CHUNGMEI REVISIONS cm 4-20...[.4=,$! 3$%+7*!! !!!!
42
"#$%#& ’()*()#+%,- #-. /.0$#+%,-#& 10+$,2(3 %- 4(+*,5,&%+#- 6,3+,- !" 780-)2(% 9(( :5*%& ;<<=
Transcript of CHUNGMEI REVISIONS cm 4-20...[.4=,$! 3$%+7*!! !!!!
-
!
!
!
!
!
!!
"#$%#&!'()*()#+%,-!#-.!/.0$#+%,-#&!10+$,2(3!
%-!4(+*,5,&%+#-!6,3+,-!!!!!
!
!
!"#!
780-)2(%!9((!!
!
!
!
!:5*%&!;
-
!
!
!
!
"#$%#&!'()*()#+%,-!#-.!/.0$#+%,-#&!10+$,2(3!%-!4(+*,5,&%+#-!6,3+,-!
/7($0+%8(!'022#*9!
!
"#$%!&'!($!)*++$+*,&-$!-.$!/0/-0$-.!&%%0#$,'&,1!*/!-.$!2&%3+&,4!!"#$%&'()&!#*"+,&-+./*01#%&
567,$+$!8*6,-&3$)0'0*%9!0%!(.0).!:'$7&,&-$;!(&'!3$$+$3!:0%.$,$%-21!6%$,$>&-0*%!*,3$,9!').**2!'$>,$>&-0*%!&%3!0-'!&''*)0&-$3!6%$21!+$-,*7*20-&%?(03$!0%!')*7$@!!A%!+&%1!(&1'9!+$-,*!=*'-*%!
7,*#03$'!&%!0%-$,$'-0%>!$B&+72$!*/!-.$!31%&+0)'!*/!'$>,$>&-0*%@!50%)$!-.$!CDEF'9!-.$!80-1!*/!=*'-*%!.&'!
G$$%!-.$!)$%-$,!*/!&--$%-0*%!/*,!3$'$>,$>&-0*%!$//*,-'!0%!-.$!6,G&%!H*,-.@!=*'-*%I'!6,G&%!3$'$>,$>&-0*%!
$B7$,0$%)$!(&'9!0%!0+7*,-&%-!,$'7$)-'9!-.$!%&-0*%I'!(*,'-9!36$!-*!&!6%00*%I'!+*'-!0+7*,-&%-!3$+*>,&7.0)!-,$%3'L!-.$!)*%-0%6$3!
*6-(&,3!+*#$+$%-!*/!-.$!7*762&-0*%!-*!-.$!'6G6,G'!&%3!-.$!,&703!>,*(-.!*/!+62-072$!,&)0&2!&%3!$-.%0)!
7*762&-0*%!>,*67'??7&,-0)62&,21!0%!6,G&%0J$3!'&-$220-$!)0-0$'!*6-'03$!=*'-*%??'6>>$'-!-.&-!-.$!=*'-*%!
+*3$2!+&1!%*!2*%>$,!G$!-.$!+*'-!,$2$#&%-@!A-!0'!%*-&G2$!-.&-!-.$!+*'-!,$)$%-!+&M*,!3$'$>,$>&-0*%!G&--2$!
*))6,,$3!0%!-.$!'&-$220-$!)0-1!*/!N1%%9!(.$,$!-.$!6'$!*/!,&)$!0%!').**2!&''0>%+$%-'!(&'!)*%-$'-$3!0%!-.$!
/$3$,&2!30'-,0)-!)*6,-!0%!2#3,#"0&')&45%%&6/7##8&2#3310099:;)?&&A%!67.*230%>!-.$!6'$!*/!,&)$!-*!
+&0%-&0%!,&)0&221!&%3!$-.%0)&221!30#$,'$!').**2'9!-.0'!3$)0'0*%!)0-$3!3$-&02$3!2*)&2!3$+*>,&7.0)!&%3!
$36)&-0*%&2!,$'$&,).!*%!-.$!#&26$!*/!0%-$>,&-0*%!/*,!$36)&-0*%@!!O$!%$$3!-*!2**4!G$1*%3!-.$!+6).?
+&20>%$3!=*'-*%!P6G20)!5).**2!$B7$,0$%)$9!)*%'03$,!-.$!,$&2!'6))$''$'!0%!'*+$!+$-,*!)*++6%0-0$'!'6).!
&'!N1%%9!&%3!3$#$2*7!%$(!7*20)0$'!-*!0%'6,$!$!(.0-$!&%3!'6G6,G&%@!!R/!-.$!ESE9SFC!'-63$%-'!&--$%30%>!
C9TUE!76G20)!').**2'!0%!VFFC?FV9!&77,*B0+&-$21!ES!7$,)$%-!*/!-.$!'-63$%-'!($,$!%*%?N&-0%*!(.0-$9!-$%!
7$,)$%-!($,$!N&-0%*9!%0%$!7$,)$%-!G2&)49!&%3!/0#$!7$,)$%-!W'0&%@!!5$#$%!*6-!*/!$#$,1!-$%!'-63$%-'!
&--$%3$3!').**2'!0%!-.$!'6G6,G'@!!=1!)*%-,&'-9!-.$!=*'-*%!P6G20)!5).**2'!$%,*22$3!M6'-!$0>.-!7$,)$%-!*/!
76G20)!').**2!'-63$%-'!0%!-.$!+$-,*7*20-&%!&,$&!&%3!*%21!-(*!7$,)$%-!*/!(.0-$!'-63$%-'@!!!
!
O.0-$!'-63$%-'!0%!X$-,*!=*'-*%!&--$%3!#$,1!'$>,$>&-$3!').**2'9!&%3!*#$,!-.$!CDDF'9!').**2!'$>,$>&-0*%!
,$+&0%$3!&-!.0>.!2$#$2'@!5$#$%!0%!-$%!(.0-$!'-63$%-'!&--$%3!').**2'!0%!-.$!*6-$,!'6G6,G'Y').**2'!-.&-!
&,$!*#$,!%0%$-1!7$,)$%-!(.0-$@!!A%!)*%-,&'-9!+*,$!-.&%!-.,$$!.21!'$>,$>&-$3!G1!2&%>6&>$@!!N&-0%*!&%3!W'0&%!"%>20'.!N&%>6&>$!N$&,%$,'!
Z"NN'[!&,$!.0>.21!0'*2&-$3!&%3!&,$!+6).!+*,$!204$21!-*!&--$%3!').**2'!(0-.!'0>%0/0)&%-!%6+G$,'!*/!
N&-0%*!&%3!W'0&%!'-63$%-'9!,$'7$)-0#$219!-.&%!&,$!"%>20'.!N&%>6&>$!57$&4$,'@!
!
"#$%!+*,$!-.&%!-.$!%&-0*%&2!$,&>$9!'$>,$>&-$3!+0%*,0-1!').**2'!0%!X$-,*!=*'-*%!&,$!&2'*!.0>.?7*#$,-1!
').**2'@!!H0%$-1?'$#$%!7$,)$%-!*/!-.$!0%-$%'$21?'$>,$>&-$3?+0%*,0-1!').**2'!Z-.*'$!*#$,!DF!7$,)$%-!
+0%*,0-1[!.$!&!+&M*,0-1!*/!'-63$%-'!(.*!&,$!$20>0G2$!/*,!/,$$!*,!,$36)$3!26%).9!)*+7&,$3!-*!*%21!*%$!
7$,)$%-!*/!2*(?+0%*,0-1!').**2'!Z-.*'$!*#$,!DF!7$,)$%-!(.0-$@[!!=$)&6'$!*/!-.0'!.0>.!)*,,$2&-0*%9!-.$,$!
&,$!&2+*'-!%*!2*(?7*#$,-1!\.0>.?+0%*,0-1!').**2'!*,!.0>.?7*#$,-1\2*(?+0%*,0-1!').**2'!0%!-.$!
+$-,*7*20-&%!&,$&@!!W2+*'-!*%$!0%!/0#$!G2&)4!&%3!N&-0%*!'-63$%-'!&--$%3!&!').**2!(.0).!0'!:,+;!DF!
7$,)$%-!*/!+*,$!+0%*,0-1!&%3!(.$,$!*#$,!.&2/!*/!-.$!'-63$%-'!&,$!$20>0G2$!/*,!/,$$!*,!,$36)$3!26%).@!
!
5$>,$>&-0*%!0'!,$2&-$3!G*-.!-*!4$1!&'7$)-'!*/!').**20%>!*77*,-6%0-1!&%3!&2'*!-*!-$'-!,$'62-'!&%3!>,&36&-0*%!
,&-$'@!]*,!$B&+72$9!DT!7$,)$%-!*/!-.$!-$&).$,'!0%!').**2'!(0-.!2$''!-.&%!CF!7$,)$%-!7**,!&%3!+0%*,0-1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!C!8*+/*,-!$B!,$2@!H$6+1$,!#@!N1%%!5).**2!8*++0--$$9!VS^!]@5677@!VFD!Z_@X&''@!VFF^[@!
-
!
!
'-63$%-'!&,$!)$,-0/0$39!0%!)*%-,&'-!-*!*%21!E`!7$,)$%-!0%!.0>.?+0%*,0-1!&%3!.0>.?7*#$,-1!').**2'@!!!_$'70-$!
'-&-$!,$>62&-0*%'!*/!-$&).$,!)$,-0/0)&-0*%'!&%3!Q.$!H*!8.023!N$/-!=$.0%3!,$.21!%0/0)&%-!#&,0&-0*%!0%!-.$!7,*7*,-0*%!*/!)$,-0/0$3!-$&).$,'!G1!
7*#$,-1!&%3!+0%*,0-1!)*+7*'0-0*%!0%!-.$!').**2'@!!!
!
Q.$!X&''&).6'$--'!8*+7,$.$%'0#$!W''$''+$%-!51'-$+!ZX8W5[!.&'!G$$%!-.$!)$%-$,70$)$!*/!
X&''&).6'$--'!$36)&-0*%&2!,$/*,+!0%!,$)$%-!1$&,'!&%3!0'!6'$3!-*!$#&26&-$!-.$!'6))$''!*/!').**2'!&%3!-*!
-&,>$-!'&%)-0*%'!G*-.!6%3$,!'-&-$!7*20)1!&%3!6%3$,!-.$!/$3$,&2!H*!8.023!N$/-!=$.0%3!W)-@!!X8W5!.&'!
G$$%!$%32$''21!30')6''$39!G6-!0-'!,$2&-0*%'.07!(0-.!'$>,$>&-0*%!.&'!%*-!G$$%!'1'-$+&-0)&221!$B72*,$3@!!
R6,!&%&21'0'!'.*('!&!30'-6,G0%>21!7*($,/62!,$2&-0*%'.07@!!O$!,$)*>%0J$!-.&-9!>0#$%!-.$!)*%-$B-!*/!0%-$%'$!
'$>,$>&-0*%!0%!-.$!+$-,*7*20-&%!&,$&!&%3!-.$!30'7,*7*,-0*%&-$21!.0>.!$%,*22+$%-!*/!'-63$%-'!0%!2*(?!
+0%*,0-1!&%3!2*(?7*#$,-1!').**2'9!*%$!+6'-!G$!)&,$/62!0%!3,&(0%>!)*%)26'0*%'!&G*6-!X8W5!,$'62-'@!
a0#$%!-.$'$!)*%'03$,&-0*%'9!.*($#$,9!-.$!30//$,$%)$'!0%!-.$!7$,)$%-!*/!-$%-.!>,&3$!'-63$%-'!7&''0%>!-.$!
"%>20'.!N&%>6&>$!W,-'!Z"NW[!X8W5!G$-($$%!0%-$%'$21?'$>,$>&-$3?(.0-$!').**2'!&%3!0%-$%'$21?!
'$>,$>&-$3?+0%*,0-1!').**2'!&,$!'-,040%>!$%*6>.!-*!+$,0-!)*++$%-9!$'7$)0&221!>0#$%!-.&-!-.$!0%-,*36)-0*%!
*/!-.$!X8W5!&'!&!.0>.!').**2!>,&36&-0*%!,$.$,!$36)&-0*%!&%3!/6-6,$!
$&,%0%>'!/*,!&22!'-63$%-'!0%!-.$!'-&-$@!R%!$,&>$9!DS!7$,)$%-!*/!'-63$%-'!0%!2*(?+0%*,0-19!2*(?7*#$,-1!
').**2'!7&''$3!-.$!"%>20'.!N&%>6&>$!W,-'!Z"NW[!X8W5@!!A%!)*%-,&'-9!M6'-!SC!7$,)$%-!*/!-.$!'-63$%-'!
7&''$3!0%!0%-$%'$21?'$>,$>&-$3?+0%*,0-1\!.0>.?7*#$,-1!').**2'@!!_0'-,0)-'!0%!(.0).!2$''!-.&%!.&2/!*/!-.$!
'-63$%-'!')*,$3!:7,*/0)0$%-;!*,!:&3#&%)$3;!-$%3!-*!G$!-.*'$!(0-.!.0>.!)*%)$%-,&-0*%'!*/!+0%*,0-1!
'-63$%-'9!'6).!&'!=*'-*%9!N&(,$%)$9!N*($229!&%3!N1%%@!!A%!-.$!/6-6,$9!($!.*7$!-*!7,*#03$!/6,-.$,!
&%&21'0'!*/!X8W5!')*,$'!*/!'-63$%-'!&--$%30%>!').**2'!(0-.!#&,10%>!3$>,$$'!*/!3$'$>,$>&-0*%9!-.*6>.!
-.0'!,$'$&,).!0'!)*%-0%>$%-!*%!-.$!(0220%>%$''!*/!-.$!5-&-$!_$7&,-+$%-!*/!"36)&-0*%!-*!+&4$!&77,*7,0&-$!
3&-&!&02&G2$@!
!
_0//$,$%)$'!0%!$'-0+&-$3!.0>.!').**2!)*+72$-0*%!,&-$'!G$-($$%!').**2'!(0-.!30//$,$%-!,&)0&2!&%3!7*#$,-1!
)*+7*'0-0*%'!&,$!&2'*!.!').**2!*%!-0+$!ZTUb[9!)*+7&,$3!
-*!+*,$!-.&%!-.,$$!!
-.$0,!$36)&-0*%9!%*-!*%21!/*,!-.$0,!*(%!7,*'7$)-'9!G6-!&2'*!/*,!-.$!2&,>$21!+0%*,0-1!)*++6%0-0$'!(.$,$!
-.$1!20#$9!+&%1!*/!(.0).!&2,$&31!.$!.0>.!'.&,$'!*/!&362-'!(0-.*6-!.0>.!').**2!3072*+&'@!
!
Q.$!+$-,*7*20-&%!,$>0*%!.&'!&!'$,0*6'!7,*G2$+9!&%3!0-!(022!%*-!>*!&(&1!G1!0-'$2/@!Q.$!&,$&!.&'!&!,0).!
#&,0$-1!*/!$B7$,0$%)$'!0%!(&1'!-*!&33,$''!-.$!).&22$%>$!7*'0-0#$219!0%)2630%>!-.$!7*762&,!1$-!
6%3$,/6%3$3!X"Q8R!7,*>,&+@!5*+$!*/!-.$!7*'0-0#$!0+7&)-'!*/!3$'$>,$>&-0*%!&,$!#$,1!'0+02&,!-*!-.$!
30#$,'0-1!G$%$/0-'!/*,!&22!'-63$%-'!,$)*>%0J$3!G1!-.$!567,$+$!8*6,-!0%!0-'!VFF^!3$)0'0*%!67.*230%>!
&//0,+&-0#$!&)-0*%!&-!-.$!c%0#$,'0-1!*/!X0).0>&%@!!80-0%>!'*)0&2!')0$%)$!,$'$&,).9!-.$!567,$+$!8*6,-!.$23!
-.&-!0%-$,,&)0&2!').**20%>!.&3!G$%$/0-'!/*,!&22!'-63$%-'9!-.&-!0-!.$27$3!7,$7&,$!2$&3$,'.07!-.&-!)*623!
/6%)-0*%!&),*''!,&)0&2!20%$'9!&%3!-.&-!0-!&03$3!+&M*,!W+$,0)&%!0%'-0-6-0*%'!&%3!*6,!3$+*),&)1@!
]6,-.$,+*,$9!'6,#$1'!*/!.0>.!').**2!'-63$%-'!0%!8&+G,03>$!&%3!N1%%!/*6%3!-.&-!'-63$%-'!*/!&22!,&)$'!0%!
-.$'$!30#$,'$!&%3!3$'$>,$>&-$3!30'-,0)-'!,$7*,-!7*'0-0#$!0%-$,,&)0&2!2$&,%0%>!$B7$,0$%)$'!&%3!#$,1!.0>.!
2$#$2'!*/!)*%/03$%)$!&G*6-!-.$0,!&G020-1!-*!20#$!&%3!(*,4!-*>$-.$,!&'!&362-'@!Q.0'!7&7$,!'.*('!-.&-!
'$7&,&-$!').**2'!&,$!'-022!7,*/*6%321!6%$0*%?(03$!
30')6''0*%!*%!(&1'!0%!(.0).!($!)&%!.$!+*,$!').**2'!-.&-!(022!7,$7&,$!&22!*/!*6,!).023,$%!/*,!-.$!/&,!
+*,$!+62-0,&)0&2!'*)0$-1!-.&-!0'!,&70321!$+$,>0%>!0%!-.$!+$-,*7*20-&%!,$>0*%@!
!
-
! "
!
!"#$%&'()*+,-./,01(*/,2"#3"4,05%&5%"13'),")*,63%.,01"$57,85713)%,3),
951&':'431"),;&5"74.%A&*?N!!D,$*.6!)4+,*+5!,$%,!6)$44&!6*7.*7%,94+!96!7.4=9+7!'4.!29+4.9,/!'%29&9*6!A*)%-6*!$4-69+7!6*7.*7%,94+!$%6!9+).*%6*5?!O$9&*!.*695*+,9%&!6*7.*7%,94+!96!6,.4+7&/!&9+E*5!,4!6)$44&!6*7.*7%,94+;!$4-69+7!%),-%&&/!A*)%2*!245*6,&/!+%//!6*7.*7%,*5!'4.!29+4.9,9*6;!1%.,9)-&%.&/!'4.!A&%)E!'%29&9*6;!5-.9+7!,$*!&PQR6!%+5!&PPR6;S!%+5!/*,!)$9&5.*+!%.*!A*)429+7!9+).*%69+7&/!6*7.*7%,*5!9+!,$*!6)$44&6!,$*/!%,,*+5?!!
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
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!!"#$$%"&'(&)*++,-.%";!"JX!0?!3,?!JXJN!YJRRXZ?!!J!D.'9*&5;![?!%+5!V**;!3?!8\.4=+!%,!NRW!!]9+7T6!@.*%2!4.!H&*66/T6!K97$,2%.*^9&!G97$,6!H.4I*),!%,!F%.>%.5!`+9>*.69,/?!X!3&4,'*&,*.;!3?B?!Y"PPPZ?!!8H-A&9)!0)$44&!0*7.*7%,94+!9+!_*,.414&9,%+!#.*%6(&&01-2&34*-*5,4/?!!UNYK4>ZWLQU(NRLa!G*%.54+;!0?!%+5!b-+;!c?!YJRR"Z?%,*!0)$44&!G%)9%&!d+.4&&2*+,6!%+5!0*7.*7%,94+?9&!G97$,6!H.4I*),?!!LB$*!246,!.*)*+,![%&&-1!H4&&!'4-+5!9+!"PPP!,$%,!SRe!4'!#2*.9)%+6!A*&9*>*!,$%,!24.*!6$4-&5!A*!54+*!'4.!5*6*7.*7%,94+!8[%&&-1!H4&&!B419)6W!d5-)%,94+;!8!Y[%&&-1!H4&&;!:+JX!c-&/!"PPPZ?!!f9>*!/*%.6!*%.&9*.;!,$*!/*%.!%',*.!,$*!0-1.*2*!34-.,!$%5!%-,$4.9C*5!%!.*,-.+!,4!6*7.*7%,*5!6)$44&6;!SRe!$%5!%&64!A*&9*>*5!,$%,!24.*!6$4-&5!A*!54+*!Y[%&&-1!H4&&;!g-*6,94+!:+XL;!#1.9&!"PPLZ?!f-.,$*.24.*;!9+!%!"PPQ!6-.>*/!)4+5-),*5!A/!H-A&9)!#7*+5%;!&*66!,$%+!4+*(,*+,$!4'!\&%)E6!%+5!4+&/!4+*!'9',$!4'!=$9,*6!6%95!,$%,!9,!=%6!8+4,!,44!9214.,%+,*!8%!59>*.6*!6,-5*+,!A45/!=9,$!E956!'.42!59''*.*+,!*,$+9)!%+5!.%)9%&!A%)E7.4-+56?*5!\&%)E!*5-)%,94+!%+5!NRe!6%95!,$%,!9,!$%5!921.4>*5!*5-)%,94+!'4.!=$9,*6?!!S!V47%+;!c?!8d,$+9)!@9>*.69,/![.4=6;!K*97$A4.$445!M+,*7.%,94+!V%76!\*$9+5?9&!G97$,6!H.4I*),!%,!F%.>%.5!`+9>*.69,/?!
-
! J
#'.9)%+!#2*.9)%+6?!![9>*+!,$*6*!.%195!)$%+7*6!9+!*+.4&&2*+,;!9,!96!1*.$%16!.*%64+%A&*!,4!*i1*),!&*66!*i146-.*!4'!29+4.9,/!6,-5*+,6!,4!=$9,*!6,-5*+,6!9+!4-.!+%,94+T6!6)$44&6?!
! F4=*>*.;!,$*6*!,.*+56!54!+4,!*+,9.*&/!*i1&%9+!,$*!%A$%-$&,4!=$9)$!,$*!6)$44&6!%.*!.%)9%&&/!964&%,*5!+4.!54!,$*/!*i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i%29+*!,$*!9+).*%69+7!6*7.*7%,94+!'4.!V%,9+4!6,-5*+,6;!'4.!=$42!,$*.*!=%6!+*>*.!%+/!6*.94-6!5*6*7.*7%,94+!*''4.,?!B$*!6$%.*!4'!V%,9+4!6,-5*+,6!9+!PR("RRe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
M+!%559,94+!,4!,$*!.*>*.6%&6!A/!)4-.,6;!9+%),94+!4.!411469,94+!A/!*i*)-,9>*!%7*+)9*6!=%6!%&64!%!'%),4.!9+!2%9+,%9+9+7!6*7.*7%,94+?!!!_46,!+4,%A&/!5-.9+7!,$*!K9i4+!#529+96,.%,94+;!,$*!*i*)-,9>*!A.%+)$!6,411*5!*+'4.)9+7!5*6*7.*7%,94+!Y-+,9&!4.5*.*5!,4!.*6-2*!A/!%!'*5*.%&!)4-.,Z?!!B$*.*!$%>*!A**+!+4!697+9'9)%+,!14&9)/!9+9,9%,9>*6!,4!'46,*.!5*6*7.*7%,*5!6)$44&9+7!'4.!,$9.,/!/*%.6?!3&*%.&/;!,$*!1%,,*.+6!4'!6*7.*7%,94+;!5*6*7.*7%,94+!%+5!.*6*7.*7%,94+!'4.!A&%)E!6,-5*+,6!.*'&*),!,$*!59.*),94+!4'!64)9%&!14&9)/!%+5!%.*!,$*!.*6-&,!4'!74>*.+2*+,!9+%),94+!%+5!)4-.,!.-&9+76?!f-.,$*.24.*;!6)$44&!41,94+6!,$%,!*21$%69C*!)$49)*!=9,$4-,!2%E9+7!1.4>9694+6!'4.!*:-9,/!$%>*!)4+,.9A-,*5!,4!,$*!6*7.*7%,94+!4'!29+4.9,/!6,-5*+,6;!*61*)9%&&/!9+!-.A%+!)*+,*.6!4'!&%.7*!2*,.414&9,%+!%.*%6?"X!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Q!B$*!39>9&!G97$,6!H.4I*),!)4614+64.*5!%!)4+'*.*+)*!4+!,$*!.*6*7.*7%,94+!4'!,$*!04-,$!9+!3$%1*&!F9&&!=9,$!,$*!`+9>*.69,/!4'!K4.,$!3%.4&9+%!%+5!,$*!B$-.7445!_%.6$%&&!0)$44&!4'!V%=!%,!04-,$*.+!`+9>*.69,/!9+!F4-6,4+?!!B$*!+9+*,**+!+*=!6,-59*6!1.45-)*5!'4.!,$%,!)4+'*.*+)*!%+5!*i1&4.9+7!2%+/!592*+694+6!4'!04-,$*.+!.*6*7.*7%,94+!)%+!A*!'4-+5!%,!===?)9>9&.97$,61.4I*),?$%.>%.5?*5-!%+5!9+!%!'4.,$)429+7!A44E!'.42!,$*!`+9>*.69,/!4'!K4.,$!3%.4&9+%!H.*66?!P!D.'9*&5;![?!%+5!V**;!3?!8\.4=+!%,!NRW!!]9+7T6!@.*%2!4.!H&*66/T6!K97$,2%.*^9&!G97$,6!H.4I*),!%,!F%.>%.5!`+9>*.69,/?!"R!M+!7,++,B%-&'(&)"12+%C;!L"Q!`?0?!U"U!Y"PULZ;!,$*!0-1.*2*!34-.,!.-&*5!%7%9+6,!5*6*7.*7%,94+!%).466!)9,/(6-A-.A%+!&9+*6;!*i*21,9+7!2%I4.9,/!=$9,*!6-A-.A6!'.42!,$*!5*6*7.*7%,94+!*''4.,!4-,695*!,$*!04-,$?!""!D.'9*&5;![?!h!d%,4+;!0?d?!Y"PPSZ?!@962%+,&9+7!@*6*7.*7%,94+W!B$*!g-9*,!G*>*.6%&!4'!\.4=+!>?!\4%.5!4'!d5-)%,94+;!K*=!b4.EW!K*=!H.*66;!)$%1,*.6!"(X?!"J!)*--%";0C*-/&'(&?4=**+&D*55,$$%%&*:&D,$C&*:&)*/$*-;!LQR!f?J5!LLJ!Y"PUXZ?!"X!f4.!%!596)-6694+!4+!,$*!921%),!4'!>4-)$*.!1.47.%26!4+!6*7.*7%,94+;!6**!G*%.54+;!0?!%+5!b-+;!c?!YJRRJZ!8H.9>%,*!0)$44&!G%)9%&!d+.4&&2*+,6!%+5!0*7.*7%,94+?9&!G97$,6!H.4I*),!%,!
-
! X
B$*!9+).*%69+7!&*>*&6!4'!6*7.*7%,94+!2-6,!A*!)4+695*.*5!9+!,$*!)4+,*i,!4'!,$*!6,.4+7!)4..*&%,94+!A*,=**+!.%)*!%+5!14>*.,/?!!3$9&5.*+!9+!6*7.*7%,*5!6)$44&6!4',*+!*i1*.9*+)*!)4+59,94+6!4'!)4+)*+,.%,*5!596%5>%+,%7*;!9+)&-59+7!&*66!*i1*.9*+)*5!4.!-+:-%&9'9*5!,*%)$*.6;!'*=*.!5*2%+59+7!1.*()4&&*79%,*!)4-.6*6!%+5!24.*!.*2*59%&!)4-.6*6;!%+5!$97$*.!,*%)$*.!,-.+4>*.?!"L!!B$*!6,.4+7!)4..*&%,94+!A*,=**+!.%)*!%+5!14>*.,/!2*%+6!,$%,!%!7.*%,!2%+/!A&%)E!%+5!V%,9+4!6,-5*+,6!%,,*+5!6)$44&6!4'!)4+)*+,.%,*5!14>*.,/?!
#,!,$*!6%2*!,92*!,$%,!6*7.*7%,94+!&*>*&6!%.*!.969+7;!14&9)/2%E*.6!%.*!.*&/9+7!24.*!!4+!$97$(6,%E*6!,*6,6!,4!$4&5!6)$44&6!.*614+69A&*!'4.!$*&19+7!%&&!)$9&5.*+!2**,!%)$9*>*2*+,!,%.7*,6?!!O$9&*!,$96!6*.>*6!%6!%+!9+)*+,9>*!'4.!6)$44&6!,4!921.4>*!,*%)$9+7!%+5!&*%.+9+7!9+!1.9+)91&*"N;!,$*.*!$%6!A**+!*>95*+)*!,$%,!$97$!6,%E*6!,*6,6;!.%,$*.!,$%+!1.424,*!*5-)%,94+%&!*i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
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!F%.>%.5!`+9>*.69,/?!!f4.!%+!%+%&/696!4'!)$%.,*.!6)$44&6!%+5!6*7.*7%,94+!9+!1-A&9)!6)$44&6;!6**!O*&&;!#?0?!Yd5?Z?!YJRRJZ!*.69,/!4'!K4.,$!3%.4&9+%!%,!3$%1*&!F9&&a!D.'9*&5;![?!%+5!d%,4+;!0?!Y"PPSZ?!F,/51-$+,-.&F%/%."%.1$,*-(&K*=!b4.EW!K*=!H.*66;!3$%1,*.!X?!!f4.!%!'-&&!596)-6694+!4'!,$*!)4+6*:-*+)*6!4'!6*7.*7%,94+;!6**!596)-6694+!!9+'.%?!"N!d5-)%,94+!O**E?!Y"PPPZ?!G#1+,$C&D*#-$/&HIII?!\*,$*65%;!_@W!!d5-)%,94+!O**E?a!d&24.*;!G?!f?;!#A*&2%++;!3?!F?;!h!f-$.2%+;!0?!F?!Y"PPSZ?!B$*!K*=!#))4-+,%A9&9,/!9+!0,%,*!d5-)%,94+!G*'4.2W!f.42!H.4)*66*6!,4!H*.'4.2%+)*?!M+!F?!f?!V%55!Yd5?Z;!J*+2,-.&?4=**+/&944*#-$1@+%!Y11?!SN(PQZ?!O%6$9+7,4+;!@3W!B$*!\.44E9+76!M+6,9,-,94+!H.*66?!"S!F4.+;!3?!YJRRXZ?!F97$(0,%E*6!B*6,9+7!%+5!0,-5*+,6W!0,4119+7!4.!H*.1*,-%,9+7!%!3/)&*!4'!f%9&-.*^!6=%*"C&,-$*&>"14$,4%;!>?LJY"Z;!11?!XR(N"a!]4$+;!#?!YJRRRZ?!!B$*!3%6*!#7%9+6,!0,%+5%.59C*5!B*6,6W!G%96*!,$*!0)4.*6;!G-9+!,$*!0)$44&6?!!H4.,624-,$;!KFW!F*9+*2%++a!]4.+$%A*.;!_?;!h!D.'9*&5;![?!YJRR"Z?!F97$(0,%E*6!B*6,9+7!14&9)9*6W!di%29+9+7!,$*9.!#66-21,94+6!%+5!34+6*:-*+)*6?!M+![?!D.'9*&5!h!_?!]4.+$%A*.!Yd56?Z;!K1,/,-.&?$1-21"2/&*"&K1,/,-.&)1"",%"/L&M-%E#1+,$C&1-2&J,.=&?$1B%/&6%/$,-.&,-&>#@+,4&32#41$,*-(!Y11?!"("PZ?!K*=!b4.EW!B$*!3*+,-./!f4-+5%,94+?!"U!f97-*.4%;!G?#?;!%+5!F*.+%+5*C;!0?!YJRRRZ?!B*6,9+7!F961%+9)!0,-5*+,6!9+!,$*!`+9,*5!0,%,*6W!B*)$+9)%&!%+5!14&9)/!966-*6?!!O%6$9+7,4+;!@?3?W!`?0?!@*1%.,2*+,!4'!d5-)%,94+;!H.*695*+,T6!#5>964./!)42296694+!4+!d5-)%,94+%&!di)*&&*+)*!'4.!F961%+9)!#2*.9)%+6a!!F%+*/;!O?;!_%5%-6;![?;!#A.%26;!V;!O$**&4)E;!#?;!_9%4;!c?!%+5![.-.%;!M?!YJRRLZ?!8B$*!d5-)%,94+%&!H91*&9+*!9+!,$*!`?0?;!"PUR(JRRR?#@+,4&32#41$,*-?!K*=!b4.EW!B$*!3*+,-./!f4-+5%,94+!H.*66?!"Q#!6,-5/!'.42!\46,4+!34&&*7*!'4-+5!,$%,!%',*.!%))4-+,9+7!'4.!'%),4.6!6-)$!%6!297.%,94+;!$42*(6)$44&9+7;!1.9>%,*!6)$44&!*+.4&&2*+,;!%+5!,**+!24.,%&9,/;!,$*!%-,$4.6!'4-+5!6,%,*6!.*:-9.9+7!6)$44&6!,4!.*,%9+!6,-5*+,6!4.!5*+/!,$*2!$97$!6)$44&!591&42%6!4+!,$*!A%696!4'!,*6,!6)4.*6!$%>*!,$*!6$%.1*6,!5*)&9+*6!9+!7.%5-%,94+!.%,*6?!0**!F%+*/;!O?;!_%5%-6;![?;!#A.%26;!V;!O$**&4)E;!#?;!_9%4;!c?!%+5![.-.%;!M?!YJRRLZ?!8B$*!d5-)%,94+%&!H91*&9+*!9+!,$*!`?0?;!"PUR(JRRR?
-
! L
@.414-,!.%,*6!9+!-.A%+!6*,,9+76!=9,$!$97$!)4+)*+,.%,94+6!4'!144.!%+5!29+4.9,/!6,-5*+,6!'%.!6-.1%66!,$*!+%,94+%&!%>*.%7*;!%))4.59+7!,4!.*)*+,!*6,92%,*6!A/!,$*!`.A%+!M+6,9,-,*?!!B$*!%>*.%7*!5.414-,!.%,*!9+!,$*!&%.7*6,!LU!-.A%+!596,.9),6!96!+*%.&/!,=9)*!,$%,!4'!,$*!+%,94+%&!%>*.%7*?!!O$*+!4+*!A.*%E6!54=+!,$*6*!+-2A*.6!A/!.%)*;!4+&/!%A4-,!$%&'!4'!!A&%)E6!%+5!V%,9+46!%.*!7.%5-%,9+7!'.42!$97$!6)$44&!4+!,92*?"P!!#))4.59+7!,4!,$*!`?0?!3*+6-6;!,$*!*)4+429)!)46,!4'!5.4119+7!4-,!96!24.*!,$%+!%!:-%.,*.!29&&94+!54&&%.6!YjJURZ!4>*.!,$*!)4-.6*!4'!%!1*.64+T6!=4.E9+7!&9'*?!JR!d>*+!24.*!596,-.A9+7!96!,$*!'%),!,$%,!,$*!*%.+9+76!7%1!A*,=**+!$97$!6)$44&!7.%5-%,*6!%+5!5.414-,6!$%6!9+).*%6*5!69+)*!"PUN!A/!%6!2-)$!%6!JR!1*.)*+,%7*!149+,6?!O$*.*%6!$97$!6)$44&!5.414-,6!*%.+*5!PR!1*.)*+,!%6!2-)$!%6!$97$!6)$44&!7.%5-%,*6!9+!"PUN;!,$*/!+4=!*%.+!UR!1*.)*+,!%6!2-)$!%+5;!5-*!,4!)$%+7*6!9+!,$*!*)4+42/;!-+*21&4/2*+,!96!%&64!4+!,$*!.96*!'4.!$97$!6)$44&!5.414-,6?!B$*!-+*21&4/2*+,!.%,*!'4.!5.414-,6!96!%A4-,!U!1*.)*+,;!)421%.*5!,4!L!1*.)*+,!'4.!$97$!6)$44&!7.%5-%,*6?J"!
! 042*!4'!,$*!1469,9>*!921%),6!4'!9+,*7.%,94+!%.*!>*./!6929&%.!,4!,$*!59>*.69,/!A*+*'9,6!'4.!%&&!6,-5*+,6!.*)47+9C*5!A/!,$*!0-1.*2*!34-.,!9+!9,6!JRRX!5*)9694+!-1$4&59+7!%''9.2%,9>*!%),94+!%,!,$*!`+9>*.69,/!4'!_9)$97%+?!!39,9+7!64)9%&!6)9*+)*!.*6*%.)$;!,$*!0-1.*2*!34-.,!$*&5!,$%,!9+,*..%)9%&!6)$44&9+7!$%5!A*+*'9,6!'4.!%&&!6,-5*+,6;!,$%,!9,!$*&1*5!1.*1%.*!&*%5*.6$91!,$%,!)4-&5!'-+),94+!%).466!.%)9%&!&9+*6;!%+5!,$%,!9,!%95*5!2%I4.!#2*.9)%+!9+6,9,-,94+6!%+5!4-.!5*24).%)/?!!c-6,9)*!DT34++4.T6!2%I4.9,/!419+94+!)4+)&-5*5!,$%,!8+-2*.4-6!6,-59*6!6$4=!,$%,!6,-5*+,!A45/!59>*.69,/!1.424,*6!&*%.+9+7!4-,)42*6;!%+5!kA*,,*.!1.*1%.*6!6,-5*+,6!'4.!%+!9+).*%69+7&/!59>*.6*!=4.E'4.)*!%+5!64)9*,/;!%+5!A*,,*.!1.*1%.*6!,$*2!%6!1.4'*6694+%&6?k!8B$*6*!A*+*'9,6;*!2%5*!)&*%.!,$%,!,$*!6E9&&6!+**5*5!9+!,45%/k6!9+).*%69+7&/!7&4A%&!2%.E*,1&%)*!)%+!4+&/!A*!5*>*&41*5!,$.4-7$!*i146-.*!,4!=95*&/!59>*.6*!1*41&*;!)-&,-.*6;!95*%6;!%+5!>9*=149+,6????O$%,!96!24.*;!$97$(.%+E9+7!.*,9.*5!4''9)*.6!%+5!)9>9&9%+!&*%5*.6!4'!,$*!`+9,*5!0,%,*6!29&9,%./!%66*.,!,$%,;!klAm%6*5!4+!l,$*9.m!5*)%5*6!4'!*i1*.9*+)*;k!%!k$97$&/!:-%&9'9*5;!.%)9%&&/!59>*.6*!4''9)*.!)4.16!???!96!*66*+,9%&!,4!,$*!29&9,%./k6!%A9&9,/!,4!'-&'9&&!9,6!1.9+)91&*!296694+!,4!1.4>95*!+%,94+%&!6*)-.9,/?k!???B4!'-&'9&&!9,6!296694+;!,$*!29&9,%./!n!2-6,!,.%9+!%+5!*5-)%,*!%!$97$&/!:-%&9'9*5;!.%)9%&&/!59>*.6*!4''9)*.!)4.16!9+!%!.%)9%&&/!59>*.6*!6*,,9+7?k!!!O*!%7.**!,$%,!kl9m,!.*:-9.*6!4+&/!%!62%&&!6,*1!'.42!,$96!%+%&/696!,4!)4+)&-5*!,$%,!4-.!)4-+,./k6!4,$*.!246,!6*&*),9>*!9+6,9,-,94+6!2-6,!.*2%9+!A4,$!59>*.6*!%+5!6*&*),9>*?k*/6!4'!$97$!6)$44&!6,-5*+,6!$%>*!1.45-)*5!>*./!6929&%.!'9+59+76?JX!@*6*7.*7%,94+!96!.*&%,*5!,4!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!F97$!0,%E*6!B*6,9+7!>*.6-6!B*%)$*.!#6697+*5![.%5*6W!!#+!#+%&/696!4'!,$*!_%66%)$-6*,,6!3421.*$*+69>*!#66*662*+,!0/6,*2!Y_3#0Z%.5!d5-)%,94+!G*>9*=?!U"YJZW"UX(J"S?!"P!D.'9*&5;![?;!V46*+;!@?;!O%&5;!c?;!%+5!0=%+64+;!3?!YJRRLZ?!8V469+7!D-.!f-,-.*W!F4=!_9+4.9,/!b4-,$!%.*!\*9+7!V*',!\*$9+5!A/!,$*![.%5-%,94+!G%,*!3.9696?9&!G97$,6!H.4I*),!%,!F%.>%.5!`+9>*.69,/!JR!`?0?!\-.*%-!4'!V%A4.!0,%,96,9)6;!8_%+-'%),-.9+7;p1.45pJRRJ1-A6p1JX(J"R?15'?!!J"!MA95?!JJ!!"#$$%"&'(&)*++,-.%"N&"JX!0?3,?!JXJN!YJRRXZ?!JX!]-.&%*+5*.;!_?!%+5!b-+;!c?!YJRR"Z?!8M6!@9>*.69,/!%!3421*&&9+7!d5-)%,94+%&!M+,*.*6,^!!d>95*+)*!'.42!V4-96>9&&*?
-
! N
%)%5*29)!7%9+6!A-,!96!%&64!&9+E*5!,4!A*,,*.!-+5*.6,%+59+7!4'!1*41&*!4'!59''*.*+,!A%)E7.4-+56;!%!7.*%,*.!.*)*1,9>9,/!,4!&9>9+7!%+5!=4.E9+7!9+!59>*.6*!6*,,9+76;!%+5!&9'*!)$%+)*6?!!!
!
B$*!3%6*!4'!_*,.414&9,%+!\46,4+!!
! M+!2%+/!=%/6;!2*,.4!\46,4+!1.4>95*6!%+!9+,*.*6,9+7!*i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
!! F4=*>*.;!69+)*!,$*!"PUR6;!9,!$%6!A**+!,$*!39,/!4'!\46,4+;!.%,$*.!,$%+!,$*!2*,.414&9,%+!%.*%!%6!%!=$4&*;!,$%,!$%6!A**+!,$*!1.92%./!)*+,*.!4'!)4+'&9),!'4.!5*6*7.*7%,94+!*''4.,6?!\46,4+T6!-.A%+!5*6*7.*7%,94+!*i1*.9*+)*!=%6;!9+!9214.,%+,!.*61*),6;!,$*!+%,94+T6!=4.6,;!5-*!,4!%!-+9:-*!&*>*&!4'!>94&*+)*!%+5!14&9,9)%&!14&%.9C%,94+!9+!,$*!)9,/?!!f-.,$*.;!\46,4+!$%6!%+!-+-6-%&&/!62%&&!6$%.*!4'!,$*!2*,.414&9,%+!.*794+T6!141-&%,94+;!69+)*!9,!=%6!,$*!'9.6,!2%I4.!)9,/!9+!,$*!)4-+,./!=$46*!141-&%,94+!7.4=,$!=%6!)-,!4''!A/!6-..4-+59+7!9+5*1*+5*+,!6-A-.A6?!!B$*!39,/!4'!\46,4+!$%6!$%5!%!)4+6,%+,&/!6$.9+E9+7!6$%.*!4'!,$*!,4,%&!2*,.414&9,%+!141-&%,94+!'4.!7*+*.%,94+6?!!V9E*!4,$*.!2*,.414&9,%+!%.*%6!9+!,$*!)4-+,./;!246,!141-&%,94+!7.4=,$!$%6!,%E*+!1&%)*!9+!4>*.=$*&29+7&/!=$9,*!6-A-.A6?JN!!_*,.414&9,%+!\46,4+!96!,$*!+%,94+T6!,$9.5!=$9,*6,!&%.7*!2*,.414&9,%+!%.*%;!%+5!9,6!=$9,*!6-A-.A6!%.*!6,.9E9+7&/!6*7.*7%,*5!9+!$4-69+7!%+5!6)$44&6?!O$9&*!,$*!6-A-.A6!%6!%!=$4&*!.*2%9+!1.*5429+%+,&/!=$9,*;!642*!6-A-.A%+!%.*%6!%.*!A*)429+7!24.*!59>*.6*;!%6!29+4.9,/!'%29&9*6!24>*!9+,4!,$*2?!!F4=*>*.;!246,!A&%)E!%+5!V%,9+4!'%29&9*6!%.*!6*,,&9+7!9+!%!&929,*5!+-2A*.!4'!6-A-.A%+!)422-+9,9*6!%+5!%.*!6*7.*7%,*5!'.42!=$9,*!$42*4=+*.6?JS!!!!!!
B$96!1%1*.!*i%29+*6!,$*!5/+%29)6!4'!6*7.*7%,94+;!5*247.%1$9)!)$%+7*6;!%+5!*5-)%,94+%&!%,,%9+2*+,!9+!,$*!\46,4+!2*,.414&9,%+!%.*%!4>*.!,$*!&%6,!5*)%5*?!!B$*!2*,.414&9,%+!%.*%!6,-59*5;!'4.2%&&/!E+4=+!%6!,$*!\46,4+!K*=!d+7&%+5!34-+,/!_*,.414&9,%+!#.*%!YKd3_#Z;!9+)&-5*6!,$*!)4-+,9*6!4'!\.96,4&;!d66*i;!_955&*6*i;!K4.'4&E;!H&/24-,$;!0-''4&E;!%+5!O4.)*6,*.?!!f4.!,$*!1-.146*6!4'!,$96!6,-5/;!,$*!2*,.414&9,%+!%.*%!96!59>95*5!9+,4!'9>*!.*794+6W!39,/!4'!\46,4+;!9++*.!6%,*&&9,*!)9,9*6;!4-,*.!6%,*&&9,*!)9,9*6;!9++*.!6-A-.A6;!%+5!4-,*.!6-A-.A6?!!0%,*&&9,*!)9,9*6!%.*!,$46*!%.*%6!5*'9+*5!A/!,$*!D''9)*!4'!_%+%7*2*+,!%+5!\-57*,!%6!8)*+,.%&!)9,9*6
-
! S
G9>*.;!f9,)$A-.7;!V%=.*+)*;!V*429+6,*.;!V4=*&&;!%+5!K*=!\*5'4.5?!!M++*.!6-A-.A6!%.*!,$46*!%.*%6!,$%,!&9*!.4-7$&/!=9,$9+!G4-,*!"JQ;!*i)&-59+7!,$*!39,/!4'!\46,4+!%+5!5*697+%,*5!9++*.!6%,*&&9,*!)9,9*6?!!D-,*.!6-A-.A6!%.*!,$46*!%.*%6!,$%,!&9*!.4-7$&/!4-,695*!4'!G4-,*!"JQ;!*i)&-59+7!5*697+%,*5!4-,*.!6%,*&&9,*!)9,9*6?!!!
`69+7!5%,%!)4&&*),*5!A/!,$*!K%,94+%&!3*+,*.!'4.!d5-)%,94+!0,%,96,9)6!YK3d0Z;!,$*!6,-5/!*i%29+*6!,$*!)421469,94+!4'!1-A&9)!6)$44&6!'.42!"PQP(JRR"!%+5!,$*!596,.9A-,94+!4'!6,-5*+,6!A*,=**+!.*794+6!'4.!*%)$!.%)9%&!7.4-1?JQ!!M,!%&64!*i%29+*6!,$*!.*&%,94+6$91!%24+7!14>*.,/;!.%)*!%+5!6)$44&!:-%&9,/!%6!2*%6-.*5!A/!1*.)*+,!4'!,*%)$*.6!=$4!%.*!)*.,9'9*5;!4+(!,92*!1%669+7!.%,*6;!5.414-,!.%,*6;!%+5!_3#0!.*6-&,6?!B$*!_%66%)$-6*,,6!3421.*$*+69>*!#66*662*+,!0/6,*2!Y_3#0Z!96!%!6,%+5%.59C*5!,*6,!5*697+*5!,4!2*%6-.*!,$*!1*.'4.2%+)*!4'!6,-5*+,6!%+5!6)$44&6!4+!d+7&96$pV%+7-%7*!#.,6;!_%,$*2%,9)6;!0)9*+)*;!%+5!04)9%&!0)9*+)*6?!!B$*!JRRX!_3#0!,*6,!.*6-&,6!6$4=!,$%,!A&%)E!%+5!V%,9+4!6,-5*+,6!=*.*!5961.414.,94+%,*&/!.*1.*6*+,*5!%24+7!,$46*!=$4!6)4.*5!9+!,$*!8'%9&9+7!%+5!8+**56!921.4>*2*+,*./!6,.4+7!6%+),94+6!4+!$97$!6)$44&!6,-5*+,6!4+!,$*!A%696!4'!,$*!_3#0!.*6-&,6;!9,!96!9+).*%69+7&/!9214.,%+,!,4!*i%29+*!,$*6*!.*&%,94+6$916?!!
!
!'71'),951&':'431"),=5>'%&":.3#7!
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eZ?!#A4-,!'9>*!1*.)*+,!4'!6,-5*+,6!*+.4&&*5!9+!1-A&9)!6)$44&6!%.*!#69%+?XR!!!!
B$*!59''*.*+)*6!9+!,$*!596,.9A-,94+!4'!=$9,*!6,-5*+,6!%).466!,$*!2*,.414&9,%+!%.*%!%.*!:-9,*!2%.E*5?!!d97$,/(,=4!1*.)*+,!4'!,$*!1-A&9)!6)$44&!6,-5*+,!141-&%,94+!9+!,$*!9++*.!6-A-.A6!%+5!P"!1*.)*+,!4'!,$*!4-,*.!6-A-.A%+!6,-5*+,6!%.*!=$9,*?!!M+!)4+,.%6,;!4+&/!"N!1*.)*+,!4'!,$*!1-A&9)!6,-5*+,!*+.4&&2*+,!9+!\46,4+!96!=$9,*;!%+5!)&46*!,4!$%&'!4'!,$*!6,-5*+,6!%.*!A&%)E?!!M+!*i%2!6)$44&6!6-)$!%6!\46,4+!V%,9+!0)$44&!%+5!\46,4+!V%,9+!#)%5*2/;!=$9,*!6,-5*+,6!%.*!4>*.(.*1.*6*+,*5!%,!N"!1*.)*+,!%+5!LJ!1*.)*+,!.*61*),9>*&/?X"!O$9,*!6,-5*+,6!%.*!%&64!$*%>9&/!-+5*.(*+.4&&*5!9+!,$*!6%,*&&9,*!)9,9*6;!=$*.*!24.*!,$%+!4+*!'9',$!4'!,$*!6,-5*+,!*+.4&&2*+,!96!V%,9+4?!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!JQ!B$*!6)$44&!596,.9),6!%.*!59>95*5!9+,4!'9>*!2*,.414&9,%+!.*794+6!,$%,!9+)&-5*!\46,4+;!9++*.!6%,*&&9,*!)9,9*6;!4-,*.!6%,*&&9,*!)9,9*6;!9++*.!6-A-.A6;!%+5!4-,*.!6-A-.A6!Y6**!f97-.*!#!9+!,$*!#11*+59i!'4.!%!2%1!4'!,$*!)9,9*6!-+5*.!*%)$!4'!,$*!)%,*74.9*6Z?!!!!JP!$,,1Wpp===?54*?2%66?*5-p2)%6p%A4-,"?$,2&!XR!\*)%-6*!K%,9>*!#2*.9)%+6!%.*!+4,!1.*6*+,!9+!,$*!\46,4+!_*,.414&9,%+!#.*%!9+!*+4-7$!+-2A*.6!'4.!%+!%))-.%,*!14.,.%/%&!4'!,$*!5*247.%1$9)!)$%+7*6;!,$*/!%.*!+4,!9+)&-5*5!9+!,$*!%+%&/696!%+5!596)-6694+?!!X"!0**!B%A&*!"!9+!,$*!#11*+59i?!
-
! U
8"?45,@+,,A)&'44>5)1,")*,2"#3"4,B'>:'7313'),'C,D(?43#,0#.''47,?/,E'#"13'),")*,
2"#5F,GHH@IHG,,
!O$9,*!YeZ!
\&%)E!YeZ!
V%,9+4!YeZ!
#69%+!YeZ!
H*.)*+,!4'!B4,%&!
d+.4&&2*+,!A/!G*794+!Y34&-2+!
H*.)*+,%7*6Z!
\46,4+! "N! LU! JQ! P! Q!
M++*.!0%,*&&9,*!39,9*6! LU! JJ! JJ! Q! P!
D-,*.!0%,*&&9,*!39,9*6! NN! Q! JQ! P! "X!
M++*.!0-A-.A6! QJ! N! L! P! ""!
D-,*.!0-A-.A6! P"! J! X! X! NP!
B4,%&!d+.4&&2*+,! US! P! "R! N! "RR!
qQ*$%8&6*$1+/&51C&-*$&122R&$*&HSS&2#%&$*&"*#-2,-.(!!!
!
=5>'%&":.3#,8&5)*7,JK5&,83>5,
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eZ!4>*.!""!/*%.6;!%+5!+4=!*+.4&&6!I-6,!*97$,!1*.)*+,!4'!,$*!6,-5*+,6?!B$*!4-,*.!6-A-.A6!*i1*.9*+)*5!,$*!246,!7.4=,$!YX"!1*.)*+,Z!%+5!+4=!*+.4&&!,$.**!4-,!4'!*>*./!'9>*!6,-5*+,6?XX!
!
!
!
!
!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!XJ!"PQP!=%6!,$*!*%.&9*6,!/*%.!9+!=$9)$!*+.4&&2*+,!5%,%!=*.*!596%77.*7%,*5!A/!.%)*!%+5!A/!7.%5*?!!!XX!f4.!,$*!246,!1%.,;!,$*!6-A-.A6!%.*!62%&&!%+5!1.*5429+%+,&/!=$9,*?!!B$*!JR!&%.7*6,!6-A-.A6!%.*!6,9&&!24.*!,$%+!QR!1*.)*+,!=$9,*!%+5!*i)*1,!'4.!K*=,4+;!*+.4&&!&*66!,$%+!"R;RRR!6,-5*+,6?!!f.%29+7$%2;!g-9+)/;!\.44E&9+*;!G*>*.*;!%+5!0%&*2!%.*!6-A-.A6!!Y%6!5*'9+*5!A/!,$*!D''9)*!4'!_%+%7*2*+,!%+5!\-57*,Z!=$*.*!%,!&*%6,!XR!1*.)*+,!4'!,$*!6,-5*+,!A45/!96!+4+(=$9,*?!!f4.!%!A.*%E54=+!4'!.%)9%&!)421469,94+!4'!,$*!JR!&%.7*6,!6-A-.A6;!6**!B%A&*!J!9+!,$*!#11*+59i?!
-
! Q
8"?45,G+,L&'M1.,'C,A)&'44>5)1,;#&'77,!'71'),951&':'431"),;&5"F,
!/,25%3'),N@OPOIGHH@Q,
@OPO, GHH@,
!! d+.4&&2*+,!>%"4%-$&*:&
6*$1+& d+.4&&2*+,!>%"4%-$&*:&
6*$1+&
[.4=,$!Y"PQP(JRR"Z!
H*.)*+,!3$%+7*!Y"PQP(JRR"Z
\46,4+! !!!!!!!NP;"QL! I !!!!!!SJ;"L"! &&&T !!!!!!!!!J;PNU! N!M++*.!0%,*&&9,*!39,9*6! !!!!!!!S";PLJ! HS !!!!!!UR;LRX! &&I !!!!!!!!!Q;LS"! "L!D-,*.!0%,*&&9,*!39,9*6! !!!!!!!QS;J"R! HP !!!!!!PP;S"J! HU !!!!!!!"X;LRJ! "S!M++*.!0-A-.A6! !!!!!!!UN;QJ"! HO !!!!!!QL;QQ"! HH !!!!!!!!!P;RSR! "J!D-,*.!0-A-.A6! !!!!!!XLU;USQ! VW !!!!!LNN;LNX! VI !!!!!!"RU;SQN! X"!! ! !B4,%&! !!!!!!SJN;NNJ! HSS USU;SR" HSS !!!!!!"LJ;RLP! JX!
!
B$*!6*)4+5!2%I4.!,.*+5!96!,$*!7.4=9+7!1.*6*+)*!4'!29+4.9,/!6,-5*+,6;!*61*)9%&&/!9+!,$*!6%,*&&9,*!)9,9*6?!!M+!,$*!9++*.!6%,*&&9,*!)9,9*6;!,$*!#'.9)%+!#2*.9)%+!6$%.*!4'!,$*!,4,%&!6,-5*+,!141-&%,94+!9+).*%6*5!6-A6,%+,9%&&/;!'.42!"X!1*.)*+,!9+!"PQP!,4!24.*!,$%+!4+*!'9',$!Yf97-.*!"Z?!!M+!%!&9,,&*!24.*!,$%+!,*+!/*%.6;!,$*!V%,9+4!1.*6*+)*!54-A&*5;!'.42!""!1*.)*+,!,4!JJ!1*.)*+,!9+!,$*!9++*.!6%,*&&9,*6?!!B$*!7.4=,$!4'!#69%+!6,-5*+,6!96!24.*!*>*+&/!61.*%5!.*794+%&&/?!di)*1,!'4.!,$*!4-,*.!6-A-.A6;!=$*.*!,$*/!2%E*!-1!%A4-,!X!1*.)*+,!4'!6,-5*+,6;!#69%+6!+4=!)4+6,9,-,*!%A4-,!"R!1*.)*+,!4'!,$*!6,-5*+,!141-&%,94+!9+!*%)$!4'!,$*!.*794+6?!!
R3%(&5,@+,B.")%5,3),2"#3"4,B'>:'7313'),;#&'77,1.5,!'71'),951&':'431"),;&5"F,
@OPOIGHH@
Re
"Re
JRe
XRe
LRe
NRe
SRe
URe
QRe
PRe
"RRe
"PQP JRR" "PQP JRR" "PQP JRR" "PQP JRR" "PQP JRR"
\46,4+ M++*.!0%,*&&9,*!39,9*6 D-,*.!0%,*&&9,*
39,9*6
M++*.!0-A-.A6 D-,*.!0-A-.A6
_*,.414&9,%+!G*794+6;!A/!b*%.
H*.)*+,
H*.)*+,!#69%+H*.)*+,!V%,9+4H*.)*+,!\&%)EH*.)*+,!O$9,*
!
-
! P
! B$*!)4+,9+-*5!24>*2*+,!4'!=$9,*6!,4!,$*!6-A-.A6!%+5!%=%/!'.42!24.*!-.A%+9C*5!%.*%6!*i%)*.A%,*6!,$*!-+*>*+!.%)9%&!596,.9A-,94+!4'!6,-5*+,6!%).466!,$*!2*,.4!%.*%?!O$9,*!6,-5*+,6!%.*!5961.414.,94+%,*&/!*+.4&&*5!9+!,$*!6-A-.A6W!24.*!,$%+!L!4-,!4'!*>*./!N!=$9,*!6,-5*+,6!9+!,$*!\46,4+!2*,.414&9,%+!%.*%!%,,*+5!6)$44&6!,$*.*!YB%A&*!XZ?!!D+&/!,=4!1*.)*+,!4'!%&&!=$9,*!6,-5*+,6!9+!,$*!2*,.414&9,%+!%.*%!%,,*+5!1-A&9)!6)$44&6!9+!\46,4+;!)421%.*5!,4!U"!1*.)*+,!=$4!%,,*+5!6)$44&!9+!,$*!4-,*.!6-A-.A6?!!
M+!)4+,.%6,;!A&%)E!6,-5*+,6!%.*!5961.414.,94+%,*&/!)4+)*+,.%,*5!9+!\46,4+W!,$*!)9,/!9,6*&'!%))4-+,6!'4.!24.*!,$%+!LR!1*.)*+,!4'!,$*!,4,%&!A&%)E!1-A&9)!6)$44&!*+.4&&2*+,!9+!,$*!2*,.414&9,%+!%.*%;!%+5!24.*!,$%+!$%&'!4'!A&%)E!6,-5*+,6!9+!,$*!2*,.4!%.*%!%,,*+5!6)$44&6!9+!I-6,!,=4!)9,9*6W!\46,4+!%+5!\.4)E,4+!YB%A&*!XZ?!!D'!%&&!7.4-16;!,$*!6$%.*!4'!A&%)E!6,-5*+,6!*+.4&&*5!9+!,$*!6-A-.A6!96!,$*!62%&&*6,!YJJeZ?!!!
B$*!V%,9+4!6,-5*+,!141-&%,94+!96!%&64!)4+)*+,.%,*5!9+!%!'*=!)9,9*6?!!3&46*!,4!$%&'!4'!%&&!V%,9+4!6,-5*+,6!9+!,$*!2*,.414&9,%+!%.*%!%,,*+5!6)$44&6!9+!I-6,!,$.**!)9,9*6W!\46,4+;!V%=.*+)*;!%+5!O4.)*6,*.?!#A4-,!4+*!4-,!4'!*>*./!'9>*!V%,9+4!6,-5*+,6!9+!,$*!2*,.4!%,,*+5!6)$44&6!9+!\46,4+!YB%A&*!XZ?!!!
! B$*!61%,9%&!596,.9A-,94+!4'!,$*!#69%+!6,-5*+,!141-&%,94+!1.4>95*6!%+!9+,*.*6,9+7!)4+,.%6,!,4!A4,$!,$*!A&%)E!%+5!V%,9+4!1%,,*.+6?!M+!7*+*.%&;!#69%+6!%.*!24.*!*>*+&/!596,.9A-,*5!61%,9%&&/!,$%+!%.*!*9,$*.!A&%)E6!4.!V%,9+46?!#,!,$*!6%2*!,92*;!""!1*.)*+,!4'!,$*!#69%+!6,-5*+,6!%,,*+5!6)$44&!9+!I-6,!4+*!)9,/;!V4=*&&;!=$9)$!$%6!$97$!)4+)*+,.%,94+6!4'!3%2A459%+6?XL!
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!XL!`?0?!3*+6-6!\-.*%-?!!3*+6-6!JRRR;!0-22%./!f9&*!"?!!B%A&*!H3BN?!!
-
! "R
,
,
,
8"?45,S+,=371&3?(13'),'C,D(?43#,0#.''4,01(*5)17,,
;#&'77,1.5,!'71'),951&':'431"),;&5"F,
,?/,2"#5,GHH@IHG,N3),D5)1Q,
! O$9,*!\&%)E!V%,9+4#69%+
\46,4+! J! LL! JX! "L!! ! ! ! !?1$%++,$%&D,$,%/& ! ! ! !#,,&*A4.4! "! R! R! "!\.4)E,4+! "! ""! J! "!3%2A.957*! R! L! "! J!3$*&6*%! R! "! N! "!d>*.*,,! "! "! "! "!f%&&!G9>*.! J! "! "! "!f9,)$A-.7! "! "! J! J![&4-)*6,*.! "! R! R! R!V%=.*+)*! R! "! "X! "!V*429+6,*.! "! R! J! "!V4=*&&! "! "! L! ""!V/++! "! X! S! N!_%&5*+! "! "! "! X!K*=!\*5'4.5! J! X! X! R!042*.>9&&*! R! "! J! "!O4.)*6,*.! J! L! P! N!O%&,$%2! "! "! "! "!! ! ! ! !
M++*.!0-A-.A6! "J! S! L! "P!D-,*.!0-A-.A6! U"! "S! "P! XR!
! ! ! ! !B4,%&! "RR! "RR! "RR! "RR
!
! B$*!$97$!5*7.**!4'!'.%72*+,%,94+!,$%,!)$%.%),*.9C*6!,$*!2*,.414&9,%+!%.*%;!9+!=$9)$!2%+/!9+5*1*+5*+,!9+)4.14.%,*5!)9,9*6!%+5!,4=+6!$%>*!,$*9.!4=+!6*1%.%,*!6)$44&!596,.9),6!9+6,*%5!4'!&%.7*!)4+64&95%,*5!596,.9),6;!&*%56!,4!7.*%,*.!64.,9+7!%24+7!6,-5*+,6!%+5!>*./!&9,,&*!4>*.&%1!A*,=**+!29+4.9,/!6,-5*+,6!%+5!=$9,*!6,-5*+,6?!B$*!9+,*.(596,.9),!6*7.*7%,94+!,$%,!.*6-&,6!'.42!%!$97$&/!'.%72*+,*5!2*,.414&9,%+!%.*%!96!)&*%.&/!9&&-6,.%,*5!A/!,$*!&*>*&6!4'!6*7.*7%,94+!9+!\46,4+!Yf97-.*!JZ?!!M+!"PSU;!,=4!/*%.6!%',*.!,$*!_%66%)$-6*,,6!6,%,*!&*796&%,-.*!1%66*5!,$*!"PSN!G%)9%&!M2A%&%+)*!#),!=$9)$!5*)&%.*5!.%)9%&&/!92A%&%+)*5!6)$44&6!9&&*7%&XN;!,$*!%>*.%7*!A&%)E!6,-5*+,!9+!,$*!\46,4+!H-A&9)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!XN!G%)9%&&/!92A%&%+)*5!6)$44&6!=*.*!,$46*!6)$44&6!=9,$!6,-5*+,!)421469,94+6!,$%,!=*.*!24.*!,$%+!$%&'!29+4.9,/?!
-
! ""
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c-57*![%..9,/T6!4.5*.!4'!9+,.%(596,.9),!A-69+7!297$,!$%>*!%))*&*.%,*5!,$*!,.*+5;!,4!%.7-*!,$%,!,$*!5*6*7.*7%,94+!4.5*.!9+9,9%,*5!=$9,*!'&97$,!96!,4!97+4.*!,$*!5*247.%1$9)!)$%+7*6!,$%,!=*.*!%&.*%5/!,%E9+7!1&%)*?!!V%6,&/;!,$*!*i%21&*!4'!\46,4+!9&&-6,.%,*6!,$%,!%+/!5*6*7.*7%,94+!1&%+!,$%,!1-.14.,6!,4!%55.*66!6*7.*7%,94+!9+!&%.7*!-.A%+!)*+,*.6!=9,$!&4=!6$%.*6!4'!=$9,*!*+.4&&2*+,!2-6,!%55.*66!,$*!966-*!%,!%!2*,.414&9,%+(=95*!6)%&*?!!O$9&*!6*7.*7%,94+!9+!,$*!&%,*!"PSR6!=%6!6,9&&!&%.7*&/!%+!-.A%+!966-*;!9,!96!+4=;!9+).*%69+7&/;!%!2*,.414&9,%+!4+*?!
!"#$%&'()'*+&',&%-&./'01'2+"/&'3/$4&./5'".'3-+0065'
7//&.4&4'89'/+&'7:&%;#&'
-
! "J
! d>*+!%6!642*!29+4.9,/!'%29&9*6!24>*!4-,!,4!,$*!6-A-.A6!4.!6%,*&&9,*!)9,9*6;!6*7.*7%,94+!9+!,$*!$4-69+7!2%.E*,!)4+,.9A-,*6!,4!,$*!9+,*+6*!)4+)*+,.%,94+!4'!29+4.9,9*6!9+!,$*6*!%.*%6?!!D-,695*!4'!\46,4+;!)&46*!,4!$%&'!4'!,$*!$42*6!1-.)$%6*5!A/!A&%)E!%+5!V%,9+4!A-/*.6!'.42!"PPX(PQ!=*.*!&4)%,*5!9+!6*>*+!4-,!4'!%!"JS!)422-+9,9*6W!3$*&6*%;!G%+54&1$;!d>*.*,,;!V/++;!042*.>9&&*;!_9&,4+;!%+5!_%&5*+?XP!!M+)42*!59''*.*+)*6!54!*i1&%9+!642*!4'!,$*!>%.9%,94+!9+!6*,,&*2*+,!1%,,*.+6!A*,=**+!=$9,*6!%+5!29+4.9,9*6!9+!,$*!6-A-.A6;!A-,!%!.*)*+,!.*14.,!'4-+5!,$%,!$97$!5*7.**6!4'!6*7.*7%,94+!.*2%9+!*>*+!%',*.!,%E9+7!9+,4!%))4-+,!59''*.9+7!%A9&9,9*6!,4!%''4.5!$4-69+7?LR!!!
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!XP!0,-%.,;![?!YJRRRZ?!80*7.*7%,94+!9+!,$*!\46,4+!_*,.414&9,%+!#.*%!%,!,$*!d+5!4'!,$*!B=*+,9*,$!3*+,-./?
3%2A.957*;!_#W!B$*!39>9&!G97$,6!H.4I*),!%,!F%.>%.5!`+9>*.69,/?!!0,-%.,!'4-+5!,$%,!,4!9+!4.5*.!,4!%)$9*>*!.%)9%&!%+5!*,$+9)!9+,*7.%,94+;!24.*!,$%+!$%&'!4'!,$*!29+4.9,/!$42*A-/*.6!=4-&5!$%>*!$%5!,4!$%>*!1-.)$%6*5!%!$42*!9+!%!59''*.*+,!)9,/!'.42!"PPX("PPQ?!!LR!F%..96;!@%>95!c?!%+5!K%+)/!_)#.5&*?!YJRRLZ?!8_4.*!,$%+!_4+*/W!!B$*!01%,9%&!_962%,)$!\*,=**+!
O$*.*!F42*4=+*.6!4'!34&4.!9+!_*,.4!\46,4+!3%+!#''4.5!,4!V9>*!%+5!O$*.*!,$*/!#),-%&&/!G*695*
-
! "X
T)15&&"#3"4,AU:'7(&5,'C,01(*5)17,;#&'77,1.5,!'71'),951&':'431"),;&5",
! #!$97$!5*7.**!4'!6)$44&!6*7.*7%,94+!1*.696,6!%24+7!,$*!59''*.*+,!.*794+6!4'!2*,.414&9,%+!\46,4+?!M+!,$*!2*,.414&9,%+!%.*%!4>*.%&&;!SR!1*.)*+,!4'!,$*!=$9,*!6,-5*+,6!%,,*+5!9+,*+6*&/(6*7.*7%,*5(=$9,*!6)$44&6!Y6)$44&6!=$*.*!24.*!,$%+!PR!1*.)*+,!4'!,$*!6,-5*+,6!%.*!=$9,*Z?!!M+!,$*!4-,*.!6-A-.A6;!4>*.!UR!1*.)*+,!4'!=$9,*!6,-5*+,6!%,,*+5!9+,*+6*&/(6*7.*7%,*5(=$9,*!6)$44&6L";!=$9&*;!9+!\46,4+;!,$*.*!%.*!+4!6)$44&6!,$%,!%.*!24.*!,$%+!SR!1*.)*+,!=$9,*!Yf97-.*!X?Z!LJ!!f-.,$*.24.*;!9+!,$*!9++*.!6%,*&&9,*!)9,9*6;!=$*.*!4+&/!LU!1*.)*+,!4'!*+.4&&2*+,!96!=$9,*;!,=*&>*!1*.)*+,!4'!,$*!=$9,*!6,-5*+,6!%,,*+5!9+,*+6*&/(6*7.*7%,*5(=$9,*!6)$44&6!Y6)$44&6!=$*.*!24.*!,$%+!PR!1*.)*+,!4'!,$*!6,-5*+,6!%.*!=$9,*?Z!!!
!
!
R("Re ""(
JReJ"(
XReX"(
LReL"(
NReN"(
SReS"(
UReU"(
QReQ"(
PReP"(
"RRe
\46,4+
M++*.!0%,*&&9,*!39,9*6
D-,*.!0%,*&&9,*!39,9*6
M++*.!0-A-.A6
D-,*.!0-A-.A6
R
"R
JR
XR
LR
NR
SR
UR
QR
D5)1,-.315
D5)1,-.315,3),0#.''47
0(?%&'(:7
R3%(&5,S+,=371&3?(13'),'C,-.315,01(*5)17,3),1.5,951&':'431"),;&5",?/,0(?%&'(:
! V'15+!!B4!6**!5%,%!,$%,!-+5*.&9*!'97-.*6!X(S;!6**!#11*+59i!B%A&*!U?!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!L"!B$.4-7$4-,!,$*!.*14.,;!=*!-6*!,$*!,*.2!89+,*+6*&/(6*7.*7%,*5(=$9,*
-
! "L
f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eZ!4'!,$*!A&%)E!6,-5*+,6!9+!,$*!2*,.414&9,%+!%.*%!%6!%!=$4&*!%,,*+5!6)$44&6!,$%,!%.*!24.*!,$%+!PR!1*.)*+,!29+4.9,/?!!B$*.*!)%+!A*!+4!2*%+9+7'-&!9+,*..%)9%&!*i146-.*!9'!6-A6,%+,9%&!+-2A*.6!4'!6,-5*+,6!'.42!6*>*.%&!.%)9%&!7.4-16!%.*!+4,!1.*6*+,!9+!,$*!6%2*!6)$44&!6/6,*2?!!O$*.*!%!2*,.414&9,%+!%.*%!$%6!$97$!$4-69+7!6*7.*7%,94+!%+5!6*>*.*!6*72*+,%,94+!9+,4!2%+/!6)$44&!596,.9),6!9,!96!14669A&*!,4!$%>*!A4,$!%!>*./!&%.7*!=$9,*!2%I4.9,/!%+5!6*>*.*!6*7.*7%,94+!4'!+4+=$9,*6;!*>*+!9'!,$*.*!96!+4,!$97$!6*7.*7%,94+!X,$=,-!9+59>95-%&!596,.9),6?!!B$96!96!,$*!)%6*!=9,$!2*,.4!\46,4+?!
!
R("Re
""(JRe
J"(XRe
X"(LRe
L"(NRe
N"(SRe
S"(URe
U"(QRe
Q"(PRe
P"("RRe
\46,4+!!
M++*.!0%,*&&9,*!39,9*6!!
D-,*.!0%,*&&9,*!39,9*6!!
M++*.!0-A-.A6!!
D-,*.!0-A-.A6!!
R
"R
JR
XR
LR
NR
SR
UR
D5)1,!4"#$
D5)1,-.315,3),0#.''47
0(?%&'(:7
R3%(&5,W+,=371&3?(13'),'C,!4"#$,01(*5)17,3),0#.''47,?/,25%3')F,GHH@IHG
! !
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LX!B$.4-7$4-,!,$*!.*14.,;!=*!-6*!,$*!,*.2!89+,*+6*&/(6*7.*7%,*5(29+4.9,/
-
! "N
#6!=9,$!A&%)E!6,-5*+,6;!V%,9+46!%.*!$97$&/!6*7.*7%,*5!9+!,$*!)9,/!4'!\46,4+W!NL!1*.)*+,!4'!,$*!V%,9+4!6,-5*+,6!9+!\46,4+!%,,*+5!9+,*+6*&/(6*7.*7%,*5(29+4.9,/!6)$44&6!Yf97-.*!NZ?!f-.,$*.24.*;!V%,9+46!%.*!%&64!$97$&/!6*7.*7%,*5!9+!,$*!6%,*&&9,*!)9,9*6;!*61*)9%&&/!,$*!4-,*.!6%,*&&9,*!)9,9*6!=$*.*!%&246,!4+*!4-,!4'!*>*./!'4-.!6,-5*+,6!YJLe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i%)*.A%,*5!A/!,$*!$97$!5*7.**!4'!'.%72*+,%,94+!4'!,$*!2*,.4!%.*%!9+,4!2%+/!6)$44&!596,.9),6;!64!,$%,!4>*.%&&;!4+*!4-,!4'!*>*./!'9>*!V%,9+4!6,-5*+,6!96!%,,*+59+7!%+!9+,*+6*&/(!6*7.*7%,*5(29+4.9,/!6)$44&?!!V%,9+46!%.*!246,!$97$&/!6*7.*7%,*5!9+!.*794+6!=$*.*!,$*/!%.*!7.4=9+7!:-9)E&/!%+5!%&.*%5/!$97$&/!)4+)*+,.%,*5?!
!
R("Re
""(JRe
J"(XRe
X"(LRe
L"(NRe
N"(SRe
S"(URe
U"(QRe
Q"(PRe
P"("RRe
\46,4+
M++*.!0%,*&&9,*!39,9*6
D-,*.!0%,*&&9,*!39,9*6
M++*.!0-A-.A6
D-,*.!0-A-.A6
R
"R
JR
XR
LR
NR
SR
D5)1,E"13)'
D5)1,-.315,3),0#.''47
0(?%&'(:7
R3%(&5,X+,=371&3?(13'),'C,E"13)',01(*5)17,3),0#.''47,?/,25%3')F,GHH@IHG
!!!!!!!!!!!!
!
!
!
!
!
-
! "S
B$*!246,!6,.9E9+7!'9+59+7!%A4-,!#69%+!*+.4&&2*+,!1%,,*.+6!96!,$*!A9245%&!596,.9A-,94+!9+!\46,4+!%+5!,$*!9++*.!6%,*&&9,*!)9,9*6?!!#6!f97-.*!S!6$4=6;!,$*.*!%.*!,=4!1*%E6!9+!,$*!596,.9A-,94+!1%,,*.+!4'!#69%+!6,-5*+,6!9+!\46,4+?!!D+!,$*!4+*!$%+5;!24.*!,$%+!4+*!,$9.5!4'!#69%+!6,-5*+,6!YXLeZ!%,,*+5!9+,*+6*&/(6*7.*7%,*5(29+4.9,/!6)$44&6!9+!\46,4+?!!D+!,$*!4,$*.!$%+5;!%A4-,!"J!1*.)*+,!4'!#69%+6!%,,*+5!6)$44&6!=$*.*!24.*!,$%+!$%&'!4'!,$*!6,-5*+,!A45/!96!=$9,*;!6929&%.!,4!,$*!.%,*!4'!=$9,*!6,-5*+,6?!Y"XeZ?!!#77.*7%,*5!5%,%!4+!#69%+6!,*+5!,4!2%6E!,$*!6-A6,%+,9%&!>%.9%,94+!,$%,!*i96,6!%24+7!59''*.*+,!#69%+!6-A7.4-16!%+5!4A6)-.*!,$*!A9245%&!+%,-.*!4'!,$*!#69%+!141-&%,94+?!!3*+6-6!5%,%!6$4=!,$%,!%A4-,!$%&'!YLSeZ!4'!,$*!#69%+!1-A&9)!6)$44&!6,-5*+,6!&9>9+7!9+!\46,4+!%.*!3$9+*6*;!%+5!%+4,$*.!XQ!1*.)*+,!o9*,+%2*6*?LL!!042*!#69%+!6-A7.4-16;!&%.7*&/!,$46*!=$4!%.*!24.*!%''&-*+,!%+5!&9>9+7!9+!,$*!6-A-.A6;!%,,*+5!6)$44&6!=9,$!>*./!6-A6,%+,9%&!=$9,*!*+.4&&2*+,?!!D,$*.6;!1.*5429+%+,&/!,$46*!&4=*.!9+)42*!6,-5*+,6!&9>9+7!9+!9++*.!6%,*&&9,*!)9,9*6!%+5!\46,4+;!%,,*+5!2-)$!24.*!6*7.*7%,*5!6)$44&6?!
!!!!!
R("Re""(JRe
J"(XReX"(LRe
L"(NReN"(SRe
S"(UReU"(QRe
Q"(PReP"(
"RRe
\46,4+
M++*.!0%,*&&9,*!39,9*6
D-,*.!0%,*&&9,*!39,9*6
M++*.!0-A-.A6
D-,*.!0-A-.A6
R
N
"R
"N
JR
JN
XR
XN
LR
LN
NR
D5)1,;73")
D5)1,-.315,3),0#.''47
0(?%'(:7
R3%(&5,Y+,=371&3?(13'),'C,;73"),01(*5)17,3),0#.''47,?/,25%3')F,GHH@IHG
!
M+!6-22%./;!,$*!'.%72*+,%,94+!4'!,$*!2*,.414&9,%+!%.*%!9+,4!2%+/!6)$44&!596,.9),6!%+5!,$*!59''*.*+,9%&!1%,,*.+!4'!7.4=,$!4'!.%)9%&!7.4-16!=9,$9+!6*1%.%,*!.*794+6!.*6-&,6!9+!9+).*%69+7&/!$97$!6*7.*7%,94+!4'!6,-5*+,6!9+!,$46*!.*794+6!=$*.*!,$*/!%.*!246,!$97$&/!)4+)*+,.%,*5?LN!!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LL!JRRR!3*+6-6;!0-22%./!f9&*!L?!!LN!B$*!4>*.*+.4&&2*+,!4'!=$9,*!6,-5*+,6!9+!1.9>%,*!6)$44&6!9+!2*,.414&9,%+!%.*%6!6-)$!%6!\46,4+!%&64!)4+,.9A-,*6!,4!,$*!6*7.*7%,94+!4'!29+4.9,/!6,-5*+,6!9+!,$*!1-A&9)!6)$44&6?!!0**!V47%+;!c?!D%E&*/;!@?!%+5!0,4=*&&;!c?YJRRXZ!?%."%.1$,*-&,-&Q%,.=@*"=**2/&1-2&?4=**+/8&M5R14$/&*-&7,-*",$C&D=,+2"%-&,-&)*/$*-&K%.,*-?!3%2A.957*;!_#W!B$*!39>9&!G97$,6!H.4I*),!%,!F%.>%.5!`+9>*.69,/a!G*%.54+;!0?!f?;!h!b-+;!c?!B?!YJRRJZ?!>",'1$%&?4=**+&K14,1+&3-"*++5%-$/&1-2&?%."%.1$,*-?!3%2A.957*;!_#W!F%.>%.5!39>9&!G97$,6!H.4I*),;!F%.>%.5!`+9>*.69,/?!
-
! "U
T7'4"13'),'C,A)%437.,E")%("%5,E5"&)5&7,
! K4,!4+&/!%.*!6,-5*+,6!6*7.*7%,*5!A/!.%)*;!,$*/!%.*!%&64!$97$&/!6*7.*7%,*5!A/!&%+7-%7*?!!V%,9+4!%+5!#69%+!d+7&96$!V%+7-%7*!V*%.+*.6!YdVV6Z!%.*!$97$&/!964&%,*5!)421%.*5!,4!d+7&96$!V%+7-%7*!01*%E*.6!%).466!,$*!=$4&*!\46,4+!2*,.414&9,%+!%.*%!YB%A&*!LZ?LS!!!B$*!%>*.%7*!V%,9+4!dVV!6,-5*+,!%,,*+56!%!6)$44&!,$%,!96!LU!1*.)*+,!V%,9+4;!24.*!,$%+!,$.**!,92*6!,$*!*i146-.*!4'!,$*!%>*.%7*!d+7&96$!V%+7-%7*!01*%E*.!,4!V%,9+4!6,-5*+,6!Y"LeZ?LU!!#69%+!dVV!6,-5*+,6!*i1*.9*+)*;!4+!%>*.%7*;!24.*!,$%+!,$.**!,92*6!%6!2-)$!*i146-.*!,4!#69%+!6,-5*+,6!,$%+!d+7&96$!V%+7-%7*!01*%E*.6!54!,4!#69%+!6,-5*+,6!YJNe!>*.6-6!UeZ?!!
!,
8"?45,W,
2"#3"4,B'>:'7313'),'C,0#.''47,;115)*5*,?/,A)%437.,E")%("%5,E5"&)5&7,,
3),!'71'),951&':'431"),;&5"F,GHHHIH@,,
!
!
B$*!.%)9%&!)421469,94+!4'!6)$44&6!%,,*+5*5!A/!d+7&96$!V%+7-%7*!V*%.+*.6!9+!,$*!39,/!4'!\46,4+!%+5!,$*!4-,*.!6%,*&&9,*!)9,9*6!6$4=!,$%,!,$*/!%.*!$97$&/!964&%,*5!=9,$!6,-5*+,6!4'!,$*9.!4=+!.%)*!Y6**!B%A&*6!N!%+5!SZ?!!B$*!%>*.%7*!V%,9+4!dVV!6,-5*+,!9+!\46,4+!%,,*+56!%!6)$44&!=$*.*!4>*.!$%&'!4'!,$*!6,-5*+,6!%.*!V%,9+4;!%&246,!,=9)*!,$*!%>*.%7*!d+7&96$!V%+7-%7*!01*%E*.T6!*i146-.*!,4!V%,9+4!6,-5*+,6!YJQeZ?!!B$*!%>*.%7*!#69%+!dVV!6,-5*+,!%,,*+56!%!6)$44&!=9,$!%&246,!'4-.!,92*6!%6!2%+/!#69%+!6,-5*+,6!%6!54*6!,$*!%>*.%7*!d+7&96$!V%+7-%7*!01*%E*.!9+!\46,4+!YXXe!>*.6-6!PeZ?!!!!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LSB$*!)421-,%,94+6!%.*!5*.9>*5!'.42!+-2A*.6!.*14.,*5!,4!,$*!D''9)*!'4.!39>9&!G97$,6!A/!6)$44&6!'4.!,$*!/*%.!"PPP(JRRR?!!f4.!,$*!.%)9%&!)421469,94+!4'!6)$44&6!%,,*+5*5!A/!d+7&96$!V%+7-%7*!V*%.+*.6!9+!,$*!4,$*.!.*794+6!4'!,$*!2*,.414&9,%+!%.*%;!1&*%6*!6**!B%A&*6!X(N!9+!#11*+59i?!LU!0,-5*+,6!=$4!%.*!+4,!)&%669'9*5!%6!d+7&96$!V%+7-%7*!V*%.+*.6!%.*!+4,!+*)*66%.9&/!+%,9>*!d+7&96$!61*%E*.6;!A-,!'4.!)&%.9,/!4'!&%+7-%7*;!,$*!%-,$4.!.*'*.6!,4!%!8+4+(d+7&96$!V%+7-%7*!V*%.+*.
"#$%#&!'()*(+%,%(-!(.!/$0((&!1,,2-323!45!1627#829!1627#82!
:27$2-,!
(.!;#$0!
"#$2!%-!
/$0((&!
!
3-.+,/=&
01-.#1.%&
?R%1B%"/&
A)%437.,
E")%("%5,
E5"&)5&,
E"13)',
A)%437.,
E")%("%5,
E5"&)5&,
;73"),A)%437.,
E")%("%5,
E5"&)5&,
O$9,*! WY& LR! X"! LQ!
\&%)E! HO& JR! "S! "N!
V%,9+4! HP& XR! LU! "J!
#69%+! Y& "R! N! JN!
B4,%&! HSS& "RR! PP! "RR!
-
! "Q
8"?45,X,
2"#3"4,B'>:'7313'),'C,0#.''47,;115)*5*,?/,A)%437.,E")%("%5,E5"&)5&7,,
3),1.5,B31/,'C,!'71')F,GHHHIH@,,
"#$%#&!'()*(+%,%(-!(.!/$0((&!1,,2-323!45!1627#829!1627#82!
:27$2-,!
(.!;#$0!
"#$2!%-!
/$0((&!
!
3-.+,/=&
01-.#1.%&
?R%1B%"/&
A)%437.,
E")%("%5,
E5"&)5&,
E"13)',
A)%437.,
E")%("%5,
E5"&)5&,
;73"),A)%437.,
E")%("%5,
E5"&)5&,
O$9,*! HU& "R! "R! "J!
\&%)E! PI& L"! XX! XS!
V%,9+4! OT& LR! NX! "U!
#69%+! I& Q! L! XX!
B4,%&! II& PP! "RR! PQ!
!
V%,9+4!%+5!#69%+!d+7&96$!V%+7-%7*!V*%.+*.6!%.*!6929&%.&/!964&%,*5!9+!,$*!4-,*.!6%,*&&9,*!)9,9*6!YB%A&*!SZ?!B$*!%>*.%7*!V%,9+4!d+7&96$!V%+7-%7*!V*%.+*.!%,,*+56!%!6)$44&!=$*.*!24.*!,$%+!$%&'!4'!,$*!6,-5*+,6!%.*!V%,9+4;!9+!)4+,.%6,!,4!,$*!%>*.%7*!d+7&96$!01*%E*.!=$4!%,,*+56!%!6)$44&!=9,$!XR!1*.)*+,!V%,9+4!6,-5*+,6?!!B$*!%>*.%7*!#69%+!d+7&96$!V%+7-%7*!V*%.+*.!%,,*+56!%!6)$44&!=$*.*!XJ!1*.)*+,!4'!,$*!6,-5*+,6!%.*!#69%+;!4.!%A4-,!,$.**!,92*6!,$*!*i146-.*!4'!,$*!%>*.%7*!d+7&96$!V%+7-%7*!01*%E*.!,4!#69%+!6,-5*+,6!Y""eZ?!!M+!7*+*.%&;!A4,$!V%,9+4!%+5!#69%+!dVV!6,-5*+,6!%.*!$97$&/!964&%,*5!9+!,$*!\46,4+!2*,.414&9,%+!%.*%?!!!
!8"?45,Y,
2"#3"4,B'>:'7313'),'C,0#.''47,;115)*5*,?/,A)%437.,E")%("%5,E5"&)5&7,,
3),1.5,J(15&,0"1544315,B31357F,GHHHIH@,,
"#$%#&!'()*(+%,%(-!(.!/$0((&!1,,2-323!45!1627#829!1627#82!
:27$2-,!
(.!;#$0!
"#$2!%-!
/$0((&!
!
3-.+,/=&
01-.#1.%&
?R%1B%"&
A)%437.,
E")%("%5,
E5"&)5&,
E"13)',
A)%437.,
E")%("%5,
E5"&)5&,
;73"),A)%437.,
E")%("%5,
E5"&)5&,
O$9,*! VH& LR! XX! LX!
\&%)E! T& S! N! N!
V%,9+4! US& LJ! NN! JR!
#69%+! HH& "J! U! XJ!
B4,%&! HSS& "RR! "RR! "RR!
!
,
-
! "P
2"#3"4,05%&5%"13'),3),D&3K"15,")*,B."&15&,0#.''47,
! M,!96!9+,*.*6,9+7!,4!+4,*!,$%,;!5*619,*!,$*!$97$!&*>*&6!4'!6*7.*7%,94+!9+!,$*!1-A&9)!6)$44&6;!A4,$!1.9>%,*!6)$44&6!%+5!)$%.,*.!6)$44&6!%.*!*>*+!24.*!.%)9%&&/!6*7.*7%,*5?!f4.!=$9,*!%+5!#69%+!6,-5*+,6;!*+.4&&2*+,!.%,*6!9+!1.9>%,*!6)$44&6!%.*!$97$*6,!9+!\46,4+;!=$9&*!,$*/!%.*!$97$*6,!'4.!A&%)E!%+5!V%,9+4!6,-5*+,6!9+!,$*!9++*.!6-A-.A6!YB%A&*!UZ?!!#!'-&&!LL!1*.)*+,!4'!,$*!=$9,*!6,-5*+,6!&9>9+7!9+!,$*!)9,/!4'!\46,4+!%,,*+5!1.9>%,*!6)$44&6?LQ!!B$*!*+.4&&2*+,!4'!=$9,*!6,-5*+,6!9+!1.9>%,*!6)$44&6;!)4-1&*5!=9,$!,$*!=$9,*!964&%,94+!9+!1-A&9)!6)$44&6;!.*6-&,6!9+!*>*+!$97$*.!&*>*&6!4'!6*7.*7%,94+!9+!\46,4+?!!D+*!+%,94+%&!6,-5/!'4-+5!,$%,;!%&,$4-7$!1.9>%,*!6)$44&6!9+!,$*!JR!&%.7*6,!2*,.414&9,%+!%.*%6!%.*!UR!1*.)*+,!=$9,*;!,$*!%>*.%7*!=$9,*!6,-5*+,!%,,*+56!%!1.9>%,*!6)$44&!,$%,!96!,/19)%&&/!QN!1*.)*+,!=$9,*?!!\&%)E!%+5!V%,9+4!6,-5*+,6!%,,*+5!1.9>%,*!6)$44&6!,$%,!%.*!&*66!,$%+!$%&'!=$9,*?LP!M+!,$*!\46,4+!2*,.414&9,%+!%.*%;!,$*!%>*.%7*!=$9,*!6,-5*+,!%,,*+56!1.9>%,*!6)$44&6!,$%,!%.*!QP!1*.)*+,!=$9,*?!
!
!8"?45,Z+,0."&5,'C,[I@G,01(*5)17,A)&'445*,3),D&3K"15,0#.''47,?/,2"#5,")*,E'#"13'),,
! 951&', , T))5& J(15& T))5&, J(15&,
! 8'1"4, !'71'), 0(?(&?7 0(?(&?7 0"15443157 0"15443157,
,
-.315, @S\G, LL?X! "S?P "R?N "L?Q "N?N!
!4"#$, @H\P, ""?J! "L?Q ""?X ""?J N?U!
637:")3#, Y\X, Q?J! ""?X S?S N?N N?J!
;73"), O\X, ""?P! Q?S ""?S U?P U?J!
?*#"4%8&OSSS&D%-/#/&?#551"C&Z,+%&U(&&
Q*$%8&*.%7*!A&%)E!%+5!V%,9+4!)$%.,*.!6)$44&!6,-5*+,!9+!_%66%)$-6*,,6!%,,*+56!%!6)$44&!!,$%,!96!4+&/!JJ!%+5!JS!1*.)*+,!=$9,*;!.*61*),9>*&/?!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LQ!H.9>%,*!6)$44&!*+.4&&2*+,!5%,%!96!'.42!,$*!JRRR!3*+6-6;!0-22%./!f9&*!X?!B$*6*!*6,92%,*6!2%/!59''*.!'.42!4''9)9%&!!6)$44&!6,%,96,9)6!'4.!%!+-2A*.!4'!.*%64+6?!!3*+6-6!5%,%!%.*!6*&'(.*14.,*5!%+5!.*'&*),!=$*.*!6,-5*+,6!.*695*;!=$9)$!2%/!4.!2%/!+4,!)49+)95*!=9,$!=$*.*!6,-5*+,6!%,,*+5!6)$44&?!!3*+6-6!*6,92%,*6!%.*!%&64!)421-,*5!'.42!6%21&*!5%,%!%+5!,$*.*'4.*!%.*!6-AI*),!,4!642*!6%21&9+7!*..4.?!!K*>*.,$*&*66!,$*/!79>*!-6!%!A97!19),-.*!4'!,$*!1.9>%,*!6)$44&!*+.4&&2*+,!.%,*!%24+7!6,-5*+,6!9+!59''*.*+,!.*794+6?!!!!LP!G*%.54+;!0?!%+5!b-+;!c?!YJRRJZ?!8H.9>%,*!0)$44&!G%)9%&!d+.4&&2*+,6!%+5!0*7.*7%,94+
-
! JR
254"13')7.3:,?51M55),D'K5&1/,")*,2"#3"4,05%&5%"13'),
G%)9%&!6*7.*7%,94+!2-6,!A*!>9*=*5!9+!,$*!)4+,*i,!4'!,$*!6,.4+7!.*&%,94+6$91!A*,=**+!.%)*!%+5!14>*.,/?N"!34+)*+,.%,*5!14>*.,/!96!14=*.'-&&/!.*&%,*5!,4!A4,$!6)$44&!4114.,-+9,9*6!%+5!%)$9*>*2*+,!&*>*&6?!!K%,94+%&&/;!,$*!%>*.%7*!A&%)E!4.!V%,9+4!6,-5*+,!%,,*+56!%!6)$44&!=$*.*!)&46*!,4!$%&'!4'!,$*!6,-5*+,6!%.*!144.?NJ!H%6,!.*6*%.)$!$%6!6$4=+!,$%,!6*7.*7%,*5!6)$44&6!,*+5!,4!$%>*!$97$!)4+)*+,.%,94+6!4'!14>*.,/;!&4=!1%.*+,%&!9+>4&>*2*+,;!%+5!$97$!5.414-,!.%,*6?!NX!!0,-5*+,6!%,,*+59+7!,$*6*!6)$44&6!%.*!*i146*5!,4!&*66!).*5*+,9%&*5!,*%)$*.6;!$97$*.!,*%)$*.!,-.+4>*.;!%+5!&4=*.!*5-)%,94+%&!%619.%,94+6!%+5!)%.**.!41,94+6!,$%+!6,-5*+,6!9+!24.*!5*6*7.*7%,*5!6*,,9+76?NL!!M+!)4+,.%6,;!6-A-.A%+!6)$44&6;!=$9)$!,*+5!,4!A*!2%I4.9,/!=$9,*;!-6-%&&/!1.4>95*!%!24.*!.974.4-6!)-..9)-&-2;!$%>*!24.*!$97$&/!6E9&&*5!%+5!*i1*.9*+)*5!,*%)$*.6;!%+5!,4-7$*.!%)%5*29)!)421*,9,94+!,$%+!,$*9.!-.A%+!)4-+,*.1%.,6?NN!!di146-.*!,4!24.*!5*6*7.*7%,*5!6*,,9+76!)%+!A.*%E!,$*!,*+5*+)/!'4.!.%)9%&!6*7.*7%,94+!,4!A*)42*!6*&'(1*.1*,-%,9+7!'4.!%&&!6,-5*+,6;!.*7%.5&*66!4'!.%)*;!&%,*.!9+!&9'*?NS!0,-5*+,6!4'!%&&!.%)*6!=$4!%.*!*i146*5!,4!9+,*7.%,*5!*5-)%,94+%&!6*,,9+76!%.*!24.*!&9E*&/!,4!&9>*!%+5!=4.E!%24+7!1*41&*!4'!59>*.6*!.%)9%&!%+5!*,$+9)!A%)E7.4-+56?NU,
!B%A&*!Q!6$4=6!,$*!)4..*&%,94+!A*,=**+!14>*.,/!%+5!6*7.*7%,94+!9+!6)$44&6!9+!,$*!\46,4+!2*,.414&9,%+!%.*%?!!B$*!+-2A*.6!9+!*%)$!4'!,$*!)*&&6!.*1.*6*+,!,$*!1*.)*+,%7*!4'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!N"!H4>*.,/!&*>*&6!%.*!2*%6-.*5!A/!,$*!1*.)*+,!4'!6,-5*+,6!*&979A&*!'4.!'.**!4.!.*5-)*5!&-+)$?
!
NJ!f.%+E*+A*.7;!d?;!V**;!3?;!%+5!D.'9*&5;![?!YJRRXZ?!8#!_-&,9.%)9%&!04)9*,/!=9,$!0*7.*7%,*5!0)$44&6W!#.*!
O*!V469+7!,$*!@.*%2^9&!G97$,6!H.4I*),?!NX!\%&'%+C!%+5!V*7,*.6!'4-+5!,$%,!)9,9*6!=9,$!$97$!5.414-,!.%,*6!%&64!$%5!$97$!14>*.,/!.%,*6?!!0**!\%&'%+C;!
G?!%+5!V*7,*.6;!K?!YJRR"Z?!8F4=!_%+/!3*+,.%&!39,/!F97$!0)$44&6!F%>*!#!0*>*.*[email protected],!H.4A&*2;!O$*.*!#.*!B$*/!V4)%,*5;!%+5!O$4!#,,*+56!B$*2^%.5!`+9>*.69,/?!!0**!%&64!0)$4'9*&5;!c?O?!Y"PPNZ?!8G*>9*=!4'!G*6*%.)$!4+!0)$44&!@*6*7.*7%,94+T6!M21%),!4+!d&*2*+,%./!%+5!0*)4+5%./!0)$44&!0,-5*+,6?*+,$,41+&34*-*5C&*:&["@1-&32#41$,*-1+&K%:*"5?!!K*=!b4.E;!KbW!B*%)$*.6!34&&*7*!G*)4.5a!@%=E9+6;!_?H?!%+5!\.%554)E;!c?F?!Y"PPLZ?!8B$*!34+,9+-9+7!097+9'9)%+)*!4'!@*6*7.*7%,94+W!0)$44&!G%)9%&!3421469,94+!%+5!#'.9)%+!#2*.9)%+!M+)&-694+!9+!#2*.9)%+!04)9*,/?
-
! J"
6)$44&6!=9,$!%!)*.,%9+!6$%.*!4'!29+4.9,/!6,-5*+,6!,$%,!%.*!%&64!4'!%!61*)9'9)!14>*.,/!&*>*&?!f4.!*i%21&*;!4'!,$46*!6)$44&6!=9,$!"R!1*.)*+,!4.!'*=*.!29+4.9,/!6,-5*+,6;!UX!1*.)*+,!$%5!"R!1*.)*+,!4.!'*=*.!6,-5*+,6!=$4!=*.*!*&979A&*!'4.!'.**!4.!.*5-)*5!&-+)$!Y&4=!14>*.,/!6)$44&6Z?!!
B$*!)4..*&%,94+!A*,=**+!.%)*!%+5!14>*.,/!96!>*./!5.%2%,9)?!!#&246,!%&&!YPUeZ!4'!,$*!9+,*+6*&/!6*7.*7%,*5!A&%)E!%+5!V%,9+4!6)$44&6!=*.*!%&64!$97$!14>*.,/!6)$44&6?!!!!\*)%-6*!4'!,$96!$97$!)4..*&%,94+;!,$*.*!%.*!%&246,!+4!&4=(14>*.,/p$97$(29+4.9,/!4.!&4=(29+4.9,/p$97$(14>*.,/!6)$44&6!9+!,$*!2*,.414&9,%+!%.*%?NQ!!f9>*!1*.)*+,!4'!%&&!6,-5*+,6!9+!,$*!2*,.414&9,%+!%.*%!%,,*+5!$97$(14>*.,/!%+5!$97$(29+4.9,/!6)$44&6;!%+5!%&246,!4+*!9+!'9>*!Y"Q!1*.)*+,Z!4'!A&%)E!%+5!V%,9+4!6,-5*+,6!%,,*+5!,$*6*!6)$44&6?!!!
!8"?45,P+,254"13')7.3:,!51M55),05%&5%"13'),?/,2"#5,")*,?/,D'K5&1/F,GHH@IHG, ,
D5)1,93)'&31/,01(*5)17,3),0#.''47,
],D''&,
3),0#.''47,HI@H], @HIGH],GHISH] SHIWH] WHIXH]XHIYH]YHIZH],ZHIPH],PHIOH]
OHI
@HH]
!R("Re! UX! NP!! JX! "R! "! "! R! R! R! R!
"R(JNe! J"! "P!! JQ!! "L! Q! X! X! R! R! R!
JN(NRe! N! "S!! XR!! LU! XN! J"! Q! J! J! X!
NR("RRe! "! N!! "P!! XR! NN! UN! PR! PQ! PQ! PU!
B4,%&! "RR! "RR! "RR! "RR! "RR! "RR! "RR! "RR! "RR! "RR!
],'C,
0#.''47,, WP, @X, P, X, X, X, S, S, S, X,
!qB$*!)4..*&%,94+!A*,=**+!1*.)*+,!A&%)E!%+5!V%,9+4!*+.4&&2*+,!%+5!1*.)*+,!144.!96!>*./!6,.4+7!Y.r?QNZ?!!qqK-2A*.6!2%/!+4,!%55!-1!,4!4+*!$-+5.*5!5-*!,4!.4-+59+7?!
!
05%&5%"13'),")*,;#.35K5>5)1,8571,0#'&57,
! B$*!_3#0!,*6,9+7!6/6,*2!$%6!A**+!,$*!)*+,*.19*)*!4'!_%66%)$-6*,,6!*5-)%,94+%&!.*'4.2!9+!.*)*+,!/*%.6!%+5!96!-6*5!,4!*>%&-%,*!,$*!6-))*66!4'!6)$44&6!%+5!,4!,%.7*,!6%+),94+6!A4,$!-+5*.!6,%,*!14&9)/!%+5!-+5*.!,$*!'*5*.%&!K4!3$9&5!V*',!\*$9+5!#),?!!_3#0!$%6!A**+!*+5&*66&/!596)-66*5;!A-,!9,6!.*&%,94+6$91!=9,$!6*7.*7%,94+!$%6!+4,!A**+!6/6,*2%,9)%&&/!*i1&4.*5?!!B$*!'4&&4=9+7!%+%&/696!6$4=6!%!596,-.A9+7&/!14=*.'-&!.*&%,94+6$91?!!0*7.*7%,94+!96!.*&%,*5!A4,$!,4!E*/!%61*),6!4'!6)$44&9+7!4114.,-+9,/!%+5!,4!,*6,!.*6-&,6!%+5!7.%5-%,94+!.%,*6?!
! V4=(14>*.,/;!&4=(29+4.9,/!6)$44&6!7*+*.%&&/!$%>*!%!7.*%,*.!1*.)*+,%7*!4'!)*.,9'9*5!,*%)$*.6!,$%+!54!$97$(14>*.,/;!$97$(29+4.9,/!6)$44&6?NP!!f4.!*i%21&*;!PL!1*.)*+,!4'!,$*!,*%)$*.6!9+!6)$44&6!=9,$!&*66!,$%+!"R!1*.)*+,!144.!%+5!29+4.9,/!6,-5*+,6!%.*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!NQ!f4.!,$*!1-.146*6!4'!,$96!.*14.,;!&4=!29+4.9,/!%+5!&4=!14>*.,/!6)$44&6!%.*!6)$44&6!=9,$!&*66!,$%+!"R!1*.)*+,!29+4.9,/!6,-5*+,6!%+5!=$*.*!&*66!,$%+!"R!1*.)*+,!4'!,$*!6,-5*+,6!%.*!4+!'.**!%+5!.*5-)*5!&-+)$?!NP!B$*!1*.)*+,!4'!)*.,9'9*5!,*%)$*.6!96!,$*!.%,94!4'!,$46*!,*%)$*.6!,$%,!2**,!6,%,*!,*%)$*.!)*.,9'9)%,94+!6,%+5%.56!%6!%!6$%.*!4'!'-&&(,92*!,*%)$*.6!%,!6)$44&6!,$%,!.*14.,*5!5%,%!,4!D''9)*!'4.!39>9&!G97$,6?!!
-
! JJ
)*.,9'9*5;!9+!)4+,.%6,!,4!4+&/!UQ!1*.)*+,!9+!$97$*.!29+4.9,/!%+5!$97$(14>*.,/!6)$44&6!Y4.!6)$44&6!=9,$!%,!&*%6,!NR!1*.)*+,!29+4.9,/!6,-5*+,6!%+5!%,!&*%6,!NR!1*.)*+,!4+!'.**!%+5!.*5-)*5!&-+)$!YB%A&*!PZZ?!!!!@*619,*!6,%,*!.*7-&%,94+6!4'!,*%)$*.!)*.,9'9)%,94+6!%+5!B$*!K4!3$9&5!V*',!\*$9+5!.*:-9.*2*+,!,$%,!6)$44&6!$%>*!$97$&/!:-%&9'9*5!,*%)$*.6;!,$*.*!96!6,9&&!697+9'9)%+,!>%.9%,94+!9+!,$*!1.414.,94+!4'!)*.,9'9*5!,*%)$*.6!A/!14>*.,/!%+5!29+4.9,/!)421469,94+!9+!,$*!6)$44&6?!!!
!8"?45,O+,254"13')7.3:,!51M55),05%&5%"13'),?/,2"#5,")*,?/,D'K5&1/,")*,85"#.5&,
B5&13C3#"13')F,GHHHIH@,,
!&
&
&
&
&
&
&
&
&
&
&
&&
?*#"4%8&OSSS&]::,4%&:*"&D,',+&K,.=$/&3^?&F1$1(!
!
254"13')7.3:,?51M55),9B;0,0#'&57,")*,05%&5%"13'),?/,2"#5,")*,D'K5&1/,
O*!.*)47+9C*!,$%,;!79>*+!,$*!)4+,*i,!4'!9+,*+6*!6*7.*7%,94+!9+!,$*!2*,.414&9,%+!%.*%!%+5!,$*!5961.414.,94+%,*&/!$97$!*+.4&&2*+,!4'!6,-5*+,6!4>*.%&&!9+!&4=(29+4.9,/!%+5!&4=(14>*.,/!6)$44&6;!4+*!2-6,!A*!)%.*'-&!9+!5.%=9+7!)4+)&-694+6!%A4-,!_3#0!.*6-&,6?![9>*+!,$*6*!)4+695*.%,94+6;!$4=*>*.;!,$*!59''*.*+)*6!9+!,$*!1*.)*+,!4'!,*+,$!7.%5*!6,-5*+,6!1%669+7!,$*!d+7&96$!V%+7-%7*!#.,6!YdV#Z!_3#0!A*,=**+!9+,*+6*&/(6*7.*7%,*5(!=$9,*!6)$44&6!%+5!9+,*+6*&/(6*7.*7%,*5(29+4.9,/!6)$44&6!%.*!6,.9E9+7!*+4-7$!,4!2*.9,!)422*+,;!*61*)9%&&/!79>*+!,$%,!,$*!9+,.45-),94+!4'!,$*!_3#0!%6!%!$97$!6)$44&!7.%5-%,94+!.*:-9.*2*+,!=9&&!%''*),!%))*66!,4!$97$*.!*5-)%,94+!%+5!'-,-.*!*%.+9+76!'4.!%&&!6,-5*+,6!9+!,$*!6,%,*?SR!!f4.!642*!,92*;!=*!$%>*!A**+!.*:-*6,9+7!9+59>95-%&!&*>*&!5%,%!'4.!_3#0!,*6,6!%,!,$*!6)$44&!&*>*&!,4!%+%&/C*!,$*6*!1%,,*.+6!24.*!)&46*&/;!A-,!,$*!0,%,*!@*1%.,2*+,!4'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!SRB$46*!6,-5*+,6!,$%,!54!+4,!6)4.*!%,!K**56!M21.4>*2*+,!4.!A*,,*.!4+!,$*!"R,$!7.%5*!_3#0!%+5!6-A6*:-*+,!.*,*6,6!=9&&!+4,!A*!7.%+,*5!%!$97$!6)$44&!591&42%;!.*7%.5&*66!4'!,$*9.!7.%5*6!9+!$97$!6)$44&?!#!.*)*+,!6,-5/!6$4=6!,$%,!9+!,$*!&%6,!5*)%5*!,$*.*!$%6!A**+!%!2%.E*5!9+).*%6*!9+!,$*!+-2A*.6!4'!6,-5*+,6!'4.)*5!,4!.*1*%,!P,$!7.%5*!%6!=*&&!%6!%!5.41!9+!,$*!6$%.*!4'!6,-5*+,6!7.%5-%,9+7;!*61*)9%&&/!9+!6,%,*6!921&*2*+,*5!$97$(6,%E*6!,*6,6?!![9>*+!,$*!.*,*+,94+!A-&7*!9+!P,$!7.%5*;!,$*!)4$4.,!6,%.,9+7!4-,!9+!"R,$!7.%5*!96!-6-%&&/!2-)$!62%&&*.!,$%+!,$*!P,$!7.%5*!)4$4.,?!!f4.!921&9)%,94+6!4'!,$*6*!14&9)9*6;!6**!F%+*/;!O?;!_%5%-6;![?;!#A.%26;!V;!O$**&4)E;!#?;!_9%4;!c?!%+5![.-.%;!M?!YJRRLZ?!8B$*!d5-)%,94+%&!H91*&9+*!9+!,$*!`?0?;!"PUR(JRRR?
D5)1,93)'&31/,3),0#.''47,
],D''&,
3),
0#.''47,
HI@H], @HIGX], GXIXH]XHI
@HH],
!R("Re! PL! PN! PR! SP!
"R(JNe! QP! UN! QR! U"!
JN(NRe! ((! QS! Q"! QX!
NR("RRe! PX! PQ! QQ! UQ!
],'C,
0#.''47,
N2'M,
8'1"47Q,
GX, GS, @O, SS,
-
! JX
d5-)%,94+!$%6!+4,!/*,!1.4>95*5!,$*6*!5%,%?!!B$-6;!,$96!6,-5/!-6*6!4+&/!6)$44&!&*>*&!5%,%?S"!!O*!$41*!,$%,!,$*!34224+=*%&,$!=9&&!2%E*!24.*!)421&*,*!9+'4.2%,94+!%>%9&%A&*!9+!,$*!+*%.!'-,-.*?!
B$*!)4..*&%,94+!A*,=**+!14>*.,/!%+5!.%)9%&!)421469,94+!96!2%.E*5&/!6,%.E!%,!,$*!$97$!6)$44&!&*>*&?!YB%A&*!"RZ?!!B*+,$!7.%5*.6!,$%,!%,,*+5*5!6)$44&6!=9,$!&4=*.!1.414.,94+6!4'!144.!%+5!29+4.9,/!6,-5*+,6!9+!,$*!6,-5*+,!A45/!,*+5!,4!54!A*,,*.!4+!,$*!,*6,6!,$%+!,$*9.!1**.6!9+!6)$44&6!=9,$!$97$*.!)4+)*+,.%,94+6!4'!144.!%+5!29+4.9,/!6,-5*+,6?SJ!!D+!%>*.%7*;!PS!1*.)*+,!4'!6,-5*+,6!%,!,$*6*!&4=(29+4.9,/;!&4=(14>*.,/!6)$44&6!1%66*5!,$*!d+7&96$!V%+7-%7*!#.,6!YdV#Z!_3#0?!!M+!)4+,.%6,;!S"!1*.)*+,!4'!,$*!6,-5*+,6!1%66*5!9+!9+,*+6*&/(6*7.*7%,*5(29+4.9,/!6)$44&6!,$%,!%&64!$%5!24.*!,$%+!NR!1*.)*+,!4'!,$*9.!6,-5*+,!A45/!4+!'.**!%+5!.*5-)*5!&-+)$?!M'!4+*!=*.*!,4!2%1!4-,!596,.9),6!=$*.*!&*66!,$%+!$%&'!4'!,$*!6,-5*+,6!=*.*!6)4.9+7!%,!1.4'9)9*+)/!&*>*&;!4+*!=4-&5!'9+5!,$%,!,$*6*!,*+5!,4!A*!596,.9),6!=9,$!$97$!)4+)*+,.%,94+6!4'!29+4.9,/!6,-5*+,6!9+!,$*2;!6-)$!%6!\46,4+;!V%=.*+)*;!V4=*&&;!V/++;!%+5!64!'4.,$!Y6**!f97-.*!\!9+!#11*+59iZ?!
!8"?45,@H+,D5)1,'C,@H
1.,L&"*5&7,D"773)%,9B;0,A)%437.,E")%("%5,;&17F,
?/,2"#5,")*,D'K5&1/F,GHHGIHS,
D5)1,93)'&31/,3),0#.''47,
],D''&,
3),0#.''47,
HI
@H]
@HI
GH],
GHI
SH],
SHI
WH]
WHI
XH],
XHI
YH]
YHI
ZH]
ZHI
PH]
PHI
OH]
OHI
@HH],
!!R("Re!Q&
PS!II&
PU!OO&
PL!V&
PQ!J!
R! R! R! R! R! R!
"R(JNe!Q&
P"!HV&
QJ!V&
P"!HH&
P"!O&
QR!J!
R! R! R! R! R!
JN(NRe!Q&
PR!U&
QP!U&
US!U&
QL!O&
PJ!O&
QR!W&
QX!J!
R! R!NR!O&
NR("RRe!!"
S& R! R!LJ!O&
UR!P&
PR!U&
UP!P&
UR!Y&
SU!P&
S"!!!P&
],'C,63%.,
0#.''47,
NB'4(>),
8'1"47Q,
XS, @S, O, W, W, W, S, S, G, X,
?*#"4%8&71//14=#/%$$/&F%R1"$5%-$&*:&32#41$,*-N$$%&''((()*+,)-.//),*0'-1./'2,/03$/)#$-3452678&
! B*+,$!7.%5*.6!=$4!54!+4,!1%66!,$*!_3#0!4+!,$*9.!'9.6,!,./!2%/!6,9&&!7.%5-%,*!9'!,$*/!1%66!,$*!.*,*6,6?!!!B$*!)&%66!4'!JRRX!$%5!'9>*!24.*!4114.,-+9,9*6!%',*.!,$*!61.9+7!4'!JRR"!,4!1%66!,$*!_3#0?!!#))4.59+7!,4!,$*!.*6-&,6!1-A&96$*5!A/!,$*!_%66%)$-6*,,6!@*1%.,2*+,!4'!d5-)%,94+;!PR!1*.)*+,!4'!,$*!)&%66!4'!JRRX!1%66*5!_3#0!A/!0*1,*2A*.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!S"!#A6*+,!5%,%!%,!,$*!6,-5*+,!&*>*&;!=*!%.*!&929,*5!9+!4-.!%A9&9,/!,4!%+%&/C*!,$*!)4+,*i,!*''*),6!4'!%,,*+59+7!$97$!29+4.9,/!%+5!$97$!14>*.,/!6)$44&6!4+!%)$9*>*2*+,?!!#,!,$*!6)$44&!&*>*&;!1*.'4.2%+)*!96!&4=!9+!,$*6*!6)$44&6?!!!!!SJ!O*!%.*!%=%.*!,$%,!6,-5*+,6!$%>*!2%+/!4114.,-+9,9*6!,4!.*,%E*!,$*!_3#0!%',*.!,$*9.!"R,$!7.%5*!64!,$*6*!%.*!+4,!,$*!%),-%&!+-2A*.6!4'!6,-5*+,6!=$4!'%9&!,4!7.%5-%,*?!!B$96!%+%&/696!96!,4!6$4=!,$*!.*&%,9>*!1.*1%.%,94+!4'!,$*!6,-5*+,6!%,!,$*!"R,$!7.%5*!&*>*&?!!B$*!6,%,*!+4,!/*,!1.4>95*5!,$*!5%,%!,$%,!=4-&5!%&&4=!'4.!)421-,%,94+6!'4.!.*,*6,!5%,%?!!
-
! JL
JRRX!%',*.!69i!,*6,9+7!4114.,-+9,9*6?SX!!F4=*>*.;!A*)%-6*!,$*!4''9)9%&!_3#0!1%66!.%,*!96!A%6*5!4+!,$*!*+.4&&2*+,!4'!6*+94.6!,%E9+7!,$*!,*6,!9+!c-+*!JRRX;!9,!9+'&%,*6!,$*!_3#0!1%66!.%,*6!A/!+4,!%))4-+,9+7!'4.!,$*!%,,.9,94+!4'!6,-5*+,6!A*,=**+!7.%5*!+9+*!%+5!7.%5*!,=*&>*!5-*!,4!,.%+6'*.;!.*,*+,94+;!4.!5.414-,6?!!B$*!4+(,92*!1%66!.%,*6!4.!,$*!.%,94!4'!,$*!+-2A*.!4'!6,-5*+,6!=$4!1%66*5!,$*!_3#0!,4!,$*!+-2A*.!4'!+9+,$!7.%5*.6!'4-.!/*%.6!*%.&9*.;!96!)&46*.!,4!UR!1*.)*+,;!%!59''*.*+)*!4'!JR!1*.)*+,%7*!149+,6!'.42!,$*!4''9)9%&!PR!1*.)*+,!'97-.*?SL!!B$*6*!+-2A*.6s=$9&*!%,!A*6,!%!.4-7$!*6,92%,*!4'!,$*!%),-%&!+-2A*.!4'!6,-5*+,6!4'!,$*!4.979+%&!'.*6$2%+!)&%66!4'!"PPP!=$4!1%66*5!,$*!_3#0!'4-.!/*%.6!&%,*.s%.*!1.4A%A&/!)&46*.!,4!,$*!%),-%&!+-2A*.6!4'!6,-5*+,6!1.47.*669+7!4+!,92*!,$.4-7$!$97$!6)$44&!69+)*!,$*/!%))4-+,!'4.!6,-5*+,!%,,.9,94+?!,,
, B%A&*!""!6$4=6!,$*!4+(,92*!1%669+7!.%,*6!'4.!\46,4+!%+5!,$*!6%,*&&9,*!)9,9*6?!!D'!,$*!6%,*&&9,*!)9,9*6;!V%=.*+)*!$%6!,$*!&4=*6,!4+(,92*!1%669+7!.%,*W!4+&/!4+*!4-,!4'!*>*./!,$.**!4'!,$*!4.979+%&!)&%66!4'!JRRX!2*,!,$*!_3#0!.*:-9.*2*+,6!'4-.!/*%.6!&%,*.?!!M+!\46,4+;!%!&9,,&*!24.*!,$%+!4+*!4-,!4'!*>*./!,=4!6,-5*+,6!$%5!1%66*5!'4-.!/*%.6!&%,*.?!!V4=*&&!$%6!%+!4+(,92*!1%669+7!.%,*!4'!NJ!1*.)*+,?!!M+!6$4.,;!)9,9*6!=$*.*!29+4.9,9*6!%.*!)4+)*+,.%,*5!$%>*!%24+7!,$*!&4=*6,!4+!,92*!_3#0!1%669+7!.%,*6?!!,
8"?45,@@+,J)I83>5,9B;0,D"77,2"157,?/,05:15>?5&F,GHHS,?/,=371&3#1,
!!P,$![.%5*!d+.4&&2*+,!
t!"J,$![.%5*.6!=$4!1%66*5!_3#0!!
D+!,92*!H%669+7!G%,*!
G*14.,*5!H%669+7!G%,*6!
\46,4+! NSXL! XRP"! NN! QX!
#,,&*A4.4! NLU! XSX! SS! PX!
\.4)E,4+! "RPR! ULP! SP! PX!
3%2A.957*! LQL! XUQ! UQ! QU!
3$*&6*%! LR"! "QJ! LN! QJ!
d>*.*,,! L"S! XRL! UX! PS!
f%&&!G9>*.! ""RN! NRS! LS! PR!
f9,)$A-.7! LSR! JNX! NN! US!
[&4-)*6,*.! XLN! JPJ! QN! PN!
V%=.*+)*! P"U! X"N! XL! UJ!
V*429+6,*.! LQX! XNX! UX! PN!
V4=*&&! "JJQ! SXQ! NJ! PR!
V/++! ""SN! ULR! SL! PX!
_%&5*+! LRR! XJR! QR! PX!
K*=!\*5'4.5! PPL! NL"! NL! PL!
042*.>9&&*! NSR! XSR! SL! PU!
O%&,$%2! LRS! XNR! QS! PN!
O4.)*6,*.! "PUP! "JJX! SJ! PX!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!SX!$,,1Wpp===?54*?2%66?*5-p2)%6pJRRXp.*6-&,6pRPRX)51.47.1,?15'!SL!F%+*/;!O?;!_%5%-6;![?;!%+5!O$**&4)E;!#?;!YJRRLZ?!8@Dd!G*14.,!M+'&%,*6!_3#0!uH%66!G%,*6T!f4.!3&%66!4'!JRRX?
-
! JN
!=&':'(1,2"157,3),1.5,!'71'),951&':'431"),;&5",
#!.*)*+,!2%I4.!+%,94+%&!6,-5/!A/!,$*!`.A%+!M+6,9,-,*!*i146*5!,$*!$97$!)4..*&%,94+!A*,=**+!$97$&/!6*7.*7%,*5!6)$44&6!%+5!&4=!7.%5-%,94+!.%,*6?SN!!`69+7!,$*!3-2-&%,9>*!H.424,94+!M+5*i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eZ!9+!$97$(14>*.,/!6)$44&6?!SQ!!
O$9&*!14>*.,/!96!%!6,.4+7!1.*59),4.!4'!7.%5-%,94+!.%,*;!$97$!&*>*&6!4'!6*7.*7%,94+!%.*!%&64!14=*.'-&&/!.*&%,*5!,4!$97$*.!5.414-,!.%,*6?!!0,-5*+,6!%,,*+59+7!2%I4.9,/(=$9,*!6)$44&6!%.*!24.*!&9E*&/!,4!7.%5-%,*!4+!,92*!,$%+!,$*9.!1**.6!9+!2%I4.9,/(29+4.9,/!6)$44&6?!!M+!_%66%)$-6*,,6!%6!%!=$4&*;!,$.**!4-,!4'!*>*./!'4-.!6,-5*+,6!9+!2%I4.9,/(=$9,*!6)$44&6!7.%5-%,*5!'.42!$97$!6)$44&!4+!,92*!9+!JRR"(JRRJ!)421%.*5!,4!&*66!,$%+!$%&'!YLPeZ!4'!,$*!6,-5*+,6!9+!2%I4.9,/(29+4.9,/!6)$44&6;!%))4.59+7!,4!B$*!`.A%+!M+6,9,-,*T6!*6,92%,*6?!!!
@9''*.*+)*6!9+!*6,92%,*5!)421&*,94+!.%,*6!A*,=**+!6)$44&6!=9,$!59''*.*+,!.%)9%&!%+5!14>*.,/!)421469,94+6!%.*!:-9,*!.*2%.E%A&*!9+!,$*!\46,4+!_*,.414&9,%+!#.*%!Y6**!B%A&*!"JZ?SP!!V*66!,$%+!$%&'!4'!,$*!6,-5*+,6!9+!6)$44&6!=9,$!$97$!)4+)*+,.%,94+6!4'!14>*.,/!%+5!29+4.9,/!6,-5*+,6!7.%5-%,*!4+!,92*!YLNeZ;!)421%.*5!,4!24.*!,$%+!,$.**!:-%.,*.6!YUPeZ!4'!,$*9.!1**.6!9+!&4=(14>*.,/!%+5!&4=(29+4.9,/!6)$44&6?!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!SN!D.'9*&5;![?;!V46*+;!@?;!O%&5;!c?;!%+5!0=%+64+;!3?!YJRRLZ?!8V469+7!D-.!f-,-.*W!F4=!_9+4.9,/!b4-,$!%.*!\*9+7!V*',!\*$9+5!A/!,$*![.%5-%,94+!G%,*!3.9696?9&!G97$,6!H.4I*),!%,!F%.>%.5!`+9>*.69,/a!\%&'%+C;!G?!%+5!V*7,*.6;!K?!YJRRXZ?!!8O*%E!H.424,9+7!H4=*.;!_9+4.9,/!34+)*+,.%,94+;!%+5!F97$!0)$44&6!=9,[email protected],!G%,*6!9+!`.A%+!#2*.9)%W!#!_-&,91&*!34$4.,!#+%&/696!4'!,$*!"PPR6!`69+7!,$*!34224+!34.*!4'!@%,%?*.69,/?!!!SS!B$*!3HM!54*6!+4,!'4&&4=!1%.,9)-&%.!6,-5*+,6!4>*.!,92*;!A-,;!9+6,*%5;!,.%)E6!,$.**!7.%5*(,4(7.%5*!1.424,94+!,.%+69,94+6!%+5!,$*!-&,92%,*!7.%5-%,94+!*>*+,!4>*.!,=4!6-))*669>*!/*%.6?!!f4.!%!24.*!5*,%9&*5!*i1&%+%,94+!4'!,$*!3HM!9+5*i;!6**!,$*!#11*+59i?!!SU!!D.'9*&5;![?;!V46*+;!@?;!O%&5;!c?;!%+5!0=%+64+;!3?!YJRRLZ?!8V469+7!D-.!f-,-.*W!F4=!_9+4.9,/!b4-,$!%.*!\*9+7!V*',!\*$9+5!A/!,$*![.%5-%,94+!G%,*!3.9696?9&!G97$,6!H.4I*),!%,!F%.>%.5!`+9>*.69,/?!SQ!M+!,$*!`.A%+!M+6,9,-,*!6,-5/;!&4=!14>*.,/!6)$44&6!%.*!6)$44&6!=9,$!&*66!,$%+!XQ!1*.)*+,!4'!,$*9.!6,-5*+,6!*&979A&*!'4.!'.**!%+5!.*5-)*5!&-+)$a!6)$44&6!,$%,!%.*!$97$!14>*.,/!6)$44&6!$%>*!24.*!,$%+!XQ!1*.)*+,!4'!,$*9.!6,-5*+,6!*&979A&*!'4.!'.**!%+5!.*5-)*5!&-+)$?!!SP!B$*!)%&)-&%,94+6!.*14.,*5!9+!,$96!6,-5/!59''*.!'.42!,$46*!5*>*&41*5!A/!,$*!`.A%+!M+6,9,-,*!9+!J!=%/6?!!@96,.9),6!=9,$!&*66!,$%+!'9>*!*+.4&&*5!6,-5*+,6!4'!%!1%.,9)-&%.!.%)*p*,$+9)9,/!4'!9+,*.*6,!9+!7.%5*!"R!9+!JRRJ!=*.*!*i)&-5*5!'.42!%+%&/696;!%+5!9'!,$*!+-2A*.!4'!6,-5*+,6!*+.4&&*5!9+!%!61*)9'9*5!7.%5*!*i)**5*5!,$*!+-2A*.!*+.4&&*5!9+!,$*!1.*>94-6!7.%5*!5-.9+7!,$*!1.*)*59+7!/*%.;!*+.4&&2*+,!4'!,$*!&%,,*.!7.%5*!=%6!.*>96*5!,4!*:-%&!,$*!*+.4&&2*+,!9+!,$*!1.*>94-6!7.%5*!5-.9+7!,$*!1.*)*59+7!/*%.?!!!!
-
! JS
,
8"?45,@G+!951&',!'71'),B(>(4"13K5,D&'>'13'),T)*5U,GHH@IHG,!/,D'K5&1/,")*,2"#3"4,B'>:'7313'),'C,0#.''4,=371&3#1,ND5)1Q!
!
!
O$9,*!6,-5*+,6!%.*!24.*!&9E*&/!,4!7.%5-%,*!4+(,92*!,$%+!6,-5*+,6!'.42!%+/!4,$*.!.%)9%&p*,$+9)!A%)E7.4-+5W!SU!1*.)*+,!4'!=$9,*!6,-5*+,6!9+!,$*!2*,.4!%.*%!%.*!*6,92%,*5!,4!7.%5-%,*!4+(,92*;!'4&&4=*5!A/!SR!1*.)*+,!4'!#69%+!6,-5*+,6;!%+5!LP!1*.)*+,!4'!A&%)E!6,-5*+,6?!!D>*.%&&;!V%,9+4!6,-5*+,6!$%>*!,$*!&4=*6,!7.%5-%,94+!.%,*!%,!L"!1*.)*+,!=$*+!)%&)-&%,*5!=9,$!,$*!)-2-&%,9>*!1.424,94+!9+5*i?!Y6**!B%A&*!"XZ?!!!!!!
[.%5-%,94+!.%,*6!+4,!4+&/!59''*.!A/!.%)*;!A-,!A/!.*794+!%6!=*&&?!G*7%.5&*66!4'!.%)*;!6,-5*+,6!9+!9++*.!6-A-.A6!%.*!24.*!&9E*&/!,4!7.%5-%,*!4+!,92*!,$%+!6,-5*+,6!9+!4,$*.!.*794+6!9+!,$*!2*,.414&9,%+!%.*%;!'4&&4=*5!)&46*&/!A/!6,-5*+,6!9+!,$*!4-,*.!6-A-.A6?!!\4,$!,$*6*!.*794+6!$%>*!6,-5*+,!141-&%,94+6!,$%,!%.*!24.*!,$%+!QR!1*.)*+,!=$9,*?!!di)*1,!'4.!#69%+!6,-5*+,6;!6,-5*+,6!%,,*+59+7!6)$44&6!9+!.*794+6!=9,$!$97$!)4+)*+,.%,94+6!4'!29+4.9,/!6,-5*+,6!$%>*!,$*!&4=*6,!4+(,92*!)421&*,94+!.%,*6a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f97-.*!3!9+!,$*!#11*+59iZ?!!!!
!
!
!
!
!
! B(>(4"13K5
! D&'>'13')
! T)*5U,
0."&5,'C,71(*5)17,, !
'),C&55^&5*(#5*,4()#., !
!!!!V*66!,$%+!NRe! UP?"
!!!!NRe!4.!_4.*! LS?L
! !
0."&5,'C,71(*5)17,M.',"&5, !
93)'&31/, !
!!!!V*66!,$%+!NRe! US?J
!!!!NRe!4.!_4.*! LQ?X
! !
E'M5&,D'K5&1/^E'M5&,93)'&31/, UQ?S
63%.5&,D'K5&1/^63%.5&,93)'&31/, LN?"
-
! JU
8"?45,@S+,,,
951&',!'71'),B(>(4"13K5,D&'>'13'),T)*5U,?/,2"#5,")*,E'#"13')F,GHH@IHG!
! 951&', , T))5& J(15& T))5&, J(15&,
! 8'1"4, !'71'), 0(?(&?7 0(?(&?7 0"15443157 0"15443157,
-.315, YZ\H, LQ?P! UP?U UN?" NQ?X NS?J!
!4"#$, WP\P, LJ?J! SN?L SL?J SL?L LU?L!
637:")3#, WH\O, XR?R! NS?" NL?Q NL?N L"?N!
;73"), XO\O, SQ?P! UX?Q UL?J NQ?J LL?N!
8'1"4, YH\G, W@\O, PH\X ZZ\W XO\P X@\X,
!
B$*.*!96!596%7.**2*+,!4+!,$*!2%7+9,-5*!4'!%),-%&!5.414-,!+-2A*.6s596%7.**2*+,!,$%,!96!9+*>9,%A&*!-+,9&!$97$!:-%&9,/!5%,%!*i96,6!,$%,!'4&&4=!9+59>95-%&!6,-5*+,6!4>*.!,$*!/*%.6!%+5!%).466!596,.9),6?!!!F4=*>*.;!%&&!%7.**!,$%,!,$*!)4+6*:-*+)*6!4'!5.4119+7!4-,!4'!$97$!6)$44&!%.*!5*>%6,%,9+7!%,!,$*!9+59>95-%&;!64)9*,%&;!%+5!+%,94+%&!&*>*&6?!!! !
! #!.*)*+,!6,-5/!6$4=6!,$%,!)$9&5.*+!=$4!74!,4!6)$44&!9+!,$*!\46,4+!6-A-.A6!%&64!&9>*!9+!,$*!246,!%''&-*+,!+*97$A4.$4456!=9,$!$97$!2*59%+!9+)42*6;!&4=!14>*.,/!.%,*6;!$97$!*5-)%,94+%&!%,,%9+2*+,;!%+5!,$*!&*%6,!*i146-.*!,4!+4+(d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i)*1,!'4.!69i!6)$44&6;!%&&!%.*!1.*5429+%+,&/!29+4.9,/!6)$44&6;!%+5!4+&/!,=4!Y01.9+7'9*&5!%+5!F4&/4E*Z!4'!,$*!*&*>*+!596,.9),6!%.*!+4,!6%,*&&9,*!)9,9*6!4'!\46,4+;!A-,!.*1.*6*+,!6,.-77&9+7!)9,9*6!9+!=*6,*.+!_%66%)$-6*,,6?UL!!B$.**!4-,!4'!*>*./!'4-.!6)$44&6!+**59+7!)4..*),9>*!%),94+!$%>*!%!$97$*.!29+4.9,/!6$%.*!,$%+!,$*!4>*.%&&!6)$44&!596,.9),6!4'!=$9)$!,$*/!%.*!%!1%.,?!!#&246,!%!,$9.5!4'!,$*6*!6)$44&6!%.*!&4)%,*5!9+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!UR!V47%+;!c?!D%E&*/;!@?!%+5!0,4=*&&;!c?YJRRXZ!?%."%.1$,*-&,-&Q%,.=@*"=**2/&1-2&?4=**+/8&M5R14$/&*-&7,-*",$C&D=,+2"%-&,-&)*/$*-&K%.,*-?!3%2A.957*;!_#W!B$*!39>9&!G97$,6!H.4I*),!%,!F%.>%.5!`+9>*.69,/?!U"!_9&&*.;!V?0?!Y"PPPZ?!H.424,9+7!F97$!#)%5*29)!#)$9*>*2*+,!#24+7!K4+(#69%+!_9+4.9,9*6?!M+!d?b?!V4=*!Yd5Z;!H.4296*!%+5!@9&*22%W!H*.61*),9>*6!4+!G%)9%&!@9>*.69,/!%+5!F97$*.!d5-)%,94+?!!H.9+)*,4+;!KcW!H.9+)*,4+!`+9>*.69,/!H.*66aH-2%;!_?!c?;!]%.=*9,;!K?;!H.9)*;!3?;!G9))9-,9;!#?!d?;!B$42164+;!O?;!h!o%5*+(]9*.+%+;!_?!Y"PPUZ?!>"*/R%4$/8&Z,-1+K%R*"$&*-&?$#2%-$&]#$4*5%/?!\*,$*65%;!_@W!#A,!#664)9%,*6?!UJ!]92;!c?;!h!0-+5*.2%+;![?!V?!YJRRLZ?!V%.7*!_%+5%,*6!%+5!V929,*5!G*64-.)*6W!0,%,*!G*614+6*!,4!,$*!K4!3$9&5!V*',!\*$9+5!#),!%+5!M21&9)%,94+6!'4.!#))4-+,%A9&9,/?!3%2A.957*;!_#W!B$*!39>9&!G97$,6!H.4I*),!%,!F%.>%.5?!UX!_%5%-6;![?;!h!3&%.E*;!_?!YJRR"Z?!B$*!#5>*.6*!M21%),!4'!F97$(0,%E*6!B*6,9+7!4+!_9+4.9,/!0,-5*+,6W!d>95*+)*!'.42!D+*!F-+5.*5!b*%.6!4'!B*6,!@%,%?!M+![?!D.'9*&5!h!_?!V?!]4.+$%A*.!Yd56?Z;!K1,/,-.&?$1-21"2/&*"&K1,/,-.&)1"",%"/L&M-%E#1+,$C&1-2&J,.=;?$1B%/&6%/$,-.&,-&>#@+,4&32#41$,*-?!K*=!b4.EW!B$*!3*+,-./!f4-+5%,94+!H.*66a!G*%.54+;!0?!f?!Y"PPSZ?!3,.=$=&!"12%&7,-,5#5&D*5R%$%-4C&6%/$,-.&1-2&31"+C&J,.=&?4=**+"9"*R*#$&>1$$%"-/(!H%1*.!1.*6*+,*5!%,!,$*!#++-%&!_**,9+7!4'!,$*!#2*.9)%+!d5-)%,94+%&!G*6*%.)$!#664)9%,94+;!K*=!b4.E?!!!UL!0**!B%A&*!S!9+!#11*+59i?!!
-
! JQ
\46,4+!%&4+*?!M+!,$*!6-A-.A6;!_3#0!6)4.*6!'4.!6)$44&6!=9,$!)4+)*+,.%,94+6!4'!29+4.9,/;!144.;!4.!&929,*5(d+7&96$(61*%E9+7!6,-5*+,6;!%.*!2-)$!&4=*.!,$%+!,$46*!4'!,$*9.!$97$*.(%)$9*>9+7!)4-+,*.1%.,6?UN!
!
B')#4(73'),")*,T>:43#"13')7,
B$4-7$!2*,.414&9,%+!\46,4+!96!6,9&&!4+*!4'!,$*!+%,94+T6!=$9,*6,!2*,.414&9,%+!%.*%6;!9,6!7.4=,$!96!9+).*%69+7&/!+4+(=$9,*!%+5!2-&,9.%)9%&?!
