12 3456 758
9:;;<8=>
?4=@?465
<4<8A
=?B C? 415?2
?<5@;=<
8= D2
?;=8A: 2;4:
4
<EA:F<AG
=
H8>I JKIAA6 LC
:68=><A=
MNCOMP
I4Q;5=@;:<4F;=<I;
4??8>=D
;=<
ARKA
=<:815<8=
>
<A <I8? AS;= <;T<1AAFU C? 4 ?ASIADA:;MP;=:A66;@8= VADS5<;: JK8;=K;MGI8KI
RAK5?;@ A= VWW S:A>:4DD8=>MGI8KI P<I;= RA66AG;@5S A= 12 ;=:A668=> 8= C3
VADS5<;: JK8;=K; @5:8=> D2X5=8A: 2;4:U P KA=?8@;: D2?;6R ?AD;GI4<R4D8684:
G8<I VWW S:A>:4DD8=> 12 =AGMGI8KI 8? GI2 P4D 4<<;DS<8=> <A S4??A= D2
AG= F=AG6;@>; AR VWWU
C66;= 7UYAG=;2MS:AR;??A:AR VADS5<;: JK8;=K; 4< Z;66;?6;2 VA66;>;MA:8>[
8=4662 G:A<; \HAG <A ]I8=F ^8F; 4 VADS5<;: JK8;=<8?<\8= _4Q4M4? 4 <;T<1AAF
RA: I8? KADS5<;: ?K8;=K; K64??U `Q;: <I; ?5DD;: AR abbcM 3:AR;??A: YAG=;2
KA=Q;:<;@ <I; _4Q4 Q;:?8A= AR \HAG <A ]I8=F ^8F; 4 VADS5<;: JK8;=<8?<\ 8=<A
VWWU J8=K; <I;=M <I; _4Q4 Q;:?8A= I4? 5=@;:>A=; ?;Q;:46 D4XA: KI4=>;?M 8=[
K65@8=><I;4@@8<8A=ARC1?<:4K<Y4<4]2S;??5KI4?J<4KF?Md5;5;?M4=@H;4S?U
]I; VWW Q;:?8A= AR<I;AS;= <;T<1AAFIAG;Q;:M@8@ =A< :;K;8Q;<I;?; KI4=>;?M
<I4< 8?UUU5=<86 =AGU
`R KA5:?;M D2 KA=<:815<8A= <A <I8? AS;= <;T<1AAF G866 =A< 1; S;:R;K< L4?
P 4D S:A=; <A I5D4= ;::A:O 4=@ G866 =A< 1; <I; 64?<U PR 2A5 R;;6 <I; 5:>; <A
KA=<:815<;M KADD;=<M A: SA8=< A5< ;::A:?M S6;4?; KA=<4K< VI4:6;?
H
4::8?A= 4<
efgghijkklmnohefpnoqrstm
U PR 2A5: KA=<:815<8A=M KADD;=<M 4=@uA: ;::A: 8?
6;>8<8D4<;M<I;= 2A5 ?I466 1; 4@@;@<A <I8?\KADS:;I;=?8Q;\ 68?<ARKA=<:815<A:?v
wxyz{ |x{}y
_A=4I G:A<; <I; 3;:6 ?K:8S<? <A KA=Q;:< <I; ^4];~ ?A5:K; RA:
<I8? 1AAF 8=<A 1;45<8R56 I<D6U
H
; G866 46?A KA=<:815<; <A <I; 1AAF ?;Q;:46
KI4S<;:? 8= KAAS;:4<8A= G8<I 3456 758 I8? D4XA: GA:F G866 1; 4 KI4S[
<;: KA=K;:=8=> `1X;K< `:8;=<;@ 3:A>:4DD8=> 8= VWWU H8? G;1 S4>; 8?
f
to
r
ns srtpq
4=@ I8? ;D486 8?
to
ln nntrtpq
z
3456 758 G866 1; KA=<:815<8=> <A <I; 1AAF 46A=> G8<I _A=4I VAI;=M
Q4:8A5? KI4S<;:? KA=K;:=8=> SA8=<;:?M :;R;:;=K;?M 4=@ <;DS64<;?U `<I;:
KI4S<;:?<I4< 8=QA6Q;@ ?;Q;:46 C1?<:4K<Y4<4 ]2S;? L J<4KF?Md5;5;?M3:8[
A:8<2 d5;5;?M 4=@ H;4S?OMGI8KI I4Q; 46:;4@2 1;;= G:8<<;= RA: _4Q4 G866
1;KA=Q;:<;@123456<A VWWU H8? G;1S4>;8?
f
rf rnr e
4=@ I8? ;D486 8?
f nkl
t
m nrstm
|{z} zxy
VI4:6;?
H
4::8?A= 8? K5::;=<62 D48=<48=8=> <I; A=68=;<;T<U
H
; KA::;K<? ;::A:?
1A
<I <;KI=8
K4662 4=@ >
:4D
D4
<8K462U
H
;
46?A
?;:Q;?
4?
<I; D48= RA: I;6S 4=@ 8=RA:D4<8A= 41A5< <I; VWW SA:<8A= AR <I; `S;=
7AAF3:AX;K<U H8? ;D486 8?
efgghijkklmnohefpnoqrstm
}} 3;<;: 758 I4? KA=<:815<;@ D8?K;664=;A5?<;T< KA::;K<8A=?U
xyz }} { YA=46@ `;66;:8KI I4? KA=<:815<;@ D8?K;664=;A5? <;T< KA:[
:;K<8A=?U
}¡ ¢}£{}y Y:;G J<;SI;=? I4? I;6S;@ A= KA5=<6;?? AKK4?8A=? <A S;:R;K<
|xy¥x ¦
§ ¨{} ¡z© xª {} £x«z¬ §
aUa ZI4< 8? 4 S:A>:4DD8=> 64=>54>; U U U U U U U U U U U U U U U U U a
aU& ZI4< 8? 4 S:A>:4D U U U U U U U U U U U U U U U U U U U U U U U U U ®
aU® ZI4< 8? @;15>>8=> U U U U U U U U U U U U U U U U U U U U U U U U U ¯
aU®Ua VADS86;[<8D; ;::A:? U U U U U U U U U U U U U U U U U U U U U ¯
aU®U&
°
5=[<8D;;::A:?U U U U U U U U U U U U U U U U U U U U U U U U ¯
aU®U® ^A
>8K
;::A:?
4=@
?;D4=<8K? U U U U U U U U U U U U U U U U U ¯
aU®U¯ ±TS;:8D;=<46 @;15>>8=> U U U U U U U U U U U U U U U U U U U ²
aU¯ ³A:D46 4=@ =4<5:46 64=>54>;? U U U U U U U U U U U U U U U U U U U U ²
aU ² ]I; ´:?< S:A>:4D U U U U U U U U U U U U U U U U U U U U U U U U U U U µ
aU¶ 96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U c
·
¸zz¥} zy ©£}
§§
&
Ua ¹A:; A5<S5<U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U aa
&U& N465;? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a&
&U® N4:8416;? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a®
&
U¯ C??8>=D;=< U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a®
&
U ² `5<S5<<8=> Q4:8416;? U U U U U U U U U U U U U U U U U U U U U U U U U a¯
&U¶ º;2GA:@? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a²
&
Uµ `S;:4<A:? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a¶
&
Uc `:@;:ARAS;:4<8A=? U U U U U U U U U U U U U U U U U U U U U U U U U U aµ
&Ub `S;:4<A:?RA:KI4:4K<;:? U U U U U U U U U U U U U U U U U U U U U U U aµ
&Ua» VADSA?8<8A= U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ac
&
Uaa 96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ac
¼ ½y xy ·§
®Ua ³6A4<8=>[SA8=< U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &a
®U& VA=Q;:<8=> R:AD
htg
<A
no
U U U U U U U U U U U U U U U U U U U
&&
®U® ¹4<I R5=K<8A=? U U U U U U U U U U U U U U U U U U U U U U U U U U U U
&
®
®U¯ VADSA?8<8A= U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &¯
®U ² C@@8=> =;G R5=K<8A=? U U U U U U U U U U U U U U U U U U U U U U U U
&
¯
®U¶ Y;´=8<8A=? 4=@ 5?;? U U U U U U U U U U U U U U U U U U U U U U U U U
&
¶
®Uµ 3:A>:4D
?G 8<I
D5 6<8S6;
R5
=K<8A
=?
U U U U U U U U U U U U U U U U U U
&
µ
®Uc 34:4
D
;<;:?
4=@
4:>
5D
;=<? U U U U U U U U U U U U U U U U U U U U U
&
µ
®Ub 34:4D;<;:? 4=@ Q4:8416;? 4:; 6AK46 U U U U U U U U U U U U U U U U U &c
®Ua» ³5=K<8A=? G8<I D56<8S6; S4:4D;<;:?U U U U U U U U U U U U U U U U U &b
®Uaa ³5=K<8A=? G8<I :;?56<? U U U U U U U U U U U U U U U U U U U U U U U U ®»
®Ua& 96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ®»
¿
|xyxyz zy } xy
¼§
¯Ua ]I;DA@565? AS;:4<A: U U U U U U U U U U U U U U U U U U U U U U U U ®a
¯U& VA=@8<8A=46 ;T;K5<8A= U U U U U U U U U U U U U U U U U U U U U U U U ®a
¯U® C6<;:=4<8Q;;T;K5<8A= U U U U U U U U U U U U U U U U U U U U U U U U U ®&
¯U¯ VI48=;@ KA=@8<8A=46? U U U U U U U U U U U U U U U U U U U U U U U U U ®®
¯U ² À;?<;@ KA=@8<8A=46? U U U U U U U U U U U U U U U U U U U U U U U U U U ®®
¯U¶ ]I;
pg
po
?<4<;D;=< U U U U U U U U U U U U U U U U U U U U U U U U ®¯
¯Uµ
°
;K5:?8A= U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ®¯
¯Uc P=´=8<; :;K5:?8A= U U U U U U U U U U U U U U U U U U U U U U U U U U U ®¶
¯Ub J<4KF
@84>
:4D
?
RA: :;K5:?8Q;
R5=
K<8A
=?
U U U U U U U U U U U U U U U ®¶
¯Ua» 96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ®µ
Á
½ª ªy xy
¼Â
²Ua
°
;<5:= Q465;? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ®b
²U& 3:A>:4D @;Q;6ASD;=< U U U U U U U U U U U U U U U U U U U U U U U U ¯a
²U® VADSA?8<8A= U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ¯®
²U¯ `Q;:6A4@8=> U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ¯¯
²U ²
7AA 6;4=
Q4
65;? U U U U U U U U U U U U U U U U U U U U U U U U U U U U ¯²
²U¶ 7AA6;4= Q4:8416;? U U U U U U U U U U U U U U U U U U U U U U U U U U U ¯²
²Uµ ^A>8K46 AS;:4<A:? U U U U U U U U U U U U U U U U U U U U U U U U U U U ¯¶
²Uc 7AA6 R5=K<8A=? U U U U U U U U U U U U U U U U U U U U U U U U U U U U ¯¶
²Ub
°
;<5:=8=> R:AD
m n o
U U U U U U U U U U U U U U U U U U U U U U U U U ¯µ
²Ua» ¹A:;:;K5:?8A= U U U U U U U U U U U U U U U U U U U U U U U U U U U U ¯c
²Uaa ^;4S ARR48<I U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ²»
²Ua& `=;DA:; ;T4DS6; U U U U U U U U U U U U U U U U U U U U U U U U U U ²a
²Ua® 96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ²a
à Ä}zxy Á¼
¶Ua ¹56<8S6; 4??8>=D;=< U U U U U U U U U U U U U U U U U U U U U U U U U ²®
¶U& P<;:4<8A= U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ²¯
¶U® ]I;
ng
?<4<;D;=< U U U U U U U U U U U U U U U U U U U U U U U U U ²¯
¶U¯ ]416;? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ²¶
¶U ² ]GA[@8D;=?8A=46<416;? U U U U U U U U U U U U U U U U U U U U U U U ²c
¶U¶ ±=K4S?564<8A
= 4=@ >
;=;:468Å4<8A
=
U U U U U U U U U U U U U U U U U U ²c
¶Uµ ³5=K<8A=? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ²b
¶Uc ¹A:;;=K4S?564<8A= U U U U U U U U U U U U U U U U U U U U U U U U U U ¶»
¶Ub ^AK46 Q4:8416;? U U U U U U U U U U U U U U U U U U U U U U U U U U U U ¶»
¶Ua» ¹A:;>;=;:468Å4<8A= U U U U U U U U U U U U U U U U U U U U U U U U U ¶a
Æ ¢y« zy {y« ÃÁ
µUa VA=<48=;:?RA: ?<:8=>? U U U U U U U U U U U U U U U U U U U U U U U U ¶²
µU&
fe
pnoq
Q4:8416;? U U U U U U U U U U U U U U U U U U U U U U U U U U U ¶²
µU® ±T<:4K<8=> KI4:4K<;:? R:AD 4 ?<:8=> U U U U U U U U U U U U U U U U U ¶¶
µU¯ ^;=><I U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ¶µ
µU ² ]:4Q;:?46 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ¶µ
µU¶ C :5=[<8D; ;::A: U U U U U U U U U U U U U U U U U U U U U U U U U U U ¶c
µUµ ]I; Ç
noh
R5=K<8A= U U U U U U U U U U U U U U U U U U U U U U U U U U ¶c
µUc `5: AG= Q;:?8A= AR Ç
noh
U U U U U U U U U U U U U U U U U U U U U U U ¶b
µUb ^AAS8=> 4=@ KA5=<8=> U U U U U U U U U U U U U U U U U U U U U U U U ¶b
µUa» P=K:;D;=< 4=@ @;K:;D;=< AS;:4<A:? U U U U U U U U U U U U U U U U U µ»
µUa
a J<:8=>
KA=K4
<;=4<8A
=
U U U U U U U U U U U U U U U U U U U U U U U U U µ
a
µUa&
fe
pnoq
?4:; D5<416; U U U U U U U U U U U U U U U U U U U U U U U U µ
&
µUa®
fe
pnoq
?4:; KADS4:416; U U U U U U U U U U U U U U U U U U U U U U µ&
µUa¯ VI4:4K<;: K64??8´K4<8A= U U U U U U U U U U U U U U U U U U U U U U U U µ®
µUa² `<I;:
fe
pnoq
R5=K<8A=? U U U U U U U U U U U U U U U U U U U U U U U µ®
µUa¶ 96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U µ¯
È
¢ } Æ
Á
cUa VADSA5=@ Q465;? U U U U U U U U U U U U U U U U U U U U U U U U U U U µ²
cU& É
tn o
A1X;K<? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U µ²
cU® CKK;??8=> 8=?<4=K; Q4:8416;? U U U U U U U U U U U U U U U U U U U U U µ¶
cU¯ `S;:4<8A=? A= ?<:5K<5:;? U U U U U U U U U U U U U U U U U U U U U U U µµ
cU ² J<:5K<5:;? 4? S4:4D;<;:? U U U U U U U U U U U U U U U U U U U U U U U µµ
cU¶ 34??12 Q465; U U U U U U U U U U U U U U U U U U U U U U U U U U U U U µc
cUµ 34??12 :;R;:;=K; U U U U U U U U U U U U U U U U U U U U U U U U U U U µb
cUc °;K<4=>6;? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U c»
cUb J<:5K<5:;? 4? :;<5:= <2S;? U U U U U U U U U U U U U U U U U U U U U U ca
cUa» 34??8=> A<I;: <2S;? 12:;R;:;=K; U U U U U U U U U U U U U U U U U U c&
cUaa 9;<<8=> 5?;: 8=S5< U U U U U U U U U U U U U U U U U U U U U U U U U U c®
cUa& 96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U c¯
 Êx} } ÈÆ
bUa ]8D; U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U cµ
b U&
fpn o
Ë
nmg
U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U
cc
bU® ³5=K<8A=?RA: A1X;K<? U U U U U U U U U U U U U U U U U U U U U U U U U cc
bU¯ 35:; R5=K<8A=? U U U U U U U U U U U U U U U U U U U U U U U U U U U U cc
bU ²
stoe
S4:4D;<;:? U U U U U U U U U U U U U U U U U U U U U U U U U U U b»
b U¶
¹A
@8´;:? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U
b»
bUµ ³866[8= R5=K<8A=? U U U U U U U U U U U U U U U U U U U U U U U U U U U U ba
bUc ZI8KI 8?1;?< U U U U U U U U U U U U U U U U U U U U U U U U U U U U b
&
bUb P=K:;D;=<46 @;Q;6ASD;=< Q;:?5?S64==8=> U U U U U U U U U U U U U b&
bUa» 9;=;:468Å4<8A= U U U U U U U U U U U U U U U U U U U U U U U U U U U U b®
bUaa C6>A:8<ID? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U b¯
bUa& 96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U b²
§Ì ¸} x ÂÆ
a»
U
a C
KK;??8=> ;6;D;=<? U U U U U U U U U U U U U U U U U U U U U U U U U U
bc
a»U& VAS28=> Q;K<A:? U U U U U U U U U U U U U U U U U U U U U U U U U U U U bb
a»U® Ç
tp
6AAS? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U bb
a»U¯ N;K<A: 6;=><I U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a»»
a»U² °4=@AD =5D1;:? U U U U U U U U U U U U U U U U U U U U U U U U U U U a»»
a»U¶ J<4<8?<8K? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a»a
a»U µ N;K<A: AR:4=@AD =5D1;:? U U U U U U U U U U U U U U U U U U U U U U a»
&
a»
Uc
VA
5=<8=> U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a»®
a»
Ub
VI
;KF8=> <I;
A
<I;:
Q4
65;? U U U U U U U U U U U U U U U U U U U U U U a»®
a»Ua»C I8?<A>:4D U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a»²
a»UaaC ?8=>6;[S4???A65<8A= U U U U U U U U U U U U U U U U U U U U U U U U a»²
a»Ua&°4=@AD ?;;@? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a»¶
a»Ua®96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a»¶
§§ Ê
}¬¥} ªy xy
§ÌÂ
a aU
a
`1X;K<?
4=@
R5=K<8A=
?
U U U U U U U U U U U U U U U U U U U U U U U U
a»b
aaU&
fpn o
U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U aa»
aaU® PDS68K8< Q4:8416; 4KK;?? U U U U U U U U U U U U U U U U U U U U U U U U aaa
aaU¯ C=A<I;: ;T4DS6; U U U U U U U U U U U U U U U U U U U U U U U U U U U aa&
aaU² E;< 4=A<I;: ;T4DS6; U U U U U U U U U U U U U U U U U U U U U U U U U aa®
aaU¶ C DA:;KADS68K4<;@ ;T4DS6; U U U U U U U U U U U U U U U U U U U U aa®
aaU µ VA=?<:5K<A:? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U aa¯
a
aUc P=8<8468Å; A:
KA=
?<:5K< U U U U U U U U U U U U U U U U U U U U U U U U
a a²
aaUb `=;64?< ;T4DS6; U U U U U U U U U U U U U U U U U U U U U U U U U U U aa²
aaUa»H;4@;: ´6;? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U aa¶
aaUaa96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U aab
§·
¸} x xª ¥Í}
§·§
a&Ua VADSA?8<8A= U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a&a
a&U&
Î
ph
A1X;K<?U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a&a
a&U® ]I;
fpno
Î
ph
R5=K<8A= U U U U U U U U U U U U U U U U U U U U U U U a&®
a&U¯ ]I;
gÏ e
R5=K<8A= U U U U U U U U U U U U U U U U U U U U U U U U U a&²
a&U² ]I;
neÐpg
gp
R5=K<8A= U U U U U U U U U U U U U U U U U U U U U U U a&¶
a&U¶ N;K<A:? AR K4:@? U U U U U U U U U U U U U U U U U U U U U U U U U U U U a&µ
a&U µ ]I;
fpno
Ñ
gsÒ
R5=K<8A= U U U U U U U U U U U U U U U U U U U U U U U a&b
a&Uc J;4:KI8=> U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a&b
a&Ub 78?;K<8A= ?;4:KI U U U U U U U U U U U U U U U U U U U U U U U U U U U U a®»
a&
U
a»
Y;KF?
4=@ ?51
@;KF? U U U U U U U U U U U U U U U U U U U U U U U U U a®®
a&
Uaa96
A??4
:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a®®
§¼
¥Í} xª ¸} x
§¼Á
a®Ua ±=5D;:4<;@ <2S;? U U U U U U U U U U U U U U U U U U U U U U U U U U a®²
a®U&
e
n
s
?<4<;D;=< U U U U U U U U U U U U U U U U U U U U U U U U U U U a®¶
a®U® Y;KF? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a®c
a®U²
Ñ
gsÒ D
;D1;:
R5
=K<8A
=?
U U U U U U U U U U U U U U U U U U U U U U U a®
b
a®U¶
JI5Ó8=>
U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a¯
»
a®U µ JA:<8=> U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a¯a
a®Uc J51@;KF? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a¯&
a®Ub JI5Ó8=> 4=@ @;468=> U U U U U U U U U U U U U U U U U U U U U U U U U a¯&
a®Ua»¹;:>;?A:< U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a¯®
a®Uaa96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a¯²
§¿ |z} zy yÔzzy §¿Æ
a¯Ua 3:8Q4<;@4<4 4=@ K64??;? U U U U U U U U U U U U U U U U U U U U U U U a¯µ
a¯U& ZI4< 8? 4 K64?? U U U U U U U U U U U U U U U U U U U U U U U U U U U a¯c
a¯U® VADS6;T =5D1;:? U U U U U U U U U U U U U U U U U U U U U U U U U U a¯b
a¯U¯ CKK;??A:R5=K<8A=? U U U U U U U U U U U U U U U U U U U U U U U U U U a²a
a¯U² `5<S5< U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a²
&
a¯U¶ C R5=K<8A= A=
Î
tmfgÕ
=5D1;:? U U U U U U U U U U U U U U U U U U a²®
a¯U µ C=A<I;: R5=K<8A= A=
Î
tmfgÕ
=5D1;:? U U U U U U U U U U U U U U U a²®
a¯Uc P=Q4:84=<? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a²¯
a¯Ub 3:;KA=@8<8A=? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a²²
a¯Ua»3:8Q4<;R5=K<8A=? U U U U U U U U U U U U U U U U U U U U U U U U U U U a²µ
a¯Uaa96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a²c
§Á
¥Í} Öx}y} £x«z¬¬y«
§ÁÂ
a²Ua 3:A>:4DD8=> 64=>54>;?4=@ ?<26;? U U U U U U U U U U U U U U U U U a²b
a²U& ¹;D1;: 4=@ =A=D;D1;: R5=K<8A=? U U U U U U U U U U U U U U U U U a¶»
a²U®
]
I; K5::;=<
A1
X;K< U U U U U U U U U U U U U U U U U U U U U U U U U U a¶
»
a²U¯ VADS6;T =5D1;:? U U U U U U U U U U U U U U U U U U U U U U U U U U a¶»
a²U² C R5=K<8A= A= Î
tmfgÕ
=5D1;:? U U U U U U U U U U U U U U U U U U a¶a
a²U¶ C=A<I;: R5=K<8A= A= Î
tmfgÕ
=5D1;:? U U U U U U U U U U U U U U U a¶&
a²U µ C DA@8´;: U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a¶®
a²Uc `S;:4<A: AQ;:6A4@8=> 4=@ ×× U U U U U U U U U U U U U U U U U U U U a¶¯
a²Ub ]I; Ø AS;:4<A: U U U U U U U U U U U U U U U U U U U U U U U U U U U U a¶¯
a²Ua»P=QAF8=> A=; D;D1;: R5=K<8A= R:AD 4=A<I;: U U U U U U U U U U U U a¶²
a²Uaa`@@8<8;? 4=@ ;::A:? U U U U U U U U U U U U U U U U U U U U U U U U U U a¶¶
a²Ua&P=I;:8<4=K; U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a¶¶
a²Ua®¹;??4>; K64?? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a¶µ
a²Ua¯`1X;K<[A:8;=<;@ @;?8>= U U U U U U U U U U U U U U U U U U U U U U U U a¶b
a²Ua²96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U a¶b
§Ã xy} zy Ù}ª}}y } §Æ§
a¶Ua ZI4< 4:;SA8=<;:? 4=@ :;R;:;=K;? U U U U U U U U U U U U U U U U U aµa
a¶U& Y;K64:8
=> S A8=<;:?
4=@
:;R;:;=K;? U U U U U U U U U U U U U U U U U U aµ
&
a¶U® ]I; \4@@:;?? AR\ AS;:4<A: U U U U U U U U U U U U U U U U U U U U U U aµ&
a¶U¯ C??8>=8=> SA8=<;:?4=@ :;R;:;=K;? U U U U U U U U U U U U U U U U U U aµ®
a¶U² ]I; À566 SA8=<;: U U U U U U U U U U U U U U U U U U U U U U U U U U U aµ²
a¶U¶ Y2=4D8K¹;DA:2 C66AK4<8A= U U U U U U U U U U U U U U U U U U U U aµ¶
a¶U µ ;<5:=8=> SA8=<;:? 4=@uA::;R;:;=K;? R:AD R5=K<8A=? U U U U U U U aµµ
a¶Uc 96
A??4
:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U aµc
§Æ ¨}¬£z} §ÆÂ
aµUa J2=<4T RA: ];DS64<;? U U U U U U U U U U U U U U U U U U U U U U U U U aµb
aµU& ];DS64<;? 4=@ V64??;? U U U U U U U U U U U U U U U U U U U U U U U U ac»
aµU® ]I; 38<R466? AR ];DS64<;? U U U U U U U U U U U U U U U U U U U U U U aca
aµU¯ 96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U aca
§È
¦yÚ}
§È¼
acUa
°
;R;:;=K;? 8= A1X;K<? U U U U U U U U U U U U U U U U U U U U U U U U U ac®
acU&
°
;Q;=>; AR <I; Û
thg
U U U U U U U U U U U U U U U U U U U U U U U U U ac®
acU® ^8?<? 4?KA66;K<8A=? U U U U U U U U U U U U U U U U U U U U U U U U U U ac²
ac
U¯ ^8?<?
4=@
:;K5:?8A
=
U U U U U U U U U U U U U U U U U U U U U U U U U U
ac µ
ac
U² P=´=8<; 68?<? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U
acc
ac U¶
]I
;
R5=@4D
;=<4
6 4D18>5
8<2 <I;A:;D U U U U U U U U U U U U U U U U
acc
ac
U µ `1X;K<
D
;<IA
@? RA:
=A
@;? U U U U U U U U U U U U U U U U U U U U U U
acb
acUc ¹A@8R28=> 68?<? U U U U U U U U U U U U U U U U U U U U U U U U U U U U ab»
acUb Z:4SS;:? 4=@ I;6S;:? U U U U U U U U U U U U U U U U U U U U U U U U aba
acUa»]I; Ü
noÒgh Ü
ne
K64?? U U U U U U U U U U U U U U U U U U U U U U U U ab&
acUaa P=Q4:84=<? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ab®
acUa&96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U ab®
§Â
¢z Ú
§ÂÁ
abUa C1?<:4K< @4<4 <2S;? U U U U U U U U U U U U U U U U U U U U U U U U U ab²
abU& ]I; J<4KF CY] U U U U U U U U U U U U U U U U U U U U U U U U U U U U ab¶
abU® ]I;S?<4KF V64?? U U U U U U U U U U U U U U U U U U U U U U U U U U U ab¶
abU¯ 3A?<´T ;TS:;??8A=? U U U U U U U U U U U U U U U U U U U U U U U U U U abc
abU² 34:?8=> U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U abc
ab U¶
PDS
6;D;=<8=
> C Y
]?
U U U U U U U U U U U U U U U U U U U U U U U U U
&»»
ab U µ
C ::42
8D
S6;D;=<4<8A
= AR
<I; J<4KF
C Y
]
U U U U U U U U U U U U U U
&»a
ab Uc
°
;?8Å8=>
4
::42? U U U U U U U U U U U U U U U U U U U U U U U U U U U U
&»&
abUb 96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &»¯
·Ì
Ý}} zy x©
Ý
}}
·ÌÁ
&»Ua ]I; Þ5;5;CY] U U U U U U U U U U U U U U U U U U U U U U U U U U U &»¶
&»U& N;=;;: U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U
&
»µ
&»U® ^8=F;@ d5;5; U U U U U U U U U U U U U U U U U U U U U U U U U U U U U
&
»c
&»U¯ V8:K564: 15ß;: U U U U U U U U U U U U U U U U U U U U U U U U U U U U
&
a»
&»U² 3:8A:8<2 Þ5;5; U U U U U U U U U U U U U U U U U U U U U U U U U U U U U
&
a®
&»U¶ C::42 8DS6;D;=<4<8A= AR3:8A:8<2 d5;5; U U U U U U U U U U U U U U
&
a¯
&»U µ ]I;
Ðt
Ç
gp
K64?? U U U U U U U U U U U U U U U U U U U U U U U U U U U
&
a²
&»Uc 96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U aµ
¾
·§ ¨}} ·§Â
&
aUa C <:;; =A@; U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U
&
ab
&
aU& 7586@8=> <:;;? U U U U U U U U U U U U U U U U U U U U U U U U U U U U U
&&
a
&
aU® ]:4Q;:?8=> <:;;? U U U U U U U U U U U U U U U U U U U U U U U U U U U U
&&
a
&
aU¯ ±TS:;??8A=<:;;? U U U U U U U U U U U U U U U U U U U U U U U U U U U
&&&
&
aU² ]:4Q;:?46 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U
&&
®
&aU¶ ±=K4S?564<8A= U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &&¯
&aU µ Y;´=8=> 4= 41?<:4K< K64?? U U U U U U U U U U U U U U U U U U U U U U &&²
&aUc PDS6;D;=<8=> 4= 41?<:4K< K64?? U U U U U U U U U U U U U U U U U U U &&²
&aUb C::42 8DS6;D;=<4<8A= AR <:;;? U U U U U U U U U U U U U U U U U U U U &&¶
&aUa»]I; à
gs
tp
K64?? U U U U U U U U U U U U U U U U U U U U U U U U U U U &®»
&aUaa]I; á
gp
tp
K64?? U U U U U U U U U U U U U U U U U U U U U U U U U U &®a
&a Ua&9
6A??4
:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &®
&
·· }z£ ·¼¼
&&
Ua ]I; H;4S U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &®®
&&
U& 3;:RA:D4=K; 4=462?8? U U U U U U U U U U U U U U U U U U U U U U U U U &®¯
&&
U® C=462?8? AR D;:>;?A:< U U U U U U U U U U U U U U U U U U U U U U U U &®¶
&&
U¯ `Q;:I;4@ U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &®µ
&&
U² 3:8A:8<2 d5;5;8DS6;D;=<4<8A=? U U U U U U U U U U U U U U U U U U U &®c
&&
U¶ Y;´=8<8A= AR 4 H;4S U U U U U U U U U U U U U U U U U U U U U U U U U &®b
&&U µ H;4S }¬xÔ} U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &¯a
&&Uc H;4S
noegp
U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &¯&
&&Ub 3;:RA:D4=K; AR I;4S? U U U U U U U U U U U U U U U U U U U U U U U U U &¯®
&&Ua»H;4S?A:< U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &¯¯
&&Uaa96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &¯²
·¼ ½} Äy£â£ zy £¬z } ·¿Æ
&®Ua J<:;4D
?
U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &¯µ
&®U& ³86;
8=S5
< U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &¯
c
&®U® ³86; A5<S5< U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &¯b
&®U¯ 34:?8=> 8=S5< U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &²»
&®U² 34:?8=> =5D1;:? U U U U U U U U U U U U U U U U U U U U U U U U U U U &²
&
&®U¶ ]I; ã
g
@4<4 ?<:5K<5:;U U U U U U U U U U U U U U U U U U U U U U U U &²®
&®U µ
fm
pnÕ
U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &²¶
&®Uc C @8?<4=K; D4<:8T U U U U U U U U U U U U U U U U U U U U U U U U U U &²µ
&®Ub C S:AS;: @8?<4=K;D4<:8T U U U U U U U U U U U U U U U U U U U U U U &²c
&®Ua»96A??4:2 U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &¶»
ä Ý Ú }ª}}y } ªx £ z} ·Ã§
CUa S?<:8=> U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &¶a
CU& SQ;K<A: U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &¶c
C U®
SD
4<:8T U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &µ
a
C
U¯ S?<4KF U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &µ®
CU ² SÞ5;5; U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U &µ¶
¾
í î¤ ïðñ (ò *î¤ ó+(ô+ðõ
] I;
>A46 AR
<I8?
1AA F
8?
<A <;4KI
2A5
<A <I8=F 68F;
4 KADS
5<;: ?K8;=<8?<U
P 68F;
<I;
G42 KAD
S5<;: ?K8;=<8?<
?
<I8=F 1;K45?; <I;2
KAD18=
;
?AD
;
AR
<I; 1;?< R;4[
<5:;?
AR ¹4
<I;D4<8K?
M
±=>8=;;:8=>
M4=@
À
4
<5:46
J
K8;=K;U ^8F;
D4
<I;D4<8K84
=?M
KADS5<;: ?K8;=<8?<?5?; RA:D4664=>54>;?<A @;=A<;8@;4? L ?S;K8´K4662 KADS5<4[
<8A=?OU ^8F;;=>8=;;:?M<I;2@;?8>= <I8=>?M4??;D168=> KADSA=;=<?8=<A ?2?<;D?
4=@ ;Q4654<8=> <:4@;Aß? 4DA=> 46<;:=4<8Q;?U ^8F; ?K8;=<8?<?M <I;2 A1?;:Q; <I;
1;I4Q8A:AR KADS6;T ?2?<;D?MRA:D I2SA<I;?;?M4=@ <;?< S:;@8K<8A=?U
]I;?8=>6;DA?<8DSA:<4=<?F866RA:4KADS5<;:?K8;=<8?<8?£x¥}¬ÖxÔy«U
72 <I4< PD;4= <I; 41868<2 <A RA:D564<; S:A16;D?M<I8=F K:;4<8Q;62 41A5< ?A65[
<8A=?M4=@ ;TS:;??4 ?A65<8A=K6;4:624=@4KK5:4<;62U C?8<<5:=?A5<M<I;S:AK;??
AR 6;4:=8=> <A S:A>:4D 8? 4= ;TK;66;=< ASSA:<5=8<2 <A S:4K<8K;S:A16;D[?A6Q8=>
?F866?U ]I4<ö? GI2 <I8? KI4S<;: 8? K466;@ ÷]I; G42 AR <I; S:A>:4DU\
`R KA5:?;M <I; A<I;: >A46 AR <I8? 1AAF 8? <A S:;S4:; 2A5 RA: <I; VADS5<;:
JK8;=K; C3 ±T4DU Z; D42 =A< <4F; <I; DA?< @8:;K< 4SS:A4KI <A <I4< >A46M
<IA5>IU ³A:;T4DS6;M<I;:;4:;=A<D4=2;T;:K8?;?8=<I8?1AAF<I4< 4:;?8D864:
<A <I; C3 Þ5;?<8A=?U `= <I;A<I;:I4=@M8R 2A55=@;:?<4=@<I;KA=K;S<? 8= <I8?
1AAFM46A=> G8<I<I;@;<486?ARS:A>:4DD8=>8= VWWM2A5 G866I4Q;466<I;<AA6?
2A5 =;;@ <A @A G;66 A= <I;;T4DU
øùø úûüý þÿ ü üþ üü
]I; S:A>:4DD8=> 64=>54>; 2A5 G866 1; 6;4:=8=> 8? VWWM 1;K45?; <I4< 8? <I;
64=>54>; <I; C3 ;T4D 8? 14?;@ A=M 4? AR abbcU 7;RA:; <I4<M <I; ;T4D 5?;@
34?K46U 7A<I VWW 4=@ 34?K46 4:; {«{Ö}Ô} zy«z«} A<I;: I8>I[6;Q;6
64=>54>;? 2A5 D8>I< I4Q; I;4:@ AR 4:; _4Q4MV 4=@ ³`°]°CÀU
C? 2A5 D8
>I< 8=R;: R:AD <I;
=4D
;
÷I8>I[6
;Q;6
64=>54>
;M\ <I;:; 4:;
46?A
x¡Ö}Ô} zy«z«}M?AD
;<8D;?:;R;::;@ <A
4? D4KI 8=;
64=>54>
;
A : 4??;D
162
64=>54
>;U ^A
A
?;62[?S;4F8=>
M KAD S5<;:?
K4= A=62
;T;K5<;
S :A
>
:4D
? G :8<<;=
8=
6AG[6;Q;6 64=>54>;?U ]I5?M S:A>:4D? G:8<<;= 8= 4 I8>I[6;Q;6 64=>54>; I4Q; <A
1;<:4=?64<;@ 1;RA:;<I;2 K4= :5=U ]I8? <:4=?64<8A= <4F;??AD;<8D;MGI8KI 8? 4
?D466 @8?4@Q4
=<
4>
;
AR I8>
I[6;Q;6
64=>54
>;?U
75< <I; 4@Q4=<4>;? 4:; ;=A:DA5?U ³8:?<M 8< 8? ;4?8;: <A S:A>:4D 8=
4 I8>I[6;Q;6 64=>54>; 12 ÷;4?8;:\ P D;4= <I4< <I; S:A>:4D <4F;? 6;?? <8D; <A
G:8<;M8<ö??IA:<;:4=@;4?8;:<A:;4@M4=@8<ö?DA:;68F;62<A1;KA::;K<U J;KA=@62M
I8>I[6;Q;664=>54>;?4:;£xz¥}MD;4=8=> <I4<<I;2K4=:5=A=@8ß;:;=<F8=@?
ARKADS5<;:?G8<IR;G A: =A DA@8´K4<8A=?U ^AG[6;Q;6S:A>:4D?K4= A=62:5= A=
A=;F8=@ AR KADS5<;:M 4=@ I4Q;<A 1; :;G:8<<;= <A :5= A= 4=A<I;:U
Y5; <A <I;?; 4@Q4=<4>;?M46DA?< 466 S:A>:4D? 4:; G:8<<;= 8= I8>I[6;Q;6 64=[
>54>;?U ^AG[6;Q;6 64=>54>;?4:;A=62 5?;@ RA: 4 R;G ?S;K846 4SS68K4<8A=?U
]I;:; 4:; <GA G42? <A <:4=?64<; 4 S:A>:4D y}£}y« A: x¬£y«U
C=
8=<;:S:;<;:
8? 4 S:A>:4
D
<I4< :;4
@? 4 I8>I[6
;Q;6 S:A>:4
D 4=@ @
A;?
GI 4< 8<
?42?
U
P=
;ß;K<
M 8< <:
4=?6
4<;? <I; S:A>:4
D
68=;[12[68=;
M
46<;:=4<;62 :;4
@8=> 68
=;?
4=@ K4::28=> A5< KADD4=@?U
interpreter source
code
The interpreter reads the source code...
... and the result appears on the screen.
C KADS86;:8?4 S:A>:4D <I4<:;4@?4I8>I[6;Q;6 S:A>:4D 4=@<:4=?64<;?8<466
4<A=K;M1;RA:;;T;K5<8=> 4=2AR<I;KADD4=@?U `R<;=2A5KADS86;<I;S:A>:4D
4? 4 ?;S4:4<; ?<;SM 4=@ <I;= ;T;K5<; <I; KADS86;@ KA@; 64<;:U P= <I8? K4?;M <I;
I8>I[6;Q;6 S:A>:4D 8? K466;@ <I; x } x}M 4=@ <I; <:4=?64<;@ S:A>:4D 8?
K466;@ <I; x¥Í} x}A: <I; }} z¥}U
C? 4= ;T4DS6;M ?5SSA?; 2A5 G:8<; 4 S:A>:4D 8= VWWU EA5 D8>I< 5?; 4
<;T< ;@8<A: <A G:8<; <I; S:A>:4D L 4 <;T< ;@8<A: 8? 4 ?8DS6; GA:@ S:AK;??A:OU
ZI;= <I; S:A>:4D 8? ´=8?I;@M 2A5 D8>I< ?4Q;8< 8= 4 ´6; =4D;@
fptqp mrsff M
GI;:; ÷S:A>:4D\ 8? 4= 4:18<:4:2 =4D; 2A5 D4F; 5SM 4=@ <I; ?5T
rsff 8? 4
KA=Q;=<8A=<I4< 8=@8K4<;?<I4< <I;´6; KA=<48=? VWW ?A5:K; KA@;U
]I;=
M
@;S;=
@8=> A= GI 4<
2A
5:S:A>:
4DD8=>
;=Q8:A=D;=<
8? 68F;M
2A5 D8>
I<
6;4Q;<I;<;T<;@8<A:
4=@
:5=<I;
KADS 86;:U
] I;
KADS86
;:
GA56@ :;4
@2A 5:
?A5 :K;
KA@;M<:4=?64<;8<M4=@ K:;4<;4 =;G ´6;=4D;@
fptqp mrt
<A KA=<48= <I;A1X;K<
KA@;MA: <A KA=<48= <I; ;T;K5<416;U
object
code executor
The compiler reads the source code...
... and generates object code.
You execute the program (one way or another)...
... and the result appears on the screen.
source
code compiler
]I;=;T< ?<;S 8? <A :5= <I;S:A>:4DMGI8KI :;Þ58:;? ?AD; F8=@ AR;T;K5<A:U
]I;:A6;AR<I;;T;K5<A:8?<A 6A4@ <I;S:A>:4D LKAS28<R:AD @8?F 8=<AD;DA:2O
4=@ D4F;<I; KADS5<;: ?<4:<;T;K5<8=> <I; S:A>:4DU
C6<IA5>I <I8? S:AK;?? D42 ?;;D KADS68K4<;@M <I; >AA@ =;G? 8? <I4< 8=
DA?<S:A>:4DD8=>;=Q8:A=D;=<?L?AD;<8D;?K466;@@;Q;6ASD;=<;=Q8:A=D;=<?OM
<I;?; ?<;S? 4:; 45<AD4<;@ RA: 2A5U ?54662 2A5 G866 A=62 I4Q; <A G:8<; 4 S:A[
>:4D 4=@ <2S; 4 ?8=>6; KADD4=@ <A KADS86; 4=@ :5= 8<U `= <I; A<I;:I4=@M8<
8? 5?;R56 <A F=AG GI4< <I; ?<;S? 4:; <I4< 4:; I4SS;=8=> 8= <I; 14KF>:A5=@M ?A
<I4<
8R ?AD
;<I8=>
>A
;?
G :A=>
2A5 K4=
´>5:;
A5
<
GI 4< 8<
8?
U
øù úûüý þÿ ü ü
C S :A>:4D
8? 4
?;Þ5;=K;
AR 8=
?<:5K<8A
=?
<I4< ?S;K8´;?
IAG
<A S;:RA:D
4 KAD[
S5<4<8A=U ]I; KADS5<4<8A= D8>I< 1; ?AD;<I8=> D4<I;D4<8K46M 68F; ?A6Q8=> 4
?2?<;D AR ;Þ54<8A=? A: ´=@8=> <I; :AA<? AR 4 SA62=AD846M 15< 8< K4= 46?A 1;
4 ?2D1A68K KADS5<4<8A=M 68F; ?;4:KI8=> 4=@ :;S64K8=> <;T< 8= 4 @AK5D;=< A:
L?<:4=>;62 ;=A5>IO KADS868=> 4 S:A>:4DU
]I; 8=?<:5K<8A=? LA: KADD4=@?M A: ?<4<;D;=<?O 6AAF @8ß;:;=< 8= @8ß;:;=<
S:A>:4DD8=> 64=>54>;?M15< <I;:;4:; 4 R;G 14?8KR5=K<8A=?<I4<4SS;4:8=X5?<
41A5< ;Q;:2 64=>54>;v
y£ 9;< @4<4 R:AD <I; F;21A4:@MA: 4 ´6;MA: ?AD; A<I;: @;Q8K;U
x£
Y
8?S642 @4
<4
A=
<I; ?K:;;=
A : ?;=
@ @4
<4 <A
4
´6; A:
A
<I;: @;Q8K;U
¬z{ 3;:RA:D 14?8KD4<I;D4<8K46AS;:4<8A=?68F;4@@8<8A=4=@D56<8S68K4<8A=U
}y« VI;KFRA: K;:<48= KA=@8<8A=? 4=@ ;T;K5<;<I;4SS:AS:84<;?;Þ5;=K; AR
?<4<;D;=<?U
}£}xy 3;:RA:D ?AD; 4K<8A= :;S;4<;@62M5?54662G8<I ?AD; Q4:84<8A=U
7;68;Q;8<
A :
=A
<M<I4<ö?S:;<<2
D5KI 466
<I;:;
8?
<A 8<U ±Q;:2S:A>:4
D 2A5 öQ;
;Q;:5?;@
M=AD 4<<;:
IAG KADS6 8K4<;@
M8?D4
@;
5SARR5=
K<8A
=?
<I4<
6AA F
D A:;A:
6
;??
6
8F;<I;?;U
]I5?MA=
;
G42
<A @;?K:81;S:A>:4
DD8=>8?
<I;S:AK;??
AR
1:;4F8=
>
4 64:>;M KADS6;T <4?F 5S 8=<A ?D466;: 4=@ ?D466;: ?51<4?F?5=<86 ;Q;=<54662 <I;
¾ ¾ ¾
øù úûüý þÿ !þ
3:A>:4DD8=>8?4KADS6;TS:AK;??M4=@?8=K;8<8?@A=;12I5D4=1;8=>?M8<AR<;=
6;4@?<A ;::A:?U ³A:GI8D?8K46:;4?A=?MS:A>:4DD8=> ;::A:?4:;K466;@ ¥«4=@
<I; S:AK;?? AR <:4KF8=> <I;D @AG= 4=@ KA::;K<8=> <I;D 8? K466;@ }¥««y«U
]I;:;4:;4 R;G @8ß;:;=< F8=@?AR;::A:?<I4<K4= AKK5:8= 4 S:A>:4DM4=@ 8<
8?5?;R56<A @8?<8=>58?I 1;<G;;= <I;D 8= A:@;:<A <:4KF<I;D @AG=DA:;Þ58KF62U
"#$#" %&'()*+,-)'+ +..&./
] I;
KAD S86;:
K4= A=62
<:4
=?64
<;
4 S:A>:4
D 8R
<I; S:A>:
4D 8?
?2=<4K<8K466
2 KA :[
:;K<
A<I;:G8?;M <I;
KADS 864<8A
= R486? 4=@ 2A5 G866 =A
<
1
;
41
6; <A :5=
2A 5:
S:A>:4DU ¢©yz :;R;:?<A <I; ?<:5K<5:; AR 2A5: S:A>:4D 4=@ <I; :56;? 41A5<
<I4< ?<:5K<5:;U
³A: ;T4DS6;M8= ±=>68?IM4?;=<;=K;D5?< 1;>8=G8<I 4K4S8<46 6;<<;:4=@;=@
G 8<I
4 S
;:8A
@ U <I
8?
?;=<;=K;
KA
=<4
8=? 4
?2=<4T ;::A:U
JA @A
;? <I8?
A
=;
³A: DA?< :;4@;:?M4 R;G ?2=<4T;::A:?4:;=A< 4 ?8>=8´K4=<S:A16;DMGI8KI8?
GI2G;K4= :;4@ <I; SA;<:2 AR ;; K5DD8=>? G8<IA5< ?S;G8=> ;::A: D;??4>;?U
VADS86;:?4:; =A<?A RA:>8Q8=>U PR<I;:; 8? 4 ?8=>6; ?2=<4T ;::A: 4=2GI;:;8=
2A5: S:A>:4DM<I; KADS86;: G866 S:8=< 4= ;::A: D;??4>; 4=@ Þ58<M 4=@ 2A5 G866
=A< 1; 416;<A :5= 2A5:S:A>:4DU
]A D 4F;
D 4<<;:?
GA
:?;M <I;:; 4:;
DA
:; ?2=<4T :56;?
8= VWW
<I
4=
<I;:;
4:;
8=
±=>
68?IM 4=@
<I; ;::A:
D
;??4>;?
2A5
>;< R:A
D
<I;
KADS
86;: 4:; AR<;=
=A
< Q;:2 I;6SR56U Y
5
:8=> <I; ´:?< R;G G;;F?
AR 2A 5: S:A
>
:4D
D8=>
K4:;;:M
2A5
G866 S:A14162 ?S;=@ 4 6A< AR <8D; <:4KF8=> @AG= ?2=<4T ;::A:?U C? 2A5 >48=
;TS;:8;=K;M<IA5>IM2A5 G866 D4F;R;G;:;::A:?4=@ ´=@ <I;D R4?<;:U
"#$#0 123,-)'+ +..&./
]I; ?;KA=@ <2S; AR ;::A: 8? 4 :5=[<8D; ;::A:M ?A[K466;@ 1;K45?; <I; ;::A: @A;?
=A
<
4SS
;4: 5=<86
2A5 :5
=
<I; S:A>:4
D U
³A: <I; ?8DS6; ?A:<? ARS:A>:4D?G;G866 1; G:8<8=> RA: <I; =;T<R;G G;;F?M
:5=[<8D;;::A:?4:;:4:;M?A 8< D8>I< 1; 4 68<<6;GI86;1;RA:;2A5 ;=KA5=<;: A=;U
"#$#$ 4&5)6 +..&./ 738 /+'73-)6/
]I; <I8:@ <2S; AR ;::A: 8? <I; x« z A: }¬zy ;::A:U PR <I;:; 8? 4 6A>8K46
;::A: 8= 2A5: S:A>:4DM 8< G866 KADS86; 4=@ :5= ?5KK;??R5662M 8= <I; ?;=?; <I4<
<I; KADS5<;:G866 =A< >;=;:4<;4=2 ;::A:D;??4>;?M15< 8< G866 =A< @A <I; :8>I<
<I8=>U P< G866 @A ?AD;<I8=> ;6?;U JS;K8´K4662M 8<G866 @A GI4< 2A5 <A6@ 8< <A @AU
]I; S:A16;D
8?
<I4<<I;
S :A>:4D
2A5 G :A<;
8?
=A< <I; S:A>:4
D 2A5 G 4=<;@
<A
G :8<;U
]I
;
D
;4=
8=> AR
<I; S:A>:4
D
L8<? ?;D4=<8K?O
8? G :A
=>
U
P@
;=<8R28=>
6A>8K46 ;::A:?K4= 1; <:8KF2M?8=K; 8< :;Þ58:;?2A5 <A GA:F14KFG4:@?12 6AAF8=>
9 : ¾
"#$#; <=(+.)'+3-7* 8+>255)35
`=; AR <I; DA?< 8DSA:<4=< ?F866? 2A5 ?IA56@ 4KÞ58:; R:AD GA:F8=> G8<I <I8?
1AAF8?@;15>>8=>U C6<IA5>I 8<K4= 1;R:5?<:4<8=>M@;15>>8=>8?A=;AR<I;DA?<
8=<;66;K<54662 :8KIMKI466;=>8=>M4=@ 8=<;:;?<8=> S4:<? AR S:A>:4DD8=>U
P= ?AD; G42? @;15>>8=> 8? 68F; @;<;K<8Q; GA:FU EA5 4:; KA=R:A=<;@ G8<I
K65;?4=@ 2A5I4Q;<A 8=R;:<I;S:AK;??;?4=@ ;Q;=<?<I4<6;4@ <A<I;:;?56<?2A5
?;;U
Y;15>>8=> 8?46?A 68F;4=;TS;:8D;=<46?K8;=K;U `=K;2A5 I4Q;4=8@;4GI4<
8? >A8=> G:A=>M 2A5 DA@8R2 2A5: S:A>:4D 4=@ <:2 4>48=U PR 2A5: I2SA<I;?8?
G4? KA::;K<M<I;= 2A5 K4= S:;@8K< <I; :;?56< AR <I; DA@8´K4<8A=M 4=@ 2A5 <4F;
4 ?<;S K6A?;: <A 4 GA:F8=> S:A>:4DU PR 2A5:I2SA<I;?8? G4? G:A=>M2A5 I4Q;<A
KAD; 5S G8<I 4 =;G A=;U C? JI;:6AKF HA6D;? SA8=<;@ A5<M ÷ZI;= 2A5 I4Q;
;68D8=4<;@ <I; 8DSA??816;MGI4<;Q;::;D48=?MIAG;Q;:8DS:A1416;MD5?< 1;<I;
<:5<IU\ LR:AD CUVA=4= YA26;ö? ?@ AB CD EF GEHOU
³A: ?AD;S;AS6;MS:A>:4DD8=> 4=@ @;15>>8=> 4:; <I; ?4D;<I8=>U ]I4< 8?M
S:A>:4DD8=> 8?<I;S:AK;??AR>:4@54662@;15>>8=> 4S:A>:4D 5=<868<@A;?GI4<
2A5 G4=<U ]I; 8@;4 8? <I4< 2A5 ?IA56@ 46G42? ?<4:< G8<I 4 GA:F8=> S:A>:4D
<I4< @A;? IE@JBDCM4=@ D4F;?D466 DA@8´K4<8A=?M@;15>>8=> <I;D 4?2A5 >AM
?A <I4< 2A5 46G42?I4Q; 4 GA:F8=> S:A>:4DU
³A: ;T4DS6;M ^8=5T 8? 4= AS;:4<8=> ?2?<;D <I4< KA=<48=? <IA5?4=@? AR 68=;?
AR KA@;M15< 8< ?<4:<;@ A5< 4? 4 ?8DS6;S:A>:4D ^8=5? ]A:Q46@? 5?;@ <A ;TS6A:;
<I; P=<;6 c»®c¶ KI8SU CKKA:@8=> <A ^4::2 9:;;=´;6@M ÷`=; AR ^8=5?ö? ;4:68;:
S :AX;K<?
G4?4 S:A>:
4D
<I4<
GA56@ ?G 8<
KI
1;<G;;= S:8=<8=>
CCCC 4=@ 7777 U
]I8?
64<;:;QA6Q;@<A ^8=5T\ LR:A
D ?@ KBDL MI@HINOBP@7
;<4 N;:?8A
= aOU
P= 64<;: KI4S<;:? P G866 D4F; DA:; ?5>>;?<8A=? 41A5< @;15>>8=> 4=@ A<I;:
S :A>:4D
D8=> S
:4K<8K;?U
øù Q Rü ü üýü üüÿ
Szzzy«z«}4:;<I;64=>54>;?<I4<S;AS6;?S;4FM68F;±=>68?IMJS4=8?IM
4=@ ³:;=KIU ]I;2 G;:; =A< @;?8>=;@ 12 S;AS6; L46<IA5>I S;AS6; <:2 <A 8DSA?;
?AD; A:@;: A= <I;DO <I;2;QA6Q;@ =4<5:4662U
½x¬z zy«z«} 4:; 64=>54>;? <I4< 4:; @;?8>=;@ 12 S;AS6; RA: ?S;K8´K
4SS68K4<8A=?U ³A: ;T4DS6;M <I; =A<4<8A= <I4< D4<I;D4<8K84=? 5?; 8? 4 RA:D46
64=>54
>;<I4<
8?
S4:<8K564:62
>AA@
4<@;=A<8=>:;64<8A
=?I8S?4DA=> =5D1
;:?
4=@
?2D1A6
?U
V I;D8?<?
5
?;
4 RA :D
4664=>54>
;<A:;S:;?;=<<I;KI;D
8K46
?<:5K<5:;
AR
D
A6;K56;?U
C=@ D A?<
8DSA :<4=<62
v
x«z¬¬y« zy«z«} z} ªx¬z zy«z«} {z {zÔ}
¥}}y }«y} x }£} x¬£zxyT
C? P D
;=<8A=;@
1
;RA:;M RA:D
46 64=>54
>;? <;=@ <A
I
4Q; ?<:8K< :56;?
41A 5<
?2=<4TU ³A:;T4
DS
6;M®W® U ¶
8?4
?2=<4K<8K4
662 KA::;K<
D 4<I;D
4
<8K4
6
?<4<;D;=<
M
15< ® U W¶V 8? =A<U C6?AM WXY 8? 4 ?2=<4K<8K4662 KA::;K< KI;D8K46 =4D;M 15<
¾ ¾ ¾
J2=<4T:56;?
KAD
;
8=
<GA \4QA:?
MS
;:<4
8=8=>
<A<AF;=
?4=@
?<:5K<5:;U ]AF;=
?
4:; <I; 14?8K ;6;D;=<? AR <I; 64=>54>;M 68F; GA:@? 4=@ =5D1;:? 4=@ KI;D8K46
;6;D;=<?U `=; AR <I; S:A16;D? G8<I ]Ø^_` 8? <I4< ` 8? =A< 4 6;>46 <AF;= 8=
D4<I;D4<8K? L4< 6;4?< 4? R4: 4? P F=AGOU J8D864:62M XZ[ 8? =A< 6;>46 1;K45?;
<I;:;8? =A ;6;D;=< G8<I <I; 411:;Q84<8A= Z[U
]I; ?;KA=@ <2S; AR ?2=<4T ;::A: S;:<48=? <A <I; ?<:5K<5:; AR 4 ?<4<;D;=<
<I4< 8?M <I; G42 <I; <AF;=? 4:; 4::4=>;@U ]I; ?<4<;D;=< ]Ø^_` 8? ?<:5K<5:4662
866;>46M 1;K45?; 2A5 K4=ö< I4Q; 4 S65? ?8>= 8DD;@84<;62 4R<;: 4= ;Þ546? ?8>=U
J8D864:62M DA6;K564: RA:D564? I4Q; <A I4Q; ?51?K:8S<? 4R<;: <I; ;6;D;=< =4D;M
=A< 1;RA:;U
ZI;= 2A5 :;4@ 4 ?;=<;=K; 8= ±=>68?I A: 4 ?<4<;D;=< 8= 4 RA:D46 64=>54>;M
2A5 I4Q; <A ´>5:; A5< GI4< <I; ?<:5K<5:; AR <I; ?;=<;=K; 8? L46<IA5>I 8= 4
=4
<5:46
64=>54
>;
2A5 @A
<I
8? 5=KA=?K8A5?62 OU
]I8?
S:AK;??
8?
K466;@
£zy«
U
³A: ;T
4DS 6;M
G I;=
2A5
I;4: <I;?;=<;=K;
M ÷]
I;
A
<I;:
?IA
;R;66M\
2A5 5=
@;:[
?<4=@<I4< ÷<I;A<I;:?IA;\ 8?<I;?51X;K< 4=@ ÷R;66\ 8?<I;Q;:1U `=K;2A5 I4Q;
S4:?;@ 4 ?;=<;=K;M2A5 K4= ´>5:; A5< GI4< 8< D;4=?M <I4< 8?M <I; ?;D4=<8K? AR
<I; ?;=<;=K;U C??5D8=> <I4< 2A5 F=AG GI4< 4 ?IA; 8?M 4=@ GI4< 8< D;4=? <A
R466M2A5 G866 5=@;:?<4=@ <I; >;=;:46 8DS68K4<8A= AR<I8? ?;=<;=K;U
C6<IA5>I RA:D46 4=@ =4<5:46 64=>54>;? I4Q; D4=2 R;4<5:;? 8= KADDA=a
<AF;=?M?<:5K<5:;M?2=<4T 4=@ ?;D4=<8K?a<I;:; 4:; D4=2@8ß;:;=K;?U
z´ǩ
À4<5:46
64=>54
>;?
4 :;
R566 AR 4D18>5 8<2M
GI8KI S
;AS6; @;4
6 G8<I
12 5?8=> KA
=<;T<5
46 K65;?
4=@
A<I;: 8=RA:D4<8A
= U ³A:D
46 64=>54>
;? 4:;
@;?8>=;@ <A 1; =;4:62 A: KADS6;<;62 5=4D18>5A5?MGI8KI D;4=? <I4< 4=2
?<4<;D;=< I4?;T4K<62 A=;D;4=8=>M:;>4:@6;??ARKA=<;T<U
}yzy ©
P= A:@;: <A D4F; 5S RA: 4D18>58<2 4=@ :;@5K; D8?5=@;:?<4=@[
8=>?M =4<5:46 64=>54>;?;DS6A2 6A<? AR :;@5=@4=K2U C? 4 :;?56<M<I;2 4:;
AR<;= Q;:1A?;U ³A:D46 64=>54>;? 4:; 6;?? :;@5=@4=< 4=@ DA:; KA=K8?;U
}zy} À4<5:46 64=>54>;? 4:; R566 AR 8@8AD 4=@ D;<4SIA:U PR P ?42M ÷]I;
A<I;: ?IA; R;66M\ <I;:; 8? S:A14162 =A ?IA; 4=@ =A<I8=> R4668=>U ³A:D46
64=>54>;?D;4= ;T4K<62 GI4< <I;2 ?42U
3;AS6;
GIA >
:AG
5S
?S;4F8=>
4 = 4<5:4
6 64=>54>
; L;Q;:2A=;O
A R<;=
I 4Q;
4
I4:@ <8D; 4@ X5?<8=> <A RA:D46 64=>54>;?U P= ?AD; G42?<I; @8ß;:;=K; 1;<G;;=
RA:D464=@=4<5:4664=>54>;8?68F;<I;@8ß;:;=K;1;<G;;=SA;<:24=@ S:A?;M15<
DA:; ?Av
x}©
ZA:@? 4:; 5?;@
RA :<I;8:
?A5=@? 4?
G;66
4?
RA: <I;8:
D
;4=
8=>M4=@
<I;
GIA6; SA;D <A>;<I;: K:;4<;? 4= ;ß;K< A: ;DA<8A=46 :;?SA=?;U CD18>58<2
8?=A< A=62 KADDA= 15< AR<;= @;681;:4<;U
x}
]I; 68<;:46 D;4=8=> ARGA:@?8? DA:;8DSA:<4=< 4=@<I;?<:5K<5:;KA=[
<:815<;? DA:; D;4=8=>U 3:A?;8? DA:; 4D;=416; <A 4=462?8?<I4= SA;<:2M
15< ?<866 AR<;= 4D18>5A5?U
x«z¬
]I; D;4=8=> AR 4 KADS5<;: S:A>:4D 8? 5=4D18>5A5? 4=@ 68<;:46M
b ¾
H
;:;
4 :;
?AD
;
?5>>
;?<8A
=? RA : :;4
@8=>
S:A>:4D
? L4=@
A<I;: RA:D
46 64=[
>54>;?OU ³8:?<M :;D;D1;: <I4< RA:D46 64=>54>;? 4:; D5KI DA:; @;=?; <I4=
=4<5:46 64=>54>;?M?A 8< <4F;? 6A=>;: <A :;4@ <I;DU C6?AM<I; ?<:5K<5:; 8? Q;:2
8DSA:<4=<M ?A 8< 8? 5?54662 =A< 4 >AA@ 8@;4 <A :;4@ R:AD <AS <A 1A<<ADM 6;R< <A
:8>I<U P=?<;4@M6;4:= <A S4:?;<I; S:A>:4D 8= 2A5: I;4@M 8@;=<8R28=> <I; <AF;=?
4=@ 8=<;:S:;<8=> <I; ?<:5K<5:;U ³8=4662M:;D;D1;: <I4< <I; @;<486? D4<<;:U ^8<[
<6;<I8=>?68F;?S;668=>;::A:?4=@14@S5=K<54<8A=MGI8KI2A5 K4=>;<4G42G8<I
8= =4<5:46 64=>54>;?MK4= D4F; 4 18> @8ß;:;=K;8= 4 RA:D46 64=>54>;U
øùc dû eÿý ü
]:4@8<8A=4662 <I;´:?< S:A>:4D S;AS6; G:8<; 8= 4 =;G 64=>54>;8? K466;@ ÷H;66AM
ZA:6@U\ 1;K45?; 466 8< @A;? 8? S:8=< <I; GA:@? ÷H;66AM ZA:6@U\ P= VWWM <I8?
S:A>:4D 6AAF?68F; <I8?v
f
noshg
×
nte
pg mr
g
m no qgogp
g etmg enmfg t
f
htnh m no i j
k
st
×× l m
gtn
tphr l ××
goho
p
JAD;S;AS6;X5@>; <I; Þ5468<2 AR 4 S:A>:4DD8=> 64=>54>; 12 <I; ?8DS68K8<2 AR
<I; ÷H;66AM ZA:6@U\ S:A>:4DU 72 <I8? ?<4=@4:@M VWW @A;? :;4?A=4162 G;66U
±Q;= ?AM<I8??8DS6; S:A>:4D KA=<48=? ?;Q;:46 R;4<5:;? <I4< 4:;I4:@ <A ;TS648=
<A 1;>8==8=> S:A>:4DD;:?U ³A: =AGMG;G866 8>=A:; ?AD; AR <I;DM68F;<I; ´:?<
68=;U
] I; ?;KA
=@ 68=
;
1
;>
8=? G 8<I
M GI8KI 8=@8K4
<;? <I4< 8<
8? 4 x¬¬ }yU
C
KADD
;=<
8? 4 18<
AR
±=>6
8?I
<;T< <I4<
2A5 K4=
S5<
8=
<I;
D8
@@6;
AR4 S:A>:4
DM
5?54662 <A ;TS648= GI4< <I; S:A>:4D @A;?U ZI;= <I; KADS86;: ?;;? 4 M 8<
8>=A:;?;Q;:2<I8=> R:AD <I;:;5=<86 <I;;=@ AR<I;68=;U
P= <I; <I8:@ 68=;M 2A5 K4= 8>=A:; <I; GA:@
htnh
RA: =AGM 15< =A<8K; <I;
GA:@
m no U
m n o
8? 4 ?S;K846 =4D; <I4< 8=@8K4<;? <I; S64K; 8= <I; S:A>:4D
GI;:;;T;K5<8A= 1;>8=?U ZI;=<I;S:A>:4D :5=?M8<?<4:<?12;T;K5<8=> <I;´:?<
?<4<;D;=<8=
m no
4=@ 8< KA=<8=5;?M8= A:@;:M5=<86 8<>;<?<A <I;64?<?<4<;D;=<M
4=@ <I;= 8< Þ58<?U
]I;:; 8? =A 68D8< <A <I; =5D1;: AR ?<4<;D;=<? <I4< K4= 1; 8=
m n o
M 15< <I;
;T4DS6; KA=<48=? A=62 A=;U P< 8? 4 14?8K x£ ?<4<;D;=<M D;4=8=> <I4< 8<
A5<S5<? A: @8?S642?4 D;??4>;A= <I; ?K:;;=U
st
8? 4
?S;K846
A 1X;K<
S :AQ8@;@
12
<I; ?2?<;D <A
466AG 2A5
<A ?;=@
A5
<S5<
<A <I; ?K:;;=U ]I; ?2D1A6 ×× 8? 4=
x£}zx
<I4< 2A5 4SS62 <A
st
4=@ 4
goh 8? 4
?S;K846
?2D1A6
<I4< :;S:;?;=<? <I; ;=
@ AR 4
68=;U ZI;=
2A5
?;=@
4=
goh
<A
st
M 8< K45?;? <I; K5:?A: <A DAQ; <A <I; =;T< 68=; AR <I; @8?S642U
]I; =;T< <8D; 2A5 A5<S5< ?AD;<I8=>M<I; =;G <;T< 4SS;4:? A= <I; =;T< 68=;U
^8F;
466
?<4<;D;=<?
M
<I;
A5
<S5< ?<4<;D;=< ;=@
? G8<I
4
?;D
8[KA6A= L
o OU
]I;:; 4:; 4 R;G A<I;: <I8=>? 2A5 ?IA56@ =A<8K; 41A5< <I; ?2=<4T AR <I8?
S:A>:4
D U ³8:?<
M VWW 5
?;? ?Þ5
8>>
62[1:4K;?
Lq 4=@ rO
<A
>
:A5
S
<I8=>
?
<A>;<I;:U
P=
<I
8?
K4?;
M
<I;
A
5<S5<?<4<;D;=<
8?
;=K6A?;@
8=
?Þ58>
>62[1 :4K;?
M8=
@8K4<8=> <I4<
8<
8? BDIBP@
<I; @;´=8<8A
= AR
m no U
C6?AM
=A<8K; <I4< <I; ?<4<;D;=<
8? 8
=@;=<;@
M
GI8KI I;6S? <A ?IAG Q8?54662 GI8KI 68=;? 4:; 8=?8@;<I; @;´=8<8A=U
C<<I
8?S A8=< 8<
GA56@1
;
4 >AA@
8@;4 <A ?8<
@AG= 8=
R:A=<
AR 4 KADS5
<;:
4=@
KAD S86;
4=@
:5= <I8? S:A>:4
D
U ]I; @;<486?
AR IAG
<A
@A
<I4< @;S;=@
A= 2A 5:
S:A>:4DD8=>;=Q8:A=D;=<M15<R:AD =AG A=8=<I8?1AAFPG8664??5D;<I4<2A5
F=AG IAG <A @A 8<U
C?PD
;=<8A=;@
M
<I;
VWW KAD S86;:
8?4 :;4
6
?<8KF6;:
RA
:?2=<4TU
PR 2A5D 4F;
4=2 ;::A:?GI;= 2A5 <2S; 8= <I; S:A>:4DMKI4=K;? 4:; <I4< 8< G866 =A< KADS86;
?5KK;??R5662U ³A: ;T4DS6;M 8R 2A5 D8??S;66
nte
pg m
M 2A5 D8>I< >;< 4= ;::A:
D;??4>;68F; <I;RA66AG8=>v
gtrsffktne
pg mr
Û
t es
Ç
ng tp hnpgs
tpi
]I;:;8? 4 6A< AR 8=RA:D4<8A= A= <I8? 68=;M15< 8< 8? S:;?;=<;@ 8= 4 @;=?; RA:D4<
<I4< 8? =A< ;4?2 <A 8=<;:S:;<U C DA:; R:8;=@62 KADS86;: D8>I< ?42 ?AD;<I8=>
68F;v
÷`
= 68=;
a AR
<I; ?A5:K;
KA@
; ´6;
=4D
;@
I
;66AUKSS
M 2A5
<:8;@ <A
8=K6 5@;
4 I
;4@;: ´6;
=4D
;@
A
8?<:;4DUIU
P @8@=
ö< ´
=@
4=2<I8=>
G 8<I
<I4<
=4D
;
M 15<
P@8@
´=
@?AD
;<I
8=> =4D
;@
8A
?<:;4
D UIU
P?
<I4<
G I4<
2A5 D;4=<M12 4=2 KI4=K;\
=RA:<5=4<;62MR;G KADS86;:?4:;?A4KKADA@4<8=>U ]I;KADS86;:8?=A<:;4662
Q;:2?D4:<M4=@8=DA?<K4?;?<I;;::A:D;??4>;2A5>;<G8661;A=624I8=<41A5<
GI4< 8? G:A=>U P< G866 <4F; ?AD; <8D; <A >48= R4K868<2 4< 8=<;:S:;<8=> KADS86;:
D;??4>;?U
À;Q;:<I;6;??M<I;KADS86;: K4= 1;4 5?;R56 <AA6 RA: 6;4:=8=> <I; ?2=<4T :56;?
AR 4 64=>54>;U J<4:<8=> G8<I 4 GA:F8=> S:A>:4D L68F; I;66AUKSSOM DA@8R2 8<
8= Q4:8A5? G42? 4=@ ?;; GI4< I4SS;=?U PR 2A5 >;< 4= ;::A: D;??4>;M <:2 <A
:;D;D1;: GI4< <I; D;??4>; ?42? 4=@ GI4< K45?;@ 8<M ?A 8R 2A5 ?;; 8< 4>48= 8=
<I; R5<5:; 2A5 G866 F=AG GI4< 8< D;4=?U
øùs tÿÿüu
£x¥}¬ÖxÔy« ]I; S:AK;?? AR RA:D564<8=> 4 S:A16;DM ´=@8=> 4 ?A65<8A=M
4=@
;TS:;??8=> <I;
?A 65<8A
= U
{«{Ö}Ô} zy«z«}
C S:A>:4DD8=> 64=>54>; 68F; VWW <I4< 8? @;?8>=;@ <A
x¡Ö}Ô} zy«z«} C S:A>:4
DD8=> 64=>54>
;<I4<
8?@
;?8>=;@ <A
1
;;4
?2 RA:
4 KADS5<;: <A ;T;K5<;U C6?A K466;@ ÷D4KI8=; 64=>54>;\ A: ÷4??;D162
64=>54>;U\
£xz¥© C S:AS;:<2 AR 4 S:A>:4D <I4< K4= :5= A= DA:; <I4= A=; F8=@ AR
KADS5<;:U
ªx¬z zy«z«} C=2 AR<I;64=>54>;?S;AS6;I4Q;@;?8>=;@RA:?S;K8´KS5:[
SA?;?M 68F; :;S:;?;=<8=> D4<I;D4<8K46 8@;4? A: KADS5<;: S:A>:4D?U C66
S:A>:4DD8=> 64=>54>;?4:;RA:D46 64=>54>;?U
yzz zy«z«} C=2 AR<I; 64=>54>;?S;AS6; ?S;4F<I4< I4Q;;QA6Q;@=4<[
5:4662U
y}£} ]A
;T;K5<;
4 S:A>:4
D 8= 4 I8>
I[6;Q;6
64=>54
>;
12
<:4=?64<8=> 8< A=;
68=; 4< 4 <8D;U
x£} ]A <:4=?64<; 4 S:A>:4D 8= 4 I8>I[6;Q;6 64=>54>; 8=<A 4 6AG[6;Q;6 64=[
>54>;M466 4< A=K;M8= S:;S4:4<8A=RA:64<;: ;T;K5<8A=U
x } x} C S:A>:4D 8= 4 I8>I[6;Q;6 64=>54>;M1;RA:;1;8=> KADS86;@U
x¥Í} x} ]I; A5<S5< AR<I; KADS86;:M4R<;:<:4=?64<8=> <I; S:A>:4DU
}} z¥} C=A<I;:=4D;RA: A1X;K< KA@; <I4< 8?:;4@2<A 1; ;T;K5<;@U
z«x{¬ C >;=;:46 S:AK;??RA: ?A6Q8=> 4 K4<;>A:2 AR S:A16;D?U
¥« C= ;::A:8= 4 S:A>:4DU
©yz ]I
;?<:5K<5:;
AR 4 S:A>:4
D U
}¬zy
]I; D;4=8=> AR4 S:A>:4DU
£z}
]A ;T4D8=; 4 S:A>:4D 4=@ 4=462Å;<I; ?2=<4K<8K ?<:5K<5:;U
©yz }x C= ;::A: 8= 4 S:A>:4D <I4< D4F;? 8< 8DSA??816; <A S4:?; L4=@
<I;:;RA:;8DSA??816;<A KADS86;OU
yÖ¬} }x C= ;::A: 8= 4 S:A>:4D <I4< D4F;? 8< R486 4< :5=[<8D;U
x« z }x C= ;::A: 8= 4 S:A>:4D <I4< D4F;? 8< @A ?AD;<I8=> A<I;: <I4=
GI4< <I; S:A>:4DD;: 8=<;=@;@U
}¥««y« ]I; S:AK;?? AR ´=@8=> 4=@ :;DAQ8=> 4=2 AR <I; <I:;; F8=@? AR
xð+,ð-y¤0 ð)z *ñó¤0
ùø { ý ý
C?PD;=<8A=;@ 8=<I;64?<KI4S<;:M2A5K4=S5<4?D4=2 ?<4<;D;=<?4?2A5G4=<
8=
m no
U ³A: ;T4
DS
6;M<A A5<S5<
DA :;<I4
= A=
;
6 8=;
v
f
noshg
×
nte
pg mr
g
m no qgogp
g etmg enmfg t
f
htnh m no i j
k
st
×× l m
gtn
tphr l ××
goho
t
f
tog nog
st
×× l m
t
pg it| l ××
goho
t
f
ot
gp
p
C? 2A5 K4= ?;;M8< 8? 6;>46 <A S5< KADD;=<? 4< <I; ;=@ AR 4 68=;M4?G;66 4? A= 4
68=; 12 <I;D?;6Q;?U
]I; SI:4?;? <I4< 4SS;4: 8= Þ5A<4<8A= D4:F? 4:; K466;@ y«M 1;K45?;
<I;2 4:; D4@; 5S AR 4 ?;Þ5;=K; L ?<:8=>O AR 6;<<;:?U CK<54662M ?<:8=>? K4= KA=[
<48= 4=2KAD18=4<8A= AR 6;<<;:?M=5D1;:?MS5=K<54<8A= D4:F?M4=@ A<I;:?S;K846
KI4:4K<;:?U
`R<;= 8< 8? 5?;R56 <A @8?S642 <I; A5<S5< R:AD D56<8S6; A5<S5< ?<4<;D;=<? 466
A= A=; 68=;U EA5 K4= @A <I8? 12 6;4Q8=> A5<<I;´:?<
goh
v
htnh m no i j
k
st
×× l
Ðtthign l
o
st
×× l
spg
tph} l ××
goho
p
P= <I8? K4?; <I; A5<S5< 4SS;4:? A= 4 ?8=>6; 68=; 4?
Ðtthign spg
tph} U
ÀA<8K; <I4< <I;:; 8? 4 ?S4K; 1;<G;;= <I; GA:@ ÷9AA@12;M\ 4=@ <I; ?;KA=@
Þ5A<4<8A
= D4 :FU
]I8? ?S4 K;
4S S;4:?
8=
<I;
A 5<S5<
M ?A 8<
4ß
;K<? <I;
1
;I4Q8A:
AR
<I; S:A>:4DU
JS4K;? <I4< 4SS;4: A5<?8@; AR Þ5A<4<8A= D4:F? >;=;:4662 @A =A< 4ß;K< <I;
1;I4Q8A: AR <I; S:A>:4DU ³A: ;T4DS6;MPKA56@ I4Q; G:8<<;=v
htnh m no i j
k
st
××l
Ðtthign l
o
st
××l
spg
tph} l××
goho
p
]I8? S:A>:4D GA56@ KADS86; 4=@ :5= X5?< 4? G;66 4? <I; A:8>8=46U ]I; 1:;4F?
4< <I; ;=@? AR 68=;? L=;G68=;?O @A =A< 4ß;K<<I; S:A>:4Dö?1;I4Q8A: ;8<I;:M?A P
KA56@ I4Q;G:8<<;=v
htnh m noi j k
st
××l
Ðtthign l
ost
××l
spg
tph} l××
goho p
]I4< GA56@ GA:FM<AAM46<IA5>I2A5I4Q;S:A14162=A<8K;@<I4<<I;S:A>:4D 8?
>;<<8=> I4:@;:4=@I4:@;:<A:;4@U À;G68=;?4=@?S4K;?4:;5?;R56RA:A:>4=8Å8=>
2A5: S:A>:4D Q8?54662MD4F8=> 8< ;4?8;: <A :;4@ <I; S:A>:4D 4=@ 6AK4<; ?2=<4T
;::A:?U
ù üÿ
C Q465; 8? A=; AR <I; R5=@4D;=<46 <I8=>?a68F; 4 6;<<;: A: 4 =5D1;:a<I4< 4
S:A>:4D D4=8S564<;?U ]I;A=62Q465;?G;I4Q;D4=8S564<;@?AR4:4:;<I;?<:8=>
Q465;?G;I4Q;1;;= A5<S5<<8=>M68F;lm
gtn
tphr
lU EA5 L 4=@<I;KADS86;:O
K4= 8@;=<8R2 ?<:8=> Q465;? 1;K45?; <I;2 4:; ;=K6A?;@ 8= Þ5A<4<8A= D4:F?U
]I;:;4:;A<I;:F8=@?ARQ465;?M8=K65@8=>8=<;>;:?4=@KI4:4K<;:?U C=8=<;>;:
8?4 GIA6;=5D1;:68F; aA: aµU EA5K4= A5<S5<8=<;>;:Q465;?<I;?4D;G422A5
A5<S5< ?<:8=>?v
st
××
k
××
goho
C KI4:4K<;: Q465; 8? 4 6;<<;: A: @8>8< A: S5=K<54<8A= D4:F ;=K6A?;@ 8= ?8=>6;
Þ5A<;?M68F;
A:
U EA5 K4= A5<S5< KI4:4K<;: Q465;?<I;?4D; G42v
st
×× p ××
goho
]I8? ;T4DS6; A5<S5<? 4 ?8=>6; K6A?; ?Þ58>>62[1:4K;A= 4 68=; 12 8<?;6RU
P<
8?
;4?2<A
KA=R5
?;
@8ß
;:;=<<2S;?
ARQ4 65;?
M 68F;
llM
4=@ M 15<
8R2A5
S42
4<<;=<8A
=
<A<I;
S
5=K<54<8A
=M 8<
?IA56@
1;K6;4:<I4<<I;´:?<
8?4
?<:8=
>M
<I;
?;KA=@ 8? 4 KI4:4K<;:4=@ <I; <I8:@ 8? 4= 8=<;>;:U ]I; :;4?A= <I8?@8?<8=K<8A= 8?
~¾
ù üþü!ÿ
`=; AR<I; DA?< SAG;:R56 R;4<5:;? AR 4 S:A>:4DD8=> 64=>54>;8? <I; 41868<2<A
D4=8S564<;Ôzz¥}U C Q4:8416;8? 4 =4D;@ 6AK4<8A=<I4< ?<A:;? 4 Q465;U
_5?< 4? <I;:; 4:; @8ß;:;=< <2S;? AR Q465;? L8=<;>;:M KI4:4K<;:M ;<KUOM <I;:;
4:; @8ß;:;=< <2S;? AR Q4:8416;?U ZI;= 2A5 K:;4<; 4 =;G Q4:8416;M 2A5 I4Q;<A
@;K64:;GI4<<2S;8<8?U ³A:;T4DS6;M<I;KI4:4K<;:<2S;8= VWW 8? K466;@
s
p U
]I;RA66AG8=> ?<4<;D;=<K:;4<;?4 =;G Q4:8416;=4D;@ Ç
pgh
<I4< I4?<2S;
s
p U
s
p Ç
pgho
]I8? F8=@ AR ?<4<;D;=< 8? K466;@ 4 } zzxyU
]I;<2S;AR 4 Q4:8416; @;<;:D8=;? GI4< F8=@ AR Q465;? 8< K4= ?<A:;U C
s
p
Q4:8416; K4= KA=<48= KI4:4K<;:?M 4=@ 8< ?IA56@ KAD; 4? =A ?5:S:8?; <I4<
no
Q4:8416;?K4= ?<A:;8=<;>;:?U
]I;:; 4:; ?;Q;:46 <2S;? 8= VWW <I4< K4= ?<A:; ?<:8=> Q465;?M 15< G; 4:;
>A8=>
<A ?F8
S
<I4<
RA :
=AG L ?;;
VI4 S<;: µOU
]A K:;4<;
4=
8=<;>;: Q4:8
416
;M<I; ?2=<4T
8?
no
to
G I;:;
t
8?
<I;
4
:18<:4:2
=4D
;
2A5 D4@
;
5S
RA: <I; Q4:8
416
;U
P=
>;=;:46
M2A5
G866 G4
=< <A
D 4F;
5S Q4 :8416;
=4D
;? <I4<
8=
@8K4<;
G I4<
2A5 S64=
<A
@A G 8<I
<I; Q4:8416;U ³A: ;T4DS6;M8R 2A5 ?4G <I;?;Q4:8416; @;K64:4<8A=?v
s
p Ç
npe
Ü
g
gpo
s
p e
Ü
g
gpo
no
tpn mno
go
2A5 KA56@ S:A14162 D4F; 4>AA@>5;??4<GI4<Q465;?GA56@1;?<A:;@8=<I;DU
]I8?;T4DS6;46?A@;DA=?<:4<;?<I;?2=<4TRA:@;K64:8=>D56<8S6;Q4:8416;?G8<I
<I; ?4D;<2S;v
tp 4=@
egstoh
4:;1A<I 8=<;>;:? L
no
<2S;OU
ù Q ÿÿþý
À
AG
<I4<
G
;I4Q;K:;4<;@
?AD
;Q4:8416;?
M G;
GA56@
68F;<A ?<A:;
Q4 65;?
8=
<I;DU
Z;
@A
<I4<
G 8<I
4= z«y¬}y z}¬}y
U
Ç
npe
Ü
g
gp
Ø
o
qnhg Ç
npe
Ü
g
gp
g h g
tp Ø
kko
eenqo
g h g kk
t
tp
mn o
g Ø
jo
eg
mno
g
t
j
]I8?
;T4
D S6;
?IAG?
<I:;;
4??8>=D
;=<?M
4=@
<I;
KADD
;=<?
?IAG
<I:;;
@8ß
;:;=<
G42?S
;AS6;
?AD
;<8D;? <46F
41A 5<
4??8>=D
;=< ?<4<;D;=<?U ]I;
QAK415 64:2
K4=
1; KA=R5?8=> I;:;M15< <I; 8@;4 8? ?<:48>I<RA:G4:@v
ZI;= 2A5 @;K64:;4 Q4:8416;M2A5 K:;4<;4 =4D;@ ?<A:4>;6AK4<8A=U