Transcript
"&'1* 4+ 438*387 5*6&8.3, 37869(8.437
378&11&8.43 37869(8.437
8B?>B0; !=5>A<0C8>=
=E8A>=<4=C0; 'A>C42C8>= >=B4AE0C8>= !BBD4B
4=4A0; )054CH !=BCAD2C8>=B
.>DA %4F -0B78=6 $0278=4
45>A4 +B8=6 .>DA -0B78=6 $0278=4 >A C74 8ABC *8<4
'A4?0A8=6 )>AC8=6 0=3 #>038=6 C74 #0D=3AH
#0D=3AH 4C4A64=CB 0=3338C8E4B
)4;42C8=6 'A>6A0<<4B
-0B78=6
-74= C74 'A>6A0<<4 70B =343
)?4280; ??;820C8>=B
;40=8=6 0=3 0A4
*A>D1;4B7>>C8=6 $8=>A 0D;CB
DBC><4A )4AE824
>=BD= (0C4B
!=BC0;;0C8>= >==42C8>= 0=3*A0=B?>AC
';40B4 A403 C78B 8=BCAD2C8>= <0=D0; 0=3 0;; >C74A 8=5>A<0C8>= 022>A4 >?4A0C8=6 C74 0??;80=24
';40B4 A4C08= 0;; 3>2D<4=CB 5>A 5DCDA4 A454A4=24 >A 5>A0 BD1B4@D4=C 0??;80=24 >F=4A
.7547&1 3+462&8.43 .7547.3, 4+ 8-* 5&(0&,.3,
*74 B78??8=6 ?02:064 70B ?A>C42C43 H>DA =4F 0??;80=24 >= 8CB F0H C> H>DA 7><4 ;; ?02:068=6 <0C4A80;B 0A4 4=E8A>=<4=CN5A84=3;H 0=3 A42H2;01;4
';40B4 2>=CA81DC4 C> 0 14CC4A 4=E8A>=<4=C 1H 38B?>B8=6 >5 ?02:068=6 <0C4A80;B 8= 0= 4=E8A>=<4=C0;;H 2>=B28>DB <0==4A
';40B4 0B: H>DA 340;4A >A ;>20; 0DC7>A8CH 01>DC 14BC <40=B >5 38B?>B0;
&3,*6 4+ 79++4(&8.43 "44? 278;3A4= 0F0H 5A>< B78??8=6 20AC>= 0=3 ?02:068=6 2>=4=CB 0=64A >5 BD55>20C8>= 5A>< ?;0BC82 58;< 0=3 5>;38=6 20AC>=B
.7547.3, 4+ =496 41) &551.&3(*
&;3 0??;80=24B 0A4 =>C F>AC7;4BB AD118B7 =E8A>=<4=CN2>=B28>DB A42H2;8=6 20= A42;08< E0;D01;4 A0F <0C4A80;B
&3,*6 4+ +&8&1 .3/96= &= >DCN>5 B4AE824 0??;80=24B D=?;D6 <08=B ?;D6
DC>55 ?>F4A 2>A3 0=3 38B20A3 F8C7<08=B ?;D6
*> ?A4E4=C ?;0H8=6 278;3A4= 5A>< 142><8=6 CA0??43 0=3 4=30=64A43 4=BDA4 C70C C74 3>>A ;>2:8=6 <4270=8B< 8B 38B01;43
3:.6432*38&1 648*(8.43 437*6:&8.43 779*7 *7A>D67 C74 42>=><820; DB4 >5 4=4A6H F0C4A 0=3 34C4A64=CB H>DA 0??;80=24 8B :8=3 C> C74 4=E8A>=<4=C 0B F4;; 0B H>DA 7>DB47>;3 1D364C *74 2>=BD= A0C4B >5 C78B 0??;80=24 20= 14 5>D=3 >= '064
';40B4 >1B4AE4 C74 5>;;>F8=6 8= >A34A C> F0B7 H>DA ;0D=3AH 8= 0= 42>=><820; 0=3 4=E8A>=<4=C0;;H 5A84=3;H <0==4A > =>C 4G2443 C74 <0G803 B?4285820C8>=B
>CC>=B 2>;>DA43B
:6
;1
0BHN20A4 4;820C4 0=3 ->>;
:6 ;1
:6 ;1
>A B<0;; 0<>D=CB >5 ;0D=3AH C74 0DC><0C82 F0C4A ;4E4; 2>=CA>; BHBC4< A43D24B C74 2>=BD= >5 1>C7 F0C4A 0=3 4=4A6H
-74A4 ?>BB81;4 DB4 C74 ° J!=C4=B8E4 )C08=B ?A>6A0<<4 8=BC403 >5 C74 ° J>CC>=B 2>;>DA43B ?A>6A0<<4 *74 4GC4=343 F0B78=6 3DA0C8>= <40=B C70C 0 2;40=8=6 A4BD;C 2> C70C >5 C74 ° ?A>6A0<<4 8B 02784E43 DB8=6 2>=B834A01;H ;4BB 4=4A6H
E>83 DB8=6 C74 'A4F0B7 ?A>6A0<<4 F74= F0B78=6 ;867C;H C> =>A<0;;H B>8;43 ;0D=3AH
33 34C4A64=C 022>A38=6 C> C74 346A44 >5 B>8;8=6 0<>D=C >5 ;0D=3AH 0=3 F0C4A 70A3=4BB 0=3 >1B4AE4 C74 34C4A64=C <0=D502CDA4AB 8=BCAD2C8>=B
*3*6&1 !&+*8= 37869(8.437 .>DA F0B78=6 <0278=4 8B 8=C4=343 >A 3><4BC82 DB4 >=;H
>A F0B78=6 <0278=4NF0B701;4 501A82B 8= F0B78=6 B>;DC8>=
>A >?4A0C8>= DB8=6 2>;3 C0? F0C4A 0=3 2>=E4=N C8>=0; ;0D=3AH 34C4A64=CB 0=3 0338C8E4B C70C 0A4 BD8C01;4 5>A DB4 8= F0B78=6 <0278=4B
> =>C ;40E4 278;3A4= D=BD?4AE8B43 =40A C74 F0B78=6 <0278=4
"44? ?4CB 0F0H 5A>< C74 F0B78=6 <0278=4
> =>C 8=B4AC ?D;; >DC C74 <08=B ?;D6 F8C7 F4C 70=3B
> =>C ?D;; >DC C74 <08=B ?;D6 1H CD668=6 C74 201;4
> =>C C>D27 C74 ;>038=6 3>>A 85 F0B78=6 0C 7867 C4= F74= 3A08=8=6 7>C F0C4A
> =>C 2;8<1 >=C> C74 F0B78=6 <0278=4 0=3 3> =>C ;40= >= C74 >?4= ;>038=6 3>>A
%496 *; $&7-.3, &(-.3*
&''&)$ ' /)!,3 !".",$"). )!*, !!&.&0" !&-+")-",1:7-5:-9 -;-9/-5; .69 79->):0 69 :;)9+0 1:7-5:-9 -;-9/-5; .69 4)15 >):0 :6)215/ )/-5; :6.;-5-9 *3-)+069 :;)15 9-46=-9 1:7-5:-9 ,,1;1=-: - / .)*91+ :6.;-5-9 69.694-9 .133 ); 3-):; ;6 36>-9 -,/- 6. 15:-9;
+") .%" '* !&)$ !**,
)! '*-" &.
, &) 1 -%&)$ -*'/.&*) &#)" "-- ,3
438641 5&3*1 "'" . +,*$, ((" )5 *- ;<95-, 15 *6;0 ,19-+;165: $>1;+0-: 65 6.. ;0- >):015/ 4)+015- %0- 796/9)44- :-3-+;69 ,6-: 56; 96;);>013- ;0- 796/9)44- 1: 9<5515/ ;0796/9)44- :-8<-5+- 1:-3-+;9651+)33@ +65;9633-,
*).,*' '&$%.- &''/(&) ." A >0-5 796/9)44- 1: :-3-+;-, A >0-5 A 1: 79-::-, A >0-5 796/9)44- 1: .151:0-, 3):015/ +65;963 31/0;: 67-9);15/ .)<3;
". .%" -+&) -+""! 1. ,-:19-, ')91)*3- 4<:; +31+2 15;6 73)+- ); J ,"-- /..*)- #*, !!&.&*) ' #/) .&*)>0-9- 9-8<19-, ;6 :<773-4-5; ;0- 796/9)44- A $069;-5-, 796/9)44- ,<9);165 A ,,1;165)3 915:15/ +@+3- ; 1: )3:6 76::1*3- ;6 +64*15- ;0- ),,1;165)3 .<5+;165: ); )5@ ;14- %0- +65;963 31/0; )*6=- ;0- 67;165 *<;;65 31/0;: <7 >0-5 ;0- 9-:7-+;1=- ),,1;165)3 .<5+;165 1: )+;1=- %6 +)5+-3 ;0- ),,1;165)3 .<5+;165 "9-:: ;0- *<;;65 )/)15
,"-- .%" 4 /..*) %0- >):015/ 796+-:: *-/15: 796/9)44- 4<:; 0)=- *--5 :-3-+;-,
*+46* #7.3, %496 $&7-.3, &(-.3* 46 8-* .678 ".2* *74 F0B78=6 <0278=4 ==42C43 ?A>?4A;H A454A C> '064
.>DA 0??;80=24 F0B C4BC43 145>A4 ;40E8=6 C74 502C>AH
*> A4<>E4 0=H F0C4A ;45C >E4A 5A>< C4BC8=6 ?A>243DA4B C74 58ABC F0B78=6 2H2;4 B7>D;3 14 20AA843 >DC F8C7>DC ;0D=3AH 8= C74 <0278=4
> =>C ;>03 0=H ;0D=3AH
*DA= >= C74 F0C4A C0?
'D;; >DC C74 34C4A64=C 38B?4=B4A D? C> C74 4=3 BC>?
'>DA 0??A>G ;8CA4 L ?C >5 F0C4A 8=C> 270<14A >5 C74 34C4A64=C 38B?4=B4A
0;5 58;; C74 <40BDA8=6 140:4A F8C7 34C4A64=C 0=3 ?>DA 8=C> 270<14A > =>C DB4 0=H B?4280; 34C4A64=CB 5>A 34;820C4B >A F>>;;4=B 4G24BB8E4 5>0<
;>B4 C74 34C4A64=C 38B?4=B4A
)4C C74 ?A>6A0<<4 B4;42C>A C> J ° >CC>=B 2>;>DA43B
*74 J 2>=CA>; ;867C 2><4B >=
'A4BB C74 J 1DCC>=
*74 J 2>=CA>; ;867C 2><4B >=
-74= C74 J 2>=CA>; ;867C 2><4B >= )4C C74 ?A>6A0<<4 B4;42C>A C> J
6*5&6.3, !468.3, &3) 4&).3, 8-* &93)6= 6*5&6.3, 8-*1&93)6=
&98.43 #>>B4 341A8B 4 6 2>8=B ?0?4A 2;8?B =443;4B =08;B 20= 30<064 8C45 2;>C78=6 0B F4;; 0B ?0ACB >5 C74 F0B78=6 <0278=4 4 6 3AD<
2:4CB >= 8C45 2;>C78=6
ADB7 >DC 0=H B0=3 5A>< ?>2:4CB 0=3 2D55B
;>B4 I8?N50BC4=4AB 0=3 1DCC>= D? 143 2>E4AB
(4<>E4 2DAC08= AD==4AB >A C84 C74< D? 8= 0 =4C 106
*74 5>;;>F8=6 8C4F 20B4 GCA4<4;H 34;820C4 8C42:B >A 70=3:4A27845B
+=34AF8A43 1A0B C74 F8A4 <0H 2><4 ;>>B4 3DA8=6 F0B78=6 0=3 20DB4 30<064
-74= F0B78=6 CA>DB4AB :=8CF40A 0=3 F>E4= 501A82B 4 6 B78ACB *NB78ACB >A BF40CB78ACB 0;F0HB CDA= C74B4 8C4DC
!468.3, 8-* 1&93)6=
&98.43 !C45 2;>C78=6 20= 142><4 38B2>;>DA43 %4E4A F0B7 =4F ;>DA43 8C464C74A F8C7 >C74A 8C4<4 6A4H ;F0HB F0B7 F78C4 0=3 2>;>DA43 8C4 A42>6=8I01;4 38AC >A BC08=8=6 #0D=3AH <0H 70E4 B><4 1>3H >3>DA
#867C BD<<4A 2;>C78=6 0=3 B?>ACBF40A C70C 70B >=;H 144= F>A= 5>A 0 54F 7>DAB
*NB78ACB B78ACB 0=3 1;>DB4B C70C 70E4 144= F>A= 5>A D? C> >=4 30H
43 ;8=4= 0=3 6D4BC C>F4;B C70C 70E4 144= DB43 5>A >=4 30H
462&1 ).68 ,8B81;4 38AC 0=3 >A B><4 ;867C BC08=8=6 A42>6=8I01;4
*NB78ACB B78ACB 0=3 1;>DB4B C70C 0A4 E4AH BF40CH >A 70E4 144= F>A= B4E4A0; C8<4B
+=34AF40A C70C 70B 144= F>A= 5>A >=4 30H
*40 C>F4;B 70=3 C>F4;B 0=3 143 ;8=4= C70C 70E4 144= DB43 5>A D? C> >=4 F44:
%4C 2DAC08=B F8C7>DC =82>C8=4 BC08=8=6 C70C 70E4 =>C 144= F0B743 5>A D? C> K H40A
38*37.:* ).68 8AC 0=3 >A BC08=8=6 A42>6=8I01;4
"8C274= 70=3 C>F4;B C70C 70E4 144= DB43 5>A D? C> >=4 F44:
01A82 =0?:8=B
81B
78;3A4=B >DC4A 2;>C78=6 >A 5>>C10;; B78ACB 0=3 B7>ACB F8C7 6A0BB 0=3 B>8; BC08=B
->A:8=6 2;>C74B BD27 0B >E4A0;;B >A 10:4AB 0=3 1DC274AB 2>0CB
"=5.(&1 78&.37 ):8= 50C 2>>:8=6 >8;B 50C B0D24B <8=4A0; >8; F0G 2>=C08=8=6 50C >8;
*40 2>5544 A43 F8=4 5AD8C E464C01;4B 1;402701;4
;>>3 466 <8;: BC0A27 466 F78C4 2>=C08=8=6 20A1>7H3A0C4
)>>C B>8; B0=3 ?86<4=CB A43 B0=3 >= C4==8B 2;>C74B
*24:.3, 78&.37 -74A4E4A ?>BB81;4 A4<>E4 ?A4CA40C BC08=B F78;BC C74H 0A4 BC8;; 5A4B7
8ABC 301 B>0?H F0C4A >=C> C74 BC08= > =>C AD1
)D1B4@D4=C;H F0B7 C74 8C45 2;>C78=6 DB8=6 C74 0??A>?A80C4 ?A>6A0<<4
)4E4A0; F0B78=6 2H2;4B <0H B><4C8<4B 14 A4@D8A43 8= >A34A C> A4<>E4 BCD11>A= 3A843 8= BC08=B
!468.3, 1&93)6= &((46).3,84 8-*.6 (&6* 1&'*1 75*(.+.(&8.437
&=;H F0B7 ;0D=3AH C70C 8B ;014;;43 F8C7 C74 5>;;>F8=6 20A4 BH<1>;B
° >CC>=B 2>;>DA43B
° ° ° >CC>=B 2>;>DA43B
° ° ° 0BHN20A4
° ° 4;820C4
° ° ->>; 70=3 0=3 <0278=4NF0B701;4 #0D=3AH C70C 8B ;014;;43 F8C7 C74 5>;;>F8=6 20A4 BH<1>; C 14 F0B743 8= C74 F0B78=6 <0278=4
3> =>C F0B7
4&).3, 8-* 1&93)6=
.70 4+ *<5147.43 !C45 2;>C78=6 C70C 70E4 144= ?A4CA40C43 F8C7 B>;E4=CN10B43 2;40=8=6 064=CB 4 6 BC08= A4<>E4A 0=3 3AH 2;40=8=6 B?8A8C A4?A4B4=C 0= 4G?;>B8>= 70I0A3 >=24 ;>0343 8=C> C74 F0B78=6 <0278=4 *74A45>A4 C74B4 8C4A>D67;H 1H 70=3
&98.43 #>>B4 341A8B 8= C74 F0B78=6 <0278=4 3AD< 20= 30<064 C74 ;0D=3AH 45>A4 ;>038=6 C74 ;0D=3AH 2742: C70C C74A4 8B => 341A8B 8= C74 3AD<
&?4= C74 ;>038=6 3>>A
+=5>;3 C74 B>AC43 8C45 2;>C78=6 0=3 ?;024 C74< ;>>B4;H 8=C> C74 3AD< $8G D? ;0A64 0=3 B<0;; 8C45 E0AH8=6 B8I4 F8;; 38BCA81DC4 14CC4A 3DA8=6 C74 B?8= 2H2;4
> =>C 4G2443 C74 <0G803 &E4A;>038=6 F8;; 20DB4 ?>>A F0B7 A4BD;CB 0=3 4=2>DA064 2A40B8=6
-74= F0B78=6 0 B<0;; 0<>D=C >5 ;0D=3AH C74F0B78=6 <0278=4 0DC><0C820;;H A43D24B C740<>D=C >5 F0C4A 0=3 4=4A6H DB43
;>B4 C74 ;>038=6 3>>A
*0:4 20A4 =>C C> CA0? 0=H 8C45 2;>C78=6 14CF44= C74 ;>038=6 3>>A 0=3 AD114A B40;
&93)6= *8*6,*387 &3))).8.:*7 .75*37.3, 8-* (466*(8 &24938 4+)*8*6,*38
.70 4+ 54.743.3, "44? 34C4A64=CB 0=3 0338C8E4B >DC >5 C74 A4027 >5278;3A4=
8B?4=B4 C74 34C4A64=C 022>A38=6 C> C74 F0C4A 70A3=4BB *78B 8=5>A<0C8>= 20= 14 >1C08=43 5A>< H>DA ;>20; F0C4A 0DC7>A8CH
C74 0<>D=C >5 ;0D=3AH
C74 0<>D=C >5 B>8; !=5>A<0C8>= >= B>8;8=6 20= 14 5>D=3 >= '064
C74 B?4285820C8>=B >5 C74 34C4A64=C <0=D502CDA4A
8B?4=B8=6 C74 2>AA42C 0<>D=C >5 34C4A64=C A4;84E4B C74 BCA08= >= C74 4=E8A>=<4=C 0=3 4=BDA4B >?C8DA ;8@D83 34C4A64=C 8=C> C74 0??A>?A80C4 38B?4=B8=6 270<14A
"44 1.881* )*8*6,*38 *74 ;0D=3AH 8B =>C 2;40=43 ?A>?4A;H 0=3 F8;; 05C4A 0F78;4 142><4 6A4H 0=3 BC855
A4H8B7 1A>F= B?>CB 50C 6;>1D;4B <0H 0??40A >= C74;0D=3AH *74 740C4AB <0H 20;285H
"44 29(- )*8*6,*38 =E8A>=<4=C0;;H 8=2>0< A43D24B F0B7 068C0C8>= 20DB8=6 ?>>A F0B78=6 0=3 A8=B8=6 A4BD;CB
.11.3, 1&93)6= )*8*6,*38 &3)46 &)).8.:* ).75*37*67
8B?4=B4A 4C4A64=C 5>A ?A4F0B7 >A BC0A27
8B?4=B4A 4C4A64=C 5>A <08= F0B7 B>0:8=6 064=C B>5C4=4A 1;4027 >A BC08= A4<>E4A
8B?4=B4A ;40=8=6 ?A>3D2C 4 6 501A82 B>5C4=4A 501A82 2>=38C8>=4A
8;; 0C ;40BC C> ;>F4A 4364 >5 8=B4AC
!5 C74 ;8@D83 0338C8E4 8B C782: <8G F8C7 0 ;8CC;4 F0C4A 145>A4 38B?4=B8=6 ?A4E4=CB 2;>668=6 >5 C74 >E4AN 5;>F
'D;; >DC C74 34C4A64=C 38B?4=B4A D? C> C74 4=3 BC>?
33 C74 34C4A64=C 0=3 >A 0338C8E4
;>B4 C74 34C4A64=C 38B?4=B4A
!*1*(8.3, 64,6&22*7 &7.( 564,6&22*7
)4;42C C74 34B8A43 ?A>6A0<<4 A454A 0;B> C> B4?0A0C4 J'A>6A0<<4 70AC
° 488437(41496*)7
= 4=4A6HN8=C4=B8E4 ?A>6A0<<4 5>A 740CNA4B8BC0=C C4GC8;4B 4 6 2>CC>= >A ;8=4=
*> ?A>C42C C74 3A08=064 ?8?4B C74 7>C F0C4A 8B <8G43 F8C7 0??A>G ;8CA4B 60; >5 2>;3 F0C4A 145>A4 148=6 3A08=43
° 38*37.:* !8&.37
>A BC08=43 740E8;H B>8;43 C4GC8;4B 4 6 2>CC>= >A ;8=4=
=4A6HNB0E8=6 ?A>6A0<<4 *74 4GC4=343 F0B78=6 C8<4 02784E4B 0 2;40=8=6 A4BD;C 2> C70C >5 C74 ° ?A>6A0<<4 1DC DB4B 2>=B834A01;H ;4BB 4=4A6H
° 488437(41496*)7 ;.8- 6*;&7 >A 740E8;H B>8;43 70A3NF40A8=6 C4GC8;4B 4 6 2>CC>= >A ;8=4=
° 488437(41496*)7 >A 70A3NF40A8=6 C4GC8;4B 4 6 2>CC>= >A ;8=4=
° &7=?(&6*
>A 40BHN20A4 C4GC8;4B 4 6 2>CC>= ;8=4= BH=C74C82 <0C4A80;B >A 1;4=343 501A82B
° *1.(&8*
>A 34;820C4 F0B701;4 C4GC8;4B 4 6 B8;: B0C8= BH=C74C82 <0C4A80;B >A 1;4=343 501A82B 4 6 2DAC08=B
4;820C4 2H2;4 0C ° 5>A 70=3 0=3 <0278=4 F0B701;4 B8;:
-4 3> =>C A42><<4=3 F0B78=6 C74B4 C4GC8;4B F8C7 >C74A A>D674A C4GC8;4B
*> CA40C E4AH 34;820C4 B8;: C4GC8;4B 4E4= <>A4 64=C;H A43D24 C74 C8<4 1H ?A4BB8=6 C74 J 1DCC>=
%> B?8==8=6 14CF44= A8=B4 2H2;4B
$0G8A 70=3 0=3 <0278=4 F0B701;4 F>>; >A F>>;NA827 C4GC8;4B 4 6 20B7<4A4 <>708A >A 0=6>A0
<86& (=(1* 564,6&22* 7*1*(846
(8=B4 2H2;4 F8C7 BD1B4@D4=C B?8= 2H2;4 5>A A8=B8=6 70=3NF0B743 ;0D=3AH >A 5>A BC0A278=6
$0G8A B?8==8=6 70=3NF0B743 ;0D=3AH -0C4A 8B 3A08=43 145>A4 C74 B?8= 2H2;4
$0G85 C74 A8=B8=6 F0C4A 05C4A 0 F0B7 ?A>6A0<<4 F8C7 C74 J B4CC8=6 5>A C74 64=C;4 CA40C<4=C >5 34;820C4 ;0D=3AH
!5.3 75**) 7*1*(846
&7.( 7*88.3, )?8= B?443 B4;42C>A ?>8=C8=6 D?F0A3 != C74 J >CC>=B 2>;>DA43B ?A>6A0<<4 C74 501A82B F8;; 14 B?D= 0C C74 <0G8BB81;4 B?8= B?443
!= C74 J 0BHN20A4 J 4;820C4 0=3 J->>; ?A>6A0<<4B 0 ;>F4A B?8= B?443 F8;; 0DC><0C820;;H 14DB43 A460A3;4BB >5 C74 ?>B8C8>= >5 C74 B?8= B?443 B4;42C>A 5>A C74 64=C;H F0B78=6 >5 C74 ;0D=3AH
&<.292 75.3 75**)7 "0*'/.&*)+",(&)/."
)).8.43&1 +93(8.43 43 75.3 75**) 7*1*(846
3+" *# ' /)!,3 2., 3 '"
6;;65: +636<9-,:
):@C+)9-
-31+);-
(663
#15:-
$715
>A 34;820C4 ;0D=3AH 0=3 =4C 2DAC08=B *74 ;0D=3AH A4<08=B ;H8=6 8= C74 F0C4A 05C4A C74 58=0; A8=B4
45>A4C74 ;0D=3AH 20= 14 D=;>0343 C74 J >AJ ?A>6A0<<4 A<43
)).8.43&1 458.437 '988437
(43D243 F0B78=6 3DA0C8>= >=;H A8=B8=6 2H2;4B
)D8C01;4 5>A B;867C;H 38ACH ;0D=3AH
(42><<4=343 ;>03 0<>D=C +? C> 0 <0G85:6
= 0338C8>=0; A8=B8=6 2H2;4 8B ?4A5>A<43 *74 F0B78=6 3DA0C8>= F8;; 14 ?A>;>=643 022>A38=6;H
(42><<4=343 0??;820C8>= != 0A40B F8C7 E4AH B>5C F0C4A
$&7-.3, *DA= >= C74 F0C4A C0?
*DA= C74 ?A>6A0<<4 B4;42C>A C> C74 34B8A43 ?A>6A0<<4 A454A 0;B> C> B4?0A0C4 J'A>6A0<<4 70AC
*74 J 2>=CA>; ;867C 2><4B >=
)4;42C C74 34B8A43 B?8= B?443 >A J
-74A4 A4@D8A43 ?A4BB C74 >?C8>= 1DCC>=B 5>A 0338C8>=0; 5D=2C8>=B
'A4BB C74 J 1DCC>=
*74 J 2>=CA>; ;867C 2><4B >= 0=3 C74 ?A>6A0<<4 BC0ACB
*74 J 2>=CA>; ;867C A4<08=B ;8C 5>A C74 4=C8A4 3DA0C8>= >5 C74 ?A>6A0<<4
-&3,.3, &564,6&22*
!5 H>D 70E4 022834=C0;;H B4;42C43 C74 FA>=6 ?A>6A0<<4 *DA= C74 ?A>6A0<<4 B4;42C>A C> J
*DA= C74 ?A>6A0<<4 B4;42C>A C> C74 34B8A43 ?A>6A0<<4
*74 J 2>=CA>; ;867C 2><4B >=
'A4BB C74 J 1DCC>=
*74 J 2>=CA>; ;867C 2><4B >= 0=3 C74 =4F ?A>6A0<<4 BC0ACB
&3(*11.3, &(8.:* 564,6&22*
!5 H>D F8B7 C> ?A4<0CDA4;H 4=3 0 ?A>6A0<<4 *DA= C74 ?A>6A0<<4 B4;42C>A C> J
*DA= C74 ?A>6A0<<4 B4;42C>A C> J >A J
*74 J 2>=CA>; ;867C 2><4B >=
>A J B4;42C C74 34B8A43 B?8= B?443 1DC=>CJ
'A4BB C74 J 1DCC>=
*74 J 2>=CA>; ;867C 2><4B >=
$-*3 8-* 64,6&22* -&7 3)*) *74 J 2>=CA>; ;867C 2><4B >=
*DA= C74 ?A>6A0<<4 B4;42C>A C> J 0=3 F74A4 A4@D8A43 )4;42C 0 ?A>6A0<<4 >?C8>= J J >A J
'A4BB C74 J 1DCC>=
C C74 4=3 >5 C74 ?A>6A0<<4 >?C8>= CDA= C74 ?A>6A0<<4 B4;42C>A C> J
#314&).3, 8-*1&93)6= *DA= >55 C74 F0C4A C0?
&?4= C74 ;>038=6 3>>A
!5 C74 ;>038=6 3>>A 20==>C 14 >?4=43 -08C 5>A <8=DC4B C74 B054CH 5D=2C8>= 8B 02C8E4 >A C74A4 8B BC8;; F0C4A 8= C74 F0B78=6 <0278=4 85 C74 J >?C8>= F0B B4;42C43 != C78B ;0CC4A 20B4 B4;42C C74 J >A J ?A>6A0<<4
+=;>03 C74 ;0D=3AH
&98.43 (4<>E4 0=H 341A8B 4 6 2>8=B ?0?4A 2;8?B 5A>< C74 3AD< 0=3 AD114A B40; 6.70 4+ 6978 +462&8.43 #40E4 C74 ;>038=6 3>>A >?4= C> 0;;>F C74 8=B834 >5C74 F0B78=6 <0278=4 C> 3AH >DC
!5*(.&1 551.(&8.437 6*?74&0
#>03 ;0D=3AH >5 C74 B0<4 2>;>DA
33 C74 ?A4B>0: 064=C C> 270<14A 022>A38=6 C> C74 <0=D502CDA4AB B?4285820C8>=B
*DA= C74 ?A>6A0<<4 B4;42C>A C> J ° >CC>=B 2>;>DA43B
*74 J 2>=CA>; ;867C 2><4B >=
'A4BB C74 J 1DCC>= *74 J 2>=CA>; ;867C 2><4B >= 0=3 C74 ?A>6A0<<4 BC0ACB
5C4A 0??A>G <8=DC4B CDA= C74 ?A>6A0<<4 B4;42C>A C> J *74 ;0D=3AH 8B ;45C C> ;84 8= C74 F0C4A
)4;42C 0 ?A>6A0<<4 05C4A C74 34B8A43 B>0:8=6 ?4A8>3
i > =>C 033 0=H 0338C8>=0; 34C4A64=C *74 ?A4B>0: B>;DC8>= F8;; 14 DB43 8= C74 F0B7 ?A>6A0<<4
!8&6(-.3,
*74 ;0D=3AH C 14 CA40C43 F8C7 501A82 B>5C4=4A
#>03 C74 ;0D=3AH
8B?4=B4 C74 2>AA42C 0<>D=C >5 BC0A27 5>A 0??A>G
;8CA4B 60; >5 F0C4A '>F34A43 BC0A27 ;E43 8= F0C4A 022>A38=6 C> C74 <0=D502CDA4AB B?4285820C8>=B
*DA= C74 ?A>6A0<<4 B4;42C>A C> J
)4C C74 B?8= B?443 J 8B 0;B> ?>BB81;4
'A4BB C74 J 1DCC>=
B B>>= 0B F0C4A BC0ACB C> 4=C4A C74 <0278=4 'D;; >DC C74 34C4A64=C 38B?4=B4A B;867C;H
33 C74 BC0A278=6 B>;DC8>= C> 270<14A
;>B4 C74 34C4A64=C 38B?4=B4A
!5 C74 J >?C8>= 8B B4;42C43 C74 J ?A>6A0<<4 =<4=C0;;H 2>A DB4 8= F0B78=6 <0278=4B
&98.43 8B2>;>A0C8>= >5 C74 ;0D=3AH 8= BD1B4@D4=C F0B7 2H2;4B 20==>C 14 2>DC
;F0HB DB4 3H4B 8= 022>A30=24 F8C7 C74 <0=D502CDA4AB 8=BCAD2C8>=B
5C4A 3H48=6 33 K 0 <40BDA8=6 140:4A >5 34C4A64=C C> 270<14A
-8C7>DC 0=H ;0D=3AH 8= C74 3AD< 0;;>F C74 J ° >CC>=B 2>;>DA43B ?A>6A0<<4 C> AD=C7A>D67
-8?4 C74 B40; 2;40=
*(4146.>.3,
&98.43 42>;>A0=CB <0H 2>=C08= BD;?7DA >A 27;>A8=4 *74B4 BD1BC0=24B 20= 20DB4 ?0ACB >5 C74 F0B78=6 <0278=4 C> 2>AA>34 > =>C 342>;>A8I4 8C45 ;0D=3AH 8= C74 F0B78=6 <0278=4
1*&3.3, &3) &6* .70 4+ *1*(86.( 7-4(0 ;F0HB 38B2>==42C C74 0??;80=24 5A>< C74 <08=B 145>A4 2;40=8=6
%4E4A 2;40= C74 F0B78=6 <0278=4 F8C7 0 94C >5 F0C4A
.70 4+ *<5147.43 %4E4A DB4 B>;E4=CB C> 2;40= C74 0??;80=24
1*&3.3, 8-* &551.&3(* -497.3, &3) (438641 5&3*1 1*&3.3, 8-* )692
B A4@D8A43 +B4 7>C B>0?H F0C4A >A 0 <8;3 =>=N01A0B8E4 2;40=8=6 064=C
(D1 3AH F8C7 0 B>5C C>F4;
!= C74 4E4=C C70C ADBC B?>CB 70E4 5>A<43 3D4 C> ;45CN>E4A 341A8B 4 6 2>8=B ?0?4A 2;8?B =443;4B =08;B +B4 0 27>A8=4N5A44 2;40=8=6 064=C >;;>F C74 <0=D502CDA4AB 8=BCAD2C8>=B %4E4A DB4 BC44; F>>;
1*&3.3, 8-* )*8*6? ,*38 ).75*37*6
!= C74 4E4=C C70C A4B83D0; 34C4A64=CB >A 0338C8E4B 70E4 022DDC C74 34C4A64=C 38B?4=B4A D? C> C74 4=3 BC>? ?A4BB 3>F= C74 7>;;>F >= C74 8=B4AC 0=3 A4<>E4 C74 34C4A64=C 38B?4=B4A 2>C AD==8=6 F0C4A
'DB7 3>F= C74 8=B4AC D=C8; 8C 2;82:B 8=C> ?;024
!=B4AC C74 34C4A64=C 38B?4=B4A
1*&3.3, 8-* )6&.3 5925
*78B 8B =424BB0AH 85 C74 F0B78=6 B>;DC8>= 20==>C 14 2>2:43 1H 48C74A ;>>B4 341A8B >A 5;D55 F7827 022D ;8CA4B 60; 0E4 0 BD8C01;4 2>=C08=4A A403H .70 4+ 7(&1).3, ;;>F C74 7>C F0B78=6 B>;DC8>= C> 2>>; "44? 278;3A4= 0=3 3><4BC82 ?4CB 0F0H 5A>< C74 F0B78=6 <0278=4
*DA= C74 ?A>6A0<<4 B4;42C>A C> J
>;3 3>F= C74 2>E4A ?0=4;
5 ( 2
+=B2A4F C74 ?D;DC8>= B;>F;H 1468=B C> AD= 8=C> C74 2>E4A ?;0C4 20E8CH
-74= C74 2>E4A ?;0C4 20E8CH 8B 70;5 5D;; C867C4= C74 ?DE4A ?;0C4 20E8CH
(4?40C C74 ;0BC CF> BC4?B D=C8; 0;; C74 F0B78=6 B>;DC8>= 70B 144= 3A08=43
>E4 C74 ?DE4 0=H ;>>B4 341A8B 5;D55 5A>< 8=B834 C74 ?D A>C0C4
;40= 0=H A4B83D4 >A 5;D55 5A>< C74 C7A403 >5 C74 ?DDB8=6
CC027 0=3 C867C4= C74 ?DB4 C74 2>E4A ?;0C4
*> 0E>83 D=DB43 34C4A64=C 5A>< 5;>F8=6 8=C> C74 3A08= 3DA8=6 C74 =4GC F0B7 2H2;4 '>DA ;8CA4 L ?C >5 F0C4A 8=C> 270<14A
)4;42C C74 J ?A>6A0<<4
1*&3.3, ;&8*6 .31*8 786&.3*67
*78B 8B =424BB0AH 85 E4AH ;8CC;4 >A => F0C4A 5;>FB 8=C> C74 F0B78=6 <0278=4
8ABC A4;40B4 C74 F0C4A ?A4BBDA4 8= C74 BD??;H 7>B4 *DA= >55 C74 F0C4A C0?
*DA= C74 ?A>6A0<<4 B4;42C>A C> 0=H ?A>6A0<<4 4G24?C J 0=3 J
'A4BB C74 J 1DCC>= 0=3 0;;>F C74 ?A>6A0<<4 C>AD= 5>A 0??A>G B42>=3B
*DA= C74 ?A>6A0<<4 B4;42C>A C> J
1*&3.3, 8-* 786&.3*6 &8 8-* ;&8*6 8&5 8B2>==42C C74 7>B4 5A>< C74 F0C4A C0?
(8=B4 C74 BCA08=4A D=34A 5;>F8=6 F0C4A
(42>==42C C74 7>B4
1*&3.3, 8-* 786&.3*6 43 8-* ;&7-.3, 2&(-.3* 8B2>==42C C74 7>B4 5A>< C74 102: >5 C74 F0B78=6 <0278=4
'D;; >DC C74 BCA08=4A 0=3 A8=B4 D=34A AD==8=6 F0C4A
!=B4AC C74 BCA08=4A 0=3 A42>==42C C74 7>B4
*DA= >= C74 F0C4A C0? 0=3 2742: F74C74A F0C4A 8B BC8;; 38B270A643 !5 F0C4A 8B BC8;; 38B270A643 2742: C70C C74 BCA08=4A 8B 0CC02743 ?A>?4A;H
*DA= >55 C74 F0C4A C0?
*7(&1.3, 8-* ;&7-.3, 2&(-.3*
&98.43 4B20;8=6 064=CB 2>=C08= 0283B F7827 20= 0CC02: ?0ACB >5 C74 F0B78=6 <0278=4 0=3 38B2>;>DA C74 ;0D=3AH
'A>E8343 C70C H>D DB4 C74 2>AA42C 0<>D=C >5 34C4A64=C 8C 8B =>C =424BB0AH C> 34B20;4 C74 F0B78=6 <0278=4
!5 7>F4E4A 34B20;8=6 C74 0??;80=24 142><4B =424BB0AH ?;40B4 5>;;>F C74 8=BCAD2C8>=B ?A>E8343 1H C74 34B20;8=6 064=C <0=D502CDA4A
"649'1*7-448.3, .346 &9187 .70 4+ *1*(86.( 7-4(0 (4?08AB =;H 14 20AA843 >DC 1H >DA DBC><4A )4AE824 >A 0= 0DC7>A8I43 C427=8280=
!5 A4?08AB 0A4 =44343 0=3 0BBD<8=6 C70C H>D 20==>C 4;8<8=0C4 C74 50D;C H>DAB4;5 F8C7 C74 083 C74 5>;;>F8=6 C01;4 *DA= C74 ?A>6A0<<4 B4;42C>A C> J
8B2>==42C C74 F0B78=6 <0278=4 5A>< C74 <08=B
*DA= >55 C74 F0C4A C0?
0;; DBC><4A )4AE824 A454A C> '064
/'.
/-"
.&*)
%0- 36),15// ,669 +)556; * 67-5-, *,
A >): :-3-+;-,
$-3-+; A 69 A
$).-;@ .<5+;165 1: )+;1=-
()1; .69 415<;-:
-;-9/-5; 9-:1,<- 15 ;0,-;-9/-5; / ,1:7-5:-9 7
-;-9/-5; >): ,)47 69 3<47@
3-)5 )5, ,9@ ;0- ,-;-9/-5; ,1:7-5:-9 9-.-9 ;6 ")/- &:- ;0- ,1:7-5:15/ )1, .69 318<1, ,-;-9/-5;:
65;963 31/0;: / ,6 56; +64- 65
.<:- 0): ;91//-9-, //
$>1;+0 65 9-73)+- ;0- .<:- )33 <:;64-9 $-9=1+- 1. ;01: .)<3; 1: 9-7-);-,
"6>-9 .)13<9-
5 15;-99<7;-, 796/9)44- >133 *9-:<4-, >0-5 76>-9 9-;<95: . @6< >1:0 ;6 <536), ;0- 3)<5,9@ 796+--, ): 15 A3-)515/ ;0- ,9)15 7<47 ")/-
"30-;0-9 3)<5,9@ 1: ;9)77-, 15 ,669
"96/9)44- ,6-: 56; :;)9;
A *<;;65 56; 79-::-,
"9-:: ;0- A *<;;65
();-9 ,6-: -5;-9 ;04)+01501 69 ,-;-9/-5; , ; ; 1: 1 56; >):0-, )>)@ %0- A +65;963 31/0; .3):0-:
();-9 ;)7 56; ;<95-, 65
%<95 65 >);-9 ;)7
$<773@ 06:-: 2152-, 69 ;9)77-,
31415);- ;0- +)<:-
$;9)15-9 15 :<773@ 06:- +36//-,
3-)5 ;0- :;9)15-9 9-.-9;6")/-
-;-9/-5; 15 +0)4*-9 1: 56; >):0-, )>)@
796/9)44- >1;06<; "9->):0 >): :-3-+;-,
$-3-+; ° 6;;65: +636<9-,: >1;0 "9->):0
();-9 +)556; *- :--5 15 ,9<4
%01: 1: 56; ) .)<3; %0- >);-9 31-: *-36> ;0- =1:1*3- 7)9; 6. ;0- ,9<4
36:- ;0- 36),15/ ,669 ) +31+2 :06<3, *- 0-)9,
66:- ,-*91: 1: *36+215/ ;0- 7<47 3-)5 ;0- 7<47 9-.-9;6")/- ():015// :63<;165 1: 56; +6473-;-3@ 3 3 ,,9)15-, 1 , %0 %03-)5 ;0- >);-9 ,9)15)/- 717 3<..C796,<+15/ 3)<5,9@ >): A +65;963 31/0; .3):0-: >):0-, %0- >);-9 ,9)15)/- 717- 69 )5, 69 ,9)15 06:- ,9)15 06:- 1: *36+2-, ();-9 1: .36>15/ 6<; .964 <5,-95-);0 ;0- 4)+015- 6)4 +6415/ 6<; 6. ;0,-;-9/-5; ,1:7-5:-9
%0- ;09-), 6. ;0- :<773@ 06:- 1: 56; ;1/0;
%1/0;-5 ;0- ;09-),
-)2 15 ;0- ,9)15 06:-
#-73)+- ;0- ,9)15 06:-
%6 4<+0 ,-;-9/-5;
1? ;)*3-:7665 6. .)*91+ :6.;-5-9 >1;0 B 31;9- 7; 6. >);-9 )5, 76<9 15;6 +0)4*-9 6. ;0- ,-;-9/-5; ,1:C 7-5:-9 #-,<+- ;0- )46<5; 6. ,-;-9/-5; 5-?; ;14-
%0- 3)<5,9@ >): 56; :7<5 )9/- 1;-4: 6. +36;015/ *-+)4+699-+;3@ -5;)5/3-, )5, +6<3, 56; *,1:;91*<;-, -=-53@ 15 ;0- ,9<4 69 :).-;@ 9-):65: ;0- 01/0C:7--, .15)3 :715 +@+3- >): )<;64);1+)33@ +)5+-33-,
3>)@: 36), 3)9/- )! :4)33 1;-4: ;6/-;0-9 15;6 ;0- ,9<4 :-- )3:6 <5*)3)5+-, 36), ,-;-+;165 :@:;-4
$715 9-:<3; <5:);1:.)+;69@ A 69 A 796/9)44- :-3-+;-, 4)?14<4 :715 :7--, 9 7 4
/'.
/-"
#-7-);-, :715515/ ); :069; 15;-9=)3:
%01: 1: 56; ) .)<3; %0- 14*)3)5+- +647-5:);165 :@:;-4 1: );;-47;15/ ;6 *)3)5+- ;0- 36), ;096):015/ -=-53@ *@ :715515/ 1; :-=-9)3 ;14-:
3>)@: 36), 3)9/- )! :4)33 1;-4: ;6/-;0-9 15;6 ;0- ,9<4
%0- .6)4 ,-;-+;165 .-);<9- 0): )+;1=);-, )5 ),,1;165)3 915:15/ +@+3;6 9-,<+- ;0- )46<5; 6. .6)4
,, ) 469- )7796791);- )46<5; 6. ,-;-9/-5; 5-?; ;14-
%0- ,-/9-- 6. ,19; >): 01/0-9 ;0)5 :<776:-,
$-3-+; ) 469- :<1;)*3- 796/9)44-
!6; -56);-9C15:63<*3- 9-:1,<-: ;0); 4)@ )77-)9 ): 31/0; :76;: 65 ;0- 3)<5,9@
$-3-+; A 144-,1);-3@ 69 *9<:0 6.. :76;: >0-5 3)<5,9@ 1: ,9@
9-@ 9-:1,<-: 65 ;03)<5,9@
19; )++<4<3);165 .964 615;4-5;: .);: 69 613:
,, ;0- 4)?14<4 )46<5; 6. ,-;-9/-5; )5, :-3-+; ;0- 01/0-:; 7-941::1*3- ;-47-9);<9- 5-?; ;14-
&5:);1:.)+;69@ >):015/ 9-:<3;
.&*)
97842*6 !*6:.(* 45>A4 20;;8=6 C74 DBC><4A )4AE824 ?;40B4 <0:4 BDA4 C70C H>D 20==>C 4;8<8=0C4 C74 50D;C H>DAB4;5 A454A C> '064
*78B 8B 1420DB4 2>=BD;C0C8>= ?A>E8343 1H >DA C427=8280=B 4E4= F8C78= C74 F0AA0=CH ?4A8>3 F8;; ;403 C> 2>BCB 148=6 8=2DAA43 1H H>DAB4;5
.>DA =40A4BC DBC><4A )4AE824 24=CA4 20= 14 5>D=3 8= C74 8=34G BD??;843 -74= 20;;8=6 C74 DBC><4A )4AE824 ?;40B4 B?4285H C74 ?A>3D2C =D<14A N%A 0=3 ?A>3D2C8>= =D<14A N%A >5 H>DA 0??;80=24
,-5;1.1+);165 73);-
*74B4 =D<14AB 0A4 B7>F= >= C74 A0C8=6 ?;0C4 F7827 20= 14 5>D=3 >= C74 5A0<4 >5 C74 >?4= 3>>A 0=3 0;B> >= C74 834=C85820C8>= ?;0C4 4=2;>B43 1H 0 C782: ;8=4 >= C74 5A>=C >5 C74 <0278=4 1478=3 C74 =0<4?;0C4
? 6
,*!/ . )/( ", ,*!/ .&*) )/( ", ';40B4 =>C4 C74 CF> =D<14AB 8= C74 B?024 ?A>E8343 01>E4
!= B?4285H8=6 C74 ?A>3D2C =D<14A 0=3 ?A>3D2C8>= =D<14A >5 H>DA 0??;80=24 H>D 74;? DB 8= >DA 0CC4 ?A4E4=C D==424BB0AH CA0E4;;8=6 0=3 C74 0BB>280C43 4GCA0 2>BCB
4379258.43 &8*7 *,( ' +,*$, ((" 1&.%*/. !!&.&*) ' #/) .&*)-
* !
° 6;;65: +636<9-,: ° 6;;65: +636<9-,: ° 6;;65: +636<9-,:
° ):@C+)9-
;0- 06; >):015/ :63<;165 1: 41?-, >1;0 )7796? 31;9-: 6. +63, >);-9 *-.69- *-15/ ,9)15-,
° -31+); ° (663
*)-/(+.&*) , ."- '" .,& &.3
.",
/, .&*)
2/
2(0
3
415
2/
2(0
3
415
2/
2(0
3
415
2/
2(0
3
415
2/
2(0
3
415
2/
2(0
3
415
%-:; 796/9)44-: 15 +64731)5+- >1;0 ! )5, ,
%0- +65:<47;165 9);-: 4)@ ,-=1);- .964 ;0- :;);-, =)3<-: ,-7-5,15/ 65 >);-9 79-::<9- )5, 0)9,5-:: 9664 ;-47-9);<9- ;@7- )5, )46<5; 6. 3)<5,9@ ,-;-9/-5;: <:-, .3<+;<);165: 15 ;04)15: =63;)/- )5, :-3-+;-, ),,1;165)3 .<5+;165:
378&11&8.43 433*(8.43 &3)"6&375468 !&+*8= .3+462&8.43
.70 4+ .3/96=
*74 F0B78=6 <0278=4 8B 740EH *0:4 20A4 F74= ;85C8=6 8C
&98.43 A>I4= 7>B4B 20= C40A 1DABC > =>C 8=BC0;; C74 F0B78=6 <0278=4 >DC3>>AB >A 8= 0= 0A40 ?A>=4 C> 5A>BC
*0:4 20A4 =>C C> 30<064 C74 F0B78=6 <0278=4
>=>C 7>;3 >=C> ?A>CAD38=6 ?0ACB 4 6 ;>038=6 3>>A F74= ;85C8=6
!= 0338C8>= C> C74 B054CH 8=5>A<0C8>= ;8BC43 74A4 C74 ;>20; F0C4A 0=3 4;42CA828CH BD??;84A <0H 70E4 B?4280; A4@D8A4<4=CB
!5 8= 0=H 3>D1C 70E4 C74 0??;80=24 2>==42C43 1H 0= 0DC7>A8I43 C427=8280=
!9551.*) &((*7746.*7
!= C74 3AD< -0C4A BD??;H 7>B4
$>8BCDA4 8= C74 3AD< 8B 3D4 C> C74 58=0; 8=B?42C8>= F7827 4E4AH F0B78=6 <0278=4 D=34A6>4B 145>A4 8C ;40E4B C74 502C>AH
&= C74 A40A >5 C74 0??;80=24 -0C4A 3A08=064 7>B4
;1>F 5>A 0CC027<4=C >5 C74 3A08=064 7>B4 4 6 C> C74 B8=:
$08=B 201;4 F8C7 ?;D6
4?4=38=6 >= C74 2>==42C8>= B8CD0C8>= 7>B4 2;8? ∅ << !. BC>A4 8B 0;B> A4N @D8A43 5>A 2>==42C8>= C> 0 B8?7>=
*74 106 2>=C08=B >E4AB 5>A ?;028=6 >E4A C74 >?4=8=6B 05C4A C74 CA0=B?>AC 1>;CB 70E4 144= A4<>E43
-A4=27
#7*+91 84417
*74 5>;;>F8=6 C>>;B 0A4 74;?5D; (8=6 FA4=27 )- )?8A8C ;4E4; )2A4F3A8E4A
.2*37.437 & << ' << ( << ??A>G F4867C :6
378&11&8.43 &6*&
??;80=24 BC018;8CH 8B 8AC0=C B> C70C C74 F0B78=6 <0278=4 3>4B =>C JF0=34A 3DA8=6 C74 B?8= 2H2;4B
*74 8=BC0;;0C8>= 0A40 ;83 0=3 4E4= )>5C 5;>>A BDA5024B BD27 0B 20A?4CB >A BDA5024B F8C7 5>0< 102:8=6 0A4 =>C BD8C01;4
!5 C74 F0B78=6 <0278=4 8B C> 14 8=BC0;;43 >= 0 F>>3 9>8BC 248;8=6 !5 ?>BB81;4 ?;024 C74 F0B78=6 <0278=4 8= 0 2>A=4A >5 C74 A>><
)2A4F 0 F0C4ANA4B8BC0=C F>>34= 1>0A3 0C ;40BC << C782: C> C74 5;>>A
558G C74 544C >5 C74 F0B78=6 <0278=4 DB8=6 7>;38=6 1A02:4CB
!5 C74 F0B78=6 <0278=4 8B C> 14 ?;0243 >= 0 ?434BC0; 558G C74 544C >5 C74 F0B78=6 <0278=4 DB8=6 7>;38=6 1A02:4CB
9.18?93)*6 46 '9.18?.3 &551.&3(* .378&11&8.43
>;38=6 1A02:4CB B4C 20= 14 >1C08=43 5A>< 0B?4280;8BC BC>A4 >A C74 DBC><4A )4AE824 >A34A => -/
*74 0??;80=24 A 1D8;C 8= ?A8>A C> 2>==42C8=6 C74 ?>F4A BD??;H
*74 0??;80=24 20= 14 1D8;C 8=C> >A D=34A 0 :8C274= F>A: BDA5024 >A C78B ?DA?>B4 0 A424BB F83C7 >5 2< 8B A4@D8A43
*74 F0B78=6 <0278=4 =;H 14 8=BC0;;43 D=34A 0 >=4N?8424 F>A:C>? C70C 8B ?4A<0=4=C;H 0CC02743 C> C74 BDAA>D=38=6 2018=4CB
&98.43 >A B054CH A40B>=B 8= 1D8;CND=34A 8=BC0;;0C8>= 0 <4C0; 2>E4A 5 C74 0??;80=24 2>E4A ?;0C4
*74 <4C0; 2>E4A :8C 20= 14 >1C08=43 5A>< 0B?4280;8BC BC>A4 >A C74 DBC><4A )4AE824 >A34A => -/
*24:.3, 8-* 86&375468 '4187
&98.43 *74 CA0=B?>AC 1>;CB E43 145>A4 DB8=6 C74 0??;80=24 5>A C74 58ABC C8<4 0=3 A 0=H BD1B4@D4=C CA0=B?>AC 4 6 F74= <>E8=6
45>A4 A4<>E8=6 C74 CA0=B?>AC 1>;CB *0:4 C74 7>B4 >DC >5 C74 7>;34A
4C027 C74 4;1>F
(4;40B4 0;; 5>DA CA0=B?>AC 1>;CB DB8=6 C74 )- FA4=27 D=C8; C74H 20= 14 <>E43 5A44;H
>E4 CA0=B?>AC 1>;CB 1H A40278=6 C7A>D67 C74 >?4= F0B78=6 <0278=4 3>>A 0=3 ?D;;8=6 C74 3AD< 5>AF0A3B B;867C;H
!=B4AC C74 2>E4AB
!846.3, 8-* 86&375468 '4187
;F0HB :44? C74 CA0=B?>AC 1>;CB 5>A BD1B4@D4=C CA0=BN ?>AC0C8>= >5 C74 0??;80=24 4 6 F74= <>E8=6 7>DB4
)C>A4 C74 CA0=B?>AC 1>;CB F8C7 F0B74A 0=3 1DB7 0=3 B?A8=6 0CC02743
47* &3) (&'1* 1*3,8-7 *+8?-&3) (433*(8.43 ++,*2 (
( 2 (
++,*2 (
++,*2 (
.,-8?-&3) (433*(8.43 ++,*2 (
++,*2 (
8-*6 -47*7
( 2 (
++,*2 (
E08;01;4 5A>< B?4280;8BC 340;4AB >==42C8=6 :8C F8C7 ?;0BC82 7>B4 0??A>G < >A34A => -/
GC4=343 BD??;H 7>B4 0??A>G <
$&8*6 (433*(8.43 $&8*6 79551=
&98.43 *74 F0B78=6 <0278=4 =;H 14 >?4A0C43 F8C7 2>;3 C0? F0C4A > =>C 2>==42C C74 0??;80=24 C> C74 <8G4A C0? >5 0= D=?A4BBDA8I43 7>CNF0C4A 1>8;4A
!5 8= 0=H 3>D1C 70E4 C74 F0C4A 2>==42C8>= 20AA843 >DC 1H 0= 0DC7>A8I43 C427=8280=
*74 F0C4A BD??;H 7>B4 C 14 4=C >A B@D0B743
$>385843 >A 2DC C7A>D67 BC018;8CH 20= => ;>=64A 14 6D0A0=C443
';0BC82 C7A403B =;H 14 C867C4=43 1H 70=3 > =>C A4<>E4 C74 BCA08=4A 5A>< C74 F0C4A BD??;H 7>B4
&1B4AE4 C74 F0C4A ?A4BBDA4 8= C74 BD??;H =4CF>A: *74 F0C4A ?A4BBDA4 B7>D;3 14 14CF44= 0=3
10AB F74= C74 C0? 8B CDA=43 >= 0C ;40BC ;8CA4B >5 F0C4A 8B 38B270A643 ?4A <8=DC4
?A4BBDA4 A43D28=6 E0;E4 ==42C C74 F0C4A BD??;H 7>B4 *> C74 102: >5 C74 F0B78=6 <0278=4 0=3
*> C74 F0C4A C0?
5C4A 2>==42C8>= *DA= >= C74 F0C4A C0? 2>==42C8>= ?>8=CB 0A4 F0C4ANC867C
(&) ((
$&8*6 )6&.3&,*
&98.43 > =>C 14=3 >A ?D;; C74 F0C4A 3A08=064 7>B4
4867C 38554A4=24 14CF44= C74 ?;024<4=C 0A40 0=3 3A08=064 ?>8=C <0G8 0 B8?7>= )42DA4 C74 2>==42C8>= ?>8=C F8C7 0 7>B4 10=3 2;8? >5 N << 380 5A>< B?4280;8BC BC>A4
A08=064 8=C> 0 F0B7 10B8= &98.43 *74 ?;D6 C 1;>2: C74 3A08= >5 C74 F0B7 10B8=
)42DA4 C74 F0C4A 3A08=064 7>B4 B> C70C 8C 3>4B =>C B;834 >DC
-74= F0C4A 8B 148=6 3A08=43 2742: C70C C74 F0C4A 5;>F 8B 50BC 4=>D67
*:*11.3, 564(*)96*
;; 5>DA 0??;80=24 544C = C74 6A>D=3
*74 F0B78=6 <0278=4 C F>11;4
#4E4; C74 F0B78=6 <0278=4 F8C7 C74 0BB8BC0=24 >5 C74 5>DA 039DBC01;4 544C 0=3 0 B?8A8C ;4E4; #>>B4= C74 2>D=C4AN=DC DB8=6 C74 FA4=27
39DBC C74 74867C 1H <40=B >5 CDA=8=6 C74 0??;80=24 5>>C
*867C4= ;>2: =DC 0608=BC C74 7>DB8=6
1*(86.(&1 (433*(8.43
&98.43 *74 F0B78=6 <0278=4 =;H 14 2>==42C43 C> 0;C4A=0C8=6 2DAA4=C 0=3 DB8=6 0 ?A>?4A;H 8=BC0;;43 B>2:4C >DC;4C F8C7 40AC78=6 2>=C02C
*74 <08=B E>;C064 AA4B?>=3 C> C74 E>;C064 B?4285820C8>= >= C74 F0B78=6 <0278=4 =0<4?;0C4
>==42C8>= B?4285820C8>=B 0B F4;; 0B C74 A4@D8A43 5DB4B 0A4 BC8?D;0C43 >= C74 0??;80=24 =0<4?;0C4
$0:4 BDA4 C70C C74 <08=B ?;D6 58CB C74 B>2:4C >DC;4C
C74 201;4 2A>BBNB42C8>= 8B ?4A<8BB81;4
C74 40AC78=6 BHBC4< 8B ?A>?4A;H 8=BC0;;43
*74 <08=B 201;4 <0H 14 A4?;0243 1H 0= 4;42CA8280= >=;H
(4?;024<4=C <08=B 201;4 0E08;01;4 5A>< DBC><4A B4AE824
> =>C DB4 ==42C>AB >A 4GC4=B8>= 201;4B
!= C74 4E4=C C70C 0= 40AC7N;40:064 28A2D8C 1A40:4A 8B C>14 DB43 >=;H DB4 CH?4B <0A:43 F8C7 C74 5>;;>F8=6 BH<1>;
&=;H C78B BH<1>; 20= 6D0A0=C44 2>=B
> =>C 8=B4AC A4<>E4 C74 <08=B ?;D6 F8C7 F4C >A 303H >=;H F74= A4<>E8=6 C74 ?;D6 5A>< C74 B>2:4C
"6&375468 *,;-*3 24:.3,
45>A4 CA0=B?>AC8=6 C74 F0B78=6 <0278=4 *DA= >55 C74 F0C4A C0?
A08= 0=H A4B83D0; F0B78=6 B>;DC8>= A454A C> '064
(4;40B4 C74 F0C4A ?A4BBDA4 8= C74 BD??;H 7>B4 A454A C> '064
8B2>==42C C74 F0B78=6 <0278=4 5A>< C74 <08=B
8B<0=C;4 C74 BD??;H 0=3 3A08=064 7>B4B
(48=BC0;; C74 CA0=B?>AC 1>;CB
0E8=6 CA0=B?>AC43 C74 0??;80=24 0=3 4=BDA43 ?A>?4A8=BC0;;0C8>= 0=3 2>==42C8>= 0;;>F C74 J ?A>6A0<<4 C> AD= C7A>D67 145>A4 BC0AC8=6 C74 58ABC F0B7 ?A>6A0<<4
6*5&6.3, &3) .37*68.3, 8-* 86&375468 '4187
(4<>E4 C74 2>E4AB
'A4?0A8=6 C74 CA0=B?>AC 1>;CB 'D;; C74 1>;C >DC >5 C74 B;44E4 D=C8; C74 4=3 >5 C74 1>;C 8B 5;DB7 F8C7 C74 4=3 >5 C74 B;44E4
!=B4AC 0=3 C867C4= C74 CA0=B?>AC 1>;CB
*74 ;D6 >= C74 F0B74A 20C43 8= C74 6A>>E4 8= C74 A40A ?0=4; >5 C74 7>DB8=6
)! $ %) # *(& (M* $
4=
