/,+&! ,(",%,0&"! 1234 1565
!"#$%&' !&()#*+
! "#$%$&'(&)*+!%!,&-'%!)$&'!&)./&/0 1-"/&&
'(& ++%2 "$&'(&)'*+%$)$&(+'1&$"'2 3% &&
)'&-'" !4&&
56789:7; #78 9:;9<=8 <> ?7@= 9A98; @= ?< B8?8;C@D8 ?78 ?:;D@DE 9<@D?=4 ?78@; 7<;@F<D?AG G8>?H ADB ;@E7?H=@B8 I<D?@E:@?J ?<E8?78; K@?7 E@L@DE ?78@; LA;@<:= 9;<98;?@8=M #78J A;8 @GG:=?;A?8B <D ?78 D:C8;@IAG BA?A I<DI8;D@DE ?78 A;;@LAG= <> ?<:;@=?= >;<C *G<LAN@A ?< O<GADB @D =:II8==@L8 C<D?7= @D ?78 J8A;= 6PPP Q 155RM
3<=&>?8@6A #:;D@DE 9<@D?=4 ?@C8= =8;@8=4 ?<:;@=CM
& &
%; %!)+'4*B)%'!&
0ADJ 978D<C8DA @D ?<:;@=C A;8 I7A;AI?8;@=8B SJ B@>>8;8D? T:AD?@?@8=4 C<D<?<D@I@?J ADB BJDAC@I= @D ?78 ?@C8 K78;8 A>?8; ?78 98;@<B= <> @DI;8A=8 ?78;8 <II:; B8I;8A=8= ADB L@I8 L8;=AM /<; ?78@; B8=I;@9?@<D ?78;8 A;8 :=8B ?78 C8?7<B= <> ADAGJ=@= <> ?@C8 =8;@8=M #78 9GAI8= <> I7ADE8= <> ?78 E8D8;AG ?8DB8DIJ <> ?78 ?8=?8B 978D<C8D<D A;8 IAGG8B ?:;D@DE 9<@D?=M #78J A;8 <> ?78 I7A;AI?8; <> 98AN <; LAGG8J 9<@D?=M /<; 8AI7 <> ?78C ?78;8 @= =@DEG8B <:? A 7<;@F<D?AG I<D?@E:@?J <> 9;8I8B@DE ADB ><GG<K@DE ?@C8 98;@<B= <> LA;@<:= G8DE?7=M
!? ?8=?@DE ?78 ?:;D@DE 9<@D?= ?78 ADAGJ=@= @= 9<==@SG8U <D ?78 <;@E@DAG BA?A V?7@= LA;@AD? @= A99G@8B @D ?78 9A98;W4 <D ?78 ?;AD=><;C8B BA?A V8MEM G<EA;@?7C@H IAGGJ W ADB <D ?78 >@;=?4 =8I<DB4 MMM B@>>8;8DI8=M
#78 9:;9<=8 <> ?7@= 9A98; @= ?< B8?8;C@D8 ?78 ?:;D@DE 9<@D?=4 ?78@; 7<;@F<D?AG G8>?H ADB ;@E7?H=@B8 I<D?@E:@?J ?<E8?78; K@?7 E@L@DE ?78@; LA;@<:= 9;<98;?@8=M #78J A;8 @GG:=?;A?8B <D ?78 D:C8;@IAG BA?A I<DI8;D@DE ?78 A;;@LAG= <> ?<:;@=?= >;<C *G<H LAN@A ?< O<GADB @D =:II8==@L8 C<D?7= @D ?78 J8A;= 6PPP Q 155RM
%%; ++%2 "$&'(&)'*+%$)$&(+'1&$"'2 3% &)'&-'" !4& &
%<K K8 K@GG A==:C8 ?7A? ?78 BA?A I<DI8;D@DE ?78 ADAGJ=@= <> ?78 ?@C8 =8;@8= A;8 G@=?8B @D ?78 ><;C <> A ?K<HB@C8D=@<DAG ?ASG8 VCA?;@XW 0 <> ?78 ?J98 ,#*"-.$ /#&*$M &? @= A==:C8B ?7A? @D ?78 =8? CA?;@X ?78;8 A;8 =@DEG8B <:? 0 ;<K= ;8>8;;@DE
Y
Z@8=[AK ZAED8;
235
?< ?78 =@DEG8B <:? 98;@<B= @D J8A;= V8MEM 0 \ ] Q T:A;?8;=4 0 \ 61 H C<D?7=W ADB 1 I<G:CD= ><; J8A;=M /:;?78;4 K8 K@GG 98;CAD8D?GJ A==:C8 0 \ 61M #78 ?J9@IAG 8G8C8D? <> ?78 E@L8D CA?;@X 2"3 8X9;8==8= 78;8 ?78 T:AD?@?J <> ?78
?8=?8B 978D<C8D<D ><; ?78 "4?7 C<D?7 @D 34?7 J8A;4 A? "!6414MMM461^ M MMM4 4 1 4 6 1 3 !
#78 SA=@= ><; ?78 ADAGJ=@= <> ?:;D@DE 9<@D?= A;8 ?78 D:C8;@IAG BA?A I<DI8;DH @DE ?78 D:CS8; <> A;;@LAG= <> ?<:;@=?= >;<C *G<LAN@A ?< V*+,"O,+W @D ?78 J8A;= 6PPPH155R V?ASM 6WM
&
#ASG8 6M !;;@LAG= <> ?<:;@=?= >;<C *G<LAN@A V@D ?7<:=ADB=W
0<D?7= 6PPP 1555 1556 1551 1552 155] 1553 155R & 6]345 65341 66242 RP4_ _646 62_42 65_4] P`43 && 66P41 6R24P 61245 65541 _P41 6_243 61641 P343 &&& 2`345 1PR4] 11_43 6314` 62P4P 25_45 6`143 6`64R &' 22542 ]6_4` 6P]45 62P4P 6_146 ]5642 1]P4P 12`4` ' 2`_43 21P46 13P4P 6_145 12142 1P]45 1P24` 1]P4_ '& 26245 1P24] 11145 63_43 15543 2R24_ 1R]4` 13R45 '&& 2P]4P 2R243 13141 6P_45 1``45 ]2]45 ]6_42 23341 '&&& ]5_4_ ]1P4R 26146 1134` 1P545 ]5342 ]2`4R ]2343 &a ]5`4R 26`4] 1124R 6P141 1]]4` 2``43 2]242 26`46 a R6346 ]R242 26]45 25`4P ]1242 ]P`4] ]624_ ]5`4] a& 2PR45 2R243 1]546 12R43 ]6]45 2]R4` 1PP42 1`54R a&& 2354P 1P34P 63P43 6R14R 21141 1P`46 1364R 6P241
*<:;I8U !:?7<;b= 8GAS<;A?@<D <D ?78 SA=@= <> &D=?@?:?8 <> #<:;@=C4 KKKM@D?:;MI<CM9G
/<; ?78 BA?A @D ?ASG8 6 ?78;8 7AL8 S88D B8?8;C@D8B ?78 SA=@I D:C8;@IAG I7A;H AI?8;@=?@I=U
D 0@D 0AX !L8;AE8 08B@AD B8L@A?@<D*?ADBA;B Q =?ADBA;B B8L@A?@<D!L8;AE8 c =?ADBA;B B8L@A?@<D!L8;AE8
%:CS8; <> ?@C8 C<C8D?=
d
PR RP4_ R6346 1`24] 1`24_ 662463 6R5413 ]224RR `1 `345
#78 BA?A @D ?78 CA?;@X 0& A;8 ?;AD=><;C8B SJ ?78 <98;A?@<D I<G:CD= =?;@DE VI=W ?< ?78 I<G:CD ;<K L8I?<; =4 K;@?@DE =:II8==@L8GJ ?78 I<G:CD= <> ?78 CA?;@X 0 <D8 :DB8; AD<?78;4 K7@I7 @= 8X9;8==8B A= 5$6 7 28N L8I?<;&C&I<D?A@D= ) 7 61 1 8G8C8D?=4 ;8>8;;@DE ?< ) ?@C8 C<C8D?=M #78 BA?A <> ?78 L8I?<; C&I<D?A@D@DE ) 7 9: 8G8C8D?= A;8 9;8=8D?8B @D >@EM 6M&
/@EM 6M !;;@LAG= <> ?<:;@=?= >;<C *G<LAN@A ?< O<GADB V@D ?7<:=ADB=W @D ?78 J8A;= 6PPPQ155R *<:;I8U !:?7<;b= 8GAS<;A?@<D
#78 BA?A @D ?ASG8 6 ADB ?78 E;A97= 6 ADB 1 ><; *+,"O,+ G8AB ?< E8D8;AG I<DIG:=@<D=U
# ?78 G<K8=? A;;@LAG= >AGG CA@DGJ @D ?78 C<D?7= & ADB &&4 ADB ?78 7@E78=? @D a4 # ?78 T:AD?@?@8= <> A;;@LAG= =7<K =<C8 =JCC8?;J4 K7@I7 @= @DB@IA?8B SJ AGH C<=? @B8D?@IAG LAG:8= <> ?78 AL8;AE8 ADB ?78 C8B@AD4 ADB AG=< SJ 7@E7 I<DI8D?;AH ?@<D <> BA?A @D ?78 @D?8;LAG <> <D8 =?ADBA;B B8L@A?@<D V`345 d <> =@F8 <> =AC9G8W4
# >G:I?:A?@<D <> T:AD?@?@8= <> A;;@LAG= @D @DB@L@B:AG J8A;= A;8 =:S=?AD?@AG4 K7@I7 @= =7<KD SJ ?78 B8?8;C@D8B ;ADE8=4 >;<C 1554` ?7<:=ADB @D 1556 ?< ]P34P ?7<:=ADB @D 6PPPM
#78 BJDAC@I= <> S<;B8; I;<==@DE= *+,"O,+ =7<K= ?78 =8A=<DAG I7A;AI?8; @D D8X? J8A;= K@?7 7@E7 I7ADE8= <> B8I;8A=@DE <> T:AD?@?@8= <> A;;@LAG= S8?K88D ?78 C<D?7= a VCAXW ADB a&4 a&&4 & V<; &&W VC@DWM #78 I7ADE8= @D a @D ;8>8;8DI8 ?< &a A;8 D<? 7@E7 8XI89? 6PPPM
!==:C@DE =<C8 I7A;AI?8;@=?@I= <> 9<=@?@<D 25 V8MEM C8AD4 T:AD?@G8 <> fH?7 <;H B8;W ?78 CA?;@X 0& ?;AD=><;C= @D?< ?78 S@DA;J CA?;@X D& \ V;"3W4 K78;8
M 4 6 ^ 4 5 2 25 ; 2 25
;"3 ! "3% "3 ! "3 $ /<; ?78 8XAC@D8B CA?;@X 04&K8 <S?A@D ?78 CA?;@X
Z@8=[AK ZAED8; 231 0<D?7= 6PPP 1555 1556 1551 1552 155] 1553 155R *:CA & 5 5 5 5 5 5 5 5 5 && 5 5 5 5 5 5 5 5 5 &&& 6 6 5 5 5 6 5 5 2 &' 6 6 5 5 5 6 5 5 2 ' 6 6 5 5 5 6 6 5 ] '& 6 6 5 5 5 6 5 5 2 '&& 6 6 5 5 6 6 6 6 R '&&& 6 6 6 5 6 6 6 6 ` &a 6 6 5 5 5 6 6 6 3 a 6 6 6 6 6 6 6 6 _ a& 6 6 5 5 6 6 6 5 3 a&& 6 6 5 5 6 6 5 5 ] #<?AG 65 65 1 6 3 65 R ] ]_
g8G<K ?78 AL8;AE8 G8L8G A;8 ?78 A;;@LAG= ><; &4 && ?7;<:E7 AGG J8A;= ADB ><; &&& ADB &' ><; ?78 J8A;= 1556H5R4 ADB @D ?78 C<D?7 a ?7;<:E7 AGG J8A;= ?78 A;;@LAG= A;8 7@E78; ?7AD ?78 AL8;AE8M g8G<K ?78 AL8;AE8 K8;8 ?78 A;;@LAG= @D ?78 J8A;= 1556H51 8XI89? ?K< ADB <D8 C<D?7=M #78 C8D?@<D8B ?8DB8DI@8= <> ?78 BJDAC@I= <> A;;@LAG= A;8 =7<KD AG=< @D >@EM 6M
& &
%%%; 4/)/+1%!%!,&)./&)*+!%!,&-'%!)$& !4&)./%+&)#-/$& Z8 @D?;<B:I8 ?78 ><GG<K@DE B8D<?A?@<D=U
# 6 Q T:AG@?A?@L8 >8A?:;8 8X9;8==@DE ?78 BJDAC@I= <> ?78 ?8=?8B 978D<C8H D<D4
# ) < D:CS8; <> =@DEG8B <:? ?@C8 98;@<B= VC<C8D?=W <> ?78 ?8=?8B 978H D<C8D<D4
# 264214MMM42)&?@C8 =8;@8= 8X9;8==@DE ?78 T:AD?@?J <> ?78 ?8=?8B 978D<C8H D<D @D =:II8==@L8 ?@C8 98;@<B=4
# " < D:CS8; ?:;D@DE 9<@D?= V#OW4
# => ? Q D:CS8;= <> 8X9;8==@<D= <> ?78 ?@C8 =8;@8= <> 9;8I8B@DE ADB ><GG<KH @DE #O4 @M8M G8>?H ADB ;@E7?H=@B8 7<;@F<D?AG G8DE?7=4
# "&=4MMM4"&64"4"'64MMM4"'?&=@DEG8B <:? ?@C8 C<C8D?= <> ?78 G8>?H ADB ;@E7?H=@B8 7<;@F<D?AG I<D?@E:@?J ><; "4?7 #O4
# @AV=> ?W Q #O K@?7 ?78 =8? 7<;@F<D?AG G8DE?7=M
-898DB@DE <D ?78 =8? => ? ?78;8 A;8 B8?8;C@D8B LA;@<:= ?J98= <> #OM !C<DE ?78C ?78;8 A;8 =@DEG8B <:? 98AN O. V#OOW ADB LAGG8J #O V#O'W K7@I7 A;8 E@L8D SJ ?78 =8? I<DB@?@<D= <> I<Dh:DI?@<D= <D ?78 T:AD?@?@8= <> ?78 ?@C8 =8;@8=M /<;
#OO ADB O.' ?78;8 A;8 B8?8;C@D8B ?78 ;ADE8= ><; G8>?H ADB ;@E7?H=@B8 7<;@F<D?AG ?@C8 C<C8D?=4 A99GJ@DE ><; ?78C ?78 :D@><;C D<?A?@<D SJ AS=<G:?8 LAG:8=M Z8 B8?8;C@D8 ?78 ><GG<K@DE ?J98= <> #OU
( @AVB> BW Q B4?K<H=@B8 7<;@F<D?AG #O V>@EM 1WU
?@C8 C<C8D?=U "&64 "4 "'6
@AAU V2"&6%2"W*V2")2"'6W4 @ACU V2"&6)2"W*V2" %2"'6W4
1!i 2"&6&2"i4 A!i 2"&2"'6i4
&D ?78 8XAC@D8B IA=8 ?78 CAX@C:C D:CS8; <> #O @= ) < D4 ADB ?78 D:CS8;= <> #O' ADB #OO B@>>8; SJ 6 B898DB@DE <D K7A? ?J98 <> #O ?78 ?@C8 =8;@8= S8H E@D= K@?74 ADB AG=< <D 8L8D 9A;@?J <; <BB 9A;@?J <> ?78 D:CS8; <> ?8;C= @D ?78 =8;@8=M &D ?7@= IA=8 @? @= 8D<:E7 ?< 98;><;C ?78 <98;A?@<D ) C<B:G< D> K7@I7 E@L8= ?78 ;8CA@DB8; E ><; 8L8D D:CS8;= ADB B ><; <BB D:CS8;=M #78 AB8T:A?8 D:CS8;= #O' ADB #OO A;8 9;8=8D?8B @D ?ASG8 1M
! " #! #" $! !" #" ! " #! #" $! !" #"
/@EM 1M #OO ADB #O' ><; #OV64 6W *<:;I8U !:?7<;b= 8GAS<;A?@<DM
#ASG8 1M&%:CS8;= <> #O'V646W ADB #OOV646W A? >:GG ;ADB<CD8== <> ?78 ?@C8 =8;@8= j:AD?@?J <> ?@C8 =8;@8= #J98 <> >@;=? ?:;D@DE 9<@D? #J98 <> ?:;D@DE 9<@D? 8L8D <BB #O' 6 1& ) 6 16 & & ) #OO #OO 6 1& ) 6 16 & ' ) #O' 6 1& ) 6 16 & ' ) #O' #OO 6 1& ) 6 16 & & ) *<:;I8U !:?7<;b= 8GAS<;A?@<DM
Z@8=[AK ZAED8;
23]
( @AVD> BW Q D47<;@F<D?AGGJ G8>?H=@B8 ADB B47<;@F<D?AGGJ ;@E7?H=@B8 #O V>@EM 2W4
?@C8 C<C8D?=U "&14 "&64 "4 "'6
@AAU V2"&1%2"&6W*V2"&6%2"W*V2" )2"'6W4
@ACU V2"&1)2"&6W*V2"&6)2"W*V2"%2"'6W4
1!i 2"&1 &2"i4 A!i 2"&2"'6i4
! " #! #" $! !$ !" #" ! " #! #" $! !$ !" #"
/@EM 2M #OO ADB #O' ><; O.V14 6W *<:;I8U !:?7<;b= 8GAS<;A?@<DM
( @AV= ? W Q =HG8>?H=@B8 7<;@F<D?AG ADB ?H;@E7?H=@B8 7<;@F<D?AG @A
?@C8 C<C8D?=U "&=4MMM4"&64 "4 "'64MMM "'?4 4
@AFU + + , -. . / 0 ) * + + , -. . / 0 %
1
1
! & & ' ! & ' & ? 3 3 " = " = 3 3 " 3 " 2 2 2 2 6 6 6 6 W V W V 4 @AAU + + , -. . / 0 % * + + , -. . / 0 )1
1
! ' ' & ! & ' & W V W V 6 6 6 6 ? 3 3 " 3 " = 3 3 " 3 " 2 2 2 2 41!i 2"&= &2"i4 A!i2"&2"'?i4 K78;8 ?78 =JCS<G 2 B8D<?8= ?78 C:G?@H
9G8 I<Dh:DI?@<DM
0<=? <>?8D @D ?78 ADAGJ=8= <> #O ?78;8 A;8 :=8B 8T:AG 7<;@F<D?AG G8DE?7=4 @M8M A? = 7 ? 764 1424 MMM 8
%2; $) )%$)%B "& ! "#$%$&'(&)*+!%!,&-'%!)$&& '(&!*1/+%B "&4 ) &
&
Z8 K@GG IA;;J <:? ?78 ADAGJ=@= <> #O ?<E8?78; K@?7 ?78@; @D?8;9;8?A?@<D <D ?78 BA?A 9;8=8D?8B @D I7A9?8; 1M &? K@GG I<D=@=? <> B8?8;C@D@DE ?78 ?J98 <> #O ADB E@L@DE ?78 @DI;8A=8= A? ?78 =8? 7<;@F<D?AG G8DE?7= => ?M "AGI:GA?@<D= K8;8 CAB8 @D ?78 IAGI:GA?@<D =788? (a"(+ AII<;B@DE ?< !:?7<;b= IAGI:GA?@<D ><;C:GA=M #78 ;8=:G?= K8;8 9;8=8D?8B @D ?78 ><;C <> =?A?8C8D?= @D <;B8; ?< ;8B:I8 ?78@; 8XI8=H =@L8 B8=I;@9?@<DM
#OV646W Q &)&G/$"$ -H -55I**#)5#$
#78 BA?A @D ?ASG8 6 A;8 9;8=8D?8B @D ?78 ><;C <> <D8 ?@C8 =8;@8= VL8I?<; CW I<D?A@D@DE ) 7PR ?@C8 C<C8D?=4 S:?U 6 Q &46PPP4 1 Q &&46PPP4 MMM4 PR Q a&&4 155RM Z78D I<C9A;@DE ?78 =8T:8DI8= <> LAG:8= <> ?7;88 =:II8==@L8 ?8;C= @D ?78 =8;@8= ?78;8 A;8 G<IAG@F8B #O' ADB #OO SJ @D=8;?@DE ?78 8G8C8D? 64 K78D A E@L8D #O <II:;;8B <; 5 @D ?78 <99<=@?8 IA=84 ADB #O @= <S?A@D8B SJ =:CCA?@<D <> ?78 S@H DA;J 8G8C8D?= ><; #O' ADB #OOM *8??@DE AGG #O ;ADE8= >;<C &&b6PPP ?< a&b155RM #78 E8D8;AG IAGI:GA?@<D B@AE;AC @= 9;<L@B8B @D ?78 >;AEC8D? <> ?78 =?A?8C8D?U
0<D?7= %; -A?A #O' #OO #O *8;@8=
&bPP 6 6]345 5 5 5 &&bPP 1 66P41 6 5 6 g &&&bPP 2 2`345 5 6 6 ! &'bPP ] 22542 6 5 6 g e e e e e e e &ab5R P2 26`46 6 5 6 g ab5R P] ]5`4] 5 6 6 ! a&b5R P3 1`54R 5 5 5 g a&&b5R PR 6P241 #<?AG 1R 1]` 1R 1R 31 a
#78 E@L8D G@=? =7<K= =@DEG@DE <:? SJ 1R LAGG8J ADB 98AN #O ADB 31 #O @D ?<H ?AGM /<; 8AI7 <> ?78 C8D?@<D8B ?J98= <> #O ?78;8 A;8 =@DEG8B <:? ?78 CA?;@X8= 4E&$ ADB -M #78J A;8 <> ?78 B@C8D=@<D= + 04 K78;8 J3l6414MMM461kM #78;8 @= A=H =:C8B ><; ?78C ?78 9;@DI@9G8 <> <C@??@DE ?78=8 C<D?7= VI<G:CD=W @D K7@I7 #O <> A E@L8D ?J98 B@B D<? <II:; @D AGG J8A;=U
Z@8=[AK ZAED8;
23R
0A?;@X 4U&
& && &' ' '& &a #<?AG
6PPP 5 6 6 5 6 6 ] 1555 6 5 5 5 6 6 2 1556 6 5 6 5 6 6 ] 1551 6 5 6 5 6 6 ] 1552 6 5 5 5 6 6 2 155] 6 5 5 6 5 6 2 1553 6 5 5 5 6 6 2 155R 5 6 5 5 5 6 1 #<?AG R 1 2 6 R _ 1R 0A?;@X $A&
&&& &' ' '&& '&&& a #<?AG
6PPP 6 5 6 5 6 6 ] 1555 5 6 5 5 6 6 2 1556 6 5 6 5 6 6 ] 1551 6 5 6 5 6 6 ] 1552 5 5 6 5 6 6 2 155] 5 6 5 6 5 6 2 1553 5 5 6 5 6 6 2 155R 5 5 5 5 6 6 1 #<?AG 2 1 3 6 ` _ 1R 0A?;@X -U&
& && &&& &' ' '& '&& '&&& &a a #<?AG
6PPP 5 6 6 6 6 6 5 6 6 6 _ 1555 6 5 5 6 5 6 5 6 6 6 R 1556 6 5 6 6 6 6 5 6 6 6 _ 1551 6 5 6 6 6 6 5 6 6 6 _ 1552 6 5 5 5 6 6 5 6 6 6 R 155] 6 5 5 6 6 5 6 5 6 6 R 1553 6 5 5 5 6 6 5 6 6 6 R 155R 5 6 5 5 5 5 5 6 6 6 ] #<?AG R 1 2 3 R R 6 ` _ _ 31
#O B@B D<? <II:; @D ?K< C<D?7= a& ADB a&&M &D &a ADB a #O <II:;;8B ?7;<:E7 AGG J8A;=M ,DGJ <DI8 #O <II:;;8B @D '&&4 ADB ?K< ?@C8= @D &&M #78 CA?;@X -&@= <S?A@D8B >;<C =:CCA?@<D <> ?78 CA?;@X8= 4&ADB $ C:?:AGGJ I<;;8=9<DB@DE I<G:CD= ;8>8;;@DE ?< ?78 @DB@L@B:AG C<D?7=M !? IA;;J@DE <:? ?78 <98;A?@<D <> =:I7
A =:CCA?@<D <DGJ ?78 C<D?7= &' ADB ' <II:;;8B =@C:G?AD8<:=GJ @D ?78 CA?;@X8= 4& ADB $;& ";8A?@DE ?78 9;<B:I? 44F4 K8 <S?A@D ?78 =JCC8?;@IAG CA?;@X <> ?78 B@C8D=@<D= + +U & 6PPP 1555 1556 1551 1552 155] 1553 155R 6PPP ] 1 2 2 1 6 1 1 1555 1 2 2 2 2 1 2 6 1556 2 2 ] ] 2 1 2 6 1551 2 2 ] ] 2 1 2 6 1552 1 2 2 2 2 1 2 6 155] 6 1 1 1 1 2 1 6 1553 1 2 2 2 2 1 2 6 155R 1 6 6 6 6 6 6 1
#78 B@AE<DAG4 K7@I7 8X9;8==8= ?78 D:CS8; <> C<D?7= @D J8A; K@?7 <II:;H ;8DI8 <> #O'4 ADB ?78 8X?;AHB@AE<DAG 8G8C8D?= @DB@IA?8 ?78 I<CC<D D:CS8; <> C<D?7= @D ?78 I<C9A;8B ?K< J8A;= <> <II:;;8DI8 <> #O'M #78 ADAG<E@IAG 9;<98;H ?@8= A;8 E@L8D ><; ?78 CA?;@X8= $$F&ADB OObM *@C@GA; @D?8;9;8?A?@<D= A;8 E@L8D ><; ?78 CA?;@X8= 4F44 $F$&ADB -F-E&K78;8 AB8T:A?8 I<CC8D?= A;8 =7@>?8B ?< C<D?7=M #78 T:AG@?A?@L8 I7ADE8= <> ?78 @DI;8A=8 V!W <; B8I;8A=8 VgW <> ?78 T:AD?@?J <> *+,"O,+ S8?K88D ?78 =:II8==@L8 C<D?7= A;8 E@L8D SJ ?78 =8;@8= <> G8??8;= ! ADB gU 6H1] g ! g ! g ! ! g ! g g g ! ! ! g g ! ! g ! g g 13H]_ g ! ! g ! g ! ! g ! g g g ! ! g ! g ! ! g ! g g ]PH`1 g ! ! ! ! g ! ! g ! g g g ! ! ! g ! ! g g ! g g `1HPR g ! ! ! ! g ! ! g ! g g g g ! ! ! ! ! ! g ! g & &
#78;8 K8;8 <S?A@D8B P] =8;@8= @D ?<?AG4 ADB ?78 G8??8; ! <II:;;8B 35 V3241 dW ?@C8=4 ADB ?78 G@??8; g Q ]] ?@C8= V]R4_ dWM #78 G<DE8=? RHI7A;AI?8; =8;@8= ! <IH I:;;8B ><; ?78 98;@<B &&& Q'&&&b155R4 ADB ><; g @? KA= ?78 ]HI7A;AI?8; =8;@8= @D ?78 98;@<B a&b1553 H &&b155RM #78 ?<?AG D:CS8; <> =8;@8= @= ]`4 ADB ><; ! Q 1R4 ADB ><; g Q 1`M #78 D:CS8;= <> =8;@8= <> LA;@<:= G8DE?7= <> G8??8;= ! ADB g A;8 E@L8D SJ ?78 =?A?8C8D?U
+8DE?7= <> =8;@8= 6 1 2 ] R #<?AG
! 61 P 1 1 6 1R
Z@8=[AK ZAED8;
23_
m@E78; D:CS8; <> ?78 =@DEG8 =8;@8= ><; g @DB@IA?8= ?7A? ?78;8 <>?8D <II:;;8B ?78 B8I;8A=8 <> *+,"O,+4 ADB @? 7A998D8B 8L8D R ?@C8= K78D ?78;8 KA= <SH =8;L8B ?78 B8I;8A=8 <> A;;@LAG= @D ?78 =:II8==@L8 2 C<D?7=M /<; *+,"O,+ K8 <S?A@D8B 1R #O'4 1R #OO ADB 31 #O4 K7@I7 I<D=?@?:?8= 3]41 d <> AGG ?@C8 C<H C8D?=M #78 E@L8D D:CS8; <> #O AGG<K= B8I@B@DE @> ?78 8XAC@D8B ?@C8 =8;@8= @= =?A?@<DA;J <; D<? =?A?@<DA;JM /<; ?7@= 9:;9<=8 K8 B8?8;C@D8 ?78 AL8;AE8 ADB ?78 LA;@ADI8 ><; ?78 D:CS8; <> O. Vn:G8 ADB o8DBAGG 6PRRWU
& P5 1P 6R W4 2 V 2 1 & 1 ! & ! ) $ ) K K ;&
!B8T:A?8 T:AD?@?@8= A;8 E@L8D @D ?78 =?A?8C8D?U
!L8;AE8 'A;@ADI8 *?ADBA;B
B8L@A?@<D !L8;AE8 Q=?ADBA;B B8L@A?@<D !L8;AE8 c =?ADBA;B B8L@A?@<D R1 6P4`] ]45P 3`4P6 RR45P
>;<C K7@I7 @? A998A;= ?7A? ?78 8C9@;@IAG D:CS8; <> 31 #O @= D<? I<D?A@D8B @D ?78 B8?8;C@D8B @D?8;LAG <> =?ADBA;B B8L@A?@<D=4 K7@I7 C8AD= ?7A? ?78 ?8=?8B ?@C8 =8;@8= @= D<? =?A?@<DA;JM oD<K@DE ?78 D:CS8;= <> <II:;;8DI8= <> #O ><; @DB@L@BH :AG C<D?7= K8 B8?8;C@D8B ?78 ;8GA?@L8 >;8T:8DI@8= K7@I7 CAJ S8 ?;8A?8B A= ?78 9;<SAS@G@?J <> ?78 8L8D? ?7A? @D A E@L8D C<D?7 ?78;8 K@GG <II:; #.4 @M8M @? @= ?78 T:<?@8D? <> ?78 =:C <> <D8b= SJ ?78 D:CS8; <> 8XAC@D8B J8A;=U
& && &&& &' ' '& '&& '&&& &a a a& a&&
O.- 54`35 54135 54555 542`3 54613 54`35 54555 54555 64555 54555 54555 54555
O.* 54555 54555 542`3 54135 54R13 54555 54613 54_`3 54555 64555 54555 54555
O. 54`35 54135 542`3 54R13 54`35 54`35 54613 54_`3 64555 64555 54555 54555
#< ?8=? 7<K #O B@=?;@S:?8 ><; ?78 B@>>8;8DI8= <> ?@C8 C<C8D?= <> ?78@; <II:;H ;8DI84 K8 AI?8B @D ?78 ><GG<K@DE KAJU
AW ><; A E@L8D ?J98 <> #O K8 B8?8;C@D8B ?78 G8DE?7= <> @D?8;LAG= <> <II:;;8DI84 SW K8 <;B8;8B ?78 G8DE?7 >;<C AW D<DHB8I;8A=@DEGJ4
IW >;<C ?78 =AC9G8 @D SW K8 I;8A?8B ?78 9<@D? B@=?;@S:?@L8 =8;@8= <> l+8DE?7= <> @D?8;LAG= i j:AD?@?JkM
#O' #OO #O
&D?8;LAG= %:CS8; &D?8;LAG= %:CS8; &D?8;LAG= %:CS8;
1 3 1 65 6 1_ 2 _ 2 _ 1 61 ] _ ] 6 2 _ 3 ] 3 1 ] 2 ` 6 R 1 R 6 ` 1 65 6
#<?AG 1R #<?AG 1R #<?AG 31
&
#78 =8G8I?8B D:C8;@IAG I7A;AI?8;@=?@I= ><; ?78 C8D?@<D8B =8;@8= AC<:D?8B ?<U
"7A;AI?8;@=?@I= #O' #OO #O
!;@?7C8?@I AL8;AE8 243_ 24R1 64_6
*?ADBA;B B8L@A?@<D 6416 145_ 6465
!L8;AE8 H =?ADBA;B B8L@A?@<D 142` 643] 54`5
!L8;AE8 c =?ADBA;B B8L@A?@<D ]4`_ 34`5 14P6
d `R4P1 _54`` `R4P1
K78;8 d B8D<?8= ?78 8=?@CA?8B D:CS8; <> <II:;;8DI8= @D ?78 @D?8;LAG <> 6H=?ADBA;B B8L@A?@<DM ,D AL8;AE84 8L8;J 2 Q ] C<D?7= ?78;8 <II:; #O' <; #OO ADB 8L8;J 1 C<D?7= #OM #78 7@E78=? LA;@AS@G@?J I7A;AI?8;@=8= ?78 G8DE?7= <> @DH ?8;LAG= ><; #OOM m@E7 9;<SAS@G@?J <> =7A9@DE <> ?78 G8DE?7= <> @D?8;LAG= <II:;= ><; #O' ADB #OM
O.V646W Q &)&G/$"$ -H ")5*#&$#$ -H 5-)L"(I"L/
%<K K8 K@GG C<L8 ?< ?78 ADAGJ=@= <> @DI;8A=8= <> G8>?H ADB ;@E7?H=@B8 I<D?@H E:@?J ><; O. V646W4 @M8M ?78 B@>>8;8DI8= @D ?78 D:CS8; <> A;;@L@DE 98;=<D= S8?K88D ?78 9;8I8B@DE ADB ><GG<K@DE ABhAI8D? C<D?7= ADB <II:;;@DE >;<C ?78 C<D?7 <> G<IAG@FA?@<D <> O.M !B8T:A?8 IAGI:GA?@<D= <> ?78 B@>>8;8DI8= A;8 E@L8D @D ?78 >;AEC8D? <> ?78 =?A?8C8D?U
O.- O.* O.
%; !;;@LAG= O.- O.* O.
+ O + O + O 6 6]345 1 66P41 6 5 6 134_ 1334_ 5 5 134_ 1334_ 2 2`345 5 6 6 5 5 1334_ ]]4` 1334_ ]]4` ] 22542 6 5 6 ]]4` ]_41 5 5 ]]4` ]_41 e e e e e e e e e e e P2 26`46 6 5 6 66_4] P542 5 5 66_4] P542 P] ]5`4] 5 6 6 5 5 P542 62R4_ P542 62R4_ P3 1`54R 5 5 5 PR 6P241
Z@8=[AK ZAED8;
2R5
#78;8 <II:; I<D=@B8;ASG8 B@>>8;8DI8= ><; ?78 9A;?@I:GA; ?J98= <> #OM g8=@B8 ?78 G<K LAG:8= ?78;8 <II:; AG=< L8;J 7@E7 <D8=M #78=8 B@>>8;8DI8= K8;8 ADAGJ=8B >;<C ?78 98;=98I?@L8 <> ?78 ?J98 <> B@=?;@S:?@<D= @D ?78 ><GG<K@DE KAJU
AW ?78 LAG:8= <> ?78 B@>>8;8DI8= K8;8 <;B8;8B @D?< ?78 @DI;8A=@DE =8T:8DI84 SW ><; ?7@= =8T:8DI8 ?78;8 KA= I<D=?;:I?8B ?78 B@=?;@S:?@L8 =8;@8= ?<E8?78; K@?7 ?78 7@=?<E;AC <> T:AD?@?J4 K@?7 ?78 :=8 <> ?78 9;<I8B:;8 M"$L-(*&? @D ?78 C8D: @--G$ i N&L& O)&G/$"$ <> ?78 9;<E;AC (a"(+4
IW @D ?78 <S?A@D8B ?@C8 =8;@8=4 ?78 IGA== T:AD?@?@8= K8;8 ;89GAI8B K@?7 IGA== >;8T:8DI@8=4 ADB ?78D ?78;8 K8;8 B;AKD ?78 7@=?<E;AC= <> >;8T:8DIJ V>@EM ]WM
& #O'V646W4 + #OOV646W4 O & #O' V646W4 + #OO V646W4 O & #OV646W4 + #O V646W4 O
/@EM ]M&m@=?<E;AC= <> >;8T:8DIJ ><; B@>>8;8DI8= <> T:AD?@?@8= <> A;;@LAG= <> G8>?H ADB ;@E7?H =@B8 I<D?@E:@?J <> O.
*<:;I8U !:?7<;b= 8GAS<;A?@<D
&D >@EM ] ?78;8 A;8 E@L8D ?78 7@=?<E;AC= ><; O.-4 O.* ADB O. @D E8D8;AG ><; ?78 B@>>8;8DI8= @D *+,"O,+ A;;@LAG= <D ?78 G8>? ADB ;@E7? =@B8= <> O.M #78 E@L8D 7@=?<E;AC= G8AB ?< ?78 ><GG<K@DE >@DB@DE=U
! ?78 B@=?;@S:?@<D= ><; ?78 G8>? ADB ;@E7? I<D?@E:@?@8= <> O.- ADB O.* A;8 I<D=@B8;ASGJ B@L8;=@>@8B4 ADB ><; O. @D E8D8;AG ?78;8 <II:; 7@E7 =@C@GA;@?J4
! ?78 IGA== @D?8;LAG= ><; O. A;8 @B8D?@IAG4 ADB ?78 I<;;8=9<DB@DE ?< 8AI7 <?78; >;8T:8DI@8= ><; ?78 G8>? ADB ;@E7? I<D?@E:@?@8= <> O. B@>>8; =G@E7?GJ4
! ?78 LAG:8= <> ?78 =:II8==@L8 B@>>8;8DI8= ><; ?78 G8>? ADB ;@E7? I<D?@E:@?@8= A;8 K8GG A99;<X@CA?8B K@?7 ?78 8X9<D8D?@AG ?;8DB= V>@EM 3WM
&
/@EM 3M (=?@CA?8B 8X9<D8D?@AG ?;8DB ><; B@>>8;8DI8= @D A;;@LAG= @D D8@E7S<:;7<<B <> O. *<:;I8U !:?7<;b= 8GAS<;A?@<DM
#O'
Z@8=[AK ZAED8;
2R1
O.V141W Q &)&G/$"$ -H -55I**#)5#$
&D ?7@= ADAGJ=@= K8 K@GG @DB@IA?8 <DGJ =<C8 ;8=:G?= K7@I7 A;8 E@L8D @D ?78 =?A?8C8D? @D K7@I7 ?78;8 A;8 CA;N8B AGG #OV141WM #78;8 A;8 65 <> ?78C @D ?<?AG4 @DIG:B@DE _ #O'ADB 1 #OOU
#O' #OO
%<M -A?8 X #O' #OO #O
+ O + O 62 &b1555 65341 6 5 6 1P54_ 6P641 5 5 6R &'b1555 ]6_4` 5 6 6 5 5 13]4_ 1P14] 6_ '&b1555 1P24] 6 5 6 61342 62R41 5 5 13 &b1556 66242 6 5 6 13541 66341 5 5 2` &b1551 RP4_ 6 5 6 6`542 _14P 5 5 ]P &b1552 _646 6 5 6 6334] 3_4_ 5 5 R6 &b155] 62_42 6 5 6 1`34` 6RP4` 5 5 R` '&&b155] ]2] 5 6 6 5 5 6]5 2`R43 `2 &b1553 65_4] 6 5 6 12_42 R]46 5 5 _R &&b155R P343 6 5 6 63R46 6]141 5 5 #<?AG a a _ 1 65 a a a a & &
#78 E@L8D =?A?8C8D? I<D?A@D= AG=< ?78 B@>>8;8DI8= ><; G8>? ADB ;@E7? I<D?@E:@H ?@8=M 0<=? <>?8D #O <II:; 78;8 A= C:I7 A= R ?@C8= ><; ?78 C<D?7 & ADB ?78J K8;8 <DGJ #O'M &? @= I<DD8I?8B K@?7 ?78 I7A;AI?8;@=?@I BJDAC@I= <> *+,"O,+ >;<C ?78 C<D?7 &a ?< ?78 8DB <> 8AI7 J8A; K7@I7 K8 @DB@IA?8B 8A;G@8; A? ?78 ADAGJ=@= <> #OV646WM &D =<C8 IA=8= V8MEM #O' ><; &&b155RW ?78J 7AL8 AGC<=? 8T:AG 7<;@F<DH ?AG G8DE?7= <> G8>?H ADB ;@E7?H=@B8 I<D?@E:@?@8=4 ADB @D <?78;= V8MEM &b1553W ?78;8 <II:; 7@E7 B@>>8;8DI8= @D G8DE?7= <> =:I7 7<;@F<D= <> I<D?@E:@?JM
& &
$*11 +#& &
#78 ADAGJ=@= <> ?:;D@DE 9<@D?=4 K7@I7 KA= IA;;@8B <:? @D ?78 9A98;4 <D ?78 8C9@;@IAG BA?A I<DI8;D@DE ?78 D:CS8; <> A;;@LAG= <> ?<:;@=?= >;<C *G<LAN@A ?< O<GADB @DB@IA?8B ?78@; 7@E7 =@ED@>@IADI8 A? @D?8;9;8?A?@<D <> LA;@<:= I7A;AI?8;@=?@I I7ADE8= K7@I7 <II:; @D C<D?7= @D @DB@L@B:AG J8A;=M m@E7 D:CS8; <> LAGG8J ADB 98AN ?:;D@DE 9<@D?= @DB@IA?8= LA;@<:= BJDAC@I= ADB ?8C9< <> I7ADE8= <> ?78 ?8=?8B 978D<C8D<D @D ?@C8M &? I<DI8;D= @D 9A;?@I:GA; ?78 I7ADE8= K7@I7 <II:; @D C<D?7= @D @DB@L@B:AG J8A;=M
#78 ADAGJ=@= <> ?78 B@>>8;8DI8= @D ?78 T:AD?@?J <> A;;@LAG= @D ?78 I<D?@E:@?J <> ?:;D@DE 9<@D?= AGG<K= @DB@IA?@DE <;B8;= <> CAED@?:B8 <> I7ADE8=4 ADB AG=< @> ?78J <II:; K@?7 8T:AG 9<K8; A? S<?7 =@B8= <> ?:;D@DE 9<@D?=M *:I7 B@>>8;8DI8= ><; G8>? ADB ;@E7? =@B8= <> ?:;D@DE 9<@D?= @DB@IA?8 ?78 8X9<D8D?@AG ?;8DBM &?= CA?I7@DE ?< ?78 C8D?@<D8B 8C9@;@IAG BA?A ?:;D8B <:? ?< S8 T:@?8 E<<BM
#< B;AK A??8D?@<D ?< 7<K ?78 ?:;D@DE 9<@D?= ><; A;;@LAG= <> ?<:;@=? >;<C AS;<AB S87AL8 K8 =7<:GB ?AN8 ><; I<C9A;@=<D ?78 ?<:;@=? ?;A>>@I <> <?78; I<:DH ?;@8= D8@E7S<:;@DE K@?7 O<GADBM *:I7 AD ADAGJ=@= K@GG S8 IA;;@8B <:? @D <?78; 9A98;=M&
&
+/(/+/!B/$&
&D=?J?:? #:;J=?JN@ V&D=?@?:?8 <> #<:;@=CW4 KKKM@D?:;MI<CM9GM
n:G8 pM$M4 o8DBAGG 0MpM V6PRRW4 !$LP, .- L#-*"" $L&L/$L/="M QR)L*-.I5L"-) L- @S#-*/ -H FL&L"$L"5$T4 OZ%4 ZA;=FAKAM
!"#$%&' !&()#*
! "%G &-*!3)HI&GI+')!#B.&! &-+G#3J 4G%/&-+G#K G4HI&& )*+#$)HI&G/&$J'I BK%&4'&-'"$3%&
& &
Z@8G8 FhAK@=N K ?:;J=?JI8 I7A;AN?8;JF:h8 =@q ;rsDt K@8GN<uI@t4 C<D<?<D@IFD<uI@t @ BJDAC@Nt K IFA=@84 EBF@8 9< <N;8=AI7 KF;<=?:4 DA=?q9:ht =9ABN@ @ L@I8 L8;=AM -< @I7 <9@=: =?<=:h8 =@q C8?<H BJ ADAG@FJ =F8;8ErK IFA=<KJI7M 0@8h=IA FC@AD N@8;:DNrK <ErGD8h ?8DB8DIh@ SABAD8E< FhAK@=NA DAFJKA =@q 9:DN?AC@ FK;<?DJC@M 0Aht <D8 I7A;AN?8; 9:DN?rK =FIFJ?<KJI7 G:S B<G@D<KJI7M -GA NAsB8E< F D@I7 KJ;rsD@A =@q 7<;JF<D?AGD8 =t=@8BF?K< <N;8=rK IFA=<KJI7 9<9;F8BFAhtIJI7 @ DA=?q9:htIJI7 < ;rsD8h B[:E<uI@M
O;FJ SABAD@: 9:DN?rK FK;<?DJI7 C<sG@KA h8=? ADAG@FAU AW DA BADJI7 <;JE@DAGDJI7 V?8D KAH ;@AD? h8=? FA=?<=<KADJ K 9;AIJW4 SW DA BADJI7 9;F8N=F?A[I<DJI7 VD9M G<EA;J?C@IFD@8W4 IW DA 9@8;KH =FJI74 B;:E@I74 MMM ;rsD@IAI7M Z 9;FJ9ABNAI7 AW @ SW G@IFSA 9:DN?rK FK;<?DJI7 SqBF@8 h8BDAN<KA4 AG8 SqBF@8 <DA FDAIFD@8 ;rsD@v =@q 9;FJ =?<=<KAD@: 9@8;K=FJI7 ;rsD@I4 IFJG@ BGA 9;FJ9ABN: IWM
"8G8C 9;AIJ h8=? <N;8uG8D@8 9:DN?rK FK;<?DJI74 @I7 7<;JF<D?AGD8E< G8K<H @ 9;AK<=?;<DD8E< =t=@8BF?KA K;AF F 9<BAD@8C ;rsDJI7 @I7 K[A=D<uI@M .<=?A[J <D8 F@G:=?;<KAD@8 DA BADJI7 G@IFS<H KJI7 B<?JIFtIJI7 9;FJhAFBrK ?:;J=?rK F8 *[<KAIh@ B< O<G=N@ K N<G8hDJI7 C@8=@tIAI7 K GA?AI7 6PPPQ155RM