JO?MN;
JIL
F;
=IF;<IL;=C‰H
CHN?L;>GCHCMNL;NCP;
S
F;
CGJF;HN;=C‰H
>?
G;SIL
NL;HMJ;L?H=C;
?H
F;
;=NO;=C‰H
J<FC=;

FIM
JLCH=CJCIM
>?
F;
AI<?LH;HT;
HI
M?
B;H
;JL?=C;>I
?H
F;M
G?>C>;M
;>IJN;>;M
(IM
=CO>;>;HIM
S
F;
MI=C?>;>
=CPCF
M?
B;H
 =IHP?LNC>I
?H
>?MNCH;N;LCIM
>?
;FAOH;M
G?>C>;M

J?LI
;J?H;M
B;H
>?M?GJ?ˆ;>I
OH
J;J?F
>?
=IJ;LN…=CJ?M

(;M
G?>C>;M
M?
B;H
ILC?HN;>I
;
G?DIL;L
F;
?@C=C?H=C;
>?F
M?=NIL
J<FC=I
(IM
>;NIM
KO?
GO?MNL;H
FIM
>CMNCHNIM
CH@ILG?M
>?
+.
M?
L?@C?L?H
;
FIM
CHMOGIM
!MNIM
L?@F?D;H
OH;
L?>O==C‰H
>?
FIM
=IMN?M
IJ?L;NCPIM
/CH
?G<;LAI

HI
B;S
HC
OH
MIFI
>;NI
>?
?@C=C?H=C;

?HNL?
INL;M
L;TIH?M
JILKO?
F;
G?>C=C‰H
>?
L?MOFN;>IM
?H
GO=B;M
ILA;HCT;=CIH?M
?MN}
;H
?H
MOM
CHC=CIM
>?G}M

?H
FIM
CH@ILG?M
+.
HI
M?
L?@F?D;H
F;
L?>O==C‰H
>?
F;M
CHP?LMCIH?M
I
>?
F;M
JL?MN;=CIH?M
/IF;G?HN?
=IGJ;L;H>I
F;
?PIFO=C‰H
>?
F;
L;NCI
?HNL?
JL?MN;=CIH?M
S
A;MNIM
IJ?L;NCPIM
?H
L?=OLMIM
M?
JI>L…;
P;FIL;L
?F
CGJ;=NI
>?
F;M
G?>C>;M
>?
+.
?H
F;
?@C=C?H=C;
?
INL;
G;H?L;

M‰FI
M?
JO?>?
B;<F;L
>?
OH;
L?>O==C‰H
JOL;
>?F
A;MNI
J<FC=I

!H
A?H?L;F

F;
<;N?L…;
>?
F;M
G?>C>;M
M?
B;H
;ALOJ;>I
?H
NILHI
;
P;LC;M
MO<=IGCMCIH?M
KO?
L?H?H
OH;
=C?LN;
N?G}NC=;

J?LI
F;
N‰HC=;
>?
F;M
L?@ILG;M
?M
GOS
P;LCIJCHN;
S
J;L?=?
<;M;LM?
?H
G?>C>;M
KO?
;=;LL??H
;BILLIM
*I
M?
B;
JF;HN?;>I
OH
GI>?FI
>?
@ONOLI
J;L;
NI>I
?F
!MN;>I
I
>?
F;
#!
,LI<;<F?G?HN?

>?<C>I
;
F;
H?=?MC>;>
CGJ?LCIM;
>?
?H=IHNL;L
?MNIM
;BILLIM

?M;
PCMC‰H
>?
@ONOLI
HI
M?
B;
JLI>O=C>I
,?L@?=N;G?HN?
JI>L…;
B;<?LM?
ILC?HN;>I
N;G<C‚H
F;M
L?@ILG;M
B;=C;
?F
NCJI
>?
MI=C?>;>
KO?
M?
;MJCL;
!MNI
JO?>?
M?L
;MCGCMGI
OH;
PCLNO>
?H
?F
=IHN?RNI
>?
OLA?H=C;
?H
?F
KO?
M?
B;H
F;HT;>I
F;M
CHC=C;NCP;M
/C
M?
BO<C?L;
?MJ?L;>I
;
=L?;L
OH
G;L=I
F‰AC=I

F;M
H?=?MC>;>?M
CGJ?LCIM;M
>?
;BILLI
HI
M?
BO<C?L;H
M;NCM@?=BI
;>?=O;>;G?HN?
 #P
!2(

?7@C>6
56
D68F:>:6?E@
56
=2
24E:G:525
56
=@D
>:?:DE6C:@D
6?
C6=24:x?
4@?
=@D
'C@8C2>2D
56=
$2C4@
6?6C2=
A2C2
=2
$6;@C2
56
=2
2=:525
56
=2
5>:?:DEC24:x?
6?6C2=
56=
DE25@
5FC2?E6

);>LC>
!2(
!2(

?7@C>6
56
D68F:>:6?E@
56
=2
24E:G:525
56
=@D
>:?:DE6C:@D
6?
C6=24:x?
4@?
=@D
'C@8C2>2D
56=
$2C4@
6?6C2=
A2C2
=2
$6;@C2
56
=2
2=:525
56
=2
5>:?:DEC24:x?
6?6C2=
56=
DE25@
5FC2?E6

);>LC>
!2(
!2(

?7@C>6
56
D68F:>:6?E@
56
=2
24E:G:525
56
=@D
>:?:DE6C:@D
6?
C6=24:x?
4@?
=@D
'C@8C2>2D
56=
$2C4@
6?6C2=
A2C2
=2
$6;@C2
56
=2
2=:525
56
=2
5>:?:DEC24:x?
6?6C2=
56=
DE25@
5FC2?E6

);>LC>
!2(
F@IL>

&

?828:?8
AF3=:4
D64E@C
4=:6?ED
C@>
*6CG:46
6=:G6CJ
E@
@AC@5F4E:@?
$IOH>GCFFM
,;FAL;P?
);=GCFF;H
F@IL>

&

UI,LI>O=NCIH

%HN?L>?J?H>?H=?
;H>
,O<FC=H?MM
!RN?H>CHA
JO<FC=
M?LPC=?>IGCH;HN
FIAC=X

'F3=:4
$2?286>6?E
)6G:6H





FIHMI

&

FC@NIH

&

U,O<FC=
/?=NIL
.?@ILG
CH
/J;CH
2C?QM
;H>
!RJ?LC?H=?M
@LIG
/?HCIL
!R?=ONCP?MX

++,/
3ILE
,;=E;A?

IOHNLS
.?JILN
IP;CL>

0

/NIE?L

#

&IH?M

0

(I?@@F?L

!

.IH=;H=CI

)
,

U=NCP;NCHA
=IFF?=NCP?
=IJLI>O=NCIH
I@
JO<FC=
M?LPC=?M
CH@FO?H=CHA
=CNCT?HM
NI
J;LNC=CJ;N?
CH
=IGJF?R
AIP?LH;H=?
G?=B;HCMGM
CH
NB?
1'X

?E6C?2E:@?2=
)6G:6H
@7
5>:?:DEC2E:G6
*4:6?46D





IP;CL>

0

!
(Š@@F?L

U!P;FO;NCHA
NB?
KO;FCNS
I@
JO<FC=
AIP?LH;H=?
CH>C=;NILM

GI>?FM
;H>
G?NBI>IFIAC?MX

?E6C?2E:@?2=
)6G:6H
@7
?E6C?2E:@?2=
*4:6?46D



IP;CL>

0

(Š@@F?L

!
=IGJM

'F3=:4
$2?286>6?E
2?5
@G6C?2?46
(IH>L?M
.IONF?>A?
+.
IGCMC‰H
J;L;
F;
.?@ILG;
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M







?7@C>6
56
D68F:>:6?E@
);>LC>

),
0LCG?MNL;F?M
S
;HO;F?M

M?AH
M?
CH>C=;
?H
?F
N?RNI
OLLS



$;GG?LM=BGC>

#

&CFE?

/

2;H
>?
3;FF?

/

U!R?=ONCP?
,?L=?JNCIHM
I@
,O<FC=
/?=NIL
.?@ILG
CH
!OLIJ?X

?H
);MM?S

&IBHMNIH
=IGJM

?ALSM?



U0B?
H?Q
!OLIJ?;H
?=IHIGC=
AIP?LH;H=?X

.@C<:?8
'2A6C

!OLIJ?;H
0L;>?
1HCIH
%HMNCNON?
OHF?;PS

,

);LA?NNM

$

U0B?
M?=IH>
Q;P?
I@
>CACN;F
?L;
AIP?LH;H=?X

G?LC=;H
,IFCNC=;F
/=C?H=?
MMI=C;NCIH
IH@?L?H=?

M?JNC?G<L?

3;MBCHANIH


!!11
*I
JO<FC=;>I
!OLIJ?;H
?HNL;F
;HE

"CH;H=C;F
;MMCMN;H=?
G?;MOL?M
CH
NB?
?OLI
;L?;
@LIG

NI

MN;NCMNC=;F
@L;G?QILE
;H>
@CM=;F
CGJ;=N
!OLIJ?;H
?HNL;F
;HE
#;FF?AI

.

U,O<FC=
);H;A?G?HN
,IFC=S
);ECHA
CH
/J;CH


,IFC=S
!HNL?JL?H?OLMBCJ
;H>
CH+JJILNOHCNS
3CH>IQMX

?E6C?2E:@?2=
'F3=:4
$2?286>6?E
!@FC?2=





JJ

$II>

B

3LCABN
)

U"LIG
>?=L?G?HN;FCMG
NI
KO;HNOG
=ONMX

?H
$II>

3LCABN
=IGJM

$II>

B

3LCABN

)
=IGJM

:8
@G6C?>6?ED
:?
2C5
+:>6D
+R@IL>
);LNCH
.I<?LNMIH
'?NNF


"

+96
EC2?D7@C>2E:@?
@7
8@G6C?2?46
'F3=:4
25>:?:DEC2E:@?
7@C
E96
EH6?EJ7:CDE
46?EFCJ
>6C:42
;FNCGIL?
&IBHM
$IJECHM
1HCP?LMCNS
,L?MM
'C=E?LN

3

U/N;N?
L?MJIHM?M
NI
NB?
@CM=;F
=LCMCM
CH
LCN;CH

#?LG;HS
;H>
NB?
*?NB?LF;H>MX

'F3=:4
$2?286>6?E
)6G:6H





'C=E?LN

3
&

.;H>G;(CCP

0

/;PC

.

U,IFCNC=M
I@
@CM=;F
=IHMIFC>;NCIH
CH
!OLIJ?
;
=IGJ;L;NCP?
;H;FSMCMX

?E6C?2E:@?2=
)6G:6H
@7
5>:?:DEC2E:G6
*4:6?46D





'C=E?LN

3
&
)

!$
'FCDH
S
&
"
)
'IIJ?HD;H
=IGJM

$2?28:?8
@>A=6I
%6EH@C<D
*EC2E68:6D
7@C
E96
'F3=:4
*64E@C
(IH>L?M
/;A?
'FCDH

!
$

'IJJ?HD;H

&

@G6C?2?46
%6EH@C<D
:?
E96
'F3=:4
*64E@C

?6EH@C<
2AAC@249
E@
AF3=:4
AC@3=6>
D@=G:?8
A@=:4J>2<:?8
2?5
D6CG:46
56=:G6CJ
<CHA>IH
.IONF?>A?
'OMBH?L

.
&

,IIF?

,
,

U!RJFILCHA
MNLO=NOL??@@?=NCP?H?MM
L?F;NCIHMBCJM
CH
HIHJLI@CN
;LNM
ILA;HCT;NCIHMX

%@?AC@7:E
$2?286>6?E
2?5
#6256CD9:A


(?PCH?
B

U,IFC=?
G;H;A?G?HN
CH
NB?
M
"LIG
>?=L?G?HN;FCMG
NI
MNL;N?AC=
NBCHECHAX

'F3=:4
5>:?:DEC2E:@?
)6G:6H



(I>A?

)

$II>



U%HNI
;H
;A?
I@
GOFNCJF?
;OMN?LCNC?M
,O<FC=
G;H;A?G?HN
;H>
JO<FC=
M?LPC=?
<;LA;CHM
;=LIMM
+!
=IOHNLC?MX

@G6C?2?46




(Š@@F?L

!


U#IP?LHG?HN
;H>
AIP?LH;H=?
H?NQILECHA
QCNB
?RN?LH;F
MN;E?BIF>?LMX

?H
IP;CL>

(Š@@F?L
=IGJM
);MM?S



&IBHMNIH

'
=IGJM

?E6C?2E:@?2=
2?53@@<
@7
'F3=:4
5>:?:DEC2E:@?
2?5
@G6C?2?46
B?FN?HB;G
!>Q;L>
!FA;L
);SHNT

.

%6H
92==6?86D
E@
@G6C?2?46
+96@CJ
&?;H
)IHH?N
B;CL
,;J?L
)CHCMN?LCI
>?
>GCHCMNL;=CIH?M
,<FC=;M

@>A2C646?4:2
56
=2
*F3D64C6E2C:2
2?E6
=2
l>2C2
56
:AFE25@D
D@3C6
6=
?7@C>6
56

56
=2
5>:?:DEC24:x?
A6C:7qC:42
"O?HN?
BNNJ
QQQG;J?M JL?HM; CHN?LP?H=CIH?MBNGF
+!

.?MNILCHA
JO<FC=
@CH;H=?M
/J?=C;F
%MMO?
I@
NB?
+!
!@FC?2=
@?
F586E:?8
+!

.?MNILCHA
JO<FC=
@CH;H=?M


1J>;N?
/J?=C;F
%MMO?
I@
NB?
+!
!@FC?2=
@?
F586E:?8
+!

U2;FO?
@IL
)IH?S
CH
#IP?LHG?HN
IOHNLS
MM?MMG?HN
I@
*ILQ;SX
L;@N
#+2 ,# /+


,;L…M
+! 
+M<ILH?

/
,

/NLIEIM=B

'

U%N
N;E?M
NQI
NI
N;HAI
1H>?LMN;H>CHA
NB?
=IĆJLI>O=NCIH
I@
JO<FC=
M?LPC=?M
<S
CHN?AL;NCHA
NB?
M?LPC=?M
G;H;A?G?HN
;H>
JO<FC=
;>GCHCMNL;NCIH
J?LMJ?=NCP?MX

C:E:D9
!@FC?2=
@7
$2?286>6?E

/
//
,;LL;>I

/

U";CF?>
JIFC=C?M
<ON
CHMNCNONCIH;F
CHHIP;NCIH
NBLIOAB
UF;S?LCHAX
;H>
U>C@@OMCIHX
CH
/J;HCMB
=?HNL;F
;>GCHCMNL;NCIHX

+96
?E6C?2E:@?2=
!@FC?2=
@7
'F3=:4
*64E@C
$2?286>6?E




,;LL;>I

/

=
2?l=:D:D
56
=2
86DE:x?
A|3=:42
2;F?H=C;

0CL;HN
FI
F;H=B
,?MNI@@

2

L;H>M?H

0

2?LM=BO?L?


=IGJM

%6H
AF3=:4
8@G6C?2?46
E96
E9:C5
D64E@C
2?5
4@AC@5F4E:@?
>CHANIH
.IONF?>A?
,?N?LM


#

U%M
AIP?LH;H=?
@IL
?P?LS<I>SX

'@=:4J
2?5
*@4:6EJ





,?N?LM


#

,C?LL?

&

.;H>G;(CCP

0

U#FI<;F
@CH;H=C;F
=LCMCM

JO<FC=
;>GCHCMNL;NCIH
;H>
AIP?LH;H=?
I
H?Q
JLI<F?GM
L?KOCL?
H?Q
MIFONCIHMX

'F3=:4
&C82?:K2E:@?
)6G:6H





,IFFCNN

B

IO=E;?LN

#

'F3=:4
$2?286>6?E
)67@C>

@>A2C2E:G6
?2=JD:D
+R@IL>

+1,
.;O>F;

.

/;PC

.

.;H>G;(CCP

0

U(CN?L;NOL?
L?PC?Q
IH
=ON<;=E
G;H;A?G?HNX
++,/
3ILE
,;=E;A?

.BI>?M

.

,?56CDE2?5:?8
8@G6C?2?46
A@=:4J
?6EH@C<D
8@G6C?2?46
C67=6I:G:EJ
2?5
244@F?E23:=:EJ
O=ECHAB;G
+J?H
1HCP?LMCNS
,L?MM
.IO<;H

(

U.?@ILG
QCNBION
>I=NLCH?
JO<FC=
G;H;A?G?HN
CH
"L;H=?X

+96
?E6C?2E:@?2=
!@FC?2=
@7
'F3=:4
*64E@C
$2?286>6?E




/NIE?L

#

=
3F6?
8@3:6C?@
4@>@
E6@Ct2
4:?4@
AC@AF6DE2D
'2A6CD
56
@C>24:x
$F?:4:A2=



CJON;=C‰H
>?
;L=?FIH;
0IL@CHA

&

,?N?LM


#

,C?LL?

&

/aL?HM?H

!

U%HN?L;=NCP?
#IP?LH;H=?
>P;H=CHA
NB?
,;L;>CAGX

'F3=:4
5>:?:DEC2E:@?





0ILL?M

(

,CH;

2

U.?MB;JCHA
NB?
,O<FC=
>GCHCMNL;NCIH
NB?
/J;HCMB
!RJ?LC?H=?
IGJ;L?>
NI
NB?
1'X

'F3=:4
5>:?:DEC2E:@?





2;F>CPC?FMI

.

U.?@ILG
I@
/N;N?
!HN?LJLCM?M
CH
/J;CHX

+96
D:2?
!@FC?2=
@7
'F3=:4
5>:?:DEC2E:@?






2?LBI?MN

'

,?N?LM


#

IO=E;?LN

#
2?LM=BO?L?



U0B?
MNO>S
I@
ILA;HCM;NCIH;F
;ONIHIGS
;
=IH=?JNO;F
L?PC?QX

'F3=:4
25>:?:DEC2E:@?
2?5
56G6=@A>6?E





+6>2


/A
/2;7<7AB@/17=<3A
/CB=<b;71/A
=@5/<7H/17b<
G
4C<17=</;73<B=
X>,=
:749:
-/',#)

&
*,)-)

)(-.,/#)(
3
-,,)&&)

&-
'#(#-.,#)(-
/.)(g'#-
 
&7
9H;79?vD
:;
B7I
7:C?D?IJH79?ED;I
7KJEDvC?97I
B7I
87I;I
B;=7B;I
O
9ECF;J;D9?7B;I

&7
?CFEHJ7D9?7
:;B
EH?=;D
;D
;B
:?I;uE
O
:;I7HHEBBE
:;
B7
EH=7D?P79?vD
7:C?D?IJH7J?L7
O
B7
<KD9?vD
Fy8B?97
7KJEDvC?97
:;
B7I


&
),!(#4#g(
'#(#-.,.#0

&-
)'/(#-
/.)()'-
-#'#&#./-
3
# ,(#-

&7
EH=7D?P79?vD
9;DJH7B
:;
B7I
9ECKD?:7:;I
7KJvDEC7I
CE:;BEI
O
:?I;uEI
:;
;IJHK9JKH7
7:C?D?IJH7J?L7
 
&EI
EDI;@EI
:;
!E8?;HDE
O
B7I
EDI;@;Hs7I
9ED<?=KH79?vD
:;
BEI
:;F7HJ7C;DJEI

&EI
vH=7DEI
IKF;H?EH;I
:;
B7I
9EDI;@;Hs7I
O
B7I
KD?:7:;I
?D<;H?EH;I
CE:;BEI
;N?IJ;DJ;I
 
&7
:C?D?IJH79?vD
F;H?<qH?97
7KJEDvC?97
CE:;BEI

B
BB7C7:E
I;9JEH
Fy8B?9E
7KJEDvC?9E
?DIJHKC;DJ7B
E
7:C?D?IJH79?vD
<KD9?ED7B
EH=7D?ICEI
7KJvDECEI
;CFH;I7I
Fy8B?97I
<KD:79?ED;I
O
9EDIEH9?EI

7KI7I
O
9EDI;9K;D9?7I
:;B
:;I7HHEBBE
:;
KD7
7:C?D?IJH79?vD
?DIJHKC;DJ7B
:;
B7I


&7
7:C?D?IJH79?vD
9EDIKBJ?L7
O
C;:?7B
9EDI;@EI
9EDIKBJ?LEI
O
EJHEI
vH=7DEI
:;
=7H7DJs7
O
9EDJHEB
;NJ;HDE

&
*,-)(&
&
-,0##)

&-
)'/(#-
/.g()'-
 
B
DyC;HE
:;
;CFB;7:EI
Fy8B?9EI
O
IK
;LEBK9?vD
H;9?;DJ;
B7I
L7H?79?ED;I
FEH


&7
9ECFEI?9?vD
:;B
F;HIED7B
Fy8B?9E
7KJEDvC?9E
<KD9?ED;I
O
;IJ7JKJEI
9EDJH7J79?vD
B78EH7B
<KD9?ED7H?P79?vD
J;CFEH7B?:7:
O
9ED<B?9JE
 
&EI
7BJEI
97H=EI
O
BEI
:?H;9J?LEI
Fy8B?9EI
7KJEDvC?9EI
DyC;HE
FEB?J?P79?vD
O
FHEB?<;H79?vD
:;
7I;IEH;I
O
97H=EI
:;
B?8H;
:;I?=D79?vD
 
&EI
9EIJ;I
:;
F;HIED7B
B7
H;CKD;H79?vD
O
;B
;IJ7JKI
:;
BEI
7BJEI
97H=EI
O
BEI
;CFB;7:EI
Fy8B?9EI
7KJEDvC?9EI

&!/()-
*,)&'-

&-
-.,/./,-
&
*,-)(&
3
&
/(#)('#(.)

&-
'#(#-.,#)(-
/.)(g'#-
 
*HE8B;C7I
EH=7D?P7J?LEI
O
:;
=;IJ?vD
:;
H;9KHIEI
>KC7DEI
H7=C;DJ79?vD
?D;IJ78?B?:7:
;
?D<B79?vD
:;
FK;IJEI
O
J;CFEH7B?:7:
:;B
F;HIED7B

&EI
FHE8B;C7I
:;
B7
FEB?J?P79?vD
;N9;I?L7
O
B7I
:;<?9?;D9?7I
:;
B7
<KD9?vD
:?H;9J?L7
7KJEDvC?97
9B?;DJ;B?ICE
O
9EHHKF9?vD
 
*HE8B;C7I
:;
9EEH:?D79?vD
JH7DIF7H;D9?7
O
9EDJHEB
:;B
I;9JEH
Fy8B?9E
IK
F;HIED7B
=7IJEI
<KD9?ED;I
O
H;D:?C?;DJE

-.,.!#-
3
*,)-)-

, ),'

&-
'#(#-.,#)(-
/.)(g'#-
 
,;<EHC7I
7:C?D?IJH7J?L7I
;D
B7I

:;
BEI
7uEI

7
BEI
DK;LEI
;IJ7JKJEI
O
;B
79JK7B
;I9;D7H?E
:;
9H?I?I
O
H;IJH?99?vD
;9EDvC?97

,;<EHC7I
EH=7D?P7J?L7I
B;O;I
:;
=E8?;HDE
O
7:C?D?IJH79?vD
H;:K99?vD
:;
KD?:7:;I
O
7BJEI
97H=EI
=;IJ?vD
:;B
F;HIED7B
O
H;<EHC7I
FH;IKFK;IJ7H?7I
H79?ED7B?P79?vD
:;B
I;9JEH
Fy8B?9E
7KJEDvC?9E
 
';@EH7I
;D
B7
FH;IJ79?vD
:;
I;HL?9?EI
O
B7I
H;B79?ED;I
9ED
BEI
9?K:7:7DEI
JH7DIF7H;D9?7
8K;D
=E8?;HDE
=;IJ?vD
:;
B7
97B?:7:
O
F7HJ?9?F79?vD
9?K:7:7D7
 
B
KIE
:;
B7I
.#
B7
7:C?D?IJH79?vD
;B;9JHvD?97
O
;B
=E8?;HDE
;B;9JHvD?9E
;D
B7I




$&#'#

#"'(&)#"
-
'&&# #

'
!"'(&#"'
)(#"Y!'

,
.=0,.4[9
/0
7,>
,/8494>?=,.4:90>
,@?:9[84.,>
7,>
-,>0>
702,70>
D
.:8;0?09.4,70>
!F
JLI=?MI
>?
@ILG;=C‰H
S
>?M;LLIFFI
>?F
!MN;>I
;ONIH‰GC=I
?H
FI
KO?
L?MJ?=N;
;
F;
=L?;=C‰H
>?
;>GCHCMNL;=CIH?M
JLIJC;M
M?
PCI
>?N?LGCH;>I
JIL
?F
JLCH=CJCI
>?
;ONIHIG…;
ILA;HCT;NCP;
>?
F;M
CHMNCNO=CIH?M
>?
;ONIAI<C?LHI
L?=IHI=C>I
?H
?F
;LN…=OFI

>?
F;
IHMNCNO=C‰H

?H
NI>IM
FIM
!MN;NONIM
>?
ONIHIG…;
;JLI<;>IM
?H
FIM
JLCG?LIM
;ˆIM
I=B?HN;
S
?H
F;M
(?S?M
;ONIH‰GC=;M
>?
#I<C?LHI
S
L‚ACG?H
DOL…>C=I
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
JIMN?LCIL?M
OHKO?
F;
IHMNCNO=C‰H
?MN;<F?=…;
OH;
L?M?LP;
;
@;PIL
>?F
!MN;>I
?H
F;
L?AOF;=C‰H
>?
F;M
<;M?M
>?F
!MN;NONI
>?
F;
"OH=C‰H
,<FC=;

F;
CHN?LJL?N;=C‰H
HI
L?MNLC=NCP;
>?
F;M
=IGJ?N?H=C;M
;ONIH‰GC=;M
J?LGCNC‰
KO?
F;
G;SIL
J;LN?
>?
FIM
!MN;NONIM
>?
ONIHIG…;
INILA;L;
;
FIM
‰LA;HIM
;ONIH‰GC=IM
=IGJ?N?H=C;M
HILG;NCP;M
S
>?
?D?=O=C‰H
?H
G;N?LC;
>?
@OH=C‰H
J<FC=;

JLCH=CJCIM
>?
FIM
;ˆIM
I=B?HN;

MCH
?G<;LAI

HI
JI>…;
JL?>?=CLM?
;H
KO‚
NCJI
>?
GI>?FI
;>GCHCMNL;NCPI
M?
=IH@CAOL;L…;
?H
F;M
IGOHC>;>?M
ON‰HIG;M

*I
?MN;<;
=F;LI
MC
M?
@ILG;L…;H
OH;M
>GCHCMNL;=CIH?M
L?ACIH;F?M
=IGJO?MN;M
?R=FOMCP;G?HN?
JIL
@OH=CIH;LCIM
J<FC=IM
S
=IHNL;N;>IM
NL;MJ;M;>IM
>?
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I
#!
S
>?
F;M
CJON;=CIH?M
,LIPCH=C;F?M

I
M?
>?M;LLIFF;L…;H
OH;M
>GCHCMNL;=CIH?M
,<FC=;M
=IH
J?LMIH;F
JLI=?>?HN?
>?
F;
#!
S
F;M
;>GCHCMNL;=CIH?M
FI=;F?M

J?LI
;>?G}M
JIL
J?LMIH;F
L?=FON;>I
JIL
OH
MCMN?G;
JLIJCI
!H
F;M
>CM=OMCIH?M
>?
F;
‚JI=;

FIM
CH@ILG?M
>?
F;
UIGCMC‰H
>?
!RJ?LNIMX

?
CH=FOMI
?H
;FAOHIM
!MN;NONIM
>?
ONIHIG…;
H>;FO=…;
I
L;A‰H
M?
JLIJIH…;
F;
;LNC=OF;=C‰H
>?
FIM
M?LPC=CIM
;ONIH‰GC=IM
JLIJCIM
;
NL;P‚M
>?
F;M
CJON;=CIH?M
,LIPCH=C;F?M
JL??RCMN?HN?M
!H
F;
JL}=NC=;

F;M
=CL=OHMN;H=C;M
JIF…NC=;M

F;
CHN?LJL?N;=C‰H
DOL…>C=;
S
F;
G;SIL…;
>?
FIM
!MN;NONIM
>?
ONIHIG…;
@O?LIH
=IH@CAOL;H>I
OH;M
;>GCHCMNL;=CIH?M
N?LLCNILC;F?M
=IH
@OH=C‰H
J<FC=;
JLIJC;
S
OHIM
GI>?FIM
ILA;HCT;NCPIM
S
>?
@OH=CIH;GC?HNI
>?
=;L}=N?L
<OLI=L}NC=I
KO?
M?AO…;H
?H
FI
?M?H=C;F
F;
>CPCMC‰H
>?J;LN;G?HN;F
S
@L;AG?HN;>;
>?
F;
#!
!MN;
;>GCHCMNL;=C‰H
M?
@ILG‰
@CH;FG?HN?
G?>C;HN?
FIM
NL;MJ;MIM
>?F
!MN;>I

?F
;==?MI
>?
@OH=CIH;LCIM
FI=;F?M
JIL
=IH=OLMI
I
FC<L?
>?MCAH;=C‰H
S
?F
L?=FON;GC?HNI
JLIJCI
#CG‚H?T
<;>

(;M

=IG?HT;LIH
?F
L?=FON;GC?HNI
>?
@OH=CIH;LCIM
;ONIH‰GC=IM
?MN;<F?=C?H>I
N;G<C‚H
=IHNL;NIM
F;<IL;F?M
CH>?@CHC>IM
S
N?GJIL;F?M
?
CH=ILJIL;H>I
;M?MIL?M
?H
JO?MNIM
>?
>?MCAH;=C‰H
JIF…NC=;
>?
=;L}=N?L
?P?HNO;F
(;
;JLI<;=C‰H
>?
F;
(?S
 
>?
)?>C>;M
>?
"OH=C‰H
,<FC=;

FF?P‰
;
F;
;JLI<;=C‰H
MO=?MCP;
>?
F;M
F?S?M
;ONIH‰GC=;M
MI<L?
@OH=C‰H
J<FC=;

F;M
=O;F?M
NL;N;LIH
>?
IL>?H;L
F;
G;N?LC;

L?MJ?N;H>I
F;M
<;M?M
?MN;<F?=C>;M
?H
F;
F?ACMF;=C‰H
?MN;N;F
S
FIM
JLCH=CJCIM
>?
;ONIHIG…;
ILA;HCT;NCP;
S
@CH;H=C?L;
>?
F;M


S
>?D;H>I
;
‚MN;M
FC<?LN;>
J;L;
L?AOF;L
FI
L?@?LC>I
;
F;
?MNLO=NOL;
ILA}HC=;
>?
F;
@OH=C‰H
J<FC=;
S
?F
MCMN?G;
>?
A?MNC‰H
>?
L?=OLMIM
BOG;HIM

 
,
48;:=?,9.4,
/07
:=4209
09
07
/4>0Z:
D
/0>,==:77:
/0
7,
:=2,94E,.4[9
,/8494>?=,?4A,
D
7,
1@9.4[9
;]-74.,
,@?:9[84.,
/0
7,>

 !H
F;M
=CL=OHMN;H=C;M
JIF…NC=;M
>?
F;
0L;HMC=C‰H

F;
JLCILC>;>
HI
?L;
F;
L;=CIH;FCT;=C‰H
;>GCHCMNL;NCP;
>?
F;M
HO?P;M
CHMNCNO=CIH?M
MCHI
G}M
<C?H
F;
=IHMIFC>;=C‰H
JIF…NC=;
S
F;
F?ACNCG;=C‰H
>?
FIM
JI>?L?M
>?
FIM
HO?PIM
AI<C?LHIM
?<C>I
;
?MNI
S
>;>I
KO?
M?
=;L?=…;
>?
OH;
JF;HC@C=;=C‰H
AFI<;F
>?F
JLI=?MI
>?
=L?;=C‰H
>?
HO?P;M
;>GCHCMNL;=CIH?M

F;
@ILG;
?H
KO?
M?
;=IG?NC‰
?RJFC=;
?H
AL;H
G?>C>;
MOM
=;L;=N?L…MNC=;M
S
@OH=CIH;GC?HNI
;=NO;F?M
S
;FAOH;M
>?
MOM
J;NIFIA…;M
KO?
?H
J;LN?
M?
B?L?>;LIH
>?
F;M
;>GCHCMNL;=CIH?M
;
J;LNCL
>?
F;M
KO?
M?
=L?;LIH
,IL
?D?GJFI

M;<?GIM
KO?
F;
;=NCNO>
L?MCMN?HN?
;F
=;G<CI
S
=C?LN;
U=C=;N?L…;X
>?
FIM
@OH=CIH;LCIM
?MN;N;F?M
?H
FIM
‰LA;HIM
=IGJ?N?HN?M
J;L;
?@?=NO;L
FIM
NL;MJ;MIM
>?
G?>CIM
S
J?LMIH;F
JLIPI=‰

?H
GO=BIM
=;MIM

OH;
CHMO@C=C?H=C;
>?
?GJF?;>IM
J;L;
JI>?L
=OGJFCL
F;M
@OH=CIH?M
KO?
M?
B;<…;
?H=IG?H>;>I
;
F;M
HO?P;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
L?HCFF;

MCGCMGI

=IGI
B;H
M?ˆ;F;>I
;FF;LN
S
.;GC‰


F;
JLI=?>?H=C;
S
F;
=OFNOL;
;>GCHCMNL;NCP;
JLIJC;M
>?
F;
#!
S
>?
FIM
@OH=CIH;LCIM
>?
FIM
=O?LJIM
MOJ?LCIL?M
KO?
>CM?ˆ;LIH
?F
JLI=?MI
>?
=L?;=C‰H
>?
F;M
HO?P;M
;>GCHCMNL;=CIH?M

>?N?LGCH‰
?F
HO?PI
GI>?FI
ILA;HCT;NCPI
0L?M
=IF?=NCPC>;>?M
>?
?GJF?;>IM
J<FC=IM
@O?LIH
FIM
JLIN;AIHCMN;M
?H
?MN?
JLI=?MI
;
FIM
HO?PIM
?GJF?;>IM
J<FC=IM
KO?
<OM=;<;H
OH
GI>?FI
KO?
I@L?=C?L;
=C?LN;
=?LNC>OG<L?
;
MOM
JLI=?MIM
>?
NL;<;DI

<
FIM
?GJF?;>IM
?MJ?=C;FCT;>IM
JLI@?MIL?M

G‚>C=IM

?N=
NL;HM@?LC>IM
JIL
F;
#!

=IH
OH;
=OFNOL;
ILA;HCT;NCP;
;MI=C;>;
;
J;ON;M
=ILJIL;NCP;M
S
;
F;
;>GCHCMNL;=C‰H
>?
=C?LNIM
}G<CNIM
>?
A?MNC‰H
J<FC=;
=?HNLIM
?>O=;NCPIM

=?HNLIM
M;HCN;LCIM

?N=
=
(IM
@OH=CIH;LCIM
NL;HM@?LC>IM
>?
F;
#!
S
>?
F;M
>CJON;=CIH?M
JLIPCH=C;F?M
KO?
J?LN?H?=…;H
;
FIM
=O?LJIM
A?H?L;F?M
S
KO?
M?
=IGJILN;L…;H
?H
@OH=C‰H
>?
MOM
L?MJ?=NCPIM
GI>?FIM
ILA;HCT;NCPIM
>?
ILCA?H
!MNIM
FNCGIM
NOPC?LIH
OH;
CH@FO?H=C;
GO=BI
G;SIL
KO?
FIM
INLIM
>IM
ALOJIM
;
F;
BIL;
>?
>CM?ˆ;L
F;
ILA;HCT;=C‰H
;>GCHCMNL;NCP;
>?
F;M

;FF;LN
S
.;GC‰

0I>I
?FFI
?RJFC=;L…;
F;
@;FN;
>?
CHHIP;=C‰H
S
F;
A?H?L;FCT;=C‰H
>?F
GI>?FI
<OLI=L}NC=I
>?
F;
>GCHCMNL;=C‰H
?HNL;F
>?F
!MN;>I
FAOH;M


=IGI
?F
,;…M
2;M=I
S
;N;FOˆ;

B;<…;H
GIMNL;>I
MO
CHN?H=C‰H
>?
=L?;L
ILA;HCT;=CIH?M
;>GCHCMNL;NCP;M
ILCACH;F?M
S
>CMNCHN;M
;
F;
ILA;HCT;=C‰H
>?
F;
#!
/CH
?G<;LAI

;OHKO?
?F
,;…M
2;M=I
=IHMCAOC‰
?H
J;LN?
OH
>CM?ˆI
JLIJCI
S
ILCACH;F

;N;FOˆ;
L?JLI>ODI
?F
GI>?FI
>?
F;
#!
MCGCMGI

F;
JL?I=OJ;=C‰H
>?
FIM
AI<C?LHIM
;ONIH‰GC=IM
JIL
;@C;HT;L
MO
JLIJCI
JI>?L
JIF…NC=I
;HN?M
KO?
F;
>?
JF;HC@C=;L
OH;
=IGJIMC=C‰H
L;=CIH;F
>?
MOM
ILA;HCT;=CIH?M
S
?KOCJIM
;>GCHCMNL;NCPIM
FF?P‰
;
OH
=C?LNI
>?MIL>?H
?
CGJLIPCM;=C‰H
?H
?F
L?=FON;GC?HNI
>?
J?LMIH;F
S
;F
JL?>IGCHCI
>?
F;
=;JN;=C‰H
=FC?HN?FCMN;
?M>?
MO
H;=CGC?HNI
=IGI
?HN?M
JL?;ONIH‰GC=IM
;OMJC=C;>IM
JIL
FIM
JIF…NC=IM
L?ACIH;F?M

F;M
FO=B;M
J;LNC>CMN;M

F;
@;FN;
>?
?RJ?LC?H=C;
;>GCHCMNL;NCP;
>?
FIM
JIF…NC=IM
S
F;
CH;>?=O;>;
JIF…NC=;
>?
NL;HM@?L?H=C;M
>?
@OH=CIH;LCIM
FF?P‰
;
KO?
?F
J?LMIH;F
CH=ILJIL;>I
CHC=C;FG?HN?
;
FIM
?HN?M
JL?;ONIH‰GC=IM
J;L;
L?;FCT;L
@OH=CIH?M
>?
=;L}=N?L
N‚=HC=I
?H
FIM
?M=;FIH?M
D?L}LKOC=IM
MOJ?LCIL?M
@O?L;
>?MCAH;>I

G}M
KO?
JIL
G‚LCNIM
JLI@?MCIH;F?M

M?AH
F;M
;@CHC>;>?M
JIF…NC=;M
>?
FIM
L?MJIHM;<F?M
>?
F;M
>CMNCHN;M
OHC>;>?M
?H
KO?
M?
ILA;HCT;<;H
#CG‚H?T
<;>

!FFI
=IH>ODI
;
KO?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
H;=C?L;H
S;
JIFCNCT;>;M
!H
L?MOG?H

>?<C>I
;
F;M
=CL=OHMN;H=C;M
JIF…NC=;M
S
;F
=IGJILN;GC?HNI
>?
=C?LNIM
;=NIL?M

F;M
HO?P;M

>?M;JLIP?=B;LIH
F;
IJILNOHC>;>
>?
CHHIP;L
?H
F;
=IH@CAOL;=C‰H
>?
MOM
?MNLO=NOL;M
;>GCHCMNL;NCP;M
(;M
L;TIH?M
>?
?FFI
M?
JI>L…;H
L?MOGCL
?H
NL?M
JLCH=CJ;F?M
!=B?<;LL…;

#CG‚H?T
<;>

.I>L…AO?T
L;H;

W
(;
;OM?H=C;
>?
GI>?FIM
;>GCHCMNL;NCPIM
;FN?LH;NCPIM
OH;
P?T
>?M=;LN;>;
F;
<MKO?>;
>?
GI>?FIM
>?
ILA;HCT;=C‰H
CHMJCL;>IM
?H
F;M
?RJ?LC?H=C;M
>?
INLIM
J;…M?M

FIM
>IM
HC=IM
GI>?FIM
KO?
M?
NOPC?LIH
?H
=O?HN;
@O?LIH
?F
>?
F;
#!
S
?F
>?
F;M
CJON;=CIH?M
JLIPCH=C;F?M
(;
G;SIL…;
>?

IJN;LIH
JIL
F;
;>IJ=C‰H
>?
F;
?MNLO=NOL;
?MN;N;F
@L?HN?
;
F;
>?
F;M
>CJON;=CIH?M

KO?
@O?LIH
L?=B;T;>;M
?H
J;LN?
JIL
F;
?M=;M;
IJ?L;NCPC>;>
>?
MO
?MNLO=NOL;
J;L;
ILA;HCT;=CIH?M
>?
G;SIL
N;G;ˆI

?H
J;LN?
JIL
=LCN?LCIM
>?
UJL?MNCACIX
JIF…NC=I
S

MI<L?
NI>I

JIL
?F
J;J?F
>?M?GJ?ˆ;>I
JIL
FIM
@OH=CIH;LCIM
>?F
!MN;>I

?H
?MJ?=C;F
>?
FIM
=O?LJIM
MOJ?LCIL?M

KO?
CH@FOS?LIH
?H
?F
>CM?ˆI
>?
F;M
HO?P;M
;>GCHCMNL;=CIH?M
.I>L…AO?T
L;H;

H
;M…

F;M
>CJON;=CIH?M
NOPC?LIH
=C?LN;
CH=C>?H=C;
?H
FIM
GI>?FIM
>?
F;M

OHCJLIPCH=C;F?M
S
?H
?F
,;…M
2;M=I
S
*;P;LL;
W
(;
OLA?H=C;
JIF…NC=;
>?
F;
0L;HMC=C‰H
FIM
AI<C?LHIM
;ONIH‰GC=IM
?MN;<;H
G}M
JL?I=OJ;>IM
JIL
JIH?L
?H
G;L=B;
JIF…NC=;M
J<FC=;M
>?
JL?MN;=C‰H
>?
M?LPC=CIM
KO?
JIL
JF;HN?;LM?
F;M
?MNLO=NOL;M
>?
A?MNC‰H
/IFI
;ˆIM
>?MJO‚M

F;M

?GJ?T;L…;H
;
JL?I=OJ;LM?
>?
F;M
>CM@OH=CIH?M
ILA;HCT;NCP;M
S
?H
F;
GI>?LHCT;=C‰H
S
?@C=C?H=C;
>?
MOM
;>GCHCMNL;=CIH?M
W
!F
JLI=?MI
>?
NL;MJ;MIM
=IH>C=CIH;>IM
>?
=IGJ?N?H=C;M
?H
IJCHC‰H
>?
;FAOHIM
?RJ?LNIM

=C?LNIM
>?=L?NIM
>?
NL;HM@?L?H=C;M
JO>C?LIH
CHP;>CL
F;
JIN?MN;>
>?
;ONIILA;HCT;=C‰H
>?
F;M
;ONIHIG…;M

=IH>C=CIH;H>I
?F
?D?L=C=CI
>?
F;M
=IGJ?N?H=C;M
;
NL;P‚M
>?
‰LA;HIM
JL??RCMN?HN?M
I
>?
HO?P;
=L?;=C‰H
S
JL?>?N?LGCH;H>I
?F
GI>?FI
ILA;HCT;NCPI
S
>?
J?LMIH;F
KO?
N?H>L…;H
F;M

S
MO
?@C=C?H=C;
!=B?<;LL…;


/;FP;>IL

(;M
JLCH=CJ;F?M
IF;M
>?
NL;MJ;MI
>?
J?LMIH;F
M?
JLI>OD?LIH
?H
F;M
F?ACMF;NOL;M
=IGJL?H>C>;M
?HNL?

S

=IH
G}M
>?

@OH=CIH;LCIM
S
?H
F;M
F?ACMF;NOL;M
>?M>?

;

;FL?>?>IL
>?

J?LMIH;M

>?<C>I
?H
?MN?
FNCGI
=;MI
;
KO?
@CH;FCT‰
?F
JLI=?MI
>?
>?M=?HNL;FCT;=C‰H
>?
F;
M;HC>;>
S
F;
?>O=;=C‰H
!MN;M
=IGJ?N?H=C;M
KO?
B;<…;H
MC>I
;MOGC>;M
>?M>?
?F
JLCH=CJCI
MIFI
JIL
;FAOH;M


M?
?RN?H>C?LIH
;F
L?MNI
G}M
N;L>?
!H


@?=B;
?H
F;
KO?
KO?>;LIH
=IHMNCNOC>;M
NI>;M
F;M


>?F
NIN;F
>?

>?
?GJF?;>IM
J<FC=IM

OH

J?LN?H?=…;H
;F
!MN;>I

GC?HNL;M
KO?
?H
?H?LI
>?


?MN?
JIL=?HN;D?
?L;
>?F


!H


CH=FOS?H>I
;F
J?LMIH;F
>?
F;M
OHCP?LMC>;>?M

F;M

I=OJ;H
;
G}M
>?
F;
GCN;>

>?
NI>I
?F
J?LMIH;F
;F
M?LPC=CI
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
KO?
?H
NIN;F
;M=C?H>?
;

NL;<;D;>IL?M
;FL?>?>IL
>?F

IF?N…H
>?F
.?ACMNLI
?HNL;F
>?
,?LMIH;F
>?

0I>IM
?MNIM
@;=NIL?M

N;HNI
FIM
>?
<;M?
F?A;F
=IGI
FIM
>?
=;L}=N?L
BCMN‰LC=I

MIH
CGJL?M=CH>C<F?M
J;L;
?HN?H>?L
?F
GI>I
?H
KO?
MOLAC?LIH
S
M?
>?M;LLIFF;LIH
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
!H
AL;H
G?>C>;

S
;
J?M;L
>?
OH;
?PIFO=C‰H
>?
S;
NL?CHN;
S
=CH=I
;ˆIM

N;G<C‚H
J?LGCN?H
?RJFC=;L
GO=BIM
>?
FIM
?F?G?HNIM
=;L;=N?L…MNC=IM
>?
MO
=IH@CAOL;=C‰H
S
@OH=CIH;GC?HNI
;=NO;F
 

#&".Y"
!"'(&(*

'
#!)"'
)(#"#!'
'! ()'
-
&"'

,
:=2,94E,.4[9
.09?=,7
/0
7,>
.:8@94/,/0>
,@?[9:8,>
8:/07:>
D
/4>0Z:>
/0
0>?=@.?@=,
,/8494>?=,?4A,
IGI
M?
B;
;LAOG?HN;>I

F;
IHMNCNO=C‰H
S
FIM
?MN;NONIM
>?
;ONIHIG…;
=IHN?H…;H
FIM
?F?G?HNIM
G…HCGIM
J;L;
A;L;HNCT;L
;
F;M

OH;
JIN?MN;>
J;L;
=L?;L
MOM
JLIJC;M
ILA;HCT;=C‰H
;>GCHCMNL;NCP;
S
@OH=C‰H
J<FC=;

;OHKO?
MIFI
>?
@ILG;
GOS
A?H‚LC=;
!MN;
JIN?MN;>
M?
ONCFCT‰
JIL
NI>;M
?FF;M
J;L;
=L?;L
;>GCHCMNL;=CIH?M
>?
NCJI
<OLI=L}NC=I
MCGCF;L?M
;
F;
#!
S
M?
B;
>?M;LLIFF;>I
F?A;FG?HN?
G?>C;HN?
F?S?M
>?
AI<C?LHI

F?S?M
>?
JLI=?>CGC?HNI
;>GCHCMNL;NCPI

MI<L?
@OH=C‰H
J<FC=;
S
MI<L?
;>GCHCMNL;=C‰H
S
A?MNC‰H
!H
;FAOHIM
=;MIM
?MN;
JIN?MN;>
M?
B;
L?@ILT;>I
=IH
MO
CH=FOMC‰H
?H
FIM
?MN;NONIM
>?
;ONIHIG…;
>?
L?@ILG;
L?=C?HN?
(;
ILA;HCT;=C‰H
>?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M

;M…
=IGI
>?F
FF;G;>I
M?=NIL
J<FC=I
;ONIH‰GC=I

B;
?PIFO=CIH;>I
>?
@ILG;
J;OF;NCH;
;
F;
P?T
KO?
F;M

C<;H
;MOGC?H>I
=IGJ?N?H=C;M
OHKO?
?RCMN?H
J;ON;M
A?H?L;F?M
GOS
MCGCF;L?M

F;M
=;L;=N?L…MNC=;M
?MNLO=NOL;F?M
>?
=;>;
L?AC‰H

=IGI
MO
N;G;ˆI
S
JI<F;=C‰H
S
F;M
=CL=OHMN;H=C;M
JIF…NC=;M

=IGI
F;M
?F?==CIH?M
S
F;
=IGJ?N?H=C;
J;LNC>CMN;

B;H
;@?=N;>I
N;G<C‚H
;
F;
=IH@CAOL;=C‰H
ILA;HCT;NCP;
!H
?MN?
;J;LN;>I
M?
>?M=LC<?
<L?P?G?HN?
?F
=IGJF?DI
ILA;HCT;NCPI
=IGJO?MNI
N;HNI
JIL
F;
;>GCHCMNL;=C‰H
A?H?L;F
;ONIH‰GC=;

FIM
?M=;FIH?M
MOJ?LCIL?M
S
F;M
OHC>;>?M
<}MC=;M
>?
F;
ILA;HCT;=C‰H
>?J;LN;G?HN;F

F;M
=IHM?D?L…;M

S
MOM
‰LA;HIM
MOJ?LCIL?M
?
CH@?LCIL?M

=IGI
F;
;>GCHCMNL;=C‰H
J?LC@‚LC=;

S
F;M
ILA;HCT;=CIH?M
>?F
>?HIGCH;>I
M?=NIL
J<FC=I
;ONIH‰GC=I
S
F;
FF;G;>;
;>GCHCMNL;=C‰H
=IHMOFNCP;
I
G?>C;F




=A
=<A38=A
23
=073@<=
G
:/A
=<A383@`/A
1=<475C@/17b<
23
:=A
23>/@B/;3<B=A
F
CAO;F
KO?
?H
?F
!MN;>I

F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
NC?H?
?H
MO
=MJC>?
>?
>CL?==C‰H
JIF…NC=;
;F
IHM?DI
>?
#I<C?LHI

?KOCP;F?HN?
L?ACIH;F
;F
IHM?DI
>?
)CHCMNLIM
!MN}
@ILG;>I
JIL
?F
JL?MC>?HN?
;ONIH‰GC=I

FIM
PC=?JL?MC>?HN?M
S
FIM
FF;G;>IM
=IHM?D?LIM
I
GCHCMNLIM
>?
FIM
>C@?L?HN?M
>?J;LN;G?HNIM
>?
KO?
M?
=IGJIH?H
F;M
?MNLO=NOL;M
JIF…NC=I
;>GCHCMNL;NCP;M
;ONIH‰GC=;M
(;M
=IHM?D?L…;M
I
>?J;LN;G?HNIM
;ALOJ;H
OH
=IHDOHNI
>?
OHC>;>?M
;>GCHCMNL;NCP;M
=IH
=LCN?LCIM
>?
L;=CIH;FC>;>
N‚=HC=;
S
M?
=L?;H
S
MOJLCG?H
A?H?L;FG?HN?
JIL
F?S
;JLI<;>;
?H
F;M
;M;G<F?;M
I
J;LF;G?HNIM
;ONIH‰GC=IM

;OHKO?
?H
GO=BIM
=;MIM

MC
MO
GI>C@C=;=C‰H
HI
MOJIH?
;FN?L;=C‰H
>?F
A;MNI
J<FC=I

FI
B;=?
?F
JLIJCI
IHM?DI
>?
#I<C?LHI
I
G?>C;HN?
?=L?NI
>?F
,L?MC>?HN?
;ONIH‰GC=I
!F
,L?MC>?HN?
>?
F;

?M
KOC?H
>?=C>?
A?H?L;FG?HN?
?F
HG?LI
>?
=IHM?D?L…;M
S
MO
ILA;HCT;=C‰H
JIL
;MOHNIM
?H
?F
AI<C?LHI
/;HCA?L

;FF;LN
S
.;GC‰

!MNI
M?
B;=?
HILG;FG?HN?
=IH
=LCN?LCIM
JIF…NC=IM
G}M
KO?
=IH
=LCN?LCIM
>?
L;=CIH;FC>;>
N‚=HC=;

L?MJIH>C?H>I
F;M
GI>C@C=;=CIH?M
?H
FIM
ILA;HCAL;G;M
N;HNI
;
=;G<CIM
?H
F;M
=I;FC=CIH?M
>?
AI<C?LHI
=IGI
;
F;M
L?F;=CIH?M
CHN?LH;M
?HNL?
>C@?L?HN?M
@;==CIH?M
>?
OH
J;LNC>I
JIF…NC=I
?H
?F
AI<C?LHI
 ,IL
?M;
L;T‰H

?F
HG?LI
S
=IGJIMC=C‰H
>?
F;M
>C@?L?HN?M
=IHM?D?L…;M
MO?F?
MO@LCL
GI>C@C=;=CIH?M
HI
MIFI
=O;H>I
M?
CHC=C;
OH;
HO?P;
F?ACMF;NOL;

MCHI
N;G<C‚H
?H
?F
NL;HM=OLMI
>?
F;
GCMG;
JIL
>?=CMC‰H
JIF…NC=;
>?F
JL?MC>?HN?
!H
F;
G;SIL
J;LN?
>?
FIM
=;MIM
N;G<C‚H
M?
JLI>O=?
OH
?F?P;>I
AL;>I
>?
G…G?MCM
ILA;HCT;NCP;
N;HNI
L?MJ?=NI
>?
F;
ILA;HCT;=C‰H
JIL
GCHCMN?LCIM
>?F
AI<C?LHI
=?HNL;F
=IGI
>?
F;
ILA;HCT;=C‰H
>?
INL;M

(;M
GI>;M
ILA;HCT;NCP;M
S
;
F;
CGJILN;H=C;
INILA;>;
JIL
F;
IJCHC‰H
J<FC=;
;
>CP?LM;M
JIF…NC=;M
J<FC=;M
JO?>?H
FF?P;L
;F
MOLACGC?HNI
>?
>?J;LN;G?HNIM
I
>?HIGCH;=CIH?M
>?N?LGCH;>;M
KO?
;HN?M
HI
?RCMN…;H
(;
G;SIL…;
>?
F;M
=IHM?D?L…;M
;ALOJ;H
>C@?L?HN?M
G;N?LC;M
I
=IGJ?N?H=C;M
!H
A?H?L;F

?F
NIN;F
>?
FIM
>?J;LN;G?HNIM
I
=IHM?D?L…;M
>?
F;
ILA;HCT;=C‰H
=?HNL;F
>?
F;M

B;
J?LG;H?=C>I
<;MN;HN?
?MN;<F?

;OHKO?
M?
B;H
JLI>O=C>I
GO=BIM
=;G<CIM
?H
?F
NC?GJI
S
M?
B;H
G;HN?HC>I
=C?LN;M
>C@?L?H=C;M
=IHMN;HN?M
?HNL?

(;
G?>C;
>?
=IHM?D?L…;M
JL?M?HN?M
?H
F;M

?M
>?
OH;M



=IH
>C@?L?H=C;M
;JL?=C;<F?M
?HNL?
?FF;M

KO?
NC?H?
KO?
P?L
=IH
MO
JI<F;=C‰H
S
INLIM
@;=NIL?M
JIF…NC=IM

JLCH=CJCIM
>?


JIL
?D?GJFI

F;M

=IH
G}M
=IHM?D?L…;M
?L;H
H>;FO=…;
S
*;P;LL;


M?AOC>;M
>?
;MNCFF;
S
(?‰H

!RNL?G;>OL;
S
IGOHC>;>
2;F?H=C;H;


>?
L;A‰H

;N;FOˆ;
S
,;…M
2;M=I

>?
MNOLC;M

;F?;L?M

;HN;<LC;

#;FC=C;

)OL=C;
S
(;
.CID;
=IH

);>LC>
=IH


S

@CH;FG?HN?

;H;LC;M
S
;MNCFF;(;
);H=B;
=IH

=IHM?D?L…;M



=A
b@5/<=A
AC>3@7=@3A
23
:/A
1=<A383@`/A
G
:/A
C<72/23A
7<43@7=@3A
;=23:=A
3F7AB3<B3A
F
CAO;F
KO?
?H
F;
#!

?H
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
M?
MO?F?
>CMNCHAOCL
?HNL?
‰LA;HIM
MOJ?LCIL?M
S
‰LA;HIM
CH@?LCIL?M
I
;=NCPIM
(IM
JLCG?LIM
MIH
I=OJ;>IM
?H
<;M?
;
=LCN?LCIM
>?
=IH@C;HT;
JIF…NC=;

HILG;FG?HN?
JIL
?=L?NI

;
JLIJO?MN;
>?F
IHM?D?LI
I
NCNOF;L
>?F
>?J;LN;G?HNI
(;M
J?LMIH;M
KO?
I=OJ;H
?MNIM
=;LAIM
=?M;H
>?F
GCMGI
GI>I
S
JIL
?F
GCMGI
JLI=?>CGC?HNI
KO?
M?
ONCFCT‰
J;L;
HIG<L;LFIM
(IM
G}M
B;<CNO;F?M
MIH
F;M
2C=?=IHM?D?L…;M

F;M
/?=L?N;L…;M
#?H?L;F?M
0‚=HC=;M
/#0

F;M
/?=L?N;L…;M
#?H?L;F?M
/#
S
F;M
CL?==CIH?M
#?H?L;F?M
 #
(;M
M?=L?N;L…;M
A?H?L;F?M

@L?=O?HN?M
?H
=;>;
P?T
G}M


MO?F?H
;ALOJ;L
;
P;LC;M
CL?==CIH?M
#?H?L;F?M
=IH
=IGJ?N?H=C;
MI<L?
G;N?LC;M
CHN?LL?F;=CIH;>;M

=IH
MO@C=C?HN?
PIFOG?H
ILA}HC=I
I
L?F?P;H=C;
JIF…NC=;
!H
;FAOH;M

?RCMN?H
PC=?=IHM?D?L…;M
H>;FO=…;

MNOLC;M

;H;LC;M

);>LC>
S
?F
,;…M
2;M=I
!MNIM
‰LA;HIM
MOJ?LCIL?M
JO?>?H
N?H?L
>C@?L?HN?
AL;>I
>?
JL?M?H=C;
?H
F;M
>CMNCHN;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
>?G}M

P;LCIM
?MNO>CIM
=IGI
FIM
>?
)?M;

S
/;HCA?L

B;
I<M?LP;>I
P;LCIM
GI>?FIM
>C@?L?HN?M
>?
L?F;=CIH?M
>?
?MNIM
‰LA;HIM
MOJ?LCIL?M
?H
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
0;<F;

!H
?F
JLCG?L
GI>?FI

KO?
=IH
?F
M?AOH>I
?M
?F
G}M
@L?=O?HN?

S;
KO?
L?JL?M?HN;H
;



F;M
IHM?D?L…;M
M?
?MNLO=NOL;H
D?L}LKOC=;G?HN?
?H
/?=L?N;L…;M
#?H?L;F?M
S
CL?==CIH?M
#?H?L;F?M
!H
?F
M?AOH>I
GI>?FI

;>?G}M
>?
F;M
//##
S
F;M
#

?H
F;M
=IHM?D?L…;M
N;G<C‚H
;J;L?=?
F;
@CAOL;
>?F
/?=L?N;LCI
#?H?L;F
0‚=HC=I
!H
INLIM
>?
FIM
GI>?FIM
M?
JO?>?H
?H=IHNL;L
2C=?=IHM?D?L…;M
S
/O<M?=L?N;L…;M
(;M
PC=?=IHM?D?L…;M
?D?L=?H
F;
D?@;NOL;
MOJ?LCIL
S
F;
JIMC<F?
>?F?A;=C‰H
>?
@OH=CIH?M
JIL
>?<;DI
>?F
=IHM?D?LI
S
MIH
OH
‰LA;HI
>?
=IGOHC=;=C‰H
=IH
FIM
>?G}M
>?J;LN;G?HNIM
;
NL;P‚M
>?
F;M
=IGCMCIH?M
>?
=IIL>CH;=C‰H
CHN?L>?J;LN;G?HN;F?M
=L?;>;M
?H
;FAOH;M

(;M
/O<M?=L?N;L…;M

JL?M?HN?M
?H
?F
=;MI
P;F?H=C;HI

MIH
‰LA;HIM
>CL?=NCPIM
KO?
NC?H?
;NLC<OC>;M
F;
CHMJ?==C‰H
>?
NI>IM
FIM
M?LPC=CIM
>?
F;
IHM?D?L…;
 $%.$

!<239<@
23
3@A?B1AB?/
<?5\;71/
/
=/?A7?
23
9/
1<:07;/17a;
23
a?5/;<@
@B=3?7<?3@
E
a?5/;<@
/1A7C<@
!<239<@ X?5/;<@
@B=3?7<?3@ 

# -!
O
! 7J7BKu7
!7B?9?7
7IJ?BB7
O
&;vD
O
'KH9?7

## -!
-!.
O
! 7DJ78H?7
H7=vD
NJH;C7:KH7
&7
,?E@7
O
7IJ?BB7&7
'7D9>7

### -!.
O
! 7B;7H;I

#0 0?9;9EDI;@;Hs7
-!.
O
! IJKH?7I
O
'7:H?:

0 0?9;9EDI;@;Hs7
-!
-!.
O
! D:7BK9s7
O
7D7H?7I

0# -K8I;9H;J7Hs7
-!
O
! ECKD?:7:
07B;D9?7D7

0## 0?9;9EDI;@;Hs7
?H;99?vD *7sI
07I9E

0### ! (7L7HH7
"O?HN?
/;HCA?L


.?MJ?=NI
;
FIM
‰LA;HIM
CH@?LCIL?M

FI
KO?
JI>L…;
FF;G;LM?
?F
=…L=OFI
<OLI=L}NC=I
>?
F;M
=IHM?D?L…;M

?MN}H
B;<CNO;FG?HN?
CHN?AL;>IM
JIL
/O<>CL?==CIH?M
#?H?L;F?M
dI
}L?;M
I
>CPCMCIH?Md

/?LPC=CIM

/?==CIH?M
S
*?AI=C;>IM

;OHKO?
?H
;FAOHIM


=IGI
?H
?F
,;…M
2;M=I

HI
?RCMN?H
FIM
/?LPC=CIM

/?==CIH?M
S
*?AI=C;>IM
.;GC‰
S
/;FP;>IL

!MNIM
‰LA;HIM
MIH
I=OJ;>IM
?H
A?H?L;F
JIL
J?LMIH;F
JLI@?MCIH;F
;N?H>C?H>I
;
=LCN?LCIM
=IH@C;HT;
JIF…NC=;
?H
?F
=;MI
>?
F;M
/O<>CL?==CIH?M
#?H?L;F?M
S

;
P?=?M

FIM
/?LPC=CIM
(;M
&?@;NOL;M
>?
/?LPC=CIM

/?==CIH?M
S
*?AI=C;>IM
MIH
I=OJ;>;M
?H
MO
G;SIL…;
JIL
@OH=CIH;LCIM
=IH
=LCN?LCIM
>?
G‚LCNI
JLI@?MCIH;F
;FF;LN
S
.;GC‰

(;
0;<F;

GO?MNL;
FIM
NL?M
GI>?FIM
OMO;F?M
>?
‰LA;HIM
CH@?LCIL?M
?H
F;M
>C@?L?HN?M
ILA;HCT;=CIH?M
;ONIH‰GC=;M
>C@?L?H=C;>IM
?H
@OH=C‰H
>?F
HG?LI
>?
HCP?F?M
D?L}LKOC=IM
KO?
GO?MNL;H
$%.$

X?5/;<@
7;43?7<?3@
23
9/@
1<;@383?_/@
!<239<
@7;
X?5/;<@
/1A7C<@ !<239<
/:=97< !<239<
?32B172< 834/AB?/@
7;43?7<?3@

-K8:?H;99?vD
!;D;H7B
2
E
_H;7
E
?L?I?vD

-;HL?9?E 2 2

-;99?vD 2 2

-K8I;99?vD

(;=E9?7:E 2 2

ECKD?:7:;I 7J7BKu7
!7B?9?7
'7:H?: D:7BK9s7
IJKH?7I
H7=vD
7D7H?7I
7IJ?BB7&;vD

*7sI
07I9E
KJvDEC7I 'KH9?7

07B;D9?7D7
O
7B;7H;I 7IJ?BB7&7
'7D9>7
NJH;C7:KH7
&7
,?E@7
O
(7L7HH7
"O?HN?
.;GC‰
S
/;FP;>IL




/
2;7<7AB@/17b<
>3@74_@71/
/CB=<b;71/
;=23:=A
>?G}M
>?
F;
;>GCHCMNL;=C‰H
S
FIM
M?LPC=CIM
=?HNL;F?M
>?
F;M
=IHM?D?L…;M

MCNIM
?H
F;
=;JCN;F
>?
F;


F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
>?
G;SIL
N;G;ˆI
J
?D
H>;FO=…;

L;A‰H

;MNCFF;
S
(?‰H
S
;N;FOˆ;
>?M;LLIFF;LIH
>?M>?
?F
JLCH=CJCI

ONCFCT;H>I
F;
>CPCMC‰H
JLIPCH=C;F
?RCMN?HN?
O
INL;M
>CPCMCIH?M
N?LLCNILC;F?M
HO?P;M

OH;
=C?LN;
>?M=IH=?HNL;=C‰H
>?
@OH=CIH?M
?D?=ONCP;M
S
;>GCHCMNL;NCP;M
G?>C;HN?
F;
=L?;=C‰H
>?
M?LPC=CIM
J?LC@‚LC=IM
I
>?F?A;=CIH?M
JLIPCH=C;F?M
I
N?LLCNILC;F?M
>?J?H>C?HN?M
>?
F;M
>C@?L?HN?M
=IHM?D?L…;M
S
;
P?=?M
=IIL>CH;>;M
JIL
>?F?A;>IM
N?LLCNILC;F?M

J?M;L
>?
F;M
JL?PCMCIH?M
?MN;NON;LC;M
S
F?ACMF;NCP;M
S
>?
;FAOH;M
JLIJO?MN;M
KO?
MOA?L…;H
F;
JIMC<CFC>;>
>?
KO?
F;M

>?F?A;L;H
F;
A?MNC‰H
>?
F;M
=IGJ?N?H=C;M
JLIJC;M
?H
FIM
‰LA;HIM
JLIPCH=C;F?M
S;
?RCMN?HN?M

F;M

JFOLCJLIPCH=C;F?M
>?=C>C?LIH
>?M;LLIFF;L
MOM
JLIJC;M
;>GCHCMNL;=CIH?M
J?LC@‚LC=;M
=IJC;H>I
I
CH=FOMI
OM;H>I
F;
=IH@CAOL;=C‰H
>?
FIM
;HN?LCIL?M
M?LPC=CIM
J?LC@‚LC=IM
>?
F;
#!
OH;
P?T
NL;MJ;M;>;
!H
F;
;>GCHCMNL;=C‰H
J?LC@‚LC=;
I<M?LP;GIM
P;LCIM
GI>?FIM
>C@?L?HN?M
!H
OHIM
=;MIM

F;
;>GCHCMNL;=C‰H
J?LC@‚LC=;
;ONIH‰GC=;
CHN?AL;<;
NI>IM
FIM
M?LPC=CIM
?H
OH;
HC=;
>?F?A;=C‰H
N?LLCNILC;F
L;A‰H

;MNCFF;
S
(?‰H
S
;N;FOˆ;
1H
M?AOH>I
GI>?FI
B;=…;
>?J?H>?L
FIM
M?LPC=CIM
J?LC@‚LC=IM
>?
F;M
L?MJ?=NCP;M
=IHM?D?L…;M
#;FC=C;

H>;FO=…;
S
?H
;FAOHIM
=;MIM

=IGI
?F
,;…M
2;M=I

M?
MO<IL>CH;<;H
FIM
M?LPC=CIM
;
F;M
L?MJ?=NCP;M
>CL?==CIH?M
!=B?<;LL…;

!H
I=;MCIH?M

F;
;>GCHCMNL;=C‰H
J?LC@‚LC=;
B;
MO@LC>I
=;G<CIM

=IGI
F;
=L?;=C‰H
?H
H>;FO=…;
>?
?F?A;>IM
0?LLCNILC;F?M
>?F
#I<C?LHI
ONIH‰GC=I

KO?
M?
MOJ?LJIH?H
;
FIM
L?JL?M?HN;HN?M
M?=NILC;F?M
>?
F;M
=IHM?D?L…;M
?H
=;>;
JLIPCH=C;
=IH
@OH=CIH?M
L?JL?M?HN;NCP;M
S
>?
=IIL>CH;=C‰H
!H
INLIM
=;MIM

;FAOH;M

B;H
OM;>I
INLIM
}G<CNIM
N?LLCNILC;F?M
>C@?L?HN?M
;
F;M
JLIPCH=C;M
J;L;
MOM
M?LPC=CIM
J?LC@‚LC=IM
!H
;N;FOˆ;

JIL
?D?GJFI

M?
=L?‰
F;
>?F?A;=C‰H
N?LLCNILC;F
>?F
#I<C?LHI
?H
F;M
0C?LL;M
>?F
!<LI

;>?G}M
>?
>?F?A;=CIH?M
>?
F;M
>CMNCHN;M
=IHM?D?L…;M
>?
F;
;>GCHCMNL;=C‰H
;ONIH‰GC=;
?H
0ILNIM;

 
7
77,8,/:
>0.?:=
;]-74.:
,@?:9[84.:
49>?=@809?,7
:
,/8494>?=,.4[9

1@9.4:9,7
:=2,94>8:>
,@?[9:8:>
08;=0>,>
;]-74.,>
1@9/,.4:90>
D
.:9>:=.4:>
$;S
OH;
M?LC?
>?
ILA;HCMGIM
S
?HN?M
J<FC=IM

?H
I=;MCIH?M
MIG?NC>IM
;F
>?L?=BI
;>GCHCMNL;NCPI
S
;
P?=?M
;F
>?L?=BI
JLCP;>I

KO?
=IHMNCNOS?
OH
=IGJF?DI
ILA}HC=I
>?
=;L}=N?L
J<FC=I
=;>;
P?T
G;SIL
KO?
M?
B;
=L?;>I
=IH
>CP?LM;M
@OH=CIH?M
;>GCHCMNL;NCP;M

JL?MN;=CIH;F?M
S
>?
M?LPC=CI
J<FC=I
!MN?
=IGJF?DI
M?
=IHI=?
=IGI
M?=NIL
J<FC=I
;ONIH‰GC=I
I
;>GCHCMNL;=C‰H
CHMNLOG?HN;F
I
@OH=CIH;F
/O
=L?=C?HN?
>CG?HMC‰H
S
MO
=IGJF?DC>;>
ILA;HCT;NCP;

;M…
=IGI
MOM
=;L;=N?L…MNC=;M
J?=OFC;L?M
?H
=O;HNI
;
MOM
@OH=CIH?M
I
;ONIHIG…;

B;=?H
KO?
MOM
L;MAIM
HI
M?;H
GOS
<C?H
=IHI=C>IM
/CH
?G<;LAI

F;
JLIAL?MCP;
CGJILN;H=C;
KO?
MOJIH?
MO
J;LNC=CJ;=C‰H
?H
?F
JL?MOJO?MNI
S
F;
JLIJIL=C‰H
>?
?GJF?;>IM
J<FC=IM
KO?
?MN}H
I=OJ;>IM
?H
‚F

B;=?H
>?
?MN?
=IGJF?DI
ILA}HC=I
OH;
J;LN?
@OH>;G?HN;F
>?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
KO?
=IHPC?H?

JIL
N;HNI

?MNO>C;L
=IH
;FAH
>?N;FF?
,IL
JIH?L
OH
?D?GJFI

?H
;N;FOˆ;

?F
J?LMIH;F
;>M=LCNI
;F
M?=NIL
J<FC=I
;ONIH‰GC=I
?H
FIM
JL?MOJO?MNIM
J;L;

;F=;HT;<;
?F

>?F
NIN;F
>?F
J?LMIH;F
MCGCMGI

MC
M?
=IHMC>?L;
?F
JL?MOJO?MNI
>?
A;MNIM

F;M
>CP?LM;M
?HNC>;>?M
>?F
M?=NIL
J<FC=I
;ONIH‰GC=I
?L;H
L?MJIHM;<F?M
>?
F;
?D?=O=C‰H
>?F


>?F
A;MNI
=IHMIFC>;>I
?H
FIM
JL?MOJO?MNIM
J;L;

 IGCHAI
6E
2=

+NLI
?D?GJFI

?H
H>;FO=…;
B;S
S;
G}M
?GJF?;>IM
?H
F;M
?GJL?M;M
J<FC=;M
S
INLIM
?HN?M
=IGI
"OH>;=CIH?M
I
A?H=C;M

KO?
@OH=CIH;LCIM
(;M

B;H
MC>I
P?L>;>?L;M
JLIN;AIHCMN;M
?H
F;
=L?;=C‰H
>?
?MN;M
?HNC>;>?M
(;M
?HNC>;>?M
CHMNLOG?HN;F?M
>?F
M?=NIL
J<FC=I
;ONIH‰GC=I
;=N;H
?H
JIF…NC=;M
J<FC=;M
>?
AL;H
CGJILN;H=C;
?MNL;N‚AC=;

=IGI
FIM
?KOCJ;GC?HNIM
?>O=;NCPIM

M;HCN;LCIM
S
MI=C;F?M

F;M
CH@L;?MNLO=NOL;M
>?
=;LL?N?L;M

BC>L}OFC=;M
S
>?
PCPC?H>;

J;M;H>I
JIL
?F
NOLCMGI

G?>CI
;G<C?HN?
S
?F
@IG?HNI
>?F
>?M;LLIFFI
?GJL?M;LC;F
(;
A?MNC‰H
>?
F;
G;SIL…;
>?
?MNIM
?HN?M
?MN}
MOJ?LPCM;>;
JIL
F;M
>C@?L?HN?M
IHM?D?L…;M
>?
F;M
KO?
>?J?H>?H
M?=NILC;FG?HN?
S
F;M
IHM?D?L…;M
>?
$;=C?H>;
MIH
F;M
L?MJIHM;<F?M
>?
?D?L=?L
OH;
=IIL>CH;=C‰H
>?
MO
;=NCPC>;>
@CH;H=C?L;
S
>?
CHP?LMCIH?M
/CAOC?H>I
;
#;L=‚M


?HNL?
?MN;M
?HNC>;>?M
>?F
M?=NIL
J<FC=I
;ONIH‰GC=I
JO?>?H
>CMNCHAOCLM?
NL?M
AL;H>?M
ALOJIM

;N?H>C?H>I
;
MOM
I<D?NCPIM

@ILG;
>?
L?AOF;=C‰H
S
@CH;H=C;=C‰H
>?
MOM
N;L?;M
W
=
D64E@C
A|3=:4@
25>:?:DEC2E:G@
=IGJL?H>?
FIM
‰LA;HIM

ILA;HCMGIM
;ON‰HIGIM
S
INL;M
?HNC>;>?M
J<FC=;M
KO?
>?M;LLIFF;H
@OH=CIH?M
;>GCHCMNL;NCP;M
?H
M?HNC>I
?MNLC=NI
S
KO?
M?
@CH;H=C;H
A?H‚LC=;G?HN?
=IH
FIM
L?=OLMIM
>?F
MCMN?G;
A?H?L;F
>?
CHAL?MIM
W
=
D64E@C
A|3=:4@
6>AC6D2C:2=
=IGJO?MNI
N;HNI
JIL
?HNC>;>?M
J<FC=;M
?GJL?M;LC;F?M

=IGI
JIL
?HNC>;>?M
>?
?L?=BI
,<FC=I
MOD?N;M
;
>?L?=BI
JLCP;>I
S
MI=C?>;>?M
J<FC=;M

KO?
>?M;LLIFF;H
;=NCPC>;>?M
>?
JLIPCMC‰H
>?
<C?H?M
I
M?LPC=CIM
?H
?F
G?L=;>I
G;SILCN;LC;G?HN?
;
=;G<CI
>?
@CH;H=C;=C‰H
>?
G?L=;>I
;
NL;P‚M
>?
CHAL?MIM
=IG?L=C;F?M
W
=
D64E@C
A|3=:4@
7F?524:@?2=

=IHMNCNOC>I
JIL
@OH>;=CIH?M
J<FC=;M
/C
M?AOCGIM
F;M
=;N?AIL…;M
KO?
M?
ONCFCT;H
?H
FIM
CHP?HN;LCIM
KO?
B;=?H
F;M

>?
FIM
?HN?M
J<FC=IM
>?
MO
M?=NIL
J<FC=I

;J;LN?
>?
F;
;>GCHCMNL;=C‰H
A?H?L;F
>?
F;


KO?
;=N;
=IH
J?LMIH;FC>;>
DOL…>C=;
HC=;
S
?MN}
=IHMNCNOC>;
JIL
‰LA;HIM
D?L}LKOC=;G?HN?
IL>?H;>IM

JI>?GIM
L?@?LCLHIM
;
P;LCIM
NCJIM
>?
?HN?M
;<?
L?=IL>;L
KO?
MO
?MNO>CI
?M
=IGJF?DI
>?<C>I
;
F;M
>C@?L?HN?M
>?HIGCH;=CIH?M
KO?
NC?H?H

KO?
HI
MC?GJL?
=ILL?MJIH>?H
;
MO
?MN;NOM
DOL…>C=I
=IH=L?NI
S
JILKO?
M?
>;H
>C@?L?H=C;M
>?
>?HIGCH;=C‰H
S
=;FC@C=;=C‰H
?HNL?


CH=FOMI
?HNL?
ILA;HCMGIM
;H}FIAIM
L
&C82?:D>@D
FEx?@>@D
5>:?:DEC2E:G@D

=O;H>I
MOM
@OH=CIH?M
S
;=NCPC>;>?M
NC?H?H
=;L}=N?L
;>GCHCMNL;NCPI

?M
>?=CL

MIH
?HN?M
CHMNLOG?HN;F?M
=OS;
@CH;FC>;>
HI
?M
F;
L?;FCT;=C‰H
S
A?MNC‰H
>?
;=NCPC>;>
?=IH‰GC=;

MCHI
F;
JL?MN;=C‰H
>?
M?LPC=CIM
J<FC=IM
;>GCHCMNL;NCPIM
I
?F
=OGJFCGC?HNI
>?
;=NCPC>;>?M
L?AOF;>IL;M

IL>?H;>IL;M
I
=I;=NCP;M
/IH
?D?GJFIM
F;M
A?H=C;M
>?F
AO;
?H
>CP?LM;M


FIM
%HMNCNONIM
>?
>GCHCMNL;=C‰H
,<FC=;

FIM
/?LPC=CIM
L?ACIH;F?M
>?
C?H?MN;L

FIM
%HMNCNONIM
>?
F;
&OP?HNO>

FIM
%HMNCNONIM
>?
F;
)OD?L

FIM
%HMNCNONIM
>?
!MN;>…MNC=;

FIM
/?LPC=CIM
,<FC=IM
>?
!GJF?I

F;M
A?H=C;M
>?
?@?HM;
>?
F;
IGJ?N?H=C;

A?H=C;M
>?
IHMOGI

?N=
L
&C82?:D>@D
FEx?@>@D
4@>6C4:2=6D
:?5FDEC:2=6D
7:?2?4:6C@D
@
2?l=@8@D

MC
F;M
@OH=CIH?M
KO?
>?M;LLIFF;H
M?
>?M?HPO?FP?H
@OH>;G?HN;FG?HN?
?H
?MIM
}G<CNIM
>?
;=NCPC>;>
!MI
CGJFC=;
KO?
MO
@OH=CIH;GC?HNI
L?KOC?L?
OH;
=C?LN;
;=NCPC>;>
A?MNIL;
I
?GJL?M;LC;F
>?
FIM
G?>CIM
S
@IH>IM
H?=?M;LCIM
J;L;
MO
>?M;LLIFFI

JIL
FI
KO?
NC?H?H
OH
L‚ACG?H
JL?MOJO?MN;LCI
S
>?
=IHNLIF
@CH;H=C?LI

>?
=IHNL;N;=C‰H
S
L?F;=CIH?M
J;NLCGIHC;F?M
=IH
N?L=?LIM
S
>?
J?LMIH;F
G}M
@F?RC<F?
,IL
?D?GJFI

FIM
%HMNCNONIM
>?
F;
2CPC?H>;

%HMNCNONIM
>?
?M;LLIFFI
.OL;F

A?H=C;M
>?
?LNC@C=;=C‰H
%HMNCNONIM
>?
/?AOLC>;>
S
/;FO>
(;<IL;F
V
?E6D
'|3=:4@D
?H
?MN;
=;N?AIL…;
M?
CHN?AL;H
F;M
?HNC>;>?M
>?
H;NOL;F?T;
J<FC=;
=IH
J?LMIH;FC>;>
DOL…>C=;
JLIJC;
KO?
HI
M?
=ILL?MJIH>?H
=IH
;FAOH;
>?
F;M
NCJIFIA…;M
 ;HN?LCIL?M
S
KO?
M?
LCA?H
JIL
MO
JLIJC;
HILG;NCP;
;OHKO?
;FAOH;M
?MN‚H
MOD?N;M
;F
IL>?H;GC?HNI
DOL…>C=I
JLCP;>I
J;L;
>?N?LGCH;>IM
;MJ?=NIM
>?
MO
;=NCPC>;>
/?
F?M
>IN;
JIL
N;HNI
>?
G;SIL
;ACFC>;>
S
@F?RC<CFC>;>
J;L;
;>?=O;LM?
;F
GOH>I
?GJL?M;LC;F

HI
MIFI
?H
MOM
L?F;=CIH?M
=IH
N?L=?LIM
MCHI
N;G<C‚H
?H
MO
?M@?L;
CHN?LH;
/IH
?D?GJFIM
;FAOHIM
/?LPC=CIM
>?
/;FO>

FIM
IHM?DIM
O>CIPCMO;F?M

;FAOH;M
A?H=C;M
>?
%HHIP;=C‰H
S
?M;LLIFFI

;FAOH;M
A?H=C;M
,<FC=;M
>?
,O?LNIM

/?LPC=CIM
>?
%H@L;?MNLO=NOL;M

?N=
V
?E:5256D
'|3=:42D
>AC6D2C:2=6D
=;N?AIL…;
OM;>;
MIFI
?H
;FAOH;M

S
?H
;FAOH;M
FF;G;>;M
;A?H=C;M
J<FC=;M
?GJL?M;LC;F?M
MIH
?HNC>;>?M
>?
H;NOL;F?T;
J<FC=;
=IH
J?LMIH;FC>;>
DOL…>C=;
JLIJC;
;
F;M
KO?
M?
F?M
?H=IGC?H>;
F;
L?;FCT;=C‰H
>?
;=NCPC>;>?M
JL?MN;=CIH;F?M

F;
A?MNC‰H
>?
M?LPC=CIM
I
F;
JLI>O==C‰H
>?
<C?H?M
>?
CHN?L‚M
J<FC=I
MOM=?JNC<F?
>?
=IHNL;JL?MN;=C‰H
!H
F;
G;SIL
J;LN?
>?
MOM
;MJ?=NIM
?MN}H
L?AOF;>;M
JIL
?F
>?L?=BI
JLCP;>I
,IL
?D?GJFI

;FAOH;M
A?H=C;M
,<FC=;M
!GJL?M;LC;F?M
>?
.;>CI
S
0?F?PCMC‰H

,O?LNIM
>?
;H;LC;M

;FAOHIM
%HMNCNONIM
>?
?M;LLIFFI
!=IH‰GC=I

=IGI
?F
%HMNCNONI
H>;FOT
>?F
,;NLCGIHCI
$CMN‰LC=I
V
86?4:2D
/IH
?HN?M
>?
H;NOL;F?T;
J<FC=;
=IH
J?LMIH;FC>;>
DOL…>C=;
JLIJC;

@;=OFN;>IM
J;L;
?D?L=?L
JIN?MN;>?M
;>GCHCMNL;NCP;M
S
=L?;>IM
JIL
FIM
AI<C?LHIM
J;L;
?F
=OGJFCGC?HNI
>?
JLIAL;G;M
=ILL?MJIH>C?HN?M
;
F;M
JIF…NC=;M
J<FC=;M
=IH=L?N;M
!H
A?H?L;F

MIH
;H
GOS
?M=;MIM
S
F;
G;SIL…;
>?
FIM
?HN?M
>?HIGCH;>IM
;A?H=C;M
HI
FI
MIH
?H
?MN?
M?HNC>I
?MNLC=NI
/OM
;=NCPC>;>?M
M?
FF?P;H
;
=;<I
=IH
;LL?AFI
;
OH
JF;H
>?
;==C‰H
;HO;F

<;DI
F;
PCA?H=C;
S
>?
;=O?L>I
=IH
?F
J?LNCH?HN?
=IHNL;NI
JFOLC;HO;F
>?
A?MNC‰H

=;L;=N?LCT}H>IM?
;>?G}M
JIL
>CMJIH?L
>?
OH
JL?MOJO?MNI
G}M
@F?RC<F?
,IL
?D?GJFI
F;
A?H=C;
}HN;<L;
>?
IHMOGI
I
F;
86?4:2
2=682
52D
?5FDEC:2D
F=EFC2:D
V
*@4:65256D
>6C42?E:=6D
MIH
?HNC>;>?M
>?
>?L?=BI
JLCP;>I
KO?
M?
LCA?H
…HN?AL;G?HN?
JIL
?F
IL>?H;GC?HNI
DOL…>C=I
JLCP;>I
!MNIM
?HN?M
HI
>CMJIH?H
>?
@;=OFN;>?M
KO?
CGJFCKO?H
?F
?D?L=C=CI
>?
;ONILC>;>
J<FC=;
S
MOM
;=NCPC>;>?M
M?
ILC?HN;H
;
F;
JLI>O==C‰H
>?
<C?H?M
I
JL?MN;=C‰H
>?
M?LPC=CIM
?H
?F
G?L=;>I
>IJN;H
?MN;
@ILG;
?H
GO=B;M


F;M
?GJL?M;M
>?
;?LIJO?LNIM

FIM
M?LPC=CIM
>?
FCGJC?T;

;AO;

;FOG<L;>I

FIM
?HNLIM
>?
0L;HMJILN?M

FIM
)?L=;>IM

,O?LNIM

!GCMIL;M
>?
.;>CI

,;LKO?M
C?HN…@C=IM
S
0?=HIF‰AC=IM

!GJL?M;M
>?
A?MNC‰H
>?
L?MC>OIM

!GJL?M;M
>?
JLIGI=C‰H
NOL…MNC=;

A?H=C;M
>?
PC;D?M

?N=
V
@?D@C4:@D
MIH
?HNC>;>?M
=IH
J?LMIH;FC>;>
DOL…>C=;
JLIJC;
=OS;
@CH;FC>;>
JLCH=CJ;F
?M
F;
L?;FCT;=C‰H
>?
;=NCPC>;>?M
I
JL?MN;=C‰H
>?
M?LPC=CIM
>?
@ILG;
;MI=C;NCP;
JIL
J;LN?
>?
F;M
?HNC>;>?M
=IHMIL=C;>;M

I
<C?H
F;
=IF;<IL;=C‰H
?HNL?
?FF;M
MI<L?
;MOHNIM
>?
CHN?L‚M
=IGH
/IH
F;M
?HNC>;>?M
G}M
HOG?LIM;M
;=NO;FG?HN?
DOHNI
=IH
F;M
"OH>;=CIH?M
S
F;M
/I=C?>;>?M
)?L=;HNCF?M
/IH
?D?GJFIM
FIM
IHMIL=CIM
>?
<C<FCIN?=;M
?H
;FAOH;M


FIM
IHMIL=CIM
>?
0L;HMJILN?
)?NLIJIFCN;HI

FIM
,;LKO?M
>?
F;M
C?H=C;M

FIM
IHMIL=CIM
>?
JLIN?==C‰H
>?
?MJ;=CIM
H;NOL;F?M

IHMIL=CIM
>?
"ILG;=C‰H
IHNCHO;

IHMIL=CIM
OL<;H…MNC=IM

IHMIL=CIM
>?
<;MN?=CGC?HNI
>?
AO;M

;FAOHIM
)OM?IM
>?
LN?
)I>?LHI

?N=
F?524:@?6D
M?
NL;N;
>?
ILA;HCT;=CIH?M
>?
>?L?=BI
JLCP;>I
=IHMNCNOC>;M
MCH
}HCGI
>?
FO=LI
KO?
JIL
PIFOHN;>
>?
MOM
=L?;>IL?M
>?MNCH;H
MO
J;NLCGIHCI
;
F;
L?;FCT;=C‰H
>?
@CH?M
>?
CHN?L‚M
A?H?L;F
/IH
?D?GJFIM

F;
"OH>;=C‰H
?HNLI
>?
!MNO>CIM
H>;FO=?M

"OH>;=CIH?M
J;L;
?F
?JILN?

"OH>;=CIH?M
?HNLIM
0?=HIF‰AC=IM

"OH>;=CIH?M
>?
"IH>I
>?
"ILG;=C‰H
S
!GJF?I

"OH>;=CIH?M
>?
%HP?MNCA;=C‰H
>?
$IMJCN;F?M
OHCP?LMCN;LCIM

?N=
$%.$

C<9B17a;
239
7;C3;A/?7<
23
3;A3@
=<?
<:B;72/2
BAa;<:/
 
*/?7/17a;
/0@<9BA/ */?7/17a;
/0@<9BA/
   */?7/17a;
?39/A7C/
   
   

D:7BK9s7       

H7=vD      

IJKH?7I       

7B;7H;I      

7D7H?7I       

7DJ78H?7       

7IJ?BB7
O
&;v       


&7
'7D9>7       

7J7BKu7      

NJH;C7:KH7      

!7B?9?7       

'7:H?:      

'KH9?7      

(7L7HH7      

,?E@7       

07B;D9?7       


:;
;KJ7    


:;
';B?BB7      

07H?EI      

.EJ7B         

"O?HN?
!F;<IL;=C‰H
JLIJC;
=IH
>;NIM
>?F
)CHCMN?LCI
>?
!=IHIG…;
S
$;=C?H>;

%HP?HN;LCI
>?
!HN?M
>?J?H>C?HN?M
>?
F;M
IGOHC>;>?M
ON‰HIG;M

CL?==C‰H
#?H?L;F
>?
IIL>CH;=C‰H
"CH;H=C?L;
=IH
F;M

S
=IH
F;M
!!((
IHMOFN;>I
?H
DOFCI
>?



FI
F;LAI
>?
FIM
;ˆIM

F;
=C@L;
G}RCG;
>?
?MN?
NCJI
>?
?HN?M
?H
F;M

FF?A‰
;
MOJ?L;L
FIM

?H

FAOHIM
;ONIL?M
=IHMC>?L;LIH
?HNIH=?M
KO?
MO
JLIFC@?L;=C‰H
?L;
?R=?MCP;
S
FF?P‰
;
B;<F;LM?
>?
GCNIMCM
CHMNCNO=CIH;F
"?LH}H>?T
(F?L;



J;LNCL
>?

=IG?HT‰
;
>?M=?H>?L
!H

MOJ?L;<;
NI>;P…;
FIM

J?LI
?H
>C=C?G<L?
>?

M?
B;<…;
L?>O=C>I
;

MCH
=IHN;<CFCT;L
F;M
>?F
,;…M
2;M=I
(;M
@OH>;=CIH?M

FIM
=IHMIL=CIM
S
F;M
MI=C?>;>?M
G?L=;HNCF?M
MIH
FIM
NCJIM
>?
?HN?M
G}M
@L?=O?HN?M
?H
=;>;
OH;
>?
F;M

!H
?F
NIN;F
>?
NI>;M
?FF;M
;F=;HT;
F;
=C@L;
>?



G}M
KO?
?H

J?LI

G?HIM
KO?
?H


;ˆI
?H
KO?
@O?LIH
G}M
HOG?LIM;M
>?G}M

?MNIM
?HN?M
M?
>?>C=;H
;
F;M
G}M
P;LC;>;M
;=NCPC>;>?M
S
>?MJFC?A;H
MO
;=NCPC>;>
?H
FIM
NL?M
M?=NIL?M
?=IH‰GC=IM
"CH;FG?HN?

?RCMN?H
CGJILN;HN?M
P;LC;=CIH?M
?HNL?


N;HNI
?H
?F
HG?LI
>?
?HN?M
=IGI
?H
?F
?M@O?LTI
KO?
B;H
L?;FCT;>I
J;L;
L?>O=CLFIM
P‚;M?
F;
0;<F;

 /C
<C?H
?M
=C?LNI
KO?
F;
=L?;=C‰H
>?
;FAOH;M
?GJL?M;M
J<FC=;M
I
F;
J;LNC=CJ;=C‰H
?H
?FF;M
?MN}
DOMNC@C=;>;
?H
F;
J?LM?=O=C‰H
>?
OH
UCHN?L‚M
A?H?L;FX

=IGI

JIL
?D?GJFI

?H
?F
=;MI
>?
FIM
M?LPC=CIM
>?
FCGJC?T;

;AO;

;FOG<L;>I

NL;HMJILN?

F;
JLIGI=C‰H
>?
?GJL?M;M

?F
NOLCMGI
?H
F;
L?AC‰H

?N=

M?AH
#‰G?T
AOMN…H


?RCMN?H
=IGJ;ˆ…;M
?H
NI>;M
F;M


=IH
AI<C?LHIM
>?
NI>IM
FIM
J;LNC>IM
JIF…NC=IM

=OSI
I<D?NI
MI=C;F
L?MOFN;
=O?MNCIH;<F?
S
?H
FIM
=O;F?M
?M
CGJIMC<F?
>?N?=N;L
;
KO‚
CHN?L‚M
J<FC=I
MCLP?H
!H
GO=BIM
=;MIM
M?
B;
I<M?LP;>I
KO?
F;
=L?;=C‰H
>?
MI=C?>;>?M
G?L=;HNCF?M
I
?GJL?M;M
J<FC=;M
JIL
J;LN?
>?
F;M

M?
B;
ONCFCT;>I
>?
G;H?L;
MCMN?G}NC=;
J;L;
?M=;J;L
;
FIM
F…GCN?M
>?
?H>?O>;GC?HNI
KO?
NC?H?H
CGJO?MNIM
JIL
F;
F?ACMF;=C‰H
>?
?MN;<CFC>;>
JL?MOJO?MN;LC;
)}M
>?F

>?
F;M
?HNC>;>?M
CHMNLOG?HN;F?M
NIN;F?M
?H
?F
!MN;>I

F;
GCN;>
>?
F;
=O;F?M
MIH
;ONIH‰GC=;M

M?
MCN;H
@O?L;
>?F
UJ?L…G?NLI
>?
F;
=IHMIFC>;=C‰HX
!H
INL;M
J;F;<L;M

MO
?H>?O>;GC?HNI
HI
=IGJON;
DOHNI
=IH
?F
>?
F;M

;
?@?=NIM
>?F
=OGJFCGC?HNI
>?
FIM
I<D?NCPIM
>?
>?O>;
S
>‚@C=CN
"?LH}H>?T
(F?L;


(;
0;<F;


<;M;>;
?H
?F
?MNO>CI
>?
?MN;
;ONIL;

GO?MNL;
;FAOH;M
>?
F;M
;=NCPC>;>?M
?GJL?M;LC;F?M
KO?
L?;FCT;<;H
B;=?
;FAOHIM
;ˆIM
F;M

S
MOM
L?MOFN;>IM
@CH;H=C?LIM

S
JIH?
>?
G;HC@C?MNI
FI
>O>IMI
>?
MO
H?=?MC>;>
J;L;
?F
CHN?L‚M
A?H?L;F
 $%.$

83:=9<@
23
3:=?3@/@
=c0971/@
23
2B2<@/
BA7972/2
=c0971/
&3@B9A/2<
<:B;72/2
"<:0?3
23
9/
3:=?3@/
$?<=732/2
=c0971/
3;
 #083A<
'<17/9 7;/;173?<

BAa;<:/
3;
3B?<@

  
D:7BK9s7 -7DJ7D7
'EJEH
- 

$KDJ7
:;
D:7BK9s7 EDIJHK99?vD
:;
7KJECvL?B;I yBJ?CE
:7J




&7
9K9>?BB;Hs7
:;
.7H7CKD:?
- 

-E9?;:7:
,;=?ED7B
:;
78H?979?vD
:;
7HJs9KBEI
:;
<;HH;J;Hs7
IJKH?7I *HECE9?vD
:;B
*H?D9?F7:E
:;
IJKH?7I
 
OKDJ7C?;DJE
:; (E
:?IFED?8B;
O
9;HH7@;Hs7
.7H7CKD:?

 
-79H?<?9?E
:;
=7D7:E
FH;F7H79?vD
O
7B;7H;I $30
..$
- 

ECKD?:7:
KJvDEC7
:;
7B;7H;I yBJ?CE
:7J
9EDI;HL79?vD
:;
97HD;




'EDKC;DJ7B
'EDJ7u7
.?D:7O7
- 

ECKD?:7:
:; *HECE9?ED;I
ECFH7L;DJ7
:;  
yBJ?CE

7D7H?7I
7D7H?7I CK;8B;I
E8@;JEI
:;
:;9EH79?vD :7J




 
!H7D
7I?DE
:;B
-7H:?D;HE

?FKJ79?vD
,;=?ED7B
:; $K;=EI
:;
7P7H
O
;NFBEJ79?vD
7DJ78H?7 yBJ?CE
:7J
7DJ78H?7

OKDJ7C?;DJE
:;
-7DJ7D:;H >EIJ;B;H7




EC;H9?E
7B
FEH
C;DEH
:;
7HJs9KBEI

7IJ?BB7
O 0+7(34+5$5+4
$.$/$05+0$((3&$564
- , &

$KDJ7
:;
EC  
yBJ?CE
:;
F7F;B;Hs7
;I9H?JEH?E
:?8K@E
O
&;vD :;
7IJ?BB7
O
&;vD :7J



8;BB7I
7HJ;I

7IJ?BB7&7 ED
+K?@EJ;
:;
EDC;CEH79?ED;I
KBJKH7B;I
:;
&'
- 

:?9?vD
:;
B?8HEI   
'7D9>7 
$KDJ7
:;
ECKD?:7:;I
:;
7IJ?BB7
&7
'7D9>7

7J7BKu7 !+$5*(4
'(
605$08$
- 

!;D;H7B?J7J
:;
7J7BKu7 =;D9?7
:;
L?7@;I  

ECKD?:7: ,;I?:KEI
?D:KIJH?7B;I
:;
C7:;H7
O
7<?D;I
- 


,;9KF;H79?vD
:;
FHE:K9JEI   
07B;D9?7D7 !;D;H7B?J7J
07B;D9?7D7

(7L7HH7 -7B
:ECqIJ?97
- 

ECKD?:7:
EH7B
:;
(7L7HH7 *HE:K99?vD
:;
I7B
9ECyD   

"O?HN?
#‰G?T
AOMN…H


(;M
N?F?PCMCIH?M
;ONIH‰GC=;M
M?
DOMNC@C=;H
B;<CNO;FG?HN?
=IGI
OH
G?=;HCMGI
J;L;
>C@OH>CL
F;M
HINC=C;M
?MJ?=…@C=;M
>?F
N?LLCNILCI
S
=IGI
P?B…=OFI
>?
F;
F?HAO;
S
F;
=OFNOL;
JLIJC;M
>?
=;>;

/CH
?G<;LAI

N;G<C‚H
B;H
MC>I
=LCNC=;>;M
?H
GO=BIM
=;MIM
JIL
MOM
=O;HNCIM;M
J‚L>C>;M
?H
N‚LGCHIM
?=IH‰GC=IM
S
JIL
MO
JIFCNCT;=C‰H
S
=IGJ?N?H=C;
>?MF?;F
=IH
F;M
?GJL?M;M
>?
L;>CIN?F?PCMC‰H
JLCP;>;
S;
KO?

;OHKO?
MO
G;SIL
@O?HN?
>?
CHAL?MIM
JLI=?>?
>?
MO<P?H=CIH?M
>?
FIM
JL?MOJO?MNIM
>?
MOM
L?MJ?=NCP;M


M?
@CH;H=C;H
N;G<C‚H
G?>C;HN?
F;
JO<FC=C>;>
?H
OH

(;
0;<F;

GO?MNL;
FIM
?HN?M
?GJL?M;LC;F?M
KO?
=IGJIH?H
FI
KO?
JI>L…;
FF;G;LM?
?F
M?=NIL
J<FC=I
;O>CIPCMO;F
;ONIH‰GC=I
$%.$

'31A<?
=c0971<
/B27<C7@B/9
/BA<;a:71<

;A3 /;/93@
E
3:7@<?/@

7D7B
-KH
.;B;L?I?vD

:;
<;8H;HE
:;

J;B;L?I?vD

J;HH;IJH;

7D7B
-KH


:;
@KD?E
:;

J;B;L?I?vD
J;HH;IJH;

D:7BK9s7
.;B;L?I?vD
<;8H;HE
:;

I7JqB?J;
=;D9?7
*y8B?97
CFH;I7H?7B
:;
B7
,7:?E
O
.;B;L?I?vD
:;
D:7BK9s7 7D7B
-KH
,7:?E
yBJ?C7I
I;C7D7I
:;


7D7B
?;IJ7
,7:?E

,7:?E
D:7BK9s7
#D<EHC79?vD
GK;
D79?v
;B

:;

 ,7:?E
D:7BK9s7
#D<EHC79?vD
GK;
D79?v
;B

:;
I;FJ?;C8H;
:;


.0
I;FJ?;C8H;
:;


-KF;HNB
E9JK8H;
:;


7D7B

I;FJ?;C8H;
:;B


7D7B


I;FJ?;C8H;
:;


EHFEH79?v
7J7B7D7
:;
'?J@7DI
K:?EL?IK7BI .0"
IKIJ?JKO;
7
7D7B

DEL?;C8H;
:;


.;B;L?I?v
:;
7J7BKDO7
;I
B7
;CFH;I7
:;
B7
'
GK;
=;IJ?ED7
BEI
97D7B;I
:;
J;B;L?I?vD .0.
@KD?E
:;

7J7BKDO7
,7:?E
;I
B7
;CFH;I7
:;
B7
'
GK;
=;IJ?ED7
B7I
;C?IEH7I
:;
H7:?E IFEHJI
..

$5$.608$
J'+1
;CF;Pv
7
;C?J?H
;D
@KD?E
:;


7J7BKDO7
#D<EHC79?v

7J7BKDO7
'yI?97

#7J<C

.L7D7H?7

DJ;
*y8B?9E
,7:?EJ;B;L?I?vD
7D7H?7 JL7D7H?7

7D7H?7IH7:?E

.

.

.

.
-.
KIA7:?
.0

7D7B
07I9E
CqH?97
KIA7B#HH7J?
.;B;8?IJ7
KIA7:?
#HH7J?7

,7:?E
KIA7:?

,7:?E
0?JEH?7

KIA7:?
!7PJ;7

+5%64+-7

.;B;L?I?vD
:;
!7B?9?7

!.0
C;H?97
ECF7us7
:;
B7
,7:?E
.;B;L?I?vD
:;
!7B?9?7
!.0
KHEF7

,7:?E
!7B;=7

,7:?E
!7B;=7
'yI?97

7D7B16

16
EI

7D7B
16
>
DJ?:7:
*y8B?97
,7:?EJ;B;L?I?vD
07B;D9?7D7
7D7B
16
#DJ;HD79?ED7B

,7:?E
(EK

-?
,7:?E

.;B;C7:H?:
 &7
)JH7
DJ;
*y8B?9E
,7:?E
.;B;L?I?vD
'7:H?:
.;B;C7:H?:
-.

)D:7
'7:H?:

7IJ?BB7
&7
'7D9>7
.;B;L?I?vD
DJ;
*y8B?9E
,7:?EJ;B;L?I?vD
7IJ?BB7&7
'7D9>7
,7:?E
7IJ?BB7&7
'7D9>7


,;=?vD
:;
'KH9?7
,7:?EJ;B;L?I?vD
:;
B7
,;=?vD
:;
'KH9?7
)D:7
,;=?ED7B
:;
'KH9?7

H7=vD
.;B;L?I?vD
EHFEH79?vD
H7=ED;I7
:;
,7:?E
O
.;B;L?I?vD
H7=vD
,7:?E

.;B;L?I?vD
:;B
*H?D9?F7:E
:;
IJKH?7I
.*

DJ;
*y8B?9E
:;
ECKD?979?vD
:;B
*H?D9?F7:E
:;
IJKH?7I .*
-7JqB?J;

,7:?E
:;B
*H?D9?F7:E
:;
IJKH?7I
,*

#
(.(7+4+O
DI*y8B?9
:;
,7:?EJ;B;L?I?v
:;
B;I
#BB;I
7B;7HI
#
J'+1
"O?HN?
!F;<IL;=C‰H
JLIJC;
=IH
CH@ILG;=C‰H
>?
FIM
JILN;F?M
>?
FIM
=;H;F?M


!H
?F
MCAOC?HN?
;J;LN;>I
M?
;<IL>;H
;FAOH;M
>?
F;M
=;OM;M
>?
?MN;
JLIFC@?L;=C‰H
>?
?HN?M
CHMNLOG?HN;F?M
JIL
J;LN?
>?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M



/CA/A
G
1=<A31C3<17/A
23:
23A/@@=::=
23
C</
/2;7<7AB@/17b<
7<AB@C;3<B/:
23
:/A

(;
JLIFC@?L;=C‰H
>?
FIM
?HN?M
CHMNLOG?HN;F?M
S
MO
M?ˆ;F;>;
CGJILN;H=C;
?H
N‚LGCHIM
@OH=CIH;F?M

JL?MOJO?MN;LCIM
S
>?
J?LMIH;F
?M
OH
@?H‰G?HI
KO?
L?MJIH>?
;
P;LCIM
@;=NIL?M
?MNLO=NOL;F?M
,IH?H
>?
G;HC@C?MNI
OH
AL;H
=;G<CI
?H
F;
;=NCPC>;>
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M

KO?
?H
HO?MNLI
J;…M
MIH
F;M
?H=;LA;>;M
>?
F;
G;SIL…;
>?
FIM
M?LPC=CIM
J<FC=IM
S
F;M
JIF…NC=;M
L?AOF;>IL;M
FAOHIM
;H;FCMN;M
S
FIM
G?>CIM
>?
=IGOHC=;=C‰H
B;H
>?MN;=;>I
MI<L?
NI>I
F;
P?LNC?HN?
G}M
H?A;NCP;
S
FF;G;NCP;
>?
?MN?
@?H‰G?HI
JIL
FI
KO?
CGJFC=;
?H
N‚LGCHIM
>?
=IGJF?DC>;>

>?MIL>?H
S
A;MNI
JI=I
NL;HMJ;L?HN?
1H
;H}FCMCM
G}M
=IGJF?NI
>?<?
>?N?H?LM?
?H
?HN?H>?L
MC
?MN?
@?H‰G?HI
>?
>?M=?HNL;FCT;=C‰H
@OH=CIH;F
L?MJIH>?
;
=;G<CIM
>?
F;LAI
;F=;H=?
?H
F;
MI=C?>;>

?H
FIM
GI>IM
>?
A?MNC‰H
;>GCHCMNL;NCP;
S
?H
F;M
>?G;H>;M
>?
F;
;JFC=;=C‰H
>?
GO=B;M
JIF…NC=;M
J<FC=;M
?D?L=C>;M
?H
=IF;<IL;=C‰H
=IH
ALOJIM
MI=C;F?M
S
INLIM
AI<C?LHIM
2;LCIM
?RJ?LNIM
B;H
I@L?=C>I
>CP?LM;M
L;TIH?M
KO?
JI>L…;H
?RJFC=;L
?MN;
N?H>?H=C;
>?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
;
?RJ;H>CL
?F
OMI
>?
F;M
?HNC>;>?M
CHMNLOG?HN;F?M
?H
>C@?L?HN?M
@ILG;M
)O=B;M
>?
?FF;M
NC?H?H
KO?
P?L
=IH
N?H>?H=C;M
?MNLO=NOL;F?M
;
F;
>?M=?HNL;FCT;=C‰H
N?LLCNILC;F
S
@OH=CIH;F
?H
F;
A?MNC‰H
>?
M?LPC=CIM
J<FC=IM
+NL;M
?MN}H
G}M
L?F;=CIH;>;M
=IH
F;M
JIMC<F?M
G?DIL;M
>?
?@C=;=C;
S
?@C=C?H=C;
KO?
M?
I<NC?H?H
>?
F;
>?M=?HNL;FCT;=C‰H
>?
@OH=CIH?M
;HN?LCILG?HN?
L?;FCT;>;M
JIL
F;
;>GCHCMNL;=C‰H
NL;>C=CIH;F
S
=IH
?MNL;N?AC;M
>?
BOC>;
>?
F;M
LCAC>?=?M
JLIJC;M
>?
FIM
MCMN?G;M
<OLI=L}NC=IM
>?
L‚ACG?H
DOL…>C=I
S
>?
J?LMIH;F
S
>?
A?MNC‰H
;>GCHCMNL;NCP;
I
>?
=IHNLIF
>?F
A;MNI
/C
I<M?LP;GIM
;FAOHIM
>?
FIM
@;=NIL?M
>?
F;LAI
;F=;H=?

JI>?GIM
M?ˆ;F;L
 IGCHAI
6E
2=

 #2
56D46?EC2=:K24:x?
E6CC:E@C:2=
F;
;MOH=C‰H
>?
HO?P;M
=IGJ?N?H=C;M
JIL
J;LN?
>?
F;M

B;<L…;
=IHNLC<OC>I
;
?MN;
?RJ;HMC‰H

<C?H
JIL
?F
NL;MJ;MI
>?
;FAOH;M
?HNC>;>?M
=IGI
JIL
F;
=L?;=C‰H
>?
HO?P;M
?HNC>;>?M
=IGI
G?=;HCMGI
>?
=IF;<IL;=C‰H
=IH
F;
#!
#2
?646D:525
J
4@?G6?:6?4:2
56
4@=23@C2C
4@?
@EC2D
25>:?:DEC24:@?6D
J
@
286?E6D
AC:G25@D
FIM
=IHMIL=CIM
S
F;M
@OH>;=CIH?M
=IH
?F
@CH
>?
=IF;<IL;L
=IH
INL;M
;>GCHCMNL;=CIH?M
S I
;A?HN?M
JLCP;>IM
=IH
I<D?NCPIM
=IGOH?M

MIH
F;M
@ILG;M
DOL…>C=;M
KO?
G}M
B;H
JLIFC@?L;>I
/?
B;H
DOMNC@C=;>I
JIL
F;
H?=?MC>;>
>?
IJ?L;L
?H
>?N?LGCH;>IM
}G<CNIM
N?LLCNILC;F?M
G}M
;FF}
>?
F;
;=NO;=C‰H
<}MC=;
>?F
M?=NIL
J<FC=I
I
JIL
?F
I<D?NCPI
>?
CH=?HNCP;L
F;
@CH;H=C;=C‰H
JLCP;>;
?H
>?N?LGCH;>;M
;=NCPC>;>?M
=IH
@CH?M
MI=C;F?M
I
?H
;=NCPC>;>?M
L?F;=CIH;>;M
=IH
F;
=OFNOL;
S
F;
CHP?MNCA;=C‰H
&EC@D
724E@C6D
4@>@
6=
' 
A6C
4lA:E2
@
6=
8C25@
56
E6C4:2C:K24:x?
56
=2
64@?@>t2
C68:@?2=
CH@FOS?H
N;G<C‚H
?H
F;
=L?;=C‰H
>?
?HNC>;>?M
(;M

=IH
G;SIL
L?HN;
JL?M?HN;H
G;SIL?M
HCP?F?M
>?
JL?MN;=CIH?M

FI
KO?
CGJFC=;
OH
G;SIL
HG?LI
>?
?HNC>;>?M
J<FC=;M
,IL
FI
KO?
L?MJ?=N;
;
F;M
?MNL;N?AC;M
>?
BOC>;
>?
F;M
LCAC>?=?M
>?
F;
A?MNC‰H
;>GCHCMNL;NCP;
NL;>C=CIH;F

M?
B;
G?H=CIH;>I
#;L=‚M

#2
9F:52
56=
56C649@
25>:?:DEC2E:G@
?H
GO=B;M
I=;MCIH?M

M?
B;
L?=OLLC>I
;
F;
>?M=?HNL;FCT;=C‰H
@OH=CIH;F
I
=L?;=C‰H
>?
?HN?M
CHMNLOG?HN;F?M

HI
N;HNI
J;L;
G?DIL;L
F;
?@C=C?H=C;
>?
F;
;=NCPC>;>
J<FC=;
MCHI
J;L;
UBOCLX
>?F
>?L?=BI
;>GCHCMNL;NCPI
S
>?F
=IHNLIF
JL?PCI

FI
KO?
?M
=C?LNI
KO?
JO?>?
JLIJIL=CIH;L
G;SIL
@F?RC<CFC>;>
S
IJ?L;NCPC>;>
!MN;
BOC>;
M?
B;
G;HC@?MN;>I
;F
G?HIM
?H
>IM
}G<CNIM
W
(;
=IHN;<CFC>;>
H;=CIH;F
S
?F
L‚ACG?H
JL?MOJO?MN;LCI
S
>?
?H>?O>;GC?HNI
(;
H?=?MC>;>
>?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
>?
=IHNCHO;L
=IH
MOM
HCP?F?M
>?
CHP?LMC‰H
J<FC=;

JIL
?D?GJFI
?H
CH@L;?MNLO=NOL;M

;
J?M;L
>?
F;M
>?=CMCIH?M
?H
G;N?LC;
>?
>CM=CJFCH;
JL?MOJO?MN;LC;
S
?H>?O>;GC?HNI
B;
=IH>O=C>I
?H
GO=B;M
I=;MCIH?M
;
F;
=L?;=C‰H
>?
?HNC>;>?M
KO?
;=N;H
?H
?F
M?=NIL
?GJL?M;LC;F
S
JO?>?H
I<N?H?L
@CH;H=C;=C‰H
?H
FIM
G?L=;>IM
<;DI
@‰LGOF;M
KO?
HI
=IGJON;H
=IGI
>‚@C=CN
J<FC=I
(;M
L?AF;M
CGJO?MN;M
JIL
F;
1!
S
OH;
HILG;NCP;
G}M
?MNLC=N;
KO?
L?AOF;
FIM
;MJ?=NIM
>?
?MN;<CFC>;>
JL?MOJO?MN;LC;
S
F;
CH=FOMC‰H
>?
F;M
?HNC>;>?M
?H
FIM
JL?MOJO?MNIM
;ONIH‰GC=IM
B;H
C>I
L?>O=C?H>I
?MN;
GINCP;=C‰H
?H
F;
=L?;=C‰H
>?
?HNC>;>?M

;OHKO?
B;
MC>I
GOS
CGJILN;HN?
>OL;HN?
GO=BIM
;ˆIM
!H
;FAOHIM
=;MIM

F;M
;>GCHCMNL;=CIH?M
J<FC=;M
B;H
;MOGC>I
F;
>?O>;
>?
;FAOH;M
?HNC>;>?M
J<FC=;M
J;L;
G?DIL;L
MO
A?MNC‰H
@CH;H=C?L;
W
(;
=IHNL;N;=C‰H
;>GCHCMNL;NCP;
J<FC=;
I
F;
M?F?==C‰H
>?
J?LMIH;F
(;M
MI=C?>;>?M
G?L=;HNCF?M

?HNC>;>?M
J<FC=;M
?GJL?M;LC;F?M

;A?H=C;M
I
@OH>;=CIH?M
B;H
KO?>;>I
@O?L;
>?
F;M
HILG;M
J<FC=;M
>?
M?F?==C‰H
>?
J?LMIH;F
S
@ILG;FCT;=C‰H
>?
FIM
=IHNL;NIM

AIT;H>I
>?
OH
GI>?FI
G}M
@F?RC<F?
>?
=IHNL;N;=C‰H
S
OH;M
=IH>C=CIH?M
>?
>?N?LGCH;=C‰H
>?
F;M
L?NLC<O=CIH?M
G}M
P?HN;DIM;M
KO?
?H
?F
GI>?FI
<OLI=L}NC=I
NL;>C=CIH;F
0;G<C‚H
?M
=C?LNI

MCH
?G<;LAI

KO?
MO=?MCP;M
M?HN?H=C;M
>?F
0LC<OH;F
>?
&OMNC=C;
>?
F;M
IGOHC>;>?M
!OLIJ?;M
B;H
JLIPI=;>I
OH
JLI=?MI
>?
L?;<MIL=C‰H
>?F
L‚ACG?H
DOL…>C=I
;JFC=;<F?
;
GO=BIM
=IHNL;NIM
J<FC=IM
!H
=O;FKOC?L
=;MI

MC
<C?H
M?
B;H
>?N?=N;>I
=C?LN;M
J;NIFIA…;M
?H
FI
KO?
;FAOHIM
B;H
>?@CHC>I
=IGI
BCJ?LNLI@C;
>?F
M?=NIL
CHMNLOG?HN;F
;ONIH‰GC=I

S
KO?
M?
;<IL>;H
G}M
;<;DI
?H
?MN?
=;J…NOFI

JI>L…;
;@CLG;LM?
KO?
F;
G;SIL
@F?RC<CFC>;>
?H
FIM
;MJ?=NIM
M?ˆ;F;>IM
B;
J?LGCNC>I
@ILG;M
>?
A?MNC‰H
?H
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
G}M
;>;JN;>;M
;
F;M
HO?P;M
H?=?MC>;>?M
MI=C;F?M



,
,/8494>?=,.4[9
.:9>@7?4A,
D
80/4,7
.:9>05:>
.:9>@7?4A:>
D
:?=:>
[=2,9:>
/0
2,=,9?Y,
D
.:9?=:7
0C?0=9:
(;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M

B;H
>?M;LLIFF;>I
OH;
M?LC?
>?
CHMNCNO=CIH?M
KO?
JI>L…;GIM
>?HIGCH;L
>?
=;L}=N?L
=IHMOFNCPI
I
>?
=IHNLIF
?RN?LHI
S
KO?
MIH
?F
=ILL?F;NI
H;NOL;F
>?
F;
;=NCPC>;>
;>GCHCMNL;NCP;
>?
L?AOF;=C‰H
S
JL?MN;=C‰H
>?
M?LPC=CIM
S
JIM??H
;NLC<O=CIH?M
;ORCFC;L?M
I
=IGJF?G?HN;LC;M
;
F;
F;<IL
>?
AI<C?LHIM
S
J;LF;G?HNIM
/IH

JIL
?D?GJFI

FIM
=IHM?DIM
=IHMOFNCPIM

F;M
I@C=CH;M
I
CHMNCNO=CIH?M
>?
FIM
?@?HMIL?M
>?F
,O?<FI

F;M
}G;L;M
>?
O?HN;M
S
FIM
IHM?DIM
!=IH‰GC=IM
S
/I=C;F?M
MCGCMGI

?H
F;
FNCG;
IF?;>;
>?
L?@ILG;M
?MN;NON;LC;M

M?
B;H
L?=IHI=C>I
?H
FIM
HO?PIM
?MN;NONIM
>IM
HO?PIM
NCJIM
>?
‰LA;HIM
FIM
IHM?DIM
>?
FI
O>CIPCMO;F
S
FIM
IHM?DIM
>?
&OMNC=C;
!MN;M
CHMNCNO=CIH?M
@O?LIH
=L?;>;M
;HN?M
>?
F;
=LCMCM
?H
=;MC
NI>;M
F;M

?H
FIM
FNCGIM
;ˆIM

?H
;FAOHIM
=;MIM
N;G<C‚H
CH=ILJIL;>;M
;
FIM
L?MJ?=NCPIM
?MN;NONIM
>?
;ONIHIG…;

;OHKO?
?H
F;
G;SIL…;
>?
FIM
=;MIM
FIM
J;LF;G?HNIM
;ONIH‰GC=IM
NC?H?
OH
;GJF…I
G;LA?H
J;L;
=L?;LFIM
IH
?F
CHC=CI
>?
F;
=LCMCM

F;
MOJL?MC‰H
>?
?MN;M
CHMNCNO=CIH?M
;ONIH‰GC=;M
NLC<OH;F?M
>?
=O?HN;M

=IHM?DIM
=IHMOFNCPIM

>?@?HMIL?M
>?F
JO?<FI
S
=IHM?DIM
?=IH‰GC=IM
S
MI=C;F?M
?L;
OH;
G?>C>;
CH=FOC>;
?H
F;
IGCMC‰H
J;L;
F;
.?@ILG;
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M
+.
/CH
?G<;LAI

M;FPI
?H
;MNCFF;
(;
);H=B;

KO?
MOJLCGC‰
MO
/CH>C=;NOL;
>?
O?HN;M

;MNCFF;
(;
);H=B;

?F
?@?HMIL
>?F
,O?<FI

?F
IHM?DI
!=IH‰GC=I
S
/I=C;F
S
MO
IGCMC‰H
>?
F;
IGJ?N?H=C;

S
?H
;FAOH;M
INL;M


?H
?F
L?MNI
>?
F;M
;>GCHCMNL;=CIH?M
?MNIM
‰LA;HIM
B;H
=IHNCHO;>I
?RCMNC?H>I

;
P?=?M
=IH
;FAOHIM
=;G<CIM
?H
MO
L?AOF;=C‰H
(;M
}G;L;M
>?
O?HN;M

=IH
MOM
>C@?L?HN?M
>?HIGCH;=CIH?M
L?;FCT;H
OH;
F;<IL
>?
=IHNLIF
?H
G;N?LC;
>?
L?AOF;LC>;>
=IHN;<F?@CH;H=C?L;
S
F?A;FC>;>
J?LI
=;L?=?H
>?
OH
JI>?L
M;H=CIH;>IL
MCAHC@C=;NCPI
JIL
FI
KO?
MO
JI>?L
@CM=;FCT;>IL
?M
?RCAOI
HN?M
>?
F;
=LCMCM

GO=BIM
>?
?MNIM
‰LA;HIM
B;<…;H
;GJFC;>I
MOM
@OH=CIH?M
I=OJ}H>IM?
>?
JO<FC=;L
CH@ILG;=C‰H
L?@?LC>;
N;G<C‚H
;
F;
=;FC>;>
>?
F;
A?MNC‰H
J<FC=;
(;
0;<F;

JL?M?HN;
FIM
‰LA;HIM
>?
=IHNLIF
?RCMN?HN?M
S
MO
@?=B;
>?
=L?;=C‰H
$%.$

X?5/;<@
23
1<;A?<9
3DA3?;<
/BA<;a:71<@
X?5/;<@ `<
23
1<;@A7AB17a;

nC7H7
:;
ECFJEI
:;
(7L7HH7 

-?D:?97JKH7
:;
ECFJ;I
:;
7J7BKDO7 

-?D:?97JKH7
:;
ECFJ;I
:;
B7
ECKD?J7J
07B;D9?7D7 

EDI;BBE
:;
EDJ7I
:;
!7B?9?7 

-?D:?97JKH7
:;
ECFJ;I
:;
B;I
#BB;I
7B;7HI 

.H?8KD7B
07I9E
:;
K;DJ7I
*y8B?97I 

nC7H7
:;
K;DJ7I
:;
D:7BK9s7 

K:?;D9?7
:;
K;DJ7I
:;
7D7H?7I 
 nC7H7
:;
K;DJ7I
:;
B7
ECKD?:7:
:;
'7:H?: 

EDI;@E
:;
K;DJ7I
:;
7IJ?BB7
O
&;vD 

-?D:?97JKH7
:;
K;DJ7I
:;B
*H?D9?F7:E
:;
IJKH?7I 

nC7H7
:;
K;DJ7I
:;
H7=vD 
"O?HN?
!F;<IL;=C‰H
JLIJC;
;
J;LNCL
>?
FIM
JILN;F?M
I@C=C;F?M
>?
FIM
‰LA;HIM


,IL
FI
KO?
L?MJ?=N;
;
FIM
=IHM?DIM
=IHMOFNCPIM
DOL…>C=IM
I
;M?MIL?M
?RCMN?HN?M
?H
P;LC;M

S
M?
B;H
L?@ILT;>I
?H
F;M
L?=C?HN?M
L?@ILG;M
?MN;NON;LC;M

;OHKO?
;FAOHIM
B;H
MC>I
MOJLCGC>IM
=IH
F;
=LCMCM
/O
J;J?F
=IHMCMN?
?H
F;
CHN?LP?H=C‰H
JL?=?JNCP;
?H
NI>IM
FIM
JLIS?=NIM
>?
F?S

?R=?JNI
FIM
,L?MOJO?MNIM
S
?H
GO=B;M
JLIJIMC=CIH?M
>?
F?S

S
F;
CHN?LP?H=C‰H
@;=OFN;NCP;
?H
INL;M
CHC=C;NCP;M
F?ACMF;NCP;M
!H
=O;HNI
;
FIM
?@?HMIL?M
?F
,O?<FI
;ONIH‰GC=IM

MO?F?H
M?L
=IGCMCIH;>IM
>?F
,;LF;G?HNI
I
F;
;M;G<F?;
;ONIH‰GC=;

>?MCAH;>IM
JIL
‚MN;
J;L;
>?@?H>?L
FIM
CHN?L?M?M
S
FIM
>?L?=BIM
S
FC<?LN;>?M
=IGJL?H>C>IM
?H
?F
0…NOFI
%
>?
F;
IHMNCNO=C‰H
S

?H
MO
=;MI

?H
FIM
?MN;NONIM
>?
;ONIHIG…;
!MNI
FI
B;=?H
MOJ?LPCM;H>I
F;
;=NCPC>;>
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
;ONIH‰GC=;M
S
>;H>I
=O?HN;
;F
,;LF;G?HNI
;ONIH‰GC=I
!H
MO
G;SIL…;

FIM
>?@?HMIL?M
>?F
JO?<FI
;ONIH‰GC=IM
B;H
;>IJN;>I
GI>?FIM
GOS
J;L?=C>IM
;F
?@?HMIL
>?F
,O?<FI
H;=CIH;F

=IH
?F
KO?

?H
F;
JL}=NC=;
M?
MOJ?LJIH?H
(;
0;<F;

JL?M?HN;
FIM
>?@?HMIL?M
>?F
JO?<FI
?RCMN?HN?M
?H

NL;M
?F
>?MG;HN?F;GC?HNI
L?=C?HN?
>?
?MN;M
CHMNCNO=CIH?M
?H
)OL=C;

MNOLC;M
S
;MNCFF;
(;
);H=B;
$%.$

343;@<?3@
239
$B309<
/BA<;a:71<@
D:7BK9s7 ;<;DIEH
:;B
*K;8BE
7D:7BKP

H7=vD $KIJ?9?7
:;
H7=vD

7D7H?7I ?FKJ7:E
:;B
ECyD
97D7H?E

7IJ?BB7
O
&;vD *HE9KH7:EH
:;B
ECyD
97IJ;BB7DE
B;EDqI

7J7BKu7 M0'+&
'(
3(6*(4
97J7BnD

!7B?9?7 07B;:EH
:E
*E8E
=7B;=E

(7L7HH7 3$35(-1
D7L7HHE

*7sI
07I9E H7HJ;AE

,?E@7 ;<;DIEH
:;B
*K;8BE
,?E@7DE

07B;D9?7 M0'+&
'(
3(6*(4
L7B;D9?7DE

"O?HN?
!F;<IL;=C‰H
JLIJC;


,IL
FNCGI

JO?>?
G?H=CIH;LM?
KO?
P;LCIM
HO?PIM
?MN;NONIM
>?
;ONIHIG…;
B;H
?MN;<F?=C>I
IHM?DIM
O>CIPCMO;F?M

=IGI
?HNC>;>?M
J<FC=;M
CH>?J?H>C?HN?M
/OM
GC?G<LIM
MIH
HIG<L;>IM
JIL
?F
J;LF;G?HNI
S
=IH
@OH=CIH?M
>?
A;L;HN…;
S
=IHNLIF
L?@?LC>;M
MI<L?
NI>I
;
FIM
G?>CIM
>?
=IGOHC=;=C‰H
MI=C;F
>?
NCNOF;LC>;>
J<FC=;


$&'#"

'&*#

'
#!)"'
)(Y"#!'
,;L;
=IGJL?H>?L
F;
=IH@CAOL;=C‰H

?F
@OH=CIH;GC?HNI
S
F;
L?F?P;H=C;
@OH=CIH;F
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
;ONIH‰GC=;M
?H
?F
G;L=I
>?
F;
;=NCPC>;>
?MN;N;F
?H
!MJ;ˆ;
?M
CGJL?M=CH>C<F?
?R;GCH;L
F;
G;AHCNO>
>?
MOM
?@?=NCPIM

MOM
>C@?L?H=C;M
JIL

S
?H
MO
=IGJIMC=C‰H
S
N;L?;M

MOM
=IMN?M
L?;F?M
S
F;M
=;L;=N?L…MNC=;M
>?
MOM
>CL?=NCPIM
!MN?
;H}FCMCM
J?LGCN?
;
F;
P?T
?HN?H>?L
MO
CGJILN;H=C;
;=NO;F
S
=O?MNCIH;L
;FAOH;M
>?
F;M
@L?=O?HN?M
=L…NC=;M
MI<L?
MO
?R=?MCPI
N;G;ˆI
S
@;FN;
>?
?@C=;=C;
KO?
;J;L?=?H
?H
GO=BIM
G?>CIM
>?
=IGOHC=;=C‰H
J?LI
KO?
HI
M?
=ILL?MJIH>?H
=IH
F;
L?;FC>;>


7
9]80=:
/0
08;70,/:>
;]-74.:>
D
>@
0A:7@.4[9
=0.409?0
7,>
A,=4,.4:90>
;:=

!H


?F
=IHDOHNI
>?
AI<C?LHIM
;ONIH‰GC=IM
?GJF?;H
;

J?LMIH;M
MC
CH=FOCGIM
F;M
OHCP?LMC>;>?M

F;
;>GCHCMNL;=C‰H
>?
DOMNC=C;
S
F;M
@O?LT;M
>?
M?AOLC>;>
IGI
JO?>?
I<M?LP;LM?
?H
F;
0;<F;


F;M

G}M
AL;H>?M
NC?H?H
?F
G;SIL
HG?LI
>?
@OH=CIH;LCIM
/C
G?>CGIM
?F
N;G;ˆI
>?F
?GJF?I
J<FC=I
;ONIH‰GC=I
JIL

B;<CN;HN?M

F;

>IH>?
?MN?
?M
G;SIL
?M
!RNL?G;>OL;
S
G?HIL
?H
;N;FOˆ;
/CH
?G<;LAI

HI
>?<?
M;=;LM?
=IH=FOMCIH?M
JL?=CJCN;>;M
>?
?MN;M
=C@L;M
S;
KO?
F;M
H?=?MC>;>?M
>?
F;
JI<F;=C‰H
I
FIM
>CMNCHNIM
CHMNLOG?HNIM
KO?
FIM
AI<C?LHIM
ONCFCT;H
J;L;
JL?MN;L
FIM
M?LPC=CIM
J<FC=IM
JO?>?H
M?L
>C@?L?HN?M
,IL
?D?GJFI

?H
;N;FOˆ;
F;
JLIPCMC‰H
J<FC=;
>CL?=N;
>?
M?LPC=CIM
M;HCN;LCIM
?M
G?HIL
KO?
?H
INL;M

;
J?M;L
>?
KO?
?H
NI>;M
?FF;M
F;
@CH;H=C;=C‰H
N?LGCH;
M;FC?H>I
>?
F;M
;L=;M
J<FC=;M
!H
;FAOH;M


F;
;N?H=C‰H
;
F;
>?J?H>?H=C;
?M
G;SILCN;LC;G?HN?
J<FC=;
J
?D
MNOLC;M
S
?H
INL;M
?M
=;MC
NIN;FG?HN?
JLCP;>;
(I
GCMGI
JO?>?
>?=CLM?
>?
F;
?>O=;=C‰H
HI
OHCP?LMCN;LC;

=IH
;FAOH;M

>IH>?
F;
?HM?ˆ;HT;
=IH=?LN;>;
?M
GO=BI
G}M
PIFOGCHIM;
KO?
?H
INL;M

JIL
?D?GJFI
?H
*;P;LL;

,;…M
2;M=I
I
);>LC>
!H
?MN;M
>IM
FNCG;M
JIL
?D?GJFI

?F
JIL=?HN;D?
>?
;FOGHIM
KO?
;MCMN?H
;
F;
J<FC=;
;J?H;M
MI<L?J;M;
?F


GC?HNL;M
KO?
M?
?F?P;
;
G}M
>?F

?H
!RNL?G;>OL;
I
;MNCFF;
(;
);H=B;
$%.$

(<A/9
23
3:=93/2<@
=c0971<@
/BA<;a:71<@
3;

$3?@<;/9
23
9/
2:7;7@A?/17a;
BA<;a:71/ $3?@<;/9
23
9/@ :=93/2<@
/BA<;a:71<@
=<?
(#( /07A/;A3@
@7;
);7C3?@72/23@ );7C3?@72/23@ 1/2/

6/07A/;A3@

D:7BK9s7          

H7=vD           

(7L7HH7         

'7:H?:          

07B;D9?7          

7D7H?7I         

7DJ78H?7          

7IJ?BB7
&7
        
'7D9>7

7IJ?BB7
O
        
&;vD
7J7BKu7          

NJH;C7:KH7         

!7B?9?7         

7B;7H;I           

,?E@7        

IJKH?7I         

*7sI
07I9E         

'KH9?7          

;KJ7
O
     
';B?BB7

.EJ7B             

"O?HN?
!F;<IL;=C‰H
JLIJC;
=IH
>;NIM
.?ACMNLI
?HNL;F
>?
,?LMIH;F

IF?N…H
!MN;>…MNC=I
>?F
J?LMIH;F
;F
M?LPC=CI
>?
F;M
,,
?H?LI

!H
L?;FC>;>

?F
J?LMIH;F
;F
M?LPC=CI
>?
F;M
1HCP?LMC>;>?M
;ONIH‰GC=;M
?M
;FAI
G?HIL
OHIM

?@?=NCPIM
G?HIM
KO?
J?LN?H?=?H
;
F;
1*! 
J?LI
?H
?F
IF?N…H
HI
>C@?L?H=C;
?H
KO?

?MN}H
?MNIM
?@?=NCPIM
(IM
>;NIM
>?
JI<F;=C‰H
JLI=?>?H
>?F
%*!
;
>C=C?G<L?
>?


,IL
FI
KO?
L?MJ?=N;
;
F;
?PIFO=C‰H
>?F
?GJF?I
J<FC=I
;ONIH‰GC=I


@O?
?F
;ˆI
=IH
G}M
?GJF?;>IM
J<FC=IM
>?M>?
F;
=L?;=C‰H
>?F
!MN;>I
ONIH‰GC=I
=IH


?R=FOS?H>I
?F
J?LMIH;F
>?
F;M
OHCP?LMC>;>?M

B;<C?H>I
>?M=?H>C>I
;

;
?H?LI
>?


=C@L;
CH@?LCIL
;
F;
>?

S
;FAI
MOJ?LCIL
;
F;
>?


 
,
.:8;:>4.4[9
/07
;0=>:9,7
;]-74.:
,@?:9[84.:
1@9.4:90>
D
0>?,?@?:>
.:9?=,?,.4[9
7,-:=,7
1@9.4:9,=4E,.4[9
?08;:=,74/,/
D
.:9174.?:
/C
?R;GCH;GIM
=O}F
?M
F;
=IGJIMC=C‰H
>?F
?GJF?I
J<FC=I
;ONIH‰GC=I
?H
=O;HNI
;
MOM
}L?;M
>?
;=NCPC>;>
S
I=OJ;=C‰H

FIM
>;NIM
MI<L?
=O}F?M
MIH
FIM
AL;H>?M
ALOJIM
>?
?GJF?;>IM
MIH
GOS
L?P?F;>IL?M
S
?RJFC=;H
?H
AL;H
G?>C>;
?F
=L?=CGC?HNI
>?
MO
HG?LI
?H
FIM
FNCGIM
;ˆIM
?
NI>IM
FIM
?GJF?;>IM
J<FC=IM
;ONIH‰GC=IM

;FAI
G}M
>?F

?MN}H
I=OJ;>IM
?H
F;
>I=?H=C;
HI
OHCP?LMCN;LC;


S
?H
F;M
CHMNCNO=CIH?M
M;HCN;LC;M


>?G}M

OH


NL;<;D;H
?H
F;M
OHCP?LMC>;>?M
J<FC=;M
S
OH


?H
F;M
@O?LT;M
>?
M?AOLC>;>
(;
;>GCHCMNL;=C‰H
A?H?L;F
>?
F;M

dF;M
=IHM?D?L…;M
S
MOM
ILA;HCMGIM
;ON‰HIGIMd

I=OJ;
MIFI
;
OH


>?
FIM
?GJF?;>IM
J<FC=IM
L?ACIH;F?M
0;<F;

$%.$

(7=<@
23
3:=93/2<@
=c0971<@
/BA<;a:71<@
3;
9/@
2743?3;A3@
4B;17<;3@

B;17<;/?7<@ $3?@<;/9
/0<?/9 #A?<
=3?@<;/9 (<A/9 
23
4B;17<;/?7<@
@<0?3
39
A<A/9

'#(#-.,#g(
!(,&          

R
EDI;@;Hs7I
O
IKI
))          

R
E9;D9?7
DE
/D?L;HI?J7H?7         

R
#DIJ?JK9?ED;I
I7D?J7H?7I
-(-           

'#(#-.,#g(

$/-.##          

/,4-

-!/,#     

/(#0,-#-         

.EJ7B            

"O?HN?
!F;<IL;=C‰H
JLIJC;
;
J;LNCL
>?F
.?ACMNLI
?HNL;F
>?
,?LMIH;F

IF?N…H
!MN;>…MNC=I
>?F
J?LMIH;F
;F
M?LPC=CI
>?
F;M
,,
?H?LI


$;<CNO;FG?HN?
M?
>CMNCHAO?H
P;LC;M
=;N?AIL…;M
>?
?GJF?;>IM
>?
F;M

W
#@D
7F?4:@?2C:@D
56
42CC6C2
J
6DE2EFE2C:@D
KO?
AIT;H
>?
?MN;<CFC>;>
?H
?F
?GJF?I
S
;==?MI
G?>C;HN?
JLI=?>CGC?HNIM
L?AF;>IM
=IH
NL;HMJ;L?H=C;
IJIMC=CIH?M
FC<L?M
J;L;
A;L;HNCT;L
FIM
JLCH=CJCIM
>?
CAO;F>;>
>?
IJILNOHC>;>?M
S
JL?@?L?H=C;
JIL
?F
G‚LCNI
S
F;
=;J;=C>;>
W
#@D
6>A=625@D
=23@C2=6D
KO?
CH=FOS?H
N;HNI
;
FIM
F;<IL;F?M
@CDIM
=IGI
;
FIM
N?GJIL;F?M
G<;M
=IF?=NCPC>;>?M
NC?H?H
GI>IM
>?
;==?MI
;
F;
@OH=C‰H
J<FC=;
?M=;M;G?HN?
L?AOF;>IM
W
#@D
7F?4:@?2C:@D
:?E6C:?@D
=;L;=N?LCT;>IM
JIL
F;
CH?MN;<CFC>;>
;F
B;<?L
MC>I
HIG<L;>IM
J;L;
?F
>?M?GJ?ˆI
>?
@OH=CIH?M
JLIJC;M
>?
@OH=CIH;LCIM
>?
=;LL?L;
JIL
L;TIH?M
?RJL?M;G?HN?
DOMNC@C=;>;M

>?
H?=?MC>;>
S
OLA?H=C;
?H
OHIM
=;MIM
=IH=L?NIM
/CH
?G<;LAI

?F
J?LMIH;F
CHN?LCHI
JO?>?
J?LJ?NO;LM?
;ˆIM
S
>‚=;>;M
?H
MO
JO?MNI
W
'6CD@?2=
6G6?EF2=
?H
JO?MNIM
N?GJIL;F?M
>?
U;M?MIL;GC?HNIX
J?LMIH;F
>?
FIM
A;<CH?N?M

KO?
=?M;H
=O;H>I
=?M;
?F
;FNI
=;LAI
KO?
FIM
HIG<L‰
(;
G;SIL…;
>?
?MN;M
?MN;>…MNC=;M
>?
?GJF?I
J<FC=I
HI
NC?H?H
?H
=O?HN;
;F
J?LMIH;F
?GJF?;>I
?H
?F
M?=NIL
J<FC=I
;ONIH‰GC=I
?GJL?M;M
J<FC=;M

@OH>;=CIH?M

=IHMIL=CIM

?N=
KO?

=IGI
M?
B;
M?ˆ;F;>I
G}M
;LLC<;

NC?H?
OH
J?MI
GOS
CGJILN;HN?
?H
?F
?GJF?I
S
?H
?F
A;MNI
>?
J?LMIH;F
>?
F;M

OHKO?
HI
M?
NC?H?H
>;NIM
@?B;=C?HN?M

;FAOH;M
?H=O?MN;M
>?
JI<F;=C‰H
;=NCP;
;F
CHC=CI
>?
?MN;
>‚=;>;

L?@F?D;<;H
OH
?R=?MI
>?

?GJF?;>IM
J<FC=IM
L?MJ?=NI
>?F
.?ACMNLI
?HNL;F
>?
,?LMIH;F

KO?
>?<?L…;H
=ILL?MJIH>?L
;
?GJF?;>IM
?H
?F
M?=NIL
J<FC=I
;ONIH‰GC=I
S
FI=;F
KO?
HI
@CAOL;<;H
?H
?F
.?ACMNLI
>?
J?LMIH;F
>?
?GJF?;>IM
J<FC=IM
,IL
INL;
J;LN?

?M
CGJILN;HN?
>?MN;=;L
F;
>CP?LMC>;>
?H
G;N?LC;
>?
J?LMIH;F
S
F;
?MNLO=NOL;
S
AL;>I
>?
JLI@?MCIH;FCT;=C‰H
S
N?GJIL;FC>;>
>?
FIM
?GJF?;>IM
?H
F;M


M?
L?@F?D;
?H
?F
GI>I
>?
;==?MI
S
F;
?MN;<CFC>;>
>?
F;
KO?
AIT;H
FIM
?GJF?;>IM
?H
>CMNCHN;M
=;N?AIL…;M
0;F
S
=IGI
JO?>?
I<M?LP;LM?
?H
F;
0;<F;


F;
JLIJIL=C‰H
>?
?GJF?;>IM
@OH=CIH;LCIM
?H
?F
NIN;F
;ONIH‰GC=I
?M
>?
OH


=IH
=C?LN;M
P;LC;=CIH?M
L?ACIH;F?M
!MN?
JIL=?HN;D?
>?M=C?H>?
B;MN;
?F

?H
?F
=;MI
>?
F;M
OHCP?LMC>;>?M
J<FC=;M
S
M?
?F?P;
B;MN;
?F

?H
F;M
@O?LT;M
>?
M?AOLC>;>
!F
JIL=?HN;D?
>?
@OH=CIH;LCIM
?H
F;M
=IHM?D?L…;M
>?
M;HC>;>
S
?>O=;=C‰H
?M
>?F

S


L?MJ?=NCP;G?HN?
,IL
FNCGI

F;
N?GJIL;FC>;>
>?
FIM
?GJF?;>IM
J<FC=IM
;ONIH‰GC=IM
?M
?F?P;>;

B;<C?H>I
;OG?HN;>I
>?M>?


;F=;HT;H>I
?F


?H

;FAI
G?HIM
KO?
?H
?F
M?=NIL
JLCP;>I
/?AH
OH
%H@ILG?
>?F
IHM?DI
!=IH‰GC=I
S
/I=C;F
>?
!MJ;ˆ;


!RNL?G;>OL;

;MNCFF;(;
);H=B;

;H;LC;M
S
H>;FO=…;
?L;H
F;M

=IH
G;SIL
N;M;
>?
N?GJIL;FC>;>

MCNO}H>IM?
?H
?F
INLI
?RNL?GI
;N;FOˆ;
S
);>LC>
(;M
GOD?L?M
S
FIM
D‰P?H?M
MIH
FIM
G}M
;@?=N;>IM
JIL
F;
N?GJIL;FC>;>
!F
CH=L?G?HNI
>?
F;
N?GJIL;FC>;>
?M
?MJ?=C;FG?HN?
CHN?HMI
>?M>?

1H;
>?
F;M
=;OM;M
>?MN;=;>;M
>?
F;
N?GJIL;FC>;>
?H
?F
?GJF?I
J<FC=I

M?AH
?MN?
CH@ILG?
>?F
!/

?M
F;
FCGCN;=C‰H
>?
F;
I@?LN;
>?
?GJF?I
J<FC=I
;
NL;P‚M
>?F
F…GCN?
>?
F;
N;M;
>?
L?JIMC=C‰H

?H
?F
=IHN?RNI
>?
OH;
JIF…NC=;
?=IH‰GC=;
>?
L?MNLC==C‰H
>?F
A;MNI
J<FC=I

MI<L?
NI>I
?H
FIM
=;J…NOFIM
>?
A;MNI
>?
J?LMIH;F



:>
,7?:>
.,=2:>
D
7:>
/4=0.?4A:>
;]-74.:>
,@?:9[84.:>
9]80=:
;:74?4E,.4[9
D
;=:7410=,.4[9
/0
,>0>:=0>
D
.,=2:>
/0
74-=0
/0>429,.4[9
(IM
;FNIM
=;LAIM
S
FIM
>CL?=NCPIM
MIH
=;N?AIL…;M
>?
J?LMIH;F
>?MCAH;>IM
=IH
=LCN?LCIM
>?
=IH@C;HT;
JIF…NC=;
I
;>M=LCJ=C‰H
J;LNC>CMN;
S
>?
;FNI
HCP?F
L?NLC<ONCPI
KO?
I=OJ;H
JO?MNIM
MOJ?LCIL?M
I
>CL?=NCPIM
?H
F;
?MNLO=NOL;
>?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
IHM?D?LIM

CL?=NIL?M
#?H?L;F?M

/?=L?N;LCIM
#?H?L;F?M
!F
J?LMIH;F
?P?HNO;F
KO?
I=OJ;
JO?MNIM
>?
NCJI
U;M?MILX
JIL
?D?GJFI
?H
FIM
A;<CH?N?M
>?
FIM
JL?MC>?HN?M
I
FIM
=IHM?D?LIM

NC?H?
N;G<C‚H
OH
;FNI
HCP?F
L?NLC<ONCPI
S
=?M;
;F
=?M;L
?F
;FNI
=;LAI
KO?
FIM
HIG<L‰
,IL
FI
KO?
L?MJ?=N;
;
FIM
>CL?=NCPIM
J<FC=IM

M?
JI>L…;
>?=CL
KO?
?H
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
?RCMN?H
NL?M
HCP?F?M
>?
>CL?==C‰H
J<FC=;
.;GC‰


,IHN

W
(IM
>CL?=NCPIM
JIF…NC=IM

?F?AC>IM
J?LMIH;FG?HN?
JIL
FIM
J;LNC>IM
JIF…NC=IM
?HNL?
MOM
<;M?M
I
?H
I=;MCIH?M
?HNL?
JLI@?MCIH;F?M
?RN?LHIM
;@CH?M
W
(IM
=;LAIM
>?
=IH@C;HT;

?M=IAC>IM
HILG;FG?HN?
JIL
FIM
>CL?=NCPIM
JIF…NC=IM

?H
GO=BIM
=;MIM
JIL
MOA?L?H=C;
>?
FIM
JLIJCIM
J;LNC>IM
?H
?F
AI<C?LHI
W
(IM
>CL?=NCPIM
>?
=;LL?L;

?F?AC>IM
JIL
J;LN?
>?
FIM
>CL?=NCPIM
JIF…NC=IM
?HNL?
FIM
@OH=CIH;LCIM
>?
=;LL?L;
>?
MO
=IHM?D?L…;
=IH
OHIM
=LCN?LCIM
<;MN;HN?
L?MNLC=NCPIM
!MNIM
NL?M
HCP?F?M
HI
NC?H?H
OH;
>?FCGCN;=C‰H
=F;L;
>?
MOM
@OH=CIH?M

KO?
;
P?=?M
M?
?HNL?G?T=F;H

S;
KO?
?F
>CL?=NCPI
JIF…NC=I
;MOG?
@OH=CIH?M
>?
A?MNC‰H

FIM
=;LAIM
>?
=IH@C;HT;
?F;<IL;H
JIF…NC=;M
I
FIM
@OH=CIH;LCIM
>CL?=NCPIM
M?
CGJFC=;H
N;G<C‚H
?H
?F
>CM?ˆI
>?
F;M
JIF…NC=;M
J<FC=;M
1H;
>?
F;M
=;L;=N?L…MNC=;M
J?=OFC;L?M
KO?
>C@?L?H=C;
=O;FKOC?L
;>GCHCMNL;=C‰H
>?
INL;
?M
MO
HG?LI
>?
;FNIM
=;LAIM
S

JIL
N;HNI

?F
AL;>I
>?
JIFCNCT;=C‰H
I
JLI@?MCIH;FCT;=C‰H
>?
FIM
JO?MNIM
>CL?=NCPIM
I
FIM
?M=;FIH?M
G}M
;FNIM
>?
F;
D?L;LKO…;
;>GCHCMNL;NCP;
?<C>I
;F
GI>I
?H
?F
KO?
MOLAC?LIH

F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
H;=C?LIH
S;
=IH
OH
HG?LI
?F?P;>I
>?
=;LAIM
>?
=IH@C;HT;
?H
>?NLCG?HNI
>?
OH;
?MNL;N?AC;
A?H?L;F
>?
JLI@?MCIH;FCT;=C‰H
>?
F;M
=JOF;M
;>GCHCMNL;NCP;M
,I>L…;
>?MN;=;LM?

JIL
N;HNI

KO?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
JIM??H
OH
AL;>I
?F?P;>I
>?
JIFCNCT;=C‰H
!MN;
;FN;
JIFCNCT;=C‰H
M?
L?@F?D;
?H
P;LCIM
;MJ?=NIM
/?AH
)?M;


JO?>?
?HN?H>?LM?
JIL
JIFCNCT;=C‰H
N;HNI
?F
CH=L?G?HNI
>?
FIM
HIG<L;GC?HNIM
JIL
FC<L?
>?MCAH;=C‰H
>?
=C?LNIM
@OH=CIH;LCIM
J;L;
=;LAIM
>CL?=NCPIM

=IGI
F;
JLIFC@?L;=C‰H
>?
J?LMIH;F
?P?HNO;F
JLI=?>?HN?
>?
FIM
J;LNC>IM
I
F;
?GJL?M;
I=OJ;>IM
=IGI
;M?MIL?M
S
J?LMIH;F
>?
=IH@C;HT;
@ILG;H>I
J;LN?
>?
A;<CH?N?M
S
PCH=OF;>IM
;F
JIF…NC=I
KO?
F?M
HIG<L;
0;G<C‚H
JO?>?
=IHMC>?L;LM?
OH;
@ILG;
>?
JIFCNCT;=C‰H
?F
B?=BI
>?
KO?
M?
I=OJ?H
FIM
JO?MNIM
CH@?LCIL?M
>?
F;
;>GCHCMNL;=C‰H
L?M?LP;>IM
;
@OH=CIH;LCIM
=IH
HIG<L;GC?HNIM
B?=BIM
>?
@ILG;
>CM=L?=CIH;F
MCH
;JFC=;L
=LCN?LCIM
>?
G‚LCNI
S
=;J;=C>;>
I
KO?
M?
=L??H
;LNC@C=C;FG?HN?
>?J;LN;G?HNIM
S
‰LA;HIM
;>GCHCMNL;NCPIM
J;L;
GOFNCJFC=;L
FIM
=;LAIM
>?
=IH@C;HT;
JIF…NC=;
J;L;
F;
=FC?HN?F;
>?
FIM
;FF?A;>IM
JIF…NC=IM
!H
NI>I
=;MI

?H
=O;FKOC?L;
>?
?MN;M
=O;NLI
;=?J=CIH?M
>?
F;
JIFCNCT;=C‰H
>?
F;
;>GCHCMNL;=C‰H
JO?>?
;@CLG;LM?
KO?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
?MN}H
JIFCNCT;>;M
2;LCIM
?MNO>CIM
)?M;

B;H
>?GIMNL;>I
=‰GI
?F
HCP?F
>CL?=NCPI
>?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
?MN}
MOD?NI
;
L;MAIM
>?
F?;FN;>
JIF…NC=;
0;G<C‚H
?H
GO=BIM
=;MIM
;FAOHIM
HCP?F?M
CHN?LG?>CIM
 !MNIM
?MNO>CIM
N;G<C‚H
B;H
GIMNL;>I
>C@?L?H=C;M
JIL

(?A;FG?HN?

?H
GO=B;M


M?
=IHMC>?L;H
;FNIM
=;LAIM

?HNL?
INLIM

;F
,L?MC>?HN?
>?F
IHM?DI
>?
#I<C?LHI

?F
2C=?JL?MC>?HN?
I
2C=?JL?MC>?HN?M
>?F
IHM?DI
>?
#I<C?LHI

(IM
IHM?D?LIM

2C=?=IHM?D?LIM

CL?=NIL?M
#?H?L;F?M

/?=L?N;LCIM
#?H?L;F?M
0‚=HC=IM
S
INLIM
=;LAIM
>?
HCP?F
>?
CL?=NIL
#?H?L;F

;M…
=IGI
;
FIM
%HN?LP?HNIL?M
#?H?L;F?M

0?MIL?LI
#?H?L;F

CL?=NIL?M
>?
#;<CH?N?M
>?
F;M
,L?MC>?H=C;M

;
FIM
#?L?HN?M

,L?MC>?HN?M
?D?=ONCPIM

CL?=NIL?M
#?H?L;F?M

IHM?D?LIM ?F?A;>IM
S
>?G}M
=;LAIM
?KOCP;F?HN?M

=O;FKOC?L;
KO?
M?;
MO
>?HIGCH;=C‰H

>?
FIM
tLA;HIM
>?
#?MNC‰H

+LA;HCMGIM
ON‰HIGIM
S
?HNC>;>?M
J<FC=;M
/?
>CMJIH?
>?
;FAOHIM
?MNO>CIM
KO?
B;H
NL;N;>I
>?
=IHN;<CFCT;L
?F
HG?LI
>?
;FNIM
=;LAIM
?H
=;>;


?
CH=FOMI
>?
JIH?LFIM
?H
L?F;=C‰H
=IH
MO
JI<F;=C‰H
J;L;
?MN;<F?=?L
MC
B;S

>IH>?
B;S;
OH;
ILA;HCT;=C‰H
=IH
G}M
;FNIM
=;LAIM
(;
0;<F;

GO?MNL;
=F;L;G?HN?
KO?
F;M

N?H…;H
B;=?
JI=IM
;ˆIM
OH;
G?>C;
>?

;FNIM
=;LAIM

=IH
AL;H>?M
P;LC;=CIH?M
?HNL?
?FF;M
?MN;=;
=F;L;G?HN?
?F
,;…M
2;M=I

=IH


M?AOC>;
>?
H>;FO=…;

;N;FOˆ;
S
);>LC>
F;M
NL?M
G}M
JI<F;>;M

=IH
G}M
>?


MC?H>I
)OL=C;

;HN;<LC;

*;P;LL;
S
.CID;
F;M

=IH
G?HIM
;FNIM
=;LAIM
G?HIM
>?

$%.$

"c:3?<
E
=?<=<?17a;
23
/9A<@
1/?5<@
=<?
1<:B;72/2
/BAa;<:/

 "M
/9A<@
1/?5<@ (<A/9
=<09/17a; 7B2/2/;<@
=<?
/9A<
1/?5<

D:7BK9s7      

H7=vD      

IJKH?7I       

7B;7H;I      

7D7H?7I      

7DJ78H?7     

7IJ?BB7
O
&;vD       

7IJ?BB7&7
'7D9>7      

7J7BKu7      

NJH;C7:KH7      

!7B?9?7      

'7:H?:      

';:?7
      

'KH9?7      

(7L7HH7      

*7sI
07I9E      

,?E@7     

07B;D9?7      
"O?HN?
>;JN;>I
>?
-O?L?>;

S
2}TKO?T
"?CDII


/C
KO?L?GIM
?R;GCH;L
=IH
G}M
>?N;FF?
F;
=IGJIMC=C‰H
>?
?MNIM
;FNIM
=;LAIM
S
MO
?PIFO=C‰H
L?=C?HN?

M?
NC?H?H

JIL
?D?GJFI

>;NIM
>CMJIHC<F?M
>?
F;

>?
L;A‰H
?H
FIM
FNCGIM
;ˆIM
!H
?MN;


M?
B;
J;M;>I
>?

;FNIM
=;LAIM
?H

;

?H
>C=C?G<L?
>?


;OHKO?
?H
?F
J?LCI>I
CHN?LG?>CI
BO<I
GIG?HNIM
=IH
;H
G?HIM
,ILN;F
>?
NL;HMJ;L?H=C;
>?F
#I<C?LHI
>?
L;A‰H
!H
?F
=;MI
>?
F;
IGOHC>;>
>?
);>LC>

?F
HG?LI
>?
;FNIM
=;LAIM
B;
>?M=?H>C>I
J;OF;NCH;G?HN?
>?M>?

=O;H>I
M?
;F=;HT‰
F;
=C@L;
>?

B;MN;
FIM

?H

IF?N…H
?MN;>…MNC=I
>?
F;
IGOHC>;>
>?
);>LC>
,IL
FI
KO?
L?MJ?=N;
;F
J?LMIH;F
?P?HNO;F

FF;G;>I
UJ?LMIH;F
>?
=IH@C;HT;X

?M
G}M
>C@…=CF
>?
=O;HNC@C=;L
S
>?
?MN;<F?=?L
=F;L;G?HN?
MO
=IGJIMC=C‰H

;
J?M;L
>?
;J;L?=?L
?H
FIM
JL?MOJO?MNIM
=IGI
J?LMIH;F
?P?HNO;F
IGI
?D?GJFI
>?
OHI
>?
FIM
=;MIM
G}M
J?=OFC;L?M
>?
JIFCNCT;=C‰H

M;<?GIM
KO?
M?AH
OH;
L?MJO?MN;
J;LF;G?HN;LC;
>?F
#I<C?LHI
P;M=I
L?KO?LC>;
JIL
F;
IJIMC=C‰H
?H
MO
J;LF;G?HNI
?H


?RCMN…;H

;M?MIL?M
?H
F;
;>GCHCMNL;=C‰H
;ONIH‰GC=;
>?F
,;…M
2;M=I

>?
FIM
=O;F?M
OH;
=O;LN;
J;LN?
M?
?HG;L=;
?H
,L?MC>?H=C;
?H
F;
KO?
M?
CH=FOS?H

JIL
?D?GJFI

?F
L?MJIHM;<F?
>?
F;
L?MC>?H=C;
I@C=C;F
>?
DOLC;
!H?;
I
?F
J?LMIH;F
>?
;JISI
?H
N;L?;M
>IG‚MNC=;M
!H
?MN?
=;MI

;>?G}M


G;H>IM
JIFC=C;F?M
>?J?H>?H
>?
F;
=IH@C;HT;
>?F
J;LNC>I
?H
?F
AI<C?LHI
;F
M?L
=;LAIM
>?
>?MCAH;=C‰H
>CL?=N;

G}M
>?
F;
GCN;>
>?
FIM
=O;F?M
NL;<;D;
?H
F;
1HC>;>
>?
%H@ILG;=C‰H
S
H}FCMCM
/?
=;F=OF;
KO?
=IH
?F
=;G<CI
>?
AI<C?LHI
>?

?H
?F
,;…M
2;M=I

JIL
M?AOCL
=IH
?MN?
?D?GJFI

FIM
=IHM?D?LIM
HIG<L;LIH
;
HO?PIM
;FNIM
=;LAIM

JO?MNIM
>?
=IH@C;HT;

;M?MIL?M

?N=
KO?
?H
NIN;F
MOJOMC?LIH
?F
=;G<CI
I
HIG<L;GC?HNI
>?
=;MC

J?LMIH;M
!MNIM
=;G<CIM
>?
J?LMIH;F

;FNIM
=;LAIM
S
J?LMIH;F
?P?HNO;F
M?
>;H
?H
NI>;M
F;M

;F
JLI>O=CLM?
F;
?HNL;>;
>?
OH
HO?PI
J;LNC>I
I
=I;FC=C‰H
S
JIH?H
>?
G;HC@C?MNI
=IH
=F;LC>;>
?F
;FNI
AL;>I
>?
JIFCNCT;=C‰H
>?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
S

JIL
N;HNI

?F
?M=;MI
AL;>I
>?
JLI@?MCIH;FCT;=C‰H
S
?MN;<CFC>;>
>?
<O?H;
J;LN?
>?
FIM
JO?MNIM
>CL?=NCPIM


:>
.:>?0>
/0
;0=>:9,7
7,
=08@90=,.4[9
D
07
0>?,?@>
/0
7:>
,7?:>
.,=2:>
D
7:>
08;70,/:>
;]-74.:>
,@?:9[84.:>
+NLI
>?
FIM
?F?G?HNIM
CGJILN;HN?M
L?MJ?=NI
;F
J?LMIH;F
?M
MO
=IMN?
J;L;
?F
?L;LCI
S
?F
HCP?F
>?
L?NLC<O=C‰H
>?
FIM
JLIJCIM
?GJF?;>IM
J<FC=IM
!H
?MNI
N;G<C‚H
M?
I<M?LP;H
P;LC;=CIH?M
CGJILN;HN?M
?H
?F
A;MNI
>?
J?LMIH;F
>?
F;M
>GCHCMNL;=CIH?M
L?ACIH;F?M

IM=CF;H>I

JIL
?D?GJFI

?HNL?
?F


MI<L?
?F
,%
>?
!RNL?G;>OL;
S
?F


>?F
,%
>?F
,;…M
2;M=I
?H


GC?HNL;M
KO?
F;
G?>C;
J;L;
NI>;M
F;M

@O?
>?F


,;L;
?F
L?MNI
>?
F;M

?MN;
L;T‰H
P;L…;
?HNL?
?F

S
?F

>?
MOM
,%
L?MJ?=NCPIM
!H
A?H?L;F

M?
I<M?LP;
KO?
?H
F;M
G?HIM
>?M;LLIFF;>;M
?MN?
JIL=?HN;D?
?M
G}M
?F?P;>I
KO?
?H
F;M
G}M
LC=;M
#‰G?T
6E
2=

?
;=O?L>I
=IH
FIM
>;NIM
KO?
L?=IA?
#;L=‚M

=;>;
?GJF?;>I
J<FC=I
NC?H?
OH
=IMN?
G?>CI
;F
;ˆI
>?

?OLIM

@L?HN?
;

?H
H>;FO=…;


?H
;N;FOˆ;
S

?H
);>LC>
>?G}M
>?
F;
MCAHC@C=;NCP;
P;LC;=C‰H
JIL

?H
FIM
=IMN?M
>?
J?LMIH;F

N;G<C‚H
M?
I<M?LP;H
AL;H>?M
>C@?L?H=C;M
?H
F;M
L?GOH?L;=CIH?M
>?
FIM
?GJF?;>IM
J<FC=IM

KO?
NC?H?H
KO?
P?L
>?
OH;
J;LN?
=IH
F;M
>CMNCHN;M
?MNLO=NOL;M
?=IH‰GC=;M
S
?F
HCP?F
>?
M;F;LCIM
A?H?L;F
>?
F;M

S
>?
INL;
=IH
;FAOHIM
@;=NIL?M
JIF…NC=IM
1H
?MNO>CI
L?=C?HN?
>?F
MCH>C=;NI
1/+

<;M;>I
?H
>;NIM
>?
FIM
)CHCMN?LCIM
>?
>GCHCMNL;=CIH?M
,<FC=;M
S
>?
0L;<;DI
S
MOHNIM
/I=C;F?M

;M…
=IGI
>?F
%*!

FF?A;<;
;
F;
=IH=FOMC‰H
>?
KO?
F;M
>C@?L?H=C;M
M;F;LC;F?M
?HNL?
@OH=CIH;LCIM
KO?
>?M?GJ?ˆ;H
F;M
GCMG;M
F;<IL?M
?H
>CMNCHN;M

JI>…;H
;F=;HT;L
B;MN;
?F


MC
M?
GC>?
JIL
F;
L?NLC<O=C‰H
G?>C;
;HO;F
>?HNLI
>?
FIM
GCMGIM
ALOJIM
JLI@?MCIH;F?M
OLCIM;G?HN?

?H
=IGJ;L;=C‰H
=IH
FIM
>?
F;M


FIM
M;F;LCIM
>?
FIM
?GJF?;>IM
>?
F;
#!
?L;H
MC?GJL?
FIM
G}M
<;DIM
!HNL?
F;M


F;M
>C@?L?H=C;M
P;H
?H
;OG?HNI
;
G?>C>;
KO?
M?
>?M=C?H>?
?H
?F
ALOJI
>?
?GJF?;>IM
J<FC=IM
;H;FCT;>I
/?AH
?F
=CN;>I
CH@ILG?

?H
?F
#LOJI


?F
>?
FIM
NCNOF;>IM
MOJ?LCIL?M

=IGI
MO<>CL?=NIL?M
A?H?L;F?M

F?NL;>IM
;ONIH‰GC=IM

G‚>C=IM

N‚=HC=IM
=IG?L=C;F?M
I
CHMJ?=NIL?M
>?
$;=C?H>;

F;

KO?
G}M
J;A;<;
;
MOM
@OH=CIH;LCIM
?L;
;H;LC;M

=IH
OH;
L?NLC<O=C‰H
G?>C;
;HO;F
<LON;
>?

?OLIM
?M
>?=CL

OH


G}M
KO?
FIM

?OLIM
KO?
J?L=C<?
OH
?GJF?;>I
J<FC=I
>?
!RNL?G;>OL;
!H
=IHDOHNI

;F?;L?M

;H;LC;M

;HN;<LC;

);>LC>
S
,;…M
2;M=I
CHN?L=;G<C;H
JIMC=CIH?M
?H
FIM
JLCG?LIM
JO?MNIM
>?
F;
=F;MC@C=;=C‰H
M;F;LC;F
(;M
FNCG;M
JIMC=CIH?M
F;M
I=OJ;H
MNOLC;M

;MNCFF;
S
(?‰H

#;FC=C;
S
!RNL?G;>OL;
!F
CH@ILG?
>?
1/+
N;G<C‚H
L?=IA?
F;M
>C@?L?H=C;M
M;F;LC;F?M
JIL
}L?;M
,IL
?D?GJFI

J;L;
OH
GCMGI
=;LAI

=IGI
D?@?
>?
>?J;LN;G?HNI
I
MCGCF;L

?H
F;
;N?H=C‰H
?MJ?=C;FCT;>;
?H
M;HC>;>

F;
>C@?L?H=C;
JO?>?
?MN;L
?H
?F

!HNL?
OH
G‚>C=I
A?H?L;F
I
OH
J?>C;NL;
>?
>C@?L?HN?M

JO?>?
?RCMNCL
OH;
<L?=B;
>?F


?HNL?
FIM

S
FIM

?OLIM
<LONIM
;HO;F?M
!MN;M
AL;H>?M
>C@?L?H=C;M
M;F;LC;F?M
JLI>O=?H
MCNO;=CIH?M
>?
;AL;PCI
=IGJ;L;NCPI
S
L?CPCH>C=;=CIH?M
MCH>C=;F?M
>?
CAO;F;=C‰H
0;G<C‚H
M?
I<M?LP;
OH;
AL;H
P;LC;=C‰H
?HNL?

L?MJ?=NI
;
F;M
L?GOH?L;=CIH?M
>?
FIM
;FNIM
=;LAIM
S
FIM
JL?MC>?HN?M
>?
F;M


KO?
MCH
>O>;
NC?H?
KO?
P?L
=IH
GINCPIM
JIF…NC=IM

S;
KO?
HI
L?MJIH>?
;
>C@?L?H=C;M
L?F;NCP;M
>?
L?HN;
I
LCKO?T;
I
HCP?F
>?
JL?=CIM
>?
F;M

(;
0;<F;

GO?MNL;
OH
C2?<:?8
>?

?H
@OH=C‰H
>?
F;M
L?GOH?L;=CIH?M
CH=FOS?H>I
F;
>?
FIM
JO?MNIM
?KOCP;F?HN?M
>?F
AI<C?LHI
=?HNL;F
$%.$

&3:B;3?/17a;
/;B/9
23
=?3@723;A3@
E
/9A<@
1/?5<@
/BA<;a:71<@
E
239
@A/2<

 $?3@723;A3 *713=?3@723;A3 !7;7@A?<

1<;@383?< '31?3A/?7<
23
@A/2< 'B0@31?3A

C7131<;@383?<

7J7BKu7      

*7sI
07I9E      

H7=vD        

7B;7H;I    

!7B?9?7      

(7L7HH7    

7IJ?BB7
O
&;vD        

'KH9?7      

D:7BK9s7      

ECKD?:7:
07B;D9?7D7      

'7:H?:      

,?E@7      

7IJ?BB7&7
'7D9>7        

NJH;C7:KH7      

7DJ78H?7       

IJKH?7I        

:C?D?IJH79?vD
!;D;H7B
:;B
IJ7:E          
"O?HN?
,L?MOJO?MNIM


 O;H>I
M?
B;<F;
>?
F;M
L?GOH?L;=CIH?M
;
FIM
?GJF?;>IM
>?F
M?=NIL
J<FC=I
S
FIM
;FNIM
=;LAIM
;ONIH‰GC=IM

=;<?
>?MN;=;L
?F
@?H‰G?HI
@L?=O?HN?

KO?
M?
>;
N;G<C‚H
?H
F;
#!

>?
KO?
F;M
L?GOH?L;=CIH?M
>?
GO=BIM
;FNIM
=;LAIM
>?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
S
>?
;FAOHIM
;M?MIL?M
M?;H
G;SIL?M
KO?
F;
>?F
JLIJCI
JL?MC>?HN?
>?
F;

!MNI
I=OLL?
MI<L?
NI>I
=IH
>CL?=NIL?M
I
A?L?HN?M
>?
;FAOHIM
?HN?M
CHMNLOG?HN;F?M
I
?GJL?M;M
J<FC=;M
I
=IH
A?L?HN?M
>?
CHMNCNO=CIH?M
M;HCN;LC;M
 
 )"#'
$&# !'

'
'(&)()&'

$&'#"
-

)"#"!"(#

'
!"'(&#"'
)(#"Y!'
FAOHIM
>?
FIM
JLI<F?G;M
>?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
JLI=?>?H
>?
MO
ILCA?H
S
>?
>CMNCHN;M
IJILNOHC>;>?M
>?
L?@ILG;
>?M;JLIP?=B;>;M
IGI
B;H
M?ˆ;F;>I
;FF;LN
S
.;GC‰


>?MN;=;H
F;M
=O?MNCIH?M
S;
;FO>C>;M
>?
JIFCNCT;=C‰H
S
>?MJLI@?MCIH;FCT;=C‰H

J?LI
N;G<C‚H
?RCMN?H
<;MN;HN?M
JLI<F?G;M
>?
ILA;HCT;=C‰H
UF;M
IGOHC>;>?M
ON‰HIG;M
MIH
OH;M
;>GCHCMNL;=CIH?M
HO?P;M
J?LI
HI
MIH
GI>?LH;M
>?M>?
?F
JOHNI
>?
PCMN;
>?
MO
>CM?ˆI
CHMNCNO=CIH;FX
,;L;
INLIM
I<M?LP;>IL?M
G}M
J?MCGCMN;M

;
J?M;L
>?
F;
?RCMN?H=C;
>?
;FAOH;M
JIF…NC=;M
S
M?LPC=CIM
J<FC=IM
;ONIH‰GC=IM
KO?
>?MN;=;H
JIL
MO
=;FC>;>
?H
FIM
FNCGIM
;ˆIM

MI<L?
NI>I
>?<C>I
;F
?M@O?LTI
>?
;FAOHIM
<O?HIM
JLI@?MCIH;F?M
I
JIL
A?MNCIH;LM?
>?M>?
ILA;HCMGIM
KO?
?M=;J;H
>?
F;
F‰AC=;
;>GCHCMNL;NCP;
NL;>C=CIH;F

F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
M?
B;H
=IHMIFC>;>I
=IGI
CHMNCNO=CIH?M
>‚<CF?M

MCH
C>?HNC>;>
S
MCH
NL;>C=C‰H

=;L?=C?H>I

JIL
?D?GJFI

>?
FIM
P;FIL?M
=ILJIL;NCPIM
=F}MC=IM
>?
FIM
AL;H>?M
=O?LJIM
@OH=CIH;LC;F?M
!F
L?MOFN;>I

J;L;
?MNIM
?RJ?LNIM

B;
MC>I
OH;
;>GCHCMNL;=C‰H
F?HN;
S
JI=I
?@C=;T

;F?D;>;
>?
FIM
=CO>;>;HIM

>?MJL?I=OJ;>;
JIL
F;
=;FC>;>
>?
FIM
M?LPC=CIM
S
JIL
?F
CGJ;=NI
>?
MOM
JIF…NC=;M

=IH
?M=;M;
=;J;=C>;>
>?
L?;==C‰H
S
>?
=IIL>CH;=C‰H
CHN?L>?J;LN;G?HN;F
?
CHN?L;>GCHCMNL;NCP;

MO
P?T

M?ˆ;F;H
KO?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
;
P?=?M
M?
=IGJILN;H
=IH
JL?JIN?H=C;
;HN?
FIM
;SOHN;GC?HNIM

F;
MI=C?>;>
=CPCF
S
FIM
=CO>;>;HIM
S
M?
L?F;=CIH;H
=IH
MOM
?GJF?;>IM
S
MCH>C=;NIM
=IH
OH;
@;FM;
MOJ?LCILC>;>

KO?
?H=O<L?
OH;
AL;H
>?<CFC>;>
KO?
L?MOFN;
?H
=IHNCHO;M
=IH=?MCIH?M
S
=F;O>C=;=CIH?M
;HN?
F;M
JL?MCIH?M
=ILJIL;NCP;M
?H
F;
H?AI=C;=C‰H
=IF?=NCP;
/CMN?LH;M

2?;GIM
?H
G}M
>?N;FF?
;FAOHIM
>?
?MNIM
JLI<F?G;M


!=:-708,>
:=2,94E,?4A:>
D
/0
20>?4[9
/0
=0.@=>:>
3@8,9:>

=,2809?,.4[9
490>?,-474/,/
0
4917,.4[9
/0
;@0>?:>
D
?08;:=,74/,/
/07
;0=>:9,7
2;LCIM
?RJ?LNIM
B;H
M?ˆ;F;>I
?F
;FNI
AL;>I
>?
<OLI=L;NCT;=C‰H

>?
@L;AG?HN;=C‰H
?H
OHC>;>?M
>?
A?MNC‰H

>?
=IGJ;LNCG?HN;=C‰H
?H
OH;
AL;H
P;LC?>;>
>?
=IHM?D?L…;M
S
>CL?==CIH?M
A?H?L;F?M
KO?
NC?H?H
OH
N;G;ˆI
GOS
J?KO?ˆI

>?
=?HNL;FCT;=C‰H
S
F;
>?<CFC>;>
>?
F;M
JIF…NC=;M
BILCTIHN;F?M
;F
?MN;L
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
?R=?MCP;G?HN?
=?HNL;FCT;>;M
?H
OHIM
JIN?HN?M
M?LPC=CIM
=IGOH?M
!MNIM
M?LPC=CIM
=IGOH?M

KO?
NC?H?H
=IGI
GCMC‰H
JL?MN;L
M?LPC=CIM
;F
L?MNI
>?
OHC>;>?M
;>GCHCMNL;NCP;M
JIL
?D?GJFI

>CL?==CIH?M
A?H?L;F?M
>?
JL?MOJO?MNIM

>?
@OH=C‰H
J<FC=;

CH@ILG}NC=;

?N=
S
F;M
M?=L?N;L…;M
A?H?L;F?M
I
OHC>;>?M
MCGCF;L?M
>?
=;>;
=IHM?D?L…;
NC?H?H
OH;M
>CG?HMCIH?M
?R=?MCP;M
?H
=IGJ;L;=C‰H
=IH
?F
N;G;ˆI
>?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
;FF;LN
S
.;GC‰


MO
P?T

M?
JLI>O=?
OH;
AL;H
CH@F;=C‰H
ILA}HC=;
?H
MOM
?MNLO=NOL;M
;>GCHCMNL;NCP;M
S
?RCMN?H
GO=B;M
>CL?==CIH?M
A?H?L;F?M
KO?
HI
NC?H?H
F;
MO@C=C?HN?
>CG?HMC‰H
J;L;
F;
L?;FCT;=C‰H
?@?=NCP;
>?
MOM
@OH=CIH?M
S
KO?
HI
?MN}H
?H
=IH>C=CIH?M
>?
;JLIP?=B;L
?=IHIG…;M
>?
?M=;F;
?H
MO
A?MNC‰H
S
>?
OH
HG?LI
?R=?MCPI
>?
‰LA;HIM
CH@?LCIL?M
MO<>CL?==CIH?M
A?H?L;F?M

M?LPC=CIM

M?==CIH?M
S
H?AI=C;>IM
KO?
MIH
>CM@OH=CIH;F?M
?
CGJC>?H
OH;
=IIL>CH;=C‰H
?@C=;T
?HNL?
}L?;M
S
JLIAL;G;M
MCGCMGI

MIH
?MNLO=NOL;M
>?
OH;
AL;H
CH?MN;<CFC>;>
ILA}HC=;

=IHM?=O?H=C;
>?
F;M
L?ILA;HCT;=CIH?M
=IHNCHO;M
N;HNI
>?F
HG?LI
>?
=IHM?D?L…;M
=IGI
>?
F;
ILA;HCT;=C‰H
CHN?LH;
>?
‚MN;M
/;HCA?L

!F
L?MOFN;>I
>?
NI>I
?FFI
?M
OH
CHA?HN?
>?MJCF@;LLI
>?
FIM
L?=OLMIM
>?
FIM
=IHNLC<OS?HN?M
!HNL?
F;M
=;OM;M
KO?
B;H
=IHNLC<OC>I
;
?MN?
@?H‰G?HI
>?
CH@F;=C‰H
N…JC=I
>?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M

M?
B;H
>?MN;=;>I
F;M
=IHM?=O?H=C;M
>?F
MCMN?G;
L?NLC<ONCPI
S
F;
@;FN;
>?
OH
MCMN?G;
>?
;=NO;FCT;=C‰H
J?LC‰>C=;
>?
F;M
L?NLC<O=CIH?M
KO?
FF?P;<;
;
FIM
@OH=CIH;LCIM
;
N?H?L
KO?
G?DIL;L
MO
JIMC=C‰H
?H
F;
?M=;F;
D?L}LKOC=;

IJN;H>I
JIL
OH
=IGJF?G?HNI
>?
>?MNCHI
G}M
?F?P;>I
J;L;
=IGJ?HM;L
MOM
J‚L>C>;M
>?
JI>?L
;>KOCMCNCPI

@;FN;
>?
;OG?HNIM
M;F;LC;F?M

F;M
;>GCHCMNL;=CIH?M
=L?;<;H
;M…
GO=BIM
JO?MNIM
>?
;FNI
HCP?F

L?>O=C‚H>IM?
;F
GCMGI
NC?GJI
?F
=IHN?HC>I
=IGJ?N?H=C;F
S
>?=CMILCI
>?
FIM
GCMGIM
?
?MN?
GI>I

M?
=L?;<;H
HOG?LIM;M
MO<>CL?==CIH?M
A?H?L;F?M
HO?P;M
S
M?
L?F?A;<;H
F;M
;HNCAO;M
M?==CIH?M
S
H?AI=C;>IM
;
FIM
FNCGIM
HCP?F?M
D?L}LKOC=IM
#CG‚H?T
<;>

FAOHIM
>?
FIM
JLI<F?G;M
G}M
L?F?P;HN?M
>?
A?MNC‰H
>?
J?LMIH;F
?MN}H
L?F;=CIH;>IM
=IH
F;
=I?RCMN?H=C;
>?
>CMNCHNIM
L?A…G?H?M
>?
J?LMIH;F
IGI
L?MOFN;>I
>?F
JLI=?MI
>?
NL;HM@?L?H=C;M
S
>?F
L?=FON;GC?HNI
JLIJCI
=I?RCMN?H
@OH=CIH;LCIM
>?
=;LL?L;
JLIJCIM
S
NL;HM@?LC>IM

CHN?LCHIM

?P?HNO;F?M

F;<IL;F?M
@CDIM
S
F;<IL;F?M
?P?HNO;F?M
I
N?GJIL;F?M
IGI
M?
B;
PCMNI
S;

M?
JLI>O=?
OH;
?R=?MCP;
N?GJIL;FC>;>
?H
?F
?GJF?I
>?
;FAOHIM
NL;<;D;>IL?M
S
OH;
J?LG;H?H=C;
?R=?MCP;
?H
F;M
CHN?LCHC>;>?M
(;M
L;TIH?M
MIH
P;LC;>;M
1H;
JLCG?L;
=;OM;
?M

MCH
>O>;

?F
=FC?HN?FCMGI
?H
F;
M?F?==C‰H
>?
?MN?
NCJI
>?
J?LMIH;F

J?LI
N;G<C‚H
?M
CGJILN;HN?
F;
?RCMN?H=C;
>?
OHIM
L…AC>IM
MCMN?G;M
>?
JLIPCMC‰H
>?
JO?MNIM
>?
NL;<;DI
KO?
=IHPC?LN?H
FIM
=IHNL;NIM
>?
?MN?
NCJI
?H
OH;
P…;
>?
?M=;J?
L}JC>;
S
@}=CF
;F
=IH=OLMI
?HNL?
@OH=CIH;LCIM
>?
F;
JLIJC;
>GCHCMNL;=C‰H
(;
G;H?L;
>?
L?AOF;LCT;L
CHN?LCHC>;>?M

>?
GI>I
KO?
M?
L?>OT=;H
;F
G…HCGI
JIMC<F?

?M
JLI<F?G}NC=;

;OHKO?
;FAOH;M

B;H
?GJL?H>C>I
;G<C=CIMIM
JLI=?MIM
>?
U@OH=CIH;LCT;=C‰HX
G?>C;HN?
IJIMC=CIH?M
I
JIL
>?=L?NI

=IHPCLNC?H>I
?H
@OH=CIH;LCIM
;
;FAOHIM
?GJF?;>IM
CHAL?M;>IM
?H
?F
M?=NIL
J<FC=I
;ONIH‰GC=I

=IH
F;
IJIMC=C‰H
;=NCP;
>?
KOC?H?M
CHAL?M;LIH
G?>C;HN?
JLO?<;M
I<D?NCP;M
!H
=O;HNI
;
F;
H?AI=C;=C‰H
=IF?=NCP;
?H
F;
G;SIL…;
>?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M

M?
B;
I<M?LP;>I
OH;
=F;L;
MCNO;=C‰H
>?
;MCG?NL…;
?HNL?
OHIM
MCH>C=;NIM
@O?LN?M
S
=IH
I<D?NCPIM
GOS
=F;LIM
S
OHIM
JIF…NC=IM
>‚<CF?M
S
>CMJO?MNIM
;
KO?>;L
<C?H
=IH
FIM
MCH>C=;NIM

FI
KO?
B;
FF?P;>I
;
;FAOH;M
CH?@C=C?H=C;M
?
CHDOMNC=C;M

 
:>
;=:-708,>
/0
7,
;:74?4E,.4[9
0C.0>4A,
D
7,>
/014.409.4,>
/0
7,
1@9.4[9
/4=0.?4A,
,@?:9[84.,
.7409?074>8:
D
.:==@;.4[9
!F
@?H‰G?HI
KO?
;FF;LN
S
.;GC‰

>?HIGCH;<;H
UF;
GIHIJIFCT;=C‰H
>?
F;
=F;M?
JIF…NC=;
>?F
?MJ;=CI
>CL?=NCPI
S
M?GC>CL?=NCPIX
B;
FF?A;>I
?H
;FAOHIM
=;MIM
;F
N?L=?L
S
=O;LNI
HCP?F
D?L}LKOC=I
>?
FIM
>C@?L?HN?M
>?J;LN;G?HNIM
S
B;
CGJ?>C>I
F;
=L?;=C‰H
>?
OH;
;>GCHCMNL;=C‰H
J<FC=;
=IH
OH;
<OLI=L;=C;
JLI@?MCIH;F
?@C=;T
S
JIF…NC=;G?HN?
H?ONL;F

=IH
OH;
=F;L;
>?G;L=;=C‰H
?HNL?
FIM
JO?MNIM
JIF…NC=IM
S
FIM
N‚=HC=IM
!MNI
B;
>C@C=OFN;>I

JIL
OH
F;>I

F;
=IHNCHOC>;>
>?
F;
;==C‰H
;>GCHCMNL;NCP;
;F
G;LA?H
>?
FIM
=;G<CIM
JIF…NC=IM
>?F
GIG?HNI
S
OH;
F;<IL
>?
JLIAL;G;=C‰H
;
G?>CI
S
F;LAI
JF;TI
>?
F;
;=NCPC>;>
;>GCHCMNL;NCP;
0I>I
?FFI
JLI>O=?
CGJLIPCM;=C‰H
?H
F;
;=NO;=C‰H

<MKO?>;
>?
?@?=NIM
?MJ?=N;=OF;L?M
GIG?HN}H?IM
J?LI
>?
?M=;M;
MIFC>?T

F;
;OM?H=C;
>?
JLIAL;G;M
S
F;
CH?RCMN?H=C;
>?
I<D?NCPIM
=IH
OH;
=C?LN;
PCMC‰H
>?
@ONOLI

;>?G}M
>?
F;
ONCFCT;=C‰H
>?
F;
>GCHCMNL;=C‰H
=IH
@CH?M
J;LNC>CMN;M
=CL=OHMN;H=C;F?M
!MN;
MCNO;=C‰H
JLIPI=;
F;
J‚L>C>;
>?F
L?MJ?NI
JLI@?MCIH;F
JIL
J;LN?
>?
FIM
@OH=CIH;LCIM
;F
D?@?
JIF…NC=I
S
MO
@;FN;
>?
?RJ?=N;NCP;M
JLI@?MCIH;F?M

;=IGJ;ˆ;>;
>?
>?M}HCGI
JIL
P?L
KO?
MOM
D?@?M
B;H
=IHM?AOC>I
JIL
F;
P…;
>?
F;
JIF…NC=;
FI
KO?
?FFIM
HOH=;
P;H
;
=IHM?AOCL
JIL
G‚LCNIM
JLI@?MCIH;F?M

CH=CN;H>I
;M…
;
FIM
@OH=CIH;LCIM
;
JIFCNCT;LM?
#CG‚H?T
<;>

!MN?
JLI=?MI
>?
U>?=;JCN;=C‰H
J?LG;H?HN?X
>?
F;M
ILA;HCT;=CIH?M
>?F
M?=NIL
J<FC=I
&CG‚H?T
M?HMCI

M?
FF?P;
JIL
>?F;HN?
NI>I
?F
=;JCN;F
>CL?=NCPI
=IHMNLOC>I
>OL;HN?
OH
F;LAI
J?LCI>I
>?
NC?GJI
!MN;M
L?MNLO=NOL;=CIH?M
>?
F;M
=IHM?D?L…;M
I
?HN?M
J<FC=IM
KO?
M?
JLI>O=?H
=O;H>I
=;G<C;
?F
AI<C?LHI
S
KO?
;@?=N;
CH=FOMI
;
FIM
>CL?=NCPIM
JLI@?MCIH;F?M
JLIPI=;
F;
J‚L>C>;
>?
=IHI=CGC?HNI
S
M;<?L
?RJ?LNI
P;FCIMI
?<?
L?=IL>;LM?
KO?
?MN?
J?LMIH;F
B;
>?M;LLIFF;>I
MO
=;LL?L;
;
J;LNCL
>?
MOM
G‚LCNIM

F;
?RJ?LC?H=C;
JLI@?MCIH;F
S
F;
@ILG;=C‰H
MO@L;A;>;
=IH
>CH?LI
J<FC=I
S
JIL
FI
N;HNI
MO
U>?=;JCN;=C‰HX
>?N?LCIL;
F;
;=NO;=C‰H
;>GCHCMNL;NCP;
S
MOJIH?
OH
>?LLI=B?
>?
L?=OLMIM
BOG;HIM
0;G<C‚H
=IH>O=?
;
F;
J;L}FCMCM
>?
F;M
JIF…NC=;M
J<FC=;M

;F
L?JF;HN?;GC?HNI
>?
GO=B;M
>?
?FF;M
I
;
F;
L?@ILGOF;=C‰H
>?
INL;M
S
JIL
N;HNI
JO?>?
N?H?L
=IHM?=O?H=C;M
H?A;NCP;M
?H
N‚LGCHIM
>?
;=NCPC>;>
?=IH‰GC=;
!H
?MN;
GCMG;
F…H?;

OH
JLI<F?G;
M?ˆ;F;>I
JIL
HOG?LIMIM
?RJ?LNIM
?M
?F
?M=;MI
>?M;LLIFFI
>?
F;
@OH=C‰H
>CL?=NCP;
;ONIH‰GC=;
"?LH}H>?T;<;FF?LI

/?AH
&CG‚H?T
M?HMCI


;FAOHIM
>?
FIM
L;MAIM
H?A;NCPIM
KO?
;@?=N;H
;
FIM
>CL?=NCPIM
J<FC=IM
;ONIH‰GC=IM
?HNL?
INLIM

MIH
W
(;
@;FN;
>?
=IGJ?N?H=C;
?H
?F
MCMN?G;
>?
JLIPCMC‰H
>?
?MNIM
JO?MNIM
M?
<OM=;H
J?LMIH;M
;
NL;P‚M
>?
G?>CIM
LO>CG?HN;LCIM
S
I<MIF?NIM
?MNLO=NOL;M
>?
J;LNC>IM

JL?AOHN;M
;
>?N?LGCH;>;M
J?LMIH;M
MI<L?
=‰GI
=O<LCL
>?N?LGCH;>IM
J?L@CF?M

FF;G;>;M
>?
N?F‚@IHI

?N=
W
(;
CH?RCMN?H=C;
>?
=IHPI=;NILC;
;<C?LN;
S
JO<FC=C>;>
J;L;
=O<LCL
?MNIM
JO?MNIM
W
(;
;OM?H=C;
>?
;=L?>CN;=C‰H
>?
=IGJ?N?H=C;M
JLI@?MCIH;F?M
>?
FIM
A?MNIL?M
J<FC=IM
W
(;
@;FN;
>?
?P;FO;=C‰H
>?
FIM
L?MOFN;>IM
>?
F;
A?MNC‰H
S
OH
MCMN?G;
>?
CH=?HNCPIM
L?NLC<O=CIH?M
P;LC;<F?M
(IM
JO?MNIM
>CL?=NCPIM
>?
HCP?F
MCGCF;L
=I<L;H
L?NLC<O=CIH?M
C>‚HNC=;M

;F
G;LA?H
>?F
NCJI
>?
JO?MNI
S
FIM
L?MOFN;>IM
>?
F;
A?MNC‰H
/?AH
?MNIM
;ONIL?M

FIM
@OH=CIH;LCIM
;ONIH‰GC=IM
>CL?=NCPIM
HI
?MN}H
@;GCFC;LCT;>IM
=IH
F;M
HO?P;M
N‚=HC=;M
>?
A?MNC‰H
=IGI
F;
;>GCHCMNL;=C‰H
JIL
I<D?NCPIM

F;
>CL?==C‰H
>?
L?=OLMIM
BOG;HIM
I
F;
?P;FO;=C‰H
JIL
L?MOFN;>IM

S
F;M
HO?P;M
JLIGI=CIH?M
>?
@OH=CIH;LCIM
MOJ?LCIL?M
JO?>?H
?GCNCL
CH@ILG?M
DOL…>C=IM
NCF?M

J?LI
HI
MC?GJL?
M;<?H
?F;<IL;L
?
CGJF;HN;L
JLIS?=NIM

A?MNCIH;L
;>?=O;>;G?HN?
FIM
L?=OLMIM
JL?MOJO?MN;LCIM
S

MI<L?
NI>I

=;L?=?H
>?
B;<CFC>;>?M
>?
JF;HC@C=;=C‰H
?MNL;N‚AC=;
0;GJI=I
J;L?=?H
;>;JN;>IM
;
F;
HO?P;
=IGJF?DC>;>
KO?
MOJIH?
F;
NL;HM@ILG;=C‰H
>?
F;
A?MNC‰H
>CL?=N;
;
F;
A?MNC‰H
>?
L?>?M
>?
ILA;HCT;=CIH?M
JLCP;>;M
OHKO?
B;S
=F;L;M
?R=?J=CIH?M
S
B;H
JLIFC@?L;>I
F;M
!M=O?F;M
I
FIM
%HMNCNONIM
;ONIH‰GC=IM
>?
>GCHCMNL;=C‰H
,<FC=;

?H
GO=BIM
=;MIM
S
?H
F;
G;SIL…;
>?
F;M


FIM
N?G;LCIM
S
FIM
=OLMIM
>?
@ILG;=C‰H
>?
FIM
@OH=CIH;LCIM
>?
=O?LJIM
MOJ?LCIL?M
HI
?MN}H
;>;JN;>IM
;
F;
HO?P;
A?MNC‰H
J<FC=;
I
;
F;
FF;G;>;
UAI<?LH;HT;X

MCHI
KO?
MCAO?H
?H=?LL;>IM
?H
F;
L?CN?L;=C‰H
>?F
?R;G?H
DOL…>C=I
>?
F;
F?ACMF;=C‰H
 1HI
>?
FIM
JLI<F?G;M
KO?
JLI>O=?
F;
JIFCNCT;=C‰H
>?
FIM
HCP?F?M
;FNIM
?
CHN?LG?>CIM
>?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
S
>?
F;
G;SIL…;
>?
FIM
HIG<L;GC?HNIM
?H
FIM
?HN?M
>?F
M?=NIL
J<FC=I
;ONIH‰GC=I
?M
F;
?RN?HMC‰H
>?F
=FC?HN?FCMGI
S

?H
;FAOHIM
=;MIM

>?
F;
=ILLOJ=C‰H
)O=BIM
CH@ILG?M
>?
FIM
‰LA;HIM
>?
=IHNLIF
?RN?LHI
>?
P;LC;M

B;H
M?ˆ;F;>I
F;
@;FN;
>?
=IHNLIF
S
>?
NL;HMJ;L?H=C;
S
JO<FC=C>;>
?H
F;
=IHNL;N;=C‰H
>?
J?LMIH;F

JIL
?D?GJFI
?H
F;M
MI=C?>;>?M
J<FC=;M

ILA;HCMGIM
;ON‰HIGIM

?HN?M
J<FC=IM
>?
>?L?=BI
JLCP;>I

=IGI
F;M
N?F?PCMCIH?M
;ONIH‰GC=;M
I
FIM
M?LPC=CIM
>?
M;FO>
HN?
F;
=L?=C?HN?
L?AOF;LCT;=C‰H
>?F
;==?MI
;
F;
@OH=C‰H
J<FC=;
?H
GO=B;M

S
NL;M
?F
=IHNLIF
>?
F;M
<IFM;M
>?
NL;<;DI
J;L;
F;<IL;F?M
S
INLIM
NCJIM
>?
J?LMIH;F
J<FC=I

GO=BIM
AI<C?LHIM
;ONIH‰GC=IM
B;H
OM;>I
F;M
?GJL?M;M
J<FC=;M
S
@OH>;=CIH?M
J;L;
?GJF?;L
;
MOM
U=FC?HN?MX

;@CFC;>IM
I
;GCAIM
JIF…NC=IM
!MNI
B;
FF?P;>I

JIL
JIH?L
OH
?D?GJFI

;
KO?
?H
H>;FO=…;

M?AH
F;
}G;L;
>?
O?HN;M

?H

B;<…;
OH;
JF;HNCFF;
G?>C;
>?

=IHNL;N;>IM
?H
F;M
?GJL?M;M
J<FC=;M
S
;A?H=C;M
;H>;FOT;M
;
FIM
KO?
B;<L…;
KO?
MOG;L
FIM

=IHNL;N;>IM
?H
F;M
"OH>;=CIH?M

B;=C?H>I
OH
NIN;F
>?

=IHNL;N;>IM
KO?
HI
B;<…;H
N?HC>I
KO?
MIG?N?LM?
?H
F;
JL}=NC=;
;
HCHAH
=LCN?LCI
>?
G‚LCNI
S
=;J;=C>;>
F
GCMGI
NC?GJI

?H


B;<…;
MIFI

@OH=CIH;LCIM
KO?
B;<…;H
J;M;>I
JIL
OH;
IJIMC=C‰H
!MNI
MCAHC@C=;
KO?
M?
=IHN;<;
=IH

G}M
=IHNL;N;>IM
MCH
=IHNLIF
?H
MO
;==?MI

KO?
@OH=CIH;LCIM
JIL
IJIMC=C‰H
!F
@?H‰G?HI
>?F
=FC?HN?FCMGI
MO?F?
;MI=C;LM?
=IH
F;
=ILLOJ=C‰H
OHKO?

F;
=ILLOJ=C‰H
?M
OH
I<D?NI
>?
?MNO>CI
?MKOCPI

M…
N?H?GIM
;FAOHIM
>;NIM
MI<L?
F;
J?L=?J=C‰H
=CO>;>;H;
>?
‚MN;

KO?
CH>C=;H
KO?
?MN}
GOS
?RN?H>C>;
?H
F;M


=IGI
N;G<C‚H
JIH?H
>?
G;HC@C?MNI
NI>IM
FIM
>…;M
FIM
?M=}H>;FIM
>?
AL;H
CGJ;=NI
G?>C}NC=I
(IM
>;NIM
J;L?=?H
CH>C=;L
KO?
F;
=ILLOJ=C‰H
M?
JLI>O=?
G}M
?H
FIM
;FNIM
=;LAIM
JIF…NC=IM
KO?
?H
F;M
?M=;F;M
@OH=CIH;LC;F?M
1H
<;L‰G?NLI
;ONIH‰GC=I
L?=C?HN?
>?F
?HNLI
>?
%HP?MNCA;=CIH?M
/I=CIF‰AC=;M
%/
GO?MNL;
KO?
FIM
=CO>;>;HIM
>?


=L??H
KO?
F;
=ILLOJ=C‰H
JIF…NC=;
?MN}
G}M
?RN?H>C>;
?H
?F
}G<CNI
;ONIH‰GC=I
KO?
?H
INLIM
}G<CNIM
!F


>?
FIM
=CO>;>;HIM
=IHMOFN;>IM
;@CLG;
KO?
;JL?=C;
;FNIM
HCP?F?M
>?
=ILLOJ=C‰H

G}M
?F?P;>IM
?H
F;M

KO?
?H
?F
}G<CNI
H;=CIH;F


S
?H
?F
FI=;F


!H
!RNL?G;>OL;

>IH>?
M?
>;
F;
G?HIL
J?L=?J=C‰H

FI
IJCH;H
?F


>?
FIM
=CO>;>;HIM

GC?HNL;M
KO?
OH


;JL?=C;
KO?
F;
=ILLOJ=C‰H
?MN}
GOS
;P;HT;>;
?H
FIM
;SOHN;GC?HNIM
MCGCMGI

FIM
?RNL?G?ˆIM
MIH
FIM
=CO>;>;HIM
KO?
J?L=C<?H
F;
JIF…NC=;
>?
MO

=IGI
F;
G}M
…HN?AL;

F;
JL?AOHN;
>?
MC
?RCMN?H
G}M
=;MIM
>?
=ILLOJ=C‰H
?H
MO

KO?
?H
INL;M

FIM
=CO>;>;HIM
>?
;F?;L?M

F;
IGOHC>;>
2;F?H=C;H;
S
F;
IGOHC>;>
>?
);>LC>
?MN}H
>?
;=O?L>I
=IH
OH



OH

S
OH



L?MJ?=NCP;G?HN?
!H
?F
?RNL?GI
=IHNL;LCI
M?
MCN;H
FIM
?H=O?MN;>IM
>?
*;P;LL;



MNOLC;M


S
!RNL?G;>OL;


KO?
IJCH;H
KO?
?H
MOM

M?
>;H
G?HIM
=;MIM
>?
=ILLOJ=C‰H
KO?
?H
F;M
INL;M



!=:-708,>
/0
.::=/49,.4[9
?=,9>;,=09.4,
D
.:9?=:7
/07
>0.?:=
;]-74.:
>@
;0=>:9,7
2,>?:>
1@9.4:90>
D
=09/48409?:
+NLI
}G<CNI
>?
JLI<F?G;M
?M
?F
JLI>O=C>I
JIL
?F
=L?=CGC?HNI
N;H
MCAHC@C=;NCPI
>?F
M?=NIL
J<FC=I
;ONIH‰GC=I
S
NI>;
OH;
M?LC?
>?
?HNC>;>?M

ILA;HCMGIM
;ON‰HIGIM

MI=C?>;>?M
G?L=;HNCF?M

@OH>;=CIH?M

?N=
!MN;
JLIFC@?L;=C‰H

;OHKO?
;
P?=?M
NC?H?
F;M
P?HN;D;M
>?
@F?RC<CFC>;>
?H
F;
A?MNC‰H

JF;HN?;
?H
GO=BIM
=;MIM
JLI<F?G;M
ILA;HCT;NCPIM
S
>?
=IIL>CH;=C‰H
>?
F;M
JIF…NC=;M
S
>C@C=OFN;
?F
=IHNLIF
S
F;
NL;HMJ;L?H=C;
!H
;FAOHIM
=;MIM

=IGI
B;H
L?=IL>;>I
;FF;LN
S
.;GC‰


F;
@F?RC<CFC>;>
<OM=;>;
=IH
F;
=L?;=C‰H
>?
?MN;M
?HNC>;>?M
CHMNLOG?HN;F?M
HI
M?
B;
;F=;HT;>I
JF?H;G?HN?

JIL
?D?GJFI
?H
GO=BIM
ILA;HCMGIM
;ON‰HIGIM
S
;A?H=C;M
;ONIH‰GC=;M
KO?
B;H
;=;<;>I
CGJF;HN;H>I
OH
GI>?FI
>?
A?MNC‰H
MCGCF;L
;
FIM
‰LA;HIM
=?HNL;F?M
>?
F;
>GCHCMNL;=C‰H
;ONIH‰GC=;
F
GCMGI
NC?GJI

HI
M?
B;H
?MN;<F?=C>I
CHMNLOG?HNIM
?MN;H>;LCT;>IM
J;L;
;LNC=OF;L
F;M
L?F;=CIH?M
?HNL?
FIM
M?LPC=CIM
=?HNL;F?M
>?
F;M
=IHM?D?L…;M
S
?MN;M
?HNC>;>?M

=IGI
JIL
?D?GJFI
FIM
=IHNL;NIM
JLIAL;G;

I
OH
JLI=?>CGC?HNI
=IGH
J;L;
MO
H?AI=C;=C‰H
S
OH
MCMN?G;
>?
CH=?HNCPIM
JF?H;G?HN?
>?M;LLIFF;>I
(IM
JLI<F?G;M
JLCH=CJ;F?M
KO?
JF;HN?;
F;
JLIFC@?L;=C‰H
>?
?HN?M
CHMNLOG?HN;F?M
>?F
M?=NIL
J<FC=I
;ONIH‰GC=I
MCH
OH
G?=;HCMGI
=F;LI
>?
=IHNLIF
I
A?MNC‰H
JIL
I<D?NCPIM
MIH
M?AH
IGCHAI
6E
2=

W
);SIL?M
=IMN?M
>?
?MNLO=NOL;
S
>?
A?MNC‰H

>;>I
KO?
F;
L?>O=C>;
>CG?HMC‰H
>?
F;M
?HNC>;>?M
HI
J?LGCN?
I<N?H?L
F;M
?=IHIG…;M
>?
?M=;F;
S
F;M
MCH?LAC;M
KO?
NC?H?H
F;M
?HNC>;>?M
>?
G;SIL
N;G;ˆI
W
!F?P;>;
=IGJF?DC>;>
>?
F;M
N;L?;M
>?
=IHNLIF
S
M?AOCGC?HNI
JIL
J;LN?
>?
FIM
‰LA;HIM
=?HNL;F?M
>?
F;
;>GCHCMNL;=C‰H
S
H?=?MC>;>
>?
>?MNCH;L
G}M
L?=OLMIM
;
?MN;M
N;L?;M
W
C@C=OFN;>
>?
CGJF;HN;L
OH;
JF;HC@C=;=C‰H
?MNL;N‚AC=;
S
OH;
;=NO;=C‰H
=ILJIL;NCP;
=IIL>CH;>;
?H
}G<CNIM
=IGOH?M
;
NI>;M
F;M
?HNC>;>?M

@IG?HN;H>I
F;
;>IJ=C‰H
>?
>?=CMCIH?M
CH>CPC>O;F?M
?H
G?HIM=;<I
>?
OH;
;=NO;=C‰H
=IGI
ALOJI
=ILJIL;NCPI
MCGCMGI

>?M>?
?F
JOHNI
>?
PCMN;
@CH;H=C?LI

?M
M;<C>I
KO?
F;
>?O>;
>?
?MNIM
?HN?M
?M
>C@…=CF
>?
=IHNLIF;L
(IM
>;NIM
CH>C=;H
KO?
?MN;
>?O>;
B;
J;M;>I
>?F


>?F
,%
?H


;
G}M
>?F

?H

,IL
FI
KO?
L?MJ?=N;
;F
=IHNLIF
?H
F;
A?MNC‰H
>?
J?LMIH;F

?H
MO
M?F?==C‰H
S
=IHNL;N;=C‰H

S;
M?
B;
G?H=CIH;>I
F;
>C@C=OFN;>
>?
?MN;<F?=?L
?F
HG?LI
>?
?GJF?;>IM
J<FC=IM
I=OJ;>IM
?H
?MN;M
?HNC>;>?M
>?
F;
;>GCHCMNL;=C‰H
(IM
>;NIM
>CMJIHC<F?M
CH>C=;H
KO?
=;>;
P?T
MIH
OH;
JLIJIL=C‰H
G;SIL
>?
FIM
?GJF?;>IM
J<FC=IM
;ONIH‰GC=IM
IGI
S;
B?GIM
PCMNI
F;
;>GCHCMNL;=C‰H
CHMNLOG?HN;F
M?
B;
L?=ILN;>I
;HN?M
>OL;HN?
F;
=LCMCM

J?LI
;HN?M
>?F
L?=ILN?
;FAOH;M

B;<…;H
CHC=C;>I
JLI=?MIM
>?
IL>?H;=C‰H
0;HNI
*;P;LL;
=IGI
L;A‰H
=L?;LIH
OH
BIF>CHA
?GJL?M;LC;F
;ONIH‰GC=I
=IH
?F
@CH
>?
L;=CIH;FCT;L
F;
A?MNC‰H
>?
?MNIM
?HN?M
"?LH}H>?T(F?L;



MCGCMGI

FIM
MCMN?G;M
;=NO;F?M
>?
=IHNLIF
;>GCHCMNL;NCPI
?H
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M

?H
J;LN?
=IGI
=IHM?=O?H=C;
>?
FIM
HOG?LIMIM
=;MIM
>?
=ILLOJ=C‰H
S
G;FP?LM;=C‰H
>?
@IH>IM
J<FC=IM
S
F;
=;L?H=C;
>?
OH;
ILC?HN;=C‰H
B;=C;
FIM
L?MOFN;>IM

MIH
>?G;MC;>I
<OLI=L}NC=IM
S
IH?LIMIM

FF?P;H>I
;
OH;
@;FN;
>?
;ACFC>;>
S
;>;JN;=C‰H
;
F;M
H?=?MC>;>?M
>?
FIM
=CO>;>;HIM
(;M
;M?MIL…;M
DOL…>C=;M

F;M
}L?;M
>?
A?MNC‰H
S
=IHNLIF
?=IH‰GC=I

F;M
CHN?LP?H=CIH?M
S
INL;M
CHMN;H=C;M
>?
@CM=;FCT;=C‰H
B;=?H
MO
NL;<;DI
FI
G?DIL
KO?
JO?>?H

;M?AOL;H>I
KO?
NI>I
M?
B;=?
>?
;=O?L>I
;
FIM
JLI=?>CGC?HNIM
;>GCHCMNL;NCPIM
S
L?AF;G?HN;LCIM

MCH
N?H?L
?H
=O?HN;
MC
MOM
;JL?=C;=CIH?M
JO?>?H
L?NL;M;L
JIF…NC=;M
H?=?M;LC;M
J;L;
F;
=CO>;>;H…;
!MNI
JO?>?
JLIPI=;L
KO?
F;M
JIF…NC=;M
J<FC=;M
S
JLIAL;G;M
KO?>?H
<FIKO?;>IM
I
L?NL;M;>IM
>OL;HN?
G?M?M

>?<C>I
;
KO?
?MN?
;J;L;NI
>?
=IHNLIF
J<FC=I
HI
L?MJIH>?
;
HCHAH
NCJI
>?
=LCN?LCI
FCA;>I
;
F;
JLI>O=NCPC>;>
>?
F;M
JIF…NC=;M
J<FC=;M
,IHN

,IL
INL;
J;LN?

?MNIM
=IHNLIF?M
N;H
LCAOLIMIM
HC
MCKOC?L;
B;H
JI>C>I
?PCN;L
KO?
M?
JLI>OT=;H
GO=BIM
=;MIM
>?
G;FP?LM;=C‰H
>?
FIM
=;O>;F?M
J<FC=IM
 OHKO?
?M
>C@…=CF
G?>CL
F;
NL;HMJ;L?H=C;
S
F;
CH@ILG;=C‰H
KO?
F;M

I@L?=?H
;
FIM
=CO>;>;HIM
MI<L?
MO
;=NCPC>;>
S
HI
B;S
GO=BIM
?MNO>CIM
MI<L?
?FF;

=IHN;GIM
=IH
OHI
L?=C?HN?
KO?
B;
JLI>O=C>I
OH
…H>C=?
%*1
FF?P;>I
;
=;<I
JIL
F;
ILA;HCT;=C‰H
0L;HMJ;L?H=C;
%HN?LH;=CIH;F
KO?
S;
?H

;H;FCT‰
P;LC;M
>CG?HMCIH?M
I
}L?;M
>?
F;
NL;HMJ;L?H=C;
?H
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
ONCFCT;H>I
OH
=IHDOHNI
>?

CH>C=;>IL?M
P?L
(;M
=CH=I
}L?;M
>?
NL;HMJ;L?H=C;
?L;H
;
F;
CH@ILG;=C‰H
MI<L?
F;

<
F;M
L?F;=CIH?M
=IH
FIM
=CO>;>;HIM
S
F;
MI=C?>;>
=
F;
NL;HMJ;L?H=C;
?=IH‰GC=I@CH;H=C?L;
>
F;
NL;HMJ;L?H=C;
?H
F;M
=IHNL;N;=CIH?M
>?
M?LPC=CIM
S
MOGCHCMNLIM
S
?
F;
NL;HMJ;L?H=C;
?H
G;N?LC;M
>?
IL>?H;=C‰H
>?F
N?LLCNILCI

OL<;HCMGI
S
I<L;M
J<FC=;M
?MJO‚M
>?
;MCAH;L
P;FIL?M
;
FIM

CH>C=;>IL?M

?F
?MNO>CI
=IH=FOS?
KO?

;F
CAO;F
KO?
?H
F;M
?>C=CIH?M
>?

S


?H

@?=B;
>?F
FNCGI
>;NI
>CMJIHC<F?

F;M

NC?H?H
MI<L?
NI>I
JLI<F?G;M
?H
FIM
}G<CNIM
>?
NL;HMJ;L?H=C;
?=IH‰GC=I@CH;H=C?L;
OHKO?
;
>C@?L?H=C;
>?
?HNIH=?M
?H
KO?
F;
JOHNO;=C‰H
;F=;HT;>;
?L;
>?



;BIL;
?M
>?


(;M
}L?;M
>?
NL;HMJ;L?H=C;
G?DIL
P;FIL;>;M
MIH
F;M
L?F;=CIH?M
=IH
FIM
=CO>;>;HIM
S
F;
MI=C?>;>

?H
F;
KO?
I<NC?H?H
OH;
G?>C;
>?



S
F;
NL;HMJ;L?H=C;
?H
G;N?LC;M
=IGI
IL>?H;=C‰H
>?F
N?LLCNILCI

OL<;HCMGI
S
I<L;M
J<FC=;M

=OS;
G?>C;
=IF?=NCP;
?M

-O?>;H
?H
OH;
TIH;
CHN?LG?>C;
S
=?L=;H;
;F
HIN;<F?

F;M
}L?;M
>?
CH@ILG;=C‰H
MI<L?
F;



S
F;
>?
NL;HMJ;L?H=C;
?H
F;M
=IHNL;N;=CIH?M
>?
M?LPC=CIM
S
MOGCHCMNLIM


$%.$

V;2713
23
A?/;@=/?3;17/
3;A?3
9/@

@35c;
39
3@AB27<
")

 $B;AB/17a;
3;A?3

E


 7J7BKu7 

7IJ?BB7
O
&;vD 

 *7sI
07I9E 

 ,?E@7 

 !7B?9?7 

 7B;7H;I 

 07B;D9?7 

 IJKH?7I 

 (7L7HH7 

!327/ 

 D:7BK9s7 

 7DJ78H?7 

 NJH;C7:KH7 

 H7=vD 

 7IJ?BB7&7
'7D9>7 

 7D7H?7I 

 'KH9?7 

 '7:H?: 
"O?HN?
0L;HMJ;L?H=C;
%HN?LH;=CIH;F
%*1

=IHMOFN;>I
?H

 (;
HIN;
>?
F;M

?H
MO
=IHDOHNI
B;
G?DIL;>I
L?MJ?=NI
;
?>C=CIH?M
;HN?LCIL?M
>?
?MN?
…H>C=?
/CH
?G<;LAI

B;S
;FAOH;M
>C@?L?H=C;M
FF;G;NCP;M
?HNL?
F;M

;N;FOˆ;

;MNCFF;
S
(?‰H
S
,;…M
2;M=I
MIH
F;M
G?DIL
MCNO;>;M
?H
?F
C2?<:?8

B;<C?H>I
;F=;HT;>I
F;
G}RCG;
JOHNO;=C‰H

GC?HNL;M
KO?
);>LC>
?M
F;
G?HIM
NL;HMJ;L?HN?
0;<F;

,IL
FNCGI
B;S
KO?
M?ˆ;F;L
KO?
?MN?
…H>C=?
GC>?
F;
>CMJIHC<CFC>;>
>?
CH@ILG;=C‰H
J?LI
HI
MO
=;FC>;>
 
'(&('
-
$&#'#'

&#&!

'
!"'(&#"'
)(#"Y!'

#01:=8,>
,/8494>?=,?4A,>
09
7,>

/0
7:>
,Z:>

,
7:>
9@0A:>
0>?,?@?:>
D
07
,.?@,7
0>.09,=4:
/0
.=4>4>
D
=0>?=4..4[9
0.:9[84.,
1H;
P?T
KO?
J;M‰
F;
OLA?H=C;
JIF…NC=;
>?
FIM
;ˆIM
I=B?HN;

>IH>?
F;
JLCILC>;>
>?
FIM
AI<C?LHIM
;ONIH‰GC=IM
?L;
F;
=IHMIFC>;=C‰H
>?
MOM
HO?P;M
CHMNCNO=CIH?M
S
=IG?HT;L
;
I@L?=?L
M?LPC=CIM
J<FC=IM
;
MOM
=CO>;>;HIM
?H
OH
=IHN?RNI
>?
?RJ;HMC‰H
>?F
A;MNI
J<FC=I

;
J;LNCL
>?
FIM
;ˆIM
HIP?HN;
M?
?GJC?T;H
;
CGJF;HN;L
;FAOH;M
G?>C>;M
>?
L?@ILG;
S
GI>?LHCT;=C‰H
>?
F;M
;>GCHCMNL;=CIH?M
!MN;M
G?>C>;M
NC?H?H
>CP?LMIM
I<D?NCPIM
=IGI
FIM
>?
G?DIL;L
F;
=;FC>;>
>?
FIM
M?LPC=CIM
S
;=?L=;LM?
;
FIM
=CO>;>;HIM

?GJ?T;L
;
=OGJFCL
=IH
F;M
HO?P;M
L?MNLC==CIH?M
;F
A;MNI
J<FC=I
>?
JLI=?>?H=C;
?OLIJ?;
S
;>;JN;LM?
;F
>?M;LLIFFI
>?
F;M
HO?P;M
N?=HIFIA…;M
>?
F;
CH@ILG;=C‰H
S
F;M
=IGOHC=;=CIH?M
F
JLCH=CJCI
?MN;M
CHC=C;NCP;M
>?
L?@ILG;
S
GI>?LHCT;=C‰H
?H
GO=B;M

@O?LIH
GI>?MN;M

J?LI
M?
BC=C?LIH
G}M
MCMN?G}NC=;M
S
;G<C=CIM;M

?F;<IL}H>IM?
JF;H?M
>?
GI>?LHCT;=C‰H
?H
P;LC;M
?FF;M
=?HNL;>IM
?H
OH;
G;SIL
ILC?HN;=C‰H
;F
=CO>;>;HI

F;
=;FC>;>
>?
FIM
M?LPC=CIM
S
F;
JF;HC@C=;=C‰H
.I>L…AO?T
L;H;

IH
?F
=;G<CI
>?
MCAFI

F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
B;H
M?AOC>I
>?M;LLIFF;H>I
CHC=C;NCP;M
>?
GI>?LHCT;=C‰H
;>GCHCMNL;NCP;

>?
ILC?HN;=C‰H
;F
=CO>;>;HI

?H
J;LNC=OF;L
;KO?FFIM
L?F;=CIH;>;M
=IH
F;
ONCFCT;=C‰H
>?
FIM
G?>CIM
CH@ILG}NC=IM
S
N?F?G}NC=IM
N;HNI
?H
F;
A?MNC‰H
;>GCHCMNL;NCP;
=IGI
?H
F;
CH@ILG;=C‰H
S
L?F;=CIH?M
=IH
FIM
=CO>;>;HIM

F;
>?HIGCH;>;
U?;>GCHCMNL;=C‰HX
(;M
L?=C?HN?M
L?@ILG;M
?MN;NON;LC;M
CH=ILJIL;LIH
L?@?L?H=C;M
;
HO?PIM
>?L?=BIM
S
>?<?L?M
?H
?F
}G<CNI
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
!M
OH
?D?GJFI
>?
?FFI
?F
;LN…=OFI

>?F
!MN;NONI
>?
H>;FO=…;

KO?
JLI=F;G;
?F
>?L?=BI
;
F;
U<O?H;
;>GCHCMNL;=C‰HX

?H
FIM
N‚LGCHIM
>?
F;
;LN;
>?
?L?=BIM
@OH>;G?HN;F?M
>?
F;
1!
0;G<C‚H
?F
;LN…=OFI

>?F
!MN;NONI
>?
F;M
%MF;M
;F?;L?M
=IHNC?H?
OH;
?HOG?L;=C‰H
>?
>?L?=BIM
?H
L?F;=C‰H
=IH
F;M
>GCHCMNL;=CIH?M
J<FC=;M
J;L?=C>I
;F
;H>;FOT
S
?F
;LN…=OFI

>?F
!MN;NONI
>?
;MNCFF;
S
(?‰H
JLI=F;G;
?F
>?L?=BI
;
OH;
<O?H;
;>GCHCMNL;=C‰H
,IL
MO
J;LN?

?F
;LN…=OFI

>?F
N?RNI
?MN;NON;LCI
;H>;FOT
@CD;
FIM
>?<?L?M
>?
NI>;M
F;M
J?LMIH;M

?HNL?
INLIM
?RNL?GIM

?H
L?F;=C‰H
=IH
?F
OMI
L?MJIHM;<F?
S
MIFC>;LCI
>?
FIM
M?LPC=CIM
S
JL?MN;=CIH?M
J<FC=;M
0;G<C‚H
;FAOH;M
F?S?M
;ONIH‰GC=;M
L?=C?HN?M
=IGI
F;
(?S
;H>;FOT;
 

>?
F;
>GCHCMNL;=C‰H

;JO?MN;
JIL
OH;
>GCHCMNL;=C‰H
G}M
}ACF
S
=?L=;H;
;F
=CO>;>;HI

=IH@CAOL;H>I
OH
GI>?FI
ILA;HCT;NCPI
KO?
=IHDOAO?
UFIM
JLCH=CJCIM
>?
?@C=;=C;

?@C=C?H=C;

CAO;F>;>
>?
NL;NI
?HNL?
BIG<L?M
S
GOD?L?M
S
GI>?LHCT;=C‰H
>?F
;J;L;NI
;>GCHCMNL;NCPI
=IH
F;
G?DIL;
=IHNCHO;>;
>?
F;
=;FC>;>
>?
FIM
M?LPC=CIM
S
F;
;>IJ=C‰H
>?
F;M
HO?P;M
N?=HIFIA…;M
?H
IL>?H
;
MCGJFC@C=;L
F;
A?MNC‰H
;>GCHCMNL;NCP;X
MCGCMGI

NI>;M
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
B;H
MOM=LCNI
?H


DOHNI
=IH
?F
#I<C?LHI
?HNL;F

OH;
;LN;
>?
IGJLIGCMIM
=IH
F;
;FC>;>
>?
F;M
>GCHCMNL;=CIH?M
?MJ;ˆIF;M
KO?
=IHNC?H?
OH
>?=}FIAI
>?
I<D?NCPIM
;
=OGJFCL

J;LNCL
>?


?H
OH
=IHN?RNI
>?
G;SIL
L?MNLC==C‰H
>?F
A;MNI
J<FC=I

?RCMN?H
?H
F;M

=IHNCHO;M
CHC=C;NCP;M
>?
L?@ILG;
KO?
NC?H?H
KO?
P?L

;J;LN?
>?
=IH
F;
=;FC>;>
>?
FIM
M?LPC=CIM

=IH
F;
ILA;HCT;=C‰H
I
L??MNLO=NOL;=C‰H
>?F
;J;L;NI
;>GCHCMNL;NCPI
S
?F
HG?LI
>?
;FNIM
=;LAIM
S
?HN?M
CHMNLOG?HN;F?M

=IH
F;
A?MNC‰H
@CH;H=C?L;
=IHNLIF
>?F
A;MNI

JL?MOJO?MNI
JIL
JLIAL;G;M

=IHN;<CFC>;>
;H;F…NC=;

F;
MCGJFC@C=;=C‰H
S
F;
FF;G;>;
UG?DIL;
L?AOF;>IL;X

F;
?;>GCHCMNL;=C‰H
S
F;
L?HIP;=C‰H
>?
FIM
JILN;F?M
I@C=C;F?M
;ONIH‰GC=IM

?F
>C;AH‰MNC=I
>?
F;
@OH=C‰H
J<FC=;
S
F;
A?MNC‰H
>?
J?LMIH;F

=IH
?F
J?L@?==CIH;GC?HNI
>?
F;
JLI@?MCIH;FCT;=C‰H
>?
F;
>CL?==C‰H
J<FC=;

F;
=L?;=C‰H
>?
OHC>;>?M
>?
?P;FO;=C‰H
>?
JIF…NC=;M
S
M?LPC=CIM

F;
L?AOF;=C‰H
>?
F;M
CH=IGJ;NC<CFC>;>?M
>?
FIM
;FNIM
=;LAIM
S
F;
NL;HMJ;L?H=C;
?H
G;N?LC;
>?
>CL?=NCPIM
S
?P?HNO;F?M

F?S?M
>?
=IH=CFC;=C‰H

F;
G?DIL;
>?
F;
H?AI=C;=C‰H
=IF?=NCP;
>?F
M?=NIL
J<FC=I
S
;FAOHIM
JLIS?=NIM
>?
I@C=CH;
;HNC@L;O>?
!H
F;
;A?H>;
>?
L?@ILG;M
M?
?H=O?HNL;H

;MCGCMGI

F;
CHNLI>O==C‰H
>?
F;
A?MNC‰H
JIL
L?MOFN;>IM

F;
G?DIL;
>?
F;
;ACFC>;>
?H
FIM
G?=;HCMGIM
>?
=IHNLIF

?F
OMI
=IHNLIF;>I
>?
CHMNLOG?HNIM
JLCP;>IM
>?
A?MNC‰H
S
>?
=IF;<IL;=CIH?M
J<FC=IJLCP;>;M
S
F;
;ONIHIG…;
JLIAL?MCP;
>?
F;
A?MNC‰H
G?>C;HN?
OH
JLI=?MI
>?
=L?;=C‰H
>?
;A?H=C;M
,IHN

?M>?
>C=C?G<L?
>?


GO=B;M
>?
F;M
JLCH=CJ;F?M
G?>C>;M
KO?
M?
B;H
;>IJN;>I
?H
F;
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M

<C?H
CGJOFM;>;M
JIL
?FF;M
GCMG;M
I
JIL
?F
AI<C?LHI
=?HNL;F

B;
N?HC>I
=IGI
I<D?NCPI
JLCH=CJ;F
L?=IH>O=CL
?F
>‚@C=CN
KO?
B;<…;
FF?A;>I
;
MO
G}RCGI
?H

)O=B;M
>?
?MN;M
G?>C>;M
?MN}H
=IHN?HC>;M
?H
FIM
FF;G;>IM
,F;H?M
!=IH‰GC=I
"CH;H=C?LIM
>?
.??KOCFC<LCI
KO?
F;M

>?<?H
JL?M?HN;L
;F
)CHCMN?LCI
>?
$;=C?H>;
>?<?H
=O;H>I
MI<L?J;M;H
FIM
HCP?F?M
>?
>‚@C=CN
?MN;<F?=C>IM
!H
F;M

F;M
G?>C>;M
>?
CH=L?G?HNI
>?
FIM
CHAL?MIM
M?
B;H
=IHMC>?L;>I
=IGI
OH
=IGJF?G?HNI
>?
F;M
G?>C>;M
>?
L?>O==C‰H
>?F
A;MNI
!HNL?

S


F;
L?>O==C‰H
G?>C;
>?F
A;MNI
?H
JIL=?HN;D?
>?F
,%
?M
GO=BI
G;SIL
KO?
?F
;OG?HNI
G?>CI
>?F
CHAL?MI
=IGI
JIL=?HN;D?
>?F
,%

JJ
,%
P?LMOM


JJ
,%
IH>?
.OCT
?N

OHKO?
HI
B;S
?MJ;=CI
J;L;
P?L
NI>;M

;
=IHNCHO;=C‰H
M?
?RJIH?H
=IH
G}M
>?N;FF?
;FAOH;M
>?
?MN;M
CHC=C;NCP;M

 
#01:=8,>
:=2,94E,?4A,>
70D0>
/0
2:-40=9:
D
,/8494>?=,.4[9
=0/@..4[9

/0
@94/,/0>
D
,7?:>
.,=2:>
20>?4[9
/07
;0=>:9,7
D
=01:=8,>
;=0>@;@0>?,=4,>
=,.4:9,74E,.4[9
/07
>0.?:=
;]-74.:
,@?:9[84.:
(;
G;SIL…;
>?
F;M

CH=FOS?H
?H
MOM
,!"
F;
L?>O==C‰H
>?F
HG?LI
>?
IHM?D?L…;M

S
;FAOH;M
=IHN?GJF;H
F;
L?ILA;HCT;=C‰H
>?
F;
L?>
>?
>?F?A;=CIH?M
JLIPCH=C;F?M

;M…
=IGI
F;
?FCGCH;=C‰H
>?
F;M
>?F?A;=CIH?M
?H
);>LC>
S I
LOM?F;M
!F
;=NO;F
=IHN?RNI
>?
=LCMCM
?=IH‰GC=;
B;
FF?P;>I
;
KO?
F;M

B;S;H
;=IL>;>I
=IH
?F
#I<C?LHI
>?
F;
H;=C‰H
?H
?F
IHM?DI
>?
,IF…NC=;
"CM=;F
S
"CH;H=C?L;
F;
H?=?MC>;>
>?
?F;<IL;L
OH
U,F;H
>?
L;=CIH;FCT;=C‰H
>?
F;M
?MNLO=NOL;M
>?
MOM
L?MJ?=NCPIM
M?=NIL?M
J<FC=IM

;>GCHCMNL;NCPIM
S
?GJL?M;LC;F?MX
/?
JF;HN?‰
;M…
F;
L?>O==C‰H
>?
F;
;>GCHCMNL;=C‰H
CHMNCNO=CIH;F
=IH
F;
?RNCH=C‰H

@OMC‰H
S
L?IL>?H;=C‰H
>?
FIM
ILA;HCMGIM
;ON‰HIGIM

?HN?M
S
?GJL?M;M
J<FC=;M

;M…
=IGI
F;
?H;D?H;=C‰H
>?
F;
J;LNC=CJ;=C‰H
?H
>C@?L?HN?M
MI=C?>;>?M
G?L=;HNCF?M
>?F
M?=NIL
J<FC=I
;ONIH‰GC=I
FAOH;M

B;H
;JLI<;>I
F?S?M
I
>?=L?NIM
>?
L?IL>?H;=C‰H
>?F
M?=NIL
J<FC=I
(;
(?S
 

>?
F;
>GCHCMNL;=C‰H
>?
F;
&OHN;
>?
H>;FO=…;
I@L?=…;
OH;
L?AOF;=C‰H
>?
F;
FF;G;>;
U;>GCHCMNL;=C‰H
CHMNLOG?HN;FX

>?
MO
>CP?LM;
NCJIFIA…;
S
>?F
L‚ACG?H
DOL…>C=I
JLIJCI
>?
=;>;
OH;
>?
F;M
?HNC>;>?M
KO?
F;
=IGJIH?H
MCGCMGI
;JO?MN;
JIL
?F
?MN;<F?=CGC?HNI
>?
OH
MCMN?G;
>?
=;FC>;>
?H
F;
A?MNC‰H
;>GCHCMNL;NCP;
S
F;
CGJF;HN;=C‰H
>?
FIM
=ILL?MJIH>C?HN?M
CHMNLOG?HNIM
BIGIFIA;>IM
?MN;=;
N;G<C‚H
F;
#6:
56
@C82?:K24:x?
6
7F?4:@?2>6?E@
52
25>:?:DEC24:x?
I6C2=
6
@
D64E@C
A|3=:4@
2FE@?x>:4@
56
2=:4:2
,IL
MO
J;LN?

?F
AI<C?LHI
=;N;F}H
;JLI<‰
?H

FIM
=LCN?LCIM
KO?
B;<L…;
>?
=OGJFCL
J;L;
F;
=L?;=C‰H
>?
HO?P;M
?HNC>;>?M
S
J;L;
L?;FCT;L
GI>C@C=;=CIH?M
L?F?P;HN?M
?H
?HNC>;>?M
S;
?RCMN?HN?M

?H=;LA;H>I
;
OH
ALOJI
>?
NL;<;DI
F;
?F;<IL;=C‰H
>?
OH
?MNO>CI
MI<L?
FIM
?@?=NIM
>?
F;
;JFC=;=C‰H
>?
?MIM
G?H=CIH;>IM
=LCN?LCIM
;
F;M
?HNC>;>?M
>?F
M?=NIL
J<FC=I
?RCMN?HN?M
P?L
#?H?L;FCN;N
>?
;N;FOHS;


J;LNCL
>?F
L?MOFN;>I
>?
?MN?
CH@ILG?
?F

>?
DOHCI
>?


?F
#I<C?LHI
=;N;F}H
;JLI<‰
OH
,F;H
>?
L;=CIH;FCT;=C‰H
S
MCGJFC@C=;=C‰H
>?
F;
?MNLO=NOL;
>?F
M?=NIL
J<FC=I
>?
F;
#?H?L;FCN;N

KO?
B;
FF?P;>I
;
F;
>CMIFO=C‰H
I
>?MPCH=OF;=C‰H
>?
F;
#?H?L;FCN;N
>?
;JLIRCG;>;G?HN?
OH;M

?HNC>;>?M
0;G<C‚H
F;
IGOHC>;>
>?
);>LC>
;JLI<‰
OH
,F;H
>?
DOMN?
KO?
B;
MOJLCGC>I

?HNC>;>?M
S

‰LA;HIM
=IF?AC;>IM
!H
?F
=IHN?RNI
>?F
JLI=?MI
>?
=IHMIFC>;=C‰H
@CM=;F
F;M
L?@ILG;M
M?
B;H
FCGCN;>I
MI<L?NI>I
;
>CMGCHOCL
FIM
=IMN?M
F;<IL;F?M
KO?
MIH
OH;
JL?I=OJ;=C‰H
=IGJ;LNC>;
JIL
NI>IM
FIM
HCP?F?M
>?
AI<C?LHI
M…
KO?>;
L?@F?D;>I
N;HNI
?H
F;M
HILG;M
?MN;N;F?M
S
;ONIH‰GC=;M
=IGI
?H
?F
=IHN?HC>I
>?
FIM
,!"
mMNIM
GO?MNL;H
OH;
;GJFC;
P;LC?>;>
>?
G?>C>;M
L?F;NCP;M
;
;MJ?=NIM
GOS
>CP?LMIM
>?
F;
A?MNC‰H
>?
L?=OLMIM
BOG;HIM
JF;HC@C=;=C‰H
S
I@?LN;
>?
?GJF?I
J<FC=I

=;F?H>;LCI
S
>?>C=;=C‰H
F;<IL;F

BIL;LCIM
S
>…;M
>?
FC<L?
>CMJIMC=C‰H

JIF…NC=;
L?NLC<ONCP;
S
>?
@ILG;=C‰H

;==C‰H
MI=C;F
S
;=NCPC>;>
MCH>C=;F
 ?F
,CHI
S
.;GIM


(;M
G?>C>;M
ILC?HN;>;M
;
F;
GI>?L;=C‰H
>?
FIM
A;MNIM
>?
J?LMIH;F
L?JL?M?HN;H
OH
=IGJIH?HN?
GOS
CGJILN;HN?
>?F
?M@O?LTI
NIN;F
>?
L?>O==C‰H
>?F
A;MNI
;ONIH‰GC=I
IH>?.OCT
6E
2=


,IL
?D?GJFI

?H
FIM
,!"
>?


MOJIH?H

GCFFIH?M
>?
?OLIM
OH


>?F
NIN;F
;OHKO?
F;M
>C@?L?H=C;M
?HNL?

MIH
MCAHC@C=;NCP;M

IM=CF;H>I
?HNL?
?F


>?F
NIN;F
>?
G?>C>;M
>?
A;MNI
?H
MNOLC;M
S
?F


?H
;N;FOˆ;
!HNL?

S


?F


>?F
L?=ILN?
?H
M;HC>;>
M?
>?<?
;F
;DOMN?
?H
F;
L?GOH?L;=C‰H
>?
FIM
;M;F;LC;>IM

!MN?
JIL=?HN;D?
;M=C?H>?
B;MN;
?F

?H
F
=;MI
>?
F;
?>O=;=C‰H
S
L?JL?M?HN;
?F

?H
?F
=;MI
>?
FIM
M?LPC=CIM
MI=C;F?M
S
F;
>?J?H>?H=C;
IH>?
.OCT
6E
2=

FAOH;M
INL;M
L?@ILG;M
?H
?F
?GJF?I
J<FC=I
S
?H
?F
HG?LI
>?
;FNIM
=;LAIM

NC?H?H
KO?
P?L
=IH
?F
>?M;LLIFFI
>?
F;
HILG;NCP;
?MN;N;F

?H
=IH=L?NI
>?F
!MN;NONI
}MC=I
>?F
!GJF?;>I
,<FC=I
!!,
mMN?
>?@CH?
G;N?LC;M
>?
=;L}=N?L
<}MC=I
S
?H=IGC?H>;
;
F;M
(?S?M
>?
F;M

?F
>?M;LLIFFI
>?
;MJ?=NIM
HIP?>IMIM
=IGI
F;
FF;G;>;
=;LL?L;
BILCTIHN;F
S
F;
?P;FO;=C‰H
>?F
>?M?GJ?ˆI
/CH
?G<;LAI

B;
MC>I
=F;L;G?HN?
OH;
IJILNOHC>;>
J?L>C>;
J;L;
?F
>?M;LLIFFI
>?
F;
@CAOL;
>?F
>CL?=NCPI
J<FC=I
KO?
?H
MO
G;SIL…;
HI
J;L?=?H
=IGJ;LNCL
F;
H?=?MC>;>
>?
JLI@?MCIH;FCT;L
S
>?MJIFCNCT;L
OH;
@CAOL;
KO?
HIM
;=?L=;L…;
;
INL;M
J;…M?M
?OLIJ?IM
"O?L;
>?
;FAOH;M
HILG;M
KO?
=IGI
F;
>?
F;
IGOHC>;>
2;F?H=C;H;
(?S
 
B;H
FF?A;>I
;
M?L
=;FC@C=;>;M
JIL
FIM
?RJ?LNIM
=IGI
?MJ?LJ‚HNC=;M

F;M
INL;M
HILG;M
;JLI<;<;M
?H
;F?;L?M


;MNCFF;
(;
);H=B;


!RNL?G;>OL;


#;FC=C;

HI
;JILN;
HCHAH
;P;H=?
JLIG?N?>IL
!H
?F
=;MI
>?
;N;FOˆ;

=IGI
L?MOFN;>I
>?
OH;
>?
F;M
L?=IG?H>;=CIH?M
>?F
CHN?L?M;HN?
?7@C>6
56
=2
@>:DD:x
5IA6CED
A6C
=2
)67@C>2
56
=2
=
5>:?:DEC24:x?
'|3=:42
:
6=
D6F
*64E@C
'|3=:4


M?
FF?A‰
;
;JLI<;L
OH
JLIS?=NI
>?
(?S
KO?
;P;HT;<;
L?;FG?HN?
?H
F;
=L?;=C‰H
>?
FI
KO?
>?HIGCH;<;
/CMN?G;
>?
CL?==C‰H
,<FC=;
,LI@?MCIH;F

J?LI
KO?
@CH;FG?HN?
KO?>‰
;J;LN;>I
&CG‚H?T
M?HMCI

0;G<C‚H
=C?LN;M

CHC=C;LIH
JLI=?MIM
>?
L?@ILG;
JL?MOJO?MN;LC;

CHN?AL;H>I

JIL
?D?GJFI

?H
FIM
JL?MOJO?MNIM
;FAOH;M
>?
F;M
?HNC>;>?M
J<FC=;M
?RCMN?HN?M
=IGI
=IHMIL=CIM
I
@OH>;=CIH?M
KO?
HI
FI
?MN;<;H
!H
;N;FOˆ;
>?MN;=;
OH;
L?@ILG;
S
GI>?LHCT;=C‰H
JL?MOJO?MN;LC;
>?M>?

J;L;
;OG?HN;L
F;
NL;HMJ;L?H=C;
>?F
JLI=?MI
JL?MOJO?MN;LCI
S
L;=CIH;FCT;L
?F
JL?MOJO?MNI
L?=OLLC?H>I
;F
OMI
>?F
JL?MOJO?MNI
JIL
JLIAL;G;M
S
MO
;JFC=;=C‰H
;F
M?AOCGC?HNI
>?
F;
?D?=O=C‰H
>?F
A;MNI
,;L;
?FFI

JIL
?D?GJFI

M?
B;
L?PCM;>I
F;
=F;MC@C=;=C‰H
>?
FIM
JLIAL;G;M
S
M?
B;H
>?@CHC>I

}L?;M
>?
A;MNI


JIF…NC=;M
>?
A;MNI
S

JLIAL;G;M

?RN?H>C?H>I
?F
OMI
>?
>C=B;
=F;MC@C=;=C‰H
;F
=IHDOHNI
>?
?HNC>;>?M
>?F
M?=NIL
J<FC=I
OL;HN?
F;
=LCMCM
N;G<C‚H
M?
B;
A?H?L;FCT;>I
F;
L?>O==C‰H
>?
F;M
NL;HM@?L?H=C;M

N;HNI
=ILLC?HN?M
=IGI
>?
=;JCN;F

;
F;
=ILJIL;=CIH?M
FI=;F?M

OHCP?LMC>;>?M
S
?HNC>;>?M
>?F
M?=NIL
J<FC=I

;F
NC?GJI
KO?
M?
B;H
L?JLIAL;G;>I
;FAOH;M
CHP?LMCIH?M
>CL?=N;M
0I>;M
F;M

B;H
;=IG?NC>I
OH;
L?>O==C‰H
>?
A;MNIM
=ILLC?HN?M
?H
G;N?LC;F
>?
I@C=CH;
S
?H
?F
=IHMOGI
>?
;AO;

A;M

N?F‚@IHI
I
?F?=NLC=C>;>
MCGCMGI
M?
L?>OD?LIH
FIM
A;MNIM
KO?
;@?=N;H
;
NI>I
NCJI
>?
MOGCHCMNLIM
S
M?LPC=CIM
JL?MN;>IM
JIL
N?L=?L;M
?GJL?M;M
(;
IGOHC>;>
>?
);>LC>
>?=C>C‰
JIN?H=C;L
?F
=LCN?LCI
?=IH‰GC=I
?H
F;
=IHNL;N;=C‰H
>?
M?LPC=CIM
?RN?LHIM
!H
;MNCFF;(;
);H=B;
M?
JF;H?‰
;>IJN;L
F;
=IHNL;N;=C‰H
=?HNL;FCT;>;
?
CGJOFM;L
F;
=IHNL;N;=C‰H
=IH
INL;M

(IM
AI<C?LHIM
;ONIH‰GC=IM
N;G<C‚H
B;H
?GJL?H>C>I
CHC=C;NCP;M
L?F;NCP;M
;F
OMI
>?
?>C@C=CIM
J<FC=IM
G?>C;HN?
F;
IJNCGCT;=C‰H
>?F
?MJ;=CI
ONCFCT;>I

<OM=;H>I
FI=;FCT;=CIH?M
>?
G?HIL
=IMN?
S
F;
L?H?AI=C;=C‰H
>?
;LL?H>;GC?HNIM
 ?F
,CHI

.;GIM


!H
F;
IGOHC>;>
>?
);>LC>
M?
=L?‰
?H

OH;
=IGCMC‰H
N‚=HC=;
J;L;
>?N?=N;L
F;M
>OJFC=C>;>?M
=IGJ?N?H=C;F?M
?RCMN?HN?M
S
?MNO>C;L
F;
L?;MCAH;=C‰H
>?
FIM
M?LPC=CIM
=ILL?MJIH>C?HN?M

?HNL?
FIM
KO?
?MN;L…;H
;F<?LAO?M
DOP?HCF?M

CHMN;F;=CIH?M
>?JILNCP;M

=?HNLIM
=OFNOL;F?M

?M=O?F;M
CH@;HNCF?M
J<FC=;M

<C<FCIN?=;M
S
<C<FCI<OM?M

;N?H=C‰H
N?F?@‰HC=;
>?
OLA?H=C;

=?HNLIM
>?
>…;
S
L?MC>?H=C;M
J;L;
G;SIL?M

=?HNLIM
J;L;
>CM=;J;=CN;>IM

;SO>;
;
>IGC=CFCI

;=NCPC>;>?M
>?
JLIGI=C‰H
>?
F;
M;FO>
S
;MCMN?H=C;
M;HCN;LC;

>LIAI>?J?H>?H=C;M

PCPC?H>;
I
?GJF?I



05:=,>
09
7,
;=0>?,.4[9
/0
>0=A4.4:>
D
7,>
=07,.4:90>
.:9
7:>
.4@/,/,9:>
?=,9>;,=09.4,
-@09
2:-40=9:
20>?4[9
/0
7,
.,74/,/
D
;,=?4.4;,.4[9
.4@/,/,9,
0I>;M
F;M

B;H
M?AOC>I
FF?P;H>I
;
=;<I
CHC=C;NCP;M
>?
G?DIL;
>?
F;
JL?MN;=C‰H
>?
FIM
M?LPC=CIM
S
>?
;=?L=;GC?HNI
;
FIM
=CO>;>;HIM
FAOH;M
>?
F;M
G?>C>;M
N…JC=;M
KO?
B;H
;>IJN;>I
JL}=NC=;G?HN?
NI>;M
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
MIH
?F
?MN;<F?=CGC?HNI
>?
MCMN?G;M
>?
KO?D;M
S
MOA?L?H=C;M
+NL;M
G?>C>;M
>?
G?DIL;
>?
F;
=;FC>;>
>?
FIM
M?LPC=CIM
M?
B;H
;JFC=;>I
>?
@ILG;
G}M
>?MCAO;F
?H
F;M

/?AH
OH
?MNO>CI
>?
LC;>I


KO?
?MNO>C;<;
F;M
G?>C>;M
>?
=;FC>;>
?H
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M

INLIM
CHMNLOG?HNIM
OM;>IM
B;H
MC>I
F;M
=;LN;M
>?
M?LPC=CIM
JL?M?HN?M
?H
OH

JIL
=C?HNI
>?
F;M


?F
;H}FCMCM
>?
F;
>?G;H>;
S
?P;FO;=C‰H
>?
F;
M;NCM@;==C‰H
>?
FIM
OMO;LCIM
?H
?F

>?
F;M


S
FIM
MCMN?G;M
>?
;ONI?P;FO;=C‰H
>?
F;
=;FC>;>

?MJ?=C;FG?HN?

FIM
MCMN?G;M
>?
L?=IHI=CGC?HNIM
I
JL?GCIM
;
F;
=;FC>;>
(IM
MCMN?G;M
>?
KO?D;M
S
MOA?L?H=C;M
B;H
?MN;>I
JL?M?HN?M
?H
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
>?M>?
FIM
;ˆIM

S
ILCACH;LC;G?HN?
M?
FCA;LIH
;
F;
=L?;=C‰H
>?
I@C=CH;M
>?
L?=F;G;=CIH?M
I
MOA?L?H=C;M

JOHNI
>?
CHC=CI
>?
F;M
;=NO;F?M
I@C=CH;M
>?
;N?H=C‰H
;F
=CO>;>;HI
(;M
=;LN;M
>?
M?LPC=CIM
M?
B;H
CGJF;HN;>I
?H
=?HN?H;L?M
>?
OHC>;>?M
S
ILA;HCMGIM
>?HNLI
>?F
M?=NIL
J<FC=I
;ONIH‰GC=I
(;M
=;LN;M
>?
M?LPC=CIM
CHNLI>O=?H
=IGJLIGCMIM
=IH=L?NIM
=IH
?F
=CO>;>;HI

CH=FOS?H>I
?H
;FAOHIM
=;MIM
=IHNL;J;LNC>;M
?=IH‰GC=;M
I
>?
INLI
NCJI
FCA;>;M
;
MO
CH=OGJFCGC?HNI
!F
JLIAL;G;
>?
;H}FCMCM
>?
F;
>?G;H>;
S
?P;FO;=C‰H
>?
F;
M;NCM@;==C‰H
>?
FIM
OMO;LCIM
M?
B;
PCH=OF;>I
;
?H=O?MN;M
FCA;>;M
;F
GI>?FI
/!.2-1(
I
;>;JN;=CIH?M
>?
MOM
;NLC<ONIM
0;G<C‚H
JO?>?H
>?MN;=;LM?
;FAOH;M
F?S?M
;JLI<;>;M
L?=C?HN?G?HN?
L?F;NCP;M
;
F;
=;FC>;>
>?
FIM
M?LPC=CIM
,IL
?D?GJFI

F;
(?S
>?
F;
.CID;
 

>?
;FC>;>
>?
FIM
/?LPC=CIM
/I=C;F?M
?MN;<F?=?
NI>IM
FIM
G?=;HCMGIM
JLIJCIM
>?
?MN;
JIF…NC=;
J<FC=;
F;
HILG;FCT;=C‰H
S
?MN;H>;LCT;=C‰H
>?
F;
JL?MN;=C‰H

F;M
=;LN;M
>?
=IGJLIGCMI
I
M?LPC=CI

FIM
>?L?=BIM
S
>?<?L?M
>?
FIM
OMO;LCIM

FIM
‰LA;HIM
S
F;M
@OH=CIH?M
>?
?P;FO;=C‰H

FIM
JLIAL;G;M
>?
=;FC>;>

?N=
!H
?MN;
GCMG;
IGOHC>;>
M?
L?AOF;

=IH
=;L}=N?L
G}M
A?H?L;F

?F
?D?L=C=CI
>?
F;M
@OH=CIH?M
?H
G;N?LC;
>?
ILA;HCT;=C‰H

;>GCHCMNL;=C‰H

=;FC>;>
S
?P;FO;=C‰H
>?
FIM
M?LPC=CIM
>?
F;
>GCHCMNL;=C‰H
#?H?L;F
>?
F;
IGOHC>;>
ON‰HIG;
S
MOM
ILA;HCMGIM
;ON‰HIGIM
!H
;N;FOˆ;

F;
(?S
 

>?
M?LPC=CIM
MI=C;F?M
CHN?HN;
N;G<C‚H
OH;
>?@CHC=C‰H
>?
?MN}H>;L?M
S
HCP?F?M
JL?MN;=CIH;F?M

;
NL;P‚M
>?
F;
;LN;
>?
M?LPC=CIM
MI=C;F?M
!H
F;
IGOHC>;>
2;F?H=C;H;

?F
L?=C?HN?
>?=L?NI
 

>?

>?
;<LCF

>?F
@?D6==
?MN;<F?=?
FIM
CHMNLOG?HNIM
A?H?L;F?M
>?F
MCMN?G;
J;L;
F;
GI>?LHCT;=C‰H
S
G?DIL;
>?
F;
=;FC>;>
>?
FIM
M?LPC=CIM
J<FC=IM
>?
FIM
?HN?M

ILA;HCMGIM
S
?HNC>;>?M
>?F
M?=NIL
J<FC=I
>?J?H>C?HN?M
>?
F;
#?H?L;FCN;N
!H
*;P;LL;

?F
,F;H
);L=I
>?
;FC>;>
>?
FIM
M?LPC=CIM
J<FC=IM
>?
F;
>GCHCMNL;=C‰H
>?
F;
IGOHC>;>
"IL;F
>?
*;P;LL;
"*
=IHMNCNOS?
OH
G;L=I
>?
L?@?L?H=C;
KO?
>?N?LGCH;
F;M
;=NO;=CIH?M
S
G?>C>;M
C>‰H?;M
J;L;
JIN?H=C;L
F;
G?DIL;
>?
FIM
M?LPC=CIM
J<FC=IM
S
F;
M;NCM@;==C‰H
>?
FIM
=CO>;>;HIM
S

=IGI
FNCGI
?D?GJFI

JO?>?
G?H=CIH;LM?
F;
(?S
 
>?
O?H;
>GCHCMNL;=C‰H
S
O?H
#I<C?LHI
>?
;F?;L?M

KO?
JLIGO?P?
?F
=IGJLIGCMI
>?
F;
;>GCHCMNL;=C‰H
=IH
F;
NL;HMJ;L?H=C;
S
F;
J;LNC=CJ;=C‰H

F;
MCGJFC@C=;=C‰H
S
F;
L?>O==C‰H
>?
=;LA;M

CHMNCNO=CIH;FCT;H>I
;MCGCMGI
MCMN?G;M
>?
A?MNC‰H
S
F;
?P;FO;=C‰H
>?
ILA;HCT;=CIH?M

M?LPC=CIM
S
JIF…NC=;M
J<FC=;M

S
FIM
JLCH=CJCIM
>?
L?MJIHM;<CFC>;>
MI=C;F
1H;
>?
MOM
HIP?>;>?M
G}M
>?MN;=;>;M
?M
?MN;<F?=?L
OH;
I@C=CH;
=L?;>;
J;L;
F;
?P;FO;=C‰H
>?
NI>;M
F;M
CHN?LP?H=CIH?M
J<FC=;M
>?
G}M
>?

GCFFIH?M
>?
?OLIM

;M…
=IGI
F;M
JIF…NC=;M
>?
CHN?ALC>;>
S
>?
?P;FO;=C‰H
>?F
>?M?GJ?ˆI
,IL
FI
KO?
L?MJ?=N;
;
INL;M
CHC=C;NCP;M
>?
?P;FO;=C‰H
>?
FIM
M?LPC=CIM

;
J?M;L
>?
F;
;OM?H=C;
>?
MCMN?G;M
>?
CH@ILG;=C‰H
I
CH>C=;>IL?M
=IGOH?M
?H
F;
G;SIL…;
>?
F;M
JIF…NC=;M
J<FC=;M
;ONIH‰GC=;M

JO?>?
G?H=CIH;LM?
F;
CGJF;HN;=C‰H
>?
OH
MCMN?G;
H;=CIH;F
>?
CH>C=;>IL?M

FF;G;>IM
CH>C=;>IL?M
=F;P?
>?F
MCMN?G;
H;=CIH;F
>?
M;FO>
BNNJ
QQQGMJM?M ILA;HCT;=CIH MHM JF;H;FC>;>/*/ NBNG
?H
?F
KO?
J;LNC=CJ;H
F;
G;SIL…;
>?
F;M

S
KO?
J?LGCN?
?P;FO;L
?F
L?H>CGC?HNI
>?F
M?LPC=CI
M;HCN;LCI
=IGJ;L;NCP;G?HN?
,IL
FNCGI

F;
G;SIL…;
>?
F;M
L?@ILG;M
?H
F;M

M?
B;H
=?HNL;>I
?H
?F
}G<CNI
>?
F;
NL;HMJ;L?H=C;

?F
<O?H
AI<C?LHI
S
F;
J;LNC=CJ;=C‰H
=CO>;>;H;
?H
F;
;>GCHCMNL;=C‰H

MI<L?
NI>I
;F
HCP?F
FI=;F
?MN;=;H
?F
MOLACGC?HNI
>?
P;LC;M
F?S?M
L?AOF;>IL;M
>?F
AI<C?LHI

F?S?M
>?
<O?H
AI<C?LHI

>?
AI<C?LHI
;<C?LNI

>?
L‚ACG?H
>?
CH=IGJ;NC<CFC>;>?M

?N=
MCGCMGI

?H
P;LC;M

M?
B;H
JLIGOFA;>I
‰>CAIM
>?
O?H
#I<C?LHI
\‰>CAIM
mNC=IM
I
‰>CAIM
>?
IH>O=N;\
;MN?F

!MNIM
‰>CAIM

L?@?LC>IM
NL;>C=CIH;FG?HN?
;F
}G<CNI
@OH=CIH;LC;F

AO…;H
=IH
MOM
JLCH=CJCIM
F;
;==C‰H
JIF…NC=;

=IGI
JIL
?D?GJFI
?F
U‰>CAI
mNC=I
S
>?
IH>O=N;X
>?F
,;…M
2;M=I
>?
G;SI
>?

,O?>?
>?MN;=;LM?
?H
H>;FO=…;
F;
(?S
>?
%H=IGJ;NC<CFC>;>?M
>?
FNIM
;LAIM

=IGI
OH;
>?
F;M
G}M
?RCA?HN?M
?H
NI>;
!MJ;ˆ;

KO?
B;
MC>I
;=IGJ;ˆ;>;
>?
F;
JO<FC=;=C‰H
>?
F;M
>?=F;L;=CIH?M
>?
F;
L?HN;
>?
FIM
GC?G<LIM
>?F
IHM?DI
>?
#I<C?LHI
S
MOM
=‰HSOA?M
0;G<C‚H
?H
?MN;
=IGOHC>;>
M?
B;H
JO<FC=;>I
FIM
‰L>?H?M
>?F
>…;
S
FIM
;=O?L>IM
>?
FIM
IHM?DIM
>?
#I<C?LHI
,?LI
MCH
>O>;
?F
ALO?MI
G}M
PCMC<F?
>?
CHHIP;=CIH?M
;
HCP?F
;ONIH‰GC=I
B;
=IHMCMNC>I
?H
F;
JLIGOFA;=C‰H
>?
OH;
M?LC?
>?
(?S?M
>?
NL;HMJ;L?H=C;
(?S
>?
0L;HMJ;L?H=C;
,<FC=;
>?
H>;FO=…;

(?S
H;P;LL;
>?
AI<C?LHI
;<C?LNI

(?S
?RNL?G?ˆ;
>?
AI<C?LHI
;<C?LNI

;FAI
>C@?L?HN?M
?H
F;M
>CMNCHN;M


?H
@OH=C‰H
>?
MC
=L?;H
I
HI
‰LA;HIM
>?
NL;HMJ;L?H=C;
I
>?F
M?HNC>I
>C@?L?HN?
>?F
MCF?H=CI
;>GCHCMNL;NCPI
?H
?F
JLI=?>CGC?HNI
>?
MIFC=CNO>
>?
CH@ILG;=C‰H
J<FC=;
I
F;
>C@?L?HN?
CHN?HMC>;>
>?F
L‚ACG?H
>?
JO<FC=C>;>
;=NCP;
JL?PCMN;
JIL
?F
F?ACMF;>IL
;ONIH‰GC=I
(;
L?=C?HN?G?HN?
;JLI<;>;
(?S
>?
NL;MJ;L?H=C;
>?
H>;FO=…;

JIL
?D?GJFI

?MN;<F?=?
OH
IHM?DI
>?
F;
0L;HMJ;L?H=C;
S
,LIN?==C‰H
>?
;NIM

=OS;
CH>?J?H>?H=C;
M?
NL;N;
>?
A;L;HNCT;L
=IH
F;
>?MCAH;=C‰H
J;LF;G?HN;LC;
>?
MO
>CL?=NIL
!MN;
F?S
?MN;<F?=?
F;
I<FCA;NILC?>;>
J;L;
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
>?
=IHN?MN;L
?H
OH
JF;TI
HI
MOJ?LCIL
;
FIM

>…;M

JF;TI
CH@?LCIL
;F
G?M
KO?
@CD;
F;
F?S
H;=CIH;F

;M…
=IGI
OH
.‚ACG?H
/;H=CIH;>IL

>?F
KO?
=;L?=?
F;
HILG;
?MN;N;F


7
@>:
/0
7,>
%
7,
,/8494>?=,.4[9
070.?=[94.,
D
07
2:-40=9:
070.?=[94.:
09
7,>

(;
(?S
?MN;N;F
 
>?
==?MI
!F?=NL‰HC=I
>?
FIM
CO>;>;HIM
;
FIM
/?LPC=CIM
,<FC=IM
NOPI
CGJILN;HN?M
=IHM?=O?H=C;M
J;L;
NI>;M
F;M
;>GCHCMNL;=CIH?M
(;
F?S
L?AOF;
F;
L?F;=C‰H
=IH
F;M
>GCHCMNL;=CIH?M
,<FC=;M
JIL
G?>CIM
?F?=NL‰HC=IM
=IGI
OH
>?L?=BI
>?
FIM
=CO>;>;HIM
S
=IGI
OH;
I<FCA;=C‰H
=ILL?F;NCP;
J;L;
F;M
>GCHCMNL;=CIH?M
(;M
I<FCA;=CIH?M
KO?
?MN;<F?=?
?MN;
F?S
;@?=N;<;H
;
F;
#!
;
J;LNCL
>?F

>?
>C=C?G<L?
>?

S
;
F;M

S
F;
>GCHCMNL;=C‰H
(I=;F

MC?GJL?
S
=O;H>I
FI
J?LGCN;H
MOM
>CMJIHC<CFC>;>?M
JL?MOJO?MN;LC;M
M…

P;LC;M

B;H
B?=BI
JF;H?M
>?
GI>?LHCT;=C‰H

>?
CHHIP;=C‰H
N?=HIF‰AC=;

>?
>?M;LLIFFI
>?
F;
MI=C?>;>
>?
F;
CH@ILG;=C‰H

?N=
J;L;
;>;JN;LM?
;
?MN;
HILG;NCP;
?
CGJF;HN;L
?F
AI<C?LHI
?F?=NL‰HC=I
0I>;M
F;M

=O?HN;H
=IH
CHC=C;NCP;M

JF;H?M
I
;=NO;=CIH?M
=IH
OH
=;F?H>;LCI
>?@CHC>I
J;L;
?F
=OGJFCGC?HNI
?@?=NCPI
>?
F;
(?S
 
IGI
F?S?M
;ONIH‰GC=;M

JO?>?
G?H=CIH;LM?

JIL
?D?GJFI

F;
(?S
"IL;F
 

J;L;
F;
%GJF;HN;=C‰H
>?
F;
>GCHCMNL;=C‰H
!F?=NL‰HC=;
?H
F;
>GCHCMNL;=C‰H
>?
F;
IGOHC>;>
"IL;F
>?
*;P;LL;
KO?
CGJFC=;
OH
ACLI
GI>?LHCT;>IL
>?
F;
>GCHCMNL;=C‰H
,<FC=;
,IL
INL;
J;LN?

GO=B;M

>CMJIH?H
>?
;N}FIAI
@?=:?6
>?
/?LPC=CIM
!F?=NL‰HC=IM
MCGCMGI

?H
NC?GJIM
>?
L?MNLC==CIH?M
JL?MOJO?MN;LC;M
N;G<C‚H
M?
B;H
>;>I
CHC=C;NCP;M
>?
=IIJ?L;=C‰H
?
CHN?LIJ?L;<CFC>;>
?HNL?

J;L;
L?ONCFCT;L
MCMN?G;M
S
;JFC=;=CIH?M
>?M;LLIFF;>IM
JIL
;FAOH;
>?
?FF;M
/?
B;H
JO<FC=;>I
P;LCIM
?MNO>CIM
S
=L?;>I
I<M?LP;NILCIM
J;L;
B;=?L
<;F;H=?
>?
F;
;JFC=;=C‰H
>?
F;
(?S
 
>?
;==?MI
?F?=NL‰HC=I
OH;
P?T
KO?
B;H
NL;HM=OLLC>I
G}M
>?
=O;NLI
;ˆIM
>?M>?
MO
;JLI<;=C‰H
1HI
>?
?FFIM
B;
?MNO>C;>I
F;
?PIFO=C‰H
>?
F;
;>;JN;=C‰H
;>GCHCMNL;NCP;
;ONIH‰GC=;
?H
P;LCIM
}G<CNIM
(;M
=IH=FOMCIH?M
KO?
;LLID;
?MN?
?MNO>CI
MIH
F;M
MCAOC?HN?M
"OH>;=C‰H
+L;HA?


+<M?LP;NILCI
>GCHCMNL;=C‰H
!F?=NL‰HC=;
!H
N‚LGCHIM
>?
CAO;F>;>
S
;==?MC<CFC>;>
;
FIM
M?LPC=CIM

NI>;M
F;M

=O?HN;H

?H
MOM
>CMNCHNIM
=?HNLIM

=IH
JOHNIM
>IH>?
?F
=CO>;>;HI
JO?>?
N?H?L
;==?MI
?F?=NL‰HC=I
;
F;
.?>
!H
?F
=;MI
>?
=CO>;>;HIM
KO?
HI
>CMJIHA;H
>?
L?=OLMIM
N?=HIF‰AC=IM
?H
MO
BIA;L
S
HI
=O?HN?H
=IH
INL;
JIMC<CFC>;>
>?
;==?MI

JO?>?H
;==?>?L
;
F;
L?>
?H
?MNIM
JOHNIM
?MJ?=C;FG?HN?
B;<CFCN;>IM
(;
G;SIL…;
>?
F;M

OH

=OGJF?H
=IH
?F
G;SIL
HCP?F
>?
;==?MC<CFC>;>
?H
MOM
JILN;F?M
MCGCMGI

NI>;M
F;M

=O?HN;H
=IH
;FAH
NCJI
>?
;MCMN?HN?
>?
;SO>;
J;L;
JI>?L
NL;GCN;L
?F?=NL‰HC=;G?HN?
=O;FKOC?L;
>?
FIM
M?LPC=CIM
>CMJIHC<F?M
!H



F;M
I@C=CH;M
>?
CH@ILG;=C‰H
JL?M?H=C;F
=O?HN;H
=IH
J?LMIH;F
?MJ?=C;FCT;>I
KO?
JL?MN;
;N?H=C‰H
;F
=CO>;>;HI
J;L;
L?;FCT;L
=ILL?=N;G?HN?
F;
NL;GCN;=C‰H
?F?=NL‰HC=;
(;
2?HN;HCFF;
xHC=;
KO?
JL?P‚
F;
CL?=NCP;
>?
/?LPC=CIM
?M
S;
OH;
L?;FC>;>
>?M>?
>C=C?G<L?
>?

!H
MO
=IHMNLO==C‰H
B;H
=IF;<IL;>I
;>?G}M
>?
F;
#!

F;M


F;M
CO>;>?M
ON‰HIG;M
S
;FAOHIM
;SOHN;GC?HNIM
FAOH;M

>CMJIH?H
?H
MO
JILN;F
>?
OH
FCHE
>?
;==?MI
>CL?=NI
;F
JILN;F
>?
F;
2?HN;HCFF;
xHC=;
>?
F;
CL?=NCP;
>?
/?LPC=CIM
QQQ?OAI?M
+NL;
M?LC?
>?
M?LPC=CIM

=IGI
F;
L?=;O>;=C‰H
>?
CGJO?MNIM

KO?D;M

;ONILCT;=CIH?M

?GJF?I

?N=
JO?>?H
S;
M?L
NIN;FG?HN?
NL;GCN;>IM
?H
F…H?;
MCGCMGI

GO=B;M

B;H
L?AOF;>I

J;L;
MO
;=?JN;=C‰H

F;
NL;HM@ILG;=C‰H
S
JL?M?HN;=C‰H
JIL
J;LN?
>?
FIM
=CO>;>;HIM
>?
FIM
>I=OG?HNIM
=IHP?H=CIH;F?M
?H
J;J?F
;
>I=OG?HNIM
?F?=NL‰HC=IM
;MC
NI>;M
?FF;M
B;H
L?AOF;>I
F;
ONCFCT;=C‰H
>?
>I=OG?HNIM
?F?=NL‰HC=IM
J;L;
IJ?L;L
=IH
JF?H;
P;FC>?T
=IGI
OH
>I=OG?HNI
=IHP?H=CIH;F
>?
J;J?F
,IL
FNCGI

=;>;
P?T
G}M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
ONCFCT;H
F;M
0%
J;L;
JLIJIL=CIH;L
CH@ILG;=C‰H
;
FIM
=CO>;>;HIM
S
?RNL;?L
>?
?FFIM
MOM
IJCHCIH?M
MI<L?
FIM
M?LPC=CIM
J<FC=IM

G?>C;HN?
G?HM;D?M
MGM

@ILIM

I
?H=O?MN;M
(IM
,!"
?F;<IL;>IM
>OL;HN?
?MNIM
;ˆIM
>?
=LCMCM

CH=FOS?H
;MCGCMGI
G?>C>;M
L?F;=CIH;>;M
=IH
F;
A?MNC‰H
>?
JLI=?>CGC?HNIM
!H
?MN?
M?HNC>I
M?
JF;HN?;
F;
JIN?H=C;=C‰H
>?
F;
?>I=OG?HN;=C‰H
S
?F
CGJOFMI
>?
F;
NL;GCN;=C‰H
N?F?G}NC=;

;M…
=IGI
F;
MCGJFC@C=;=C‰H
>?
NI>I
NCJI
>?
NL}GCN?M
;>GCHCMNL;NCPIM
KO?
;@?=N?H
;
FIM
=CO>;>;HIM
I
F;M
?GJL?M;M
!MN;GIM

JIL
N;HNI

;HN?
OH
JLI=?MI
>?
GI>?LHCT;=C‰H
S
;>;JN;=C‰H
N?=HIF‰AC=;
=L?=C?HN?
>?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
,;L;
;=;<;L

;OHKO?
M?
B;H
L?;FCT;>I
;P;H=?M
?H
F;M
}L?;M
>?
NL;HMJ;L?H=C;

=;FC>;>
>?
FIM
M?LPC=CIM
S
?F
AI<C?LHI
?F?=NL‰HC=I

F;
=LCMCM
B;
MC>I
INL;
IJILNOHC>;>
>?M;JLIP?=B;>;
J;L;
;<IL>;L
F;M
L?@ILG;M
KO?
F;
@OH=C‰H
J<FC=;
H?=?MCN;
S
=ILL?ACL
FIM
JLI<F?G;M
;LLC<;
G?H=CIH;>IM
>?
JIFCNCT;=C‰H

M?F?==C‰H

;OM?H=C;
>?
=;LL?L;
BILCTIHN;F
I
@;FN;
>?
JF;HC@C=;=C‰H

?HNL?
INL;M
L;TIH?M
JILKO?
HI
J;L?=?
KO?
?RCMN;
OH
>?<;N?
MI<L?
?FFI

HC
G}M
?H
A?H?L;F
MI<L?
?F
GI>?FI
>?
;>GCHCMNL;=C‰H
I
;>GCHCMNL;=CIH?M
KO?
M?
>?M?;
S
H?=?MCN;
J;L;
FIM
JL‰RCGIM
;ˆIM
HC
?H
F;
MI=C?>;>
HC
?H
FIM
J;LNC>IM
JIF…NC=IM
HC
?H
F;
JLIJC;
;>GCHCMNL;=C‰H
"?LH}H>?T;<;FF?LI

 #P
L?HCFF;

)

=
AC@46D@
56
>@56C?:K24:x?
6?
=2D
5>:?:DEC24:@?6D
'|3=:42D
=
42D@
56
#2
):@;2
(IALIˆI
 #I<C?LHI
>?
(;
.CID;
;FF;LN

4

.;GC‰



U(;
;>GCHCMNL;=C‰H
>?
F;M
=IGOHC>;>?M
;ON‰HIG;MX
?H
:6?4:2
56
=2
5>:?:DEC24:x?
2;F?H=C;

0CL;HN
FI
F;H=B

;MN?F

/

U#I<C?LHI
;<C?LNI
?H
?F
?MN;>I
;ONIH‰GC=I
L‚ACG?H
DOL…>C=I
S
?MNL;N?AC;MX

)6G:DE2
C28@?6D2
56
5>:?:DEC24:x?
'|3=:42

4%2

IH>?
.OCT

&
%

)
…;T


);L…H
S
&
.O<CI.;G…L?T

U/;HC>;>

!>O=;=C‰H
S
,LIN?==C‰H
/I=C;F
.?=ILN?M
OL;HN?
F;
LCMCMX
&3D6CG2E@C:@
:D42=
J
:?2?4:6C@
56
=2D

"! !
CMJIHC<F?
?H
BNNJ
QQQ@?>?;H?N >I=OG?HNIM JO<M ??? ???J>@
IH>?.OCT

&
%
6E
2=

&3D6CG2E@C:@
:D42=
J
:?2?4:6C@
56
=2D
@>F?:5256D
FEx?@>2D
+6C46C
:?7@C>6
8@DE@

"! !
CMJIHC<F?
?H
BNNJ
QQQ@?>?;H?N ==;; I<M?LP;NILCI9==;;9J>@
IHM?DI
!=IH‰GC=I
S
/I=C;F

?7@C>6


D@3C6
=2
E6>A@C2=:525
6?
6=
6>A=6@
6?
6=
D64E@C
A|3=:4@
/?MC‰H
IL>CH;LC;
>?F
,F?HI
>?

>?
>C=C?G<L?
>?

L?MJI

&

,;MNIL

#
=IGJM

#2D
5>:?:DEC24:@?6D
'|3=:42D
6?
DA2w2
);>LC>
)=#L;Q
$CFF
LC;>I

%

DEF5:@
@>A2C25@
D@3C6
=2
6DE:x?
56
=2
2=:525
6?
=2D
5>:?:DEC24:@?6D
'|3=:42D
DA2w@=2D
);HOM=LCNI
HI
JO<FC=;>I
IGCHAI

)

/ILN

&

0?LG?HM

"
4

UFAOH;M
L?@F?RCIH?M
MI<L?
?F
JLI=?MI
>?
>?M=?HNL;FCT;=C‰H
@OH=CIH;F
?H
?F
M?=NIL
J<FC=I
>?
F;
#?H?L;FCN;N
>?
;N;FOˆ;X

'C6DFAF6DE@
J
2DE@
'|3=:4@



!=B?<;LL…;

'

U(;
J;L;>ID;
>?
F;
L?@ILG;
;>GCHCMNL;NCP;
>?
F;M
X

?H
?7@C>6
@>F?:5256D
FEx?@>2D

;L=?FIH;
% ,
"?LH}H>?T;<;FF?LI

(

U!HNL?
?F
J?MCGCMGI
S
F;
ONIJ…;
F;
L?@ILG;
>?
F;
@OH=C‰H
J<FC=;
>?M>?
F;M
IGOHC>;>?M
ON‰HIG;MX

JIH?H=C;
?H
F;
"OH>;=C‰H
#CG‚H?T
<;>

DOFCI
"?LH}H>?T
(F?L;

.

U(;
GCNIMCM
CHMNCNO=CIH;F
=IGI
@?H‰G?HI
>?
>?M=?HNL;FCT;=C‰H
CHN?LH;
>?F
M?=NIL
J<FC=IX

6DE:x?
J
'@=tE:42
'|3=:42

44%%%



"OH>;=C‰H
+L;HA?

A=:424:x?
56
=2
#6J


56
446D@
=64ECx?:4@
56
=@D
:F5252?@D
2
=@D
*6CG:4:@D
'|3=:4@D
@?=:?6
6?
=2D


6DA2w@=2D
-2=@C24:x?
56=
C25@
56
G2?46
;JA?GCHC
IHMOFNCHA
#;L=‚M

)

U(;
>?M=?HNL;FCT;=C‰H
;ONIH‰GC=;
?H
J?LMJ?=NCP;
JL?MOJO?MN;LC;
S
;>GCHCMNL;NCP;
1H
;H}FCMCM
>?
IJILNOHC>;>?MX

?H
#‰G?T,IG;L

#;L=‚M

!FILLC;A;

#?H?L;FCN;N
>?
;N;FOHS;

DEF5:
56=
D64E@C
A|3=:4
56
=2
6?6C2=:E2E
56
2E2=F?J2
#CG‚H?T
<;>

)

U(;
@OH=C‰H
J<FC=;
;ONIH‰GC=;
?H
?F
JLI=?MI
>?
GI>?LHCT;=C‰H
>?F
M?=NIL
J<FC=IX

)6G:DE2
-2D42
56
5>:?:DEC24:x?
'|3=:42






#‰G?T
AOMN…H

)

#2
>6ElDE2D:D
56=
% 
;L=?FIH;
@>6?E
56=
+C632==
%24:@?2=
#‰G?T,IG;L

&

#;L=‚M

)

!FILLC;A;
#

'@C
F?
DE25@
2FE@?x>:4@
C24:@?2=
J
G:23=6
);>LC>
"OH>;=C‰H
J;L;
?F
H}FCMCM
S
FIM
!MNO>CIM
/I=C;F?M
"!/
#‰G?T

&
/

/}H=B?T

&

.CP;M



U(;
#?IAL;@…;
>?F
!GJF?I
,<FC=I
?H
!MJ;ˆ;
!MJ?=C;F
IHMC>?L;=C‰H
>?F
!GJF?I
,<FC=I
ONIH‰GC=IX

)6G:DE2
56
DEF5:@D
)68:@?2=6D
2IF
2%%%


&CG‚H?T
M?HMCI

.

U CLCACL
?F
M?=NIL
J<FC=I
?H
;N;FOˆ;
.?NIM
J?H>C?HN?MX

?H
(OCM
+LN?A;
S
(OCM
"
);?MI
=IGJM
#2
2=E2
5:C644:x?
A|3=:42
2?l=:D:D
J
AC@AF6DE2D

);>LC>
%*,
&CG‚H?T
M?HMCI

.

#@D
7C6?@D
56=
A@56C
*6A2C24:x?
56
A@56C6D
J
4@?EC@=
56
=2D
:?DE:EF4:@?6D
);>LC>
);L=C;F
,IHM %2,
)?M;



U(;
JIFCNCT;=C‰H
>?
F;M
?MNLO=NOL;M
;>GCHCMNL;NCP;M
>?
F;M
IGOHC>;>?M
ON‰HIG;MX

)6G:DE2
DA2w@=2
56
:6?4:2
'@=tE:42





)CHCMN?LCI
>?
!=IHIG…;
S
$;=C?H>;

?G6?E2C:@
56
?E6D
56A6?5:6?E6D
56
=2D
@>F?:5256D
2FEx?@>2D

CL?==C‰H
#?H?L;F
>?
IIL>CH;=C‰H
"CH;H=C?L;
=IH
F;M

S
=IH
F;M
!!((
+<M?LP;NILCI
>GCHCMNL;=C‰H
!F?=NL‰HC=;

#2
5>:?:DEC24:x?
=64ECx?:42
6?
=2D
@>F?:5256D
FEx?@>2D

IGCN‚
/?=NILC;F
>?
>GCHCMNL;=C‰H
!F?=NL‰HC=;
>?J?H>C?HN?
>?
F;
IH@?L?H=C;
/?=NILC;F
>?
>GCHCMNL;=C‰H
,<FC=;
+LN?A;

(

);?MI
(
"
=IGJM
#2
2=E2
5:C644:x?
A|3=:42
2?l=:D:D
J
AC@AF6DE2D

);>LC>
%*,
,CHI

!
>?F

.;GIM

&


F;H=I

"

ULCMCM
@CM=;F

;OMN?LC>;>
S
JIF…NC=;M
MI=C;F?M
CHC=C;NCP;M
>?
;DOMN?
?H
MC?N?
IGOHC>;>?M
ON‰HIG;MX
IHAL?MI
;<CM?
.??P;FO;H>I
?F
!MN;>I
>?
C?H?MN;L
?H
?F
/OL
>?
!OLIJ;

DOHCI

S

1HCP?LMC>;>
>?
+PC?>I
,F;H?M
!=IH‰GC=I
"CH;H=C?LIM
>?
F;M
IGOHC>;>?M
ON‰HIG;M
BNNJ
QQQGCHB;JAI<?M ?M
!/ L?;M0?G;NC=;M "CH;H=C;=CIHONIHIGC=; ,;ACH;M ,!"IGOHC>;>?MONIHIG;M;MJR,IHN
);LN…H

4

U)CFFIL;L
F;
JLI>O=NCPCN;N
>?F
M?=NIL
J<FC=

‚M
JIMMC<F?X

?H
4;PC?L
,IHN
S
&I;H
+LCIF
,L;NM
=IIL>M
)67@C>6D
>qD
6?==n
56=D
EzA:4D
4@>
A@E
2E2=F?J2
D@CE:CC67@Cp252
56
=2
4C:D:

;L=?FIH;
"OH>;=C‰H
;GJ;F;HM
IF?==C‰H
%H@ILG?M


-O?L?>;

&

'@=tE:4@D
J
7F?4:@?2C:@D
6?
=2
4@>F?:525
56
$25C:5
=2
C6=24:x?
6?EC6
=@D
2=E@D
42C8@D
4@?
C2?8@
56
5:C64E@C
86?6C2=
J
=@D
2=E@D
7F?4:@?2C:@D
6?
=2
25>:?:DEC24:x?
56
=2
@>F?:525
56
$25C:5

0?MCM
>I=NIL;F

1HCP?LMC>;>
IGJFON?HM?
>?
);>LC>

%HMNCNONI
1HCP?LMCN;LCI
>?
%HP?MNCA;=C‰H
+LN?A;
S
#;MM?N
.;GC‰



U,IF…NC=;
S
A?MNC‰H
F;
L?AOF;=C‰H
>?F
>CL?=NCPI
J<FC=I
?H
!MJ;ˆ;X
.@C<:?8
'2A6C
1HCP?LMC>;>
,IGJ?O
";<L;
.;GC‰


/

)CKO?F

U(;
=IH@CAOL;=C‰H
>?
F;M
;>GCHCMNL;=CIH?M
>?
F;M
=IGOHC>;>?M
;ON‰HIG;M
?HNL?
F;
CH?L=C;
S
F;
CHHIP;=C‰H
CHMNCNO=CIH;FX

?H
/O<CL;NM

#;FF?AI
=IGJM

.?ACMNLI
?HNL;F
>?
,?LMIH;F

@=6Et?
DE25tDE:4@
56=
'6CD@?2=
2=
D6CG:4:@
56
=2D
5>:?:DEC24:@?6D
'|3=:42D

?H?LI

.I>L…AO?TL;H;

&

U(;
GI>?LHCT;=C‰H
>?
F;M
;>GCHCMNL;=CIH?M
>?
F;M
IGOHC>;>?M
ON‰HIG;MX

?H
0ILHIM
=IGJ
?7@C>6
@>F?:5256D
FEx?@>2D

;L=?FIH;
% ,
/;FP;>IL

)

U(;
@OH=C‰H
J<FC=;
;ONIH‰GC=;
=IGI
CHMNCNO=C‰H
[OM=;H>I
;FN?LH;NCP;M
I
L?@ILT;H>I
OH
GI>?FI
(IM
=;MIM
>?
F;
IGOHC>;>
>?
);>LC>
S
F;
#?H?L;FCN;N
>?
;N;FOHS;X

)6G:DE2
DA2w@=2
56
:6?4:2
'@=tE:42


;<LCF

/;HCA?L

*

U(;
>GCHCMNL;=C‰H
>?
F;M
IGOHC>;>?M
ON‰HIG;MX
?H
L?MJI

,;MNIL

=IGJM
/CMN?LH;M

4

U(>GCHCMNL;=C‰
J<FC=;
;
;N;FOHS;
OH;
;A?H>;
>?
L?@ILG?M

,LIJIMN?M
J?L
;
L?@IL;L
F;
=;J;=CN;N
CHMNCNO=CIH;F
>?
F>GCHCMNL;=C‰
>?
F;
#?H?L;FCN;NX

IHAL‚M
;N;F
>?
#?MNC‰
,<FC=;


>?
DOFCIF
/O<CL;NM

&

#;FF?AI

.
=IGJM

-6:?E6
2w@D
56
2FE@?@>t2D
6?
DA2w2
);>LC>
%/
0L;HMJ;L?H=C;
%HN?LH;=CIH;F
!MJ;ˆ;

_?5:46
56
+C2?DA2C6?4:2
56
=2D
@>F?:5256D
FEx?@>2D
%*1
2}TKO?T
"?CDII

%

U,L?M?H=C;
>?
F;M
GOD?L?M
?H
JO?MNIM
>CL?=NCPIM
S
;FNIM
=;LAIM
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;MX

)6G:DE2
:?E6=
=E2
:C644:x?

H_


G;LTI ;<LCF
+6>2


=A
5=073@<=A
:=1/:3A
:>X

780/,
')!&#

#(.,)/#g(

&
(j',)

(.-
*j&#)-
&)&-

&
#-.,#/#g(
.,,#.),#&

&-
(.#-
&)&-
(
&-
)'/(#-
/.g()'-

&)-
(.-
&)&-
 
&EI
CKD?9?F?EI
  
.;HH?JEH?E
O
FE8B79?vD
 
B
B97B:;
O
;B
OKDJ7C?;DJE
  
&7
EH=7D?P79?vD
7:C?D?IJH7J?L7
CKD?9?F7B
  
&7
H;<EHC7
BE97B
O
B7
FH;IJ79?vD
:;
I;HL?9?EI
  
&7
F7HJ?9?F79?vD
FEBsJ?97
O
;B
I?IJ;C7
;B;9JEH7B
  
&EI
H;IKBJ7:EI
;B;9JEH7B;I
  
B
7KJE=E8?;HDE
BE97B
KD
B78EH7JEH?E
:;
9E7B?9?ED;I

&7I
FHEL?D9?7I
 
.;HH?JEH?E
O
FE8B79?vD

B
*H;I?:;DJ;
O
B7I
?FKJ79?ED;I
FHEL?D9?7B;I
 
B
Hq=?C;D
<EH7B
O
BEI
7H9>?F?qB7=EI
 
)JH7I
;DJ?:7:;I
BE97B;I
  
&7I
9EC7H97I
 
&7I
nH;7I
C;JHEFEB?J7D7I
  
&EI
9EDIEH9?EI
  
&7I
C7D9ECKD?:7:;I

&)-
/(#)(,#)-
&)&-

)(&/-#g(


<B@=2C117b<
?HNB;G
M?
L?@?L…;
;
FIM
;SOHN;GC?HNIM
S;
?H
?F
MCAFI
42%%%
=IGI
ILA;HCT;=CIH?M
@OH=CIH;F?M
KO?
=IHNLC<O…;H

?H
N;HNI
KO?
JLIN;AIHCMN;M
>?
F;
>?M=?HNL;FCT;=C‰H
;>GCHCMNL;NCP;
>?F
!MN;>I

;
G?DIL;L
F;
?@C=C?H=C;
>?
F;M
;=NO;=CIH?M
J<FC=;M
1H
;ONIL
>?=CGIH‰HC=I
=IGI
&IBH
/NO;LN
)CFF

JIL
INLI
F;>I

=;FC@C=;<;
;
FIM
GOHC=CJCIM
=IGI
?M=O?F;M
>?
=CO>;>;H…;

=IGI
?MJ;=CIM
>?
JLIRCGC>;>
?HNL?
FIM
AI<?LH;HN?M
S
FIM
AI<?LH;>IM
S
=IGI
OH;
@ILG;
>?
>CM?GCH;L
?F
JI>?L
JIF…NC=I
MI<L?
?F
N?LLCNILCI
(IM
;SOHN;GC?HNIM

>?M>?
?MN;
‰JNC=;

HI
M?
DOMNC@C=;<;H
N;HNI
JIL
MO
=IHNLC<O=C‰H
;
F;
?@C=C?H=C;
;>GCHCMNL;NCP;
=IGI
JIL
MO
=;J;=C>;>
J;L;
CGJOFM;L
S
G?DIL;L
F;
>?GI=L;=C;
?M>?
?HNIH=?M

FIM
;SOHN;GC?HNIM
HI
B;H
IJN;>I
JIL
OH
?H@IKO?
O
INLI

MCHI
KO?
FIM
B;H
G?T=F;>I
S
=IG<CH;>I
?H
>C@?L?HN?M
JLIJIL=CIH?M
(IM
;SOHN;GC?HNIM
MIH
MC?GJL?

MCGOFN}H?;G?HN?

;>GCHCMNL;=CIH?M
S
AI<C?LHIM
FI=;F?M

S
?MN;
N?HMC‰H
?HNL?
F;
JL?MN;=C‰H
>?
M?LPC=CIM
S
F;
L?JL?M?HN;=C‰H
J?LG?;
NI>I
MO
>?M;LLIFFI
JIF…NC=I
(;M
>GCHCMNL;=CIH?M
(I=;F?M

?H
?MJ?=C;F
FIM
;SOHN;GC?HNIM

M?
B;H
=IHP?LNC>I
?H
OH;
MO?LN?
>?
UJ;LC?HN?
JI<L?X
>?F
!MN;>I
;ONIH‰GC=I

>?<C>I
;
MO
>‚<CF
JIMC=C‰H
?H
?F
MCMN?G;
JIF…NC=I;>GCHCMNL;NCPI
?H
MO
=IHDOHNI

>?
G;H?L;
MCGCF;L
;
FI
KO?
MO=?>?
?H
"L;H=C;

#L?=C;
S
,ILNOA;F
!F
HG?LI
?R=?MCPI
>?
;SOHN;GC?HNIM
>?
N;G;ˆI
?RCAOI

S
MO
MI<L?=;LA;
>?
=IGJ?N?H=C;M
S
>?G;H>;M
=CO>;>;H;M
KO?
;N?H>?L
J;L;
F;M
KO?
=;L?=?H
>?
@CH;H=C;=C‰H
MO@C=C?HN?

B;H
B?=BI
KO?
L?=OLL;H
;
F;
OL<;HCT;=C‰H
;=?F?L;>;
J;L;
L?=;<;L
?MIM
L?=OLMIM
@CH;H=C?LIM
KO?
HI
FF?A;H
>?
INL;M
@O?HN?M
/O
?GJF?I
J<FC=I
M?
B;
=IHMC>?L;>I
<IN…H
JIF…NC=I
JIL
FIM
J;LNC>IM
JIF…NC=IM
KO?
B;H
I<N?HC>I
G;SIL…;M
?H
MOM
N‚LGCHIM
GOHC=CJ;F?M

=IHM;AL;H>I
JL}=NC=;M
=FC?HN?F;L?M
S
>?
J;NLCGIHC;FCT;=C‰H
>?
FI
J<FC=I
(;M
=IGOHC>;>?M
;ON‰HIG;M
F;M
GCL;H
JIL
?H=CG;
S
?F
#I<C?LHI
>?
F;
*;=C‰H
MO?F?
B;=?L
=;MI
IGCMI
>?
MOM
L;TIH;<F?M
>?G;H>;M

S
?HNL?
;G<IM

=IH
L?MJIHM;<CFC>;>?M
?MJ?=…@C=;M
>?
F;M
=IGOHC>;>?M

B;H
MC>I
CH=;J;=?M
>?
L;=CIH;FCT;L
OH;
JF;HN;
GOHC=CJ;F
;
NI>;M
FO=?M
>?MJLIJIL=CIH;>;

=IHNCHO;=C‰H
M?
?R;GCH;H
FIM
>CMNCHNIM
NCJIM
>?
?HN?M
FI=;F?M
=IH
?MJ?=C;F
;N?H=C‰H
;
FIM
;SOHN;GC?HNIM

F;M
>CJON;=CIH?M
JLIPCH=C;F?M
S
INL;M
?HNC>;>?M
G?HIL?M

>?N?HC‚H>IHIM
?H
F;M
?MNLO=NOL;M
ILA;HCT;NCP;M
S
FIM
L?=OLMIM
J?LMIH;F?M
0I>I
?FFI
=IH
F;
@CH;FC>;>
>?
=IGJL?H>?L
F;M
L;TIH?M
>?
F;
MCNO;=C‰H
;FO>C>;
 

"[!&#

"('
$[ #'
# '
1H;
JLCG?L;
>?M=LCJ=C‰H
>?F
=IGJF?DI
ILA}HC=I
KO?
=IHMNCNOS?H
F;M
>CMNCHN;M
?HNC>;>?M
FI=;F?M
S
FIM
ILA;HCMGIM
>?
>CP?LMI
NCJI
KO?
>?J?H>?H
>?
?FF;M

?H
?MJ?=C;F
>?
FIM
;SOHN;GC?HNIM

M?
L?=IA?
?H
F;
0;<F;

KO?
>?M=LC<?
F;
A;F;RC;
FI=;F

?F
=IHDOHNI
>?
?HNC>;>?M
>?
NI>I
NCJI
KO?
?RCMN?H
?H
?MN?
HCP?F
>?
AI<C?LHI
S
;>GCHCMNL;=C‰H
1H;
>?M=LCJ=C‰H
G}M
>?N;FF;>;
>?F
MCAHC@C=;>I
>?
?MN;M
ILA;HCT;=CIH?M
>?J?H>C?HN?M
M?
L?;FCT;
?H
?F
N?G;
>?MNCH;>I
;
F;
ILA;HCT;=C‰H
>?F
JI>?L
?D?=ONCPI
$%.$

/
5/9/D7/
23
3;A72/23@
9<1/93@
E
<?5/;7@:<@
23=3;273;A3@

;A3@
3=3;273;A3@
;A3
(7=<@
$?7;17=/9 #?5
BA #?5 #?5
BA 
$c0971/ '<1732/2
2:7;7@A?/A7C< BAa;<:< <:3?17/9 :=?3@/?7/9 !3?1/;A79

OKDJ7C?;DJEI         
?FKJ79?ED;I
EDI;@EI
O
78?B:EI
     
#DIKB7H;I
'7D9ECKD?:7:;I      
EC7H97I     
_H;7I
';JHEFEB?J7D7I      
=HKF79?ED;I
:;
'KD?9?F?EI      
DJ?:7:;I
&E97B;I
';DEH;I      
EDIEH9?EI      
#DIJ?JK9?ED;I
I?D
nD?CE
:;
BK9HE      
KD:79?ED;I      
-E9?;:7:;I
';H97DJ?B;I


:;
      
F7HJ?9?F79?vD
Fy8B?97
.).&        
"O?HN?
)CHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M

%HP?HN;LCI
>?
!HN?M
>?F
/?=NIL
,<FC=I
(I=;F

?
F;
0;<F;

B;<L…;
KO?
>C@?L?H=C;L
?HNL?
F;M
OHC>;>?M
JIF…NC=I;>GCHCMNL;NCP;M
S
F;M
JL?>IGCH;HN?G?HN?
;>GCHCMNL;NCP;M
!HNL?
F;M
JLCG?L;M
M?
CH=FOS?H
?MNLO=NOL;M
?H
F;M
KO?
I
<C?H
M?
?FCA?
;
FIM
L?JL?M?HN;HN?M
?H=;LA;>IM
>?
>CLCACLF;M
I
?MNIM
L?JL?M?HN;HN?M
M?
>CMNLC<OS?H
?H
@OH=C‰H
>?
F;
J;LNC=CJ;=C‰H
>?
FIM
GOHC=CJCIM
S
JLIPCH=C;M
?H
OH;
?MNLO=NOL;
=IGJF?D;
=IGI
JO?>?
M?L
F;
G;H=IGOHC>;>
I
?F
}L?;
G?NLIJIFCN;H;
(;M
?MNLO=NOL;M
G}M
CGJILN;HN?M
MIH
FIM
GOHC=CJCIM
S
FO?AI
F;M
JLIPCH=C;M
>C=CIH;FG?HN?

?F
HG?LI
>?
GOHC=CJCIM
?M
=IGJ;L;NCP;G?HN?
;FNI
MC
M?
NC?H?H
?H
=O?HN;
FIM
J;…M?M
?M=;H>CH;PIM
S
?F
.?CHI
1HC>I
=OSI
HG?LI
IM=CF;
?HNL?

S

S
MCGCF;L
;
INLIM
J;…M?M
>?F
?HNILHI
=IGI
"L;H=C;

F?G;HC;
?
%N;FC;
(;
@L;AG?HN;=C‰H
GOHC=CJ;F
>?LCP;>;
>?
F;
CHN?LJL?N;=C‰H
BCMN‰LC=;
>?
F;
CGJILN;H=C;
>?F
GOHC=CJCI
P‚;M?
G}M
;<;DI
M?
;=IGJ;ˆ;
>?
MIFO=CIH?M
G}M
I
G?HIM
L?=C?HN?M
KO?
CHN?HN;H
L?@F?D;L
F;
>CP?LMC>;>
>?
HO?MNLI
N?LLCNILCI
FIM
=;<CF>IM
I
=IHM?DIM
CHMOF;L?M
=IGI
;ONILC>;>?M
>?
=;>;
OH;
>?
F;M
CMF;M
>?
FIM
>IM
;L=BCJC‚F;AIM
?MJ;ˆIF?M
I
F;M
=IG;L=;M
=IGI
?HN?
CHN?LJO?MNI
S
MIF;J;>I
?HNL?
F;
;>GCHCMNL;=C‰H
;ONIH‰GC=;

F;
JLIPCH=C;F
S
F;
GOHC=CJ;F
?H
;FAOH;M

L;A‰H

;N;FOˆ;
S
,;…M
2;M=I
(;
JLIFC@?L;=C‰H
>?
HCP?F?M
L?MOFN;
=F;L;G?HN?
>CM@OH=CIH;F
J;L;
F;
JL?MN;=C‰H
>?
M?LPC=CIM
S
M‰FI
MCLP?
J;L;
A?H?L;L
?GJF?I
J<FC=I
CHH?=?M;LCI
?R=?JNI
J;L;
MO
=IHMC>?L;=C‰H
=IGI
<IN…H
J;L;
FIM
J;LNC>IM
JIF…NC=IM
>?
?M;M
=CL=OHM=LCJ=CIH?M

GI>I
>?
?D?GJFI

JC‚HM?M?
KO?
?H
;N;FOˆ;
M?
MOJ?LJIH?H
?H
>CP?LM;
G?>C>;
FIM
M?LPC=CIM
>?
OH;
IGOHC>;>
ON‰HIG;

OH;
?HNC>;>
G?NLIJIFCN;H;
>?
;L=?FIH;

=O;NLI
>CJON;=CIH?M
JLIPCH=C;F?M

MC?N?
P?AO?L…;M
S
=O;L?HN;
S
OH
=IHM?DIM
=IG;L=;F?M
>?
=IG?NC>I
HI
G?HIM
CAHINI

;G‚H
>?

;SOHN;GC?HNIM


G;H=IGOHC>;>?M
S

=IHMIL=CIM

S
OH
HONLC>I
M?=NIL
J<FC=I
;ONIH‰GC=I
S
FI=;F
"LIH>IMC>;>
>?
HO?MNL;
JF;HN;
FI=;F
MCGCF;L

MCH
?G<;LAI

;
INLIM
J;…M?M
>?
HO?MNLI
?HNILHI
CHG?>C;NI
,;L?DI


!F
;<OFN;>I
HG?LI
>?
?HN?M
JIF…NC=I;>GCHCMNL;NCPIM
>?F
}G<CNI
FI=;F
?RJFC=;
F;
@L;AG?HN;=C‰H
>?
F;M
?HNC>;>?M
G}M
;>GCHCMNL;NCP;M
S
F;
H?=?MC>;>
>?
=L?;L
ILA;HCT;=CIH?M
CHN?LJO?MN;M
KO?
L?MJIH>;H
;
FIM
JLI<F?G;M
KO?
FIM
GOHC=CJCIM
J?KO?ˆIM
HI
JO?>?H
L?MIFP?L
=IGI
F;M
G;H=IGOHC>;>?M
S
FIM
=IHMIL=CIM

PIF=;>;M
;
F;
JL?MN;=C‰H
>?
M?LPC=CIM

;J;LN?
>?F
J;J?F
;MCAH;>I
;
>CJON;=CIH?M
S
=IG;L=;M
!H
A?H?L;F

F;M
=C@L;M
CH>C=;H

>?
@ILG;
=IGJ;L;>;

KO?
HO?MNLI
G;J;
FI=;F
?M
=F;L;G?HN?
>CM@OH=CIH;F
J;L;
F;
JL?MN;=C‰H
>?
FIM
M?LPC=CIM
J<FC=IM
MCAHC@C=;NCPIM
JIL
J;LN?
>?
FIM
?HN?M
FI=;F?M
/CH
?G<;LAI

?F
>‚@C=CN
?H
F;
JL?MN;=C‰H
>?
FIM
M?LPC=CIM
I<FCA;NILCIM
HI
I<?>?=?
N;HNI
;
F;
@L;AG?HN;=C‰H
>?F
G;J;
GOHC=CJ;F

MCHI
;
F;
>CMJ?LMC‰H
>?
F;
JI<F;=C‰H
?H
>C@?L?HN?M
H=F?IM

L?;FC>;>
?MN;
KO?
HI
M?
;LL?AF;
=IH
F;
=IHMIFC>;=C‰H
>?
GOHC=CJCIM
?F


2;LC;M
L;TIH?M
M?
B;H
;JOHN;>I
J;L;
?RJFC=;L
F;
J?LMCMN?H=C;
>?
?MN;
>CM@OH=CIH;FC>;>
F;
J?M;>;
B?L?H=C;
>?F
GI>?FI
GOHC=CJ;F
NL;>C=CIH;F
H;JIF?‰HC=I

F;
;OM?H=C;
>?
OH
CHN?LFI=ONIL
OHC@C=;>I
KO?
L?JL?M?HN?
;
?MN;
JFOL;FC>;>
>?
CHN?L?M?M
FI=;F?M

?F
HOFI
CHN?L‚M
>?
F;M
=IGOHC>;>?M
;ON‰HIG;M
?H
>IN;L
>?
G;SIL
=;J;=C>;>
@CH;H=C?L;
;
OH;M
=ILJIL;=CIH?M
FI=;F?M
;
KOC?H?M
P?H
=IGI
=IGJ?NC>IL;M

?H
?MJ?=C;F
MC
F;
G;SIL…;
JIF…NC=;
AI<?LH;HN?
?M
>CMNCHN;
>?
F;
G;SILCN;LC;
?H
F;
=IGOHC>;>

S
F;
@;FN;
>?
CH=?HNCPIM
JLIJC=C;NILCIM
>?
OH;
L?@ILG;
?H
JLI@OH>C>;>
J;L;
F;M
JLIJC;M
@O?LT;M
JIF…NC=;M
H;=CIH;F?M
S
J;L;
F;M
GCHIL…;M
J;LNC=OF;LCMN;M
(;M
L;TIH?M
BCMN‰LC=;M
JO?>?H
?RJFC=;L
F;
=IHMIFC>;=C‰H
>?
OH
HG?LI
N;H
?F?P;>I
>?
GOHC=CJCIM
!F
;SOHN;GC?HNI
=IHMNCNO=CIH;F
FC<?L;F
M?
CGJF;HN;
=IH
F;
IHMNCNO=C‰H
?MJ;ˆIF;
>?

,;L?DI


FI
F;LAI
>?
MO
NL;S?=NILC;
MO@L?
>CP?LM;M
PC=CMCNO>?M
JIF…NC=;M
S
;>GCHCMNL;NCP;M

S
>?M>?
MO
L?CHNLI>O==C‰H
=IH
?F
!MN;NONI
)OHC=CJ;F
>?
;FPI
/IN?FI
?H


=IGI
J;LN?
>?
F;
I<L;
;>GCHCMNL;NCP;
>?
F;
C=N;>OL;
>?
,LCGI
>?
.CP?L;

M?
FI
=;FC@C=;
=IGI
;MI=C;=C‰H
H;NOL;F
J?LI
FI
H;NOL;F
?M
?F
;M?HN;GC?HNI
>?
F;
JI<F;=C‰H

HOH=;
OH;
G?L;
@‰LGOF;
ILA;HCT;NCP;
=IGI
?F
GOHC=CJCI
!MN;
=IH=?J=C‰H

=IHNCHO;>;
JIL
F;
%%
.?J<FC=;

FF?A;
;F
J;LIRCMGI
>OL;HN?
F;
C=N;>OL;
>?
"L;H=I

?H
F;
KO?
M?
JL?>C=;<;
F;
=IH>C=C‰H
H;NOL;F
>?
F;
@;GCFC;

?F
GOHC=CJCI
S
?F
MCH>C=;NI
[O}F
?M
F;
L;T‰H
MO<S;=?HN?
;
?MN;
GCNC@C=;=C‰H
,O?M
?M
?F
G;HN?HCGC?HNI
>?
OH;
MCNO;=C‰H
>?
JI>?L

F;
MO<MCMN?H=C;
>?F
FI=;FCMGI
S
MOM
?G;H;=CIH?M
J;LNC=OF;LCMN;M
>?
NI>I
NCJI
JIL
?H=CG;
>?
=O;F?MKOC?L;
L?A…G?H?M
JIF…NC=IM
KO?
M?
?MN;<F?T=;H
?H
?F
N?LLCNILCI
,;L;>;


%%

Q&7
9ED9;F9?vD
D7JKH7B
:;B
CKD?9?F?E
DE
;I
I?D
;C87H=E
O
F;I;
7
>78;H
I?:E
7IKC?:7
FEH
H;=sC;D;I
FEBsJ?9EI
CKO
:?L;HIEI
KD7
97B?<?979?vD
?DE9;DJ;
:;IFHEL?IJ7
:;
9EDI;9K;D9?7I
-?
BEI
CKD?9?F?EI
IED
7B=E
D7JKH7B
9K7BGK?;H
H;<EHC7
:;
IK
;IJHK9JKH7
;D
JqHC?DEI
=BE87B;I
I;
9EDL?;HJ;
;D
KD
7J;DJ7:E
7B
EH:;D
FH;;IJ78B;9?:E
FEH
B7
FHEF?7
D7JKH7B;P7
:;
BE
GK;
<EHPEI7C;DJ;
I;
:;H?L7
KD7
79J?JK:
:;
H;IF;JE
97I?
I7=H7:E
7
BEI
CKD?9?F?EI
;N?IJ;DJ;I
O
7
B7
:?L?I?vD
J;HH?JEH?7B
CKD?9?F7B
GK;
B;I
I?HL;
:;
IEFEHJ;
<H;D7D:E
$%
+0+5+1
5:;I:;
;B
FH?D9?F?E6
9K7BGK?;H
?DJ;DJE
:;
H;;IJHK9JKH79?vD
=BE87B
:;
B7
:C?D?IJH79?vD
BE97B
9ECE
B7
BB;L7:7
7
;<;9JE
I;=yD
I;
>7
L?IJE
;D
EJHEI
F7sI;I
I
FK;I
KD7
9ED9;F9?vD
?DCEL?B?IJ7
;D
9K7DJE
E8IJn9KBE
7
KD7
IKIJ7D9?7B
H;:K99?vD
:;B
 DyC;HE
:;
'KD?9?F?EI
7
JH7LqI
:;
B7
;N?=;D9?7
:;
KD7
C7OEH
:?C;DI?vD
J;HH?JEH?7B
E
:;CE=Hn<?97
:;
BEI
GK;
>7O7D
:;
IK8I?IJ?H
O
GK;
<79?B?J;
;B
;IJ78B;9?C?;DJE
:;
I;HL?9?EI
Fy8B?9EI
H;DJ78B;I
9ED
H;:K99?vD
:;
BEI
=7IJEI
=;D;H7B;I
:;
B7
:C?D?IJH79?vD
BE97BT

5
>?HNLI
>?
?MN?
GCNI
J;L?=?
GIP?LM?
NI>;P…;
?F
L‚ACG?H
>?GI=L}NC=I
=O;H>I
?H
MO
F?ACMF;=C‰H
>?@CH?
;
FIM
GOHC=CJCIM
=IGI
U?HNC>;>?M
<}MC=;M
>?
F;
ILA;HCT;=C‰H
N?LLCNILC;F
>?F
!MN;>I
S
=;O=?M
CHG?>C;NIM
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
?H
FIM
;MOHNIM
J<FC=IM

KO?
CHMNCNO=CIH;FCT;H
S
A?MNCIH;H
=IH
;ONIHIG…;
FIM
CHN?L?M?M
JLIJCIM
>?
F;M
=ILL?MJIH>C?HN?M
=IF?=NCPC>;>?MX
_
(..(
5
=O;H>I
F;
F?ACMF;=C‰H
?F?=NIL;F
?MN;<F?=?
KO?
U=;>;
N‚LGCHI
GOHC=CJ;F
=IHMNCNOS?
OH;
=CL=OHM=LCJ=C‰HX
?
B?=BI

?F
HG?LI
>?
GOHC=CJCIM
B;
;OG?HN;>I
F?P…MCG;G?HN?
?H
?F
J?LCI>I
>?GI=L}NC=I
FI
KO?
HI
M?
=IGJ;>?=?
<C?H
=IH
FIM
=LCN?LCIM
>?
?=IHIG…;

?@C=;=C;
S
L;=CIH;FC>;>

CH=FOMI
>?MJO‚M
>?
F;
=LCMCM
?=IH‰GC=;

;OG?HN;H>I
?H
=;NIL=?
?F
HG?LI
>?
;SOHN;GC?HNIM
>?

;


J?M?
;
F;
JLIGOFA;=C‰H
>?
F;
(?S
 
>?
.;=CIH;FCT;=C‰H
S
/IMN?HC<CFC>;>
>?
F;
>GCHCMNL;=C‰H
(I=;F
!H
INLIM
J;…M?M
?OLIJ?IM
=IGI
?H
/O?=C;

*ILO?A;

CH;G;L=;

F?G;HC;

;HN?M
S
>?MJO‚M
>?
F;
OHC@C=;=C‰H

I
?H
?F
.?CHI
1HC>I

?F
HG?LI
>?
GOHC=CJCIM
B;
?RJ?LCG?HN;>I
P;LCIM
=;G<CIM
?H
>‚=;>;M
L?=C?HN?M
;>O=C‚H>IM?
;LAOG?HNIM
>?
?@C=C?H=C;
?H
F;
JL?MN;=C‰H
>?
FIM
M?LPC=CIM
/CH
?G<;LAI

?H
J;…M?M
=IGI
%N;FC;

"L;H=C;

?H


I
!MJ;ˆ;

?F
HG?LI
>?
GOHC=CJCIM
?M
JL}=NC=;G?HN?
CHNI=;<F?

;OHKO?
M?
B;H
CGJOFM;>I
L?@ILG;M
>?
>CMNCHNI
NCJI
J;L;
MOJ?L;L
?F
JLI<F?G;
,;L?DI

.I>L…AO?T
#IHT}F?T

3IFFG;HH

O;FKOC?L
L?@ILG;
>?<?
=IHN;L
=IH
?MN?
I<MN}=OFI
>?
J;LNC>;
J?LI
FIM
;BILLIM
?H
FIM
=IMN?M
;>GCHCMNL;NCPIM
A6C
42A:E2
AL;=C;M
;F
;OG?HNI
>?
N;G;ˆI
M?
B;H
>?GIMNL;>I
G?>C;HN?
OH
>CM?ˆI
=O;MC
?RJ?LCG?HN;F
?H
?F
=;MI
>?
CH;G;L=;
FIG$;HM?H
6E
2=

$;S
KO?
>?MN;=;L
KO?
FIM
AI<C?LHIM
FI=;F?M
=IHMNCNOS?H
OH;
MO?LN?
>?
UJ;LC?HN?
JI<L?X
>?
F;M
CHMNCNO=CIH?M
>?F
HO?PI
L‚ACG?H
>?GI=L}NC=I

;M…
=IGI
KO?
G;HNC?H?H
OH;
L?F;=C‰H
>CL?=N;
=IH
?F
#I<C?LHI
S
F;
#!
L?AOF;=C‰H
<}MC=;
J?LMIH;F

?H
?MJ?=C;F
FIM
B;<CFCN;>IM
H;=CIH;F?M
S
@CH;H=C;=C‰H
,LCG?LI
M?
L?NL;M‰
F;
?F?==C‰H
>?GI=L}NC=;
>?
;F=;F>?M
S
=IH=?D;F?M
B;MN;


FI
KO?
CGJFC=‰
N;HNI
P?HN;D;M
=IGI
CH=IHP?HC?HN?M
J;L;
?F
=;G<CI
JIF…NC=I
/?AOH>I

F;M

B;H
JLIN;AIHCT;>I
?F
JLI=?MI
>?
>?M=?HNL;FCT;=C‰H
JIF…NC=;
KO?
HI
B;
JLIM?AOC>I
B;=C;
MO
=IH=FOMC‰H
F‰AC=;
S
L;=CIH;F
KO?
CGJFC=;L…;
OH;
>?M=?HNL;FCT;=C‰H
OFN?LCIL
>?
=IGJ?N?H=C;M
S
L?=OLMIM
B;=C;
F;M
?HNC>;>?M
FI=;F?M

OH;
P?T
>CMGCHOC>I
MO
HG?LI
S
=IHMIFC>;>I
OH
N;G;ˆI
G…HCGI
>?
JI<F;=C‰H

;>?=O;>I
;
F;M
=;L;=N?L…MNC=;M
N?LLCNILC;F?M
0I>I
?FFI
?H
OH
?HNILHI
=;L;=N?LCT;>I
JIL
OH;
>?G;H>;
>?
M?LPC=CIM
FI=;F?M
?H
=L?=CGC?HNI
?RJIH?H=C;F
>?<C>I
;
L?;FC>;>?M
MI=C;F?M
=IGI
?F
;P;H=?
>?F
JLI=?MI
>?
OL<;HCT;=C‰H
S
F;
>?MJI<F;=C‰H
LOL;F

?F
?HP?D?=CGC?HNI
>?
F;
JI<F;=C‰H
I
FIM
GIPCGC?HNIM
GCAL;NILCIM
G}M
L?=C?HN?M
 

'(&)Y"
(&&(#&

'
"('
# '
"
'
#!)"'
)(Y"#!'
(;
>CMNLC<O=C‰H
N?LLCNILC;F
>?
F;M
?HNC>;>?M
FI=;F?M
HI
?M
BIGIA‚H?;
?H
F;M
>C@?L?HN?M
=IGOHC>;>?M
;ON‰HIG;M
/?AH
M?
>?MJL?H>?
>?
FIM
>;NIM
G}M
L?=C?HN?M
>?F
%HP?HN;LCI
>?
!HN?M
>?F
/?=NIL
,<FC=I
(I=;F
?H


?F


JIL
=C?HNI
>?
FIM
GOHC=CJCIM
?MJ;ˆIF?M
S
?F

JIL
=C?HNI
>?
F;M
?HNC>;>?M
FI=;F?M
G?HIL?M
?MN}H
?H
;MNCFF;
S
(?‰H

?F
HG?LI
G?HIL
>?
GOHC=CJCIM
M?
?H=O?HNL;
?H
)OL=C;

?F
G;SIL
HG?LI
>?
HCP?F?M
;>GCHCMNL;NCPIM
=IH@FOS?
?H
L;A‰H

;N;FOˆ;
S
?F
,;…M
2;M=I

=IH
F;
CH=FOMC‰H
>?
F;M
=IG;L=;M

S
?H
F;M
CMF;M
;F?;L?M
S
?H
F;M
CMF;M
;H;LC;M
=IH
F;
CH=FOMC‰H
>?
FIM
=IHM?DIM
CHMOF;L?M
S
FIM
=;<CF>IM
.;TIH?M
BCMN‰LC=;M
S
>?
?F?==C‰H
JIF…NC=;
?RJFC=;H
?MN;
>CMNLC<O=C‰H
>C@?L?HN?
!H
=O;FKOC?L
=;MI

M?
JO?>?
>?N?=N;L
KO?
F;
L?;FC>;>
?M
GOS
>CP?LM;
?H
?F
N?LLCNILCI
S
F;
OHC@ILGC>;>
KO?
M?
JL?MOG…;
>?
OH
MCMN?G;
H;JIF?‰HC=I
=IGI
?F
HO?MNLI
HI
M?
=ILL?MJIH>?
=IH
F;
L?;FC>;>
(IM
>;NIM
;AL?A;>IM
>CMJIHC<F?M
G}M
L?=C?HN?M
MI<L?
?F
>?HIGCH;>I
M?=NIL
J<FC=I
?GJL?M;LC;F
S
@OH>;=CIH;F
FI=;F
M?
L?=IA?H
?H
F;
0;<F;

DOHNI
=IH
FIM
L?F;NCPIM
;
FIM
}G<CNIM
?MN;N;F
S
;ONIH‰GC=I

M?
JLIJIL=CIH;
N;G<C‚H
F;
=C@L;
;F
CHC=CI
>?
F;
=LCMCM
J;L;
@;=CFCN;L
F;
=IGJ;L;=C‰H
!H
?MN?
J?LCI>I

?F
HG?LI
>?
?GJL?M;M
S
@OH>;=CIH?M
B;
;OG?HN;>I
?H
F;
?M@?L;
FI=;F
GC?HNL;M
KO?
B;
>CMGCHOC>I
?H
FIM
}G<CNIM
?MN;N;F
S
;ONIH‰GC=I
(;
>CH}GC=;
M?
CHPC?LN?
MCH
?G<;LAI
?H
FI
KO?
;N;ˆ?
;
FIM
=IHMIL=CIM
$%.$

'31A<?
$c0971<
3:=?3@/?7/9
E
4B;2/17<;/9
3;
9<@
A?3@
;7C393@
23
5<073?;<
;C3;A/?7<

     

(7=<
23
;A3 S:07A< S:07A<

3;A3@
@7;
/2@1?7=17a;

3@A/A/9 /BA<;a:71< 9<1/9 (<A/9 3@A/A/9 /BA<;a:71< 9<1/9 '<1732/23@
:3?1/;A793@ (<A/9

CFH;I7I           

KD:79?ED;I         

EDIEH9?EI           

.EJ7B                

"O?HN?
%#!


(;
G;SIL
>?HMC>;>
ILA;HCT;NCP;
>?F
M?=NIL
J<FC=I
?GJL?M;LC;F
?
CHMNCNO=CIH;F
FI=;F
M?
?H=O?HNL;
?H
;N;FOˆ;
(IM
ILA;HCMGIM
;>GCHCMNL;NCPIM
S
F;M
?GJL?M;M
J<FC=;M
FI=;F?M
MIH
G}M
HOG?LIMIM
?H
H>;FO=…;

;N;FOˆ;
;KO…
JL?>IGCH;H
FIM
ILA;HCMGIM
GOHC=CJ;F?M
S
?F
,;…M
2;M=I

>IH>?
>?J?H>?H
A?H?L;FG?HN?
>?
F;M
CJON;=CIH?M
"IL;F?M
!F
;SOHN;GC?HNI
=IH
G}M
?GJL?M;M
?M
?F
>?
;L=?FIH;


F?
MCAO?H
/;H
/?<;MNC}H


)}F;A;


/?PCFF;
S
CF<;I


GC?HNL;M
KO?
);>LC>
MIFI
NC?H?


NL;M
M?AOCL
OH
JF;H
?=IH‰GC=I
S
@CH;H=C?LI
>?
;OMN?LC>;>
>OL;HN?


>?<C>I
;
MO
AL;P?
?H>?O>;GC?HNI
FAOHIM
?D?GJFIM
JO?>?H
M?LPCL
J;L;
CFOMNL;L
?MN;
=O?MNC‰H
M…
?H
);>LC>
B;S
ILA;HCMGIM
;ON‰HIGIM
=IGI
%H@ILG}NC=;
>?F
SOHN;GC?HNI
>?
);>LC>

,;NLIH;NI
>?
0OLCMGI
>?
);>LC>

A?H=C;
0LC<ON;LC;

?N=
MI=C?>;>?M
G?L=;HNCF?M
>?
NCNOF;LC>;>
…HN?AL;
=IGI
F;M
!GJL?M;M
)OHC=CJ;F?M
>?
0L;HMJILN?
I
2CPC?H>;
S
/O?FI
MI=C?>;>?M
>?
?=IHIG…;
GCRN;
=IH
OH;
J;LNC=CJ;=C‰H
P;LC;<F?
>?F
;SOHN;GC?HNI

!GJL?M;
)CRN;
>?
/?LPC=CIM
"OH?L;LCIM

I
);>LC>
;FF?


;M…
=IGI
@OH>;=CIH?M
I
=IHMIL=CIM
;L=?FIH;
JL?M?HN;
;>?G}M
>?
?D?GJFIM
MCGCF;L?M
?MNLO=NOL;M
J?=OFC;L?M
ILCACH;>;M
JIL
OH;
A?MNC‰H
J<FC=;
<;M;>;
?H
F;
@CAOL;
>?
OH
A?L?HN?
GOHC=CJ;F
"?LH}H>?T

M…
;L=?FIH;
>?
/?LP?CM
)OHC=CJ;FM

/)
?M
OH;
?GJL?M;
>?F
;SOHN;GC?HNI
>?
;L=?FIH;
KO?
H;=C‰
?H

=IH
?F
I<D?NCPI
>?
OHC@C=;L
?H
OH;
MIF;
MI=C?>;>
F;
JL?MN;=C‰H
>?
M?LPC=CIM
GOHC=CJ;F?M
>?
NCJI

>CG?HMC‰H
S
=FC?HN?M
GOS
>CP?LMIM
W
.?>
>?
;J;L=;GC?HNIM
GOHC=CJ;F?M
W
#?MNC‰H
>?F
?MN;=CIH;GC?HNI
L?AOF;>I
?H
MOJ?L@C=C?
hL?;
TOF
S
hL?;
2?L>?
>?
NI>;
F;
=CO>;>
>?
;L=?FIH;
W
#?MNC‰H
>?F
/?LPC=CI
>?
#L;
)OHC=CJ;F
W
#?MNC‰H
>?
>IM
?MN;=CIH?M
>?
;ONI<OM?M
W
C=CHA
W
#?MNC‰H
>?
F;M
CHMN;F;=CIH?M
IF…GJC=;M
,;F;=CI
>?
/;HN
&IL>C

!MN;>CI
+F…GJC=I
S
!RJF;H;>;
+F…GJC=;
W
#?MNC‰H
>?F
J;LKO?
>?F
"‹LOG
W
IIL>CH;=C‰H
>?
FIM
IJ?L;>IL?M
>?F
J;LKO?
>?
)IHNDO†=
W
#?MNC‰H
>?F
6II
>?
;L=?FIH;
W
#?MNC‰H
>?F
}L?;
L?AOF;>;
>?F
,;LE
#Ž?FF
/OJ?LPCMC‰H
>?
F;
A?MNC‰H
>?
F;M
MCAOC?HN?M
MI=C?>;>?M
J;LNC=CJ;>;M
JIL
?F
;SOHN;GC?HNI
G?>C;HN?

/)
W
,;LKO?
>?
NL;==CIH?M
>?F
0C<C>;<I
W
?G?HN?LCIM
>?
;L=?FIH;
W
0L;=N;G?HN
C
/?F?==C‰
>?
.?MC>OM

/
0!./

J;LNC=CJ;>;
JIL

/)
S
?F
hL?;
)?NLIJIFCN;H;
>?
;L=?FIH;
W
)?L=;<;LH;
!F
=L?=CGC?HNI
>?F
M?=NIL
J<FC=I
?GJL?M;LC;F
FI=;F
B;
MC>I
P?LNCACHIMI

B;
MC>I
G?HIL
?H
F;M
=IGOHC>;>?M
;ON‰HIG;M
S
B;
>CMGCHOC>I
?H
?F
JF;HI
?MN;N;F
=IGI
B;
GIMNL;>I
#‰G?T
AOMN…H

!MN?
=L?=CGC?HNI
>?F
M?=NIL
J<FC=I
FI=;F
S
;ONIH‰GC=I
=IH
NI>I
NCJI
>?
G;SIL…;M
JIF…NC=;M
?M
OH
G?=;HCMGI
>?
?H>?O>;GC?HNI
?RNL;JL?MOJO?MN;LCI
KO?
J?LGCN?
F;
?P;MC‰H
>?
FIM
=IHNLIF?M
=IHN;<F?M
PCA?HN?M

?R=FOS‚H>IM?
MOM
G;AHCNO>?M
?=IH‰GC=;M
>?
F;M
=O?HN;M
=IHMIFC>;>;M
>?
F;
;>GCHCMNL;=C‰H
FI=;F
I
;ONIH‰GC=;
;
F;M
KO?
?MN‚
;>M=LCN;
CP?LM;M
=CL=OHMN;H=C;M
B;H
=IHNLC<OC>I
;
F;
JLIFC@?L;=C‰H
>?
?MNIM
?HN?M
!H
JLCG?L
FOA;L

?F
=IHN?RNI
CHN?LH;=CIH;F

?MJ?=C;FG?HN?
CH=?HNCP;>I
JIL
F;
NL;HMJIMC=C‰H
>?
HILG;NCP;M
UFC<?L;FCT;>IL;MX
>?
F;
1!
S
F;
JIF…NC=;
?=IH‰GC=;
>?LCP;>;
>?F
NL;N;>I
>?
);;MNLC=B
KO?
CGJIH?
FCGCN?M
;F
?H>?O>;GC?HNI
S
;F
>‚@C=CN
J<FC=I
/?
B;
JLI>O=C>I
=IH
;HN?LCILC>;>
OH
;GJF…MCGI
>?M;LLIFFI
>?
HO?P;M
@ILG;M
>?
ILA;HCT;=C‰H
J<FC=;
;A?H=C;M

?GJL?M;M
J<FC=;M

?N=
>?
G;H?L;
KO?

?HNL?
?F
;ˆI

S

F;M
NL;HM@?L?H=C;M
L?;FCT;>;M
>?M>?
FIM
;SOHN;GC?HNIM
;
?MN;M
HO?P;M
OHC>;>?M
=L?=C?LIH
OH

1NLCFF;
>?
F;
$IT

!H
N?IL…;
?MN?
JLI=?MI
M?
B;
ILC?HN;>I
;
F;
<MKO?>;
>?
@‰LGOF;M
>?
A?MNC‰H
G}M
@F?RC<F?M
I
>C=BI
>?
INL;
G;H?L;

JIL
OH;
BOC>;
>?
F;M
LCAC>?=?M
A?MNIL;M
CGJO?MN;M
JIL
?F
>?L?=BI
;>GCHCMNL;NCPI
O;>L;>I
6E
2=

?H
MO
;H}FCMCM
>?
F;
JLIFC@?L;=C‰H
>?
?MN;M
@‰LGOF;M
>?
>?M=?HNL;=C‰H
@OH=CIH;F
?H
FIM
GOHC=CJCIM
>?
G;SIL
N;G;ˆI
>OL;HN?



>?MN;=;H
KO?
F;
IJ=C‰H
JL?>IGCH;HN?
?M
F;
=L?;=C‰H
>?
ILA;HCMGIM
;ON‰HIGIM

M?AOC>;
JIL
F;M
MI=C?>;>?M
G?L=;HNCF?M

?FFI
M?
OH?

F;
@CH;H=C;=C‰H
CHMO@C=C?HN?
>?
FIM
?HN?M
FI=;F?M
;HN?
F;
;P;F;H=B;
>?
>?G;H>;M
=CO>;>;H;M
S
M?LPC=CIM
>?
OH
J;…M
=;L?HN?
>?
?FFIM
>IH>?
;>?G}M

?F
M?=NIL
FI=;F
;MOG?
CH>?<C>;G?HN?
=IGJ?N?H=C;M
MCH
@CH;H=C;=C‰H

>?<C>I
;
MO
=?L=;H…;
;
FIM
JLI<F?G;M
MI=C;F?M
S
;
F;
H?=?MC>;>
>?
L?MIFP?LFIM
IH
NI>I

?MN;
?PIFO=C‰H
B;
>?LCP;>I
?H
OH
G?HIL
=IHNLIF

F?A;F

;>GCHCMNL;NCPI

=IHN;<F?
S
>?GI=L}NC=I
MI<L?
?F
M?=NIL
J<FC=I
FI=;F
?
GI>I
KO?
N;GJI=I
M?
B;
=IGJ?HM;>I
MO@C=C?HN?G?HN?
JIL
INLIM
HO?PIM
=IHNLIF?M
>?
?@C=C?H=C;

?=IHIG…;

CGJ;=NI
MI=C;F
I
L?MOFN;>IM
>?
F;M
JIF…NC=;M
J<FC=;M
KO?
P?LC@CKO?H
?F
;=C?LNI

I
HI

>?
?MN?
=;G<CI
NL;M=?H>?HN;F
 
#'
"('
# '
(;
>?@CHC=C‰H
>?
F;
ILA;HCT;=C‰H
N?LLCNILC;F
>?F
!MN;>I
KO?
B;=?
HO?MNL;
IHMNCNO=C‰H
?H
MO
;LN…=OFI

?M
?MJ?=…@C=;
V
(IM
GOHC=CJCIM
S
F;M
JLIPCH=C;M
CHN?AL;H
=IHDOHN;
?
CHM?J;L;<F?G?HN?
F;
>GCHCMNL;=C‰H
FI=;F
V
(IM
GOHC=CJCIM
S

JIL
>?LCP;=C‰H

N;G<C‚H
F;M
>CJON;=CIH?M
‚MN;M
?H
@ILG;
CH>CL?=N;

JIM??H
F?ACNCG;=C‰H
>?GI=L}NC=;

FI
KO?
CGJFC=;
?F
>?L?=BI
=IHMNCNO=CIH;F
>?
FIM
=CO>;>;HIM
;
F;
J;LNC=CJ;=C‰H
?H
FIM
;MOHNIM
J<FC=IM
>?
;G<;M
?HNC>;>?M
KO?
L?=IHI=?
?F
;LN…=OFI

!
V
(;
>GCHCMNL;=C‰H
FI=;F
?MN}
=C?LN;G?HN?
A;L;HNCT;>;
=IHMNCNO=CIH;FG?HN?
=IGI
CHMNCNO=C‰H
J?LI
?HNL?A;>;

>?M>?
?F
L?MJ?NI
;
MOM
=;L;=N?L…MNC=;M
>?@CHCNILC;M

;
F;
F;<IL
ILA;HCT;NCP;
>?F
F?ACMF;>IL
IL>CH;LCI
?MJO‚M
>?F
NC?GJI
NL;HM=OLLC>I
>?M>?
F;M
JLCG?L;M
?F?==CIH?M
FI=;F?M
>?GI=L}NC=;M
FIM
JLI<F?G;M
;
L?MIFP?L
NI>;P…;
MIH
@OH>;G?HN;FG?HN?
>IM
L?HCFF;

;
?F
CH@L;GOHC=CJ;FCMGI
>?
F;
JF;HN;
GOHC=CJ;F
S
F;
=IHM?=O?HN?
CH=;J;=C>;>
>?
AL;H
J;LN?
>?
F;M
?HNC>;>?M
;=NO;F?M
J;L;
;@LIHN;L
F;M
N;L?;M
?RCAC<F?M
BIS
>?
NI>;
>GCHCMNL;=C‰H
,<FC=;

JIL
FI
KO?
B;=?
;F
?M=;F‰H
<}MC=I
>?
F;
>GCHCMNL;=C‰H
FI=;F
S
<
F;
J?LNCH?H=C;
>?
F;
L?=IH@CAOL;=C‰H
ILA}HC=;
S
@OH=CIH;F

;N?H>C>;
F;
MIFO=C‰H
KO?
M?
>‚
;F
JLI<F?G;
;HN?LCIL

>?
F;M
>CJON;=CIH?M

?H
FI
KO?
B;=?
;F
?M=;F‰H
=IGJF?G?HN;LCI
>?
>C=B;
>GCHCMNL;=C‰H

=IHNCHO;=C‰H
M?
?R;GCH;H
FIM
JLCH=CJ;F?M
?HN?M
FI=;F?M
GOHC=CJCIM
S
JLIPCH=C;M

>CJON;=CIH?M
@IL;F?M

=;<CF>IM
S
?HNC>;>?M
CHMOF;L?M
>?
;F?;L?M
DOHNI
;
INL;M
?HNC>;>?M
=IGI
=IG;L=;M

}L?;M
G?NLIJIFCN;H;M

I
=IHMIL=CIM


:>
8@94.4;4:>
(IM
AI<C?LHIM
FI=;F?M
JL?M?HN;H
=C?LN;M
=;L;=N?L…MNC=;M
?MNLO=NOL;F?M
KO?
FIM
B;=?H
?MJ?=C;FG?HN?
POFH?L;<F?M
?H
N‚LGCHIM
ILA;HCT;NCPIM
@L?HN?
;
MO
?HNILHI
CHG?>C;NI
L?HCFF;

;?H;


,;L?DI

/;FP;>IL

/O<CL;NM

W
)}RCG;
;J?LNOL;
;F
=IHN?RNI
?
NI>;M
F;M
ILA;HCT;=CIH?M
;>GCHCMNL;NCP;M
FIM
?HN?M
FI=;F?M
MIH
?MJ?=C;FG?HN?
POFH?L;<F?M
;
FIM
@FODIM
>?
JI<F;=C‰H

;
FIM
=;G<CIM
>?
F;
;=NCPC>;>
?=IH‰GC=;
S
F;
OL<;HCT;=C‰H
\GIPCGC?HNIM
GCAL;NILCIM
A?H?L;F?M
I
?MN;=CIH;F?M

=CO>;>?M
I
<;LLCIM
>ILGCNILCI

=IHOL<;=CIH?M\

;
FIM
=;G<CIM
?H
?F
?MNCFIM
>?
PC>;
\M?J;L;=C‰H
>?F
FOA;L
>?
NL;<;DI
S
>?F
>?
L?MC>?H=C;

JFOL;FC>;>
>?
@ILG;M
@;GCFC;L?M\

S
;
F;
?R;=?L<;=C‰H
>?
F;M
>?G;H>;M
MI=C;F?M
\NL;>C=CIH;F?M
FCGJC?T;

;AO;

?F?=NLC=C>;>

M;H?;GC?HNI

<;MOL;M

CH=?H>CIM

JIFC=…;
M?LPC=CIM
MI=C;F?M
<}MC=IM
?>O=;=C‰H

M;HC>;>
JIMNG;N?LC;FCMN;M
G?>CI
;G<C?HN?

?MJ;L=CGC?HNI
S
>?JILN?

=;FC>;>
>?
PC>;
>?M;LLIFFI
?=IH‰GC=I

<C?H?MN;L
MI=C;F

IL>?H;=C‰H
>?F
N?LLCNILCI\

KO?
M?
JF;HN?;H
>?
G;H?L;
CHG?>C;N;
MI<L?
F;M
;ONILC>;>?M
JIF…NC=;M
S
F;
ILA;HCT;=C‰H
;>GCHCMNL;NCP;

S
HI
G?>C;N;
I
CH>CL?=N;
=IGI
?H
?F
L?MNI
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M
 W
(;
=IH@OMC‰H
?HNL?
JIF…NC=;
S
;>GCHCMNL;=C‰H
KO?
M?
G;HC@C?MN;
;KO…
?H
F;
;LNC=OF;=C‰H
>?
F;
L?JL?M?HN;=C‰H
JIJOF;L

SOHN;GC?HNI

S
F;
D?@;NOL;
OHCJ?LMIH;F
>?
FIM
M?LPC=CIM

F=;F>?

KO?
=IHNL;JIH?
FIM
=IH=?JNIM
>?
L?MJIHM;<CFC>;>
JIF…NC=;
S
?@C=;=C;
;>GCHCMNL;NCP;
(IM
@OH=CIH;LCIM
?MN}H
;=IMNOG<L;>IM
;
N?H?L
;==?MI
>CL?=NI
;
F;
>CL?==C‰H
JIF…NC=;
S
FIM
JIF…NC=IM
=;L?=?H
>?
OH;
@O?HN?
>?
F?ACNCGC>;>
>CMNCHN;
S
?KOCP;F?HN?
;F
=IHI=CGC?HNI
N‚=HC=I
W
(;
MCNO;=C‰H
=L…NC=;
>?
F;M
B;=C?H>;M
FI=;F?M
JLIPI=;>;
JIL
F;
?RJ;HMC‰H
>?
FIM
A;MNIM
J;L;
CHN?HN;L
;@LIHN;L
F;M
=L?=C?HN?M
>?G;H>;M
S
F;
=IHNL;==C‰H
>?
FIM
L?=OLMIM
JIL
F;
?M=;M?T
S
LCAC>?T
>?
F;M
=;J;=C>;>?M
CGJIMCNCP;M
FI=;F?M
S
FIM
JLI<F?G;M
>?
F;M
NL;HM@?L?H=C;M
>?F
!MN;>I

FI
KO?
@;PIL?=?
F;
;J;LC=C‰H
>?F
>‚@C=CN
S
>?F
?H>?O>;GC?HNI
!MN;
MCNO;=C‰H
=L…NC=;
DOHNI
=IH
F;
ONCFCT;=C‰H
>?
F;
L?AOF;=C‰H
MI<L?
=O?MNCIH?M
OL<;H…MNC=;M
JO?>?H
?RJFC=;L
J;L=C;FG?HN?
F;
>?HIGCH;>;
<OL<OD;
>?
F;
PCPC?H>;
?H
!MJ;ˆ;
S
MO
ONCFCT;=C‰H
JIL
J;LN?
>?
FIM
SOHN;GC?HNIM
J;L;
@CH;H=C;L
FIM
M?LPC=CIM
GOHC=CJ;F?M
W
(;
JIF…NC=;
>?
A?MNC‰H
>?
J?LMIH;F
JF;HN?;
N;G<C‚H
JLI<F?G;M
>?
=C?LN;
?HP?LA;>OL;
JO?M
F;M
H?=?MC>;>?M
>?
J?LMIH;F
=O;FC@C=;>I
;OG?HN;H
=IHNCHO;G?HN?
?H
FIM
AL;H>?M
GOHC=CJCIM
S
?H
FIM
LOL;F?M

GC?HNL;M
KO?
?MNIM
FNCGIM
;J?H;M
JO?>?H
=O<LCL
MOM
JF;HNCFF;M

FIM
JLCG?LIM
HI
JO?>?H
=IGJ?NCL
JIL
MO
?M=;M;
L?NLC<O=C‰H
=IH
INL;M
;>GCHCMNL;=CIH?M
S
=IH
?F
M?=NIL
JLCP;>I
F
L?=OLLCLM?
;F
J?LMIH;F
F;<IL;F
M?
@;PIL?=?
F;
CH?MN;<CFC>;>
S
?F
?GJF?I
JL?=;LCI
S
;>?G}M
JO?>?
;OG?HN;L
F;
=;LA;
@CH;H=C?L;
>C=CIH;FG?HN?

?F
}G<CNI
FI=;F
B;
MC>I
JLIJC=CI
;
JL}=NC=;M
=FC?HN?F;L?M
M?AH
F;M
=O;F?M
FIM
JLCH=CJCIM
>?
G‚LCNI
S
=;J;=C>;>
HI
MC?GJL?
B;H
JLCG;>I
;
F;
BIL;
>?
=IHNL;N;L
J?LMIH;F




(3@@7B=@7=
G
>=0:/17b<
OHKO?
?F
HG?LI
>?
GOHC=CJCIM
B;
C>I
>CMGCHOS?H>I
=IH
J;LMCGIHC;
\>?

?H



?H



?H



?H

S

?H


;HN?M
>?
F;M
JLCG?L;M
?F?==CIH?M
FI=;F?M
>?GI=L}NC=;M\

?F
JLI<F?G;
>?F
CH@L;GOHC=CJ;FCMGI

>?LCP;>I
>?
F;
;JFC=;=C‰H
>?F
GI>?FI
@L;H=‚M
KO?
C>?HNC@C=;
GOHC=CJCI
S
=;M=I
OL<;HI

MCAO?
=;L;=N?LCT;H>I
GO=BIM
;ˆIM
>?MJO‚M
F;
JF;HN;
GOHC=CJ;F
>?
F;
>?GI=L;=C;
?MJ;ˆIF;

=IHPCLNC?H>I
;
FIM
GOHC=CJCIM
LOL;F?M
?H
ILA;HCMGIM
G?L;G?HN?
L?JL?M?HN;NCPIM
S

>CM@OH=CIH;F?M
J;L;
F;
JL?MN;=C‰H
>?
M?LPC=CIM
S
F;
=IIJ?L;=C‰H
=IH
INLIM
HCP?F?M
>?
AI<C?LHI
S
;>GCHCMNL;=C‰H
!H

B;<…;

GOHC=CJCIM
\=IH
OH;
?RN?HMC‰H
G?>C;
>?

'G
S
OH;
JI<F;=C‰H
G?>C;
>?

B;<CN;HN?M\

?H

F;
=C@L;
B;<…;
;OG?HN;>I
;


J?LI
?H

B;S
S;


S
J?M?
;
M?L
OH;
=;HNC>;>
CH@?LCIL
;F
HG?LI
?RCMN?HN?
;F
@CH;F
>?F
L‚ACG?H
@L;HKOCMN;

?FFI
CH>C=;
KO?
HI
B;
B;<C>I
OH;
JIF…NC=;
MIFP?HN?
MI<L?
F;
G;N?LC;
MCHI
OH;
MO<IL>CH;=C‰H
;F
FI=;FCMGI
CGJ?L;HN?
FI
KO?
CGJC>?
?F
>?M;LLIFFI
>?
?=IHIG…;M
>?
?M=;F;
?H
F;
JL?MN;=C‰H
>?
M?LPC=CIM
S
>C@C=OFN;
MI<L?G;H?L;
F;
J;LNC=CJ;=C‰H
>?
FIM
GOHC=CJCIM
?H
;FAOH;M
JIF…NC=;M
J<FC=;M
(IM
>;NIM
>CMJIHC<F?M
>?F
%*!
?H

MI<L?
?F
HG?LI
>?
GOHC=CJCIM
JIL
NL;GIM
>?
JI<F;=C‰H
S
=IGOHC>;>?M
;ON‰HIG;M
CH>C=;H
KO?
?F

JIL
=C?H
>?
FIM
GOHC=CJCIM
MIH
LOL;F?M

=IHP?H=CIH;FG?HN?
=IH
G?HIM
>?

B;<CN;HN?M

S
=IGJL?H>?H
HC=;G?HN?
=?L=;
>?F


JIL
=C?H
>?
F;
JI<F;=C‰H
!F


JIL
=C?H
>?
FIM
GOHC=CJCIM
=ILL?MJIH>?
;
JI<F;=CIH?M
=IH
G?HIM
>?

B;<CN;HN?M

S
L?JL?M?HN;
MIFI
?F


JIL
=C?H
>?
F;
JI<F;=C‰H
!F
@?H‰G?HI
>?
FIM
J?KO?ˆIM
GOHC=CJCIM
LOL;F?M
S
>?F
CH@L;GOHC=CJ;FCMGI
?M
J;LNC=OF;LG?HN?
AL;P?
?H
;MNCFF;
S
(?‰H

?F


JIL
=C?H
>?
MOM
GOHC=CJCIM
NC?H?
G?HIM
>?

B;<CN;HN?M
?F


JIL
=C?H
G?HIM
>?


?H
L;A‰H
=IH
?F


?F


JIL
=C?H
G?HIM
>?


?H
(;
.CID;
=IH
?F


?F


JIL
=C?H
G?HIM
>?


S
?H
;MNCFF;(;
);H=B;
=IH
?F


JIL
=C?H


JIL
=C?H
G?HIM
>?

,?LI
HI
M?
JC?HM?
KO?
?F
JLI<F?G;
M‰FI
?RCMN?
?H
?MN;M
=IGOHC>;>?M
JO?M
?H
*;P;LL;
?F


JIL
=C?H
>?
FIM
GOHC=CJCIM
NC?H?
G?HIM
>?

B;<CN;HN?M

?H
;N;FOˆ;
?F


S
?H
);>LC>
?F


JIL
=C?H

;OHKO?
=C?LN;G?HN?
?F
JLI=?MI
>?
OL<;HCT;=C‰H
M?
B;
CHN?HMC@C=;>I
N;G<C‚H
M?
B;
JLI>O=C>I
OH
=C?LNI
AL;>I
>?
LOL;FCT;=C‰H
S
;<;H>IHI
>?
FIM
AL;H>?M
=?HNLIM
OL<;HIM
!F


JIL
=C?H
>?
FIM
GOHC=CJCIM
NC?H?
G?HIM
>?

B;<CN;HN?M
(IM
KO?
NC?H?H
G?HIM
>?

B;<CN;HN?M

MOJIH?H
?F

JIL
=C?H
>?F
NIN;F
J?LI
?F


JIL
=C?H
>?
F;
JI<F;=C‰H

NC?H?H
>C@C=OFN;>?M
J;L;
ILA;HCT;LM?
N‚=HC=;G?HN?

JL?MN;L
M?LPC=CIM
G}M
;FF}
>?
FIM
A;MNIM
=ILLC?HN?M
S
>?
G;HN?H?L
;F
B;<CFCN;>I
H;=CIH;F
=ILL?MJIH>C?HN?
S
J;A;LF?
MO
L?GOH?L;=C‰H
+NL;
=O?MNC‰H
KO?
=;L;=N?LCT;
HO?MNLI
MCMN?G;
GOHC=CJ;F
>?M>?
?F
JOHNI
>?
PCMN;
>?
F;M
@OH=CIH?M
MI=C;F?M
S
JIF…NC=;M
?M
KO?
HO?MNLIM
GOHC=CJCIM
S
HO?MNLIM
SOHN;GC?HNIM
HI
B;H
MC>I
MIJILN?
>?
F;
=IHMNLO==C‰H
>?F
!MN;>I
>?F
C?H?MN;L
=IGI
I=OLL?
?H
FIM
J;…M?M
?M=;H>CH;PIM
I
#L;H
L?N;ˆ;
$%.$

"c:3?<
23
:B;717=7<@
=<?
A?/:<@
23
=<09/17a;
 
!B;717=7<@  /07A/;A3@ 

';DEI
:;

>78      

;

7

>78      

;

7
 
>78       

;
 
7

>78      

;

7
 
>78      

;
 
7
 
>78      

;
 
7
 
>78      

;
 
7
 
>78      

;
 
7
 
>78       

'nI
:;
 
>78      

.EJ7B
CKD?9?F?EI         
"O?HN?
%*!

/?
B;
>?MN;=;>I
FIM
AL;P?M
JLI<F?G;M
JIF…NC=I;>GCHCMNL;NCPIM
KO?
M?
>?LCP;H
>?
OH;
JF;HN;
GOHC=CJ;F
>?
?MN?
NCJI
L?HCFF;

;LLCFFI


W
+<MN}=OFIM
;
F;
@OH=C‰H
>?
;AL?A;=C‰H
>?
CHN?L?M?M
KO?
?D?L=?H
FIM
J;LNC>IM
JIF…NC=IM
(IM
J;LNC>IM
JIF…NC=IM
>?
}G<CNI
H;=CIH;F
NC?H?H
>C@C=OFN;>?M
J;L;
;==?>?L
;
FIM
;SOHN;GC?HNIM
>?
FIM
CH@L;GOHC=CJCIM
JILKO?
HI
MIH
=;J;=?M
>?
?H=IHNL;L
OH
HG?LI
MO@C=C?HN?
>?
=;H>C>;NIM
J;L;
=O<LCL
F;M
?R=?MCP;M
=CL=OHM=LCJ=CIH?M
S I
JILKO?
?F
?F?=NIL
>?
?MNIM
GOHC=CJCIM
JL?@C?L?
PIN;L
;
F;M
=;H>C>;NOL;M
CH>?J?H>C?HN?M
JIL
?F
FI=;FCMGI
CGJ?L;HN?
 W
1H
AL;P?
CH=IHP?HC?HN?
J;L;
F;
?@C=;=C;
S
F;
?@C=C?H=C;
;>GCHCMNL;NCP;M
(;
JL?MN;=C‰H
>?
M?LPC=CIM
S
?F
>?M;LLIFFI
>?
>?N?LGCH;>;M
@OH=CIH?M
?H
FIM
J?KO?ˆIM
GOHC=CJCIM
LOL;F?M
L?MOFN;
CH?@C=;T
?H
OHIM
=;MIM

N‚=HC=;G?HN?
CHPC;<F?
?H
;KO?FF;M
;=NCPC>;>?M
KO?
?RCA?H
?=IHIG…;M
>?
?M=;F;
MOJ?LCIL?M
S

?H
A?H?L;F

>?G;MC;>I
=IMNIM;M
(;
G;SIL…;
>?
FIM
GOHC=CJCIM
LOL;F?M
NC?H?H
ILA;HCT;=CIH?M
;>GCHCMNL;NCP;M
GCHM=OF;M
=IH
JI=I
J?LMIH;F
S
?M=;M;G?HN?
JLI@?MCIH;FCT;>I

>?>C=;>I
;
N;L?;M
>?
;>GCHCMNL;=C‰H
A?H?L;F
S
=OS;M
<;D;M
L?NLC<O=CIH?M
=IHMOG?H
F;
G;SIL
J;LN?
>?F
JL?MOJO?MNI
GOHC=CJ;F
5
?M
CGJ?HM;<F?
KO?
JO?>;H
;NL;?L
;
J?LMIH;F
=O;FC@C=;>I
S
JLI@?MCIH;F
N;HNI
?H
FI
L?@?LC>I
;
F;M
JLIJC;M
;ONILC>;>?M
FI=;F?M

KO?
MO?F?H
=IHN;L
=IH
OH
HCP?F
>?
CHMNLO==C‰H
…H@CGI

=IGI
L?MJ?=NI
;F
J?LMIH;F
N‚=HC=I
S
>?
;M?MIL;GC?HNI
W
1H
CGJ?>CG?HNI
;
F;
=IIJ?L;=C‰H
CHN?LAO<?LH;G?HN;F
?
CHN?L;>GCHCMNL;NCP;
(IM
CH@L;GOHC=CJCIM
>C@…=CFG?HN?
JO?>?H
J;LNC=CJ;L
?H
FIM
JLIAL;G;M
>?
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I
I
>?
F;M
IGOHC>;>?M
ON‰HIG;M

FI
KO?
I<FCA;

?H
J;LN?

;
?MN;M
?HNC>;>?M
;
G;HN?H?L
I
=L?;L
L?>?M
J?LC@‚LC=;M
J;L;
CGJF;HN;L
MOM
JIF…NC=;M
?H
NI>I
?F
N?LLCNILCI
=O;H>I
M?L…;
GO=BI
G}M
?@C=;T
?F
?GJF?I
>?
F;M
>GCHCMNL;=CIH?M
(I=;F?M
>?
OH
N;G;ˆI
G}M
;>?=O;>I
J;L;
F;
?D?=O=C‰H
>?
F;M
G?>C>;M
;ONIH‰GC=;M
I
?MN;N;F?M

P?=?M
HI
NC?H?H
MCKOC?L;
F;
=;J;=C>;>
>?
=IIJ?L;L
=IH
FIM
P?=CHIM
S
>?<?H
L?=OLLCL
;
F;M
?HNC>;>?M
FI=;F?M
MOJL;GOHC=CJ;F?M
>?
}G<CNI
MOJ?LCIL
=IGI
F;
>CJON;=C‰H
JLIPCH=C;F
I
F;
=IG;L=;
J;L;
=O<LCL
MOM
H?=?MC>;>?M
!F
INLI
?RNL?GI
FI
=IGJIH?H
FIM
GOHC=CJCIM
>?
G}M
>?

B;<CN;HN?M

KO?
JI>?GIM
=IHMC>?L;L
=CO>;>?M
?H
N‚LGCHIM
>?
JI<F;=C‰H
FI
KO?
CGJFC=;
=IHM?=O?H=C;M
>?LCP;>;M
>?
MO
NLCJF?
>CG?HMC‰H
=IGI
FC3D
?MJ;=CI

4:G:E2D
=CO>;>;HIM
S
A@=:D
IL>?H;GC?HNI
DOL…>C=I
?H
>CMNCH=C‰H
>?
;J?F

!H

?L;H


MOJIH…;H
=?L=;
>?F

JIL
=C?H
>?F
N?LLCNILCI
H;=CIH;F
S
>?<…;H
JL?MN;L
M?LPC=CIM
;
G}M
>?F

JIL
=C?H
>?
F;
JI<F;=C‰H

?H

?L;H

S
;ALOJ;<;H
?F


JIL
=C?H
>?
F;
JI<F;=C‰H
!H

FIM
GOHC=CJCIM
G;SIL?M
>?

B;<CN;HN?M
MIH
S;

S
PCP?
?H
?FFIM
?F


JIL
=C?H
>?
F;
JI<F;=C‰H

JIL
F;
G?H=CIH;>;
CHP?LMC‰H
>?F
@FODI
>?
OL<;HCT;=C‰H

;F
M?J;L;LM?
?F
FOA;L
>?
NL;<;DI
S
?F
>?
L?MC>?H=C;

J?L>C?H>I
JI<F;=C‰H
F;M
AL;H>?M
=CO>;>?M
J?LI
A;H}H>IF;
F;M
G?>C;H;M
S
J?KO?ˆ;M

FI
=O;F
JF;HN?;
JLI<F?G;M
?MJ?=…@C=IM
;
FIM
>CMNCHNIM
NCJIM
>?
GOHC=CJCIM

JIL
?D?GJFI

=IH
FIM
@FODIM
?MN;=CIH;F?M
>?
JI<F;=C‰H
?H
FIM
GOHC=CJCIM
NOL…MNC=IM
!MN?
@?H‰G?HI
M?
;AO>CT;
?H
F;M
JI<F;=CIH?M
=IH
G}M
>?

B;<CN;HN?M
);>LC>

;L=?FIH;

2;F?H=C;

/?PCFF;

)}F;A;
S
6;L;AIT;

KO?
;ALOJ;<;H
;F


JIL
=C?H
>?
F;
JI<F;=C‰H
?H

J?LI
M‰FI
;F


JIL
=C?H
?H

;OHKO?
MCLP?H
>?
H=F?I
;
}L?;M
G?NLIJIFCN;H;M
=IH
AL;H>?M
JLI<F?G;M
MI=C;F?M

>?
NL;HMJILN?

PCPC?H>;

OL<;HCMGI



:
:1/:23
G
3:
GC<B/;73<B=
!F
)OHC=CJCI

CHN?AL;>I
JIL
MO
N?LLCNILCI
S
MO
JI<F;=C‰H

?MN}
;>GCHCMNL;>I
JIL
OH
‰LA;HI
=IF?AC;>I
=IGJF?DI

?F
SOHN;GC?HNI

KO?
N;G<C‚H
=IHMNCNOS?
OH;
ILJIL;=C‰H
>?
=;L}=N?L
L?JL?M?HN;NCPI
=IH
JF?H;
=;J;=C>;>
DOL…>C=;

JL?MC>C>I
JIL
?F
F=;F>?
(;
ILA;HCT;=C‰H
GOHC=CJ;F
M?
L?AOF;
>?
F;
G;H?L;
MCAOC?HN?

M?AH
F;
( 
>?
G?>C>;M
J;L;
F;
GI>?LHCT;=C‰H
>?F
AI<C?LHI
FI=;F
;
!F
F=;F>?

FIM
0?HC?HN?M
>?
F=;F>?
S
?F
,F?HI
?RCMN?H
?H
NI>IM
FIM
;SOHN;GC?HNIM
/?
JLI>O=?
;M…
?F
>?MFCH>?
@OH=CIH;F
?HNL?
?F
;F=;F>?&OHN;
>?
#I<C?LHI
!D?=ONCPI
S
?F
 ,F?HI
;M;G<F?;L?JL?M?HN;NCP;?F?=NCP;
=IH
@OH=CIH?M
HILG;NCP;M
S
>?
=IHNLIF
S
@CM=;FCT;=C‰H
>?F
AI<C?LHI
GOHC=CJ;F
<
(;
&OHN;
>?
#I<C?LHI
(I=;F
?RCMN?
?H
NI>IM
FIM
GOHC=CJCIM
=IH
JI<F;=C‰H
MOJ?LCIL
;

B;<CN;HN?M
S
?H
FIM
>?
G?HIM

=O;H>I
;M…
FI
;=O?L>?
?F
,F?HI
>?
MO
;SOHN;GC?HNI
=
!H
FIM
GOHC=CJCIM
>?
G}M
>?

B;<CN;HN?M

S
?H
FIM
>?
G?HIM
?H
KO?
;M…
FI
;=O?L>?
?F
,F?HI

?RCMNCL}H

MC
MO
F?ACMF;=C‰H
;ONIH‰GC=;
HI
JL?P‚
?H
?MN?
}G<CNI
INL;
@ILG;
ILA;HCT;NCP;

‰LA;HIM
KO?
N?HA;H
JIL
I<D?NI
?F
?MNO>CI

CH@ILG?
I
=IHMOFN;
>?
FIM
;MOHNIM
KO?
B;H
>?
M?L
MIG?NC>IM
;
F;
>?=CMC‰H
>?F
,F?HI

;M…
=IGI
?F
M?AOCGC?HNI
>?
F;
A?MNC‰H
>?F
F=;F>?

F;
&OHN;
>?
#I<C?LHI
(I=;F
S
FIM
=IH=?D;F?M
KO?
IMN?HN?H
>?F?A;=CIH?M

MCH
J?LDOC=CI
>?
F;M
=IGJ?N?H=C;M
>?
=IHNLIF
KO?
=ILL?MJIH>?H
;F
,F?HI
0I>IM
FIM
ALOJIM
JIF…NC=IM
CHN?AL;HN?M
>?
F;
=ILJIL;=C‰H
N?H>L}H
>?L?=BI
;
J;LNC=CJ;L
?H
>C=BIM
‰LA;HIM

G?>C;HN?
F;
JL?M?H=C;
>?
=IH=?D;F?M
J?LN?H?=C?HN?M
;
FIM
GCMGIM
?H
JLIJIL=C‰H
;F
HG?LI
>?
IH=?D;F?M
KO?
N?HA;H
?H
?F
,F?HI
/I<L?
?F
HG?LI
>?
=IH=?D;F?M
M?AH
F;
JI<F;=C‰H
>?F
GOHC=CJCI

P‚;M?
F;
0;<F;

>
(;
IGCMC‰H
!MJ?=C;F
>?
/OA?L?H=C;M
S
.?=F;G;=CIH?M
?RCMN?
?H
FIM
GOHC=CJCIM
M?ˆ;F;>IM
?H
?F
N…NOFI
4

S
?H
;KO?FFIM
INLIM
?H
KO?
?F
,F?HI
;M…
FI
;=O?L>?

JIL
?F
PINI
@;PIL;<F?
>?
F;
G;SIL…;
;<MIFON;
>?F
HG?LI
F?A;F
>?
MOM
GC?G<LIM

I
;M…
FI
>CMJIHA;
MO
.?AF;G?HNI
ILA}HC=I
?
(;
IGCMC‰H
!MJ?=C;F
>?
O?HN;M
?
;=O?L>I
=IH
?FFI

?F
SOHN;GC?HNI
?H
,F?HI
PC?H?
;
M?L
=IGI
OH
‰LA;HI
;H}FIAI
;F
J;LF;G?HNI

MC?GJL?
?H
?F
HCP?F
GOHC=CJ;F

GC?HNL;M
KO?
?F
F=;F>?
S
F;
IGCMC‰H
>?
#I<C?LHI
?KOCP;F?H

;F
,L?MC>?HN?
S
;F
#I<C?LHI

S;
KO?
M?
L?H?H
J?LC‰>C=;G?HN?
S
MOM
GC?G<LIM
;=N;H
=IGI
D?@?M
>?
F;M
}L?;M
?H
KO?
M?
>CPC>?
F;
;>GCHCMNL;=C‰H
GOHC=CJ;F
!F
F=;F>?
NC?H?
FIM
G}M
;GJFCIM
JI>?L?M
JO?M
JL?MC>?
?F
,F?HI

S
?D?L=?
F;
D?@;NOL;
>?F
AI<C?LHI
S
F;
;>GCHCMNL;=C‰H
GOHC=CJ;F?M
S
>?
NI>IM
MOM
M?LPC=CIM

?M
>?=CL
MCAO?
OH
>CM?ˆI
JL?MC>?H=C;FCMN;
$%.$

"c:3?<
23
1<;138/93@
=<?
A/:/`<
239
:B;717=7<
/07A/;A3@ <;138/93@

"7IJ7
 

;

7
 

;

7
  

;
 
7
 

;

7
  

;
 
7
  

;
 
7
  

;
 
7
  

;
 
7
  

;
 
7
  

;
 
7
  
 ;
 
7
  

;
 
7
 
07B;D9?7 

;
  
7
  
7H9;BED7 

;
  
7
  
'7:H?: 

"O?HN?
(+.!#

(;M
;NLC<O=CIH?M
>?F
F=;F>?
B;<…;H
MC>I
S;
;GJFC;>;M
JIL
( 
?H
F;M
MCAOC?HN?M
G;N?LC;M
>?=CMC‰H
>?
FIM
?GJ;N?M
=IH
MO
PINI
>?
=;FC>;>
;NLC<O=CIH?M
?H
G;N?LC;
>?
A?MNC‰H
?=IH‰GC=;

?H
G;N?LC;
>?
A?MNC‰H
>?
J?LMIH;F
?H
G;N?LC;
>?
A?MNC‰H
OL<;H…MNC=;
?H
G;N?LC;
>?
?D?L=C=CI
>?
;==CIH?M
S
>?@?HM;
>?
F;
ILJIL;=C‰H
?H
G;N?LC;
>?
=IHNL;N;=CIH?M
S
=IH=?MCIH?M
?H
G;N?LC;
>?
;JLI<;=C‰H
>?
JLIS?=NIM
>?
I<L;M
S
M?LPC=CIM

?H
G;N?LC;
>?
;>GCHCMNL;=C‰H
>?F
J;NLCGIHCI
S
?H
G;N?LC;
>?
JO<FC=;=C‰H
S
?D?=O=C‰H
>?
FIM
;=O?L>IM
>?
F;
ILJIL;=C‰H
N;G<C‚H
M?
B;=?
L?@?L?H=C;
;
F;M
@;=OFN;>?M
CH>?F?A;<F?M
>?F
F=;F>?
S
M?
B;H
CHN?HMC@C=;>I
FIM
G?=;HCMGIM
>?
=IHNLIF
>?
F;
A?MNC‰H
>?F
F=;F>?

JIL
J;LN?
>?F
,F?HI
?
;=O?L>I
=IH
?MN?
>CM?ˆI
CHMNCNO=CIH;F
M?
B;<F;
>?
KO?
?H
HO?MNLIM
;SOHN;GC?HNIM
M?
MCAO?
?F
GI>?FI
>?
F=;F>?
@O?LN?
JO?MNI
KO?
?M
KOC?H
>CLCA?
F;
;A?H>;
GOHC=CJ;F
S
F;
CGJF;HN;=C‰H
>?
F;M
JIF…NC=;M

=IH
CH>?J?H>?H=C;
>?F
NCJI
>?
FC>?L;TAI
KO?
?D?LT;
F;
J?LMIH;
=IH=L?N;
KO?
>?M?GJ?ˆ?
?F
=;LAI
(;
@ILN;F?T;
>?
F;
MCNO;=C‰H
>?F
;F=;F>?
>?LCP;>;
>?
F;M
HILG;M
CHMNCNO=CIH;F?M
M?
L?@O?LT;
JIL
F;M
JIMC=CIH?M
@ILG;F?M
KO?
I=OJ;H
?H
MO
J;LNC>I
JIF…NC=I

?H
?MJ?=C;F
MC
?M
?F
M?=L?N;LCI
A?H?L;F
FI=;F
>?F
J;LNC>I
JO?M
?MN;<F?=?
F;
=;H>C>;NOL;
?F?=NIL;F

@OH>;G?HNI
>?
F;
L…AC>;
>CM=CJFCH;
CGJ?L;HN?
FO?AI
?H
?F
ALOJI
GOHC=CJ;F

;
FI
KO?
OH?
MO
=;J;=C>;>
J;L;
>?MCAH;L
;
FIM
GC?G<LIM
>?
F;
IGCMC‰H
>?
#I<C?LHI
;?H;


/Q??NCHA



.;GC‰

B;
;H;FCT;>I
=L…NC=;G?HN?
F;
>?<CFC>;>
>?F
?H=;D?
>?
FIM
>CL?=NCPIM
FI=;F?M

?HNL?
F;M
;ONILC>;>?M
JIF…NC=;M
S
FIM
@OH=CIH;LCIM
GOHC=CJ;F?M

KO?
M?
=ILL?MJIH>?
=IH
F;M
@CAOL;M
>?
A?L?HN?

PC=?A?L?HN?

>CL?=NIL
>?
M?LPC=CIM

=IIL>CH;>IL
>?
}L?;

>CL?=NIL
A?H?L;F
I
=;LAIM
;MCGCF;<F?M
;
?MNIM
S
KO?
MO@L?
F;M
N?HMCIH?M
MCGOFN}H?;M
>?
F;
JIFCNCT;=C‰H
S
F;
JLI@?MCIH;FCT;=C‰H
!F
;F=;F>?
G;H>;
S
>CLCA?
F;
;>GCHCMNL;=C‰H
>?
@ILG;
>CL?=N;
I
CH>CL?=N;
?M
>?=CL

G?>C;HN?
?MIM
UA?MNIL?M
JLI@?MCIH;F?MX
KO?

?H
L?;FC>;>

MIH
=;LAIM
>?
=IH@C;HT;
JIF…NC=;

S
?F
J;J?F
>?
FIM
;FNIM
=;LAIM
;>GCHCMNL;NCPIM

FIM
B;<CFCN;>IM
H;=CIH;F?M

?MN}
L?MNLCHAC>I
;
OH;M
@OH=CIH?M
>?
=IHNLIF
G?L;G?HN?
F?A;FCMN;
/?
=L?;H
;M…
CHHOG?L;<F?M
IJILNOHC>;>?M
N;HNI
J;L;
?F
;<OMI
>?F
JI>?L
J;L;
@CH?M
J?LMIH;F?M
I
J;LNC>CMN;M
=IGI
J;L;
JIF…NC=;M
=ILNIJF;=CMN;M

=IGI
B;
>?MN;=;>I
(;JO?HN?




/
=@5/<7H/17b<
/2;7<7AB@/B7D/
;C<717>/:
(;M
JLCG?L;M
NCJIFIA…;M
?F;<IL;>;M
J;L;
?F
;H}FCMCM
>?
F;
>CP?LMC>;>
>?
MCNO;=CIH?M
?RCMN?HN?M
M?
=?HNL;<;H
?H
F;
>C@?L?H=C;=C‰H
>?
F;
?MNLO=NOL;
>?
AI<C?LHI
S
F;
>?
F;
ILA;HCT;=C‰H
;>GCHCMNL;NCP;
IH
JIMN?LCILC>;>
>;>I
?F
CHN?HMI
JLI=?MI
>?
=;G<CI
JLI>O=C>I
?H
FIM
;SOHN;GC?HNIM
?MJ;ˆIF?M

?F
‚H@;MCM
M?
B;
>?MJF;T;>I
;
F;
A?MNC‰H

?H
?MJ?=C;F
NL;M
?F
G;NCT;>I
?MNO>CI
>?
.;GC‰


KO?
@OH>;G?HN;
MO
;H}FCMCM
?H
?F
AL;>I
>?
>C@?L?H=C;=C‰H
D?L}LKOC=;
>?
F;
ILA;HCT;=C‰H
GOHC=CJ;F

?H
?F
HG?LI
>?
HCP?F?M
D?L}LKOC=IM
I
P?LNC=;F?M
>?
MO
?MNLO=NOL;
S
?H
MO
>C@?L?H=C;=C‰H
BILCTIHN;F

F;
M?AG?HN;=C‰H
>?
F;
?MNLO=NOL;
?H
AL;H>?M
>CPCMCIH?M
@OH=CIH;F?M
/I<L?
?MN;
<;M?
?F;<IL;
OH;
NCJIFIA…;
KO?
=IGJL?H>?
FIM
MCAOC?HN?M
NCJIM
>?
?MNLO=NOL;
ILA;HCT;NCP;
V
)I>?FI
=F}MC=I<OLI=L}NC=I
?M
?F
GI>?FI
NL;>C=CIH;F
S
G;SILCN;LCI
?H
F;
>GCHCMNL;=C‰H
FI=;F
M?
=;L;=N?LCT;
JIL
OH;
;=OM;>;
P?LNC=;FC>;>
=IHMC>?L;<F?
HG?LI
>?
HCP?F?M
D?L}LKOC=IM
S
JIL
OH;
AL;H
@L;AG?HN;=C‰H
?F?P;>I
HG?LI
>?
}L?;M
!M
OH
MCMN?G;
>?
ILA;HCT;=C‰H
JI=I
IJ?L;NCPI

S;
KO?
F;
P?LNC=;FC>;>
CGJFC=;
OH
>CMN;H=C;GC?HNI
?HNL?
FIM
=?HNLIM
>?=CMIL?M
S
FIM
=?HNLIM
>?
IJ?L;=CIH?M
?MNI
MOJIH?
;
MO
P?T
JI=;
L;JC>?T
?H
F;
CGJF;HN;=C‰H
>?
F;M
>?=CMCIH?M
S
F;M
JIF…NC=;M
;>IJN;>;M
S
?M=;M;
@FOC>?T
?H
F;
NL;HMGCMC‰H
>?
F;
CH@ILG;=C‰H
V
)I>?FI
>?
;A?H=C;M
/?
NL;N;
>?
MOJ?L;L
F;
>C@?L?H=C;=C‰H
D?L}LKOC=;
G?>C;HN?
F;
M?AG?HN;=C‰H
>?
OH
AL;H
=IGJF?DI
ILA;HCT;NCPI
OHCN;LCI
A?H?L;H>I
ILA;HCT;=CIH?M
@ILG;FG?HN?
CH>?J?H>C?HN?M
;A?H=C;M

ILA;HCMGIM
;ON‰HIGIM

?GJL?M;M
J<FC=;M
S
?GJL?M;M
JLCP;>;M
JL?MN;>IL;M
>?
M?LPC=CIM
J<FC=IM
KO?
M?
?H=;LA;H
>?
>?M;LLIFF;L
=IGJ?N?H=C;M
=IH=L?N;M
S

?H
?MJ?=C;F

>?
F;
JL?MN;=C‰H
>?
>?N?LGCH;>IM
M?LPC=CIM
V
)I>?FI
A?L?H=C;F
!F
I<D?NCPI
?M
MOJ?L;L
F;
M?AG?HN;=C‰H
>?
F;M
>CMNCHN;M
}L?;M
G?>C;HN?
MO
CHN?AL;=C‰H
G?>C;HN?
A?L?H=C;M
KO?
MIH
CHMN;H=C;M
D?L}LKOC=;M
JLI@?MCIH;FCT;>;M
S
>?
;FNI
HCP?F
!M
?F
GI>?FI
KO?
MCAO?

JIL
?D?GJFI

?F
SOHN;GC?HNI
>?
;L=?FIH;

?F
=O;F
B;
=IHM?AOC>I
F;
CHN?AL;=C‰H
>?
;FAOH;M
}L?;M
NL;>C=CIH;FG?HN?
GOS
@L;AG?HN;>;M
=;MI
>?
FIM
M?LPC=CIM
J?LMIH;F?M
OHKO?
=IHMCAO?H
?H
J;LN?
F;
CHN?AL;=C‰H

HI
MIFO=CIH;H
FIM
JLI<F?G;M
PCH=OF;>IM
;
F;
P?LNC=;FC>;>
>?
F;
?MNLO=NOL;
"?LH}H>?T

V
)I>?FI
GCRNI
A?L?H=C;F
NL;N;
>?
L?>O=CL
;FAOHIM
HCP?F?M
D?L}LKOC=IM
?H
;FAOHIM
}G<CNIM
>?
A?MNC‰H

>?
;ALOJ;L
ILA}HC=;G?HN?
FIM
M?=NIL?M
>?
A?MNC‰H
KO?
G;HNC?H?H
G}M
CHN?LL?F;=CIH?M
S

@CH;FG?HN?

>?
G;HN?H?L
?F
GI>?FI
=F}MC=I
J;L;
;FAOHIM
M?LPC=CIM
>?
NCJI
;>GCHCMNL;NCPI
(;
( 
MI<L?
G?>C>;M
J;L;
F;
GI>?LHCT;=C‰H
>?F
AI<C?LHI
FI=;F
B;
CGJFC=;>I
?F
L?@O?LTI
>?
F;M
@ILG;M
;MI=C;NCP;M
>?
FIM
GOHC=CJCIM
JIN?MN;>?M
>?
F;M
G;H=IGOHC>;>?M

CH=FOMI
CHN?L;ONIH‰GC=;M

=IHMIL=CIM
NL;HM@LIHN?LCTIM

?N=
?F
L?@O?LTI
>?
F;M
JLIPCH=C;M

=IH
F;
;NLC<O=C‰H
>?
F;
=IGJ?N?H=C;
>?
=IIJ?L;=C‰H
?H
?F
>?M;LLIFFI
?=IH‰GC=I
S
MI=C;F
S
?H
F;
JF;HC@C=;=C‰H
F;
JLIGI=C‰H
>?
F;
J;LNC=CJ;=C‰H
=CO>;>;H;
F;
L?AOF;=C‰H
>?N;FF;>;
>?
F;M
@ILG;M
>?
JL?MN;=C‰H
>?
FIM
M?LPC=CIM
J<FC=IM
FI=;F?M
S
?F
CH=L?G?HNI
>?
F;
=IIJ?L;=C‰H
P?LNC=;F
?HNL?
!MN;>I
S
IGOHC>;>?M
ON‰HIG;M
?H
G;N?LC;
>?
L‚ACG?H
FI=;F
;>?G}M
M?
;ˆ;>?
OH
HO?PI
N…NOFI
4%
;
F;
(.(

L?@?LC>I
;
F;
JIN?MN;>
M;H=CIH;>IL;
>?
FIM
GOHC=CJCIM

M?
CH=ILJIL;
N;G<C‚H
OH
N…NOFI
4
;
F;
(.(

KO?
?MN;<F?=?
OH
L‚ACG?H
ILA}HC=I
?MJ?=C;F
J;L;
FIM
GOHC=CJCIM
>?
AL;H
HG?LI
>?
JI<F;=C‰H

>?LCP;=C‰H
@CH;F
>?
F;
CHC=C;F
JIF…NC=;
>?
UAL;H>?M
=CO>;>?MX
"IHN
C
(FIP?N


?MN;=;
?F
J;J?F
>?
>CL?==C‰H
JIF…NC=;
>?F
F=;F>?

F;
L?F?P;HN?
CHN?LP?H=C‰H
?D?=ONCP;
>?
F;
&OHN;
>?
#I<C?LHI

=OSIM
GC?G<LIM

B;MN;
OH
G}RCGI
>?
OH
N?L=CI

JO?>?H
HI
M?L
=IH=?D;F?M

?MNI
?M

HI
?F?=NIM
M?
CGJIH?
F;
ILA;HCT;=C‰H
?H
>CMNLCNIM

F;
;M?MIL…;
DOL…>C=;

F;
>CMNCH=C‰H
?HNL?
‰LA;HIM
MOJ?LCIL?M
GOHC=CJ;F?M
S
>CL?=NCPIM

F;
CHNLI>O==C‰H
>?
OH
=IH=L?NI
‰LA;HI
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
S
>?
INLI
>?
L?=F;G;=CIH?M

;M…
=IGI
>?N?LGCH;>;M
L?AF;M
>?
F;
ILA;HCT;=C‰H
>?
F;
A?MNC‰H
?=IH‰GC=I@CH;H=C?L;
S
F;
=L?;=C‰H
>?
ILA;HCMGIM
J;L;
F;
L?MIFO=C‰H
>?
L?=F;G;=CIH?M
?=IH‰GC=I;>GCHCMNL;NCP;M
 
 
/
@34=@;/
:=1/:
G
:/
>@3AB/17b<
23
A3@D717=A
!F
JLI<F?G;
@OH>;G?HN;F
>?
FIM
AI<C?LHIM
FI=;F?M
?M
F;
>CMJ;LC>;>
?MNLO=NOL;F
?HNL?
F;M
=IGJ?N?H=C;M
@ILG;FG?HN?
;NLC<OC>;M
S
F;M
?D?L=C>;M
L?;FG?HN?
S
F;
@;FN;
>?
L?=OLMIM
@CH;H=C?LIM
J;L;
B;=?L
@L?HN?
;
;G<;M

GINCP;>;
?H
J;LN?
N;G<C‚H
JIL
?F
?R=?MCPI
HG?LI
>?
?HNC>;>?M
FI=;F?M
?RCMN?HN?M
FI
KO?
CGJC>?
?F
>?M;LLIFFI
>?
?=IHIG…;M
>?
?M=;F;
S
F;
L?>O==C‰H
>?
FIM
=IMN?M
;>GCHCMNL;NCPIM
M…

?F
JIL=?HN;D?
>?
>CMGCHO=C‰H
>?
GOHC=CJCIM
>?M>?

?H
!MJ;ˆ;
B;
MOJO?MNI
M‰FI
?F

JIL
=C?H
@L?HN?
;
JIL=?HN;D?M
GOS
MOJ?LCIL?M
?H
FIM
J;…M?M
H‰L>C=IM

#L;H
L?N;ˆ;

F?G;HC;
KO?
IM=CF;H
?HNL?
?F

S
?F

JIL
=C?H

J;…M?M
?MNIM
?H
FIM
KO?
F;M
?HNC>;>?M
FI=;F?M
JLIN;AIHCT;H
GFNCJF?M
JL?MN;=CIH?M
>?F
!MN;>I
>?
C?H?MN;L
;>;P;F

;L;G‚M


(;M
GI>C@C=;=CIH?M
OFN?LCIL?M
>?
F;
(?S
>?
;M?M
>?
.‚ACG?H
(I=;F
>?

HI
B;H
MIFP?HN;>I
?MN?
AL;P?
JLI<F?G;
,?LI
?MN?
JLI=?MI
M?
B;
J;L;FCT;>I
JIL
F;
IF?;>;
>?
L?@ILG;M
?MN;NON;LC;M
?GJL?H>C>;M
?H
F;
F?ACMF;NOL;

0L;M
?M?
JLI=?MI
>?
=;G<CI
=IHMNCNO=CIH;F
MCH
L?@ILG;
=IHMNCNO=CIH;F
KO?
=;L;=N?LCT;

?H
?RJL?MC‰H
>?
IFCHI

NI>IM
FIM
HO?PIM
?MN;NONIM
>?
;ONIHIG…;
JL?P‚H
>?
GI>I
?RJL?MI
F;
?RCMN?H=C;
>?
OH
‰LA;HI
>?
J;LNC=CJ;=C‰H
FI=;F
?H
?F
HCP?F
;ONIH‰GC=I
(I
G}M
B;<CNO;F
?M
MO
=IH@CAOL;=C‰H
=IGI
OH
‰LA;HI
>?
=IGJIMC=C‰H
GCRN;

=IH
JL?M?H=C;
FI=;F
S
;ONIH‰GC=;
!MN?
?M
?F
=;MI
>?
FIM
?MN;NONIM
>?
F;
IGOHC>;>
2;F?H=C;H;
UIGCMC‰H
)CRN;
?HNL?
F;
#?H?L;FCN;N
S
F;
"?>?L;=C‰H
2;F?H=C;H;
>?
)OHC=CJCIM
S
,LIPCH=C;MX

>?
H>;FO=…;
UtLA;HI
>?
.?F;=C‰H
>?
F;
&OHN;
>?
H>;FO=…;
S
FIM
SOHN;GC?HNIMX

>?
L;A‰H
UIHM?DI
(I=;F
>?
L;A‰HX
S
>?
;MNCFF;
S
(?‰H
UIHM?DI
>?
IIJ?L;=C‰H
(I=;F
>?
;MNCFF;
S
(?‰HX
(;
?R=?J=C‰H
MCAO?
MC?H>I
?F
=;MI
=;N;F}H

=OSI
!MN;NONI
>CM?ˆ;
OH
IHM?DI
>?
#I<C?LHIM
(I=;F?M
=IGI
OH
‰LA;HI
>?
L?JL?M?HN;=C‰H
?R=FOMCP;G?HN?
FI=;F
JIL
FI
KO?

?H
JOLC>;>
=IGI
B;
>?MN;=;>I
6;@L;


HI
?H=;D;
JLIJC;G?HN?
?H
F;M
L?F;=CIH?M
CHN?L;>GCHCMNL;NCP;M
;OHKO?
JO?>;
=OGJFCL
;FAOHIM
>?
MOM
I<D?NCPIM
/;FP;>IL

,?LI
J?M?
;
F;M
L?@ILG;M
?GJL?H>C>;M

NL;M
G}M
>?
NL?CHN;
;ˆIM
>?
;SOHN;GC?HNIM
>?GI=L}NC=IM
FI
KO?
M?
JO?>?
>?HIGCH;L
F;
NL;GJ;
>?
F;
JL?MN;=C‰H
>?
M?LPC=CIM
GOHC=CJ;F?M
MO<MCMN?
;OHKO?
M?
B;
NL;N;>I
>?
GI>C@C=;L
G?>C;HN?
F;
( 
(;
0;<F;

?RJIH?
FIM
M?LPC=CIM
I<FCA;NILCIM
KO?
>?<?H
JL?MN;L
FIM
GOHC=CJCIM
M?AH
F;
F?ACMF;=C‰H
PCA?HN?

?FFI
B;S
KO?
;ˆ;>CL
OH;
ILA;HCT;=C‰H
;>GCHCMNL;NCP;
=L?=C?HN?
?H
@OH=C‰H
>?
FIM
M?LPC=CIM
;
JLIJIL=CIH;L
;
F;
JI<F;=C‰H
>?
MO
GOHC=CJCI
(;
?RCMN?H=C;
>?
CH@L;GOHC=CJCIM
I<MN;=OFCT;
F;
A?H?L;=C‰H
>?
?=IHIG…;M
>?
?M=;F;

KO?
?H
!MJ;ˆ;
M?
JLI>O=?H
‰JNCG;G?HN?
?H
NILHI
;
FIM

B;<CN;HN?M

>?M;J;L?=?H
J;OF;NCH;G?HN?
?H
JI<F;=CIH?M
CH@?LCIL?M
S
?H=O?HNL;H
>C@C=OFN;>?M
>?
=IHA?MNC‰H
?H
FIM
NL;GIM
>?
JI<F;=C‰H
MOJ?LCIL?M
(IM
=IMN?M
>?
J?LMIH;F
?H
JLIJIL=C‰H
;F
=IHDOHNI
>?
FIM
L?=OLMIM
JL?MOJO?MN;LCIM
N;G<C‚H
MO?F?H
M?L
MOJ?LCIL?M
?H
FIM
J?KO?ˆIM
;SOHN;GC?HNIM
,IL
MO
J;LN?
FIM
GOHC=CJCIM
=IH
JI<F;=C‰H
MOJ?LCIL
;
FIM

B;<CN;HN?M
NC?H?H
KO?
;@LIHN;L
S;
F;
CGJF;HN;=C‰H
>?
JIF…NC=;M
J<FC=;M
FI=;F?M
=IGI
F;M
L?=IAC>;M
?H
F;
0;<F;

(;
JLIFC@?L;=C‰H
>?
JCM=CH;M
GOHC=CJ;F?M

=;GJIM
>?
@N<IF
=IH
BC?L<;
H;NOL;F
?H
GOHC=CJCIM
GO=B;M
P?=?M
=IFCH>;HN?M
B;
=;H;FCT;>I
?F
>?MJCF@;LLI
>?
HO?MNL;M
;ONILC>;>?M
FI=;F?M
$%.$

'3?C717<@
<0975/A<?7<@
>B3
2303;
=?3@A/?
9<@
:B;717=7<@
 (<2<@
9<@
:B;717=7<@ !B;717=7<@
1<;
:\@
23
  !B;717=7<@
1<;
:\@
23
  !B;717=7<@
1<;
:\@
23
 
6/07A/;A3@ 6/07A/;A3@ 6/07A/;A3@

S
BKC8H7:E
Fy8B?9E 3
7:;CnI 3
7:;CnI 3
7:;CnI

S
;C;DJ;H?E S
*7HGK;
Fy8B?9E S
*HEJ;99?vD
9?L?B S
.H7DIFEHJ;
9EB;9J?LE
KH87DE
:;
S
,;9E=?:7
:;
H;I?:KEI S
?8B?EJ;97
Fy8B?97 S
-;HL?9?EI
IE9?7B;I L?7@;HEI
S
&?CF?;P7
L?7H?7 S
';H97:E S
*H;L;D9?vD
;NJ?D9?vD
:; S
*HEJ;99?vD
:;B
C;:?E
S
87IJ;9?C?;DJE
:;
7=K7 S
.H7J7C?;DJE
:;
H;I?:KEI ?D9;D:?EI S
7C8?;DJ;
S
B97DJ7H?BB7:E S
#DIJ7B79?ED;I
:;FEHJ?L7I
:;
KIE
S
99;IE
7
Dy9B;EI
:; Fy8B?9E
FE8B79?vD
S
*7L?C;DJ79?vD
:;
Ls7I
Fy8B?97I
S
EDJHEB
:;
7B?C;DJEI
O
8;8?:7I

"O?HN?
LN…=OFI

(..(

IGI
M?ˆ;F;
/O<CL;NM


UF;M
;A?H>;M
>?
CHN?LP?H=C‰H
GOHC=CJ;F
M?
B;H
;GJFC;>I
HIN;<F?G?HN?
S
N;G<C‚H
B;
=L?=C>I
MCAHC@C=;NCP;G?HN?
F;
=;J;=C>;>
>?
A;MNI
,LCG?LI
@O?LIH
JIF…NC=;M
>?
JLIGI=C‰H
?=IH‰GC=;

>?
DOP?HNO>
I
>?JILNCP;M
?MJO‚M
JIF…NC=;M
>?
L?A?H?L;=C‰H
>?
FIM
?MJ;=CIM
J<FC=IM
S
>?
L?B;<CFCN;=C‰H
>?
PCPC?H>;M
S
?>C@C=CIM
5
G}M
N;L>?
OH;
L?>
>?
M?LPC=CIM
MI=C;F?M
>?
;N?H=C‰H
JLCG;LC;
G}M
;FF}
>?
FI
KO?
?L;
=IHMC>?L;>I
=IGI
NL;>C=CIH;F
?H
?MN?
=;GJI
5
?H
FIM
FNCGIM
;ˆIM
JLIFC@?L;H
HO?P;M
;=NO;=CIH?M
@L?HN?
;
JLI<F?G;M
HO?PIM

?HNL;H>I
?H
?MJ;=CIM
S
N?G}NC=;M
KO?
HI
B;<…;H
?MN;>I
HOH=;
=IHMC>?L;>;M
G?>CI
;G<C?HN?
S
MIMN?HC<CFC>;>

JF;H?M
=IGOHCN;LCIM

JLIGI=C‰H
>?
PCPC?H>;

?>O=;=C‰H
CH@;HNCF

JF;H?M
>?
CAO;F>;>
>?
A‚H?LI

JLIAL;G;M
>?
=IIJ?L;=C‰H
;F
>?M;LLIFFI

JIF…NC=;M
>?
CHHIP;=C‰H
N?=HIF‰AC=;

?N=X
 $%.$

@A?B1AB?/
A7=<
23
9/
<43?A/
23
=<9_A71/@
9<1/93@
$<9_A71/@
31<;a:71/@ $<9_A71/@
@<17/93@ $<9_A71/@
A3??7A<?7/93@ $<9_A71/@
/:073;A/93@

R
J;D9?vD
IE9?7B R
,;=KB79?vD

R
)9KF79?vD
9ECKD?J7H?7
O
$<9_A71/@
23
=?7:3?/ FH?C7H?7 KH87DsIJ?97
:;
KIEI R
IF79?EI
L;H:;I
<EHC79?vD
53;3?/17a; R
*HECE9?vD
9KBJKH7B R
#D<H7;IJHK9JKH7I R
EDJHEB
:;
B7
9EDJ7C?D79?vD
R
FEOE
7
;CFH;I7I
R
;FEHJ;
O
J?;CFE
B?8H; L?7H?7I

R
*EBsJ?97I
:;
R
,;=;D;H79?vD
:; R
'?D?C?P79?vD
O
=;IJ?vD
R
-;HL?9?EI
BE97B;I
:;
E9KF79?vD 9EEF;H79?vD
7B
9;DJHEI
>?IJvH?9EI IEIJ;D?8B;
:;
H;I?:KEI
;
?DI;H9?vD
B78EH7B :;I7HHEBBE
R
*B7D;I
9ECKD?J7H?EI R
(K;L7
9KBJKH7
:;B
7=K7
$<9_A71/@ R
*79JEI
.;HH?JEH?7B;I
O
DK;LEI R
&K9>7
9EDJH7
;N9BKI?vD
R
*79JEI
:;
CEL?B?:7: R
*B7D;I
:;
;D;H=s7I
7;;<C/2<?/@ O79?C?;DJEI R
*B7D;I
:;
?=K7B:7:
:;
R
0?L?;D:7 H;DEL78B;I
R
*EBsJ?97I
?DDEL79?vD =qD;HE
:?L;HI?<?97:7
O R
*EBsJ?97I
9EDJH7
B7
J;9DEBv=?97 R
-;HL?9?EI
7
B7I
<7C?B?7I
;9EBv=?97 9EDJ7C?D79?vD
79yIJ?97
R
7D9EI
:;
J?;CFE

R
=;D:7I
&E97B;I

:;
IEIJ;D?8?B?:7:
7C8?;DJ7B
R
*HEO;9JEI
;:K97J?LEI
:;
9?K:7:
$<9_A71/@
R
*B7D;I
:;
DK;L7
9?K:7:7Ds7
;
?DJ;H9KBJKH7B?:7:
A?/;@C3?@/93@
R
*B7D;I
BE97B;I
F7H7
B7
IE9?;:7:
:;
B7
?D<EHC79?vD
R
*B7D;I
BE97B;I
:;
?D9BKI?vD
IE9?7B
"O?HN?
/O<CL;NM



IGI
;JOHN;
L?HCFF;

F;
;JLI<;=C‰H
>?
F;
( 

>?
L;=CIH;FCT;=C‰H
S
MIMN?HC<CFC>;>
>?
F;
>GCHCMNL;=C‰H
(I=;F
(./(
@O?
=IGJF?D;
G}M
>?
NL?CHN;
<ILL;>IL?M
S
;HN?JLIS?=NIM
>?
F?S
?F;<IL;>IM
;
FI
F;LAI
>?F
=;MC
;ˆI
S
G?>CI
>?
NL;GCN;=C‰H
JL?PC;
;F
IHM?DI
>?
)CHCMNLIM
,?M?
;
F;M
GO=B;M
P;LC;=CIH?M
B;S
=O;NLI
JLCH=CJCIM
CHP;LC;<F?M
V
(;
H?=?MC>;>
>?
?PCN;L
FIM
MIF;J;GC?HNIM
S
>OJFC=C>;>?M
>?
F;M
=IGJ?N?H=C;M
GOHC=CJ;F?M
=IH
F;M
>?
F;M

S
KO?
M?
=IH=L?N‰
?H
F;
?RJL?MC‰H
UOH;
>GCHCMNL;=C‰H

OH;
=IGJ?N?H=C;X
V
mH@;MCM
?H
?F
=CO>;>;HI
=IGI
L?=?JNIL
>?
FIM
M?LPC=CIM
J<FC=IM
S
?H
F;
A;L;HN…;
>?
F;
CAO;F>;>
?H
?F
;==?MI
;
FIM
GCMGIM

CH>?J?H>C?HN?G?HN?
>?F
FOA;L
>?
L?MC>?H=C;
V
(;
A;L;HN…;
>?
F;
MIFP?H=C;
S
F;
MIMN?HC<CFC>;>
GOHC=CJ;F
>?M>?
?F
JOHNI
>?
PCMN;
@CH;H=C?LI

=IH
?F
@CH
>?
KO?
F;M
;=NCPC>;>?M
S
M?LPC=CIM
GOHC=CJ;F?M
I@?LN;>IM
JO?>;H
=IHMNCNOCLM?
?H
P?L>;>?LIM
>?L?=BIM
>?
FIM
=CO>;>;HIM
V
(;
NL;HMJ;L?H=C;
S
MO
L?P?LMI

F;
L?H>C=C‰H
>?
=O?HN;M
/?
=IHMC>?L;
KO?
F;
;=NCPC>;>
J<FC=;
>?<?
JL?MN;LM?
LCH>C?H>I
=O?HN;M
S
=IH
F;
G}RCG;
NL;HMJ;L?H=C;
S
LCAIL
?H
F;
A?MNC‰H
>?
FIM
L?=OLMIM
J<FC=IM
(;
F?S
?MN;<F?=?
KO?
FIM
GOHC=CJCIM
JL?MN;L}H
M?LPC=CIM
HI
I<FCA;NILCIM
;
MOM
=CO>;>;HIM
=O;H>I
FIM
I<FCA;NILCIM
?MN‚H
A;L;HNCT;>IM

HI
?RCMN;H
>OJFC=C>;>?M
=IH
F;M
=IGJ?N?H=C;M
;ONIH‰GC=;M
S
M?
=OGJF;H
FIM
=LCN?LCIM
>?
?MN;<CFC>;>
JL?MOJO?MN;LC;
S
MIMN?HC<CFC>;>
@CH;H=C?L;
KO?
CH=FOS?H
;MJ?=NIM
=IGI
?F
HCP?F
>?
>?O>;

F;
GILIMC>;>
I
?F
J;AI
;
JLIP??>IL?M
(;
L?@ILG;
>C@?L?H=C;
?HNL?
?F
GOHC=CJCI
=IGI
H=F?I
>?
JI<F;=C‰H

=IGI
H=F?I
KO?
JL?MN;
M?LPC=CIM
S
=IGI
H=F?I
>?
F;
L?JL?M?HN;=C‰H
>?GI=L}NC=;

>?
N;F
G;H?L;
KO?
M?
G;HNC?H?
?F
JLCG?LI
;F
?HN?H>?L
KO?
?F
=CO>;>;HI
NC?H?
>?L?=BI
;
J?L=C<CL
MO
N?LLCNILCI
?H
N‚LGCHIM
>?
C>?HNC>;>
BCMN‰LC=;
S
MI=C;F

J?LI
KO?
>?
;B…
HI
>?<?
>?LCP;LM?
KO?
M?;
?F
GOHC=CJCI
?F
KO?
>?<;
JL?MN;LF?
NI>IM
FIM
M?LPC=CIM
KO?
B;MN;
?M?
GIG?HNI
M?
;NLC<O…;H
;
F;
?HNC>;>
FI=;F
L?HCFF;


 (;
(./(
>CMNCHAO?
?HNL?
=IGJ?N?H=C;M
JLIJC;M

>?F?A;>;M
S
>CMNCHN;M
>?
F;M
;HN?LCIL?M
(;M
JLCH=CJ;F?M
G;N?LC;M
;@?=N;>;M
JIL
F;
L?@ILG;
MIH
?>O=;=C‰H

M;FO>
S
M?LPC=CIM
MI=C;F?M

?H
F;M
KO?
M?
B;H
L?>O=C>I
F;M
=IGJ?N?H=C;M
GOHC=CJ;F?M
KO?
;BIL;
M?
;MOG?H
JIL
F;M

?FFI

ICR

;L<IH?FF

MCGCMGI
GI>C@C=;
F;
FCMN;
>?
M?LPC=CIM
G…HCGIM
GOHC=CJ;F?M
M?
L?@O?LT;
?F
J;J?F
>?
F;M
CJON;=CIH?M
?H
MO
A?MNC‰H
M?
CHNLI>O=?H
GI>C@C=;=CIH?M
?H
F;M
@ILG;M
>?
A?MNC‰H
>?
?MIM
M?LPC=CIM
J<FC=IM
M?
GI>C@C=;
?F
JL?=?JNI
L?F;NCPI
;
F;
CHC=C;NCP;
?=IH‰GC=;
FI=;F
S
;
F;M
L?M?LP;M
FI=;F?M
MC
OH;
=ILJIL;=C‰H
FI=;F
HI
=OGJF?
MOM
I<FCA;=CIH?M
@CH;H=C?L;M
>?<?
JLI=?>?L
;
F;
A?MNC‰H
CHN?AL;>;
I
=IIL>CH;>;
>?
FIM
M?LPC=CIM
I<FCA;NILCIM
KO?
JL?MN;
F;
?HNC>;>
FI=;F
J;L;
L?>O=CL
MOM
=IMN?M
S
M?
?MN;<F?=?
F;
I<FCA;=C‰H
>?
JLI=?>?L
;
F;
>?N?LGCH;=C‰H
>?F
=IMN?
?@?=NCPI
>?
FIM
M?LPC=CIM

;HN?M
>?F

>?
HIPC?G<L?
>?
=;>;
;ˆI
#O;SI

(;M
>C@C=OFN;>?M
J;L;
F;
;JFC=;=C‰H
>?
F;
F?S
HI
MIH
JI=;M
#;F}H

>?<C>I
;
F;
A?H?L;=C‰H
>?
CGJILN;HN?M
>O>;M
CHN?LJL?N;NCP;M

F;
@;FN;
>?
JL?PCMC‰H
>?
OH
;>?=O;>I
L‚ACG?H
NL;HMCNILCI

MO
;JFC=;=C‰H
N?LLCNILC;F
>C@?L?H=C;>;
S
?F
L?=B;TI
A?H?L;FCT;>I
KO?
B;
MOM=CN;>I
?
B?=BI
OH;
/?HN?H=C;
>?F
0LC<OH;F
IHMNCNO=CIH;F
>?
G;LTI
>?

>?=F;L;
F;
HOFC>;>
>?
;FAOHIM
>?
MOM
JL?=?JNIM
F;M
>CMJIMC=CIH?M
NL;HMCNILC;M
JLCG?L;
=?HNLIM
>?
M;FO>

M?AOH>;
M?LPC=CIM
MI=C;F?M
S
N?L=?L;
>?
F;
(./(
JO?M
?L;H
CH=IHMNCNO=CIH;F?M
J?LI
G;HNC?H?
F;M
HILG;M
@;PIL?=?>IL;M
>?
F;M
@OMCIH?M
KO?
HI
M?LPCL}H
>?
GO=BI
;FIHA?

S
F;M
>?
=IHNLIF
>?
F;
MIMN?HC<CFC>;>
@CH;H=C?L;
JIL
J;LN?
>?
>?F
GCHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M
!H
A?H?L;F

F;
IJCHC‰H
>?
F;
G;SIL…;
>?
FIM
?RJ?LNIM
JL?M?HN;
F;
F?S
=IGI
OH;
IJILNOHC>;>
J?L>C>;
.CP?LI




/
>/@B717>/17b<
>=:`B71/
G
3:
A7AB3;/
3:31B=@/:
(;
=IH@CAOL;=C‰H
>?F
MCMN?G;
JIF…NC=I
FI=;F
=IGI
?M=?H;LCI
>?
AI<C?LHI
>?GI=L}NC=I
=IH
F;M
?F?==CIH?M
>?

B;
J?LGCNC>I
OH
=C=FI
>?
=IHMOFN;M
GOHC=CJ;F?M
MCH
J;L;HA‰H
?H
F;
BCMNILC;
=IHN?GJIL}H?;
?MJ;ˆIF;
?H
?F
=IHN?RNI
>?
F;
=IGJ?NC=C‰H
?F?=NIL;F
GOFNCHCP?F
KO?
=;L;=N?LCT;
?F
L‚ACG?H
=IHMNCNO=CIH;F
,;FF;L‚M

'?;NCHA

(;
(+.!# 
L?AOF‰
?H
MO
;LN…=OFI

F;M
=;L;=N?L…MNC=;M
<}MC=;M
>?F
MCMN?G;
?F?=NIL;F
GOHC=CJ;F

MI<L?
?F
HG?LI
>?
=IH=?D;F?M
?H
=;>;
NL;GI
>?
JI<F;=C‰H

S
?MN;<F?=?
KO?
U=;>;
N‚LGCHI
GOHC=CJ;F
=IHMNCNOS?
OH;
=CL=OHM=LCJ=C‰HX

?M
>?=CL

KO?
M?
=IHMC>?L;
;F
SOHN;GC?HNI
=IGI
?RJL?MC‰H
>?
OH;
=IGOHC>;>
FI=;F
OHC@C=;>;

H;NOL;F
*I
M?
NC?H?H
?H
=O?HN;

MCH
?G<;LAI

>IM
=IHMC>?L;=CIH?M
CGJILN;HN?M
)IL?FF


?H
?F
G?>CI
LOL;F
?F
GOHC=CJCI
?M
?H
F;
G;SIL
J;LN?
>?
F;
A?IAL;@…;
?MJ;ˆIF;
F;
CHMNCNO=C‰H
L?JL?M?HN;NCP;
>?
OH;
JFOL;FC>;>
>?
H=F?IM
>?
JI<F;=C‰H
FI
KO?
>C@C=OFN;
S
?H=;L?=?
F;
JL?MN;=C‰H
>?
M?LPC=CIM
?H
FIM
AL;H>?M
;SOHN;GC?HNIM
OL<;HIM

F;
=IGOHC>;>
FI=;F
?MN}
?MNL;NC@C=;>;

>?
MO?LN?
KO?
=IH
@L?=O?H=C;
FIM
JLI<F?G;M
>?
F;
JI<F;=C‰H
MCNO;>;
?H
OHIM
>CMNLCNIM
MIH
>C;G?NL;FG?HN?
>C@?L?HN?M
>?
FIM
KO?
;@?=N;H
;
INLIM
(;
;HN…N?MCM
=?HNLIJ?LC@?LC;

JIL
?D?GJFI

?M
=;L;=N?L…MNC=;
>?
GO=B;M
>?
HO?MNL;M
=CO>;>?M

?H
F;
G?>C>;
?H
KO?
L?@F?D;
F;
=IHNL;JIMC=C‰H
?HNL?
F;M
=F;M?M
G?>C;M
S
F;M
<;D;M

=IGJ;LNC>;M
;BIL;
JIL
F;
JI<F;=C‰H
CHGCAL;HN?

S
F;
;AO>CT;
?H
?F
>CMNCHNI
HCP?F
>?
?KOCJ;GC?HNI
OL<;HI
S

?H
A?H?L;F

>?
=IH>C=CIH?M
>?
>?M?HPIFPCGC?HNI
>?
F;
PC>;
MI=C;F

MO
P?T

FIM
=?HNLIM
>?N?LCIL;>IM
B;H
MO@LC>I
FI
KO?
M?
>?HIGCH;
86?EC:7:42E:@?

KO?
JI>L…;
NL;>O=CLM?
JIL
;<OLAO?M;GC?HNI

?H
?F
M?HNC>I
>?
KO?
;BIL;
TIH;M
>?N?LCIL;>;M
>?F
=?HNLI
>?
F;M
=CO>;>?M
M?
L?HO?P;H
=IH
PCPC?H>;M
>?
=;FC>;>
S
;=IA?H
;
JI<F;>IL?M
>?
F;M
HO?P;M
=F;M?M
G?>C;M
S
G?>C;M;FN;M
 !H
?M;M
=CL=OHMN;H=C;M

F;
=IHMC>?L;=C‰H
>?F
N‚LGCHI
GOHC=CJ;F
=IGI
OH
MIFI
>CMNLCNI
J;L?=?
JL?MOJIH?L
KO?
?F
;SOHN;GC?HNI
?M
?RJL?MC‰H
>?
OH;
MIF;
=IGOHC>;>
FI=;F
>IN;>;
>?
OH;
=IB?MC‰H
MI=C;F
BIGIA‚H?;

>?
GI>I
KO?
?F
L?J;LNI
>?
JO?MNIM
?H
?F
;SOHN;GC?HNI
JO>C?L;
P?LC@C=;LM?
N;H
M‰FI
=IGI
=IHM?=O?H=C;
>?
F;M
>CMNCHN;M
IJ=CIH?M
C>?IF‰AC=;M
MI<L?
?F
=IHN?HC>I
>?
F;M
JIF…NC=;M
GOHC=CJ;F?M
!H
F;
G?>C>;
?H
KO?
>C=B;
L?JL?M?HN;=C‰H
JIF…NC=;
JO>C?L;
CH=ILJIL;L
\?H
F;M
>CMNCHN;M
FCMN;M
>?
FIM
J;LNC>IM\
=;H>C>;NIM
JLI=?>?HN?M

JIL
?D?GJFI

>?
FIM
>C@?L?HN?M
H=F?IM
>?
JI<F;=C‰H

F;
JLIJC;
G?=}HC=;
>?F
L?J;LNI
>?
FIM
JO?MNIM

=IH@ILG?
;F
MCMN?G;
$IHN

CGJC>?
?H
F;
JL}=NC=;
KO?
?H
?F
;SOHN;GC?HNI
KO?>?
?RJL?M;>;
F;
JLI=?>?H=C;
A?IAL}@C=;
>?
FIM
=;H>C>;NIM
,IL
?FFI
FI
F‰AC=I
?M
KO?
;==?>;H
;F
=;LAI
>?
=IH=?D;F
FIM
HIN;<F?M
FI=;F?M

KO?
I=OJ;H
FIM
JLCG?LIM
FOA;L?M
>?
F;M
FCMN;M

?H
;N?H=C‰H
;
KO?
?H=;LH;H
G?DIL
KO?
FIM
>?G}M
F;
C>?IFIA…;
>?F
J;LNC>I
KO?
FIM
JL?M?HN;
I
KO?
?RJL?M;H
F;M
;MJCL;=CIH?M
>?
F;
JI<F;=C‰H
?H
MO
=IHDOHNI
!H
F;
MI=C?>;>
LOL;F
?MJ;ˆIF;
?MI
JO?>?
M?L

JIL
INL;
J;LN?

OH
J;MI
G}M
B;=C;
F;
=IHMIFC>;=C‰H
>?F
=?HNL;FCMGI
>?
F;
M?>?
I
=;JCN;FC>;>
>?F
GOHC=CJCI

S
?H
F;
MI=C?>;>
OL<;H;

>?M>?
FO?AI

F;
=;L?H=C;
>?
?RJL?MC‰H
;
NL;P‚M
>?F
MCMN?G;
?F?=NIL;F
>?
F;
JLI@OH>;
?MNL;NC@C=;=C‰H
MI=C;F
?RCMN?HN?
(IM
=IH=?D;F?M
?F?AC>IM
=?F?<L;H
OH;
PIN;=C‰H

?H
F;
M?MC‰H
CHC=C;F
>?
=IHMNCNO=C‰H
>?F
HO?PI
SOHN;GC?HNI

NL;M
NIG;L
JIM?MC‰H
>?
MOM
=;LAIM

J;L;
?F?ACL
?HNL?
?FFIM
;F
@ONOLI
;F=;F>?
!F
=;LAI
M?
=IH@C?L?
;F
=IH=?D;F
KO?
I<N?HA;
F;
G;SIL…;
;<MIFON;
?H
F;
JLCG?L;
PIN;=C‰H
I

MC
HI
?M
;M…

;F
=;H>C>;NI
KO?
?H=;<?=?
F;
FCMN;
KO?
B;S;
I<N?HC>I
?F
G;SIL
HG?LI
>?
PINIM
!H
=;MI
>?
?GJ;N?
M?
L?MIFP?L}
JIL
MILN?I
_(+ 



=A
@3AC:B/2=A
3:31B=@/:3A
$;=?
NC?GJI
M?
JF;HN?‰
>?
G;H?L;
G;NCT;>;

F;
BCJ‰N?MCM
>?
F;
H;=CIH;FCT;=C‰H
>?
F;
JIF…NC=;
FI=;F
;LLCFFI


;LLCFFI

…;T

;J‰
#CIL


LOAO‚
S
#IG

!F
=IH=?JNI
>?
H;=CIH;FCT;=C‰H
>?
F;
JIF…NC=;
FI=;F
JL?N?H>?
L?@F?D;L
?F
JL?>IGCHCI
=L?=C?HN?
KO?
;>KOC?L?H
?H
F;M
?F?==CIH?M
FI=;F?M
FIM
>IM
JLCH=CJ;F?M
J;LNC>IM
>?
}G<CNI
H;=CIH;F
!H
?MN?
M?HNC>I

F;
JIF…NC=;
FI=;F
JO?>?
=IHMC>?L;LM?
=IGI
OH;
P;LC;<F?
>?J?H>C?HN?
>?
F;
JIF…NC=;
H;=CIH;F

/CH
?G<;LAI

;F
NC?GJI
KO?
;P;HT;
S I
L?NLI=?>?
?MN?
@?H‰G?HI

F;M
?F?==CIH?M
FI=;F?M
JC?L>?H
MO
=;L}=N?L
>?
G?L;M
?F?==CIH?M
;>GCHCMNL;NCP;M
J;L;
?D?L=?L
OH;
CH@FO?H=C;
MCAHC@C=;NCP;
?H
F;M
=IHMOFN;M
>?
}G<CNI
MOJ?LCIL
?M
>?=CL

F;
JIF…NC=;
FI=;F
M?
=IHPC?LN?
;
MO
P?T
?H
OH;
P;LC;<F?
CH>?J?H>C?HN?

L?MJ?=NI
;
F;
JIF…NC=;
H;=CIH;F
(;
M?G?D;HT;
?H
=O;HNI
;
F;
=IGJIMC=C‰H
JIF…NC=;
>?
FIM
>CMNCHNIM
}G<CNIM
>?
AI<C?LHI
>CMN;
>?
M?L
;<MIFON;

S;
KO?
OH;
>?
F;M
=;L;=N?L…MNC=;M
>?F
AI<C?LHI
FI=;F
?M
?F
;=IA?L
J?KO?ˆIM
J;LNC>IM
S
=;H>C>;NOL;M
CH>?J?H>C?HN?M
KO?
MIH
CH=;J;=?M
>?
I<N?H?L
L?JL?M?HN;=C‰H
J;LF;G?HN;LC;
MCGCMGI

F;
H;=CIH;FCT;=C‰H
>?
F;
JIF…NC=;
FI=;F
NC?H?
MO
F…GCN?
?H
F;
B?N?LIA?H?C>;>
JIF…NC=;
>?
F;M
>CMNCHN;M
L?ACIH?M

?MNI
?M
?H
F;
JL?M?H=C;
>?
@ILG;=CIH?M
JIF…NC=;M
J;LNC=OF;LCMN;M
KO?
I<NC?H?H
MO
;JISI
?F?=NIL;F
JLCGIL>C;F
I
?R=FOMCP;G?HN?
?H
>?N?LGCH;>;M
J;L=?F;M
>?F
N?LLCNILCI
(IM
L;MAIM
A?H?L;F?M
>?
F;M
?F?==CIH?M
GOHC=CJ;F?M
MIH
 ?FA;>I
<
OH;
J;LNC=CJ;=C‰H
G?HIL
KO?
?H
F;M
?F?==CIH?M
F?ACMF;NCP;M
=IH
G…HCGIM
?H



S



S
OH
G}RCGI
>?F


?H


P‚;M?
?F
#L}@C=I

;
J;LNCL
>?

M?
MCGOFN;H?;H
F;M
?F?==CIH?M
GOHC=CJ;F?M
=IH
F;M
;ONIH‰GC=;M
?H


FI
KO?
BIGIA?H?CT;
?F
=IGJILN;GC?HNI
?F?=NIL;F

@;PIL?=C?H>I
F;
J;LNC=CJ;=C‰H
HILG;FG?HN?
?F
J;LNC>I
?H
?F
AI<C?LHI
>?
F;
*;=C‰H
I<NC?H?
G?HIM
;JISIM
?F?=NIL;F?M
KO?
?H
?F?==CIH?M
A?H?L;F?M
FIM
;JISIM
L?OHC>IM
JIL
FIM
>IM
JLCG?LIM
J;LNC>IM
H;=CIH;F?M
B;H
;F=;HT;>I
OH
G}RCGI
>?F


?H
F;M
GOHC=CJ;F?M
>?

S
>?F


?H
F;M
A?H?L;F?M
>?


S
B;H
FF?A;>I
;
MOM
G…HCGIM
B;MN;
?F
GIG?HNI
?H



?H
F;M
GOHC=CJ;F?M
S


?H
F;M
A?H?L;F?M
?H
F;
?MN?F;
>?
F;
#L;H
.?=?MC‰H

P‚;M?
F;
0;<F;

?F
,,
B;
J?L>C>I


JOHNIM
JIL=?HNO;F?M
S
?F
,/+!


>?M>?

FIM
=IGC=CIM
FI=;F?M
B;H
MC>I
OH
N?LL?HI
JLIJC=CI
J;L;
FIM
J;LNC>IM
L?ACIH;F?M
S
J;L;
F;M
;ALOJ;=CIH?M
;>
BI=
;
?M=;F;
GOHC=CJ;F
!H

M?
=?F?<L;LIH
>?MJO‚M
>?
KO?
?F
AI<C?LHI
MI=C;FCMN;
JL?MC>C>I
JIL
.I>L…AO?T
6;J;N?LI
@O?M?
I<FCA;>I
JIL
F;
1!
;
CGJF;HN;L
OH;
JIF…NC=;
>?
;OMN?LC>;>
S
KO?
;HOH=C;M?
?H
;<LCF
KO?
HI
M?
JL?M?HN;L…;
;
F;M
MCAOC?HN?M
?F?==CIH?M
A?H?L;F?M

FIM
MI=C;FCMN;M
KO?>;LIH
>C?T
JOHNIM
JIL=?HNO;F?M
JIL
>?<;DI
>?
FIM
JIJOF;L?M
!H
F;M
>?


?F
,,
I<NOPI
MO
J?IL
L?MOFN;>I
>?M>?

S
MI<L?
NI>I
;J;L?=C?LIH
HO?PIM
J;LNC>IM
CO>;>;HIM

KO?>‰
N?L=?LI


>?
FIM
PINIM
S

=IH=?D;F?M
S
;ALOJ;=CIH?M
?F?=NIL;F?M
25
9@4
#;H?GIM

);L?;M
CO>;>;H;M

@>AC@>tD
?H
NILHI
;
,I>?GIM

KO?
@ILG;FG?HN?
HI
M?
JL?M?HN;<;
(;M
=I;FC=CIH?M
;JIS;>;M
JIL
,I>?GIM
I<NOPC?LIH
PC=NILC;M
>?
AL;H
L?J?L=OMC‰H
MCG<‰FC=;
?H
CGJILN;HN?M
;SOHN;GC?HNIM
=IGI
);>LC>
BIL;
);>LC>

;L=?FIH;
;L=?FIH;
?H
IG

2;F?H=C;

6;L;AIT;

(;
ILOˆ;
S
}>CT
0;HNI
);>LC>
=IGI
;L=?FIH;
?FCAC?LIH
JIL
JLCG?L;
P?T
;
>IM
GOD?L?M
=IGI
;F=;F>?M;M
;LL?CLI

/}H=B?TO?H=;


?FA;>I
;

.I>IH

$C?LLI

3I)+&1

=<E<@
3931A<?/93@
23
9<@
2<@
=?7;17=/93@
=/?A72<@
3;
9/@
393117<;3@
:B;717=/93@
3;
=<?13;A/83
23
C<A<
C\972<
 
 $%.$

'B:/
239
=<?13;A/83
23
C<A<@
23
9<@
2<@
=?7:3?<@
=/?A72<@
=<9_A71<@
;/17<;/93@
3;
9/@
393117<;3@
:B;717=/93@
E
53;3?/93@
 
!B;717=/93@ 3;3?/93@

`< f
2<@
=?7:3?<@
=/?A72<@
;/17<;/93@ `< f
2<@
=?7:3?<@
=/?A72<@
;/17<;/93@

 
/
*-)  
/
*-)

 
*-)
***/&  
/
*-)

 
*-)
*  
*-)
***

 
*-)
**  
*-)
***/&

 
**
*-)  
*-)
**

 
**
*-)
FHn9J?97C;DJ;
;CF7J7:EI  
*-)
**

 
*-)
**
FHn9J?97C;DJ;
;CF7J7:EI  
**
*-)

 
**
*-)  
**
*-)*HE=H;I?IJ7I

 
**
*-)  
*-)
**

  
**
*-)  
*-)
**

 
**
*-)

 
**
*-)

 
**
*-)
"O?HN?
)CHCMN?LCI
>?F
%HN?LCIL



:
/CB=5=073@<=
:=1/:
C<
:/0=@/B=@7=
23
1=/:717=<3A
)}LKO?T





B;
?R;GCH;>I
FIM
>C@?L?HN?M
=LCN?LCIM
KO?
=IH>C=CIH;H
F;
@ILG;=C‰H
>?
AI<C?LHIM
?H
F;M
?HNC>;>?M
FI=;F?M
S
F;M
JIMC<CFC>;>?M
>?
MOLACGC?HNI
>?
=I;FC=CIH?M
>?
AI<C?LHI
!F
>CM?ˆI
>?F
;=NO;F
MCMN?G;
>?
AI<C?LHI

MOMN?HN;>I
?H
F;
@CAOL;
>?F
F=;F>?
@O?LN?

JLIJC=C;
OH
?MNCFI
>?
=IH@LIHN;=C‰H
=?HNL;>I
?H
F;
>C=INIG…;
>?
G;SIL…;GCHIL…;M
S
?H
?F
L?@O?LTI
>?
FIM
J;J?F?M
>?
AI<C?LHIIJIMC=C‰H
(;
?HNC>;>
JIF…NC=;
KO?
I<NC?H?
F;
G;SIL…;
;<MIFON;
NC?H?
A;L;HNCT;>;
F;
;F=;F>…;
S
F;
@ILG;=C‰H
>?
AI<C?LHI
!H
FIM
=;MIM
?H
FI
KO?
HI
M?
JLI>O=?
?MN;
=CL=OHMN;H=C;

?F
JLI=?>CGC?HNI
>?
?F?==C‰H
>?F
F=;F>?
@;=CFCN;
F;
JIMC<CFC>;>
>?
=IH=?LN;L
=I;FC=CIH?M
KO?
JO?>?H
N?H?L
>CMNCHNI
HCP?F
>?
=IH=L?=C‰H
>?
FIM
;=O?L>IM
J;=NIM
NIN;F?M
?F?==C‰H
>?
F;
;F=;F>…;
S
J;LNC=CJ;=C‰H
?H
?F
?KOCJI
>?
AI<C?LHI
S
J;=NIM
J;L=C;F?M
M‰FI
J;L;
F;
?F?==C‰H
>?
F;
;F=;F>…;
I
J;L;
F;
J;LNC=CJ;=C‰H
?H
?F
?KOCJI
>?
AI<C?LHI
BIL;
<C?H

?H
;OM?H=C;
>?
G;SIL…;M
;<MIFON;M
CH=FOC>;M
F;M
=I;FC=CIH?M
G;SILCN;LC;M

FIM
AI<C?LHIM
GCHILCN;LCIM
MIH
MIFO=CIH?M
L;=CIH;F?M
S
P}FC>;M

JO?MNI
KO?
JIH?H
;
JLO?<;
F;
=;J;=C>;>
J;L;
H?AI=C;L
;=O?L>IM
?MN;<F?M
I
=;G<C;HN?M
J;L;
;F=;HT;L
F;
L?AF;
>?
F;
G;SIL…;

 
,>
;=:A49.4,>
(;
JLIPCH=C;
M?
=IHMC>?L;
OH;
?HNC>;>
FI=;F
>?
M?AOH>I
IL>?H
J?LI
N;G<C‚H
M?
F?
A;L;HNCT;
;ONIHIG…;
?H
F;
IHMNCNO=C‰H
>?

S
M?
=;L;=N?LCT;
JIL
MO
=IGJF?DC>;>
S
>CP?LMC>;>
)IL?FF


(;
4@>A=6;:525
>?LCP;
>?
FIM
P;LC;>IM
J;J?F?M
KO?
F;
MI=C?>;>
J?LC@‚LC=;
B;
>?
;MOGCL
?H
MO
?RJL?MC‰H
?H
JLIPCH=C;M
S
OH;
MOMN;H=C;F
5:G6CD:525
=IH
OH;
=IHMCMN?H=C;
S
OH
MCAHC@C=;>I
>C@?L?HN?M
?H
=O;HNI
=IGJIH?HN?M
>?
F;M
L?ACIH?M
S
H;=CIH;FC>;>?M
?MJ;ˆIF;M
(IM
L;MAIM
=IGOH?M
>?
F;M
,LIPCH=C;M

;>?G}M
>?
MO
=IH>C=C‰H
>?
?HNC>;>
FI=;F
=IGI
M?>?
>?
F;
CHN?LGOHC=CJ;FC>;>
?H
?RJL?MC‰H
>?
6;@L;




MIH
FIM
MCAOC?HN?M
W
CL=OHM=LCJ=C‰H
?F?=NIL;F
J;L;
F;
CHN?AL;=C‰H
>?
F;M
ILN?M
#?H?L;F?M
W
IF?=NCPC>;>
N?LLCNILC;F
=IH
L?JL?M?HN;=C‰H
?H
?F
/?H;>I
W
CPCMC‰H
N?LLCNILC;F
J;L;
?F
>?M;LLIFFI
>?
;=NCPC>;>?M
>?F
!MN;>I
W
IGI
IGOHC>;>
ON‰HIG;
I
J;LN?
>?
F;
GCMG;



(3@@7B=@7=
G
>=0:/17b<
(;
>CP?LMC>;>
=;L;=N?LCT;
;
F;M
JLIPCH=C;M
=IGI
?HNC>;>?M
FI=;F?M
(;
F?ACMF;=C‰H
PCA?HN?
F;M
>?@CH?
=IGI
UOH;
?HNC>;>
FI=;F
>?N?LGCH;>;
JIL
F;
;ALOJ;=C‰H
>?
GOHC=CJCIM

=IH
J?LMIH;FC>;>
DOL…>C=;
JLIJC;
S
JF?H;
=;J;=C>;>
J;L;
?F
=OGJFCGC?HNI
>?
MOM
@CH?MX
_
(.( 
0?HC?H>I
?H
=O?HN;
FIM
>;NIM
L?@?LC>IM
;
F;
MOJ?L@C=C?
S
;
F;
JI<F;=C‰H

FIM
?RNL?GIM
?H
OH
M?HNC>I
S
?H
INLI
HI
JO?>?H
M?L
G}M
>CMJ;L?M
(;
=?HNL;FCT;=C‰H
>?GIAL}@C=;
?H
F;
=;JCN;F
P;L…;
?HNL?
?F
G…HCGI
>?
,IHN?P?>L;
S
?F
G}RCGI
>?
2CNILC;
(;
>?HMC>;>
>?
JI<F;=C‰H
IM=CF;
?HNL?
?F
G…HCGI
>?
/ILC;
S
FIM


B;< EG
>?
);>LC>

(;M
JLIPCH=C;M

?H
=O;HNI
!HNC>;>?M
(I=;F?M

M?
@OH>;G?HN;H
MI<L?
>IM
?D?M
?F
MCMN?G;
>?
=CO>;>?M
P?LN?<L;>I
?H
NILHI
JL?=CM;G?HN?
;
F;M
=;JCN;F?M
JLIPCH=C;F?M
S
F;
N?HMC‰H
J?LG;H?HN?
?HNL?
?F
=?HNLI
JIF…NC=I
S
F;M
MI=C?>;>?M
J?LC@‚LC=;M
)IL?FF


!F
MCMN?G;
>?
H=F?IM
>?
JI<F;=C‰H
NC?H?
OH;
?MNLO=NOL;
P?LNC=;F

MCNO}H>IM?
FIM
HI>IM
?H
FIM
>CMNCHNIM
AL;>IM
I
?M=;FIH?M
M?AH
MO
JIN?H=C;F
>?
MO<IL>CH;=C‰H
>?F
?MJ;=CI
?H
OH;
D?L;LKO…;
MI<L?
?F
?=IMCMN?G;
=CL=OH>;HN?
!F
N?LLCNILCI
?MJ;ˆIF
JL?M?HN;

?H
?MN?
M?HNC>I

OH;
L?>
>?
H=F?IM
OL<;HIM
KO?
;AFONCH;H
S
JLIJIL=CIH;H
OH;
=C?LN;
OHC>;>
;
FIM
?MJ;=CIM
CHN?LG?>CIM
?HNL?
?F
GOHC=CJ;F
S
?F
L?ACIH;F
MIH
F;M
=;JCN;F?M
>?
,LIPCH=C;

MI<L?
F;M
KO?
AL;PCN;H
>CMNCHNIM
HI>IM
>?
N;G;ˆI
CHN?LG?>CI

FIM
KO?
MO<IL>CH;H

;
MO
P?T

;
FIM
G}M
J?KO?ˆIM
/?
B;H
C>I
=IHMIFC>;H>I

;M…

OHIM
MO<MCMN?G;M
>?
L?F;=CIH?M
MI=C;F?M

?=IH‰GC=;M
S
JIF…NC=;M
KO?
M?
CHN?LJIH?H
?HNL?
?F
;M?HN;GC?HNI
>?
JI<F;=C‰H
JLCG;LCI

CH@L;
I
GOHC=CJ;F

S
?F
L?ACIH;F
(I
KO?
I=OLL?
?M
KO?
F;
=LCMN;FCT;=C‰H
>?
?MIM
MO<MCMN?G;M
HI
?M
OHC@ILG?
HC
BIGIA‚H?;
;
FI
F;LAI
S
;H=BI
>?F
N?LLCNILCI
H;=CIH;F
,?LI

?H
=O;FKOC?L
=;MI

?M
?H
?MN;
AL;PCN;=C‰H
>?
OH
?HNILHI
N?LLCNILC;F
S
MOM
H=F?IM
>?
JI<F;=C‰H
MI<L?
F;
=CO>;>
=;JCN;F
>IH>?
M?
?H=O?HNL;
?F
JLCG?LI
>?
FIM
JOHNIM
>?
;JISI
>?
F;
=IF?=NCPC>;>
JLIPCH=C;F
!F
F?ACMF;>IL
?HF;T;

>?M>?
FO?AI

=IH
?MN;
L?;FC>;>
=O;H>I
>?@CH?
;
F;
,LIPCH=C;
=IGI
;ALOJ;=C‰H
>?
)OHC=CJCIM
?MN;
;ALOJ;=C‰H
>?
?HNC>;>?M
GOHC=CJ;F?M
P?H>L…;
;
M?L
?F
L?@F?DI

MI<L?
?F
JF;HI
CHMNCNO=CIH;F

>?
OH;
PCH=OF;=C‰H
NL;<;>;
?HNL?
FIM
>CMNCHNIM
H=F?IM
>?
JI<F;=C‰H
>?
OH
N?LLCNILCI
>?N?LGCH;>I
!MN?
FCA;G?H
B;
C>I
A?H?L;H>I
OH
MCMN?G;
>?
L?F;=CIH?M
MI=C;F?M

?=IH‰GC=;M
S
=OFNOL;F?M

OH;
=IF?=NCPC>;>
N?LLCNILC;F
>IN;>;
>?
F;M
HIN;M
>?
5:76C6?4:24:x?
L?MJ?=NI
>?
F;M
=CL=OH>;HN?M

4@96C6?4:2
?H
=O;HNI
MO<MCMN?G;

S
8=@32=:525
?H
=O;HNI
=IHN?HC>I
>?
;KO?FF;M
L?F;=CIH?M
,IL
INL;
J;LN?

S
NIG;H>I
=IGI
JOHNI
>?
;JISI
?F
MCMN?G;
>?
=CO>;>?M

F;M
,LIPCH=C;M
MIH
@ILG;=CIH?M
MI=C;F?M
JLIJC;M
>?
F;
!MJ;ˆ;
J?LC@‚LC=;

MOLAC>;M

JL?=CM;G?HN?

>?
F;
N?HMC‰H
>C;F‚=NC=;
?HNL?
?F
=?HNLI
JIF…NC=I
?MN;N;F
S
F;
MI=C?>;>
J?LC@‚LC=;
?<?

?H
?MN?
M?HNC>I

?HN?H>?LM?
F;
,LIPCH=C;
=IGI
OH;
;LNC=OF;=C‰H
N?LLCNILC;F
>?
F;
=IHPCP?H=C;

L?JIM;H>I
MI<L?
?F
MCMN?G;
>?
=CO>;>?M

KO?
M?
B;
C>I
=IHMNCNOS?H>I
S
=I<L;H>I
?RJL?MC‰H
OH;
@ILG;=C‰H
MI=C;F
=;L;=N?L…MNC=;

OH;
=IF?=NCPC>;>
FI=;F
>IN;>;
>?
=C?LNIM
L;MAIM
>C@?L?H=C;F?M
,IL
?FFI

JO?>?
F;
,LIPCH=C;
>?@CHCLM?
=IGI
OH;
>?N?LGCH;>;
;LNC=OF;=C‰H
>?
F;
MI=C?>;>
J?LC@‚LC=;
\HI
F;
HC=;
HC
=IH
?F
GCMGI
;LL;CAI
?H
FIM
>CP?LMIM
N?LLCNILCIM\
KO?
;>KOC?L?
OH;
MCAHC@C=;=C‰H
=IHMC>?L;>;
?H
M…
GCMG;
S
?H
MOM
L?F;=CIH?M
=IH
?F
=?HNLI
JIF…NC=I
S
MI=C;F
>?F
!MN;>I
S
F;M
=;JCN;F?M
>?
MOM
L?ACIH?M

>?MCAO;FG?HN?
L?J;LNC>;M
?H
F;M
HO?P;M
=IGOHC>;>?M
;ON‰HIG;M
$;MN;
;BIL;

M?
B;
L?M;FN;>I
OH;
S
INL;
P?T
F;
;==C‰H
>?
F;
?MNLO=NOL;
>?F
JI>?L
?MN;N;F
MI<L?
F;
J?LC@?LC;

?H
F;
=L?;=C‰H
>?
F;M
JLIPCH=C;M

L?@CLC‚H>IM?
CH=FOMI
;F
?=L?NI
>?

>?
HIPC?G<L?
>?

F;
;J;LC=C‰H
>?
F;
JLIPCH=C;
,?LI
F;
JLIPCH=C;
?M
N;G<C‚H

>?M>?
FO?AI

OH;
=L?;=C‰H
>?
F;
MI=C?>;>
FI=;F
GCMG;

=L?;=C‰H
KO?
M?
P;
P?LC@C=;H>I
?H
L?MJO?MN;
;
N?H>?H=C;M
KO?
?H
?FF;
M?
JLI>O=?H
S
;
H?=?MC>;>?M
KO?
P;H
MCHNC?H>I
(;
JLIPCH=C;
?M

?H
?MN?
;MJ?=NI

@LONI
>?F
?M@O?LTI
>?
F;
J?LC@?LC;
J;L;
ILA;HCT;LM?

>;LM?
;
M…
GCMG;
OH;
IL>?H;=C‰H

S
J;L;
;MOGCL
OH;
JIMC=C‰H
>?N?LGCH;>;
@L?HN?
;F
JI>?L
=?HNL;F

JIMC=C‰H
?H
KO?
KO?>;
L?@F?D;>;
?F
?M@O?LTI
S
FIM
FIALIM
>?
?M;
J?LC@?LC;
J;L;
CHMN;OL;L
OH
>?N?LGCH;>I
?KOCFC<LCI
?H
MOM
L?F;=CIH?M
=IH
?F
=?HNLI
?MN;N;F
(;
JLIPCH=C;
?M

JIL
?FFI

HI
M‰FI
JLI>O=NI
>?F
?M@O?LTI
IL>?H;>IL
>?F
=?HNLI
JIF…NC=I
?MN;N;F
MI<L?
F;
J?LC@?LC;

MCHI
N;G<C‚H
>?
F;
=;J;=C>;>
>?
=IH@CAOL;=C‰H
>?
F;
JLIJC;
MI=C?>;>
J?LC@‚LC=;

?RJL?MC‰H
>?F
FI=;FCMGI

JIL
?FFI
F;M
JL?N?HMCIH?M
MI<L?
F;
MOJL?MC‰H
>?
F;M
>CJON;=CIH?M
L?MOFN;H
@L…PIF;M
S
GOS
JI=I
@OH>;G?HN;>;M

G}RCG?
NL;M
?F
@;FFC>I
CHN?HNI
>?
F;
#?H?L;FC>;>
>?
;N;FOˆ;
>?
MOJLCGCLF;M
?H


>?=F;L;>;
CH=IHMNCNO=CIH;F
?H

6;@L;

"OH>;=C‰H
?GI=L;=C;
S
#I<C?LHI
(I=;F



:
$@3A723<B3
G
:/A
7>CB/17=<3A
>@=D7<17/:3A
(;
F?S
PCA?HN?
?MN;<F?=?
KO?
F;
ILA;HCT;=C‰H
JLIPCH=C;F
>?
NI>;M
F;M
CJON;=CIH?M
>?<?
=IGJL?H>?L

;F
G?HIM

,L?MC>?HN?

2C=?JL?MC>?HN?M

IGCMC‰H
>?
#I<C?LHI
S
,F?HI
_
(.( 
MCGCMGI
?RCMNCL}H
‰LA;HIM
KO?
N?HA;H
JIL
I<D?NI
?F
?MNO>CI

CH@ILG?
I
=IHMOFN;
>?
FIM
;MOHNIM
KO?
B;H
>?
M?L
MIG?NC>IM
;
F;
>?=CMC‰H
>?F
,F?HI

;M…
=IGI
?F
M?AOCGC?HNI
>?
F;
A?MNC‰H
>?F
,L?MC>?HN?

F;
IGCMC‰H
>?
#I<C?LHI
S
FIM
CJON;>IM
KO?
IMN?HN?H
>?F?A;=CIH?M

MC?GJL?
KO?
F;
L?MJ?=NCP;
F?ACMF;=C‰H
;ONIH‰GC=;
HI
JL?P?;
OH;
@ILG;
ILA;HCT;NCP;
>CMNCHN;
?H
?MN?
}G<CNI
S
MCH
J?LDOC=CI
>?
F;M
=IGJ?N?H=C;M
>?
=IHNLIF
KO?
=ILL?MJIH>?H
;F
,F?HI
_
()(.( 
!F
HG?LI
>?
CJON;>IM
=ILL?MJIH>C?HN?
;
=;>;
CJON;=C‰H
,LIPCH=C;F
M?
>?N?LGCH;
?H
@OH=C‰H
>?
F;
JI<F;=C‰H
>?
F;
G;H?L;
MCAOC?HN?
_
(.( 
&3@723;A3@ 7=BA/2<@ &3@723;A3@ 7=BA/2<@ &3@723;A3@ 7=BA/2<@ &3@723;A3@ 7=BA/2<@

"7IJ7
   ;
 
7
    ;
  
7
    'nI
:;
   

0L;M
F;M
?F?==CIH?M
GOHC=CJ;F?M

F;M
&OHN;M
?F?=NIL;F?M
JLIPCH=C;F?M
L?J;LN?H
FIM
JO?MNIM
=ILL?MJIH>C?HN?M
;
=;>;
J;LNC>I
DO>C=C;F

S
FO?AI
FIM
KO?
=ILL?MJIH>?H
;
=;>;
J;LNC>I
JIF…NC=I

>?MJO‚M
MIH
FIM
=IH=?D;F?M
FIM
KO?
?FCA?H
;
FIM
CJON;>IM

M?
NL;N;

JIL
N;HNI
>?
OH;
?F?==C‰H
CH>CL?=N;
_(+.!# 
!F
,L?MC>?HN?
>?
F;
CJON;=C‰H
M?
;MCGCF;
;
F;
@CAOL;
>?F
F=;F>?

;M…
=IGI
F;
>?
F;
IGCMC‰H
,LIPCH=C;F
>?
#I<C?LHI
;F
‰LA;HI
GOHC=CJ;F

;F
CAO;F
KO?
F;M
=IGJ?N?H=C;M
>?F
,F?HI
>?
F;
CJON;=C‰H
MIH
J;L;F?F;M
;
F;M
,F?HI
>?F
SOHN;GC?HNI
(;
( 

N;G<C‚H
;GJFC‰
F;M
;NLC<O=CIH?M
>?
FIM
,L?MC>?HN?M
>?
F;M
CJON;=CIH?M
,LIPCH=C;F?M
!MN?
MCMN?G;
?F?=NIL;F
CH>CL?=NI
B;
G;HN?HC>I
?H
F;M
JLIPCH=C;M
>?
L‚ACG?H
=IGH

?H
=IHNL;JIMC=C‰H
;
F;M
@IL;F?M

OH
?H=F;P?
IJ;=I
S
JI=I
>?GI=L}NC=I

;F
G;LA?H
>?F
=IHNLIF
>CL?=NI
>?
FIM
=CO>;>;HIM

JLIJC=C;H>I
NI>;
MO?LN?
>?
;<OMIM
(;M
CJON;=CIH?M
JLIPCH=C;F?M
NC?H?H
OH
=IHDOHNI
>?
=IGJ?N?H=C;M
=;L;=N?LCT;>I
JIL
NL?M
;MJ?=NIM
HI
MO?F?H
JL?MN;L
M?LPC=CIM
J<FC=IM
=IGI
N;F?M
>CL?=N;G?HN?
;
F;
=CO>;>;H…;
;OHKO?
M…
G?>C;HN?
ILA;HCMGIM
;ON‰HIGIM
O
INL;M
?HNC>;>?M
>?F
M?=NIL
J<FC=I
FI=;F

?H
?MJ?=C;F
?H
?F
=;MI
>?
F;M
CJON;=CIH?M
@IL;F?M
F;
@OH=C‰H
>?
=IIJ?L;=C‰H
S
;MCMN?H=C;
;
FIM
GOHC=CJCIM
=IHMNCNOS?
OH
?D?
=?HNL;F
>?
MO
;=NO;=C‰H
S
NC?H?H
L?=IHI=C>;M
@OH=CIH?M
=IGJF?G?HN;LC;M

JLIJC;M
>?
OH
M?AOH>I
HCP?F
FI=;F
=IH
OH;
?MNLO=NOL;
GOHC=CJ;F
@L;AG?HN;>;

=IGI
F;
JLIAL;G;=C‰H

F;
JF;HC@C=;=C‰H
I
F;
=IIL>CH;=C‰H
/O
@OH=C‰H
JLCH=CJ;F
?M
A;L;HNCT;L
F;
MIFC>;LC>;>
S
?F
?KOCFC<LCI
?HNL?
FIM
>CMNCHNIM
GOHC=CJCIM
>?
MO
N?LLCNILCI

;M?AOL;H>I
F;
JL?MN;=C‰H
CHN?AL;F
>?
FIM
M?LPC=CIM
GOHC=CJ;F?M
!H
F;
;=NO;FC>;>
F;M
;=NCPC>;>?M
@OH>;G?HN;F?M
>?
F;M
CJON;=CIH?M
JLIPCH=C;F?M
M?L…;H
F;M
MCAOC?HN?M
V
IIJ?L;=C‰H

;MCMN?H=C;
S
=IIL>CH;=C‰H
?HNL?
FIM
GOHC=CJCIM
J;L;
KO?
JL?MN?H
FIM
M?LPC=CIM
G…HCGIM
I<FCA;NILCIM
S
F;M
@OH=CIH?M
J<FC=;M
JLCGIL>C;F?M
V
IIJ?L;=C‰H
S
;MCMN?H=C;
?H
F;
JL?MN;=C‰H
>?
FIM
L?MN;HN?M
M?LPC=CIM
V
,L?MN;=C‰H
>?
M?LPC=CIM
>?
=;L}=N?L
MOJL;GOHC=CJ;F
V
"IG?HNI

JF;HC@C=;=C‰H
S
;>GCHCMNL;=C‰H
>?
FIM
CHN?L?M?M
J?=OFC;L?M
>?
F;
JLIPCH=C;
V
IIJ?L;=C‰H
?H
?F
@IG?HNI
>?F
>?M;LLIFFI
?=IH‰GC=I
S
MI=C;F
CGJOFM;>I
JIL
INLIM
?HN?M
N?LLCNILC;F?M



7
=X24809
1:=,7
D
7:>
,=.34;4X7,2:>
*I
JO?>?
?HNL;LM?
;KO…
HC
?H
F;
A‚H?MCM
>?F
L‚ACG?H
@IL;F

HC
>?
MOM
J;LNC=OF;LC>;>?M
?H
*;P;LL;

HC
?H
OH
?R;G?H
JILG?HILCT;>I
>?
F;
N?HMC‰H
?HNL?
;ONIHIG…;
S
@IL;FC>;>
MO<S;=?HN?
;
F;
(?S
>?
0?LLCNILCIM
$CMN‰LC=IM
>?F
,;LF;G?HNI
P;M=I
KO?
@L;=NOL‰
;F
JLIJCI
,;LNC>I
*;=CIH;FCMN;
2;M=I

<;MN?
CH>C=;L
KO?
=;>;
JLIPCH=C;
>CMJIH?
>?
OH;M
&OHN;M
#?H?L;F?M
;
GI>I
>?
J;LF;G?HNI
JLIPCH=C;F
\=OSIM
GC?G<LIM
M?
>?HIGCH;H
JI>?L;>IM
?H
2CT=;S;
S
,LI=OL;>IL?M
?H
hF;P;
S
#OCJT=I;

S
MIH
?F?AC>IM
JIL
MO@L;ACI
>CL?=NI
;
>C@?L?H=C;
>?
F;
?F?==C‰H
>?
F;M
CJON;=CIH?M
,LIPCH=C;F?M\

=IH
JIN?MN;>?M
HILG;NCP;
S
L?AF;G?HN;LC;
S
>?
;JLI<;=C‰H
>?
JL?MOJO?MNIM
S
JF;H?M

S
=IHNLIF
>?
MO
J?=OFC;L
?D?=ONCPI
,;L;>;


%%


F;
CJON;=C‰H
"IL;F

=IGI
‰LA;HI
?D?=ONCPI
JLIPCH=C;F

L?MJIHM;<F?
;HN?
F;M
&OHN;M

<;DI
?F
FC>?L;TAI
>?F
>CJON;>I
A?H?L;F
KO?
>?MCAH;
S
=?M;
FC<L?G?HN?
;
FIM
>CJON;>IM
@IL;F?M

;
FIM
KO?
F;M
&OHN;M
#?H?L;F?M
JO?>?H
L?NCL;L
N;G<C‚H
CH>CPC>O;FG?HN?
MO
=IH@C;HT;
FF?A;>I
?F
=;MI
(;
CJON;=C‰H
"IL;F
M?
ILA;HCT;
?H
?J;LN;G?HNIM

;
=OSI
@L?HN?
M?
MCN;
OH
>CJON;>I
@IL;F
=IGI
NCNOF;L
>?
FIM
GCMGIM
/?
NL;N;
>?
OH;
L?;FC>;>
G}M
JL‰RCG;
?H
GO=BIM
=;MIM
;
OH;
IGOHC>;>
ON‰HIG;
OHCJLIPCH=C;F
KO?
;
OH
MCMN?G;
>?
AI<C?LHI
FI=;F
?H
M?HNC>I
?MNLC=NI

>;>I
KO?
?F
MCMN?G;
>?
=IH=C?LNI
?=IH‰GC=I

JIL
OH
F;>I

INILA;
JIN?MN;>
HILG;NCP;
;
F;M
CHMNCNO=CIH?M
@IL;F?M
?H
G;N?LC;
NLC<ON;LC;
S

JIL
INLI

?MN;<F?=?
OH
MCMN?G;
>?
L?=;O>;=C‰H
S
L?J;LNI
>?
FIM
CHAL?MIM
?HNL?
F;M
>CMNCHN;M
>GCHCMNL;=CIH?M
P;M=;M

MCNO;H>I
;
F;M
>CJON;=CIH?M
@IL;F?M
=IGI
=F;P?
>?F
MCMN?G;
"OH>;=C‰H
?GI=L;=C;
S
#I<C?LHI
(I=;F




 ,IL
INLI
F;>I

B;S
KO?
M?ˆ;F;L
KO?
F;
CMF;
NC?H?
F;
=IHMC>?L;=C‰H
>?
?HNC>;>
FI=;F
N?LLCNILC;F
M?AH
F;
(?S
>?
;M?M

MCH
?G<;LAI
=IHPC?H?
L?M;FN;L
KO?
N;HNI
FIM
GC?G<LIM
>?
FIM
;<CF>IM
CHMOF;L?M
=;H;LCIM
=IGI
FIM
>?
FIM
IHM?DIM
CHMOF;L?M
<;F?;L?M
M?
?FCA?H
JIL
MO@L;ACI
OHCP?LM;F
>CL?=NI
S
M?=L?NI
=IH
FI
KO?
M?
;J;LN;H
>?F
L‚ACG?H
A?H?L;F
JO?M
F;
CHMOF;LC>;>
=IHMNCNOS?
OH
B?=BI
>C@?L?H=C;F
CH=IHNLIP?LNC<F?

S
=IGI
F;M
CHMNCNO=CIH?M
@IL;F?M
MIH
;
F;
P?T
?HNC>;>?M
FI=;F?M
?
CHMNCNO=CIH?M
>?
F;
IGOHC>;>
ON‰HIG;


?=,>
09?4/,/0>
7:.,70>
(;
IHMNCNO=C‰H
J?LGCN?
F;
=L?;=C‰H
>?
HO?P;M
?HNC>;>?M
FI=;F?M
KO?
J?LGCN;H
J;FC;L
?H
J;LN?
FIM
JLI<F?G;M
>?LCP;>IM
>?F
CH@L;GOHC=CJ;FCMGI
S
>?
F;
H?=?MC>;>
>?
=IIL>CH;=C‰H
?H
F;M
AL;H>?M
TIH;M
OL<;H;M

;M…
=IGI
F;
>?M=?HNL;FCT;=C‰H
N?LLCNILC;F
?H
?F
}G<CNI
CH@?LCIL
;F
GOHC=CJCI
(;M
MIFO=CIH?M
;>GCHCMNL;NCP;M
MIH
F;M
KO?
M?
=IG?HN;H
<L?P?G?HN?
;
=IHNCHO;=C‰H
F;M
=IG;L=;M

F;M
}L?;M
G?NLIJIFCN;H;M

FIM
=IHMIL=CIM
S
F;M
G;H=IGOHC>;>?M

J?LI
=IGI
M?
B;
CH>C=;>I
F;
L?@ILG;
?H
JLI@OH>C>;>
>?
HO?MNL;
JF;HN;
FI=;F
NI>;P…;
MCAO?
J?H>C?HN?
J?M?
;
F;
L?N‰LC=;
MI<L?
?F
J;=NI
FI=;F
HC
F;M
=IGOHC>;>?M
;ON‰HIG;M
KO?LL…;H
N?H?L
?HNC>;>?M
FI=;F?M
?H
HG?LI
L?>O=C>I
S
JL?MN;H>I
M?LPC=CIM
=IH
?@C=;=C;

HC
F;M
‚FCN?M
FI=;F?M
?MN}H
CHN?L?M;>;M
?H
>CMJIH?L
>?
G?HIM
JO?MNIM
?F?=NIM
KO?
I=OJ;L

 

/A
1=;/@1/A
(;
=IG;L=;
?M
OH;
L?;FC>;>
A?IAL}@C=;
KO?
JO?>?
?H=IHNL;L
L?=IHI=CGC?HNI
=IGI
?HNC>;>
FI=;F
(;M


JI>L}H
=L?;L
?H
MO
N?LLCNILCI
=IG;L=;M
O
INL;M
?HNC>;>?M
KO?
;ALOJ?H
P;LCIM
GOHC=CJCIM

=OS;M
=;L;=N?L…MNC=;M
>?N?LGCH?H
CHN?L?M?M
=IGOH?M
JL?=CM;>IM
>?
OH;
A?MNC‰H
JLIJC;
I
>?G;H>?H
F;
JL?MN;=C‰H
>?
M?LPC=CIM
>?
>C=BI
}G<CNI
(;
CHC=C;NCP;
J;L;
F;
=L?;=C‰H
>?
OH;
=IG;L=;
JI>L}
J;LNCL
>?
FIM
JLIJCIM
GOHC=CJCIM
CHN?L?M;>IM
!H
=O;FKOC?L
=;MI

HI
JI>L}
=L?;LM?
F;
=IG;L=;
MC
;
?FFI
M?
IJIH?H
?RJL?M;G?HN?
F;M
>IM
KOCHN;M
J;LN?M
>?
FIM
GOHC=CJCIM
KO?
>?<C?L;H
;ALOJ;LM?
?H
?FF;

MC?GJL?
KO?

?H
?MN?
=;MI

N;F?M
GOHC=CJCIM
L?JL?M?HN?H
;F
G?HIM
F;
GCN;>
>?F
=?HMI
?F?=NIL;F
>?F
N?LLCNILCI
=ILL?MJIH>C?HN?
O;H>I
F;
=IG;L=;
>?<;
;ALOJ;L
;
GOHC=CJCIM
>?
G}M
>?
OH;
JLIPCH=C;

M?L}
H?=?M;LCI
?F
CH@ILG?
@;PIL;<F?
>?
F;M
CJON;=CIH?M
JLIPCH=C;F?M
;
=OSI
}G<CNI
N?LLCNILC;F
J?LN?H?T=;H
N;F?M
GOHC=CJCIM
$;H
L?=IAC>I
F;
JIMC<CFC>;>
JIN?H=C;F
>?F
?MN;<F?=CGC?HNI
>?F
HCP?F
=IG;L=;F
NI>IM
FIM
!MN;NONIM

?R=?JNI
FIM
;L=BCJC‚F;AIM

);>LC>

?F
,;…M
2;M=I
S
*;P;LL;
S
MO
H?=?MC>;>
>?
=L?;=C‰H
FIM
!MN;NONIM
>?
F;M
=IGOHC>;>?M
MCAOC?HN?M
MNOLC;M

;N;FOˆ;

IGOHC>;>
2;F?H=C;H;

)OL=C;

S
(;
.CID;
!H
F;
JL}=NC=;

M?
B;
?GJL?H>C>I
F;
=IG;L=;FCT;=C‰H
?H
;N;FOˆ;

L;A‰H
S
?F
,;…M
2;M=I

?H
?F
JLCG?L
=;MI
M?
CHN?HN‰
MCGOFN}H?;G?HN?
F;
?FCGCH;=C‰H
?H
F;
JL}=NC=;
>?
F;M
,LIPCH=C;M

=IH
L?MOFN;>IM
CH@LO=NOIMIM
=IGI
S;
M?
M?ˆ;F‰

M?
?FCGCH‰
F;
ILJIL;=C‰H
)?NLIJIFCN;H;
>?
;L=?FIH;

MO
hL?;
)?NLIJIFCN;H;

S
M?
L?AOF‰
?F
L‚ACG?H
GOHC=CJ;F
,?LI
F;
=IG;L=;
HI
B;
N?LGCH;>I
>?
;M?HN;LM?
?H
N‚LGCHIM
ILA;HCT;NCPIM
JIL
?F
GIG?HNI
?R=?JNI
=IGI
OH
HO?PI
L?>O=NI
J;L;
?F
;FID;GC?HNI
>?
F;M
=FC?HN?F;M
>?
FIM
J;LNC>IM
JIF…NC=IM

 
/A
]@3/A
;3B@=>=:7B/</A
 (;M
IGOHC>;>?M
ON‰HIG;M

JL?PC;
;O>C?H=C;
>?
F;
>GCHCMNL;=C‰H
>?F
!MN;>I
S
>?
FIM
SOHN;GC?HNIM
S
CJON;=CIH?M
;@?=N;>IM

JI>L}H
=L?;L

GI>C@C=;L
S
MOJLCGCL

G?>C;HN?
(?S

hL?;M
)?NLIJIFCN;H;M

>?
;=O?L>I
=IH
FI
>CMJO?MNI
?H
MOM
L?MJ?=NCPIM
!MN;NONIM
(;M
hL?;M
)?NLIJIFCN;H;M
MIH
!HNC>;>?M
FI=;F?M
CHN?AL;>;M
JIL
FIM
)OHC=CJCIM
>?
AL;H>?M
;AFIG?L;=CIH?M
OL<;H;M
?HNL?
=OSIM
H=F?IM
>?
JI<F;=C‰H
?RCMN;H
PCH=OF;=CIH?M
?=IH‰GC=;M
S
MI=C;F?M
KO?
B;A;H
H?=?M;LC;
F;
JF;HC@C=;=C‰H
=IHDOHN;
S
F;
=IIL>CH;=C‰H
>?
>?N?LGCH;>IM
M?LPC=CIM
S
I<L;M
(;
F?ACMF;=C‰H
>?
F;
IGOHC>;>
ON‰HIG;
>?N?LGCH;L}
FIM
‰LA;HIM
>?
AI<C?LHI
S
;>GCHCMNL;=C‰H

?H
FIM
KO?
?MN;L}H
L?JL?M?HN;>IM
NI>IM
FIM
)OHC=CJCIM
CHN?AL;>IM
?H
?F
}L?;
?F
L‚ACG?H
?=IH‰GC=I
S
>?
@OH=CIH;GC?HNI

KO?
A;L;HNCT;L}
F;
J;LNC=CJ;=C‰H
>?
NI>IM
FIM
)OHC=CJCIM
?H
F;
;>IJ=C‰H
>?
>?=CMCIH?M
S
OH;
DOMN;
>CMNLC<O=C‰H
>?
F;M
=;LA;M
?HNL?
?FFIM
;M…
=IGI
FIM
M?LPC=CIM
S
I<L;M
>?
JL?MN;=C‰H
I
L?;FCT;=C‰H
G?NLIJIFCN;H;
S
?F
JLI=?>CGC?HNI
J;L;
MO
?D?=O=C‰H
_( .(
/?
NL;N;
>?
;<IL>;L
F;M
H?=?MC>;>?M
>?
FIM
GOHC=CJCIM
OL<;HIM
G}M
JI<F;>IM
=OS;M
?=IHIG…;M
;NL;?H
JI<F;=C‰H
>?
FIM
H=F?IM
=CL=OH>;HN?M
FI
KO?
JF;HN?;
JLI<F?G;M
?MJ?=…@C=IM
>?
CH@L;?MNLO=NOL;M
S
G?>CIM
>?
NL;HMJILN?
S
?H
A?H?L;F
>?
G?=;HCMGIM
;>GCHCMNL;NCPIM
J;L;
F;
=IIL>CH;=C‰H
?
CGJF;HN;=C‰H
>?
JIF…NC=;M
J<FC=;M
?H
F;
HO?P;
L?;FC>;>
@OH=CIH;F
;M…
>?@CHC>;
(;
@CAOL;
HI
B;
N?LGCH;>I
>?
=O;D;L
?H
F;
L?;FC>;>
?MJ;ˆIF;

KOCT}
JIL
MO
=IH>C=C‰H
>?
;ALOJ;=C‰H
@ILTIM;
>?
GOHC=CJCIM

S
?H
F;
JL}=NC=;
B;
F;HAOC>?=C>I
;
F;
MIG<L;
>?
OH;
@CAOL;
G?HIM
JIFCNCT;>;
=IGI
F;
>?
FIM
=IHMIL=CIM
!H
F;
;=NO;FC>;>
M‰FI
?RCMN?H
NL?M
?HNC>;>?M
>?
?MN;
H;NOL;F?T;
?F
hL?;
G?NLIJIFCN;H;
>?
;L=?FIH;

LOAO‚
6E
2=

0IGM

S
INL;M
>IM
?H
2;F?H=C;
!HNC>;>
)?NLIJIFCN;H;
>?
/?LPC=CIM
$C>L}OFC=IM

!HNC>;>
)?NLIJIFCN;H;
J;L;
?F
0L;N;GC?HNI
>?
.?MC>OIM

 
=A
1=<A=@17=A
/?
NL;N;
>?
;MI=C;=CIH?M
P?LNC=;F?M
>?
ILA;HCMGIM
J<FC=IM
>?
>C@?L?HN?M
HCP?F?M
>?
AI<C?LHI
;SOHN;GC?HNIM
I
G;H=IGOHC>;>?M

>CJON;=CIH?M
JLIPCH=C;F?M

AI<C?LHIM
>?
=IGOHC>;>?M
;ON‰HIG;M
/O
L‚ACG?H
DOL…>C=I
?M
?RNL?G;>;G?HN?
@F?RC<F?

S
M?
LCA?H
JIL
FIM
?MN;NONIM
;JLI<;>IM
JIL
F;M
J;LN?M
KO?
FIM
CHN?AL;H
,O?>?H
ONCFCT;LM?
J;L;
JL?MN;L
=;MC
=O;FKOC?L
=F;M?
>?
M?LPC=CI
J<FC=I
J?LI
HILG;FG?HN?
=;MC
MC?GJL?
M?
>?>C=;H
;
OH;
MIF;
@OH=C‰H
S
FIM
G}M
@L?=O?HN?M
M?
>;H
?HNL?
F;M
>CJON;=CIH?M
S
FIM
;SOHN;GC?HNIM
/?
MO?F?H
>?>C=;L
;
F;M
}L?;M
MCAOC?HN?M
>?M;LLIFFI
?=IH‰GC=I

MOGCHCMNLI
>?
;AO;
JIN;<F?

JLIGI=C‰H
=OFNOL;F

L?=IF?==C‰H
>?
L?MC>OIM

A?MNC‰H
>?
N?;NLIM

I<L;M
J<FC=;M

A?MNC‰H
>?
BIMJCN;F?M

OL<;HCT;=C‰H
S
JLIGI=C‰H
>?F
NOLCMGI
(;
AL;H
>C@?L?H=C;
=IH
F;M
G;H=IGOHC>;>?M
?M
KO?
MO
>CL?==C‰H
S
A?MNC‰H
M?
?H=IGC?H>;H
;
JLI@?MCIH;F?M
;
>C@?L?H=C;
>?
F;M
G;H=IGOHC>;>?M
KO?
?MN}H
L?AC>;M
JIL
FIM
JIF…NC=IM
FI=;F?M
KO?
F;M
=IGJIH?H
!F


>?
FIM
GOHC=CJCIM
?MNO>C;>IM
@ILG;H
J;LN?

JIL
FI
G?HIM

>?
OH
=IHMIL=CI
!H
NI>IM
FIM
NL;GIM
>?
JI<F;=C‰H
M?
MOJ?L;
?F

S
M?
LIT;
F;
OH;HCGC>;>
?H
?F
NL;GI
KO?
=IGJL?H>?
FIM
GOHC=CJCIM
>?

;

B;<CN;HN?M
(;
;FN;
J;LNC=CJ;=C‰H
?H
=IHMIL=CIM
?M
OH
>?HIGCH;>IL
=IGH
?H
F;M
NL?M
=IGOHC>;>?M
;ON‰HIG;M
LIT;
?F

?H
;N;FOˆ;



?H
H>;FO=…;
S


?H
#;FC=C;
?M>?
OH;
J?LMJ?=NCP;
@OH=CIH;F

?F
;<;HC=I
>?
@OH=CIH?M
KO?
>?M;LLIFF;H
FIM
=IHMIL=CIM
?M
>?
OH;
AL;H
P;LC?>;>
(;M
@OH=CIH?M
KO?
?H=;<?T;H
F;
FCMN;
HI
=ICH=C>?H
=IH
FIM
M?LPC=CIM
GOHC=CJ;F?M
I<FCA;NILCIM
L?AOF;=C‰H
?=IH‰GC=;

KO?
CH=FOS?
JLIGI=C‰H
?=IH‰GC=;
FI=;F


JLIGI=C‰H
S
>C@OMC‰H
>?
F;
=OFNOL;


NOLCMGI



S
G?>CI
;G<C?HN?


"OH>;=C‰H
?GI=L;=C;
S
#I<C?LHI
(I=;F



  
/A
;/<1=;C<72/23A
(;M
G;H=IGOHC>;>?M
MIH
;MI=C;=CIH?M
BILCTIHN;F?M
>?
GOHC=CJCIM
J;L;
F;
?D?=O=C‰H
>?
I<L;M
S
F;
JL?MN;=C‰H
>?
OH
>?N?LGCH;>I
M?LPC=CI
GOHC=CJ;F
;F
=IHDOHNI
>?
FIM
;MI=C;>IM
0C?H?H
J?LMIH;FC>;>
S
=;J;=C>;>
DOL…>C=;M
J;L;
?F
=OGJFCGC?HNI
>?
MOM
@CH?M
?MJ?=…@C=IM
S
M?
LCA?H
JIL
MOM
?MN;NONIM
JLIJCIM
(IM
?MN;NONIM
B;H
>?
L?AOF;L
?F
}G<CNI
N?LLCNILC;F
>?
F;
?HNC>;>

MO
I<D?NI
S
=IGJ?N?H=C;M

FIM
‰LA;HIM
>?
AI<C?LHI
S
L?=OLMIM

JF;TI
>?
>OL;=C‰H
S
=O;HNIM
INLIM
?RNL?GIM
M?;H
H?=?M;LCIM
J;L;
MO
@OH=CIH;GC?HNI
!H
NI>I
=;MI

FIM
‰LA;HIM
>?
AI<C?LHI
M?L}H
L?JL?M?HN;NCPIM
>?
FIM
;SOHN;GC?HNIM
G;H=IGOH;>IM
(;
?F;<IL;=C‰H
>?
MOM
?MN;NONIM
=ILL?MJIH>?L}
;
FIM
=IH=?D;F?M
>?
F;
NIN;FC>;>
>?
FIM
GOHC=CJCIM
JLIGINIL?M
>?
F;
G;H=IGOHC>;>

=IHMNCNOC>IM
?H
M;G<F?;
(;
CJON;=C‰H
I
CJON;=CIH?M
JLIPCH=C;F?M
CHN?L?M;>;M
?GCNCL}H
OH
CH@ILG?
MI<L?
?F
JLIS?=NI
S
FIM
,F?HIM
>?
NI>IM
FIM
SOHN;GC?HNIM
FI
;JLI<;L}H
!H
F;
JL}=NC=;
F;M
G;H=IGOHC>;>?M
MIH

?H
J;LN?

F;
L?MJO?MN;
@OH=CIH;F
;
FIM
L?CN?L;>;G?HN?
;FO>C>IM
JLI<F?G;M
>?LCP;>IM
>?F
CH@L;GOHC=CJ;FCMGI
J?LI
N;G<C‚H
B;S
>C@?L?H=C;M
JLIPCH=C;F?M
;=OM;>;M
>?HNLI
>?
OH;
GCMG;
IGOHC>;>
ON‰HIG;
S
?HNL?
‚MN;M
J?M?
;
F;M
MCGCFCNO>?M
>?
MO
JF;HN;
GOHC=CJ;F
!H
;FAOHIM
=;MIM

F;M
>CJON;=CIH?M
JLIPCH=C;F?M
B;H
@IG?HN;>I

JIL
?D?GJFI

F;
;FN?LH;NCP;
>?
FIM
=IHMIL=CIM
.I>L…AO?T
hFP;L?T

FAOHIM
>;NIM
?GJ…LC=IM
L?F?P;HN?M
MI<L?
F;
@CAOL;
>?
F;
G;H=IGOHC>;>
>?
GOHC=CJCIM

JIH?H
>?
G;HC@C?MNI
KO?
?M
MCAHC@C=;NCPI
?F
HG?LI
>?
GOHC=CJCIM
>?
G}M
>?

B;<CN;HN?M
KO?
HI
@ILG;H
J;LN?
>?
HCHAOH;
G;H=IGOHC>;>

?H
H>;FO=…;


?H
;N;FOˆ;
S

?H
#;FC=C;
G?>C;
>?


>?F
NIN;F
>?
GOHC=CJCIM
?R;GCH;>IM
5

I<M?LP;>IM
>?M>?
F;
J?LMJ?=NCP;
>?
FIM
NL;GIM
>?
JI<F;=C‰H

L?MOFN;
KO?
MIH
FIM
GOHC=CJCIM
>?
N;G;ˆI
CHN?LG?>CI
>?

;

S
>?

;

B;<CN;HN?M
FIM
G}M
JLI=FCP?M
;
G;H=IGOH;LM?
,IL
FNCGI

F;
>CMNLC<O=C‰H
@OH=CIH;F
>?
F;M
G;H=IGOHC>;>?M
JIH?
>?
L?FC?P?
KO?

;OHKO?
?F
;<;HC=I
?M
GOS
;GJFCI

F;M
NL?M
@OH=CIH?M
G}M
OMO;F?M
KO?
>?M?GJ?ˆ;H
MIH
L?=IAC>;
>?
L?MC>OIM
S
FCGJC?T;
PC;LC;



M;H?;GC?HNI
S
;<;MN?=CGC?HNI
>?
;AO;M



S
L?AOF;=C‰H
?=IH‰GC=;

?J…AL;@?
?H
?F
KO?
M?
CH=FOS?
F;
JLIGI=C‰H
?=IH‰GC=;
FI=;F


"OH>;=C‰H
?GI=L;=C;
S
#I<C?LHI
(I=;F




!H
?M;
@?=B;
CF<;I
NI>;P…;
@ILG;<;
J;LN?
>?F
ALOJI
J?LI
S;
HI
FI
B;=?
?H
F;
;=NO;FC>;>

>;>;
F;
J‚L>C>;
>?
JI<F;=C‰H
;=;?=C>;
?H
F;M
JLIPCH=C;M
P;M=IHA;>;M
 
#'
)"#"&#'
# '
$CMN‰LC=;G?HN?

?F
J?LMIH;F
;F
M?LPC=CI
>?
F;M
?HNC>;>?M
FI=;F?M
M?
B;
G;HN?HC>I
;F
G;LA?H
>?
FIM
AL;H>?M
BCNIM
JLI@?MCIH;FCT;>IL?M
KO?
B;H
;@?=N;>I
;F
J?LMIH;F
>?
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I
FI
KO?
B;
=IHM;AL;>I
=C?LN;
?R=?J=CIH;FC>;>

?FFI
B;S
KO?
;ˆ;>CL
KO?
MO
CHMNCNO=CIH;FCT;=C‰H
?H
?F
HO?PI
L‚ACG?H
>?GI=L}NC=I
B;
CGJOFM;>I
?F
JL?>IGCHCI
>?
F;
@CAOL;
>?
F;
=IHNL;N;=C‰H
F;<IL;F
?H
>?NLCG?HNI
>?F
GI>?FI
@OH=CIH;LC;F
J;L;
F;
=IH@CAOL;=C‰H
>?
MO
MCMN?G;
>?
?GJF?I

>?D}H>IFI
?H
F;M
G;HIM
>?
F;M
HO?P;M
‚FCN?M
FI=;F?M
!F
L?MOFN;>I
?M
KO?
F;M
?HNC>;>?M
FI=;F?M
M?
B;H
=IHP?LNC>I
?H
OHI
>?
FIM
PCP?LIM
>?
HO?MNLI
!MN;>I
>?
J;LNC>IM
S
OH
?M=?H;LCI
JLCPCF?AC;>I
J;L;
?F
>?M;LLIFFI
>?
JL}=NC=;M
=FC?HN?F;L?M
S
J;NLCGIHC;FCT;>IL;M
>?
FI
J<FC=I
JIL
J;LN?
>?
?MIM
J;LNC>IM
!MN;
JIFCNCT;=C‰H
>?
F;
A?MNC‰H
>?
L?=OLMIM
BOG;HIM
M?
ILCACH;
?H
F;
JLIJC;
(.( 
;F
MCNO;L
F;
>CL?==C‰H
>?F
J?LMIH;F
?H
?F
HCP?F
JIF…NC=I
FI
KO?
CGJOFM‰
F;M
=;L;=N?L…MNC=;M
?MNLO=NOL;F?M
>?F
?GJF?I
J<FC=I
FI=;F
F;
F;<IL;FCT;=CÍH
S
F;
N?GJIL;FC>;>

>?
FI
KO?
M?
<?H?@C=C;H
FIM
J;LNC>IM
JIF…NC=IM
?F
J?MI
>?
F;
H?AI=C;=C‰H
=IF?=NCP;
S
F;
MCH>C=;FCT;=C‰H
>?
F;M
L?F;=CIH?M
>?
NL;<;DI

FI
KO?
J;NLI=CH;H
FIM
MCH>C=;NIM
?H
N;HNI
KO?
ALOJI
>?
JL?MC‰H

S
F;
@;FN;
>?
PCA?H=C;
>?F
GI>?FI
>?
JO?MNIM
S

?H
A?H?L;F

>?F
MCMN?G;
>?
G‚LCNI

>?
FI
KO?
M?
PO?FP?H
;
<?H?@C=C;L
FIM
>CLCA?HN?M
FI=;F?M
>?
FIM
J;LNC>IM
O?H=;



!F
J?LMIH;F
FI=;F
M?
>CPC>?
?H
F;
;=NO;FC>;>

;F
CAO;F
KO?
?H
F;M
L?MN;HN?M
;>GCHCMNL;=CIH?M

?H
@OH=CIH;LCIM
S
=IHNL;N;>IM
F;<IL;F?M

F;
CHG?HM;
G;SIL…;
(IM
@OH=CIH;LCIM
>?
=;LL?L;
=IGJL?H>?H
;KO?FFIM
KO?
JIM??H
OH;
B;<CFCN;=C‰H
H;=CIH;F
S
FIM
B;<CFCN;>IM
JIL
OH;
=ILJIL;=C‰H
=IH=L?N;

?M
>?=CL
M?AH
KO?
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I
F?M
L?=FON?
M?AH
OH;
IL>?H;=C‰H
G?LCNI=L}NC=;
I
<C?H
M?;
F;
?HNC>;>
FI=;F
=ILL?MJIH>C?HN?

FI
=O;F
NC?H?
L?J?L=OMCIH?M
CHG?>C;N;M
MI<L?
MO
;ALOJ;GC?HNI
=ILJIL;NCPI

F;
GIPCFC>;>
CHN?LILA;HCT;NCP;
S
MO
@ILG;=C‰H
S
J?L@?==CIH;GC?HNI
/‰FI
?H
AL;H>?M
=CO>;>?M
S
?H
}G<CNIM
JLI@?MCIH;F?M
=IH=L?NIM
M?
L?=FON;H
?MNIM
FNCGIM
M?AH
=LCN?LCIM
G?LCNI=L}NC=IM
O?H=;

(IM
@OH=CIH;LCIM
>?
B;<CFCN;=C‰H
H;=CIH;F

=OS;M
=IHPI=;NILC;M
>?
JF;T;M
@O?LIH
FCGCN;>;M
JIL
L;TIH?M
JIF…NC=;M
>?M>?


M?
>CPC>?H
?H
NL?M
MO<?M=;F;M
M?=L?N;L…;
\=IH
>IM
=;N?AIL…;M

>?
?HNL;>;
S
MOJ?LCIL\

CHN?LP?H=C‰HN?MIL?L…;

KO?
L?@OH>?
FIM
;HNCAOIM
CHN?LP?HNIL?M
S
>?JIMCN;LCIM
\N;G<C‚H
=IH
>IM
=;N?AIL…;M

>?
?HNL;>;
S
MOJ?LCIL\

S
M?=L?N;L…;CHN?LP?H=C‰H

?KOCP;F?HN?
;
FIM
;HNCAOIM
M?=L?N;LCIM
>?
]
=;N?AIL…;
(IM
@OH=CIH;LCIM
>?
=;>;
=ILJIL;=C‰H
?MN}H
>CPC>C>IM
?H
>IM
?M=;F;M
>?
>GCHCMNL;=C‰H
#?H?L;F
\>CMNLC<OC>;M
?H
=O;NLI
MO<?M=;F;M

M?AH
F;
NCNOF;=C‰H
?RCAC>;
J;L;
?F
CHAL?MI

0‚=HC=;

>GCHCMNL;NCP;

ORCFC;L
S
/O<;FN?LH;\

S
>?
>GCHCMNL;=C‰H
!MJ?=C;F

CHN?AL;>;
JIL
F;M
/O<?M=;F;M
0‚=HC=;
\0‚=HC=IM
/OJ?LCIL?M

)?>CIM
S
ORCFC;L?M\
S
>?
/?LPC=CIM
!MJ?=C;F?M
\,IFC=…;

IG<?LIM

,F;T;M
>?
=IG?NC>IM
?MJ?=C;F?M
S
,?LMIH;F
>?
I@C=CIM\
(;
>CMNLC<O=C‰H
>?F
=IHDOHNI
>?F
J?LMIH;F
>?
F;
>GCHCMNL;=C‰H
(I=;F
M?
L?=IA?
?H
?F
#L}@C=I

/?
>?N?=N;H
CH=L?G?HNIM
MCAHC@C=;NCPIM
=IH
;HN?LCILC>;>
;
F;M
@?=B;M
>?
F;M
?F?==CIH?M
FI=;F?M
!F
G}RCGI
M?
JLI>O=?
?H

=IH
>?M=?HMIM
CGJILN;HN?M
>?M>?
?M;
@?=B;
@LONI
>?
F;M
L?MNLC==CIH?M
JL?MOJO?MN;LC;M
ILCACH;>;M
JIL
F;
=LCMCM
(;
?PIFO=C‰H
>?F
?GJF?I
?H
FIM
;SOHN;GC?HNIM
B;
M?AOC>I
NL?M
?N;J;M
O?H=;


 V


OH
=L?=CGC?HNI
>?
FIM
F;<IL;F?M
?H
G}M
>?
I=B?HN;
GCF
?H
MIFI
=CH=I
;ˆIM
LL;HKO?
>?
F;
;GJFC;=C‰H
>?
M?LPC=CIM
S
JIF…NC=;M
>?
JLCG?L;
A?H?L;=C‰H
;AO;

;FOG<L;>I

;F=;HN;LCFF;>I

IL>?H;=C‰H
OL<;H;

M?LPC=CIM
MI=C;F?M
<}MC=IM
V


M?
CH=ILJIL;H
G}M
>?
>IM=C?HNIM
GCF
?GJF?IM
H?NIM
>?
=;L}=N?L
F;<IL;F

OH;M
=O;NLI
KOCHN;M
J;LN?M
>?F
NIN;F
KO?
>?=FCH;
>?M>?

OL;HN?
?MN;M
>IM
?N;J;M
M?
JLI>O=?
OH;
U@OH=CIH;LCT;=C‰HX
>?
FIM
=IHNL;N;>IM
F;<IL;F?M
!F
=L?=CGC?HNI
M?
ILCACH;
?H
F;
JL?MN;=C‰H
>?
M?LPC=CIM
MI=C;F?M
>?
JLIRCGC>;>
M?LPC=CIM
?MJ?=C;FCT;>IM

>?JILN?M

=OFNOL;

DOP?HNO>
S
GOD?L
V


M?
G;HNC?H?
?F
J?MI
>?
FIM
@OH=CIH;LCIM

>CMGCHOS?H>I
?F
J?MI
>?F
J?LMIH;F
F;<IL;F
=IGI
=IHM?=O?H=C;
N;G<C‚H
>?
F;
=IHA?F;=C‰H
>?
F;M
JF;HNCFF;M
ILCACH;>;
JIL
F;M
L?MNLC==CIH?M
JL?MOJO?MN;LC;M
*‰N?M?
F;
CGJILN;H=C;
>?F
J?LMIH;F
F;<IL;F
?H
>?NLCG?HNI
>?
FIM
@OH=CIH;LCIM
>?
B;<CFCN;=C‰H
H;=CIH;F
S
>?
FIM
JLIJCIM
>?
=;>;
=ILJIL;=C‰H
;<?
J?HM;L
MCH
OH
?D?L=C=CI
>?MG?>C>I
>?
CG;ACH;=C‰H
KO?
?F
P?LNCACHIMI
L?=FON;GC?HNI
>?
<O?H;
J;LN?
>?
?MNIM
FNCGIM
S
>?
FIM
@OH=CIH;LCIM
>?
=;>;
=ILJIL;=C‰H
B;
MIFC>I
M?AOCL
F;M
J;ON;M
;>M=LCJNCP;M
S
J;LNC=OF;LCMN;M
KO?
=;L;=N?LCT;H
BCMN‰LC=;G?HN?
;
F;
MI=C?>;>
?MJ;ˆIF;
S
;
F;M
JL}=NC=;M
=FC?HN?F;L?M
KO?
>?@CH?H
;
HO?MNLI
!MN;>I
>?
J;LNC>IM
LCN?LCIM
F?D;HIM
?H
NI>I
=;MI
>?
FIM
JLCH=CJCIM
>?
G‚LCNI
S
=;J;=C>;>
KO?
M?
=IHM;AL;H
@ILG;FG?HN?
?H
F;
IHMNCNO=C‰H
>?

3I)+&1

C<9B17a;
239
=3?@<;/9
/9
@3?C717<
23
9<@
/EB;A/:73;A<@
 

"O?HN?
IF?N…H
!MN;>…MNC=I
>?F
.?ACMNLI
?HNL;F
>?
,?LMIH;F
3I)+&1

 C<9B17a;
239
A7=<
23
=3?@<;/9
/9
@3?C717<
23
9<@
/EB;A/:73;A<@
 

"O?HN?
IF?N…H
!MN;>…MNC=I
>?F
.?ACMNLI
?HNL;F
>?
,?LMIH;F
3I)+&1

C<9B17a;
239
A7=<
23
=3?@<;/9
/9
@3?C717<
23
9/@
27=BA/17<;3@
 

"O?HN?
IF?N…H
!MN;>…MNC=I
>?F
.?ACMNLI
?HNL;F
>?
,?LMIH;F
 
#" )'Y"
,;L;
N?LGCH;L
OH;M
J;F;<L;M
>?
OH
I<M?LP;>IL
?RN?LHI
;OHKO?
<O?H
=IHI=?>IL
>?
F;
L?;FC>;>
FI=;F
?MJ;ˆIF;
AL;HI@@


U!H
=C?LNI
M?HNC>I
B;S
OH
>‚@C=CN
>?GI=L}NC=I
F?A;F
S
@CM=;F
>?
F;M
=CO>;>?M
*I
NC?H?H
F;
=;J;=C>;>
J;L;
AI<?LH;L
;
MOM
=CO>;>;HIM
?H
?F
M?HNC>I
>?
>?N?LGCH;L
MOM
H?=?MC>;>?M
>?
M?LPC=CIM
I
>?
M;NCM@;=?L
MOM
JL?I=OJ;=CIH?M
>?
=;FC>;>
>?
PC>;

I
>?
?GJL?H>?L
JIF…NC=;M
J<FC=;M
CHHIP;>IL;M
JIL
MO
=O?HN;
IGI
F;
G;SIL…;
>?
F;M
=CO>;>?M
?H
!MN;>IM
=IGJO?MNIM

F;M
=CO>;>?M
?MJ;ˆIF;M
MIH
?RNL?G;>;G?HN?
>?J?H>C?HN?M
>?
=IGJF?D;M
L?>?M
CHN?LAO<?LH;G?HN;F?M
BILCTIHN;F?M
S
P?LNC=;F?M
IGI
F;
G;SIL…;
>?
FIM
AI<C?LHIM
FI=;F?M
?H
!MN;>IM
=IGJO?MNIM

MIH
FIM
NL;HMGCMIL?M
@OH>;G?HN;F?M
>?
F;M
JIF…NC=;M
S
JLIAL;G;M
>?
FIM
>IM
HCP?F?M
MOJ?LCIL?M
,?LI
F;
G;SIL…;
>?
FIM
AI<C?LHIM
FI=;F?M
?H
INLIM
MCMN?G;M
GOFNCHCP?F
M…
JIM??H
;FAOH;
=;J;=C>;>
J;L;
;=NO;L
CH>?J?H>C?HN?G?HN?

>?
L?JL?M?HN;L
FIM
HC=IM
S
FI=;FCT;>IM
>?M?IM
>?
MOM
=CO>;>;HIM
(;M
=CO>;>?M
?MJ;ˆIF;M
=;L?=?H
?H
A?H?L;F
>?
?MN;
B;<CFC>;>
>?<C>I
;
FCGCN;=CIH?M
?MNLO=NOL;F?M

HILG;NCP;M
S
@CM=;F?M
IGI
L?MOFN;>I

?M
G}M
JLI<;<F?
KO?
FIM
AI<C?LHIM
>?
F;M
=CO>;>?M
M?
>CLCD;H
;
FIM
@OH=CIH;LCIM
>?
INLIM
HCP?F?M
>?
AI<C?LHI
I
;
CHN?L?M?M
?=IH‰GC=IM
J;LNC=OF;L?M
?H
P?T
>?
;
MOM
=CO>;>;HIMX
OHKO?
,;L;>;
S
"O?HN?N;D;

FI
M?ˆ;F;LIH
B;=?
;FAH
NC?GJI

FIM
JLI<F?G;M
MO<MCMN?H
J?M?
;
F;M
L?@ILG;M
L?;FCT;>;M
F;
>CM=OMC‰H
MI<L?
F;
JF;HN;
FI=;F
OH;
G?DIL
>?@CHC=C‰H
=IGJ?N?H=C;F
F;
A;L;HN…;
>?
F;
MIMN?HC<CFC>;>
>?
MOM
M?LPC=CIM
<}MC=IM
?F
=IHNLIF
>?F
A;MNI
>?
F;M
?HNC>;>?M
FI=;F?M
J;L;
MO
?@C=C?H=C;
F;
JL?P?H=C‰H
>?
F;
=ILLOJ=C‰H
F;
GOFNCJFC=;=C‰H
?R;A?L;>;
>?
ILA;HCT;=CIH?M
CHMNLOG?HN;F?M
>?J?H>C?HN?M
>?
F;M
?HNC>;>?M
FI=;F?M
;>P?LNC>;
JIL
?F
0LC<OH;F
>?
O?HN;M
?F
=L?=CGC?HNI
>?
JF;HNCFF;M
?H
J?L…I>IM
JL??F?=NIL;F?M
?N=
 #P
AL;HI@@

.


U(I=;F
#IP?LHG?HNM
CH
/J;CHM
)OFNCF?P?F
LL;HA?G?HNMX

?H
(;T;L

$

(?OJL?=BN


=IGJM

*A96C6D
@7
@G6C?2?46
@>A2C2E:G6
*EF5:6D
@7
:E:6D
:?
$F=E:=6G6=
@G6C?2?46
*JDE6>D
)IHNL?;F
)=#CFF
-O??HM
1HCP?LMCNS
,L?MM

L?HCFF;

)

U#‚H?MCM
S
@CH;FC>;>
>?
F;
L?@ILG;
FI=;FX

)6G:DE2
56
DEF5:@D
56
=2
5>:?:DEC24:x?
#@42=
J
FE@?x>:42

?H?LI
;?H;
>?F
F=}T;L

)

78

FCD@
56
:6?4:2
56
=2
5>:?:DEC24:x?
);>LC>

0?=HIM
?F

#?LG


U/?LPC=CIM
FI=;F?M
N;G;ˆI

?M=;F;
S
AI<?LH;HT;X

?H
?7@C>6

D@3C6
656C2=:D>@
:D42=

%HMNCNON
>!=IHIGC;
>?
;L=?FIH;

?FFI

/


U(;M
=IGJ?N?H=C;M
FI=;F?M
<;F;H=?
>?
MCNO;=C‰HX

)6G:DE2
56
DEF5:@D
56
=2
5>:?:DEC24:x?
#@42=
J
FE@?x>:42

?H?LI
FIG$;HM?H

&

$IOF<?LA

'

/?LLCNTF?Q

/

U/CT?

?GI=L;=S

;H>
NB?
!=IHIGC=
IMNM
I@
.OHHCHA
NB?
,IFCNC=;F
/SMN?GX

>6C:42?
!@FC?2=
@7
'@=:E:42=
*4:6?46





I=NO<L?

ICR



U/?HNC>I
S
ILC?HN;=C‰H
>?
F;
(?S
 
>?
L;=CIH;FCT;=C‰H
S
MIMN?HC<CFC>;>
>?
F;
>GCHCMNL;=C‰H
FI=;F
;ONIHIG…;
FI=;F

L?=?HNL;FCT;=C‰H
S
JLIPCMC‰H
>?
M?LPC=CIM
J<FC=IM
FI=;F?MX

)6G:DE2
56
DEF5:@D
56
=2
5>:?:DEC24:x?
#@42=
J
FE@?x>:42



DOFCI>C=C?G<L?
LOAO‚

-

)CL

*

.;GC‰



U!F
@ONOL
>?F
AIP?LH
C
F;>GCHCMNL;=C‰
>?
F)
N?HMCIHM
C
?KOCFC<LCMX
;L=?FIH;
)
;>;P;F

)

;L;G‚M

(

U(;
MOJL;GOHC=CJ;FC>;>
+LA;HCT;=C‰H
S
@CH;H=C;=C‰HX

'2A6=6D
56
64@?@>t2
6DA2w@=2



;FIHA?



U(;
@OMC‰H
>?
GOHC=CJCIM

HC=I
CHMNLOG?HNI
>?
F;
(?S
 

>?

>?
>C=C?G<L?

>?
L;=CIH;FCT;=C‰H
S
MIMN?HC<CFC>;>
>?
F;
>GCHCMNL;=C‰H
(I=;F
J;L;
F;
GI>C@C=;=C‰H
>?
F;
JF;HN;
GOHC=CJ;F
OH;
IJILNOHC>;>
J?L>C>;X

)6G:DE2
56
DEF5:@D
56
=2
5>:?:DEC24:x?
#@42=
J
FE@?x>:42

?H?LI
;JI

&

U!F?==CIH?M
GOHC=CJ;F?M

J?LI
HI
FI=;F?MX

)6G:DE2
DA2w@=2
56
?G6DE:824:@?6D
*@4:@=x8:42D



I=NO<L?>C=C?G<L?


;L<IH?FF

!

U/I<L?
F;
L?@ILG;
FI=;F
S
F;M
=IGJ?N?H=C;M
GOHC=CJ;F?M
JLIJC;MX

)6G:DE2
-2D42
56
5>:?:DEC24:x?
'|3=:42



G;SI>C=C?G<L?

;LLCFFI

!

U(;
H;=CIH;FCT;=C‰H
>?
F;
JIF…NC=;
FI=;FX

'@=tE:42
J
*@4:6525



;LLCFFI

!

6DE:x?
56
C64FCD@D
9F>2?@D
AC6DFAF6DE24:x?
J
24:6?52
#@42=
6?
DA2w2
);>LC>

%HMNCNONI
>?
!MNO>CIM
"CM=;F?M
;LLCFFI

!

…;T

&


U(;
H;=CIH;FCT;=C‰H
>?
F;
JIF…NC=;
FI=;F
?H
!MJ;ˆ;X

F256C?@D
56
@3:6C?@
J
5>:?:DEC24:x?



O;>L;>I;FF?MN?LIM



#;L=…;/}H=B?T

%
)

,L;>I(IL?HTI

&
)


U)I>?M
I@
,O<FC=
/?LPC=?M
?FCP?LS
0B?
;M?
I@
/J;HCMB
(I=;F
#IP?LHG?HNMX

#6I
#@42=:D!@FC?2=
@7
#@42=
*6=7@G6C?>6?E





O?H=;

&
&

U!F
MCMN?G;
>?
G‚LCNI
?H
FIM
AI<C?LHIM
FI=;F?M
?MJ;ˆIF?M
OH;
CHMNCNO=CIH;FCT;=C‰H
JLI<F?G}NC=;X

)6G:DE2
-2D42
56
6DE:x?
56
'6CD@?2D
J
&C82?:K24:@?6D
'|3=:42D



O?H=;

&
&

=
6>A=6@
A|3=:4@
=@42=
6?
=2
DA2w2
56>@4ClE:42
F?2
A6CDA64E:G2
:?DE:EF4:@?2=
);>LC>
"OH>;=C‰H
?GI=L;=C;
S
#I<C?LHI
(I=;F
"?LH}H>?T




U!F
JLI=?MI
>?
A?L?H=C;FCT;=C‰H
>?F
SOHN;GC?HNI
>?
;L=?FIH;
MJ?=NIM
N?‰LC=IM
S
JL=NC=IMX

.@C<:?8
'2A6C


;L=?FIH;
%HMNCNON
>?
C„H=C?M
,IF…NCKO?M
C
/I=C;FM
"IHN

0

U!F
AI<C?LHI
FI=;F
?H
F;
L?@ILG;
>?F
!MN;>I
>?
F;M
;ONIHIG…;MX

?H
"IHN

0
=IGJ

?F2C:@
56=
@3:6C?@
#@42=

;L=?FIH;

"OH>;=C‰H
?GI=L;=C;
S
#I<C?LHI
(I=;F
#;F}H



U(;
;JFC=;=C‰H
;ONIH‰GC=;
>?
F;
(?S
>?
.;=CIH;FCT;=C‰H
S
/IMN?HC<CFC>;>
>?
F;
>GCHCMNL;=C‰H
(I=;FX

)6G:DE2
56
DEF5:@D
56
=2
5>:?:DEC24:x?
#@42=
J
FE@?x>:42

?H?LI
#O;SI

%
>?F

U*O?PI
L‚ACG?H
DOL…>C=I
>?
FIM
M?LPC=CIM
J<FC=IM
FI=;F?M

NL;M
F;
(?S
HG
 

>?

>?
>C=C?G<L?

>?
L;=CIH;FCT;=C‰H
S
MIMN?HC<CFC>;>
>?
F;
>GCHCMNL;=C‰H
(I=;FX

)6G:DE2
56
DEF5:@D
56
=2
5>:?:DEC24:x?
#@42=
J
FE@?x>:42



DOFCI>C=C?G<L?
(;JO?HN?

2

U.?@ILG;
>?
F;
>GCHCMNL;=C‰H
(I=;F
?H
!MJ;ˆ;X

?H
?7@C>6

D@3C6
656C2=:D>@
:D42=
J
:?2?K2D
'|3=:42D
 
%HMNCNON
>!=IHIGC;
>?
;L=?FIH;

)}LKO?T

#

U);L=I
G?NI>IF‰AC=I
J;L;
?F
?MNO>CI
>?
F;M
=I;FC=CIH?M
JIF…NC=;M
?H
FIM
AI<C?LHIM
FI=;F?M
?H
!MJ;ˆ;X
'@=tE:42
J
D@4:6525




)}LKO?T

#

'@=tE:42
J
@3:6C?@
#@42=
#2
7@C>24:x?
56
8@3:6C?@
6?
=2D
?E:5256D
=@42=6D
6?
DA2w2
);>LC>
?HNLI
>?
!MNO>CIM
,IF…NC=IM
S
IHMNCNO=CIH;F?M
)}LKO?T

#

U#I<?LH;<CFC>;>
FI=;F
?H
!MJ;ˆ;X

'@=tE:42
J
*@4:6525







)?>CL

(F
,;HI

!
);AL?

&

UOMN?LCNS
)?;MOL?M
;H>
O>A?N
%GJ;=N
CH
)OHC=CJ;FCNC?M
"LIG
,IFCNC=;F
F;CGM
NI
!GJCLC=;F
!PC>?H=?MX
!,.
&ICHN
/?MMCIHM

2;LMIPC;

,IFIHC;
)IL?FF

(

PIF

=
)q8:>6?
#@42=
6DA2w@=
);>LC>

CPCN;M
,;L;>;

.

%%
6C649@
5>:?:DEC2E:G@
&C82?:K24:x?
J
6>A=6@
A|3=:4@
);>LC>

);L=C;F
,IHM
,;L;>;

&
.

"O?HN?N;D;

&

)67@C>2
J
C6E@D
56
=2
5>:?:DEC24:x?
=@42=
);>LC>
);L=C;F
,IHM
,;L?DI

(


UJOHN?M
J;L;
?F
>?<;N?
MI<L?
F;
JF;HN;
S
F;
;LNC=OF;=C‰H
CHN?LH;
>?
F;
>GCHCMNL;=C‰H
FI=;FX

F256C?@D
56
6C649@
#@42=



DOHCI

.;GC‰



U ?M;LLIFFI
ILA;HCT;NCPI
>?F
;SOHN;GC?HNI
A?L?H=C;FX

?H
22

@3:6C?@
#@42=
J
$@56=@
6C6?4:2=
;L=?FIH;

"OH>;=CI
,C
C
/OHS?L

.;GC‰



U!F
GI>?FI
>CL?=NCPI
?H
F;M
?HNC>;>?M
FI=;F?MX

)6G:DE2
?E6C?24:@?2=
56
@C82?:K24:@?6D



>C=C?G<L?

.CP?LI

.

U+JILNOHC>;>?M

LC?MAIM
S
L?MOFN;>IM
L?;F?M
>?
F;
(?S
>?
L;=CIH;FCT;=C‰H
S
MIMN?HC<CFC>;>
>?
F;
>GCHCMNL;=C‰H
(I=;FX

)6G:DE2
56
DEF5:@D
56
=2
5>:?:DEC24:x?
#@42=
J
FE@?x>:42

?H?LI
.I>L…AO?T
#IHT}F?T

.

U!F
N?LLCNILCI
FI=;F
?H
!OLIJ;
.??MNLO=NOL;=C‰H
>?
MO
<;M?
ILA;HCT;NCP;
S
JIMC<CFC>;>?M
J;L;
!MJ;ˆ;X

/6@8Cl7:42



/;FP;>IL

)
6E
2=

#@D
8@3:6C?@D
=@42=6D
:?E6C>65:@D
6?
DA2w2
);>LC>

"OH>;=C‰H
?GI=L;=C;
(I=;F
/O<CL;NM

&


U!MNL;N?AC;M
>?
F;M
!HNC>;>?M
(I=;F?M
;HN?
?F
=;G<CI
MI=C;F
S
F;M
JL?I=OJ;=CIH?M
=CO>;>;H;M
!F
HO?PI
J;J?F
>?
FIM
#I<C?LHIM
(I=;F?MX

?H
"!),


=
>F?:4:A2=:D>@
6?
F?
DE25@
4@@A6C2E:G@
'=2?
DEC2Eq8:4@
$'
D:8=@
// 

/Q??NCHA



U0B?
CHMNCNONCIHM
I@
:MNLIHA
FI=;F
JIFCNC=;F
F?;>?LMBCJ
CH
/J;CHX

?G:C@?>6?E
2?5
'=2??:?8

@G6C?>6?E
2?5
'@=:4J



/Q??NCHA



UH;FSMCHA
(I=;F
,IFCNC=;F
);H;A?G?HN
CH
/J;CHX

#@42=
@G6C?>6?E
*EF5:6D





0IGM

)

U#I<?LH;<CFC>;>
G?NLIJIFCN;H;

>?GI=L;=C;
S
?@C=C?H=C;
1H;
=IGJ;L;=C‰H
;L=?FIH;)IHNL?;FX

)6G:DE2
DA2w@=2
56
:6?4:2
'@=tE:42



DOFCI

1NLCFF;
>?
F;
$IT



=
D64E@C
A|3=:4@
6>AC6D2C:2=
2FE@?x>:4@
J
=@42=
);>LC>

%HMNCNONI
>?
!MNO>CIM
!=IH‰GC=IM
3IFFG;HH

$

U(I=;F
#IP?LHG?HNM
.?@ILGM
CH
/?P?H
!OLIJ?;H
IOHNLC?M
?NQ??H
IHP?LA?HN
;H>
CP?LA?HN

IH@FC=NCHA
;H>
IGJF?G?HN;LS
?P?FIJG?HNMX

#@42=
@G6C?>6?E
*EF5:6D





@?<L?LI

6;@L;

)

UONIHIG…;
FI=;F
=IGJ?N?H=C;M
JLIJC;M
S
@CH;H=C;=C‰H
CH=IH>C=CIH;>;X

'2A6=6D
56
64@?@>t2
6DA2w@=2



6;@L;

)

U!F
>?<;N?
MI<L?
F;
MOJL?MC‰H
I
L?@ILG;
>?
F;M
>CJON;=CIH?M
JLIPCH=C;F?M
?H
!MJ;ˆ;X

F256C?@D
56
6C649@
#@42=



I=NO<L?

6;@L;

)

U.?F;=CIH?M
?HNL?
GOHC=CJCIM
S
JLIPCH=C;MX

F256C?@D
56
6C649@
#@42=



DOHCI

+6>2


/A
@3:/17=<3A
7<B3@5C03@</;3<B/:3A
X>,=
:749:
')!&#

#(.,)/#g(
)(*.)-
#'(-#)(-
3
/(#)(-

&-
,&#)(-
#(.,!/,('(.&-
,#!
 
;<?D?9?ED;I
O
9ED9;FJEI

?C;DI?ED;I
:;
B7I
,#!
 
,#!
L;HJ?97B;I
>EH?PEDJ7B;I

,#!
B;=?IB7J?L7I
;@;9KJ?L7I
 
,#!
CKBJ?B7J;H7B;I
8?B7J;H7B;I
 
,#!
<EHC7B;I
?D<EHC7B;I
 
,#!
9EDIKBJ?L7I
:;9?IEH?7I
 
,#!
C79HE
C;IE
C?9HE
 
&7I
<KD9?ED;I
O
B7
KJ?B?:7:
:;
B7I
,#!

&
)&),#g(
#(.,!/,('(.&
0,.#&
'/&.#&.,&
3
#&.,&

&EI
J?FEI
;
?DIJHKC;DJEI
:;
B7
9EB78EH79?vD
?DJ;H=K8;HD7C;DJ7B

B
F7F;B
:;B
B;=?IB7J?LE
;D
B7
9EEF;H79?vD

&EI
vH=7DEI
8?B7J;H7B;I
;D
;IF;9?7B
B7I
EC?I?ED;I
?B7J;H7B;I
:;
EEF;H79?vD

&7I
F7KJ7I
:;
H;KD?vD
:;
B7I
9EC?I?ED;I
8?B7J;H7B;I
:;
9EEF;H79?vD
=;D;H7B;I

&7
FEI?9?vD
:;
B7
:C?D?IJH79?vD
!;D;H7B
:;B
IJ7:E
;D
;B
I?IJ;C7
:;
H;B79?ED;I
?DJ;H7:C?D?IJH7J?L7I

&7
FEI?9?vD
:;
B7I
;DJ?:7:;I
BE97B;I
;D
B7I
H;B79?ED;I
?DJ;H7:C?D?IJH7J?L7I

&-
,&#)(-
"),#4)(.&-
(.,

 
,;B79?ED;I
;DJH;
;@;9KJ?LEI

,;B79?ED;I
;DJH;
F7HB7C;DJEI
7KJEDvC?9EI
O
EJH7I
?DIJ?JK9?ED;I
 
EDL;D?EI
O
79K;H:EI
?DJ;H7KJEDvC?9EI
 
,;B79?ED;I
O
9KC8H;I
8?B7J;H7B;I
 
,;B79?ED;I
O
79K;H:EI
?D<EHC7B;I
CKBJ?B7J;H7B;I
E
8?B7J;H7B;I

/(.-

)( &#.)
(.,
'#(#-.,#)(-
3
'(#-')-

,-)&/#g(
 
&7I
<K;DJ;I
JsF?97I
:;
9ED<B?9JE
O
IKI
97H79J;HsIJ?97I
;D
IF7u7

*7KJ7I
O
J?FEI
:;
9ED<B?9J?L?:7:
;D
B7I
,#!I
;LEBK9?vD
;D
IF7u7
 
B
F7F;B
:;B
.

.),-
)(##)((.-

&-
,&#)(-
#(.,!/,('(.&-
 
'79HE?DIJ?JK9?ED7B;I
  
&7
:?IJH?8K9?vD
:;
9ECF;J;D9?7I
 
&7
?CFEHJ7D9?7
:;
B7
I;=KD:7
9nC7H7
O
IK
KJ?B?:7:
9ECE
<EHE
:;
B7I
KD?:7:;I
IK8;IJ7J7B;I
  
B
J?FE
O
I?JK79?vD
:;
B7
<?D7D9?79?vD
=H7:E
:;
?D:;F;D:;D9?7
O
;B
=H7:E
:;
:?IF7H?:7:
:;
H;9KHIEI
<?D7D9?;HEI
;DJH;
B7I
H;=?ED;I
  
B
I?IJ;C7
:;
F7HJ?:EI
FEBsJ?9EI
O
;D
F7HJ?9KB7H
;B
97Hn9J;H
:;
BEI
LsD9KBEI
;DJH;
B7I
EH=7D?P79?ED;I
D79?ED7B;I
O
H;=?ED7B;I
:;
BEI
F7HJ?:EI
FEBsJ?9EI

KBJKH7B;I
 
-;9JEH?7B;I
O
:;
FEBsJ?97
Fy8B?97
 
-KFH7D79?ED7B;I
B
F7F;B
:;
B7
F;HJ;D;D9?7
7
B7
/D?vD
KHEF;7


"(&#)Y"
#"$(#'
!"'#"'
-
)"#"'

'
& #"'
"(&)&"!"( '
&
$IS
?H
>…;
?M
B;<CNO;F
KO?
OH;
ILA;HCT;=C‰H
AO<?LH;G?HN;F
=O?HN?
=IH
INL;M
ILA;HCT;=CIH?M
>?F
GCMGI
I
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
J;L;
=IHM?AOCL
KO?
OH
M?LPC=CI
FF?AO?
;
FIM
=CO>;>;HIM
(;
JLIFC@?L;=C‰H
>?F
HG?LI
>?
HCP?F?M
>?
AI<C?LHI
=IGI
L?MOFN;>I
>?
FIM
JLI=?MIM
>?
>?M=?HNL;FCT;=C‰H
S
F;M
GFNCJF?M
JIF…NC=;M
S
M?LPC=CIM
J<FC=IM
;FL?>?>IL
>?F
=IGJF?DI
?HNL;G;>I
>?F
!MN;>I
>?
C?H?MN;L
S
INLIM
JLI<F?G;M
>?
F;M
MI=C?>;>?M
GI>?LH;M
=IGI
F;
JIF…NC=;
>?
CHGCAL;=C‰H

F;
JIF…NC=;
>?
?GJF?I

F;
M?AOLC>;>
=CO>;>;H;

?N=
JF;HN?;H
CGJ?L;NCPIM
>?
=IIL>CH;=C‰H
?HNL?
FIM
>CMNCHNIM
HCP?F?M
!MN;
=IIL>CH;=C‰H
?M
H?=?M;LC;
?HNL?
F;M
JIF…NC=;M
J<FC=;M
J;L;
MOJ?L;L
MO
@L;AG?HN;=C‰H
S
FIAL;L
OH;
L?MJO?MN;
=IGJL?B?HMCP;
;
FIM
JLI<F?G;M
=IGJF?DIM
0;G<C‚H
FI
?M
?HNL?
FIM
;=NIL?M
J;L;
L?MIFP?L
FIM
=IH@FC=NIM
KO?
MOLA?H
>?
FIM
CHN?L?M?M
>CP?LA?HN?M
>?
>CP?LMIM
AI<C?LHIM

S

JIL
FNCGI

N;G<C‚H
?HNL?
FIM
>C@?L?HN?M
HCP?F?M
JILKO?
MO?F?H
I@L?=?L
L?MCMN?H=C;
;
M?L
=IIL>CH;>IM


01494.4:90>
D
.:9.0;?:>
?M>?
F;
J?LMJ?=NCP;
>?
F;
=C?H=C;
JIF…NC=;

F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
?H
;>?F;HN?
.%#
JI>L…;H
>?@CHCLM?
=IGI
6=
4@?;F?E@
56
=@D
AC@46D@D
J
>642?:D>@D
56
:?E6C244:x?
?68@4:24:x?
4@?7=:4E@
J
4@=23@C24:x?
6?EC6
=@D
8@3:6C?@D
46?EC2=6D
J
DF346?EC2=6D
A2C2
25@AE2C
564:D:@?6D
56
A@=tE:42
A|3=:42
!MN;
?NCKO?N;
=IGJL?H>?
INLIM
=IH=?JNIM
G}M
OM;>IM
?H
INLIM
J;…M?M
I
?H
INL;M
>CM=CJFCH;M

=IGI
C6=24:@?6D
:?E6C25>:?:DEC2E:G2D

C6=24:@?6D
56
4@=23@C24:x?

4@@A6C24:x?

C6=24:@?6D
6?EC6
A@56C6D

7656C2=:D>@
6;64FE:G@

:>3C:424:x?
A@=tE:42

8@36C?24:x?
>F=E:?:G6=

?N=
/?
>?M;LLIFF;H
?H
CHMNCNO=CIH?M
S
?MNLO=NOL;M
>?
=IIJ?L;=C‰H
I
=IF;<IL;=C‰H
P?LNC=;F
O
BILCTIHN;F
KO?
@;=CFCN;H
?F
CHN?L=;G<CI
>?
CH@ILG;=C‰H

F;
=IHMOFN;
I
F;
;>IJ=C‰H
>?
>?=CMCIH?M
!MN?
NCJI
>?
L?F;=CIH?M
HI
MC?GJL?
NC?H?
MO
L?@F?DI
?H
?F
IL>?H;GC?HNI
DOL…>C=I
!H
GO=BIM
=;MIM
M?
>?M;LLIFF;H
?H
‰LA;HIM
I
L?>?M
CH@ILG;F?M
KO?
HI
?MN}H
L?AF;G?HN;>;M
F?A;FG?HN?
S
MOM
;=O?L>IM
HI
MIH
=IHNLIF;<F?M
I
?RCAC<F?M
>?M>?
?F
IL>?H;GC?HNI
DOL…>C=I
%GJFC=;H

MCH
?G<;LAI

F;
?RCMN?H=C;
>?
J;ON;M
?MN;<F?M
>?
=IHN;=NI
?HNL?
F;M
J?LMIH;M
KO?
CHN?LPC?H?H

MOJIHC?H>I
OH
CHN?L=;G<CI
=IHMN;HN?
>?
CH@ILG;=C‰H
S
JOHNIM
>?
PCMN;
!F
=IH=?JNI
>?
.%#
JLI=?>?
>?
!!11
!F
JLCG?LI
KO?
;<IL>;
?H
>?N;FF?
?F
N?G;
>?
F;M
.%#
?M
?CF
/
3LCABN
3LCABN

OHKO?
?F
=IH=?JNI
>?
.%#
HI
?M
HIP?>IMI

M…
FI
?M
?H
G;SIL
G?>C>;
MO
;JFC=;=C‰H
MCMN?G}NC=;
S
MO
NL;MF;=C‰H
;
F;
L?;FC>;>
?OLIJ?;
(;
>?@CHC=C‰H
JLIJO?MN;
JIL
;F?
'L;H?
S
?CF
/
3LCABN
;@CLG;
KO?
F;M
.%#
=IGJL?H>?H
UF;
P;LC?>;>
>?
L?F;=CIH?M
>?
CHN?L>?J?H>?H=C;
?
CH@FO?H=C;
KO?
M?
>?M;LLIFF;H
?HNL?
MOD?NIM
J?LN?H?=C?HN?M
;
OHC>;>?M
>?
AI<C?LHI
>?
NI>I
NCJI
S
HCP?F
N?LLCNILC;F
>?
;=NO;=C‰H

=IH
‚H@;MCM
?MJ?=C;F
?H
F;M
=O?MNCIH?M
L?F;=CIH;>;M
=IH
F;
@CH;H=C;=C‰H

F;M
JIF…NC=;M
J<FC=;M
S
F;
;==C‰H
JIF…NC=;X
(;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
MIH
OH
@?H‰G?HI
B;<CNO;F
?H
NI>;M
F;M
@?>?L;=CIH?M
S
MCMN?G;M
=IGJO?MNIM
I
>?M=?HNL;FCT;>IM

?
CHN?LPC?H?H
?H
?FF;M
N;HNI
AI<C?LHIM
=?HNL;F?M
S
L?ACIH;F?M

=IGI
FI=;F?M
/O
}G<CNI
MO?F?
M?L
MI<L?
NI>I
;KO?F
?H
?F
KO?
M?
MIF;J;H
F;M
=IGJ?N?H=C;M
L?MJ?=NCP;M
>?
FIM
AI<C?LHIM
/?
B;H
=L?;>I
P;LC;M
N‚=HC=;M
>?
=IF;<IL;=C‰H
J;L;
F;
=IIL>CH;=C‰H

JF;HC@C=;=C‰H
I
@CH;H=C;=C‰H
>?
JLIAL;G;M
=IHDOHNIM
*ILG;FG?HN?
M?
>?M;LLIFF;H
?H
?F
M?HI
>?
ALOJIM
>?
NL;<;DI
S
=IGCMCIH?M
P?LNC=;F?M
O
BILCTIHN;F?M
>?
@OH=CIH;LCIM
=?HNL;F?M
S
L?ACIH;F?M
>?F
M?AOH>I
I
N?L=?L
HCP?F

KO?
JL?J;L;H

F;M
>?=CMCIH?M
KO?
M?L}H
;>IJN;>;M
JIL
FIM
‰LA;HIM
CHN?LAO<?LH;G?HN;F?M
JIF…NC=IM
I
>?
JLCG?L
HCP?F

=IH
?F
JLIJ‰MCNI
>?
L?MIFP?L
FIM
JLI<F?G;M
KO?
M?
JF;HN?;H
?H
F;
=IIL>CH;=C‰H
>?
F;M
JIF…NC=;M
J<FC=;M
!RCMN?

MCH
?G<;LAI

AL;H
P;LC;=C‰H
?HNL?
F;M
@?>?L;=CIH?M
S
MCMN?G;M
>?M=?HNL;FCT;>IM
=IH
L?MJ?=NI
;
F;
=IH@CAOL;=C‰H
S
@OH=CIH;GC?HNI
>?
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
S
MO
AL;>I
>?
CHMNCNO=CIH;FCT;=C‰H
S
@ILG;FCT;=C‰H
0;G<C‚H
JO?>?
?RCMNCL
P;LC;=C‰H
?HNL?
>C@?L?HN?M
M?=NIL?M
>?
;=NCPC>;>
J<FC=;
OHKO?
?H
GO=BIM
=;MIM
?MN;M
?MNLO=NOL;M
HI
?MN}H
?MN;NOC>;M
I
@ILG;FCT;>;M
=IHMNCNO=CIH;F
I
F?A;FG?HN?

CH@FOS?H
>?
G;H?L;
CGJILN;HN?
?H
F;
H;NOL;F?T;
>?
F;M
CHN?L;==CIH?M
?HNL?
FIM
JIF…NC=IM
S
FIM
<OL‰=L;N;M
=?HNL;F?M
S
MO<?MN;N;F?M
MCGCMGI

J?LGCN?H
OH;
=C?LN;
@F?RC<CFC>;>
J;L;
L?MIFP?L
FIM
JLI<F?G;M
S
FF?P;L
;
=;<I
F;
;>;JN;=C‰H
>?
FIM
MCMN?G;M
@?>?L;F?M
@L?HN?
;
FIM
=;G<CIM
?H
MO
?HNILHI

 
4809>4:90>
/0
7,>
#
,;L;
=IGJL?H>?L
=‰GI
M?
=IH@CAOL;H
S
=‰GI
@OH=CIH;H
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
?H
!MJ;ˆ;
?M
H?=?M;LCI

?H
JLCG?L
FOA;L

B;=?L
;FAOH;M
=IHMC>?L;=CIH?M
G}M
;<MNL;=N;M

<;M;>;M
?H
F;
=IGJ;L;=C‰H
>?
F;M
.%#
?H
FIM
L?MN;HN?M
MCMN?G;M
@?>?L;F?M
S
>?M=?HNL;FCT;>IM
!H
?FFIM
JO?>?H
J?L=C<CLM?
;FAOH;M
P;LC;=CIH?M
N…JC=;M
KO?
>?@CH?H
FIM
>C@?L?HN?M
MCMN?G;M
>?
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
!MN;M
M?CM
>CG?HMCIH?M
M?
L?@C?L?H
;
;F
AL;>I
?H
KO?
CHN?LPC?H?H
NI>IM
FIM
AI<C?LHIM
I
F;M
L?F;=CIH?M
KO?
M?
JLI>O=?H
MIFI
?HNL?
;=NIL?M
?H
OH
HCP?F

<
B;MN;
KO‚
JOHNI
F;M
L?F;=CIH?M
M?
>?M;LLIFF;H
?H
F;
;L?H;
>?
FIM
?D?=ONCPIM
I
>?
FIM
J;LF;G?HNIM

=
?H
KO‚
AL;>I
CHN?LPC?H?H
NI>IM
FIM
;=NIL?M
I
M?
L?F;=CIH;H
MIFI
?HNL?
J?KO?ˆIM
ALOJIM
>?
>IM
I
G}M
>?
?FFIM

>
B;MN;
KO‚
JOHNI
?MN}H
=IHN?GJF;>;M
S
@ILG;FCT;>;M
F?A;FG?HN?

?
B;MN;
KO‚
JOHNI
M?
;>IJN;H
>?=CMCIH?M
PCH=OF;HN?M
J;L;
MOM
GC?G<LIM
?H
?MNIM
‰LA;HIM
I
@ILIM
I
M?
OM;H
MIFI
J;L;
CHN?L=;G<C;L
CH@ILG;=C‰H
S
>CM=OMC‰H
S

@CH;FG?HN?

@
?H
KO‚
HCP?F
S
=IH
KO‚
;=NIL?M
M?
JLI>O=?H
3;NNM


;G?LIH


/CG?IH




&
D3@B71/:3A6=@7H=<B/:3A
(F;G;GIM
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
P?LNC=;F?M
;
;KO?FF;M
KO?
M?
>;H
?HNL?
FIM
HCP?F?M
H;=CIH;F
S
L?ACIH;F

H;=CIH;F
S
FI=;F
I
L?ACIH;F
S
FI=;F

I
?HNL?
?MNIM
NL?M
?H
>C@?L?HN?M
=CL=OHMN;H=C;M
,IL
N;HNI

CGJFC=;H
;
;ONILC>;>?M
=IH
=IGJ?N?H=C;M
>?N?LGCH;>;M
=IHMNCNO=CIH;FG?HN?
\KO?
JO?>?H
M?L
CH>?J?H>C?HN?M
I
=IH=OLL?HN?M\

J?LI
KO?

?H
NI>I
=;MI

?MN}H
;MCAH;>;M
JIL
F;
IHMNCNO=C‰H
;
=;>;
OHI
>?
FIM
HCP?F?M
KO?
J;LNC=CJ;H
?H
?M;M
L?F;=CIH?M
>?
=IF;<IL;=C‰H
>?M>?
MO
JLIJC;
;ONIHIG…;
S
>?
@ILG;
PIFOHN;LC;
(F;G;GIM
L?F;=CIH?M
BILCTIHN;F?M
;
F;M
KO?
M?
>;H
?HNL?
?HN?M
>?F
GCMGI
HCP?F
>?
AI<C?LHI

=IGI
JIL

?D?GJFI

?HNL?
L?ACIH?M
I

I
?HNL?
?HNC>;>?M
FI=;F?M
MCH
F;
J;LNC=CJ;=C‰H
>?
INLI
HCP?F
MCNO;>I
JIL
?H=CG;
I
JIL
>?<;DI
?H
?F
MCMN?G;
=IHMNCNO=CIH;F
>?
>CMNLC<O=C‰H
>?
=IGJ?N?H=C;M


&
:357A:/B7D/A3831CB7D/A
!H
F;
G;SIL…;
>?
F;M
@?>?L;=CIH?M
S
MCMN?G;M
>?M=?HNL;FCT;>IM

F;
G;SIL
J;LN?
>?
FIM
;MOHNIM
CHN?LAO<?LH;G?HN;F?M
M?
NL;N;H
>?HNLI
>?
FIM
?D?=ONCPIM

G?>C;HN?
L?F;=CIH?M
?HNL?
FIM
,L?MC>?HN?M

GCHCMNLIM
S
;FNIM
=;LAIM
>?
F;M
>C@?L?HN?M
;>GCHCMNL;=CIH?M
!MI
L?@F?D;
OH;
N?H>?H=C;
A?H?L;F
;F
JL?>IGCHCI
>?F
?D?=ONCPI
?H
F;
AI<?LH;=C‰H
GI>?LH;
J?LI
?M
?MJ?=C;FG?HN?
=C?LNI
?H
FIM
MCMN?G;M
>?
NCJI
@?>?L;F
J;LF;G?HN;LCI

>IH>?
F;
=IH=?HNL;=C‰H
>?
JI>?L
?H
G;HIM
>?
FIM
?D?=ONCPIM
?M
?MJ?=C;FG?HN?
G;L=;>;
!H
INL;M
@?>?L;=CIH?M

MCH
?G<;LAI

FIM
J;LF;G?HNIM
NC?H?H
OH
J;J?F
CGJILN;HN?
<C?H
G?>C;HN?
F;
M?AOH>;
=}G;L;

KO?
L?JL?M?HN;
;
FIM
AI<C?LHIM
L?ACIH;F?M

I
G?>C;HN?
F;
MOJ?LPCMC‰H
JIL
?F
J;LF;G?HNI
>?
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
>?M;LLIFF;>;M
JIL
?F
?D?=ONCPI
!F
=;MI
>?
F?G;HC;
?M
N…JC=I
JIL
M?L
>?
?MN?
M?AOH>I
NCJI

S;
KO?
?RCMN?
OH;
JL?M?H=C;
>?
FIM
#m?56C
?H
F;
M?AOH>;
=}G;L;
I
F?56DC2E
!MN?
B?=BI
HI
MCAHC@C=;
KO?
?H
?MIM
J;…M?M
>IH>?
JL?>IGCH;H
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
F?ACMF;NCP;M
HI
M?
>?M;LLIFF?H
N;G<C‚H
OH;
M?LC?
>?
G?=;HCMGIM
>?
L?F;=C‰H
?HNL?
FIM
?D?=ONCPIM

=IGI
F;M
=IH@?L?H=C;M
>?
JL?MC>?HN?M
I
>?
GCHCMNLIM


&
;C:B7:/B3@/:3A07:/B3@/:3A
?HIGCH;GIM
L?F;=CIH?M
GOFNCF;N?L;F?M
;
;KO?FF;M
?H
F;M
KO?
?MN}H
JL?M?HN?M
NI>IM
I
=;MC
NI>IM
FIM
AI<C?LHIM
I
?HN?M
JIMC<F?M
?H
F;
L?F;=C‰H
?HNL?
>IM
HCP?F?M
>?
AI<C?LHI
I
>?HNLI
>?
OH
MIFI
HCP?F
!H
?F
=;MI
?MJ;ˆIF

JIL
?D?GJFI

M?
FF;G;H
GOFNCF;N?L;F?M
;
;KO?FFIM
‰LA;HIM

CHMNLOG?HNIM
I
L?OHCIH?M
S
=IHN;=NIM
>IH>?
M?
?H=O?HNL;H
NI>;M
F;M

=IH
?F
JI>?L
=?HNL;F
(;M
L?F;=CIH?M
<CF;N?L;F?M
MIH
F;M
KO?
M?
JLI>O=?H
?HNL?
OH
;=NIL
>?
OH
HCP?F
S
OH
MIFI
;=NIL
>?
INLI
HCP?F
I
<C?H
?HNL?
>IM
;=NIL?M
>?F
GCMGI
HCP?F

?R=FOS?H>I
;
NI>IM
FIM
>?G}M
,IL
?D?GJFI

M?
>?HIGCH;H
L?F;=CIH?M
<CF;N?L;F?M
;
;KO?FF;M
KO?
M?
JLI>O=?H
?HNL?
?F
JI>?L
=?HNL;F
S
OH;
MIF;

I
;
;KO?FF;M
KO?
M?
JLI>O=?H
?HNL?
>IM


 
&
4=@;/:3A7<4=@;/:3A
/?
FF;G;H
L?F;=CIH?M
CH@ILG;F?M
?HNL?
AI<C?LHIM
S
;>GCHCMNL;=CIH?M
;
;KO?FF;M
KO?
M?
>?M?HPO?FP?H
?H
?F
G;L=I
>?
MCGJF?M
L?>?M
>?
=IHN;=NIM
?HNL?
@OH=CIH;LCIM
I
JIF…NC=IM
MCH
OH;
@ILG;
DOL…>C=;
=F;L;

<OM=;H>I
?F
CHN?L=;G<CI
CH@ILG;F
>?
CH@ILG;=C‰H
O
IJCHCIH?M
I
F;
>?FC<?L;=C‰H
MI<L?
JLI<F?G;M
=IGOH?M

S
KO?
=;G<C;H
>?
;=O?L>I
;
F;M
H?=?MC>;>?M
JIF…NC=;M
>?
FIM
AI<C?LHIM
I
;>GCHCMNL;=CIH?M
J;LNC=CJ;HN?M
?H
F;M
>CMNCHN;M
=ISOHNOL;M
JIF…NC=;M
?HIGCH;GIM
L?F;=CIH?M
@ILG;F?M
;
F;M
KO?
M?
JLI>O=?H
?H
?F
M?HI
>?
‰LA;HIM
CHMNCNOC>IM
@ILG;FG?HN?
JIL
F;
IHMNCNO=C‰H
O
INL;M
HILG;M
F?A;F?M
>?
G?HIL
L;HAI
S
KO?
M?
L?AOF;H
?H
L?AF;G?HNIM
>?
@OH=CIH;GC?HNI

;>IJ=C‰H
>?
>?=CMCIH?M

=IHPI=;NILC;

JL?MC>?H=C;

L?AOF;LC>;>

?N=
0C?H?H
F;
=;J;=C>;>
>?
FF?A;L
;
;=O?L>IM
KO?
PCH=OF?H
;
FIM
@CLG;HN?M
CH=FOMI
@L?HN?
;
FIM
NLC<OH;F?M
!H
F;
G;SIL…;
>?
FIM
J;…M?M
F;M
.%#
M?
B;H
C>I
>?M;LLIFF;H>I
CH@ILG;FG?HN?
;OHKO?
?H
;FAOHIM
=;MIM
?MN;M
L?F;=CIH?M
CH@ILG;F?M
M?
=IHMIFC>;H

JIL
MO
L?J?NC=C‰H
S
F;M
?RJ?=N;NCP;M
KO?
JLIPI=;H
S
M?
>?=C>?
@ILG;FCT;LF;M
F?A;FG?HN?
I
G?>C;HN?
L?AF;G?HNIM
>?
L;HAI
G?HIL
S
>?
;>M=LCJ=C‰H
PIFOHN;LC;
,IL
?D?GJFI

F;
IHMNCNO=C‰H
?MJ;ˆIF;
>?

HI
>C=?
H;>;
MI<L?
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
P?LNC=;F?M
mMN;M
M?
@O?LIH
>?M;LLIFF;H>I
?H
?F
MCMN?G;
;ONIH‰GC=I
MCH
JL?PCMCIH?M
=IHMNCNO=CIH;F?M
HC
F?A;F?M
B;MN;
KO?
M?
JLI>ODI
F;
;JLI<;=C‰H
>?
>CP?LM;M
HILG;M
KO?
F;M
=IHMC>?L;<;H
S
NL;N;<;H
>?
IL>?H;L
S
L?AOF;L
?HNL?
?FF;M

F;
(?S
 

(?S
>?
.‚ACG?H
&OL…>C=I
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M
S
>?F
,LI=?>CGC?HNI
>GCHCMNL;NCPI
IGH
S
MO
JIMN?LCIL
L?@ILG;
JIL
F;
(?S
 
S
F;
L?=C?HN?
(.&/,
 


&
1=<AC:B7D/A2317A=@7/A
!H
;FAOHIM
=;MIM

FIM
@ILIM
O
‰LA;HIM
CHN?LAO<?LH;G?HN;F?M
P?LNC=;F?M
O
BILCTIHN;F?M

GOFNCF;N?L;F?M
I
<CF;N?L;F?M

@ILG;F?M
I
CH@ILG;F?M

M?
L?H?H
J;L;
CHN?L=;G<C;L
CH@ILG;=C‰H
?
C>?;M

>?<;NCL
JLIS?=NIM
S
>?FC<?L;L
MI<L?
?FFIM

?GCNC?H>I
OH;
IJCHC‰H
A?H?L;F
=IH
JIMC<F?M
>CM=L?J;H=C;M
!MIM
‰LA;HIM
M?
>?HIGCH;H
=IHMOFNCPIM
S;
KO?
MOM
IJCHCIH?M
I
=IH=FOMCIH?M
HI
I<FCA;H
;
MOM
J;LNC=CJ;HN?M
HC
;
N?L=?LIM
!H
?F
INLI
?RNL?GI

M?
?H=O?HNL;H
;KO?FFIM
‰LA;HIM
CHN?LAO<?LH;G?HN;F?M
>?=CMILCIM

KO?
JO?>?H
;>IJN;L
>?=CMCIH?M
@ILG;F?M

I<FCA;NILC;M
S
PCH=OF;HN?M
J;L;
NI>IM
F;M
J;LN?M
CGJFC=;>;M
S
J;L;
N?L=?LIM
0;G<C‚H
B;S
OH;
JIMC<CFC>;>
CHN?LG?>C;
L?JL?M?HN;>;
JIL
=C?LNIM
‰LA;HIM
?H
>IH>?
M?
CHMCMN?
?H
F;
H?AI=C;=C‰H
S
F;
J?LMO;MC‰H

S
;OHKO?
M?
FF?A;
;
;=O?L>IM

?MNIM
>?J?H>?H
>?
KO?
FIM
AI<C?LHIM
KO?
FIM
;>IJN;H
M?;H
L?MJ;F>;>IM
JIL
MOM
JLIJCIM
J;LF;G?HNIM
S
?F?=NIL;>IM
KO…
M?
JF;HN?;
?F
JLI<F?G;
>?
F;
L?H>C=C‰H
>?
=O?HN;M
S

JIL
N;HNI

>?
F;
>?GI=L;=C;

>?
=C?LNIM
‰LA;HIM
CHN?LAO<?LH;G?HN;F?M
=IHMNCNOC>IM
MIFI
JIL
L?JL?M?HN;HN?M
>?
FIM
?D?=ONCPIM
>?
FIM
>IM
HCP?F?M
@L?HN?
;F
J;LF;G?HNI


&
;/1@=;3A=;71@=
0;G<C‚H
M?
JO?>?H
>CMNCHAOCL
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
?H
@OH=C‰H
>?
KOC?H?M
M?;H
FIM
L?MJIHM;<F?M
>?
=IH>O=CLF;M
JIL
FI
KO?
L?MJ?=N;
;
MO
=;L}=N?L
G}M
I
G?HIM
JIF…NC=I
I
N‚=HC=I
,I>?GIM
FF;G;L
.%#
G;=LI
;
;KO?FF;M
CHN?L;==CIH?M
JIF…NC=;M
?HNL?
>CLCA?HN?M
L?ACIH;F?M
S
H;=CIH;F?M

?H
F;M
KO?
M?
NL;N;H
N?G;M
>?
AL;H
CGJILN;H=C;
L?F;NCPIM
;
F;
>?FCGCN;=C‰H
>?F
N?LLCNILCI
I
F;M
=IGJ?N?H=C;M
!H
;FAOHIM
=;MIM
CH=FOS?H
;MOHNIM
KO?
MO?F?H
M?L
G}M
=IH@FC=NCPIM

>?
CHN?L‚M
J<FC=I
S
G?>C}NC=I

>?
CGJILN;H=C;
=IHMNCNO=CIH;F
I
CHMNCNO=CIH;F
J;L;
F;
=IHPCP?H=C;
?H
F;
=IGOHC>;>
JIF…NC=;
L?MJ?=NI
;
F;
>CMNLC<O=C‰H
>?F
JI>?L

F;
C>?HNC>;>

F;M
=IGJ?N?H=C;M
I
F;
@CH;H=C;=C‰H
AL;HI@@

?HIGCH;GIM
.%#
G?MI

MCAOC?H>I
;
?MN?
;ONIL

;
FIM
=IHN;=NIM
LONCH;LCIM
G?HIM
PCMC<F?M

J?LI
CGJILN;HN?M

?HNL?
@OH=CIH;LCIM
F;
H?AI=C;=C‰H
>?
MO<P?H=CIH?M
S
=IHP?HCIM
?F
?MN;<F?=CGC?HNI
>?
;MI=C;=CIH?M
(F;G;GIM

JIL
FNCGI

.%#
GC=LI
;
F;M
KO?
M?
JLI>O=?H
?H
?F
HCP?F
IJ?L;NCPI

KO?
HI
?MN}
;F
;F=;H=?
>?F
J<FC=I

?H
?F
KO?
M?
H?AI=C;H
FIM
JLIS?=NIM

M?
B;=?H
=OGJFCL
F;M
HILG;M
S
?MN}H>;L?M

M?
A?MNCIH;H
FIM
=IHNL;NIM

M?
TIHC@C=;
?F
MO?FI

M?
?RJC>?H
F;M
FC=?H=C;M
>?
=IHMNLO==C‰H

?N=
AL;HI@@

!MNI
M?
B;
>?HIGCH;>I
N;G<C‚H
A?MNC‰H
CHN?LAO<?LH;G?HN;F
#%#
?
CGJFC=;
F;
A?MNC‰H
=INC>C;H;
>?
FIM
;MOHNIM
?HNL?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
G?>C;HN?
NL;HM;==CIH?M
>C;LC;M
I
L?F;=CIH?M
CH@ILG;F?M
?HNL?
FIM
>CL?=NCPIM
I
@OH=CIH;LCIM
J<FC=IM
?H
?F
G;L=I
>?
F;
@ILGOF;=C‰H
S
F;
?D?=O=C‰H
>?
F;M
JIF…NC=;M
J<FC=;M



,>
1@9.4:90>
D
7,
@?474/,/
/0
7,>
#
/C
M?
I<M?LP;
?F
@OH=CIH;GC?HNI
>?
=O;FKOC?L
MCMN?G;
GOFNCHCP?F
I
!MN;>I
=IGJO?MNI

M?
JO?>?
=IH=FOCL
KO?
F;
?RCMN?H=C;
>?
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
L?MJIH>?
;
MOM
CGJ?L;NCPIM
S
H?=?MC>;>?M
@OH=CIH;F?M

J;L;
MO
G;HN?HCGC?HNI

?@C=;=C;
S
F?ACNCGC>;>
,I>?GIM
?H=IHNL;L
NL?M
AL;H>?M
@OH=CIH?M
>?
F;M
.%#
J;L;
?F
=;MI
?MJ;ˆIF

IIL>CH;=C‰H
?HNL?
?F
!MN;>I
S
F;M

KO?
M?
G;HC@C?MN;
?H
P;LC;M
@;=?N;M
W
(;
G?DIL;
>?
F;
CH@ILG;=C‰H
J;L;
;>IJN;L
>?=CMCIH?M
W
(;
=IIL>CH;=C‰H
>?
F;M
;=NO;=CIH?M
J<FC=;M
?H
FIM
NL?M
HCP?F?M
=O;H>I
B;S
=IGJ?N?H=C;M
=IH=OLL?HN?M
I
=IGJF?G?HN;LC;M
W
(;
=IHM?=O=C‰H
>?
I<D?NCPIM
H;=CIH;F?M
?H
}L?;M
>?
=IGJ?N?H=C;
;ONIH‰GC=;
I
FI=;F
W
(;
G?DIL;
>?
F;
A?MNC‰H
?=IH‰GC=;
>?F
M?=NIL
J<FC=I
W
(;
;=IGI>;=C‰H
>?
F;M
>C@?L?H=C;M
?HNL?

?H
L?F;=C‰H
=IH
F;
=;J;=C>;>
>?
;=NO;=C‰H
S
FIM
L?=OLMIM
@CM=;F?M

MKO?>;
>?
OH
?KOCFC<LCI
?HNL?
=IIL>CH;=C‰H
S
;ONIHIG…;
G?>C;HN?
F;
=IF;<IL;=C‰H

#?MNC‰H
>?
FIM
=IH@FC=NIM
G?>C;HN?
F;
=IF;<IL;=C‰H

=IHNCHO;=C‰H
P;GIM
;
P?L
=‰GI
M?
=OGJF?H
NI>;M
?M;M
@OH=CIH?M
?H
!MJ;ˆ;

I<M?LP;H>I
FIM
=O;NLI
NCJIM
<}MC=IM
>?
=IIJ?L;=C‰H
KO?
;J;L?=?H
?H
F;
MCAOC?HN?
NCJIFIA…;
?H
F;
0;<F;

S
MOM
?D?GJFIM
G}M
CGJILN;HN?M
>?
CHMNLOG?HNIM
S
‰LA;HIM
(;
=IF;<IL;=C‰H
P?LNC=;F
GOFNCF;N?L;F
S
F;
=IF;<IL;=C‰H
P?LNC=;F
<CF;N?L;F

J;L;
;H;FCT;L
FO?AI
<L?P?G?HN?
F;
=IIJ?L;=C‰H
BILCTIHN;F

N;HNI
<CF;N?L;F
=IGI
GOFNCF;N?L;F
?HNL?

,IL
FNCGI

HIM
L?@?LCGIM
;
FIM
=IH@FC=NIM
KO?
M?
JLI>O=?H
?H
NI>I
?F
MCMN?G;
$%.$

(7=<@
0\@71<@
23
1<<=3?/17a;
"c:3?<
23
/1A<?3@
7:=971/2<@
&39/17<;3@
3;A?3
;7C393@
(##' #'
0,.#&- *3?A71/93@
:B9A79/A3?/93@ *3?A71/93@
079/A3?/93@
ED<;H;D9?7I
I;9JEH?7B;I
ED<;H;D9?7
:;
*H;I?:;DJ;I EC?I?ED;I
8?B7J;H7B;I
:;
9EEF;H79?vD

<?7F<;A/93@
:B9A79/A3?/93@ <?7F<;A/93@
079/A3?/93@
"),#4)(.&-
ED<;H;D9?7
:;
!E8?;HDEI
7KJEDvC?9EI KC8H;I
79K;H:EI
E
9EDL;D?EI
;DJH;

B?CsJHE<;I
"O?HN?
!F;<IL;=C‰H
JLIJC;
 

# #&Y"
"(&)&"!"(
*&(
!) ( (&
-
 (&
!F
ALO?MI
>?
F;
=IF;<IL;=C‰H
I
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
?H
!MJ;ˆ;
M?
JLI>O=?
>?
GI>I
P?LNC=;F

?HNL?
?F
JI>?L
=?HNL;F
S
F;M

!M
GOFNCF;N?L;F

;OHKO?
N;G<C‚H
M?
>;
OH;
=IHMC>?L;<F?
;=NCPC>;>
<CF;N?L;F
?HNL?
?F
?D?=ONCPI
=?HNL;F
S
F;M



:>
?4;:>
0
49>?=@809?:>
/0
7,
.:7,-:=,.4[9
49?0=2@-0=9,809?,7
!H
?F
=;MI
?MJ;ˆIF
?RCMN?H
P;LCIM
=;GJIM
HILG;NCPI

?=IH‰GC=I

N‚=HC=I

>?
A?MNC‰H

JLI=?>CG?HN;F

>IH>?
M?
JLI>O=?
F;
=IF;<IL;=C‰H
I
=IIJ?L;=C‰H
?HNL?
FIM
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
S
;>GCHCMNL;=C‰H
/}?HT
.ISI

W
@@A6C24:x?
6?
6=
AC@46D@
?@C>2E:G@
56=
DE25@
;O>C?H=C;
S
J;LNC=CJ;=C‰H
>?
F;M

?H
F;
?F;<IL;=C‰H
>?
FIM
JLIS?=NIM
HILG;NCPIM
>?F
!MN;>I
W
@@A6C24:x?
6?
=2
7:?2?4:24:x?
56
=@D
D6CG:4:@D
A|3=:4@D
@;=CFCN;
F;
=IH=?LN;=C‰H
CHN?L;>GCHCMNL;NCP;
=IH
?F
@CH
>?
?PCN;L
>OJFC=C>;>?M
S
G?DIL;L
F;
?@C=C?H=C;
>?
FIM
L?=OLMIM
JL?MOJO?MN;LCIM

;SO>;
;
>?MNCH;L
L?=OLMIM
BOG;HIM
S
G?>CIM
G;N?LC;F?M
>?
P;LC;M
;>GCHCMNL;=CIH?M
>C@?L?HN?M
J;L;
F;
=IHM?=O=C‰H
>?
I<D?NCPIM
S
L?MOFN;>IM
=IGOH?M
S
;=?JN;>IM
>?
@ILG;
=IHDOHN;
"IG?HN;

G?>C;HN?
L?=OLMIM
@CH;H=C?LIM

?F
>?M;LLIFFI
>?
>?N?LGCH;>;M
;=NO;=CIH?M
;ONIH‰GC=;M
W
@@A6C24:x?
A2C2
6=
FD@
56
C64FCD@D
56
@EC2D
25>:?:DEC24:@?6D
A|3=:42D
JIMC<CFCN;
F;
ONCFCT;=C‰H
JIL
J;LN?
>?
OH;
>?N?LGCH;>;
;>GCHCMNL;=C‰H
J<FC=;
>?
L?=OLMIM
S
G?>CIM
BOG;HIM
S
G;N?LC;F?M
>?
INL;
>C@?L?HN?
";=CFCN;
N;G<C‚H
?F
CHN?L=;G<CI
I
?F
MOGCHCMNLI
GONOI
>?
CH@ILG;=C‰H
W
@@A6C24:x?
6?
=2
86DE:x?
4@?;F?E2
56
=@D
D6CG:4:@D
A|3=:4@D
JIMC<CFCN;
F;
=L?;=C‰H
>?
@ILG;M
>?
A?MNC‰H
>?
M?LPC=CI
J<FC=I
=IH
J;LNC=CJ;=C‰H
>?
P;LC;M
;>GCHCMNL;=CIH?M
SO>;
;
CHN?AL;L
L?=OLMIM
>?
>C@?L?HN?M
;>GCHCMNL;=CIH?M
?H
?F
GCMGI
MO<MCMN?G;
;>GCHCMNL;NCPI
I
>?
JL?MN;=C‰H
>?
M?LPC=CIM
W
@@A6C24:x?
AC@465:>6?E2=
@;=CFCN;
F;
J;LNC=CJ;=C‰H
>?
OH;
>?N?LGCH;>;
;>GCHCMNL;=C‰H
J<FC=;
?H
JLI=?>CGC?HNIM
;>GCHCMNL;NCPIM
JLIJCIM
>?
OH;
;>GCHCMNL;=C‰H
>C@?L?HN?

J?LI
KO?
;@?=N;H
I
CH@FOS?H
?H
?F
}G<CNI
>?
MOM
=IGJ?N?H=C;M
0;G<C‚H
JI>?GIM
>CMNCHAOCL
P;LC;M
N‚=HC=;M
?
CHMNLOG?HNIM
>?
F;
=IF;<IL;=C‰H
KO?
M?
MO?F?H
>?HIGCH;L
ILA}HC=IM
S
@OH=CIH;F?M
IH
FIM
JLCG?LIM
HIM
L?@?LCGIM
;
FIM
‰LA;HIM
?H
?F
M?HI
>?
FIM
=O;F?M
M?
>?M;LLIFF;H
F;M
.%#
IH
FIM
M?AOH>IM
FI
B;=?GIM
;
FIM
CHMNLOG?HNIM
DOL…>C=IM
I
JLI=?>CG?HN;F?M
J;L;
FF?P;L
;
=;<I
>?=CMCIH?M
>?
=IIL>CH;=C‰H
I
=IF;<IL;=C‰H
;MN?
;KO…
MIFI
G?H=CIH;LF;M
J;L;
>?M=LC<CL
;FAOH;M
>?
?FF;M
?H
FIM
MCAOC?HN?M
;J;LN;>IM
W
+LA}HC=;M
/?H;>I

?F?A;>I
>?F
AI<C?LHI
?H
F;


IH@?L?H=C;M
M?=NILC;F?M

IGCMCIH?M
<CF;N?L;F?M
>?
=IIJ?L;=C‰H

IHMIL=CIM
CHN?L;>GCHCMNL;NCPIM
W
%HMNLOG?HNIM
@OH=CIH;F?M
CMNLC<O=C‰H
>?
MO<P?H=CIH?M
?HNL?

?H
L‚ACG?H
HI
=IGJ?NCNCPI

MO<P?H=CIH?M
=IH=?>C>;M
JIL
?F
!MN;>I
;
F;M

?H
L‚ACG?H
>?
=IH=OLL?H=C;
=IGJ?NCNCP;
 W
IHP?HCIM
>?
=IF;<IL;=C‰H
IHP?HCIM
>?
=IH@?L?H=C;
M?=NILC;F

,F;H?M
S
,LIAL;G;M
IHDOHNIM

,LINI=IFIM
A?H?L;F?M

 
7
;,;07
/07
7024>7,?4A:
09
7,
.::;0=,.4[9
IGI
M?
B;
M?ˆ;F;>I
G}M
;LLC<;

?H
;FAOHIM
J;…M?M
F;
=IIJ?L;=C‰H
M?
JLI>O=?
?HNL?
FIM
‰LA;HIM
F?ACMF;NCPIM
>?
F;M
?HNC>;>?M
N?LLCNILC;F?M
!H
!MJ;ˆ;

MCH
?G<;LAI

F;
=IIJ?L;=C‰H
M?
JLI>O=?
<}MC=;G?HN?
JIL
FIM
‰LA;HIM
>?F
?D?=ONCPI

;OHKO?
B;S
PI=?M
KO?
B;H
>?@?H>C>I
OH
L?@ILT;GC?HNI
>?F
J;J?F
>?F
/?H;>I
=IGI
@ILI
>?
F;
=IIJ?L;=C‰H
CHN?LAO<?LH;G?HN;F
!H
;FAOH;M
G;N?LC;M
L?F;=CIH;>;M
=IH
F;M


?F
/?H;>I
=O?HN;
=IH
F;M
GCMG;M
@;=OFN;>?M
KO?
F;
}G;L;
<;D;

?
CH=FOMI
JO?>?
?GCNCL
MO
>C=N;G?H
;HN?M
KO?
?FF;
!MNIM
;MOHNIM
MIH

JIL
?D?GJFI

F;
;ONILCT;=C‰H
>?
FIM
;=O?L>IM
>?
=IIJ?L;=C‰H
?HNL?


F;
L?AOF;=C‰H
>?F
"IH>I
>?
IGJ?HM;=C‰H
%HN?LN?LLCNILC;F

F;
?P?HNO;F
;JFC=;=C‰H
>?
G?>C>;M
J;L;
I<FCA;L
;
FIM
AI<C?LHIM
;ONIH‰GC=IM
;
=OGJFCL
=IH
MOM
I<FCA;=CIH?M
=IHMNCNO=CIH;F?M
S
F?A;F?M
S
F;
?P;FO;=C‰H
>?
F;
H?=?MC>;>
>?
;LGIHCT;L
F;
JLIGOFA;=C‰H
>?
F?S?M
!F
/?H;>I
N;G<C‚H
CHN?LPC?H?
?H
F;
L?@ILG;
>?
FIM
?MN;NONIM
>?
;ONIHIG…;
S
?M
F;
M?>?
>?F
>?<;N?
?H
N?IL…;

;HO;F
MI<L?
?F
?MN;>I
>?F
U!MN;>I
>?
F;M
ONIHIG…;MX

>IH>?
NI>IM
FIM
JL?MC>?HN?M
;ONIH‰GC=IM
M?
L?H?H
MIFI
M?
B;
=?F?<L;>I
?H



S

xFNCG;G?HN?

?F
/?H;>I
N;G<C‚H
M?
B;
ONCFCT;>I
=IGI
M?>?
J;L;
;=IA?L
F;M
L?OHCIH?M
>?
F;
IH@?L?H=C;
>?
,L?MC>?HN?M
(;
G;SIL…;
>?
?MN;M
@OH=CIH?M
>?F
/?H;>I
M?
?D?L=?H
JIL
OH;
>?
MOM
=IGCMCIH?M
F?ACMF;NCP;M
J?LG;H?HN?M

F;
IGCMC‰H
#?H?L;F
>?
F;M


=L?;>;
?H

=IGI
OH
CHN?HNI
>?
>;LF?
OH;
ILC?HN;=C‰H
G}M
N?LLCNILC;F
0C?H?
OH;
=IGJIMC=C‰H
J?=OFC;L

;F
?MN;L
@ILG;>;
JIL

M?H;>IL?M
?F
>I<F?
>?
M?H;>IL?M
KO?
?F
L?MNI
>?
F;M
=IGCMCIH?M
F?ACMF;NCP;M
J?LG;H?HN?M

S
JIL
L?JL?M?HN;HN?M
>?
FIM
AI<C?LHIM
=?HNL;F
S
;ONIH‰GC=IM

JIL
FI
A?H?L;F
GCHCMNLIM

JL?MC>?HN?M
;ONIH‰GC=IM
I
=IHM?D?LIM

;
KOC?H?M
M?
CHPCN;
;
OHCLM?
;
FIM
M?H;>IL?M
?H
F;M
=IGJ;L?=?H=C;M
>?
GC?G<LIM
>?F
AI<C?LHI
S
FIM
>?<;N?M
>?
F;
=IGCMC‰H
(IM
=IHM?D?LIM
;ONIH‰GC=IM
N;G<C‚H
NC?H?H
>?L?=BI
;
MIFC=CN;L
F;
=IHPI=;NILC;
>?
F;
IGCMC‰H

J?M;L
>?
HI
N?H?L
OH
JI>?L
>?
>?=CMC‰H
@CH;F

?MN;
=IGCMC‰H
@O?
A;H;H>I
=;>;
P?T
OH
J;J?F
G}M
L?F?P;HN?
=IGI
@ILI
J;L;
?F
>?<;N?
S
F;
J;LNC=CJ;=C‰H
>?
FIM
AI<C?LHIM
;ONIH‰GC=IM
?H
FIM
FNCGIM
;ˆIM
!F
HG?LI
>?
MOM
L?OHCIH?M

B;
C>I
=L?=C?H>I
>OL;HN?
F;M
FNCG;M
F?ACMF;NOL;M

?H



?H

S

?H

!H


JIL
?D?GJFI

;>?G}M
>?
P;LCIM
GCHCMNLIM
>?F
AI<C?LHI
=?HNL;F


=IHM?D?LIM
S

JL?MC>?HN?M
;ONIH‰GC=IM
J;LNC=CJ;LIH
?H
F;M
M?MCIH?M
>?
=IHNLIF
S
FIM
>?<;N?M
>?
F;
IGCMC‰H
DOHNI
=IH
FIM
M?H;>IL?M
,;L?=?

MCH
?G<;LAI

KO?
?MN;
?RNL;ˆ;
G?T=F;
>?
F?ACMF;>IL?M
S
GC?G<LIM
>?
FIM
?D?=ONCPIM
;ONIH‰GC=IM
HI
B;
JLI>O=C>I
FIM
I<D?NCPIM
?MJ?L;>IM
=IGI
@ILI
>?
>?FC<?L;=C‰H
I
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
M?=NILC;F?M
!MNI
?M
;M…
JIL
F;
JIFCNCT;=C‰H
J;LNC>CMN;
>?
FIM
>?<;N?M
!F
J;J?F
>?
F;
IGCMC‰H
M?
B;
G;HN?HC>I
;G<CAOI
S
M?
B;
ONCFCT;>I
JLCH=CJ;FG?HN?
JIL
FIM
=IHM?D?LIM
S
JL?MC>?HN?M
;ONIH‰GC=IM
>?
F;M

AI<?LH;>;M
JIL
FIM
J;LNC>IM
>?
F;
IJIMC=C‰H
=IGI
OH
@ILI
;>C=CIH;F
J;L;
;N;=;L
;F
AI<C?LHI
!H
F;
FNCG;
F?ACMF;NOL;
=IH
AI<C?LHI
>?F
J;LNC>I
JIJOF;L
?H
G;SIL…;
;<MIFON;
?H
?F
/?H;>I

?MN;
=IGCMC‰H
HI
M?
B;
L?OHC>I
JL}=NC=;G?HN?


/
@32
23
b@5/<=A
;C:B7:/B3@/:3A
>=:`B71=/2;7<7AB@/B7D=A
4=@=A
3
7<AB@C;3<B=A
;C:B7:/B3@/:3A
23
1==>3@/17b<

#2D
@?76C6?4:2D
*64E@C:2=6D
*
!HNL?
FIM
CHMNLOG?HNIM
G}M
CGJILN;HN?M
>?
F;M
.%#
?H
!MJ;ˆ;
M?
?H=O?HNL;H
F;M
IH@?L?H=C;M
/?=NILC;F?M
(;
(?S
 
JL?MN;<;
?MJ?=C;F
;N?H=C‰H
;
>C=B;M
IH@?L?H=C;M
?H
=O;HNI
@ILG;
>?
=IF;<IL;=C‰H
GOFNCF;N?L;F
/?
B;
B;<F;>I
>?
F;
=IH@CAOL;=C‰H
>?
F;M
IH@?L?H=C;M
/?=NILC;F?M

G}M
=IGI
@ILI
>?
>CM=OMC‰H
?
CH@ILG;=C‰H

KO?
=IGI
CHMN;H=C;
>?
>?=CMC‰H

MC
MO
@OH=C‰H
M?
GC>?
M?AH
F;
=;J;=C>;>
>?
;>IJN;L
>?=CMCIH?M
PCH=OF;HN?M
I
=IHP?HCIM
S
?F
OMI
?@?=NCPI
>?
FIM
‰LA;HIM
>?
=IIJ?L;=C‰H
=IHMOFNCP;
CH@ILG;F
!F
;=NO;F
MCMN?G;
>?
=IH@?L?H=C;M
M?=NILC;F?M
NC?H?
MO
ILCA?H
?H
FIM
;ˆIM
I=B?HN;
>?F
MCAFI
J;M;>I
S
M?
>?M;LLIFF;
?H
=O;NLI
IF?;>;M
1H;
JLCG?L;
@;M?
P;
>?M>?
F;
(?S
>?
,LI=?MI
ONIH‰GC=I
>?

>IH>?
S;
M?
G?H=CIH;H

B;MN;
FIM
,;=NIM
ONIH‰GC=IM
>?

KO?
=IH>OD?LIH
;
F;
GI>C@C=;=C‰H
>?
F;
(?S
>?
JLI=?>CGC?HNI
;>GCHCMNL;NCPI
S
;
F;
CH=FOMC‰H
>?
F;
=IF;<IL;=C‰H
?H
MO
=IHN?HC>I
!H
?MN;
@;M?
M?
?MN;<F?=?H
F;M
JLCG?L;M

=IH@?L?H=C;M
M?=NILC;F?M

;FAOH;M
>?
F;M
=O;F?M
B;H
MC>I
>?
F;M
G}M
;=NCP;M
B;MN;
;BIL;
M…

JIL
?D?GJFI

F;
/
>?
ALC=OFNOL;
S
?M;LLIFFI
.OL;F


F;
IGCMC‰H
>?
IIL>CH;=C‰H
>?F
IHM?DI
>?
IIL>CH;=C‰H
1HCP?LMCN;LC;

?F
IHM?DI
>?
,IF…NC=;
"CM=;F
S
"CH;H=C?L;
>?
F;M



F;
/
>?
!>O=;=C‰H


F;
/
>?F
,F;H
*;=CIH;F
MI<L?
LIA;M


?F
IHM?DI
%HN?LN?LLCNILC;F
>?F
/CMN?G;
*;=CIH;F
>?
/;FO>


F;
IH@?L?H=C;
J;L;
MOHNIM
.?F;=CIH;>IM
=IH
F;M
IGOHC>;>?M
!OLIJ?;M


F;
/
>?
)?>CI
G<C?HN?


F;
/
>?
2CPC?H>;
S
1L<;HCMGI


F;
/
>?
IHMOGI


F;
IH@?L?H=C;
*;=CIH;F
>?
0L;HMJILN?M


F;
/
>?
MOHNIM
/I=C;F?M

!H
OH;
M?AOH>;
IF?;>;

>?MJO‚M
>?F
,;=NI
ONIH‰GC=I
>?


M?
=L?;LIH
INLIM
=CH=I
‰LA;HIM
GOFNCF;N?L;F?M
M?=NILC;F?M
=IH
FIM
FNCGIM
AI<C?LHIM
>?
"?FCJ?
#IHT}F?T

N;F?M
=IGI
F;
/
>?
,?M=;


F;
>?
0OLCMGI

F;
>?
OFNOL;


F;
>?
IG?L=CI
%HN?LCIL


S
F;
>?
%H@L;?MNLO=NOL;M
S
+L>?H;=C‰H
>?F
0?LLCNILCI

IH
F;
FF?A;>;
>?F
AI<C?LHI
TH;L
M?
=L?;H
INL;M
MC?N?
/
>?
MOHNIM
(;<IL;F?M


?F
IHM?DI
IHMOFNCPI
>?
,IF…NC=;
AL…=IF;
J;L;
MOHNIM
IGOHCN;LCIM


?F
IHM?DI
IHMOFNCPI
>?
,IF…NC=;
,?MKO?L;
J;L;
MOHNIM
IGOHCN;LCIM


F;
/
?H
G;N?LC;
>?
>GCHCMNL;=C‰H
>?
&OMNC=C;


F;
/
>?
F;
,?KO?ˆ;
S
)?>C;H;
!GJL?M;


F;
/
>?F
&O?AI


F;
IGCMC‰H
*;=CIH;F
>?
/;FP;G?HNI
);L…NCGI

S
F;
/
>?
>GCHCMNL;=C‰H
,<FC=;

,IL
FNCGI

?H
OH;
FNCG;
IF?;>;
M?
=L?;H

=IH
F;
FF?A;>;
>?F
#I<C?LHI
>?
.I>L…AO?T
6;J;N?LI

F;
/
>?
,IF…NC=;
,;NLCGIHC;F


;OHKO?
HI
B;
MC>I
=IHMNCNOC>;
;H

F;
/
>?
C?H=C;
S
0?=HIFIA…;


L?OHC>;
OH;
MIF;
P?T
S
HOH=;
G}M
>?M>?
?HNIH=?M

F;
/
>?
0?F?=IGOHC=;=CIH?M
S
/I=C?>;>
>?
F;
%H@ILG;=C‰H


F;
/
J;L;
MOHNIM
(I=;F?M


?F
IHM?DI
>?
,IF…NC=;
>?
/?AOLC>;>


F;
IH@?L?H=C;
#?H?L;F
>?
,IF…NC=;
1HCP?LMCN;LC;


KO?
MO=?>?
;
F;
IGCMC‰H
>?
IIL>CH;=C‰H
>?F
IHM?DI
>?
IIL>CH;=C‰H
1HCP?LMCN;LC;

KO?
KO?>;
MOJLCGC>;
S
JIL
FNCGI

?F
IHM?DI
0?LLCNILC;F
>?F
/CMN?G;
J;L;
F;
ONIHIG…;
S
N?H=C‰H
;
F;
?J?H>?H=C;

!H
?MN;
FNCG;

KO?
MOJIH?
OH;
HIP?>;>
?H
?F
MCMN?G;
>?
=IF;<IL;=C‰H

M?
?D?L=?
F;
@OH=C‰H
>?
;=IL>;L
OH
G;L=I
>?
=IIJ?L;=C‰H
CHN?L;>GCHCMNL;NCP;

KO?
M?
>?M;LLIFF;
;
NL;P‚M
>?
=IHP?HCIM
?HNL?
F;
#!
S
F;M

!F
IHM?DI
?MN}
=IHMNCNOC>I
JIL
?F
NCNOF;L
>?F
)CHCMN?LCI
>?
0L;<;DI
S
MOHNIM
/I=C;F?M
S
JIL
OH
L?JL?M?HN;HN?
>?
=;>;
OH;
>?
F;M

!H
F;
F?ACMF;NOL;

M?
@OMCIH;LIH
?F
IHM?DI
0?LLCNILC;F
>?F
/CMN?G;
J;L;
F;
ONIHIG…;
S
N?H=C‰H
;
F;
?J?H>?H=C;
=IH
F;
IH@?L?H=C;
>?
;MOHNIM
MI=C;F?M

=L?}H>IM?
;M…
?F
IHM?DI
0?LLCNILC;F
>?
/?LPC=CIM
/I=C;F?M
S
>?F
/CMN?G;
J;L;
F;
ONIHIG…;
S
N?H=C‰H
;
F;
?J?H>?H=C;
MCGCMGI

M?
MOJLCGC‰
F;
IH@?L?H=C;
/?=NILC;F
>?
IIJ?L;=C‰H
%HN?LH;=CIH;F
J;L;
?F
?M;LLIFFI
S
M?
=L?;LIH
F;
IH@?L?H=C;
/?=NILC;F
>?
!H?LA…;

?F
IHM?DI
>?
,IF…NC=;M
>?F
&O?AI

F;
IH@?L?H=C;
/?=NILC;F
>?
%H>OMNLC;
S
,5)!
S
?F
IHM?DI
J;L;
F;
1HC>;>
>?
)?L=;>I

;HOH=C}H>IM?
N;G<C‚H
?H
F;
F?S
F;
=L?;=C‰H
>?
F;
IH@?L?H=C;
/?=NILC;F
>?
0L}@C=I

/?AOLC>;>
2C;F
S
)IPCFC>;>
/IMN?HC<F?
,IL
N;HNI

?F
HG?LI
>?
IH@?L?H=C;M
JL?PCMN;M
?H
OH;
HILG;
I
=IHMNCNOC>;M
>?
@;=NI
=IHN;H>I
FIM
IHM?DIM
IHMOFNCPIM
>?
,IF…NC=;
AL…=IF;
S
,IF…NC=;
,?MKO?L;
IGH
S
MCH
=IHN;L
;H
F;M
>?F
AO;
S
>?
F;
%HGCAL;=C‰H

?M
>?


>?
F;M
=O}F?M
NL?M
I
=O;NLI

F;
IH@?L?H=C;
/?=NILC;F
>?
,;NLCGIHCI
S
IH@?L?H=C;
/?=NILC;F
>?
C?H=C;
S
0?=HIFIA…;
S
F;
>?
0L}@C=I
?MN}H
;H
JIL
=IHMNCNOCLM?
?H
F;
JL}=NC=;
?
GI>I
?MKO?G}NC=I
S
M?AH
FI
KO?
M;<?GIM
JIL
F;
JLIJC;
CH@ILG;=C‰H
I@C=C;F
I
JIL
FIM
?MNO>CIM
?GJ…LC=IM
>?M;LLIFF;>IM
MI<L?
?F
N?G;

F;M
N;L?;M
N…JC=;M
>?
F;M
=IH@?L?H=C;M
M?=NILC;F?M
MIH
F;M
MCAOC?HN?M
W
%H@ILG;L
MI<L?
;HN?JLIS?=NIM
>?
HILG;M
?MN;N;F?M

(?S?M

.?;F?M
?=L?NIM
O
tL>?H?M

KO?
?F
#I<C?LHI
I
OH
)CHCMN?LCI
P;
;
NL;GCN;L
I
;>IJN;L
W
%H@ILG;L
MI<L?
F;M
CHC=C;NCP;M
;>IJN;>;M
JIL
F;
IGCMC‰H
?OLIJ?;

;
@CH
>?
KO?
F;M
IGOHC>;>?M
ON‰HIG;M
?RJL?M?H
MO
IJCHC‰H
S
?H

MO
=;MI

@ILGOF?H
OH;
JIMC=C‰H
=IGH
W
?<;NCL
S

?H
MO
=;MI

;>IJN;L
=LCN?LCIM
J;L;
F;
=I@CH;H=C;=C‰H
>?
;==CIH?M
>?MNCH;>;M
;F
M?=NIL
W
>IJN;L
JF;H?M
=IHDOHNIM
=IGI
FIM
JL?PCMNIM
?H
?F
;LN…=OFI

>?
F;
(?S
>?
.&,
W
%H@ILG;L
MI<L?
;=NO;=CIH?M
>?
F;
#!
?H
?F
OMI
>?
MOM
=IGJ?N?H=C;M

J?LI
KO?
JO?>?H
;@?=N;L
I
CHN?L?M;L
;
F;M

W
%H@ILG;L
MI<L?
;=NO;=CIH?M
>?
F;
#!
?H
?F
}G<CNI
>?
F;M
L?F;=CIH?M
CHN?LH;=CIH;F?M
S
KO?
;@?=N?H
;
F;M

W
!MN;<F?=?L
G?=;HCMGIM
I
MCMN?G;M
>?
CHN?L=;G<CI
>?
CH@ILG;=C‰H
>?
CHN?L‚M
GONOI

=IGI
JO?>?
M?L
FIM
KO?
NC?H?H
@CH;FC>;>
?MN;>…MNC=;
I
JL?MOJO?MN;LC;
W
+LA;HCT;L
CHN?LH;G?HN?
F;
JLIJC;
IH@?L?H=C;
/?=NILC;F
(;M
=IH@?L?H=C;M
M?=NILC;F?M
MIH
MIFI
?F
JLCG?L
S
G}M
PCMC<F?
HCP?F
>?
F;
=IF;<IL;=C‰H

J?LI
?RCMN?
OH
AL;H
HG?LI
>?
‰LA;HIM
GOFNCF;N?L;F?M
>?
;JISI
S
=IF;<IL;=C‰H

=IHI=C>IM
=IGI
‰LA;HIM
>?
M?AOH>I
HCP?F

=L?;>IM
;FL?>?>IL
>?
=;>;
=IH@?L?H=C;
M?=NILC;F

KO?
L?H?H
;
L?JL?M?HN;HN?M
>?
L;HAI
CH@?LCIL
;F
>?
GCHCMNLI
I
=IHM?D?LI
S
NL;N;H
>?
N?G;M
A?H?L;F?M
>?F
M?=NIL
I
G}M
?MJ?=C;FCT;>IM
,;M?GIM
;BIL;
;
P?L
?F
HCP?F
CH@?LCIL
;F
>?
F;
IH@?L?H=C;
M?=NILC;F

>IH>?
N;G<C‚H
M?
JLI>O=?
<O?H;
J;LN?
>?
F;
U;==C‰HX
CHN?LAO<?LH;G?HN;F


#@D
xC82?@D
Eq4?:4@D
56
4@@A6C24:x?
:?E6C25>:?:DEC2E:G2
@
56
D68F?5@

?:G6=
 (IM
CH@ILG?M
>?F
)$,
)CHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M

;HN?M
FF;G;>I
),
I
),0,
=IHN;<CFCT;H
OHIM

‰LA;HIM
>?
M?AOH>I
HCP?F

=IGCMCIH?M
>?
=IHN?HC>I
A?H?L;F
S

=IGCMCIH?M
?MJ?=C;FCT;>;M
(;M
IGCMCIH?M
/?=NILC;F?M
>?
=IHN?HC>I
A?H?L;F
;=N;H
=IGI
OH
‰LA;HI
HC=I
>?
JL?J;L;=C‰H
>?
FIM
>?<;N?M
JIMN?LCIL?M
>?
F;
IH@?L?H=C;
S
?H
GO=BIM
=;MIM
MO?F?H
?F;<IL;L
F;
JLIJO?MN;
>?F
IL>?H
>?F
>…;
>?
F;M
M?MCIH?M
>?F
JF?HI
>?
F;
=IH@?L?H=C;
I
CH@ILG?M
JL?PCIM
"L?=O?HN?G?HN?
=O?HN;H
=IH
F;
JL?M?H=C;
>?
2C=?=IHM?D?LIM
I
/?=L?N;LCIM
#?H?L;F?M
I
CL?=NIL?M
#?H?L;F?M
S
?MN}H
HILG;FG?HN?
?MN;<F?=C>;M
I
L?AOF;>;M
?H
FIM
L?AF;G?HNIM
>?
F;M
=IH@?L?H=C;M
M?=NILC;F?M
0C?H?H
HIG<L?M
=IGI
UIGCMC‰H
N‚=HC=;X

UIGCMC‰H
A?H?L;FX

UIGCMC‰H
?F?A;>;X

UIGCMC‰H
>?
=IIL>CH;>IL?MX

UIGCN‚
CHN?LN?LLCNILC;FX

?N=
(;M
IGCMCIH?M
/?=NILC;F?M
>?
=IHN?HC>I
?MJ?=C;FCT;>I

>?
F;M
=O}F?M
?F
),0,
C>?HNC@C=;
;F
G?HIM

?H
MOM
CH@ILG?M

B;=?H
OH
NL;<;DI
?GCH?HN?G?HN?
N‚=HC=I

JIL
FI
KO?
L?KOC?L?H
G;SIL
?MJ?=C;FCT;=C‰H
S
=;J;=CN;=C‰H
N‚=HC=;
S
MO?F?H
?MN;L
=IGJO?MN;M
JIL
CL?=NIL?M
#?H?L;F?M
O
INLIM
HCP?F?M
CH@?LCIL?M
0C?H?H
>?HIGCH;=CIH?M
=IGI
UIGCMC‰HX

U#LOJI
>?
0L;<;DIX

U.?OHC‰H
>?
>CL?=NIL?M
A?H?L;F?M
>?X

U)?M;
>?
>CL?=NIL?M
A?H?L;F?MX

?N=
/?AH
?F
)$,

M?
=;F=OF;
KO?
F;M

IGCMCIH?M
/?=NILC;F?M
G;HNC?H?H
;FL?>?>IL
>?
OH;M

L?OHCIH?M
;F
;ˆI
F
CAO;F
KO?
?H
FIM
JF?HIM
>?
F;
=IH@?L?H=C;
M?=NILC;F
O
‰LA;HIM
>?
JLCG?L
HCP?F

?H
MO
@OH=CIH;GC?HNI
F;
JL?MC>?H=C;
S
F;
M?=L?N;L…;
>?
F;M
=IGCMCIH?M
=ILL?MJIH>?
;
FIM
L?JL?M?HN;HN?M
>?
F;
#!
S
JIL
N;HNI
F;
=IHPI=;NILC;
S
F;
JLIJO?MN;
>?
IL>?H
>?F
>…;

;M…
=IGI
F;
>CL?==C‰H
>?
FIM
>?<;N?M
!H
?FF;M
M?
MO?F?H
>?<;NCL
MI<L?
NI>I
JLIS?=NIM
HILG;NCPIM
>?F
!MN;>I

HI
>?
F;M

MCGCMGI

?RCMN?H
INLIM
‰LA;HIM
FF;G;>IM
#LOJIM
>?
0L;<;DI
S
,IH?H=C;M
0‚=HC=;M

@ILG;>IM
JIL
HCP?F?M
;>GCHCMNL;NCPIM
I
N‚=HC=IM
?MJ?=C;FCT;>IM

KO?
JO?>?H
M?L
MO<>CL?=NIL?M
A?H?L;F?M

D?@?M
>?
}L?;
I
M?LPC=CI
?H
FIM
KO?
M?
CHN?L=;G<C;H
JOHNIM
>?
PCMN;
>?
=IHN?HC>I
?R=FOMCP;G?HN?
N‚=HC=I
S
JO?>?H
M?L
J?LG;H?HN?M
I
N?GJIL;F?M
!MN;M
L?;FCT;H
N;L?;M
?MJ?=…@C=;M
>?
JL?J;L;=C‰H

?MNO>CI
I
?F;<IL;=C‰H
>?
JLIJO?MN;M
MI<L?
FIM
;MOHNIM
KO?
M?
F?M
?H=IGC?H>?
!M
>C@…=CF
M;<?L
?R;=N;G?HN?
=O}HNIM
>?
?MNIM
‰LA;HIM
>?
=IIJ?L;=C‰H
;
>CMNCHNIM
HCP?F?M
?RCMN?H
?H
L?;FC>;>
S
MC
NC?H?H
OH
@OH=CIH;GC?HNI
L?;F

S;
KO?
HI
B;S
>;NIM
MCMN?G}NC=IM
S
;==?MC<F?M
MI<L?
MOM
?H=O?HNLIM
S
;MCMN?HN?M
S
?H
F;
G;SIL…;
>?
?FFIM
HI
M?
JLI>O=?H
;=N;M
>?
MOM
L?OHCIH?M
(;
F;<IL
CH@ILG;NCP;
S
?MN;>…MNC=;
>?F
)$,
B;=?
?F
M?AOCGC?HNI
>?
FIM
‰LA;HIM
>?
JLCG?L
HCP?F

J?LI
?M
>C@…=CF
>?N?=N;L
S
M?AOCL
?F
AL;H
HG?LI
>?
L?OHCIH?M
I
?H=O?HNLIM
>?
@OH=CIH;LCIM
;
>CMNCHNIM
HCP?F?M


=
7F?4:@?2>:6?E@
C62=
56
=@D
xC82?@D
56
4@@A6C24:x?
(;M
L?AF;M
>?
=IGJIMC=C‰H
>?
F;
G;SIL…;
>?
F;M
=IH@?L?H=C;M
M?=NILC;F?M
?MN;<F?=?H
F;
L?JL?M?HN;=C‰H
;F
G}RCGI
HCP?F
JIF…NC=I
?H
?MNIM
‰LA;HIM
GOFNCF;N?L;F?M
/?
JL?P‚
KO?
=IH
=;L}=N?L
?R=?J=CIH;F
FIM
=IHM?D?LIM
;ONIH‰GC=IM
>?F?AO?H
MO
J;LNC=CJ;=C‰H

N?HC?H>I
‚MN;
KO?
L?=;?L
C>?;FG?HN?
?H
INLI
IHM?D?LI
>?
F;
GCMG;

I
?H
;FAOHIM
=;MIM
M?
;>GCN?
KO?
M?;
OH
=;LAI
>?
L;HAI
CH@?LCIL
?H
F;
GCMG;
=IHM?D?L…;

=IGI
OH
PC=?=IHM?D?LI
I
OH
>CL?=NIL
A?H?L;F
!H
?F
MCMN?G;
>?
=IF;<IL;=C‰H
?MJ;ˆIF
F;
JL?MC>?H=C;
>?
FIM
‰LA;HIM
GOFNCF;N?L;F?M
>?
=IF;<IL;=C‰H
=ILL?MJIH>?
MC?GJL?
;F
)CHCMNLI
I
)CHCMNLIM
=IGJ?N?HN?M
?H
F;
G;N?LC;
I<D?NI
>?
F;
IH@?L?H=C;
.?MJ?=NI
;
F;
PC=?JL?MC>?H=C;

HILG;FG?HN?
MO?F?
;NLC<OCLM?
;
OH
=IHM?D?LI
;ONIH‰GC=I
?F?AC>I
JIL
NI>IM
FIM
=IHM?D?LIM
>?
F;M


M?AH
L?AOF;H
;FAOHIM
>?
FIM
L?AF;G?HNIM
>?
>C@?L?HN?M
G;H?L;M
!H
;FAOHIM
=;MIM
M?
=IHMC>?L;
F;
?RCMN?H=C;
>?
>IM
PC=?JL?MC>?H=C;M

F;
JLCG?L;
>?
F;M
=O;F?M
M?
INILA;
;
INLI
L?JL?M?HN;HN?
>?
F;
#!
S
F;
M?AOH>;
;
OH
=IHM?D?LI
;ONIH‰GC=I
?F?AC>I
?H
F;
@ILG;
JL?PCMN;
JIL
?F
L?AF;G?HNI
!H
INL;M
=IH@?L?H=C;M
HI
M?
ONCFCT;
?MN;
PC=?JL?MC>?H=C;
!H
;FAOHIM
M?=NIL?M

=O;H>I
F;
L?OHC‰H
>?
F;
=IH@?L?H=C;
M?
=?F?<L;
@O?L;
>?
);>LC>

?F
;H@CNLC‰H
B;=?
F;M
P?=?M
>?
PC=?JL?MC>?HN?
>?
GI>I
CH@ILG;F
!H
=O;HNI
;
F;
M?=L?N;L…;
>?
FIM
‰LA;HIM
>?
=IF;<IL;=C‰H
GOFNCF;N?L;F?M

‚MN;
MO?F?
=ILL?MJIH>?L
;
OHC>;>?M
;>GCHCMNL;NCP;M
>?F
)CHCMN?LCI
KO?
N?HA;
=IGJ?N?H=C;
MI<L?
F;
G;N?LC;
I<D?NI
>?
F;
=IH@?L?H=C;
M?=NILC;F

HILG;FG?HN?
=IH
L;HAI
>?
>CL?==C‰H
A?H?L;F

=IGI
F;
M?=L?N;L…;
A?H?L;F
N‚=HC=;
I
;FAOH;
>CL?==C‰H
A?H?L;F
=IGJ?N?HN?
J;L;
N?G;M
CHN?LAO<?LH;G?HN;F?M
?H
?M?
GCHCMN?LCI
(;
M?=L?N;L…;
>?
F;
=IH@?L?H=C;
?D?L=?
@OH=CIH?M
>?
;JISI
;>GCHCMNL;NCPI

A;L;HNCT;H>I
F;
=IHNCHOC>;>
;>GCHCMNL;NCP;
>?F
‰LA;HI
S
?H
;FAOHIM
=;MIM
=IIL>CH;
?F
NL;<;DI
N‚=HC=I
>?
FIM
‰LA;HIM
>?
;JISI
>?
F;
IH@?L?H=C;
MCGCMGI
=OMNI>C;
S
;L=BCP;
F;
>I=OG?HN;=C‰H
>?
F;
=IH@?L?H=C;
S
F;
>?
MOM
‰LA;HIM

F?P;HN;
;=N;M
>?
F;M
M?MCIH?M
=?LNC@C=;
=IH
?F
,L?MC>?HN?
FIM
;=O?L>IM
S
P?F;
JIL
F;
;>?=O;>;
NL;GCN;=C‰H
>?
?MNIM
0;G<C‚H
M?
?H=;LA;

?H
F;
@;M?
>?
JL?J;L;=C‰H

>?
?F;<IL;L
S
>CMNLC<OCL
F;
>I=OG?HN;=C‰H
H?=?M;LC;
J;L;
F;M
L?OHCIH?M
>?
NL;GCN;L
F;
=ILL?MJIH>?H=C;
S
>?
JL?J;L;L
F;
G?GILC;
;HO;F
>?
F;
=IH@?L?H=C;

?H
?F
=;MI
>?
KO?
‚MN;
M?
B;A;
,IL
FI
KO?
L?MJ?=N;
;F
JI>?L
>?
=IHPI=;NILC;

?H
F;
G;SIL…;
>?
FIM
=;MIM
FIM
L?AF;G?HNIM
I
F;
JL}=NC=;
B;<CNO;F
=IHMC>?L;
F;
JIMC<CFC>;>
>?
KO?
N;HNI
F;
JL?MC>?H=C;
=IGI
FIM
INLIM
GC?G<LIM
>?
F;
=IH@?L?H=C;
JO?>;H
JLIJIH?L
MO
=IHPI=;NILC;
S
J;LNC=CJ;L
?H
F;
=IH@CAOL;=C‰H
>?F
IL>?H
>?F
>…;
(IM
L?AF;G?HNIM
?MN;<F?=?H
KO?
OHI
>?
FIM
L?KOCMCNIM
J;L;
F;
=IHPI=;NILC;
?M
KO?
M?
B;A;
=IH
F;
UMO@C=C?HN?
;HN?F;=C‰HX
!H
=O;HNI
;F
IL>?H
>?F
>…;

FI
B;<CNO;F
?H
FIM
L?AF;G?HNIM
S
?H
F;
JL}=NC=;

?M
KO?
=ILL?MJIH>;
MO
@CD;=C‰H
;
F;
JL?MC>?H=C;
>?
F;
=IH@?L?H=C;

I
>?F
‰LA;HI
>?
;JISI
MC?GJL?
KO?
F;
=IHPI=;NILC;
M?
L?;FC=?
;
CHC=C;NCP;
MOS;
 OKO?

,IL
FI
KO?
L?MJ?=N;
;
MO
;=NCPC>;>
L?;F

?H
L?;FC>;>
B;S

?H
@OH=CIH;GC?HNI

J?LI
M?AH
FIM
>;NIM
>CMJIHC<F?M

?H
FIM
FNCGIM
;ˆIM
MIFI
M?
L?H?H
?HNL?

S

>?
F;M
=IH@?L?H=C;M
?RCMN?HN?M
3I)+&1

C<9B17a;
239
=?<:327<
23
?3B;7<;3@
/;B/93@
23
9/@
<;43?3;17/
'31A<?7/9
=<?
9357@9/AB?/@
6/@A/

"O?HN?
!F;<IL;=C‰H
JLIJC;
=IH
>;NIM
>?F
)$,

!RCMN?H
=IHMC>?L;<F?M
P;LC;=CIH?M
M?=NILC;F?M
?H
F;
@L?=O?H=C;
>?
L?OHCIH?M

B;MN;
?F
JOHNI
>?
KO?
;FAOH;M
=IH@?L?H=C;M
=IGI
F;
IH@?L?H=C;
/?=NILC;F
>?
ALC=OFNOL;
S
F;
IH@?L?H=C;
/?=NILC;F
>?
,?M=;
?H
MO
P?LNC?HN?
=IGI
‰LA;HIM
J;L;
;MOHNIM
CHN?LHIM
I
=IGOHCN;LCIM
L?JL?M?HN;H
?F

>?
NI>;M
F;M
L?OHCIH?M

>?

?H

P‚;M?
N;G<C‚H
?
F;
,?ˆ;
?N
;F

,I>L…;H
>CMNCHAOCLM?
=O;NLI
ALOJIM
JIL
F;
@L?=O?H=C;
>?
MOM
L?OHCIH?M
W
MC?N?
=IH@?L?H=C;M
KO?
M?
L?H?H
?HNL?

S

P?=?M
>?
G?>C;
;F
;ˆI
W
M?CM
=IH@?L?H=C;M
M?
L?H?H
?HNL?

S

P?=?M
;F
;ˆI

S
B;H
G;HN?HC>I
?MN;
J;ON;
N;HNI
>?M>?
MO
=L?;=C‰H
W
=O;NLI
‰LA;HIM
KO?
M?
B;H
L?OHC>I
?HNL?

S

P?=?M
?H
JLIG?>CI
W
?F
L?MNI
>?
‰LA;HIM
KO?
M?
B;H
L?OHC>I
G?HIM
>?

P?T
=IGI
JLIG?>CI
,IL
FI
KO?
L?MJ?=N;
;
F;
>CH}GC=;
>?
F;M
L?OHCIH?M
S
;F
?MNCFI
>?
CHN?L;==C‰H
?H
?FF;M

M;<?GIM
KO?
?H
FIM
‰LA;HIM
>?
HCP?F
N‚=HC=I
JL?>IGCH;
=;MC
MC?GJL?
OH
?MNCFI
L?MIFONILCI
>?
JLI<F?G;M
S
>?
<MKO?>;
>?F
=IHM?HMI
*I
M?
MO?F?
JLI>O=CL
PIN;=C‰H
;OHKO?
FIM
L?AF;G?HNIM
CHN?LHIM
>?
@OH=CIH;GC?HNI
FI
J?LGCN;H
/…
M?
JLI>O=?
>?FC<?L;=C‰H

>IGCH;>;
JIL
F;
<MKO?>;
>?
=IHM?HMI
S
>?
OH;
F?ACNCG;=C‰H
=IGJ;LNC>;
>?
FIM
;=O?L>IM
!H
F;
JL}=NC=;
M?
>?FC<?L;
B;MN;
?H=IHNL;L
OH
=IHM?HMI

KO?
?H
GO=BIM
=;MIM
B;=?
KO?
;OHKO?
FIM
;=O?L>IM
HI
M?;H
PCH=OF;HN?M
F?A;FG?HN?

?H
F;
JL}=NC=;
M…
FI
M?;H
(IM
;=O?L>IM
M?
>CM=ON?H
?H
FIM
‰LA;HIM
CH@?LCIL?M
S
G}M
KO?
PIN;L

?H
=;MI
>?
>CM=L?J;H=C;
M?
CHN?HN;
U;=?L=;L
JIMC=CIH?MX
=IH
F;M

KO?
HI
?MN}H
>?
;=O?L>I
!H
;FAOHIM
‰LA;HIM
>?
JLCG?L
HCP?F
M?
>;
OH;
=C?LN;
JIFCNCT;=C‰H
J;LNC>CMN;

?H=;LH;>;
;
P?=?M
?H
OH;
?M=?HC@C=;=C‰H
MOJ?L@C=C;F
>?
=IH@FC=NIM

KO?
HI
L?MJIH>?
;
>?M;=O?L>IM
MOMN;HNCPIM

J?LI
F;
=IH@FC=NCPC>;>
?H
FIM
>CMNCHNIM
M?=NIL?M

;
J?M;L
>?
F;
>CMNCHN;
;@CFC;=C‰H
JIF…NC=;
?M
HILG;FG?HN?
=IGJ?HM;>;
JIL
F;M
;FC;HT;M
N‚=HC=;M
S
JLI@?MCIH;F?M

PCMC<F?M
?H
GO=BIM
M?=NIL?M
=IGI
;MOHNIM
MI=C;F?M

G?>CI;G<C?HN?

?>O=;=C‰H
!MN;M
;FC;HT;M
?MN}H
<;M;>;M
?H
F;
CHN?L;==C‰H
@L?=O?HN?
S
?H
F;
J?LN?H?H=C;
;
FIM
GCMGIM
=O?LJIM
@OH=CIH;LC;F?M
=IH
P;FIL?M
?
C>?IFIA…;M
JLI@?MCIH;F?M
J;L?=C>;M
S;
?MN‚H
>?M?GJ?ˆ;H>I
MO
NL;<;DI
;F
M?LPC=CI
>?F
!MN;>I
I
>?
F;M

!H
HCHAOHI
>?
FIM
M?=NIL?M
M?
;JL?=C;
=F;L;G?HN?
OH
?H@L?HN;GC?HNI
MCMN?G}NC=I
?HNL?
F;
#!
S
F;M

HC
N;GJI=I
JO?>?
>?=CLM?
KO?
B;S;
=I;FC=CIH?M
I
;FC;HT;M
J?LG;H?HN?M
>?
OH;M

@L?HN?
;
INL;M

HC
KO?
‚MN;M

?H
=;MI
>?
KO?
M?
JLI>OT=;H

M?;H
MIFI
?F
L?@F?DI
>?
<;H>IM
J;LNC>CMN;M


@?G6?:@D
56
4@=23@C24:x?
J
@EC2D
Eq4?:42D
!F
CHMNLOG?HNI
>?
=IIJ?L;=C‰H
CHN?L;>GCHCMNL;NCP;
G}M
CGJILN;HN?
=O;HNCN;NCP;G?HN?
?M
?F
=IHP?HCI
>?
=IF;<IL;=C‰H
(IM
=IHP?HCIM
MIH
FIM
JLI>O=NIM
G}M
>?MN;=;>IM
S
L?F?P;HN?M
JIL
MO
CH@FO?H=C;
S
MO?F?H
M?L
@LONI
>?
F;
;=NCPC>;>
>?
F;M
=IH@?L?H=C;M
M?=NILC;F?M
IGI
M?
B;
>?MN;=;>I
JIL
FIM
?MNO>CIMIM

;OHKO?
FIM
=IHP?HCIM
>?
=IF;<IL;=C‰H
?HNL?
F;
#!
S
F;M

MO?F?H
L?P?MNCL
@ILG;FG?HN?
=;L}=N?L
<CF;N?L;F
?H
F;
G;SIL…;
>?
FIM
=;MIM

OH
?F?P;>I
JIL=?HN;D?
>?
?FFIM
MIH
U=F‰HC=IMX
I
NCJI

>?
MOM=LCJ=C‰H
GFNCJF?
MO=?MCP;
I
A?H?L;FCT;>;

KO?
CGJFC=;H
JL}=NC=;G?HN?
;
NI>;M
I
;
F;
G;SIL…;
>?
F;M

(IM
>;NIM
>?
FIM
FNCGIM
;ˆIM
CH>C=;H
KO?
?F


JIL
=C?HNI
>?
FIM
=IHP?HCIM
MIH
>?
MOM=LCJ=C‰H
A?H?L;FCT;>;
),0,



$;H
=IHMNCNOC>I
OH;
>?
F;M
;=NCPC>;>?M
>?
F;M
=IH@?L?H=C;M
M?=NILC;F?M
G}M
L?F?P;HN?M
=O;HNCN;NCP;G?HN?

?H
?MJ?=C;F
?H
;KO?FF;M
G;N?LC;M
;NLC<OC>;M
;
F;
=IGJ?N?H=C;
?R=FOMCP;
>?
F;M

/O
MOM=LCJ=C‰H
@ILG;FG?HN?
<CF;N?L;F
?RJFC=;L…;
FI
;<OFN;>I
>?
F;M
=C@L;M
;HO;F?M
>?
=IHP?HCIM

KO?
MOJ?L;H
S;
FIM

*ILG;FG?HN?

MCH
?G<;LAI

MO
=IHN?HC>I
M?
L?JLI>O=?
J;L;
NI>;M
F;M

/C
M?
I<M?LP;
?F
OMI
>?
?MN?
CHMNLOG?HNI

J;L?=?
=F;LI
KO?
F;
G;SIL…;
>?
=IHP?HCIM

JIL
=C?HNI
M?
=IH=?HNL;
?H
MC?N?
GCHCMN?LCIM

S
F;
GCN;>
>?
?FFIM
M?
@CLG;
=IH
FIM
)CHCMN?LCIM
>?
0L;<;DI
S
MOHNIM
/I=C;F?M

)CHCMN?LCI
>?
!>O=;=C‰H
S
)CHCMN?LCI
>?
%H>OMNLC;
P?L
0;<F;

$%.$

!7;7@A3?7<@
1<;
:/E<?
/1A7C72/2
1<;C3;17<;/9
/1B:B9/2/
6/@A/

!7;7@A3?7<  
/1B:B9/2<

'Y
:;
.H787@E
O
IKDJEI
-E9?7B;I  

'Y
:;
:K979?vD
O
?;D9?7   

'Y
:;
#D:KIJH?7
.KH?ICE
O
EC;H9?E  

'Y
:;
=H 
*;I97
O
B?C;DJ79?vD  

'Y
:;
-7D?:7:
O
EDIKCE  

'Y
:;
KBJKH7  

'Y
:;
';:?E
C8?;DJ;  

'Y
:;
9EDECs7
O
"79?;D:7  
"O?HN?
),0,

,IL
FI
KO?
L?MJ?=N;
;F
OMI
L?F;NCPI
KO?
B;=?H
F;M
>C@?L?HN?M

>?
?MN?
GI>I
>?
=IF;<IL;=C‰H
=IH
?F
!MN;>I

F;M
=C@L;M
>?
FIM
;ˆIM

CH>C=;<;H
;FAOH;M
>C@?L?H=C;M
?HNL?
?FF;M
;N;FOˆ;
;J;L?=?
?H
?F
JLCG?L
FOA;L
?H
=O;HNI
;
=IHP?HCIM
@CLG;>IM
=IH
?F
!MN;>I

>?

;


JIL
?D?GJFI

M?AOC>;
>?
=?L=;
JIL
;MNCFF;
S
(?‰H

#;FC=C;
S
);>LC>
MCGCMGI

M?
I<M?LP;
F;
G?HIL
;=NCPC>;>
=IHP?H=CIH;F
?H
*;P;LL;
S
,;…M
2;M=I

=IH

S

L?MJ?=NCP;G?HN?
?H
?MNIM
;ˆIM

FI
KO?
M?
?RJFC=;
MCH
>O>;
JIL
MO
MCMN?G;
>?
@CH;H=C;=C‰H
?MJ?=…@C=I
(IM
=IHP?HCIM
M?
B;H
OM;>I
J;L;
GO=B;M
N;L?;M
/?AH
OH;
=F;MC@C=;=C‰H
>?
F;M
@CH;FC>;>?M
S
=IHN?HC>IM
JLIJO?MN;
JIL
?F
),0,

JI>L…;
>CMNCHAOCLM?
?HNL?
=IHP?HCIM
OM;>IM
J;L;
@ILG;FCT;L
?F
CHN?L=;G<CI
>?
CH@ILG;=C‰H
?HNL?
?F
!MN;>I
S
F;M


;KO?FFIM
J;L;
F;
@CH;H=C;=C‰H
>?
;=NO;=CIH?M
>?
CHN?L‚M
?R=FOMCPI
J;L;
OH;
HC=;
IGOHC>;>
ON‰HIG;

I
J;L;
F;
@CH;H=C;=C‰H
>?
;=NO;=CIH?M
>?
CHN?L‚M
J;L;
?F
!MN;>I
I
F;
NIN;FC>;>
>?


?H
GO=BIM
=;MIM
?H
?F
G;L=I
>?
OH
,F;H
I
,LIAL;G;
=IHDOHNI
+NLIM
B;H
M?LPC>I
J;L;
@ILG;FCT;L
?F
;ORCFCI
I
;JISI
N‚=HC=I
>?
OH;
>GCHCMNL;=C‰H
O
INL;

=IH
?F
@CH
>?
@;=CFCN;L
?F
?D?L=C=CI
>?
MOM
=IGJ?N?H=C;M

I
M?
B;H
?GJF?;>I
J;L;
F;
JO?MN;
?H
=IGH
>?
L?=OLMIM
>?
OH;
S
INL;
>GCHCMNL;=C‰H
KO?
M?
=IIL>CH;H
J;L;
F;
=IHM?=O=C‰H
>?
OH
I<D?NCPI
I
L?MOFN;>I
>?
CHN?L‚M
=IGH
I

JIL
FNCGI

J;L;
F;
=L?;=C‰H
>?
OH
‰LA;HI
;>GCHCMNL;NCPI
=IGH

=IGJO?MNI
JIL
L?JL?M?HN;HN?M
>?
;G<;M
>GCHCMNL;=CIH?M
J;L;
JF;HC@C=;L
S
=IIL>CH;L
;=NCPC>;>?M
(;
=LCMCM
?=IH‰GC=;
B;
?MI
KO?
M?
L?>OD?L;
MCAHC@C=;NCP;G?HN?
?F
HG?LI
>?
=IHP?HCIM
=?F?<L;>IM
S
JIL
N;HNI
?F
GIHN;HN?
AFI<;F
>?
>?
F;
@CH;H=C;=C‰H
=IH>C=CIH;>;
S
N?LLCNILC;FCT;>;
JIL
J;LN?
>?F
AI<C?LHI
=?HNL;F
;
F;M



#2
@?76C6?4:2
56
'C6D:56?E6D
/CH
>O>;

F;
HIP?>;>
G;SIL
>?
F;M
.%#
?MJ;ˆIF;M
?H
FIM
FNCGIM
;ˆIM
B;
MC>I
F;
=L?;=C‰H
>?
F;
IH@?L?H=C;
>?
,L?MC>?HN?M

=IHMNCNOC>;
?H
I=NO<L?
>?

=IGI
‰LA;HI
CHMNCNO=CIH;F
S
@ILI
>?
?H=O?HNLI
>?F
,L?MC>?HN?
>?F
#I<C?LHI
S
FIM
,L?MC>?HN?M
>?
F;M

!D?L=?
=IGI
‰LA;HI
>?
=IHMOFN;

>?<;N?
S
J;LNC=CJ;=C‰H
>?
F;M

?H
?F
>CM?ˆI
>?
F;
JIF…NC=;
AO<?LH;G?HN;F
KO?
JO?>;
;@?=N;L
;
MOM
=IGJ?N?H=C;M
/O
L?AF;G?HNI
>?
@OH=CIH;GC?HNI

;JLI<;>I
;
@CH;F?M
>?


CH>C=;
KO?
F;
IH@?L?H=C;
>?
,L?MC>?HN?M
?M
?F
G}RCGI
‰LA;HI
>?
=IIJ?L;=C‰H
JIF…NC=;
?HNL?
?F
#I<C?LHI
>?
!MJ;ˆ;
S
FIM
>?
F;M
=IGOHC>;>?M
S
=CO>;>?M
;ON‰HIG;M
S
KO?
MO
I<D?NCPI
M?L}
U>?<;NCL
MI<L?
F;M
AL;H>?M
>CL?=NLC=?M
>?
F;M
JIF…NC=;M
J<FC=;M

M?=NILC;F?M
S
N?LLCNILC;F?M
>?
}G<CNI
?MN;N;F

MI<L?
F;M
;=NO;=CIH?M
=IHDOHN;M
>?
=;L}=N?L
?MNL;N‚AC=I

S
MI<L?
FIM
;MOHNIM
>?
CGJILN;H=C;
L?F?P;HN?
J;L;
?F
!MN;>I
>?
F;M
ONIHIG…;M

KO?
;@?=N?H
;
}G<CNIM
=IGJ?N?H=C;F?M
?MN;N;F
S
;ONIH‰GC=IX
0;G<C‚H
N?H>L}
=IGI
@CH;FC>;>
UJIN?H=C;L
F;M
L?F;=CIH?M
>?
=IIJ?L;=C‰H
>?F
!MN;>I
=IH
F;M
=IGOHC>;>?M
;ON‰HIG;MX

;M…
=IGI
UCGJOFM;L
S
ILC?HN;L
FIM
NL;<;DIM
>?
F;M
=IH@?L?H=C;M
M?=NILC;F?M
S
>?
INLIM
‰LA;HIM
GOFNCF;N?L;F?M
>?
=IIJ?L;=C‰HX
P?L
#}FP?T
S
.OCT
#IHT}F?T

(;
=IHPI=;NILC;
=ILL?MJIH>?
;F
JL?MC>?HN?
>?F
AI<C?LHI
;HO;FG?HN?
;OHKO?
?F
L?AF;G?HNI
M?ˆ;F;
KO?
JI>L}H
=?F?<L;LM?
UL?OHCIH?M
?RNL;IL>CH;LC;MX
=O;H>I
?F
D?@?
>?F
!D?=ONCPI
F;M
=IHPIKO?
U;
CHC=C;NCP;
JLIJC;
I
;
J?NC=C‰H
>?
F;
G;SIL…;
>?
FIM
JL?MC>?HN?M
;ONIH‰GC=IMX
!F
L?AF;G?HNI
M?
JI>L}
GI>C@C=;L
JIL
;=O?L>I
OH}HCG?
>?
FIM
GC?G<LIM
>?
F;
IH@?L?H=C;

KO?
N?H>L}
MO
M?>?
?H
?F
/?H;>I
(;
;MCMN?H=C;
;
F;M
L?OHCIH?M
>?
F;
IH@?L?H=C;
>?
,L?MC>?HN?M

?M
CH>?F?A;<F?
S
HI
=;<?
F;
MOMNCNO=C‰H

M;FPI
?H
FIM
=;MIM
?H
FIM
KO?

>?
;=O?L>I
=IH
FI
JL?PCMNI
?H
F;M
L?MJ?=NCP;M
HILG;NCP;M
;ONIH‰GC=;M

OH
=IHM?D?LI
?D?LT;
N?GJIL;FG?HN?
F;M
@OH=CIH?M
>?
JL?MC>?HN?
;ONIH‰GC=I
!F
L?AF;G?HNI
CHN?LHI
JL?P‚
N;G<C‚H
F;
L?OHC‰H
>?
F;
IH@?L?H=C;
OH;
P?T
;F
;ˆI
;M…
=IGI
F;
=L?;=C‰H
>?
OH
IGCN‚
JL?J;L;NILCI
$;MN;
@CH;F?M
>?

HI
?RCMN…;
OH
‰LA;HI
KO?
MCLPC?L;
=IGI
ILA;HCT;>IL
>?
F;
IH@?L?H=C;
!F
IGCN‚
JL?J;L;NILCI
NC?H?
=IGI
N;L?;
?F
?R;G?H
JL?PCI
>?
FIM
;MOHNIM
KO?
JO?>;H
CH=FOCLM?
?H
?F
IL>?H
>?F
>…;
>?
F;M
M?MCIH?M
>?
F;
IH@?L?H=C;
S
F;
JL?J;L;=C‰H
>?
F;
>I=OG?HN;=C‰H
H?=?M;LC;
!MN}
@ILG;>I
JIL
?F
GCHCMNLI
=IGJ?N?HN?
?H
G;N?LC;
>?
=IIJ?L;=C‰H
N?LLCNILC;F
S
OH
=IHM?D?LI
>?
=;>;
AI<C?LHI
;ONIH‰GC=I
(;
=IIL>CH;=C‰H
J;L;
F;
L?OHC‰H
>?F
IGCN‚
M?
B;L}
>?M>?
OH;
/?=L?N;L…;
J?LG;H?HN?
;>M=LCN;
;F
NCNOF;L
>?F
GCHCMN?LCI
S
F;
IH@?L?H=C;
JI>L}
;=IL>;L
F;
=L?;=C‰H
>?
=IGCMCIH?M
I
ALOJIM
>?
NL;<;DI
J;L;
?F
?MNO>CI
>?
;MOHNIM
>?
CHN?L‚M
=IGH
(IM
;=O?L>IM
M?
;>IJN;H
JIL
=IHM?HMI
>?
NI>IM
FIM
JL?M?HN?M
MC?GJL?
S
=O;H>I
;MCMN;H
>IM
N?L=CIM
>?
FIM
JL?MC>?HN?M
;ONIH‰GC=IM

)C?HNL;M

F;M
L?=IG?H>;=CIH?M
B;H
>?
M?L
;>IJN;>;M
JIL
?F
JL?MC>?HN?
>?F
#I<C?LHI
S
>IM
N?L=CIM
>?
FIM
JL?MC>?HN?M
;ONIH‰GC=IM
S
M‰FI
=IGJLIG?N?H
;
FIM
GC?G<LIM
KO?
F;M
B;H
;=IL>;>I
!H
MOM
=CH=I
JLCG?L;M
L?OHCIH?M
F;
IH@?L?H=C;
>?
,L?MC>?HN?M
B;
>?<;NC>I
MI<L?
F;
J;LNC=CJ;=C‰H
>?
F;M

?H
FIM
;MOHNIM
=IGOHCN;LCIM
?OLIJ?IM

F;
@CH;H=C;=C‰H
>?
F;
;MCMN?H=C;
M;HCN;LC;
M?JNC?G<L?
>?

B;
;JLI<;>I
OH
>I=OG?HNI
=IHDOHNI
MI<L?
% C
?H?LI
>?


B;
JLIJO?MNI
F;
=L?;=C‰H
>?
F;M
IH@?L?H=C;M
/?=NILC;F?M
>?F
AO;
S
>?
F;
IH@?L?H=C;
M?=NILC;F
>?
F;
%HGCAL;=C‰H
S
B;
>?<;NC>I
F;M
JIMC<F?M
MIFO=CIH?M
;
F;
=LCMCM
?=IH‰GC=;
;>?G}M
>?
;JLI<;L
MO
JLIJCI
L?AF;G?HNI
>C=C?G<L?

I
B;
CHN?HN;>I
>?<;NCL
S
FF?A;L
;
OH;
>?=F;L;=C‰H
@CH;F
MI<L?
?MN;<CFC>;>
@CM=;F
S
F;
MCNO;=C‰H
?=IH‰GC=;
S
F;<IL;F
>?
!MJ;ˆ;
I=NO<L?
>?

OHKO?
M?
;HOH=C‰
KO?
MOM
JL‰RCG;M
L?OHCIH?M
P?LM;L…;H
MI<L?
F;
PCIF?H=C;
>IG‚MNC=;

F;
G?DIL;
>?F
MCMN?G;
?>O=;NCPI

I
?F
=;G<CI
=FCG}NC=I

NI>I
J;L?=?
CH>C=;L
KO?
>?<C>I
;
F;
=LCMCM
?=IH‰GC=;
?
CHMNCNO=CIH;F
S
;
F;
JIFCNCT;=C‰H
J;LNC>CMN;
>?
FIM
>?<;N?M
>?
F;
IH@?L?H=C;

?F
,L?MC>?HN?
>?F
#I<C?LHI
.;DIS
>?=C>C‰
HI
PIFP?L
;
=IHPI=;LF;
?H
NI>I
MO
G;H>;NI
B;MN;



cC82?@D
4@?DF=E:G@D
56
=2
25>:?:DEC24:x?
46?EC2=
4@?
A2CE:4:A24:x?

2FE@?x>:42

FIM
‰LA;HIM
GOFNCF;N?L;F?M
;HN?LCIL?M
B;<L…;
KO?
;ˆ;>CL
;FAOHIM
‰LA;HIM
=IHMOFNCPIM
>?
F;
#!
=IH
J;LNC=CJ;=C‰H
>?
F;M

KO?
NC?H?H
OH;
=IGJIMC=C‰H
>C@?L?HN?

JIL
B;<?L
G}M
L?JL?M?HN;HN?M
>?
F;
#!
S
>?
INLIM
M?=NIL?M
J<FC=IM
I
JLCP;>IM
S
KO?
;=N;H
?H
M?=NIL?M
>?
=IGJ?N?H=C;
>?F
!MN;>I
!H
;FAOHIM
}G<CNIM

?H
FIM
KO?
HI
B;S
=IH@?L?H=C;M
M?=NILC;F?M

?MNIM
‰LA;HIM
=IHMOFNCPIM
JO?>?H
>?M?GJ?ˆ;L
?H
I=;MCIH?M
OH
J;J?F
>?
=IF;<IL;=C‰H
S
=IHMOFN;
?HNL?
FIM
>IM
HCP?F?M
FAOHIM
>?
?MNIM
=IHM?DIM
=IHMOFNCPIM
MIH
?F
IHM?DI
*;=CIH;F
>?F
AO;
F;
IGCMC‰H
*;=CIH;F
>?
,LIN?==C‰H
CPCF
?F
IHM?DI
#?H?L;F
>?
F;
C?H=C;
S
0?=HIFIA…;
>IH>?
M?
L?H?H
P;LCIM
GCHCMN?LCIM
=IH
N;L?;M
>?
CHP?MNCA;=C‰H
F;
IGCMC‰H
%HN?LN?LLCNILC;F
>?
IIJ?L;=C‰H
;F
?M;LLIFFI
F;
IGCMC‰H
%HN?LN?LLCNILC;F
>?
!MN;>…MNC=;
?F
IHM?DI
/OJ?LCIL
>?
F;
"OH=C‰H
,<FC=;
?F
IHM?DI
/OJ?LCIL
>?
0L}@C=I
S
/?AOLC>;>
>?
F;
CL=OF;=C‰H
2C;F
S
?F
IHM?DI
>?
F;
.?>
>?
,;LKO?
*;=CIH;F?M



:>
[=2,9:>
-47,?0=,70>
09
0>;0.4,7
7,>
:84>4:90>
47,?0=,70>
/0
::;0=,.4[9
 IGI
?M
M;<C>I

FIM
‰LA;HIM
<CF;N?L;F?M
?RCMN?HN?M
?H
?F
MCMN?G;
?MJ;ˆIF
>?
=IF;<IL;=C‰H
L?MJIH>?H
;
F;M
J?=OFC;LC>;>?M
>?F
JLI=?MI
BCMN‰LC=I
>?
>?M=?HNL;FCT;=C‰H
S
HI
NC?H?H
GO=BIM
L?@?L?HN?M
=IGJ;L;>IM
?H
INLIM
J;…M?M
@?>?L;F?M
D;

"O?LIH
>CM?ˆ;>;M
S
=IH=?<C>;M
=IGI
CHMNLOG?HNIM
>?
>C}FIAI
S
=IH=?LN;=C‰H

?H
N?G;M
NL;HMP?LM;F?M
S
>?
CH=C>?H=C;
J;LNC=OF;L
?HNL?
?F
!MN;>I
S
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
>?G}M
>?
F;
&OHN;
>?
IIJ?L;=C‰H
?HNL?
F;
#!
S
F;
>GCHCMNL;=C‰H
>?
F;
IGOHC>;>
"IL;F
>?
*;P;LL;

=IH
<;M?
?MN;NON;LC;

F;M
=IGCMCIH?M
<CF;N?L;F?M
>?
=IIJ?L;=C‰H

KO?
MOLAC?LIH
=IGI
JLIFIHA;=C‰H
>?
F;M
IGCMCIH?M
>?
0L;MJ;MI
>?
IGJ?N?H=C;M

M?
@O?LIH
=IHMNCNOS?H>I
>?M>?

;N;FOˆ;

#;FC=C;

,;…M
2;M=I
S
H>;FO=…;
.;GIM

.C>;OL;

,IL
INL;
J;LN?

?H
?F
!MN;>I
;ONIH‰GC=I
N;G<C‚H
B;H
C>I
MOLAC?H>I
=IH
FIM
;ˆIM
=IGCMCIH?M
<CF;N?L;F?M
?MJ?=C;F?M
I
M?=NILC;F?M
L?@?LC>;M
;
OH
M?=NIL
>?
;=NCPC>;>
>?N?LGCH;>I
S
J;L;
OH;
@CH;FC>;>
=IH=L?N;
?H
F;M
KO?
?F
!MN;>I
M?
L?H?
=IH
OH;
=IGOHC>;>
;ON‰HIG;
J;L;
N?G;M
?MJ?=…@C=IM
JIL
L;T‰H
>?
=IGJ?N?H=C;M
>CMNLC<OC>;M
>?
GI>I
;MCG‚NLC=I
,O?>?H
G?H=CIH;LM?

JIL
?D?GJFI

FIM
‰LA;HIM
>?
=IIJ?L;=C‰H
<CF;N?L;F
?H
G;N?LC;
NLC<ON;LC;
=IH
F;M

>IN;>;M
>?
OH
MCMN?G;
>?
=IHP?HCI
I
=IH=C?LNI
=IGI
?F
,;…M
2;M=I
I
*;P;LL;
IH
?F
JLCG?LI
?RCMN?H
F;
IGCMC‰H
)CRN;
>?F
IH=C?LNI
!=IH‰GC=I

F;
IGCMC‰H
>?
IIL>CH;=C‰H
S
!P;FO;=C‰H
*ILG;NCP;

S
F;
&OHN;
L<CNL;F
IH
*;P;LL;
F;
IGCMC‰H
IIL>CH;>IL;
S
F;
&OHN;
L<CNL;F
0;G<C‚H
?RCMN?H
INLIM
‰LA;HIM
>?
=IIJ?L;=C‰H
<CF;N?L;F
?H
G;N?LC;
>?
M?AOLC>;>

=IGI
F;M
FF;G;>;M
&OHN;M
>?
/?AOLC>;>

=IH
;KO?FF;M

KO?
NC?H?
JIFC=…;M
;ONIH‰GC=;M
=IGI
,;…M
2;M=I

;N;FOˆ;
S
*;P;LL;
MCGCMGI

=;<?
G?H=CIH;L
FIM
‰LA;HIM
>?
=IIJ?L;=C‰H
<CF;N?L;F
?H
G;N?LC;
>?
MOHNIM
IGOHCN;LCIM
!OLIJ?IM
!RCMN?H
=IGCMCIH?M
=IH
?F
,;…M
2;M=I


=IH
;N;FOˆ;

S
=IH
;H;LC;M

KO?

MCH
?G<;LAI

JL}=NC=;G?HN?
HI
M?
B;H
L?OHC>I
HOH=;
,IL
FNCGI

G}M
L?=C?HN?G?HN?

B;H
MOLAC>I
‰LA;HIM
>?
=IIJ?L;=C‰H
<CF;N?L;F
?H
G;N?LC;
>?
%HGCAL;=C‰H

=IH
=IGCMCIH?M
<CF;N?L;F?M
?H
G;N?LC;
>?
CHGCAL;=C‰H
=IH
;H;LC;M
S
;N;FOˆ;
2IFPC?H>I
;
F;M
IGCMCIH?M
CF;N?L;F?M
>?
=IIJ?L;=C‰H
>?
=;L}=N?L
A?H?L;F

MOM
N;L?;M
=IHMCMN?H
?H
F;
=IF;<IL;=C‰H
<CF;N?L;F

I
M?;
;KO?FF;
KO?
M?
?MN;<F?=?
?HNL?
?F
!MN;>I
S
OH;

?H
=IH=L?NI
OH;
G;N?LC;
I
;
>CP?LM;M
G;N?LC;M
=IHMC>?L;>;M
=IHDOHN;G?HN?
/?AH
?F
JLIJCI
),

?F
=IHN?HC>I
>?
MOM
L?OHCIH?M
MO?F?
;<IL>;L
W
!F
?MNO>CI
S
;H}FCMCM
>?
;=NO;=CIH?M
I
J?NC=CIH?M
>?
CHN?LP?H=C‰H
>?
=;L}=N?L
M?=NILC;F
?H
F;

=ILL?MJIH>C?HN?

?H
?MJ?=C;F
?H
FIM
}G<CNIM
>?
CH@L;?MNLO=NOL;M

PCPC?H>;
I
?>O=;=C‰H
W
!F
;H}FCMCM
>?
F;
=IH@FC=NCPC>;>
?RCMN?HN?

=IH
?F
I<D?NCPI
>?
MO
;N?HO;=C‰H
I
CH=FOMI
MO
L?MIFO=C‰H
?RNL;JLI=?M;F
W
!F
;H}FCMCM
>?
F;
MCNO;=C‰H
>?
FIM
NL;MJ;MIM
>?
G?>CIM
S
M?LPC=CIM
?H
H?AI=C;=C‰H
I
J?H>C?HN?M

;M…
=IGI
>?
F;
JL?PCMC‰H
>?
=IHPI=;NILC;
>?
L?OHCIH?M
>?
JIH?H=C;M
N‚=HC=;M
I
>?
IGCMCIH?M
)CRN;M
>?
0L;MJ;MIM
W
!F
CHN?L=;G<CI
>?
CH@ILG;=C‰H
MI<L?
FIM
=IHP?HCIM
>?
=IF;<IL;=C‰H
JL?PCMNIM
I
=?F?<L;>IM
?HNL?
;G<;M
>GCHCMNL;=CIH?M
W
(IM
;=O?L>IM
MI<L?
F;M
<;M?M
>?
FIM
NL;MJ;MIM
KO?
>?MJO‚M
P;H
;
B;=?LM?
?@?=NCPIM
?H
F;
IGCMC‰H
)CRN;
 W
(IM
;=O?L>IM
MI<L?
F;
=?F?<L;=C‰H
>?
=IHP?HCIM
>?
=IF;<IL;=C‰H
W
(;
=IIJ?L;=C‰H
HILG;NCP;
J;L;
?PCN;L
F;
CHN?LJIMC=C‰H
>?
L?=OLMIM
;HN?
?F
0
JLI=?>CGC?HNI
;LN

(+0

>?MCMNCGC?HNIM

JLIS?=NIM
F?ACMF;NCPIM
W
(;
CH@ILG;=C‰H
S
M?AOCGC?HNI
?H
L?F;=C‰H
=IH
F;
1!
S
F;
;==C‰H
?RN?LCIL
>?F
!MN;>I
/O
=IGJIMC=C‰H
P;L…;
?H
@OH=C‰H
>?
FIM
;MOHNIM
;
NL;N;L

@OH=CIH;H>I
?H
GO=BIM
=;MIM
G?>C;HN?
ALOJIM
>?
NL;<;DI
JL?PCIM
?MJ?=C;FCT;>IM
!H
NI>I
=;MI
?MN}H
=IGJO?MN;M
JIL
L?JL?M?HN;HN?M
AO<?LH;G?HN;F?M
,IL
J;LN?
>?
F;
#!

MIH
GC?G<LIM
J?LG;H?HN?M
?F
)CHCMNLI
>?
>GCHCMNL;=CIH?M
,<FC=;M

KO?
?D?L=?
F;
,L?MC>?H=C;
>?
F;
IGCMC‰H

?F
/?=L?N;LCI
>?
!MN;>I
>?
IIJ?L;=C‰H
0?LLCNILC;F

?F
?F?A;>I
>?F
#I<C?LHI
?H
F;
IGOHC>;>
ON‰HIG;
?H
=O?MNC‰H

?F
CL?=NIL
#?H?L;F
>?
IIJ?L;=C‰H
ONIH‰GC=;
>?F
)$,
S
OH
@OH=CIH;LCI
>?
?MN?
GCHCMN?LCI
KO?
;=N;
=IGI
/?=L?N;LCI
,IL
J;LN?
>?
F;


MO?F?
M?L
?F
PC=?JL?MC>?HN?
S
?F
=IHM?D?LI
?H=;LA;>I
>?
;MOHNIM
I
L?F;=CIH?M
CHMNCNO=CIH;F?M

KO?
?D?L=?
F;
2C=?JL?MC>?H=C;

N;G<C‚H
?F
IHM?D?LI
>?
!=IHIG…;
I
$;=C?H>;
S
?F
CL?=NIL
>?
F;
;M?MIL…;
DOL…>C=;
I
;<IA;=…;
;ONIH‰GC=;
S
?F
CL?=NIL
>?
L?F;=CIH?M
J;LF;G?HN;LC;M
>?
F;M
=IHM?D?L…;M
>?
JL?MC>?H=C;
0;HNI
?F
,L?MC>?HN?
=IGI
?F
2C=?JL?MC>?HN?
JO?>?H
>?F?A;L
MO
L?JL?M?HN;=C‰H
?H
F;
J?LMIH;
KO?
>?=C>;H

=IH
L;HAI

;F
G?HIM

>?
CL?=NIL
#?H?L;F
(IM
L?AF;G?HNIM
MO?F?H
?MN;<F?=?L
=IGI
@OH=CIH?M
?F
?R;G?H

?F
>?<;N?
S
?F
;F=;HT;L
;=O?L>IM
MI<L?
CHC=C;NCP;M
S
;MOHNIM
KO?

JIL
MO
JF;HN?;GC?HNI
JFOLCM?=NILC;F
I
JIL
MO
?MJ?=C@C=C>;>
?H
F;

>?
KO?
M?
NL;N?

=;L?T=;H
>?
OH;
CHMN;H=C;
GOFNCF;N?L;F
J;L;
MO
NL;N;GC?HNI
0;G<C‚H
J;L;
CGJOFM;L
S
=IH=L?N;L
CHMNLOG?HNIM
>?
=IF;<IL;=C‰H
KO?
J?LGCN;H
F;
L?;FCT;=C‰H
>?
CHC=C;NCP;M
=IHDOHN;M
>?
GONOI
CHN?L‚M
!H
MO
M?HI
M?
MO?F?H
;H;FCT;L
FIM
NL;MJ;MIM
>?
@OH=CIH?M
S
M?LPC=CIM
;
F;

>?
KO?
M?
NL;N?

?MN;<F?=C?H>I
F;
JLCILC>;>
S
?F
=;F?H>;LCI
>?
H?AI=C;=C‰H
>?
HO?PIM
NL;MJ;MIM
!H
INLIM
=;MIM
M?
CHN?HN;H
MIFO=CIH;L
FIM
JLI<F?G;M
JF;HN?;>IM
?H
FIM
NL;MJ;MIM
S;
;=IL>;>IM
I
JL?P?HCL
F;
@ILG;FCT;=C‰H
>?
=IHNLIP?LMC;M
=IGJ?N?H=C;F?M

;=IL>;H>I
;=NO;=CIH?M
J;L;
L?MIFP?L
JIL
P…;
?RNL;JLI=?M;F
FIM
=IH@FC=NIM
JIMCNCPIM
>?
=IGJ?N?H=C;
S
FIM
L?=OLMIM
>?
CH=IHMNCNO=CIH;FC>;>
!FFI
MCAHC@C=;
KO?
?H
GO=BIM
=;MIM
M?
>?>C=;H
;
;H;FCT;L
F;M
HILG;M

?MN;N;F?M
I
;ONIH‰GC=;M
=IH
L;HAI
>?
F?S

KO?
MOM=CN;H
>O>;M
>?
=IHMNCNO=CIH;FC>;>
.?MJ?=NI
;
F;M
HO?P;M
=IGCMCIH?M
<CF;N?L;F?M
=L?;>;M
=IH
F;
L?@ILG;
>?
;FAOHIM
>?
FIM
?MN;NONIM
>?
;ONIHIG…;

?F
!MN;NONI
>?
ONIHIG…;
>?
;N;FOˆ;
>?

=IH@CAOL;
OH;
HO?P;
IGCMC‰H
<CF;N?L;F
KO?
MOMNCNOS?
;
F;
;HN?LCIL
=IH
OH;
JL?MC>?H=C;
LIN;NILC;
KO?
>?<?
;>IJN;L
MOM
;=O?L>IM
JIL
=IHM?HMI
>?
F;M
>IM
J;LN?M
/OM
@OH=CIH?M
JLCH=CJ;F?M
M?
>?@CH?H
=IGI
F;
>?FC<?L;=C‰H
S
;=O?L>I
MI<L?
;MOHNIM
=IGI
JLIS?=NIM
>?
F?S
?MN;N;F?M

F;
JLIAL;G;=C‰H
>?
F;
JIF…NC=;
?=IH‰GC=;
A?H?L;F

FIM
=IH@FC=NIM
=IGJ?N?H=C;F?M

?F
M?AOCGC?HNI
>?
F;
JIF…NC=;
?OLIJ?;
S
>?
F;
;==C‰H
?RN?LCIL
>?F
!MN;>I

=O;H>I
CH=C>;H
?H
F;M
=IGJ?N?H=C;M
I
FIM
CHN?L?M?M
>?F
AI<C?LHI
=;N;F}H
MCGCMGI

M?
B;H
=L?;>I
P;LC;M
/O<=IGCMCIH?M
J?LG;H?HN?M

=IGI
F;
/O<=IGCMC‰H
>?
/?AOCGC?HNI
*ILG;NCPI

,L?P?H=C‰H
S
/IFO=C‰H
>?
IH@FC=NIM

J;L;
JL?P?HCL
S
?PCN;L
FIM
=IH@FC=NIM
>?
=IGJ?N?H=C;M
?HNL?
;G<;M
;>GCHCMNL;=CIH?M
F;
/O<=IGCMC‰H
>?
IF;<IL;=C‰H
S
IIJ?L;=C‰H

J;L;
CGJOFM;L
FIM
NL;<;DIM
>?
>?M;LLIFFI
>?F
!MN;NONI
?H
?F
}G<CNI
>?
F;
=IIJ?L;=C‰H
GONO;
F;
/O<=IGCMC‰H
>?
MOHNIM
!OLIJ?IM
S
==C‰H
!RN?LCIL

J;L;
;LNC=OF;L
F;
J;LNC=CJ;=C‰H
>?
F;
6?6C2=:E2E
?H
;MOHNIM
>?
F;
1!
S
F;
;==C‰H
?RN?LCIL
>?F
!MN;>I
?H
G;N?LC;M
KO?
;@?=N?H
;
MOM
=IGJ?N?H=C;M
 
,>
;,@?,>
/0
=0@94[9
/0
7,>
.:84>4:90>
-47,?0=,70>
/0
.::;0=,.4[9
2090=,70>

J?M;L
>?
;FAOHIM
?MN?L?INCJIM
>CPOFA;>IM
JIL
;=;>‚GC=IM
?MJ;ˆIF?M
S
?RNL;HD?LIM
MI<L?
?F
JL?>IGCHCI
>?
FIM
GI>IM
>?
=IF;<IL;=C‰H
I
CHN?L;==C‰H
<CF;N?L;F
?H
HO?MNLI
GI>?FI
>?
!MN;>I

OH
?MNO>CI
>?N;FF;>I
>?
FIM
>;NIM
CH>C=;
?H
=;G<CI
KO?
FIM
‰LA;HIM
<CF;N?L;F?M
>?
=IIJ?L;=C‰H
HI
B;H
MC>I
OH
CHMNLOG?HNI
GOS
ONCFCT;>I
S

?H
NI>I
=;MI

FI
B;H
MC>I
GO=BI
G?HIM
KO?
FIM
GOFNCF;N?L;F?M
?
B?=BI

M?
B;H
OM;>I
MCMN?G}NC=;G?HN?
M‰FI
=IH
M?CM
I
MC?N?
>?
F;M

/?AH
FIM
>;NIM
>CMJIHC<F?M

F;
GCN;>
>?
F;M

L?OHCIH?M
<CF;N?L;F?M
B;<C>;M
>?

;

B;H
MC>I
=IH
*;P;LL;

;H;LC;M
S
;N;FOˆ;

S
;FAI
G}M
>?
>IM
N?L=CIM
>?
NI>;M
F;M
L?OHCIH?M
M?
B;H
>;>I
=IH
‚MN;M
S
INL;M
>IM

!F
INLI
N?L=CI
>?
F;M
L?OHCIH?M

M?
B;
L?J;LNC>I
?HNL?
F;M
INL;M


?

;

?F
;ˆI
KO?
G}M
=IGCMCIH?M
M?
B;H
L?OHC>I
@O?


=O;H>I
M?
L?OHC?LIH

>?
?FF;M


JILKO?
M?
=L?;LIH
?HNIH=?M



L?OHCIH?M
S


L?OHCIH?M

J?LI
?F
L?MNI
>?
FIM
;ˆIM
HI
B;
B;<C>I
HOH=;
G}M
>?

L?OHCIH?M
P‚;M?
F;
0;<F;

 $%.$

1A7C72/2
:327/
/;B/9
23
9/@
<:7@7<;3@
79/A3?/93@
23
<<=3?/17a;
6/@A/

!327/
/;B/9
?3B;7<;3@ (<A/9
?3B;7<;3@
23@23
1?3/17a; ?3/2/
3; `<@
3;
3D7@A3;17/

7D7H?7I    

(7L7HH7    

7J7BKu7     

D:7BK9s7   

*7sI
07I9E    

7IJ?BB7&7
'7D9>7    

!7B?9?7    

ECKD?:7:
07B;D9?7D7    

#IB7I
7B;7H;I    

7DJ78H?7    

'KH9?7    

H7=vD    

IJKH?7I     

&7
,?E@7    

ECKD?:7:
:;
'7:H?:    

NJH;C7:KH7   

7IJ?BB7
O
&;vD    

.EJ7B 
"O?HN?
!F;<IL;=C‰H
JLIJC;
=IH
>;NIM
>?
),0,
S
+!
>?M>?



,
;:>4.4[9
/0
7,
/8494>?=,.4[9
090=,7
/07
>?,/:
09
07
>4>?08,
/0
=07,.4:90>
49?0=,/8494>?=,?4A,>
IH
F;
NL;HM@ILG;=C‰H
>?
OH
MCMN?G;
OHCN;LCI
=?HNL;FCT;>I
?H
OH
MCMN?G;
>?M=?HNL;FCT;>I
?F
JI>?L
=?HNL;F
KO?>‰
?H
OH;
JIMC=C‰H
JI=I
=F;L;
?HNL?
MO
NL;>C=CIH;F
MOJ?LCILC>;>
S
F;M
HO?P;M
;G?H;T;M
>?
G;LACH;FC>;>
;ˆ‰H

0;G;SI


/CH
?G<;LAI

?F
HCP?F
=?HNL;F
B;
G;HN?HC>I
OH
J;J?F
CGJILN;HN?
?H
GO=B;M
JIF…NC=;M
J<FC=;M
S
M?LPC=CIM

;>?G}M
>?
F;
JIF…NC=;
?=IH‰GC=;
0I>;P…;
G;HNC?H?
MO
JLIJC;
L?>
>?
JL?MN;=C‰H
>?
M?LPC=CIM
?H
NI>I
?F
N?LLCNILCI
?H
;FAOHIM
M?=NIL?M
=IGI
?F
?GJF?I
S
F;
M?AOLC>;>
MI=C;F

F;
M?AOLC>;>
=CO>;>;H;

F;M
CH@L;?MNLO=NOL;M
S
F;
L?=;O>;=C‰H
>?
CGJO?MNIM
MCGCMGI

G;HNC?H?
OH;
JIMC=C‰H
?MNL;N‚AC=;
?H
NI>;M
F;M
L?>?M
>?
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M

JIL
M?L
OH
CHN?LG?>C;LCI
J?LG;H?HN?
?HNL?
F;
1!
S
F;M

S
?HNL?
‚MN;M
S
FIM
AI<C?LHIM
FI=;F?M
/OM
=IGJ?N?H=C;M
>?
=IIL>CH;=C‰H
S
?MN;<F?=CGC?HNI
>?
F;
F?ACMF;=C‰H
<}MC=;
S
MOM
JIN?MN;>?M
>?
;FN;
CHMJ?==C‰H
S
MOJ?LPCMC‰H
JIN?H=C;F?M
?H
;FAOHIM
M?=NIL?M

MO
JI>?L
>?
A;MNI

GOS
FCGCN;>I
J?LI
L?MJ;F>;>I
?H
;FAOH;
G?>C>;
JIL
F;
DOLCMJLO>?H=C;
=IHMNCNO=CIH;F

S
=C?LN;M
=IGJ?N?H=C;M
NL;HMP?LM;F?M
F?
B;H
J?LGCNC>I
G;HN?H?L
OH
J;J?F
>?
@CH;H=C;>IL
S
L?AOF;>IL
?H
GO=BIM
M?=NIL?M

FI
KO?
B;
FF?P;>I
;
MO
CHN?LP?H=C‰H
F?ACMF;NCP;
I
?D?=ONCP;
?H
G;N?LC;M
>?
?R=FOMCP;
NCNOF;LC>;>
;ONIH‰GC=;
M…

=IH
MO
=IGJ?N?H=C;
J;L;
A;L;HNCT;L
F;
U=IIL>CH;=C‰H
>?
F;
JF;HC@C=;=C‰H
A?H?L;F
>?
F;
;=NCPC>;>
?=IH‰GC=;
;LN

!

F;M

;@CLG;H
KO?
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I
B;
L?>O=C>I
MOM
JI>?L?M
?R=FOMCPIM
?H
}L?;M
=IGI
;ALC=OFNOL;

CH>OMNLC;
S
=IG?L=CI
?HNL?
INL;M
!H
MO
=;J;=C>;>
J;L;
A;L;HNCT;L
F;M
=IH>C=CIH?M
>?
F;
UCAO;F>;>
?HNL?
NI>IM
FIM
=CO>;>;HIM
?MJ;ˆIF?MX
;LN

!

F;M

B;H
PCMNI
;
F;
;=NCPC>;>
?MN;N;F
=IGI
FCGCN;>IL;
>?
MOM
=IGJ?N?H=C;M
?H
M?LPC=CIM
MI=C;F?M

M;HC>;>
I
?>O=;=C‰H
!F
J;J?F
>?
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I
?H
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
B;
?MN;>I
G;L=;>I
<}MC=;G?HN?
JIL
MO
JLIN;AIHCMGI
?H
?F
JLI=?MI
>?
NL;HM@?L?H=C;M

?H
F;
?F;<IL;=C‰H
>?
FIM
?MN;NONIM
>?
;ONIHIG…;

?H
FIM
=IH@FC=NIM
DOLCM>C==CIH;F?M
;HN?
?F
0LC<OH;F
IHMNCNO=CIH;F
S
F;
DOMNC=C;
IL>CH;LC;
S

MI<L?
NI>I

JIL
MO
CHN?LP?H=C‰H
?H
FIM
‰LA;HIM
?
CHMNLOG?HNIM
>?
=IIJ?L;=C‰H
(IM
;LAOG?HNIM
G;H?D;>IM
S
F;M
=;FC@C=;=CIH?M
P?LNC>;M
MI<L?
?F
J;J?F
>?M?GJ?ˆ;>I
JIL
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I
MIH
GOS
>CP?LMIM
!H
A?H?L;F

>IGCH;
F;
IJCHC‰H
>?
KO?
=IHNCH;
MC?H>I
>?G;MC;>I
D?L}LKOC=;
?H
MOM
L?F;=CIH?M
S
HI
?M
=;J;T
I
HI
KOC?L?
>?M?GJ?ˆ;L
?F
J;J?F
UJF;HC@C=;>ILX
S
>?
G?HIM
A?MNC‰H
?H
?MN;
HO?P;
?N;J;
!H
F;M
FNCG;M
>‚=;>;M
?F
J;J?F
KO?
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I
NC?H?
KO?
>?M?GJ?ˆ;L
?H
?F
MCMN?G;
;ONIH‰GC=I
B;
=;G<C;>I
>?
G;H?L;
MOMN;HNCP;
F
L?>O=CLM?
=IHMC>?L;<F?G?HN?
?F
HG?LI
>?
M?LPC=CIM
KO?
JL?MN;
>CL?=N;G?HN?

MO
JIMC=C‰H
>?
FC>?L;TAI
?H
?F
MCMN?G;
@;=CFCN;L…;
F;
=IIJ?L;=C‰H
?HNL?
F;M


F;
=IIL>CH;=C‰H
?H
FIM
}G<CNIM
?H
FIM
KO?
F?A;FG?HN?
?MN}
@;=OFN;>;
J;L;
?FFI

S
?F
;L<CNL;D?
?H
FIM
=IH@FC=NIM
?HNL?
F;M

,;L;
;FAOHIM
I<M?LP;>IL?M

MCH
?G<;LAI

?F
;H}FCMCM
>?
F;
;=NO;=C‰H
>?
F;
#!
?H
>CMNCHNIM
M?=NIL?M
>?
F;
JIF…NC=;
HI
J?LGCN?
=IH=FOCL
KO?
FIM
@OH=CIH;LCIM
S
FIM
JIF…NC=IM
?MN;N;F?M
B;S;H
GI>C@C=;>I
MOMN;HNCP;G?HN?
MO
G;H?L;
>?
JLI=?>?L

?H
=IHMIH;H=C;
=IH
MO
HO?PI
J;J?F
?H
?MN?
GCF?HCI
(IM
JIF…NC=IM
S
FIM
@OH=CIH;LCIM
?MN;N;F?M
M?
?H=O?HNL;H
;H
;NL;J;>IM
?HNL?
OH;
CH?L=C;
UD?L}LKOC=;X
>?
MOJ?LPCMC‰H
S
OH
HO?PI
=IG?NC>I
>?
;HCG;>IL
S
GOˆC>IL
>?
L?F;=CIH?M
G}M
BILCTIHN;F?M

>?
>?=CMCIH?M
;>IJN;>;M
JIL
J;L?M
S
HI
JIL
MO<IL>CH;>IM
IFCHI
S
,;LL;>I


 
,
;:>4.4[9
/0
7,>
09?4/,/0>
7:.,70>
09
7,>
=07,.4:90>

49?0=,/8494>?=,?4A,>
(IM
‰LA;HIM
FI=;F?M
CHN?L;==CIH;H
>CL?=N;G?HN?
N;HNI
=IH
?F
HCP?F
=?HNL;F
=IGI
=IH
F;M

!H
L?;FC>;>

MCH
?G<;LAI

F;
L?F;=C‰H
>CL?=N;
>?
FIM
?HN?M
FI=;F?M
=IH
?F
AI<C?LHI
=?HNL;F
M?
>?M;LLIFF;
MI<L?
NI>I
?H
?F
}G<CNI
@CH;H=C?LI

S
=IHMCMN?
JLCH=CJ;FG?HN?
?H
F;M
NL;HM@?L?H=C;M
=ILLC?HN?M
I
>CL?=N;M
>?F
JI>?L
=?HNL;F
;
FIM
GOHC=CJCIM
S
JLIPCH=C;M
L?MJI

"O?L;
>?
F;
?M@?L;
@CH;H=C?L;

F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
MIH
?M=;M;M
I
?MJIL}>C=;M
,IL
?FFI

?H
F;
;=NO;FC>;>
MIH
JI=;M
F;M
I=;MCIH?M

M;FPI
;FAOH;M
AL;H>?M
=CO>;>?M
=IH
I=;MC‰H
>?
=C?LNIM
?P?HNIM

?H
F;M
KO?
M?
I<M?LP;
F;
?RCMN?H=C;
>?
L?F;=CIH?M
>?
=IIJ?L;=C‰H
?HNL?
F;M
NL?M
;>GCHCMNL;=CIH?M
/?PCFF;
6E
2=

(;
@ILG;
B;<CNO;F
>?
L?F;=CIH?M
=IHMCMN?
?H
;FAH
NCJI
>?
J;LNC=CJ;=C‰H
>?
FIM
?HN?M
FI=;F?M
?H
;FAH
‰LA;HI
=IIJ?L;NCPI
I
>?
=IHMOFN;
;<?
G?H=CIH;L
F;
IGCMC‰H
*;=CIH;F
>?
>GCHCMNL;=C‰H
(I=;F
S
F;
IH@?L?H=C;
/?=NILC;F
J;L;
FIM
;MOHNIM
FI=;F?M
(;
JLCG?L;
?M
OH
‰LA;HI
>?F
)CHCMN?LCI
>?
,IF…NC=;
0?LLCNILC;F
S
>GCHCMNL;=C‰H
,<FC=;

JL?MC>C>;
JIL
?F
)CHCMNLI
S
=IH
J;LC>;>
>?
L?JL?M?HN;=C‰H


L?JL?M?HN;HN?M
>?MCAH;>IM
JIL
?F
!MN;>I
S

L?JL?M?HN;HN?M
>?
FIM
?HN?M
FI=;F?M
/O
@OH=C‰H
?M
F;
?P;FO;=C‰H
JL?FCGCH;L
JL?=?JNCP;

;OHKO?
HI
PCH=OF;HN?

>?
JLIS?=NIM
F?ACMF;NCPIM
>?F
JI>?L
=?HNL;F
KO?
;@?=N;H
;
FIM
AI<C?LHIM
FI=;F?M
?<C>I
;
MO
=IGJIMC=C‰H

?MN?
‰LA;HI
HI
?M
OH
CHMNLOG?HNI
>?
?RJL?MC‰H
>?
FIM
CHN?L?M?M
FI=;F?M

MCHI
KO?
MCLP?
J;L;
A;L;HNCT;L
F;
=IIJ?L;=C‰H
JIF…NC=;
=IH
?F
!MN;>I
(;
IH@?L?H=C;
/?=NILC;F
J;L;
FIM
;MOHNIM
FI=;F?M
?M
OH
‰LA;HI
>?
=IIJ?L;=C‰H
?HNL?
?F
!MN;>I
S
F;M

KO?
M?
JOMI
?H
G;L=B;
?H
F;
F?ACMF;NOL;

S
KO?
;<IL>;
=O?MNCIH?M
FI=;F?M

J?LI
;
>C@?L?H=C;
>?
FIM
>?G}M
‰LA;HIM
>?
=IIJ?L;=C‰H
?HNL?
?F
!MN;>I
S
F;M


?MN;
CH=FOS?
HO?P?
L?JL?M?HN;HN?M
>?
FIM
AI<C?LHIM
FI=;F?M
/OM
@OH=CIH?M
MIH
>?
=IHMOFN;
S
>?
A;L;HN…;
>?
FIM
;=O?L>IM
JIF…NC=IM
(;
L?JL?M?HN;=C‰H
>?
FIM
CHN?L?M?M
FI=;F?M
M?
=?HNL;
?H
F;
"?>?L;=C‰H
!MJ;ˆIF;
>?
)OHC=CJCIM
S
,LIPCH=C;M
"!),

OH;
;MI=C;=C‰H
>?
?HNC>;>?M
FI=;F?M

KO?
;OHKO?
HI
L?F;=CIH;>;M
=IH
?F
!MN;>I

L?=C<?
@IH>IM
>?
‚F
#L;=C;M
;
F;
G?>C;=C‰H
>?
F;
"!),

FIM
GOHC=CJCIM
S
JLIPCH=C;M
NC?H?H
F;
IJILNOHC>;>
>?
J;LNC=CJ;L
?H
‰LA;HIM
?MN;N;F?M
=IGI
F;
IGCMC‰H
*;=CIH;F
>?
>GCHCMNL;=C‰H
(I=;F
S
F;
IH@?L?H=C;
/?=NILC;F
J;L;
FIM
;MOHNIM
FI=;F?M
(;M

N;G<C‚H
NC?H?H
L?F;=CIH?M
>CL?=N;M
=IH
FIM
?HN?M
FI=;F?M
)O=B;M
>?
F;M
=IGJ?N?H=C;M
FI=;F?M
?MN}H
>?F?A;>;M
JIL
FIM
?MN;NONIM
>?
;ONIHIG…;
S
JIL
?FFI
?M
HILG;F
KO?
?RCMN;
OH;
L?F;=C‰H
;>GCHCMNL;NCP;
?HNL?
F;M
?HNC>;>?M
FI=;F?M
S
F;M


MI<L?
NI>I
?H
NL?M
G;N?LC;M
?F
OMI
>?F
MO?FI

?F
>?M;LLIFFI
OL<;HI
S
F;
JLIN?==C‰H
>?F
G?>CI
;G<C?HN?
!H
?MNIM
M?=NIL?M
>?
;=NCPC>;>
F;M

>CLCA?H
S
=IHNLIF;H
F;M
;=NCPC>;>?M
FI=;F?M
;
NL;P‚M
>?
F;
;JLI<;=C‰H
>?
FIM
JF;H?M
S
JLIAL;G;M
I
L?M?LP}H>IM?
F;
;JLI<;=C‰H
I
;ONILCT;=C‰H
>?
;=NCPC>;>?M
?MJ?=…@C=;M
(;
=IGOHC=;=C‰H
?HNL?
FIM
GOHC=CJCIM
S
JLIPCH=C;M
S
F;M
;ONILC>;>?M
>?
MO
=IGOHC>;>
;ON‰HIG;
M?
FF?P;
;
=;<I
N;G<C‚H
JIL
F;M
@?>?L;=CIH?M
=ILL?MJIH>C?HN?M
I
;MI=C;=CIH?M
N?LLCNILC;F?M

=IGI
F;
"?>?L;=C‰H
;N;F;H;
>?
)OHC=CJCIM

F;
"?>?L;=C‰H
H>;FOT;
>?
)OHC=CJCIM
S
,LIPCH=C;M
I
F;
"?>?L;=C‰H
>?
)OHC=CJCIM
>?
);>LC>
KO?

>?
?MN;
G;H?L;

=OGJF?H
OH;
@OH=C‰H
MCGCF;L
;
F;
>?
F;
"!),
?H
F;M
L?F;=CIH?M
JI>?L
=?HNL;FGOHC=CJCIM
 
'
& #"'
#&.#"( '
"(&

F
CAO;F
KO?
?H
INLIM
J;…M?M
>?M=?HNL;FCT;>IM
I
@?>?L;F?M
=IGI
;H;>}

?H
!MJ;ˆ;
?RCMN?
G}M
=IIJ?L;=C‰H
CHN?LAO<?LH;G?HN;F
P?LNC=;F
KO?
BILCTIHN;F

?H
J;LN?
>?<C>I
;
KO?
FIM
=IHP?HCIM
P?LNC=;F?M

=IGI
M?
B;
M?ˆ;F;>I
G}M
;LLC<;

MIH
CHMNLOG?HNIM
GOS
ONCFCT;>IM
KO?
MCLP?H
=IGI
P?B…=OFIM
>?F
JI>?L
>?
A;MNI
>?F
JI>?L
=?HNL;F
J;L;
=IHM?AOCL
I<D?NCPIM
H;=CIH;F?M
>?
JIF…NC=;
J<FC=;
OHKO?

JIL
FI
KO?
M;<?GIM

J;L?=?
KO?
F;
=IIJ?L;=C‰H
BILCTIHN;F
?H
!MJ;ˆ;
?M
GO=BI
G}M
>‚<CF
KO?
?H
INL;M
@?>?L;=CIH?M

N;G<C‚H
?M
=C?LNI
KO?
AL;H
J;LN?
>?
MOM
G;HC@?MN;=CIH?M
MIH
CH@ILG;F?M
S
HI
L?MOFN;H
@}=CF?M
>?
C>?HNC@C=;L


#07,.4:90>
09?=0
050.@?4A:>
OHKO?
N?‰LC=;G?HN?
HI
?RCMN?H
@ILIM
BILCTIHN;F?M
CHMNCNO=CIH;FCT;>IM
;F
HCP?F
JIF…NC=I
J;L;
KO?
M?
L?H;H
FIM
=IHM?D?LIM
I
JL?MC>?HN?M
L?ACIH;F?M
MCH
?F
#I<C?LHI
=?HNL;F

FIM
JL?MC>?HN?M
;ONIH‰GC=IM
JO?>?H
L?OHCLM?
?H
F;
IH@?L?H=C;
>?
,L?MC>?HN?M

=L?;>;
B;=?
JI=IM
;ˆIM

S
?H
>IH>?
M?
?H=O?HNL;
MC?GJL?
?F
JL?MC>?HN?
>?F
AI<C?LHI
!H
;FAOHIM
M?=NIL?M
?MJ?=…@C=IM

N;G<C‚H
M?
B;
>?M;LLIFF;>I
CH@ILG;FG?HN?
OH;
?MJ?=C?
>?
=IH@?L?H=C;
>?
=;L}=N?L
BILCTIHN;F
>?
FIM
=IHM?D?LIM
MCH
?F
#I<C?LHI
=?HNL;F

=IGI
?F
@ILG;>I
JIL
FIM
=IHM?D?LIM
L?MJIHM;<F?M
>?
F;
;>GCHCMNL;=C‰H
>?
DOMNC=C;
?H
NILHI
;
>C?T

OL;HN?
FIM
FNCGIM
KOCH=?
;ˆIM
M?
B;H
JLI>O=C>I
?H
?FF;
;FAOHIM
;=O?L>IM
S
JIMC=CIH?M
=IGOH?M
?
B?=BI

JI>L…;
>?=CLM?
KO?
B;
MC>I
?F
JL?=?>?HN?
>?
F;
@ILG;=C‰H
>?
OH;
=IH@?L?H=C;
M?=NILC;F
P?LNC=;F
?H
;MOHNIM
>?
DOMNC=C;

>?
L?=C?HN?
=L?;=C‰H
!H
INLIM
=;MIM

FIM
=IHM?D?LIM
;ONIH‰GC=IM
L?MJIHM;<F?M
>?
CHN?LCIL
M?
B;H
L?OHC>I
?HNL?
?FFIM
J;L;
>?<;NCL
F;
F?S
MI<L?
F;M
@O?LT;M
>?
JIFC=…;
FI=;F?M
S
INL;M
,;L;>‰DC=;G?HN?

FIM
JL?MC>?HN?M
;ONIH‰GC=IM
M?
B;H
L?OHC>I
GO=B;M
G}M
P?=?M
?H
?F
?RNL;HD?LI

?H
LOM?F;M

>IH>?
MO?F?H
L?OHCLM?
J;L;
JL?J;L;L
F;M
M?MCIH?M
>?F
IGCN‚
>?
F;M
.?ACIH?M
0;G<C‚H
B;H
=IF;<IL;>I
?H
F;M
L?>?M
I
;MI=C;=CIH?M
?OLIJ?;M
>?
F;M
L?ACIH?M

=IGI
F;M
L?ACIH?M
F?ACMF;NCP;M
.!#(!#

F;
(.!
IH@?L?H=C;
>?
F;M
M;G<F?;M
(?ACMF;NCP;M
.?ACIH;F?M
!OLIJ?;M

?N=
,IL
MOJO?MNI

B;
B;<C>I
L?OHCIH?M
?HNL?
FIM
JL?MC>?HN?M
I
=IHM?D?LIM
J?LN?H?=C?HN?M
;

AI<?LH;>;M
JIL
?F
GCMGI
J;LNC>I

;OHKO?
?F
F…>?L
H;=CIH;F
>?F
J;LNC>I
MO?F?
M?L
?F
KO?
F;M
=IHPI=;
I
MO?F?
M?L
CHPCN;>I
=O;H>I
HI
?MN}
?H
?F
AI<C?LHI
=?HNL;F
OHKO?
NI>;M
F;M
=IH@?L?H=C;M
M?=NILC;F?M
?RCMN?HN?M
CH=FOS?H
;
FIM
L?JL?M?HN;HN?M
>?F
AI<C?LHI
=?HNL;F
?H
=;FC>;>
>?
GC?G<LIM
S
?D?L=?H
F;
JL?MC>?H=C;
>?
F;M
=IH@?L?H=C;M

I@C=CIM;G?HN?

MCH
?G<;LAI

FIM
=IHM?D?LIM
B;H
ONCFCT;>I
;FAOH;M
P?=?M
F;M
=IH@?L?H=C;M
M?=NILC;F?M
J;L;
>CM=ONCL
?HNL?
?FFIM
=IH
;HN?LCILC>;>
;F
=IGC?HTI
>?
F;
=IH@?L?H=C;
M?=NILC;F
=IH
?F
AI<C?LHI
=?HNL;F

 
#07,.4:90>
09?=0
;,=7,809?:>
,@?:9[84.:>
D
:?=,>
49>?4?@.4:90>
(;M
;M;G<F?;M
F?ACMF;NCP;M
;ONIH‰GC=;M
N;G<C‚H
B;H
=IF;<IL;>I
=;>;
P?T
G}M
?HNL?
?FF;M
;<?
G?H=CIH;L
FIM
?H=O?HNLIM
;HO;F?M
>?
F;
IH@?L?H=C;
>?
,L?MC>?HN?M
>?
,;LF;G?HNIM
;ONIH‰GC=IM
+,.!,
!H
?MNIM
?H=O?HNLIM

FIM
JL?MC>?HN?M
>?
FIM
J;LF;G?HNIM
;ONIH‰GC=IM
MO?F?H
;JLI<;L
>?=F;L;=CIH?M
?
CHC=C;NCP;M
=IHDOHN;M
J;L;
G?DIL;L
?F
@OH=CIH;GC?HNI
>?
F;M
;M;G<F?;M
L?ACIH;F?M
S
MO
=IGOHC=;=C‰H

I
M?
=IGJLIG?N;H
;
I<D?NCPIM
>?
JIF…NC=;
J<FC=;
=IGI
F;
;==C‰H
=IHNL;
?F
=;G<CI
=FCG}NC=I
JIL
?D?GJFI
?F
?H=O?HNLI
>?

!H
L?F;=C‰H
=IH
?MNI
?MN}H
FIM
M?GCH;LCIM
;HO;F?M
>?
F;
MI=C;=C‰H
>?
(?NL;>IM
>?
,;LF;G?HNIM
;ONIH‰GC=IM
!(,
0;G<C‚H
?RCMN?H
INL;M
L?OHCIH?M
J?LC‰>C=;M
>?
INL;M
CHMNCNO=CIH?M
;ONIH‰GC=;M

=IGI
F;M
L?OHCIH?M
;HO;F?M
>?
=IIL>CH;=C‰H
>?
F;M
I@C=CH;M
>?
FIM
?@?HMIL?M
>?F
,O?<FI
;ONIH‰GC=IM

KO?
M?
B;H
L?OHC>I
>OL;HN?
G}M
>?

;ˆIM
!MN;M
L?OHCIH?M
M?
<;M;H
?H
JIH?H=C;M
S
ALOJIM
>?
NL;<;DI
JL?PCIM



:9A094:>
D
,.@0=/:>
49?0=,@?:9[84.:>
(IM
=IHP?HCIM
S
;=O?L>IM
CHN?L;ONIH‰GC=IM
@ILG;F?M
HI
B;H
MC>I
GOS
HOG?LIMIM

J?LI
M?
B;H
ONCFCT;>I
=;>;
P?T
?H
G;SIL
G?>C>;
=IGI
OH
CHMNLOG?HNI
J;L;
F;
=IIJ?L;=C‰H
?HNL?
F;M
=IGOHC>;>?M

J;L;
F;
MIFO=C‰H
>?
JLI<F?G;M
=IGOH?M
KO?
;@?=N;H
;
=CO>;>;HIM
I
?GJL?M;M
L?ACIH;F?M
!H

M‰FI
B;<…;
;FL?>?>IL
>?

;=O?L>IM
?HNL?
F;M

L?ACMNL;>IM
?H
?F
/?H;>I
HI
GO=BIM

JIL
?D?GJFI

MC
M?
=IGJ;L;
=IH
FIM
G}M
>?

;=O?L>IM
?RCMN?HN?M
?H
/OCT;
;
G?>C;>IM
>?

!H
FIM
FNCGIM
;ˆIM

M?
>?M=O<L?H
=;>;
P?T
G}M
HO?P;M
}L?;M
J;L;
F;
=IIJ?L;=C‰H
CHN?L;ONIH‰GC=;
S
FIM
=IHP?HCIM
BILCTIHN;F?M
;F;@?FF

(;M
G}M
@L?=O?HN?M
MIH
F;
M;FO>
J<FC=;
S
F;
;N?H=C‰H
M;HCN;LC;

CHGCAL;=C‰H

;MOHNIM
>?
F;
1!

=OFNOL;

OHCP?LMC>;>
S
F;
?P;FO;=C‰H
>?
F;
CHP?MNCA;=C‰H

;>GCHCMNL;=C‰H
>?
DOMNC=C;

A?MNC‰H
=IHDOHN;
>?
FIM
M?LPC=CIM
S
F;
>CMNLC<O=C‰H
>?
F;M
CH@L;?MNLO=NOL;M

?N=
/O
HG?LI
B;
@FO=NO;>I

J?LI
>?HNLI
>?
OH;
N?H>?H=C;
;F
;FT;
!H


M?
@CLG;LIH

J;=NIM
CHN?L;ONIH‰GC=IM


?H



?H

S

?H

(;
G;SIL…;
>?
?MNIM
=IHP?HCIM
B;H
MC>I
JLCH=CJ;FG?HN?
<CF;N?L;F?M

B;<CNO;FG?HN?
?HNL?

=IH
=OFNOL;
?
C>CIG;
=IGH

FCG…NLI@?M
I
=IH
=C?LN;M
;@CHC>;>?M
JIF…NC=;M
!H
;FAOHIM
;=O?L>IM
B;H
J;LNC=CJ;>I
NL?M
I
=O;NLI

P?=CH;M
I
M?J;L;>;M

J?LI
HCHAOHI
>?
?FFIM
B;
MC>I
@CLG;>I
JIL
NI>;M
F;M

I
F;
G;SIL…;
>?
?FF;M
(;
;OM?H=C;
>?
=IHP?HCIM
BILCTIHN;F?M
M?
>?<?
;
P;LCIM
@;=NIL?M
PCH=OF;>IM
JLCH=CJ;FG?HN?
;F
JLI=?>CGC?HNI
>?
MOM=LCJ=C‰H

KO?
MO?F?
>?GIL;LM?
?HNL?
OHI
S
>IM
;ˆIM
=IGI
=IHM?=O?H=C;
>?
F;
H?=?MC>;>
>?
KO?
?F
/?H;>I
FI
;JLO?<?
@CH;FG?HN?
HN?M
>?
?M?
NL}GCN?

?F
JLI=?MI
=IHP?H=CIH;F
M?AOC>I
?H
=;>;
;>GCHCMNL;=C‰H
;ONIH‰GC=;
MO?F?
M?L
>C@?L?HN?
!H
;FAOHIM
=;MIM
M?
L?KOC?L?
>?
F;
;JLI<;=C‰H
@ILG;F
>?F
,;LF;G?HNI

GC?HNL;M
KO?
?H
INLIM
JO?>?
M?L
L?@L?H>;>I
M?H=CFF;G?HN?
G?>C;HN?
OH;
>?=CMC‰H
>?F
=IHM?DI
>?
AI<C?LHI
;F;@?FF

(;
;OM?H=C;
>?
=IHP?HCIM
M?
MOJF?
=IH
F;
@CLG;
>?
JLINI=IFIM
?HNL?
F;M
J;LN?M

FI
KO?
L?KOC?L?
OH
G?HIL
AL;>I
>?
@ILG;FCT;=C‰H
,?LI

=IGI
N;G<C‚H
?M
@L?=O?HN?
?H
INLIM
J;…M?M
@?>?L;F?M

F;
G;SIL
J;LN?
>?
F;
=IIJ?L;=C‰H
CHN?L;ONIH‰GC=;
KO?
M?
JLI>O=?
=INC>C;H;G?HN?
HI
NC?H?
F;
@ILG;
>?
=IHP?HCIM
@ILG;F?M
J;L;
F;
JL?MN;=C‰H
>?
M?LPC=CIM
I
>?
;=O?L>IM
CHN?LAO<?LH;G?HN;F?M

MCHI
KO?
;
P?=?M
;>IJN;
HO?P;M
@ILG;M
=L?;NCP;M
S
HIG<L?M
N;F?M
=IGI
U ?=F;L;=C‰H
>?
%HN?H=CIH?M
J;L;
F;
=IF;<IL;=C‰HX

U,LINI=IFIM
>?
=IF;<IL;=C‰H
GONO;X

KO?
MIH
A?H?L;FG?HN?
=IHMC>?L;>IM
;=O?L>IM
?HNL?
=;<;FF?LIM

MCH
FIM
L?KOCMCNIM
@ILG;F?M
JL?PCMNIM
=IHMNCNO=CIH;FG?HN?
(;G?HN;<F?G?HN?
M?
KO?>;H
@O?L;
>?F
L;>;L
>?
FIM
CHP?MNCA;>IL?M
S
FIM
=CO>;>;HIM
S
HILG;FG?HN?
HI
M?
JO<FC=;H

JIL
FI
KO?
?M
>C@…=CF
M;<?L
?F
HG?LI
>?
JLINI=IFIM
>?
=IF;<IL;=C‰H
I
>?
>?=F;L;=CIH?M
>?
CHN?H=CIH?M
?HNL?
F;M

 !H
INLIM
=;MIM
F;
=IIJ?L;=C‰H
?HNL?

B;
;>IJN;>I
F;
@ILG;
>?
;=O?L>IM
>?
?L?=BI
JLCP;>I

=IGI
@OH>;=CIH?M

;MI=C;=CIH?M
I
=IHMIL=CIM
CHN?L;ONIH‰GC=IM
1H
=F;LI
?D?GJFI
>?
<O?H;
=IIJ?L;=C‰H
;
NL;P‚M
>?
OH;
;MI=C;=C‰H
JLCP;>;
?M
F;
"+.0
"?>?L;=C‰H
>?
+LA;HCMGIM
>?
.;>CI
S
0?F?PCMC‰H
;ONIH‰GC=IM

>IH>?

?GJL?M;M
>?
N?F?PCMC‰H
J<FC=;
L?ACIH;F
M?
;MI=C;H
J;L;
?F
CHN?L=;G<CI
>?
JLIAL;G;M
>?
N?F?PCMC‰H
S
FIM
>?L?=BIM
>?
L?NL;HMGCMC‰H
(;M
JIF…NC=;M
J<FC=;M
=IH
G}M
;=NCPC>;>
?H
N‚LGCHIM
>?
;=O?L>IM
BILCTIHN;F?M
B;H
MC>I
F;
M;HC>;>

F;
JLIN?==C‰H
=CPCF

F;
=OFNOL;

F;
GONO;
;MCMN?H=C;
>?
?G?LA?H=C;

F;
JL?P?H=C‰H
S
?RNCH=C‰H
>?
CH=?H>CIM

F;
=IHM?LP;=C‰H
>?
F;
H;NOL;F?T;
S
F;
A?MNC‰H
>?F
G?>CI
;G<C?HN?

F;
N?F?PCMC‰H
S
INLIM
G?>CIM
>?
=IGOHC=;=C‰H

F;
CHGCAL;=C‰H

?F
NL;HMJILN?
>?
PC;D?LIM
JIL
=;LL?N?L;

F;
@ILG;=C‰H
>?
?GJF?;>IM
J<FC=IM

?F
CHN?L=;G<CI
>?
MI@NQ;L?

F;
JLIGI=C‰H
>?
F;M
F?HAO;M
=II@C=C;F?M

F;
CHN?AL;=C‰H
>?
FIM
CHGCAL;HN?M
I
F;M
JI<F;=CIH?M
?R=FOC>;M

?N=
!H


JIL
?D?GJFI


>?
=;>;

J;=NIM
CHN?L;ONIH‰GC=IM
?MNOPC?LIH
L?F;=CIH;>IM
=IH
F;
=IIL>CH;=C‰H
>?
F;
;MCMN?H=C;
M;HCN;LC;

;N?H=C‰H
JLCG;LC;
S
OLA?H=C;M
>?
FIM
=CO>;>;HIM
KO?
PCP?H
?H
TIH;M
FCG…NLI@?M
?HNL?
>IM

(IM
;=O?L>IM
S
=IHP?HCIM
CHN?L;ONIH‰GC=IM
B;H
M?LPC>I
<}MC=;G?HN?
J;L;
NL?M
NCJIM
>?
@OH=CIH?M

?F
L?=IHI=CGC?HNI
GONOI
>?
FIM
;=NIM
;>GCHCMNL;NCPIM
S
F;M
;ONILCT;=CIH?M
;>GCHCMNL;NCP;M
J;L;
FIM
=CO>;>;HIM

?F
OMI
=IGH
>?
J?LMIH;F
;>GCHCMNL;NCPI
S
FIM
L?=OLMIM
>?
CH@L;?MNLO=NOL;
J;L;
F;
JL?MN;=C‰H
>?
M?LPC=CIM

;M…
=IGI
J;L;
F;
A?MNC‰H
=IHDOHN;
>?
?MJ;=CIM
I
CHMN;F;=CIH?M
MOJL;LL?ACIH;F?M
N;F?M
=IGI
J;LKO?M
H;NOL;F?M


#07,.4:90>
D
.@8-=0>
-47,?0=,70>
+NLI
GI>I
>?
=IIJ?L;=C‰H
?HNL?
F;M

JI=I
=IHI=C>I
?M
F;
=?F?<L;=C‰H
>?
=OG<L?M
;HO;F?M
?HNL?
F;M

P?=CH;M

?H
F;M
KO?
J;LNC=CJ;H
FIM
JL?MC>?HN?M
S
=IHM?D?LIM
>?
F;M
>IM

*ILG;FG?HN?
M?
=?F?<L;H
JIL
L?ACIH?M
AI<?LH;>;M
JIL
?F
GCMGI
J;LNC>I

J?LI
N;G<C‚H
?H
=;MIM
>?
J;LNC>IM
>C@?L?HN?M
1H
=;MI
;
G?H=CIH;L
MIH
F;M
=OG<L?M
;HO;F?M
?HNL?
MNOLC;M
S
#;FC=C;

S;
HO?P?

?H
F;M
KO?
M?
NL;N;H
NI>;M
F;M
=O?MNCIH?M
M?=NILC;F?M
(;
=OG<L?
M?
JL?J;L;
A?H?L;FG?HN?
G?>C;HN?
L?OHCIH?M
JL?PC;M
>?
FIM
@OH=CIH;LCIM
S
FIM
;=O?L>IM
MIH
I<D?NI
>?
=IHNLIF
2
A@DE6C:@C:
(;
FNCG;
=OG<L?
=IG?HT‰
=IH
OH
<;F;H=?
>?
FIM
L?MOFN;>IM
>?
F;
;HN?LCIL
,IL
N;HNI

M?
NL;N;
>?
OH;
?RJ?LC?H=C;
<;MN;HN?
CHMNCNO=CIH;FCT;>;

;OHKO?
=IH
;FAOHIM
GIG?HNIM
>?
MOMJ?HMC‰H
>?
MO
=?F?<L;=C‰H
=IGI
=IHM?=O?H=C;
>?
JLI<F?G;M
JIF…NC=IM
?HNL?
FIM
>CLCA?HN?M
>?
;G<;M
=IGOHC>;>?M


#07,.4:90>
D
,.@0=/:>
491:=8,70>
8@7?47,?0=,70>
:
-47,?0=,70>
)?HIM
PCMC<F?

J?LI
GOS
?@?=NCP;
S
L?F?P;HN?
?M
F;
=IIJ?L;=C‰H
KO?
M?
>;
?HNL?
FIM
@OH=CIH;LCIM
>?HNLI
>?
FIM
HCP?F?M
>CL?=NCPIM
?
CH@?LCIL?M
>?
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
!H
GO=BIM
=;MIM
M?
B;H
@ILG;>I
L?>?M
JLI@?MCIH;F?M
>?
@OH=CIH;LCIM

GO=B;M
>?
?FF;M
CH@ILG;F?M

J?LI
>IH>?
M?
I<M?LP;
OH;
=L?=C?HN?
CHMNCNO=CIH;FCT;=C‰H
,IL
?D?GJFI

;FAOHIM
ALOJIM
>?
CL?=NIL?M
#?H?L;F?M
M?
L?H?H
L?AOF;LG?HN?
?HNL?
?FFIM
?H
>CMNCHN;M


MCH
F;
JL?M?H=C;
>?
@OH=CIH;LCIM
>?F
AI<C?LHI
=?HNL;F

J;L;
>CM=ONCL
N?G;M
?H
FIM
M?=NIL?M
>?
B;=C?H>;

;MOHNIM
MI=C;F?M

J?M=;

?N=
0;G<C‚H
?M
OH
B?=BI
<C?H
=IHI=C>I
F;
=IIJ?L;=C‰H
?HNL?
?RJ?LNIM
S
N‚=HC=IM
;ONIH‰GC=IM
?H
?F
M?=NIL
>?
F;
M;HC>;>

G?>C;HN?
?F
CHN?L=;G<CI
>?
@ILG;=C‰H
JLI@?MCIH;F
?H
MOM
?M=O?F;M

JIL
?D?GJFI

?HNL?
;N;FOˆ;
S
H>;FO=…;
!H
GO=BIM
=;MIM

FIM
@OH=CIH;LCIM
L?ACIH;F?M
M?
L?H?H
?H
DILH;>;M
I
M?GCH;LCIM
JLI@?MCIH;F?M
=IH
?RJ?LNIM
I
;=;>‚GC=IM
CHPCN;>IM
?H
FIM
KO?
JO?>?H
I
HI
?MN;L
JL?M?HN?M
@OH=CIH;LCIM
>?F
AI<C?LHI
=?HNL;F
!MN;M
DILH;>;M
N‚=HC=;M
MI<L?
NI>I
NCJI
>?
N?G;M
F?NL;>IM

CHMJ?=NIL?M

N‚=HC=IM
M?=NILC;F?M
NC?H?H
?F
I<D?NCPI
>?
BIGIA?H?CT;L
FIM
=LCN?LCIM
>?
CHN?LJL?N;=C‰H
S
>?
;JFC=;=C‰H
>?
F;M
HILG;M

J;L;
F;
L?;FCT;=C‰H
>?
?MNO>CIM
JL?PCIM
J;L;
>?N?LGCH;>;M
>?=CMCIH?M
JIMN?LCIL?M

?N=
(;M
L?F;=CIH?M
>?
FIM
@OH=CIH;LCIM
;ONIH‰GC=IM
=IH
MOM
BIG‰FIAIM
>?
INL;M

MO?F?H
M?L
GOS
@FOC>;M
S
M?
G;N?LC;FCT;H
=IH
FF;G;>;M
N?F?@‰HC=;M

PCMCN;M
S
L?OHCIH?M
CH@ILG;F?M
J;L;
=IGOHC=;LM?
?
CHN?L=;G<C;L
MIFO=CIH?M
;
JLI<F?G;M
MCGCF;L?M
IGI
?D?GJFI
CFOMNL;NCPI
>?MN;=;>I
JIL
MO
‚RCNI

>?M>?


FIM
M?LPC=CIM
DOL…>C=IM
>?
FIM
AI<C?LHIM
;ONIH‰GC=IM
B;H
P?HC>I
=?F?<L;H>I
L?OHCIH?M
;HO;F?M
MCH
?F
#I<C?LHI
=?HNL;F

ILA;HCT;>;M
>?
@ILG;
LIN;NILC;
JIL
OH;
=IGOHC>;>
;ON‰HIG;
=;>;
;ˆI
!H
?FF;M
>CM=ON?H
GIHIAL}@C=;G?HN?
MI<L?
=O?MNCIH?M
>?
CHN?L‚M
=IGH
JIL
?D?GJFI

F;
L?MJIHM;<CFC>;>
JIL
F;M
>?=CMCIH?M
>?
IL>?H;=C‰H
>?F
N?LLCNILCI

F;
?>O=;=C‰H
J;L;
F;
=CO>;>;H…;

F;
JLIN?==C‰H
>?
FIM
G?HIL?M

?N=
S
B;H
MC>I
GOS
CH@FOS?HN?M
?H
F;
=IH@CAOL;=C‰H
>?F
>?<;N?
DOL…>C=I
;
HCP?F
?MN;N;F

PC‚H>IM?
;
P?=?M
L?@F?D;>;M
?H
;FAOHIM
>?
FIM
JLI=?>CGC?HNIM
S
HILG;NCP;M
JLI=?M;F?M
S
;>GCHCMNL;NCP;M
S
?H
F;
CHN?LJL?N;=C‰H
DO>C=C;F
+NLI
<O?H
?D?GJFI
>?
F;M
@L?=O?HN?M
?
CHN?HM;M
L?F;=CIH?M
>?
=IIJ?L;=C‰H
BILCTIHN;F
?HNL?
FIM
@OH=CIH;LCIM
;ONIH‰GC=IM
MIH
F;M
KO?
M?
JLI>O=?H
?HNL?
FIM
@OH=CIH;LCIM
KO?
NL;<;D;H
?H
F;M
I@C=CH;M
L?ACIH;F?M
>?
F;
1!
?H
LOM?F;M

=IH
@L?=O?HN?M
L?OHCIH?M
J;L;
=IIL>CH;L
F;M
JIMC=CIH?M
;ONIH‰GC=;M
!H
F;
M?AOH>;
GCN;>
>?
FIM
;ˆIM

F;
=IIJ?L;=C‰H
BILCTIHN;F
J;L?=C‰
?RJ?LCG?HN;L
OH
;P;H=?
KO?
FO?AI
M?
PC‰
NLOH=;>I
=IH
F;
=LCMCM

F;
FF?A;>;
>?F
,;LNC>I
,IJOF;L
S
F;
JIFLCT=C‰H
>?
F;
MCNO;=C‰H
?H
;N;FOˆ;
;<?
L?=IL>;L
F;
CHC=C;NCP;

JLIGIPC>;
ILCACH;FG?HN?
?H

S
=IHI=C>;
=IGI
FIM
!H=O?HNLIM
L?AOF;L?M
>?
F;M
M?CM
=IGOHC>;>?M
;ON‰HIG;M
=IH
?MN;NONI
>?
;ONIHIG…;
L?@ILG;>IM
;F?;L?M

;N;FOˆ;

H>;FO=…;

;MNCFF;
S
(?‰H

IGOHC>;>
2;F?H=C;H;

L;A‰H

>IH>?
FIM
PC=?JL?MC>?HN?M
L?ACIH;F?M

FIM
=IHM?D?LIM
>?
,L?MC>?H=C;
O
INLIM
=IHM?D?LIM
L?MJIHM;<F?M
>?
;MOHNIM
CHMNCNO=CIH;F?M
=IG?HT;LIH
;
L?OHCLM?
?H
>C@?L?HN?M
=IGOHC>;>?M
S
=L?;LIH
;FAOHIM
ALOJIM
>?
NL;<;DI
JL?PCIM
J;L;
>?@CHCL
F;
;A?H>;
>?
FIM
?H=O?HNLIM
mMNIM
H;=C?LIH
=IH
?F
I<D?NCPI
>?
;H;FCT;L
=IHDOHN;G?HN?
?F
>?M;LLIFFI
>?
FIM
?MN;NONIM
S
>?
CGJOFM;L

;F
GCMGI
NC?GJI

@‰LGOF;M
>?
=IF;<IL;=C‰H
GONO;
?H
?F
}G<CNI
>?
MOM
=IGJ?N?H=C;M
KO?
J?LGCN;H
G?DIL;L
F;
=;FC>;>
>?
PC>;
>?
F;
=CO>;>;H…;
!MN?
=FO<
>?
M?CM
=IHM?D?LIM
;ONIH‰GC=IM
B;
?MN;<F?=C>I
OH;
M?=L?N;L…;
J?LG;H?HN?
S
?M
=IIL>CH;>I
=;>;
P?T
JIL
F;
L?AC‰H
;H@CNLCIH;
>?
F;
L?OHC‰H
?M>?
?F
JLCH=CJCI
NI>IM
?FFIM
M?
GIMNL;LIH
>?
;=O?L>I
?H
?RN?H>?L
F;
CHPCN;=C‰H
;
J;LNC=CJ;L
?H
?P?HNIM
JL‰RCGIM
;
INL;M
=IGOHC>;>?M
;ON‰HIG;M
M…

?H
F;
M?RN;
L?OHC‰H
?H
,;FG;
M?
CH=ILJIL;LIH
(;
.CID;
S
>?
;MNCFF;(;
);H=B;
S
?H
F;
M‚JNCG;
,;…M
2;M=I

);>LC>
S
#;FC=C;

S
?H
?F
MCAOC?HN?
?H=O?HNLI
?H
#;FC=C;
M?
CH=ILJIL;LIH
;H;LC;M
S
)OL=C;
!H
NI>;M
?MN;M
L?OHCIH?M
M?
;F=;HT;LIH
;=O?L>IM
J;L;
CGJOFM;L
=IHP?HCIM
>?
=IF;<IL;=C‰H
S
N;G<C‚H
M?
B;H
B?=BI
>?=F;L;=CIH?M
MI<L?
;MOHNIM
>?
;=NO;FC>;>
?
CHMNCNO=CIH;F?M
M…

?H
MO
JLCG?L;
L?OHC‰H
?H
6;L;AIT;

M?
;=IL>‰
?F
?MN;<F?=CGC?HNI
>?
OH
ALOJI
>?
NL;<;DI
J;L;
?P;FO;L
?F
LCNGI
>?F
>?M;LLIFFI
>?
FIM
HO?PIM
!MN;NONIM
>?
;ONIHIG…;
S
>?
FIM
JLCH=CJ;F?M
I<MN}=OFIM
;
FIM
KO?
M?
?H@L?HN;H
!H
MO
M?AOH>;
L?OHC‰H
M?
;=IL>‰
F;
@ONOL;
@CLG;
>?
P;LCIM
=IHP?HCIM
>?
=IIJ?L;=C‰H
CHN?L;ONIH‰GC=;
;
@CH
>?
KO?
F;M
FC=?H=C;M
S
;ONILCT;=CIH?M
=IH=?>C>;M
JIL
OH;
=IGOHC>;>
;ON‰HIG;
JO?>;H
N?H?L
OH
?@?=NI
?H
?F
N?LLCNILCI
>?
INL;
(IM
}G<CNIM
;@?=N;>IM
JO?>?H
M?L
F;
@ILG;=C‰H
>?
FIM
G;HCJOF;>IL?M
>?
;FCG?HNIM

S
?F
J?LMIH;F
>?
?MN;<F?=CGC?HNIM
=IH
LC?MAI
J;L;
F;
M;FO>

I
F;M
FC=?H=C;M
>?
=;T;
S
J?M=;
?H
;AO;M
=IHNCH?HN;F?M
MCGCMGI

M?
;=IL>‰
?MN;<F?=?L
OH
G?=;HCMGI
>?
;F?LN;
J;L;
?F
=IHNLIF
>?
FIM
JLIS?=NIM
F?ACMF;NCPIM
>?F
AI<C?LHI
=?HNL;F
KO?
JO?>;H
CHP;>CL
F;M
=IGJ?N?H=C;M
;ONIH‰GC=;M
>?G}M

M?
B;
=L?;>I
OH
JLINI=IFI
J;L;
=IIL>CH;L
F;
JIMC=C‰H
>?
F;M
=IGOHC>;>?M
;ON‰HIG;M
=O;H>I
J;LNC=CJ?H
?H
F;M
>?=CMCIH?M
>?
F;M
CHMNCNO=CIH?M
>?
F;
1!
+NLI
}G<CNI
>?
=IIJ?L;=C‰H
KO?
M?
NL;N‰
?M
F;
J;LNC=CJ;=C‰H
?H
?F
HIG<L;GC?HNI
>?
FIM
GC?G<LIM
>?
FIM
‰LA;HIM
=IHMNCNO=CIH;F?M
>?F
!MN;>I
!H
MO
L?OHC‰H
=?F?<L;>;
?H
2;FF;>IFC>

M?
;JLI<;LIH
MOM
JLI=?>CGC?HNIM
IJ?L;NCPIM
S
M?
;=IL>‰
@CLG;L
>IM
=IHP?HCIM
>?
=IF;<IL;=C‰H
?H
?F
}G<CNI
>?
F;
PCIF?H=C;
>IG‚MNC=;
J;L;
F;
O<C=;=C‰H
S
F;
CHN?AL;=C‰H
>?
F;M
GOD?L?M
G;FNL;N;>;M

S
MI<L?
?F
L?=IHI=CGC?HNI
GONOI
>?
FC=?H=C;M
>?
=;T;
S
J?M=;
!H
F;
L?OHC‰H
>?
;L=?FIH;
M?
;=IL>‰
L?=F;G;L
;F
#I<C?LHI
>?
F;
*;=C‰H
KO?
?GJL?H>;
F;M
L?@ILG;M
F?ACMF;NCP;M
J;L;
JI>?L
N?H?L
L?JL?M?HN;HN?M
?H
?F
IHM?DI
!=IH‰GC=I
S
/I=C;F
S
?H
?F
IHM?DI
>?
.;>CI
0?F?PCMC‰H
!MJ;ˆIF;
!H
F;
L?OHC‰H
>?
,;FG;

FIM
I=BI
AI<C?LHIM
;ONIH‰GC=IM
=?LL;LIH
;=O?L>IM
>?
=IF;<IL;=C‰H
?H
G;N?LC;
>?
?RNCH=C‰H
>?
CH=?H>CIM
S
JIF…NC=;M
>?
DOP?HNO>
S
?HPC;LIH
OH;
J?NC=C‰H
@ILG;F
;F
#I<C?LHI

G?H=CIH;>;
G}M
;LLC<;

J;L;
KO?
CGJOFM?
F;
=IHP?LMC‰H
>?F
/?H;>I
?H
OH;
;ON‚HNC=;
=}G;L;
>?
L?JL?M?HN;=C‰H
N?LLCNILC;F

L?=F;G}H>IF?
N;G<C‚H
KO?
>?N?HA;
F;
CHP;MC‰H
=IGJ?N?H=C;F
;
NL;P‚M
>?
F;M
JIF…NC=;M
>?
MO<P?H=CIH?M
!H
MO
L?OHC‰H
>?
(IALIˆI
M?
B;
;=IL>;>I
NL;GCN;L
OH
IHP?HCI
>?
=IF;<IL;=C‰H
?H
G;N?LC;
>?
JLIN?==C‰H
=CPCF
S
A?MNC‰H
>?
?G?LA?H=C;M
!H
F;
L?OHC‰H
>?
/;HNC;AI
>?
IGJIMN?F;
?H
I=NO<L?
>?

M?
;=IL>‰
NL;HM@ILG;L
FIM
?H=O?HNLIM

=L?;H>I
F;
IH@?L?H=C;
>?
FIM
#I<C?LHIM
>?
F;M
IGOHC>;>?M
ON‰HIG;M

=IH
F;
@CH;FC>;>
>?
JLIGIP?L
F;
=IIJ?L;=C‰H
S
F;
=IF;<IL;=C‰H
JIF…NC=;
S
;>GCHCMNL;NCP;
?HNL?
F;M
=IGOHC>;>?M
;ON‰HIG;M
>?G}M
>?
?MNI

P;LCIM
L?JL?M?HN;HN?M
S
>CLCA?HN?M
;ONIH‰GC=IM
B;H
G;HC@?MN;>I
?H
L?J?NC>;M
I=;MCIH?M
MO
>?M?I
>?
;JIS;L
F;M
JLIJO?MN;M
J;L;
=L?;L
OH;
=IH@?L?H=C;
>?
JL?MC>?HN?M
;ONIH‰GC=IM

MCH
F;
JL?M?H=C;
>?F
JL?MC>?HN?
>?F
AI<C?LHI

=IGI
‰LA;HI
>?FC<?L;NCPI
BILCTIHN;F

J;L;
;<IL>;L
N?G;M
>?
!MN;>I
I
J;L;
=IIL>CH;L
>?N?LGCH;>;M
JIF…NC=;M
?HNL?
N?LLCNILCIM
!MN;
=IH@?L?H=C;
=;S‰
?H
>?MOMI
;F
CHC=CI
>?
F;
JL?M?HN?
>‚=;>;
S
MI<L?
NI>I
;
J;LNCL
>?
F;M
?F?==CIH?M
>?

?H
;N;FOˆ;
S
?H

?H
INL;M


;F
>?D;L
>?
=IHN;L
=IH
HCHAOH;
=IGOHC>;>
KO?
?D?L=C?L;
OH
FC>?L;TAI
CH@ILG;F
MI<L?
F;M
>?G}M
S
M?
BC=C?L;
=;LAI
>?
MO
CGJOFMI


/?
JLI>OD?LIH
;F
G?HIM
I=BI
?H=O?HNLIM
I
L?OHCIH?M

=?F?<L;>;M
?H
6;L;AIT;

?H
DOFCI
>?


/?PCFF;

I=NO<L?
>?


2;FF;>IFC>

?H
@?<L?LI
>?


2;F?H=C;

?H
DOHCI
>?


;L=?FIH;

HIPC?G<L?
>?


,;FG;

G;LTI
>?

S
(IALIˆI

DOFCI
>?

S
?F

>?
I=NO<L?
?H
/;HNC;AI
>?
IGJIMN?F;
2‚;M?
MO
J}ACH;
Q?<
QQQ=IGOHC>;>?M;ONIHIG;MILA
 
)"('

#" (#
"(&
!"'(&#"'
-
!"'!#'

&'# )Y"

,>
1@09?0>
?Y;4.,>
/0
.:9174.?:
D
>@>
.,=,.?0=Y>?4.,>
09
>;,Z,
!H
=O;FKOC?L
!MN;>I
=IH
GFNCJF?M
HCP?F?M
>?
AI<C?LHI

F;M
>CMJON;M
?HNL?
FIM
>CMNCHNIM
AI<C?LHIM
MIH
CH?PCN;<F?M
S
?F
MCMN?G;
CHN?LAO<?LH;G?HN;F
>?
=;>;
J;…M
>?<?
JLIJIL=CIH;L
G?=;HCMGIM
J;L;
MO
C>?HNC@C=;=C‰H

JL?P?H=C‰H

S
L?MIFO=C‰H
!H
!MJ;ˆ;

F;
JLIJC;
>CH}GC=;
>?
@OH=CIH;GC?HNI
>?F
!MN;>I
;ONIH‰GC=I
B;
C>I
=IH@CAOL;H>I
JLIAL?MCP;G?HN?
?F
=;L}=N?L
S
F;M
JIMC<CFC>;>?M
>?
;=NO;=C‰H
>?
=;>;
HCP?F
AO<?LH;G?HN;F
=IH
L?MJ?=NI
;
FIM
>?G}M
$;S
=C?LNIM
L;MAIM
=IGOH?M
>?
F;M
?MNLO=NOL;M
AO<?LH;G?HN;F?M
P?LNC=;F?M
?HNL?
AI<C?LHI
=?HNL;F
S
AI<C?LHIM
L?ACIH;F?M
KO?
B;=?H
KO?
M?;
CH?PCN;<F?
;FAH
AL;>I
>?
=IH@FC=NI
mMNIM
CH=FOS?H
3CM?
S
LIQH

W
(;
H?=?MC>;>
>?
FIM
AI<C?LHIM
=?HNL;F?M
>?
CGJOFM;L
F;
OHC@ILGC>;>
S
F;
CAO;F>;>
@L?HN?
;
F;
H?=?MC>;>
>?
FIM
AI<C?LHIM
MO<?MN;N;F?M
>?
=IH=?HNL;LM?
?H
F;
;>;JN;=C‰H
;
F;
MCNO;=C‰H
FI=;F
W
!F
@L?=O?HN?
>?M@;M?
?HNL?
F;M
;NLC<O=CIH?M
I
>?F?A;=CIH?M
>?
=IGJ?N?H=C;M
JIL
J;LN?
>?
F;M
;ONILC>;>?M
=?HNL;F?M
;
F;M
OHC>;>?M
MO<?MN;N;F?M
S
FIM
L?=OLMIM
KO?
FIM
AI<C?LHIM
=?HNL;F?M
JLIJIL=CIH;H
;
F;M
GCMG;M
J;L;
=OGJFCLF;M
W
(;M
>C@?L?H=C;M
>?
J?LMJ?=NCP;
MI<L?
F;
=;J;=C>;>
L?F;NCP;
>?
FIM
AI<C?LHIM
=?HNL;F?M
S
FIM
L?ACIH;F?M
J;L;
@ILGOF;L
?
CGJF;HN;L
F;M
JIF…NC=;M
?H
FIM
>C@?L?HN?M
M?=NIL?M
>?
;=NO;=C‰H
W
(;M
>C@?L?H=C;M
=IH
L?MJ?=NI
;
F;M
JLCILC>;>?M

M?=O?H=C;
S
?MNCFI
;>GCHCMNL;NCPI
?H
F;
?D?=O=C‰H
>?
F;M
JIF…NC=;M
J<FC=;M
+NLIM
;ONIL?M
B;H
M?ˆ;F;>I
N;G<C‚H
;FAOH;M
>?
F;M
@O?HN?M
G}M
=IGOH?M
>?
FIM
=IH@FC=NIM
CHN?LAO<?LH;G?HN;F?M
W
(;M
>CMJON;M
MI<L?
F;M
=IGJ?N?H=C;M
W
(;M
JOAH;M
MI<L?
?F
L?J;LNI
>?
FIM
CHAL?MIM
I
F;
=O?MNC‰H
>?F
>?M?KOCFC<LCI
@CM=;F
P?LNC=;F
W
(;M
=IHNLIP?LMC;M
>?LCP;>;M
>?F
>?M?KOCFC<LCI
@CM=;F
BILCTIHN;F
W
(;M
>CMJON;M
MI<L?
?F
?D?L=C=CI
>?F
JI>?L
>?
A;MNI
@?>?L;F
W
(;M
=IHNC?H>;M
MI<L?
F;M
JIF…NC=;M
>?
>?M;LLIFFI
L?ACIH;F
S
F;
=O?MNC‰H
>?
KO‚
L?ACIH?M
M?
<?H?@C=C;H
G}M
>?F
A;MNI
>?F
AI<C?LHI
=?HNL;F
W
(IM
=IH@FC=NIM
>?LCP;>IM
>?
F;M
>C@?L?H=C;M
=OFNOL;F?M

FCHAŽ…MNC=;M
I
L?FCACIM;M
W
(;M
C>?IFIA…;M
?H
=IH@FC=NI
?HNL?
FIM
J;LNC>IM
JIF…NC=IM
W
!F
=BIKO?
>?
J?LMIH;FC>;>?M
W
(;
@;FN;
>?
=IHMOFN;
CHN?LAO<?LH;G?HN;F
S
F;
;==C‰H
OHCF;N?L;F
L?MOFN;HN?
JIL
J;LN?
>?
=O;FKOC?L;
>?
FIM
HCP?F?M
>?
AI<C?LHI
0I>;M
?MN;M
=;OM;M
>?
=IH@FC=NI
MIH
CHB?L?HN?M
;F
JLI=?MI
>?
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
?H
=O;FKOC?L
M?=NIL
>?
JIF…NC=;
J<FC=;
S
;
G?HO>I
M?
G;HC@C?MN;H
?H
=IG<CH;=C‰H
>?G}M

;
?MN;M
=;OM;M
CHB?L?HN?M
JO?>?H
;ˆ;>CLM?
@;=NIL?M
=ISOHNOL;F?M
=IGI
MIH
F;
?RCMN?H=C;
>?
J;LNC>IM
>C@?L?HN?M
?H
FIM
AI<C?LHIM
>?F
HCP?F
=?HNL;F
S
?F
HCP?F
L?ACIH;F
KO?
CH@FOS?H
?H
?F
AL;>I
>?
=IH@FC=NI
S
=IIJ?L;=C‰H
IGI
B;
M?ˆ;F;>I
/CG?IH


;OHKO?
F;M
N?HMCIH?M
CHN?LAO<?LH;G?HN;F?M
MI<L?
F;M
JLCILC>;>?M
>?
JIF…NC=;
J<FC=;
I
@CH;H=C;=C‰H
MIH
CH?PCN;<F?M
?H
=O;FKOC?L
MCMN?G;
GOFNCHCP?F

B;S
<;MN;HN?
>C@?L?H=C;
?H
FIM
AL;>IM
>?
=IIJ?L;=C‰H
I
=IH@FC=NI
?H
FIM
>C@?L?HN?M
J;…M?M
@?>?L;F?M
!H
FIM
MCMN?G;M
J;LF;G?HN;LCIM
=IH
MCMN?G;
<CJ;LNC>CMN;
>?
J;LNC>IM

=IHI=C>IM
=IGI
GI>?FI
3?MNGCHMN?L

?HNL?
FIM
KO?
M?
?H=IHNL;L…;H
!MJ;ˆ;

OMNL;FC;
I
;H;>}

;
J?M;L
>?
FIM
>CM=OLMIM
KO?
;J?F;H
;
F;
;LGIH…;
I
F;
=IIJ?L;=C‰H

F;
F‰AC=;
>?
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
MO?F?
M?L
>?
NCJI
=IGJ?NCNCPI
I
>?
;>P?LM;LCIM
S;
KO?
F;
FO=B;
J;LNC>CMN;
M?
=IHN;AC;
;
F;M
L?F;=CIH?M
?HNL?
AI<C?LHIM
!H
=O;FKOC?L
=;MI

?F
I<D?NCPI
>?
OH
<O?H
>CM?ˆI
CHMNCNO=CIH;F
>?<?
M?L
FF?A;L
;
;LL?AFIM
I
G?=;HCMGIM
KO?
JLIP?;H
OH;
L?MIFO=C‰H
>?
=IH@FC=NIM
KO?
;SO>?
;F
@OH=CIH;GC?HNI
>?
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
(IM
G?=;HCMGIM
J;L;
F;
L?MIFO=C‰H
>?
=IH@FC=NIM
JO?>?H
?H=IHNL;LM?
?H
F;
?M@?L;
JIF…NC=;
I
?H
F;
DO>C=C;F

I
?H
OH;
=IG<CH;=C‰H
>?
;G<;M
/?
B;H
M?ˆ;F;>I
P;LC;M
@ILG;M
>?
L?F;=C‰H
?HNL?
HCP?F?M
KO?
FF?P;H
;
JIMC<F?M
=IH@FC=NIM
?
CH?MN;<CFC>;>
CHN?LAO<?LH;G?HN;F

?H
J;LN?
>?<C>I
;
F;
JLIJC;
H;NOL;F?T;
>?F
MCMN?G;
S
;
FIM
CH=?HNCPIM
>?
FIM
>CMNCHNIM
;=NIL?M
?H
FIM
>C@?L?HN?M
HCP?F?M
J;L;
=IGJILN;LM?
?F?=NIL;FG?HN?
>?
G;H?L;
IJILNOHCMN;
?>H;L

!F
AI<C?LHI
=?HNL;F
JO?>?
NL;N;L
>?
?RJ;H>CL
MO
JI>?L
S
F?ACNCGC>;>
G?>C;HN?
F;
CHP;MC‰H
>?
FIM
JI>?L?M
L?ACIH;F?M
>?
NL?M
@ILG;M
N…JC=;M
;ONI;=L?=?HN;GC?HNI
MI<L?=;LA;
>?
FIM
AI<C?LHIM
L?ACIH;F?M
=IH
F?ACMF;=C‰H
@?>?L;F
\FI
KO?

=O;H>I
F;
>CMNLC<O=C‰H
>?
F;M
=;LA;M
?M
;MCG‚NLC=;

FF?P;L…;
;F
@;PILCNCMGI
B;=C;
OH;M
L?ACIH?M
@L?HN?
;
INL;M\
I
G?>C;HN?
F;
;NLC<O=C‰H
;<OMCP;
;
FIM
AI<C?LHIM
L?ACIH;F?M

G?>C;HN?
F?ACMF;=C‰H
I
L?AOF;=C‰H
@?>?L;F

>?
N;L?;M
I
G;H>;NIM
MCH
FIM
L?=OLMIM
=ILL?MJIH>C?HN?M
J;L;
@CH;H=C;LFIM
,IL
MO
J;LN?

N;G<C‚H
FIM
AI<C?LHIM
L?ACIH;F?M
JO?>?H
JLIJC=C;L
FIM
=IH@FC=NIM
S
JIH?L
?H
J?FCALI
F;
?MN;<CFC>;>
>?F
MCMN?G;
@?>?L;F
>?
P;LC;M
@ILG;M

N;F?M
=IGI
F;
?FOMC‰H
>?
MOM
I<FCA;=CIH?M

JIL
?D?GJFI

;F
HI
A;L;HNCT;L
FIM
>?L?=BIM
>?
MOM
=CO>;>;HIM
JL?PCMNIM
?H
F;
=IHMNCNO=C‰H
@?>?L;F

NL;N;H>I
>?
;=NO;L
?H
}L?;M
>?
JIF…NC=;
L?M?LP;>;M
;F
AI<C?LHI
=?HNL;F

PCIF;H>I
?F
?MJ…LCNO
>?F
J;=NI
@?>?L;F

;F
CGJIH?L
=IMN?M
;
FIM
CHN?L=;G<CIM
?=IH‰GC=IM
?HNL?
L?ACIH?M

I
NL;N;H>I
>?
NL;MJ;M;L
FIM
=IMN?M
>?
MOM
JIF…NC=;M
;
INL;M
L?ACIH?M
!H
!MJ;ˆ;

JIL
?D?GJFI

M?
>;H
;FAOH;M
@O?HN?M
J?=OFC;L?M
>?
=IH@FC=NI
=IGI
JO?>?H
M?L
F;M
>C@?L?HN?M
=IH=?J=CIH?M
>?
F;
=IGOHC>;>
H;=CIH;F
I
CHN?LJL?N;=CIH?M
>?
F;
@F?RC<CFC>;>
I
;J?LNOL;
=IHMNCNO=CIH;F

?F
>?M;=O?L>I
MI<L?
F;
>CMNLC<O=C‰H
=IHMNCNO=CIH;F
>?F
JI>?L

F;
=IH@OM;
I
=IGJF?D;
>CMNLC<O=C‰H
>?
=IGJ?N?H=C;M

FIM
M?HNCGC?HNIM
>?
;AL;PCI
I
CHDOMNC=C;
>?
;FAOH;M


I
F;
>?M=IH@C;HT;
M?=OF;L
?HNL?
FIM
@OH=CIH;LCIM
;ONIH‰GC=IM
S
F;
CH?L=C;
=?HNL;FCMN;
>?
;FAOHIM
@OH=CIH;LCIM
=?HNL;F?M
S
F;M
JL?N?HMCIH?M
MI<?L;HCMN;M
>?
;FAOHIM
J;LNC>IM
H;=CIH;FCMN;M
J?LC@‚LC=IM

 
!,@?,>
D
?4;:>
/0
.:9174.?4A4/,/
09
7,>
#>
0A:7@.4[9
09
>;,Z,
!H
!MJ;ˆ;
?F
=IH@FC=NI
JL?>IGCH;HN?
B;
MC>I
F;
>?@CHC=C‰H
>?
F;M
=IGJ?N?H=C;M
=ILL?MJIH>C?HN?M
;
=;>;
HCP?F
(IM
AI<C?LHIM
PCACF;H
;N?HN;G?HN?

JIL
N;HNI

F;M
F?S?M
JLIS?=N;>;M
I
JLIGOFA;>;M
JIL
FIM
INLIM
AI<C?LHIM
J;L;
;M?AOL;LM?
>?
KO?
HI
CHP;>?H
MOM
JLIJC;M
=IGJ?N?H=C;M
HN?M
>?
FF?A;L
;
F;M
P…;M
DO>C=C;F?M

=O;H>I
M?
>?N?=N;
OH
JLI<F?G;
>?
?MN;
…H>IF?

FIM
>C@?L?HN?M
AI<C?LHIM
S
;>GCHCMNL;=CIH?M
NL;N;H
>?
L?MIFP?L
?F
=IH@FC=NI
JIL
P…;M
;>GCHCMNL;NCP;M
CH@ILG;F?M
I
JIL
P…;M
JIF…NC=;M
,IL
?D?GJFI

=O;H>I
?F
AI<C?LHI
=?HNL;F
I
;FAOHIM
>?
MOM
GCHCMN?LCIM
>?N?=N;H
F;
JIMC<CFC>;>
>?
KO?
F;M
F?S?M
;ONIH‰GC=;M
JF;HN??H
OH
=IH@FC=NI
>?
=IGJ?N?H=C;M
F;
L?MIFO=C‰H
>?
=IH@FC=NIM
M?
>?M;LLIFF;
HILG;FG?HN?
?H
>IM
@;M?M
0I>;M
F;M
F?S?M
;ONIH‰GC=;M
MIH
MIG?NC>;M
;F
?R;G?H
>?
F;
FF;G;>;
IGCMC‰H
>?
/?AOCGC?HNI
>?
F;M
CMJIMC=CIH?M
S
=NIM
>?
F;M


KO?
;=N;
<;DI
F;
L?MJIHM;<CFC>;>
>?
F;
#
>?
?M;LLIFFI
ONIH‰GC=I
(;
=IGCMC‰H

?H
F;
KO?
J;LNC=CJ;H
GC?G<LIM
>?
FIM
>CMNCHNIM
GCHCMN?LCIM

M?
L?OHC‰

JIL
?D?GJFI


P?=?M
S
?R;GCH‰

F?S?M
;ONIH‰GC=;M
?H
F;
2%%%
F?ACMF;NOL;
?HNL?

S

(;
;=NCPC>;>
>?
F;
=IGCMC‰H
MO?F?
>?LCP;L
?H
NL?M
NCJIM
>?
>?=CMCIH?M

?H
F;M
KO?
M?
I@L?=?
OH;
IJ=C‰H
>?
H?AI=C;=C‰H
JIF…NC=;
>?F
=IH@FC=NI
W
IHMN;N;=C‰H
>?
FIM
GINCPIM
>?
CH=IHMNCNO=CIH;FC>;>
>?
F;
F?S
!H
?MN?
=;MI
JO?>?
IJN;LM?
JIL
>IM
P…;M
1H;
JLCG?L;
IJ=C‰H
=IHMCMN?
?H
CGJOAH;L
;HN?
?F
0LC<OH;F
IHMNCNO=CIH;F
0
G?>C;HN?
;=O?L>I
>?F
=IHM?DI
>?
GCHCMNLIM
!H
F;
2%%%
F?ACMF;NOL;

?MNI
M?
JLI>ODI
?H

I=;MCIH?M
1H;
M?AOH>;
IJ=C‰H
=IHMCMN?
?H
=IHPI=;L
F;
IGCMC‰H
CF;N?L;F

F?S?M
>?
F;
2%%%
F?ACMF;NOL;
,;L;
?MN?
FNCGI
MOJO?MNI

?H
F;
(?S
ILA}HC=;
 

JIL
F;
KO?
M?
L?@ILG;<;
?F
;LN…=OFI

>?
F;
F?S
ILA}HC=;
>?F
0

M?
B;H
;GJFC;>I
FIM
JF;TIM

FI
KO?
@;=CFCN;
F;
L?MIFO=C‰H
?RNL;
DO>C=C;F
>?
FIM
=IH@FC=NIM
W
IHMN;N;=C‰H
>?
F;
CH?RCMN?H=C;
>?
I<M?LP;=CIH?M
JIL
J;LN?
>?
FIM
GCHCMN?LCIM
I
>?
F;
?RCMN?H=C;
>?
I<M?LP;=CIH?M
KO?
HI
@OH>;G?HN;H
OH
L?=OLMI
>?
CH=IHMNCNO=CIH;FC>;>
JIL
J;LN?
>?F
!MN;>I
(IM
GCHCMN?LCIM
B;<…;H
@ILGOF;>I
I<M?LP;=CIH?M
;

F?S?M
>?F
J?L…I>I
MCH
KO?
>C?L;H
FOA;L
;
OH
L?=OLMI
>?
CH=IHMNCNO=CIH;FC>;>
W
.?GCMC‰H
>?
OH;
=;LN;
>?
=IIJ?L;=C‰H

?H
F;
FNCG;
F?ACMF;NOL;
G}M

=;LN;M
OH;
P?T
;JLI<;>;
F;
F?S

J;L;
OH
=ILL?=NI
>?M;LLIFFI
F?ACMF;NCPI
;
F;
IGOHC>;>
ON‰HIG;
L?MJ?=NCP;
(;
=;LN;
>?
=IIJ?L;=C‰H
MO?F?
M?L
=IHM?=O?H=C;
>?
;JL?=C;L
KO?
F;
;JFC=;=C‰H
I
?F
>?M;LLIFFI
>?
OH;
F?S
;ONIH‰GC=;
JO?>?H
I=;MCIH;L
=IHNLIP?LMC;M
=IGJ?N?H=C;F?M
(;
L?MIFO=C‰H
>?F
=IH@FC=NI
M?
JO?>?
>;L
<C?H
G?>C;HN?
OH
;>?=O;>I
>?M;LLIFFI
L?AF;G?HN;LCI
I
<C?H
G?>C;HN?
F;
GI>C@C=;=C‰H
>?
F;
(?S
I

@CH;FG?HN?

G?>C;HN?
OH;
;JFC=;=C‰H
=ILL?=N;
>?
F;
HILG;
!H
=O;HNI
;
F;
>CM=OMC‰H
MI<L?
F;
=IH@FC=NCPC>;>
=IGJ?N?H=C;F
S
F;M
L?OHCIH?M
J;L;
NL;N;L
MI<L?
?FF;

MC
M?
;H;FCT;
?H
>?N;FF?

M?
B;
I<M?LP;>I
KO?
?H
F;
G;SIL
J;LN?
>?
FIM
=;MIM

F;M
IGCMCIH?M
<CF;N?L;F?M
>?
IIJ?L;=C‰H
M?
B;H
=IHPI=;>I
;
CHC=C;NCP;
>?F
!MN;>I
J;L;
CHN?HN;L
L?MIFP?L
>CM=L?J;H=C;M
MOLAC>;M
?H
NILHI
;
F?S?M
;ONIH‰GC=;M
!MNI
M?
?RJFC=;L…;
?H
J;LN?
JILKO?
?F
!MN;>I
NC?H?
KO?
NL;N;L
=IH

F?ACMF;>IL?M
;ONIH‰GC=IM
>C@?L?HN?M
!H


JIL
NIG;L
OH
?D?GJFI
>?
OH
;ˆI
?MJ?=C;FG?HN?
F;<ILCIMI
>?
;=NCPC>;>
<CF;N?L;F

KOCT}
?F
G}M
;=NCPI
?H
F;
BCMNILC;
L?=C?HN?

?F
!MN;>I
B;
=IHPI=;>I
IGCMCIH?M
CF;N?L;F?M
J;L;
JF;HN?;L
>CM=L?J;H=C;M
MI<L?
F;
=IHMNCNO=CIH;FC>;>
>?
OH
NIN;F
>?
I=BI
F?S?M
;ONIH‰GC=;M

?H
FIM
M?=NIL?M
>?
NL;HMJILN?M

=IG?L=CI

M?LPC=CIM
MI=C;F?M
I
}G<CNI
NLC<ON;LCI
(;M

B;H
PCMNI
JLI<F?G;M
>?
=IHMNCNO=CIH;FC>;>
?H
=O;NLI
F?S?M
?MN;N;F?M
MI<L?
,;LKO?M
*;=CIH;F?M

M?=NIL
?H?LA‚NC=I
S
MI<L?
>?@?HM;
>?
F;
=IGJ?N?H=C;
!H
;FAOHIM
=;MIM
P;LC;M

B;H
JF;HN?;>I
JLI<F?G;M
>?
=IHMNCNO=CIH;FC>;>
?H
MOM
L?MJ?=NCP;M
IGCMCIH?M
MI<L?
F;
GCMG;
F?S
?MN;N;F
>?
?MJ?=C;F
L?F?P;H=C;
JIF…NC=;
>C=CIH;FG?HN?

N;HNI
?F
JI>?L
=?HNL;F
JIL
?D?GJFI

?H

I=;MCIH?M
?H
F;
2%%%
F?ACMF;NOL;
=IGI
F;M

?H

I=;MCIH?M
?H
F;
2%%%
F?ACMF;NOL;
JO?>?H
>?MCMNCL
>?
MOM
JL?N?HMCIH?M
G?>C;HN?
?F
>?MCMNCGC?HNI
>?
OH;
CGJOAH;=C‰H
JF;HN?;>;
;HN?
?F
0
(IM
>?MCMNCGC?HNIM
JO?>?H
M?L
;>IJN;>IM
G?>C;HN?
;=O?L>IM
JL?PCIM
@ILG;FCT;>IM
?H
F;M
IGCMCIH?M
CF;N?L;F?M
>?
IIJ?L;=C‰H
I
;
CHC=C;NCP;
>?F
!MN;>I
I
>?
F;
IGOHC>;>
ON‰HIG;
MCH
;=O?L>I
JL?PCI
?H
?MN;
IGCMC‰H
CF;N?L;F



7
;,;07
/07
%
FAOHIM
=IH@FC=NIM
J;M;H
;
F;
DOLCM>C==C‰H
=IHMNCNO=CIH;F
!MNIM
=IH@FC=NIM
HI
M?
>?LCP;H
H?=?M;LC;G?HN?
>?
JLI<F?G;M
MOLAC>IM
?H
FIM
@ILIM
CHN?LAO<?LH;G?HN;F?M
IGI
M?
M;<?

FIM
G?=;HCMGIM
KO?
JLIP??
F;
IHMNCNO=C‰H
?MJ;ˆIF;
J;L;
L?MIFP?L
=IH@FC=NIM
CHN?LAO<?LH;G?HN;F?M
MIH
W
!F
L?=OLMI
>?
CH=IHMNCNO=CIH;FC>;>

=O;H>I
F;
CHP;MC‰H
=IGJ?N?H=C;F
M?
JLI>O=?
JIL
OH;
F?S

I
JIL
OH;
HILG;
=IH
L;HAI
>?
F?S
FIM
>?=L?NIMF?S?M
S
FIM
>?=L?NIM
F?ACMF;NCPIM
S
JO?>?
M?L
?D?L=C>I
JIL
FIM
AI<C?LHIM

FIM
,;LF;G?HNIM
>?
F;M



>CJON;>IM


M?H;>IL?M
S
?F
?@?HMIL
>?F
,O?<FI
F;
L?@ILG;
>?
F;
(+0
>?

B;
J;M;>I
>?

;

G?M?M
?F
JF;TI
J;L;
JL?M?HN;L
?F
L?=OLMI
;HN?
?F
0

J;L;
JLIGIP?L
MO
L?MIFO=C‰H
?RNL;JLI=?M;F
W
!F
=IH@FC=NI
>?
=IGJ?N?H=C;M

?HNL?
AI<C?LHIM

KO?
L?=;?
MC?GJL?
MI<L?
;FAOH;
HILG;
CH@L;F?A;F
MC
?F
AI<C?LHI
=?HNL;F
I
>?
OH;

?HNC?H>?
KO?
INLI
AI<C?LHI
B;
;JLI<;>I
OH
L?AF;G?HNI
I
OH;
IL>?H

KO?
CHP;>?
F;M
=IGJ?N?H=C;M
JLIJC;M
W
!F
JLI=?>CGC?HNI

JIL
?F
;LN…=OFI

>?
F;
IHMNCNO=C‰H

>?
CGJOAH;=C‰H
>?
HILG;M
;ONIH‰GC=;M
KO?
JO?>?
MOMJ?H>?L
JLIPCMCIH;FG?HN?
F;
;JFC=;=C‰H
>?
F;
F?S
I
HILG;
L?=OLLC>;
!F
0
B;
;SO>;>I
;
>?FCGCN;L
F;M
=IGJ?N?H=C;M
>?
=;>;
HCP?F
N?LLCNILC;F
>?
AI<C?LHI
S
HI
M?
B;
=IHMNCNOC>I
?H
OH
CHMNLOG?HNI
>?F
AI<C?LHI
=?HNL;F

G;HN?HC?H>I
OH
?KOCFC<LCI
L;TIH;<F?
?HNL?
?F
L?J;LNI
=IGJ?N?H=C;F
>?
F;
IHMNCNO=C‰H
S
FIM
!MN;NONIM
>?
F;
JLCG?L;
A?H?L;=C‰H
J;LN?
>?F
@;FFI
>?F
0
;
@;PIL
>?
OHIM
I
>?
INLIM

MO
F;<IL
B;
MC>I
CGJILN;HN?
;
F;
BIL;
>?
=IH@CAOL;L
KO‚
M?
?HNC?H>?
JIL
=IH=?JNIM
>?
=IHMC>?L;<F?
L?F?P;H=C;
=IGI
F;
=IIL>CH;=C‰H
S
F;
=IIJ?L;=C‰H
,IL
FI
KO?
L?MJ?=N;
;F
;MJ?=NI
=O;HNCN;NCPI
>?
F;
=IH@FC=NCPC>;>

F;
?PIFO=C‰H
>?
F;M
CGJOAH;=CIH?M
S
=IH@FC=NIM
>?
=IGJ?N?H=C;
JF;HN?;>IM
GO?MNL;
OH;
=IH@FC=NCPC>;>
GOS
?F?P;>;
>OL;HN?
FIM
JLCG?LIM
;ˆIM
>?
?PIFO=C‰H
>?F
MCMN?G;
;ONIH‰GC=I
KO?
@O?
>?=L?=C?H>I

=IH
;FAOHIM
;FNC<;DIM

B;MN;
FIM
FNCGIM
;ˆIM
3I)+&1

C<9B17a;
23
9/
1<;4971A7C72/2
1<:=3A3;17/9
/;A3
39
(?70B;/9
<;@A7AB17<;/9
"O?HN?
!F;<IL;=C‰H
JLIJC;
=IH
>;NIM
>?
F;M
)?GILC;M
>?F
0

!F
HG?LI
>?
=IH@FC=NIM
?M
GOS
;FNI
?H
=IGJ;L;=C‰H
=IH
INL;M
@?>?L;=CIH?M
!H
F?G;HC;
M?
PC?H?H
L?MIFPC?H>I
HI
G}M
>?

;

=IH@FC=NIM
;F
;ˆI

JIL
?D?GJFI
(;
=IH@FC=NCPC>;>
HI
B;
M?AOC>I
OH;
J;ON;
=F;L;
>?M>?
KO?
M?
CHC=C‰
?F
!MN;>I
ONIH‰GC=I
;OHKO?
B;
C>I
=F;L;G?HN?
>CMGCHOS?H>I
!F
HG?LI
NIN;F
>?
=IH@FC=NIM
B;
IM=CF;>I
?HNL?

%%
(?ACMF;NOL;
?HNL?

S

=IH@FC=NIM
?H
F;
2
(?ACMF;NOL;

!H
F;
2%%%
(?ACMF;NOL;

MIF;G?HN?
M?
B;H
JF;HN?;>I

=IH@FC=NIM
@L?HN?
;
FIM

=IH@FC=NIM
>?
F;
F?ACMF;NOL;
;HN?LCIL
!MN;
=IH@FC=NCPC>;>
?M
G?HIL
>OL;HN?
F;
2%%%
F?ACMF;NOL;
JILKO?

M?AH
M?
;>O=?
?H
OH
L?=C?HN?
CH@ILG?
>?F
),0,

M?
B;
L?;FCT;>I
OH
?M@O?LTI
JIL
UF;
;>?=O;=C‰H
>?
F;M
>CMJIMC=CIH?M
JLI>O=C>;M
;F
IL>?H
=IHMNCNO=CIH;F
S
?MN;NON;LCI
>?
>CMNLC<O=C‰H
>?
=IGJ?N?H=C;MX
S
JILKO?
FIM
A;<CH?N?M
DOL…>C=IM
>?
;FAOH;M

N;G<C‚H
B;H
?HPC;>I
=;LN;M
>?
=IF;<IL;=C‰H
;F
!MN;>I
=IH
I<M?LP;=CIH?M
=IGJ?N?H=C;F?M

;OHKO?
HI
?RCMN?H
>;NIM
>?
F;
=;HNC>;>
>?
=;LN;M
L?=C<C>;M
HC
>?
MOM
?GCM;LCIM
!H
MO
;MJ?=NI
=O;FCN;NCPI

F;
0;<F;

GO?MNL;
=‰GI
B;MN;
?F
@CH;F
>?
FIM
;ˆIM


>IM
N?L=CIM
>?
F;
=IH@FC=NCPC>;>

JIL
=C?HNI
M?
=IH=?HNL;<;
?H

M?=NIL?M
?=IHIG…;

NOLCMGI

;ALC=OFNOL;

G?>CI;G<C?HN?
S
;MOHNIM
MI=C;F?M
S
JL?>IGCH;
F;M
CGJOAH;=CIH?M
>?
F;M

@L?HN?
;F
!MN;>I

?MJ?=C;FG?HN?
>?
>IM
I
NL?M

=IGI
;N;FOˆ;
I
?F
,;…M
2;M=I
$%.$

:=B5;/17<;3@
/;A3
39
(?70B;/9
<;@A7AB17<;/9
=<?
:7;7@A3?7<
 
@A/2<
4?3;A3 
4?3;A3 743?3;17/
3;A?3
1<9B:;/

E
   (#(  
 @A/2< 
9EDECs7
O
FEBsJ?97
<?I97B       

.KH?ICE       

=H?9KBJKH7        

';:?E
7C8?;DJ;       

IKDJEI
IE9?7B;I       

:C?D?IJH79?ED;I
      
Fy8B?97I

:K979?vD       

-7D?:7:         

$KIJ?9?7        

0?L?;D:7       

#D<H7;IJHK9JKH7I      

KBJKH7       

(#(    


%H=FOS?
OHCP?LMC>;>?M
S
=C?H=C;
S
N?=HIFIA…;

%H=FOS?
=IHMOGI

(;
=;N?AIL…;
>?
INLIM
GCHCMN?LCIM
=IH

=IH@FC=NIM
HI
B;
MC>I
CH=FOC>;
"O?HN?
),0,

%H@ILG?
/I<L?
IH@FC=NCPC>;>
!MN;>I
>OL;HN?
F;
2%%%
(?ACMF;NOL;
);>LC>

),
 
(#&'
#"#""('

'
& #"'
"(&)&"!"( '
!RCMN?H
P;LCIM
@;=NIL?M

M?ˆ;F;>IM
?H
MOM
>C@?L?HN?M
P?LNC?HN?M
JIL
FIM
?MNO>CIMIM
>?
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M

KO?
;SO>;H
;
?RJFC=;L
F;M
>C@?L?H=C;M
?H
MO
=IH@CAOL;=C‰H
S
MO
@OH=CIH;GC?HNI
S
KO?
=IH>C=CIH;H
MO
JIMC<F?
>?M;LLIFFI
S
FIM
CHN?HNIM
>?
L?@ILG;
KO?
M?
B;A;H
J;L;
G?DIL;L
MO
?@C=;=C;
S
MO
F?ACNCGC>;>
,I>?GIM
;ALOJ;L
?MNIM
@;=NIL?M

8C@DD@
>@5@
?H
G;=LICHMNCNO=CIH;F?M

=OFNOL;F?M

M?=NILC;F?M
S
>?
JIF…NC=;
J<FC=;

S
MOJL;H;=CIH;F?M
=IGI
F;
J?LN?H?H=C;
;
F;
1!


,.=:49>?4?@.4:9,70>
(;M
G}M
CGJILN;HN?M
=IH>C=CIH;HN?M
>?
F;M
.%#
MIH
F;M
CHMNCNO=CIH?M
>?
OH
J;…M
S
F;
>CMNLC<O=C‰H
>?
F;M
=IGJ?N?H=C;M
S
FIM
L?=OLMIM
;M…
=IGI
?F
MCMN?G;
>?
J;LNC>IM
2?;GIM
;FAOHIM
>?
?MNIM
@;=NIL?M
=IH
G}M
>?N;FF?




/
4=@;/
23
:/A
7<AB7BC17=<3A
3831CB7D/A
G
:357A:/B7D/A
3<
1/2/
<7D3:
23
5=073@<=
,IL
?D?GJFI

=;<?
>?MN;=;L
F;M
=IHM?=O?H=C;M
KO?
NC?H?H
FIM
>IM
MCMN?G;M
G}M
=F}MC=IM
>?
L?F;=C‰H
?D?=ONCPIF?ACMF;NCPI
>?HNLI
>?
=;>;
HCP?F
>?
AI<C?LHI
JIL
?D?GJFI

!!11
S
G‚LC=;
(;NCH;

JL?MC>?H=C;F?M
S
/OCT;

MCMN?G;M
=IF?AC;>IM
S
>?
FIM
MCMN?G;M
>?
@OMC‰H
>?
FIM
JI>?L?M
?D?=ONCPI
S
F?ACMF;NCPI
JIL
?D?GJFI

MCMN?G;M
J;LF;G?HN;LCIM
>?
AI<C?LHI
L?MJIHM;<F?
S
MCMN?G;M
GCRNIM
>?
A;<CH?N?
JL?MC>?H=C;F
S
J;LF;G?HN;LCIM
?H
?F
J;J?F
>?
FIM
>CLCA?HN?M
JIF…NC=IM

F?ACMF;>IL?M
S
@OH=CIH;LCIM
?H
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
!H
FIM
MCMN?G;M
J;LF;G?HN;LCIM
JIL
?D?GJFI

FIM
?D?=ONCPIM
B;H
N?H>C>I
;
>IGCH;L
?MN;M
L?F;=CIH?M



/
27AB@70C17b<
23
1=;>3B3<17/A
(;M
=IGJ?N?H=C;M
=IHMNCNO=CIH;F?M
;MCAH;>;M
;
=;>;
AI<C?LHI
MIH
CGJILN;HN?M
J;L;
F;M
.%#
JILKO?
>?@CH?H
?F
;F=;H=?
S
H;NOL;F?T;
>?
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
KO?
M?
L?KOC?L?H
?MN;=;H
;KO…
F;
CGJILN;H=C;
>?
F;
=F;LC>;>

?F
AL;>I
>?
MIF;J;GC?HNI
S
FIM
J;J?F?M
;MCAH;>IM
?H
F;
>CMNLC<O=C‰H
=IHMNCNO=CIH;F
>?
=IGJ?N?H=C;M
?F
AL;>I
>?
=IH=OLL?H=C;
>?
‚MN;M

?F
?MN;<F?=CGC?HNI
I
HI
>?
OH;
F?ACMF;=C‰H
<}MC=;
I
G;L=I
H;=CIH;F

?F
AL;>I
?H
KO?
F;
IHMNCNO=C‰H
>?F?A;
F;
?D?=O=C‰H
>?
F;
F?ACMF;=C‰H
;
INLI
HCP?F

?N=



/
7;>=@B/<17/
23
:/
A35C<2/
1];/@/
G
AC
CB7:72/2
1=;=
4=@=
23
:/A
C<72/23A
AC03AB/B/:3A

?MN?
L?MJ?=NI
?M
L?F?P;HN?
?F
=;L}=N?L
>?
F;
M?AOH>;
=}G;L;
=?HNL;F
S
MC
M?
=IHMNCNOS?
J;L;
M?LPCL
=IGI
OH
@ILI
J;L;
FIM
L?JL?M?HN;HN?M
>?
FIM
AI<C?LHIM
L?ACIH;F?M
I
HI
(;M
M?AOH>;M
=}G;L;M
JO?>?H
L?JL?M?HN;L
FIM
AI<C?LHIM
L?ACIH;F?M
JIL
?D?GJFI

?F
F?56DC2E
;F?G}H

;
FIM
J;LF;G?HNIM
L?ACIH;F?M
%H>C;

);F;MC;
S
OMNLC;
I
;
FIM
?F?=NIL;>IM
L?ACIH;F?M
!!11
S
OMNL;FC;

J?LI
M‰FI
?H
?F
JLCG?LI
>?
?MNIM
=;MIM

?H
F?G;HC;

FIM
GC?G<LIM
>?
F;
M?AOH>;
=}G;L;
JO?>?H
B;<F;L
P?L>;>?L;G?HN?
?H
HIG<L?
>?
MOM
?D?=ONCPIM
L?ACIH;F?M

 
:
B7>=
G
A7BC/17b<
23
:/
47</<17/17b<
5@/2=
23
7<23>3<23<17/
G
3:
5@/2=
23
27A>/@72/2
23
@31C@A=A
47</<173@=A
3<B@3
:/A
@357=<3A
(;
MCNO;=C‰H
@CH;H=C?L;
>?
F;M
OHC>;>?M
MO<?MN;N;F?M
B;
MC>I
OH
;MJ?=NI
?MJ?=C;FG?HN?
CGJILN;HN?
>?
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
?H
NI>;M
F;M
?M@?L;M
>?
FIM
>CMNCHNIM
L?A…G?H?M
(;
G?>C>;
?H
KO?
F;M
L?ACIH?M
S
FIM
AI<C?LHIM
FI=;F?M
>CMJIHA;H
>?
L?=OLMIM
;ON‰HIGIM
J;L;
F;
;MOGCL
MOM
L?MJIHM;<CFC>;>?M
>?
A;MNI
I
>?J?H>;H
>?
F;M
NL;HM@?L?H=C;M
>?
INLI
HCP?F
>?
AI<C?LHI

?F
AL;>I
>?
>CMJ;LC>;>
>?
L?=OLMIM
@CH;H=C?LIM
?HNL?
?FF;M
I
F;
H?=?MC>;>
>?
?MN;<F?=?L
MCMN?G;M
>?
HCP?F;=C‰H
>?
FIM
L?=OLMIM
(;
L;T‰H
JLCH=CJ;F
JIL
F;
=O;F
F;M
L?F;=CIH?M
@CH;H=C?L;M
CHN?LAO<?LH;G?HN;F?M
B;H
MC>I
OH
@;=NIL
CGJILN;HN?
B;
MC>I
F;
>C@C=OFN;>
>?
B;=?L
=ICH=C>CL
FIM
CHAL?MIM
=IH
F;M
H?=?MC>;>?M
>?
A;MNI
S
F;
N?H>?H=C;
>?
FIM
CHAL?MIM
S
FIM
A;MNIM
;
=;G<C;L
=IH
?F
NC?GJI



:
A7AB3;/
23
>/@B72=A
>=:`B71=A
G
3<
>/@B71C:/@
3:
1/@]1B3@
23
:=A
D`<1C:=A
3<B@3
:/A
=@5/<7H/17=<3A
</17=</:3A
G
@357=</:3A
23
:=A
>/@B72=A
>=:`B71=A
!F
J;J?F
>?
FIM
J;LNC>IM
?M
=LO=C;F

MI<L?
NI>I
?H
FIM
MCMN?G;M
=IGI
?F
?MJ;ˆIF

=IH
F;M
?MNLO=NOL;M
J;LNC>;LC;M
=?HNL;FCT;>;M
!F
=CL=OCNI
J;LNC>;LCI
CHN?LHI
JO?>?
@OH=CIH;L
=IGI
OH
=CL=OCNI
;FN?LH;NCPI
;
F;M
.%#
>‰H>?
M?
JI>L…;
?H=IHNL;L
F;
=I>?=CMC‰H
S
HI
MCGJF?G?HN?
=IIL>CH;=C‰H
25
9@4
CH=FOMI
=O;H>I
F;M
JL?MCIH?M
=IGJ?NCNCP;M
?HNL?
FIM
AI<C?LHIM
?RCMN?H
!F
AL;>I
>?
=IHALO?H=C;
J;LNC>CMN;
?H
;G<IM
HCP?F?M

?F
NCJI
>?
JIF…NC=;
S
F;
=IGJ?N?H=C;
?F?=NIL;F
?H
F;M
L?ACIH?M

F;
?RCMN?H=C;
>?
J;LNC>IM
H;=CIH;FCMN;M
J?LC@‚LC=IM
S
?F
AL;>I
>?
JIFCNCT;=C‰H
J;LNC>CMN;
MIH
;FAOH;M
>?
F;M
P;LC;<F?M
KO?
;@?=N;H
;
F;M
.%#
,IL
FNCGI

INLIM
>IM
@;=NIL?M
G;=LICHMNCNO=CIH;F?M
M?L…;H
?F
J;J?F
>?
FIM
NLC<OH;F?M
I
F;
G?>C>;
?H
KO?
?F
=IH@FC=NI
CHN?LAO<?LH;G?HN;F
M?
L?MO?FP?
JIL
G?>CI
>?
‚MNIM
S
F;
ILA;HCT;=C‰H
>?
F;
A?MNC‰H
>?
.%#
>?HNLI
>?
FIM
AI<C?LHIM
;
;G<IM
HCP?F?M

?H
L?F;=C‰H
;
F;
=;J;=C>;>
;>GCHCMNL;NCP;
FIM
L?=OLMIM
>?
FIM
AI<C?LHIM
S
MO
CGJ;=NI
?H
F;
=;J;=C>;>
>?
=IIL>CH;=C‰H
CHN?LAO<?LH;G?HN;F
?H
F;M
;>GCHCMNL;=CIH?M
=?HNL;F?M
I
;ONIH‰GC=;M

 
@7?@=,70>
(;
NIF?L;H=C;
B;=C;
F;
>CP?LMC>;>
S
F;
PIFOHN;>
>?
?RJ?LCG?HN;=C‰H
KO?
FF?P;
;F
L?=IHI=CGC?HNI
>?
F;
H?=?MC>;>
>?
F;
>?FC<?L;=C‰H
S
F;
=IHMOFN;
CHN?LAO<?LH;G?HN;F
MIH
@;=NIL?M
=OFNOL;F?M
KO?
@;=CFCN;H
S
JLIGO?P?H
F;
CHN?L;==C‰H
$;S
=OFNOL;M
G}M
JLI=FCP?M
KO?
INL;M
;
F;
=IIJ?L;=C‰H
S
?F
;JISI
GONOI

?F
CHN?L=;G<CI
L?AOF;L
>?
CH@ILG;=C‰H
S
F;
=IIL>CH;=C‰H
?H
}L?;M
>?
MOJ?LJIMC=C‰H
S
=IGJ?N?H=C;M
=IH=OLL?HN?M



$0.?:=4,70>
D
/0
;:7Y?4.,
;]-74.,
(IM
JLI<F?G;M
KO?
M?
NL;N;H
?H
FIM
JLI=?MIM
>?
=IIJ?L;=C‰H
CH@FOS?H
=IHMC>?L;<F?G?HN?
?H
?F
I<D?NI
JLCH=CJ;F
I
?F
=IHN?HC>I
>?
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
!F
NCJI
>?
JLI<F?G;M
>IGCH;HN?
?H
OH;
@?>?L;=C‰H
;
FI
F;LAI
>?
OH
J?LCI>I
JO?>?
;@?=N;L
;
F;
CHMNCNO=CIH;FCT;=C‰H
>?
F;M
.%#
CH@FOS?H>I
?H
MO
JIFCNCT;=C‰H

FIM
;=NIL?M
CHPIFO=L;>IM
S
?F
NCJI
S
F;
>?HMC>;>
>?
F;M
CHN?L;==CIH?M
S
FIM
=IH@FC=NIM
*I
B;S

JIL
?D?GJFI

GO=BI
G;LA?H
J;L;
F;
=I>?=CMC‰H
=O;H>I
FIM
JLI<F?G;M
>?
L?J;LNI
>?
=IGJ?N?H=C;M
S
>?
L?=OLMIM
>IGCH;
F;M
.%#
J
?D
!MJ;ˆ;
>OL;HN?
FIM
;ˆIM
I=B?HN;
?
CHC=CIM
>?
FIM
;ˆIM
HIP?HN;
>?F
MCAFI
44
!MN?
NCJI
>?
JLI<F?G;M
FF?P;L}H
;
GI>IM
>?
L?F;=C‰H
<CF;N?L;F?M
S
L?OHCIH?M
G}M
JIFCNCT;>;M
S
G?HIM
?MN;<F?M
KO?
INLIM
JLI<F?G;M
LONCH;LCIM
>?
J;…M?M
>‰H>?
F;
>CMNLC<O=C‰H
>?
JI>?L?M
B;
KO?>;>I
?MN;<F?=C>;
B;=?
NC?GJI
0;G<C‚H
?F
J;J?F
>?
FIM
;=NIL?M
HIAO<?LH;G?HN;F?M
?H
?F
M?=NIL
FIM
;=NIL?M
JLCP;>IM
CH@FOS?HN?M

I
F;
?RCMN?H=C;
S
F;
H;NOL;F?T;
>?
F;M
L?>?M
CH@ILG;F?M
>?
?MJ?=C;FCMN;M
M?=NILC;F?M
CH@FOS?
=IHMC>?L;<F?G?HN?
?H
?F
NCJI
>?
.%#
KO?
M?
>?M;LLIFF?H


$@;=,9,.4:9,70>
7
;,;07
/0
7,
;0=?0909.4,
,
7,
&94[9
@=:;0,
,IL
FNCGI

=;<?
G?H=CIH;L
F;
CGJILN;H=C;
J;L;
F;M
.%#
>?
?F?G?HNIM
?RN?LHIM
I
CGJ?L;NCPIM
>?
;>;JN;=C‰H
KO?
PC?H?H
>?
CHMN;H=C;M
MOJL;H;=CIH;F?M
S
KO?
>?G;H>;H
OH;
G;SIL
=IIL>CH;=C‰H
?HNL?
FIM
;=NIL?M
>?
FIM
>CMNCHNIM
HCP?F?M
H;=CIH;F?M

JIL
?D?GJFI

J;L;
F;
CGJF;HN;=C‰H
>?
CHC=C;NCP;M
=IGOHCN;LC;M
I
?F
L?J;LNI
>?
@IH>IM
S
MO<P?H=CIH?M
>?
F;
1!
,;L;
;FAOHIM

F;
J?LN?H?H=C;
=IGOHCN;LC;
NC?H?
OH
?@?=NI
=?HNL;FCT;>IL
;
@;PIL
>?F
JI>?L
=?HNL;F
KO?
?M
?F
KO?
?MN}
L?JL?M?HN;>I
?H
FIM
HCP?F?M
MOJL;H;=CIH;F?M
,;L;
INLIM
FIM
CGJ?L;NCPIM
>?
F;
J?LN?H?H=C;
@;PIL?=?H
S
JIN?H=C;H
OH;
G;SIL
=IIL>CH;=C‰H
?HNL?
FIM
AI<C?LHIM
H;=CIH;F?M
S
L?ACIH;F?M
P‚;M?
?F
0?G;

 #P
AL;HI@@

.

U(;M
L?F;=CIH?M
S
F;
A?MNC‰H
CHN?LAO<?LH;G?HN;F?MX

?H
;ˆ‰H

;LLCFFI
=IGJM

D;

!

=
DE25@
2FE@?x>:4@
656C2=:D>@
J
9649@D
5:76C6?4:2=6D


?>
);>LC>
FC;HT;
L<‰M

4

IFCHI



#;L=…;
)IL;F?M

)

,;LL;>I
/

)6=24:@?6D
?E6C8F36C?2>6?E2=6D
6?
6=
DE25@
2FE@?x>:4@
24E@C6D

;L=?FIH;
%HMNCNON
>!MNO>CM
ONIH‹GC=M
;ˆ‰H

.

;LLCFFI

!
=IGJM

?H
#2
?F6G2
5>:?:DEC24:x?
'|3=:42
);>LC>
FC;HT;
;F;@?FF

2
&

#@D
4@?G6?:@D
6?EC6
@>F?:5256D
FEx?@>2D

);>LC>
!,
;G?LIH



U(;M
?MNLO=NOL;M
>?
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?MX

)6G:DE2
?E6C?24:@?2=
56
:6?4:2D
*@4:2=6D


IFCHI



,;LL;>I

/

UH}FCMCM
>?
F;
JL}=NC=;
S
F;
>CH}GC=;
>?
FIM
JLI=?MIM
@ILG;F?M
?
CH@ILG;F?M
>?
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?MX

?H
L<‰M
6E
2=

L?MJI

&

U.?F;=CIH?M
?HNL?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
?H
!MJ;ˆ;X

?H
L?MJI

,;MNIL

=IGJM

L?MJI

&

,;MNIL

#
=IGJM

5>:?:DEC24:@?6D
A|3=:42D
6DA2w@=2D
);>LC>
)=#L;Q$CFF

OKO?

&


U(;M
=IH@?L?H=C;M
M?=NILC;F?MX

)6G:DE2
DA2w@=2
56
6C649@
@?DE:EF4:@?2=



#}FP?T

(


.OCT
#IHT}F?T

&
#

U!MN;>I
;ONIH‰GC=I

=IIJ?L;=C‰H
CHN?LAO<?LH;G?HN;F
S
=IH@?L?H=C;M
>?
JL?MC>?HN?MX

)6G:DE2
56
6C649@
'@=tE:4@



?H?LI;<LCF

#;L=…;
)IL;F?M

)
&

U(;
=IF;<IL;=C‰H
;
?R;G?H
.?NIM
S
LC?MAIM
>?
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
?H
?F
!MN;>I
;ONIH‰GC=IX

)6G:DE2
DA2w@=2
56
6C649@
@?DE:EF4:@?2=



G;SI;AIMNI

(?‰H

/

"?LL…H

)

#2
4@@A6C24:x?
:?E6C8F36C?2>6?E2=
6?
6=
DE25@
2FE@?x>:4@

/;HNC;AI
>?
IGJIMN?F;

!M=IF;
#;F?A;
>?
>GCHCMNL;=C‰H
,<FC=;
(‰J?T
*C?NI

(
=IGJ

)6=24:@?6D
:?E6C8F36C?2>6?E2=6D
6?
=2
DA2w2
56>@4ClE:42
:?E6C56A6?56?4:2
2FE@?@>t2
4@?7=:4E@
J
4@@A6C24:x?
);>LC>
SECHMIH
)}CT

.

,
?L;G?H>C

#L;O
S
)

U(;
@?>?L;FCT;=C‰H
>?F
!MN;>I
>?
F;M
ONIHIG…;M
?PIFO=C‰H
S
>‚@C=CN
CHMNCNO=CIH;F?MX

?H
/O<CL;NM

#;FF?AI
=IGJM
)??ECMIH

&
,
=IGJ
?E6C8@G6C?>6?E2=
)6=2E:@?D
:?
656C2=
@F?EC:6D

*6C:6D
@7
DD2JD
@?
E96
'C24E:46
@7
656C2=
@G6C?2?46

+NN;Q;
"ILOG
I@
"?>?L;NCIHM
)CHCMN?LCI
>?
>GCHCMNL;=CIH?M
,<FC=;M
),

?7@C>6
*@3C6
@?7=:4E:G:525
DE25@
5FC2?E6
=2
-
#68:D=2EFC2
);>LC>

),

)IH>L;A‰H

&

U(;
A?MNC‰H
CHN?LAO<?LH;G?HN;F
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
?H
!MJ;ˆ;X

?H
+F…;M
=IGJ

+F…;M


=IGJ

#2
?F6G2
86DE:x?
A|3=:42
);>LC>
,L?HNC=?
$;FF
,?ˆ;


>?
F;

!FCTIH>I



&O;LCMNC

"

)IEILI;
&
(

)IH>L;A‰H

&

U(;M
=IH@?L?H=C;M
M?=NILC;F?M


>CH}GC=;
>?
@OH=CIH;GC?HNI
S
P;FIL?M
S
J?L=?J=CIH?M
>?
FIM
;A?HN?M
JIF…NC=IM
S
N‚=HC=IMX

6DE:x?
J
?l=:D:D
56
'@=tE:42D
'|3=:42D

H_

.;GIM

&



U(;M
IGCMCIH?M
CF;N?L;F?M
>?
IIJ?L;=C‰H
?H
?F
MCMN?G;
?MJ;ˆIF
>?
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?MX

?H
(‰J?T
*C?NI
=IGJ

.C>;OL;

)]
&

)6=24:@?6D
:?E6C8F36C?2>6?E2=6D
DE25@@>F?:5256D
FEx?@>2D

2;F?H=C;
0CL;HN
FI
F;H=B
/}?HT
.ISI

!

U.?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
>?
=;L}=N?L
P?LNC=;F
?H
?F
!MN;>I
;ONIH‰GC=I
?F
M?L

?F
>?<?L
M?L
S
JIMC<F?M
L?NIM
>?
@ONOLIX

)6G:DE2
6DA2w@=2
56
6C649@
@?DE:EF4:@?2=


/?PCFF;

&
&
)
2C>;F
S

!F…;M

-6CE63C2?5@
DA2w2
=
DE25@
2FE@?x>:4@

C<FCIN?=;
*O?P;

);>LC>
/CG?IH

.

UIH=FOMCIHX

?H
)??ECMIH
=IGJ
/O<CL;NM

&

#;FF?AI

.
=IGJM

-6:?E6
2w@D
56
2FE@?@>t2D
6?
DA2w2
=6J6D
A@=tE:42D
A|3=:42D
:?DE:EF4:@?6D
J
@A:?:x?
A|3=:42
);>LC>
%/
3;NNM

.
(

U!R?=ONCP?
"?>?L;FCMG

IGJ;L;NCP?
H;FSMCMX

)6D62C49
'2A6C



%HMNCNON?
I@
%HN?LAIP?LHG?HN;F
.?F;NCIHM

-O??HM
1HCP?LMCNS

+HN;LCI
3CM?



LIQH

0
(

U3B?H
#IP?LHG?HNM
>CM;AL??

IGJ;L;NCP?
H;FSMCM
I@
IH@FC=N
.?MIFONCIH
)?=B;HCMGM
CH
%HN?LAIP?LHG?HN;F
.?F;NCIHM
CH
NBL??
*;NCIHMU

,IH?H=C;
JL?M?HN;>;
?H
F;
*;NCIH;F
;H>
/O<H;NCIH;F
#IP?LH;H=?
IH@?L?H=?

*%.

0IESI

ILA;HCT;>;
JIL
?F
"?>?L;F
/SMN?G
,;H?F
*,
3LCABN



'2C2
6?E6?56C
=2D
C6=24:@?6D
:?E6C8F36C?2>6?E2=6D
)‚RC=I
"IH>I
>?
OFNOL;
!=IH‰GC=;
+6>2


/A
/2;7<7AB@/17=<3A
>d0:71/A
G
:=A
17C2/2/<=A
X>,=
:749:
')!&#

#(.,)/#g(
&
'#(#-.,#g(
3
&
#/()

*,.##*#g(
#/(
3
!)#,()
#,.)
#(-
'))-
,.)-
3
)-._/&)-

;<?D?9?ED;I
O
<?D;I
:;
B7
F7HJ?9?F79?vD
9?K:7:7D7
;D
B7
7:C?D?IJH79?vD
Fy8B?97
79JK7B
;<?979?7
FHEN?C?:7:
?D9BKI?vD
O
B;=?J?C?:7:

EHC7I
CqJE:EI
;
?DIJHKC;DJEI
:;
B7
F7HJ?9?F79?vD

&7
EH?;DJ79?vD
7B
9?K:7:7DE
;D
B7
79J?L?:7:
7:C?D?IJH7J?L7
;D
IF7u7
:;B
9?K:7:7DE
9ECE
9B?;DJ;
7
B7
FHECE9?vD
:;
B7
F7HJ?9?F79?vD
 
&7
C;@EH7
:;
B7
7J;D9?vD
7B
9?K:7:7DE
9ECE
KIK7H?E
O
9B?;DJ;
O
;B
=E8?;HDE
;B;9JHvD?9E

';:?:7I
;
?DIJHKC;DJEI
;N?IJ;DJ;I
:;
FHECE9?vD
:;
B7
F7HJ?9?F79?vD
 
';97D?ICEI
O
FHE9;IEI
F7HJ?9?F7J?LEI
9ED9H;JEI
O
IK
KIE
H;7B
;D
BEI
7uEI

 
?<?9KBJ7:;I
FHn9J?97I
:;
B7
F7HJ?9?F79?vD
9?K:7:7D7

&7
H;9?;DJ;
J;D:;D9?7
>79?7
;B
BB7C7:E
*1%+(301
$%+(351
F7HJ?9?F79?vD
9ED
JH7DIF7H;D9?7
O
9EB78EH79?vD
?I9KHIE
O
FEBsJ?97I

&-
*,*#)(-
3
&-
.#./-
#/(-
"#
&-
'#(#-.,#)(-
*j&#-
3
-/
.#0#
(
-*f
 
B
9EDE9?C?;DJE
O
B7I
79J?JK:;I
:;
BEI
9?K:7:7DEI
IE8H;
B7I
7:C?D?IJH79?ED;I
IK
<KD9?ED7C?;DJE
O
IKI
HEB;I
  
IJ;H;EJ?FEI
IE8H;
B7
7:C?D?IJH79?vD
Fy8B?97
9ED<?7DP7
O
I7J?I<799?vD
 
.?FEI
:;
9?K:7:7DEI
I;=yD
IKI
79J?JK:;I
>79?7
B7
7:C?D?IJH79?vD
Fy8B?97
O
IKI
9EDI;9K;D9?7I

&7
F;H9;F9?vD
IE8H;
;B
F7F;B
O
B7
9ED<?7DP7
E
I7J?I<799?vD
;D
BEI
:?<;H;DJ;I
D?L;B;I
:;
B7
7:C?D?IJH79?vD
 
&7
7JH?8K9?vD
:;
B7
H;IFEDI78?B?:7:
IE8H;
B7I
FEBsJ?97I

&7
I7J?I<799?vD
O
9ED<?7DP7
9ED
BEI
:?IJ?DJEI
D?L;B;I


"(&#)Y"

!"'(&Y"
-

)"#
!H
F;
N?IL…;
S
?H
F;
JL}=NC=;
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
F;
L?F;=C‰H
=IH
F;
=CO>;>;H…;
=IHMNCNOS?
=;>;
P?T
G}M
OH
;MOHNI
=?HNL;F
(;
L?@F?RC‰H
S
F;M
N?H>?H=C;M
>?
L?@ILG;
;>GCHCMNL;NCP;
B;H
J?LM?AOC>I
?F
JLIJ‰MCNI
>?
CHPIFO=L;L
;
FIM
=CO>;>;HIM
>?
G;H?L;
G}M
CHN?HM;
?H
FIM
JLI=?MIM
>?
;>IJ=C‰H
>?
>?=CMCIH?M
?MJ?=C;FG?HN?
?H
FIM
FNCGIM
;ˆIM
M…

F;
J;LNC=CJ;=C‰H
=CO>;>;H;
?H
FIM
>C@?L?HN?M
HCP?F?M
S
}G<CNIM
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
=IH
@‰LGOF;M
L?PCM;>;M
S
G?=;HCMGIM
HIP?>IMIM
M?
P?
?H
?F
JL?M?HN?
N;HNI
=IGI
OH
CHN?HNI
>?
G?DIL;L
F;
?@C=;=C;
S
F;
L?=?JNCPC>;>
>?
F;M
;>GCHCMNL;=CIH?M
=IGI
>?
L?HIP;L
?F
@OH=CIH;GC?HNI
>?
F;
>?GI=L;=C;
L?JL?M?HN;NCP;
1HI
>?
FIM
=;G<CIM
@OH>;G?HN;F?M
?H
F;
;>GCHCMNL;=C‰H
J<FC=;
>?
FIM
FNCGIM
;ˆIM
B;
MC>I
F;
=L?=C?HN?
PCH=OF;=C‰H
>?F
!MN;>I
S
F;
MI=C?>;>
?H
F;
JLIPCMC‰H
>?
FIM
M?LPC=CIM
J<FC=IM
(IM
AI<C?LHIM
B;H
>?D;>I
>?
M?L
;=NIL?M
;ON‰HIGIM
;
F;
BIL;
>?
?D?=ON;L
MOM
JIF…NC=;M
S
=;>;
P?T
>?J?H>?H
G}M
>?F
M?=NIL
JLCP;>I
I
>?F
N?L=?L
M?=NIL
J;L;
=OGJFCL
MOM
@CH?M
OHKO?
?MN;
=L?=C?HN?
PCH=OF;=C‰H
JO?>?
G?DIL;L
F;
?@C=;=C;
S
F;
F?ACNCGC>;>
>?
F;
;==C‰H
;>GCHCMNL;NCP;
I
AO<?LH;G?HN;F

N;G<C‚H
JF;HN?;
;FAOHIM
JLI<F?G;M
>?
L?H>C=C‰H
>?
=O?HN;M
S
>?
=IHNLIF
>?GI=L}NC=I
!H
OH
=IHN?RNI
>?
=L…NC=;
KO?
NL;N;
>?
MOJ?L;L
?F
CHMO@C=C?HN?
J;J?F
KO?
>?M?GJ?ˆ;H
FIM
=CO>;>;HIM
=IGI
MCGJF?M
?F?=NIL?M
I
=IGI
=FC?HN?M

M?
B;
JF;HN?;>I
FNCG;G?HN?
F;
JL?M?H=C;
>?
?F6G@D
=CO>;>;HIM

G}M
?RCA?HN?M
=IH
F;M
CHMNCNO=CIH?M

=IH
P;FIL?M
>CMNCHNIM
S
HO?P;M
JL?@?L?H=C;M
MI<L?
F;
;==C‰H
J<FC=;
/?
?MN;L…;
JLI>O=C?H>I
OH;
=LCMCM
?H
F;
;=?JN;=C‰H
>?
;FAOHIM
P;FIL?M
NL;>C=CIH;F?M
=IGI
F;
D?L;LKO…;
I
F;
;ONILC>;>
KO?
MIH
N;H
=;L;=N?L…MNC=IM
>?
F;M
ILA;HCT;=CIH?M
=F}MC=;M
=IGI
FIM
J;LNC>IM
JIF…NC=IM

F;M
CAF?MC;M
I
F;M
;>GCHCMNL;=CIH?M
!MNIM
P;FIL?M
?MN;L…;H
MC?H>I
MOMNCNOC>IM
JIL
HO?P;M
>?G;H>;M
>?
J;LNC=CJ;=C‰H
S
=IIJ?L;=C‰H
JIL
J;LN?
>?
OH;
=CO>;>;H…;
G}M
?>O=;>;
S
G}M
=IHM=C?HN?
>?
KO?
F;M
>?=CMCIH?M
J<FC=;M
;@?=N;H
;
MOM
PC>;M
%H=FOMI
F;M
@ILG;M
>?
CHN?L‚M
JIL
FIM
;MOHNIM
J<FC=IM
B;<L…;H
P;LC;>I
MCGCMGI

FIM
J;LNC>IM
JIF…NC=IM

FIM
AI<?LH;HN?M
S
F;M
CHMNCNO=CIH?M
B;H
L?;==CIH;>I
;HN?
?MIM
HO?PIM
P;FIL?M
S
B;H
=IG?HT;>I
;
=IHMIFC>;L
G?=;HCMGIM
CHMNCNO=CIH;F?M
S
F?ACMF;NCPIM
J;L;
JLIGIP?L
F;
J;LNC=CJ;=C‰H
=CO>;>;H;
=IH
?F
JLIJ‰MCNI
>?
;OG?HN;L
F;
F?ACNCGC>;>
S
F;
?@C=;=C;
>?
FIM
AI<C?LHIM
IFCHI

?F
,CHI

!MNI
M?
B;
L?@F?D;>I
CH=FOMI
;
HCP?F
MOJL;H;=CIH;F
=IGI

JIL
?D?GJFI

?H
F;
L?AOF;=C‰H
?OLIJ?;
MI<L?
J;LNC=CJ;=C‰H

KO?
B;
CHMJCL;>I
S;
?H
HO?MNLI
J;…M
;FAOH;M
L?AF;G?HN;=CIH?M
;ONIH‰GC=;M
S
H;=CIH;F?M
M…

>?
?HNL?
FIM
JLCH=CJCIM
?MN;<F?=C>IM
?H
F;
;LN;
>?
FIM
?L?=BIM
"OH>;G?HN;F?M
>?
F;
1HC‰H
!OLIJ?;

FIM
G}M
>?MN;=;>IM
?H
G;N?LC;
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
MIH
FIM
>?
F;
FC<?LN;>
>?
?RJL?MC‰H
S
>?
CH@ILG;=C‰H
?H
?F
;LN…=OFI


F;
FC<?LN;>
>?
L?OHC‰H
S
>?
;MI=C;=C‰H
?H
?F
;LN…=OFI


F;
JLIN?==C‰H
>?
FIM
=IHMOGC>IL?M
S
FIM
>?L?=BIM
L?F;=CIH;>IM
=IH
F;
U=CO>;>;H…;X
?HNL?
FIM
KO?
>?MN;=;H
?F
>?L?=BI
;
OH;
<O?H;
;>GCHCMNL;=C‰H
?H
?F
;LN…=OFI

S
?F
>?L?=BI
>?
;==?MI
;
FIM
>I=OG?HNIM
0;G<C‚H
?F
(C<LI
F;H=I
J;L;
F;
#I<?LH;HT;
!OLIJ?;

;JLI<;>I
JIL
F;
IGCMC‰H
?F

>?
DOFCI
>?

=IHN?H…;
OH;
M?LC?
>?
L?=IG?H>;=CIH?M
N?H>?HN?M
;
JLI@OH>CT;L
?H
F;
>?GI=L;=C;
S
;OG?HN;L
F;
F?ACNCGC>;>
>?
F;M
CHMNCNO=CIH?M

G?DIL;H>I
FIM
JLI=?>CGC?HNIM
S
JL}=NC=;M
KO?
;@?=N;H
;
F;
G;H?L;
?H
KO?
;=N;H
F;M
;>GCHCMNL;=CIH?M
J<FC=;M

;M…
=IGI
F;M
L?=IG?H>;=CIH?M
=IHN?HC>;M
?H
F;M
IGOHC=;=CIH?M
>?
F;
IGCMC‰H
!OLIJ?;
?H
L?F;=C‰H
=IH
OH;
HO?P;
=OFNOL;
>?
=IHMOFN;
S
>C}FIAI

?M>?
G?>C;>IM
>?
FIM
;ˆIM

BO<I
CHC=C;NCP;M
F?ACMF;NCP;M
CHHIP;>IL;M
KO?
CHNLI>OD?LIH
?F
N?G;
>?
FIM
=CO>;>;HIM
?H
F;
L?@ILG;
>?
FIM
?MN;NONIM
>?
;ONIHIG…;
I
?H
HO?P;M
F?S?M
;ONIH‰GC=;M
MI<L?
NL;HMJ;L?H=C;
S
MI<L?
J;LNC=CJ;=C‰H
M…

JIL
?D?GJFI

?F
HO?PI
?MN;NONI
>?
;N;FOˆ;
M?
L?@C?L?
;F
JLCH=CJCI
>?
NL;HMJ;L?H=C;
S
;
F;
I<FCA;=C‰H
>?
B;=?L
J<FC=;
NI>;
F;
CH@ILG;=C‰H
H?=?M;LC;
J;L;
KO?
FIM
=CO>;>;HIM
JO?>;H
?P;FO;L
F;
A?MNC‰H
>?
F;
;>GCHCMNL;=C‰H
;LN

!F
HO?PI
?MN;NONI
>?
H>;FO=…;
I<FCA;
;
?MN;<F?=?L
F;
?P;FO;=C‰H
>?
F;M
JIF…NC=;M
J<FC=;M
;LN

0;G<C‚H
?M
B;<CNO;F
?H
FIM
HO?PIM
?MN;NONIM
F;
L?@?L?H=C;
;
F;M
=;LN;M
>?
M?LPC=CIM

I
>?
>?L?=BIM
S
>?<?L?M
>?
FIM
OMO;LCIM

?
CH=FOMI
?H
FIM
=;J…NOFIM
L?@?LC>IM
;
FIM
>?L?=BIM
?MN;NON;LCIM
M?
;FO>?
;
FIM
>?L?=BIM
;F
;==?MI
;
FIM
M?LPC=CIM
J<FC=IM

F;
@CD;=C‰H
>?
?MN}H>;L?M
JL?MN;=CIH;F?M

?N=
MCGCMGI

M?
CH=FOS?
?H
?FFIM
F;
JLI=F;G;=C‰H
>?F
>?L?=BI
;
OH;
U<O?H;
;>GCHCMNL;=C‰HX
=IH
ILCA?H
=IGOHCN;LCI
;LN

!MN;NONI
>?
;N;FOˆ;

;LN

!MN;NONI
>?
H>;FO=…;
0;G<C‚H
?H
F;
JL}=NC=;
=INC>C;H;
?M
@L?=O?HN?
P?L
OH
;OG?HNI
>?
F;
CGJFC=;=C‰H
>?
FIM
=CO>;>;HIM
?H
F;M
JIF…NC=;M
J<FC=;M
KO?
G}M
;@?=N;H
;
MOM
PC>;M
!H
;FAOHIM
=;MIM
M?
;NLC<OS?
OH
J;J?F
>?
=IA?MNIL
I
;>GCHCMNL;>IL
;
FIM
=CO>;>;HIM

KO?
M?
?D?GJFC@C=;
?H
=C?LNIM
GOHC=CJCIM
?H
F?G;HC;

.?CHI
1HC>I
I
!MJ;ˆ;
>IH>?
FIM
OMO;LCIM
>?
FIM
M?LPC=CIM
I
F;M
;MI=C;=CIH?M
=…PC=;M
=IA?MNCIH;H
FIM
M?LPC=CIM

B;=C‚H>IM?
=;LAI
>?
JCM=CH;M

GOM?IM

=?HNLIM
=OFNOL;F?M
I
=…PC=IM

>?
GOD?L?M

D‰P?H?M

?N=
!H
INLIM
=;MIM
=I>?=C>?H
F;
;MCAH;=C‰H
>?
J;LN?
>?
FIM
JL?MOJO?MNIM
>?
MOM
<;LLCIM
J;L;
N;L?;M
=IH=L?N;M
IGI
M?ˆ;F;<;
OH
?MNO>CI
L?;FCT;>I
?H
=CH=I
J;…M?M
>?
F;
1!
?H

(Š@@F?L

,;LL;>I

IP;CL>
S
2;H
.STCH

=;>;
P?T
M?
?MN}
I<M?LP;H>I
OH;
G;SIL
CGJFC=;=C‰H
>?
FIM
=CO>;>;HIM
?H
F;
JLIPCMC‰H
>?
FIM
M?LPC=CIM
?H
J;LN?
>?LCP;>;
>?
FIM
;P;H=?M
?H
F;M
0?=HIFIA…;M
>?
F;
%H@ILG;=C‰H
S
F;
IGOHC=;=C‰H
0%M
J?LI
N;G<C‚H
=IH
OH;
=L?=C?HN?
=IGJ;LNC=C‰H
>?
FIM
=CO>;>;HIM
>?
F;M
N;L?;M
>?
JLIPCMC‰H
=IH
FIM
JLI@?MCIH;F?M
=IJLI>O==C‰H
)?>C;HN?
F;
=IJLI>O==C‰H
>?
FIM
M?LPC=CIM

JIL
?D?GJFI
?H
?F
G?>CI;G<C?HN?
FI=;F

F;
M;FO>
J<FC=;
I
F;
JL?P?H=C‰H
>?
>?FCNIM

M?
J?LMCAO?
N;G<C‚H
G?DIL;L
MO
=;FC>;>
;JILN;H>I
F;
?RJ?LC?H=C;
>?
FIM
OMO;LCIM

I@L?=C?H>I
M?LPC=CIM
G}M
>C@?L?H=C;>IM

;OG?HN;H>I
F;M
JIMC<CFC>;>?M
>?
?F?==C‰H
S
B;=C?H>I
FIM
M?LPC=CIM
G}M
L?=?JNCPIM
;F
OMO;LCI
(;
?RN?HMC‰H
>?F
OMI
>?
F;M
HO?P;M
N?=HIFIA…;M
S
F;
?RJ;HMC‰H
>?
FIM
G?>CIM
>CACN;F?M
B;H
NL;HM@ILG;>I
F;
;=NCPC>;>
>?
F;
;>GCHCMNL;=C‰H
S
MO
@ILG;
>?
L?F;=CIH;LM?
=IH
FIM
=CO>;>;HIM
!H
?F
JF;HI
>?
F;M
C>?;M

S
?MJ?=C;FG?HN?
;
J;LNCL
>?
F;
=LCMCM

F;
>?M=IH@C;HT;
S
F;
>?M;@?==C‰H
=CO>;>;H;
KO?
B;
=IHFF?P;>I

F;
J;LNC=CJ;=C‰H
=CO>;>;H;
S
F;
NL;HMJ;L?H=C;

=IGI
?F?G?HNIM
=F;P?M
>?F
FF;G;>I
8@3:6C?@
23:6CE@
M?
B;H
=IHP?LNC>I
?H
I<D?NI
@L?=O?HN?
>?
F;
>CM=OMC‰H
;=;>‚GC=;
S
;>GCHCMNL;NCP;
!MN?
GI>?FI

KO?
J;L?=?
=IHMNCNOCL
OH
HO?PI
J;L;>CAG;
>?
F;
A?MNC‰H
J<FC=;

;<IA;
JIL
OH;
;>GCHCMNL;=C‰H
L?F;=CIH;F
S
OHIM
JI>?L?M
J<FC=IM
;<C?LNIM
;F
=CO>;>;HI

JLIGIPC?H>I
F;
NL;HMJ;L?H=C;

F;
J;LNC=CJ;=C‰H
S
=IF;<IL;=C‰H
=CO>;>;H;M
=IGI
MOM
?D?M
JLCH=CJ;F?M
.;G…L?TFOD;M

#;M=‰

&CG‚H?T

;MN?F

+MTF;E

';O@G;H

(;
N?H>?H=C;
B;=C;
OH;
;>GCHCMNL;=C‰H
G}M
NL;HMJ;L?HN?
M?
B;
PCMNI
JIN?H=C;>;
L?=C?HN?G?HN?
=IGI
=IHM?=O?H=C;
>?
F;
?RCMN?H=C;
>?
OH;
HO?P;
A?H?L;=C‰H
>?
N?=HIFIA…;M
>?
F;
CH@ILG;=C‰H
S
F;
=IGOHC=;=C‰H
0%

KO?
MIH
=;>;
P?T
G}M
OM;>;M
J;L;
MIJILN;L
GI>?FIM
>?
AI<C?LHI
?F?=NL‰HC=I
S
KO?
CH=L?G?HN;H
F;
>C@OMC‰H
>?
F;
CH@ILG;=C‰H
S

?H
=IHM?=O?H=C;

JLIGO?P?H
KO?
F;
JLIJC;
NL;HMJ;L?H=C;
>?
F;
CH@ILG;=C‰H
J<FC=;
S;
HI
M?;
OH;
IJ=C‰H

MCHI
OH;
?RCA?H=C;
.OP;F=;<;

LC;>I

!H
FIM
FNCGIM
;ˆIM

N;HNI
?F
JI>?L
=?HNL;F

=IGI
F;M
;>GCHCMNL;=CIH?M
>?
F;M

S
?F
HCP?F
FI=;F
?MN}H
CGJOFM;H>I
?MNL;N?AC;M
F?ACMF;NCP;M
S
JL}=NC=;M
J;L;
B;=?L
?@?=NCPI
?MN?
GI>?FI
>?
AI<C?LHI
;<C?LNI

=IHMNLOS?H>I
MI<L?
F;
<;M?
>?
;ˆIM
>?
>?M;LLIFFIM
JL?PCIM
?H
MO
L?F;=C‰H
=IH
FIM
=CO>;>;HIM
,IL
FNCGI

M?
B;=?
?PC>?HN?
F;
L?F?P;H=C;
>?
I<M?LP;L
F;M
;=NCNO>?M
>?
FIM
=CO>;>;HIM
B;=C;
F;
;>GCHCMNL;=C‰H
J<FC=;
S
FIM
M?LPC=CIM
KO?
?MN}
JL?MN;

>;>I
?F
>?<;N?
;=NO;F
MI<L?
=O}F
>?<?
M?L
?F
J;J?F
>?F
!MN;>I
S
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
?H
F;M
MI=C?>;>?M
=IHN?GJIL}H?;M
S
MI<L?
F;
H?=?MC>;>
>?
L?F?ACNCG;L
F;M
CHMNCNO=CIH?M
AO<?LH;G?HN;F?M
/?
B;H
JF;HN?;>I
>IM
ALOJIM
>?
BCJ‰N?MCM
?H
FIM
?MNO>CIM
;=?L=;
>?
F;
;=NCNO>
>?
FIM
=CO>;>;HIM
;HN?
?F
J;J?F
>?
F;
;>GCHCMNL;=C‰H
=IGI
JL?MN;>IL;
>?
M?LPC=CIM
1H
JLCG?L
ALOJI
?HN?H>…;
?F
B?=BI
>?
KO?
FIM
=CO>;>;HIM
?MNOPC?L;H
;
@;PIL
>?
F;
JLIPCMC‰H
J<FC=;
>?
M?LPC=CIM
>?M>?
OH;
J?LMJ?=NCP;
H?A;NCP;
=CO>;>;HIM
;FC?H;>IM
I
=CO>;>;HIM
KO?
HI
N?H…;H
INL;
IJ=C‰H
G}M
KO?
=IHMOGCL
M?LPC=CIM
J<FC=IM
;F
HI
JI>?L
J?LGCNCLM?
;=O>CL
;F
M?=NIL
JLCP;>I
!H
>?M;=O?L>I
=IH
?MN?
>C;AH‰MNC=I

INLIM
MIMNC?H?H
KO?
;OHKO?
?MN?
=O?MNCIH;GC?HNI
B;S;
FF?A;>I
;
JLI>O=CLM?

FIM
=CO>;>;HIM
MCAO?H
JL?@CLC?H>I
S
=IH@C;H>I
?H
MOM
AI<C?LHIM
=IGI
JLIP??>IL?M
>?
M?LPC=CIM
!MN?
=;J…NOFI
JL?N?H>?
JL?M?HN;L
;FAOH;M
>?
F;M
N?H>?H=C;M
MI<L?
F;M
L?F;=CIH?M
?HNL?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
S
FIM
=CO>;>;HIM
!H
?F
MCAOC?HN?
;J;LN;>I
M?
;<IL>;H
;FAOHIM
>?
FIM
@CH?M

GI>IM

L?NIM
S
I<MN}=OFIM
>?
F;
J;LNC=CJ;=C‰H
=CO>;>;H;
?H
FIM
FNCGIM
;ˆIM
=IH
?D?GJFIM
>?
;FAOH;M
>?
F;M
CHC=C;NCP;M
?GJL?H>C>;M
JIL
F;M
;>GCHCMNL;=CIH?M
?MJ;ˆIF;M
J;L;
=IHM?AOCL
OH;
ILC?HN;=C‰H
;F
=CO>;>;HI
>?
F;
;=NCPC>;>
;>GCHCMNL;NCP;

OH;
G;SIL
J;LNC=CJ;=C‰H
=CO>;>;H;
S
OH;
G?DIL;
>?
F;
NL;HMJ;L?H=C;
?H
FI
KO?
L?=C?HN?G?HN?
M?
B;
FF;G;>I
AI<C?LHI
;<C?LNI
!H
?F
;J;LN;>I
N?L=?LI
M?
;<IL>;
?F
JOHNI
>?
PCMN;
>?
FIM
JLIJCIM
=CO>;>;HIM

JL?M?HN;H>I
>;NIM
>?GIM=‰JC=IM
MI<L?
MOM
J?L=?J=CIH?M
S
;=NCNO>?M
@L?HN?
;
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
S
MO
;=NCPC>;>
?H
!MJ;ˆ;
 
$&($Y"
)"
-
#&"#
&(#
"'
!##'
&(#'
-
#'(T) #'
!H
FIM
>I=OG?HNIM
JIF…NC=IM
I
;=;>‚GC=IM
MI<L?
?F
N?G;

F;
?NCKO?N;
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
M?
MO?F?
;>DO>C=;L
;
>C@?L?HN?M
;=NCPC>;>?M
KO?
L?JL?M?HN;H
@?H‰G?HIM
>CP?LMIM
?
CGJFC=;H
>C@?L?HN?M
AL;>IM
>?
CGJFC=;=C‰H
L?;F
>?
F;
=CO>;>;H…;
?H
?F
AI<C?LHI
!F
J;HIL;G;
>?
F;M
@ILG;M
>?
J;LNC=CJ;=C‰H
?M
GOS
JFOL;F
S
=IH@OMI
!F
=IH=?JNI
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
MO?F?
ONCFCT;LM?
J;L;
>?@CHCL
@?H‰G?HIM
>CMNCHNIM
KO?
CHPIFO=L;H
?H
AL;>IM
>C@?L?HN?M
;
FIM
=CO>;>;HIM


01494.4:90>
D
1490>
/0
7,
;,=?4.4;,.4[9
.4@/,/,9,
09
7,
,/8494>?=,.4[9
;]-74.,
,.?@,7
014.,.4,
;=:C484/,/
49.7@>4[9
D
7024?484/,/
1H;
@ILG;
>?
;H;FCT;L
?F
AL;>I
>?
J;LNC=CJ;=C‰H
?M
L?MJIH>C?H>I
;
F;
JL?AOHN;
>?
=O}HNI
JI>?L
?MN}H
FIM
>?=CMIL?M
>CMJO?MNIM
;
=IGJ;LNCL
=IH
FIM
=CO>;>;HIM
!H
@OH=C‰H
>?
F;
L?MJO?MN;
JO?>?H
>CMNCHAOCLM?
=O;NLI
AL;>IM
>?
J;LNC=CJ;=C‰H
W
#2
@3E6?4:x?
6>:D:x?
J
5:7FD:x?
56
:?7@C>24:x?
F;
JLIPCMC‰H
>?
CH@ILG;=C‰H
;
FIM
=CO>;>;HIM
=IHMNCNOS?
?F
JLCG?L
AL;>I
?H
F;
?M=;F;
>?
F;
J;LNC=CJ;=C‰H
O;H>I
M?
B;<F;
>?
CH@ILG;=C‰H
>?<?
=IHMC>?L;LM?
KO?
‚MN;
JO?>?
=CL=OF;L
?H
>IM
M?HNC>IM
;M=?H>?HN?

>?M>?
FIM
=CO>;>;HIM
B;=C;
F;
;ONILC>;>
S
>?M=?H>?HN?

>?M>?
FIM
L?MJIHM;<F?M
J<FC=IM
B;=C;
FIM
=CO>;>;HIM
,O?>?
=IHMCMNCL
?H
F;
L?=IAC>;
>?
KO?D;M

?H
F;
?RJFC=;=C‰H
>?
F;M
JIF…NC=;M

?H
F;
?P;FO;=C‰H
>?
F;
M;NCM@;==C‰H
=IH
FIM
M?LPC=CIM

?N=
,IL
?D?GJFI

F;
F?ACMF;=C‰H
>?
HOG?LIMIM
J;…M?M
I<FCA;
;
F;M
ILA;HCT;=CIH?M
J<FC=;M
;
A?MNCIH;L
F;M
KO?D;M
S
F;M
L?=F;G;=CIH?M
(;M
;LN;M
>?
/?LPC=CIM
>C@OH>C>;M
?H
NI>;
!OLIJ;
NC?H?H
N;G<C‚H
OH;
GCMC‰H
CH@ILG;NCP;
S

?H
JLCH=CJCI

>?
?MN;<F?=?L
=IGJLIGCMIM
>?
F;M
;ONILC>;>?M
=IH
=C?LNIM
?MN}H>;L?M
>?
FIM
M?LPC=CIM
W
#2
@3E6?4:x?
56
=2
@A:?:x?
2
EC2GqD
56
=2
4@?DF=E2
(;
=IHMOFN;
JO?>?
=IHMC>?L;LM?
=IGI
OH
M?AOH>I
J;MI
?H
F;
?M=;F;
;M=?H>?HN?
>?
F;
J;LNC=CJ;=C‰H
=CO>;>;H;
,O?>?
M?L
F?A;FG?HN?
JL?=?JNCP;
=IGI
?H
;FAOHIM
JLI=?>CGC?HNIM
;>GCHCMNL;NCPIM
>IH>?
?RCMN?
F;
CH@ILG;=C‰H
P?=CH;F
I
J<FC=;
I
PIFOHN;LC;

=O;H>I
F;M
;ONILC>;>?M
FI=;F?M
>?=C>?H
G?DIL;L
MOM
>?=CMCIH?M
N?HC?H>I
?H
=O?HN;
F;
IJCHC‰H
>?
>?N?LGCH;>IM
ALOJIM
I
CH>CPC>OIM
;@?=N;>IM
I
>?F
J<FC=I
?H
A?H?L;F
)?>C;HN?
F;
=IHMOFN;
M?
NL;N;
>?
L?=IA?L
OH;
IJCHC‰H

KO?
M?L}
N?HC>;
?H
=O?HN;
I
HI

J?LI
KO?
>?<?
=IHNLC<OCL
;
?M=F;L?=?L
F;
>?=CMC‰H
(;
=IHMOFN;
I
?P;FO;=C‰H
>?
F;M
L?;==CIH?M
S
>?G;H>;M
>?
FIM
=CO>;>;HIM
JO?>?
B;=?LM?

JIL
?D?GJFI

G?>C;HN?
?H=O?MN;M
>?
IJCHC‰H

?H=O?MN;M
>?
M;NCM@;==C‰H

?MNO>CIM
>?
CGJ;=NI
?=IF‰AC=I

M;HCN;LCI

MI=C;F
I
MI=CI?=IH‰GC=I

L?OHCIH?M
J<FC=;M

=IHMOFN;M
JIJOF;L?M

=IH@?L?H=C;M
>?
=IHM?HMI

=IHMOFN;
>CL?=N;M
;
NL;P‚M
>?
FIM
HO?PIM
G?>CIM
KO?
I@L?=?H
F;M
N?=HIFIA…;M
>?
F;
CH@ILG;=C‰H
%HN?LH?N
W
#2
4@?46CE24:x?
BF6
2D68FC2
=2
:?DECF44:x?
56
F?
AC@465:>:6?E@
6?EC6
=2
2FE@C:525
J
=2
A@3=24:x?
4@?D:56C252D
4@>@
6IA6CE@D
:?E6C6D25@D
(;
=IH=?LN;=C‰H
CGJFC=;
F;
CHN?LP?H=C‰H
J?LG;H?HN?
?H
?MNLO=NOL;M
M?=NILC;F?M
I
N?LLCNILC;F?M
>?
CH>CPC>OIM
I
L?JL?M?HN;HN?M
>?
;MI=C;=CIH?M
?H
FIM
JLI=?>CGC?HNIM
;>GCHCMNL;NCPIM
I
?H
F;
@ILGOF;=C‰H
>?
F;M
JIF…NC=;M
J<FC=;M
FI=;F?M
(;
=IH=?LN;=C‰H
=IHMNCNOS?
OH
N?L=?L
AL;>I
>?
J;LNC=CJ;=C‰H
%GJFC=;
F;
CHN?LP?H=C‰H
>?
FIM
=CO>;>;HIM
I
MOM
L?JL?M?HN;HN?M
 ;
FI
F;LAI
>?
F;
?F;<IL;=C‰H
>?
OH;
>?=CMC‰H
?H
F;M
?MNLO=NOL;M
?MN;<F?=C>;M

N?GJIL;F?M
I
J?LG;H?HN?M

M?=NILC;F?M
I
N?LLCNILC;F?M
W
#2
4@564:D:x?
4@>@
7@C>2
>lD
:?E6?D2
56
A2CE:4:A24:x?
=2
25@A4:x?
56
F?2
564:D:x?
6?
=F82C
56
=2
2FE@C:525
@
4@?;F?E2>6?E6
4@?
6==2
?M
F;
J;LNC=CJ;=C‰H
?H
MO
M?HNC>I
G}M
?MNLC=NI
?
CHN?HMI

?
CGJFC=;
=IGJ;LNCL
?F
JI>?L
=IH
FIM
L?MJIHM;<F?M
FI=;F?M

;ONIH‰GC=IM
I
?MN;N;F?M

F;
=I>?=CMC‰H
?HNL?
FIM
=CO>;>;HIM
S
MOM
L?JL?M?HN;HN?M
/OJIH?
OH
;FNI
AL;>I
>?
=IGJLIGCMI

OH;
?MJ?=C?
>?
FCA;T‰H
=IHNL;=NO;F
?HNL?
OHIM
S
INLIM

KO?
HI
I<MN;HN?

?H
F;
JL}=NC=;
?M
NI>;P…;
CH@L?=O?HN?
!MN;
J;LNC=CJ;=C‰H
JO?>?
ILA;HCT;LM?
G?>C;HN?
@‰LGOF;M
>CMNCHN;M
!HNL?
?MNIM
G?=;HCMGIM
>?
J;LNC=CJ;=C‰H
=;<?
=CN;L
FIM
L?@?L?H>IM
>?=CMILCIM

F;
=L?;=C‰H
>?
=IGCMCIH?M
>?
OMO;LCIM
>?
FIM
M?LPC=CIM
J<FC=IM

F;
=IA?MNC‰H
S
F;
A?MNC‰H
>CL?=N;

?F
JL?MOJO?MNI
J;LNC=CJ;NCPI

F;
=L?;=C‰H
>?
?MNLO=NOL;M
@CH;H=C?L;M
;
NL;P‚M
>?
@IH>IM
CHC=C;>IM
JIL
FIM
B;<CN;HN?M
KO?
J?LGCN?H
@CH;H=C;L
>?
@ILG;
MCGJF?
S
L}JC>;
JLIS?=NIM
CH>CPC>O;F?M
I
=IF?=NCPIM
O;HNI
G}M
;FNI
M?
MO<?
?H
?MN;
?M=;F;
>?
J;LNC=CJ;=C‰H

G?HIM
?D?GJFIM
>?
J;LNC=CJ;=C‰H
?H=IHNL;GIM
?H
F;
JL}=NC=;
(;M
?MNL;N?AC;M
>?
JLIGI=C‰H
>?
F;
J;LNC=CJ;=C‰H
MO?F?H
?GJ?T;L
@;PIL?=C?H>I
F;
CH@ILG;=C‰H

FO?AI
F;
=IHMOFN;

JIMN?LCILG?HN?
F;
=IH=?LN;=C‰H
S

@CH;FG?HN?

F;
;>IJ=C‰H
>?
>?=CMCIH?M
I
;ONIA?MNC‰H
,I>?GIM
?H=IHNL;L
GINCP;=CIH?M
?
CHN?L?M?M
GOS
>CMNCHNIM
KO?
JO?>?H
FF?P;L
;
;>IJN;L
?MNIM
G‚NI>IM
>?
J;LNC=CJ;=C‰H
=CO>;>;H;

=IGI
MIH
?F
?HLCKO?=CGC?HNI
>?
F;M
>?=CMCIH?M
J<FC=;M

?F
;OG?HNI
>?
F;
;>B?MC‰H
>?
FIM
>?MNCH;N;LCIM

F;
G?DIL;
F;
?@C=;=C;
>?
F;
;=NO;=C‰H
J<FC=;
S
F;
G?DIL;
>?
F;
A?MNC‰H
>?
FIM
=IH@FC=NIM
S
F;M
>?=CMCIH?M
J<FC=;M
!F
J?L@?==CIH;GC?HNI
>?
F;
A?MNC‰H
;>GCHCMNL;NCP;
S
F;
PC>;
JIF…NC=;
M?
JLI>O=?
;
NL;P‚M
>?
OH;
G;SIL
CH@ILG;=C‰H

?F
J?L@?==CIH;GC?HNI
>?
JF;H?M
S
JLIS?=NIM
I
?F
=OGJFCGC?HNI
>?
L?KOCMCNIM
JL?=?JNCPIM
>?
F?ACMF;=CIH?M
M?=NILC;F?M
0;G<C‚H
JLIGO?P?
OH;
G;SIL
CH=FOMC‰H

G?>C;HN?
?F
FIALI
>?
OH;
G;SIL
L?JL?M?HN;NCPC>;>
>?
F;
=CO>;>;H…;
I
F;
=IHMC>?L;=C‰H
>?
F;
PCMC‰H
J;LNC=OF;L
>?
OH
ALOJI
=IH=L?NI
>?
;@?=N;>IM

I
JO?>?
JLIGIP?L
F;
?>O=;=C‰H
=…PC=;

G?>C;HN?
?F
>?M;LLIFFI
>?
F;
=L?;NCPC>;>
S
F;
=IGJ?N?H=C;
=…PC=;
I
F;
@ILG;=C‰H
>?
FIM
=CO>;>;HIM
J;L;
F;
>?GI=L;=C;

 
:=8,>
8X?:/:>
0
49>?=@809?:>
/0
7,
;,=?4.4;,.4[9
(;
AL;H
P;LC?>;>
>?
F;M
CHHIP;=CIH?M
L?=C?HN?M
?H
F;M
@ILG;M
>?
J;LNC=CJ;=C‰H
?H
!OLIJ;
?H
?F
FNCGI
>?=?HCI
B;=?
>C@…=CF
MO
=F;MC@C=;=C‰H
S

JIL
N;HNI

OH;
P;FIL;=C‰H
MCMN?G}NC=;
>?
MO
ONCFC>;>
I
?@?=NCPC>;>
$;S
P;LCIM
GI>IM
>?
=F;MC@C=;L
FIM
G‚NI>IM
I
F;M
@‰LGOF;M
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
P?L
,;L‚M

M…

>?J?H>C?H>I
>?F
CHN?L‚M
>?
FIM
>CP?LMIM
;ONIL?M

FIM
?H=IHNL;GIM
=F;MC@C=;>IM
M?AH
F;
@;M?
>?
F;
;=NO;=C‰H
J<FC=;
?H
KO?
M?
JLI>O=?H

M?AH
F;
CHN?HMC>;>
I
?F
AL;>I
>?
CGJFC=;=C‰H
>?
FIM
=CO>;>;HIM
KO?
MOJIH?H

M?AH
?F
=;L}=N?L
>?=CMILCI
I
HI
?H
?F
JLI=?MI
;>IJ=C‰H
>?
JIF…NC=;M
I
>?F
AL;>I
>?
>?F?A;=C‰H
>?
JI>?L
>?
>?=CMC‰H
I
>?
A?MNC‰H
KO?
M?
B;=?
;
FIM
=CO>;>;HIM
I
M?AH
?F
HCP?F
DOLCM>C==CIH;F
;F
KO?
;@?=N;
>?
<;LLCI

GOHC=CJ;F

=IG;L=;F

JLIPCH=C;F

;ONIH‰GC=I

?HNL?
INLIM
/C
FIM
>CPC>CGIM
M?AH
MO
@ILG;
F?A;F
S
JLI=?>CG?HN;F
S
MO
AL;>I
>?
ILC?HN;=C‰H
;F
>C}FIAI
JI>?GIM

MCAOC?H>I
;
(IQH>?M

,L;N=B?NN
S
/NIE?L


>CMNCHAOCL
?HNL?
=O;NLI
ALOJIM
>?
CHMNLOG?HNIM
>?
J;LNC=CJ;=C‰H
 W
'C@465:>:6?E@D
EC25:4:@?2=6D
MIH
FIM
G?=;HCMGIM
JL?PCMNIM
?H
F;M
HILG;M
JLI=?>CG?HN;F?M
;>GCHCMNL;NCP;M
NL;>C=CIH;F?M
>?
CH@ILG;=C‰H
J<FC=;
I
P?=CH;F
I
=IHMOFN;
I<FCA;NILC;
;
L?JL?M?HN;HN?M
>?
;MI=C;=CIH?M
!MNIM
G‚NI>IM
MIH
HILG;FG?HN?
JI=I
;=NCPIM

JO?M
?F
;SOHN;GC?HNI

JIL
?D?GJFI

>?<?
?RJIH?L
OH
JF;H
>?
IL>?H;=C‰H
OL<;H;
J;L;
KO?
M?
B;A;H
F;M
;F?A;=CIH?M
KO?
M?
?MNCG?H
IJILNOH;M
!F
=CO>;>;HI
M?
CH=ILJIL;
;
F;
;>IJ=C‰H
>?
>?=CMCIH?M
=O;H>I
NI>I
?MN}
>?=C>C>I
?
CHNLI>O=?
HILG;FG?HN?
F;M
;F?A;=CIH?M
KO?
M?
L?@C?L?H
;
CH=IHP?HC?HN?M
KO?
;@?=N;H
I
F?MCIH;H
MOM
CHN?L?M?M
CH>CPC>O;F?M
!MN;
@ILG;
>?
J;LNC=CJ;=C‰H
?M
G}M
<C?H
L?;=NCP;

JO?M
M?
;=O>?
;F
=CO>;>;HI
=O;H>I
S;
M?
B;
;>IJN;>I
F;
>?=CMC‰H

MCH
KO?
‚MN?
M?
MC?HN;
P?L>;>?L;G?HN?
J;LN…=CJ?
>?
F;
GCMG;
W
'C@465:>:6?E@D
32D25@D
6?
6=
4:F5252?@
4@>@
4=:6?E6
?H
?MN;M
@‰LGOF;M
>?
J;LNC=CJ;=C‰H
?F
=CO>;>;HI
?M
=IHMC>?L;>I
OH
=IHMOGC>IL
I
=FC?HN?
?H
F;
JL?MN;=C‰H
>?F
M?LPC=CI
J<FC=I
/IH
FIM
G‚NI>IM
PCH=OF;>IM
;F
?H@IKO?
>?
F;
A?MNC‰H
>?
F;
=;FC>;>
=IGI
F;M
?H=O?MN;M
>?
M;NCM@;==C‰H
,IL
?D?GJFI

?H
F;
?F;<IL;=C‰H
>?
F;M
;LN;M
>?
/?LPC=CI
M?
>?<?L…;
L?=OLLCL
?H
N?IL…;
;
FIM
=IHMOGC>IL?M
?H
?MN?
=;MI
FIM
=CO>;>;HIM
J;L;
=IHI=?L
F;
G?DIL
@ILG;
>?
JL?MN;LF?M
?F
M?LPC=CI
IH
?MN?
G‚NI>I
M?
JL?N?H>?
G?DIL;L
F;
;>GCHCMNL;=C‰H
>?
OH
M?LPC=CI
=IH=L?NI

MCH
JL?N?H>?L
F;
G?DIL;
>?
NI>;
F;
=IGOHC>;>
W
'C@465:>:6?E@D
56
56>@4C24:2
5:C64E2
@
:??@G24:@?6D
6?
=@D
>qE@5@D
56
4@?DF=E2
F;
@CH;FC>;>
>?
?MNIM
G‚NI>IM
HI
?M
N;HNI
CGJFC=;L
;
FIM
=CO>;>;HIM
MI<L?
OH
M?=NIL
>?
;=NO;=C‰H
J<FC=;
=IGI
J?>CLF?M
IJCHC‰H
;=?L=;
>?
OH
;MOHNI
?MJ?=…@C=I
!H
FIM
?D?GJFIM
>?
>?GI=L;=C;
>CL?=N;
?RCMN?
=C?LN;
JL?I=OJ;=C‰H
JIL
CH=ILJIL;L
;
FIM
ALOJIM
CH@L;LL?JL?M?HN;>IM
>?
F;
MI=C?>;>
!H
INLIM
=;MIM
M?
=IGJF?G?HN;
F;
>?GI=L;=C;
L?JL?M?HN;NCP;
=IH
?F?G?HNIM
>?
>?GI=L;=C;
>CL?=N;

=IGI
?M
?F
=;MI
>?
FIM
JL?MOJO?MNIM
J;LNC=CJ;NCPIM
W
??@G24:@?6D
56=:36C2E:G2D
;
NL;P‚M
>?
N;F?M
CHMNLOG?HNIM
M?
JLIGO?P?
?F
>C}FIAI

F;
>CM=OMC‰H
S
L?@F?RC‰H
=CO>;>;H;
MI<L?
N?G;M
KO?
F?M
;@?=N;H
JIL
G?>CI
>?
OH
JLI=?MI
>?FC<?L;NCPI
=IGI
FIM
DOL;>IM
=CO>;>;HIM

FIM
N;FF?L?M
>?
@ONOLIM
(IM
>IM
JLCG?LIM
JLI=?>CGC?HNIM
NL;>C=CIH;F?M
S
<;M;>IM
?H
?F
=IHMOGC>IL
JIH?H
>?
G;HC@C?MNI
OH;
PCMC‰H
>?
F;
J;LNC=CJ;=C‰H
=?HNL;>;
?H
F;
;>GCHCMNL;=C‰H

KO?>;H>I
?F
G;LA?H
>?
G;HCI<L;
>?F
=CO>;>;HI
L?F;NCP;G?HN?
>CMGCHOC>I
>?
GI>I
KO?
HI
>?M?GJ?ˆ;
MOM
@OH=CIH?M
?H
CAO;F>;>
>?
=IH>C=CIH?M
=IH
F;M
;ONILC>;>?M
!H
?MNIM
=;MIM

F;
IJCHC‰H
>?F
=CO>;>;HI
JO?>?
=IHN;L

J?LI
M?
CH=ILJIL;
G}M
<C?H
;F
@CH;F
>?F
JLI=?MI
>?
;>IJ=C‰H
>?
>?=CMCIH?M

J;L;
L?@CH;L
I
>?JOL;L
;FAOH;M
>?
F;M
>?=CMCIH?M
S;
;>IJN;>;M
!MNIM
G‚NI>IM
JIL
N;HNI
HI
?MN}H
ILC?HN;>IM
JLCH=CJ;FG?HN?
;F
>C;FIAI
I
F;
>?FC<?L;=C‰H
=IHMOFNCP;
(IM
>IM
FNCGIM
JLI=?>CGC?HNIM

=IHMOFNCPIM
S
>?FC<?L;NCPIM

<OM=;H
OH
?H@IKO?
G}M
JLI;=NCPI
>?
F;
J;LNC=CJ;=C‰H
S
?MN}H
ILC?HN;>IM
;F
>C}FIAI
S
F;
>?FC<?L;=C‰H

F;
=IHMOFN;

?F
CHN?L=;G<CI
>?
CH@ILG;=C‰H

F;
L?MIFO=C‰H
>?
=IH@FC=NIM
>?
CHN?L?M?M
?HNL?
ALOJIM
?H@L?HN;>IM

I
JLIGIP?L
F;
=L?;NCPC>;>
>?
HO?P;M
C>?;M
I
MIFO=CIH?M
!H
?FFIM

F;M
>?=CMCIH?M
HI
MO?F?H
?MN;L
JL?=IH=?<C>;M
S
M?
CH=ILJIL;
;
FIM
=CO>;>;HIM
?H
OH;
?N;J;
G}M
<C?H
CHC=C;F
>?F
JLI=?MI
>?
;>IJ=C‰H
>?
>?=CMCIH?M
+NLIM
=LCN?LCIM
JI>L…;H
M?L
?F
>?F
AL;>I
>?
?MN;<CFC>;>
S
@ILG;FCT;=C‰H
>?
FIM
G?=;HCMGIM
>?
J;LNC=CJ;=C‰H
IH@ILG?
;
?MN?
=LCN?LCI
JO?>?
>C@?L?H=C;LM?
?HNL?
;KO?FFIM
G?=;HCMGIM
I
CHMNLOG?HNIM
=;L;=N?LCT;>IM
JIL
OH;
;FN;
@ILG;FCT;=C‰H
F?A;F

HILG;FG?HN?
?MN;<F?M
S
=IH
J;LNC=CJ;HN?M
=IF?=NCPIM
I
CH>CPC>O;F?M

=IGI
FIM
=IHM?DIM
N?LLCNILC;F?M
I
M?=NILC;F?M
S
FIM
CHMNLOG?HNIM
G?HIM
@ILG;FCT;>IM
F?A;FG?HN?
S
KO?
M?
ONCFCT;H
J;L;
>?=CMCIH?M
I
JLIS?=NIM
=IH=L?NIM

;<C?LNIM
;
F;
J;LNC=CJ;=C‰H
>?
NI>IM
FIM
=CO>;>;HIM
!H
=IG<CH;=C‰H
=IH
?F
=LCN?LCI
>?
N?GJIL;FC>;>
I
J?LG;H?H=C;
>;H
FOA;L
;
F;
MCAOC?HN?
NCJIFIA…;
$%.$

;@A?B:3;A<@
23
=/?A717=/17a;
@35c;
@B
2B?/17a;
E
@B
<?73;A/17a;
#?73;A/17a;
/9
$/?A717=/17a;
<1/@7<;/9 $/?A717=/17a;
=3?:/;3;A3
27\9<5<

EDI;@EI
J;HH?JEH?7B;I
EHEI
:;
9?K:7:7DEI
EDI;@EI
:;
9B?;DJ;I
EHEI
:;
9B?;DJ;I
' *7HJ?9?F79?vD
?DIJ?JK9?ED7B?P7:7
:;
7IE9?79?ED;I
$KH7:EI
9?K:7:7DEI
*7HJ?9?F79?vD
;D
9EC?I?ED;I
Jq9D?97I
:;
H;FH;I;DJ7DJ;I
:;
?DJ;H;I;I
*HE9;:?C?;DJEI
:;
C;:?79?vD
CKD?9?F7B;I
EH=7D?P7:EI

I7C8B;7
:;
9?K:7:7DEI
D9K;IJ7I
:;
9?K:7:7DEI
D9K;IJ7I
F;H?v:?97I
:;
9B?;DJ;I
"# D9K;IJ7I
:;
9B?;DJ;I
!;IJ?vD
79J?L7
:;
GK;@7I
!HKFEI
:;
:?I9KI?vD
E
;DJH;L?IJ7I
9K7B?J7J?L7I

"O?HN?
IAOGCF
S
$IFNE;GJ


;>;
OHI
>?
?MNIM
G‚NI>IM
JO?>?
?P;FO;LM?
?H
@OH=C‰H
>?
P;LCIM
I<D?NCPIM
J?LM?AOC>IM
JIL
FIM
=CO>;>;HIM
S
F;M
;ONILC>;>?M

J?LGCN?H
>?=C>CL
KO‚
CHMNLOG?HNIM
J;LNC=CJ;NCPIM
MIH
FIM
G}M
;>?=O;>IM

;M…

>C@?L?HN?M
;ONIL?M
M?ˆ;F;H
JIL
?D?GJFI
"IHN

F;H=I


W
#L;>I
>?
CH@ILG;=C‰H
KO?
M?
I<NC?H?
JIL
?D?GJFI
MI<L?
F;M
H?=?MC>;>?M
>?
FIM
=CO>;>;HIM
S
FIM
JF;HC@C=;>IL?M
S
>?=CMIL?M
JO?>?H
;JL?H>?L
FIM
OHIM
>?
FIM
INLIM
>?MN;=;H
?F
IHM?DI
=IHMOFNCPI
I
?F
&OL;>I
W
)?DIL?M
L?MOFN;>IM
>?
JIF…NC=;
J<FC=;
%GJ;=NI
?H
JIF…NC=;M
>?MN;=;H
?F
.?@?L‚H>OG
S
?F
,L?MOJO?MNI
J;LNC=CJ;NCPI
W
);SIL
;=?JN;=C‰H
>?
F;
JF;HC@C=;=C‰H
S
F;M
>?=CMCIH?M
NIG;>;M
W
.?JL?M?HN;NCPC>;>
>?<?
FF?P;L
;
OH;
J;LNC=CJ;=C‰H
>?
ALOJIM
KO?
M?;H
MI=C;FG?HN?
FI
G}M
L?JL?M?HN;NCPIM
JIMC<F?
>?MN;=;H
?F
&OL;>I
S
F;M
!H=O?MN;M
>?FC<?L;NCP;

?F
.?@?L‚H>OG
S
FIM
,L?MOJO?MNIM
J;LNC=CJ;NCPIM
W
IMN?
I
>C@C=OFN;>
ILA;HCT;NCP;
>?MN;=;H
?F
IHM?DI
=IHMOFNCPI
S
?F
"ILI
;G<C?HN;F
W
;J;=C>;>
?>O=;NCP;
>?MN;=;H
FIM
,L?MOJO?MNIM
J;LNC=CJ;NCPIM
S
FIM
,F;H?M
?MNL;N‚AC=IM



,
:=409?,.4[9
,7
.4@/,/,9:
09
7,
,.?4A4/,/
,/8494>?=,?4A,
09
>;,Z,
/07
.4@/,/,9:
.:8:
.7409?0
,
7,
;=:8:.4[9
/0
7,
;,=?4.4;,.4[9
!F
G;L=I
DOL…>C=I=IHMNCNO=CIH;F
?MJ;ˆIF
=IHNC?H?
HOG?LIM;M
;J?F;=CIH?M
;
JLCH=CJCIM
S
@ILG;M
>?
J;LNC=CJ;=C‰H
>?
FIM
=CO>;>;HIM

?GJ?T;H>I
JIL
F;
IHMNCNO=C‰H
S
FIM
!MN;NONIM
>?
ONIHIG…;
,IL
?D?GJFI

;FAOH;M
F?S?M
;>GCHCMNL;NCP;M
A?H?L;F?M

=IGI
F;
(?S
>?
.‚ACG?H
&OL…>C=I
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M
S
>?F
,LI=?>CGC?HNI
>GCHCMNL;NCPI
IGH
(.&,
;LNM

S

;

S
F;
(?S
>?
;M?M
>?F
.‚ACG?H
(I=;F
;LNM

;

S
=IH=IL>;HN?M
=IHNC?H?H
JL?PCMCIH?M
S
L?AF;M
J;L;
OH;
J;LNC=CJ;=C‰H
>?
FIM
=CO>;>;HIM


/
;38=@/
23
:/
/B3<17b<
/:
17C2/2/<=
1=;=
CAC/@7=
G
1:73<B3
G
3:
5=073@<=
3:31B@b<71=
(;
;>GCHCMNL;=C‰H
J<FC=;
?MJ;ˆIF;
B;
M?AOC>I
?F
=;GCHI
>?
INL;M
?GJL?H>C>I
=IH
?F
GIPCGC?HNI
B;=C;
?F
?H@IKO?
>?F
=CO>;>;HI
=IGI
=FC?HN?
KO?
=IG?HT‰
?H
?F
.?CHI
1HC>I
?H


=O;H>I
?F
AI<C?LHI
=?HNL;F
CHNLI>ODI
F;M
FF;G;>;M
;LN;M
>?
/?LPC=CI
:E:K6?
92CE6CD
0;F?M
>I=OG?HNIM
CH=FO…;H
J;L}G?NLIM
I
?MN}H>;L?M
KO?
N?H…;H
=IGI
I<D?NCPI
A;L;HNCT;L
F;
M;NCM@;==C‰H
>?
FIM
=CO>;>;HIM
?H
FIM
>CMNCHNIM
M?LPC=CIM
M;HCN;LCIM

F;M
?M=O?F;M

F;
JIFC=…;
S
FIM
M?LPC=CIM
FI=;F?M
?F
=CO>;>;HI
=IGI
=FC?HN?
M?
J;M‰
;F
=CO>;>;HI
=IGI
CH@ILG;>IL
JLCPCF?AC;>I
S
=IGI
=I>?=CMIL

JIL
FI
KO?
M?
@O?LIH
CHNLI>O=C?H>I
J;OF;NCH;G?HN?
G?>C>;M
>?
JLIGI=C‰H
>?
F;
J;LNC=CJ;=C‰H
?H
FIM
>CMNCHNIM
HCP?F?M
>?
F;
;>GCHCMNL;=C‰H
?MJ;ˆIF;
!H
JLCG?L
FOA;L

F;M
;>GCHCMNL;=CIH?M
J<FC=;M
?GJL?H>C?LIH
S;
>?M>?
B;=?
;ˆIM
CHC=C;NCP;M
>?MNCH;>;M
;
=IHM?AOCL
OH;
;>?=O;>;
;N?H=C‰H
;
FIM
=CO>;>;HIM

S
OH;
G;SIL
=;FC>;>
>?
FIM
M?LPC=CIM
JIN?H=C;H>I
F;
L?F;=C‰H
=IH
FIM
=CO>;>;HIM
=IGI
F;
;G;<CFC>;>
>?
FIM
@OH=CIH;LCIM

F;
=IGJL?HMC<CFC>;>
>?F
F?HAO;D?
;>GCHCMNL;NCPI

F;
M?H=CFF?T
>?
FIM
CGJL?MIM
I
F;
L;JC>?T
?H
FIM
NL}GCN?M

FIM
JLIAL;G;M
>?
L?>O==C‰H
>?
FCMN;M
>?
?MJ?L;

F;
C>?HNC@C=;=C‰H
>?
FIM
@OH=CIH;LCIM

F;
MCGJFC@C=;=C‰H
>?
FIM
@ILGOF;LCIM
;>GCHCMNL;NCPIM

?F
;P;H=?
B;=C;
F;
P?HN;HCFF;
HC=;
I
F;
JO?MN;
?H
JL}=NC=;
>?
F;M
>?HIGCH;>;M
;LN;M
>?
/?LPC=CI

MCAOC?H>I
?F
GI>?FI
>?
OH
<O?H
HG?LI
>?
;>GCHCMNL;=CIH?M
J<FC=;M
?OLIJ?;M
\%N;FC;

‚FAC=;

"L;H=C;

%HAF;N?LL;

?HNL?
INL;M\
KO?
NL;N;H
>?
?MN;<F?=?L
OH
=IGJLIGCMI
JIL
F;
?@C=;=C;
=IH
FIM
=CO>;>;HIM
/;FP;>IL

!MN;M
G?>C>;M
M?LP…;H
;
F;
P?T
J;L;
@;=CFCN;L
?F
=IHN;=NI
?HNL?
=CO>;>;HIM
S
;>GCHCMNL;=C‰H
S
J;L;
G?DIL;L
F;
CG;A?H
>?
‚MN;
S
JIL
N;HNI
MO
F?ACNCGC>;>
(;M
JIF…NC=;M
>?
UILC?HN;=C‰HX
;F
=CO>;>;HI
CGJFC=;<;H
OH
=;G<CI
?H
F;
=IH=?J=C‰H
MO<S;=?HN?
>?F
=CO>;>;HI>?MNCH;N;LCI
>?
F;
;=NCPC>;>
JL?MN;=CIH;F
>?
F;
;>GCHCMNL;=C‰H

MCNO}H>IF?
?H
?F
=?HNLI
>?
F;
JLIJC;
>?@CHC=C‰H
>?
FIM
M?LPC=CIM
J<FC=IM
S
;NLC<OS‚H>IF?
OH
J;J?F
G}M
;=NCPI
?H
F;
>?@CHC=C‰H
>?
‚MNIM
!H
FIM
FNCGIM
;ˆIM
>?F
MCAFI
J;M;>I

F;M
CHC=C;NCP;M
FI=;F?M
ACL;LIH
?H
NILHI
;
F;
>CMGCHO=C‰H
?H
F;
JLI>O==C‰H
>?
M?LPC=CIM
J<FC=IM
S
=IG?HT‰
F;
I<M?MC‰H
A?MNIL;
>CLCAC>;
;F
FIALI
>?
F;
?@C=;=C;
S
F;
=;FC>;>
>?
FIM
M?LPC=CIM
"IHN
S
#IG
C>?HNC@C=;H
OH
J?LCI>I
KO?
>?HIGCH;H
>?
L?JIFCNCT;=C‰H
?
CHHIP;=C‰H
>?GI=L}NC=;

;
J;LNCL
>?


N?H>?H=C;
KO?
?H
;FAOHIM
GOHC=CJCIM
?OLIJ?IM
M?
B;<…;
CHC=C;>I
OHIM
;ˆIM
;HN?M
!H
?MN;
@;M?

FIM
?HN?M
FI=;F?M
NL;N;H
>?
MOJ?L;L
OH;
PCMC‰H
>?G;MC;>I
=?HNL;>;
?H
F;
A?MNC‰H
>?
F;
J;LNC=CJ;=C‰H
;
NL;P‚M
>?
G?=;HCMGIM
>?F
M?=NIL
JLCP;>I
(IM
MCAOC?HN?M
;ˆIM
PC?LIH
=IGI
F;
G;SIL…;
>?
FIM
GOHC=CJCIM
?MJ;ˆIF?M
B;H
;<C?LNI
MOM
I@C=CH;M
>?
;N?H=C‰H
?
CH@ILG;=C‰H
;F
=CO>;>;HI
S
L?@ILT;<;H
MO
JIF…NC=;
>?
=IGOHC=;=C‰H
,IL
?D?GJFI

?H
?F
G;L=I
>?
F;
JF;HC@C=;=C‰H
?MNL;N‚AC=;

;FAOHIM
GOHC=CJCIM
JOMC?LIH
?H
G;L=B;
JLI=?MIM
>?
>?GI=L;NCT;=C‰H
ONCFCT;H>I
>CP?LM;M
CHC=C;NCP;M
!H
!MJ;ˆ;
>?MN;=;

;F
=IHNL;LCI
KO?
?H
INLIM
J;…M?M

?F
?M=;MI
OMI
KO?
M?
B;=…;
>?
F;M
=IHMOFN;M
JIJOF;L?M
>CL?=N;M

JL?@CLC‚H>IM?
?H
A?H?L;F
FIM
G?=;HCMGIM
>?
L?JL?M?HN;=C‰H
>?
CHN?L?M?M
>?
NCJI
;MI=C;NCPI
I
=ILJIL;NCPI
,;L?=?
B;<?L
;=O?L>I
?H
KO?
F;
G;SIL…;
>?
FIM
G?=;HCMGIM
UNL;>C=CIH;F?MX
>?
CH@ILG;=C‰H
J<FC=;
?H
FIM
JLI=?>CGC?HNIM
;>GCHCMNL;NCPIM
?MN;<;H
JF?H;G?HN?
=IHMIFC>;>IM
?H
!MJ;ˆ;
;
G?>C;>IM
>?
FIM
;ˆIM


S
@OH=CIH;<;H
L?F;NCP;G?HN?
<C?H
?H
G;N?LC;M
>?
AL;H
NL;HM=?H>?H=C;

=IGI
?M
?F
=;MI
>?
FIM
CHMNLOG?HNIM
>?
JF;H?;GC?HNI
S
A?MNC‰H
OL<;H…MNC=;
.I>L…AO?T

0;G<C‚H
M?
CHN?HMC@C=‰
?F
OMI
JIL
FIM
;SOHN;GC?HNIM
>?
F;M
HO?P;M
N?=HIFIA…;M
>?
F;
CH@ILG;=C‰H
S
>?
F;
=IGOHC=;=C‰H

<OM=;H>I
HO?P;M
@‰LGOF;M
CHN?L;=NCP;M
>?
CH@ILG;=C‰H
=CO>;>;H;
S
J;LNC=CJ;=C‰H
CHG?>C;N;

CH=FOC>;M
F;M
=IHMOFN;M
CH@ILG;F?M
S
FIM
MIH>?IM
/CH
?G<;LAI

M?AH
OH
?MNO>CI

?H

M‰FI
?F


>?
F;M
=CO>;>?M
I@L?=…;H
NI>IM
FIM
M?LPC=CIM
=IHMC>?L;>IM
<}MC=IM
?F?=NL‰HC=;G?HN?
;OHKO?
?F


I@L?=…;H
S;
;FAH
NCJI
>?
CH@ILG;=C‰H
OL<;H;
JO<FC=;=C‰H
>?
CGJL?MIM

<OT‰H

=;FF?D?LI
S
NL;HMJILN?M
S
?F


I@L?=…;
;FAH
NCJI
>?
CHN?L;==C‰H
=IH
FIM
=CO>;>;HIM
/‰FI
?F


>?
F;M
=CO>;>?M
I@L?=…;H
M?LPC=CIM
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
;
NL;P‚M
>?
CHN?LH?N
!MN?P?M

(;
MCNO;=C‰H
B;
C>I
G?DIL;H>I
!H

GO=BIM
;SOHN;GC?HNIM
N?H…;H
S;
J}ACH;M
Q?<M
>?
;N?H=C‰H
=CO>;>;H;
I
J?LGCN…;H
L?;FCT;L
NL}GCN?M
JIL
F;
L?>
0I>IM
FIM
;SOHN;GC?HNIM
?MJ;ˆIF?M
=IH
G}M
>?

B;<CN;HN?M
N?H…;H
OH;
P?HN;HCFF;
;<C?LN;
?H
%HN?LH?N
/?AH
INLI
?MNO>CI
L?;FCT;>I
P;LCIM
;ˆIM
M?AOC>IM
JIL
OH
J?LC‰>C=I
H;=CIH;F
MI<L?
JILN;F?M
GOHC=CJ;F?M

?H

>?
NI>IM
FIM
;SOHN;GC?HNIM
>?
G}M
>?

B;<CN;HN?M
G}M
F;M
=;JCN;F?M
>?
JLIPCH=C;

KO?
=IGJL?H>?H
;F

>?
F;
JI<F;=C‰H
?MJ;ˆIF;

>?
F;M

UQ?<MX
;H;FCT;>;M


MOJ?L;H
?F
I<FCA;NILCI
N?MN
>?
;==?MC<CFC>;>
KO?
;H;FCT;

@;=NIL?M
CHAL?MIM

NL}GCN?M

=?LNC@C=;>I
>CACN;F

J;AIM

M?AOCGC?HNI

=;LJ?N;
=CO>;>;H;

J;LNC=CJ;=C‰H
=CO>;>;H;

=;FF?D?LI

NL;HMJILN?M

;=N;M
>?
JF?HIM

<OM=;>IL

G;J;
Q?<

<OT‰H

N?F‚@IHI

<FIAM

G‰PCF

.//
(;
U=;LJ?N;
=CO>;>;H;X

>IH>?
?F
P?=CHI
=IHI=?
FIM
>;NIM
KO?
?F
SOHN;GC?HNI
NC?H?
>?
‚F
S
F?
@;=CFCN;
FIM
NL}GCN?M

?M
OH
M?LPC=CI
<}MC=I

KO?
S;
CH=ILJIL;H

JILN;F?M
GOHC=CJ;F?M

@L?HN?
;
F;M

>?
F;
?>C=C‰H
;HN?LCIL
>?
?MN?
GCMGI
?MNO>CI
C<?LJ;…M



J;L;
>?M;LLIFFIM
G}M
L?=C?HN?M
P‚;HM?
?A;LL;*;P;LLI

,;=B‰H
S
?A;LL;


.O;HI

!H
F;M

N;G<C‚H
M?
>?M;LLIFF;LIH
HOG?LIMIM
CHMNLOG?HNIM
>?
;N?H=C‰H
;F
=CO>;>;HI
=IGI
OMO;LCI
S
=FC?HN?
>?
M?LPC=CIM
J<FC=IM
;ONIH‰GC=IM
/;FP;>IL

=F;MC@C=;<;
F;M
G?>C>;M
;ONIH‰GC=;M
>?
UILC?HN;=C‰HX
;F
=CO>;>;HI
M?AH
>IM
=;L;=N?L…MNC=;M
<}MC=;M

?F
=;H;F
;
NL;P‚M
>?F
=O;F
M?
JLI>O=?
F;
=IGOHC=;=C‰H
S
?F
;F=;H=?
S
?F
=IHN?HC>I
>?
F;
=IGOHC=;=C‰H
?
?MN?
GI>I
F;
0;<F;

=F;MC@C=;
FIM
CHMNLOG?HNIM
>?M;LLIFF;>IM
JIL
F;
G;SIL…;
>?
F;M

$%.$

;@A?B:3;A<@
23
<?73;A/17a;
/9
17B2/2/;<
@35c;
@B
\:07A<
A3:\A71<
E
39
1/;/9
BA797F/2<
91/;13
/;/9
(3:\A71/
1<;1?3A/ 3=/?A/:3;A/9 3;3?/9
23
9/


E9KC;DJE !Ks7I
:;
I;HL?9?EI

7JnBE=EI
:;
I;HL?9?EI !Ks7
:;
I;HL?9?EI
:;
B7
ECKD?:7:
?CFH;IE :;F7HJ7C;DJ7B;I

)<?9?D7I
:;
?D<EHC79?vD
FEH
nC8?JEI
J;CnJ?9EI )<?9?D7
:;
?D<EHC79?vD )<?9?D7
:;
?D<EHC79?vD
=;D;H7B
:;
B7

*H;I;D9?7B
CK@;H
L?L?;D:7
;J9  :;F7HJ7C;DJ7B ECKD?:7:
KJvDEC7

.;Bq<EDEI
:;
?D<EHC79?vD
:;
nC8?JE
J;CnJ?9E .;Bq<EDEI
:;
?D<EHC79?vD
:; .;Bq<EDEI
:;
?D<EHC79?vD
=;D;H7B
:;
B7
.;B;<vD?9E
E
FEH
97CF7u7I
9ED9H;J7I nC8?JE
:;F7HJ7C;DJ7B ECKD?:7:
KJvDEC7

#DJ;HD;J *EHJ7B
J;CnJ?9E *EHJ7B
:;B
;F7HJ7C;DJE *EHJ7B
:;
B7
ECKD?:7:

"O?HN?
/;FP;>IL


,IL
OH
F;>I

NI>;M
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
>?M;LLIFF;LIH
MO
JLIJCI
JILN;F
?H
%HN?LH?N

>IH>?
MCN;H
OH;
P?HN;HCFF;
HC=;
PCLNO;F
J;L;
L?MIFP?L
NL}GCN?M
>CP?LMIM
!MNI
J?LGCNC‰
;JLIRCG;L
F;
;>GCHCMNL;=C‰H
;F
=CO>;>;HI
S
G?DIL;L
F;
CH@ILG;=C‰H
I@L?=C>;

;F
NC?GJI
KO?
@;PIL?=…;
F;
CHNLI>O==C‰H
>?
F;M
HO?P;M
N?=HIFIA…;M
?H
?F
@OH=CIH;GC?HNI
>?
F;M
ILA;HCT;=CIH?M
J<FC=;M
;ONIH‰GC=;M
,IL
?D?GJFI

F;
#?H?L;FCN;N
>?
;N;FOˆ;
=L?‰
;
JLCH=CJCIM
>?

OH
HO?PI
JILN;F

FF;G;>I
+@C=CH;
2CLNO;F
>?
0L}GCN?M
>?
F;
6?6C2=:E2E
>?
;N;FOˆ;
+20

KO?
J?LGCN…;
L?;FCT;L
G}M
>?
GCF
NL}GCN?M
;>GCHCMNL;NCPIM

>?
FIM
KO?

M?
JI>…;
?D?=ON;L
NIN;FG?HN?
>?M>?
?MN?
JILN;F
>?
%HN?LH?N

FI
KO?
MOJIH?
OH
CH=L?G?HNI
>?F

JIL
=C?HNI
>?
F;M
A?MNCIH?M
>CMJIHC<F?M
?H
F…H?;
!MNIM
JILN;F?M
M?
>CLCA?H
N;HNI
;
FIM
=CO>;>;HIM
=IGI
;
F;M
?GJL?M;M
S
@;=CFCN;H
CH@ILG;=C‰H
MI<L?
;MOHNIM
N;H
>CP?LMIM
=IGI
<?=;M
?>O=;NCP;M

MO<P?H=CIH?M

;SO>;M

MIFC=CNO>?M
>?
=‚>OF;
>?
B;<CN;<CFC>;>

=IGOHC=;=C‰H
>?
;==C>?HN?M
>?
NL;<;DI
=IH
<;D;
G‚>C=;
I
;PCMI
JL?PCI
>?
I<L;M
MCGCMGI

?MNIM
JILN;F?M
=IGI

JIL
?D?GJFI

?F
JILN;F
>?
P?HN;HCFF;
HC=;
>?
F;
#!
?HF;T;H
=IH
FIM
NL}GCN?M
GOHC=CJ;F?M
S
?MN;N;F?M
J;LN?
>?
FIM
JILN;F?M

F;M

N;G<C‚H
B;H
?GJF?;>I
?F
?MN;<F?=CGC?HNI
>?
I@C=CH;M
>?
CH@ILG;=C‰H
A?H?L;F

S
N;G<C‚H
I@C=CH;M
>?
CH@ILG;=C‰H
>?
}G<CNI
>?J;LN;G?HN;F
JIL
?D?GJFI
?H
0OLCMGI

ALC=OFNOL;

%H>OMNLC;

2CPC?H>;

MOHNIM
/I=C;F?M

?JILN?
S
&OP?HNO>
0;G<C‚H
M?
B;H
=L?;>I
0?F‚@IHIM
>?
%H@ILG;=C‰H
;F
=CO>;>;HI
MCGCMGI
F;
G;SIL…;
>?
F;M

B;H
?MN;<F?=C>I
+@C=CH;M
>?
#?MNC‰H
1HC@C=;>;
I
2?HN;HCFF;M
HC=;M
KO?
P;L…;H
?HNL?
F;M

S
KO?
JO?>?H
>?J?H>?L
>?
>C@?L?HN?M
=IHM?D?L…;M
,IL
FNCGI

M?
B;
>?M;LLIFF;>I
F;
?;>GCHCMNL;=C‰H
I
;>GCHCMNL;=C‰H
?F?=NL‰HC=;
?H
GO=B;M

?LLCFFI


)?M;


LC;>I



);LN…H?T

);LN…H?T

,L;>;M

2;LCIM
>?=L?NIM
;ONIH‰GC=IM
?H
>C@?L?HN?M

L?AOF;<;H
JIL
JLCG?L;
P?T
F;
;>GCHCMNL;=C‰H
?F?=NL‰HC=;

=IGI
?F
>?=L?NI
 
>?
L;A‰H
KO?
L?AOF;
F;
;>GCHCMNL;=C‰H
S
FIM
JLI=?>CGC?HNIM
?F?=NL‰HC=IM
I
?F
>?=L?NI
 
KO?
L?AOF;
F;
ONCFCT;=C‰H
>?
F;
@CLG;
?F?=NL‰HC=;
?H
F;M
L?F;=CIH?M
>?
FIM
=CO>;>;HIM
=IH
F;
;>GCHCMNL;=C‰H
!H
?F
HCP?F
=?HNL;F

JIL
FI
KO?
L?MJ?=N;
;
F;
;>GCHCMNL;=C‰H
?F?=NL‰HC=;

F;
F?S
 
>?
;==?MI
?F?=NL‰HC=I
>?
FIM
=CO>;>;HIM
;
FIM
M?LPC=CIM
J<FC=IM
=IH@CAOL;
OH
G;L=I
DOL…>C=I
KO?
@;=CFCN;
F;
?RN?HMC‰H
S
ONCFCT;=C‰H
>?
F;M
HO?P;M
N?=HIFIA…;M
>?
F;
CH@ILG;=C‰H
S
=IGOHC=;=C‰H
!HNL?
INLIM
;P;H=?M
>?<?
>?MN;=;LM?
F;
=L?;=C‰H
>?F
*%
?F?=NL‰HC=I
,IL
JLCG?L;
P?T
OH;
F?S
=IHPC?LN?
?H
OHCP?LM;F
?F
>?L?=BI
>?
FIM
=CO>;>;HIM
;
L?F;=CIH;LM?
=IH
NI>;M
F;M
>GCHCMNL;=CIH?M
?MJ;ˆIF;M
>?
@ILG;
?F?=NL‰HC=;
!H
N?IL…;
>?M>?
?F

>?
?H?LI
>?

NI>IM
FIM
NL}GCN?M
J<FC=IM
>?<?L…;H
M?L
;==?MC<F?M
?F?=NL‰HC=;G?HN?
M?AH
?F
=IGJLIGCMI
>?F
AI<C?LHI
/?AH
‚MN?

?H
?M?
GIG?HNI

S;
?MN;<;
JL?J;L;>;
U;F
X
J;L;
KO?
MOM
NL}GCN?M
M?;H
N?F?G}NC=IM

J?LI
M‰FI

GCFFIH?M
>?
?MJ;ˆIF?M
JIM?…;H
?F
*%
?F?=NL‰HC=I
 *%?

CGJL?M=CH>C<F?
J;L;
?F
JLI=?MI

S
GO=BIM
G?HIM
N?H…;H
N;LD?N?LIM
?H
MO
=;M;
J;L;
KO?
OH
IL>?H;>IL
JO?>;
F??L
?F
HO?PI
>I=OG?HNI
>?
C>?HNC>;>
IH
?MN;
G?>C>;
M?
JO?>?
MIFC=CN;L
F;
JL?MN;=C‰H
>?
>?M?GJF?I

OH;
<?=;
>?F
!MN;>I
I
?F
=?LNC@C=;>I
>?
?GJ;>LIH;GC?HNI

L?;FCT;L
=O;FKOC?L
NL}GCN?
NLC<ON;LCI
UONCFCT;H>I
G‚NI>IM
?R=FOMCP;G?HN?
?F?=NL‰HC=IMX

M?AH
F;
(?S
 
/?
=;F=OF;
KO?
?H

INLIM
>IM
GCFFIH?M
G}M
>?
=CO>;>;HIM
J;M;LIH
;
=IHN;L
=IH
OH
=?LNC@C=;>I
>?
C>?HNC>;>
?F?=NL‰HC=;
OH
J?KO?ˆI
MI@NQ;L?
=IH
?F
KO?
M?
JO?>?
;==?>?L
N;G<C‚H
;
FIM
M?LPC=CIM
N?F?G}NC=IM
!H
L?F;=C‰H
=IH
?MNI
S
M?AH
?H=O?MN;M
>?


?F
JIL=?HN;D?
>?
=CO>;>;HIM
KO?
;@CLG;<;
B;<?L
ONCFCT;>I
F;
L?>
J;L;
MOM
A?MNCIH?M
=IH
F;
;>GCHCMNL;=C‰H
B;<…;
=L?=C>I
B;MN;
OH

JIL
=C?HNI
!H
?M;
@?=B;

JIL
?D?GJFI

F;M
+@C=CH;M
>?
$;=C?H>;
;=OGOF;LIH
=;MC
?F

JIL
=C?HNI
>?
FIM
=IHN;=NIM

M?AOC>;M

S;
;
AL;H
>CMN;H=C;
>?
F;
/?AOLC>;>
/I=C;F
!F
I<D?NCPI
>?F
=IHN;=NI
?M
GOS
P;LC;>I
!H


OH

>?
FIM
=CO>;>;HIM
<OM=;<;
CH@ILG;=C‰H
S
OH

>?
?FFIM
>?M=;LA‰
@ILGOF;LCIM
!F
JIL=?HN;D?
>?
=CO>;>;HIM
=IH
OH
=IGJILN;GC?HNI
G}M
;=NCPI

=IGI
?M
?F
>?
F;
L?;FCT;=C‰H
>?
NL}GCN?M
?H
F…H?;

M?
B;
PCMNI
CH=L?G?HN;>I
>?
@ILG;
FF;G;NCP;
?H
FIM
FNCGIM
;ˆIM
/C
?H

JI=I
G}M
>?
OH

JIL
=C?HNI
L?;FCT;<;
A?MNCIH?M
JIL
?MN?
G?>CI

OH

JIL
=C?HNI
FI
B;=…;
?H

S
;F=;HT‰
?F

JIL
=C?HNI
?H

(;
G;SIL…;
>?
?FFIM
?MN;<;
M;NCM@?=B;
=IH
F;
?RJ?LC?H=C;


!3272/A
3
7<AB@C;3<B=A
3F7AB3<B3A
23
>@=;=17b<
23
:/
>/@B717>/17b<
!H
FIM
>C@?L?HN?M
HCP?F?M
>?
AI<C?LHI

F;
JLIGI=C‰H
>?
F;
J;LNC=CJ;=C‰H
=IGI
JIF…NC=;
J<FC=;
M?
B;
FF?P;>I
;
=;<I
G?>C;HN?
>C@?L?HN?M
CHMNLOG?HNIM
>?
NCJI
F?ACMF;NCPI

ILA;HCT;NCPI

@CH;H=C?LI
S
G?>C}NC=I
.;G…L?T
FOD;M
S
,LC?NI

/?
B;
>CMNCHAOC>I
?H
JLCG?L
FOA;L
?HNL?
;KO?FFIM
CHMNLOG?HNIM
>?
JLIGI=C‰H
J;LNC=CJ;NCP;
KO?
P;H
>?MNCH;>IM
;
FIM
=CO>;>;HIM
CH>CPC>O;FG?HN?
S
;KO?FFIM
KO?
P;H
?H=;GCH;>IM
;
L?@ILT;L
S
JLIGIP?L
?F
;MI=C;=CIHCMGI
1H
JLCG?L
CHMNLOG?HNI
<}MC=I
>?
F;
JLIGI=C‰H
J;LNC=CJ;NCP;
OM;>I
MI<L?
NI>I
;
HCP?F
FI=;F
?M
F;
=L?;=C‰H
>?
OH;
OHC>;>
;>GCHCMNL;NCP;
O
I@C=CH;
CHN?AL;>;
KO?
?MN‚
>?>C=;>;
;
A?MNCIH;L
?H
=IHDOHNI
FIM
CHN?L?M?M
>?
FIM
=CO>;>;HIM
=IGJLIG?NC>IM
S
;JIS;LF?M
G?>C;HN?
F;
CHMNCNO=CIH;FCT;=C‰H
>?
F;
JLIGI=C‰H
J;LNC=CJ;NCP;
S
JIL
F;
JIN?H=C;=C‰H
>?
OH;
=OFNOL;
>?
F;
J;LNC=CJ;=C‰H
,;L;
?FFI
M?
B;H
?GJF?;>I
>C@?L?HN?M
B?LL;GC?HN;M
W
%HMNLOG?HNIM
L?AOF;>IL?M
J;L;
;MI=C;=CIH?M
=IGI
;>IJ=C‰H
>?
=IHP?HCIM
W
!MN;<F?=CGC?HNI
>?
OH;
CH@L;?MNLO=NOL;
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
=IGI
=L?;=C‰H
>?
;A?H=C;M
>?
PIFOHN;LC;>I
?H
=IIJ?L;=C‰H
=IH
FIM
JLIJCIM
=CO>;>;HIM
S
+*#M
KO?
JO?>?H
N?H?L
F;M
MCAOC?HN?M
N;L?;M
G?>C;=C‰H
S
;M?MIL;GC?HNI
>?
FIM
PIFOHN;LCIM

JLIGI=C‰H
>?
ALOJIM
>?
;ONI;SO>;

JLIGI=C‰H
>?
=…L=OFIM
>?
CHN?L=;G<CI
W
+LA;HCT;=C‰H
;>GCHCMNL;NCP;
>?F
NL;<;DI
?H
?F
;SOHN;GC?HNI
CHMN;OL;=C‰H
>?F
IGCMCIH;>I
J;L;
F;
J;LNC=CJ;=C‰H
=CO>;>;H;
>CL?=N;G?HN?
>?J?H>C?HN?
>?
F;
;F=;F>…;
=IGCMC‰H
?HNL?
L?JL?M?HN;HN?M
>?
NI>;M
F;M
}L?;M
@OH=CIH;F?M
=IH=?LHC>;M
S
?F
=IGCMCIH;>I
J;L;
F;
J;LNC=CJ;=C‰H
=L?;=C‰H
>?
?H=;LA;>IM
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
>?
NI>;M
F;M
}L?;M
@OH=CIH;F?M
S
=IHMC>?L;=C‰H
>?
F;
J;LNC=CJ;=C‰H
=IGI
N;L?;
NL;HMP?LM;F
?H
FIM
<;LLCIM
S
>CMNLCNIM
!H
=O;HNI
;
F;M
;MI=C;=CIH?M

F;
JLIGI=C‰H
J;LNC=CJ;NCP;
HI
MO?F?
M?L
OH;
N;L?;
NL;HMP?LM;F
;
G?HO>I
M‰FI
?H
F;M
>?JILNCP;M
JIL
?MI
HI
M?
MO?F?
=;G<C;L
F;
?MNLO=NOL;
CHN?LH;
>?
F;
;>GCHCMNL;=C‰H
?R=?JNI
JIL
F;
JL?MOJO?MN;=C‰H
S
F;
=IHN;<CFC>;>
>?
F;M
MO<P?H=CIH?M
S
MO<MC>CIM
?H
=;>;
OH;
>?
F;M
}L?;M
@OH=CIH;F?M
W
%HMNLOG?HNIM
MCG<‰FC=IM
J;L;
JLIGIP?L
F;
CGJFC=;=C‰H
>?
FIM
CH>CPC>OIM
>CAHC@C=;=C‰H
S
L?=IHI=CGC?HNI
J<FC=I
>?
FIM
=CO>;>;HIM
=IGJLIG?NC>IM
JO<FC=C>;>
@;PIL;<F?
;
F;
CGJFC=;=C‰H
=…PC=;

CH@ILG;=C‰H
MI<L?
F;M
JIMC<CFC>;>?M
>?
CGJFC=;=C‰H
J;L;
>?N?LGCH;>IM
ALOJIM
JIL
?D?GJFI

AO…;
J;L;
G;SIL?M
MI<L?
J;LNC=CJ;=C‰H
@ILG;=C‰H
>?
NI>IM
FIM
J;LNC=CJ;HN?M
L?=IHI=CGC?HNI
J<FC=I
>?F
;MI=C;=CIHCMGI
S
MO
CGJILN;H=C;
MI=C;F
;JISI
>?
F;
F;<IL
;MI=C;NCP;
G?>C;HN?
JO<FC=C>;>
JIL
?D?GJFI

AO…;
>?
;MI=C;=CIH?M
;M?MIL;GC?HNI
;
F;M
;MI=C;=CIH?M
@ILG;=C‰H
J;L;
FIM
CH>CPC>OIM
 W
%H=?HNCPIM
GIH?N;LCIM
J;L;
CH>CPC>OIM
=IGI
?R?H=C‰H
>?
A;MNIM
S
M?AOLIM
>?
;==C>?HN?M
MC
M?
A?MNCIH;H
N;L?;M
=IGOHCN;LC;M
I
M?LPC=CIM
D;L>CH?M

J;LKO?M
>?
DO?AI

MO<P?H=CIH?M
J;L;
;MI=C;=CIH?M

JIMC<CFC>;>
>?
=I<LI
JIL
OMI
>?
FIM
M?LPC=CIM
W
,IN?H=C;=C‰H
>?
FIM
M?=NIL?M
;D?HIM
;
F;
J;LNC=CJ;=C‰H
F;<IL
;HCG;>IL;
S
;=NCP;>IL;
?H
FIM
<;LLCIM
CH=ILJIL;=C‰H
>?
ILA;HCT;=CIH?M
L?JL?M?HN;NCP;M
>?
?MIM
ALOJIM
=IGI
+*#M
;MCMN?H=C;F?M
I
MI=C;F?M
MCGCMGI

F;
IGCMC‰H
!D?=ONCP;
>?
F;
"?>?L;=C‰H
!MJ;ˆIF;
>?
,LIPCH=C;M
S
)OHC=CJCIM
"!),
?F;<IL‰
OH
.?AF;G?HNINCJI
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
!H
>C=C?G<L?
>?

F;
IGCMC‰H
!D?=ONCP;
>?
F;
"!),
;JLI<‰
F;
A?H>;
FI=;F
>?
F;
,;LNC=CJ;=C‰H
(,.
(;
A?H>;
=IHN?H…;

F…H?;M
>?
;=NO;=C‰H
C?=CHO?P?
>?
?FF;M
?MN}H
L?F;=CIH;>;M
=IH
F;
ILA;HCT;=C‰H
GOHC=CJ;F
J;L;
>IN;L
>?
G}M
?@C=;=C;
;
F;M
JIF…NC=;M
>?
J;LNC=CJ;=C‰H
M?CM
?MN}H
PCH=OF;>;M
;F
@ILN;F?=CGC?HNI
>?
F;M
;MI=C;=CIH?M

F;
L?>
;MI=C;NCP;
>?F
GOHC=CJCI
S
MO
=;J;=C>;>
>?
CHN?LP?H=C‰H
MI=C;F
F;M
MCAOC?HN?M
MC?N?
M?
>CLCA?H
;
=;J;=CN;L
;
F;
=CO>;>;H…;
J;L;
?F
?D?L=C=CI
>?F
>?L?=BI
;
F;
J;LNC=CJ;=C‰H
S I
MO
CGJFC=;=C‰H
?H
;MI=C;=CIH?M
=CO>;>;H;M
N;G<C‚H
M?
L?=IA?H
=O;NLI
F…H?;M
N?H>?HN?M
;
L?@ILT;L
?F
J;J?F
?MNLO=NOL;>IL
>?
F;
=IGOHC>;>
;
NL;P‚M
>?
FIM
?KOCJ;GC?HNIM
S
M?LPC=CIM
>?
JLIRCGC>;>
INL;M
=O;NLI
F…H?;M
>?
;=NO;=C‰H
M?
=?HNL;H
?H
?F
}G<CNI
>?
F;
?P;FO;=C‰H
J;L;
F;
G?DIL;
>?
F;
=;FC>;>
>?GI=L}NC=;
S
@CH;FG?HN?
F;M
=O;NLI
FNCG;M
M?
>CLCA?H
;
F;
=IIL>CH;=C‰H
=IH
FIM
AI<C?LHIM
;ONIH‰GC=IM
S
?F
AI<C?LHI
=?HNL;F
J;L;
?F
@IG?HNI
>?F
>?L?=BI
;
F;
J;LNC=CJ;=C‰H
S
?F
>?M;LLIFFI
>?
JLI=?MIM
J;LNC=CJ;NCPIM
(;
;A?H>;
N;G<C‚H
L?=IA…;
F;M
N;L?;M
;
>?M;LLIFF;L
J;L;
MO
CGJF;HN;=C‰H
(;
(?S
 
=IHN?GJF;<;
P;LC;M
G?>C>;M

?HNL?
INL;M
W
(;
G?DIL;
S
GI>?LHCT;=C‰H
>?
FIM
G?=;HCMGIM
>?
CH@ILG;=C‰H
=CO>;>;H;
F;
;JFC=;=C‰H
>?
F;M
HO?P;M
N?=HIFIA…;M
>?
F;
CH@ILG;=C‰H
S
>?
F;
=IGOHC=;=C‰H
J;L;
@;=CFCN;L
F;
CH@ILG;=C‰H
S
=IGOHC=;=C‰H
=IH
FIM
P?=CHIM

F;
JL?M?HN;=C‰H
>?
>I=OG?HNIM
S
F;
L?;FCT;=C‰H
>?
NL}GCN?M
;>GCHCMNL;NCPIM

S
F;
L?;FCT;=C‰H
>?
?H=O?MN;M
S

?H
MO
=;MI

>?
=IHMOFN;M
JIJOF;L?M
W
(;M
CHC=C;NCP;M
JIJOF;L?M
;HN?
?F
?M=;MI
OMI
>?
FIM
AI<C?LHIM
FI=;F?M
J;L;
=IHMOFN;L
;
MOM
P?=CHIM

F;
F?S
JF;HN?;
OH;
JIMC<CFC>;>
>?
>?D;L
F;
CHC=C;NCP;
?R=FOMCP;G?HN?
?H
G;HIM
>?
FIM
=CO>;>;HIM
W
(;
J;LNC=CJ;=C‰H
?H
F;
JF;HC@C=;=C‰H
?MNL;N‚AC=;
S
?H
F;M
JIF…NC=;M
>?
>?M;LLIFFI
FI=;F
F;
F?S
 
?MN;<F?=?
?H
?MN;
G;N?LC;
F;
H?=?MC>;>
>?
OH
‰LA;HI
J;LNC=CJ;NCPI
?H
FIM
GOHC=CJCIM
>?
AL;H
JI<F;=C‰H

>?HIGCH;>I
U=IHM?DI
MI=C;F
>?
F;
=CO>;>X

CHN?AL;>I
JIL
L?JL?M?HN;HN?M
>?
F;M
ILA;HCT;=CIH?M
?=IH‰GC=;M

MI=C;F?M

JLI@?MCIH;F?M
S
>?
P?=CHIM
G}M
L?JL?M?HN;NCP;M
/OM
@OH=CIH?M
MIH
F;
?GCMC‰H
>?
?MNO>CIM
S
JLIJO?MN;M
?H
G;N?LC;
>?
>?M;LLIFFI
?=IH‰GC=I
FI=;F

JF;HC@C=;=C‰H
?MNL;N‚AC=;
>?
F;
=CO>;>

AL;H>?M
JLIS?=NIM
OL<;HIM
W
(;
J;LNC=CJ;=C‰H
?H
F;
G?DIL;
>?
F;
;>GCHCMNL;=C‰H
GOHC=CJ;F
?H
FIM
GOHC=CJCIM
>?
AL;H
JI<F;=C‰H

;>?G}M

F;
(?S
 
?MN;<F?=?
OH
G?=;HCMGI
?MJ?=…@C=I
J;L;
KO?
FIM
=CO>;>;HIM
JO?>;H
J;LNC=CJ;L
?H
F;
G?DIL;
>?
F;
A?MNC‰H
GOHC=CJ;F
/?
NL;N;
>?
F;
IGCMC‰H
>?
/OA?L?H=C;M
S
.?=F;G;=CIH?M
KO?
HI
M‰FI
;=N;
=IGI
OH
U ?@?HMIL
>?F
,O?<FIX
L?;=NCPI
>?
H;NOL;F?T;
=IF?AC;>;

MCHI
KO?
N;G<C‚H

JIL
F;
P…;
>?
F;M
 MOA?L?H=C;M

>?M?GJ?ˆ;
OH
J;J?F
;=NCPI
?H
F;
G?DIL;
>?
F;
A?MNC‰H
GOHC=CJ;F

;
CHC=C;NCP;
>?
FIM
JLIJCIM
=CO>;>;HIM
,IL
MO
J;LN?

?H
F;M


F;
ILC?HN;=C‰H
;F
=CO>;>;HI
S
F;
JLIGI=C‰H
>?
F;
J;LNC=CJ;=C‰H
=CO>;>;H;
M?
B;H
=IHMIFC>;>I
?H
A?H?L;F
=IH
?F
MOLACGC?HNI
>?
‰LA;HIM
;>GCHCMNL;NCPIM

OMO;FG?HN?
=IH
HCP?F
>?
CL?==C‰H
#?H?L;F
 #

>?>C=;>IM
;
JLIGIP?L
F;
=;FC>;>
>?
FIM
M?LPC=CIM

F;M
L?F;=CIH?M
S
=IGOHC=;=C‰H
=IH
FIM
=CO>;>;HIM

S
F;
NL;MJ;L?H=C;
S
;==?MI
;
F;
CH@ILG;=C‰H
;>GCHCMNL;NCP;
S
F;
J;LNC=CJ;=C‰H
=CO>;>;H;
;MN?F

!<?LB;L>N

M…

JIL
?D?GJFI

L?MJ?=NI
;
?MN;
FNCG;

;
@CH;F
>?
FIM

M?
=L?;LIH
#M
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
?H
?F
?J;LN;G?HNI
>?
%HN?LCIL

L?F;=CIH?M
CHMNCNO=CIH;F?M
S
J;LNC=CJ;=C‰H
?H
;N;FOˆ;

OH;
#
>?
,;LNC=CJ;=C‰H
CO>;>;H;
?H
F;
IGOHC>;>
2;F?H=C;H;

OH;
#
>?
,;LNC=CJ;=C‰H
CO>;>;H;
?H
?F
?J;LN;G?HNI
>?
,L?MC>?H=C;
>?
L;A‰H
S
OH;
#
>?
.?F;=CIH?M
%HMNCNO=CIH;F?M
S
,;LNC=CJ;=C‰H
CO>;>;H;
?H
F;
2C=?=IHM?D?L…;
>?
.?F;=CIH?M
=IH
?F
J;LF;G?HNI
S
J;LNC=CJ;=C‰H
=CO>;>;H;
?H
;H;LC;M
IGI
B;
M?ˆ;F;>I
;MN?F


>IM
?H@IKO?M
>C@?L?HN?M
J;L?=?H
B;<?L
?RCMNC>I
;
@CH;F?M
>?
F;
>‚=;>;
J;M;>;

?F
>?
;KO?FF;M

KO?
>?=C>C?LIH
JLIGIP?L
F;
J;LNC=CJ;=C‰H
G?>C;HN?
F;
JLIGOFA;=C‰H
>?
F?S?M
A?H?L;F?M
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
?H@IKO?
>?
DOLC>C@C=;=C‰H
S
?F
>?
;KO?FF;M
KO?
JL?@CLC?LIH
F;
;JFC=;=C‰H
JLIAL?MCP;
>?
G?=;HCMGIM
CHHIP;>IL?M
S
>?FC<?L;NCPIM
>?
J;LNC=CJ;=C‰H
?H
FIM
JLI=?MIM
>?=CMCIH;F?M

?H
?F
HCP?F
FI=;F
I
;ONIH‰GC=I

?HN?H>C?H>I
KO?
F;M
HO?P;M
?RJ?LC?H=C;M
J;LNC=CJ;NCP;M
A?H?L;L…;H
OH
=;G<CI
>?
=OFNOL;
>?
F;
;>GCHCMNL;=C‰H
?H@IKO?
>?
?RJ?LCG?HN;=C‰H
!H
?F
JLCG?L
GI>?FI
>?MN;=;
F;
(?S
 
>?
F;
IGOHC>;>
2;F?H=C;H;
S
F;
(?S
 

>?
;H;LC;M

I
?H
?F
}G<CNI
@IL;F

F;
*ILG;
@IL;F
 
MI<L?
,;LNC=CJ;=C‰H
CO>;>;H;
>?
#OCJT=I;
!H
?F
M?AOH>I
?H@IKO?
M?
?H=IHNL;L…;H
FIM
?D?GJFIM
>?
;N;FOˆ;
S
L;A‰H


!31/<7A;=A
G
>@=13A=A
>/@B717>/B7D=A
1=<1@3B=A
G
AC
CA=
@3/:
3<
:=A

/a=A

/CAOC?H>I
?F
?MNO>CI
>?
"IHN
S
F;H=I

FIM
G‚NI>IM
>?
J;LNC=CJ;=C‰H
G}M
ONCFCT;>IM
?H
?F
HCP?F
FI=;F
?L;H
.ISI

5?N;HI
S
=?L?N?

W
#@D
@?D6;@D
4@?DF=E:G@D
=IGI
G?=;HCMGI
>?
J;LNC=CJ;=C‰H
JIL
?R=?F?H=C;
>?
HO?MNLIM
;SOHN;GC?HNIM
0I>IM
FIM
;SOHN;GC?HNIM
?MJ;ˆIF?M
>?
G}M
>?

B;<CN;HN?M
N?H…;H
;FAH
=IHM?DI
=IHMOFNCPI
M?=NILC;F
S
=?L=;
>?F

FI
N?H…;H
=IH
<;M?
N?LLCNILC;F
0I>;M
F;M
AL;H>?M
=CO>;>?M
IJN;LIH
JIL
?F
GI>?FI
=IHMOFNCPI

GC?HNL;M
KO?
;FAOH;M
>?
F;M
KO?
HI
FF?A;H
;

B;<CN;HN?M
IJN;LIH
JIL
?F
=IH=?LN;>I
W
@?D6;@D
4@?DF=E:G@D
:??@G25@C6D
KO?
L?JLI>O=?H
?H
<O?H;
G?>C>;
?F
I<D?NCPI
S
?F
@ILG;NI
>?
FIM
;HN?LCIL?M

J?LI
KO?
CH=ILJIL;<;H
HO?PIM
M?=NIL?M
?HNL?
MOM
GC?G<LIM
I
>?GI=L;NCT;H
=F;L;G?HN?
MO
;==?MI
%H=ILJIL;<;H
;
=CO>;>;HIM
;
N…NOFI
CH>CPC>O;F

HI
=IGI
?RJ?LNIM

MCHI
=IGI
L?JL?M?HN;HN?M
>?
F;
=CO>;>;H…;

M?F?==CIH;>IM
JIL
?F?==C‰H
I
;T;L
!H
F;
=CO>;>
>?
;L=?FIH;

JIL
?D?GJFI
?RCMN?
?F
IHM?DI
>?

&‰P?H?M
!M
OH
‰LA;HI
>?
L?JL?M?HN;=C‰H
>?
D‰P?H?M
HI
;MI=C;>IM

KO?
=IHPCP?
=IH
INLI
=IHM?DI
IHM?DI
>?
F;
&OP?HNO>
>?
;L=?FIH;

KO?
?M
?F
‰LA;HI
>?
L?JL?M?HN;=C‰H
>?
FIM
D‰P?H?M
;MI=C;>IM
 W
+2==6C6D
56
AC@DA64E:G2
L?H?H
;
OHI
I
;
>CP?LMIM
ALOJIM
>?
J?LMIH;M
J;L;
B;<F;L
>?
KO‚
?M=?H;LCIM
>?
@ONOLI
P?H
MI<L?
OH
N?G;
>?N?LGCH;>I

=O}F?M
>?
?MNIM
?M=?H;LCIM
=L??H
KO?
M?L…;
G}M
>?M?;<F?
S
KO‚
;=NO;=CIH?M
B;<L…;
KO?
L?;FCT;L
J;L;
;JLIRCG;LM?
/?
B;H
ONCFCT;>I

JIL
?D?GJFI

=IGI
=OFGCH;=C‰H
>?
OH
NL;<;DI
G}M
F;LAI
S
JLIFIHA;>I
?H
?F
,F;H
=IGOHCN;LCI
>?
+C:?:E2E
%@G2
I
?H
F;
?F;<IL;=C‰H
>?F
,F;H
>?
CHP?LMCIH?M
GOHC=CJ;F?M
>?
/;<;>?FF
W
F5:6?4:2D
J
7@C@D
=IHMCMN?H
?H
F;
JL?M?HN;=C‰H
>?
OHIM
L?MOFN;>IM
I
OH;M
JLIJO?MN;M
JIL
J;LN?
>?
OHIM
JIH?HN?M
S
?F
>?<;N?
S
F;M
JLIJO?MN;M
>?
?HGC?H>;M
;
‚MN;M
JIL
J;LN?
>?F
J<FC=I
/?
B;H
=?F?<L;>I

JIL
?D?GJFI

?H
?F
G;L=I
>?
F;M
;A?H>;M

FI=;F?M
!H
F;M
;O>C?H=C;M
FIM
KO?
B;=?H
F;M
JLIJO?MN;M
MIH
A?H?L;FG?HN?
FIM
GC?G<LIM
>?F
?KOCJI
>?
AI<C?LHI
GOHC=CJ;F

GC?HNL;M
KO?
?H
FIM
@ILIM
MIH
;
G?HO>I
INLIM
;=NIL?M
/?
MO?F?H
L?;FCT;L
GO=B;M
;O>C?H=C;M
GOHC=CJ;F?M
J;L;
;>IJN;L
>?=CMCIH?M
JIF…NC=;M
CGJILN;HN?M
=IGI
F;
;JLI<;=C‰H
>?
FIM
JL?MOJO?MNIM
W
!FC25@D
4:F5252?@D
M?
B;H
OM;>I
?H
?F
,;…M
2;M=I
;
JLCH=CJCIM
>?
FIM
;ˆIM
HIP?HN;
S
F;M
JLCG?L;M
?RJ?LC?H=C;M
?H
;N;FOˆ;
M?
BC=C?LIH
?H
F;
JLCG;P?L;
>?


?H
/;HN
-OCLT?
>?F
2;FF„M
S
?H
.O<…
?M>?
?HNIH=?M

M?
B;H
FF?P;>I
;
=;<I
G}M
>?
OH;
>I=?H;
>?
?RJ?LC?H=C;M
?H
;N;FOˆ;

F;
G;SIL
J;LN?
MI<L?
N?G;M
OL<;H…MNC=IM

;OHKO?
N;G<C‚H
M?
B;H
OM;>I
?H
N?G;M
>?
;=IAC>;
>?
FIM
CHGCAL;HN?M

 
7471C:B/23A
>@]1B71/A
23
:/
>/@B717>/17b<
17C2/2/</
!RCMN?H
JLI<F?G;M
?MNLO=NOL;F?M
KO?
>C@C=OFN;H
?F
?D?L=C=CI
>?
FIM
CHMNLOG?HNIM
S
F;
JLIGI=C‰H
>?
F;
J;LNC=CJ;=C‰H
=CO>;>;H;


6C:G25@D
56
=2
:?4@CA@C24:x?
56
=@D
4:F5252?@D
2764E25@D
W
1H
JLI<F?G;
?MNLO=NOL;F
N…JC=I
?M
?F
>?F
JLIJCI
>?M?I
L?;F
>?
J;LNC=CJ;=C‰H
?HNL?
FIM
=CO>;>;HIM

KO?
HI
M?L…;
H?=?M;LC;G?HN?
G;SIL
?H
?MNIM
G‚NI>IM
KO?
?H
FIM
>?
F;
>?GI=L;=C;
L?JL?M?HN;NCP;
/?
;>PC?LN?
KO?
?H
GO=BIM
=;MIM

F;
GIPCFCT;=C‰H
>?
FIM
=CO>;>;HIM
M‰FI
M?
>?M?H=;>?H;
JIL
CHN?L‚M
>CL?=NI

FI
KO?
MO?F?
B;=?L
KO?
‚MN;
M?
JLI>OT=;
N;L>…;G?HN?
?H
?F
JLI=?MI
>?
>?=CMC‰H

=O;H>I
F;M
JIMC<CFC>;>?M
>?
CH@FO?H=C;
MIH
S;
G}M
FCGCN;>;M
S
F;
CH@ILG;=C‰H
KO?
JO?>?
I<N?H?LM?
?M
G?HIL
W
!F
JLI<F?G;
J;L;
CHPIFO=L;L
;
FIM
=CO>;>;HIM
MCH
OH
CHN?L‚M
>CL?=NI
M?L…;
KO?
F;
CGJFC=;=C‰H
=CO>;>;H;
UHI
M?
JO?>?
>?=L?N;LX
,;L?=?
=F;LI
KO?
;
@;FN;
>?
OH;
JIF…NC=;
M?LC;
>?
>CM=LCGCH;=C‰H
JIMCNCP;
S
;HCG;=C‰H
>?
=C?LNIM
ALOJIM

NI>IM
FIM
G‚NI>IM
;>IF?=?L}H
>?
F;
FF;G;>;
M?F?=NCPC>;>
MI=C;F
I
GIPCFCT;=C‰H
M?F?=NCP;

KO?
JLI>O=?
F;
?R=FOMC‰H
MCMN?G}NC=;
>?
G;SIL…;M
I
GCHIL…;M
S
F;
CH?PCN;<F?
GIHIJIFCT;=C‰H
>?F
?MJ;=CI
S
>?F
CHN?L‚M
J<FC=I
JIL
M‰FI
OH;
J;LN?
>?
FIM
=CO>;>;HIM
KO?
M?
?H=O?HNL;
MO@C=C?HN?G?HN?
ILA;HCT;>;

<C?H
JIL
MO
J?LN?H?H=C;
;
;MI=C;=CIH?M
=IH
FIM
L?=OLMIM
J;L;
B;=?LFI
W
/C
M?
F?M
JL?AOHN;
;
FIM
=CO>;>;HIM

?H
OH
?MNO>CI
M?
;FO>…;
=IGI
=;OM;M
JLCH=CJ;F?M
>?F
;<;H>IHI
>?
F;
;=NCPC>;>
J;LNC=CJ;NCP;
?H
JLCG?L
FOA;L
;F
B?=BI
>?
KO?
?F
=IMN?
?H
NC?GJI
?M
GOS
AL;H>?


S
?H
?F

M?
M?ˆ;F;<;H
N;G<C‚H
@;=NIL?M
KO?
FF?P;H
;
J?HM;L
?H
OH;
=C?LN;
>?=?J=C‰H
I
>?MGINCP;=C‰H


6C:G25@D
56
=2
:>A=2?E24:x?
56
=@D
AC@A:@D
>qE@5@D
 W
,IMC<F?M
JLI<F?G;M
ILA;HCT;NCPIM
JIL
?D?GJFI

M?
M;<?
KO?
F;M
CHC=C;NCP;M
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
L?NL;M;H
F;
;>IJ=C‰H
>?
>?=CMCIH?M

CH=L?G?HN;H
MOM
=IMN?M
S
HI
A;L;HNCT;H
KO?
?F
L?MOFN;>I
M?;
?F
G}M
;>?=O;>I
W
(;
F?HNC@C=;=C‰H
>?F
JLI=?MI
>?
;>IJ=C‰H
>?
>?=CMCIH?M
S
?F
CH=L?G?HNI
>?
MO
=IMN?
?M
OH
F;G?HNI
=IGH
?HNL?
FIM
L?MJIHM;<F?M
J<FC=IM
KO?
?MALCG?H
KO?
F;
?@C=;=C;
S
F;
?@C=C?H=C;
N;G<C‚H
MIH
>?G;H>;M
>CLCAC>;M
;
F;M
CHMNCNO=CIH?M
J<FC=;M
S
KO?

?H
I=;MCIH?M

FIM
;MOHNIM
MIH
FI
MO@C=C?HN?G?HN?
=IGJF?DIM
J;L;
KO?
M?;H
FIM
?RJ?LNIM
KOC?H?M
L?MO?FP;H
KO‚
?M
G?DIL
J;L;
F;
=IGOHC>;>
W
(;
I<FCA;>;
=IH=?HNL;=C‰H
?H
;FAH
;MOHNI
>?
FIM
L?MJIHM;<F?M
KO?
NL;<;D;H
=IH
FIM
=CO>;>;HIM
ILCACH;
CH=IHP?HC?HN?M
>?
J‚L>C>;
>?
F;
J?LMJ?=NCP;
AFI<;F
MOG;>;
;
OH
?R=?MI
>?
>CM=L?=CIH;FC>;>
,;L;
?PCN;L
?MN;
>CM@OH=CIH;FC>;>
?M
H?=?M;LCI
GOFNCJFC=;L
FIM
?M@O?LTIM
?H
=IIL>CH;=C‰H
W
IHM=C?HN?M
>?
KO?
J;L;
M?L
?@?=NCP;
F;
J;LNC=CJ;=C‰H
H?=?MCN;
ILA;HCT;LM?
<C?H

GO=B;M
;ONILC>;>?M
FI=;F?M
I
L?ACIH;F?M
B;H
>CM?ˆ;>I
L?AF;G?HNIM
>?
J;LNC=CJ;=C‰H
I
F;
B;H
CH=ILJIL;>I
;
F;M
HILG;M
>?
JLI=?>CGC?HNI
;>GCHCMNL;NCPI
!MN;M
G?>C>;M
JLIPI=;H

MCH
?G<;LAI

?@?=NIM
HI
>?M?;>IM

=IGI
F;
<OLI=L;NCT;=C‰H
>?
F;M
CHC=C;NCP;M
J;LNC=CJ;NCP;M
B;MN;
N;F
?RNL?GI
KO?
M?
;HOF;
F;
?MJIHN;H?C>;>
S
F;
=;J;=C>;>
>?
L‚JFC=;


,
=0.409?0
?09/09.4,
3,.4,
07
77,8,/:
8@3:6C?@
23:6CE@
;,=?4.4;,.4[9

.:9
?=,9>;,=09.4,
D
.:7,-:=,.4[9
4>.@=>:
D
;:7Y?4.,>
?M>?
G?>C;>IM
>?
FIM
;ˆIM

>C@?L?HN?M
CHC=C;NCP;M
>?
FIM
JI>?L?M
J<FC=IM
?H
!MJ;ˆ;
MCAOC?LIH
JLIGI=CIH;H>I
F;
J;LNC=CJ;=C‰H
J<FC=;

J?LI
=L?=C?HN?G?HN?
L?F;=CIH}H>IF;
=IH
INLIM
}G<CNIM
HO?PIM
KO?
CH=FO…;H

;
P?=?M
>?
@ILG;
=IH@OM;
I
JI=I
=IHMCMN?HN?

FIM
=IH=?JNIM
>?
<O?H
AI<C?LHI
S
AI<C?LHI
;<C?LNI

>;H>I
>?
HO?PI
JLIN;AIHCMGI
;
F;
NL;MJ;L?H=C;

F;
>?FC<?L;=C‰H
S
F;
=IF;<IL;=C‰H
(;
>O;FC>;>
>?
GI>?FIM
>?
JLIGI=C‰H
J;LNC=CJ;NCP;
G?H=CIH;>;
G}M
;LLC<;

M?
BCTI
;M…
G?HIM
=F;L;
>?M>?
@CH;F?M
>?
FIM


=O;H>I
NI>;M
F;M

?GJ?T;LIH
;
CH=FOCL
?H
MO
F?ACMF;=C‰H
P;LCIM
N?G;M

;>IJN;H>I
OH;
PCMC‰H
G}M
CHN?AL;F
>?F
AI<C?LHI
;<C?LNI

S
L?AOF;H>I
?H
OH
GCMGI
N?RNI
F?A;F
N;HNI
F;
J;LNC=CJ;=C‰H
=IGI
F;
NL;HMJ;L?H=C;
S
?F
<O?H
AI<C?LHI
I
F;
CHN?ALC>;>
;<?
;M…
G?H=CIH;L
=IGI
JCIH?L;M
F;
F?S
A;FF?A;
 
>?
0L;HMJ;L?H=C;
S
O?H;M
,L}=NC=;M
>?
F;
>GCHCMNL;=C‰H
,<FC=;
#;FF?A;

KO?
L?AOF;<;
?HNL?
INL;M
=IM;M
?F
>?L?=BI
;
F;
CH@ILG;=C‰H
>?
FIM
;>GCHCMNL;>IM

F;M
=;LN;M
>?
M?LPC=CIM

F;
JO<FC=C>;>
>?
F;
JLIAL;G;=C‰H
;>GCHCMNL;NCP;
F;
;JFC=;=C‰H
>?
FIM
G?>CIM
?F?=NL‰HC=IM

CH@ILG}NC=IM
S
N?F?G}NC=IM
F;
J;LNC=CJ;=C‰H
;<C?LN;
>?
FIM
=CO>;>;HIM
?H
F;
?F;<IL;=C‰H
>?
>CMJIMC=CIH?M
>?
=;L}=N?L
A?H?L;F

>?
F;M
KO?
M?
>?<;
>;L
CH@ILG;=C‰H
?H
F;M
J}ACH;M
Q?<
>?
F;M
;>GCHCMNL;=CIH?M
S
=OS;M
MOA?L?H=C;M
>?<;H
M?L
I<D?NI
>?
OH
CH@ILG?
@CH;F
!H
H>;FO=…;

?F
N…NOFI
%2
>?
F;
(?S
 

>?
F;
>GCHCMNL;=C‰H
>?
F;
&OHN;
>?
H>;FO=…;

=IHM;AL;<;
FIM
U ?L?=BIM
>?
F;
=CO>;>;H…;
;HN?
F;
;=NO;=C‰H
;>GCHCMNL;NCP;X

?HNL?
FIM
KO?
@CAOL;<;H
?F
>?L?=BI
;
F;
CH@ILG;=C‰H

=IH?=N;>I
=IH
FIM
JLCH=CJCIM
>?
JO<FC=C>;>
S
NL;HMJ;L?H=C;

S
?F
>?L?=BI
>?
J?NC=C‰H
S
?F
>?
;==?MI
;
FIM
;L=BCPIM
S
L?ACMNLIM

KO?
M?
L?AOF;H
?H
>?M;LLIFFI
>?
F;M
JL?PCMCIH?M
?MN;<F?=C>;M
?H
F;
HILG;NCP;
<}MC=;
PCA?HN?
/?
JO?>?
=CN;L
;KO…
N;G<C‚H
F;
(?S
 
>?
,;LNC=CJ;=C‰H
CO>;>;H;
>?
F;
IGOHC>;>
2;F?H=C;H;

KO?
?H
MO
N…NOFI
%%
L?AOF;
?F
>?L?=BI
;
F;
CH@ILG;=C‰H
J;L;
F;
J;LNC=CJ;=C‰H
=CO>;>;H;
S
J;L;
F;
>?@CHC=C‰H
>?
JIF…NC=;M
J<FC=;M
>?G}M

?HNL?
INLIM
CHMNLOG?HNIM
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
?MN;
F?S
L?=IA?
F;
;O>C?H=C;
=CO>;>;H;

FIM
@ILIM
>?
=IHMOFN;

FIM
J;H?F?M
=CO>;>;HIM
S
FIM
DOL;>IM
=CO>;>;HIM
!F
N…NOFI
%%%
=IHN?GJF;<;
F;M
G?>C>;M
>?
@IG?HNI
>?
F;
J;LNC=CJ;=C‰H
=CO>;>;H;
?MN;=;H
F;M
@‰LGOF;M
>?
;JISI
GONOI
?HNL?
?HNC>;>?M
=CO>;>;H;M
KO?
@;=CFCN?H
?F
CHN?L=;G<CI
>?
>;NIM

M?LPC=CIM
>?
;JISI
S
;M?MIL;GC?HNI

S
INL;M
;=NCPC>;>?M
KO?
MCLP;H
J;L;
KO?
F;
;=NO;=C‰H
>?
F;M
?HNC>;>?M
=CO>;>;H;M
M?;
?@?=NCP;
/?
JL?N?H>…;
@IG?HN;L

;>?G}M

F;
@ILG;=C‰H
J;L;
F;
J;LNC=CJ;=C‰H
=CO>;>;H;
>?HNLI
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M
?MJO‚M
>?
?MN;M
CHC=C;NCP;M
=;<?
G?H=CIH;L
INL;
IF;
>?
F?ACMF;=C‰H
;ONIH‰GC=;
G}M
L?=C?HN?

=IHN?GJIL}H?;
>?
F;
F?S
?MN;N;F
 
>?
NL;HMJ;L?H=C;

;==?MI
;
F;
CH@ILG;=C‰H
J<FC=;
S
<O?H
AI<C?LHI

KO?
S;
?RJF…=CN;G?HN?
OM;<;H
?F
=IH=?JNI
>?
AI<C?LHI
;<C?LNI
S
KO?
L?AOF;<;H
F;
NL;MJ;L?H=C;

F;
J;LNC=CJ;=C‰H
S
?F
<O?H
AI<C?LHI
?H
F;M

?
F;M
G}M
>?

F?S?M
JLIGOFA;>;M
B;MN;
;BIL;

=;<?
G?H=CIH;L
F;
(?S
>?
0L;HMJ;L?H=C;
,<FC=;
>?
H>;FO=…;

F;
(?S
H;P;LL;
>?
AI<C?LHI
;<C?LNI

F;
(?S
?RNL?G?ˆ;
>?
AI<C?LHI
;<C?LNI

F;
(?S
;N;F;H;
 

>?
NL;HMJ;L?H=C;

;==?MI
;
F;
CH@ILG;=C‰H
J<FC=;
S
<O?H
AI<C?LHI

I
F;
(?S
 

>?
0L;HMJ;L?H=C;
>?
F;
=NCPC>;>
,<FC=;
S
,;LNC=CJ;=C‰H
CO>;>;H;
>?
L;A‰H
!MN;M
F?S?M
M?
>C@?L?H=C;H
?H
F;
=L?;=C‰H
I
HI
>?
‰LA;HIM
>?
NL;HMJ;L?H=C;
I
?H
?F
M?HNC>I
>C@?L?HN?
>?F
MCF?H=CI
;>GCHCMNL;NCPI
?H
?F
JLI=?>CGC?HNI
>?
MIFC=CNO>
>?
CH@ILG;=C‰H
J<FC=;
I
F;
>C@?L?HN?
CHN?HMC>;>
>?F
L‚ACG?H
>?
JO<FC=C>;>
;=NCP;
JL?PCMN;
JIL
?F
F?ACMF;>IL
;ONIH‰GC=I
LC;>I
S
.ID;M);LN…H

F;H?M

S;F;
S
"?LH}H>?T

IGI
B;
?MNO>C;>I
;MN?F

?F
NL}HMCNI
>?
F;
JIF…NC=;
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
?RCMN?HN?
?H
FIM
;ˆIM

;
F;
?MNL;N?AC;
>?
AI<C?LHI
;<C?LNI
;=NO;F

B;
FF?P;>I
;
F;
=L?;=C‰H
>?
OH;
ILA;HCT;=C‰H
;>GCHCMNL;NCP;
?H=;LA;>;
>?
F;
>CL?==C‰H
N‚=HC=;

A?MNC‰H
S
=IIL>CH;=C‰H
>?F
GI>?FI
>?
AI<C?LHI
;<C?LNI

L?@F?D;>;
?H
GO=B;M

?H
F;
=L?;=C‰H
>?
OHC>;>?M
;>GCHCMNL;NCP;M
=IGJ?N?HN?M
J;L;
MO
IL>?H;=C‰H
S
JLIGI=C‰H
KO?
?H
=;MC
NI>;M
F;M

NC?H?
?F
L;HAI
>?
CL?==CIH?M
#?H?L;F?M
L?MC>?H=C;>;M
?H
>?J;LN;G?HNIM
>?
=F;L;
CH=C>?H=C;
JIF…NC=;
S
=;L}=N?L
NL;HMP?LM;F
=IGI
,L?MC>?H=C;

>GCHCMNL;=CIH?M
,<FC=;M
I
#I<?LH;=C‰H
,;L;F?FI
;
?MNIM
>?M;LLIFFIM

FIM
=IH=?JNIM
>?
AI<C?LHI
;<C?LNI
S
NL;HMJ;L?H=C;

;
P?=?M
N;G<C‚H
=IH
=IHNILHIM
>C@OMIM

B;H
?MN;>I
?H
?F
>?<;N?
J<FC=I
S
B;H
@ILG;>I
=L?=C?HN?G?HN?
J;LN?
>?F
>CM=OLMI
HI
MIFI
MI<L?
F;
L?@ILG;
>?
F;
A?MNC‰H
J<FC=;
MCHI

S
MI<L?
NI>I
;
L;…T
>?
F;
=LCMCM

>?F
>CM=OLMI
MI<L?
F;
L?A?H?L;=C‰H
>?
F;
>?GI=L;=C;
?H
NC?GJIM
>?
=L?=C?HN?
>?M;@?==C‰H
S
J?L=?J=C‰H
>?
OH;
G?HIL
=;FC>;>
>?GI=L}NC=;
;MN?F


LC;>I

J;L;
?F
AI<C?LHI
FI=;F
2CFFILC;

"IL=;>?FF


MO
P?T

FIM
L?=C?HN?M
>?M;LLIFFIM
N?=HIF‰AC=IM
?H
F;M
N?=HIFIA…;M
>?
F;
CH@ILG;=C‰H
S
MO
OMI
JIL
F;M
;>GCHCMNL;=CIH?M
B;H
JLIGIPC>I
F;
C>?;
>?
NL;HMJ;L?H=C;
S
=IF;<IL;=C‰H
?H
OH;
;>GCHCMNL;=C‰H
L?F;=CIH;F
S
M?
B;H
;MI=C;>I
N;G<C‚H
=IH
FIM
=IH=?JNIM
>?
F;
Q?<


IJ?H
>;N;

?N=
LC;>I

.ID;M);LN…H


.OP;F=;<;
S
LC;>I

!H
A?H?L;F

F;
ONCFC>;>
>?
F;
NL;MJ;L?H=C;
M?
B;
DOMNC@C=;>I
?H
<;M?
;
=O;NLI
GINCPIM
N…JC=IM
&CG‚H?T
M?HMCI

W
/CLP?
J;L;
KO?
F;
=CO>;>;H…;
N?HA;
;==?MI
;
F;
CH@ILG;=C‰H
J<FC=;
S
M?J;
;M…
KO‚
B;=?
F;
>GCHCMNL;=C‰H
,<FC=;

=‰GI
M?
ILA;HCT;
I
?MNLO=NOL;

KO‚
J?LMIH;M
NL;<;D;H
?H
 ?FF;
S
?H
KO‚
?GJF?;
FIM
L?=OLMIM
J<FC=IM
!MNI
JO?>?
N;G<C‚H
=L?;L
P;FIL
?=IH‰GC=I
I
MI=C;F
;
J;LNCL
>?
FIM
>;NIM
J<FC=IM
W
!M
OH;
=IH>C=C‰H
>?
F;
L?H>C=C‰H
>?
=O?HN;M
>?
FIM
AI<?LH;HN?M
I
L?MJIHM;<F?M
J<FC=IM
JIL
MOM
;==CIH?M
J<FC=;M
I
JIL
F;M
JIF…NC=;M
KO?
CGJOFM;H
W
/CLP?
J;L;
JL?P?HCL
F;
=ILLOJ=C‰H

?H
N;HNI
KO?
J?LGCN?
>?MP?F;L
;M…
OH
G;F
OMI
>?
FIM
L?=OLMIM
J<FC=IM

>;>;M
F;M
?RCA?H=C;M
>?
JO<FC=C>;>
;=NCP;
I
?F
U>?L?=BI
;
M;<?LX
KO?
NC?H?H
FIM
=CO>;>;HIM
W
/CLP?
J;L;
;M?HN;L
S
>?M;LLIFF;L
F;
=IH@C;HT;
>?
F;
=CO>;>;H…;
?H
MOM
CHMNCNO=CIH?M

?MNIM
GINCPIM

M?
>?<?H
;ˆ;>CL
INLIM
>IM
KO?

=IGI
M?ˆ;F;
?MN?
;ONIL

HI
B;H
MC>I
N;H
>?MN;=;>IM
?H
?F
>?<;N?
;=NO;F
&CG‚H?T
M?HMCI

W
(;
NL;HMJ;L?H=C;
?M
;HN?
NI>I
OH
G?=;HCMGI
>?
=IHNLIF
>?GI=L}NC=I
>?F
JI>?L
JIL
J;LN?
>?
F;
=CO>;>;H…;
W
(;
NL;HMJ;L?H=C;
?M
OH
CHMNLOG?HNI
KO?

M?AH
?MN?
;ONIL

=ILL?=N;G?HN?
ONCFCT;>I

CGJLCG?
OH
=;G<CI
>?
=OFNOL;
?H
F;M
ILA;HCT;=CIH?M
J<FC=;M

N;HNI
?H
?F
GI>I
>?
UP?L
FIM
JLI<F?G;MX
S
F;M
JIMC<F?M
MIFO=CIH?M
=IGI
;MCGCMGI
U?H
F;
@ILG;
>?
B;=?L
F;M
=IM;MX
JIL
F;
>GCHCMNL;=C‰H

MOM
L?MJIHM;<F?M
J<FC=IM
S
?F
=IHDOHNI
>?
FIM
?GJF?;>IM
KO?
JL?MN;
M?LPC=CIM
;
F;
=CO>;>;H…;
?H
?M;M
?MNLO=NOL;M
MCGCMGI

M?
B;
M?ˆ;F;>I
=‰GI
F;
NL;HMJ;L?H=C;
S
F;
J;LNC=CJ;=C‰H
MIH
=IH=?JNIM
CHN?L>?J?H>C?HN?M
>?HNLI
>?
F;
=IH=?J=C‰H
>?F
AI<C?LHI
;<C?LNI

S;
KO?
F;
NL;HMJ;L?H=C;
?M
OH;
JL?=IH>C=C‰H
J;L;
;=NCP;L
F;
J;LNC=CJ;=C‰H
=CO>;>;H;

?H
F;
G?>C>;
KO?
=IHN;L
=IH
CH@ILG;=C‰H
S
>;NIM
L?MJ?=NI
;
F;
;=NCPC>;>
;>GCHCMNL;NCP;
?M
H?=?M;LCI
J;L;
A?H?L;L
OH;
CHN?LP?H=C‰H
>?
FIM
=CO>;>;HIM
CHN?L?M;>IM
?H
FIM
;MOHNIM
J<FC=IM
S
FIM
JLI=?MIM
JIF…NC=IM
(;
CH@ILG;=C‰H
;
MO
P?T
A?H?L;
;=NO;=CIH?M
>?
=IHMOFN;
S
>?FC<?L;=C‰H
=CO>;>;H;
KO?
ILCACH;H
F;
J;LNC=CJ;=C‰H
.OP;F=;<;
S
LC;>I

MCGCMGI

F;
NL;MJ;L?H=C;
M?
JO?>?
OM;L
J;L;
;=NCP;L
F;
=IF;<IL;=C‰H
>?F
=CO>;>;HI
I
F;M
?GJL?M;M
S
;MI=C;=CIH?M
=IH
F;M
;>GCHCMNL;=CIH?M

G?>C;HN?
F;
ONCFCT;=C‰H
>?
FIM
,ILN;F?M
>?
0L;HMJ;L?H=C;
I
F;M
J}ACH;M
Q?<
J;L;
?F
?MN;<F?=CGC?HNI
>?
=;O=?M

G?=;HCMGIM

JLI=?>CGC?HNIM
I
P…;M
J;L;
F;
?M=O=B;
;=NCP;

F;
L?=?J=C‰H
>?
MOA?L?H=C;M
I
?F
JF;HN?;GC?HNI
>?
=IHMOFN;M

NI>I
?FFI
?H=O;>L;>I
?H
FIM
>CMNCHNIM
JLI=?>CGC?HNIM
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
/?
JLIGO?P?
;M…
F;
N?L=?L;
>CG?HMC‰H
>?F
AI<C?LHI
;<C?LNI

F;
=IF;<IL;=C‰H


BNNJ
QQQA?H=;N=;N JILN;F MCN? +20H?Q(;HA?M9!/


2?L
BNNJ
QQQ?M 
 
'
$&$#"'
-
'
(()'
)"'

'
!"'(&#"'
$[ '
-
')
(*
"
'$X


7
.:9:.48409?:
D
7,>
,.?4?@/0>
/0
7:>
.4@/,/,9:>
>:-=0
7,>
,/8494>?=,.4:90>
>@
1@9.4:9,8409?:
D
>@>
=:70>



AB3@3=B7>=A
A=0@3
:/
/2;7<7AB@/17b<
>d0:71/
1=<47/<H/
G
A/B7A4/117b<
FAOHIM
?MNO>CIM
B;H
;JILN;>I
JLO?<;M
>?
KO?
=O;H>I
;F
=CO>;>;HI
M?
F?
CHN?LJ?F;
JIL
F;
25>:?:DEC24:x?
A|3=:42
?H
A?H?L;F

NC?H>?
;
L?MJIH>?L
G?>C;HN?
?MN?L?INCJIM
I
@;FM;M
A?H?L;FCT;=CIH?M

L?M;FN;H>I
L;MAIM
H?A;NCPIM
>?
F;M
ILA;HCT;=CIH?M
J<FC=;M
F;
G;SIL
J;LN?
>?
F;M
P?=?M
(;
;>GCHCMNL;=C‰H
J<FC=;

;F
CAO;F
KO?
INL;M
L?;FC>;>?M
=IGJF?D;M
S
G}M
I
G?HIM
>?M=IHI=C>;M

?M
I<D?NI
@L?=O?HN?
>?
=FC=B‚M
KO?
NC?H?H
=IGI
@CH;FC>;>
NL;N;L
>?
L?>O=CL
MO
=IGJF?DC>;>
S
>?
?MN?
GI>I
JI>?L
L?@?LCLM?
;
?FF;M
ONCFCT;H>I
OH
=‰>CAI
=IGH
!F
@?H‰G?HI
>?
FIM
?MN?L?INCJIM
H?A;NCPIM
J;L;
L?@?LCLM?
;
F;
;>GCHCMNL;=C‰H
J<FC=;
HI
?M
J?=OFC;L
>?F
=;MI
?MJ;ˆIF
/?
NL;N;
>?
;FAI
?RN?H>C>I
?H
GO=BIM
>?
FIM
J;…M?M
G}M
>?M;LLIFF;>IM
!H
‚FAC=;

F?G;HC;

"L;H=C;
I
!MN;>IM
1HC>IM

FIM
=CO>;>;HIM
=L??H
KO?
MOM
;>GCHCMNL;=CIH?M

MOM
<OLI=L;=C;M
I
MOM
@OH=CIH;LCIM
MIH
F;M
KO?
J?IL
@OH=CIH;H
I
FIM
G}M
CH?@C=;=?M
!H
=IH=L?NI

M?AH
?F
,CHI


?RCMN?H
;F
G?HIM
NL?M
NCJIM
>?
?MN?L?INCJIM
?H
L?F;=C‰H
=IH
F;
;>GCHCMNL;=C‰H
J<FC=;
KO?
?M
H?=?M;LCI
=IHI=?L
J;L;
JI>?L
;H;FCT;L
;>?=O;>;G?HN?
FIM
>;NIM
>?
IJCHC‰H
MI<L?
F;
GCMG;
1HI
>?
?FFIM
?M
?F
>?
F;
42;2
?68C2
/?
L?@C?L?
;
F;
=L??H=C;
?RN?H>C>;
>?
KO?
F;
;>GCHCMNL;=C‰H
?MN}
@ILG;>;
JIL
OH
;<MNL;=NI
?
CHCHN?FCAC<F?
=IHDOHNI
>?
ILA;HCT;=CIH?M
JL?I=OJ;>;M
G}M
JIL
FIM
JLI=?>CGC?HNIM
KO?
JIL
?F
@CH
;F
KO?
MCLP?H
!H
>CMNCHNIM
J;…M?M

?M
B;<CNO;F
KO?
F;
;>GCHCMNL;=C‰H
=?HNL;F
;=;J;L?
F;M
=L…NC=;M
G}M
>OL;M
L?F;=CIH;>;M
=IH
F;
F?HNCNO>
I
?F
J;J?F?I

GC?HNL;M
KO?
FIM
=CO>;>;HIM
MO?F?H
=IHMC>?L;L
KO?
F;
;>GCHCMNL;=C‰H
FI=;F
?M
F;
G}M
=?L=;H;

F;
KO?
G?DIL
F?M
NL;N;

F;
G}M
L}JC>;
I
F;
KO?
G?DIL
CH@ILG;=C‰H
F?M
JLIJIL=CIH;
M…
?M
N;G<C‚H
?H
?F
=;MI
?MJ;ˆIF
=O;H>I
M?
JC>?
;
FIM
=CO>;>;HIM
KO?

JIL
=IGJ;L;=C‰H
?HNL?
F;M
NL?M
;>GCHCMNL;=CIH?M

>CA;H
KO?
=O}F
>?
?FF;M
NC?H?
?MIM
L;MAIM
1H
M?AOH>I
?MN?L?INCJI
?M
?F
=IHI=C>I
=IGI
F;
AC6DF?4:x?
56
:?67:424:2

M?AH
F;
=O;F
M?
MOJIH?
KO?
F;
;>GCHCMNL;=C‰H
S
KOC?H?M
NL;<;D;H
?H
?FF;
MIH
CH?@C=;=?M
I
;F
G?HIM
G}M
CH?@C=;=?M
KO?
F;
?GJL?M;
JLCP;>;
S
MOM
NL;<;D;>IL?M
!H
!MJ;ˆ;

CAO;F
KO?
?H
INLIM
J;…M?M

?F
M?=NIL
JLCP;>I
?M
=IHMC>?L;>I
MCMN?G}NC=;G?HN?
G}M
?@C=;T
,;L;>‰DC=;G?HN?

MCH
?G<;LAI

HOG?LIMIM
?MNO>CIM
B;H
JO?MNI
>?
G;HC@C?MNI
KO?
FIM
=CO>;>;HIM
JL?@C?L?H
F;
JL?MN;=C‰H
J<FC=;
>?
FIM
M?LPC=CIM
,IMC<F?G?HN?
?FFI
M?
>?<?
;
KO?

;OH
=L?S?H>I
KO?
?F
M?=NIL
JLCP;>I
?M
G}M
?@C=;T

JC?HM;H
N;G<C‚H
KO?
?M
?F
M?=NIL
J<FC=I
?F
KO?
G}M
M?
JL?I=OJ;
JIL
F;
?KOC>;>
!H
N?L=?L
FOA;L

?F
?MN?L?INCJI
>?
F;
3FC@4C24:2
D:?
C@DEC@
M?
L?@C?L?
;
KO?
?M
@L?=O?HN?
=IHMC>?L;L
KO?
FIM
?GJF?;>IM
J<FC=IM
S
F;
JLIJC;
;>GCHCMNL;=C‰H
=;L?=?H
>?
M?HMC<CFC>;>
=IH
FIM
=CO>;>;HIM
S
MOM
JLI<F?G;M
/C
M?
CHN?LLIA;
;
FIM
=CO>;>;HIM
>?
@ILG;
;<MNL;=N;
MI<L?
F;
;>GCHCMNL;=C‰H
I
FIM
@OH=CIH;LCIM
?M
G}M
JLI<;<F?
KO?
L?MJIH>;H
=IH
L?MJO?MN;M
?MN?L?INCJ;>;M

KO?
?H
MO
AL;H
G;SIL…;
MIH
H?A;NCP;M
/CH
?G<;LAI

;
G?>C>;
KO?
OH
CH>CPC>OI
JO?>?
L?=IHI=?L
MO
?RJ?LC?H=C;
=INC>C;H;
=IH
?F
M?LPC=CI
JIL
?F
KO?
M?
F?
CHN?LLIA;

F;M
L?MJO?MN;M
>?
OH;
<O?H;
J;LN?
>?
F;
JI<F;=C‰H
M?
;DOMN;L}H
G}M
;
F;
L?;FC>;>

GIMNL;H>I
;
OH
=CO>;>;HI
G}M
I
G?HIM
M;NCM@?=BI
?H
@OH=C‰H
>?
=‰GI
B;S;
C>I
MO
?RJ?LC?H=C;
!MN;
=O?MNC‰H
?M
>?
?MJ?=C;F
L?F?P;H=C;
N;G<C‚H
;
F;
BIL;
>?
NL;N;L
>?
P;FIL;L
?F
?@?=NI
>?
F;M
G?>C>;M
;>IJN;>;M
JIL
FIM
L?MJIHM;<F?M
J<FC=IM
=IH
?F
I<D?NI
>?
G?DIL;L
FIM
M?LPC=CIM
J<FC=IM
!H
?F
JLCG?L
=;MI

=O;H>I
M?
L?;FCT;H
JL?AOHN;M
A?H?L;F?M
MI<L?
F;
;>GCHCMNL;=C‰H
J<FC=;

F;M
L?MJO?MN;M
?MN?L?INCJ;>;M
;J?H;M
L?ACMNL;L}H
=;G<CIM
KO?
L?@F?D?H
?F
?M@O?LTI
GI>?LHCT;>IL

JLI>O=C?H>I

?H
=IHM?=O?H=C;

=C?LNI
>?M}HCGI
?HNL?
KOC?H?M
F;M
JIH?H
?H
G;L=B;
/CH

?G<;LAI

?H
?F
M?AOH>I
=;MI

?H
KO?
?F
=CO>;>;HI
JO?>?
L?=IHI=?L
?F
M?LPC=CI
JIL
?F
KO?
M?
JL?AOHN;

?M
GO=BI
G}M
JLI<;<F?
KO?
F;M
G?DIL;M
S
FIM
;P;H=?M
L?;FCT;>IM
JIL
F;
;>GCHCMNL;=C‰H
J<FC=;
M?;H
G}M
C>?HNC@C=;<F?M
!H
?F
INLI
?RNL?GI
>?<?
L?=IL>;LM?
KO?
FIM
?MN?L?INCJIM
HI
NC?H?H
JIL
KO‚
M?L
MC?GJL?
@;FMIM

J?M;L
>?
KO?
?H
F;M
FNCG;M
>‚=;>;M
M?
B;H
B?=BI
?M@O?LTIM
CGJILN;HN?M
J;L;
;P;HT;L
?H
OH;
;>GCHCMNL;=C‰H
;F
M?LPC=CI
>?
F;
=CO>;>;H…;
?M
JIMC<F?
?H=IHNL;L
JLI<F?G;M
=IGI
FIM
KO?
M?
>?MN;=;H
?H
?F
>CM=OLMI
?MN?L?INCJ;>I
>?
F;
;>GCHCMNL;=C‰H
?
B?=BI

FIM
JLIJCIM
?GJF?;>IM
J<FC=IM
?MJ;ˆIF?M
L?=IHI=?H
;MJ?=NIM
H?A;NCPIM
>?F
@OH=CIH;GC?HNI
>?
F;
;>GCHCMNL;=C‰H
S
=;MC
OH

JIL
=C?HNI
=IHMC>?L;
KO?
?RCMN?
OH;
=OFNOL;
L?MCMN?HN?
;F
=;G<CI

KO?
UF;
=IGJF?DC>;>
>?
F;
>GCHCMNL;=C‰HX
S
UFIM
B}<CNIM
S
OMIM
;>KOCLC>IM
;
FI
F;LAI
>?
GO=BIM
;ˆIM
KO?
MIH
N;H
>C@…=CF?M
>?
>?M;LL;CA;LX
JO?>?H
>C@C=OFN;L
GO=BI
I
<;MN;HN?
F;
G?DIL;
>?
F;
;>GCHCMNL;=C‰H
%/




(7>=A
23
17C2/2/<=A
A35d<
ACA
/1B7BC23A
6/17/
:/
/2;7<7AB@/17b<
>d0:71/
G
ACA
1=<A31C3<17/A
FAOHIM
;ONIL?M
B;H
FF?A;>I
;
>?M=LC<CL
?F
J?L@CF
>?
FIM
FF;G;>IM
=CO>;>;HIM
3FCx7@3@D
J;L;
L?@?LCLM?
;F
ALOJI
>?
=CO>;>;HIM
KO?
MCMN?G}NC=;G?HN?
;NLC<OS?H
L;MAIM
H?A;NCPIM
;
F;
;>GCHCMNL;=C‰H

CH=FOMI
;OHKO?
F;M
?RJ?LC?H=C;M
KO?
B;S;H
N?HC>I
=IH
?FF;
HI
B;S;H
MC>I
MC?GJL?
G;F;M
 ?F
,CHI

!F
3FCx7@3@

?F
=CO>;>;HI
BIMNCF
J?L=C<?
F;
;>GCHCMNL;=C‰H
=IGI
OH
?HN?
=IGJF?DI

=?LL;>I
S
OH
GI>?FI
>?
L?F;=C‰H
=IH
?FF;
D?L}LKOC=I
S
<OLI=L}NC=I
!MN?
=CO>;>;HI
?PCN;
CHPIFO=L;LM?
?H
F;M
>?=CMCIH?M
J<FC=;M
S
IJN;
JIL
D2=:C
\<OM=;L
INLIM
JLIP??>IL?M
J;L;
FIM
M?LPC=CIM
KO?
H?=?MCN;\
MC
JO?>?
J?LGCN…LM?FI
S
G;HNC?H?
OH;
;=NCNO>
>?
=L…NC=;
>?MNLO=NCP;
GC?HNL;M
J?LG;H?=?
=IGI
=FC?HN?
>?
F;
;>GCHCMNL;=C‰H
"L?HN?
;
?FFIM
M?
B;
>?M=LCNI
N;G<C‚H
;F
=CO>;>;HI
3FCx7:=@

?F
KO?
NC?H?
OH;
CG;A?H
JIMCNCP;
>?
F;
;>GCHCMNL;=C‰H

;OHKO?
JO?>;
?MN;L
I=;MCIH;FG?HN?
CHM;NCM@?=BI
!F
3FCx7:=@
M?
;HCG;
;
J;LNC=CJ;L

;
F;
=L…NC=;
=IHMNLO=NCP;
S
M?
GO?MNL;
JL?>CMJO?MNI
;
?FFI
?H
F;M
MCNO;=CIH?M
?H
KO?
M?;
H?=?M;LCI

ONCFCT;H>I
F;
G@K
"CH;FG?HN?

?F
FF;G;>I
3FC@E@=6C2?E6

NC?H?
G?HIM
C>?;M
JL?>?N?LGCH;>;M
MI<L?
F;
;>GCHCMNL;=C‰H
S
?M
G}M
J?LG?;<F?
;
F;M
?RJ?LC?H=C;M
=INC>C;H;M
KO?
JO?>;
N?H?L
=IH
F;
GCMG;
!MNIM
=CO>;>;HIM
MIH
=;J;=?M
>?
;>P?LNCL
L;MAIM
JIMCNCPIM

CH=FOMI
?MN}H
M;NCM@?=BIM
=IH
FIM
M?LPC=CIM
KO?
JL?MN;
F;
;>GCHCMNL;=C‰H
J<FC=;
S
?H=O?HNL;H
P?HN;D;M
?H
MO
L?F;=C‰H
=IH
?MN;M
CHMNCNO=CIH?M
/CH
?G<;LAI

J?L=C<?H
F;
=IGJF?DC>;>
>?
F;
;>GCHCMNL;=C‰H

FI
KO?
F?M
L?NL;?
?H
=O;HNI
;
F;M
JIMC<CFC>;>?M
>?
J;LNC=CJ;=C‰H
,IL
?FFI

MC
M?
MCHNC?M?H
CHM;NCM@?=BIM
JLIFIHA;>;G?HN?
=IH
F;
;>GCHCMNL;=C‰H
?M
JLI<;<F?
KO?
IJN;M?H
JIL
UM;FCLX
;
<OM=;L
MOM
JL?MN;=CIH?M
?H
INLI
FOA;L
I

?H
=;MI
>?
HI
JI>?L
B;=?LFI

=ILL?L…;H
?F
J?FCALI
>?
=IHP?LNCLM?
?H
3FCx7@3@D

JLCG?L;
PCMN;

F;
CG;A?H
H?A;NCP;
>?
F;
;>GCHCMNL;=C‰H
?HNL?
FIM
=CO>;>;HIM
S
?F
=;L}=N?L
;J}NC=I
S
JI=I
J;LNC=CJ;NCPI
>?
;FAOHIM
>?
?FFIM
JI>L…;
=IH>O=CLHIM
;
J?HM;L
KO?
?F
?MJ;ˆIF
NCJI
JIM??
OH
J?L@CF
3FCx7@3@
/CH
?G<;LAI

=O;H>I
M?
B;=?
OH
?R;G?H
G}M
JLI@OH>I
>?
F;M
;=NCNO>?M
=CO>;>;H;M
B;=C;
F;
;>GCHCMNL;=C‰H
;J;L?=?
OH
>CM=OLMI
G}M
=IGJF?DI
S
OH;
CG;A?H
G}M
LC=;
!H
?F
=;MI
?MJ;ˆIF
?F
JIL=?HN;D?
>?
=CO>;>;HIM
=IH
UOH;
CG;A?H
H?A;NCP;
I
GOS
H?A;NCP;
>?
F;
;>GCHCMNL;=C‰HX
M?
MCN;
;FL?>?>IL
>?F

JIL
=C?HNI
?
?HNL?
?FFIM

=?L=;
>?
INLI

JIL
=C?HNI
HI
J;L?=?
B;<?L
N?HC>I
?RJ?LC?H=C;M
L?=C?HN?M
H?A;NCP;M
=IH
F;
;>GCHCMNL;=C‰H

?MN?
FNCGI
ALOJI
JI>L…;
=;FC@C=}LM?F?
>?
3FCx7@3@
/CH
?G<;LAI

OH

JIL
=C?HNI
>?
FIM
JL?AOHN;>IM
>C=?
HI
B;<?LM?
M?HNC>I
>CM=LCGCH;>I
HOH=;

=IH@…;H
?H
F;
G;SIL
J;LN?
>?
F;M
=IF?=NCPC>;>?M
KO?
@ILG;H
F;
@OH=C‰H
J<FC=;
S
M?
GO?MNL;H
J;LNC>;LCIM
>?
F;
A?MNC‰H
J<FC=;
>CL?=N;
G?DIL
KO?
F;
JLCP;>;
;FT;>;

?F
,CHI

>?G}M

F;
G;SIL…;
?MN}H
M;NCM@?=BIM
=IH
FIM
AL;H>?M
M?=NIL?M
>?
JIF…NC=;
J<FC=;
JIL
?D?GJFI

M;HC>;>
S
MO
M;NCM@;==C‰H
M?
CH=L?G?HN;
=O;H>I
M?
F?M
JL?AOHN;
JIL
M?LPC=CIM
J<FC=IM
?MJ?=…@C=IM
=IGI
FIM
BIMJCN;F?M
I
FIM
=?HNLIM
>?
M;FO>

 
,
;0=.0;.4[9
>:-=0
07
;,;07
D
7,
.:914,9E,
:
>,?4>1,..4[9
09
7:>
/410=09?0>
94A070>
/0
7,
,/8494>?=,.4[9
!H
FIM
MCMN?G;M
>?
NCJI
@?>?L;F
=IGI
?F
?MJ;ˆIF
?M
CGJILN;HN?
=IHI=?L
=O}F
?M
?F
HCP?F
>?
AI<C?LHI
;F
KO?
FIM
=CO>;>;HIM
;NLC<OS?H
F;
L?MJIHM;<CFC>;>
MI<L?
F;M
JIF…NC=;M
S

JIL
FI
N;HNI

?F
HCP?F
>?
AI<C?LHI
MOM=?JNC<F?
>?
M?L
JL?GC;>I =;MNCA;>I
?H
F;M
OLH;M
JIL
F;
A?MNC‰H
KO?
L?;FCT;



/
/B@70C17b<
23
:/
@3A>=<A/07:72/2
A=0@3
:/A
>=:`B71/A
IGI
JO?>?
I<M?LP;LM?

=;MC
OH

JIL
=C?HNI
>?
FIM
=CO>;>;HIM
=L?…;
KO?
F;
A?MNC‰H
>?
F;M
J?HMCIH?M
M?AO…;
MC?H>I
=IGJ?N?H=C;
>?F
#I<C?LHI
?HNL;F
?H


=IGI
?H
L?;FC>;>
?M
/CH
?G<;LAI

?H
?F
=;MI
>?
F;
M;HC>;>
S
F;
?>O=;=C‰H
?RCMN?
OH;
G;SIL…;
>?
=CO>;>;HIM
KO?
JC?HM;
KO?
F;
A?MNC‰H
>?
?MN;M
JIF…NC=;M
=ILL?MJIH>?
;
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
N;F
S
=IGI
I=OLL?
S;
?H
NI>;M
F;M
IGOHC>;>?M
ON‰HIG;M
>?M>?
JLCH=CJCIM
>?
F;
>‚=;>;
>?

(IM
=CO>;>;HIM
HI
M?
?H=O?HNL;H
>?F
NI>I
?KOCPI=;>IM
!M
G}M

MC
?H
P?T
>?
M?L
JL?AOHN;>IM
JIL
JIF…NC=;M
MIH
CHN?LLIA;>IM
JIL
M?LPC=CIM
?MJ?=…@C=IM
JIL
?D?GJFI

F;M
?M=O?F;M
CH@;HNCF?M

FIM
BIMJCN;F?M
I
FIM
=?HNLIM
>?
M;FO>
MIH
=;J;=?M
>?
;NLC<OCL
L?MJIHM;<CFC>;>?M
CH=FOMI
=IH
G;SIL
JL?=CMC‰H
0;G<C‚H
?M
>?
CH>O>;<F?
CHN?L‚M
J;L;
FIM
L?MJIHM;<F?M
J<FC=IM
=IHI=?L
F;M
JL?@?L?H=C;M
=CO>;>;H;M
MI<L?
?F
HCP?F
>?
AI<C?LHI
KO?
>?M?;H
KO?
M?
L?MJIHM;<CFC=?
>?
F;
JL?MN;=C‰H
>?
>?N?LGCH;>IM
M?LPC=CIM
!H
?F
=;MI
?MJ;ˆIF
M?
B;
>?GIMNL;>I
?H
GFNCJF?M
I=;MCIH?M
KO?
F;
JLIJC;
>CH}GC=;
>?
@OH=CIH;GC?HNI
>?
F;M

B;
C>I
=IHMIFC>;H>I
OH
;JISI
=L?=C?HN?
;F
!MN;>I
>?
F;M
ONIHIG…;M
JIL
J;LN?
>?
FIM
=CO>;>;HIM
/CH
?G<;LAI

>CMNCHNIM
?MNO>CIM
B;H
=IHMN;N;>I
KO?
FIM
=CO>;>;HIM
NC?H?H
>C@?L?HN?M
JL?@?L?H=C;M
?H
@OH=C‰H
>?
F;
IGOHC>;>
ON‰HIG;
?H
F;
KO?
L?MC>;H
S
N;G<C‚H
?H
@OH=C‰H
>?
F;
JIF…NC=;
J<FC=;
JIL
F;
KO?
M?
F?M
JL?AOHN?
$%.$

$?343?3;17/@
17B2/2/;/@
@<0?3
39
;7C39
23
5<073?;<
>B3
2303
53@A7<;/?
C/?7/@
=<9_A71/@
239
073;3@A/?
A<A/9
;/17<;/9
 
);7a;
B?<=3/ <073?;<
3;A?/9 
BAa;<:/@ EB;A/:73;A<@
 -7D?:7:   

*;DI?ED;I   

:K979?vD   

-;HL?9?EI
-E9?7B;I    

*HEJ;99?vD
7
B7I
F;HIED7I
:;F;D:?;DJ;I    

0?L?;D:7    
"O?HN?
!F;<IL;=C‰H
JLIJC;
;
J;LNCL
>?F
!MNO>CI

>?F
%/
,L?AOHN;
?
F;M
MCAOC?HN?M
CHMNCNO=CIH?M

[=O}F
=L??
1>
KO?
>?<?
M?L
F;
JLCH=CJ;F
L?MJIHM;<F?
>?
A?MNCIH;L

IGI
JO?>?
I<M?LP;LM?
?H
F;
0;<F;


?H


F;
G;SIL…;
>?
FIM
=CO>;>;HIM
=IHMC>?L;<;
KO?
J?HMCIH?M

?>O=;=C‰H
S
M;HC>;>
>?<…;H
M?L
=IGJ?N?H=C;
>?F
#I<C?LHI
=?HNL;F

MCH
?G<;LAI

M?
JL?@?L…;
;FAOHI
>?
FIM
AI<C?LHIM
MO<?MN;N;F?M
J;L;
F;
A?MNC‰H
>?
FIM
M?LPC=CIM
MI=C;F?M

JLIN?==C‰H
;
FIM
>?J?H>C?HN?M
S
;SO>;M
;
F;
PCPC?H>;
O;H>I
M?
;H;FCT;H
FIM
>;NIM
?H
@OH=C‰H
>?
F;
IGOHC>;>
ON‰HIG;
>?
>IH>?
?M
P?=CHI
?F
?H=O?MN;>I
;J;L?=?H
;FAOHIM
G;NC=?M
,IL
?D?GJFI

?H

OH

JIL
=C?HNI
>?
FIM
P;M=IM
S
OH

JIL
=C?HNI
>?
FIM
=;N;F;H?M
JL?@?L…;H
KO?
F;
A?MNC‰H
>?
F;
M;HC>;>
M?
L?;FCT;L;
>?M>?
?F
AI<C?LHI
;ONIH‰GC=I
@L?HN?
;
OH

JIL
=C?HNI
>?
FIM
;H>;FO=?M
%AO;FG?HN?

FIM
>;NIM
MIH
J;L?=C>IM
L?MJ?=NI
;
F;
A?MNC‰H
>?
F;
?>O=;=C‰H
!H
F;M
J?HMCIH?M

MCH
?G<;LAI

;OHKO?
N;G<C‚H
MIH
G;SIL…;
FIM
=CO>;>;HIM
P;M=IM
I
=;N;F;H?M
KO?
JL?@C?L?H
KO?
F;
A?MNC‰H
>?
F;M
J?HMCIH?M
M?;
;ONIH‰GC=;

?F
JIL=?HN;D?
HI
;F=;HT;
?F

JIL
=C?HNI
>?
F;
JI<F;=C‰H
LLC<;

;FT;>;
S
?F
,CHI



/
A/B7A4/117b<
G
1=<47/<H/
1=<
:=A
27AB7<B=A
<7D3:3A

@CH;F?M
>?


OH;
G;SIL…;
>?
?MJ;ˆIF?M
>?=…;
M?HNCLM?
GOS
I
<;MN;HN?
M;NCM@?=BI
=IH
F;
?HM?ˆ;HT;
J<FC=;

F;
M;HC>;>
J<FC=;

FIM
M?LPC=CIM
MI=C;F?M

FIM
NL;HMJILN?M
J<FC=IM

S
F;M
I<L;M
J<FC=;M
/CH
?G<;LAI

M?
GO?MNL;
CHM;NCM@?=B;
=IH
F;
;>GCHCMNL;=C‰H
>?
DOMNC=C;
I
F;
A?MNC‰H
>?
F;M
JL?MN;=CIH?M
JIL
>?M?GJF?I
/CH
?G<;LAI

?MNIM
>;NIM
P;L…;H
?H
@OH=C‰H
>?
F;M
IGOHC>;>?M
ON‰HIG;M
,IL
?D?GJFI

G}M
>?F

JIL
=C?HNI
>?
FIM
;MNOLC;HIM
;@CLG;H
?MN;L
GOS
I
<;MN;HN?
M;NCM@?=BIM
=IH
F;
?>O=;=C‰H
J<FC=;
S
?MN?
JIL=?HN;D?
M?
?F?P;
;
G}M
>?F

?H
?F
=;MI
>?
F;
M;HC>;>
!H
?F
INLI
?RNL?GI

FIM
G;>LCF?ˆIM
MIH
FIM
G?HIM
M;NCM@?=BIM
=IH
F;
?HM?ˆ;HT;
J<FC=;
S;
KO?
M‰FI
OH

JIL
=C?HNI
>?
?FFIM
;@CLG;
?MN;L
GOS
I
<;MN;HN?
M;NCM@?=BI
S
?HNL?
FIM
=;H;LCIM
G?HIM
>?
OH

JIL
=C?HNI
>C=?
?MN;L
M;NCM@?=BI
=IH
MO
MCMN?G;
M;HCN;LCI
!MNO>CI

>?F
%/
!F
+<M?LP;NILCI
>?
;FC>;>
>?
FIM
/?LPC=CIM
>?
F;
A?H=C;
!MN;N;F
>?
!P;FO;=C‰H
!2(
JO<FC=‰
?H

OH;
?H=O?MN;
=IGJ;L;H>I
F;
M;NCM@;==C‰H
=CO>;>;H;
?H
F;M


!F
CH@ILG?

?MNO>C;
?F
AL;>I
>?
M;NCM@;==C‰H
>?
FIM
=CO>;>;HIM
=IH
;FL?>?>IL
>?
=CH=O?HN;
JIF…NC=;M
S
M?LPC=CIM
J<FC=IM
KO?
MIH
L?MJIHM;<CFC>;>
>?
FIM
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
S
;>GCHCMNL;=C‰H
?H
!MJ;ˆ;
S
L?=IA?
OH
;H}FCMCM
>?
F;
;A?H>;
J<FC=;

?HN?H>C?H>I
JIL
N;F
?F
=IHDOHNI
>?
;MOHNIM
KO?
MIH
I<D?NI
>?
;N?H=C‰H
JIL
J;LN?
>?
F;
=CO>;>;H…;
,IL
INL;
J;LN?

FIM
=CO>;>;HIM
KO?
J?L=C<?H
KO?
FIM
M?LPC=CIM
J<FC=IM
>?F
<C?H?MN;L
MIH
CH?@C=;=?M
MIH
G}M
JLI=FCP?M
;
P;FIL;L
KO?
FIM
L?=OLMIM
J<FC=IM
>?MNCH;>IM
;
N;F?M
M?LPC=CIM
MIH
?M=;MIM
0;F?M
L?MOFN;>IM
=O?MNCIH;H
OH
;LAOG?HNI
ONCFCT;>I
@L?=O?HN?G?HN?
N;HNI
JIL
JIF…NC=IM
=IGI
JIL
JLI@?MCIH;F?M

KOC?H?M
;
G?HO>I
MOAC?L?H
KO?
FIM
=CO>;>;HIM
KO?
J?L=C<?H
CH?@C=;=C;
?H
FIM
JLIAL;G;M
>?
<C?H?MN;L
JL?@?LCL…;H
KO?
?F
#I<C?LHI
>CMGCHOS?L;
?F
A;MNI
J<FC=I
S
FIM
CGJO?MNIM
J;L;
JI>?L
;>KOCLCL
?MNIM
M?LPC=CIM
?H
OH
M?=NIL
JLCP;>I

N?‰LC=;G?HN?
G}M
?@C=;T
$;MN;
;BIL;

;
J?M;L
>?F
B?=BI
>?
KO?
?F
?MN?L?INCJI
>?
F;
CH?@C=;=C;
>?F
M?=NIL
J<FC=I
?MN}
?RN?H>C>I
?HNL?
F;
JI<F;=C‰H

J;L?=?
KO?
FIM
?MJ;ˆIF?M
B;<L…;H
?H=IHNL;>I
<O?H;M
L;TIH?M
J;L;
L?MJ;F>;L
F;
JLIPCMC‰H
J<FC=;
>?
<C?H?MN;L
!HNL?
?FF;M

NI>I
CH>C=;
KO?
FIM
=CO>;>;HIM
?MJ;ˆIF?M
P;FIL;H
F;
?KOC>;>

S
=L??H
KO?
?F
M?=NIL
J<FC=I
JO?>?
A;L;HNCT;L
G?DIL
KO?
M?
FIAL?
"CH;FG?HN?

;FAOHIM
;ONIL?M
B;H
MOA?LC>I
KO?
F;
?PIFO=C‰H
CHMNCNO=CIH;F
S
JIF…NC=;
>?
F;M
>CMNCHN;M

JI>L…;
?MN;L
CH@FOS?H>I
?H
F;M
JL?@?L?H=C;M
=CO>;>;H;M
MI<L?
FIM
>CMNCHNIM
GI>?FIM
>?
A?MNC‰H
FIM
M?LPC=CIM
>?F
<C?H?MN;L
(IM
>;NIM
?RCMN?HN?M
?H
?F
%/
MI<L?
?MNI
JO?>?H
CFOMNL;L
F;
MCNO;=C‰H
 $%.$

$?343?3;17/@
@<0?3
9<@
27@A7;A<@
:<239<@
23
47;/;17/17a;
E
53@A7a;
23
9<@
'3?C717<@
'<17/93@
9/@
$3;@7<;3@
9/
2B1/17a;
E
9/
'/;72/2
@35c;
9/

 
$<?13;A/83@
$3;@7<;3@ 2B1/17a; '/;72/2

$c0971<@
1<; #A?/
53@A7a;
$c0971<@
1<; #A?/
53@A7a;
$c0971<@
1<; #A?/
53@A7a;

7:=B3@A<@ 47;/;17/17a; 7:=B3@A<@ 47;/;17/17a; 7:=B3@A<@ 47;/;17/17a;

D:7BK9s7      

7J7BKu7      


     
07B;D9?7D7

!7B?9?7      

'7:H?:      

*
07I9E      

,;IJE
     


.EJ7B      
"O?HN?
LLC<;

;FT;>;
S
?F
,CHI

;
J;LNCL
>?F
!MNO>CI


@?<L?LI


%/
!H
F;
JL?AOHN;
M?
I@L?=…;
F;
;FN?LH;NCP;
>?
KO?
?MNIM
M?LPC=CIM
I
JL?MN;=CIH?M
@O?M?H
>?
NCNOF;LC>;>
J<FC=;
S
@CH;H=C;>;M
=IH
CGJO?MNIM
O
INL;M
NL?M
;FN?LH;NCP;M
KO?
CGJFC=;<;H
;FAH
AL;>I
>?
JLCP;NCT;=C‰H

!F
JLCG?L
>;NI
L?M?ˆ;<F?
?M
KO?
?H
NI>;M
F;M


F;
G;SIL…;
>?
FIM
=CO>;>;HIM
;<IA;
JIL
OH
GI>?FI
J<FC=I
S
@CH;H=C;>I
G?>C;HN?
CGJO?MNIM
I
=INCT;=CIH?M
J;L;
=O;FKOC?L
M?LPC=CI
.?MJ?=NI
;
F;M
J?HMCIH?M

NL?M

>?MN;=;H
MI<L?
?F
L?MNI
)}M
>?
OH

JIL
=C?HNI
>?
FIM
G;>LCF?ˆIM

S
;FAI
G}M
>?
OH

JIL
=C?HNI
>?
FIM
P;M=IM
S
=;N;F;H?M
JL?@?LCL…;H
INLIM
GI>?FIM
;FN?LH;NCPIM
;F
=IHMCMN?HN?
JOL;G?HN?
?H
F;
A?MNC‰H
J<FC=;
S
F;
@CH;H=C;=C‰H
G?>C;HN?
=INCT;=CIH?M
MI=C;F?M
!H
=O;HNI
;
F;
?>O=;=C‰H

?F
,;…M
2;M=I
?M
F;
HC=;

?H
KO?
OH
JIL=?HN;D?
>?
=CO>;>;HIM

;FL?>?>IL
>?F

JIL
=C?HNI

JL?@C?L?
GI>?FIM
;FN?LH;NCPIM
;F
J<FC=I
S
@CH;H=C;>I
G?>C;HN?
FIM
CGJO?MNIM

M?AOC>;
;
=C?LN;
>CMN;H=C;
S;
JIL
;N;FOˆ;
S
);>LC>
"CH;FG?HN?

=IH
OH;
JL?@?L?H=C;
MCGCF;L
?H
M;HC>;>
PO?FP?H
;
>?MN;=;L
FIM
=CO>;>;HIM
P;M=IM
J?LI
?MN;
P?T
=IH
OH
JIL=?HN;D?
KO?
HI
;F=;HT;
?F

JIL
=C?HNI
 #P
!2(

#2
'6C46A4:x?
*@4:2=
56
=@D
*6CG:4:@D
'|3=:4@D
6?
DA2w2
 
);>LC>
A?H=C;
!MN;N;F
>?
!P;FO;=C‰H
>?
F;M
,IF…NC=;M
,<FC=;M
S
F;
;FC>;>
>?
FIM
/?LPC=CIM

)CHCMN?LCI
>?
F;
,L?MC>?H=C;
LLC<;



;FT;>;

%

,CHI

!
>?F

(;M
=NCNO>?M
B;=C;
?F
!MN;>I
>?
C?H?MN;L
?H
!MJ;ˆ;


);>LC>
%/
S;F;

.

"?LH}H>?T

.

U,;LNC=CJ;=C‰H
CO>;>;H;
?H
F;M
(?S?M
>?
0L;HMJ;L?H=C;
>?
F;M
IGOHC>;>?M
ON‰HIG;MX

?H
22
!F
J;L;>CAG;
>?F
AI<C?LHI
;<C?LNI

1HCP?LMC>;>
IGJFON?HM?
>?
);>LC>
BNNJM
J;L;>CAG;AI<C?LHI;<C?LNIILA    FC<LI9=IGJF?NI 
F;H=I

%

#IG

.

#I<C?LHIM
FI=;F?M
S
L?>?M
J;LNC=CJ;NCP;M
;L=?FIH;

LC?F
F;H?M

)


U[*I
KO?L…;H
NL;HMJ;L?H=C;
0IG?H


F?S?MX

?H
22
!F
J;L;>CAG;
>?F
AI<C?LHI
;<C?LNI

1HCP?LMC>;>
IGJFON?HM?
>?
);>LC>
IAOGCF

&

UO@
>?G
3?A
TOL
ŽLA?LEIGGOH?
?L
ŽLA?L
;FM
O@NL;AA?<?L

)CNA?MN;FN?L
OH>
'OH>?U

?H
'O<C=?E

$
PIH
=IGJ
)OFNCG?>C;

2?LQ;FNOHA
&;BL<O=B
0?F?EIGGOHCE;NCIH
OH>
#?M?FFM=B;@N


$?C>?F<?LA

/

IAOGCF

&
S
(;LM
$

UO@
>?G
3?A
TOL
FIE;F?H
ŽLA?LM=B;@N
%HCNC;NIL?H

!L@IFAM@;ENIL?H
OH>
%HMNLOG?HN?
<ŽLA?LM=B;@NFC=B?H
!HA;A?G?HNMX

?H
IAOGCF

2IA?F
=IGJM
ŽLA?LM=B;@NFC=B?M
!HA;A?G?HN
CH
>?L
EIGGOH;F?H
,L;RCM
%HCNC;NIL?H

!L@IFAM@;ENIL?H
OH>
%HMNLOG?HN?

'ŠFH
'#/N
;FT;>;

%

,CHI

!
>?F

U(;
J?L=?J=C‰H
>?
?@C=;=C;
>?
FIM
M?LPC=CIM
S
F;M
;=NCNO>?M
>?
FIM
=CO>;>;HIM
;HN?
F;
.?@ILG;
>?F
!MN;>I
>?
C?H?MN;LX

.?PCMN;
%HN?LH;=CIH;F
>?
C?H=C;M
>GCHCMNL;NCP;M




;MN?F

/

U#I<C?LHI
;<C?LNI
?H
?F
?MN;>I
;ONIH‰GC=I
L‚ACG?H
DOL…>C=I
S
?MNL;N?AC;MX

.?PCMN;
L;AIH?M;
>?
>GCHCMNL;=C‰H
,<FC=;

4%2


;MN?F

/

U!F
HO?PI
L‚ACG?H
DOL…>C=I
>?F
>?L?=BI
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
OH
L?J;MI
;
F;
L?=C?HN?
IF?;>;
F?ACMF;NCP;X

.?PCMN;
2;M=;
>?
>GCHCMNL;=C‰H
,<FC=;


;MN?F

/

U0L;HMJ;L?H=C;
S
AI<C?LHI
;<C?LNI
=IGI
L?G?>CI
>?GI=L}NC=IX

,L?M?HN;=C‰H
OLMIM
>?
P?L;HI
1*! 
?A;LL;*;P;LLI

&
#

,;=B‰H

&
.


?A;LL;

&
(
)

U!AIP?LHG?HN
;H>
=CNCT?HM
?HA;A?G?HN
QCNB
FI=;F
;@@;CLM
NBLIOAB
?Q?<MCN?M
0B?
=;M?
I@
/J;HCMB
GOHC=CJ;FCNC?MX

%HN?LH;NCIH;F
&IOLH;F
I@
%H@ILG;NCIH
);H;A?G?HN





?LLCFFI



(>GCHCMNL;=C‰
?F?=NL‹HC=;
;L=?FIH;
1+
C<?LJ;…M

U2%%
.;>CIAL;@…;
>?
F;M
Q?<M
GOHC=CJ;F?MX
!F
,;…M


IFCHI



,CHI
!
>?F

U ?GI=L;=C;
J;LNC=CJ;NCP;
?H
?F
HCP?F
FI=;F
>?<;N?M
S
?RJ?LC?H=C;M
?H
!OLIJ;X

.?PCMN;
;N;F;H;
>?
L?N
,<FC=




IN;L?FI

.
=IGJ

:36CA@=tE:42
#2D
%F6G2D
@C>2D
56
44:x?
'@=tE:42
2;F?H=C;
0CL;HN
FI
F;H=B
LC;>I
&
%
=IGJ

*O?P;M
N?H>?H=C;M
?H
F;
A?MNC‰H
J<FC=;
%HHIP;=C‰H
;<C?LN;

AI<?LH;HT;
CHN?FCA?HN?
S
N?=HIFIA…;M
MI=C;F?M
?H
OH;M
;>GCHCMNL;=CIH?M
J<FC=;M
=IF;<IL;NCP;M
);>LC>
%*,
LC;>I

&
%

U(;
IH@ILG;=C‰H
>?
F;
?>GCHCMNL;=C‰H
ONIH‰GC=;
?H
F;
IGOHC>;>
>?
);>LC>X

M;G<F?;
.?PCMN;
J;LF;G?HN;LC;
>?
F;
M;G<F?;
>?
);>LC>



LC;>I

&
%

.ID;M);LN…H

"

U/NL;N?AC?M
;H>
L?;FCNC?M
I@
MI=C;F
G?>C;
>C@@OMCIH
CH
NB?
JO<FC=
M?=NIL
!PC>?H=?
@LIG
NB?
L?ACIH;F
F?P?F
I@
AIP?LHG?HN
CH
/J;CHX

?#IP?LHG?HN




LC;>I

&
%


U+J?H
#IP?LHG?HN

/I=C;F
)?>C;
S
/?=NIL
,<FC=IX

?H
IN;L?FI
=IGJ

!<?LB;L>N

)
(

U!MJ;ˆ;
?H
=LCMCM
[KO‚
B;
MC>I
>?
F;
J;LNC=CJ;=C‰H
=CO>;>;H;X

%HN?LMNC=CIM
.?PCMN;
MI=CIF‰AC=;
>?
J?HM;GC?HNI
=L…NC=I



!MN?P?M

&

H}FCMCM
>?F
>?M;LLIFFI
>?F
#I<C?LHI
!F?=NL‰HC=I
)OHC=CJ;F
?H
!MJ;ˆ;
7?H
F…H?;8
%!
3ILECHA
,;J?L
);>LC>
%HMNCNONI
>?
!GJL?M;

/I@NQ;L?
#
7"?=B;
>?
=IHMOFN;

>?
HIPC?G<L?
>?
8
BNNJ
F;NC?H>;C??>O QILECHA9J;J?LM9?=IHIGC; 3,!J>@
"IHN

&
=IGJ

CO>;>;HIM
S
>?=CMCIH?M
J<FC=;M

;L=?FIH;

LC?F
"IHN

&

F;H=I

%

U!RJ?LC?H=C;M
>?
J;LNC=CJ;=C‰H
=CO>;>;H;
,IFCM

F;
=CO>;>
J;LNC=CJ;NCP;
,;LNC=CJ;L
?H
FIM
GOHC=CJCIM
[-OC‚H

[‰GI
S
[,IL
KO‚X

,;J?LM
>?
J;LNC=CJ;=C‰H
=CON;>;H;



CJON;=C‰H
>?
;L=?FIH;
"IHN

&

%
F;H=I

U,;LNC=CJ;=C‰H
FI=;F
G}M
;FF}
>?
F;
>?GI=L;=C;
;MI=C;NCP;X

.?PCMN;
>?
?MNO>CIM
>?
F;
;>GCHCMNL;=C‰H
FI=;F

*_



#;<LC?F

+
3

$I@@G;HH);LNCHIN

2
=IGJM

?GI=L;=C;M
OL<;H;M
?F
?MN;>I
>?
F;
>?GI=L;=C;
?H
F;M
AL;H>?M
=CO>;>?M
>?
NL?=?
J;…M?M
CH>OMNLC;FCT;>IM
);>LC>
)CHCMN?LCI
>?
>GCHCMNL;=C‰H
,<FC=;
#;M=‰

)

&CG‚H?T




U5
;BIL;
AI<C?LHI
;<C?LNI
*O?PIM
N‚LGCHIM
?H
F;
=IHMN;HN?
<MKO?>;
JIL
F;
NL;HMJ;L?H=C;
S
F;
L?H>C=C‰H
>?
=O?HN;MX
IFIG<C;
42%%
IHAL?MI
( 
&CG‚H?TM?HMCI

.

U(;
NL;HMJ;L?H=C;

OH;
JIF…NC=;
?H
?F
G;L=I
>?
F;
<O?H;
AI<?LH;HT;X

FIA
(;
)CL;>;
%HMNCNO=CIH;F
(Š@@F?L

!

/
,;LL;>I

IP;CL>

0

.STCH
#
2;H

U%@
SIO
Q;HN
NI
AI
@;MN

Q;FE
;FIH?
%@
SIO
Q;HN
NI
AI
@;L

Q;FE
NIA?NB?L
=CNCT?HM
;H>
NB?
=IJLI>O=NCIH
I@
JO<FC=
M?LPC=?MX
,;LCM
)CHCMNLS
I@
O>A?N

,O<FC=
"CH;H=?
;H>
,O<FC=
/?LPC=?M
(IQH>?M

2
(
,L;N=B?NN
;H>
#
/NIE?L

U0L?H>M
CH
,O<FC=
,;LNC=CJ;NCIH
,;LN

(I=;F
#IP?LHG?HN
,?LMJ?=NCP?MX

,O<FC=
>GCHCMNL;NCIH





J

);LN…H?T

)

(

);LN…H?T

2
,

,L;>;M

(
0

U!F
AI<C?LHI
?F?=NL‰HC=I
S
F;
L?H>C=C‰H
>?
=O?HN;M
?H
F;
;>GCHCMNL;=C‰H
L?ACIH;F
S
?MN;N;FX

#?MNC‰H
S
,IF…NC=;
,<FC=;

)?M;



U.?@F?RCIH?M
?H
NILHI
;
F;
;>GCHCMNL;=C‰H
?F?=NL‰HC=;
?H
!MJ;ˆ;
S
;
F;
;JFC=;=C‰H
>?
F;
(?S
>?
;==?MI
?F?=NL‰HC=IX

>GCHCMNL;=C‰H

CO>;>;H…;





*;P;LLI



"IHN

&

O?MN;

)

[)OHC=CJCIM
J;LNC=CJ;NCPIM
J;LNC=CJ;=C‰H
JIF…NC=;
S
=CO>;>;H;
?H
=CO>;>?M
G?>C;M
?MJ;ˆIF;M
);>LC>
%/
+MTF;E

+

';O@G;H

!


U0?IL…;
S
JL}=NC=;
>?F
AI<C?LHI
;<C?LNIX
.?>
#?;F=

+!

% .
,;L‚M

)
=IGJ

,;LNC=CJ;=C‰H
S
=;FC>;>
>?GI=L}NC=;
!P;FO;H>I
F;M
HO?P;M
@ILG;M
>?
>?GI=L;=C;
J;LNC=CJ;NCP;

;L=?FIH;
LC?F
,;L‚M

)

.?M?H>?

,
!

U0CJIM
>?
JL}=NC=;M
S
?RJ?LC?H=C;M
>?
J;LNC=CJ;=C‰H
JLIGIPC>;M
JIL
F;
>GCHCMNL;=C‰H
,<FC=;
MOM
F…GCN?M
S
L;>C=;FC>;>?MX

?H
,;L‚M
=IGJ
LC?F


,?N?LM


#

U#IP?LH;H=?
;H>
,O<FC=
OL?;O=L;=S
*?Q
"ILGM
I@
OL?;O=L;=S
IL
*?Q
"ILGM
I@
IHNLIFX

MC;,;=C@C=
&IOLH;F
I@
,O<FC=
>GCHCMNL;NCIH




,?N?LM


#

U ?GI=L;=C;
S
;>GCHCMNL;=C‰H
J<FC=;
F;
=IH?RC‰H
?G?LA?HN?X

>GCHCMNL;=C‰H

CO>;>;H…;



,CHI

!
>?F

(IM
=CO>;>;HIM
S
?F
!MN;>I
);>LC>
),%*,
,L;NM

&
?N
;F

U%H>;A;H>I
F;M
L?F;=CIH?M
?HNL?
F;
#!
S
F;
=CO>;>;H…;
F;
>?GI=L;NCT;=C‰H
>?
F;
>GCHCMNL;=C‰H
J<FC=;X

?H
)CHCMN?LCI
>?
>GCHCMNL;=CIH?M
,<FC=;M
),
!F
J;J?F
>?
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I
?H
?F
MCMN?G;
;ONIH‰GC=I
GCG?I
.;G…L?T

h

U#I<C?LHI
;<C?LNI
S
GI>?LHCT;=C‰H
>?
F;
A?MNC‰H
J<FC=;
N?H>?H=C;M
;=NO;F?M
S
?F
CH?PCN;<F?
=;GCHI
KO?
PC?H?
.?@F?RCIH?M
M?GCH;F?MX
.?PCMN;
!H@IKO?M

%4



.;G…L?T

h

,LC?NI

,


U;L;=N?LCT;H>I
F;
J;LNC=CJ;=C‰H
?H
?F
G;L=I
>?F
#I<C?LHI
<C?LNIX

.?PCMN;
.?@ILG;
S
?GI=L;=C;

.I>L…AO?T

&
)

U(;
>?GI=L;=C;
FI=;F
?H
F;M
AL;H>?M
=CO>;>?M
?MJ;ˆIF;MX

?H
#;<LC?F

$I@@G;HH);LNCHIN
=IGJM

.ISI

/

5?N;HI



=?L?N?



UCNCT?H
J;LNC=CJ;NCIH
CH
#?LG;H
;H>
/J;HCMB
FI=;F
AIP?LHG?HNM
;
=IGJ;L;NCP?
MNO>SX

%HN?LH;NCIH;F
&IOLH;F
I@
,O<FC=
>GCHCMNL;NCIH





.O;HI
>?
F;
"O?HN?

&
)

U!#IP?LHG?HN
/NL;N?AC?M
CH
/J;HCMB
(I=;F
#IP?LHG?HNMX

(I=;F
#IP?LHG?HN
/NO>C?M





.OP;F=;<;

!


LC;>I

&
%

U0L;HMJ;L?H=C;
?H
F;
?L;
>?F
AI<C?LHI
;<C?LNI
1H;
GCL;>;
>?M>?
F;M
JO<FC=;=CIH?M
=C?HN…@C=;MX

?H
LC;>I
=IGJ
/;FP;>IL

)

UIGOHC>;>?M
;ON‰HIG;M
S
ILC?HN;=C‰H
;F
=CO>;>;HI
?F
;H}FCMCM
>?
FIM
UJOHNIM
>?
?H=O?HNLIX

?H
/O<CL;NM

#;FF?AI
=IGJM

/O<CL;NM

&

#;FF?AI
.
=IGJM

2?CHN?
;ˆIM
>?
;ONIHIG…;M
?H
!MJ;ˆ;
F?S?M

JIF…NC=;M
J<FC=;M

CHMNCNO=CIH?M
S
IJCHC‰H
J<FC=;
);>LC>
%/
2CFFILC;

)

"IL=;>?FF

4
=IGJM

O?H
AI<C?LHI

NL;HMJ;L?H=C;
?
CHN?ALC>;>
CHMNCNO=CIH;F
?H
?F
AI<C?LHI
FI=;F

);>LC>
0?=HIM


AL;>?=?GIM
?MJ?=C;FG?HN?
F;
=IF;<IL;=C‰H
>?
!FI…M;
>?F
,CHI
?H
F;
?F;<IL;=C‰H
>?
?MN?
;J;LN;>I

(F;G;>I
86?52
'|3=:42
J
*2E:D7244:x?
4@?
=@D
*6CG:4:@D
6?
6=
DE25@
FE@?x>:4@
 
-6C
BNNJ
QQQ;?P;F?M =IGOH J>@ =;FC>;> ;A?H>;9JO<FC=;9J>@
+6>2


=A
3;>:3/2=A
>d0:71=A
23
:/
2;7<7AB@/17b<
3<3@/:
23:
AB/2=
$,7A,/:=
!,==,/:
')!&#

-,,)&&)
"#-.g,#)
&
'*&)
*j&#)
 
&7
;LEBK9?vD
:;
BEI
EHs=;D;I
B7
FHE<;I?ED7B?P79?vD
:;
B7
<KD9?vD
Fy8B?97

;I:;
B7
JH7DI?9?vD
7
B7
H;<EHC7
:;

;B
:;8?B?J7C?;DJE
:;
BEI
9K;HFEI
 
&7
H;<EHC7
:;

;B
?DJ;DJE
:;
KD?<EHC?P79?vD

.'f)
3
#-.,#/#g(
&
'*&)
*j&#)

.7C7uE

?IJH?8K9?vD
J;HH?JEH?7B

.?FEI
:;
;CFB;7:EI
Fy8B?9EI

,&/.'#(.)
3
-#-.'

*,)')#g(
 
&7
:;J;99?vD
:;
D;9;I?:7:;I

99;IE
 
7HH;H7

&
-#-.'
-&,#&
3
&
,,,
'#(#-.,.#0
 
,;JH?8K9?ED;I

;J;HC?D79?vD
:;
B7I
H;JH?8K9?ED;I
O
:?IJH?8K9?vD
:;
BEI
9ECFB;C;DJEI
 
&7
97HH;H7
7:C?D?IJH7J?L7
;D
B7
FHn9J?97

&
)-.

&)-
,/,-)-
"/'()-

!F
?GJF?I
J<FC=I
?H
!MJ;ˆ;
?M
OH
GI>?FI
GCRNI
=IGJO?MNI
>?
>IM
MCMN?G;M
KO?
I<?>?=?H
;
F‰AC=;M
>C@?L?HN?M
OHI
=?LL;>I

<;M;>I
?H
FIM
=O?LJIM
>?
@OH=CIH;LCIM

?
CGJF;HN;>I
;
FI
F;LAI
>?
FIM
MCAFIM
4%4
S
44
S
INLI
;<C?LNI
>?
JO?MNIM
>?
NL;<;DI

CHC=C;>I
?H

MI<L?
F;M
<;M?M
?MN;<F?=C>;M
?H
F;
L?@ILG;
>?

S
=OFGCH;>I
?H

=IH
?F
!MN;NONI
}MC=I
>?F
!GJF?;>I
,<FC=I
!!,
>C=CIH;FG?HN?

M?
;ˆ;>?H
NL?M
=;L;=N?L…MNC=;M
;F
MCMN?G;
>?
@OH=C‰H
J<FC=;
?H
!MJ;ˆ;
!H
JLCG?L
FOA;L

F;
@OH=C‰H
J<FC=;
M?
MIG?N?
;F
JLCH=CJCI
>?
L?M?LP;
>?
F?S
!MNI
CGJFC=;
KO?
>?N?LGCH;>;M
=O?MNCIH?M
>?<?H
M?L
L?AOF;>;M
JIL
?F
,;LF;G?HNI

;OHKO?
?F
#I<C?LHI
L?;FC=?
OH
>?M;LLIFFI
L?AF;G?HN;LCI
JIMN?LCIL
M…
I=OLL?
=IH
?F
;==?MI
S
F;
J‚L>C>;
>?
F;
=IH>C=C‰H
>?
@OH=CIH;LCI

F;
=;LL?L;
;>GCHCMNL;NCP;

F;M
CH=IGJ;NC<CFC>;>?M

FIM
>?L?=BIM

FIM
>?<?L?M
S
F;M
L?MJIHM;<CFC>;>?M
>?
FIM
@OH=CIH;LCIM
?HNL?
INLIM
!H
M?AOH>I
FOA;L

?RCMN?
OH;
HILG;NCP;
<}MC=;

=IHMIFC>;>;
L?=C?HN?G?HN?
?H
?F
!!,

KO?
NC?H?
?F
=;L}=N?L
>?
L‚ACG?H
?MN;NON;LCI
J;L;
NI>IM
FIM
@OH=CIH;LCIM
J<FC=IM
S
>?
<}MC=I
J;L;
?F
J?LMIH;F
F;<IL;F
,IL
?FFI

?F
J?LMIH;F
F;<IL;F
>?
F;M
>GCHCMNL;=CIH?M
J<FC=;M
,,
NC?H?
=;L;=N?L…MNC=;M
?MJ?=…@C=;M
S
>CMNCHN;M
>?
FIM
=IHNL;N;>IM
F;<IL;F?M
>?F
GOH>I
JLCP;>I
>?G}M

F;M
IGOHC>;>?M
ON‰HIG;M

;M…
=IGI
F;M
?HNC>;>?M
FI=;F?M
!!((
>?<?H
CH=ILJIL;L
?MN;
HILG;NCP;
<}MC=;
?H
MOM
>CMJIMC=CIH?M
F?ACMF;NCP;M
!H
N?L=?L
FOA;L

?F
CHAL?MI
?H
?F
?GJF?I
J<FC=I
@OH=CIH;LC;F
I
F;<IL;F
M?
L?;FCT;
=IH@ILG?
;
FIM
JLCH=CJCIM
>?
CAO;F>;>

G‚LCNI

=;J;=C>;>
S
JO<FC=C>;>
NL;HMJ;L?H=C;
>?F
JLI=?>CGC?HNI
1H;
P?T
KO?
M?
CHAL?M;
?H
F;
>GCHCMNL;=C‰H

F;
=IH>C=C‰H
>?
@OH=CIH;LCI
?M
CH;GIPC<F?
HI
;M…
F;
>?
J?LMIH;F
F;<IL;F
!F
=;J…NOFI
M?
=?HNL;
?H
F;
@OH=C‰H
J<FC=;
>?
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I
S
M?
>CPC>?
?H
=CH=I
;J;LN;>IM
!H
?F
JLCG?LI
M?
;H;FCT;
F;
?PIFO=C‰H
>?F
?GJF?I
J<FC=I
S
MO
CHM?L=C‰H
?H
?F
MCMN?G;
JIF…NC=I;>GCHCMNL;NCPI
>?M>?
KO?
;J;L?=C?L;H
FIM
JLCG?LIM
@OH=CIH;LCIM
?H=;LA;>IM
>?
;>GCHCMNL;L
F;
B;=C?H>;
J?LMIH;F
>?
FIM
GIH;L=;M
;<MIFONIM
!MN?
;J;LN;>I
M?
=?HNL;
?H
FIM
;MJ?=NIM
G}M
L?F?P;HN?M
>?
FIM
GIG?HNIM
JL?PCIM
;
F;
=IH@CAOL;=C‰H
>?F
MCMN?G;
;=NO;F
!H
?F
M?AOH>I
;J;LN;>I
M?
>;
=O?HN;
>?F
N;G;ˆI
>?F
?GJF?I
J<FC=I
S
MO
>CMNLC<O=C‰H
JIL
HCP?F?M
N?LLCNILC;F?M
>?
AI<C?LHI
S
MO
=IGJIMC=C‰H
@OH=CIH;LC;F
I
F;<IL;F
!H
?F
;J;LN;>I
N?L=?LI
M?
;H;FCT;
?F
;==?MI
S
F;
=;LL?L;
?H
?F
M?HI
>?
F;
@OH=C‰H
J<FC=;

=IHNCHO;=C‰H

?H
?F
=O;LNI
;J;LN;>I

M?
?R;GCH;
?F
MCMN?G;
M;F;LC;F
S
MO
CH@FO?H=C;
?H
F;
=;LL?L;
;>GCHCMNL;NCP;
"CH;FG?HN?

M?
>;H
OH;M
JCH=?F;>;M
>?F
=IMN?
>?
FIM
L?=OLMIM
BOG;HIM
?H
OH;
J?LMJ?=NCP;
=IGJ;L;>;


'&&# #
'(Y&#

!$ #
$[ #
!F
N‚LGCHI
?GJF?I
J<FC=I
CH=FOS?
;
NI>;M
F;M
J?LMIH;M
KO?
NL;<;D;H
J;L;
OH;
ILA;HCT;=C‰H
>?F
M?=NIL
J<FC=I

CH>?J?H>C?HN?G?HN?
>?F
?MN;NONI
DOL…>C=I
F;<IL;F
I
@OH=CIH;LC;F
>?
F;
L?F;=C‰H
?MN;<F?=C>;
(;M
L?@?L?H=C;M
;
FIM
@OH=CIH;LCIM
M?
>?HIN;H
JIL
FIM
N‚LGCHIM
>?
@OH=C‰H
J<FC=;
I
M?LPC=CI
=CPCF
!F
=IH=?JNI
@OH=C‰H
J<FC=;
M?
?GJF?;
JL?@?L?HN?G?HN?
?H
"L;H=C;

!MJ;ˆ;

,ILNOA;F
I
%N;FC;

GC?HNL;M
KO?
F;
?RJL?MC‰H
M?LPC=CI
=CPCF
M?
OM;
?H
FIM
J;…M?M
;HAFIM;DIH?M
S
MOM
;HNCAO;M
=IFIHC;M
S
?H
%<?LI;G‚LC=;

JIL
?D?GJFI


,
0A:7@.4[9
/0
7:>
:=Y2090>
7,
;=:10>4:9,74E,.4[9
/0
7,
1@9.4[9
;]-74.,
(;
?PIFO=C‰H
>?
F;
@OH=C‰H
J<FC=;
L?@F?D;
F;M
=IHNCHO;M
N?HMCIH?M
?HNL?
?F
JI>?L
JIF…NC=I
S
?F
@OH=CIH;LC;F
?H
L?F;=C‰H
;F
GI>I
>?
L?=FON;GC?HNI
S
F;
CH;GIPCFC>;>
?H
?F
JO?MNI
,;L;
?MN;
?PIFO=C‰H
M?
?GJF?;
?F
GI>?FI
>?
.;;>M=B?F>?LM

>?M;LLIFF;>I
?H
=CH=I
?N;J;M
KO?
L?@F?D;H
L?MJ?=NCP;G?HN?
?F
?D?L=C=CI
>?
F;
@OH=C‰H
J<FC=;
=IGI
M?LPC=CI
J?LMIH;F

?MN;N;F

J<FC=I

JLIN?AC>I
S
JLI@?MCIH;F
(;
=LIHIFIA…;
>?
=;>;
@;M?
M?
;>;JN;
;F
=;MI
?MJ;ˆIF
E2A2

#@D
7F?4:@?2C:@D
A|3=:4@D
4@>@
D6CG:5@C6D
A6CD@?2=6D
(IM
@OH=CIH;LCIM
?MJ;ˆIF?M
>?
FIM
MCAFIM
4%
S
4%%
?L;H
M?LPC>IL?M
J?LMIH;F?M
>?F
GIH;L=;
S
A?MNCIH;<;H
N;HNI
F;
=;M;
L?;F
=IGI
FIM
;MOHNIM
J<FC=IM

MCH
>C@?L?H=C;L
F;
?M@?L;
J<FC=;
S
F;
JLCP;>;
(IM
@OH=CIH;LCIM
?L;H
=F‚LCAIM

GCFCN;L?M

GC?G<LIM
>?
F;
=ILN?
S
?GJF?;>IM
=CPCF?M
>?
F;
$;=C?H>;
/O
CH@FO?H=C;
>?J?H>…;
>?
F;
=;J;=C>;>
>?
=IHNLIF
KO?
?F
GIH;L=;
N?H…;
MI<L?
MO
L?CH;>I
S
>?
F;
L?F;=C‰H
?HNL?
F;
=;M;
L?;F
S
F;
;>GCHCMNL;=C‰H
>?F
N?LLCNILCI
<;DI
MO
G;H>I
(IM
L?S?M
=;MN?FF;HIM
=?HNL;FCT;LIH
?F
JI>?L
MI<L?
?F
N?LLCNILCI
J;L;
OHCL
@O?LT;M
>OL;HN?
?F
J?L…I>I
>?
F;
.?=IHKOCMN;
?H?SNI

E2A2

#@D
7F?4:@?2C:@D
A|3=:4@D
4@>@
D6CG:5@C6D
6DE2E2=6D
(;
;>GCHCMNL;=C‰H
>?
FIM
;MOHNIM
>?F
GIH;L=;
S
>?F
!MN;>I
M?
M?J;L;
S
FIM
@OH=CIH;LCIM
NL;<;D;H
<C?H
J;L;
?F
!MN;>I
<C?H
J;L;
?F
L?S
!H
?F
J?L…I>I
>?
F;M
GIH;LKO…;M
;<MIFON;M

FIM
?GJF?;>IM
M?AO…;H
;H
A?MNCIH;H>I
FIM
;MOHNIM
J?LMIH;F?M
>?F
GIH;L=;

J?LI
M?
C<;H
@ILG;FCT;H>I
J;OF;NCH;G?HN?
MOM
N;L?;M

MOM
=IGJ?N?H=C;M
S
MOM
L?GOH?L;=CIH?M
OHKO?
HI
B;<…;
NI>;P…;
OH;
>CPCMC‰H
?MNLC=N;
?HNL?
F;
?M@?L;
J<FC=;
S
F;
JLCP;>;

F;
GIH;LKO…;
?L;
=IHMC>?L;>;
=IGI
F;
?HNC>;>
KO?
>?<…;
JLI=OL;L
?F
<C?H?MN;L
;
FIM
M<>CNIM
;M…
=IGI
=IHNLIF;L
?F
MCMN?G;
CGJIMCNCPI
!H
!MJ;ˆ;

S;
?H
?F
MCAFI
4%%%

M?AH
?H?SNI


?GJ?T;LIH
;
>?FCGCN;LM?
F;M
N;L?;M
J?LMIH;F?M
>?F
GIH;L=;
S
F;M
@OH=CIH?M
;>GCHCMNL;NCP;M
A?H?L;F?M
!H
?F
G;L=I
F?A;F

?GJ?T;LIH
;
>C@?L?H=C;LM?
F;M
L?MJIHM;<CFC>;>?M
J<FC=;M
S
JLCP;>;M

S
;J;L?=C?LIH
;FAOHIM
JLCH=CJCIM
‚NC=IM
J<FC=IM
!MN;
M?AOH>;
?N;J;
;J;L?=?
?H
!MJ;ˆ;
;HN?M
KO?
?H
INLIM
J;…M?M

?H
>IH>?
MO
>?M;LLIFFI
NOPI
FOA;L
>OL;HN?
FIM
MCAFIM
42%%
S
42%%%
.;;>M=B?F>?LM

(IM
=F‚LCAIM
>?
F;
%AF?MC;
I=OJ;LIH
JO?MNIM
>?
F;
>GCHCMNL;=C‰H
?
CH=FOMI
?H
?F
=;GJI
>?
F;
DOMNC=C;
(;
NL;HM@ILG;=C‰H
>?
F;
=ILIH;
>?
;MNCFF;
S
L;A‰H
?H
OH
CGJ?LCI
?HNL?
FIM
MCAFIM
42%
S
42%%%
MOJOMI
OH
;OG?HNI
>?
FIM
JI>?L?M
S
F;M
@OH=CIH?M
>?F
GIH;L=;
!H
?MN?
J?L…I>I
M?
=IG?HT‰
;
>CMNCHAOCL
?HNL?
FIM
JO?MNIM
JIF…NC=IM
>?
;FNI
L;HAI

I=OJ;>IM
JIL
=F‚LCAIM

S
FIM
JO?MNIM
N‚=HC=IM
I
>?
L;HAI
G?>CI

>?M?GJ?ˆ;>IM
JIL
;<IA;>IM
 E2A2

#@D
7F?4:@?2C:@D
A|3=:4@D
4@>@
D6CG:5@C6D
A|3=:4@D
(IM
@OH=CIH;LCIM
=IGC?HT;H
;
M?LPCL
;F
J<FC=I
S
M?
CH>?J?H>CT;H
J;OF;NCH;G?HN?
>?
F;
GIH;LKO…;
!H
?F
J?L…I>I
KO?
;<;L=;
?HNL?

S

M?
A?MN‰
F;
GI>?LH;
@OH=C‰H
J<FC=;
=IH
F;
JL?M?H=C;
>?
>IM
=;L;=N?L…MNC=;M
CGJILN;HN?M
F;
GCFCN;LCT;=C‰H
S
?F
=IHNLIF
JIF…NC=I
>?
F;
@OH=C‰H
J<FC=;
&CG‚H?T
M?HMCI

!F
MCAFI
4%4
@O?
OH;
‚JI=;
=IHPOFM;
>?
AO?LL;M
=IHNCHO;M
?H
F;
J?H…HMOF;
S
?H
%<?LI;G‚LC=;
=IGI
=IHM?=O?H=C;
>?
F;
>?M=IFIHCT;=C‰H
(IM
MIF>;>IM
KO?
PIFP…;H
>?
F;M
=IFIHC;M
@O?LIH
I=OJ;H>I
JO?MNIM
;>GCHCMNL;NCPIM
N;HNI
N‚=HC=IM
=IGI
JIF…NC=IM

JIL
FI
KO?
F;
@OH=C‰H
J<FC=;
M?
@O?
UGCFCN;LCT;H>IX
>?G}M

>CMNCHNIM
GIPCGC?HNIM
S
F?P;HN;GC?HNIM
GCFCN;L?M
=;N;JOFN;LIH
;
FIM
I@C=C;F?M
;
FIM
JO?MNIM
MOJ?LCIL?M
>?F
JI>?L
?D?=ONCPI
!MNI
I=;MCIH‰
F;
CHNLI>O==C‰H
>?F
OHC@ILG?
J;L;
FIM
@OH=CIH;LCIM
>OL;HN?
F;M
BIL;M
>?
NL;<;DI
E2A2

#2
7F?4:x?
A|3=:42
4@>@
D6CG:4:@
AC@E68:5@
!F
I<D?NCPI
JLCH=CJ;F
>OL;HN?
?MN;
‚JI=;
?L;
JLIN?A?L
;
FIM
@OH=CIH;LCIM
@L?HN?
;F
=?M?
>CM=L?=CIH;F
>?
FIM
JIF…NC=IM
!HNL?
@CH;F?M
>?F
MCAFI
4%4
S
JLCH=CJCIM
>?F
MCAFI
44

F;
MCNO;=C‰H
DOL…>C=;
>?
FIM
@OH=CIH;LCIM
M?
L?AOF;LCT‰
!H
JLCG?L
FOA;L

?F
UMCMN?G;
>?
>?MJIDIM
I
>?
=?M;HN…;MX

;J;L?=C>I
?H
?F
N?RNI
=IHMNCNO=CIH;F
>?

S
PCA?HN?
B;MN;


I<FCA;<;
;
KO?
NI>IM
FIM
@OH=CIH;LCIM
HIG<L;>IM
JIL
?F
AI<C?LHI
;HN?LCIL
;<;H>IH;L;H
MO
JO?MNI
=IH
F;
?HNL;>;
>?F
HO?PI
AI<C?LHI

HI
JO>C?H>I
I<N?H?L
INLI
JO?MNI
J<FC=I
?H
HCHAOH;
>?
F;M
>?J?H>?H=C;M
?MN;N;F?M
!F
MCMN?G;
>?
=?M;HN…;M
?MN;<;
JLIJC=C;>I
JIL
F;
;FN?LH;H=C;
>?
FIM
FC<?L;F?M
S
FIM
=IHM?LP;>IL?M
?H
?F
AI<C?LHI
;M…
=IGI
FIM
F?P;HN;GC?HNIM
GCFCN;L?M
S
FIM
J?L…I>IM
>?
>C=N;>OL;
>OL;HN?
?F
MCAFI
4%4
>?G}M

F;
=IHNCHO;
CGJFC=;=C‰H
>?
FIM
=O;>LIM
MOJ?LCIL?M
GCFCN;L?M
?H
FIM
>CP?LMIM
F?P;HN;GC?HNIM
BCTI
KO?
FIM
I@C=C;F?M
;>IJN;L;H
=C?LN;
=IH=C?H=C;
JIF…NC=;
!MN;
UJIFCNCT;=C‰HX
>?
FIM
=O;>LIM
GCFCN;L?M
?L;
=IGJ;NC<F?
=IH
F;
GCFCN;LCT;=C‰H
>?
FIM
HCP?F?M
CH@?LCIL?M
>?
F;
>GCHCMNL;=C‰H
!F
@?H‰G?HI
>?
F;M
46D2?Et2D
N?H…;
=IGI
=IHNL;J;LNC>;
F;
6>A=6@>2?t2

JIL
F;
KO?
FIM
J;LNC>;LCIM
>?F
HO?PI
AI<C?LHI
L?=C<…;H
OH
JO?MNI
>?
NL;<;DI
=IGI
L?=IGJ?HM;
;
MO
>?@?HM;
>?
F;
=;OM;
JIF…NC=;

?M
>?=CL

F;
<OLI=L;=C;
?L;
J;NLCGIHCI
>?F
AI<C?LHI
?
B?=BI

?L;
?F
?GJF?I
S
HI
?F
?GJF?;>I
?F
I<D?NI
>?
F;
NL;HM;==C‰H
*C?NI

>?G}M

FIM
@OH=CIH;LCIM
>?M?GJ?ˆ;LIH
OH
J;J?F
CGJILN;HN?
?H
F;M
?F?==CIH?M
>OL;HN?
?MN;
‚JI=;

HI
M‰FI
JIL
MO
?D?L=C=CI
>?F
>?L?=BI
;F
PINI
>OL;HN?
?F
J?L…I>I
>?
F;
.?MN;OL;=C‰H


MCHI
JIL
MO
J;J?F
?H
F;
=IHNCHOC>;>
>?F
J;LNC>I
JIF…NC=I
?H
?F
JI>?L
&CG‚H?T
M?HMCI

GO?MNL;
=IGI
FIM
=?HMIM
?L;H
G;HCJOF;>IM

CH=FOS?H>I
;
FIM
@;FF?=C>IM

>?HIGCH;>IM
=lK2C@D

JO?M
L?MO=CN;<;H
J;L;
PIN;L
0;G<C‚H
M?
;OG?HN;<;
?F
HG?LI
>?
@OH=CIH;LCIM
=IH
=;J;=C>;>
>?
PINI
?H
OH
J?L…I>I
>?
MO@L;ACI
FCGCN;>I
>?G}M

FIM
@OH=CIH;LCIM
PIN;<;H
?H
ALOJIM

P?MN…;H
MOM
OHC@ILG?M
J;L;
B;=?L
G}M
PCMC<F?
MO
?F?==C‰H

?M
>?=CL

F;
?F?==C‰H
AO<?LH;G?HN;F
1H;
>?
F;M
G;HCJOF;=CIH?M
G}M
=IHI=C>;M
?L;
?F
UJO=B?L;TIX
!MN?
HIG<L?
M?
>?LCP;<;
>?
AO;L>;L
J;J?F?N;M
>?
F;
PIN;=C‰H
?H
JO=B?LIM
S
M?
CH=ILJIL;<;H
;F
@CH;F
>?F
L?=O?HNI
?H
@OH=C‰H
>?
F;M
H?=?MC>;>?M
(;M
=LCMCM
?=IH‰GC=;M
S
MI=C;F?M
=;OM;>;M
JIL
F;
,LCG?L;
#O?LL;
)OH>C;F
;@?=N;LIH
=IHMC>?L;<F?G?HN?
;
FIM
@OH=CIH;LCIM
>?
FIM
HCP?F?M
CH@?LCIL?M

KOC?H?M
J;LNC=CJ;LIH
?H
HOG?LIM;M
BO?FA;M
S
G;HC@?MN;=CIH?M
=IHNL;
?F
AI<C?LHI
!F
AI<C?LHI
L?;==CIH‰
=IH
F;
JLIGOFA;=C‰H
>?F
!MN;NONI
>?
FIM
"OH=CIH;LCIM

>?
);OL;
(IM
;FNIM
@OH=CIH;LCIM
HI
J;LNC=CJ;LIH
?H
F;
JLIN?MN;

JO?M
‚MN;
HI
>?@?H>…;
MOM
CHN?L?M?M

KO?
S;
?MN;<;H
JLIN?AC>IM
!H
;FAOHIM
=;MIM

FIM
;FNIM
@OH=CIH;LCIM
;SO>;LIH
;
L?JLCGCL
?MN?
F?P;HN;GC?HNI
*C?NI

0L?M
I<D?NCPIM
M?
JLIJIH…;
F;
L?@ILG;
>?

;OG?HNI
>?F
M;F;LCI
>?
FIM
@OH=CIH;LCIM
J<FC=IM

?F
L?=IHI=CGC?HNI
>?
F;
M?AOLC>;>
>?F
NL;<;DI
S
F;
ONCFCT;=C‰H
>?
?R}G?H?M
J;L;
;==?>?L
;
F;
@OH=C‰H
J<FC=;

>?MN?LL;H>I
;M…
?F
MCMN?G;
>?
=?M;HN…;M
!MN;M
G?>C>;M
M?
;JFC=;LIH
;
NI>IM
FIM
@OH=CIH;LCIM
KO?
HI
?MN;<;H
;ALOJ;>IM
?H
=O?LJIM
?MJ?=C;FCT;>IM

>;>I
KO?
FIM
GC?G<LIM
>?
?MNIM
=O?LJIM
B;<…;H
=IHM?AOC>I
F;
J?LG;H?H=C;
?H
?F
JO?MNI
>?
NL;<;DI
S
B;<…;H
CGJF;HN;>I
?F
L?=FON;GC?HNI
G?LCNI=L}NC=I
>OL;HN?
?F
MCAFI
;HN?LCIL
*I
I<MN;HN?

?F
MCMN?G;
>O;F
OH
MCMN?G;
A?H?L;F
S
INLI
>?
=O?LJIM
?MJ?=C;FCT;>IM
J?L>OL‰
B;MN;


JIL
FI
KO?
?F
=IHNLIF
JIF…NC=I
MI<L?
F;
@OH=C‰H
J<FC=;
HI
?L;
NIN;F

J?M;L
>?
F;
F?ACMF;=C‰H
L?MNLC=NCP;
>?


F;M
=?M;HN…;M
PIFPC?LIH
;F
AI<C?LHI
;
NL;P‚M
>?
F;M
JOLA;M
>?
F;
>C=N;>OL;
>?
,LCGI
>?
.CP?L;

S
>?
"L;H=I

!H
?F
JLCG?L
=;MI

FIM
JLI@?MIL?M
>?
OHCP?LMC>;>
@O?LIH
?RJOFM;>IM
JIL
MO
IJIMC=C‰H
;F
L‚ACG?H
?H
?F
M?AOH>I

FIM
@OH=CIH;LCIM
KO?
M?
B;<…;H
C>?HNC@C=;>IM
=IH
?F
AI<C?LHI
L?JO<FC=;HI
I
HI
B;<…;H
GIMNL;>I
OH
=OGJFCGC?HNI
;=NCPI
=IH
FIM
JLCH=CJCIM
>?F
HO?PI
GIPCGC?HNI
JIF…NC=I
NOPC?LIH
KO?
;<;H>IH;L
F;
>GCHCMNL;=C‰H

?H
GO=B;M
I=;MCIH?M

PC‚H>IM?
I<FCA;>IM
;
?RCFC;LM?
(;M
P;=;HN?M
M?
=O<LC?LIH
=IH
J?LMIH;M
=OS;
PCLNO>
=IHMCMN…;
?H
MO
;>B?MC‰H
;F
L‚ACG?H
J?LI
=OSI
G}RCGI
>?@?=NI
?L;
F;
;OM?H=C;
>?
=IHI=CGC?HNIM
JLI@?MCIH;F?M
J;L;
>?M?GJ?ˆ;L
F;M
@OH=CIH?M
>?F
JO?MNI
=IH
MIFP?H=C;
E2A2

#2
7F?4:x?
A|3=:42
4@>@
D6CG:4:@
AC@76D:@?2=
(IM
?GJF?;>IM
J<FC=IM
M?
=IHPC?LN?H
?H
@OH=CIH;LCIM
;FN;G?HN?
?MJ?=C;FCT;>IM
1H;
P?T
=IHM?AOC>;
MO
JLIN?==C‰H
@L?HN?
;
FIM
P;CP?H?M
JIF…NC=IM

M?
?H@L?HN;LIH
;F
L?NI
>?
F;
JLI@?MCIH;FCT;=C‰H
J;L;
JI>?L
;@LIHN;L
F;M
N;L?;M
>?
OH
!MN;>I
>?F
C?H?MN;L
?H
=IHNCHO;
?RJ;HMC‰H
!MN;
?N;J;
M?
MIF;J;
=IH
F;
;HN?LCIL
(;
JLI@?MCIH;FCT;=C‰H
>?F
M?LPC=CI
J<FC=I
HI
M?
L?@C?L?
;KO…
;
F;
I<N?H=C‰H
>?
OH
NL;<;DI
>?
JIL
PC>;
S
F;
GCHCGCT;=C‰H
>?
F;M
CHN?L@?L?H=C;M
JIF…NC=;M

KO?
S;
M?
B;
NL;N;>I
?H
F;
@;M?
;HN?LCIL
!H
?MN;
?N;J;
M?
JLI>O=?
OH;
?MJ?=C;FCT;=C‰H
>?
FIM
@OH=CIH;LCIM
M?AH
F;M
N;L?;M
;
L?;FCT;L
!H
?F
=;MI
?MJ;ˆIF
M?
JLI>O=?H
?MNIM
@?H‰G?HIM
>?
@ILG;
MCGOFN}H?;
OL;HN?
?F
MCAFI
4%4
M?
=L?;LIH
S
M?
=IHMIFC>;LIH
FIM
=O?LJIM
?MJ?=C;FCT;>IM
>CJFIG}NC=IM

?=IHIGCMN;M

;<IA;>IM
>?F
!MN;>I

CHA?HC?LIM
?HNL?
INLIM
=O?LJIM

 
0>/0
7,
?=,9>4.4[9
,
7,
=01:=8,
/0

07
/0-474?,8409?:
/0
7:>
.@0=;:>
!H
?MN;
?N;J;
M?
J;M‰
>?
F;
CH>C@?L?H=C;
B;=C;
F;
@OH=C‰H
J<FC=;
JIL
J;LN?
>?
FIM
AI<C?LHIM
>?
F;
NL;HMC=C‰H
;
F;
>?M=IH@C;HT;
B;=C;
FIM
=O;>LIM
;>GCHCMNL;NCPIM
KO?
B;<…;H
M?LPC>I
>OL;HN?
?F
L‚ACG?H
@L;HKOCMN;
JIL
J;LN?
>?F
AI<C?LHI
MI=C;FCMN;
OL;HN?
F;
NL;HMC=C‰H
S
FIM
JLCG?LIM
#I<C?LHIM
>?
F;
1

HI
M?
;JFC=‰
OH;
JIF…NC=;
@OH=CIH;LC;F
?MJ?=…@C=;
*C?NI

#ONC‚LL?T
.?ˆ‰H

+LN?A;

(;M
JLCILC>;>?M
>?
F;
;A?H>;
JIF…NC=;
?MN;<;H
>IGCH;>;M
JIL
F;
L?=OJ?L;=C‰H
>?
F;M
FC<?LN;>?M
JIF…NC=;M
F;
IHMNCNO=C‰H

F;
?MN;<CFCT;=C‰H
?=IH‰GC=;
FIM
J;=NIM
>?
F;
)IH=FI;
S
?F
CHC=CI
>?F
!MN;>I
;ONIH‰GC=I
(;
;OM?H=C;
>?
OH;
L?@ILG;
@OH=CIH;LC;F
A?H?L‰
@LOMNL;=C‰H
?HNL?
FIM
@OH=CIH;LCIM

KOC?H?M
?MJ?L;<;H
KO?
MOM
JLI<F?G;M
M?
C<;H
;
MIFO=CIH;L
G?>C;HN?
=;G<CIM
>?LCP;>IM
>?F
=;G<CI
>?
L‚ACG?H
M?AH
OH;
?H=O?MN;
;
FIM
@OH=CIH;LCIM
#ONC‚LL?T
.?ˆ‰H

?FNL}H

(;
HC=;
G?>C>;
;JLI<;>;
>OL;HN?
?MN?
J?LCI>I
@O?
?F
.?;F
?=L?NI(?S
 

KO?
MCLPC‰
J;L;
;OG?HN;L
F;M
L?NLC<O=CIH?M
>?
FIM
@OH=CIH;LCIM
=CPCF?M
S
GCFCN;L?M

L;=CIH;FCT;H>I
MO
L‚ACG?H
L?NLC<ONCPI
}>CT

!F
#I<C?LHI
>?F
,/+!
@ILG;>I
>?MJO‚M
>?
F;M
?F?==CIH?M
>?

>?M=IH@C;<;
>?
FIM
=O?LJIM
@OH=CIH;LC;F?M
JIL
MO
PCH=OF;=C‰H
=IH
?F
L‚ACG?H
;HN?LCIL
S
JIL
MOM
JL}=NC=;M
=ILJIL;NCP;M
!MNI
>CI
FOA;L
;
F;
(?S
 
0;G<C‚H
B;<…;
=C?LN;
JL?I=OJ;=C‰H
>?
KO?
FIM
?GJF?;>IM
J<FC=IM
HI
M?
=?HNL;L;H
?H
F;M
N;L?;M
J<FC=;M
S
F;M
MCGOFN;H?;L;H
=IH
;=NCPC>;>?M
?H
?F
M?=NIL
JLCP;>I

FI
KO?
ILCACH‰
F;
(?S
 
MI<L?
F;M
CH=IGJ;NC<CFC>;>?M
>?F
?GJF?;>I
J<FC=I
,IMN?LCIL?M
>CMJIMC=CIH?M
F?A;F?M

;>?G}M
>?
FIM
;LN…=OFIM
PCA?HN?M
>?
F;
(?S
>?
"OH=CIH;LCIM
CPCF?M
>?F
!MN;>I
>?


=IGJF?N;H
?F
MCMN?G;
F?A;F
B;MN;

=IH
F;
;JLI<;=C‰H
>?F
!!,
!F
I<D?NCPI
JLCH=CJ;F
>?
F;
L?@ILG;
>?

=IHMCMN…;
?H
>?<CFCN;L
?F
JI>?L
>?
FIM
=O?LJIM
(IM
=O?LJIM
MIH
OHIM
ALOJIM
>?
FIM
KO?
M?
@ILG;
J;LN?
G?>C;HN?
F;
MOJ?L;=C‰H
>?
OH;M
JLO?<;M
I<D?NCP;M
(IM
GC?G<LIM
>?F
=O?LJI
>CM@LON;H
>?
F;M
GCMG;M
=IH>C=CIH?M
CHC=C;F?M
J;L;
I=OJ;L
OH;
=IHMN?F;=C‰H
>?
JO?MNIM
>?
F;
D?L;LKO…;
;>GCHCMNL;NCP;
(IM
=O?LJIM
B;H
=IHMNCNOC>I
F;
JC?>L;
;HAOF;L
>?
F;
@OH=C‰H
J<FC=;
;JILN;H>I
GO=BIM
>?
FIM
?F?G?HNIM
>?
OH
MCMN?G;
=ILJIL;NCPI
<;M;>I
?H
L?F;=CIH?M
=FC?HN?F;L?M
S
>?
J;NLIH;TAI
OL;HN?
?F
L‚ACG?H
@L;HKOCMN;

F;
=;LL?L;
;>GCHCMNL;NCP;

F;
MCNO;=C‰H
JLI@?MCIH;F
S
?F
M;F;LCI
>?
FIM
@OH=CIH;LCIM
?MN;<;H
>?N?LGCH;>IM
JIL
FIM
=O?LJIM
#ONC‚LL?T
.?ˆ‰H

}MC=;G?HN?

M?
JO?>?H
C>?HNC@C=;L
NL?M
=IGJIH?HN?M
>?F
JI>?L
>?
FIM
=O?LJIM
>OL;HN?
F;
>C=N;>OL;
>?
"L;H=I

N?H…;H
=C?LN;
=;J;=C>;>
>?
;ONI@CH;H=C;=C‰H
G?>C;HN?
?F
=I<LI
>?
N;M;M
?MJ?=C;F?M
;
FIM
=CO>;>;HIM
JIL
FIM
M?LPC=CIM
KO?
F?M
JL?MN;<;H

JIM?…;H
=;J;=C>;>
>?
;ONIAI<C?LHI
J;L;
JLIN?A?L
MOM
CHN?L?M?M

JI>…;H
P?N;L
F;M
JLIJO?MN;M
>?
FIM
JIF…NC=IM
?H
N?G;M
>?
J?LMIH;F
(IM
=O?LJIM
G;H?D;<;H
F;
>GCHCMNL;=C‰H
=IGI
OH;
J;LN?
>?
MO
J;NLCGIHCI
,IL
?MN;M
L;TIH?M

?F
#I<C?LHI
MI=C;FCMN;
CHN?HN‰
>?M;@C;L
?F
JI>?L
>?
FIM
=O?LJIM
G}M
@O?LN?M

;KO‚FFIM
KO?
L?KO?L…;H
>?
OH;
FC=?H=C;NOL;
OHCP?LMCN;LC;
J;L;
;==?>?L
;
?FFIM
S
I=OJ;H
JO?MNIM
H?OL}FAC=IM
?H
F;
=JOF;
!MNIM
=O?LJIM
JL?N?H>…;H
J;NLCGIHC;FCT;L
F;
>GCHCMNL;=C‰H
!H
?MN?
M?HNC>I

F;
L?@ILG;
>?

JO?>?
M?L
=IHMC>?L;>;
=IGI
BCMN‰LC=;
(;
L?@ILG;
>?


KO?
=IG<CH‰
OH
MCMN?G;
;<C?LNI
<;M;>I
?H
FIM
JO?MNIM
=IH
OHI
=?LL;>I
>?@CHC>I
?H
NILHI
;
F;
=;LL?L;

M?
JO?>?
L?>O=CL
;
=O;NLI
?F?G?HNIM
+LN?A;

!H
JLCG?L
FOA;L

M?
?MN;<F?=C‰
OH
MCMN?G;
>?
JO?MNIM
>CMNLC<OC>I
?H
HCP?F?M
(;
J?LN?H?H=C;
;
OH
=O?LJI
S;
HI
?M
L?F?P;HN?
;
F;
BIL;
>?
>?N?LGCH;L
F;M
L?GOH?L;=CIH?M
HC
F;
=;LL?L;
;>GCHCMNL;NCP;
(;
=;LL?L;
S
F;M
L?GOH?L;=CIH?M
>?<?H
PCH=OF;LM?
;F
JO?MNI
>?
NL;<;DI
!H
M?AOH>I
FOA;L

FIM
JO?MNIM
HI
M?
JI>L…;H
;>M=LC<CL
;
OH
=O?LJI
J;LNC=OF;L

M;FPI
=;MIM
?R=?J=CIH;F?M
1H
GC?G<LI
>?
=O;FKOC?L
INLI
=O?LJI
JI>L…;
MIFC=CN;L
OH
JO?MNI
>?
NL;<;DI
MC
JIM??
?F
HCP?F
?>O=;NCPI
L?KO?LC>I
S
?F
AL;>I
J?LMIH;F
>?G;H>;>I
!H
N?L=?L
FOA;L

FIM
=O?LJIM
KO?
L?;FCT;<;H
@OH=CIH?M
MCGCF;L?M
M?
@OMCIH;LIH
!MN;
L?@ILG;
CHN?HN;<;
>?<CFCN;L
?F
JI>?L
>?
FIM
=O?LJIM
S
L?>O=CL
MO
HG?LI
!H


OH;
IGCMC‰H
>?
!RJ?LNIM
?H=IHNL‰
;H

=O?LJIM
>?F
ALOJI

J;L;
=OS;
?HNL;>;
M?
H?=?MCN;
OH
N…NOFI
OHCP?LMCN;LCI

>?
FIM
=O;F?M

?L;H
=O?LJIM
;
?RNCHAOCL
S

HI
N?H…;H
?@?=NCPIM
?H
M?LPC=CI
;=NCPI
/?AH
F;
IGCMC‰H
>?
?RJ?LNIM


;
J?M;L
>?
F;
L;=CIH;FCT;=C‰H
>?
FIM
=O?LJIM
S
?M=;F;M
JL?PCMN;
?H


;H
JLIJIH…;H
F;
MOJL?MC‰H
I
@OMC‰H
>?
;FAOHIM
=O?LJIM
S
?F
@IG?HNI
>?
INLIM
=OS;
H;NOL;F?T;
?M
G}M
;>?=O;>;
J;L;
?F
J;J?F
KO?
F;
#!
JIM??
?H
?F
!MN;>I
GOFNCHCP?F
 (;
;OM?H=C;
>?
;>M=LCJ=C‰H
>?
FIM
JO?MNIM
;
FIM
=O?LJIM
;<L…;
F;
P…;
J;L;
KO?
?F
#I<C?LHI
=IHNL;N;L;
;
J?LMIH;F
F;<IL;F
J;L;
FIM
JO?MNIM
MOJ?LCIL?M
>?
F;
>GCHCMNL;=C‰H
/CH
?G<;LAI

?F
0LC<OH;F
IHMNCNO=CIH;F
M?HN?H=C;
>?

>?
DOHCI
>?

JLIBC<C‰
F;
=IHNL;N;=C‰H
>?
J?LMIH;F
F;<IL;F
J;L;
FIM
JO?MNIM
MOJ?LCIL?M
S
FCGCN‰
?MN;
JIMC<CFC>;>
;
FIM
CH@?LCIL?M



,
=01:=8,
/0

07
49?09?:
/0
@941:=84E,.4[9
(;
NL;HM@?L?H=C;
>?
=IGJ?N?H=C;M

L?=OLMIM
BOG;HIM
S
JL?MOJO?MN;LCIM
;
F;M
IGOHC>;>?M
ON‰HIG;M
S
?F
;OG?HNI
>?
F;
=IGJF?DC>;>
>?F
?GJF?I
J<FC=I
JLIJC=C;LIH
=;G<CIM
?H
?F
G;L=I
L?AOF;NILCI
>?
F;
@OH=C‰H
J<FC=;
,IL
OH
F;>I

FIM
L?=OLMIM
BOG;HIM
>?
F;
#!
B;H
?MN;>I
MIG?NC>IM
;
=C?LN;
N?HMC‰H
>OL;HN?
?F
JLI=?MI
>?
>?M=?HNL;FCT;=C‰H
>?
@OH=CIH?M
?MN;N;F?M
(;M
=IHNCHO;M
NL;HM@?L?H=C;M
>?
@OH=CIH?M
S
>?
J?LMIH;F
B;=C;
F;M

B;H
MOJO?MNI

?H
I=;MCIH?M

?R=?>?HN?M
I
>‚@C=CN
>?
J?LMIH;F
?H
GCHCMN?LCIM
KO?
B;H
NL;HM@?LC>I
=IGJ?N?H=C;M
>C=CIH;FG?HN?

F;
>?M=?HNL;FCT;=C‰H
B;
>?D;>I
;
F;
#!
=IGJ?N?H=C;M
GCRN;M
F;
JL?MN;=C‰H
>CL?=N;
>?
M?LPC=CIM
L?=;O>;=C‰H
>?
CGJO?MNIM

?RJ?>C=C‰H
>?F
>I=OG?HNI
H;=CIH;F
>?
C>?HNC>;>
S
>?F
J;M;JILN?

JL?MN;=CIH?M
>?
F;
M?AOLC>;>
MI=C;F

JF;HC@C=;=C‰H
>?
JIF…NC=;M
J<FC=;M

L?AOF;=C‰H
>?
;=NCPC>;>?M
JLCP;>;M
S
=IHNLIF
S
MOJ?LPCMC‰H
>?
;FAOH;M
N;L?;M
S;
>?M=?HNL;FCT;>;M
!F
>?MFCT;GC?HNI
J;OF;NCHI
>?
F;M
;=NCPC>;>?M
?MN;N;F?M
B;=C;
N;L?;M
>?
JF;HC@C=;=C‰H

L?AOF;=C‰H
S
MOJ?LPCMC‰H
HI
M?
B;
;=IGJ;ˆ;>I
=IH
=;G<CIM
F?ACMF;NCPIM
KO?
J?LGCN;H
;
F;
#!
@F?RC<CFCT;L
S
;>;JN;L
MOM
L?=OLMIM
BOG;HIM
;
?MN;
MCNO;=C‰H
,IL
INLI
F;>I

F;
JLIFC@?L;=C‰H
>?
L?A…G?H?M
?MJ?=C;F?M
J;L;
>?N?LGCH;>IM
ALOJIM
>?
?GJF?;>IM
J<FC=IM
MOJIH?
OH;
BOC>;
>?
F;
LCAC>?T
S
F;
OHC@ILGC>;>
>?
F;
F?ACMF;=C‰H
<}MC=;
=IGH
IGCMC‰H
>?
!RJ?LNIM

!MNIM
L?A…G?H?M
?MJ?=C;F?M
CH=FOS?H
;
FIM
M?LPC=CIM
>?
M;FO>

J?LMIH;F
>I=?HN?
?
CHP?MNCA;>IL

GC?G<LIM
>?
F;M
@O?LT;M
;LG;>;M
S
>?
FIM
=O?LJIM
S
@O?LT;M
>?
M?AOLC>;>
>?F
!MN;>I

DO?=?M

G;ACMNL;>IM

@CM=;F?M

J?LMIH;F
;F
M?LPC=CI
>?
F;
;>GCHCMNL;=C‰H
>?
DOMNC=C;

S
?F
J?LMIH;F
>?
F;M
ILN?M
#?H?L;F?M
>C=CIH;FG?HN?

M?
B;
=IHMIFC>;>I
OH
GI>?FI
>O;F
>?
=IHPCP?H=C;
>?F
>?L?=BI
>?
F;
@OH=C‰H
J<FC=;
S
?F
>?L?=BI
F;<IL;F
J?LI
=IH
OH;
CG<LC=;=C‰H
F?ACMF;NCP;
S
DOLCMJLO>?H=C;F
=L?=C?HN?
?HNL?
;G<IM
!MNIM
>IM
@?H‰G?HIM
JLIJC=C;LIH
OH;
F?ACMF;=C‰H
<}MC=;
=IGH

?F
!MN;NONI
}MC=I
>?F
!GJF?I
,<FC=I
!!,

;JFC=;<F?
;
NI>;M
F;M
=IF?=NCPC>;>?M
S
;
NI>I
?F
N?LLCNILCI
!F
!MN;NONI
M?
=;L;=N?LCT;
JIL
FI
MCAOC?HN?
W
/CHN?NCT;
FIM
>?L?=BIM
S
>?<?L?M
@OH>;G?HN;F?M
;M…
=IGI
F;
L?F;=C‰H
DOL…>C=;
<}MC=;
>?F
J?LMIH;F
F;<IL;F
S
@OH=CIH;LC;F
KO?
NL;<;D;
?H
?F
M?=NIL
J<FC=I
W
.?@F?D;
F;
HILG;NCP;
<}MC=;
>?
NI>IM
FIM
@OH=CIH;LCIM
J<FC=IM
CH>?J?H>C?HN?G?HN?
>?F
HCP?F
N?LLCNILC;F
O
ILA;HCT;=C‰H
?H
F;
KO?
JL?MN?
MOM
M?LPC=CIM

M;FPI
;FAOH;M
?R=?J=CIH?M
?F
J?LMIH;F
@OH=CIH;LCI
;F
M?LPC=CI
>?F
J;LF;G?HNI
H;=CIH;F
S
FIM
;ONIH‰GC=IM

>?
‰LA;HIM
=IHMNCNO=CIH;F?M
>?F
!MN;>I
S
‰LA;HIM
?MN;NON;LCIM
>?
F;M


J?LMIH;F
>?
F;
>GCHCMNL;=C‰H
>?
DOMNC=C;

J?LMIH;F
GCFCN;L
>?
F;M
@O?LT;M
;LG;>;M
HI
;M…
?F
=CPCF

@O?LT;M
S
=O?LJIM
>?
M?AOLC>;>
>?F
!MN;>I

?F
J?LMIH;F
L?NLC<OC>I
JIL
;L;H=?F

?F
J?LMIH;F
>?F
?HNLI
*;=CIH;F
>?
%HN?FCA?H=C;

>?F
;H=I
>?
!MJ;ˆ;
S
>?
FIM
"IH>IM
>?
#;L;HN…;
>?
?J‰MCNI
?H
!HNC>;>?M
>?
L‚>CNI
!F
!!,
M‰FI
M?
;JFC=;
;
?MN?
J?LMIH;F
=O;H>I
;M…
FI
>CMJIHA;
MO
F?ACMF;=C‰H
?MJ?=…@C=;
S
>?
 @ILG;
MOJF?NILC;
;F
J?LMIH;F
>?
=ILL?IM
S
N?F‚AL;@IM
(?
=ILL?MJIH>?
;F
J;LF;G?HNI
H;=CIH;F
S
;
FIM
;ONIH‰GC=IM
F;
?F;<IL;=C‰H
>?
F;M
F?S?M
L?AOF;>IL;M
;JFC=;>;M
;F
J?LMIH;F
>?
=;>;
N?LLCNILCI
!MN;
HILG;
<}MC=;
J?LGCN?
KO?
=;>;
>GCHCMNL;=C‰H
=IH@CAOL?
MO
JLIJC;
JIF…NC=;
>?
J?LMIH;F
MCH
?MN;L
G;L=;>;
JIL
OH
J;NL‰H
L…AC>I
;JFC=;<F?
;
F;
#!
W
/CGJFC@C=;
F;M
=F;M?M
>?
?GJF?;>IM
J<FC=IM
S
M?
GI>C@C=;
F;
=F;MC@C=;=C‰H
>?
FIM
ALOJIM
>?
@OH=CIH;LCIM
;>;JN}H>IF;
;
F;
L?@ILG;
>?F
MCMN?G;
?>O=;NCPI
W
%HNLI>O=?
F;
=;LL?L;
BILCTIHN;F
I
F;
JLIAL?MC‰H
?H
F;
=;LL?L;
;>GCHCMNL;NCP;
MCH
H?=?MC>;>
>?
I=OJ;L
OH
JO?MNI
D?L}LKOC=I
MOJ?LCIL
W
,LIGI=CIH;
F;
?P;FO;=C‰H
>?F
>?M?GJ?ˆI
CH>CPC>O;F
=IH
?@?=NIM
?H
F;
JLIGI=C‰H

F;
JLIPCMC‰H
S
?F
G;HN?HCGC?HNI
I
L?GI=C‰H
?H
OH
JO?MNI
>?
NL;<;DI
=IH=L?NI
S
F;M
L?NLC<O=CIH?M
=IGJF?G?HN;LC;M
PCH=OF;>;M
;
F;
JLI>O=NCPC>;>
>?F
?GJF?;>I
W
F;LC@C=;
FIM
JLCH=CJCIM

?F
=IHN?HC>I

FIM
?@?=NIM
S
FIM
F…GCN?M
>?
F;
H?AI=C;=C‰H
=IF?=NCP;
/?
H?AI=C;
?H
OH;
GCMG;
G?M;
F;M
=IH>C=CIH?M
=IGOH?M
>?
?GJF?I
>?F
J?LMIH;F
@OH=CIH;LCI
S
F;<IL;F
W
,IMC<CFCN;
?F
>?M;LLIFFI
>?
OH
ALOJI
>CL?=NCPI
?H
F;
=JOF;
>?
F;
>GCHCMNL;=C‰H
=OS;M
=IH>C=CIH?M
F;<IL;F?M
M?
?MN;<F?T=;H
S
M?
H?AI=C?H
JIL
M?J;L;>I
>?F
L?MNI
>?
FIM
?GJF?;>IM
J<FC=IM
IM
=L…NC=;M
@OH>;G?HN;F?M
MOM=CN;
?F
!!,
;
FIM
JI=IM
;ˆIM
>?
MO
;JLI<;=C‰H
?M
CH=IGJF?NI
S
MCAO?
J?H>C?HN?
>?
>?M;LLIFF;L
!M
OH
?MN;NONI
CH=IGJF?NI
JO?M
L?KOC?L?
>?
F;
F?ACMF;=C‰H
>?
F;
#!

>?
F;M

S
>?
F;M
!!((
J;L;
KO?
M?
=IGJF?N?

FI
KO?
MOJIH>L}
>?
HO?PI
OH;
JLIFC@?L;=C‰H
>?
HILG;M
MI<L?
F;
@OH=C‰H
J<FC=;
S
JO?>?
>?<CFCN;L
F;M
A;L;HN…;M
>?
FIM
@OH=CIH;LCIM
!MNI
M?
B;
HIN;>I
?H
F;
=IH@FC=NCPC>;>
DOLCM>C==CIH;F
KO?
B;
A?H?L;>I
?F
!!,
?H
MOM
JLCG?LIM
=CH=I
;ˆIM

?MJ?=C;FG?HN?
?H
?F
}G<CNI
;ONIH‰GC=I
"O?HN?N;D;


!F
!MN;NONI
?M
CH=IGJF?NI
JO?M
;H
HI
M?
B;
;JLI<;>I
F;
F?ACMF;=C‰H
>?
>?M;LLIFFI
H?=?M;LC;
J;L;
JI>?L
;JFC=;L
>?
@ILG;
;>?=O;>;
MOM
JL?=?JNIM
;>I
KO?
HI
B;S
OH
JF;TI
=IH=L?NI
?MNCJOF;>I
J;L;
MO
>?M;LLIFFI

JI=;M
>GCHCMNL;=CIH?M
M?
MC?HN?H
=IGJ?FC>;M
;
?FFI
,IL
?D?GJFI

F;
#!
HI
B;
>?M;LLIFF;>I
;H
?MN;
F?ACMF;=C‰H
?H
?F
GIG?HNI
>?
?M=LC<CL
?MN;M
F…H?;M
!H
J;LN?

F;
=LCMCM
B;
JI>C>I
J;L;FCT;L
?MN?
>?M;LLIFFI
>;>I
KO?
?FFI
CGJFC=;L…;
L?=IHI=?L
;FAOHIM
;MJ?=NIM
=;LL?L;
BILCTIHN;F
S
?P;FO;=C‰H
>?F
>?M?GJ?ˆI
=IH
=IHM?=O?H=C;M
?=IH‰GC=;M
 
(!X#
-
'(&)Y"

!$ #
$[ #

%,8,Z:
!F
N;G;ˆI
NIN;F
>?F
M?=NIL
J<FC=I
B;
;OG?HN;>I
?H
?F
J?L…I>I
KO?
;<;L=;
?HNL?

S

>?

;

?GJF?;>IM
J<FC=IM

CH=FOS?H>I
?F
?GJF?I
J<FC=I
=CPCF
S
GCFCN;L
;M…
=IGI
?F
@OH=CIH;LC;F
S
F;<IL;F
!H
N‚LGCHIM
AFI<;F?M

?F
?GJF?I
J<FC=I
B;
<;D;>I
OH


>?M>?


=O;H>I
B;<…;

?GJF?;>IM
J<FC=IM
P‚;M?
F;
"CAOL;

+*63$

C<9B17a;
239
;c:3?<
23
3:=93/2<@
=c0971<@
 

!H
?F
J?L…I>I
KO?
=IGC?HT;
?HNL?

S

M?
JO?>?
I<M?LP;L
OH;
>CMGCHO=C‰H
>?F
?GJF?I
J<FC=I
?H
NI>IM
FIM
HCP?F?M
>?
AI<C?LHI
2;LC;M
G?>C>;M
B;H
=IHNLC<OC>I
;
L?>O=CL
?F
N;G;ˆI
>?F
?GJF?I
J<FC=I
N;F
=IGI
M?
B;
G?H=CIH;>I
?H
?F
=;J…NOFI


 
4>?=4-@.4[9
?0==4?:=4,7
!F
?GJF?I
J<FC=I
M?
B;
L?>CMNLC<OC>I
=IHMC>?L;<F?G?HN?
>?M>?

?HNL?
FIM
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
!F
N;G;ˆI
>?
F;
#!
M?
B;
L?>O=C>I
>?F

MI<L?
?F
NIN;F
?H

;F

?H

!H
=;G<CI

?F
J?LMIH;F
;ONIH‰GC=I
M?
B;
CH=L?G?HN;>I
>?
@ILG;
L?F?P;HN?
?H
?MN?
J?L…I>I
J;M;H>I
>?
=IHMNCNOCL
?F


?H

;F


?H

(IM
=;G<CIM
B;H
MC>I
G?HIM
>L}MNC=IM
?H
F;
;>GCHCMNL;=C‰H
FI=;F

KO?
B;
J;M;>I
>?F


?H

;F


?H


P‚;M?
F;
"CAOL;

!MN;
L?>CMNLC<O=C‰H
>?
FIM
L?=OLMIM
BOG;HIM
?MN}
L?F;=CIH;>;
=IH
F;
L?;MCAH;=C‰H
>?
F;M
@OH=CIH?M
?MN;N;F?M
?HNL?
FIM
>CMNCHNIM
HCP?F?M
N?LLCNILC;F?M
!F
NL;MP;M?
G}M
CGJILN;HN?
>?
=IGJ?N?H=C;M
?MN;N;F?M
M?
JLI>ODI
?H
M;HC>;>
S
?>O=;=C‰H
?H

S

!F
L?F;NCPI
=L?=CGC?HNI
>?F
J?LMIH;F
>?
F;M
?HNC>;>?M
FI=;F?M
?MN}
L?F;=CIH;>I
=IH
F;
?RJ;HMC‰H
>?
F;
;=NCPC>;>
FI=;F
S
HI
=IH
F;M
NL;HM@?L?H=C;M
>?
INLIM
HCP?F?M
N?LLCNILC;F?M
+*63$

7@A?70B17a;
239
3:=93<
=c0971<
3;A?3
;7C393@
23
5<073?;<
 
3;



!H
?F
!MN;>I
M?
CH=FOS?H
F;M
MCAOC?HN?M
=;N?AIL…;M
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I

"O?LT;M
S
O?LJIM
>?
/?AOLC>;>
>?F
!MN;>I

"O?LT;M
LG;>;M

>GCHCMNL;=C‰H
>?
&OMNC=C;

!HNC>;>?M
,<FC=;M
!GJL?M;LC;F?M
S
+LA;HCMGIM
,<FC=IM
=IH
L‚ACG?H
?MJ?=…@C=I

!H
F;M

M?
CH=FOS?
?F
J?LMIH;F
>?
F;M
1HCP?LMC>;>?M
,<FC=;M
"O?HN?
IF?N…H
!MN;>…MNC=I
>?F
,?LMIH;F
;F
M?LPC=CI
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M
P;LCIM
;ˆIM

!H
?MN?
J?L…I>I

F;
NL;HM@?L?H=C;
>?
L?=OLMIM
BOG;HIM
;
F;M

HI
M?
B;
L?;FCT;>I
MCH
I<MN}=OFIM
S
=C?LN;M
L?NC=?H=C;M
CHC=C;F?M
>?
FIM
@OH=CIH;LCIM
?MN;N;F?M
>?
>?M?GJ?ˆ;L
MO
F;<IL
?H
?F
}G<CNI
;ONIH‰GC=I
!H
OH;
?H=O?MN;
?MNO>CI

L?;FCT;>;
;
FIM
@OH=CIH;LCIM
>?
F;
#!
JIL
?F
%/
?HNLI
>?
%HP?MNCA;=CIH?M
/I=CIF‰AC=;M

OH
N?L=CI
>?
FIM
?H=O?MN;>IM
>?
F;
#!
J?HM;<;
KO?
FIM
@OH=CIH;LCIM
?MN;N;F?M
S
;ONIH‰GC=IM
MIH
CAO;F?M
?H
=O;HNI
;
?@C=;=C;

JL?J;L;=C‰H

JL?MN;=C‰H
>?
M?LPC=CIM
;F
=CO>;>;HI

CGJ;L=C;FC>;>
?H
F;
A?MNC‰H

=;HNC>;>
>?
NL;<;DI
L?;FCT;>I
S
>?J?H>?H=C;
>?
F;
PIFOHN;>
JIF…NC=;
/C
M?
?R=FOS?H
F;M
L?MJO?MN;M
>?
KOC?H?M
=IHMC>?L;H
KO?
;G<IM
NCJIM
>?
@OH=CIH;LCIM
MIH
CAO;F?M

M?
I<M?LP;
KO?
FIM
@OH=CIH;LCIM
?MN;N;F?M
M?
=IHMC>?L;H
;
M…
GCMGIM
UG?DIL?MX
KO?
;
FIM
@OH=CIH;LCIM
;ONIH‰GC=IM
?H
F;
G;SIL…;
>?
F;M
>CG?HMCIH?M
*I
I<MN;HN?

GO=BIM
@OH=CIH;LCIM
?MN;N;F?M
M?
G;L=B;LIH
PIFOHN;LC;G?HN?
;
F;M

!MNI
M?
?RJFC=;
J;L=C;FG?HN?
JILKO?
FIM
@OH=CIH;LCIM
>?
F;
#!
=IHMC>?L;<;H
KO?
MOM
BIG‰FIAIM
;ONIH‰GC=IM
N?H…;H
G?DIL?M
L?NLC<O=CIH?M
S
G}M
JIMC<CFC>;>?M
>?
>?M;LLIFFI
JLI@?MCIH;F
%/

(IM
>;NIM
;JILN;>IM
JIL
F;
IGCMC‰H
>?
?RJ?LNIM

JO?>?H
=IHMNCNOCL
OH
CH>C=CI
>?F
CHN?L‚M
KO?
?F
}G<CNI
;ONIH‰GC=I
>?MJ?LN;<;
?H
FIM
@OH=CIH;LCIM
>?F
ALOJI

?
FIM

?@?=NCPIM
>?F
ALOJI


G}M
>?
F;
GCN;>

?@?=NCPIM
M?
?H=IHNL;<;
?H
M?LPC=CI
;=NCPI
?H
F;
#!
S
;JLIRCG;>;G?HN?
OH;
=O;LN;
J;LN?

?@?=NCPIM
?MN;<;
;F
M?LPC=CI
>?
F;M

!F
L?MNI
M?
L?J;LN?H
?HNL?
?R=?>?H=C;
PIFOHN;LC;

HILG;FG?HN?
J;L;
?D?L=?L
OH;
;=NCPC>;>
JLCP;>;

?@?=NCPIM
S
?H
M?LPC=CIM
?MJ?=C;F?M

AL;=C;M
;
OH
HIG<L;GC?HNI
>?
=;L}=N?L
>CM=L?=CIH;F

?@?=NCPIM
/CH
?G<;LAI

?H
?F
?MNO>CI
>?
.O;HI
6E
2=

AL}@C=I

MI<L?
?F
;==?MI
>?
M?CM
=O?LJIM
>?
F;
#!
M?
GO?MNL;
KO?
F;M
L?NLC<O=CIH?M
>?
F;
#!
?H
=IGJ;L;=C‰H
=IH
INL;M
>GCHCMNL;=CIH?M
I
?GJL?M;M
HI
=IHMNCNOS?
F;
L;T‰H
JLCH=CJ;F
JIL
F;
KO?
M?
IJN;
JIL
?F
=O?LJI
;
NL;P‚M
>?F
KO?
M?
;==?>?
(IM
>IM
@;=NIL?M
KO?
;ALOJ;H
=;MC
?F

>?
F;M
L?MJO?MN;M
MIH
F;
G;SIL
JLIS?==C‰H
JLI@?MCIH;F
>?F
>?M?GJ?ˆI
>?
OH
JO?MNI
?H
F;
#!
;M…
=IGI
F;
G;SIL
NL;HMJ;L?H=C;
S
?KOC>;>
?H
FIM
JLI=?MIM
M?F?=NCPIM
(IM
>IM
@;=NIL?M
KO?
M?
;ˆ;>?H
;
=IHNCHO;=C‰H
MIH
FIM
>?
G;SIL
L?AOF;LC>;>
?H
F;
=IHPI=;NILC;
>?
IJIMC=CIH?M
S
G;SIL
IJILNOHC>;>
>?
GIPCFC>;>
A?IAL}@C=;
H;=CIH;F
?
CHN?LH;=CIH;F
J;L;
?MNIM
=O?LJIM



%4;:>
/0
08;70,/:>
;]-74.:>
(IM
?GJF?;>IM
>?F
M?=NIL
J<FC=I
M?
;ALOJ;H
?H
@OH=CIH;LCIM
>?
=;LL?L;

@OH=CIH;LCIM
CHN?LCHIM

J?LMIH;F
F;<IL;F
S
J?LMIH;F
?P?HNO;F
/?AH
?MN;
F?ACMF;=C‰H

FIM
7F?4:@?2C:@D
56
42CC6C2
MIH
HIG<L;>IM

HI
=IHNL;N;>IM

S
MO
L?F;=C‰H
?MN;NON;LC;
?MN}
L?AOF;>;
JIL
?F
>?L?=BI
;>GCHCMNL;NCPI
J;L;
?F
>?M?GJ?ˆI
>?
M?LPC=CIM
JLI@?MCIH;F?M
L?NLC<OC>IM
>?
=;L}=N?L
J?LG;H?HN?
!F
@OH=CIH;LCI
>?
=;LL?L;
>?M?GJ?ˆ;
@OH=CIH?M
KO?
CGJFC=;H
F;
J;LNC=CJ;=C‰H
>CL?=N;
I
CH>CL?=N;
?H
?F
?D?L=C=CI
>?
F;M
JIN?MN;>?M
J<FC=;M
I
?H
F;
M;FP;AO;L>C;
>?
FIM
CHN?L?M?M
A?H?L;F?M
>?F
!MN;>I
S
>?
F;M
,,
!MNIM
>IM
;MJ?=NIM
KO?
>?@CH?H
F;
L?M?LP;
>?
OHIM
JO?MNIM
>?N?LGCH;>IM
;
FIM
@OH=CIH;LCIM
MIH
<;MN;HN?
CGJL?=CMIM
*C
F;
F?ACMF;=C‰H
HC
F;
DOLCMJLO>?H=C;
B;H
L?MO?FNI
?MN;
>CMNCH=C‰H
>?
@ILG;
CH=IHNLIP?LNC>;
;HN?LI

(IM
7F?4:@?2C:@D
:?E6C:?@D
MIH
HIG<L;>IM
>?
@ILG;
N?GJIL;F
JIL
L;TIH?M
?RJL?M;G?HN?
DOMNC@C=;>;M
>?
H?=?MC>;>
S
OLA?H=C;
?H
=;MIM
?H
FIM
KO?
F;
P;=;HN?
HI
JO?>?
M?L
=O<C?LN;
JIL
OH
@OH=CIH;LCI
>?
=;LL?L;
(IM
=;MIM
G}M
OMO;F?M
>IH>?
M?
I@L?=?
?MN;
N?GJIL;FC>;>
MIH
FIM
MCAOC?HN?M
M?
MOMNCNOS?
;F
NCNOF;L
>?
@ILG;
N?GJIL;F
M?
?D?=ON;H
JLIAL;G;M
>?
OH;
>OL;=C‰H
HI
MOJ?LCIL
;

;ˆIM
G}M

M?
;=OGOF;H
N;L?;M
JIL
?F
JF;TI
>?

G?M?M
?H
OH
J?L…I>I
>?

G?M?M
(IM
4@?EC2E25@D
=23@C2=6D
NL;<;D;H
J;L;
F;
>GCHCMNL;=C‰H
G?>C;HN?
OH
=IHNL;NI
KO?
M?
LCA?
JIL
F;
F?ACMF;=C‰H
F;<IL;F
JIL
FI
KO?
F;
>OL;=C‰H
>?
?MN?
=IHNL;NI
JO?>?
M?L
@CD;

CH>?@CHC>;
I
N?GJIL;F
!F
A6CD@?2=
6G6?EF2=
?M
HIG<L;>I
=IH
=;L}=N?L
HI
J?LG;H?HN?
S
M‰FI
L?;FCT;
@OH=CIH?M
?RJL?M;G?HN?
=;FC@C=;>;M
=IGI
>?
=IH@C;HT;
I
;M?MIL;GC?HNI
?MJ?=C;F
!F
HIG<L;GC?HNI
S
?F
=?M?
>?F
J?LMIH;F
?P?HNO;F
MIH
FC<L?M

?M
>?=CL

HI
>?J?H>?H
>?
OH
=IH=OLMI
O
IJIMC=C‰H

MCMN?G;
>?
;==?MI
HILG;F
J;L;
FIM
@OH=CIH;LCIM
S
=IHNL;N;>IM
F;<IL;F?M
!F
=?M?
N?H>L}
FOA;L

?H
NI>I
=;MI

=O;H>I
M?
JLI>OT=;
?F
>?
F;
;ONILC>;>
;
F;
KO?
M?
JL?MN?
F;
@OH=C‰H
>?
=IH@C;HT;
I
;M?MIL;GC?HNI
(;M
>IM
=IF?=NCPC>;>?M
G}M
CGJILN;HN?M
MIH
FIM
@OH=CIH;LCIM
>?
=;LL?L;
S
FIM
=IHNL;N;>IM
F;<IL;F?M
(;
>C@?L?H=C;
CHC=C;F
G}M
L?F?P;HN?
?HNL?
;G<IM
ALOJIM
?M
KO?
;
FIM
@OH=CIH;LCIM
>?
=;LL?L;
M?
F?M
;JFC=;
?F
>?L?=BI
;>GCHCMNL;NCPI
S
;
FIM
=IHNL;N;>IM
F;<IL;F?M
?F
>?L?=BI
F;<IL;F
/CH
?G<;LAI

M?AH
;HN?LI


F;
DOLCMJLO>?H=C;
S
?F
!!,
B;H
?MN;<F?=C>I
OH
L‚ACG?H
GCRNI
J;L;
FIM
=IHNL;N;>IM
F;<IL;F?M

JO?M
M?
F?M
;JFC=;
HILG;M
;>GCHCMNL;NCP;M
S
F;<IL;F?M
!F
!!,
M?
B;
=IHP?LNC>I
?H
F;
JLCH=CJ;F
@O?HN?
>?
>?L?=BI
J;L;
?F
J?LMIH;F
F;<IL;F
!H
?F
L‚ACG?H
HILG;NCPI
M?
B;
?GJF?;>I
F;
=IH=?J=C‰H
>?
?GJF?;>I
J<FC=I
KO?
CH=FOS?
;
@OH=CIH;LCIM
S
F;<IL;F?M

JIL
FI
KO?
;G<IM
ALOJIM
P;H
;
KO?>;L
MO<MOGC>IM
<;DI
OH
GCMGI
J;L;AO;M
HILG;NCPI
J;L;
GO=BIM
;MJ?=NIM
L?F?P;HN?M
;==?MI
;
F;
>GCHCMNL;=C‰H

F;
;JFC=;=C‰H
>?
=‰>CAIM
‚NC=IM
S
>?
=IH>O=N;

;FAOHIM
;MJ?=NIM
>?
F;
H?AI=C;=C‰H
=IF?=NCP;

FIM
>?<?L?M
;JFC=;<F?M

?F
L‚ACG?H
>?
L?MJIHM;<CFC>;>
>CM=CJFCH;LC;
S
;FAOHIM
>?L?=BIM
CH>CPC>O;F?M
1H;
>C@?L?H=C;
CGJILN;HN?
?M
KO?
OH
@OH=CIH;LCI
NC?H?
>?L?=BI
;
F;
CH;GIPCFC>;>
J?LI
OH
F;<IL;F

HI
!H
=O;FKOC?L
=;MI

F;
IHMNCNO=C‰H
M?
>?=;HN;
JIL
OH
GI>?FI
JL?@?L?HN?G?HN?
@OH=CIH;LC;F

N;G<C‚H
=IH@CLG;>I
;
J;LNCL
>?

JIL
?F
0LC<OH;F
IHMNCNO=CIH;F
/CH
?G<;LAI

F;
L?;FC>;>
HI
MC?GJL?
M?
B;
;LGIHCT;>I
=IH
?F
G;H>;NI
=IHMNCNO=CIH;F
?H
NI>IM
FIM
}G<CNIM
>?
AI<C?LHI
!RCMN?
OH;
>C@?L?H=C;
=IHMC>?L;<F?
?H
F;
>CMNLC<O=C‰H
>?
J?LMIH;F
?H
FIM
>CMNCHNIM
}G<CNIM
N?LLCNILC;F?M
(;
JLIJIL=C‰H
>?
@OH=CIH;LCIM
?M
MOJ?LCIL
?H
F;
!MN;>I


?H

KO?
?H
?F
L?MNI
>?
FIM
HCP?F?M
F;M



S
F;M
!!((


2‚;M?
F;
"CAOL;

+*63$

7@A?70B17a;
239
=3?@<;/9
@35c;
@B
?39/17a;
1<;A?/1AB/9
=<?
;7C39
23
5<073?;<




"O?HN?
),




 ;NIM
>?F
IF?N…H
>?
?H?LI

(;
G;SIL
JLIJIL=C‰H
>?
=IHNL;N;>IM
F;<IL;F?M
?H
F;M

S
F;M
!!((
JO?>?
>?<?LM?
;
F;M
H?=?MC>;>?M
>?
;@LIHN;L
?F
=L?=CGC?HNI
>?F
!MN;>I
;ONIH‰GC=I
S
FI=;F
?H
OH
=IHN?RNI
?H
?F
KO?
M?
JL?=CM;<;
>?
@F?RC<CFC>;>

=IH@?LC>;
JIL
F;
=IHNL;N;=C‰H
F;<IL;F
/CH
?G<;LAI

?MN;
L;T‰H
?HG;M=;L;
INLIM
@;=NIL?M
>?
CGJILN;H=C;
O?H=;

G;HNC?H?
KO?
F;
=IHNL;N;=C‰H
F;<IL;F
B;
=IHMNCNOC>I
OH
MO<N?L@OACI
J;L;
JLIJIL=CIH;L
?GJF?I
;
F;M
=FC?HN?F;M
>?
FIM
J;LNC>IM
?H
?F
}G<CNI
FI=;F
!H
?M?
?GJF?I
FI=;F

MIF;G?HN?
OH
N?L=CI
>?
FIM
=IHNL;N;>IM
F;<IL;F?M
?L;H
@CDIM
?HNL?

S

O?H=;

,IL
N;HNI

?F
?GJF?I
J<FC=I
FI=;F
?M
JL?>IGCH;HN?G?HN?
F;<IL;F
S
N?GJIL;F

MOM=?JNC<F?
>?
M?L
CH@FOC>I
JIL
?F
JI>?L
JIF…NC=I
!M
>C@…=CF
>?N?LGCH;L
MC
?F
HG?LI
>?
?GJF?;>IM
J<FC=IM
KO?
J?LG;H?=?
?H
?F
!MN;>I
?M
CHMO@C=C?HN?

;>?=O;>I
I
?R=?MCPI
!H
F;
?H=O?MN;
>?F
%/

?H


?F

>?
FIM
?H=O?MN;>IM
J?HM;<;
KO?
?L;
CHMO@C=C?HN?

?F


;>?=O;>I
S
OH


FI
=IHMC>?L;<;
?R=?MCPI
,IL
?D?GJFI

>?
;KO?FFIM
KO?
J?HM;<;H
KO?
?F
HG?LI
?M
CHMO@C=C?HN?

OH


=L?…;
KO?
?MN?
JLI<F?G;
M?
>;
?H
NI>IM
FIM
ALOJIM
S

;
=IHNCHO;=C‰H

OH


J?HM;<;
KO?
M?
>;
?MJ?=C;FG?HN?
?H
?F
ALOJI
>?
;>GCHCMNL;NCPIM
S
;ORCFC;L?M
!MN;
J?L=?J=C‰H
HI
J;L?=?
?H=;D;L
<C?H
=IH
FIM
>;NIM
I<D?NCPIM
(;
JLIJIL=C‰H
>?
=O;>LIM
G?>CIM
S
>CL?=NCPIM
B;
J?LG;H?=C>I
?MN;<F?
?HNL?

S

MCH
?G<;LAI

F;
JLIJIL=C‰H
>?
FIM
HCP?F?M
CH@?LCIL?M
B;
;OG?HN;>I
>?F


?H

;F


?H


P‚;M?
F;
"CAOL;

!F
CH=L?G?HNI
>?
F;
JLIJIL=C‰H
>?
NL;<;D;>IL?M
>?
<;D;
=O;FC@C=;=C‰H
HI
;SO>;
;
F;
#!
;
>?M?GJ?ˆ;L
F;M
=IGJ?N?H=C;M
>?
JF;HC@C=;=C‰H

L?AOF;=C‰H
S
MOJ?LPCMC‰H
KO?
JL?=CM;
+*63$

C<9B17a;
23
9/
4B;17a;
=c0971/
3@A/A/9
@35c;
;7C393@
 

"O?HN?
%#!%HN?LP?H=C‰H
#?H?L;F
>?
F;
>GCHCMNL;=C‰H
>?F
!MN;>I


%#!%HN?LP?H=C‰H
#?H?L;F
>?
F;
>GCHCMNL;=C‰H
>?F
!MN;>I


%#!%HN?LP?H=C‰H
#?H?L;F
>?
F;
>GCHCMNL;=C‰H
>?F
!MN;>I



O?LJI
MOJ?LCIL
>?
;>GCHCMNL;>IL?M
=CPCF?M
>?F
!MN;>I
S
=O?LJI
MOJ?LCIL
>?
MCMN?G;M
S
N?=HIFIA…;M
>?
F;
CH@ILG;=C‰H
>?
F;
>GCHCMNL;=C‰H
>?F
!MN;>I
=O?LJI
>?
A?MNC‰H
>?
;>GCHCMNL;=C‰H
=CPCF
>?F
!MN;>I
S
=O?LJI
>?
A?MNC‰H
>?
MCMN?G;M
?
CH@ILG}NC=;
=O?LJI
A?H?L;F
;ORCFC;L
S
=O?LJI
N‚=HC=I
;ORCFC;L
>?
CH@ILG}NC=;

!!,

;LNM

 
& )(!"(#
-
''(!

$&#!#Y"


,
/0?0..4[9
/0
90.0>4/,/0>
(;
>?N?==C‰H
>?
H?=?MC>;>?M
J;L;
=O<LCL
F;M
P;=;HN?M
>?
FIM
GCHCMN?LCIM
S
FIM
ILA;HCMGIM
>?J?H>C?HN?M
>?
F;
#!
>;H
FOA;L
;
F;
+@?LN;
>?
!GJF?I
,<FC=I
+!,
!F
JLI=?MI
KO?
?RCMN?
>?M>?
KO?
M?
>?N?=N;
OH;
H?=?MC>;>
=IH=L?N;
B;MN;
KO?
M?
M?F?==CIH;
OH
@OH=CIH;LCI
S
‚MN?
>?M?GJ?ˆ;
MOM
F;<IL?M
?H
F;
>GCHCMNL;=C‰H
JO?>?
>OL;L
?HNL?
>IM
S
NL?M
;ˆIM
!H
?F
JLI=?MI
CHN?LPC?H?H
P;LCIM
;=NIL?M
FIM
GCHCMN?LCIM
S
FIM
ILA;HCMGIM
J<FC=IM
>?
F;
#!

F;
/O<>CL?==C‰H
=IGJ?N?HN?
?H
?F
GCHCMN?LCI
>?
$;=C?H>;
S I
,,
?H=;LA;>;
>?
L?=C<CL
F;M
J?NC=CIH?M
>?
FIM
‰LA;HIM
>?
F…H?;

FIM
MCH>C=;NIM
?H
FIM
‰LA;HIM
=IF?=NCPIM
=ILL?MJIH>C?HN?M

FIM
=O?LJIM
>?
@OH=CIH;LCIM
S
MOM
;MI=C;=CIH?M

F;
IGCMC‰H
/OJ?LCIL
>?
,?LMIH;F

S
F;
IGCMC‰H
#?H?L;F
>?
/?=L?N;LCIM
>?
!MN;>I
S
/O<M?=L?N;LCIM

KO?
?HP…;
F;
+!,
J;L;
KO?
M?;
;JLI<;>;
?H
IHM?DI
>?
)CHCMNLIM
/?AH
F;
CHP?MNCA;=C‰H
>?
.O;HI
6E
2=


?MN?
JLI=?MI
>?
>?N?LGCH;=C‰H
>?
H?=?MC>;>?M
NC?H?
>IM
>CM@OH=CIH;FC>;>?M
,IL
OH;
J;LN?

?F
JLI=?MI
NC?H?
OH
;FNI
=IGJIH?HN?
JIF…NC=I
?H
F;
H?AI=C;=C‰H
>?
FIM
>CMNCHNIM
;=NIL?M
S
F;M
N‚=HC=;M
>?
JF;HC@C=;=C‰H
>?
L?=OLMIM
BOG;HIM
HI
>?M?GJ?ˆ;H
OH
J;J?F
@OH>;G?HN;F
,IL
INL;
J;LN?

F;
F;LA;
>OL;=C‰H
>?F
JLI=?MI
I=;MCIH;
KO?
F;M
H?=?MC>;>?M
>?F
;ˆI

M?
G?T=F;H
=IH
F;M
H?=?MC>;>?M
?H
?F
GIG?HNI
>?
I=OJ;LM?
F;M
P;=;HN?M
>?F
;ˆI


JIL
FI
KO?
JIMC<F?G?HN?
HI
=ICH=C>;H

 
..0>:
(IM
JLCH=CJCIM
KO?
JLCG;H
?H
?F
;==?MI
;F
?GJF?I
J<FC=I
MIH
F;
CAO;F>;>

?F
G‚LCNI
S
F;
=;J;=C>;>
!F
?GJF?I
>?F
G‚LCNI
?H
?F
;==?MI
S
?H
F;
=;LL?L;
;>GCHCMNL;NCP;
?MN}
;MI=C;>I
;
F;
42=:525
56=
8@3:6C?@

KO?
?H
OH;
>?@CHC=C‰H
>?
G…HCGIM
I@L?=C>;
JIL
(;JO?HN?


M?
L?@C?L?
;
U;KO?F
AI<C?LHI
KO?
NL;N;
;
=O;FKOC?L
;A?HN?
S;
M?;H
=CO>;>;HIM

?GJL?M;M
I
?HNC>;>?M
MCH
}HCGI
>?
FO=LI
>?
@ILG;
CGJ;L=C;F

?M
>?=CL

>?
;=O?L>I
;
FI
?MN;<F?=C>I
?H
F;M
HILG;M
F?A;F?M
>?F
J;…MX
1H;
<OLI=L;=C;
M?F?==CIH;>;
S
JLIGI=CIH;>;
M?AH
?F
G‚LCNI
>?<?L…;
I=;MCIH;L
OH
G;SIL
=L?=CGC?HNI
?=IH‰GC=I
!P;HM
S
.;O=B


G?DIL?M
JIF…NC=;M
;GJIM
6E
2=

S
?H
OH;
G?HIL
=ILLOJ=C‰H
 ;BFMNLŠG
6E
2=

!F
MCMN?G;
IL>CH;LCI
>?
CHAL?MI
J;L;
FIM
@OH=CIH;LCIM
>?
=;LL?L;
?M
F;
IJIMC=C‰H
S
?F
=IH=OLMIIJIMC=C‰H
!F
=IH=OLMI
=IHMCMN?
?H
>?N?LGCH;L
FIM
G‚LCNIM
L?F;NCPIM
>?
OH
=;H>C>;NI
?H
NILHI
;
OHIM
=LCN?LCIM
JL?PC;G?HN?
?MJ?=C@C=;>IM
(;
IJIMC=C‰H
=IHMCMN?
?H
OH;
M?LC?
>?
JLO?<;M
KO?
>?N?LGCH;H
F;
=;J;=C>;>
S
F;
;JNCNO>
>?
FIM
;MJCL;HN?M
S
@CD;H
OH
IL>?H
>?
JL?F;=C‰H
!F
HCP?F
>?F
N…NOFI
?>O=;NCPI
>?N?LGCH;
?F
=O?LJI
I
=O?LJIM
;
FIM
KO?
M?
JO?>?
;==?>?L
;>I
KO?
F;
=IH@CAOL;=C‰H
>?F
;==?MI
=;M;<;
G;F
=IH
FIM
HO?PIM
N…NOFIM
?>O=;NCPIM
L?MOFN;HN?M
>?
F;
L?@ILG;
?H
?F
MCMN?G;
?>O=;NCPI

?F
!!,
JL?PC‰
OH
MCMN?G;
FCA?L;G?HN?
>C@?L?HN?
>IH>?
M?
=IHN?GJF;H
FIM
HO?PIM
N…NOFIM
>?F
MCMN?G;
?MJ;ˆIF

P‚;M?
F;
0;<F;

$%.$

9/@7471/17a;
3;
5?B=<@
/@A/
 3@23


.sJKBE
:;
:E9JEH
B?9;D9?7:E
?D=;D?;HE
7HGK?J;9JE
E !HKFE

 .sJKBE
:;
:E9JEH
B?9;D9?7:E
?D=;D?;HE
7HGK?J;9JE
E !HKFE .sJKBE
KD?L;HI?J7H?E
:;
=H7:E
!HKFE ;GK?L7B;DJ; 
 .sJKBE
:;
?D=;D?;HE
Jq9D?9E
:?FBEC7:E
KD?L;HI?J7H?E
7HGK?J;9JE
Jq9D?9E
<EHC79?vD
FHE<;I?ED7B
:;
J;H9;H
=H7:E !HKFE
.sJKBE
KD?L;HI?J7H?E
:;
=H7:E
E
;GK?L7B;DJ; 

!HKFE !HKFE
.q9D?9E
IKF;H?EH
 

!HKFE
.sJKBE
:;
879>?BB;H
E
Jq9D?9E
!HKFE .sJKBE
:;
879>?BB;H
<EHC79?vD
FHE<;I?ED7B
:;
I;=KD:E 
 =H7:E
E
;GK?L7B;DJ;
!HKFE
.sJKBE
:;
=H7:K7:E
;D
;:K979?vD
I;9KD:7H?E
E8B?=7JEH?7
-)


!HKFE .sJKBE
:;
=H7:K7:E
;I9EB7H
<EHC79?vD
FHE<;I?ED7B
:;

 FH?C;H
=H7:E
E
;GK?L7B;DJ; =HKF79?ED;I
FHE<;I?ED7B;I
F7H7
9KOE
799;IE
DE
I;
;N?@7
;IJ7H
;D
FEI;I?vD
:;
D?D=KD7
:;
B7I
J?JKB79?ED;I
FH;L?IJ7I
;D
;B
!HKFE I?IJ;C7
;:K97J?LE
;HJ?<?97:E
:;
;I9EB7H?:7:

"O?HN?
().",
S
!!
,;L;
F;M
?KOCP;F?H=C;M
M?
MCAO?
FI
>CMJO?MNI
?H
F;
>CMJIMC=C‰H
NL;HMCNILC;
N?L=?L;
S
F;
>CMJIMC=C‰H
;>C=CIH;F
M‚JNCG;
>?F
!!

(;
=F;MC@C=;=C‰H
?HG;M=;L;
?F
B?=BI
>?
KO?
B;S
GO=B;M
J?LMIH;M
KO?
;==?>?H
;
=O?LJIM
J;L;
FIM
KO?
?F
HCP?F
?>O=;NCPI
?RCAC>I
?M
GO=BI
G?HIL
,IL
?D?GJFI

?H
?F
?MNO>CI
>?F
%/

>?


?F


>?
FIM
?H=O?MN;>IM
>?=F;L;LIH
?MN;L
?H
JIM?MC‰H
>?
;FAOH;
NCNOF;=C‰H
;=;>‚GC=;
MOJ?LCIL
;
F;
?RCAC>;
?H
?F
=O?LJI
;F
KO?
J?LN?H?=…;H
!HNL?

S


JL}=NC=;G?HN?
NI>IM
FIM
=;H>C>;NIM
;F
=O?LJI
>?
A?MNC‰H
>?
>GCHCMNL;=C‰H
N?H…;
OH
N…NOFI
OHCP?LMCN;LCI
;OHKO?
HI
@O?L;
H?=?M;LCI
.O;HI
6E
2=


!H
OH

>?
?MNIM
=;MIM

?M;
NCNOF;=C‰H
HI
F?M
B;<…;
M?LPC>I
J;L;
JLIGI=CIH;LM?
>?HNLI
>?
F;
>GCHCMNL;=C‰H
!MN?
>?M;DOMN?
JO?>?
=IH>O=CL
;
F;
@LOMNL;=C‰H
>?
?MNIM
@OH=CIH;LCIM
(;
L;T‰H
KO?
JO?>?
?RJFC=;L
F;
;=?JN;=C‰H
>?
?MN?
>?M;DOMN?
?M
F;
M?AOLC>;>
?H
?F
?GJF?I
KO?
JLIJIL=CIH;
?F
NL;<;DI
?H
F;
>GCHCMNL;=C‰H
J<FC=;
!H
?F
?MNO>CI

>?F
%/


?F

>?
FIM
@OH=CIH;LCIM
G;HC@?MN;<;H
KO?
F;
L;T‰H
JLCH=CJ;F
KO?
F?M
GIPC‰
;
CHAL?M;L
?H
F;
>GCHCMNL;=C‰H
J<FC=;
@O?
F;
M?AOLC>;>
?H
?F
?GJF?I
;>;
OH;
>?
F;M
;FN?LH;NCP;M
MOJIH…;
G?HIM
>?
OH

>?
F;M
L?MJO?MN;M
(;
M?AOLC>;>
?H
?F
?GJF?I
B;
MC>I
OH
@;=NIL
KO?
M?
B;
CH=L?G?HN;>I
;
FI
F;LAI
>?F
NC?GJI
?HNL?
FIM
@OH=CIH;LCIM
J<FC=IM
?H
!MJ;ˆ;
!H



?FCAC‰
?MN;
L;T‰H
#‰G?T.?CHI

+LCTI

?H

S;
FI
;JIS;<;
?F

>?
FIM
?H=O?MN;>IM
%/


!H
?F
?MNO>CI
>?
.O;HI
6E
2=

AL}@C=I


?F


>?
FIM
=O;NLI
=O?LJIM
;H;FCT;>IM
G;HN?H…;H
KO?
B;<…;H
?F?AC>I
B;=?L
OH;
IJIMC=C‰H
JIL
F;
?MN;<CFC>;>
S
F;
M?AOLC>;>
?H
?F
?GJF?I
1H;
M?AOH>;
;FN?LH;NCP;
>?
?MN;
JL?AOHN;
=IH
L?MJO?MN;M
GFNCJF?M
?M
F;
=IH=CFC;=C‰H
>?
F;
PC>;
J?LMIH;F

@;GCFC;L
S
F;<IL;F



(;
PI=;=C‰H
JIL
?F
M?LPC=CI
J<FC=I
M?
?H=O?HNL;
?H
=O;LNI
FOA;L


S
FIM
CHAL?MIM
M‰FI
;=;J;L;H
?F


>?
F;M
?F?==CIH?M
(;M
JLO?<;M
S
MO
=IHN?HC>I
MIH
>CMNCHN;M
?H
@OH=C‰H
>?F
=O?LJI
;
NL;P‚M
>?F
KO?
M?
;==?>?
!H
A?H?L;F

F;
/O<>CL?==C‰H
>?
,F;HC@C=;=C‰H
>?
.?=OLMIM
$OG;HIM
>?F
)CHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
J<FC=;M
JLIJIH?
F;M
<;M?M
NCJI
>?F
JLI=?MI
>?
IJIMC=C‰H
S
MOJ?LPCM;
FIM
N?G;LCIM
JLIJO?MNIM
JIL
FIM
GCHCMN?LCIM
?H
FIM
KO?
M?
JLI>O=?H
P;=;HN?M
/?AH
.O;HI
6E
2=


OH;
>CMNILMC‰H
CGJILN;HN?
?M
F;
@;FN;
>?
=ICH=C>?H=C;
?HNL?
FIM
L?KOCMCNIM
>?
FIM
JO?MNIM
=IH=L?NIM
>?
NL;<;DI
S
F;M
@OH=CIH?M
>?
FIM
=O?LJIM
(IM
JLIAL;G;M
?H
FIM
KO?
M?
<;M;H
F;M
JLO?<;M
;J;L?=?H
JO<FC=;>IM
?H
?F
IF?N…H
+@C=C;F
>?F
!MN;>I
!MNIM
JLIAL;G;M
;<;L=;H
OH;
AL;H
P;LC?>;>
>?
}L?;M
>?
=IHI=CGC?HNI
(;
G;SIL…;
>?
F;M
JLO?<;M
MO?F?
N?H?L
OH
=IHMC>?L;<F?
=IHN?HC>I
DOL…>C=I
>?G}M
M?
F?
>;
CGJILN;H=C;
;F
=IHN?HC>I
>?
F;
?MJ?=C;FC>;>
;
NL;P‚M
>?
F;
=O;F
?F
=;H>C>;NI
IJN;
JIL
?F
CHAL?MI
!M
OMO;F
KO?
?H
FIM
=O?LJIM
=IH
NCNOF;=CIH?M
MOJ?LCIL?M
M?
=IG<CH?H
JLO?<;M
>?
NCJI
G?GIL…MNC=I
S
=;MIM
JL}=NC=IM
OH
?R;G?H
IL;F
S
INLI
?M=LCNI
;>I
KO?
M?
?GJF?;H
>CMNCHN;M
JLO?<;M
S
?F
HG?LI
>?
;MJCL;HN?M
MO?F?
M?L
?F?P;>I

?F
J?L…I>I
>?
M?F?==C‰H
JO?>?
JLIFIHA;LM?
G}M
>?
OH
;ˆI
!F
HG?LI
>?
N?G;M
P;L…;
?H
@OH=C‰H
>?
=;>;
=O?LJI
S
>?F
ALOJI
>?
NCNOF;=C‰H
?H
?F
KO?
?F
=O?LJI
?MN‚
CHN?AL;>I
,IL
?D?GJFI

>?HNLI
>?F
ALOJI


?F
HG?LI
>?
N?G;M
IM=CF;
?HNL?

KO?
M?
?RCA?H
?H
;FAOHIM
=O?LJIM
S
FIM

KO?
M?
JC>?H
?H
INLIM
=O?LJIM

;OHKO?
F;
G?>C;
LIH>;
?H
NILHI
;
FIM

N?G;M
(IM
@OH=CIH;LCIM
>?
FIM
=O?LJIM
L?=IHI=?H

HI
I<MN;HN?

KO?
?RCMN?
OH;
C>?;
N}=CN;
>?
KO?
?F
HG?LI
>?
N?G;M
>?
F;
IJIMC=C‰H
>?N?LGCH;
?F
JL?MNCACI
>?F
=O?LJI
.O;HI
6E
2=


!F
JLI=?MI
>?F
L?=FON;GC?HNI
HI
?M
FI
MO@C=C?HN?G?HN?
}ACF
=IGI
J;L;
>;L
OH;
L?MJO?MN;
@F?RC<F?
;
F;M
>?G;H>;M
=L?=C?HN?M
S
=;G<C;HN?M
>?
F;M
,,
JIL
F;M
L;TIH?M
KO?
M?
?RJIH?H
;
=IHNCHO;=C‰H
!H
JLCG?L
FOA;L

?F
J?L…I>I
>?
>OL;=C‰H
>?
F;M
JLO?<;M
?M
?R=?MCPI
=IGI
M?
B;
?HOH=C;>I
(;
JLIFIHA;>;
>OL;=C‰H
>?
F;M
JLO?<;M
N;G<C‚H
J?LDO>C=;
;F
=;H>C>;NI

KO?
>?<?
>?MNCH;L
L?=OLMIM
JLIJCIM
J;L;
MO
JL?J;L;=C‰H
?F
NC?GJI
CHP?LNC>I
\?H
GO=B;M
I=;MCIH?M
MCH
JI>?L
NL;<;D;L
;F
GCMGI
NC?GJI\
S
?F
=IMN?
>?
F;
JL?J;L;=C‰H
?MJ?=C;FCT;>;
!MN;
>OL;=C‰H
M?
;ˆ;>?
;F
NC?GJI
>?
JL?J;L;=C‰H
JL?PCI
>?
FIM
=;H>C>;NIM

KOC?H?M
B;H
JI>C>I
JL?M?HN;LM?
;
>CMNCHN;M
IJIMC=CIH?M
>?F
}G<CNI
FI=;F

;ONIH‰GC=I
S
?MN;N;F
!H
?F
=;MI
>?
=O?LJIM
>?
A?MNC‰H
>?
F;
>GCHCMNL;=C‰H

=;MC
>IM
N?L=CIM
>?
FIM
?H=O?MN;>IM


H?=?MCN‰
?HNL?

S

G?M?M
J;L;
JL?J;L;L
S
MOJ?L;L
OH;
IJIMC=C‰H
GC?HNL;M
KO?
J;L;
;==?>?L
;F
=O?LJI
MOJ?LCIL
>?
;>GCHCMNL;>IL?M
=CPCF?M
>?F
!MN;>I
?F


CHPCLNC‰
?HNL?

S

G?M?M
.O;HI
6E
2=


!H
M?AOH>I
FOA;L

HI
MO?F?
B;<?L
OH;
C>?HNC@C=;=C‰H
?HNL?
F;M
J?LMIH;M
KO?
>?=C>?H
S
>CM?ˆ;H
FIM
N?G;M
>?
F;
IJIMC=C‰H
S

;
P?=?M

B;MN;
MO
=IHN?HC>I
S
FIM
GC?G<LIM
>?F
NLC<OH;F
KO?
?P;F;
;
FIM
=;H>C>;NIM
!MNI
B;=?
KO?
MOLD;H
>CMJ;LC>;>?M
>?
=LCN?LCI
;
F;
BIL;
>?
?P;FO;L
FIM
?R}G?H?M
>?
FIM
=;H>C>;NIM
!H
N?L=?L
FOA;L

FIM
GC?G<LIM
>?
OH
=O?LJI
HI
JO?>?H
GIHIJIFCT;L
FIM
NLC<OH;F?M
>?
;==?MI
;
MO
=O?LJI
!M
I<FCA;NILCI
HIG<L;L
@OH=CIH;LCIM
>?
INLIM
=O?LJIM
J;L;
@ILG;L
J;LN?
>?
F;M
=IGCMCIH?M
?P;FO;>IL;M
/CH
?G<;LAI

?H
F;
JL}=NC=;
F;
CH@FO?H=C;
>?
FIM
GC?G<LIM
>?F
=O?LJI
L?=FON;>IL
?M
=IHMC>?L;<F?
!H
IJIMC=CIH?M
=IH
GO=BIM
=;H>C>;NIM
S
OH;
JLO?<;
IL;F

F;M
=IGCMCIH?M
JO?>?H
N?H?L
B;MN;

GC?G<LIM

KOC?H?M
MO?F?H
NOLH;LM?
;
F;
BIL;
>?
@ILG;L
J;LN?
>?
FIM
NLC<OH;F?M
KO?
?P;F;H
?MJ?=C;FG?HN?
F;
JLO?<;
IL;F
!F
JL?MC>?HN?
S
?F
M?=L?N;LCI
NCNOF;L
S
MOJF?HN?
MO?F?H
M?L
MC?GJL?
GC?G<LIM
>?F
=O?LJI
>IH>?
M?
=O<LCL}H
F;M
P;=;HN?M
>C=CIH;FG?HN?

?H
F;M
>?=CMCIH?M
>?
=‰GI
ILA;HCT;L
F;
JLO?<;
NCJI
>?
JL?AOHN;M

=LCN?LCIM
>?
M?F?==C‰H
S
INL;M
MCGCF;L?M

F;
L?F?P;H=C;
>?
FIM
GC?G<LIM
>?F
=O?LJI
?M
=IHMC>?L;<F?

G}RCG?
=O;H>I
FIM
GC?G<LIM
>?
INLIM
=O?LJIM
HI
NC?H?H
OH
CHN?L‚M
?MJ?=C;F
?H
KOC‚H
?M
M?F?==CIH;>I
!H
=O;LNI
FOA;L

F;
=IGJIMC=C‰H
>?
FIM
NLC<OH;F?M
P;L…;
=IHNCHO;G?HN?
;>I
KO?
F;M
JLO?<;M
M?
=?F?<L;H
>OL;HN?
P;LCIM
>…;M

?F
NLC<OH;F
JO?>?
N?H?L
OH;
=IGJIMC=C‰H
>C@?L?HN?
?H
=;>;
M?MC‰H
S
HI
?RCMN?
H?=?M;LC;G?HN?
OH;
BIGIA?H?C>;>
>?
=LCN?LCIM
?HNL?
MOM
GC?G<LIM
>?G}M

?MNIM
NLC<OH;F?M
HI
?MN}H
@ILG;>IM
JIL
JLI@?MCIH;F?M
?MJ?=C;FCT;>IM
?H
?P;FO;L
FIM
?D?L=C=CIM

JO?M
MO
NL;<;DI
JLCH=CJ;F
?M
>CMNCHNI
;F
>?F
L?=FON;GC?HNI
HILG;FG?HN?
"CH;FG?HN?

F;
=IGJIMC=C‰H
B?N?LIA‚H?;
>?
FIM
GC?G<LIM
>?F
NLC<OH;F
JL?M?HN;
CH=IHP?HC?HN?M

>;>I
KO?
FIM
@OH=CIH;LCIM
HI
CHN?AL;HN?M
>?F
=O?LJI
HI
MC?GJL?
?MN}H
;F
=ILLC?HN?
>?
F;
ILC?HN;=C‰H
>CM=CJFCH;L
>?
FIM
N?G;M
KO?
M?
?MN}H
?P;FO;H>I
,IL
?D?GJFI

OH
<IA;>I
>?F
!MN;>I

=IH
@ILG;=C‰H
DOL…>C=;
JOL;

JO?>?
HI
;JL?=C;L
=IHP?HC?HN?G?HN?
FIM
N?G;M
>?
A?MNC‰H
>?
F;
=;FC>;>
>?F
N?G;LCI
>?F
=O?LJI
MOJ?LCIL
>?
;>GCHCMNL;>IL?M
=CPCF?M
!H
KOCHNI
FOA;L

F;
CH?MN;<CFC>;>
>?F
JLI=?MI
M?F?=NCPI
JLIPI=;
CH=?LNC>OG<L?
?H
F;
=IHNCHOC>;>
>?
F;
=IHPI=;NILC;
>?
>?N?LGCH;>;M
JLO?<;M
mMN;M
JO?>?H
HI
=IHPI=;LM?
NI>IM
FIM
;ˆIM
S
MC
M?
=IHPI=;

FIM
JLIAL;G;M
JO?>?H
GI>C@C=;LM?
I
JO?>?
;FN?L;LM?
?F
HG?LI
>?
JLO?<;M
"CH;FG?HN?

HI
B;S
J;L;F?FCMGI
?HNL?
FIM
=IHI=CGC?HNIM
?RCAC>IM
S
?F
NL;<;DI
KO?
FIM
HO?PIM
@OH=CIH;LCIM
>?<?H
>?M?GJ?ˆ;L
OH;
P?T
MOJ?L;>;M
F;M
JLO?<;M
!H
>?@CHCNCP;
M?
=L…NC=;
KO?
M?
?RCD;H
GO=BIM
=IHI=CGC?HNIM
N?‰LC=IM
KO?
HI
NC?H?H
;JFC=;=C‰H
JL}=NC=;
?H
F;
PC>;
JLI@?MCIH;F
!F
MCMN?G;
>?
M?F?==C‰H
>?
@OH=CIH;LCIM
HI
?M
‰JNCGI
1H


>?
FIM
@OH=CIH;LCIM
?H=O?MN;>IM
?H

%/
!MNO>CI

J?HM;<;H
KO?
?F
MCMN?G;
>?
M?F?==C‰H
?L;
L?AOF;L

G;FI
I
GOS
G;FI
?
?MNIM

OH


;>O=…;H
KO?
F;
@;FN;
>?
C>IH?C>;>
>?F
MCMN?G;
M?
>?<…;
;
KO?
HI
M?
P;FIL;<;
;>?=O;>;G?HN?
F;
=;J;=C>;>
L?;F
>?
F;M
J?LMIH;M
OH


G;HN?H…;
KO?
B;<…;
>CM=L?J;H=C;
?HNL?
?F
N?G;LCI
S
?F
NL;<;DI
;
L?;FCT;L
S
OH


G;HC@?MN;<;
KO?
M?
>;<;
OH
J?MI
?R=?MCPI
;F
?R;G?H
(;
H;NOL;F?T;
>?
F;M
JLO?<;M
HI
B;
=;G<C;>I
>?
@ILG;
=IHMC>?L;<F?
=IGI
J;L;
?MJ?L;L
OH;
IJCHC‰H
>C@?L?HN?
BIS
?H
>…;
/CH
?G<;LAI

F;
IJCHC‰H
>?
FIM
=O?LJIM
;H;FCT;>IM
JIL
.O;HI
S
MOM
=IF?A;M
?M
>C@?L?HN?
(IM
=;H>C>;NIM
;
?MNIM
=O?LJIM

M;FPI
KO?
?F
J?L…I>I
>?
>OL;=C‰H
>?
F;M
JLO?<;M
?M
GOS
F;LAI

?MN}H
M;NCM@?=BIM
=IH
?F
;=NO;F
MCMN?G;
JO?M
J?LGCN?
G?>CL
G?DIL
?F
G‚LCNI
S
F;
=;J;=C>;>
>?
FIM
@OH=CIH;LCIM
.O;HI
6E
2=





,==0=,
(;
@OH=C‰H
J<FC=;
?MJ;ˆIF;
NC?H?
=;L;=N?L…MNC=;M
JLIJC;M
>?
OH
MCMN?G;
>?
=;LL?L;
!F
@OH=CIH;LCI
NC?H?
>?L?=BI
;
I=OJ;L
OH;
=IHMN?F;=C‰H
>?
JO?MNIM
KO?
M?
>CMJIH?H
>?
@ILG;
D?L}LKOC=;
!MN?
MCMN?G;
>?
=;LL?L;
M?
;LNC=OF;
?H
NILHI
;
NL?M
?F?G?HNIM
F;
L?F;=C‰H
>?
JO?MNIM
>?
NL;<;DI
.,0

?F
NCJI
>?
NCNOF;=C‰H
;
NL;P‚M
>?F
=O;F
M?
B;
;==?>C>I
;
F;
@OH=C‰H
J<FC=;
S
F;
;MCAH;=C‰H
>?
OH
AL;>I
J?LMIH;F
;F
@OH=CIH;LCI
(;
.,0
>?
OH;
ILA;HCT;=C‰H
>?<?
=IHN?H?L
NI>IM
MOM
JO?MNIM
=IH
OH;
>?M=LCJ=C‰H
>?
F;M
N;L?;M
PCH=OF;>;M
;F
JO?MNI

?F
=IGJF?G?HNI
?MJ?=…@C=I
M;F;LC;F
KO?
F?
=ILL?MJIH>?
S
?F
HCP?F
KO?
M?
F?
;MCAH;
0I>IM
FIM
JO?MNIM
>?
F;
ILA;HCT;=C‰H
?MN}H
PCH=OF;>IM
;
;FAOHI
>?
FIM
NL?CHN;
HCP?F?M
?H
FIM
KO?
‚MNIM
M?
;ALOJ;H

;OHKO?
?H
F;
JL}=NC=;
M‰FI
?RCMN?H
JO?MNIM
MOJ?LCIL?M
;F
HCP?F

(IM
JO?MNIM
>?F
HCP?F

M?
>CMNCHAO?H
>?
NI>IM
FIM
>?G}M
?H
KO?
MO
JLIPCMC‰H
HI
>?J?H>?
>?
=LCN?LCIM
G?LCNI=L}NC=IM

?M
>?=CL

HI
M?
JLIP??H
G?>C;HN?
OH
=IH=OLMI
>?
G‚LCNIM
/IH
JO?MNIM
>?
FC<L?
>?MCAH;=C‰H

JIL
FI
KO?
=O;FKOC?L
@OH=CIH;LCI
JO?>?
M?L
HIG<L;>I
S
=?M;>I
?H
=O;FKOC?L
GIG?HNI
JIL
?F
MOJ?LCIL
CHG?>C;NI

=;MC
MC?GJL?
OH
CL?=NIL
#?H?L;F
$;MN;
F;
;JLI<;=C‰H
>?F
!!,
?H


?F
@OH=CIH;LCI
>?<…;
I=OJ;L
?@?=NCP;G?HN?
?F
JO?MNI
KO?
M?
?H=O?HNL;
?H
OH
HCP?F
MOJ?LCIL
J;L;
;P;HT;L
OH
J?F>;ˆI
?H
F;
=;LL?L;
;>GCHCMNL;NCP;
!MN?
;P;H=?
M?
?H=IHNL;<;
=IH
P;LC;M
L?MNLC==CIH?M
PCH=OF;>;M
;F
ALOJI
>?
NCNOF;=C‰H
;F
KO?
J?LN?H?=?
?F
=O?LJI
>?F
KO?
?M
GC?G<LI
S
?F
AL;>I
J?LMIH;F
KO?
?F
@OH=CIH;LCI
IMN?HN;
(IM
ALOJIM
>?
NCNOF;=C‰H
NC?H?H
;MCAH;>IM
OH
L;HAI
>?
HCP?F?M
;
=OSIM
JO?MNIM
JO?>?H
;==?>?L
FIM
GC?G<LIM
>?F
=O?LJI
KO?
M?
;>M=LC<;H
;
?M?
ALOJI
"CH;FG?HN?

?F
AL;>I

=IGI
JCF;L
L?F?P;HN?
>?
F;
=;LL?L;
;>GCHCMNL;NCP;

>?N?LGCH;
F;
JIMC=C‰H
CH>CPC>O;F
>?
OH
@OH=CIH;LCI
!H
F;
JL}=NC=;
M‰FI
B;S
@OH=CIH;LCIM
>?F
HCP?F

;F

?H
F;
#!

NI>I
@OH=CIH;LCI
M?
F?
;MCAH;
OH
AL;>I
?H
?F
GIG?HNI
>?
;==?MI
;
F;
@OH=C‰H
J<FC=;
(;
@ILG;
>?
=IG<CH;L
?MNIM
NL?M
JCF;L?M
NC?H?
CGJ;=NI
?H
F;
=;LL?L;
;>GCHCMNL;NCP;
>?
FIM
@OH=CIH;LCIM
1H;
P?T
MOJ?L;>;
F;
IJIMC=C‰H

;F
@OH=CIH;LCI
M?
F?
;MCAH;
OH
AL;>I
CHC=C;F

KO?
M?
=ILL?MJIH>?
HILG;FG?HN?
=IH
?F
HCP?F
>?
JO?MNI
>?
NL;<;DI
$;MN;


?F
J;MI
>?
OH
AL;>I
;
INLI
=IHMNCNO…;
F;
=;LL?L;
>?F
@OH=CIH;LCI
;>;
AL;>I
M‰FI
JO?>?
M?L
=IHMIFC>;>I
JIL
?F
@OH=CIH;LCI
>?MJO‚M
>?
B;<?L
>?M?GJ?ˆ;>I
?F
JO?MNI
I
OHI
MOJ?LCIL
>OL;HN?

;ˆIM
=IHNCHO;>IM
I

=IH
CHN?LLOJ=C‰H
/C
I=OJ;
OH
JO?MNI
MOJ?LCIL

JIL
?D?GJFI
>?
HCP?F

S
?F
AL;>I
KO?
JIM??
?M


?M?
@OH=CIH;LCI
M‰FI
JI>L}
=IHMIFC>;L
>IM
AL;>IM
=;>;
>IM
;ˆIM
1H;
P?T
I<N?HC>I
OH
AL;>I

?F
@OH=CIH;LCI
FI
=IHM?LP;
;OHKO?
>?M?GJ?ˆ?
OH
JO?MNI
CH@?LCIL
1HI
>?
FIM
JLI<F?G;M
JLCH=CJ;F?M
>?
?MN;
G;H?L;
>?
JLI=?>?L
?M
F;
CH@F;=C‰H
ILA}HC=;
>?
FIM
HCP?F?M
MOJ?LCIL?M
;>I
KO?
F;
=;LL?L;
MIF;G?HN?
M?
=IHMCAO?
MC
M?
I=OJ;H
JO?MNIM
>?
HCP?F
MOJ?LCIL

?F
HCP?F
>?
?HNL;>;
>?
FIM
=O?LJIM
>?F
ALOJI

?M
MOJ?LCIL
;F
KO?
F?
=ILL?MJIH>?L…;
CHC=C;FG?HN?
(;
HC=;
@ILG;
>?
=IHMIFC>;L
F;
=;LL?L;
?M
;OG?HN;L
?F
HG?LI
>?
JO?MNIM
>?
FIM
HCP?F?M
MOJ?LCIL?M
!HNL?

S

?F
HG?LI
>?
JO?MNIM
?H
FIM
HCP?F?M



?MJ?=C;FG?HN?


S


B;
;OG?HN;>I
=IHMC>?L;<F?G?HN?
P‚;M?
F;
"CAOL;

1H;
>?
F;M
>CM@OH=CIH?M
JLCH=CJ;F?M
>?F
MCMN?G;
?M
F;
=L?;=C‰H
>?
JO?MNIM
?H
?F
}JC=?
>?
F;
D?L;LKO…;
J;L;
FIM
KO?
HI
?RCMN?
OH;
>CMNLC<O=C‰H
BIGIA‚H?;
>?
=;LAIM
>?
HCP?F?M
CH@?LCIL?M
MOD?NIM
;
?M;M
D?@;NOL;M
!M
>?=CL

OH
MO<>CL?=NIL
A?H?L;F
HCP?F


JO?>?
N?H?L

J?LMIH;M
;
MO
=;LAI
GC?HNL;M
KO?
INLI

>?F
GCMGI
L;HAI

NC?H?

!MN?
?D?GJFI
M?
JO?>?
NL;MF;>;L
>?
F;
GCMG;
@ILG;
;F
L?MNI
>?
JO?MNIM
+*63$

7@A?70B17a;
23
4B;17<;/?7<@
239
5?B=<

=<?
;7C393@
3;




%H=FOS?
FIM
!G<;D;>IL?M

%H=FOS?
@OH=CIH;LCIM
>?
=;LL?L;
>?
O?LJIM
I=?HN?M
KO?
I=OJ;H
JO?MNIM
>?
NL;<;DI
>?
F;
?MNLO=NOL;
ILA}HC=;
>?F
)CHCMN?LCI
S
KO?
?D?L=?H
@OH=CIH?M
>CMNCHN;M
>?
F;M
JLIJC;G?HN?
>I=?HN?M

,;L;

CH=FOS?
?G<;D;>IL?M

J?LMIH;F
>?
?RN?LCIL?M
?
CHP?MNCA;>IL
/%
;
KOC?H
HI
M?
B;
;>DO>C=;>I
HCP?F
"O?HN?
),







J;LNCL
>?


OH
@OH=CIH;LCI
NC?H?
F;
JIMC<CFC>;>
N?‰LC=;
>?
B;=?L
U=;LL?L;
BILCTIHN;FX
(;
=;LL?L;
BILCTIHN;F
;LN…=OFI


;
U=IHMCMN?
?H
F;
JLIAL?MC‰H
>?
AL;>I

=;N?AIL…;

?M=;F‰H
O
INLIM
=IH=?JNIM
;H}FIAIM

MCH
H?=?MC>;>
>?
=;G<C;L
>?
JO?MNI
>?
NL;<;DIX
,;L;
?FFI

;LN…=OFI

<
UM?
>?<?L}
P;FIL;L
F;
NL;S?=NILC;
S
;=NO;=C‰H
JLI@?MCIH;F

F;
=;FC>;>
>?
FIM
NL;<;DIM
L?;FCT;>IM

FIM
=IHI=CGC?HNIM
;>KOCLC>IM
S
?F
L?MOFN;>I
>?
F;
?P;FO;=C‰H
>?F
>?M?GJ?ˆI
,I>L}H
CH=FOCLM?
;MCGCMGI
INLIM
G‚LCNIM
S
;JNCNO>?M
JIL
L;T‰H
>?
F;
?MJ?=C@C=C>;>
>?
F;
@OH=C‰H
>?M;LLIFF;>;
S
F;
?RJ?LC?H=C;
;>KOCLC>;X
IH
F;
=;LL?L;
BILCTIHN;F
M?
JO?>?
;F=;HT;L
OH
AL;>I
MOJ?LCIL

MCH
KO?
M?
F?
INILAO?
;F
@OH=CIH;LCI
G;SIL
;ONILC>;>
@ILG;F
IH
?FF;
M?
CHN?HN;
MIFO=CIH;L
?F
JLI<F?G;
>?
F;
CH@F;=C‰H
ILA}HC=;
(;
=;LL?L;
BILCTIHN;F
MOJIH?
KO?
?F
@OH=CIH;LCI
;M=C?H>?
MO<D?NCP;G?HN?

HI
I<D?NCP;G?HN?

JO?M
HI
M?
I=OJ;H
JO?MNIM
>?
NCJI
MOJ?LCIL
!MN?
;M=?HMI
BILCTIHN;F

HI
I<MN;HN?

N;G<C‚H
NC?H?
=IHM?=O?H=C;M
L?NLC<ONCP;M
,IL
N;HNI

J;L;
KO?
?F
MCMN?G;
@OH=CIH?

M?
JL?=CM;
>?
OH
;OG?HNI
>?
F;M
L?NLC<O=CIH?M
S
>?
OH
CHMNLOG?HNI
I<D?NCPI
>?
?P;FO;=C‰H
>?F
>?M?GJ?ˆI

JL?PCMNI
JIL
?F
!!,
J?LI
;H
HI
>?M;LLIFF;>I
?H
F;
#!
;>I
KO?
F;
;JLI<;=C‰H
>?F
!!,
M?
JLI>ODI
CHG?>C;N;G?HN?
;HN?M
>?
F;
=LCMCM
S
F;
#!
;H
HI
B;
>?M;LLIFF;>I
OH
GI>?FI
>?
?P;FO;=C‰H
>?F
>?M?GJ?ˆI
B;MN;
>C=C?G<L?
>?

JIL
J;LN?
>?F
%HMNCNONI
>?
!MNO>CIM
"CM=;F?M
%!"


F;
CGJF;HN;=C‰H
>?
F;
=;LL?L;
BILCTIHN;F
;H
HI
M?
B;
G;N?LC;FCT;>I
N;F
=IGI
M?
B;<…;
JL?PCMNI
 

''(!
' &
-

&&&
!"'(&(*

#0?=4-@.4:90>
/C
M?
?R=FOS?H
FIM
B;<?L?M
L?AOF;>IL?M
;
?@?=NIM
>?
J?HMCIH?M
S
>?
=INCT;=CIH?M

F;M
L?NLC<O=CIH?M
>?
FIM
@OH=CIH;LCIM
?MN}H
=IGJO?MN;M
>?
L?NLC<O=CIH?M
<}MC=;M
S
=IGJF?G?HN;LC;M
M?AH
?F
!!,
LN

S
MM
(;M
L?NLC<O=CIH?M
<}MC=;M
>?J?H>?H
>?
F;
;>M=LCJ=C‰H
>?F
=O?LJI
I
?M=;F;
>?
OH
@OH=CIH;LCI
;
OH
ALOJI
>?
=F;MC@C=;=C‰H
JLI@?MCIH;F









S
>?F
NC?GJI
>?
NL;<;DI
>?F
@OH=CIH;LCI
?H
OH
JO?MNI
M?
=IHI=?
=IGI
;HNCAŽ?>;>
!MN;M
L?NLC<O=CIH?M
<}MC=;M
?MN}H
=IGJO?MN;M
JIL
?F
MO?F>I
<;M?

F;M
J;A;M
?RNL;
>?
DOHCI
S
>C=C?G<L?
S
?F
NLC?HCI
!F
NLC?HCI
?M
?F
=IGJF?G?HNI
KO?
M?
=ILL?MJIH>?
=IH
F;
;HNCAŽ?>;>
>?F
@OH=CIH;LCI
S
M?
L?=IHI=?
=;>;
NL?M
;ˆIM
>?
M?LPC=CI
(;M
L?NLC<O=CIH?M
=IGJF?G?HN;LC;M
MIH
F;M
KO?
L?NLC<OS?H
F;M
=;L;=N?L…MNC=;M
A?H?L;F?M
S
J;LNC=OF;L?M
>?
FIM
JO?MNIM
>?
NL;<;DI

F;
=;LL?L;
JLI@?MCIH;F
S
?F
>?M?GJ?ˆI
I
FIM
L?MOFN;>IM
;F=;HT;>IM
JIL
?F
@OH=CIH;LCI
!MN;M
L?NLC<O=CIH?M
MIH
?F
=IGJF?G?HNI
>?
>?MNCHI

?F
=IGJF?G?HNI
?MJ?=…@C=I

?F
=IGJF?G?HNI
JIL
BIL;M
?RNL;IL>CH;LC;M
>?M?GJ?ˆ;>;M
S
?F
=IGJF?G?HNI
>?
JLI>O=NCPC>;>
!F
4@>A=6>6?E@
56
56DE:?@
M?
=ILL?MJIH>?
;F
HCP?F
>?F
JO?MNI
KO?
M?
I=OJ;
I
;F
HCP?F
KO?
N?HA;
=IHMIFC>;>I
=IGI
AL;>I
J?LMIH;F
1H
@OH=CIH;LCI
=I<L;L…;
JIL
?F
HCP?F
MOJ?LCIL
>?
FIM
>IM
,IL
?D?GJFI

M?
JO?>?
>;L
?F
=;MI
KO?
OH;
J?LMIH;
B;
I=OJ;>I
OH
JO?MNI
>?
HCP?F

S
B;
=IHM?AOC>I
=IHMIFC>;L
?M?
HCP?F
>?MJO‚M
>?
FIM
=ILL?MJIH>C?HN?M
;ˆIM
>?
M?LPC=CI
/C
?M;
J?LMIH;
?M
=?M;>;
JIL
M?L
OH
JO?MNI
>?
HIG<L;GC?HNI
>CM=L?=CIH;F
S
NC?H?
KO?
I=OJ;L
OH
JO?MNI
>?
HCP?F


?F
=IGJF?G?HNI
>?
>?MNCHI
KO?
J?L=C<CL…;
M?L…;
?F
=ILL?MJIH>C?HN?
;F
HCP?F

!F
4@>A=6>6?E@
6DA64t7:4@
?MN}
FCA;>I
;
F;M
?MJ?=C;F?M
=CL=OHMN;H=C;M
>?
OH
JO?MNI
>?
NL;<;DI
!H
?MN;M
=CL=OHMN;H=C;M
M?
NC?H?H
?H
=O?HN;
?MJ?=C;FG?HN?
F;
=IGJF?DC>;>

F;
>C@C=OFN;>
N‚=HC=;
>?F
JO?MNI

F;
L?MJIHM;<CFC>;>
KO?
CGJFC=;
>?M?GJ?ˆ;L
F;M
N;L?;M
;
>?M;LLIFF;L
I
F;M
CH=IGJ;NC<CFC>;>?M
KO?
MOJIH?
!RCMN?H
P;LCIM
?M=;FIH?M
>?
=IGJF?G?HNI
?MJ?=…@C=I
KO?
M?
JO<FC=;H
JIL
?F
GCHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
J<FC=;M
!F
4@>A=6>6?E@
56
AC@5F4E:G:525
L?NLC<OS?
HILG;FG?HN?
?F
?MJ?=C;F
>?M?GJ?ˆI
I
FIM
L?MOFN;>IM
;F=;HT;>IM
JIL
OH
@OH=CIH;LCI
>?G}M
>?
F;
=F;MC@C=;=C‰H
>?
L?NLC<O=CIH?M
<}MC=;M
S
=IGJF?G?HN;LC;M
M?
;ˆ;>?
INL;
=F;MC@C=;=C‰H
<;M;>;
?H
F;M
L?NLC<O=CIH?M
@CD;M
S
P;LC;<F?M
(;M
=;HNC>;>?M
KO?
M?
=ILL?MJIH>?H
=IH
?F
MO?F>I

F;M
J;A;M
?RNL;IL>CH;LC;M

FIM
NLC?HCIM
S
FIM
=IGJF?G?HNIM
>?
>?MNCHIM
MIH
JO<FC=;>;M
;HO;FG?HN?
?H
FIM
JL?MOJO?MNIM
A?H?L;F?M
>?F
!MN;>I
!MN;M
L?NLC<O=CIH?M
MIH
7:;2D
?H
?F
M?HNC>I
>?
KO?
F?
=ILL?MJIH>?H
;
OH
@OH=CIH;LCI
JIL
?F
G?LI
B?=BI
>?
M?L
@OH=CIH;LCI
S
=OGJF;
F;M
=IH>C=CIH?M
KO?
M?
M?ˆ;F;H
J;L;
?F
=IGJF?G?HNI
>?
>?MNCHI
S
FIM
NLC?HCIM
!H
=;G<CI

?F
=IGJF?G?HNI
?MJ?=…@C=I
S
?F
>?
JLI>O=NCPC>;>
MIH
G2C:23=6D
JILKO?
>?J?H>?H
>?F
JO?MNI
S
F;
J?LMIH;
!F
=IGJF?G?HNI
?MJ?=…@C=I
N;G<C‚H
M?
JO<FC=;
?H
FIM
JL?MOJO?MNIM
A?H?L;F?M
>?F
!MN;>I

J?LI
?M
F;
;ONILC>;>
>?
F;
KO?
>?J?H>?
?F
JO?MNI
KOC?H
H?AI=C;
=IH
$;=C?H>;
?F
=IGJF?G?HNI
?MJ?=…@C=I
KO?
F?
=ILL?MJIH>?
;
OH
JO?MNI
>?N?LGCH;>I
,IL
?D?GJFI

FIM
MC?N?
=IGJF?G?HNIM
?MJ?=…@C=IM
;HO;F?M
J;L;

KO?
?MN}H
?H
F;
J;LN?
;FN;
>?
F;
N;<F;
MIH
MOJ?LCIL?M
;
FIM

?OLIM
;HO;F?M
!H
?F
=;MI
>?F
=IGJF?G?HNI
>?
JLI>O=NCPC>;>

?F
MOJ?LCIL
>?
F;
ILA;HCT;=C‰H
>?=C>?
FIM
=LCN?LCIM
;
?GJF?;L
J;L;
L?J;LNCL
>C=BI
=IGJF?G?HNI
!F
JIL=?HN;D?
KO?
=ILL?MJIH>…;
;F
=IGJF?G?HNI
>?
JLI>O=NCPC>;>
MI<L?
?F
NIN;F
>?
F;
G;M;
M;F;LC;F
?L;
?F


J;L;
NI>I
?F
J?LMIH;F
@OH=CIH;LCI
>?
F;
#!
P‚;M?
F;
0;<F;

 $%.$

!/@/
@/9/?7/9
=/?/
9<@
4B;17<;/?7<@
23
1/??3?/
23
9/
2:7;7@A?/17a;
3;3?/9
239
@A/2<
 
B?<@ 

-K;B:E     

.H?;D?EI    

ECFB;C;DJE
:;
;IJ?DE    

ECFB;C;DJE
IF;9s<?9E    

*7=7
NJH7    

*HE:K9J?L?:7:    

,;I?:;D9?7
;D
;NJH7D@;HE    

)JH7I
H;JH?8K9?ED;I    

.EJ7B    

1H;
FNCG;
=F;MC@C=;=C‰H
>?
FIM
>C@?L?HN?M
?F?G?HNIM
KO?
=IGJIH?H
F;M
L?NLC<O=CIH?M
>CMNCHAO?
?HNL?
=IGJF?G?HNIM
I<D?NCPIM
S
MO<D?NCPIM
/IH
4@>A=6>6?E@D
@3;6E:G@D
;KO?FFIM
=OS;
=;HNC>;>
>?J?H>?H
>?F
JO?MNI
KO?
OH
@OH=CIH;LCI
>?M?GJ?ˆ;
I
>?
F;M
=;L;=N?L…MNC=;M
>?
?M?
@OH=CIH;LCI
(IM
4@>A=6>6?E@D
DF3;6E:G@D
M?
;NLC<OS?H
;
F;
J?LMIH;
KO?
>?M?GJ?ˆ;
OH
JO?MNI
S
>?J?H>?
>?
FI
KO?
?MN;
J?LMIH;
B;A;
!F
=IGJF?G?HNI
>?
JLI>O=NCPC>;>
?M
>?
NCJI
MO<D?NCPI

?M
>?=CL

>?J?H>?
>?F
@OH=CIH;LCI
KO?
>?M?GJ?ˆ;
OH
JO?MNI
>?
NL;<;DI
!F
=IGJF?G?HNI
>?
>?MNCHI
I
?F
?MJ?=…@C=I
MIH
I<D?NCPIM
JILKO?
>?J?H>?H
>?
F;M
=;L;=N?L…MNC=;M
>?F
JO?MNI
KO?
>?M?GJ?ˆ?
OH
@OH=CIH;LCI
/C
JIL
=O;FKOC?L
L;T‰H

?M?
@OH=CIH;LCI
>?D;
?F
JO?MNI

=O;FKOC?L
HO?PI
@OH=CIH;LCI
KO?
FI
I=OJ?
N?H>L}
>?L?=BI
;
?M?
=IGJF?G?HNI
?MJ?=…@C=I
S
>?
>?MNCHI
MC
HI
M?
GI>C@C=;
F;
.,0

 
0?0=849,.4[9
/0
7,>
=0?=4-@.4:90>
D
/4>?=4-@.4[9
/0
7:>
.:8;70809?:>
*ILG;FG?HN?

F;M
G?>C>;M
M;F;LC;F?M
KO?
;@?=N;H
;
NI>IM
FIM
?GJF?;>IM
J<FC=IM
M?
H?AI=C;H
G?>C;HN?
=IHP?HCIM
=IF?=NCPIM
?HNL?
?F
GCHCMN?LCI
>?
$;=C?H>;
S
>?
>GCHCMNL;=CIH?M
,<FC=;M
S
FIM
MCH>C=;NIM
G}M
L?JL?M?HN;NCPIM
>?
@OH=CIH;LCIM
S
?GJF?;>IM
J<FC=IM
=IH
=IHNL;NI
F;<IL;F
!MN;M
H?AI=C;=CIH?M
HI
CGJ;=N;H
GO=BI
?H
F;
>?N?LGCH;=C‰H
>?
FIM
CH=L?G?HNIM
M;F;LC;F?M
mMNIM
M?
JLI>O=?H
>?
OH;
@ILG;
G?=}HC=;
,;L;
;DOMN;L
?F
M;F;LCI
M?
?GJF?;
F;
JL?PCMC‰H
;HO;F
>?
F;
CH@F;=C‰H
S
M?
JLIJIH?
?H
F;
F?S
JL?MOJO?MN;LC;
>?
=;>;
;ˆI
?F
G}RCGI
CH=L?G?HNI
AFI<;F
KO?
M?
J?LGCNCL}
*ILG;FG?HN?

?M
?MJ?L;<F?
KO?
?M?
G}RCGI
CH=L?G?HNI
?H
N‚LGCHIM
JIL=?HNO;F?M
M?;
NL;MF;>;>I
;
F;M
H‰GCH;M
CH>CPC>O;F?M
!H
A?H?L;F

?F
)CHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M
B;
CHN?HN;>I
<OM=;L
MC?GJL?
F;
=IH?RC‰H
?HNL?
FIM
=IHP?HCIM
=IF?=NCPIM
S
F;
JIF…NC=;
?=IH‰GC=;
A?H?L;F
!MN;
=IH?RC‰H
M?
;JFC=‰

JIL
?D?GJFI

;HN?M
>?
F;
=IHP?LA?H=C;
=IH
F;
!OLITIH;

;F
>?MFCA;L
FIM
M;F;LCIM
>?
FIM
@OH=CIH;LCIM
>?F
=IMN?
>?
F;
PC>;

G?>C;HN?
F;
=IHA?F;=C‰H
>?
FIM
CH=L?G?HNIM
M;F;LC;F?M
;
J;LNCL
>?

?H
JF?H;
=LCMCM
?=IH‰GC=;
!H
FIM
;ˆIM
=IH
;FNI
=L?=CGC?HNI
?=IH‰GC=I

FIM
CH=L?G?HNIM
M;F;LC;F?M
NI>;P…;
J?LG;H?=…;H
;
>CMN;H=C;
>?F
…H>C=?
>?
JL?=CIM
;F
=IHMOGI
OH;
G?>C;
>?F


JIL
>?<;DI
P‚;M?
F;
CFOMNL;=C‰H
>?
F;
?PIFO=C‰H
>?
FIM
;OG?HNIM
M;F;LC;F?M
?H
?F
=;J…NOFI

!H
F…H?;M
A?H?L;F?M

>?M>?

B;MN;


F;
P;LC;=C‰H
JIL=?HNO;F
>?F
%,
MC?GJL?
B;
MC>I
MOJ?LCIL
;F
CH=L?G?HNI
AFI<;F
J?LGCNC>I
J;L;
FIM
@OH=CIH;LCIM
J<FC=IM
?R=?JNI
?H
=CH=I
I=;MCIH?M









(;
J‚L>C>;
M;F;LC;F
?H
N‚LGCHIM
A?H?L;F?M
KO?
M?
B;
JLI>O=C>I
?H
FIM
;ˆIM
L?=C?HN?M
B;
CH>O=C>I
;
FIM
;FNIM
@OH=CIH;LCIM
;
>?M;LLIFF;L
?MNL;N?AC;M
;FN?LH;NCP;M
>?
=;JN;=C‰H
>?
L?NLC<O=CIH?M
KO?
NC?H>?H
;
M?L
G?HIM
NL;HMJ;L?HN?M
KO?
F;M
H?AI=C;=CIH?M
=?HNL;FCT;>;M
(;M
JIMC<CFC>;>?M
>?
G?DIL;M
M;F;LC;F?M
>?
FIM
@OH=CIH;LCIM
MOJ?LCIL?M
M?
L?>O=?H
;
>IM
?MNL;N?AC;M
>C@?L?HN?M
F;
G?DIL;
>?
>IM
=IGJF?G?HNIM
L?NLC<ONCPIM
?F
=IGJF?G?HNI
?MJ?=…@C=I
S
?F
>?
JLI>O=NCPC>;>

S
F;
U;ONIHIGCT;=C‰HX
>?
;FAOH;M
ILA;HCT;=CIH?M
G?>C;HN?
F;
=L?;=C‰H
>?
;A?H=C;M
KO?
AIT;H
>?
=C?LN;
CH>?J?H>?H=C;
>?
FIM
GCHCMN?LCIM
!MN;
L?=IHP?LMC‰H
ILA;HCT;NCP;
B;
MC>I
OH
@?H‰G?HI
L?=C?HN?
J;L;
OH
ALOJI
J?KO?ˆI
>?
;A?H=C;M
KO?
B;H
=IHM?AOC>I
OH
;FNI
HCP?F
>?
;ONIHIG…;
;
JLCH=CJCIM
>?
F;
>‚=;>;
>?
FIM
;ˆIM
HIP?HN;

=IGI
F;
A?H=C;
0LC<ON;LC;

S
F;
=L?;=C‰H
>?
HO?P;M
;A?H=C;M
>?M>?


;OHKO?
F;M
N?H>?H=C;M
L?NLC<ONCP;M
>?
?MN;M
HO?P;M
;A?H=C;M
?MN;N;F?M
HI
MIH
>?F
NI>I
NL;HMJ;L?HN?M
S
MO
JLI=?MI
>?
;ONIHIGCT;=C‰H
M?
B;
J;L;FCT;>I
=IH
F;
MOJL?MC‰H
>?
F;M
;A?H=C;M
G?>C;HN?
F;
F?S
 
!H
F;
=IGJIMC=C‰H
>?
F;M
L?NLC<O=CIH?M

F;
MOG;
>?
M;F;LCI
G}M
?F
=IGJF?G?HNI
JIL
;HNCAŽ?>;>
L?JL?M?HN;
>?M>?
?F

HCP?F?M
MOJ?LCIL?M
;F

HCP?F?M
CH@?LCIL?M
>?
F;
NI>;M
F;M
L?NLC<O=CIH?M
P‚;M?
F;
"CAOL;

!H
FIM
HCP?F?M
;>GCHCMNL;NCPIM
CH@?LCIL?M

F;
JLIJIL=C‰H
@CD;
>?F
M;F;LCI
?M
G}M
CGJILN;HN?
P‚;M?
F;
"CAOL;

!H
FIM
HCP?F?M
;>GCHCMNL;NCPIM
MOJ?LCIL?M

FIM
?F?G?HNIM
P;LC;<F?M
>?
F;M
L?NLC<O=CIH?M
MIH
G}M
CGJILN;HN?M

>;>I
KO?
M?
B;=?H
>?J?H>?L
>?
F;M
=;L;=N?L…MNC=;M
J;LNC=OF;L?M
>?F
JO?MNI
>?
NL;<;DI
S
>?
F;
JLI>O=NCPC>;>
KO?
M?
JO?>?
=I<L;L
(;
=;HNC>;>
>?
?MNIM
=IGJF?G?HNIM
>?J?H>?
?H
AL;H
G?>C>;
>?
F;
H?AI=C;=C‰H
J;LNC=OF;L
?HNL?
=;>;
GCHCMN?LCI
S
?F
GCHCMN?LCI
>?
!=IHIG…;
S
$;=C?H>;
!H
F;
;=NO;FC>;>

?F
4F6CA@
NI>;P…;
?M
L?F?P;HN?
=O;H>I
M?
CHN?HN;
I<N?H?L
=IGJF?G?HNIM
?MJ?=…@C=IM
G}M
?F?P;>IM
/O
L?F;NCP;
JIMC=C‰H
>?
CH@FO?H=C;
M?
>?<?
;
F;
=;J;=C>;>
>?
MOM
GC?G<LIM
J;L;
I=OJ;L
FIM
JO?MNIM
G?DIL
J;A;>IM
?H
FIM
GCHCMN?LCIM
+*63$

7@A?70B17a;
23
1<:=93:3;A<@
 +*63$

7@A?70B17a;
23
?3A?70B17<;3@
478/@
E
C/?7/093@

"O?HN?
!MNIM
>;NIM
JLI=?>?H
>?
OH;
GO?MNL;
>?
L?MIFO=CIH?M
>?
HIG<L;GC?HNIM
>?
F;
/?=L?N;L…;
>?
!MN;>I
S
>?
>GCHCMNL;=CIH?M
J<FC=;M
?H
F;M
KO?
;J;L?=?
?F
=IGJF?G?HNI
?MJ?=…@C=I
>?
=;>;
JO?MNI
>C=CIH;FG?HN?
M?
=IHMC>?L;
KO?
=;>;
JO?MNI
NC?H?
OH
NLC?HCI
S
M?
B;H
=;F=OF;>I
FIM
MCAOC?HN?M
=IGJF?G?HNIM
>?
JLI>O=NCPC>;>
;HO;F?M
MO<>CL?=NIL
A?H?L;F


CHMJ?=NIL
>?
$;=C?H>;


/!


;>GCHCMNL;NCPI
>?
$;=C?H>;

.?MIFO=C‰H
>?

>?
@?<L?LI
>?


?F
O?LJI
#?H?L;F
>GCHCMNL;NCPI

A?HN?M
>?
F;
$;=C?H>;
,<FC=;
.?MIFO=C‰H
>?

>?
G;SI
>?


>?F
O?LJI
/OJ?LCIL
>?
>GCHCMNL;>IL?M
CPCF?M
>?F
!MN;>I
.?MIFO=C‰H
>?

>?
@?<L?LI
>?


?F
O?LJI
/OJ?LCIL
>?
%HMJ?=NIL?M
>?
$;=C?H>;
>?F
!MN;>I
,;L;
?F
JO?MNI
>?
/O<>CL?=NIL
#?H?L;F

.?NLC<O=CIH?M
>?F
J?LMIH;F
@OH=CIH;LCI

B;<?L
L?AOF;>IL
S
=OIN;M
;
F;M
GONO;FC>;>?M
>?
@OH=CIH;LCIM
S
>?
>?L?=BIM
J;MCPIM
(?S
 

>?

>?
I=NO<L?

>?
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
J;L;
?F
;ˆI


!F
=IGJF?G?HNI
>?
JLI>O=NCPC>;>
S
?F
=IGJF?G?HNI
?MJ?=…@C=I
M?
OM;H
J;L;
JLIGI=CIH;L
;
FIM
@OH=CIH;LCIM
>?
G;H?L;
CH@ILG;F
JILKO?
MO
=;LL?L;
@ILG;F
?M
GOS
=ILN;
S
F;M
ILA;HCT;=CIH?M
=IH
=IGJF?G?HNIM
G}M
<;DIM
?MN}H
?H
>?MP?HN;D;
J;L;
;NL;?L
<O?HIM
=;H>C>;NIM
!H
!MJ;ˆ;

F;M
H?AI=C;=CIH?M
>?
F;
J;LN?
P;LC;<F?
>?
F;
L?NLC<O=C‰H
JO?>?
M?L
>?
>IM
NCJIM
OHI
MI<L?
OH;
<;M?
CH>CPC>O;F

INLI
J;L;
NI>I
OH
ALOJI
>?
@OH=CIH;LCIM
>?F
GCMGI
HCP?F
!MN;M
H?AI=C;=CIH?M
>CMCGOF;H
FIM
?@?=NIM
>?F
CH=L?G?HNI
LONCH;LCI
>?
FIM
MO?F>IM
?H
?F
M?=NIL
J<FC=I
!H
JLCG?L
FOA;L

FIM
M;F;LCIM
CH>CPC>O;F?M
JO?>?H
P;LC;L
=IHMC>?L;<F?G?HN?
=IGI
=IHM?=O?H=C;
>?
FIM
=IGJF?G?HNIM
?MJ?=…@C=IM

KO?
M?
H?AI=C;H
J;L;
JO?MNIM
?MJ?=…@C=IM

?H
N?IL…;

JILKO?
?F
JO?MNI
>?G;H>;
OH;
?MJ?=…@C=;
;=NO;=C‰H

J?FCALI
I
=IHI=CGC?HNI
N‚=HC=I
!MNIM
JFOM?M
HI
?MN}H
PCH=OF;>IM
;F
L?H>CGC?HNI
CH>CPC>O;F

JILKO?
?F
=IGJF?G?HNI
?MN}
A;L;HNCT;>I
MCH
CGJILN;L
F;
JLI>O=NCPC>;>
>?
F;
J?LMIH;
?H
?M?
JO?MNI
?H
J;LNC=OF;L
/C
M?
JLIGI=CIH;
;F
NCNOF;L
>?F
JO?MNI

M?
FF?P;
=IHMCAI
MO
M;F;LCI

;HNCAŽ?>;>
S
=IGJF?G?HNI
>?
HCP?F

J?LI
HI
?F
=IGJF?G?HNI
?MJ?=…@C=I
I
>?
JO?MNI
(;
I<N?H=C‰H
>?
G;SIL?M
=IGJF?G?HNIM
?MJ?=…@C=IM
>?J?H>?
>?
F;M
H?AI=C;=CIH?M
G;HN?HC>;M
JIL
?F
GCHCMN?LCI
=ILL?MJIH>C?HN?
S
F;
IGCMC‰H
!D?=ONCP;
>?
F;
IGCMC‰H
%HN?LGCHCMN?LC;F
>?
.?NLC<O=CIH?M
!%.
!F
NL;<;DI
>?
F;
=IGCMC‰H
HI
?M
NL;HMJ;L?HN?
S
?M
>C@…=CF
=IHI=?L
FIM
=LCN?LCIM
J;L;
CH=L?G?HN;L
?F
M;F;LCI
PCH=OF;>I
;
OH
JO?MNI
?MJ?=…@C=I
 !F
J;AI
>?F
=IGJF?G?HNI
>?
F;
JLI>O=NCPC>;>
=IHMNCNOS?
INL;
G;H?L;
>?
CH=L?G?HN;L
F;M
L?NLC<O=CIH?M
GIH?N;LC;M
>?
OH;
@ILG;
JI=I
NL;HMJ;L?HN?
!F
=IGJF?G?HNI
>?
JLI>O=NCPC>;>
?MN}
>?MNCH;>I
;
J;A;L
?F
>?M?GJ?ˆI
CH>CPC>O;F
!R=?JNI
?H
?F
=;MI
>?
;FAOH;M
;A?H=C;M
S
>CL?==CIH?M
A?H?L;F?M
KO?
NC?H?H
OH;
P?L>;>?L;
?P;FO;=C‰H
>?F
>?M?GJ?ˆI

?MN;
=;HNC>;>
M?
>CMNLC<OS?
?KOCN;NCP;G?HN?
J;L;
=;>;
HCP?F
D?L}LKOC=I
?H
F;
G;SIL…;
>?
F;M
ILA;HCT;=CIH?M
J<FC=;M

?M
>?=CL

M?
I<D?NCPCT;
OH
=IGJF?G?HNI
KO?
?M
MO<D?NCPI
(;
JLIJIL=C‰H
>?F
=IGJF?G?HNI
>?
JLI>O=NCPC>;>
J;L;
JO?MNIM
JIL
?H=CG;
>?F
HCP?F

S
J;L;
FIM
JO?MNIM
>?
>?MCAH;=C‰H
JIF…NC=;
?MN}
?HNL?
OH

S
OH

>?
F;
L?NLC<O=C‰H
NIN;F
?
B?=BI

F;
JL}=NC=;
;>GCHCMNL;NCP;
B;
>?MH;NOL;FCT;>I
F;
;JFC=;=C‰H
>?F
=IGJF?G?HNI
>?
JLI>O=NCPC>;>
!MN;
>?MH;NOL;FCT;=C‰H
JLIPI=;
=C?LN;
>CM@OH=CIH;FC>;>
JILKO?
?F
=IGJF?G?HNI
>?
JLI>O=NCPC>;>
M?
;JFC=;
S
M?
;=?JN;
F?A;FG?HN?
?H
=;MIM
?H
FIM
KO?
?F
@OH=CIH;LCI
HI
JO?>?
M?L
JLI>O=NCPI
JILKO?
?MN}
;OM?HN?
>?F
JO?MNI
>?
NL;<;DI
!MNI
I=OLL?
JILKO?
M?
A?H?L;FCT;
?F
J;AI
>?F
=IGJF?G?HNI
>?
JLI>O=NCPC>;>
;
?M?
JO?MNI
S
HI
;
F;
?MJ?=C;F
>?>C=;=C‰H
I
;F=;H=?
>?
L?MOFN;>IM
>?
OH
@OH=CIH;LCI
LLC<;M

/C
?MNI
M?
B;=?
;M…

>?<?
G;HN?H?LM?
?F
=IGJF?G?HNI
>?
JLI>O=NCPC>;>
J;L;
FIM
FC<?L;>IM
MCH>C=;F?M
FIM
@OH=CIH;LCIM
KO?
?MN}H
?H
MCNO;=C‰H
>?
CH=;J;=C>;>
N?GJIL;F
I
=O;H>I
M?
?H=O?HNL?H
>?
P;=;=CIH?M
,IL
N;HNI

M?
>;
F;
J;L;>ID;
>?
KO?
OHI
?M
JLI>O=NCPI
CH=FOMI
>OL;HN?
F;M
P;=;=CIH?M
JIL
FIM
>?L?=BIM
I<D?NCPIM
;>KOCLC>IM
(;M
IJCHCIH?M
?RJL?M;>;M
?H

%/

MI<L?
F;M
L?NLC<O=CIH?M
JLI<;<F?G?HN?
N?H>L…;H
?=I
BIS
?H
>…;
!H
;KO?FFIM
GIG?HNIM

?F


=L?…;
KO?
F;
>GCHCMNL;=C‰H
J;A;
G?HIM
KO?
?F
NL;<;DI
>?M;LLIFF;>I
S
OH


J?HM;<;
KO?
?F
MCMN?G;
>?
L?NLC<O=CIH?M
?L;
L?AOF;L

G;FI
I
GOS
G;FI
JLCH=CJ;FG?HN?
JILKO?
;
FIM
MO?F>IM
MIH
<;DIM

F;M
J;A;M
CH=IGJF?N;M
S
F;M
DO<CF;=CIH?M
<;D;M

<
HI
?MN;<;
P;FIL;>I
I<D?NCP;G?HN?
?F
JO?MNI
>?
NL;<;DI


=
?F
MCMN?G;
>?
=IGJF?G?HNIM
?MJ?=…@C=IM
?L;
CH;>?=O;>I




,
.,==0=,
,/8494>?=,?4A,
09
7,
;=V.?4.,
!H
?F
;H}FCMCM
>?
F;
JL}=NC=;
>?
F;
=;LL?L;
;>GCHCMNL;NCP;
M?
>?<?H
N?H?L
?H
=O?HN;
>IM
;MJ?=NIM
F;
CH;JFC=;=C‰H
>?F
JLCH=CJCI
>?
G‚LCNI
?H
FIM
JO?MNIM
JLIPCMNIM
JIL
=IH=OLMI
S
F;
JLCG;=…;
>?
F;M
L?NLC<O=CIH?M
P;LC;<F?M
?H
?F
>?M;LLIFFI
>?
OH;
=;LL?L;
UCH@ILG;FX
!MNIM
>IM
;MJ?=NIM
M?
;H;FCT;H
;
=IHNCHO;=C‰H
,IL
OH;
J;LN?

F;
;OM?H=C;
>?F
G‚LCNI
?H
F;
JLIGI=C‰H
>?
JO?MNIM

=IGI
;MJ?=NI
@OH>;G?HN;F
>?
F;
=;LL?L;
;>GCHCMNL;NCP;

N;G<C‚H
M?
JLI>O=?
?H
FIM
JO?MNIM
KO?
M?
JLIP??H
JIL
=IH=OLMI

S
HI
M‰FI
?H
FIM
>?
FC<L?
>?MCAH;=C‰H
!H
?F
=IH=OLMI
M?
JLI>O=?H
;F
G?HIM
>IM
NCJIM
>?
;HIG;F…;M
M?AH
"O?HN?N;D;

>CM?ˆI
>?F
J?L@CF
U;>;JN;>IX
>?
F;
P;=;HN?
S
>?MH;NOL;FCT;=C‰H
>?
F;
P;FIL;=C‰H
>?
FIM
G‚LCNIM
,IL
OH
F;>I

"O?HN?N;D;


G?H=CIH;
;FAOH;M
>?
F;M
GFNCJF?M
@ILG;M
>?
;>OFN?L;L
F;
FC<L?
=IH=OLL?H=C;
=O;H>I
M?
>CM?ˆ;
?F
J?L@CF
>?
F;
P;=;HN?
U;>;JN}H>IFIX
;
OH
L?MOFN;>I
KO?
M?
KOC?L?
I<N?H?L
?MN;<F?=CGC?HNI
>?
L?KOCMCNIM

KO?
MCGJF?G?HN?
>?<?L…;H
M?L
G‚LCNIM
;>?=O;=C‰H
>?F
J?L@CF
>?
F;
JF;T;
;F
=;H>C>;NI
UJL?M?F?==CIH;>IX

JO<FC=C>;>
>?
F;
P;=;HN?
>C@…=CF
>?
?H=IHNL;L

FCGCN;=C‰H
A?IAL}@C=;
>?
FIM
FOA;L?M
>?M>?
FIM
KO?
M?
JO?>?
=IH=OLM;L

?RCA?H=C;
>?
=IHI=CGC?HNI
>?
F;M
F?HAO;M
=II@C=C;F?M
?
@ILG;
=IGH
M?
?GJF?;
OH;
=IGCMC‰H
>?
M?LPC=CIM
J;L;
KO?
OH;
J?LMIH;
I=OJ?
?M;
P;=;HN?
JIMN?LCILG?HN?
M?
B;=?
OH;
;>M=LCJ=C‰H
N?GJIL;F
S
F;
;>M=LCJ=C‰H
>?@CHCNCP;
G?>C;HN?
?F
=IH=OLMI
MO?F?
L?;FCT;LM?
JL;=NC=;H>I
F;M
?MNL;N;A?G;M
G?H=CIH;>;M
;HN?LCILG?HN?
M…
JIL
?D?GJFI

?H
;FAOH;
I=;MC‰H

JIL
>?MFCT
>?
KOC?H
L?>;=N;<;
F;
=IHPI=;NILC;

M?
J?>…;
CGJF…=CN;G?HN?
KO?
F;
J?LMIH;
@O?L;
>?F
M?RI
@?G?HCHI

J?HM;H>I
?H
KOC?H
M?
B;<…;
JLIJO?MNI
I=OJ;L
F;
P;=;HN?
!H
=O;FKOC?L
=;MI

INLIM
=;H>C>;NIM
JIN?H=C;F?M
;
OH;
P;=;HN?
FF;G;L}H
JIL
CHN?L?M;LM?
JIL
F;
JF;T;
S
>?
;FAOH;
G;H?L;
CHN?HN;L}H
?HN?L;LM?
>?
MC
NC?H?
U<C=BIX
J;L;
HI
J?L>?L
?F
NC?GJI
S
F;
GINCP;=C‰H
?H
?F
=IH=OLMI
,IL
INLI
F;>I

?MN?
GCMGI
;ONIL
=IHMC>?L;
KO?
M?
>?MH;NOL;FCT;
?F
?GJF?I
>?F
G‚LCNI
>OL;HN?
?F
=IH=OLMI
?H
?F
GIG?HNI
>?
P;FIL;=C‰H
>?
FIM
G‚LCNIM
>?
FIM
=;H>C>;NIM
?
@ILG;
A?H?L;FCT;>;
M?
?MN;<F?=?
OH;
P;FIL;=C‰H
>?
G‚LCNIM
A?H?L;F?M
S
INL;
?MJ?=…@C=;
(;
P;FIL;=C‰H
I
=IH=OLMI
?MJ?=…@C=I
>?<?L…;
M?L
;FAI
?R=?J=CIH;F
M?AH
>CP?LM;M
M?HN?H=C;M
DO>C=C;F?M
"O?HN?N;D;


L?=IAC?H>I
M?HN?H=C;M
>?
NLC<OH;F?M
;ONIH‰GC=IM
?RJIH?
KO?
?MN;
@;M?
>?
=IH=OLMI
?MJ?=…@C=I
M?
;=?L=;
;
F;
FC<L?
>?MCAH;=C‰H
JO?MNI
KO?
F;
=IGCMC‰H
>?
M?F?==C‰H
JIH>?L;
>CM=L?=CIH;FG?HN?
FIM
G‚LCNIM
KO?
M?
?P;F;H
G?>C;HN?
?HNL?PCMN;
I
G?GILC;M
JL?M?HN;>;M
JIL
FIM
=;H>C>;NIM
)C?HNL;M
F;
?F;<IL;=C‰H
>?
OH
J?L@CF
25
9@4
>?
F;
P;=;HN?
>?MH;NOL;FCT;
F;
;JFC=;=C‰H
>?F
G‚LCNI
?H
FIM
=IH=OLMIM
?F
OMI
>?
?HNL?PCMN;M
J;L;
M?F?==CIH;L
?F
G?DIL
=;H>C>;NI
HI
NC?H?
JIL
KO‚
>?MH;NOL;FCT;L
F;
;JFC=;=C‰H
>?F
G‚LCNI
M…
M?
B;=?
?H
INLIM
J;…M?M
S
F;
HI
I<M?LP;H=C;
>?F
G‚LCNI
HI
>?J?H>?
>?
F;
N‚=HC=;
MCHI
>?
KOC?H?M
F;
;JFC=;H
/?
JL?=CM;L…;H

JIL
N;HNI

G}M
NL;<;DIM
?GJ…LC=IM
J;L;
=IHI=?L
L?;FG?HN?
MC
?F
G‚LCNI
?M
MO<P?LNC>I
?H
?MIM
=;MIM
!H
=O;FKOC?L
=;MI

?MN;M
CFOMNL;=CIH?M
>?
=‰GI
M?
>CM?ˆ;
?F
J?L@CF
>?
F;
P;=;HN?
GO?MNL;H
=‰GI
M?
J?LPC?LN?
?F
MCMN?G;
>?
G‚LCNIM
>OL;HN?
?F
=IH=OLMI
!MNI
>;
OH;
C>?;
>?
KO?
F;
@OH=C‰H
J<FC=;
?H
F;
#!
?M
G?LCNI=L}NC=;
?H
?F
GIG?HNI
>?F
;==?MI

J?LI
?MN?
JLCH=CJCI
>?
G‚LCNI
M?
;<;H>IH;
>OL;HN?
F;
=;LL?L;
,IL
INL;
J;LN?

F;
=;LL?L;
;>GCHCMNL;NCP;
HI
M?
>?M;LLIFF;
M‰FI
G?>C;HN?
F;
I=OJ;=C‰H
>?
JO?MNIM
>?
HCP?F?M
MOJ?LCIL?M

?MJ?=C;FG?HN?
>;>I
KO?
?F
;<;HC=I
>?
HCP?F?M
;
FIM
KO?
M?
JO?>?
;==?>?L
KO?>;
GOS
L?MNLCHAC>I
J;L;
FIM
@OH=CIH;LCIM
>?F
ALOJI

$;S
L?AF;M
CH@ILG;F?M
KO?
GI>C@C=;H
MOMN;H=C;FG?HN?
F;M
JLIPCMCIH?M
F?A;F?M
S
;@?=N;H
N;HNI
;
F;
GIPCFC>;>
=IGI
;
F;M
L?GOH?L;=CIH?M
>?
FIM
@OH=CIH;LCIM
J<FC=IM
!H
JLCG?L
FOA;L

F;
CGJF;HN;=C‰H
>?
F;M
.,0M
HI
?MN}
?R?HN;
>?
JLI<F?G;M
*ILG;FG?HN?
HI
M?
L?;FCT;
OH
?MNO>CI
L;=CIH;F
J;L;
KO?
M?
;MCAH?H
F;M
=;L;=N?L…MNC=;M
KO?
I<D?NCP;G?HN?
=IHNC?H?H
FIM
JO?MNIM
>?
NL;<;DI
?H
F;M
.,0M
!H
GO=B;M
I=;MCIH?M

F;
>?@CHC=C‰H
>?F
=IHN?HC>I
>?F
JO?MNI
M?
L?;FCT;
;N?H>C?H>I
;
JLCH=CJCIM
=ILJIL;NCPIM
!MNI
B;=?
KO?
JO?MNIM
MCNO;>IM
?H
?F
GCMGI
HCP?F
S
=IH
F;
GCMG;
>?HIGCH;=C‰H
JIM?;H
;NLC<O=CIH?M
S
L?NLC<O=CIH?M
GOS
>CMNCHN;M
!H
M?AOH>I
FOA;L

HILG;FG?HN?
M?
;MCAH;
OH
AL;>I
CHC=C;F
;FNI
?H
?F
;==?MI
MC
?F
=O?LJI
JO?>?
?D?L=?L
JL?MC‰H
J;L;
?FFI
!MN?
HCP?F
CHC=C;F
JO?>?
IM=CF;L
?HNL?
?F
HCP?F

S
?F


KO?
?M
?F
KO?
=ILL?MJIH>?
=IGI
CHC=CI
>?
F;
=;LL?L;
;
FIM
@OH=CIH;LCIM
>?F
ALOJI

%HC=C;FG?HN?

M?
CHN?HN;
KO?
F;M
P;=;HN?M
I@L?=C>;M
=;>;
;ˆI
;
FIM
=;H>C>;NIM
KO?
B;S;H
MOJ?L;>I
F;M
JLO?<;M
N?HA;H
?F
GCMGI
HCP?F
S
=IGJF?G?HN?
?MJ?=…@C=I
.O;HI


1H;
>?
F;M
CGJFC=;=CIH?M
>?
?MN?
=IGC?HTI
?H
OH
JO?MNI
N;H
?F?P;>I
>?
F;
D?L;LKO…;
;>GCHCMNL;NCP;
?M
KO?
F;
=;LL?L;
JLI@?MCIH;F
M?
;=ILN;
!H
G?HIM
>?

;ˆIM

OH
@OH=CIH;LCI
>?F
ALOJI

KO?
M?
?H=O?HNL?
?H
OH
=O?LJI
=IH
=;J;=C>;>
>?
?D?L=?L
JL?MC‰H
JI>L…;
;F=;HT;L
?F
N?=BI
>?
MO
=;LL?L;

OH
JO?MNI
>?F
HCP?F

(;
>?MCAH;=C‰H
J;L;
OH
JO?MNI
>?F
HCP?F

?M
>?
=;L}=N?L
>CM=L?=CIH;F
?HNL?
@OH=CIH;LCIM
/C
F;
=;LL?L;
M?
;=ILN;
S
HI
M?
JO?>?
;F=;HT;L
OH
JO?MNI
>?
FC<L?
>?MCAH;=C‰H
>?F
HCP?F


FIM
@OH=CIH;LCIM
<OM=;H
;==?>?L
;
;KO?FFIM
JO?MNIM
=IH
OH
G?DIL
=IGJF?G?HNI
?MJ?=…@C=I
MOJ?LCIL
S
;==?MI
JIN?H=C;F
;
OH
G?DIL
=IGJF?G?HNI
>?
JLI>O=NCPC>;>
(;
<MKO?>;
>?
JO?MNIM
=IH
OH
=IGJF?G?HNI
?MJ?=…@C=I
G}M
;FNI
KO?
?F
>?F
JO?MNI
KO?
M?
I=OJ;
=IHMNCNOS?
OH;
P…;
;FN?LH;NCP;
;
F;
=;LL?L;
@ILG;F
?
FI
;HN?LCIL
M?
>?MJL?H>?
KO?
F;
CH?RCMN?H=C;
>?
OH;
=;LL?L;
?M
OH
JLI<F?G;
AL;P?
>?F
MCMN?G;
(;M
L?MJO?MN;M
>?
FIM
@OH=CIH;LCIM
;
F;
?H=O?MN;
>?F
%/

;M…
FI
;N?MNCAO;<;H
S
F;
MCNO;=C‰H
I<D?NCP;
HI
B;
=;G<C;>I
>?M>?
?HNIH=?M
>?
G;H?L;
MOMN;HNCP;
;MC
>IM
N?L=CIM
>?
FIM
@OH=CIH;LCIM


G;HC@?MN;LIH
KO?
F;
>GCHCMNL;=C‰H
I@L?=?
JI=;M
I
HCHAOH;
JIMC<CFC>;>
>?
FIAL;L
OH;
=;LL?L;
;>GCHCMNL;NCP;
M;NCM@;=NILC;


BNNJ
AIIAF 3'GE+


BNNJ
AIIAF #=0)

//00
 

>?

>?
M?JNC?G<L?

 

>?

>?
?H?LI
S
 

>?

>?
@?<L?LI

/0/&
>?
);>LC>
>?


/0/&
>?
F;
IGOHC>;>
2;F?H=C;H;
>?

 

#'(

#'
&)&'#'
)!"#'
L?HCFF;
S
?FA;>I

=IGJ;L;H
?F
=IMN?
>?
FIM
L?=OLMIM
BOG;HIM
?H
F;M
,,
?MJ;ˆIF;M
=IH
INL;M
?=IHIG…;M
>?M;LLIFF;>;M
?
MO
?MNO>CI
M?
JO?>?H
?RNL;?L
FIM
MCAOC?HN?M
?F?G?HNIM
!H
JLCG?L
FOA;L

?F
JIL=?HN;D?
>?
?GJF?;>IM
J<FC=IM
MI<L?
?F
NIN;F
>?F
?GJF?I
O<C=;<;
;
!MJ;ˆ;
?H
?F
JO?MNI

>?
FIM

J;…M?M
>?
F;
+ !
?H

GC?HNL;M
KO?
M?
?H=IHNL;<;
?H
?F
JO?MNI

?H
N‚LGCHIM
>?
FIM
A;MNIM
;>GCHCMNL;NCPIM
JIL
J?LMIH;
!H
;G<IM
=;MIM

!MJ;ˆ;
M?
MCNO;<;
JIL
>?<;DI
>?
F;
G?>C;
!H
=;G<CI

?F
=IMN?
>?
F;M
=IGJ?HM;=CIH?M
;
FIM
?GJF?;>IM
J<FC=IM
=IFI=;<;
;
!MJ;ˆ;
?H
?F
JO?MNI

>?

;H;FCT;>IM
?H


JIL
?H=CG;
>?
F;
G?>C;
,IL
N;HNI

;H
?RCMN?
G;LA?H
>?
G?DIL;
>?
?MN?
CH>C=;>IL
!H
M?AOH>I
FOA;L

F;
=IGJ?HM;=C‰H
;HO;F
G?>C;
>?
FIM
>CL?=NCPIM
J<FC=IM
>?
F;
#!
?MN;<;
?H
OH


>?
F;
G?>C;
>?
F;
+ !
?H

FIM
=O;>LIM
G?>CIM
?MN;<;H
;


JIL
>?<;DI
S
FIM
JO?MNIM
<}MC=IM
>?
;ORCFC;L?M
;>GCHCMNL;NCPIM
M?
MCNO;<;H
JIL
?H=CG;
>?
F;
G?>C;
!H
F…H?;M
A?H?L;F?M

F;
L?NLC<O=C‰H
G?>C;
>?
FIM
?GJF?;>IM
J<FC=IM
?M
CH@?LCIL
;
F;
>?
F;
G?>C;
>?
F;
+ !
!H
N?L=?L
FOA;L

INLIM
;MJ?=NIM
>?
OH
CH@ILG?
>?
F;
+ !
?H

G;HC@C?MN;H
KO?
B;S
OH
;GJFCI
G;LA?H
>?
G?DIL;
?H
F;
A?MNC‰H
>?
L?=OLMIM
BOG;HIM
J;L;
B;=?L
KO?
‚MNIM
M?;H
G}M
?@C=C?HN?M
S
JL?MN?H
M?LPC=CIM
>?
G}M
=;FC>;>
!H
FIM
;MJ?=NIM
MCAOC?HN?M

!MJ;ˆ;
M?
?H=IHNL;<;
JIL
>?<;DI
>?
F;
G?>C;
S
JL}=NC=;G?HN?
?H
FIM
FNCGIM
JO?MNIM
>?
OH
FCMN;>I
>?

J;…M?M
A?MNC‰H
M?J;L;>;
S
G}M
;>?=O;>;
>?
FIM
>CL?=NCPIM
J<FC=IM

JIFCNCT;=C‰H
>?
FIM
HCP?F?M
MOJ?LCIL?M

JF;H?M
J;L;
?MNCGOF;L
F;
<;D;
PIFOHN;LC;
I
J;L;
G;H?D;L
=IH
G;SIL
@F?RC<CFC>;>
FIM
>?MJC>IM
?H
GCHCMN?LCIM
S
;A?H=C;M
;M…
=IGI
?F
OMI
>?
F;
A?MNC‰H
?MNL;N‚AC=;
"CH;FG?HN?

DOHNI
=IH
$OHAL…;

?M
?F
HC=I
J;…M
>?F
?MNO>CI
KO?
@CH;H=C;
;
FIM
MCH>C=;NIM
=IH
@IH>IM
J<FC=IM
!=B?<;LL…;



B;=C?H>I
OH
;H}FCMCM
=IGJ;L;>I
>?
!MJ;ˆ;
S
INLIM
J;…M?M
>?
F;
+ !
?HNL?

S


G;HNC?H?
KO?
?F
N;G;ˆI
>?F
?GJF?I
J<FC=I
HI
?M
AL;H>?

MCH
?G<;LAI
B;S
JLI<F?G;M
>?
?@C=C?H=C;
>?LCP;>IM
>?
KO?
?F
=IMN?
>?F
?GJF?I
J<FC=I
?M
;FNI
>;>I
KO?
?F
HG?LI
>?
BIL;M
KO?
M?
NL;<;D;
>?
@ILG;
?@?=NCP;
?M
GOS
CH@?LCIL
;F
L?MNI
>?
FIM
J;…M?M
=IHMC>?L;>IM
?H
F;
=IGJ;L;=C‰H
S
;
FIM
?GJF?;>IM
>?F
M?=NIL
JLCP;>I
!MNI
MOJIH?
OH;
L?GOH?L;=C‰H
JIL
BIL;
>?
NL;<;DI
GOS
MOJ?LCIL
;F
>?F
L?MNI
>?
FIM
J;…M?M
 #P
L?HCFF;

)

?FA;>I



U[$;S
GO=BIM
?GJF?;>IM
J<FC=IM
?H
!MJ;ˆ;
!@C=C?H=C;
S
?@?=NCPC>;>
?H
?F
=IHN?RNI
>?
F;
+ !X

)6G:DE2
56
25>:?:DEC24:x?
A|3=:42



LLC<;M

&
!

U!F
=IGJF?G?HNI
>?
JLI>O=NCPC>;>
?H
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I

HILG;NCP;
>?
;JFC=;=C‰H

=;L;=N?L…MNC=;M
>C@?L?H=C;F?M
S
;MJ?=NIM
=IGJ?N?H=C;F?MX

4EF2=:525
25>:?:DEC2E:G2




?FNL}H

)

#@D
7F?4:@?2C:@D
2?E6
=2
C67@C>2
56
=2
5>:?:DEC24:x?
);>LC>
?HNLI
>?
%HP?MNCA;=CIH?M
/I=CIF‰AC=;M
%/
?H?SNI

&

:DE@C:2
56
=2
5>:?:DEC24:x?
6DA2w@=2
6
9:DA2?@2>6C:42?2
);>LC>
AOCF;L
}>CT
?F?CNI

&
(

U0L;HM@ILG;=CIH?M
>?
F;
>GCHCMNL;=C‰H
S
F;
@OH=C‰H
J<FC=;
>OL;HN?
F;
NL;HMC=C‰H
JIF…NC=;X

'6?D2>:6?E@
36C@2>6C:42?@
)6G:DE2
6
4@?@>t2
'@=tE:42



;GJIM

&
!

(?PC

)

/B?LG;H

.

U.;NCIH;FCT?>
OL?;O=L;=S
;H>
.;NCIH;F
IGJFC;H=?X
%.%/
3ILECHA
,;J?L
?LP?L;

&
&


U!F
MCMN?G;
>?
G‚LCNI
?H
FIM
AI<C?LHIM
FI=;F?M
?MJ;ˆIF?M
OH;
CHMNCNO=CIH;FCT;=C‰H
JLI<F?G}NC=;X

'6CED@?2<
6E2
?E@=2<F?56
'F3=:<@2<
"F562EK6<@
FD<2=
=5:K<2C:2
)6G:DE2
-2D42
56
6DE:x?
56
'6CD@?2D
J
&C82?:K24:@?6D
'|3=:42D



%/
?HNLI
>?
%HP?MNCA;=CIH?M
/I=CIF‰AC=;M

DEF5:@

D@3C6
7F?4:@?2C:@D
A|3=:4@D
56
=2
5>:?:DEC24:x?
6?6C2=
56=
DE25@
);>LC>
%/
IGCMC‰H
>?
!RJ?LNIM

?7@C>6
AC6G:@
2
=2
6=23@C24:x?
56=
DE2EFE@
lD:4@
56=
>A=625@
'|3=:4@
);>LC>
),
O?H=;

&

=
6>A=6@
A|3=:4@
=@42=
6?
DA2w2
 
@?7:8FC24:x?
J
5:?l>:42
:?DE:EF4:@?2=
)CG?IAL;@C;>I
0L;<;DI
>?
CHP?MNCA;=C‰H
JL?M?HN;>I
?H
?F
,LIAL;G;
>?
I=NIL;>I
,IF…NC=;
S
?GI=L;=C;
>?
F;
1*! 
;BFMNLŠG



(;JO?HN?

2

0?IL?FF

&

U0B?
)?LCN
I@
)?LCNI=L;NCT;NCIH
,IFCNC=M

OL?;O=L;=S

;H>
NB?
%HMNCNONCIH;F
?N?LL?HNM
I@
ILLOJNCIHX

'@=:E:42=
)6D62C49
(F2CE6C=J





!=B?<;LL…;

'

ULCMCM
S
?GJF?I
J<FC=I
?H
!MJ;ˆ;X
,L?M?HN;=C‰H
L?;FCT;>;
?H
?F
@?8C6D@
?E6C?24:@?2=
56
6DE:x?
56
)64FCD@D
F>2?@D
6?
=2D
5>:?:DEC24:@?6D
'|3=:42D
2CNILC;#;MN?CT
!P;HM

,

.;O=B

&
!

UOL?;O=L;=S
;H>
ALIQNB

=LIMMH;NCIH;F
;H;FSMCM
I@
NB?
?@@?=NM
I@
U3?<?LC;HX
MN;N?
MNLO=NOL?M
IH
?=IHIGC=
ALIQNBX

>6C:42?
D@4:@=@8:42=
C6G:6H


"O?HN?N;D;

&


U(;
=;LL?L;
BILCTIHN;F
?H
?F
?GJF?I
J<FC=I
OH;
IJILNOHC>;>
J;L;
F;M
;>GCHCMNL;=CIH?M
J;LF;G?HN;LC;MX

@CED
?F2C:@
56
56C649@
A2C=2>6?E2C:@



"O?HN?N;D;

&


'2D25@
AC6D6?E6
J
7FEFC@
56
=2
F?4:x?
'|3=:42
?EC6
=2
A@=:E:K24:x?
J
=2
A2EC:>@?:2=:K24:x?
);>LC>
CPCN;M
#ONC‚LL?T
.?ˆ‰H



U(;
=;LL?L;
;>GCHCMNL;NCP;
?H
!MJ;ˆ;
?PIFO=C‰H
BCMN‰LC=;
S
J?LMJ?=NCP;MX

@4F>6?E24:x?
5>:?:DEC2E:G2


#ONC‚LL?T
.?ˆ‰H



(;<L;>I
"?LH}H>?T

)

#2
6IA6C:6?4:2
56
=2
6G2=F24:x?
56
AF6DE@D
56
EC232;@
6?
=2
5>:?DEC24:x?
6DA2w@=2
2A=:424:@?6D
ACl4E:42D
56
=@D
C6DF=E25@D
@3E6?:5@D
);>LC>
)CHCMN?LCI
>?
>GCHCMNL;=CIH?M
,<FC=;M
$?SQII>

,

)IFCH;

%

U
-O;MC,L?MC>?HNC;F
,L?GC?LMBCJ
>GCHCMN?LCHA
NB?
!R?=ONCP?
/OGGCN
CH
/J;CHX

?H
,?N?LM

.BI>?M

3LCABN
=IGJM

%#!%HN?LP?H=C‰H
#?H?L;F
>?
F;
>GCHCMNL;=C‰H
>?F
!MN;>I

=
A6CD@?2=
2=
D6CG:4:@
56=
D64E@C
A|3=:4@
6DE2E2=
);>LC>
%#!)CHCMN?LCI
>?
!=IHIG…;
S
$;=C?H>;
P;LCIM
;ˆIM
>?

;

&CG‚H?T
M?HMCI

.

'@=tE:42D
56
D6=644:x?
6?
=2
7F?4:x?
A|3=:42
6DA2w@=2

);>LC>
)CHCMN?LCI
>?
>GCHCMNL;=CIH?M
,<FC=;M
(;JO?HN?

2

U!F
MCMN?G;
>?
G‚LCNI
=IGI
A;L;HN…;
>?
?MN;<CFC>;>
S
?@C=;=C;
?H
F;M
MI=C?>;>?M
>?GI=L}NC=;M
;P;HT;>;MX

@4F>6?E24:x?
25>:?:DEC2E:G2


),
IGCMC‰H
>?
?RJ?LNIM

DE2EFE@
lD:4@
56=
>A=625@
'|3=:4@
);>LC>
)CHCMN?LCI
>?
>GCHCMNL;=CIH?M
,<FC=;M
),
IGCMC‰H
>?
?RJ?LNIM

?7@C>6
D@3C6
6=
A2A6=
56=
DE25@
);>LC>
)CG?I
),)CHCMN?LCI
>?
>GCHCMNL;=CIH?M
,<FC=;M

@=6Et?
DE25tDE:4@
56=
'6CD@?2=
2=
*6CG:4:@
56
=2D
5>:?:DEC24:@?6D
'|3=:42D
);>LC>
),
2;LCIM
;ˆIM
>?M>?

;

);LN…H?T

&


ULCN?LCIM
J;L;
F;
=F;MC@C=;=C‰H
>?F
?GJF?;>I
J<FC=I
[@OH=CIH;LCI
I
F;<IL;FX

'6CED@?2<
6E2
?E@=2<F?56
'F3=:<@2<
"F562EK6<@
FD<2=
=5:K<2C:2
)6G:DE2
-2D42
56
6DE:x?
56
'6CD@?2D
J
&C82?:K24:@?6D
'|3=:42D




*C?NI



U(;
>GCHCMNL;=C‰H
S
F;
<OLI=L;=C;
>?F
!MN;>I
?H
F;
>‚=;>;
>?
FIM
I=B?HN;X

)6G:DE2
-2D42
6
5>:?:DEC24:x?
'|3=:42
6CC:C5FC2=2C:EK2<@
FD<2=
=5:K<2C:2


*C?NI



DEF5:@D
9:DExC:4@D
D@3C6
25>:?:DEC24:x?
J
56C649@
25>:?:DEC2E:G@
);>LC>
)CHCMN?LCI
>?
>GCHCMNL;=CIH?M
,<FC=;M
+LN?A;

(

:(;
L?@ILG;
>?
F;
;FN;
<OLI=L;=C;
?H
!MJ;ˆ;

*:DE6>2


,?N?LM


#

.BI>?M

.

3

3LCABN

2
=IGJM

5>:?:DE6C:?8
E96
*F>>:E
5>:?:DEC2E:@?
@7
E96
@C6
I64FE:G6
:?
6G6=@A65
@F?EC:6D
(IH>L?M
);=GCFF;H
.;;>M=B?F>?LM

&

*

2?53@@<
@7
25>:?:DEC2E:G6
9:DE@CJ
*?Q
LOHMQC=E

*
&
0L;HM;=NCIH
,O<FCMB?LM
.O;HI

&
)

L?MJI

&

,IFI



?l=:D:D
56=
4:4=@
56
=2
D6=644:x?
56
A6CD@?2=
6?
=2
5>:?:DEC24:x?
6?6C2=
56=
DE25@
);>LC>
%HMNCNONI
*;=CIH;F
>?
>GCHCMNL;=C‰H
,<FC=;
+6>2


/
47</<17/17b<
:=A
7<5@3A=A
23
:/A
/2;7<7AB@/17=<3A
>d0:71/A
:>X

780/,
')!&#

#(.,)/#g(

/(
',)

, ,(#
)(*./&
-),
&)-
#'*/-.)-

&EI
?CFK;IJEI
9ECE
>;HH7C?;DJ7
;9EDvC?97
O
IE9?7B

&EI
?CFK;IJEI
9ECE
FEBsJ?97
Fy8B?97

H?J;H?EI
F7H7
;L7BK7H
B7I
EF9?ED;I
?CFEI?J?L7I
 
:;9K79?vD
:;
B7
FHE:K99?vD
:;
?D=H;IEI

GK?:7:
 
<;9JEI
;9EDvC?9EI
 
79?B?:7:
H;97K:7JEH?7
 
.H7DIF7H;D9?7
 
&7
FH;I?vD
<?I97B

B
9EDJ;NJE
FEBsJ?9E
:;
BEI
?CFK;IJEI
 
&7
9KBJKH7
FEBsJ?97
O
B7I
?D<BK;D9?7I
?DJ;HD79?ED7B;I

&7
EF?D?vD
Fy8B?97
 
&EI
F7HJ?:EI
B7I
?:;EBE=s7I
O
BEI
=HKFEI
:;
FH;I?vD

),d!(-
3
0)&/#g(

&
#((##g(

&-
'#(#-.,#)(-
*j&#-
(
&
-*f
'),_.#
 
&7
:;CE9H7J?P79?vD
O
B7
9H;79?vD
:;
KD
I?IJ;C7
JH?8KJ7H?E
  
&7
I?JK79?vD
:;
F7HJ?:7
 
&7
H;<EHC7
JH?8KJ7H?7
  
&EI
H;IKBJ7:EI
;B
9H;9?C?;DJE
:;
B7
FH;I?vD
<?I97B
O
:;B
?D9?F?;DJ;
IJ7:E
:;B
?;D;IJ7H

&7
9EDL;H=;D9?7
FH;IKFK;IJ7H?7
F7H7
;B
?D=H;IE
;D
B7
/D?vD
'ED;J7H?7
H?=EH
;IJ78?B?:7:
O
H;<EHC7I
 
-7BJE
9K7B?J7J?LE

&7
=;IJ?vD
:;
B7
9H?I?I

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

&-
'#(#-.,#)(-
*j&#-
(
-*f
(
&
./&#
 
&EI
?D=H;IEI
:;
B7
!
  
#CFK;IJE
IE8H;
B7
H;DJ7
 
#CFK;IJE
IE8H;
IE9?;:7:;I
  
&7
?CFEI?9?vD
F7JH?CED?7B
  
#CFK;IJE
IE8H;
;B
L7BEH
7u7:?:E
  
#CFK;IJEI
;IF;9?7B;I

&EI
?D=H;IEI
:;
B7I

B7
?DIJ?JK9?ED7B?P79?vD
:;
B7I
9ECKD?:7:;I
 
&7
H;<EHC7
:;B
I?IJ;C7
:;
<?D7D9?79?vD
;D


&7
H;<EHC7
:;B
I?IJ;C7
:;
<?D7D9?79?vD
;D

 
#CFK;IJEI
FHEF?EI
BEI
?CFK;IJEI
9;:?:EI
O
B7I
J7I7I
 
&7
F7HJ?9?F79?vD
;D
?D=H;IEI
:;B
IJ7:E
 
&7I
;N9;F9?ED;I
<EH7B;I
 
,;=sC;D;I
;IF;9?7B;I
FEH
B7
I?JK79?vD
=;E=Hn<?97
 
&EI
?D=H;IEI
:;
B7I
;DJ?:7:;I
BE97B;I
 
/D7
F;HIF;9J?L7
:;
9ED@KDJE


"(&#)Y"
!F
J;J?F
?=IH‰GC=I
S
MI=C;F
KO?
>?M?GJ?ˆ;
?F
!MN;>I
?H
F;M
MI=C?>;>?M
=IHN?GJIL}H?;M
M?
>?M;LLIFF;
?H
NL?M
>CL?==CIH?M
V
IH@CAOL;=C‰H
S
G;HN?HCGC?HNI
>?
OH
G;L=I
CHMNCNO=CIH;F
G?>C;HN?
?F
?MN;<F?=CGC?HNI
>?
OH
=IHDOHNI
>?
L?AF;M
>?F
DO?AI
;
KO?
>?<?H
;N?H?LM?
FIM
;A?HN?M
?H
MOM
NL;HM;==CIH?M
?H
FIM
G?L=;>IM
V
,;LNC=CJ;=C‰H
;=NCP;
?H
FIM
G?L=;>IM
G?>C;HN?
L?AOF;=CIH?M

JIL
?D?GJFI

@CD;=C‰H
>?F
M;F;LCI
G…HCGI

N;LC@;M
?F‚=NLC=;M

HILG;M
>?
=;FC>;>
J;L;
FIM
JLI>O=NIM

?N=
I
=IGI
OH
;A?HN?
?=IH‰GC=I
G}M

;=O>C?H>I
;
FIM
G?L=;>IM
>?
@IH>IM
@CH;H=C?LIM
I
?GJL?H>C?H>I
;=NCPC>;>?M
?GJL?M;LC;F?M
?H
=IH=OLL?H=C;
=IH
?F
M?=NIL
JLCP;>I
V
)I>C@C=;=C‰H
>?
F;
>CMNLC<O=C‰H
>?
F;
L?HN;
JIL
G?>CI
>?
CGJO?MNIM
>CL?=NIM
JLIAL?MCPIM
S
MCMN?G;M
>?
NL;HM@?L?H=C;
>?
L?HN;M
>?
FIM
L?=OLMIM
L?=;O>;>IM
JIL
FIM
CGJO?MNIM
!MN?
N?G;
M?
=?HNL;
?H
?MN?
FNCGI
;MJ?=NI
(;
=;J;=C>;>
>?
L?=;O>;L
CGJO?MNIM
<;DI
F;
;ONILC>;>
>?
F;
F?S
?M
OH
;NLC<ONI
>?@CHCNILCI
>?
FIM
GI>?LHIM
!MN;>IM
>?GI=L}NC=IM
0I>IM
FIM
!MN;>IM
>?<?H
?H=IHNL;L
FIM
G?>CIM
J;L;
@CH;H=C;L
MO
JLIJC;
?RCMN?H=C;
S
J;L;
FIM
M?LPC=CIM
S
<C?H?M
J<FC=IM
KO?
JLIJIL=CIH;H

?FFI
=IHMNCNOS?
OH
<O?H
CH>C=;>IL
>?
F;M
L?F;=CIH?M
?HNL?
?F
!MN;>I
S
F;
MI=C?>;>
OHKO?
FIM
CGJO?MNIM
M?;H
OH;
;=NCPC>;>
?M?H=C;F
J;L;
F;
PC>;
>?
=O;FKOC?L
MCMN?G;
JIF…NC=I;>GCHCMNL;NCPI

?FFI
HI
FIM
B;=?
G}M
JIJOF;L?M
?HNL?
FIM
=IHNLC<OS?HN?M

KO?
MIH
;
?MNIM
?@?=NIM
OHC>;>?M
?=IH‰GC=;M
JLCP;>;M

S;
M?;H
CH>CPC>OIM
I
MI=C?>;>?M
(IM
AI<C?LHIM
NL;N;H
?H
=IHM?=O?H=C;
>?
=I<L;LFIM

?FO>C?H>I
F;
CL;
>?
FIM
=CO>;>;HIM
I
KO?
M?
>?H
=O?HN;
>?
MO
L?=;O>;=C‰H
(IM
=IHNLC<OS?HN?M
NL;N;H
>?
L?>O=CL
MO
=;LA;
NLC<ON;LC;
G?>C;HN?
F;M
JIMC<CFC>;>?M
J?LGCNC>;M
F?A;FG?HN?
I
=IH
@L;O>?
G?>C;HN?
?F
CH=OGJFCGC?HNI
>?
F;
F?S
(;
NLC<ON;=C‰H
?M
JIL
=IHMCAOC?HN?
OH
JLI<F?G;
JIF…NC=I
S
FIM
CGJO?MNIM
L?JL?M?HN;H
FIM
=IMN?M
>?
F;
=CO>;>;H…;
NI>I
?F
GOH>I
>?<?
J;A;L
FIM
CGJO?MNIM
J;L;
@CH;H=C;L
FIM
<?H?@C=CIM
KO?
JLIJIL=CIH;
?F
A;MNI
J<FC=I
!F
=;J…NOFI
M?
ILA;HCT;
?H
=O;NLI
;J;LN;>IM
;>?G}M
>?
?MN;
CHNLI>O==C‰H
!H
?F
JLCG?LI
M?
JLIJIL=CIH;
OH
G;L=I
>?
L?@?L?H=C;
=IH=?JNO;F
KO?
JO?>?
M?LPCL
J;L;
;H;FCT;L
?F
MCAHC@C=;>I
JIF…NC=I
S
;>GCHCMNL;NCPI
>?
FIM
CGJO?MNIM
!H
?F
MCAOC?HN?
M?
>?M=LC<?
F;
?PIFO=C‰H
>?F
MCMN?G;
NLC<ON;LCI
>?F
L‚ACG?H
>?GI=L}NC=I
?MJ;ˆIF

>;>;
F;
CGJILN;H=C;
>?
F;
>?J?H>?H=C;
>?
F;
NL;S?=NILC;
CHMNCNO=CIH;F
?H
?MN?
}G<CNI
!H
?F
MCAOC?HN?
M?
>?N;FF;H
F;M
=;L;=N?L…MNC=;M
>?
FIM
JLCH=CJ;F?M
CGJO?MNIM
A?MNCIH;>IM
JIL
FIM
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
,IL
FNCGI
M?
JLIJIL=CIH;H
;FAOHIM
>;NIM
?MN;>…MNC=IM
MI<L?
F;
?MNLO=NOL;
S
=IGJIMC=C‰H
>?F
MCMN?G;
NLC<ON;LCI
?MJ;ˆIF
 
)"
!&#

&&"
#"$()
'#&
#'
!$)'(#'
(IM
CGJO?MNIM
MOJIH?H
F;
=IH@FO?H=C;
>?
JIF…NC=;
S
?=IHIG…;

?MNI
JF;HN?;
KO?
OH
>?M;@…I
=F;P?
>?
F;
CHP?MNCA;=C‰H
=IGJ;L;NCP;
=IHMCMN?
?H
>?M;LLIFF;L
OH
?H@IKO?
>?
?=IHIG…;
JIF…NC=;
KO?
G;HN?HA;
?F
?KOCFC<LCI
?HNL?
JIF…NC=;
S
?=IHIG…;

KO?
NL;CA;
;F
@L?HN?
;
F;
JIF…NC=;
?H
?F
;H}FCMCM
(?PC



=IHNCHO;=C‰H
M?
?R;GCH;H
F;M
=;L;=N?L…MNC=;M
NL;>C=CIH;F?M
>?
F;
JIF…NC=;
CGJIMCNCP;
=IGI
B?LL;GC?HN;
?=IH‰GC=;
J;L;
?RJIH?L
>?MJO‚M
MO
=IHMC>?L;=C‰H
=IGI
JIF…NC=;
J<FC=;


:>
48;@0>?:>
.:8:
30==,8409?,
0.:9[84.,
D
>:.4,7
(;M
@OH=CIH?M
JLCH=CJ;F?M
>?
F;
;=NCPC>;>
@CH;H=C?L;
?D?L=C>;
JIL
?F
MCMN?G;
@CM=;F
>?F
!MN;>I
MIH
F;
M;NCM@;==C‰H
>?
F;M
=;G<C;HN?M
H?=?MC>;>?M
J<FC=;M

F;
L?>CMNLC<O=C‰H
>?
F;
L?HN;
H;=CIH;F

F;
?MN;<CFCT;=C‰H
?=IH‰GC=;
?PCN;H>I
?F
J;LI
S
F;
CH@F;=C‰H
S
?F
>?M;LLIFFI
?=IH‰GC=I
(IM
NLC<ONIM
JO?>?H
;N?H>?L
;
OH;
P;LC?>;>
>?
@OH>;G?HNIM

CH=FOS?H>I
F;
L?HN;
S
A;MNIM
;MI=C;>IM
;
F;
JLI>O==C‰H
=ILLC?HN?M

INL;M
NL;HM;==CIH?M

F;
JIM?MC‰H
>?
;=NCPIM

F;M
NL;HM@?L?H=C;M
JIL
>IH;=CIH?M
I
MO=?MCIH?M
,?LI
=O;FKOC?L;
KO?
M?;
F;
<;M?
?M=IAC>;

F;
=;LA;
NLC<ON;LC;
@CH;F
>?<?
M?L
MIJILN;>;
JIL
OH;
J?LMIH;
DOL…>C=;
I
@…MC=;

JIL
OH
J;LNC=OF;L
I
OH;
@;GCFC;

S;
M?;
=IGI
J?L=?JNIL
>?
OH;
L?HN;

=IGI
=IHMOGC>IL

=IGI
B?L?>?LI
I
>?
;FAOH;
INL;
@ILG;
(;
N;L?;
>?
C>?;L
OH;
?MNLO=NOL;
NLC<ON;LC;
?KOCN;NCP;

JIL
N;HNI

?M
FF?A;L
;
OH;
>CMNLC<O=C‰H
?KOCFC<L;>;
>?
F;
=;LA;
NLC<ON;LC;
?HNL?
FIM
CH>CPC>OIM
S
F;M
ILA;HCT;=CIH?M
!MNI
MOJIH?
=OGJFCL
=IH
F;M
?RCA?H=C;M
>?
F;
?KOC>;>
BILCTIHN;F

KO?
L?=F;G;
KO?
F;M
J?LMIH;M
KO?
?MN‚H
?H
CAO;F
JIMC=C‰H
M?;H
NL;N;>;M
CAO;FG?HN?
JIL
?F
CGJO?MNI

;M…
=IGI
=IH
F;M
?RCA?H=C;M
>?
F;
?KOC>;>
P?LNC=;F

KO?
>?G;H>;
KO?
F;M
J?LMIH;M
KO?
M?
?H=O?HNL;H
?H
JIMC=CIH?M
>?MCAO;F?M
MIJILN?H
=;LA;M
>C@?L?HN?M
!F
JLI<F?G;
>?
F;
?KOC>;>
P?LNC=;F
I
JLIAL?MCP;
?H
F;
?MNLO=NOL;
>?
NL;HM@?L?H=C;CGJO?MNI
HI
?MN}
MOD?NI
;
OH;
MIFO=C‰H
=C?HN…@C=;
NC?H?
KO?
L?MIFP?LM?
?H
N‚LGCHIM
>?
P;FIL?M
MI=C;F?M

=IHMC>?L;H>I
F;
CAO;F>;>
I
F;
>?MCAO;F>;>
=IGI
OH;
G?N;
>?
F;M
JIF…NC=;M
J<FC=;M
(;
CGJF;HN;=C‰H
>?
F;
?KOC>;>
BILCTIHN;F
?M
F;
KO?
JF;HN?;
F;
G;SIL
J;LN?
>?
F;M
>C@C=OFN;>?M
N‚=HC=;M
;F
=IH@?==CIH;L
F;
?MNLO=NOL;
NLC<ON;LC;
!F
JLI<F?G;
NL;>C=CIH;F
>?
F;
?KOC>;>
@CM=;F
M?
=IGJFC=;
?H
>IM
;MJ?=NIM
?H
FIM
!MN;>IM
=IGJO?MNIM
I
@?>?L;F?M
=IGI
?F
HO?MNLI
!F
NL;NI
@CM=;F
?KOCN;NCPI
>?
FIM
CH>CPC>OIM
NC?H?
KO?
>?@CHCLM?
>?
HO?PI
JILKO?
FIM
CH>CPC>OIM
?MN}H
MIG?NC>IM
;
G}M
>?
OH;
DOLCM>C==C‰H
N?LLCNILC;F
>?G}M

MOLA?
;BIL;
OH
JLI<F?G;
>?
?KOC>;>
CHN?LH;=CIH;F
MOM=CN;>I
JIL
F;
AFI<;FCT;=C‰H
S
F;
CHN?AL;=C‰H
?=IH‰GC=;
>?
AL;H>?M
L?ACIH?M
GOH>C;F?M
?M
>?=CL

>?
>CPC>CL
F;M
J;LNC=CJ;=CIH?M
?H
F;M
<;M?M
CGJIMCNCP;M
CHN?LH;=CIH;F?M
?HNL?
F;M
>CMNCHN;M
H;=CIH?M
I
DOLCM>C==CIH?M
@CM=;F?M
(IM
CGJO?MNIM
MIH
OH;
@ILG;
>?
CHAL?MI
>?F
!MN;>I
KO?
>C@C?L?
>?
INL;M
@‰LGOF;M
>?
@CH;H=C;=C‰H
?H
N‚LGCHIM
>?
I<FCA;=CIH?M
S
L?KOCMCNIM
;>GCHCMNL;NCPIM

CH=FOS?H>I
F;
>?O>;

F;M
L?HN;M
>?
F;M
?GJL?M;M
J<FC=;M
S
F;M
N;M;M
>?
FIM
OMO;LCIM
M?FFIM
>?
=ILL?IM

J?;D?M
>?
F;M
;ONIJCMN;M

N;M;M
;=;>‚GC=;M
?M>?
?F
JOHNI
>?
PCMN;
JIF…NC=I
?F
CHN?L‚M
>?F
?MNO>CI
>?
FIM
CGJO?MNIM
M?
=?HNL;
?H
NL?M
AL;H>?M
=O?MNCIH?M
F;
?MNL?=B;
L?F;=C‰H
?HNL?
F;
=;J;=C>;>
J;L;
L?=;O>;L
CHAL?MIM
S
F;
=IHMNLO==C‰H
>?F
!MN;>I
H;=CIH;F
=IHN?GJIL}H?I
0CFFS



FIM
JLI<F?G;M
MO<S;=?HN?M
>?
;==C‰H
=IF?=NCP;
AILLIH?I
CHB?L?HN?M
;
F;
CGJIMC=C‰H
MIH
OH;
>?
F;M
=IHMNLC==CIH?M
@OH>;G?HN;F?M
>?
F;
B;<CFC>;>
>?
L?=;O>;L
>?F
!MN;>I
(?PC

F;
DOMNC=C;
>CMNLC<ONCP;
>?
F;
=;LA;
CGJIMCNCP;
S;
KO?
‚MN;
L?@F?D;
GOS
;GJFC;G?HN?
=IGI
M?
>?@CH?H
F;
DOMNC=C;
S
F;
?KOC>;>
?H
FIM
>CMNCHNIM
J;…M?M
S
;
FI
F;LAI
>?F
NC?GJI
!H
M…HN?MCM

F;
JIF…NC=;
NLC<ON;LC;
=IGJL?H>?
>IM
?F?G?HNIM
?F
?MN;<F?=CGC?HNI
>?
JIF…NC=;M
CGJIMCNCP;M
S
MO
CGJF;HN;=C‰H

?M
>?=CL
OH
=IHDOHNI
>?
CGJO?MNIM
S
MO
;>GCHCMNL;=C‰H

MI<L?
F;M
<;M?M
>?@CHC>;M
JIL
>IM
NCJIM
>?
P;LC;<F?M
?=IH‰GC=;M
(C?<?LG;H


L
DE@4<
P;LC;<F?
KO?
GC>?
U;FAIX
?H
OH
GIG?HNI
?MJ?=…@C=I
>?F
NC?GJI
!MNI
CGJFC=;
KO?
>C=B;
G?>C=C‰H
L?=IA?
?F
UP;FIL
;=OGOF;>IX
>?
FI
KO?
?MN;GIM
GC>C?H>I
B;MN;
?F
GIG?HNI
JL?=CMI
?H
KO?
FI
G?>CGIM
!D?GJFI
JLIJC?>;>?M

LCKO?T;

?GJF?I

?N=
V
@FODI
?M
OH;
P;LC;<F?
KO?
GC>?
U;FAIX
JIL
OHC>;>
>?
NC?GJI
JIL
?D?GJFI
L?HN;
;HO;F

=IHMOGI

A;MNI
>?
JLI>O==C‰H

P?HN;
I
NL;HM@?L?H=C;
>?
OH;
JLIJC?>;>

?N=
!H
L?;FC>;>

OH;
P;LC;<F?
@FODI
L?=IA?
F;M
P;LC;=CIH?M
KO?
?RJ?LCG?HN;
OH;
P;LC;<F?
DE@4<
?H
OH
J?LCI>I
>?
NC?GJI
!H
=IHM?=O?H=C;

=IGI
GO?MNL;H
/N?CHGI

0IF<?LN

F;M
CHMNCNO=CIH?M
?=IH‰GC=;M
J?MI
>?
F;M
ILA;HCT;=CIH?M
MCH>C=;F?M
S
?MNLO=NOL;=C‰H
>?
F;M
L?F;=CIH?M
CH>OMNLC;F?M
S
JIF…NC=;M
J;LNC>I
>IGCH;HN?
I
=I;FC=C‰H
NC?H?H
L?J?L=OMCIH?M
MCAHC@C=;NCP;M
MI<L?
F;M
JIF…NC=;M
NLC<ON;LC;M
CGJF;HN;>;M
!H
A?H?L;F

F;
UHO?P;
?=IHIG…;
JIF…NC=;
>?
F;
CGJIMC=C‰HX
/Q;HE

/N?CHGI

M?
JO?>?
=;L;=N?LCT;L
=IGI
OH
?HNILHI
>IH>?
FIM
JIF…NC=IM
M?
?H@L?HN;H
;
NL?M
L?MNLC==CIH?M
L?F;=CIH;>;M
?HNL?
M…
F;
CHN?LH;=CIH;FCT;=C‰H

?F
?MNL‚M
?=IH‰GC=I
CHN?LHI

S
FIM
CGJ?L;NCPIM
JL?MOJO?MN;LCIM
(;
GIPCFC>;>
>?F
=;JCN;F
HI
B;
=IH>O=C>I

S
HI
?M
JLI<;<F?
KO?
=IH>OT=;

;
OH;
U=;LL?L;
B;=C;
?F
@IH>IX
I
;
F;
?PCM=?L;=C‰H
>?
F;
=;J;=C>;>
L?=;O>;NILC;
>?F
!MN;>I
FIM
AI<C?LHIM
JO?>?H
J?LM?AOCL
GI>?L;>;G?HN?
S
FI
B;=?H
OH;
;GJFC;
JLIN?==C‰H
MI=C;F
S
F;
JLIPCMC‰H
>?
<C?H?M
J<FC=IM

=O;H>I
?FFIM
S
MOM
?F?=NIL?M
;M…
FI
>?M?;H
0;G<C‚H
?M
?PC>?HN?
KO?
FIM
AI<C?LHIM
M?
?H@L?HN;H
;
OH
HO?PI
=IHDOHNI
>?
>?M;@…IM
=IH
F;
CHN?LH;=CIH;FCT;=C‰H

S
‚MNIM
B;H
=IHNLC<OC>I
;
OH
=;G<CI
>?
J;L;>CAG;
?H
F;
JIF…NC=;
NLC<ON;LC;
S
JIL
L?>O==CIH?M
@CM=;F?M
?MJ?=…@C=;M
F
GCMGI
NC?GJI

FIM
JLI<F?G;M
?=IH‰GC=IM
CHN?LHIM
L?KOC?L?H
L?>O==CIH?M
>?
F;
JL?MC‰H
@CM=;F
MI<L?
?F
=;JCN;F
S
F;
G;HI
>?
I<L;
?MN;M
@O?LT;M
=IGJCN?H
=IH
FIM
@;=NIL?M
CHN?LH;=CIH;F?M
JIL
=OIN;M
>?
L?>O==C‰H
>?
CGJO?MNIM
/CH
?G<;LAI

F;
>CH}GC=;
>?F
JL?MOJO?MNI
CHN?LHI

?MJ?=C;FG?HN?
?F
N;G;ˆI
>?
F;
>?O>;
>?F
M?=NIL
J<FC=I

FCGCN;
>?
G;H?L;
MCAHC@C=;NCP;
?F
=;G<CI
>?
JIF…NC=;
@CM=;F
!H
A?H?L;F

FIM
JIF…NC=IM
?H
F;M
MI=C?>;>?M
>?GI=L}NC=;M
=IHN?GJIL}H?;M
B;H
;@LIHN;>I
F;
CHN?HMC@C=;=C‰H
>?
F;
JL?MC‰H
J;L;
L?@ILG;L
F;
JIF…NC=;
@CM=;F
=IH
?F
@CH
>?
JLIGIP?L
F;
?@C=C?H=C;
?=IH‰GC=;
$;H
?H=IHNL;>I

MCH
?G<;LAI

JI=I
G;LA?H
>?
G;HCI<L;
(;
0;<F;

L?=IA?
OH;
?P;FO;=C‰H
>?
F;M
G?>C>;M
>?
>CMNCHN;M
@O?HN?M
>?
CHAL?MIM
NLC<ON;LCIM
;>;
=?F>;
?P;F;
F;
P;FC>?T
JLI<;<F?
>?
F;
G?>C>;
>?
=;>;
@O?HN?
>?
CHAL?MIM
=IH
L?MJ?=NI
;
FIM
=IH=?JNIM
=ILL?MJIH>C?HN?M
?H
F;M
=IFOGH;M
(;
G;SIL…;
>?
FIM
;H;FCMN;M
JLI<;<F?G?HN?
?MN;L…;H
>?
;=O?L>I
?H
KO?
F;
@ILG;
UG}M
JOL;X
>?
FIM
CGJO?MNIM
CH=FOS?
FIM
CGJO?MNIM
MI<L?
F;
L?HN;

FIM
<?H?@C=CIM
S
F;M
A;H;H=C;M
>?
=;JCN;F
S
FIM
CGJO?MNIM
MI<L?
F;
JLIJC?>;>
!MIM
CGJO?MNIM
M?
J;A;H
;F
!MN;>I
>CL?=N;G?HN?
JIL
FIM
J;LNC=OF;L?M
S
F;M
?GJL?M;M

;
G?HO>I
=IH
N;LC@;M
AL;>O;>;M
J;L;
>C@?L?HN?M
HCP?F?M
>?
CHAL?MI
(IM
JIFCN‰FIAIM
KO?
?MNO>C;H
FIM
CGJO?MNIM
B;H
N?H>C>I
;
>?M;LLIFF;L
CH>C=;>IL?M
<;M;>IM
?H
?F
MOJO?MNI
?MN}H>;L
KO?
?MNIM
CGJO?MNIM
NC?H?H
F;M
=O;FC>;>?M
>?
M?L
>?
FIM
G}M
JLIAL?MCMN;M

FIM
G}M
>C@…=CF?M
>?
;>GCHCMNL;L

FIM
G}M
NL;HMJ;L?HN?M
>?
=O;F?MKOC?L;
INL;M
@O?HN?M
>?
CHAL?MIM
>?F
!MN;>I
/?
B;<F;
>?
KO?
OH
CGJO?MNI
I
OH
MCMN?G;
NLC<ON;LCI
?M
JLIAL?MCPI
MC
F;M
N;M;M
CGJIMCNCP;M
?@?=NCP;M
MIH
G}M
;FN;M
J;L;
FIM
=IHNLC<OS?HN?M
>?
CHAL?MIM
MOJ?LCIL?M
KO?
J;L;
FIM
>?
G?HIL?M
CHAL?MIM
?M
JLIJIL=CIH;F

MC
F;M
N;M;M
CGJIMCNCP;M
?@?=NCP;M
MIH
?M?H=C;FG?HN?
F;M
GCMG;M
?H
F;M
>C@?L?HN?M
=;N?AIL…;M
>?
CHAL?MIM
S
?M
L?AL?MCPI

MC
FIM
=IHNLC<OS?HN?M
>?
G?HIL?M
CHAL?MIM
?RJ?LCG?HN;H
G;SIL?M
N;M;M
CGJIMCNCP;M
?@?=NCP;M
KO?
FIM
>?
G;SIL?M
CHAL?MIM
$%.$

C/9B/17a;
23
9/
C/9723F
23
9/@
:3272/@
23
9/@
27@A7;A/@
4B3;A3@
23
7;5?3@<@
A?70BA/?7<@
1<:<
7;271/2<?3@
23
27@A7;A<@
/@=31A<@
23
9/
C72/
=<9_A71/
<;13=A<
/=/172/2
239
@A/2< 117a;
1<931A7C/ B@A717/
27@A?70BA7C/
B3;A3@
23
7;5?3@<@
A?70BA/?7<@

#CFK;IJEI
IE8H;
B7 .5$ .5$ .5$

H;DJ7
8;D;<?9?EI H;GK?;H;
KD7
7CFB?7 EFEHJKD?:7:;I
I?=D?<?97J?L7I !;D;H7BC;DJ;
I;
9EDI?:;H7
=7D7D9?7I
:;
97F?J7B IKF;HL?I?vD
:;B
9KCFB?C?;DJE F7H7
BEI
?D:?L?:KEI
O
=HKFEI FHE=H;I?L7
F7H7
?DJ;DJ7H
=EHHED;7H
)3((
3+'(

#CFK;IJEI
IE8H;
B7 .5$ .5$ .5$

FHEF?;:7: H;GK?;H;
KD7
7CFB?7 EFEHJKD?:7:;I
I?=D?<?97J?L7I !;D;H7BC;DJ;
I;
9EDI?:;H7
IKF;HL?I?vD
:;B
9KCFB?C?;DJE F7H7
BEI
?D:?L?:KEI
O
=HKFEI FHE=H;I?L7
F7H7
?DJ;DJ7H
=EHHED;7H
)3((
3+'(

#CFK;IJEI
IE8H;
;B ('+$ $,$ .5$

9EDIKCE
D79?ED7B H;GK?;H;
KD7
7CFB?7
9E8;HJKH7 FEH
BE
=;D;H7B
E9KBJ7
;
?D9H;C;DJ7B
FEH =;D;H7BC;DJ;
I;
9EDI?:;H7
H;=H;I?L7
F;HE
C;DEI
IKF;HL?I?vD
:;B BE
GK;
;B
FHE8B;C7
:;B
=EHHED;E
;I ;I
:;9?H
CnI
H;97K:79?vD
?CFB?97
9KCFB?C?;DJE
GK;
BEI CsD?CE H;:?IJH?8K9?vD
>79?7
7HH?87
?CFK;IJEI
IE8H;
B7
H;DJ7

EDJH?8K9?ED;I
7
B7 ('+$ $,$ $,$

-;=KH?:7:
IE9?7B
*K;:;
H;GK;H?H
KD7
97F79?:7: ;D;<?9?EI
B?=7:EI
=;D;H7BC;DJ;
7
B7 ;D;<?9?EI
B?=7:EI
=;D;H7BC;DJ;
7
B7
#CFK;IJEI
IE8H; 7:C?D?IJH7J?L7
IKIJ7D9?7B
F7H7 9EDJH?8K9?vD
FEH
BE
GK;
;B
FHE8B;C7
:;B 9EDJH?8K9?vD
?D<BK;D9?7
CnI
;CFB;7:EI
O B7I
H;97K:79?ED;I =EHHED;E
;I
CsD?CE 7C8?=K7
;CFB;7:EH;I

)JHEI
?CFK;IJEI $,$/('+$ $,$ $,$

&EI
H;GK?I?JEI
:;
97F79?:7: ,;B79?vD
7C8?=K7
9ED
;B
FHE8B;C7
:;B &7
?D<BK;D9?7
;I
7C8?=K7
IED
7C8?=KEI
F;HE
JE:7Ls7
I; =EHHED;E
H;GK?;H;
$.*1
:;
97F79?:7:

#CFK;IJEI
IE8H;
B7I $,$ $,$ ('+$

JH7DI799?ED;I
O
;B &EI
H;GK?I?JEI
J?;D:;D
7
I;H &7
;B78EH79?vD
:;
B7
FEBsJ?97
?CFEI?J?L7
O &EI
?CFK;IJEI
IE8H;
B7I
?CFEHJ79?ED;I
9EC;H9?E
?DJ;HD79?ED7B CnI
B?C?J7:EI
GK;
F7H7
B7 IK
7:C?D?IJH79?vD
DE
FH;I;DJ7D I;
9EDI?:;H7D
H;=H;I?LEI
F;HE
BEI
C7OEHs7
:;
B7I
87I;I FHE8B;C7I
:;
=EHHED;E
I?C?B7H;I
7
B7I 8?;D;I
:;
BK@E
FK;:;D
I;H
=H7L7:EI
D79?ED7B;I 87I;I
?CFEI?J?L7I
D79?ED7B;I 9ED
C7OEH
?DJ;DI?:7:
"O?HN?
(C?<?LG;H



 
:>
48;@0>?:>
.:8:
;:7Y?4.,
;]-74.,
!H
FIM
CGJO?MNIM
M?
?HNL?=LOT;H
;=NCPC>;>?M
DOL…>C=;M

;>GCHCMNL;NCP;M
S
?=IH‰GC=;M

FI
KO?
FIM
B;=?
?MJ?=C;FG?HN?
MOM=?JNC<F?M
;F
;H}FCMCM
>?
JIF…NC=;M
JIL
MO
=IH>C=C‰H
CHNL…HM?=;G?HN?
CHN?L>CM=CJFCH;L
(;
@CH;H=C;=C‰H
JLI>O=C>;
JIL
FIM
CGJO?MNIM
?M

I
>?<?L…;
M?L

>?G;MC;>I
CGJILN;HN?
J;L;
M?L
P;FIL;>;
?R=FOMCP;G?HN?
?H
N‚LGCHIM
>?
G;RCGCT;=C‰H
JIF…NC=;
>?F
PINI
I
M‰FI
?H
@OH=C‰H
>?
MO
?@C=C?H=C;
?=IH‰GC=;
!F
JLCH=CJCI
>?
?PCN;L
F;
=OFJ;<CFCT;=C‰H
JIF…NC=;
JIL
F;
CHNLI>O==C‰H
>?
HO?P;M
@CAOL;M
CGJIMCNCP;M
M?
;=IGJ;M;
JIL
F;
H?=?MC>;>
>?
G;HN?H?L
OH
@FODI
MO@C=C?HN?
>?
CHAL?MIM
J;L;
@CH;H=C;L
FIM
JLIAL;G;M
>?F
!MN;>I
>?
<C?H?MN;L
!MN;
?M
F;
‰JNC=;
;>IJN;>;
;KO…
M?
CHN?HN;
=IGJL?H>?L
F;M
N?H>?H=C;M
@ONOL;M
=IGI
L?MOFN;>I
KO?
MIH
>?
F;LAIM
JLI=?MIM
BCMN‰LC=IM
F;
J?LMJ?=NCP;
?M
>?
=IHDOHNI
HI
>?
?R;G?H
>?
CGJO?MNIM
J;LNC=OF;L?M
S
M?
=?HNL;
?H
MO
;MJ?=NI
J<FC=I

?H
?F
>CH?LI
KO?
M?
L?=;O>;

>?
?MN;
G;H?L;
JO?>?
=;FC<L;LM?
?F
=L?=CGC?HNI
>?F
!MN;>I
S
MOM
>CMNCHNIM
=IGJIH?HN?M
[O;F
B;
MC>I
F;
?PIFO=C‰H
>?
F;M
C>?;M
JL?>IGCH;HN?M
MI<L?
?MN;
G;N?LC;
?H
F;M
FNCG;M
>‚=;>;M
0;HNI
?F
;J;L?HN?
@L;=;MI
>?
F;
?MNLO=NOL;
JIF…NC=;
?H
?@?=NO;L
OH;
ONCFCT;=C‰H
?KOCN;NCP;
S
?@C=C?HN?
>?
F;
JIF…NC=;
CGJIMCNCP;
=IGI
F;M
=IGJF?D;M
L?;FC>;>?M
>?
F;
AFI<;FCT;=C‰H
B;H
=IH@CAOL;>I
@CH;FG?HN?
FI
KO?
F;M
‚FCN?M
JIF…NC=;M
=L??H
KO?
JO?>?
B;=?LM?
S
FI
KO?
5636
B;=?LM?
)C?HNL;M
KO?
;
G?>C;>IM
>?F
MCAFI
J;M;>I
B;<…;
OH
;GJFCI
=IHM?HMI
;=?L=;
>?
KO?
FIM
CGJO?MNIM
>?<?L…;H
?GJF?;LM?
=IGI
OH
CHMNLOG?HNI
>?
JIF…NC=;
J<FC=;
KO?
N?H…;
OH;
@OH=C‰H
?M?H=C;F
?H
F;
L?>CMNLC<O=C‰H
>?
F;
L?HN;
S
F;
LCKO?T;
?H
F;M
>?GI=L;=C;M
=;JCN;FCMN;M

?MN?
JOHNI
>?
PCMN;
M?
B;
MOMNCNOC>I
?H
FIM
FNCGIM
;ˆIM

;F
G?HIM
?HNL?
=C?LN;M
‚FCN?M

JIL
F;
C>?;
IJO?MN;
>?
KO?
FIM
CGJO?MNIM
HI
5636Ct2?
ONCFCT;LM?
=IH
?MIM
JLIJ‰MCNIM
!MN?
HO?PI
=IHM?HMI
HI
?M
OH
MCGJF?
>?MJF;T;GC?HNI
>?F
JI>?L
JIF…NC=I
>?M>?
F;
CTKOC?L>;
B;=C;
F;
>?L?=B;
/?
NL;N;
G}M
<C?H
>?
F;
?PIFO=C‰H
>?
F;M
C>?;M
MI<L?
F;
JIF…NC=;
CGJIMCNCP;
FIM
?=IHIGCMN;M
S
F;
G;SIL…;
>?
FIM
JIF…NC=IM
HI
=L??H
S;
KO?
JO?>;H
A?MNCIH;L
?@C=;TG?HN?
F;
?=IHIG…;
G?>C;HN?
F;
G;HCJOF;=C‰H
>?
FIM
CGJO?MNIM
$;H
FF?A;>I
;
F;
=IH=FOMC‰H
>?
KO?
MC
FIM
AI<C?LHIM
M?
CGJFC=;H

FIM
CH=?HNCPIM
>?
FIM
JIF…NC=IM
F?M
CH>O=CL}H
;
=L?;L
JIF…NC=;M
CGJIMCNCP;M
KO?
M?L}H
@OH>;G?HN;FG?HN?
>?MNLO=NCP;M
>?
OH;
?=IHIG…;
=;JCN;FCMN;
?@C=C?HN?
/N?CHGI


!MN;M
=IHMC>?L;=CIH?M
M?
B;H
;AL;P;>I
=IH
GINCPI
>?F
?MN;FFC>I
>?
F;
#L;H
?JL?MC‰H
>?
F;M
?=IHIG…;M
>?M;LLIFF;>;M
;
L;…T
>?
F;
=LCMCM
>?F
P?L;HI
>?




=4?0=4:>
;,=,
0A,7@,=
7,>
:;.4:90>
48;:>4?4A,>
(;M
ILA;HCT;=CIH?M
?=IH‰GC=;M
CHN?LH;=CIH;F?M
I@L?=?H
>CP?LM;M
=F;MC@C=;=CIH?M
>?
FIM
CGJO?MNIM
")%



+ !


(;
=F;MC@C=;=C‰H
G}M
@L?=O?HN?
M?
<;M;
?H
F;
>CMNCH=C‰H
JIL
@CAOL;M
CGJIMCNCP;M
?HNL?
CGJO?MNIM
CH>CL?=NIM

>CL?=NIM
S
=IHNLC<O=CIH?M
MI=C;F?M

P‚;M?
F;
0;<F;

!H
F;
;=NO;FC>;>

?H
N‚LGCHIM
A?H?L;F?M
M?
=IHMC>?L;
KO?
FIM
CGJO?MNIM
CH>CL?=NIM
MIH
FIM
L?=;O>;>IM
MI<L?
F;
JLI>O==C‰H
I
?F
=IHMOGI
>?
<C?H?M
S
M?LPC=CIM
;M…
=IGI
MI<L?
F;M
NL;HM;==CIH?M
FIM
CGJO?MNIM
>CL?=NIM
M?
<;M;H
N…JC=;G?HN?
?H
F;
=;J;=C>;>
>?
J;A;L
>?F
=IHNLC<OS?HN?
N;F
S
=IGI
M?
>?LCP;
>?
F;
L?HN;
S
F;
LCKO?T;

CH=FOS?
JO?M
FIM
CGJO?MNIM
MI<L?
?MN;M
S
FIM
CGJO?MNIM
MI<L?
?F
=;JCN;F
=IGI
MO=?MCIH?M
S
>IH;=CIH?M
(;M
=IHNLC<O=CIH?M
;
F;
M?AOLC>;>
MI=C;F
=IGJL?H>?H
FIM
J;AIM
L?;FCT;>IM
=IGI
M?AOLI
@L?HN?
;
LC?MAIM
I
H?=?MC>;>?M
MI=C;F?M
S
MO?F?H
CH=FOCL
F;M
=IHNLC<O=CIH?M
I<FCA;NILC;M
J;A;>;M
JIL
?GJF?;>IL?M

?GJF?;>IM
S
;ON‰HIGIM
+NL;
@ILG;
>?
>?M=LC<CL
F;
?MNLO=NOL;
CGJIMCNCP;
?M
MO
=F;MC@C=;=C‰H
@OH=CIH;F
M?AH
F;M
@O?HN?M
>?
F;
CGJIMC=C‰H
NL;<;DI

=;JCN;F

=IHMOGI
$%.$

9/@7471/17a;
23
9<@
7:=B3@A<@
:=B3@A<@
27?31A<@ :=B3@A<@
7;27?31A<@

#CFK;IJE
IE8H;
B7
H;DJ7
F;HIED7B #CFK;IJEI
:;
9EDIKCE
;IF;9s<?9E
L;DJ7I
;
?CFK;IJEI
IE8H;
B7
FHE:K99?vD

#CFK;IJE
IE8H;
B7
H;DJ7
:;
IE9?;:7:;I #CFK;IJEI
7H7D9;B7H?EI
 #CFK;IJEI
IE8H;
IK9;I?ED;I
O
:ED79?ED;I #CFK;IJEI
IE8H;
B7
FHEF?;:7:

#CFK;IJE
IE8H;
;B
F7JH?CED?E EDJH?8K9?ED;I
:;
BEI
;CFH;I7H?EI
F7H7
B7
<?D7D9?79?vD
:;
B7
I;=KH?:7:
IE9?7B

#CFK;IJEI
IE8H;
B7
H;DJ7
:;
B7I
?DL;HI?ED;I

#CFK;IJEI
IE8H;
B7
H;DJ7
87I7:7
;D
B7
FHEF?;:7:

#CFK;IJEI
BE97B;I
IE8H;
9EC;H9?E

EDJH?8K9?ED;I
:;
BEI
;CFB;7:EI
7
B7
I;=KH?:7:
IE9?7B

>;G
/GCNB
?MN;<F?=C‰
?H
#2
C:BF6K2
56
=2D
?24:@?6D

FIM
=LCN?LCIM
KO?
>?<?H
AOC;L
F;
JIF…NC=;
CGJIMCNCP;
?H
OH;
?=IHIG…;
>?
G?L=;>I
?KOC>;>

=?LNC>OG<L?

=IHP?HC?H=C;
S
?=IHIG…;
OHKO?
>?M>?
?HNIH=?M
F;
N?LGCHIFIA…;
JO?>?
B;<?L
P;LC;>I
OH
N;HNI
F;M
=O?MNCIH?M
CGJILN;HN?M
MIH
<}MC=;G?HN?
F;M
GCMG;M
)CE?M?FF





231C/17b<
23
:/
>@=2C117b<
23
7<5@3A=A
/?
L?=;O>;H
CGJO?MNIM
J;L;
A?H?L;L
CHAL?MIM
J;L;
F;
@CH;H=C;=C‰H
>?
FIM
M?LPC=CIM
J<FC=IM
,IL
FI
N;HNI

?M
CGJILN;HN?
=IHMC>?L;L
MC
?F
MCMN?G;
NLC<ON;LCI
>?
OH
!MN;>I
=OGJF?
=IH
?M;
N;L?;
(;
JL?AOHN;
MI<L?
F;
;>?=O;=C‰H
?M
MCGJF?
[.?=;O>;
?F
MCMN?G;
CGJIMCNCPI
FIM
CHAL?MIM
MO@C=C?HN?M
J;L;
KO?
?F
A;MNI
?H
M?LPC=CIM
J;L;
F;
A?H?L;=C‰H
;=NO;F
HI
M?L}
OH;
=;LA;
CH>?<C>;
MI<L?
F;M
A?H?L;=CIH?M
@ONOL;M
!M;
?M
F;
JLO?<;
=LO=C;F
J;L;
F;
MIMN?HC<CFC>;>
@CM=;F

JILKO?
MC
?F
MCMN?G;
HI
L?=;O>;
FIM
CHAL?MIM
MO@C=C?HN?M

?HNIH=?M
M?
H?=?MCN;L}
KO?
F;M
A?H?L;=CIH?M
@ONOL;M
M?
B;A;H
=;LAI
>?
FIM
=IMN?M
>?F
J;M;>I

;M…
=IGI
>?
MOM
JLIJCIM
=IMN?M
(I
KO?
N?H>L}
OH
CGJ;=NI
H?A;NCPI
?H
MO
=;FC>;>
>?
PC>;

S
M?L}
OH;
=F;L;
PCIF;=C‰H
>?
?M?
=LCN?LCI
>?
MIMN?HC<CFC>;>
.?MJ?=NI
;
F;
;>?=O;=C‰H
>?
OH
CGJO?MNI
J;LNC=OF;L
OH
CGJO?MNI
G?L?=?
F;
J?H;
M‰FI
MC
JO?>?
A?H?L;L
CHAL?MIM
MCAHC@C=;NCPIM
;
N;LC@;M
MI=C;FG?HN?
;=?JN;<F?M


?C72/2
$;S
>IM
=LCN?LCIM
>?
?KOC>;>
?H
A?H?L;F
>?
;=O?L>I
=IH
FIM
<?H?@C=CIM
>?
FIM
=IHNLC<OS?HN?M
I
?F
OMI
>?F
M?LPC=CI
J<FC=I
F;M
JL?MN;=CIH?M
L?=C<C>;M
S
M?AH
F;M
=;J;=C>;>?M
>?
FIM
=IHNLC<OS?HN?M

J;L;
MIJILN;L
F;
=;LA;
F;
=;J;=C>;>
>?
J;AI
!F
?H@IKO?
?F?AC>I
@CH;FG?HN?
>?<?
M?L
?H
J;LN?
@CFIM‰@C=I
S
?H
J;LN?
JL;AG}NC=I
(;
?KOC>;>
?H
F;
>CMNLC<O=C‰H
>?
CGJO?MNIM
J;AI
NC?H?
=IGJIH?HN?M
BILCTIHN;F?M
S
P?LNC=;F?M
(;
?KOC>;>
BILCTIHN;F
\KO?
N;G<C‚H
JI>L…;
FF;G;LM?
UDOMNC=C;
CAO;FCN;LC;X\
=IHMC>?L;
F;
CAO;F>;>
>?
NL;NI
>?
FIM
=IHNLC<OS?HN?M
KO?
NC?H?H
F;
GCMG;
=;J;=C>;>
>?
J;A;L
CGJO?MNIM
(;
?KOC>;>
P?LNC=;F
M?
L?@C?L?
;
F;
L?F;=C‰H
;>?=O;>;
?HNL?
F;M
=;LA;M
@CM=;F?M
L?F;NCP;M
M;NCM@?=B;M
JIL
J?LMIH;M
=IH
>C@?L?HN?M
=;J;=C>;>?M
>?
J;A;L
CGJO?MNIM
(;
=IGJ;L;=C‰H
?M
?HNL?
>?MCAO;F?M

S
F;
JL?AOHN;
?M

[=O}HNI
>?<?L…;H
>C@?L?H=C;LM?
FIM
J;AIM
*I
B;S
AO…;M
=C?HN…@C=;M
KO?
CH>CKO?H
FI
KO?
JI>L…;
M?L
F;
>C@?L?H=C;=C‰H
;>?=O;>;

J?LI
F;
G;SIL…;
>CL…;
KO?
FIM
KO?
NC?H?H
G}M
=;J;=C>;>
>?<?L…;H
J;A;L
G}M
CGJO?MNIM
1H;
?MNLO=NOL;
CGJIMCNCP;
?M
L?AL?MCP;
MC
F;M
N;M;M
?@?=NCP;M
MIH
G}M
<;D;M
?H
FIM
ALOJIM
>?
=;J;=C>;>
;FN;
KO?
?H
FIM
>?
<;D;
F;M
N;LC@;M
?@?=NCP;M
=;?H
;F
?F?P;LM?
F;
=;J;=C>;>
!M
JLIAL?MCP;
MC
F;M
N;LC@;M
?@?=NCP;M
MIH
G}M
;FN;M
?H
FIM
ALOJIM
=IH
;FN;M
=;J;=C>;>?M
KO?
?H
FIM
>?
<;D;
F;M
N;M;M
?@?=NCP;M
;OG?HN;H
;
G?>C>;
KO?
F;
=;J;=C>;>
?F?P;>;
5
?M
JLIJIL=CIH;F
MC
F;M
N;LC@;M
?@?=NCP;M
MIH
F;M
GCMG;M
?H
NI>IM
FIM
ALOJIM
FIM
NCJIM
?@?=NCPIM
M?
G;HNC?H?H
=IHMN;HN?M
=O;H>I
F;
=;J;=C>;>
M?
?F?P;
!F
=IGJILN;GC?HNI
>?
F;
N;LC@;
?@?=NCP;
>CMNCHAO?
MC
?F
=IHNLC<OS?HN?
>?
;FNIM
CHAL?MIM
?MN}
J;A;H>I
L?F;NCP;G?HN?
G}M

G?HIM
I
FI
GCMGI
?H
L?F;=C‰H
;
MOM
CHAL?MIM
=IGI
?F
=IHNLC<OS?HN?
=IH
<;DIM
CHAL?MIM
(I
KO?
>?N?LGCH;
?F
AL;>I
?H
KO?
F;
?MNLO=NOL;
NLC<ON;LC;
L?>CMNLC<OS?
F;
LCKO?T;
?H
F;
MI=C?>;>


431B=A
31=<b;71=A
(IM
CGJO?MNIM
=;G<C;H
F;
G;H?L;
?H
KO?
M?
=IGJILN;H
F;M
J?LMIH;M
S
F;M
?GJL?M;M

;
G?HO>I
=IH
OH;
=IHMC>?L;<F?
CGJILN;H=C;
J;L;
F;
;=NCPC>;>
?=IH‰GC=;
JIL
?M;M
>CMNILMCIH?M
!M
CGJILN;HN?
>CM?ˆ;L
?MNLO=NOL;M
@CM=;F?M
S
MO
;>GCHCMNL;=C‰H
J;L;
KO?
HI
M?;H
CHH?=?M;LC;G?HN?
J?LDO>C=C;F?M
J;L;
F;
?=IHIG…;
$;S
>C@?L?H=C;
>?
IJCHCIH?M
?H
=O;HNI
;
MC
M?
JO?>?
?MJ?L;L
KO?
FIM
CGJO?MNIM
B;A;H
;FAI
G}M
KO?
F;
G?L;
A?H?L;=C‰H
>?
CHAL?MIM
S
=;OM;L
?F
G?HIL
>;ˆI
?=IH‰GC=I
JIMC<F?
FAOHIM
;LAOG?HN;H
KO?
OH
CGJO?MNI
>?<?
M?L
H?ONL;F
?H
MOM
?@?=NIM
+NLIM
;LAOS?H
KO?
OH
CGJO?MNI
>?<?L…;
N?H?L
?@?=NIM
?=IH‰GC=IM
@;PIL;<F?M
!F
L?MOFN;>I
>?
F;M
IJ?L;=CIH?M
G?L=;HNCF?M
JO?>?
G?DIL;LM?
G?>C;HN?
?F
OMI
>?
CH=?HNCPIM
@CM=;F?M
J;L;
;FN?L;L
?F
=IGJILN;GC?HNI
JLCP;>I
>?
;FAOH;
G;H?L;
>?M?;>;
M…

OH;
?GJL?M;
JO?>?
L?MJIH>?L
>?
NL?M
G;H?L;M
;
OH
CGJO?MNI

?MJF;T;GC?HNI
B;=C;
;>?F;HN?
(;
?GJL?M;
;OG?HN;
MOM
JL?=CIM
J;L;
L?@F?D;L
?F
CGJO?MNI

?MJF;T;GC?HNI
B;=C;
;NL}M
(;
?GJL?M;
L?>O=?
?F
JL?=CI
KO?
J;A;
;
FIM
JLIJC?N;LCIM
>?
FIM
L?=OLMIM
KO?
=IGJL;

CH=FOS?H>I
FIM
M;F;LCIM
>?
FIM
NL;<;D;>IL?M

FIM
JL?=CIM
>?
FIM
JLIP??>IL?M
>?
G;N?LC;M
JLCG;M
S
;M…
MO=?MCP;G?HN?

<MIL=C‰H
(;
?GJL?M;
JO?>?
L?HN;L
OH
<?H?@C=CI
G?HIL
;
MOM
JLIJC?N;LCIM

 
/17:72/2
@31/C2/B=@7/
!H
A?H?L;F

FIM
CGJO?MNIM
S
F;M
>CMJIMC=CIH?M
@CM=;F?M
>?<?H
>CM?ˆ;LM?
J;L;
G;HN?H?L
?F
=IMN?
NIN;F
>?
F;
L?=;O>;=C‰H
FI
G}M
<;DI
JIMC<F?
>?HNLI
>?
F;M
FCGCN;=CIH?M
>?
F;
?KOC>;>
S
?F
CGJ;=NI
?=IH‰GC=I
M;NCM@;=NILCI
?M;@ILNOH;>;G?HN?

=IH
@L?=O?H=C;
B;S
=IHNL;J;LNC>;M
,IL
L?AF;
A?H?L;F

F;
=IGJF?DC>;>
>?
F;
L?=;O>;=C‰H
>?
FIM
CGJO?MNIM
>?
<;M?
;GJFC;
JLIJC?>;>

P?HN;M

L?HN;
L?MOFN;
>?
FIM
CHN?HNIM
>?
G?DIL;L
F;
?KOC>;>
>?F
CGJO?MNI
?H
J;LNC=OF;L
(IM
CGJO?MNIM
>?
<;M?
L?>O=C>;

?H
J;LNC=OF;L
FIM
;L<CNLCIM
M?F?=NCPIM

;
G?HO>I
MCGJF?G?HN?
HI
JO?>?H
M?L
L?=;O>;>IM
;
<;DI
=IMN?
S
MIH
G;F;M
?F?==CIH?M
J;L;
?F
MCMN?G;
NLC<ON;LCI
(IM
L?=OLMIM
ONCFCT;>IM
?H
MO
L?=;O>;=C‰H
JO?>?H
ONCFCT;LM?
>?
G;H?L;
G}M
L?HN;<F?
?H
F;
;>GCHCMNL;=C‰H
>?
INLIM
CGJO?MNIM
(;
L?=;O>;=C‰H
?@C=C?HN?
?PCN;
F;M
>CMJIMC=CIH?M
S
HILG;M
=IGJF?D;M
FIM
GFNCJF?M
L?KOCMCNIM
>?
JL?M?HN;=C‰H
?
CH@ILG;=C‰H
S
F;M
>?>O==CIH?M

?R=FOMCIH?M
S
?R?H=CIH?M
HOG?LIM;M
O;HNI
G}M
=IGJFC=;>I
?M
?F
MCMN?G;
>?
CGJO?MNIM

G;SIL?M
M?L}H
FIM
=IMN?M
>?
=OGJFCGC?HNI
>?
FIM
=IHNLC<OS?HN?M
1H
MCMN?G;
NLC<ON;LCI
G?HIM
=IGJFC=;>I
J?LGCN?
F;
=IGJL?HMC‰H
>?
F;
F?ACMF;=C‰H
S
;OG?HN;
F;
=IH@C;HT;
>?F
J<FC=I
?H
?F
GCMGI
?M>?
F;
J?LMJ?=NCP;
>?F
AI<C?LHI

F;
=IGJF?DC>;>
;OG?HN;
FIM
=IMN?M
>?
F;
;>GCHCMNL;=C‰H

S
FIM
@L?=O?HN?M
=;G<CIM
>?
F;M
F?S?M
@CM=;F?M
CGJC>?H
F;
JF;HC@C=;=C‰H
@CM=;F
?@C=;T

(@/<A>/@3<17/
!F
MCMN?G;
NLC<ON;LCI
?H
OH;
>?GI=L;=C;
>?
G?L=;>I
>?<?
M?L
NL;HMJ;L?HN?
?H
MO
;>IJ=C‰H

?H
MO
;>GCHCMNL;=C‰H

?H
MOM
L?KOCMCNIM
>?
=OGJFCGC?HNI

S
?H
F;M
=;HNC>;>?M
KO?
>?<?H
J;A;LM?
JILKO?
F;
>?GI=L;=C;
?RCA?
KO?
F;M
J?LMIH;M
M?J;H
KOC‚H
?M
L?MJIHM;<F?
>?
F;M
;=NCPC>;>?M
J<FC=;M

CH=FOS?H>I
FI
KO?
MO=?>?
=IH
FIM
CGJO?MNIM
KO?
>?<?H
J;A;L
(;
NL;HMJ;L?H=C;
?M
@OH>;G?HN;F
J;L;
?F
<O?H
AI<C?LHI
?H
OH;
>?GI=L;=C;
/CH
?G<;LAI

FIM
JIF…NC=IM
HI
?MN}H
GOS
CHN?L?M;>IM
?H
F;
NL;HMJ;L?H=C;
*I
F?M
AOMN;
;>GCNCL
?H
;<MIFONI
KO?
FIM
CGJO?MNIM
?MN}H
MC?H>I
L?=;O>;>IM

KO?
F;M
J?LMIH;M
MIJILN;H
F;
=;LA;
>?
FIM
CGJO?MNIM

KO?
JI>L…;
M?L
H?=?M;LCI
;OG?HN;LFIM
J;L;
M;NCM@;=?L
F;
>?G;H>;
>?
M?LPC=CIM
J<FC=IM

I
CH=FOMI
KO?
FIM
CGJO?MNIM
JI>L…;H
M?L
H?=?M;LCIM
J;L;
@CH;H=C;L
?F
;JISI
;
FIM
M?LPC=CIM
J<FC=IM
KO?
F;
A?HN?
KOC?L?
1H
CGJO?MNI
I=OFNI
?M
?F
CGJO?MNI
C>?;F
J;L;
FIM
JIF…NC=IM

S
N;F
P?T
N;G<C‚H
J;L;
?F
J<FC=I
J;L;
KO?
JO?>;
M?AOCL
=IH
F;
CFOMC‰H
>?
KO?
FIM
M?LPC=CIM
J<FC=IM
KO?
ONCFCT;
MIH
AL;NCM

JLI<;=C‰H
(;M
F?S?M
@CM=;F?M
>?<?H
;>IJN;LM?
?H
OH
JLI=?MI
F?ACMF;NCPI
;<C?LNI
!F
?F?=NIL;>I
NC?H?
KO?
=IHI=?L
?F
ILCA?H
>?
F;M
JLIJO?MN;M
@CM=;F?M
\KOC‚H
JLIJIH?
F;
F?ACMF;=C‰H
S
KOC‚H
PIN;
JIL
?FF;\
S
MO
CGJFC=;=C‰H
?H
?F
L?J;LNI
>?F
=IMN?
>?F
!MN;>I
?<?
B;<?L
OH
JLI=?MI
>?
;O>C?H=C;
=F;LI
S
;==?MC<F?
J;L;
L?=C<CL
F;
IJCHC‰H
>?F
J<FC=I
MI<L?
F;M
JLIJO?MN;M
F?ACMF;NCP;M
?M;@ILNOH;>;G?HN?

;M…
=IGI
M?
>?MFCT;H
;MCAH;=CIH?M
?MJ?=…@C=;M
?H
F;M
F?S?M
>?
A;MNIM

F;
GCMG;
N‚=HC=;
M?
ONCFCT;
JIL
FIM
F?ACMF;>IL?M
J;L;
CHM?LN;L
>CMJIMC=CIH?M
@CM=;F?M
?H
F;M
F?S?M
>?
CGJO?MNIM
,;L;
F;
M?AOLC>;>
>?
FIM
=IHNL;NIM

F;M
F?S?M
@CM=;F?M
HI
>?<?H
GI>C@C=;LM?
L?NLI;=NCP;G?HN?

?H
?F
M?HNC>I
>?
=;G<C;L
?F
NL;N;GC?HNI
@CM=;F
>?
F;M
NL;HM;==CIH?M
KO?
S;
B;H
I=OLLC>I
?<?
B;<?L
=IB?L?H=C;
?HNL?
FIM
>CMNCHNIM
?F?G?HNIM
>?F
MCMN?G;
@CM=;F
S
>?<?
B;<?L
OH;
=?LNC>OG<L?
L;TIH;<F?
;=?L=;
>?
=‰GI
OH
=;G<CI
?H
F;
F?ACMF;=C‰H
NLC<ON;LC;
P;
;
=;G<C;L
F;
>CMNLC<O=C‰H
>?
F;
=;LA;
CGJIMCNCP;

>GCHCMNL;=C‰H
(IM
J;AIM
>?
CGJO?MNIM
>?<?H
<;M;LM?
?H
=LCN?LCIM
I<D?NCPIM
S
?RJF…=CNIM
KO?
>?<?L…;H
M?L
=F;LIM
S
L;TIH;<F?M
J;L;
NI>IM
(IM
=IHNLC<OS?HN?M
>?<?H
N?H?L
@}=CF
;==?MI
;
FIM
JLI=?>CGC?HNIM
@CM=;F?M
S
;
KOC?H?M
FIM
;>GCHCMNL;H
!F
CGJO?MNI
HI
>?<?
M?L
I<D?NI
>?
H?AI=C;=C‰H
CH>CPC>O;F
=IHNLC<OS?HN?
;
=IHNLC<OS?HN?
S
FIM
J;AIM
>?<?H
<;M;LM?
?H
OH;
;JFC=;=C‰H
CGJ?LMIH;F
S
OHC@ILG?
>?
F;
F?ACMF;=C‰H
NLC<ON;LC;

HI
JIL
FIM
DOC=CIM
\DOC=CIM
H?AI=C;<F?M
?H
J;LNC=OF;L\
B?=BIM
JIL
OH
<OL‰=L;N;
>?
F;
B;=C?H>;
J<FC=;
(;M
L?AOF;=CIH?M
>?<?H
>?M;LLIFF;LM?
?H
OH
JLI=?MI
JL?>?=C<F?

>?<?
>?LCP;LM?
L;TIH;<F?G?HN?
>?
F;
F?ACMF;=C‰H
NLC<ON;LC;

>?<?L…;
@OH=CIH;L
MCH
OH
NL;N;GC?HNI
?MJ?=C;F
J;L;
FIM
=IHNLC<OS?HN?M
J;LNC=OF;L?M

S
>?<?H
M?L
=IGJL?HMC<F?M

;F
G?HIM
?H
N‚LGCHIM
A?H?L;F?M

J;L;
NI>IM
(IM
=IHNLC<OS?HN?M
N;G<C‚H
>?<?H
=IHI=?L
?F
JLI=?MI
>?
;J?F;=C‰H
S
KO‚
HILG;M
M?
JO?>?
ONCFCT;L
J;L;
L?=OLLCL
MO
I<FCA;=C‰H
NLC<ON;LC;

>?<?
?MN;L
M?AOLI
>?
KO?
MO
L?=OLMI
M?L}
DOTA;>I
>?
G;H?L;
DOMN;

S
>?<?H
?MN;L
M?AOLIM
>?
KO?
F;M
;ONILC>;>?M
HI
NL;N;L}H
>?
P?HA;LM?
>?
=O;FKOC?L;
KO?
CHN?LJIHA;
OH
L?=OLMI

.?KOCMCNIM
>?
=OGJFCGC?HNI
‰GI
M?
=;F=OF;
?F
CGJO?MNI
HI
>?<?L…;
M?L
OH
GCMN?LCI
;>;
=IHNLC<OS?HN?
>?<?
?HN?H>?L
=‰GI
M?
>?N?LGCH;
?F
CGJO?MNI
KO?
?MN}
J;A;H>I

=‰GI
FIM
=;G<CIM
>?
=IHNLC<OS?HN?
=;G<C;L…;H
?F
CGJO?MNI

S
=O}F?M
MIH
F;M
L?MJIHM;<CFC>;>?M
>?
F;
>?=F;L;=C‰H
!F
MCAHC@C=;>I
S
?F
?@?=NI
>?
F;M
>C@?L?HN?M
>CMJIMC=CIH?M
NLC<ON;LC;M
>?<?H
M?L
@}=CF?M
>?
NL;T;L
S
=IGJL?H>?L
0I>I
?F
GOH>I
>?<?
>;L
OH;
CH@ILG;=C‰H
=IGJF?N;
MI<L?
NI>;M
F;M
HILG;M
S
L?AOF;=CIH?M
KO?
LCA?H
F;M
NL;HM;==CIH?M
?=IH‰GC=;M

>?
G;H?L;
KO?
NI>IM
FIM
=IGJ?NC>IL?M
JIN?H=C;F?M
JO?>;H
<;M;L
MOM
>?=CMCIH?M
?H
OH;
?P;FO;=C‰H
JL?=CM;
>?
FIM
=IMN?M
JIN?H=C;F?M

F;M
>?PIFO=CIH?M
S
F;M
IJILNOHC>;>?M
>?F
G?L=;>I

;HNC>;>
>?
J;AI
;>;
=IHNLC<OS?HN?
>?<?
M;<?L
F;
=;HNC>;>
>?
CGJO?MNIM
KO?
?MN}
J;A;H>I
HI
?M
JLI<;<F?
KO?
FIM
CGJO?MNIM
I=OFNIM
J?LGCN;H
?@?=NO;L
?F?==CIH?M
M?HM;N;M
MI<L?
?F
;F=;H=?
>?F
!MN;>I
S
>?<?H
M;<?L
;
KO‚
HCP?F
>?
AI<C?LHI
M?
?MN}
L?;FCT;H>I
?F
J;AI
/C
FIM
=IHNLC<OS?HN?M
HI
P?H
?F
CGJO?MNI
S
=L??H
KO?
?MN}
MC?H>I
J;A;>I
JIL
INL;
J?LMIH;

JO?>?H
=L??L
KO?
?F
M?LPC=CI
J<FC=I
HI
NC?H?
HCHAH
=IMN?

FI
KO?
?M
CGJLI<;<F?
KO?
JLI>OT=;
<O?H;M
>?=CMCIH?M
@CM=;F?M
1H
L?=C<I
>?
F;
=IHNLC<O=C‰H
=IG<CH;>;
>?
P;LCIM
HCP?F?M
>?
AI<C?LHI
JIL
?D?GJFI

OH;
@;=NOL;
>?
OH
CGJO?MNI
MI<L?
F;
JLIJC?>;>
=IH
OH
J;AI
KO?
M?
>CPC>C?L;
?HNL?
OH
;SOHN;GC?HNI
S
OH;
=IGOHC>;>
;ON‰HIG;
?M
=IHP?HC?HN?
J;L;
F;
L?=;O>;=C‰H

J?LI
HI
N;H
<O?HI
J;L;
;M?AOL;L
KO?
F;M
;==CIH?M
@CM=;F?M
>?
=;>;
HCP?F
AI<C?LHI
M?
?HNC?H>;H
=IH
=F;LC>;>
JIL
FIM
=IHNLC<OS?HN?M
/CH
?G<;LAI

?MNCG;L
?MN?
?MN}H>;L
HI
?M
MC?GJL?
@}=CF
[?M
G}M
NL;HMJ;L?HN?
?H
N‚LGCHIM
>?
=IHI=?L
?F
CGJILN?
>?F
CGJO?MNI
J;A;>I

OH
CGJO?MNI
MI<L?
F;M
P?HN;M
S;
M?;
MI<L?
F;M
P?HN;M
;F
JIL
G?HIL
I
OH
CGJO?MNI
MI<L?
?F
P;FIL
;ˆ;>C>I
=IH
?F
L?KOCMCNI
>?
KO?
FIM
=FC?HN?M
L?=C<;H
FIM
L?=C<IM

CH>C=;H>I
JIL
M?J;L;>I
?F
CGJO?MNI
J;A;>I
S
F;
N;LC@;
>?
CGJO?MNI
MI<L?
=;>;
NL;HM;==C‰H

KO?
OH
CGJO?MNI
CH>CPC>O;F
MI<L?
F;
L?HN;
L?=;O>;>I
G?>C;HN?
L?N?H=CIH?M
J?LC‰>C=;M
JIL
J;LN?
>?F
?GJF?;>IL
=IH
F;
JL?M?HN;=C‰H
>?
OH
L?MOG?H
;F
@CH;F
>?F
;ˆI
(IM
J;AIM
S
F;
N;LC@;
>?F
CGJO?MNI
MIH
?PC>?HN?M
;
FI
F;LAI
>?F
;ˆI
J;L;
?F
JLCG?LI

J?LI
?F
=IHNLC<OS?HN?
=;MC
HI
NC?H?
HC
C>?;
>?F
J;AI
NIN;F
;F
!MN;>I

GC?HNL;M
KO?
=IH
?F
M?AOH>I

?F
=IHNLC<OS?HN?
JO?>?
HI
N?H?L
OH;
C>?;
B;<CNO;F

J?LI
M;<?
=IH
JL?=CMC‰H
?F
CGJO?MNI
J;A;>I
;
@CH;F
>?
;ˆI
!F
?F?=NIL;>I
NC?H?
KO?
M;<?L
?F
=IMN?
>?F
!MN;>I

J?LI
[KO‚
=IMN?
?M
G}M
L?F?P;HN?
(I
KO?
M…
M;<?GIM
?M
KO?
B;=?L
=L??L
;
FIM
=IHNLC<OS?HN?M
KO?
FIM
CGJO?MNIM
J;A;>IM
JIL
F;M
?GJL?M;M
>?
;FAOH;
G;H?L;
HI
CGJFC=;H
?F
J;AI
>?
CGJO?MNIM
JIL
FIM
CH>CPC>OIM
?M
@CM=;FG?HN?
@L;O>OF?HNI


/
>@3A7b<
47A1/:
!F
HCP?F
L?F;NCPI
>?
F;
CGJIMC=C‰H
S
F;
?MNLO=NOL;
>?F
MCMN?G;
CGJIMCNCPI
>CMNCHAO?
;
FIM
>CMNCHNIM
J;…M?M
(;
L?F;=C‰H
?HNL?
FIM
CHAL?MIM
NLC<ON;LCIM
NIN;F?M
>?
OH
J;…M

CH=FOC>;M
F;M
=INCT;=CIH?M
;
F;
M?AOLC>;>
MI=C;F

S
F;
L?HN;
H;=CIH;F
>?F
GCMGI
,%
MO?F?
>?HIGCH;LM?
JL?MC‰H
@CM=;F
(;M
FNCG;M
N?IL…;M
S
F;
?RJ?LC?H=C;
L?=C?HN?
CH>C=;H
KO?
OH;
?F?P;>;
JL?MC‰H
@CM=;F
?M
HI=CP;
J;L;
?F
=L?=CGC?HNI
?=IH‰GC=I
>?
OH
J;…M
!H
N‚LGCHIM
JIF…NC=IM
JO?>?H
>;LM?
>CMNCHN;M
>?@CHC=CIH?M
>?
F;
JL?MC‰H
@CM=;F
=IGI
JLIJIL=C‰H
>?
FIM
CHAL?MIM
NLC<ON;LCIM
MI<L?
?F
,%

J?LI
?MN;
@‰LGOF;
M?
;DOMN;
JI=I
;
F;
J?L=?J=C‰H
KO?
NC?H?
?F
=IHNLC<OS?HN?
>?
F;
=;LA;
MIJILN;>;
!H
?MIM
CHAL?MIM
HI
M?
=IHMC>?L;
?F
>‚@C=CN
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M

HC
F;M
=;LA;M
S
=IMN?M
;MOGC>IM
JIL
=OGJFCL
F;M
L?AOF;=CIH?M
;>GCHCMNL;NCP;M

HC
M?
L?@F?D;
KO?
F;
=;LA;
@CM=;F
CH>CPC>O;F
=;G<C;
=O;H>I
M?
L?>O=?H
FIM
CH=?HNCPIM
;
=C?LN;M
GI>;FC>;>?M
>?
;BILLI
I
M?
;FN?L;
F;
?MNLO=NOL;
>?
F;M
L?N?H=CIH?M

JIL
?D?GJFI
0;GJI=I
L?=IA?
F;M
=INCT;=CIH?M
;
F;
/?AOLC>;>
/I=C;F

;OHKO?
‚MN;M
MIH
OH
CGJO?MNI
MI<L?
?F
NL;<;DI
/C
NI>IM
?MNIM
@;=NIL?M
M?
;ˆ;>?H
;F
HOG?L;>IL

F;
>?@CHC=C‰H
>?
JL?MC‰H
@CM=;F
G?DIL;
*I
I<MN;HN?

J;L;
B;=?L
=IGJ;L;=CIH?M
>?
HCP?F?M
CGJIMCNCPIM
?HNL?
OHIM
J;…M?M
S
INLIM
I
?HNL?
F;M
L?ACIH?M
>?
OH
GCMGI
J;…M
?H
?F
KO?
IJ?L?
?F
@?>?L;FCMGI
@CM=;F

?F
CH>C=;>IL
>?
JL?MC‰H
@CM=;F
?M
CHMO@C=C?HN?
S
M?
>?<?
N?H?L
?H
=O?HN;
F;
L?F;=C‰H
?HNL?
‚MN;
S
F;
L?HN;
J?L
=}JCN;
(;
=;LA;
@CM=;F
KO?
M?HNCL}H
FIM
CH>CPC>OIM

F;
J‚L>C>;
>?
<C?H?MN;L
CH>CPC>O;F
@LONI
>?F
J;AI
>?
CGJO?MNIM

B;<L…;
KO?
JIH>?L;LF;
?HNIH=?M
JIL
F;
L?HN;
J?L
=}JCN;
!MN;
G?>C>;
M?
>?HIGCH;
?M@O?LTI
@CM=;F
S
JIH?
?H
L?F;=C‰H
F;
JL?MC‰H
@CM=;F
=IH
F;
L?HN;
G?>C;
?H
OH;
L?AC‰H
M…

J;L;
>IM
J;…M?M
=IH
CAO;F
JL?MC‰H
@CM=;F

F‰AC=;G?HN?

?M
G}M
AL;PIM;
F;
=;LA;
CGJIMCNCP;
KO?
>?<?H
MIJILN;L
;KO?FFIM
=CO>;>;HIM
=IH
G?HIL?M
CHAL?MIM
G?>CIM
1H;
@‰LGOF;
B;<CNO;F
?M
F;
?F;<IL;>;
JIL
"L;HE
?H

J;L;
=IGJ;L;L
?F
?M@O?LTI
CGJIMCNCPI
?HNL?
FIM
?MN;>IM
>?
!MN;>IM
1HC>IM
!F
…H>C=?
L?MOFN;
>?
F;
>CPCMC‰H
>?
>IM
=I=C?HN?M
F;
JL?MC‰H
@CM=;F

=IGI
CH>C=;>IL
>?
F;
=;J;=C>;>
@CM=;F
ONCFCT;>;

>CPC>C>;
JIL
?F
,LI>O=NI
%HN?LCIL
LONI
J?L
=}JCN;

=IGI
CH>C=;>IL
>?
F;
=;J;=C>;>
@CM=;F
JIN?H=C;F
?
;=O?L>I
=IH
?MN?
…H>C=?

JIL
?D?GJFI

?H
F;
;=NO;FC>;>
FIM
=CO>;>;HIM
?H
!MJ;ˆ;
MIJILN;H
OH
G;SIL
?M@O?LTI
@CM=;F
JIL
MO
G?HIL
L?HN;
KO?
FIM
>?
CH;G;L=;

J;…M
KO?
MO?F?
I=OJ;L

MCH
?G<;LAI

FIM
JLCG?LIM
FOA;L?M
?H
F;M
=IGJ;L;=CIH?M
>?
JL?MC‰H
@CM=;F
 3I)+&1

;5?3@<@
=<?
7:=B3@A<@
1<:<
=<?13;A/83
239
$?<2B1A<
;A3?7<?
?BA<
3;
=/_@3@
@393117<;/2<@
 
#

IGJ;L?
F;
JL?MC‰H
@CM=;F
;=NO;F
?H
!MJ;ˆ;
=IH
INLIM
J;…M?M
>?
F;
+ !
?H
?F
?HF;=?
MCAOC?HN?
BNNJ
QQQ=IGJ;L?SIOL=IOHNLSILA N;RL?P?HO?M=LI?=>FA?M


7
.:9?0C?:
;:7Y?4.:
/0
7:>
48;@0>?:>
(;
JIF…NC=;
CGJIMCNCP;
?M
OH
?D?GJFI
G}M
>?
JIF…NC=;
J<FC=;
S
NC?H?
FIM
GCMGIM
?@?=NIM
KO?
INL;M
<?H?@C=C;
I
J?LDO>C=;
;
>?N?LGCH;>IM
CH>CPC>OIM
O
ILA;HCT;=CIH?M
J?LI
MO?F?
JLIPI=;L
L?;==CIH?M
G}M
CHN?HM;M
JIL
FI
KO?
MO@L?
;DOMN?M
=IH
G}M
@L?=O?H=C;
J;L;
;>;JN;LM?
;
F;M
=CL=OHMN;H=C;M
JIF…NC=;M
S
?=IH‰GC=;M
/OM
J?=OFC;LC>;>?M
>?M=;HM;H
?H
>CP?LMIM
@;=NIL?M
,?N?LM


V
OHKO?
NI>IM
>?<?GIM
J;A;L
FIM
CGJO?MNIM

MIH
JI=IM
FIM
KO?
;@CLG;H
=IGJL?H>?L
?MN?
M?=NIL
>?
JIF…NC=;
J<FC=;
JIL
MO
=;L}=N?L
N‚=HC=I
S
=IGJF?DI
;
>C@?L?H=C;
>?
FI
KO?
I=OLL?
?H
INLIM
=;MIM
?>O=;=C‰H

NL;HMJILN?
V
(;
@ILGOF;=C‰H
>?
F;
JIF…NC=;
CGJIMCNCP;
NC?H>?
;
?MN;L
>IGCH;>;
=IH
G}M
CHN?HMC>;>
JIL
;<IA;>IM
S
?=IHIGCMN;M
(IM
JLCG?LIM
NC?H?H
KO?
L?>;=N;L
F?S?M
KO?
M?;H
CLL?<;NC<F?M
J;L;
KO?
M?
L?=;O>?H
NI>IM
FIM
CGJO?MNIM
H?=?M;LCIM
(IM
M?AOH>IM
;H;FCT;H
FIM
?@?=NIM
H?A;NCPIM
JIN?H=C;F?M
>?
FIM
CGJO?MNIM
S
F;M
G;H?L;M
>?
JL?P?HCLFIM
 V
(IM
JIF…NC=IM
JO?>?H
?GJF?;L
L;L;
P?T
?MN?
M?=NIL
>?
F;M
JIF…NC=;M
J<FC=;M
J;L;
=IHM?AOCL
P?HN;D;M
?H
F;
;L?H;
?F?=NIL;F

CH=FOMI
=O;H>I
M?
JLIG?N?H
L?<;D;M
CGJIMCNCP;M

F;
G?>C>;
JO?>?
?H=IHNL;L
OH;
<O?H;
;=IAC>;
?H
OHIM
M?=NIL?M
J?LI
HI
?H
INLIM

J;LNC>;LCIM
>?
F;
?RJ;HMC‰H
>?F
A;MNI
?MN;N;F
,O?>?H
=IHM?AOCL
GO=BI
JI>?L
>?HNLI
>?
F;M
CHMNCNO=CIH?M
JIF…NC=I;>GCHCMNL;NCP;M
J?LI
FIM
=CO>;>;HIM
JO?>?
KO?
HI
FI
;JL?=C?H
L?;FG?HN?

CH=FOMI
=O;H>I
F;
F?ACMF;=C‰H
MI<L?
CGJO?MNIM
<?H?@C=C;
;
GO=B;
A?HN?
JO?>?
N?H?L
=IHM?=O?H=C;M
>;ˆCH;M
JIF…NC=;G?HN?
V
O?H;
J;LN?
>?
F;
JIF…NC=;
CGJIMCNCP;
M?
FF?P;
;
=;<I
;F
GCMGI
NC?GJI
KO?
M?
?MN}
CGJF;HN;H>I

JILKO?
?H
F;
F?ACMF;=C‰H
M?
L?=IA?
OH;
J?KO?ˆ;
J;LN?
>?
F;M
=CL=OHMN;H=C;M
J?LMIH;F?M
S
>?F
=IHN?RNI
KO?
JO?>?H
MOLACL
,IL
N;HNI
MIH
F;M
;A?H=C;M
L?=;O>;>IL;M
F;M
KO?
M?
?H@L?HN;H
;
FIM
=IHNLC<OS?HN?M
CH>CPC>O;F?M
S
;
MOM
=IGJFC=;>IM
=;MIM
J;LNC=OF;L?M

>C@?L?H=C;
>?
INLIM
M?=NIL?M
>?
JIF…NC=;
J<FC=;

FIM
=CO>;>;HIM
NC?H?H
OH
CHN?L‚M
?H
MILN?;L
F;M
F?S?M
GC?HNL;M
KO?
FIM
L?=;O>;>IL?M
>?<?H
>?N?LGCH;L
KO‚
G?>CIM
>?
J;A;L
G}M
CGJO?MNIM
MIH
F?A;F?M
(;
G;SIL…;
>?
FIM
=IHNLC<OS?HN?M
NC?H?H
GC?>I
>?
F;M
;ONILC>;>?M
@CM=;F?M
S
JO?>?
KO?
HI
=O?MNCIH?H
?M;M
HILG;M

JLIJIL=CIH;H>I
;M…
OH;
G;SIL
>CM=L?=CIH;FC>;>
;
?MIM
<OL‰=L;N;M
/C
G;HN?H?GIM
?H
G?HN?
F;M
MCGCFCNO>?M
S
>C@?L?H=C;M
>?
F;
JIF…NC=;
CGJIMCNCP;
=IH
INL;M
JIF…NC=;M
J<FC=;M

JI>?GIM
=IHMC>?L;L
>CMNCHN;M
?RJFC=;=CIH?M
MI<L?
F;
>CP?LMC>;>
>?
IJ=CIH?M
JL;=NC=;>;M
JIL
FIM
>CMNCHNIM
AI<C?LHIM
?H
OH
;MOHNI
N;H
PCN;F
J;L;
MO
JLIJC;
MOJ?LPCP?H=C;
J?LI
KO?
HI
MIH
GOS
JIJOF;L?M
?HNL?
?F
J<FC=I

 

/
1C:BC@/
>=:`B71/
G
:/A
7<4:C3<17/A
7<B3@</17=</:3A
(;
?RJFC=;=C‰H
G}M
A?H?L;F
>?
F;M
>C@?L?H=C;M
?HNL?
FIM
>CMNCHNIM
J;…M?M
?M
F;
?RCMN?H=C;
>?
?MNCFIM
H;=CIH;F?M
?H
FIM
CGJO?MNIM

I
?RJL?M;>I
>?
INL;
G;H?L;

KO?
F;
=OFNOL;
JIF…NC=;
>?
OH
J;…M
NC?H>?
;
CGJOFM;L
;
MOM
AI<C?LHIM
B;=C;
F;
@ILGOF;=C‰H
>?
OH
NCJI
>?
MIFO=C‰H
@L?HN?
;
INLI
J;L;
MOM
JLI<F?G;M
CGJIMCNCPIM
*I
I<MN;HN?

?MN?
P…H=OFI
?HNL?
F;M
C>?;M
S
F;M
JIF…NC=;M
J<FC=;M
?M
>C@…=CF
>?
?MN;<F?=?L
?GJ…LC=;G?HN?

MO
P?T

=IGI
F;M
?=IHIG…;M
S
MI=C?>;>?M
>?
F;M
>?GI=L;=C;M
CH>OMNLC;FCT;>;M
M?
B;H
CHN?LH;=CIH;FCT;>I
S
F;
AFI<;FCT;=C‰H
B;
CHN?HMC@C=;>I
MO
CHN?L>?J?H>?H=C;

F;M
;==CIH?M
>?
INLIM
J;…M?M
S
>?
>CMNCHN;M
ILA;HCT;=CIH?M
CHN?LH;=CIH;F?M
B;H
;OG?HN;>I
MO
CH@FO?H=C;
MI<L?
F;M
JIF…NC=;M
H;=CIH;F?M

>C@OH>C?H>I
G?>C>;M
?
CHHIP;=CIH?M
,IL
?D?GJFI

JC‚HM?M?
?H
F;
CH@FO?H=C;
>?
FIM
;H}FCMCM
S
L?=IG?H>;=CIH?M
>?F
"IH>I
)IH?N;LCI
%HN?LH;=CIH;F
I
F;M
L?J?L=OMCIH?M
>?
FIM
=;G<CIM
>?
FIM
NCJIM
>?
CHN?L‚M
>?F
;H=I
?HNL;F
!OLIJ?I
I
F;
.?M?LP;
"?>?L;F
?MN;>IOHC>?HM?
+NL;
CH@FO?H=C;
CHN?LH;=CIH;F
CH>CL?=N;
?M
F;
CGCN;=C‰H
S
F;
>C@OMC‰H
>?
F;M
CHHIP;=CIH?M
?H
F;M
JIF…NC=;M
J<FC=;M

JIL
?D?GJFI

J;L;
G?DIL;L
F;
=IGJ?NCNCPC>;>
>?
F;M
?=IHIG…;M
H;=CIH;F?M
!H
?MN?
M?HNC>I
JO?>?
B;<F;LM?
>?
OH;
=IHP?LA?H=C;
?HNL?
MCMN?G;M
@CM=;F?M
>?
FIM
J;…M?M
>?
F;
+ !
,C‚HM?M?
JIL
?D?GJFI
?H
F;M
JL?MCIH?M
>?F
")%
J;L;
KO?
!MJ;ˆ;
MO<;
MOM
CGJO?MNIM
S
F;M
MCGCF;L?M
>?
F;
IGCMC‰H
!OLIJ?;
JIL
HO?MNL;
J?LN?H?H=C;
;
F;
TIH;
?OLI

MI<L?
F;M
L?AF;M
>?
A;MNI
S
F;
?MN;<CFC>;>
JL?MOJO?MN;LC;

 
/
=>7<7b<
>d0:71/
(;
IJCHC‰H
J<FC=;
NC?H?
OH;
CH@FO?H=C;
MI<L?
F;
JIF…NC=;
NLC<ON;LC;

=IGI
I=OLL?
=IH
INL;M
JIF…NC=;M

?H
?MJ?=C;F
G?>C;HN?
FIM
J;LNC>IM
JIF…NC=IM
S
FIM
ALOJIM
>?
CHN?L‚M
(;
IJCHC‰H
JO?>?
N?H?L
OH;
CH@FO?H=C;
G}M
>CL?=N;
G?>C;HN?
CHC=C;NCP;M
JIJOF;L?M
S
L?@?L?H>IM
MI<L?
>?N?LGCH;>IM
CGJO?MNIM
,?LI
?MN;M
JIMC<CFC>;>?M
?RCMN?H
?H
GOS
JI=IM
J;…M?M
(;
@ILGOF;=C‰H
G}M
CH@FOS?HN?
?H
?MN;
J?LMJ?=NCP;
?M
?F
>?HIGCH;>I
GI>?FI
>?F
PIN;HN?
G?>C;HI
/?AH
?MN?
;LAOG?HNI

?H
OH;
>?GI=L;=C;
FIM
HCP?F?M
>?
CGJO?MNI
S
>?
A;MNI
KO?
MOJ?L;H
FI
>?M?;>I
JIL
?F
PIN;HN?
G?>C;HI
JLI>O=CL}H
OH
=;MNCAI
JIF…NC=I
=IHNL;
F;M
;ONILC>;>?M
JIF…NC=;M
L?MJIHM;<F?M
>?
;>IJN;LF;M
*I
I<MN;HN?

F;
C>?;
MO<S;=?HN?
?H
?MN;
J?LMJ?=NCP;
?M
F;
>?GI=L;=C;
=IGI
=IHNLIF

?H
F;
KO?
FIM
?F?=NIL?M
>?=C>?H
MO
PINI
?H
@OH=C‰H
>?
F;
;=NO;=C‰H
>?
FIM
AI<?LH;HN?M
S
>?
MOM
IJIMCNIL?M

J?LI
?F
PINI
?M
OH;
B?LL;GC?HN;
JI=I
JL?=CM;
J;L;
G;NCT;L
?HNL?
F;M
GFNCJF?M
JIF…NC=;M
J<FC=;M
KO?
CHN?AL;H
F;
=IGJF?D;
;=NO;=C‰H
>?
=O;FKOC?L
AI<C?LHI
=IHN?GJIL}H?I
2?;GIM
;
=IHNCHO;=C‰H
;FAOHIM
>;NIM
>?
F;
IJCHC‰H
>?
FIM
?MJ;ˆIF?M
MI<L?
FIM
CGJO?MNIM
S
?F
=OGJFCGC?HNI
>?
MOM
I<FCA;=CIH?M
NLC<ON;LC;M
JLIJIL=CIH;>IM
JIL
?F
%HMNCNONI
>?
!MNO>CIM
"CM=;F?M
!F
#L}@C=I

L?=IA?
F;
?PIFO=C‰H
>?
F;
JOHNO;=C‰H
G?>C;
MI<L?
?F
AL;>I
>?
;>?=O;=C‰H
S
F;
DOMNC@C=;=C‰H
>?F
J;AI
>?
FIM
CGJO?MNIM
S
F;
I@?LN;
J<FC=;
>?
M?LPC=CIM
S
JL?MN;=CIH?M
?HNL?

S

(;
NL;S?=NILC;
>?
F;M
IJCHCIH?M
L?F;NCP;M
;F
AL;>I
?H
KO?
F;
I@?LN;
J<FC=;
>?
M?LPC=CIM
S
JL?MN;=CIH?M
DOMNC@C=;
?F
J;AI
>?
FIM
CGJO?MNIM
JL?M?HN;
OH;
JOHNO;=C‰H
JIMCNCP;
?HNL?

S


M?
G;HNC?H?
F?P?G?HN?
JIL
>?<;DI

JIL
?H=CG;
S
?H
F;
G?>C;
?HNL?

S


J;L;
>?M=?H>?L
;
JOHNO;=CIH?M
H?A;NCP;M
>?M>?
?M?
;ˆI
(;
IJCHC‰H
MI<L?
?F
AL;>I
>?
;>?=O;=C‰H
>?
FIM
CGJO?MNIM
J;A;>IM
@L?HN?
;
F;M
JL?MN;=CIH?M
S
M?LPC=CIM
L?=C<C>IM
B;
MC>I
H?A;NCP;
>OL;HN?
NI>I
?F
J?LCI>I
(;
IJCHC‰H
J;L?=?
>?J?H>?L
>?
F;
?PIFO=C‰H
>?
F;
MCNO;=C‰H
?=IH‰GC=;

;OHKO?
BCMN‰LC=;G?HN?
F;
G;SIL…;
>?
FIM
?HNL?PCMN;>IM
B;
G;HC@?MN;>I
KO?
FIM
CGJO?MNIM
KO?
M?
J;A;H
MIH
JI=I
I
H;>;
;>?=O;>IM
?H
L?F;=C‰H
;
FIM
M?LPC=CIM
S
JL?MN;=CIH?M
KO?
M?
L?=C<?H
!F
#L}@C=I

?RJIH?
F;
?PIFO=C‰H
>?
F;
>C@?L?H=C;
>?
IJCHC‰H
MI<L?
?F
=OGJFCGC?HNI
@CM=;F

?HNL?
KOC?H?M
IJCH;H
KO?
B;
G?DIL;>I
S
KOC?H?M
IJCH;H
KO?
B;
?GJ?IL;>I
S
F;
L?F;NCP;
;
F;
J?L=?J=C‰H
>?F
@L;O>?
@CM=;F

>C@?L?H=C;
?HNL?
KOC?H?M
IJCH;H
KO?
B;
>CMGCHOC>I
S
KOC?H?M
=L??H
KO?
B;
;OG?HN;>I
?HNL?

S

(;
NL;S?=NILC;
>?
?MNIM
M;F>IM
H?NIM
>?
IJCHCIH?M
GO?MNL;
OH;
?PIFO=C‰H
J;L;F?F;
!M
JIMCNCP;
?H
F;
?N;J;
>?
LCAIL
JL?MOJO?MN;LCI
J;L;
?F
CHAL?MI
?H
?F
?OLI
J?LI
>?M=C?H>?
;=OM;>;G?HN?
=IH
F;
=LCMCM

FIM
?M=}H>;FIM
>?
=ILLOJ=C‰H
S
F;
JIF…NC=;
>?
;OMN?LC>;>
JL?MOJO?MN;LC;
S
L?=ILN?M
>?
<?H?@C=CIM
MI=C;F?M
!F
#L}@C=I

L?=IA?
F;
?PIFO=C‰H
>?
F;
>C@?L?H=C;
?HNL?
?F
JIL=?HN;D?
>?
KOC?H?M
IJCH;H
KO?
U!H
A?H?L;F
M?
J;A;H
FIM
CGJO?MNIM
>?
OH
GI>I
<;MN;HN?
=ILL?=NIX
S
KO?
U!F
J;AI
>?
CGJO?MNIM
?M
GOS
CGJ?L@?=NIX

?HNL?

S

(;
>C@?L?H=C;
B;
MC>I
JIMCNCP;
JL}=NC=;G?HN?
?H
<O?H;
J;LN?
>?F
J?LCI>I
J?LI
M?
B;=?
H?A;NCP;
;
J;LNCL
>?F
L?=IHI=CGC?HNI
I@C=C;F
>?
F;
=LCMCM
JIL
J;LN?
>?
.I>L…AO?T
6;J;N?LI
?H

S
F;
;>IJ=C‰H
>?
F;M
JLCG?L;M
G?>C>;M
>?
;OMN?LC>;>
JIL
?F
AI<C?LHI
MI=C;FCMN;
3I)+&1

C<9B17a;
23
9/
=B;AB/17a;
:327/
@<0?3
39
5?/2<
23
/231B/17a;
E
9/
8B@A7471/17a;
239
=/5<
23
9<@
7:=B3@A<@
E
9/
<43?A/
=c0971/
23
@3?C717<@
E
=?3@A/17<;3@
 
@1/9/

=B;AB/17a;
:327/

;@A7ABA<
23
@AB27<@
7@1/93@
 3I)+&1

C<9B17a;
23
9/
2743?3;17/
;3A/
23
<=7;7a;
@<0?3
39
1B:=97:73;A<
47@1/9
/
:38<?/2</
3:=3<?/2<
E
39
4?/B23
47@1/9
/
27@:7;B72</
/B:3;A/2<
 
;@A7ABA<
23
@AB27<@
7@1/93@

3I)+&1

743?3;17/
3;A?3
39
=<?13;A/83
23
>B73;3@
<=7;/;
>B3
G;
53;3?/9
@3
=/5/;
9<@
7:=B3@A<@
23
B;
:<2<
0/@A/;A3
1<??31A<I
E
>B3
G9
=/5<
23
7:=B3@A<@
3@
:BE
7:=3?431A<I
 
;@A7ABA<
23
@AB27<@
7@1/93@

 
=A
>/@B72=A
:/A
723=:=5`/A
G
:=A
5@C>=A
23
>@3A7b<
 (;
=OFNOL;
NC?H?
G;HC@?MN;=CIH?M
?H
F;
JIF…NC=;
;F
=IHP?LNCLM?
?H
FIM
G;HC@C?MNIM
S
FIM
JLIAL;G;M
?F?=NIL;F?M
>?
FIM
J;LNC>IM
!H
CAO;F>;>
>?
=IH>C=CIH?M
M?
MOJIH?
KO?
FIM
J;LNC>IM
>?
CTKOC?L>;
JIH?H
MO
;=?HNI
?H
FIM
CGJO?MNIM
>CL?=NIM
S
FIM
>?
>?L?=B;
MI<L?
FIM
CH>CL?=NIM
ICR


J?LI
FI
=C?LNI
?M
KO?
HI
B;S
OH;
>?N?LGCH;=C‰H
;<MIFON;
MI<L?
KO?
F;M
>C@?L?H=C;M
C>?IF‰AC=;M
M?
=IHPC?LN;H
;ONIG}NC=;G?HN?
?H
>C@?L?H=C;M
?H
F;M
?MNLO=NOL;M
CGJIMCNCP;M
JIL
?D?GJFI

?F
@L;=;MI
>?F
,;LNC>I
/I=C;FCMN;
@L;H=‚M
;F
NL;N;L
>?
CGJF;HN;L
OH;
?MNLO=NOL;
CGJIMCNCP;
G}M
JLIAL?MCP;
=O;H>I
FF?A‰
;F
JI>?L
?H
F;
>‚=;>;
>?

I
?F
‚H@;MCM
>?
FIM
MI=C;F>?G‰=L;N;M
MO?=IM
?H
?M;M
GCMG;M
@?=B;M
?H
FIM
CGJO?MNIM
CH>CL?=NIM
/CH
?G<;LAI

HI
MC?GJL?
MO=?>?
;M…
=IGI
=O;H>I
.I>L…AO?T
6;J;N?LI
>?=F;L‰
KO?
<;D;L
FIM
CGJO?MNIM
?L;
>?
CTKOC?L>;M

I
=O;H>I
.;DIS
M?
JL?M?HN‰
;
F;M
?F?==CIH?M
>?


;@CLG;H>I
KO?
C<;
;
<;D;L
FIM
CGJO?MNIM

MO<C‚H>IFIM
H;>;
G}M
A;H;LF;M
JIL
G;SIL…;
;<MIFON;
(;
@;FN;
>?
M?LC?>;>
CGJ?L;
?H
FIM
J;LNC>IM
JIF…NC=IM
?MJ;ˆIF?M
JO?M
HI
?RJIH?H
;LAOG?HNIM
M‰FC>IM
MI<L?
?MN?
;MOHNI
@OH>;G?HN;F
(I
HILG;F
?H
F;M
>?GI=L;=C;M
=IHN?GJIL}H?;M
?M
KO?
F;M
?F?==CIH?M
HI
F;M
A;H?
OH
J;LNC>I
JIL
G;SIL…;
;<MIFON;
MCHI
KO?
M?
P?;
JL?=CM;>I
>?
;JISIM
?RN?LHIM
I
M?
@ILG?
OH;
=I;FC=C‰H
FI
KO?
CGJFC=;
=IGJLIGCMIM
=IH
MOM
MI=CIM
MI<L?
F;
JIF…NC=;
CGJIMCNCP;
S
INL;M
JIF…NC=;M
IGI
HI
M?
NL;N;
>?
JIF…NC=;M
JIJOF;L?M

F;M
=I;FC=CIH?M
NL;N;H
>?
GCHCGCT;L
FIM
CGJO?MNIM
S
?H
?MJ?=C;F
FIM
KO?
J;A;H
MOM
?F?=NIL?M
JIN?H=C;F?M
,?N?LM


!FFI
JO?>?
L?@F?D;LM?
?H
OH
L?=OLMI
;
G;SIL?M
>‚@C=CNM
KO?
?H
?F
=;MI
>?
FIM
AI<C?LHIM
>?
OH
MIFI
J;LNC>I
KO?
JO?>?H
L?;FCT;L
JIF…NC=;M
@CM=;F?M
G}M
LCAOLIM;M
S
?@C=;=?M
>?G}M

OH;
P?T
?H
?F
JI>?L
FIM
J;LNC>IM
>?M=O<L?H
KO?
B;S
OH
=IHDOHNI
>?
@;=NIL?M
KO?
JO?>?H
;@?=N;L
;
MO
JOL?T;
C>?IF‰AC=;

=IGI
?F
>?M?I
>?
M?L
L??F?AC>IM
HI
?M
?F
>?
G?HIL
CGJILN;H=C;

FIM
=;G<CIM
?H
?F
MCMN?G;
CGJIMCNCPI
JO?>?H
NL;?L
=IHMCAI
CH=?LNC>OG<L?
I
F;
;N?H=C‰H
>?
FIM
G?>CIM
MI<L?
FIM
CGJO?MNIM
KO?
S;
M?
?MN}H
J;A;H>I
(;
L??F?==C‰H
N;G<C‚H
CH@FOS?
?H
?F
M?HNC>I
>?
KO?
FIM
=;G<CIM
MO?F?H
;@LIHN;LM?
;F
CHC=CI
>?F
J?L…I>I
JO?M
F;M
IJILNOHC>;>?M
M?
>?MP;H?=?H
>OL;HN?
F;
?MN;H=C;
?H
?F
JI>?L
,IL
?FFI

F;
;==C‰H
AO<?LH;G?HN;F
?H
?F
N?LL?HI
>?
FIM
CGJO?MNIM
S
>?F
A;MNI
J<FC=I
?M
OH;
J;LN?
@OH>;G?HN;F
>?
MOM
CHN?HNIM
J;L;
F;
L??F?==C‰H
S
M?
;DOMN;L}H
=IHP?HC?HN?G?HN?
?H
FI
JIMC<F?
;F
=C=FI
?F?=NIL;F
+NLI
;MJ?=NI
>?
ONCFC>;>
J;L;
?RJFC=;L
F;
=IH@CAOL;=C‰H
>?F
MCMN?G;
CGJIMCNCPI
?M
?F
P;LC;>I
OHCP?LMI
>?
ALOJIM
>?
CHN?L‚M
KO?
=IH>C=CIH;H
FIM
JLI=?MIM
>?
?F;<IL;=C‰H
>?
JIF…NC=;M
NLC<ON;LC;M
?H
F;M
>?GI=L;=C;M
=IHN?GJIL}H?;M
/OM
?@?=NIM
HI
MO?F?H
M?L
GOS
PCMC<F?M
MCHI
CHPCMC<F?M
S
;>IJN;H
F;
@ILG;
>?
?R?H=CIH?M
I
>?>O==CIH?M
>CMJIHC<F?M
M‰FI
J;L;
?MIM
CHN?L?M?M
,IL
?D?GJFI

B;S
>?N?LGCH;>IM
JLCPCF?ACIM
@CM=;F?M
J;L;
>?N?LGCH;>IM
N?LLCNILCIM
I
J;L;
ILA;HCT;=CIH?M
MCH
}HCGI
>?
FO=LI
=IGI
F;
%AF?MC;
=;N‰FC=;

I
F;
J;HIJFC;
>?
MO<P?H=CIH?M
;
=C?LNIM
MCH>C=;NIM
I
;
F;
J;NLIH;F
,;L;
FIM
ALOJIM
>?
CHN?L‚M
?M
G}M
@}=CF
?D?L=?L
MO
CH@FO?H=C;
?H
?MN?
M?=NIL
>?
JIF…NC=;
J<FC=;
JIL
MO
=IGJF?DC>;>
N‚=HC=;

DOL…>C=;
S
?=IH‰GC=;
1H;
FNCG;
@;=?N;
>?LCP;>;
>?
FI
;HN?LCIL
?M
F;
ONCFCT;=C‰H
>?
FIM
CGJO?MNIM
J;L;
JLI>O=CL
INLIM
L?MOFN;>IM
>?
JIF…NC=;
J<FC=;

?H
P?T
>?
M‰FI
J;L;
L?=;O>;L
CHAL?MIM
(IM
CGJO?MNIM
MIH
B?LL;GC?HN;M
;
>CMJIMC=C‰H
>?
FIM
AI<C?LHIM
/?
JO?>?H
JLI>O=CL
<?H?@C=CIM
J;L;
F;
MI=C?>;>
?H
MO
=IHDOHNI
S
JO?>?
M?L
G}M
@}=CF
CGJF;HN;LFIM
=IGI
J;LN?
>?
OH;
HILG;
CGJIMCNCP;
KO?
=IGI
OH
JLIAL;G;
>?
A;MNIM

JILKO?
JO?>?
M?L
G}M
M?H=CFFI
S
G?HIM
=;LI
?F
;>GCHCMNL;L
F;
G?>C>;
>?
?MN;
@ILG;
,IL
?D?GJFI

FIM
MO<MC>CIM
;
F;
JLIJC?>;>
>?
F;
PCPC?H>;
<;DI
F;
@ILG;
>?
>?>O==CIH?M
@CM=;F?M
?H
GO=BIM
J;…M?M
M?
>CMNLC<OS?H
;GJFC;G?HN?

MIH
<?H?@C=CIMIM
?H
A?H?L;F
S
GO=BI
G}M
@}=CF?M
>?
A?MNCIH;L
KO?
MC
M?
NL;N;L;
>?
OH;
MO<P?H=C‰H
;
OH
AL;H
M?AG?HNI
>?
F;
JI<F;=C‰H
+NL;
@‰LGOF;
JO?>?
M?L
FIM
CGJO?MNIM
JL?>?MNCH;>IM
;
OH
A;MNI

BCJIN?=;>IM
;
OH;
@CH;FC>;>
JIL
>?=CLFI
;M…
,IL
?D?GJFI

OH
CGJO?MNI
>?MNCH;>I
;
F;
G?DIL;
>?
FIM
M?LPC=CIM
M;HCN;LCIM

I
CH=FOMI
G}M
;=?JN;<F?
OH
CGJO?MNI
MI<L?
OH
UJ?=;>IX
;F=IBIF

N;<;=I

DO?AI
J;L;
U<O?HIMX
JLIJ‰MCNIM
M;HC>;>
I
?>O=;=C‰H
 
#&W"'
-
*# )Y"


""Y"

'
!"'(&#"'
$[ '
"

'$X
!#&T(
/?
>?@CH?
;F
!MN;>I
CGJIMCNCPI
E2I
DE2E6

?H
?RJL?MC‰H
>?
/=BOGJ?N?L
>?


=IGI
?F
;AL?A;>I
>?
OH
=IHDOHNI
>?
L?F;=CIH?M
?HNL?
?F
JI>?L
?D?=ONCPI
S
F;
<OLI=L;=C;
>?F
!MN;>I

>?
OH;
J;LN?

S
>?
FIM
=CO>;>;HIM
I
=IHNLC<OS?HN?M
>?
INL;

KO?
M?
G;HC@C?MN;H
?H
OH;
;ALOJ;=C‰H
>?
JIF…NC=;M
NLC<ON;LC;M
H;=CIH;F?M
S
>?
JL}=NC=;M
;>GCHCMNL;NCP;M
;MI=C;>;M
(C?<?LG;H


!H
FI
KO?
MCAO?
M?
CHN?HN;
;JILN;L
OHIM
?F?G?HNIM
KO?
JO?>;H
M?LPCL
J;L;
GIMNL;L
?F
?MN;<F?=CGC?HNI
>?
>C=BI
GI>?FI
?H
J;L;F?FI
;
F;
CHMNCNO=CIH;FCT;=C‰H
>?F
L‚ACG?H
=IHMNCNO=CIH;F
IH
?MN?
@CH
M?
;H;FCT;
JLCG?LI
?F
=IHDOHNI
>?
CHN?L=;G<CIM
?HNL?
FIM
>CMNCHNIM
;=NIL?M
JIF…NC=IM
S
?=IH‰GC=IM
KO?
=;L;=N?LCT;H
F;
NL;HMC=C‰H
>?M>?
F;
J?LMJ?=NCP;
>?
F;
B;=C?H>;
J<FC=;
/?
?R;GCH;
FO?AI
?F
=IHDOHNI
>?
G?>C>;M
F?A;F?M
KO?
GI>C@C=;LIH
FIM
J;L}G?NLIM
NLC<ON;LCIM
JLIP?HC?HN?M
>?F
L‚ACG?H
@L;HKOCMN;
IH
JIMN?LCILC>;>
M?
?MNO>C;
F;
CGJF;HN;=C‰H
>?
HO?P;M
@CAOL;M
CGJIMCNCP;M
?H
F;
>?GI=L;=C;


,
/08:.=,?4E,.4[9
D
7,
.=0,.4[9
/0
@9
>4>?08,
?=4-@?,=4:
IGI
B;
MO<L;S;>I
"O?HN?M
-OCHN;H;



F;
>C=N;>OL;
@L;HKOCMN;
HI
CHMN;OL‰
OH
=O;>LI
@CM=;F
KO?
>IN;M?
;F
M?=NIL
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M
>?
OH
MCMN?G;
NLC<ON;LCI
MO@C=C?HN?

@F?RC<F?

?KOCN;NCPI
S
?@C=C?HN?

JO?M
?F
L‚ACG?H
@OH>;G?HN;<;
MO
CHN?LP?H=CIHCMGI
;L<CNLCMN;
MI<L?
OH
CHN?L=;G<CI
>?
CHN?L?M?M
F;
?MN;<CFC>;>
>?F
?GJF?I
S
>?F
=L?=CGC?HNI
>?
FIM
M;F;LCIM
J?LGCNC>I
JIL
?F
>?M;LLIFFI

=IGJL;<;H
F;
FC<?LN;>
MCH>C=;F

GC?HNL;M
F;
@CH;H=C;=C‰H
JLCPCF?AC;>;

F;
FCGCN;=C‰H
>?
F;
=IGJ?N?H=C;
S
F;
L?>O=C>;
JL?MC‰H
@CM=;F
NL;N;<;H
>?
A;H;L
?F
@;PIL
JIF…NC=I
>?F
?GJL?M;LC;>I




/
A7BC/17b<
23
>/@B72/
IG…H


B;
MCHN?NCT;>I
FIM
L;MAIM
>?
F;
CGJIMC=C‰H
?MJ;ˆIF;
JL?PC;
;
F;
L?@ILG;
>?


<;D;
JL?MC‰H
@CM=;F

G;SIL
L?F?P;H=C;
>?
F;
CGJIMC=C‰H
MI<L?
?F
A;MNI
KO?
>?
FIM
AL;P}G?H?M
>CL?=NIM

F;
NLC<ON;=C‰H
CH>CL?=N;
?L;
GOS
;GJFC;
S
;MCMN?G}NC=;

S
M?
=?HNL;<;
?H
OH
CGJO?MNI
GOFNC@}MC=I
>?
P?HN;M
?H
=;M=;>;
S
?H
OHIM
=O;HNIM
NLC<ONIM
MI<L?
=IHMOGIM
?MJ?=…@C=IM

F;
=IHNLC<O=C‰H
>CL?=N;
?MN;<;
>IGCH;>;
JIL
FIM
CGJO?MNIM
>?
JLI>O=NI

S
HI
?RCMN…;
OH
;ON‚HNC=I
CGJO?MNI
MI<L?
F;
L?HN;

F;M
L?HN;M
>?
=;JCN;F
?MN;<;H
G?HIM
AL;P;>;M
KO?
F;M
>?F
NL;<;DI
>?J?H>C?HN?

FIM
NLC<ONIM
MI<L?
?F
J;NLCGIHCI
S
F;M
A;H;H=C;M
>?
=;JCN;F
?L;H
G?HIM
=O;HNCIMIM
KO?
?F
CGJO?MNI
MI<L?
F;M
NL;HMGCMCIH?M
J;NLCGIHC;F?M
:?E6C
G:G@D

JLIFC@?L;<;H
F;M
?R?H=CIH?M

>?MAL;P;=CIH?M
S
<IHC@C=;=CIH?M
?H
>CMNCHNIM
CGJO?MNIM

?RCMN…;
OH;
A?MNC‰H
CH;>?=O;>;

=IH
=O?LJIM
?MJ?=C;FCT;>IM
J;L;
=;>;
AL;P;G?H

OH;
>‚<CF
=;J;=C>;>
>?
CHMJ?==C‰H
S
OH;
?M=;M;
CH@ILG;=C‰H
MI<L?
F;M
<;M?M
NLC<ON;LC;M

S

B;<…;
OH;
?P;MC‰H
A?H?L;FCT;>;

?MJ?=C;FG?HN?
;AO>;
?H
F;M
@CAOL;M
G?HIM
L?AL?MCP;M
>?F
MCMN?G;
@CM=;F



/
@34=@;/
B@70CB/@7/
!H
?F
=IHDOHNI
>?
G?>C>;M
;>IJN;>;M
JIL
=IHM?HMI
?HNL?
J;LNC>IM
JIF…NC=IM
S
MCH>C=;NIM

=IHI=C>;
=IGI
FIM
,;=NIM
>?
F;
)IH=FI;
>?


>?MN;=;<;
F;
;>IJ=C‰H
>?
OH;
JIF…NC=;
JL?MOJO?MN;LC;
KO?
;JFC=;M?
F;
CHN?AL;=C‰H
>?
A;MNIM
?
CHAL?MIM
?H
OH
MIFI
>I=OG?HNI

L?>OD?L;
?F
=L?=CGC?HNI
>?
FIM
A;MNIM
J<FC=IM
>?
=IHMOGI
S
ILC?HN;L;
?F
=L?=CGC?HNI
>?F
A;MNI
B;=C;
F;M
CHP?LMCIH?M
?H
=;JCN;F
J;L;
@;PIL?=?L
F;
M;FC>;
>?
F;
=LCMCM

FCGCN;H>I
F;
=O;HN…;
>?F
>‚@C=CN
J<FC=I
NIN;F
,;L;
?FFI
"O?HN?M
-OCHN;H;

2C=?JL?MC>?HN?
M?AOH>I
>?F
#I<C?LHI
S
)CHCMNLI
>?
!=IHIG…;
?H
DOFCI
>?


JLIJIH…;
>IM
L?@ILG;M
=LO=C;F?M
W
1H;
L?@ILG;
@CM=;F
KO?
JOMC?L;
;
F;
BIL;
>?
!OLIJ;
HO?MNLI
;HNC=O;>I
=O;>LI
NLC<ON;LCI
!M;
L?@?L?H=C;
?OLIJ?;
=IH=?>…;
JLIN;AIHCMGI
;
NL?M
CGJO?MNIM
<}MC=IM
%GJO?MNI
#?H?L;F
MI<L?
F;
.?HN;
>?
F;M
,?LMIH;M
"…MC=;M

.?HN;

>?
/I=C?>;>?M
S
2;FIL
ˆ;>C>I
%2
(;
G?DIL;
S
GI>C@C=;=C‰H
>?
F;
>GCHCMNL;=C‰H
0LC<ON;LC;
>?<?L…;
JIMC<CFCN;L
F;
PCA?H=C;
?@?=NCP;
>?
?M?
HO?PI
MCMN?G;
@CM=;F
W
.?@ILG;
>?F
JL?MOJO?MNI
S
>?F
A;MNI
J<FC=I
J;L;
FIAL;L
F;
OHCP?LM;FC>;>
>?F
JL?MOJO?MNI

?F
G?DIL
=IHNLIF
>?F
A;MNI
\?H
?MJ?=C;F
?F
?HNIH=?M
=;MC
CH?RCMN?HN?
>?
F;
/?AOLC>;>
/I=C;F\
S
OH
G?HIL
=L?=CGC?HNI
>?
FIM
A;MNIM
=ILLC?HN?M
,?LI

=IGI
B;
M?ˆ;F;>I
ICR



B;MN;

?F
L}JC>I
=L?=CGC?HNI
>?F
A;MNI
J<FC=I
JIL
?H=CG;
>?
FIM
JF;H?M
JL?MOJO?MN;LCIM
@O?
;<MIL<C>I
JIL
F;
;=?F?L;=C‰H
CH?MJ?L;>;
>?
FIM
CHAL?MIM

J;LNCL
>?


F;
?MNL;N?AC;
@CM=;F
>?F
AI<C?LHI
M?
PCI
MIG?NC>;
;
N?HMCIH?M
=IHMC>?L;<F?M
!F
AI<C?LHI
MI=C;FCMN;
BO<C?M?
JI>C>I
B;=?L
=;MI
IGCMI
>?
F;
=L?=C?HN?
JL?MC‰H
MCH>C=;F
?H
@;PIL
>?
OH
G;SIL
A;MNI
MI=C;F
MC
F;
G;SIL…;
?F?=NIL;F
>?F
,/+!
M?
BO<C?L;
G;HN?HC>I
?MN;<F?

J?LI
F;M
J‚L>C>;M
?F?=NIL;F?M
MO@LC>;M
?H


KO?
JLCP;LIH
;F
,/+!
>?
F;
G;SIL…;
;<MIFON;

=IHP?H=C?LIH
;
#IHT}F?T
>?
F;
H?=?MC>;>
>?
CH=L?G?HN;L
?F
PIFOG?H
>?
NL;HM@?L?H=C;M
MI=C;F?M
J;L;
?PCN;L
OH;
G;SIL
?LIMC‰H
?H
MO
JIJOF;LC>;>
IGI
F;
;=?F?L;=C‰H
>?F
A;MNI
MI=C;F
M?
FF?P‰
;
=;<I
MCH
M;=LC@C=;L
F;M
J;LNC>;M
JL?MOJO?MN;LC;M
>?
CHP?LMC‰H
J<FC=;

?F
AI<C?LHI
>?<?L…;
B;<?L
;OG?HN;>I
FIM
CGJO?MNIM
J;L;
;N?H>?L
?F
HO?PI
A;MNI
MCH
CH=OLLCL
?H
OH
>‚@C=CN
J<FC=I
G}M
;<OFN;>I
/CH
?G<;LAI

JL?I=OJ;>I
JIL
F;
L?;==C‰H
>?F
?F?=NIL;>I
>?
=?HNLI

=F;P?
?H
F;
=I;FC=C‰H
?F?=NIL;F
KO?
MIMN?H…;
;F
,/+!
?H
?F
JI>?L

?F
AI<C?LHI
CH=L?G?HN‰
F;
JL?MC‰H
@CM=;F
>?
G;H?L;
FCGCN;>;
IGI
L?MOFN;>I

?F
>‚@C=CN
>?
F;
>GCHCMNL;=C‰H
?HNL;F
;OG?HN‰
;F


JIL
=C?HNI
>?F
,%
S
?F
>‚@C=CN
>?
NI>;M
F;M
>GCHCMNL;=CIH?M
,<FC=;M
;F

JIL
=C?HNI
>?F
,%
?H

(;
=LCMCM
?=IH‰GC=;
MI<L?P?HC>;
;AL;P;L…;
;H
G}M
?MIM
>?M?KOCFC<LCIM
!F
;F?D;GC?HNI
>?
F;M
=IH>C=CIH?M
?MNLO=NOL;F?M
J;L;
?F
CHAL?MI
?H
?F
?OLI
FF?P‰
;
#IHT}F?T
S
;
MO
GCHCMNLI
>?
!=IHIG…;
/IF<?M
;
B;<F;L
>?
F;
!OLIJ;
>?
>IM
P?FI=C>;>?M

L?MCAH}H>IM?
;
>?D;L
;
!MJ;ˆ;
?H
?F
@OLA‰H
>?
=IF;



=A
@3AC:B/2=A
3:
1@317;73<B=
23
:/
>@3A7b<
47A1/:
G
23:
7<17>73<B3
AB/2=
23:
73<3AB/@
!H
?F
J?L…I>I
>?
AI<C?LHIM
MI=C;FCMN;M

F;
MI=C?>;>
?MJ;ˆIF;
=IHNCHO‰
MO
;>C==C‰H
;F
;OG?HNI
>?F
A;MNI
J<FC=I
(;M
>?=CMCIH?M
JIF…NC=;M
B;H
N?HC>I
N;G<C‚H
OH;
JL?M?H=C;
CGJILN;HN?
?H
?MN?
JLI=?MI
F;
?RN?HMC‰H
>?
F;
M;HC>;>
J<FC=;

F;
>?
F;
?HM?ˆ;HT;
G?>C;
S
MOJ?LCIL

?F
;OG?HNI
>?
J?HMCIH?M
HI
=IHNLC<ONCP;M

F;M
JIF…NC=;M
>?
CHN?LP?H=C‰H
G?>C;HN?
MO<P?H=CIH?M
;
F;
JLI>O==C‰H
?H
NI>IM
FIM
HCP?F?M
;>GCHCMNL;NCPIM

F;M
JIF…NC=;M
>?
U?GJF?I
J<FC=IX

F;
JLIFC@?L;=C‰H
>?
?GJL?M;M
J<FC=;M

N;G<C‚H
?H
NI>IM
FIM
HCP?F?M
;>GCHCMNL;NCPIM

S
F;
>?
MO<P?H=CIH?M
;
CHHOG?L;<F?M
=IHMOGIM

JIL
?D?GJFI
?F
=IG<OMNC<F?
>?
F;
G;KOCH;LC;
;AL…=IF;

I
NL;HM@?L?H=C;M
;F
M?=NIL
JLCP;>I
>?
=IHMOGI
5
INL;
=;OM;
>?F
=L?=CGC?HNI
B;
MC>I
MO
CHMO@C=C?HN?
@CH;H=C;=C‰H
NLC<ON;LC;
JIL
FI
KO?
?F
CH=L?G?HNI
>?F
>‚@C=CN
J<FC=I
>?N?LGCH;
OH;
J;LNC>;
=L?=C?HN?
>?
CHN?L?M?M
>?
F;
>?O>;
J<FC=;

KO?
?H

?L;H
?F


S
?H

?F


>?F
,%
,IL
MO
J;LN?
ICR
MIMNC?H?
=IHPCH=?HN?G?HN?
KO?
F;
JL?MC‰H
@CM=;F
?M
MOJ?LCIL
?H
=IGJ;L;=C‰H
MC
M?
NC?H?
?H
=O?HN;
F;
L?HN;
A6C
42A:E2
?MJ;ˆIF;

?MNI
?M
?F
6D7F6CK@
7:D42=

JO?M
=IGI
‚MN;
?M
GO=BI
G?HIL
KO?
?H
FIM
J;…M?M
G}M
;P;HT;>IM

?M
G}M
?M=;M;
MO
=;J;=C>;>
J;L;
@CH;H=C;L
?F
=IHMOGI
S
?F
;BILLI

JIL
FI
KO?
?M
G;SIL
F;
>?NL;==C‰H
@CM=;F
KO?
MO@L?H
FIM
=IHNLC<OS?HN?M
?MJ;ˆIF?M
ICR



H

?
B?=BI

M?AH
F;M
=C@L;M
>?
F;
+ !
=ILL?MJIH>C?HN?M
;


JIL
?D?GJFI

!MJ;ˆ;
S;
HI
?L;
?F
J;…M
=IH
G?HIL
JL?MC‰H
@CM=;F
>?
FIM
>?
F;
1HC‰H
!OLIJ?;

MCHI
KO?
B;<…;
CAO;F;>I
F;
JL?MC‰H
@CM=;F
>?F
.?CHI
1HC>I
S
B;<…;
;>?F;HN;H>I
;
%LF;H>;
S
,ILNOA;F
?H

F;
=C@L;
B;<…;
;M=?H>C>I
;F



M?AH
>;NIM
>?
!OLIMN;N

 
,
.:9A0=209.4,
;=0>@;@0>?,=4,
;,=,
07
492=0>:
09
7,
&94[9
:90?,=4,
=42:=
0>?,-474/,/
D
=01:=8,>
(;
>C@?L?H=C;
?HNL?
FIM
CHAL?MIM
S
FIM
A;MNIM
J<FC=IM
HIM
JLIJIL=CIH;
?F
M;F>I
JL?MOJO?MN;LCI
>?F
M?=NIL
J<FC=I

?MNI
?M

MO
MOJ?L}PCN
MC
F;
>C@?L?H=C;
?M
JIMCNCP;
I
MO
>‚@C=CN
MC
F;
>C@?L?H=C;
?M
H?A;NCP;

S
>?M>?
FIM
CHC=CIM
>?F
L‚ACG?H
>?GI=L}NC=I
?MN;
>C@?L?H=C;
B;
MC>I
H?A;NCP;
0I>I
?F
MCAFI
44
M?
B;
=;L;=N?LCT;>I
?H
!MJ;ˆ;
JIL
F;
@;FN;
>?
OH;M
JIF…NC=;M
JL?MOJO?MN;LC;
S
GIH?N;LC;
=;J;=?M
>?
;M?AOL;L
F;
?MN;<CFC>;>
CHN?LH;
S
?RN?LCIL
>?
MO
?=IHIG…;
(;
FF?A;>;
;F
AI<C?LHI
>?F
,;LNC>I
,IJOF;L
MOJOMI
F;
CGJF;HN;=C‰H
>?
L?@ILG;M
S
G?>C>;M
>?
FC<?L;FCT;=C‰H
>?
F;
?=IHIG…;
KO?
CGJOFM;L…;H
?F
=L?=CGC?HNI
?=IH‰GC=I
S
?F
CHAL?MI
?H
F;
1HC‰H
)IH?N;LC;
?H
=IHNL;
>?
FIM
?M=‚JNC=IM
MI=C;FCMN;M
S
;FAOHIM
I<M?LP;>IL?M
?OLIJ?IM
!F
?GJI<L?=CGC?HNI
>?
F;
MI=C?>;>
?MJ;ˆIF;
M?
>?D;<;
HIN;L
?H
OH
>;NI
L?P?F;>IL

?OLIM
>?
,%
J?L
=}JCN;
?H


OH


>?
F;
G?>C;
?OLIJ?;
+=BI
;ˆIM
>?MJO‚M

?M?
,%
J?L
=}JCN;
FF?A;<;
;
FIM

?OLIM
S
=;MC
;F

>?
F;
G?>C;
?OLIJ?;
5
?MI
B;<C?H>I
=L?=C>I
F;
JI<F;=C‰H
;=NCP;
>?

;

GCFFIH?M
>?
NL;<;D;>IL?M

S
F;
I=OJ;>;
>?


;


GCFFIH?M
/CH
>O>;

F;
L?@ILG;
G}M
>?@CHCNILC;
>?F
=;G<CI
>?
JIF…NC=;
KO?
MOJIH…;
F;
FF?A;>;
>?F
HO?PI
#I<C?LHI
@O?
F;
KO?
;@?=N‰
;F
MCMN?G;
CGJIMCNCPI
!H


!MJ;ˆ;
N?H…;
OH;
N;LC@;
>?F
%.,"
=IH

NL;GIM
S
OH
NCJI
MOJ?LCIL
G;LACH;F
>?F

(;
JLCG?L;
L?@ILG;
L?>ODI
;
=CH=I
FIM
NL;GIM
S
;F

?F
NCJI
G;LACH;F
J?LI

MI<L?
NI>I

FI
KO?
BCTI
@O?
JLIJC=C;L
OH;
L?>O==C‰H
?H
F;M
=OIN;M
F…KOC>;M
>?F

J;L;
FIM
M;F;LCIM

?F

J;L;
FIM
;ON‰HIGIM

?F

J;L;
F;M
J?HMCIH?M

?F

J;L;
F;M
JL?MN;=CIH?M
JIL
>?M?GJF?I
S
=;MC
?F

J;L;
F;M
L?HN;M
>?
=;JCN;F
(;M
L?@ILG;M
@CM=;F?M
S
F;M
G?>C>;M
>?
FC<?L;FCT;=C‰H
MOLNC?LIH
?@?=NI
CHG?>C;NI
M?
L?>ODI
?F
>‚@C=CN
S
F;
>?O>;
\?H

M?L…;
>?F


?F
JLCG?LI
S
>?F


F;
M?AOH>;\

F;
?=IHIG…;
=IG?HT‰
;
=L?=?L
;
OH
LCNGI
MOJ?LCIL
;F


M?
=L?‰
?GJF?I
\>?
M?CM
;
HO?P?
GCFFIH?M
>?
;M;F;LC;>IM\

?H
?MJ?=C;F
?H
F;
=IHMNLO==C‰H
JIL
F;
<OL<OD;
>?
F;
PCPC?H>;

S
M?
L?>ODI
?F
J;LI
;
F;
GCN;>

S
=IH
OH;
JIF…NC=;
>?
;OMN?LC>;>
?H
F;M
=O?HN;M
J<FC=;M
M?
FIAL‰

MCH
?G<;LAI

;OG?HN;L
?F
A;MNI
MI=C;F
>?F

;F

>?F
JL?MOJO?MNI
NIN;F



'/:B=
1C/:7B/B7D=
 !H
I=BI
;ˆIM
M?
L?>OD?LIH
;
F;
GCN;>
F;M
MOMJ?HMCIH?M
>?
J;AIM

M?
=L?;LIH
G?>CI
GCFF‰H
>?
,5)!/
S
M?
GOFNCJFC=‰
JIL
>IM
?F
HG?LI
>?
G;NLC=OF;=CIH?M
>?
P?B…=OFIM
S
JIL
=CH=I
F;
CHP?LMC‰H
?RNL;HD?L;
H?N;
?H
!MJ;ˆ;
!F
HG?LI
>?
;@CFC;>IM
;
F;
/?AOLC>;>
/I=C;F
J;M‰
>?

;

GCFFIH?M

M?
=L?‰
?F
@IH>I
>?
L?M?LP;
S
F;M
=O;HN…;M
>?
F;M
J?HMCIH?M
=L?=C?LIH
?H
OH;
G?>C;
>?
?HNL?
?F

S
?F

(;
=;D;
>?
F;
/?AOLC>;>
/I=C;F

KO?
?MN;<;
?RB;OMN;
=O;H>I
?F
,,
FF?A‰
;F
JI>?L
\BO<I
KO?
J?>CL
OH
JL‚MN;GI
J;L;
JI>?L
J;A;L
F;M
J?HMCIH?M
>?
?M?
;ˆI\
=IH
OH
M;F>I
H?A;NCPI
>?F



=?LL‰
?F
=C=FI
=IH
MOJ?L}PCN
>?F


/‰FI
=O;NLI
;ˆIM
>?MJO‚M

!MJ;ˆ;
?HNL;<;
?H
?F
!OLI
=IH
NI>IM
MOM
>?<?L?M
B?=BIM
S
MC?H>I
JLI<;<F?G?HN?
OHI
>?
FIM
J;…M?M
=IH
G;SIL?M
J?LMJ?=NCP;M
>?
@ONOLI
?H
=O;HNI
;
F;
?=IHIG…;
M?
L?@C?L?

JIL
;FAI
?H
FIM
G?>CIM
?OLIJ?IM
M?
=;FC@C=‰
;KO?FF;
?N;J;
=IGI
U?F
GCF;ALI
?=IH‰GC=I
?MJ;ˆIFX
HO?MNLI
>C@?L?H=C;F
>?
>?O>;
=IH
?F
<IHI
;F?G}H

F;
JLCG;
>?
LC?MAI

M?
L?>ODI
;
=?LI
(;M
=IHNL;J;LNC>;M
>?
?MN?
JLI=?MI
M?
?H=O?HNL;H
?H
F;
A?H?L;=C‰H
>?
OH;
<OL<OD;
CHGI<CFC;LC;
@;PIL?=C>;
JIL
FIM
<;DIM
NCJIM
>?
CHN?L‚M

F;
=IH=?MC‰H
>?
=L‚>CNIM
BCJIN?=;LCIM
?H
=IH>C=CIH?M
;LLC?MA;>;M
JIL
<;H=IM
S
=;D;M
>?
;BILLIM

F;
?MJ?=OF;=C‰H
OL<;H…MNC=;
S
F;
=ILLOJ=C‰H
?H
HOG?LIMIM
GOHC=CJCIM

S
JIL
F;M
;SO>;M
@CM=;F?M
;
F;
;>KOCMC=C‰H
>?
F;
JLCG?L;
PCPC?H>;


/
53AB7b<
23
:/
1@7A7A
(IM
AI<C?LHIM
MI=C;FCMN;M
>?
.I>L…AO?T
6;J;N?LI
B;H
JL?M?HN;>I
OH
J?L@CF
=IHNL;>C=NILCI
!H
F;
JLCG?L;
F?ACMF;NOL;


S
J?M?
;
FI
G;HC@?MN;>I
;HN?M
>?
FF?A;L
;F
JI>?L
MI<L?
F;
H?=?MC>;>
>?
NL;HM@ILG;L
?F
GI>?FI
?=IH‰GC=I
KO?
JLI>O=…;
?F
=L?=CGC?HNI

M?
MCAOC‰
OH;
JIF…NC=;
=IHNCHOCMN;
MCH
L?@ILG;M
MCAHC@C=;NCP;M
KO?
;OG?HN;M?H
F;
JLI>O=NCPC>;>
S
G?DIL;M?H
F;
=IGJ?NCNCPC>;>
>?
F;
?=IHIG…;
H;=CIH;F
!F
>?HIGCH;>I
,F;H
*;=CIH;F
>?
.?@ILG;M
M?
FCGCN‰
;
;OG?HNIM
>?
A;MNI
?H
>CP?LM;M
CH@L;?MNLO=NOL;M
S
?H
% C
%HP?MNCA;=C‰H

>?M;LLIFFI
?
CHHIP;=C‰H
DOHNI
=IH
OHIM
L?NIKO?M
FCA?LIM
?H
?F
%.,"
S
?H
?F
CGJO?MNI
MI<L?
MI=C?>;>?M

J?LI
MCH
;=IGJ;ˆ;LFIM
>?
F;M
L?@ILG;M
CGJL?M=CH>C<F?M
>?F
G?L=;>I
>?
NL;<;DI

KO?
M?
=;L;=N?LCT;
JIL
MO
>O;FC>;>
NL;<;D;>IL?M
G;>OLIM
JLIN?AC>IM
=IH
=IHNL;NIM
CH>?@CHC>IM
@L?HN?
;
D‰P?H?M
?
CHGCAL;HN?M
=IH
=IHNL;NIM
N?GJIL;F?M
(;
M?AOH>;
G;SIL…;
MI=C;FCMN;
HI
A?MNCIH‰
<C?H
F;M
G;HC@?MN;=CIH?M
?MJ?=…@C=;M
>?
HO?MNLI
J;…M
>?
F;
=LCMCM
?=IH‰GC=;
CHN?LH;=CIH;F
>?M?H=;>?H;>;
?H


F;
>?HIGCH;>;
JIL
;FAOHIM
#L;H
?JL?MC‰H
JIL
MO
JLIFIHA;>;
>OL;=C‰H
(;
H?A;=C‰H
?GJ?=CH;>;
>?
MO
?RCMN?H=C;

F;
@ILGOF;=C‰H
>?
OH;
BCJIN‚NC=;
M;FC>;
MI=C;F
;
F;
GCMG;

F;M
HOG?LIM;M
>?=F;L;=CIH?M
IJNCGCMN;M
MI<L?
G?DIL;M
CHGCH?HN?M
KO?
HI
M?
B;H
G;N?LC;FCT;>I
?H
HCHAH
GIG?HNI

?F
>?MJCF@;LLI
>?
@IH>IM
J<FC=IM
I=;MCIH;>I
JIL
?F
CGJLI>O=NCPI
,F;H
!
S
?F
CGJ;L;<F?
;OG?HNI
>?F
J;LI

F;
=;…>;
>?F
,%

?F
?H>?O>;GC?HNI
>?
FIM
;A?HN?M
?=IH‰GC=IM
J<FC=IM
S
JLCP;>IM
?HNL?
M…
S
=IH
?F
?RN?LCIL

>?N?LCIL;LIH
AL;P?G?HN?
F;M
=O?HN;M
J<FC=;M
S

MI<L?
NI>I

F;
=IH@C;HT;
>?
FIM
G?L=;>IM
CHN?LH;=CIH;F?M

>IH>?
J?>CGIM
JL?MN;>I
?F
=;JCN;F
>?F
KO?
=;L?=?GIM

;HN?
F;
@;FN;
>?
JIF…NC=;M
>?
;DOMN?
KO?
L?@ILG;M?H
FIM
>?M?KOCFC<LCIM
@OH>;G?HN;F?M
?F
G?L=;>I
>?
NL;<;DI

F;M
J?HMCIH?M
S
F;
/?AOLC>;>
/I=C;F

?F
MCMN?G;
@CH;H=C?LI

S
FIM
>?@?=NIM
?MNLO=NOL;F?M
>?
HO?MNL;
JF;HN;
;>GCHCMNL;NCP;
S
@CM=;F
0I>I
?FFI
=IH>ODI
?H
G;SI
>?

;
KO?
FIM
CHP?LMIL?M
CHN?LH;=CIH;F?M
M?
H?A;M?H
;
;>KOCLCL
>?O>;
J<FC=;
?MJ;ˆIF;
;OHKO?
MO
L?GOH?L;=C‰H
MO<C?L;
GO=BI

FI
KO?
JIH…;
?H
J?FCALI
?F
MCMN?G;
GIH?N;LCI
?OLIJ?I
(IM
F…>?L?M
>?
F?G;HC;

!MN;>IM
1HC>IM
S
BCH;
BC=C?LIH
M;<?L
CH?KO…PI=;G?HN?
;
.I>L…AO?T
6;J;N?LI
KO?
N?H…;
KO?
=IHNLIF;L
F;
JIF…NC=;
@CM=;F

FI
KO?
F?
GIPC‰
;
?GJL?H>?L
OH;M
N…GC>;M
L?@ILG;M

G}M
;J;L?HN?M
KO?
MOMN;HNCP;M

S
FCA?L;M
G?>C>;M
>?
;BILLI
>?F
A;MNI
J<FC=I
=IH
L?>O==CIH?M
M;F;LC;F?M
;
FIM
@OH=CIH;LCIM
S
OH;
MO<C>;
>?
CGJO?MNIM
CH>CL?=NIM
S
>CL?=NIM
;F
HI
>?@F;=N;L
JIL
F;
CH@F;=C‰H
FIM
J;L}G?NLIM
<}MC=IM
>?F
%.,"
,IL
MO
J;LN?

.;DIS

KO?
B;<…;
L?BOM;>I
;JIS;L
?F
;DOMN?
>?
6;J;N?LI
?H
G;SI
>?


J?M?
;
=IHI=?L
>?
;HN?G;HI
F;
JLI@OH>C>;>
>?
F;
=LCMCM

?@?=NO‰
OH
;DOMN?
<;M;>I
MIFI
?H
OH;
CGJILN;HN?
MO<C>;
>?
CGJO?MNIM
?H
=IHNL;
>?
FI
;HOH=C;>I
?H
F;
=;GJ;ˆ;
?F?=NIL;F
S
>?
FI
KO?
MIMNC?H?
F;
FCN?L;NOL;
?=IH‰GC=;
G}M
MIFP?HN?
KO?
;=IHM?D;
F;
=IHN?H=C‰H
>?F
A;MNI

?H
?MJ?=C;F
?F
A;MNI
=ILLC?HN?

S
HI
N;HNI
?H
?F
;OG?HNI
>?
FIM
CHAL?MIM
>?G}M
F;
MO<C>;
M?
BCTI
?H
?F
IL>?H
?KOCPI=;>I
JO?M
?F
GCHCMNLI
>?
$;=C?H>;
JL?@CLC‰
MO<CL
JLCG?LI
?F
%.,"

J;L;
I<N?H?L
FCKOC>?T
>?
CHG?>C;NI

?H
P?T
>?
?F
%2

GOS
JIL
>?<;DI
>?
F;
G?>C;
>?
F;
?OLITIH;
S
H?ONL;F
;
?@?=NIM
?=IH‰GC=IM

KO?
N?H>L…;
KO?
MO<CL
N;L>?
I
N?GJL;HI
JIL
F;
JL?MCIH?M
>?
LOM?F;M
!F
L?MOFN;>I
@O?
G;FI
JO?M
HI
M?
L?=;O>‰
FI
?MJ?L;>I
S
M?
>;ˆ‰
?F
=L?=CGC?HNI
 

''(!
!$#'(*#

'
!"'(&#"'
$[ '
"
'$X
"

() 
$;MN;
;KO…
M?
B;
?R;GCH;>I
F;
?PIFO=C‰H
>?F
MCMN?G;
CGJIMCNCPI
>?
F;
>?GI=L;=C;
;
AL;H>?M
L;MAIM

=IHNCHO;=C‰H
M?
>?M=LC<?
=IH
G;SIL
>?N;FF?
?F
=IHDOHNI
>?
CGJO?MNIM
KO?
=IHMNCNOS?H
F;
JLCH=CJ;F
@O?HN?
>?
FIM
CHAL?MIM
>?
FIM
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
DOHNI
=IH
?F
?H>?O>;GC?HNI


:>
492=0>:>
/0
7,

!F
;<;HC=I
>?
CGJO?MNIM
KO?
@CH;H=C;H
F;
#!
?M

=IGI
M?
P?L}

GOS
P;LC;>I
/O
;>GCHCMNL;=C‰H
=ILL?
;
=;LAI
>?
F;
A?H=C;
0LC<ON;LC;




;>C3AB=
A=0@3
:/
@3<B/
!F
%GJO?MNI
MI<L?
F;
.?HN;
>?
F;M
,?LMIH;M
"…MC=;M
%.,"
?M
HO?MNLI
JLCH=CJ;F
NLC<ONI
>CL?=NI
!F
%.,"
?M
OH
NLC<ONI
>CL?=NI
S
>?
=;L}=N?L
J?LMIH;F
KO?
AL;P;

M?AH
FIM
JLCH=CJCIM
>?
CAO;F>;>

A?H?L;FC>;>
S
JLIAL?MCPC>;>

F;
L?HN;
>?
F;M
J?LMIH;M
@…MC=;M

>?
;=O?L>I
=IH
MOM
=CL=OHMN;H=C;M
J?LMIH;F?M
S
@;GCFC;L?M

?MNIM
?@?=NIM

L?HN;
?M
?F
P;FIL
GIH?N;LCI
>?F
CH=L?G?HNI
H?NI
>?
F;
=;J;=C>;>
J;L;
=IHMOGCL
>?
OH
MOD?NI
>OL;HN?
OH
J?L…I>I
!M
OH
CGJO?MNI
>CL?=NI

S;
KO?
CH=C>?
MI<L?
OH;
G;AHCNO>

F;
L?HN;

KO?
JIL
M…
GCMG;

>CL?=N;G?HN?

?RJL?M;
F;
=;J;=C>;>
?=IH‰GC=;
>?F
MOD?NI
J;MCPI
?M
J?LMIH;F

JO?M
AL;>;
F;
=;LA;
NLC<ON;LC;
?H
@OH=C‰H
>?
F;M
=CL=OHMN;H=C;M
J?LMIH;F?M
S
@;GCFC;L?M
KO?
JO?>;H
GI>C@C=;L
F;
=;J;=C>;>
>?
J;AI
L?;F
I
?@?=NCP;
>?F
=IHNLC<OS?HN?
;OHKO?
MO
HILG;
<}MC=;
S
=IGH
>CM?ˆ;
OH;
?MNLO=NOL;
CGJIMCNCP;
ILC?HN;>;
JIL
?F
JLCH=CJCI
=IHMNCNO=CIH;F
>?
>CMNLC<O=C‰H
?KOCN;NCP;
>?
F;
L?HN;
J?LMIH;F
S
L?ACIH;F

;@?=N;>I
JIL
F;M
GI>C@C=;=CIH?M
KO?
M?
>?LCP;L}H
>?F
?D?L=C=CI
>?
F;
;ONIHIG…;
HILG;NCP;
L?=IHI=C>;
;
F;M


FI
KO?
HI
JO?>?
JIL
G?HIM
>?
NL;>O=CLM?
?H
OH;
>CMJ;LC>;>
>?
JL?MCIH?M
@CM=;F?M
?H
?F
IL>?H
N?LLCNILC;F

>C@…=CFG?HN?
=IGJ;NC<F?
=IH
;KO?F
JLCH=CJCI
?M
A?H?L;F

JO?M
HI
=IHN?GJF;
INL;M
?R=?J=CIH?M
?H
MO
;JFC=;=C‰H
KO?
F;M
?MN;<F?=C>;M
F?A;FG?HN?
;N?H>C?H>I
;
=LCN?LCIM
>?
CHN?L‚M
=IGH
I
?H
=IHMC>?L;=C‰H
;
MCNO;=CIH?M
MCHAOF;L?M
DOMNC@C=;>;M
MI=C;FG?HN?
?M
JLIAL?MCPI

JO?M
=OGJF?
F;M
=;L;=N?L…MNC=;M
>?
?MN;
=F;M?
>?
CGJO?MNIM
MO
=OIN;
=L?=?
?H
G;SIL
JLIJIL=C‰H
KO?
F;
<;M?
S
MO
NCJI
>?
AL;P;G?H
G;LACH;F
?M
MOJ?LCIL
;
MO
NCJI
G?>CI
MOJIH?
OH;
?R;==C‰H
N;G<C‚H
J?LC‰>C=;

>?
=;L}=N?L
;HO;F
;OHKO?
AL;P;
OH;
P;LC;<F?@FODI

=IGI
?M
F;
L?HN;
?M
>?=CL

OH;
=ILLC?HN?
>?
P;FIL
L?@?LC>;
;
OH
J?LCI>I
>?
NC?GJI
IHMNCNOS?
?F
I<D?NI
CGJIHC<F?
>?F
%.,"
F;
L?HN;
>?F
=IHNLC<OS?HN?

?HN?H>C>;
=IGI
F;
NIN;FC>;>
>?
MOM
L?H>CGC?HNIM

A;H;H=C;M
S
J‚L>C>;M
J;NLCGIHC;F?M
S
F;M
CGJON;=CIH?M
>?
L?HN;
KO?
M?
?MN;<F?T=;H
JIL
F;
F?S

=IH
CH>?J?H>?H=C;
>?F
FOA;L
>IH>?
M?
BO<C?M?H
JLI>O=C>I
S
=O;FKOC?L;
KO?
M?;
F;
L?MC>?H=C;
>?F
J;A;>IL
IGI
G;AHCNO>

?F
;HN?LCIL
=IH=?JNI
>?
L?HN;
L?MJIH>?
;
F;
C>?;
=IHM;AL;>;
?H
FIM
MCMN?G;M
@CM=;F?M
=IHN?GJIL}H?IM
>?
L?HN;
CHN?AL;F
I
;GJFC;

KO?
CH=FOS?
FIM
L?H>CGC?HNIM
JLI=?>?HN?M
>?
@O?HN?
BOG;H;

G;N?LC;F
I
GCRN;
L?HN;
?RN?LH;
I
;@FOC>;
S
F;M
P;LC;=CIH?M
?H
?F
P;FIL
>?F
J;NLCGIHCI
L?;FCT;>;M
L?HN;
CHN?LH;
 !F
%.,"
?M
>?
;JFC=;=C‰H
?H
NI>I
?F
N?LLCNILCI
H;=CIH;F

MCH
J?LDOC=CI
>?
FIM
L?A…G?H?M
@IL;F?M
>?
IHP?HCI
S
IH=C?LNI
?H
PCAIL

L?MJ?=NCP;G?HN?

=IH
F;M
IGOHC>;>?M
ON‰HIG;M
>?
*;P;LL;
S
?F
,;…M
2;M=I

HC
>?
FI
>CMJO?MNI
?H
FIM
0L;N;>IM
S
IHP?HCIM
CHN?LH;=CIH;F?M
MOM=LCNIM
JIL
!MJ;ˆ;
KO?
B;S;H
J;M;>I
;
@ILG;L
J;LN?
>?
HO?MNLI
IL>?H;GC?HNI
CHN?LHI

>?
;=O?L>I
=IH
FI
>CMJO?MNI
?H
?F
;LN…=OFI

>?
F;
IHMNCNO=C‰H
!H
;H;LC;M

?ON;
S
)?FCFF;

M?
N?H>L}H
?H
=O?HN;
F;M
?MJ?=C;FC>;>?M
JL?PCMN;M
?H
MO
HILG;NCP;
?MJ?=…@C=;
S
?H
F;
JLIJC;
(?S
L?AOF;>IL;
>?F
%GJO?MNI
>?G}M

?F
%.,"
?M
OH
NLC<ONI
=?>C>I
J;L=C;FG?HN?
;
F;M
IGOHC>;>?M
ON‰HIG;M
?H
FIM
N‚LGCHIM
?MN;<F?=C>IM
?H
F;
(+"
S
>?G}M
HILG;M
L?AOF;>IL;M
>?
F;
G;N?LC;
?
N;F
G;H?L;
KO?
>C=B;M
IGOHC>;>?M
JIM??H
;ONIHIG…;
HILG;NCP;
J;L;
L?AOF;L
F;
N;LC@;
>?F
AL;P;G?H
;ONIH‰GC=I
S
F;M
>?>O==CIH?M
KO?
L?=;CA;H
?R=FOMCP;G?HN?
MI<L?
?MN?
FNCGI
?M>?
MO
CGJF;HN;=C‰H
?H

B;
MO@LC>I
HOG?LIM;M
;FN?L;=CIH?M
=IGI
?M
F‰AC=I

?MNIM
L?NIKO?M
HI
B;H
MC>I
;D?HIM
HC
?F
>?M?I
>?
MO
G?DIL;
N‚=HC=;
(?S
>?
.?@ILG;
,;L=C;F

>?


HC
FIM
JIMNOF;>IM
C>?IF‰AC=IM
CHMJCL;>IL?M
>?
F;
JIF…NC=;
@CM=;F
HC

?H
@CH

F;
JLIJC;
>I=NLCH;
>?F
0LC<OH;F
IHMNCNO=CIH;F
=OSI
?RJIH?HN?
@O?
F;
/?HN?H=C;
>?

>?
@?<L?LI
>?


;=?L=;
>?F
CH;=?JN;<F?
NL;N;GC?HNI
NLC<ON;LCI
=IH@?LC>I
;
F;
OHC>;>
@;GCFC;L
IH
F;
(?S
 

F;
N;LC@;
>?F
%GJO?MNI
@O?
I<D?NI
>?
=;G<CIM
=IHMC>?L;<F?M

=IGI
F;
L?<;D;
A?H?L;F
>?
MOM
NCJIM

CH=FOC>IM
?F
G…HCGI
S
?F
G}RCGI

S
F;
L?>?@CHC=C‰H
S
L?>O==C‰H
>?
MOM
NL;GIM

BIGIFIA}H>IM?
;M…
=IH
F;
N?H>?H=C;
GIMNL;>;
JIL
F;
G;SIL…;
>?
FIM
J;…M?M
?OLIJ?IM
)}M
L?=C?HN?G?HN?
F;
(?S
 
CHNLI>ODI
;FAOH;M
GI>C@C=;=CIH?M
MCAHC@C=;NCP;M
(;
(?S
 
BCTI
FI
JLIJCI
!HNL?
F;M
JLCH=CJ;F?M
HIP?>;>?M
JI>L…;
>?MN;=;LM?
;
F;
>CMGCHO=C‰H
>?
F;
=;LA;
NLC<ON;LC;
MIJILN;>;
JIL
F;M
L?HN;M
>?F
NL;<;DI

?F?P;H>I
F;
L?>O==C‰H
?MN;<F?=C>;
J;L;
F;M
GCMG;M
<
?MN;
L?>O==C‰H
M?
;JFC=;
N;G<C‚H
;
>?N?LGCH;>IM
NL;<;D;>IL?M
;ON‰HIGIM
=
M?
?F?P;H
FIM
OG<L;F?M
>?
L?HN;M
HI
MIG?NC>;M
;
NLC<ON;=C‰H
>
M?
GI>C@C=;H
?F
MCMN?G;
>?
;JFC=;=C‰H
>?
FIM
G…HCGIM
J?LMIH;F?M
S
@;GCFC;L?M
?
M?
L?>O=?
;
=O;NLI
?F
HG?LI
>?
NL;GIM
>?
F;
N;LC@;
@
M?
?MN;<F?=?
?F
NCJI
G;LACH;F
G}RCGI
?H
?F

JIL

A
M?
INILA;
OH
NL;N;GC?HNI
H?ONL;F
;
F;M
L?HN;M
>?LCP;>;M
>?F
;BILLI

?FCGCH;H>I
F;M
>C@?L?H=C;M
?HNL?
FIM
>CMNCHNIM
CHMNLOG?HNIM
?H
FIM
KO?
M?
G;N?LC;FCT;
B
?H
L?F;=C‰H
=IH
FIM
>CPC>?H>IM

M?
INILA;
OH
GCMGI
NL;N;GC?HNI
;
FIM
>CPC>?H>IM
>?
@O?HN?
CHN?LH;
S
;
FIM
>?
=O;FKOC?L
INLI
J;…M
GC?G<LI
>?
F;
1HC‰H
!OLIJ?;
C
M?
CH=?HNCP;H
?F
;BILLI
S
F;
;JFC=;=C‰H
>?
OH
G…HCGI
?R?HNI
C
M?
CH=?HNCP;H
;KO?FFIM
CHMNLOG?HNIM
>?MNCH;>IM
;
JLIJIL=CIH;L
OHIM
CHAL?MIM
=IGJF?G?HN;LCIM
>?
F;M
J?HMCIH?M
J<FC=;M
I
;
F;
=I<?LNOL;
>?
>?N?LGCH;>IM
LC?MAIM
D
M?
GI>C@C=;H
FIM
CH=?HNCPIM
@CM=;F?M
;
F;
JL?PCMC‰H
MI=C;F
=IGJF?G?HN;LC;
S
E
M?
INILA;H
<?H?@C=CIM
@CM=;F?M
J;L;
J;FC;L
?F
JLI<F?G;
>?
F;
>?J?H>?H=C;
(;
L?@ILG;
>?F
,,
?H


?H
N‚LGCHIM
>?
JL?MC‰H
@CM=;F

MOJIH?
PIFP?L
;F
JOHNI
>?
J;LNC>;
?RCMN?HN?
B;MN;
>C=C?G<L?
>?


=O;H>I
?F
AI<C?LHI
>?
.;DIS
?F?P‰
>?
@ILG;
MCAHC@C=;NCP;
FIM
NCJIM
CGJIMCNCPIM
?H
?F
%.,"
J;L;
@CH;H=C;L
F;
=IHMIFC>;=C‰H
@CM=;F
!F
CGJO?MNI
?MJ;ˆIF
MI<L?
F;
L?HN;
>?
F;M
J?LMIH;M
@…MC=;M
M?
=;L;=N?LCT;
;=NO;FG?HN?
JIL
F;
?RCMN?H=C;
>?
NCJIM
G;LACH;F?M
?F?P;>IM
S
?R=?MCPI
HG?LI
>?
NL;GIM
?H
MO
N;LC@;

HOG?LIM;M
?R?H=CIH?M
S
>?>O==CIH?M
?H
MO
?MNLO=NOL;
S
@;FN;
>?
H?ONL;FC>;>
?H
?F
=‰GJONI
>?
FIM
>CMNCHNIM
L?H>CGC?HNIM
AL;P;>IM
S
?H
?F
NL;N;GC?HNI
>?
FIM
>CMNCHNIM
CHMNLOG?HNIM
>?
;BILLI
(;A;L?M
6E
2=

 

;>C3AB=
A=0@3
A=1732/23A
!F
%GJO?MNI
MI<L?
/I=C?>;>?M
%/
?M
OH
NLC<ONI
>CL?=NI

J?LMIH;F

JLIJIL=CIH;F
S
J?LC‰>C=I
KO?
AL;P;
F;
L?HN;
>?
?MN;M
?HNC>;>?M
DOL…>C=;M
!M
>CL?=NI

JIL
=O;HNI
AL;P;
OH;
G;AHCNO>

F;
L?HN;

KO?
JIL
M…
GCMG;

>CL?=N;G?HN?

?RJL?M;
F;
=;J;=C>;>
=IHNLC<ONCP;
>?F
MOD?NI
J;MCPI
?M
J?LMIH;F

JO?M
;>GCN?
=C?LN;M
=;L;=N?L…MNC=;M
JLIJC;M
>?
FIM
CGJO?MNIM
J?LMIH;F?M

=IGI
MIH
F;
=IGJ?HM;=C‰H
>?
J‚L>C>;M
>?
?D?L=C=CIM
;HN?LCIL?M
S
F;
AL;>O;=C‰H
>?
F;
=;LA;
@CM=;F
>?
;=O?L>I
=IH
?F
=IGJILN;GC?HNI
?=IH‰GC=I
>?
F;
?HNC>;>
CHP?LMC‰H

=L?;=C‰H
>?
?GJF?I

?N=
?M
JLIJIL=CIH;F

S;
KO?

;F
M?L
MO
NCJI
>?
AL;P;G?H
@CDI

F;
=OIN;
NLC<ON;LC;
L?JL?M?HN;
MC?GJL?
OH;
JLIJIL=C‰H
=IHMN;HN?
>?
F;
<;M?
CGJIHC<F?
S
?M

?H
@CH

J?LC‰>C=I

>;>I
KO?
MO
B?=BI
CGJIHC<F?
M?
L?JLI>O=?
J?LC‰>C=;G?HN?

>?P?HA}H>IM?
?F
FNCGI
>…;
>?
=;>;
J?LCI>I
CGJIMCNCPI
!F
%/
M?
;JFC=;
?H
NI>I
?F
N?LLCNILCI
?MJ;ˆIF
!F
PCA?HN?
IH=C?LNI
!=IH‰GC=I
?HNL?
?F
!MN;>I
S
F;
IGOHC>;>
ON‰HIG;
P;M=;
?MN;<F?=?
KO?
?F
%/
?M
OH
NLC<ONI
=IH=?LN;>I
>?
HILG;NCP;
;ON‰HIG;
J;L;
F;M
?HNC>;>?M
KO?
NLC<ON?H
?R=FOMCP;G?HN?
?H
F;M
CJON;=CIH?M
"IL;F?M
S
N;G<C‚H
J;L;
F;M
KO?
NLC<ON?H
=IHDOHN;G?HN?
;
;G<;M
>GCHCMNL;=CIH?M

J?LI
N?HA;H
MO
>IGC=CFCI
@CM=;F
?H
?F
,;…M
2;M=I
S
L?;FC=?H
?H
N?LLCNILCI
>?
L‚ACG?H
=IGH
G?HIM
>?F

JIL
=C?H
>?
MOM
IJ?L;=CIH?M
NIN;F?M
?H
?F
L?MNI
>?
FIM
=;MIM
=ILL?MJIH>?L}
;JFC=;L
F;
HILG;NCP;
=IGH
,IL
FI
KO?
L?MJ?=N;
;
*;P;LL;

F;
>?FCGCN;=C‰H
>?F
N?LLCNILCI
>?
;JFC=;=C‰H
>?F
CGJO?MNI
?M
C>‚HNC=;
;
F;
>?F
,;…M
2;M=I
!F
B?=BI
CGJIHC<F?
=IHMCMN?
?H
F;
I<N?H=C‰H
>?
L?HN;
JIL
?F
MOD?NI
J;MCPI
?H
?F
J?L…I>I
CGJIMCNCPI
/IH
MOD?NIM
J;MCPIM
F;M
J?LMIH;M
DOL…>C=;M

=IH
?R=?J=C‰H
>?
F;M
MI=C?>;>?M
=CPCF?M
,?LI
;>?G}M
FI
MIH
N;G<C‚H
=C?LN;M
?HNC>;>?M
=;L?HN?M
>?
J?LMIH;FC>;>
DOL…>C=;

N;F?M
=IGI
FIM
@IH>IM
>?
CHP?LMC‰H

F;M
OHCIH?M
N?GJIL;F?M
>?
?GJL?M;M
10!/

FIM
@IH>IM
>?
=;JCN;FLC?MAI

FIM
@IH>IM
>?
J?HMCIH?M
S
FIM
@IH>IM
>?
L?AOF;=C‰H
>?F
G?L=;>I
BCJIN?=;LCI

?HNL?
INLIM
$;S
OH
=IHDOHNI
>?
?HNC>;>?M
NIN;FG?HN?
?R?HN;M
?HNL?
INL;M

F;M
CHN?AL;HN?M
>?F
/?=NIL
,<FC=I
?MNLC=NI

?MNI
?M
;
(;M
>GCHCMNL;=CIH?M
J<FC=;M
#!


S
!!((
<
(IM
+LA;HCMGIM
;ON‰HIGIM
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M
=
!F
;H=I
>?
!MJ;ˆ;
S
FIM
"IH>IM
>?
#;L;HN…;
>?
?J‰MCNIM
>
(IM
"IH>IM
>?
#;L;HN…;
>?
%HP?LMCIH?M
?
(;M
!HNC>;>?M
J<FC=;M
A?MNIL;M
>?
F;
/?AOLC>;>
/I=C;F
@
!F
%HMNCNONI
>?
!MJ;ˆ;
S
F;M
.?;F?M
=;>?GC;M
$;S
INL;M
?HNC>;>?M
J;L=C;FG?HN?
?R?HN;M
;
(;M
?HNC>;>?M
?
CHMNCNO=CIH?M
MCH
}HCGI
>?
FO=LI
<
(;M
OHCIH?M

@?>?L;=CIH?M
S
=IH@?>?L;=CIH?M
>?
=IIJ?L;NCP;M
=
/CH>C=;NIM

=IF?ACIM
JLI@?MCIH;F?M

;MI=C;=CIH?M
?GJL?M;LC;F?M
S
=}G;L;M
I@C=C;F?M
>
(IM
@IH>IM
>?
JLIGI=C‰H
>?
?GJF?I
?
(;M
GONO;M
>?
;==C>?HN?M
>?
NL;<;DI
S
?H@?LG?>;>?M
JLI@?MCIH;F?M
@
(;M
!HNC>;>?M
>?
?L?=BI
,<FC=I

,O?LNIM
>?F
!MN;>I
S
ONILC>;>?M
,ILNO;LC;M
(;
?R?H=C‰H
HI
;F=;HT;

JO?M

;

FIM
L?H>CGC?HNIM
>?
F;M
?RJFIN;=CIH?M
?=IH‰GC=;M
;KO‚FF;M
?H
F;M
KO?
=IH=OLL;H
NL?M
L?KOCMCNIM
ONCFCT;=C‰H
>?
=;JCN;F
S
NL;<;DI
;=NO;=C‰H
JIL
=O?HN;
JLIJC;
S
L?;FCT;=C‰H
>?
OH;
;=NCPC>;>
JLI>O=NCP;

FIM
L?H>CGC?HNIM
J;NLCGIHC;F?M
>?
;=NCPIM
@CH;H=C?LIM
JIL
F;
=?MC‰H
>?
OMI
>?
CHGO?<F?M
?N=

S

FIM
CH=L?G?HNIM
S
>CMGCHO=CIH?M
J;NLCGIHC;F?M
>?
FIM
<C?H?M
HI
;@?=NIM
;
MO
I<D?NI
MI=C;F

;M…
=IGI
FIM
KO?

JLI=?>C?H>I
>?
FIM
<C?H?M
;@?=NIM

HI
M?;H
L?CHP?LNC>IM
?H
F;M
=IH>C=CIH?M
?MN;<F?=C>;M
!F
%GJO?MNI
MI<L?
/I=C?>;>?M
?MJ;ˆIF
M?
=;L;=N?LCT;
?H
F;
;=NO;FC>;>
JIL
F;
?RCMN?H=C;
>?
NCJIM
>?
AL;P;G?H
HIGCH;F?M
?F?P;>IM
KO?
=I?RCMN?H
=IH
NCJIM
?@?=NCPIM
L?>O=C>IM
J;L;
F;M
?GJL?M;M
KO?
MIH
=;J;=?M
>?
IJNCGCT;L
F;M
HOG?LIM;M
>?>O==CIH?M
KO?
=IHNC?H?
?F
NLC<ONI
F
GCMGI
NC?GJI

F;
?RCMN?H=C;
>?
>IM
NCJIM
>?
AL;P;G?H
S
>IM
L?A…G?H?M
CGJIMCNCPIM
?H
@OH=C‰H
>?F
PIFOG?H
>?F
H?AI=CI

A?H?L;
>?MCH=?HNCPIM
;F
=L?=CGC?HNI
>?
F;M
?GJL?M;M

=IH
=IHM?=O?H=C;M
H?A;NCP;M
J;L;
F;
JLI>O=NCPC>;>
>?
F;
?=IHIG…;
>?G}M

?F
CGJO?MNI
MCAO?
G;HN?HC?H>I
MO
M?MAI
NL;>C=CIH;F
?H
@;PIL
>?F
?H>?O>;GC?HNI
>?
F;M
?GJL?M;M

>;>I
?F
NL;NI
@;PIL;<F?
KO?
L?=C<?
F;
@CH;H=C;=C‰H
G?>C;HN?
>?O>;
@L?HN?
;
F;
?GCMC‰H
>?
=;JCN;F
"CH;FG?HN?

MOM
>?>O==CIH?M
A?H?L;H
?F?P;>IM
=IMN?M
L?=;O>;NILCIM
MCH
;J?H;M
?@?=NIM
JIMCNCPIM
MI<L?
F;
?=IHIG…;
H;=CIH;F
(;A;L?M
6E
2=




/
7;>=A717b<
>/B@7;=<7/:

>AF6DE@
D@3C6
A2EC:>@?:@
!F
%GJO?MNI
MI<L?
?F
,;NLCGIHCI
%,

=L?;>I
?H


?M
OH
CGJO?MNI
>CL?=NI

J?LC‰>C=I

JLIAL?MCPI
S
HIGCH;F
MI<L?
?F
J;NLCGIHCI
H?NI
>?
F;M
J?LMIH;M
@…MC=;M
!M
>CL?=NI

JIL
=O;HNI
AL;P;
OH;
G;HC@?MN;=C‰H
>CL?=N;
>?
F;
=;J;=C>;>
>?
J;AI

=IGI
?M
F;
LCKO?T;
I
J;NLCGIHCI
!M
J?LC‰>C=I

JO?MNI
KO?
MO
>?P?HAI
M?
L?JLI>O=?
=IH
J?LCI>C=C>;>
;HO;F

?F
>…;

>?
>C=C?G<L?
>?
=;>;
;ˆI
!M
JLIAL?MCPI

S;
KO?
MO
=OIN;
CGJIMCNCP;
=L?=?
G}M
L}JC>;G?HN?
KO?
MO
<;M?
FCKOC>;<F?
#L;P;

?H
@CH

?F
J;NLCGIHCI
H?NI

?HN?H>C>I
‚MN?
=IGI
?F
=IHDOHNI
>?
<C?H?M
S
>?L?=BIM
>?
=IHN?HC>I
?=IH‰GC=I

=IH
>?>O==C‰H
>?
F;M
=;LA;M
S
AL;P}G?H?M
KO?
>CMGCHOS;H
MO
P;FIL

;M…
=IGI
>?
F;M
>?O>;M
S
I<FCA;=CIH?M
J?LMIH;F?M
>?
F;M
KO?
>?<;
L?MJIH>?L
MO
NCNOF;L
!F
%GJO?MNI
MI<L?
?F
,;NLCGIHCI
M?
B;
MOJLCGC>I
>?M>?
?F

>?
?H?LI
>?


G?>C;HN?
OH;
F?S
KO?
>CMJIH?
F;
?FCGCH;=C‰H
>?F
AL;P;G?H

J;L;
FI
KO?
M?
B;
?MN;<F?=C>I
N‚=HC=;G?HN?
OH;
<IHC@C=;=C‰H
A?H?L;F
>?F
=C?H
JIL
=C?H
>?
F;
=OIN;

MCH
?FCGCH;L
?F
CGJO?MNI
0;G<C‚H
M?
B;
MOJLCGC>I
F;
I<FCA;=C‰H
>?
JL?M?HN;L
F;
>?=F;L;=C‰H
=ILL?MJIH>C?HN?
;
?MN?
CGJO?MNI
(?S
 


>AF6DE@
D@3C6
*F46D:@?6D
J
@?24:@?6D
!F
CGJO?MNI
MI<L?
/O=?MCIH?M
S
IH;=CIH?M
%/ 
=C?LL;
?F
=O;>LI
>?
F;
CGJIMC=C‰H
>CL?=N;
=IH
?F
=;L}=N?L
>?
NLC<ONI
=IGJF?G?HN;LCI
>?F
%.,"

JO?M
AL;P;
F;M
;>KOCMC=CIH?M
AL;NOCN;M
JIL
F;M
J?LMIH;M
H;NOL;F?M
KO?
@ILG;H
J;LN?
>?F
=IH=?JNI
>?
L?HN;
@CM=;F
M?AH
F;
N?IL…;
>?F
CH=L?G?HNI
H?NI
>?
LCKO?T;
!F
%/
JO?>?
>?@CHCLM?
=IGI
OH
CGJO?MNI
>CL?=NI

JLIAL?MCPI
S
MO<D?NCPI
KO?
AL;P;
FIM
CH=L?G?HNIM
J;NLCGIHC;F?M
I<N?HC>IM
;
N…NOFI
AL;NOCNI
JIL
F;M
J?LMIH;M
@…MC=;M

N;HNI
JIL
;=NIM
:?E6C
G:G@D

=IGI
>@CE:D
42FD2
!M
>CL?=NI
JIL
L?=;?L
MI<L?
OH;
G;HC@?MN;=C‰H
>CL?=N;
>?
F;
=;J;=C>;>
=IHNLC<ONCP;

=IGI
?M
F;
;>KOCMC=C‰H
>?
<C?H?M
I
>?L?=BIM
;
N…NOFI
FO=L;NCPI
?M
JLIAL?MCPI

JO?M
MO
=OIN;
CGJIMCNCP;
=L?=?
G}M
L}JC>;G?HN?
KO?
MO
<;M?
FCKOC>;<F?
M?
JLI>O=?
?H
NL?M
JIMC<CFC>;>?M
=IH=L?N;M
;
F;
;>KOCMC=C‰H
>?
<C?H?M
S
>?L?=BIM
JIL
B?L?H=C;

F?A;>I
I
=O;FKOC?L
INLI
N…NOFI
MO=?MILCI
<
F;
;>KOCMC=C‰H
>?
<C?H?M
S
>?L?=BIM
JIL
>IH;=C‰H
I
=O;FKOC?L
INLI
H?AI=CI
DOL…>C=I
;
N…NOFI
AL;NOCNI
:?E6C
G:G@D
S
=
F;
J?L=?J=C‰H
>?
=;HNC>;>?M
JIL
FIM
<?H?@C=C;LCIM
>?
=IHNL;NIM
>?
M?AOLIM
MI<L?
F;
PC>;

=O;H>I
?F
=IHNL;N;HN?
M?;
J?LMIH;
>CMNCHN;
>?F
<?H?@C=C;LCI
!F
%/
M?
;JFC=;
?H
NI>I
?F
N?LLCNILCI
H;=CIH;F

MCH
J?LDOC=CI
>?
FIM
L?A…G?H?M
NLC<ON;LCIM
@IL;F?M
>?
IH=C?LNI
S
IHP?HCI

PCA?HN?M
?H
F;M
IGOHC>;>?M
ON‰HIG;M
>?F
,;…M
2;M=I
S
*;P;LL;

L?MJ?=NCP;G?HN?
!MN?
CGJO?MNI
M?
?H=O?HNL;
=?>C>I
;
F;M
IGOHC>;>?M
ON‰HIG;M

;
F;M
KO?
M?
B;H
L?=IHI=C>I
=IGJ?N?H=C;M
HILG;NCP;M
?H
L?F;=C‰H
=IH
?F
GCMGI
0L;M
F;
=?MC‰H
B;S
;FAOH;M

KO?
FI
B;H
MOJLCGC>I
J;L;
@IG?HN;L
F;
CHP?LMC‰H

;F?HN;H>I
>?
?MN;
G;H?L;
F;
@ILG;=C‰H
>?
N?DC>I
?GJL?M;LC;F
?H
NILHI
;
F;M
?GJL?M;M
@;GCFC;L?M


>AF6DE@
D@3C6
EC2?D>:D:@?6D
A2EC:>@?:2=6D
J
24E@D
;FCt5:4@D

5@4F>6?E25@D
!F
%GJO?MNI
MI<L?
0L;HMGCMCIH?M
,;NLCGIHC;F?M
S
=NIM
&OL…>C=IM
I=OG?HN;>IM
%0,
S
& 
CHMNCNOS?

?H
L?;FC>;>

F;
=I<?LNOL;
;
NL?M
=IH=?JNIM
NLC<ON;LCIM
>C@?L?H=C;>IM

;
M;<?L
?F
%GJO?MNI
MI<L?
0L;HMGCMCIH?M
,;NLCGIHC;F?M
+H?LIM;M
%0,+
?F
%GJO?MNI
MI<L?
+J?L;=CIH?M
/I=C?N;LC;M
%+/
S
?F
%GJO?MNI
MI<L?
=NIM
&OL…>C=IM
I=OG?HN;>IM
%& 
0I>IM
?FFIM
NC?H?H

HI
I<MN;HN?

OH;
=;L;=N?L…MNC=;
=IGJ;LNC>;
F;
>?
CH=C>CL
MI<L?
F;
=CL=OF;=C‰H
I
NL}@C=I
>?
F;
LCKO?T;

?HN?H>C?H>I
KO?
J;L;
KO?
B;S;
=CL=OF;=C‰H
I
NL}@C=I
>?
‚MN;
<;MN;L}
=IH
KO?
;OG?HN?
I
>CMGCHOS;
?H
MOM
?F?G?HNIM
CHN?AL;HN?M
F;
J?LN?H?=C?HN?
;
OH
MOD?NI

M?
;M?AOL?
I
JLIN?D;
G?DIL
F;
KO?
S;
N?H…;
I
M?
>?FCGCN?H
G}M
=F;L;G?HN?
MOM
=IHNILHIM
!F
%0,+
?M
OH
NLC<ONI
MI<L?
?F
NL}@C=I
=CPCF

?MNI
?M

MI<L?
?F
NL}@C=I
?MN;<F?=C>I
?HNL?
J;LNC=OF;L?M
MOD?NIM
HI
?GJL?M;LCIM
I
KO?

MC
FI
MIH

HI
;=N;H
=IGI
N;F?M
C?LL;

JO?M

=IH
?F
%2
NL}@C=I
G?L=;HNCF
JL?@?L?HN?G?HN?
?F
MCMN?G;
>?
CGJIMC=C‰H
A?H?L;F
MI<L?
?F
NL}@C=I
>?
<C?H?M
!F
%0,
=O<L?
FIM
>?MJF;T;GC?HNIM
>?
LCKO?T;
KO?
CGJFC=;H
F;M
IJ?L;=CIH?M
MI=C?N;LC;M
S
KO?
>?M=LC<?H
?F
=C=FI
PCN;F
>?
?MN;M
?HNC>;>?M

>?M>?
MO
=IHMNCNO=C‰H
B;MN;
MO
>CMIFO=C‰H
!F
%&

AL;P;
>?N?LGCH;>IM
>I=OG?HNIM
?H
FIM
KO?
KO?>;H
@ILG;FCT;>IM
=C?LNIM
;=NIM
;
FIM
KO?

JL?=CM;G?HN?
?H
PCLNO>
>?
?M;
@ILG;FCT;=C‰H

?F
IL>?H;GC?HNI
DOL…>C=I
=IH@C?L?
OH;
?MJ?=C;F
JLIN?==C‰H
!H
M…HN?MCM

F;
CGJIMC=C‰H
MI<L?
F;
JLIJC?>;>
?M
;FAI
MOJ?LCIL
?H
!MJ;ˆ;
;
F;
G?>C;
=IGOHCN;LC;

MC
<C?H
MO
=IGJIMC=C‰H
?M
<;MN;HN?
>CMNCHN;
!MJ;ˆ;
JL?M?HN;
OH
G?HIL
J?MI
>?
F;
CGJIMC=C‰H
L?=OLL?HN?
MI<L?
<C?H?M
CHGO?<F?M
KO?
M?
=IGJ?HM;
=IH
OH;
G;SIL
CGJIMC=C‰H
MI<L?
MOM
NL;HM;==CIH?M

;>?G}M
>?
INLIM
CGJO?MNIM
MI<L?
?M;
JLIJC?>;>
,;NLCGIHCI
!H
=IH=L?NI

F;
NLC<ON;=C‰H
MI<L?
F;
LCKO?T;
;>KOC?L?
>CP?LM;M
@ILG;M

KO?
?H
!MJ;ˆ;
M?
JF;MG;H

?H
?F
}G<CNI
>?
F;
CGJIMC=C‰H
>CL?=N;

?H
?F
%GJO?MNI
MI<L?
?F
,;NLCGIHCI
S
?H
?F
%GJO?MNI
MI<L?
/O=?MCIH?M
S
IH;=CIH?M

;>?G}M
>?F
S;
=CN;>I
%GJO?MNI
MI<L?
C?H?M
%HGO?<F?M
%%
>?
=;L}=N?L
FI=;F
!H
?F
}G<CNI
>?
F;
CGJIMC=C‰H
CH>CL?=N;

?H
?F
%GJO?MNI
MI<L?
?F
2;FIL
ˆ;>C>I
S
?H
?F
%GJO?MNI
MI<L?
0L;HMGCMCIH?M
,;NLCGIHC;F?M
S
=NIM
&OL…>C=IM
I=OG?HN;>IM
/?
B;
JLIJO?MNI
F;
?FCGCH;=C‰H
>?@CHCNCP;
>?F
CGJO?MNI
>?
,;NLCGIHCI

MCAOC?H>I
F;
N?H>?H=C;
KO?
M?
;JL?=C;
?H
INLIM
J;…M?M
>?M;LLIFF;>IM
S
>;>IM
MOM
?@?=NIM
H?A;NCPIM
MI<L?
?F
;BILLI

MOM
L?>O=C>;M
L?=;O>;=CIH?M
S
?F
B?=BI
>?
KO?
F;M
JIMC<CFC>;>?M
>?
JF;HC@C=;=C‰H
@CM=;F
CHN?LH;=CIH;F
J;L;
FIM
J;NLCGIHCIM
L?;FG?HN?
?F?P;>IM
>?MPCLN;H
NIN;FG?HN?
MO
JIMC<F?
=IHNLC<O=C‰H
;
F;
?KOC>;>
>?F
MCMN?G;
NLC<ON;LCI
(;A;L?M
6E
2=

 
 
;>C3AB=
A=0@3
3:
D/:=@
/a/272=
!F
%GJO?MNI
MI<L?
?F
2;FIL
ˆ;>C>I
%2
?M
OH
CGJO?MNI
CH>CL?=NI
KO?
L?=;?
MI<L?
?F
=IHMOGI
S
AL;P;

?H
F;
@ILG;
S
=IH>C=CIH?M
JL?PCMN;M
?H
MO
(?S
L?AOF;>IL;

F;M
?HNL?A;M
>?
<C?H?M
S
JL?MN;=CIH?M
>?
M?LPC=CIM
?@?=NO;>;M
JIL
?GJL?M;LCIM
S
JLI@?MCIH;F?M

F;M
;>KOCMC=CIH?M
CHNL;=IGOHCN;LC;M
>?
<C?H?M
S
F;M
CGJILN;=CIH?M
!M
OH
CGJO?MNI
CH>CL?=NI
JILKO?
NC?H?
JIL
I<D?NI
CGJIHC<F?
?F
=IHMOGI

?MNI
?M

OH;
G;AHCNO>
KO?
M‰FI
>?
@ILG;
CH>CL?=N;
?
CH=IGJF?N;
G;HC@C?MN;
F;
=;J;=C>;>
>?
J;AI
>?
MO
>?MNCH;N;LCI

MC?H>I
;>?G}M
NL;MF;>;<F?
!M
CAO;FG?HN?
L?;F
O
I<D?NCPI

JO?MNI
KO?
M?
;JFC=;
;
;>KOCMC=CIH?M
MCGCF;L?M
KO?
JO?>;H
GI>C@C=;L
F;
=;J;=C>;>
=IHNLC<ONCP;
L?;F
>?F
CH=C>C>I
!M
N;G<C‚H

=IGI
P;GIM
;
P?L

OH
CGJO?MNI
GOFNC@}MC=I

JO?M
L?=;?
MI<L?
NI>;M
S
=;>;
OH;
>?
F;M
@;M?M
>?F
JLI=?MI
JLI>O==C‰H=IG?L=C;FCT;=C‰H
>?
FIM
<C?H?M

MC
HI
B;S
@;M?M
CHN?LG?>C;M
?R?HN;M
/CH
?G<;LAI

;
NL;P‚M
>?F
G?=;HCMGI
>?
F;M
>?>O==CIH?M
=;>;
?GJL?M;LCI
JO?>?
>?>O=CL
F;M
=OIN;M
>?F
%GJO?MNI
MIJILN;>;M
JIL
MOM
=IGJL;M
>?
F;M
=OIN;M
>?P?HA;>;M
L?J?L=ONC>;M
JIL
MOM
?HNL?A;M
>?
<C?H?M

CHAL?M;H>I
?H
$;=C?H>;
M‰FI
F;
>C@?L?H=C;
?F
NLC<ONI
N?LGCH;
L?=;S?H>I
HC=;G?HN?
MI<L?
?F
P;FIL
;ˆ;>C>I
?H
=;>;
@;M?

?HN?H>C>I
‚MN?
=IGI
F;
J;LN?
>?F
P;FIL
NIN;F
>?
OH
<C?H
KO?
?H
F;
GCMG;
M?
CH=ILJIL;
JIL
;JFC=;=C‰H
>?
FIM
@;=NIL?M
>?
F;
JLI>O==C‰H
;F
JLI>O=NI
>?
F;
@;M?
CHG?>C;N;G?HN?
;HN?LCIL
!H


F;
L?=;O>;=C‰H
JIL
%2
?H
JIL=?HN;D?
>?F
,%
@O?
?H
!MJ;ˆ;
F;
G}M
<;D;
>?
FIM

J;…M?M
>?
F;
1!
?H
N‚LGCHIM
L?F;NCPIM
!MI
=IH>ODI
;
?F?P;L
?F
NCJI
A?H?L;F
>?F
CGJO?MNI

=IGI
M?
B;
CH>C=;>I
S;

>?
GI>I
KO?
;BIL;
?M?
NCJI
M?
MCN;
S;
?H
F;
G?>C;
>?
F;
1!
/CH
?G<;LAI

?F
?@?=NI
?H
!MJ;ˆ;
>?
FIM
NCJIM
L?>O=C>IM
S
>?
F;M
?R?H=CIH?M
?M
OHI
>?
FIM
G}M
?F?P;>IM
>?
!OLIJ;
?H
N‚LGCHIM
>?
G?LG;
>?
L?=;O>;=C‰H
,?LI
?H
?F
=;MI
>?
F;M
?R?H=CIH?M
JLIJC;G?HN?
>C=B;M
?F
G;LA?H
>?
G;HCI<L;
?M

MCH
?G<;LAI

GOS
L?>O=C>I

>;>I
KO?
F;
G;SIL…;
>?
?MN;M
?R?H=CIH?M
PC?H?H
CGJO?MN;M
JIL
F;
HILG;NCP;
=IGOHCN;LC;
!H
NI>I
=;MI

F;
IGCMC‰H
!OLIJ?;
JLIJIH?
F;
?FCGCH;=C‰H
>?
P;LC;M
>?
?M;M
?R?H=CIH?M
S
;HCG;
;F
!MN;>I
?MJ;ˆIF
;
MIFC=CN;L
;
F;
1HC‰H
!OLIJ?;
F;
GI>C@C=;=C‰H
>?
F;M
KO?
HI
M?
?H=O?HNL?H
;>?=O;>;G?HN?
DOMNC@C=;>;M
!H
=O;HNI
;
FIM
NCJIM
MOJ?LL?>O=C>IM

=IGI
?MNIM
M?
;JFC=;H
?H
?F
=;MI
?MJ;ˆIF
?M?H=C;FG?HN?
;
<C?H?M
>?
JLCG?L;
H?=?MC>;>

?H
J;LNC=OF;L
;FCG?HNIM

MO
CH=L?G?HNI
;@?=N;L…;
GOS
H?A;NCP;G?HN?
;
FIM
M?AG?HNIM
>?
JI<F;=C‰H
?=IH‰GC=;G?HN?
G}M
POFH?L;<F?M
(;A;L?M
6E
2=




;>C3AB=A
3A>317/:3A
(;
N?IL…;
>?
F;
$;=C?H>;
,<FC=;
L?M?LP;
F;
>?HIGCH;=C‰H
>?
CGJO?MNIM
MI<L?
=IHMOGIM
?MJ?=…@C=IM
J;L;
;KO?FFIM
NLC<ONIM
KO?

;
>C@?L?H=C;
>?F
%2
\KO?

=IGI
CGJO?MNI
A?H?L;F
MI<L?
?F
PIFOG?H
>?
P?HN;M

AL;P;
?F
=IHMOGI
A?H‚LC=;G?HN?
=IGI
G;HC@?MN;=C‰H
>?
F;
=;J;=C>;>
?=IH‰GC=;\

CH=C>?H
MI<L?
?F
=IHMOGI
>?
<C?H?M
I
?MJ?=C?M
>?N?LGCH;>;M
!H
HO?MNL;
N?LGCHIFIA…;
F?A;F

N;F?M
CGJO?MNIM
L?=C<?H
?F
HIG<L?
>?
%GJO?MNIM
!MJ?=C;F?M
%!

%GJO?MNIM
!MJ?=C;F?M
>?
";<LC=;=C‰H
V
F=IBIF?M
S
?<C>;M
F=IB‰FC=;M
%GJO?MNI
MI<L?
F;
?LP?T;
%GJO?MNI
MI<L?
?F
2CHI
S
?<C>;M
"?LG?HN;>;M
W
%GJO?MNI
MI<L?
,LI>O=NIM
%HN?LG?>CIM
 W
%GJO?MNI
MI<L?
?F
F=IBIF
S
?<C>;M
?LCP;>;M
V
%GJO?MNI
MI<L?
$C>LI=;L<OLIM
V
%GJO?MNI
MI<L?
(;<IL?M
>?
0;<;=I

%GJO?MNI
MI<L?
F;
!F?=NLC=C>;>

%GJO?MNI
!MJ?=C;F
MI<L?
?N?LGCH;>IM
)?>CIM
>?
0L;HMJILN?

%GJO?MNI
!MJ?=C;F
MI<L?
,LCG;M
>?
/?AOLIM
1H;
>?
F;M
=;L;=N?L…MNC=;M
>?F
MCMN?G;
@CM=;F
?MJ;ˆIF
?M
?F
L?>O=C>I
J?MI
>?
FIM
CGJO?MNIM
G?>CI;G<C?HN;F?M
S
MO
=IGJF?D;
S
;MCMN?G}NC=;
L?AOF;=C‰H
;=NO;F
,IL
?FFI

?F
CH@ILG?
>?
F;
IGCMC‰H
>?
!RJ?LNIM
(;A;L?M
6E
2=

B;
JL?MN;>I
?MJ?=C;F
;N?H=C‰H
;
F;
L?@ILG;
>?
FIM
CGJO?MNIM
?MJ?=C;F?M
S
G?>CI;G<C?HN;F?M
?H
!MJ;ˆ;
,IL
FI
KO?
L?MJ?=N;
;
FIM
CGJO?MNIM
?MJ?=C;F?M
MI<L?
N;<;=I
S
;F=IBIF
F;
IGCMC‰H
JLIJIH?
KO?
MOM
NCJIM
>?
AL;P;G?H
M?
L?PCM?H
J?LC‰>C=;G?HN?
J;L;
KO?
M?
G;HN?HA;
?F
J?MI
>?F
NLC<ONI
L?MJ?=NI
;F
JL?=CI
>?
=IHMOGI
J?LI

MI<L?
NI>I

J;L;
?KOCJ;L;L
AL;>O;FG?HN?
?MIM
CGJO?MNIM
;
FIM
KO?
LCA?H
?H
!OLIJ;

L?MNLCHAC?H>I
FIM
=IHMOGIM
KO?
M?
=IHMC>?L?H
J?LDO>C=C;F?M
!F
H=F?I
JLCH=CJ;F
>?
F;
L?@ILG;
KO?
JLIJIH?
F;
IGCMC‰H
?H
FIM
CGJO?MNIM
G?>CI;G<C?HN;F?M
NC?H?
H?=?M;LC;G?HN?
KO?
@OH>;G?HN;LM?
?H
OH;
GI>C@C=;=C‰H
JLI@OH>;
>?
F;
@CM=;FC>;>
MI<L?
F;
?H?LA…;

KO?
@CD?
F;M
<;M?M
CGJIHC<F?M
;
J;LNCL
>?
F;M
?GCMCIH?M
JIN?H=C;F?M
>?
>C‰RC>I
>?
=;L<IHI
S
>?F
=IHN?HC>I
?H?LA‚NC=I
>?
FIM
=ILL?MJIH>C?HN?M
JLI>O=NIM

A;L;HNCT}H>IM?
;M…
F;
H?ONL;FC>;>
>?F
MCMN?G;
@CM=;F
?H
F;
?F?==C‰H
JIL
FIM
=IHMOGC>IL?M
>?
F;M
>CP?LM;M
@O?HN?M
?H?LA‚NC=;M
!MI
?RCA?
>?
OH;
GI>C@C=;=C‰H
;
@IH>I
>?F
%GJO?MNI
MI<L?
$C>LI=;L<OLIM
!H
J;LNC=OF;L

F;
IGCMC‰H
JLIJIH?
>CP?LMC@C=;L
?F
CGJO?MNI
MI<L?
BC>LI=;L<OLIM
?H
OH
AL;P;G?H
MI<L?
F;
?H?LA…;
S
INLI
MI<L?
?F
>C‰RC>I
>?
=;L<IHI

>?
;=O?L>I
=IH
FIM
=LCN?LCIM
>?
F;
,LIJO?MN;
>?
CL?=NCP;
?OLIJ?;
MI<L?
F;
"CM=;FC>;>
!H?LA‚NC=;
>?G}M

F;
IGCMC‰H
JLIJIH?
?KOCJ;L;L
?F
NCJI
>?F
A;M‰F?I
;F
NCJI
>?
F;
A;MIFCH;
?H
OH
J?L…I>I
=ILNI
>?
NC?GJI

JLIJIHC?H>I
N;G<C‚H
OH
=;G<CI
?H
?F
NCJI
CGJIMCNCPI
S
?H
F;M
?R?H=CIH?M
;JFC=;<F?M
;F
=;L<‰H

 
:>
492=0>:>
/0
7,>

7,
49>?4?@.4:9,74E,.4[9
/0
7,>
.:8@94/,/0>
(;
@CH;H=C;=C‰H
>?
F;M

?H
!MJ;ˆ;
B;
MO@LC>I
OH
=IHMC>?L;<F?
HG?LI
>?
=;G<CIM

?RJ?LCG?HN;H>I
P;LCIM
GI>?FIM
KOCHKO?H;F?M
MO=?MCPIM

=IGI
=IHM?=O?H=C;
>?
F;
U@?>?L;FCT;=C‰HX
>?F
MCMN?G;
!FFI
M?
>?<?
?H
J;LN?
;
F;
;OM?H=C;
>?
;H=F;D?
=IHMNCNO=CIH;F
>?F
MCMN?G;
>?
@CH;H=C;=C‰H
S
;
MO
>?J?H>?H=C;
>?
F;M
L?F;=CIH?M
JIF…NC=;M
>?
@O?LT;
J;L;
F;
=IHM?=O=C‰H
>?
F;
G;SIL…;
?H
?F
IHAL?MI
>?
FIM
>CJON;>IM
(;
@CH;H=C;=C‰H
L?JL?M?HN;
OH
>CMJIMCNCPI
=LO=C;F
J;L;
A;L;HNCT;L
F;
;ONIHIG…;
>?
F;M
=IGOHC>;>?M

F;
MIFC>;LC>;>
?HNL?
FIM
>CMNCHNIM
N?LLCNILCIM
S
?F
JLCH=CJCI
>?
CAO;F>;>
>?
FIM
=CO>;>;HIM
;HN?
F;
F?S
=IH
CH>?J?H>?H=C;
>?
MO
P?=CH>;>
;>GCHCMNL;NCP;
?<?
;=F;L;LM?
N;G<C‚H
KO?
?F
JLI=?MI
>?
>?M=?HNL;FCT;=C‰H
>?F
A;MNI
M?
?H=O?HNL;
JIL
?H=CG;
>?
F;
G?>C;
>?
INLIM
J;…M?M
@?>?L;F?M
F?G;HC;

OMNL;FC;

OMNLC;

‚FAC=;

;H;>}

!MN;>IM
1HC>IM
S
/OCT;
J?LI
M?
B;
L?;FCT;>I
?H
MCNO;=C‰H
>?
JL}=NC=;
CLL?MJIHM;<CFC>;>
@CM=;F
>?
FIM
AI<C?LHIM
;ON‰HIGIM
KO?
HI
>CMJIH…;H
>?
GO=BIM
CHMNLOG?HNIM
NLC<ON;LCIM

J?LI
M…
JI>…;H
A;MN;L
C=BI
?H
INLIM
N‚LGCHIM

B;
B;<C>I
L?JL?M?HN;=C‰H
JIF…NC=;
MCH
CGJIMC=C‰H

FI
KO?
?KOCP;F?
;
OH;
MO?LN?
>?
CLL?MJIHM;<CFC>;>
@CM=;F
S
>?
;OM?H=C;
>?
L?H>C=C‰H
>?
=O?HN;M
MI<L?
F;
JLIJC;
A?MNC‰H
KO?
M?
MO?F?
?HG;M=;L;L
?H
OH
JLI=?MI
>?
=OFJ;<CFCT;=C‰H
>?F
AI<C?LHI
>?
NOLHI
?H
?F
HCP?F
H;=CIH;F
!F
L?MOFN;>I
>?F
G;SIL
LCNGI
>?
=L?=CGC?HNI
>?F
A;MNI
KO?
>?
FIM
CGJO?MNIM
B;
MC>I
OH;
A?MNC‰H
=;L;=N?LCT;>;
JIL
?F
>?LLI=B?
>?
L?=OLMIM

DOHNI
=IH
F;
N?H>?H=C;
B;=C;
?F
>‚@C=CN
S
F;
;=OGOF;=C‰H
>?
>?O>;
>?
F;M

S
F;
ONCFCT;=C‰H
>?
F;
MCNO;=C‰H
GCHILCN;LC;
>?
FIM
J;LNC>IM
H;=CIH;F?M
?H
?F
IHAL?MI
J;L;
F;
?R;==C‰H
>?
L?=OLMIM
@CH;H=C?LIM
>?F
=IHDOHNI
>?
FIM
=IHNLC<OS?HN?M
?MJ;ˆIF?M
J;L;
A;MNIM
FCGCN;>IM
;
FIM
N?LLCNILCIM
>?
FIM
J;LNC>IM
J;LNC=OF;LCMN;M
1HI
>?
FIM
@LONIM
JLCH=CJ;F?M
>?
FIM
J;=NIM
?HNL?
?F
AI<C?LHI
>?
F;
1
S
?F
,/+!

;>?G}M
>?
F;
A?H?L;FCT;=C‰H
>?
F;M
;ONIHIG…;M
;
NI>I
?F
N?LLCNILCI
=IH
OH
?MKO?G;
CHMNCNO=CIH;F
MCGCF;L

@O?
F;
L?@ILG;
>?
F;
@CH;H=C;=C‰H
B;MN;
?HNIH=?M
PCA?HN?
IGI
CH>C=;
(?‰H

?HNL?

S

M?
B;H
;JLI<;>I
=CH=I
AL;H>?M
L?@ILG;M
>?F
MCMN?G;
>?
@CH;H=C;=C‰H
!H
?F
>CM?ˆI
>?
FIM
>CMNCHNIM
GI>?FIM
B;H
JL?>IGCH;>I
FIM
=LCN?LCIM
JIF…NC=IM
MI<L?
FIM
N‚=HC=IM
!FFI
B;
J?LGCNC>I
OH
G;SIL
G;LA?H
>?
G;HCI<L;
?H
F;
H?AI=C;=C‰H
JIF…NC=;

=IHMCAOC?H>I
KO?
FIM
=;G<CIM
M?
;JLO?<?H
=IH
OH;
G;SIL…;
>?
;JISIM
?HNL?
FIM
AI<C?LHIM
;ONIH‰GC=IM

J?LI
;F
=IMN?
>?
KO?
?F
MCMN?G;
=;L?T=;
>?
OH
=LCN?LCI
=F;LI
MI<L?
=O}F?M
MIH
FIM
L?MOFN;>IM
KO?
M?
KOC?L?H
=IHM?AOCL
?H
F;
>CMNLC<O=C‰H
>?
FIM
L?=OLMIM
!F
L?J;LNI
>?
F;
@CH;H=C;=C‰H
?H
NI>IM
FIM
GI>?FIM
B;
?MN;>I
;GJFC;G?HN?
=IH>C=CIH;>I
JIL
=‰GI
M?
>?=C>C‰
F;
>CMNLC<O=C‰H
CHC=C;F
>OL;HN?
?F
J?LCI>I
NL;HMCNILCI

!F
MCAOC?HN?
GI>?FI
>?
L?PCMC‰H

>CM?ˆ‰
F;
@‰LGOF;
>?
L?J;LNI
>?
G;H?L;
KO?
?H
?M?H=C;
M?
G;HNOPC?L;
F;
>CMNLC<O=C‰H
>?
L?=OLMIM
=IHMIFC>;>;
?H
?F
J?LCI>I
;HN?LCIL
!H
FIM
GI>?FIM
JIMN?LCIL?M

?F
JLCH=CJCI
>?
A;L;HN…;
HCHAOH;
L?AC‰H
JC?L>?
L?=OLMIM
=IH
F;
L?@ILG;
S
F;M
L?AF;M
>?
GI>OF;=C‰H
B;H
=IHNLC<OC>I
;
G;HN?H?L
F;
CH@FO?H=C;
>?
?M;
>CMNLC<O=C‰H
CHC=C;F
?H
?F
L?J;LNI
>?
FIM
L?=OLMIM
!F
GI>?FI
;=IL>;>I
?H

J;L;
?F
J?LCI>I


=IH
F;
=?MC‰H
>?F

JIL
=C?H
>?F
%.,"
;
F;M

?F
=O?L>I
>?
.?@ILG;
>?
F;
"CH;H=C;=C‰H
>?
F;M

>?
L‚ACG?H
=IGH
>?
DOFCI
>?


?H
JLCH=CJCI

S
;
>C@?L?H=C;
>?
FIM
;=O?L>IM
;HN?LCIL?M
>?
=;L}=N?L

CH>?@CHC>I

=IH
>IM
F…H?;M
<}MC=;M
L?@ILG;
@CH;H=C?L;
S
G;SIL
=?MC‰H
>?
=IGJ?N?H=C;M
NLC<ON;LC;M
(;
FNCG;
L?@ILG;
>?F
MCMN?G;
;ˆI

HI
MOJOMI
OH;
=F;L;
LOJNOL;
L?MJ?=NI
;
FIM
GI>?FIM
;HN?LCIL?M
/CH
>O>;
M?
;P;HT‰
JIMCNCP;G?HN?
?H
?F
;OG?HNI
>?
F;
=ILL?MJIHM;<CFC>;>
@CM=;F
>?
F;M


J?LI
;FAOH;M
>?@C=C?H=C;M
>?
FIM
MCMN?G;M
;HN?LCIL?M
MO<MCMN?H
@;FN;
>?
OH
=LCN?LCI
=F;LI
KO?
AO…?
?F
L?J;LNI
>?
FIM
L?=OLMIM
S
F;
?R=?MCP;
=IGJF?DC>;>
?H
MO
>CM?ˆI

=IH
F;
JLIFC@?L;=C‰H
>?
>CP?LMIM
"IH>IM
J;L;
=ILL?ACL
>?N?LGCH;>IM
>?@?=NIM
>?F
L?J;LNI

KO?
F;MNL;
F;
NL;HMJ;L?H=C;
>?
FIM
L?MOFN;>IM



/
@34=@;/
23:
A7AB3;/
23
47</<17/17b<
3<


(;
@;FN;
>?
?HN?H>CGC?HNI
JIF…NC=I
?H
?F
=O?L>I
;HN?LCIL
>?

CHN?HN‰
MOJ?L;LM?
?H
F;M
H?AI=C;=CIH?M
>?F
=O?L>I
>?

=IH
F;
CHN?AL;=C‰H
N;HNI
>?
FIM
>CMNCHNIM
M?=NIL?M
M;HC>;>

?>O=;=C‰H
I
M?LPC=CIM
MI=C;F?M
=IGI
>?F
#I<C?LHI

NI>;M
F;M

S
F;M
JLCH=CJ;F?M
@O?LT;M
JIF…NC=;M
!F
;=O?L>I
@CH;F
>?F
IHM?DI
>?
,IF…NC=;
"CM=;F
S
"CH;H=C?L;
,""
MOMNCNO…;
;F
=O?L>I
;HN?LCIL
>?
?M?
GCMGI
‰LA;HI
>?

>?
M?JNC?G<L?
>?

KO?
B;<…;
IL>?H;>I
F;
@CH;H=C;=C‰H
;ONIH‰GC=;
>?M>?

;

S
KO?
=;>O=;<;
?F

>?
?H?LI
>?

!F
=O?L>I
>?

CHN?HN;<;
=?LL;L
?F
GI>?FI
>?
@CH;H=C;=C‰H
@ILN;F?=C?H>I
F;
=ILL?MJIHM;<CFC>;>

?F
}L?;
>?
L?=OLMIM
JLIJCIM
>?
F;M

)IH;MN?LCI


.OCT
$O?LN;
S
#L;H;>IM

,;L;
?FFI
M?
CH=L?G?HN;<;
F;
=;J;=C>;>
HILG;NCP;
MI<L?
FIM
NLC<ONIM
=?>C>IM

INILA;<;
?F

JIL
=C?HNI
>?F
%.,"
;
F;M

@L?HN?
;F

JIL
=C?HNI
;HN?LCIL
S
OH
G;SIL
=IGJLIGCMI
?H
F;
A?MNC‰H
>?
FIM
NLC<ONIM
?HNL?
F;M

!F
=O?L>I
L?=IA?
F;
J;LNC=CJ;=C‰H
>?
F;M

?H
F;
L?=;O>;=C‰H
>?F
%2
S
>?
;FAOHIM
CGJO?MNIM
?MJ?=C;F?M
0;G<C‚H
M?
=?>…;
NIN;FG?HN?
F;
L?=;O>;=C‰H
>?F
CGJO?MNI
MI<L?
F;
?F?=NLC=C>;>

MI<L?
>?N?LGCH;>IM
G?>CIM
>?
NL;HMJILN?
S
MI<L?
P?HN;M
GCHILCMN;M
>?
;FAOHIM
BC>LI=;L<OLIM
(;
M?AOH>;
F…H?;
>?F
=O?L>I
CGJFC=;<;
?F
@CH;F
>?
OH
JLI=?MI
>?
NL;MJ;MIM
>?
=IGJ?N?H=C;M

G?>C;HN?
F;
NL;HM@?L?H=C;
>?
F;
M;HC>;>
;
F;M

>?F
;LN…=OFI

"CH;FCT;<;
;M…
F;
PCA?H=C;
>?F
>?HIGCH;>I
UN?LLCNILCI
%HM;FO>X
FI
KO?
MOJIH…;
OH;M
H?=?MC>;>?M
>?
A;MNI
G}M
BIGIA‚H?;M
S
?MN;<F?M
?H
NI>;M
F;M

>?
L‚ACG?H
=IGH
!F
NL;MJ;MI
>?
F;
M;HC>;>
M?
JF;HN?;<;
?H
?F
=O?L>I
=IGI
OH;
=O?MNC‰H
CHMNLOG?HN;F

KO?
JI>L…;
CLM?
=?LL;H>I
?H
FIM
;ˆIM
MCAOC?HN?M
/CH
?G<;LAI

FIM
>?<;N?M
@O?LIH
=IHPCLNC?H>I
?F
;MOHNI
>?
F;
@CH;H=C;=C‰H
?H
OH
N?G;
=IHNLIP?LNC>I
KO?
>CI
FOA;L
;
=IH@FC=NIM
=IH
;FAOH;M

KO?
M?
JLIFIHA;LIH
CH=FOMI
B;MN;



/
@34=@;/
23:
A7AB3;/
23
47</<17/17b<
3<
 
$;<CNO;FG?HN?

F;
NL;HM;==C‰H
>?
FIM
GI>?FIM
>?
@CH;H=C;=C‰H
KOCHKO?H;F?M
M?
B;
JLI>O=C>I
G?>C;HN?
H?AI=C;=CIH?M
<CF;N?L;F?M
>?F
#I<C?LHI
=IH
F;M

?H
F;M
IGCMCIH?M
)CRN;M
J;LCN;LC;M

KO?
FO?AI
?L;H
L;NC@C=;>;M
?H
?F
M?HI
>?F
IHM?DI
>?
,IF…NC=;
"CM=;F
S
"CH;H=C?L;
,""
?
CH=ILJIL;>;M
;
F;M
>CMJIMC=CIH?M
DOL…>C=;M
/CH
?G<;LAI

>?
?MN?
GI>I
M?
A?H?L;
OH;
F‰AC=;
=IHNL;>C=NILC;
S;
KO?
>C=B;M
IGCMCIH?M
)CRN;M
L;NC@C=;H
FIM
;=O?L>IM
>?F
,""
J?LI
F;M
>?=CMCIH?M
>?
‚MN?
HI
MIH
PCH=OF;HN?M
J;L;
?MN;M
IGCMCIH?M
S
M?
MOJ?>CN;H
;
F;
;=?JN;=C‰H
JIL
‚MN;M
,;L;
/IOPCL‰H
U?F
=ISOHNOL;FCMGI
JIF…NC=I
S
?F
IM=OL;HNCMGI
L?;F
>?F
MCMN?G;
>?
@CH;H=C;=C‰H
MIH
FIM
@LONIM
H;NOL;F?M
>?
?MN?
G?=;HCMGIX

JO?MNI
KO?
FIM
;=O?L>IM
>?F
,""

OH
‰LA;HI
KO?
F;
JLIJC;
(+"
>?@CH?
=IGI
>?
H;NOL;F?T;
=IHMOFNCP;

>?FC<?L;HN?
S
HI
>?=CMILC;

HI
MC?GJL?
MIH
JO<FC=;>IM
?H
?F
+!
!MN?
MCMN?G;
JO?>?
B;=?L
KO?
M?
FF?AO?
;
GI>?FIM
KO?
OH;M

;=?JN;H
S
INL;M
HI

JIL
FI
KO?
JO?>?H
=IHPCPCL
P;LCIM
MCMN?G;M
>?
@CH;H=C;=C‰H
=IGI
I=OLLC‰
?H
?F
J?LCI>I


JO?M
M?
ONCFCT;
F;
=O?MNC‰H
=IGI
CHMNLOG?HNI
>?
IJIMC=C‰H
;
F;
G;SIL…;
JIF…NC=;
>?
>CMNCHNI
MCAHI
KO?
?F
AI<C?LHI
H;=CIH;F
"L?HN?
;F
;=O?L>I
>?


?F
;=O?L>I
>?

M…
@O?
@CLG;>I
JIL
NI>;M
F;M

>?G}M
?F
J;J?F
>?
F;M
ILN?M
?H
?MN?
JLI=?MI
>?
H?AI=C;=C‰H
S
;JLI<;=C‰H
KO?>;
GOS
>CMGCHOC>I
>?
GI>I
KO?
UF;
F?A;FC>;>
KO?>;
;M…
=IHP?LNC>;
?H
OH
P;FIL
L?F;NCPI
=IH>C=CIH;>;
=IGI
?MN}
JIL
FIM
;=O?L>IM
>?
>C=BI
IHM?DI
S
JIL
F;
;=?JN;=C‰H
;
JLCILC
I
;
JIMN?LCILC
>?
MO
=IHN?HC>I
JIL
F;M
IGCMCIH?M
)CRN;M
!MN;>IX
/IOPCL‰H


S

!MN?
MCMN?G;
>?D;

JIL
MOJO?MNI

;F
G;LA?H
?F
/?H;>I
S
=O;FKOC?L
INL;
NL;GCN;=C‰H
J;LF;G?HN;LC;
>CMNCHN;
;
F;
>?
F;
MCGJF?
;JLI<;=C‰H
0I>I
?MN?
N?DC>I
>?
;=O?L>IM
B;
KO?>;>I
MO<IL>CH;>I
;F
FNCGI
!MN;NONI
>?
;N;FOˆ;
S
FIM
HO?PIM
!MN;NONIM
>?
ONIHIG…;
L?MN;HN?M

FIM
=O;F?M
CGJOMC?LIH
=IH>C=CIH?M
?H
G;N?LC;
>?
HCP?F;=C‰H
CHN?LN?LLCNILC;F

MO@C=C?H=C;
S
>?M=?HNL;FCT;=C‰H
NLC<ON;LC;
KO?
CGJFC=;<;H
OH
=;G<CI
?F
MCMN?G;
A?H?L;F

J;L;
B;=?LFI
=IGJ;NC<F?
=IH
F;
HO?P;
L?AOF;=C‰H
!F
=O?L>I
>?

(?‰H

=L?;
FIM
"IH>IM
>?
IHP?LA?H=C;
ONIH‰GC=;

@CH;H=C;>IM
?R=FOMCP;G?HN?
JIL
F;
>GCHCMNL;=C‰H
?HNL;F
?F
"IH>I
>?
IIJ?L;=C‰H
S
?F
"IH>I
>?
IGJ?NCNCPC>;>
!MNIM
@IH>IM
?KOCP;F?H
;
F;M
GI>OF;=CIH?M
>?
FIM
GI>?FIM
;HN?LCIL?M
S
MO
I<D?NCPI
@OH>;G?HN;F
?M
>CMGCHOCL
F;
>CMJ?LMC‰H
?H
F;
@CH;H=C;=C‰H
>?
F;M

!F
"IH>I
>?
IIJ?L;=C‰H
M?
L?J;LN?
?HNL?
F;M
L?ACIH?M
=IH
OH
HCP?F
>?
L?HN;
G?HIL

FI
KO?
CGJFC=;
KO?

>?
HO?PI

?F
MCMN?G;
>?
@CH;H=C;=C‰H
;=;<;
CHN?AL;H>I
?F
I<D?NCPI
>?
MIFC>;LC>;>
>?HNLI
>?
OH
GI>?FI
KO?
?H
JLCH=CJCI
?MN}
ILC?HN;>I
;
A;L;HNCT;L
F;
MO@C=C?H=C;
!F
"IH>I
>?
IGJ?NCNCPC>;>
INILA;
NL;HM@?L?H=C;M
;
FIM
N?LLCNILCIM
=OSIM
L?=OLMIM
JIL
B;<CN;HN?
;DOMN;>I
JLIJIL=CIH;>IM
JIL
?F
HO?PI
GI>?FI
M?;H
CH@?LCIL?M
;
F;
G?>C;

N?HC?H>I
?H
=O?HN;
F;
=;J;=C>;>
@CM=;F
>?
F;M


P‚;M?
?F
L?MOG?H
?H
F;
0;<F;

 $%.$

9
@7@A3:/
23
47;/;17/17a;
/=?<0/2<
3;

&3@A?7117a;
7;717/9
;313@72/2
59<0/9
23 a:<
@3
1/91B9/;
;313@72/23@
23
5/@A<
&31B?@<@
23
47;/;17/17a;
47;/;17/17a; 23
1/2/



,;97K:79?vD
JH?8KJ7H?7
DEHC7J?L7
FEH (;9;I?:7:;I
:;
=7IJE
;D
I;HL?9?EI -;HL?9?EI
;I;D9?7B;I
JH?8KJEI
9;:?:EI
O
9ECF7HJ?:EI
;D
 ;I;D9?7B;I
(!
;:K979?vD
I7D?:7:
O 

:;
B7
H;97K:79?vD
DEHC7J?L7
:;
B7I

.H7DI<;H;D9?7I
H;9?8?:7I
;D

87@E I;HL?9?EI
IE9?7B;I 
FEH
?CFK;IJEI
9;:?:EI
O
9ECF7HJ?:EI
I?IJ;C7
7DJ;H?EH
 ED:E
:;
-K<?9?;D9?7
O R
*E8B79?vD
FHEJ;=?:7
;GK?L7B;DJ;
;D 
ED:E
:;
!7H7DJs7
!7H7DJs7
-7D?J7H?7 -?IJ;C7
(79?ED7B
:;
-7BK:
 FEI?J?LE
I?
(!


H;97K:79?vD

(K;LEI
H;9KHIEI
7FEHJ7:EI
FEH
B7 R
*E8B79?vD
 DEHC7J?L7
O
D;=7J?LE
I?
(!


:C?D?IJH79?vD
;DJH7B
H;F7HJ?:EI R
*E8B79?vD

 H;97K:79?vD
DEHC7J?L7
;I;D9?7BC;DJ;
I;=yD
FE8B79?vD R
*E8B79?vD


 

H;97K:79?vD
DEHC7J?L7

EIJ;
:;
BEI
I;HL?9?EI
JH7DI<;H?:EI
:;IFKqI
:; R
-KF;H<?9?;
 
ED:E
:;
-K<?9?;D9?7
 R
?IF;HI?vD
 !

(;9;I?:7:
=BE87B
:;
<?D7D9?79?vD

R
#DIKB7H?:7:
  
H;97K:79?vD
DEHC7J?L7

ED:E
:;
!7H7DJs7

,;=B7I
:;
CE:KB79?vD
 ED:E
:;
ECF;J?J?L?:7:
 ED:E
:;
E>;I?vD
"O?HN?
(?‰H


$%.$

<@
?31B?@<@
23
9/@

23
?^57:3;
1<:c;
@35c;
39
@7@A3:/
23
47;/;17/17a;
/=?<0/2<
3;

,/,-)-
#()(##)()-
*,##)-
*),
-,0##)-
.,(- ,#)-

R
.7I7I
7<;9J7I
7
B7
FH;IJ79?vD
:;
I;HL?9?EI
JH7DI<;H?:EI

R
.H?8KJEI
:;
J?JKB7H?:7:
;IJ7J7B

R
ED:EI
:;
=7H7DJs7
:;
I;HL?9?EI
Fy8B?9EI
<KD:7C;DJ7B;I
:;
IK<?9?;D9?7
=BE87B
O
:;
9EDL;H=;D9?7
:;
9ECF;J?J?L?:7:
O
:;
9EEF;H79?vD

,/,-)-
)(##)()-
*,##)-
*,
./#)(-
)(,.-

R
ED:EI
:;
9ECF;DI79?vD
?DJ;HJ;HH?JEH?7B
 
R
EDL;D?EI
IK8L;D9?ED;I
=;IJ?ED7:7I
O
9EDJH7JEIFHE=H7C7
R
ED:EI
;KHEF;EI
,/,-)-
*,)*#)-
*,
'$),-
)
*&#,
&
b ##.

.,(- ,(#-

R
.H?8KJEI
FHEF?EI

R
#D=H;IEI
F7JH?CED?7B;I

R
D:;K:7C?;DJE
"O?HN?
(?S
 
>?

>?
>C=C?G<L?
>?
@CH;H=C;=C‰H
>?
F;M
IGOHC>;>?M
S
CO>;>?M
ON‰HIG;M

(IM
L?MOFN;>IM
>?
F;M
JLCG?L;M
?MNCG;=CIH?M
>?
@OH=CIH;GC?HNI
>?F
GCMGI
B;H
MC>I
JL?I=OJ;HN?M
J;L;
;FAOH;M


JO?M
B;=?
KO?
OH;M
M?
MCN?H
JIL
?H=CG;
>?
F;
@CH;H=C;=C‰H
G?>C;
GC?HNL;M
KO?
INL;M

F;M
G?HIM
>?M;LLIFF;>;M
S
MCH
J;LNC>IM
J;LNC=OF;LCMN;M

KO?>;H
JIL
>?<;DI
"O?HN?


,?LI
=IH
JIMN?LCILC>;>

M?
B;
JLI>O=C>I
OH;
@O?LN?
L?>O==C‰H
>?
F;M
>?MCAO;F>;>?M
S
OH;
G;SIL
L?F;=C‰H
=IH
F;
=;J;=C>;>
@CM=;F
5
F;M
CHDOMNC@C=;>;M
>C@?L?H=C;M
?HNL?
F;
=;J;=C>;>
@CM=;F
S
F;
@CH;H=C;=C‰H
M?
B;H
=ILL?AC>I
;F?;L?M

);>LC>
S
;N;FOˆ;
\=IHNLC<OS?HN?M
H?NIM
;F
MCMN?G;\
B;H
;F=;HT;>I
OH;
@CH;H=C;=C‰H
?H
NILHI
;
F;
G?>C;
 (IM
JLI<F?G;M
M?
B;H
;AL;P;>I
JIL
F;
=LCMCM
?=IH‰GC=;
S
F;
>CH}GC=;
M?=?MCIHCMN;
>?
;N;FOˆ;
FI
KO?
B;
CGJ?>C>I
F;
L?HIP;=C‰H
>?F
;=O?L>I
>?
@CH;H=C;=C‰H
!H
=;G<CI
M?
B;
JLI>O=C>I
OH
=O?L>I
?H

J;L;
?F
J;AI
;
JLIP??>IL?M

>;>I
?F
=IHMC>?L;<F?
L?NL;MI
?H
NI>;M
F;M

!F

>?
DOHCI
>?


?F
IHM?DI
>?
)CHCMNLIM
;ONILCT‰
;
F;M
=;NIL=?

KO?
M?
B;<…;H
;=IAC>I
;F
G?=;HCMGI
?RNL;IL>CH;LCI
>?
J;AI
;
JLIP??>IL?M
NI>;M

?R=?JNI
,;…M
2;M=I

#;FC=C;
S
*;P;LL;
;
NIG;L
JL‚MN;GIM
;
F;LAI
JF;TI
JIL
OH
CGJILN?
;AL?A;>I
>?


GCFFIH?M
>?
?OLIM

J;L;
?F
J;AI
>?
F;M
I<FCA;=CIH?M
=IH
MOM
JLIP??>IL?M
CH=FOC>;M
?H
?F
}G<CNI
>?
;JFC=;=C‰H
>?
FIM
=O?L>IM
>?F
IHM?DI
>?
,IF…NC=;
"CM=;F
S
"CH;H=C?L;
S
>?
F;
IGCMC‰H
?F?A;>;
>?F
#I<C?LHI
J;L;
MOHNIM
!=IH‰GC=IM
>?F

S

>?
G;LTI
>?


L?MJ?=NCP;G?HN?
!HNL?
?F

S
?F

>?
DOHCI

M?
;<IH;LIH

@;=NOL;M
J?H>C?HN?M

JIL
OH
CGJILN?
>?



È
;
OH
NIN;F
>?

JLIP??>IL?M
>?



;>C3AB=A
>@=>7=A
:=A
7;>C3AB=A
13272=A
G
:/A
B/A/A
!H
F;
;=NO;FC>;>
?F
=IHDOHNI
>?
CGJO?MNIM
>?
F;M

M?
L?=IA?
?H
F;
0;<F;

$%.$

<@
7:=B3@A<@
=?<=7<@
23
9/@

:=B3@A<@
=?<=7<@ <:B;72/23@
BAa;<:/@

#CFK;IJE
IE8H;
J?;HH7I
?D<H7KJ?B?P7:7I D:7BK9s7
IJKH?7I
NJH;C7:KH7

#CFK;IJE
IE8H;
IK;BE
I?D
;:?<?97H NJH;C7:KH7

IJKH?7I
7B;7H;I
7D7H?7I
7J7BKu7
!7B?9?7
&7
,?E@7
ECKD?:7:
07B;D9?7D7
D:7BK9s7
O
nDED;I
:;
7=K7
'KH9?7

IJKH?7I
7IJ?BB7&7
'7D9>7
7J7BKu7
'7:H?:
'KH9?7
ECKD?:7:
07B;D9?7D7
7B;7H;I

#CFK;IJE
IE8H;
;B
8?D=E
7DJ78H?7
O
!7B?9?7

#CFK;IJE
IE8H;
B7I
BEJ;Hs7I 7B;7H;I
;9B7H7:E
?D9EDIJ?JK9?ED7B
FEH
-.


:;

:;
<;8H;HE

#CFK;IJE
IE8H;
?DIJ7B79?ED;I
GK;

?D9?:;D 7B;7H;I
:;9B7H7:E
?D9EDIJ?JK9?ED7B
FEH
-.


:;

:;
DEL?;C8H;
O
NJH;C7:KH7
;D
;B
C;:?E
7C8?;DJ;

7DED
:;
?D<H7;IJHK9JKH7
>?:HnKB?97 7J7BKu7
>EO
;IJ;
97DED
;IJn
?D9BK?:E
;D
;B
7DED
:;B
=K7
H;=KB7:E
FEH
&;O



#CFK;IJE
IE8H;
7FHEL;9>7C?;DJEI
NJH;C7:KH7
9?D;=qJ?9EI

#CFK;IJE
IE8H;
9EC8KIJ?8B;I

:;H?L7:EI 7D7H?7I
F;JHvB;E

#CFK;IJE
IE8H;
9EDJ7C?D79?vD

!7B?9?7
7JCEI<qH?97

#CFK;IJE
IE8H;
:;J;HC?D7:7I

79J?L?:7:;I 7IJ?BB7&7
'7D9>7
GK;
?D9?:;D
;D
;B
C;:?E
7C8?;DJ;

#CFK;IJE
IE8H;
;IJ7D9?7I
;D
;CFH;I7I
7B;7H;I
JKHsIJ?97I
:;
7BE@7C?;DJE

#CFK;IJE
IE8H;
79J?L?:7:;I
:;
H?;I=E 7J7BKu7

#CFK;IJE
IE8H;
=H7D:;I
IKF;H<?9?;I
7J7BKu7
9EC;H9?7B;I

#CFK;IJE
IE8H;
L?L?;D:7I

(7L7HH7
:;IE9KF7:7I
"O?HN?
#IHT;FI
#IHT}F?T



!F
H=F?I
>?
F;
@CH;H=C;=C‰H
;ONIH‰GC=;
>?M=;HM;
MI<L?
FIM
NLC<ONIM
=?>C>IM
JIL
?F
!MN;>I
/IH
NLC<ONIM
=?>C>IM
M?AH
F;
(+"
;LN


FIM
?MN;<F?=C>IM
S
L?AOF;>IM
JIL
?F
!MN;>I
=OSI
JLI>O=NI
M?
;NLC<OS?

NIN;F
I
J;L=C;FG?HN?

;
F;
IGOHC>;>
ON‰HIG;
(IM
NLC<ONIM
MOM=?JNC<F?M
>?
=?MC‰H
\S
?@?=NCP;G?HN?
=?>C>IM\
;
J;LNCL
>?F

>?
?H?LI
>?

MIH
FIM
MCAOC?HN?M
;
?F
%.,"

=IH
=;L}=N?L
J;L=C;F

=IH
?F
F…GCN?
G}RCGI
>?F

<
?F
%GJO?MNI
MI<L?
?F
,;NLCGIHCI
%GJO?MNI
0L;HMGCMCIH?M
,;NLCGIHC;F?M
S
=NIM
&OL…>C=IM
I=OG?HN;>IM
?
?F
%GJO?MNI
MI<L?
?F
2;FIL
ˆ;>C>I

=IH
=;L}=N?L
J;L=C;F

=IH
?F
F…GCN?
G}RCGI
>?F

FIM
%GJO?MNIM
!MJ?=C;F?M
>?
";<LC=;=C‰H

=IH
=;L}=N?L
J;L=C;F

=IH
?F
F…GCN?
G}RCGI
>?F

>?
=;>;
OHI
>?
?FFIM

;
?R=?J=C‰H
>?F
%GJO?MNI
MI<L?
F;
!F?=NLC=C>;>
=OS;
=?MC‰H
?M
NIN;F
A
NLC<ONIM
MI<L?
?F
&O?AI
S
B
?F
%GJO?MNI
MI<L?
F;M
2?HN;M
)CHILCMN;M
>?
?N?LGCH;>IM
$C>LI=;L<OLIM

 
/
>/@B717>/17b<
3<
7<5@3A=A
23:
AB/2=
,;L;
@CH;FCT;L
?MN?
?MKO?G;
>?
F;
@CH;H=C;=C‰H
;ONIH‰GC=;
>?<?GIM
B;=?L
L?@?L?H=C;
;
F;
J;LNC=CJ;=C‰H
?H
CHAL?MIM
>?F
!MN;>I
IH
?F
HO?PI
MCMN?G;
?MN;
J;LNC=CJ;=C‰H
M?
;L<CNL;
;
NL;P‚M
>?F
FF;G;>I
"IH>I
>?
MO@C=C?H=C;
/?AH
?F
;LN…=OFI

>?
F;
(+"

?H
F;
HO?P;
L?>;==C‰H
>;>;
JIL
F;
(+
 
(;M

S
CO>;>?M
ON‰HIG;M
J;LNC=CJ;L}H

;
NL;P‚M
>?
MO
"IH>I
>?
/O@C=C?H=C;

?H
FIM
CHAL?MIM
>?F
!MN;>I
!F
"IH>I
>?
/O@C=C?H=C;
=O<LCL}
F;
>C@?L?H=C;
?HNL?
F;M
H?=?MC>;>?M
>?
A;MNI
>?
=;>;
IGOHC>;>
ON‰HIG;
S
MO
=;J;=C>;>
@CM=;F
!F
P;FIL
CHC=C;F
>?F
"IH>I
>?
/O@C=C?H=C;
>?
=;>;
IGOHC>;>
ON‰HIG;
M?
@CD;L}
?H
IGCMC‰H
)CRN;
>?
NL;HM@?L?H=C;M
!H
FIM
;ˆIM
MO=?MCPIM

?F
"IH>I
>?
/O@C=C?H=C;
>?
=;>;
IGOHC>;>
ON‰HIG;
M?
>?N?LGCH;L}
;N?H>C?H>I
;
MO
P;FIL
CHC=C;F
S
;
F;
?PIFO=C‰H
>?
F;
L?=;O>;=C‰H
?MN;N;F

?R=FOC>;
F;
MOM=?JNC<F?
>?
=?MC‰H

JIL
;KO?FFIM
CGJO?MNIM
KO?
M?
>?N?LGCH?H
JIL
F?S


/A
3F13>17=<3A
4=@/:3A
(;M

>?
L‚ACG?H
@IL;F
,;…M
2;M=I
S
*;P;LL;
>CMJIH?H
>?
OH
MCMN?G;
>?
=IH=C?LNI
KO?
=IHMCMN?

GOS
MCHN‚NC=;G?HN?

?H
KO?
FIM
JLIJCIM
AI<C?LHIM
;ONIH‰GC=IM
I
<C?H
F;M
;>GCHCMNL;=CIH?M
FI=;F?M
>?J?H>C?HN?M
>?
FIM
GCMGIM

=IGI
F;M
CJON;=CIH?M
@IL;F?M
?H
?F
=;MI
P;M=I
NC?H?H
;NLC<OC>IM
FIM
L?H>CGC?HNIM
>?
OH;
<O?H;
J;LN?
>?
FIM
CGJO?MNIM
?MN;N;F?M
?H
MO
N?LLCNILCI
FIM
>?HIGCH;>IM
CGJO?MNIM
=IH=?LN;>IM
S
>?<?H
NL;HM@?LCL
OH;
=O;HN…;

>?HIGCH;>;
U=OJIX

;F
AI<C?LHI
=?HNL;F
JIL
F;
@CH;H=C;=C‰H
>?
FIM
M?LPC=CIM
KO?
‚MN?
=IHNCH;
;MOGC?H>I
!F
L‚ACG?H
>?
IH=C?LNI
?H
?F
,;…M
2;M=I
S
?F
>?
IHP?HCI
?H
*;P;LL;
CGJFC=;H
CGJILN;HN?M
P?HN;D;M
J;L;
F;M
IGOHC>;>?M
@IL;F?M
L?MJ?=NI
;
F;M

>?
L‚ACG?H
=IGH

;OHKO?
MO
ILCA?H
>?
F?S
J;==CIH;>;
?M
>O>IMI
(‰J?T
;M;AOL?H

!H
F;
JL}=NC=;

F;
;JFC=;=C‰H
>?
OHIM
=LCN?LCIM
H?AI=C;>IM
JIF…NC=;G?HN?
B;=?
KO?
?F
OJI
M?
?H=O?HNL?
CH@L;P;FIL;>I
(;M
>GCHCMNL;=CIH?M
P;M=;
S
H;P;LL;
=O?HN;H
=IH
OH;
CGJILN;HN?
BIFAOL;
@CH;H=C?L;
KO?
?HNL;
;M…
?H
;<C?LN;
=IHNL;>C==C‰H
=IH
FIM
JLCH=CJCIM
=IHMNCNO=CIH;F?M
>?
CAO;F>;>
S
MIFC>;LC>;>
0I>IM
FIM
;H;FCMN;M
=ICH=C>?H
?H
L?M;FN;L
F;
MI<L?@CH;H=C;=C‰H
>?
F;M
=IGOHC>;>?M
@IL;F?M
J?LI
>C@C?L?H
?H
F;
P;FIL;=C‰H
>?
MO
=O;HN…;
O?M;


)IH;MN?LCI


6;<;FT;

(‰J?T
(;<IL>;

0I>IM
MO<L;S;H
KO?
F;
>C@?L?H=C;
>?
@CH;H=C;=C‰H
?HNL?
F;M
=IGOHC>;>?M
>?
L‚ACG?H
=IGH
S
F;M
@IL;F?M
JLIPC?H?
>?
>CP?LMIM
;MJ?=NIM
L?F;=CIH;>IM
=IH
?F
=}F=OFI
>?F
=OJI
F;
=O;HNC@C=;=C‰H
>?
F;M
=;LA;M
HI
;MOGC>;M

?F
;DOMN?
;
=IHMOGI
>?F
%2
S
F;
?R=FOMC‰H
>?
FIM
N?LLCNILCIM
@IL;F?M
>?
FIM
JLCH=CJ;F?M
G?=;HCMGIM
>?
HCP?F;=C‰H
L?ACIH;F
(;M
=IGOHC>;>?M
@IL;F?M
NC?H?H
OHIM
L?=OLMIM
J?L
=}JCN;
MOJ?LCIL?M
?H

JOHNIM
JIL=?HNO;F?M
;
F;M
=IGOHC>;>?M
>?
L‚ACG?H
=IGH
=IGI
L?MOFN;>I
>?
MO
HI
J;LNC=CJ;=C‰H
?H
FIM
CHMNLOG?HNIM
>?
HCP?F;=C‰H
!MN;
>C@?L?H=C;
JO?>?
;JLIRCG;LM?
;

JOHNIM
JIL=?HNO;F?M
MC
M?
NC?H?H
?H
=O?HN;
F;M
L?MN;HN?M
>CMNILMCIH?M
OHKO?
HI
?M
;=IHM?D;<F?
=;G<C;L
?F
MCMN?G;
@IL;F
N;GJI=I
?M
JIMC<F?
?RN?H>?LFI
I
A?H?L;FCT;LFI
;
INL;M

J?LI
;G<IM
MCMN?G;M
>?
@CH;H=C;=C‰H
>?<?L…;H
?MN;L
G}M
S
G?DIL
=IH?=N;>IM
$;S
KO?
=ILL?ACL
FIM
JLI<F?G;M
N‚=HC=IM
>?N?=N;>IM
?H
?F
=}F=OFI
>?F
=OJI
?
CHN?AL;L
;
F;M
IGOHC>;>?M
"IL;F?M
?H
FIM
G?=;HCMGIM
>?
HCP?F;=C‰H
(;
M?HN?H=C;
>?F
0LC<OH;F
IHMNCNO=CIH;F
 
>?D;
JI=;M
>O>;M
>?
KO?
F;
MIFC>;LC>;>
KO?
CH=FOS?
N;HNI
FIM
CHMNLOG?HNIM
>?
HCP?F;=C‰H
=IGI
FIM
>?
>?M;LLIFFI
L?ACIH;F
>?<?
M?L
;MOGC>;
JIL
NI>IM
FIM
N?LLCNILCIM
(;
;LGIHCT;=C‰H
@CM=;F
JLIJOAH;>;
JIL
F;
1!
JO?>?
=O?MNCIH;L
L;>C=;FG?HN?
FIM
=IH=C?LNIM
>?
FIM
N?LLCNILCIM
@IL;F?M


&35`;3<3A
3A>317/:3A
>=@
:/
A7BC/17b<
53=5@]471/

2?2C:2D
!F
L‚ACG?H
?MJ?=C;F
>?F
L=BCJC‚F;AI
;H;LCI

=OSI
ILCA?H
M?
L?GIHN;
;
F;
‚JI=;
>?
MO
CH=ILJIL;=C‰H
;
F;
ILIH;
>?
;MNCFF;

;
@CH;F?M
>?F
MCAFI
42

S
M?
=IH@CAOL;
;
NL;P‚M
>?
F;
F?ACMF;=C‰H
MI<L?
,O?LNIM
@L;H=IM
>?
L;PI
)OLCFFI
?H


;GJFC}H>IM?
?H

!H
JLCG?L
FOA;L

HI
M?
?RCA?H
?H
;H;LC;M
FIM
%!
MI<L?
$C>LI=;L<OLIM
S
MI<L?
F;M
(;<IL?M
>?
0;<;=I
!F
%GJO?MNI
MI<L?
?N?LGCH;>IM
)?>CIM
>?
0L;HMJILN?
M?
;JFC=;
;
FIM
NCJIM
>?F

S

JIL


S
MO
L?=;O>;=C‰H
M?
;NLC<OS?
;
F;
IGOHC>;>
ON‰HIG;
/?
?H=O?HNL;H
?R?HN;M
F;M
CGJILN;=CIH?M
S
F;M
?RJILN;=CIH?M
>?F
L=BCJC‚F;AI

;JFC=}H>IM?
HC=;G?HN?
?F
L<CNLCI
MI<L?
F;
,LI>O==C‰H
?
%GJILN;=C‰H
>?
F;M
%MF;M
;H;LC;M
,%
S
F;
0;LC@;
!MJ?=C;F
;
F;
!HNL;>;
>?
)?L=;H=…;M
0!
FIM
JLI>O=NIM
ILCACH;LCIM
>?
?MN;
IGOHC>;>
ON‰HIG;

;M…
=IGI
FIM
CH>OMNLC;FCT;>IM
?H
?FF;
G?>C;HN?
?F
?GJF?I
>?
G;N?LC;M
JLCG;M
?R=FOMCP;G?HN?
H;=CIH;F?M

?MN}H
?R?HNIM
>?
>?L?=BIM
;L;H=?F;LCIM
;
MO
?HNL;>;
?H
?F
L?MNI
>?F
N?LLCNILCI
?MJ;ˆIF
FIM
JLI>O=NIM
CH>OMNLC;FCT;>IM
?H
;H;LC;M
=IH
G;N?LC;M
JLCG;M
I
<C?H?M
M?GC?F;<IL;>IM
?H
J;…M?M
?RNL;HD?LIM

KO?>;H
MIG?NC>IM
;
>?L?=BIM
;L;H=?F;LCIM
>?
CGJILN;=C‰H
JIL
MO
?HNL;>;
?H
=O;FKOC?L
J;LN?
>?F
N?LLCNILCI
H;=CIH;F
!F
%GJO?MNI
#?H?L;F
%H>CL?=NI
;H;LCI
%#%

?H
PCAIL
>?M>?
?F


?M
OH
NLC<ONI
?MN;N;F
CH>CL?=NI
KO?
AL;P;
F;M
?HNL?A;M
>?
<C?H?M
S
JL?MN;=CIH?M
>?
M?LPC=CIM
?@?=NO;>;M
JIL
?GJL?M;LCIM
S
JLI@?MCIH;F?M

;M…
=IGI
F;M
CGJILN;=CIH?M
>?
<C?H?M

L?;FCT;>;M
?H
?F
}G<CNI
N?LLCNILC;F
>?F
L=BCJC‚F;AI
?
?MNLO=NOL;
M?G?D;HN?
;F
%2


6FE2
J
$6=:==2
!F
FF;G;>I
L‚ACG?H
?MJ?=C;F
>?
F;M
CO>;>?M
ON‰HIG;M
>?
?ON;
S
)?FCFF;
M?
=;L;=N?LCT;
;
?H
?F
}G<CNI
>?
F;
CGJIMC=C‰H
FI=;F
I
GOHC=CJ;F

JIL
F;
;>C=C‰H
;
FIM
INLIM
CGJO?MNIM
>?
?MN;
=F;M?
>?F
%GJO?MNI
MI<L?
F;
,LI>O==C‰H

FIM
/?LPC=CIM
S
F;
%GJILN;=C‰H
?H
F;M
CO>;>?M
>?
?ON;
S
)?FCFF;
%,/%

S
JIL
F;
L?>O==C‰H
?H
OH

JIL

>?
F;
=OIN;
>?
FIM
>?G}M
<
?H
=O;HNI
;
FIM
%!

JIL
F;
HI
;JFC=;=C‰H
>?
FIM
AL;P}G?H?M
MI<L?
F;
=?LP?T;

FIM
JLI>O=NIM
CHN?LG?>CIM

FIM
;F=IBIF?M
S
F;M
<?<C>;M
>?LCP;>;M
S
FIM
BC>LI=;L<OLIM
?F
%GJO?MNI
!MJ?=C;F
MI<L?
>?N?LGCH;>IM
)?>CIM
>?
0L;HMJILN?
M?
?RCA?
;F
NCJI
>?F

JIL

>
?H
L?F;=C‰H
=IH
F;
=CL=OF;=C‰H
?RN?LCIL
>?
G?L=;H=…;M

JIL
F;
HI
;JFC=;=C‰H
>?
FIM
>?L?=BIM
=ILL?MJIH>C?HN?M

M;FPI
=IHN;>;M
?R=?J=CIH?M
L?@?LC>;M
;
F;
CGJILN;=C‰H
>?
<OKO?M
I
G;N?LC;F?M
J;L;
MO
=IHMNLO==C‰H
S
?
L?MJ?=NI
;
FIM
>?G}M
CGJO?MNIM
CHN?AL;HN?M
>?F
=O;>LI
?MN;N;F

JIL
?F
L?=IHI=CGC?HNI
>?
OH
=IHDOHNI
>?
<IHC@C=;=CIH?M



:>
492=0>:>
/0
7,>
09?4/,/0>
7:.,70>
!F
GI>?FI
NC?H?
OH;
?MNLO=NOL;
U>O;FX

>CMNCHAOC?H>I
>IM
NCJIM
>?
GOHC=CJCIM
?H
@OH=C‰H
<}MC=;G?HN?
>?F
N;G;ˆI
GOHC=CJ;F
IL>?LI
6E
2=

?FA;>I

?FA;>I
6E
2=

!H
?F
=;MI
>?
GOHC=CJCIM
=IH
JI<F;=C‰H
>?
>?L?=BI
CAO;F
I
MOJ?LCIL
;

B;<CN;HN?M
S
;FAOHIM
>?
G?HIL
JI<F;=C‰H
J?LI
KO?
MIH
=;JCN;F?M
>?
JLIPCH=C;
I
>?
=IGOHC>;>
;ON‰HIG;

F;
MO<P?H=C‰H
A?H?L;F
=ILL?MJIH>C?HN?
;
=;>;
OHI
>?
?FFIM
?H
?F
;ˆI
<;M?


M?
>?M>I<F;
?H
>IM
=IGJIH?HN?M
OH
=IHDOHNI
>?
J;LNC=CJ;=CIH?M
N?LLCNILC;FCT;>;M
?H
>C@?L?HN?M
CGJO?MNIM
?MN;N;F?M
S
?F
>?HIGCH;>I
"IH>I
IGJF?G?HN;LCI
>?
"CH;H=C;=C‰H
""
GI>?FI
>?
=?MC‰H
,IL
INL;
J;LN?

F;
@‰LGOF;
>CMNLC<ONCP;
>?
P;LCIM
@;=NIL?M
M?
G;HNC?H?

=IH
GI>C@C=;=CIH?M

J;L;
?F
L?MNI
>?
GOHC=CJCIM
GI>?FI
>?
P;LC;<F?M
(;
J?LN?H?H=C;
;
OHI
O
INLI
MCMN?G;
M?
L?PCM;
=;>;
=O;NLI
;ˆIM
M…

NL;M
F;M
L?PCMCIH?M
L?;FCT;>;M
?H

S


OH
NIN;F
>?
=;NIL=?
GOHC=CJCIM
M?
B;H
CH=ILJIL;>I
;F
GI>?FI
>?
=?MC‰H

GC?HNL;M
KO?
OHI
B;
J;M;>I
>?
?MN?
FNCGI
GI>?FI
;F
>?
P;LC;<F?M
?H
?F
;ˆI

>?G}M
>?
?MNIM
>IM
MCMN?G;M

?RCMN?
OH
GI>?FI
B…<LC>I
J;L;
FIM
GOHC=CJCIM
NOL…MNC=IM

;KO?FFIM
KO?
NC?H?H
OH;
JI<F;=C‰H
MOJ?LCIL
;
FIM

B;<CN;HN?M

;
FIM
KO?
M?
;JFC=;
?F
MCMN?G;
>?
P;LC;<F?M

S
=OSI
HG?LI
>?
PCPC?H>;M
>?
M?AOH>;
L?MC>?H=C;
MOJ?L;
;F
HG?LI
>?
PCPC?H>;M
JLCH=CJ;F?M
!MNIM
GOHC=CJCIM
L?=C<?H

=IGI
G…HCGI

F;
=;HNC>;>
KO?
F?M
=ILL?MJIH>?
M?AH
?F
GI>?FI
>?
P;LC;<F?M
!MN;
=;HNC>;>
M?
CH=L?G?HN;
=IH
?F
CGJILN?
>?
F;
=?MC‰H
>?
FIM
CGJO?MNIM
MI<L?
BC>LI=;L<OLIM
S
MI<L?
F;M
F;<IL?M
>?F
N;<;=I
=ILL?MJIH>C?HN?
;
=;>;
;ˆI



=;F=OF;>;
M?AH
OH;
@‰LGOF;
>?
L?J;LNI
MCGCF;L
;
F;
>?
F;M
J;LNC=CJ;=CIH?M
?H
FIM
CGJO?MNIM
CH>CL?=NIM
>?F
GI>?FI
>?
=?MC‰H

P‚;M?
F;
0;<F;

$%.$

9
@7@A3:/
23
47;/;17/17a;
9<1/9
!)"$#' &(&V'('

.E:EI #CFK;IJEI
FHEF?EI

;
7FB?979?vD
E8B?=7JEH?7

R
#CFK;IJE
IE8H;
?;D;I
#DCK;8B;I
##

R
#CFK;IJE
IE8H;
0;>s9KBEI
:;
.H799?vD
';9nD?97
#0.'

R
#CFK;IJE
IE8H;
9J?L?:7:;I
9EDvC?97I
#

;
7FB?979?vD
LEBKDJ7H?7

R
#CFK;IJE
IE8H;
;B
#D9H;C;DJE
:;
07BEH
:;
BEI
.;HH;DEI
:;
R
(7JKH7B;P7
/H87D7
##0.(/

R
#CFK;IJE
IE8H;
EDIJHK99?ED;I
#DIJ7B79?ED;I
O
)8H7I
##)

R
#CFK;IJE
IE8H;
!7IJEI
-KDJK7H?EI
EJEI
:;
97P7
O
F;I97

)JHEI
J7I7I
FH;9?EI
Fy8B?9EI
 D:;K:7C?;DJE

)JHEI

!H7D:;I ;I?vD
:;
H;97K:79?vD
:;

*E8B79?vD
 ?CFK;IJEI
:;B
IJ7:E
7
BEI
  CKD?9?F?EI

R
#CFK;IJE
IE8H;
B7
,;DJ7
:;
B7I
*;HIED7I
sI?97I
 

R
#CFK;IJE
IE8H;
;B
07BEH
u7:?:E
  

R
#CFK;IJEI
IF;9?7B;I
IE8H;
;B
B9E>EB
O
;8?:7I
;H?L7:7I
  
IE8H;
B7
;HL;P7
  
IE8H;
*HE:K9JEI
#DJ;HC;:?EI
  
IE8H;
"?:HE97H8KHEI
  
O
IE8H;
B7I
&78EH;I
:;B
.7879E
  

ED:E
ECFB;C;DJ7H?E
:;
?D7D9?79?vD
  

*7HJ?9?F79?vD
;D
BEI
.H?8KJEI

,;IJE :;B
IJ7:E
*.
I;=yD R
*E8B79?vD
:?IJ?DJ7I
L7H?78B;I

R
I<K;HPE
<?I97B

R
7F79?:7:
JH?8KJ7H?7

*7HJ?9?F79?vD
;D
BEI
.H?8KJEI

.KHsIJ?9EI :;B
IJ7:E
*.
I;=yD R
*E8B79?vD
:?IJ?DJ7I
L7H?78B;I

R
I<K;HPE
<?I97B

R
7F79?:7:
JH?8KJ7H?7

R
#CFK;IJEI
IF;9?7B;I
IE8H;
"?:HE97H8KHEI
  
O
IE8H;
B7I
&78EH;I
:;B
.7879E
  
"O?HN?
!F;<IL;=C‰H
JLIJC;

!F
%GJO?MNI
MI<L?
=NCPC>;>?M
!=IH‰GC=;M
%!
?M
OH
CGJO?MNI
>CL?=NI

L?;F
O
I<D?NCPI
S
J?LC‰>C=I
KO?
AL;P;
?F
G?LI
?D?L=C=CI
?H
?F
N?LLCNILCI
H;=CIH;F
>?
;=NCPC>;>?M
?=IH‰GC=;M
?GJL?M;LC;F?M

JLI@?MCIH;F?M
S
;LN…MNC=;M

M?
?D?LT;H
‚MN;M
I
HI
?H
FI=;F
>?N?LGCH;>I
S
?MN‚H
I
HI
?MJ?=C@C=;>;M
?H
F;M
N;LC@;M
>?F
CGJO?MNI
!F
%GJO?MNI
MI<L?
C?H?M
%HGO?<F?M
%%
?M
OH
CGJO?MNI
>CL?=NI

L?;F
O
I<D?NCPI
S
J?LC‰>C=I
KO?
AL;P;
F;
NCNOF;LC>;>
>?
FIM
<C?H?M
CHGO?<F?M
LMNC=IM
I
OL<;HIM

MCNO;>IM
?H
?F
N‚LGCHI
GOHC=CJ;F
>?
;JFC=;=C‰H
>?F
CGJO?MNI

;M…
=IGI
F;
NCNOF;LC>;>
MI<L?
N;F?M
<C?H?M
>?
OH
>?L?=BI
L?;F
>?
OMO@LO=NI
I
MOJ?L@C=C?
I
>?
OH;
=IH=?MC‰H
;>GCHCMNL;NCP;
MI<L?
?FFIM
I
MI<L?
FIM
M?LPC=CIM
J<FC=IM
;
=OS;
L?;FCT;=C‰H
M?
;@?=N?H
!F
%GJO?MNI
MI<L?
IHMNLO==CIH?M

%HMN;F;=CIH?M
S
+<L;M
%%+

?M
OH
NLC<ONI
CH>CL?=NI
>?
;JFC=;=C‰H
PIFOHN;LC;
JIL
J;LN?
>?
FIM
;SOHN;GC?HNIM

=OSI
B?=BI
CGJIHC<F?
=IHMCMN?
?H
F;
L?;FCT;=C‰H

>?HNLI
>?F
N‚LGCHI
GOHC=CJ;F
L?MJ?=NCPI

>?
=O;FKOC?L
=IHMNLO==C‰H

CHMN;F;=C‰H
O
I<L;
J;L;
F;
KO?
M?
?RCD;
F;
I<N?H=C‰H
>?
F;
=ILL?MJIH>C?HN?
FC=?H=C;
>?
I<L;M
I
OL<;H…MNC=;

M?
B;S;
I<N?HC>I
I
HI
>C=B;
FC=?H=C;

MC?GJL?
KO?
MO
?RJ?>C=C‰H
=ILL?MJIH>;
;F
;SOHN;GC?HNI
>?
F;
CGJIMC=C‰H
!F
%GJO?MNI
MI<L?
?F
%H=L?G?HNI
>?
2;FIL
>?
FIM
0?LL?HIM
>?
*;NOL;F?T;
1L<;H;
%%20*1
?M
>?
=;L}=N?L
>CL?=NI

S
?M
?F
M?AOH>I
CGJO?MNI
>?
;JFC=;=C‰H
IJN;NCP;
JIL
J;LN?
>?
FIM
;SOHN;GC?HNIM
JL?PCMNI
JIL
F;
(.$(
/O
B?=BI
CGJIHC<F?
=IHMCMN?
?H
?F
CH=L?G?HNI
>?
P;FIL
KO?
B;S;H
?RJ?LCG?HN;>I
FIM
N?LL?HIM
>?
H;NOL;F?T;
OL<;H;
S
KO?
M?
JIHA;
>?
G;HC@C?MNI
=IH
I=;MC‰H
>?
F;
NL;HMGCMC‰H
>?
F;
JLIJC?>;>
>?
FIM
GCMGIM
JIL
=O;FKOC?L
N…NOFI
IH?LIMI
I
AL;NOCNI
I
N;G<C‚H
>?
F;
=IHMNCNO=C‰H
I
NL;HMGCMC‰H
>?
=O;FKOC?L
>?L?=BI
L?;F
>?
>CM@LON?
I
AI=?

FCGCN;NCPI
>?F
>IGCHCI
MI<L?
FIM
L?@?LC>IM
N?LL?HIM
(;
MCNO;=C‰H
@CH;H=C?L;
;
F;
KO?
M?
?H@L?HN;H
F;M
ILJIL;=CIH?M
(I=;F?M
?H
!MJ;ˆ;
?M
=IHM?=O?H=C;
HI
M‰FI
>?F
L?P?HN‰H
>?
F;
<OL<OD;
CHGI<CFC;LC;
KO?
BCTI
KO?
FIM
CHAL?MIM
?RNL;IL>CH;LCIM
M?
>CMJ;L;L;H

MCHI
N;G<C‚H
>?
OH;
A?MNC‰H
>?@C=C?HN?
KO?
BCTI
KO?
FIM
A;MNIM
=ILLC?HN?M
M?
;DOMN;L;H
;
?MNIM
?R=?J=CIH;F?M
@FODIM
>?
L?=OLMIM
@CH;H=C?LIM
(;
(?S
 
>?
.;=CIH;FCT;=C‰H
S
/IMN?HC<CFC>;>
>?
F;
>GCHCMNL;=C‰H
(I=;F
(./(
B;
CHN?HN;>I
B;=?L
@L?HN?
;
?MN?
?MN;>I
>?
=IM;M

=OFGCH;H>I
OH
JLI=?MI
>?
=L?=C?HN?
=IIL>CH;=C‰H
S
=IHNLIF
JIL
J;LN?
>?F
GCHCMN?LCI
>?
$;=C?H>;

ILCACH;H>I
F;
;NLC<O=C‰H
?H
@;PIL
>?F
!MN;>I
>?
OH
?RN?HMI
S
?RB;OMNCPI
=;N}FIAI
>?
G?=;HCMGIM
>?
NON?F;
@CH;H=C?L;
=IGI
L?MOFN;>I
>?
F;
NL;HMJIMC=C‰H
>?
FIM
=LCN?LCIM
>?
=IHP?LA?H=C;
?OLIJ?;
=IH@ILG?
;F
;LN…=OFI

>?F
0L;N;>I
IHMNCNONCPI
>?
F;
IGOHC>;>
!OLIJ?;
F>?AO?L

>?G}M
F;M
>IM
/?HN?H=C;M
>?F
0LC<OH;F
IHMNCNO=CIH;F
?GCNC>;M
?H

MI<L?
F;
(./(
B;H
>?=F;L;>I
F;
CH=IHMNCNO=CIH;FC>;>
>?
>CP?LMIM
;LN…=OFIM
KO?
POFH?L;<;H
?H
;FAH
=;MI
F;M
=IGJ?N?H=C;M
>?
F;M

J?LI
;@CLG;H
F;
=IHMNCNO=CIH;FC>;>
>?F
JLI=?MI
>?
=IHNLIF
>?
F;
’H;H=C;=C‰H

?H
J;LNC=OF;L
?F
JF;H
?=IHÍGC=I’H;H=C?LI
KO?
>?<?H
?D?=ON;L
FIM
?HN?M
FI=;F?M
=O;H>I
CH=OGJF?H
FIM
I<D?NCPIM
>?
?MN;<CFC>;>
JL?MOJO?MN;LC;
I
>?
>?O>;
J<FC=;
I
F;
L?AF;
>?
A;MNI
JO?M
=IGJF?G?HN;
F;
(?S
+LA}HC=;
>?
!MN;<CFC>;>
"CH;H=C?L;


&9,
;0=>;0.?4A,
/0
.:95@9?:
!F
M?=NIL
J<FC=I
?MJ;ˆIF
B;
?RJ?LCG?HN;>I
?H
FIM
FNCGIM
NL?CHN;
;ˆIM
OH;
NL;HM@ILG;=C‰H
L;>C=;F
!H
F;
;=NO;FC>;>
G}M
>?F

JIL
=C?H
>?
FIM
CHAL?MIM
NIN;F?M
>?F
M?=NIL
J<FC=I
?MJ;ˆIF
JLIPC?H?H
>?
NL?M
@O?HN?M

=;>;
OH;
>?
?FF;M
=IH
OH;
CGJILN;H=C;
MCGCF;L
F;M
=INCT;=CIH?M
MI=C;F?M

>?MNCH;>;M
;
@CH;H=C;L
F;
/?AOLC>;>
/I=C;F

KO?
B;H
L?ACMNL;>I
OH
HIN;<F?
=L?=CGC?HNI
?H
FIM
FNCGIM
;ˆIM
>?<C>I
;
F;
@;PIL;<F?
?PIFO=C‰H
>?F
?GJF?I
J?LI
KO?
B;H
>CMGCHOC>I
=ILL?F;NCP;G?HN?
=IGI
L?MOFN;>I
>?
F;
=LCMCM
?=IH‰GC=;
FIM
CGJO?MNIM
CH>CL?=NIM
MI<L?
F;
JLI>O==C‰H
S
F;M
CGJILN;=CIH?M

?MNI
?M

?F
%2

G}M
FIM
CGJO?MNIM
?MJ?=C;F?M
MI<L?
A;MIFCH;M

;F=IBIF?M

N;<;=I

?N=‚N?L;
S
FIM
CGJO?MNIM
>CL?=NIM
MI<L?
F;
L?HN;
S
?F
J;NLCGIHCI

@OH>;G?HN;FG?HN?
?F
%.,"
,;L;
N?LGCH;L
?H
?MN?
;J;LN;>I
M?
JLIJIL=CIH;
OH;
J?LMJ?=NCP;
>?
=IHDOHNI
MI<L?
F;
L?=C?HN?
?PIFO=C‰H
>?
CHAL?MIM
?H
!MJ;ˆ;
S
F;
CGJILN;H=C;
>?
F;
>?M=?HNL;FCT;=C‰H
JIF…NC=;
IJ?L;>;
?H
@;PIL
>?
F;M

(I
JLCG?LI
KO?
B;S
KO?
>?MN;=;L
?M
KO?
>OL;HN?
NI>I
?F
J?LCI>I
>?GI=L}NC=I

F;M
L?@ILG;M
@CM=;F?M
M?
B;H
L?;FCT;>I
>?
G;H?L;
25
9@4

MCH
N?H?L
?H
=O?HN;
MOM
?@?=NIM
MI<L?
F;
?PIFO=C‰H
>?
F;
?MNLO=NOL;
NLC<ON;LC;
?H
MO
=IHDOHNI
IGI
L?MOFN;>I

GO=B;M
J;LN?M
>?F
MCMN?G;
J;L?=?H
=;L?=?L
>?
OH
@OH>;G?HNI
L;=CIH;F
+<D?NCPIM
?H
=IH@FC=NI
M?
J?LMCAO?H
;F
;T;L
?
CH=FOMI
I<D?NCPIM
=IH=L?NIM
M?
MCAO?H
>?
G;H?L;M
=IHNL;>C=NILC;M
(IM
>;NIM
AFI<;F?M
>?
F;
?PIFO=C‰H
>?
F;
?MNLO=NOL;
CGJIMCNCP;
>?

;

M?
GO?MNL;H
?H
?F
#L}@C=I

!H
‚F
M?
JO?>?
;JL?=C;L
?F
>?M=?HMI
>?
FIM
CGJO?MNIM
>CL?=NIM
?
CH>CL?=NIM
@LONI
>?
F;
=LCMCM
;
J;LNCL
>?F
G}RCGI
L?=;O>;>I
?H

!MJ;ˆ;
M?
=;L;=N?LCT;
JIL
G;HN?H?L
OHIM
NCJIM
F?A;F?M
>?
FIM
JLCH=CJ;F?M
CGJO?MNIM
%2

%.,"

/I=C?>;>?M
CAO;F?M
I
MOJ?LCIL?M
;
F;
G?>C;
>?
F;
1!

J?LI
?F
?@?=NI
>?
F;M
?R?H=CIH?M

>?>O==CIH?M
S
NCJIM
?MJ?=C;F?M
G}M
L?>O=C>IM

;>?G}M
JLI<;<F?G?HN?
>?
F;
I=OFN;=C‰H
@CM=;F

A?H?L;
OH;M
G?LG;M
>?
L?=;O>;=C‰H
GOS
?F?P;>;M
S
OH;M
@O?LN?M
>CMNILMCIH?M
MI<L?
F;
?@C=C?H=C;
S
F;
?KOC>;>
=F;L;G?HN?
J?L=?JNC<F?M
(;A;L?M
6E
2=


P‚;M?
F;
0;<F;

=IH
>;NIM
>?
FIM
JL?MOJO?MNIM
>?

!H
?FF;
M?
JO?>?
;JL?=C;L
=‰GI
?F
MCMN?G;
NLC<ON;LCI
?MJ;ˆIF
?MN}
FF?HI
>?
;AOD?LIM
JIL
FIM
KO?
M?
?M=;J;
?F
?KOCP;F?HN?
;F

>?
F;
L?=;O>;=C‰H
(;M
>?MAL;P;=CIH?M

?R?H=CIH?M
S
>?>O==CIH?M
MOJ?L;L}H
FIM

GCFFIH?M
>?
?OLIM
?H


M?AH
FIM
JL?MOJO?MNIM
>?F
!MN;>I
S
>?
F;M
;ONIHIG…;M
(;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I
I@L?=?

GCFFIH?M
?H
<?H?@C=CIM
@CM=;F?M
S
F;M

INLIM

GCFFIH?M
(;
G;SIL…;
>?
?MN;M
;SO>;M
HI
MIH
G}M
KO?
P?HN;D;M
JIF…NC=;M
J;LNC=OF;LCMN;M
I
=FC?HN?F;L?M
;
>CMNCHNIM
ALOJIM
>?
?F?=NIL?M
!MNIM
CH=?HNCPIM

DOHNI
=IH
?F
@L;O>?

B;=?H
KO?
FIM
CHAL?MIM
NLC<ON;LCIM
>?
!MJ;ˆ;
M?;H
CH@?LCIL?M
;
FIM
>?F
L?MNI
>?
MI=CIM
?OLIJ?IM
3I)+&1

/
3@A?B1AB?/
239
@7@A3:/
7:=<@7A7C<
 

@<0?3
39
$
B?<@A/A
 $%.$

3;34717<@
47@1/93@
23
9/

E
9/@

@<0?3
9/
?31/B2/17a;
3@=3?/2/

3@5?/C/17<;3@
232B117<;3@
E 
@<0?3
:=B3@A< &31/B2/17a; 3D3;17<;3@ ?31/B2/17a;

@A/2<  (<A/9

#,*         

-E9?;:7:;I         

#
IE8H;
B7
,;DJ7
:;
(E
,;I?:;DJ;I
#,(,        

*7JH?CED?E      

#0
#
!;D;H7B
#D:?H;9JE
7D7H?E
#!#         

#
IF;9?7B;I
:;
<78H?979?vD
##        

-K9;I?ED;I
O
ED79?ED;I      

.H7DIC?I?ED;I
*7JH?CED?7B;I
O
9JEI
$KHs:?9EI

    
E9KC;DJ7:EI

#
C;:?E7C8?;DJ7B;I     

.7I7I
O
FHEF?EI      

.EJ7B           
"O?HN?
)CHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M

,;L;
=IH=FOCL
M?
M?ˆ;F;H
;FAOH;M
L?@F?RCIH?M
MI<L?
FIM
NL?M
CGJO?MNIM
>?
G;SIL
CGJILN;H=C;
JIF…NC=;

?=IH‰GC=;
S
MI=C;F
?F
%.,"

/I=C?>;>?M
?
%2
!F
%.,"

?F
CGJO?MNI
G}M
PCMC<F?
J;L;
NI>IM
FIM
;M;F;LC;>IM

?M
?F
CHMNLOG?HNI
?M?H=C;F
J;L;
;F=;HT;L
F;M
G?N;M
L?>CMNLC<ONCP;M
!F
CGJO?MNI
=OGJF?
L?F;NCP;G?HN?
<C?H
?MN;
@OH=C‰H
B;MN;


M?AH
F;
?PIFO=C‰H
>?
FIM
CH>C=;>IL?M
N…JC=IM
KO?
GC>?H
JLIAL?MCPC>;>
S
L?>CMNLC<O=C‰H

;OH
=O;H>I
?F
J?MI
@OH>;G?HN;F
?H
?F
=‰GJONI
@CM=;F
>?
F;
=;J;=C>;>
>?
J;AI
>OL;HN?
NI>I
?MN?
NC?GJI
FI
B;H
MIJILN;>I

S
FI
MIJILN;H
N;G<C‚H
;BIL;

F;M
L?HN;M
>?F
NL;<;DI
$;MN;
?M?
GIG?HNI

JIL
N;HNI

?F
HCP?F
>?
JLIAL?MCPC>;>
J?LGCNC‰
F;
NL;HM@?L?H=C;
>?
L?HN;M
?H
F;
>CL?==C‰H
;>?=O;>;
(;M
L?HN;M
>?F
=;JCN;F

MCH
?G<;LAI

@O?LIH
J?L>C?H>I
J?MI
?H
F;
L?HN;
NIN;F
S
M?
I<M?LP;
=O;H>I
M?
;H;FCT;
F;
=IHNLC<O=C‰H
;
F;
L?>CMNLC<O=C‰H
JIL
@O?HN?M
>?
L?HN;
KO?
?MN;M
NC?H?H
OH
CGJ;=NI
H?A;NCPI
5
N;G<C‚H
GO?MNL;H
OH
CGJ;=NI
H?A;NCPI
MI<L?
F;
JLIAL?MCPC>;>
>?F
%.,"

;F
?R=FOCL
F;M
L?HN;M
>?
=;JCN;F
>?
F;
N;LC@;
A?H?L;F
,;L;
L?MN;OL;L
F;
?KOC>;>
?MN?
NLC<ONI
JL?=CM;L…;
?F
L?NILHI
CHG?>C;NI
;
OH
CGJO?MNI
J?LMIH;F
=IH
OH;
HC=;
<;M?
FCKOC>;<F?
?H
F;
KO?
M?
CH=FOS;H
NI>IM
FIM
CHAL?MIM
>?F
=IHNLC<OS?HN?

S
;
F;
KO?
M?
;JFCKO?
OH;
MIF;
N;LC@;

N;F
S
=IGI
?MN;
@CAOL;
NLC<ON;LC;
@O?
=L?;>;
?H
!MJ;ˆ;
S
M?
G;HNC?H?
BIS
?H
>…;
?H
F;
G;SIL…;
>?
FIM
J;…M?M
?OLIJ?IM
.?MJ?=NI
;F
%GJO?MNI
>?
/I=C?>;>?M
?MN;<;
>CM?ˆ;>I

B;MN;
F;
FNCG;
L?@ILG;
\KO?
CL}
;=?L=;H>I
AL;>O;FG?HN?
FIM
NCJIM
G;LACH;F?M
S
?@?=NCPIM
J;A;>IM
JIL
FIM
>CMNCHNIM
NCJIM
>?
?GJL?M;M\
>?
N;F
G;H?L;
KO?
?RCMN…;
?F
CH=?HNCPI
J?LP?LMI

J?LI
HI
>?M?;>I
J;L;
KO?
OH
AL;H
HG?LI
>?
?GJL?M;M
>?
L?>O=C>I
N;G;ˆI
HI
KOCMC?L;H
=L?=?L
>?
N;G;ˆI
JIL
HI
N?H?L
KO?
B;=?L
@L?HN?
;
OH;
G;SIL
=;LA;
CGJIMCNCP;
!MN;
=;LA;
JI=I
NC?H?
KO?
P?L
=IH
MO
G;SIL
=;J;=C>;>
>?
CHHIP;=C‰H
I
JLI>O==C‰H

MCHI
=IH
F;
?HILG?
>CM=IHNCHOC>;>
KO?
?RCMN…;
?H
FIM
NCJIM
G;LACH;F?M
S
?H
F;M
>?>O==CIH?M
;JFC=;<F?M
IH
M?L
?MN?
?@?=NI
>?
AL;H
CGJILN;H=C;
?H
N‚LGCHIM
?=IH‰GC=IM

?H
?GJF?I
S
?H
JIF…NC=;
CH>OMNLC;F
FI
G}M
AL;P?
?M
?F
>?M;DOMN?
L?=;O>;>IL
>?
?MN?
CGJO?MNI

P‚;M?
?F
#L}@C=I

%.!"

(;
>C@?L?H=C;
?HNL?
?F
L?MOFN;>I
=IHN;<F?
>?
F;M
?GJL?M;M
S
F;
L?=;O>;=C‰H
>?F
NLC<ONI
M?
B;
;GJFC;>I
=;>;
P?T
G}M
>?M>?
?F
;ˆI

$;MN;
?F
JOHNI
>?
KO?
?H

F;
>C@?L?H=C;
?HNL?
?F
<?H?@C=CI
>?
F;M
?GJL?M;M
S
FI
KO?
B;H
J;A;>I
?H
CGJO?MNIM
M?
MCN;
?H
HCP?F?M
G}RCGIM
!FFI
I<?>?=?

?HNL?
INL;M
L;TIH?M

;
FIM
<?H?@C=CIM
?R?HNIM
>?F
?RNL;HD?LI

?F
MCMN?G;
KO?
J?LGCN?
;
F;M
?GJL?M;M
=IGJ?HM;LM?
J‚L>C>;M
>?
?D?L=C=CIM
;HN?LCIL?M
S

?H
>?@CHCNCP;

OH;
G;L;ˆ;
F?A;F
KO?
?M
OH;
@O?HN?
>?
CH=?LNC>OG<L?
MI<L?
F;
L?=;O>;=C‰H
3I)+&1

9
23@/8B@A3
?31/B2/A<?7<
239
:=B3@A<
23
'<1732/23@

"O?HN?
%.!"



(;M
?GJL?M;M
B;H
J;M;>I
;
J;A;L
JIL
?F
%/
G?HIM
KO?
HOH=;
?H
L?F;=C‰H
=IH
MOM
<?H?@C=CIM
=IHN;<F?M

?HNL?
INLIM
G?=;HCMGIM
JIL
<?H?@C=CIM
@CM=;F?M
=IGI

JIL
?D?GJFI

JIL
F;
FC<?LN;>
>?
;GILNCT;=C‰H

;JLI<;>I
>OL;HN?
?F
G;H>;NI
>?
.I>L…AO?T
6;J;N?LI
!MN?
=;G<CI
JIMC<CFCN‰
KO?
F;M
AL;H>?M
?GJL?M;M
M?
;GILNCT;M?H
@CM=;FG?HN?
OH;
CHP?LMC‰H
?H
OH
MIFI
;ˆI
!M
>?=CL

KO?
J;L;
OH
?>C@C=CI
KO?
M?
=IGJL;<;
;

;ˆIM

?F
>?M?G<IFMI
M?
>?>O=…;
@CM=;FG?HN?
?H
OH
HC=I
?D?L=C=CI

FI
KO?
;
NI>;M
FO=?M
@;=CFCN‰
KO?
GO=B;M
AL;H>?M
=IGJ;ˆ…;M
M?
L?<;D;M?H
F;
@;=NOL;
NLC<ON;LC;
,;L;
?HN?H>?L
JIL
KO‚
I=OLL?
?MNI
B;S
KO?
N?H?L
?H
=O?HN;
KO?
FIM
CGJO?MNIM
HOH=;
M?
=;F=OF;H
>CL?=N;G?HN?
MI<L?
?F
L?MOFN;>I
=IHN;<F?
$;=?
@;FN;
;JFC=;L
;HN?M
OH;
M?LC?
>?
;DOMN?M
JIL
<?H?@C=CIM
S
?R?H=CIH?M
@CM=;F?M
J;L;
=IHM?AOCL
FI
KO?
M?
=IHI=?
=IGI
F;
<;M?
CGJIHC<F?
5
JL?=CM;G?HN?
‚MN;
?M
F;
<;M?
KO?
M?
AL;P;
S
F;
KO?
>OL;HN?
F;
=LCMCM
M?
B;
>?MJFIG;>I
!F
BOH>CGC?HNI
>?
F;
<;M?
CGJIHC<F?
MI<L?
FIM
L?MOFN;>IM
=IHN;<F?M
I<?>?=?

MI<L?
NI>I

;
=O;NLI
GINCPIM
V
!H
JLCG?L
FOA;L

JILKO?
F;M
?GJL?M;M
?MJ;ˆIF;M
=;>;
P?T
A;H;H
G}M
>CH?LI
@O?L;
5
=IGI
?MIM
<?H?@C=CIM
?MN}H
?R?HNIM
JIL
FIM
=IHP?HCIM
>?
>I<F?
CGJIMC=C‰H

?H
=IHM?=O?H=C;
HI
NLC<ON;H
?H
!MJ;ˆ;
V
!H
M?AOH>I
FOA;L

>?HNLI
>?
?MN;M
?R?H=CIH?M
JIL
>I<F?
CGJIMC=C‰H

?F
#I<C?LHI
B;
J?LGCNC>I
KO?
>?M>?

?MN‚H
?R?HN;M
F;M
L?HN;M
=ILL?MJIH>C?HN?M
;
F;M
P?HN;M
>?
?GJL?M;M
J;LNC=CJ;>;M
I
@CFC;F?M
5
?H

M?
JLI>OD?LIH
GO=B;M
P?HN;M
>?
;==CIH?M
S
J;LNC=CJ;=CIH?M
>?
AL;H>?M
?GJL?M;M

B?=BI
KO?
=F;L;G?HN?
B;
N?HC>I
OH
L?@F?DI
?H
FIM
HG?LIM
KO?
G;H?D;
F;
A?H=C;
0LC<ON;LC;
V
0?L=?LI

JILKO?
F;M
?GJL?M;M
;=OGOF;H
HOG?LIM;M
J‚L>C>;M
A?H?L;>;M
>OL;HN?
F;
=LCMCM
KO?
F;
F?ACMF;=C‰H
J?LGCN?
KO?
M?
=IGJ?HM?H
;BIL;
KO?
NC?H?H
<?H?@C=CIM
V
,IL
FNCGI

JILKO?
F;M
?GJL?M;M
NC?H?H
F;
JIMC<CFC>;>
>?
=IHMIFC>;L
F;
;=NCPC>;>
>?
F;M
@CFC;F?M
KO?
JIM??H
J;L;
HI
NLC<ON;L
>IM
P?=?M
/CH
?G<;LAI

;
DOC=CI
>?
P;LCIM
?RJ?LNIM

?MNIM
;DOMN?M
JIL
=IHMIFC>;=C‰H
M?
B;H
=IHP?LNC>I
?H
OH;
MO?LN?
>?
=;D;
H?AL;
;F
=IGJ?HM;L
<?H?@C=CIM
>?
OH;M
MI=C?>;>?M
=IH
J‚L>C>;M
?H
INL;M
!F
%2
?M
?F
NLC<ONI
=IH
G}M
<?H?@C=CIM
J;LNC=OF;LCMN;M
S
L?MOFN;
CHPCMC<F?
J;L;
FIM
=IHNLC<OS?HN?M
(;
?RCMN?H=C;
>?
NCJIM
L?>O=C>IM

MOJ?LL?>O=C>IM
S
INLIM
L?A…G?H?M
?MJ?=C;F?M
?F?P;H
B;MN;
FIM

GCFFIH?M
FIM
<?H?@C=CIM
@CM=;F?M
?H
?MN?
CGJO?MNI
?H

!MI
JLIPI=;

DOHNI
;F
@?H‰G?HI
>?F
@L;O>?
?MJ?=C;FG?HN?
CHN?HMI
?H
?MN?
NLC<ONI

KO?
!MJ;ˆ;
L?=;O>?
=;MC
>IM
JOHNIM
G?HIM
JIL
?F
CGJO?MNI
MI<L?
?F
=IHMOGI
KO?
HO?MNLIM
JLCH=CJ;F?M
MI=CIM
=IGOHCN;LCIM
M…
?F
NCJI
A?H?L;F
>?F
%2
?MN}
?H
?F

GC?HNL;M
KO?
?F
NCJI
G?>CI
L?;F
?MN}
?H
?F



M?AH
F;
A?H=C;
0LC<ON;LC;
(;M
JIF…NC=;M
L?>CMNLC<ONCP;M
>?<?L…;H
B;=?LM?
JIL
?F
F;>I
>?F
A;MNI

P…;
MO<MC>CIM
I
JLIAL;G;M
>?
<?H?@C=CIM
MI=C;F?M
?H
FOA;L
>?
JIL
FIM
CGJO?MNIM

JO?M
?FFI
M‰FI
<?H?@C=C;
;
FIM
ALOJIM
G}M
JI>?LIMIM
I
G?DIL
ILA;HCT;>IM

JIL
?D?GJFI

JC‚HM?M?
?H
KO?
F;
%AF?MC;
;N‰FC=;
S
NI>;M
MOM
?HNC>;>?M
?MN}H
?R?HN;M
>?F
%GJO?MNI
>?
C?H?M
%HGO?<F?M
?H
NI>IM
MOM
?>C@C=CIM

;F
CAO;F
KO?
?F
L?MNI
>?
F;M
?HNC>;>?M
?MJ;ˆIF;M
MCH
@CH?M
FO=L;NCPIM
(;
L?=;O>;=C‰H
NLC<ON;LC;
>?
!MJ;ˆ;
MC?GJL?
B;
?MN;>I
JIL
>?<;DI
>?
F;
G?>C;
?OLIJ?;
JIL
?F
G;SIL
@L;O>?
S
JIL
MOM
JLIJC;M
=;L;=N?L…MNC=;M
?=IH‰GC=;M
=IH
OH;
N;M;
>?
J;LI
?MNLO=NOL;F
MOJ?LCIL
;
F;
G?>C;
(;M
HOG?LIM;M
>?MAL;P;=CIH?M

?R?H=CIH?M
S
>?>O==CIH?M
J;LNC=OF;LCMN;M
MIH
OH;
>?
F;M
=;OM;M
JLCH=CJ;F?M
JIL
F;M
KO?
!MJ;ˆ;
L?=;O>;
?HNL?
=CH=I
S
M?CM
JOHNIM
>?F
,%
G?HIM
KO?
MOM
MI=CIM
=IGOHCN;LCIM
 #
F>?AO?L
?L>}



UONIHIG…;
(I=;F

?KOCFC<LCI
JL?MOJO?MN;LCI
S
MIMN?HC<CFC>;>
@CH;H=C?L;
0?H>?H=C;M
S
J?LMJ?=NCP;M
=IHN?GJIL}H?;M
?H
F;M
L?F;=CIH?M
>?
NON?F;
@CH;H=C?L;
S
=IHNLIF
JL?MOJO?MN;LCI
FI=;F
?H
!MJ;ˆ;

X

F256C?@D
56
@3:6C?@
J
5>:?:DEC24:x?
'|3=:42





ONILC>;>
%H>?J?H>C?HN?
>?
.?MJIHM;<CFC>;>
"CM=;F

?7@C>6
56
4F>A=:>:6?E@
6DA6C25@
56
=@D
@3;6E:G@D
56
6DE23:=:525
AC6DFAF6DE2C:2
56F52
A|3=:42
J
C68=2
56
82DE@

56
=2D
5>:?:DEC24:@?6D
'|3=:42D
);>LC>
%.!"
ICR



'2CE:5@D
A@=tE:4@D
4C64:>:6?E@
6
:8F2=525
DEC2E68:2D
64@?x>:42D
4@?D6CG25@C2D
J
D@4:2=56>x4C2E2D
6?
=2
64@?@>t2
>F?5:2=
);>LC>
FC;HT;
O?M;

)

U!F
JO@I
P;M=IX

@4F>6?E@
56
+C232;@


);>LC>
%HMNCNONI
>?
H}FCMCM
%H>OMNLC;F
S
"CH;H=C?LI

1HCP?LMC>;>
IGJFON?HM?
>?
);>LC>
IG…H
IG…H

"

U.?@ILG;
NLC<ON;LC;
S
JIF…NC=;
@CM=;FX

?H
#;L=…;
?FA;>I
=IGJ

IL>?LI

&
)
6E
2=

U!F
…H>C=?
>?
?PIFO=C‰H
>?
FIM
CHAL?MIM
NLC<ON;LCIM
>?F
!MN;>I
S
MOM
?@?=NIM
MI<L?
F;
,%!
GOHC=CJ;FX

24:6?52
'|3=:42
DA2w@=2





?FA;>I

"
&

U ?N?LGCH;NCIH
I@
(I=;F
0;R
)CR
!PC>?H=?
@LIG
/J;CHX

#6I
#@42=:D

!@FC?2=
@7
#@42=
*6=7
@G6C?>6?E





I=NO<L?

?FA;>I

"
&
6E
2=

U+H
NB?
?N?LGCH;HNM
I@
(I=;F
0;R
.;N?M
*?Q
!PC>?H=?
@LIG
/J;CHX

@?E6>A@C2CJ
4@?@>:4
'@=:4J




<LCF

>IC =I?J
"IH>I
)IH?N;LCI
%HN?LH;=CIH;F

$2?F2=
56
6DE25tDE:42D
56
7:?2?K2D
A|3=:42D
3;MBCHANIH

%)"
"O?HN?

h
>?
F;

U/I<L?
F;
JO?MN;
?H
G;L=B;
>?F
HO?PI
MCMN?G;
>?
@CH;H=C;=C‰H
L?ACIH;F
JLIS?==CIH?M
J;L;

S
;FAOH;M
L?@F?RCIH?MX
);>LC>

"OH>;=C‰H
>?
!MNO>CIM
>?
!=IHIG…;
JFC=;>;
"O?HN?M
-OCHN;H;

!

U0L?M
>?=?HCIM
>?
F;
?=IHIG…;
?MJ;ˆIF;
?H
J?LMJ?=NCP;X

?H
#;L=…;
?FA;>I
=IGJ

#;L=…;
?FA;>I

&
(
=IGJ

DA2w2
64@?@>t2
);>LC>

!MJ;M;;FJ?
#IHT;FI
#IHT}F?T

(

*:DE6>2
:>A@D:E:G@
6DA2w@=
6DE2E2=
2FE@?x>:4@
J
=@42=
);>LC>

SECHMIH
(;A;L?M

)
6E
2=

?7@C>6
56
=2
@>:D:x?
56
IA6CE@D
A2C2
=2
C67@C>2
56=
D:DE6>2
EC:3FE2C:@
6DA2w@=
);>LC>
(?‰H

/

#2
:?2?4:24:x?
FE@?x>:42
=2G6D
A2C2
4@>AC6?56C
F?
:?E6C>:?23=6
5632E6
);>LC>

FC;HT;
(?PC

)

&7
)F=6
2?5
)6G6?F6
?LE?F?S
1HCP?LMCNS
I@
;FC@ILHC;
,L?MM
(?PC

)

U0B?
!=IHIGC=
0OLH
CH
IGJ;L;NCP?
,IFCNC=MX

@>A2C2E:G6
'@=:E:42=
*EF5:6D



 

;AIMNI M?JNC?G<L?


(C?<?LG;H

!
/

U0;R;NCIH
;N;
;M
%H>C=;NILM
I@
/N;N?/I=C?NS
.?F;NCIHM
,IMMC<CFCNC?M
;H>
,CN@;FFM
CH
LIMM
*;NCIH;F
.?M?;L=BX

*EF5:6D
:?
@>A2C2E:G6
?E6C?2E:@?2=
6G6=@A>6?E

CHPC?LHI





(C?<?LG;H

!
/

)246
2?5
)68:@?2=:D>
:?
E96
'@=:E:4D
@7
+2I2E:@?
:?
C2K:=
2?5
*@FE9
7C:42
*O?P;
5ILE
;G<LC>A?
1HCP?LMCNS
,L?MM
(‰J?T
;M;AOL?H



U!F
=IH=C?LNI
?=IH‰GC=I
>?F
,;…M
2;M=I
>?F
GCNI
;
F;
L?;FC>;>X

?H
22

)CE?M?FF

&
(

:D42=
5>:?:DEC2E:@?
?2=JD:D
2?5
AA=:42E:@?D
7@C
E96
'F3=:4
*64E@C
IMNIH
?HA;A?
)IH;MN?LCI
!M=O>?LI



U!F
F;<?LCHNI
>?
F;
@CH;H=C;=C‰H
;ONIH‰GC=;X

24:6?52
'|3=:42
DA2w@=2






)IH;MN?LCI
!M=O>?LI



U"?>?L;FCMGI
@CM=;F
S
MCMN?G;
@IL;F
[1H
=IH=C?LNI
>?M;@CH;>IX

24:6?52
'|3=:42
DA2w@=2


)6G:DE2
56
4@?@>t2
'|3=:42


 

+!

)6G6?F6
*E2E:DE:4D
 
,;L…M
+! 
,?N?LM


#

+96
'@=:E:4D
@7
+2I2E:@?

@>A2C2E:G6
'6CDA64E:G6
;G<LC>A?
);MM

F;=EQ?FF
.OCT$O?LN;

&
S
#L;H;>IM

+

U(;
L?@ILG;
>?
F;
@CH;H=C;=C‰H
;ONIH‰GC=;
?H
?F

=C?LL?
>?F
GI>?FI
>?
L?J;LNI
=IGJ?N?H=C;F
S
=ILL?MJIHM;<CFC>;>
@CM=;FX
'2A6=6D
56
+C232;@
56
@3:6C?@
J
5>:?:DEC24:x?
'|3=:42

H_

);>LC>
%HMNCNONI
1HCP?LMCN;LCI
>?
%HP?MNCA;=C‰H
+LN?A;
S
#;MM?N
/IOPCL‰H

&
)

)62=:525
J
A6CDA64E:G2D
56
=2
@C82?:K24:x?
E6CC:E@C:2=
56
DE25@

#@D
6=6>6?E@D
6D6?4:2=6D
56=
D:DE6>2
4@?DE:EF4:@?2=
56
@C82?:K24:x?
E6CC:E@C:2=
56=
6DE25@
J
DF
4@?4C64:x?
#L;H;>;

IG;L?M
/N?CHGI

/

U0B?
?PIFONCIH
I@
JIFC=S
C>?;M
N;R
JIFC=S
CH
NB?
NB
=?HNOLSX

C:E:D9
!@FC?2=
@7
'@=:E:4D
2?5
?E6C?2E:@?2=
)6=2E:@?D





G;SI

/N?CHGI

/

0IF<?LN


&

U I
%HMNCNONCIHM
.?;FFS
);NN?L
0;R;NCIH
CH
%H>OMNLC;FCT?>
>P;H=?>
?GI=L;=C?MX

@>A2C2E:G6
'@=:E:42=
*EF5:6D





;<LCF

/Q;HE



/N?CHGI

/

U0B?
*?Q
,IFCNC=;F
!=IHIGS
I@
0;R;NCIH
CH
>P;H=?>
;JCN;FCMN
?GI=L;=C?MX

>6C:42?
!@FC?2=
@7
'@=:E:42=
*4:6?46





DOFCI

0CFFS

B

+96
@C>2E:@?
@7
%2E:@?2=
*E2E6D
:?
.6DE6C?
FC@A6
,LCH=?NIH
,LCH=?NIH
1HCP?LMCNS
,L?MM
0CFFS

B

@6C4:@?
2A:E2=
2?5
FC@A62?
*E2E6D

 
;G<LC>A?
);MM
;MCF
F;=EQ?FF
22

=
@?4:6CE@
4@?x>:4@
G2D4@
2
5632E6
2CNILC;
!>
CO>;>;H…;
S
(C<?LN;>
6;<;FT;


(‰J?T
(;<IL>;

&

U0B?
1H?;MS
I?RCMN?H=?
I@
NB?
/J;HCMB
"IL;F
;H>
IGGIH
.?ACIH;F
"CH;H=?
/SMN?GMX

.'


/?LC?
!
2;F?H=C;
%HMNCNONI
2;F?H=C;HI
>?
%HP?MNCA;=CIH?M
!=IH‰GC=;M
+6>2


=A
>@3AC>C3AB=A
3:
3?C7:70@7=
3<B@3
:=A
7<5@3A=A
G
:=A
5/AB=A
23
:/A
/2;7<7AB@/17=<3A
>d0:71/A
:>X

780/,
')!&#

#(.,)/#g(

W+/b
-
&
*,-/*/-.#g(

&7
L7H?;:7:
:;
79JEH;I

&7
I;F7H79?vD
:;
F7=7:EH
O
:;9?IEH

B
:E9KC;DJE
FH;IKFK;IJ7H?E
O
B7
H;IFEDI78?B?:7:

&7
7F;HJKH7
7B
;DJEHDE

&7I
9EDIJH?99?ED;I
FH;IKFK;IJ7H?7I

B
9?9BE
FH;IKFK;IJ7H?E
 
&EI
?D=H;IEI

B
FHE9;IE
:;
7:EF9?vD
:;
:;9?I?ED;I
 
&EI
=7IJEI
 
E9KC;DJ79?vD
GK;
I;
FH;I;DJ7
7
B7I
EHJ;I
!;D;H7B;I
 
B
;GK?B?8H?E
FH;IKFK;IJ7H?E
 
&7
?CFB7DJ79?vD

&7I
:;IL?79?ED;I
FH;IKFK;IJ7H?7I

"#(
3
*,-/*/-.#g(
(
&
'),#
-*f)&
 
&7
H;<EHC7
FH;IKFK;IJ7H?7
:;
B7I
C;@EH7I
Jq9D?97I
7B
FH;IKFK;IJE
FEH
FHE=H7C7I
  
&7I
C;@EH7I
Jq9D?97I
 
&7
FH;IKFK;IJ79?vD
FEH
FHE=H7C7I

&7
9EDL;H=;D9?7
FH;IKFK;IJ7H?7
F7H7
;B
?D=H;IE
;D
B7
/D?vD
'ED;J7H?7
 
&7
=;IJ?vD
:;
,E:Hs=K;P
47F7J;HE
:;B
<?D7B
:;
B7
8KH8K@7
7
B7
!H7D
,;9;I?vD
  
B
:;I;GK?B?8H?E
;DJH;
?D=H;IEI
O
=7IJEI
 
&7
=;IJ?vD
:;
BEI
H;9EHJ;I
FEH
,7@EO
KD7
9EDIEB?:79?vD
<?I97B
H;B7J?L7
  
&EI
*HE=H7C7I
:;
IJ78?B?:7:
O
B7I
H;<EHC7I
 
B
I?=D?<?97:E
:;
B7
:;K:7
Fy8B?97
  
B
:q<?9?J
O
;B
;D:;K:7C?;DJE
Fy8B?9E
 
  
ED9BKI?vD
B;DJ7
C;@EH7
:;B
:q<?9?J
Fy8B?9E
O
;D:;K:7C?;DJE


"(&#)Y"
(IM
JLI=?MIM
JL?MOJO?MN;LCIM
JO?>?H
;SO>;L
;
KO?
FIM
AI<C?LHIM
;MCAH?H
FIM
L?=OLMIM
J<FC=IM

=IHNLIF?H
F;M
IJ?L;=CIH?M
>?
FIM
ILA;HCMGIM
;>GCHCMNL;NCPIM
S
A?MNCIH?H
F;
JL?MN;=C‰H
>?
M?LPC=CIM
(IM
JL?MOJO?MNIM
JO?>?H
M?L
>?=F;L;=CIH?M
=F;L;M
>?
FIM
JF;H?M

F;M
JLCILC>;>?M

?F
L?H>CGC?HNI
S
FIM
=IMN?M

;M…
=IGI
F;
B?LL;GC?HN;
<}MC=;
J;L;
?F
=IHNLIF
;>GCHCMNL;NCPI
,IL
>?MAL;=C;

F;M
JL}=NC=;M
KO?
JL?P;F?=?H
MO?F?H
CGJ?>CL
F;
JF?H;
ONCFCT;=C‰H
>?
FIM
JL?MOJO?MNIM
J;L;
;H;FCT;L
S
JF;HC@C=;L
=IH
?F
@CH
>?
ILC?HN;L
F;M
>?=CMCIH?M
J<FC=;M
IH
>?G;MC;>;
@L?=O?H=C;

HO?MNLIM
MCMN?G;M
S
JLI=?MIM
>?=CMILCIM
JLIPI=;H
KO?
FIM
J;LNC=CJ;HN?M
?H
?F
JLI=?MI
JL?MOJO?MN;LCI
IM=CF?H
?HNL?
FIM
=…HC=IM
S
FIM
M?HNCG?HN;F?M

N;F
S
=IGI
FIM
>?@CH?
+M=;L
3CF>?
?H
?F
CHN?L=;G<CI
?HNL?
?=CF
#L;B;G
S
(IL>
;LFCHANIH
?H
=
232?:4@
56
#25J
.:?56C>6C6
78
?=CF
#L;B;G
[-O‚
?M
OH
=…HC=I
(IL>
;LFCHANIH
1H
BIG<L?
KO?
=IHI=?
?F
JL?=CI
>?
NI>I
S
?F
P;FIL
>?
H;>;
?=CF
#L;B;G
5
OH
M?HNCG?HN;F

KO?LC>I
;LFCHANIH

?M
OH
BIG<L?
KO?
P?
OH
P;FIL
;<MOL>I
?H
NI>I

S
HI
M;<?
?F
JL?=CI
>?
G?L=;>I
>?
HCHAOH;
=IM;
!F
JLI=?MI
JL?MOJO?MN;LCI
>?<?
?PCN;L
N;HNI
F;
M?>O==C‰H
>?
FIM
=…HC=IM
=IGI
F;
>?
FIM
M?HNCG?HN;F?M

;F
?HN?H>?L
KO?
F;
?F?==C‰H
L;TIH;<F?
CGJFC=;
P;FIL
S
JL?=CI
S
;F
L?=IHI=?L
KO?

;
J?M;L
>?
KO?
F;M
<O?H;M
C>?;M
MIH
CFCGCN;>;M

FIM
L?=OLMIM
J;L;
@CH;H=C;LF;M
HOH=;
FI
MIH
O;FKOC?L
ILA;HCT;=C‰H

JIF…NC=;

M?LPC=CI
I
JLIAL;G;
J<FC=IM
CGJFC=;
F;
;>GCHCMNL;=C‰H
>?
L?=OLMIM
@CH;H=C?LIM
S
J?LMIH;F?M
S
JIL
?MI
M?
B;H
>?HIGCH;>I
;G<;M
=IGI
JIF…NC=;M
>?
A?MNC‰H
?MNLO=NOL;F

=IHNCHO;=C‰H
M?
?R;GCH;
F;
JL?MOJO?MN;=C‰H

?MNI
?M
F;
IL>?H;=C‰H
@ILG;F
>?
F;
A?MNC‰H
>?
FIM
L?=OLMIM
@CH;H=C?LIM
%GJILN;
>?MN;=;L
KO?
?F
JL?MOJO?MNI
?MN;N;F
?M
F;
L?JL?M?HN;=C‰H
GIH?N;LC;
>?
F;
;=NCPC>;>
JIF…NC=;
S
;>GCHCMNL;NCP;
>?
OH;
>?N?LGCH;>;
?MNLO=NOL;
>?
AI<C?LHI

KO?
L?MO?FP?
OH
=IH@FC=NI
>?
JL?@?L?H=C;M
G}M
I
G?HIM
=IHNL;>C=NILC;M
S
=IHMNCNOS?

JIL
N;HNI

OH
L?ACMNLI
=O;HNCN;NCPI
>?
FIM
L?MOFN;>IM
>?
?M?
CHN?L=;G<CI
/?
NL;N;

JO?M

>?
OH
}G<CNI
JLCPCF?AC;>I
?H
?F
KO?
NC?H?H
FOA;L
=IGJLIGCMIM
S
H?AI=C;=CIH?M

=IH@FC=NIM
S
;=O?L>IM
!H
?MN?
M?HNC>I
JO?>?
B;<F;LM?
>?F
JL?MOJO?MNI
?MN;N;F
=IGI
=IL;T‰H
>?F
JLI=?MI
JIF…NC=I
KO?
L?MJIH>?
;
MOM
=IH>C=CIH;GC?HNIM
?=IH‰GC=IM
S
MI=C;F?M
/C
F;M
>?=CMCIH?M
J?LMIH;F?M
G}M
?F?G?HN;F?M
JO?>?H
?NCKO?N;LM?

>C@…=CFG?HN?

=IGI
UL;=CIH;F?MX
\?H
?F
M?HNC>I
?MNLC=NI
>?F
N‚LGCHI

;
HI
M?L
KO?
FI
>?@CHC‚L;GIM
=IGI
UL;TIH;>;MX\

=IH
G;SIL
GINCPI
?M
;P?HNOL;>I
;@CLG;LFI
>?
JLI=?MIM
>?
;>IJ=C‰H
>?
>?=CMCIH?M
GO=BI
G}M
=IGJF?DIM

KO?
L?KOC?L?H
=;J;=C>;>?M
CHN?F?=NO;F?M
S
=IAHIM=CNCP;M
G}M
;FF}
>?
HO?MNLI
;F=;H=?
!F
>I=OG?HNI
JL?MOJO?MN;LCI
JL?M?HN;>I
;F
,;LF;G?HNI
=IGJL?H>?
GCFF;L?M
>?
J}ACH;M
*I
?M
>?F
NI>I
?PC>?HN?

>?
B?=BI
?M
>O>IMI

KO?
=O;FKOC?L
J?LMIH;
I
ALOJI
JO?>;
;>KOCLCL
OH
=IHI=CGC?HNI
JLI@OH>I
I
MO@C=C?HN?
>?F
JL?MOJO?MNI

>?
N;F
@ILG;
KO?
?@?=NO;M?
FIM
GCF?M
>?
=}F=OFIM

=IGJ;L;=CIH?M
S
?P;FO;=CIH?M
KO?
M?
L?KO?LCL…;H
?H
OH
;H}FCMCM
A?HOCH;G?HN?
L;=CIH;F
S
=IGJL?HMCPI

CH=FOMCP?
MC
M‰FI
M?
NL;N;M?
>?
>IGCH;L
?F
=IHN?HC>I
>?
?M;M
J}ACH;M
!H
J;F;<L;M
>?
3CF>;PMES


U(;
;<MIFON;
=IGJF?DC>;>
>?
FIM
;MOHNIM
JL?MOJO?MN;LCIM
MCAHC@C=;
KO?
;FAOH;M
J?LMIH;M
H?=?MCN;H
=IH@C;L
?H
INL;M
JILKO?
JO?>?H
=IHNLIF;LF;M
M‰FI
OH;
@L;==C‰H
>?F
NC?GJIX
!H
FI
KO?
MCAO?
M?
>?M=LC<?H
;FAOH;M
>?
F;M
MCGJFC@C=;=CIH?M
L?;FCT;>;M
JIL
FIM
;H;FCMN;M

FIM
JIF…NC=IM
S
FIM
<OL‰=L;N;M
KO?
J;LNC=CJ;H

>?MCAO;FG?HN?

?H
?MN;M
;=NCPC>;>?M
[O}HN;M
;=NCPC>;>?M
I
JLI<F?G;M
DOMNC@C=;H
F;
CHN?LP?H=C‰H
>?F
!MN;>I
?H
F;
?=IHIG…;
[,O?>?H
FIM
G?DIL?M
CHN?L?M?M
>?
F;
MI=C?>;>
M?L
<C?H
M?LPC>IM
G?>C;HN?
F;
L?N?H=C‰H
>?
>CH?LI
J;L;
?F
=IHMOGI
S
F;
CHP?LMC‰H
?H
G;HIM
JLCP;>;M
GC?HNL;M
M?
J?LGCN?
KO?
OH
JLIAL;G;
J<FC=I
<?H?@C=CIMI
MCA;
MCH
@CH;H=C;=C‰H
[&OMNC@C=;H
F;
?KOC>;>

F;
CAO;F>;>
S
?F
=L?=CGC?HNI
?=IH‰GC=I
JLI>O=C>IM
JIL
OH
JLIS?=NI
J<FC=I
?F
?GJF?I
>?
=;JCN;F
JIF…NC=I
JIL
FIM
@OH=CIH;LCIM
J<FC=IM
J;L;
;JLI<;L
S
L?=;O>;L
OH
CGJO?MNI
;>C=CIH;F
I
OH
CH=L?G?HNI
>?
OH
CGJO?MNI
?RCMN?HN?
J;L;
@CH;H=C;LFI
[O}F
>?<?
M?L
?F
N;G;ˆI
>?F
M?=NIL
J<FC=I
(?PCH?

,?N?LM

0BIGJMIH


!MN;M
CHN?LLIA;HN?M
CFOMNL;H
F;
>C@C=OFN;>
>?
L?MIFP?L
=IH
MCGJF?M
>C=N?LCIM
;MOHNIM
N;H
=IGJF?DIM
?H
MO
CG<LC=;=C‰H
S
?H
F;M
=IHNL;J;LNC>;M
KO?
CGJFC=;H
F;M
L?MJO?MN;M
=IHNL;>C=NILC;M
;
GO=B;M
>?
?FF;M
(;M
IJ?L;=CIH?M
>?F
M?=NIL
J<FC=I
?H
A?H?L;F

NC?H?H
GFNCJF?M
I<D?NCPIM


?MNIM
I<D?NCPIM
MO?F?H
?MN;L
?H
=IH@FC=NI

S

HI
NC?H?H
OH;
G?>C>;
?MN}H>;L
I
OH
=LCN?LCI
=IGH
J;L;
=IGJ;L;L
?F
L?H>CGC?HNI
>?
FIM
>CP?LMIM
JLIAL;G;M
>?G}M

FIM
<?H?@C=C;LCIM
>?
FIM
>CP?LMIM
JLIAL;G;M
HI
MO?F?H
M?L
F;M
GCMG;M
J?LMIH;M

JIL
FI
KO?
F;M
IJ=CIH?M
?HNL?
?FFIM
JLIPI=;H
KO?
B;S;
A;H;>IL?M
S
J?L>?>IL?M
5
FIM
=IHNLC<OS?HN?M
KO?
J;A;H
JIL
FIM
JLIAL;G;M
JO?>?H
HI
M?L
F;M
GCMG;M
J?LMIH;M
KO?
M?
<?H?@C=C;H
>?
FIM
M?LPC=CIM
J<FC=IM
JL?MN;>IM

FI
KO?
=IGJFC=;
?F
JLI=?MI
>?=CMILCI
;H
G}M
,IL
FI
N;HNI

F;
MCGJF?
L?AF;
>?
;MCAH;=C‰H
JLIAL;G;
J<FC=I

N;H
@}=CF
>?
>?@CHCL

JO?>?
M?L
M‰FI
OH
N?HO?
>?MN?FFI
?H
?F
JLI=?MI
JIF…NC=I
>?
F;
JIF…NC=;
JL?MOJO?MN;LC;
(IM
F?ACMF;>IL?M
KO?
NL;<;D;H
JIL
?F
CHN?L‚M
J<FC=I
M?
?H@L?HN;H
;
>?=CMCIH?M
>C@…=CF?M

GO=BI
G}M
;FF}
>?
F;M
=IGJF?DC>;>?M
KO?
;@LIHN;
OH
?D?=ONCPI
?GJL?M;LC;F
 
L%)V
'

$&')$)'(Y"
(IM
JL?MOJO?MNIM
J<FC=IM
>?M=LC<?H
FI
KO?
L?;FCT;H
FIM
MCMN?G;M
JIF…NC=I;>GCHCMNL;NCPIM
G?>C;HN?
F;
FCMN;
>?
FI
KO?
A;MN;H
FIM
AI<C?LHIM
1H
JL?MOJO?MNI
PCH=OF;
F;M
N;L?;M
;
L?;FCT;L
=IH
F;
=;HNC>;>
>?
L?=OLMIM
@CH;H=C?LIM
J;L;
FF?P;LF;M
;
=;<I

;M?AOL;H>I
KO?
?F
>CH?LI
?MN;L}
>CMJIHC<F?
J;L;
?FFI
(IM
JL?MOJO?MNIM
FCGCN;H
FIM
A;MNIM
;
FIM
CHAL?MIM
>CMJIHC<F?M

J;L;
;M?AOL;L
?F
?KOCFC<LCI
S
JL?P?HCL
?F
?R=?MI
>?
A;MNIM
(;
G;SIL
J;LN?
>?F
NL;<;DI
>?
?F;<IL;=C‰H
>?
OH
JL?MOJO?MNI
?M
N‚=HC=;

J?LI
HI
MIH
G?LIM
>I=OG?HNIM
>?
A?MNC‰H
;>GCHCMNL;NCP;
MCHI
KO?
MIH
N;G<C‚H
CHNL…HM?=;
?
CLL?>O=C<F?G?HN?
JIF…NC=IM
(;M
>?=CMCIH?M
>?
A;MNI
M?
L?;FCT;H
G?>C;HN?
OH
JLI=?MI
JIF…NC=I
KO?
M?
LCA?
JIL
OH
=IHDOHNI
>?
>CMJIMC=CIH?M
>CM?ˆ;>;M
J;L;
JLIJIL=CIH;L
>?FC<?L;=CIH?M
;<C?LN;M
MI<L?
F;M
>CMNCHN;M
IJ=CIH?M

CHN?HN;H
>CLCACL
FIM
L?=OLMIM
;
F;M
}L?;M
>?
G;SIL
H?=?MC>;>

;M?AOL;L
F;
L?MJIHM;<CFC>;>

JL?P?HCL
F;
=ILLOJ=C‰H

S
JLIJIL=CIH;L
OH
G?=;HCMGI
>?
=IHNLIF
@CM=;F
)CE?M?FF


.O<CH


W
(IM
JL?MOJO?MNIM
L?@F?D;H
?F?==CIH?M
MI<L?
FI
KO?
?F
AI<C?LHI
B;L}
S
HI
B;L}
/OJIH?H
OH
=IHM?HMI
>?F
J<FC=I
?H
A?H?L;F
MI<L?
KO‚
=F;M?M
>?
M?LPC=CIM
>?<?
JLIJIL=CIH;L
?F
MCMN?G;
JIF…NC=I;>GCHCMNL;NCPI
S
;
KO‚
NC?H?H
>?L?=BI
FIM
=CO>;>;HIM
=IGI
GC?G<LIM
>?
F;
MI=C?>;>
[ ?<?
?F
!MN;>I
JLIP??L
M?LPC=CIM
KO?
?F
M?=NIL
JLCP;>I
JI>L…;
JLIJIL=CIH;L

=IGI
?F
;AO;
=ILLC?HN?

F;
?F?=NLC=C>;>

?F
NL;HMJILN?
S
F;
PCPC?H>;
[0C?H?H
NI>IM
FIM
=CO>;>;HIM
;FAOH;
A;L;HN…;
MI<L?
?F
=OC>;>I
>?
MO
M;FO>

=IH
CH>?J?H>?H=C;
>?
MO
=;J;=C>;>
J;L;
J;A;L
[!MN}H
NI>IM
;M?AOL;>IM
=IHNL;
?F
B;G<L?
[0C?H?H
>?L?=BI
;
;FAH
NCJI
>?
PCPC?H>;
W
(IM
JL?MOJO?MNIM
L?@F?D;H
JLCILC>;>?M
MI=C;F?M

JIF…NC=;M

?=IH‰GC=;M
S
N?LLCNILC;F?M
!F
JLI=?MI
JL?MOJO?MN;LCI
G?>C;
?HNL?
CH>CPC>OIM
S
ALOJIM
KO?
KOC?L?H
=IM;M
>C@?L?HN?M
>?F
AI<C?LHI
S
>?N?LGCH;
KOC‚H
=IHMCAO?
KO‚
!MN;M
>?=CMCIH?M
JO?>?H
CH@FOCL
MI<L?
MC
FIM
D‰P?H?M
I<NC?H?H
@ILG;=C‰H
I=OJ;=CIH;F
I
F;
JIFC=…;
FF?P;
;
=;<I
?HNL?H;GC?HNIM
;HNC>CMNOL<CIM

;G<;M
=IM;M
=IGI
L?MJO?MN;
;
OH
;OG?HNI
>?F
HG?LI
>?
>?M?GJF?;>IM
W
(IM
JL?MOJO?MNIM
L?@F?D;H
F;
JLIJIL=C‰H
L?F;NCP;
>?
>?=CMCIH?M
;>IJN;>;M
J;L;
@CH;FC>;>?M
=FC?HN?F;L?M
I
FI=;F?M

S
JIL
?@C=C?H=C;

?@?=NCPC>;>
S
I<D?NCPIM
J<FC=IM
G}M
;GJFCIM
(IM
JL?MOJO?MNIM
L?@F?D;H
?F
AL;>I
>?
CGJILN;H=C;
KO?
FIM
;FNIM
@OH=CIH;LCIM
S
F?ACMF;>IL?M
JIH?H
?H
M;NCM@;=?L
;
MOM
?F?=NIL?M
S
MO
PIFOHN;>
>?
?M=O=B;L
F;M
>?G;H>;M
>?
FIM
ALOJIM
>?
JL?MC‰H
,IL
?D?GJFI

?F
GCHCMN?LCI
>?
?@?HM;
JO?>?
>?=C>CL
A;MN;L
G}M
>CH?LI
?H
G;HN?H?L
;<C?LNI
OH
;=O;LN?F;GC?HNI
GCFCN;L
JILKO?
F;
?=IHIG…;
FI=;F
>?J?H>?
>?
‚F
?
CHP?LNCL
G?HIM
?H
G?DIL;L
F;
JL?J;L;=C‰H
J;L;
?F
=IG<;N?
W
(IM
JL?MOJO?MNIM
JLIJIL=CIH;H
OH;
B?LL;GC?HN;
JI>?LIM;
;
FIM
=CO>;>;HIM
KO?
KOC?L?H
M;<?L
=IGI
A;MN;
?F
AI<C?LHI
MO
>CH?LI
S
MC
B;
M?AOC>I
A?H?L;FG?HN?
MOM
JL?@?L?H=C;M
(;
JL?MOJO?MN;=C‰H
PCH=OF;
F;M
JL?@?L?H=C;M
=CO>;>;H;M
=IH
FIM
L?MOFN;>IM
AO<?LH;G?HN;F?M
W
(IM
JL?MOJO?MNIM
L?@F?D;H
F;M
JL?@?L?H=C;M
MI<L?
>C@?L?HN?M
@ILG;M
S
>CMNCHNIM
HCP?F?M
>?
CGJIMC=C‰H

;M…
=IGI
F;
B;<CFC>;>
>?
=C?LNIM
ALOJIM
?MJ?=…@C=IM
>?
=IHNLC<OS?HN?M
J;L;
>?MJF;T;L
F;M
=;LA;M
CGJIMCNCP;M
B;=C;
INLIM
!F
JL?MOJO?MNI
L?@F?D;
?F
AL;>I
?H
?F
KO?
?F
AI<C?LHI
L?>CMNLC<OS?
F;
LCKO?T;
G?>C;HN?
?F
MCMN?G;
CGJIMCNCPI
 W
!H
?F
JF;HI
H;=CIH;F

?F
JL?MOJO?MNI
CH@FOS?
MI<L?
F;
?=IHIG…;

JIL
FI
KO?
F;
JIF…NC=;
@CM=;F
;@?=N;
;F
HCP?F
>?
?GJF?I
\=O;HN;M
J?LMIH;M
NC?H?H
NL;<;DI
?H
OH
GIG?HNI
>?N?LGCH;>I\
W
(IM
JL?MOJO?MNIM
L?@F?D;H
?F
JI>?L
L?F;NCPI
>?
>C@?L?HN?M
CH>CPC>OIM
S
ILA;HCT;=CIH?M
J;L;
CH@FOCL
MI<L?
FIM
L?MOFN;>IM
JL?MOJO?MN;LCIM
(;
;>IJ=C‰H
>?
>?=CMCIH?M
JL?MOJO?MN;LC;M
JLIJIL=CIH;
OH
L?NL;NI
>?F
JI>?L
L?F;NCPI
>?
FIM
;=NIL?M
JL?MOJO?MN;LCIM
>?HNLI
S
?HNL?
FIM
JI>?L?M
>?F
!MN;>I

;M…
=IGI
F;
CGJILN;H=C;
>?
FIM
=CO>;>;HIM
?H
A?H?L;F
S
>?
ALOJIM
>?
CHN?L‚M
?MJ?=…@C=IM
IGI
M?ˆ;F;
.O<CH
UF;
?M?H=C;
>?
F;
JL?MOJO?MN;=C‰H
?M
KO?
>CMNLC<OS?
L?=OLMIM
?M=;MIM
?
CGJFC=;

JIL
N;HNI

F;
?F?==C‰H
?HNL?
I<D?NIM
>?
A;MNI
JIN?H=C;F?M
0;G<C‚H
CGJFC=;
?F
?KOCFC<LCI
S
L?KOC?L?
=C?LNI
NCJI
>?
JLI=?MI
>?
;>IJ=C‰H
>?
>?=CMCIH?MX


W
!F?==CIH?M
JL?MOJO?MN;LC;M
*ILG;FG?HN?
F;
JL?MOJO?MN;=C‰H
JO?>?
L?KO?LCL
OH
HG?LI
=;MC
CFCGCN;>I
>?
?F?==CIH?M

J?LI
?H
A?H?L;F
M?
MO?F?H
FCGCN;L
F;M
IJ=CIH?M
;
=IHMC>?L;L
F;M
;ALOJ;=CIH?M
>?
=IM;M
M?G?D;HN?M
KO?
JO?>;H
M?L
L;TIH;<F?G?HN?
=IGJ;L;>;M

?MNI
?M

>?HNLI
>?
=;N?AIL…;M
?H
KO?
F;
=IGJ;L;=C‰H
?M
MCAHC@C=;NCP;
/C
FIM
…N?GM
MIH
>CMJ;L?M
F;
=IGJ;L;=C‰H
L?KOC?L?
OH;
FCMN;
>?
JLCILC>;>?M
W
!KOCFC<LCI
S
?H>?O>;GC?HNI
1H
JF;H
>?
A;MNI
KO?
HI
JL?MN?
;N?H=C‰H
;
;M?AOL;L
KO?
FIM
CHAL?MIM
=O<L?H
FIM
A;MNIM
HI
?M
OH
JL?MOJO?MNI
,O?>?
J;L?=?L
?RNL;ˆI
;
F;
PCMN;
>?F
=O;HNCIMI
>‚@C=CN
?H
FIM
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI

J?LI
OH
JL?MOJO?MNI
JO?>?
?MN;L
?KOCFC<L;>I
N‚=HC=;G?HN?
G?>C;HN?
?F
?H>?O>;GC?HNI
!F
?KOCFC<LCI
MCAHC@C=;
MIF;G?HN?
KO?
?F
J;MCPI
?M
CAO;F
I
CH@?LCIL
;F
;=NCPI

;
FIM
CHAL?MIM
!F
?H>?O>;GC?HNI
JIL
MOJO?MNI
>?<?
M?L
J;A;>I
?H
FI
>?<C>I
!F
?H>?O>;GC?HNI
MCAHC@C=;
A;MN;L
G}M
;BIL;
S
J;A;L
G}M
?H
?F
@ONOLI
J;L;
G;HN?H?L
?F
?KOCFC<LCI

?M
OH
<;F;H=?
;
FI
F;LAI
>?F
NC?GJI
!F
JLI<F?G;
;J;L?=?
=O;H>I
MO
=O;HN…;
HI
JO?>?
;@LIHN;LM?
=IH
F;M
?RJ?=N;NCP;M
>?
CHAL?MIM
S
FIM
;=L??>IL?M
HI
=IH@…;H
?H
MO
>?PIFO=C‰H
W
,LI=?MI
>?=CMILCI
(;
JL?MOJO?MN;=C‰H
HI
JO?>?
JLI=?>?L
MCH
;FAOH;
=F;M?
>?
JLI=?MI
>?=CMILCI
%H=FOMI
?H
FIM
=;MIM
G}M
M?H=CFFIM
NC?H?
KO?
B;<?L
;FAH
F…GCN?
?MN;<F?=C>I
J;L;
A;MN;L

;FAH
IL>?H
>?
;>IJ=C‰H
>?
>?=CMCIH?M

;FAOH;
G;H?L;
>?
?MNLO=NOL;L
F;
=IGJ;L;=C‰H
?HNL?
;FN?LH;NCP;M

S
;FAOH;
@ILG;
>?
=IGJ;L;L
F;M
?F?==CIH?M
(IM
JLI=?MIM
JL?MOJO?MN;LCIM
N;G<C‚H
L?AOF;H
?F
@FODI
>?
>?=CMCIH?M
>?
G;H?L;
KO?
M?
B;A;H
;
NC?GJI
(;
JL?MOJO?MN;=C‰H
N;G<C‚H
CH=ILJIL;
JLI=?>CGC?HNIM
J;L;
A?MNCIH;L
=IHNL;J;LNC>;M
I
CHN?L=;G<CIM
?HNL?
AL;H>?M
=;N?AIL…;M
>?
A;MNI
,O?>?
>?N?LGCH;LM?
F;
CGJILN;H=C;
L?F;NCP;
>?
=;>;
=;N?AIL…;
JLCG?LI

;>M=LC<C?H>I
OH
HCP?F
>?
A;MNI
?H
JLIJIL=C‰H
;
F;
CGJILN;H=C;
;MCAH;>;

I
JO?>?
J?LGCNCLM?
KO?
FIM
A;MNIM
?H
=;>;
}L?;
P;S;H
CH>?J?H>C?HN?G?HN?

?MN;<F?=C?H>I
=IH
JIMN?LCILC>;>
OH
<;F;H=?
;=?JN;<F?
?HNL?
F;M
J;LN?M
,IL
FNCGI

?F
IL>?H
>?
F;M
>?=CMCIH?M
?M
CGJILN;HN?
?H
INLI
M?HNC>I

JO?M
F;
JL?MOJO?MN;=C‰H
JO?>?
=IH=?HNL;LM?
JLCG?LI
?H
FIM
CHAL?MIM
S
FO?AI
?H
FIM
A;MNIM
I
;F
L?P‚M
!F
=;L}=N?L
J<FC=I
CGJLCG?
OH;M
?MJ?=C@C=C>;>?M
N…JC=;M
.O<CH


B;S
MC?GJL?
J?LMIH;M
S
ILA;HCT;=CIH?M
=IH
>C@?L?HN?M
J?LMJ?=NCP;M
S
>CMNCHN;M
@CH;FC>;>?M
NL;N;H>I
>?
=IHM?AOCL
?RNL;?L
FI
KO?
KOC?L?H
>?F
JL?MOJO?MNI
?MN}
G}M
;<C?LNI
;F
?HNILHI
\F;
?=IHIG…;

INLIM
HCP?F?M
>?
AI<C?LHI

FIM
=CO>;>;HIM

FIM
ALOJIM
>?
CHN?L‚M

FIM
G?>CIM
>?
=IGOHC=;=C‰H

FIM
JIF…NC=IM\
?MN;<F?=?H
OH
P…H=OFI
=LO=C;F
?HNL?
FIM
=IHNLC<OS?HN?M
S
FIM
@OH=CIH;LCIM
J<FC=IM

MC?H>I
?F
JLIJCI
>I=OG?HNI
OH;
@ILG;
=F;P?
>?
L?MJIHM;<CFC>;>
NC?H?
OH;
AL;H
P;LC?>;>
>?
=IHMNLC==CIH?M

F…GCN?M
F?A;F?M

F…GCN?M
J?L=C<C>IM
CGJO?MNIM
JIL
F;
IJCHC‰H
J<FC=;

HILG;M
S
L?AOF;=CIH?M
MI<L?
=‰GI
>?<?
FF?P;LM?
;
=;<I
!R;GCH?GIM
;FAOH;M
>?
?MN;M
=;L;=N?L…MNC=;M
=IH
G;SIL
;N?H=C‰H


,
A,=40/,/
/0
,.?:=0>
!MN;
>CP?LMC>;>
S
FI
=IH@FC=NCPI
>?
MOM
GINCP;=CIH?M
S
I<D?NCPIM
?M
OH;
J?=OFC;LC>;>
>?
F;
JL?MOJO?MN;=C‰H
J<FC=;
(IM
>CL?=NCPIM
>?
FIM
ILA;HCMGIM
;>GCHCMNL;NCPIM

FIM
@OH=CIH;LCIM
>?F
>?J;LN;G?HNI
?H=;LA;>I
>?
FIM
;MOHNIM
JL?MOJO?MN;LCIM

?F
G}RCGI
>CLCA?HN?
JIF…NC=I
>?
=;>;
HCP?F
>?
AI<C?LHI
S
FIM
F?ACMF;>IL?M

N;HNI
?H
=IGCN‚M
=IGI
?H
=IHDOHNI

?MN}H
CGJFC=;>IM
?H
?F
JLI=?MI
JL?MOJO?MN;LCI
(IM
ALOJIM
>?
CHN?L‚M
JO?>?H
J;LNC=CJ;L
?H
CHN?LP;FIM

;FAOH;M
P?=?M
>OL;HN?
OH
F;LAI
F;JMI
>?
NC?GJI

?H
I=;MCIH?M
=IH
<L?P?>;>

P?=?M
FIM
=CO>;>;HIM
>?M?GJ?ˆ;H
OH
J;J?F
>CL?=NI
I
CH>CL?=NI
?H
?F
JLI=?MI
(IM
NLC<OH;F?M
JO?>?H
N?H?LFI
N;G<C‚H
?H
=O;FKOC?L
HCP?F
>?
AI<C?LHI
?H
CHN?LP;FIM
CGJL?>?=C<F?M
0I>IM
?MNIM
;=NIL?M
NC?H?H
>C@?L?HN?M
HCP?F?M
>?
JI>?L
(;
=IG<CH;=C‰H
>?
>C@?L?HN?M
JL?@?L?H=C;M
S
>?
>CMNCHNIM
HCP?F?M
>?
JI>?L
NC?H?
KO?
M?L
ILKO?MN;>;
JIL
?F
JLI=?MI
JL?MOJO?MN;LCI
>?
N;F
G;H?L;
KO?
M?
;F=;H=?
OH
;=O?L>I

S
FIM
DOA;>IL?M
MCA;H
LCAC‚H>IM?
JIL
F;M
L?AF;M
>?F
DO?AI
/C
;FAH
;=NIL
M?
MC?HN?
>?G;MC;>I
=;L?HN?
>?
JI>?L

JO?>?
>?D;L
>?
J;LNC=CJ;L
I
B;=?LM?
I<MNLO==CIHCMN;

<FIKO?;H>I
=O;FKOC?L
;=O?L>I

I
CGJIHC?H>I
MIFO=CIH?M
L…AC>;M
HI
H?AI=C;<F?M
[,IL
KO‚
J;LNC=CJ;L
?H
H?AI=C;=CIH?M
S
>CM=OMCIH?M
MC
F;
>?=CMC‰H
M?L}
=IHNL;LC;
=IH
CH>?J?H>?H=C;
>?
FI
KO?
B;A;M
/C
;FAOHIM
;=NIL?M
JC?L>?H
?H
=O?MNCIH?M
CGJILN;HN?M
JO?>?H
NL;N;L
>?
CH@FOCL
?H
F;
CGJF;HN;=C‰H
>?F
JL?MOJO?MNI
J;L;
KO?
F?M
@;PIL?T=;
+
FIM
;=NIL?M
=IH
G?HIL
JI>?L
JO?>?H
NL;N;L
>?
=;G<C;L
?F
JLI=?MI
JL?MOJO?MN;LCI
>?
GI>I
KO?
=IHMCA;H
OH;
G?DIL
IJILNOHC>;>
>?
CH@FOCL
MI<L?
FIM
L?MOFN;>IM
.O<CH


FAOHIM
;=NIL?M
?H
F;
=IIL>CH;=C‰H
>?F
JLI=?MI
JL?MOJO?MN;LCI
?MJ;ˆIF
M?
G?H=CIH;H
;
=IHNCHO;=C‰H

;
GI>I
>?
CFOMNL;=C‰H
>?
MOM
J?=OFC;LC>;>?M
(;M
IGCMCIH?M
J;LNC=CJ;HN?M
?H
?F
JLI=?MI
>?
?F;<IL;=C‰H
>?
FIM
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
?H
!MJ;ˆ;
MIH
;=NO;FG?HN?
<:7@7a;
23
$<9_A71/@
23
/@A<

;
9ED<EHC?:7:
9ED
B7
&;O



!;D;H7B
*H;IKFK;IJ7H?7
B7
EC?I?vD
:;
*EBsJ?97I
:;
!7IJE
:;J;HC?D7Hn
B7I
:?H;9JH?9;I
F7H7
B7
:?IJH?8K9?vD
:;B
=7IJE
O
;IJ78B;9;Hn
BEI
9H?J;H?EI
:;
;B78EH79?vD
:;
B7I
FHEFK;IJ7I
:;
FH;IKFK;IJEI
:;DJHE
:;B
C7H9E
:;
FH?EH?:7:;I
O
E8@;J?LEI
:;
B7
FEBsJ?97
FH;IKFK;IJ7H?7
&7
EC?I?vD
:;
*EBsJ?97I
:;
!7IJE
;IJ7Hn
FH;I?:?:7
FEH
;B
0?9;FH;I?:;DJ;
-;=KD:E
:;B
!E8?;HDE
O
'?D?IJHE
:;
9EDECs7
O
"79?;D:7
;
?DJ;=H7:7
FEH
BEI
J?JKB7H;I
:;
BEI
:;F7HJ7C;DJEI
C?D?IJ;H?7B;I
IJ7
EC?I?vD
I;Hn
9EEH:?D7:7
FEH
;B
-;9H;J7H?E
:;
IJ7:E
:;
"79?;D:7
O
*H;IKFK;IJEI
*7H7
;B
9KCFB?C?;DJE
:;
IKI
<?D;I
B7
EC?I?vD
:;
*EBsJ?97I
:;
!7IJE
H;7B?P7Hn
B7I
I?=K?;DJ;I
<KD9?ED;I
7
IJ78B;9;H
BEI
9H?J;H?EI
=BE87B;I
:;
FH;IKFK;IJ79?vD
C;:?7DJ;
B7
:;J;HC?D79?vD
:;
B7I
FH?EH?:7:;I
:;
=7IJE
7
H;7B?P7H
J7DJE
;D
;B
;@;H9?9?E
5uE6
9ECE
;D
;B
C7H9E
FBKH?7DK7B
:;B
I9;D7H?E
FH;IKFK;IJ7H?E
5uE6
O
B7
<EHCKB79?vD
:;
B7I
:?H;9JH?9;I
:;
?D=H;IEI
7
E8J;D;H
8
D7B?P7H
;B
9EDJ;D?:E
FH;IKFK;IJ7H?E
:;
B7I
FEBsJ?97I
O
79JK79?ED;I
Fy8B?97I
O
J;D?;D:E
;D
9K;DJ7
BEI
E8@;J?LEI
7
7B97DP7H
O
BEI
H;9KHIEI
:;
GK;
I;
:?IFED;
F7H7
;BBE
FHEFED;H
B7
7I?=D79?vD
:;
B7I
:EJ79?ED;I
;DJH;
B7I
:?IJ?DJ7I
FEBsJ?97I
:;
=7IJE

<:7@7<;3@
23
;\97@7@
23
$?<5?/:/@

&7I
EC?I?ED;I
:;
DnB?I?I
:;
*HE=H7C7I
IED
BEI
vH=7DEI
;D97H=7:EI
:;
7D7B?P7H
B7
7:;9K79?vD
O
L7B?:;P
:;
BEI
FHE=H7C7I
:;
=7IJE
H;IF;9JE
:;
BEI
E8@;J?LEI
F;HI;=K?:EI
FEH
BEI
C?ICEI
O
:;
:;J;HC?D7H
IKI
:EJ79?ED;I
<?D7D9?;H7I
9ED<EHC;
7
B7I
FH?EH?:7:;I
:;
B7I
FEBsJ?97I
:;
=7IJE
O
:;DJHE
:;
B7I
:?IFED?8?B?:7:;I
<?D7D9?;H7I
;IJ78B;9?:7I
IJ7I
EC?I?ED;I
;IJ7HnD
FH;I?:?:7I
FEH
;B
-;9H;J7H?E
:;
IJ7:E
:;
"79?;D:7
O
*H;IKFK;IJEI
O
I;HnD
9EEH:?D7:7I
FEH
;B
-;9H;J7H?E
!;D;H7B
:;
*H;IKFK;IJEI
O
!7IJEI
-;
9EDIJ?JK?Hn
7B
C;DEI
KD7
EC?I?vD
:;
DnB?I?I
:;
*HE=H7C7I
FEH
97:7
:;F7HJ7C;DJE
C?D?IJ;H?7B
&7I
EC?I?ED;I
:;
DnB?I?I
:;
*HE=H7C7I
H;7B?P7HnD
B7I
I?=K?;DJ;I
<KD9?ED;I

7
B
7DnB?I?I
:;
BEI
FHE=H7C7I
:;
=7IJE
IKI
9EHH;IFED:?;DJ;I
E8@;J?LEI
O
B7
FH?EH?:7:
GK;
FH;I;DJ;D
;D
EH:;D
7
IK
:EJ79?vD
;D
 7
B
7DnB?I?I
:;
BEI
FHE=H7C7I
:;
=7IJE
IKI
9EHH;IFED:?;DJ;I
E8@;J?LEI
O
B7
FH?EH?:7:
GK;
FH;I;DJ;D
;D
EH:;D
7
IK
:EJ79?vD
;D
9E>;H;D9?7
9ED
B7I
:?H;9JH?9;I
:;<?D?:7I
FEH
B7
EC?I?vD
:;
*EBsJ?97I
:;
!7IJE
8
&7
FH;L?I?vD
:;B
9EIJ;
GK;
9ECFEHJ7D
BEI
FHE=H7C7I
:;
=7IJE
-;
FH;IJ7Hn
7J;D9?vD
F7HJ?9KB7H
7
BEI
FHEO;9JEI
GK;
I;7D
IKI9;FJ?8B;I
:;
E8J;D;H
<?D7D9?79?vD
FHE9;:;DJ;
:;
BEI
ED:EI
IJHK9JKH7B;I
ED:E
:;
E>;I?vD
K
EJHEI
C;97D?ICEI
:;
7OK:7
FHE9;:;DJ;I
:;
B7
/D?vD
KHEF;7
E
:;
EJH7I
<K;DJ;I
:;
<?D7D9?79?vD
9
&7
7:;9K79?vD
:;
B7I
:EJ79?ED;I
<?D7D9?;H7I
:;
BEI
FHE=H7C7I
7B
LEBKC;D
:;
H;9KHIEI
:?IFED?8B;I
:
B
7DnB?I?I
:;B
?CF79JE
:;
BEI
FHE=H7C7I
:;
=7IJE
;D
B7
?=K7B:7:
:;
=qD;HE
;
&7
;L7BK79?vD
:;B
=H7:E
:;
9KCFB?C?;DJE
:;
BEI
E8@;J?LEI
FH;L?IJEI
;D
;B
;@;H9?9?E
7DJ;H?EH
7B
;<;9JE
:;
;IJ78B;9;H
B7I
7I?=D79?ED;I
FH;IKFK;IJ7H?7I
:;B
;@;H9?9?E

;<;9JEI
:;
9EDI;=K?H
KD
C;@EH
:;I7HHEBBE
:;
;IJ7I
<KD9?ED;I
9ED
97Hn9J;H
FH;L?E
7
B7I
EC?I?ED;I
:;
DnB?I?I
:;
*HE=H7C7I
I;
9;B;8H7HnD
H;KD?ED;I
FH;F7H7JEH?7I
;DJH;
B7
?H;99?vD
!;D;H7B
:;
*H;IKFK;IJEI
O
BEI
H;IFEDI78B;I
:;
BEI
F;HJ?D;DJ;I
9;DJHEI
=;IJEH;I
:;
=7IJE

 
,
>0;,=,.4[9
/0
;,2,/:=
D
/0.4>:=
(;M
>?=CMCIH?M
MI<L?
=‰GI
M?
A;MN;L}
?F
>CH?LI
HI
M?
;>IJN;H
JIL
KOC?H?M
FI
JLIJIL=CIH;H
MCHI
JIL
MOM
L?JL?M?HN;HN?M
(IM
=IHNLC<OS?HN?M
HI
NC?H?H
F;
JIMC<CFC>;>
>?
?F?ACL
;=?L=;
>?
MC
KOC?L?H
J;A;L
I
=O}HNI
!F
JI>?L
>?F
!MN;>I
JO?>?
@ILT;LF?M
;
J;A;L
,O?>?H
JLIN?MN;L
MC
HI
F?M
AOMN;
=IGI
M?
A;MN;
MO
>CH?LI

S
?F?ACL
;
HO?PIM
L?JL?M?HN;HN?M
*I
JO?>?H
FF?P;LM?
MO
>CH?LI
S
B;=?L
INL;
=IM;
=IH
‚F
!MN;
>CMNCH=C‰H
=IH>O=?
;
>IM
=;L;=N?L…MNC=;M
CGJILN;HN?M
F;
L?MJIHM;<CFC>;>
J<FC=;
S
F;
;=?JN;<CFC>;>
JIF…NC=;
(;
L?MJIHM;<CFC>;>
MCAHC@C=;
;M?AOL;LM?
>?
=;>;
=‚HNCGI
>?
>CH?LI
J<FC=I
M?
A;MN;
=IGI
?MN;<;
;=IL>;>I

?
CH@ILG;L
GCHO=CIM;G?HN?
;F
J<FC=I
MI<L?
=‰GI
M?
B;
A;MN;>I
?F
>CH?LI
(;
;=?JN;<CFC>;>
KOC?L?
>?=CL
KO?
FIM
@OH=CIH;LCIM
J<FC=IM
KO?
;>IJN;H
F;M
>?=CMCIH?M
JL?MOJO?MN;LC;M
?MN}H
=IHMNL?ˆC>IM
JIL
F;M
H?=?MC>;>?M
>?F
J<FC=I
FAOH;M
P?=?M
B;L}H
FI
KO?
JC?HM;H
KO?
?F
J<FC=I
KOC?L?

CH=FOMI
MC
FIM
L?MOFN;>IM
MIH
CH?@C=C?HN?M
I
CHDOMNIM

S
?H
I=;MCIH?M

JL?M?HN;L}H
?F
JL?MOJO?MNI
>?
G;H?L;
KO?
M?;
;=?JN;>I
JIL
?F
J<FC=I

CH=FOMI
MC
HI
B;H
M?AOC>I
JL?=CM;G?HN?
F;
PIFOHN;>
>?F
J<FC=I
!H
=IHM?=O?H=C;

M?
JLI>O=?
OH;
N?HMC‰H
?HNL?
F;
L?MJIHM;<CFC>;>

KO?
L?KOC?L?
OH;
;J?LNOL;
=;MC
=IGJF?N;

S
F;
;=?JN;<CFC>;>

KO?
JO?>?
CGJFC=;L
;
P?=?M
F;
I=OFN;=C‰H
I
>CMNILMC‰H
>?
F;
CH@ILG;=C‰H
I
MO
JL?M?HN;=C‰H
>?
OH;
G;H?L;
JI=I
=F;L;
.O<CH





:
2=1C;3<B=
>@3AC>C3AB/@7=
G
:/
@3A>=<A/07:72/2
,IL
F;
M?J;L;=C‰H
;HN?>C=B;

?F
>I=OG?HNI
JL?MOJO?MN;LCI
M?
=IHPC?LN?
?H
M…
GCMGI
?H
OH
G?>CI
CGJILN;HN?
>?
F;
L?MJIHM;<CFC>;>
J<FC=;
S
F;
L?H>C=C‰H
>?
=O?HN;M

S
HOH=;
G?DIL
>C=BI

>?F
MCMN?G;
JIF…NC=I;>GCHCMNL;NCPI
[‰GI
>?=C>C?LIH
A;MN;L
FIM
L?JL?M?HN;HN?M
>?F
J<FC=I
?F
>CH?LI
>?
FIM
=IHNLC<OS?HN?M
[(I
>?LLI=B;LIH
[#;MN;LIH
?H
>?@?HM;

?H
G;HN?HCGC?HNI
>?
F;
M?AOLC>;>
J<FC=;

?H
M?AOLI
>?
>?M?GJF?I
I
?H
INLIM
M?LPC=CIM
MI=C;F?M
[O}HNI
M?
A;MN‰
?H
=;LL?N?L;M
(IM
=CO>;>;HIM
HI
I<M?LP;H
F;
;>IJ=C‰H
>?
>?=CMCIH?M

J?LI
?FFIM
S
FIM
G?>CIM
>?
=IGOHC=;=C‰H
NC?H?H
;==?MI
;F
>I=OG?HNI
S
JO?>?H
<OM=;L
F;
L?MJO?MN;
,O?>?H
=IHMC>?L;L
L?MJIHM;<F?
;F
AI<C?LHI
J;L;
KO?
LCH>;
=O?HN;M
G?>C;HN?
?F
JL?MOJO?MNI
J;L;
=IGJLI<;L
KO‚
JLIG?NC?LIH
F;M
;ONILC>;>?M
S
FIM
@OH=CIH;LCIM

KO‚
M?LPC=CIM
M?
F?M
JLIP?S?LIH
L?;FG?HN?

S
MC
?H
>?M?G<IFMI
>?
L?=OLMIM
@CH;H=C?LIM
J<FC=IM
M?
L?;FCT‰
=IH
?@C=C?H=C;
,?LI
JL?=CM;G?HN?
JIL
?MN?
GINCPI
FIM
JL?MOJO?MNIM
HI
JL?M?HN;H
MC?GJL?
OH
L?NL;NI
=IGJF?NI
S
JL?=CMI
,;L;
IM=OL?=?L
FIM
=IMN?M
L?;F?M
M?
M?J;L;H
FIM
A;MNIM
>?
OH
JLIAL;G;

>CMNLC<OS‚H>IFIM
JIL
P;LCIM
=;J…NOFIM
>CMNCHNIM
>?F
>I=OG?HNI

G;SIL
=IGJFC=;=C‰H
>?F
JL?MOJO?MNI

G}M
;=NCPC>;>?M
S
=O?HN;M
>C@?L?HN?M

G;SIL
>CM=L?=CIH;FC>;>
>?
FIM
;>GCHCMNL;>IL?M
,?LI
HI
>?<?
?RNL;?LM?
F;
=IH=FOMC‰H
>?
F;
N?HMC‰H
?HNL?
L?MJIHM;<CFC>;>
S
;=?JN;<CFC>;>
=IH>O=?
MC?GJL?
;
OH;
G;SIL
>CMNILMC‰H
I
G}M
M?=L?NI

B;S
?D?GJFIM
=IHN?GJIL}H?IM
>?
JL?M?HN;=CIH?M
G}M
=F;L;M
S
=IGJL?HMCP;M
!F
;LN?
>?
F;
L?P?F;=C‰H
M?F?=NCP;
?M
J;LN?
>?
F;
JL?MOJO?MN;=C‰H
.O<CH




/
/>3@BC@/
/:
3<B=@<=
!F
;G<C?HN?
>?
F;
JL?MOJO?MN;=C‰H
CH=FOS?
>CMNCHNIM
@;=NIL?M
=IGJL?H>C?H>I
?F
HCP?F
AFI<;F
>?
L?=OLMIM
>CMJIHC<F?M
\F;
=;HNC>;>
>?
LCKO?T;
CGJIHC<F?

F;
?MNLO=NOL;
CGJIMCNCP;
?RCMN?HN?

F;M
=IH>C=CIH?M
?=IH‰GC=;M
=ILLC?HN?M\
?F
AL;>I
>?
=?LNC>OG<L?
MI<L?
FIM
CHAL?MIM
S
OH;
P;LC?>;>
>?
?G?LA?H=C;M
H;NOL;F?M
\AL;H>?M
H?P;>;M

LC;>;M
?
CHOH>;=CIH?M

M?KO…;M

>?LLOG<;GC?HNIM

?N=\
I
MI=C;F?M
\AO?LL;M

?RJFIMCIH?M
KO…GC=;M

=IHN;GCH;=C‰H
>?
;AO;M
>OF=?M
I
G;LCH;M

?N=\
!F
?HNILHI
JO?>?
CH=FOCL
N;G<C‚H
LCAC>?=?M
L?MOFN;HN?M
>?
>?=CMCIH?M
;HN?LCIL?M

KO?
;BIL;
JO?>?H
?MN;L
CH=ILJIL;>;M
?H
F;
F?ACMF;=C‰H
!F
?H>?O>;GC?HNI
JL?PCI
=L?;
OH;
I<FCA;=C‰H
F?A;F
J;L;
JL?MOJO?MNIM
@ONOLIM

OH;
I<FCA;=C‰H
KO?
JO?>?
JLI>O=CL
KO?
INLIM
A;MNIM
JIMC<F?M
>?D?H
>?
=IHMC>?L;LM?
I
L?KO?LCL
HCP?F?M
MOJ?LCIL?M
>?
CGJIMC=C‰H
!F
;G<C?HN?
?H
?MN?
M?HNC>I
JO?>?
=IH@CAOL;L
F;M
=O?MNCIH?M
>?
F;M
JIF…NC=;M
J<FC=;M
S
FCGCN;L
F;M
;FN?LH;NCP;M
(;
IJCHC‰H
J<FC=;
N;G<C‚H
@ILG;
J;LN?
>?F
?HNILHI
>?F
JL?MOJO?MNI

S
F;
J?L=?J=C‰H
>?
=;G<CI
?H
‚MN;
M?
L?@F?D;L}
?H
=;G<CIM
JL?MOJO?MN;LCIM
!F
MCMN?G;
>?
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?M
?
CHN?L;>GCHCMNL;NCP;M
?M
OH;
J;LN?
=F;P?
>?F
;G<C?HN?
>?F
JL?MOJO?MNI
(;M
@O?HN?M
F?A;F?M
>?
FIM
CHAL?MIM

F;M
FCGCN;=CIH?M
;F
?H>?O>;GC?HNI

F;M
=IH>C=CIH?M
>?
A;MNI
CH=ILJIL;>;M
?H
F;M
NL;HM@?L?H=C;M

S
FIM
=IMN?M
JL?=?JNCPIM
MIH
;FAOH;M
>?
MOM
CGJFC=;=CIH?M
.O<CH




/A
1=<AB@7117=<3A
>@3AC>C3AB/@7/A
(;
;J?LNOL;
>?
FIM
JL?MOJO?MNIM
;F
?HNILHI
=L?;
F;
H?=?MC>;>
>?
KO?
M?;H
@F?RC<F?M
(;M
;ONILC>;>?M
JIF…NC=;M
S
FIM
@OH=CIH;LCIM
NC?H?H
KO?
M?L
=;J;=?M
>?
;>;JN;LM?
L}JC>;G?HN?

L?;MCAH;H>I
@IH>IM
J;L;
;@LIHN;L
MCNO;=CIH?M
>?
?G?LA?H=C;

A;MN;H>I
G}M
;BIL;
S
=IGJ?HM;H>I
F;
>C@?L?H=C;
G}M
N;L>?

L?=ILN;H>I
A;MNIM
;
FI
F;LAI
>?F
;ˆI
J;L;
;@LIHN;L
>?M=?HMIM
L?J?HNCHIM
>?
CHAL?MIM
I
CH=L?G?HNIM
>?
A;MNI
,?LI
?M;
GCMG;
;J?LNOL;
KO?
@IG?HN;
F;
@F?RC<CFC>;>
JO?>?
MOD?N;L
MCGOFN}H?;G?HN?
;
F;
JL?MOJO?MN;=C‰H
;
HOG?LIM;M
=IHMNLC==CIH?M
(;M
NL;HM@?L?H=C;M
=;N?A‰LC=;M
>?F
AI<C?LHI
H;=CIH;F
;
FIM
AI<C?LHIM
FI=;F?M
I
L?ACIH;F?M
MIH
OH;
=IHMNLC==C‰H
JO?MNI
KO?
?MN;<F?=?H
KO?
M‰FI
JO?>?H
A;MN;LM?
=IH
@CH?M
JL?>?N?LGCH;>IM
(IM
NLC<OH;F?M
JO?>?H
>?=F;L;L
CF?A;F?M
;FAOHIM
CGJO?MNIM
I
CH;>?=O;>I
OH
JLIAL;G;
(;M
I<FCA;=CIH?M
F?A;F?M
>?
L??G<IFM;L
F;
>?O>;
S
>?
G;HN?H?L
=C?LN;M
?GJL?M;M
J<FC=;M
@O?L;
>?F
JL?MOJO?MNI
N;G<C‚H
=L?;H
=IHMNLC==CIH?M
.O<CH





7
.4.7:
;=0>@;@0>?,=4:
!F
AI<C?LHI
?H
OH
L‚ACG?H
J;LF;G?HN;LCI

I
?F
JL?MC>?HN?
?H
OHI
JL?MC>?H=C;FCMN;

JL?J;L;
OH
<ILL;>IL
>?
JL?MOJO?MNI
J;L;
MO
;JLI<;=C‰H
JIL
F;
F?ACMF;NOL;

N?HC?H>I
?H
=O?HN;
MOM
;JISIM
J;LF;G?HN;LCIM
!M?
<ILL;>IL
FI
B;
=IH@?==CIH;>I

;
MO
P?T

OH
‰LA;HI
?MJ?=…@C=I
>?F
>?J;LN;G?HNI
?H=;LA;>I
>?
F;
?=IHIG…;
I
OH
ILA;HCMGI
?MJ?=C;FCT;>I
CH>?J?H>C?HN?

<;M}H>IM?
?H
F;M
J?NC=CIH?M
>?
FIM
>CMNCHNIM
ILA;HCMGIM

MC?H>I
@L?=O?HN?
F;
?RCMN?H=C;
>?
I@C=CH;M
JL?MOJO?MN;LC;M
>?
}G<CNI
>?J;LN;G?HN;F

?H=;LA;>;M
>?
F;
=IGOHC=;=C‰H
?MJ?=C;FCT;>;
=IH
?F
CHN?LFI=ONIL
=?HNL;F
1H;
P?T
KO?
F;
F?ACMF;NOL;
;ONILCT;
FIM
A;MNIM
J;L;
FIM
JLIAL;G;M
?MJ?=…@C=IM
(IM
ILA;HCMGIM
;>GCHCMNL;NCPIM

JIL
FNCGI

>?M?G<IFM;H
F;M
MOG;M
;ONILCT;>;M
S
>;H
=O?HN;
>?
?FF;M
1H;
=;L;=N?L…MNC=;
>?N?LGCH;HN?
?M
F;
=IH>C=C‰H
;HO;F
>?F
=C=FI
JL?MOJO?MN;LCI

F;
=O;F
NL;?
=IHMCAI
;FAOHIM
JLI<F?G;M
J;L;
FIM
A?MNIL?M
!F
JLCG?LI
?M
KO?
NC?H>?
;
CAHIL;L
F;M
CGJFC=;=CIH?M
;
F;LAI
JF;TI
>?
F;M
>?=CMCIH?M
>?
A;MNI
;>IJN;>;M
?H
OH
;ˆI
=O;FKOC?L;
OH
J?KO?ˆI
A;MNI
;BIL;
JO?>?
L?MOFN;L
=O;HNCIMI
;FAH
NC?GJI
>?MJO‚M

=L?;H>I
=FC?HN?F;M
KO?
HI
JO?>?H
?FCGCH;LM?
MCH
L?J?L=OMCIH?M
JIF…NC=;M
MOMN;H=C;F?M
!H
INLIM
=;MIM
?F
JLI<F?G;
JO?>?
M?L
?R;=N;G?HN?
?F
IJO?MNI

JO?M
;FAOHIM
A?MNIL?M
HI
JO?>?H
>?J?H>?L
H?=?M;LC;G?HN?
>?
OH;
@CH;H=C;=C‰H
=IHNCHO;
J;L;
G;HN?H?L
MOM
JLIAL;G;M
?H
@OH=CIH;GC?HNI
(;M
>C@C=OFN;>?M
J;L;
L?N?H?L
F;
;ONILCT;=C‰H
>?F
A;MNI
>?
OH
;ˆI
J;L;
INLI
MCAHC@C=;H
KO?
FIM
A?MNIL?M
M?
P?H
@ILT;>IM
;
A;MN;L
NI>I
MO
JL?MOJO?MNI
;F
@CH;F
>?F
;ˆI

?MNCGOF;H>I
>?=CMCIH?M
>?
A;MNI
KO?
HI
M?
;>IJN;L…;
>?
INLI
GI>I
+NL;M
@‰LGOF;M
=IGI
FIM
MOJF?G?HNIM
>?
=L‚>CNI
I
FIM
=L‚>CNIM
?RNL;IL>CH;LCIM
N;G<C‚H
B;H
?LIMCIH;>I
F;
JL?MOJO?MN;=C‰H
;HO;F

A?H?L;H>I
OH
JLI=?MI
=IHNCHOI
(?PCH?

,?N?LM

0BIGJMIH


,?LI
HI
>?<?
KO?>;L
F;
C>?;
>?
KO?
?F
=C=FI
?M
OH
JLI=?MI
;HO;F
=IH
?M=;MIM
=;G<CIM
>?
;ˆI
?H
;ˆI
HN?M
;F
=IHNL;LCI

?M
G}M
@LO=N…@?LI
=IH=?<CL
?F
JLI=?MI
JL?MOJO?MN;LCI
=IGI
;FAI
MOM=?JNC<F?
>?
M?L
M?AG?HN;>I
S
>?
M?L
CHN?LLOGJC>I

S
?MNI
M?
=IHMCAO?

>;>;
N;G<C‚H
MO
=IH>C=C‰H
=…=FC=;

>CPC>C?H>I
F;
JL?MOJO?MN;=C‰H
?H
=IHAFIG?L;>IM
>?
>?=CMCIH?M
M?J;L;>IM
J?LI
PCH=OF;>IM
CHAL?MIM

JLI=?MI

A;MNIM

<;F;H=?
?
CGJF;HN;=C‰H
(;
;>IJ=C‰H
>?
>?=CMCIH?M
?H
=;>;
=IHAFIG?L;>I
JLI=?>?
?H
J;LN?
>?
G;H?L;
CH>?J?H>C?HN?
GC?HNL;M
M?
L?@C?L?
;
>?=CMCIH?M
;>IJN;>;M
?H
INLIM
=IHAFIG?L;>IM

I
?H
;HNC=CJ;=C‰H
>?
INL;M
KO?
M?
;>IJN;L}H
JLI<;<F?G?HN?
(IM
=IHAFIG?L;>IM
MIH
CHN?L>?J?H>C?HN?M
J?LI
HI
MO=?>?H
?H
OH;
M?=O?H=C;
@CD;
MCHI
?H
OH
JLI=?MI
CN?L;NCPI
(;
>?=CMC‰H
KO?
OHI
H?=?MCN;
N?H?L
?H
OH
=IHAFIG?L;>I
>?N?LGCH;>I
JO?>?
HI
B;<?L
MC>I
;>IJN;>;
;
NC?GJI
>?
ONCFCT;LF;
?H
INLI
=IHAFIG?L;>I
!HNIH=?M
OHI
JO?>?
;>CPCH;L

I
?GJF?;L
OH;
=C@L;
;HNCAO;

S
FO?AI
=;G<C;LF;
=O;H>I
F;
HO?P;
=;HNC>;>
M?;
>?N?LGCH;>;
;>;
=IHAFIG?L;>I
;NL;?
OH
=IHDOHNI
=;L;=N?L…MNC=I
>C@?L?HN?
>?
;=NIL?M
S
A?H?L;
MO
JLIJC;
J;ON;
N…JC=;
>?
,IF…NC=;
FAOHIM
=IHAFIG?L;>IM
NC?H?H
OH;
CHN?HM;
;=NCPC>;>
>?
FIM
ALOJIM
>?
JL?MC‰H

GC?HNL;M
KO?
?H
INLIM
HI
B;S
PCLNO;FG?HN?
HCHAOH;
;FAOHIM
=IHAFIG?L;>IM
M?
=;L;=N?LCT;H
JIL
F;
=IGJ?N?H=C;
S
F;M
H?AI=C;=CIH?M
S
FIM
?M@O?LTIM
J;L;
PCH=OF;L
F;M
>?=CMCIH?M
@ONOL;M
J;L;
L?MNLCHACL
F;
=IGJ?N?H=C;
;<C?LN;
INLIM
M?
>CMNCHAO?H
JIL
>CPCMCIH?M
C>?IF‰AC=;M
JLI@OH>;M
?H
INLIM
>IGCH;
OH;
J?LMJ?=NCP;
N‚=HC=;
INLIM
?MN}H
=F;L;G?HN?
>?N?LGCH;>IM
JIL
F;M
JLCILC>;>?M
>?
F;M
;ONILC>;>?M
?F?=N;M
S
?F
J<FC=I

S
INLIM
JIL
OH;
G?T=F;
>?
;G<IM
.O<CH


!H
!MJ;ˆ;
?F
=C=FI
JL?MOJO?MN;LCI
JO?>?
MCHN?NCT;LM?
?H
F;M
MCAOC?HN?M
@;M?M

P‚;M?
?F
#L}@C=I

V
=NO;FCT;=C‰H
>?F
,LIAL;G;
>?
!MN;<CFC>;>
!H
?F
G;L=I
>?F
,;=NI
>?
!MN;<CFC>;>
S
L?=CGC?HNI

=;>;
;ˆI
M?
>?<?
JL?M?HN;L
;
F;
1HC‰H
!OLIJ?;
OH
>C;AH‰MNC=I
>?
F;
?=IHIG…;
?MJ;ˆIF;
S
F;
ILC?HN;=C‰H
>?
F;
JIF…NC=;
?=IH‰GC=;
!H
<;M?
;
>C=BI
;H}FCMCM
M?
@ILGOF;H
JLIS?==CIH?M
JL?MOJO?MN;LC;M
;
G?>CI
JF;TI

;ˆIM
V
%H@ILG?
>?
MCNO;=C‰H
>?
F;
?=IHIG…;
?MJ;ˆIF;
.?=IA?
F;
?MNCG;=C‰H
>?
F;M
G;AHCNO>?M
?=IH‰GC=;M
G}M
L?F?P;HN?M
KO?
MCLP?
J;L;
@CD;L
FIM
I<D?NCPIM
>?
?MN;<CFC>;>
JL?MOJO?MN;LC;
/?
?F;<IL;
JIL
?F
)CHCMN?LCI
>?
!=IHIG…;
S
IGJ?NCNCPC>;>

JL?PC;
 =IHMOFN;
;F
%HMNCNONI
*;=CIH;F
>?
!MN;>…MNC=;
S
;F
;H=I
>?
!MJ;ˆ;
S
N?HC?H>I
?H
=O?HN;
F;M
JL?PCMCIH?M
>?F
;H=I
?HNL;F
!OLIJ?I
S
F;
IGCMC‰H
!OLIJ?;
IHNC?H?
OH
=O;>LI
?=IH‰GC=I
>?
BILCTIHN?
JFOLC;HO;F
KO?
CH=FOS?
F;
JL?PCMC‰H
>?
=L?=CGC?HNI
>?
F;
?=IHIG…;
?MJ;ˆIF;
S
F;
N;M;
>?
L?@?L?H=C;
>?
F;
?=IHIG…;
?MJ;ˆIF;

?HNL?
INL;M
P;LC;<F?M
V
+L>?H
>?
?F;<IL;=C‰H
>?
FIM
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
!F
)CHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M

JO<FC=;
;HO;FG?HN?
F;
IL>?H
?H
F;
KO?
M?
>C=N;H
F;M
HILG;M
>?
?F;<IL;=C‰H
>?
FIM
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
>?F
?D?L=C=CI
MCAOC?HN?
!MN;
IL>?H
CHC=C;
@ILG;FG?HN?
?F
JLI=?MI
>?
?F;<IL;=C‰H
JL?MOJO?MN;LC;

?MN;<F?=?
FIM
=LCN?LCIM
>?
JL?MOJO?MN;=C‰H

?F
}G<CNI
CHMNCNO=CIH;F

F;M
=IGCMCIH?M
J;LNC=CJ;HN?M

F;M
?MNLO=NOL;M
JL?MOJO?MN;LC;M

F;
>I=OG?HN;=C‰H
;
JL?M?HN;L
S
FIM
JF;TIM
>?F
JLI=?MI
>?
?F;<IL;=C‰H
!F
JLI=?>CGC?HNI
@ILG;F
>?
NL;GCN;=C‰H
>?
?MN;
@;M?
>?F
JL?MOJO?MNI
M?
L?MOG?
;
=IHNCHO;=C‰H
V
(;
CL?==C‰H
#?H?L;F
>?
,L?MOJO?MNIM
?F;<IL;L}
FIM
?MN;>IM
>?
A;MNIM
>?F
;HN?JLIS?=NI
>?
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
J;L;
7ˆI8
N?HC?H>I
?H
=O?HN;
F;M
ILC?HN;=CIH?M
>?
JIF…NC=;
?=IH‰GC=;

?F
F…GCN?
>?
A;MNI
HI
@CH;H=C?LI
>?F
JL?MOJO?MNI
>?F
!MN;>I
;JLI<;>I
JIL
F;M
ILN?M
#?H?L;F?M

F;M
JLCILC>;>?M
@ILGOF;>;M
JIL
F;
IGCMC‰H
>?
,IF…NC=;M
>?
#;MNI

F;M
=IH=FOMCIH?M
L?MOFN;HN?M

?H
MO
=;MI

>?
F;M
IGCMCIH?M
>?
H}FCMCM
>?
,LIAL;G;M
S
F;M
JLIJO?MN;M
L?GCNC>;M
JIL
FIM
>CMNCHNIM
=?HNLIM
A?MNIL?M
V
(;
/?=L?N;L…;
>?
!MN;>I
>?
,L?MOJO?MNIM
S
#;MNIM
=IIL>CH;L}
F;M
JLIJO?MN;M
>?
FIM
=?HNLIM
>CL?=NCPIM
>?F
)CHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M
S
>?
;KO?FFIM
=?HNLIM
>CL?=NCPIM
>?
INLIM
?J;LN;G?HNIM
)CHCMN?LC;F?M
=IH
=IGJ?N?H=C;M
?H
G;N?LC;
>?
CHAL?MIM
J;L;
F;
L?;FCT;=C‰H
>?
JL?PCMCIH?M
S
?MNCG;=CIH?M
KO?
B;H
>?
M?L
N?HC>;M
?H
=O?HN;
JIL
F;
CL?==C‰H
#?H?L;F
>?
,L?MOJO?MNIM
?H
F;
?F;<IL;=C‰H
>?
FIM
?MN;>IM
>?
CHAL?MIM
>?F
;HN?JLIS?=NI
>?
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
J;L;
7ˆI8
V
1H;
P?T
?F;<IL;>IM
FIM
?MN;>IM
>?
A;MNIM
?
CHAL?MIM

‚MNIM
M?
?F?P;L}H
;F
NCNOF;L
>?F
)CHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M

KOC?H
MIG?N?L}
;F
;=O?L>I
>?F
#I<C?LHI
?F
;HN?JLIS?=NI
>?
(?S
>?
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
J;L;
7ˆI8
V
IH
FIM
GCMGIM
=LCN?LCIM

F;
CL?==C‰H
#?H?L;F
>?
,L?MOJO?MNIM
?F;<IL;L}
FIM
;HN?JLIS?=NIM
>?
JL?MOJO?MNIM
>?F
%HMNCNONI
*;=CIH;F
>?
#?MNC‰H
/;HCN;LC;
S
>?F
%HMNCNONI
>?
);SIL?M
S
/?LPC=CIM
/I=C;F?M
;
J;LNCL
>?
F;M
JLIJO?MN;M
L?GCNC>;M
JIL
?F
)CHCMN?LCI
>?
/;HC>;>

/?LPC=CIM
/I=C;F?M
?
%AO;F>;>
"ILG;>IM
;G<IM
;HN?JLIS?=NIM

F;
CL?==C‰H
#?H?L;F
>?
,L?MOJO?MNIM
FIM
?HPC;L}
;F
)CHCMN?LCI
>?
!GJF?I
S
/?AOLC>;>
/I=C;F
J;L;
MO
CHN?AL;=C‰H
?H
?F
;HN?JLIS?=NI
>?
JL?MOJO?MNI
>?
F;
/?AOLC>;>
/I=C;F
V
,IL
MO
J;LN?

?F
)CHCMN?LCI
>?
!GJF?I
S
/?AOLC>;>
/I=C;F
OHCL}
FIM
;HN?JLIS?=NIM
>?
JL?MOJO?MNIM
>?F
%HMNCNONI
*;=CIH;F
>?
#?MNC‰H
/;HCN;LC;
S
>?F
%HMNCNONI
>?
);SIL?M
S
/?LPC=CIM
/I=C;F?M
;
FIM
>?F
L?MNI
>?
F;M
!HNC>;>?M
#?MNIL;M

/?LPC=CI
IGH
S
)ONO;M
>?
==C>?HN?M
>?
0L;<;DI
S
!H@?LG?>;>?M
,LI@?MCIH;F?M
J;L;
@ILG;L
?F
;HN?JLIS?=NI
>?
JL?MOJO?MNI
>?
F;
/?AOLC>;>
/I=C;F

KO?
M?
L?GCNCL}
;F
)CHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M
J;L;
KO?
FIM
NCNOF;L?M
>?
;G<IM
)CHCMN?LCIM
FI
?F?P?H
=IHDOHN;G?HN?
;F
#I<C?LHI
J;L;
MO
;JLI<;=C‰H
?
CH=FOMC‰H
?H
?F
JLIS?=NI
>?
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I

=IHNCHO;=C‰H
M?
JLI>O=?
FI
MCAOC?HN?
 V
=O?L>I
MI<L?
FIM
I<D?NCPIM
>?
?MN;<CFC>;>
JL?MOJO?MN;LC;
S
>?
>?O>;
J<FC=;
S
?F
F…GCN?
>?
A;MNI
HI
@CH;H=C?LI
>?F
!MN;>I
!H
?F
JLCG?L
M?G?MNL?
>?
=;>;
;ˆI

?F
#I<C?LHI

;
JLIJO?MN;
>?F
)CHCMNLI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M
S
JL?PCI
CH@ILG?
>?F
IHM?DI
>?
,IF…NC=;
"CM=;F
S
"CH;H=C?L;
>?
F;M
IGOHC>;>?M
ON‰HIG;M
S
>?
F;
IGCMC‰H
*;=CIH;F
>?
>GCHCMNL;=C‰H
(I=;F

?H
MOM
L?MJ?=NCPIM
}G<CNIM

@CD;
?F
I<D?NCPI
>?
?MN;<CFC>;>
S
?F
I<D?NCPI
>?
>?O>;
J<FC=;
J;L;
?F
=IHDOHNI
>?F
M?=NIL
J<FC=I
;>GCHCMNL;NCPI
S
=;>;
OHI
>?
FIM
;A?HN?M
KO?
FI
CHN?AL;H
>GCHCMNL;=C‰H
?HNL;F

IGOHC>;>?M
ON‰HIG;M

ILJIL;=CIH?M
(I=;F?M
S
/?AOLC>;>
/I=C;F
L?@?LC>I
;
FIM
NL?M
?D?L=C=CIM
MCAOC?HN?M
!F
;=O?L>I
M?
L?GCN?
;
F;M
ILN?M
#?H?L;F?M
J;L;
MO
;JLI<;=C‰H
I
L?=B;TI
/?
CH=FOS?
;>?G}M
?F
F…GCN?
>?
A;MNI
HI
@CH;H=C?LI
>?F
,L?MOJO?MNI
>?F
!MN;>I
J;L;
?F
?D?L=C=CI
MCAOC?HN?
V
JLI<;=C‰H
>?F
,LIS?=NI
>?
(?S
>?
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
!F
)CHCMNLI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M
?F?P;
?F
;HN?JLIS?=NI
J;L;
KO?
?F
#I<C?LHI
JLI=?>;
;
MO
;JLI<;=C‰H
!F
JLIS?=NI
M?
L?GCN?
;
F;M
ILN?M
#?H?L;F?M
DOHNI
=IH
F;
>I=OG?HN;=C‰H
JL?MOJO?MN;LC;
F?A;FG?HN?
?MN;<F?=C>;

;F
G?HIM
NL?M
G?M?M
;HN?M
>?
F;
?RJCL;=C‰H
>?
FIM
>?F
;ˆI
;HN?LCIL
V
JLI<;=C‰H
>?
F;
(?S
>?
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
?MJO‚M
>?F
>?<;N?
S
?F
JLI=?MI
>?
?HGC?H>;M
?H
?F
IHAL?MI
S
?F
/?H;>I

M?
;JLO?<;

?H
MO
=;MI

F;
(?S
>?
,L?MOJO?MNIM
#?H?L;F?M
>?
!MN;>I
J;L;
KO?
?HNL?
?H
PCAIL
?F

>?
?H?LI
>?F
?D?L=C=CI
?=IH‰GC=I
=ILL?MJIH>C?HN?
3I)+&1

/93;2/?7<
239
1719<
=?3@B=B3@A/?7<



=A
7<5@3A=A
(;M
>?=CMCIH?M
MI<L?
FIM
CHAL?MIM
=IGJL?H>?H
?MNCG;=CIH?M
N‚=HC=;M
;=?L=;
>?
=O}HNIM
CHAL?MIM
?MN;L}H
>CMJIHC<F?M
?F
;ˆI
MCAOC?HN?

MOJIHC?H>I
F;
;OM?H=C;
>?
=;G<CIM
?H
F;
?MNLO=NOL;
>?
FIM
CGJO?MNIM

S
=;G<CIM
?H
F;
JIF…NC=;
@CM=;F
KO?
CGJFCKO?H
GI>C@C=;=CIH?M
?H
?F
HCP?F
I
NCJI
>?
F;
CGJIMC=C‰H
[/?
MO<CL}H
I
M?
<;D;L}H
FIM
CGJO?MNIM
[$;<L}
J;AIM
@L;==CIH;>IM
[,;L;
KOC‚H
[IH
KO‚
JLIJ‰MCNI
[!H
KO‚
@O?HN?M
CGJIMCNCP;M
M?
B;L}
BCH=;JC‚

S
?H
=O}F?M
HI

=IH
KO‚
?@?=NIM
MI<L?
F;M
L?ACIH?M

F;M
=F;M?M
?=IH‰GC=;M

I
FIM
ALOJIM
>?
?>;>
[O}H
PCMC<F?
M?L}
F;
=;LA;
@CM=;F
(IM
ALOJIM
>?
CHN?L‚M
?MN}H
GOS
CGJFC=;>IM
?H
?MN?
=IHAFIG?L;>I
mMN?
L?M;FN;
F;
?M=;M?T
>?
L?=OLMIM
KO?
?M
OH
?F?G?HNI
?M?H=C;F
>?
F;
JL?MOJO?MN;=C‰H

?
CFOMNL;
F;
N?HMC‰H
=;L;=N?L…MNC=;
?HNL?
L?MJIHM;<CFC>;>
S
;=?JN;<CFC>;>
(IM
CHAL?MIM
MIH
?RNL?G;>;G?HN?
M?HMC<F?M
;F
?HNILHI
JILKO?
FIM
=;G<CIM
?H
F;
?=IHIG…;
CH@FOS?H
MI<L?
FIM
HCP?F?M
>?
CHAL?MIM
S
JILKO?
F;
J?L=?J=C‰H
>?
F;
IJCHC‰H
J<FC=;
CH@FOS?
MI<L?
F;
PIFOHN;>
>?
FIM
@OH=CIH;LCIM
J<FC=IM
J;L;
;OG?HN;L
FIM
CGJO?MNIM
.O<CH


!F
,L?MOJO?MNI
>?
CHAL?MIM
?H
!MJ;ˆ;
M?
?MNLO=NOL;
JIL
OHC>;>?M
ILA}HC=;M
S
JIL
=;N?AIL…;M
?=IH‰GC=;M
=IGI
JO?>?
P?LM?
;
=IHNCHO;=C‰H
@A?B1AB?/
<?5\;71/ R
B
*H;IKFK;IJE
:;
?D=H;IEI
I;
;IJHK9JKH7
EH=nD?97C;DJ;
FEH
;DJHEI
=;IJEH;I
O
9ECFH;D:;Hn
;B
FH;IKFK;IJE
:;B
IJ7:E
;B
:;
B7
-;=KH?:7:
-E9?7B
O
;B
:;
97:7
KDE
:;
BEI
:;CnI
;DJHEI
=;IJEH;I

@A?B1AB?/
31<;a:71/ R
&EI
H;9KHIEI
?D9BK?:EI
;D
BEI
;IJ7:EI
:;
?D=H;IEI
:;B
*H;IKFK;IJE
I;
EH:;D7HnD
I;=yD
IK
D7JKH7B;P7
;9EDvC?97
9ED
7HH;=BE
7
B7
9B7I?<?979?vD
FEH
97FsJKBEI
7HJs9KBEI
9ED9;FJEI
O
IK89ED9;FJEI

@A?B1AB?/@
3@=31_471/@ R
&EI
*H;IKFK;IJEI
:;
?D=H;IEI
O
=7IJEI
:;
B7
-;=KH?:7:
-E9?7B
:;
BEI
)H=7D?ICEI
KJvDECEI
:;B
IJ7:E
:;
B7I
DJ?:7:;I
*y8B?97I
CFH;I7H?7B;I
:;
B7I
-E9?;:7:;I
';H97DJ?B;I
IJ7J7B;I
:;
B7I
KD:79?ED;I
:;B
I;9JEH
Fy8B?9E
;IJ7J7B
O
:;
BEI
ED:EI
O
H;IJE
:;
)H=7D?ICEI
O
DJ?:7:;I
I;
;IJHK9JKH7HnD
7J;D:?;D:E
7
BEI
9H?J;H?EI
;IF;9s<?9EI
GK;
I;
:;J7BB7D
7
9EDJ?DK79?vD

3
9/
'35B?72/2
'<17/9 R
&7
-;=KH?:7:
-E9?7B
FH;I;DJ7Hn
IK
*H;IKFK;IJE
;D
;B
C7H9E
:;B
FHE9;:?C?;DJE
FH;L?IJE
;D
B7
!;D;H7B
*H;IKFK;IJ7H?7
9ED
7HH;=BE
7
IK
;IJHK9JKH7
EH=nD?97
O
79ECF7u7:E
7
;<;9JEI
:;
IK
FH;I;DJ79?vD
?DJ;=H7:7
:;
KD
:E9KC;DJE
:;
;GK?L7B;D9?7I
;DJH;
B7
;IJHK9JKH7
FEH
FHE=H7C7I
:;
IK
*H;IKFK;IJE

3
9<@
#?5/;7@:<@
BAa;<:<@
239
@A/2< R
&7
;IJHK9JKH7
:;B
*H;IKFK;IJE
:;
BEI
)H=7D?ICEI
KJvDECEI
:;B
IJ7:E
I;
9ED<?=KH7
;D
B7
<EHC7
;IJ78B;9?:7
9ED
97Hn9J;H
=;D;H7B
:?9?ED7BC;DJ;
BEI
)H=7D?ICEI
KJvDECEI
?D9BK?HnD
;D
IKI
FH;IKFK;IJEI
BEI
;IJ7:EI
GK;
I;
;IJ78B;P97D
;D
,;IEBK9?vD
:;
B7
?H;99?vD
!;D;H7B
:;
*H;IKFK;IJEI

3
9/@
;A72/23@
$c0971/@
:=?3@/?7/93@ &7I
DJ?:7:;I
*y8B?97I
CFH;I7H?7B;I
;B78EH7HnD
FH;IKFK;IJEI
:;
;NFBEJ79?vD
O
:;
97F?J7B
9ED
B7
;IJHK9JKH7
;IJ78B;9?:7
F7H7
BEI
:;
B7I
-E9?;:7:;I
';H97DJ?B;I
IJ7J7B;I

3
9/@
'<1732/23@
!3?1/;A793@
@A/A/93@ &EI
FH;IKFK;IJEI
:;
;NFBEJ79?vD
O
97F?J7B
:;
B7I
-E9?;:7:;I
';H97DJ?B;I
IJ7J7B;I
I;
7@KIJ7HnD
7
B7
;IJHK9JKH7
;IJ78B;9?:7

3
9/@
B;2/17<;3@
239
@31A<?
=c0971<
3@A/A/9 R
&EI
FH;IKFK;IJEI
:;
;NFBEJ79?vD
O
97F?J7B
:;
B7I
KD:79?ED;I
:;B
I;9JEH
Fy8B?9E
;IJ7J7B
I;

7@KIJ7HnD
7
B7
;IJHK9JKH7
;IJ78B;9?:7
;D
9EDIED7D9?7
9ED
;B
9EDJ;D?:E
:;
IKI
9K;DJ7I
7DK7B;I

3
9<@
<;2<@
1/?3;A3@
23
=3?@<;/972/2
8B?_271/ R
&EI
FH;IKFK;IJEI
:;
;NFBEJ79?vD
O
97F?J7B
:;
BEI
ED:EI
97H;DJ;I
:;
F;HIED7B?:7:
@KHs:?97
I;
7@KIJ7HnD
7
B7
;IJHK9JKH7
;IJ78B;9?:7

3
<A?<@
#?5/;7@:<@
E
;A72/23@
239
@31A<?
=c0971<
3@A/A/9 R
&EI
FH;IKFK;IJEI
:;B
#DIJ?JKJE
IF7uEB
:;
EC;H9?E
NJ;H?EH
:;
B7
=;D9?7
IJ7J7B
:;
:C?D?IJH79?vD
.H?8KJ7H?7
:;B
#DIJ?JKJE
;HL7DJ;I
:;B
EDI;@E
:;
-;=KH?:7:
(K9B;7H
:;B
EDI;@E
9EDvC?9E
O
-E9?7B
:;
B7
=;D9?7
IF7uEB7
:;
*HEJ;99?vD
:;
7JEI
:;B
;DJHE
(79?ED7B
:;
#DJ;B?=;D9?7
O
:;B
'KI;E
(79?ED7B
:;B
*H7:E
I;
7@KIJ7HnD
7
B7
;IJHK9JKH7
7FB?978B;
7B
FH;IKFK;IJE
:;
BEI
)H=7D?ICEI
KJvDECEI
:;B
IJ7:E
D
;B
97IE
:;B
#DIJ?JKJE
;HL7DJ;I
I;
?D9BK?HnD
7:?9?ED7BC;DJ;
BEI
;IJ7:EI
FH;L?IJEI
F7H7
BEI
)H=7D?ICEI
KJvDECEI
:;B
IJ7:E
I?C?ICE
B7I
:;CnI
;DJ?:7:;I
GK;
<EHC;D
F7HJ;
:;B
I;9JEH
Fy8B?9E
7:C?D?IJH7J?LE
;IJ7J7B
7@KIJ7HnD
IK
FH;IKFK;IJE
7
B7
;IJHK9JKH7
7FB?978B;
7
BEI
)H=7D?ICEI
KJvDECEI
:;B
IJ7:E
B
H;IJE
:;
;DJ?:7:;I
:;B
I;9JEH
Fy8B?9E
;CFH;I7H?7B
:;B
IJ7:E
FH;I;DJ7HnD
FH;IKFK;IJEI
:;
;NFBEJ79?vD
O
97F?J7B
9ED
B7
;IJHK9JKH7
O
9EDJ;D?:E
;IJ78B;9?:EI
F7H7
B7I
DJ?:7:;I
*y8B?97I
CFH;I7H?7B;I

(IM
?MN;>IM
>?
CHAL?MIM
>?
FIM
JL?MOJO?MNIM
>?
F;M
?HNC>;>?M
>?F
M?=NIL
J<FC=I
;>GCHCMNL;NCPI
=IH
JL?MOJO?MNI
FCGCN;NCPI
M?
?MNLO=NOL;H
MCAOC?H>I
OH;
=F;MC@C=;=C‰H
ILA}HC=;
S
OH;
=F;MC@C=;=C‰H
?=IH‰GC=;
(;
=F;MC@C=;=C‰H
ILA}HC=;
>?
FIM
CHAL?MIM

;F
CAO;F
>?
FI
KO?
MO=?>?
?H
FIM
A;MNIM

J?LGCN?
>CMNCHAOCL
?HNL?
FIM
KO?
=ILL?MJIH>?H
;
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I

FIM
>?
F;
/?AOLC>;>
/I=C;F
S
FIM
>?
=;>;
OHI
>?
FIM
ILA;HCMGIM
;ON‰HIGIM
S
>?G}M
?HNC>;>?M
>?F
M?=NIL
J<FC=I
;>GCHCMNL;NCPI
(;
=F;MC@C=;=C‰H
?=IH‰GC=;
;ALOJ;
FIM
CHAL?MIM
?H
@OH=C‰H
>?
MO
ILCA?H
?H
IJ?L;=CIH?M
=ILLC?HN?M

>?
=;JCN;F
I
@CH;H=C?L;M
 $%.$

$?3@B=B3@A<@
3;3?/93@
239
@A/2<
3@A?B1AB?/
31<;a:71/
#$&#"'
"#
""&'

)*,#)(-
),,#(.-

7FsJKBE

#CFK;IJEI
?H;9JEI

7FsJKBE

#CFK;IJEI
#D:?H;9JEI

7FsJKBE

.7I7I
*H;9?EI
*y8B?9EI
O
EJHEI
#D=H;IEI

7FsJKBE

.H7DI<;H;D9?7I
EHH?;DJ;I

7FsJKBE

#D=H;IEI
*7JH?CED?7B;I

)*,#)(-

*#.&

7FsJKBE

D7@;D79?vD
:;
#DL;HI?ED;I
,;7B;I

7FsJKBE

.H7DI<;H;D9?7I
:;
7F?J7B

#$&#"'
""&'

7FsJKBE

9J?LEI
?D7D9?;HEI

7FsJKBE

*7I?LEI
?D7D9?;HEI


:
>@=13A=
23
/2=>17b<
23
2317A7=<3A
[-OC‚H
>?<?
J;LNC=CJ;L
?H
F;M
>?FC<?L;=CIH?M
JL?MOJO?MN;LC;M
[ ?<?H
N?H?L
FIM
>CL?=NCPIM
>?
FIM
ILA;HCMGIM
OH
JI>?L
CH>?J?H>C?HN?
@L?HN?
;F
>?J;LN;G?HNI
JL?MOJO?MN;LCI
=?HNL;F
[O}H
CH@FOS?HN?M
>?<?H
M?L
FIM
ALOJIM
>?
JL?MC‰H
[O}HNI
JI>?L
>?<?
N?H?L
F;
F?ACMF;NOL;
[‰GI
JO?>?
>CPC>CLM?
?F
NL;<;DI
S
=‰GI
>?<?H
;>IJN;LM?
>?=CMCIH?M
=IH=L?N;M
*ILG;FG?HN?
F;
F?ACMF;NOL;
>?M?GJ?ˆ;
OH
J;J?F
>?N?LGCH;>I
JIL
?F
NCJI
>?
L‚ACG?H
J;LF;G?HN;LCI
>?
KO?
M?
NL;N?

;OHKO?
FIM
JL?MC>?HN?M
>?
=;>;
HCP?F
>?
AI<C?LHI
NC?H?H
N;G<C‚H
GO=B;
CH@FO?H=C;
(IM
ALOJIM
>?
CHN?L‚M
?D?L=?H
OH
J;J?F
G?HIL

I
HCHAOHI
?H
;<MIFONI
(;
,IF…NC=;
>?F
JLI=?MI
JO?>?
ACL;L
;FL?>?>IL
>?
CH>CPC>OIM
I
ALOJIM
KO?
NL;N;H
>?
G;RCGCT;L
MO
JI>?L
G?>C;HN?
F;
L?IL>?H;=C‰H
>?
‚MN?

S
?H
NILHI
;
F;M
=O?MNCIH?M
>?
JIF…NC=;
@CM=;F
MI<L?
?F
HCP?F
>?
A;MNI
S
F;
=;J;=C>;>
>?F
AI<C?LHI
J;L;
B;=?L
OH
JL?MOJO?MNI
?KOCFC<L;>I
.O<CH




=A
5/AB=A
IGJL?H>?
;FAOH;M
?MNCG;=CIH?M
N‚=HC=;M
MI<L?
FIM
A;MNIM
JLI<;<F?M

=IGI
F;M
NL;HM@?L?H=C;M
KO?
M?
;MCAH;H
G?>C;HN?
@‰LGOF;M
S
FIM
JLIAL;G;M
>?
<?H?@C=CIM
MI=C;F?M
=OSIM
=IMN?M
>?J?H>?H
>?F
HCP?F
>?
>?M?GJF?I
,?LI
GO=B;M
>?=CMCIH?M
>?
A;MNIM
MIH
MCAHC@C=;NCPIM
M?AH
F;M
JIF…NC=;M
J<FC=;M
L?F?P;HN?M
\KO‚
JLIAL;G;M
M?
@CH;H=C;L}H
S
;
KO‚
HCP?F

KOC‚H
M?
<?H?@C=C;L}
>?
FIM
JLIAL;G;M
J<FC=IM
S
KOC‚H
HI

>‰H>?
S
?H
KO‚
=O;HN…;
M?
L?;FCT;L}H
FIM
L?=ILN?M

KO‚
CHN?L?M?M
M?L}H
JLIN?AC>IM\
(IM
>CL?=NCPIM
>?
FIM
ILA;HCMGIM
?MN}H
G}M
CGJFC=;>IM
?H
?MN?
=IHAFIG?L;>I
KO?
?H
FIM
;HN?LCIL?M

S
FIM
ALOJIM
>?
CHN?L‚M
N;G<C‚H
MO?F?H
M?L
;=NCPIM
!MN;
J;LN?
L?M;FN;
?F
?F?G?HNI
?F?=NCPI
?HNL?
…N?GM
>?
A;MNI
?
CFOMNL;
F;
H;NOL;F?T;
>?
F;M
=IHMNLC==CIH?M
=;L;=N?L…MNC=;
>?
F;
JL?MOJO?MN;=C‰H
J<FC=;
.O<CH


!F
JL?MOJO?MNI
>?
A;MNIM
?H
!MJ;ˆ;
M?
?MNLO=NOL;
N?HC?H>I
?H
=O?HN;
F;M
@CH;FC>;>?M
O
I<D?NCPIM
KO?
?F
,L?MOJO?MNI
JL?N?H>?
=IHM?AOCL

F;
ILA;HCT;=C‰H
>?
FIM
>CMNCHNIM
!HN?M
CHN?AL;HN?M
>?F
M?=NIL
J<FC=I
?MN;N;F

F;
H;NOL;F?T;
?=IH‰GC=;
>?
FIM
A;MNIM
S
F;
>CMNLC<O=C‰H
N?LLCNILC;F
>?
F;M
CHP?LMCIH?M
$%.$

?7A3?7<@
23
19/@7471/17a;
239
=?3@B=B3@A<
23
5/@A<@
$#&
$&#&!' #"X! #&S"
WD
GKq
I;
=7IJ7 WvCE
I;
=7IJ7 W+K?qD
=7IJ7

_H;7I
:;
=7IJE 7FsJKBEI !H7D:;I
9;DJHEI
=;IJEH;I

*EBsJ?97I HJs9KBEI ;DJHEI
=;IJEH;I

R
-;HL?9?EI
!HKFEI
:;
FHE=H7C7I ED9;FJEI
R
)H=7D?ICEI
7KJvDECEI
*HE=H7C7I -K89ED9;FJEI R
)H=7D?ICEI
Fy8B?9EI

@A?B1AB?/
23
=?<5?/:/@ R
&7
7I?=D79?vD
:;
H;9KHIEI
I;
;<;9JK7Hn
:;DJHE
:;
KD7
;IJHK9JKH7
:;
FHE=H7C7I
:;
=7IJE
GK;
I;Hn
7:;9K7:7
7
BEI
9EDJ;D?:EI
:;
B7I
FEBsJ?97I
:;
=7IJE
GK;
:;B?C?J7D
O
9ED9H;J7D
B7I
:?IJ?DJ7I
nH;7I
:;
79JK79?vD
:;B
*H;IKFK;IJE
O
F;HC?J?Hn
7
BEI
;DJHEI
=;IJEH;I
7=HKF7H
BEI
9Hq:?JEI
FH;IKFK;IJ7H?EI
7J;D:?;D:E
7
BEI
E8@;J?LEI
7
9EDI;=K?H
&7
;IJHK9JKH7
:;
FHE=H7C7I
:?<;H;D9?7Hn
BEI
FHE=H7C7I
:;
=7IJE
:;
97Hn9J;H
<?D7B?IJ7
:;
BEI
FHE=H7C7I
?DIJHKC;DJ7B;I
E
:;
7FEOE
O
BEI
:;
=;IJ?vD
&EI
FHE=H7C7I
<?D7B?IJ7I
IED
7GK;BBEI
7
BEI
GK;
I;
FK;:;
7I?=D7H
E8@;J?LEI
9K7DJ?<?978B;I
;
?D:?97:EH;I
:;
;@;9K9?vD
C;DIKH78B;I
&EI
E8@;J?LEI
I;
;NFH;I7HnD
;D
KD?:7:;I
<sI?97I
9K7D:E
;BBE
I;7
FEI?8B;
BE
GK;
KD?:E
7B
;IJ78B;9?C?;DJE
:;
BEI
EFEHJKDEI
?D:?97:EH;I
F;HC?J?Hn
;<;9JK7H
KD
I;=K?C?;DJE
:;
IK
=H7:E
:;
H;7B?P79?vD
:KH7DJ;
;B
;@;H9?9?E
FH;IKFK;IJ7H?E
&EI
FHE=H7C7I
?DIJHKC;DJ7B;I
O
:;
=;IJ?vD
IED
BEI
GK;
J?;D;D
FEH
E8@;JE
7B=KD7
:;
B7I
I?=K?;DJ;I
<?D7B?:7:;I
B7
7:C?D?IJH79?vD
:;
BEI
H;9KHIEI
D;9;I7H?EI
F7H7
B7
;@;9K9?vD
:;
79J?L?:7:;I
=;D;H7B;I
:;
EH:;D79?vD
H;=KB79?vD
O
FB7D?<?979?vD
B7
;@;9K9?vD
:;
KD7
79J?L?:7:
GK;
I;
F;H<;99?ED7
FEH
IK
FHEF?7
H;7B?P79?vD
I?D
GK;
I;7
FEI?8B;
FHE9;:;H
7
KD7
9K7DJ?<?979?vD
C7J;H?7B
:;
IKI
E8@;J?LEI
E
;B
7FEOE
7
KD
FHE=H7C7
<?D7B?IJ7
&EI
FHE=H7C7I
:;
=7IJE
I;
7=H;=7HnD
;D
nH;7I
:;
=7IJE
FEBsJ?97I
:;
=7IJE
O
=HKFEI
:;
FHE=H7C7I
&7
?H;99?vD
!;D;H7B
:;
*H;IKFK;IJEI
FE:Hn
7KJEH?P7H
7
FHEFK;IJ7
:;
BEI
;DJHEI
=;IJEH;I
CE:?<?979?ED;I
;D
;B
9v:?=E
:;DEC?D79?vD
O
9EDJ;D?:E
:;
BEI
FHE=H7C7I
:;
=7IJE
F7H7
7:7FJ7H
B7
9B7I?<?979?vD
FEH
FHE=H7C7I
7
B7I
D;9;I?:7:;I
:;
B7
=;IJ?vD
Fy8B?97

@A?B1AB?/
<?5\;71/

&7I
:EJ79?ED;I
9EDI?=D7:7I
;D
BEI
FHE=H7C7I
:;
=7IJE
I;
:?IJH?8K?HnD
FEH
;DJHEI
=;IJEH;I
GK;
IED
7GK;BB7I
KD?:7:;I
EH=nD?97I
9ED
:?<;H;D9?79?vD
FH;IKFK;IJ7H?7
O
H;IFEDI78?B?:7:
;D
B7
=;IJ?vD
:;
BEI
C?ICEI
&7
9B7I?<?979?vD
EH=nD?97
:;
BEI
9Hq:?JEI
O
:EJ79?ED;I
I;
H;7B?P7Hn
;D
<KD9?vD
:;
BEI
IK8I;9JEH;I
GK;
I;
?D:?97D
7
9EDJ?DK79?vD
7
B
IJ7:E
GK;
I;
:?L?:?Hn
;D
I;99?ED;I
O
qIJ7I
7
IK
L;P
;D
I;HL?9?EI
8
&EI
)H=7D?ICEI
KJvDECEI
:;B
IJ7:E
GK;
I;
7=HKF7HnD
I;=yD
;B
'?D?IJ;H?E
7B
GK;
;IJqD
7:I9H?JEI
9
&7
-;=KH?:7:
-E9?7B
:
&7I
:;CnI
;DJ?:7:;I
GK;
?DJ;=H;D
;B
I;9JEH
Fy8B?9E
7:C?D?IJH7J?LE
;IJ7J7B

-;F7H7:7C;DJ;
<?=KH7HnD
BEI
FH;IKFK;IJEI
:;
;NFBEJ79?vD
O
97F?J7B
9EHH;IFED:?;DJ;I
7
7
&7I
DJ?:7:;I
*y8B?97I
CFH;I7H?7B;I
8
&7I
-E9?;:7:;I
';H97DJ?B;I
IJ7J7B;I
9
&7I
KD:79?ED;I
:;B
I;9JEH
Fy8B?9E
;IJ7J7B
:
&EI
ED:EI
97H;DJ;I
:;
F;HIED7B?:7:
@KHs:?97
;
B
H;IJE
:;
;DJ?:7:;I
?D9BK?:7I
;D
;B
I;9JEH
Fy8B?9E
;CFH;I7H?7B
:;B
IJ7:E

@A?B1AB?/
31<;a:71/ R
&EI
9Hq:?JEI
?D9BK?:EI
;D
BEI
;IJ7:EI
:;
=7IJEI
:;B
*H;IKFK;IJE
I;
EH:;D7HnD
I;=yD
IK
D7JKH7B;P7
;9EDvC?97
9ED
7HH;=BE
7
B7
9B7I?<?979?vD
FEH
97FsJKBEI
7HJs9KBEI
9ED9;FJEI
O
IK89ED9;FJEI
GK;
I;
:;J7BB7
;D
;B
7D;NE
##
O
I;
7=HKF7HnD
I;F7H7D:E
B7I
EF;H79?ED;I
9EHH?;DJ;I
B7I
:;
97F?J7B
B7I
<?D7D9?;H7I
O
;B
ED:E
:;
EDJ?D=;D9?7
:;
;@;9K9?vD
FH;IKFK;IJ7H?7

@A?B1AB?/
A3??7A<?7/9 R
&EI
FHE=H7C7I
O
FHEO;9JEI
:;
?DL;HI?vD
I;
:;J7BB7HnD
;D
;B
7D;NE
7B
*H;IKFK;IJE
9ED
IK
9B7I?<?979?vD
J;HH?JEH?7B
FEH
ECKD?:7:;I
KJvDEC7I
O
FHEL?D9?7I
O
B7
?D:?979?vD
:;
I?
;B
FHEO;9JE
I;
?D?9?7
;D
;B
FHEF?E
;@;H9?9?E

$%.$

/@
=<9_A71/@
23
5/@A<
-,0##)-
*j&#)-
_-#)-

$KIJ?9?7

;<;DI7

-;=KH?:7:
9?K:7:7D7
;
?DIJ?JK9?ED;I
F;D?J;D9?7H?7I

*EBsJ?97
;NJ;H?EH

./#)(-

*,).#g(
3
*,)')#g(
-)#&

*;DI?ED;I

)JH7I
FH;IJ79?ED;I
;9EDvC?97I

-;HL?9?EI
IE9?7B;I
O
*HECE9?vD
-E9?7B

EC;DJE
:;B
;CFB;E

;I;CFB;E
 99;IE
7
B7
L?L?;D:7
O
<EC;DJE
:;
B7
;:?<?979?vD

!;IJ?vD
O
7:C?D?IJH79?vD
:;
B7
-;=KH?:7:
-E9?7B

*,)/#g(

#(-
*j&#)-

,_.,
*, ,(.

-7D?:7:

:K979?vD

KBJKH7

./#)(-

,_.,
)(g'#)

=H?9KBJKH7
*;I97
O
B?C;DJ79?vD

#D:KIJH?7
O
D;H=s7

EC;H9?E
.KH?ICE
O
*3'-

-K8L;D9?ED;I
7B
JH7DIFEHJ;

#D<H7;IJHK9JKH7I

#DL;IJ?=79?vD
:;I7HHEBBE
;
?DDEL79?vD
9?L?B

#DL;IJ?=79?vD
:;I7HHEBBE
;
?DDEL79?vD
C?B?J7H

)JH7I
79JK79?ED;I
:;
97Hn9J;H
;9EDvC?9E

./#)(-

,_.,
!(,&

BJ7
:?H;99?vD

-;HL?9?EI
:;
97Hn9J;H
=;D;H7B

:C?D?IJH79?vD
<?D7D9?;H7
O
JH?8KJ7H?7

.H7DI<;H;D9?7I
7
EJH7I
7:C?D?IJH79?ED;I
Fy8B?97I

;K:7
Fy8B?97

 
=1C;3<B/17b<
?C3
A3
>@3A3<B/
/
:/A
=@B3A
3<3@/:3A
(;
>I=OG?HN;=C‰H
>?M=LCN;
?M
L?;FG?HN?
?RN?HM;
S
>?N;FF;>;
0I>;
?FF;
M?
?H=O?HNL;
?H
%HN?LH?N
;
NL;P‚M
>?
F;
J}ACH;
I@C=C;F
>?F
)CHCMN?LCI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M
QQQGCHB;J?M

?@?=NIM
>?
MO
JL?M?HN;=C‰H
?H
F;M
ILN?M
#?H?L;F?M
;M…
=IGI
J;L;
@;=CFCN;L
MO
F?=NOL;

F;
>I=OG?HN;=C‰H
M?
JL?M?HN;
?H
=O;NLI
M?LC?M

KO?
M?
C>?HNC@C=;H
=IH
OH
=IFIL

P‚;M?
F;
0;<F;

V
(;
M?LC?
LID;
?M
F;
M?LC?
<}MC=;

>IH>?
M?
CH=FOS?H
FIM
N?RNIM
S
?MN;>IM
HOG‚LC=IM
KO?

OH;
P?T
;JLI<;>IM
JIL
F;M
ILN?M
#?H?L;F?M

CHN?AL;H
F;
(?S
>?
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
J;L;
=;>;
;ˆI
V
(;
M?LC?
P?L>?
=IGJL?H>?
CH@ILG;=C‰H
=IGJF?G?HN;LC;
S
>?
>?M;LLIFFI
=IHN;<F?
>?
F;
>I=OG?HN;=C‰H
=IHN?HC>;
?H
F;
(?S
>?
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
V
(;
M?LC?
;G;LCFF;
L?=IA?
?F
CH@ILG?
?=IH‰GC=I
@CH;H=C?LI
>?
FIM
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
S
INL;
CH@ILG;=C‰H
L?F?P;HN?
=IGI
F;
G?GILC;
>?
<?H?@C=CIM
@CM=;F?M
V
(;
M?LC?
ALCM
=IHNC?H?
CH@ILG;=C‰H
=IGJF?G?HN;LC;
JL?PCMN;
F?A;FG?HN?
HI
L?=IAC>;
?H
F;M
M?LC?M
;HN?LCIL?M

=IGI
JIL
?D?GJFI

F;
FCKOC>;=C‰H
>?F
JL?MOJO?MNI
;HN?LCIL
S
;P;H=?
>?F
;=NO;F
$%.$

 /
2<1B:3;A/17a;
?3:7A72/
/
9/@
<?A3@
3;3?/93@
'&
&#

R
HJ?9KB7:E
:;
B7
&;O
R
#D=H;IEI

R
!7IJEI
*H;IKFK;IJE
FEH
FHE=H7C7I
O
C;CEH?7
:;
E8@;J?LEI
R
D;NEI
:;
FHEO;9JEI
GK;
9ECFED;D
BEI
ED:EI
:;
ECF;DI79?vD
#DJ;HJ;HH?JEH?7B

R
DJ?:7:;I
:;B
I;9JEH
Fy8B?9E
7:C?D?IJH7J?LE
O
<ED:EI
I?D
F;HIED7B?:7:
@KHs:?97
R
*H;IKFK;IJEI
:;
;NFBEJ79?vD
O
97F?J7B
O
EJHEI
;IJ7:EI
<?D7D9?;HEI

R
,;IyC;D;I
:;
?D=H;IEI
O
=7IJEI
'&
*&

R
D;NEI
:;
:;I7HHEBBE
:;
?D=H;IEI
O
=7IJEI
R
D;NEI
:;
?DL;HI?ED;I
H;7B;I
O
FHE=H7C79?vD
FBKH?7DK7B

R
D;NEI
:;
F;HIED7B
IJHK9JKH7
EH=nD?97
O
FEH
FHE=H7C7I
'&
!& 

R
#D<EHC;
9EDvC?9E
?D7D9?;HE
R
';CEH?7
:;
;D;<?9?EI
?I97B;I

R
';CEH?7I
FH;IKFK;IJ7H?7I
R
*H;IKFK;IJEI
!;D;H7B;I
:;B
IJ7:E
EDIEB?:7:EI

R
D;NE
:;
BK@EI
?D7D9?;HEI
IF7u7/D?vD
KHEF;7

'&
&'

R
#D<EHC;
IE8H;
B7
9;I?vD
:;
JH?8KJEI
7
B7I

R
&?GK?:79?vD
:;B
FH;IKFK;IJE
7DJ;H?EH

R
L7D9;
:;
B?GK?:79?vD
:;B
FH;IKFK;IJE
L?=;DJ;
R
!7IJEI
:;
<KD9?ED7C?;DJE
;
?DL;HI?ED;I
:;B
7D9E
:;
IF7u7
O
:;B
-;HL?9?E
@;9KJ?LE
:;
B7
EC?I?vD
:;
*H;L;D9?vD
:;B
B7DGK;E
:;
7F?J7B;I
;
#D<H799?ED;I
'ED;J7H?7I

R
EDIEH9?EI
9ED
F7HJ?9?F79?vD
DE
C7OEH?J7H?7
:;B
I;9JEH
Fy8B?9E
;IJ7J7B

$%.$

9
1<;A3;72<
23
9/
3E
23
$?3@B=B3@A<@
3;3?/93@
239
@A/2<
$&S!) #

(V() #

;
B7
7FHE879?vD
:;
BEI
FH;IKFK;IJEI
O
:;
IKI
CE:?<?979?ED;I

7FsJKBE
#
Hq:?JEI
?D?9?7B;I
O
<?D7D9?79?vD
:;
BEI
C?ICEI

7FsJKBE
##
(EHC7I
:;
CE:?<?979?vD
O
;@;9K9?vD
:;
9Hq:?JEI
FH;IKFK;IJ7H?EI

7FsJKBE
###
;
B7
-;=KH?:7:
-E9?7B

7FsJKBE
#0
#D<EHC79?vD
7
B7I
EHJ;I
!;D;H7B;I

(V() #

;
B7
=;IJ?vD
FH;IKFK;IJ7H?7

7FsJKBE
#
;
B7
=;IJ?vD
:;
BEI
FH;IKFK;IJEI
:E9;DJ;I

7FsJKBE
##
;
B7
=;IJ?vD
FH;IKFK;IJ7H?7
:;
B7
-7D?:7:
O
:;
BEI
-;HL?9?EI
-E9?7B;I
7FsJKBE
###
)JH7I
DEHC7I
:;
=;IJ?vD
FH;IKFK;IJ7H?7

(V() #

;
BEI
=7IJEI
:;
F;HIED7B

7FsJKBE
#
;
BEI
=7IJEI
:;B
F;HIED7B
7B
I;HL?9?E
:;B
I;9JEH
Fy8B?9E

7FsJKBE
##
;
BEI
H;=sC;D;I
H;JH?8KJ?LEI

7FsJKBE
###
)JH7I
:?IFEI?9?ED;I
;D
C7J;H?7
:;
Hq=?C;D
:;B
F;HIED7B
79J?LE

(V() #
*
;
B7I
F;DI?ED;I
Fy8B?97I

7FsJKBE
#
,;L7BEH?P79?vD
:;
F;DI?ED;I

7FsJKBE
##
;J;HC?D79?vD
?D?9?7B
:;
B7I
F;DI?ED;I
:;B
Hq=?C;D
:;
B7I;I
*7I?L7I
:;B
IJ7:E
O
:;
B7I
;IF;9?7B;I
:;
=K;HH7

7FsJKBE
###
&?C?J79?ED;I
;D
;B
I;u7B7C?;DJE
?D?9?7B
:;
B7I
F;DI?ED;I
Fy8B?97I

7FsJKBE
#0
,;L7BEH?P79?vD
O
CE:?<?979?vD
:;
BEI
L7BEH;I
:;
B7I
F;DI?ED;I
Fy8B?97I

7FsJKBE
0
ECFB;C;DJEI
F7H7
CsD?CEI

7FsJKBE
0#
)JH7I
:?IFEI?9?ED;I
;D
C7J;H?7
:;
F;DI?ED;I
Fy8B?97I

(V() #
*
;
B7I
EF;H79?ED;I
<?D7D9?;H7I

7FsJKBE
#
;K:7
*y8B?97

7FsJKBE
##
L7B;I
Fy8B?9EI
O
EJH7I
=7H7DJs7I

7FsJKBE
###
,;B79?ED;I
:;B
IJ7:E
9ED
;B
#DIJ?JKJE
:;
Hq:?JE
)<?9?7B

(V() #
*
(EHC7I
JH?8KJ7H?7I

7FsJKBE
#
#CFK;IJEI
:?H;9JEI

7FsJKBE
##
#CFK;IJEI
?D:?H;9JEI

7FsJKBE
###
)JHEI
JH?8KJEI

(V() #
*
;
BEI
;DJ;I
J;HH?JEH?7B;I

7FsJKBE
#
DJ?:7:;I
BE97B;I

7FsJKBE
##
ECKD?:7:;I
7KJvDEC7I

(V() #
*
EJ?P79?ED;I
IE9?7B;I

'$#'#"'
,
"+#'


:
3?C7:70@7=
>@3AC>C3AB/@7=
.?JL?M?HN;
F;
=O?MNC‰H
JL?MOJO?MN;LC;
<}MC=;
MI<L?
MC
?F
JL?MOJO?MNI
NC?H?
KO?
?MN;L
?KOCFC<L;>I
=;>;
;ˆI
=IH
FIM
CHAL?MIM
>?
?M?
;ˆI

I
MC
M?
J?LGCN?
?F
?H>?O>;GC?HNI
J;L;
?KOCFC<L;LFI

S
>?
B;=?LFI

?H
KO‚
=;HNC>;>

JIL
=O}HNI
NC?GJI

S
J;L;
KO‚
@CH;FC>;>?M
(;
JIF…NC=;
L?F;NCP;
;F
<;F;H=?
NL;N;
>?
=O?MNCIH?M
=IGI
>?<?
FIAL;LM?
G?>C;HN?
?F
;OG?HNI
>?
CHAL?MIM

F;
>CMGCHO=C‰H
>?
FIM
A;MNIM

I
;G<IM
?F
ALOJI
?H
?F
JI>?L
NL;N;
>?
KO?
MO
>‚@C=CN
J;L?T=;
G}M
J?KO?ˆI
G?>C;HN?
F;M
>?@CHC=CIH?M
;JLIJC;>;M
!F
=IHAFIG?L;>I
>?F
<;F;H=?
N;G<C‚H
NL;N;
>?
JL?AOHN;M
MI<L?
=‰GI
?FCGCH;L
?F
>‚@C=CN
OH;
P?T
MO=?>C>I
S
MO
=O;HN…;
@CD;>;
!H
?F
HCP?F
H;=CIH;F

=IGI
MO?F?
CH=OLLCLM?
?H
?F
>‚@C=CN
>OL;HN?
OH;
L?=?MC‰H
?H
OH
?M@O?LTI
J;L;
;SO>;L
;
L?=I<L;LM?
;
F;
?=IHIG…;

F;
B;<CFC>;>
>?
G;H?D;L
?F
>‚@C=CN
?MN}
PCH=OF;>;
;
F;M
JIF…NC=;M
J<FC=;M
KO?
@;PIL?T=;H
I
M?
IJIHA;H
;F
J;J?F
>?F
JL?MOJO?MNI
J;L;
?F
=IHNLIF
>?
F;
?=IHIG…;
S

?H
J;LNC=OF;L

MO
ONCFCT;=C‰H
J;L;
GI>?L;L
?F
>?M?GJF?I
 !MN;M
=O?MNCIH?M
\MC
FIM
JL?MOJO?MNIM
>?<?H
?MN;L
?KOCFC<L;>IM

?F
;F=;H=?
;JLIJC;>I
>?F
M?=NIL
J<FC=I
S
?F
HCP?F
>?
CGJIMC=C‰H

S
?F
J;J?F
>?F
AI<C?LHI
?H
F;
GI>?L;=C‰H
>?F
>?M?GJF?I\
MIH
;MOHNIM
MI<L?
FIM
KO?
?F
J<FC=I
M?
JL?I=OJ;
(IM
=CO>;>;HIM
JO?>?H
J;LNC=CJ;L
>CL?=N;G?HN?
?H
?MN?
=IHAFIG?L;>I
>?
>?=CMCIH?M
G?>C;HN?
L?@?L?H>IM
?
CH>CL?=N;G?HN?
;F
L?MJIH>?L
;
F;M
?H=O?MN;M
MI<L?
F;
G;N?LC;
HOG?LIM;M
;ALOJ;=CIH?M
>?
=IHNLC<OS?HN?M
S
=I;FC=CIH?M
>?
ALOJIM
>?
CHN?L‚M
?H
L?JL?M?HN;=C‰H
>?
;GJFCIM
M?AG?HNIM
>?
F;
MI=C?>;>
JO?>?H
CGJFC=;LM?
?H
JL?MCIH;L
MI<L?
?MN;
=O?MNC‰H
(IM
J;LNC>IM
JIF…NC=IM
JO?>?H
CH=ILJIL;L
MOM
JIF…NC=;M
;=?L=;
>?
F;
?MNLO=NOL;
CGJIMCNCP;
I
?F
>‚@C=CN
?H
MOM
JF;N;@ILG;M
?F?=NIL;F?M
!H
=IH=L?NI
?H
!MJ;ˆ;
?H
F;
;=NO;FC>;>

?MNI
MCAHC@C=;
F;
I<FCA;NILC?>;>
KO?
NC?H?H
NI>;M
F;M
;>GCHCMNL;=CIH?M
J<FC=;M

JIL
?MN;L
CHN?AL;>;M
?H
F;
1HC‰H
!OLIJ?;

>?
;JLI<;L
S
?D?=ON;L
MOM
JL?MOJO?MNIM

;M…
=IGI
NI>;M
F;M
GI>C@C=;=CIH?M
S
FCKOC>;=CIH?M
>?
FIM
GCMGIM

=OGJFC?H>I
F;
HILG;NCP;
>?F
/CMN?G;
!OLIJ?I
>?
O?HN;M
>?

/!

!MNI
KOC?L?
>?=CL
KO?
MIFI
FIM
CHAL?MIM
HI
@CH;H=C?LIM
JO?>?H
=O<LCL
NI>IM
FIM
A;MNIM
HI
@CH;H=C?LIM

I
M?;

?M
FI
KO?
M?
>?HIGCH;
?KOCFC<LCI
JL?MOJO?MN;LCI
?H
N‚LGCHIM
>?
=;J;=C>;>
>?
@CH;H=C;=C‰H
?H
>?@CHCNCP;

KO?
HI
M?
JO?>?H
=O<LCL
HC
=IH
;=NCPIM
@CH;H=C?LIM

HC
=IH
J;MCPIM
@CH;H=C?LIM

?M
>?=CL

=IH
IJ?L;=CIH?M
@CH;H=C?L;M

;KO?FF;M
IJ?L;=CIH?M
HI
@CH;H=C?L;M
KO?
M?
JL?N?H>;H
FF?P;L
;
=;<I

M?J;L;H>I
>?
OH;
G;H?L;
;<MIFON;
F;M
IJ?L;=CIH?M
HI
@CH;H=C?L;M
>?
F;M
IJ?L;=CIH?M
@CH;H=C?L;M
!H
L?MOG?H

?F
/!

=IHMCMN?

?H
L?F;=C‰H
=IH
?F
MCMN?G;
JL?MOJO?MN;LCI
ONCFCT;>I

?H
=IHM?AOCL
?F
?KOCFC<LCI

N;HNI
?H
F;
?F;<IL;=C‰H

=IGI
?H
F;
A?MNC‰H
S
FCKOC>;=C‰H
>?F
JL?MOJO?MNI

MCH
>‚@C=CN

?H
?F
?HN?H>C>I
KO?
?RCMNCL}
>‚@C=CN
=O;H>I
FIM
A;MNIM
JIL
IJ?L;=CIH?M
HI
@CH;H=C?L;M

?M
>?=CL

F;
MOG;
>?
=;J…NOFIM

;

>?
FIM
A;MNIM
MOJ?L?

I
;F
G?HIM

CAO;F?

?F
CGJILN?
>?
F;
MOG;
>?
FIM
=;J…NOFIM

;

>?
FIM
CHAL?MIM
/CH
?G<;LAI

J;L;
?M=;J;L
;
?MN;M
=IHMNLC==CIH?M
=IHN;<F?M
S
JL?MOJO?MN;LC;M
M?
B;
JLI>O=C>I
OH;
@OA;
B;=C;
;>?F;HN?

?MJ?=C;FG?HN?
>?
F;M
IGOHC>;>?M
ON‰HIG;M
S
>?
F;M
;>GCHCMNL;=CIH?M
FI=;F?M

KO?
B;H
>?M;LLIFF;>I
MOM
M?=NIL?M
J<FC=IM
L?MJ?=NCPIM

?H
OH;
MO?LN?
>?
G?N}MN;MCM
>?F
;HNCAOI
%*%
>?F
@L;HKOCMGI
J?LI
?MN;
P?T
?H
F;M
;>GCHCMNL;=CIH?M
N?LLCNILC;F?M
>?
F;
>?GI=L;=C;

G?>C;HN?
F;
=L?;=C‰H
>?
OH;
J;HIJFC;
>?
?GJL?M;M
J<FC=;M

MI=C?>;>?M
G?L=;HNCF?M

=IHMIL=CIM

ILA;HCMGIM
;ON‰HIGIM
J;L;
I=OFN;L
MO
?H>?O>;GC?HNI
S
BOCL
>?
F;M
@ILG;FC>;>?M
>?F
>?L?=BI
;>GCHCMNL;NCPI
#‰G?T
AOMN…H




/
7;>:/<B/17b<
[O}H
JL‰RCGIM
>?<?H
M?L
FIM
A;MNIM
L?;F?M
;
FIM
JF;H?;>IM
?H
?F
JL?MOJO?MNI
[‰GI
M?
JO?>?
DOMNC@C=;L
F;
P;LC;=C‰H
>?F
JF;H
JL?MOJO?MN;LCI
[,O?>?
L?B;=?LM?
?F
JL?MOJO?MNI
>?MJO‚M
>?
M?L
;JLI<;>I
(;M
=O?MNCIH?M
=F;P?
ACL;H
?H
NILHI
;
F;
H?=?MC>;>
>?
CGJF;HN;L
F;M
>?=CMCIH?M
?R;=N;G?HN?
=IGI
M?
;>IJN;LIH

S
;
F;
>?
B;=?L
=;G<CIM
;
FI
F;LAI
>?F
;ˆI
>?<C>I
;
F;M
GI>C@C=;=CIH?M
>?F
;G<C?HN?
!F
=IH@FC=NI
JIN?H=C;F
M?
L?MO?FP?
NL;N;H>I
F;
?D?=O=C‰H
>?F
JL?MOJO?MNI
=IGI
OH;
G;N?LC;
N‚=HC=;
S
HI
JIF…NC=;
!F
J;J?F
?MN?F;L
=ILL?MJIH>?
;F
JI>?L
?D?=ONCPI

=IH
?M=;MI
JLIN;AIHCMGI
>?
F;M
F?ACMF;NOL;M
S
HCHAOHI
PCLNO;FG?HN?
>?
FIM
ALOJIM
>?
JL?MC‰H


,>
/0>A4,.4:90>
;=0>@;@0>?,=4,>
 IH
=;L}=N?L
A?H?L;F

FIM
JL?MOJO?MNIM
J<FC=IM
?HNL;H
?H
PCAIL
?H
?F
MCAOC?HN?
?D?L=C=CI
JL?MOJO?MN;LCI
;
;KO?F
?H
KO?
MIH
?F;<IL;>IM
JIL
?F
AI<C?LHI
S
;JLI<;>IM
JIL
?F
IHAL?MI
OL;HN?
MO
?D?=O=C‰H
F;M
>CMNCHN;M
J;LNC>;M
KO?
CHN?AL;H
?F
JL?MOJO?MNI
JO?>?H
M?L
I<D?NI
>?
GI>C@C=;=CIH?M
I
;DOMN?M
?H
L?F;=C‰H
=IH
F;M
CHC=C;FG?HN?
;JLI<;>;M
=IGI
=IHM?=O?H=C;

JIL
OH
F;>I

>?
HO?P;M
>?=CMCIH?M
>?
JIF…NC=;
@CM=;F
S

JIL
INLI

>?
=;OM;M
?RN?LH;M
HI
=IHI=C>;M
I
HI
CH=ILJIL;>;M
;
F;
BIL;
>?
F;
JF;HC@C=;=C‰H
JL?MOJO?MN;LC;

N;F?M
=IGI
?F
=;G<CI
?H
?F
?M=?H;LCI
G;=LI?=IH‰GC=I

F;M
L?PCMCIH?M
>?
>;NIM
J;M;>IM

I
F;
L??P;FO;=C‰H
>?F
CGJ;=NI
>?
G?>C>;M
;>IJN;>;M
?H
?F
J;M;>I
J?LI
=IH
CH=C>?H=C;
?H
?F
?D?L=C=CI
JL?MOJO?MN;LCI
?H
=OLMI
!H
?MN?
M?HNC>I

B;S
KO?
N?H?L
?H
=O?HN;
KO?
F;M
=C@L;M
>?
CHAL?MIM
S
A;MNIM
JL?M?HN;>;M
?H
FIM
JL?MOJO?MNIM
>?
=;>;
;ˆI
>?<?H
NIG;LM?
=IGI
I<D?NCPIM
;
;F=;HT;L
!H
?M?
JLI=?MI
>?
JLIAL;G;=C‰H
M?
JLI>O=?H
?LLIL?M
>?
JF;HC@C=;=C‰H

>?
?D?=O=C‰H
S
;DOMN?M
CGJL?PCMNIM
/C
?F
JL?MOJO?MNI
?M
OH
CHMNLOG?HNI
@OH>;G?HN;F
J;L;
?F
=IHNLIF
>?
F;
A?MNC‰H
>?F
M?=NIL
J<FC=I
?HNIH=?M
FI
KO?
GO?MNL;H

JIL
?D?GJFI

FIM
>;NIM
>?F
J?LCI>I
>?GI=L}NC=I
?M
OH;
MCNO;=C‰H
>?
=C?LNI
>?M=IHNLIF
,;L;
P?LC@C=;L
?MN;
LINOH>;
;@CLG;=C‰H
M?
;H;FCT;H
F;M
GI>C@C=;=CIH?M
JL?MOJO?MN;LC;M

?MNI
?M
FIM
=;G<CIM
?H
FIM
=L‚>CNIM
S;
;JLI<;>IM
JIL
F;M
ILN?M
(;M
JIMC<CFC>;>?M
GI>C@C=;>IL;M
MIH

L?MJ?=NCP;G?HN?
F;M
MCAOC?HN?M
2;FCˆI

,;<FIM

!>I


W
L‚>CNIM
?RNL;IL>CH;LCIM
S
MOJF?G?HNIM
>?
=L‚>CNI
/IH
=L‚>CNIM
>IN;>IM
=O;H>I
B;S;
>?
L?;FCT;LM?
;FAH
A;MNI
=IH
=;LAI
;
FIM
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
KO?
HI
JO?>;
>?GIL;LM?
B;MN;
?F
?D?L=C=CI
MCAOC?HN?
%GJFC=;H
KO?
?F
=L‚>CNI
CHC=C;FG?HN?
;JLI<;>I
B;
>?
M?L
CHMO@C=C?HN?
S
HI
;GJFC;<F?
/?
;JLO?<;H
JIL
F;M
ILN?M
#?H?L;F?M

G?>C;HN?
,LIS?=NI
>?
(?S
L?GCNC>I
JIL
?F
)CHCMN?LCI
>?
!=IHIG…;
S
$;=C?H>;

JL?PCI
CH@ILG?
>?
F;
CL?==C‰H
#?H?L;F
>?
,L?MOJO?MNIM
S
>C=N;G?H
>?F
IHM?DI
>?
!MN;>I
W
L‚>CNIM
;GJFC;<F?M
/IH
FIM
KO?
=IGI
N;F?M
M?
?RJFC=CN;H
?H
FIM
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
/?
=;L;=N?LCT;H
JIL
?F
=OGJFCGC?HNI
>?
FIM
L?KOCMCNIM
?RCAC>IM
JIL
P…;
L?AF;G?HN;LC;
?H
@OH=C‰H
>?
F;
?@?=NCP;
L?=;O>;=C‰H
>?
FIM
>?L?=BIM
;@?=N;>IM
I
>?F
L?=IHI=CGC?HNI
>?
I<FCA;=CIH?M
?MJ?=…@C=;M
>?F
L?MJ?=NCPI
?D?L=C=CI
/?
;JLO?<;H
JIL
F;M
ILN?M
?H
F;
G?>C>;
?H
KO?
B;H
>?
?RJFC=CN;LM?
?H
?F
,L?MOJO?MNI

M?
L?KOC?L?
F;
;JLI<;=C‰H
>?F
)CHCMNLI
>?
!=IHIG…;
S
$;=C?H>;
S

?H
I=;MCIH?M

>?F
)CHCMNLI
D?@?
>?F
>?J;LN;G?HNI
KO?
A?MNCIH;
?F
A;MNI
W
0L;HM@?L?H=C;M
>?
=L‚>CNIM
/IH
NL;MJ;MIM
>?
=L‚>CNIM
?HNL?
OHI
I
P;LCIM
JLIAL;G;M
>?
OH;
GCMG;
@OH=C‰H
=ILL?MJIH>C?HN?
;
M?LPC=CIM
>?
>CMNCHNIM
GCHCMN?LCIM
+
>?
>CMNCHN;M
@OH=CIH?M
=;MI
>?
L?ILA;HCT;=CIH?M
;>GCHCMNL;NCP;M

I
JLI>O=C>;M
JIL
;JFC=;=C‰H
>?
L?=OLMIM
JLI=?>?HN?M
>?F
"IH>I
!OLIJ?I
>?
?M;LLIFFI
.?ACIH;F
I
>?F
"IH>I
/I=C;F
!OLIJ?I
+
<C?H
NL;MJ;MI
>?
=L‚>CNIM
>?
>IN;=CIH?M
HI
ONCFCT;>;M
;F
JLIAL;G;
>?
CGJL?PCMNIM
S
@OH=CIH?M
HI
=F;MC@C=;>;M
/OM
FCGCN;=CIH?M
MIH
KO?
HI
;@?=N;L}H
;
FIM
=L‚>CNIM
;GJFC;<F?M
HI
GCHIL;L}H
=L‚>CNIM
KO?
B;S;H
MC>I
CH=L?G?HN;>IM
=IH
MOJF?G?HNIM
I
NL;HM@?L?H=C;M
M;FPI
=O;H>I
;@?=N?H
;
=L‚>CNIM
>?
J?LMIH;F
HC
;
=L‚>CNIM
CH=ILJIL;>IM
=IGI
=IHM?=O?H=C;
>?
L?G;H?HN?M
HI
=IGJLIG?NC>IM
JLI=?>?HN?M
>?
?D?L=C=CIM
;HN?LCIL?M
HI
CH=L?G?HN;L}H
=L‚>CNIM
KO?

=IGI
=IHM?=O?H=C;
>?
INL;M
NL;HM@?L?H=C;M

B;S;H
MC>I
I<D?NI
>?
GCHIL;=C‰H

M;FPI
=O;H>I
;@?=N?H
;
=L‚>CNIM
>?
J?LMIH;F
*I
;@?=N;H
F;M
FCGCN;=CIH?M
;
F;M
NL;HM@?L?H=C;M
KO?
M?
L?@C?L;H
;F
JLIAL;G;
>?
CGJL?PCMNIM
S
@OH=CIH?M
HI
=F;MC@C=;>;M

HC
=O;H>I
M?
NL;N?
>?
=L‚>CNIM
GI>C@C=;>IM
 JIL
L?ILA;HCT;=CIH?M
;>GCHCMNL;NCP;M
/?
;JLO?<;H
JIL
F;M
;ONILC>;>?M
MCAOC?HN?M
IHM?DI
>?
)CHCMNLIM

)CHCMN?LCI
>?
!=IHIG…;
S
$;=C?H>;
)CHCMNLI

D?@?
>?F
>?J;LN;G?HNI
KO?
A?MNCIH;
?F
A;MNI
J;L;
OH
GCMGI
JLIAL;G;
=ILL?MJIH>C?HN?
;
OH
GCMGI
I
>C@?L?HN?
M?LPC=CI
O
ILA;HCMGI
;ON‰HIGI
>?
MO
>?J;LN;G?HNI

MC?GJL?
KO?
HI
;@?=N?
;
=L‚>CNIM
>?
J?LMIH;F

;N?H=CIH?M
JLINI=IF;LC;M
S
L?JL?M?HN;NCP;M

A;MNIM
L?M?LP;>IM
I
;
MO<P?H=CIH?M
HIGCH;NCP;M

HC
MOJIHA;H
>?MPC;=CIH?M
?H
F;
=IHM?=O=C‰H
>?F
I<D?NCPI
>?F
JLIAL;G;
!F
)CHCMNLI
>?
?@?HM;
JO?>?
;ONILCT;L
;>?G}M
NL;HM@?L?H=C;M
?HNL?
=L‚>CNIM
>?
P;LCIM
JLIAL;G;M
>?
OH;
GCMG;
@OH=C‰H
>?
MO
>?J;LN;G?HNI

=O;H>I
M?
L?@C?L;H
;
A;MNIM
?H
<C?H?M
S
M?LPC=CIM
?
CHP?LMCIH?M
L?;F?M
W
#?H?L;=C‰H
>?
=L‚>CNI
/?
NL;N;
>?
OH
;OG?HNI
>?
=L‚>CNI
JIL
CHAL?MIM
!H
F;
@ILG;
KO?
L?AF;G?HN;LC;G?HN?
M?
>?N?LGCH?

JO?>?H
JLIP?HCL
>?
FIM
CHAL?MIM
>?LCP;>IM
>?
F;M
MCAOC?HN?M
IJ?L;=CIH?M
;JILN;=CIH?M
>?
J?LMIH;M
H;NOL;F?M
I
DOL…>C=;M
J;L;
=I@CH;H=C;L
A;MNIM
>?
;=O?L>I
=IH
FIM
I<D?NCPIM
>?F
!MN;>I
I
MOM
ILA;HCMGIM
;ON‰HIGIM
?H;D?H;=CIH?M
>?
<C?H?M
>?F
!MN;>I
I
>?
MOM
ILA;HCMGIM
;ON‰HIGIM
JL?MN;=CIH?M
>?
M?LPC=CIM
L??G<IFMI
>?
JL‚MN;GIM
=L‚>CNIM
>?F
?RN?LCIL
J;L;
CHP?LMCIH?M
J<FC=;M
KO?
JIL
F?S
M?
B;S;
>CMJO?MNI
M?;H
;M…
@CH;H=C;>;M
/?
;JLO?<;H
JIL
?F
)CHCMN?LCI
>?
!=IHIG…;
S
$;=C?H>;
I
JIL
?F
)CHCMNLI

D?@?
>?F
>?J;LN;G?HNI
KO?
A?MNCIH;
?F
A;MNI
W
L‚>CNIM
CH=ILJIL;>IM
/IH
=L‚>CNIM
KO?
M?
CH=ILJIL;H
;F
?D?L=C=CI
CHG?>C;NI
MCAOC?HN?
/?
CH=ILJIL;H
;F
=L‚>CNI
>?F
?D?L=C=CI
MCAOC?HN?
FIM
=L‚>CNIM
?RNL;IL>CH;LCIM
S
FIM
MOJF?G?HNIM
>?
=L‚>CNI

;M…
=IGI
F;M
NL;HM@?L?H=C;M
>?
=L‚>CNI
I<N?HC>;M
?H
?F
FNCGI
G?M
>?F
?D?L=C=CI
S
KO?
JIL
=;OM?M
DOMNC@C=;>;M

HI
B;S;H
JI>C>I
L?;FCT;LM?
>OL;HN?
?F
GCMGI
=L‚>CNIM
KO?
;GJ;L?H
=IGJLIGCMIM
>?
A;MNIM
=IHNL;…>IM
;HN?M
>?F
FNCGI
G?M
>?F
?D?L=C=CI
S
KO?

JIL
=;OM;M
DOMNC@C=;>;M

HI
B;S;H
JI>C>I
L?;FCT;LM?
>OL;HN?
?F
GCMGI
=L‚>CNIM
J;L;
IJ?L;=CIH?M
>?
=;JCN;F
=L‚>CNIM
;ONILCT;>IM
?H
@OH=C‰H
>?
F;
?@?=NCP;
L?=;O>;=C‰H
>?
FIM
>?L?=BIM
;@?=N;>IM
/?
;JLO?<;H
JIL
?F
)CHCMN?LCI
>?
!=IHIG…;
S
$;=C?H>;
I
JIL
?F
)CHCMNLI

D?@?
>?F
>?J;LN;G?HNI
KO?
A?MNCIH;
?F
A;MNI
(IM
NCNOF;L?M
>?
FIM
>?J;LN;G?HNIM
GCHCMN?LC;F?M
JI>L}H
;ONILCT;L

=O;H>I
;M…
M?
?MJ?=C@CKO?

F;M
GI>C@C=;=CIH?M
CH>C=;>;M

JL?PCI
CH@ILG?
>?
F;
%HN?LP?H=C‰H
?F?A;>;
O;H>I
?RCMN;H
>CM=L?J;H=C;M
?HNL?
;G<IM

L?MO?FP?
?F
)CHCMNLI
>?
$;=C?H>;
S
>GCHCMNL;=CIH?M
,<FC=;M
IGI
M?ˆ;F;H
2;FCˆI

,;<FIM
S
!>I
F;
G?L;
?HOG?L;=C‰H
>?
F;M
JIMC<F?M
GI>C@C=;=CIH?M
JL?MOJO?MN;LC;M
CH>C=;
OH;
F;RCNO>
CGJILN;HN?
?H
?F
=OGJFCGC?HNI
>?
FIM
,L?MOJO?MNIM
CHC=C;F?M
?
F;M
>?@CHC=CIH?M
JL?=?>?HN?M
M?
>?>O=?
KO?
M‰FI
?H
?F
=;MI
>?
FIM
=L‚>CNIM
?RNL;IL>CH;LCIM
S
FIM
MOJF?G?HNIM
>?
=L‚>CNI
?MN}H
MIG?NC>IM
;F
=IHNLIF
J;LF;G?HN;LCI

;F
M?L
H?=?M;LC;G?HN?
;JLI<;>IM
G?>C;HN?
F?S
?F
L?MNI
>?J?H>?
>?
F;M
>?=CMCIH?M
AO<?LH;G?HN;F?M
(IM
>;NIM
MIH
GOS
MCAHC@C=;NCPIM
S
>?MJL?H>?
KO?
;
J;LNCL
>?

F;M
GI>C@C=;=CIH?M
JL?MOJO?MN;LC;M
MIH
=;>;
P?T
>?
G;SIL
=O;HN…;
=IH
OH
@L?HI
L?F;NCPI
?H
FIM
>IM
FNCGIM
;ˆIM


S


MI<L?
FIM
KO?
M?
>CMJIH?
>?
CH@ILG;=C‰H

S
IM=CF;H
?HNL?
?F

S
?F

JIL
=C?H
>?F
=L‚>CNI
CHC=C;F
.?MOFN;
MOJ?LCIL

?H
A?H?L;F

F;
ONCFCT;=C‰H
>?F
MCMN?G;
>?
=L‚>CNIM
;GJFC;<F?M
?
CH=ILJIL;>IM
KO?
F;M
@CAOL;M
KO?
L?KOC?L?H
;JLI<;=C‰H
J;LF;G?HN;LC;
2;FCˆI

,;<FIM

!>I


$;S
KO?
L?=IL>;L
KO?
?M?
>?M=IHNLIF
>?F
CHMNLOG?HNI
>?
=IHNLIF
JIL
?R=?F?H=C;

>?F
JL?MOJO?MNI

B;
MC>I
;=IGJ;ˆ;>I
JIL
OH
>?<CFCN;GC?HNI
?RNL?G;>I
>?
FIM
=IHNLIF?M
CHN?LHIM

;>GCHCMNL;NCPIM

JL?PCIM

;
=;LAI
>?
F;
%HN?LP?H=C‰H
#?H?L;F
>?
F;
>GCHCMNL;=C‰H
>?F
!MN;>I
I
FIM
‰LA;HIM
CHN?LP?HNIL?M
>?
F;M
>GCHCMNL;=CIH?M
0?LLCNILC;F?M
/?AH
OH
?MNO>CI
?=IHIG‚NLC=I
>?
F;M
>?MPC;=CIH?M
JL?MOJO?MN;LC;M
F;M
JL?PCMCIH?M
>?
CHAL?MIM
N?H>C?LIH
;
?MN;L
MCMN?G}NC=;G?HN?
JIL
>?<;DI
>?
FIM
CHAL?MIM
@CH;FG?HN?
I<M?LP;>IM
,IL
MO
J;LN?

F;M
>?MPC;=CIH?M
>?
FIM
A;MNIM
L?;FCT;>IM
?H
L?F;=C‰H
=IH
FI
JL?MOJO?MN;>I
GO?MNL;H
OH
M?MAI
G}M
L?>O=C>I

;OHKO?
N;G<C‚H
JIMCNCPI
!H
?MN?
=;MI

F;M
L?PCMCIH?M
=IH
L?MJ?=NI
;
F;M
JL?PCMCIH?M
JL?MOJO?MN;LC;M
CHC=C;F?M
@O?LIH
MC?GJL?
JIMCNCP;M
?MNI
?M

M?
;GJFC;LIH
FIM
G}LA?H?M
>?
A;MNI
=IH
L?MJ?=NI
;
FI
JL?MOJO?MN;>I
CHC=C;FG?HN?

;OHKO?
?MN?
G;LA?H
?H
F;
G;SIL…;
>?
FIM
=;MIM
HI
FF?A‰
;
ONCFCT;LM?
=IGJF?N;G?HN?
/?
?H=O?HNL;

;>?G}M

KO?
F;M
>?MPC;=CIH?M
?H
FIM
A;MNIM
MIH
G;SIL?M
?H
FIM
;ˆIM
?F?=NIL;F?M
S
JL?PCIM
;
F;M
?F?==CIH?M
!MNIM
L?MOFN;>IM
JI>L…;H
CHN?LJL?N;LM?
=IGI
KO?
?RCMN?
OH
=C?LNI
G;LA?H
J;L;
G?DIL;L
?F
JLI=?MI
>?
JF;HC@C=;=C‰H
JL?MOJO?MN;LC;
!H
NI>I
=;MI

M?
I<M?LP;
OH
CH=L?G?HNI
>?
F;
JL?=CMC‰H
>?
F;M
JL?PCMCIH?M
JL?MOJO?MN;LC;M
;
FI
F;LAI
>?F
NC?GJI
(?;F

,‚L?T

 
"
-
$&')$)'(Y"
"

!#&
'$X# 
(;
IHMNCNO=C‰H
?MJ;ˆIF;
>?

?M
F;
JLCG?L;
>?
!OLIJ;
?H
?GJF?;L
?F
N‚LGCHI
JL?MOJO?MNI
?H
OH
N?RNI
F?A;F
.?=O‚L>?M?
KO?
‚MN?
=IHMNCNOS?
OH
JF;H
>?
A;MNIM
S
OH;
?MNCG;=C‰H
>?
CHAL?MIM
KO?
>;H
=IGI
L?MOFN;>I
F;
=IHMN;N;=C‰H
>?
F;
?RCMN?H=C;
S
F;
=O;HN…;
>?F
>‚@C=CN

MC
?M
KO?
?RCMN?

S
>?M=LC<?
FIM
G?>CIM
?RNL;IL>CH;LCIM
\?GJL‚MNCNIM

MO<MC>CIM

;HNC=CJIM\
KO?
M?
JC?HM;
ONCFCT;L
J;L;
;N?H>?L
;F
G;SIL
A;MNI
?M>?
OH;
‰JNC=;
FC<?L;F
CGJFC=;
N;G<C‚H
MO
>CM=OMC‰H
J<FC=;
?H
?F
J;LF;G?HNI
S
MO
=IHNLIF
>?M>?
OH;
CHMN;H=C;
CH>?J?H>C?HN?

OH
NLC<OH;F
>?
=O?HN;M
/CH
?G<;LAI

F;
F?ACMF;=C‰H
JL?MOJO?MN;LC;
JLIJC;G?HN?
>C=B;

N;L>‰
G}M
?H
;J;L?=?L
;OHKO?
FI
BCTI
=IH
PI=;=C‰H
>?
J?LG;H?H=C;
F;
(?S
>?
IHN;<CFC>;>
>?

>?
@?<L?LI
>?

S
F;
(?S
>?
>GCHCMNL;=C‰H
S
IHN;<CFC>;>
>?

>?
DOFCI
>?

;L?;

(I
JLCG?LI
KO?
>?MN;=;
=O;FKOC?L
I<M?LP;>IL
MI<L?
F;
L?;FC>;>
?=IH‰GC=;
>?F
M?=NIL
J<FC=I
>?M>?
?F
CHC=CI
>?
F;
NL;HMC=C‰H
;
F;
>?GI=L;=C;
?M
?F
CH=IHN?HC<F?
=L?=CGC?HNI
>?F
A;MNI
J<FC=I
!H
?@?=NI

?F
A;MNI
J<FC=I
?RJ?LCG?HN‰
OH
CHN?HMI
=L?=CGC?HNI
?H
!MJ;ˆ;

?MJ?=C;FG?HN?
?HNL?

S


;ˆIM
?H
FIM
KO?
J;M‰
>?
;FAI
G?HIM
>?
OH

;
OH

JIL
=C?HNI
>?F
,%
!F
A;MNI
J<FC=I
L?JL?M?HN;<;
?H
!MJ;ˆ;
?H

OH


JIL

>?F
,%

@L?HN?
;
OH


JIL
=C?HNI
?H
F;
1!
S
OH

JIL
=C?HNI
?H
FIM
!MN;>IM
1HC>IM
J;L;
?F
GCMGI
;ˆI
;DI


!MN?
;OG?HNI
?M
?F
L?MOFN;>I
@CH;F
>?
JIF…NC=;M
J<FC=;M

>?
;AL?A;>IM
>?
>?=CMCIH?M
JIF…NC=;M
S
;>GCHCMNL;NCP;M

;>IJN;>;M
JIL
?F
J?LMIH;F
JIF…NC=I
>?F
L‚ACG?H
>?GI=L}NC=I

=IH
F;
;KOC?M=?H=C;
I
?F
?HNOMC;MGI
>?
FIM
=CO>;>;HIM
KO?

J?M?
;
MO
G;AHCNO>
S
;
MO
CGJILN;H=C;
CHNL…HM?=;

HI
B;H
L?=C<C>I
F;
MO@C=C?HN?
;N?H=C‰H

JL}=NC=;G?HN?

?H
FIM
?MNO>CIM
JIF…NC=IM
S
MI=CIF‰AC=IM
>?F
=;G<CI
JIF…NC=I
=IH
;FAOH;
?R=?J=C‰H
HIN;<F?
!F
;OG?HNI
>?F
A;MNI
J<FC=I
L?@F?D;
OH
>?M;LLIFFI
=IHMC>?L;<F?
>?F
!MN;>I
>?F
C?H?MN;L
S
B;
MOJO?MNI
F;
?KOCJ;L;=C‰H
>?F
A;MNI
J<FC=I
?MJ;ˆIF
;F
>?
INLIM
J;…M?M
>?F
?HNILHI


,
=01:=8,
;=0>@;@0>?,=4,
/0
7,>
805:=,>
?X.94.,>
,7
;=0>@;@0>?:
;:=
;=:2=,8,>
/?AH
;FF;LN
S
6;JC=I


JO?>?H
>CMNCHAOCLM?

8C@DD@
>@5@

=O;NLI
AL;H>?M
?N;J;M
?H
F;M
L?@ILG;M
JL?MOJO?MN;LC;M
?H
?F
L‚ACG?H
>?GI=L}NC=I
OH;
@;M?
>?
CGJF;HN;=C‰H
>?
G?DIL;M
N‚=HC=;M

F;
JL?MOJO?MN;=C‰H
JIL
JLIAL;G;M
CGJOFM;>;
JIL
?F
AI<C?LHI
MI=C;FCMN;

F;
@;M?
>?F
>‚@C=CN
=?LI
JLIGIPC>;
JIL
?F
AI<C?LHI
JIJOF;L

S
?F
L?NILHI
;
F;
@CFIMI@…;
>?
F;
A?MNC‰H
JIL
L?H>CGC?HNI
S;
=IH
FIM
AI<C?LHIM
>?
.I>L…AO?T
6;J;N?LI
;DI
?MN?
FNCGI

M?
CHC=C;

;
L;…T
>?
F;M
JL?MCIH?M
CHN?LH;=CIH;F?M
JIL
MO
G;H?DI
>?
F;
=LCMCM
?=IH‰GC=;
?MJ;ˆIF;

OH;
HO?P;
?N;J;
>?
A?MNC‰H
>?
FIM
L?=ILN?M
JL?MOJO?MN;LCIM
S
>?
JIF…NC=;M
>?
;DOMN?
>?
>OL;=C‰H
CH>?@CHC>;
KO?
B;
=IHNCHO;>I
=IH
?F
AI<C?LHI
>?
.;DIS




/A
;38=@/A
B_1<71/A
(;
(?S
 
>?
;M?M
>?

>?
?H?LI

#?H?L;F
,L?MOJO?MN;LC;

=IGC?HT;
;
?F;<IL;LM?
?H

=O;H>I
M?
CHMNCNOS?
OH;
IGCMC‰H
?H=;LA;>;
>?
JL?J;L;L
OH
;HN?JLIS?=NI
>?
F?S
KO?
MOMNCNOS?L;
;
F;
(?S
>?
>GCHCMNL;=C‰H
S
IHN;<CFC>;>
>?

>?HNLI
>?F
GCMGI
GIPCGC?HNI
L?@ILGCMN;
CGJOFM;>I
JIL
"O?HN?M
-OCHN;H;
>?M>?
?F
%HMNCNONI
>?
!MNO>CIM
"CM=;F?M
S
=IGI
=IGJF?G?HNI
>?
F;
L?@ILG;
NLC<ON;LC;
(;
(?S
 
HI
?MN;<;
?R?HN;
>?
;G<CAŽ?>;>?M
JO?M

JIL
?D?GJFI
>?@CH?
?F
/?=NIL
,<FC=I
;
?@?=NIM
=IHN;<F?M
?H
NL?M
MO<M?=NIL?M
\M?AH
?F
;LN…=OFI

M?
>CPC>?
?H
>GCHCMNL;=CIH?M
,<FC=;M

CH=FOC>;
F;
/?AOLC>;>
/I=C;F

!GJL?M;M
J<FC=;M

?
CHMNCNO=CIH?M
@CH;H=C?L;M
J<FC=;M\

J?LI
MCH
CH>C=;L
?H
=IH=L?NI
KO‚
?HN?M
=IGJIH…;H
=;>;
MO<M?=NIL
L=IM

IBISI

)}ˆ?T

);LN…H
L?MJI

+LNCT

2C=;LCI

!H
?F
;LN…=OFI

>?
F;
(?S
 
M?
?MN;<F?=…;
JIL
JLCG?L;
P?T
F;
JL?MOJO?MN;=C‰H
JIL
JLIAL;G;M

CH>C=;H>I
KO?
UFIM
?MN;>IM
>?
A;MNIM
>?
FIM
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
;JFC=;L}H
F;M
=F;MC@C=;=CIH?M
ILA}HC=;

@OH=CIH;F

>?M;AL?A;>I
JIL
JLIAL;G;M
S
?=IH‰GC=;X

>CMJIHC?H>I
KO?
UFIM
‰LA;HIM
=IHMNCNO=CIH;F?M

FIM
>?J;LN;G?HNIM
GCHCMN?LC;F?M

FIM
>?G}M
‰LA;HIM
>?F
!MN;>I
=IH
>IN;=CIH?M
>C@?L?H=C;>;M
?H
FIM
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
S
FIM
ILA;HCMGIM
;ON‰HIGIM
?MN;<F?=?L}H

>?
;=O?L>I
=IH
?F
)CHCMN?LCI
>?
!=IHIG…;
S
$;=C?H>;

OH
MCMN?G;
>?
I<D?NCPIM
KO?
MCLP;
>?
G;L=I
;
MO
A?MNC‰H
JL?MOJO?MN;LC;

S

>?
=IH@ILGC>;>
=IH
?FFIM

M?
=F;MC@C=;L}H
FIM
=L‚>CNIM
JIL
JLIAL;G;MX
,?LI
?MN;
>CMJIMC=C‰H
@ILG;F
N;L>;L…;
?H
CGJF;HN;LM?
?H
F;
JL}=NC=;
!H
?MN;
JLCG?L;
?N;J;
;J?H;M
JO?>?
B;<F;LM?
>?
OH;
;ON‚HNC=;
L?@ILG;
JL?MOJO?MN;LC;
JO?M
=IGI
CH>C=;H
;FF;LN
S
6;JC=I

=;MC
HI
B;<…;
=ILL?MJIH>?H=C;
?HNL?
F;M
?MNCG;=CIH?M
>?
=IMN?M

I<N?HC>;M
?H
F;M
?P;FO;=CIH?M
>?
JLIS?=NIM
S
F;M
;MCAH;=CIH?M
JL?MOJO?MN;LC;M
@CH;F?M
?D?=ON;>;M
0;GJI=I
?RCMN…;
OH;
JIF…NC=;
=IB?L?HN?
J;L;
G?DIL;L
F;
A?MNC‰H
>?F
A;MNI
S
F;
=;J;=C>;>
CHMNCNO=CIH;F
J;L;
MOJ?LPCM;L
?F
=C=FI
JL?MOJO?MN;LCI
MI<L?
F;
<;M?
>?
OH;
G?DIL
CH@ILG;=C‰H
MI<L?
FI
JLI>O=C>I
S
MO
?@?=NCPC>;>



/
>@3AC>C3AB/17b<
>=@
>@=5@/;/A
!MN;
>?=F;L;=C‰H
>?
CHN?H=CIH?M
>?
F;
(?S
 
KO?>‰
JL}=NC=;G?HN?
CH‚>CN;
B;MN;
F;
FF?A;>;
;F
JI>?L
>?F
,;LNC>I
/I=C;FCMN;

J?M?
;
M?L
OHI
>?
FIM
I<D?NCPIM
>?
FIM
,;=NIM
>?
F;
)IH=FI;
(;
A?H?L;FCT;=C‰H
>?
F;
L?@ILG;
JLIJC;G?HN?
>C=B;
M?
CHC=C;
=IH
F;
+L>?H
)CHCMN?LC;F
>?

>?
DOHCI
>?


MI<L?
HILG;M
>?
?F;<IL;=C‰H
>?
FIM
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
J;L;


?H
MO
JL?}G<OFI

;@CLG}H>IM?
KO?
UI<D?NCPI
JLCILCN;LCI
>?
FIM
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
J;L;
?F
;ˆI

?M
F;
L?@ILG;
>?F
;=NO;F
JLI=?MI
JL?MOJO?MN;LCI

<}MC=;G?HN?
>?
=;L}=N?L
ILA}HC=I
I
;>GCHCMNL;NCPI

ILC?HN}H>IFI
B;=C;
INL;
F‰AC=;
>?
F;
JL?MOJO?MN;=C‰H

=IHMNCNOC>;
>?M>?
FIM
JLIJCIM
I<D?NCPIM
>?F
M?=NIL
J<FC=I
?
?MN;
@ILG;
FIM
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I

P?L>;>?LIM
CHMNLOG?HNIM
>?
F;
;MCAH;=C‰H

A?MNC‰H
S
=IHNLIF
>?
FIM
L?=OLMIM
J<FC=IM

JI>L}H
I@L?=?L
;
OH;
=IGJF?N;
CH@ILG;=C‰H
>?F
A;MNIX
.I>L…AO?T
+H>;LT;

.O<CI
#O?LL?LI


(IM
,L?MOJO?MNIM
#?H?L;F?M
>?F
!MN;>I
=ILL?MJIH>C?HN?M
;

MIH
FIM
JLCG?LIM
KO?
M?
JL?M?HN;H
?H
N‚LGCHIM
>?
JLIAL;G;M
>?
A;MNI

J?LI
?F
=;G<CI
@O?
G}M
HIGCH;F
KO?
L?;F
!F
0?RNI
.?@OH>C>I
>?
F;
(?S
#?H?L;F
,L?MOJO?MN;LC;
MOJOMI
OH;
HO?P;
=IH=?J=C‰H
>?F
}G<CNI
JL?MOJO?MN;LCI
*I
=;<?
>O>;
>?
KO?
?MN;
HILG;
B;
N?HC>I
OH;
CH@FO?H=C;
GOS
JIMCNCP;
J?LI
=IGI
M?
P?L}
=IH
JIMN?LCILC>;>
F;
L?;FC>;>
>?F
A;MNI
P;
GOS
JIL
>?F;HN?
>?
FIM
=IHNLIF?M
HILG;NCPIM
(;
L?@ILG;
NL;N;<;
>?
=IHM?AOCL
OH
JL?MOJO?MNI
ILC?HN;>I
;
L?MOFN;>IM

NL;N;H>I
>?
PCH=OF;L
F;M
>?=CMCIH?M
>?
@CH;H=C;=C‰H
=IH
MOM
?@?=NIM

CGJ;=NI
I
?@?=NCPC>;>
/CH
?G<;LAI

?F
MCMN?G;
HI
@O?
NCF
J;L;
=IIL>CH;L
F;
;==C‰H
>?
FIM
>CMNCHNIM
>?J;LN;G?HNIM
S
ILA;HCMGIM
;>GCHCMNL;NCPIM
I
J;L;
JLIJIL=CIH;L
OH;
J?LMJ?=NCP;
G}M
=IB?L?HN?
>?F
A;MNI
J<FC=I
?H
FIM
>C@?L?HN?M
M?=NIL?M
>?
JIF…NC=;
J<FC=;
IGI
MO<L;S‰
6;JC=I
?H
MO
GIG?HNI

F;
;GJFC;
>?@CHC=C‰H
>?
JLIAL;G;
M?
=LCNC=‰
=IH
@L?=O?H=C;

JIL
?FFI
M?
B;<F;<;
>?
F;
L?@ILG;
=IGI
G?L;
GI>?LHCT;=C‰H
MCG<‰FC=;

S
FIM
>CMNCHNIM
ILA;HCMGIM
NOPC?LIH
>C@C=OFN;>?M
?H
?F
?MN;<F?=CGC?HNI
>?
I<D?NCPIM

F;
>?N?LGCH;=C‰H
>?
FIM
CH>C=;>IL?M
L?F?P;HN?M
S
;>?=O;>IM

S

?H
A?H?L;F

?H
=IH?=N;L
MOM
;=NCPC>;>?M
=IH
MOM
CGJ;=NIM
MI=C;F?M
I
=IH
FIM
JF;H?M
F?ACMF;NCPIM

 
,
.:9A0=209.4,
;=0>@;@0>?,=4,
;,=,
07
492=0>:
09
7,
&94[9
:90?,=4,
(;
>C@?L?H=C;
?HNL?
FIM
CHAL?MIM
S
FIM
A;MNIM
J<FC=IM
HIM
JLIJIL=CIH;
?F
M;F>I
JL?MOJO?MN;LCI
>?F
M?=NIL
J<FC=I

?MNI
?M

MO
MOJ?L}PCN
MC
F;
>C@?L?H=C;
?M
JIMCNCP;
I
MO
>‚@C=CN
MC
F;
>C@?L?H=C;
?M
H?A;NCP;

S
>?M>?
FIM
CHC=CIM
>?F
L‚ACG?H
>?GI=L}NC=I
?MN;
>C@?L?H=C;
B;
MC>I
H?A;NCP;
0I>I
?F
MCAFI
44
M?
B;
=;L;=N?LCT;>I
?H
!MJ;ˆ;
JIL
F;
@;FN;
>?
OH;M
JIF…NC=;M
JL?MOJO?MN;LC;
S
GIH?N;LC;
=;J;=?M
>?
;M?AOL;L
F;
?MN;<CFC>;>
CHN?LH;
S
?RN?LCIL
>?
MO
?=IHIG…;
0L;M
?F
CHAL?MI
?H
F;
1HC‰H
!OLIJ?;

=IGI
B;
M?ˆ;F;>I
;L?;


UF
@CH;FCT;L


FIM
CH>C=;>IL?M
>?
=IHP?LA?H=C;
HIGCH;F
GIMNL;<;H
F;
=;MC
CGJIMC<CFC>;>
>?
KO?
!MJ;ˆ;
JO>C?M?
?HNL;L
?H
F;
1HC‰H
)IH?N;LC;
IH
?F
=;G<CI
>?
#I<C?LHI
S
F;
@‚LL?;
PIFOHN;>
JIF…NC=;
>?
MO
,L?MC>?HN?

KO?
@CD‰
=IGI
I<D?NCPI
JLCILCN;LCI
F;
?HNL;>;
?H
F;
1HC‰H
)IH?N;LC;

F;
JIF…NC=;
JL?MOJO?MN;LC;
=;G<C‰
L;>C=;FG?HN?

FI
KO?
BCTI
JIMC<F?
;F
;H=I
>?
!MJ;ˆ;

KO?
S;
N?H…;
;ONIHIG…;
J;L;
F;
?F;<IL;=C‰H
S
?D?=O=C‰H
>?
F;
JIF…NC=;
GIH?N;LC;

ILC?HN;LF;
B;=C;
?F
I<D?NCPI
>?
F;
=IHP?LA?H=C;
(IM
G?L=;>IM
?GJ?T;LIH
;
=IH@C;L
?H
F;
HO?P;
JIF…NC=;
?=IH‰GC=;
S
M?
JLI>ODI
?F
GCF;ALI
?F

>?
G;SI
>?


>…;
?H
?F
KO?
!MJ;ˆ;
L?=C<C‰
OH;
;FN;
=;FC@C=;=C‰H
J;L;
MO
?HNL;>;
?H
F;
1HC‰H
)IH?N;LC;X
!FFI
M?
=IHMCAOC‰
G?>C;HN?
F;
;JFC=;=C‰H
>?
OH;
L…AC>;
=IHN?H=C‰H
>?F
A;MNI
KO?
J?LGCNC‰
F;
L?>O==C‰H
>?F
>‚@C=CN
!H
?F
0?G;

M?
?R;GCH;
?F
>?M;LLIFFI
>?
F;
AI<?LH;=C‰H
?=IH‰GC=;
S
@CM=;F
>?
F;
1!
=IH
F;
CGJF;HN;=C‰H
>?
F;
6IH;
!OLI
S
F;
L?MJO?MN;
;
F;
#L;H
.?=?MC‰H

F;
;JFC=;=C‰H
>?
F;
JIF…NC=;
JL?MOJO?MN;LC;
B;
M?AOC>I
OH;
L?@ILG;
>?
F;
F?ACMF;=C‰H
J;L;
F;
CHNLI>O==C‰H
>?F
JLCH=CJCI
>?
?MN;<CFC>;>
JL?MOJO?MN;LC;

JLIHNI
L?F;D;>I
OH
N;HNI
NL;M
?F
L?AL?MI
>?
FIM
MI=C;FCMN;M
;F
JI>?L

S
>?
INL;M
>CMJIMC=CIH?M
J;L;
F;
GI>?LHCT;=C‰H
S
G?DIL;
>?
F;
A?MNC‰H
J<FC=;
IGI
B;H
>?MN;=;>I
%AF?MC;M
S
)IL;HI



F;
JLIGOFA;=C‰H
>?
F;M
F?S?M
>?
?MN;<CFC>;>
I<?>?=C‰
?H
HO?MNLI
=;MI
;
>IM
GINCPIM
JLCH=CJ;F?M
F;
CH=ILJIL;=C‰H
;
HO?MNLI
IL>?H;GC?HNI
DOL…>C=I
>?
OH;
L?AF;
@CM=;F
KO?
L?@ILT;M?
F;
HILG;
?OLIJ?;

>?
;JFC=;=C‰H
I<FCA;>;
;
NI>IM
FIM
!MN;>IM
GC?G<LIM

S

MI<L?
NI>I

F;
H?=?MC>;>
>?
?MN;<F?=?L
OH
G?=;HCMGI
CHN?LHI
>?
=IIL>CH;=C‰H
JL?MOJO?MN;LC;
>?HNLI
>?F
M?=NIL
J<FC=I
?MJ;ˆIF

KO?
=IHM;AL;M?
?F
?KOCFC<LCI
JL?MOJO?MN;LCI
=IGI
?M=?H;LCI
J?LG;H?HN?
>?
HO?MNL;M
@CH;HT;M
J<FC=;M
(;M
F?S?M
>?
?MN;<CFC>;>
>?

MOJOMC?LIH
OH
CGJILN;HN?
L?MJ;F>I
;
F;
?MN;<CFC>;>
JL?MOJO?MN;LC;
?H
!MJ;ˆ;

?MN;<F?=C?H>I
OH
=IHDOHNI
>?
L?AF;M
>?
>CM=CJFCH;
@CM=;F
I<D?NCP;

HI
MOD?N;M
;
F;
CHN?LJL?N;=C‰H
>CM=L?=CIH;F
>?
F;M
;ONILC>;>?M
JIF…NC=;M

S
;JFC=;<F?M
;
NI>;M
F;M
;>GCHCMNL;=CIH?M
J<FC=;M

KO?
M?
=IH@CAOL;
?H
NILHI
;
=O;NLI
JLCH=CJCIM
L?=NIL?M
>?
A?MNC‰H
G;=LIJL?MOJO?MN;LC;
?MN;<CFC>;>

JFOLC;HO;FC>;>

NL;HMJ;L?H=C;
S
?@C=C?H=C;
(;M
L?AF;M
HOG‚LC=;M
MIH
=O;NLI
?F
I<D?NCPI
>?
?MN;<CFC>;>
JL?MOJO?MN;LC;
NLC?H;F

?F
F…GCN?
>?
A;MNI
HI
@CH;H=C?LI
>?F
!MN;>I
(#H"

?F
@IH>I
>?
=IHNCHA?H=C;
>?
?D?=O=C‰H
JL?MOJO?MN;LC;
"

S
?F
>‚@C=CN
J;L;
CHP?LMCIH?M
!F
I<D?NCPI
>?
?MN;<CFC>;>
?M
OH;
L?AF;
>?
F;M
>?HIGCH;>;M
>?
D2=5@
AC6DFAF6DE2C:@

?F
(#H"
S
?F
"
MIH
L?AF;M
>?
82DE@
S

@CH;FG?HN?

?F
>‚@C=CN
J;L;
CHP?LMCIH?M
?M
OH;
L?AF;
N;HNI
>?
M;F>I
=IGI
>?
A;MNI
(;M
F?S?M
N;G<C‚H
?MN;<F?=?H
L?AF;M
>?
JLI=?>CGC?HNI
CH@ILG?
>?
MCNO;=C‰H
=…=FC=;

>?N?LGCH;=C‰H
>?
FIM
OG<L;F?M
>?
=L?=CGC?HNI
;
FIM
=O;F?M
M?
PCH=OF;H
FIM
I<D?NCPIM
>?
MOJ?L}PCN
I
>‚@C=CN

NL;GCN;=C‰H
>?
FIM
I<D?NCPIM
>?
?MN;<CFC>;>
?H
F;M
ILN?M
#?H?L;F?M

=IHMOFN;
;
F;M
=IGOHC>;>?M
;ON‰HIG;M

?N=
/?
NL;N;
>?
;MJ?=NIM
CGJILN;HN?M
S;
KO?

;>?G}M
>?
I<D?NCP;L
?F
JLI=?MI
>?
@CD;=C‰H
>?
F;M
L?AF;M
HOG‚LC=;M

=IHNLC<OS?H
;
L?@ILT;L
?F
G;L=I
CHMNCNO=CIH;F
>?
F;
?MN;<CFC>;>
JL?MOJO?MN;LC;

?MN;<F?=C?H>I

?HNL?
INLIM
;MJ?=NIM

F;
JL?M?H=C;
>?F
,;LF;G?HNI
>?M>?
?F
CHC=CI
>?F
JLI=?MI
JL?MOJO?MN;LCI
S
OH;
G;SIL
J;LNC=CJ;=C‰H
>?
F;M
;>GCHCMNL;=CIH?M
N?LLCNILC;F?M
?H
F;
@CD;=C‰H
>?F
G;L=I
JL?MOJO?MN;LCI
A?H?L;F
!H
L?MOG?H
=IH
?MN;M
GI>C@C=;=CIH?M
F?ACMF;NCP;M
M?
CHMNCNOS?
?H
HO?MNLI
J;…M
F;
>?HIGCH;>;
UJL?MOJO?MN;=C‰H
?H
>IM
@;M?MX

KO?
MOJIH?
?F
J;MI
>?
OH;
JL?MOJO?MN;=C‰H
?H
F;
KO?
F;
=C@L;
>?F
JL?MOJO?MNI
@CH;F
?M
?F
L?MOFN;>I
>?
F;
;AL?A;=C‰H
>?
MOM
=IGJIH?HN?M
?M
>?=CL

>?
F;M
H?=?MC>;>?M
>?
A;MNI
JF;HN?;>;M
JIL
FIM
=?HNLIM
A?MNIL?M

;
INLI
GI>?FI
?H
?F
KO?
JLCG?LI
M?
>?@CH?
?F
G;L=I
@CH;H=C?LI
>?F
JL?MOJO?MNI

?MNI
?M
?F
GIHN;HN?
AFI<;F
I
M?=NILC;F
>?F
A;MNI
S

>?MJO‚M

?H
OH;
M?AOH>;
@;M?
M?J;L;>;
>?
F;
;HN?LCIL

M?
>CM=ON?
S
L?J;LN?
?M?
GIHN;HN?
AFI<;F
@CD;>I
,O?>?
I=OLLCL

;>?G}M

KO?
?M?
G;L=I
A?H?L;F

=IGI
MO=?>?
?H
!MJ;ˆ;

>?<;
M?L
;JLI<;>I
JIL
?F
,;LF;G?HNI



,
20>?4[9
/0
#:/=Y2@0E
+,;,?0=:
/07
149,7
/0
7,
-@=-@5,
,
7,
=,9
#0.0>4[9
*I
I<MN;HN?
F;M
<IH>;>?M
>?
?MN;M
G?>C>;M
J;L;
?F
@IG?HNI
>?
F;
?MN;<CFC>;>
JL?MOJO?MN;LC;
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M

?F
AI<C?LHI
MI=C;FCMN;
>?
.I>L…AO?T
6;J;N?LI
F;M
GI>C@C=‰

J?LGCNC?H>I
G}LA?H?M
MOJ?LCIL?M
>?
CH?MN;<CFC>;>
S
?H>?O>;GC?HNI
(;
L?@ILG;
>?

B;
J?LM?AOC>I
>IM
I<D?NCPIM
JLCH=CJ;F?M
%AF?MC;M
S
)IL;HI


JL?M?LP;L
FIM
;MJ?=NIM
JIMCNCPIM
>?
F;M
F?S?M
>?

?
CHNLI>O=CL
G;SIL
L;=CIH;FC>;>
S
@F?RC<CFC>;>
?=IH‰GC=;
?H
FIM
G?=;HCMGIM
>?
>CM=CJFCH;
@CM=;F
?H
N?IL…;

S
N;G<C‚H
J;L;
KO?
F;M
IGOHC>;>?M
ON‰HIG;M
J;LNC=CJ?H
?H
F;
>CM=OMC‰H
>?F
G;L=I
A?H?L;F
JL?MOJO?MN;LCI
JO?M
?FF;M
MIH
L?MJIHM;<F?M
S;
>?
G}M
>?
F;
N?L=?L;
J;LN?
>?F
A;MNI
J<FC=I
S
>?
FIM
L?MOFN;>IM
@CH;F?M
>?F
J;…M
@L?HN?
;F
JLINI=IFI
>?
>‚@C=CN
?R=?MCPI
>?LCP;>I
>?F
NL;N;>I
>?
F;
1!
V
(;
L?>?@CHC=C‰H
>?F
JLCH=CJCI
>?
?MN;<CFC>;>
JL?MOJO?MN;LC;

PCH=OF}H>IFI
;
F;
JIMC=C‰H
=…=FC=;
>?
F;
?=IHIG…;

FI
KO?
;>?G}M
>?
JIN?H=C;L
F;
@OH=C‰H
?MN;<CFCT;>IL;
>?
F;
JIF…NC=;
@CM=;F

L?@O?LT;
F;
=L?>C<CFC>;>
>?
FIM
JLIJCIM
I<D?NCPIM
JL?MOJO?MN;LCIM
!MN;
L?>?@CHC=C‰H
M?
=IH=L?N;
?H
F;
I<FCA;=C‰H
>?
JL?MOJO?MN;L
=IH
MOJ?L}PCN
=O;H>I
F;M
=CL=OHMN;H=C;M
?=IH‰GC=;M
MIH
@;PIL;<F?M

S
?H
F;
JIMC<CFC>;>
>?
CH=OLLCL
?H
>‚@C=CN
J<FC=I
?H
FIM
GIG?HNIM
<;DIM
>?F
=C=FI
?=IH‰GC=I

>?
@ILG;
KO?
;
FI
F;LAI
>?
OH
=C=FI
=IGJF?NI
M?
FIAL?
OH;
MCNO;=C‰H
G?>C;
>?
?KOCFC<LCI
JL?MOJO?MN;LCI
!F
JLI<F?G;
?M
KO?
?MN;
>?@CHC=C‰H
L?MOFN;
>C@…=CF
>?
=IH=L?N;L
?H
F;
JL}=NC=;
S
MCLP?
=IGI
=I;LN;>;
J;L;
M?AOCL
OH;
JIF…NC=;
F;R;
@L?HN?
;F
>‚@C=CN

=IGI
;>?G}M
B;
MC>I
?F
=;MI
V
1H;
G;SIL
PCH=OF;=C‰H
?HNL?
?MN;<CFC>;>
JL?MOJO?MN;LC;
S
=L?=CGC?HNI
?=IH‰GC=I

J?LI
 KO?
L?MOFN;
JLI<F?G}NC=;
MC
HI
M?
JLI>O=?
=L?=CGC?HNI
JO?M
?F
>‚@C=CN
A?H?L;>I
HI
M?
JO?>?
?HDOA;L
V
1H
G;SIL
=IGJLIGCMI
@CM=;F
>?
NI>IM
FIM
HCP?F?M
>?
AI<C?LHI

J;L;
FI
=O;F
M?
CGJOFM;
OH
G;SIL
=IHM?HMI
S
J;LNC=CJ;=C‰H
JIL
J;LN?
>?
NI>;M
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
?H
F;
>?N?LGCH;=C‰H
>?
FIM
I<D?NCPIM
@CM=;F?M
!H
N‚LGCHIM
A?H?L;F?M

F;
?MN;<CFC>;>
JL?MOJO?MN;LC;
M?
C>?HNC@C=;
=IH
OH;
MCNO;=C‰H
>?
?KOCFC<LCI
JL?MOJO?MN;LCI
;
G?>CI
JF;TI
!F
JLI<F?G;
L?MC>?
;KO…
?H
F;
@;FN;
>?
NL;HMJ;L?H=C;
?H
F;M
=O?HN;M
>?
F;M
;>GCHCMNL;=CIH?M
N?LLCNILC;F?M
=OS;M
;ONILC>;>?M
JIF…NC=;M
?GJF?;H
?H
I=;MCIH?M
MOM
M?=NIL?M
J<FC=IM
L?MJ?=NCPIM
J;L;
F;
I=OFN;=C‰H
>?
MO
?H>?O>;GC?HNI

=IGI
M?
B;
=IGJLI<;>I
NL;M
F;M
?F?==CIH?M
L?ACIH;F?M
S
GOHC=CJ;F?M
>?

BIL;
<C?H

?RCMN?H
<}MC=;G?HN?
>IM
JF;HN?;GC?HNIM
J;L;
G;HN?H?L
N;F
MCNO;=C‰H
>?
?KOCFC<LCI
=IGI
M?ˆ;F;H
%AF?MC;M
S
)IL;HI


;
=IHM?AOCL
NI>IM
FIM
;ˆIM
?F
?KOCFC<LCI
JL?MOJO?MN;LCI

<
I<N?H?L
?F
?KOCFC<LCI
;
FI
F;LAI
>?F
=C=FI
?=IH‰GC=I

J?LGCNC?H>I
CH=OLLCL
?H
>‚@C=CN
N?GJIL;F?M
?H
‚JI=;M
>?
G?HIL
=L?=CGC?HNI

FIM
=O;F?M
M?L}H
=IGJ?HM;>IM
=IH
FIM
MOJ?L}PCN
A?H?L;>IM
?H
F;
@;M?M
>?
?RJ;HMC‰H
G<IM
JF;HN?;GC?HNIM
NC?H?H
P?HN;D;M
?
CH=IHP?HC?HN?M
(;
JIF…NC=;
@CM=;F
>?
?KOCFC<LCI
;HO;F
J?LGCN?
CGJF;HN;L
L?AF;M
@CM=;F?M
M?H=CFF;M
S
@}=CF?M
>?
CHMNLOG?HN;L

J?LI
?M
OH;
JIF…NC=;
JLI=…=FC=;
KO?
JO?>?
=L?;L
LCAC>?=?M
?H
?F
G;H?DI
>?F
JL?MOJO?MNI
!H
=;G<CI

F;M
L?AF;M
<;M;>;M
?H
?F
?KOCFC<LCI
;
FI
F;LAI
>?F
=C=FI
?=IH‰GC=I
MIH
G}M
@F?RC<F?M

S;
KO?
>?D;H
;=NO;L
;
FIM
?MN;<CFCT;>IL?M
@CM=;F?M
FC<L?G?HN?

J?LGCNC?H>I
N;G<C‚H
OH;
JIF…NC=;
>CM=L?=CIH;F
;>C=CIH;F
=OSIM
?@?=NIM
M?
MOG;L}H
;F
;ONIG;NCMGI
;HNC=…=FC=I
>?
FIM
?MN;<CFCT;>IL?M
(IM
JLCH=CJ;F?M
CH=IHP?HC?HN?M
>?
?MN;
IJ=C‰H
>?LCP;H
>?
>C@C=OFN;>?M
=IH=?JNO;F?M
S
>?
;JFC=;=C‰H
,IL
?D?GJFI
[=‰GI
M?
>?@CH?
?F
=C=FI
?=IH‰GC=I
[>‰H>?
?GJC?T;
S
>‰H>?
;=;<;
OH
=C=FI
?=IH‰GC=I
S
MOM
>CMNCHN;M
@;M?M
?N=
>?G}M

MC
?MN;M
L?AF;M
HI
M?
>?@CH?H
>?
@ILG;
JL?=CM;

I
M?
>?@CH?H
>?
@ILG;
;G<CAO;
I
=IGJF?D;

JO?>?H
;>IF?=?L
>?
@;FN;
>?
=L?>C<CFC>;>
I
M?L
>C@…=CF?M
>?
;JFC=;L
!H
NI>I
=;MI

F;M
HO?P;
HILG;NCP;
B;
@;=CFCN;>I
F;M
H?AI=C;=CIH?M
JL?MOJO?MN;LC;M
;F
)CHCMN?LCI
>?
$;=C?H>;
JILKO?
;F
?MN;<F?=?L
N?=BIM
>?
A;MNI
MI<L?
?F
A;MNI
HI
@CH;H=C?LI
J?LGCN?
L?<;D;L
F;M
>?G;H>;M
CHC=C;F?M
>?
FIM
>?J;LN;G?HNIM
S
N;G<C‚H
JILKO?
;M…
?F
AI<C?LHI
=?HNL;F
JO?>?
CGJIH?L
F;M
HILG;M
?OLIJ?;M
>?
?MN;<CFC>;>
S
=IHN;<CFC>;>
;
F;M
;>GCHCMNL;=CIH?M
N?LLCNILC;F?M
S
KO?
J;LNC=CJ?H
?H
F;
>?@CHC=C‰H
>?F
=IHN?RNI
A?H?L;F
>?
F;M
@CH;HT;M
J<FC=;M
?MJ;ˆIF;M
/CH
?G<;LAI

F;M
;>GCHCMNL;=CIH?M
N?LLCNILC;F?M
B;H
?H=IHNL;>I
P…;M
JL}=NC=;M
J;L;
?FO>CL
>C=B;M
HILG;M

;OG?HN;H>I
MO
?H>?O>;GC?HNI
!F
?GJ?IL;GC?HNI
>?
F;
=ISOHNOL;
?=IH‰GC=;
S
@CH;H=C?L;
>?M>?
?F
P?L;HI
>?

S

MI<L?
NI>I

?F
>L}MNC=I
;AL;P;GC?HNI
>?
F;
MCNO;=C‰H
;
J;LNCL
>?
M?JNC?G<L?
>?

B;H
>?D;>I
JLI@OH>;M
M?=O?F;M
?H
F;M
@CH;HT;M
J<FC=;M
>?
F;M
JLCH=CJ;F?M
?=IHIG…;M
>?M;LLIFF;>;M
S

?H
?MJ?=C;F

?H
F;
?OLITIH;
!H
!MJ;ˆ;
F;
=LCMCM
M?
B;
PCMNI
;AL;P;>;
JIL
?F
?MN;FFC>I
>?
F;
<OL<OD;
CHGI<CFC;LC;
S
JIL
F;
H?A;=C‰H
JLCG?LI
S
F;
MO<MCAOC?HN?
F?HNCNO>
?H
F;
L?;==C‰H
>?F
AI<C?LHI
>?
.I>L…AO?T
6;J;N?LI
>?MJO‚M
>?
MO
L?=IHI=CGC?HNI
@ILG;F
!FFI
B;
=IH>O=C>I
;F
P?LNCACHIMI
?GJ?IL;GC?HNI
>?
F;M
=O?HN;M
J<FC=;M

MOM=CN}H>IM?
F;
=LCMCM
>?
>?O>;
MI<?L;H;
>?
FIM
J;…M?M
J?LC@‚LC=IM
>?
F;
1HC‰H
)IH?N;LC;
?OLIJ?;
,ILNOA;F

%LF;H>;

#L?=C;

!MJ;ˆ;
?
%N;FC;

CH=FOMI

M?
B;
FF?A;>I
;
F;
CHN?LP?H=C‰H
>?
#L?=C;

JIL
>IM
P?=?M

?
%LF;H>;
S
,ILNOA;F
G?>C;HN?
JF;H?M
>?
L?M=;N?
?H

S

(;
AL;P?>;>
>?
F;
MCNO;=C‰H
?MJ;ˆIF;
FF?A‰
;F
?RNL?GI
>?
KO?
FIM
>CLCA?HN?M
>?
!MN;>IM
1HC>IM

F?G;HC;
S
BCH;
L?=IHPCHC?LIH
;F
JL?MC>?HN?
>?F
AI<C?LHI
J;L;
KO?
;@LIHN;L;
?F
H?=?M;LCI
=;G<CI
>?
F;
JIF…NC=;
@CM=;F
?H
G;SI
>?


JIL
FI
KO?
NOPI
KO?
L?NCL;L
<O?H;
J;LN?
>?
F;M
CGJLI>O=NCP;M
G?>C>;M
CGJOFM;>;M
=IH
;HN?LCILC>;>
M…

L?;FCT‰
MC?N?
MO<C>;M
>?
CGJO?MNIM
%.,"
?
%2
S
L?NCL‰
>?>O==CIH?M
S
<?H?@C=CIM
KO?
‚F
B;<…;
=L?;>I
=B?KO?
<?<‚


F;
>?>O==C‰H
>?
È
>?
F;
=;GJ;ˆ;
?F?=NIL;F
>?


DOHNI
;
FIM
L?=ILN?M
;
FIM
MO?F>IM
>?
FIM
@OH=CIH;LCIM
S
;
F;M
J?HMCIH?M
1H
L?MOG?H
>?
?MN;M
G?>C>;M
M?
L?=IA?
?H
?F
#L}@C=I

3I)+&1

$?7;17=/93@
:3272/@
23
3@A_:B9<
31<;a:71<

"O?HN?
)CHCMN?LCI
>?
!=IHIG…;
S
$;=CH?>;
QQQ?=IHIGC;MIMN?HC<F?AI<?M

(;
;N…JC=;
MCNO;=C‰H
PCPC>;
?H
?F
P?L;HI
>?


=IH
OH
J;…M
;F
<IL>?
>?
F;
CHN?LP?H=C‰H

JLIJC=C‰
OH;
L?@ILG;
=IHMNCNO=CIH;F
?RJL‚M
;F?HN;>;
JIL
F;
PIFOHN;>
>?
FIM
>IM
JLCH=CJ;F?M
ALOJIM
J;LF;G?HN;LCIM
>?
L?=IA?L
?H
HO?MNL;
IHMNCNO=C‰H

=IGI
G;HC@?MN;=C‰H
G}M
@CLG?

?F
=IGJLIGCMI
=IH
F;
?MN;<CFC>;>
>?
F;M
@CH;HT;M
J<FC=;M

?H
MO
HO?PI
;LN…=OFI

.?;FG?HN?

F;
GI>C@C=;=C‰H
>?F
N?RNI
=IHMNCNO=CIH;F
?L;
JL?M=CH>C<F?

JO?M
?F
JLCH=CJCI
>?
?MN;<CFC>;>
JL?MOJO?MN;LC;
S;
?MN;<;
L?AOF;>I

=IH
=;L}=N?L
NIN;FG?HN?
PCH=OF;HN?

N;HNI
?H
F;
HILG;NCP;
CHN?LH;
S
?OLIJ?;
,?LI
@O?
OH
A?MNI
MCG<‰FC=I
CGJOFM;>I
JIL
.I>L…AO?T
6;J;N?LI
J;L;
GIMNL;L
;
LOM?F;M
S
;F
!

=OSI
JL?MC>?HN?
F?
B;<…;
?HPC;>I
OH;
=;LN;
=IHGCH;NILC;
KO?
B;L…;
J<FC=;
>?MJO‚M

MO
L?=C‚H
;>KOCLC>I
LCAIL
JL?MOJO?MN;LCI
S
;F?D;L
F;
C>?;
>?F
L?M=;N?
!F
JLI<F?G;
>?
@IH>I
FI
L?=IHI=C‰
,‚L?T
.O<;F=;<;
?H
?F
>?<;N?
JL??F?=NIL;F
=IH
.;DIS
>?
>C=C?G<L?
>?

NOPCGIM
I=BI
;ˆIM
J;L;
JCH=B;L
F;
<OL<OD;
S
HI
BC=CGIM
H;>;



:
23A3?C7:70@7=
3<B@3
7<5@3A=A
G
5/AB=A
!F
?KOCFC<LCI
JL?MOJO?MN;LCI
=IGI
I<D?NCPI
JO?>?
HI
M?L
‰JNCGI

JILKO?
HI
NI>I
?F
>‚@C=CN
?M
CAO;F
?H
MOM
IL…A?H?M
I
=IHM?=O?H=C;M
$;S
OH
>‚@C=CN
G?L;G?HN?
=ISOHNOL;F

@LONI
>?
F;
?PIFO=C‰H
>?F
=C=FI
?=IH‰GC=I

S
INLI
?MNLO=NOL;F

=IHM?=O?H=C;
>?
OHIM
=IGJLIGCMIM
?MN;<F?M
>?
A;MNI
HI
=IGJ?HM;>IM
JIL
CHAL?MIM
CAO;FG?HN?
?MN;<F?M
!RCMN?

N;G<C‚H

OH
>‚@C=CN
U<O?HIX

;NLC<OC<F?
;
A;MNIM
>?
CHP?LMC‰H
KO?
HI
JO?>?H
J;A;LM?
;F
=IHN;>I
=IGI
B;=?H
F;M
@;GCFC;M
=O;H>I
=IGJL;H
MO
PCPC?H>;
I
F;M
?GJL?M;M
=O;H>I
CHPC?LN?H

S
OH
>‚@C=CN
G;FI

@LONI
>?
A;MNIM
CGJLI>O=NCPIM
S
NL;HM@?L?H=C;M
=ILLC?HN?M
(;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I

;>?G}M
>?
N?H?L
?H=IG?H>;>IM
F;
JL?MN;=C‰H
>?
M?LPC=CIM
J<FC=IM
NL;>C=CIH;F?M
>?@?HM;

M?LPC=CI
?RN?LCIL

S
M?AOLC>;>
=CO>;>;H;
S
;>GCHCMNL;=C‰H
>?
DOMNC=C;
>?
}G<CNI
H;=CIH;F

;MOG?
OH
CGJILN;HN?
J;J?F
@CH;H=C;>IL
>?
INL;M
>GCHCMNL;=CIH?M
J<FC=;M
!H
=IH=L?NI

G}M
>?F

>?
MO
A;MNI
MIH
NL;HM@?L?H=C;M
;
INL;M
>GCHCMNL;=CIH?M

?FFI
B;S
KO?
OHCL
OH

>?
A;MNI
;>C=CIH;F
?H
=IH=?JNI
>?
=IHNLC<O=C‰H
;F
JL?MOJO?MNI
>?
F;
1HC‰H
!OLIJ?;

?MN?
L?MJ?=NI

>?<?
N?H?LM?
?H
=O?HN;
KO?
?F
!MN;>I
;JILN;
F;
NIN;FC>;>
>?
F;
=IHNLC<O=C‰H
;
F;
1!

GC?HNL;M
KO?
L?=C<?
G?HIM
>?F

>?
FIM
L?NILHIM

=ILL?MJIH>C?H>I
;JLIRCG;>;G?HN?
?F

;
F;M
IGOHC>;>?M
ON‰HIG;M
.?MOFN;
CHN?L?M;HN?
JIH?L
>?
G;HC@C?MNI
FIM
=;G<CIM
KO?
M?
B;H
JLI>O=C>I
?H
FIM
FNCGIM
P?CHN?
;ˆIM
?H
F;
=IGJIMC=C‰H
@OH=CIH;F
>?F
A;MNI
J<FC=I
"OH>;G?HN;FG?HN?

B;
B;<C>I
OH
;OG?HNI
L?F;NCPI
>?F
A;MNI
>?
=IHN?HC>I
MI=C;F
JLIN?==C‰H
MI=C;F

?>O=;=C‰H
S
M;HC>;>

M?AOLC>;>
=CO>;>;H;

DOMNC=C;
?
CH@L;?MNLO=NOL;M

;>?G}M
>?
;J;L?=?L
HO?P;M
}L?;M
>?
;=NCPC>;>
I
>?
A;MNI
KO?
HI
B;<…;
?H


=IGI
F;
JLIN?==C‰H
>?F
G?>CI
;G<C?HN?
I
F;
;JILN;=C‰H
;F
JL?MOJO?MNI
=IGOHCN;LCI
,IL
?F
=IHNL;LCI

JC?L>?H
J?MI
?H
?F
A;MNI
J<FC=I

?HNL?
INL;M
}L?;M

FIM
M?LPC=CIM
>?
>?@?HM;

F;
=;LA;
@CH;H=C?L;
>?
F;
>?O>;
B;MN;
?F
CHC=CI
>?
F;
=LCMCM
S
F;
;=NCPC>;>
J<FC=;
?H
INLIM
M?=NIL?M
?=IH‰GC=IM
!MN;
?PIFO=C‰H
=IH@CLG;
FIM
L;MAIM
A?H?L;F?M
;JOHN;>IM
>?
NL;HM@ILG;=C‰H
S
GI>?LHCT;=C‰H
>?F
M?=NIL
J<FC=I
?MJ;ˆIF
?H
@;PIL
>?
F;
JL?MN;=C‰H
>?
<C?H?M
S
M?LPC=CIM
=IF?=NCPIM
JL?@?L?HN?M

>?
=IHN?HC>I
MI=C;F
S
>?
=;L}=N?L
JLI>O=NCPI
#CF.OCT

%AF?MC;M



IGI
M?
B;
;JOHN;>I
?F
A;MNI
J<FC=I
?H
!MJ;ˆ;
NC?H?
OH
@O?LN?
=IHN?HC>I
MI=C;F
!H
=IH=L?NI

>?
;=O?L>I
=IH
F;
=2DD:7:42E:@?
@7
E96
F?4E:@?D
@7
@G6C?>6?E

>?
F;M
*;=CIH?M
1HC>;M

S
=IH
>;NIM
L?@?LC>IM
;F
;ˆI

;
GI>I
>?
?D?GJFI

=;MC
?F

=ILL?MJIH>?
;
A;MNI
>?
JLIN?==C‰H
MI=C;F
S
<C?H?M
J<FC=IM
JL?@?L?HN?M
@OH>;G?HN;FG?HN?
M;HC>;>
S
?>O=;=C‰H
(;M
;=NCPC>;>?M
?=IH‰GC=;M
KO?
CH=FOS?H
JIF…NC=;M
J<FC=;M
>?
NL;HMJILN?

CH>OMNLC;
S
INLIM
M?=NIL?M
?=IH‰GC=IM
L?JL?M?HN;H
G}M
>?F

>?F
A;MNI
J<FC=I
(;M
JIF…NC=;M
>?
M?AOLC>;>
=CO>;>;H;
S
DOMNC=C;
MOJIH?H
=?L=;
>?F

>?F
A;MNI
S
F;
=;LA;
@CH;H=C?L;
>?
F;
>?O>;
J<FC=;
?F

!F

L?MN;HN?
=ILL?MJIH>?
;
A;MNIM
>?
>?@?HM;

JLIN?==C‰H
>?F
G?>CI
;G<C?HN?

PCPC?H>;
S
M?LPC=CIM
=IGOHCN;LCIM

;JILN;=C‰H
;F
JL?MOJO?MNI
>?
F;
1HC‰H
!OLIJ?;

;=NCPC>;>?M
=OFNOL;F?M
#CF.OCT

%AF?MC;M


 OL;HN?
FIM
JLCG?LIM
>C?T
;ˆIM
>?
PCA?H=C;
>?F
?OLI
FIM
CHAL?MIM
NLC<ON;LCIM
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M
=L?=C?LIH
?HILG?G?HN?
S
MOM=CN;LIH
OH;
;ON‚HNC=;
CFOMC‰H
@CH;H=C?L;

JIL
L?=IA?L
F;
?RJL?MC‰H
>?
,OPC;HC

?H
HO?MNL;M
;ONILC>;>?M
JIF…NC=;M
>?
NI>IM
FIM
HCP?F?M
>?
AI<C?LHI
S
MCH
>CMNCH=C‰H
>?
J;LNC>I
L?S?LIH
KO?
NI>;M
MOM
>?=CMCIH?M
?L;H
@CH;H=C;<F?M
JL?MOJO?MN;LC;G?HN?
S
M?
?G<;L=;LIH
?H
OH
JLI=?MI
?RJ;HMCPI
>?F
A;MNI
J<FC=I
AL;=C;M
;
FIM
;<OH>;HN?M
CHAL?MIM
NLC<ON;LCIM
A?H?L;>IM
JIL
F;
?PIFO=C‰H
>?
F;
<OL<OD;
CHGI<CFC;LC;
(;
=LCMCM
>?

@O?
JLI@OH>;
S
?F
;JISI
>?
C1
;F
AI<C?LHI
?H
GCHIL…;
>?F
,/+!
M?
JLI>ODI
;
=;G<CI
>?
F;
NL;HM@?L?H=C;
>?
=IGJ?N?H=C;M
?R=FOMCP;M
>?F
!MN;>I

P…;
;LN…=OFI

>?
F;
IHMNCNO=C‰H
>?


;
F;
#?H?L;FC>;>
=;N;F;H;
!F
=IHI=C>I
G?=;HCMGI
>?
?GOF;=C‰H
?HNL?
F;M

>?F
!MN;>I
;ONIH‰GC=I
;=?F?L‰
?F
P;=C;GC?HNI
>?
=IGJ?N?H=C;M
>?
F;
#!
(;
JLCG?L;
F?ACMF;NOL;
>?
TH;L
J;L?=…;
CH>C=;L
OH
=;G<CI
>?
@CFIMI@…;
;F
CGJOFM;LM?
G?>C>;M
>?
;DOMN?
?H
=OGJFCGC?HNI
>?
FIM
=LCN?LCIM
>?
=IHP?LA?H=C;
J;L;
?F
CHAL?MI
?H
?F
?OLI
S
>?F
JIMN?LCIL
J;=NI
>?
?MN;<CFC>;>
S
=L?=CGC?HNI
>?
F;
1!
/CH
?G<;LAI

MO
M?AOH>;
F?ACMF;NOL;
MOJOMI
OH
CGJILN;HN?
;=?F?L‰H
>?
F;M
NL;HM@?L?H=C;M
S
>?
=?MC‰H
>?
L?=OLMIM
;
F;M

MCH
>?M;LLIFF;L
?H
F;
JL}=NC=;
MO
L?MJIHM;<CFC>;>
@CM=;F

>?F
%.,"


>?F
%2


>?
FIM
%GJO?MNIM
!MJ?=C;F?M
?H
=IHNL;
>?
FI
KO?
;@CLG;
=C?LN;
CHN?L?M;>;
L?N‰LC=;
J;LNC=OF;LCMN;
!MN;
>CH}GC=;
M?
CHN?HMC@C=‰
=IH
F;
FF?A;>;
;F
JI>?L
>?
.I>L…AO?T
6;J;N?LI
!H
MO
JLCG?L;
F?ACMF;NOL;
M?
>CMJ;L‰
F;
L?=;O>;=C‰H
CGJIMCNCP;

@LONI
>?
F;M
G?>C>;M
CGJOFM;>;M
?H
F;
JL?=?>?HN?
F?ACMF;NOL;
JIJOF;L

S
N;G<C‚H
M?
>?M<IL>‰
F;
;F?AL?
=L?;=C‰H
>?
<?H?@C=CIM
MI=C;F?M
MCH
N?H?L
?H
=O?HN;
F;
>C@C=OFN;>
>?
B;=?L
@L?HN?
;
?MIM
=IGJLIGCMIM
>?
A;MNI
?MNLO=NOL;F?M
?H
OH
@ONOLI
;<C?LNI
;
NI>I
NCJI
>?
=IHNCHA?H=C;M

JIL
?D?GJFI

?H
OH
=IHN?RNI
>?
>?M=?HMI
>?
FIM
CHAL?MIM
NLC<ON;LCIM

J‚L>C>;
>?
?GJF?I
S
JLI<F?G;M
=L?>CNC=CIM
J;L;
F;
@CH;H=C;=C‰H
>?
F;
>?O>;
J<FC=;
(;
?PIFO=C‰H
>?F
M;F>I
JL?MOJO?MN;LCI
>?M>?

S
?F
L?MOFN;>I
>?
?MN;
FNCG;
>CH}GC=;

;F
=;?L
?H
JC=;>I
FIM
CHAL?MIM
NLC<ON;LCIM
JIL
?@?=NI
>?
F;
=LCMCM
>?

!MN;
MCNO;=C‰H
@;PIL?=?
?F
L?JF;HN?;GC?HNI
>?
F;M
=IIL>?H;>;M
@OH>;G?HN;F?M
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M
?H
!MJ;ˆ;
AL;H>?M
J;L}G?NLIM
>?
F;
ILA;HCT;=C‰H
JIF…NC=;
S
;>GCHCMNL;NCP;
=?HNL;F

;ONIH‰GC=;
S
FI=;F
MCMN?G;
NLC<ON;LCI
S
=ILL?MJIHM;<CFC>;>
@CM=;F
>?
F;M

A;MNI
J<FC=I
S
JIF…NC=;M
MI=C;F?M

CH=FOS?H>I
F;M
J?HMCIH?M


,
20>?4[9
/0
7:>
=0.:=?0>
;:=
#,5:D
@9,
.:9>:74/,.4[9
14>.,7
=07,?4A,
,F;HN?;>I
L;=CIH;FG?HN?
?F
JLI<F?G;
>?
F;
A?MNC‰H
>?
FIM
L?=ILN?M
J;L;
OH
AI<C?LHI
=IHMCMN?
?H
FIAL;L
L?>O==CIH?M
?H
?F
A;MNI
J<FC=I
S
?H
?F
J?LMIH;F
;F
G…HCGI
=IMN?
J;L;
FIM
I<D?NCPIM
JIF…NC=IM
!F
JLI<F?G;
JO?>?
>?M=IGJIH?LM?
?H
NL?M
NCJIM
>C@?L?HN?M
M?AH
?F
HCP?F
>?F
;H}FCMCM
 OHMCL?

$II>


(IM
JLI<F?G;M
G;=LI
=IH=C?LH?H
;
;MOHNIM
N;F?M
=IGI
;@LIHN;L
?F
>?M?KOCFC<LCI
JL?MOJO?MN;LCI
G?>C;HN?
?F
L?=ILN?
>?
FIM
A;MNIM
I
F;
MO<C>;
>?
FIM
CGJO?MNIM
MC
B;S
KO?
L?=ILN;L
B;=?LFI
>?
G;H?L;
OHC@ILG?
I
M?F?=NCP;G?HN?
MC
M?
B;=?
M?F?=NCP;G?HN?

=IH
KO‚
=LCN?LCIM
=‰GI
G;H?D;L
?F
>?M?GJF?I
MO<MCAOC?HN?
(IM
G?MI
JLI<F?G;M
MO=?>?H
?H
?F
JF;HI
>?
OH
GCHCMN?LCI
O
ILA;HCMGI

=‰GI
G;HN?H?L
MO
<;M?
JL?MOJO?MN;LC;

MC
B;S
KO?
=?LL;L
S
=‰GI
;FAOHIM
M?LPC=CIM
O
I@C=CH;M

=‰GI
G;HN?H?L
F;
GIL;F
>?
FIM
?GJF?;>IM
J<FC=IM
(IM
GC=LI
JLI<F?G;M
;@?=N;H
;
FIM
?GJF?;>IM
CH>CPC>O;F?M
I
;
FIM
J?KO?ˆIM
ALOJIM
>?
NL;<;DI

=IHNCHO;=C‰H
HIM
=?HNL;GIM
?H
?F
A;MNI
J<FC=I
;AL?A;>I
M?AH
>CMNCHNIM
=LCN?LCIM
?H
>C@?L?HN?M
J?L…I>IM
J;L;
>?MN;=;L
F;
?PIFO=C‰H
>?
F;M
>CMNCHN;M
G;AHCNO>?M

 

=A
$@=5@/;/A
23
AB/07:72/2
G
:/A
@34=@;/A
(;
=IHMIFC>;=C‰H
@CM=;F
IJ?L;>;
JIL
.;DIS
M?
B;
<;M;>I
@OH>;G?HN;FG?HN?
?H
;OG?HN;L
F;
L?=;O>;=C‰H
G?>C;HN?
F;
MO<C>;
>?
CGJO?MNIM
S
F;
L?>O==C‰H
>?F
A;MNI
?H
CHP?LMC‰H
?H
P?T
>?
B;=?LFI
?H
F;
L?>O==C‰H
>?F
A;MNI
HI
JLI>O=NCPI
KO?
?M
F;
M?H>;
PCLNOIM;
J;L;
F;
L?>O==C‰H
>?F
>‚@C=CN
M…
.;DIS
L?;FCT‰
NL?CHN;
MO<C>;M
>?
CGJO?MNIM
?H
FIM
JLCG?LIM
>C?=CM‚CM
G?M?M
>?
A?MNC‰H
)ŽFF?L


=CH=I
L?PCMCIH?M
>?F
%.,"
=O;NLI
>?F
%GJO?MNI
>?
/I=C?>;>?M
NL?M
>?
FIM
%GJO?MNIM
!MJ?=C;F?M
>IM
>?F
%2
>IM
>?F
%%
OH;
>?F
%GJO?MNI
>?
,;NLCGIHCI
S
OH;
>?F
G;L=I
@CM=;F
PCA?HN?
J;L;
F;M
CH>?GHCT;=CIH?M
;
>CL?=NCPIM

?FFI
M?
OHC?LIH
>I=?
HO?P;M
@CAOL;M
NLC<ON;LC;M
I=BI
J;L;
?F
M?=NIL
?F‚=NLC=I
OH;
J;L;
(IN?L…;M
OH;
J;L;
FIM
>?J‰MCNIM
<;H=;LCIM
INL;
J;L;
FIM
BC>LI=;L<OLIM
S
INL;
G?>CI;G<C?HN;F
FAOH;M
>?
?MN;
G?>C>;M
@O?LIH
L?P?LNC>;M
;
FIM
HCP?F?M
?RCMN?HN?M
?H

J;L;
;@LIHN;L
F;M
?F?==CIH?M
>?
>C=C?G<L?
>?

!F
;DOMN?
?MJ;ˆIF
HI
B;
=IHP?H=C>I
;
FIM
MOJ?LPCMIL?M
>?
LOM?F;M
2?;GIM
FIM
>;NIM
J;L;
=IGJL?H>?L
G?DIL
KO‚
?M
FI
KO?
B;
MO=?>C>I
=IH
F;
?PIFO=C‰H
>?F
A;MNI
!F
#L}@C=I

L?=IA?
?F
A;MNI
JIL
@OH=CIH?M
?H
?F
J?LCI>I

3I)+&1

C<9B17a;
239
5/@A<
1<??73;A3
3;
:799<;3@
23
3B?<@
=<?
4B;17<;3@
@393117<;/2/@
 

"O?HN?
%#!
!F;<IL;=C‰H
JLIJC;
 IH
?MN;
J?LMJ?=NCP;
N?GJIL;F
M?
;JL?=C;
<C?H
FI
KO?
B;
MO=?>C>I
>OL;HN?
F;
=LCMCM

J;LNCL
>?

?F
A;MNI
NIN;F
M?
?MN;<CFCT;
S
>CMGCHOS?
;JL?=C;<F?G?HN?
>?M>?

!F
>?M=?HMI
?H
?F
A;MNI
?H
M;FO>
S
?>O=;=C‰H
>?M=C?H>?
F?P?G?HN?
L?MJ?=NI
;


J?LI
G;HN?HC‚H>IM?
MC?GJL?
JIL
?H=CG;
>?F
HCP?F
>?

I

!F
A;MNI
?H
JLIN?==C‰H
MI=C;F
;OG?HN;
F?P?G?HN?
=IH
F;
=LCMCM
>?<C>I
;
OHI
>?
MOM
=IGJIH?HN?M
JLCH=CJ;F?M
F;
JL?MN;=C‰H
JIL
>?M?GJF?I
S
;F
J?MI
?MNLO=NOL;F
>?
INLI
F;M
J?HMCIH?M
(IM
A;MNIM
?H
>?@?HM;
S
IL>?H
J<FC=I
S
M?AOLC>;>
M?
G;HNC?H?H
JL}=NC=;G?HN?
=IHMN;HN?M
>OL;HN?
F;
=LCMCM

;OHKO?
M?
JLI>O=?
OH
F?P?
;OG?HNI
>?
?MN?
FNCGI
?H
L?F;=C‰H
;

,?M?
;
F;
L?N‰LC=;
NL?G?H>CMN;
KO?
=;L;=N?LCT;
F;
=IHP?LM;=C‰H
H;=CIH;F
?H
F;
?M@?L;
J<FC=;
FI
=C?LNI
?M
KO?
?MN}
B;<C?H>I
OH;
M;FC>;
>?MCAO;F
?H
=;LA;M
>?
F;
=LCMCM
S
=IH
L?=ILN?M
?H
F;M
JIF…NC=;M
MI=C;F?M
J?LI
?MN;M
M?
G;HNC?H?H
?H
MOM
J;L}G?NLIM
@OH>;G?HN;F?M
S
?F
!MN;>I
>?
<C?H?MN;L
J?LMCMN?
N;HNI
=IH
?F
AI<C?LHI
>?F
,/+!
=IGI
=IH
?F
>?F
,,
J?M?
;F
@L?HI
CGJO?MNI
JIL
F;
=LCMCM
 $%.$

/@A<
3;
:799<;3@
23
3B?<@
=<?
6/07A/;A3
 
         


-;HL?9?EI
=;D;H7B;I
:;
B7I
:C?D?IJH79?ED;I

                   
*y8B?97I


;<;DI7          


)H:;D
Fy8B?9E
O
I;=KH?:7:            


IKDJEI
;9EDvC?9EI                  


*HEJ;99?vD
:;B
C;:?E
7C8?;DJ;           


0?L?;D:7
O
I;HL?9?EI
9ECKD?J7H?EI             


-7BK:                      


)9?E
9KBJKH7
O
H;B?=?vD           


:K979?vD               


*HEJ;99?vD
IE9?7B                      

.).&                     

"O?HN?
%#!
!F;<IL;=C‰H
JLIJC;

(;
0;<F;

I@L?=?
INL;
G?>C>;
=OS;
G;AHCNO>
JO?>?
M?L
G}M
@}=CFG?HN?
;JL?=C;<F?
JO?M
JLIJIL=CIH;
?F
A;MNI
?H
GCFFIH?M
>?
?OLIM
=ILLC?HN?M
JIL
B;<CN;HN?
(;M
AL;H>?M
N?H>?H=C;M
MIH
F;M
GCMG;M
=IGI
?F
F‰AC=I
>?M=?HMI
>?
F;M
G;AHCNO>?M
>?M>?
?F
G}RCGI
HCP?F
;F=;HT;>I
?H


;HN?M
>?
F;
;=?JN;=C‰H
I@C=C;F
>?
F;
?RCMN?H=C;
>?
F;
=LCMCM
S
NI>;P…;
<;DI
FIM
?@?=NIM
>?
F;
<OL<OD;
CHGI<CFC;LC;
S
FIM
;FNIM
CHAL?MIM
NLC<ON;LCIM
,?LI
;OG?HNI
?H
L?F;=C‰H
;F
;ˆI


CHG?>C;N;G?HN?
;HN?LCIL
;F
CHAL?MI
?H
F;
?OLITIH;
(;
0;<F;

I@L?=?
F;
>CMNLC<O=C‰H
JIL=?HNO;F
>?F
A;MNI
JIL
@OH=CIH?M
!F
A;MNI
MI=C;F
  
B;
;OG?HN;>I
MO
J?MI
?H
?F
=IHDOHNI
>?F


;F


?H

!F
J?MI
>?
F;M
>IM
JIF…NC=;M
MI=C;F?M
@OH>;G?HN;F?M

/;FO>
S
!>O=;=C‰H

;OG?HN;
GOS
F?P?G?HN?

J;M;H>I
>?F


;F


JIL
=C?H
>?F
A;MNI
NIN;F

?M
>?=CL

M?
G;HNC?H?
?H
FI
@OH>;G?HN;F
,IL
?FFI
FI
KO?
?MNIM
>;NIM
JF;HN?;H
CGJF…=CN;G?HN?
?M
F;
H?=?MC>;>
>?F
=L?=CGC?HNI
?=IH‰GC=I
J;L;
MOJ?L;L
F;
=LCMCM
S
=IHM?AOCL
?F
G;HN?HCGC?HNI
S
G?DIL;
>?
HO?MNLI
CH=CJC?HN?
!MN;>I
>?
C?H?MN;L
 $%.$

7@A?70B17a;
=<?13;AB/9
239
5/@A<
=c0971<
 
     


-;HL?9?EI
=;D;H7B;I
:;
B7I
:C?D?IJH79?ED;I
*y8B?97I       


;<;DI7      


)H:;D
Fy8B?9E
O
I;=KH?:7:      


IKDJEI
;9EDvC?9EI      


*HEJ;99?vD
:;B
C;:?E
7C8?;DJ;      


0?L?;D:7
O
I;HL?9?EI
9ECKD?J7H?EI      


-7BK:       


)9?E
9KBJKH7
O
H;B?=?vD      


:K979?vD      


*HEJ;99?vD
IE9?7B        

.).&      
"O?HN?
%#!
!F;<IL;=C‰H
JLIJC;

,;L;
;M?AOL;L
?F
=OGJFCGC?HNI
>?
F;
MIMN?HC<CFC>;>
@CH;H=C?L;
>?
;=O?L>I
=IH
F;
L?@ILG;
>?F
;LN…=OFI

>?
F;
IHMNCNO=C‰H
S
F;
F?S
>?
!MN;<CFC>;>
,L?MOJO?MN;LC;
M?
=L?;
F;
ONILC>;>
%H>?J?H>C?HN?
>?
.?MJIHM;<CFC>;>
"CM=;F
;CL?@?M 

OH
ILA;HCMGI
CH>?J?H>C?HN?
>?
=IHNLIF
@CM=;F
=IGI
OH;
>?
F;M
G?>C>;M
>?
A;L;HN…;
>?
?M?
G;H>;NI
=IHMNCNO=CIH;F

;
@CH;F?M
>?

/OM
@OH=CIH?M
;H}FCMCM
>?
F;
MIMN?HC<CFC>;>
@CM=;F
;
F;LAI
JF;TI
?P;FO;=C‰H
>?
F;M
JL?PCMCIH?M
G;=LI?=IH‰GC=;M
S
@CM=;F?M
MOJ?LPCMC‰H
>?F
=OGJFCGC?HNI
>?
F;M
L?AF;M
@CM=;F?M
/CH
?G<;LAI

HI
>?M;LLIFF;
INL;M
@OH=CIH?M
KO?
M…
L?;FCT;H
INL;M
%HMNCNO=CIH?M
"CM=;F?M
%H>?J?H>C?HN?M
>?
F;
+ !
S
F;
1!
;JISI
>CL?=NI
;F
J;LF;G?HNI
?H
?F
;H}FCMCM
JL?MOJO?MN;LCI
;H}FCMCM
>?
=IMN?M
>?
F;M
JIF…NC=;M
J<FC=;M
S
>?
FIM
JLIAL;G;M
?F?=NIL;F?M

 
:
A75<7471/2=
23
:/
23C2/
>d0:71/
(IM
AI<C?LHIM
=IHN?GJIL}H?IM
NC?H>?H
;
J?>CL
JL?MN;>I
=IH
CHN?HMC>;>
?H
F;
?M@?L;
CHN?LH;=CIH;F
S

?H
?F
=;MI
>?
FIM
J;…M?M
G}M
JI<L?M

=IGI
=IH=?MCIH?M
>?
ILA;HCT;=CIH?M
CHN?LH;=CIH;F?M
=IGI
?F
"IH>I
)IH?N;LCI
%HN?LH;=CIH;F
I
?F
;H=I
)OH>C;F
(;
FCGCN;=C‰H
>?F
=IHMOGI
J<FC=I
?M
OH
N?G;
=LO=C;F
>?
F;
JIF…NC=;
>?
A;MNI
S
=IHNLIF
JL?MOJO?MN;LCI
!F
@;=NIL
=F;P?
?H
JIF…NC=;
>?
CHAL?MIM

S;
?MN‚
?H
F;
?F?==C‰H
?HNL?
CGJO?MNIM
;FN?LH;NCPIM
I
?HNL?
CGJO?MNIM
S
>?O>;

M?
L?@C?L?
;
F;
?@?=NCPC>;>
>?
F;M
>CP?LM;M
@O?HN?M
>?
CHAL?MIM
J;L;
HI
FCGCN;L
?F
=IHMOGI
JLCP;>I
,O?>?H
>CMNCHAOCLM?
NL?M
JIMC<F?M
@O?HN?M
>?
CHAL?MIM
KO?
CH=FOS;H

CGJO?MNIM
S
<?H?@C=CIM
>?
F;M
?GJL?M;M
J<FC=;M

JL‚MN;GIM
>?
FIM
@IH>IM
?RCMN?HN?M

@CH;H=C;=C‰H
JIL
=L?;=C‰H
>?
HO?PIM
@IH>IM
!F
L?=OLMI
;
JL‚MN;GIM
?H
?F
G?L=;>I
>?
=;JCN;F?M
=IGI
G?>CI
>?
@CH;H=C;=C‰H
>?F
!MN;>I
>?NL;?
JIMC<CFC>;>?M
>?
@CH;H=C;=C‰H
;
F;M
?GJL?M;M
JLCP;>;M
S
;
FIM
J;LNC=OF;L?M
FI
KO?
;LL;MNL;
=IHM?=O?H=C;M
?=IH‰GC=;M
H?A;NCP;M
!MNI
?M
;M…
JILKO?
?H
CAO;F>;>
>?
=IH>C=CIH?M
F;M
?HNC>;>?M
@CH;H=C?L;M
JL?@C?L?H
JL?MN;L
;F
!MN;>I
S;
KO?
JL?M?HN;
A;L;HN…;M
>?
>?PIFO=C‰H
CHMOJ?L;<F?M
JIL
FIM
J;LNC=OF;L?M
I
F;M
?GJL?M;M

S
?MNI
>CMGCHOS?
MO<MCAOC?HN?G?HN?
?F
=;JCN;F
KO?
FIM
<;H=IM
JO?>?H
JL?MN;L
=IH
A;L;HN…;M
JO?MNI
KO?
‚MN?
HI
M?
JO?>?
GOFNCJFC=;L
MCH
?FF;M
?
INL;
J;LN?

MC
M?
;@LIHN;H
FIM
=L?=C?HN?M
A;MNIM
J<FC=IM
MCH
L?=OLMIM
JLIJCIM
MO@C=C?HN?M
S
G?>C;HN?
?F
?H>?O>;GC?HNI
J;OF;NCHI

?F
L?MOFN;>I
@CH;F
JO?>?
M?L
F;
KOC?<L;
I
MOMJ?HMC‰H
>?
J;AIM
>?F
!MN;>I
?
;B…
KO?
M?;
CGJL?M=CH>C<F?
>?@CHCL
KO‚
A;MNIM
JO?>?
J?LGCNCLM?
OH
J;…M
M?AH
?F
N;G;ˆI
S
JIMC<CFC>;>?M
>?
MO
?=IHIG…;
/C
M?
PCP?
JIL
?H=CG;
>?
F;M
JIMC<CFC>;>?M
?=IH‰GC=;M

HI
INL;
=IM;
MCAHC@C=;
?F
L?=OLMI
;F
=L‚>CNI
MCH
L?=OLMIM
MO@C=C?HN?M
J;L;
MO
>?PIFO=C‰H

FF?A;
JLIHNI
?F
GIG?HNI
>?
L?MJIH>?L
;HN?
FIM
;=L??>IL?M

;>?G}M
>?F
>?N?LCILI
>?
F;
MIFC>;LC>;>
CHN?LA?H?L;=CIH;F

;F
F?A;L
;
HO?MNLIM
MO=?MIL?M
OH;M
@CH;HT;M
J<FC=;M
JI=I
M;H?;>;M
O;H>I
?F
!MN;>I
A;MN;
G}M
>?
FI
KO?
L?=;O>;
?H
CGJO?MNIM

JC>?
JL?MN;>I
;F
M?=NIL
JLCP;>I
J;L;
@CH;H=C;L
?F
>‚@C=CN
JL?MOJO?MN;LCI
(;
;=OGOF;=C‰H
>?
JL‚MN;GIM
I<N?HC>IM
?H
?F
J;M;>I
?M
F;
>?O>;
J<FC=;
[O}F
?M
?F
HCP?F
>?
>?O>;
J<FC=;
KO?
OH
AI<C?LHI
>?<?
G;HN?H?L
(;M
=IHM?=O?H=C;M
>?F
?H>?O>;GC?HNI
>?F
!MN;>I
MIH
KO?
M?
JLI>O=?
G?HIM
;=OGOF;=C‰H
>?
=;JCN;F

FIM
CGJO?MNIM
G}M
;FNIM
S
F;M
>CMNILMCIH?M
G;SIL?M
/?
A?H?L;H
=…L=OFIM
PC=CIMIM
KO?
L?>O=?H
F;
?@?=NCPC>;>
>?
F;
JIF…NC=;
@CM=;F
?
B?=BI
=O;HNI
G;SIL
?M
?F
=I=C?HN?
?HNL?
F;
>?O>;
S
?F
,%

G;SIL?M
MIH
F;M
JIMC<CFC>;>?M
>?
=;?L
?H
OH;
=LCMCM
@CM=;F
IGI
M?
B;
;JOHN;>I
S;

?F
,;=NI
>?
!MN;<CFC>;>
S
L?=CGC?HNI
>?
F;
1!
?RCA…;
J;L;
F;
J?LN?H?H=C;
F;
OHC‰H
GIH?N;LC;
>IM
F…GCN?M
<}MC=IM
OH
>‚@C=CN
J<FC=I
>?F
=IHDOHNI
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M
CH@?LCIL
;F

>?F
,%
S
OH;
>?O>;
PCP;
CH@?LCIL
;F

>?F
,%

G;AHCNO>?M
CH=OGJFC>;M
?H
MO
GIG?HNI
JIL
FIM
>IM
JOHN;F?M
>?F
>CL?=NILCI
?OLIJ?I

"L;H=C;
S
F?G;HC;
!F
!MN;>I
JO?>?
@CH;H=C;L
MO
>‚@C=CN
>?
>IM
G;H?L;M
?GCNC?H>I
>?O>;
=IGI
=O;FKOC?L
INLI
;A?HN?

I
=L?;H>I
>CH?LI
=IH
F;
=IIJ?L;=C‰H
>?F
<;H=I
=?HNL;F
?OLIJ?I
KO?
;BIL;
>CMJIH?
F;M
=IGJ?N?H=C;M
?R=FOMCP;M
MI<L?
F;
G;N?LC;
?GCN?
<IHIM
S
JC>?
;F
<;H=I
=?HNL;F
KO?
M?
FIM
=IGJL?
!MN?
FNCGI
G?=;HCMGI
M?
>?HIGCH;
GIH?NCT;=C‰H
>?
F;
>?O>;
J?LI
A?H?L;
CH@F;=C‰H
S
HI
L?MO?FP?
?F
JLI<F?G;
>?
@IH>I
>?F
J;AI
>?
F;
>?O>;
IGI
=IHM?=O?H=C;
?F
!MN;>I
NC?H?
=;>;
P?T
OH;
G?HIL
=;J;=C>;>
>?
I<N?H?L
JL‚MN;GIM
>?F
M?=NIL
JLCP;>I
I
>?
INLIM
J;…M?M
>?<C>I
;F
>‚@C=CN
N;H
?F?P;>I

M?
?RCA?H
CHN?L?M?M
G}M
;FNIM
FI
KO?
JO?>?
=IH>O=CL
;
OH;
=LCMCM
>?
>?O>;
MI<?L;H;
=IGI
B;
I=OLLC>I
S;
=IH
#L?=C;

%LF;H>;
S
,ILNOA;F
S
M?
=C?LH?
=IGI
;G?H;T;
>?
F;
TIH;
?OLI
,IL
INL;
J;LN?

>?<?
>?MN;=;LM?
?F
G;SIL
J?MI
L?F;NCPI
KO?
NC?H?
F;
=;LA;
@CH;H=C?L;
>?
F;
>?O>;
J<FC=;
?H
F;
>GCHCMNL;=C‰H
=?HNL;F
@L?HN?
;
F;M
>?G}M
;>GCHCMNL;=CIH?M

?MJ?=C;FG?HN?
F;M
IGOHC>;>?M
ON‰HIG;M
!FFI
?M
>?<C>I
;
KO?
?H
FIM
JLI=?MIM
>?
NL;MJ;MIM
>?
=IGJ?N?H=C;M
;
F;M
IGOHC>;>?M
ON‰HIG;M
M‰FI
M?
B;H
NL;HM@?LC>I
FIM
;=NCPIM

J?LI
HI
F;
>?O>;
ONCFCT;>;
J;L;
@CH;H=C;L
FIM
M?LPC=CIM
S
@OH=CIH?M
NL;HM@?LC>IM
mMN;
?M
OH;
>?
F;M
=CL=OHMN;H=C;M
KO?
?RJFC=;H
KO?
F;
G;SIL
J;LN?
>?
F;
>?O>;
J<FC=;
?H
!MJ;ˆ;
=ILL?MJIH>;
;F
!MN;>I

@L?HN?
;
OH
JIL=?HN;D?
G?HIL
>?
F;M
IGOHC>;>?M
ON‰HIG;M
!FFI
B;
MC>I
;M…
JILKO?
FIM
MO=?MCPIM
AI<C?LHIM
B;H
CH=OGJFC>I
MO
>?<?L
>?
FCGCN;L
?F
?H>?O>;GC?HNI
?R=?MCPI
>?
F;M

S
F;M
=ILJIL;=CIH?M
FI=;F?M
J;L;
=OGJFCL
FI
?MN;<F?=C>I
?H
?F
NL;N;>I
>?
F;
OHC‰H
GIH?N;LC;
!H
F;
JL}=NC=;
N;HNI
OH;M
=IGI
INLIM
CH=OGJF?H
FIM
F…GCN?M
?MN;<F?=C>IM

?H
?MJ?=C;F
FIM
?HN?M
FI=;F?M
JIL
MO
G?H=CIH;>;
@;FN;
>?
CHAL?MIM

JIL
?FFI
L?=OLL?H
;
L?=OLMIM
?RNL;JL?MOJO?MN;LCIM
I
;=OGOF;H
>?O>;
HI
>?=F;L;>;
?H
?F
JLINI=IFI
JIL
>‚@C=CN
?R=?MCPI
=IH
;=L??>IL?M
S
JLIP??>IL?M
(;
MCNO;=C‰H
;=NO;F
M?
L?=IA?
?H
?F
#L}@C=I

/?
JO?>?
;JL?=C;L
?F
;OG?HNI
>?F
?H>?O>;GC?HNI
=IGI
L?MOFN;>I
>?
F;
=LCMCM
?H
?F
JLCG?L
NLCG?MNL?
>?

(;
=LCMCM
CHN?LH;=CIH;F
>?M;N;>;
;
J;LNCL
>?F
P?L;HI
>?

B;
=I;>SOP;>I
;F
?MN;FFC>I
>?
OH;
=LCMCM
?MJ?=…@C=;G?HN?
?MJ;ˆIF;
(;
N;L>;HT;
>?F
AI<C?LHI
MI=C;FCMN;
?H
L?=IHI=?L
F;
MCNO;=C‰H
S
?GJL?H>?L
JIF…NC=;M
>?
;DOMN?
S
>?
L?@ILG;
>?F
G?L=;>I
F;<IL;F
S
>?
F;
JIF…NC=;
MI=C;F
B;
@;PIL?=C>I
F;
JLIFIHA;=C‰H
>?
F;
MCNO;=C‰H
=L…NC=;

;OG?HN;H>I
F;
POFH?L;<CFC>;>
>?
HO?MNL;M
@CH;HT;M
J<FC=;M
0I>I
?FFI
B;=?
OLA?HN?
S
H?=?M;LCI
OH
L?JF;HN?;GC?HNI
L;>C=;F
>?
F;
JF;HN;
>?F
!MN;>I
;ONIH‰GC=I
S
>?
MOM
G?=;HCMGIM
>?
@CH;H=C;=C‰H
KO?
>?D?
>?
F;MNL;L
?F
=L?=CGC?HNI
?=IH‰GC=I
S
L?MJIHM;<CFC=?
@CM=;FG?HN?
;
F;
?FCN?M
L?ACIH;F?M

 
:
2_4717B
G
3:
3<23C2/;73<B=
>d0:71=

 

!H
NI>I
=;MI
S
J?M?
;F
CH=OGJFCGC?HNI
MO=?MCPI
>?
FIM
I<D?NCPIM
>?
>‚@C=CN
;=IL>;>IM
=IH
LOM?F;M
?H
F;
F?ACMF;NOL;


M?
B;
=IHN?HC>I
?F
A;MNI
HI
@CH;H=C?LI
=IGI
JO?>?
P?LM?
?H
?F
#L}@C=I


JLI>O=C‚H>IM?
J;L=C;FG?HN?
F;
=IHMIFC>;=C‰H
@CM=;F
3I)+&1

9
2^4717A
=c0971<
3;
@=/`/
 
"

(IM
>;NIM
BCMN‰LC=IM
>?
F;
>?O>;
J<FC=;
F?NL;M
>?F
0?MILI

IHIM
S
+<FCA;=CIH?M
>?F
!MN;>I
=IHNL;…>;
>OL;HN?
F;
>?GI=L;=C;
M?
L?=IA?H
?H
?F
#L}@C=I

(IM
>;NIM
GO?MNL;H
NL?M
?N;J;M
=L?=CGC?HNI
>?
F;
>?O>;
?H
J;L;F?FI
;
F;
CGJF;HN;=C‰H
>?
HO?P;M
JIF…NC=;M
MI=C;F?M
OH;
A?MNC‰H
L?MJIHM;<F?
J;L;
?F
CHAL?MI
?H
F;
TIH;
?OLI

@;PIL?=C>;
JIL
F;
?RJ;HMC‰H
A?H?L;>;
JIL
F;
<OL<OD;
>?
F;
PCPC?H>;
FIM
?@?=NIM
>?
F;
=LCMCM
M?
;JL?=C;H
;
J;LNCL
>?


@LONI
>?
OH;
A?MNC‰H
JI=I
L;TIH;<F?
JIL
J;LN?
>?
FIM
>IM
FNCGIM
JL?MC>?HN?M
>?F
#I<C?LHI
3I)+&1

@=/`/
9/
23B2/
=c0971/
1<:<
=<?13;A/83
239
$?<2B1A<
;A3?7<?
?BA<
 

"O?HN?
<>??M

  
=<1:CA7b<
:3<B/
;38=@/
23:
2_4717B
>d0:71=
G
3<23C2/;73<B=
(;
A?MNC‰H
>?
FIM
L?=ILN?M
JIL
?F
AI<C?LHI
>?
.;DIS
B;
CGJFC=;>I
OH
G;HN?HCGC?HNI
>?
FIM
J;L}G?NLIM
<}MC=IM
>?F
!MN;>I
>?
C?H?MN;L
J?M?
;
FIM
L?=ILN?M
IJ?L;>IM
J?LI
?FFI
M?
B;
=IHM?AOC>I
G?>C;HN?
?F
L?=OLMI
;
F;
MO<C>;
>?
FIM
CGJO?MNIM
S
;F
?H>?O>;GC?HNI
(;
L?=OJ?L;=C‰H
?=IH‰GC=;
?M
@L}ACF
JILKO?
M?
B;
>?<C>I
?H
<O?H;
J;LN?
;
=CL=OHMN;H=C;M
?RN?LH;M
@;PIL;<F?M
>?@?HM;
>?F
?OLI
JIL
?F
!

<;DIM
JL?=CIM
>?F
J?NL‰F?I
S
?OLI
>?JL?=C;>I
FI
KO?
@;PIL?=?
F;M
?RJILN;=CIH?M
!MN;
@L;ACFC>;>
JO?>?
JIH?LM?
>?
G;HC@C?MNI
J?FCALIM;G?HN?
=IH
GINCPI
>?
OH
=;G<CI
H?A;NCPI
?H
?MN;M
=IH>C=CIH?M
?RN?LH;M
>?<C>I
;
KO?
F;
J?LMCMN?H=C;
>?F
>‚@C=CN
=IG<CH;>I
=IH
?F
?F?P;>I
?H>?O>;GC?HNI
=IHMNCNOS?
OH;
MCNO;=C‰H
GOS
POFH?L;<F?
 #P
L=IM

&

IBISI

"

)}ˆ?T

#

);LN…HL?MJI

"

+LNCT

,

2C=;LCI



=
D64E@C
A|3=:4@
6DA2w@=
2DA64E@D
=682=6D
2?l=:D:D
7:?2?4:6C@
J
?F6G2D
Eq4?:42D
AC6DFAF6DE2C:2D
);>LC>

%HMNCNONI
>?
!MNO>CIM
"CM=;F?M
GCG?I
;DI
.O<CI

+

U!F
G;L=I
>?
F;
JIF…NC=;
@CM=;F
?H
!MJ;ˆ;
MIMN?HC<CFC>;>
>?F
>‚@C=CN
J<FC=I
?
CGJFC=;=CIH?M
>?
F;
1!)X

'@=tE:42
4@?x>:42
6?
DA2w2


DOFCI;AIMNI

;FF;LN

4

6;JC=I

!

UO>A?N
.?@ILGM
CH
/J;CH
?SIH>
O>A?N
/N;<CFCNS
NI
/O<MN;HNCP?
,?L@ILG;H=?X

?H
3;HH;

&

&?HM?H

(

2LC?M

&
>?
=IGJM


+96
)62=:EJ
@7
F586E
)67@C>
@F?E:?8
E96
@?D6BF6?46D
:?

5G2?465
6>@4C24:6D
(IH>L?M
!FA;L
;L?;
0?D?CLI

&IM‚

U IM
F?S?M
A?H?L;F?M
JL?MOJO?MN;LC;M
?H

;ˆIMX

)6G:DE2
6DA2w@=2
56
4@?EC@=
6IE6C?@




;L?;
0?D?CLI

&IM‚

U(;
$;=C?H>;
J<FC=;
?MJ;ˆIF;
>OL;HN?
F;
PCA?H=C;
>?
F;
(?S
#?H?L;F
,L?MOJO?MN;LC;X

)6G:DE2
6DA2w@=2
56
4@?EC@=
6IE6C?@





OHMCL?



$II>

B

FE324<
>2?286>6?E
:?
AF3=:4
3FC62F4C24:6D
'@AF=2C
E96@C:6D
2?5
@3D6CG65
@FE4@>6D
:?
.9:E692==
;G<LC>A?
;G<LC>A?
1HCP?LMCNS
,L?MM
#CF.OCT


(

%AF?MC;M

&

U!F
A;MNI
J<FC=I
?H
!MJ;ˆ;
?H
OH
=IHN?RNI
>?M=?HNL;FCT;>IX

'C6DFAF6DE@
J
2DE@
'|3=:4@



#‰G?T
AOMN…H

)

#2
>6ElDE2D:D
56=
% 
;L=?FIH;
"IG?HN
>?F
0L?<;FF
*;=CIH;F
%AF?MC;M

&

)IL;HI

)

U(;
N‚=HC=;
>?
JL?MOJO?MN;=C‰H
?H
F;
>GCHCMNL;=C‰H
?HNL;F
?MJ;ˆIF;
?MN;<CFC>;>
JL?MOJO?MN;LC;
S
;MCAH;=C‰H
>?
L?=OLMIMX

'C6DFAF6DE@
J
2DE@
'|3=:4@



(?;F

0

,‚L?T

&
&

UH}FCMCM
>?
F;M
>?MPC;=CIH?M
JL?MOJO?MN;LC;M
;JFC=;>I
;F
=;MI
>?F
JL?MOJO?MNI
>?F
?MN;>IX

@4F>6?E@D
56
+C232;@
?Q


;H=I
>?
!MJ;ˆ;
(?PCH?

B
$
,?N?LM


#
0BIGJMIH

"
&

'F3=:4
5>:?:DEC2E:@?
92==6?86D
9@:46D
@?D6BF6?46D
#F?HPC?Q
/=INN

"IL?MG;H
)CE?M?FF

&
(

:D42=
5>:?:DEC2E:@?
?2=JD:D
2?5
AA=:42E:@?D
7@C
E96
'F3=:4
*64E@C
IMNIH
?HA;A?
)ŽFF?L

&

#6@?6D
4@?EC2
5:@D6D
x>@
=@D
A@=tE:4@D
56CC@E2C@?
2
=2
AC:>2
56
C:6D8@
J
A6C5:6C@?
=2
@A@CEF?:525
56
>@56C?:K2C
DA2w2
;L=?FIH;
,?H…HMOF;
.I>L…AO?T
+H>;LT;

&


.O<CI
#O?LL?LI

&
&

U(;
?PIFO=C‰H
>?F
JL?MOJO?MNI
S
F;M
L?@ILG;M
JL?MOJO?MN;LC;M
?H
F;
!MJ;ˆ;
>?GI=L}NC=;
X

?H
F<C
=IGJ

.O<CH

%
/

+96
'@=:E:4D
@7
'F3=:4
F586E:?8
6EE:?8
2?5
*A6?5:?8
@CC@H:?8
2?5
2=2?4:?8
B;NB;G

B;NB;G
$IOM?
2;FCˆI



,;<FIM

(
>?

!>I

2

U(;M
>?MPC;=CIH?M
JL?MOJO?MN;LC;M
?H
?F
J?L…I>IX

'2A6=6D
56
64@?@>t2
6DA2w@=2



3CF>;PMES



+96
'@=:E:4D
@7
E96
F586E2CJ
'C@46DD
IMNIH

(CNNF?

LIQH
6;JC=I
#IˆC

!

#2
>@56C?:K24:x?
D:>3x=:42
56=
AC6DFAF6DE@
A|3=:4@
?l=:D:D
56
=2
C67@C>2
AC6DFAF6DE2C:2
56=
8@3:6C?@
D@4:2=:DE2
+ˆ;N?

%HMNCNONI
2;M=I
>?
>GCHCMNL;=C‰H
,<FC=;


(;
F?ACMF;=C‰H
;FO>C>;
?M
(?S
 

>?

>?
>C=C?G<L?

#?H?L;F
>?
!MN;<CFC>;>
,L?MOJO?MN;LC;
(?S
 

>?

>?
G;SI

>?
L?@ILG;
>?
F;
(?S
 

>?

>?
>C=C?G<L?

#?H?L;F
>?
!MN;<CFC>;>
,L?MOJO?MN;LC;
(?S
+LA}HC=;
 

>?

>?
>C=C?G<L?

=IGJF?G?HN;LC;
;
F;
(?S
#?H?L;F
>?
!MN;<CFC>;>
,L?MOJO?MN;LC;
(?S
+LA}HC=;
 

>?

>?
G;SI

>?
L?@ILG;
>?
F;
(?S
+LA}HC=;
 

>?

>?
>C=C?G<L?

=IGJF?G?HN;LC;
>?
F;
(?S
#?H?L;F
>?
!MN;<CFC>;>
,L?MOJO?MN;LC;
(?S
 

>?

>?
HIPC?G<L?

#?H?L;F
,L?MOJO?MN;LC;
(?S
 

>?

>?
DOFCI

>?
A?H=C;M
?MN;N;F?M
J;L;
F;
G?DIL;
>?
FIM
M?LPC=CIM
J<FC=IM
+6>2


/
)<7b<
C@=>3/
G
:/A
/2;7<7AB@/17=<3A
>d0:71/A
3A>/a=:/A
:>X

780/,
')!&#

#(.,)/#g(

#(.!,#g(
/,)*
3
/,)*#4#g(


&
/(#g(
')(.,#

&
,#-#-
&
/,)
 
&7I
JH7DI<EHC79?ED;I
:;B
.H7J7:E
:;
&?I8E7
  
(EHC7I
 
*EI?9?ED;I

&7
9H?I?I
:;
B7
;KHEPED7
O
B7
;KHEF;?P79?vD
:;
B7
FEBsJ?97
FH;IKFK;IJ7H?7
 
B
.H7J7:E
:;
IJ78?B?:7:
EEH:?D79?vD
O
!E8;HD7DP7
:;
B7
/D?vD
9EDvC?97
O
'ED;J7H?7
.!
  
B
F79JE
FH;IKFK;IJ7H?E
:q<?9?J
Fy8B?9E
 
B
F79JE
FH;IKFK;IJ7H?E
:;K:7
Fy8B?97
  
EEH:?D79?vD
:;
B7I
FEBsJ?97I
;9EDvC?97I
O
9EDL;H=;D9?7
  
!E8;HD7DP7
:;
B7
PED7
:;B
;KHE

&
/,)*#4#g(
&
$/.#0)
 
'E:?<?979?ED;I
EH=nD?97I

'E:?<?979?vD
:;
B7I
J7H;7I
:;B
F;HIED7B
 
'E:?<?979?vD
:;
B7I
FEBsJ?97I

&
/,)*#4#g(

&-


&
/,)*#4#g(

&
!-.#g(
3
&
#(_'#

&-
,&#)(-
#(.,!/,('(.&-

)(&/-#g(

&
,#-#-
&
/,)
3
&
/

&

&
)(-.,/#g(
/,)*


"(&#)Y"
!H
FIM
;ˆIM
>?
PCA?H=C;
>?
F;
IHMNCNO=C‰H
>?


F;M
>GCHCMNL;=CIH?M
,<FC=;M
B;H
MC>I
MOD?NI
;=NCPI
S
J;=C?HN?
>?
=O;NLI
AL;H>?M
JLI=?MIM
>?
=;G<CI
!H
JLCG?L
FOA;L
M?
B;
GI>C@C=;>I
P?LNCACHIM;G?HN?
MO
=IHN?RNI
A?H?L;F
>?<C>I
;
CHN?HM;M
NL;HM@ILG;=CIH?M
?=IH‰GC=;M
S
MI=C;F?M

H;=CIH;F?M
?
CHN?LH;=CIH;F?M

M?
B;
IJ?L;>I
OH;
>?GI=L;NCT;=C‰H
KO?
B;
;@?=N;>I
CHN?HM;G?HN?
;
FIM
NL?M
HCP?F?M
>?
AI<C?LHI
MCNO;H>I
<;DI
F;
A?MNC‰H
>?
JIF…NC=IM
?F?=NIM
OH
?HILG?
=IHDOHNI
>?
L?=OLMIM
>?
NI>I
NCJI

S
M?
B;
JLI>O=C>I
OH;
>CMNLC<O=C‰H
N?LLCNILC;F
>?F
JI>?L
JIL
G?>CI
>?
F;
=O;F
M?
B;
=L?;>I
OH
HCP?F
CHN?LG?>CI
?HNL?
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I
S
F;M
?HNC>;>?M
FI=;F?M
KO?
B;
=IHM;AL;>I
?F
;ONIAI<C?LHI
>?
F;M
IGOHC>;>?M
ON‰HIG;M
?MN;<F?=C>;M
,?LI
DOHNI
;
?MNIM
JLI=?MIM
>?
=;G<CI
M?
B;
JLI>O=C>I
INLI
>?
=IHM?=O?H=C;M
JIF…NC=;M
S
DOL…>C=;M
>?
AL;H
;F=;H=?
>?<C>I
;
F;
CH=ILJIL;=C‰H
>?
HO?MNLI
J;…M
;
FI
KO?
;BIL;
M?
>?HIGCH;
1HC‰H
!OLIJ?;
1!
!F

>?
DOHCI
>?

M?
@CLG;<;
?H
?F
M;F‰H
>?F
0LIHI
>?F
,;F;=CI
.?;F
>?
);>LC>
?F
0L;N;>I
>?
;>B?MC‰H
>?
!MJ;ˆ;
;
F;M
IGOHC>;>?M
!OLIJ?;M

KO?
?HNL;L…;
?H
PCAIL
?F

>?
?H?LI
>?

IH
F;
?HNL;>;
?H
F;M
?HNIH=?M
>?HIGCH;>;M
IGOHC>;>?M
!OLIJ?;M
M?
JOMI
@CH
;
F;
G;LACH;=C‰H
M?=OF;L
>?
!MJ;ˆ;
L?MJ?=NI
;
!OLIJ;
S
M?
CHC=C‰
OH;
JIF…NC=;
;=NCP;
>?
?OLIJ?CT;=C‰H

HI
M‰FI
?=IH‰GC=;
MCHI
N;G<C‚H
MI=CIJIF…NC=;
(;
CH=ILJIL;=C‰H
>?
!MJ;ˆ;
;
F;
1HC‰H
!=IH‰GC=;
S
)IH?N;LC;
?H

=OFGCH;L…;
?F
JLI=?MI
>?
CHN?AL;=C‰H
(;
1!
?M
OH;
?HNC>;>
MCHAOF;L
=OS;
JL?=CM;
H;NOL;F?T;
JIF…NC=;
M?
>?<;N?
MCH
=?M;L
=IGI
CH=?M;HN?
?M
MO
=L?=CGC?HNI
N?LLCNILC;F
?
CHMNCNO=CIH;F

;BIL;
J?H>C?HN?
>?
F;
M;FC>;
=IH
@L;=NOL;
CHN?LH;
>?F
.?CHI
1HC>I
NL;M
?F
L?@?L‚H>OG
J;L;
M;FCL
>?
F;
1!
?H
DOHCI
>?

(;
L;NC@C=;=C‰H
>?F
0L;N;>I
>?
(CM<I;
>?

=IH@CAOL‰
>CP?LM;M
HIP?>;>?M
CHMNCNO=CIH;F?M
/CH
?G<;LAI

B;
MC>I
F;
L?MJO?MN;
;
F;
=LCMCM
>?
F;
>?O>;
MI<?L;H;
>?
;FAOHIM
J;…M?M
>?
F;
?OLITIH;
F;
KO?
B;
A?H?L;>I
=;G<CIM
>?
CGJILN;H=C;
?H
F;M
;>GCHCMNL;=CIH?M
>?
FIM
J;…M?M
G}M
;@?=N;>IM
S
?H
F;
;LKOCN?=NOL;
>?
F;
AI<?LH;=C‰H
?=IH‰GC=;
>?
F;
1!
,IL
NI>I
?FFI
?M
JL?=CMI
?R;GCH;L
;FAOH;M
>?
F;M
=IHM?=O?H=C;M
>?LCP;>;M
>?
F;
CH=ILJIL;=C‰H
>?
HO?MNLI
J;…M
;
F;M
CHMNCNO=CIH?M
>?
F;
1!

?R;GCH;H>I
NI>IM
?MNIM
;MJ?=NIM
 
"(&Y"
)&#$
-
)&#$.Y"
?M>?
F;
;>B?MC‰H
>?
!MJ;ˆ;
S
,ILNOA;F
?H


F;
1!
M?
B;FF;
CHG?LM;
?H
OH
JLI=?MI
>?
NL;HM@ILG;=C‰H
J?LG;H?HN?
>OL;HN?
?F
=O;F
M?
B;H
L?;FCT;>I
H;>;
G?HIM
KO?
=O;NLI
L?@ILG;M
CHMNCNO=CIH;F?M
?F
=N;
xHC=;
!OLIJ?;
S
FIM
NL;N;>IM
>?
);;MNLC=BN

hGMN?L>;G
S
*CT;

MCH
=IHN;L
?F
@LOMNL;>I
JLIS?=NI
>?
0L;N;>I
IHMNCNO=CIH;F
>?

S
MO
JIMN?LCIL
L?=C=F;D?
?H
OH
HO?PI
NL;N;>I
;=IL>;>I
?H
?F
IHM?DI
!OLIJ?I
>?
(CM<I;
?H
DOHCI
>?

(;M
>CMNCHN;M
L?@ILG;M
J?LGCNC?LIH
;P;H=?M
@OH>;G?HN;F?M
=IGI
?F
)?L=;>I
xHC=I
I
F;
1HC‰H
)IH?N;LC;

JLI<;<F?G?HN?

F;
HIP?>;>
G}M
L?F?P;HN?
>?F
JLI=?MI
>?
CHN?AL;=C‰H
?OLIJ?;
>?M>?
F;
>‚=;>;
>?
FIM
;ˆIM
=CH=O?HN;
F
GCMGI
NC?GJI

M?
B;H
JLI>O=C>I
NL?M
;GJFC;=CIH?M
(;
JLCG?L;

CH=FOS?H>I
/O?=C;

"CHF;H>C;
S
OMNLC;

MCAOC‰
F;
F‰AC=;
>?
?RJ;HMC‰H
JL?PCMC<F?
>?
F;
1!
!H
=;G<CI

F;M
INL;M
>IM
MIH
F;
=IHM?=O?H=C;
>?F
CH?MJ?L;>I
BOH>CGC?HNI
>?
F;
1HC‰H
/IPC‚NC=;

KO?
G;L=‰
?F
@CH
>?
F;
>CPCMC‰H
>?
!OLIJ;
B?L?>;>;
>?
F;
AO?LL;
@L…;
?
?MN;
@ILG;

MOG;H>I
F;
;GJFC;=C‰H
>?

,IFIHC;

$OHAL…;

!MFIP;KOC;

.?J<FC=;
B?=;

!MFIP?HC;

!MNIHC;

(?NIHC;

(CNO;HC;
S
F;M
CMF;M
>?
BCJL?
S
);FN;

F;
>?

.OG;HC;
S
OFA;LC;
S
F;
>?
LI;=C;
?H


H;>;
G?HIM
KO?
NL?=?
HO?PIM
MI=CIM
B;H
?HALIM;>I
F;M
@CF;M
>?
F;
1HC‰H

S
OHI

?F
.?CHI
1HC>I

F;
B;
;<;H>IH;>I

H;>C?
M?
F?
?M=;J;H
FIM
?@?=NIM
>?
NI>I
NCJI
\CHMNCNO=CIH;F?M

JIF…NC=IM

?=IH‰GC=IM

MI=C;F?M
S
=OFNOL;F?M\
KO?
?FFI
B;
MOJO?MNI
S

MI<L?
NI>I

KO?
P;
;
CGJFC=;L
J;L;
?F
@ONOLI
!H
J;LNC=OF;L

F;M
NL?M
FNCG;M
;GJFC;=CIH?M
B;H
MC>I
OH
JI>?LIMI
CHMNLOG?HNI
J;L;
F;
JL?P?H=C‰H
>?
=IH@FC=NIM
!H
=IHM?=O?H=C;

MIH
S;
P?CHNCI=BI
FIM
!MN;>IM
GC?G<LIM
S
NI>I
B;=?
JL?P?L
F;
CH=ILJIL;=C‰H

;
G?>CI
JF;TI

>?
INLIM
J;…M?M
<;F=}HC=IM
MCGCMGI

?MN}
MI<L?
F;
G?M;
?F
JIF‚GC=I
N?G;
>?
F;
?P?HNO;F
;>B?MC‰H
>?
0OLKO…;

KO?
;FAOHIM
!MN;>IM
GC?G<LIM

=IGI
"L;H=C;

L?=B;T;H
;<C?LN;G?HN?
)IL;N;
;
0?ECH
#ŽH?S

#ŽH?S

0?ECH

>?G}M
>?F
JLI=?MI
>?
>?M=?HNL;FCT;=C‰H

F;
GI>?LHCT;=C‰H
>?F
!MN;>I
S
>?
F;
>GCHCMNL;=C‰H
?H
!MJ;ˆ;
B;
;<;L=;>I
INL;M
>CG?HMCIH?M

?H
=IHMIH;H=C;
=IH
FI
I=OLLC>I
?H
INLIM
J;…M?M
;P;HT;>IM
,IL
OH
F;>I

?H
FIM
FNCGIM
P?CHN?
;ˆIM
?F
!MN;>I
B;
JIN?H=C;>I
MOM
=IGJ?N?H=C;M
L?F;=CIH;>;M
=IH
?F
<C?H?MN;L
>?F
=CO>;>;HI

=IGI
F;
M?AOLC>;>
F;<IL;F
I
?F
G?>CI
;G<C?HN?
0;G<C‚H
B;
L?>O=C>I
MO
JL?M?H=C;
?H
M?=NIL?M
=IGI
F;M
N?F?=IGOHC=;=CIH?M

?F
;AO;
I
F;
?F?=NLC=C>;>
(;
;=NCPC>;>
?GJL?M;LC;F
>?F
M?=NIL
J<FC=I

KO?
?H

G;HN?H…;
;=NCPIM
CH>OMNLC;F?M
JIL
P;FIL
>?F


>?F
,%

L?JL?M?HN;
BIS

NL;M
OH;
CHN?HM;
IF?;>;
>?
JLCP;NCT;=CIH?M
>?M;LLIFF;>;M
GOS
CHN?HM;G?HN?
JIL
FIM
AI<C?LHIM
MI=C;FCMN;M
S
FO?AI
JIL
FIM
JIJOF;L?M

G?HIM
>?F

>?F
,%
,IL
INLI
F;>I

?F
CHAL?MI
>?
!MJ;ˆ;
?H
F;
IGOHC>;>
!OLIJ?;
MOJOMI
?F
CHC=CI
>?
F;
>?MCAO;F
GI>?LHCT;=C‰H
>?
MOM
>GCHCMNL;=CIH?M
,<FC=;M

>?
G;H?L;
MCGCF;L
;
FI
KO?
B;
MO=?>C>I
=IH
HO?MNL;M
"O?LT;M
LG;>;M
NL;M
F;
;>B?MC‰H
;
F;
+0*
$IS
?H
>…;

F;M
>GCHCMNL;=CIH?M
?MJ;ˆIF;M
JL?MN;H
MOM
M?LPC=CIM
>?
G;H?L;
G}M
NL;HMJ;L?HN?
S
?@C=C?HN?

S
M?
JL?I=OJ;H
G}M
JIL
?F
L?H>CGC?HNI
S
JIL
?F
OMO;LCI
>?
FIM
M?LPC=CIM
J<FC=IM

;OHKO?
MCAO?H
JL?M?HN;H>I
AL;P?M
JLI<F?G;M
>?
>CM?ˆI
S
?MNLO=NOL;
!H
F…H?;
=IH
FI
KO?
I=OLL?
?H
INLIM
J;…M?M
>?
F;
1!

?F
JLI=?MI
>?
G?DIL;
>?
F;
A?MNC‰H
J<FC=;
=IHNCH;
S

?H
?F
=;MI
>?
!MJ;ˆ;

B;
>;>I
FOA;L
;
HOG?LIM;M
GI>C@C=;=CIH?M
F?ACMF;NCP;M
*I
I<MN;HN?

?F
=;G<CI
HILG;NCPI
>CMN;
GO=BI
>?
CH>O=CL
OH;
GI>C@C=;=C‰H
>?
=IGJILN;GC?HNIM
CHMNCNO=CIH;F?M
@O?LN?G?HN?
;LL;CA;>IM

=IGI
?M
M;<C>I
,IL
?D?GJFI

J?M?
;
F;
?HNL;>;
?H
PCAIL
>?
F;
F?S
>?
NL;HMJ;L?H=C;

;==?MI
;
F;
CH@ILG;=C‰H
J<FC=;
S
<O?H
AI<C?LHI

?H


?F
,ILN;F
>?
F;
0L;HMJ;L?H=C;
?M
>?
>C@…=CF
;==?MI

?F
AI<C?LHI
HI
B;
?F;<IL;>I
?F
L?AF;G?HNI
KO?
>?M;LLIFF;
F;
F?S

S
HI
;>GCN?
;
NL}GCN?
I
>?HC?A;
OH;
>?
=;>;
NL?M
J?NC=CIH?M

M?AH
MO
FNCGI
<;F;H=?
;AIMNI
>?

/?
?HNC?H>?
;KO…
F;
?OLIJ?CT;=C‰H
=IGI
OH
JLI=?MI
>?M>?
;LLC<;
B;=C;
;<;DI
>?
;>;JN;=C‰H
>?
FIM
!MN;>IM
GC?G<LIM
;
F;
1!
=IH
?F
@CH
>?
>CMNCHAOCLF;
>?
F;
CHN?AL;=C‰H
?OLIJ?;
=IGI
?F
JLI=?MI
;M=?H>?HN?
>?M>?
FIM
GCMGIM
J;L;
JLIS?=N;L
MO
CH@FO?H=C;
MI<L?
F;
CHMN;H=C;
MOJL;AO<?LH;G?HN;F
S
MOJL;H;=CIH;F
(;
?OLIJ?CT;=C‰H
=IHMCMN?
?H
OH
=IHDOHNI
>?
@O?LT;M
?=IH‰GC=;M
L?ACIH;F?M

CHMNCNO=CIH;F?M
S
=IH=?JNO;F?M
KO?
@;PIL?=?
OH
JLI=?MI
>?
=;G<CI
KO?
;@?=N;
;
F;M
JIF…NC=;M
J<FC=;M
H;=CIH;F?M

F;M
JL}=NC=;M
F?ACMF;NCP;M

F;
JIF…NC=;
?H
A?H?L;F
;M…
=IGI
F;
;LKOCN?=NOL;
CHMNCNO=CIH;F
>?
FIM
>CP?LMIM
MCMN?G;M
JIF…NC=I;>GCHCMNL;NCPIM
?
G;H?L;
G}M
JL?=CM;
S
@ILG;F

.;>;?FFC


F;
>?@CH?
=IGI
FIM
UJLI=?MIM
>?
;
=IHMNLO==C‰H

<
>C@OMC‰H
S
=
CHMNCNO=CIH;FCT;=C‰H
>?
L?AF;M
@ILG;F?M
?
CH@ILG;F?M

JLI=?>CGC?HNIM

J;L;>CAG;M
>?
JIF…NC=;M
J<FC=;M

?MNCFIM
I
:@ILG;M
>?
B;=?L
F;M
=IM;M

S
>?
P;FIL?M
S
HILG;M
=IGJ;LNC>;M
KO?
CHC=C;FG?HN?
M?
>?@CH?H
S
=IHMIFC>;H
?H
?F
JLI=?MI
JIF…NC=I
>?
F;
1!
J;L;
M?L
CH=ILJIL;>IM
JIMN?LCILG?HN?
?H
F;
F‰AC=;
>?F
>CM=OLMI

F;M
?MNLO=NOL;M
JIF…NC=;M
S
F;M
JIF…NC=;M
J<FC=;M
CHN?LH;M
?MN;N;F?M
S
MO<?MN;N;F?MX
*I
I<MN;HN?

=O;FKOC?L
?RJFC=;=C‰H
?H
OH
M?HNC>I
?MNLC=NI
>?F
JLI=?MI
>?
L?MJO?MN;M
>?
=O;FKOC?L
!MN;>I
GC?G<LI
>?
F;
1!
?RCA?
P;FIL;L
=‰GI
CHN?L;=N;H
;G<IM
JLI=?MIM

?H
?MJ?=C;F
;
FI
F;LAI
>?F
NC?GJI

HI
=IHMC>?L;L
M‰FI
OH;
J?LMJ?=NCP;
;M=?H>?HN?
I
>?M=?H>?HN?
 *I
I<MN;HN?

B;S
INL;M
MCAHC@C=;=CIH?M
V
!OLIJ?CT;=C‰H
=IGI
F;
;=OGOF;=C‰H
>?
=IGJ?N?H=C;M
MI<L?
JIF…NC=;M
J<FC=;M
?H
F;
1!

?MN;
;=?J=C‰H
M?L…;
MCH‰HCGI
>?
F;
CHN?AL;=C‰H
V
!OLIJ?CT;=C‰H
=IGI
F;
=L?=C?HN?
CGJILN;H=C;
>?
F;
1!
=IGI
JOHNI
>?
L?@?L?H=C;
J;L;
FIM
;=NIL?M
H;=CIH;F?M
S
MO<H;=CIH;F?M
V
!OLIJ?CT;=C‰H
=IGI
F;
NL;HM@?L?H=C;
BILCTIHN;F
>?
=IH=?JNIM
S
JIF…NC=;M
J<FC=;M
?HNL?
FIM
!MN;>IM
GC?G<LIM
V
!OLIJ?CT;=C‰H
=IGI
F;
CHN?L;==C‰H
<C>CL?==CIH;F
?HNL?
FIM
!MN;>IM
S
F;
1!
V
!OLIJ?CT;=C‰H
=IGI
G;L=I
>CM=OLMCPI
>?
L?@?L?H=C;
J;L;
FIM
;=NIL?M
H;=CIH;F?M
1NCFCT;GIM
F;
>CMNCH=C‰H
B;<CNO;F
?HNL?
F;M
JIF…NC=;M
J<FC=;M
A@=:4J

F;
JIF…NC=;
A@=:E:4D
S
?F
L‚ACG?H
JIF…NC=I
A@=:EJ
J;L;
C>?HNC@C=;L
NL?M
>CG?HMCIH?M
?H
F;M
KO?
?F
CGJ;=NI
CHN?LHI
>?
F;
?OLIJ?CT;=C‰H
JO?>?
M?L
;H;FCT;>I
S
NL;T;>IM
FIM
JLI=?MIM
>?
=;G<CI
CHN?LHI

P‚;M?
F;
0;<F;

$%.$

<@
2<:7;7<@
7;A3?;<@
23
9/
3B?<=37F/17a;
B?<=37F/17a;

&^57:3;

 $<9_A71/ $<9_A71/@
=c0971/@

R
#DIJ?JK9?ED;I
FEBsJ?97I *HE9;IEI
:; R
IJnD:7H;I

R
,;B79?ED;I
?DJ;H=K8;HD7C;DJ7B;I R
EHC79?vD
:;
?DJ;H;I;I R
#DIJHKC;DJEI
R
IJHK9JKH7I
@K:?9?7B;I R
=H;=79?vD
:;
?DJ;H;I;I R
D<EGK;I
F7H7
B7
H;IEBK9?vD
:;
FHE8B;C7I
R
:C?D?IJH79?ED;I
*y8B?97I R
,;FH;I;DJ79?vD
:;
?DJ;H;I;I R
(7HH79?ED;I
O
:?I9KHIEI
:;
B7I
FEBsJ?97I
Fy8B?97I
R
.H7:?9?ED;I
;IJ7J7B;I R
?I9KHIEI
Fy8B?9EI
R
#DIJ?JK9?ED;I
;9EDvC?97I
R
,;B79?ED;I
IJ7:E-E9?;:7:
R
#:;DJ?:7:;I
9EB;9J?L7I

"O?HN?
ŠLT?F

.CMM?



/C
HIM
=?HNL;GIM
?H
F;M
JIF…NC=;M
J<FC=;M

F;
JIF…NC=;
I
?F
L‚ACG?H
JIF…NC=I

F;
?OLIJ?CT;=C‰H
=IGI
JLIJIMC=C‰H
A?H?L;F
KO?
;@?=N;
;
FIM
!MN;>IM
GC?G<LIM
S;
HI
?M
I<D?NI
>?
=IHNLIP?LMC;
>?M>?
B;=?
GO=BIM
;ˆIM
0;G<C‚H
JI>?GIM
P?L
OH
=L?=C?HN?
=IHM?HMI
>?
KO?
F;
?OLIJ?CT;=C‰H
NC?H?
OH
CGJ;=NI
>C@?L?H=C;F
?H
?MNIM
NL?M
}G<CNIM
(;
=O?MNC‰H
S;
HI
?M
MC
!OLIJ;
CGJILN;

MCHI
=‰GI
CGJILN;

?H
KO‚
AL;>I

?H
KO‚
>CL?==C‰H

;
KO‚
LCNGI
S
?H
KO‚
GIG?HNI
N?GJIL;F
!H
INL;M
J;F;<L;M

F;
FCN?L;NOL;
MI<L?
?F
CGJ;=NI
CHN?LHI
>?
!OLIJ;
M?
B;
=?HNL;>I
>?M>?
B;=?
;ˆIM
?H
F;
C>?HNC@C=;=C‰H
>?
FIM
G?=;HCMGIM
=;OM;F?M
;
NL;P‚M
>?
FIM
=O;F?M
F;
?OLIJ?CT;=C‰H
;@?=N;
;
FIM
?MN;>IM
GC?G<LIM
ŠLT?F

.CMM?


(IM
L?MOFN;>IM
N…JC=IM
>?
F;
?OLIJ?CT;=C‰H
JO?>?H
M?L
FIM
MCAOC?HN?M
0?ECH


V
%H?L=C;
F;
JIF…NC=;
J<FC=;
HILG;
JL}=NC=;
>?
F;
1!
=;OM;
N?HMC‰H

J?LI
HI
M?
JLI>O=?
HCHAOH;
;FN?L;=C‰H
V
<MIL=C‰H
F;
JIF…NC=;
J<FC=;
HILG;
JL}=NC=;
>?
F;
1!
M?
;>IJN;
MCH
HCHAH
NCJI
>?
N?HMC‰H
I
H?=?MC>;>
>?
;FN?L;=C‰H
V
=IGI>;=C‰H
F;
JIF…NC=;
J<FC=;
HILG;
JL}=NC=;
>?
F;
1!
JLIPI=;
=C?LN;
N?HMC‰H

J?LI
;FN?L;
M‰FI
FCA?L;G?HN?
?F
MCMN?G;
H;=CIH;F
 V
0L;HM@ILG;=C‰H
F;
JIF…NC=;
J<FC=;
HILG;
JL}=NC=;
>?
F;
1!
=;OM;
N?HMC‰H
S
;FN?L;
F;
@CFIMI@…;
JIF…NC=;
H;=CIH;F
MO<S;=?HN?
(;
?OLIJ?CT;=C‰H
B;
;@?=N;>I
JIL
N;HNI
HI
M‰FI
F;M
@ILG;M
NL;>C=CIH;F?M
?H
KO?
FIM
;=NIL?M
?MN;N;F?M
@ILGOF;H
?
CGJF;HN;H
F;M
JIF…NC=;M

MCHI
N;G<C‚H
F;M
LON;M
NL;>C=CIH;F?M
JIL
F;M
=O;F?M
FIM
;=NIL?M
MI=C;F?M
I<NC?H?H
;==?MI
S
?D?L=?H
CH@FO?H=C;
?H
F;
@ILGOF;=C‰H
>?
JIF…NC=;M
J<FC=;M
(;
1!
B;
UJFOL;FCT;>IX
?@?=NCP;G?HN?
FIM
JLI=?MIM
>?
@ILGOF;=C‰H
>?
JIF…NC=;M
H;=CIH;F?M
;F
>?MJF;T;L
?F
=?HNLI
>?
;N?H=C‰H
>?
F;M
=;JCN;F?M
H;=CIH;F?M
;
LOM?F;M

GC?HNL;M
KO?
B;
UDOLC>C@C=;>IX
FIM
JLI=?MIM
>?
CGJF;HN;=C‰H
>?
MOM
!MN;>IM
GC?G<LIM
G?>C;HN?
F;
JLIGI=C‰H
>?
JLI=?MIM
>?
L?AOF;=C‰H
S
GI>IM
>?
?D?=O=C‰H
G}M
F?A;FCMN;M
MI<L?
@ILG;M
KO?
M?
<;M;<;H
?H
=;G<CI

?H
F;
>CM=L?=CIH;FC>;>
;>GCHCMNL;NCP;

F;
;ONILL?AOF;=C‰H

I
CH=FOMI

?H
;FAOHIM
=;MIM

F;
L?AOF;=C‰H
=IHDOHN;
(;
1!
N;G<C‚H
JO?>?
N?H?L
OH
CGJ;=NI
?H
F;M
J;ON;M
>:4C@
>?
?F;<IL;=C‰H
>?
JIF…NC=;M
?H
=O;FKOC?L
M?=NIL
>;>I
!F
GI>?FI
>?
F;
1!
?H
F;
?F;<IL;=C‰H
>?
HILG;M
NC?H>?
;
M?L
=IIL>CH;>IL

=IH
OH;
;GJFC;
=IHMOFN;
;
NL;P‚M
>?
=IGCN‚M
JIL
FI
KO?
M?
;M?G?D;
;
OH;
M?AOH>;
LIH>;
>?
L?PCMC‰H
F?ACMF;NCP;

S
>?
=IF;<IL;=C‰H
?H
F;
CGJF;HN;=C‰H

>?<C>I
;
KO?
F;
NL;HMJIMC=C‰H
JIL
FIM
!MN;>IM
GC?G<LIM
A;L;HNCT;
KO?
F;
F?ACMF;=C‰H
@CH;F
?M
OH
?M@O?LTI
>?
=IF;<IL;=C‰H
?HNL?
F;
1!
S
FIM
@OH=CIH;LCIM
H;=CIH;F?M

GC?HNL;M
KO?
MIH
F;M
;ONILC>;>?M
H;=CIH;F?M
F;M
L?MJIHM;<F?M
>?
F;
?D?=O=C‰H
(;
?D?=O=C‰H
?M
?F
;AOD?LI
H?ALI
>?
F;
1!
(IM
>;NIM
>?
=OGJFCGC?HNI
MIH
?RNL?G;>;G?HN?
P;LC;<F?M

>?J?H>C?H>I
HI
M‰FI
>?
F;
M?HMC<CFCT;=C‰H
S
F;
PIFOHN;>
>?
FIM
=CO>;>;HIM
H;=CIH;F?M
>?
FF?P;L
FIM
=;MIM
;HN?
FIM
NLC<OH;F?M
?OLIJ?IM
MCHI
N;G<C‚H
?H
?F
>CM?ˆI

F;
=;J;=C>;>
S
F;
PIFOHN;>
>?
CGJF;HN;=C‰H
>?
F;M
CHMNCNO=CIH?M
H;=CIH;F?M
/=BGC>N

 


)"Y"
!#"(&


&''

)&#
!F
I<D?NCPI
>?
?MN;<CFC>;>
JL?MOJO?MN;LC;
?MN}
AL;<;>I
?H
FIM
=‰>CAIM
A?H‚NC=IM
>?F
JLIS?=NI
>?
F;
1HC‰H
!=IH‰GC=;
S
)IH?N;LC;
 IG…HAO?T

(‰J?T

?
B?=BI

?F
?R;G?H
J;L;
?F
CHAL?MI
?H
>C=B;
1HC‰H
CH=FO…;

?HNL?
INLIM
=LCN?LCIM
>?
=IHP?LA?H=C;

?F
L?KOCMCNI
>?
L?MJ?N;L
?F
N?=BI
>?F
>‚@C=CN
J<FC=I

>?F
,%
!F
0L;N;>I
>?
"OH=CIH;GC?HNI
>?
F;
1HC‰H
!OLIJ?;
0"1!
=IHNC?H?
OH;
L?@?L?H=C;
?RJL?M;
;
F;
H?=?MC>;>
>?
=IHN;L
=IH
JL?=CIM
?MN;<F?M

@CH;HT;M
J<FC=;M
S
=IH>C=CIH?M
GIH?N;LC;M
M‰FC>;M
=IGI
JLCH=CJCIM
L?=NIL?M
>?
F;M
;==CIH?M
>?
FIM
!MN;>IM
GC?G<LIM
J;L;
;F=;HT;L
FIM
@CH?M
?HOH=C;>IM
?H
?F
0L;N;>I
>?
F;
1HC‰H
!OLIJ?;
01!
S

?H
J;LNC=OF;L

?F
>?
=IHM?AOCL
OH
=L?=CGC?HNI
MIMN?HC<F?
S
HI
CH@F;=CIHCMN;
S
OH
;FNI
HCP?F
>?
?GJF?I
!F
0"1!
NCF>;
F;M
JIF…NC=;M
?=IH‰GC=;M
H;=CIH;F?M
=IGI
>?
CHN?L‚M
=IGH

JIL
FI
KO?
M?
=IIL>CH;L}H
?H
?F
IHM?DI

S
?MN;<F?=?
F;M
<;M?M
>?
F;
>?HIGCH;>;
UMOJ?LPCMC‰H
GOFNCF;N?L;FX
S
>?
FIM
JLIAL;G;M
>?
?MN;<CFC>;>
S
=IHP?LA?H=C;
!H
?F
0"1!
M?
;@CLG;
=IH
F;
G;SIL
M?H=CFF?T
S
LINOH>C>;>
KO?
U(IM
!MN;>IM
GC?G<LIM
?PCN;L}H
>‚@C=CN
J<FC=IM
?R=?MCPIMX
!F
,;=NI
>?
!MN;<CFC>;>
S
L?=CGC?HNI
,!

;=IL>;>I
JIF…NC=;G?HN?
?H
?F
IHM?DI
!OLIJ?I
!
>?
hGMN?L>;G
?H


?MN;<F?=…;
F;
I<FCA;NILC?>;>
>?
KO?
FIM
!MN;>IM
GC?G<LIM
G;HNOPC?L;H
MCNO;=CIH?M
JL?MOJO?MN;LC;M
JL‰RCG;M
;F
?KOCFC<LCI
I
=IH
MOJ?L}PCN
!H
?F
!
>?
/;HN;
);L…;
>?
"?CL;

?H


FIM
!MN;>IM
GC?G<LIM
;>KOCLC?LIH
?F
=IGJLIGCMI
>?
=IHNCHO;L
?F
M;H?;GC?HNI
>?
F;M
=O?HN;M
J<FC=;M
G}M
;FF}
>?F
G…HCGI
J;L;
=OGJFCL
FIM
L?KOCMCNIM
>?F
,!

A?H?L;H>I
OH
G;LA?H
>?
G;HCI<L;
;>C=CIH;F
KO?
J?LGCNC?M?
F;
?MN;<CFCT;=C‰H
=…=FC=;
S
JLIN?A?LM?
>?
OH;
?PIFO=C‰H
JL?MOJO?MN;LC;
CGJL?PCMN;

;=?F?L;L
F;
L?>O==C‰H
>?
F;
>?O>;
?
CL
NIG;H>I
G?>C>;M
J;L;
;@LIHN;L
FIM
>?M;@…IM
JL?MOJO?MN;LCIM
>?LCP;>IM
>?F
?HP?D?=CGC?HNI
>?
F;
JI<F;=C‰H
(;M
CHMO@C=C?H=C;M
L?AF;G?HN;LC;M

N;HNI
?H
F;
P?LNC?HN?
JL?P?HNCP;
=IGI
?H
F;
=ILL?=NIL;

S

G}M
P?F;>;G?HN?

F;
MOMJ?HMC‰H
JIL
?F
!

?H


>?
FIM
JLI=?>CGC?HNIM
>?
>‚@C=CN
?R=?MCPI
;<C?LNIM
;
F?G;HC;
S
"L;H=C;

=IH
?F
JIMN?LCIL
=IHN?H=CIMI
JF;HN?;>I
JIL
F;
IGCMC‰H
;HN?
?F
0LC<OH;F
>?
&OMNC=C;
>?
F;
1!

JLIPI=;LIH
KO?
?H

M?
L?PCM;L;
?F
,!
#IHT}F?T,}L;GI



,>
?=,9>1:=8,.4:90>
/07
%=,?,/:
/0
4>-:,
!H
?MN?
=IHN?RNI

P;F?
F;
J?H;
>?MN;=;L
>IM
=IHDOHNIM
>?
L?@ILG;M
IJ?L;>;M
JIL
?F
0L;N;>I
>?
(CM<I;

@CLG;>I
?H

S
KO?
B;
?HNL;>I
?H
PCAIL
;
@CH;F?M
>?


NL;M
MO
>?GIL;>;
L;NC@C=;=C‰H
JIL
FIM

!MN;>IM
GC?G<LIM
?H
?M?
GIG?HNI

F;
JLCG?L;
;@?=N;
;
>IM
AL;H>?M
NCJIM
>?
=;G<CIM
?H
F;M
HILG;M
S
F;
M?AOH>;
;
F;
=L?;=C‰H
>?
>IM
HO?PIM
=;LAIM
CHMNCNO=CIH;F?M
>?
F;
=CG;
D?L}LKOC=;
>?
F;
1!
LCNT

.CH;L>


(IM
=;G<CIM
?H
F;M
HILG;M
MCAOC?HN?M
P;H
;
N?H?L
=IHM?=O?H=C;M
CGJILN;HN?M
J;L;
F;
CHN?AL;=C‰H
S
F;
?OLIJ?CT;=C‰H
>?
FIM
!MN;>IM
GC?G<LIM
;
!F
;P;H=?
B;=C;
F;
G@E24:x?
A@C
>2J@Ct2
4F2=:7:4252
?H
OH;
M?LC?
>?
HO?PIM
M?=NIL?M
>?
JIF…NC=;
J<FC=;

GO=BIM
L?F;=CIH;>IM
=IH
F;
DOMNC=C;
S
;MOHNIM
>?
CHN?LCIL
!MNI
L?KO?LCL}
KO?
G}M
ILA;HCMGIM
S
J?LMIH;F
>?
F;M
;>GCHCMNL;=CIH?M
H;=CIH;F?M
;JL?H>;H
F;
UF‰AC=;X
>?
F;
A?MNC‰H
>?
FIM
;MJ?=NIM
MOJL;H;=CIH;F?M
>?
F;
;>IJ=C‰H
>?
>?=CMCIH?M
 >?
F;
1!

?H
?MJ?=C;F
?H
;KO?FFIM
GCHCMN?LCIM
L?F;=CIH;>IM
=IH
;MOHNIM
?RN?LCIL?M

DOMNC=C;
?
CHN?LCIL
<
!F
L?KOCMCNI
>?
>I<F?
G;SIL…;
M?
ONCFCT;L}
=O;H>I
M?
H?=?MCN?
PIN;=C‰H
JIL
G;SIL…;
=O;FC@C=;>;
(;M
=I;FC=CIH?M
NL;>C=CIH;F?M
>?
!MN;>IM
GC?G<LIM
KO?
M?
@ILG;<;H
J;L;
;JLI<;L
F?ACMF;=C‰H
?H
?F
IHM?DI
JO?>?
KO?
S;
HI
M?;H
MO@C=C?HN?M

FI
KO?
?RCACL}
;
FIM
AI<C?LHIM
>?
F;
1!
KO?
G?DIL?H
MOM
L?F;=CIH?M
=IH
MI=CIM
H;=CIH;F?M
>?
F;
1!
=IH
FIM
KO?
?MN‚H
GOS
JI=I
@;GCFC;LCT;>IM
=
(;M
HO?P;M
>CMJIMC=CIH?M
?MNCJOF;H
KO?
F;M
CHMNCNO=CIH?M
>?
F;
1!
>?<?H
@;=CFCN;L
?F
;==?MI
@ILG;F
;
FIM
J;LF;G?HNIM
H;=CIH;F?M
>OL;HN?
?F
JLI=?MI
F?ACMF;NCPI
?OLIJ?I
!MN?
=;G<CI
>?
L?AF;M
JO?>?
@;PIL?=?L
;
;KO?FFIM
J;LF;G?HN;LCIM
H;=CIH;F?M
KO?
CHN?HN;H
L?@ILG;L
F;M
?MNLO=NOL;M
H;=CIH;F?M
ONCFCT;>;M
;=NO;FG?HN?
JIL
F;M
F?ACMF;NOL;M
J;L;
MOJ?LPCM;L
;
MOM
?D?=ONCPIM
?H
FIM
;MOHNIM
>?
F;
1!
(IM
=;G<CIM
?H
F;M
G;ACMNL;NOL;M
MOJ?LCIL?M
>?
F;
1!
MIH
;
(;
=L?;=C‰H
>?
OH
JL?MC>?HN?
J?LG;H?HN?
>?F
IHM?DI
!OLIJ?I
!MNI
NC?H?
N;HNI
UJLIMX
S
U=IHNL;MX
?H
@OH=C‰H
>?
=‰GI
JO?>?
;@?=N;L
;
F;M
;>GCHCMNL;=CIH?M
H;=CIH;F?M

JO?M
B;S
OH
LC?MAI
>?
;OG?HNI
>?
F;
=IH@OMC‰H
MI<L?
F;M
L?MJIHM;<CFC>;>?M
?H
F;
1!

?MJ?=C;FG?HN?
F;M
L?F;=CIH;>;M
=IH
FIM
;MOHNIM
?RN?LCIL?M
<
!F
?MN;<F?=CGC?HNI
>?
OH
HO?PI
FNI
.?JL?M?HN;HN?
J;L;
MOHNIM
!RN?LCIL?M
S
,IF…NC=;
>?
/?AOLC>;>
!MN?
HO?PI
JO?MNI
;=?L=;L}
;
FIM
@OH=CIH;LCIM
H;=CIH;F?M
;F
@OH=CIH;GC?HNI
>?
F;
IGCMC‰H
!OLIJ?;

S
JI>L…;
=IH>O=CL
;
F;
=IHP?LA?H=C;
?HNL?
F;M
JIF…NC=;M
H;=CIH;F?M
L?F;=CIH;>;M
=IH
F;
M?AOLC>;>

F;
;SO>;
BOG;HCN;LC;
S
?F
>?M;LLIFFI
(;
?RN?HMC‰H
>?F
PINI
JIL
G;SIL…;
=O;FC@C=;>;
;
OH;M

HO?P;M
}L?;M
>?
JIF…NC=;
J<FC=;

L?JL?M?HN;
F;
G;SIL
?RJ;HMC‰H
>?
F;
PIN;=C‰H
JIL
G;SIL…;
?H
?F
IHM?DI

?H
N‚LGCHIM
=O;HNCN;NCPIM

B;MN;
F;
@?=B;
)O=B;M
>?
F;M
=O?MNCIH?M
KO?
M?L}H
MIG?NC>;M
;
PIN;=C‰H
JIL
G;SIL…;
=O;FC@C=;>;
MIH
;FAI
;L=;HI
KO?
M?
>?<…;
B;<?L
B?=BI
>?M>?
B;=?
GO=BI
NC?GJI

CH=FOS?H>I
F;M
HILG;M
MI<L?
>?=CMCIH?M
>?
F;
U=IGCNIFIA…;X

F;
;JLI<;=C‰H
>?
FIM
G‚NI>IM
?MN;>…MNC=IM
ONCFCT;>IM
?H
F;
TIH;
>?F
?OLI

S
F;
;MCAH;=C‰H
>?
MO<MC>CIM
>?
NL;HMJILN?
;
FIM
?MN;>IM
@?>?L;>IM
>?
F?G;HC;
ILC?HN;F
+NL;M
M?=NIL?M
>?
JIF…NC=;
J<FC=;
MIH
G}M
>?FC=;>IM
?H
J;LNC=OF;L

F;
;JFC=;=C‰H
>?F
PINI
JIL
G;SIL…;
=O;FC@C=;>;
;
=O?MNCIH?M
L?F;=CIH;>;M
=IH
F;
,IF…NC=;
!RN?LCIL
S
>?
/?AOLC>;>
IGH
,!/
S
&OMNC=C;
S
MOHNIM
>?
%HN?LCIL
&%




"=@;/A
,;L;
F;M
;>GCHCMNL;=CIH?M
H;=CIH;F?M

F;
?RN?HMC‰H
>?
F;
G;SIL…;
MCAHC@C=;
KO?
OH
ALOJI
G}M
;GJFCI
>?
GCHCMN?LCIM
S
?HNC>;>?M
H;=CIH;F?M
N?H>L}
KO?
;DOMN;L
MOM
L?F;=CIH?M
=IH
F;
1!
FAOHIM
GCHCMN?LCIM
=IGI
FIM
>?
DOMNC=C;

;MOHNIM
?RN?LCIL?M
S
>?
CHN?LCIL

JIL
?D?GJFI

<;M;H
MOM
L?F;=CIH?M
=IH
LOM?F;M
?H
OH;
UF‰AC=;X
CHN?LAO<?LH;G?HN;F
!MN;
F‰AC=;
M?
<;M;
?H
FIM
JLCPCF?ACIM
KO?
JIM??H
;=NO;FG?HN?
FIM
!MN;>IM
GC?G<LIM

CH=FOC>I
?F
P?NI
H;=CIH;F
S
F;
@;FN;
>?
;=NCPCMGI
>?
F;
IGCMC‰H
!OLIJ?;
@O?L;
>?
F;
?F;<IL;=C‰H
>?
JIF…NC=;M
>?F
UJLCG?L
JCF;LX
!H
?F
@ONOLI

F;
=;J;=C>;>
>?
KO?>;L
?H
GCHIL…;
;OHKO?
M‰FI
?H
JLCH=CJCI
>?G;H>;L}
OH
=;G<CI
B;=C;
OH;
F‰AC=;
G}M
MOJL;H;=CIH;F
,IL
?D?GJFI

G}M
L?=OLMIM
N?H>L}H
KO?
M?L
>?MNCH;>IM
J;L;
CH@FOCL
MI<L?
F;
@ILGOF;=C‰H
>?
JIF…NC=;M
FC>?L;>;M
JIL
F;
IGCMC‰H

S
J;L;
F;
;JFC=;=C‰H
>?
HO?P;M
F?S?M
>?
F;
1!
>?
OH;
G;H?L;
?@?=NCP;
S
IJILNOH;
J;L;
;MOHNIM
>?
&OMNC=C;
?
%HN?LCIL
(IM
;FNIM
@OH=CIH;LCIM
GCHCMN?LC;F?M
N?H>L}H
KO?
M?L
G}M
?H‚LAC=IM
?H
F;
>?@?HM;
>?
MOM
CHN?L?M?M
;F
JLCH=CJCI
>?F
JLI=?MI
F?ACMF;NCPI
>?
F;
1!

J;L;
HI
M?L
>?D;>IM
;NL}M
JIL
OH;
P;HAO;L>C;
>?
!MN;>IM
GC?G<LIM
0;G<C‚H
N?H>L}H
KO?
M?L
G}M
=IH=CFC;>IL?M
=IH
L?MJ?=NI
;
MOM
MI=CIM
?H
F;
H?AI=C;=C‰H
,;L;
NI>;M
F;M
}L?;M
MOD?N;M
;
PIN;=C‰H
JIL
G;SIL…;
=O;FC@C=;>;

M?
ONCFCT;
OH
HO?PI
>I<F?
OG<L;F
>?
G;SIL…;
?H
F;M
PIN;=CIH?M
>?F
IHM?DI
;
J;LNCL
>?


=IH
FI
KO?
F;M
JLIJO?MN;M
F?ACMF;NCP;M
L?KOC?L?H
F;
;JLI<;=C‰H
>?F

JIL
=C?H
>?
FIM
!MN;>IM
GC?G<LIM
KO?
L?JL?M?HN?H
;F
G?HIM
?F

JIL
=C?H
>?
F;
JI<F;=C‰H
>?
F;
1!
(;
L;T‰H
>?
?MN?
;OG?HNI
@O?
?F
N?GIL
?HNL?
FIM
!MN;>IM
GC?G<LIM
G}M
AL;H>?M
>?
KO?
OH;
=I;FC=C‰H
>?
J;…M?M
G}M
J?KO?ˆIM
JO>C?L;
CGJOFM;L
JIL
M…
MIF;
F?ACMF;=C‰H
=IH
‚RCNI
S
F;
JL?I=OJ;=C‰H
;HN;A‰HC=;
>?
,IFIHC;
JIL
?F
>IGCHCI
;F?G}H
>?
F;
1!

?H
?F
M?HNC>I
>?
HI
=IH=?>?L
OH
J?MI
?R=?MCPI
;
?MIM
J;…M?M
G}M
AL;H>?M
,;L;
F;M
;>GCHCMNL;=CIH?M
H;=CIH;F?M
KO?
CHN?HN;H
@ILG;L
=I;FC=CIH?M
A;H;>IL;M

F;M
;HNCAO;M
;FC;HT;M
JO?>?
KO?
HI
M?;H
;>?=O;>;M
(IM
!MN;>IM
GC?G<LIM
CHN?LG?>CIM

?H
J;LNC=OF;L

H?=?MCN;L}H
MO<CL
;
<IL>I
HI
M‰FI
OH
J;…M
AL;H>?
NL;>C=CIH;FG?HN?
"L;H=C;

F?G;HC;

%N;FC;
I
?F
.?CHI
1HC>I

MCHI
G}M
<C?H
GFNCJF?M
J;…M?M
AL;H>?M
(;
CHP?MNCA;=C‰H
MI<L?
F;
@ILG;=C‰H
>?
=I;FC=CIH?M
?H
NI>;M
F;M
}L?;M
?H
=O?MNC‰H
?H
?F
IHM?DI
L?P?F;
F;
JL?M?H=C;
>?
=O;NLI
<FIKO?M
JLCH=CJ;F?M
OH
ALOJI
>?F
HILN?
S
INLI
>?F
MOL
OHC>IM
JIL
F?G;HC;

S
OH
ALOJI
ILC?HN;F
}FNC=I
S
INLI
>?
2CM?AL;>I
\M?
>?HIGCH;
;M…
;F
ALOJI
@ILG;>I
JIL
B?KOC;

,IFIHC;

$OHAL…;
S
!MFIP;KOC;\
+NLI
=;G<CI
>?
L?AF;M
CHNLI>O=C>I
JIL
?F
0L;N;>I
>?
(CM<I;
B;
L?=C<C>I
JI=;
;N?H=C‰H
B;MN;
;BIL;
F;M
>CMJIMC=CIH?M
KO?
>;H
OH
>?L?=BI
>?
J;LNC=CJ;=C‰H
;
FIM
J;LF;G?HNIM
H;=CIH;F?M
(;
IGCMC‰H
>?<?
HINC@C=;L
;
FIM
J;LF;G?HNIM
H;=CIH;F?M
>?
F;M
JLIJO?MN;M
F?ACMF;NCP;M

S
FO?AI
?MJ?L;L
I=BI
M?G;H;M
J;L;
KO?
JL?M?HN?H
MOM
I<M?LP;=CIH?M
;HN?M
>?
KO?
FIM
AI<C?LHIM
=IGC?H=?H
F;M
>?FC<?L;=CIH?M
?H
?F
IHM?DI
/C
OH
N?L=CI
>?
FIM
J;LF;G?HNIM
I<D?N;

F;
IGCMC‰H
>?<?
?GCNCL
OH
U>C=N;G?H
GINCP;>IX
MI<L?
MO
I<D?=C‰H
/C
F;
GCN;>
>?
?FFIM
;H
HI
?MN}
M;NCM@?=B;

?F
IHM?DI
S
?F
,;LF;G?HNI
!OLIJ?I
>?<?L…;H
U;=NO;LX
MI<L?
MOM
JL?I=OJ;=CIH?M
(;
G;SIL…;
>?
FIM
I<M?LP;>IL?M
=IHMC>?L;
KO?
M?
NL;N;
>?
OH;
>CMJIMC=C‰H
?H
AL;H
G?>C>;
MCG<‰FC=;
(;
IGCMC‰H
CH@ILG;
S;
;
FIM
,;LF;G?HNIM
H;=CIH;F?M
>?
MOM
JLIJO?MN;M
=IGI
OH;
=ILN?M…;
CH@ILG;F

S
FIM
,;LF;G?HNIM
JLI<;<F?G?HN?
JO?>?H
>?N?H?L
OH;
JLIJO?MN;
?H
?F
IHM?DI

MCGJF?G?HN?
;F
?D?L=?L
JL?MC‰H
MI<L?
MOM
AI<C?LHIM
J;L;
L?=B;T;LF;
/CH
?G<;LAI

?F
?@?=NI
L?;F
>?
?MN?
HO?PI
J;J?F
>?
FIM
J;LF;G?HNIM
H;=CIH;F?M
JO?>?
M?L
G}M
MONCF
OL;HN?
GO=BIM
;ˆIM

FIM
J;LF;G?HN;LCIM
H;=CIH;F?M
B;H
MO@LC>I
JIL
MO
?R=FOMC‰H
AL;>O;F
>?
F;
AI<?LH;=C‰H
=IF?=NCP;
F
<OM=;L
FIM
GI>IM
>?
L??KOCFC<L;L
MO
;ONILC>;>

FIM
J;LF;G?HN;LCIM
JO?>?H
;JLIP?=B;L
F;M
HO?P;M
>CMJIMC=CIH?M
>?F
0L;N;>I
=IGI
OH;
IJILNOHC>;>
J;L;
M?L
G}M
;=NCPIM
?H
FIM
;MOHNIM
>?
F;
1!

ONCFCT;H>I
MO
=IHNLIF
S
MOM
=;J;=C>;>?M
>?
CH>;A;=C‰H
J;L;
CGJOFM;L
L?@ILG;M
CHN?LH;M

=IGI
G;SIL?M
>?L?=BIM
J;L;
FIM
=IGCN‚M
>?
MOJ?LPCMC‰H
>?
F;
1!
S
?F
?MN;<F?=CGC?HNI
>?
G?=;HCMGIM
>?
=IHNLIF
G}M
?@C=;=?M
MI<L?
FIM
GCHCMNLIM



$=A717=<3A
 1H;
HO?P;
?
CGJILN;HN?
G;ACMNL;NOL;
\KO?
M?L}
@OH>;G?HN;F
J;L;
?F
J;J?F
>?
F;
1!
?H
?F
GOH>I\
?M
F;
>?
OH
UFNI
.?JL?M?HN;HN?
>?
F;
1HC‰H
J;L;
MOHNIM
!RN?LCIL?M
S
,IF…NC=;
>?
/?AOLC>;>X
J;L;
?PCN;L
>?=CL
KO?
?M
OH;
MO?LN?
>?
GCHCMNLI
>?
;MOHNIM
?RN?LCIL?M
>?
F;
1!
!MN?
HO?PI
JO?MNI
B;
;MOGC>I
F;M
JIMC=CIH?M
>?F
JL?=?>?HN?
FNI
.?JL?M?HN;HN?
J;L;
F;
,IF…NC=;
!RN?LCIL
S
>?
/?AOLC>;>
IGH
S
>?
2C=?JL?MC>?HN?
>?
F;
IGCMC‰H

S
MO
NCNOF;L
M?
=IHP?LNCL}
?H
?F
,L?MC>?HN?
J?LG;H?HN?
>?F
IHM?DI
>?
MOHNIM
!RN?LCIL?M
F
=IG<CH;L
F;M
@OH=CIH?M
>?
JIF…NC=;
?RN?LCIL
>?F
IHM?DI
S
>?
F;
IGCMC‰H
?H
OH
HC=I
JO?MNI

?M
JL?PCMC<F?
OH;
G;SIL
=IB?L?H=C;
?H
F;M
L?F;=CIH?M
?RN?LCIL?M
S
OH
G?DIL
;==?MI
;
FIM
L?=OLMIM
>?
F;
1!
/CH
?G<;LAI

F;M
J?LMIH;M
KO?
B;H
I=OJ;>I
?F
=;LAI
HI
B;H
MC>I
=;J;=?M
>?
>IN;LF?
>?
OH
;ON‚HNC=I
JLIN;AIHCMGI
CHN?LH;=CIH;F
!F
CGJ;=NI
>?
?MN;
HO?P;
@OH=C‰H
?M
JLI<;<F?
KO?
M?;
>I<F?
J;L;
F;M
;>GCHCMNL;=CIH?M
H;=CIH;F?M
!H
JLCG?L
FOA;L

F;
H;NOL;F?T;
>?
U>I<F?
MIG<L?LIX
>?F
FNI
.?JL?M?HN;HN?
;NL;?L}
?H
G;SIL
G?>C>;
;
FIM
AI<C?LHIM
H;=CIH;F?M
B;=C;
?F
@OH=CIH;GC?HNI
>?
F;
IGCMC‰H
!H
F;
;=NO;FC>;>

?RCMN?
OH;
>CPCMC‰H
<;MN;HN?
?MNLC=N;
=O;H>I
F;M
;>GCHCMNL;=CIH?M
H;=CIH;F?M
CHN?L;=N;H
=IH
LOM?F;M
?H
G;N?LC;
>?
JIF…NC=;
?RN?LCIL
,IL
?D?GJFI

FIM
AI<C?LHIM
M?
CHPIFO=L;H
CHN?AL;FG?HN?
?H
?F
>?M;LLIFFI
>?
F;
,!/

S
J;LNC=CJ;H
;=NCP;G?HN?
?H
?F
?MN;<F?=CGC?HNI
>?
JLCILC>;>?M

F;
?F;<IL;=C‰H
>?
JIMC=CIH?M
S
F;
;JFC=;=C‰H
>?
FIM
=IGJLIGCMIM
!H
=;G<CI

F;M
=IGJ?N?H=C;M
MI<L?
L?F;=CIH?M
?RN?LCIL?M
>?
F;
IGCMC‰H
M?
A?MNCIH;H
;
>CMN;H=C;
JIL
F;M
;>GCHCMNL;=CIH?M
H;=CIH;F?M
!H
M?AOH>I
FOA;L

F;M
@OH=CIH?M
=IG<CH;>;M
=IHM;AL;>;M
?H
F;
@CAOL;
>?
FNI
.?JL?M?HN;HN?
JO?>?H
@ILT;L
OH;
=IHP?LA?H=C;
MCGCF;L
;
HCP?F
H;=CIH;F
F;
FN;
.?JL?M?HN;HN?
N?H>L}
;
MO
=;LAI
F;M
=;J;=C>;>?M
>?
A?MNC‰H
>?
=LCMCM

CH=FOS?H>I
FIM
G?>CIM
=CPCF?M
S
GCFCN;L?M

S
=IGI
PC=?JL?MC>?HN;
>?
F;
IGCMC‰H
!OLIJ?;
=IIL>CH;L}
N;G<C‚H
F;M
}L?;M
>?
=IG?L=CI
S
>?M;LLIFFI

>IH>?
F;
1!
M…
KO?
?M
OH
;ON‚HNC=I
;=NIL
AFI<;F
,IL
?D?GJFI

F;M
;>GCHCMNL;=CIH?M
KO?
HI
B;S;H
G?DIL;>I
S;
FIM
P…H=OFIM
JIF…NC=IM
S
>?
JLI=?>CGC?HNI
?HNL?
F;
JIF…NC=;
>?
M?AOLC>;>
=IGJ?N?H=C;
>?F
IHM?DI
S
F;
>?
>?M;LLIFFI
FC>?L;>I
JIL
F;
IGCMC‰H

JO?>?H
N?H?L
KO?
?GJ?T;L
;
B;=?LFI
;BIL;
>?HNLI
>?
MOM
JLIJCIM
AI<C?LHIM
!F
HO?PI
LIMNLI
>?
F;
1!
J;L;
F;
JIF…NC=;
?RN?LCIL
N;G<C‚H
JO?>?
CH=FCH;L
?F
?KOCFC<LCI
>?
JI>?L
?HNL?
FIM
GCHCMN?LCIM
H;=CIH;F?M

=IGI
FIM
GCHCMN?LCIM
>?
>?@?HM;
JIL
=CN;L
M‰FI
OH
?D?GJFI
<OM=;H>I
OH;
G;SIL
J;LNC=CJ;=C‰H
?H
F;
JIF…NC=;
>?
>?M;LLIFFI

I
PC=?P?LM;
!H
A?H?L;F

?M
JLI<;<F?
KO?
FIM
GCHCMN?LCIM
>?
L?F;=CIH?M
?RN?LCIL?M
M?
?H@L?HN?H
;
G;SIL
=IGJ?N?H=C;
?H
F;
>CMNLC<O=C‰H
>?
FIM
;MOHNIM
>?
JIF…NC=;
?RN?LCIL
>?
F;
1!
?H
MO
JLIJCI
AI<C?LHI
,IL
FNCGI

INLI
HO?PI
JO?MNI
=L?;>I
JIL
?F
0L;N;>I
>?
(CM<I;
?M
?F
>?
,L?MC>?HN?
>?F
IHM?DI
!OLIJ?I
/?
>?MCAH;L}
JIL
G;SIL…;
=O;FC@C=;>;

S
?F
JLIJCI
IHM?DI
!OLIJ?I
M?
CHN?AL;L}
G}M
?H
F;
G;KOCH;LC;
CHMNCNO=CIH;F
>?
F;
1!
!F
NCNOF;L
M?L}
HIG<L;>I
JIL
>IM
;ˆIM
S
G?>CI

L?HIP;<F?
OH;
P?T

S
M?
>?M>I<F;L}
N;G<C‚H
=IGI
,L?MC>?HN?
>?F
IHM?DI
>?
MOHNIM
#?H?L;F?M
(;
CHN?H=C‰H
MO<S;=?HN?
;
F;
=L?;=C‰H
>?
?MN?
JO?MNI
?M
?F
>?
G?DIL;L
F;
=IHNCHOC>;>
?H
F;
;A?H>;
>?
F;
1!
S
J;L;
KO?
?F
IHM?DI
!OLIJ?I
I@L?T=;
OH
FC>?L;TAI
G}M
@O?LN?

;=IL>?
=IH
MO
?MN;NOM
!MN;
CHHIP;=C‰H
>?<?L…;
B;=?L
G}M
@}=CF
J;L;
F;M
;>GCHCMNL;=CIH?M
H;=CIH;F?M
JL?P?L
F;
?PIFO=C‰H
>?
F;M
JIF…NC=;M
>?
F;
1!
S
L?;==CIH;L
;
?FFIM
=IH
;HN?LCILC>;>
/CH
?G<;LAI

N;G<C‚H
JO?>?
MOJIH?L
OH
<O?H
AL;>I
>?
=IH@OMC‰H
?H
=O;HNI
;
>IH>?
M?
MCN;H
;FAOH;M
L?MJIHM;<CFC>;>?M
!F
,L?MC>?HN?
N?H>L}
OH;
P;LC?>;>
>?
L?MJIHM;<CFC>;>?M
CHN?LH;M
S
?RN?LH;M

J?LI
NI>;P…;
HI
M?
B;
;=F;L;>I
=‰GI
M?
L?F;=CIH;H
=IH
F;M
>?F
,L?MC>?HN?
>?
F;
IGCMC‰H
KO?
>CM@LON;L}
>?F
GCMGI
HCP?F
>?
;ONILC>;>
S
?F
HO?PI
FNI
.?JL?M?HN;HN?
KO?
?MN;L}
MO<IL>CH;>I
;
FIM
>IM
,IL
INL;
J;LN?

NI>;P…;
B;S
KO?
L?MIFP?L
F;M
HILG;M
>?
ONCFCT;=C‰H
>?F
JL?MOJO?MNI
>?
L?F;=CIH?M
?RN?LCIL?M
>?
F;
IGOHC>;>
N;HNI
J;L;
?F
FNI
.?JL?M?HN;HN?
=IGI
J;L;
?F
,L?MC>?HN?
>?
F;
IGCMC‰H
(;
,L?MC>?H=C;
J?LG;H?HN?
>?F
IHM?DI
!OLIJ?I
N;G<C‚H
JO?>?
;@?=N;L
;
F;
=;J;=C>;>
>?
FIM
!MN;>IM
GC?G<LIM
G}M
J?KO?ˆIM
J;L;
JLIS?=N;L
MO
JLIJC;
PIT
?H
?F
?M=?H;LCI
GOH>C;F
0L;>C=CIH;FG?HN?

F;
JL?MC>?H=C;
LIN;NILC;
>?
F;
1HC‰H
B;
>;>I
;
FIM
!MN;>IM
GC?G<LIM
F;
IJILNOHC>;>
>?
CGJOFM;L
MOM
L?MJ?=NCP;M
JLCILC>;>?M
>?
JIF…NC=;
?RN?LCIL
>OL;HN?
MO
G;H>;NI
!H
J;LNC=OF;L

J?LGCNC‰
;
FIM
!MN;>IM
G}M
J?KO?ˆIM
DOA;L
JIL
?H=CG;
>?
MOM
JIMC<CFC>;>?M
G?>C;HN?
?F
OMI
>?
F;
1!
=IGI
;FN;PIT
1H;
,L?MC>?H=C;
J?LG;H?HN?
MCAHC@C=;
KO?
F;M
;>GCHCMNL;=CIH?M
H;=CIH;F?M
JO?>?H
P?LM?
MCH
OH
CHMNLOG?HNI
CGJILN;HN?
J;L;
CH@FOCL
?H
JIF…NC=;
?RN?LCIL

 
,
.=4>4>
/0
7,
0@=:E:9,
D
7,
0@=:;04E,.4[9
/0
7,
;:7Y?4.,
;=0>@;@0>?,=4,

J?M;L
>?
?MN;L
>IN;>I
>?
?F?G?HNIM
JL?P?HNCPIM
S
>CMO;MILCIM

?F
,!
HI
J;M;L}
;
F;
BCMNILC;
=IGI
GI>?FI
>?
?@C=;=C;
/C
HI
FI
@O?
?H
FIM
;ˆIM
>IL;>IM
>?
?MN;<CFC>;>

HI
JI>…;
?MJ?L;LM?
AL;H
=IM;
=O;H>I
M?
>?M?H=;>?H‰
F;
=LCMCM
@CH;H=C?L;
CHN?LH;=CIH;F
?H


F;
=O;F
CGJ;=N‰
=IH
@O?LT;
MI<L?
F;
;=NCPC>;>
?=IH‰GC=;
L?;F

CGJOFM;H>I
FIM
?MN;<CFCT;>IL?M
;ONIG}NC=IM
JIL
?F
F;>I
>?F
A;MNI
S
JIL
?F
>?
F;
CGJIMC=C‰H
HN?
OHIM
>?M?KOCFC<LCIM
JL?MOJO?MN;LCIM
=IGJF?N;G?HN?
>?M<I=;>IM
?H
OH;
M?LC?
>?
J;…M?M

F;
1!
L?;==CIH‰
>?
OH;
G;H?L;
CH?KO…PI=;

=IH
OH;
;J?F;=C‰H
;
OH;
G;SIL
>IMCM
>?
?MN;<CFC>;>
JL?MOJO?MN;LC;
!F
L?NILHI
CHG?>C;NI
;
F;
M?H>;
>?F
?KOCFC<LCI
?L;
OH;
G?N;
CHPC;<F?
J;L;
;KO?FFIM
!MN;>IM
GC?G<LIM
KO?
B;<…;H
J?L>C>I
?F
=IHNLIF
>?
MOM
@CH;HT;M
J<FC=;M
;HN?
?F
;TIN?
>?
OH;
=LCMCM
>?
?@?=NIM
>?P;MN;>IL?M

J?LI
?F
=OGJFCGC?HNI
>?
OH
JF;H
?M=;FIH;>I
>?
=IHMIFC>;=C‰H
M?
=IHP?LN…;
?H
OH;
?RCA?H=C;
CH?FO>C<F?
!HNL?N;HNI

FIM
G?L=;>IM
@CH;H=C?LIM
M?
?H=;LA;<;H
>?
G;HC@?MN;L
=IH
=IHNOH>?H=C;
MOM
G?HM;D?M
F;
?F?P;=C‰H
>?
F;M
JLCG;M
>?
LC?MAI
?H
F;
=INCT;=C‰H
>?
F;
>?O>;
MI<?L;H;
>?
FIM
J;…M?M
G}M
;@?=N;>IM
?GJ?T‰
;
=;OM;L
?MNL;AIM

;<I=;H>I

?H
;FAOHIM
=;MIM

;
MCNO;=CIH?M
CHMIMN?HC<F?M
 IG…HAO?T

(‰J?T

$%.$

9
7;1B:=97:73;A<
239
$/1A<
23
@A/07972/2
E
?317:73;A<
 
2^4717A
=c0971<
:/E<?
239

            

B;C7D?7

H7D9?7

*7sI;I
7@EI

KIJH?7

?DB7D:?7

&KN;C8KH=E

qB=?97

#J7B?7

IF7u7
 #HB7D:7

*EHJK=7B

!H;9?7
"O?HN?
IG…HAO?T

(‰J?T



(;
@O?HN?
JIF…NC=;
>?F
L?@ILT;GC?HNI
>?
F;
AI<?LH;HT;
?=IH‰GC=;
M?
?H=O?HNL;
?H
?F
!
>?

(;M
G?>C>;M
;>IJN;>;M
?H
>C=BI
IHM?DI
?H
G;N?LC;
>?
JIF…NC=;
S
>?
AI<C?LHI
?=IH‰GC=IM
JO?>?H
;ALOJ;LM?
;M…
 IG…HAO?T

(‰J?T

V
/;H?;GC?HNI
JL?MOJO?MN;LCI
S
L?@ILG;M
?MNLO=NOL;F?M
FIM
?M@O?LTIM
>?
M;H?;GC?HNI
JL?MOJO?MN;LCI
>?
FIM
!MN;>IM
GC?G<LIM
B;<L}H
>?
=IGJF?G?HN;LM?
=IH
L?@ILG;M
?MNLO=NOL;F?M
KO?
JIN?H=C?H
?F
=L?=CGC?HNI
V
ILL?==C‰H
>?
>?M?KOCFC<LCIM
G;=LI?=IH‰GC=IM
S
G?DIL;
>?
F;
=IGJ?NCNCPC>;>
FIM
!MN;>IM
GC?G<LIM
JL?M?HN;L}H
G?>C>;M
J;L;
=ILL?ACL
FIM
>?M?KOCFC<LCIM
G;=LI?=IH‰GC=IM
HI=CPIM
S
J?LMCMN?HN?M
S
J;L;
G?DIL;L
F;
=IGJ?NCNCPC>;>

?H
?MNL?=B;
=IIJ?L;=C‰H
=IH
?F
,;LF;G?HNI
!OLIJ?I
S
FIM
ILA;HCMGIM
=IHMOFNCPIM
>?
F;
1!
IGCN‚
!=IH‰GC=I
S
/I=C;F
!OLIJ?I

S
IGCN‚
>?
F;M
.?ACIH?M

=IH
NIN;F
CGJFC=;=C‰H
>?
FIM
,;LF;G?HNIM
H;=CIH;F?M

FIM
CHN?LFI=ONIL?M
MI=C;F?M

F;M
L?ACIH?M
S
>?G}M
J;LN?M
CHN?L?M;>;M
V
%GJOFMI
;F
G?L=;>I
HC=I
S
;
F;M
J?KO?ˆ;M
S
G?>C;H;M
?GJL?M;M
,5)!M
M?
>;L}
OH
HO?PI
CGJOFMI
;F
G?L=;>I
HC=I

=IH
@IG?HNI
>?F
G?L=;>I
HC=I
>CACN;F

F;
L?>O==C‰H
>?
F;
=;LA;
L?AOF;>IL;
KO?
;@?=N;
;
F;M
,5)!M

N;HNI
;
?M=;F;
?OLIJ?;
=IGI
H;=CIH;F

S
?F
CGJOFMI
>?
F;
;JFC=;=C‰H
>?
F;
CL?=NCP;
>?
FIM
M?LPC=CIM
S
>?F
=IG?L=CI
?RN?LCIL
V
)?DIL;
>?F
G;L=I
DOL…>C=I
>?
F;
AI<?LH;HT;
?=IH‰GC=;

?H
?MJ?=C;F
>?
F;
L?AOF;=C‰H
>?F
,!
V
JLI<;=C‰H
>?F
,;=NI
JIL
?F
!OLI
,FOM
?MN?
,;=NI
J?LMCAO?
CGJOFM;L
F;
=IGJ?NCNCPC>;>
S
?F
?GJF?I

=IHNLC<OCL
?H
G;SIL
G?>C>;
;
F;
MIMN?HC<CFC>;>
>?
F;M
@CH;HT;M
J<FC=;M
S
L?@ILT;L
F;
?MN;<CFC>;>
@CH;H=C?L;
"ILG;H
J;LN?
>?F
,;=NI
FIM
J;…M?M
>?
F;
TIH;
>?F
?OLI

;OHKO?
KO?>;
;<C?LNI
;
F;
;>B?MC‰H
>?
INLIM
!MN;>IM
GC?G<LIM
!F
,;=NI
JIL
?F
!OLI
,FOM
?MN;<F?=?
KO?
U(IM
!MN;>IM
GC?G<LIM
J;LNC=CJ;HN?M
M?
=IGJLIG?N?H
;
NL;>O=CL
?H
F?ACMF;=C‰H
H;=CIH;F
F;M
HILG;M
JL?MOJO?MN;LC;M
>?
F;
1!
?MN;<F?=C>;M
?H
?F
,;=NI
>?
!MN;<CFC>;>
S
L?=CGC?HNI
(IM
!MN;>IM
GC?G<LIM
M?F?==CIH;L}H
?F
CHMNLOG?HNI
DOL…>C=I
H;=CIH;F
?MJ?=…@C=I
KO?
M?
?GJF??

J?LI
M?
=?L=CIL;L}H
>?
KO?
JIM?;
OH
=;L}=N?L
PCH=OF;HN?
S
>OL;>?LI
MO@C=C?HN?G?HN?
M‰FC>I
JIL
?D?GJFI

=IHMNCNO=CIH;F
I
>?
F?S
G;L=I
(;
@ILGOF;=C‰H
?R;=N;
>?
F;
HILG;
N;G<C‚H
M?L}
>?=C>C>;
JIL
=;>;
J;…M
JI>L…;
N?H?L

JIL
?D?GJFI

F;
@ILG;
>?
OH
U@L?HI
>?F
?H>?O>;GC?HNIX

OH;
HILG;
L?F;=CIH;>;
=IH
?F
?KOCFC<LCI
JLCG;LCI
I
OH;
HILG;
>?
A;MNI

MC
<C?H
>?<?L}
;M?AOL;L
F;
>CM=CJFCH;
JL?MOJO?MN;LC;
N;HNI
?H
?F
HCP?F
H;=CIH;F
=IGI
?H
?F
MO<H;=CIH;FX
!F
CH@FODI
>?F
,;=NI
JIL
?F
!OLI
,FOM
?H
?F
0!#
S
?H
F;
L?@ILG;
>?F
;LN…=OFI

>?
F;
IHMNCNO=C‰H
?MJ;ˆIF;
?M
G;HC@C?MNI
V
.?MN;<F?=CGC?HNI
>?
F;
M;FO>
>?F
M?=NIL
<;H=;LCI
L?;FCT;=C‰H
>?
JLO?<;M
>?
L?MCMN?H=C;
JIL
F;
ONILC>;>
;H=;LC;
!OLIJ?;
S
INLIM
ILA;HCMGIM
=IGJ?N?HN?M

S
?RJFIL;=C‰H
>?
F;
JIMC<F?
CHNLI>O==C‰H
>?
OH
CGJO?MNI
>?
;F=;H=?
GOH>C;F
MI<L?
F;M
NL;HM;==CIH?M
@CH;H=C?L;M
!MN;<F?=CGC?HNI
>?
OH
)?=;HCMGI
!OLIJ?I
>?
!MN;<CFC>;>
)! !

KO?

 NL;M
OH
J?L…I>I
NL;HMCNILCI

L?F?P?
;
F;
";=CFC>;>
!OLIJ?;
>?
!MN;<CFCT;=C‰H
"CH;H=C?L;
"!!"
!F
JLI=?MI
>?
=L?;=C‰H
>?F
)! !
J;L;
;@LIHN;L
F;
=LCMCM
>?F
?OLI
B;
MC>I
=IGI
MCAO?
 IG…HAO?T

(‰J?T

,LCG?LI
M?
=L?‰
OH;
MI=C?>;>
;H‰HCG;

F;
";=CFC>;>
!OLIJ?;
>?
!MN;<CFCT;=C‰H
"CH;H=C?L;
"!!"

KO?
B;
J?LGCNC>I
?F
;==?MI
;
@CH;H=C;=C‰H
;>C=CIH;F
JIL
FIM
!MN;>IM
GC?G<LIM
>?
F;
!OLITIH;
?H
>C@C=OFN;>?M
=IGI
=IHM?=O?H=C;
>?
=CL=OHMN;H=C;M
?R=?J=CIH;F?M
;D?H;M
;
MO
=IHNLIF
(;
"!!"
JI>…;
=IH=?>?L
JL‚MN;GIM

@CH;H=C}H>IM?
J;L;
?FFI
?H
?F
G?L=;>I
CHN?LH;=CIH;F
>?
=;JCN;F?M
=IH
?F
L?MJ;F>I
>?
FIM
;P;F?M
KO?
=IH=?>;H
FIM
!MN;>IM
GC?G<LIM
;==CIHCMN;M
HI
<?H?@C=C;LCIM
>?
F;
;SO>;
?H
?F
GIG?HNI
>?
F;
=IH=?MC‰H
>?F
;P;F
!MN?
G?=;HCMGI
B;
=?M;>I

NL;M
OH
J?L…I>I
NL;HMCNILCI
>?
=IHPCP?H=C;

=IH
F;
?HNL;>;
?H
PCAIL
>?F
)! !
!F
0L;N;>I
=IHMNCNONCPI
>?F
)! !
M?
@ILD‰
?H
LOM?F;M
?F

>?
@?<L?LI
>?

S

@O?
;ONILCT;>I
JIL
?F
IHAL?MI
?H
G;SI
>?


S
JIL
?F
/?H;>I
;F
G?M
MCAOC?HN?
"ILG;H
J;LN?
>?
?MN?
0L;N;>I
FIM
>C?=CMC?N?
!MN;>IM
>?F
?OLI

KO?>;H>I
;<C?LNI
;
F;
;>B?MC‰H
>?
INLIM
!MN;>IM
>?
F;
1!

F;
J;L
KO?
?F
IHAL?MI
;ONILCT‰
?F
)! !

N;G<C‚H
JL?MN‰
MO
;M?HNCGC?HNI
;
F;
?=CMC‰H
>?F
IHM?DI
!OLIJ?I
KO?
GI>C@C=;
?F
0"1!
?H
L?F;=C‰H
=IH
OH
G?=;HCMGI
>?
?MN;<CFC>;>
J;L;
FIM
!MN;>IM
GC?G<LIM
=OS;
GIH?>;
?M
?F
?OLI

=IH
?HNL;>;
?H
PCAIL
?F

>?
?H?LI
>?


OH;
P?T
I<N?HC>;M
F;M
L;NC@C=;=CIH?M
IJILNOH;M

JIL
F;
KO?
M?
;ˆ;>?
;F
=CN;>I
;LN…=OFI
>?F
0"1!
OH
HO?PI
J}LL;@I
>?F
MCAOC?HN?
N?HIL

KO?
>;
=I<?LNOL;
;F
)! !
U(IM
!MN;>IM
GC?G<LIM
=OS;
GIH?>;
?M
?F
?OLI
JI>L}H
?MN;<F?=?L
OH
G?=;HCMGI
>?
?MN;<CFC>;>
KO?
M?
;=NCP;L}
=O;H>I
M?;
CH>CMJ?HM;<F?
J;L;
M;FP;AO;L>;L
F;
?MN;<CFC>;>
>?
F;
TIH;
>?F
?OLI
?H
MO
=IHDOHNI
(;
=IH=?MC‰H
>?
NI>;
;SO>;
@CH;H=C?L;
H?=?M;LC;
=IH
;LL?AFI
;F
G?=;HCMGI
M?
MOJ?>CN;L}
;
=IH>C=CIH?M
?MNLC=N;MX
/?AH
?F
IHMC>?L;H>I

>?F
0L;N;>I
=IHMNCNONCPI
>?F
)! !

U!F
?MNLC=NI
=OGJFCGC?HNI
>?F
G;L=I
>?
F;
1HC‰H
!OLIJ?;

F;
PCACF;H=C;
G;=LI?=IH‰GC=;
CHN?AL;>;

?H
J;LNC=OF;L
?F
,;=NI
>?
!MN;<CFC>;>
S
L?=CGC?HNI

?F
G;L=I
;JFC=;<F?
;
FIM
>?M?KOCFC<LCIM
G;=LI?=IH‰GC=IM
S
F;M
HILG;M
>?
F;
AI<?LH;HT;
?=IH‰GC=;
>?
F;
1HC‰H
!OLIJ?;

>?<?H
M?AOCL
MC?H>I
F;
JLCG?L;
F…H?;
>?
>?@?HM;
=IHNL;
F;M
=LCMCM
>?
=IH@C;HT;
KO?
;G?H;T;H
F;
?MN;<CFC>;>
>?
F;
TIH;
>?F
?OLIX
!F
)! !
?M
OH;
CHMNCNO=C‰H
@CH;H=C?L;
CHN?LH;=CIH;F
=IH
OH
=;JCN;F
;ONILCT;>I
>?

GCFFIH?M
>?
?OLIM



7
%=,?,/:
/0
>?,-474/,/
::=/49,.4[9
D
:-0=9,9E,
/0
7,
&94[9
.:9[84.,
D
:90?,=4,
%
1H
J;MI
;>?F;HN?
=LO=C;F
M?
B;
>;>I
=IH
?F
0!#

N;G<C‚H
=IHI=C>I
=IFIKOC;FG?HN?
=IGI
?F
U,;=NI
"CM=;FX

@CLG;>I
?H
LOM?F;M
?F

>?
G;LTI
>?


KO?
M?
?H=O?HNL;
…HNCG;G?HN?
L?F;=CIH;>I
=IH
?F
)! !
!F
0!#
M?
B;
MOM=LCNI
JIL
NI>IM
FIM
!MN;>IM
GC?G<LIM
>?
F;
1!

M;FPI
F;
.?J<FC=;
B?=;
S
?F
.?CHI
1HC>I
!F
0!#
M?
;JFC=;L}
?H
MO
CHN?ALC>;>

OH;
P?T
?HNL?
?H
PCAIL

;
FIM
!MN;>IM
>?F
?OLI

?H
N;HNI
KO?
;
FIM
J;…M?M
KO?
FI
B;H
MOM=LCNI
KO?
HI
@ILG;H
J;LN?
>?
F;
?OLITIH;
M?
F?M
;JFC=;L}
HC=;G?HN?
F;
J;LN?
L?F;NCP;
;
F;
OG<L?
>?F
!OLI

?H
;FAOH;M
>?
=OS;M
M?MCIH?M
JI>L}H
J;LNC=CJ;L
,IL
G?>CI
>?
F;
(?S
+LA}HC=;
 

>?

>?
DOFCI

M?
;ONILCT‰
F;
L;NC@C=;=C‰H
JIL
!MJ;ˆ;
>?F
0!#
F?G;HC;
B;
MC>I
?F
G}RCGI
JLIGINIL
>?F
0!#

KO?

?M?H=C;FG?HN?

M?
=IHMC>?L;
=IGI
OH
P?B…=OFI
J;L;
?OLIJ?CT;L
F;
JIF…NC=;
JL?MOJO?MN;LC;
<;M;>I
?H
F;
=IHMNCNO=CIH;FCT;=C‰H
>?
F;
L?AF;
>?
=IHNLIF
>?F
>‚@C=CN
?F
0L;N;>I
UA?LG;HCT;X
F;
=IHMNCNO=C‰H
@CM=;F
>?
INLIM
GC?G<LIM
>?F
?OLI
FIM;


FAH
;ONIL
MIMNC?H?
KO?
J;L;
F;
PCLNO;FC>;>
JL}=NC=;
>?
F;M
=IGJF?D;M
S
?MNLC=N;M
L?AF;M
@CM=;F?M
>?F
0!#
B;H
>?
=OGJFCLM?
>IM
=IH>C=CIH?M
F;
JLCG?L;

KO?
M?
=L??
MCGOFN}H?;G?HN?
OH
0?MILI
!OLIJ?I
KO?
M?
@CH;H=C?
=IH
NLC<ONIM
?OLIJ?IM

KO?
?GCN;
!OLI<IHIM
?H
FIM
G?L=;>IM
S
KO?
L?;FC=?
F;
JIF…NC=;
>?
?MN;<CFCT;=C‰H
G;=LI?=IH‰GC=;
J;L;
NI>;
F;
?OLITIH;

MO;PCT;H>I
?F
=C=FI
S
;SO>;H>I
;
FIM
!MN;>IM
GC?G<LIM
KO?
MO@L;H
=BIKO?M
;MCG‚NLC=IM

S
F;
M?AOH>;

KO?
M?
>?H
JI>?L?M
;F
!
J;L;
KO?
M?;
L?;FG?HN?
OH
JL?MN;GCMN;
>?
FNCG;
CHMN;H=C;
(;M
G?>C>;M
>?F
0!#
M?
JO?>?H
;ALOJ;L
?H
NL?M
AL;H>?M
L<LC=;M
J;=NI
JL?MOJO?MN;LCI

=IIL>CH;=C‰H
>?
F;M
JIF…NC=;M
?=IH‰GC=;M
S
=IHP?LA?H=C;

S
AI<?LH;HT;
>?
F;
TIH;
>?F
?OLI

MO
P?T

>?HNLI
>?
F;M
G?>C>;M
=IH=?LHC?HN?M
;F
J;=NI
JL?MOJO?MN;LCI

G?L?=?H
NL;N;GC?HNI
>C@?L?H=C;>I
?F
>‚@C=CN
J<FC=I

F;
>?O>;
J<FC=;
S
?F
JLI=?>CGC?HNI
>?
>‚@C=CN
?R=?MCPI



:
>/1B=
>@3AC>C3AB/@7=
2_4717B
>d0:71=
(;
=IH=L?=C‰H
>?
F;M
G?>C>;M
KO?
M?
?RJIH?H
M?AOC>;G?HN?
M?
CH=ILJIL;L}H
;F
?L?=BI
H;=CIH;F
>?
=;>;
!MN;>I
J;LN?
;
G}M
N;L>;L
OH
;ˆI
>?MJO‚M
>?
F;
@?=B;
>?
?HNL;>;
?H
PCAIL
>?F
0!#

G?>C;HN?
>CMJIMC=CIH?M
KO?
N?HA;H
@O?LT;
PCH=OF;HN?
S
M?;H
>?
=;L}=N?L
J?LG;H?HN?

JL?@?L?HN?G?HN?
>?
L;HAI
=IHMNCNO=CIH;F

I
=OSI
L?MJ?NI
S
=OGJFCGC?HNI
?MN‚H
>?
INLI
GI>I
JF?H;G?HN?
A;L;HNCT;>IM
;
FI
F;LAI
>?
FIM
JLI=?>CGC?HNIM
JL?MOJO?MN;LCIM
H;=CIH;F?M
!H
F;
JL}=NC=;

CH=FOMI
;HN?M
>?
F;
?HNL;>;
?H
PCAIL
>?F
0!#

FIM
L?KOCMCNIM
>?
>‚@C=CN
S
>?O>;
J<FC=;
M?
B;H
>IN;>I
>?
L;HAI
=IHMNCNO=CIH;F
?H
HO?MNLI
J;…M
JIL
G?>CI
>?
F;
L?@ILG;
>?F
;LN…=OFI

>?
F;
;LN;
);AH;
S
MO
>?M;LLIFFI
JIL
F;
(+!,/"
/?AH
?F
0!#

F;
MCNO;=C‰H
JL?MOJO?MN;LC;
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M
M?L}
>?
?KOCFC<LCI
I
>?
MOJ?L}PCN

FI
KO?
M?
?HN?H>?L}
L?MJ?N;>I
MC
?F
M;F>I
?MNLO=NOL;F
;HO;F
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M
;F=;HT;
?F
I<D?NCPI
H;=CIH;F
?MJ?=…@C=I
;
G?>CI
JF;TI

>?@CHC>I
?H
?F
,!

=IH
OH
F…GCN?
>?
>‚@C=CN
?MNLO=NOL;F
>?F


>?F
,%
;
JL?=CIM
>?
G?L=;>I
/?
?HNC?H>?
JIL
UM;F>I
?MNLO=NOL;F
;HO;FX
?F
M;F>I
;HO;F
;DOMN;>I
?H
@OH=C‰H
>?F
=C=FI

OH;
P?T
?R=FOC>;M
F;M
G?>C>;M
I=;MCIH;F?M
S
F;M
>?
=;L}=N?L
N?GJIL;F
IGI
M?ˆ;F;H
;LH?M
6E
2=



?F
M;F>I
?MNLO=NOL;F
?M
OH
=IH=?JNI
;NL;S?HN?
J;L;
F;
@CD;=C‰H
>?
F;M
L?AF;M
@CM=;F?M

JO?M
B;=?
;<MNL;==C‰H
>?F
=C=FI

MC
<C?H
M?
=IHMC>?L;
OH;
HI=C‰H
GOS
>C@…=CF
>?
B;=?L
IJ?L;NCP;

>?<C>I
;
F;
>C@C=OFN;>
>?
?P;FO;L
;>?=O;>;G?HN?
N;HNI
?F
>?M@;M?
=IH
L?MJ?=NI
;F
,%
JIN?H=C;F
=IGI
F;
M?HMC<CFC>;>
>?
F;M
@CH;HT;M
J<FC=;M
;
>C=BI
>?M@;M?
(;
1!
ONCFCT;
OH;
G?NI>IFIA…;
=IGH
<;M;>;
?H
F;
?MNCG;=C‰H
>?F
,%
JIN?H=C;F

KO?
B;
MC>I
I<D?NI
>?
;>;JN;=CIH?M
L?=C?HN?M
;LH?M
6E
2=
FF?A;H
;
;@CLG;L
KO?
UF;M
FCGCN;=CIH?M
G?NI>IF‰AC=;M
B;=?H
>C@…=CF
P;FIL;L
F;
JIMC=C‰H
>?
F;
JIF…NC=;
@CM=;F
>?
@ILG;
JL?=CM;
S
J;L;
?F
=OGJFCGC?HNI
>?
F;M
L?AF;M
;F=;HT;L
?F
I<D?NCPI
MO<S;=?HN?

FI
KO?
JI>L…;
MI=;P;L
F;
=L?>C<CFC>;>
>?
F;M
L?AF;MX
(IM
!MN;>IM
GC?G<LIM
A;L;HNCT;L}H
F;
L}JC>;
=IHP?LA?H=C;
B;=C;
MO
L?MJ?=NCPI
I<D?NCPI
;
G?>CI
JF;TI

>?
=IH@ILGC>;>
=IH
?F
=;F?H>;LCI
JLIJO?MNI
JIL
F;
IGCMC‰H
!OLIJ?;

NIG;H>I
?H
=IHMC>?L;=C‰H
FIM
LC?MAIM
?MJ?=…@C=IM
J;L;
F;
MIMN?HC<CFC>;>
>?
=;>;
J;…M
(IM
;P;H=?M
B;=C;
?F
I<D?NCPI
;
G?>CI
JF;TI
S
MO
I<M?LP;H=C;
M?L}H
I<D?NI
>?
OH;
?P;FO;=C‰H
AFI<;F
KO?
NIG?
=IGI
L?@?L?H=C;
?F
M;F>I
?MNLO=NOL;F
?
CH=FOS;
OH
;H}FCMCM
>?F
A;MNI

?R=FOC>;M
F;M
G?>C>;M
>CM=L?=CIH;F?M
L?F;NCP;M
;
FIM
CHAL?MIM

?H
=IHMIH;H=C;
=IH
?F
,!
(IM
!MN;>IM
GC?G<LIM
JI>L}H
>?MPC;LM?
N?GJIL;FG?HN?
>?
MOM
L?MJ?=NCPIM
I<D?NCPIM
;
G?>CI
JF;TI

I
>?
F;
M?H>;
>?
;DOMN?
B;=C;
>C=BIM
I<D?NCPIM

HC=;G?HN?
?H
>?N?LGCH;>;M
=CL=OHMN;H=C;M
?R=?J=CIH;F?M

KO?
?F
0!#
M?
?H=;LA;
>?
>?@CHCL
M?
=IHMC>?L;L}
?R=?J=CIH;F
;KO?F
;=IHN?=CGC?HNI
CHOMO;F
KO?
?MN‚
@O?L;
>?F
=IHNLIF
>?F
!MN;>I
;@?=N;>I
S
N?HA;
OH;
AL;H
CH=C>?H=C;
?H
F;
MCNO;=C‰H
@CH;H=C?L;
>?
F;M
;>GCHCMNL;=CIH?M
J<FC=;M

I
;KO?FFIM
J?L…I>IM
>?
AL;P?
L?=?MC‰H
?=IH‰GC=;

MC?GJL?
KO?
F;
>?MPC;=C‰H
N?GJIL;F
HI
JIHA;
?H
J?FCALI
F;
MIMN?HC<CFC>;>
JL?MOJO?MN;LC;
;
G?>CI
JF;TI
O;H>I
F;
JLIJIL=C‰H
?HNL?
F;
>?O>;
J<FC=;
S
?F
,%
;
JL?=CIM
>?
G?L=;>I
?MN‚
GOS
JIL
>?<;DI
>?F

S
FIM
LC?MAIM
J;L;
F;
MIMN?HC<CFC>;>
;
F;LAI
JF;TI
>?
F;M
@CH;HT;M
J<FC=;M
M?;H
<;DIM

?F
F…GCN?
>?F
I<D?NCPI
;
G?>CI
JF;TI
>?F


JI>L}
MCNO;LM?
=IGI
G}RCGI
?H
?F

>?F
,%
;
JL?=CIM
>?
G?L=;>I
!H
?F
=;MI
>?
KO?
M?
I<M?LP?H
>?MPC;=CIH?M
MCAHC@C=;NCP;M
>?F
I<D?NCPI
;
G?>CI
JF;TI

I
>?
F;
M?H>;
>?
;DOMN?
B;=C;
>C=BI
I<D?NCPI

M?
;=NCP;L}
;ONIG}NC=;G?HN?
OH
G?=;HCMGI
=ILL?=NIL

JIL
FI
KO?
?F
!MN;>I
;@?=N;>I
>?<?L}
;JFC=;L
G?>C>;M
J;L;
=ILL?ACL
F;M
>?MPC;=CIH?M
?H
OH
JF;TI
>?N?LGCH;>I
!MN?
G?=;HCMGI
=ILL?=NIL
M?
;JLI<;L}
JIL
HILG;NCP;
CHN?LH;
>?
=;>;
J;…M

J;LNC?H>I
>?
FIM
JLCH=CJCIM
=IGOH?M
KO?
JLIJIHA;
F;
IGCMC‰H
!OLIJ?;
%H>?J?H>C?HN?G?HN?
>?F
=LCN?LCI
>?
F;
IGCMC‰H

INLI
O
INLIM
!MN;>IM
J;LN?
JI>L}H
L?=OLLCL
;F
0LC<OH;F
>?
&OMNC=C;
MC
=IHMC>?L;H
KO?
;FAH
!MN;>I
CH=OGJF?
FIM
JLCH=CJCIM
@ILGOF;>IM
JIL
F;
IGCMC‰H
!OLIJ?;
(;
M?HN?H=C;
KO?
L?=;CA;
M?L}
PCH=OF;HN?
J;L;
F;M
J;LN?M

KO?
;>IJN;L}H
F;M
G?>C>;M
H?=?M;LC;M
J;L;
>;L
=OGJFCGC?HNI
;F
@;FFI
?H
?F
JF;TI
=IH@?LC>I
!F
CH=OGJFCGC?HNI
>?
F;
M?HN?H=C;
M?
JI>L}
M;H=CIH;L
JIL
?F
0LC<OH;F
>?
&OMNC=C;
=IH
OH;
MOG;
;
N;HNI
;FT;>I
I
OH;
GOFN;
KO?
HI
?R=?>?L}
>?F


>?F
,%
>?F
CH@L;=NIL

KO?
MC
?M
J;LN?
>?F
?OLI
M?
;<IH;L}
;F
)! !

I
M?
CGJON;L}
;F
JL?MOJO?MNI
A?H?L;F
>?
F;
1!
?H
=;MI
=IHNL;LCI


:
>/1B=
>@3AC>C3AB/@7=
23C2/
>d0:71/
O;H>I
F;
JLIJIL=C‰H
?HNL?
F;
>?O>;
J<FC=;
S
?F
,%
>?
OH
!MN;>I
L?<;M?
?F
P;FIL
>?
L?@?L?H=C;
>?F

JL?PCMNI
?H
?F
,!

>C=BI
!MN;>I
F;
L?>O=CL}
;
OH
LCNGI
G?>CI
>?
OH;
P?CHN?;P;
J;LN?
;F
;ˆI
=IGI
L?@?L?H=C;
!F
CH=OGJFCGC?HNI
>?F
=LCN?LCI
>?
>?O>;
GINCP;L}
KO?
M?
CHC=C?
=IHNL;
?F
CH@L;=NIL
?F
JLI=?>CGC?HNI
>?
>‚@C=CN
?R=?MCPI
IH
?F
@CH
>?
=IIL>CH;L
F;
JF;HC@C=;=C‰H
>?
MOM
?GCMCIH?M
>?
>?O>;
J<FC=;

FIM
!MN;>IM
CH@ILG;L}H
=IH
;HN?F;=C‰H
;F
IHM?DI
>?
F;
1HC‰H
!OLIJ?;
S
;
F;
IGCMC‰H
!OLIJ?;
;=?L=;
>?
MOM
JF;H?M
>?
?GCMC‰H
>?
>?O>;
!F
!MN;>I
=IHNL;
?F
KO?
M?
CHC=C?
OH
JLI=?>CGC?HNI
>?
>‚@C=CN
?R=?MCPI
?MN;<F?=?L}
OH
JLIAL;G;
>?
=IF;<IL;=C‰H
JL?MOJO?MN;LC;
S
?=IH‰GC=;
?H
?F
KO?
CH=FOS;
OH;
>?M=LCJ=C‰H
JILG?HILCT;>;
>?
F;M
L?@ILG;M
?MNLO=NOL;F?M
KO?
>?<?L}H
;>IJN;LM?
S
;JFC=;LM?
;
@CH
>?
A;L;HNCT;L
OH;
=ILL?==C‰H
?@?=NCP;
S
>OL;>?L;
>?
MO
>‚@C=CN
?R=?MCPI
!F
=IHN?HC>I
S
F;
@ILG;
>?
>C=BIM
JLIAL;G;M
M?
>?@CHCL}H
?H
PCLNO>
>?F
?L?=BI
>?
F;
1!
(;
JL?M?HN;=C‰H
>?
?MNIM
JLIAL;G;M
;F
IHM?DI
>?
F;
1HC‰H
!OLIJ?;
S
;
F;
IGCMC‰H
!OLIJ?;
J;L;
MO
;JLI<;=C‰H

;M…
=IGI
MO
M?AOCGC?HNI

N?H>L}H
FOA;L
;F
;GJ;LI
>?
FIM
JLI=?>CGC?HNIM
>?
MOJ?LPCMC‰H
?MN;<F?=C>IM
?H
?F
,!
(;
?D?=O=C‰H
>?F
JLIAL;G;
>?
=IF;<IL;=C‰H
JL?MOJO?MN;LC;
S
?=IH‰GC=;
S
>?
FIM
JF;H?M
JL?MOJO?MN;LCIM
;HO;F?M
L?F;=CIH;>IM
M?L}
MOJ?LPCM;>;
JIL
?F
IHM?DI
>?
F;
1HC‰H
!OLIJ?;
S
F;
IGCMC‰H
!OLIJ?;
(IM
!MN;>IM
>?F
?OLI
M?
=IGJLIG?N?H
;
;JIS;L
F;M
JLIJO?MN;M
I
L?=IG?H>;=CIH?M
@ILGOF;>;M
JIL
F;
IGCMC‰H
!OLIJ?;
=O;H>I
?MN;
=IHMC>?L?
KO?
OH
!MN;>I
>?F
?OLI
CH=OGJF?
?F
=LCN?LCI
>?F
>‚@C=CN
?H
?F
G;L=I
>?
OH
JLI=?>CGC?HNI
>?
>‚@C=CN
?R=?MCPI

M;FPI
KO?
OH;
G;SIL…;
=O;FC@C=;>;
>?
?MNIM
!MN;>IM

=;F=OF;>;
=IH@ILG?
;F
01!
S
;F
0"1!

MCH
N?H?L
?H
=O?HN;
;
F;
J;LN?
;@?=N;>;

M?
IJIHA;
;
F;
>?=CMC‰H
JLIJO?MN;
I
L?=IG?H>;>;


==@27</17b<
23
:/A
>=:`B71/A
31=<b;71/A
G
1=<D3@53<17/
/I<L?
F;
<;M?
>?
F;
=IIL>CH;=C‰H
>?
F;M
JIF…NC=;M
?=IH‰GC=;M
>?@CHC>;
?H
?F
0"1!

FIM
!MN;>IM
M?
=IGJLIG?N?H
;
=IIJ?L;L
?H
;L;M
>?
OH;
JIF…NC=;
?=IH‰GC=;
KO?
@IG?HN?
?F
=ILL?=NI
@OH=CIH;GC?HNI
>?
F;
1!)
S
?F
=L?=CGC?HNI
?=IH‰GC=I
G?>C;HN?
OH;
=IHP?LA?H=C;
S
=IGJ?NCNCPC>;>
L?@ILT;>;M

;>IJN;H>I
F;M
CHC=C;NCP;M
S
G?>C>;M
H?=?M;LC;M
?H
NI>IM
FIM
}G<CNIM
KO?
M?;H
?M?H=C;F?M
J;L;
?F
=ILL?=NI
@OH=CIH;GC?HNI
>?
F;
TIH;
>?F
?OLI

>?
=IH@ILGC>;>
=IH
FIM
I<D?NCPIM
>?
@IG?HNI
>?
F;
=IGJ?NCNCPC>;>

F;
JLIGI=C‰H
>?F
?GJF?I

F;
=IHNLC<O=C‰H
;
F;
MIMN?HC<CFC>;>
>?
F;M
@CH;HT;M
J<FC=;M
S
?F
L?@O?LTI
>?
F;
?MN;<CFC>;>
@CH;H=C?L;
(IM
!MN;>IM
>?F
?OLI
M?
=IGJLIG?N?H
;
B;=?L
OMI
;=NCPI
>?
G?>C>;M
?MJ?=…@C=;M
S
>?
=IIJ?L;=C‰H
L?@ILT;>;
?H
=O?MNCIH?M
?M?H=C;F?M
J;L;
?F
=ILL?=NI
@OH=CIH;GC?HNI
>?
F;
?OLITIH;

MCH
J?LDO>C=;L
;F
G?L=;>I
CHN?LCIL
(IM
!MN;>IM
M?
=IGJLIG?N?H
;
KO?
F;M
AL;H>?M
L?@ILG;M
>?
JIF…NC=;
?=IH‰GC=;
KO?
JLIS?=N?H
M?
>?<;N;H
JL?PC;G?HN?
S

?H
MO
=;MI

M?
=IIL>CH?H
?HNL?
M…
!H
?MN;
=IIL>CH;=C‰H
J;LNC=CJ;L}H
F;M
CHMNCNO=CIH?M
>?
F;
1!

 
=03@</<H/
23
:/
H=</
23:
3C@=
/?
L?AOF;H
MIG?L;G?HN?
F;M
=;L;=N?L…MNC=;M
>?
F;M
L?OHCIH?M
CH@ILG;F?M
>?
F;
UOG<L?
>?F
!OLIX

?H
F;M
KO?
J;LNC=CJ;L}
?F
,L?MC>?HN?
>?
F;
IGCMC‰H
!OLIJ?;
S

?H
MO
=;MI

?F
,L?MC>?HN?
>?F
!

KO?
M?L}
CHPCN;>I
;
F;M
L?OHCIH?M
!F
,L?MC>?HN?
>?
F;
OG<L?
>?F
!OLI
M?
?F?ACL}
JIL
G;SIL…;
MCGJF?
>?
FIM
!MN;>IM
J;LN?
>?F
0!#
KO?
CHN?AL?H
F;
?OLITIH;
/?
G;HN?H>L}H

;F
G?HIM

>IM
L?OHCIH?M
;F
;ˆI
!F
!OLIALOJI
M?L}
?F
‰LA;HI
?H=;LA;>I
>?
F;
JL?J;L;=C‰H
S
M?AOCGC?HNI
>?
F;M
L?OHCIH?M
>?
F;
OG<L?
>?F
!OLI

JIL
FI
KO?
MO
,L?MC>?HN?
JI>L}
M?L
CHPCN;>I
;
N;F?M
L?OHCIH?M
=IH
?M?
@CH
0;G<C‚H
JI>L}
M?L
CHPCN;>I
?F
,L?MC>?HN?
>?F
,;LF;G?HNI
!OLIJ?I
0L;M
=;>;
L?OHC‰H
>?
F;
OG<L?

MO
,L?MC>?HN?
JL?M?HN;L}
OH
CH@ILG?
;F
,;LF;G?HNI
!OLIJ?I
/?
JLI=OL;L}

;MCGCMGI

KO?
?F
,;LF;G?HNI
!OLIJ?I
S
FIM
,;LF;G?HNIM
H;=CIH;F?M
>?<;N;H
MI<L?
JIF…NC=;M
JL?MOJO?MN;LC;M
S
INL;M
=O?MNCIH?M
I<D?NI
>?F
0!#
!H
>?@CHCNCP;

>?M>?
OH;
J?LMJ?=NCP;
?=IH‰GC=;

?F
HO?PI
G;L=I
@CM=;F
M?
<;M;
?H
AL;H
G?>C>;
?H
?F
GCMGI
=IHDOHNI
>?
L?AF;M
JL?MOJO?MN;LC;M
KO?
F;M
>?F
,!
M?AH
F;
L?PCMC‰H
>?


;OHKO?
B;S
HO?P;M
L?AF;M
$%.$

'_;A3@7@
3@A797F/2/
23
9/@
;B3C/@
?359/@
47@1/93@
23
9/
)
!31/;7@:<
23
1B:=97:73;A< 3@1?7=17a;
@7:=97471/2/
23
9/@
?359/@
47@1/93@

H7PE
9EHH;9J?LE
:;B
*B7D
:;
IJ78?B?:7:
O
H;9?C?;DJE

.;9>E
:;B

:;B
*#
F7H7
;B
:q<?9?J
Fy8B?9E
H;<EHC7:E

.;9>E
:;B

:;B
*#
F7H7
B7
:;K:7
Fy8B?97
8HKJ7

,;:K99?vD
:;
B7
:;K:7
;D
KD


:;B
;N9;IE
IE8H;
;B
BsC?J;
:;B

H7PE
FH;L;DJ?LE
:;B
*B7D
:;
IJ78?B?:7:
O
H;9?C?;DJE )8@;J?LE
7
';:?E
*B7PE
)'*
F7H7
;B
I7B:E
FH;IKFK;IJ7H?E
;IJHK9JKH7B
H;<EHC7:E

';@EH7
:;B
I7B:E
FH;IKFK;IJ7H?E
;IJHK9JKH7B
;D

F F
:;B
*#
I?
DE
I;
9KCFB;
;B
)'*

,;<;H;D9?7
F7H7
;B
9H;9?C?;DJE
:;B
=7IJE
;D
BsD;7
9ED
;B
*#
J;D:;D9?7B

9K;H:E
<?I97B
Q ?I97B
ECF79JT -7B:E
FH;IKFK;IJ7H?E
;IJHK9JKH7B
9ECE
)'*

';@EH7
:;B
I7B:E
FH;IKFK;IJ7H?E
;IJHK9JKH7B
;D

F F
:;B
*#
I?
DE
I;
9KCFB;
;B
)'*
*IN;
(;M
}L?;M
MIG<L?;>;M
CH>C=;H
HO?PIM
L?KO?LCGC?HNIM
"O?HN?
;LH?M
6E
2=



!F
@OH=CIH;GC?HNI
>?F
HO?PI
?MKO?G;
@CM=;F
>?
F;
1!
B;
MC>I
=;FC@C=;>I
=IGI
U=IGJFC=;>I
S
IJ;=IX

MI<L?
F;
<;M?
>?
KO?
B;S
=O;NLI
G?>C>;M
>?
I<D?NCPIM F…GCN?M
>‚@C=CN
NIN;F
HI
@CH;H=C?LI

L;NCI
>?
F;
>?O>;
J<FC=;

M;F>I
JL?MOJO?MN;LCI
?MNLO=NOL;F
S
A;MNI
(;
G?T=F;
>?
FIM
CH>C=;>IL?M
B;=?
KO?
F;M
CGJFC=;=CIH?M
>?
F;M
L?AF;M
HI
M?;H
I<PC;M
;LH?M
6E
2=



=IHNCHO;=C‰H
M?
P;H
;
>?MN;=;L
;FAOHIM
BCNIM
>?
F;
?OLIJ?CT;=C‰H
?H
FIM
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
S
;>GCHCMNL;=C‰H
?H
!MJ;ˆ;


IH@ILG?
;F
0L;N;>I
=IHMNCNONCPI
>?
F;
IGOHC>;>
!OLIJ?;
0!

F;
IGCMC‰H
!OLIJ?;
?D?=ON;
F;
F?ACMF;=C‰H
;
HCP?F
=IGOHCN;LCI
;LN…=OFI

>?F
0!
!H
=IH=L?NI

=;>;
;=NI
F?ACMF;NCPI
JL?=CM;
?F
;F=;H=?
>?
F;M
=IGJ?N?H=C;M
>?
?D?=O=C‰H
;MCAH;>;M
;
F;
IGCMC‰H
JIL
?F
IHM?DI
>?
F;
1HC‰H
!OLIJ?;
!H
?MN?
=IHN?RNI

?F
0L;N;>I
JL?P‚
KO?
F;
IGCMC‰H
?MN‚
;MCMNC>;
JIL
OH
=IGCN‚

M?AH
OH
JLI=?>CGC?HNI
FF;G;>I
>?
U=IGCNIFIA…;X
(IM
=IGCN‚M
MIH
@ILIM
>?
>?<;N?
=IGJO?MNIM
JIL
L?JL?M?HN;HN?M
>?
FIM
!MN;>IM
GC?G<LIM
S
JL?MC>C>IM
JIL
F;
IGCMC‰H
KO?
J?LGCN?H
;
‚MN;
?HN;<F;L
OH
>C}FIAI
=IH
F;M
;>GCHCMNL;=CIH?M
H;=CIH;F?M
;HN?M
>?
;>IJN;L
G?>C>;M
>?
?D?=O=C‰H
?
?MN?
GI>I

F;
IGCMC‰H
M?
;M?AOL;
>?
KO?
>C=B;M
G?>C>;M
M?
;>;JN?H
FI
G?DIL
JIMC<F?
;
F;
L?;FC>;>
>?
=;>;
J;…M
(;M
L?F;=CIH?M
?HNL?
F;
IGCMC‰H
S
?MNIM
=IGCN‚M
M?
LCA?H
JIL
GI>?FIM
JL?PC;G?HN?
?MN;<F?=C>IM
?H
OH;
?=CMC‰H
>?F
IHM?DI

F;
?=CMC‰H
MI<L?
=IGCNIFIA…;
!MN;
?=CMC‰H
A;L;HNCT;
;F
,;LF;G?HNI
!OLIJ?I
OH
>?L?=BI
>?
=IHNLIF
MI<L?
F;
?D?=O=C‰H
>?
FIM
;=NIM
F?ACMF;NCPIM
KO?
M?
;>IJN?H
>?
;=O?L>I
=IH
?F
JLI=?>CGC?HNI
>?
=I>?=CMC‰H
!F
,;LF;G?HNI
JO?>?
G;HC@?MN;L
MO
>?M;=O?L>I
=IH
L?MJ?=NI
;
JLIS?=NIM
>?
F;
IGCMC‰H
I

?H
MO
=;MI

>?F
IHM?DI
KO?

;
MO
GI>I
>?
P?L

JO>C?L;H
?R=?>?L
>?
F;M
=IGJ?N?H=C;M
>?
?D?=O=C‰H
=IHN?GJF;>;M
?H
>C=BIM
;=NIM
(IM
=IGCN‚M
JO?>?H
=F;MC@C=;LM?
M?AH
OH;
NCJIFIA…;
?MN;<F?=C>;
;
J;LNCL
>?
=LCN?LCIM
KO?
>?N?LGCH;H
MOM
GI>IM
>?
@OH=CIH;GC?HNI

;
M;<?L
V
IGCN‚M
=IHMOFNCPIM
L?GCN?H
MO
>C=N;G?H
;
F;
IGCMC‰H

KO?
>?<?
JLI=OL;L
N?H?LFI
?H
=O?HN;
V
IGCN‚M
>?
A?MNC‰H
=O;H>I
F;M
G?>C>;M
;>IJN;>;M
JIL
F;
IGCMC‰H
HI
MIH
=IH@ILG?M
;F
>C=N;G?H
?GCNC>I
JIL
?F
=IGCN‚

F;
IGCMC‰H
>?<?
=IGOHC=;LF;M
;F
IHM?DI

KO?
JO?>?
NIG;L

>OL;HN?
OH
JF;TI
>?@CHC>I
?H
?F
;=NI
>?
<;M?

OH;
>?=CMC‰H
>C@?L?HN?
JIL
G;SIL…;
=O;FC@C=;>;
V
IGCN‚M
>?
L?AF;G?HN;=C‰H
=O;H>I
F;M
G?>C>;M
=IHN?GJF;>;M
JIL
F;
IGCMC‰H
HI
MIH
=IH@ILG?M
;F
>C=N;G?H
?GCNC>I
JIL
?F
=IGCN‚

F;
IGCMC‰H
>?<?
=IGOHC=;LF;M
;F
IHM?DI
S

J;L;
MO
CH@ILG;=C‰H

;F
,;LF;G?HNI
!OLIJ?I
!F
IHM?DI
JO?>?
>;L
MO
;=O?L>I
JIL
G;SIL…;
=O;FC@C=;>;
I
CHNLI>O=CL
OH;
GI>C@C=;=C‰H
JIL
OH;HCGC>;>

?H
OH
JF;TI
@CD;>I
JIL
?F
;=NI
>?
<;M?
KO?
HI
JO?>?
?R=?>?L
>?
NL?M
G?M?M

@;FN;
>?
OH;
>?=CMC‰H
>?F
IHM?DI

F;
IGCMC‰H
;>IJN;
F;M
G?>C>;M
>?
;JFC=;=C‰H

M;FPI
KO?
?F
IHM?DI
M?
IJIHA;
JIL
G;SIL…;
=O;FC@C=;>;
!H
?MN?
FNCGI
=;MI

F;
IGCMC‰H
JO?>?
JL?M?HN;L
OH;
JLIJO?MN;
GI>C@C=;>;

OH;
HO?P;
JLIJO?MN;
I
>?
HO?PI
F;
GCMG;
JLIJO?MN;
V
IGCN‚M
>?
L?AF;G?HN;=C‰H
=IH
=IHNLIF
>?<?H
J?LGCNCL
;F
IHM?DI
S
;F
,;LF;G?HNI
?@?=NO;L
OH
=IHNLIF
JL?PCI
;
F;
;>IJ=C‰H
>?
G?>C>;M
>?
;F=;H=?
A?H?L;F
KO?
N?HA;H
JIL
I<D?NI
GI>C@C=;L
?F?G?HNIM
HI
?M?H=C;F?M
>?
OH
;=NI
;>IJN;>I
=IH
;LL?AFI
;F
JLI=?>CGC?HNI
>?
=I>?=CMC‰H
!H
=;MI
>?
IJIMC=C‰H
G;HC@?MN;>;
JIL
OH;
>?
F;M
>IM
CHMNCNO=CIH?M
JIL
G;SIL…;
;<MIFON;
>?
FIM
GC?G<LIM
>?F
,;LF;G?HNI
S
JIL
G;SIL…;
=O;FC@C=;>;
?H
?F
IHM?DI

F;
IGCMC‰H
>?<?

<C?H
;>IJN;L
F;
G?>C>;
JLIJO?MN;

GI>C@C=;>;
?H
MO
=;MI
J;L;
N?H?L
?H
=O?HN;
FIM
I<D?NCPIM
G;L=;>IM

<C?H
JL?M?HN;L
OH;
JLIJO?MN;
F?ACMF;NCP;
KO?
M?
MIG?N?L}
;F
JLI=?>CGC?HNI
>?
=I>?=CMC‰H
 

)&#$.Y"

)(*#
(;
CHN?AL;=C‰H
?OLIJ?;
S
F;
MO<MCAOC?HN?
?OLIJ?CT;=C‰H
NC?H?H
OH;
NLCJF?
G;HC@?MN;=C‰H
;
M?
GI>C@C=;
?F
?HNL;G;>I
@ILG;F
>?
;>IJ=C‰H
>?
>?=CMCIH?M
>;H>I
FOA;L
;
OH
HO?PI
?KOCFC<LCI
>?
JI>?L?M
N;HNI
?HNL?
HCP?F?M
>?
#I<C?LHI
=?HNL;F
S
L?ACIH;F
=IGI
?HNL?
FIM
JI>?L?M
>?F
!MN;>I
?D?=ONCPI

F?ACMF;NCPI
S
DO>C=C;F
<
M?
JLI>O=?
;
MO
P?T
OH;
M?LC?
>?
L?;==CIH?M
S
=;G<CIM
?H
?F
M?HI
>?
FIM
;=NIL?M
CHMNCNO=CIH;F?M

S;
M?;
JILKO?
;M…
FI
L?KOC?L?
F;
ILA;HCT;=C‰H
MOJL;H;=CIH;F
I
JILKO?
?RCMN?
OH
;@}H
JLIJCI
>?
;DOMN?
;
F;M
JIMC<CFC>;>?M
S
L?NIM
>?
F;
HO?P;
MCNO;=C‰H
S
=
?F
@OH=CIH;GC?HNI
>?
F;M
CHMNCNO=CIH?M

>?<C>I
;
?MN;M
G?>C>;M
>?FC<?L;>;M
S
;
JLI=?MIM
CH>CL?=NIM
>?
=IHP?LA?H=C;

JI>L…;
;JLIRCG;LM?
;F
>?
FIM
INLIM
!MN;>IM
GC?G<LIM
>?
F;
1!
S
>;L
FOA;L
;M…
;
OH;
=C?LN;
;LGIHCT;=C‰H
J;H?OLIJ?;
JIL
?MN?
CMIGIL@CMGI
CHMNCNO=CIH;F
)IFCH;


(;
?OLIJ?CT;=C‰H
M?
G;HC@C?MN;
?H
=O;NLI
JF;HIM
>C@?L?HN?M
V
(;
CHNLI>O==C‰H
>?
HO?P;M
HILG;M
S
JLCH=CJCIM
?H
?F
MCMN?G;
DO>C=C;F
?MJ;ˆIF
V
!H
F;
ILA;HCT;=C‰H
M?
JLI>O=?H
GI>C@C=;=CIH?M
ILA}HC=;M
?H
FIM
GCHCMN?LCIM
I
?H
F;M
=IGOHC>;>?M
;ON‰HIG;M
<C?H
J;L;
CH@FOCL
MI<L?
F;
1!
I
J;L;
A?MNCIH;L
F;
?OLIJ?CT;=C‰H
V
!H
?F
J?LMIH;F
F;M
N;L?;M
>?M?GJ?ˆ;>;M
JIL
FIM
@OH=CIH;LCIM
?H
?MJ?=C;F
?H
FIM
HCP?F?M
MOJ?LCIL?M
M?
P?H
;FN?L;>;M
=IGI
=IHM?=O?H=C;
>?
F;
?OLIJ?CT;=C‰H
V
!H
F;M
JIF…NC=;M
J<FC=;M
KO?
M?
?D?=ON;H
M?
JLI>O=?
N;HNI
F;
=L?;=C‰H
>?
HO?P;M
JIF…NC=;M
J<FC=;M

JIL
?D?GJFI
F;
>?
G?>CI
;G<C?HN?

=IGI
F;
GI>C@C=;=C‰H
>?
F;M
JL??RCMN?HN?M
(;
?OLIJ?CT;=C‰H
>?
F;M
JIF…NC=;M
NC?H?
NL?M
>CG?HMCIH?M
AOCF;L


>?
=IHN?HC>I
I
MOMN;HNCP;
F;
NL;HMJIMC=C‰H
JIL
J;LN?
>?F
J;…M
>?F
24BF:D
4@>>F?2FE2:C6

?MNI
?M

F;M
>CL?=NCP;M

L?AF;G?HNIM
S
>?=CMCIH?M

;M…
=IGI
F;
;JFC=;=C‰H
>?
FIM
JLCH=CJCIM
KO?
CH=ILJIL;
F;
HILG;NCP;
=IGOHCN;LC;
CHMNCNO=CIH;F
FIM
=;G<CIM
?H
F;
ILA;HCT;=C‰H
CHMNCNO=CIH;F
S
F;
=OFNOL;
;>GCHCMNL;NCP;
KO?
L?MJIH>?H
;
F;
H?=?MC>;>
>?
;>?=O;LM?
;
F;M
L?=IG?H>;=CIH?M
KO?
?G;H;H
>?
LOM?F;M
>?
?MNCFI
F;
;>IJ=C‰H
>?
F;M
>CL?=NLC=?M
I
AO…;M
>?
;=NO;=C‰H
?OLIJ?;M

JIL
?D?GJFI

=IIJ?L;=C‰H
CHN?LH;=CIH;F

L?MJIHM;<CFC>;>
=IGJ;LNC>;

NL;HMJ;L?H=C;

L?H>C=C‰H
>?
=O?HN;M
7244@F?E23:=:EJ8 

=IHNCHO;=C‰H
M?
?R;GCH;H
;FAOHIM
?D?GJFIM
>?
=;>;
JF;HI
>?
F;
?OLIJ?CT;=C‰H


:/414.,.4:90>
:=2V94.,>
IGI
M?
B;
CH>C=;>I
OH;
;=?J=C‰H
>?
?OLIJ?CT;=C‰H
M?
L?@C?L?
;
F;M
?MNL;N?AC;M
>?
=IIL>CH;=C‰H
S
F;M
?MNLO=NOL;M
ILA}HC=;M
?MN;<F?=C>;M
JIL
FIM
!MN;>IM
GC?G<LIM
J;L;
A?MNCIH;L
MO
CGJFC=;=C‰H
?H
F;
1!
0I>IM
FIM
!MN;>IM
GC?G<LIM
B;H
ILA;HCT;>I
F;
@;M?
CHN?LH;
>?
@CD;=C‰H
>?
F;
JIMC=C‰H
H;=CIH;F
?H
NILHI
;
MO
#I<C?LHI
S
>GCHCMNL;=C‰H
=?HNL;F
?M>?
OH;
‰JNC=;
=IGJ;L;>;
';MMCG


=IHPC?H?
=IHMC>?L;L
>IM
>CG?HMCIH?M
?F
AL;>I
>?
=?HNL;FCT;=C‰H
>?
F;M
?MNLO=NOL;M
=IIL>CH;>IL;M
S
F;
;G<C=C‰H
>?
F;
?MNL;N?AC;
M?AOC>;
!H
FIM
MCMN?G;M
=IIL>CH;>IL?M
=?HNL;FCT;>IM

?F
I<D?NCPI
?M
F;
>?@CHC=C‰H
N?GJL;H;
>?
OH;
JIMNOL;
H?AI=C;>IL;
KO?
M?;
;=?JN;>;
JIL
NI>;M
F;M
J;LN?M
CHN?L?M;>;M
S
;M?AOL;L
MO
JL?M?HN;=C‰H
=IB?L?HN?
JIL
NI>IM
FIM
L?JL?M?HN;HN?M
H;=CIH;F?M
FIM
;MOHNIM
?OLIJ?IM
M?
MOJ?LPCM;H
JIL
?MNLO=NOL;M
?MJ?=C;FCT;>;M

=IH
OH;
L?MJIHM;<CFC>;>
=IHDOHN;
>?
=IIL>CH;=C‰H
S
=IH
FIM
JI>?L?M
H?=?M;LCIM
J;L;
L?MIFP?L
FIM
=IH@FC=NIM
KO?
JO?>;H
MOLACL
?HNL?
FIM
>CMNCHNIM
>?J;LN;G?HNIM
?H
FIM
MCMN?G;M
>?M=?HNL;FCT;>IM
HI
B;S
OH
MIFI
;=NIL
>IN;>I
>?
;ONILC>;>
MCHI
KO?
‚MN;
M?
>CMNLC<OS?
?HNL?
FIM
>CP?LMIM
GCHCMN?LCIM
.?MJ?=NI
;
F;
M?AOH>;
>CG?HMC‰H

B;S
J;…M?M
=IH
=IH=?J=CIH?M
?MNL;N‚AC=;M
S
>CL?=NCP;M
=IGJL?HMCP;M
;
F;LAI
JF;TI

KO?
NL;N;H
>?
?F;<IL;L
OH;
JIMC=C‰H
H?AI=C;>;
MI<L?
PCLNO;FG?HN?
NI>IM
FIM
;MOHNIM
>?F
;GJFCI
;<;HC=I
>?
;=NCPC>;>?M
S
=IGJ?N?H=C;M
>?
F;
1!
S
INLIM
J;…M?M
HI
MIH
N;H
;G<C=CIMIM
!MJ;ˆ;
JL?M?HN;
OH
MCMN?G;
>?
=IIL>CH;=C‰H
=?HNL;FCT;>I
=IH
OH;
;G<C=C‰H
=IIL>CH;>IL;
M?F?=NCP;
P‚;M?
F;
"CAOL;


;OHKO?
=IGI
M?
P?L}
JIMN?LCILG?HN?
M?
B;
IJ?L;>I
OH;
=IHMN;N;<F?
>?M=?HNL;FCT;=C‰H
J?LI
MCH
OH
;OG?HNI
>?
F;
;G<C=C‰H
=IIL>CH;>IL;
(;
JIF…NC=;
NL;>C=CIH;F
M?AOC>;
JIL
HO?MNLI
J;…M
L?MJ?=NI
;
F;
1!
B;
@;PIL?=C>I
CHN?HM;G?HN?
F;
CHN?AL;=C‰H
/O
?MNLO=NOL;
>?
IJILNOHC>;>
JIF…NC=;
>?@CHC>;
JIL
F;
ILA;HCT;=C‰H
N?LLCNILC;F
>?F
!MN;>I

F;
H;NOL;F?T;
>?F
MCMN?G;
>?
J;LNC>IM

F;
?MNLO=NOL;
>?F
?D?=ONCPI

?F
J;J?F
>?F
J;LF;G?HNI
S
F;
@ILG;
>IGCH;HN?
>?
G?>C;=C‰H
>?
CHN?L?M?M
M?
=;L;=N?LCT;
JIL
M?L
>?M=?HNL;FCT;>;
S
G;SILCN;LC;

?MNI
?M
=IH
AI<C?LHIM
>?
OH
MIFI
J;LNC>I
S
;ONILC>;>
GCHCMN?LC;F
FCGCN;>;
/O
?MNLO=NOL;
>?
IJILNOHC>;>
;>GCHCMNL;NCP;
>?@CHC>;
JIL
?F
AL;>I
>?
CHN?AL;=C‰H
>?
F;
;>GCHCMNL;=C‰H

?F
NCJI
>?
=OFNOL;
;>GCHCMNL;NCP;
S
F;
=IH=?J=C‰H
>?
F;
=IIL>CH;=C‰H
?M
=?HNL;FCT;>;
 +*63$

'7@A3:/@
=/?/
9/
1<<?27;/17a;
23
9/
=<9_A71/
@<0?3
9/
)
=<?
5?/2<
23
13;A?/97F/17a;
E
/:0717a;
1<<?27;/2<?/
(053$.+9$'1
,;?DE
/D?:E
-K;9?7 *EHJK=7B
?D7C7H97 #HB7D:7

H7D9?7

/%+&+O0
&113'+0$'13$ IF7u7
/%+&+O0
&113'+0$'13$
(.(&5+7$
&1/23(04+7$
#J7B?7
!H;9?7
*7sI;I
7@EI
KIJH?7
B;C7D?7
qB=?97
(4&(053$.+9$'1
*IN;
(;
@CAOL;
L?=IA?
M‰FI
FIM
!MN;>IM
GC?G<LIM
>?
FIM
KO?
M?
>CMJIH?
>?
>;NIM
"O?HN?
';MMCG



!MN;
MCNO;=C‰H
M?
ILCACH;
=IH
?F
CHAL?MI
>?
!MJ;ˆ;

?H


JO?M
?HNIH=?M
M?
=L?‰
F;
?MNLO=NOL;
KO?
JO>C?L;
;M?AOL;L
F;
>?@?HM;
>?
FIM
CHN?L?M?M
>?F
J;…M
?H
FIM
>CMNCHNIM
@ILIM
>?
H?AI=C;=C‰H
>?
F;
1!
!H
LOM?F;M
M?
=IHMNCNOS‰
OH;
.?JL?M?HN;=C‰H
,?LG;H?HN?
.!,!.

S
?H
);>LC>

=IGI
‰LA;HI
CHN?LHI
>?
=IIL>CH;=C‰H
AO<?LH;G?HN;F

OH;
/?=L?N;L…;
>?
!MN;>I
?H
?F
M?HI
>?F
)CHCMN?LCI
>?
MOHNIM
!RN?LCIL?M
)!
!H
HO?MNLI
=;MI

M?
B;
G;HN?HC>I
F;
NL;>C=C‰H
H;=C>;
?H
FIM
;ˆIM
M?M?HN;
>?
>CLCACL
F;M
L?F;=CIH?M
=IH
!OLIJ;
>?M>?
!RN?LCIL?M
,?LI
F;
;BIL;
FF;G;>;
/?=L?N;L…;
>?
!MN;>I
J;L;
F;
1HC‰H
!OLIJ?;
?M
G}M
<C?H
OH;
;L?H;
KO?
HI
GIHIJIFCT;
?MN;
@OH=C‰H
>?
=IIL>CH;=C‰H
JIL
=O;HNI
INLIM
;=NIL?M
AO<?LH;G?HN;F?M
,L?MC>?H=C;

!=IHIG…;
S
$;=C?H>;

&OMNC=C;

%HN?LCIL

)?>CI
G<C?HN?

S
?H
A?H?L;F
NI>IM
FIM
GCHCMN?LCIM
J;LNC=CJ;H
>?
G;H?L;
;=NCP;
?H
?F
JLI=?MI
)IFCH;


!H
F;
;=NO;FC>;>
>?
F;
/?=L?N;L…;
>?
!MN;>I
J;L;
F;
1HC‰H
!OLIJ?;
/!1!
>?J?H>?H
FIM
MCAOC?HN?M
‰LA;HIM
>CL?=NCPIM
W
(;
/?=L?N;L…;
#?H?L;F
J;L;
F;
1HC‰H
!OLIJ?;

=IH
L;HAI
>?
/O<M?=L?N;L…;
W
(;
CL?==C‰H
#?H?L;F
>?
%HN?AL;=C‰H
S
IIL>CH;=C‰H
>?
MOHNIM
#?H?L;F?M
S
!=IH‰GC=IM
>?
F;
1HC‰H
!OLIJ?;
W
(;
CL?==C‰H
#?H?L;F
>?
IIL>CH;=C‰H
>?F
)?L=;>I
%HN?LCIL
S
INL;M
,IF…NC=;M
IGOHCN;LC;M
(;
/!1!
;MCMN?
;F
)CHCMNLI
>?
MOHNIM
!RN?LCIL?M
S
>?
IIJ?L;=C‰H
)!
?H
F;
@ILGOF;=C‰H
S
?D?=O=C‰H
>?
F;
JIF…NC=;
?RN?LCIL
>?
!MJ;ˆ;
?H
?F
}G<CNI
>?
F;
1HC‰H
!OLIJ?;
MCGCMGI

=IIL>CH;
NI>;M
F;M
;=NO;=CIH?M
KO?

?H
?F
G;L=I
>?
MOM
=IGJ?N?H=C;M

L?;FC=?H
F;M
>GCHCMNL;=CIH?M
J<FC=;M
?H
F;
1HC‰H
!OLIJ?;

N;F
@CH

;
NL;P‚M
>?
FIM
=;O=?M
HILG;NCP;G?HN?
?MN;<F?=C>IM

G;HNC?H?
F;M
L?F;=CIH?M
H?=?M;LC;M
=IH
FIM
‰LA;HIM
S
ILA;HCMGIM
=IGJ?N?HN?M
>?
F;
>GCHCMNL;=C‰H
#?H?L;F
>?F
!MN;>I

S
=IH
F;M
>GCHCMNL;=CIH?M
;ONIH‰GC=;M
S
FI=;F?M
%AO;FG?HN?

=IIL>CH;
F;M
;=NO;=CIH?M
KO?
?H
?F
}G<CNI
>?
F;
1HC‰H
!OLIJ?;
>?<;H
L?;FCT;L

?H
?F
?D?L=C=CI
>?
MOM
=IGJ?N?H=C;M

FIM
>?G}M
‰LA;HIM
MOJ?LCIL?M
S
>CL?=NCPIM
>?F
)!
P‚;M?
F;
"CAOL;

+*63$

 X?5/;<@
3@=31_471<@
239
!
23271/2<@
/
9/
)
-;9H;J7Hs7
:;
IJ7:E
F7H7
B7
/D?vD
KHEF;7

-;9H;J7Hs7
!;D;H7B
F7H7
B7
/D?vD
KHEF;7

!
:;
#DJ;=H79?vD
O
EEH:?D79?vD
!
:;
EEH:?D79?vD
:;B
';H97:E
#DJ;H?EH
:;
IKDJEI
!;D;H7B;I
O
O
EJH7I
*EBsJ?97I
ECKD?J7H?7I
9EDvC?9EI
:;
B7
/

-:!
:;
*7sI;I
:;
B7 -:!
:;
IKDJEI
#DIJ?JK9?ED7B;I
:;

-:!
:;
IKDJEI
!;D;H7B;I -:!
:;
IKDJEI
=Hs9EB7I
O
:;
*;I97
/ B7
/

-:!
:;
*7sI;I -:!
:;
IKDJEI
#D:KIJH?7B;I
D;H=qJ?9EI

-:!
:;
IKDJEI
9EDvC?9EI
O -:!
:;
IKDJEI
:;
$KIJ?9?7
;
7D:?:7JEI
O
:; :;
.H7DIFEHJ;I
ECKD?979?ED;I
O
:;
?D7D9?;HEI #DJ;H?EH
*EBsJ?97I
:;
0;9?D:7: ';:?E
C8?;DJ;

8E=79s7
:;B
IJ7:E
7DJ;
;B

-:!
:;
IKDJEI
:K7D;HEI
O -:!
:;
IKDJEI
-E9?7B;I
:K97J?LEI
.H?8KD7B
:;
$KIJ?9?7
:;
B7I
EC;H9?7B;I KBJKH7B;I
O
:;
-7D?:7:
O
EDIKCE
ECKD?:7:;I
KHEF;7I

-:!
:;
EEH:?D79?vD
:;
IKDJEI
&;=7B;I
ECKD?J7H?EI
,?LI
?F
JLI<F?G;

=IGI
;JOHN;
)IFCH;



?M
KO?
?MN?
‰LA;HI
?MJ?=C;FCT;>I
M‰FI
=IGJL?H>?
?F
>?HIGCH;>I
JCF;L
=IGOHCN;LCI
J?LI
FIM
INLIM
>IM
JCF;L?M
\F;
,IF…NC=;
!RN?LCIL
S
>?
/?AOLC>;>
IGH
,!/
S
F;
=IIJ?L;=C‰H
JIFC=C;F
S
DO>C=C;F
?H
G;N?LC;
J?H;F\
M?
>CLCA?H
>?M>?
INLIM
‰LA;HIM
>?F
)!

L?MJ?=NCP;G?HN?
>?M>?
F;
/?=L?N;L…;
>?
!MN;>I
>?
MOHNIM
!RN?LCIL?M
S
F;
/O<M?=L?N;L…;

FI
KO?
L?MOFN;
CH=IHALO?HN?
JIL
>CFOCL
S
>CMJ?LM;L
F;
;>IJ=C‰H
>?
>?=CMCIH?M
+NLIM
GCHCMN?LCIM
KO?
B;H
;>KOCLC>I
OH
=L?=C?HN?
JLIN;AIHCMGI
?H
F;
?OLIJ?CT;=C‰H
>?M>?
F;
1!
B;H
MC>I
?F
GCHCMN?LCI
>?
!=IHIG…;
S
$;=C?H>;
S
?F
>?
ALC=OFNOL;

KO?
=;H;FCT;
F;M
NL;HM@?L?H=C;M
;
F;M

S
>?M?GJ?ˆ;
INL;M
F;<IL?M
KO?
M?
?D?GJFC@C=;H
G}M
;>?F;HN?

J;LNCL
>?F
0L;N;>I
>?
);;MNLC=BN
>?


=IH
F;
;JLI<;=C‰H
>?F
,;KO?N?
?FILM
%%
S
F;
;=NCP;=C‰H
>?F
"IH>I
>?
IB?MC‰H

F;
=;H;FCT;=C‰H
>?
@IH>IM
>?
F;
1!
JLIP?HC?HN?M
>?
F;
J?LN?H?H=C;
=IGOHCN;LC;
B;
;>KOCLC>I
?RNL;IL>CH;LC;
CGJILN;H=C;
J;L;
!MJ;ˆ;
(IM
@IH>IM
?OLIJ?IM

JL?=CM;G?HN?
ILC?HN;>IM
;
F;M
CH@L;?MNLO=NOL;M
>?
NL;HMJILN?

=IGOHC=;=CIH?M
S
G?>CI;G<C?HN?
?H
FIM
N?LLCNILCIM
G}M
;NL;M;>IM
>?
F;
1HC‰H
"! !.
S
"IH>I
>?
IB?MC‰H
S
;
F;
@ILG;=C‰H
JLI@?MCIH;F
"IH>I
/I=C;F

L?MOFN;LIH
@OH>;G?HN;F?M
?H
?MN;
?MNL;N?AC;
>?
=IHP?LA?H=C;
=IH
!OLIJ;
5
G}M
;H
=O;H>I

?H
?F
I<D?NCPI
JIF…NC=I
@OH>;G?HN;F
>?
;F=;HT;L
F;
1HC‰H
!=IH‰GC=;
S
)IH?N;LC;

F;
L?>O==C‰H
>?F
>‚@C=CN
J<FC=I
I<FCA;<;
;
OH;
;OMN?LC>;>
JL?MOJO?MN;LC;
CHN?LH;
M‰FI
=IGJ?HM;>;
AL;=C;M
;F
?RNL;IL>CH;LCI
M;F>I
@CH;H=C?LI
=IH
!OLIJ;
,C?>L;@CN;

/N?CH<?LA

0ILL?<F;H=;

!H
F;
;=NO;FC>;>
>?
F;
/?=L?N;L…;
>?
!MN;>I
>?
$;=C?H>;
S
,L?MOJO?MNIM
>?J?H>?
F;
/?=L?N;L…;
#?H?L;F
>?
,L?MOJO?MNIM
S
#;MNIM
S
>?
?FF;
F;
CL?==C‰H
#?H?L;F
>?
"IH>IM
IGOHCN;LCIM

?H=;LA;>;
>?
F;
#?MNC‰H
>?
?MNIM
@IH>IM
(IM
‰LA;HIM
=ILL?MJIH>C?HN?M
M?
L?=IA?H
?H
F;
"CAOL;

(;
N?LGCH;=C‰H
>?
FIM
@IH>IM
=IB?MC‰H
=IGI
=IHM?=O?H=C;
>?
F;
FNCG;
;GJFC;=C‰H
NL;HM@ILG;L}
MCH
>O>;
JL‰RCG;G?HN?
?F
?HNL;G;>I
ILA}HC=I
?RJO?MNI
 +*63$

X?5/;<@
3@=31_471<@
239
!
23271/2<@
/
9/
)
-;9H;J7Hs7
:;
IJ7:E
:;
"79?;D:7
O
*H;IKFK;IJEI

-;9H;J7Hs7
!;D;H7B
:;
*H;IKFK;IJEI
O
!7IJEI

?H;99?vD
!;D;H7B
:;
ED:EI
ECKD?J7H?EI

-:!
:;
,;B79?ED;I
*H;IKFK;IJ7H?7I
9ED
B7
/

-:!
:;
*HE=H7C79?vD
.;HH?JEH?7B
O
L7BK79?vD
:;
*HE=H7C7I
ECKD?J7H?EI

-:!
:;
:C?D?IJH79?vD
:;B
ED:E
KHEF;E
:;
;I7HHEBBE
,;=?ED7B

-:!
:;B
ED:E
:;
E>;I?vD
O
:;
EEF;H79?vD
.;HH?JEH?7B
KHEF;7

-:!
:;
#D9;DJ?LEI
,;=?ED7B;I

-:!
:;
#DIF;99?vD
O
EDJHEB

-:!
:;
;HJ?<?979?vD
O
*7=EI

 
:/414.,.4[9
/0
7,>
?,=0,>
/07
;0=>:9,7
IGI
?M
F‰AC=I
F;
?OLIJ?CT;=C‰H
FF?A;
;
F;
NL;HM@ILG;=C‰H
>?
F;M
N;L?;M
L?;FCT;>;M
JIL
FIM
@OH=CIH;LCIM
=IGI
JIL
?D?GJFI
V
,L?J;L;=C‰H
>?
F;
JIMNOL;
?MJ;ˆIF;
J;L;
L?OHCIH?M
;F
HCP?F
>?
F;
1!
V
,;LNC=CJ;=C‰H
?H
ALOJIM
>?
NL;<;DI
>?F
IHM?DI
>?
)CHCMNLIM
?OLIJ?IM
V
,;LNC=CJ;=C‰H
?H
L?OHCIH?M
ILA;HCT;>;M
JIL
F;
IGCMC‰H
!OLIJ?;
V
IHMOFN;
=IH
=IF?A;M
>?
OHI
I
G}M
!MN;>IM
GC?G<LIM
;F
G;LA?H
>?F
G;L=I
@ILG;F
>?
F;
1!
V
0L;HMJIMC=C‰H
>?
JIF…NC=;M
?OLIJ?;M
?H
G?>C>;M
F?A;F?M
H;=CIH;F?M
V
JFC=;=C‰H
JL}=NC=;
I
?D?=O=C‰H
>?
HILG;M
S
JIF…NC=;M
ILCACH;>;M
?H
F;
1!
V
0IG;L
?H
=IHMC>?L;=C‰H
JIF…NC=;M
>?
F;
1!
>OL;HN?
F;
?F;<IL;=C‰H
>?
JIF…NC=;M
J<FC=;M
H;=CIH;F?M
V
%GJFC=;=C‰H
>?F
AI<C?LHI
FI=;F
I
L?ACIH;F
?H
F;
;>IJ=C‰H
>?
>?=CMCIH?M
I
F;
?F;<IL;=C‰H
>?
JIF…NC=;M
?H
?F
HCP?F
>?
F;
1!
V
%GJFC=;=C‰H
>?F
AI<C?LHI
H;=CIH;F
?H
?MJ?=C;F
=O;H>I
;
OH
J;…M
F?
=ILL?MJIH>?
F;
JL?MC>?H=C;
LIN;NILC;

J?LI
?MN;
@OH=C‰H
M?
B;
>CFOC>I
GO=BI
NL;M
F;
?HNL;>;
?H
PCAIL
>?F
0L;N;>I
>?
(CM<I;

I
=IH
F;
ILA;HCT;=C‰H
>?
F;
;A?H>;
CHN?LH;=CIH;F
JLCP;NCP;
>?
HO?MNLI
J;…M
OG<L?M
%<?LI;G?LC=;H;M
*ILG;FG?HN?

F;
F?HAO;
>?
NL;<;DI
?H
FIM
ALOJIM
?M
?F
CHAF‚M

;OHKO?
>?J?H>C?H>I
>?
OH;
M?LC?
>?
=LCN?LCIM

;FAOH;M
L?OHCIH?M
J?LGCN?H
F;
NL;>O==C‰H
MCGOFN}H?;
;
P;LCIM
C>CIG;M
>?
F;
1!
!MN?
L?KOCMCNI
>?F
C>CIG;
=IHNLC<OS?
;
KO?

?H
;FAOH;M
I=;MCIH?M

FIM
@OH=CIH;LCIM
?MJ;ˆIF?M
KO?
;MCMN?H
;
F;M
L?OHCIH?M
JLI=?>;H
>?
F;M
OHC>;>?M
A?H?L;FCMN;M
>?F
GCHCMN?LCI
JIL
?D?GJFI

MO<>CL?==CIH?M
A?H?L;F?M
>?
=IIJ?L;=C‰H
;>GCHCMNL;NCP;

JIL
MO
=IHI=CGC?HNI
>?F
C>CIG;
O;H>I
?MNI
I=OLL?
M?
L?>O=?H
=IHMC>?L;<F?G?HN?
F;
CH@FO?H=C;
>?
FIM
@OH=CIH;LCIM
?MJ;ˆIF?M
?H
F;
@ILG;=C‰H
>?
F;
PIFOHN;>
U?OLIJ?;X
1H
=;MI
>IH>?
?MNI
B;
I=OLLC>I
NL;>C=CIH;FG?HN?
?M
?F
GCHCMN?LCI
>?
>GCHCMNL;=CIH?M
J<FC=;M
G;N?LC;
A?MNCIH;>;
?H
F;
;=NO;FC>;>
JIL
?F
GCHCMN?LCI
>?
,L?MC>?H=C;
*I
M?
>CMJIH?

MCH
?G<;LAI

>?
?MNO>CIM
?GJ…LC=IM
MI<L?
?F
AL;>I
>?
?OLIJ?CT;=C‰H
?H
F;M
N;L?;M
@OH=CIH;LC;F?M
>?
HO?MNLIM
GCHCMN?LCIM



:/414.,.4[9
/0
7,>
;:7Y?4.,>
!H
N‚LGCHIM
>?
JI<F;=C‰H

F;
1!

=IH
KOCHC?HNIM
GCFFIH?M
>?
B;<CN;HN?M

I=OJ;
?F
N?L=?L
FOA;L
?H
?F
GOH>I

M‰FI
JIL
>?NL}M
>?
BCH;
S
F;
%H>C;

?H
N‚LGCHIM
?=IH‰GC=IM

L?JL?M?HN;
F;
JLCH=CJ;F
}L?;
?=IH‰GC=;
S
OH
;=NIL
AFI<;F
GOS
>CPC>C>I
;OHKO?
=IH
L?=OLMIM

;
F;
BIL;
>?
;@LIHN;L
FIM
AL;H>?M
N?G;M
>?
F;
J;T
S
F;
M?AOLC>;>

?F
=IG?L=CI

?F
G?>CI
;G<C?HN?
S
F;
MIMN?HC<CFC>;>
I
F;
=IIJ?L;=C‰H
;F
>?M;LLIFFI
!H
?MN;M
=IH>C=CIH?M

HI
?M
?RNL;ˆI
KO?
F;
1!
M?
B;S;
=IHP?LNC>I
?H
?F
JLCH=CJ;F
=?HNLI
>?
JLI>O==C‰H
>?
JIF…NC=;M
J<FC=;M
?H
?F
N?LLCNILCI
?OLIJ?I

JO?M
;<;L=;H
=;MC
NI>IM
FIM
}G<CNIM
>?
CHN?LP?H=C‰H

B;MN;
?F
JOHNI
>?
KO?

;=NO;FG?HN?

F;
G;SIL
J;LN?
>?
F;
F?ACMF;=C‰H
>?
FIM
!MN;>IM
GC?G<LIM
?M
>?
CHMJCL;=C‰H
?OLIJ?;
!H
I=;MCIH?M

F;
1HC‰H
;=N;
>?
@ILG;
=;MC
?R=FOMCP;
GIH?>;

=IG?L=CI
?RN?LCIL
I
=IGJ?N?H=C;
*I
I<MN;HN?

?H
F;
G;SIL
J;LN?
>?
FIM
=;MIM

FI
B;=?
DOHNI
;
FIM
!MN;>IM
GC?G<LIM

CH=FOC>;M
F;M
L?ACIH?M
S
FIM
?HN?M
FI=;F?M
G?>CI
;G<C?HN?

=IB?MC‰H

;ALC=OFNOL;
S
J?M=;

CHP?MNCA;=C‰H

S
;SO>;
;F
>?M;LLIFFI
?HNL?
INLIM
\P‚;HM?
F;M
0;<F;M

S
\
$%.$

(7=<
23
=<9_A71/
=c0971/
E
9a571/
23
9/
3B?<=37F/17a;
$<9_A71/
=c0971/

(7=<
23 #DJ;=H79?vD
FEI?J?L7 #DJ;=H79?vD
D;=7J?L7
D9K7:H7C?;DJE
:;
B7
?DJ;=H79?vD
7;A35?/17a; (K;L7
FEBsJ?97
H;=KB7JEH?7 0?;@7
FEBsJ?97
H;=KB7JEH?7

a571/
2<:7;/;A3
23
9/ 'E:;BE
?DIJ?JK9?ED7B
:; 7C8?E
:;
B7I
;IJHK9JKH7I
:;
EFEHJKD?:7: 7C8?E
:;
B7I
9H;;D9?7I
:;
BEI
3B?<=37F/17a; 9KCFB?C?;DJE
?DJ;HDE ?DJ;HD7I 79JEH;I
D79?ED7B;I

D=971/17a;
23
9/@
=/BA/@
23 !H7:E
:;
9ECF7J?8?B?:7: !H7:E
:;
H;:?IJH?8K9?vD
:;
FE:;H
O !H7:E
:;
CEL?B?P79?vD
:;
7FEOE
/2/=A/17a;
7;A3?;/@ ?DIJ?JK9?ED7B H;9KHIEI
;DJH;
BEI
79JEH;I
D79?ED7B;I 7
B7I
H;<EHC7I
?DJ;HD7I
"O?HN?
'HCFF

(?GEOBF



F
=IHMC>?L;L
FIM
?@?=NIM
CHN?LHIM
>?
F;M
JIF…NC=;M
?OLIJ?;M

>CMNCHAOCGIM
;H;F…NC=;G?HN?
NL?M
G?=;HCMGIM

G?>C;HN?
FIM
=O;F?M
FIM
L?KOCMCNIM
?OLIJ?IM
JO?>?H
JLI>O=CL
OH
=;G<CI
CHMNCNO=CIH;F
CHN?LHI
'HCFF

(?GEOBF

V
!H
JLCG?L
FOA;L

S
?H
MO
@ILG;
G}M
?RJF…=CN;

F;
JIF…NC=;
?OLIJ?;
JO?>?
>?M?H=;>?H;L
?F
=;G<CI
CHN?LHI
G?>C;HN?
F;
JL?M=LCJ=C‰H
>?
L?KOCMCNIM
CHMNCNO=CIH;F?M
=IH=L?NIM
KO?
FIM
!MN;>IM
GC?G<LIM
>?<?H
=OGJFCL
?M
>?=CL

F;
JIF…NC=;
>?
F;
1!
JL?M=LC<?
UJIMCNCP;G?HN?X
OH
>@56=@
:?DE:EF4:@?2=
;F
KO?
FIM
;=O?L>IM
H;=CIH;F?M
NC?H?H
;DOMN;LM?
!H
=IHM?=O?H=C;

FIM
!MN;>IM
GC?G<LIM
M‰FI
NC?H?H
OH;
>CM=L?=C‰H
CHMNCNO=CIH;F
FCGCN;>;
;F
>?=C>CL
MI<L?
FIM
;=O?L>IM
=IH=L?NIM
=IH
?F
@CH
>?
=OGJFCL
=IH
FIM
L?KOCMCNIM
?OLIJ?IM
,IL
?D?GJFI

F;
JIF…NC=;
G?>CI;G<C?HN;F
AOCF;L

V
!H
M?AOH>I
FOA;L

S
;FAI
G}M
CGJF…=CN;G?HN?

F;
F?ACMF;=C‰H
?OLIJ?;
JO?>?
;@?=N;L
;
FIM
;LL?AFIM
>IG‚MNC=IM
G?>C;HN?
F;
;FN?L;=C‰H
>?
F;M
L?AF;M
>?F
DO?AI
CHN?LH;M
(;
CH@FO?H=C;
?OLIJ?;
M?
FCGCN;
;
=2
G2C:24:x?
56
=2D
6DECF4EFC2D
56
@A@CEF?:525
:?E6C?2D
S

JIL
FI
N;HNI

;
F;
>CMNLC<O=C‰H
>?F
JI>?L
S
FIM
L?=OLMIM
?HNL?
FIM
;=NIL?M
H;=CIH;F?M
!MIM
=;G<CIM
?H
F;M
?MNLO=NOL;M
>?
IJILNOHC>;>
>IG‚MNC=;M
JO?>?H
CGJFC=;L
;
MO
P?T
KO?
FIM
?KOCFC<LCIM
CHMNCNO=CIH;F?M
?RCMN?HN?M
M?
GI>C@C=;H
=IH
‚RCNI
(;M
JIF…NC=;M
 ?OLIJ?;M

;F
NC?GJI
KO?
=IHNLC<OS?H
;
?MNIM
L?NIM
JIN?H=C;F?M

HI
JL?M=LC<?H
HCHAH
GI>?FI
CHMNCNO=CIH;F
>CMNCHNCPI
>?
=‰GI
>?<?L…;
M?L
?F
HO?PI
?KOCFC<LCI
?H
L?;FC>;>
,IL
?D?GJFI

?F
NL;HMJILN?
JIL
=;LL?N?L;
V
!H
N?L=?L
FOA;L

?H
MO
@ILG;
UG}M
>‚<CFX

F;
JIF…NC=;
?OLIJ?;
HC
JL?M=LC<?
OHIM
L?KOCMCNIM
CHMNCNO=CIH;F?M
=IH=L?NIM
HC
GI>C@C=;
?F
=IHN?RNI
CHMNCNO=CIH;F
J;L;
F;
CHN?L;==C‰H
?MNL;N‚AC=;

MCHI
KO?
;@?=N;
;
FIM
;LL?AFIM
H;=CIH;F?M

CH=FOMI
>?
@ILG;
G}M
CH>CL?=N;

?M
>?=CL

G?>C;HN?
F;
;FN?L;=C‰H
>?
F;M
=L??H=C;M
S
F;M
?RJ?=N;NCP;M
>?
FIM
;=NIL?M
H;=CIH;F?M
(IM
=;G<CIM
?H
F;M
=L??H=C;M
JO?>?H
;
MO
P?T
;@?=N;L
;
F;M
?MNL;N?AC;M
S
JL?@?L?H=C;M
>?
FIM
;=NIL?M
H;=CIH;F?M

FI
KO?
JI>L…;
>;L
FOA;L
;
F;M
;>;JN;=CIH?M
CHMNCNO=CIH;F?M
=ILL?MJIH>C?HN?M
,IL
FI
N;HNI

FIM
?@?=NIM
CHN?LHIM
>?
F;M
JIF…NC=;M
?OLIJ?;M
M?
<;M;H
JLCH=CJ;FG?HN?
?H
?MN?
=;MI
?H
OH;
F‰AC=;
=IAHCNCP;
,IL
?D?GJFI

F;M
JIF…NC=;M
?OLIJ?;M
>?
@?LLI=;LLCF?M
!F
JL?MOJO?MNI
=IGOHCN;LCI

;
J?M;L
>?
MO
?RCAŽC>;>

=IHMNCNOS?
F;
JLCH=CJ;F
@O?HN?
>?
@CH;H=C;=C‰H
>?F
>?M;LLIFFI
L?ACIH;F

;M…
=IGI
>?
F;
;ALC=OFNOL;
S
F;
J?M=;
>?
FIM
!MN;>IM
GC?G<LIM
S
=IHNLC<OS?
>?=CMCP;G?HN?
;F
JLIAL?MI
=C?HN…@C=I
S
N?=HIF‰AC=I

J?M;L
>?
F;M
L?NC=?H=C;M
>?
;FAOHIM
>?
MOM
GC?G<LIM

F;
1!
B;
>?MJF?A;>I
OH;
JIF…NC=;
?H
;MOHNIM
>?
&OMNC=C;
?
%HN?LCIL
=IH
?F
I<D?NCPI
>?
>;L
L?MJO?MN;
;
@?H‰G?HIM
AFI<;F?M
=IGI
F;
CHGCAL;=C‰H

?F
N?LLILCMGI
I
F;
>?FCH=O?H=C;
ILA;HCT;>;
S

=IH
G;SIL?M
>C@C=OFN;>?M

N;G<C‚H
B;
JO?MNI
F;M
<;M?M
>?
OH;
JIF…NC=;
?RN?LCIL

>?
M?AOLC>;>
S
>?@?HM;
;OHKO?
J?LMCMN?
F;
>CPCMC‰H
!H
F;
JL}=NC=;

JIL
N;HNI

F;M
>?=CMCIH?M
?MNL;N‚AC=;M
KO?
;@?=N;H
;
F;M
JIF…NC=;M
?MN;N;F?M
M?
;>IJN;H
;
HCP?F
?OLIJ?I

=IH
FI
KO?
?F
?MJ;=CI
>?
CHN?LP?H=C‰H
;ON‰HIG;
>?
FIM
AI<C?LHIM
H;=CIH;F?M
S
L?ACIH;F?M
M?
B;
L?>O=C>I
=IHMC>?L;<F?G?HN?
(;
1!
M?
=IH@CAOL;

JO?M

=IGI
OH
?HN?
JIMNMI<?L;HI
OH;
JIN?H=C;
=CPCF
<;M;>;
?H
F;
CHN?L>?J?H>?H=C;
?=IH‰GC=;

=IH
JI>?L?M
HILG;NCPIM

;OHKO?
>?MJLIPCMNI
>?F
GIHIJIFCI
>?
F;
;ONILC>;>
?H
=;MC
NI>IM
FIM
@L?HN?M

MCH
@LIHN?L;M
=F;L;G?HN?
>?@CHC>;M

@;FNI
>?
JI>?L?M
@CM=;F?M
S
=IH
OH;
?M=;M;
=;J;=C>;>
GCFCN;L
S
>?
A;MNI
*I
I<MN;HN?
NI>I
?FFI

=IH>C=CIH;
>CL?=N;G?HN?
?F
>?P?HCL
>?
MOM
!MN;>IM
GC?G<LIM
N;HNI
=IGI
‚MNIM
=IH>C=CIH;H
?F
MOSI
JLIJCI
)IL;N;
;
!F
=OGJFCGC?HNI
JIL
OH
!MN;>I
GC?G<LI
>?
OH;
HILG;
L?F;NCP;
;
F;
1!
CGJFC=;L}
N…JC=;G?HN?
F;
I<M?LP;H=C;
CH>CMJ?HM;<F?
>?
MOM
I<FCA;=CIH?M
>OL;HN?
F;M
>C@?L?HN?M
@;M?M
>?F
JLI=?MI
>?
CGJF;HN;=C‰H
F;
?F;<IL;=C‰H
>?
HILG;M
?H
FIM
>CMNCHNIM
HCP?F?M
H;=CIH;F?M

?M
>?=CL
KO?
JO?>?
CGJFC=;L
F;
;>IJ=C‰H
>?
HO?P;M
HILG;M
I
F;
;>;JN;=C‰H
>?
F;M
;HNCAO;M
S
?F
=IHNLIF
>?
?MN;M
F?S?M
?H
=O;HNI
;
MO
;JFC=;=C‰H
?H
F;
JL}=NC=;
S
F;
?D?=O=C‰H
?H
?F
=;MI
>?
KO?
HI
M?
L?MJ?N?H
;>?=O;>;G?HN?

G?HO>I

M?
>?HIGCH;
?D?=O=C‰H
;
?MN;M
?N;J;M

S;
KO?
CH=FOS?H
H?=?M;LC;G?HN?
N;HNI
F;
MOJ?LPCMC‰H
=IGI
?F
M?AOCGC?HNI
>?
FIM
JLI<F?G;M
>?N?=N;>IM
(;
1!
<;M;
MO
;=NO;=C‰H
?H
MO
=;J;=C>;>
L?AOF;>IL;
!F
=OGJFCGC?HNI
>?
F;
F?ACMF;=C‰H
>?
F;
1!
HI
JO?>?
L?@?LCLM?
M‰FI
;
OH;
>?
?MN;M
?N;J;M

MCHI
KO?
?M
OH
L?MOFN;>I
JIN?H=C;F
>?F
JLI=?MI
>?
CGJF;HN;=C‰H
?H
MO
=IHDOHNI
/?
JLI>O=?
HC=;G?HN?
?H
;KO?FFIM
=;MIM
?H
KO?
F;
NIN;FC>;>
>?
?M;M
?N;J;M
M?
=OGJF;H
>?
OH;
G;H?L;
L?MJ?NOIM;
(;
;JFC=;=C‰H
>?
OH;
>CL?=NCP;
>?
G;H?L;
>?MCAO;F
JO?>?
JIH?L
?H
J?FCALI
?F
@OH=CIH;GC?HNI
>?F
G?L=;>I
=IGH
N;HNI
=IGI
F;
HI
NL;HMJIMC=C‰H
>?
OH;
>CL?=NCP;
KO?
=IH=?>;
;
FIM
=CO>;>;HIM
>?L?=BIM
G…HCGIM
JO?>?
=O?MNCIH;L
?F
;JISI
J<FC=I
;F
JLIS?=NI
>?
CHN?AL;=C‰H
!M
?LL‰H?I

JIL
N;HNI

?MNO>C;L
M‰FI
F;
@;M?
CHC=C;F
>?
NI>I
JLI=?MI
>?
CGJF;HN;=C‰H

JIL
FI
A?H?L;F
F;
NL;HMJIMC=C‰H
>?
OH;
>CL?=NCP;
=IGOHCN;LC;
?H
F;
F?ACMF;=C‰H
H;=CIH;F

I
CH=FOMI
M‰FI
?F
=IGC?HTI
>?F
JLI=?MI
>?
NL;HMJIMC=C‰H

GC?HNL;M
KO?
;F
GCMGI
NC?GJI
M?
;LAOS?
KO?
FIM
L?MOFN;>IM
=IH=C?LH?H
;
F;
UCGJF;HN;=C‰HX

?M
>?=CL

?F
JLI=?MI
A?H?L;F

I
;F
U=OGJFCGC?HNIX

?F
L?MOFN;>I
>?F
=OGJFCGC?HNI

=IHNCHO;=C‰H
M?
GO?MNL;H
F;M
JIF…NC=;M
>?M;LLIFF;>;M
JIL
F;
1!
P‚;M?
F;
0;<F;


CG;A…H?M?
?F
F?=NIL
F;M
CGJFC=;=CIH?M
>?
=OGJFCGC?HNI
>?
F;M
>CL?=NCP;M
?OLIJ?;M
>?M=LCN;M
?H
?F
J}LL;@I
JL?=?>?HN?
?H
=;>;
OHI
>?
FIM
J;…M?M
GC?G<LIM
S
M?
>;L}
=O?HN;
>?
F;
=IGJF?DC>;>
>?F
JLI=?MI
>?
?OLIJ?CT;=C‰H
$%.$

$<9_A71/@
23
9/
)
5?71B9AB?/
$3@1/
E
97:3;A/17a;

S
=H?9KBJKH7
O
:;I7HHEBBE
HKH7B

S
*;I97

S
-;=KH?:7:
7B?C;DJ7H?7

<:3?17<

S
CFH;I7

S
';H97:E
?DJ;H?EH

$<9_A71/@
A?/;@C3?@/93@

S
H?I?I
<?D7D9?;H7
O
;9EDvC?97

S
H;9?C?;DJE
O
;CFB;E

S
';@EH7
:;
B7
H;=KB79?vD

S
L7BK79?vD
:;
?CF79JE
:;
B7I
DK;L7I
?D?9?7J?L7I

S
;I7HHEBBE
-EIJ;D?8B;

S
'KBJ?B?D=z?ICE

S
99?vD
IE8H;
;B
9B?C7

D;H=s7
F7H7
KD
CKD:E
97C8?7DJ;

B9AB?/
32B1/17a;
E
8BC3;AB2

S
';:?EI
:;
9ECKD?979?vD
O
I;9JEH
7K:?EL?IK7B

S
KBJKH7

S
:K979?vD
O
<EHC79?vD

S
KHEF7
F7H7
BEI
9?K:7:7DEI

S
&;D=K7I
O
CKBJ?B?D=z?ICE

S
;FEHJ;

S
";HC7D7C?;DJE
:;
9?K:7:;I

S
$vL;D;I

1<;<:_/
6/173;2/
E
47@1/972/2

S
/D
C;H97:E
yD?9E
F7H7
;B
97F?J7B

S
*H;IKFK;IJE

S
ECF;J;D9?7

S
:K7D7I
 S
9EDECs7

S
&K9>7
9EDJH7
;B
<H7K:;

S
?I97B?:7:

:=93<
E
23?316<@
@<17/93@

S
CFB;E
IKDJEI
-E9?7B;I
;
#=K7B:7:
:;
)FEHJKD?:7:;I

;3?5_/
E
?31B?@<@
;/AB?/93@

S
99?vD
IE8H;
;B
9B?C7

D;H=s7
F7H7
KD
CKD:E
97C8?7DJ;

S
D;H=s7

S
,;:;I
JH7DI;KHEF;7I

!327<
/:073;A3
@/;72/2
E
1<;@B:<

S
EDIKC?:EH;I

S
';:?E
7C8?;DJ;

S
-;=KH?:7:
7B?C;DJ7H?7

S
-7BK:

S
*EBsJ?97
C7HsJ?C7

S
;I7HHEBBE
IEIJ;D?8B;

&39/17<;3@
7;A3?;/17<;/93@
E
/@B;A<@
3DA3?7<?3@

S
*EBsJ?97
NJ;H?EH
:;
-;=KH?:7:
ECyD
*-

S
;I7HHEBBE
O
F7sI;I
;D
:;I7HHEBBE

S
CFB?79?vD

S
/D?vD
KHEF;7
;D
;B
CKD:E

S
*HE=H7C7I
:;
9EEF;H79?vD
;NJ;H?EH

S
*EBsJ?97I
:;
H;B79?ED;I
;NJ;H?EH;I
,;B79?ED;I
9ED
J;H9;HEI
F7sI;I
O
EH=7D?P79?ED;I
?DJ;HD79?ED7B;I

S
&7
7OK:7
>KC7D?J7H?7
;F7HJ7C;DJE
:;
7OK:7
>KC7D?J7H?7

")

S
&EI
:;H;9>EI
>KC7DEI
;D
;B
CKD:E

S
B
9EC;H9?E
?DJ;HD79?ED7B
O
BEI
79K;H:EI
9EC;H9?7B;I
9EC;H9?E
;NJ;H?EH

S
*EBsJ?97
:;
L;9?D:7:

B@A717/
E
23?316<@
23
9<@
17B2/2/;<@

S
&?8;HJ7:
-;=KH?:7:
O
$KIJ?9?7

&357<;3@
E
23@/??<99<
9<1/9

S
*EBsJ?97
H;=?ED7B

73;17/
E
A31;<9<5_/

S
&7
qJ?97
;D
B7
9?;D9?7

S
-E9?;:7:
:;
B7
?D<EHC79?vD

S
?;D9?7I
:;
B7
L?:7
O
B7
8?EJ;9DEBE=s7

S
#DL;IJ?=79?vD

S
IF79?E

S
(7DEJ;9DEBE=s7

S
#DIJ?JKJE
KHEF;E
:;
#DDEL79?vD
O
.;9DEBE=s7
 a:<
3@
9/
)

S
-E9?;:7:
9?L?B
)(!

S
#DIJ?JK9?ED;I
:;
B7
/

S
.H7J7:EI
:;
B7
/

S
B
<KJKHE
:;
KHEF7

S
.H7J7:E
:;
&?I8E7

S
),#

H9>?LE
KHEF;E
EC?I?vD
:;
IKDJEI
#DIJ?JK9?ED7B;I

(?/;@=<?A3@
E
C7/83@

S
.KH?ICE

S
,;:;I
JH7DI;KHEF;7I

S
.H7DIFEHJ;
"O?HN?
BNNJ
?=?OLIJ;?O JIFC=C?M CH>?R9?HBNG
$%.$

<:=/?/17a;
23
383:=9<@
23
27@A7;A/@
=<9_A71/@
23
9/
)
E
@B@
1<;@31B3;17/@
3;
9/
/?3;/
;/17<;/9
'31A<?
23
=<9_A71/ !<2<
23
/2<=17a;
23
2317@7<;3@
3; $?3@7a;
3;
9/
<:=3A3;17/@
23
9/
) @75;/17a;
23
1<:=3A3;17/@
=c0971/ 39
;7C39
) 7:=9/;A/17a;

'?NJ7
F;HE
FH;:EC?D7DJ;C;DJ;
!327<
/:073;A3 ,;=KB7:EH7
<K;HJ; -KFH7D79?ED7B
;D
=H7D
F7HJ; B;L7:7
H;=?ED7B

,;=KB7:EH7
O '?NJ7
F;HE
FH;:EC?D7DJ;C;DJ;
5?71B9AB?/ -KFH7D79?ED7B
;D
=H7D
F7HJ; q8?B
H;:?IJH?8KJ?L7
<K;HJ; H;=?ED7B

-E8H;
JE:E
?DJ;H=K8;HD7C;DJ7B '?NJ7
F;HE
FH;:EC?D7DJ;C;DJ;
'<17/9 ,;=KB7:EH7
:q8?B q8?B
IKFH7D79?ED7B
:q8?B =E8?;HDE
9;DJH7B

&3C7@7a;
239
#DJ;H=K8;HD7C;DJ7B !E8?;HDE
9;DJH7B q8?B
(?/A/2<
)
"O?HN?
?S?LM

OLM?HM



/C
>?M=?H>?GIM
;
OH
JF;HI
G}M
=IH=L?NI
JI>?GIM
?R;GCH;L
F;M
=IHM?=O?H=C;M
CHN?LH;M
>?
F;
;>;JN;=C‰H
;
F;
1!
?H
=O;NLI
JIF…NC=;M
L?JL?M?HN;NCP;M

P‚;M?
F;
0;<F;

(;
,IF…NC=;
AL…=IF;
IGH
,
?M
?F
M?=NIL
?H
?F
KO?
F;
1!
NC?H?
=IGJ?N?H=C;M
F?ACMF;NCP;M
S
?D?=ONCP;M
=;MC
;<MIFON;M
,?LI
;>?G}M
B;S
KO?
>?MN;=;L
?F
=;L}=N?L
L?>CMNLC<ONCPI
>?
?MN;
JIF…NC=;

OH;
>?
F;M
?M=;M;M
GO?MNL;M
>?
?MN?
NCJI
>?
JIF…NC=;

S
M?
=IGJIH?
@OH>;G?HN;FG?HN?
>?
L?AOF;=CIH?M
S
>?=CMCIH?M
KO?
M?
NL;HM@C?L?H
G?>C;HN?
MO<P?H=CIH?M
>?
>CP?LMI
=;L}=N?L
;
FIM
;ALC=OFNIL?M
=IH
F;
CHN?H=C‰H
>?
@CD;L
F;
JI<F;=C‰H
?H
?F
G?>CI
LOL;F

B;=C?H>I
G?HIM
IH?LIMIM
MOM
?MNCFIM
>?
PC>;
S
NL;<;DI
!F
A;MNI
;AL;LCI
M?
@CH;H=C;
=IH
>IM
@IH>IM

CHN?AL;>IM
?H
?F
JL?MOJO?MNI
A?H?L;F
>?
F;
1!
?F
"IH>I
!OLIJ?I
AL…=IF;
>?
#;L;HN…;
"!#
@CH;H=C;
FIM
J;AIM
>CL?=NIM
;
FIM
;ALC=OFNIL?M
S
G?>C>;M
>?
L?AOF;=C‰H
>?
FIM
G?L=;>IM
;AL;LCIM

=IGI
F;
CHN?LP?H=C‰H
S
F;M
L?MNCNO=CIH?M
JIL
?RJILN;=C‰H

S
?F
"IH>I
!OLIJ?I
AL…=IF;
>?
?M;LLIFFI
.OL;F
"! !.
FIM
JLIAL;G;M
>?
>?M;LLIFFI
LOL;F
>?
FIM
!MN;>IM
GC?G<LIM

>IM
ILA;HCMGIM
>?F
)CHCMN?LCI
>?
)?>CI
G<C?HN?

)?>CI
.OL;F
S
);LCHI
;HN?LCILG?HN?
>?
ALC=OFNOL;

;
M?=;M
/?AH
F;M
HILG;M
>?
A?MNC‰H
@CH;H=C?L;
>?
F;
,

F;
IGCMC‰H
?M
L?MJIHM;<F?
>?
F;
A?MNC‰H
>?F
"!#
S
?F
"! !.
,?LI

HILG;FG?HN?

F;
IGCMC‰H
HI
?@?=N;
FIM
J;AIM
;
FIM
<?H?@C=C;LCIM
?
;=O?L>I
=IH
?F
JLCH=CJCI
>?
A?MNC‰H
=IGJ;LNC>;

?MN;
N;L?;
M?
>?F?A;
;
FIM
!MN;>IM
GC?G<LIM

KO?
F;
?@?=N;H
JIL
G?>C;=C‰H
>?

ILA;HCMGIM
J;A;>IL?M
H;=CIH;F?M
I
L?ACIH;F?M
,;L;
JI>?L
?D?L=?L
MO
@OH=C‰H

?MNIM
ILA;HCMGIM
>?<?H
?MN;L
;=L?>CN;>IM
>?
;=O?L>I
=IH
>?N?LGCH;>IM
=LCN?LCIM
?MN;<F?=C>IM
JIL
F;
IGCMC‰H
*I
I<MN;HN?

FIM
ILA;HCMGIM
J;A;>IL?M
HI
M‰FI
MIH
L?MJIHM;<F?M
>?
FIM
J;AIM
;
FIM
<?H?@C=C;LCIM
,L?PC;G?HN?
>?<?H
=IGJLI<;L

JIL
M…
GCMGIM
I
;
NL;P‚M
>?
FIM
ILA;HCMGIM
>?F?A;>IM

KO?
F;M
MIFC=CNO>?M
>?
;SO>;
=OGJF;H
F;M
=IH>C=CIH?M
(IM
=IHNLIF?M
P;L…;H
?H
@OH=C‰H
>?F
M?=NIL
>?
KO?
M?
NL;N?
S
?MN}H
?MN;<F?=C>IM
?H
FIM
>CMNCHNIM
L?AF;G?HNIM
M?=NILC;F?M
>?
F;
,
(;
IGCMC‰H
L??G<IFM;
;
FIM
!MN;>IM
GC?G<LIM
FIM
A;MNIM
?@?=NO;>IM
JIL
FIM
ILA;HCMGIM
J;A;>IL?M

G?HMO;FG?HN?
?H
?F
=;MI
>?F
"!#
S
NLCG?MNL;FG?HN?
?H
?F
>?F
"! !.
*I
I<MN;HN?

FIM
L??G<IFMIM
?MN}H
MOD?NIM
;
=O;FKOC?L
=ILL?==C‰H
KO?
F;
IGCMC‰H
JO?>;
B;=?L
?H
FIM
JLI=?>CGC?HNIM
>?
FCKOC>;=C‰H
>?
=O?HN;M
(;M
JIF…NC=;M
;G<C?HN;F?M
>?
F;
1!
M?
>?M;LLIFF;H
@OH>;G?HN;FG?HN?
G?>C;HN?
>CL?=NCP;M
KO?
>?<?H
NL;MJIH?L
FIM
!MN;>IM
GC?G<LIM

S
?H
HO?MNLI
=;MI
F;M

(;
JL?MC‰H
J;L;
F;
CGJF;HN;=C‰H
>?
?MN;M
>CL?=NCP;M
?M
?F?P;>;

;F
;@?=N;L
;
FIM
HCP?F?M
>?
AI<C?LHI
H;=CIH;F
S
L?ACIH;F
!H
F;
0;<F;


M?
L?=IA?H
>CP?LMIM
;MOHNIM
MI<L?
FIM
KO?
F;
1!
L?=IA?
CH@ILG;=C‰H
J;L;
=IGJLI<;L
F;M
=IH>C=CIH?M
;G<C?HN;F?M
S
F;
?@?=NCPC>;>
>?F
=OGJFCGC?HNI
>?
MOM
>CL?=NCP;M
 $%.$

(3:/@
1<;
?31<572/
@7@A3:\A71/
23
7;271/2<?3@
/:073;A/93@
23
9/
)
S
=H?9KBJKH7

S
?H;

S
7C8?E
:;
B7
8?E:?L;HI?:7:

S
*HE:K9JEI
GKsC?9EI

S
7C8?E
9B?CnJ?9E

S
EIJ7I
O
C7H;I

S
D;H=s7

S
I9;D7H?EI
7C8?;DJ7B;I

S
*;I97

S
"E=7H;I

S
-7BK:
>KC7D7

S
#D:KIJH?7

S
,;9KHIEI
D7JKH7B;I

S
,K?:E

S
DnB?I?I
:;
FEBsJ?97I

S
*E8B79?vD
O
;9EDECs7

S
,;=?ED;I

S
-K;BE

S
.KH?ICE

S
.H7DIFEHJ;

S
';:?E
7C8?;DJ;
KH87DE

S
)JHEI
J;C7I

S
,;I?:KEI

S
=K7
"O?HN?
BNNJ NB?G?M??;?OLIJ;?O CH>C=;NILM <SNB?G?M

(;
JL?MC‰H
J;L;
F;
CGJF;HN;=C‰H
>?
F;M
?M=;M;M
>CL?=NCP;M
MI=C;F?M
>?
F;
1!
?M
>‚<CF
JO?M
?H
<O?H;
J;LN?
F;
JIF…NC=;
MI=C;F
MCAO?
MC?H>I
OH;
JL?LLIA;NCP;
>?
FIM
!MN;>IM
GC?G<LIM
,IL
FNCGI

F;
L?PCMC‰H
>?
FIM
NL;N;>IM
>?
F;
1!
MIH
OH;
=IGJ?N?H=C;
JOL;G?HN?
?MN;N;F
JO?MNI
KO?
;@?=N;H
;
F;M
=IH>C=CIH?M
KO?
L?AOF;H
F;
CHN?AL;=C‰H
>?
FIM
JLIJCIM
!MN;>IM
GC?G<LIM
 

)&#$.Y"

'

(;
?OLIJ?CT;=C‰H
B;
;=NO;>I
;M…
?H
OH
>I<F?
M?HNC>I
>?M>?
;<;DI

@;PIL?=C?H>I
F;
GIPCFCT;=C‰H
L?ACIH;F
?H
<OM=;
>?
L?=OLMIM
JIF…NC=IM

@CH;H=C?LIM
I
MCG<‰FC=IM
S

>?M>?
;LLC<;

G?>C;HN?
F;
I@?LN;
>?
HO?P;M
IJILNOHC>;>?M
J;L;
;=NO;L
?H
F;
;L?H;
?OLIJ?;

J?M;L
I
;
=;OM;
>?
F;
@LOMNL;=C‰H
>?
MOM
;MJCL;=CIH?M
>?
J;LNC=CJ;=C‰H
?H
F;
1!
;
NL;P‚M
>?F
!MN;>I

F;M

B;H
>?MJF?A;>I
OH;
AL;H
;=NCPC>;>
;
HCP?F
?OLIJ?I
>?M>?

F
G;LA?H
F;
JL?M?H=C;
?H
?F
IGCN‚
>?
F;
.?ACIH?M

‚MN;
NC?H?
=O;NLI
?RJL?MCIH?M
JLCH=CJ;F?M
F;
J;LNC=CJ;=C‰H
I
JL?M?H=C;
>?
OH
L?JL?M?HN;HN?
>?
F;M

?H
F;M
L?OHCIH?M
;
F;M
KO?
;MCMN?H
FIM
GCHCMNLIM
>?F
AI<C?LHI
H;=CIH;F
F;M
L?JL?M?HN;=CIH?M
L?ACIH;F?M
?H
LOM?F;M

F;M
=I;FC=CIH?M
L?ACIH;F?M
S
F;M
L?>?M
?OLIJ?;M
;N;FOˆ;

?F
,;…M
2;M=I
S
#;FC=C;
@O?LIH
F;M
JLCG?L;M
;ONIHIG…;M

MCAOC?H>I
FIM
J;MIM
>?
FIM
#m?56C
;F?G;H?M

?H
;<LCL
I@C=CH;M
>?
L?JL?M?HN;=C‰H
?H
F;
=;JCN;F
=IGOHCN;LC;
?H


FI
F;LAI
>?
F;
>‚=;>;
MCAOC?HN?

M?
@O?LIH
;ˆ;>C?H>I
?F
L?MNI
>?
F;M

=NO;FG?HN?

F;M
>IM
JLCG?L;M

DOHNI
=IH
H>;FO=…;
S
;F?;L?M

;=N;H
=IGI
>?F?A;=CIH?M
>?
MOM
L?MJ?=NCPIM
AI<C?LHIM

MCH
HCHAOH;
;=L?>CN;=C‰H
I@C=C;F

GC?HNL;M
KO?
F;M

L?MN;HN?M
=IHM?LP;H
F;
>?HIGCH;=C‰H
>?
I@C=CH;M
?M>?
?F
JOHNI
>?
PCMN;
ILA;HCT;NCPI

F;M
L?JL?M?HN;=CIH?M
;ONIH‰GC=;M
MCAO?H
P;LCIM
GI>?FIM
DOL…>C=IM
FCA;>IM
;F
=;L}=N?L
CHC=C;FG?HN?
CH@ILG;F
>?
MO
JL?M?H=C;
?H
LOM?F;M
!H

F;M
L?F;=CIH?M
=IH
LOM?F;M
M?
=IHMC>?L;<;H
NI>;P…;
L?F;=CIH?M
CHN?LH;=CIH;F?M
S

JIL
N;HNI

>?
?R=FOMCP;
=IGJ?N?H=C;
>?F
#I<C?LHI
=?HNL;F
(;
CHMNCNO=CIH;FCT;=C‰H
>?
F;M
I@C=CH;M
M?
JLI>ODI
?H


;
L;…T
>?
OH;
M?HN?H=C;
@;PIL;<F?
>?F
0LC<OH;F
IHMNCNO=CIH;F
?H
L?F;=C‰H
=IH
F;
;J?LNOL;
>?
OH;
U ?F?A;=C‰H
>?F
#I<C?LHI
2;M=IX
(;M
I@C=CH;M
J;LNC=CJ;H
;=NCP;G?HN?
?H
FIM
JLIAL;G;M
=IGOHCN;LCIM

?H
F;
=IHMIFC>;=C‰H
>?
F;M
L?>?M
J<FC=IJLCP;>;M

?H
F;
=IIJ?L;=C‰H
=IH
F;M
>?G}M
L?ACIH?M
?OLIJ?;M
S
?H
F;
JLIGI=C‰H
>?
FIM
CHN?L?M?M
>?
F;M
L?MJ?=NCP;M

!PC>?HN?G?HN?

MO
JLIN;AIHCMGI
>?J?H>?
>?F
=IGJLIGCMI
?OLIJ?I
>?
FIM
L?MJ?=NCPIM
AI<C?LHIM

J?LI
N;G<C‚H
>?
F;
?PIFO=C‰H
>?
F;
=IIJ?L;=C‰H
CHN?LH;
!H
?MN?
M?HNC>I

F;
=L?;=C‰H
>?F
=IHM?D?LI
;ONIH‰GC=I
?H
F;
.!,!.

?H


S
F;
JLIAL?MCP;
JL?M?H=C;
>?
?RJ?LNIM
L?ACIH;F?M
?H
FIM
=IGCN‚M
>?
F;
IGCMC‰H
!OLIJ?;
S
>?F
IHM?DI
B;H
L?@ILT;>I
?F
J;J?F
?MNL;N‚AC=I
>?
F;M
I@C=CH;M
=IGI
H?RIM
>?
OHC‰H
?HNL?
?F
HCP?F
?OLIJ?I
S
?F
;ONIH‰GC=I
=NO;FG?HN?

;>?G}M
>?
FIM
=IHN;=NIM
B;<CNO;F?M
=IH
F;
IGCMC‰H
S
?F
,;LF;G?HNI

N;G<C‚H
M?
?H=;LA;H
>?
=IIL>CH;L
S
JL?J;L;L
F;
J;LNC=CJ;=C‰H
>?
FIM
L?JL?M?HN;HN?M
;ONIH‰GC=IM
?H
?F
IGCN‚
>?
F;M
.?ACIH?M

?H
F;M
@ILG;=CIH?M
>?F
IHM?DI
>?
)CHCMNLIM
S
?H
FIM
>CMNCHNIM
#LOJIM
>?
0L;<;DI
>?
‚MN?
(;M
L?JL?M?HN;=CIH?M
;ONIH‰GC=;M
G;HNC?H?H
=IHN;=NIM
L?AOF;L?M

G}M
I
G?HIM
CHN?HMIM
?H
@OH=C‰H
>?
F;M
;@CHC>;>?M
JIF…NC=;M
S
>?
FIM
CHN?L?M?M
?H
DO?AI

=IH
F;M
G}M
>?

I@C=CH;M
L?ACIH;F?M
CHMN;F;>;M
?H
LOM?F;M
(;M
L?ACIH?M
;F?G;H;M

?MJ;ˆIF;M

<?FA;M
?
CN;FC;H;M
;JIMN;LIH
;
@;PIL
>?F
J;L;>CAG;
>?
UF;
!OLIJ;
>?
F;M
.?ACIH?MX

;
FI
F;LAI
>?
F;
>‚=;>;
>?
FIM
;ˆIM
HIP?HN;

=IH
?F
I<D?NCPI
<}MC=I
>?
=IHM?AOCL
OH
G;SIL
L?=IHI=CGC?HNI
CHMNCNO=CIH;F
IH
?MN?
@CH

ONCFCT;LIH
CHC=C;FG?HN?
OH;
JF;N;@ILG;
=IF?=NCP;
\F;
MI=C;=C‰H
>?
.?ACIH?M
>?
!OLIJ;
.!\
=L?;>;
;
G?>C;>IM
>?
F;
>‚=;>;
>?
FIM
I=B?HN;

S
JL?MC>C>;
JIL
&IL>C
,ODIF
?HNL?

S

*I
I<MN;HN?

F;
@LOMNL;=C‰H
>?
F;M
?RJ?=N;NCP;M
>?
F;M
L?ACIH?M
U@O?LN?MX
L?F;NCP;M
;F
IGCN‚
>?
F;M
.?ACIH?M
>.
S
;F
JLCH=CJCI
>?
MO<MC>C;LC?>;>
;
L;…T
>?
);;MNLC=BN
S
GMN?L>;G
=IH>ODI
;F
;<;H>IHI
>?
F;
?MNL;N?AC;
=IF?=NCP;
;
@;PIL
>?
OH;
;=NO;=C‰H
<;M;>;
?H
CHN?L?M?M
CHMNCNO=CIH;F?M
=IGOH?M

=L?}H>IM?
;M…

F;
IH@?L?H=C;
>?
,L?MC>?HN?M
>?
.?ACIH?M
=IH
,I>?L?M
(?ACMF;NCPIM
.!#(!#

S;
?H
HIPC?G<L?
>?

,IL
MO
J;LN?

FIM
J;LF;G?HNIM
L?ACIH;F?M
B;H
=IH=?HNL;>I
MOM
?M@O?LTIM
?H
F;
JIMC<CFC>;>
>?
CH@FOCL
>CL?=N;G?HN?
MI<L?
F;M
CHMNCNO=CIH?M
=IGOHCN;LC;M
G?>C;HN?
?F
?MN;<F?=CGC?HNI
>?
MOM
JLIJC;M
L?>?M
>?
=IIL>CH;=C‰H

N;HNI
;
HCP?F
CHN?LHI

G?>C;HN?
F;
IGCMC‰H
>?
,L?MC>?HN?M
>?
,;LF;G?HNIM
ONIH‰GC=IM
+,.!,

;
NL;P‚M
>?
F;
IGCMC‰H
>?
,L?MC>?HN?M
>?
M;G<F?;M
(?ACMF;NCP;M
.?ACIH;F?M
(.!

=L?;>;
?H

,IL
FNCGI
M?
?H=O?HNL;H
F;M
L?>?M
>?
=IIJ?L;=C‰H
S;
KO?
F;
CHN?AL;=C‰H
?OLIJ?;
B;
NL;HM@ILG;>I
?F
=IH=?JNI
>?
@LIHN?L;

S
F;M

B;H
=IHNLC<OC>I
;
F;
=L?;=C‰H
>?
ILA;HCT;=CIH?M
>?
}G<CNI
?OLIJ?I

=IGI
F;
.!

=IH
?F
I<D?NCPI
>?
CHN?L=;G<C;L
?RJ?LC?H=C;M
S
?D?L=?L
=IGI
CHN?LFI=ONIL
=IF?=NCPI
;HN?
F;M
CHMNCNO=CIH?M
=IGOHCN;LC;M

MO
P?T

>?M>?
@CH;F?M
>?
FIM
;ˆIM
I=B?HN;

F;
.!
M?
B;
C>I
MO<>CPC>C?H>I
?H
>CMNCHN;M
;ALOJ;=CIH?M
L?ACIH;F?M
<;M;>;M
?H
CHN?L?M?M
@OH=CIH;F?M

=IGI
F;
IH@?L?H=C;
>?
.?ACIH?M
,?LC@‚LC=;M
S
);L…NCG;M
.,)

F;
MI=C;=C‰H
>?
.?ACIH?M
"LIHN?LCT;M
!OLIJ?;M
."!

F;
MI=C;=C‰H
>?
.?ACIH?M
>?
)IHN;ˆ;

F;M
.?ACIH?M
!OLIJ?;M
2CN…=IF;M

F;M
IGOHC>;>?M
>?
0L;<;DI

I
F;
MI=C;=C‰H
!OLIJ?;
>?
.?ACIH?M
%H>OMNLC;F?M
!.%
F
G;LA?H
>?
?MN?
NCJI
>?
;MI=C;=CIH?M

=;<?
>?MN;=;L
F;M
>CMNCHN;M
CHC=C;NCP;M
CGJOFM;>;M
JIL
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
?H
?F
=IHN?RNI
>?
%*0!..!#
I
?H
@OH=C‰H
>?
F;
>CH}GC=;
>?
F;M
JIF…NC=;M
=IGOHCN;LC;M
mMN;M
B;H
>;>I
FOA;L
;
F;
=L?;=C‰H
>?

!OLILL?ACIH?M
#;FC=C;*ILN?
>?
,ILNOA;F
!RNL?G;>OL;F?HN?DIFA;LP?
H>;FO=…;
FA;LP?
,;…M
2;M=I
@L;H=‚M
S
?MJ;ˆIF
S

G}M
L?=C?HN?G?HN?

F;
!OLILL?AC‰H
,CLCH?IM
)?>CN?LL}H?I
L;A‰H

;N;FOˆ;

;F?;L?M

,CLCH?IM
G?>CIM
S
(;HAO?>I=.IM?FF‰H
)IL;N;
<
 

)&#$.Y"


'(Y"
-

"T!

'
& #"'
"(&)&"!"( '
1HI
>?
FIM
JLCG?LIM
?@?=NIM
?H
F;M
L?F;=CIH?M
>?
=IF;<IL;=C‰H
P?LNC=;F?M
?HNL?
?F
!MN;>I
S
F;M

>?
F;
J?LN?H?H=C;
;
F;
1!
B;
MC>I
F;
H?=?MC>;>
>?
=IHN;L
=IH
OH
‰LA;HI
A?H?L;F
S
NL;HMP?LM;F
>?
=IF;<IL;=C‰H
KO?
MCLP;
=IGI
@ILI
J;L;
>CM=ONCL
S
IL>?H;L

G?>C;HN?
;=O?L>IM
GOFNCF;N?L;F?M

FIM
G?=;HCMGIM
J;L;
;LNC=OF;L
F;
J;LNC=CJ;=C‰H
>?
F;M

?H
F;M
@;M?M
>?
?F;<IL;=C‰H
S
>?
;JFC=;=C‰H
>?F
>?L?=BI
=IGOHCN;LCI
?H
NI>IM
;KO?FFIM
MOJO?MNIM
?H
KO?
HI
M‰FI
M?
P?H
;@?=N;>;M
JIL
‚MN?
F;M
=IGJ?N?H=C;M
?MN;N;F?M

MCHI
?H
;KO?FFIM
=;MIM

FIM
G}M
HOG?LIMIM

>IH>?
F;M

M?
P?H
?H
F;
H?=?MC>;>
>?
B;=?L
I…L
MO
JIMNOL;
JIL
?MN;L
MOM
=IGJ?N?H=C;M
?R=FOMCP;M
I
=IGJ;LNC>;M
;@?=N;>;M
JIL
F;M
CHC=C;NCP;M
I
HILG;NCP;M
?OLIJ?;M
IFCHI


!F
‰LA;HI
KO?
B;
P?HC>I
L?;FCT;H>I
?MN;
F;<IL
>?M>?
?F
@CH;F
>?
FIM
;ˆIM
I=B?HN;
?M
F;
IH@?L?H=C;
/?=NILC;F
J;L;
MOHNIM
.?F;=CIH;>IM
=IH
F;M
IGOHC>;>?M
!OLIJ?;M
.!

KO?
?M
OH;
=IH@?L?H=C;
NL;HMP?LM;F

S
HI
M?=NILC;F

KO?
NC?H?
?H=IG?H>;>I
?F
M?AOCGC?HNI
>?
F;
J;LNC=CJ;=C‰H
?H
;MOHNIM
?OLIJ?IM
?H
NI>I
?F
MCMN?G;
>?
IH@?L?H=C;M
/?=NILC;F?M
S
F;
;>IJ=C‰H
>?
;=O?L>IM
A?H?L;F?M
I
;FAOH;M
N;L?;M
L?MC>O;F?M
KO?
HI
JO?>;H
L?;FCT;LM?
?H
INL;M
IH@?L?H=C;M
S
FIM
N?G;M
>?
M?AOCGC?HNI
S
>CM=OMC‰H
>?F
>?M;LLIFFI
>?F
JLI=?MI
=IHMNCNO=CIH;F
>?
F;
=IHMNLO==C‰H
?OLIJ?;
,IL
FI
KO?
L?MJ?=N;
;
MO
=IGJIMC=C‰H

JIL
J;LN?
>?
F;
>GCHCMNL;=C‰H
>?F
!MN;>I
B;S
>CP?LMIM
GC?G<LIM
?F
GCHCMNLI
>?
,IF…NC=;
0?LLCNILC;F

KO?
?M
MO
JL?MC>?HN?

F;
CL?==C‰H
#?H?L;F
>?
IIJ?L;=C‰H
0?LLCNILC;F

KO?
;MOG?
F;
N;L?;
>?
M?=L?N;L…;

?F
/?=L?N;LCI
>?
!MN;>I
J;L;
F;
1HC‰H
!OLIJ?;
S
?F
/?=L?N;LCI
#?H?L;F
>?
>GCHCMNL;=C‰H
,<FC=;
,IL
=;>;
OH;
>?
F;M

;MCMN?
OH
=IHM?D?LI
>?MCAH;>I
JIL
MO
=IGOHC>;>
;ON‰HIG;
KO?
JO?>?
M?L
>?
,L?MC>?H=C;

>?
$;=C?H>;
O
INLIM
?H
@OH=C‰H
>?F
=ILL?MJIH>C?HN?
ILA;HCAL;G;
?H
=;>;
=IGOHC>;>
;ON‰HIG;
(;
.!
B;
;>IJN;>I
P;LCIM
;=O?L>IM
GOS
L?F?P;HN?M
KO?
=IHNC?H?H
F;M
<;M?M
CHMNCNO=CIH;F?M
;
M?AOCL
?H
F;M
L?F;=CIH?M
?HNL?
?F
!MN;>I
S
F;M

?H
;MOHNIM
?OLIJ?IM
?H
=;>;
OH;
>?
F;M
INL;M
IH@?L?H=C;M
/?=NILC;F?M
OL;HN?
FIM
FNCGIM
KOCH=?
;ˆIM

F;
.!
B;
MC>I
OH;
>?
F;M
IH@?L?H=C;M
=IH
G;SIL
HCP?F
>?
;=NCPC>;>

JLI>O=C‚H>IM?
OH;
I
G}M
L?OHCIH?M
?H
NI>IM
FIM
;ˆIM
>?M>?
MO
=L?;=C‰H
?H

/CH
?G<;LAI

FIM
>;NIM
HIM
CH>C=;H
KO?
N;G<C‚H
?M
OH;
>?
F;M
KO?
GIMNL;<;
OH
HCP?F
;FNI
>?
;<M?HNCMGI
;ONIH‰GC=I

KO?
?H
GO=BIM
J?LCI>IM
L?@F?D;<;
OH
=IH@FC=NI
JIF…NC=I
F;N?HN?
>OL;HN?
NI>;
F;
>‚=;>;
>?
FIM
HIP?HN;
S
>?
FIM
JLCG?LIM
;ˆIM
>?
F;
>‚=;>;
>?

?H
L?F;=C‰H
=IH
F;
?RN?HMC‰H
>?
F;
J;LNC=CJ;=C‰H
;ONIH‰GC=;
?H
F;M
CHMNCNO=CIH?M
=IGOHCN;LC;M
IH

;OM?H=C;M

F;
G?>C;
M?
MCN;
=?L=;
>?
F;M

;OM?H=C;M
JIL
M?MC‰H

FI
KO?
=IGI
M?
B;
>C=BI
F;
B;=?
OH;
>?
F;M
G}M
;<M?HNCMN;M

MC?H>I
?F
,;…M
2;M=I
F;
IGOHC>;>
ON‰HIG;
KO?
G}M
@;FN‰
;
?FF;
;N;FOˆ;

JIL
MO
J;LN?
;MCMNC‰
;
=;MC
NI>;M
F;M
L?OHCIH?M
S
;MNCFF;
S
(?‰H

!RNL?G;>OL;
S
);>LC>
;MCMNC?LIH
?H
NI>;M
F;M
I=;MCIH?M
"CH;FG?HN?

F;
JLI>O==C‰H
>?
;=O?L>IM
HI
?M
GOS
;FN;

J?LI
MIH
;=O?L>IM
>?
GO=B;
MCAHC@C=;=C‰H
S;
KO?
;@?=N;H
;
NI>I
?F
MCMN?G;
>?
IH@?L?H=C;M
KO?
B;H
>?
;>;JN;LM?
;
?FFIM
JIMN?LCILG?HN?
?MN;=;
N;G<C‚H
F;
;=NCPC>;>
>?
MO
‰LA;HI
J?LG;H?HN?
>?
;JISI

F;
IGCMC‰H
>?
IIL>CH;>IL?M

KO?
J;L;
GO=BIM
?RJ?LNIM
?H
;MOHNIM
?OLIJ?IM
?M
OH
GI>?FI
>?
=IF;<IL;=C‰H
OHKO?
?H
;FAOH;M

M?
JF;HN?;
F;
H?=?MC>;>
>?
L?J?HM;L
FIM
=IG?NC>IM
S
?F
=IHN?HC>I
;=NO;F?M
>?
F;M
L?OHCIH?M
>?
F;
.!

KO?
J;L?=?H
B;<?L
J?L>C>I
CHN?L‚M
J;L;
GO=B;M

OH;
P?T
=IHM?AOC>;M
=C?LN;M
L?CPCH>C=;=CIH?M
>?
J;LNC=CJ;=C‰H
;ONIH‰GC=;
?H
?F
JLI=?MI
=IGOHCN;LCI
!M
=C?LNI
KO?
J;L;
;FAOHIM
F;
.!
MCAO?
MC?H>I
OH
?D?GJFI
>?
<O?H
@OH=CIH;GC?HNI

KO?
M?
;NLC<OS?
;F
B?=BI
>?
KO?
F;
J?LN?H?H=C;
;
F;
1!
CGJFC=;
I<D?NCPIM
=IGOH?M
KO?
L?KOC?L?H
=IIL>CH;=C‰H
S
;=O?L>I
@L?HN?
;
OH
N?L=?LI
/C
M?
=IGJ;L;
F;
MCNO;=C‰H
=IH
F;
?RCMN?HN?
B;=?
;FAOHIM
;ˆIM

>?<?
I<M?LP;LM?
OH
JLIAL?MI
L?F;NCPI
L?MJ?=NI
;
FI
=IHM?AOC>I
JIL
F;
.!
S
F;
J;LNC=CJ;=C‰H
;ONIH‰GC=;
?H
A?H?L;F
/CH
?G<;LAI

J;L;
?HN?H>?L
N;HNI
FIM
?@?=NIM
CHN?LAO<?LH;G?HN;F?M
P?LNC=;F?M
=IGI
BILCTIHN;F?M
>?
F;
J?LN?H?H=C;
>?<?
;H;FCT;LM?
?F
?@?=NI
>?
‚MN;
S
>?
FIM
;=O?L>IM
CHMNCNO=CIH;F?M
A?H?L;F?M
?H
?F
@OH=CIH;GC?HNI
>?
=;>;
OHI
>?
FIM
‰LA;HIM
GOFNCF;N?L;F?M
>?
=IF;<IL;=C‰H
;
F;
BIL;
>?
NL;N;L
=IH
N?G;M
=IGOHCN;LCIM

S;
M?;H
>?
CHN?L=;G<CI
>?
CH@ILG;=C‰H
I
>?
@CD;=C‰H
>?
F;
JIMC=C‰H
=IGH
IGI
?M
M;<C>I

;
L;…T
>?F
JLI=?>CGC?HNI
>?
J;LNC=CJ;=C‰H
;ONIH‰GC=;
?H
;MOHNIM
=IGOHCN;LCIM

L?=IAC>I
?H
?F
=O?L>I
>?
F;
.!
>?


M?
;NLC<OS?
;
F;M
IH@?L?H=C;M
/?=NILC;F?M
F;
=;H;FCT;=C‰H
>?
F;
J;LNC=CJ;=C‰H
GOFNCF;N?L;F
>?
F;M

?H
FIM
;MOHNIM
=IGOHCN;LCIM
!MN?
;=O?L>I
>CMNCHAO…;
?HNL?
OH;
@;M?
;M=?H>?HN?
S
INL;
>?M=?H>?HN?
!H
F;
@;M?
;M=?H>?HN?
=;>;
IH@?L?H=C;
/?=NILC;F
>?<…;
>?M;LLIFF;L
?MN?
JLI=?>CGC?HNI
>?
J;LNC=CJ;=C‰H

>?=C>C?H>I
?F
AL;>I
>?
CHN?HMC>;>
S
?F
=IHN?HC>I
>?
>C=B;
J;LNC=CJ;=C‰H
?H
@OH=C‰H
>?F
L‚ACG?H
>?
>CMNLC<O=C‰H
>?
=IGJ?N?H=C;M
?HNL?
?F
!MN;>I
S
F;M

?H
?M?
}G<CNI
M…

M?
?MN;<F?=…;
KO?
FIM
;MOHNIM
=IGOHCN;LCIM
KO?
;@?=N;H
?R=FOMCP;G?HN?
;
F;M
=IGJ?N?H=C;M
>?F
!MN;>I
S
L?MJ?=NI
;
FIM
KO?
F;M

CHPIKO?H
OH
CHN?L‚M

F;
>GCHCMNL;=C‰H
>?F
!MN;>I
>?<…;
CH@ILG;L
;
F;M

?H
F;
IH@?L?H=C;
/?=NILC;F
J;L;
;KO?FFIM
;MOHNIM
=IGOHCN;LCIM
KO?
;@?=N;H
;
=IGJ?N?H=C;M
F?ACMF;NCP;M
?R=FOMCP;M
>?
F;M


M?
?MN;<F?=…;
KO?
MC
F;M

=IHM?AO…;H
;=IL>;L
OH;
JIMC=C‰H
=IGH

‚MN;
B;<…;
>?
M?L
N?HC>;
?H
=O?HN;
>?
@ILG;
>?N?LGCH;HN?
JIL
?F
!MN;>I
J;L;
@CD;L
MO
JIMC=C‰H
H?AI=C;>IL;
?H
LOM?F;M
,;L;
;KO?FFIM
;MOHNIM
KO?
;@?=N;L;H
;
=IGJ?N?H=C;M
=IGJ;LNC>;M
I
=IH=OLL?HN?M
>?F
!MN;>I
S
>?
F;M


M?
?MN;<F?=…;
KO?
MC
?RCMN…;
;=O?L>I
?HNL?
F;
JIMC=C‰H
=IGH
>?
F;M

S
F;
>?
F;
>GCHCMNL;=C‰H
>?F
!MN;>I
‚MN;
M?L…;
N;G<C‚H
>?N?LGCH;HN?
J;L;
@CD;L
F;
JIMC=C‰H
H?AI=C;>IL;
CHC=C;F
>?
‚MN?
OHKO?
HI
?RCMN?H
GO=BIM
?MNO>CIM
MCMN?G}NC=IM
>?
B;MN;
KO‚
JOHNI
M?
B;
CH=ILJIL;>I
@ILG;FG?HN?
?F
=O?L>I
>?

;F
L?AF;G?HNI
CHN?LHI
S
;F
@OH=CIH;GC?HNI
JL}=NC=I
>?
F;M
IH@?L?H=C;M
/?=NILC;F?M

I
MC
?M
;JFC=;>I
>?
GI>I
CH@ILG;F

HO?MNL;M
?HNL?PCMN;M
S
;FAOHIM
INLIM
?MNO>CIM
CH>C=;H
KO?
?F
JLI=?>CGC?HNI
G;L=I
>?F
=O?L>I
>?

HI
M?
B;
>?M;LLIFF;>I
?H
F;
G;SIL…;
>?
F;M
IH@?L?H=C;M
/?=NILC;F?M
S
KO?
?RCMN?H
;H
JLI<F?G;M
?H
=O;HNI
;
FIM
@FODIM
>?
CH@ILG;=C‰H
MI<L?
FIM
;MOHNIM
?OLIJ?IM
S
?H
F;
?@C=;=C;
S
;HNC=CJ;=C‰H
>?
F;
;>IJ=C‰H
>?
;=O?L>IM
MI<L?
;MOHNIM
?OLIJ?IM
0;G<C‚H
M;<?GIM
KO?
HI
M?
>;H
GO=BIM
=;MIM
>?
;>IJ=C‰H
>?
OH;
JIMC=C‰H
=IGH
;ONIH‰GC=;
KO?
PCH=OF?
;F
!MN;>I
?H
MO
JIMC=C‰H
H?AI=C;>IL;
!MNIM
JLI<F?G;M
M?
?RJFC=;H
?H
J;LN?
JIL
F;M
JLIJC;M
FCGCN;=CIH?M
KO?
?F
;=O?L>I
CHNLI>O=…;

>?<C>I
;
F;
H?=?MC>;>
>?
FIM
AI<C?LHIM
=?HNL;F?M
?MN;N;F?M
>?
N?H?L
F;M
G;HIM
FC<L?M
J;L;
;>;JN;LM?
;F
JLI=?MI
>?
H?AI=C;=C‰H
OH;
P?T
?MNOPC?L;H
;=NO;H>I
?H
FIM
‰LA;HIM
=IGOHCN;LCIM

S
;M…
FI
=IHN?GJF;<;
?F
;=O?L>I

J?LGCNC?H>I
F;
JIMC<CFC>;>
>?
OH;
P;LC;=C‰H
MOMN;H=C;F
?H
F;
JIMC=C‰H
H?AI=C;>IL;
CHC=C;F
>?F
!MN;>I
=IGI
=IHM?=O?H=C;
>?F
JLI=?MI
>?
H?AI=C;=C‰H
=IGOHCN;LC;
MCGCMGI
M?
JL?P?…;
KO?
?H
?F
=;MI
>?
KO?
F;M

HI
;F=;HT;L;H
OH;
JIMC=C‰H
=IGH

KO?
?M
FI
KO?
I=OLL?
?H
F;
G;SIL…;
>?
FIM
=;MIM

?F
!MN;>I
M?
FCGCN;L…;
;
NIG;L
HIN;
>?
FIM
;LAOG?HNIM
?RJL?M;>IM
JIL
F;M

0;G<C‚H
M?
?RCA…;
OH
=IHM?HMI
?HNL?
F;
JIMC=C‰H
=IGH
>?
F;M

S
F;
JIMC=C‰H
>?
F;
>GCHCMNL;=C‰H
>?F
!MN;>I
=O;H>I
F;M
>?=CMCIH?M
@O?L;H
MOM=?JNC<F?M
>?
ILCACH;L
;OG?HNI
I
>CMGCHO=C‰H
>?
FIM
CHAL?MIM
>?
F;M
>GCHCMNL;=CIH?M
,<FC=;M
!H
NI>I
=;MI

?F
;=O?L>I

KO?
S;
M?
B;
>C=BI
KO?
HI
B;
MC>I
CH=ILJIL;>I
I
M?AOC>I
?H
NI>;M
F;M
IH@?L?H=C;M
/?=NILC;F?M

JL?P‚
KO?
?F
,F?HI
>?
=;>;
IH@?L?H=C;
M?
L?H;
;F
=IGC?HTI
>?
=;>;
M?G?MNL?
J;L;
;H;FCT;L
?F
JLIAL;G;
?RJO?MNI
JIL
?F
L?JL?M?HN;HN?
>?F
!MN;>I

GC?G<LI
;F
KO?
F?
=ILL?MJIH>?
F;
,L?MC>?H=C;
>?F
IHM?DI
>?
F;
1!
!H
F;
@;M?
>?M=?H>?HN?

M?
?MN;<F?=?H
>IM
I<FCA;=CIH?M
<}MC=;M
1H;
>?
L?GCMC‰H
;
F;
.!
>?
NI>IM
FIM
JLIS?=NIM
>?
HILG;M
>?
>?M;LLIFFI
>?F
?L?=BI
=IGOHCN;LCI
S
INL;
>?
GONO;
CH@ILG;=C‰H
?H
=O;HNI
;
;=NO;=CIH?M
;>GCHCMNL;NCP;M
S
>?
A?MNC‰H
>?
JLIAL;G;M
=IGOHCN;LCIM
)}M
L?=C?HN?G?HN?

?H


F;
.!
;>IJN‰
INLI
;=O?L>I
MI<L?
F;
J;LNC=CJ;=C‰H
>?
F;M

?H
F;M
L?OHCIH?M
>?
=O;NLI
@ILG;=CIH?M
>?F
IHM?DI
>?
F;
1!
=IH
=IHM?=O?H=C;M
J;L;
P;LC;M
IH@?L?H=C;M
/?=NILC;F?M
?H
MO
@OH=CIH;GC?HNI
=INC>C;HI
!MN?
;=O?L>I
?MN;<F?=…;
F;M
L?AF;M
;JFC=;<F?M
;
F;
L?JL?M?HN;=C‰H
;ONIH‰GC=;
>CL?=N;
?H
?F
IHM?DI
>?
F;
1!

L?MOFN;H>I
;@?=N;>;M
>C?T
IH@?L?H=C;M
/?=NILC;F?M
P‚;M?
F;
0;<F;

!MN;M
IH@?L?H=C;M
B;H
>?
>?MCAH;L
OH
L?JL?M?HN;HN?
;ONIH‰GC=I
J;L;
CL
?H
F;
>?F?A;=C‰H
?MJ;ˆIF;
?H
P;LC;M
>?
F;M
@ILG;=CIH?M
GCHCMN?LC;F?M
>?F
IHM?DI
,;L;
FIM
N?G;M
>?F
IHM?DI
>?
F;
1!
?H
G;N?LC;
>?
!GJF?I

,IF…NC=;
/I=C;F

/;HC>;>
S
IHMOGC>IL?M
M?
P?H
;@?=N;>;M
F;
IH@?L?H=C;
/?=NILC;F
J;L;
MOHNIM
(;<IL;F?M

L?MJ?=NI
>?F
!GJF?I
F;
IH@?L?H=C;
/?=NILC;F
>?
MOHNIM
/I=C;F?M

?H
L?F;=C‰H
=IH
N?G;M
>?
!GJF?I
S
>?
,IF…NC=;
/I=C;F
?F
IHM?DI
%HN?LN?LLCNILC;F
>?F
/*/

?H
L?F;=C‰H
=IH
N?G;M
>?
/;HC>;>
S
F;
IH@?L?H=C;
/?=NILC;F
>?
IHMOGI

?H
L?F;=C‰H
=IH
N?G;M
>?
IHMOGI
(;M
IH@?L?H=C;M
/?=NILC;F?M
>?
ALC=OFNOL;
S
?M;LLIFFI
.OL;F
S
>?
,?M=;
M?
P?H
;@?=N;>;M
L?MJ?=NI
;
F;
@ILG;=C‰H
GCHCMN?LC;F
>?F
IHM?DI
?H
G;N?LC;
>?
ALC=OFNOL;
S
,?M=;

F;
IH@?L?H=C;
/?=NILC;F
>?
)?>CI
G<C?HN?
JIL
FI
KO?
M?
L?@C?L?
;
F;
@ILG;=C‰H
>?F
IHM?DI
>?
F;
1!
?H
?M;
G;N?LC;

S
L?MJ?=NI
;
F;
@ILG;=C‰H
>?F
IHM?DI
>?
F;
1!
?H
G;N?LC;
>?
!>O=;=C‰H

&OP?HNO>
S
OFNOL;
M?
P?H
;@?=N;>;M
F;M
IH@?L?H=C;M
/?=NILC;F?M
>?
!>O=;=C‰H

>?
&OP?HNO>

S
>?
OFNOL;
$%.$

<;43?3;17/@
'31A<?7/93@
/431A/2/@
=<?
39
/1B3?2<
23
=/?A717=/17a;
3;
39
<;@38<
23
9/
)
ED<;H;D9?7
-;9JEH?7B
F7H7
IKDJEI
&78EH7B;I

ED<;H;D9?7
-;9JEH?7B
:;
IKDJEI
-E9?7B;I

EDI;@E
#DJ;HJ;HH?JEH?7B
:;B
-?IJ;C7
(79?ED7B
:;
-7BK:

ED<;H;D9?7
-;9JEH?7B
:;
EDIKCE

ED<;H;D9?7
-;9JEH?7B
:;
=H?9KBJKH7
O
;I7HHEBBE
,KH7B

ED<;H;D9?7
-;9JEH?7B
:;
*;I97

ED<;H;D9?7
-;9JEH?7B
:;
';:?E
C8?;DJ;

ED<;H;D9?7
-;9JEH?7B
:;
:K979?vD

ED<;H;D9?7
-;9JEH?7B
:;
$KL;DJK:

ED<;H;D9?7
-;9JEH?7B
:;
KBJKH7
 !F
;=O?L>I
JL?P‚
KO?
?H
F;M
IH@?L?H=C;M
/?=NILC;F?M
M?
>?MCAH?
?F
L?JL?M?HN;HN?
;ONIH‰GC=I
?H
F;M
@ILG;=CIH?M
>?F
IHM?DI

S
KO?
M?
>?=C>;
MI<L?
FIM
;MOHNIM
;
FIM
KO?
M?
;JFC=;
F;
L?JL?M?HN;=C‰H
;ONIH‰GC=;
>CL?=N;
F
CHC=CI
>?
F;
,L?MC>?H=C;
M?G?MNL;F
>?F
IHM?DI

S
;
J;LNCL
>?F
JLIAL;G;
>?
F;
,L?MC>?H=C;

F;M

B;H
>?
>?N?LGCH;L

?H
@OH=C‰H
>?
FIM
;MOHNIM
CH=FOC>IM
?H
?F
IL>?H
>?F
>…;
>?F
IHM?DI
>?
F;
1!
JL?PCMNI
J;L;
F;M
L?OHCIH?M
JLIAL;G;>;M

;KO?FFIM
;MOHNIM
;
FIM
KO?
>?<?
;JFC=;LM?
F;
L?JL?M?HN;=C‰H
;ONIH‰GC=;
>CL?=N;
,IL
INL;
J;LN?

?F
=O?L>I
>?


;J;L?HN?G?HN?
=IH
G}M
‚RCNI
KO?
?F
>?


N;G<C‚H
B;
L?KO?LC>I
F;
;>;JN;=C‰H
>?
FIM
JLI=?>CGC?HNIM
I
CH=FOMI
>?
FIM
L?AF;G?HNIM
G?>C;HN?
;=O?L>IM
>?
?MN;M

IH@?L?H=C;M
/?=NILC;F?M

KO?
B;H
C>I
NL;N;H>I
F;
G;N?LC;
?H
FIM
NL?M
FNCGIM
;ˆIM
\F;
G;SIL…;
>OL;HN?
\
S
B;H
;>IJN;>I
;=O?L>IM
J;L;
>?M;LLIFF;L
?H
MO
M?HI
?F
;=O?L>I
>?

(IM
;=O?L>IM
;>IJN;>IM
B;H
@CD;>I
>C@?L?HN?M
=LCN?LCIM
I<D?NCPIM
J;L;
F;
>?MCAH;=C‰H
>?F
L?JL?M?HN;HN?
;ONIH‰GC=I

KO?
?H
;FAOHIM
=;MIM
M?
B;H
GI>C@C=;>I
JIMN?LCILG?HN?
(IM
=LCN?LCIM
?F?AC>IM

;
P?=?M
NL;M
F;LA;M
>CM=OMCIH?M

B;H
MC>I
>C@?L?HN?M
?H
F;M
>CP?LM;M
IH@?L?H=C;M
/?=NILC;F?M

S;
KO?
?H
;FAOHIM
=;MIM
F;
J;LNC=CJ;=C‰H
?L;
G}M
>?M?;>;
JIL
F;M

KO?
?H
INLIM
!H
FIM
=;MIM
>?
CHN?L‚M
>?
NI>;M

M?
B;H
N?HC>I
KO?
<OM=;L
=LCN?LCIM
I<D?NCPIM
J;L;
LIN;L
?H
MO
J;LNC=CJ;=C‰H
!H
FIM
=;MIM
?H
KO?
HI
B;
MC>I
JIMC<F?
?F
;=O?L>I
?H
NILHI
;
OH
=LCN?LCI
I<D?NCPI

M?
B;
L?=OLLC>I
;F
MILN?I
I
;F
IL>?H
;F@;<‚NC=I

JIL
P?LM?
NI>;M
;@?=N;>;M
CAO;F

=IGI
I=OLL?
=IH
F;
,IF…NC=;
AL…=IF;
IGOHCN;LC;
M…

JIL
N;HNI

M?
B;H
OM;>I
@CH;FG?HN?
>CP?LMIM
=LCN?LCIM

=IGI
?F
IL>?H
>?
;JLI<;=C‰H
>?
FIM
!MN;NONIM

?F
=LCN?LCI
JI<F;=CIH;F

S
?H
GO=BIM
=;MIM

?F
=LCN?LCI
=O;FCN;NCPI
;FO>C>I
JIL
HO?MNLI
?HNL?PCMN;>I

G}M
>C@…=CF
>?
;JFC=;L

=IGI
?M
F;
CH=C>?H=C;
>?
F;
=O?MNC‰H
;
NL;N;L
?H
;FAOH;
=IGOHC>;>
;ON‰HIG;
MCGCMGI

F;
;>;JN;=C‰H
>?
?MN?
=O?L>I
B;
FF?P;>I
;
F;
=L?;=C‰H
>?
‰LA;HIM
?MJ?=C;FCT;>IM
J;L;
?F
>?M;LLIFFI
S
M?AOCGC?HNI
>?F
=O?L>I
?H
F;M
IH@?L?H=C;M
/?=NILC;F?M
!H
F;
IH@?L?H=C;
/?=NILC;F
>?
ALC=OFNOL;
S
?M;LLIFFI
.OL;F

JIL
?D?GJFI

F;
J;LNC=CJ;=C‰H
;ONIH‰GC=;
?H
?F
IHM?DI
>?
)CHCMNLIM
>?
F;
1!
M?
B;
;NLC<OC>I
;F
S;
?RCMN?HN?
IHM?DI
IHMOFNCPI
>?
,IF…NC=;
AL…=IF;
IGH

;F
CAO;F
KO?
?H
F;
IH@?L?H=C;
/?=NILC;F
>?
,?M=;
M?
B;
;NLC<OC>I
;F
IHM?DI
IHMOFNCPI
>?
,IF…NC=;
,?MKO?L;
IGH
!H
F;
IH@?L?H=C;
/?=NILC;F
>?
)?>CI
G<C?HN?
M?
B;
=IHMNCNOC>I
OH;
IGCMC‰H
>?
MOHNIM
!OLIJ?IM
!H
?F
IHM?DI
%HN?LN?LLCNILC;F
>?F
/*/
M?
B;
=L?;>I
OH;
IGCMC‰H
J;L;
MOHNIM
.?F;=CIH;>IM
=IH
FIM
IHM?DIM
>?
F;
1!
.1!
,IL
FNCGI

J;L;
F;M
IH@?L?H=C;M
/?=NILC;F?M
>?
MOHNIM
/I=C;F?M

J;L;
MOHNIM
(;<IL;F?M
S
)OD?L

F;M
NL?M
>?J?H>C?HN?M
>?F
GCMGI
)CHCMN?LCI

M?
B;
=L?;>I
OH
‰LA;HI
=IGH
J;L;
F;M
NL?M
IH@?L?H=C;M
FF;G;>I
#LOJI
0‚=HC=I
>?
%HN?L=IH@?L?H=C;M
/?=NILC;F?M
#%/
0;G<C‚H
F;M
>?F?A;=CIH?M
O
I@C=CH;M
>?
F;M

?H
LOM?F;M
B;H
>?M?GJ?ˆ;>I
OH
J;J?F
=;>;
P?T
G}M
CGJILN;HN?
?H
F;
;JFC=;=C‰H
>?
?MN?
JLI=?>CGC?HNI
>?
J;LNC=CJ;=C‰H

S;
KO?
?FF;M
L?=C<?H
F;
CH@ILG;=C‰H
MI<L?
F;M
CHC=C;NCP;M
=IGOHCN;LC;M
>?
F;
L?JL?M?HN;=C‰H
J?LG;H?HN?
>?
!MJ;ˆ;
J;L;
JI>?L
B;=?L
OH
M?AOCGC?HNI
>?
F;M
CHC=C;NCP;M
=IGOHCN;LC;M
;>;
P?T
G}M
?MN;M
I@C=CH;M
?MN}H
L?=C<C?H>I
N‚=HC=IM
M?=NILC;F?M
;ONIH‰GC=IM
>?
F;
=IGOHC>;>
?H=;LA;>;
>?
L?JL?M?HN;L
;
F;M
INL;M
?H
OH
N?G;

KO?
B;=?H
?F
M?AOCGC?HNI
?H
>CL?=NI
S
J;LNC=CJ;H
?H
FIM
ALOJIM
>?
NL;<;DI
JL?J;L;NILCIM
>?F
IHM?DI
>?
F;
1!
 (;
JIMC<CFC>;>
S
L?;FCT;=C‰H
?H
F;
JL}=NC=;
>?
F;
J;LNC=CJ;=C‰H
?H
?F
IHM?DI
>?
F;
1!

S
F;M
>?G;H>;M
>?
=IIL>CH;=C‰H
S
;=O?L>I
N;HNI
P?LNC=;F
=IGI
BILCTIHN;F
KO?
FF?P;
;J;L?D;>;M

B;H
N?HC>I
=IHM?=O?H=C;M
=F;L;M
?H
?F
MCMN?G;
>?
‰LA;HIM
>?
=IF;<IL;=C‰H
0I>;M
F;M

B;H
N?HC>I
S;
F;
IJILNOHC>;>
>?
L?JL?M?HN;L
;F
L?MNI
?H
;FAH
M?=NIL
?H
F;M
L?OHCIH?M
>?F
IHM?DI
>?
F;
1!
IGI
JO?>?
I<M?LP;LM?

F;
;=NCPC>;>
?M
CHN?HM;
S
;@?=N;
;
P;LC;M

=;>;
M?G?MNL?
/?
B;H
=IHN;<CFCT;>I
S;
;FL?>?>IL
>?

L?OHCIH?M
>?
F;M
>C@?L?HN?M
@ILG;=CIH?M
>?F
IHM?DI
>IH>?
B;H
J;LNC=CJ;>I

!H
GO=BIM
=;MIM

?MN;
J;LNC=CJ;=C‰H
B;
FF?P;>I
JIL
JLCG?L;
P?T
;
OH;
M?LC?
>?
?@?=NIM
BILCTIHN;F?M

S;
KO?
B;
I<FCA;>I
;
L?OHCIH?M
JL?PC;M

;
P?=?M
=IH
?F
!MN;>I
=IGI
CHPCN;>I
S
;
P?=?M
M‰FI
?HNL?
FIM
L?JL?M?HN;HN?M
;ONIH‰GC=IM

J;L;
>?MCAH;L
MO
L?JL?M?HN;HN?
S
>?@CHCL
F;
JIMC=C‰H
;ONIH‰GC=;
;
>?@?H>?L
JIL
‚MN?
(IM
JLI=?>CGC?HNIM
>?
=IIL>CH;=C‰H
>?
F;
JIMC=C‰H
;ONIH‰GC=;
S
>?MJO‚M
>?
F;
=IH=?LN;=C‰H
>?
‚MN;
=IH
F;
JIMC=C‰H
>?F
!MN;>I
M?
B;H
C>I
=L?;H>I
=IH
F;
JL}=NC=;
S
;
P?=?M
MI<L?
F;
G;L=B;
!H
;FAOHIM
=;MIM

?MNIM
JLI=?>CGC?HNIM
B;H
JO?MNI
>?
G;HC@C?MNI
JLI<F?G;M
>?
=;J;=C>;>
;>GCHCMNL;NCP;
?H
F;M
;>GCHCMNL;=CIH?M
;ONIH‰GC=;M
S
AL;H>?M
>C@?L?H=C;M
?HNL?
?FF;M
?H
?MN?
}G<CNI
S
=C?LN;
@;FN;
>?
PIFOHN;>
JIF…NC=;
JIL
J;LN?
>?
;FAOHIM
=IHM?D?LIM
!MNIM
S
INLIM
JLI<F?G;M
B;H
M;FC>I
;
F;
FOT
;F
JIH?L
?H
JL}=NC=;
FIM
=O?L>IM
>?
,;LNC=CJ;=C‰H
>?

S
?H
;FAOHIM
=;MIM
B;H
FF?P;>I
;
=IH@FC=NIM
?H
?F
GIG?HNI
>?
F;
;JFC=;=C‰H
S
;
>?M=IH@C;HT;M
?HNL?
F;M
>C@?L?HN?M
J;LN?M
+NLIM
>?
FIM
JLI<F?G;M
>?N?=N;>IM

M?ˆ;F;>IM
N;G<C‚H
JIL
;FAOHIM
NL;<;DIM

B;H
MC>I
F;
B?N?LIA?H?C>;>
>?
FIM
=LCN?LCIM
J;L;
>?MCAH;L
FIM
L?JL?M?HN;HN?M
;ONIH‰GC=IM
?H
=;>;
IH@?L?H=C;
/?=NILC;F

FIM
>?M;DOMN?M
?HNL?
F;M
L?OHCIH?M
>?
F;M
IH@?L?H=C;M
S
F;M
>?F
IHM?DI
F;
@;FN;
>?
?RJ?LC?H=C;
S
M?HMC<CFC>;>
?OLIJ?;
JIL
J;LN?
>?
;FAOHIM
=IHM?D?LIM
S
N‚=HC=IM
>?
F;M


;@?=N;H>I
;
FIM
N?G;M
>?
CHN?L‚M
;ONIH‰GC=I
?F?AC>IM
F;M
>OJFC=;=CIH?M
>?
NL;<;DI
JLI>O=C>;M

I
F;
CH;>?=O;=C‰H
>?
F;
>CMNLC<O=C‰H
?HNL?

>?
F;M
N;L?;M
JIL
J?LCI>IM
M?G?MNL;F?M
J;L;
?F
=ILL?=NI
M?AOCGC?HNI
>?
OH
;MOHNI
0;G<C‚H
?H
;FAOHIM
=;MIM

S
?H
J;LN?
>?J?H>C?H>I
>?
F;
J?LMIH;FC>;>
S
F;
M?HMC<CFC>;>
;ONIH‰GC=;
>?
FIM
>C@?L?HN?M
GCHCMNLIM
?MN;N;F?M

M?
B;H
M?ˆ;F;>I
L?NC=?H=C;M
S
@;FN;
>?
PIFOHN;>
>?
;FAOH;M
CHMN;H=C;M
?MN;N;F?M
?H
;FAOHIM
GCHCMN?LCIM
I
?H
F;
L?JL?M?HN;=C‰H
J?LG;H?HN?

L?@F?D;>;M
?H
JLI<F?G;M
>?
JLINI=IFI
I
?H
F;
@;FN;
>?
F;
=IHMC>?L;=C‰H
>?<C>;
;
FIM
=IHM?D?LIM
;ONIH‰GC=IM

;M…
=IGI
?H
>?M;=O?L>IM
L?MJ?=NI
;F
HG?LI
>?
L?JL?M?HN;HN?M
;ONIH‰GC=IM
KO?
JO?>?H
;MCMNCL
;
F;M
L?OHCIH?M
S
MI<L?
?F
J;J?F
>?F
=IHM?D?LI
;ONIH‰GC=I
?H
?F
M?HI
>?
F;
>?F?A;=C‰H
?MJ;ˆIF;
>OL;HN?
F;M
L?OHCIH?M
,;L;
NL;N;L
>?
L?MJIH>?L
;
;FAOHIM
>?
?MNIM
JLI<F?G;M
M?
?F;<IL‰
?H
?F
M?HI
>?
F;
.!
OH;
#O…;
>?
O?H;M
,L}=NC=;M
?H
>C=C?G<L?
>?


KO?
NL;N;<;
>?
ILA;HCT;L
G?DIL
F;
=IIL>CH;=C‰H
?HNL?

J;L;
JI>?L
;F=;HT;L
OH;
UJIMC=C‰H
=IGHX
MI<L?
=;>;
JOHNI
,;L;
?FFI
M?
M?ˆ;F;<;
KO?
F;
>GCHCMNL;=C‰H
>?F
!MN;>I
>?<…;
@;=CFCN;L
OH
@ILI
>?
?H=O?HNLI
;
F;M

S
M?
?MN;<F?=…;
KO?
F;
=IGOHC>;>
;ON‰HIG;
>?MCAH;>;
J;L;
L?JL?M?HN;L
S
=IIL>CH;L
F;
JIMC=C‰H
>?<?L}
?F;<IL;L
OH;
JLIJO?MN;

KO?
NL;HMGCNCL}
;
F;M
>?G}M
J;L;
KO?
B;A;H
I<M?LP;=CIH?M
/C
;FAOH;
HI
J;LNC=CJ;
?H
F;
L?OHC‰H
I
@ILGOF;
I<M?LP;=CIH?M

>?<?
;=;N;L
?F
L?MOFN;>I
;F=;HT;>I
JIL
F;M
;MCMN?HN?M
(;
L?AF;
>?
;>IJ=C‰H
>?
OH;
JIMC=C‰H
=IGH
?H
?MN?
=;MI
JL?P‚
KO?
‚MN;
M?
;F=;HT;L}
=O;H>I
HCHAOH;
=IGOHC>;>
M?
IJIHA;
 (;
AO…;
N;G<C‚H
=IHNC?H?
L?AF;M
J;L;
KO?
F;
>GCHCMNL;=C‰H
>?F
!MN;>I
;MOG;
>C=B;
JIMC=C‰H
=IGH
S
F;
CHN?AL?
?H
F;
JIMC=C‰H
H?AI=C;>IL;
>?F
!MN;>I

>?
;=O?L>I
=IH
?F
L?J;LNI
=IGJ?N?H=C;F
S
FIM
CHN?L?M?M
>?
F;M

0;G<C‚H
J?LGCN?
KO?
F;
=IGOHC>;>
;ON‰HIG;
KO?
L?JL?M?HN;
;
NI>;M
?H
?F
IHM?DI
>?
F;
1!
S
=IIL>CH;
FIM
NL;<;DIM
N‚=HC=IM
MIFC=CN?
F;
=L?;=C‰H
>?
OH
UALOJI
>?
=IHN;=NIX
@ILG;>I
JIL
OH
G}RCGI
>?
NL?M

J;L;
?F
M?AOCGC?HNI
N‚=HC=I
>?
F;M
CHC=C;NCP;M
=IGOHCN;LC;M


!F
IHM?DI
>?
F;
1!
?M
HC=I

;OHKO?
M?
L?H?
?H

@ILG;=CIH?M
>C@?L?HN?M
>?J?H>C?H>I
>?
FIM
;MOHNIM
;
NL;N;L
MOHNIM
#?H?L;F?M

&OMNC=C;
?
%HN?LCIL

MOHNIM
!=IH‰GC=IM
S
"CH;H=C?LIM
!MN}
@ILG;>I
JIL
?F
,L?MC>?HN?
=;LAI
LIN;NCPI
KO?
I=OJ;
OH
&?@?
>?
#I<C?LHI
>?
OH
!MN;>I
GC?G<LI

HIG<L;>I
JIL
M?CM
G?M?M
S
FIM
L?JL?M?HN;HN?M
>?
FIM
#I<C?LHIM
>?
FIM
!MN;>IM
GC?G<LIM
 
#" )'Y"


&''

)&#
-

)




#"'(&)Y"
)&#$
$;S
NL?M
@;M?M
?H
F;
L?F;=C‰H
?HNL?
?F
?OLI
S
F;
=LCMCM
>?
F;
>?O>;
MI<?L;H;
?OLIJ?;
!H
JLCG?L
FOA;L

?F
>CM?ˆI
CHMNCNO=CIH;F
CHC=C;F
>?F
?OLI
;OG?HN‰
JF;OMC<F?G?HN?
FIM
LC?MAIM
@CM=;F?M
>OL;HN?
?F
J?L…I>I
;HN?LCIL
;
F;
=LCMCM
!H
M?AOH>I
FOA;L

OH;
P?T
KO?
M?
JLI>ODI
?MN;

FIM
>?@?=NIM
>?
>CM?ˆI
;GJFC@C=;LIH
?F
CGJ;=NI
@CM=;F
>?
F;
>CH}GC=;
>?
=LCMCM
;
NL;P‚M
>?
GFNCJF?M
=;H;F?M
!H
N?L=?L
FOA;L

F;M
L?MNLC==CIH?M
CGJO?MN;M
JIL
F;
OHC‰H
GIH?N;LC;
N;G<C‚H
B;H
>;>I
@ILG;
;
F;
>OL;=C‰H
S
?F
LCNGI
;HNC=CJ;>IM
>?F
J?LCI>I
>?
L?=OJ?L;=C‰H
JIMN?LCIL

DOHNI
=IH
F;
L?MJO?MN;
JIF…NC=;
=;‰NC=;
>?
F;
1!
;F
HI
=IHN;L
=IH
CHMNCNO=CIH?M
?MJ?=…@C=;M
J;L;
F;
A?MNC‰H
>?
=LCMCM
!H
=IH=FOMC‰H

?F
ILCA?H
S
F;
JLIJ;A;=C‰H
>?
F;
=LCMCM
>?
F;
>?O>;
MI<?L;H;
?OLIJ?;
JO?>?H
;NLC<OCLM?
;F
>CM?ˆI
ILCACH;F
>?@?=NOIMI
>?F
?OLI
!H
J;LNC=OF;L

BO<I
OH;
=IGJL?HMC‰H
CH=IGJF?N;
>?
F;
@L;ACFC>;>
>?
OH;
OHC‰H
GIH?N;LC;
?H
=IH>C=CIH?M
>?
=LCMCM

?MJ?=C;FG?HN?
?H
;OM?H=C;
>?
OHC‰H
<;H=;LC;
S
INLIM
G?=;HCMGIM
>?
;GILNCAO;GC?HNI
;
HCP?F
?OLIJ?I
,IL
INL;
J;LN?

?F
>?MIL>?H
CHB?L?HN?
CHPIFO=L;>I
?H
JLIJIH?L
?
CGJF;HN;L
L?MJO?MN;M
CH=L?G?HN;F?M
>?
A?MNC‰H
>?
=LCMCM
?H
GFNCJF?M
J;…M?M
MI<L?
F;
G;L=B;
B;
MC>I
OH
CGJILN;HN?
@;=NIL
>?
>?M?MN;<CFCT;=C‰H
>OL;HN?
NI>;
F;
=LCMCM
(;H?

(;
=LCMCM
>?

B;
I@L?=C>I
OH;
HO?P;
IJILNOHC>;>
J;L;
KO?
JL?P;F?T=;
?F
GI>I
CHN?LAO<?LH;G?HN;F
>?
;>IJ=C‰H
>?
>?=CMCIH?M
?H
F;
1!

B;
>?D;>I
OH
?MJ;=CI
G;LACH;F
J;L;
F;
OFN?LCIL
CH=FOMC‰H
>?
FIM
=CO>;>;HIM
?H
FIM
JLI=?MIM
>?
;>IJ=C‰H
>?
>?=CMCIH?M
S
B;
JLIJIL=CIH;>I
OH;
>?@CHC=C‰H
GOS
?MNL?=B;
>?
?@?=NCPC>;>
/NL??=E
S
/=B~@?L


*I
I<MN;HN?

F;
JIF…NC=;
CHN?LH;=CIH;F
GO?MNL;
?H
F;
;=NO;FC>;>
OH;
MCNO;=C‰H
=OLCIM;
(IM
!MN;>IM
1HC>IM
S;
HI
KOC?L?H
M?L
F;
HC=;
MOJ?LJIN?H=C;
!F
JL?MC>?HN?
?MN;>IOHC>?HM?
HI
KOC?L?
FC>?L;L
OH;
MOJ?LJIN?H=C;
MIFCN;LC;
*;>C?
G}M
KOC?L?
KO?
FIM
!MN;>IM
1HC>IM
FI
M?;H
S

>?
B?=BI

HI
JO?>?H
J?LGCN…LM?FI
,?LI
HI
NC?H?H
HCHAH
MI=CI
;
F;
PCMN;
J;L;
=IGJ;LNCL
MO
JIMC=C‰H
S
MC
>?D;M?H
>?
I=OJ;LF;

H;>;
HC
H;>C?
I=OJ;L…;
MO
FOA;L
%H=FOMI
NL;M
F;
?HNL;>;
?H
PCAIL
>?F
0L;N;>I
>?
(CM<I;
?H
>C=C?G<L?
>?


F;
1!
HI
?M
OH;
?HNC>;>
JIF…NC=;
OHC>;
=;J;T
>?
=IIL>CH;L
OH;
JIF…NC=;
OHC@C=;>;

JIL
?D?GJFI

?H
@A;HCMN}H

+LC?HN?
,L‰RCGI

%L}H

IL?;
>?F
*ILN?

I
=O;FKOC?L
INLI
FOA;L
>?F
GOH>I
?H
OH
@ONOLI
JL‰RCGI
!OLIJ;
HI
JO?>?
M?L
?F
MI=CI
CH>CMJ?HM;<F?
?H
F;
JIF…NC=;
CHN?LH;=CIH;F
,IL
?D?GJFI

?H
F;
=OG<L?
MI<L?
?F
=;G<CI
=FCG}NC=I
?H
IJ?HB;AO?

?F
JL?MC>?HN?
+<;G;
H?AI=C‰
=IH
BCH;
J?LI
HI
=IH
!OLIJ;

KO?
?M
CH=;J;T
>?
;>IJN;L
JIMC=CIH?M
=IGOH?M
;HN?
FIM
AL;H>?M
;MOHNIM
>?
F;
JIF…NC=;
CHN?LH;=CIH;F
!OLIJ;
?M
NI>;P…;
F;
G?DIL
?MJ?L;HT;
>?
FIM
?MN;>IOHC>?HM?M
JILKO?
;H
=L??H
KO?
<O?H;
J;LN?
>?
FIM
?OLIJ?IM
=IGJ;LN?H
MOM
P;FIL?M
J?LI
G}M
JLIHNI
KO?
N;L>?
M?
>?M?HA;ˆ;L}H
+LA;HCT;L
OH
L‚ACG?H
CHN?LH;=CIH;F
>?
M;H=CIH?M

HI
>CA;GIM
OH;
IJ?L;=C‰H
GCFCN;L

=IH
F;
>CPC>C>;
!OLIJ;

=IHNCHO;L}
MC?H>I
OH;
GCMC‰H
CGJIMC<F?
IGI
B;
M?ˆ;F;>I
=IH
FO=C>?T
0CGINBS
#;LNIH
MB

!OLIJ;

;F
?PCN;L
;>IJN;L
>?=CMCIH?M
>C@…=CF?M

IJN;
JIL
UOH
>?=FCP?
MO;P?

F?HNI
S
@L;AG?HN;>IX

?H
INL;M
J;F;<L;M

JIL
F;
CLL?F?P;H=C;
A?IJIF…NC=;
 #P
AOCF;L

/

U!@?=NIM
S
G?=;HCMGIM
>?
F;
?OLIJ?CT;=C‰H
L?@F?RCIH?M
?H
NILHI
;
F;
JIF…NC=;
G?>CI;G<C?HN;F
?MJ;ˆIF;X

)6G:DE2
56
DEF5:@D
'@=tE:4@D



;<LCFDOHCI

MB

0
#

U[‰GI
B?GIM
FF?A;>I
;
?MNIX

=
'2tD


>?
HIPC?G<L?
;LH?M

/
;PC>MMIH



.;Q>;HIQC=T

(

U!OLIJ?M
H?Q
@CM=;F
LOF?MX

+!
!=IHIGC=M
?J;LNG?HN
3ILECHA
,;J?LM


ŠLT?F

0


.CMM?

0

UIH=?JNO;FCTCHA
NB?
IG?MNC=
%GJ;=N
I@
!OLIJ?X

?H
"?;NB?LMNIH?

.;>;?FFC
=IGJM

LCNT

)

.BCH;L>

)

U0B?
:!OLIJ?;HCM;NCIH
I@
H;NCIH;F
;>GCHCMNL;NCIHMX

92==6?86
FC@A6

>C=C?G<L?

FIM;



U&OA;H>I
;
L;NC@C=;L
F;M
L?AF;M
>?
?HNL;>;
?H
PCAIL
>?F
HO?PI
0L;N;>I
>?
!MN;<CFC>;>

IIL>CH;=C‰H
S
#I<?LH;HT;
>?F
?OLIX

.%
 


>?
G;LTI
.?;F
%HMNCNONI
!F=;HI
FIM;


=IGJ

#2
6FC@A6:K24:x?
56=
D:DE6>2
A@=tE:4@
6DA2w@=
);>LC>
%MNGI
IFCHI



UH}FCMCM
>?
F;
JL}=NC=;
S
>?
F;
>CH}GC=;
>?
FIM
JLI=?MIM
@ILG;F?M
?
CH@ILG;F?M
>?
F;M
L?F;=CIH?M
CHN?LAO<?LH;G?HN;F?MX

?H
L<‰M

4

IFCHI


#;L=…;

)
&

,;LL;>I

/

#2D
C6=24:@?6D
:?E6C8F36C?2>6?E2=6D
6?
6=
DE25@
2FE@?x>:4@
;L=?FIH;
%HMNCNON
>!MNO>CM
ONIH‹GC=M
IG…HAO?T

&
)

(‰J?T

&
)

U(;
L?@ILG;
>?
F;
JIF…NC=;
>?
?MN;<CFC>;>
JL?MOJO?MN;LC;
?H
!MJ;ˆ;
;H}FCMCM
>?
F;
(?S
+LA}HC=;
>?
!MN;<CFC>;>
,L?MOJO?MN;LC;
S
/IMN?HC<CFC>;>
"CH;H=C?L;X

I=OG?HNI
>?
0L;<;DI


%HMNCNONI
1HCP?LMCN;LCI
>?
H}FCMCM
!=IH‰GC=I
S
/I=C;F
1HCP?LMC>;>
>?
F=;F}
"?;NB?LMNIH?

'

.;>;?FFC


)
=IGJM

+96
'@=:E:4D
@7
FC@A62?:K2E:@?
+R@IL>
+R@IL>
1HCP?LMCNS
,L?MM
#IHT}F?T,}L;GI

&

U0B?
L?@ILG
I@
NB?
/N;<CFCNS
;H>
#LIQNB
,;=N
H
;MM?MMG?HNX

BNNJ
QQQ?=<CHN JL?MM E?S >;N?  BNGF MJ?HBNGF

;==?MI

I=NO<L?

#ÖH?S



0?ECH


=IGJM

+96
FC@A62?:K2E:@?
@7
+FC<:D9
'F3=:4
'@=:4:6D

D4@C642C5
<CHA>IH
.IONF?>A?
';MMCG

$

U)??NCHA
NB?
?G;H>M
I@
!1
)?G<?LMBCJ
0B?
!OLIJ?;HCT;NCIH
I@
*;NCIH;F
>GCHCMNL;NCP?
/SMN?GMX

?H
'
"?;NB?LMNIH?
S

)
.;>;?FFC
=IGJM

'HCFF

B

(?GEOBF



U$IQ
!OLIJ?
);NN?LM
C@@?L?HN
)?=B;HCMGM
I@
!OLIJ?;HCT;NCIHX

FC@A62?
?E68C2E:@?
@?=:?6
'2A6CD




(;H?

,
.

U0B?
!OLIJ?;H
/IP?L?CAH
?<N
LCMCMX

!@FC?2=
@7
4@?@>:4
'6CDA64E:G6D





P?L;HI

)IFCH;

%

U(;
;>;JN;=C‰H
;
F;
1HC‰H
!OLIJ?;
>?F
JI>?L
?D?=ONCPI
?MJ;ˆIFX

?H
FIM;
=IGJ

)IL;N;

"

;
U%HNLI>O==C‰H
?F
JLI=?MI
>?
?OLIJ?CT;=C‰H
S
!MJ;ˆ;X

?H
)IL;N;

);N?I
=IGJM
V
<
U(;
?OLIJ?CT;=C‰H
>?F
!MN;>I
;ONIH‰GC=IX

?H
)IL;N;

);N?I
=IGJM
)IL;N;

"

);N?I

#
=IGJM
<
DA2w2
6?
FC@A2FC@A2
6?
DA2w2

;L=?FIH;
% +
,C?>L;@CN;
/

/N?CH<?LA
"

0ILL?<F;H=;
&
%

U(;
!OLIJ?CT;=C‰H
>?
!MJ;ˆ;
X

'@=tE:42
IE6C:@C


P?L;HI
.;>;?FFC



U0B?
!OLIJ?;HCM;NCIH
I@
,O<FC=
,IFC=SX

?H
'
"?;NB?LMNIH?
S

)
.;>;?FFC
=IGJM

/=BGC>N

2

U,LI=?>OL;F
>?GI=L;=S
CH
NB?
!1
NB?
!OLIJ?;HCT;NCIH
I@
H;NCIH;F
;H>
M?=NIL;F
JIFC=SG;ECHA
JLI=?MM?MX

!@FC?2=
@7
FC@A62?
'F3=:4
'@=:4J





/NL??=E

3

/=B~@?L



'@=:E:4D
:?
2?
86
@7
FDE6C:EJ
;G<LC>A?
,IFCNS
0?ECH



U%HNLI>O=NCIH
;
@L;G?QILE
I@
;H;FSMCM
@IL
NB?
!OLIJ?;HCT;NCIH
I@
0OLE?SX

?H
0?ECH

#ÖH?S

=IGJM

0?ECH



#ÖH?S


=IGJM

+96
FC@A62?:K2E:@?
@7
+FC<6J
'@=:EJ
2?5
'@=:E:4D
<CHA>IH
.IONF?>A?