7j^aYVEgd\gVb B^Xgdhd[iœ œ J]giU`
6Ug]W
'%%* :megZhh:Y^i^dc ;$LQGG 30 38%/,6+('%< 0LFURVRIW3UHVV $'LYLVLRQRI0LFURVRIW&RUSRUDWLRQ 2QH0LFURVRIW:D\ 5HGPRQG:DVKLQJWRQ &RS\ULJKW‹E\0LFURVRIW&RUSRUDWLRQ ,QIRUPDWLRQLQWKLVGRFXPHQWLQFOXGLQJ85/DQGRWKHU,QWHUQHW:HEVLWHUHIHUHQFHVLVVXEMHFWWRFKDQJHZLWKRXWQRWLFH8QOHVVRWKHU ZLVHQRWHGWKHH[DPSOHFRPSDQLHVRUJDQL]DWLRQVSURGXFWVGRPDLQQDPHVHPDLODGGUHVVHVORJRVSHRSOHSODFHVDQGHYHQWVGHSLFWHG KHUHLQDUHÀ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·VYLHZVDQGRSLQLRQV7KHLQIRUPDWLRQFRQWDLQHGLQWKLVERRNLVSURYLGHGZLWKRXWDQ\H[SUHVVVWDWXWRU\ RULPSOLHGZDUUDQWLHV1HLWKHUWKHDXWKRUV0LFURVRIW&RUSRUDWLRQQRULWVUHVHOOHUVRUGLVWULEXWRUVZLOOEHKHOGOLDEOHIRUDQ\GDPDJHV FDXVHGRUDOOHJHGWREHFDXVHGHLWKHUGLUHFWO\RULQGLUHFWO\E\WKLVERRN %RG\3DUW1R; ;$LQGG 30 6bagXagf 6[TcgXe
$ h#C:I4 ' L]Vi>hK^hjVa7Vh^X'%%*4 >hK^hjVa7Vh^X'%%*VcDW_ZXi"Dg^ZciZYEgd\gVbb^c\ DDEAVc\jV\Z4 ) L]Vi>hK^hjVa7Vh^X'%%*:megZhh:Y^i^dc4 L]Vi@^cYhd[6eea^XVi^dch8VcNdj7j^aYl^i] K^hjVa7Vh^X'%%*:megZhh:Y^i^dc4 L]Vi6gZi]Z@Zn;ZVijgZhNdjCZZYid@cdl6Wdji4 &% &% chiVaaK^hjVa7Vh^X'%%*:megZhh :Y^i^dc &+ >chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc &, 6[TcgXe
& %( IldIneZhd[6eea^XVi^dch/L]ViÈhi]Z9^[[ZgZcXZ4 '+ 9:8dbedcZcih ', (% Dcidi]ZEgd_ZXih 7j^aY^c\V8dchdaZ6eea^XVi^dc (& (&  ;$LQGG (' (( (, ( )& ) 6[TcgXe
% 6eXTg\aZ
Lbhe
9\efg
4cc_\VTg\ba
hIg^\\ZgZY4 ,* 6[TcgXe
) @bW\Yl
Lbhe
JXU
5ebjfXe
Abj
+$ =dlid7g^c\JeNdjg6eea^XVi^dc -' >ciZgVXi^c\I]gdj\]9^Vad\7dmZh 6YY^c\Vc6Wdji7dm 6YY^c\VCVk^\ViZ9^Vad\7dm .& 6Egd[Zhh^dcVaAdd`VcY;ZZaViNdjg;^c\Zgi^eh 6YY^c\VIddaHig^e8dciV^cZgVcYHdbZIddah 6YY^c\VHiVijh7VgidNdjg7gdlhZg EZghdcVa^oZNdjg6eea^XVi^dcl^i]L^cYdlh>Xdch ) ) + &%% 6[TcgXe
* 9\k\aZ
g[X
5eb^Xa
5_bV^f
9ZWj\\^c\Vc6eea^XVi^dc Jh^c\V9AA^cVc6eea^XVi^dc 6YY^c\VGZ[ZgZcXZidNdjg6eea^XVi^dc 7gZV`ed^cih!AdXVah!:Y^iVcY8dci^cjZ!VcYK^hjVa^oZgh $#, &&% &&% &&& &&' 6[TcgXe
+ @TaTZ\aZ
g[X
7TgT
L]Vi>hV9ViVWVhZ4 L]ViÈh>cV9ViVWVhZ4 9ViVCdgbVa^oVi^dcVcY9ViV>ciZ\g^in L]Vi>hCjaa4 L]Vi6gZEg^bVgn@ZnhVcY;dgZ^\c@Znh4 =dl9dNdj>ciZgVXil^i]VGZaVi^dcVa9ViVWVhZ4 ^k ;$LQGG $%( &'+ &'+ &', &(% &(% &(( HFAHZgkZg'%%*:megZhh^cK^hjVa7Vh^X'%%* :megZhh:Y^i^dc 8gZVi^c\V9ViVWVhZJh^c\K^hjVa7Vh^X'%%* :megZhh:Y^i^dc 8gZVi^c\IVWaZh^cNdjg9ViVWVhZ 8gZVi^c\GZaVi^dch]^eh7ZilZZci]ZIVWaZh :ciZg^c\9ViV^cHFAHZgkZgIVWaZhJh^c\ K^hjVaHijY^d L]Vi6gZ69D#C:IVcY9ViVW^cY^c\4 I]Z8VgIgVX`Zg6eea^XVi^dc9ZkZadebZci 8dbedcZciIgVn =dl9d>c[dgbVi^dc DcBn;dgb4 &() &(* &(, &( &)( &)+ &)&*( &*) 6[TcgXe
, 5h\_W
Lbhe
Bja
JXTg[Xe
GeTV^Xe

4cc_\VTg\ba
Abj
$)& ;ZVijgZhd[i]ZLZVi]ZgIgVX`Zg6eea^XVi^dc I]Z=^\]"AZkZaEaVc &+) &+) 8gZVi^c\i]Z6eea^XVi^dcJhZg>ciZg[VXZ 6YY^c\Cdi^[^XVi^dc6gZV8VeVW^a^i^Zh 6YY^c\i]ZHeaVh]HXgZZcVcY6Wdji9^Vad\7dm 6YY^c\i]ZDei^dch9^Vad\7dm &+* &+, &,( &,* Jh^c\LZWHZgk^XZh JhZgHZii^c\h Ldg`^c\^ci]Z7VX`\gdjcY 8dbeaZi^c\i]Z8dgZLZVi]ZgIgVX`Zg;jcXi^dcVa^in IZhi^c\LZVi]ZgIgVX`Zg Ldg`^c\l^i]i]ZDei^dch9^Vad\7dm IZhi^c\LZVi]ZgIgVX`Zg &,, &-& &-' &-, &.( &.) &., 6cYCdl!?jhi8a^X`DcXZ &.- B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl 30 ÈbVeeaVjY^c\VcYX]ZZg^c\[dg i]ZeZdeaZl]d]VYi]^hWg^aa^Vci^YZVWZXVjhZ>WZa^ZkZi]ZgZ ^hVgZVacZZYVcYYZbVcY[dgVldgaY"XaVhhVcYedlZg[ja egdYjXi[dgi]Z]dWWn^hiegd\gVbbZgh!hijYZcih!VcYegd" [Zhh^dcVaYZkZadeZgh#6cYK^hjVa7Vh^X'%%*:megZhh:Y^i^dc VchlZghVaad[i]ViVcYbdgZ# K^hjVa7Vh^X'%%*:megZhh:Y^i^dc^hV[jaan[jcXi^dcVa hjWhZid[K^hjVaHijY^d'%%*!hj^iVWaZ[dgXgZVi^c\VcYbV^c" iV^c^c\L^cYdlhVeea^XVi^dchVcYa^WgVg^Zh#>iÈhcdiVi^bZY" WdbWZY^i^dc!VYZbd!dgV[ZVijgZa^b^iZYkZgh^dc0cd!^iÈhV `ZnB^Xgdhd[i^c^i^Vi^kZidgZVX]bdgZeZdeaZVcY\^kZi]Zb i]ZVW^a^inid]VkZ[jcl]^aZXgZVi^c\Xddahd[ilVgZ# L]d>hI]^h7dd`;dg4 I]^hWdd`^h[dgeZdeaZl]d]VkZ^YZVhWjiYdcÈi`cdl ]dlidWg^c\i]ZbidgZVa^in#>iÈhV\ddY^cigdYjXi^dcidi]^h VgiVcYhX^ZcXZi]Vi^hYZkZade^c\hd[ilVgZ# =dlI]^h7dd`>hDg\Vc^oZY I]^hWdd`Xdch^hihd[c^cZX]VeiZgh!ZVX]XdkZg^c\VeVgi^Xj" aVg[ZVijgZdgiZX]cdad\nVWdjiK^hjVa7Vh^X'%%*:megZhh :Y^i^dc#BdhiX]VeiZghWj^aYdcegZk^djhX]VeiZgh!hdndj h]djaYeaVcdcgZVY^c\i]ZbViZg^VahZfjZci^Vaan# 8dckZci^dchVcY;ZVijgZh^cI]^h7dd` I]^hWdd`egZhZcih^c[dgbVi^dcjh^c\XdckZci^dchYZh^\cZY idbV`Zi]Z^c[dgbVi^dcgZVYVWaZVcYZVhnid[daadl#7Z[dgZ ndjhiVgii]ZWdd`!gZVYi]Z[daadl^c\a^hi!l]^X]ZmeaV^ch XdckZci^dchndjÈaahZZi]gdj\]djii]ZWdd`VcYed^cihdji ]Zae[ja[ZVijgZh^ci]ZWdd`i]Vindjb^\]ilVciidjhZ# I]^hWdd`^h[dgZkZgnWdYn/hijYZcih!]dWWn^hiegd\gVbbZgh! VcYVahd[dgeZdeaZl]dValVnhi]dj\]iegd\gVbb^c\lVhV 7cbjYbh]cbg idj\]iVh`#>iÈh[dgeZdeaZl]d]VY^YZVha^`Z/>l^h]>XdjaY Q :VX]ZmZgX^hZ^hVhZg^Zhd[iVh`h#:VX]iVh`^hegZhZciZYVh Wj^aYViddaidhidgZVaabngZX^eZh!>l^h]>XdjaYeg^cii]Zb VhZg^Zhd[cjbWZgZYhiZeh&!'!VcYhddc#:VX]ZmZg" VcYhZcYi]Zbidbn[g^ZcYhDG>l^h]>XdjaYWj^aYi]^h X^hZ^hegZXZYZYWnVegdXZYjgVa]ZVY^c\i]ViaZihndj XddaXVgY\VbZi]Vi>]VkZcZkZg[djcYZahZl]ZgZDG>l^h] `cdll]Vindjl^aaVXXdbea^h]^ci]ZZmZgX^hZ# >XdjaYWj^aYi]^hXddahd[ilVgZidhidgZbn9K9VcY89Xda" Q CdiZhaVWZaZYÅI^egdk^YZVYY^i^dcVa^c[dgbVi^dcdg aZXi^dcDG>l^h]>XdjaYWj^aYi]^hhd[ilVgZid]ZaebZldg` VaiZgcVi^kZbZi]dYh[dgXdbeaZi^c\VhiZehjXXZhh[jaan# l^i]bVig^XZhVcYeadi\gVe]^Xh[dgbnbVi]XaVhhVcYbVcn bdgZegd_ZXihi]VidcZXVci]^c`d[ >cigdYjXi^dc ;$LQGG k 30 Q CdiZhaVWZaZYÅ8Vji^dcỈVaZgindjid^c[dgbVi^dcndj cZZYidX]ZX`WZ[dgZXdci^cj^c\# Q E8l^i]VEZci^jb>>>"XaVhhegdXZhhdg!+%%B=o GZXdbbZcYZY/&chiVaa^c\i]Z8dYZHVbeaZh ;daadli]ZhZhiZehid^chiVaai]ZXdYZhVbeaZhdcndjgXdbejiZg# $
8ckb`cUX
h\Y
WcXY
gUad`Yg
Zfca
]iie/$$lll#b^Xgdhd[i#Xdb$bhegZhh$XdbeVc^dc$%",(*+"''&("'$" %
5ZhYf
mci
Xckb`cUX
h\Y
WcXY
gUad`Yg
Z]`Y
fib
h\Y
]bghU``Yf" &
:c``ck
h\Y
]bghfiWh]cbg
h\Uh
UddYUf" I]ZXdYZhVbeaZhVgZ^chiVaaZYidi]Z[daadl^c\adXVi^dcdcndjgXdbejiZg/ Bn9dXjbZcihQB^Xgdhd[iEgZhhQK7'%%*:megZhh Jh^c\i]Z8dYZHVbeaZh :VX]X]VeiZg^ci]^hWdd`ZmeaV^chl]ZcVcY]dlidjhZVcnXdYZhVbeaZh[dgi]ViX]VeiZg# L]Zc^iÈhi^bZidjhZVXdYZhVbeaZ!i]ZWdd`l^aaa^hii]Z^chigjXi^dch[dg]dliddeZci]Z [^aZh#I]ZX]VeiZghVgZWj^aiVgdjcYhXZcVg^dhi]Vih^bjaViZgZVaegd\gVbb^c\egd_ZXih!hd ndjXVcZVh^anVeeani]Zh`^aahndjaZVgcidndjgdlcldg`# ;dgi]dhZd[ndjl]da^`Zid`cdlVaai]ZYZiV^ah!Va^hid[i]ZXdYZhVbeaZegd_ZXih VeeZVghdci]ZcZmieV\Z#6abdhiVaaegd_ZXih]VkZhdaji^dchVkV^aVWaZ[dgi]ZegVXi^XZZmZg" X^hZh#I]Zhdaji^dch[dgZVX]egd_ZXiVgZ^cXajYZY^ci]Z[daYZg[dgZVX]X]VeiZgVcYVgZ aVWZaZY8dbeaZiZ# Jc^chiVaa^c\i]Z8dYZHVbeaZh ;daadli]ZhZhiZehidgZbdkZi]ZXdYZhVbeaZh[gdbndjgXdbejiZg# $
=b
7cbhfc`
DUbY`
cdYb
5XX
Cf
FYacjY
Dfc[fUag" :fca
h\Y
`]gh
cZ
7iffYbh`m
=bghU``YX
Dfc[fUag
gY`YWh
A]WfcgcZh
J]giU`
6Ug]W
&$$)
9ldfYgg
9X]h]cb.
% 6i]`X
U
Dfc[fUa
Bck
UbX
W`]W_
FYacjY" &
:c``ck
h\Y
]bghfiWh]cbg
h\Uh
UddYUf
hc
fYacjY
h\Y
WcXY
gUad`Yg" >cigdYjXi^dc ;$LQGG k^^ 30 k^^^ ;$LQGG Egd_ZXi 9ZhXg^ei^dc 8]VeiZg&' CdhVbeaZegd_ZXih 8]VeiZg( Bn;^ghi8dchdaZ6eea^XVi^dc  6eea^XVi^dci]ViiV`ZhildcjbWZghVcYVYYhi]Zb id\Zi]Zg!i]ZcY^heaVnhi]Zhjb^cVXdchdaZl^cYdl# Bn;^ghiL^cYdlh6eea^XVi^dc  HVbZVeea^XVi^dcWjiY^heaVnhi]ZgZhjai^cV bZhhV\ZWdm# 8]VeiZg) BnDlc7gdlhZg  H^beaZLZWWgdlhZgVeea^XVi^dci]ViZcVWaZhi]Z jhZgidWgdlhZdci]Z>ciZgcZi# 8]VeiZg* IZhiEgd_ZXi  6eea^XVi^dci]ViZcVWaZhndjidjhZi]Zbdhi^bedgiVci [ZVijgZh^cK^hjVa7Vh^X'%%*:megZhh:Y^i^dc# 8]VeiZg+ BnDlc7gdlhZg    I]^h^hi]ZXdci^cjVi^dcd[i]ZVeea^XVi^dc[gdb 8]VeiZg)#>i^hi]ZLZWWgdlhZgidl]^X]ndjÈaaVYY bZcjh!iddaWVgh!VhiVijhVcYegd\gZhhWVg!VcYV cVk^\Vi^dcl^cYdll^i]VjidXdbeaZiZ# 8]VeiZg, 9ZWj\\Zg   6cVeea^XVi^dc[jaad[egdWaZbhid]ZaendjaZVgc]dl idYZWj\jh^c\[ZVijgZhd[K^hjVa7Vh^X'%%* :megZhh:Y^i^dc# 8]VeiZg- 8VgIgVX`Zg   6cVeea^XVi^dcZcVWa^c\i]ZjhZgidigVX`XVgVYh[gdb i]Z>ciZgcZijh^c\VHFAHZgkZg'%%*:megZhhYViVWVhZ idhidgZi]Z^c[dgbVi^dc# 8]VeiZg. LZVi]ZgIgVX`Zg     6cVeea^XVi^dci]Vigjch^ci]ZhnhiZb"igVnVcY]Vh Vc^XZJ>idY^heaVnlZVi]ZgYViVXdaaZXiZYWnndjg Veea^XVi^dc[gdbY^kZghZLZWhZgk^XZh#6YZeadnbZci eVX`V\Z^hVahdXgZViZY[dgi]ZY^hig^Wji^dcd[ndjg Veea^XVi^dc# B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl 30 6YY^c\VGZ[ZgZcXZidNdjg6eea^XVi^dc IdVYYcZlgZ[ZgZcXZhidndjgVeea^XVi^dc![daadli]ZhiZeh]ZgZ# ID6996G:;:G:C8:IDNDJG6EEA>86I>DC
$ GY`YWh
h\Y
dfc^YWh
k\YfY
mci
kUbh
hc
UXX
h\Y
fYZYfYbWY/
]b
h\]g
WUgY
gY`YWh
8YVi[[Yf"
% F][\h!W`]W_
5XX
FYZYfYbWY"
"
"

@cc_
Uh
:][ifY
+!%
hc
aU_Y
gifY
mciÇfY
Uh
h\Y
f][\h
d`UWY" 5g
mci
WUb
gYY
Zfca
h\Y
hUVg
cb
h\Y
X]U`c[
Vcl
h\Uh
UddYUfg
h\Y
fYZYfYbWYg
WUb
WcaY
Zfca
ai`h]d`Y

gcifWYg"
GY`YWh
h\Y
Dfc^YWhg
hUV
UbX
h\Yb
gY`YWh
h\Y
Am@]VfUfm
dfc^YWh
k\]W\
WcbhU]bg
h\Y
aUbU[YX
8@@"
& DfYgg
C?
hc
UXX
h\Y
fYZYfYbWY
hc
mcif
dfc^YWh" 7ZXVjhZi]Z9AA^h^ci]ZhVbZhdaji^dcVcYndj_jhiVYYZYVgZ[ZgZcXZd[i]Vi9AAid ndjgVeea^XVi^dc!B^Xgdhd[iK^hjVaHijY^dœcdl`cdlhi]ZgZ^hVYZeZcYZcXnWZilZZci]Z ildVcYl^aaValVnhWj^aYi]Z9AA[^ghihdi]VindjgVeea^XVi^dcWj^aYhi]ZW^cVgnl^i]i]Z bdhije"id"YViZ9AAedhh^WaZ# NdjXVckZg^[ni]Vii]ZgZ[ZgZcXZ]VhWZZc^chZgiZY^cildY^[[ZgZcilVnh/ ;^\jgZ,"& 4WW
EXYXeXaVX!
!
!
`Xah
V[b\VX
Yeb`
g[X
7XUhZZXe
ceb]XVg N JhZi]ZEgd_ZXi9Zh^\cZgVcYhZaZXii]ZGZ[ZgZcXZhiVWdci]ZaZ[ih^YZVhh]dlc^c ;^\jgZ,"'# N JhZi]ZH]dl6aa[^aZhWjiidc^ci]ZHdaji^dc:meadgZgVcYZmeVcYi]ZGZ[ZgZcXZh# ;^\jgZ,"' Ceb]XVg
7Xf\ZaXe-
EXYXeXaVXf
gTU
j\g[
g[X
@l?\UeTel
eXYXeXaVX 8]VeiZg,/;^m^c\i]Z7gd`Zc7adX`h &LQGG &&& 30 Jh^c\dcZd[i]ZhZbZi]dYh!ndjÈaahZZi]ZgZ[ZgZcXZidBnA^WgVgn#L]ZcndjgZYdcZ VYY^c\i]ZgZ[ZgZcXZ!ndjgVeea^XVi^dcXVcXgZViZ^chiVcXZhd[i]ZcZlineZhi]ViVgZWj^ai^c i]Z9AAVcYjhZi]ZbVeegdeg^ViZan#I]ZWj^aYegdXZhhXdbe^aZgVcYa^c`Zgl^aacdlVXXZei i]ZjhZd[i]dhZcZlineZh!Wji[dgK^hjVaHijY^did]VkZi]dhZcZlineZhVkV^aVWaZk^V >ciZaa^HZchZœVcY[dgi]ZXdbe^aZgid`cdlVWdjii]dhZcZlineZh!dcZbdgZhiZe^h gZfj^gZY#Ndjb^\]iVagZVYn]VkZhZZci]Z[^ghia^cZd[XdYZ^ci]ZIZhi6eea^XVi^dc#kW[^aZ#I]Z a^cZgZVYh>bedgihBnA^WgVgn# L]Vii]Z>bedgihhiViZbZciZhhZci^VaanYdZh^h^bedgicVbZheVXZhdgegd\gVbb^c\ZaZ" bZcih!a^`ZcZlineZh!i]ViVgZYZ[^cZY^cgZ[ZgZcXZYegd_ZXihVcYVhhZbWa^Zh#7nVYY^c\i]^h a^cZd[XdYZ!ndjÈgZiZaa^c\K^hjVaHijY^didadd`^cidi]ViVhhZbWan[dgi]ZbZiVYViVi]Vil^aa ZcVWaZ>ciZaa^HZchZidWZedejaViZYl^i]i]ZejWa^X$egdiZXiZYZaZbZcih#6[iZgVYY^c\i]^h a^cZ!ndjÈaa]VkZVXXZhhidi]dhZ^iZbhl]ZcZkZgndj]VkZVc^chiVcXZd[dcZd[i]ZineZh Wj^ai^ci]Za^WgVgn# 7gZV`ed^cih!AdXVah!:Y^iVcY8dci^cjZ!VcYK^hjVa^oZgh I]ZgZ^hcdWZiiZglVnidY^kZ^cidi]^hhjW_ZXii]VcWnadd`^c\ViVcY\d^c\i]gdj\]i]Z XdYZ#>[i]ZIZhi6eea^XVi^dc#kWhdjgXZXdYZ[^aZ^hcdiVagZVYndeZc!deZc^iWng^\]i"Xa^X`^c\ dci]ZIZhi6eea^XVi^dc#kW[^aZVcYhZaZXi^c\K^Zl8dYZ#Ndjh]djaYhZZgZYYdihdci]ZaZ[i" ]VcYh^YZd[i]ZhXgZZc0i]dhZgZYYdihVgZWgZV`ed^cih#;^\jgZ,"(h]dlhi]ZhdjgXZXdYZ VcYi]ZWgZV`ed^cih# G[i]ZWgZV`ed^cihYdciVeeZVg! ndjXVcVYYi]ZbWnXa^X`^c\^c i]ZaZ[ibVg\^c# ;^\jgZ,"( FbheVX
VbWX
TaW
UeXT^cb\agf
Yeb`
g[X
GXfg4cc_\VTg\ba
J\aWbjf
Ybe` &&' &LQGG B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl 30 L]Zci]ZYZWj\\ZgZcXdjciZghVWgZV`ed^ci!^ihidehZmZXji^c\i]ZVeea^XVi^dc#>ci]^h hdjgXZXdYZ!i]ZWgZV`ed^ci^hdci]ZXVaaidi]ZBZhhV\Z7dm#H]dlbnHig^c\#I]ZgZ^h Vcdi]ZgWgZV`ed^ci^ci]ZA^WgVgn#kW^ci]Z[^ghia^cZd[XdYZd[i]Z9^k^YZbZi]dY#>ci]Z[da" adl^c\egdXZYjgZ!ndjl^aaZmZXjiZi]ZXdYZVcY\di]gdj\]VYZWj\\^c\hZhh^dc# IdYZWj\VcVeea^XVi^dc!ndjXVcYddcZd[ildi]^c\h/ N EgZhh;*dgi]ZHiVgi9ZWj\\^c\Wjiidc# I]Zegd\gVbl^aahiVgiZmZXji^c\cdgbVaan#>[i]ZgZ^hVWgZV`ed^ci^ci]ZhdjgXZXdYZ!i]Z ZmZXji^dcl^aahidei]ZgZ#Di]Zgl^hZ!i]Zegd\gVbl^aaXdci^cjZidZmZXjiZjcaZhhi]ZgZ^h Vcjc]VcYaZYZmXZei^dc!dgZggdg# N 6aiZgcVi^kZan!ndjXVcYZWj\i]ZVeea^XVi^dcWnhiZee^c\i]gdj\]i]ZXdYZa^cZWna^cZ# IdYdi]^h!egZhh;-dgi]ZHiZe>cidWjiidc# ;dgcdl!ndjÈaa_jbeidi]Z[^ghiWgZV`ed^ciVcYZmZXjiZi]ZXdYZ^ci]ZhVbeaZegd\gVb jh^c\i]Z[^ghiiZX]c^fjZ# ID7:C9:7JDC $ DfYgg
:)
cf
h\Y
GhUfh
8YVi[[]b[
Vihhcb" Mci
k]``
gYY
U
Vihhcb
h\Uh
gUmg
Hfm
AY
7`]W_
]h"
H\Y
WcXY
g\ci`X
ghcd
YlYWih]b[
Uh
h\Y
Z]fgh
VfYU_dc]bh
% ]b
h\Y
8]j]XY
aYh\cX
UbX
mci
g\ci`X
gYY
k\Uh
]g
g\ckb
]b
:][ifY
+!("
H\Y
mY``ck
\][\`][\hYX
`]bY
aYUbg
]h
]g
h\Y
bYlh
ghUhYaYbh
hc
VY
YlYWihYX" ;^\jgZ,") 8kXVhg\ba
fgbccXW
Tg
g[X
Y\efg
UeXT^cb\ag
\a
g[X
7\i\WX
`Xg[bW 8]VeiZg,/;^m^c\i]Z7gd`Zc7adX`h &LQGG &&( 30 NdjÈgZcdl^cYZWj\\^c\bdYZ!VcYndj]VkZVXXZhhidVeaZi]dgVd[iddahVcYYViVZaZ" bZcihVWdjindjgVeea^XVi^dcid]ZaendjjcYZghiVcYl]Vi^h]VeeZc^c\l]ZcndjgVeea^XV" i^dc^hZmZXjiZY#NdjXVchZZi]ZXdciZcid[adXVakVg^VWaZh!eVgVbZiZgh!ZmXZei^dcbZhhV\Zh! i]ZXdchdaZl^cYdl!VcYbVcnbdgZ^iZbhndjÈaaY^hXdkZg^ci]ZcZmi[ZlhiZeh#6aad[i]Vi ^c[dgbVi^dc^hjhZ[jal]ZcVcVeea^XVi^dc^hcdiWZ]Vk^c\i]ZlVn^ih]djaYVcYndjÈgZign" ^c\idjcYZghiVcYl]n#L^i]Vaai]Z^c[dgbVi^dci]ZYZWj\\Zgegdk^YZh!ndjXVcignid jcXdkZgl]ZgZi]ZegdWaZba^ZhVcYhZZl]nndj]VkZVWj\#NdjXVcVahdjhZi]ZYZWj\\Zg [dgaZVgc^c\ejgedhZhVhndjVgZYd^c\g^\]icdl#I]ZYZWj\\Zg^hVcZmXZaaZciiZVX]Zg l]ZcndjÈgZcZlidViZX]cdad\n!aVc\jV\ZXdchigjXi!dgl]ZcndjÈgZh^beanign^c\id jcYZghiVcYVcZlZaZbZci#>i^hVahdXdbbdcidjhZi]ZYZWj\\ZgidjcYZghiVcYhdbZdcZ ZahZÈhXdYZ#>i^hZheZX^Vaan]Zae[jal]ZcndjcZZYidbV`ZbdY^[^XVi^dchidZm^hi^c\XdYZ# NdjÈaacdladd`Vii]Z[^ghihZg^Zhd[YViVZaZbZcihd[[ZgZYWni]ZYZWj\\Zgl]^aZndjÈgZ hiZee^c\i]gdj\]ndjgXdYZ#6ii]ZWdiidbd[i]ZK^hjVaHijY^dhXgZZc!ndjXVchZZVhZg^Zh d[iVWh!l]^X]XVc^cXajYZAdXVah!LViX]!>bbZY^ViZL^cYdl!Djieji!VcY :ggdgA^hi#>[ ndjYdcihZZi]ZhZiVWh!ndjXVcdeZci]ZhZl^cYdlhWnhZaZXi^c\i]Zbdci]ZK^ZlVcY 9ZWj\bZcjh#Bdhid[i]ZhZVgZcdik^h^WaZl]Zc^cZY^i^c\bdYZ#NdjhVl^c8]VeiZg( i]Vii]Z:ggdgA^hi^hdcani]ZgZidh]dli]ZgZhjaihd[i]ZgZVa"i^bZXdbe^aVi^dc#L]^aZndjÈgZ YZWj\\^c\!i]ZAdXVahiVW^hjhjVaandcideVcYh]dlhi]ZXjggZcikVg^VWaZhVcYdW_ZXi^c[dg" bVi^dc#Add`Vi;^\jgZ,"*idhZZi]ZiVWh[gdbndjgYZWj\\^c\hZhh^dc# ;^\jgZ,"* GTUf
ceXfXag
Whe\aZ
WXUhZZ\aZ
\a
I\fhT_
FghW\b &&) &LQGG B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl 30 >ci]ZAdXVahiVWhZXi^dc!ndjXVchZZ[djgZaZbZcihd[YViV[gdbndjg9^k^YZbZi]dY/ BZ!9^k^YZ!cjbWZgDcZ!VcY cjbWZgIld#I]dhZVgZ!^cdgYZg!i]Z^chiVcXZd[i]ZXjggZci dW_ZXi!i]ZgZijgckVajZ[dgi]Z[jcXi^dccVbZY9^k^YZ!VcYi]ZildeVgVbZiZgh#I]ZYZWj\" \ZgYZiZXihVaaZaZbZcihi]ViVgZ^chXdeZ^ci]VibZi]dYVcYY^heaVnhi]Zb^ci]ZAdXVah iVW#I]ZZaZbZcih^chXdeZVgZVaai]ZZaZbZcihi]ViVgZk^h^WaZ[gdbl]ZgZi]Z^chigjXi^dc ed^ciZg^hadXViZY#>ci]^hXVhZ!^iXdjaYWZZ^i]ZgadXVakVg^VWaZhdgh]VgZYkVg^VWaZh#I]^h bZVchi]Vii]gdj\]djii]ZZmZXji^dcd[i]Z9^k^YZbZi]dY!ndjÈaaWZVWaZid[daadli]ZkVa" jZhi]Vii]dhZ^iZbhl^aa]VkZ#Cdl^iÈhndjgijgcidhZZi]^h[dgndjghZa[# ID8DCI>CJ:9:7JDC $ DfYgg
:,
cf
h\Y
GhYd
=bhc
Vihhcb"
DfYgg
:,
U[U]b
hc
[Yh
hc
h\Y
X]j]g]cb
cdYfUh]cb" K\]`Y
XYVi[[]b[
mci
WUb
U`kUmg
\cjYf
h\Y
acigY
cjYf
dfc[fUa
Y`YaYbhg
hc
[Yh
h\Y
]bZcfaUh]cb
mci
ch\! Yfk]gY
Z]bX
]b
h\Y
@cWU`g
hUV"
:cf
]bghUbWY
]Z
mci
\cjYf
mcif
acigY
cjYf
h\Y
biaVYfCbY
Y`YaYbh
mciÇ``
gYY
h\Y
gUaY
jU`iY
h\Uh
]g
g\ckb
]b
h\Y
@cWU`g
hUV
Ug
]``ighfUhYX
]b
:][ifY
+!*" ;^\jgZ,"+ :Xgg\aZ
g[X
iT_hX
bY
g[X
ah`UXeBaX
_bVT_
iTe\ TU_X
\a
gjb
W\YYXeXag
jTlf 9lYWihY
h\Y
bYlh
`]bY
cZ
WcXY
ig]b[
cbY
cZ
h\Y
aYh\cXg
aYbh]cbYX
VYZcfY
Vm
dfYgg]b[
Y]h\Yf
:,
cf
% h\Y
GhYd
=bhc
Vihhcb" @YhÇg
Yld`U]b
k\Uh
]g
[c]b[
cb
Zfca
h\Y
Wcad]`YfÇg
dYfgdYWh]jY"
=b
h\Y
@cWU`g
hUV
h\Y
8]j]XY
Y`YaYbh
h\Y
fYhifb
jU`iY
cZ
h\Uh
ZibWh]cb
WcbhU]bg
h\Y
fYgi`h
cZ
)
X]j]XYX
Vm
'
k\]W\
g\ci`X
VY
%"
8]VeiZg,/;^m^c\i]Z7gd`Zc7adX`h &LQGG &&* 30 6ih
k\m
XcYg
h\Y
XYVi[[Yf
g\ck
&3
Mci
^igh
ZcibX
U
Vi["
BchY.
=ÇjY
]bgYfhYX
h\]g
Yffcf
hc
XYacbghfUhY
\ck
gaU``
a]ghU_Yg
WUb
WfYUhY
V][[Yf
dfcV`Yag"
=Z
mci
\cjYf
h\Y
acigY
cjYf
h\Y
#
cdYfUhcf
mciÇ``
gYY
h\Y
kcfX
YdjWaZ"
DfYgg
:%
UbX
gYUfW\
Zcf

cdYfUhcf
]b
chiZVY!ndjÈaahiZedjid[ i]ZXdYZjh^c\i]ZHiZeDji[jcXi^dc#HiZee^c\djiYdZhcÈibZVci]VindjÈaah`^ei]ZZmZXj" i^dc0hiZee^c\djih^beanbZVchi]Vii]ZYZWj\\Zgl^aaZmZXjiZVaa^chigjXi^dchd[i]ZXjggZci bZi]dYVcY\dWVX`idi]ZXVaa^c\ed^ci#>[ndjYd^idcVh^c\aZ^chigjXi^dc!^il^aah^bean ZmZXjiZ^i#IdhZZi]^h^cVXi^dc![daadli]ZhZhiZeh# &&+ &LQGG B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl 30 IDHI:EDJID;I=:8D9: =b
h\Y
@]VfUfm"jV
Z]`Y
W`]W_
h\Y
fYX
Xch
]b
h\Y
Z]fgh
VfYU_dc]bh
cZ
h\Y
8]j]XY
aYh\cX"
6m
W`]W_]b[
h\Y
fYX
$ Xch
mci
UWhiU``m
fYacjY
h\Y
VfYU_dc]bh"
H\Y
VfYU_dc]bh
g\ci`X
bck
VY
[cbY" %
Hc
X]gUV`Y
h\Y
gYWcbX
VfYU_dc]bh
mci
WUb
igY
h\fYY
X]ZZYfYbh
aYh\cXg" Q
H\Y
Z]fgh
cbY
]g
g]ad`m
hc
f][\h!W`]W_
h\Y
`]bY
cZ
WcXY
h\Uh
\Ug
h\Y
VfYU_dc]bh
h\Yb
gY`YWh
h\Y

6fYU_dc]bh"
"
"
aYbi
W\c]WY
UbX
Z]bU``m
gY`YWh
h\Y
8Y`YhY
6fYU_dc]bh
W\c]WY"
@cc_
Uh
:][ifY
+!+
hc
gYY
h\]g
]b
UWh]cb" Q
H\Y
gYWcbX
aYh\cX
]g
hc
gY`YWh
h\Y
8YVi[
aYbi
UbX
h\Yb
gY`YWh
Hc[[`Y
6fYU_dc]bh
cf
dfYgg
:-" Q
H\Y
h\]fX
aYh\cX
]g
hc
f][\h!W`]W_
h\Y
fYX
Xch
]bX]WUh]b[
h\Y
VfYU_dc]bh
UbX
gY`YWh
h\Y
cb`m
UjU]`UV`Y
W\c]WY.
8Y`YhY
6fYU_dc]bh" ;^\jgZ,", 7X_XgX
T
UeXT^cb\ag
Yeb`
T
VbagXkghT_
`Xah
\a
g[X
VbWX
XW\gbe Mci
g\ci`X
VY
Uh
h\Y
Z]fgh
`]bY
cZ
WcXY
]b
h\Y
8]j]XY
aYh\cX"
Bck
h\Uh
mciÇfY
]b
h\Y
8]j]XY
aYh\cX
& mci
WUb
dfYgg
7hf`G\]Zh:,
hc
ghYd
cih
cZ
h\Y
8]j]XY
aYh\cX
cf
mci
WUb
dfYgg
h\Y
GhYd
Cih
Vihhcb"
H\]g
k]``
YlYWihY
U``
h\Y
]bghfiWh]cbg
]b
h\Uh
aYh\cX
UbX
[c
VUW_
hc
h\Y
WU``Yf" '
DfYgg
:)
hc
YlYWihY
U``
aYh\cXg
id
hc
h\Y
bYlh
VfYU_dc]bh" Mci
g\ci`X
gYY
Ubch\Yf
aYggU[Y
Vcl
k]h\
h\Y
fYgi`h
&"
7`]W_
C?
UbX
h\Yb
mci
g\ci`X
VY
ghcddYX
]b
h\Y
gcifWY
WcXY
cZ
h\Y
FYUX:]`Y
aYh\cX" @BE8
;;:G:CI:M8:EI>DCH 7`]W_
h\Y
Ghcd
8YVi[[]b[
Vihhcb
cf
dfYgg
7hf`5`h6fYU_
hc
ghcd
XYVi[[]b[
acXY"
=b

$ HYgh5dd`]WUh]cb"jV
acX]Zm
h\Y
VhbS7`]W_
aYh\cX
hc
`cc_
`]_Y
h\Y
Zc``ck]b[ 'LPP\2EMHFW/LEUDU\DV1HZ/LEUDU\ 'LPP\6WULQJ$V6WULQJ +HOORZRUOG 'LPP\)LOH$V6WULQJ  7U\ 0HVVDJH%R[6KRZP\2EMHFW/LEUDU\'LYLGH 7R6WULQJ ... ZmeZg^ZcXZ#7ni]Zi^bZndj[^c^h]i]^hWdd`!ndjÈaaWZa^ZkZ^i#9dcÈildggn# LZÈaa]VkZVWaVhi!VcYWZXVjhZndjÈaaVXijVaanWZWj^aY^ci]ZVeea^XVi^dchVh ndj[daadlVadcl^i]ZVX]ZmZgX^hZ!ndjÈaahZZ[dgndjghZa[_jhi]dlZVhn^i XVcWZ#... L]Zc^iÈhi^bZidjhZVXdYZhVbeaZ!i]ZWdd`l^aa a^ hii]Z^chigjXi^dch[dg]dliddeZci]Z [^aZh#I]ZX]VeiZghVgZWj^aiVgdjcYhXZcVg^dhi]Vih^bjaViZgZVaegdgVbb^cegd_ZXih!hd ndjXVcZVh^anVeeani]Zh`^aahndjaZVgcidndjgdlcldg`#... ;dgi]dhZd[ndjl]d a^ `Zid`cdlVaai]ZYZiV^ah!V a^ hid[i]ZXdYZhVbeaZegd_ZXih VeeZVghdci]ZcZmieV#6abdhiVaaegd_ZXih]VkZhdaji^dchVkV^aVWaZ[dgi]ZegVXi^XZZmZg" X^hZh#I]Zhdaji^dch[dgZVX]egd_ZXiVgZ^cXajYZY^ci]Z[daYZg[dgZVX]X]VeiZgVcYVgZ