P-61 P-62 - JournalAgent

advertisement
!"#$%&'%&
P-61
P-62
%&(%)* %+&%* !,&(-)#")* .,#$,'/0/)1,* 1%+-)-2%* -'-3(-)*
("&$-(,'*!"$,)#-4%''%&*
9&,+%#*.,#$,'/0/*+%*-E"'%*"&$"#$,$-(*$&%2"&*
$%&'()*+,+-. /0$%1)23,40.)53$0%)%(671%0)
X+,%a)m%(70. ,3$,3X)%&X%1.)%a$%1)n5X+0(.)$'&'W4)
(3m3o4)
!"#$%&'()*+",!*-"!*'.",/.'-01'2/&(#-"!*')3,4#45*'/6
-787'6(98"'()*+",!*-"!*'-01'2/&(#-"!*')3,4#45*'/767
,5678
"BCA8
389:;) :<8:) 6=89>;?@;) A=?B=C=8D;E=) E:<>;>F:) >C>G9>;) 9@8H9=C)
I@B=;?>J:CC:8>;)K246L)B=;D)=G=F=?D;E=)<:)A=8:9:B)M@NO9COPO;O;)
QNJ@I=B@C@R>?>;>;) @8B=J=) 9@;F=?D;E=9>) 8@CS;S;) =8=GT8DCF=?D)
=F=UC=;FDGT8V
X8:F@8O;) J=J`D;) @C=8=9) :CC:8E:) >NC:;E>P>) ESGS;SCESPS;E:)
@8B@?B=H9) B8:F@8) K/XL) A=?B=) =J=9B=J9:;) `Z8:h:) @C=8=9)
M=h=9C=8E=) >NC:;:;) JS9?:9) l8:9=;?CD) K^f!^"$NL) B8:F@8) >C:)
9=8=9B:8>N:);=E>8);Z8@C@R>9)M>8)B=MC@EO8V)j=G9=)?>?B:F>9)A=?B=CDPD)
@CF=J=;)/X)>C:)M=G<O8=;)H8@B@9?>9@NCO)A=?B=)C>B:8=BS8):GC>P>;E:)
B=8TGDCEDV) bf) J=GD;E=) :89:9) A=?B=) AONO8?ONCO9) <:) ?@;) SU) =JED8)
M=h=9C=8D;E=) HB8:F:) G>9=J:BC:8>JC:) I@C>9C>;>P>F>N:) M=G<O8EOV)
$=?B=;D;)ZN`:UF>G>;E:)A>I:8H8@>E>?>)@CEOPO)ESN:;?>N)=;HH8@>E)
>C=U)9OCC=;EDPD.):GC>9):E:;)M=G9=)M>8)A=?B=CDPD)@CF=EDPD)`Z8SCESV)
$=?B=;D;)J=IDC=;);Z8@C@R>9)FO=J:;:?>;E:)=J=P=)9=C9T9B=;)9D?=)
M>8)?S8:)?@;8=)M=GC=J=;)=J=9B=)?=M>B)EO8F=9C=)=8B=;)M=h=9C=8D;)
E>?B=C>;E:) E=A=) M:C>8`>;) @C=;) ADNCD) l8:9=;?CD) >N@C:) @8B@?B=H9)
B8:F@8) ?=IB=;EDV) &=M@8=BO=8) >;h:C:F:C:8>;E:) ?:8OC@IC=NF>;)
<:) 8:;=C) l@;9?>J@;C=8D) E=) 9=I?=J=;) M>J@9>FJ=?=C) MOC`OC=8)
;@8F=CE>V) X>8@>E) ?HFOC=;) A@8F@;) KXW$L) k#V##_.) ?:8M:?B)
H8@9?>;) KlXfL) ^#VeIF@Cp&V) X>8@>E) 'W*) A:8) >9>) C@M) I=8=;9>F>)
M:C>8`>;)A:B:8@R:;)<:)9=M=)>NC:;F>G)@COI)<=?9SC=8>B:?>)=8BFDGTV)
X8@>E) ?>;H`8=Q?>;E:) `C=;ED;) =9H<>B:) BOBOCOFO) =8BFDG.) N:F>;)
=9H<>B:) =N=CFDG) @C=8=9) >NC:;E>V) =;HH8@`C@MOC>;) =;H9@8) ^#^f)
7'pFC) K#!_#L.) =;HF>98@N@F=C) =;H9@8) q^###) 7'pFC) K#!fbL) <:)
H8@>E) ?HFOC=;) >FFO`C@MOC>;) I@N>Hr>V) 3,*) >;h:C:F:?>;E:)
E:)M>C=B:8=C)=CB):9?B8:F>B:)?>;>8)>C:H)ADNC=8D);@8F=C)@COI)A:8)>9>)
B=8=l) HM>=C>?) =;B:8>@8) 9=?C=8D;E=) ^f!^_) $N) l8:9=;?D;E=) B8:F@8)
9=JE:E>CE>V) $=?B=J=) OJ`OC=;=;) F:HF=N@C:) <:) I8@I=;@C@C)
B:E=<>?>)?@;8=?D)^)=JCD9)>NC:FC:8E:)/X)E=)M:C>8`>;)ESN:CF:)B:?I>B)
:E>CE>V) /X) A=?B=C=8D;) >;h:C:;E>P>) ?:8>C:8) A=?B=CDPD) 6=89>;?@;)
A=?B=CDPD)<:)E>P:8)A=8:9:B)M@NO9CO9C=8D)>C:)>C>G9>C:;E>8>CF>G)@COI.)
M>N>F)<=9=FDNE=9>)`>M>)H8@>E)l@;9?>J@;)M@NO9COPO);=E>8)@C=8=9)
B:?I>B):E>CF>GH8V)jO)A=?B=C=8E=)H8@>E)l@;9?>J@;C=8D;D;)Z;h:C>9C>)
=8=GT8DCF=?D)>C:)9@;OC=h=9):89:;)B=;D)F@8M>E>B:J>)=N=CB=h=9)<:)
J=G=F)9=C>B:?>;>)=8T8=h=9T8V
9:;:7*<:*4=>?:58
W+,XY) 1Z8@C@R>) %;=M>C>F) 2=CD) 1Z8@C@R>) 6@C>9C>;>P>[) ;E:) \##]!
\#^#)JDCC=8D)=8=?D;E=)6=89>;?@;)A=?B=CDPD)K6$L)B=;D?D)>C:)>NC:;:;.)
E:F=;?D) <:) I?>9>J=B8>9) M@NO9COPO) MOCO;F=J=;) _#) @C`O)
U=CDGF=J=)=CD;EDV
@ABCAB6;8
a=GC=8D;D;)=CB)<:)S?B)?D;D8D)?D8=?D)>C:)b\!"^)<:)@8B=C=F=?D)cc.cde.\)
>E>V) $=?B=CD9) M=GC=;`DU) ?S8:?>) =CB) <:) S?B) ?D;D8D) ?D8=?D) >C:) ^!c) JDC.)
@8B=C=F=?D)>?:)f.^bd\.]_)JDCEDV)$=?B=CD9)M=GC=;`DU)J=GD)=CB)<:)S?B)
?D;D8D)?D8=?D)>C:)b\!e\)<:)@8B=C=F=)cf.bede.\f)>E>V)V)$@:A;ga=A8)
W9@8O)=CB)@8B=C=F=)^.fed#._])>9:;.)'620W)=CB)<:)S?B)?D;D8D)^b!
c\) <:) @8B=C=F=?D) >?:) \].f\d^^._e) G:9C>;E:JE>V) 6$) <:) 9@;B8@C)
`8OMO;O;)8=?B`:C:)<:)?=JD)?=JED8=8=9)?=P)<:)?@C):C)M=GI=8F=PD)
B:H9C:F:) >C:) @COGBO8OC=;) 246) 9=JDBC=8D) >;h:C:;E>P>;E:i) 1/)
Kj6L) KF?;L.) 1^) K=FIL.) 1b##) K=FIL.) 1cb#) K=FIL) E:P:8C:8>)
9@;B8@C)`8OMO)>C:)9=8GDC=GT8DCEDPD;E=)>?B=H?H9?:C)@C=8=9)=;C=FCD)
KIk#.##bL)MOCO;EOV)
#D>A78
6$[) ;D;) 9:?>;) B=;D?D) I=B@C@R>9) >;h:C:F:C:8C:) @CF=9C=) M:8=M:8)
>;<=N><) M>8) JZ;B:F) @CEOPO) >U>;) 9OCC=;DCF=F=9B=) MO) JSNE:;)
9C>;>9)B=;D)98>B:8C:8>)>C:)B:GA>?:)`>E>CF:9B:E>8V)/MR:9Hl)B=;D)=F=hD)
>C:):89:;):<8:)6$[)E=)246)B=;DJ=)J=8EDFhD.)>;<=N><)@CF=J=;)M>8)
>;h:C:F:) F:B@EO) @C=8=9) 9OCC=;DC=M>C>8V) %J8Dh=) E:<>;>F>;) ;Z8=C)
F:9=;>NF=C=8D;D;) =JED;C=TCF=?D;E=) E=) J=8EDFhD) @C=M>C:h:P>;>)
9=;DBC=FDGT8V
!"#!
!"#$%&'%&
P-63
P-64
!(&)*+#"+,-(#$('./.,*'%,01'$*!',#)'%&"2,3*&'*)$%'*/*,
"'(+,3*&,"'41,#1+101,
!"+#,*+?(&)$'.,3*&,"'41@(,-%0*?(#*(',#!(208,
+%?%*45.%63+1*$%8$%.*r%o53*45.%63+1*8,.3&%*/66,+1
>:--:*?%+;303.*
$%&'()%*+,-',+./0-(1 23'%-*45%6$%6731*2,',8,..3+*
2,391*8:-;,*,9,;<=+1*>:+%?*6=5=-.,+*
$%4$-$)8214$02)92(82-2:)&,9$;2#),<!#!:)+,)$-$1#2-:$)
/$"#$%,"!
!"#$%&'()*%!+,-"!#,"!).,--$/0$1$)#20)3$4*(#,"!)
%5-6(67!)$&8
"9:;8
456578
8YWA\EJAEM*JDEXW*P8r2Q*l*CHSAVRMEHAJ*CVRMA1*DEHEIEJEM1*DYHACHEM*
GEJMEH* `Y* DMELBJWEINI* AJLYWJAX1DEHCGJAJWEM1* GCILHEGJABCIMEHN*
AMY* GEHEGLYHAXY* SYIATI* SAH* @RHRW@RH^* >YIYMMAGMY* ADJAMELYHEM*
\EJAEM* JAIAHAI* GUG* GNJWNI@EI* ZNG]GLEI* JCIHE* `EJGgMYH*
GCWDHYJBCIR1* IE@AHYI* SAH* LgWUH* LEHEsI@EI* GCWDHYJBCIR*
JUX* GCIRJR@RH^* rEJAEM* JAIAHAI1* IRGMYRJRI@E* SEfMEWEG* gXYHY*
AILHEEGJAYM* SUMgWgIgI* LgWUHMYH* `YBE* IE@AH* @Y* CMJE* AJGYWAG*
CMEBMEH* JCIHEJNI@E* YLGAMYIWYJA* IY@YIABMY* KYWA\EJAEM* JDEJW*
TUHgMYSAMWYGLY@AH^* rEJAEM* JAIAH@Y* SEJNBE* SEOMN* CMEHEG* TYMAfYI*
EIF@HCWAG*RBEHNMEHNI*BCM*EZ]ON*KADYHYGJALEJBCIRI*8r2*IY@YIA*
CMEHEG*TYIYM*GESRM*TUHWYGLY@AH^*'YBAI*JEDNI@EGA*MYXBCIMEHNI@E*
AJY*AIKASAJBCI*WYGEIAXWEMEHNINI*CHLE@EI*GEMGWEJNINI*8r2bE*BCM*
EZESAMYVYOA*@Y*UIY*JgHgMWgfLgH^*'R*SAM@AHA@Yt*DCIJ*AI\EHG]I@EI*
BEGMEfNG*h*EB*JCIHE*JEO*BgX*BEHNJNI@E*LCIAG*`EJNkE*JEO*KYWA\EJAEM*
JDEXWN*TYMAfYI*he*BEfNI@EGA*YHGYG*KEJLE*JRIRM@R^8EJLEINI*$)=*
SRMTRMEHNI@E*\EJAEM*JAIAH*@gXYBAI@Y*DCIJ*JEO*BEHNJNI@E*SYMAHTAI*
AI\EHGL* JEDLEI@N* 8EJLE* SCFMAIRW* LCGJAI* YI[YGJABCIRIMEHN* AMY*
LY@E`ABY*EMNI@N^*'R*`EGE1*GUG*SUMTYJA*@NfNI@E*\EJAEM*IRGMYRJ*`Y*
\EJAEM* JAIAHAI* AILHEEGJAYM* DEHZEJNI@E* CMRfESAMYVYG* DELCMC[AMYHAI*
\EJAEM* JAIAHAI* KADYHYGJALESAMALYJAIY* BCM* EZESAMYVYOAIA* `Y* 8r2*
GMAIAOAIY*IY@YI*CMESAMYVYOAIA*TUJLYHWYGLY@AH^*
3@ABCDEFG* 9EHGAIJCI* KEJLEMNON* P98Q1* JRSJLEIJABE* IATHE@EGA*
IUHCIMEHNI* GEBSN* JCIRVRI@E* JLHABELRW@E* @CDEWAI* EXEMWEJN*
AMY*CHLEBE*ZNGEI*IUHC@Y[YIYHEF\*SAH*KEJLEMNG]H^*$RMFDM*JGMYHCX*
P$2Q* AJY* AI_EWEJBCI1* @YWABYMAIAXEJBCI* `Y* EGJCI* KEJEHN* AMY*
IALYMYIYI* CLCAWWRI* SAH* JEILHEM* JAIAH* JAJLYWA* KEJLEMNON@NH^* 98*
DHY`EMEIJN* #aa^aaab@Y* #ca* CMWEGME* SAHMAGLY1* $2* DHY`EMEIJN*
VCOHEd* UXYMMAGMYHY* SEOMN* CMEHEG* #aa^aaab@Y* e* AMY* eaa* EHEJNI@E*
@YOAfWYGLY@AH^* 'RHE@E* KYH* AGAJA* @Y* UXgHMgMgG* BEHELESAMYI*
JUXGCIRJR*KEJLEMNGMEHE*JEKAD*SAH*CMTRBR*JRIWEGLEBNX^
"9:;8
hi* BEfNI@E* GE@NI* KEJLE* ##* BNM@NH* LY@E`ABY* BEINLMN1* SRMTRMEHNI*
JCM@E* KEGAW* CM@ROR* 98* LEINJNBME* AXMYIWYGLYB@A^* 8EJLE* GMAIAG*
LESMCJRIE* JCI* j* EB@NH* AMYHMYBAVA* BgHgWY@Y* @YITY* SCXRGMROR1*
JCM* GCM* `Y* SEVEGLE* TgZJgXMgG* YGMYIWYJA* IY@YIABMY* SEf`RH@R^*
+UHCMC[AG* WREBYIYJAI@Y* JCM* KYWADEHYXA* `Y* SRIE* SEOMN* CMEHEG*
JCM* LEHEkE* DEHGAIJCIAXW* SRMTRMEHNINI* JAMAI@AOAl* JEO@E* SYMAHTAI*
SHE@AGAIYXA1*HA[A@ALY*`Y*@YITY*SCXRGMROR*AMY*fYGAMMYIYI*8CYKI!
;EKH*%`HYMYWYJAIY*TUHY*Y`HY*i*98*SRMTRMEHN*JEDLEI@N^*'YBAI*`Y*
SCBRI* WEIBYFG* HYXCIEIJ* TUHgILgMYWYJAI@Y* P$)>Q* SAMELYHEM*
DYHA`YILHAGgMYH* @YHAI* EG* WE@@Y@Y1* SRMSRJ* JEO* BEHNWNI@E1* &i1*
&m!<#* JY`ABYMYHAI@Y* CWRHAMAG* JEO* BEHNWNI@E* @YWABYMAIAXEI*
MYXBCIMEH* CM@ROR* `Y* DYHA`YILHAGgMYH* MYXBCIMEH@EI* SAHAIAI*
GCILHEJL* LRnROR* TUHgM@g^* ,MNIEI* '/2* UHIYOAI@Y* CMATCGMCIEM*
SEIL* DCXAF\* SRMRI@R^* .EINBN* @YJLYGMYWYG* AZAI* BEDNMEI* o%9* `Y*
2%9* AIVYMYWYMYHAI@Y* AGA* BEIMN* o%91* JEO* WY@AEI* JAIAH* 2%9* BEINL*
MELEIJMEHN* RXRI* SRMRI@R1* FSAEM* JAIAHMYHAI* 2%9* BEINLMEHN* YM@Y*
Y@AMYWY@A^*$2*EBNHNVN*LEINJNIE*TAHYI*@AOYH*KEJLEMNGMEH*LYLGAGMYHMY*
@NfMEIEI*$V*<CIEM@*GHALYHMYHAIY*TUHY*LYG*ELEG1*$)>b@Y*AGA@YI*
\EXME*$2*AMY*RBRWMR*MYXBCI*`Y*XEWEI*AZAI@Y*@EONMNW1*DCXAF\*'/2*
SRMTRMEHN*AMY*$2*LEINJN*EMEIl*%<22*DREIN*m^c*SRMRIEI*KEJLE1*#a*
TgI* JgHYBMY* #* THpTgI* =o* WYFMDHY@IAXCMCI* LY@E`AJAI@YI* \EB@E*
TUH@g*`Y*%<22*DREIN*m*qBY*TYHAMY@A*SRIRI*JCIRVR*CMEHEG*KEJLE*
BgHgBYSAMAH* KEMY* TYM@AOA* AZAI* 8CYKI!;EKH* Y`HYJA* e1cbE* BgGJYM@A^*
8EJLEINI*GMAIAG*LEGADMYHA*KEMYI*JgHWYGLY@AH^
#<=;>8
'RHE@E* XEWEI* AZAI@Y* UXgHMgMgOgI* EHLWEJN* SYGMYIYI*
IUHC@Y[YIYHEF\*SAH*KEJLEMNG*CMEI*98bINI*JYBHAIAI*KNXMEIWEJNINI*
EM]I@E*BELESAMYVYG*@YWABYMAIAXEI*SAH*KEJLEMNONI*@E*CMESAMYVYOAIA*
`RHTRMEWEG*AJLY@AG^
!"#!
!"#$%&'%&
P-65
P-66
()!"!*&*$)&")+),-%./*0'1./)'*$%&*'./*,*'.2*32')"3.
4*'#)5)4*#6"37.
2%3<.#$&"4."'27#73+*.4*!#7'*.)3$%&3*.)')=4)').
(7,7&#7,./*>*4.#%3+&"-7.
$%&'$()$'*&+, -./&'(-01-/2, 3$%+&(.&4&5$3,(%675-8-(
.2/%-+,(%9'&8$('$.-/(
%$e%$5(.9)$/, 1-4l-m($3lZ4-',(e-0-'(-0*9',(
Z46+e-'(n+,(.-m-3(0959019,(+$0&(Zl-:-m2(
!"#$"%&'()*%$+',-$&'-$)&.()/"0*1&'-$)%2,3134$)"%"5$1$6)
7"1.
!"&")%2,3134$)"7
2?@?A;
"89:;
eMBM@GMB( A=P=F( G?DK@ENM( oe:7p( Q=G>=DJD( CLD<LF( I=W=N(
F=<;>?G;D;( ?>F;<?I?D( O?( >ES<MNK=( CT@?P?( GJF( CT@L<?D(
A;@( @=Q=>GJB<JFU@V( c@;N?@( O?( G?FEDK?@( D?K?D<;( E<=A;<;@V(
7?@?A@EO=GFL<?@( Q=G>=<JF( GED@=GJ( e:7( K?( <;>?@=>L@K?( =B( G=IJK=(
K=(E<G=(A;<K;@;<N;WX@V
:;<=>?@=<( A=B=<( C=DC<;ED( F=<G;HF=GIED<=@J,( A=B=<( C=DC<;ED<=@,(
K?D>=>( DLF<?MG,( G?@?A?<<MN( O?( A?I=B( P?OQ?@K?( F=<G;IMN( O?(
K;R?@( A=BJ( N;D?@=<<?@;D( K?SE<=DKJRJ,( A;<=>?@=<( O?( G;N?>@;F(
>M>M<MNMD( CT@L<KLRL( D=K;@( A;@( Q=G>=<JFU@V( :=W>=( S=@=X@E;K(
Q=G>=<JF<=@J(E<N=F(LB?@?(A;@YEF(N?>=AE<;F(D?K?D?(A=R<J(E<=@=F(
C?<;W?A;<;@V( :=B=<( C=DC<;ED( F=<G;HF=GIED<=@JDK=( F<;D;F( K?R;WF?D(
E<MS(K=O@=DJW(K?R;W;F<;F<?@;,(K?N=DG,(?FG>@=S;@=N;K=<(AM<CM<=@,(
?S;<?SXF(DTA?><?@,(G?@?A?<<=@(AM<CM<=@(CT@L<?A;<;@V(Z<CMNMB[("\(
I=WJDK=(?@F?F(Q=G>=,(GED(\(CLDKL@(A=W<=I=D(G=R(FE<(O?(A=P=F>=(
;G>?NG;B(Q=@?F?><?@(O?(K;<K?(S?<>?F<?WN?(W;F=I?X(;<?(=P;<(G?@O;G?(
A=WOM@KMV('T@E<E];F(NM=I?D?K?[(G=R(LG>(?FG>@?N;>?K?(A?<;@C;D(
E<N=F( LB?@?( G=R( >=@=^=( FE@?E=>EXF( Q=@?F?><?@;( N?OPM_M,(
K;R?@( DT@E<E];F( NM=I?D?( AM<CM<=@J( O?( HB;F( NM=I?D?( AM<CM<=@J(
DE@N=<K;V( :;IEF;NI=G=<( S=@=N?>@?<?@;DK?( )=`"Va( NCbK<,( c`(
\VdNCbK<,( c5e`dd( SCbN<,( ;)=`fVghg( NNE<b<>( ;K;V( e=G>=NJB(
G?@O;G?( I=U@J<KJV( 1?F;<?D( 0@=D;=<( :5( O?( 0@=D;=<( %3iJDK=( A=B=<(
C=DC<;ED<=@K=(F=<G;HF=GIED<=@(G=S>=DKJV(0E@?=>EXF(Q=@?F?><?@;(
;Y;D( F<ED=B?S=N( fVh( NCbC( A=W<=DKJV( 5=F;S<?@;DK?( FE@?=>EXF(
Q=@?F?><?@;DK?( \!g( CLD( ;Y?@;G;DK?( A?<;@C;D( C?@;<?N?( CTB<?DK;V(
$DKEF@;D(Q=G>=<JF<=@J(FEDGL<>=GIEDM(;<?(fV#h(NPCbC(E@=<(F=<G;IMN(
>?K=O;G;( A=W<=DKJV( e?@Q=DC;( A;@( G?A?S<?( Y?F;<?D( F@=D;=<( :5iD;D(
I=F<=WJF(jfVaiG;DK?(@=G><=DUG=<(E<=@=F(A;<=>?@=<(A=B=<(C=DC<;ED(
F=<G;HF=GIEDM( G=S>=DN=F>=KJ@V( Z<CM<=@JD( YERMDK=( ?XIE<E];(
>?GS;>(?K;<?N?B(O?(AM(E<CM<=@(8=Q@(Q=G>=<JRJ(E<=@=F(=K<=DKJ@J<J@V(
:=B=<( C=DC<;ED( F=<G;HF=GIED<=@J( FE@?;kE@N( Q=@?F?><?@?( G?A?S(
E<=A;<?P?R;DK?D( O?( =<_=( I=>=D( Q;SES=@=X@E;K;BN;D( >?GA;X(
N?OPM>( >=A<EDMD( KLB?<N?G;D;( G=R<=I=P=RJDK=D( AM( KM@MNMD(
K;FF=>?(=<JDN=GJ(TD?N<;K;@V(
"89:;
g"I(0,(G=R(Q?N;S=@?B;(O?(G=R(G=D>@=<(k=G;I=<(S=@=<;B;(;<?(A=WOM@KMV(
0@=D;I=<( CT@LD>L<?N?K?( GE<( F=SGM<=( ;D>?@D=( =@F=( A=P=RJDK=,(
C<EAMG( S=<<;KMG( FENWM<MRMDK=( <=FLD?@( ?Dk=@F>( =<=DJ,( k@ED>=<(
AT<C?<?@K?( ;GF?N;F( C<;EXF( =<=D<=@( G=S>=DKJV( $XIE<E];F(
=@=WU@N=K=( Q?>?@EB;CE>( 8h( 3hfq!rhfq( <?;K?D( NM>=GIEDM,(
QENEB;CE>( %5e83( )qaa5( G=S>=DKJV( d( =I( ;Y?@;G;DK?( Q=G>=DJD(
I=FJDN=<=@J( >=N=N?D( KLB?<K;V( dV( =IK=F;( K?R?@<?DK;@N?G;DK?(
Q=G>=DJD( E<=IJD( #V( Q=^=GJDK=( A=W<=I=D( O?( Q=<?D( K?O=N( ?K?D(
=I=F<=@K=( QMBM@GMB<MF( I=FJDN=<=@J( E<KMRM( TR@?D;<K;V( e=G>=I=(
e:7( >=DJGJ( ;<?( S@=N;S?FGE<( A=W<=D=@=F( C?P?<?@;( fVh( NCb*LD(
KEBMD=( YJFJ<KJV( e=G>=DJD( >?K=O;( =<UDK=( I=FJDN=<=@J( >=N=N?D(
KLB?<K;V
#BC:D;
Z<CMNMB( C?DY( I=W( FE=CM<=A;<;>?( AEBMF<MRMD=( A=R<J( A;@(
G?@?A@EO=GFL<?@(E<=I(GED@=GJ(GMA=FM>(KTD?NK?(I=FJDN=<=@JDJD(
A=W<=N=GJ,( =D=>EN;F( FE@?<=GIEDMD( CT@LD>L<?N?( ITD>?N;( ;<?(
E@>=I=(FEDN=GJ(D?K?D;(;<?(XS;F(A;@(SEG>(G>@EF(e:7(E<=@=F(F=AM<(
?K;<N;W(O?(AM(D?K?D<?(S=I<=WJN=(MICMD(CT@L<NLW>L@V(
!"#!
!"#$%&'%&
P-67
P-68
(%&%)*$%&+,%-*."#!/012-+3"$4'*-41+$"5#*-+*'%+
$%)/6*#*+
*)*"!/$*5+!/&5*-#"-+(/#$/'/&2-2-+-"-+1"$"&+
#%1!$"1'/&+.E-F-)%-+)%G%&'%-)*&*'1%#*+
$%&'()$'*(+,-+*&+. /)01)('2$30(
'04',(2\2$'&(1.(/N]*+^$N&(4'*+2'(N*[N^(1.('0$)(_N,(2.(
`+2*N[('0$'&(1.($N]+^(R'0R'_(1
!"#$%"&'(#(')$'(*+,)%#!-.)-*#&'/*'(-/0
$'34"356#"%&#.-#/0(0"#&'/*')43)'"4#&'/*'(-/0#27#
(5"+)+80#3)0(0,0
2#
$'34"356#"%&#.-#/0(0"#&'/*')43)'"4#&'/*'(-/0#17#
(5"+)+80#3)0(0,0
1#
/789:
456578956( :5;8<=>?@AB( C5<@( D56578956( E5;5( 965B=6F.(
E5;5( G@>H@6I;7@( C5( @H9( 7F7@G9@.( 8>95B>8A.( 689B8G( D@65G59H5(
G@6@G9568A5( =9=A=B@H( 7=B8;@;9( :5E8JH8( K86( D@>9@HIGL6M( N6G5;(
E=OFGHFG(7P;5B8;75(K@JH@B@G9@.(>965>(C5(D5<5O@;(D@65G59H568(
95QGH5B5G95786M( R5;8:;( G@6@G95675( K86( D@>9@HIG( =HB@GH@(
K56@K56( >=><@H( B@DOFK8<595( >5K5?( =H@6@G( D@>9@H@6I;( <@J@B(
G@H895>8;8( =HFB>FA( 59G8H5B5G95786M( R=9FH8;FB( 9=G>8;8( D@65G59(
K=AFGHFGH@6I;7@( GFHH@;IH@;( 59G8H8( K86( 957@C8( >5E5;5S8786M( +G8>8(
@<;I( @8H575;( =HB@G( TA565( TE( D56578956( :5;8<=>?@AB( D@>9@>I(
K=9FH8;FB(9=G>8;8(8H5(K@J@6IHI(K86(J5G8H75(957@C8(578HB8JQ6M(
/789:
+78=?@98G( a@6G8;>=;( 4@>9@HISI( b+a4c7@( ;=;B=9=6( >5B?9=BH@6(
=H@6@G( @7H@;7I6IH@;( F<GF( K=AFGHFGH@6I.( <=6:F;HFG.( =9=;=B8G(
K=AFGHFGH@6.(7F<:F(7F6FB(K=AFGHFGH@6I(C5(G=:;898d(K=AFGHFGH@6(
D@>9@H@6( 9@6@dI;7@;( >IGHIGH@( 9@68d( 578H86( C5( B=9=6( >5B?9=BH@6(
G@7@6(6@D@9>IAHIG(C568O8786M(RF(>5B?9=BH@6(7@(+a4(B=6K87895>8;5(
G@9GI7@( KFHF;@;( C5( D@>9@;I;( <@J@B( G@H895>8;8( 59G8H5<5;(
P;5BH8( d@G9P6H5675;786M( RF( ;575;H5( ;=;B=9=6( >5B?9=BH@6I;(
9@;I;B@>I(C5(F<:F;(957@C8(578HB5>8(E=G(P;5BH8786M(
,;<;9+=;+.>?@;7:
UVVW!UVXV(<IHH@6I(@6@>I;7@.(=9FA(K5J(<@JI;7@(K86(G@7I;.(5HH8(K5J(
C5(=;(@HL(<@JH@6I;7@(8G8(56G5G(D@>9@;I;(B5;9@H(G@>H@6I;@(9=?H@B(
XY(G5A(5;Z5G>8<=;(<@?IHBIJL6M(N6G5G(D@>9@H@67@(XV(T;895.(G@7I;(
D@>9@7@("(T;895(K=9FH8;FB(9=G>8;(GFHH@;IHBIJL6M(
,;<;9+=;+.>?@;7:
RF(E@HIJB@BIA7@(;=;B=9=6(>5B?9=BH@6I(@6@JL6B@G(@B@OI<H@(
D@>9@;5B8A( 4@65G59( R=AFGHFGH@6I( a=H8GH8;8GH568;75( 9@G8?H568(
<@?IH@;(+a4(9@;IHI(UW(56G5G.UU(G@7I;(D@>9@<I(@6@JL67IGM(4@>9@H@6(
a@6G8;>=;( 4@>9@HISI( ,=;B=9=6( 16F?( 9@6@e;7@;( UVVf( <IHI;7@(
<@?IHBIJ( =H@;( ;=;B=9=6( >5B?9=B( @;G5Q;5( :P65( G@?>@BHI(
=H@6@G( >=6:FH@;BIJL6M( 4@>9@H@6I;( 75B=:6@gG( C568H568.( D@>9@HIG(
>T65H568.( 4=@D;h( 0@D6( 5C65H568.B=9=6( G=B?H8G@><=;( C5( *N^(
F<GF( 7@C6@;IJ( K=AFGHFSF.GFHH@;7ISI( 8H@EH@6( C5( 5G( D@>9@HIGH@6I(
<P;T;75;( 75S56H5;7868HB8JQ6M( +>9@Q>QG>5H( @;@H8AH568( i8;7=j>(
3kO5(NlO5H(UVVf(?6=:6@BI(8H5(75S56H5;7868H78M
3ABCAB8<:
4@>9@H@6I;( D8EK868;75( <@;( 59G8( =HB@BIJ.( 9@B( 8<8H5JB5(
:56E5GH5JB8J.(8H@OI;(59G8(>T65>8(<@GH@JIG(XV(@<(>T6BTJ9T6M
#D?A9:
456578956(:5;8<=>?@AB.(K=9FH8;FB(9=G>8;8(8H5(K@J@6IHI(C5(:TC5;H8(
K86(J5G8H75(957@C8(578H5K8HB5G95786M([57@C8;8;(59G8(>T65>8.(78S56(
D@65G59(K=AFGHFGH@6I(8H5(GI<@>H@;7ISI;7@(7@D@(FAF;(>T6B5G95786M(
3ABCAB8<:
N6G5G( D@>9@H@6I;( <@J( =69@H@B@>I( WmMmW( n( XV.mV( C5( G@7I;H@6I;(
<@J( =69@H@B@>I( fV.oV( n( "."#( 786M( N;( E=G( 6@>9H@;IH@;( ;=;B=9=6(
>5B?9=BH@6(@6@>I;7@(D56(8G8(O8;>8<5p5(75(K868;O8(>I6@7@(G@KIAHIG.(
8G8;O8( >I6@7@( 7F<:F7F6FB( K=AFGHFGH@6I( <56( @HB@G9@7I6M( N;( @A(
K8H7868H5;(>5B?9=BH@6(8>5(D56(8G8(O8;>8<5p5(75(O8;>5H(d=;G>8<=;(
K=AFGHFGH@6I7I6M
#D?A9:
$=;FE( =H@6@G.( +a4q7@( ;=;B=9=6( >5B?9=BH@6( 7@( B=9=6(
>5B?9=BH@6(G@7@6(B=6K87895<5(C5(D@>9@H@6I;(<@J@B(G@H895>8;5(
=HFB>FA( 59G8H568( =HB@G9@7I6( C5( E=SF;F;( >5B?9=B@QG(
957@C8H568(<@?IH@K8HB5G95786MRF(>5B?9=BH@6I;(56G5;(9@;I;B@>I(
C5( 957@C8<H5( D@>9@H@6I;( <@J@B( G@H895>8;8;( @6r6IH@K8H5O5S8;8;(
@GIH7@(9F9FHB@>I(@B@OI<H@(KF(E@HIJB@<I(:56E5GH5JQ678GM
!"#!
!"#$%&'%&
P-69
P-70
$(&)*+,)*#-*.%/*,0%,1"$2'*.23,$"-#*.4(,$%)(0*#*,
.9&"(-(.$"#*$"/,
$%&'()*'+,*'- .%/012).101-)$%3'4)5%604122-)$17/10).%*'&)
.%/b1,),d0ae()8-)'&02f/)1&51$/10)a%(%/)9-)5%,'ag&)
$g/g,%2)8
!"#!$%&'&'($)%*+!'!#%,*%&$&-'.$#&%/&0'&1*0!2%
13$4546!78%)5!1!+!
0*5:;)%(1!,*$0!'*0!%#*$&#%'.<%=&)(5'*0!%13$4546!%&>?>
0*5:;)%(1!,*$0!'*0!%#*$&#%'.<%=&)(5'*0!%=!"!)%'*?&,!%
$*/&@!5!'&0A41%&>?>
8%
9%
"5678
,89:;<) :;=>;?@A;) 8?BC=;>DB>) ;E8F) >GEE8?HIH) =D?98=H) J@E;K@?) J@9;)
:L?MKMI=MA) N;C@9>;?@B>) N89@>@O) PDAG>EGQG:G9R) ,@>989E8S8?-)
;=O@I=;A-) 8I8F=HA) N89@>@OE@9E@) >898>O@9;A@:;9R) 58KEHT8) :;E-)
F@?@-):G:8>-)SMA-)JLU:@-)@>=O9@I;O@E@9)U@)=DEG?GI)=;O@I;?:@)
JL9MEM9R)%O>;E;)I@:;>8E)O@:8U;=;)SD>OG9R).D?)A8I8?E89:8)S8CHE8?)
F8EHKI8E89:8) O89:;<) :;=>;?@A;:@) PDOGE;?GI) OD>=;?) O@:8U;=;?;?)
@O>;E;) DE:GQG) P;E:;9;EI;KB9R) 1EOIHK;>;) S8KH?:8) >8:H?) N8=O8-)
:G:8>E89) U@) :;E:@) ;=O@I=;A) N89@>@OE@9-) >D?GKI8) PDAG>EGQG)
S8>H?I8=HSE8)>E;?;Q;I;A@)P8KUG9:GR)VW)SHE)L?T@):@C9@=;<)PGEJGEG)
P;CDE89) PDAG>EG>) O8?H=H) 8E8?) N8=O8) PG) =M9@) PDSG?T8) F@K;OE;)
8?BC=;>DB>) U@) 8?B:@C9@=8?) O@:8U;E@9;) 8EIHKR) X) SHE) L?T@-) V)
8S) =M9@SE@) >GEE8?:HQH) =GEC9;:@) YXWWIJZ-) B8?@CB?@) YVX-[IJZ)
U@) E8IDB9;J;?@) Y[WWIJZ) O@:8U;=;) =D?98=H?:8) 8QHA) F@U9@=;?:@)
;=O@I=;A) N89@>@OE@9) DEI8=H) MA@9;?@) O89:;<) :;=>;?@A;) O8?H=H)
8E8?) N8=O8?H?) OMI) ;E8FE89H) >@=;EI;K-) O@O98P@?8A;?) Y\[IJ]JZ)
P8KE8?IHKR)V)8S)=M9@E;)O@O98P@?8A;?)O@:8U;=;?@)S8?HO)8EH?8I8S8?-)
PGEJGE89H?:8)89^K)DE8?)N8=O8?H?)O@:8U;=;?@)TEDA8C;?@)YVWWIJ]JZ)
@>E@?I;K-)S8>E8KH>)V)SHE)O@:8U;:@?)HEHIEH)<8S:8)JL9@?)N8=O8S8-)V)
SHE)=D?98)PGEJGE89H?:8)89^K)DEI8=H)MA@9;?@)TED?8A@C8I)YVIJZ-)
P8>ED<@?) YV[IJZ) O@:8U;=;) P8KE8?IHKR) 5GEJGE89H) J@9;E@I@I@=;)
MA@9;?@)>E;?;Q;I;A@)P8KUG98?)N8=O8?H?)?L9DED_;>)IG8S@?@=;?:@)
8QH9) :;A89O9;-) :;E) C9DOMASD?G-) D9DE;?JG8E) :;=>;?@A;=;) I@UTG`GR)
5@=E@?I@=;) PDAGE:GQG) ;F;?) >;ED) >8SPH) U89:HR098?;S8E-) =@9U;>8E)
4/a) JL9M?OMEI@=;) ?D9I8E:;R) 5;SD>;IS8-) N@IDJ98I-) B9D;:)
<D?>=;SD?) O@=OE@9;-) =@9GI) =@9GEDCE8AI;?) U@) X#) =88OE;>) ;:989:8)
P8>H9):MA@S;)?D9I8E:;R7@9;<@9;>)S8SI8=H?:8)8>8?OD=;ODA)SD>OGR
bG?B?JOD?) N8=O8EHQH) 8FH=H?:8?) J@?@B>) O@=B) ?@J8B<:;R*@K;OE;)
I@:;>8E) O@:8U;E@9@) S8?HO) 8EH?8I8S8?) N8=O8?H?) J@?;DJED==G=)
>8=H?8)PDBE;?GI)OD>=;?)1)YODO8E)cWG)Z)GSJGE8?:HR)$8>E8KH>)#)JM?)
=D?98):;E)C9DOMASD?G)U@):;=>;?@=;?:@)P@E;9J;?):MA@EI@=;)DE:GR)
,89:;<):;=>;?@A;)8?BC=;>DB>);E8FE89H?)T;::;);S8O9D_@?;>)?L9DED_;>)
>DICE;>8=SD?G) =D?GTG?:8) J@E;K;9R4@:;>8E) O@:8U;S@) J@?@EE;>E@)
S8?HO=HA:H9R) 5DOGE;?GI) OD>=;?) 1) GSJGE8I8=H) =D?98=H) D9DE;?JG8E)
O89:;<):;=>;?@A;=;)U@):;E)C9DOMASD?G)J@9;E@S@?)DEJGIGA)E;O@98OM9)
@KE;Q;?:@)=G?GEIGKOG9R)
(:;<8
2L9D8>8?OD=;ODA) ?8:;9) JL9ME@?) C9DJ9@==;<) N@9@:;O@9) P;9)
N8=O8EH>^9R)0D9@;<D9I)N89@>@OE@9-)D9D<8=;S8E):;=>;?@A;-)89@h@>=;-)
@C;E@C=;-) :@I8?=-) ?L9D_@?;>) IG=>GE@9) 8O9Di) U@) C@9;<@9;>) >8?)
S8SI8=H?:8) 8>8?OD=;OE@9;?) U89EHQH) ;E@) >898>O@9;A@:;9R) 0E;?;>)
U@) 98:SDED_;>) DE898>) S8?EHKEH>E8) bG?B?JOD?) N8=O8EHQH) O8?H=H)
>D?GE8P;E;9R
=>?@A:8
#\) S8KH?:8) >8:H?) N8=O8) #) SHE:H9) DE8?) U@) J;:@9@>) 89O8?) @EE@9:@)
;=O@I=;A) N89@>@OE@9-) :@?J@=;AE;>) U@) =D?) #) 8S:H9) DE8?) NHAEH)
;E@9E@S@?)G?GO>8?EH>)K;>8S@OE@9;);E@)=@9U;=;I;A@)P8KUG9:GR)5@?A@9)
K;>8S@OE@9;)?@:@?;SE@)#W)S8KH?:8)P;9)>89:@K;)U@<8O)@:@?)N8=O8?H?)
?L9DED_;>)IG8S@?@=;?:@)P;E;?T;)8FH>-)=DE:8)P@E;9J;?)DEI8>)MA@9@)
N@9) ;>;) @E:@) ;=B98N8OE@) 8A8E8?) U@) N@S@T8?E8) 89O8?) >D9@;<D9I)
N89@>@O) I@UTG`GR) j@9;?) O@?:D?) 9@h@>=E@9;) N;CD8>Bk;R) 4;?;)
I@?O8E) O@=B) VW]lW) DE8?) N8=O8?H?) C=;>DB>) =@ICODIE89H)
I@UTG`GR)7@9;<@9;>)>8?)S8SI8=H)S8SJH?)8>8?OD=;OE@9;?)U89EHQH?H)
JL=O@9:;R) .@9GI) E;CDC9DO@;?) :MA@SE@9;-) C9DO@;?) @E@>O9D<D9@A;-)
U8=>ME;O) O898I8E89H-) O8I) >8?) =8SHIH) =@U;S@E@9;) ?D9I8E) 898EH>O8)
DE8?)N8=O8?H?)>98?;8E)4/)JL9M?OME@I@=;?:@)P@E;9J;?)=GP>D9B>8E-)
>D9B>8E) U@) =@9@P@EE@9) 8O9Di) S8?H?:8) S8SJH?) =GP>D9B>8E) P@S8A)
T@UN@9);=>@I;E@9;)I@UTG`GR)b8=O8S8):MKM>):DA)>EDA8C;?)Y[WIJ]
JM?Z) U@) :D?@C@A;E) O@:8U;=;) P8KE8?:HR) 0D9@;<D9I) N89@>@OE@9;) U@)
C=;>;S8O9;>)O8PED=G)L?@IE;)LEFM:@):MA@E:;R
#B?7<,CA,=BD7:8
0E;?;>) DE898>) bG?B?JOD?) N8=O8EHQH?H) O8>E;O) @OI@>E@) P;9E;>O@)
4/m)PGEJGE89H)DE898>)J@?;K)P;9)=C@>O9GI8)=8N;CB9R)5G)?@:@?E@)
8FH>E8?8I8IHK) >D9@=;) DE8?) N8=O8E89:8) 4/) JL9M?MIE@9;) FD>)
:@Q;K>@?) DEI8>E8) P;9E;>O@) ?L9D8>8?ODA) ;NBI8E;?;) JLA) 89:H)
@OI@I@>) J@9@>;9R) 5@E;9J;?) =GP>D9B>8E) P@S8A) T@UN@9) E@ASD?G)
DE8?)N8=O8E89H?)LA@EE;>E@)n8O@9=N@:)8E8?E89H?:8>;);=>@I;E@9:@?)
=D9GIEG)DE8P;E@T@Q;)8>HE:8?)FH>89HEI8I8EH:H9R)
!"#!
!"#$%&'%&
P-71
P-72
("&%)()*$"#+$",+#-.%-#/0('+*+(-()&)1+2%&-%*,+345(#%('+2+-
3)'+:*-()$)$"*+-9-0+&-"':/-#/*/3/$%&$'()*+,'6-'$,.'$*%/,'6-'%$4$5'Z.,82'4$.5'7-'$0123'4$.5'6
$%&$'()*+,-'$,.'$*%/,-'$0123'4$.5- 6278.)'3$3$5/9,+
6$
!"#!#$%&#"&'&($)#*+&'(*,&(*$,-.$/!0)1,&(*$#2'3134*$
!#!5*1*%$"!17$
!"#!#$%&#"&'&($)#*+&'(*,&(*$,-.$/!0)1,&(*$.(*0*8!,'*$
!#!5*1*%$"!1-
!"#!#$%&#"&'&($)#*+&'(*,&(*$,-.$/!0)1,&(*$#2'3134*$
!#!5*1*%$"!1"6789
"6789
*:;<!=>=?@:AB@:C' :@:C:D=E' ;<A<ABF' G<HBIEB' ?=JB;' GK;LE<?' MB;'
?K;:J<N<?<;=OF'P=A@=EQ>R;S'*EB?B>@<'BE<;E<TBUB'P=;<><@'M:CV>EVWV-'
KC<EEB>E<' :;:EB?GV=E' JBA>B?<CBE<;-' >:G?BOF' X<' J=X;=?QIA=E'
J<WBIB>EB>E<;'X<'Y<;BF<;B>'T=TD=J='=>=?@:AB@:C'BE<'>=;=>@<;BC<JB;S'
ZV?V?'T=?Q'AQ;='JBW<;'?K;:J<N<?<;=OF'P=A@=EQ>E=;J='J=':E=MBE<?'
Y;:G;<ABF'>:G?BOF'TQ>QD-'J=X;=?QIA=E'J<WBIB>EB>E<;'=T;QU='?KM<@-'
DBT:Y=O' X<' P<Y=O>' <?CBD' TL>A<>EBWB' J:W;V' @=?QTQ' >:TD=TQ'
C:;E=IR;=MBEB;S'$TQ;QUQ'@=?QAQ?Q?'T=YQED=AQ'JBW<;'?K;:=>=?@:AB@:C'
P=A@=EQ>E=;Q?'MB;MB;E<;B?<'>EB?B>'M<?C<;EBEB>E<;B'J:E=TAQTE='C:;JV;S'
0=A@=E=;J=' >=A' X<' J=P=' ?=JB;' :ED=>E=' MB;EB>@<' >=;=UBW<;'
<?CBDE<;B?J<' =;RI' BCE<?<MBEB;S' [\' T=IQ?J=' <;><>' P=A@=-' ]' =TJQ;'
J<X=D' <J<?' X<' GBJ<;<>' =;@=?' :;:F=ABT=E' JBA>B?<CBE<;B-' >:E' X<'
M=U=>E=;J=' >:;<=@<@:B>' P=;<><@E<;' BE<' ?K;:E:NB' Y:EB>EB?BWB?<'
M=IXV;JVS' 0=A@=?Q?' LH' TQE' K?U<' @<A=JV^' A=Y@=?=?' >=;=UBW<;'
<?CBDE<;B?J<' =;RI' :EJVWV' X<' >=;=UBW<;' MBT:YABAB' J=PBE' BE<;B'
@<@>B>E<;B?'T=YQED=AQ?='>=;IQEQ>'MB;'AL;<'><AB?'@=?Q'>:?D=>AQCQ?'
G=A@;:<?@<;:E:G' @=;=_?J=?' BCE<?BEJBWB' KW;<?BEJBS' 0=A@=DQCQ?'
MV' JK?<DJ<' BA@<DABC' P=;<><@E<;B?B?' :ED=JQWQ' M<EB;OEJBS'
%=YQE=?' Y<;BF<;B>' >=?' T=TD=J=' =>=?@:AB@E<;B?' GK;LED<AB' X<'
`<A@<;?' ME:@' =?=EBCB?J<' >:;<B?' JLC<TB?J<' M<EB;GB?' =C=ED='
:ED=AQ' LC<;B?<' P=A@=DQC' >:;<' =>=?@:AB@:C' @=?QAQ?Q' =EJQS' *:;<'
=>=?@:AB@:CBA@<' BE>' MVEGV' P=A@=DQCJ=' :EJVWV' GBMB' AVM>EB?B>'
A<T;<J<?' >=;=UBW<;' <?CBD' TL>A<>EBWB' :E=MBEB;S' Z=IE=?GQH'
MVEGVE=;Q?Q?' :;:EB?GV=E' JBA>B?<CB-' <YBE<YAB-' Y=;>B?A:?BAD' GBMB'
?K;:E:NB>'KC<EEB>EB':ED=AQ?Q?'T=?Q?J='AVM>EB?B>'A<TB;EB'>=;=UBW<;'
<@>BE<?D<'MVEGVE=;Q':E=MBE<U<WB'>EB?BAT<?E<;U<'V?V@VED=D=EQJQ;S'
a<DY@:DE=;Q?' J<WBI><?EB>' GKA@<;<MBED<AB' @=?Q' >:TD=' AL;<UB?B'
C:;E=IR;Q;A=' J=' GL?LDLCJ<'G<?<O>'B?U<E<D<E<;'BE<'?<@' =TQ;QUQ'
@=?Q'T=YQE=MBED<>@<JB;S'
*=@=@:?B' DVOCD-' P=;<><@ABCEB>-' ?<G=OXBCD-' A@<;<:OYB-'
D=??<;BCD-' <>:F<?:D<?-' Y<;A<X<;=AT:?' X<' Y=ABF' B@==@' BE<'
>=;=>@<;BC<' MB;' A<?J;:DJV;S' $Eb=' T=@=?' ?<J<?E<;' YAB>BT=@;B>'
:E=MBEJBWB'GBMB'?K;:E:NB>'X<'G<?<E'RMMB'JV;VD'BE<'BEBI>BEB':E=MBEB;S'
*=@=@:?B'D=EBG?'X<'?:?'D=EBG?':E=;=>'B>B'=E@'OY<'=T;QEQ;S'1=EBG?'
>=@=@:?BJ<' @=ME:T=' PBY<;@<;DB-' T=?Q?J=' M=I@=' @=IB>=;JB-'
@=>BY?<-'PBY<;PBJ;:CBA':ED=>'LC<;<':@:?:DB>'MVEGVE=;'J='<IEB>'
<J<;S' *EB?B>' G<EBID<J<?' MB;>=H' P=c=' K?U<AB?<' X=;=?' J=X;=?QI'
J<WBIB>EB>E<;B' D<XUVbV;S' a<DY@:DE=;Q?' G<EBIBDB?J<?' K?U<' BH<'
>=Y=?D=-'=?>ABT<@<-'=D=HAQC'X<'JQI'VT=;=?E=;J=?'<@>BE<?D<T<?'
=IQ;Q' D:@:;' =>OXB@<' X<' =NB@=AT:?' BCE<?B;S' *EB?B>@<' M=EDVDV'
d<>ABMBEB@<AB-' A@<;<:OYB' X<' DVOCD' @=ME:AV' D<XUVbV;S' $T;QU='
VTGV?AVC'T='J='MBC=;'Y:A@V;E<;'=ED=-'<>:E=EB'T='J='<>:Y;=>AB-'
@<>;=;E=TQUQ' =WQC-' H<?<' X<' GKC' P=;<><@E<;B-' >:;<=!=@<@:BJ'
BA@<DABC'P=;<><@E<;'J<'BCE<?<MBEB;S'*EB?BWB?'F=@=E'A<T;<J<MBE<U<WB'
V?V@VED=D=EQJQ;S' ZV' ?<J<?E<' P=A@=EQWQ?' @=?QAQ?Q?' <;><?'
>:?D=AQ' VTGV?' @<J=XB?B?' X<;BED<AB' =HQAQ?J=?' K?<DEBJB;S'
ZBCBD' J<' \e' T=IQ?J=' D<?@=E' ;<@=;J<' M=T=?' P=A@=DQCJ='
T=>E=IQ>'LH'P=c='K?U<'M=IE=T=?'VT>VAVCEV>-'AB?B;EBEB>-'J=X;=?QI'
J<WBIB>EB>E<;B' =;JQ?J=?' =@<I-' @<;E<D<' X<' P=;<><@ABCEB>-' >:E'
X<' M=U=>E=;J=' >=REQ>' IB>=T<@E<;B' D<XUVbVS' 0=A@=?Q?' MV'
IB>=T<@E<;B?J<?' K?U<' MB;' ><C' >E:;Y;:D=CB?' #eDG' BHOWB' BHB?'
K?U<EB>E<' 7K;:E<YO>' 1=EBG?' A<?J;:D' :E=;=>' J<W<;E<?JB;BE<?'
P=A@=J='M;:D:>;BYO?fgeDGhGL?i-'=D=?@=JB?'f[eeDGhGL?i'X<'
D<D=?O?' f\eDGhGL?i' @<J=XBAB?<' T=?Q@' =EQ?=D=JQS' 2IEB>' <J<?'
A@<;<:OYB>' J=X;=?QIE=;-' @<>;=;E=TQUQ' =WQC' X<' H<?<' P=;<><@E<;B-'
DVOCD-'?<G=OXBCD'X<':@:?:D'JLC<?ABCEBW<'=B@'MVEGVE=;Q?'K?'
YE=?J='J<X=D'<@D<AB'X<'=?=D?<CJ<'IB>=T<@E<;B?B?'K?U<AB?J<'
MB;>=H'P=c='K?U<'G<EBI<?J=X;=?QI'J<WBIB>EB>E<;B':ED=AQ'LC<;B?<'
P=A@=J=' D=EBG?' >=@=@:?B' JLIL?LEJLS' ZV?V?' LC<;B?<' M=IE=?=?'
E:;=C<Y=D' f\eDGhGL?i' @<J=XBAB?<' J;=D=O>' T=?Q@' =EQ?JQS'
*EB?BAT<?E<;' >=@=@:?B' :EGVE=;Q?J=' F=@=E' A<T;<J<MBE<?' D=EBG?'
>=@=@:?BTB' J<' =TQ;QUQ' @=?QJ=' =>QEJ=' MVEV?JV;D=EQJQ;E=;S' +TGV?'
@<J=XB?B?'<;><?'C=D=?J='M=IE=?QED=AQ?Q?'P=T=@'>V;@=;=MBE<U<WB'
V?V@VED=D=EQJQ;S
!"#!
!"#$%&'%&
P-73
P-74
(")*+$+,-.,,%($+,-!#+("/-#%*0&"12-+'%-!&%/%*$%-"'.*3+&-12'$+-#+#$%1-.$&",+-41#.567-"')2#2-
$.'.1+(-B%1"&.C+-#"*&.#D-B%1+3.''+#12#5B%1+("&%E.(.#D-
$%&'()*+,-.$/(.$.&')*)*0 1$%*+,2(3$-$+$2&'0(14%45(
3$1-$20(6,&)$2(1$1&$(
*1&*+(de$1)'2(cd3%40 $&,(f2$&0(%,W*&(de3$12$3(
"#)/-+8(9-+3/%*+1/*+(1$:(;"#961/*+(-&%,6,7+("-"!+6+2(
)"6$
!"#$%#&'()%(*")+(#,-.#(/0+1+2(3/("%"41$%2"(5"*1"-/*+(
-&%,6,7+(#6+-+0+
"<=>;
)898:;
_?F:C=DD:AFJA( Y_W[( 9:AG?M?9( 9=E:B( 8QBLD?9( HLNJEJ9( M?@(
M=B=g9E=( D7@=D:I?0( ?@AMB?F:M?D?B:( MJM=90( KL@A?@( =FGD:MLEDL0(
@79MB7D( ?E:D?F?K?90( gBD=MF=!A=HJBF=( :D?( @=B=@M?B:I?( V=B?@?M(
C7IJ@DJRJEJBT( %?FGM7F=( 9?E?9:( D?IK79( AP@DP@D=( AJCM=D=F:@(
9J@D?JAE=EPBT( WJ9J9( K=9P9E=( AMB:=MJF0( M=D=FJA0( A?B?CB=D(
@7BM?h0( AJC@7B;@=D( CQD8?( H?( F?I?9A?<=D79( D?IK79D=BP9E=(
E=( B=G7BD=9FPO\BT( _W( V?F:@7B?( Y_Z[( :D?( C:BD:@M?( 7D=C:D:BT( WJ(
@D:9:@( AG?@MJBJFJ9( _Z_W( 7D=B=@( M=9PFD=9F=AP( Q9?B:DF:O;BT(
*MK7D7U:@( 9?E?9D?B( =@JM( H=A@LD?B( 7D=KD=B0( MB=HF=0( GB:F?B( @:AM0(
H?9QI( =9U:7F0( =BM?BK7H?9QI( F=D<7BF=AK79D=B( H?( F?M=AM=;@(
@=9A?BD?B:(:S?B:BT
3789:;<( =>?@;<( A?B?C?DD=B( A?9EB7F( GB:F?B( 7D=B=@( E:D0(
H:IJ7AG=AK=D(H?(KLBLMLNL(:OD?HD?B:(@=GA=K=9(@789:;<(<79@A:K79(
C7IJ@DJ@D=BP9P9( K=9P( APB=( Q9( GD=9E=( EJK8JD=9PFP9( ?M@:D?9E:R:(
S?O:MD:( GA:@:K=MB:@( C7IJ@DJ@D=BP( E=( :S?B:BT( )?U?9?B=;<( A?B?C?DD=B(
V=AM=DP@D=BE=(@789:;<(H?(=>?@;<(A?FGM7FD=B(AP@DP@D=(A=GM=9PB@?9(
GA:@7;@(C?D:B;D?B(E=V=(9=E:BE:BT(WJB=E=(GA:@7I(:D?(GB?I?9M?(7D=9(
C:B( FJD;A:AM?F( =MB7X( YA?B?C?DD=B( =DM( ;G:0( +%$!Z[( 7D8JAJ9J9(
E?R?BD?9E:B:DF?A:(=F=SD=9FPO\BT
"<=>;
]^( K=OP9E=( O:EE?MD:( JK@JAJIDJ@0( E=HB=9PO( C7IJ@DJ@D=BP( H?(
V=X<( E?98?A:ID:@( K=@P9F=D=BP( C=OD=K=9( ?B@?@( V=AM=9P90( C:B(
@=S( KPD( :S:9E?( 7BM=K=( SP@=9( @PA@=9SDP@( V?I?K=9D=BP0( 8QBA?D(
V=DJA:9=AK79D=B(H?(A=DEPB8=9(E=HB=9POD=B(A?C?C:KD?(C:B(GA:@:K=MB:(
A?BH:A:9E?( K=\BPD=B=@( M?E=H:( 8QBELRL( :<=E?( ?E:DE:T( _=AM=9P9(
M=CJBNJDJRJ( A79B=AP9E=( AJ:A:E( 8:B:O:FD?B:( 7DEJRJ( H?( ]"( K=OP9=(
@=E=B( 8?9?D( GA:@:K=MB:( A?BH:AD?B:9E?( M7GD=F( #( @?I( K=\BPD=B=@(
:9N?D?9E:R:( QRB?9:DE:T( +?E:@=D( M?E=H:E?9( @PAF?9( <=KE=( 8QB?9(
V=AM=9P9(E?98?A:ID:R:9:9(8:E?B?@(=B`RP0(O:@=K?MD?B:9?(?FG7M=9A(
H?(:9@79;9=9A(8:C:(7M797F:@(A?FGM7FD=BP9(?@D?9E:R:(C?D:B;DE:T(
,D@( C=@POM=( 8?9?D( 8QBL9LFL( E=RP9P@0( =>?@;( S7NJ@AJ( 7D=9(
V=AM=9P9( JK8J9AJI( 8LDF?D?B:( F?HNJaJT( 379JOF=AP( =RPB(
E?B?N?E?( E:I=BMB:@;T( 3789:;<( E?R?BD?9E:BF?A:9E?( E:@@=M( H?(
KLBLMLNL(<79@A:K79D=BP9(:D?B:(E?B?N?E?(C7IJ@(7DEJRJ0(C?DD?@0(E:D(
H?(H:IJ7AG=AK=D(:OD?HD?B:9(E=V=(V=X<(7D=B=@(?M@:D?9E:R:(8QBLDELT(
2QB7D7U:@( FJ=K?9?E?( C:D=M?B=D( E:AF?MB:0( E:AE:=E7@7@:9?I:(
H?( G=AM!G7:9;98( A=GM=9EPT( ):I!M7GJ@( M?A;( C7IJ@( H?( B?C7J9E(
<?97F?9:( G7I:;b:T( cQHE?( =M=@A:A:( 7D=9( V=AM=( E?98?( =D=9P9P(
8?9:OD?M?B?@( E?AM?@A:I( C:B( :@:( =EPF( =M=C:D:K7BEJT( 3B=9:=D( +-(
8QBL9MLD?F?E?(Q9(GD=9E=(V?B(:@:(A?B?C?DD=B(V?F:A<?B0(H?BF:A(H?(
C?K:9(A=GP9E=(:D?B:(E?B?N?E?(=MB7X(H?(CJ9=(?OD:@(?E?9(A?B?CB=D(
=MB7X(7DEJRJ(8QBLDELT(
EFGF;
#i( K=OP9E=0( j( KPD( Q9N?( A=R( V?F:G=B?I:( Y@=9=F=[( A79B=AP9E=(
7BM=K=( SP@=9( A=R( @7D( H?( C=N=@M=( :AM?FA:I( V=B?@?MD?BD?(
G7D:@:9:R:F:I?( C=OHJBEJT( _=AM=DPRP( A79B=AP( _=D7G?B:E7D0(
57A:97GB:D0( 2:<?E:G:9( @JDD=9PM7?EJT( 2QB7D7U:@( FJ=K?9?A:9E?k(
WB=E:F:0( A=RE=( 9=I7D=C:=D( 7DJ@( A:D:@D:R:0( ).-lD?BE?( =BMF=( H?(
W=C:9A@:(:O=B?;(A=GM=9EPT(%=RE=(F:9:F=D(@7B?:<7BF(V=B?@?MD?B:9(
?OD:@( ?mR:( V?F:C=DD:A;@( V=B?@?MD?B( F?HNJMT( %7DE=( B:U:E:M?(
H?( :A;B=V=M( MB?F7BJ( A=GM=9EPT( +-ck( %7D( M=D=FJAM=( :9<?B:7B(
9J@D?JA( BJC?B?( JI=9PF( 8QAM?B?9( @B79:@( EQ9?F( V?F7B=U:K?(
C=RDP( E?R:O:@D:@D?B( A=GM=9EPT( _=AM=E=( M=D=F:@( V?F7B=U:K?(
A?@79E?B(_W_Z(H?(_=D7G?B:E7D(@JDD=9PFP9=(C=RDP(G=B@:9A79:IF(
ELOL9LDELT(_=D7G?B:E7D(=I=D\D=B=@(@?A:D:9N?(_Wl;@(V=B?@?MD?B:(
E=V=(C?D:B8:9(7BM=K=(SP@\T(_=AM=K=(3?;=G:9(C=OD=9EP(H?(8:E?B?@(
E7IJ( =B`BPDEPT( _W_Z( 3?;=G:9( A79B=AP9E=( C?D:B8:9( 7D=B=@(
=I=DEPT( _=AM=FPIP( H=A@LD?B( @=K9=@DP( V=B?@?M( C7IJ@DJ@D=BP9=(
QB9?@(7D=B=@0(:K:(E7@LF=9M?(?E:DF:O(8QBL9MLD?F?(CJD8JD=BP(H?(
M?E=H:A:9:(M=B\OF=@(=F=NPKD=(AJ9JK7BJIT(
#?@>A;
WJ(7D8J0(+%$!Z(A=GM=9=9(C:B(V=AM=9P9(=;G:@(GB?I?9M=AK79J9J9=(
E:@@=M( N?@?B@?9( 8:E?B?@( E=V=( N7@( =D\( S:I:D?9( A?B?C?DDJF( H?(
GA:@7I(:D:O@:A:9:(E?AM?@D?F?@M?E:BT(
!"#!
!"#$%&'%&
P-75
P-76
#%&%(%''"!")$*)+,-.%+%!*/%&0"*/+,*#$*)%+*,*)1*'+
2%0*34#*5%'+#!460+
#%0!$"04$*,+!4'4$4' $&%0"&+BCD''4D)E0"''4&%$
FGB%)*)*) 4,$*H4#5")C+*'%+#D)D&'D /%I*'/*&:+(*&
3"),#*5")%'+0&B+"'BC+G4'D.04#D
$%&'()'*+$,'&)
8'(_V+)-'*'-'`)/R)ab*+$)^'cd$)cd*,db)/R)ef9%`)'^,+`_b)/R)
_-&'8_$)ab(gY&'^)0R)+&(%h&%*)-g*'cd&)/R)9%'()(gY'^('i)/
!"#"$%"&%'()#'(*&+',-'*&."!*"('!)
4789:
123.2$)%'*&4(),'$!)*'!)&*56&7"#4-*'!)&(8$9-9:)&"+;
123.2$)%'*&4(),'$!)*'!)&*56&7"#4-*'!)&$"+%9+)"<(9!*)#&
"+;
/&
0&
-./) 0123/) 405) 60/073) 89) :;2;:.1<;) =><.?<.:.5.@.A;) B0CDE/0:) D;)
B;1.:)$&FG4.:2;)405)4;/;B;<<>=>:H:)4.46;/:2;)B./);=.2;/@>.2)
?.46)40=60:)IJ)10C3:20?.)B./);/?;?)><KE)/0=>/);6@;?L
BJAJK:
5;<=>7:
Y0<060<) 6/;@>/R) 1E@EC0?) 20@053:) .46;@4.A) /.6@.?) ?043<@0<0/3)
.<;)?0/0?6;/.A;)B./)T.=;/?.:;H?)T0/;?;6)B>AE?<E5E2E/L)+40:4.1;<)
D;) 4;@=6>@0H?) X>/@<0/3) 60:3@<0:@3Cj/L) 9;@=6>@0H?) X>/@E)
K;:;<<.?<;)><.D0/)T.=;/6/>W)D;)FE.<<0.:!$><<;/;6)M]K;:.:.:)<;A1>:E)
.<;) B./<.?6;2./L) &.6@.?) ?>:6/0?4.1>:<0/3:) ?;4.:) =06>@;?0:.A@043)
60@)><0/0?)B.<.:@;@;?6;2./L
(M@) KM:) B>1E:N0) OP!OQ) 20?.?0<3?) 0/0<3?<0/<0) 405) 60/073) 89)
060?<0/3) 10C010:R) 060?) 0:<0/3) =><.?<.:.?6;) 2;) KSA<;:;:) D;) ?0136)
;2.<;:)><KE:E:)B;1.:)$&FG4.:2;)405)4;/;B;<<>=>:H:)4.46;/:2;)
43:3/<0/3):;6)><0/0?)013/6);2.<;B.<;:)B./);=.2;/@>.2)?.46)40=60:23L)
(O!053/<3?<3) ?;4.6<;/2;) T.=>.:6;:4R) (I!053/<3?<3) ?;4.6<;/2;)
T.=;/.:6;:4) ><0:) D;) ?>:6/046) 6E6@010:) BE) <;A1>:R) B;1.:)
2>?E4E:0) ?3104<0) 2.UMA1>:) KS/M:6M<;@;4.:2;) T.=;/.:6;:4) D;)
',V)T0/.60<0@043:20)T0WX)T.=>.:6;:4).2.L
"LM@:
+<<.1;2.) 10C3:20) ;/?;?) T0460R) #) 0123/) ><0:) ?>:EC@0) D;) 1E6@0)
A>/<E5E)10?3:@0<0/3).<;)B0CDE/2EL)aAK;]@.C.:2;)T.=;/60:4.1>:)D;)
M])13<)S:N;)4><)60/0Z0:)K;]./2.5.).:@;)S1?M4M)D0/23L)$E01;:;2;)
4><20)=0<060<)6/;@>/)KSA<;:2.L)9><)M46);?46/;@.6;2;R)B>1E:)];:;)
4><)10/343:20).46;@4.A)@.1>/.6@.?)T0/;?;6<;/)=0<060<)6/;@>/0);C<.?)
;2.1>/2EL) 9;/;B/0<) @0:1;H?) /;A>:0:4) KS/M:6M<;@;2;) [$&F\k)
4><) =0/.;60<2;) K;:.C) ?.4H?) ;:4;X0<>@0<0A.?) 0<0:R) l0<<;/.0:)
2;m;:;/041>:R) 4><) 2;:606) =06><>m.) D;) ><.D0/) T.=;/6/>W) KS/M<2ML)
c0=3<0:)X>:?4.1>:;<)$&F)]0<3C@043:20)B.<06;/0<)K<>BE4)=0<<.2E4)
D;)60<0@E460)0/6@3C)0?HD041>:);<2;);2.<2.L)g:)KM:)4>:/0).C<;@)
6;?/0/);2.<2.)D;)4>:ENE:)4;B06);n5.)KS/M<2ML)
#?<@9:
Y>:4) D;) @;2E<<020) 4><0) 2>5/E) C.Z;) :;2;:) ><@043:0) D;)
405) 4;/;B;<<;/) =;2.:?M<2;) D;) 2S/2M:NM) D;:6/.?M<2;) B043)
><EC6E/@043:0) ?0/C3:) ><KE20?.) 6;?) BE<KE) 89) .2.L) ,3C) B./)
@;/?;A2;) E1KE<0:0:) N;//0T.) K./.C.@) 4>:/043) ><KE20) T;/T0:K.)
B./)?>@=<.?041>:)KSA<;:@;2.)D;)=>46>=;/0HX)O)01<3?)60?.=6;)89)
060?<0/3)6;?/0/<0@023L
5?A@7:
$8ANK78:
8;@.X04.1;<)4=0A@)[89\).21>=0H?)><0/0?)10)20)X04.1;<)4.:./)]3?3C)
A>:E:E) B043) 10=0:) <;A1>:<0/0) .?.:N.<) ><0/0?) [4;@=6>@0H?\)
KSA<;:;B.<./L)9;@=6>@0H?)89)K;:;<<.?<;)D04?M<;/)?>@=/;41>:0)
B05<3) ><0/0?) ><ECE/L) ^<.:.41;:<;/R) 89) :;2;:.1<;) B0CDE/0:)
><KE<0/20)$&F).<;)B;1.:)40=3:0)1S:;<.?).:N;<;@;)10=@0<323/<0/L)
9;@=6>@0H?) 89G1;) :;2;:) ><0:) <;A1>:<0/3:) 013/3N3) 60:343:20)
4;/;B;<<>=>:H:)?SC;2;?.);=.2;/@>.2)?.46<;/)2;)2MCM:M<@;<.2./L)
-E) X>:?4.1>:;<) $&F) ]0<3C@043R) =0<060<) 6/;@>/E:) 4;@=6>@0H?)
X>/@E:20) B0A0<) K0:K<.1>:<0/3:) X>:?4.1>:;<) KS/M:6M<;@;4.)
.<;) .<K.<.) .<?) ]0<3C@023/L) `>/@0<) ?>CE<<0/20R.:X;/.>/) ><.D0:3:)
=0<060<) 6/;@>/E:) >/6010) ]3?3C3:20) .:T.B.6S/) ><0/0?) KS/;D)
10=j53) B.<2./.<@;?6;2./L) c01K3:) KS/MCR) FE.<<0.:!$><<0/;6)
M]K;:.) 10) 20) ><.D020) B./) =06><>m.) ><2E5E) 2E/E@20) BE) .:T.B.6S/)
KS/;D.:) >/6020:) ?0<?0N05323/L) '1:3) A0@0:20) ><.D0/) T.=;/6/>WR)
T.=;/6/>W:.:);C<.?);n5.)6;?)2;m;:;/041>:)H=.2./L)9>:E])><0/0?k)
=0<060<)6/;@>/20)KS/M<;:).46;@4.A)T0/;?;6<;/;R).:X;/.>/)><.D0:3:)
2.4.:T.B.41>:E:0) B05<3R) B0A0<) K0:K<.1>:) :M?<;E4<0/3:3:) 0/6@3C)
>44.<06E0/)0?HD041>:E:E:):;2;:)><2E5E:E)2MCM:@;?6;1.AL)-E)
]0<3C@020).46;@4.A)T0/;?;6;)60<0@E4)D;)K<>BE4)=0<<.2E460)0/6@3C)
0?HD041>:E:);C<.?);6@;4.)2MCM:N;@.A.)2;46;?<;@;?6;2./L)
!"#!
!"#$%&'%&
P-77
P-78
($()#*+$%'%,-*%)$(.*+"'/0+#0,010+
#%&>*)('+?*#$",*'*+@(#$('(&?(+A"$0'*,01+
!&%!%&($'(&B,B,+)'*,*)+)(&CB'(C$B&B'1(#B+
#$%&'()*%'!+',-.$%'/,0&1&'!+'-23$4'&5&0#$6'"+'7&50&3'
ATASOY !
%*6*'()7*/b%+'.Vg*h)b'()7*/b%+'-*0^$0'i*%j3*0+'7k0/$%'
$1$0+'W$7b1*',//$%+'ik33k'6*%4b5b7'
$%&'()*+,#,+-+.)/+0#1&23.-024.02#&5-%)%62#+7*
$%&'()*+,#,+-+.)/+0#1&23.-024.02#'5$#8+04+)9,)+-9#
+7*
!#
*9:,+;9#<9)*9-9/#7.<+$94#.+8#!=&5-%)%62#,)2&2>2
"#
(2345
(2345
#FS><?HK' SP' $' 8F:;<?<' 9D9>9DU?I9' ;=DO<:9>' I<;8F?<>=D<?' I='
LH>H?IHYH' RF:9>' I<;8F?<' T9;89>9DU?I9' EF:' =8:<><' L<D' 8=I9O<'
9>8=D?9Sc' F>9D9:' HAH?' NU>>9D' :H>>9?U>K9:89IUDV' 7<G9D<' F>9D9:'
X>:=K<AI='<:<'PD=P=D98':H>>9?U>K9;U?9'D9YK=?'#F8Fl'O='^N;PFD8C
L<DL<D>=D<'XA=D<?I=:<':9DMU>U:>U'IJ?XMXK'IFA>9DU'XA=D<?I='T9>=?'
89DeMK9>9D'K=OGHmHDV'#H'E9>UMK9?U?'9K9GU'#F8Fl'O='^N;PFD8'
PD=P=D98>9DU?U?'X?<8='L9AU?I9'L<DL<D>=D<?='IJ?XMXK'IFA>9DU?U?'
:9DMU>9MeDK9>U'F>9D9:'9D9MeDU>K9;UIUDV
$89:;<' 8=>=?@<=:89A<' B$7C' =D:=?' EFGH:>H:' IJ?=K<?I=' L9M>9N9?'
N9O9M' O=' PDFQD=;<R' ;=N<D><' 989:;<' <>=' ;=ND=I=?' ?JDFI=@=?=D9SR'
L<D' T9;89>U:IUDV' W9;89>U:+' I<>98=' :XEX:' :9?' I9K9D>9DU?U?' ?=I=?'
F>IHYH'8=>=?@<=:89A<'F>9D9:'9I>9?IUDU>9?'G<>8'>=ANF?>9DU?I9?'9IU?U'
9>UDV' #H' T9;89>9DU?' Z[\]I=' G<II<' <KKX?' N=8K=A><:' O9DIUD' O=' =?'
;U:' >=?RF<I' K9><Q?9?;<>=D' F>K9:' XA=D=' R9D:>U' K9><Q?9?;<' SP>=D<'
QJA>=?=L<><DV'^9T<><N=';=DO<;<?I='9:G<Y=D'=?R=:;<NF?H'?=I=?<'<>='
<?8=D?=' =I<>=?' O=' I=?Q=;<A><:' 89D<_=N=?' L<D' T9;89?U?' ?JDF>F@<:'
9EUI9?' I=Y=D>=?I<D<>K=;<' N9PU>IU:89?' ;F?D9+' T9;89N9' :><?<:' O='
>9LFD98H9D'LH>QH>9DU'<>='$7'89?U;U':F?H>KHM8HDV
/:=:4+D:+6789:25
$D9MeDK9+;=DO<:9>' I<;8F?<><' "n' T9;89I9' D9?IFK<A=+' E<o' :JD+'
E9PD9A' Q=E<M><' F>9G9:' M=:<>I=' P>9?>9?IUVW9;89>9D' =8:<?' IFAI9'
#F8Fl':H>>9?IU>9D'I9T9';F?D9'T9;89>9D9'^N;PFD8'Zpn'BIJ?XMXK'
R9:8JDXpnC' F>9G9:' M=:<>I=' O=D<>I<VW9;89>9D' L9M>9?QUE89' O='
=?@=:;<F?' ;F?D9;U' ZV9NI9' 7;H<' O=' 7FDF?8F' q=;8=D?' -P9;KFI<:'
7FDS:F>><;'^=Y=D>=?I<DK='(>E=Y<B7q-70-C'9YDU'J>E=Y<'<>='O='N9?'
=8:<>=D'9EU;U?I9?'I=Y=D>=?I<D<>I<>=DV
6789:25
`a'N9MU?I9'=D:=:'T9;89'EFGH:>H:'IJ?=K<?I=?'<SL9D=?'PDFQD=;<R'
I=?Q=;<A><:' O=' NXDXK=' QXE>XYX' 89D<_<NFDV' b>:' L9:UM89' T9;89I9'
K<:DFQ?9S'O='I<;KFDc:'NXA'QJDX?XKX'<>='LH>L9D':F?@H:SO9I9'
O=' :H>9:' 9D:9;U?I9:<' 8=>=?@<=:89A<>=D' I<::98' E=:K=:8=NI<V'
W9;89?U?' ?JDF>F@<:' KH9N=?=;<?I=' PFA<SR' LH>QH>9Dd' F:H>=D'
9PD9:;<+' T=D' NJ?=' L9:UM89' ?<;89QKH;+' L<>98=D9>' I<;K=8D<' O='
I<;I<9IF:F:<?=A<'O='<>=D<'IXA=NI='989:;<'<I<V'W9;89?U?+'^70]>=D<'
8XK'FI9:>9DI9'9A9>KUMeV'f98F>F@<:'D=_=:;'NF:8HV
A<EF<E3=5
7;H<'O='7q-70-'9YDU';:FD>9DU'^N;PFD8'9>9?'T9;89>9DI9'#F8Fl'9>9?'
T9;89>9D9' FD9?>9' I9T9' =8:<?' LH>H?IHB;UD9;UN>9' T=D' <:<' QDHP89'
BPr'aVaZCV49?'=8:<>=D'^N;PFD8'9>9?'QDHP89'I9T9'NX:;=:';9P89?IUV
*?';U:'QJDX>=?'N9?'=8:<'NH8K9'QXE>XYX'<I<'O='#F8Fl'9>9?'QDHP89'
s`+^N;PFD8' 9>9?' QDHP89' sZtVn' ;9P89?IU' 9K9' LH' N9?' =8:<>=D'
8=I9O<N<' I=Y<MSD=G=:' ?<8=><:8=' I=Y<>I<V^<Y=D' N9?' =8:<>=D' F>9D9:'
LFNH?I9' A9NU_U:+9YUA' :HDH>HYH+;=;' :U;U:>UYU' ;9P89?IUV' $>8!QDHP'
O=' IHN9D>U>U:' 9?9><A>=D<+' ;HL@=:SR' O=' FL@=:SR' :D<8=D>=D=' QJD='
IXA=>K='O='N9?'=8:<>=D'9EU;U?I9?'IFA9'L9YUK>U'F>9D9:'I=Y<M=?'
L=><DQ<?'L<D'<><M:<'LH>H?IHV
#;8<45
W9;89I9' 8=>=?@<=:89A<>=D<?' QJA>=?K=;<+' 8=:D9D>9N9?' =?R=:;<NF?'
JN:X;X'O='PDFQD=;<R'989:;<'LH>QH>9DU'<>='$7'J?'89?U;U'IXMX?X>IXV'
4X:;=:' 9>R9R=8FPDF8=<?' IXA=N<' O=' 989:;<' ?=I=?<' F>9L<>=G=:'
I<Y=D' 89?U>9DU?' >9LFD98H9D' O=' QJDX?8X>=K=' NJ?8=K>=D<' <>='
=:9D8='=I<>K=;<'89?UNU'I=;8=:>=I<V'W9;89?U?'<KKH?Q>FLH><?>=D<'
?FDK9>I<V'#H'T9;89>9DI9'L9M89'T=K98F>F@<:'F>K9:'XA=D='NX:;=:'
K9><Q?9;<'D<;:<'F>IHYH'<E<?'T9;89?U?'K9><Q?9?;<'D<;:<'9EU;U?I9?'
I9T<><N='LJ>XKX'<>=':F?;X>8='=I<>=D=:'89:<P='9>U?K9;U'P>9?>9?IUV
#;8<45
#H' E9>UMK9N9' QJD=' X>:=K<AI=' K=OGH8' <:<' LF8H><?HK' 8F:;<?'
SP' $' PD=P=D9e' B#F8Fl' O=' ^N;PFD8C' 9D9;U?I9' ;=DO<:9>' I<;8F?<><'
T9;89>9DI9' Zpn' FD9?U?I9' ^N;PFD8' RF?:;NF?=>' IXA=>K=' O=' 9YDU'
9EU;U?I9?'I9T9'X;8X?'LH>H?KHM8HD'9K9'N9?'=8:<>=D'I='^N;PFD8'
<>='I9T9'NX:;=:'FD9?I9'FD89N9'EU:KUMeD
6;=<25
%9I<D' QJDX>=?' ?JDFI=@=?=D9SR' L<D' T9;89>U:' F>9?' $7]I='
F>9L<>I<Y<?G='=D:=?'89?U'JA=>><:>='=M><:'=I=L<>=G=:'K9><Q?9?;<>=D<?'
=D:=?'8=;L<S'9EU;U?I9?'J?=K><I<DV'#H'T9;89>9D'?JDF>F@<:'LH>QH>9D'
?=I=?<'<>='89?U'9>9K9;9>9D'I9+'8=:D9D>9N9?'=?R=:;<NF?':><?<Y<'<>='
L<D><:8='989:;<+'$7'J?'89?U;U?U'KH8>9:9'9:>9'Q=SDK=><I<DV'
!""!
!"#$%&'%&
P-79
P-80
()("!*$(+,-('*$%&*',.%/(0*#(*',#!*1/2,
6"6,+%$"$(+,.(!%&7'(#%/(8%,-*9':,.%/(+"&%;
.%/(-*''(#/<#2,=,"'7<,#<6</<,
$%&%'()*%+,$-'.%/.%*'0%1),'()*%+,$-'/2*,3%'4++2$'
*efV2'2bRg$- 3%$R,)'h2i2$-'2i?e'&%$-'?,V%j'k%j,+%b-'
h,j%+'2*2+jc-'V2+,'2bl23c'
!"#!$!%&'(#!)'%*'+&'$',%-.*!/'0%.1202,%3.%!$!(0'$,!%
4!50!".52
-!#'$#6*%)$789%&$9%,!/4!$%75,!"%$:4%5!1+'1'%3.%
52"2$%4!50!+'#+!$'%.1202,%3.%!$!(0'$,!%4!50!".52;%<9%
"6$7+7=2%#+2"212
"3452
/56789:79;':<9=6'>/0?@A'7<:7;9B5C9;'89:79;':7D7C'B9C9EDF9D'7DD5CG5'
5F7;5D' H9:;9CF9' 7CC5IJ;5C-' H;KD7H' G5L9' BKD7H' HKDBC9H:7LKD;9C;9'
H9C9HB5C7=5' M7C' N9C5H5B' N9:B9;OPOFOCQR5D5;;7H;5' 89:79;' :7D7C7D'
G9:HJ;5C' HK6<C5:LKDS' :KDSTS' I5;7U7CQV7;9B5C9;' 9:5DHCKD'
N56789:79;' :<9:6' 5DF5C' M7C' FSCS6FSC' G5' WX!Y' KC9DODF9'
M7;F7C7;67UZCQVS' G9H9;9CF9' B5F9G7' <;9D;9D69:O' 9U969:ODF9'
9LCOD[;O' M7C' 9C9U[C69DOD' L9<O;69:O' G5' \=5;;7H;5' F7P5C' 89:79;'
N9C5H5B' MK=SH;SH;9CO' G5' F7:H7D5=7;5C' 9]O:ODF9D' 9LOCOTO' B9DO'
L9<O;69:O'\D5C7;65HB5F7CQ'VS'M7;F7C7F5^'\DT5':K;'I\='H9<9PODF9'
H;KD7H':<9=6'7;5'M9U;9LO<':K;'9PO='H5D9COD9'L9LO;9D'Y'9L':KDC9'
7:5' :9P' LJ=' L9CO:ODF9-H;KD7H' HKDBC;9B5C9;' B9C9_9' 9:5DHCKD'
N56789:79;':<9=6'I5;7U5D'`X'L9UODF9H7'5CH5H'N9:B9':SDS;6SUBSCQ'
(=' I5]67U7DF5' \=5;;7H' K;69L9D' N9:B9' :7:B567H' N9:B9;OH;9C'
G5' C9FLK;Ka7H' K;9C9H' HC9D79;' .bc' G5' .b' 9Da7KIC9d:7' F9N7;'
K;69H' J=5C5' 9C9U[CO;6OU' 9DT9H' 65GTSB' FSCS6S' 9]OH;9L9T9H'
9DKC69;;7H' :9<B9D696OU[CQ' $9F7C' M7C' N9C5H5B' MK=SH;SPS' K;9D'
M7;9B5C9;'/0?'B9M;K:S'7;5'H9CUO;9UO;FOPODF9'89:79;':7D7C']OHOU'=KDSD9'
M9:HO'L9<9M7;5T5H'G9:HJ;5C'L9<O;9C'9C9U[CO;69;O-'89:79;'M\;I5F5'
I\CJ;5D' M;589CK:<9:6-89:79;' F7:H7D5=7;5C-' ZH' MK=SH;SH;9CO' G5'
HC9D79;'F7:BKD7;5C'9LOCOTO'B9DOF9'I\='\DJDF5'BSBS;69;OFOCQ'
*>?@2
$KD' H5BKZH' N7<5CI;7:567F5' >$+/R@' I\CJ;5D' N567HKC5!
N567M9;;7:6S:-'D5F5D7'M7;7D65L5D'D9F7C'I\CJ;5D'M7C'N9:B9;OH[CQ'
i9U;O-' F79M5B5:' 65;;7BS:;S>h.@' N9:B9;9CF9-' 9D7' M9U;9DIO];O-' B5H'
B9C9_O'7:B56:7='N9C5H5B;5C;5'H5DF7D7'I\:B5C7CQ'
7ABA@,CA,8DEFA>2
?K;F9'7:B56:7='N9C5H5B;5C;5'M9UGSCS<'$+/RmL5'M9P;O'N567HKC5!
N567M9;;7:6S:'B9DO:O'HKD9D'n'K;ISLS':SDFSHQ'
-53453?B2
"345,G2
oX' L9UODF9' M9L9D' N9:B9DOD' p' 9L' \DT5' 9D7' I5;7U5D' :K;' HK;F9'
7:B56:7=' N9C5H5B;5C7' M9U;96OUQ' h.m;S' N9:B9DOD' H9D' U5H5C7>+&@'
F5P5C;5C7D7D' LJH:5H' :5LC5qP7A' M7C' H5=' $+/R' HK69' B5F9G7:7'
SLIS;9DFOPO' \PC5D7;F7Q' ?K;' HK;F9' HKC57H' N9C5H5B;5C7' I\=;5D5D'
N9:B9DOD'h*bm;5C7'9;B'5H:BC567B5;5CF5'9=9;6OU[Q'2];OH'+&m7'Yr"6Is
F;-' /M2XT^WXY-' 7FC9CF9' 9:5BKD' D5I9Z8F7Q' %%Rm:7-' 96KDL9H'
FJ=5L7' DKC69;F7A' <5C785C7H' L9L69F9' 9H9DBK:7B' :9<B9D69FOQ'
?9P' DJH;5S:' ;5DZ8KC67:' G5' H9SF9B' DJH;5S:' M9UODF9' V*mF5'
N7<5CF5D:-'HC9D79;'.bmF9'*XmF5'N7<5C7DB5D:-'*nmF5'N7<K7DB5D:-'
HKDBC9:B'BSBS;S6S'I\:B5C65L5D';5=LKD'I\=;5DF7Q'/9;K<5C7FK;9'
L9DOB'9;OD69LO<'G9;<CK9B'G5'H;KD9=5<96'7;5'7:B56:7='N9C5H5B;5C'
HO:65D'HKDBCK;'9;[D9'9;ODFOQ
"345,=^'
?5H7='LO;;OH'Z<n'h.m;S'`"'L9UODF9H7'5CH5H'N9:B9-'9D7'I5;7U5D':K;'
B9C9t9'7:B56:7='N9C5H5B;5C;5'M9UGSCFSQ'?K;F9'HKC57H'N9C5H5B;5C'
FOUODF9' $.mF5' \=5;;7H' LKHBSQ' hJ=5D:7=' KC9;' 9DZF7L9M5ZH'
HS;;9D69HB9LFOQ' 2];OH' +&m7' Yo#6IsF;-' /M2XT^WX`Qun-' <;9=69'
K=69;9;7B5:7' pu#' 64:6sj' K;S<' 7FC9CF9' 9:5BKD' D5I9Z8F7Q' ?9P'
H9SF9B'DJH;5S:'M9UODF9'HC9D7L9;'V*mF5'N7<5CF5D:-'.bmF9'*XmF5'
N7<5C7DB5D:-'*nmF5'N7<K7DB5D:-'HKDBC9:B'BSBS;S6S'I\:B5C65L5D'
;5=LKD':9<B9DFOQ'/9;K<5C7FK;;9'B96'FJ=5;65'I\:B5CF7Q'
#HE5@2
$+/RmF5' I\CJ;5D' N567HKC5!N567M9;;7:6S:' I5D5;F5' 2:L9'
H\H5D;7-' L9U;O-' M9L9D' N9:B9;9CF9' I\CJ;5D' D9F7C' M7C' N9:B9;OH[CQ'
+C9D7L9;' V*mF5' N7<5CF5D:-' .bmF9' *XmF5' N7<5C7DB5D:-' *nmF5'
N7<K7DB5D:-' :BC7L9B9;' ;5=LKD' :9<B9DOCQ' 4;9:O' N567HKC5!
N567M9;;7:6S:' D5F5D;5C7' FOU;9DO<' N7<5CK:6K;9C' FSCS6'
I\:B5C7;5C5H' B9DO' HKDSCQ' l9BKd=LK;Ka7:7' B96' M7;7D6565H;5'
M7C;7HB5' <SB967D9;' <5B5U7L9;' N56KC9a7-' N7<5CG7:HK=7B5L5' M9P;O'
:5C5MC9;'G9:HJ;5C'L5B5C:7=;7H-'N7<5CK=6K;9C'FSCS69'M9P;O'9HSB'
D\CKD9;'F7:8KDH:7LKD-'65B9MK;7H'F5P7U7H;7H;5C5':5HKDF5C'R2V2'
G5' 9:5Z;HK;7D' FJ=5L;5C7DF5' 9=9;69' I7M7' ]5U7B;7' D5F5D;5C' 7;5C7'
:JCJ;6JUBJCQ
!"#!
!"#$%&'%&
P-81
P-82
!(&)*+#"+,-(#$('./.0+1(,2%3%,2%'*4%+,)(+,5(#.+3.,
1%/*4*)'*)'%&*+*+,)"2+*$*6,17&78(,%$)*#*,
!(&)*+#"+,-(#$('./.,H%,!%&*6%&*),+I&"!($*,
324/b&+(&+%cd'*6(238&- 'Ub&ef2(gf,&)23-(3&6&(gf,&)23(
$%&'($))*+,(!-(./0&123($45$+04$3(6$.23(!-(0$7+2(
%&'2+8$3("
.;#+%'+3+#&-<'+5-#,-7&-3-*#;2,+)-4#2=040*#12#+3+<4-3*+#
>+.4+%2.0?!:%83$7$90#'70%0=0
$%&$'()#*+,-.#/%0123.042.0#4-5#6+'/742.0#%83$7$90#+&#
.+*.(%
"#
$%&$'()#*+,-.#/%0123.042.0#'+3&0,$7$90#+&:#.+*.(%
!#
(9:;<
5IH<@?O=?( SIOAIDTQT?:I( IOTD( FGKHDKDK<( JIHIAI?( :CHCE( E=A=H(
P;D@H]D;H( =DEIOT?I( <IHMT?-( :CJCOID( JI<T?EIDIH( :I( OT<VI(
<IHMTDIMTDI?( M@<^J;AD;H( IHIOT?:I( J;H( IDEI<AI:THU( 5IH<@?O=?(
SIOAIDTQT?:I( R;H@B;H@<( O@?@H( O@OA;E@?:;( :;( P@H( ;A<@D;?E;( =DCR(
=DEI:TQT?T(IHIM_HEI<(@V@?(PC(VIDTMEI(RDI?DI?ETM_HU(
(9:;<
25.9:;( <=>?@A@B( ACACDCE( FG;DD@<D;( BH=?AID( JKHKAKLK( @MD;ND;H-(
>FHO;D!E;<I?OID( @MD;ND;H( N;( :@<<IA( P=GC<DCQC( M;<D@?:;:@H(
2:@J=RIA@<( 5IH<@?O=?( SIOAIDTQT?T?( O;JH@( P=JC?LI( <=>?@A@B(
ACACDCEC?( =D:CQC( P@D@?E;<A;:@HU( 0FG( <=?COC( ;A<@D;?E;J;(
JIA<T?DT<( =DCMACHI?( BI<AFHD;H( J;A;H@?L;( IVT<( :;Q@D:@HU( 7C(
VIDTMEI:I(@:@J=RIA@<(5IH<@?O=?(SIOAIDTQT?:I(>;L;(P=JC(>;D@M;?(
<I?(PIOT?LT(:;Q@M@ED;H@?@?(<=>?@A@B(:CHCEI(;A<@O@(IHIMATHTDETMATHU(
2=>=;,?=,@ABC=9<
aIDTMEIJI( *)( 7;J@?( 7I?<IOT( <H@A;D;H@?;( >FH;( 2:@=RIA@<(
5IH<@?O=?(SIOAIDTQT(AI?TOT(IDI?([X(SIOAI(N;(JIM(>HCPC(CJ>C?(Wh(
OIQDT<DT(>F?KDDK(IDT?:TU(%@JIP;A;O(E;DD@ACO-(7W[(N@AIE@?@(;<O@<D@Q@(
N;( EID@>?@A;O@( =DI?( SIOAIDIH( VIDTMEI( :TMT( PTHI<TD:TU( .IOAIDIHT?(
AKEK?;( O@?@H( @D;A@E( VIDTMEIOT( JIRTD:TU( cD>CDIH( @D;( <=?AH=D(
>HCPC?C?( E;:@I?-( CD?IH-( R;H=?;ID-( A@P@ID( N;( OCHID( O@?@HD;H@?@?(
DIAI?O-( STG( N;( IERD@AK:D;H@( <IHMTDIMATHTDIHI<( IHIDIHT?:I( I?DIEDT(
P@H(BIH<DTDT<(=DCR(=DEI:TQT(IHIMATHTD:TU
2=>=;,?=,@ABC=9<
7C( VIDTMEIJI( 25.( AI?TOTJDI( @GD;?;?-( WX( <I:T?( WY( ;H<;<( Z#(
SIOAI(IDT?:T(.IOAIDIHI(S=DA;H(E=?@AIH@GIOJ=?(@D;([X(OIIAD@<(<I?(
PIOT?LT( <IJ:T( JIRTD:TU( 3FH=RO@<=D=\@<( A;OA( PIAIHJIOT( P;DD;Q@-(
:@<<I]-( JKHKAKLK( @MD;ND;H@-( :@D@( N;( >FHO;D( E;<^?OID( @MD;ND;H@(
OT?I:TQT( NIHOIJTDI?( A;OAD;H:;?( =DCMACHCD:CU( .IOAIDIH( >;L;( <I?(
PIOT?LT( :KM;?( N;( :KME;J;?D;H( =DIHI<( @<@J;( IJHTD:TU( .;H( @<@(
>HCPC?( ?FH=RO@<=D=\@<( A;OA( R;HB=HEI?ODIHT( @OAI]O]<O;D( =DIHI<(
<IHMTDIM_HTD:TU(
5DEFDE:><
5IH<@?O=?(SIOAIDIHT(N;(<=?AH=D(>HCPC(IHIOT?:I(O@?@H(@D;]E(STGDIHT-(
DIAI?O(N;(IERD@AKAD;H@(IVTOT?:I?(I?DIEDT(P@H(BIH<DTDT<(PCDC?EI:TU
5DEFDE:><
#GBD;<
WX(SIOAI:I(>;L;(<I?(PIOT?LT?:I(P;<D;?;?(:KMK<DKQK?(>;D@M]Q@-(
WY( SIOAI:I( @O;( :KMKM( >;D@ME;:@Q@( OIRAI?:TU( `;L;( P=JC?LI(
<I?( PIOT?LT( :KMK<DKQK( =DEIJI?( >HCPC?( >FHO;D( E;<^?OID(
@MD;ND;H-(BH=?AID(JKHKAKLK(@MD;ND;H-(:@<<IA-(P;DD;<(N;(:@D@(OT?IJI?(
A;OAD;H:;-(:@Q;H(>HCPI(@OAI]O]<O;D(=DIHI<(I?DIEDT(:;H;L;:;(<FAK(
R;HB=HEI?O(>FOA;H:@Q@(OIRAI?:TU(
5IH<@?O=?(SIOAIDTQT?:I(=A=?=E@<(O@?@H(O@OA;E@(P=GC<DC<DIHT(OT<(
=DIHI<( <IHMTETGI( VT<EI<AI:THU( iCN;?@D( N;JI( ;H<;?( PIMDI?>TVDT(
SIOAIDIHT?( JI<DIMT<( KVA;( P@H@?:;( ;D;<AH=jGJ=D=\@<( P=GC<DC<DIH(
P@D:@H@DE@M]HU( $JHTLI( O=?( :F?;ED;H:;( :C=:;?ID( 4!:=RI(
@?BKGJ=?C?C?( R=D@?FH=RI]J;( J=D( IVIP@D:@Q@-( PC?C( :I( 7W[( N;(
7Y(N@AIE@?(;<O@<D@Q@?;(J=D(IVIHI<(JIR_QT(P@D:@H@DE@M]HU(7C?C?DI(
P@HD@<A;( ]R( [( :@JIP;A( :;( 5IH<@?O=?( SIOAIDTQT?T?( :I( >FHKD:KQK(
JIM( >HCRDIHT?:I( OT<( >FHKDE;<A;:@HU( 7C( ?;:;?D;( R=D@?FH=RI](
OIRAI?I?( 5IH<@?O=?( SIOAIDIHT?:I( F?L;D@<D;( PC( ?;:;?D;H@?(
IHIM_HTDEIOT(F?;H@DE;<A;:@HU
#GBD;<
.IOAIDT<(M@::;AD;H@-(JIM-(;Q@]E-(L@?O@J;A(:IQTDTET(N;(SIOAI(OIJTOT(
PI<TET?:I?(P@HP@HD;H@?;(:;?<(=DI?(@<@(25.(>HCPC?:I-(<I?(PIOT?LT(
:KME;O@?@?( =DEI:TQT( 25.( >HCPC?:I( <=>?@]B( @MD;ND;H( :ISI(
<FAK( PCDC?ECMACHU( aIDTMEIETGT?( O=?CVDIHT-( 25.9:;( >;L;( <I?(
PIOT?LT(:KMK<DKQK?K?(>;D@ME;E;O@?@?(<=>?@]B(@MD;N(P=GC<DCQC(
IVTOT?:I?(P@H(H@O<(BI<AFHK(=D:CQC?C(I<DI(>;]HE;<A;:@HU
!"#!
!"#$%&'%&
P-83
P-84
('$)%*#$&%+,$%)(-.&'.*'.)!(&*,/#"/,0+)1%)"&$"#$($,*)
$&%+"&2)"'(/)3,&)"'425()(!"+"&6,/)7%1(3.)
!,+"0,5),'%)$%5(1,)%5,'+,<),0"'%)+"$"&)$,*)3"02*'2-2)
"'42#2)
$%&'(%)*+$(,)&)-(!.(/01$2)3($&$3(!.(4$/3$5(6116(!.(7&803(
,$3)4(!.(9$3-(0-%71:0396("
1$*,0(-7&-204(
.,'$%/*1,'#;*.5*(#1$2($%*2,
$%&$'$#$($()'&#*+,(,-#.*#$'$/(0'-$#1$2($%*2,#
%3'4546,7"#&5,%,+,
"#
$%&$'$#)%,.*'2,(*2,#(08#9$&)5(*2,#,:%7,#2,%$#1$2($%*2,#
%3'4546,#$:;
!#
"89:;
:B>;=@.( ?E>;E>;C( ?<=@=HVFB>.( <=>@C@;CRE\E.( ?FHG<CG( J=( B?<=A?BI(
NC@=>=<;=@OB@U(2H<H@(RC(OC(JH>C;.(LC?B<(RC(OC(>HAF;=>?.(<HGB>.(
>;HGB>( RC( OC( OB?<HGB>( T=>B;O=( H;CLB;B@U( :B>B( S=@M=>;=TV@A=R=(
RXG=;B>( XG\K;( LB@( NB?.( S=@M=>;=TV@OB><=G( ?HG@C( B?=( S=MB\B( LB@(
@CNC<;CAC( JC@;EDE( VFB>V@U( ,BD=@( LB@( XI=;;B>( >E?C( ?K@=;B( H;C@C>(
LC?>E;CGCLB;A=;=@BOB@U( 0G>?BR=<=.( ?<@=?( J=( RH@SYG;Y>;C( C@]T(
SX@K;K@>=G(RHDYG(OKTKG\=(SK\K(B;=(CIC;AC(SX?<=@B@;=@U(4CACG(
BMBGO=( TBOO=<.( ?E>;E>( J=( RCRE;EAOC( O=DBTB>;B>( SXI;=G=LB;B@U(
%CT;CGSEM( ?E>;E>;C( MH\Y>;Y>( MCDEGOCOE@U( 8C?<C;E>( <CGE?E( #""^(
,12!6_(<CGE(>@B<=@;=@BG=(SX@=(>HGY;Y@U
"89:;
0;<(=>?<@=AB<=(CDE@;E>;E(FC@>BG?HGBIA.(JC?>K;=@.(GH@AC;(LC?EGM;E(
NBO@H?=PC;B(J=(;=QR(LHOR(O=ACG?(SBLB(G=O=G;=@=(LCD;E(S=;BT=LB;B@U(
7@<H?<CV>( <@=AH@( B?=( 5C@>BG?HG( 8C?<C;EDEWGOC( OC( SX@K;=LB;=G(
GCOB@( <@=AH@( M=TB<;=@BGO=GOB@U( %BIBA( NC?<CAEIOC.( H@<H?<CV>(
<@=AH@YG( =T;B>( =ZDB( JC?>K;=@( G=O=G=( LCD;E( C;<( =>?<@=AB<=(
CDE@;E>;E( FC@>BG?HIA( JC@OE( J=( A=OB>C;( <=OCJBR=( OB@=GM;B( BOBU(
%YGYG( KI=@BG=( NC?<CAEIC( CFHAH@[G( <=OCJB?B( YRSY;CGOEU(
0FHAH@[G.( BOBHFCV>( 5C@>BG?HG( 8C?<C;EDE( <CGE( J=( <=OCJB?BGO=(
>Y;;CGE;CG.(F@=!FH?<?BGCFV>(OHFCABG(@=?=F<X@;=@BG=(LCD;CGCG.(
=@SH(H;ACRCG(LB@(OHFCABG(CSHGB?VOB@U(8C?<CAEIOC(CFHAH@[G(
<=OCJB?B(?HGY\YGOC(FC@>BG?HGBIA(B;=(L=@CL=@(H@<H?<CV>(<@=AH@(
L=;B@V;=@B( O=( S=@B;=ABTVU( *B<=@C<K@( <C@CAC?EGOC.( H@<H?<CV>(
<@=AH@OC( CFHAH@[G( YRSY;CAC?E( J=( ?HGYM;C@E( NC>>EGOC( LB;SB(
H;ACOEDE(BMBG(H;SYAYIY(?YGACRE(YRSYG(SX@OK>U
"89:)=;
`a(RCTEGOC(=@>=>(NC?<C.(LCT<C(V<@=A=(RC>EGAC?E(B;=(LCTJY@OYU(
%CTEGOC>B( V<@=A=( a( RE;OE@.( C@C;E>;E( H;C@C>( H;YRH@AYTU( -=GOB(
BPCO=?B(B;=(bV<@=A=RB(L=RBG(SK\K(B;=(OY@OY@CLB;BRH@AYT.(CG\C>(
LB@( ?K@=( ?HG@C( R=GBO=G( LCT;ERH@AYTcU( 1<@=?;B( H;OYDYGOC(
C@]RH@AYT.(LCTEGC(=;BGB(>HROYDYGOC(S=MB\B(H;C@C>(OY@YRH@AYTU(
8C?<CGEG( XR>K?K( ?H@SY;CGOEDEGOC( d( RE;( >COC@( XG\=( L=GI=@(
NC@=>=<;=@BG( >H;;C@EGOC( H;OYDY.( LYGYG( a!^( RE;( ?K@OKDK.(
?HG@C?EGOC( B?=( >=GOB;BDBGO=G( S=MVDB( XD@=GB;OBU( 8C?<CRC( BIH;=(
AH<H@( V>( LHIY>;YDY( <CGE?E( >HGY;C@C>.( LB@BG\B;!B>BG\B;( V>(
LHIY>;YDY( CME?EGOCG( LXL@=>( J=( >C@C\BD=@( PHG>?BRHG( <=?<;=@B.(
?=@YA(=;=><@H;B<(OKI=R;=@B.(N=AHS@CA.(F=@BP=@B>(RCRAC.(?=@YA(
LC>E@.(?=@YA(?=@Y;HF;CIABG.(BO@C@(LC>E@(J=(>@CGBRC;(SX@KG<K;=A=(
RCFE;OE(J=(GH@AC;(LY;YGOYU(8C?<CRC(BIH;=(AH<H@(V>(LHIY>;YDY(
<CGE?E( B;=( FBAHIBO( `ASeSKG( LCT;CGOEU( :=OCJBGBG( `U( NCfC?EGOC(
NC?<C(XG\=R=(SX@=(OCNC(BRB(H;OYDYGY(CG\C>(NC@=>=<;=@BG(O=JCA(
=ZDBGB(L=;B@ZU(5BAHIBO(OHIY(XG\=(a.(LB@(NCfC(?HG@C(^(ASeSKG=(
ME>C@E;OEU(8C?<CGEG(?=AF<HA;C@EGOC(L=;B@SBG(OKI=;A=(SXI;=GOBU
$>?@AB>;
)IH;=( AH<H@( V>( LHIY>;YDY.( =T;B>( =O=G( N=@NCGSB( F?B>BRC<@B>( RC(
OC( A=OB>C;( NC?<C;E>( H;AC>?EIEG( GCOB@( SX@K;=G( LB@( OY@YAOY@U(
%Y@COC(BIH;=(AH<H@(V>(LHIY>;YDY(<CGE?E(>HGY;CG(J=(FBAHIBO(B;=(
<=OCJB(=OB;=G(LB@(H;SY(JBO=H(SX@KG<K;=@B(?YGY;AC><COE@U(
!"#!
!"#$%&'%&
P-85
P-86
$('()*#+%,-(&.$/+#",&(#/+$&%)"&+0%'12%,+31&+"'0*4+
)*'$1+#1#$%)+($&"-1+?%+#$&1@"&+
$%&$'()*+,$(,-,*./ 01234(,5&0/(632$7(3,83.(
g*&:5(h3+5)/ 0i263(-j%*]$&,k&3./(g*.$3.(%*.$j/(:$6*.(
0i,5hil25/(]*8]*0(h*2*g$'i4/(g*8$4*(-j*&(
!"#!$%&'&'($)%*+!'!#%&$&,'-$#&%.&/'&0*/!
!"#!$%&'&'($)%*+!'!#%1*%&$&,'-$#&%.&/'&0*/!
056579
"89:;
:;<=>( ?@ABC( >@DA;C>=EF( GBHI;CB/( <;E@/( J@KB?=>>BHKLH/( IE@K;E/(
KBA;<>;CLH/( =HI@EB<HBH( MB?B( =C;EK=>( BHI@K( GFNF( J=E@<@I>@E@(
C@G@C(;>=?B>BEO('I=P<(?@ABC(>@DA;C>=EFCG=C(H;CE=(M@>BN@C(J=E@<@I(
?;DL<>L<>=EFCFC(@IA;>;QBHBCG@(R@EBC=I=>(JBR;<HBG@C(H;CE=(B<BCSB(
HF<>F<I=( BCK@CBC( @I<B>B( ;>GLTL( H=RI=CKFNUEO( -D@>>B<>@( >=I@E=>(
R;HI@EB;E( I=>=KB<( BCK@>@EG@C( H;CE=( IE@K;E( M@>BN@?B>@S@TB(
>BI@E=IVEG@(?@>BEP>K@<I@GBEO(
]L>P( 'BHI@K( 3IE;m( _]'3d( RBE=KBG=>/( @<HIE=RBE=KBG=>/(
H@E@?@>>=E(Z@(;I;C;KB<(?L>ML>=EFC(G@TBNB<(<;K?BC=HA;C>=EF(B>@(
<=E=<I@EBD@/( R=E<BCH;C( R>LH( H@CGE;K>=EFCG=C( ?BEBHBGBEO( ,>BCB<(
?L>ML>=E=( M[E@( ]'3( B<B( =C=( <=I@M;EBA@( =AEF>FEO( g=H<FC( ;>=C(
?L>ML( R=E<BCH;CB@C( ?L>ML>=E( BH@( ]'3!7/( H@E@?@>>=E( ?L>ML>=E(
[C( R>=CG=( BH@( ]'3!`( ;>=E=<( =G>=CGFEF>FEO( iEI=>=K=( ?=N>=CMFY(
A=NF(no(;>LR(bppOppp(o!n^>B<(RE@Z@>=CH=(H=JBRPEO(8=HI=>=EG=(@<(
;>=E=<( =CI@E;<;>>BH/( RBH=( H@CGE;KL/( <;CIE=<IVE>@E/( JBR;<BC@P<(
GBD=EIEB/( GBH\=QB/( KA;<>;CLH/( LA=CF<<@C( BY( Y@<K@/( LA<L( =RC@HB(
Z@( HIEBG;E( MB?B( @<( ?L>ML>=E( G=( H=RI=C=?B>BEO( X#( A=NFCG=( @E<@<O(
bp( AF>( [CS@( H=T( @>G@( PIE@K@( A=<FCK=HF( ?=N>=KFNO( gLCG=C(
n( AF>( <=G=E( H;CE=( ?L( C@G@C>@( 2!G;R=( I@G=ZBHB( ?=N>=CKFN( Z@(
PIE@K@HBCG@( <FHKB( =D=>K=( ;>KLNO( ';C( #( AF>GFE( J=E@<@I>@EG@(
A=Z=N>=K=/( <;CLNK=G=( ?;DL>K=( Z@( ALIK=( MVY>VTV( ;EI=A=(
YF<KFNO(gL(C@G@C>@(GFN(K@E<@DG@([C(?;ACLD(J=HI=>FTF([C(I=CFHF(
B>@(BD>@CKBN(Z@(I@G=ZB(Z@EB>KBN(=CS=<(B>@E>@K@(G@Z=K(@IKBNO(';C(
W!o( =AGFE/( NB<=A@I>@EBC@( C@\@H( G=E>FTF/( ALIK=( MVY>VTV( Z@( ?LC=(
?=T>F( <B>;( <=A?F( @<>@C@C( J=HI=( H@EZBHBKBD@( A=UEF>GFO( .[E;>;QB<(
KL=A@C@HBCG@(=TFE(GBD=EIEB</(C=D;C@(<;CLNK=/(GBH\=QB(Z@(?LC=(
?=T>F( HB=>;E@( B>@( ?BE>B<I@( ?@>BEMBC( HIEBG;EL( K@ZSLqLO( -TVEK@(
E@e@<HB(?B>=I@E=>(;>=E=<(=D=>KFNU/(AL<=EF(?=<FN(F>FK>F(<FHFI>F/(%0&(
>@E(G[EI(A[C>V(S=C>F/(=HH;HBA@(J=E@<@I>@E(?B>=I@E=>(=D=>KFNUO('=T(
GBEH@<I@(Z@(@>(?B>@TBCG@(EBQBGBI@(Z=EGFO(gE=GB<BC@DB(Z@(?E=GBKBKBHB(
;>=C(;>MLG=(H=TG=(?@>BEMBC(?B>=I@E=>(R;HILE=>(Z@(=<HBA;C(IE@K;EL(
K@ZSLqLO(]A@EH;C(?L>MLHL(R;DBPrB/(Y@C@(E@e@<HB(=EIKFN(;>=E=<(
=>FCFA;EGLO( iI;C;KB<( ?L>ML>=E( H;EML>=CGFTFCG=( ;EI;HI=P<(
?=N( G[CK@HB( I=CFK>=GF/( =CS=<( mDB<( KL=A@C@HB( ;>=T=CGFO(
4=<FCK=>=EFCFC( ?=N>=GFTF( G[C@KG@C( ?@EB( @KR;I=CH( ;>GLTL(
?@>BEP>GBO( ,E=CBA=>( Z@( '@EZB<=>( ]&6^HB( C;EK=>GBO( *]6^HBCG@(
[C( ?;ACLD( ILIL>LNL( H=RI=CK=GFO( ,FH=( <;MCBP\( KL=A@C@HB(
C;EK=>( >BKBI>@EG@AGBO( 5A<LG=( G=( G@Z=K( @G@C( Y;<( ?@>BEMBC(
'IEBG;EL( Z@( H;>LCLK( GBHIE@HB( ;>=C( J=HI=CFC( ,gg( I=E=sCG=C(
A=RF>=C( e@<HB?>( >=EBCM;H<;RBHBCG@( H=T( Z;<=>( <;EG( R=E=>BP</(
H;>G=(Z;<=>(<;EG(J=E@<@P(B>@EB(G@E@S@G@(<FHFI>F(Z@(EBK=HF(G=EGFO(
0;E=<H( Z@( ?;ALC( g0( HB( C;EK=>GBO( 8=HI=A=( IE=<@;I;KB( [C@EB>GB(
=CS=<( J=HI=( Z@( A=<FC>=EF( <=?L>( @IK@GB>@EO( 0=<BR>@EBCG@( =<LI(
M@>BN@C( C@\@H( G=E>FTF( C@G@CB( B>@( =SB>( H@EZBH@( ?=NZLE=C( J=HI=A=(
=SB>( IE=<@;I;KB( LAML>=CGF( Z@( H;CE=HFCG=( IE=<@;I;KB>B( ;>=E=<(
I=<BR( @GB>GBO( 7=E<BCH;CBDK( <>BCBTB( ;>=C( J=HI=>=EG=( ;I;C;KB<(
ILIL>LN/( H@E@?@>>=E( Z@( RBE=KBG=>( ?L>ML>=E( B>@( ?BE>B<I@( [D@>>B<>@(
@E<@C( G[C@KG@( =TFE( GBD=EIEB/( GBH\=QB( Z@( HIEBG;E( MB?B( ?L>ML>=EFC(
Z=E>FTFCG=( [CS@>B<>@( ]'3( I=CFHF( GVNVCV>K@>BGBEO( 'IEBG;ELC(
GBT@E(C@G@C>@EB(KLI>=<=(GFN>=CK=>F(Z@(?L(J=HI=>=E(IE=<@;HI;KB(
=YFHFCG=C(G@T@E>@CGBEB>K@>BGBEO(
"89:;
WX(A=NFCG=(H=T(@>>B(@E<@<(J=HI=(H=TG=(MVY(Z@(GLAL(<=A?F(A=<FCK=HF(
B>@(H@EZBHBKBD@(A=UEF>GFO(.[E;>;QB<(?=<FHFCG=(H=T(J@KBJBR;=>Q@DB(
Z@( \EVHI( J@KBR=E@DB( H=RI=C=C( J=HI=CFC( <E=CBA=>( ]&6^( HBCG@(
H;>( I=>=KB<( @C\=E<I( ?L>LCGLO( *IA;>;QBA@( A[C@>B<( I@I<B<>@EBCG@(
]08:&( _`Xaa0/( 3b#"c`d( J@I@E;DBM;I( R;DBPeBTB( H=RI=CGF( Z@(
=CP<;=MV>=C( I@G=ZB( ?=N>=CGFO( $CK@( H;CE=HF( bO=AG=( H=T( VHI( Z@(
=>I(@<HIE@KBI@>@EG@(GVNV<(\E@<=CH>F/(AV<H@<(=KR>BIVG>V(=<HBA;C(
IE@K;EL( _R;HIVE=>f<BC@P<d( M@>BNK@HB( VD@EBC@/( RE;RE=C;>;>/(
<>;C=D@R=K( Z@( REBKBG;C@( I@G=ZB>@EB( G@C@CGBO( 3CS=<( @I<BC(
H;CLY(=>FC=K=GFTF(BYBC(2@Z;(G;R=(?=N>=CGFO
$<6=7><;
0=>=KB<( IE@K;E/( I=>=KB<( >@DA;C>=E>=( B>BN<B>B( [DMV>( ?BE( IE@K;E(
PRBGBEO( 3AEFCU>F( Y=>FNK=>=E( ?L( IE@K;ELC( >=I@E=>( R;HI@EB;E(
I=>=KB<( BCK@>@EG@C( H;CE=( M@>BNPTBCB( M[HI@EKBNPEO( 0E@K;E/(
BCK@G@C( ?@>>B( ?BE( HVE@( H;CE=( ;EI=A=( YF<=E( Z@( GVD@>KBN(
J@KBR=E@DB( D@KBCBCG@( @CI=CHBA;C@>( IE@K;E( ?B>@N@CB( ;>=C(
=<HBA;C( IE@K;EL( Z@( GBHI;CB( <=EFNFKF( N@<>BCG@GBEO( 6@C@>>B<>@(
RE;<HBK=>( H@MK@CI>@E( @I<B>@CK@<I@GBEO( :BDA;R=I;>;QBHBCG@(
I=>=KLH( @C\=E<U( H;CE=HF( I=>=KB<( C[E;C>=EG=( K@AG=C=( M@>@C(
R>=HPHBI@/(\;C<HBA;C@>(E@;EM=CBD=HA;C(Z@(G@CI=I;EL?E;I=>=KB<(
A;>LC( @I<B>@CK@HB( A@E( =>FEO( ,=?L>( M[EKVN( I@G=ZBHB( ;>K=K=<>=(
?@E=?@E/(I@G=ZB(H@E@?@>>=E(IE@K;EG=(;>GLTLCG=C(G=J=(AV<H@<(
;E=CG=( ?=N=EF>FGFEO( g=DF( J=HI=>=E( >@Z;G;R=/( <>;C=D@R=K( Z@(
=CP<;>BC@EQB<>@E@( BAB( A=CFI( Z@EK@<I@GBEO( 3CS=<( ?BDBK( ;>MLKLD(
G@C@C@C( I@G=ZB>@EG@C( =C>=K>F( A=E=E( M[EK@GB( Z@( 2@Z;!%;R=(
I@G=ZBHB(?=N>=CGFO($N>@ZH@>(?@ABC(S@EE=JBHBCBC(?L(H@CGE;K(PRBC@(
@I<B>@EB(BH@(A@I@EBCS@(?B>BCK@K@<I@GBEO(
!"#!
!"#$%&'%&
P-87
P-88
%!()"*(+,-$-+#(,-('%#(.,"'/0,#01020,
1-*(&,/<&='%1,>(&,"'/0.,(*(?"!-$(+,#=!%&@(#(?-',
#(*%&")(#,
$%&'()'*+, -./0()1%2(03.4,)*5'%)/672.5)+8$3%9(,)
2%-2%:)/.2.;)
.7()9%/-j;)3k5+./., %7(l)+k9.$k/)k0-.;,);(7'8;)mj7j0,)
2%-2%:)3.064)3.$7k)
!"#$%&'$(!)*+*&,%-.*/0-)*0-&!/!1)2/3!&4!0)!%*0-&
%5/$6$7-&!89&
-0)!%:;6&,%-.*/0-)*0-&-0)!%:;6&)2+&"!',6)*0-
/3435.
/3435.,
%<=>?@=A) BCBAD=EFG) =H?I) ABIBEJI@BA=) KLCBDH?IEBG) D?ILMLI@B)
?ELNBI)OFGF@=CFG)P=G)QGL<)OBDCBEJARGS)'FIFE)?EBGBA)BGBEJAEJ)?GCBHB)
TJABI,) @BA=ABEBGU) DBBCEFG) DVGFI) BCBAD=,) @=>BGCG=) WF) @=XFG) PFH=I)
DB<J) DFK<C?KEBGJHEB) DFHGF@FGS) $JAEJAEB) :=<Y) Z%.Y[,) \<) ]) Z%.][)
Q^GVEVGS)%.)Y)<?CBDHLK)ABIBE)QFI=I@FA=)Z+9;.Y[,)%.)],)W?ECB_)
PBXJKEJ)ABED=HLK)ABIBE)QFI=I@FA=)Z9.9;.Y.[)KLCBDH?IEBG@BI)
ABHIBAEBIJGS
$V<FGfDHBE) D=@FG?>=D) Z$$[) HBWBN) <G?QGFD=g) DFGFPFEEBG) BCBAD=,)
DFID?G=I^GBE) =N=CKF) ABHPJ) WF) KHFE?<B\) PLEQLEBGJIJI) @B) FNE=A)
F@FP=E@=X=)IB@=G)P=G)OBDCBEJARGS):BIJ,)AE=I=A)NV<OF)WF)GB@H?E?_=A)
=IMFEFKFEFG) =EF) A?ILEKBACB@JGS) $LPBGBAI?=@) KFDBgFHF) HBWBN,)
CFAGBGEBHJMJ) ABIBKBEBG) <BC?f>H?E?_=A) KFABI=>KB@B) ^IF)
DVGVEKFACF@=GS) kEQLKL>) FCH?E?_=A) BTJ@BI) BHGJIREJ) ?EBGBA)
@FXFGEFI@=G=EK=N) WF) =@=H?<B\A) DV<FGfD=HBE) D=@FG?>=D) ?EBGBA)
@FXFGEFI@=G=EK=N\GS
"678.
"678.
#")HBNJI@B)FGAFA)OBDCBS)]`)HJE@JG)Y`!Ya)QVI@F)P=G)@FIQFD=>E=A,)
<FECFA) A?ILNKB,) PLEBIR,) ALDKB,) PBN@^IKFD=) N=ABHFCEFG=,) Ya)
@A)!)#)DBBC)DVGVH?G,)D?IGB)CBKBKFI)@V>FE=H?GKLNS)-BDCB)BHIJ)
N=ABHFCEFG=I)Yb)HBNJI@BA=)AJ>JI@B)@B)])HBNJI@BI)PFG=)Q^GVEKFD=)
V>FG=IF)PBNWLG@LS) -BDCBEBGJI) I^G?E?_=A) KLBHFIFD=,)EBP?GBCLBG)
CFCA=AEFG=)BCBAEBG)BGBDJI@B)I?GKBE@=S)(A=)OBDCB@B)@B)%2'c@F)BEC)
FdCGFK=CFEFG@F)PFE=GQ=I)@LHLDBE)BXJGEJAEJ)<?E=I^G?<B\)DB<CBI@JS)
3BPB@B)BCBA)DJGBDJI@B)<?CBDHLKe#S#)KK?EU7)Z#Sa!aSa)KK?EU7[,)
AJ>JI@B)bS#)KK?EU7H@=S)-BDCBEBGB)AE=I=A,)B=EF)^HAVDV,)EBP?GBCLWBG)
@FDCFX=HEF) F<=>?@=A) BCBAD=) CBIJDJ) A?ILE@LS) .DFCB>?EBK=@) ]dY)
CF@BW=D=I@FI) =H=) HBIJC) BEJI@JS) Y) HJE@JG) CBA=P=K=>@FHAFI) PBPB)
OBfgTF)P=G)BCBA)QFT=G@=,)AJ>JI@B)BCBA)?EKB@JS);B@=G)Q^GVEFI)P=G)
OBDCBEJA)?EKBDJ)IF@FI=HEF)DLIKBHJ)LHQLI)Q^G@VAS
+JGA) P=G) HBNJI@B) FGAFA) OBDCB,) =A=) DFIF@=G) @FIQFD=>E=A) WF) DBX)
ALEBACB) PFE=GQ=I) ?EKBA) V>FGF) OFG) =A=) ALEBACB) =N=CKF) ABHPJ)
N=ABHF\HEF) PBNWLG@LS) *>QFTK=N=I@F) PBMBAEBG@BI) PBNEBHJ<)
PFE=IF)WF)ABgBDJIJI)BGABDJIB)HBHJEBI)PBN)BXGJEBGJ)WF)Ya)HJE)^IMF)
DBX) PBMBACBI) BCFNE=) D=EBO) HBGBEBIKBDJ) ^HAVDV) @JNJI@B) ^>FEE=A)
H?ACLS) $BX) ALEBXJI@B) =N=CKF) M=OB>J) ?EBI) OBDCBIJI) I^G?E?_=A)
KLBHFIFD=I@F) P=EBCFGBE) =N=CKF) ABHPJ) WF) Q^>EFG=I=) AB<BnXJI@B)
@BOB)PFE=GQ=I)?EBI)CGLIABE)BCBAD=)DB<CBI@JS)1FK=G)KFCBP?E=>KB)
P?>LAELXL) WF) ABIBKB) @=HBCF>=) BTJDJI@BI) @B) @FXFGEFI@=G=EFI)
OBDCBIJI) ABI) @FXFGEFG=I@F,) PBRI) j$'cD=I@F) WF) Q^>)
KLBHFIFD=I@F) ^>FEE=A) PLELIKB@JS) +GBIHBE) 20) =IMFEFKFD=I@F)
KF@LEEB) ?PE?IQBCB,) <?ID,) KF>FIDFgBE?I,) WFGK=D) WF) P=EBCFGBE)
DEHW=BI) fDDVGEFG@F) OFK?D=@FG?>=DEF) LHLKEL) G=K) CBG>JI@B)
:]) D=IHBE) ABHPJ) Q^GVE@VS) +GBIHBE) WF) D<=IBE) A?IWBID=H?IFE)
BI_=?QGBfEFG=I@F)WBDAVEFG)HB<JEBG)I?GKBE)?EBGBA)@FXFGEFI@=G=E@=S)
3FH=I)?KLG=E=A)DJWJDJ)Z3k$[)ADBIC?AG?K=A\)WF)o#])P?HBDJ>)OVMGF)
Q^GVE@VS) 3k$) <G?CF=I=) OBfgTF) HVADFA\,) @=XFG) P=H?A=KHBDBE)
@FXFGEFG=)I?GKBE@=S)-BDCB@B)DLPBGBAI?=@)KFDBgF@F)ABIBKBHB)
H?E) BTBP=EFMFA) P=G) <BC?E?_=) DB<CBIKB@JXJI@BI) =@=H?<B\A)
DV<FGfD=HBE)D=@FG?>=D)?EBGBA)CBA=PF)BEJI@JS
$94:5;9.
%.)Y,)AG?K?>?K)Y]<c@F)<?CBDHLK)ABIBE)QFI=I@FA=)KLCBDH?I@BI)
ABHIBAEBIJGS)a)!)h)HBN)BGBDJI@B)?GCBHB)TJABGS)1FIQFD=>E=A,)\CGFKF)
WF) PLEBIJA) Q^GKF) N=ABHFCEFG=HEF) DFHGF@FGS.CBAEBG) BI=@FI)
PBNEBG,) Y`) @BA=AB@BI) AJDB,) PB>FI) i) DBBCF) AB@BG) DVGFP=E=GS) $CGFD,)
BIAD=HFCF) BCBAEBGJ) BGRGJGS) :BIJ) @BOB) T?A) AE=I=A) WF) B=EF) ^HAVDVIF)
@BHBIKBACB@JGS) .DFCB>?EBK=@,) BCBAEBGJ) B>BERG,) HBGJDJI@B)
CBKBKFI) QFT=GFP=E=GS) .I\A?IWLE>BIEBGB) MFWB<) WFGFI) WBABEBG)
P=E@=G=EK=N\GS) 3L) OBDCBEBGJI) N=ABHFCEFG=) <BG?AD=DKBE) ?E@LXL) =T=I)
CBIJDJ)QFM=AFP=EKFACF@=GS)3=>=K)?EQLKL>)@B)]`)HJE@JG)OBDCBEJXJ)=EF)
HBNBKBDJIJ)^XGFIK=N\S).IMBA)CBIJ)A?ILE@LACBI)D?IGB)PBNEBIBI)
BDFCB>?EBK=@F)HBIJC)PBPB)WF)AJ>JIJI)HBNBK)ABE=CFD=I=)BGRGKJNRGS)
#AB8C.
$V<FGfD=HBE) $=@FG?>=D) OFK=DgFGFAC?K=,) CFAGBGEBHBI) ABgB!
?KLGQB) CGBWKBEBGJ) WFHB) =ICGBAGBIHBE) BIFWG=>KB,) BGCFG=?WFI^>)
KBEg?GKBDH?I) WF) D<=IBE) CVK^GEFG@F,) AG?I=A,) CFAGBGEBHBI)
ABIBKBEBG@BI) D?IGB) CBIJKEBIKJNRGS) -BDCBKJ>@B) DLPBGBAI?=@)
KFDBgF@F)ABIBKBHB)IF@FI)?EBP=EFMFA)P=G)FCH?E?_=)PLELIBKBKJN)
WF)OFK?D=@FG=I)P=G=A=K=I=I)E?ABE)K=AG?WBDAVEFG)gGBQ=E=CF)IF@FI=)
=EF)?GCBHB)TJAKJN)?EBP=EFMFX=)@VNVIVEKVNCVGS)
!"#!
!"#$%&'%&
P-89
P-90
(%&%)*$%&+#!,#$*-+!,&,!,&%.*/+"'01+#12131+
819%2*'+3*:"-'"2*-+%!*'%!#*'*+(,#$,',&),+-"02*$*;+
;"2-#*:"2',&<2+%%0=:%+%$-*#*+
!"#$%&'()(%!"*&+,-.!&/0&-1%'!%* 23145!%&61.71%*&
7,.,8%1.&/49(.6*&7,%!"&/4:!6$.&
8`',%&#,-`.* a,)`%&#23!%&!6*&5!".1%`++!&#`),6&!9!6)$*&
5(+,"`%&+!.$*&:!6`&!.a!b$&
!"#"$%&'%(%$&)*)&+$+,-.-*$/+$%(%0.1(*%$2%!.%&+!-$
#%'-('34$()2$/+$!-&-($2%!.%51'5%(1$2%!.%&+!"4567
,>?@7
5;<;=>?;<&@AB@CD&AB<BAB<;E>&F;G;CD&GH<I=;J;G;<BCK&LB@?BMNDMB<&
>O>G=;& L;?;<IJ;G& P><& F<QA& IMQA*& @A>GBM& DI<=& GH<IGMB<NGNG&
;?D>M;G=>R>&DM>G>D&P><&?BPMI=Q<0&:Q&LB@?BMNDMB<&BM?&;D@?<;S>?;M;<=;&
>M;<M;T>U>&@AB@C@>?;&V;&FWO@WEMWD&>M;&D;G=>G>&FH@?;<;G&V;&AB?IMIJ>D&
IMB<BD& DI<CDI@A>GBM& ?<BD?Q@& V;& AI@?;<>I<& DIMIG=B& <;?<IF<B=&
BD@IGBM& =;J;G;<B@TIGQG& PIEQM=QRQ& LB@?BMNDMB<=N<0& 5;<;=>?;<&
@AB@CD& AB<BAB<;E>G>G& LWU<;@;M& GID?B=BD>& BGI<SBMM>DM;<>& =;&
BONDMBGSBTB& PBXMBGSNXY<0& ZZ& TBXNG=B& DB=NG& LB@?B*& DM>G>R>S>E;&
TW<WS;=;& =;GF;@>EM>D*& TW<W<D;G& BTBDMB<NGNG& P><P><>G;&
=IMBXSB@N& TBDNGSB@N& >M;& PBXVQ<=Q0& %H<IMIJ>D& SQBT;G;@>G=;&
P>M>GO& BOND*& P>MB?;<BM& BM?& ;D@?<;S>?;M;<=;& A<ID@>SBMM;<=;& [\]^*&
=>@?BMM;<=;&?BS&SI?I<&FWO&?;@A>?&;=>M=>0&5;<&>D>&BM?&;D@?<;S>?;&
A<ID@>SBMM;<>G=;& ?IGQ@& GI<SBM*& =>@?BMM;<& >@;& @AB@CD& >=>0&
5B@?BGNG&=;<>G&?;G=IG&<;_;D@M;<>&?WS&I=BDMB<=B&L>A;<BDCK&V;&
?BPBG&U>M=>&<;_;D@>&P>MB?;<BM&;D@?BG@H<&>=>0&)BPI<B?QB<&PQMFQMB<N*&
>M;<>&FH<WG?WM;S;&THG?;SM;<>&>M;&=>R;<&IMB@N&;?D;GM;<&=NXMBG=N&V;&
?BGN&L;<;=>?;<&@AB@CD&AB<BAB<;E>&>M;&QTQSMQ&PQMQG=Q0&5;<;=>?;<&
@AB@CD& AB<BAB<;E>& HE;MM>DM;& F;GO& IMFQMB<=B& BM?& ;D@?<;S>?;=;&
DQVV;?& DBTPN& V;& @AB@C@>?;& VB<MNRNG=B& BDMB& F;MS;M>& V;& BTN<NUN&
?BGNMB<&;DB<?;&;=>MS;M>=><0
-;G?BM&>XM;VM;&GHP;?M;<>&?;CDM;GS;T;G&JQV;G>M&S>TIDMIG>D&;A>M;A@>M>&
cd-,e&LB@?BMB<=B*DIFG>CK&KIGD@>TIGMB<NG&;M;D?<I;G@;KBMIF<Bf&c,,'e&
WE;<>G=;&TBAYRN&=;R>X>DM>DM;<>&B<BXY<SBD0
0ABA@+CA+:DEFA>7
gh& d-,& LB@?B@NGB& <QCG& ,,'& O;D>S>& B<=NG=BG*& DBTN?& @N<B@NG=B&
,,'& =;XB<JMB<NGN& QTB<SBD& >O>G& LBEN<MBGBG& GH<IfETIMIJ>D&
BDCVB@TIGc%8!e&?;@?&PB?B<TB@N&V;<>M=>05;<&?;@?i&?;@?&BXBSB@N*&>MD&
?;@j;G&>D>GU>@>G;&DB=B<&@W<;c?;@?&@IG<B@N&@W<;e&V;&?IAMBS&?;@?&
@W<;@>ck\Ze&IMB<BD&WO;&BT<NM=N05;<&BXBSB*PQ&BXBSBMB<NG&?IAMBS&
@W<;M;<>&L;@BAMBG=N*PQ&BXBSBMB<=B&ONDBG&=;XB<JMB<&?;@A>?&;=>M=>0
.QCG&,,'&>M;&DB<XNMBXY<NM=N0
G64564?B7
%8!lGNG& A<IVIDBCK& ;?D>@>& mcnZg*ge*& >GL>P>?H<& ;?D>@>& o&
LB@?B=Bcnghe&FH<WM=W0&#>R;<&k[&LB@?B=Bcn[p*me*&<QCG&,,'l=;&
=;XB<J&V;&%8!&;?D>@>&FH<WMS;=>0a<IVBDBCK&;?D>&FH<WM;G&LB@?BMB<NG&
?WSW&DB=NG=N*&k&?BG;@>cnk[*ge&=NXNG=B&L;A@>G>G&<QCG&,,'l@>G=;&
=>D;Gq=BMFB&=;XB<JN&@BA?BG=N0ZlX;<&LB@?B=B&FH<WMS;DM;&P><M>D?;&
;G& QTB<NUN& [& ?;@?iDISAM;D@& ITQG*& FHEM;<& DBABMN& U>@>S& ?BGNSB*&
fFW<& DIATBMBSB& V;& FMIPBM& =>DDBr0a<IVIDBCK& ;?D>& FH<WM;G& Z&
LB@?B=BGcnp*me& P><>G>G& <QCG& ,,'l@>G=;& =;XB<JMB<N& VB<=N0#>R;<&
LB@?BMB<NG& k^l>G=;cn^he& PB?B<TBGNG& ;?D>@>E*& kglWG=;cn[g*ge&
>GL>P>?H<&IM=QRQ&FH<WM=W0`GL>P>?H<&;?D>&FH<WM;G&kg&LB@?B&<QCG&
,,'l@>G=;& =;XB<JN& IMBG& LB@?BMB<=Ni& PQGMB<NG& olQG=B& PB?B<TBTB&
F;O>M=>R>& BG=BG& >CPB<;G& =;XB<J& FHEM;GS;=>0:B?B<TBGNG& ;?D>@>E&
IM=QRQ&k^&LB@?B=BG&k[lWGWG&<QCG&,,'l@>&GI<SBM=>
#HE6@7
%8!lGNG&A<IVIDBCK&;?D>@>&FHEM;G;G&m&LB@?BGNG&L;A@>G>G&DB=NG&V;&
kl>&=NXNG=B&L;A@>G>G&<QCG&,,'l=;&=;XB<JMB<N&IMSB@N&;<D;D&LB@?B&
@BTNSNE&BE&=B&IM@B&%8!&?;@?&PB?B<TB@NGB*&DB=NG&V;&<QCG&,,'&s=;&
=;XB<JN&IMBG&LB@?BMB<NG&=BLB&=QTB<MN&IM=QRQGQ&=WXWG=W<S;D?;0&
a<IVIDBCK&;?D>M>&LB@?BMB<NG&?WSWG=;*&HE;MM>DM;&=>DDB?&V;&K<IG?BM&
MIP& BDCV>?;@>TM;& >M>XD>M>& ?;@?M;<=;G& ;G& BE& P><>G>G& @QPDM>G>D&
;A>M;ACKI<S&=;XB<JMB<N&A<IVID;&;rR>&FH@?;<>M=>0&+IGQO&IMB<BD*&
PBEN& @A;@>fD& S;G?BM& BDCV>?;M;<>G*& =;XB<JMB<N& QTB<NUN& HE;MM>R>&
IM=QRQ*& PBEN& ?;@?M;<>G& =;& =;XB<JMB<N& PB@DNMB=NRN& @IGQUQGQ&
FH<=WD0& !<?SNX& DIG@BG?<B@TIG*& =>DDB?& V;& HE;MM>DM;& K<IG?BM& MIP&
KIGD@>TIGMB<NTMB&>M>XD>M>&?;@?M;<>G&,,'&=;XB<JMB<NGN&A<IVID;&;rR>G>&
FH<S;D*& d-,lG>G& K<IG?BM& MIP& ;A>M;A@>& VB<TBGY& IMBP>M;U;R>&
L>AI?;E>G>& =;@?;DM;S;D?;=><0& !GUBD*& PQ& DIGQ=B& =BLB& @A;@>fD&
?;@?M;<M;&TBANMBG&>M;<>&OBMNXSBMB<B&>LCTBO&VB<=N<0&
-94-
!"#$%&'%&
P-91
P-92
&($'(&)(*!%+$,'%+$%$&(-"'*,'%*"'./$.&.'(+*%!,'%!$,0*
+12%$*3")%',+)%*!&%4(2(',+,+*2%5,+*0"&$%0#,+)%*
"0#,)($,6*#$&%#*7-%&,+%*%$0,'%&,*
%!,'%!#,*F%&&(G,#,*#"+.H'(&I+I+*3"$"&*.5(&I*%/,J,*K%*
0"&$,0('*#%##,-*%K&%*1'H73'%&,*,'%*)%J%&'%+),&,'3%#,*
j&'2),$2$]$;)!/)%<).9,'2).d',]$9)"/)'20.1)'2]48$1)3/)=',.)
cj,-.9)!/)=',.)4]$:$;3)!
$%&'()(*+',-.) /)%$0$1)23+$(),4561764896) /)0'2,$1)
,32:$;)"/)%<2$&$=$1)539&$=)3/)$5162),32:$;)4
!
!
<%&=*+'#*$4'.-#012#*4*,')-$-#+5.6&67-#*+*8-&-)#,*&1
)*.'>*&#?*4)*4#*$4'.#=*$0*+'$-#+5.6&67-#$'./-$:#
@3@4#%+-/'.$-0'$-#+5.6>-.%.7-#*+*8-&-)#,*&1
!#
!#
"#
$%&'()*+#,')-.'&#%+-/'.$-0'$-#012#3*4%&0'$-#+5.6&67-#
*+*8-&-)#,*&1
"#
.-9'#%+-/'.$-0'$-#012#3*4%&0'$-#+5.6&67-#*+*8-&-)#,*&1
:#
$%&'()*+#,')-.'&#%+-/'.$-0'$-#012#3*4%&0'$-#0188-#
8-(6&67-#*+*8-&-)#,*&1
;#
.-9'#%+-/'.$-0'$-#012#3*4%&0'$-#0188-#8-(64-)(*#*+*8-&-)#
,*&1
(89:;
'>?@A>M?)OAIIJQ?M?)`'7abD?D)CHIBCJ@)ZNJIK@JF?@?I@?T?)LAT?RBIL?T?)UHC)
?N?)F?@?DPAC@A)F?I@?CGA/)'7bD?D)FJRJIKMK)?@A)CHIBCJ@)ZNJIK@JF?@?I@?C)
JIJMKDLJC?)?@?RC?N?)HIGJNJ)CHNJD)UHC)JX)UJ@KRPJ)FZ@ZDPJCGJLKI<)
:Z)UJ@KRPJLJC?)JPJOKPKX/)'7)MHDZU@JIKDK)GIJDMCIJD?NJ@)PJDNABC)
ZNJIK) >JIJPAGIA@AI?DLAD) PHGHI) ZNJIK) AR?T?) `&6'a) \A) CHIBCJ@)
MAMM?X)A\IA)`,0'a)?@A)LATAI@ADL?IPACB<)
(89:;
'>?@A>BC)DEFAG)CHIBCJ@)DEIHD@JIKD)CADL?D?)MKDKI@JNKOK/)JDHIPJ@/)
Q?>AIMADCIHD) LARJIS@JIKDJ) FJT@K) H@JIJC) HIGJNJ) UKCJD) FAND?D)
VAU?O?) WXNH@HS?C) L?MYHDCM?NHDZLZI<) 1EFABD) GABC@AL?T?) DEIHDJ@)
E@[P[D)ABNH@HS?M?DLA)HCM?LJBY)MGIAM)LA)NAI)J@PJCGJLKI<)$IGPKR)
DEFAG)JCB\?GAM?)1&]$)\A)\H@GJS)FJTKP@K)?NHD)CJDJ@@JIK)JIJOK@KTK)
?@A)Q[OIA)?U?)CJ@M?NZPZDZ)JI^IKI<)&?GHCHDLI?NJ@)CJ@M?NZP)JI_RK)
?@A) MAIFAMG) IJL?CJ@) [IABP?) \A) DEIHDJ@) E@[P) VA@?R?I<) 2AJCBY)
HCM?SAD) G[I@AI?D?D) `24(a) N[CMAC) CHDMJDGIJMNHD@JIK) D[C@A?C)
JM?L@AI/)@?>?L@AI)\A)>IHGA?D@AI)?U?D)XJIJI)\AI?O?L?I<)9?>?L@AI?D)24(bJ)
PJIZX?NAB) MHDZOZ) H@ZRJD) MHD) [I[D) &J@HDL?J@LAQ?G) `&]$a)
L?I<) 'DX?PJBC) JDBHCM?LJD) MJ\ZDPJ) 0[>AI) HCM?G) L?MPZGJX)
`04]a/) c@ZGJGNHD) dAIHCM?LJX) `c0%dea) \A) ,JGJ@JXK) `7$(a) ?UAI?I<)
:?X) FZ) UJ@KRPJPKXLJ/) LADANMA@) H@JIJC) dADB@ADGAGIJXH@) `d(=a)
?@A)H@ZRGZIZ@JD)A>?@A>BC)DEFAG)PHLA@?DLA/)FAN?D)CHIGACM?DLA/)
HCM?LJBY)MGIAM?D)VEMGAIVA@AI?)H@JD)04]/)7$(/)1?GI?C)HCM?G)`14a)\A)
&]$)L[XAN@AI?)[XAI?DA)dIAVJFJ@?D?D)`dc:a)AGC?@AI?D?)JIJR_IPJNK)
JPJU@JLKC<
4<=<:*><*5?@A<8;
$DBA>?@A>BC)GALJ\?NA)L?IADU@?)k)A>?@A>M?)QJMGJMK)UJ@KRPJNJ)J@KDLK<)
%JMGJ@JIKD/) '7bLAD) F?I) QJlJ) EDOA) \A) '7bLAD) m) JN) MHDIJ/) YHCJ@)
\A) DHD!YHCJ@) QAP?MYAI@AI?DLAD) &6') \A) ,0') E@U[P@AI?) NJ>K@LK<)
'7)EDOAM?)\A)'7)MHDIJMK)E@U[P@AI)CJIRK@JR_IK@JIJC/)QJMGJ@JIKD)'7)
EDOAM?)\A)MHDIJMK)C@?D?C)LZIZP@JIK)?@A)?@?RC?@ADL?I?@L?<)
2BCDBC9=;
%JMGJ@JIKD) HIGJ@JPJ) GJC?>) M[IAM?) n#<k) JNLK<) '7) MHDIJMKDLJ) o)
QJMGJLJ) GJP) DEFAG) CHDGIH@[) MJT@JDKICAD) n) QJMGJLJ) DEFAG@AI)
JNDK) MKC@KC) \A) R?LLApA) LA\JP) Aq<) ([P) QJMGJ@JILJ/) '7) EDOAM?)
&6') E@U[P@AI?) ?@A) '7) MHDIJMK) E@U[P@AI) JIJMKDLJ) JD@JP@K)
F?I) YJIC@K@KC) FZ@ZDPJLK<) '7bLAD) MHDIJMKDLJ/) GJP) DEFAGM?X@?C)
MJT@JDJD)o)QJMGJDKD)DHD!YHCJ@)QAP?MYAI?DLAD)A@LA)AL?@AD),0')
LATAI@AI?DLA)JD@JP@K)CKMJ@PJ)VEX@AD?ICADr)'7)MHDIJMKDLJ)DEFAG)
CHDGIH@[) MJT@JDJPJNJD) n) QJMGJDKD) ,0') E@U[P@AI?DLA) Q?UF?I)
LAT?R?C@?C)VEX@ADPAL?<)
4<=<:*><*5?@A<8;
,KIC)JLAG)f?MGJI!$@F?DH)O?DM?)AICAC)IJG)IJDLHP?XA)H@JIJC)LEIG)
AR?G)VIZFJ)JNIK@LK<):?I?DO?)VIZ>)CHDGIH@)H@Z>)?C?DO?)VIZFJ)GAC)LHX)
d(=)ZNVZ@JDLK<)*U[DO[)\A)LEIL[DO[)VIZFJ)ghh)PViCViV[D)?C?NA)
FE@[DP[R) LHX@JILJ) ?DGIJVJMGI?C) NH@@J) ?C?) V[D) dc:) ZNVZ@JDLK<)
.C?DO?) \A) LEIL[DO[) VIZ>@JIJ) GAC) LHX) d(=) `?DGIJ>AI?GHDAJ@)
#h) PViCV) a) ZNVZ@JDJIJC) A>?@A>BC) DEFAG) H@ZRGZIZ@LZ<) d(=)
ZNVZ@JPJMKDLJD)F?I)MJJG)MHDIJ)G[P)IJG@JI)MJCI?WNA)AL?@?>)FAN?D)
CHIGACM@AI?)UKCJIK@LK)\A)04]/)7$(/)14/)&]$)L[XAN@AI?)UJ@KRK@LK<
#E@B:;
-J@KRPJPKX/) '7) EDOAM?DLA) \A) MHDIJMKDLJ) NJ>K@JOJC) ,0')
E@U[P@AI?D?D/)'7bD?D)FJRJIKMKDKD)EDOALAD)GJQP?D)AL?@PAM?DLA)
EDAP@?) F?I) CI?GAI) H@JF?@AOAT?D?) VEMGAIAD) @?GAIJG[ILAC?) ?@C)
UJ@KRPJLKI<)
2BCDBC9=;
-J@KRPJPKXKD) MHDZU@JIK/) dc:b?D) A>?@A>G?C) DEFAG) MKIJMKDLJ)
IJG@JIKD)FAN?D)CHIGACM?DLA)H@ZRJD)HCM?LJG?Y)MGIAM?)ED@AL?T?D?)\A)
14)JIGKRKDJ)NH@)JUGKTKDK)VEMGAIP?RG?I<)
#E@B:;
4@ZRJD) 14) JI_RKDKD) dc:bD?D) JDBA>?@A>BC) AGC?M?DA) CJGCK)
MJT@JLKTKDK) L[R[DPACGAN?X<) $DOJC) 1?GI?C) HCM?G) MADGAGJX)
`140a) ?DQ?F?GEI@AI?D?D) CZ@@JDK@LKTK) UJ@KRPJ@JI@J) FZ) ?@?RC?D?D)
LHTIZ@JDPJMK)VAIACPACGAL?I<
!"#!
!"#$%&'%&
P-93
P-94
%!('%!#()*%&&+,(#(-(-)."/!'(.+#0"-)0%'!+1%#(2)$%.)
/%&.%1'()3+'45/+)
(E(0"!+$(.)F%-%&+'(1%)%!('%!#('(),+#$+'+&E+)
$&+-#.&+-(0+')/+-0%$(.)$%$+)@G&#$)#$(/G'+#0"-G-)
.+-$($+$(H)%%9)I1%&(-%)%$.(#(-(-)(-*%'%-/%#()
$%&'()*'*+*,(!-(./(01)&'(02&)+*1("-(&'304(&'+56*4(3-(7&)0(
8$)901(!
GÜRAY KOÇ !-(7&)0(8$)901(!-(3&%0.(*1Sf4*g("-(3&%*0(e&)(!-(
56f7.*4($7(!-(7&)0(5+*e*,h(!
$%&'()*#(+,*-.#/01#(,(2*3.+.#)4-5&56.#()(7.&.3#2(&0
3(-*8(&#9(,3(,#(+,*-#'(+/()*+.#)4-5&56.#+*-:.+.
;#
<=<,#%).:*-+./*+.#)4-58.-%-6.#()(7.&.3#2(&0
!#
"#
!#
$(/(#)4-5&56.#(>2>
(),(-(#%).:*-+./*+.#=*)#7.&.3&*-.#*)+/./%+%#
*&*,/-5).,#3%'*)2.+&.?.#()(#7.&.3#2(&0
"#
+6782
+6782
0:;<;( =>?@AB:>( @C>:@CD>:@?>A( E@=;F>D>A=@( <@??;G>( HI=;G;:@A>A(
@EJ>A:>K>( L>:>A@A( L>?( M@?B@J( N:H;J:;( L>?:>JE@-( N:;DO( F@P;(
L@J:@AH@P@A( <@??;G>( JNHC:>J;DPNA:;?OA-( G;DE;AOA( @C>:@CD>(
<@??;G>D>A=@A( DNA?;J>( P;Q;H( J;:>E@D>A>( @EJ>:@=>K>( =@( L>?(
M@?B@JE>?/( 9;:OQH;HOROA( ;H;<O-( @C>:@CD>( <@??;G>D>( DO?;DOA=;(
F@( DNA?;DOA=;( N?E;P;( BOJ;L>:@<@J( JNHC:>J;DPNA:;?;( =>JJ;E(
B@JH@JE>?/
0=>PNC;E>J( U@A@?;:>R@( @C>:@CD>:>( _0i&a( G;DE;:;?=;( DI?@J:>( E@E;(
LY?DE( DE>HY:;DPNAYA( _<Se3a( J;AE>E;E>V( &&8( IR@?>A@( @EJ>:@?>A>A(
>A<@:@AH@D>(C:;A:;AHOQEO?/(
9:;:8)<:)0=>?:62
9;:OQH;P;( Z\( 0i&j:>( G;DE;( ;:OA=O/( fPMY:;H;( TA<@D>( Z( D;;E( &&8(
J;P=O(P;CO:=O/(3NA?;(=NH>A;AE(G@H>DV@?=@(_DN:a(%Z(@:(LT:M@D>A>A(
@A(>P>(YP;?O:;L>:=>K>(P@?(E@DC>E(@=>:=>/(+NH>A;AE(G@H>DV@?(%Z(@:(
LT:M@D>A@(<Se3(YPMY:;A=O/(fPMY:;H;=;A(G@H@A(DNA?;(Z(D;;E(&&8(
J;P=O(P;CO:=O/(kl-km-nl-nm-S\-S#-2l-2m-5Z-5W(@:@JE?N=:;?OA=;J>(
F@?>:@?( V?@J;AD( L;A=:;?OA;( _=@:E;-E@E;-;:V;-L@E;a( ;P?OQEO?O:;?;J(
;A;:>R( @=>:=>/( e;A=( @A@?U>:@?>A>A( G@?( L>?>( ENC:;H( @A@?U>P@(
N?;A:;A;?;J( F@?>:@?( AN?H;:>R@( @=>:=>( F@( ?T:;E>V( MIB:@?>( E@DC>E(
edildi.
9:;:8)<:)0=>?:62
9;:OQH;HOR;( 8*S*( 4T?N:NU>( F@( 4T?NQ>?I?U>( E;?;VOA=;A( E;J>C(
@=>:@A( F@( 5<;J( WXXX( >:@( *KYDEND( WXZX( E;?>G:@?>( ;?;DOA=;(
E@HCN?;:( :NL@JENH>( F@[F@P;( ;H>M=;:;G>CCNJ;HC@JENH>(
P;CO:;A( ENC:;H( \]( G;DE;( ;:OAHOQ( F@( LY( G;DE;:;?=;-( @C>:@CD>(
<@??;G>D>A@(L;K:O(JNHC:>J;DPNA:;?(=@K@?:@A=>?>:H>QE>?/
@ABCAB7;2
@ABCAB7;2
SNC:;H(^(G;DE;=;(_`ZWa(@C>:@CD>(<@??;G>D>A@(L;K:O(JNHC:>J;DPNA(
_`ZWa( J;P=@=>:=>/( &A( DOJ( MT?I:@A( JNHC:>J;DPNA( @AV@JD>PNA(
_`W/"-( L;JE@?>P@:( H@A@AU>E-( b@C( @AV@JD>PNAYa( >=>/( );P=@=>:@A(
=>K@?(JNHC:>J;DPNA:;?(DO?;DOP:;(>AE?;D@?@L?;:(G@HN?;U>J(>AV;?JE-(
DN:( V;D>P;:( D>A>?>A( V?NAE;:( =;:OA=;( C;?;:>R>-( DYL=Y?;:( @VIRPNA(
F@( DNA?;DOA=;( M@B( L;Q:;AMOB:O( CD>JNcJ( LNRYJ:YJ-( ;AJD>P@E@(
LNRYJ:YKY(F@(=@C?@D>V(LNRYJ:YJ(>=>/(8@?@J(@C>:@CD>(<@??;G>D>A@(
L;K:O( JNHC:>J;DPNA( N?;AO-( M@?@JD@( JNHC:>J;DPNA( P@:C;R@D>(
:>E@?;EI?:@(YPYH:Y(>=>/(1>E@?;EI?=@A(V;J:O(N:;?;J(CD>JNcJ(LNRYJ:YJ(
<@??;G>=@A(DNA?;J>(>:J(#(;P:OJ(=TA@H=@(=@K>:-(<@??;G>=@A(W(PO:(
DNA?;-(M@B(=TA@H=@(N?E;P;(BOJHOQd/(
.;DE;:;?OA(
YPMY:;H;(
TA<@D>(
F@(
DNA?;DO(
kl-km-nl-nm-S#-2l-2m-5Z-5W( @:@JE?N=:;?OA=;( =@:E;-E@E;-;:V;( F@(
L@E;(V?@J;AD:;?OA=;(>DE;cDcJD@:(N:;?;J(;A:;H:O(=@K>Q>J:>J(E@DC>E(
@=>:H@=>( _CoX-X\a/( g;:AOR<;( S\( @:@JE?N=YA=;( E@E;( V?@J;ADOA=;(
YPMY:;H;(DNA?;DO(>DE;cDcJD@:(N:;?;J(;A:;H:O(;?dQ(E@DC>E(@=>:=>(
_CpX-X\a/( S\( @:@JE?N=YA=;( =>K@?( V?@J;AD:;?=;( V;?J( E@DC>E(
@=>:H@=>(_CoX-X\a/(
#D>A82
0=>PNC;E>J( U@A@?;:>R@( @C>:@CD>:>( G;DE;:;?=;-( ANA>AF;R>F( L>?(
E@JA>J(N:;A(<Se3(C?NENJN:IAIA(J;AE>E;E>V(&&8(IR@?>A@(L@:>?M>A(
L>?( @EJ>D>A>A( N:H;=OKO-( D;=@<@( YPMY:;H;( ;:;AO( P;JOAOA=;( :NJ;:(
N:;?;J( E@E;( ;JE>F>E@D>A=@( ?T:;E>V( ;?EOQ( P;CEOKO( E@DC>E( @=>:=>/(
3NAYB( N:;?;J( LY( YPMY:;H;AOA( 0i&j:>( G;DE;:;?=;( MIF@A:>( N:;?;J(
YPMY:;A;L>:@<@K>(E@DC>E(@=>:=>/(
#D>A82
eY( B;:OQH;-( @C>:@CD>( <@??;G>D>A>A( L;Q;?ODOAOA( D;=@<@( :@RPNAYA(
BOJ;?O:H;DO( >:@( =@K>:-( <@??;G>( DNA?;DO( =>JJ;E:>( PNKYAL;JOH( F@(
YRYA( DI?@:>( E;J>C:@( D;K:;A;?;J( G;DE;:;?OA( P;Q;H( J;:>E@:@?>A>A(
;?d?O:;L>:@<@K>A>(=NK?Y:;H;JE;=O?/(
!"#!
!"#$%&'%&
P-95
P-96
%!('%!#('()*+#$+'+&,+)&*"-.(/+0)&"1.2)3%/)
!"'(4"&5(04(/(/)6%&()
;6.;,+)1(/#%')(<%&(.'(),+=&+/>?'+&'+)#%6&%,%/)@(&)
$%4!"&+')'"@)%!('%!#()A#%.#"4/(+BC"'3;#;)
$%&'()*(+(,%$)!-)./0/1)23'04$,)!-)5%$6/$)7',4'84)3-)
,418%$)6%&($)"-)5/&(*%)04'46(9:()!-)&45,/;/)*<:&/')!-)
,418/*)6%&($*=$%0)4
%8%)*/':/- '%$$(1)i%:(1-)8%&)(5&/(:)0=n=0/:()
*3*(128#3=>#-*#?'('3#>%?)%5/15%3/#*@')'<#-*#%3%)/3<%#
>%?)%(*?'A#(234546'#-*#+?'1'8%)3'#15'('@'
!#
$%&'%()*+#,(-.)/+#0%1.(234546'#%7.
$%&'%()*+#,(-.)/+#0%1.0'&84546'#%7.
9#
$%&'%()*+#,(-.)/+#0%1.)/::'#:'84546'#-*#$*(*)'1#%7.
;#
$%&'%()*+#,(-.)/+#0%1.0%3<%14546'#%7.
"#
3DEDF:
"789:
4MR]KH) FEPHMH) [QRHC) A>?BFK@HE-) >HEHBFNC?-) A>?@A>IR) CDLAP@AE)
\A) >B?R?MHPE?R) LFU]R@]@HE) H[QBQCKHC) HMQEQSQ) PHCQ) MH>Q@NHBQ)
TAEARAC) PHL@F@HEKQEY) 2]) A>?BFK@HE) HCFENH@) NFPFE) KH\EHCQW@HE-)
FPFCFN?R)HRI\HBMFC)MH)KH)F@T]N]UKH)F@K]J])T?L?)S?CBA@)?[AE?R@?)
KH\EHCQW@HEKHC)F@]WHL?@NARPAK?EY
%>?@A>B?-) CDEF@FG?) >EHIJ?CKA) LAM?C!KHNHE) OHBPH@QR@HEQCKHC)
BFCEH) ?R?CS?) BQR@QRPH) TDU@ACAC) APMF>HPFTACAU?) OACVU) PHN)
F@HEHR) HC@HWQ@HNHNQW) REFC?R) BAM?E@?) L?E) OHBPH@QRXEY) :?PAEHPVEKA)
A>?@A>B?) TAC) >F@?NFEZUN) [H@QWNH@HEQ) [FR) BHMQKH) NA\S]^]EY)
:?PAEHPVEKAR?) RQBQP@Q) BHMQKH) MAE) H@HC) OHM\HC) [H@QWNH@HEQ-) $OF!
R?CHU) _$380`a) TAC?C?C) A>?@A>B?) APMF>HPFTACAU?CKA) EF@V)
F@HL?@ASAJ?C?) KVWVCKVENARPAK?EY) 2]) RFC]KH) R@?C?RPA) ?CBHC@HE)
VUAE?CKA) MH>Q@NQW) [H@QWNH) L]@]CNHNHRPHKQEY) 2]) HEHWXENHKH)
A>?@A>B?@?) OHBPH@HEKH) $380`) TAC) >F@?NFEZUN?C?C) HEHWXEQ@NHBQ)
HNH[@HCNQWXEY) bHU?HCPA>) =C?\AEB?PAB?) ,Q>) ;HRV@PAB?) 1DEF@FG?)
/CHL?@?N) 6H@Q) 0@?C?J?cCA) PAPR?R) \A) PAKH\?) HNHSQM@H) LHW\]EHC-)
A>?@A>B?)PHCQBQ)H@NQW)F@HC)OHBPH@HE)_Cdefga)\A)BHJ@QR@Q)TDCV@@V@AE)
_Cdefga)[H@QWNHMH)H@QCNQWXEY).HBPH@HEKHC)\A)RFCPEF@)TE]L]CKHC)
H@QCHC)RHC)DECAR@AE?CKAC)61/)?UF@HBMFC@HEQ)MH>Q@NQW)\A)hFEABHC)
i8$) MDCPAN?) R]@@HCQ@HEHR) AE?NA) AJE?B?) HCH@?U?) MH>Q@NQWXEY)
$380`) TAC?) ARUFC) eg) LD@TAB?CKA) ,OEjke/BC) >F@?NFEZUN?)
?[?C) ,OE!,OE-) ,OE!/BC) \A) /BC!/BC) TACFI>) lEARHCB@HEQ) ?@A) ,OE)
\A)/BC)H@@A@)lEARHCB@HEQ)?CSA@ACN?WIEY)%>?@A>B?@?)TE]>PH)S?CB?MAP)
KHJQ@QNQ-) CDLAIC) LHW@HCTQ[) MHWQ-) H?@AKA) A>?@A>B?) DMRVBV-)
R]@@HCQ@HC) HCIA>?@A>IR) ?@H[) >EFPFRF@V-) CDLAP) I>?) H[QBQCKHC)
,OE!,OE-) ,OE!/BC) \A) /BC!/BC) TACFI>) lEARHCB@HEQ) KHJQ@QNQ)
RHEWQ@HWXEQ@NQWXEY) 0FCPEF@) TE]L]) ?@A) OHBPH) TE]>@HEQ) HEHBQCKH)
,OEjke/BC) >F@?NFEZUN?) ?[?C) ,OE!,OE-) ,OE!/BC) \A) /BC!/BC)
TACFI>)lEARHCB@HEQ)?@A),OE)\A)/BC)H@@A@)lEARHCB@HEQ)RHEWQ@HWXEQ@NQW)
\A) HC@HN@Q) lHER) BH>PHCNHNQWXE) _>mgYgfaY) %>?@A>B?@?) TE]>PH)
S?CB?MAP)KHJQ@QNQ-)CDLAIC)LHW@HCTQ[)MHWQ-)H?@AKA)A>?@A>B?)DMRVBV-)
R]@@HCQ@HC) HCIA>?@A>IR) ?@H[) >EFPFRF@V) \A) CDLAP) I>?) H[QBQCKHC)
,OE!,OE-),OE!/BC)\A)/BC!/BC)TACFI>)lEARHCB@HEQ)?CSA@ACN?W)\A)
?BPHIBIRBA@) F@HEHR) HC@HN@Q) lHER@Q@QR) BH>PHCNHNQWXE) _>mgYgfaY)
2]) HEHWXENH) A>?@A>B?KA) $380`) TAC) >F@?NFEZUN?C?C) EF@VCV)
HEHWXEHC) ?@R) [H@QWNHKQEY) %@KA) AK?@AC) \AE?@AE) QWQJQCKH) $380`)
TAC?CKAR?) ,OEjke/BC) >F@?NFEZUN?) ?@A) A>?@A>B?) HEHBQCKH)
OAEOHCT?)L?E)?@?WR?)BH>PHCNHNQWXEY)
"789:
ke)MHWQCKH)AERAR)OHBPH-)o)MQ@)DCSA)LHW@HMHC-)]MR]KH)HC@HNBQU)
RFC]WNH-) BFM]CNH) \A) ]MT]CB]U) S?CBA@) ?[AE?R@?) KH\EHCQW@HEKH)
L]@]CNH)MHRQCNH@HEQ)?@A)LHW\]EN]WP]EY)*HRQCNH@HEQ)DCSAB?CKA)
OAEOHCT?) L?E) >B?R?MHPE?R) MH) KH) CDEF@FG?R) OHBPH@QJQ) F@NHMHC)
OHBPHMH) MHR@HWQR) j) MQ@) DCSA) A>?@A>B?) PHCQBQ) RFC]@HEHR) \H@>EF?R)
HB?P)efggNTpTVC)\A)PF>?EHNHP)kggNTpTVC)PAKH\?B?)LHW@HCNQW-)
HCSHR) W?RHMAP@AE?CKA) KVUA@NA) F@NHNQWXEY) 4MR]) BVEAB?CSA)
FEPH@HNH) k!j) KAlH) F@HL?@AC) \A) MHR@HWQR) ef) KHR?RH) BVEAC) L])
HPHR@HEKH)OHBPHCQC)BFM]CK]J]-)NHBPVELHBMFC)MH>XJQ)\A)UHNHC)
UHNHC)MHPHRPHC)RH@RHEHR)A\?C)?[?CKA)KF@HWXJQ)L?@?K?E?@N?WIEY)2])
HPHR@HEKHC)LHUQ@HEQ)OHBPH)PHEHqCKHC)OHXE@HCNHRPH)\A)OHBPHCQC)
A\KAR?) R?W?@AEA) MDCA@?R) S?CBA@) HEU]) KVWVCSAB?C?C) F@HL?@K?J?)
DJEAC?@N?WIEY)*H>Q@HC)\?KAF!%%b)NFC?PFE?UHBMFC@])]MR])%%bcB?)
BQEHBQCKH) NHBPVELHBMFC@H) RHEHRPAE?UA) k) HPHR) RHMKAK?@N?W-)
L]) HPHR@HE) BQEHBQCKH) RHB) HRI\HBMFC]CKH) HEXW) ?@A) L?E@?RPA) OAE)
?R?) OAN?BlAE) LD@TA@AE?CA) MHMQ@HC) MH\HW) KH@TH) >HEFRB?UN@AE?)
\A) HEKQCKHC) ]MR]KH) MVUAMA@@AWNA) ?U@ACN?WIEY) 2]) HPHR@HEQC)
KQWQCKH) BHJ) PAN>FEH@) LD@TAKA) PVN) ]MR]) PAPR?R?) BVEAB?CSA-)
k!j) KHR?RHKH) L?E) RAU) PAREHE@HNH) TDBPAEAC) RABR?C) KH@TH)
HRI\?PAB?) RHMKAK?@N?WIEY) /MQEQSQ) PHCQKH) PAN>FEH@) @FL) A>?@A>B?B?)
\A) >HEHBFNC?@AE) ?[AE?B?CKA) MAE) H@HC) BARBFNC?H) KVWVCV@AC)
OHBPHKH-) PAKH\?) DCSA@?J?) A>?@A>B?) PHCQBQCH) \AE?@AEAR) oggNTp
TVC) RHELHNHUA>?C) LHW@HCNQW) \A) ejggNTcH) MVRBA@I@N?WIEY)
0HELHNHUA>?C) PAKH\?B?) H@XCKH) OHBPHCQC) W?RHMAP@AE?) FEPHKHC)
RH@RNQWXEY
#GH9I:
1FRPVECH@) CDLAP@AE) ?@A) >HEHBFNC?@AE?C) HMQEQSQ) PHCQBQ) BQR@QR@H)
TV[@VR@AEA) MF@) H[NHRPHKQEY) 3@T]N]UKH) KH) HPHR@HE) BQEHBQCKHR?)
%%b)>HPF@FG?B?)>HEHBFNC?M?)KABPAR@AE)C?PA@?RPA)F@NHR@H)L?E@?RPA)
?CPAE?RPH@) %%b) >HPF@FG?B?C?C) \HE@QJQ) \A) HCIA>?@A>IR) PAKH\?MA)
SA\H>)OHBPHCQC)A>?@A>IR)>HPF@FG?B?C?C)\HE@QJQCQ)KABPAR@AN?WIEY)
!"#!
!"#$%&'%&
P-97
P-98
()*%+,'-./"0'"+,0-%!,'%!#,',-12#$2'2&32-,4,$#%'"'2/2-,',40,+-%+3"(%+-!"$2+#,/%''%&,+-5!6778-0"9+,$,:$%#$'%&'%-02&4;'24$;&;'.2#;-
,'0-+KF%$-*%-%%9L+,+-K+%.,+0'6*)6*k%/)+05\'*61 4*/)604\1)4*f\)b*'**&*8
$%&'%()*+,-./0(1 2.3%4)5*6+*)+75*81)9*4+*4)5,3,'(,)
;,%%"!&"'"(/1&(<"9=7/,2.
!"#$"%&"'"()*+*),(,-./.+(0,("%"'/1%+"(!"2/"),2.314
)5%6768.(97.).-.3.2/"):*7
2<=>?
00-jA;A)AEc=I)C=FOCC=A>)C;>F;A;)c=<;C<=D=?=F;)TOF>=F):C=?;FGK)
?=Q=C;)c;<;AD=FI=)B<L:)cL)S@<MND@DMP?@1):CB>:=FGK)B<@C@F);<F)
AEc=GA;)J=S;C=A)Y@>I@<@C?@)>I@A?@C?)00-);<=)LTFL)?=:C;H@>TBA<L)
FM>@)LTFL)00-jA;A)?LT@C<M<MQMAM)>@:I@D@TM)H=)LTFL)00-jA;A)?@Y@)
?=Q=C<;)B<?LQL)Y@>I@)JCLcLAL)c=<;C<=D=T;)@D@S<@?MFR
2<=>?
0:;<=:>;?=)@ABCD@<)AECBA@<)@FGH;I=<=C;A)ABCD@<)FBJA;GK)?LCLD)
H=) ?@HC@AMN<@C) OP=C;A?=) =IF;<=C;) B<?LQL) ?ONOAO<D=FI=?;CR)
9@>I@<@CMA) SBQLALA) ABCD@<) P=F@>M) B<D@>MA@) C@QD=A) T@N)
H=) =Q;GD) @SM>MA?@A) =N<=NGC;<D;N) FBAICB<<=C=) JEC=) FBJA;GK)
:=CKBCD@A><@CM) =IF;<=AD;NGCR) 8@<MND@DMP?@) UOH=A;<) DTBF<BA;F)
=:;<=:>;A;A)VW50X)FBJA;GK);N<=H<=C)OP=C;A=)=IF;>;A;A)B<L:)B<D@?MQM)
=Q=C) H@C>@) Y@AJ;) ;N<=H<=C;A) =IF;<=A?;Q;A;) @C@NZCD@F) @D@[MT<@)
AECB:>;FB<BU;F) I=>I<=C) ;<=) ;N;I>=<) B<@T@) ;<;NF;A) :BI@A>;T=<<=C?=)
V7\0]X) =<?=) =?;<=A) <@I@A>) H=) @D:<;IO?<=C;) F@CNM<@NZCD@TM)
@D@S<@?MFR
9@A@>-B@-/CDE@<?
8@<MND@T@1)Y@T@IMA?@);<F)AEc=I)J=S;C=A)H=lH=T@);F;)T@)?@)?@Y@)
K@P<@) AEc=I) J=S;C>=) ?=) VP@D@A) >MAMC<@D@>M) T@:M<D@?MX) =:;<=:>;)
I@AM>M) ;<F) ?=K@) FBA@A<@C) H=lH=T@) ;<F) ^!`) AEc=I;A;) J=S;CD;N) =A)
K@P<@) ^) Y@KI@?MC) H@<:CB;F) @>;I) ?MNMA?@F;) @AI;=:;<=:I;F) I=?@H;)
@<IMA?@) B<@A) T@) ?@) I=?@H;>;P) B<@A) Y@>I@<@C) ?@Y;<) =?;<?;R) *FLI)
>=D:IBD@I;F) =:;<=:>;) AEc=I<=C;) S@<MND@T@) @<MAD@?MR^im)
Y@>I@AMA) ;A?=F>) AEc=II=A) >BAC@Vn_#) >@@IX) >I@A?@C?) 00-)
g<=C;) V`i) ?@F;F@) H=) Y;:=CH=AI;<@>TBA) H=) KBI;F) >I;DL<@>TBA) X)
T@:M<?M1Y@>I@<@C) AEc=I) F@C@FI=C<=C;1) AECB<BU;F) DL@T=A=) H=)
EPJ=SD;N!>BTJ=SD;N) EP=<<;F<=C;) H=) AECBJECOAIO<=D=) cL<JL<@CM)
JEP)EAOA=)@<MA@C@F)>=D:IBD@I;F1;?;B:@I;F)H=)FC;:IBU=A;F)B<@C@F)
>MAMK<@A?MCM<?MR3I@A?@C?)00-)g;)ABCD@<)cL<LA@A)Y@>I@<@C?@)LTFL)
?=:C;H@>TBA<L)FM>@)JOA?OP)LTFL)00-)V^Rdi)?@F;F@X)T@:M<?MR)
9@A@>-B@-/CDE@<?
W50) I@AM>M) @<@A1) ^_!`a) T@N) @C@<MQMA?@1) `") Y@>I@) V^#) F@?MA1^^)
=CF=FX) S@<MND@T@) @<MA?MR) bBAICB<) JCLcL) B<@C@F) T@N) H=) =Q;GD)
?OP=T;)LTLD<L)`d)>@Q<MF<M)B<JL)>=S;<?;R)e=[F)?=:C=>TBA)=AH@AI=C;)
LTJL<@A@C@F) ?=:C=>TBA) >@:I@A@A<@C) S@<MND@T@) @<MAD@?MR)
+;FF@I1)c=<<=F1)?;<1)TOCOIO[O);N<=H<=C1)JEC>=<)H=)D=F@A>@<);N<=H<=C;)
?=Q=C<=A?;C=A) AECB:>;FB<BU;F) I=>I<=C) Y=C) `) JCLc@) LTJL<@A@C@F)
;N;I>=<) B<@T@) ;<;NF;A) :BI@A>;T=<<=C) V7\0]X) I=IF;F;A?=) F@TMI<@A@A)
4^1)]`1)4`)H=)]d)?@<J@)<@I@A><@CM);<=)4^!]`)H=)4`!]d)@D:<;IO?<=C;)
@C@>MA?@F;);<;NF;);A[=<=A?;R
FGHIGH=A?
9@>I@<@Co) T@N<@CM) BCI@<@D@>M) `#1mp^a1_1q_"1rj;) F@?MA1qri1rj;)
=CF=FI=A) B<LND@FI@T?MR) I=F) AEc=I<=) c@NHLCDLN) B<@A)
Y@>I@<@CMA) BC@AM) q``1_) ;?;R) 3I@A?@C?) 00-) ;<=) =:;<=:GKBCD)
@ABCD@<<;Fqd"13I@A?@C?)00-)ABCD@<)>@:I@A@A)Y@>I@<@CMA)LTFL)
?=:C;H@>TBA<L)00-);<=)=:;<=:GKBCD)@ABCD@<<;F)>@:I@AD@)BC@AM)
q_^1r) BC@AMA?@) cL<LA?LR3MAMs@A?MCD@) @SM>MA?@A1) ;?;B:@GF)
=:;<=:>;)q`d1#1>=D:IBD@GF)=:;<=:>;)q``1#)BC@AMA?@)I@AM)@<?MR)
FGHIGH=A?
W50) JCLcLA?@) 2P1) fP) H=) ]P) g?=A) F@TMI<@) 4^) V:hiRiiiX1) ]`)
V:hiRiiiX1) 4`) V:hiRiiiX) H=) ]d) V:hiRiiiX) <@I@A><@CM) FBAICB<)
JCLcLA@) BC@A<@) LPLA) cL<LA?LR) 4^!]`) V:hiRiiiX) H=) 4`!]d)
V:hiRiiiX)@D:<;IO?<=C;);>=)W50)JCLcLA?@)@A<@D<M)B<@C@F)?ONOF)
>@:I@A?MR) W50j<;) JCL:) FBAICB<) JCLcL) ;<=) F@CNM<@NZCM<?MQMA?@)
?;FF@I1)c=<<=F1)TOCOIO[O);N<=H<=C1);F;<;)c=AP=C<;F1)?;<);N<=H;)>FBC<@CM)
@A<@D<M)B<@C@F)?ONOF)cL<LADLN)B<L:);N;>=<)7\0]j?=)F@TMI<@A@A)
4`) H=) ]d) <@I@A><@CM) ;<=) FBJA;GK) I=>I<=C) @C@>MA?@) I=C>) TEA?=)
FBC=<@>TBA)>@:I@A?M)V:hiRiiiXR
#JDG>?
\<F) AEc=I<=C;A;) J=S;C=A) Y@>I@<@C?@) AOF>) C;>F;A;) c=<;C<=D=?=)
H=) ;<@S) c@N<@D@) F@C@CMA?@) 00-) EA=D<;) c;C) TB<) JE>I=C;[;) B<L:)
>I@A?@C?) 00-jA;A) ABCD@<) B<?LQL) ?LCLD<@C?@) LTFL) 00-)
T@:M<D@>M):@IB<BU;<=C;)>@:I@D@?@)SBF)T@C?MD[M?MCR
#JDG>?
W50) FBJA;GK) >OC=[;) =IF;<=D=FI=?;CR) \N;I>=<) 7\0]) I=IF;F;)
AECBFBJA;GK)I=>I<=C<=)F@AMI<@A@A)W50j?=F;)FBJA;GK)=IF;<=AD=T;)
?=>I=F<=C)cL<JL<@C)BCI@T@)FBTD@FI@?MCR)\N;I>=<)7\0]1)W50);S;A)I=F)
c@NMA@) I@AM>@<) I=>I) B<D@D@>MA@) F@CNMA) EP=<<;F<=) FBJA;GK) >OC=[;)
;P<=D=F);S;A)@A<@D<M1)LTJL<@D@>M)FB<@T)ABA;AH@P;H)c;C)I=FA;FGCR)
!"#!
!"#$%&'%&
P-99
P-100
'()#!)&)*+,)-). /)0'1. &!'#. 2%. ,3/%$. 4%'+5%,. /+&. )''.
"'46#6.
;)5'1.!"!<')#;",=).%!+'%!$+>.,3/%$'%&.
"e*f-$c(*-(+$bg#f-$"),"0+ \%'3d"$g1%'+$g1-%c$h/)"'$
!"#$%&'($)('*$!+$)",%'$)"'-.$/0(1$"+$#%2%$,%'3!3/0-($!
$%/'6,#'7,(,8#-'#%.%9(:.8%#$%/(%+'/,;,/(%+<=2
$%&'((')'#*+,-'./,('/,#+0.1213,#%4
"#
$%&'((')'#*+,-'./,('/,#.%451213,#%4
!#
)?@A:
[]$54$[]$MBS$N7=N$4C8:4C78$=B@P:P$LB7=B:B6FB$64=6<7C4?DA$<:B6B?$
4=M<CB=<K4@4R+$ @>94=$ DC8+$ @>94=$ 7P?:PTP+$ 4:4?=6<4@74AB:<K6Bi$
I%%bJ_@8@$=B@PMB$?B=?P7P+$4S:8?$4F4@$LB7=B:P?:B6+$B@D4C8:4CD?:468@$
?H::B@PGP$B6BSV6GB?U
"789:
'4546789:$ ;<7=468<6$ ->?<4@74AB:<CBD$ E4@F6<GH$ I';-EJ+$
K4@4::8?:4$ 4?:BGC78+$ L8C46=B@78M<@$ 54MB$ 8GGN@7HC6478A$
=4FB58$ K898$ FH6HG:B6FB$ <6=BMB$ OP?B98:4@Q$ @>94=+$ ?<@ANRM<@+$
9BS$ BT6P7P$ 54$ K>6G4$ 9<RH?:H?:B6P$ 8:4$ K8F4@$ 986$ 74@F6<GFH6U$
)4G<=46BC>D?:464$ 9BT:P$ BR$ 7BMPFB$ 5B?B$ MBMP@:B@GPSV6U$ &H$
98:F868F4$ -WB7CB6BX8@BR$ =4FB5878$ 7<@HYH$ ';-E$ K4:8S4@$ 986$ 5B?B$
?:8@8?$54$:B9<6B=HB6$5468:468M:4$=B6VSP:BYB?V6U$Z[$MBSP@FB$MBMKP@$
KNO7NR:N?+$ M<6KH@:H?$ 54$ B6=6B:X8$ 8:4$ LB7=B@4G8R4$ 9BS5H6B@$ ?PR$
LB7=BMB$ =4=?8?:46$ 7<@HYH$ B?H=$ :4@A<78D?$ :>74G8$ I"--J$ =B@P7P$
?<@H:FHU$ ,BH@<6H9878@+$ 58@?687D@+$ C64F@8R<:<@+$ -WB7CB6BX8@BR$
54$78?:<A<7ABG8FF4@$<:HSB@$986$?4G<=46BC8$9BS:B@FPU$3@=6B=4?B:$
=4FB58@8@$ 8?8@Y8$ KN@N@F4$ LB7=B$ 74?<@F46$ X4@46B:8R4$ 986$ @>94=$
K4O86F8U$\4@8=<8@$MN?:4G478$7<@6B7P$<6B:$8FBG4$=4FB58$9BS:B@FPU$
#>94=:46$?<@=6<:$B:V@B$B:P@BGBFPTP@FB@$=4FB58M4$:454D6B74=BG$
4?:4@F8U$ #>94=:468@$ 7<@6B7P@FB$ MBCP:B@$ @>6<:<X8?$ GHBM4@4F4$
K>6G4$ B:B@$ GHBM4@478@4$ ?<<C464$ <:BGBFPTP+$ ]^$ YG_F4@$
CB6GB?$ 7BMBGBFPTP$ AB?B=$ 9H$ FH6HGH$ 8@?B6$ 4`T8$ K>R:4@F8U$
"M6PYB$7<:$=B6BaB$78:8?$C86BG8FB:$9H:KH:B6$7BC=B@FPU$%%b_F4$7BT$
L4G87A46F4$ C468<F8?$ :B=46B:8R4$ 4C8:4CDA<6G$ F4SB6X:B6$ I;-%,J$
8R:4@F8U$c'b_F4$MBGB$=B6RP@FB$746496B:$L4G87A46:46F4$?<6D?B:$
54$7H9?<6D?B:$O<?$7BMPFB$F8ANRM<@$?P7P=:P:PTP$K>7=464@$:4RM<@:B6$
54$ 7BT$ 78@KH:B=$ K86H7=B$ L4G<6BX8$ 7BC=B@FPU$ ):8@8?+$ :B9<6B=HB6$
54$ @>6<K>6N@=N:4G4$ 9H:KH:B6PM:B$ ';-E$ =B@P7P$ ?<@H:FHU$
dB7=B@P@$ >@Y478@F4$ L46LB@K8$ 986$ 64@B:$ F87A<@?78M<@H$ 54MB$
L8C46=B@78M<@H$<:GBGB7P$@4F4@8M:4$-WB7CB6BX8@BR$';-E$@4F4@8$
<:B6B?$F4T46:4@F868:F8$54$:WB7CB6BX8@BR$=4FB5878$?478:F8U$*B?898@F4$
LB7=B@P@$ @>6<:<X8?$ GHBM4@478$ =BGBG4@$ FNR4:F8$ 54$ @>94=:46$
?<@=6<:$ B:V@B$ B:P@FPU$ dB7=B@P@$ ?<@=6<:$ c'b_78@F4$ :4RM<@:B6P@$
<6=BFB@$ ?B:?VTP$ 54$ %%b_@8@$ @<6GB:4$ F>@FNTN$ K>R:4@F8U$ &H$
<:KH+$"--$LB7=B:B6P@FB$@>94=:468@$7BF4Y4$G46?4R8$78@86$787=4G8$
=H=H:HGH@FB$F4T8:+$=4FB58M4$9BT:P$';-E$K4:8S8G8@F4$F4$<6=BMB$
OP?B98:4Y4T8$ 54$ -WB7CB6BX8@BR$ ?478:G478@8@$ 46?4@$ F>@4GF4$
C6<K@<RH$ <:HG:H$ M>@F4$ 4=?8:4M498:4Y4T8@8$ 5H6KH:BGB?=BFP6U$
"M6PYB$ ';-E_F4$ @BF864@$ 98:F868:4@$ %%b$ 9H:KH:B6P$ BOP7P@FB@$ FB$
>@4G:8F86U$
4BCBA.DB.;EFGB?:
hB:PSGBGPRFB$ZjjjWk^Z^$MP::B6P$B6B7P@FB$4C8:4C78$C<:8?:8@8T8G8R4$
9BS5H6B@$ G4=B9<:8?$ 9<RH?:H?$ @4F4@8$ 8:4$ @>94=$ K4O864@:46$
FPSP@FB$B:P@B@$[]$MBS$54$N7=N$lj$LB7=B@P@$=B?8C$7N64:468$ZZ$BMW
Z^$MP:I<6=B:BGBmn[UZZ$BMJ$B6B7P@FB$F4T8SG4?=4MF8U$lj$LB7=B$[]W
jZ$MBS$B6B:PTP@FB$<:HC+$]Z_8$46?4?+$nl_8$?BFP@FPU$dB7=B:B6$Z^$MP:$
MBS$B6B:PTP$<:BYB?$S4?8:F4$n$7H9K6H9B$BM6P:FPUU
/97897@C:
#>94=$DC:468$7P@PoB@FP6P:FPTP@FB+$lj$LB7=BFB$CB678M4:$@>94=:46$
p]]$ 8:4$ 8:?$ 7P6BFB$ <:HC+$ 8?8@Y8$ 7P?:P?:B$ X4@46B:8R4$ =<@8?$ ?:<@8?$
@>94=$pq^U]+$7=B=H7$874$pqU]$<:B6B?$K>6N:FNU$ l^$LB7=BMB$%%b$
O4?8:498:F8Q$ 4@$ 7P?$ <:B6B?$ pkrU]$ 8:4$ @<6GB:$ %%b$ 9H:KH:B6P+$
pknUl$ 8:4$ A<?B:$ MB5BS:BGB+$ pZrU]$ 8:4$ A<?B:$ MB5BS:BGBsA<?B:$
4C8:4CD?$<FB?$7BC=B@FPU$,8T46$%%b$9H:KH:B6P$874$FBLB$BR$7P?:P?:B$
K>6N:FNU$ EH9K6HC:B6$ ?4@F8$ 8O8@F4$ F4T46:4@F868:F8T8@F4$ l]$ MBS$
N7=N@F4$ 4@$ 7P?IpnnU[J$ A<?B:$ 4C8:4CD?$ <FB?$ 7BC=B@FPU$ #>94=$
7P?:PTP$ kW]$ <:B6B?$ 7BC=B@FPU$ %%b$ 54$ ?6B@8B:$ K>6N@=N:4G4:46$ nn$
LB7=BFB$ 9869868@8$ F4=74?:4G4F8U$ %=M<:<X8M4$ M>@4:8?$ MBCP:B@$
?6B@8B:$ K>6N@=N:4G4:46F4+$ 4@$ 7P?Iql$ LB7=BJ$ 746496<5B7?N:46$
LB7=B:P?IEtdJ$ =47C8=$ 4F8:F8U$ Etd$ 8O8@F4$ F4$ 4@$ 7P?$ <:B6B?Ink$
LB7=BJ$K4@8S$FBGB6$4@AB6?V$8R:4@F8U$EH9K6HC:B6$8O8@F4$FBTP:PG$
7P6B7P@FB$ 94:86K8@$ AB6?:P:P?$ 7BC=B@GBFPU$ #>94=$ K4:8S8G8@8@$ Etd$
8:4$RBGB@7B:$9BT:B@V7P$nZ$LB7=BFB$@4=:4SD68:498:F8U$&H@:B6FB@+$
Zk_8@F4$46?4@$@>94=+$Zj$uH@FB$K4O$@>94=$K4:8S8G8$7BC=B@FPU$r^$
LB7=BFB$4?$LB7=B:P?$7BC=B@FPU$%@$7P?$d*Ip]qUkJ$4S:8?$4=G4?=4MF8U$
lj$ LB7=B@P@$ k_78$ B@D4C8:4CD?$ =4FB58$ B:GBGB?=B$ <:HC+$ lr$
LB7=B@P@$pl]UZ_8$G<@<=46BC8+$pZqUj_H$C<:8=46BC8$B:GB?=BMFPU$
#HF9A:
eBS:P$ LB7=B:B6FB$ 4C8:4C78$ 4=M<:<X878@F4$ 7P?:P?:B$ 746496<5B7?N:46$
LB7=B:P?:B6$ 7BC=B@GB?:B$ 986:8?=4$ 986$ ?P7PG$ LB7=BFB$ 4=M<:<X8$
94:86:4@4G4F8T8$K>6N:GNS=N6U$#>94=:468@$B@D4C8:4CD?$=4FB58M4$
8M8$ MB@P=$ 546F8T8+$ G<@<=46BC8M:4$ ?<@=6<:$ B:V@FB$ <:FHTH$
7BC=B@GPSV6U
-99-
!"#$%&'%&
P-101
P-102
(")'*&+,%!-'%!#-,.*//0)1*,)%,2-'-3"&'*&4,
#$*$-),/D''*)*),2-&,.*#$*1*,#$*$D#,%!-'%!$-/D#,
#")&*#0,&*21"E-3"'-F%,2*G'0,9%'-H%),*/D$,2I2&%/,
3%$E%F'-G-8,"'9D,#D)DED,
$%&'()*+,-()-./ 01231)45.6%&/)7-421(('6-)*'&%.)-8-.&9/)
*%:%8).9(-4/)756%4'()6-29/)0-.')-2$-39))
*'*-2)k+&-.+,&1/ 1l1.)3-(/)49&*9m).-4-/)810-)-.9(39/)
5&.5)6'0%&)0%(&')
!"#$%#&'(%)*(+,(-$.$%(*"-/"01#0"%1(*"-/".,-$
*5678
%;<=>;?<) @A?BA=ACDEDE/) @A?BA=DF)
ACAJKCD=LA?D)ALAM=AELDJKCN
@AFFDEGAF<)
H<=I<=>C<E<E)
!"2#,./(3.$+,%-$/,-$(/14(5"#30/,-$6(.7%&0&8$("."!$0$9(
:"016(".#"%"6(/3%#$',
9J;JK8
9:;:7,<:,3=>?:58
%;<=>;?<);O=<F=<E<P<EG>E)BAF<;=<)@A?BA=ACA/)G>LOICAQF)RS)LAGG>T)
U>) >;<=>;?<) @AFFDEGA) I>E>=) H<=I<=>C) RVW) LAGG>T) <M>C>E) AEF>B)
U>C<=L<JXCN) Y>E>=) H<=I<=>CG>/) GOPCZ=AC) "/) [AE=DJ=AC) #) O=ACAF)
;ZAE=AELDJ/)?OEZM)#!VW)ACA?D)G>P>C=>EG<C<=L<JXCN
6BABZ?) >;<=>;XFZ?) EOE!BCAULAXF) CAHGOL<[O=<]) E>G>E=>C<EG>E)
H<C<G<CN) 2AHGOL<[O=<]) @A[AK) B>@G<B) >G>E) U>) [AF=AJDF) f) c#)
AFZB) H\HC>F) [>BL>]=<P<) R-04T) <=>) ?OEZM=AEAE) H<C) BAH=OGZCN)
6BAXE) ICZHZ) AEX=<;<G>L<F) <=AM=ACDE) IC>[jZCB) ?Z[Z) <=>) H<C=<FB>)
FZ==AEDLDEDE)GA)CAHGOL<[O=<]>)E>G>E)O=GZPZ)H<=<EL>FB>G<CN)
"AB@8
2@AB@A6;8
"WW) @A?BAEDE) G>LOICAQF) \]>==<F=>C<) BAH=O) "^G>) I\?B>C<=L<JXCN)
Y>E>=) H<=I<) OCBA=ALA) ?FOCZ) "_NV`a) bN`cRc!VcT) HZ=ZEGZN)
4dF?>F) >P<XL) U>) I>=<C) Gd]>[<[=>) I>E>=) H<=I<) ?FOCZ) ACA?DEGA)
AE=AL=D) <=<JF<) I\Cd=Gd) R;e#N#"TN) 7A?BA=ACDE) fbW^<) g>;<=>;?<E<E)
CZ@?A=) @A?BA=DF^) O=GZPZEZ) GdJdEL>FB>[G<Nf"cNh^<) L>EBA=)
C>BACGA?[OE=A) <=<JF<=<) O=GZPZEA) <EAELAFBA/) f"`Nc^d) <?>)
GOPCZ) O=Z;) O=LAGDPDED) H<=L>L>FB>[G<N) fb"N_^?D) E\H>B=>C<E)
FOCFZ[=A) B>XF=>EG<P<E<) GdJdEL>FB>[G<N) f"") @A?BA/>U=<=<P<E)
@A?BA=ACA) [A?AF) O=Z;) O=LAGDPDED) H<=L>L>FB>[G<N) f"`Nc^d)
GOPZCLAEDE) [A?AF) O=Z;) O=LAGDPDED) H<=L>L>FB>/) fWNh^<) [A?AF)
O=GZPZEA) <EAELAFBA[GDNfbhN`) @A?BA/) I>H>=<FB>) AEX>;<=>;XF)
FZ==AEDLD) FOEZ?ZEGA) H<=I<) ?A@<H<) G>P<=G<N) ) fhNc^d) E\H>B)
?DCA?DEGA) G<=) D?DCLA[D) \E=>L>F) <M<E) APD]A) FAJDF) FO[LA[D) GOPCZ)
HZ=LAFBA/fb#Nc^d) GOPCZ) O=Z;) O=LAGDPDED) H<=L>L>FB>[G<N)
fVbNV^?</) A?<B=<) <M>i>F) <ML>L>=>C<) I>C>FXP<E<) GdJdEL>FB>/)
fbbNW^<)GOPCZ)O=Z;)O=LAGDPDED)H<=L>L>FB>[G<NfWbNS^Z/)E\H>B)
?DCA?DEGA)?OPAE)FOF=ABLA[D)jA[GA=D)HZ=LZJBZN)
#C>@78
%;<=>;?<) @AFFDEGAF<) [AE=DJ=AC/) \E[ACID) U>) [>B>C?<]) B>GAU<[>)
E>G>E) O=LAFBAGDCN) *>UAL) >BL>FB>) O=AE) MA=DJLALD]DE) \E)
?OEZM=ACDEGA/) @A?BA=ACDE) [>B>C=<) H<=I<[>) ?A@<;) O=LAGDF=ACDED)
I\CL>FB>[<]N)*OPCZ)B>GAU<)<M<E)\Ei>=<F=>)HZ)FOEZGA)MA=DJLALD])
I>C>FL>FB>G<CN
!"##!
_`)[AJDEGA)>CF>F)@A?BA)?BABZ?)>;<=>;XFZ?)BAH=O?Z[=A)HAJUZCGZN)
7A?BA[A) G<]>;AL) U>) 'n) G<j>E<=@<GAEBO<E) [dF=>EG<FB>E) ?OECA)
E\H>X) GZCGZN) o]I>ML<J<EG>) @<;>CBAE?<[OE/) X;) V) G<AH>B>?)
L>==<BZ?/)@<;>C=<;<G>L<)E>G>E<[=>)")[D=GDC)?BAXE)FZ==AEDLD)U>)@>C)
IdE) IC>[jZCB) ?Z[Z) <ML>) \[Fd?d) L>UiZpZN) 6BABZ?) >B[O=Oq<?<E>)
[\E>=<F) [A;D=AE) H>[<E) :2Y^G>) ?O=) jCOEBA=) ?ZHFOCXFA=) H>[A])
i>U@>CG>) FOEBCA?B) BZBAE) =>][OE) <]=>EG</) :2) ?;>FBCO?FO;<G>)
FO=<E)OCAEDEGA)L<E<LA=)ACKJ/)(!A?>X=!A?;ACBAB)R(--T)OCAEDEGA)
@AQj) A]A=LA) <=>) FO=<Er(--) OCAEDEGA) @AQj) ACKJ) ?A;BAEAE)
=>][OEZE) I=<A=) BdL\C) <=>) Z[ZL=Z) O=AH<=>i>P<) CA;OC) >G<=G<N)
%%Y^G>)>;<=>;XjOCL)AFXU<B>)I\]=>EL>G<N)4A[IDE)FA?)APCD?D)O=AE)
@A?BAEDE) E\CO=Oq<F) LZA[>E>?<) EOCLA=G<N) 7A?BAE>[>) [AKJDEDE)
VN) IdEdEG>) <GCAC) MDFDJDEDE) A]A=LA?D) U>) FC>AXE<E) G>P>C=>C<EG>)
[dF?>=L>) O=LA?D) d]>C<E>) (>jCO=Oq<) H\=dLdEi>) BAF<H>) A=DEGDN)
7A?BAEDE) ?>CZL) FC>AXE) F<EA]) R3.T) U>) L[OI=OH<E) Gd]>[=>C<)
[dF?>F)O=ACAF)?A;BAEGDN).C>AXE<E)G>P>C=>C<E<E)ACKJ)I\?B>CL>?<)
U>) O=<IdC<) E>G>E<[=>) -04) O=ACAF) G>P>C=>EG<C<=G<N) 7>LOG<A=<])
B>GAU<?<E>) A=DEACAF) FC>AXE<E/) 3.) U>) L[OI=OH<E) Gd]>[=>C<EG>)
H>=<CI<E)A]A=LA)I\]=>EG</)<GCAC)MDFDJD)EOCLA=>)G\EGdN)(>jCO=Oq</)
H>[<E) i>CCA@<?<) H\=dL=>C<) <=>) OCBAF) BAF<H>) A=DEACAF) BAHZCiZ)
>G<=G<N) 7A?BAEDE) E\CO=Oq<F) G>Q?<XE<E) O=LALA?D) E>G>E<[=>)
=>][OEZE):2)<=>)BAF<;)>G<=L>?<E>)FACAC)U>C<=G<N
$6;LK568
*A@A) \Ei>) E\H>B) \[Fd?d) O=LA[AE) O=IZGA) ?BABZ?) >;<=>;XFZ?)
<=>) B>XF=>E>E) CAHGOL<[O=<]) ?OEZiZ) -04) BAH=O?Z) I>=<JL<JXCN)
7A?BAEDE)?BAXE)FZ==AELA?D)U>)Gd]>E=<)IC>[jZCB)?Z[Z)<ML>?<E<E)
CAHGOL<[O=<])I>=<J<L<E>)FABFD)?AP=AGDPD)GdJdEd=LdJBdCN)
!"#$%&'%&
P-103
P-104
%!('%!#()*%&&+,(#()-./-'+0+0),+#$+'+&10)*%&&+,()
20*%#()3%)#"0&+#1)#+4'15)/(6%&'%&()7+'(.%$)+0+'(8()
6(&%0H'()02C%$'%&)0%6%0(.'%)*%&&+,()-./-'+0+0)C(&)
!+''(#$%&I,+'')#%06&"7-)"'/-#-)
$%&'()*+,-.-/,!0,-1*,231)-4,"0,5(+$*,$(6*&,!0,(/6-1,
.78&9+,30,:(/*69+,-.-/,"0,5-/38,5-&1-+,4
+(8(,6(/*.*7m19,!0,'(/-n,'-2$3,"0,+(o-^,-&-1-+,3
?%@*11*$*#+,-.*/0-1*0-#,4/5)56-(#7-)-&)*/#.*#
$0-(-:%1/-#*,01-1+0+#.*#?%@*11*$*#+,-.*/0-1*0-#12$#
3%(+)1*0-#,4/5)56-#%8
"#
?%@*11*$*#+,-.*/0-1*0-#12$#3%(+)1*0-#,4/5)56-#%8
9#
?%@*11*$*#+,-.*/0-1*0-#12$#3%(+)1*0-#,4/5A-/'/6-#%8
!#
$%&'((%)*#+,-.*/0-1*0-#12$#3%(+)1*0-#,4/5)56-#
%,%7-)-&#8%)2
"#
$%&'((%)*#+,-.*/0-1*0-#12$#3%(+)1*0-#,4/50-/+/6-#
%,%7-)-&#8%)2
9#
050:%)#;+.*,)-(#('/'&'#8*,-<)-#-)#&+8+/)+=+
>#
85('<#*:)+)#+,-.*/0-1*0-#12$#3%(+)1*0-#,4/5)56-#
%,%7-)-&#8%)2
!#
/J>JK)?=)+9:;<
*;<=<, >?@ABC;?, AD?;ADE?, F<EG<;<@HB><, CAI?G;?, =A@@<F?, ?I;AJ;A@,
BKLAG;A@?, MNBG@N;, <;GHB<, <;<L?;?@O, -B=<M, =A@@<F?, PQRP;<J<;<@HB,
PSPB,>KBAJ,F<EG<,GA><T?,J<;?QAG;A@?,USA@?BA,AGM?E?,U;MAJ?S>A,
C<;HIH;J<JHIGH@O, 5P, C<;HIJ<><, ?;<=<, >?@ABC;?, AD?;ADE?E?, N;PD,
=A@@<F?, PQRP;<B<B, F<EG<;<@, @AG@NEDAMG?V, N;<@<M, J<;?QAG, TA,
AGM?;?;?M,<CHEHB><B,?B=A;ABJ?IG?@O
\?DNG<;<J?M, F<J<@GNJ<, `\\a0, RABA;;?M;A, YA;<E]M, BKLAG;A@0,
JABG<;,@AG<@><EQNB,TA,><T@<BHI,LNSPM;PM;<@HBHB,EHM,RK@U;>UZU,
L?@, G<L;NQ<, BA>AB, N;P@O, +KLAG;A@, ?;<C;<@<, >?@ABC;?, N;>PZPB><B,
F<EG<;<@<, \\, @ASAME?QNBP, PQRP;<BH@O, \<EG<;<@><, AM, N;<@<M,
DN;?><M];?, RK@U;>UZUB>A, LP, G<L;NQ<, n<;;?EGA@!\<;;, EAB>@NJP,
`n\'a, <>H, TA@?;?@O, 5<SAB, EAB>@NJ><, AM, N;<@<M, F?DND?GP?G<@?SJ0,
MP;<M!LP@PB, >AVAMG;A@?0, @AB<;0, MNBYAB?G<;, M<;D, TA, <M=?ZA@,
<BNJ<;?;A@?, AI;?M, A>AL?;?@O, 5P, L?;>?@?>A, L?@, n\', N;RPEP, =A@@<F?,
ENBPC;<@H,?;A,G<@XIH;<=<MX@O
/=>=;)?=).@AB=9<
"EFD<
6?@ABC;?, AD?;ADE?, BA>AB?Q;A, =A@@<F?, ?I;AJ, PQRP;<B<B, F<EG<;<@,
C<;HIJ<Q<,<;HB>HO,-JA;?Q<G,KB=AE?,W,QH;,TA,<JA;?Q<G,ENB@<EH,AB,
<S, ", QH;, G<M?DGA, N;<B, F<EG<;<@HB, AD?;ADE?, BA>AB?Q;A, F<EG<BAQA,
Q<XI0,BK@N;NY?,DN;?M;?B?Z?,TA,<=?;,EA@T?E,L<ITP@P;<@H,?;A,?;R?;?,V<GP@<,
GPG<@;<@H,'$&[B<,<?G,TA@?,G<L<BHB><B,A;>A,A>?;>?O,\<EG<;<@HB,D@AND,
TA,DNEGND,QH;;HM,<B]AD?;AD]M,MP;;<BHJ,J<;?QAG;A@?,FAE<D;<B<@<M,
M<@IH;<IX@H;>H0,<Q@H=<,GND;<J,=A@@<F?,J<;?QAG,LA;?@;AB>?O
2?@J?>K@G, Q<IHB><, A@MAM, F<EG<, LK;UJUJUSA, >?@ABC;?, AD?;AD]M,
BKLAG;A@,`YA;<E]M0,GNB?M0,YABA@<;?SA,GNB?M!M;NB?Ma,BA>AB?Q;A,L<I,
TP@>PO, $A;?I?B>A, "W##, JRiRUB, NMEM<@L<SAD?B0, TA, h##, JRi
RUB, D@?J?>NB, MP;;<BJ<MG<, TA, CNM, EHM, BKLAG, RAC?@JAMGAQ>?O,
%S, TA, ENQ, RACJ?I?B>A, LA;?@R?B, KSA;;?Z?, N;J<Q<B, F<EG<BHB, pS?M,
JP<QABAE?B>A, NLAS?GA, TA, L?;<GA@<;, DN;?><M];?q, BK@N;NY?M,
JP<QABAE?B>A,<ZH@,JABG<;,@AG<@><EQNB,E<DG<B>HO,(($[>A,E<Z><,
F<M?J0,L?;<GA@<;,KB,MAE?J;A@>A,LA;?@R?B,YABA@<;?SA,MAEM?B,><;R<,
TA, >?MAB;A@q, )/$[>A, \\, E<DG<B>HO, ^N@<ME, TA, <L>NJAB, 5^[>A,
N@R<B, >AVAM], RK@U;JA>?O, \?DNpS, FN@JNB;<@HB><B, LUQUJA,
FN@JNBP, >USAQ?, >UIUM, ?MAB, >?ZA@;A@?, BN@J<;, EHBH@;<@><Q>HO,
\<EG<Q<,G@<BEM<;;NS<;,QN;><B,AB>NEMND?M,N;<@<M,\\,@ASAME?QNBP,
PQRP;<B>HO,(@MAB,DNEGNDA@<]V,>KBAJ>A,BKLAG;A@?B>A,>@<J<]M,
<S<;J<,RKS;AB>?0,><T@<BHI,LNSPM;PZP,>AT<J,ArO
+9:;<
CDEFDE:><
^ND;<J, __, `W#, A@MAM0, "_, M<>HBaF<EG<BHB, N@G<;<J<, Q<IH, _W0W,
QH;0, F<EG<;HM, EU@AE?, "b0_cd0d, QH;0, DNEGND, ?S;AJ, EU@AE?, We0_c"#,
<Q,N;<@<M,E<DG<B>HO,\<EG<;<@HB,AB,<S,",QH;;HM,G<M?D;A@?B>A,BKLAG,
MNBG@N;U,31-(,EHBHf<J<EHB<,RK@A,gh"0h,BKLAGE?S,`EHBHV,"TA,Wa0,
g"h0h,`"!_BKLAGiQH;a,EHBHV,_0,gWj,BKLAG,EHM;HZHB><,gh#,<S<;J<,
`EHBHV, ea0, gk, >AZ?I?M;?M, QNM, `EHBHV, ha, N;<@<M, LA;?@;AB>?O, .A@@<F?,
KB=AE?,?B=A;AJA;A@,TA,PQRP;<B<B,=A@@<F?,?I;AJ?B,GND;<J,J<;?QA],
N@G<;<J<,"kOejj^1,?>?O,.A@@<F?,KB=AE?B>A,BKLAG,BA>AB;?,E<Z;HM,
F<@=<J<;<@H, ?C?B, K>ABAB, J?MG<@, `dh#cWhe, ^1iQH;a, ?;A, =A@@<F?,
ENB@<EHB><, LP, F<@=<J<;<@, ?C?B, K>ABAB, J?MG<@, `k#bc"kW, ^1i
QH;a, M<@IH;<IX@H;>HZHB><, <B;<J;H, L?@, <S<;J<, N;>PZP, GAED?G, A>?;>?,
`Dl#0##haO,\<EG<;<@HB,=A@@<F?,KB=AE?,W,QH;,TA,ENB@<EH,AB,<S,",QH;;HM,
?;<C,F<@=<J<;<@H,EH@<EHQ;<,Wdbhc,k#d,^1iQH;,TA,WW_"cehh,^1iQH;,
N;<@<M, E<DG<B>H, `Dl#0##haO, .A@@<F?, ENB@<EH, F<EG<;<@HB, AD?;ADE?,
BKLAG;A@?BA, L<Z;H, E<Z;HM, F<@=<J<;<@HB><, N@G<;<J<, g_k0, ?;<C,
F<@=<J<;<@HB><,?EA,gWh,N@<BHB><,<S<;J<,GAED?G,A>?;>?O,
#GAD;<
n<;;?EGA@!\<;;, EAB>@NJP, AB>A@, RK@U;AB, L?@, EAB>@NJ>P@O, *SN;A,
\\[BHB, @ASAM]V, =A@@<F?, ?;A, GA><T?E?, ;?GA@<GU@>A, ?Q?, L?;?BJAM;A,
L?@;?MGA,><F<,KB=A,n<;;?EGA@!\<;;,EAB>@NJPB><,=A@@<F?,Q<DH;<B,
T<M<,L?;>?@?;JAJ?I]@O,5P,N;RP,n\'[B><,><,N;RP;<@HB,=A@@<F?>AB,
Q<@<@,RK@AL?;A=AZ?B?,TP@RP;<J<MG<>H@O,
#GAD;<
5P, C<;HIJ<><B, A;>A, A>?;AB, TA@?;A@0, AD?;ADE?, =A@@<F?E?B>AB,
ENB@<,F<EG<;<@HB,AD?;ADE?,BA>AB;?,E<Z;HM,TA,?;<C,F<@=<J<;<@HB><,
<B;<J;H, L?@, <S<;J<, N;>PZPBP, TA, LPBPB, ><, BKLAG, MNBG@N;U, ?;A,
?;?IM?;?,N;>PZPBP,RKEGA@JAMGA>?@O,
!"#"!
!"#$%&'%&
P-105
P-106
()'(*(+,%+-.'*%+/01%$'%&2/2/+"'34)4+$('(*56+
7%*($"*+"'-4+#4/4*4+
%!2'%!#2+ ,%+ !#26"$26+ 1"<46'4)4/+ 1%&(1%&+-0&.'3.).+
=(7&+7(#$('5)5+
%&'()*+,-)./ ,01).*2)-34/*156.72&*)6')./*'58972&*
:5';7.*<,;*2)().2)0/*=>'&*>(>8*
6&0<).*<30%)=*6/*15'2)*:5b&'7*7/*)2.>0*<30%)=*3
.%8+$9(%:+.!%&+!%$&0;$<'59*&+!%$(2.3*34%$'('#%*%-$='*0
.%8+$9(%:+.!%&+!%$&0;$<'59*&+!%$;!%5%>'&.%$'('#%*%-$='*0
?$
.%8+$9(%:+.!%&+!%$&0;$<'59*&+!%$&0##%$#%>35%->'$'('#%*%-$
='*0
6$
!"#$%!&'(#)*$+,%&%-$'.'/&0.-'$1'!&'(+!%$(2.3*34%$
5*%(%,%
7$
"89:;
&?@AB?CD* EFGBHABI* JKILJKEML* LE@* LNALOL* PBQL* ORHARARD* S@JJ@*
TAOLMLE* ?LHALQKUK* DLSDLSL* VFIWABG@AOBDHBM@IX* 3DHLA* DLSDLSL*
YTD* JKD* ILJHALELE* G@I* GRAVR* MBN@AM@IX0LJHALEMKNK* MRIRO* ZBALJCD*
B?@AB?J@* TALILD* LMALEMKIKAOLDHLMKIX* :BEBAA@DAB* "!$* MLD@DL*
JWIBIX9ITEHLA* DTIHBDJ* PB* M@BEJB[LA@D* GFAVBABIMBE* DLQELDALELE*
EFGBHABIB* VFIB* HBO?TILA* ATG* DFDBEA@* EFGBHABIMB* MLSL* JKD*
VFIWABG@AOBDHBM@IX)NALOLEKE* @DHLA* GRAVR* TAOLJK* SLA@EMB* @JB*
MLDI@JCD* B?@AB?J@* HBI@O@* DRAALEKAOLDHLMKIX* .LM@I* VFIWABE* G@I*
MRIRO*TAR?*MLSL*FEUB*G@AM@I@ABE*LNALOL*EFGBHABI@E@E*YTNREML*
EFGBH* LDCP@HBJ@* ETEMTO@ELEH* SBO@J[BI@E* HBO?TILA* ATGREMLE*
DLQELDALEOLDHLMLKIX* <A@E@N@O@\B* JLN* DTA* PB* GLULDHL* DRPPBH*
DLQGK/DTER]OL*GT\RDARNR*]@DLQBC*@AB*GL]PRILE*PB*JTA*HLALO@D*
SBOLHTO* JL?HLELE* ^_* QL]KEMLD@* GLQLE* SLJHLML* HLD@?ABI@*
JKILJKEML*LNALOL*PB*VWAOB*LHLDALIK*@\ABEM@X*2L?KALE*&&:*MB*JTAML*
MLSL* GBA@IV@E* TAOLD* W\BIB* SBI* @D@* SBO@J[BI@E* FE* GFAVBABI@EMB*
?LITDJ@JOLA*LDCP@HB*PLIAKNK*VF\ABEM@X*`SBQEHT@E*JTM@RO*HBMLP@J@*
JTEILJK*LNALOL*PB*VWAOB*LHLDALIK*DTEHITA*LAaEL*LAKELE*SLJHLML*
B?@AB?CD*VWAOB*PB*LNALOL*EFGBHABI@*TAMRNR*MW]WEWAMWX
!"#$!
"89:;
9LSI* SLJHLAKNK* GL]HL* GL\LA* VLEVA@TEALI* TAOLD* W\BIB* GBQE@E*
M@NBI* DKJKOALIKEKE* c[ITEHLA/* HLALORJ/* JBIBGBAAROd* G@ALHBILA*
J@OBHI@D* DLAJ@eDLJQTERQAL* DLILDHBI@\BM@IX* 1LJHLAKNKE* ?IBPLALEJK*
HLO* TALILD* G@A@EOBOBDHBM@IX* 6?TILM@D* PBQL* L@ABP@* TALILD*
VFIWABG@AOBDHBM@IX* )@ABP@* PLDLALIKE* VBEBAA@DAB* THTJTOLA*
MTO@ELEH*VBY@]*VFJHBIM@N@*PB*JTIROAR*VBE@E*"fX*DITOT\TOML*
ATDLA@\B* TAMRNR* GBA@ICAO@]CIX* 1LJHLAKNKE* e\QT?LHTATZ@D*
OBDLE@\OLJK* HLO* TALILD* LEAL]KAOLOK]aIX* <A@E@D* GBA@ICABI@*
SBHBITZBE@HB* VFJHBIOBDHBM@IX* )JBO?HTOLCD* SLJHLALI*
TALG@AM@N@* V@G@* EFITATZ@D* PBgPBQL* ?J@D@QLHI@D* GT\RDARDALIAL*
ML* DBEM@E@* VFJHBIBG@AOBDHBM@IX* .FITATZ@D* GBA@ICABI* LILJKEML*
BDJHIL?@ILO@MLA* J@JHBO* GT\RDARDALIK* c?LID@EJTE@\O/* M@JHTE@/*
DTIBd* CD* PB* DTER]OL* GT\RDARDALIK/* OTHTI* MBeJ@H/* B?@AB?J@* PB*
MBOLEJL* DLMLI* PLILE* DTVE@C[* GT\RDARDALI* QBI* LAOLDHLMKIX*
`J@D@QLHI@D* GBA@ICABI* LILJKEML* @JB* ]@\T[IBE@* GBE\BI@* ?J@DTCD*
GT\RDARDALI/* MRQVR!MRIRO* GT\RDARDALIK/* TGJBJ@[* DTO?WAJ@[*
GT\RDARD* PB* D@]@A@D* GT\RDARDALIK* VFIWABG@AOBDHBM@I* %RILML* $*
QKAMKI*?J@DTCD*GT\RDARD*HLEKJKQAL*@\ABE@ABE*PB*DTO?ABh*?LIJ@QBA*
EFGBHABIAB*DLILDHBI@\B*B?@AB?J@J@*TALE*QL?KALE*@EUBABOBABI@EMB*
9LSI* SLJHLAKNK* HLEKJK* DTERALE* BI@]D@E* G@I* BIDBD* SLJHL*
JRERAOLDHLMKIX* i\VBYO@]@EMB* SBISLEV@G@I* F\BAA@D* GRAREOLQLE*
jk* QL]KEML* BIDBD* JTE* $* QKAMKI* ?J@D@QLHI@* ?TA@DA@E@N@EMB* ?J@DTCD*
GT\RDARD* HLEKJKQAL* @\ABEOBDHB* PB* ,ALE\L?@E* $#OVgVWE*
DRAALEOLDHLQMKX* 1LJHLEKE* JTE* _* LQMKI* SLlLML* "!$* DB\* DKJL*
JWIBA@* G@A@EY* GRALEKDAKNKEKE* B]A@D* BmN@/* MWNOBABI@E@* @A@DABOB/*
W\BI@E@* HBO@\ABOB/* LIMKEMLE* JLNKEL* JTAREL* GLDOL/* LNK\ML*
]L?KIMLHOL*HLI\KEML*THTOTC\OLALIAL*DLILDHBI@\B*EFGBHABI@E@E*
TAMRNR*FNIBE@AM@X*;BD@ABE*&&:*J@EMB*QLPL]*\BO@EMB*@JCILSLnB*
PB* LDCPLJQTEML* SBI* @D@* SBO@J[BI* HBO?TILA* GFAVBABIMB* "!$*
JLE@QB* JWIBA@* M@DBE!MLAVL* LDCP@HBJ@EB* ILJHALEKAMKX* %BILGBI@EMB*
YBD@ABE* GBQ@E* HTOTVILeJ@EMB* G@ALHBILA* GL\LA* VLEVA@TEALIML/*
HLALORJML/*[ITEHLA*GFAVBABIMB*PB*JBIBGBAAROML*DLAJ@eDLJQTEAL*
RQROAR* S@?BIMBEJ* LALEALIL* ILJHALEKAMKX* 2L?KALE* G@QTD@OQLJLA*
PB*STIOTELA*HBHD@DABI@*ETIOLAM@X*9LSI*SLJHLAKNK*HLEKJK*DTERAMR*
PB* EFGBH* DTEHITAW* @Y@E* 'LOTHI@Z@E* GL]ALEKALILD* HLD@GB* LAKEMKX*
6TERYHL* EFIT?J@D@QLHI@D* GBA@ICABI* VFJHBIBE* BI@]D@E* SLJHLALIML*
BCQTATZ@D* @EUBABOB* QL?KAKIDBE* 9LSI* SLJHLAKNKEKE* TALG@ABUBN@*
RERHRAOLOLAKMKIX*
!"#$%&'%&
P-107
P-108
(")*+#%*(&",'-+./#$/(/+(%,/*#+0'%+1%&/1%&+#%*0'+
,2"3'"*03+%!0'%!#0+
#>?/3+#-+%!0'%!#0'0+10&+@/3/+
+,c()Yd3d')02).(-U&e)6(%&-f&)1
%&'()*+,-&,()./-01'2 +,3+4),&5&3)
0%
+2$3!/%4)(/)+%3!*+!")*'
*&/)56!"%4)6'$)/%&"'()$*'+)*'%"7$8/89'%!"!:'/'6%
4!/,
1%
!"#!$!%&"'()$*'+)*'%+,-%.!#&/+)*'
"4567
6789) :;9<=7>?9<@) 9AB;C) :DEFDGD) HIJ<K=L) MD=EB;N) O@N) P:CP)
6789):;9<=7>?)Q@:C@F@=D9<@)<;>@9:)R;FKN>;)=K:EK)@=C@=)S;)B?)
Q@:C@F@=D9)T7G?9<@)9AB;C)<;)RA=PFP=L)0;9C79)S;)U@RFK@2)6789)
.;9<=7>?) S;) +FVQ;K>;=) WXK) <;>@9:D) 7F@9) O@NFD) Q@:C@F@=<@)
>O7EF79KE) ;XKF;X:K) BKF<K=>KNW=L) YKV) <;) E7R9KWZ) ODED>D) 7F@9) S;)
R;T)B@NF@9RDTFD)>O7EF79KE)9AB;CF;=)R;TK=;9)BK=)6789).;9<=7>?)
Q@:C@:D):?9?O7=?VL
"456+87
[") O@ND9<@EK) 6789) .;9<=7>?) Q@:C@:D2) C79KE!EF79KE) 9AB;C)
R;TK=>;) NKE;O;WOF;) B@NS?=<?L) *@:C@) :7=R?F@9<DGD) V@>@92)
PT) ODF<@9) B;=K) RK<;=;E) @=C@9) BK=) B;FF;E) E@OBD) S;) <@S=@9DN)
<;GKNKFKEF;=K) 7F<?G?2) BK=) ODF<@9) B;=K) >O7EF79KE) :DT=@>@F@=D9)
B@NF@<DGD2) @=<D9<@9) Q@\@<@) PT) E;V) ];9;=@FKV;) C79KE!EF79KE)
9AB;CF;=K) R;TK=>;:K) PV;=K9;) F@>7C=K]K9) B@NF@9<DGD) Z@E@C)
>O7EF79KE)S;)C79KE!EF79KE)9AB;CF;=;);CEK:K)7F>@<DGD)AG=;9KF<KL)
M=@9KO@F) %-0J<;) E7=WE@F) @C=7^2) ((0J<;) K:;) O@ORD9) O@S@NF@>@)
C;:BKC) ;<KF<KL) _@FX=7KE) @:KC) [##) >R`RP9) B@NF@<DEC@9) <A=C) RP9)
:79=@) <AEP9CP) R;FKN>;:K) PV;=K9;2) F;S@W=@a;C@>) B@NF@9<D) S;)
>O7EF79KE)S;)C79KE!EF79KE)9AB;CF;=)E79C=7F)@Fb9@)@FD9<DL
$9:;<=97
6789):;9<=7>?)Q@:C@F@=D9<@)<;>@9:)KF;)B;=@B;=)RA=PF;9):;9KF)
>O7EF79KE) ;XKF;X:K) 7FR?F@=D2) :D9D=FD) :@OD<@) BKF<K=KF>KNW=L) YKVK>)
:?9<?G?>?V) Q@:C@) <@2) 6789) :;9<=7>?9<@) <;>@9:) S;) :;9KF)
>O7EF79KE) ;XKF;X:K9K9) B;=@B;=) B?F?9<?G?) 9@<K=) 7FR?F@=<@9)
BK=K<K=L)
AB:B<7
.Da@E):?);XKF;X:K:K)g..(h)9@<K=)RA=PF;9)BK=)=;i;E:);XKF;X:K)WXK<K=L)
'AB;CF;=):Da@E):?)KF;)X=7S@E;)7F>@EC@<D=L
"4567
6@Q@) A9a;<;9) QKTBK=) O@ED9>@:D) 7F>@O@9) "j) O@ND9<@EK)
;=E;E) Q@:C@) PT) @O<D=) B@9O7<@) B@ODF>@) O@ED9>@:D) KF;) 9A=7F7]K)
X7FKEFK9KGK9;) B@NS?=<?L) +9@>9;VK9<;) BK=) ODF<D=) Q;=) B@9O7)
:D=@:D9<@) 7F?N@9) <@FRD9FDE) S;) B@9O7<@9) :79=@) Q@F:KVFKE)
O@ED9>@:D)7F<?G?)BKF<K=KF<KL).79)PT)@O)KTK9<;)<;)B@9O7):D=@:D9<@)
PT)E;V)];9;=@FKV;)C79KE)EF79KE)9AB;C)R;TK=<KGK)AG=;9KF<KL)kKVKE)S;)
9A=7F7]KE) >?@O;9;:K) 97=>@F) 7F@=@E) <;G;=F;9<K=KF<KL) &9C;=KEC@F)
<A9;><;) T;EKF;9) ((0J:K9<;) C;>X7=@X@=K;C@F) BAFR;F;=<;)
BKF@C;=@F) :;9E=79) E;:EK9) <@FR@) @EWSKC;:K) :@XC@9<DL) *@:C@O@)
B@9O7):?O?9?9)D:D:D9D)<PNP=>;:K)S;)B@9O7<@)<?N?)E?FF@9>@:D)
A9;=KF<KL),@EF@NDE)KEK)@OFDE)C@EKBK9<;)DFDE):?)KF;)B@9O7);:9@:D9<@)
QKT)9AB;C)R;TK=>;<KGK)BKF<K=KF<KL
$9:;<=97
..(JFK)Q@:C@F@=)K9a;F;9<KGK9<;)9AB;W)7=C@O@)TDE@=@9);CE;9F;=K9)
Q@:C@<@9)Q@:C@O@)Z@=EFDFDEF@=)RA:C;=<KGK)RA=PF>;EC;<K=L),DE@9DF@9)
:?O?9):Da@EFDGD2):?O?9)?OR?F@9<DGD)SPa?C)@F@9D)S;)ODE@9>@)C@=VD)
g<?N)S;O@)E@X)KF;)ODE@9>@h)RKBK)Z@ECA=F;=)A9;>FK<K=L)Y?)S@E@<@)
ODE@9>@)@FDNE@9FDGD)BK=)E@X)@=@aDFDGDOF@)B@ND9<@9)@N@GD):?)<AE>;)
N;EFK9<;)K<KL)*@:C@)<?N?)E?FF@9@=@E)B@9O7)O@XbGD9<@)K:;)9AB;C)
7F?N>?O7=<?L) .79?T) 7F@=@E) 9@<K=) RA=PF;9) BK=) =;i;E:) ;XKF;X:K)
WXK) 7F@9) :Da@E) :?) ;XKF;X:K:K) >;<KE@F) C;<@SK) E?FF@9DF>@E:DVD9)
:@<;a;)B@9O7)@FDNE@9FDEF@=D9D9)<;GKNW=KF>;:KOF;)C;<@SK);<KF;BKFK=L)
!"#$!
!"#$%&'%&
P-109
P-110
()*"+&%,)-#$.$/#0%!)'%!$)1/#23"&$)3.'04)#!'.*)0
,"3$/&,.'0 %!)'%!#)0 $.,9'90 :.#$.'.&9,0 &%$&"#!%3$)+0
.,.')*)0
%&'()*+,()%-./,)(*+01%)!2)31-(*).%'4%56-678-/)!2)(90/)
31.(5()&%:%';6)"2)+90%<+*)970%)!
c(0&%)&%:/1)c(*+0%&2 ;+8c(*)314%0%2),%1)&(,+2),%k+)
4%0%%8%;2)*/\.%=%)/1%,)
!#
"#
$%&'#()*+,+-.#/01
$%&'#23.4./&*.#/01
56**/72/8/#&92#'/4%,&63.
"5678
.;<=8
=>?@A) ?>BC?@A) DEFGA@HE2) IJDE?@A) KJD@LEMJ) NJOJAAE?AJ) DEBJOPAE)
JGEAJGFE) OJDJOEDEBQ) 9@HJO) M@R@IS) KJTDEK) JDJO) U>?@A) ?>BC?@A)
DEFGA@HE2) U>?@A) I>K>B)FK@KVF) LJM@)JGEAJGFE@) G@BFEM@AEF) ?>OCOV@)
OJDJOE)>A@WEAEBQ)<JBT@ONE)WEB)M@RK@)EA?)?AEOE?)WVANVA@BSOS)LJBJWEAEBQ)
'EH>UBJOEOEO)DJ)NAE@A)TXYBJAJBEO)EOKB@VKJBEO)NZPXOXO)W>HV?AV[V)
EAJ) EAER?EAE) >A@WEAJYJ[E) ZOJ) FXBXAIXRKXB) Q) \K@KVF) JGEAJGCYVF) EAJ)
GBJHJOKJ) >A@O) REH>UBJOE) K@OSFS) EAJ) K@?EGAE) WEB) >ANVD@) WEA@K@B@A)
?>BC@?A)DEFGA@HE)F@GK@DS?)LJ)WV)DVBVIVO)TJB)E?E)?AEOE?)K@WA>OVO)
>BK@?)OJDJOE)>A@WEAJYJ[E)DXRXOXADXQ)]^)M@RSOD@)JB?J?)T@FK@)")
T@_@) ZOYJ) EA?) ?JH) `JOJB@AEHJ) K>OE?) ?A>OE?) OZWJK) NJPEBIJFE) LJ)
RVVBV)@PSAI@D@O)")F@@K)EPEODJ)a)OZWJK)NJPEBIJFE)XHJBEOJ)FK@KVF)
JGEAJGCYVF) K@OSFS) EAJ) /b.=) ,ZB>A>`E) %9c) &9bd) OJ) M@eBSA@B@?)
KJD@LE)@AeO@)@ASODSQ)\K@KVF)JGEAJGCYVF)KJD@LE)GB>K>?>AXOJ)NZBJ)
DE@HJI2) UJOEK>EO) LJ) IED@H>A@I) KJD@LEAJBEOJ) M@OSK) @ASO@I@M@O)
T@FK@M@2) F>AVOVI) M>AV) NXLJOAE[E) F@[A@O@B@?) GB>G>U>A) KJD@LEFE)
LJBEADEQ) ,ZWJC) ?>OKB>A) @AeO@) @ASODSQ) %OCJGEAJGC?) >A@B@?)
.BEAJGK@A) f##) ]g") W@RA@ODSQ) %KJR) MX?FJ?AE[E) NJAERJO) T@FK@D@)
@FGEB@FM>O)GOZI>OEFE)F@GK@ODS)LJ)@OCW>KJB@GE)LJBEADEQ).BEAJGK@A)
KJD@LEFE) @AeOD@) OZWJC) >A@IFS) XHJBEOJ) KJD@LEMJ) ?JGGB@) h##)
]g")J?AJODEQ)<@FK@OSO)K@?EGAJBDJ)FJD@FM>OV)@H@AeA@B@?)?JFEADE2)
RVVBV) @PSA@O) T@FK@) JgKXWJ) JDEAJBJ?) ?AEOE?KJ) K@?EWJ) @ASODSQ)
<@FK@OSO) ZHNJPIEREODJ) REH>UBJOE) K@OSFS) EAJ) K@?EGAE) >ADV[V) LJ)
IJDE?@A) KJD@LE) @ADS[S) Z[BJOEADE2) OZB>A>`E?) IV@MJFEODJ) ZHJAAE?)
M>?KVQ)<@FK@)5FE?EM@KBE)K@B@iOD@O)?>OFXAKJ)JDEADE2)9.%)5FE?>C?)
9>HV?AV?) K@OSFSMA@) 1JAD>g) "f#) INjNXO2) kJDBEO@) "##) INjNXO2)
kA>GEg>A)cJG>K)@IGVA)"g"la)T@_@D@)WEBm)ZOJBEADEQ);J?EAJO)4B@OE@A)
*0dSOD@) WEA@KJB@A) UB>OK>G@BMJK@A) FJLEMJDJ) EOKJBTJIEFUJBE?)
nFFXB) ?>IRVAV[VOD@) ?>BC?>) FVW?>BC?@A) @A@O) LJ) =-%60) LJ)
.]) @[SBAS?AS) EI@`A@BD@) EOKJOFEKJ) @BeIS) ?>BC?@A) DEFGA@HE) >A@B@?)
DJ[JBAJODEBEADEQ) -EKJB@KXB) EOYJAJODE[EODJ) D@T@) ZOYJ) OZWJK)
TE?@MJFE)>AI@M@O)T@FK@OSO)REH>UBJOE?)FJIGK>IA@BSOSO)LJ)FK@KVF)
JGEAJGCYVF) K@WA>FVOVO) WEA@KJB@A) ?>BC?@A) DEFGA@HE) OJDJOEMAJ)
>A@WEAJYJ[E) DXRXOXADXQ) <@FK@)?JGGB@)h##)]g")LJ)KBEAJGK@A) f##)
]g")KJD@LEFE)EAJ)OZWJKFEH)>A@B@?)T@AJO)G>AE?AEOE?)K@?EWEIEHDJDEBQ)
,>?KVBO@A) (GEAJGFE) l,(m2) OZWJKAJBEO) ZHJAAE?AJ) NJYJ) VM?VD@)
NJAERIJFE) EAJ) ?@B@?KJBEHJ) WEB) DVBVIDVBQ<JB) OJ) ?@D@B) UB>OK@A)
A>W)O>?KVBO@A)OZWJKAJBEO)@O@)JGEAJGK>`JOE?)@A@OS)>A@B@?)WEAEOFJ)
LJ) @EAJLE) >ANVA@B) K@OSIA@OISRF@) D@2O>?KVBO@A) OZWJKAJB) U@B?AS)
@A@OA@BD@O) LJ) JKM>A>`EAJBDJO) ?Z?JO) @A@WEAEBQ;@ASRI@ISHD@)
,(dOEO) DJI>NB@n?2JKM>A>`E?) LJ) ?AEOE?) ZHJAAE?AJBEOE) @B@ReB@B@?)
D@T@)D>[BV)K@OS)LJ)KJD@LEMJ)VA@R@WEAIJME)TJDJoJDE?Q
>?@?=0A?0BCDE?;8
kJBB@TG@R@),ZB>A>`E)%O@WEAEI)D@AS)(GEAJGFE)G>AE?AEOE[EODJO)>Y@?)
"ppp!JMAXA) ]#"#) K@BETAJBE) @B@FSOD@) K@?EG) JDEAIER2OZWJKAJBEOEO)
qr^#)sE)NJYJ)VM?VD@)NJAERJO)T@FK@A@B)P@ASRI@M@)D@TEA)JDEAIERCBQ
+DE>G@C?)`JOJB@AEHJ)JGEAJGFEAE)LJ)EME)TVMAV)EDE>G@C?)P>YV?AV?)P@[S)
G@BFEMJA)JGEAJGFEAJBE)EAJ)K@?EGFEH)T@FK@A@B)P@ASRI@M@)@ASOI@ISReBQ
.XI) T@FK@A@BSO) nHE?) LJ) OZB>A>`E?) IV@MJOJAJBE) EAJ2EOKJBE?K@A)
VM?V)LJ)VM@OS?AS?)((t)LJ)*0tdAJBE)DJ[JBAJODEBEAIERCBQ)kJBB@TE)
@D@MA@BSO@) J?) >A@B@?) OZB>GFE?>A>`E?) KJFKAJB2E?K@A) LEDJ>!JJN) LJ)
=ct!5(.)EOYJAJIJAJBE)DJ)M@GSAISReBQ=JWBEA)OZWJK)ZM?XFX2OZWJK)
CGE2((t)LJ)*0t)@O>BI@AAE?AJBE2KJD@LE)M@OSKA@BS)LJ)DJI>NB@n?)
WEANEAJBE)EFK@CFC?FJA)>A@B@?)?@BRSA@ReBSAISReBQ)
F75675<@8
.>GA@ID@) "pa#) T@FK@OSO) D>FM@FS) EOYJAJOJBJ?) M@RA@BS) h!u$)
la"2fv"a2pm>A@O2r$u2$dX)?@DSO2)"a#)T@FK@)O>?KVBO@A)JGEAJGFEAE)
>A@B@?) DJ[JBAJODEBEADEQ7BK@A@I@) OZWJK) W@RA@I@) M@RS) "h2")
v) "]2f) MSA) WVAVODVQ<@FK@A@BSO) rh"dE) F@DJYJ) VM?VD@) OZWJK)
K@BEoJIJ?KJMDE) Q) r$"2hdX) DEBJOPAE2r$#dSOSO) OZWJC) ?>OKB>A)
@AeOD@MDSQ) <@FK@A@BSO) rh$dX) I>O>KJB@GEDJ) EDE) LJ) JO) M@MNSO)
?VAA@OSA@O) EA@YSO) ?@BW@I@HJGEO) lGw#Q##"m>ADV[V) DE??@K)
PJ?IJ?KJMDEQ) ra#dV) JGEAJGFE) YJBB@TEFE) VMNVA@OISR) >A@O)
T@FK@A@BSO)rfhdE)KJIG>B@A)A>W)JGEAJGFE)lGw#Q##"$mNBVWVOD@MDSQ
=JWBEA)?>OLVAHEM>O)ZM?XFX2@O>BI@A)((t)LJ)*0t2KJD@LE)YJL@WS)
EAJ) EFK@CFC?FJA) EAER?E) F@GK@OI@DSQ) cEBJOPAE) NBVGK@) EFK@CFC?FJA)
>A@B@?) K@?EG) FXBJFE) DE[JBAJBEOJ) >B@OA@) D@T@) ?SF@) WVAVODVQ
lGw#2##"mQ)
#GD7=8
9V)P@ASRI@),(dAE)T@FK@A@BSO)M@?A@RS?)M@BSFSOSO) KJD@LEMJ)DEBJOPAE)
>ADV[VOV) LJ) ?@BW@I@HJGEOEO) I>O>KJB@GEDJ) JO) FS?) ?VAA@OSA@O)
EA@P) >ADV[VOV) NZFKJBIERCBQ*0) OJN@CU) >ANVA@BD@) UB>OK@A)
A>WVO) KJIG>B@A) A>W@) ?SM@FA@) JKM>A>`EDJ) D@T@) @H) JK?JO) >ADV[V)
EHAJOIERCBQ)
!"#$!
!"#$%&'%&
P-111
P-112
#%&%(%''%&) *+!"!',-+) +'%) (+&'+.$%'+.) /0#$%&%1) %!+'%!#+)
"'/2#2)
'%7,$+&,#%$,8)$%9,7+#+1%):,1;$)7%&%1).,$,8%1+,')
%!+'%!#+)"'/2#2)
%&'()*+&,- ./0()*)&012-*)/3(*4(1565-*,27(8*9/)8(0-*./%(*
:,(0*
:9)(4*9(d(,- 20&.*)(+65-*7(%(,*7f%&42,*g1'&.20- 6(,&0*
hV*'&.20-*3f8&,)*.f,e&,*
!"#!$%&'()*+,'-"./01,.20,.'2+3'4)$-520,.'"61!5!7.')#8
4+1)2'-"./01,.20,.'"61!5!7.')9#
"3456
"3456
%;<;=;>>;<* ?@ABA>CD@* EBFGH>GI>C* 6?@C<@* JA* K* L;* 'CHMN!OC>I;<*
CHBPC>@>;<@H@H* =@<* AC<ECQR* B>C<CI* ST<U>U<V* 'CHMN!OC>I;<* KV*
L;HW<@IU>UH* C<IC* IRQPRHRH* I@QJI* =C>BH>CXPCQRMR<V* 6?@C<@* JA* K*
@Q;* M@F;<* 6?@C<@* JA>;<@HM;H* YC<I>R* B>C<CI* Q;<;=;>>GP* L;* =;N@H*
QCARHMC*N;<*M;F@X@I>@F@HM;H*D@NCM;*?@ABA>CD@*@>;*IC<CIW;<@D;M@<V*
.G?WCP;>;H* 6?@C<@* JA* K-* 'CHMN!OC>I;<* PC>YB<PCQNBHGH* =@<*
E;X@M@M@<V* %;<;=;>>;<* ?@ABA>CD@M;* I>@H@I* B>C<CI* S;>@XP;* S;<@>@F@-*
WG<GHIC>*JWG=CQNBH-*CWCIQ@-*H@QWCSPGQ*L;*@HWCHQ@NBH;>*W<;PB<-*
M@QP;W<@-* M@QM@CMBIBI@H;D@-* M;<@H* W;HMBH* <;Z;IQ>;<@HM;*
?@ABA>CD@*L;*M@DC<W<@*ST<U>U<V*%;<;=;>>GPGH*Q;<;=<C>*?;P@QY;<>;<*
UD;<@HM;I@* MUD;H>;N@[@* L;* @H?@=@QNBH* NCAR[R* ;WI@Q@* H;M;H@*
@>;* Q;<;=;>>;<* ?@ABA>CD@M;* =G* @H?@=@QNBH* B<WCMCH* IC>IPCIWC*
L;* CHB<PC>* M;XC<\* B>GXGPGHC* =CF>R* ;A@>;AJI* HT=;W>;<*
ST<U>;=@>P;IW;M@<V*3@D*M;*@>;<@*M;<;[;M;*Q;<;=;>>;<*?@ABA>CD@Q@*
=G>GHCH*=@<*;A@>;AQ@*?CQWCQRHRH*I>@H@F@H@*QGHGNB<GDV*K$*NCXRHMC*
;<I;I* ?CQWC* ]#* NR>MR<* ;A@>;AJI* HT=;W* S;E@<@NB<PGXV* ,T=;W>;<@*
CNMC* ^!* K* M;YC-* \;H;<C>@D;* WBH@I* I>BH@I* LCQRZR* B>GNB<* L;* ]!^*
MCI@IC*ICMC<*QU<UNB<PGXV*,T<B>B\@I*PGCN;H;Q@HM;_*=@>@HE*CERI-*
IBBA;<;-*I<CH@C>*Q@H@<>;<@*@HWCIW-*PBWB<*M;`Q@W*NBI-*M;<@H*W;HMBH*
<;Z;IQ>;<@* ?@ABCIJY* =G>GHMGV* 'GNG* IGQG<G* NBIWGV* %;<;=;>>;<*
PGCN;H;Q@HM;_*=;>@<S@H*@HWCHQ@NBH;>*W<;PB<*P;L[GaGV*)<;PB<*
H;M;H@* @>;* M@QP;W<@* M;F;<>;HM@<@>;P;M@V* (WCIQ@Q@* NBI-* )CHM;P*
?C`Y* =BDGI-* 0BP=;<S* H;SCJY* @M@V* 5b* M;F;<>;HM@<P;Q@* QBHG[G*
c#!* c$* B>C<CI* =G>GHMGV* 3;N@H* .05* MC* =@>CW;<C>* Q;<;=;>>;<*
?;P@QY;<>;<* @>;<@* M;<;[;M;* ?@ABA>CD@I* QCAWCHMRV* dBQW;<@B<*
YBQQCMC*I@QJI*M@>CWCQNBH*P;L[GW*B>GA*YBQQC*WCPC*NCIRH*B>C<CI*
=G* I@QJI* NCAR* @>;* MB>G* B>C<CI* =G>GHMGV* 3;N@H* QCAR* NCAR>C<R*
?@ABA>CD@I* B>C<CI* QCAWCHMRV* &&e* M;* Y<BHWBQ;HW<BW;PAB<C>*
=T>S;>;<M;* B>MGIEC* CIJY* ;A@>;AJYB<P* CHBPC>@* QCAWCHMRV*
%;<;=;>>;<* ?@ABA>CD@M;-* Q;<;=;>>GPGH* Q;<;=<C>* ?;P@QY;<>;<*
UD;<@HM;I@*@H?@=@WT<*;WI@Q@H@H*B<WCMCH*IC>IPCQRHC*=CF>R*B>C<CI*
;A@>;AJI*HT=;W>;<*ST<U>;=@>@<V*
.;HQW<U;>* Q@I>GQ* QR<CQRHMC* L;NC* =CX>CHSR[RHMC* ;A@>;AJI*
HT=;W>;<@H* B<WCNC* ERIPCQR* L;NC* HT=;W>;<@H* =G* MTH;PM;*
QRI>CXPCQR* ICWCP;H@C>* ;A@>;AQ@* B>C<CI* WCHRP>CHPCIWCMR<V*
&A@>;AQ@>@* ICMRH>C<MC-* HT=;W* ;X@F@H@H* L;* B>GXGPGHGH* UD;<@H;*
U<;P;* ?B<PBH>C<RHRH* ;WI@>;<@* =@>@HP;IW;M@<V* dG=;<W;* L;*
P;HC<X>C* HT=;W>;<@H* =@<* IRQPRHMC* ITWU>;XP;* STD>;HP;IW;M@<V*
);MCL@M;*CQ;WBDB>CP@M-*?B<PBHC>*A<;AC<CW>C<-*=;HDBM@CD;A@H>;<*
L;* CHJ;A@>;AJI* @>CE>C<* L;<@>;=@>@<* YCICW* HT=;W>;<* S;H;>>@I>;*
CHJ;A@>;AJI* @>CE>C<C* M@<;HE>@>@I* STQW;<P;IW;M@<V* ^i* NCXRHMC*
ICMRH* ?CQWC* I>@H@F@P@D;* i* NR>MR<* ?;<* CM;W* MTH;P@H@H* @>I* SUHU*
=CX>CNCH*L;*^!K*SUH*M;LCP*;M;H*=CNR>PC*L;*ICQR>PC*X@ICN;W>;<@*
@>;* =CXLG<MGV* 7CQWCHRH* \;H;<C>@D;* WBH@I* I>BH@I* JAW;* B>CH*
HT=;W>;<@*$!j*MI*[@LC<RHMC*QU<UNB<MG*L;*"*QCCW*ICMC<*ABQW*@IWC>*
IBHYUDNBH* ?C>@* B>GNB<MGV* 7CQWCHRH* TNIUQUHM;* @I@* I;D* QWCWGQ*
;A@>;AJIGQ* WC=>BQGHMC* WCI@A* ;M@>M@F@* TF<;H@>M@V* 2>CE* W;MCL@Q@*
B>C<CI* IC<=CP;DCA@H-* LC>A<B@I* CQ@W-* Y;H@WB@H-* Y;HB=C<=@WC>*
IG>>CHPRX* YCICW* HT=;W>;<@HM;* CDC>PC* ST<U>P;P@XJV* 7CQWCHRH*
<GJH* =@NBI@PNCQC>* @H[;>;P;>;<@* L;* =;N@H* 3)* ST<UHWU>;P;Q@*
HB<PC>*B>C<CI*M;F;<>;HM@<@>M@V*&&ekM;*?;<*@I@*W;PAB<C>*=T>S;M;*
NCLCX>CPC* ACW;<H@* @D>;HM@V* 7CQWCNC* >;LCJ<CQ;WCP* $##* PSl
SUH* =CX>CHMR* L;* ]###* PSlSUHk;* ICMC<* C<m<R>MRV* )CI@=@HM;*
"]* CN* =BNGH[C* HT=;W* ST<U>P;M@V* 9CWCP;H@C>* ;A@>;AQ@M;*
>;LCJ<CQ;WCPRH* PBHBW;<CA@* B>C<CI* IG>>CHR>C=@>;[;F@H@*
=;>@<WP;I*@QW;M@IV
!"#$!
!"#$%&'%&
P-113
P-114
'%(%$)&*#%$*+,-.''*/0+0/*,1*2'0,3)!"/*$&%+),
8*1*!%/$)/%,9*/0$,(%&%/,#!)/*',#%8+%/$*',
+9"-'"/.#7,/*:)&,1)&,/;&"<)1&"+*$"=)#,"'8.#.,
%&'()*+,-./0.1*2,-,&,)*,+,31*45,6*+,-./0.1 37+4(0*
+,80,)1*498(0*,06.),3,21*:(-,0*%&:,)*
:,)(2*k(3&9*'(-92*41*3,]3,*,+,0.)*41*4(2',0*,08,32,+*51*
-T*4,9'*8(290l()*4
!"#"$%$"!&'()!*')!%*+,%-./$0*')!%"#(1012!%.3
-+(.*%$"!&'()!*')!%"#(1012!%.3
'0.6+7%'7!*!8%&'%.(.9*+(8.%:.)*."')!%;'<!"%='((.:!)!%
/0!"!7!
4%
"4567
5%
0;<;=>?@;A?B*C0(DE*F?G*;AHIJ;>IGIG*?K*LJB?@M*G;N;GIFJ;*OIN;>;H*
HPJJ?GMBM* ?>A?G* F;GI* HPQ?H* RI>* ?G=;SIJ;S=H=>T* 0(DUIG* ;G* @MH*
OV>WJ;G* F?G* ;AHIJ;>I* @LBGLJ?G@1* R?Q* ?X>M@M* <;* @IGI>JIJIH=>T* 4MH*
GVR;A*QIH?F;=*IJ;*F?Y>MJ?G*SL@A!@A>LH*;SIJ;S@I*A?GMJM*Z[*F?QMGN?HI*
H?NMG* \?@A?GMG* RVR>;H* F;AB;KJIXI1* '-* <;* ]6* \IH^F;@I* <?>NMT*
9GB;N;G* $* ?F* @LG>?* R?QJ?F?G* ;SIJ;S=H* GVR;AJ;>I* I_IG* 0(D*
"Z##BO`OWG* R?QJ?GBMQYT* 8?Q<P>P* GV>LJLaIH* BP?F;G;@IGN;*
RIJIGbI*?_MH1*HM@B;G*HLLS;>;*INIT*4?X*W@A*<;*?JA*;H@A>;BIA;N;*c`Z1*
@LJ*W@A*<;*?JA*;H@A>;BIA;N;*d`Z*HP<<;=*<?>NMT*8IJ?A;>?J*R?RIG@HI@I*
<?>NMT* 886* N;* @?X* S?>I;A?J* <;* @LJ* S?>I;ALLH@ISIA?J* RVJO;N;*
H>LGIH* NVG;B* ;Ge?>HAJ?>M* <?>NMT* +?G* OJPHLKP* IJ?_@MK* >;OWJ;FNIT*
85)* N;X;>Ifc#BO`N01* H>;?=GIGf#1gBO`N01* )?f"c$BBLJ`0*
@;>PB* L@B?J?>IA;@I* c$$* BL@BLJ* INIT6I>LIN* eLGH@IFLG* A;@AJ;>I*
GL>B?JNIT*]?@A?GMG*\ISLG?A>;BI@I*;AFLJLaIH*?_MN?G*G;e>LJLaI*IJ;*
HLG@WJA;*;NIJNIT*'IX;>*G;N;GJ;>*NMQJ?GNM*<;*0(DU;*R?XJM*LJNPXP*
NWQWGWJNWT* 0(D* NLKP* ?K?JYJ?>?H* H;@IJI>H;G* )?* NWK;FI* OIN;>;H*
?>h*<;*"id*BBLJ`0*?*_MHYT*,G=;SIJ;S=HJ;>;*R?XJM*\ISLG?A>;BI*
@MHJMHJ?* H?>R?B?K;SIG* <;* LH@H?>R?K;SIG1* N?\?* ?K* @MHJMHA?* I@;*
<?JS>L?A*<;*J?BLA>IaIG*HPJJ?GMBM*IJ;*RIJIGB;HA;NI>T*]ISLG?A>;BI*
G?NI>;G* J;<;=>?@;A?B* IJ;* IJIQHIJ;GNI>IJI>T* %K;JJIHJ;* IJ;>I* F?Q1*
RI>N;G*e?KJ?*IJ?_*HPJJ?GMBM1*O;_I>IJBIQ*b;>>?\I1*?Jj?*F?A?G*>;G?J*
F?*N?*S@IHIF?A>IH*\?@A?JMH*<;*H?NMG*LJB?H*0(D*HPJJ?GMBMG?*R?XJM*
\IS?G?A>;BI* I_IG* >I@H* e?HAV>J;>INI>T* ]?@A?BMKN?* N?\?* VGb;N;G*
RVR>;H* \?@A?JMXM* LJB?@M1* IJ;>I* F?Q* <;* RI>N;G* e?KJ?* IJ?_* HPJJ?GMB*
VFHW@W* LJB?@M* J;<;=>?@;A?B?* R?XJM* \ISLG?A>;BI* O;JIQIBIGI*
HLJ?FJ?QY>BMQ*LJ?RIJI>T*
!"#$!
"4567
)V>LmR>LB?ALKI@* C)kE1* N;>I1* OVK1* @?GA>?J* <;* S;>Ie;>IH* @IGI>*
@I@A;BIGN;* H?>?HA;>I@=H* J;KFLGJ?>* LJPQAP>?G1* LALKLB?J*
NLBIG?GA* O;_IQ* OV@A;>;G* RI>* \?@A?JMHY>T* T* )V>LmR>LB?* ?NM*
<;>IJ;G* R;GIOG* H?>?HA;>JI1* BPJ=SJ* S;>Ie;>IH* @IGI>* HMJMn* AWBV>W*
IJ;* H?>?HA;>IK;NI>T* 4SIG?J* GV>LmR>LBJ?>* GV>LmR>LB?ALKI@*
LJOPJ?>MGMG* o* ipUIGN;* OV>WJW>T* 8PGPGJ?* RI>JIHA;* @?N;b;* oZ*
H?N?>MGN?*HJIGIH*RPJOP*L>A?F?*_MH?RIJI>T*4MHJMHJ?*@;><IH?J*<;*JLBR;>*
RVJO;N;* JLH?JIK;* LJ?G* S?>?@SIG?J* GV>LmR>LB?* LJOPJ?>MGN?q*
BIF;JLS?=* <;* BLAL>* H?FMSJ?>* O;JIQ=XIGN;* b;>>?\I* A;N?<I*
NWQWGWJB;HA;NI>T*"[*F?QMGN?*H?NMG*\?@A?*@LJ*HLJPGN?*I@A;B@IK*
@M_>?B?* \?>;H;AJ;>I* IJ;* SLJIHJIGIXIBIK;* R?Q<P>NPT* %FHW@WGN;*
?F>Mb?*FW>W>H;G*@LJ*?F?XMGMG*@?X*?F?XM*OIRI*OW<;GJ;*R?@?B?NMXM*
VX>;GIJNIT* -P?F;G;@IGN;q* S?@Ie* \?>;H;AJ;* e>;H?G@M* ?>A?G*
BFLHJLGIH* a;>HJ;>* IKJ;GB;HA;FNIT* :IJNIGN;* _;QIAJI* RVJO;J;>N;*
J;H;J;>* IKJ;GNIT* 4LJ* ?JA* <;* W@A* ;H@A>;BIA;N;* \?me* HP<<;A* H?FRM*
<?>NM1*N;>IG*A;GNLG*>;r;H@J;>I*GL>B?H=e*LJ?>?H*N;X;>J;GNI>IJNIT*
8;FIG* <;* @;><IH?J* B?GF;=H* >;KLG?G@* OV>WGAWJ;B;N;* @;><IH?J*
@SIG?J* ?H@* RLFPGb?* _LH* @?FMN?* S?>?@SIG?J* GV>LmR>LB?J?>*
<;* @LJN?* LS=H* OJILB* IKJ;GNIT* ]?@A?F?* ?XMKN?G* O?R?S;G=G*
p##* BO`OWG* <;>IJ;>;H* b;>>?\I* A;N?<I* VG;>IJNIT* "* \?s?* @LG>?*
\?@A?GMG* HLGA>LJ* BP?F;G;@IGN;* I@A;B@IK* \?>;H;AJ;>I* A?B?*
F?HMG* H?FRLJNPXP* OV>WJNWT* ];GWK* b;>>?\I* A;N?<I* I_IG* R?Q<P>P*
F?SB?NMXMGM* R;JI>tT* 4SIG?J* BFLHJLGP@PG* S?ALmKFLJLaI@I* A?B*
?_MHJ?G?B?BMQY>T* 4SIG?J* HL>NPG* ;AHIJ;GBIQ* @;OB;GAJ;>IGN;*
NI@IG\IRI@FLG* LJ?RIJ;b;XI* RIJNI>IJBIQ=>T* 8P* NI@IG\IRI@FLG1* H?@*
JIr;>IGIG* e?@IHWJ?@FLGP* IJ;* @LGP_J?G?RIJ;b;H* BLAL>* GV>LGJ?>M*
;AHIJ;F;RIJ;b;H* NP>PBN?G* e?>HJMNM>T* +L>=H?J* ;SIJ;SALa;GIH*
LN?X?*R;GK;>*Q;HIJN;*@SIG?J*IGA;>GV>LGJ?>MG*NI@IG\IRI@FLGP*RP*
N;Q?>aJ?>?*FLJ*?_?RIJI>T*8P*e;GLB;G*IJH*u?bH@LG*A?>?nGN?G*@SIG?J*
;SIJ;S@I* LJ?>?H* ?NJ?GNM>MJBMQY>T* +JIGIHA;* @SIG?J* BFLHJLGP@PG*
PFHP* @W>;@IGb;* H?FRLJNPXP* <;* B;GA?J* NI@A>;@J;* ?H=<;*
LJ?RIJNIXI* IFI* RIJIGB;HA;NI>T* l?R?S;G=GIG* N;Q?>aJ?>?* FLJ* ?_?G*
RP*NI@IG\IRI@FLGP*VGJ;F;>;H*?G=HLG<PJK?G*;AHI@IGI*OV@A;>NIXIGI*
NWQWGWFL>PKT*
!"#$%&'%&
P-115
P-116
()'!&"*+,)#*$,-"."$%&)!*#*,)').,%!*'%!$*+,
/)#$)')&0),$&"-1"#*$,2".+#*3".')&4.4.,!2)5677,
38.$%-*,*'%,0%9%&'%.0*&*'-%#*,
/*!%&>'*#%-*,*'%,!&"()+%,"').,%!*'%!#*,!)&#*3)'*#,
+".$*.I),
106109)&(+)0(%+- &:(+4)&8%&(l-)1n4+*0)40:&()
%&'(&)*+(+,)!-)*.)+/01)2(23&')!-)405(+6&4)07829)!-)&:*0/)
%;(&8)&:3;'32)"-):&7&/),;/(2)!
;/%$/4()*#<4$.)'3$()3$#(1*#=/,<7()3$#45'6768$#/4/9$7$&#
>/71?#;/%$/4()*
!#
$%&$'#()*)+$,#)-$($&#.)#/'/0(1'&/#2/3(/4)3$#45'6768$#
,7$4$-$
"#
$%&$'#()*)+$,#)-$($&#.)#/'/0(1'&/#2/3(/4)3$#
9$:6,$&:/#,7$4$-$
"FGE=
):;<=
<=>=?@ABC=) D=) EFG@A) =HBA=HIBA=?B>) J=K@DBIB>K=) L@LMN>) FA@?@G)
GOAA@>NA@>) =JGB>) PB?) @>Q=HBA=HQG) BA@R) S&0+T) FA@>) D@AH?FBG) @IBQ>)
SUV&T) G@>@W@) KBL@J=CB>=) >=K=>) FAKOXO>O) DO?MOA@L@>) RFG)
I@LNK@) L@LN>) D@?KN?.) 9?FWPFIBJFH=>B) >=K=>) FA@?@G) MY?ZAI=)
K=) J?FWPFIBJ) I@LNIN) >F?W@A) FA@>) [@IJ@A@?K@) K@) G@>@W@L@)
L@JGN>ANXN>) I@HJ@>W@IN-) J?FWPFIBJ) EF>GIBLF>) PFCOGAOXO>O)
KZ\Z>KZ?Z?.) ]O) R@AN\W@) BA=) UV&) WF>FJ=?@HBIB>K=GB) =HBA=HQG)
[@IJ@A@?K@) [=W@JFAF^BG) H@?@W=J?=A=?B) MYCK=>) M=RB?W=LB) D=)
J?FWPFIBJ)EF>GIBLF>A@?N>N)V*&!"##)LY>J=WB)BA=)K=X=?A=>KB?W=LB)
@W@RA@KNG.
>?@?<,A?,3BCD?:=
0HBA=HIB)HFABGAB>BXBWBC_=)BCA=>=>)D=)UV&)WF>FJ=?@HBIB>K=GB)`a8-)
ba0)JFHA@W)cc)[@IJ@)SF?J.)L@\)`b.d$e"b.fT)D=)`c8-)"b0)JFHA@W)
f$) I@XANGAN) PB?=L) SF?J.) L@\) `d.a"e"".`T) GF>J?FA) M?OPO) FA@?@G)
R@AN\W@L@) @AN>KN.) 6@IJ@) D=) GF>J?FA) M?OPO>O>) JZWZ>K=) M=>B\)
PBLFGBWL@I@A) J=JGBGA=?-) K=J@LAN) [=W@JFAF^BG) J=IJA=?-) G@>@W@!
HN[gA@\W@)J=IJA=?B)D=)[@IJ@A@?K@)I=?OW)UV&)KZC=LA=?B)R@AN\NAKN.)
:B>=) [=?) BGB) M?OHJ@) K@) _h&3V) D=) _h0HB) G@?JO\A@?N) BA=) V*&!"##)
R@AN\NAKN.)U=?BA=?)5V55)"d.#)L@CNANWN)GOAA@>NA@?@G)K=X=?A=>KB?BAKB.)
0HBA=HIB) H@?IBL@ABI) GF>Q>O@) M=>=AABGA=) BA=?B) L@\A@?K@)
MYCA=WA=WA=>=>) PB?) >YP=J) QHBKB?.) ]B?RFG) I=P=P=) P@XAN)
FA@PBAB?) @>_@G) PO>A@?) BR=?BIB>K=) GFA@L_@) J=IHBJ) D=) J=K@DB)
=KBA=PBA=_=G) FA@>) =JG=>A=?B>) @LN?J) =KBAW=IB) FAKOGR@) Y>=WABKB?.)
;AMOWOC) c") L@\N>K@) =?G=G) [@IJ@-) b) @L) Y>_=) I@X) @L@XN>K@)
K@[@) IF>?@) IFA) @L@XN>K@) BIJ=WIBC) [@?=G=JA=?B>) P@\A@W@IN) BA=)
P@\DO?WO\JO.)5F>)MZ>A=?K=)@XNCK@)K@)G@INAW@)D=)I@AL@)@GW@IN)
P@\A@WN\g.) ]O) @J@GA@?) MZ>) BR=?BIB>K=) b!`) K@GBG@) IZ?=A=?A=) b#!
`#) G=C) J=G?@?A@W@GJ@LKN.) 1O@L=>=K=) [@IJ@>N>) PBAB>_B>B>)
=JGBA=>W=KBXB-)FAKOGR@)ING)IFA)EFG@A)>YP=JA=?B)MYCA=>KB.)00opK=)
I@X)J=WHF?@A)PYAM=K=)L@D@\)K@AM@)H@?FGIBCWA=?B)BA=)G@?@GJ=?BC=)
EFG@A) =HBA=HQG) @>F?W@AABGA=?) MYCA=>KB.) 6@IJ@L@) E=>BJFB>)
LZGA=W=IB)D=)BK@W=)J=K@DB)P@\A@>KN)@>_@G)>YP=JA=?B)K=D@W)=q.)
3B@P=J)YLGZIZ)K=)FA@>)[@IJ@>N>)6P&"i)K=X=?B)"c.d-)G@>)\=G=?B)
`##!`d#)WMhKA)_BD@?N>K@)LZGI=G)I=L?=JW=GJ=LKB.)&>Q=HBA=HQG)
J=K@DB) BA=) KO?KO?OAW@L@>) >YP=JA=?) G@>) \=G=?B) B>IZAB>) BA=) b##)
WMhKA)KZC=LA=?B>=)KZ\Z?ZAKZXZ>K=)KO?KO?OA@PBAKB.)&>_@G)L@g\)
IZ?=_B>K=) G@>) \=G=?B>B>) LZGI=AKBXB) KY>=WA=?K=) >YP=JA=?B>)
[=W=>) J=G?@?) P@\A@W@IN) KBGG@J) R=GB_BLKB.) 8=JF@IBKFC) FA@W@I@)
K@)[BH=?MABI=WB-)o&]&)W=J@PFABC@ILF>O>O)@?r?W@G)IZ?=Q)BA=)
>YP=J) =\BXB>B) KZ\Z?W=GJ=) D=) FAMOWOCK@) FAKOXO) MBPB) =HBA=HIB)
H@?IBL@ABI)GF>Q>O@pL@)I=P=H)FA@PBAW=GJ=KB?.)
1EFGEF;@=
6P-)]8-)1iU-)jP?B>F^=>-)Dk*)&M-)&9lll-)&V99)D=)8i*9)K=X=?A=?B)
@RNIN>K@>) M?OHA@?) @?@IN>K@) E@?GANANG) LFGJO.) UV&) @A@>) M?OHJ@)
6J_) SHm#.#`T-) J?FWPFIBJ) I@LNIN) SHm#.##bT-) H?FJ=B>) i) SHm#.#""T)
@>A@WAN)FA@?@G)KZ\ZG-)V9,)K=)@>A@WAN)FA@?@G)OCO>KO)SHm#.##aT.)
5=?OW) UV&) KZC=LB) BA=) J?FWPFIBJ) I@LNIN) @?@IN>K@) >=M@QE-) KB!
KBW=?) KZC=LB) BA=) V9,) @?@IN>K@) HFCBQE) BAB\GB) I@HJ@>KN.) +A@R)
GOAA@>NW)IZ?=IB)BA=)K=)HFCBQE)BAB\GB)D@?KN.);?J@A@W@)_h&3V)D=)_h
0HB)I=DBL=A=?B)BGB)M?OH)@?@IN>K@)@>A@WAN)E@?G)MYIJ=?W=KB)SIN?@)BA=)
Hm#-b##-)Hm#-f$b)T.
#HCE<=
V*&!"##) LY>J=WB) BA=) UV&) GOAA@>@>) =HBA=HQG) [@IJ@A@?K@)
J?FWPFIBJ)EF>GIBLF>)PFCOGAOXO)I@HJ@L@W@KNG.)
!"#$!
!"#$%&'%&
P-117
P-118
%!('%!#() *+#$+'+&,) ('%) #+-',.',) /(&%0'%&(1) 232$#24'2.)
564%0'%&(1(1).+&7,'+7$,&,'3+#,)
5(&%1G'()1"1."1H2'#(I)#$+$2#)%!('%!$(.2#)('%)!&%4%1$%)
"'+1)J&%2$4I%'5$KL+."/)*+#$+',-,)"'<2)#21232)
%&'(%)*+,'+)-./)!0)1%2'()1'34+5)+-&%3%)"
+4+a)5[*+2)0 ^%5n+)n'-%*0)(%3%)n%*'o'.p2[0)%*^'()4+()
$%&'(#)(*+(,#-./,.0(/%#01'2+23%#4+%0%5%
$%&'(#)(*+(,#-./,.0(/%#2)62+27#*(#42089:.#,('.;%/%#
8&:.0<
-.$(,,(;(#=0%*('/%,(/%
+89:;
^6D><A7H) o>9E=PT98A=!q<HDC) U<:=<8?N?) ]oqU_) H<><H=9>7:eH)
D8<><H) 789>89I7Z7) A9G<@:) R9) G7IDH8D@E:8<>8<) 6>9P9@=9) D8<@)
@B>DA9V9@9><eT) C7>) ;<:=<8?HK>L) (BC9=89>) @<A7>9@) OB>J8J>L)
27=9><=J>A9)@D@DHD@RE8:7T):=<=E:)967896eHE:8<)](-^%_)6>9P9@=9)
D8AENE)C78A7>789@)I<8@?P)"S)oqU);<:=<:?)R<>A?>L),E)C78A7>7A9)(-^%)
:<6=<@<@)C7>)oqU)D8OE:E)=<>KF?8<Z<HK>L)
!#
"#
<M>MN;
%67896:7) ;<:=<8<>?@A<) @BC9=89>7@) <@7A9@) D8EFG<:?) H7F7@7@)
H9@A7:7@7) HD@=>D8) 9A9G9G9:7@90) CE@A<@) AD8<I?) A<) :J>9H87)
:=>9:)<8K@A<)D8G<:?@<):9C96)D8G<H=<A?>L),E)M<8?FG<A<)967896:7)
;<:=<8<>?) 789) :<N8?H8?) HD@=>D8) O>ECE) <><:?@A<) EGE=:EP8EH)
AJP9I89>7@7@)H<>F?8<FK>?8G<:?)<G<M8<@G?FK>L
<=>=:)?=)0@AB=8;
/<8?FG<I<) Q") 967896=7H) R9) QS) :<N8?H8?) D8OE) A<;78) 9A78A7L)
.8OE8<>?@)A9GDO><T7H)BP9887H89>7)C987>89@A7L)U<:=<8<>?@)@B>D8DV7H)
GE<I9@989>70) %%WX89>7) R9) H><@7I<8) &*YX8<>?) A9N9>89@A7>78A7L)
U9>) 7H7) O>EC) D8OE@E@) EGE=:EP8EH) AJP9I89>7) ,9ZH) [GE=:EP8EH)
\8M9N7) ],9ZH) UD6989::@9::) ^Z<89_) ],[\_) 789) A9N9>89@A7>78A7L)
':=<=7:=7H:98)A9N9>89@A7>G989>)^1^^)"`L#)6>DO><G?)HE88<@?8<><H0)
=)=9:=7)R9)49H)aB@8J)5<>I<@:)].@9)b<I)+@DR<_)=9:=7)789)<@<87P)
9A78A7c)6d#0#`)7:=<=7:=7H:98)<@8<G8?)T<>H)H<CE8)9A78A7L)
/CDECD9>;
%67896eH) D8OE8<>?@) I<F) D>=<8<G<8<>?) SfLf$g$Lhi) I?8) ]G7@j) "i!)
G<H:j) fh_0) :<N8?H8?) D8OE8<>?@) I<F) D>=<8<G<:?) SiLhfg`Lfi) ]G7@j)
"i!) G<H:j) f#_) I?8) 7A7L) %67896eH) O>E6=<) D8OE8<>?@) "hXE) ]kl"LQ_)
9>H9H0) "SX:7) ]kQ$Li_) H<A?@0) HD@=>D8) O>ECE@A<) S#X:7]klSL`_)
9>H9H0)"SX:7]QiL`_)H<A?@A?L)%67896:7);<:=<8<>?@?@)iX:7@A9)]kSSLl_)
@B>D8DV7H) GE<I9@9) CE8OE:E) 6DP7eT0) lX:?@A<) ]k"hLf_) H><@7I<8)
&*YX?@A<) 89PID@) :<6=<@A?L) U<:=<8<>?@"iX:7@A9) ]k`$Lf_) %%WXA9)
6<=D8DV7H) CE8OE) :<6=<@A?L) ,9ZH) [GE=:EP8EH) \8M9N7) 6E<@)
D>=<8<G<8<>?) H<>F?8<FK>?8A?N?@A<c) 967896eH) O>ECE@) EGE=:EP8EH)
6E<@) D>=<8<G<:?) lL`SgQL"i) ]Q!"Q_0) HD@=>D8) O>ECE@E@) 7:9)
fLQ"gSLhl)]"!"Q_)D8<><H)CE8E@AE)R9)<I>?Z<)967896eH)R9):<N8?H8?)
D8OE8<>?@) EGE=:EP8EH) AJP9I89>7) <><:?@A<) ]6d#L#`_) <@8<G8?)
787FH7) CE8E@AEL) %67896eH) D8OE8<>A<) 7@Z989@9@) 6<><G9=>989>A9@)
@BC9=)e67@7@0)@BC9=)P<G<@?@?@)R9)@BC9=):?H8?N?@?@)EGE=:EP8EH)
AJP9I7@7)9=H789G9A7N7):<6=<@A?)]6m#L#`_L)
#FAC:;
,E) M<8?FG<A<) O989Z9N9) IB@987H) D8EG:EP) C9H89@e) I<) A<)
AJFJ@Z989>7@) 967896eH) O>E6=<) :<N8?H8?) O>EC<) OB>9) A<;<) T<P8<)
OB>J8AJNJ):<6=<@G?FK>
!"#$!
"DEC;
$) I?8) B@Z9) O9M7>A7N7) =><rH) H<P<:?) @9A9@7I89) C78<=9><8) T>D@=<8)
8DCA<0) :D8A<H7) A<;<) CJIJH) :9H98) 9@:9T<8DG<8<P7H) 89PID@8<>?)
D8<@) l") I<F?@A<H7) H<A?@) ;<:=<) H87@7N7G7P9) S) <IA?>) 789>89I9@)
A9G<@:) CE8OE8<>?0) R7PJ98) ;<87:J@<:ID@8<>0) :D8) 98A9) 9C9)
987) C9@P9>7) H<:?8G<) R9) O9Z989>7) HDG689H:) 6<>:7I98) @BC9e)
<@A?>?>) F7H<I9=89>89) C<FRE>AEL) (B>D8DV7H) GE<I9@9:7@A9) ;<rT)
D>I<@=<:ID@) CDPEH8ENE0) @B>D6:7H7I<=>7H) =9:s9) D>=<) A9>9Z987)
C9889H) CDPEH8ENE) R<>A?L) U<:=<@?@) %%WX:7@A9) P9G7@) <HeR7=9:7)
I<R<F8<G<:?@?@)I<@?):?><0):<N)T>D@=D=9G6D><8A9)C987>O7@0)C<P9@)
:D8A<) ;DGD8DO) CB8O989>9) A9) I<I?8<@) R9) A7<P9G89) :E6>9:9)
D8<@) 69>7DA7H) H9:H7@) A<8O<) <HeR7=9:7) OB>J8AJL) '8H) H><@7<8)
&*WX:7@A9) :9H98) 89PID@8<>?) A?F?@A<) <@DG<87) C78A7>78G9A7L)
,.^X=<@)OB@A9>789@)"f!Q!Q)6>D=97@7)@9O<eT)D8<><H)><6D>)9A78A7L)
U<:=<I<) (-^%) =<@?:?) HD@E8<><H) <@e967896eH) =9A<R7) C<F8<@A?L)
-87@7N7@9) O7A9>9H) <H7@9eH) GEePG) =<C8D:E) ;<H7G) D8<@) ;<:=<)
MDH8E) <@e967896eH) =9A<R7I9) Z9R<6) R9>G9I7@Z9) G7A<PD8<G)
7@TJPID@E) I<6?8A?) <@Z<H) H87@7H) I<@?=) <8?@<G<A?L) 49H><>8<@<@)
H><@7<8) &*WX:7@A9) A7TJPID@) H9:7=89>7@A9) oqU) 789) EIEG8E)
D8AENE)C78A7>789@):<NA<)C<P<8)O<@O87D@8<>A<)R9)HD>=9H:=9)I<IO?@)
;9G7:T9>7H) ;769>7@=9@:7=9) :<6=<@A?L) U<:=<@?@) :D@) %%WX:7@A9)
V9@9><87P9) 69>7IDA7H) =>7T<P7H) H9:H7@) A<8O<8<>) OB>J8AJL) -87@7H) R9)
8<CD><=E<>)R9>789>7)789);<:=<)GE;=9G98)oqU)D8<><H)H<CE8)9A78A7L)
#FAC:;
oqUXA<)@BC9=89>)kQ)D><@?@A<)OB>J89C787>L)(-^%)789)6>9P9@=<:ID@)
7:9):D@)A9>9Z9)9@A9>A7>L)U<:=<@?@)=><RG<I<):9HD@A9>)C78<=9><8)
T>D@=<8) :9H98) 89PID@8<>?@?@) R<>8?N?) CE) :J>9Z7) =9eH89G7F) D8<C787>L)
(-^%) =<C8D:E) 789) C<F) RE><@) ;<:=<8<>?@) <I?>?Z?) =<@?:?@A<) oqU)
<H?8A<) =E=E8G<8?A?>L) 4<@?A<) %%W) R9) &*) =<H7689>7) B@9G87) >D8)
DI@<G<H=<A?>L
!"#$%&'%&
P-119
P-120
("()%$"$*)+,*!%&-'*#*(%.*/"'-0+#0(0.0+
1&("'>+?,@1&@+$*!A8+.1'B"&.1#<"(0(1+C1D'@+
#%)"(>%&+E)#F&F)+C1G1D&@#@+"'-0#0+
%&'()*+,-.*/.+!0+1,234)*+567(8+!0+39:,*+;,19,4+!0+;,9.<+
39=89+"0+*89+,92',*+"0+2349,+:.>+!
k439+-,9,=,<+!0+:W+)'-39+)73-=,'+"0+:,-,*+,-%&*+!0+&4)5+
:W+8',<+!0+>3-)+6=,;,<.+!
!#
$%&'(#)*+,+#,-./)01.2)1.#3%4'&#-50%+%6.#7$
$%&'(#)*+,+#,-./)01.2)1.#3%4'&#89120%)-2)0%+%6.1.#
7)1+)-:)#/)#:)297%+.(:9#,-.2)1.
!#
1234/
"567/
*?@ABC?DA+ EFGBHIJFKF@BLF0+ M*-:N+ ?C?K?LOJ+ HBKBKFP+
IBQFRJF+ @SH?LBCOT?JFA+ TFH+ EOKCOJUAVHW+ ;ORJUXO+ KBLGC?LJOHU+
EFG?C?@F0+ A?@YZJKF[?@0+ OG@B0+ JBCOH\F0+ A?LO]UHW+ 33%^]B+
T_HKC!K_GHBK[?@+ GOCBH@F+ YB+ LF[?AJ?@FA+ @STBCJBH0+ LO\?H+
T_JI_JOH]UHW+ ;_HO]O+ POHAJU+ RBAFJJBH]B+ GHB`B@CB+ ?JO@+ YB+ FJBHF+
CBCAFAJBHF+ K?@_X_+ *-:+ CO@UKU+ OJO@+ FAF+ ?JI_+ K_@_JL_RC_HW+
kAKZHZA+ TORObHUJOHU@U@+ la#^U+ KBLGC?LOCFA+ ?J_G+ T_@JOHU@+
TZ[ZA+ TSJZLZ@]B+ ]B+ ,H@?J]+ /EFOHF+ 5FG!"+ LOJP?HLOK[?@_+
CBKGFC+ B]FJLBACB]FHW+ ;_HO]O0+ Q?X_AJ_A+ [OR+ IH_T_@]O+ ?HCO[O+
QUAO@+YB+TBHOTBHF@]B+,H@?J]+/EFOHF+5FG!"+LOJP?HLOK[?@_+CBKGFC+
B]FJB@+ TFH+ SAKZHZA+ TORObHUKU+ ?JI_K_+ K_@_JL_RC_HW+ "a+ [ORU@]O+
TO[O@+ EOKCO0+ K?@+ d!m+ O[]UH+ RF]]BCJF+ T_H_@+ KFJLB0+ CBAHOHJO[O@+
A_YYBCJF+SAKZHZA0+_`_@+KZHBJF+ORUHU+IZJLB+YB[O+ObJOLO+FJB+?HCO[O+
QUAO@0+ B@KB]B@+ TORJO[UG+ TORU@+ IB@BJF@B+ [O[UJO@0+ `?@AJO[UXU0+
?HCO+ RF]]BCCB0+ TBHOTBHF@]B+ LF]B+ T_JO@CUKU@U@+ BRJFA+ BCCFbF+
MA_KLO@U@+ ?JLO]UbUN0+ g!d+ ]OAFAO+ KZHB@+ TORObHUKU+ OCOAJOHU+ FJB+
TORY_H]_W+ *SH?J?\FA+ L_O[B@BKF+ @?HLOJ+ KU@UHJOH]O+ F]FW+ ;B[F@+
49.+ ISHZ@CZJBLB]B+ ,H@?J]+ /EFOHF+ 5FG!"+ LOJPHLOK[?@_+ FJB+
_[_LJ_+ ISHZ@ZL+ F`JB@]FW+ :OKCO@U@+ OCObU@U@+ CBCFAJB@LBKF+
OLOXU[JO+YOJKOJYO+LO@BYHOKU+[OGLOKU+FKCB@]FW+:BHTFHF+d+KO@F[B+
KZHBJF0+OH]U+OH]U@O+[OGUJO@+YOJKOJYO+LO@BYHOJOHU@U@+TBRF@XFKF@]B+
OCOA+ CBCFAJB@]FW+ :OKCO0+ KBA?@]BH+ SAKZHZA+ TORObHUKU+ CO@UKU+ FJB+
CB]OYF+ YBHFJLBAKF`F@0+ A?H_[_X_+ S@BHFJBH]B+ MAUKO+ KZHBJF+ YB+ O`+
A_YYBC+_[I_JO[OHOA+T_H_@+KFJLB0+IZJLB+YB+ObJOLO+A?@_K_@]O+
?C?A?@CH?JZ@+ IBJFRCFHFJLBKF0+ _`_@+ KZHBJF+ UAU@LOLO!IBHBAFHKB+
JOAKOCFP+A_JJO@LO+YTWN+T_J_@_JOHOA0+TFH+[UJ+KZHB+FJB+COAFG+B]FJ]FW+
-?H_[_X_+ S@JBLJBHJB+ TFHJFACB+ O[]O+ c!g+ ]BPO+ ?JO@+ OCOAJOHU@U@+
O[]O+"!c+[B+]ZRCZbZ+IS`JB@]FW+%BHBACFbF@]B+XBHHOEF+LZ]OEOJB+
OQUKU@]O@+ ]BbBHJB@]FHFJLBA+ Z`BHB+ COAFTF@B+ ]BYOL+ B]FJ]FW+
;_+ YOAO0+ Q?X_AJ_A+ [OR+ IH_T_@]O+ CBKGFC+ B]FJB@0+ KBHF+ YOJKOJYO+
LO@BYHOJOHU+ FJB+ CBCFAJB@]FbF+ ISKCBHFJB@+ YB+ AOPO+ FQF+ TOKU@XU@U@+
O`OJCUJLOKU+GHB@KFTF@B+]O[O@O@+TFHCOAUL+A?H_[_X_+S@JBLJBHF@+
OJU@LOKU+ FJB+ AUKLB@+ A?@CH?J+ OJCU@O+ OJU@OTFJB@+ ,H@?J]+ /EFOHF
5FG!"+ LOJP?HLOK[?@_@O+ TObJU+ KBA?@]BH+ SAKZHZA+ TORObHUKU+
?JLOKU+@B]B@F[JB+K_@_JLO[O+]BbBH+ISHZJLZRCZHW+
8,+;9-)#91&)0.#2<=#9&9$):.1.#-50%+%6.#9-97.+.:#$9+<
:90)>9+#39&:9&#91&)0#;9129-)1.#-50%+%6.#1)0/.1.
"#
"#
"567+8/
a!O[JUA!AU`+ EOKCO0+ EFG?C?@F0+ A?@Y_JKF[?@JOH+ @B]B@F[JB+
TORY_H_K_@]O0+ OHOJOHU@]O+ TFHF@XF+ ]BHBXB+ OAHOTOJUA+ ?JO@+ O@@B!
TOTO]O@+ ]?b]_b_0+ FAF@XF+ IZ@]B+ `O[UP+ BLLB0+ EFG?C?@F+ YB+
OG@B+OCOAJOHU+FJB+EOKCO@B[B+[OVHUJ]UbU+YB+LBAO@FA+YB@DJOCSH]B+
F`JB@]FbF+ SbHB@FJ]FW+ cWd+ O[JUA+ FAB@+ LF[?AJ?@FA+ @STBCJBHF+ ?HCO[O+
QUAO@+ YB+ EFG?C?@FKF+ ]BYOL+ B]B@+ EOKCO@U@+ 33%^KF@]B+ T_HKC!
K_GHBK[?@+ GOCBH@F+ KOGCO@LURVW+ ;62eAO@+ IJFKF@f#W"g0+ OHCLUR+
?JOHOA0+ M@?HLOJ+ ?HO@0+ #0#cN+ KOGCO@O@+ EOKCO+ *-:+ CO@UKU+ OJ]UW+
-HO@FOJ+49^]O+EF]H?KBPOJFKF+LBYX_h_W+2?][_L+TB@`?OC+CB]OYFKF+
FJB+ O@KBPOJ?GOD+ YB+ @STBC+ COTJ?K_@]O+ IBHFJBLB+ IS`JB@]FW+
"567++9/
ad!IZ@JZA!AU`+ EOKCO0+ EFG?C?@F0+ BLLB]B+ IZQJZA+ @B]B@F[JB+
TORY_H_K_@]O0+OHOJOHU@]O+TFHF@XF+]BHBXB]B@+OAHOTOJUA+?JO@+O@@B!
TOTO]O@+]?b]_b_+YB+FAF@XF+IZ@]B+BLLB]B+O`OJLO0+O@KBPOJ?GOD+
YB+K?J_@_L+]BGHBK[?@_+@B]B@F[JB+LBAO@FA+YB@DJOCSH]B+F`JBLB+
OJU@]UbU+ SbHB@FJ]FW+ 33%^KF@]B+ T_HKC!K_GHBK[?@+ GOCBH@F+ FJB+ ;62e
AO@+IJFKF@f#Wci0+OHCLUR+?JOHOA0+KOGCO@O@+EOKCO+*-:+CO@UKU+OJ]UW+
-HO@FOJ+ 49^]O+ A?HG_K+ AOJJ?K_L+ OIB@B`FKF+ LBYX_h_W+ 2?][_L+
TB@`?OC+ CB]OYFKF+ FJB+ EFG?C?@FKF@]B+ TBJFHIF@+ ]Z`BJLB+ KOGCO@]UW
#:;74/
*-:0+IJFKF@+TFHFAFLF[JB+AOHOACBHF`B+@SH?LBCOT?JFA+TFH+EOKCOJUAVHW+
:OKCOJUbU@+ FJA+ ]S@BLJBHF@]B+ 33%^]B+ T_HKC!K_GHBK[?@+ ISHZJZHW+
:OKCOJUbU@+EOJB@+KGBKFjA+TFH+CB]OYFKF+?JLOLOAJO+TFHJFACB+K?][_L+
TB@`?OC+YB+P?JF@FA+OKF]+CB]OYFKF+AOT_J+B]FJB@+CB]OYF+[OAJORULJOHU]UHW+
<:=72/
6JI_JOH0+OAHOTO+BYJFJFbF@F@+EOJO+[O[IU@+?J]_b_+ZJABLF`]B0+KObJUAJU+
]?bL_R+O@XOA0+BHAB@+KZCQ?X_AJ_b_+]S@BLF@]B0+EFG?C?@F0+BLLB+
IZQJZbZ0+OG@B0+_[A_[O+LB[FJ+YB+A?@Y_JKF[?@+IBJFRLFR+?JI_JOH]O+
*-:+ ?JOTFJBXBbF+ ]ZRZ@ZJBHBA0+ ;62+ ]BbBHJB@]FHLBKF@F@+
[OGUJLOKU@U@+ CO@U+ OQUKU@]O@+ [OHOHJU+ ?JOXObU@U@+ Y_HI_JO@LOKU+
OLOXU[JO+K_@_JL_RC_HW+
!"#$!
!"#$%&'%&
P-121
P-122
(')*)(+,-%*%$)(,.%,-/&0*$0'%1%,23'-3'4&56'4,2)&,
(462"'4*,4(,1477%,"'-3#3,
<"=3('3(,<4>5*74,$%74.)6%,7)&%*<'),%!)'%!#),)'%,"&$464,
<5(4*,2)&,*5%14**?!5=(,$)!,=,"'-3#3;,"'-3,#3*313,.%,
')$%&4$0&0*,-/@7%*,-%<)&)'1%#),
$%&'()*+$',+-,.)*/0*1(0)!2)3.4',)5'$%6%)!2)',$)78&9/()"2)
:'(;+)<)='&)7/()0&''$)32):/>0.(/)/('0<+5)!
=8,7'&)m13/,)!2)$%&'()*+$',+-,.)*/0*1(0)"2)3.4',)5'$%6%)"2)
41,5')0'5</(8,8)32):/>0.(/)/('0<+5)"
$%&'()*+#,($-./%$&.%$#$%&'()*+#&01#2'3,+&.%$#(4/5+56$#
'(')$+$7#8'+0#95:*3#(4/5+56$%$#)$/$7$
"#
4;.+#':0)'8.7#,($-./%$&.%$#<'%&'(.%$#/'8=5+56$#
'(')$+$7#8'+0
>#
-*#*(0-./%0&=#7.80:'+#:.(&./?#'7%&./8'7
!#
!#
"89:;
0?@ABC?D) ?E) F?GGH) I0':J) K?LM?CNON) P=?DQLKQDR) SKQMH) F?THU)
I=V:J) GQLH?LHW) ?E) F?GGHDQD) XUBRUHLQY) E?@AN) ZH) EQL[E)
GH\HDHU?L@BD) QCH) E?U?EMHUQ]H2) RHDH[E) ]HFQDQ) AHCQUCHDFQ^) AQU)
C_EBHDLHY?CBX?[)M?ACBL`G`Ua)4?LM?C?U)DBUF?C)GBO`F)ZH)RHCQ^QFQ)
M?EQAHD)E?Y?)MU?ZF?LN2)?MH^CQ)K?LM?CNE)ZH)?DQ)EBUE`)QCH)E_MbCH^HD)
LX?L[LQMH) ZH) ?M?ELQDQD) H^CQE) HcOQ) EUBDQE2) XUBRUHLQY) FBMBU)
YBDELQ@BD) AB]`EC`EC?UN) R_LMHUQUCHUa) *HFHC) GHYHEM) _E?U@B[E)
MU?DLC?L@BD) QDQLQ?L@BD) Y?EM_Ub) H%>defDQD) AH^) ?CM) AQUQFQDGHD)
AQUQDGHGQUa)+CR`F`])g)@?^NDG?@EHD)@bUbFH)AB]`EC`O`)^QE?@H[)
QCH)A?^Z`U?D)AQU)EN])hBi`O`G`Ua)5?ENDF?C?U)j)@?^NDG?)A?^C?FN^)
ZH) @?Z?^) XUBRUHLQY) LH@UHMFQ^[Ua) &_UBCB\QE) F`?@HDHLQDGH) K?kY)
XQU?FQG?C) ZH) LHUHAHCC?U) A`CR`C?U) L?XM?DFN^lUa) (`[D) E?D) ZH)
QGU?U) ?D?CQ]CHUQ2) BUR?DQE) ?LQM) ZH) ?FQDB) ?LQM) M?U?F?C?UN2) /:m)
ZH) Bn?CFBCB\QE) QDiHCHFHCHUQ) DBUF?C) A`C`DF`^M`Ua) :(mfGH2)
>,'%()ZH)*d)?ONUCNECN)EHLQMCHUGH).)CQoHUQDQD)DQLXHMHD)EBU`DG`O`)
AQC?MHU?C) XHUQZHDMUQEbCHU) ?E) F?GGHGH) ZH) EBUX`L) E?CCB]`FG?)
?DBUF?C) LQD@?C) ?Ul^C?UN) ZH) EQL[E) GHOQ^QECQECHU) R_]CHDFQ^[Ua)
<XHEMUBLEBXQGH) I:(<J) &''p6U) ZH) 6KBp6U) BU?DNDG?) K?kY)
?]?CF?)MHLXQM)HGQCFQ^[Ua)*/)LXHEMU?G?)C?EM?M)XQEQ)AHCQURQD)BC?U?E)
Q]CHDFQ^[Ua) 4?LM?DND) GQYb]@BD) MHDL_U) R_UbDMbCHFHLQ) I7*mJ)
L`XU?MHDMBUQ?C) ?E) F?GGHDQD) @?@RND) M`M`C`F`D`) R_LMHUFQ^) ZH)
\HDHU?CQ]H) YU?ELQ@BDHC) ?DQ]BMUBXQ) I>'J) ?]?CF?LN) L?XM?DFN^lUa)
mHDH[E) ?D?CQ]QDGH) H%>deq) RHDQDGH) iajrsmt'pXa'URddqmCD)
F`M?L@BD`) MHLXQM) HGQCFQ^[Ua) 0':) I=V:J) K?LM?CNONDG?)
ECQDQE) ZHUQCHUQD) @?DNLNU?) ?@UNDlCN) R_UbDMbCHFH) @_DMHFCHUQDQD)
E`CC?DNCF?LN2)A`)@HDQ)K?LM?CNE)M?ACBL`)K?EENDG?)AQCRQ)AQUQEQFQFQ]Q)
?UuUFN^lUa) e`) ?DC?FG?) _]HCCQECH) EBDMUBC) RU`XC?UNDN) G?) QhHUHD)
G?K?)Y?]C?)K?LM?)L?@NLN2)FHZi`M)ZHUQCHUQ)G?K?)GHOHUCQ)ENC?i?ElUa)
7*m2)RHDH[E)MH@QMCQ)@HDQ)?E)F?GGH)K?LM?CNEC?UNDG?2)FHE?DQL[E)
?DC?FG?) K?LM?CNE) X?MBk]@BCB\QLQDQ) ?DC?F?G?) _DHFCQ) AQU) M?DN)
@_DMHFQ)BC?U?E)@HUQDQ)?CF?EM?GNUa)
)'30/34/#8/@#%'8$#35(*3#.A$&$7#-.#'/'B&0/7'#
<'%&'(.%$C#$%&'()*+
"#
$%&'()*+#,($-./%$&.%$#$%&'()*+#&01#2'3,+&.%$#(4/5+56$#
'(')$+$7#8'+0#95:*3#(4/5+56$%$#)$/$7$C$%&'()*+
>#
$%&'()*+#,($-./%$&.%$#$%&'()*+#&01#2'3,+&.%$?#95:*3#
%'A+0A0#-.#<'%&'+03+'/0#'(')$+$7#8'+0?#D.(.&$3#
<'%&'+03+'/#)$+$7#8'+0C#$%&'()*+
"89:;
&QHF?DD!$QiE)K?LM?CNONDND)I&$4J)EUBDQE)D_UBDBX?[E)YBUF`)BC?D)
*QX) 62) d) @?^M?D) LBDU?) A?^C?@?D2) @?Z?^) XUBRUHL@BDC`2) EBCHLMHUBC)
HLMHUQkE?L@BD`DG?) AQ@BEQF@?L?C) AQU) GHYHEM) DHGHDQ) QCH) BC`^?D)
AQU) CQ]B]BF?C) GHXB) K?LM?CNONGNUa) +MB]BF?C) UHLHLQY) RHhQ^) R_LMHUQUa)
0CQDQE) M?ACBG?) LHUHAHCC?U) ?M?ELQ2) GQLMBDQ2) ZHU[E?C) A?EN^) ?XU?ELQLQ)
ZH) EBRDQ[Y) AB]`EC`E) R_UbCbUa) 7HF?DL2) D_AHMCHU) ZH) LX?L[LQMH)
iQGGQ)_]bUCbCbOH)DHGHD)BC`Ua)*?DN)kAUBAC?LM)EbCMbUbDGH)AB]`CF`^)
EBCHLMHUBC) HLMHUQkE?L@BD`D`D) R_LMHUQCFHLQ) QCH) EBD`Ua) 'LQM)
LkDRBFQ@HCQD?]N) I'<:J) HELB\HD) `@R`C?F?) ZH) FQRC`LM?M) LBD)
@NCC?UG?)MHG?ZQGH)E`CC?DNCF?@?)A?^C?DFN^lUa)+CR`F`]2)"#)@?^NDG?)
AQU) HUEHE) hBi`O`G`Ua) :BMBU) ZH) FHDM?C) RHCQ^QFQDGH) A?^CNi?)
?E?GHFQE) XHUYBUF?DLM?) @HMHULQ]CQE) ^HECQDGH) FHDM?C) RHCQ^FH)
RHiQEFHLQ) GQEE?[) hHEHUEHD2) g2q) @?^NDG?) X?ULQ@HC) D_AHMCHUQ)
A?^C?FN^lUa)<BD)")?@)QhQDGH2)hBi`O`D)@HMHUCQ)GB])ZH)EBFAQD?L@BDG?)
?D[HXQCHX[E)MHG?ZQ)?ClDG?)D_AHMCHUQDQD)LNECNON)ZH)^QGGH[)?UM?U?E)
LHEBDGHU) \HDHU?CQ]H2) MBDQEBECBDQE) _]HCCQECHU) R_LMHUFQ^[Ua) >Q]QE)
F`?@HDHLQDGH)KHX?MBLXCHDBFHR?CQ2)D_UBCB\QE)F`?@HDHLQDGH)QLH)
BU@?DM?L@BD) AB]`EC`O`2) GQ]?UMUQE) EBD`^F?2) BEbCHU) ?XU?ELQ2) L?O)
Zbi`M)@?UNFNDG?)spq)KHFQX?UH]Q)ZH)GQLMBDQ2)AQC?MHU?C)GQLFHMUQ)ZH)
R_ZGH)?M?ELQLQ)MHLXQM)HGQCFQ^MQUa)/CHEMUBHDLHY?CBRU?FC?UNDG?)?ONU)
ZH) @?@RND) BUR?DQ]?L@BD) AB]`EC`O`) R_]CHDFQ^MQUa) 0U?DQ?C) :(m)
DBUF?CGQUa)e?MND).<mf)GH)K?YQY)KHX?MBLXCHDBFHR?CQ)L?XM?DFN^MNUa)
0HFQE) QCQOQ) AQ@BXLQLQDGH) LH?!AC`H) KQLMQ@BLQM) R_UbCFb^) BC`X2)
iQCM) AQ@BXLQLQ) _UDHOQDGHD) @?XNC?D) YQAUBAC?LM) EbCMbUbDGH2)
YQAUBAC?LMC?UG?) EBCHLMHUBC) HLMHUHYQE?L@BD`) MHLXQM) HGQCFQ^MQUa)
&QHF?DD) $QiE) *QX) 6) BE`C) hBi`EC`O`) G_DHFQDGH) XQU?FQGB!
LHUHAHCC?U2)HELMU?XQU?FQG?C2)R_])A`CR`C?UN)ZH)EBRDQMQY)AB]`EC`EC?U)
ZH@?) GQUHDhCQ) D_AHMCHUCH) BUM?@?) hNE?AQCQUa) e`) hBi`EC?UND) ECQDQE)
M?ACBC?UNDND) @?Z?^) ZQU`L) QDYHELQ@BDC?UN) ZH) GQOHU) GH\HDHU?MQY)
K?LM?CNEC?UG?D) ?@NUM) HGQCFHLQ2) ZH) M?DNC?UNDND) EBDF?LN2) &QHF?D)
$QiE)*QX)6)MHG?ZQ)HGQCHAQCQU)AQU)K?LM?CNE)BCF?)@BC`DG?)QCHUCHGQOQ)QhQD)
_DHF)M?^NF?EM?GNUa)
!""#!
!"#$%&'%&
P-123
P-124
(%)*+,#-!./,#!*+-',0"&1,$2$2'232,4%,)50#%0,'-0$-$,
#%4*)%#*,*'%,#%)&%1%+,(*&,'60"%+#%7-'"!-$*,8'(#'9,
"':2#2,
:'2$-&*0,-#*15&*,$*!,.>,"':2,#2+232,
'(20451&b8.W,&!+&0/-(1&9('/(4&!+&'(h,)&b87Zi)&"+&
Z3%W51&(7#1*#&!+&'0$54&i)b3/7&"+&204/(&-#)&!
#$#%&'()#*#&!+&),-(%&'(.#*#&"+&/0'-(1&23/40%5&3+&4067,/0&
0/(728'&"
)$%6<#'(787#8+.0'14./'4.#/,9#:*%87/'4.#=$>6%#
+?1$7$@.4.#5.7.&#)*7,
"#
)$%6<#'(787#8+.0'14./'4.#/,9#:*%87/'4.#=$>6%#
A*4/1$'+/'1$7$@.#0'#&'/*5$7.<&*#5.7.&#)*7,
!#
!#
$%&'()*+,#'-./.&#0'#*1*2/,1&*#3*4/*+'4.
.4/*+567#8+.0'14./'4.#/,9#:*%87/'4.
;#
4*&*/(*#'-./.&#0'#*1*2/,1&*#3*4/*+'4.
"#
"IJD>
:;<;=>
9:;<=& >?@A+& B:CDEE?& >@<=?E<>& FDFDEDBD& G:& E?HF?F& ;IH>:HE<J<& <E:&
>:;K:C:=&ELHM:=>:N?EM@?O&P%92%Q&>AHEAHE?&RMSDHEDH&CL=:B<=C:&
T?UE?;?=&;:=<&F?=ABE?=BAU&T<K&F?TEMCDKV
3?@AB>
W?EAUB?BAXC?& ;?G?U& @KMYK:><N& >:K:T:EE?K& G:& ?KH?& HMKCM=&
C<>NM=H><;M=D&TDEYDE?KA&ME?=&G:&4/Z[C:&?H&B?CC:&FDFDEDBD&<E:&
4/2[C:& E?HF?F& ;IH>:HE<J<& >?@F?=?=& T<K& MEYD;D& =LKMK?C;MEM\<H+&
Y:=:OH&G:&B:F?TME<H&?K?U]KB?E?KE?&C:F?;E?=CAK?K?H&F?K]U]HV&
#ACDE>
7M=DUB?& TMXDHEDJD& G:& ;IKIB:C:& C:=Y:><XE<H& ;?HA=B?>A& <E:&
"^& ;?UA=C?& HE<=<J<B<X:& T?UGDK?=& MEYD=D=& ;?HA=B?E?KA& <EH& H:X&
_& ;?UA=C?& >?J& T?S?HF?& OFK:B:& G:& C:=Y:><XE<HE:& T?UE?BAU]KV&
(==:!T?T?& ?K?>A=C?& ?HK?T?EAH& T?JA& G:& C<J:K& ?<E:& T<K:;E:K<=C:&
F?=ABE?=BAU& `?>F?EAH& L;HI>I& ;MHFDKV& -?>F?=A=& BMFMK!B:=F?E&
Y:E<U<B<&=MKB?EC<KV&9D&F?TEM&;AEE?K&<R<=C:&RMH&;?G?U&@KMYK:>;M=&
YL>F:KB<U& MED@& "^& ;?UA=C?& ;?@AE?=& BD?;:=:C:& >:K:T:EE?K&
C<X?KFK<+& ?KFBAU& ab/+& >?JC?& 9?T<=>H<+& T<E?F:K?E& >:K:T:EE?K&
F:>FE:KC:&TMXDHEDH+&YLGC:&?F?H><><&G:&?Ec?&?JAK&G<TK?>;M=&H?;TA&
>?@F?=BAU]KV&-:BMYK?B+&T<;MH<B;?+&E?HF?F+&@<KDG?F+&E<XMXMB?E&
:=X<BE:K+& MKY?=<H& ?><C& CIX:;E:K<+& 982[& C?& YEDHMX+& @<KDG?F+&
E?HF?F& CIX:;E:K<& =MKB?EC<KV& 04Z& G:& H?>& T<;M@><><=C:& LX:EE<H&
>?@F?=B?BAU]KV& 2F?=NMKC!& 9<=:F& F:>O& =MKB?E& >A=AKE?KC?CAKV&
4/Z[C:&@:K<G:=FK<HIE:K&C:K<=&?H&B?CC:&C:&`MBM\:=&MEB?;?=&
><=;?E&?K]UA&<E:&>@:><dH&FK?HFD>&FDFDEDBE?KA&<XE:=B<UOK&P@<K?B<C?E&
;MEE?K+& >:K:T:EE?K& T?JE?=]E?K+& FK<Y:B<=?E& ><=<K<=& B:X:=>:N?E<H&
FK?\:><+&CMK>?E&>@<=?E&HMKCQV&4/2[C:&T:;?X&S:G`:KC:&E?HF?F&?K]UA&
G:& 1!?>:OE& ?>@?KF?F& CIX:;<=C:& ?X?EB?& TDED=BDUFDKV& Z:=:OH&
<=S:E:B:><=C:&B<FMHM=CK<;?E&?>@?KOE&F/1(!>:=F:F?XA&HMCE?;?=&
a(/2&e&Y:=&BDF?>;M=D&>?@F?=?K?H&f%:DHM:=S:@`?EM@?F`;&g<F`&
TK?<=!>F:B&?=C&>@<=?E&SMKC&<=GMEG:B:=F&?=C&E?SF?F:&:E:G?OM=&
P%92%Q[&F:;<F&:C<EB<UOKV
ZEDF?K<H& ?><CDK<& O@"& YEDF?K<E& HM:=X<B& (& C:`<CKMY:=?X& :=X<B&
:H><HE<J<=:&T?JEA&ME?K?H&Y:E<U:=+&MFMXMB?E&K:>:><N&H?EA]E?=&=?C<K&
YLKIE:=&CMJDB>?E&B:F?TME<H&T<K&`?>F?EAH]KV&(HDF&:=>:N?EM@?O+&
=LT:F+&>@?>OH&HD?CK<@E:\<+&C<>FM=<&G:&HMK:&Y<T<&R:U<FE<&=LKMEM\<H&
F?TEME?KE?& MKF?;?& RAH?T<E:S:J<& Y<T<& <XME:& B?HKM>:N?E<& G:;?&
FK?GB?OH& MEB?;?=& >DTCDK?E& :NIX;M=& L=C:& Y:E:=& TDEYDE?KA&
ME?T<E<KV& 9:U& ?;EAH& :KH:H& `?>F?& HME& G:& T?S?HE?KC?& H?>AEB?+&
YLXE:KC:& H?;B?& =:C:=<& <E:& T?UGDKCDV& i;HI>I=C:=& ?K?E?KA=C?&
<H<=S<&C:K:S:&?HK?T?EAH&TDED=?=&?==:&G:&T?T?=A=&<H<=S<&RMSDJD&
MECDJD+& T?UA=A& FDF?B?CAJA+& YLX& F?H<T<& G:& C:>F:HE<& MFDKB?>A=A=&
MEB?CAJA&LJK:=<EC<V&(;KAS?&;?HE?UAH&_j&YI=EIH&<H:=&;?@AE?=&KDO=&
BD?;:=:><=C:& T?U& R:GK:><=<=& TI;IH& MECDJD=D=& N?KH:C<EC<J<&
T:E<KOEC<V& (<E:><=C:& T:=X:K& `?>F?EAH& L;HI>I& MEB?;?=& MEYD=D=&
dX<H& <=S:E:B:><=C:& T?U& R:GK:><& _j& SB& Pk& lj& @Q+& C:K<=& F:=CM=&
K:m:H>E:K<=C:& ?K]U& G:& ?H><;?E& `<@MFM=<& >?@F?=CAV& a<J:K& ><>F:B&
TDEYDE?KA&<>:&ME?J?=CAV&9:;<=&4/Z[&C:&>:K:TK?E&?FKMd+&>DTCDK?E&
:NIX;M=&F:>@<F&:C<EC<V&5CK?K&MKY?=<H&?><F&?=?E<X<=C:&<CK?KC?&n8-!
YEDF?K<H& ?><F& ?]EABA=C?& T:E<KY<=& ?K]U+& H?=C?& YEDF?K<EH?K=<O=&
?K]UA& >?@F?=CAV& 7E<=<H+& E?TMK?FDG?K& G:& YLKI=FIE:B:& TDEYDE?KA&
<E:& MEYD& ZEDF?K<H& ?><CIK<& O@& "& ME?K?H& C:J:KE:=C<K<EC<V& %<X<=& G:&
OK<@FMN?=C?=&HA>AFEA&C<;:F&F:C?G<><+&H?K=<O=&G:&K<TMm?G<=&T?UE?=CAV&
1LT:FE:K&N:=MT?KT<F?E&G:&HEM=?X:@?B&<E:&HM=FKME&?E]=?&?EA=CAV&
2M=DR&ME?K?H&TD&MEYD&`<@MFM=<&G:&=LT:FE:&T<KE<HF:&B?HKM>:N?E<&
G:;?&=:C:=<&T<E<=B:;:=&>DTCDK?E&:NIX;M=&>?@F?=?=&MEYDE?KC?+&
IEH:B<XC:& ?HK?T?& :GE<E<J<=<=& >AH& YLKIEB:><& =:C:=<;E:& ZEDF?K<H&
?><CIK<&O@&"&`?>F?EAJA=?&C<HH?F&R:HB:H&?B?SA&<E:&>D=DEBDUFDKV&
$F<G=HF>
4<FMHM=CK<;?E&@?FMEM\<&X:B<=<=C:&Y:E<U:=&?H&B?CC:&`?>F?EAHE?KA&
Y<C:K:H& ?KF?=& >?;AC?& >?@F?=B?;?& T?UE?=BAU]KV& 9<;MH<B;?>?E&
G:& B:F?TME<H& G:K<E:K& TD& HM=DC?& `?>F?EAJA=& `:K& CL=:B<=C:&
;?KCABSA& MEB?B?HF?CAKV& 9D& F?TEME?KA=& T<K& HA>BA=C?& >@:><dH&
=LKMYLKI=FIE:B:& >OYB?FE?KA& F:U`<><& `?;E<& `AXE?=CAKB?HF?& G:&
F?E:@&:C<E:S:H&<EY<E<&BDF?>;M=&?=?E<X<=<&C:&T:E<KE:B:HF:C<KV&
!"""!
!"#$%&'%&
P-125
P-126
(()*+,-./+01)2"340$+)#+5)+'$)%0#$&%61$%*1)%$01'%*%.)
0&".10)!&"7&%#18)6"."6%'10)#%.#"&1*+').9&"!+$1)
"'74#4)
8+61'*+')##!%)>%)+$1!10)%%7)?4'74'+&-)
*c,&()9719(!-(381&57()*'*("-(59'(M**+&7(*1795(!-(.*5+&(
30e)05(!-(M&6&'(,/():%M9:f19(!
$%&'()*'*+*,(!-(./(01)&'(02&)+*1("-(301405($678')(!-(8%07(
./(91*,(!-(6&)0(:+*3*,;(!
!#
$%&'()*#(+,*-.#/01#(,(2*3.+.#)4-5&56.#()(7.&.3#2(&0
3(-*8(&#9(,3(,#(+,*-#'(+/()*+.#)4-5&56.#+*-:.+.
"#
,5;(*&.#%).:*-+./*+.#/01#<(,%&/*+.#)4-5&56.#()(7.&.3#
2(&0
"#
,5;(*&.#%).:*-+./*+.#/01#<(,%&/*+.#95;=,#+(>&0>0#:*#
'(+/(&0,&(-0#(?2@#95;=,#)4-5&56.+.#7?2?
!#
":;<=
7@A@B=
)<=>?@( A<=B<CD?E( F=>=FCG?@( DC>DH<?IJG( >H<=AJK( L)2%M5N-(
=GOP@QJ( >JO?<( BH<RGC>-( SC@( T?<( C@DS<CF?SC( ?GC( DU>U<GU( =GJ>( T?<(
AR<( DC>DH<?IJG( >H<=AJKO?</( 3P<JOJ-( ""( IJVU>OJ@?( T?<( Q=WP@SJ(
BH<RGC>()2%M5(=GBPDP(J>GJXGFUVX</(""(IJVU>OJ(C<@C@(YJDSJ-(Z(
IUG(=>WC(TJVGJIJ>(DJ[(JIJ@(TJVAJ<FJ[U>OJ(PIPVP@GP@(V?@JICK(
?GC( TJV\P<OP/( 9IPVFJ( V?@JICK( ]JFJ>( ?QC<?D?>OC( DJ[( O?]?>C(
@JOJ<(IJIUGFUV/(5H<=G=^?@(FPJIC>CD?>OC(DJ[(O?](O?DSJG?>OC(OPIP(
@JITU-( DJ[( JV?G( <C_C@D?( \C( A<=A<?=DCAKE( OPIP( @JITU-( \?T<JDI=>(
\C(A=]?DI=>(OPIPDP>OJ(J]JGFJ(FC\WP`P/(%CO?JG(FJGGC=GPDSJ>(
PIJ<UF( \C( D@JGASC>( @JIUSGJFJ( ?GC( IJAUGJ>( DJ[( KT?IJG( D?>?<( M&2(
IJ>UX( CGOC( CO?GCFCO?/( M=G( KT?IJG( D?>?<( \C( T?GJSC<JG( FCO?IJ>(
D?>?<GC<?>( M&2( @JIUSGJ<U( >=<FJG( DU>U<GJ<OJ( ?O?/( M?>?<( ?GCKF(
QJGUVFJGJ<U>OJ-(DJ[(DP<JG(\C(DJ[(DPAC<aD?IJG(AC<=>CJG(D?>?<GC<OC(
OPIDJG( @JIUS( CGOC( CO?GCFCO?/( 78F( C@DS<CF?SCGC<OC@?( F=S=<(
?GCKF( QJGUVFJGJ<U( >=<FJG( DU>U<GJ<OJ( ?O?/( 3:M( ?>WCGCFCD?(
>=<FJGO?/( 0[>C( &%4bOC( FI=@?F?@( OCVJ<^( SCDA?S( CO?GFCFCD?(
>COC>?IGC(GC]I=>P>(@H@SC(OC[?G-(A<=@D?FJG(BJ>BG?=>OJ(=GOP[P>P(
ORVR>OR@/(cJ@GJVU@("d(JI(SJ@?A(CO?GC>(YJDSJIJ(>CKWCOC()2%M5(
SJ>UDU( @=>PGOP/( ,?FO?IC( @JOJ<( G?SC<JSR<OC-( cPC>b?>( \C( *>S=>?C(
\C(J<@/b>U>(=GFJ@(R]C<C(S=AGJF(#(JOCS(C<?V@?>(IJVSJ@?()2%M5(
=GBPDP(T?GO?<?GF?VK</(3P(=GBP-(@G?>?@(\C(CGC@S<=a]I=G=^?@(TPGBPGJ<U(
?GC(=<SJIJ(@=>PGJ>(RQR>WR(=GBPOP</(:GBP>P>(T?<(O?[C<(H]CGG?[?(OC-(
)2%M5b>?>( DJOCWC( C<?V@?>GC<OC( OC[?G-( Q=WP@GP@( IJV( B<PTP>OJ(
OJ(BH<RGCT?GCWC[?>?(BHDSC<FCD?O?</(
$GRFWRG( >H<=AD?@?IJS<?@( T?<( YJDSJGU@( =GJ>( MM2&g( OJ\<J>UV(
T=]P@GP@GJ<U-( ?GC<GCI?W?( OCFJ>D-( F?I=@G=>?GC<( \C( O?[C<( E=@JG(
>H<=G=^?@( TPGBPGJ<GJ( DCI<COC>-( @U]JFU@( YJDSJGU[U>U>( BCQ( =<SJIJ(
QU@J>( W?OO?( T?<( @=FAG?@JDI=>POP</( MM2&( BCG?VF?V( RG@CGC<OC(
J]JGFJDU>J( <J[FC>( 7R<@?IC( B?T?( BCG?VFC@SC( =GJ>( RG@CGC<( ?Q?>(
YJGJ( H>CFG?( T?<( D=<P>( =GFJIJ( OC\JF( CSFC@SCO?</( 3P( =GBPOJ-(
?@?]( @U]@J<OCVGC<OC( =<SJIJ( QU@J>( \C( JKA?@( &&4( TPGBPGJ<U( ?GC(
DCI<COC>(MM2&(YJDSJGU[U(SJ<XVUGJWJ@X</
!""#!
":;<)#<C<D<=
+=[PF(\C("(IJV(J<JDU(F=S=<!FC>SJG(BCG?V?F?(>=<FJG(=GJ>(?@?](
@U]@J<OCVGC<( "( IJVU>OJ( @U]JFU@( ?>EC@D?I=>P( BCQ?<?</( )U]JFU@(
C>EC@D?I=>P>OJ>( h( JI( D=><J-( T?<@JQ( JI( J<J( ?GC( YC<( ?@?D?>OC(
OC( =<SJIJ( QU@J>-( F=S=<!FCSJG( BC<?GCFC-( F?I=@G=>?@( ^C<@GC<(
\C( CA?GCAK@( >HTCSGC<( BH]GC>?</( 3:MbSJ( J>K!@U]JFU@( ;B4-(
&&4bOC( AC<?I=O?@( @=FAGC@DGC<( \C( %'MbSC( F?I=?>=]?S=G( A?@?(
DJASJ>FJDUIGJ(MM2&(SJ>UDU(@=>P</(&&4(SJ@?AGC<?>OC(?DC(SCOJ\?IC(
O?<C>QG?( =GJ>( iPI@POJ( CGC@S<?@DCG( DSJSPD( CA?GCAK@PDj( \J<GU[U(
SCDA?S(CO?G?</
$EAFBDE=)
kJF?GIJG(MM2&-(AJS=BC>C]?(SJF(=GJ<J@(JQU@GJ>FJFJ@GJ(T?<G?@SC(
JI>U(\?<RDC(FJ<P](@JGJ>-(TC>]C<(IJ(OJ(JI>U(BC>CK@(IJAUIJ(DJY?A(
T?<CIGC<OC( Q=@( >JO?<( =GFJ@GJ( T?<G?@SC( =<SJIJ( QU@JT?GFC@SCO?</(
MM2&bOC(=GJDU(JKA?@(&&4(TPGBPGJ<U>U(DJASJFJ@(JFJWUIGJ(FPSGJ@J(
PI@P(&&4bD?(IJAUGFJGUOU</(
!"#$%&'%&
P-127
P-128
(%)*+',-,."'/0.1"2,3'/&(/.!45.#,!&%#6"0.702%'%8%#7.
H7I/$7"0."HH.#%0#7$7J%.%%=.*,'=,#,."'/0.*7&.K,J%'70.
86"3'"073.%!7'%!#7<."'=,.#,0,8,.
$%&$%'()*+%,(!-(./01&.$(2303415("-($301'(%02%$(3-(
KORAY KARA "-(6738&15(98(!-(230:35(4101$15("-(8%4.(
621/1;<(!
c%021(:%,d34- '30e1)(141,<5(
+782*9%#:1);%'#'%+:%'&*<+1#.7=+7&#;%4&%'74-#>22&0
$%&%#'()*+*,-#%.
"#
$%&%#/*012#34-2-5%&)-#%.
6#
$%&%#34-2-5%&)-#%.
!#
=L?LM<
/9:;<
/=>?@?(A=B=?(C>DEFBDEF(@GB=HB=H=I@?J=(K=(C>AC?(L@E(JDKED?FGIDB(
>D?FM( NBCGMCECBHDIF?JD( JC>CIDB( ODPFBDHD( A=E=OB@( L@E( @GB=HJ@EQ(
2C>CIDB( ODPFBDHD-( IF?FEBF( L@BA@( @GB=H=( ODPDI@M=I@?=( IDR@P( NBD?(
L=>?@-( ISE=OB@( K=( >NTC?( L@BA@( DOFGF( IFEDIF?JD( A=E=T@?J=?( UDVBD(
K=>D( @B@GO@I@V( NBD?( C>DED?BDEF?( WBME=B=?H=I@?@( IDTBD>DEDO(
DGFEF( >SOB=?H=J=?( ONECEQ( XYZ( JC>IDB( ODPFBDHD( H=OD?@VHDIF(
RDOOF?JD(WO@E(K=E=?(L@E(C>DEFBHFG(PNMD?I@>=BJ@EQ(
=>?>;.@>.6ABC>9<
/@V( J@OODM( =OI@OB@T@( K=( R@P=EDO[K@M=( LNVCOBCTC( \2%&/]( NBD?(
^N_COBDEJD( JC>IDB( ODPFBDHDJD( L@E( LNVCOBCO( NBCP( NBHDJFTF?F(
@?_=B=H=>@(DHD^BDJFO(K=(LC(DHDGBD(``(2%&/(MD?FIF(DBD?(K=(@BD^(
OCBBD?HD>D?(^N_CO(@B=(D>?F(>DG(AECLC?JD("a(IDTBFOBF(^N_COMD(XYZ(
DHPB@MSJS?J=O@(ICPE=I>N?C?(UDEOBF(NBCP(NBHDJFTF?F(@?_=B=J@OQ(
*DEFDE:?<
:N?C^( NBDEDO(2%&/(NBD?(^N_COBDEBD-(IDTBFOBF(^N_COBDE(DEDIF?JD(
XYZ( BDMD?I( K=( DHPB@MSJB=E@?J=( @IMD[I[OI=B( NBDEDO( D?BDHBF(
UDEOBFBFOBDE(@VB=?H@G[EQ(
#GBD;<
XYZ( ICPE=I>N?C?JDO@( LNVCOBCO( @G@MI=B( A@EJ@B=EJ=O@( JC>IDB(
ODPFBDHD?F?( JD( LNVCO( NBJCTC?C?( L@E( AbIM=EA=I@( NBDEDO( ODLCB(
=J@BH=OM=J@EQ(2%&/(NBD?(^N_COBDEJD(JC>IDB(ODPFBDHD?F?(LNVCO(
NBHDIF(J@OODM(=OI@OB@T@?@?(?=J=?@(NBDL@B@EQ
cNMNI=?I@[K@M=(@B=(M=[OB=?=?(?bL=MB=E(K=>D(=B=OMEN=?I=UDBNAEDW(
\%%e]( D?NEHDBB@OB=E@( IFO( AbESB=?( E=f=OI( =P@B=PI@B=E( @O=?-(
c@OID[N?(Ng(I=?I@[K=(\c6:](=P@B=PI@(K=>D(%%e(LCBACBDEF(ODED?BFO(
@B=( NEMD>D( ^FOD?( ?DJ@E( AbESB=?( E=f=OI( =P@B=PI@B=EJ=?J@EQ( c6:(
JDO@( %%e( D?NEHDBB@OB=EF( AbVS?( ODPD?HDIF( @B=( NEMD>D( ^FODE( K=(
AbVS?( ODPDBF( NBJCTC( Jb?=HJ=( J=KDH( =J=EQ( c6:( ODED?BFOMD-(
ID?MEDB( K@V>N?C?( K=( WOIDI>N?C?( NEMDJD?( ODBOhTF( JCECHBDEJD(
DO[K=(NBCEQ
"EFD<
"i( >DGF?JD( ?NEHDB( H=?MDB( K=( WV@OI=B( A=B@G@H@( NBD?( =EO=O(
RDIMD-(IN?(j(D>JFE(=BB=E@?J=(K=(D>DOBDEF?JD(IF^EDHD(G@OD>=[>B=(
PNB@OB@?@T@H@V=( LDGKCEJCQ( &DIMD?F?( D?DH?=V@?J=( IFOBFOBD(
IDLDRBDEF( NEMD>D( ^FOD?( K=( =BB=EJ=( L=B@EA@?( NBD?( H>NOBN?@O(
[PM=( IF^EDHDBDE( IDPMD?JFQ( )DPFBD?( OED?@DB( HDA?=[O( E=VN?D?I(
AbES?MSB=H=( K=( EC[?( OD?( M=MO@OB=E@?J=( R=ERD?A@( L@E( PDMNBNk@(
M=IL@M( =J@BH=VO=?-( ^=O@B=?( %%elI@?J=-( AbVB=E@?( ODPD?HDIF( @B=(
R=H=?(NEMD>D(^FOD?(K=(AbVC?(ODPDBF(NBJCTC(Jb?=HJ=(J=KDH(
=J=?(k=?=EDB@V=(I=?ON?(J@O=?(JDBAD(J=GDEkBDEF(M=IL@M(=J@BJ@Q(/C(
%%e(LCBACBDEF-(WOID[N?(Ng(I=?I@[K=(%%e(LCBACBDEF(@B=(L=?V=EJ@Q(
'DEhGHD(c@OID[N?(Ng(I=?I@[K@M=(=P@B=PI@-(AbVC?(ODPD?HDIF(@B=(
NEMD>D(^FOD?(K=(AbVS?(ODPDBF(NBJCTC(Jb?=HJ=(J=KDH(=J=?(L@E(
E=f=OI( =P@B=PI@J@EQ( 6BCGD?( %%e( D?NEHDBB@T@-( ODED?BFOBD( ID?MEDB(
K@V>N?( K=( WOIDI>N?C?( NEMDJD?( ODBOHDIF?D( LDTBD?HDOMDJFEQ(
c@OID[N?( Ng( I=?I@[K@M=( %%e( LCBACIC( ?DJ@E( AbESB=?( L@E( LCBAC(
NBJCTC?JD?(JNBD>F(LC(KDOD>F(IC?HD>D(J=T=E(AbEJSOQ(
!""#!
!"#$%&'%&
P-129
P-130
&($)*+%'%,$&"%*#%-.'"/&.-)0%+0),%*1+,%#,)*+2%+3.2.#+
0.'/.+.,$)2)$%'%&)*)*+.*.$"4),+'",.')5.#3"*'.&6+
,')*),+F*+$.*6+2%+%'%,$&"*F&"4)3"/&.-),+)*G%'%4%+
*%+,.0.&+(3(4'(H+
$%&'()*'+','&- ./,0$)1'&2')30,*%2-)('$0&)1'/'&-)
1'30$45)2'&'$'5,6-)(7,'1)10(245-)84,9'5)1'1,')
1'2%n)(7&20,)9-)%o%2)3'5962*6):-)9490$)0&):-)(%+')1'/6p6):-)
'X)k1(%5)+'1&'2):-)_'590)1X)(7&20&):
!"#$%#&'()%*(+"),(#-./#(01,2,3(40("%"52$%3"(6"+2".0+,(
.&%-7-8,(#7,.,1,
0%!""()04702(6"+2".0+,(.&%-7-8,(#7,.,1,
-.)-#/;(3"'$+(<.,40%+,20+,(2$=(>"#<720+,(.&%-7-8,(")
9(
:(
.789:
.789:
&:;<) =>=?@AB=<C=DE>BFAEG) H00IJ-) <KAB>BLM) NAE;OM<P=) CQ?)
?:>>E<Q>E<) <B<M<RESMD) TMA) M<U=>=V=) WK<@=VMPMAX) +:) YE>QZVEPE)
?>M<MOMVMSP=)AENBA)=PM>=<)00I)M<U=>=V=>=AM<P=?M)PM?=<-)?=C?M<)
R=) WEREZ) PE>FE) E?;RM@=>=AM<M<) E<E@BVM?) >B?E>MSECWB<>EAQ)
incelendi.
+:)YE>QZVE<Q<)EVEUQ-)=>=?@AB<KABVMWBFAEG)H05$IJ)>ETBAE@:REAQ<E)
M<U=>=V=)EVEUQW>E)FK<P=AM>=<)`EC@E>EAQ<)?>M<M?)K<)@E<QCQ)M>=)05$I)
@E<QCQ<Q<):WF:<>:O:<:)EAEZqAVE?qX)
/;<;9+=;+3>?@;7:
05$I) >ETBAE@:REAQ<E) FK<P=AM>=<) ee[) `EC@E<Q<) WEZ-)
UM<CMW=@-) FK<P=AM>=<) ?>M<M?-) ?>M<M?) K<) @E<Q) R=) 05$I) MZ>=VM)
CB<:Y>EAQ) A=@ABCN=?;D) B>EAE?) ?EWP=PM>PM) R=) MC@E;C;?C=>) B>EAE?)
P=O=A>=<PMAM>PMX)
*E>QZVEWE) [\\]) $EWQC) ^) [\"\) _ESMAE<) @EAM`>=AM) EAECQ<PE) 00I)
>ETBAE@:EAQVQSPE) M<U=>=<=<) a#bc) B>F:) E>Q<PQX) 4<U=>=V=P=)
5M`B<) 2B`P=<) 00I) c"\\) UM`ESQ) ?:>>E<Q>PQX) 00I) Y=?MVM) :WF:<)
ZEA@>EA) CEO>E<VQZ) BA@EVPE-) =<) ES) [\) PE?M?E) CdA=W>=) WENQ>PQX)
(dV)B>F:>EA)MYM<P=)NE@B>BLM?)B>EAE?)AENBA)=PM>=<)aec)B>F:<:<)
R=AM>=AM)MC@E@MC@M?C=>)B>EAE?)P=O=A>=<PMAM>PM)HNf\X\bJX)
ABCDBC8<:
*E>QZVEPE) gbh-aid) H<j["cJ) ?EPQ<-) g#a-]iCM) H<j"]\J) =A?=?-)
@BN>EV) aec) NE@B>BLM?) 00I) B>F:C:) REAPQX) k>F:>EAQ<) WEZ) EAE>QOQ)
]!ch) WQ>PQ) HBA@l) a"-]hm[\-haJX) (=VNBAE>) R=) DAB<@E>) TK>F=>=A-)
PM?=<-)?=C?M<)R=)WEREZ)PE>FE)E?@MRM@=>=AM<M<)PEOQ>QVQ)WK<d<P=<)
T=W<M<)PMO=A)E<E@BVM?)TK>dV>=AM<=)FKA=)PE`E)DES>E)B>VECQ<E)
AEOV=<) MC@E@MC@M?C=>) B>EAE?) E<>EV>Q) TMA) DEA?) T:>:<VEPQX)
k>F:>EAQ<) ga-"iM<P=) H<j"[J) NAMV=A) L=<=AE>MS=-) g[-eiM<P=)
H<j""J)C=?B<P=A)L=<=AE>MS=-)ga-hiCQ<PE)H<j"#J)WEWFQ<)TM>E@=AE>)
EC=<?AB<) PM?=<) R=) ?=C?M<) PE>FE-) g[]iCM<P=) H<j"\bJ) WEWFQ<)
TM>E@=AE>) WEREZ) PE>FE) E?@MRM@=>=AM) FKAd>PdX) +:) PE>FE>EAQ<) WEZE)
FKA=)P=O=A>=<PMAM>V=CM<P=)MC=)#\)WEZ)E>@Q)FA:N@E)CEO)DAB<@E>)R=)
@=VNBAE>)TK>F=P=)FKAd>=<)PM?=<)R=)?=C?M<)PE>FE)E?@MRM@=CM)PMO=A)
TK>F=>=A=)FKA=)MC@E@MC@M?C=>)B>EAE?)E<>EV>QWPQX)[\)WEZ)E>@Q)R=)#\)
WEZ)dS=AM)B>F:>EAQ<)MC=)CB>)@=VNBAE>)TK>F=P=)FKAd>=<)PM?=<)R=)
?=C?M<) PE>FE) E?@MRM@=CM) E<>EV>Q) PdS=WP=) Wd?C=?) T:>:<P:X) ["!
#\) WEZ) EAECQ) B>F:>EAQ<) WEWFQ<) NAMV=A) L=<=AE>MS=) BAE<>EAQ) PMO=A)
WEZ)FA:N>EAQ<PE<)E<>EV>Q)PdS=WP=)Wd?C=?@MX)4>=AM)WEZ)B>F:>EAQ<)
DAB<@E>)R=)WEWFQ<)WEREZ)PE>FE)BAE<>EAQ)E<>EV>QWPQX)
#E?B9:
*E>QZVEVQS-) ?>M<MOMVMSP=) M<U=>=<=<) B>F:>EAPE) PM?=<!?=C?M<)
PE>FE) E?@MRM@=>=AM<M<) @=VNBAE>) R=) DAB<@E>) TK>F=>=AP=-) WEREZ)
PE>FE) E?@MRM@=CM<M<) MC=) KS=>>M?>=) M>=AM) WEZ) FA:T:<PE) DAB<@E>)
TK>F=>=AP=)R=)WEWFQ<)B>P:O:<:)FKC@=AVMZ@MAX)
!""#!
/;<;9+=;+3>?@;7:
ABCDBC8<:
+:) YE>QZVEWE) ee[) `EC@E) Hb[#) ?EPQ<-) abe) =A?=?J) PE`M>) =PM>PMX)
#cc) Hgbh-hJ) `EC@E<Q<) 05$I) MC@=VM) 5KAB>BLM-) [[[) Hg[b-[J)
`EC@E<Q<) 05$I) MC@=VM) 5KABZMA:ALM-) bc) Hgh-]J) `EC@E<Q<) 05$I)
MC@=VM)oMSM?C=>)(QN)R=)&=`ETM>M@ECWB<-)h")`EC@E<Q<)05$I)MC@=VM)
kA@BN=PM)Hgh-cJ)R=)#")Hg#-hJ)`EC@E<Q<)05$I)MC@=VM)MC=)PMO=A)
TK>dV>=AP=<) WENQ>VQZqX) 2(3) g[e-]) M>=) =<) YB?) MC@=V) WENQ>E<)
K<) @E<QWPQ) _EC@E>EAQ<) g[-ci:) FMTM) ?dYd?) TMA) FA:T:<PE) CEP=U=)
C=VN@BV) T=>MA;>=A=?) @=@?M?) MC@=VM) WENQ>VQZqX) _EC@E>EAQ<)
g#c-"iM<P=) MC@=V) K<) @E<QCQ) M>=) 05$I) CB<:U:) EAECQ<PE) :W:V)
CEN@E<PQX)g##-])`EC@EPE)<BAVE>)05$I)CB<:Y>EAQ)T:>:<P:X
#E?B9:
5BAVE>)05$I)T:>F:>EAQ<Q<)Wd?C=?)BAE<Q)R=)MC@=V)K<)@E<Q>EAQW>E)
05$I) CB<:Y>EAQ<Q<) MC@E;C;?C=>) B>EAE?) E<>EV>Q) :W:VC:S>:O:-)
F=A=?CMS)05$I)MC@=V>=AM<M)BA@EWE)?BWVE?@EPQAX)
!"#$%&'%&
P-131
P-132
()*+%$%#, -%'')$.#., "'*/, 0%/1, %&)23)/, 4*#$*'*&(*,
()*+%$)3,/5&"!*$),)'%,"#$%"!"&"6,)')23)#),
F"3*',3"&(,!*&*')6)#)/)/,%2')3,%$$)G),3"/(H3#)>"/,
+'"3'.,-.'$)I"3*',-"$"&,/5&"!*$):,"'0.,#./.-.,
$%&'$(%$)*+', -.)/'(%+01+(12%+3,(+04$5.6($7*27/',(
8+'1+'(%9)9769(
&6*$7&4(+8%$*(4$'*.7X,(8+*&i$(j+6+j+', kl6$%(X+09%(
09619l,($7*/m7/6(j26+097,()/+*(*2h+X*+4(
!"#$"%&"'"()*+*),(,-./.+(0,("%"'/1%+"(!"2/"),2.3(
14)5%6768.(97.).-.3.2/"):*7
;*+!*%.#,/(<).0,%2./,2.(/1&(="9<7/,2.()5%6768.(
:57<+<
*789:
"CDB:
1:;<=>=?( @=AA:>B?( C1%D( E=F:G=F:H( ?:I:F( ?:?>=@:( J=( H=@:H(
@=>;<KA:L@;?M( N:<:( <:FOKH( ?:?>=@:( =>H:A=P=<:A=I( HFKI:H( <:F(
@=>;<KA:L@;( Q;?>;AMRMSMFT( 3;AMU@;@MLS;( S:;<=VH( IWFKE;V(
?;E>;I;I( N=IO( =F:UH:I( Q;?>;A;FS;H:( H=@:H( @:I=F;A( PKRBIABRB(
CX%0D(S=R=FA=F:I:(?:I:F(:A=V(O;AMU@;A;FMIS;(=AS=(=S:A=I(J=F:A=FA=(
H;FUMA;UYFMA;F;H( S:;<=VH( IWFKE;V( :A=( K?>=KEKFKL( ;F;?MIS;H:(
:A:UH:(;F;UYFMA@MUYFT
%BAVGKH;A(@K>KF(IWFKE;V(C%%'Dn(EFKNF=?:G,(`?>(=H?>F=@:>=A=F:I(
;A>(=H?>F=@:>=A=F=(NWF=(WI(EA;IS;(=>H:A=IS:R:(J=(SBPB(H;P<MIMI(
=UA:H(=>@=S:R:(<:F(IWFKE;VS:FT(8;?>;AMRMI(?=PF:(?MF;?MIS;(HF;I:;A(
?:I:FA=F:I( >B>BAB@B( KASBHO;( I;S:F( KA;F;H( <:AS:F:A@=H>=S:FT( j:F(
PMASMF( =AA=F:IS=( N`O?`LA`H( KA;I( be( P;UMIS;H:( =FH=H( Q;?>;,( `O(
Q;o;( WIa=( <;UA;P;I( ?=?( HM?MHAMRM( I=S=I:( :A=( HA:I:R=( <;UJBFSBT(
kLN=O@:U:(J=(?KPN=O@:U:IS=(WL=AA:H(KA@;P;I(Q;?>;IMI(IWFKAKZ:H(
@B;P=I=?:IS=( ?KAS;( E;A;>;A( ;FH( S=EF=?=( :S:( J=( S=F:I( >=ISKI(
F=p=H?A=F:( `?>( J=( ;A>( =H?>F=@:>=A=FS=( ;AMI;@MPKFSBT( )KAS;(
<=A:FN:I(E;F@;H(;<SBH>KFA;FMIS;(N`O?`LA`H(J=(;>FKd(?;E>;ISMT(
&IS:F=H>(K>KA;F:INKAKZ:H(@B;P=I=S=(?KAS;(JKH;A(HKFS(E;F;A:L:?:(
NWF`AS`T( ):I:F( :A=V@( O;AMU@;A;FM( HKIS`H?:PKI( <AKRBIBI( =UA:H(
=qR:(@BAVGKH;A(@K>KF(IWFKE;V(C%%'!XjD(:A=(BPB@AB(KA;F;H(
S=R=FA=IS:F:AS:T( rKH;A( HKFS( E;F;A:L:?:I=( PWI=A:H( P;EMA;I( >`@(
>=>H:HA=F(IKF@;A( <BABISBT( j=P:I( K@BF:A:H( ?MJM?M( ;I;A:L:( IKF@;A(
KA;I( Q;?>;P;( :I>F;J=IWL( :@@`INAK<`A:I( >=S;J:?:( J=F:AS:T(
6:>=F;>`FS=( %%'!Xj( :A=( <:FA:H>=( JKH;A( HKFS( E;F;A:L:?:I:I( =UA:H(
=qR:( KANBA;FMI( KASBHO;( =IS=F( <:AS:F:A@=?:( I=S=I:( :A=( Q;?>;(
?BIBA@;P;(S=R=F(<BABI@BU>BFT(
0;<;9,=;,>?@A;7:
8;PS;FE;U;('B@BI=($R:V@(J=(+F;UYF@;(8;?>;I=?:(9T('WFKAKZ:(
EKA:HA:I:R:I=(<;UJBF;I,("[!#\(P;U(;F;AMRMIS;,(VE(99(1%]AB(^\(Q;?>;(
:A=(_\(?;RAMHAM(NWI`AA`(O;AMU@;P;(;AMISMT(1:;<=>(SMUMIS;(?:I:F(:A=V(
O;AMU@;A;FM(J=(X%0(WAO`@`I`(=>H:A=P=a=H(Q;?>;AMRM(KA;I(J=P;(:A;O(
HBAA;I;I,(N=<=(J=P;(@=I;EKL;(N:F@:U(KA;I,(K?>=KEKFKL(>;IM?M(
KA;IA;F(O;AMU@;P;(;AMI@;SMT():I:F(:A=V(O;AMU@;?MI;(NWF=(Q;?>;A;F(
b(NFB<;(;PFMASMc"TNFBE(IKF@;A(=A=H>FKdLPKAKZ:H(O;AMU@;,(_T(NFBE(
H;FE;A( >`I=A( ?=ISFK@B,( bT( NFBE( EKA:IWFKE;VT( -=@BF( <KPIB(
J=(6"!6e(J=F>=<F;(X%0,(*(?HKF(J=(P;U(BPB@AB(P`LS=(S=R=FA=F:(
WAO`A=F=H(Q=F(b(NFBE>;H:(J=F:A=F(HKI>FKA(NFB<B(:A=(H;FUMA;UYFMASMT
+BCDBC8<:
XKI>FKA( NFB<BIS;( 6"!6e( X%0,( *( ?HKF( J=( P;U( BPB@AB( P`LS=(
KF>;A;@;?M( Q;?>;( NFB<BI;( KF;IA;( ;IA;@AM( KA;F;H( P`H?=H(
<BABI@BU>BF(CEf\T\#DT(-=@BF(<KPIB(X%0,(*(?HKF(J=(P;U(BPB@AB(
P`LS=(KF>;A;@;?M(;OM?MIS;I(:?>;V?VH?=A(KA;F;H(;IA;@AM(G;FHAMAMH(
?;E>;I@;@MUYF(CEg\T\#DT(hKA:IWFKE;V,(H;FE;A(>`I=A(?=ISFK@B(
J=( ?:I:F( :A=V( O;AMU@;?M( IKF@;A( KA;I( Q;?>;A;FS;( X%0( S=R=FA=F:(
;OM?MIS;I( NFBEA;F( ;F;?MIS;( :?>;V?VH?=A( ;OMS;I( ;IA;@AM( G;FH(
<BABI@;@MUYF(CEf\T\#DT1:;<=>(?`F=?:(:A=(?:I:F(:A=V(O;AMU@;?MIS;(
=AS=( =S:A=I( J=F:A=I( ;F;?MIS;( :?>;V?VH?=A( KA;F;H( ;IA;@AM( G;FH(
?;E>;I@;LH=I(G=@BF(<KPIB(X%0(J=(*(?HKF(S=R=FA=F:(:A=(S:;<=>(
?`F=?:(;F;?MIS;(>=F?(PWIS=(:A:UH:(<BABI@BU>BFT
#E@B9:
#\( P;U( ;AYIS;H:( J=( EF=@=I;EKL;A( SWI=@S=H:( VE( 99( 1%]AB(
Q;?>;A;FS;(S:;<=>(K?>=KEKFKL(:O:I(<;RM@?ML(<:F(F:?H(G;H>WF`S`FT(
1:;<=>=( <;RAM( N=A:U=I( IWFKE;VI:I( K?>=KEKFKL( N=A:U@=?:I=(
H;>HM?M(<BABI@;@;H>;SMF
!""#!
!"#$%&'%&
P-133
P-134
$%&()*+','+$+*#,)*-%.#),/%,&%0)-1%','+$+*#2*,.+&!+',
$1*%',#%*-&"(3,$+*2#2*-+,#%*#)$)/)$%,/%,#!%#)4)$%#),
#32F2-,+(+G'2,+H2&2,-"0-+,"&+',+*$)-)=+A%$).,
.3''+*2(2*+,A+I'2,A)'+$%&+','3(A"#+.&+',!'%.#"!+$),
$%&'(%')*'+,%*!-*.'/'0*&,1,1*!-*,23')),4*,5,%*!-*
.,6'+*.75$)*!-*.8)1,+*9,),:5;*"-*1$41$&*'('%*<$6;=*!-*
/$2;4,*5,:/$6$%*!-*:$2,4,&*&,>3$1;%*!
)7&0;.$*[7)<;:*=n<*.,1,:.,%- n%4,:*.,(8+-*47/:;.$*
,/),:-*>;%;:*/,<,=-*,./$)*&$=$>;:-*$0&,)*[7%/$/*/$6;:<-*
1'/&,0,*$%&,>*
!#
$%&'(#)*%+(,-%.(-%#./0#123)'.(-%#42-.2*(-%#*5,6'67%#
2*28%'%9#$2'/
"#
$%&'(#)*%+(,-%.(-%#./0#123)'.(-%#42-.2*(-%#42'3#-2:'/:/#
2*28%'%9#$2'/
-;8;%-.2*8<'#(:%.%9#+(#2,2=./,92#42-.2*(-%#*5,6'67%#
3'%*%:%
+5678
)KJSIG?Q@?B* ABFQGIA?Y* )l!/"* GFXJFECBF@PEHF* XDUGDOBDQ-*
HKVKG?B*Q?VRA*_F*@FmFQG*HFTP\PQBPQBF@PEF*VIB*?U?E*SP@*HK@KJHK@Z*
4FJ?CIJ-* ?AGF-* ?EF_@POJ?-* C@?_J?-* XFSFBPQ* _F* EFIAB?OP* XPSP*
V?ARG?B* EFHFEBF@F* S?TBR* IB?SPBFWFTP* XPSP-* _?GQDBPYQ* ABFQGIA?Y-*
@?HV?GVIE*ABFQGIA?YGP*_F*PHPIA?YQ*IB?@?Q*H?*XN@DBFSPBP@Z*,EW?Q*
SPB?CF@?B* BKJSIG?Q@?B* ABFQGIA?Y* E?HP@* XN@DBFE* SP@* HK@KJHK@Z*
2K*_?Q?H?o*?\R@R*HIOH?*I@?B*?EYHPV?SFYQ*PBF*GKPWPH*XP@P\PJPEHF*
SKBKE?E* "i* V?\REH?QP* F@QFQ* ^?GC?* VITKE* S?QRJ* DEPCFGPEHF*
C?QPSPEPE* #ZXDEDEHF* \KK@K* ?URBHRQC?E* GIE@?* ?BC* FpC@FJPCFHF*
A?@?A?@FOP*G?AC?EJR\*_F*V?ARB?E*$1[]HF*PQP*V?EBR*BKJSIG?Q@?B*
ABFQGKG*FCQPBFEJFGP*PBF*KVKJBK*SKBXKB?@*FBHF*FHPBJP\Y@Z*0FJI@?B*
_FE*C@IJSIOK-*JFOFECF@PQ*C@IJSIO*_FV?*PGQFJPVF*S?TBR*PQP*V?EBR*
BKJSIG?Q@?B* ABFQGKG* FCQPBFEJFGP* BPCF@?CD@HF* SPBHP@PBJP\Y@Z* 2K*
SPBXPBF@* XNO* NEDEHF* SKBKEHK@KBHKTKEH?* SK* _?Q?H?* ^?GC?ERE*
?BHRTR* I@?B* ?EYHPV?SFYQBF@PE* EFHFE* IBHKTK* ?GPHIO* _FV?*
GFQIEHF@* XFBP\FE* PGQFJP* GIEKWK* PQP* V?EBR* BKJSIG?Q@?B* ABFQGKG*
FCQPBFEJFGP*JFVH?E?*XFBHPTP*HD\DEDBHDZ
"CDB8
=?@A?B*CDEFB*GFEH@IJK*L=&/M-*NOFBBPQBF*Q?HREB?@H?*JFHP?E*GPEP@PE*
FB* SPBFTPEHF* Q?@A?B* CDEFB* PUPEHF* QIJA@FGVIEK* GIEKWK* I@C?V?*
URQ?E*FE*GRQ*XN@DBFE*CKO?Q*EN@IA?YGPHP@Z*[FBFEFQGFB*GPEP@*PBFYJ*
U?BR\J?GR*L/;<M*=&/*C?ERGR*PUPE*QKBB?ERBJ?QC?HR@Z*,EW?Q*/;<]BF@PEPE*
^PUSP@P*CFQ*S?\RE?*=&/*C?ERGR*PUPE*VFCF@BP*^?GG?GPVFC*LGFEGPY_PCFM*
_F*NOXDBBDTFLGAFGP`BPCFM*G?^PA*HFTPBHP@Z*1FHP?E*CF@JPE?B*B?C?EG*
PEHFQGP*LJ&)8M*_F*JFHP?E*@FOPHDFB*B?C?EG*LJ%)M*JFHP?E*JICI@*
GPEP@PE* HPGC?B* GFXJFEYEHFQP* ?EI@J?BBPTP* G?AC?J?Q* ?J?WRVB?*
^FG?AB?E?E*A?@?JFC@FBF@HP@Z*=&/*C?ERGREH?*J&)P*_F*J%)*PBF*PBXPBP*
?O* G?VRH?* U?BR\J?* _?@HR@Z* <?BR\J?JROH?* ?J?WRJRO-* XFBFEFQGFB*
/;<* PBF* SP@BPQCF* J&);* _F* J%)]EPE* =&/* C?ERGREH?* GFEGPY_PCF* _F*
GAFGP`BPCFGPEP*?@?\a@J?Qa@Z*
9:;:7,<:,=>?@:58
[FBFEFQGFB*/;<-*J&)8*_F*J%)]RE*=&/]BPBF@HF*C?ERG?B*GFEGPY_PCF*_F*
GAFGPY`CFGP*^FG?AB?EHRZ*
ABCDBC6;8
$BFQC@I`OVIBIbPQ* SKBXKB?@RE* GFEGPY_PCF* HFTF@BF@P* GR@?GRVB?-*
JFHP?E*HKVKG?B*HPGC?B*B?C?EG*LJ/3)M*cd"Ze-*HN@HDEWD*A?@J?Q*
JFHP?E!KBE?@*HKVKG?B*L1f!'fM*B?C?EG*g?@QR*cd"Ze-*J&);*cdhZ"-*
JFHP?E* HKVKG?B* PBFYJ* ^ROR* LJ/:56M* ciZf* _F* JFHP?E* JICI@*
HPGC?B* B?C?EG* LJ13)M* c#jZ#* IB?@?Q* SKBKEHKZ* $BFQC@I`OVIBIbPQ*
SKBXKB?@RE* =&/]BPBF@HF* GAFGP`CF* HFTF@BF@P* GR@?GRVB?* J/:56*
cdjZ#-* J1:56* cdjZ#-* JFHP?E* JICI@* SPBF\PQ* Q?G* ?QGPVIE*
AIC?EGPVFBP* ?JABPCDHD* cdjZ#-* JFHP?E* HKVKG?B* GPEP@* ?QGPVIE*
AIC?EGPVFBP* ?JABPCDHD* cdiZf-* J/3)* cdiZk* _F* 1f!'f* B?C?EG*
g?@QR*cdiZk*PHPZ*J13)*HFTF@P*KOKE*IB?E*CDJ*=&/]BPBF@HF*J&);*
HD\DQ*SKBKEHK-*g?Q?C*J13)*EI@J?B*SKBKE?E*ll*=&/]BP*Lcl"Z#M*
^?GC?H?*J&);*HD\DQ*SKBKEHKZ*
#E?B78
=&/*C?ERGREH?*J&);]EPE*J13)]?*XN@F*GFEGPY_PCFGP*H?^?*VDQGFQ*
GAFGP`CFGP* H?^?* HD\DQCD@Z* J%)* PBF* J13)]RE* GFEGPY_PCFGP* _F*
GAFGPY_PCFGP* SFEOF@HP@Z* [FBFEFQGFB* /;<* ?@?GREH?* =&/* C?ERGREH?*
GFEGPY_PCF* _F* GAFGP`CFGP* FE* VDQGFQ* IB?E* FBFQC@I`OVIBIbPQ*
SKBXKB?@* J/3)-* 1f!'f* CFAF* B?C?EG* g?@QR* _F* J/:56* IB?@?Q*
SKBKEHKZ*=&/*C?ERGREH?*J&)8*_F*J/3)*HKVKG?B*_F*JICI@*BPmF@F*
?PC* A?CIBIbPEPE* SFBP@BFEJFGP* ?URGREH?E* SP@SP@BF@PEP* C?J?JB?VRWR*
IB?SPBP@Z
!""#!
!"#$%&'%&
P-135
P-136
!(')(&*#+,&%-*#+#!(.)/0+"'12+#232)2+
)"&$"3+#%3<&")'2+"'12'(&<(+<*1*$('+#*3*&+*'%$*)*+
$%&'()*+,-+)-.*+/0 12324)-2*510)(56%$21)
7%,%88.,'(3'0)3212()26/5(0)5-15&)&+,96910)568+,)
,96-919*0)5:&+,;9()&+19
265$)96;+m)+,-9(6+1)90)*2i5()'m'():0)n+h5i)2*12)]m-2():0)
213+()8+1++1&6+()30)+:)2*12)];2)4
/;1'/<!%&=4,.!"3,-!3,&-1>&?/8=)-!3,5&4("6)67,&/<
/;1'/<!%&%/3)/8&2/3-/4!3,5&6"-6>!<,&.!&
-"/.%/-6)67,&'()=%=
@&
/;1'/<!%&=4,.!"3,-!3,&-1>&?/8=)-!3,5&"/<A6)67,&/<
B&
,3-/4'$)&=4,.!"3,-!3,&,3-/4'$)&-1>&?/85&4("6)67,&/<
9&
!"#$"$%&'()*!&!+,-,%&.!&/"/0-1"%/&2/3-/4!3,5&
4("6)67,&8),4,+,
:&
(4560
4<=><?@A) 7?BC@A) D47E) AF<G>H) ABIJ?K>L) I<J@?) K=LF) M@FKNBI<?)
OP=QBJB) AFKIN<I0) @ANB>A@G0) JRGBIA@G) CB) <S?HAHG) T<AH=><=<?) @=B)
ABU?BN>BTNBJ@?:
(4560
&B>FNK><_T) *K?NKI) ABIJ?K>=L) K=QL=<?HI) B=BTN?KbGUK=K^@T)
K=<?<T)JBSB?=BIJ@?@=>BA@
"7890
1=>=6+?=+@A;B=40
VW)U0)T<JHI)M<AN<)AK=)B=)@X)THA>HIJ<)@ANB>A@G0)JRGBIA@G)CB)<S?HAHG)
T<AH=><)U<THI><=<?H)@=B)FK=@T=@I@S@>@GB)O<YCL?JL:Z@T<UBN=B?@I@I)
V) <U) PI[B) O<Y=<JHSHIH) @\<JB) BJBI) M<AN<J<) N?<C><) CB) <YH?H)
BQGB?A@G) PUTRAR) OL=LI><><TN<UJH:) ]G) QBX>@Y@IJB) O@?) PGB==@T)
K=><U<I) M<AN<IHI) AKUQBX>@Y@IJB) <UIH) Y@T<UBN=B?B) A<M@F)
T@>AB)OL=LI><><TN<UJH:)(P?K=K^@T)>L<UBIBJB)AK=)M@FKNBI<?)
OP=QBJB) ANB?BK_F@T) K=><U<I0@ANB>A@G0) JRGBIA@G) T<AH=><=<?H)
>BC[L`L:) 8<AH=><=<?) AK=) a:) F<?><SHI) @ANB>=@) <OJRTA@UKIL)
AH?<AHIJ<) <G<=><TN<) @TBI) @A_?<M<N) M<=@IJB) CB) LUTLJ<) JBC<>)
BN>BTNBUJ@:) &K=) B=) a:) F<?><TN<) LULYLT=LT) A<FN<I<I) M<AN<J<)
<N?Kb) QPG=BI>BJ@:) *KNK?) CB) JLUA<=) A@I@?) @=B_) X<=HY><=<?HIJ<)
AK=) L=I<?) >KNK?) A@I@?@I) J@?ABT) c) [>) RGB?@IJB) A@I@?) @=B_) MHGHIHI)
def)<G<=JHSH)NLG<T)IP?KF<_)@=B)LUL>=L)OL=QL=<?)A<FN<IJH:)5SIB)
2*;gJB)AK=)+-*)CB)F<=><?@A)O?BC@A)T<A=<?HIJ<)TKIbQR?<AUKI0)
<>F=@NRJ) CB) AR?BA@) IK?><=) K=<I) >KNK?) RI@N) FKN<IA@UB==B?@I@I)
U<IH) AH?<) AK=) M@FKNBI<?) OP=QBJBT@) T<AH=><) @=B) LUL>=L) K=<I)
@ANB>A@G) CB) @??BQR=B?) JBY<?^=<?) QPG=BIJ@:) h<AN<IHI) +-*) CB) 47)
T<A=<?HI<) "a) %) 7KNL=@IL>) NKTA@I) LUQL=<IJH:) $i1) PIB?@A@) @=B)
QB[B) AF=@I_) TL==<I><U<) O<Y=<U<I) M<AN<IHI) e:) M<j<) AKILIJ<)
Y@T<UBN=B?@)THA>BI)JRGB=>@Y)K=><T=<)O@?=@TNB)J<M<)ABU?BT)K=<?<T)
JBC<>)BN>BTNBUJ@:)h<AN<)M<=BI)N<T@F)BJ@=>BTNBJ@?:
8=@I@T) CB) ?<JUK=K^@T) K=<?<T) *K?NKI) ABIJ?K>L) N<IHAH) <=>HY) #)
K=QLJ<) V:!e:) F<?><T) J@Q@N<=) A@I@?=B?@I@I) K?NKJ?K>@T) JLULA<=)
@=B_>@)V:F<?><T)=<NB?<=@oe:)F<?><T)>BJ@U<=@I@I)O@?=@TNB)URGBUB=)
LU<?H>H) CB) @X) ><==BK=) <?T<AHIJ<I) T<UHN=<><) @=B) X<=HYH=>HY0)
AB>FNK><_T)@=B)<AB>FNK><_T)N<?<p<?J<I)B=JB)BJ@=BI)JBSB?=B?)
O@?O@?@)@=B)T<?YH=<Yl?H=>HYl?:)
,978975>0
e)K=QLJ<)AB>FNK><_T)N<?<j<)JLUA<=)[BC<F)T<UJBJ@=B>B>@Y)U<)
J<)OB=@?Q@I)JB?B[BJB)JRYRT)<>F=@NRJ=R)OL=LI>LYNL?:")K=QLJ<)
J@AN<=) =<N<IAN<) LG<><) J@TT<_) XBT>@Y_?:5T@) K=QLJ<) IK?><=)
B=BTN?KbGUK=K^@T) OL=QL=<?) QP?R=>RYNR?:) .=QL=<?HI) NR>RIJB)
<U<SHI) *1;) @I[B=B>BA@IJB) *K?NKI) ABIJ?K>L) @X@I) N<IH)
TKUJL?L[L)U<)J<)N<IHUH)JBANBT=BU@[@)OL=QL=<?)>BC[L`L:
#:;960
*K?NKI) ABIJ?K>L) PI) N<IHAH) K=<I) K=QL=<?J<) J@Q@N<=) A@I@?)
@=B_>=B?@0)TK=<U)LUQL=<I<O@=@?)CB)K=JLTX<)URTABT)K?<IJ<)N<IHUH)
JBANBT=BU@[@)O@=Q@)CB?BI)O@?)UPINB>J@?:
#:;960
4<=><?@A)O?BC@A)AF<A>HIHI)IBJBI@)TBA@I)K=<?<T)O@=@I>B>BTNBJ@?0)
BNUK=K^@T) IBJBI=B?) \<?T=H=HT) QPANB?BO@=>BTNBJ@?:) 47) AF<A>H)
@J@KF<_T)K=<O@=B[BS@)Q@O@)L=I<?)A@I@?@I)NLG<T)IP?KF<_A@IB)O<S=H)
K=<?<T)N<)K?N<U<)XHT<O@=>BTNBJ@?:)+-*)AF<A>HIHI)BY=@T)BkS@)47)
AF<G>H)K=<I)K=QL>LGJ<)J@?ABT)RGB?@IJB)L=I<?)NLG<T)IP?KF<_A@)
A<FN<I>HYl?:)
!""#!
!"#$%&'%&
P-137
P-138
()&!)'*$+,%'*#%,-&"./*0'%*.%$)1"'0(*#%,-&".*
)&)#2,-)(0*0'03(0*
$0&"0-*D",(#0<",*1"E/('/(')&2*F%*G/E/&#/E*1)H)(')&*
#%,-&"./*
$%&'(&)(*+(,)!-)$.)/%&(0),12(&)!-)3(450%6)714)!-)689:()
%*5;<&:<4)!-)(&53),%0%:5)"
28/(2)(*7(2)!-)25'()3(6/()6(jk10(&)"-)$<&%**()%+%/)"-)
/8$6(3()(,1+;l4)"
$%&'()#*+($()#,*#%-%.$/-)%#0%'$%1*'(#
,%&/2#34-*5%#*+($()#,*#%-%.$/-)%#0%'$%1*'(
%-$,(1#6*,7*$#0%'$%1*'(#18-979:(#%6
;913476%&#&%-%*7)%'#<1(,*-'($*'(#$/=#2%&<7$*'(#
18-979:(#%6
!#
"#
!#
"#
)4567
/=>?@A)B?A?C?A)D@CE@F)GHA=F)?I?A>=)DJKEC=BLJAM)BJAMNM)JFMO@A)
DF?A?D) G@PFJL@) D@CE@F) GHA=F) B=A>CJKM) Q+6$R) >=A?FK=DG=>?C.)
:M) I@FSOK@>@) D@CE@F) GHA=F) B=A>CJKM) TA) G@ASFS) U@BG@F@C>@-)
K=G@PJF?D)B=A>CJK)?F=)D@CE@F)GHA=F)B=A>CJKM)@C@BSA>@D?)?F?OD?L?)
?AN=F=K=L?)@K@IF@>SD.
89:96*;9*<=>?947
,@FSOK@KSV-) +@BSK) WXXY!/@CG) WX"X) G@C?UF=C?A>=-) %/;)
0@PJC@GMZ@CS[A@) D@CE@F) GHA=F) B=A>CJKM) TA) G@ASBS) ?F=)
LTAF=A>?C?F=A)""[?)Q\"X.YR)=CD=D)Z=)YX[S)Q\#Y."R)D@>SA)GJEF@K)
"X") U@BG@ASA) WXW) =F?) HV=C?A>=) L@ESFKSOGSC.) ]CG@F@K@) L@O)
^_.W_`Y.a^[GHC.) 7@BG@F@CSA-) @IFSD) D@A) O=D=C?-) F?E?G) ECJb?FF=C?-)
Z?G@K?A):"W-)=C?GCJB?G)B=>?K=AG@BLJA)USVS-)G?CJ?>)bJADB?LJA)G=BG?)
G=GD?DF=C?) L@ESF>S.) /=>?@A) KJGJC) ?F=G?) @P>MNGJC) EJFF?N?B) PC=Z?B)
D@BSA>@A-) MFA@C) KJGJC) ?F=G?) @>>MNGJC) >?c?G?) K?A?K?) D@BSA>@A)
D@LSGF@A@C@D) TFIHF>H.) /=>?@A) Z=) MFA@C) B?A?CF=C?A) KJGJC) >?BG@F)
F@G@ABF@CS-) P?F=O?D) D@B) @DB?LJA) EJG@AB?L=FF=C?) Z=) ?F=d) USVF@CS)
U=B@EF@A>S.) ]CGJ>CJK?D) G=DA?DF=) K=>?@A) Z=) MFA@C) B?A?CF=C?A)
>MLB@F) F@G@ABF@CS-) >MLB@F) @DB?LJA) EJG@AB?L=FF=C?) Z=) >MLB@F) ?F=d)
USVF@CS) I@FSOSF>S.) ^.E@CK@D) ML@CSKS) ?F=) K=>?@A!MFA@C) B?A?C) E?D)
>MLMB@F)F@G@AB)b@CDFSFSDF@CS)U=B@EF@A>S.)
1@AB@A5:7
]P=V) U@BG@F@C>@e) +6$) BSDFSfS) @ISBSA>@A) K=G@PJF?D) B=A>CJKFM)
U@BG@F@CF@)K=G@PJF?D)B=A>CJKBMV)U@BG@F@C)@C@BSA>@)@AF@KFS)P?C)
b@CDFSFSD)cTVF=AK=K?OdC.)/=G@PJF?D)B=A>CJKFM)JP=V)U@BG@F@C>@)
K=G@PJF?D)B=A>CJKM)JFK@L@A)JP=V)U@BG@F@C@)cTC=)JCG@)Z=)@fSC)
+6$)cTCHFK=)JC@AS)@AF@KFS)LHDB=D)PMFMAKMOGMC.
#C>@67
/=G@PJF?D)$=A>CJKFM)U@BG@F@C>@-)+6$[A?A)U@Ac?)K=D@A?VK@)?F=)
JFMOGMfMAMA) @ISDF@A@P?FK=B?) ?I?A-) gVLJE@GJFJh?L?) @C@OiCK@L@)
LTA=F?D)I@FSOK@F@C)L@ESFK@BS)c=C=Ddf?A=)?A@AK@DG@LSV.
)4567
7MVMCBMV)P@N@DF@C)B=A>CJKM)Q7:$R)GJEFMKF@C)@C@BSA>@)>=f?O?D)
JC@AF@C>@)P?F>?C?F=A)Q\"!"aR)c=N=)?BdC@U@m=)JCG@L@)ISD@A)Z=L@)
DTGHF=O=A-) @DdZ?G=LF=) DSBK=A) L@>@) c=I?N?) JF@C@D) D@LPJF@A-)
P@N@DF@C>@) E@C=BG=V?) Z=L@) >?V=BG=V?F=CF=) ?F?OD?F?) @A?) U@C=D=G)
=nCK=) ?BG=f?) ?F=) D@C@DG=C?V=) ATCJFJh?D) P?C) >MCMK>MC.) 7:$[A?A)
E@GJgVLJFJh?B?A>=) @C@OiCSF@A) >JE@K?A=Ch?D) >?BbJADB?LJA)
Z=) >=K?C) =DB?DF?f?) @A=K?B?) P@VS) dCJ?>) U@BG@FSDF@CSA>@) >@)
cTBG=C?FK?OdC.)0?G=C@GHC>=)7:$[A?A)=dLJFJh?B?A>=)A=>=A)JF@C@D)
cTBG=C?F=A) dCJ?>) bJADB?LJA) PJVMDFMfMA@) LTA=F?D) G=D) I@FSOK@)
K=ZNMmMC.):M)I@FSOK@>@D?)@K@NSKSV)dCJ?>)bJADB?LJA)PJVMDFMfM)
JF@A) U@BG@F@C>@) QU?E=C!U?EJdCJ?>?R) JF@BS) =dLJE@GJFJh?D) ?F?OD?)
A=>=A?LF=)7:$)L@LcSAFSfSAS)Z=)Z@C)JF@A)7:$[A?A)G=>@Z?)=>?F=P?F?C)
B=DJA>=C)=dLJFJh?D)A=>=AF=CF=)?F?OD?B?A?)@C@OiCK@DiC.)
89:96*;9*<=>?947
%A>JDC?AJFJh?) EJF?DF?A?f?A=) P@OZMC@A) Z=) D@A) G=GD?DF=C?A>=)
dCJ?>) bJADB?LJA) PJVMDFMfM) B@EG@A@A) WXX) U@BG@) Z=) ATCJFJh?)
EJF?DF?A?f?A=) P@O) @fCSBS) O?D@L=d) ?F=) P@OZMC@A) WXX) D?O?) DJAGCJF)
cCMPMAM) JFMOGMCK@D) HV=C=) GJEF@K) ^XX) D?O?L=-) MFMBF@C@C@BS)
UMVMCBMV)P@N@DF@C)B=A>CJKM)I@FSOK@)cCMPM)Q1&0$$;R)G@C@oA>@A)
U@VSCF@A@A) 7:$[L=) @?G) B=KEGJKF@CSA) BJCcMF@A>SfS) @AD=G)
bJCKMAM) >@) ?I=C=A) I@FSOK@NSF@C) G@C@oA>@A) U@VSCF@A@A) U@BG@)
>=f=CF=A>?CK=)bJCKM)MLcMF@A>S.)
1@AB@A5:7
7@BG@) cCMPMA>@) 7:$) EC=Z@F@ABS) \Y) PMFMA>M) QEpX.XX"R.)
7?E=CdCJ?>?B?)JF@A)U@BG@F@C>@)?B=)7:$)EC=Z@F@ABS)\"^.#)PMFMA>M)
QEpX.XaR.)7@BG@)cCMPMA>@-)7:$)G@ASBS)@F@A)Z=)@FK@L@AF@CSA)D@A)
BJAMIF@CS)?AN=F=A>?f?A>=):"W)>HV=L?)QEpX.XX"R)Z=)7GN)QEqX.X^#R)
@ISBSA>@A) cCMEF@C) @C@BSA>@) ?BG@dBdDB=F) JF@C@D) @AF@KFS) b@CDFSFSD)
JF>MfM) cTVF=A>?.) 7@BG@) Z=) DJAGCJF) cCMPMAMA) D@A) >=f=CF=C?)
?AN=F=A>?f?A>=)7cP)QEpX.XX"R-)7GN)QEpX.XX"R-)/kr)QsqX.X""R-)
/k7k) QEqX.XX^R-) cFMDJV) QEqX.X"tR-) D@FB?LMK) QEqX.XWXR-) bJF?D)
@B?G) QEqX.WXR-) 6$7) QEpX.XX"R-) B6_) QEpX.XX"R) Z=) B6^) QEpX.XX"R)
BJAMIF@CS) @ISBSA>@A) ?BG@dBdDB=F) JF@C@D) @AF@KFS) b@CD) JF>MfM)
cTCHF>H.) 7:$) G@ASBS) DJAMF@A) U@BG@F@C>@) dCJ?>) bJADB?LJA)
PJVMDFMfMAMA)BHC=B?)?F=)7:$)O?>>=d)@C@BSA>@)@AF@KFS)P?C)?F?OD?)
PMFMAK@>S.)
#C>@67
6JEFMKMKMV>@) dCJ?>) bJADB?LJA) PJVMDFMDF@CSA>@) TV=FF?DF=)
U?E=CdCJ?>?)>=)7:$)EC=Z@F@ABS)LHDB=DdC-)7:$)JF@AF@C>@)7GN)Z=)
Z?G@K?A):"W)>HV=LF=C?)>HOHD)B@EG@AK@DG@>SC.
!""#!
!"#$%&'%&
P-139
P-140
($)!)*+,-.+/)$(0)1+%*#)*')2)+"'34#4+
3%D%+1E,%$+$4$(1'(&F(+G4H4&#4H+,(D(*+#%1F&"04+
/%+)1#"01)+
$%&%'()%*+$, -./0.(12%-,(314567(12)%*+$,(5828$(9-:+(
7+56/(3.-]%$(:,(-%:%7/(12/.$4(;,(4%*6-(;6-&+(3,(/6-+'(6]+-(
,(Z65Z6(k%-+4(:
:
!"!"#$%&#'()*$+("*+(,&"-.&/!%#0"*+(,&'1$2023(&!'!4(0(5&
6!0-,&*$78$85,&"#$%(9*
"$!%9!&#'()*$+("*+(&"-.&/!%#0"*+(&'1$2023(&!'!4(0(5&
6!0;&
"$!%9!&#'()*$+("*+(&"-.&/!%#0"*+(&/(792023(&!'!4(0(5&
6!0<&
2+5!'=!7(&#'()*$+("*+(&"-.&/!%#0"*+(&'1$2023(&
!'!4(0(5&6!0:&
(5678
;"<(=>?@>A@B@C@C(=C(?D>(C=E=C@(F=G=H?@I(JADKEDHL(6GJ>?@,(MJH=?G=I@,(
MHJK@EJA( NOAPOAJH( Q=( E=KJC?( P@N@( >A@C@>( GJNARAJH( PSIA=C@HL(
6C=K@( CJE@H=C( NO( >A@C@>( GJNARFJ( =TA@>( =GK=F=N@A@HL( 6UM@>(
CSHRARV@>( ?=KMGRKAJHAJ( ?=FH=E=C,( JC=K@( RAKJFJC,( =UFRARV@?@(
G=?M@G(=E@A=K=F=C,(;"<(EWI=F@(SAXWA=K=F=Y=>(EWI=FE=(EWTW>(
RAJC(Q=(=H>=C(GJCD(>RCOAEOBO(@X@C(G=EJQ@(@A=(GJKJK=C(EWI=A=C(
N@H(RAPOFO(?OCEO>L(
39:97+;9+<=>?958
Z@HK@?=>@I(FJTDCEJ(=H>=>([J?GJ,(\(FDA(SCY=(NJYJ>AJHDCEJ(OFOTKJ(
Q=( >OQQ=G?@IA@>( NJTAJKDTL( ]RC( \( JFEDH( T@>JF=GA=H@( JHGKDT( JFHDYJ(
@EHJH( >JXDHKJ( T@>JF=UC@C( RAKJ?D( WI=H@C=( MRA@>A@C@B@K@I=(
KWHJYJJG(=^L(7SHRARV@>(KOJF=C=?@CE=_(TOOH(JXD>,(RHFJCGJ?FRCO(
GJK,( >RRM=HJ?FRC( >OHOAOFRH,( MOM@AA=H( @IR>RH@>,( DTD>( Q=( >RHC=J(
H=`=>?@( CRHKJAE@L( ;@AJG=HJA( [RH@IRCGJA( C@?GJPKO?( K=QYOaOL(
.?G(=>?GH=K@G=(KOJF=C=?@(CRHKJAE@L(6AG(=>?GH=K@G=A=HE=(E=H@C(
G=CERC( H=`=>?A=H@( JHGKDT( Q=( MRI@?FRC( EOFO?O( NRIO>GO,( ?JBEJ(
NJN@C?>@(KW?M=G,(E@?K=GH@,(E@?E@JER>R>@C=I@(Q=(E@I!GRMO>(G=?U(
NRIO>GOL(ZWHWK=(JGJ>?@>UL(
(5678
:JHE@FJAD(XJADTKJ_([J?GJCDC,(OF>O!OFJCD>AD>(ESCPW?W(@A=(OF>O(Q=(
OFJCD>ADBD(?JBAJFJC(@X?=A(?WH=XA=H(JHJ?DCEJ>@(OFOK?OIAOBJ(NJBAD(
N@H(?@H>JE@F=C(H@UK(OF>O(NRIO>AOBOEOHL(;O(XJADTKJEJ,(QJHE@FJAD(
XJADTKJCDC( [OIOH?OI( NJYJ>( ?=CEHRKO( Q=( @C?RKC@( WI=H@CE=>@(
=G>@A=H@C@(JHJTlHED>
39:97+;9+<=>?958
kJADTKJ,(/HJ>FJ(.C@Q=H?@G=?@(7SHRARV@(>A@C@B@CE=(P=HX=>A=TG@H@AE@L(
kJADTKJFJ,( \dmn@( P=Y=( QJHE@FJ?DCEJ,( \dmn@( PWCEWI( XJADTJC( ooe(
RAPO( JADCEDL/WK( >JGDADKYDAJHJ( 8CG=HCJG@RCJA( $=?GA=??( -=P?(
]FCEHRK=( ]GOEF( 3HROM( GJHJbDCEJC( >JNOA( =E@A=C( K@C@KJA( GJCD(
>H@G=HA=H@(JC>=G@,(Q=(GWK(RAPOAJHDC(OF>O(>JA@G=A=H@C@(N=A@HA=K=>(
@X@C('@GG?NOHP[(]A==M(pOJA@GF(8CE=j(JC>=G@(FJMDAED(
,@AB@A6:8
,@AB@A6:8
-JNRHJGOJH( @CY=A=K=A=H@CE=_( [=KRPHJK,( N@FR>@KFJ,( UHR@E(
bRC>?@FRC(G=?GA=H@(CRHKJAE@L(;"<(Q@GJK@C(?=Q@F=?@(N@H@CY@(G=G>@>G=(
SAXWA=K=F=Y=>( EWI=FE=FE@L( +A>( G=EJQ@E=C( ?RCHJ>@( G=G>@>c( de(
f"#\!#d<g( MPhKA( EWI=F@CE=FE@L( 4HJC@JA,( ?=HQ@>JA( Q=( GRHJ>JA(
KJCF=U>(H=IRCJC?(PSHWCGWA=K=(CRHKJA(RAJHJ>(E=B=HA=CE@H@AE@L(
5J?GJFJ( "( [JiJ( [=HPWC( "eee( KP( ERE=j( JKMOA( "j"( FJMDAEDL(
/J>@N=C("(JF([JiJEJ(N@H,("FDA(JFEJ(N@H(G=EJQ@(SC=H@A=H=>(GJNOHYO(
=E@AE@L(4RCGHRAWCE=(>A@C@B@(GJKJK=C(EWI=AE@L(
5;],( CSN=G( GOGJCAJHEJ_( EJ[J( ?D>( PSHWAEWBW( fq"\Lor,( qoLo#,(
MseLeedg,( NJYJ>AJHEJ( EJ[J( ?D>( fqdtL#,( qr\L\,( Ms( eLe"<g,(
P=C=U>(P=X@T@C(EJ[J(JI(fq<eLo,(qtrLr,(MseLeeeg,(?=KMGRKAJHDC(
EJ[J(T@EE=GA@(f5;]!u)1(MOJCD(<\L<,(<eL",(MseLeeog(Q=(EJ[J(?D>(
RHJCEJ( PSIA=CE@B@( fqo<,( qme,( MseLet#g,( ']p8( MOJCDCDC( EJ[J(
FW>?=>(f""L\,(dL<,(MseLeeeg(Q=(?ONV=>Ub(OF>O(>JA@G=?@C@C(EJ[J(
NRIO>(RAEOBO(f<L\(MOJC,("Lr(MOJC,(Ms(eLeeeg,(OF>O(AJGJC?DCDC(
EJ[J( OIOC( RAEOBO( f<Lr( MOJC,( <( MOJC,( MseLe"mg,( GRMAJK( OF>O(
?WH=?@C@C( EJ[J( >D?J( RAEOBO( f"Lr( MOJC,( "( MOJC( MseLee\g( Q=(
PWCEWI(@TA=Q?=AA@>(>JFNDCDC(EJ[J(>SGW(=>UA=CE@B@C@(f<Lr,("Lr(MOJC(
MseLeeeg( NOAEO>L( 6FHDYJ,( JFAD>( P=Y=( XJADTKJ( ?WH=A=H@( @A=( ERBHO(
RHJClAD(RAJHJ>(OF>O(NRIO>AOBO(T@EE=UC@C(Q=(PSHWAK=(?D>ADBDCDC(
JHvBDCD( G=?M@G( =^>( CSN=G( GOGKJFJC( RAPOAJHDC( q"tL"n@CE=( Q=(
']p8(MOJCD(RHGL\,(JFEJ(m!o(CSN=G(GOGJCAJHDC(q<<L<n@CE=(Q=(']p8(
MOJCD(RHGL(tLo,(d!"e(CSN=G(GOGJCAJHDC(qdoL<n@CE=(Q=(']p8(MOJCD(
RHGL(oLm(RAJHJ>(NOAEO>gL(
#C>@78
;"<( Q@GJK@C( =>?@>A@B@( GJCD?DCEJ( P=X( >JADCDH?J( >JADYD( CSHRARV@>(
?=>=AA=H( P=A@T=N@A@HL( :J>JKDIJ( =H>=C( GJCD( >RCEOBO( @X@C( ?=>=A?@I(
EWI=AE@L(/JCDCDC(P=Y@>K=K=?@(@X@C(JUM@>(CSHRARV@>(?=KMGRKAJHAJ(
P=A=C( RAPOAJHEJ( ;"<( Q@GJK@C( =>?@>A@B@( JFDHDYD( GJCDEJ( KOGAJ>J(
J>DAEJ(GOGOAKJADEDHL(
#C>@78
5;],( QJHE@FJ( XJADTJCAJHDCEJ( EJ[J( ?D>( PSIA=C=C,( ?=KMGRKAJHDC(
EJ[J(T@EE=GA@,(NJYJ>AJHEJ(EJ[J(?D>(Q=(N=A@HP@C(OF>O(NRIO>AOBOCJ(
C=E=C( RAJC( N@H( [J?GJAD>lHL( 6FAD>( P=Y=( XJADTDAJC( ?WH=( fPWCg( @A=(
ERBHO( RHJClAD( RAJHJ>( OF>O( NRIO>AOBO( T@EE=U( Q=( PSHWAK=(
RHJCDCDC(JHvBD(N=A@HA=CE@L(
!""#!
!"#$%&'%&
P-141
P-142
!&()%&*+,-*,.&/#/*0,#$,',&/12,*34534,*('(-5(1*
6,5$7&'%&*8%*$%2,8(*('%*2%.(-()*
"+#$&35$(6*3453*,!1%*#%12&")'3*0,#$,',&2,*
"$"1")*#(1(&*#(#$%)(1(1*%'%5$&"6(H4"'"I(5*
471$%)'%&*8%*#J0(&)%&*$%#$(*('%*(1J%'%1)%#(*
%&'()*+,-.&*/+0&1&+2345.+,5,5/ 567&+8(-9-:-/+;6.5%+
.545(+
&0.5%+514;:5/+Z-7:-+-l-754/+Z&7)'+Z&(4&*/+;Z7&0;.+
23%-7&+
!"#$%&%'()!%*'+,-.)/#-$)#-',0/1*12-'%,%3-*-!'4%*5
41("6')7*"*'+,-.)/#-$)#-'$58'&%(+*$)#-'"7("'.)')8-*)8#-'
-6*)!'!)/()6-
,9:;<
-<=>+?@A>=B>C>+?DEF@=+GHE@B@ID=+JKLMKBNCNG+L@G>O>+PQ<K+GQRQGD+
@BK?DBDES+-<=>G>G+TA<@B@ID=+PQ+TA<@UKM@B@ID=+VQ=KGDAVKBKEN+DBQ+
?KW+KCENLN+VQ=KGDAVKBKEN+KEKLNGRK+F@=+<HGBX+@EMK=BN=BKE+PKERNE+PQ+
?>+?DEBD=MQBD=+=BDGD=+MK?B@<K+YKE=BN+WQ=DBBQERQ+<KGLN<K?DBVQ=MQRDES+
Z>+ FKBNWVKRK/+ UEDVQE+ ?KWKCENLN+ JKLMKBKENGRK+ ><=><K+ DBDW=DG+
=KBDMK[Y+ PQ+ =KG[MK[Y+ HAQBBD=BQEDG+ ?KW+ KCENLN+ DBQ+ DBDW=DBQED+ PQ+ ?>+
YK=MHEBQEDG+MQRKPD+DBQ+RQCDWDVD+KEKW\ENBRN
,9:;<
=>?>;*@>*4ABC>9<
,@=>A+ 5<BXB+ mGDPQELDMQLD+ %NU+ nK=XBMQLD+ -<=>+ PQ+ 5UDBQULD+
.QE=QADhGQ+ 5<BXB+ #$$o+ PQ+ .K<NL+ #$$p+ MKEDJBQED+ KEKLNGRK+
?KWP>EKG/+ U@BDL@VG@_EKTLD+ FQ=DBQEQ=+ KCNE+ @?LME>=[Y+ ><=>+
KUGQ+ LQGRE@V>+ c8-&6d+ MKGNLN+ =@GV>W+ #$+ JKLMK/+ JKTY+ !+ @EMK+
8-&6+ MKGNLN+ =@GV>W+ #$+ JKLMK+ PQ+ K<GN+ <KW+ _E>?>GRK=D+ #$+
LKCBN=BN+ @B_>+ c=@GME@B+ _E>?>d+ KBNGVNW\ES+ 8B_>BKEK+ LKC+ XLM/+ L@B+
KBM+ Q=LMEQVDMQRQG+ LQVUK[=+ RQED+ <KGN\+ c6,9d+ DGOQBQVQLD+ PQ+
hhDL[EKJKbQ!RQEDG+ L@B>G>VRK!PKBLKBPK+ VKGQPEKLNGRK!K<K=MKhh+
=KBU+JNA+RQCDW=QGBDCD+c(0,d+DGOQBQVQLD+><_>BKGVNW+PQ+6OJDEVQE+
MQL[+<KUNBVNW\ES
Z>+ FKBNWVK+ DFDG+ "]$+ UEDVQE+ ?KW+ KCENLN+ JKLMKLN+ ^+ K<BN=+ DABQV+ DBQ+
RQCQEBQGRDEDBRDS+0KLMKBKE+KERNWN=+@BKEK=+LQFDBRDS+^+K<+LXEQLDGOQ+K<BN=+
=@GME@BBQERQ+ K<GN+ GHE@B@_BKE+ MKEK`GRKG+ RQCQEBQGRDEDBRDS+ -<=>+
?@A>=B>C>+PQ+UEDVQE+?KW+KCENLN+@EMK=BN=BKEN+PQ+?DE?DEBQED<BQ+@BKG+
DBDW=DBQED+ RQCQEBQGRDEDBDE=QG/+ ><=>+ ?@A>=B>C>+ RQCQEBQGRDEVQLD+
aDbL?>E_J+ -<=>+ (KBDMQ+ ;GRQ=LD+ ca-(;d+ DBQ+ <KUNBRN+ PQ+ JQE+ JKLMK+
DFDG+?DE+K<BN=+KEKBN=BKEBK+^+=QA+a-(;+><_>BKGRNS+aEDVQE+?KW+KCENLN+
MKGNLN+ -B>LBKEKEKLN+ ZKW+ &CENLN+ ,QEGQCD+ c#$$ed+ MKGN+ =EDMQEBQEDGQ+
_HEQ+ =@G>BR>S+ ZKW+ KCENLN+ WDRRQ[+ G>VKEKBKGRNENBVKVNW+ PDL>QB+
KCEN+ L=KBKLNc1&6d+ DBQ+ ?QBDEBQGRD/+ K<BN=+ ?KWKCENLN+ YEQ=KGLN+ MQLUDM+
QRDBRDS+ -<=>+ =KBDMQLDGQ+ DBDW=DG+ PQEDBQE+ DBQ+ ?KW+ KCENLN+ HAQBBD=BQED+
?DEBD=MQ+RQCQEBQGRDEDBRD
+DEFDE:?<
"]$+ UEDVQE+ ?KW+ KCENLN+ JKLMKLNGNG+ fg^S^hXGRQ+ ><=>+ =KBDMQLD+
=HMX+ @BKEK=+ LKUMKGRNS+ ^+ K<BN=+ MQRKPD+ L@GEKLN+ ?>+ @EKG+ fiSghQ/+
DB=+ V>K<QGQRQ=D+ 1&6+ @EMKBKVKLN+ gS]+ D=QG+ ^+ K<NG+ L@G>GRK+
eS]hQ+ _QEDBQRDS+ ;B=+ V>K<QGQRQ+ KMK=+ LK<NLN+ @EMKBKVK+ gj^$+ D=QG+
MQRKPD+ L@GEKLNGRK+ #j^$hK+ KAKBRNCN+ MQLUDM+ QRDBRDS+ ZKWBKG_NF+
RQCQEBQGRDEVQLDGRQ+ KCEN+ WDRRQ[+ <X=LQ=+ @BKG+ _E>UMK+ ><=>+
=KBDMQLD+RKJK+=HMX+?>B>GR>S+&MK=+LN=BNCN/+><=>+=KBDMQLD+=HMX+@BKG+
_E>UMK+KGBKVBN+@EKGRK+RKJK+LN=\+cUk$S#"dS+Z>+L@G>OK+_HEQ+KMK=+
LN=BNCN+><=>+=KBDMQLDGD+RKJK+?QBDE_DG+@BKEK=+=HMX+QM=DBQVQ=MQRDE
#GBD;<
6@G>FBKE/+ ?KW+ KCENLN+ WDRRQ[+ PQ+ K<BN=+ YEQ=KGLN+ DBQ+ ><=>+ =KBDMQLD+
KEKLNGRK+ !+ =BDGD=+ HAQBBD=BQE+ KFNLNGRKG+ !+ R@CE>RKG+ QM=DBQWDV+
@BR>C>G>+ RXWXGRXEVQ=MQRDES+ aEDVQE+ ?KW+ KCENLN+ JKLMKBKENGNG+
DABQVDGRQ+ ><=><K+ DBDW=DG+ UKEKVQMEQBQEDG+ RQ+ RD==KMQ+ KBNGVKLN+
<KEKEBN+@BK?DBQOQ=[E
!"#$!
Z>+FKBNWVKGNG+KVKON+@?LME>=[Y+><=>+KUGQ+LQGRE@VB>+c8-&6d+
JKLMKBKERK+@M@G@V+LDGDE+LDLMQVDGDG+QBQ=ME@TA<@B@ID=+<HGMQVBQE+
PQ+6OJDEVQE+MQL[+DBQ+DGOQBQGVQLDRDES+
=>?>;*@>*4ABC>9<
+DEFDE:?<
&CNE+ 8-&6hBN+ JKLMKBKERK+ =@GME@B+ _E>?>GK+ _HEQ+ LQVUK[=+ RQED+
<KGN\+KVUBDMXR+@EMKBKVKLNGRK+DLMK[L[=LQB+@BKEK=+KGBKVBN+KE\W+
LKUMKGVNW\E+cUq$/$]dS+
#GBD;<
4DMQEKMXERQ+ 8-&6BN+ JKLMKBKERK+ @M@G@V+ LDGDE+ LDLMQVDGDG+
DGOQBQGVQLDGQ+ <HGQBD=+ ?DE+ FKBNWVKRK+ <KBGNAOK+ 6,9+
BKMKGLBKENGRK+ >AKVK+ LKUMKGVNW\ES+ ZDADV+ FKBNWVKVNARK+ DLQ+
6,9+ KVUBXMXRBQEDGRQ/+ KCNE+ 8-&6+ @B_>BKENGRK+ KE\W+ LKUMKGVNW+
KGOK=+ BKMKGL+ YKE=BNBNCN+ MQL?DM+ QRDBVQVDW[E+ PQ+ ?>+ ?>B_>BKE+
LQVUK[=+ LDLMQVDG+ RDLY@G=LD<@G>+ @BKEK=+ RQCQEBQGRDEDBVDW[ES+
Z>+ FKBNWVK+ 8-&6hRK+ 6OJDEVQE+ MQL[GDG+ KEKW\ENBRNCN+ DB=+ FKBNWVK+
@B>U+DLMK[L[=LQB+KG@EVKBBD=+LKUMKGVKVNW\ES+6@G>FBKE+8-&6hRK+
LQVUK[=+ LDLMQV+ RDLY@G=LD<@G>G>+ RXWXGRXEMVQ=BQ+ ?DEBD=MQ+
RKJK+ YKABK+ @B_>+ DBQ+ <KUNBKG+ <X=LQ=+ LQEDBD+ FKBNWVKBKEK+ DJ[<KF+
@BR>C>+KFN=\ES+
!"#$%&'%&
"$)&)2-66&
P-143
!"#$#%&'"()*)+",-*../",-(0.&
"(#$&)*$+,-).*)-/!0%-#%01&"2')-3/#$/'/&1/!"'+04&"!/$+-5/&'676-5%-3/#$/'6*-8+11%$+-+'%-+'+8*+#+0+0/&/8$6&6'2/#6-
1#%23"#4&5&2"/0'.&4)4+1&
267$78"1##695&6789:;6<89:&
$%&'()'*+,-'. /01-0)0201'+.)/$134)/$5+$6.),/1$%,&)
78(01$)
267$78":#;'#3%#$&5&=>?@AB&C@D@EF&+BGH>I&$HJEBDF&-BK@LB&
!"#$%&'()*)&*+,-'./,0'/,&012&34#*)0'/,&$(#$&-'&'2,)'2/,&
,%)'5&5'.#'%,
5BD>L&5@DH>F&Y>E>E&(NZBK>EF&/>[>P>\E&/>@TF&]@^BE&+>HL_BL
MHINDOF&5BPQBI&4O@R&0STUJSVLJF&5JPIBWBQ&XB?@HL@SVLJF&
P-144
/9:;<
/9):;<=>?;@=@);?;A=)BCDEF9GHI)9JG9);K@L)DL@MFB?<9)NO0$PQ)
R;DE;<;FM;) KB<S@TFBK;H) U;F<=V=@=@) UL) R;DE;<=G) >SMMLH) S<L)
S<S>GSDS@S@);F;>WF=<?;D=M=FX)
=>?>;-@>-.ABC>9<
/*)$-/"&$-1+##%*#+."0)-+'%-+'+8*+'+-/*)$-+#*%2+*-+02%H
"'=)-#)0)2)Z,Z$1)YO+$5O2+0. ]+5])P,/'+)/'6+,.)i3+Z38)5$i$.)j36$1)
Y36$1.)0^05)-$6)
Y;<=>?;J;) ZBG9[) 'J<\<) ]@SULFDSELDS) (=K) ^;G\<ELDS) 0JG9) UL)
'KS<LKDS) &LFGL[S_@L) 'J<\<) #``a) UL) &;J=D) #``b) E;FSR<LFS)
;F;D=@M;) C;>U9F;@.) KB<SDB?@BcF;ISDS) :LGS<LFLG) ;V=F) BCDEF9GESI)
9JG9) ;K@L) DL@MFB?9) NO0$PQ) E;@=D=) GB@?9>) #`) R;DE;.) R;ISI) !)
BFE;) O0$P) E;@=D=) GB@?9>) #`) R;DE;) UL) ;J@=) J;>) cF9C9@M;GS)
#`) D;V<=G<=) B<c9) NGB@EFB<) cF9C9Q) ;<=@?=>E=FX) O<c9<;FM;) G<;DSG)
L<LGEFB@TFB?SJBcF;IS) N'6&dQ) KB<S@TFBK;ES) KFBEBGB<\) S<L) DB<)
9<@;F) DS@SFS@) M9JD;<) UL) ?BEBF) M;<<;F=.) DB<) KLFB@L;<) DS@SF.) D;V)
ESCS;<SD)KBDELFSBF)UL)D;V)D9F;<)DS@SF)S@AL<L?L<LFS)J;K=<?=>E=FX)
]4C#'+0&*+,-'./,0'/,&012&34#*)0'/,F&+M.")"`,&4+4],),5&
!4)1F&4+#4.4F&0*.#,('
(DEFDE:?<
"EFD<
$V=F) O0$P) UL) R;eI!BFE;) O0$P) cF9K<;F=@M;) GB@EFB<) cF9C9@;)
cTFL)HCS;<SD)KBDELFSBF)DS@SF)S<LH?)R=[)BFE;<;?;D=@M;)SDE;HDHGDL<)
B<;F;G);@<;?<=);[;<?;)D;KE;@?=>WF)NKf`.`gQX)
lg)J;>=@M;.)G;M=@)R;DE;)m)c\@M\F)B<;@)>SMMLE<S)D=FE);VF=D=)DB@F;D=)
cL<S>L@) CS<S@:) G;JC=) >SG;JLHJ<L) ;AS<) DLFUSDL) C;>U9FM9X) 6TFB<BhSG)
?9;JL@LDS@ML)DB<)RB?B@S?)RL?S;@BKDS.)DB<)\DE)UL);<E)LGDEFL?SEL)
#kg.) D;V) \DE) UL) ;<E) LGDEFL?SEL) nkg.) DB<M;) C;CS@DGS) ?LUA9o9X)
7JG\D\@ML)D=FE);VF=D=)B<?;D=)@LML@SJ<L):LGS<L@)EBF;GD)/(_ML):=G;@)
;BFo;@)C;><;J=K.);FG9D.)D;V)G;FBHM);FELFL)UL)S@L@);BFE;J;)9[;@=?)
cTDELFL@)$$Z)cT[<L@MSX)/LJS@)&1d_ML)D;VM;)ULFELGDEL.)D;V)UL)DB<)
BGDSKSE;<)CT<cLML);G9E)L@I;FGE);<;@<;F=)UL)G;FBHM)&1$_M;)RLF)SGS)
;@;)G;FBHD);FELFML)N--$Q)UL)S@ELF@;<)G;FBHD);FELF<LFML)N,-$Q)EBE;<)
BG<\[JB@)cTF\<M\X)5;<K!M;?;F)ALFF;RSDS)E;F;p@M;@)MLVLF<L@MSFS<L@)
R;DE;)MSDDLGDSJB@9@)CF;GSBDLI;<SG)EF9@G9D;)J;G=@)B<?;D=)UL);G9E)
L@I;FGE<;F=@=@)B<?;D=)@LML@SJ<L)BKLF;DJB@)S:S@)J\GDLG)FSDG<S)B<;F;G)
G;C9<)LMS<MS)UL)WCCS)E;GSCL);<=@M=X)(;GSCS@S@)#X);J=@M;)GB@EFB<)CLJS@)
&1d_ML) JL@S) SDGL?SG) <L[JB@9@) B<?;M=V=) UL) G;FBHM) &1$_M;) D;V)
--$_M;);G=?)B<M9V9.)DB<)--$_M;)BG<\[JB@9@)MLU;?)LqVS)cTF\<M\r)
EBF;GD)/(_ML)MSDDLGDSJB@);<;@=@M;)CSF)MLVS>SG<SG)cT[<L@?LMSX
#GBD;<
+SELF;E\FML) \:) :;<=>?;M;) I;FG<=) KFBEBGB<<LF<L) I;FG<=) DS@SF<LF)
S@AL<L@?S>) UL) R;DE;<=G) >SMMLH@L) cTFL) cF9K<;@M=F;F;G)
G;F>=<;>WF?;J;) cSMS<?L?S>HFX) /S[S?) :;<=>?;?=[M;) SDL) T@ALGS)
:;<=>?;<;FM;):;<=>=<?;J;@)HCS;<SD)KBDELFSBF)?BEBF)S<LH?)R=[=@M;)
O0$P_<=)R;DE;<;FM;)J;U;><;?;)D;KE;@?=>WFX)/9)DB@9:<;F<;)RLF)
@L) G;M;F) O0$P_M;) KB<S@TFBK;H) U;F<=V=@M;@) C;RDLMS<LCS<SFDL)
ML.):;<=>?;<;FM;GS)JT@EL?)UL)DB@9:<;F);:=D=@M;@)RLELFBhL@SEL)
MSGG;E):LGSASMSFX)
=I?IJ<
$G9E) ;BFE) MSDDLGDSJB@9) N$$ZQ.) R;J;W) ELRMSE) LML@.) >SMMLE<S.) ;@S)
cTV\D);VF=D=)ULkULJ;)CL<);VF=D=)S<L)G;F;GELFS[L)CSF)G;FMSJBU;DG\<LF)
;AS<MSFX)/9)B<c9M;)CS<;ELF;<)G;FBHDL)G;M;F)9[;@;@);BFE)MSDDLGDSJB@9)
DB@F;D=@M;);G9E)SDGL?SG)S@?L)cL:SFL@)CSF)R;DE;)UL)E;GSK)C9<c9<;F=)
D9@9<?9>E9FX
$:?KJ9:<
$BFE) MSDDLGDSJB@9@M;) @TFB<BhSG) E9E9<9?) @;MSF) B<?;G<;)
CSF<SGEL) s#!a) BF;@=@M;) E;@=?<;@?=>WF.) D=G<=G<;) KFBGDS?;<) ;BFE)
MSDDLGDSJB@<;F=@M;)SDGL?SG)S@?L)BFE;J;):=G;FX)$$Z)ALFF;RS)cSFS>S?)
J;K=<D;)CS<L)J\GDLG)BF;@M;)I;E;<)DLJSF<S)B<M9V9)R;<ML)R;DE;?=[M;)LG)
B<;F;G)CS<;ELF;<)G;FBHM);FELF)MSDDLGDSJB@9)UL)RLF)SGS),-$);<;@=@M;)
L@I;FG<;F) cL<S>?LDS@L) F;V?L@) SJS) DLJSF) cTDELF?LDS) @LML@SJ<L) C9)
B<c9)D9@9<?9>E9FX)
!"#"!
!"#$%&'%&
P-145
P-146
()$&*+&*)(,*'-()$%&)*'-+*&"$(#-*&$%&.(##%+#(,")/)*-0*1'2-(3"'%-454)64-+&*)(,*'-#()(&!*&*'(3(#(-
#%&%0%''%&-+*)*A*)2)-)*.(&-)%.%)(:-#/!&*$%)$"&,*'"!%&*#,")'*&2)-/3*+-%$+(#(-
!
"
'0&(m%,)*(6()!/)(&a)'08o%,)"/)p-04)(*$+6)5.q(8)"/)KORAY
5.'3-(8)3/)-O)8%q-%4408)a(-0,)3
"
$%&'()*+,*-(.) /)%-%&)'%&01(2) /)-3,(4)(*$3) /)(&0)
5.'%-0,)%,$+6)"/)7(&0&)'58-%.)"
'034',*5#2(%$*&/%.*/%#.36#7'82-.*/%#(9&:-:;%
'034',*5#2(%$*&/%.*/%#.36#7'82-.*/%#&',1:-:;%
<#
'034',*5#2(%$*&/%.*/%#.36#7'82-.*/%#.36#7'82-.*/%#4*1%(#
0*&&'+%/%
!#
!#
"#
$%&'()*+%&#,*$-*.#+'/.'(*/%
"#
*&0%1*/#2(%$*&/%.*/%
"789:
"789:
(9:;9<=>) ?@AA;BA@<CD>=9/?=E=9) ?FG=9) B=:E=D>=9H) =9=AHD=) <=)
I@9) G=JCG=JC9FE?=D) @D:9=EF9=>) B=D=E=) @>;) G;<=) @DKE=>)
<H9LB) ACDFMF) C>FNE=B:=?H9O'@A;BA@<CDPC>QF>=9HD) RSTU@D?;)
@D:;9D=>)B=9CK?)=9:;9V0*(W@D);BA:9=B9=D@<=>)BHAEHD?=/)R"TU@D?;)
G;9:;I9=>) =9:;9@D) ;BA:9=B9=D@<=>) BHAEHD?=/Q;9@) B=>=DHD?=) @A;)
0*(UDHD) @D:9=B9=D@<=>) BHAEHD?=) QX9Y>E;B:;?@9O) 1F9=?=) 0*(UDHD)
@D:9=B9=D@<=>)A;QE;DKD@D)?@AA;BA@<CDFD=)I=Z>H)C>=9=B)Q;>@NE@N)
[[[OB9=D@<=>)A@D@9)\=9=>@J@A@)AFDF>EFN:F9O
"789-;]
+:FJ@B@)<=NHD?=);9B;BP)Y^)QYD?Y9)AY9;D)I=N=Z9HAH/)^@_)QX9E;)G;)
AC>)QXJ)B=\=ZHD?=)?YNYB>YB)<=BHDE=AH)@>;)I=NGF9?FO)8X9C>C`@B)
EF=<;D;A@D?;) AC>?=) \@:CJP) @^;/=N=ZH) G;) <FB=9H) I=BHN) BHAH:>HZH)
A=\:=D?HO) aF\@>>;9) @JCBC9@BPHNHB) 9;b;BA>;9@) \CJ@Kc) IF>FD?FO
5JQ;^E@N) G;) AC<Q;^E@N@D?;) XJ;>>@B) A=\:=DE=?HO) +>QF/) @JC>;)
Y^YDMY) B9=D@<=>) A@D@9) \=9=>@J@A@) :=DHAHDH) =>?HO-,!=D`@CQ9=d?;)
E@?I=J@>;9) ?YJ;<?;) >FE@D=>) ?YJ;DA@J>@B) A=\:=DE=AH) YJ;9@D;)
<=\H>=D) e?@Q@:=>) AFIA:9=MKCD) =DQ@CQ9=\f<gV'$(WU?=P) 0*(UDHD)
B=G;9DXJ) A;QE;D:) C9:=) B;A@E@D?;D) AF\9=B>@DC@?) A;QE;D:;)
FJ=D=D)G;)>YE;D?;)RSh!ih)?=9>HZ=)D;?;D)C>=D)?@AA;BA@<CDFD)
G=9>HZH) A=\:=D?HO1FDFD>=) I@9>@B:;) >;J<CD) ?@A:=>@D?;) =D:;9@C9)
A;9;I9=>) =9:;9) ?C>FNFDFD) =J=>?HZH/C_=>E@B) =9:;9;) =@:) ?C>FNFD)
@J>;DE;?@Z@) QXJ>;D?@O) (<DH) A;=DA:=/?@AA;BA@<CD) IX>Q;A@D;)
I=>CD) =D`@C\>=AK) <=\H>=9=B) =9:;9<;>!A:;D:) <;9>;NK9@>?@O) j@9@N@E)
ACD9=AH/C>QFDFD) \@:CJFD?=) I;>@9Q@D/I=BHN) BHAH:>H>HZHD?=) @A;)
BHAE@) ?YJ;>E;) QXJ>;D?@O) +>QF/0*() ?@AA;BA@<CDFD=) I=Z>H) @JC>;)
CBF>CEC:C9)A@D@9)\=9=>@J@A@)C>=9=B)?;Z;9>;D?@9@>?@O)
$<=>?@<:
0*() ?@AA;BA@<CDF/A\CD:=D) C>=I@>;M;Z@) Q@I@/@B@DM@>) C>=9=B)
?=) Q;>@N;I@>E;B:;?@9O1F9=?=) AFDF>=D) C>QF?=) AF\9=B>@DC@?)
A;QE;Dk;) A\CD:=D) 0*() ?@AA;BA@<CDF) A=\:=DEHNL9O) 0*()
?@AA;BA@<CDFD?=) X>YE) C9=DH) <YBA;BK9O*>@D@B) <=) :;B) :=9=bH) I=N)
=Z9HAH) G;) CBY>CA;E\=KB) \=9=>@J@) <=) ?=) :;B) :=9=bH) I=N) =Z9HAH)
G;) cCB=>) A;9;I9=>) @AB;E@B) A;E\:CE>=9) N;B>@D?;?@9O) +>QF>=9HD)
RlUAHD?=)B9=D@<=>)A@D@9>;9);:B@>;DE;B:;)C>F\/)^CZFD>FZF)=>:)B=c=)
^@_>;9@D?;D) C>FNE=B:=?H9O) 0*() ?@AA;BA@<CDFD?=) [[[O/) [mO/) G;<=)
m[O) B9=D@<=>) A@D@9@D) ;:B@>;DE;A@) D=?@9) I@9) IF>QF) C>F\/) C>QF>=9HD)
A=?;M;)R#/TU@D?;)QX9Y>E;B:;?@9O)0*(UDHD)@JC>;)CBF>CEC:C9)A@D@9)
\=9=>@J@A@D;) E;B=D@B) G;nG;<=) f;EC?@D=E@B) <C>>=9>=) D;?;D)
C>?FZF) ?YNYDY>E;B:;?@9O) aF\@>) @DD;9G=A<CDFDFD) BC9FD?FZF)
@JC>;) CBY>CEC:C9) A@D@9) \=9=>@J@A@D?;/) C>QFEFJ?=) C>?FZF)
Q@I@) B=9CK?) =9:;9) ?@A;BA@<CDF) ?=) =<H9HMH) :=DH?=) QXJ) XDYD?;)
IF>FD?F9F>E=AH)Q;9;B;D)X>YE)C9=DH)<YBA;B)I@9)?F9FE?F9O)
!"##!
3J=B) V9;EC:;W) A;9;I;>>=9) B=D=E=) V3$*W) AF\9=:;D:C9@=>)
B9=D@C:CE@>;9@D) D=?@9) QX9Y>;D) I;D@QD) A;<@9>@) I@9)
BCE\>@B=A<CDF?F9O) *;A@D) E;B=D@JE=AH) I@>@DE;E;B>;) I@9>@B:;/)
\CA:;9@C9) cCAA=?=) G;DXJ) <=\H>=9HD) Q;^@M@) <H9L>E=AH) <=) ?=)
CB>YJ<CDFD=) I=Z>H) C>?FZF) ?YNYDY>E;B:;?@9O) %9B;B) M@DA@<;:/)
\;9@C\;9=Kc)f@\;9:=DA@<CD)G;)\9;C\;9=Kc)=DKBC=QF>=A<CD)9@AB)
c=B:X9>;9@)C>=I@>@9O)%D)AHB)rh!lh)<=N>=9)=9=AHD?=)c9CD:C:;E\C9=>)
G;) c9CD:=>) B9=D@C:CE@>;9?;D) ACD9=) I@>?@9@>E@N) C>F\/) =D;G9@JE=)
B>@\>;DE;A@/) :;E\C9=>) >CI;B:CE@/) :YEX9) 9;J;BA@<CDF) G;)
f;E=:CE)ICN=>L>E=AH)Q@I@)AF\9=:;D:C9@=>)M;99=f@)Q@9@N@E>;9?;D)
ACD9=) ?=) QX9Y>E;B:;?@9O) 1F) ^=>HNE=?=) 3$*) :=DHAH) =>=D) r) G=B=)
AFDF>EFN:F9O
;BC<D<:) sr) <=NHD?=) <;D@) I=N>=<=D) BCDGF>A@<CD) @>;) I=NGF9=D)
;9B;B)f=A:=DHD)-,)@DM;>;E;A@D?;)A=Z)=D:;9@C9)A@DQF>=:)Q@9FA:=)
?YNYB);G9;>@)Q>@=>)B@:>;)A=\:=D=9=B)C\;9;);?@>?@O)a=:C>C`@)ACDFMF)
=A:9CA@:CE=) Q9=?;) [[[) C>=D) f=A:=DHD) 9FKD) \CA:C\;9=Kc) 14) A@)
DC9E=>?@O)4=B@\)-,)@DM;>;E;A@D?;)AC>?=)3$*)A=\:=D?HO
EBC<D<:) st) <=NHD?=/) I=N=Z9HAH) <=BHE=AH<>=) I=NGF9=D) B=?HD)
f=A:=DHD) -,) @DM;>;E;A@D?;) A=Z) B=D=:) E;D;D`@CEF) :;A\@:)
;?@>?@) G;) A=Z) \:;9@CD=>) B9=D@C:CE@) G;) E@B9CM;99=f@) @>;) :YEX9)
^HB=9H>?HO)aCA:C\;9=Kc)"O)A==:)14)@DM;>;E;A@D?;)AC>)3$*):;A\@:)
;?@>;D)f=A:=DHD)IF>QF>=9H)-,)@DM;>;E;)@>;)?;ECDA:9;);?@>?@O
FBC<D<:) SS) <=NHD?=/) I=N=Z9HAH) <=BHDE=AH) @>;) I=NGF9=D) ;9B;B)
f=A:=DHD)-,)@DM;>;E;A@D?;)c9CD:C\=9@;:=>)AFI?F9=>)f;E=:CE)
:;A\@:);?@>;9;B)C\;9;);?@>?@O)4=B@\)14)@DM;>;E;>;9@D?;)AC9FDAFJ)
A;<9;?;D) f=A:=?=/) \CA:C\;9=Kc) rOQYD) -,) @DM;>;E;A@D?;)
I@>=:;9=>) 3$*) :;A\@:) ;?@>?@O) 7;9) Y^) f=A:=?=) ?=) A;9;I;>>;9)
f;E=:CE=)I=Z>H)I@9)BX:Y>;NE;)A=\:=DE=?HO)-,)QX9YD:Y>;E;)
3$*):=DHAHD?=)14)@DM;>;E;<;)QX9;)YA:YD)C>F\/)B>=A@B)G;9E@=D)
<=)?=)AF\;9@C9)A;9;I;>>=9)cC>@FE)<;9>;N@E>@)B=D=E=)\=:;9D@D@D)
:=DHDE=AH) 9FKD) \CA:C\;9=Kc) QX9YD:Y>;E;?;) ?@Z;9) B=D=E=)
;:<C>C`@>;9@) @>;) =<H9HMH) :=DHAHDHD) <=\H>=I@>E;A@) G;) :;?=G@)
<=B>=NHEHDHD)\>=D>=DE=AH)=^HAHD?=D)XD;E):=NHE=B:=?H9O)
!"#$%&'%&
P-147
P-148
()*'"*+",(-.(/'0-1%2&"$*3-#%1+&")-*'%-*'*43*'*-*1)%-
*1)%-#"1&(#0-9%'*4%1-%!*'%!$*3-1:.%$'%&-
%&'()(*+,')!-)(./.0)0%1()231%45)!-)4+6(5)7.+(')"-)(8906)
8(+5090.)!-):063;)23<0;/)!-)908906)+4;&+,%()!-)(1/=)
>0;0:/)!
9&%()7.631+-)h/nh09)5,;h,.-)%(906)7'\0;- 8(51/50)
+3>3+4n;&-)(560')h/1/\('-)%0</9):(5:(*)
$)12519<#=5:3>#,5>#')-8)5#:-')0#5.8#-)6*262#+%#
-(0(5#8)-/)*21*)52#%>)>#8)-/)0%-(?#">#095:*:;(#1*(0(6(?#
(-/)0$.*
$%&'()*%'#+)*(,%#-.*/)0#+)123#4.5%$)#%6(/('#+%#
)5)7/25')#8)-/)0%-(#095:*:;(#1*(0(6(
"#
$%&'()*%'#+)*(,%#-.*/)0#+)123#4.5%$)#%6(/('#+%#
)5)7/25')#8)-/)0%-(#0%35:*:;(#1*(0(6(
!#
(;<=8
"5678
8?@ABCDEFGHEI?H?JA-) KALBDMC) NAKOBDPQK) ?R?) I?H?KAK) I?B)
CDP@H?CENRDKQOQBS) 'ALBDMC) NAKOBDPOE) =ECJTB) ,U!U,)
OGVAR?KOA) EVEHPE) WA) @BDCDEFGHEJTB) LECJTBHAB) <-) <,,-) <,,,) WA) U)
OGVAR?KOA)EBXY-)EKMJBDPI?K)$)GB?KAB)EXHZPZKOE)EBXY-)[BDJA?K)
\) WA) [BDJA?K) %) ECMW?JAN?KOA) EVEHPE-) ]IB?KD^AK) NAKJAV?KOA)
EBXY) _?@ABCDEFGHEI?H?JARA) NAIA@) DHQBS) 'ALBDMC) NAKOBDPHQ)
_ENJEHEBOE`) TVAHH?CHA) RAMYC?K) REYHEBOE) EBJAB?RAH) JBDPIDVHEB)
WAKTV)JBDPIDVHEBE)FTBA)FTBAaAH?)KEO?BO?BS)>DaQCHQC)bEcZKOE)?NA)
EBJAB?RAH)JBDPIDVHEBE)OE_E)NZC)BENJHEKEI?H?BS)4HFQHEBZK)d$efQKOE)
BAKEH)WAK)JBDPIDVQ)FTBGHGBCAK)IQ)DHFQHEBZK)dgf?KOA)@QHPDKAB)
APIDH?)NE@JEKZBS)'ALBDMC)NAKOBDPHE)?H?YC?H?)NABAIBEH)AKLEBCJGNGK)
OE_E)KEO?B)DHOQcQ)I?HO?B?HP?YMBS)hE_E)TKaA)I?H?KAK)I?B)_ENJEHZcZ)
DHPEREK) $i) REYZKOE) ABCAC) _ENJE) EK?) FAH?YAK) OAKFAN?VH?C-)
NAN) CZNZCHZcZ) Y?CERAJHAB?) ?HA) _ENJEKAP?VA) IEYWQBOQS) 'TBDHD^?C)
PQERAKAN?KOA)NDH)FTVOA)NAP?@?JDV-)P?RDV?N-)NDH)RGV)REBZNZKOE)WA)
NEc)CDH)WA)IEaECJE)_?@DANJAV?-)NDHOE)O?NPAJB?)WA)O?NO?EODCDC?KAV?)
WA)RGBGBCAK)NDHE)EJECN?)NE@JEKOZS)+BEK?REH)91)WA)h?jGVRDK)91)
FTBGKJGHAPAHAB?KOA) IQHIQN) NDH) REBZNZKOE) ECQJ)AKLEBCJ)?VHAKO?S)
:?RDC?PRENEH) ?KaAHAPAHAB?KOA) _?@DEHIGP?KAP?-) GBA!CBAEMK?K)
RGCNACH?c?) WA) @BDJA?KGB?N?) NE@JEKPENZ) GVAB?KA) 'ALBDHD^?) +H?K?c?)
JEBEkKOEK) CDKNGHJA) AO?HABAC) ITIBAC) I?RD@N?N?) RE@ZHOZ) WA)
@EJDHD^?C) DHEBEC) (() (P?HDODV) JEKZNZ) EHOZS) /HAB?) ?KaAHAPAN?KOA)
=9=)PQJENRDK)EKEH?V?KOA)9ilm<)_DPDV?FDJ)PQJENRDKQ)JAN@?J)
AO?HO?S)/NCAP?C)?KPA)?HA)IEYWQBEK)WA)OE_E)TKaA)BAKEH)_ENJEHZcZ)
DHEK)_ENJEHEBOE)AMRDHD^?C)KAOAKHAB)EBENZKOE)KALBDMC)NAKOBDP)
OE)OGYGKGHPAH?O?BS)(RBZaE)DHFQPQVOE)DHOQcQ)F?I?)?NCAP?C)?KPA)
KALBDMC) NAKOBDPQK) ?HC) DBJERE) bZCZY) YACH?) DHEI?H?BS) +EK) WA) ?OBEB)
EKEH?VHAB?)?HA)CDHERHZCHE)IAH?BHAKAI?HAK)KALBDMC)NAKOBDPQK)?KPA)
KAOAKHAB?) EBENZKOE) ECZHOE) JQJQHPENZ) ABCAK) JEKZ) WA) JAOEW?) ?b?K)
TKAPH?O?BS)
5EYHE)I?BH?CJA)A@?HA@N?)?KN?OEKNZ)F?OABAC)EBJPECJEOZBS)5EYHZHEBOE)
A@?HA@N?K?K) AK) NZC) NAIAI?) NABAIBDWENCGHAB) _ENJEHZCHEBOZBS) :?V)
IQ) bEHZYPEPZVOE) ?KPA) NDKBENZ) KTIAJ) FAb?BAK) _ENJEHEBZPZVOE)
KTIAJ)TVAHH?CHAB?-)?KPA)?HA)?H?YC?N?)WA)JAOEW?RA)REKZX)EBEYXBPERZ)
EPEbHEOZCS
9>?>=-@>-ABCD>;8
>EHZYPERE) #eeo) 4aEC!#e"e) 8EV?BEK) JEB?_HAB?) EBENZKOE) ?KPA)
JEKZNZRHE)REJEBEC)JAOEW?)FTBPGY)"$oo)DHFQOEK)KTIAJ)FAb?BO?c?)
JAN@?J)AO?HAK)lpqdpS#r)DHFQ)EHZKOZS)/KPA)TKaAN?)A@?HA@N?)JEKZNZ)
DHEKHEB)bEHZYPERE)EHZKPEOZS)/KPA)B?NC)LECJTBHAB?-)KTIAJ)J?@HAB?-)
AHACJBDAKNALEHDFBEL?) IQHFQHEBZ-) KTIAJHAB?K) VEPEKNEH) OEcZHZPZ-)
HAVRDK) J?@?) WA) HDCEH?VENRDKQ-) JAOEW?RA) REKZJ) _EVZBHEKEK) LDBPE)
CEROAO?HO?S) /NJEMNMCNAH) EKEH?VOA) %[%%) LDB) s?KODtN) "oSe)
CQHHEKZHOZS
.75675<?8
lp) DHFQKQK) omfGqdooSpr) CEOZK-) m$fGqdmmS$r) ABCACMS) ##!l")
REYHEBZ) EBENZKOEC?) _ENJEHEBZPZVZK) REY) DBJEHEPENZ) i#Slu"oSg)
?O?S)ggf?)qd)gpSir)?NCAP?C-)lfQqdlS$r)_APDBE^?C)?KPARO?S)/KPA)
IEYHEKFZaZKOEK) NDKBEC?) "o) FGK) ?b?KOA) DHEK) KTIAJHAB) ABCAK)
IEYHEKFZbHZ) DHEBEC) OAcABHAKO?B?HP?Y) DHQ@) mgqdmlSor) DHFQOE)
NE@JEKOZS) 8ENJEHEBZPZVZK) #$fGKOAqd#$Spr) IEN?J) @EBN?RAH-)
#fN?KOAqd#S"r) CDP@HACN) @EBN?RAH-) igfN?KOAqdpeS"r) NACDKOAB)
^AKABEH?VA-) mfGKOAqdmS"r) FAKABEH?VA) KTIAJ) NE@JEKOZS) 4\%[)
NZKZvEPENZKE) FTBA) ?NCAP?C) ?KPAH?) DHFQHEBZK) m"f?qdmg-gr) [(\,-)
#mfGqd#p-#r) 6(\,-) "$fGqd"oSor) [4\,-) of?qdir) ;(\,-) #fN?qd#S"r)
[4\,w[(\,)DHEBEC)OAcABHAKO?B?HO?S)$fGKOA)WAKTV)?KLEBCJ)NE@JEKOZS)
0JRDHD^?C) DHEBEC) DHFQHEBZK) $efQqd$eSlr) IGRGC) OEPEB) _ENJEHZcZ-)
#lfQqd#lSlr)CEBO?DAPIDH?C-)""f?qd""S$r)CGbGC)OEPEB)_ENJEHZcZ-)
#xN?) KEO?B) AJRDHD^?-) "$fG) NZKZvEKOZBZHEPEREK) FBQIQKOEROZS)
;AVRDKHEBZK) gof?qdgpSirS) CDBMCEH-) "#fN?qd"#Smr) NQICDBMCEHO?S)
6AOEW?) DHEBEC) #ifNZKEqd#gSlr) DCNCEBIEVA@?K-) #"f?KAqd#$S$r)
WEH@BD?C) EN?J-) "gf?KAqd#eSer) CEBIEPEVA@?K-) "of?KAqd"iSpr)
HAWEMBENAJEP-)"efQKEqd""S"r)LAK?JD?K)IEYHEKPZY)DHQ@)"efQKOE)
OE_E) NDKBE) ?C?Ka?) ?HEaE) FABAC) OQRQHPQYJQBS) p) DHFQRE) JAOEW?)
IEYHEKPEPZY) DHQ@) _EHAK) ?HEbNZV) JEC?@) AO?HPACJAO?BS) 6AC) ?HEb)
CQHHEKEK) DHFQHEBZK) gef?KOAqd) ggSlr-) ?C?H?) JAOEW?) EHEKHEBZK) ?NA)
OTBOGKOA)KTIAJ)CDKJBDHG)JEPE)RECZK)NEcHEKOZS)
#EC7=8
+DBMCEH) ?NCAP?C) HAVRDKQ) DHEK) _ENJEHEBOE) ?KPA) NDKBENZ) KTIAJ)
FAH?Y?P) DBEKZ) OE_E) RGCNACMS) :Q) KTIAJHAB) bDcQKHQCHE) @EBN?RAH)
DHQ@)JAOEW?RA)REKZJHEBZ)?R?RO?S
!"#$!
!"#$%&'%&
P-149
P-150
()$%&*"&+#*&,-'(#.")/(+0*1&%)23+*)4(&,$+"'15#5+
*3"'%+,"&!5#+,(''"350+12;/%+*)4(&,$<+
%&'()*+,-.,'/ 01.0*+020.+345&6/*%07'0*)8)'(,*
7)4%&c*cd.5V6/*+)c,501*2040c)'/*%&13.*5090g*
!"#$%&'()*'+%,-'.%-'(*/,"&"0'($*$1'&'2(3$&4
-%&56!()*'+%,-'.%-'(2%,$2(.47(8$!)&.%-'(*/,"&"0'($939
"6789
(=>?9+
9:;<=>* ?@?;A>* ;B<CD=>/* E=F<@<D@?@>/* G@H* @I<AJAKA<L* 6@M@>*
N@M@>* >B<ODOP:F* K=QJ:ED=<=/* 94* K=I:H:FD:FD=<:>=* R=* >@K:<=>*
:JF=M:F* G=?:>* :>S@<FT>@* ?OD* @U@G:D:<L* VN=DD:FD=* @W<@DA* M:;<=>:>*
:JF=M:F* JE<OF=* @UAJA>K@>* <:JF* S@FEB<C* ODKWIW>W* ;BJE=<=>*
G:<UOF* U@DAHM@* GWDW>M@FE@KA<L* ,JF=M:F* :>S@<FT>* M:;<=>D:D=<K=*
;B<CDM=J:>=*G:<UOF*X=MOK:>@M:F*S@FEB<C>*F@EFAK@*GWDW>KWIW*
B>=* JC<CDM=FE=K:<L* Y=<SCN?O>* G@JA>ZA>K@* E=F<@<D@?@>* R=?@*
WN@?@>*@N@DM@/*F@>*@FAMA>K@*@N@DM@/*[AXTD@HM@*J:JE=M:>:>:>*
@F\R@J?O>W* :D=* G:<D:FE=* OD:;=M:/* =>KOE=D?@D* KCN=>J:ND:F* ;:G:*
J=G=[D=<*E<OMGON*R=?@*:JF=M:?=*>=K=>*OD@G:D:<L*&W<@DA*M:;<=>:*
OD@>*X@JE@D@<A>*]^"*:>K=*:JF=M:F*:>S@<FE*[OJE=<:O<*J:<FCD@J?O>K@*
;BND=>:<L*
.O<[WJ* F@DDONWM* h..i* FO<E=FJE=>* FBF=>* @D@>* W?@<@>D@<A* F@<HA*
E@<@S* X=M:JS=<=* G@ID@?@<@F* G=?>:>* MOEO</* KW?WJ@D* R=* FO;>:\S*
[=<SO<M@>JA>A* J@ID@<L* 5=>W/* <OJE<WM/* ;BRK=* R=* J[D=>:WM*
GBDCMC>K=>*ODWH@>*..j>:>*D=N?O>D@<A/*JOD*=D*@[<@FJ:J:/*?@G@>ZA*
=D* J=>K<OMW/* @;<@Q* R=* E@F\D* @>OM:* ;:G:* K:JFO>>=FJ:?O>*
J=>K<OMD@<A>@* >=K=>* ODW<L* 1OF@D:N=* ..* D=N?O>D@<A* :D=* :D;:D:*
D:E=<@EC<K=*JA>A<DA*R@F@*J=<:D=<:*GWDW>M@FE@KA<L
"678+:9
#_* 2@HA>K@/* G@?@>* X@JE@>A>* `* ?ADKA<* @W<@DA* M:;<=>* F<:E=<D=<:>:*
F@<HAD@?@>* G@H* @I<AJA* R=* @:D=K=* M:;<=>* B?FCJC* M=RZWaWL*
.D:>:I:M:N=*;BND=<K=*AHAF*U@FM@JA>A*E@F:G=>*G@HA>*JOD*E@<@b>K@/*
NO>FD@?AZA* F@<@FE=<K=/* H:KK=ED:* G@H* @I<AJA* JO><@JA* ;=D:H=>* G:D:>U*
GWD@>AFDAIA/* U=R<=J:>K=F:D=<D=* :D=\H:M* FW<@M@M@* H:F@?=ED=<:*
:D=* G@HRW<KWL* .<@>:@D* 94* :>Z=D=M=J:>K=* X=<* :F:* S<O>E@D* R=* JOD*
[@<:=E@D* DOGK@* @FWE* :>S@<FE* @D@>D@<A* :ND=>K:L* c<@>BN=S@;=@D*
).d/* e=<E@G<@Df.@<O\J* KO[[D=<* 375/* [AXTD@HM@* S@FEB<D=<:/*
XOMOJ:JE=:>* KCN=?:/* R@JFCD:E* M@<F=<D@<A/* J=<=G<@D* @>PO;<@QF*
:>Z=D=M=J:>K=* [@EODOP:* J@[E@>M@?@>* OD;W* M:;<=>BN* :JF=M:F*
J=<=G<@D*:>M=*OD@<@F*K=I=<D=>K:<:DK:L*
!"#$!
0@ABC9
`_*?@HA>K@*F@KA>*X@JE@*@>:*;=D:H=>*?C<CM=*;CUDCIC/*FO>WHM@*
GONWFDWIW/* G:D:>U* GWD@>AFDAIA* >=K=>:?D=* J=<R:J:M:N=* G@HRW<KWL*
,F:* ;C>* :U:>K=* G:D:>Z:* @UAD@>* X@JE@K@* E=F<@<D@M@>A>* FAJM=>*
FO<W>KWIW* E<@>JFO<\F@D* R@JAkA* FO>WHM@* GONWFDWIW/* S<O>E@D*
\[* @E@FJ:/* JOD* @;<@Q/* JOD* E@F\D* @>OM:/* JOD* :K=OMOEO<* @[<@FJ:*
E=J[:E*=K:DK:L*VN=DD:FD=*K:<=FJ:?O>*U=R:<M=/*B<;C*B<M=*R=*[:?@>O*
U@DM@* ;:G:* G:M@>W=D* MOEO<* FO<K:>@J?O>W>* GONWDKWIW* R=* JOD*
=D:>* W?;W>* :H\<@F* =EM=K:I:* ;BND=>K:L* 8DO<:K@!@[<@FJ:* E=J\* _*
[W@>*h*l!"_i/*.=<E=N!@[<@FJ:*E=J\*$m*[W@>*hl!nli*GWDW>KW*hX=<*
:F:* E=Ja=* [W@>* @N@DKAFU@* @[<@FJ:* K=<=Z=J:* @<EM@FE@KA<iL* (:I=<*
>B<ODOP:F* MW@?=>=* GWD;WD@<A* >O<M@DK:L* .<@>:@D* 945jK=* ..*
;BRK=*GBDCMC>K=*@FWE*:>S@<FE*E=J[:E*=K:DK:L
#BD8?+E$>FGH=>9
8<O>E@D*\[*?C<C?CH*GONWFDWIW*D:E=<@EC<K=*@>E=<:O<*..*EWEWDWMW*
hMOEO<* FO<E=FJE=>* G@Z@I@* ;=D=>* =S=<=>E* D:k=<:>* EWEWDWMWi*
:D=* :D:HF:D=>K:<:DM=FE=K:<L* &>Z@F* JW>WD@>* X@JE@>A>* ..* ;BRK=*
EWEWDWMW* JO><@JA* F@J*;CZC* F@?GA* ODM@K@>* \[:F* OD@<@F*S<O>E@D*
?C<C?CH*GONWFDWIW>W>*ODM@JA*SO>FJ:?O>K@*;BRK=*GBDCMC>C>*
B>* [D@>K@* ODKWIW>W* KCHC>KC<M=FE=K:<L* &>E=<:O<* #fo*
GBDCMC>C>* EWEWDWMW>@* G@IDA* ;=D:H\I:* G:DK:<:D=>* E@F\D* @>OM:*
..* ;BRK=* EWEWDWMW* :D=* K=* ;B<CDM=FE=K:<L* 7W>WD@>* OD;WK@* ..*
;BRK=*EWEWDWMW*>=\Z=J:>K=*JOD*R:NC=D*@>OM:/*JOD*X=M:*J@IA<DAF/*
FO>JE<CFJ:?O>=D*@[<@FJ:/*JOD*E@F\D*@D=FJ:/*?@G@>ZA*=D*J=>K<OMW*
GWD;WD@<A*:J=*;BND=>M=M:H\<L*
!"#$%&'%&
P-151
P-152
("))%$*+%,-).,/$&"+(%,$"+./0.1-23)3)/4"+52/
+"4%'.)4%/-,5$/4-+-&/",'627")5/#")&-#3/.)/8.8"/
4%9%&'%)4.&.'+%#./
.2"'%/#-)$&-'/I-#.7-'/!-'#./#-!$-)-)/.#,%+.,/.)+%/
1-#$-'-&3)4-/'%27")'-&3)/$"!">&-I.,/7%&'%J.+./
!
"
.m%m8*0(2(<(*!/*-,0-*.94'-7*!/*)-2-6*2-4&-n-%9*!/*&6+(6*
KARA "/*&'(3*&2&6*!
"
%&'()*+(,-.* /*&,0&'*+1,2-3* /*+1,0-4*5,)-6* /*
7148(2-,*-,49&,*!/*-:*;7<-6*;70&'(,*3
:(./,)#+),-(./,*(/,#*01#2%'+3*(/,#)4.5356,#%7
:(./,)#+),-(./,*(/,#*01#2%'+3*(/,#.%7A5356,#%7
!#
!#
"#
$%&'()*#+),-(./,*(/,#*01#2%'+3*(/,#)4.5356,#%$78#
%)'%.%
"#
%)'%.%#)9:9)(#(;,*,:#-(#%.%&*0.:%#<%/*%)(/,#"=#
)4.5356,#'3,),;,8#%)'%.%
>#
(/',&(<,.#5/:%)?%@,#+),-(./,*(/,#*01#2%'+3*(/,#
)4.5356,#%$78#(/',&(<,.
-:;<=
-:;<=
+=>=?=@AB* CDEF* GHDB?GD* G>?B* FBACIGHG>AB* JK@LK* IB* MBFBNLG*
NBDC>CLG@CHMO>* HCPLCMC>* ?BDC>GD* FNO?QBDFO?G* RGJC@LCNK>C*
GLSG* SGABNBD* CNF?CDFCAKN:* TENCAC* C?CU* ODL=@GV* FNO?Q=H=>*
RGJC@LCN* MCNAK?KMLC* AKWCNK* CLK>?CHK* JBABXB>?BDFBAGN:* TE*
RGJC@LCNAC>* YJB>OZ[!TO>>BF* \KJ]* SBNG* CLKRK* ^RLOF* NBFNGBIBN_*
DCVBH* MB>G* ?OABN>G@B* BAGL?GW* QGN* RGJC@AKN:* TE* UCLKW?CACDG*
C?CRK?K@*=>GFBLBNG?G@AB*GLBNAB*DELLC>KLCRCD*OLC>*MB>G*?BDC>GD*
FNO?QBDFO?G* RGJC@K>K* G>* IGIO* OLCNCD* ABPBNLB>AGN?BD* IB*
\OFC>HGMBL*DO?\LGDCHMO>LCNK>K*HC\FC?CD]N:*
>?@?</A?/7BCD?:=
<GJC@/* QBLGNLB>?GW* JCMIC>* ?OABLG* OLCNCD* AO?E@* AC* G>RBLB>AG:*
,BDC>CLG@CHMO>* ONC>K/* FNO?QOB?QOLGD* OLCMLCN/* IC@OH\C@?/*
IB* DO?\LGDCHMO>LCN* ABPBNLB>AGNGLAG:* )BN* SGNGWG?AB* B>* C@* #* R?*
E@E>LEPE>AC* NCAMOO\CD* FNO?Q=H* OLEWE?E* HCPLC>AK* IB* \KJ]*
SBNG* CL?C* A`>B?G>AB* RGJC@!FNO?Q=H* BFDGLBWG?G* S`@LB>AG:*
YJB>OZ[*TO>>BF*^$*??*UC\LK/*DB>AG*DB>AG>B*SB>GWLBMB>*>Ga>OL*
`NS=_* FO\LC?* "#* AC?CN* ODL=@MO>E>AC* ABPBNLB>AGNGLAG:* )BN*
AC?CN*ODL=@MO>E*GUG>*"*IBMC*#*\KJ]*SBNG*CLKRK*DCVBH*DELLC>KLAK:
(EFGEF;@=
bC?* NBDC>CLG@CHMO>* ^b9<9* cdb9'9* c_* AC?CN* ODL=@MO>LCNK>K>*
efg:hiE>AC* ^hd"#_* HCPLC>AK:* 0C?CN* ODL=@MO>LCNK>* ejj:jiHK*
^kd"#_* FBD* SGNGWG?AB/* ek:ci=* ^"d"#_* #:SGNGWG?AB* NBDC>CLG@B*
OLAE:* TGN* SGNGWG?AB* ^ek:c_* AGHFCLB* ?ClON* FNO?QOB?QOLGD* DCUKW*
OLENDB>*#*SGNGWG?AB*^e"j:j_*D=U=D*MC>*ACLLCNC*?G>`N*DCUKW*OLAE:*
0C?CN*\BNVONCHMO>E/*AGHHBDHGMO>/*RGJC@*ABVON?CHMO>E*UCLKW?C*
QOME>RC*S`@LB>?BAG:
%C>FNCL* VCHGMCL* \CLHG* S`@* DC\CPK* IB* CLK>* DCHLCNK>AC* BFDGLB>?B*
OL?CDHK@K>* VCHGMCL* HG>GN* G>>BNICHMO>LE* DCHLCNAC* DEIIBF* DCMQK*
GLB* HBMNBAB>* QGN* QO@EDLEDFEN:* %KDLKDLC* ONFC* HBNBQNCL* CNFBN*
B>VCNDFLCNK>C* BWLGD* BABN:* %C>FNCL* VCHGMCL* \CLHG>G>* BDHFNB?GFB*
S=UH=@L=P=* BWLGD* BF?BDHG@G>* G@OLB* OLCNCD* S`N=L?BHG* HBMNBD*
S`N=L?BDLB* QGNLGDFB* G>HGAC>HK* QGLG>?B?BDFBAGN:* (@OLB* HC>FNCL*
VCHGMCL*\CLHG*OLSELCNK>AC*GHDB?GD*LB@MO>LCNK>*DONFBDHFB>*G>FBN>CL*
DC\H=LB*DCACN*OLC>*FNCHBHG>G>*S`HFBNGL?BHG*C?CULC>AKD:*
>?@?</A?/7BCD?:=
)CHFC>B?G@B* VCHGMCL* HG>GN* G>BNICHMO>LE* M=@* DCHLCNK>AC* DEIIBF*
DCMQK*WGDCMBa*GLB*QCWIENC>*IB*MC\KLC>*>`NOLOlGD*?ECMB>BHG>AB*
BDHFNB?GFBLBNAB* ?OFON* DCMK\* OL?CDHK@K>* G@OLB* HC>FNCL* VCHGMCL*
\CLHG* FC>KHK* DO>ELC>* MBAG* JCHFCMC* CGF* HBNBQNCL* AGo=@MO>* ',*
S`N=>F=LBNG>G*G>RBLBAGD:*
(EFGEF;@=
)CHFCLCNK>* =U=>AB* GHDB?GD* LB@MO>* HEQDONaDCL* QBMC@* RBIJBN*
MBNLBWG?LG/* A`NA=>AB* GHB* DONaDCL* MBNLBWG?LGMAG:* TBMG>* HC\K*
FEFELE?E* JGUQGN* JCHFCAC* S`@LB>?BAG:* (DG* OLSEAC* ?OFON* CVC@G*
HC\FC>AK:*
#HCE<=
(HDB?G* DCM>CDLK* G@OLB* VCHGMCL* \CLHG* HC\FC>C>* MBAG* JCHFC>K>*
HBNBQNCL* AGV=@MO>* ',* S`N=>F=LBNG* G>RBLB>BNBD/* VCHGMCL* HG>GN*
HE\NC>=DLBBN* FNCHBHG* DONFBDHFB>* G>FBN>CL* DC\H=LB* DCACN*
S`HFBNGLAG:*
#HCE<=
TELSELCNK?K@* QE* D=U=D* JCMIC>* UCLKW?CHK>AC* CDEF* AC?CN*
ODL=@MO>E>AC* MB>G* ?BDC>GD* FNO?QBDFO?G* RGJC@K>K>!YJB>OZ[*
TO>>BF* S=IB>LG* IB* BFDG>* OLAEPE>E* S`HFBN?BDFBAGN:* YNODHG?CL*
DCVBH* M`>FB?G* GLB* BFDG* S`HFBNB>* QE* a\* MB>G* AG@CM>* RGJC@LCNK>*
M=DHBD*NBDC>CLG@CHMO>*IB*A=W=D*DO?\LGDCHMO>*ONC>LCNK>C*HCJG\*
OLCRCPK*A=W=>=L?BDFBAGN:*
!"#$!
!"#$%&'%&
P-153
P-154
"$"()$*+"&'(&,-)%.($*/-#)%00")-#%)0&"12-3-"'.2#2)212-
($*!*+-0272-!($%&)*)*)-%8'*+-%$$*9*-:*&-"!('#+*#%)0&"12-"'.2#2-
%&'()*+,-*.)!/)*01%.)2%03*.)4'+'2*.)!/)0*567)
*-16.&*0.*&)!/)0*,%('.)87&*.)"/),%5'()9*09*:)!
(%-1%()&*+*2*.)g8-%./ .6+'0%)&*0*-h/)9%-g'.)&ij%+/)
'+%()j*k+*7)0h-4h+h(/)2%0-*)'+&%j)
$#%&'()'*+#),-#./#0121)#-&03&4('4&)(#/51316#./#
&)&73()6&#-&03&2/01#"8#2*)949:1#'412151
"#
;#%&'()'*+#<)8#0&<1#'92,'#/51316#./#&)&73()6&#
-&03&2/01#=&3949:1#'412151
>&?1#@21./)013/01#3(=#A&'@43/01#2*)949:1#&2&%1416#<&4(
!#
.;<;=3
"4563
,;<==>;) ?<;=@>AB) C,,D) EFGH<) GFI<=>) @<JKLKGM@F?/) J<L@M@GMNM;)
?<@<O@>IM?LKG<@) MJML) I<) J<L@M@GMNM;) =KPKLG<@G<) LM@MLJ<@FQ<)
>J>FAAK;) >G=BRB) =KPK;KG<;) I<) ;M=F@) ST@KG<;) OF@) UM?JMGVLW@X)
.TO<J/) L>S;FYZ) N<JA<QGFL/) UF[<@JM;?FN>;) UM?JMGVLJM) ST@KG<;)
=FR<@)?<A[J>AGM@=V@X)\])NMPV;=M)LM=V;)UM?JM)ST@A<)O>QBLGBRB/)
?>G) JM@MZ) SK^?KQGKRK) PFLMN<Y) FG<) OMPIB@=BX) 8QS<^AFPF;=<)
UF[<@JM;?FN>;)I<)MGW)=KPKL/)OF@)TGK)=>RBA)TNLK?K)A<IEBHBX)
_FQFL) ABMN<;<?F;=<) U<@) FLF) K?J) I<) MGJ) <L?J@<AFJ<=<) AMIF!
A>@) @<;LGF) =KQ<;?FQ) ?V;V@GV) EFGJ) G<QN>;GM@V) A<IEBHBX) .T@>G>`FL)
ABMN<;<?F;=<)?>G)U>A>;FA)U<AFM;>[?F/)U<@)FLF)K?J)<L?J@<AFJ<)
=F?JMGG<@F;=<) Z@K?J) [M@<QF) I<) =<@F;) J<;=>;) @<a<L?G<@F) SG>OMG)
>GM@ML) EM;GV) ?M[JM;=VX) 9<NF;) ST@K;JKG<A<?F;=<) ?MR) >L?F[FJMG)
?BOMLBJ)<;ZM@LJ/)?>G)J<A[>@MG/)U<@)FLF)?<@<O<GGM@)I<)?>G)Z@>;JMG)
L@>;FL) <;ZM@LJ) MGM;GM@V) I<)[<@FI<;J@FLKG<@)F?L<AFL)=<RFPFLGFLG<@)
?M[JM;=VX) +BY;) LM;) J<JLFLG<@F;=<) UF[<@GF[F=<AF?F) ?M[JM;=VX)
*;YLM@=F>GF[F;) M;YL>@GM@V) I<) GB[B?) M;YL>MSKGM;V) ;<SMYZ)
?M[JM;=VX)_FO@F;>`<;/)ZMLJT@)b)G<F=<;)ABJM?N>;B/)U>A>?F?J<F;/)
[@>J<F;!E/) ?) MLYIFJ<?F) ;>@AMG) ?V;V@GM@=M) ?M[JM;=V/) *.*c"d"ee)
[>QFYfFX).T@>[?FL>A<J@FL)J<?H<)>@JM)=<@<E<=<)O<GG<L)O>QBLGBRB)
?M[JM;=VX)-<QN>;GB)OTGS<=<;)NM[VGM;)EFGJ)OFN>[?F?F;=<)?;<==>;)
?<;=@>ABNGM) BNBAGB) OFN>[?F) OBGSBGM@V) ?M[JM;=VX) &GF;FL) I<)
GMO>@MJBM@)OBGSBGM@V)FG<),;<==>;)?<;=@>AB)=KPK;KG<;)UM?JMNM)
M;YMS@<SM;) I<) ?JMY;) J<=MIF?F) OMPGM;=VX) .M=F@) ST@KG<;) S<;^)
?J@>L<) ;<=<;G<@F;=<;) >GM;) ,;<==>;) ?<;=@>AB;B;) Y[FL) JKA)
OBGSBGM@V;V)ST?J<@<;)I<)>J>M;YL>@GM@V);<SMYZ)?M[JM;M;)OB)>GSB)
GFJM@MJK@)<PGFRF;=<)LGF;FL)OBGSBGM@V)FG<)?B;BG=BX
i[MG?LF) ?<;=@>AB) GMJ<@MG) A<=BGGM@) ?<;=@>A) I<) F[?FGMJ<@MG)
U<AF[M@<QF) OF@GFLJ<RF) FG<) OBGSB) I<@F@X) '[?FGMJ<@MG) U<AF[M@<QF/)
F[?FGMJ<@MG) L>@YL>?[F;MG) GFa<@F;) [F@MAF=MG) ^M[@MQGMPAM=M;)
?>;@M) MGJ) GMJ<@MG) A<=BGGM@) OTGS<=<;) K?J) ?<@IFLMG) L>@=M) LM=M@)
JBJBGAM?V)FG<)S<GFPF@X)'?L<AFL)A<LM;FQAM)I<@J<O@MG)M@J<@)?J<;>QB)
NM)=M)>LGKQN>;B;M)OMRGV)I<@J<O@MG)M@J<@)I<)?[F;MG)M@J<@)?BGMAM)
MGM;GM@V)M@M?V;=MLF)[<@ZKQN>;)MQMGAM?V)FG<)M^VLGM;AMLJM=V@X
"4563
l\) NMPV;=M) <@L<L) UM?JM/) M;F) OMPGMNM;) O>NB;) I<) OMP) ?>G)
NM@V?V;=M) MR@V/) OBGM;W/) LB?AM/) [<GJ<L) L>;BPAM/) NBJAM)
SK^GKRK/) ?<?) LV?VLGVRV/) ^Ff) ST@A</) ?>G) JM@MfM) SK^?KQGKL/) NKQ)
=MUFG) IKEB=B;B;) ?>G) JM@Mm;=M) L<^<G<PA<) >GAM?V) KQ<@F;<)
LGF;FRFAFQ<) OMPIB@=BX) 8QS<^AFPF;=<) UF[<@JM;?FN>;) A<IEBHBX)
.T@>G>`FL) ABMN<;<?F;=<) L>;BPAM) =FQM@J@FL) I<) UF[>Z>;FL/)
[B[FGG<@) M;FQ>L>@FL/) OFGMJ<@MG) U>@FQ>;JMG) ;F?JMSAB?/) ?>G=M)
U>@;<@) ?<;=@>AB/) [MGMJMG) M@LGM@=M) UM@<L<J?FQGFL) ?M[JM;=V) I<)
TRK@A<) @<a<L?F) MGV;MAVN>@=BX) ,>G=M) U<AF[M@<QF) CK?J) !bdb/)
MGJ) \dbD/) ?>G=M) <L?JM;?T@) [GM;JM@) NM;VJ/) ?MR) JM@MZ=M) NKQ) =MUFG)
MR@V)I<)V?V)=BNB?B;=M)MQMGAM/)NK@KNKP=<)?>GM)MJML?F)?M[JM;=VX)
4FnKQN>;) L@M;FMG) (+ho=M) ?>G=M) OBGOB?) I<) F;Z<@F>@) ?<@<O<GGM@)
[<=F;LKG=<)MLBJ)F;ZM@LJ)OBGB;=BX)3M?JMNM)M?<YG?MGF?FGFL)M?FJ)lee)
ASdSK;) OMPGM;=VX) 5<@J<O@MG) BGJ@M?>;>S@Mp) I<) 91) M;`F>S@Mp=<)
?>G)I<@J<O@MG)M@J<@=<)>LGKQN>;)I<)?MR)I<@J<O@MG)M@J<@=<)?J<;>Q)
?M[JM;=VX) 4,*o=M) ?MR) I<@J<O@MG) M@J<@=<) qre) ?J<;>Q) J<?OFJ)
<=FGA<?F)?<O<OFNG<)?J<;J)LM@M@V)MGV;=VX)1<=MIF?F;<)LG>[F=>S@<G)rb)
ASdSK;)<LG<;=FX)9F@)MN)?>;@M)J<L@M@GM;M;)4,*o=M)?MR)I<@J<O@MG)
M@J<@=<LF)?J<;>QB;)@<LM;MGFQ<)>GAM?V);<=<;FNG<)A<=FLMG)J<=MIF)
FG<)JMLFO<)MGV;=VX
$><?=@>3
sMGG<;O<@S)?<;=@>AB;=M)MY[FL)=BNB)[MJ<@;G<@F)OFG=F@FGAFPY@X)
3M?JMAVQ=M) STQG<;<;) =BNB) [MJ<@;F) ;M=F@) >GM@ML) STQG<;<;)
A<=BGGM;V;) [>?J<@>GMJ<@MG) OTGS<?F;F;) L>@B;=BRB) =B@BAGM@=M)
L>;J@GMJ<@MG)J@FS<AF;MG)JBJBGBAB;)>GAM?VNGM)LM@MLJ<@FQ<=F@X)&FA)
I<)M@LM=MPGM@V)JM@Mm;=M;)tMGG<;O<@S)?<;=@>AGB)be)>GSBGBL)OF@)
?<@F=<) u) UM?JM=M) =BNB) [MJ<@;F;F) O<;Q<@) P<LFG=<) ?M[JM;AVPW@X)
i[MG?LF)?<;=@>AB;=M)MY[FL)=BNB)[MJ<@;F)JM;VAGM;AMAVPW@X)
!"#$!
!"#$%&'%&
P-155
P-156
(%)*#+,-.*(/-01-'*.*#2/#"3&*#2/+#4%.+4/+3.%5/6/
"'1-/#-3-.-/
+#4%.+4/#%&%(&")*#4A'%&/"'*0'*&B*/&+#4/C*4$D&'%&+E/
."&(+B+$%/)%/."&$*'+$%/"&*3'*&2/
%&'(&)*+,*-./01(*!2*%&'(&)*1'03(*4%&567*"2*81917*1.:1'*
.-'/(;/*"2*7&91*<-=/(*!2*7&91*<-=/(*"2*'1./)*.7&:)6*!2*
'1./)*.7&:)6*"
4%@&*8/j1(2*8/.&<*:1(=3:-'2*(691=*3k3.2 6=.(/7*1'03(*
;1(<l7.2*A1<51*;1(01(*
%;);#$%&'()*+#81<&/=/#/>$&$,#./#'0':&?0,'#9'%&'(/%$#
(102+23$#@+$($>$
!#
$%&'()*+#)$+$,#-($./0%$&/%$#(102+23$#')45#$%&'()*+
"#
6+20/(7/#($89&$(8'+/#9'%&'(/%$#$(,/#-($&/%$5#:$:+$5#
$%&'()*+
*FG@5
178795
1>?!+&@A* BCB>DBEFB>* GHEH* IDB>* 8JKBLHMNOBG* OJPBLPB?Q*
QIDI>* QB>LJEH>FJ* LHLPJOHQ2* RBSDB* HDHSQHDH* JQLTFB?U* OBQNDBE*
FJCJ>JEBLRI>FB* H>PEBKHPEJBD* IDBEBQ* NRVNDB>OBQPBFWE,* :HLPJOHQ*
NRVNDBOB>W>* QBEFHRIKBLQTDJE* XBLPBDWQ* EHLQH>H* BEYEFWZW*
GHDH>HRIEQJ>* H>PEBKHPEJBD* NRVNDBOB>W>* RID* B[\ZW* IQTDJE* KJ*
LHLPJOHQ*RB>*JPQHDJE*PBE\SOBDWFWE,
":;</=5/
]^* RBSW>FB2* LBZ* JDDH2* JEQJQ* XBLPB* FJ>VJLHMDHQ2* GNDB>\*
RBQW>OBLWRDB* GBSKNEFN,* .EB>RBD* 57_FB* GHDBPJEBD* )3;12* LID*
13;12*:;12*);1*LNDBOB*BDB>DBEW>FB2*GNDGNL*`ILPJEIDBPJEBDH>FJ*
KJ* OJMHBD* PJO`IEBDFJ* BQNP* J>UBEQPDBE* HMDJ>FH,* 6>UBEQP* >BPTET*
BPJEIPEIOGI?Q* IDBEBQ* RIENODB>BEBQ* 1:1* KJ* QDI`HFIVEJD*
GBSDB>FW,* 4RQTFJ* QIDI>* QB>LJEH* KJ* QBEBaHZJE* OJPBLPBMW* IDB>*
XBLPBRB*"*BR*b>aJ*c]dOV*H>PEBKJ>bM*8JKBLHMNOBG*NRVNDB>OWS\,
":;</65
e#* RBSW>FB2* LBZ* JDDH2* QBFW>* XBLPB* GBSFb>OJLH2* GNDB>\!QNLOB2*
`JDPJQ* QI>NSOBRDB* GBSKNEFN,* .EB>RBD* 57_FB* GHDBPJEBD*
LN`JEHRIE*LJEJGJDDBE*KJ*LID*IEPB*LJEJGJDDBE*`JFH>QTDFJ*BQNP2*LBZ*
UEI>PIH>LTDJE*BLJO`PIOB?Q*QEI>HQ*J>UBEQPDBE*VbETDFT,*1PEHRBD*
fGEHDBLRI>N*>JFJ>HRDJ*gBEUBEH>*QNDDB>WRIEFN2*GBSKNEN*3(7h",$*
HFH,*6>UBEQP*>BPTET*IDBLW*QBEFHRIJOGIDHQ*FTST>TDFT2*PJFBKHLH>J*
gBEUBEH>DJ*FJKBO*JFHDFH,*4RQTFJ*LBEW*>IQPB*XBLPBDWZW*>JFJ>HRDJ*
c*BR*b>aJ*LID*VbMJ*H>PEBKHPEJBD*8JKBLHMNOBG*NRVNDB>FWQPB>*#i^*
VT>* LI>EB* LBZ* BDP* JQLPEJOHPJFJ* BEPJERBD* PEIOGNL* LB`PB>OBLW*
TMJEH>J* LBZ* UJOIEBD* PEIOGJQPIOH* RB`WDFWZW2* OJKaNP* RBQW>OB*
HDJ* GBSKNENLN>FB>* ^ic* VT>* b>aJ* FJ* LBZ* VbMJ* H>PEBKHPEJBD*
8JKBLHMNOBG*NRVNDB>FWZW*bZEJ>HDFH,
#>?<@5
8JKBLHMNOBG* VHGH* 1>?!+&@A* BCB>DBE* KBLQTDJE* EHLQ* UBQPbEDJEH*
IDB>*XBLPBDBEFB*KBLQTDJE*J>FIPJDRBD*H>?OBD*XBLBEB*RID*B[BEBQ*
BEPJERBD*PEIOGIJOGIDH*EHLQH>H*BEYEBGHDHE,*8N*EHLQ*BPJEILQDJEI?Q*
FBOBE* XBLPBDWZW* KJRB* BPEHRBD* fGEHDBLRI>* VHGH* FNENODBEFB* FBXB*
FB* BEPOWS* IDBGHDHE,* 8N* PJFBKH* NRVNDB>BaBQ* XBLPBDBEFB* H>OJ*
B[WLW>FB>* EHLQ* FJZJEDJ>FHEHDOJLH* RB`WDW`* OTOQT>LJ* PJFBKHFJ*
FHZJE*B>?!+&@A*BCB>DBE*PJEaHX*JFHDOJDHFHE,*
6>OJ2* 0T>RB* :BZDWQ* 4EVTPT_>T>* OIEPBDHPJ* LWEBDBOBLW>B* VbEJ*
HDQ*T[*bDTO*>JFJ>H*BEBLW>FB*RJE*BDB>*b>JODH*GHE*PI`DNO*LBZDWZW*
LIEN>NFNE,* 8N* [BDWSOBFB* HLQJOHQ* H>OJ>H>* EHLQ* UBQPbEDJEH>H*
KJ* GN>DBEW>* OIEPBDHPJ* KJ* OIEGHFHPJRJ* JPQHLH>H* GJDHEDJRJEJQ* GN*
EHLQ*UBQPbEDJEH>H>*BMBDPWDOBLW*H[H>*NRVN>*LPEBPJCHDJEH*GJDHEDJOJRH*
BOB[DBFWQ,
1H8H@/IH/0J?KHF5
8N* BOB[DB* #dd]!#ddm* RWDDBEW* BEBLW>FB* XBLPB>JOHM* (bEIDICH*
QDH>HZH>FJ* RBPBEBQ* PBQH`* JFHDJ>* $$e* HLQJOHQ* LJEJGEIKBLQTDJE*
IDBR* PB>WDW* XBLPB>W>* FJOIVEBfQ* bMJDDHQDJEH2* H>OJ* ?`H2* PNPNDB>*
BEPJE*BDB>W2*QDH>HQ*GNDVNDBEW*KJ*`EIV>IMN*FJZJEDJ>FHEHDFH,
(<:;<:G85
$$e* KBQB>W>* c"#_LH* nop^q* QBFW>2^]]_LW* noc$q* JEQJQ?,* 'BS*
IEPBDBOBLW* ]mr!"c,#* RWD* n"$!"dmq* HFH,* 9H`JEPB>LHRI>* noc$q* J>*
LWQ*VbETDJ>*EHLQ*UBQPbETRFT,*0HRBGJP*no^#q2*QBEFHRBQ*`BPIDICHDJE*
no^pq2*BPEHBD*fGEHDBLRI>*no"]q2*LHVBEB*QNDDB>WOW*no"eq*FHZJE*LWQ*
VbETDJ>* EHLQ* UBQPbEDJEHRFH,* 1EPJE* FBZWDWOW>B* GBQWDFWZW>FB* IEPB*
LJEJGEBD* BEPJE* n5;1q* PNPNDNON>N>* XBLPBDBEW>* o]$,c_T>FJ*
VbETDFTZT* KJ* FBXB* [IQ* LBZ* 5;1_>W>* JPQHDJ>FHZH* B>DBSWDFW,* 4>*
LJEJGEBD*BEPJEH>*n1;1q*oc,]2*BEQB*LJEJGEBD*BEPJEH>*n);1qo*$,m2*
`ILPJEHIE*UILLB>W>*nLJEJGJDDNOr*GJRH>*LB`W*q*o*#d,"*IEB>W>FB*
JPQHDJ>FHZH* VbETDFT,* 9BLPBDBEW>* XBLPB>JFJ* QBDWS* LTEJDJEH*
IEPBDBOB* "d,"* VT>FT,* 6DQ* $* VT>FJ* OIEPBDHPJ* IEB>W* o"ds* e!^d*
VT>* BEBLW>FB* o^* HFH,* 6DQ* ^d* VT>FJ* PI`DBO* OIEPBDHPJ* o* "^* HFH,*
.BRGJFHDJ>* KBQBDBEW>* GTRTQ* QWLOW>W* XJOHLUJEHQ* H>UBEQPDBE2*
bMJDDHQDJ*IEPB*LJEJGEBD*BEPJE*H>UBEQPDBEW*IDNSPNENRIEFN,*
#>?<@5
6LQJOHQ* H>OJ* JPRIDICHLH>FJ* J>* LWQ* VbETDJ>* EHLQ* UBQPbEDJEH* IDB>*
XH`JEPB>LHRI>* KJ* FHRBGJPH>* PB>W* KJ* PJFBKHLH* QIDBR* KJ* FTSTQ*
OBDHRJPDHFHE,*0HRBGJP2*XH`JEPB>LHRI>*KJ*GHE*FHZJE*LWQ*VbETDJ>*EHLQ*
UBQPbET* IDB>* LHVBEB* QNDDB>WOW>W>* PI`DNON>* JZHPHOHRDJ* QI>PEID*
BDPW>B*BDW>BGHDHE*IDOBDBEW*>JFJ>HRDJ2*bMJDDHQDJ*GHEH>aH*GBLBOBQPB*
VbEJK* RB`B>* XJQHODJEH>2* XBLPBDBEW* GN* B[WFB>* FJZJEDJ>FHEOJLH*
KJ*FIZEN*Rb>DJ>FHEOJLH*GTRTQ*b>JO*PBSWOBQPBFWE,*
!"#$!
!"#$%&'%&
P-157
P-158
($)!)*+'"*('),(#-"./(+0)&+!&"#"!(1.",)+"'12#2+
#%*),+02=2*+#%./&">2+
%&'()*+,*-*./+)&0*-(1+*2*1/+3&4&+'51-*6+7*7.(789.:/
(0-&(.+&)';1/+823&1+'*1(6+
0&-()*+:)0&./ &0.;+'*-(2,&%+,&,.;'*'*/+56.*-+)&27&+
0*.b:7/+,&-*2+)&6&2/+4(.'&1+)&).&+
!"!"#$%&'()")*&+'&!$!,"-$*!&.!/"!0'/)&12&03$4546)&
%5)0)()7&!0%!$!
8!%-$%39&:$&/!:)&%40;%&'()")*&+'&!$!,"-$*!&.!/"!0'/)&
03$4546)&%5)0)()
134356
134356
<=>?>@ABC>DE+ FEGECHC+ IJDGH=EC+ BK=H=HL+ MACNCAOAOA?N+
>GA=AL+ MACNOGACN=P+ 1K=>=AQI>G>EL+ BK=JCMJGHOH+ RAGNSOAGA=N+
@=>?>@ABC>DECEC+?NLGNLGA+ELE+IACGN+THCM=>OH?EAG+>L?E@EM>MHO@>=AG+
GHDI>CGA=QA+ >=MAIA+ RNLUVNCN+ BK?MH=OESW=P+ &OA+ XCEGAMH=AG+
@>?MH=E>=+?AV+YHOE?ZH=+GHDI>CGA=N+>GAC+>GBXGA=+QA+FEGQE=EGOESW=P+
[X+ FEGQE=EQH+ QAYA+ KC\H+ FEGQE=EGHC+ >GBXGA=QAC+ ZA=LGN+ >GA=AL+ ?>G+
MHO@>=AG+ G>@+ E?LHOE?ECH+ ?HL>CQH=+ BHGESOES+ FE=+ @=>?>@ABC>DE+
>GBX?XCX+?XCXI>=XDP
[E=+ FXRXL+ ?HCQ=>OX+ OHQEAG+ G>CBEMXQECAG+ ZA?ELJG+ c-.de+ THIA+
@A=A@>CWC+=HWLXGH=+Z>=OA?I>CQA+c<<2de+FE=+GHDI>C+CHQHCEIGH+
>=MAIA+RNLAC+FE=+IKCH+FALNSMA+L>C_XBH+Y>=ED>CMAG+FALNS+@A=AGEDE?E+
TH+ QEVH=+ IKCH+ FALNSMA+ ECMH=CJLGHH=+ >aAGO>@GH_E+ >GA=AL+
MACNOGACONSU=P+ [E=+ FXRXL+ ?HCQ=>OXCA+ HSGEL+ HQHC+ 4;;P+ L=ACEAG+
?ECE=+MXMXGXOX+*BBHCFH=BH=+MA=AfCQAC+?HLED+FXRXL+?HCQ=>OX+
>GA=AL+AQGACQN=NGONSU=P+0HCQ=>O+HC+?NL+>GA=AL+?H=HF=>TA?LJGH=+
YA?MAGNVA+ FAVGN+ >GA=AL+ BK=JGOHLGH+ FH=AFH=+ MJFH=LJG>OA+ FAVGN+
TALAGA=+QA+FEGQE=EGOESW=P
"7896
]$+ IASNCQA+ ?AV+ HG+ Q>OECACM/+ LAQNC+ YA?MA+ IALNCGA=NCN+
MACNIAOAOA+ TH+ ACGAO?ND+ L>CXSOAGA=N+ CHQHCEIGH+ OH=LHDEOEDH+
BHW=EGQEP+'EIAFHMH?+OHGGEMX?+TH+YE@H=MAC?EI>C+CHQHCEIGH+MHQATE+
BK=HC+ YA?MACNC+ ^DEL+ OXAIHCH?E+ C>=OAG+ FXGXCQXP+ 1K=>G>_EL+
OXAIHCH?ECQH+ @=>?>@ABC>DE+ QNSNCQA+ @AM>G>_EL+ FXGBXIA+
=A?MGACOAQNP+3A?MA/+IALNCGA=NCNC+?H?ECE+QXIOAQNVN+?J=H\H+>CGA=N/+
BK?MH=EGHC+ Z>M>V=A`A=QA+ LHCQECE+ MACNIAONI>=+ AC\AL+ CH?CHGH=E+
TH+ XDXTGA=N+ E?EOGHCQE=HFEGEI>=QXP+ 7=ACIAG+ OACIHWL+ =HD>CAC?+
BK=JCMJGHOH?ECQH+ ?>G+ MHO@>=AG+ G>@MA+ QEZJDI>C+ LN?NMGAOA?N+
BK?MH=HC+ ALXM+ ECZA=LM+ AGACN+ BK=JGQJP+ (?LHOEL+ ?H=HF=>TA?LJGH=+
YA?MAGNL+ MACN?NIGA+ LGECEVEOEDQH+ FE=+ YAaA+ MALE@+ HQEGHC+ YA?MACNC+
@=>?>@ABC>DE?ECQH+LN?OHC+QJDHGOH+EDGHCQEP
#:;9<6
&CAM>OEL+ MHOHGGE+ RAGNSOAGA=QA+ @=>?>@ABC>DE+ FEGAMH=AG+
ZXDEZ>=O+ BE=X?A+ XDACAC+ >L?E@EM>MHO@>=AG+ GHDI>CGA=A/+ CAQE=HC+
QH+ XCEGAMH=AG+ ?AV+ @>?MH=E>=+ YHOE?ZH=+ GHDI>CXCA+ G>LAGEDH+
HQEGOHLMHQE=P+[EDEO+>GBXOXDQA+E?H+FX+GEMH=AMX=+FEGBEGH=E+QNSNCQA+
FE=+ G>LAGEDA?I>C+ ?A@MACONSU=P+ [X+ ?>G+ MHO@>=AG+ G>FXC+ QA+ IJD+
BC>DE?ECQH+=>G+AGQNVNCNC+FE=+BK?MH=BH?E+>GA=AL+LAFXG+HQEGHFEGE=P+
!"#$!
"7896
gh+ IASNCQA+ FEGECHC+ YE@H=MAC?EI>C/+ QEIAFHM+ TH+ E?LHOEL+ LAG@+
YA?MAGNVN+ >GAC+ H=LHL+ YA?MA+ ACEQHC+ BHGESHC+ REa+ BK=OH+ TH+ ?AV+
IJD+ IA=N?NCQA+ BJR?JDGJL+ SELAIHW+ EGH+ A\EGH+ FASTX=QXP+ 3A?MACNC+
CK=>G>_EL+OXAIHCH?ECQH+L=ACEAG+AGACQA+FE=+FXRXL+?HCQ=>OX+EGH+
XIXOGX+>GA=AL+YH=+ELE+BKDJC+?AVA+Y>=ED>CMAG+FALNSN+LN?NMGNILHC/+
?>GA+Y>=ED>CMAG+FALNSMA+?AV+BKD+>=MA+YAiA+LAGNI>=+TH+?>G+BKDQH+
CE?MABOX?+ >=MAIA+ RNLNI>=QXP+ [XCXC+ IACNCQA+ YA?MAQA+ ?AV+
@H=EZH=EL+ZA?EAG+@A=AGEDE+OHT\XiXP+->M>=+?E?MHO+OXAIHCH?ECQH+
?>GQA+ Z=J?M+ YHOE@A=HDE+ ?A@MACAC+ YA?MACNC+ MAFAC+ \EGQE+ =H`HL?E+
?>GQA+ HL?MAC?K=QJP+ 7=ACEAG+ -2;+ BK=JCMJGHOHQH+ ECZH=E>=+ @>C?+
?AV+ @A=AOHQEAC+ MHBOHCMXOQA+ E?LHOE+ EGH+ XIXOGX+ FE=+ GHDI>C+
>GQXVX+ BK=JGQJP+ 7=ACEAG+ TH+ ?H=TELAG+ -2+ AC_E>B=A^QH+ ?AV+
TH=MHF=AG+ A=MH=+LAGEF=A?I>CXCQA+ EC\HGOH+TH+ECM=AjHL?MAL=ACEAG+
?HBOHCMGH=QH+IH=+IH=+QA=GNLGA=+?A@MACQNP
$?4@5A?6
'>=?AG+ @>C?MA+ <<2d/+ -.d/+ AFQX\HC?+ CXLGHX?X+ TH+ 4;;P+ L=ACEIAG+
?ECE=+ IALNC+ L>OSXGXL+ BK?MH=OHLMH+ TH+ FX+ AGAC+ @A=AOHQEAC+
@>CWC+ @H=Z>=AC+ A=MH=E>GGH=+ MA=AfCQAC+ FH?GHCOHLMHQE=P+ 0HLED+
FXRXL+?HCQ=>OXCA+IALGASNL+klm+?NLGNLGA+HSGEL+HQHC+O>M>=+LAIN@+
?NLGNLGA+GHDI>CXC+THCM=AGECH+XDACAC+KQHO+EGH+EGESLEGHCQE=EGOESW=P+
[X+?HCQ=>OXC+?NLGNVN+MJO+FHIEC+?A@N+HCZA=LMGA=NCNC+EC\HGHCQEVE+
FE=+ RAGNSOAQA+ k+ m/n/+ ?AQH\H+ @A=AOHQEAC+ @>C?+ HCZA=LMGA=NCNC+
EC\HGHCQEVE+ FE=+ RAGNSOAQA+ E?H+ k+ $+ >GA=AL+ ?A@MACONSU=P+ 1AQE=+
LA=SNGASNGAC+ FX+ >GBX+ LGECEL+ ZA=LNCQAGNVNC+ A=o=NGOA?N+ AOA\N+ EGH+
?XCXGOXSMX=P+
!"#$%&'%&
P-159
P-160
"&(')(*$+,"(-.'(*),/''(*010)#"*&(#0)-%'+2%*)
+*$&(#%&%3&('),(*(1('(&4)$.1),(*(1('(&)+5+*6%)
7%&+)*%6+&8)9:%''+,'%&+)*%'%&6+&8)
H%''!)#%*6&"1/)+'%)+*$&(,&(*+(')H%1"&(I+)3+&'+,$%'+J+)
6(8&'*-37&2*8.*(19(*7r'5&7*9.*h3,()&*13'31*s05+&*sr1&/*9.*
t,t5*/&1&2*9.*-3h(2*5t2-t't/*%X'R3/*8
%&'()*+(,-+(. /0'&1*&2&1.*%34235*6&+('.*%&/(7*8&957311*
:.-)&;.%*+!'!#%&$&-'.$#&%/&0'&1*0!
*'5!)%!/'!0&0%*+!'!#%&$&-'.$#&%/&0'&1*0!
8%
!"#!$%&'&'($)%*+!'!#%,*%&$&-'.$#&%/&0'&1*0!2%
13$4546!78%)5!1!+!
9%
"EFD4
(;<=4
3:;<=>?*@A;<?>B=CD*E3,F.*G;CB:HIJ*J>?G*J>G>KL.*MH;<D*NHD*:;COACPQ*
ERS-F*:HM>N<B<DMH*BLJ?LJ?>*:H;T<U*HM<?HD*C;>?*>DIJC>VW?>D*EX35F*
JQ??>DLOLDLD*HD*AW=WJ*;<BJ<*OC;A<M<:H*NH*OC;:>?<:HB<*=WJBHJ*C?>D*
O>YZ;*J>D>O>?>;ML;[*\>;]>;<DH*A>K?L*<D:;>BH;HA;>?*J>D>O>E(65F*
C;>DL*=L?M>*^_.`!^_.a*>;>BLDM>*C?QG*OC;:>?<:HB<*^b_cMHD*M>U>*
]>P?>ML;[+>?LdO>OLPM>* X35* JQ??>DLOLD>* A>K?L* VH?<dHD* (65c?>;LD*
ZPH??<J?H;<D<D*<DTH?HDOHB<*>O>e?>DOLdf;
->?>=)@>)7ABC>;4
+>?LdO>* ;H:;CBGHJ:<]!G;CBGHJ:<]* C?>;>J* VH;eHJ?Hd:<;<?M<[* XT>J*
#__bg3KQB:CB*#_"_*:>;<U?H;<*>;>BLDM>*(3&3h*"[1Z;C?CY<*J?<D<K<DH*
A>dNQ;>D*:WO*(65*:>DL?L* U>B:>?>;*<DTH?HDM<[* \>;]>;<D*JQ??>D>D*
A<?<DHD* :;>NO>BL* =>* M>* JC>VW?CG>:<B<* C?O>=>D.* J;>D<=C:CO<*
BCD;>BL*=>*M>*>DHN;<PO>*BCD;>BL*VH?<dOH=HD*UHOC;>Y<*U>B:>?>;L*
e>?LdO>=>* M>U<?* HM<?M<[* h>B:>?>;LD* MHOCV;>]<J* ZPH??<J?H;<.*
i>;]>;<D* JQ??>DLO* HDM<J>B=CDQ.* i>;]>;<D* JQ??>DLO* BW;HB<.*
AH;>AH;<DMH* JQ??>DLMLKL* >D:<G?>:H?H:* >Y>D?>;.* A>dNQ;Q* j12*
E<D:H;D>:<CD>?*DC;O>?<PHM*;>:<CF*MHKH;<.*G;CVDCP*<DTH?HDM<[*
9<MM<*hH??G*BHDM;COQ*=WJBHJ*O>:H;D>?*NH*GH;<D>:>?*OC;:>?<:H*NH*
OC;A<M<IMH=?H* A<;?<J:H?<J* VZB:H;<;[* (D:;>J;>D<>?* JCOG?<J>B=CD?>;*
BLJ*C?O>O>J?>*A<;?<J:H*hH??G*BHDM;COQDM>*HD*BLJ*Z?WO*DHMHD<M<;[*
`a* =>dLDM>.* l_* U>u>?LJ* VHAH?<K<* C?>D* U>B:>M>* U<GH;:>DB<=CD*
E#"_n"#_OOhVF.* T<MM<* ZMHO* NH* `* GCP<I]EvvvFG;C:H<DW;<*
B>G:>DO>BL* WPH;<DH* d<MMH:?<* G;HHJ?>OGB<* :>DLBL* JCDQ?>;>J*
6HPH;=>Dn6HJB<=C* <?H* MCKQO* VH;eHJ?HdI;<?O<dI;[* 4CB:G>;:QO*
MZDHOMH* A>d* >K;LBL.* A<?<De* AQ?>DLJ?LKL.* Q=JQ=>* OH=<?* VH?<dHD*
U>B:>M>*36-.*3'-.*'Rh*=WJBHJ?<K<*NH*:;COACB<:CGHD<*B>G:>DO>BL*
WPH;<DH*hH??G*BHDM;COQ*:>DLBL*JCDQ?OQd:Q;[*8Q*O>J>?HMH*hH??G*
BHDM;COQ* JCOG?<J>B=CDQ* C?>;>J* <D:;>J;>D<>?* UHOC;>Y<* VH?<dHD*
NH*A>d>;L=?>*:HM>N<*HM<?HD*A<;*U>B:>*:>JM<O*HM<?M<[*sHDH??<J?H*JZ:W*
J?<D<J*V<M<d<*C?>D*AQ*U>B:>*V;QAQDM>*:HM>N<*C?MQJe>*VWe:W;[*3=;LT>*
AQ*U>B:>*V;QAQDQD*DZ;C?CY<*G;>IK<DH*QP>J*C?O>BL*:HM>N<=<*M>U>*
M>*VWe?HdI;<;[*8Q*U>B:>*V;QAQDM>*BHOG:CO?>;*A>d?>;*A>d?>O>P.*
Q=VQD* ?>AC;>:Q>;* NH* ;>M=C?CY<J* <DTH?HOH?H;?H* :>DL* VHT<JOHMHD*
JCDQ?O>?L.* U>B:>* =CKQD* A>JLO* d>;:?>;LDM>* Q=VQD* :HM>N<=<*
>?O>?LML;[
3DEFDE<?4
+>?LdO>OLPM>*(65*:>DLBL*>?>D*#"b*U>B:>*MHKH;?HDM<;<?M<.*AQD?>;LD*
#acBLDM>*i>;]>;<DH*A>K?L*(65*B>G:>DML[*h>B:>?>;LD*"acBL*E^a".aF*
J>MLD.* "_cQ* E^`k.lF* H;JHJ:<[* %>d* C;:>?>O>BL* ab.la* m"l.`* <M<[*
h>B:>?>;LD*""c<*E^l#F*3,.*"lcW*E^b`*F*G;CB:H:<J*J>?G*J>G>KL.*"c<*
E^bF* RS-* DHMHD<=?H* i>;]>;<D* JQ??>DL=C;MQ[* h>B:>?>;LD* lcWDMH*
E^"b.lF* A<;?<J:H* >BH:<?B>?<B>?<J* >B<:* E"__OVnVWDF* JQ??>DLO*
Z=JWBW*N>;ML[*8>dNQ;Q*j12*MHKH;?H;<*_.$`!""."b*>;>BLDM>*C?QG*
C;:>?>O>* j12* l.#lm#.o* C?>;>J* UHB>G?>DML[* h>B:>?>;LD* `cWDMH*
j12* DC;O>?M<[* "acBLDM>* E^a".aF* BQG;>:HD:C;<=>?.* lcWDMH*
E^"b.lF* <D];>:HD:C;<=>?* C?O>J* WPH;H* #_* U>B:>M>* G>;>DJ<O>?*
UHO>:CO*B>G:>DML[*5>?>D*U>B:>?>;LD*bc<DMH*E^"$.#F*BQAMQ;>?.*
"c<DMH* E^`.kF* <D:;>NHD;<JW?H;* UHO>:CO* OHNTQ::Q[* h>B:>?>;LD*
"ocB<*E^ab.lF*<P?HOMH*J>=AHM<?M<[
#GBD=4
X35* JQ??>DLOLD>* A>K?L* VH?<dHD* (65p?>;LD* OC;:>?<:HB<* =WJBHJI;[*
\>;]>;<D* JQ??>DLOLDLD* MCK;Q* HDM<J>B=CDM>* C?O>BL* NH*
U>B:>?>;LD* :>J<G?H;<D<D* MWPHD?<* =>GL?O>BL* =>d>O* J>?<:HB<D<*
>;q;O>J* NH* VH?<dHA<?HTHJ* JCOG?<J>B=CD?>;LD* OC;:>?<:HB<DMHD*
JC;QDO>J* >eLBLDM>D* ZDHO* :>dLO>J:>ML;[* 8Q* U>B:>?>;LD* MCK;Q*
HDM<J>B=CD?>* i>;]>;<D* JQ??>DO>?>;L* NH* MWPHD?<* :>J<G?H;H*
VH?OH?H;<*<D:;>BH;HA;>?*UHOC;>Y<*;<BJ<D<*>P>?:>T>Jf;[*
!"#$!
!"#$%&'%&
P-161
P-162
()!&*#)+",-,.,/&",.0"&-1-2-.%$0),')3).4*&.56+6&7.
8*'"!%&)+"'.)'%.0*&96'*9$6&5*'6.:*'695*.
%&0%,.+/,%5.),5%+%.*0-$.0",KL(1",%'.+-&-5>.
4-.g%*3-.-*!/*01<%18*<,+-3b,*!/*814819*h-4.199&%*
Y21.*"/*%-i&h*+-',0*3/*jg%g;*31%-%*<,+-3b,*4/*-'&*Yi1.1%*!/*
4-b1.*<6i:18&.*!
%&'()%*+,%-.* /*0123&*0-4&%* /*-'51.*3-.-67'-%* /*-4819*
8&:&*3/*;&<1'*3-.0,:-7*!/*-4819*+6'-3*"
!
!
"
$%&'()(#*+,-(./,'(/,0#'1)#2%3*&'(/,0#+4.5&56,#%+%7,&,$#
8%&1#
"#
$%&'()(#*+,-(./,'(/,0#'1)#2%3*&'(/,0#+4.59,.:.6,#
%+%7,&,$#8%&1
;#
$%&'()(#*+,-(./,'(/,0#'1)#2%3*&'(/,0#)%'5&56,#%+%7,&,$#
8%&1
<:3:.5-%#*+,-(./,'(/,#'1)#2%3*&'(/,#+4.5&56,#
%8%+%#(3.($#'53#.:=#/%>&1>1#=%/'%+(/,#+4.5&56,
;#
<:3:.5-%#*+,-(./,'(/,#'1)#2%3*&'(/,#7,?5,/'%',/',3#
@#
<:3:.5-%#*+,-(./,'(/,#'1)#2%3*&'(/,#.%8?5&56,#
!#
!#
"#
*;<=>
*;<=>
;=>*?@AABCDB*EFC*G=H*B>IJKFH=IH*FABL@>/*MNLCO*H=CP?PLP*OQHF>AFRF*
DO>O?KOA* FKHOSF* S=DOAAOCF>DO* TUKQOCFASFVICW* <P* GBA@VSBDB/*
TOGFLF* U>* EO?F>* FKHOSFKF* X(Y<&Z* ?BJ@AS@V* K@GB>ABCDB/* BIJFH*
EFC* B>IJKFH=IH* =AB>* [O* DBMB* U>LO* EP* H=>PDB* GBA@V@ASB?B>*
\FJCBKFD=>P>/* MFJ=HBSJBA* >UC=>ABC* N\OCF>DOHF* OQHF>AFRF/*
U>LOHF* GBA@VSBABCDB* EP* H=>PDB* OQHF>AFRF* HB>@QAB>S@V* IJFH* EFC*
B>IJKFH=IH*=AB>*MBA=JOCFD=A*FAO*HBCV@ABV]C@ABCBH*BCBV]C@AS@V]CW
?@A@=.B@.1CDE@;>
(Y<&/* FHF* ?B>A@* HBC=IK* H=SSP>FK* BCQOCAOCF>* "$* DBHFHBA@H*
AFTBK?=>P*FAO*KBRAB>S@V]CW*;@GB>ABC/*QODB[FKF\*KMBS!=JOCO*H=>QC=A*
TCPEP*X(CPJ*,Z/*QODB[FKF\*FKHOSF*H=>QC=A*TCPEP*X(CPJ*,,Z/*"ST*^
HT*MBA=JOCFD=A*[OCFAO>*TCPJ*X(CPJ*,,,Z*[O*_W`*ST^HT*\FJCBKFD=>*
[OCFAO>* TCPJ* X(CPJ* ,2Z* =ASBH* N\OCO* DUCQ* TCPEB* B?C@AS@V* [O*
FKHOSFDO>* ?ODF* TN>* K=>CB* KBHCFa?O* ODFASFVICW* 4OSBQ=HKFAO>*
O=\F>* E=?BSB* K=>CBK@/* SFHC=KH=JFH* =ABCBH* DOROCAO>DFCFAO>*
MFJ=HBSJBA*b-"/*b-_/*b-#/*b-c*[O*DO>QBQ*TFCPK*EUATOAOCF>DOHF*
=CQBABSB*KBRABS*>UC=>*KB?@K@*MOKBJAB>S@V*[O*FKHOSF>F>*OQHFAOCF*
FAO*QODB[F>F>*OQHF>AFRF*TUKQOCFASFVICW
FGHIGH<A>
&KHOSFDO>*K=>CB*\FJCBKFD=>*[OCFAO>*TCPJQB*d*c_e*AFH/*MBA=JOCFD=A*
[OCFAO>* TCPJQB* FKO* d* c$e* A@H* EFC* H=CP?PLP* OQHF* TUKQOCFASFVQFCW*
4OC* FHF* FABG* DB/* H=>QC=A* TPCPJABC@>DB>* EOAFCTF>* DN\O?DO* fB\AB*
MNLCO*H=CP>SBK@*KBRABS@VQ@CW*&HF*FABL@>*H=CP?PLPAPRP*BG@K@>DB>*
FKQBQFKQFHKOA*EFC*fBCH*EPAP>SBS@VQ@CW
#JDG=>
<PATPABC@S@\/* BHPQ* FKHOSF* K=>CBK@* \FJCBKFD=>P>/* O>* B\*
MBA=JOCFD=A*HBDBC*OQHF>*EFC*>UC=>*H=CP?PLP*OQHF>AFRF*=ADPRP>B*
FVBCOQ*OQSOHQODFCW*<P*H=>PDB*FAOCF*GBA@VSBABCB*FMI?BG*[BCD@CW*
-HPQ* H=>fN\?=>OA* DPCPS* X-3:Z* B>F* EBVAB?B>* [O* DBATBAB>B>*
KO?FC* TUKQOCO>* TOGFLF* =CTB>FH* EFC* SO>QBA/* DPCPS* DORFVFHAFRFDFCW*
<P* GBA@VSBDB* F>SO>F>* OCHO>* XBHPQZ* O[COKF>DO* =CQB?B* G@HB>*
-3:* K@HA@R@/* H=AB?ABV]L@* fBHQUCAOC/* JC=T>=\* N\OCF>O* OQHFKF>F>*
EOAFCAO>SOKF*BSBGAB>S@V]CW
?@A@=.B@.1CDE@;>
5C=KJOHIf* =ABCBH* ?BJ@AB>* EP* GBA@VSBDB* "`$* =ATP* GBA@VSB?B*
BA@>S@V]CW* -3:* QB>@K@* :OAFC?PS* :FBT>=KIL* B>D* ;QBIKLBA*
8B>PBA* =f* 8O>QBA* :FK=CDOCK* X:;8!,2Z* HCFQOCAOCF* [O* :OAFC?PS*
:OCOLOAO>DFCSO* YAGORF* OKBK* BA@>BCBH* H=>PASPVQPCW* &>SO*
U>LOKF* H=T>FIf* f=>HKF?=>ABC* ,>f=CSB>Q* kPOKI=>>BFCO* =>*
b=T>FI[O* :OLAF>O* F>* 1ADOCA?* X,kb6:1Z* KH=CABSBK@>B* TUCO*
DOROCAO>DFCFASFVICW*;OCOECBA*SBT>OIH*CO\=>B>K*TUCN>QNAOSODO*
OADO* ODFAO>* EO?B\* LO[MOC* MFJOCF>QO>KFQOAOCF/* b=AF>OCTFL*
4?JOCF>QO>KFIOK*5BQMlB?*;LBAO*Xb4,5;Z*KH=CABSBK@*[O*hB\OHBK*
3ABKFaHBK?=>P>B*TUCO*K@>@mB>D@C@AS@V]CW
FGHIGH<A>
&>SO*TOGFCO>*=ATPABCDB*-3:*=CB>@*d*_n*=ABCBH*EOAFCAO>SFVQFCW*
&AOCF* ?BV/* F>SO* U>LOKF* H=T>FQFf* OQHFAO>SO* [BCA@R@/* F>SO* U>LOKF*
DU>OS* [O* BHPQ* O[CODO* B>QFH=AF>OCoFH* FABG* HPAAB>@S@/* FKHOSFH*
HBAJ* MBKQBA@R@/* MOS=CBoFH* F>SO/* O>fOHKF?=\* [O* SOQBE=AFH*
JC=EAOSAOCF>*OVAFH*OQSOKF/*FMSBA*[O^[O?B*B>=\=T>=\F*fO>=SO>F*
EFCAFHQOAFRF/* FAOCF* O[CO* AUH=BCBF=\FK/* ?NHKOH* %BQF=>BA* ,>KQFQPQO*
=f* 4OBAQM* ;QC=HO* ;LBAO* X%,4;;Z/* b=AF>OCTFL* 4?JOCF>QO>KFQFOK*
5BQMlB?* ;LBAO* Xb4,5;Z* [O* ,>f=CSB>Q* kPOKQF=>>BFCO* =>*
b=T>FQF[O*:OLAF>O*F>*1ADOCA?*X,kb6:1Z*KH=CABC@*BHPQ*H=>fN\?=>OA*
DPCPSB*TFCSO*=ABK@A@R@>@*BCQ@CSBHQBD@CW*-3:*TOAFVO>*=ATPABCDB*
f=>HKF?=>OA* [O* [FQBA* JC=T>=\* TFCSO?O>AOCO* TUCO* DBMB* HUQN*
KO?COQSOHQODFCW
#JDG=>
&>SO*TOGFCO>*=ATPABC*U\OAAFHAO*BHPQ*O[CODO*EFAF>G*DORFVFHAFHAOCF*
BG@K@>DB>* ?BH@>DB>* QBHFJ* ODFASOAFDFCW* &>SO>F>* BHPQ* O[COKF>DO*
-3:e?O*>ODO>*=ABEFAOLOH*SOQBE=AFH*[O*O>fOHKF?U\*JC=EAOSAOCF>*
QB>@>@J* QODB[F* ODFASOKF* [O* B>QFH=AF>OCoFH* SODFHBK?=>DB>*
SNSHN>* =ADPRP>LB* HBG@>@ASBK@* QBEA=>P>* U>AO>OEFASOKF*
BG@K@>DB>*U>OS*QBV@SBHQBD@CW*
!"#$!
!"#$%&'%&
P-163
P-164
(')%*+,(*-+./(0(*1)+%'2+#%*-&"34+5+"'64+#4*434+
;*$%&*('+<(&"$;-+(&$%&+,;!"!'(=;#;+
$%&%'()&*+,-.&/0*12/2(*%/3%/450 26$%7.8*9%35&*
285*.(28*80*%68%3*+,269c(*7+/d)*80*/2358*/2&2285*9
!"#$%&'()*+",!*-"!*.'!"#$%&#%'-/0'12&(#-"!*')3,4#45*'26.'
&4)72
8'
2&6")*:'()*+",!*-"!*'-/0'12&(#-"!*')3,4#45*'2)2;*#*<'
62#/
9'
2&6")*:'()*+",!*-"!*'-/0'12&(#-"!*',2674#45*'2)2;*#*<'
62#/
"789:
5:;*<:=>=;*?>@<A*BC*DCEFA=;*G=>=HIAE=A*"JKLMEC*;<>NOP*;=::<QOR*
:CQF<AO* @:C* S@>:@;GC* G=AIR:=A=A0* T=PG=AIA* C:@A@* F=S=AUI* C:* V@S@*
T@PPCGRCP@AC*ACECA*<:=A*BC*C:EC*@PGCRP@Q*T=>C;CG:C>:C*<>G=F=*
WI;=A* X* =:@CA* T=AE* YF=S=AUI* C:* PCAE><ROZ* E=T=* P<A>=* H=>;:I*
PC>CS>=:* S[:VC* :CQF<A:=>IAE=* E=* PI;* <:R=F=>=;* S@:E@>@:R@\G@>]*
2U@:* PC>B@PC* F^Q^A^A* P<:* F=>IPIAE=* =A@* OFO\R=0* P<:* ;<:* BC*
S=U=;G=*OFO\R=*BC*=_I>:I;*T@PP@0*P<:*C:@A@*;<AG><:*CECRCRC0*P<:*
C:EC*@PGCR*EI\I*T=>C;CG:C>*S=\:=R=PI*`S=\;=PIAIA*C:@*V@S@*@H=ECP@*
@:Ca*F=;IAR=:=>I*@:C*S=\BO>=A*T=PG=AIA*A[><:<b@;*RO=FCACP@AEC*
P<:* A=Q<:=S@=:* <:O;G=* P@:@;:@;0* P<:* TCR@T@N<CPGCQ@* BC* P<:* C:EC*
@Q:CACA* =R=WPIQ* BC* @PGCR* EI\I* T=>C;CG:C>* EI\IAE=* =A<>R=::@;*
GCPN@G*CE@:RCE@]*2;OG*E[ACR*;>=A@=:*SCF@A*G<R<V>=H@P@*A<>R=:*
@;CA0* ;>=A@=:* 3&ME=* RCQCAPCH=:<A* P=_* G=>=HIAE=* E@H^QF<A*
;IPIG:=AR=PI* GCPN@G* CE@:E@]* 5Q:CR* P^>CP@AUC* T=PG=AIA* C:@A@*
;O::=AR=PIAE=*`S=>E=;*GOGR=0*C:@A@*S@>*<SbCFC*=R=W:I*F[AC:GRC0*
C:@AC* E=F=A=>=;* ;CAE@AC* N<Q@PF<A* BC>RCP@AECa* SCUC>@;P@Q:@;*
BC*C:EC*=R=W*EI\I*T=>C;CG:C>*GCPN@G*CE@:E@]*3<G<>*;=FIN0*G<AOP*
EC_@\@;:@_@* <:O\R=EI]* 2A<>R=::@;* ;<::=>* [AC* OQ=GI:RI\* VC>V@A*
N<Q@PF<AE=* @;CA* BC* =;P@F<A:=* E=T=* E=* SC:@>V@A:C\@F<>EO]*
5PG@>=T=GGC* EC* P<:* C:EC* =R=WPIQ* PON@A=PF<A0* N><A=PF<A0*
F=;=:=R=* T=>C;CG:C>@* @Q:CAE@]* 1=PG=ACEC* @Q:CR* P^>CP@AUC*
T=>C;CG:C>EC*=Q=:R=*<:R=EI]*&OG@A*:=S<>=GO=>*SO:VO:=>I*A<>R=:*
PIAI>:=>* @W@AEC* <:=A* T=PG=F=* =AG@=V>C=V=A* GCE=B@* S=\:=AEI]*
1=PG=AIA* S@>* =F* P<A>=* F=NI:=A* ;<AG><:^AEC* T=>C;CG:C>@A* BC*
F=S=AUI*C:*T@PP@A@A*=Q=:RI\*<:EO_O*GCPN@G*CE@:E@]*8<;=:@Q=PF<A*BC*
PCRNG<R=G<:<b@*F[A^AECA*V@EC>C;*>CA;:@*S@>*G=S:<*<:O\GO>=A*BC*
TC>*<:VO*@:C*FCA@*;:@A@;*BC*:=S<>=GO=>*[QC::@;:C>*;=Q=A=A0*A=E@>*
V[>^:CA* XF=S=AUI* C:* PCAE><ROZ* <:VOROQ:=* S@>:@;GC* :@GC>=G^>*
I\I_IAE=*V[QECA*VCW@>@:E@]*
"789:
ce2*=VCA@Q@P@0*=N:=Q@P@*BC*T@N<N:=Q@P@*N<NO:=PF<AOA*fg]g"M@AECA*
=QIAE=*V[>^:CA*A=E@>*;<AbCA@G=:*S@>*=A<R=:@E@>]*ce2*AIA*;<AbCA@G=:*
F<;:O_O* :@G=>CG^>EC* F=;:=\I;* "gg* ;=E=>* B=;=E=* S@:E@>@:R@\h>]*
1C>*AC*;=E=>*SO*EO>OR*S@>W<;*EO>ORE=*=PCRNG<R=h;*;=:P=0*
P=NG=AR=RI\*<:P=*E=*GCPN@G*CE@:RC:C>@*[ACR:@E@>]*2PCRNG<R=h;*
<:=A* S@>W<;* T=PG=* F=\* @:C>:CRCP@F:C* C;:CACA* =GC><P;:C><h;*
T=PG=:I;* P<A>=PI* PCRNG<R=h;* <:R=;G=* BC* GCE=B@* @W@A* F[AChR*
SO*G=>Q*=A<R=:@P@*<:R=F=A:=>E=A*H=>;:I:I;*=>Q*CGRC;GCE@>]*7CAC:*
<:=>=;*T@N<N:=Q@FC*=>GC>@*WCB>C:CFCA*;CR@;*F=NI:=>E=*OH=:R=E=*
C\:@;*CECS@:@>*SO*;CR@;*F=NI:=>I*E=T=*@F@*V[PGC>CA*GCRN<>=:*?-*
@:C*V[PGC>@:@>]*/CR@;*F=NI:=>E=;@*SO*G=>Q*;^W^;:^;*=FI>IUI*G=AIE=*
;=>I\=S@:CUC;* T=PG=:I;:=>E=A* ACG* =FI>G* CE@:RCP@* @W@A* CA* EC_C>:@*
SO:VOEO>]* ?@Q* EC* Li* F=\IAE=* R@V>CA* hN@* S=\* =_>IPI* \@;=FCG:C>@*
@:C*S=\BO>=A*BC*A[><jS><R=G<Q@P*[A*G=AIPI*@:C*G=;@N*CE@:CA*S@>*
S=F=A* T=PG=E=0* WC;h>E@_@R@Q* 3&7* EC* GCP=E^HCA* P=NG=EI_IRIQ*
ce2* T@N<N:=Q@P@A@* B=;=PIAIA* 9d20* GCRN<>=:* ?-* BC* -e9* @:C*
EC_C>:CAE@>@:RCP@* P<A>=PI* C:EC* CE@:CA* V[>^AG^:C>@0* ;<::=GC>=:*
E<:=\IR* [QC::@;:C>@A@* POA=U=_IQ* BC* SO* =Q* V[>^:CA* T=PG=:I_=* @F@*
E[;^R=AGC*CE@:R@\*S@>*[>AC;:C*E@;;=G*WC;CUC_@Q]
!"#"!
!"#$%&'%&
P-165
P-166
!'()*(+,-,.*%&+#%/.0%'%&.1.1+.#2%*.2+.1*%+('$+
$.!'%&.1.1+3%'.&'%1*%#.1,%2.+&"'4+
0D2(&E+9F)+,%/.(#0"1D1+.)'%1,.G.+3.'($%&('+$('(*.2+
%1H(&2$+"'9D#D+
%&'()*+,-&.*!/*0&123*4(.5&*!/*63)(.&7*89)*!/*32(6*:&.&4(*"
&20('*j.j0[+/ 1&1&7*30.3'+3k2j0j/*5,.%&2&'*3.73'/
6(Q2(*3Q*
"#
$%&'()#*+($()#,*#%-%.$/-)%#0%'$%1*'(
2*3)(#%4*)#,%4(5*#'64$%1#,%&/7#86-*2%#*+($()#,*#
%-%.$/-)%#0%'$%1*'(
%1&%-%#16)61*#*8($()#,*#%-%.$/-)%#0%'$%1*'(9#":#
1;-<4<=(#&4(1(+(
(5678
"AB@8
4;* <=>?@A=/* BCD* E>=FA=* BCGBH>CDIHJC* G>=K* %!LCAHD* =D=J?>?M?* C>H*
CNOHACO*CKAH*=>I*PECKCK*BH>CD>HKAHNCKC*=A=<>=A=OI=L?D
7=>=A;N/* UHA* <H@CI>C* L;R;>=D?K* NHDHBD=>* OGDIHONIHOC* EDCAHD*
L;R;* AHDOHFCKH* C>HP>AHNCKLH/* UHA* LH* NHDHBH>>;A* VH* B=F=>*
W=KW>CRGK>=DL=K* WH>HK* U=DHOHI* C>H* C>WC>C* BC>WC>HDCK* NHDHBD=>*
OGDIHONCK*AGIGD*B\>WH>HDCKH*C>HP>AHNCKLH*\KHA>C*DG>]*G>=K*WDC*
JHVUHD* OCI>HNCLCDZ* 8HA* OHKLC* C<CKLH* UHA* LH* OGDPO=>* =>=K>=D>=*
=lHDHKI* VH* HlHDHKI* B=M>=K^>=D?* G>=K* K]O>H;N* WD;E>=D?KL=K*
G>;@=K*BCD*R=E?L?DZ*+CKH*B;*<HOCDLHO>HDCK*LCMHD*100*R=E?>=D?R>=*
B=M>=K^>=D?* V=DL?DZ* 4C>=IHD=>* I=>=ACO* HKY=DOI* K=LCD* W\D]>HK*
BCD* L;D;AL;DZ* &IRG>GgCNCKLH* O]<]O* L=A=D* U=NI=>?M?/* B]R]O*
L=A=D*=IHDGNO>HDGF;K=*B=M>?*=DIHDLHK*=DIHDH*HABG>C/*O=DLCR=O*
HABG>CFA* VH* ACWDHK\F* CKAH* G>L;M;* L]@]K]>AHOIHLCDZ* 4;*
B\>WHKCK* HKY=DOI>=D?* =O;I* G>=D=O* OGA=* VH* OGA=R?* CF>HRHK*
L\KHALH* ;R=KA=* W]<>]M]/* AGPV=NRGKL=* =F=>A=* VH* AHKI=>*
RHIHKHO>HDLH* O=>?J?* U=N=D=* RG>* =<=K* O>CKCO* I=B>G>=D>=* NHRDHLHDZ*
0?O>?O>=*GO]>HD*B;>W;>=D*H@>CO*HIAHOIHLCDZ*&K*N?O*K\DGGm=>AG>GgCO*
B;>W;>=D* VHDPO=>* B=O?@* BGF;O>;O>=D?/* NOHn* GO]>HD* LHVC=NRGK/*
ACRGPO*VH*?@?M=*=F*JHV=E>?*R=*L=*JHV=EN?F*E;EC>>HD*VH*UGDCFGKI=>*
B=O?@* E=DHFC>HDCLCDZ* kHDPO=>* W\F* U=DHOHI>HDCKLHOC* BGF;O>;O>=D*
DGNID=>* AHFHKNHY=>CO* IHWAHKI;AL=* RHD* =>=K* -=g=>b?K*
CKIHDNPNRH>*K]O>H;N;*VH*DGNID=>*CKIHDNPNRH>*1HLC=>*.GKWCI;LCK=>*
6=NCO;>;N* dDC1.6f* E=IG>GgC>HDCKH* B=M>=KA?@^DZ* 8GDCFGKI=>* B=O?@*
BGF;O>;O>=D?K?K* WH>C@AHNC* YDGKI=>* W\F* =>=K?KL=K* CKHK* >CoHDCK*
EGNIHDCGD* I=>=A;NI=* LGDN=>* AHLC=>* K]O>H;N/* CKIHDK=>* AHL;>>=D*
>=ACK=*R=*L=*AHLC=>*E;>VCK=D*R=O?K?KL=*OHNC>AHNCKH/*CENC>=IHD=>*
R=* L=* BC>=IHD=>* ACRGFCN* VH* ECIGF* UCEGI=>=A;N;K* R=L=* CKHK*
NHAE=PO*>CoHDCK*OGAEDHNRGK;K=*B=M>=KA?@^DZ*7]A*B;*BC>WC>HD*
?@?M?KL=* BCF* LH* =JC>* NHDVCNLH* UCEHDNGAKC=/* =E=P/* =Y=FC/* R;IA=*
W]<>]M]/* W\F>HDLH* R;O=D?R=* LHVC=NRGK* VH* =@=M?* B=O?@* O?N?I>?>?M?*
W\F>HKHK* VH* OD=KC=>* 129* W\D]KI]>HAHNCKLH* BC>=IHD=>* I=>=ACO*
HKY=DOI*IHNECI*HLC>AC@*G>=K*G>W;A;F;*N;KA=R=*LHMHD*B;>L;OZ*
!#
9:;:7+<:+0=>?:58
Q>CKCMCACFLH* =O;I* CNOHACO* CKAH* I=K?N?* C>H* R=I=K* ST* U=NI=* VH*
OGKIDG>* WD;B;* G>=D=O* R=@* L=M?>?A?* ;R;A>;* #X* N=M>?O>?* BCDHR*
EDGNEHOPY* G>=D=O* LHMHD>HKLCDAHRH* =>?KL?Z* 8=NI=>=D* 7[307*
ODCIHD>HDCKH* W\DH* S* WD;B=* =RD?>L?Z* 8=NI=>=D?K* CKAHRC* I=OCBHK*
C>O* $X* N==I* C<CKLHOC* %!LCAHD* L]FHR>HDC* CKAH* =>I* PE>HDCKH* W\DH*
O=D@?>=@^D?>L?Z*
3@AB@A6;8
7[307* L=M?>?A?* CKJH>HKLCMCKLH_* G>W;>=D?K* `#abN?KL=* B]R]O*
L=A=D* =IHDGNO>HDGF;/* `$abN?KL=* O=DLCRGHABG>CO/* `"cbCKLH*
>=O]K* W\D]>AHOIH* G>;E/* `$TbNCKCK* NHBHBC* BC>CKAHAHOIHLCDZ*
5D;E>=D=*W\DH*R=@>=D*VH*JCKNCRHI>HD*=D=N?KL=*CNI=PNPONH>*G>=D=O*
=K>=A>?* Y=DO>?>?O* B;>;KA=A=OI=L?D* dEeT/TSfZ* 5D;E>=D* UGAGgHK*
L=M?>?A* W\NIHDAHOIHLCDZ* 3IDC=>* 6CBDC>=NRGK* G>W;>=D?K* %!LCAHD*
LHMHDC*KGDA=>*NCK]N*DCIACKLHOC*G>W;>=DL=K*L=U=*R]ONHO*G>=D=O*
N=EI=KA=N?* LCOO=I* <HOCJCLCDZ* 7[307b=* W\DH* %!%CAHD* L]FHR>HDC*
=D=N?KL=* CNI=PNPONH>* G>=D=O* =K>=A>?* Y=DO>?>?O* B;>;KA=OI=L?D*
dEhT/TSfZ*Q=DLCRGHABG>CO*WD;B;K*%!LCAHD*LHMHDC*B]R]O*L=A=D*
=IHDGNO>HDGF;* VH* >=O]K* WD;B;KL=K* =K>=A>?* L]FHRLH* R]ONHO*
G>=D=O* N=EI=KA?@^D* dEiT/TXc_* EiT/TXX_* EhT/TSfZ* 4]R]O* L=A=D*
=IHDGNO>HDGF;*C>H*>=O]K*VH*NHBHBC*BC>CKAHRHK*=D=N?KL=*=K>=A>?*
Y=DO>?>?O* W\D]>AHFOHK/* >=O]K* C>H* NHBHBC* BC>CKAHRHK* WD;B;K;K*
%!LCAHD*L]FHR>HDC*=D=N?KL=*L=*=K>=A>?*Y=DO>?>?O*RGOI;D*dEeT/TSfZ*
Q=DLCRG* HABG>CO* C>H* NHBHBC* BC>CKAHRHK* WD;B;K* %!%CAHD*
L]FHR>HDC* =D=N?KL=* L=* =K>=A>?* Y=DO>?>?O* W\D]>AHAHOIHLCD*
dEeT/TSfZ*5D;E>=D=*W\DH*%!%CAHD*L]FHR>HDC*=D=N?KL=*CNI=PNPONH>*
G>=D=O* =K>=A>?* Y=DO>?>?O* B;>;KA=OI=L?D* dEhT/TSf_* <=>?@A=*
WD;B;K;K*%!%CAHD*L]FHRC*OGKIDG>*WD;B;KL=K*=K>=A>?*R]ONHOPDZ*
#C>@78
3O;I* CNOHACO* CKAHLH* E>=FA=* %!%CAHD* NHVCRHNC* =DIA=OI=L?DZ*
3O;I*CNOHACO*CKAHKCK*O=DLCRGHABG>CO*=>I*PECKLH*%!%CAHD*LCMHD*
=>I*PE>HDH*GD=K>=*R]ONHO*B;>;KA;@I;DZ*+=@*C>H*%!%CAHD*L]FHR>HDC*
=D=N?KL=* EGFCPY* R\KLH* `#S/a* L]FHRCKLH* CNI=PNPONH>* G>=D=O*
=K>=A>?*C>C@OC*B;>;KA=OI=L?D*dEhT/T"fZ*%!%CAHD*CNI=PONH>*G>=D=O*
=K>=A>?* G>A=N=* BC>H* 3IDC=>* 6CBDC>=NRGK* V=D>?M?KL=OC* R]ONHO>CMC*
LCOO=I*<HOCJCLCDZ*
!"#$!
!"#$%&'%&
P-167
P-168
#%&%(&)'*"$"+",)'*&%#%#-.*)&$%&-"!)$-/*#0(1"&$-1)'*
-2.)&1$')&*3%*'41"%2#%.)'"!)$-5*"'60*#020,0*
$%1&)&')=)2*6%>-?-*-#1%,-1*)$)1')&')*#%=&%@%2*(-&*
!"%,#*"'60#0*
$%&'()*+%,%+%-*!.*/0,)1*2%341*34,540*!.*67,871*9',*!.*
'+:%$'1*/0&;<:%2*".*):&=>:=,*+;,%34:*!.*8=%&*&;<%2&%?*!
%8,4*%23;,*!.*+'k)-*-%0,4),*!.*%,'*3=8=l*/-):*".*67,8%-*
&7:2/0*8=(%2*3
!#
$%&'%()*+,#-.)/+(0),+0)#,12#345-6,+0)#.7(8689)#4:;
$%&'%()*4,#-.)/+(0),+0)#,12#345-6,+0)#(4:*8:)4<.80,)5#
4:;
!#
"#
"#
<4=)#-.)/+(0),+0)#,12#345-6,+0)#.7(8689)#4>:
<4=)#-.)/+(0),+0)#,12#345-6,+0)#(4:*8689)#4>:
?#
<4=)#-.)/+(0),+0)#,12#345-6,+0)#'+&4,8689)#4>:
678795
678795
(%5%84,* @8ABACBDE* FGFHFIDE* JFIKLDLG* DBGABKFMDN.* OPCQFBNQDE*
KLRDBQGEDB* SA* ETQFALOARDEFMDNU* VDVWXL* FEDBDQ* CKEJKBKEAL* CKB*
YABAJKGAB* OABACBFSDOQZEAB* YDOGDEXQ[B\* :AOAOKR* RFBIP* FEDL*
(%:%84,* @8ABACBDE* FGFHFIDE* BAOAOKR* DBGABKFMDN.* OPCQFBNQDE*
KLRDBQGEDB*SA*ETQFALOARDEFMDNU*KOA*]KIJKVA*QDJDB*FEJPQ^D*ALJAB*
CKEJKBKEAL*SA*OABACBDE*CPEWPEDB*JX]XLJD*RDBQEX*QEKLKQ*THAEEKQEABKL*JA*
FEJP_P*CKB*RFBIPJPB\
<;)18* 8ALJBFIP.* MEDHID* YZeBA* JKOQBDHKOK* FEDL* YDOGDEDBJD.*
MFEKLTBFMDN.* FBWDLFIAWDEK.* ALJFQBKLFMDN.* IFLFQEFLDE*
WDIFMDN* SA* JABK* JA_K]KQEKQEABKLJAL* FEP]DLc* LDJKB* WTBZEAL.*
OXQEXQED* FOGAFOQEABFNQ* IVAEFIED* CKBEKQGAEKQ* WTOGABAL*
IPENOKOGAIKQ* CKB* YDOGDEXQ[B\* ,KGABDGZBJA* DEG* AQOGBAIKGA*
DBGABEABKLK* SA* QFBFLABEABK* AGQKEAVAL* GBFICFHEDBED* <;)18*
CKBEKQGAEK_K* OXQ^D* CKEJKBKEIAOKLA* BD_IAL.* OABACBFSDOQZEAB*
YDOGDEXQEDBED*KEK]QKOK*LDJKB*WTOGABKEIK]NB\
":;<5
3DQED]XQ*KQK*VXEJXB*OD_*GDBD`D*WZ^OZHEZQ*SA*AEEABJA*PVP]PQEPQEDBX*
FEDL*ab*VD]XLJD*QDJXL*YDOGD.*VDQXLIDEDBXLXL*WKJABAQ*KEABEAIAOK*
LAJALK* KEA* CD]SPBJP\* /HWA^IK]KLJAc* "d* VXEJXB* CAE.* CKB* VXEJXB*
CFVPL* D_BXEDBX* FEJP_PLP* SA* KQK* VXE* TLeA* CAE* D_BXEDBX* LAJALK* KEA*
DIAEKVDG*FEJP_PLP*CKEJKBJK\*-TBFEFfKQ*IPDVALAJA*JABKL*GALJFL*
BAgAQOEABK* CKEDGABDE* ZOG* SA* DEG* AQOGBAIKGAEABJA* eDLEX* KJK\* 8D_JD*
YAIKMDBAHK.* CKEDGABDE* $FRIDL* SA* +DCKLOQK* BAgAQO* MFHKNgK_K*
SDBJX\* 8KOGAIKQ* IPDVALAOKLJA* FBGD* JABAeAEK* DEFMAOK* WTBZEJZ\*
8ABSKQDE* SA* EFICAB* 1:6hJA* @IDLVANQ* BAHFLDLO* WTBZLGZEAIAU*
VDVWXL* JKOQ* i[QED]IDEDBX* SA* SABGACBDEDBJD* JAfALABDOVFL*
CPEPLJP\* 2BDLKDE* 1:6* GAGQKQKLJA* VDVWXL* DQ* IDJJA* EAHVFLP* KEA*
PVPIEP* KLGALOKGA* JA_K]KQEK_K* SDBJX\* +KEDGABDE* GAIMFBDE* MFEEABJA*
JA*KLGALOKGA*JA_K]KQEKQEABK*JKQQDG*^AQKVFBJP\*+AVKL*ODMX.*GDEDIPO*
SA* OPCQFBNQDE* CTEWAEABJA* QZ^ZQ* QKONQ!KOQAIKQ* DEDLEDBXL*
SDBEX_X* JK_AB* WTBZLGZEAIA* CPEWPEDBXLD* A]EKQ* AJKVFBJP\* (%5%84,*
D^XOXLJDL* CDQXEDL* -FGeY#* WAL* IPGDOVFLP* GAOMKG* AJKEIAJK\*
2EKLKQ.*WTBZLGZEAIA*CPEWPEDBX*SA*LAWDNR*-FGeY#*WAL*IPGDOVFLP*
CPEWPEDBX* CKB* DBDJD* JA_ABEALJKBKEJK_KLJA* YDOGD* (%:%84,* FEDBDQ*
JA_ABEALJKBKEJK* SA* DKEAVA* WALANQ* KLeAEAIA* MEDLEDLJX\* &DB[]IDj*
(%:%84,c* FGFHFIDE* BAOAOKR.* ALJAB* WTBZEAL.* kDMFL* XBQXLD* OXLXBEX*
FEJP_P* CKEJKBKEALc* ABQAL* SABGACBD* JAfALABDOVFLP.* DEFMAOK.* SA*
OABACBDE* 1:6hJA* VDVWXL* CAVDH* eASYAB* JA_K]KQEKQEABK* GBKDJXLXL*
CKBEKQGA* FEJP_P* OABACBDE* SDOQZEAB* CKB* YDOGDEXQ[B\* ;EJPQ^D* ALJAB*
CKEJKBKEAL* CKB* YDOGDEXQ* FEPM.* kDMFL* XBQX* JX]XLJD* CKEJKBKIK* ]KIJKVA*
JAQ* VDMXEIDIX][B\* (%5%84,* JZ]ZLZEAL* YDOGDEDBXL* SABGACBD*
JAfALABDOVFLP* SA* DEFMAOK* D^XOXLJDL* JD* JA_ABEALJKBKEIAOK*
YDOGDEX_XL*DGEDLIDIDOX*D^XOXLJDL*CZVZQ*TLAI*GD]XIDQGDJXB\*
":;<5
mn*VD]XLJD*QDJXL*YDOGD.*OD_*SZePG*VDBXOXLJD*YKOOKHEKQ.*WZ^OZHEZQ.*
QFLP]IDJD* MAEGAQEA]IA* ]AQEKLJA* GAQBDBEDVDL* KOQAIKQ* DGDQEDB*
KEA* CD]SPBJP\* /HWA^IK]KLJA.* a\d* DV* TLeA* GDLX* DEJX_X* <;)18*
8ALJBFIP.* JKDCAN.* YKMABGDLOKVFLP.* YKMABEKMKJAIKOK* SA*
$DOYKIDGF*NBFKJKN*IASePoP\*-TBFEFfKQ*IPDVALAJA*JKHDBGBKOK.*
CKEDGABDE*MDMKETJAIK.*OD_*ZOG*SA*DEG*AQOGBAIKGAJA*ABQAL*JZ]IAOK*
SDBJX\* ,DCFBDGPDBJD* GBFICFOKGFHP.* YKMABpCBKLFfALAIKOK*
IASePoP.* 4-:hOK* a\qrhJK\* +AVKL* 1:6hJA* OFEJD* RBFLGFMDBVAGDE*
OPCQFBNQDE* CAVDH* eASYAB* DEDLEDBXLJD* DQPG* KOQAIKQ* FJDQEDBc*
+AVKL* SA* 8PMBDDFBNQ* 1:%hJD* OFE* KLGABLDE* QDBFNJ* DBGAB*
QDEKCBDOVFLPLJD* KLeAEIA* SA* CKEDGABDE* FBGD* OABACBDE* DBGAB*
FBfKLEABKLJA*FQEZHVFL*IASePoP\
$A8B9CA5
<;)18* 8ALJBFIEP* FEWPEDBJD.* DBGABVAE* YDODBXL* IPYGAIAE*
IAQDLKHIDEDBX* FEDBDQc* IKQBFDLfKFMDNQ* SDOQZEKNQ* GPGPEPI.*
GBFICFOKGFH.* MBFKLgDIDGPDB* OKGFQKLEAB* SA* YKMABpCBKLFfALAIK*
TLA*OZBZEIZ]GZB\*$DOGDLXL*GAQBDBEDVDL*KOQAIKQ*DGDQEDBXLXL.*FBGD*
OABACBDE* DBGABJAQK* FQEPHVFLD* KQKLeKE* YAIFJKLDIKQ* VAGIAHEK_A*
CD_EX* FEJP_P* JZ]ZLZEJZ\* +P* FEWPJD* FQEPHVFLPL* DEoD* VDGDL*
KIIZLFEFKfQ* OZBAeA* IK.* VFQOD* JKDCAG* SA* YKMABEKMKJAIKVA*
OAQFLJAB* DGABFOQEABFHD* IX* CD_EX* FEJP_PLP* OTVEAIAQ* WZ^GZB\*
5KZBANQ* QPEEDLDL* SA* THAEEKQEA* DVD_D* QDEQ[_XLJD* DGDQ* WA^KBAL*
YDOGDEDBJD.* WA^KeK* KOQAIKQ* DGDQEDBXL* YAIFJKLDIKQ* QTQALEK*
FEID* KYNIDEKLKL* VZQOAQ* FEJP_P* SA* AQOGBDQBDLKDE* JFED]XIJD*
CKB* MDGFEFfK* KEA* QDB]XED]XEIDHOD.* AGVFEFfK* D^XOXLJDL* KLGBDQBDLKDE*
JFED]XID*JD*CDQXEIDOXLXL*TLAIEK*FEJP_PLP*SPBWPEDIDQ*ZHABA*
CP*SDQDVX*OPLIDVX*PVWPL*CPEJPQ\*
!"##!
!"#$%&'%&
P-169
P-170
!&"(#)*+',-%*.&,(/&/0/,"'1.'+&/23+,24&"'"5)(,
6+#$+'/('+&7,#$&"(,)'(,#/&+3+,
(+&3)>+(,G%,"(H'%&,$.$.'.*'+,1)3%2,$%*!"&+',
+&$%&)$7,"'1.,#.2.*.,
%&'()%*+,%-.*!/*0123&*0-4&%*!/*5678-9-*0-4&%*"/*
5-456.1*6.-:*3/*7&;1'*3-.0,<-=*!
76-8*3-5,0',*!/*51.n15*;-3,.*!/*8i%(-;-n*o656.o6*3/*
KAYA SARAÇ "/*p:<1%*3-5,0',*!/*o15-'*p:o-%*!
$%&'()(#*+,-(./,'(/,0#'1)#2%3*&'(/,0#+4.5&56,#%+%7,&,$#
8%&1
"#
$%&'()(#*+,-(./,'(/,0#'1)#2%3*&'(/,0#5.'5)(8,#%+%7,&,$#
8%&1
9#
$%&'()(#*+,-(./,'(/,0#'1)#2%3*&'(/,0#%:,&#%+%7,&,$#8%&1
,+4+*#*+,-(./,'(/,#'1)#2%3*&'(/,#+4.5&56,#%8
,+4+*#*+,-(./,'(/,#.%8;5&56,#%8
9#
,+4+*#*+,-(./,'(/,#<4=#%8
!#
!#
"#
"DEC7
+89:7
&>?@A* BCD* E@FGFHIC* C@JKLD* MNJ?MOM@MP* M@CHLHLH/* O@MQNAKC>*
R?KF@* QL@LSL* @ANQAHA* GTBTQ* M@CHIC* C@JJL@ILSL* GA>AHK?QJ?IA@U* ;F*
M>EF>C@ICQA* Q@MHAQ* HV@M>MWAQ* XCNJC>LQ>C@LH* Y?* QF>>CHL>CH* N?ICJAR*
?JQA>A*A>CZ>C@LH/*GF*IF@FKFH*E?>ADAKA*TP?@AH?*M>CGA>?[?Q*?JQA>?@A*
X?HTP*H?J*I?SA>IA@U*
1;<;:,=;,>?@A;87
\]]^!\]"]* BL>>C@L* C@CNLHIC* M@JMO?IA* Q>AHASAHI?* [?@@CXA* M>C@CQ*
KTICX?>?*?IA>?H*O@MQNAKC>*R?KF@*QL@LSL*M>EF>C@LHLH*QC@J*GA>EA>?@A*
E?@AB?*BVH?>AQ*M>C@CQ*I?S?@>?HIA@A>IAU*
BCDECD9<7
8MO>CK*__*M>EFHFH*#"`*AHI?*HV@M>MWAQ*XCNJC>LQ*VBQTNT*NCOJCHILU*
;F* M>EF>C@LH* BCD* M@JC>CKCNL* a^U"bc/_* M>FO/* QCILHd?@Q?Q* M@CHL*
"^d"#* M>C@CQ* GF>FHIFU* %V@M>MWAQ* XCNJC>LQ>C@ICHe* NJ@MQ* f* #c/*
I?KCHN* f* #\/* OC@QAHNMHAPK* f* "c/* Q@MHAQ* OM>AHV@MOCg* f* h/*
Y?@gEM*f*h/*?OA>?ONA*f*#*Y?*N?@?G@C>*QAJ>?*VBQTNT*AN?*f*#*M>EFIC*
NCOJCHILU* i>EF>C@LH* f* a"`* AHI?* NCHJ@C>* NAHA@* NANJ?KA* j777k`* H?*
?JQA>A*A>CZ*QF>>CHLK*VBQTNT*K?Y[FlFU*;F*A>CZ>C@e*f*\^*N?@MJMHAH*
E?@A*C>LK*AHXAGAJV@T/*f*\\*CHg?OA>?OgQ/*f*"a*>?YMIMOC/*f*""*
IMOCKAH*CHJCEMHANg*Y?*f*^*G?HPMIACP?OAH*M>C@CQ*GF>FHIFU*
8?KOM@C>* C@J?@AJ* j8-k* Y?BC* I?Y* XT[@?>A* C@J?@AJ/* GTBTQ* Y?* M@JC*
ZCO>L* C@J?@>?@A* JFJCH* AHqCKCJFYC@* GA@* YCNQT>Am@U* 4CNJC>LQ*
NANJ?KAQ* M>C@CQ* GA@ZMQ* C@J?@A* ?JQA>?N?* I?/* QC@CQJ?@ANgQ*
RM@KFHIC* J?KOM@C>* C@J?@A* Y?* QC@MgN* C@J?@>?@AH* IAS?@* ?QNJ@C*
Q@CHABC>*IC>>C@LHL*JFJC@U*<CXC*CP*M>EFIC*Q>AHAQ*JCG>M*IAS?@*C@J?@*
JFJF>FK>C@L* A>?* GCD>CBCGA>A@U* n?JKAD* C>r* BCDLHIC* ?@Q?Q* XCNJCIC*
CQFJ* QM@MH?@* N?HI@MK* JCG>MNF* A>?* QM@MH?@* NJ?HJ* J?ICYANA*
BCOL>KLD/* JCQAG?H* GA@* CB* AZAHI?* CHA/* AQA* JC@CqL* EV@K?* QCBGL*
M@JCBC* ZLQKLDrU* o.s* Y?* N?IAKCHJCNBMH* I?S?@>?@A* BTQN?QgU*
itC>KM>MWAQ* KFCB?H?* Y?* RFHIFN* qFM@?N[?AH* CHWABME@CuNAHI?*
GA>CJ?@C>* NCHJ@C>* C@J?@* rQCHLQ>LSL* NCOJCHILU* ;8* CHWABME@CuNAHI?*
NCS*Y?@J?G@C>*C@J?@*Y?*NCS*AHJ?@HC>*QC@MgN*C@J?@I?*MQ>TPBMH/*NM>*
AHJ?@HC>* QC@MgN* C@J?@I?* f_]* NJ?HMP* NCOJCHILU* 8?KOM@C>* C@J?@*
GABMONANA* J?KOM@C>* C@J?@AgN* A>?* FBFK>F* AIAU* 7J?@MAI* J?ICYANAHA*
JCQAG?H*?@Q?H*IVH?KI?/*NM>*AHJ?@HC>*QC@MgN*C@J?@AH?*I?*NJ?HJ*
J?ICYANA* FBEF>CHILU* i>EF* vCQFJ* QM@MH?@* N?HI@MKw* JC@PLHIC*
CgOAQ*GCD>CHEL[L*Y?*GF*IF@FKIC*?@Q?H*JCHLHLH*VH?KA*CZLNLHICH*
NFHF>KCBC*I?S?@*GF>FHIFU
#F@C:7
i>EF>C@LKLPICQA* BTQN?Q* M@CHICQA* HV@M>MWAQ* XCNJC>LQ* VBQTNT/*
GF*XCNJC>LQ>C@LH*ITDK?*Y?*GFHC*GCS>L*QL@LQ*@ANQAHA*BTQN?>mSAH?*
ADC@?J* ?I?GA>A@U* ;F* XCNJC* E@FGFHIC* 777`* H?* ?JQA>A* A>CZ* QF>>CHLK*
M@CHL*IC*BTQN?Qg@U*;F*IF@FKFH*GCSLKNLP*GA@*@ANQ*RCQJV@T*M>FO*
M>KCILSLHLH*NCOJCHKCNL*AZAH*A>?@A*ZC>LDKC>C@C*AXgBCZ*YC@IL@U*
!"#$!
!"#$%&'%&
P-171
P-172
()*)#+',$)-.#.,)')-,*/&$,"'01,
0%-%$+;,<)'.=>)#.,+'%,#1-1')-,()*)#+'5,"'01,#1-1>1,
%&'()*+,)-*!.*'/0/1*(23242*!.*)5()*'6-7),*!.*)'8/5*+,9&*!.*
%:8&4);*'6-7),*".*<)8/*4=%3/8*'6-7),*"
7g9&*3=k)3. 0&-()*+,%)c28.*+,-&7*+,;g53.*3)'6c)8*
/-/k.*+8(&5*/0*
!#
$%&'()#*)(+%&'(,%'(#,-.#/01*2,%'(#)3&4245(#06
$%&'()#*)(+%&'(,%'(#,-.#/01*2,%'(#7(',4245(#+%#
%$8&(94245(#06
$0&$0&0#*)(+%&'(,%'(#,-.#/01*2,%'(#)3&4245(#086
"2345
4)()06-.* "[:* S@FHF\FHDJ* 8=;4c#* U?JIJR?* H?MRBJB* U?C?J*
HDEBGMFJCB@* GFJDOD* FCDVD@:* 3@BJIBC* 759* ADCUDCB@X* IC?* PKIS*
SCIJIS*A?CI@PC?@*LBGEBCXWXJXJ*EBJXJHBGXJRB*MB@RXHOXRX@:*3CIJIS*Y?*
Ua@_JE_C?H?*ADCUDCB@X*IC?*4)()06-*R_V_J_C?J*Y?*EBJXGX*U?J?PS*
IJO?C?H?*IC?*SFJDCBJ*AI@*LBGEB*GDJDCHDVED@:
"#
)?@A5
4)()02-* >4?@?A@BC* )DEFGFHBC* (FHIJBJE* )@E?@IFKBELM* NIEL*
0DAOF@POBC* 6JQB@OEG* BJR* -?DSF?JO?KLBCFKBELMT* GDASF@PSBC*
IGS?HIS*IJQB@SECB@.*HIU@?J*PKI*ABV*BW@XCB@X*Y?*R?HBJGCB*F@EBMB*
ZXSBJ.* "[:* S@FHF\FHRB* JFEOL#* U?JIJR?* HDEBGMFJCB* ICIVSICI*
FEF\FHBC* RFHIJBJE* AI@* LBGEBCXS]@:* ;BJX* U?J?PS* IJO?C?H?R?*
"[:* S@FHF\FHRB* JFEOL#* U?J* HDEBGMFJD* GBKEBJHBGXMCB* Y?MB*
KBEFCF^IS* IJO?C?H?R?* S_Z_S* Y?* F@EB* ZBKCX* B@E?@C?@IJ* EDJISB*
H?RIBGXJRB*U@BJ_C?@*FGHIF`CIS*HBE?@MBCIJ>9=7T*?SGE@BG?CC_C?@*
R?KFCBJHBGXJXJ*UaGE?@ICH?GI*IC?*SFJDCD@:
"234,6785
#b*MBVXJRB*SBRXJ*LBGEB*ISI*MXC*aJO?*ABVCBMBJ*HIU@?J*SB@BSE?@IJR?*
BW@X* BEBSCB@X* IC?* ABVYD@RD:* cBGEBMB* Z?SIC?J* G?@?A@BC* 75dRB*
AICBE?@BC* LIK?@IJE?JG* C?\MFJCB@X* 4)()02-* IC?* DMDHCD* ADCDJRD:*
cBGEBJXJ* BJJ?GIJR?* R?* A?J\?@* ABV* BW@XGX* BEBSCB@X* FCRDWD*
aW@?JICRI*Y?*MBKXCBJ*G?@?A@BC*759*4)()02-*IC?*DMDHCDMRD:
"234,97:5
ef* MBVXJB* SBRXJ* LBGEB* $* MXCRBJ* A?@I* FCBJ* ABV* BW@XGX* Y?* SFCRB*
DMDVHB* BEBSCB@X* IC?* ABVYD@RD:* cBGEBMB* MBKXCBJ* G?@?A@BC* 759*
4)()02-*IC?*DMDHCD*ADCDJRD:*cBGEBJXJ*G?SI\*SB@R?VIJIJ*FCRDWD*
aW@?JICRI:*3B@R?VC?@IJ*A?VIJ?*G?@?A@BC*759*MBKXCRX:*gZ*SB@R?V?*
759* MBKXCBHBRX:* %ISBM?P* FCHBMBJ* SB@R?VC?@R?J* AI@IJR?* R?*
4)()02-* IC?* DMDHCD* C?\MFJ* GBKEBJRX:* <DCUDCB@h* cBGEBCB@XJ*
EBHBHXJB* OICE* AIMFKGIGI* MBKXCRX* Y?* EDJISBH?RIBRB* U@BJ_C?@*
FGHIF`CIS* HBE?@MBCIJ>9=7T* ?SGE@BG?CC_C?@* R?KFCBJHBGX*
GBKEBJRX:* ;B@]VHBh* 4)()02-* ABVBW@XGX* Y?* IJH?* ?KI\FECB@X* IC?*
ABVYD@BJ* LBGEBCB@RB* R_V_J_CH?GI* U?@?S?J* AI@* AF\DSCDSED@:*
9=7* GBKEBJHBGXJXJ* EBJXRBSI* RDMB@CXCXWX* i"jj* IS?J.*
a\U_CC_W_* i"jjd?* DCBVHBHBSEBRX@:* 4)()06-* LBGEBCB@XJXJ* OICE*
AIMFKGIC?@IJR?* 9=7dIJ* UaGE?@ICH?GI* U?J?PS* ZBCXVHBCB@* SBRB@*
EBJXGBCRX@:*
"2345
&CCI*MBVXJRB*?@S?S*LBGEB*GFJ*"*MXCRX@*IC?@C?M?J*SIVICIS*Y?*RBY@BJXV*
R?WIVISCIWI.*RDMUDRD@DH*AF\DSCDWD.*GKFJEBJ*SFJDVHBRB*B\BCHB*
Y?* MB\X* MB\HBRB* AF\DCHB* MBSXJHBCB@X* IC?* ABVYD@RD:* )M@XOB.*
B@BCXSCX* FCDK* R_\?CH?* UaGE?@?J* ?SGE@?HIE?* SDYY?EGI\CIWIJR?J*
MBSXJXMF@RD:*7IU@?J*aMS_G_*J?UBPlI:*8a@FCF^IS*HDBM?J?GIJR?*
GKFJEBJ* SFJDVHBGX* MBYBV].* S?CIH?* GBMXGX* B\BCHXV]* Y?* CIE?@BC*
KB@BQB\IS* LBEBCB@* MBKXMF@RD:* 0FMDE* R_V_JO?GI* AF\DCHDVED:*
2R?FHFEF@* BK@BSGIGI* H?YODmD:* 770;hn$o#j* IS?J.*
Ja@FKGISFCF^IS*E?Gm?*Q@FJEBC*IVC?YC?@R?*F@EB*R?@?O?R?*?ESIC?JIH*
GBKEBJRX:* 3@BJIBC* 759dR?* ;n* Y?* 1-)65* G?SBJGCB@RB* AICBE?@BC*
K?@IY?JE@IS_C?@*Y?*GDK@BY?JE@IS_C?@*R_\?MR?*GDASF@PSBC*A?MB\*
O?YL?@R?*AI@C?VH?*?WICIHI*UaGE?@?J*S@FJIS*IGS?HIS*R?WIVISCISC?@*
Y?*E?HKF@BC*CFA*IC?*?SGE?@JBC*SBKG_CR?*LIK?@IJE?JGIE?*GBKEBJRX:*
75)dRB* KBEFCF^I* MFSED:* &JQ?SGIMF\* Y?* YBGS_CIPS* A?CI@C?MIOIC?@*
J?UBPlI:* cBGEBJXJ* GFMU?ZHIVIJR?* BJJ?GIJR?* HIU@?J* A?J\?@I*
ABVBW@XGX.* SB@R?VC?@R?* KGISIMBE@IS* LBGEBCXS* aMS_G_* H?YODmD:*
'BKXCBJ* (8)* BJBCI\IJR?* 8=;4c#* U?JI* e:* ?S\FJDJRB* ADCDJBJ*
9"$n4* J_SC?FPRIJR?* L?E?@F\IUFE* R?WIVIH* GBKEBJRX:* cBGEB*
BJPBU@?UBJ*Y?*BJPR?K@?GBJ*E?RBYI*IC?*EBAD@OD*?RICRI:
$@BCD?@5
4)()06-* LIK?@EBJGIMFJ* Y?* BE?@FGSC?@F\* FCHBSGX\XJ.* S_Z_S*
RBHB@* LBGEBCXWXJB* ABWCX* A?MB\* O?YL?@* EDEDCDVD* IC?* G?M@?R?J*
FEF\FHBC*RFHIJBJE*U?ZIVCI*AI@*BJ^IMFKBPRI@:*)IC?*LISBM?GI*FCDK*
E?S@B@CBMXOX* IGS?HIS* IJH?.* R?HBJG.* RDMUDRD@DH* AF\DSCDWD*
Y?oY?MB*BD@BCX*HIU@?J*aMS_G_*FCBJ*LBGEBCB@RB*R_V_J_CH?CIRI@:*
)JOBS.* AI\IH* FCUDHD\RB* FCRDWD* UIAI* BIC?* LISBM?GI* FCHBMBJ*
AI@?MC?@R?* SCIJIS.* 759* ADCUDCB@XJB* ABWCX* FCB@BS* BMX@XOX* EBJXRB*
BSCB* U?CH?CIRI@:* <?MIJ* 759* E?ESISI* MaJC?JRI@IOIRI@.* S?GIJ* EBJXGX*
R?@I* AIFKGIGI* >S_Z_S* RBHB@CB@RB* U@BJ_C?@* F\HF`CIS* HBE?@MBCT*
Y?MB*U?J?PS*IJO?C?H?*IC?*SFJDCD@:*
!"#$!
!"#$%&'%&
P-173
P-174
()*)(+,"&#-'+!".$/.+/#(%0/1%+2-3'4+2/'-$%&-'+
5"&/6".$-'+(".789%+2-(4:+;%'</+=%+(".=%&7-.#+
2"68('838+
8./'-$%&-'+!".#+/.;-&($4+#".8<8+9%'/:%.+H-''%&/-.+
,%7%.%&-#1".-+2-3'4+2/'-$%&-'+2&-(/180+!".$/#+
'%61".8+
%&'()*+,-*(./0+1 23405*6,-2*7+8)9,1*%047:*06;0+*
)9P)*)67'./4,1 +743Q)-*5)i74.2*a0-4091*./,';0+*
j.a0+1*-)''0+*2,+8051*90-0*'0-6.*a0;0-*
!"#!$%&'&'($)%*+!'!#%&$&,'-$#&%.&/'&0*/!%12%03$4546!%
)5!0!+!
!/'&0785%(0!9*$/!'*/!:%!/'&0785%'-;%<&)(5'*/!:%03$4546!%
&0&7!5!#%=&5-
9>?>@A
:<=>?=* @<A>BC* DECFGF=@H* IHCJKH=* LFMFL* H=NBALOCBA1* P4Q1*
::-Q1* BD@?>H=>* MHLJA@HRJ* SH* NB>JLFCCHAJ=J* TB>BACBUBABL* IEV*
TBAHLHOCHAJ=@H*D<V?LC?RB*U<C*BMBDJCJACHAW
"BCDA
)CCJ*BCX*UBKY=@B*HALHL*TB>OB1*B=J*IHCJKH=*THA*JLJ*UB=B*DBLGB@B*
V<AC?L* SH* @H=IH>JVCJL* UBLY=GB>Y* JCH* >HASJ>JGJVH* UBXAYC@YW*
&ULF>F=@H=*UBLY=GB>Y=Y=*"*TBZB*E=[H*DBKCB@YRY1*>BR@B*YCYGCY*
\BA>JUHC* \HAJNHAJL* NB>JUBC* \BABCJVJ=J=* HKCJL* H]RJ* SH* @FVHC@JRJ*
ERAH=JC@JW* +EA<C<^JL* DBLY>Y=@B1* DJCBOHABC* O<OBC* T<AJV<=OBC* DBLYK*
NHC[J1* L<=SHA^B=>* U<LC?R?1* >BRB* BOBL>J* >B\OB=@Y1* <LFC<>HNBCJL*
AH_HL>* HC@H* H@JCHGH@JW* -?`=* LB=* OHOLJLCHAJ1* `A<J@* N<=N>JU<=*
OH>OCHAJ1* \HAJNHAJL* UBUGB1* SJOBGJ=* a"b* SH* N<CJL* B>JO* =<AGBC@JW*
.O<B=`L<ACBAY1*OFGEA*DHCJAOHMCHAJ1*;cd1*d(-41*-:-1*aA?>HCCB*SH*
9BCG<=HCCB* OH>OCHAJ1* %e"D* B=`L<A?* =HIB`Nf* B=`* ;a>* B=`L<A?*
SH*B=`!;0d*\<VJ`ZJW*a.9*D?CI?CBAY*=<AGBC1*>JO<C<^J>J*DH=JI=@J1*
LFCOFACHAJ=@H* FAHGH* <CGB@Y1* 0-a* =HIB`ZJ1* <CJI<LC<=BC* DB=@*
>B\OB=GB@Y*SH*cI%*J=@HL>J*=<AGBC@JW*6<=OAB>OCY*LAB=JUBC*P-%g*
@H* >BR* >HAHDHCCBA* THGJ>NHA@H1* >BR* >HAHDHCCBA* \H@J=LFC@H* SH*
@<A>BC* LB?@BC* \<=>OB* J>LHGJL* CHVU<=CBA* >B\OB=@YW* 6AB=JUBC*
P-* B=^J<IABh>J=@H* SHAOHDA<DBVJCHA* >J>OHG* SH* >HAHDABC* B=B*
@BGBACBA@B* O<A`U<>JOH* JVCH=@JW* 6aa* DBLY>Y* SH* =BV<NBAH=L>*
DJU<\>J>J* =<AGBC@JW* )6.g>?=@B* ><C* SH=OAJLFC@H* >HIGH=OBC*
TBAHLHO*L?>?A?1*L<=>B=OAJL*TJ\HAOA<h*SH*@JUB>O<CJL*@J>N<=L>JU<=1*
B<AO* LELF* SH* B>>H=@B=* B<AOB@B* @JCBOB>U<=* D?C?=B=* TB>OB=Y=*
>HASJ>*JVCHGJ=@H*TJ\HAOB=>JU<=*>B\OB=@Y*SH*OB@BSJ>J*@FVH=CH=@JW*
7VCHG*>YAB>Y=@B*>HAHDHCCBA*D?CI?CBAY*@FVHC@J1*#*BU*><=AB*\<CJLCJ=JL*
L<=OA<CF=H* IHCH=* TB>OBGYVY=* IEV* D?CI?CBAY=Y=* @B* @FVHC@JRJ*
>B\OB=@YW
$E?F@GEA
:<=`=* OHIGH=O?G* T<AJV<=OBC* IEV* TBAHLHOCHAJ=J* L<=OA<C* H@H=*
=EABC* UB\YCBAY* JMHAJAW* (<A>BC* LB?@BC* \<=>OB* NB>JUBC* L<CCJL?C?>CBA*
BAB>Y=@B* UHACHKH=* LFMFL* H=NBALOCBA1* \<=`=* OHIGH=O?G@B=*
IHCH=* U<CCBAY* TB>BACBUBABL* DJCBOHABC* IEV* TBAHLHOCHAJ=@H*
D<V?LC?LCB*DJACJLOH*NB>JUBC*>J=JA*NHCMCHAJ=H*@H*U<C*BMBDJCJAW*aJVJG*
<CI?G?V@B* @B* LY>B* >FAH@H* @FVHCH=1* \BA>JUHC* YCYGCY* \HAJNHAJL*
NB>JUBC*\BABCJVJ*EULF>F*SBA@YW*.CI?G?V?=*>HAHDHCCBA*D?CI?CBAY*J>H*
>HAHDHCC?G@BLJ*SH*>HAHDHCCBA*\H@J=LFC@HLJ*CHVU<=CBAB*DBRCB=@YW*
!"#$!
"BCDA
kBCCHAJB=* @H^H=HAB>U<=1* =EA<=* TB>BAY* UB* @B* BL><=* LH>J>J*
><=AB>Y=@B* @J>OBC* BL><=BC* >HIGH=lH* IHCJKH=* JCHACHUJ[J*
BUAYKGB*SH*@HGJUHCJ=JVB>U<=*>FAH[J@JAW*2HGHC@H*\HAJNHAJL*>J=JA*
CHVU<=CBAY=B* EVIF* <CGBLCB* DJACJLOH* GHALHVJ* >J=JA* >J>OHGJ=J=*
OABLO?>* SH* CJ_HAJ=@H* @H* IHCJKHDJCGHLOH@JAW* mn* UBKY=@BLJ* HALHL*
TB>OB*><C*OBABN*IFM>FVCFRF=F=*BAOGB>Y1*UFAFUHGHGH*SH*\HCOHL*
L<=?KGB*UBLY=GBCBAY*JCH*DBKS?A@?W*;B>OB@B*n*BU*E=[H*>BR*DBVJ>*
\<=`>* J=NBAX=B* DBRCY* ><C* THGJ\BAHVJ* IHCJK`RJ1* TJ\HAOB=>JU<=?1*
IHMJAJCGJK*GU<LBA@*J=NBALOF>F1*L<A<=HA*BAOHA*TB>OBCYRY1*\HAJNHAJL*
@BGBA*TB>OBCYRY*EULF>F*<C@?R?*ERAH=JC@JW*+EA<C<^JL*G?BUH=H@H*
><C* >\B>`L* THGJ\BAHVJ* SBA@Y1* @JVBAOAJL* L<=?K?U<A@?W* ;B>OB=Y=*
LAB=UBC* P-* J=[HCHGH>J=@H* H>LJ* CHVU<=?=* L<GK?C?R?=@B*
\BABGH@JB=* \<=>* UHACHKJGCJ* BL?O* >HG\O<GB`L* J=NBALO* JCH* JCL*
J=GH*@E=HGJ=@H*UB\YCB=*P-*J=[HCHGH>J=@H*@JLLB`*MHLGHUH=*
THA* JLJ* DABLJU?G* \<=`>OH=* >HAHDHCC?GB* @<RA?* ?VB=B=* 2b* SH*
Q40c-*LH>JOCHAJ=@H*TJ\HAJ=OH=>*DECIHCHA*IEAFC@FW*P-*B=^JU<IABh*
J=[HCHGH>J=@H* SHAOHDABC* BAOHA* do* \BAMBCBAY* JCH* DBVJCHA* BAOHA*
@<CJL<HLOB`L* IEAF=FG@HU@JW* 6BA@JUBL* HOU<C<^J* >B\OB=GBUB=*
TB>OB1* JLJCJ* B=`BIAHIB=* OH@BSJ* JCH* JVCH=GHUH* @HSBG* H@JC@JW*
6<A`L<\<=O<>HAHDHCCBA* U<CCBA* \<=>?=* <AOB* TBp=@B* MB\ABV*
UB\BABL*LBAKY*>HAHDHCCBA*THGJ>NHAH*?CBKGBLOB@YAW*:<=>*CHVU<=?*
OHL* UB=CY* <C>B* DJCH1* MB\ABVCBKGB* =H@H=JUCH* D?* U<CCBA@BLJ*
@H^H=HAB>U<=*JLJ*UB=CY*SH*>JGHOAJL*<CGBLOB@YAW*a?*<CI?*JCH*\<=>*
J=NBALOCBAY=@B1*\<=O<>HAHDHCCBA*CJ_HAJ=*kBCCHAJB=*@H^H=HAB>U<=?*
><=?[?1*P-*IEAF=OFCHGH@H*THA*JLJ*DABLJU?G*\<=`>OH*>JGHOAJL*
>J=UBC*BAXKY=Y=*IEAFCHDJC@JRJ*S?AI?CB=GBLOB@YAW*
!"#$%&'%&
P-175
P-176
#%&%(&)'*+%,-.*#/,0#*$&"1(".'2*34*"'52,2,*
%$6"'"7/89*8'/,/8*+%*&):6"'"7/8*:%;%&'%,:/&/'1%#/*
J/(&"12#82'%&*:/#!')./6%*();'K*#%&%(&)'*%,J)8$*
"'52#2*
%&'()&(*+(,-&+!.+/-01-*+%2343+".+-56(**-7+-4-&+!.+0-8(,+
094%*+!.+1-*37+5-2:&+3.+;98%<+5%2'-=+".+>%7>%'+()(&+
?%832+!.+@1>-<+A<4%*+!.+<%5-7-'+'-=6%>3&+!
-&,(+'-0. 0(1(/+'->->.+-56(**-7+-4-&+
!#
)<=>?
$%&'(#)*%+(,-%.(-%#./0#123)'.(-%#*5,6'67%#2<8<$<
$%&'(#)*%+(,-%.(-%#./0#123)'.(-%#42-.2*(-%#*5,6'67%#
2*28%'%9#$2'/
"#
$%&'(#)*%+(,-%.(-%#./0#123)'.(-%#42-.2*(-%#,2$:6'67%#
2*28%'%9#$2'/
;#
$%&'(#)*%+(,-%.(-%#./0#123)'.(-%#42-.2*(-%#388#2*28%'%9#
$2'/
)<=>?
1BCBDCEF+ GBHIJ+ KLHMK+ NCOPDOJQ+ R181'S+ HETLC+ UICMFBH+ GB+
BCVBH+ NBTEGL+ LFB+ POCNEFLNB+ GB+ POCDLTLNBHLH+ EJEFWFEDLFPBKL+
HBTBHLXFB+ IHBPFLTLCY+ 5Q+ ZEF[\PETE+ 181']FL+ ^$+ _EKNEH[H+ VFLHLV.+
BNXOFO`LV.+FOVEFLJEKXOH+IJBFFLVFBCL.+NBTEGL+GB+aCOUHOJ+XIHMHTBH+
CBNCOKaBVbc+OFECEV+LHdBFBHTLY
5@A@>*B@*6CDE@<?
@dEV+effg!+7EJLCEH+ef"f+NECL_FBCL+ECEK[HTE+LJFBHBH+NMP+181']FQ+
OFUQFEC+ZEF[\PEXE+TE_LF+BTLFTL+GB+^$+181']FL+_EKNEH[H+TBPOUCEhV.+
VFLHLV.+CETXOFO`LV.+BNXOFO`LV+GB+aCOUHOKbV+IJBFFLVFBCL+LHdBFBHTLY+
(FGHFG=A?
5E\GQCQ+ EH[HTEVL+ \LVEXBNFBCL+ K[VF[V+ K[CEK[HE+ UICBi+ EVQN+ GBjGBXE+
KQDEVQN+DE\EkC[K[+Rl+gfYgS.+DLFLHZ+TBkL\LVFLkL+RlemYmS.+VQFEV+LFB+
LFULFL+XEV[HPEFEC+Rle"Y#S.+aECBJL+Rl"nY"S.+DE\+TIHPBKL+Rl"nY"S+
GB+ BaLFBabV+ HIDBN+ Rl"^YnS+ LTLY+ @FUQFEC[P[J[H+ l"fYopK[H[H+ NBV+
XEV[HPEK[+HICOFO`LV+TBhKLN+OFPEVK[J[H+VCOHLV+UMHFMV+DE\EkC[K[XT[Y+
7EKNEFEC[H+ #m]LHTB+ Rl$^YmS+ KLUPOLT+ KLHMK.+ en]QHTE+ NCEHKGBCK+
KLHMK+ Rlo"Y$S+ GB+ e"]LHTB+ KMaBCLOC+ KEULqEF+ KLHMK+ NQNQFQPQ+
Rl^^Y$S+ GECT[Y+ 181']FQ+ _EKNEFEC[P[J[H+ l^fY^]MHTB+ HICOFO`LV+
PQEXBHB+ KOHQdQ+ HOCPEF+ DQFQHTQY+ 1EaNEHEDLFBH+ BNXOFO`LV+
cEVNICFBC+K[VF[V+K[CEK[HE+UICBi+>'7/&+UBH+PQNEKXOHQ+RlemYmS.+
VCOHLV+ObN+VOPaFLVEKXOHQHE+DEkF[+FOVEF+BHcBVKLXOHFEC+Rle"Y#S.+
aQBCaBCLQPRl"$S.+ UBDBFLV+ Rl"eYgS+ GB+ FQaQK+ EHbVOEUQFEH+
aOJLbrLkLRl"eYgS+ LTLY+ 5LFLHZ+ DOJQVFQkQ+ RasfYf^oS.+ _BPOCE`LV+
LHcECVN+RasfYf"$S.+EHL+DE\FEHU[Z+RasfYfeoS+GB+_BPLaECBJL+GECF[k[+
RasfYf"nS+181']FL+_EKNEFECTE+ECNP[\+POCNEFLNB+LFB+LFL\VLFL+DQFQHTQY+
#IDF>?
/LDCOPQKVQFBC+ TLKaFEJL+ R/>6S.+ TLKaFEKbV.+ ENBCOPENIJ+ GB+
LHrEPENQEC+ OFPEXEH+ IJBFFLVFB+ UBHZ+ GB+ OCNE+ XE\F[+ VET[HFEC[+
BNVLFBXBH+ DLC+ EHULOaEbTLCY+ 1BCGLVOKBcEFLV+ />6.+ aOaMFEKXOHQH+
l"]LHTBH+EJ[H[+OFQ\NQCQCY+1LXE_FECE+OCEHFE+DBXEJFECTE+TE_E+K[V+
UICMFMCY+1BCGLVOKBcEFLV+/>6.+4"!e+GBCNBDCEF+VOCaQK+KBGLXBKLHTB+
VECObK+ ECNBCLHLH+ KBCGLVEF+ KBUPBHbHL+ BNVLFBCY+ />6]XB+ DEkF[+
KBCBDCEF+ LKVBPL+ UBHBF+ OFCEV+ EFqE+ XENEH+ ECNBCLXBF+ KNBHOJ+ GBXE+
ECNBCLBF+NCOPDOBPDOFLJP+LFB+LFL\VLFLTLCY
"GHF?
e"+ XE\[HTE+ BCVBV+ _EKNE.+ EHL+ \QQC+ VEXD[.+ KEk+ VOF+ GB+ DEdEVNE+
UMZKMJFMV+ \LVEXBb+ LFB+ VFLHLkLPLJB+ DE\GQCTQY+ 7EKNEH[H+ XEa[FEH+
HICOFO`LV+PQEXBHBKLHTB+TLJECNCLV+VOHQ\PEK[.+KEk+KEHNCEF+cEKLEF+
aECEFLJLKL.+KEk+MKN+GB+EFN+BVKbCBPLNBKLHTB+#jm+VEK+UMdM+PBGdQqQY+
5EDLHKVL+ KEkTE+ RtS]TLY+ 7EKNEH[H+ NEP+ VEH+ GB+ CQbH+ DLXOVLPXE+
TBkBCFBCL+ HOCPEFTLY+ ;BHZ+ LHPB+ BNXOFO`LKL+ EZ[K[HTEH+ LHdBFBHBH+
NCOPDOhFL+ aEHBFL.+ ONOLPPMH+ PECVBCFEC[.+ EHbcOKcOFLaLT+
EHbVOCFEC[.+ uCONBLH+ 4.+ uCONBLH+ 1+ TBkBCFBCL+ HOCPEFTLY?BVLFBH+
%2;+ GB+ %47@]KQHTE+ aENOFO`L+ KEaNEHPET[Y+ 7EKNEXE+ ZBVLFBH+
VCEHLEF+>&][HTE+KOF+cCOHNOaECLBNEF+FODTE.+KOF+VEQTEN+HQVFBQKNE+
EVQN+ BHcECVN+ KEaNEHT[Y+ 7EKNE+ XEa[FEH+ 61-+ LHdBFBPBKLHTB+ KOF+
ECNBCLE+VECObK+LHNBCHE+R34-S+KBCGLVEF+KBUPBHbHTB+NBKDL_+NEHBKL+
UICMHMPFM+ TMJBHFL+ TECF[VFEC+ KEaNEHT[Y+ 7EKNEXE+ />6+ NEH[K[+
VOHQFTQY
#IDF>?
1BCGLVOKBcEFLV+ />6+ ZOkQHFQVFE+ EKBPaNOPEbVbC.+ GB+ UBHBFFLVFB+
CEKNFEHWKEF+ OFECEV+ NEH[+ VOHQFQCY+ %H+ K[V+ OFECEV+ BVKNCEVCEHLEF+
VECObK+ECNBCLHTB+PBXTEHE+UBFLC.+GB+GEVEFEC[H+XEVFE\[V+lnf][HTE+
EHULOUCEhV+ OFECEV+ pNBKDL_+ TLJLKL]+ UICMHMPM+ KEaNEH[CY+ ;BHZ+
XBb\VLHFBCTB+ HETLC+ OFECEV+ UICMFBH+ KBCBDCEF+ BHcECVNFEC[H[H+
BNXOFO`LKLHTB+ZOV+cECVF[+HBTBHFBC+COF+OXHEPEVNE+OFQa.+/>6+DQ+
HETLC+ UICMFBH+ HBTBHFBC+ ECEK[HTE+ COF+ OXHEPEVNET[CY+ ;BHBFFLVFB+
DEXEHFECTE+K[V+UICMFBH+/>6.+DLJLP+GEVEP[JTE+OFTQkQ+ULDL+UBHZ+
XE\NE+ BCVBV+ _EKNETE+ UICMFPBKL+ EZ[K[HTEH+ KQHQFPEXE+ TBkBC+
UICMFTMY+
0BHL+DE\FEHU[ZF[+KQDEVQN+GB+VCOHLV+DE\EkC[K[+181']FL+_EKNEFECTE+
NBV+ HICOFO`LV+ XEV[HPE+ OFEDLFLCY+ 5Q+ _EKNEFECTE+ BCVBH+ NEH[+ GB+
EHbVOEUQFEH+ NBTEGL+ LFB+ 181']XB+ DEkF[+ POCNEFLNB+ GBjGBXE+
POCDLTLNB+EJEFEDLFLCY
!"#$!
!"#$%&'%&
P-177
P-178
#(')%*+,('-./''+*010*+-2+3'0-!($/($%&-+!"!'%.#(-
."&$(.+'-%*,+&.$+-2+3'0-(8"'%-)(#$+'-2+9+../::%$#(8'(3(7-2(&-"';/-#/*/1/-
%&'()'*+&'(,- .(/&'*&01)2(-*1&31&4*5&2&%(678-*%&3(8&*
9,&:-*472/)*9,+&1(:;<:)'*
4d:)'*+7e)'- 1&31&4*/f'&8*0&'72-*.)4(3*9,+)e-*
1&31&4*6):)57e2d*
!"#!$%&'&'($)%*+!'!#%,*%&$&-'.$#&
/&'&%0&12&$3&-&%*+!'!#%0&4'&5*4!%56$7879!%4*$,!4!:%
!4'&5;<8
"4567
(=>?@A?@=BC@D*AB>DEDE?B=*F"G!"HB=B*IDJK>J?@=*LBMINBO*@PE=IQD@?R*
E=* SRA* #!TUPEA@PD@?P@* VW?XDX?U%E=B=* >XQW?DE?* IDQ@D@?R=@*
A@?KR=*@PE=IQ*BYB=E*A@=@Q@C@*Z@[DR*@=B*ZXCXQE*L@C@>R*>ELPB>*
EPE=* ZB?* PJ?JQ@* CID* @Y@ZBDB?U* )PE=IQD@?* PRKR=P@* A@=@Q@C@*
CID* @Y@=* SEZEMDE?* VEZEDBA-* @=B* A@N@* BYB* Z@SR=Y* PE[BKBADBADE?B-*
A@=@Q@* PENEA>DE?B-* @=>BAI@VJD@SCI=* AJDD@=RQR-* SIDJ=JQ* CIDJ*
E=NEASBCI=D@?R-* ?@PCI>E?@MB-* >?@\Q@-* PB@ZE>BA* AE>I@SBPIO* PJ?U*
7>JO*PIAJO*C@KR=P@-*E?AEA*L@S>@*Z@K*@[?RSR-*SID*VWO*A@M@[R=P@*
PXKQE* \E* ZJD@=RA* VW?QE* C@AR=Q@SR* BDE* Z@K\J?QJK>J?U*
9CAXSX=PE* ZB?* VX=* W=]E* HG* QV^DRA* #* >@ZDE>* SBDPE=@NBD* @DQ@SR*
SI=?@SR* ]B=SED* BDBKAB* @?PR=P@=* @=B-* M@>D@CR]R* \@SRN>@* Z@K@[?RSR*
>@=RQD@=QRK>R?U* &QMI>@=S* PRKR=P@* L@S>@DRA* ZBDPB?BDQEQBK>B?U*
3@S>@=R=* =W?IDI_BA* QJ@CE=ESB=PE* SID* VWOPE* AEQIOBS-* MB>IO-*
SIDP@* RKRA* ?ENDEASB=PE* @O@DQ@-* @=BOIAI?B* \E* E=SE* SE?>DB[B*
S@M>@=QRK>R?U* 6E?EZ?@D* %4SB* =I?Q@D* ID@=* IDVJ=J=* Q@=CE>BA*
?EOI=@=S* VW?X=>XDEQESB=PE* SEDD@CR* PIDPJ?@?@A* SJM?@SEDD@?*
SBS>E?=@C@* JO@=@=* C@AD@KRA* "`a"ba"c* QQ* Y@MDR* BYE?BSB=PE*
LEQI?@_B*@D@=D@?R*VWODE=E=*SIDBP*DEOCI=J=*SID*A@\E?=WO*SB=XSE*
ARSQE=*B=\@OE*IDPJ[J*VW?XDQXK>X?U*;B>DE*SJM?@SEDD@?*SBS>E?=@CR*
P@?@D>>R[R* \E* IM>BA* AB@OQ@CR@@K@[RP@=* ZEDB?VB=* KEABDPE* Z@SR*
C@M>R[R*S@M>@=QRK>R?U*%J*VW?X=>X*MB>JB>E?*Q@A?I@PE=IQ@*Z@[DR*
MB>JB>E?*@MIMDEASB*BDE*JCJQDJ*ID@?@A*PE[E?DE=PB?BDQBK>B?U*/W?QE*
@D@=R*=I?Q@D*ID@=*L@S>@=R=*>XQ*LBMINBO*LI?QI=D@?R=P@*PXKXADXA*
S@M>@=QRK*\E*QEPBA@D*>EP@\B*Z@KD@=QRK>R?U*(ODEQB=PE*=W?IDI_BA*
QJ@CE=ESB=PE*PXOEDQE*VWODE=QBK>B?U*3BMINBO*Q@A?I@PE=IQJ*
ID@=*L@S>@QROP@*LBMINBO*@PE=IQJ=P@*A@=@Q@*C@M@]@A*ZBDB=E=*
E>CIDI_BA*=EPE=*IDQ@Q@SR*N@A@>*IDVJ=J=*ZB?*VX=*W=]E*SBDPE=@NBD*
@DQ@SR* SI=?@SR* =W?IDI_BA* ZJDVJD@?R=* I?>@C@* YRAQ@SR* \E* MB>JB>E?*
@MIMDEASB* VEDBKQESB* ZJ* PJ?JQJ=* SBDPE=@NBDE* Z@[DR* IDPJ[J=J*
PXKX=PX?QXK>X?U* 6EQM>IQ@>BA* S@[@D>RQP@=* W=]E* E>BCIDI_BA*
B=]EDEQE* C@MRDQ@SR=R=* W=EQB=B* \J?VJD@Q@A* \E* SBDPE=@NBDB=*
ZEADE=QEPBA*ZB?*C@=*E>ABSB=B*VWS>E?PB[B*BYB=*IDVJQJOJ*SJ=Q@CR*
JCVJ=*ZJDPJAU*
!"#$!
+<=>7
&KDBA* EPE=* Z@KA@* ZB?* =W?IDI_BA* PEgSB>* IDQ@ASROR=* AI?hA@D*
E=N@?A>@*Z@[DR*BOIDE*QI=IM@?EOB*L@AAR=P@*MEA*ZBDVB*ZJDJ=Q@C@=*
\E* SEC?EA* A@?KRD@KRD@=* \E* AID@CDRAD@* VWOPE=* A@YR?RD@ZBDE]EA* C@*
P@*MB?@QBP@D*ZJDVJD@?R=*@ODR[R*=EPE=B*BDE*ME?BNE?BA*M@>IDI_BDE?DE*
A@?RKi?RD@ZBDE]EA*ZB?*PJ?JQPJ?U
?@ABC<7
$T* C@KR=P@-* S@[* EDB=B* AJDD@=@=-* WOVEYQBKB=PE* WOEDDB[B* IDQ@C@=*
Z@C@=*L@S>@P@*@AK@Q*S@@>DE?B=PE*@=B*I?>@C@*YRA@=*S@[*@C@[R=P@*
AJ\\E>SBODBA*KBAjCEh*VEDBKQBKU*3@S>@=R=*=W?IDI_BA*QJ@CE=ESB=PE*
A?@=BC@D* @D@=* QJ@CE=ESB* =I?Q@D-* PBO* EADEQB=PE* AJ\\E>* klmH-*
@C@A*MD@=>@?*nEASBCI=J!PI?S@D*nEASBCI=J*"mH*ID@?@A*S@M>@=PRU*
4+8* S@[* >@?@o@* EAS>@=SW?* BPBU* p@>EDD@?* \E* @KBD* ?EnEASDE?B* S@[*
>@?@o@*LBME?@AhN*ID@?@A*@DR=PRU*8XOECED*\E*PE?B=*PJCJ*QJ@CE=ESB*
=I?Q@DPBU*+XKXA*@C@A*=EPE=B*BDE*S@[P@*S>EM@_*>@?OR=P@*CX?XCXKX*
\@?PRU* +B[E?* QJ@CE=E* ZJDVJD@?R* =I?Q@D* SR=R?D@?P@* BPBU* :Jh=*
D@ZI?@>J@?*B=]EDEQEPE*A@=*KEAE?B-*>I>@D*AIDES>E?ID*SE\BCEDE?B*\E*
EDEA>?IA@?PBCIV?@gSB* =I?Q@DPBU* ;@?PBC@A* B=]EDEQE* \E* A@?IhP*
@?>E?* 1:* @=_BIV?@gSB=PE* M@>IDI_B* S@M>@=Q@PRU* ;?@=B@D* 1:*
B=]EDEQEPE*PBNXOCI=*@[R?DRADR*VW?X=>XDE?PE*SID*M?ES@=>?@D*VC?JS*
QEPB@DB=PE*QI>I?*LIQI=AJDJSJ=*@D>*EAS>?EQB>ECE*@B>*ZWDXQE*
SR=R?D@=PR?RDQRK*AI?hAI!SJZAI?hA@D*AXYXA*ZB?*@AJ>*E=N@?A>*@D@=R*
S@M>@=PRU*1E\]J>*ADB=BA*>@ZDI=J=*1:/*PE*VW?XDE=*@AJ>*E=N@?A>*
@D@=R*BDE*JCJQDJ*IDPJ[J*PE[E?DE=PB?BDPBU
#DA6>-EC-?DF6<7
%J* \@A@* ZBOE* S@N* QI>I?* QI=IM@?EOB* ADB=B[B* BDE* Z@K\J?@=* LE?*
L@S>@P@*B=QE*CW=X=PE=*PBAA@>DB*B=]EDEQE*C@MRDQ@SR*VE?EAh[B=B*
>EA?@?* L@i?D@qU* 9OEDDBADE* AI?hA@D* SXME?gSBC@D* CE?DEKBQDB*
AXYXA* E=N@?A>D@?R=* %4* PE* VW?XDEQECEZBDE]E[B* L@r@* JCVJ=*
AESB>* @DR=Q@PR[R* >@APB?PE* 1:/* PE* P@LB* AID@CDRAD@* VWOPE=*
A@YR?RD@ZBDE]E[B*@ARDP@*>J>JDQ@DRPR?U*
Download