!"" #
!"" #
!" #
$
% & '
(
)
& %
$
* +
,
%
+
-
+ & .$
/
!$
0$
$
* (
6
+
77777777
'
(
!" #
3
$
(
6
&
777777777777777777777777777777777777
% & * + ,
777777777777777777777777777777777777
& 4 8
777777777777777777777777777777777777
,
.,/0%
* *3 '$ ($ &%1/23% ',4&'5/'23% . 6'5'23% ').0( &(,'$.'&% 1( .4%0(1(
!"" #7 50 $ # 3 : + 1
; 3 1 2 3 !""5$
) .<<" 3
+8 2 / 3 (
1 = > = >$ *
+ 3 3 $
- ? 3 + 3
8 + @ 3 +8
+ $ * + 3 3 +
/ A $
? B + + @
/ 3 + &
3 6 3 A ? C
( =.<< -!"" >$
% + - + & =.> / 3 =!> 3 =0>
!"# $ #
% ! $ ! # ! $
& % '( ) !!
# '( * *
% '( ! ! # &
! ! '( ! # &
! ! '(
% '( ! ' +
$ # % ( # &*
! ! '( # % ( #
&*
# '( ! '( # &
& " ,! ! - &
# * !"# - &
!"# ! # &
# * !"# - # &
# &
# '( $ #
# '( $ # &
# !"# $ #
# !"# $ #
&
% '( % %+ %
%
% '( % %+ % ! '
!
##. %
!
" #
$
!
"
% &'
(
!
!'(
*
- "#
'(
/
(
) &
(
$ *+ ,
-
%
.
/
(
- 0 '( % ! '(
0
" $.*+
"
% $
.
" . $
1
221 (
!
"
!#
! ! -
/
#1
2
! $% (
( (
#$ 3 $
1
# '( #
&
( 0
!
44
( 0
' $
52
( 0 (
6
5
$
%
$$
&'()*+,-./0
345678 7978: 79 4;6<=9 9<=869> 78 =63?9 6<=63 69 7@<979 73 A8B9? 3C=D=78: 69: :9>9: 73 <=63?9 78 E9F: A=>?3: DB9:=>3=B8: E9B9 ?9=: 73 5? ?=>GH8 73 3:E3<I978B3:* 3:I9 J596I=7973 B375K=5 E9B9 69 7@<979 73 3 3? 6L?3B8 A8= 73 68 E3BF878 73 9I@ 86:=73B9678 3:I3: 7978: E873?8: 8D:3BM9B J53 8<8BB3B9? ?5796N9: :=46=A=<9I=M9: 69 =67L:IB=9 <=63?9I84BOA=<9 DB9:=>3=B9 69: L>I=?9: 7@<979: ? & A8= <B=979 9 ?EB3:9 #B9:=>3=B9 73 =>?3: ?DB9A=>?3 * 5?9 3?EB3:9 3:I9I9> J53 I3M3 5? E9E3> A5679?36I9> 69 EB875NH8 3 3C=D=NH8 73 A=>?3: DB9:=>3=B8: 68 E3BF878 73 9I@ 8 968 73 * 75B96I3 8 8M3B68 8>>8B* 9 3?EB3:9 36<3BB85 9: 9I=M=7973: :I8 6H8 9E369: B3EB3:36I85 8 A=? 79 3?EB3:9* <8?8 I9?D@? 8 9IB8A=9?36I8 73 5?9 E8>FI=<9 M8>I979 P EB875NH8 3 7=:IB=D5=NH8 78 <=63?9 69<=869>
8? 8 A3<G9?36I8 79 ?DB9A=>?3* 68 E3BF878 36IB3 3 8 E9F: I3M3 9E369: 5? A=>?3 DB9:=>3=B8 3C=D=78 E9B9 ?9=: 73 5? ?=>GH8 73 3:E3<I978B3: EB=?3=B9 ?3I973 79 7@<979 73 A8= ?9B<979 E8B 5?9 E3J5369 EB875NH8 73 A=>?3: DB9:=>3=B8: :8?978 9 5?9 =63CEB3::=M9 E9BI=<=E9NH8 78: A=>?3: DB9:=>3=B8: 68 ?3B<978 3C=D=78B 3:I3 <86I3CI8 8 I3?9 79: E8>FI=<9: 73 =6<36I=M8 P <5>I5B9 I3M3 5? E9E3> <36IB9> 68: 73D9I3: 36IB3 9 <>9::3 <=63?9I84BOA=<9 3 8 :I978 ? 73<8BB;6<=9 79 63<3::=7973 73 3:I9D3>3<3B 68M8: 9>=<3B<3: E9B9 8 <=63?9 DB9:=>3=B8* A8B9? <B=979: 69 EB=?3=B9 ?3I973 79 7@<979 73 9 3= 85963I ?9=: <86G3<=79 E8B >3= 73 =6<36I=M8 9 <5>I5B9 3 9 3= 78 57=8M=:59> :I9: >3=: A8B9? 73<=:=M9: E9B9 EB8?8M3B 5?9 B3I8?979 79 =67L:IB=9 <=63?9I84BOA=<9 DB9:=>3=B9
:I9 B3I8?979* 36IB3I96I8* 6H8 :3 735 79 ?3:?9 A8B?9 <8?8 68 E3BF878 73 & 9I@ * E8=: 9 E9BI=<=E9NH8 78 <=63?9 DB9:=>3=B8 3? I3B?8: 73 ELD>=<8 7=?=65=5 7B9:I=<9?36I3 8 E3BF878 96I3B=8B IF6G9?8: 3? ?@7=9 ?9=: 73 Q 78 ?3B<978* 6L?3B8 J53 <G3485 9 E9::9B 73 Q 3? 9>456: 968: * 69 3I8?979 3:I9 ?@7=9 E9::85 E9B9 9EB8C=?979?36I3 Q 85 :3R9* 5? 7 6 E85<8 3CEB3::=M8
%3B 63C8
E8>FI=<9 73 =6<36I=M8 P <5>I5B9 E8::5= 5?9 B3>9NH8 ?5=I8 EBTC=?9 <8? 9 =67L:IB=9 <=63?9I84BOA=<9 9 4B9673 ?9=8B=9 78: E9F:3: 3:I3 I=E8 73 E8>FI=<9 9A3I9 7=B3I9?36I3 3:I9 =67L:IB=9 8 #B9:=> 68 J53 :3 B3A3B3 P: B3>9NU3: 36IB3 :I978 3 =63?9* 7=M3B:9: IB96:A8B?9NU3: :=46=A=<9I=M9: E873? :3B M=:59>=K979: 69: L>I=?9: 7@<979: !9B9 36I3673B 9: IB96:A8B?9NU3: 8<8BB=79: 68 E9F: @ EB3<=:8 3:I579B 9: 3CE3B=;6<=9:* E9BI=<5>9B=7973: 3 9 G=:ITB=9 78 <=63?9 DB9:=>3=B8* 9::=? <8?8 9: ?5796N9: 8<8BB=79: 68 <36OB=8 I96I8 79 3<868?=9 ?567=9> J596I8 78 <=63?9 =6I3B69<=869> E369: 9::=? E873B3?8: 969>=:9B <8? 3A=<O<=9 9: ?37=79: 978I979: E3>8 E9F: 3 E873B B3:E8673B E8B J53 73E8=: 73 =6=<=9B 5? 68M8 EB8<3::8 73 B3>9NH8 36IB3 :I978 3 =63?9* 9=679 6H8 A8= E8::FM3> B3I8?9B 8 96I=48 6FM3> 73 E9BI=<=E9NH8 78 ?3B<978 E3>8 A=>?3 DB9:=>3=B8
=67L:IB=9 78 <=63?9
=67L:IB=9 78 <=63?9* 9E3:9B 73 :59: E9BI=<5>9B=7973:* ?96I@? 5?9 B3>9NH8 <8? 9 3M8>5NH8 79 3<868?=9 <9E=I9>=:I9* 8 J53 3?E=B=<9?36I3 E873 :3B :5:I36I978* 9IB9M@: 79 G=:ITB=9 78 <=63?9 ?567=9> C3?E>8: <8?8 8 79 B3>9NH8 79 9:<36:H8 78 <=63?9 3:I9756=736:3 68 ET: !B=?3=B9 B9673 53BB9 3 8 <B3:<=?36I8 3<86V?=<8 78 E9F: 68 E3BF878* 85 8 79 <B=:3 68 <=63?9 DB9:=>3=B8 3? 73<8BB;6<=9 79 <B=:3 ?9<B83<86V?=<9 75B96I3 9 8M9 3ELD>=<9* E873? :3B 5:978: E9B9 9 M=:59>=K9NH8 73:I9 B3>9NH8 9679> .8G6:86 <8?36I9 3:I3 I=E8 73 B3>9NH8 68 <=63?9 DB9:=>3=B8 75B96I3 9 8M9 3ELD>=<9/
G3 <B=:=: 8A #B9K=>=96 <=63?9 =6 IG3 W: =: 8DM=85:>X E9BI 8A IG3 69I=869> 3<868?=< <B=:=: =6 9 E3B=87 YG36 IG3 :8 <9>>37 3<868?=< ?=B9<>3 & * <G9B9<I3B=K37 DX G=4G 4B8YIG B9I3: 967 B3>9I=M3>X >8Y =6A>9I=86* Y9: B3E>9<37 DX 96 3<868?=< 6=4GI?9B3 Y=IG 9 A8B3=46 73DI 8A ?8B3 IG96 863 G567B37 D=>=86 78>>9B: 967 96659> =6A>9I=86 B9I3: 3C<337=64 E3B<36I . ) * * E
3 &
8 3:I9D3>3<3B 3:I9 >=49NH8* E873?8: 3? E9BI3 9D8B79B 9 =67L:IB=9 78 <=63?9 73 9<8B78 <8? 8 9B<9D85N8 I3TB=<8 A8B63<=78 E3>9: I38B=9: 3<86V?=<9: ?3:?8 95I8B B39>=K9 5?9 96O>=:3 78 <=63?9 DB9:=>3=B8 J53 68: B3?3I3 P 73E367;6<=9 3<86V?=<9 3 98 :5D73:36M8>M=?36I8 1 9679> .8G6:86 9B453: IG9I IG3 #B9K=>=96 ?8M=3 =675:IBX G9: D336 ?9BS37 DX 5673B73M3>8E?36I :=6<3 =I: =6<3EI=86 DX M=BI53 8A =I: 3<868?=< 73E36736<32
9D8B7943?* 68 36I96I8 @ E9B<=9>?36I3 MO>=79* E8=: 8 A9I8 73 3C=:I=B E9BI=<5>9B=7973: <8?E>3C=A=<9 9 96O>=:3 3:I578 E8B ?3=8 73 I38B=9: EB@ <86<3D=79: <8?8 ?873>8: 73 96O>=:3 73M3 <83C=:I=B <8? 8 79: :=645>9B=7973: 79 =67L:IB=9 <8?E>3C=A=<9NH8 EB=?3=B9?36I3 9E9B3<3 3? 73<8BB;6<=9 79 EBTEB=9 69I5B3K9 78 D3? : A=>?3: E8B B3EB3:36I9B3? EB875I8: <5>I5B9=: 85 D36: :=?DT>=<8:* B3?3I3? 9 5?9 EB38<5E9NH8 =738>T4=<9 3 <5>I5B9>* 8 J53 @ ?8I=M8 :5A=<=36I3 E9B9 J53 9 96O>=:3 73:I9 =67L:IB=9 :3R9 E3<5>=9B 5IB8 A9I8B =?E8BI96I3 3:IO 69 3:IB5I5B9 ?567=9> 79 =67L:IB=9 73 <=63?9* 69 J59> 9 EB3:36N9 G343?V6=<9 78 <=63?9 3:I9756=736:3 <G349 9 :3B EB38<5E96I3 9I@ E9B9 E9F:3: 7=I8: <36IB9=: 7 6 E873 68: 9R579B 69 M=:59>=K9NH8 78 EB8D>3?9/
1' /.2*+0 )'/0) 3 44#
BH * Q
* Q
-67=9 * Q
G=69 & * Q
.9EH8 * Q
B96N9 &* Q
3=68 6=78 * Q
IO>=9 * Q
>3?96G9 * Q
:E96G9 &* Q
#B9:=> * Q
B436I=69 * Q
9697O * Q
@C=<8 * Q
501&' 6 0&-./.7089' 1* +*&/01' 1': /.2*+0: 20/.'20.: ; 44#<
!9F:3: <8?8 BH 3 G=69* E8::53? 5? 3>3M978 7 6 * E8B@? =:I8 E873 :3B 3CE>=<978 E3>9 <36:5B9 EB9I=<979 98: A=>?3: 3:IB9643=B8: E9BI=<=E9NH8 68 ?3B<978 73 E9F:3: <8?8 >3?96G9* :E96G9 3 9697O @ ?5=I8 E3J5369 I@ ?3:?8 8: ?9=8B3:
7 6 79 5B8E9* <8?8 B96N9 3 3=68 6=78* :H8 E3J5368: :3 <8?E9B978 98 78 >@? 73 78?=69B 8 ?3B<978 =6I3B68* 8 @ B3:E86:OM3> E3>9 ?9=8B E9BI3 78: A=>?3: 3:IB9643=B8: J53 <=B<5>9? 68 ?5678
86IB9:I9678 <8? 8 A9I8 73 J53 8 <=63?9 3? 9>456: E9F:3: <36IB9=: :3 36<86IB9 3? <867=NU3: E3B=A@B=<9:* 9 -67=9 :3 :=I59 3? 5?9 E8:=NH8 EB=M=>34=979 69 3:IB5I5B9 <=63?9I84BOA=<9 ?567=9> =67L:IB=9 <=63?9I84BOA=<9 =67=969 :3 <86<36IB9 69 <=7973 73 #8?D9=?* <G9?979 E8B #8?D9X 85 #8>>XY887* 3:I9 =67L:IB=9 @ B3:E86:OM3> E3>9 ?9=8B EB875NH8 73 A=>?3: 68 ?5678* 69: 7@<979: 73 3 9 ?@7=9 A8= 73 A=>?3: 73 >8649 ?3IB943? E8B 968* 3 3? A8B9? EB875K=78: >8649: ?3IB9436: : 6FM3=: 73 <86:5?8* E9BI=<=E9NH8 78 <=63?9 =67=968 68 ?3B<978 =6I3B68 3 3CE8BI9NH8* :H8 ?9=8B3: 78 J53 3? ?5=I8: E9F:3: 78 EB=?3=B8 ?5678 7=O>848 <8? 9 =7@=9 79 73E367;6<=9* E9BI=678 73 5?9 96O>=:3 3:IB=I9?36I3 3<86V?=<9* E873 6H8 A9K3B :36I=78 63:I3 <9:8* E8B@? 9 73E367;6<=9 6H8 :3 B3:IB=643 9E369: P 3<868?=9* 5?9 M9B=9NH8 E873 :3 79B 68 <9?E8 <5>I5B9>
!873?8: M3B 9 :345=6I3 96O>=:3 :8DB3 8 <=63?9 =67=968* :345678 8?3: &* E & 1 B9=K ?9=: E873B8:9 73::9 EB875NH8 @* 36IB3I96I8* <86:I=I5F79 E8B =7@=9:* =?9436: 3 3:I=>8 RO A9DB=<978: E3>8: 8<5E96I3: E9B9 8 <86:5?8 78: 8<5E978:2
: <867=NU3: :T<=8 <5>I5B9=: 79 -67=9 E8::=D=>=I9B9? 9 <86:I=I5=NH8 3 <86:8>=79NH8 73 5?9 =67L:IB=9 <=63?9I84BOA=<9 P <8?E8:=NH8 :3?3>G96I3 P 68BI3 9?3B=<969* <8? D9:3 68: 4B9673: 3:IL7=8: 3 <9><978: 69 B39>=K9NH8 78 IB=E@ 78 A9K3B <=63?9I84BOA=<8/ EB875NH8 7=:IB=D5=NH8 3 3C=D=NH8
%367=78 <8?8 5?9 ?OJ5=69 69BB9I=M9 :3? =459>* <9E9K 73 A8B63<3B EB9K3B <8?8 E85<8:* 8 <=63?9 G8>>XY887=968 A8= :3678 <86:5?=78 98 >8648 78: I3?E8: <8?8 73:>5?DB96I3 =6:IB5?36I8 73 7=M3B:H8 5678 9A8B9* :59 EB=?9K=9 I@<6=<8 =675:IB=9> 3 :35 A9:<F6=8 ?=7=OI=<8 73:<86<3BI9B9? 9 ?5=I8: 8 =?E5>:8 73 >5I9B <86IB9 :59 G343?86=9 98 73:3R8 =6<86IB8>OM3> 73 <8E=O >8* 7=M3B:8: A8B9? 9: <=63?9I84B9A=9: 3 8: :5R3=I8: J53 IB=>G9B9? <9?=6G8: 9 E9BI=B 79 :59 EB3:36N9 ?9B<96I3
73:3R8 73 :345=B 8 4B9673 3C3?E>8 8B=4=685 =6L?3B9: I36I9I=M9: 73 =675:IB=9>=K9NH8 78 :3I8B 98 B378B 78 ?5678 I9>M3K 636G5?9 I36G9 :=78 IH8
D3? :5<37=79 J596I8 9 =67=969 5? E9F: 73 9?E>9: 7=?36:U3: 3 <5>I5B9 3CIB3?9?36I3 7=M3B:=A=<979* 68 J59> =6L?3B9: >F6459: 3 7=9>3I8: 7=M=73? 8 ?9E9 3 <5R9: <867=NU3: 3<86V?=<9: :H8 <8?E>=<979:* A>8B3:<3B9? 7=M3B:8: ET>8: =675:IB=9=: ?8>7978: P :3?3>G96N9 73 )8>>XY887 B9673: 3:IL7=8:* 8
E873B8:8* EB875NU3: M5>I8:9: *
: =?E>=<9NU3: =738>T4=<9: 3 <5>I5B9=: 79 =67L:IB=9 73 <86I3L78:* 69 J59> 8 <=63?9 @ 5? 78: EB=6<=E9=: E=>9B3:* 9::=? <8?8 9 <8?E8:=NH8 79 3:IB5I5B9 <=63?9I84BOA=<9 ?567=9>* <9B9<I3B=K979 E3>9 =6:3BNH8 G343?V6=<9 78 <=63?9 3:I9756=736:3* >34=I=?9 9 3C=:I;6<=9 73 5?9 B3>9NH8 36IB3 :I978 3 <=63?9 8 #B9:=>* 9 =67L:IB=9 73 <=63?9* 9E3:9B 73 ?9=: 73 5? :@<5>8 78 :35 =6F<=8* E873 :3B <8?E9B979 9 5?9 =67L:IB=9 69:<36I3 J53 69 95:;6<=9 73 ?37=79: EB8I3<=86=:I9: ?8:IB9 :3 =6<9E9K 73 :3 95I8 :5:I36I9B
6 >9B43 E9BI D3<95:3 8A IG9I 78?=69I=86* IG3 #B9K=>=96 A=>? =675:IBX G9: I8 9 4B39I 3CI36I D3<8?3 73E36736I 86 48M3B6?36I :5EE8BI A8I =I: :5BM=M9> 5I:=73 8A IG3 6=I37 I9I3:* 7=B3<I 48M3B6?36I :5EE8BI 8A 69I=869> A=>? =675:IB=3: =: IG3 B5>3* 68I IG3 3C<3EI=86 675:IB=3: =6 5B8E3* AB=<9* IG3 =77>3 9:I* :=96* 9I=6 ?3B=<9* 9:: Y3>> 9: 96979 967 5:IB9>=9* 9B3 :5EE8BI37 =6 863 Y9X 8B 968IG3B DX IG3 :I9I3 M36 67=9* YG=<G G9: 863 8A IG3 >9B43:I 967 ?8:I :5<<3::A5> <8??3B<=9> A=>? =675:IB=3: =6 IG3 Y8B>7* EB875<=64 8M3B :3M36 G567B37 A=>?: E3B X39B* G9: 9 48M3B6?36I :E86:8B37 36I3BEB=:3* IG3 =>? =696<3 8BE8B9I=86* YG=<G ?9S3: IG3 EB875<I=86 8A 9>I3B69I=M3* 3CE3B=?36I9>* 8B >3:: <8??3B<=9>>X 8B=36I37 A=>?3: E8::=D>3 . ) * * E
9679> .8G6:86 9E86I9 9 63<3::=7973 79 3C=:I;6<=9 73 5?9 B3>9NH8 36IB3 :I978 3 =63?9 E9B9 9 <86:8>=79B 5?9 <=63?9I84B9A=9 69<=869>
(=*-.>':
DR3I=M8
3B9>
DR3I=M8: :E3<FA=<8:
9 :I579B 9: ?5796N9: 8<8BB=79: 69 =67L:IB=9 78 <=63?9 68 #B9:=> 73 9<8B78 <8? 8 <86I3CI8 E8>FI=<8 3 3<86V?=<8
D :I579B 9 B3>9NH8 :I978 =63?9 68 #B9:=>
< 69>=:9B 8: B3:5>I978: 8DI=78: 9IB9M@: 79: E8>FI=<9: <5>I5B9=:* EB8?8M=79: E3>8 :I978* J53 I=M3B9? =?E9<I8 69 =67L:IB=9 <=63?9I84BOA=<9 DB9:=>3=B9 68 E3BF878 73 9I@
7 D8B79B 9: EB=6<=E9=: IB96:A8B?9NU3: 8<8BB=79: 98 >8648 79: L>I=?9: 7@<979: 69: 3:A3B9: 79 7=:IB=D5=NH8 3 3C=D=NH8 68 ?3B<978 <=63?9I84BOA=<8 DB9:=>3=B8
! &'/*1.+*2-' 1* 7*:?5.:0
G=:ITB=9 78 <=63?9 68 #B9:=> 6H8 :3 9EB3:36I9 73 A8B?9 <86IF659 3 :=? 73 A8B?9 <F<>=<9* <8? 5?9 :@B=3 73 :5BI8: <=63?9I84BOA=<8: 3? 73I3B?=6978: E3BF878: 78 I3?E8* <8?8 A8= 8 <9:8 79 +E8<9 73 5B8* 78: <=<>8: B34=869=:/ 3<=A3* 9I9459:3: 3 9?E=69:* 8 78: 3:IL7=8:/ =6@7=9* I>[6I=79 =63?9I84BOA=<9 3 %3B9 B5K 85 9IB9M@: 78 =63?9 8M8* #8<9 78 =C8 3 ?DB9A=>?3 =63C=:I;6<=9 73 5? <=63?9 <86:I96I3 B3A>3I3 3? 4B9673 ?37=79 9 3C=:I;6<=9 73 7=A=<5>7973: 3? EB875K=B 3 7=:IB=D5=B A=>?3: 68 E9F:* 3:I9 =7@=9 73 <=63?9 3? <=<>8: A8= 9EB3:36I979 3 73:36M8>M=79 E3>9 G=:I8B=84B9A=9 <>O::=<9 78 <=63?9 DB9:=>3=B8 !95>8 ?F>=8 73 9>3: 8?3:* 3? >=MB8 J53 @ ?9B<8 68: 3:I578: 78 <=63?9 DB9:=>3=B8* 9E86I9 8 <=63?9 <8?8 ?9=: 5? 3>8 78 :5D73:36M8>M=?36I8
<=63?9 @ =6<9E9K 73 36<86IB9B 736IB8 73 := EBTEB=8 363B4=9: J53 >G3 E3B?=I9? 3:<9E9B 9 <867369NH8 78 :5D73:36M8>M=?36I8* ?3:?8 J59678 5?9 <86R56I5B9 E9BI=<5>9B?36I3 A9M8BOM3> :5:<=I9 5?9 3CE96:H8 69 A9DB=<9NH8 73 A=>?3:
* &* E
8 >=MB8 , ! 9 . " $" : 4* !95>8 ?F>=8 =736I=A=<9 9: 7=A=<5>7973: G=:ITB=<9: J53 =?E8::=D=>=I9B9? 98 E9F: 36784363=K9B 9 EB875NH8 73 A8B?9 <86IF659 3 95I8 :5:I36IOM3>
.8:@ OB=8 BI=K 9?8: @ 85IB8 95I8B J53 9D8BI9 8 I3?9 !9B9 3>3 3C=:I3 5?9 3:IB3=I9 B3>9NH8 36IB3 8: A=>?3: 3 9 :59: <867=NU3: 73 EB875NH8* I3:3 J53 A3K <8? J53 69: <=;6<=9: :8<=9=: :5B4=::3 5?9 :@B=3 73 3:I578: :8DB3 9 EB875NH8* 7=:IB=D5=NH8 3 3C=D=NH8 73 A=>?3:
:I3: IB9D9>G8: A8B9? A8B?5>978:* 7979: 9: 63<3::=7973: 3M=736I3: 73 3:I579B 5? 78: EB=6<=E9=: E=>9B3: 79 <8?56=<9NH8 73 ?9::9* 8 <=63?9 !8B@? 7=A3B36I3 78: 3:I578: 96I3B=8B3: :8DB3 8 <=63?9 69: <=;6<=9: :8<=9=:* 8 A8<8 79 96O>=:3 E9::85 9 :3B 7=B3<=86978 E9B9 9: <867=NU3: 73 EB875NH8 3 6H8 9E369: E9B9 8 =6I3B=8B 78: A=>?3:
<8?8 B3<5E3B9B 9 IB97=NH8 ?9BC=:I9 3 EB8<5B9B G8?8>84=9: 3CE>=<9I=M9: 68 <86AB86I8 8DB9 :8<=37973 !9B9 3:<9E9B 79: 3I3B69: 9B?97=>G9: 78 1E9B9>3>=:?82* 85 1:8<=8>84=:?82* 3 A54=B 73 5? 3:I@B=> M9=M@? 36IB3 8DB9 3 :8<=37973 J53 6979 3CIB9= 73 68M8* 9 9D8B7943? 73 =6:E=B9NH8 ?9BC=:I9 73M3 <9?=6G9B 68 :36I=78 73 5?9 <8?E>3C9 96O>=:3 73 3:IB5I5B9 79: 8DB9:* 3 EB8<5B9B 9: ?37=9NU3: 36IB3 9: :@B=3: 9BIF:I=<9 3 :8<=9> 3=C8 9>I3B69I=M8* 85 <8?E>3?36I9B* <86:=:I3 3? <86<3D3B 8: A=>?3: <8?8 EB875I8: <5>I5B9=:* 85 D36: :=?DT>=<8:* <9?=6G9678 68 :36I=78 73 73>=639B 9: 73I3B?=696I3: :8<=9=: 73 :59 EB875NH8 0* * E
3
?9 78: EB=6<=E9=: E8:I5>978: 73:I9 9D8B7943? :345678 BI=K* * E * 1<86<3D3B 8: A=>?3: <8?8 EB875I8: <5>I5B9=:* 85 D36: :=?DT>=<8:* <9?=6G9678 68 :36I=78 73 73>=639B 9: 73I3B?=696I3: :8<=9=: 73 :59 EB875NH82 3:I3 I=E8 73 D3? 8 <9BOI3B ?3B<96I=> 3 8 <5>I5B9> 79 8DB9 73 9BI3 :5D:=:I3? B3>9I=M9?36I3 =673E36736I3: 8 <86<3D3B 8: A=>?3: <8?8 D36: :=?DT>=<8:* @ E8::FM3> A9K3B 5?9 96O>=:3 B3>9I=M9 P EB875NH8 3 3:I9D3>3<3B >=49NU3: 36IB3 8 <=63?9 3 73I3B?=6979: 7=?36:U3: 78 :8<=9>
=6=?=K9 :3* 98 ?368: ?8?36I9639?36I3* 9 <8?E>3C=7973 3:I@I=<9 78: A=>?3:* 3? EB8> 73 5?9 96O>=:3 3CI3B69 J53 <>9B=A=J53 8: ?3<96=:?8: J53 ?8M3? 9 EB875NH8 <=63?9I84BOA=<9* J53 73>=63=3 9: <867=NU3: J53 9 364367B9B9?
0* * E
3 9<8B78 <8? 8 IB9D9>G8 73 .8:@ OB=8 BI=K 9?8:* 9 96O>=:3 3CI3B69 78: A=>?3: E9::85 9 :3B :=46=A=<96I3 68 3:I578 79 <=63?9I84B9A=9 8 3:I578 E9BI=678 79 E3B:E3<I=M9 3<86V?=<9 E873 <86IB=D5=B ?5=I8 68 73:36M8>M=?36I8 78 3:I578 79: <867=NU3: 73 EB875NH8 3 7=:IB=D5=NH8 78: A=>?3:
:-0@2089' * &*-'+010
&
: B3A8B?9: EB8?8M=79: 63:I3 E3BF878 M=:9M9? P 9D3BI5B9 <8?3B<=9> 3 A=696<3=B9 9::=? <8?8 8 EB8<3::8 73 EB=M9I=K9NH8* 85 :3R9* 9 >=D3B9>=K9NH8 79 3<868?=9 :I9: B3A8B?9: E3B:=:I=B9? 98 >8648 79 7@<979 73 * 68: 73 8M3B68: I9?9B B96<8 3 3B69678 )36B=J53 9B78:8 8 3CI=645=B 9 ?DB9A=>?3 3 8 86<=63 8 <=63?9 DB9:=>3=B8 E9::85 9 :3B <86:=73B978 <8?8 5? EB8D>3?9 73 ?3B<978 ::8 6H8 9<86I3<35 9E369: 68 <=63?9* E8=: 8 7=:<5B:8 73 J53 9: 9I=M=7973: 73M3B=9? :3B 73=C979: P: >3=: 73 ?3B<978* :3? J59>J53B 3:E@<=3 73 =6I3BM36NH8 3:I9I9> I3? D9:3 69 =738>84=9 638>=D3B9>* ?5=I8 EB3:36I3 68 =6F<=8 78: 968: <=63?9 ?8:IB85 :3 5?9 9I=M=7973 6H8 >5<B9I=M9 3 6979 =6I3B3::96I3 E9B9 8 ?3B<978* 8 J53 B3:5>I85 3? 5?9 3:I9469NH8 79 EB875NH8 73 A=>?3: DB9:=>3=B8:
8? 9 3:I9469NH8 79 EB875NH8 8<8BB=79 68 =6F<=8 79 7@<979 73 * A=<85 3M=736I3 E9B9 8 :I978 3 E9B9 9 <>9::3 <=63?9I84BOA=<9 9 63<3::=7973 73 =6I3BM36NH8 E8B ?3=8 73 E8>FI=<9: ELD>=<9: :I9 =6I3BM36NH8 8<8BB35* E8B@? 73 A8B?9 7=:I=6I9 9 3C=:I36I3 68 E3BF878 79 ?DB9A=>?3 86:8>=7978 8 68M8 ?873>8 73 B3>9NH8 36IB3 :I978 3 =63?9* 8 I3B?8 B3I8?979 E9::85 9 :3B 5:978 E9B9 73:=469B 9 9I59> 3I9E9 78 <=63?9 DB9:=>3=B8 ?E8BI96I3: 3:I578: A8B9? 73:36M8>M=78: :8DB3 8 I3?9* I96I8 68 J53 :3 B3A3B3 98: A=>?3: 3? E9BI=<5>9B 3 8 68M8 <=63?9 J53 :3 <86:I=I5=5 5I8E=9 68 <=63?9 DB9:=>3=B8 73 5<=9 94=D\ =63?9 #B9:=>3=B8 / 6:9=8: :8DB3 5?9 7@<979* E5D>=<978 E3>9 B3M=:I9 73 <=63?9 <86IB9<9?E8* 36IB3 85IB8: * <8?8 M8>I978: E9B9 9 96O>=:3 79 =67L:IB=9 <=63?9I84BOA=<9* 3? I879 :59 <973=9 73 M9>8B =63?9/ 3:36M8>M=?36I8 3 3B<978 73 !37B8 #5I<G3B 3 !95>8
@B4=8 >?3=79\ =:IB=D5=NH8 3 C=D=NH8 69 67L:IB=9 =63?9I84BOA=<9 #B9:=>3=B9 73 67B@ !=3B8 9II=
=6I3B>8<5NH8 78 EB3:36I3 IB9D9>G8 <8? 9 D=D>=84B9A=9 79 9I59> 3I9E9 78 <=63?9 DB9:=>3=B8 79B :3 O 3? ?9=8B ;6A9:3 68: 3:I578: J53 9D8B79? 9 <973=9 73 M9>8B 79 9I=M=7973 <=63?9I84BOA=<9 B3>9NH8 36IB3 78=: ?3=8: 73 <8?56=<9NH8 73 ?9::9* <=63?9 3 I3>3M=:H8* :3 ?8:IB85 =67=:E36:OM3> 98 3:I578* 63:I3 :36I=78 I3?8: <8?8 B3A3B;6<=9 9 I3:3
8M8 =63?9 #B9:=>3=B8 73 !95>8 #B9K >3?36<=8 <G3II=68 5IB9 D=D>=84B9A=9 =?E8BI96I3 68 3:I578 79 EB875NH8 <=63?9I84BOA=<9 98 >8648 79 3I8?979 @ 8 >=MB8
- % 2 279 5<=9 94=D* J53 <86<B3I=K9 5?9
' /.2*+0 +51' 0' A0)01' .2B/.' 1': @&021*: *:-C1.': 2'
&0:.)
=6F<=8 78 <=63?9 :868B8 I3M3 B3E3B<5::U3: E8:=I=M9: E9B9 9 <>9::3 <=63?9I84BOA=<9 78 E9F: ? 73<8BB;6<=9 73:I3 68M8 3>3?36I8 68 <=63?9* 3:I9D3>3<35 :3 5? <>=?9 73 8I=?=:?8 J53* 98 >3B 8 =OB=8 9<=869> 73 ] ] * E873?8: 36<86IB9B 69 :345=6I3 E9::943?/ 1 =6I5=NH8 <8?3B<=9> 78 68BI3 9?3B=<968 A9>G85* >96N9678 8 ^ 8M=3I863W #B9:=> M9= I3B <=63?92 %( \ # * * E & =7@=9 J53 :5:I36I9 8 8I=?=:?8 3:IO 69 <B36N9 3? J53 8 97M36I8 78 :8? 7=A=<5>I9B=9 98: A=>?3: 3:IB9643=B8: 8 9<3::8 98 ?3B<978 DB9:=>3=B8 ? ?3=8 9 3:I3 <>=?9 A9M8BOM3>* 68 968 73 A8= <B=978 8 3:IL7=8 73 <=63?9 =6@7=9 E3>8 <BFI=<8 79 B3M=:I9 3 <=639:I9 7G3?9B 86K949
!8B@? 8 <>=?9 73 8I=?=:?8 I3M3 <5BI9 75B9NH8* E8=: 8 <=63?9 G343?V6=<8 >848 :3 :8DB3::9=5 9 B3:IB=NH8 3:I9D3>3<=79 E3>9 >F6459 3 8 E9B97=4?9 <=63?9I84BOA=<8 =6I3B69<=869> E9::85 9 :3B 8 :8? 3 9 =?943? 3? :=6<B86=9 7@<979 73 B3EB3:36I85 5? 73<>F6=8 69 EB875NH8 3 3C=D=NH8 73 A=>?3: DB9:=>3=B8:* 9::=? <8?8 5?9 7=A=<5>7973 3? :3 973J59B 98 68M8 <86I3CI8 =6I3B69<=869>
G3 #B9K=>=96 E5D>=< :886 D3<9?3 9<<8:I8?37 I8 :8567 A=>?:* 3M36 IG854G 68I :E8S36 =6 !8BI5453:3* 967 IG3 I3<G68>84=<9> >94 <95:37 #B9K=>=96 <=63?9 I8 A9>> 3M36 A5BIG3B D3G=67 ?3B=<96 <=63?9 =6 IG3 78?3:I=< ?9BS3I G3 3J5=E?36I A8B ?9S=64 :8567 A=>?: Y9:* 8A <85B:3* =?E8BI37* 967 IG3 >=6S: 8A 73E36736<X Y3B3 86<3 949=6 :IB364IG3637 . ) * * E &
9679> .8G6:86 98 9D8B79B 8 I3?9 73=C9 IB96:E9B3<3B 9 3C=:I;6<=9 73 5? 8I=?=:?8 =64;658 E8B E9BI3 78: =739>=K978B3: 79 =6@7=9* 3? B3>9NH8 P: =?EB3M=:I9: B3E3B<5::U3: 78 <=63?9 A9>978 68 ?3B<978 <=63?9I84BOA=<8 DB9:=>3=B8 6IB3I96I8 9 3?EB3:9 @ 9E86I979 <8?8 :3678 9 EB=?3=B9 I36I9I=M9 73 =675:IB=9>=K9NH8 79 9I=M=7973 68 A8B?9I8 73 3:IL7=8: 68 E9F:
#5B>3* A8= B3:E86:OM3> E8B 5? :=46=A=<9I=M8 <=<>8 73 EB875NH8 3 3C=D=NH8 <=63?9I84BOA=<9* 68 E3BF878 73 9I@ * 8673 A8B9? <8?3B<=9>=K978: A=>?3:
>45?9: E9BI=<5>9B=7973: 79 I>[6I=79 =63?9I84BOA=<9 E873? :3B 73:I9<979:* 9 EB=?3=B9 I3? <8?8 E9BI=79 * 968 3? J53 9 3?EB3:9 A8= =6<8BE8B979 E8B 5=K 3M3B=968 =D3=B8* 8 ?9=8B 7=:IB=D5=78B DB9:=>3=B8 3 7868 78 ?9=8B <=B<5=I8 3C=D=78B 78 E9F: :I9 =6<8BE8B9NH8 3:I9D3>3<35 5?9 B3>9NH8 E85<8 B3<8BB36I3 69 G=:ITB=9 78 <=63?9 DB9:=>3=B8* 9 >=49NH8 79: 3:A3B9: 79 EB875NH8* 7=:IB=D5=NH8 3 3C=D=NH8 3:IL7=8 E9::85 9 EB875K=B 3 I3B 8673 3 <8?8 3:<89B 8: A=>?3: 73M=78 9 M3BI=<9>=K9NH8 79 3?EB3:9* :3?3>G96I3 98 ?873>8 73 <=63?9 68BI3 9?3B=<968 79 @E8<9* J53 9IB9M@: 79: 3?EB3:9: ! - B39>=K9M9? 8 IB=E@ 78 A9K3B <=63?9I84BOA=<8/ EB875NH8* 7=:IB=D5=NH8 3 3C=D=NH8
5IB9 :3?3>G96N9 <8? 8 ?873>8 G343?V6=<8 3:IO 68 8 * J53 496G85 5?9 M3B:H8 DB9:=>3=B9 68 E3BF878 79 I>[6I=79 I8B3: <8?8 6:3>?8 59BI3* :<9B=I8 3 B9673 I3>8 36IB9B9? 3? 3M=7;6<=9 3 :35: 68?3: 3B9? ?8I=M8 E9B9 8 ELD>=<8 <8?E9B3<3B P: :9>9: 73 <=63?9 <86:8>=79NH8 79 <G96<G979 <8?8 4;63B8 <=63?9I84BOA=<8 :3 735 63:I3 E3BF878 + 68IOM3> 9 E9BI=<=E9NH8 78 BO7=8 69 <8?E8:=NH8 73:I3 8 * J53 :T A8= E8::FM3> 7978 P >=49NH8 E8:=I=M9 36IB3 8: 78=: M3F<5>8: 73 <8?56=<9NH8 73 ?9::9 8 J53 :3 B3A3B3 P: EB875NU3:* 8: <5:I8: 3B9? D9=C8: 3 =:I8 E8::=D=>=I9M9 8 B3I8B68 78 =6M3:I=?36I8
3M=78 3:I9: <9B9<I3BF:I=<9: 9 3?EB3:9 <86:345=5 EB875K=B 3 <8?3B<=9>=K9B A=>?3: E8B ?9=: 73 M=6I3 968:
9 A=69> 7@<979 73 * =6F<=8 79 73 * H8 !95>8 EB3:36<=85 5?9 3CE96:H8 79 9I=M=7973 <5>I5B9> 69 <=7973* A8B9? <B=978: 78=: ?5:35: 73 9BI3&* 3:<8>9: 73 9BI3* 5?9 A=>?8I3<9* A8= =69545B979 5?9 D=369> =6I3B69<=869> 73 9BI3: E>O:I=<9: 3 A567978 8 39IB8 #B9:=>3=B8 73 8?@7=9 578 =:I8 A8= E8::FM3> 73M=78 98 4B9673 73:36M8>M=?36I8 =675:IB=9> J53 M=6G9 E9::9678 9 <=7973* 8 J53 E8::=D=>=I85 J53 9 D5B453:=9 E95>=:I9 EB8?8M3::3 3:I9: 9I=M=7973: <=63?9 I9?D@? :8AB35 =6A>5;6<=9: 73:I3 73:36M8>M=?36I8 =675:IB=9>* 3? A8= <B=978 8?E96G=9 =63?9I84BOA=<9 %3B9 B5K* 8 ?9=8B 3:IL7=8 <=63?9I84BOA=<8 78 #B9:=>* J53 B39>=K85 A=>?3: 75B96I3 :35: J59IB8 968: 73 3C=:I;6<=9
EB8E8:I9 78 3:IL7=8 %3B9 B5K 7=A3B36I3 78: 85IB8: ET>8: EB875I8B3: 68 #B9:=> M=:9M9 5? <=63?9 73 9>I9 J59>=7973* <8? EB875NU3: <9BF::=?9: E9B9 8: E97BU3: DB9:=>3=B8: 3
.8G6:86* * E &
&
I8?9678 <8?8 ?873>8 8 <=63?9 73 )8>>XY887 8B9? 4B9673: =6M3:I=?36I8:* =?E8BI978: <8?E3I36I3: I@<6=<8: 35B8E35:* <8? 9 =7@=9 73 A9K3B 5? <=63?9 <8? 4B9673 EB3:36N9 78 A8><>8B3 DB9:=>3=B8* ?9: <8? 9 J59>=7973 3 9 >=645943? 73 <=63?9 3:IB9643=B8 %3B9 B5K E8::=D=>=I85 5? 4B9673 73:36M8>M=?36I8 79 E9BI3 I@<6=<9 78 <=63?9 3 5?9 =6I36:9 A8B?9NH8 73 EB8A=::=869=:* <8?8 A8IT4B9A8:* <36T4B9A8:* ?86I978B3:* 3I< !8B@? I3M3 E85<9 :9F79 3 >5<B8 68 ?3B<978 69<=869>* 73M=78 98 9>I8 <5:I8 79: EB875NU3:* 3? I8B68 73 73K M3K3: ?9=: <9B9:* 78 J53 9: EB875NU3: <9B=8<9* <86<8BB36I3 69 @E8<9 I>[6I=79
:>8496 79 3?EB3:9 1 8 !>969>I8 D36N8978 73 !=B9I=6=649 E9B9 9: 3>9: 78 56782 B3M3>9M9 8 4B9673 8DR3I=M8 79 %3B9 B5K* EB875K=B E9B9 8 ?3B<978 3CI3B=8B E3:9B 73 :35: A=>?3: :3B3? 73 J59>=7973 I@<6=<9 =67=:<5IFM3> E9B9 9 @E8<9 3 I3B3? <5:I8: 3>3M978: E9B9 8: E97BU3: DB9:=>3=B8:* 3B9? D9B9I8: 3? B3>9NH8 98: A=>?3: 9?3B=<968: 3 35B8E35: !8B@? 9 3CE8BI9NH8 IH8 :86G979 E3>8 3:IL7=8 6H8 :3 ?8:IB85 M=OM3>* 73M=78 9 5?9 :@B=3 73 A9I8B3:* <8?8 8 36IB9M3 79 7=:IB=D5=NH8* <5:I8: <8? 75D>943? 3 E9B9 36M=9B 8: A=>?3: E9B9 =?E8BI96I3: A3:I=M9=: =6I3B69<=869=:* 3I<
:I3 ?873>8 98 E9::9B 78 I3?E8 :3 ?8:IB85 =6M=OM3> 3 9 %3B9 B5K RO 3:I9M9 EB9I=<9?36I3 A9>=79 J59678 A3K :35 8 EB=6<=E9> A=>?3/ ; 73 =?9 #9BB3I8* J53 A8= EB3?=978 759: M3K3: 3? 9663: * 7=:IB=D5F78 E9B9 M=6I3 3 78=: E9F:3: 3 I3M3 B3<8B73 69 D=>G3I3B=9 DB9:=>3=B9 !8B@? 8 367=M=79?36I8 79 3?EB3:9 A8BN85 9 M3679 78: 7=B3=I8: 73 3CE>8B9NH8 78 A=>?3 E9B9 9 8>5?D=9 !=<I5B3: ET: 3:I3 3E=:T7=8 6H8 73?8B85 E9B9 8 3:IL7=8 36<3BB9B 9: 9I=M=7973: !8:I3B=8B 9 %3B9 B5K* M=3B9? 85IB8: 3:IL7=8: 69 7@<979 73 <8?8 9 5>I=A=>?3:* 9 Z=68 =>?3: 3 9 =63?9I84BOA=<9 9B=:I3>9* 3:I9: 3?EB3:9: I9?D@? 6H8 <86:345=B9? :3 :5:I36I9B E8B ?5=I8 I3?E8 68 ?3B<978 <=63?9I84BOA=<8
3?8: 9IB9M@: 79 3CE3B=;6<=9 8DI=79 E8B ?3=8 78: EB=?3=B8: 3:IL7=8: 73 <=63?9 68 E9F:* 5? <86R56I8 73 3>3?36I8: J53 E873? 68: 9R579B 9 36I3673B 9 <8?E>3C=7973 79 <8?E8:=NH8 78 ?3B<978 <=63?9I84BOA=<8 8 <9:8 79 =6@7=9* M3B=A=<9?8: J53 9 =68M9NH8 EB8E8B<=86979 E3>8 <=63?9 :868B8* 3? 5? EB=?3=B8 ?8?36I8* E9B9 8: <=639:I9: E8::=D=>=I9B=9 5? A8BI9>3<=?36I8 78 <=63?9 69<=869>* E8B@? <8? 8 I3?E8 M3B=A=<85 :3 8 <86IBOB=8* I=M3?8: 9 9>I9 =6:3BNH8 78 <=63?9 9?3B=<968 3? 73<8BB;6<=9 78 <=63?9 A9>978
J53 ?8:IB9 J53 9<8?E96G9B 9: 68M9: <8?D=69NU3: 3? [?D=I8 =6I3B69<=869> @ =67=:E36:OM3> E9B9 8 :3I8B
I>[6I=79* <9:8 ?9=: D3? :5<37=78 78 :=:I3?9 73 3:IL7=8 68 #B9:=>* 68: ?8:IB85 9>45?9: 79: B3<3=I9: 73 <8?8 A9K3B 8: A=>?3: <=B<5>9B3? 68 ?3B<978* E9B9 8 4B9673 ELD>=<8 EB=?3=B9 E9BI3 79 >=49NH8 78: 7=M3B:8: :3I8B3: 79 9I=M=7973 <8?8 EB875NH8* 7=:IB=D5=NH8 3 3C=D=NH8* 9IB9M@: 79 M3BI=<9>=K9NH8 3678 9 7=:IB=D5=NH8 3 ?3B<978 3C=D=78B 49B96I=78:* A=<9 AO<=> A9K3B 5? A=>?3 <8? B3:5>I978: >FJ5=78: E8:=I=M8:* 9=679 ?9=: :3 E9BI=B?8: 73 5?9 3:IB9I@4=9 73 <5:I8: 73 EB875NH8 B375K=78:* <8?8 A8= M3B=A=<978 68 E3BF878 8I9 :3 J53 3? 4B9673 E9BI3 3:I3 ?873>8 A8= E8::FM3> 7978 8 <86I3CI8 3:E3<FA=<8* 8673 8 ?9=8B 3C=D=78B DB9:=>3=B8 69 @E8<9 5=K 3M3B=968 =D3=B8* 98 =6<8BE8B9B 8 3:IL7=8* I=6G9 <8?8 E9BI3 73 :35: 8DR3I=M8:* <86I8B69B 9 8DB=49I8B=37973 73 3C=D=NH8 78: A=>?3: 69<=869=:* 3:I9D3>3<=79 E3>8 :I978 + M=:FM3> J53 8 6L?3B8 73 A=>?3: EB875K=78:* 6H8 =9? 9>@? 78 6L?3B8 73 >8649: ?3IB9436: 8DB=49ITB=8: 98 <=B<5=I8 3C=D=78B 9IB9M@: 79 1<8I9 73 I3>92
:I578: :8DB3 9 I>[6I=79 73?86:IB9? J53 6H8 G85M3 ?9=8B3: =6I3B3::3: E8B E9BI3 73 5=K 3M3B=968 =D3=B8 3? 73:36M8>M3B 9 3:A3B9 EB875I=M9 79 9I=M=7973* :3678 J53 9 EB875NH8 ?@7=9 79 I>[6I=79 3? 9>456: 968: 6H8 <G3485 9 9I3673B 9 63<3::=7973 78 <=B<5=I8 3C=D=78B 73 3M3B=968 .8:@ 6O<=8 3>8 73 85K9* I36I85 9E86I9B 9 B9KH8 69 J59> 8B=4=685 3:I3 73:=6I3B3::3 8?8 !873?8: M3B/ 1_9`: :5E8:=NU3: M949: 3 =6<86<>5:9: J53 E873?8: A8B?5>9B 7=B=43? :3 3? 7=M3B:9: 7=B3NU3:/ I9>M3K 3M3B=968 6H8 I=M3::3 5? 6FI=78 3?E36G8 <9E=I9>=:I9 3? E9::9B 78 >5<B8 <8?3B<=9> 98 =675:IB=9>2 * &* E
5IB8 =?E8BI96I3 3>3?36I8 @ 9 B3>9NH8 36IB3 8: ?3=8: 73 <8?56=<9NH8 73 ?9::9* 69 @E8<9 79 I>[6I=79* 8D:3BM85 :3 5?9 6FI=79 B3>9NH8 E8:=I=M9 36IB3 8 <=63?9 3 8 BO7=8* J53 E8::=D=>=I85 I878 8 73:36M8>M=?36I8 73 5? 8 I5E=6=J5=?
<9:8 %3B9 B5K* ?9=: 9?D=<=8:8 78: IB;:* 68: ?8:IB9 9 EB8D>3?OI=<9 79 7=:IB=D5=NH8 78: A=>?3: 3?8: 5? 3:IL7=8 3? E>369 :=6I86=9 <8? 8 <=63?9 7=I8 =675:IB=9>* :345678 =?=: &* E 1 4B9673: 3 ?873B68: 3:IL7=8:* 9D567[6<=9 73 <9E=I9>* ?9J5=6OB=8 973J5978* 3J5=E3: AB9<=86979: 3? 3:E3<=9>=7973: 9::9>9B=979:* 3I< 2* J53 73:E367=9 5? 4B9673 M8>5?3 73 B3<5B:8: 69 EB875NH8 73 >8649: ?3IB9436:* <8? I@<6=<8: 3 3J5=E9?36I8: 73 E86I9 3 <8? 9 A=C9 =7@=9 73 3CE8BI9NH8 6IB3I96I8* M3B=A=<85 :3 J53 ?9=: 7=AF<=> 78 J53 EB875K=B A=>?3: 73 1J59>=79732 3B9 <8?3B<=9>=KO >8: <8? 8 ?3B<978 3CI3B68 5:36I3: 73
:9>9: 73 3C=D=NH8 3 73 5?9 4B9673 7=:IB=D5=78B9 8 3:IL7=8 I8B685 :3 B3A@? 79: 4B9673: 7=:IB=D5=78B9: =6I3B69<=869=: !
%3B9 B5K :3I 5E 9 >5C5B=85: 967 3CE96:=M3 :X:I3?* D5I Y=IG85I IG3 3<868?=< =6AB9:IB5<I5B3 86 Y=<G D9:3 I8 :5<G 9 :X:I3? 88 9?D=I=85:* =I IB=37 I8 <86J53B IG3 Y8B>7 ?9BS3I D3A8B3 <86:8>=79I=64 IG3 #B9K=>=96 ?9BS3I 8 B39<G IG3 =6I3B69I=869> ?9BS3I* =I 69=M3>X >3AI 7=:IB=D5I=86 =6 IG3 G967: 8A ?3B=<96 A=B?:* Y=<G Y3B3 ?8B3 =6I3B3:I37 =6 EB8?8I=64 IG3=B 8Y6 EB875<I IG96 =6 G3>E=64 I8 A8:I3B 9 M=I9> #B9K=>=96 =675:IBX . ) * E &
: ! E8B :59 M3K* E3>8 A9I8 73 :3B3? 5?9 3CI36:H8 78 :3I8B EB875I=M8 79 =67L:IB=9 <=63?9I84BOA=<9 3:I9756=736:3* 6H8 I=6G9? E>368 =6I3B3::3 3? 7=:IB=D5=B 8 EB875I8 DB9:=>3=B8
!
*)089'D :-01'6 .2*+0
6F<=8
=6F<=8 79 B3>9NH8 :I978 =63?9 68 #B9:=> :3 7O 68 968 73 75B96I3 8 48M3B68 73 3IL>=8 %9B49:* J59678 A=<85 3:I9D3>3<=78 9 8DB=49I8B=37973 79 EB8R3NH8 73 5? A=>?3 73 <5BI9 ?3IB943? DB9:=>3=B8 96I3: 73 J59>J53B A=>?3 73 >8649 ?3IB943? :I9 B3>9NH8 :3 9<36I585 68 73<8BB3B 78 I3?E8* 3? 9: :9>9: 73 3C=D=NH8 3B9? 8DB=4979: 9 EB8R3I9B 5? A=>?3 DB9:=>3=B8 73 A=<NH8 73 >8649 ?3IB943? E8B 968* 3? & 3:I3 6L?3B8 E9::85 E9B9 IB;: ? 8 <B=I@B=8 ?87=A=<85 3 9 B3:3BM9 73 ?3B<978 E9::85 9 :3B A3=I9 9IB9M@: 73 5?9 B3>9NH8 73 EB8E8BNH8 ?37=79 E3>9 36IB979 78: A=>?3: 3:IB9643=B8: 68 <=B<5=I8 3C=D=78B* E9B9 <979 8=I8 A=>?3: 3:IB9643=B8: 3B9 8DB=4978 E9::9B 5? DB9:=>3=B8 ? 8 <B=I@B=8 79 B3:3BM9 I8?85 9 A8B?9 J53 EB378?=69 68: 7=9: 9I59=:* 73>=?=I9678 5?9 J596I=7973 EB3M=:I9 73 7=9: 68 968/ 69 @E8<9 3B9? 73:I=6978: 7=9: E8B :9>9 E9B9 8 <=63?9 DB9:=>3=B8
:I3 I=E8 73 =6I3BM36NH8 68 <=B<5=I8 3C=D=78B J53 E8:I3B=8B?36I3 A=<85 <86G3<=78 <8?8 1<8I9 73 I3>92* @ 5?9 ?37=79 J53 9A3I9 73 A8B?9 7=B3I9 9 3C=D=NH8 78: A=>?3: 3 E873 3:I=?5>9B 9 EB875NH8 73 A8B?9 =67=B3I9 .396 >9573 #3B69B73I 68 <9EFI5>8 1 8M8 I8B/
78 :I978 69 <=63?9I84B9A=9 DB9:=>3=B9 8 J53 :3 B3A3B3 P B3:3BM9 73 ?3B<978* E873?8: 8D:3BM9B 9 :345=6I3 E9::943?/
+ 4B9N9: 9 3:I3 ?3<96=:?8 3 3C<>5:=M9?36I3 9 3>3 J53 8: A=>?3: 9I=64=B9? 9: :9>9:* E8::=D=>=I9678 9::=? 5?9 <3BI9 <86I=65=7973 73 EB875NH8 8 36I96I8* @ ?5=I8 AO<=> <B=I=<O >8/ 9 J596I=7973 73 B3:3BM9 73 ?3B<978 85I8B4979 :3?EB3 A8= 9J5@? 79: E8::=D=>=7973: 79 EB875NH8 ? * J59678 9 =6@7=9* E8B 3C3?E>8 RO 3C=:I=9* 3B9 B=7F<5>8 EB3M3B 9E369: 9 3C=D=NH8 73 <5BI9: ?3IB9436:
=7F<5>8 3? * EB3M3B 3? 9 3C=D=NH8 73 :T 5? A=>?3 73 >8649 ?3IB943? B3:3BM9 73 ?3B<978 73M3B=9 I3B A=<978 :3?EB3 5? E85<8 9>@? 79: E8::=D=>=7973: 79 EB875NH8 68 ?8?36I8* 9 A=? 73 3:I=?5>O >9 # * * E &
#3B69B73I <86:=73B9 J53 9E3:9B 79: ?37=79: I3B3? :=78 73I3B?=696I3: E9B9 J53 8: A=>?3: DB9:=>3=B8: <G349::3? 98 <=B<5=I8 3C=D=78B* G85M3 5? 73:<8?E9::8 36IB3 9 B3:3BM9 3:I9D3>3<=79 3 9: 63<3::=7973: 73 <979 E3BF878 <9:8 79 =6@7=9 E873 :3B 5:978 E9B9 M=:59>=K9B 9 A9>I9 73 :=6<B86=9 36IB3 9 B3:3BM9 73 ?3B<978 3 9: 63<3::=7973: EB875NH8 <=63?9I84BOA=<9 9 3B9 3? J53 8 E9F: 36IB9M9 68 <36OB=8 79 EB875NH8 73 A=>?3: 73 >8649 ?3IB943? 3? 3:IL7=8* 8673 RO 3B9? EB875K=78: A=>?3: <8?8 # ; . 73 )5?D3BI8 95B8 9 B3:3BM9 73 ?3B<978 3C=:I36I3 6H8 :3 973J59M9* E8=: 6H8 3C=:I=9 B3:3BM9 E9B9 A=>?3: 73 >8649 ?3IB943?* 8 <=63?9 73 3:IL7=8 69:<36I3 36<86IB85 :3 73:9?E9B978 73 ?37=79: EB8I3NH8 E8B E9BI3 78 :I978* 75B96I3 5? ?8?36I8 73<=:=M8 69 G=:ITB=9 79 =67L:IB=9 <=63?9I84BOA=<9 ?567=9> :5B4=?36I8 78 <=63?9 A9>978* 68 A=69> 79 7@<979 73 3 =6F<=8 79 73 * <8?EV: 9 68M9 <8?D=69NH8 73:I9 =67L:IB=9* 8 E9B97=4?9 78 <=63?9 ?567=9> E9::85 9 :3B 9 :=6<B86=9 79 =?943? 3 :8?* 8 <=63?9 DB9:=>3=B8 <8?8 85IB8: <=63?9: J53 9=679 3:I9M9? 68 =6=<=8 79 3CE3B=;6<=9 <8? 8: 3:IL7=8: E9::9B9? 9 <86I9B 5?9 <86:=73BOM3> 73:M96I943? 3? B3>9NH8 98 <=63?9 G343?V6=<8 3:I9756=736:3
? I8B68 73 * 69:<3B9? 8: <>O::=<8: 78 <=63?9 ?578 DB9:=>3=B8 3 G85M3 5?9 =6<5B:H8 MO>=79 69 M96459B79 ?9=: 85 ?368: G3B?@I=<9 B9 I9B73* E8B@?
59678 68::8 <=63?9 ?578 9><96N9 3::9 B3>9I=M9 E>36=I573* 8 A=>?3 A9>978 RO 3:IO M=I8B=8:8 3? I879 E9BI3 * &* E
:=>36<=8:9 E9B9 9 A9>979 >48 J53 8 <=63?9 G343?V6=<8 RO A=K3B9 3? I879 E>36=I573 <8? 8 A=>?3 ;6 ' = > ? 773 #BX96 8X
3>9NH8/ :I978
=63?9* 68 EB8<3::8 73 9D3BI5B9 3<86V?=<9
)=:I8B=<9?36I3 7=M3B:8: 73D9I3: :8DB3 9 B3>9NH8 :I978 =63?9 A8B9? EB8?8M=78: 36IB3 9 <>9::3 <=63?9I84BOA=<9 3 8 :I978* 69 I36I9I=M9 73 E36:9B 8 <=63?9 DB9:=>3=B8* <8?8 =67L:IB=9 3 ?3=8 73 <8?56=<9NH8 864B3::8 #B9:=>3=B8 73 =63?9 # * ?3B3<3 73:I9J53 63:I9 G=:ITB=9* I3678 :59: EB=?3=B9: 37=NU3: 68 =6F<=8 79 7@<979 73 * 68I979?36I3 3? 3 3 B3I8?978 3? * B3EB3:36I9 8 4B5E8 J53 <8?EU3 9 <>9::3 <=63?9I84BOA=<9* <8?8 EB875I8B3:* 7=:IB=D5=78B3:* 3C=D=78B3:* <=639:I9:* E3:J5=:978B3:* <BFI=<8: 3 I@<6=<8: ? <979 37=NH8 @ 3:I9D3>3<=78 5? <86R56I8 73 EB8E8:I9: E9B9 8 <=63?9 DB9:=>3=B8* J53 E9::9 9 :3B I3?9 73 7=O>848 <8? 8 :I978* ?5=I8 78 J53 3C=:I3 G8R3 :8DB3 9 9I59NH8 78 :I978 68 <=63?9 @ EB875I8 73:I9: EB8E8:I9:
968 73 B3EB3:36I85 8 A=? 79 ?EB3:9 #B9:=>3=B9 73 =>?3: ?DB9A=>?3 9::=? <8?8 78 86:3>G8 73 =63?9 86<=63 3 9 5679NH8 78 =63?9 #B9:=>3=B8 #
? <83B;6<=9 <8? 9: B3A8B?9: 638>=D3B9=: 78 E9F:* 73=C85 73 3C=:I=B 9 B3>9NH8 36IB3 :I978 3 <=63?9* 8 <=63?9 E9::85 9 :3 :=I59B 9E369: 68 9?D=36I3 79: >3=: 73 ?3B<978* 7978 9 >T4=<9 79 >=D3B9>=K9NH8 79 3<868?=9* <8?E8:I9 E3>9 9D3BI5B9 <8?3B<=9> 3 A=696<3=B9 :8?979 9 6H8 E9BI=<=E9NH8 78 :I978 69 3<868?=9 B3:5>I978 A8= 5? 73:9:IB8:8 <36OB=8 79 EB875NH8 3 3C=D=NH8 <=63?9I84BOA=<9 DB9:=>3=B9* <86:I9I9678 9::=? 9 AB94=>=7973 79 =67L:IB=9 <=63?9I84BOA=<9 DB9:=>3=B9 95:;6<=9 73 E8>FI=<9: 73 EB8I3NH8 E8B E9BI3 78 :I978 3? 3 8 <8>9E:8 69 EB875NH8 3 7=:IB=D5=NH8* 8<9:=8685 7=M3B:9: ?96=A3:I9NU3: E8B E9BI3 79 <>9::3 <=63?9I84BOA=<9* 9: B3=M=67=<9NU3: 78 :3I8B I=6G9? <8?8 E86I8 <36IB9> 9 M8>I9 79 E9BI=<=E9NH8 78 :I978 68 <=63?9
8? 85 :3? 9 ?DB9A=>?3* 9 9NH8 78 :I978 <86I=659 =67=:E36:OM3> <8?8 <8?E>3?36I8 3 9E8=8 P =6=<=9I=M9 EB=M979 E9B9* EB=?3=B8 B345>9B 8 ?3B<978* :345678* 9::345B9B 8: I3B?8: R5:I8: 69 <8?E3I=NH8 78 A=>?3 DB9:=>3=B8 <8? 8
8DB3 9 E9::943? 78 <=63?9 ?578 E9B9 8 A9>978* M3B 8?3:* * E
?EB3:9 73 3<868?=9 ?=:I9 <8? <9E=I9> ?9R8B=I9B=9?36I3 3:I9I9>* <B=979 3? &
=?E8BI978 3* 3? I3B<3=B8 >549B* A9K3B =6M3:I=?36I8: J53 E3>9 EBTEB=9 69I5B3K9 79 9I=M=7973 :H8 73 B3I8B68 ?5=I8 >36I8 ::=? <8?8 J59>J53B 85IB8 :3I8B =675:IB=9> 69:<36I3* 8 <=63?9 DB9:=>3=B8 EB3<=:9 <86I9B <8? 9 EB8I3NH8 78 :I978 E9B9 6H8 :3B 3:?94978 E3>9 A8BN9 EB87=4=8:9 79 <86<8BB;6<=9 3:IB9643=B9 ::8 @ M3B7973 69 ?9=8B=9 78: E9F:3: 78 ?5678* <8?8 E8B 3C3?E>8* 9 B96N9* :E96G9 3 >3?96G9* 3? J53 :T GO EB875NH8 <=63?9I84BOA=<9 4B9N9: 98 73<=7=78 9E8=8 78 :I978 8 #B9:=> 6H8 E873 :3B 7=A3B36I3* J53=B9? 85 6H8 68::8: E9>97=68: B3<@? <B=:?978: 79: >3=: 73 ?3B<978 3? 9 EB3:36N9 78 :I978* 8 E9F: A=<9B=9 B375K=78 P ?3B9 <867=NH8 73 ?3B<978 <86:5?=78B <86IB8>978 E3>8 ?868ET>=8 79: 4B9673: B373: 73 I3>3M=:H8 3 8>=48ET>=8 73 7=:IB=D5=78B9: 9 :3BM=N8 78 <=63?9 =?E8BI978 3B3?8: E3B7=78 9 D9I9>G9 E3>8 78?F6=8 79 >=645943? 957=8M=:59> 73 E86I9 J53 <86I=659 :3B 8 <=63?9 3B3?8: 5? E8M8 <8? ?9=: 5?9 <9B;6<=9 <5>I5B9> DO:=<9 9 =?E37=B 68::8 =64B3::8 65? 3:IO4=8 :5E3B=8B 73 <=M=>=K9NH8 + =::8 J53 9 :8<=37973 DB9:=>3=B9 73:3R9a * * E
:<8B3> 98 3:<B3M3B 8 I3CI8* 68 968 78 A=? 79 ?DB9A=>?3 * 73=C9 <>9B8 9 63<3::=7973 73 =6I3BM36NH8 73 9>45?9 A8B?9 E8B E9BI3 78 :I978* 9>@? 73 9E86I9B J53 :3? 3:I9 =6I3BM36NH8 3:I9BF9?8: :5R3=I8: 9 5?9 78?=69NH8 <5>I5B9> E8B E9BI3 79 >=645943? 957=8M=:59> 95:;6<=9 79 B3>9NH8 36IB3 :I978 3 <=63?9 75B85 E85<8* 69 EB=?3=B9 ?3I973 79 7@<979 73 A8B9? <B=979: 9: >3=: 73 =6<36I=M8 A=:<9> 3 68 =6F<=8 79 :345679 ?3I973 79 7@<979 9: D9:3: 78 ?873>8 73 EB875NH8 3 3C=D=NH8 79 3I8?979 RO 3:I9M9? 73:36M8>M=79:
3CE3B=;6<=9 DB9:=>3=B9 78 1>=MB3 ?3B<9782 68: ?8:IB85 J53 9>456: :3I8B3: =675:IB=9=: 6H8 3:I9M9? 73:36M8>M=78: 8 :5A=<=36I3 E9B9 <86<8BB3B 3? I3B?8: 4>8D9=:* 73M=78 9 =:I8* 68 ?3:?8 E3BF878 73 3A3BM3:<;6<=9 =738>T4=<9 638>=D3B9>* M=5 :3 5?9 IF?=79 B3>9NH8 78 :I978 <8? <3BI8: :3I8B3: =675:IB=9: 3B?8: <8?8 =67L:IB=9 69:<36I3 85 3? 73:36M8>M=?36I8 E9::9B9? 9 :3B <36IB9=: 63:I9: B3>9NU3:* 7=A3B=678 9::=? 78 4>8::OB=8 DB9:=>3=B8 3? I3?E8: 73 :5D:I=I5=NH8 73 =?E8BI9NU3:* <8?E8:I8 E3>9 =67L:IB=9 73 D9:3 3 3:IB9I@4=<9* 8 J53 3CEB3::9M9 5?9 =7@=9 ?9=: 9?E>9 73 =675:IB=9>=K9NH8
?873>8 73 :5D:I=I5=NH8 73 =?E8BI9NU3: DB9:=>3=B8 78 E3BF878 * 68 J59> 8 E9F: <B3:<35 9 5?9 I9C9 ?@7=9 73 * Q 98 968 * I=6G9 <8?8 D9:3 9 E9BI=<=E9NH8 7=B3I9 78 :I978 69 =6AB9 3:IB5I5B9 3<86V?=<9* 68: :3I8B3: 73 363B4=9 3 IB96:E8BI3:* 9::=? <8?8 69 =67L:IB=9 I=79 3:IB9I@4=<9* <8?E8:I9 E3>9 :=73B5B4=9* ?=63B9NH8 3 E3IB8J5F?=<9 >@? 79 E9BI=<=E9NH8 3:I9I9>* 85IB8: 78=: 3>3?36I8: <9B9<I3B=K9M9? 8 ?873>8* 9: D9BB3=B9: 6H8 I9B=AOB=9: 73 =?E8BI9NH8 3 8 A8B63<=?36I8 73 <B@7=I8 E3>8 :I978 :I3 ?873>8 73 9<8B78 <8? 8 E36:9?36I8 <3E9>=68 :3 :=I585 3? 5? <86I3CI8 3<86V?=<8 3 E8>FI=<8 E95I978 E3>9
=675:IB=9>=K9NH8 3 E3>9 =7@=9 73 B8?E3B 9: <867=NU3: 3:IB5I5B9=: J53 =?E8::=D=>=I9M9? 8 73:36M8>M=?36I8 3<86V?=<8 78 E9F: 3>3M979 E9BI=<=E9NH8 78 :I978 69 3<868?=9 <9B9<I3B=K85 8 E3BF878* 69 IB9R3ITB=9 79 =67L:IB=9 <=63?9I84BOA=<9 DB9:=>3=B9* E873?8: 8D:3BM9B 9 <B=:I9>=K9NH8 73:I3 ?873>8 69 <B=9NH8 79 ?DB9A=>?3
9 7@<979 73 8 <B3:<=?36I8 D9:3978 3? :5D:I=I5=NH8 73 =?E8BI9NU3: 3:I9M9 3? 73:I9J53 68 73D9I3 9<97;?=<8 3 69 8ENH8 E8>FI=<9 978I979 E3>8 E9F: 345678 !>968 9<=869> 73 3:36M8>M=?36I8 ! :5B4=5 3? 73<8BB;6<=9 78 EB8<3::8 =6=<=978 3? * 8 E>968 :3B=9 9 I3B<3=B9 3 L>I=?9 3I9E9 DB9:=>3=B9 78 EB8<3::8 73 :5D:I=I5=NH8 73 =?E8BI9NU3: 68 E9F: EB38<5E9NH8 3? B8?E3B <8? 8: 36IB9M3: 3:IB5I5B9=: A3K <8? J53 8 E9F: 3? E>368 <36OB=8 73 <B=:3 3<86V?=<9 ?567=9> 978I9::3 ?37=79: J53 M=:9M9? 9 E9BI=<=E9NH8 78 :I978 69 3<868?=9
8?8 3B9 73 :3 3:E3B9B* 8 ?873>8 73 EB875NH8 78 <=63?9 DB9:=>3=B8 69 @E8<9 9<8?E96G85 8 <36OB=8 E8>FI=<8 3 3<86V?=<8 6<8B978 E3>9 ?DB9A=>?3 9 =67L:IB=9 73 <=63?9 DB9:=>3=B9 E9::85 9 <8?E9BI=>G9B 9 ?3:?9 >=6G9 =738>T4=<9 J53 <8?E56G9 85IB8: :3I8B3: 79 3<868?=9 : >5<B8: B3I=78: 79: 7=:IB=D5=NU3: 3:IB9643=B9: 3B9? 7=B3<=86978: E9B9 9 ?DB9A=>?3* J53 73:I=69M9 E9B9 9 EB875NH8 73 A=>?3: ? 9 ?DB9A=>?3 E9::85 9 9I59B I9?D@? 69 7=:IB=D5=NH8 78: A=>?3: 69<=869=:* =6=<=9>?36I3 69: <=7973: 73 H8 !95>8 3 =8 73 .963=B8* :3678 J53 9ET: 5? 968 9 3?EB3:9 :3 3CE967=5 E9B9 85IB9: OB39: 78 E9F:
B3>3M[6<=9 79 9I59NH8 63:I9 OB39 E3>9 3?EB3:9 @ 6FI=79 98 8D:3BM9?8: J53 RO 68 EB=?3=B8 968 9 3?EB3:9 :3 <86A=45B85 <8?8 9 :345679 ?9=8B 7=:IB=D5=78B9 9I596I3 68 #B9:=>* E3B73678 9E369: E9B9 9 =63?9 6I3B69I=869> 8BE8B9I=86 * J53 =6<>5= 9 3IB8 8>7YX6 9X3B* !9B9?856I* #5369 %=:I9 =:63X 3 9 6=M3B:9> 1 I =: 9 E5B3>X <8??3B<=9> 8E3B9I=86* A56<I=86=64 9: 78 ?8:I 8IG3B 7=:IB=D5I8B: =6 IG3 <856IBX* G967>=64 A=>?: =I G9: A=696<37 8B <8 EB875<37 9: Y3>> 9: =673E36736I>X EB875<37 A39I5B3: 2
. ) * * E
&
0(*)0 1': A.)+*: 20/.'20.: ; E$ 6 E <
2'
.)+* 20/.'20) ;F<
.)+* *:-&02@*.&' ;F<
86I3/ 3>86S * E
>9D8B9NH8 E3>8 5I8B* <8? D9:3 69 9BB3<979NH8 78: A=>?3: 69<=869=: 3 3:IB9643=B8:
!873?8: 8D:3BM9B 9IB9M@: 79 I9D3>9* 9 =6:3BNH8 78 A=>?3 DB9:=>3=B8 68 ?3B<978 3C=D=78B 78 E9F:* 75B96I3 5? E3BF878 <86:=73BOM3> 78 <=<>8 ?DB9A=>?3* ?@7=9 78 ?9BS3I :G9B3 78 A=>?3 69<=869> A8= 73 * Q* :3678 J53 G85M3 968: 3? J53 5>IB9E9::85
Q
:345679 ?3I973 79 7@<979 73 B3EB3:36I9 8 3:48I9?36I8 78 ?873>8 73 <B3:<=?36I8 D9:3978 69 :5D:I=I5=NH8 73 =?E8BI9NU3:* I96I8 69 3:A3B9 E8>FI=<9 J596I8 69 3<86V?=<9 ::=? <8?8 9 <B=:3 3<86V?=<9 79 8M9 3ELD>=<9 <8?8 E873?8: M3B 68 IB3<G8 9D9=C8/
?9BS3I Y9: :G=B=6S=64 8B38M3B* I=<S3I EB=<3: G9M3 68I S3EI E9<3 Y=IG =6A>9I=86 967 IG5: G9M3 B375<37 3M36 A5BIG3B IG3 =6<8?3 8A D8IG EB875<3B: 967 3CG=D=I8B:
. ) * * E &
3:48I9?36I8 78 ?873>8 73 :5D:I=I5=NH8 73 =?E8BI9NU3: 3 9 <B=:3 69 3<868?=9 98 >8648 79 7@<979* A8B9? 9<8?E96G978: E8B 5?9 <B=:3 68 <9?E8 =738>T4=<8* J53 68 #B9:=> I3M3 <8?8 OE=<3 8 =6F<=8 79 7@<979 73 >=D3B9>=K9NH8 79 3<868?=9 3 9 9D3BI5B9 3<86V?=<9 MH8 73 9<8B78 <8? 9 IB96:=NH8 =738>T4=<9 M=M36<=979 68 E9F: 98 73<8BB3B 79 7@<979 73 * 79 <B=:3 78 =6I3BM36<=86=:?8 98 638>=D3B9>=:?8 3?8: 69 7@<979 79 B3I8?979 5? <86I3CI8 E8>FI=<8 3 3<86V?=<8 ?5=I8 7=A3B36I3 78 E3BF878 79 ?DB9A=>?3* 3:I3 <36OB=8 A3K <8? J53 9 B3>9NH8 36IB3 3:I978 3 <=63?9 :3 ?87=A=<9::3 ::=? <8?8 9 ?DB9A=>?3 :5B4=5 3? :=6I86=9 98 ?873>8 73 :5D:I=I5=NH8 73 =?E8BI9NU3: 3 <8? 9: <9B9<I3BF:I=<9: 78 <36OB=8 E8>FI=<8 3 3<86V?=<8 79J53>3 ?8?36I8* 9 B3I8?979 I9?D@? :3 <9B9<I3B=K85 E8B :35 I3?E8* 8 78 68M8 >=D3B9>=:?8
2B/.' * /&.:-0).G089' 1* 5+ 2'>' +'1*)' 1* 7&'1589'
E3BF878 J53 :5<373 9 3:I9469NH8 79 EB=?3=B9 ?3I973 79 7@<979 73 A8= <G9?978 73 3I8?979 78 =63?9 #B9:=>3=B8 I@B?=68 79 3:I9469NH8 79 EB875NH8 3:IO >=4978 P <86:I=I5=NH8 73 5? 68M8 ?873>8 73 B3>9NH8 36IB3 :I978 3 =63?9 ? 48:I8 73 * =6=<=85 :3 8 !B84B9?9 9<=869> 73 E8=8 P 5>I5B9 ! * ?9=: <86G3<=78 <8?8 3= 85963I* M=:9678 3:I=?5>9B 9 <5>I5B9 <8?8 5? I878* 6H8 9E369: 957=8M=:59>* ?9: I9?D@? 9 ?L:=<9* 9BI3: <;6=<9:* 9BI3: E>O:I=<9:* E9IB=?V6=8 G=:ITB=<8 3 9 EB875NH8 37=I8B=9>
3C<>5F78 I3B<3=B9 A8B?9 @ E3>8 ?3<96=:?8 73 =6<36I=M8 A=:<9>* 68 J59> 98 =6M3:I=B 3? <5>I5B9 9 E3::89 AF:=<9 85 R5BF7=<9 E873 9D9I3B 78 =?E8:I8 73 B3679 8 ?86I96I3 =6M3:I=78
? A8= <B=979 9 >3= 6b * J53 B345>9?36I85 9 M8>I9 79 <8I9 73 I3>9* 3:I9D3>3<3678 J53 8: A=>?3: DB9:=>3=B8: E9::9::3? 9 I3B 8DB=49I8B=37973 73 3C=D=NH8 3? 5? 73I3B?=6978 6L?3B8 73 7=9: E8B 968
3E8=: 79 9E9I=9 3? J53 :3 36<86IB9M9 68 =6F<=8 78 48M3B68 8>>8B* 8 <9?E8 <=63?9I84BOA=<8 M8>I85 9 :3 ?8M=?36I9B* 3 7=:E5I9: =6I3B69: M=3B9? P I869* EB=6<=E9>?36I3 3? B3>9NH8 98 <86<3=I8 73 1A=>?3 69<=869>2 3 P 63<3::=7973 73 5?9 >34=:>9NH8 EB8I3<=86=:I9 E9BI=B 73::9: 7=:<5::U3: :5B4=5 9 EB8E8:I9 73 5?9 68M9 >34=:>9NH8 3:E3<FA=<9 E9B9 8 :3I8B <=63?9I84BOA=<8* 3 68 =6F<=8 73 <G3485 :3 P >3= * J53 B345>9?36I85 9 <8I9 73 I3>9* 73A=6=5 8 J53 @ 8 A=>?3 69<=869> 3 M8>I85 9 3:D8N9B 5?9 E8>FI=<9 <=63?9I84BOA=<9 EB8E8:I9 78 4B5E8 73 7=:<5::U3: 3B9 ?5=I8 ?9=: 9DB96436I3 J53 9 >3=* 3 36M8>M=9 9 3>9D8B9NH8 73 5? !B84B9?9 9<=869> 73 =63?9 !B8<=63 * 9>@? 73 EB8E8B 95CF>=8 7=B3I8 78 :I978 69 EB875NH8 957=8M=:59>* ?9: 3::3: 9BI=48: A8B9? M3I978: E8B 8>>8B 8? 8: M3I8:* 9 >3= I3M3 <8?8 4B9673 <86J5=:I9 9 M8>I9 79 <8I9 73 I3>9 3 9 A9<=>=I9NH8 79: <8 EB875NU3: =6I3B69<=869=: 8= 8 EB=?3=B8 E9::8 E9B9 8 3:I9D3>3<=?36I8 73 5?9 E8>FI=<9 <=63?9I84BOA=<9 9ET: 9 7=::8>5NH8 79
?DB9A=>?3 * &* E &
E9::8 73<=:=M8* E8B@?* A8= 7978 68 968 73 * 9IB9M@: 79 >3= 6b & * 3= 78 57=8M=:59> * <8?8 E873?8: M3B 3? 9II= * E * 1_9` E9BI=B 73 * <8? 9 9:<36:H8 73 I9?9B B96<8* =736I=A=<9 :3 5? B39I9?36I8 79: B3>9NU3: 36IB3 8 :3I8B <=63?9I84BOA=<8 3 8 :I9782
EB8M85 :3* E8B A=?* 9 3= 6b & * 73 * 3= 78 57=8M=:59>* 36IH8 :8D 8 8M3B68 78 !B3:=736I3 I9?9B B96<8* J53 E3B?=I=5 8 9D9I=?36I8 78 ?E8:I8 73 3679 9I@ 8 >=?=I3 73 Q IB;: E8B <36I8 78 =?E8:I8 73M=78 E8B E3::89: AF:=<9: 3 Q 78 =?E8:I8 73M=78 E8B E3::89: R5BF7=<9:* E9B9 =6M3:I=?36I8 69 EB875NH8 73 8DB9: 957=8M=:59=: ::9 >3= <B=85 9=679* 3? :35 9BI b* 7=:E8:=I=M8 J53 36<8B9R9 9: 7=:IB=D5=78B9: 3:IB9643=B9: 9 =6M3:I=B Q :3I36I9 E8B <36I8 78 =?E8:I8 73M=78* Q J5=6K3 E8B <36I8 :8DB3 :59: B3?3::9: 73 >5<B8 69 EB875NH8 DB9:=>3=B9 73 957=8M=:59=: ! * * E
78 =?E8:I8 73M=78 79: E3::89: R5BF7=<9: E9B9 Q IB;: E8B <36I8 2* 8 J53 43B85 5? 95?36I8 :=46=A=<9I=M8 J596I=7973 73 B3<5B:8: 3= 78 57=8M=:59> A8?36I9 7=A3B36I3: 3:A3B9: 79 =67L:IB=9 <=63?9I84BOA=<9* <8?8 9 EB875NH8 <=63?9I84BOA=<9* 9 9?E>=9NH8 85 <B=9NH8 3 5? 68M8 <=B<5=I8 3C=D=78B 3 69 =6:I9>9NH8 73 AODB=<9: 73 3J5=E9?36I8: 3 >9D8B9ITB=8: 73 A=>?3: !8B@? @ :9D=78* J53 9 ?9=8B E9BI3 78: B3<5B:8: :3 7=B3<=869 E9B9 9 EB875NH8 <=63?9I84BOA=<9
=A3B36I3 78 ?873>8 3? J53 8 =6M3:I=?36I8 ELD>=<8 3? <5>I5B9 @ 97?=6=:IB978 E3>8 :I978 TB4H8* 98 3C3?E>8 79 ?DB9A=>?3* 68 ?3<96=:?8 73 =6M3:I=?36I8 E8B =6<36I=M8: 8 :I978 <86<373 7375NH8 A=:<9> E9B9 E3::89 AF:=<9 85 R5BF7=<9 J53 J53=B9 =6M3:I=B 3? <5>I5B9
::=? 9 <86IB=D5=NH8 78 =?E8:I8 73 B3679 J53 :3B=9 73:I=6979 98 :I978* E9::9 9 :3 7=B3<=869B E9B9 9 <5>I5B9 ?9 79: E9BI=<5>9B=7973: J53 <9B9<I3B=K9? 3:I3 ?3<96=:?8 3:IO 69 E9BI=<=E9NH8 78 :3I8B EB=M978 69 43:IH8 78: B3<5B:8: :I9 E9BI=<5>9B=7973 A9K <8? J53 8<8BB9 5?9 7=A3B36N9 3? B3>9NH8 ?873>8 96I3B=8B* 8 43:I8B 78 =6M3:I=?36I8 J53 96I3: 3B9 8 :I978 E9::9 9 :3B 8 :3I8B EB=M978 ? 36IB3M=:I9 E3>8 .8B69> 79 6=<9?E* 3B6H8 >?3=79 !9::8: 9?8:* <8?36I9/
? 78: EB8D>3?9: <36IB9=: @ J53 :3 IB9I9 73 7=6G3=B8 ELD>=<8* B36L6<=9 A=:<9>* 9E>=<978 E8B 3?EB3:9: H8 9: 3?EB3:9: 3:I9I9=: 69 ?9=8B=9 78: <9:8: 85 EB=M979:* J53 9<9D9? 73<=7=678 :8DB3 9 9E>=<9NH8 78 7=6G3=B8
8?8 8 <=63?9 36M8>M3 ?5=I8: B3<5B:8:* 8 7=B3I8B* 69 :59 3CEB3::H8 95I8B9>* 3? J59>J53B E9F: 78 ?5678* EB3<=:9 A9K3B 9>45?9: <86<3::U3: 9:* 69 ?37=79 J53 3:I3 @ 7=6G3=B8 ELD>=<8* E3>8 ?368: 5?9 E9B<3>9 73>3 73M3B=9 :3B 43B=78 E3>8
:I978 Z #*
B9673 E9BI3 79 <BFI=<9 9 3:I3 ?3<96=:?8 :3 <86<36IB9 69 J53:IH8 79 43:IH8 78: B3<5B:8:* 8 9B45?36I8 J53 8 :3I8B EB=M978 98 9>8<9B 8: B3<5B:8: I3673 9 >3M9B 3? <86:=73B9NH8 9E369: 8 B3I8B68 3<86V?=<8* 85 :3R9* 8: D363AF<=8: 43B978: E3>9 E5D>=<=7973 3 8 >5<B8 73 73I3B?=6978 =6M3:I=?36I8 <5>I5B9>* >=?=I9 8 3:E9N8 E9B9 <B=9NH8 9BIF:I=<9* E36:9?36I8 3:I3 B3<8BB36I3 69 <>9::3 <=63?9I84BOA=<9 E3:J5=:978B9 5<=9 94=D* 98 IB9N9B 8 E968B9?9 78 <=63?9 79 B3I8?979* E8B ?3=8 73 36IB3M=:I9: 68 73<8BB3B 79 7@<979 73
I8<9 63:I3 E86I8
8?8 69 36IB3M=:I9 78 <=639:I9 48 =8B43II=* 1 H8 @ E8::FM3> J53 8 :5R3=I8 B3:E86:OM3> E3>8 ?9BS3I=64 79 #9575<<8* E8B 3C3?E>8* MO 9M9>=9B 8 :35 B8I3=B8* E8BJ53 3>3 6H8 I3? <867=NU3: 73 9M9>=9B* ?5=I9: M3K3: 63? J53B 9M9>=9B* E8BJ53 8 J53 I3? J53 A9K3B :H8 D86: E963I863: ::9 @ 9 A56NH8 :8<=9> 78 <9B9 J53 A9K E963I863
)O J59:3 5?9 5696=?=7973 69 <867369NH8 79 >3= 78 :=:I3?9 9I59> 73 <9E=I9NH8 73 B3<5B:8: E3>9 3= 78 57=8M=:59>* J53 R849 69: ?H8: 78: 7=B3I8B3: 73 ?9BS3I=64 79: 3?EB3:9: 9 73<=:H8 73 A=696<=9B 85 6H8 5? EB8R3I8 <=63?9I84BOA=<8 H8 3? 43B9> E3::89: :3? A8B?9NH8 9BIF:I=<9 J53 R5>49BH8 A=>?3: E8B <B=I@B=8: 73 8B73? 3C<>5:=M9?36I3 <8?3B<=9> 85 73 =6I3B3::3 79 EBTEB=9 3?EB3:9 #* * E
?9 79: EB=6<=E9=: =7@=9: J53 3:IO M=6<5>979 P IB96:A3B;6<=9 73 43:IH8* 78 :I978 E9B9 8 :3I8B EB=M978* E9BI3 78 EB=6<FE=8 73 J53 98 3:I=?5>9B 9 B3>9NH8 36IB3 :3I8B EB=M978 3 8 <=63?9* E8B ?9=: J53 :3R9 3? 5? EB=?3=B8 ?8?36I8 :5D:=7=979 E3>8 :I978* =6=<=9 :3 5? EB8<3::8 73 A8B?9NH8 73 5?9 <5>I5B9 73 =6M3:I=?36I8: EB=M978: 68 <=63?9* <9:8 8 :3I8B EB=M978 E9::3 9 =6M3:I=B 68 <=63?9 3 3:I3 :3 ?8:IB9B 5?9 9I=M=7973 B36IOM3>* E873B=9 >3M9B 9 5?9 <867=NH8 95I8 :5:I36IOM3>* 3 9 E9BI=B 73:I3 E86I8 8 :I978 6H8 I3B=9 ?9=: 63<3::=7973 73 =6I3BM=B 69 9I=M=7973
:I978 EB3I36735* 9IB9M@: 79 E8>FI=<9 <5>I5B9> 978I979* <B=9B 5?9 1<5>I5B9 73 =6M3:I=?36I8: <5>I5B9=:2* 9IB9M@: 73 3:IF?5>8: E9B9 9: 3?EB3:9: =6M3:I=78B9: 3 9I36I9B?8: E9B9 9 3= 78 57=8M=:59>* J53 A8= <86<3D=79 E9B9 M=48B9B E8B 73K 968:* A=<9 6FI=79 3::9 =6I36NH8 8 =6F<=8* 8 :I978 8A3B3<3B=9 =:36NH8 73 =?E8:I8: 9 J53? =6M3:I=::3 3? <5>I5B9* E9B9 73E8=:* J59678 RO :3 =6:I9>9::3 3::9 <5>I5B9 73 =6M3:I=?36I8:* 1:9=B 73 <3692 96I8 J53* E9B9 95C=>=9B 98: 3?EB3:OB=8: 69 5I=>=K9NH8 79: >3=: 73 =6<36I=M8 3 ?8:IB9B <8?8 8: =6M3:I=?36I8: <5>I5B9=: E87=9? :3B >5<B9I=M8:* 3? 8 =6=:I@B=8 79 5>I5B9 >96N85 5?9 9E8:I=>9 =6I=I5>979@ .$ . A . ;9 B-J53 A8= 7=:IB=D5F79 9 3?EB3:9: 3 EB875I8B3: <5>I5B9=: * &* E
!8B@?* 3:I9 <5>I5B9 73 =6M3:I=?36I8 3? <=63?9 E3>8 :3I8B EB=M978 6H8 :3 <B=:I9>=K85 3 9 >3= 78 957=8M=:59> =6=<=9>?36I3 EB84B9?979 E9B9 75B9B 73K 968:* A8= EB8BB84979 B3>9NH8 36IB3 8 :I978 3 8 <=63?9 E3B:=:I=5 73M=78 P 95:;6<=9 73 95I8 :5A=<=;6<=9 79 =67L:IB=9
M8>5NH8 78 =6M3:I=?36I8 ELD>=<8 68 957=8M=:59> 73
9
=6M3:I=?36I8 EB8E8B<=86978 E3>9: >3=: 73 =6<36I=M8 A=:<9> A8= B3:E86:OM3> E8B 5? 95?36I8 :=46=A=<9I=M8 69 EB875NH8 73 A=>?3: 68 E9F:* 3 E8B ?96I3B <86I=65=7973 69 EB875NH8 68 73<8BB3B 78: 73K 968: 3:I57978:
: =6:IB5?36I8: >34=:>9I=M8: 3= 78 57=8M=:59> 3 85963I :3 IB96:A8B?9B9? 68: EB=6<=E9=: ?3<96=:?8: 73 9>9M96<9?36I8 79 9I=M=7973* 3>3: :H8 8: 3>3?36I8: B3:E86:OM3=: E3>8 <G9?978 <=<>8 J53 A=<85 <86G3<=78 <8?8 79 3I8?979 78 <=63?9 DB9:=>3=B8 * * E
9II= 3? :59 I3:3 A9K 5?9 7=M=:H8 78 E3BF878 >34=:>9I=M8 3? IB;: E9BI3:* 9 EB=?3=B9 B3A3B36I3 P =?E>8:H8 78 9E9B3>G8 <5>I5B9> 3:I9I9>* 9 :345679 3:I9 73 9<8B78 <8? 9 37=NH8 73 >3=: A373B9=: 73 =6<36I=M8 <5>I5B9>* 3 9 I3B<3=B9 E9BI3 79 <B=9NH8 79 94;6<=9 B345>978B9 78 :3I8B* 9 6<=63 & 68M8 ?873>8 73 EB875NH8 79 =67L:IB=9 <=63?9I84BOA=<9 DB9:=>3=B9 :3 <86A=45B85 9ET: 9 :345679 3I9E9 =736I=A=<979 E3>8 E3:J5=:978B
9II=*
&
=6M3:I=?36I8 9IB9M@: 78 ?3<96=:?8 73 =6<36I=M8 A373B9>* 68 <=<>8 79 B3I8?979* E873 :3B M=:59>=K978 69: :345=6I3: A=45B9:/
.@5&0 6 >')589' 1' .2>*:-.+*2-' 0-&0>H: 1' +*/02.:+' 1* .2/*2-.>' *+ >0)'&*: 2'+.20.:
; EE#6 44#<
.@5&0 6 >')589' 1' .2>*:-.+*2-' 0-&0>H: 1' +*/02.:+' 1* .2/*2-.>' 0 7&*8': 1* 44# ; EE#6 44#<
9 A=45B9 78: M9>8B3: 73A>9<=86978: E873?8: 8D:3BM9B 5?9 I367;6<=9 <B3:<36I3 68: IB;: EB=?3=B8: 968:* :345=78 E8B 5? B3IB8<3::8 3? * 3 8 968 79 <B=9NH8 79 6<=63 9 I367;6<=9 73 <B3:<=?36I8 68: M9>8B3: <9EI978: B39E9B3<3 3 3? @ 8D:3BM979 5?9 E3J5369 J5379 M9>8B <9EI978 3? J59:3 <G3485 98 78DB8 3? B3>9NH8 98 968 73
* =67=<9678 J53 68 43B9> G85M3 5?9 3M8>5NH8 9:<36736I3 78 ?86I96I3 =6M3:I=78 ?@7=9 73 B3<5B:8: <9EI978: 9659> 73 9I@ A8= 73 c * 3 <8?E9B9B?8: 3:I9 ?@7=9 <8? 8 =6M3:I=?36I8 7=B3<=86978 98 :3I8B E3>8 :I978* 68 E3BF878 79 ?DB9A=>?3* M3B3?8: 9 :=46=A=<[6<=9 78 ?86I96I3 =6M3:I=78 69 B3I8?979 =6M3:I=?36I8 ?@7=8 73 c ?=>GU3: @E8<9 79 ?DB9A=>?3 E9::85 E9B9 c ?=>GU3: !8B@? 8: B3:5>I978: 78 =6M3:I=?36I8 3? I3B?8: 73 95?36I8 69 E9BI=<=E9NH8 73 ?3B<978 3 9BB3<979NH8 9IB9M@: 78 <=B<5=I8 3C=D=78B :3 36<86IB9? ?5=I8 7=:I96I3: 78 E9I9?9B M=:59>=K978 68 E3BF878 79 ?DB9A=>?3 345678 9II= * E 1 :=I59NH8 E9B978C9> @ J53 656<9 G85M3 I96I8 =6M3:I=?36I8 68 :3I8B* <5R8 73:3?E36G8 73 ?3B<978 A=<85 9J5@? 79: ?@7=9: G=:ITB=<9:2
9><5>979 9IB9M@: 78: 7978: A8B63<=78: E3>8 J597B8 73 M9>8B3: 68?=69=: 86I3/ #5I<G3B* >?3=79 * E 3
!
"
!
2,).:* /'+70&010 *2-&* ': 7*&B'1':D
+(&0A.)+* *
*-'+010
I9D3>9 9D9=C8 B3EB3:36I9 9 9BB3<979NH8 68 <=B<5=I8 3C=D=78B 75B96I3 4B9673 E9BI3 78 E3BF878 79 ?DB9A=>?3
0(*)0 3 &&*/01089' 2' +*&/01' *I.(.1'& ; E$ 6 E !<
2' '-0) J .)+* 0/.'20) .)+* :-&02@*.&'
'-0) H1.0
86I3/ 3>86S E >9D8B9NH8/ 5I8B
&
3 78 E3BF878 79 3I8?979 9 E9BI=B 73 ?@7=9 9659> 73 9BB3<979NH8 68 E3BF878 A8= 73 c ?=>GU3:* :3678 J53 8 A=>?3 69<=869> B3:E86735 E8B c & ?=>GU3: 3 8 3:IB9643=B8 E8B c ?=>GU3:
0(*)0 ! 6 &&*/01089' 2' +*&/01' *I.(.1'& ; EE 6 44!<
86I3/ 9II= * E >9D8B9NH8/ 5I8B
3?8: 63:I3 E3BF878 5? 95?36I8 69 ?@7=9 9659> 79 9BB3<979NH8 68 ?3B<978 3C=D=78B DB9:=>3=B8 73 9EB8C=?979?36I3 c & ?=>GU3:* 9 ?@7=9 E9::85 73 c ?=>GU3: E9B9 c ?=>GU3: !8B@? ?3:?8 3:I3 95?36I8* 9 9BB3<979NH8 ?@7=9 78: A=>?3: 69<=869=: <9=5 E3>9 ?3I973* 73 c & ?=>GU3: E9B9 c ?=>GU3: A=>?3 3:IB9643=B8 3? <86:3Jd;6<=9 79 J5379 79 E9BI=<=E9NH8 78 A=>?3 69<=869> 68 ?3B<978 3C=D=78B E9::85 9 9BB3<979B 3? ?@7=9 73 c ?=>GU3: 3 <86:=73B9B?8: 9E369: 8
2' '-0) J .)+* 0/.'20) .)+* :-&02@*.&'
'-0)
E3BF878 79 B3I8?979 9 E9BI=B 73 * M=:59>=K9?8: 5?9 ?@7=9 79 9BB3<979NH8 78 A=>?3 69<=869> 73 9EB8C=?979?36I3 c ?=>GU3: <86IB9 c ?=>GU3: 78 A=>?3 3:IB9643=B8
0(*)0 6 C()./' 2' +*&/01' *I.(.1'& ; E$ 6 E !<
2' C()./' -'-0) .)+* 0/.'20) .)+* :-&02@*.&'
'-0) H1.0
86I3 3>86S* * E >9D8B9NH8/ 5I8B
0(*)0 # 6 C()./' 2' +*&/01' *I.(.1'& ; EE 6 44!<
2'
C()./' '-0)
.)+* 20/.'20)
.)+* *:-&02@*.&'
'-0)
H1.0 H1.0 EE#6 44!
86I3/ 9II=* * E & >9D8B9NH8/ 5I8B
8 >8648 79: IB;: L>I=?9: 7@<979:* 8 ?3B<978 3C=D=78B DB9:=>3=B8 E9::85 E8B IB96:A8B?9NU3: :=46=A=<9I=M9:* 9 I9D3>9 9<=?9 E873 68: 9R579B 9 M=:59>=K9B 9: ?5796N9: J53 8<8BB3B9? 69 3:A3B9 79 3C=D=NH8 7BO:I=<9 J5379 78 ELD>=<8 3? B3>9NH8 98 E3BF878 96I3B=8B ?DB9A=>?3 @ 5? 78: EB=6<=E9=: 3>3?36I8: J53 <8?EU3 8 J597B8 79 3I8?979 78 =63?9 #B9:=>3=B8 E9>9MB9 B3I8?979* AB3Jd36I3?36I3 J53:I=86979 69 9<973?=9 3 E3>9 <>9::3 <=63?9I84BOA=<9 * 9IB9M@: 79 E3B:E3<I=M9 8673 8 ELD>=<8 @ 8 3>3?36I8 <36IB9>* E9::9 9 6H8 :3B 8 I3B?8 ?9=: 9EB8EB=978* 9::=? <8?8 :8DB3 9 TI=<9 79 E9BI=<=E9NH8 78 <=63?9
DB9:=>3=B8 68 ?3B<978 3C=D=78B* 69 J59> 8: F67=<3: 79 @E8<9 79 ?DB9A=>?3 9=679 6H8 A8B9? =459>978: 85 :5E3B978:
8 J53 :3 B3A3B3 98 ELD>=<8* EB3:36<=9?8: 5?9 J5379 69 ?@7=9 9659> 79 8B73? 73 & ?=>GU3: 73 E3::89:* 75B96I3 8: IB3K3 968:* 9I@ 8 I8I9> 73 3:E3<I978B3: A8= & :I3 6L?3B8 <86IB9:I9 <8? 8: E9496I3: 73 9I@ 8 <86:=73B9B 9E369: 8 E3BF878 79 B3I8?979 9 E9BI=B 73 * 8D:3BM9?8: 5?9 ?@7=9 9659> 73 ?=>GU3: 73 E3::89:* ?5=I8 7=:I96I3 79: ?=>GU3: 73 E3::89: J53 AB3Jd36I9M9? <=63?9 68 E3BF878 79 ?DB9A=>?3 ?@7=9 73 3:E3<I978B3: E9B9 A=>?3: DB9:=>3=B8: 69 B3I8?979 A8= 73 9EB8C=?979?36I3 ?=>GU3: 73 3:E3<I978B3:* 85 :3R9* 5?9 ?@7=9 ?5=I8 ?368B J53 9 78 E3BF878 73 9I@ ?=>GU3:
501&' 3 >')589' 1' 7&*8' +H1.' 1' .2@&*::' ; E 46 44!<
2' J
* *
* * * * & * *
* * * * * * * * & * * * *
*
*
*&&
*
*
*
86I3/ 9II=* E 3
&,A./' 3 502-.101* 1* :0)0: 1* /.2*+0 ; E$ 6 E <
0 500 1.000 1.500 2.000 2.500 3.000 3.500
1974 1976 1978 1980 1982 1984 1986
0)0: 1* /.2*+0 ; E$ 6 E <
596I=7973 73 :9>9:
86I3/ .8G6:86* * E >9D8B9NH8/ 5I8B
&,A./' 3 502-.101* 1* :0)0: 1* /.2*+0 ; EE46 EE$<
0 200 400 600 800 1.000 1.200 1.400 1.600
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
0)0: 1* /.2*+0 ; EE46 EE$<
596I=7973 73 :9>9:
86I3/ >?3=79* #5I<G3B* * E >9D8B9NH8/ 5I8B
8 =6=<=8 79 7@<979 73 * 9 I367;6<=9 6349I=M9 73 <B3:<=?36I8 79: :9>9: 73 3C=D=NH8* :3 9<36I585* 79: :9>9: 73 * E9::9?8: 9 I3B 9E369: 68 968 73 * 85 :3R9* ?368: 73 5? I3BN8 79: :9>9: 73 :I9 IB9R3ITB=9 <8?3N9 9 ?579B 9 E9BI=B 73 * <8?8 E873?8: M3B 68 :345=6I3 4BOA=<8/
&,A./' ! 3 502-.101* 1* :0)0: 1* /.2*+0 ; EE$6 44 <
0 500 1.000 1.500 2.000
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
0)0: 1* /.2*+0 ; EE$6 44 <
596I=7973 73 :9>9:
3?8: 3? 8 E86I8 73 =6A>3CH8 79 I367;6<=9 73 J5379 =6F<=8 73 5? E3BF878 73 <B3:<=?36I8 68 6L?3B8 73 :9>9: 68 E9F: 3:IO 73 9<8B78 <8? 9: ?5796N9: 8<8BB=79: 68 :3I8B 3C=D=78B 3? [?D=I8 =6I3B69<=869>
!
' K/.2*+0 1* &50L 0'
5)-.7)*I
<=63?9 >848 <378 :3 <86A=45B85 5? 78: EB=6<=E9=: ?3=8: 73 <8?56=<9NH8 73 ?9::9* 98 >978 78 BO7=8 3 79 =?EB36:9 3:<B=I9* 9 J596I=7973 73 :9>9: 73 <=63?9 68 968 73 B3A>3I3 3:I9 <86R56I5B9 B3>9NH8 <8? 8 ELD>=<8 E8B ?5=I8 I3?E8 :3 735 9IB9M@: 73 :9>9: >8<9>=K979: 68 <36IB8 79: <=7973:* I96I8 69: <9E=I9=: <8?8 68 =6I3B=8B 78: 3:I978:
6IB3I96I8 8 E968B9?9 79: :9>9: 73 3C=D=NH8 E9::85 9 :3 ?87=A=<9B 9 E9BI=B 79 7@<979 73 * <8? 8 73:36M8>M=?36I8 79 I3>3M=:H8* 78 6 "& 3 73 85IB8: 3:E9N8: 73 >9K3B <8?8 8: 6 %% ;
9<3>3B978 73:36M8>M=?36I8 79 I3>3M=:H8 9 E9BI=B 79 7@<979 73 * <8?8 M3B3?8: E8:I3B=8B?36I3* E8::=D=>=I85 5?9 9>I3B69I=M9 957=8M=:59> E9B9 9 E8E5>9NH8* J53 E9::85 9 I3B 9 <8?87=7973 73 <86:5?=B =?9436: 3 :86: 3? :59: EBTEB=9: B3:=7;6<=9:* 8 ?3:?8 :3 735 <8? 8 6 "& I3>3M=:H8 3 86 "& :3 I8B69B9? <86<8BB36I3: 6H8 E3BA3=I8: 79: :9>9: 73 <=63?9 5IB9 3:E@<=3 73 <86<8BB;6<=9 E873 :3B M=:I9 9IB9M@: 78 :5B4=?36I8 73 68M8: 3:E9N8: 73 >9K3B* EB=6<=E9>?36I3 E8B ?3=8 78: 6 %% ; * J53 <86<36IB85 68 ?3:?8 3:E9N8 5?9 :@B=3 73 9I=M=7973: B3>9<=86979: 98 >9K3B* <8?8 <8?EB9:* R848: 3>3IBV6=<8: 3 9>=?36I9NH8
3?8: 9 E9BI=B 73 * 5? J597B8 <8?E8:I8 E3>9 J5379 78 ELD>=<8 69: :9>9: 73 3C=D=NH8* J53 E873 :3B 3CE>=<978 9IB9M@: 79 =6:3BNH8 79: A8B?9: 73 <86<8BB;6<=9 6H8 E3BA3=I9:* <=I979: 9<=?9* :8?978 98 95?36I8 78 EB3N8 78: =64B3::8: 68 73<5B:8 78 I3?E8
&,A./' 3 502-.101* 1* 7C()./' 2' +*&/01' *I.(.1'& ; E$ 6 44!<
0 50.000.000 100.000.000 150.000.000 200.000.000 250.000.000 300.000.000
1960 1970 1980 1990 2000 2010
C()./' 2' +*&/01' *I.(.1'&
-&01./.'20) ; E$ 6 44!<
596I=7973 73 3:E3<I978B3:
86I3/ 3>86S* * E 3 9II= * E & >9D8B9NH8/ 5I8B
D:3BM9?8: J53 73 3? 7=96I3* 8 6L?3B8 73 ELD>=<8 73<>=685 9DB5EI9?36I3* 78: ?=>GU3: 73 ELD>=<8 E9496I3:* B3:I9B9? ?368: 73 5? J5=6I8 ?=>GU3: 3?
3M8>5NH8 6349I=M9 79: M9B=OM3=: <8BB3>9<=869:* :9>9: 73 3C=D=NH8 3 ELD>=<8* 69: L>I=?9: 7@<979: 6H8 @ 3C<>5:=M=7973 DB9:=>3=B9 >48 :3?3>G96I3 8<8BB35 68 ?3B<978 <=63?9I84BOA=<8 ?567=9> 9 5B8E9* E8B 3C3?E>8* 8 ELD>=<8 73 * D=>GU3: 68 968 73 && E9::85 E9B9 ?=>GU3: 3? * 68: :I978: 6=78: 8 =?E9<I8 A8= ?368B* 73 * D=>GH8 73 E9496I3: 3? &&* :8DB9B9? & ?=>GU3: 3? 8 J53 :3 B3A3B3 P: :9>9: 73 3C=D=NH8* 79: & ?=> :9>9: 3C=:I36I3: 69 5B8E9 3? & * B3:I9B9? 9E369: ?=> 3? * 68 :I978: 6=78: I=M3?8: 5?9 J5379 ?368B* 73 9E369: :9>9: 73 & 9
!873?8: 36IH8 <86<>5=B J53 G85M3 5?9 ?5796N9 3? 3:<9>9 =6I3B69<=869> 68 :3I8B 73 3C=D=NH8* 8 #B9:=> :3 =6:3B3 63:I3 <86I3CI8* 8673 8: A9I8B3: 73 8B73? 4>8D9> <8?8 8 73:36M8>M=?36I8 79 I3>3M=:H8* 8 97M36I8 78 6 "& 3 78 :5B4=?36I8 78: 6 %% ;
-EB8E8B<=869B9? 3A3=I8: 6349I=M8: 68 :3I8B 3C=D=78B IB97=<=869>
=?E9<I8 A8= ?368B 68: :I978: 6=78:* E8=: 69 7@<979 73 I3M3 =6F<=8 8 ?873>8 73 3C=D=NH8 5>I=E>3C 68 E9F:
I367;6<=9 4>8D9> 73 B3IB9NH8 68 ?3B<978 <=63?9I84BOA=<8* 68 36I96I8* :3 B3M3BI35 69 7@<979 73 8 <9:8 78: :I978: 6=78:* 8 6L?3B8 73 :9>9: E9::85 73 & 3? E9B9 & 3? .O 68 #B9:=> 8 <36OB=8 <8?3N85 ?579B 68 968 73 * 3? J53 <86IOM9?8: <8? :9>9: 73 <=63?9* 6L?3B8 J53 :5D=5 E9B9 3? ELD>=<8 DB9:=>3=B8 :5D=5 73 ?=>GU3: 3? E9B9 9EB8C=?979?36I3 ?=>GU3: 3?
E86I8 73 =6A>3CH8 79 I367;6<=9 6349I=M9 68 :3I8B 3C=D=78B IB97=<=869> :3 735 R5:I9?36I3 <8? 8 =6F<=8 79: :9>9: 68 A8B?9I8 5>I=E>3C* I96I8 3? [?D=I8 =6I3B69<=869> <8?8 69<=869> 1 I@ 9 9D3BI5B9 73 68M8: <36IB8: 73 3C=D=NH8 ?5>I=E>3C* <>9B9?36I3* 68I9M9 :3 5? J597B8 73 <>9B9 3:I9469NH8 79 9I=M=79732 9II=* * E
3?8: 8 =6F<=8 78 ?873>8 5>I=E>3C* 68: :I978: 6=78: 69 7@<979 73 * E8B@? 68 #B9:=> 8 A8B?9I8 E9::85 9 :3 73:36M8>M3B 9ET: * <8?8 E873?8: M=:59>=K9B 9IB9M@: 78 4BOA=<8 73 =6M3:I=?36I8 9659> 68 :=:I3?9 5>I=E>3C E3>9 DB9E>3C ::8<=9NH8 #B9:=>3=B9 79: ?EB3:9: C=D=78B9: =63?9I84BOA=<9: E3B978B9: 73 5>I=E>3C3:
&,A./' # 3 2>*:-.+*2-' 2' :.:-*+0 5)-.7)*I 7*)0 (&07)*I ; EE$6 44#<
86I3/ DB9E>3C
%3B =>M9* * E
&
3M8>5NH8 9:<36736I3 79: :9>9: 73 3C=D=NH8 68 A8B?9I8 5>I=E>3C* 68 <36OB=8 =6I3B69<=869> 3 69<=869>* :3 3CE>=<9 9IB9M@: 79: =68M9NU3: 43B979: E3>8 ?873>8 ?9 :=46=A=<9I=M9 B375NH8 68: <5:I8: 8E3B9<=869=:* 9IB9M@: 79 3<868?=9 73 3:<9>9* A8= 43B979 98 <86<36IB9B 5?9 4B9673 J596I=7973 73 :9>9: >=4979: E8B 5? L6=<8 ' 8 :9>9 73 3:E3B9 !9::9?8: 9 I3B 68: ?9=: D3? :5<37=78: ?5>I=E>3C Q 73 >5<B9I=M=7973 :8DB3 9 9BB3<979NH8 DB5I9* <86IB9 5? E3B<36I59> 6349I=M8 85 36IB3 Q 3 Q 69: :9>9: ?9=: >5<B9I=M9: 78: <=63?9: 73 B59 5IB9 =68M9NH8 I3? 8B=43? 69 7=M3B:=A=<9NH8 78: :3BM=N8:* 8A3B3<=78: E3>8: 5>I=E>3C3:
: EB=?3=B8: <86R56I8: ?5>I=<=63:* =69545B978: 68 <8?3N8 79 7@<979 73 * I=6G9? 73 :3=: 9 8=I8 I3>9:* J596I=7973 <8?E9IFM3> P: 3?=::8B9: 3? ) 78: E9F:3: <8? ?9=8B 8A3BI9 73:I3 I=E8 73 :=69> #B9:=>* .9EH8 85 :I978: 6=78: * 3 ?5=I8 E85<8 7=A3B=9? 79: =6:I9>9NU3: 78: <86R56I8: 73 IB;: 85 J59IB8 :9>9: 36<86IB978: 69 ?9=8B=9 78: 6 %% ; 7=A3B36N9 3B9 9 <36IB9>=K9NH8 79 <=B<5>9NH8 3? 5? 9?E>8 ' 8 * J53 7=:E56G9 73 ?5=I9: 9>I3B69I=M9: 68 <86:5?8 73 <8?3:IFM3=: 8? 8 :5B4=?36I8 79: 3?=::8B9: 9 <9D8* 8 6L?3B8 73 :9>9: I3? <B3:<=78* <G349678 :3 9 I3>9: 65? ?3:?8 <8?E>3C8* J53 7=:EU3? 73 9>I9 I3<68>84=9* <8? I3>9: 4=496I3:<9:* :8? 7=4=I9>* E=:8: 3? 9BJ5=D96<979: 3 E8>IB869: B3<>=6OM3=:
8 ?5>I=E>3C* 9 =6I36NH8 73 13:I9B 68 <=63?92 =6I34B9 :3 P 73<=:H8 73 :3 9::=:I=B 5? 73I3B?=6978 A=>?3 36I9 :3* 73 <3BI9 A8B?9* :=?5>9B 5? 9?D=36I3 E9B3<=78 <8? 9 I3>3M=:H8 98 8A3BI9B 5?9 ?5>I=E>=<=7973 73 8ENU3: 3 3:<8>G9: 73 EB84B9?9: 98 3:E3<I978B B96:E8BI9 :3 9 <9:9 78 3:E3<I978B E9B9 9 :9>9 73 3C=D=NH8* IB96:A8B?9678 9 3? 5?9 3CI36:H8 8673 :3 <=B<5>9 79 <86A8BIOM3> E8>IB869 B3<>=6OM3> 79 E>9I@=9 E9B9 9 <8K=6G9 3 9: <86<3::U3:
::3: <86R56I8: 73 <=63?9: EB8>=A3B9B9?* =6=<=9>?36I3* 69 ?@B=<9 78 8BI3 3* 73E8=:* 3? EB9I=<9?36I3 I878: 8: EB=6<=E9=: ?3B<978: ?567=9=:* B3EB3:36I9678 5? 68M8 ?878 73 :3 1M3B2 A=>?3:* IB96:A8B?9678 :3 3? >8<9> 73 <86:5?8 73 8DR3I8:* :3R9? A=>?3: 85 <8?=79: <86:5?8 IB96:>979 :3 78 36A8J53 78 EB875I8 AF>?=<8 E9B9 8 EBTEB=8 EB875I8 <=63?9* 8673 8: <8?E8636I3: :3<567OB=8: P M=:I9 79 8DB9 I8B69? :3 IH8 =?E8BI96I3: J596I8 9 3>9* <8?8* E8B 3C3?E>8* 3:I9B D3? :36I978* 85M=B 5? :8? 3:I3B38AV6=<8 <8? :36:9NU3: B39>=:I9:* :8BM3B B3AB=43B96I3: 85 <8?3B D9>73: 73 E=E8<9 * * E 3
86K949 =6=<=9 9 E9::943? <8? 5?9 <8?E9B9NH8 36IB3 8 5>I=E>3C 3 9 I3>3M=:H8 9D3BI9* 3? I3B?8: 73 6L?3B8 73 :9>9: 73 <=63?9 3 <969=: ) * >848 9 <8?E9B9NH8 @ 9?E>=979* 79: 8=I8 :9>9: E8B' 8 * E9::9?8: 9 I3B IB=6I9 :9>9:* 69 I36I9I=M9 73 9<8?E96G9B 8 :9>I8 73 <969=: EB8E8B<=86978 E3>9 % 9 <9D8 :I9 <8?E9B9NH8 68: B3?3I3 9 =7@=9 73 <86<8BB;6<=9 6H8 E3BA3=I9* 73:3?E36G979 E3>9 I3>3M=:H8 3? B3>9NH8 P: :9>9: 73 <=63?9 8
A8B?9I8 5>I=E>3C 3:I9 <86<8BB;6<=9 @ 9?36=K979* 73M=78 P 7=M3B:=A=<9NH8 79 EB84B9?9NH8* 8 <86A8BI8 79: :9>9: 3 E3>8: 73?9=: :3BM=N8: 8A3B3<=78: 3?8: 68 ?5>I=E>3C 5?9 3<868?=9 73 3:<8E8 9IB9M@: 79 EB8E949679* J53 96I3<373 8: IB9=>3B: 78 A=>?3 3 68 EBTEB=8 3:E9N8 78
' 8 * 9>48 J53 68B?9>?36I3 6H8 8<8BB3 69: :9>9: IB97=<=869=: 73 3C=D=NH8* 95?36I9678 9::=? 9 :3?3>G96N9 73:I3 ?873>8 <8? 8 I3>3M=:=M8
=679 68 I3CI8 73 86K949* 98 IB96:>979B 8 36A8J53 78 EB875I8 AF>?=<8 E9B9 8 EB875I8 <=63?9* 8 95I8B I8<9 3? 5? E86I8 <36IB9> 79 3<868?=9 73 3:<8E8 68 ?873>8 5>I=E>3C 5IB9: 9IB9NU3: :H8 E8::=D=>=I979: 9>@? 78 A=>?3* E873678 M9B=9B 78 :=?E>3: D9>73 73 E=E8<9 9I@ 5?9 E=:I9 73 D8>=<G3 &* 8 J53 43B9 5?9 B3:=:I;6<=9 P <86<8BB;6<=9 E8B 85IB9: A8B?9: 73 >9K3B + 68IOM3> 8 A9I8 J53 9 ?9=8B E9BI3 78: <=63?9: 5>I=E>3C* :3 >8<9>=K9? 736IB8 73 6 %% ; - A9K3678 J53 8 <=63?9 :3R9 ?9=: 5? 78: 7=M3B:8: EB84B9?9: 73 <86:5?8 63:I3 3:E9N8 1 :G8EE=64 <36I3B I8B685 :3 8 ET>8 9IB9I=M8 78 36IB3I36=?36I8 73 ?9::9 3 E8B I9D3>9 78 ELD>=<8 73 :9>9: 73 <=63?9* 6H8* 63<3::9B=9?36I3* <=6@A=>82 9II=* * E
!873?8: <=I9B 9>45?9: <9B9<I3BF:I=<9: 79: :9>9: 68 A8B?9I8 5>I=E>3C* 73 9<8B78 <8? 9 DB9E>3C 3 8 3:I578 73 99D 3 =D3=B8 * :8DB3 8 E968B9?9 9I59> 78 ?3B<978 73 :9>9: 73 3C=D=NH8* <8?8 9 ?9=8B 7=M3B:=7973 69 EB84B9?9NH8* 8 =6M3:I=?36I8 :5E3B=8B 9 5? ?=>GH8 73 B39=: E8B :9>9* E8>IB869: >9B49: B3<>=6OM3=: 3 <8? E8BI9 <8E8:* 9BJ5=D96<979: 78 I=E8 . * J53 A9<=>=I9 9 M=:H8 78: 3:E3<I978B3:* :8? 5>IB9 3:I@B38* "
E8>IB869: 75E>9: 3 9: M3679: 96I3<=E979: 73 =64B3::8 9IB9M@: 79 6I3B63I
8 IB9N9B 8 E968B9?9 79: :9>9: 73 3C=D=NH8 73 9I@ * 85IB8: 3>3?36I8: 73<8BB36I3: 78 ?873>8 5>I=E>3C 9E9B3<3? E9BI=B 73 G85M3 9 ?9=8B =6:3BNH8 78 <9E=I9> 3:IB9643=B8 69 G=:ITB=9 79 9I=M=7973 73 3C=D=NH8* 73M=78 9 36IB979 73 4B9673: 3C=D=78B3: =6I3B69<=869=:* <8?8 8 =63?9BS* 9 6=I37 =63?9: 6I3B69I=869> 3 9 )8XI: =63?9* 3? 5? 9?D=36I3 3<86V?=<8 3CIB3?9?36I3 A9M8BOM3>* <8?E8:I8 E3>9 3:I9D=>=7973 =6A>9<=86OB=9 8DI=79 9IB9M@: 78 E>968 B39> 1_9` E9BI=B 73 * 9: 3?EB3:9: IB96:69<=869=: 79 3C=D=NH8 E9::9B9? 9 :3 =6:I9>9B A=:=<9?36I3 68 #B9:=> 3 3? H8 !95>8* 9DB=678 8: :35: <36IB8: 73 3C=D=NH8 J53 A=<9B9? <86G3<=78: <8?8 :9>9: ?5>I=E>3C2 9II=*
&
