ObGin Para Apurados 2013.11.03

"#$%&%'()(* + ,(-&)".",/* 0*'* *01'*2"$ '*3. 04'&5 6."'&$ 789:;:<= ">:8A:9=9 98 )B:C8 #D>>=9D> EF 98 8 98 IEJF

/-2()& &7#*'*5" -"'7*. )=GH:DA K:A:DCLM:;DA 9N>==OD 2:=M=OD 2:=MG=;DAQ 8GH=>=OD R C=;?=<;:= )DDC S>8<=?=C R 8;DM>=KT= DHA?U?>:;= &@=CN=;:L< 98 C= N<:9=9 K8?DWSC=;8:= 0=>?D @=M:<=C

J I I F V V X

!"#"$%&'&(%) + ,&(&)-)./0 1"- 20$#) 4)5&"$') 1"- #$0506) 1" 20$#) 8$0506) 1" 20$#) :$);"1&%&"'#)( 2$"<20$#) :0$#) "' =>$#&;" :0$#) &'(#$A%"'#0!&(#);&0( 1" 0;#&#A1 + 2$"("'#0;&B'

)8AP>8= *<=CM8A:= R =<8A?8A:= DHA?U?>:;= 0N8>S8>:D G=C )DGSC:;=;:D<8A 98C SN8>S8>:D

JI JV JY JZ

&7#*'*5" 2& *.%" '(&$," 'D?N>= S>8G=?N>= 98 G8GH>=<=A 0=>?D 98 S>8?U>G:=OD 8< @T=A 98 S>DCD=OD G\C?:SC8 '8A?>:;;:L< 98C ;>8;:G:8=N?8>:DG8A B:S8>?8=OD 2:=H8?8A G8CC:?NA 8< 8C 8GH=>=OD ]8S=?DS=?T=A 8< 8C 8GH=>=OD &G89=9 B8GDCT?:;= S8>:<=?=C (=;?D N>:<=>:D (=8G8A:A M>=@T9:;= &G89=98A ;>L<:;=A 8< 8C 8GH=>=OD 7N8>?8 K8?=C :=N?8>:<= 78?>D>>=M:=A 98C I_ R F_ ?>:G8A?>8 "#$%&'( %) '*(+%+&,-,.

J[ IE IJ II IF IV IZ IX I[ FE FE FI FI FV FY /0

• • • •

•

•

,(-&)".",/* 78?>D>>=M:= 98C Ja ?>:G8A?>8

F`

D5)$#) "(2)'#E'") D5)$#) (>2#&;) H%50$0I) ";#B2&;) H',"$%"101 #$),)5-E(#&;0 ."(#0;&)'0-

$==9D N?8>:G=C 78?>D>>=M:= 8< C= SDA?G8>8= .8N;D>>8= 0>D;8AD ::D SUC@:;D 7:DG=?DA:A N?8>:<= &<9DG8?>:DA:A 0>DC=SAD 98 L>M=:<=>:=

VY VZ VX V` YE YI YF YV YV

&-2")'(-".",/* + 6&'%(.(2*2 ):;CD M8<:?=C K8G8<:>8= $T<9>DG8 98 D@=>:D SDC:bNTA?:;D *
YZ YX Y[ Y`

D'#&;)';"2#&=)( J)$%)'0-"( !&(2)(&#&=) &'#$0A#"$&') M)'1B' %0(;A-&') H(#"$&-&I0;&B' NA&$O$.&;0

78:D

ZI

"-)".",/* .8A:D<8A S>8G=C:M<=A R ;P<;8> ;8>@:;DN?8>: 98 8<9DG8?>:D 7=A= =<8^:=C )P<;8> 98 D@=>:D )P<;8> 98 @NC@=

ZY ZX Z[ XE XJ

0*%".",/* 7*7*'(* 0=?DCDMT= H8<:M<= 98 G=G= )P<;8> 98 G=G=

XI XI

1,*2,'3&.45. #=ADc 2$ d&9ef 1S%D2=?8f g=C?B=G h7*iQ &&f11f IEJFf B??SjkkcccfNS?D9=?8f;DG )8D 98 2:=M:<=?=C8A hIEEFif 4A/0 :"$&'0#0-P $=@=l=C m*Q '=CSB ) hIEJFif Q0'A0- 1" R5(#"#$&;&0 + 4&'";)-)./0S hVn 89iP 0f 1<:@8>A:9=9 )=?LC:;= 98 )B:C8f $==A mQ 28G8?>:D *7Q .=??NA mf 0>D?D;DCD 98 :<9:;=;:L< 98 DS8>=;:L< ;8AP>8=f T"= R5(#"# 4&'";)- U V)(2P W0'#&0.) R$&"'#" !$P XA&( 8&('> Y$)A(("P IEE`p VhIij JJFqJJ[f .:<9A8R m.f H=0-A0#&)' ), Z"#0- !"0#Jf &< %=C=@8>= 6 d&9ef 789A;=S8f g8H72f -N8@= +D>rQ IEJIf B??Sjkk8G89:;:<8fG89A;=S8f;DG 7:<:A?8>:D 98 $=CN9f 4A/0 M-/'&;0 ME';"$ M"$=&;)A#"$&') hIEJEip 4A/0 M-/'&;0 :$"="';&B' 1"- :0$#) :$"%0#A$) hIEJEip 4A/0 M-/'&;0 D'0-."(&0 1"- :0$#) hIEJFip [)$%0 M)'6A'#0 1" :$"="';&B' 1" -0 8$0'(%&(&B' \"$#&;0- 1"- \]V + -0 W/,&-&( hIEJIip 4A/0 M-/'&;0 ME';"$ H2&#"-&0- 1" R=0$&) hIEJFif $=
&7#*'*5" -"'7*. )*7#("$ 6($(".s,()"$ 21'*-%& &. &7#*'*5" B,%2

9)E'-

&>:?8G= S=CG=>Q ?8C== R ?L>=^ ANS8>:D>f &A?>T=A 98 9:A?8 S>N>:M:S:MG8UDC=Q @NC@= R >8M:L< S8>:=<=CQ CT<8= S=>9= NGH:C:;=C R ;=>= hG8C=AG=if • •

•

•

•

]:SLK:A:Aj *NG8DSDAf *NG8:DQ M=C=;?D>>8=f %:>D:98Aj )CT<:;= bN8 A:GNC= B:SD D B:S8>?:>D:9:AGDQ =ND:98=f )DGD 8C K8?D D9N;8 BD>GD<=A ?:>D:98=A B=A?= C=A I[ A8G=<=AQ CDA >8bN8>:G:8=>>8<=Cj *NG8D9N;;:L< 98 ;D>?:ADC 98H:9D =C 8A?TGNCD 98 C= *)%] SC=;8:=f *NG8D9N;;:L< 98 S>D?8T<= ?>=?=9D>= 98 ;D>?:;D:98A h)#,i SD> 8A?TGNCD 8A?>DMU<:;Df &C ;D>?:ADC C:H>8 A8 G=8=Aj ]:S8>SC=A:= ]:S8>SC=A:= 98 :ACD?8A 9N>=:G8A?>8Q ;=NA=<9D :<;>8G8:KU>:;= 98 MCN;DA=Q ;=NA=<9D B:SDMC:;8G:= 98 =RN<=A >8C=?:@=f &< Ia R Fa ?>:G8A?>8 A8 S>D9N;8 >8A:A?8<;:= = C= : =;;:L< 98C C=;?LM8:DQ ;=NA=<9D B:S8>MC:;8G:= B:S8>MC:;8G:= SDA?S>=<9:=C 8 B:S8>::8A bN8 = ;DGS8 8A?D 98A=>>DCC= 9:=H8?8A M8A?=;:D<=Cf 78?=HDC:AGD LA8Dj *NG8DGN8@8 C= =HAD>;:L< 98 ;=C;:D S=>= ?>=?=> =C K8?Df *C S=>8;8> 98 N<= ;=

*NG89T=;D SD> =NG8;NC=;NC=8;N8<;:= ;=>9T=;= ;=>9T=;= R @DCNG8< 8^SNCA:@Df 2:AG:8A:L< =>?8>:=C SD> 9:AG:8A:A?8<;:= S8>:KU>:;=f S8>:KU>:;=f '8?8<;:L< BT9>:;=f 0N898< 8^S>8A=>A8 ;DGD ;8K=C8=Q S=CS:?=;:D<8AQ S=CS:?=;:D<8AQ D>?DA?=?:AGDQ 898G= 98 8^?>8G:9=98A ::D>8Af oP>:;8Af

G%$.+

]:S8>@DC8G:= R B8GD9:CN;:L< hv=<8G:= K:A:DCLM:;=wiQ 8< 8AS8;:=C =:?D G=Cj Ja %j FFuQ Ia %j FEuQ Fa %j FFuf ]:S8>;D=MNC=H:C:9=9 ]:S8>;D=MNC=H:C:9=9 SD> GD9:K:;=;:L< 98 CDA <:@8C8A 98 K=;?D>8A 98 C= ;D=MNC=;:L< h=NG8::8AMD 98 ?>DGHDA:A @8=S8>:Df

:%(H

]:S8>@8GD<=C8A 98C ;DDC @8:D R A8 GD9:K:;= C= G8;P<:;= @8:=f &C >:tL< ;DGS88AS:>=?D>:= =NG88;:L< 98 ])"Ff 0N898 8^S>8A=>A8 ;DGD 9:A<8= R K=?:M=H:C:9=9f

D,3

2:AG: ;=>9:=Cf 2:A?8f *NG8DC8G:= ;DC8A?8>DC8G:= h8< 8AS8;:=C .2.if $8 8^S>8A= ;DGD 8K:8>8 NA=> =CNG:<:DQ G=M<8A:D D ==HC8 9N>==ODj &GDS8AD JEqJI rMQ ADH>8S8AD XqJE rMQ DH8A= ZqX rMf •

"%4&'

2:C=?=;:L< 98C A:A?8G= S:8CD;=C:;:=>:DQ 8A?=A:A N>:<=>:=f *NG8=;:L< K:C?>=;:L< MCDG8>NC=>f .= S>DM8A?8>D<= >89N;8 C= S8>:A?=CA:A N>8?8>=C R =NG89:9= 98 AD9:D SD> AN 8K8;?D <=?>:N>U?:;D h=;?:@:9=9 h=;?:@:9=9 G:<8>=CD;D>?:;D:98if G:<8>=CD;D>?:;D:98if -D A8 GD9:K:;= 8C @DCNG8< N>:<=>:DQ S8>D AT =NG88;N8<;:=Q ?=C @8O SD> ;DGS>8A:L< @8A:;=Cf

?%),+

*NG8DM>8A:@D 98C ?=G=tD N?8>::=f )=NA= 9DCD> A:G:C=> = C= 9:AG8>8=Q ?:SD SNL:;Df

IJ(-

]:S8>CD>9DA:A CNGH=>Q =H9N;;:L< =H9N;;:L< 98 CDA S:8A hvG=>;B= 98 S=?DwiQ A8S=>=;:L< 98 C=A >=G=A 98 C= AT8A8 SNH:=f $8 >8;DG:8<9= 8@:?=> 8C NAD 98 *(-& SD> >:8AMD 98 DC:MDB:9>D=G<:DA R 8< x FZ A8GQ ;:8>>8 S>8;DO 98C 9N;?NA =>?8>:DADf

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

J

2(*,-s$%()" 2& &7#*'*5" 75)+'$.( H&%(J)+,K'(L *G8>8= A8;N<9=>:= 8< GNl8> 98 89=9 KU>?:C 98 GPA 98 X 9T=Af $==9D @=M:<=C ?:SD ASD??:8;N8<;:= G:;;:D<=C A:< 9:AN>:=Q K=?:M=Q =C?8>=;:D<8A =C?8>=;:D<8A 98C AN8tDQ 9DCD> CNGH=>f 2:M8A?:@Dj A:D<8A =C:G8:=Af =C:G8:=Af • • •

7,3)'( E% H&'*.*,2,E.EL *NG8: h=HC=<9=G:8:Q @=M:<=C R ;8>@:;=CQ 98A98 C=A [WJI A8G=<=Af • • •

D,.3)M(+,-' E% -%&+%N. E% %$*.&.N'L yW]), 8< A=8 SD> >=9:D:=9:D::<= h==?L=ADf "HA8>@=;:L< NC?>=ADPK:;= NC?>=ADPK:;= 98C 8GH>:L< hZ A8G=<=A 98ASNUA 98 C= 61'iQ =NA;NC?=;:L< 98 C=?:9DA ;=>9:D8GH>:D<=>:DA ;=>9:D8GH>:D<=>:DA SD> AD=KT= SD>?P?:C h98A98 C=A JEWJI A8G=<=Ai D 8;DM>=KT= hZqZQY A8G=<=Aif 0=CS=;:L< 0=CS=;:L< 98 S=>?8A hGPA ?=>9TDif 08>;8S;:L< G=?8><= 98 GD@:G:8:G:M8A?=AQ JZqJ[ A8G=<=A 8< GNC?TS=>=Aif GNC?TS=>=Aif

• • •

•

2(*,-s$%()" 2& &2*2 ,&$%*)("-*. $8 98K:<8 "101 ."(#0;&)'0- h&,i =C ?:8GSD ?>=>:9D 98A98 8C S>:G8> 9T= 98 C= \C?:G= G8N=;:L8MC= h61'if 0=>= NA=>C= A8 >8bN:8>8 98 N<= 61' A8MN>= hbN8 >8;N8>98 H:8< C= K8;B=i R ;D898;:> ;D< ;8>?8O= bN8 88 C= G8N=;:L< R C= D@NC=;:L< S=A=>D< JY 9T=Ap 8A 98;:>Q >8MNC=>8AQ >8= SD> D?>= ;=NA=if .= Z^T )2"$0;&)'0- A8 8A?=HC8;8 SD> 8;DM>=KT=f $: B=R N<= 9:A;D>9=<;:= 88 =GH=A x X 9T=A 8< Ja ?>:G8A?>8 D x JV 9T=A 8< Ia ?>:G8A?>8Q A8 ;D= S=>= ?D9D 8C 8GH=>=OD C= 61' DS8>=;:D<=Cf )N=<9D C= S>:G8>= 8;DM>=KT= 8A x II A8G=<=AQ A8 B=HC= 98 "101 ."(#0;&)'0- 1A1)(0 h&,2iQ bN8 :GSC:;= =C?D >:8AMD K8?=Cf &< S=;:88=C:O=>A8 =G<:D;8= 8@=CN=> G=9N>8O SNCGD<=> = C=A FXWF[ A8G=<=Af 9O.$%) 45(,-' %=;?D @=M:<=Cj * C=A [ A8G=<=A 98 M8A?=;:L< 8C \?8>D B= 9NSC:;=9D AN ?=G=tDf *C?N>= N?8>:<= h*1ij $8 ;DGS=>= ;D< ?=HC=Af $: C= *1 z &, q VQ 98H8 ADAS8;B=>A8 >8A?>:;;:L< 98C ;>8;:G:8=N?8>:=N?8>:=S\H:;Df JIWJZ A8Gj 88 SNH:A R DGHC:MDf IE A8Gj = C= =C?N>= 98C DGHC:MDf *NA;NC?=;:L< *NA;NC?=;:L< 98 C=?:9DA 8GH>:D<=>:DAj $D=KT= $D=KT= x JEWJI A8GQ 8A?8?DA;DS:D 0:<=>9 x IE A8G=<=Af • •

•

9OP$%)%( -'$H2%$%)+.&,'( %8A? S=;r 8< D>:<=j 7NR A8=AD hY A8G=<=A SDA? 61'if -D 98?8>G:<= &,f $NHN<:9=9 y 98 ]), 8< A=8j 98?8;?=HC8 98A98 8C 9T= ZW[ SDA? K8;N<9=;:L:8=OD :=N?8>::G:<=;:L< 98 yW]),j )D< <:@8C8A x JfYEEqIfEEE 1k. R= 98H8 A8> SDA:HC8 DHA8>@=> A=;D M8A?=;:D<=C = C= 8;DM>=KT= %of &;DM>=KT= DHA?U?>:;=j DHA?U?>:;=j A=;D M8A?=;:D<=C VQYqY A8G=<=Ap A=;D @:?8C::L< Z A8G=<=Ap C=?:9DA ZqZQY A8G=<=A h98H8< @8>A8 ;D< A=;D M8A?=;:D<=C x FE GGQ 8GH>:L< x X GG D yW]), x YfEEE 1k.if – .D S=>PG8?>D 8;DM>PK:;D S=>= 98?8>G:<=> 89=9 M8A?=;:D<=Cf &A \?:C 88 C=A Z R JI A8G=<=A 98 &, hJa ?>:G8A?>8if $8 =;8S?= N<= 9:A;D>9=<;:= 9:A;D>9=<;:= .)-W61' 98 B=A?= X 9T=A S=>= ;D 8< C= 61'f 28 CD ;D=>:DQ .)- A:>@8 S=>= 98?8>G:<=> C= 61' DS8>=;:D<=Cf &, { .)- h;Gi | ZfYf – 2:PG8?>D H:S=>:8?=C h2#0ij )PC;NCD 98 &, 88 C=A JE R IE A8G=<=A hIa ?>:G8A?>8if &>>D> 98 } JEWJV 9T=Af – .D=C h.6ij $:>@8 9N>=:G8A?>8f &C 8>>D> 8A }JEWJV 9T=A 9N>=:G8A?>8 R } IJ 9T=A 9N>= CD bN8 A: =KT=A 9N>=:G8A?>8 A8 B=HC= 98 &,2f – .D8H8C=>j ;8>8H8C=>j *NN?:<=Q 8A 8C S=>PG8?>D bN8 B= GDA?>=9D ?8<8> C= G8lD> ;D>>8C=;:L< ;D< C= 89=9 M8A?=;:D<=C h} J A8G=<=i = ;N=CbN:8> ?>:G8A?>8f

• •

•

I

&7#*'*5" -"'7*.

6~'7*)"$Q &7#*'*5" + .*)%*-)(* QP&$.-'( EJ&.)+% %2%$*.&.N' )=>9:D@=A;NC=>8A

)=?8MD>T= * 7%3J&'(

*<=CMUA:;DA R =:DA

'8AS:>=?D>:D

)CD>K8<=G:<=Q CD>=?=9:<=Q SA8N9D8K89>:<= 6CND^8?:<=

-8N>DSA:bN:P?>:;D -8N>DSA:bN:P?>:;D

2:M8A?:@D

&<9D;>:
.8@D?:>D^:<=

*
08<:;:C:<=A

*=C8A

*=A:?=>:DA

%D;DCT?:;DA (f o:?=G:<=A

)=?8MD>T= # B&'*.*2%$%)+% (%3J&'( )CDS:9DM>8CQ C=H8?=CDCQ G8?:C9DS=Q 8:<=Q ?:=O:9=Af 0=>=;8?=GDCQ 9:;CDK8<=;D€Q S:>D^:;=G€

0=GD=?D 98 S:>=
78?D;CDS>=GQ >=<:?:9:<=Q YW *$*Q =CNG:<:DQ AN;>=CK=?DQ CDS8>=G:9= )D>?:;D:98A h8^; 98^=G8?=AD<= R KCN?:;=AD<=iQ G8?KD>G:<=Q ::<=AQ G=;>LC:9DAQ G8?>D<:9=ODCQ <:?>DKN>=:G=ODCQ <:A?=?:<= *;:;CD@:>Q @=C=;:;CD@:>Q >:?D<=@:>

)=?8MD>T= ) 7,) %(+JE,'( %) RJ$.)'( :,%(3' %) %(+JE,'( .),$.2%( 6N>DA8G:9=Q 9:MD^:<=Q =?>DS:<=Q =9>8<=C:<=Q B:9>=C=O:<=Q <:?>=?DAQ yWHCDbN8=9D>8A h8^;8S?D =?88A 98 ;=<=C8A 98 ;=C;:D ~;:9D =;8?:CA=C:;TC:;DQ G8?=G:ODC h8@:?=> SD> GPA 98 V[ B>AiQ <=S>D^8 SD> GPA 98 V[ B>AiQ GD>K:<=f &K89>:<=Q ;D98T<=Q A=CHN?=GDCQ :S>=?>DS:Df

)=?8MD>T= 2 :,%(3' %) %(+JE,'( RJ$.)'( &AS:>DD<=Q =?8
)=>H=G=O8S:<=Q ;CD<=O8S=GQ CD>=O8S=GQ B=CDS8>:9DCQ A8>?>=C:<=Q ;CD>S>DG=O:<=

68<:?DT<=Q @=CS>D:;D K8H:?=CQ 9:=O8S=GQ C:?:DQ =CS>=ODC=GQ 8?=
&>MD?=G:<=

"<9=L=ODC

28^=G8?=AD<=Q KCN?:;=AD<=Q ;=C;:?D<:<=Q MC:H8<;C=G:9=f

*D:98DA

*G::GD^=ODCQ ;CD>=
%8?>=;:;C:<=Af

*ODC8A h8^;8S?D ;CD?>:G=ODCiQ M>:A8DKNC@:<= 5:9D@N9:<=Q =H=;=@:>Q 8K=@:>8K8>L< =CK=Q M=<;:;CD@:>Q =G=Q O=<=G:@:>

0>=O:bN=DbN:<= (<9DG8?=;:<=f

)=?8MD>T= • <'$H2%+.$%)+% -')+&.,)E,-.E'( (&)*Q =;8DCQ c=>K=>:<=f

'=9:DRD9DQ 9=<=ODCQ =LM8LM8
':@=H:>:<=

78KCDbN:<=Q G8H8<9=ODCQ =CH8<9=ODC -:K89:S::<=

78?D?>8^=?D o:?=G:<= * x IYEEE 1(f o=;N<=A 7%3J&.(L (=GS:L=GS:LNH8DC=Q S=>D?:9:?:AQ G8<:8S?D;D;DQ 9:K?8>:=Q @=>:;8C=Q SDC:D $=H:< hD>=CiQ K:8H>8 ?:KD:98=Q %#)Q K:8H>8 ?U?==H:=Q SDC:D $=Cr hS=>8=Ci =G=>:CC=  )D=:<9:;=9D 9N>=:G8> ?>:G8A?>8 98C 8GH=>=ODf € )D=:<9:;=9D 9N>=;8> ?>:G8A?>8 98C 8GH=>=ODf

)=>9:D@=A;NC=>8A *<=CMUA:;DA '8AS:>=?D>:D -8N>DSA:bN:P?>:;D -8N>DSA:bN:P?>:;D 2:M8A?:@D &<9D;>:
*O=?:DS>:<=

%D9=A

QP&$.-'( (%3J&'( EJ&.)+% 2. 2.-+.)-,. 6N>DA8G:9=Q 8AS:>D8A h8^;8S?D =?8:<=Q 8:<=f 0=>=;8?=GDC R 8C >8A?D 98 CDA *(-& AD< S>8K8>:HC8A = **$f 7D>K:<=Q G8S8>:9:<=f $=CHN?=GDCf *?>DS:<=Q @=CS>D:;DQ ;=>H=G=O8S:<=Q K8<:?DT<=Q G=M<8A:DQ =G:?>:S?:C:<=f .DS8>=G:9=Q AN;>=CK=?Df )D>?:;D:98AQ =D:98DAQ C8@D?:>D^:<=Q ==C8A 8 :::<=AQ ;C:<9=G:;:<=Q 8>:?>DG:;:<=Q ?8?>=;:;C:<=A ?LS:;=AQ =G::<=>:DA hP;:9D <=C:9T^:;DQ <:?>DKN>=:GD^=ODCQ >:K=GS:;:<=f -:A?=?:<=Q ;CD?>:G=ODCf

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

F

QP&$.-'( . J(.& -') H&%-.J-,M) EJ&.)+% 2. 2.-+.)-,. *;8DCQ =;:;CD@:>Q **$Q H:;=>HD<=?D AL9:;DQ ;=K8T<=Q ;CD<=O8S=GQ 9:=O8S=GQ 8K89>:<=Q 8?=H:?=CQ B=CDS8>:9DCQ B:9>D;CD>D?:=O:9=Q :G:S>=G:<=Q C8@DM8A?>8CQ CD>=O8S=GQ G8?:CS>89<:ADCD<=Q G8?D;CDS>=G:9=Q <:;D?:<=Q ?>:S?:C:<=Q c=>K=>:<=f QP&$.-'( -')+&.,)E,-.E'( EJ&.)+% 2. 2.-+.)-,. *;8?=?D 98 ;:S>D?8>D<=Q =G:D9=>D<=Q =?8DGD;>:S?:<=Q ;=C;:?D<:<=Q ;:;CDKDAK=G:9=Q ;:;CDASD>:<=Q ;CD>=S>DG=;:<=Q 8>MD?=G:<=Q 8?:<:C8A?>=9:DCQ r8?D;D<=ODCQ C8@D9DS=Q C:?:DQ G8?>D?8^=?DQ G8?>D<:9=ODCQ bN:=9:DKP>G=;DAQ >=<:?:9:<=Q ?8?>=;:;C:<=f

)"-%'". 0'&-*%*. + &)",'*6/* "#$%4%'()* B&,$%& -')+&'2 S TU (%$

VW (%$ VX (%$

/W (%$ /U (%$ /Y (%$ UW (%$ <')(J2+.& 767 . C&3%)-,.

28K:<:> 8A?=9D 98 A=CN9 =;?N=C G=?8>:8AMD DHA?U?>:;D h*'"iQ bN8 DHC:M= = ;DDC=> 8< <:@8C A8;N<9=>:D D ?8>;:=>:Df *<=G<8A:A R 8^=G8< ;DGSC8?Df .=Hj ]MG=Q MC:;8G:=Q &")|1')Q M>NSDW'BQ )DDGHA :<9:>8;?DQ o2'.Q o(]Q A8>DCDMT= )B=M=A h8< OD<= 8<9UG:;=if Ia ;DDCf Fa ;DDCf &< ?D9D ;DDC HNA;=> ;CT<:;= ANM8>8=B8SP?:;=Q AT<9>DG8 B:S8>?8:<=>:=Q S=>?D S>8G=?N>D R A:M K8?=Cf Va ;DDCf I[WFI A8Gj 0%,"Q &")Q S8>K:C C:Sf R H:DbNTGfQ o2'.Q o(]f 1') A: &")h|i D 9:=H8?8Af Ya ;DDCf &8M=> C:;8<;:= S>8<=?=Cf Za ;DDCf FYWFX A8G=<=Aj )NC?:@D $,#f Xa ;DDCf -D S8>;8S;:L< 98 GD@:G:8D>>=M:=Q SU>9:9= 98 CTbN:9D ;C=>DQ 9DCD> =H9DG:<=C D ?>=H=lD 98 S=>?D hN<= ;D=;;:L< ;=9= Y G: N<= BD>=if

•

•

•

?_ ";).$0,/0 `8\S 2$&%"$0 ;)'(A-#0ab

2:=M=OD :=N?8>:G:<=;:L< 98 61' DS8>=;:D<=C h}VqX 9T=Aif C_ ";).$0,/0 `051)%&'0-c ??;=9D>8A 98 =<8NSCD:9T=j ?>=ACN;8<;:= >8?>D:8AMD 98 =<8NSCD:9‚=AiQ BN8AD <=A=Cf )D>:D<:;:9=9 8< 8GH=>=OD G\C?:SC8f F_ ";).$0,/0 `-0 %E( &%2)$#0'#"c C@
2DSSC8> 98 =>?8>:=A N?8>:<=A R ;8>@:;DG8?>T=f 7=>;=9D>8A 98 =<8NSCD:9T=Q 0N898 98?8>G:<=>A8 ;D< G8?8O= C= &, h} JEWJV 9T =Aif •

G_ ";).$0,/0 `Cd %E( &%2)$#0'#"S C7
&A?:G=;:L< 98 S8AD K8?=CQ S>8A8 K8?=C h0#6Q 2DSSC8>iQ :;:L< SC=;8:=f /<9:;8 98 CTbN:9D =G<:L?:;D h(.*ij ANG= 98 V HDCA:CCDAf – z YE GGj DC:MDB:9>D=G<:DA h"]*if YEW[E GGj .* 9:AG:G=Cf J[EWIYE GGj .* =NG8G=Cj II A8Gj YEE M>f I[ A8Gj JEEE M>f M>f FV A8Gj IEEE M>f FXqF[ A8Gj FEEE M>f

&o*.1*)(s- 2& .* 1-(2*2 6&%"W0.*)&-%*'(* 6&%"W0.*)&-%*'(* &o*.1*)(s- 0'&-*%*. &C DHl8?:@D 98 C= 8@=CN=;:L< K8?=C S>8<=?=C 8A 98?8;?=> S>8;DOG8:8AMD 98 ?8<8> B:SD^:=f IZ+'E'( -25),-'( E% %K.2J.-,M) 4%+.2 H&%).+.2L S8>G:?8 ADAS8;B=> DC:MD R SDC:B:9>D=G<:DA R G=;>DADGT=f 7=<:DH>=A 98 .8DSDC9j &A?:G=;:L< ;CT<:;= 98C S8AD K8?=C R 98C CTbN:9D =G<:L?:;Df 0>:G8>=j SDA:;:L< R ;D:AD R 8^?>8G:9=98A K8?=C8Af %8>;8>=j S>8A8?=j 8@=CN=;:L< 98C SDCD ::D> R M>=9D 98 8<;=l=G:8
•

V

&7#*'*5" -"'7*.

• • •

789:;:L< 98 =C?N>= N?8>:<=j JI A8G=<=AQ SNH:Af IE A8G=<=AQ DGHC:MDf VE A8G=<=AQ ^:KD:98Af *NA;NC?=;:L< 98 C= K>8;N8<;:= ;=>9T=;= K8?=Cf 7D<:?D>:O=;:L< 7D<:?D>:O=;:L< G=?8><= 98 CDA GD@:G:8S>8?=;:L< ANHl8?:@= SD> S=>?8 98 C= G=9>8f $8 98H8< DHA8>@=> CDA GD@:G:8 R =C 98;\H:?D C=?8>=C H:C=?8>=Cf H:C=?8>=Cf $8 ;D= G=C ƒ Z GD@:G:8=f

B&J%*.( E,.3)M(+,-.(L '8M:A?>D H=A=C 8A=N8H= GNR A8= B:SD^:= K8?=CQ S8>D SD;D 8AS8;TK:;=Q SD> CD bN8 ==9D 98H8 ;DGSC8G8A8 8C 8A?N9:D ;D< D?>=A S>N8H=Af $8 ;D= v8A=bN8 :<=f – %U;<:;=j &GH=>=O=9= &GH=>=O=9= 8< 98;\H:?D ANS:D C=?8>=C:O=9Df 7D<:?D>:O=> 7D<:?D>:O=> SD> IE G::<=Q C= K>8;N8<;:= ;=>9T=;= K8?=C R C= S8>;8S;:L< G=?8><= 98 GD@:G:8
6&E%) H.&. E%(-&,H-,M) E%2 :1"9L 9::=H:C:9=9Q =;8C8>=;:D<8AQ 98A=;8C8>=;:D<8Af

;=>9:D=;8C8>=?D>:DA hƒ JY CSG SD> – '#-& >8=;?:@Dj &< IE G:8A89:D=;8C8>=?D>:DA ƒ JY A8MN<9DAi >8C=;:D<=9DA ;D< GD@:G:89:D=;8C8>=;:D<8A ;=>9:D=;8C8>=;:D<8A A:< S8>;8S;:L< G=?8><= 98 GD@:G:88=;?:@D =A8MN>= H:8<8A?=> K8?=C SD> X 9T=A A: C=A ;D<9:;:D<8A ;CT<:;=A 8=;?:@Dj 0>8A89:D=;8C8>=?D>:D 8< IE G:8S8?:>A8 8C '#-& SD> IE G:8;N88=;?:@DQ B=R bN8 >8=C:O=> D?>=A S>N8H=A h0#6 D 2DSSC8>if •

%8A? 98 ?DC8>=<;:= = C=A ;D=;;:D<8A h%%)ij %:8<8 GNR HN8<= A8= 98?8;?=> B:SD^:= K8?=CQ S8>D 98H:9D = bN8 B=R 9::<= B=R >:8AMD 98 :<:;:=> N< ?>=H=lD 98 S=>?Df &A C= S>N8H= 98 8C8;;:L< S=>= 8@=CN=> H:8<8A?=> K8?=C 8< 8GH=>=ODA 98 ?U>G:=:<9:;= 8< 8GH=>=ODA z FZ A8G=<=AQ SC=;88@:= R ;:;=?>:O N?8>:<= S>8@:=f – %U;<:;=j $:G:C=> = C= 98C '#-&Q :<9N;:8<9D 9::<= SD> MD?8D 98 D^:?D;:<= B=A?= CDM>=> F ;D=;;:D<8A ;D=;;:D<8A 98 VEWZE A8MN<9DA 8< JE G:=;:D<8A 98A=;8C8>=;:D<8A ?=>9T=A h@8> 98K:<:;:L< 98K:<:;:L< GPA =98C=8 H:8<8A?=> K8?=Cf – %%) SDA:?:@Dj x YEu 98 C=A ;D=;;:D<8A ;D=;;:D<8A ?:8<8< 98A=;8C8>=;:D<8A ?=>9T=Af $NM8>8=;:D<8A ?=>9T=AQ S8>D 8< G8=;;:D<8Af ;D=;;:D<8Af '8bN:8>8 ;DGSC8G8 ;D< D?>= S>N8H=f – %%) ::Dj z F ;D=;;:D<8A 8< JE G:8;N8<;:= ;=>9T=;= :<:S>8?=HC8f :<:S>8?=HC8f

08>K:C H:DKTA:;D K8?=C h0#6ij (<;CNR8 '#-& R DHA8>@=;:L< 8;DM>PK:;= 98 @=>:=HC8A H:DKTA:;=A SD> FE G:D=G<:DA h"]*i :GSC:;= B:SD^:= ;>L<:;=Q G:8=A bN8 N< 0#6 H=lD >8KC8l= B:SD^:= =MN9=f 7D@f >8AS:>=?D>:DA 7D@f ;D>SD>=C8A %D
"'&$.2L V HJ)+'( ƒ J GD@ 98 ƒ IE A8Mf 8< FE G:SDk8^?>8G:9f 8< FE G:D<;Dk8^?>8Gf ƒ J HDCA:CCDA 98 ƒ IE GG 8< 8l8 @8>?:;=C '#-& >8=;?:@D :%(J2+.E'

JEkJE h[k[ A: G=C [kJE "]* .* G=C ZkJE "]* .* G=C VkJE "]* .* G=C IkJE "]* EkJE

I.)%[' \ /Y (%$

0#6 G=C 0#6 8bNT@D;D

=)'&$.2L W HJ)+'( $:< GD@:G:88AS:>=?D>:DA 8< FE G:;:=C $:< HDCA:CCDA ƒ IE GG h"]*i '#-& 8=;?:@D I.)%[' /V]/Y (%$

I.)%[' S /V (%$

7=<8lD ;D@=9D> 0=>?D 0=>?D

&@=CN=> ;=AD = ;=AD '8S8?:> 8< IV B>Af $: S8>A:A?8Q ;D=> =G=C 2DSSC8>

0#6 9:=>:D

0#6 =G=C 0>DGD@8> 8C S=>?D ;D< K8?D @:=HC8 hx IV A8G=<=Ai

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

Y

•

•

•

&;DM>=KT= 2DSSC8> G=?8>G:?8 C= G89:;:L< 98 C= @8CD;:9=9 98 KCNlD @=A;NC=>Q 8A?:G=<9D :<9:>8;?=G88A:A?8<;:= = 9:A?=C 98C ?8>>:?D>:D G89:9Df &A 8C GU?D9D 98 8C8;;:L< 8< ')(1 R $]&Q A:>@8 S=>= ;DG=> ::= A:< B=;8> N< %%) R S8>G:?8 8C 8A?N9:D 98 C= B8GD9:<=G:= K8?=Cf – *>?8>:=A N?8>:<=Aj A:>@8< S=>= 8@=CN=> SC=;889:;?D> 98 >:8AMD 98 :AbN8G:= N?8>DW SC=;8:= SC=;8:= R >:8AMD DHA?U?>:;Df -D>G=CG88;8 =i 88 C=A IIWIZ A8G=<=AQ ;DP<9DA8 =G=C AN S8>A:A?8<;:= GPA =CCP 98 C=A IV A8G=<=Af .= S8>A:A?8<;:= 98 :8AMD 98 ')(1 A8@8>D R S>8;C=GSA:= SD> G=C= SC=;8 NGH:C:;=C =C?8>=9D ;D< 2DSSC8> N?8>:G=CQ 98H8 ADAS8;B=>A8 S>8A8<;:= 98 =<8NSCD:9T=Af =<8NSCD:9T=Af – *>?8>:= NGH:C:;=Cj A:A?8G= 98 =C?D KCNlD R H=l= >8A:A?8<;:=f 2:AG:H:GD>?=C:9=9 S8>:<=?=C 8 :8ADA = 1)( <8D<=?=C 8< SDHC=;:L< 98 =C?D >:8AMDf 0>8A8>8C=;:L< ;D< ::=Q >8KC8l=9D SD> 8C =NG88A:A?8<;:= 98 =>?8>:=A NGH:C:;=C8AQ =NG8M= K8?=C 8 ()) K8?=C R GN8>?8f /<9:;8 98 SNCA=?:C:9=9 h(0i G=C R KCNlD 9:=A?LC:;D h|ij G=Cf (0 =NG88@8>AD 8< 9:PA?DC8j $8t=C=< 9=tD SC=;8:D SC=;8:D A:M<:K:;=?:@Df $8 =;DD8ADCN;:L< 98C 8GH=>=OD ;D< 8@=CN=;:L< 9:=>:= 98 160f – *>?8>:= ;8>8H>=C G89:=j S8>G:?8 8A?N9:=> >89:A?>:HN;:L< >89:A?>:HN;:L< 98 KCNlD =C ;8>8H>Df .= @=AD9:C=?=;:L< A8;N<9=>:= = B:SD^:= ;>L<:;= A8 G=<:K:8A?= ;DGD 9:AG:8A:A?8<;:= R =NG88@8>AD 8< ATA?DC8 =N>:;NC=> hD<9= = <8M=?:@=i B=HC= 98 =;:9DA:A G8?=HLC:;= 8 :9:=;=Q A:MDD;89:G:89= C= ;=@:9=9 D@NC=>f – (<9:;=;:D<8Aj &A?N9:D M88O SNCGD<=> hT<9:;8 C8;:?:<=k8AK:8A8<;:= 98 KDAK=?:9:CMC:;8>DCQ )C8G8SDA C=G8C=>8A x YEfEEEiQ 8A?N9:D 98 : R &,2Q 9:=M=9D;8D;89:G:8D;89:G:8= 98 A=8 98C ;D>9LG:<=;:L< 98C ;=>:D?:SD K8?=CQ 8A?N9:D 98 8:<=?=Cf "?>=Aj ]:9>DSA K8?=C G:<=;:L< 98 ?>DGHD;:?DS8<:= R 8A?=9D P;:9DWH=A8 K8?=CQ B8GDMCDH:
&o*.1*)(s- 21'*-%& &. %'*#*m" 2& 0*'%" .= 9:AG:=;;:D<8A 8A H:8< ?DC8>=9= SD> K8?DA A=D CDA bN8 ?:8<8< >8A?>:;;:L< >8A?>:;;:L< 98C ;>8;:G:88;:G:88G=?N>DA SN898< S>8A8 B:SD^8G:= R =;:98G:= 8< >8ASN8A?=Q R SD?8<;:=CG8DCLM:;Df .= GD<:?D>:O=;:L< GD<:?D>:O=;:L< K8?=C ;D8;N8<;:= ;=>9T=;= K8?=C A8M\< C=A ;D=;;:D<8A N?8>:<=Af 1< GU?D9D ;CT<:;D 8A C= .J(-J2+.-,M) ,)+%&$,+%)+% ;D< 8A?8?DA;DS:D 98 0:<=>9 D NC?>=AD<:9D SD>?P?:CQ ;=9= JY G:= 0')$%0- A: A: S>8A88;N8<;:= ;=>9T=;= K8?=C „ JJEQ ƒ JZE D 98A=;8C8>=;:D<8Af I'),+'&,N.-,M) 4%+.2 ,)+&.H.&+' Î9Q;_L $: 8A N< 8GH=>=OD D K8?D 98 =C?D >:8AMDQ D A: :8AMD S8>D AN =NA;NC?=;:L< =NA;NC?=;:L< :G:?8G=Cf $8 9:K8>8<;:= 98C %%) 8< bN8 8< 8C 7&6( R= B=R ?>=H=lD 98 S=>?Df 8&.)`J,2,N.E'& 8&.)`J,2,N.E'& VWY ;D=;;:D<8A ;=9= JE G:
"' +&.)`J,2,N.E'& +&.)`J,2,N.E'& q

7D98>=9= hYWIY CSGi

7T<:G= hz Y CSGi D *NA8 VYWÈ G:<

7T<:G= hzY CSGi D *NA8 x È G:
*;8C8>=;:D<8A

h|i

q

q

*NG8
hqi G=C A: 8C >8A?D 8A?P H:8<

28A=;8C8>=;:D<8A

$:< 98A=;8C8>=;:D<8A

08>:L9:;=A S>8;D;8A o=>:=HC8A A:GSC8A 0>DCD
08>:L9:;=A ?=>9T=A o=>:=HC8A ;DGSC8l=A 0>DCD=9:;=>9:= G=
)D=;;:D<8A N?8>:<=A 6>8;N8<;:= H=A=C

JEEWJE` L JZJWJZ` CSG

0>DG89:D 98 C= 6) K8?=C 9N>=
o=>:=H:C:9=9 98 C= 6) H=A=C )=GH:D 98 C= 6) 9N>==O=9D

2:AG:
Z

=)'&$.2 %=bN:A:A?DCT= hx YkJE G:=9:;=>9:= hz JEE CSGi %=bN:;=>9:= hƒ J[E CSGi

&7#*'*5" -"'7*.

•

•

•

28A=;8C8>=;:D<8A S8>:L9:;=Aj 1<:KD>G8AQ >8S8?:9=Af :$";);"(b )DG:8G:<=< ;D< C= ;D=;;:L=< G=C8Af 80$1/0(b v28;=C=l8w h98AK=A8 88 ;D=;;:L< R 98A=;8C8>=;:L=;:D<8A 28A=;8C8>=;:D<8A @=>:=HC8Aj )=9= N<= 8A 9:K8>8=f $NM:8>8< S=?DCDMT= 98C ;D>9L< NGH:C:;=Cf >8;NS8>=;:L< >PS:9=Q ;D< K8=?D>:D ==;:L=;:L8;NS8>=;:L< M)%2-"60(b 2N>=< x ZE A8MN<9DAQ H=l= = z ZE CSG D H=l= x ZE CSG 98A98 C= 6) H=A=Cf 28A=;8C8>=;:L< 28A=;8C8>=;:L< S>DCD8 I R JE G:=9:;=>9:= G=
<2.(,4,-.-,M) E%2 I9Q;L 1< 7&6( =C?8>=9D h')",j ADAS8;BDAD D S=?DCLM:;Dp *)",j ;=?8MD>T=A (( R (((i :GSC:;= 8C CC=G=9D "(#01) ,"#0- ') #$0'NA&-&I01)$ h&6-%iP &< S>:G8> CNM=> B=R bN8 8A?=HC8;8> N< 8AbN8G= 98 8@=CN=;:L< 8@=CN=;:L< 8 :=> G89:9=A S=>= ;D>>8M:> 8C 8A?=9DQ CC=G=9=A vG=<:DH>=A 98 >8=<:G=;:L< :=N?8>:<=wf &C &6-% :GSC:;= $&"(.) 98 B:SD^8G:= K8?=C hJEWFEuiQ :=G88A8<;:= 98 UA?=f 1,%)%(+.& 4%+.2 7'(H%-R'(' B.+'2M3,-'

:<6? ^*&,+P),-._ %D9D ?>= 1PG8?>DA 8A = 2DA D GPA 98 CDA S=>PG8?>DA 8A =Q D N< S=>PG8?>D =G=C

<.+%3'&5. ; <.+%3'&5. ;; <.+%3'&5. ;;;

=<6? ^)'&+%.$%&,-.)._ ^)'&+%.$%&,-.)._ %D9DA CDA S=>PG8?>DA ?>=8A } 98A=;8C8>=;:D<8A S>8;D;8A %D9D 8C >8A?D $:< @=>:=H:C:9=9 | 98A=;8C8>=;:D<8A ?=>9T=AQ @=>:=HC8A D H>=9:;=>9:= 0=?>L< A:
9(+.E' 4%+.2 )' +&.)`J,2,N.E'& ^9Q"8_L 2:=M
•

•

•

•

a+%&']H2.-%)+.&, .( &98G= SC=;8:D h27Q B:9>DSAi *;;:98:D h220-(Q =;>8?:AGDi $8<8A;8<;:= SC=;8:= h8GH=>=OD S>DCD
•

•

QJ),-J2.&%( *;;:989L< hS>D;:98<;:=Q ;:>;NC=>8AQ :;:L< =8A:L< SD> DC:MDB:9>D=G<:DA

• •

• • •

Q%+.2%( $N8tD K8?=C (<=AQ K8?=C8AQ D@NC=>8Ai *8?U>G:DCD
•

•

I.+%&).( &G89=9 A:A?UG:;= hB:S8>?89T= x VEi

– %=;?D @=M:<=Cj 8A 8C S>:G8> S>D;89:G:8D;89:G:8= 8@=CN=> C=A ;D<9:;:D<8A DHA?U?>:;=Af 6&E%) H.&. E%(-&,H-,M) E%2 8FL )D<9:;:D<8A ;8>@:;=C8Aj SDA:;:L>=G:8@:;=Cf (:9=9 98 G8GH>=<=Af 0>8A8:D>f 2:PG8?>DA 98 S8C@:A LA8=f

•

•

– o:M:C=<;:= 98 C= 9::<=j %=bN:A:A?DCT= SN898 =C?8>=> 8C 7&6(f – o:M:C=<;:= o:M:C=<;:= 98 C= B8GD9:<=G:= G=?8><=j ]:SD?8KNA:L< SC=;8:= SC=;8:= 8 B:SD^8G:=f B:SD^8G:=f 7=<:DH>=A 98 >8=<:G=;:L< >8=<:G=;:L< :=N?8>:<=f – .=?8>=C:O=;:L< G=?8><= = :ObN:8>9= D 98>8;B=j G8lD>= KCNlD A=Df "^:M8<=;:L G=A;=>:CC=Q 98C8?U>8=f – "^:M8<=;:L>8M:> B:SD?8D K:A:DCLM:;D D >: C=;?=?Df – %D;DC:A:A 98 8G8>M8<;:=j HDCDA 98 <:?>DMC:;8>:<= 98 JEE …M hGP^:GD VEE …M 8< ;=9= 8S:AD9:D 98 &6-%if o:M:C=> 8@DCN;:L< 8@DCN;:L< 98C 7&6( 8< FE G:G=C:O=j )D ?>=H=lD 98 S=>?D R >8:<:;:=> =;8C8>=;:L< D^:?L;:;=f – 08>A:A?8 S=?DCLM:;Dj (>NS;:L< (>NS;:L< 98C 8GH=>=OD SD> @T= GPA 8^S89:?=f – #>=9:;=>9:= #>=9:;=>9:= G=>NGS:> 8C 8GH=>=OD == 8@:?=> B:SD^:= R =;:9DA:Af

0*'%" o*,(-*. 2&%&'7(-($7" + 6($(".",/* 2&. 0*'%" D%+%&$,),($'L >8MNC=;:L< D%+%&$,),($'L >8MNC=;:L< G=?8>=;:L< 98 C= M8A?=;:L< R 98C :<:;:D 98C ?>=H=lD 98 S=>?Df 6=A8A N?8>:<=A 98C 8GH=>=ODj †N:8A;8<;:= †N:8A;8<;:= hK=A8 Jij S8>TD9D A:< ;D=;;:D<8AQ ;N8CCD >TM:9D R G:DG8?>:D >8C=l=9Df -D 8^S>8A= >8;8S?D>8A = =M8P;?:C8Af 2N>= B=A?= C= A8G=<= FZ 98C 8GH=>=ODf •

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

X

•

• •

– 2N>==OD A8 G=8C=;:L< S>DM8A?8>D<=k8A?>LM889N;;:L< vKN<;:D<=Cw 98 C= =;;:L< 98 C= S>DM8A?8>D<= hT=< ANA <:@8C8A SC=AGP?:;DAi SC=AGP?:;DAi SD> ;=GH:D 8< C= 8^S>8A:L< 98 ANA >8;8S?D>8Af – "?>DA K=;?D>8A bN8 S=>?:;:S=< G=:;DQ SUS?:9D <=?>:N>U?:;D # R | =;?:@=;:L< 98 ;=<=C8A 98 ‡ hB:S8>SDC=>:O=;:L< 98 C= G8GH>=<= G:DG8?>:=Cif *;?:@=;:L< *;?:@=;:L< hK=A8 Iij 28A98 C=A FZ A8G=<=Af '8HC=<98;:G:8>=G:8MD 98 C=A N?8>D?>DS:<=Af 28ASNUA 98 C= =;?:@=;:LD SN898 >8ASD<98> = N?8>D?D<:<=Af &A?:GNC=;:L< &A?:GNC=;:L< D ?>=H=lD 98 S=>?D hK=A8 Fif 1?8>D?D<:<=Aj D^:?D;:<= R S>DA?=MC=<9:<=Af S>DA?=MC=<9:<=Af (<@DCN;:L< hK=A8 Vij >8;NS8>=;:L< 98ASNUA 98C S=>?Df

Q,(,'2'35. E%2 H.&+'L %D:=Cj &C ?D:D 8A 98 [WJE GG]Mf 2N>==;;:L< CC8M= B=A?= YEW XE GG]MQ 9N>=< I = F G:D9N;8< V = Y 8S:AD9:DA ;=9= JE G:=;;:D<8A =AD;:=< B:SDS8>KNA:L< SC=;8:= R >:8AMD 98 =AK:^:= <8D<=?=Cf .= D<9= ;DP;?:C H=l= 98A98 8C PG= C= ?NH= ;D< 8C \?8>D R KD>G= C= v?>:SC8 M>=9:8:P;?:C A8 :<:;:=Q 8A 98 G=RD> : 9N>=;:L@:;=C8Aj ;8>@:;=C8Aj &< C=A S>:G:M8A?=AQ 8C ;N8CCD hG=CG8>=>A8 R =C ;DGSC8?=> 8A= K=A8 ;DG:8A8f &< ;=GH:DQ 8< C=A GNC?TS=>=A 8C HD>>=G:8>=9D JEEu ;D>>8ASD<98 ;D< 9:C=?=;:L< 9:C=?=;:L< 98 V ;Gif )=NA=A 98 9DCD> 9N>==H=lD 98 S=>?Dj :AbN8G:= SD> ;D=;;:D<8AQ 9:C=?=;:L< 9:C=?=;:L< 98C ;N8CCD R A8MG8:=G:8=;;:L< 98 C:M=G8:?D<8=Cf •

•

•

,"#(&'-" 2&. %'*#*m" 2& 0*'%" ;)EJ--,M) E%2 +&.*.[' E% H.&+'L 8A?:GNC=;:L< 98 C=A ;D=;;:D<8A N?8>:<=A 9N>=:G8A?>8Q ==H=lD 98 S=>?Df ;)E,-.-,')%( $.+%&).( 0=?DCDMT= GU9:;= :GSD>?=<= M>=@8

;)E,-.-,')%( 4%+.2%( ;)E,-.-,')%( 'KJ2.&%( $DAS8;B= 98 9=tD K8?=CQ ')(1 8< K8?D )D>:D=G<:D<:?:AQ 200-( S=>;:=CQ G=9N>DQ 8GH=>=OD S>DCDD?N>= S>8G=?N>= 98 G8GH>=<=A G=CKD>G=;:D<8AQ 88@:=Q @=A= S>8@:=Q 9:A?D;:= 98 S>8A8D;:98<;:= 98 G:8GH>D D ;D>9L:O N?8>:<= S>8@:=Q : B8>S8A M8<:?=C <')E,-,')%(L S>DSD>;:D<=C:9=9 <')E,-,')%(L S>DSD>;:D<=C:9=9 K8?DWSUC@:;=Q N<:9=9 K8?DWSC=;8:= :<98G<8Q ;N8CCD K=@D>=HC8 hA;D>8 98 #:ABDSiQ G=9N>8O SNCGD<=> ;8>?:K:;=9= D =ANG:9= SD> 89=9 M8A?=;:D<=C •

7U?D9DAj – 78;P<:;DAj 9:@NCA:L< R 9:C=?=;:L< G==<=A D >D?N>= =>?:K:;:=Cf – 6=>G=;DCLM:;DAj 0>DA?=MC=<9:<=A hK=@D>8;8< C= G=9N>=;:L< ;8>@:;=C R C= 9::<=p G:ADS>DA?DC YE …M 8< KD<9D 98 A=;D SDA?8>:D> } JEE …M D>=Cp >8S8?:> R >88@=CN=> ;=9= V BD>=Aif

<')EJ--,M) E%2 +&.*.[' E% H.&+'L G=<8lD =>?:K:;:=C 98 C= 9:C=?=;:L< N<= @8O bN8 A8 B= :<:;:=9D ?>=H=lD 98 S=>?D 8ASD8@:=>CD R ;D N< S=>?D @=M:<=Cf (<9:;=;:D<8Aj 9:C=?=;:L< 8A?=;:D<=>:= h8< K=A8 =;?:@=i SD> ƒ I BD>=AQ 9:C=?=;:L< z J ;GkB 8< K=A8 =;?:@=Q B:SD9:<=G:= 8ASD=:<9:;=;:L:O 98 ;8AP>8= =:D>f 0DA:;:L< G=?8><= R 98=GHNC=;:L< S>8;DOf 'D?N>= =>?:K:;:=C 98 G8GH>=<=Aj :<9:;=9= ADCD 8< 8GH=>=O=9=A bN8 S>DM>8A=< GPA C8=9Df 08>G:?8 8C 98A;8= C= 9:G:?8 8@=CN=> 8C CTbN:9Df – '8bN:8>8j S>8A8>=G:8@:;=C ƒ V ;Gf *;8C8>=;:L< D^:?L;:;=j (= G8lD>=> C= 9::<=f $N8>D K:A:DCLM:;D JEEE ;; | Y D JE 1 98 D^:?D;:<=f 0=A=> = EfYWI G1kG:< hJWI ;;kG: B=A?= N< GP^:GD 98 FE G1kG:< ;=9= FE = VE G:=;;:D<8AkJE ;D=;;:D<8AkJE G:?D9:<=G:=Q >D?N>= N?8>:<=Q 200-(Q B:SD^:= K8?=CQ :
•

• •

•

I.)%[' E%2 E'2'& b .)%(+%(,. '*(+Z+&,-.L ?>=?=9= 8< ;=ST?NCD =S=>?8f

[

&7#*'*5" -"'7*.

I'$%)+' b K5. E% ,)+%&&JH-,M)L 8C ?U>G:=OD SN898 A8> 8ASD :<9:;=;:L< GU9:;=Q A: B=R >:8AMD G=?8>8 ;D=> C= G=9N>8O R @:=H:C:9=9 K8?=C h89=9 M8A?=;:D<=CiQ S=?DCDMT= DHA?U?>:;=Q G=?8><=Q ;D<9:;:D<8A DHA?U?>:;=A R CDA >8;N>ADA 9:ASD<:HC8Af 8'-'2,(,( ' 4&%).-,M)L AN DHl8?:@D 8A 9=> ?:8GSD S=>= =9G:<:A?>=> =9G:<:A?>=> ;D>?:;D:98A S=>= G=9N>=;:L< SNCGD<=>f (<9:;=;:D<8Aj (<9:;=;:D<8Aj =HD>?D :?D S>8G=?N>DQ B8GD>>=M:= SD> SC=;88@:=Q B:S8>?D=:<9:;=;:D<8A )D=:<9:;=;:D<8A G=?8><=Aj ;D>:D=G<:D<:?:AQ G8?>D>>=M:= A8@8>=Q S>88;C=GSA:= A8@8>=Q ]2- :<8A?=HC8f )D=:<9:;=;:D<8A K8?=C8Aj '#-& 8=;?:@DQ GN8>?8 K8?=C :< N?8>DQ =:G8>= CT<8=j -:K89:S: F @8;8A D>=CQ CN8MD IE GM ;kVWZ B>Aip =MD<:A?=A yW=9>8M:;DA hK8DCif 7U?D9DA 98 A8MN<9= CT<8=j $NCK=?D 98 G=M<8A:D hVWZ M> 8< IE G:kBip :<9DG8?=;:<= :<9DG8?=;:<= h: 98 C= ATDA?=MC=<9:<=AiQ S>DA?=MC=<9:<=AiQ =?DA:H=< hHCDbf >8;8S?D>8A 98 D^:?D;:<=if • • • •

•

%'*#*m" 2& 0*'%" D,.3

Q.(%(

)D=;;:D<8A )D=;;:D<8A N?8>:<=A h>T?G:;=AQ x J ;=9= Y G:>8MNC=>8A R A8 @=< B=;:8<9D GPA A8MN:9=Ai R GD9:K:;=;:D<8A ;8>@:;=C8A hHD>>=G:88<;:=> 2:K8>8<;:=> 98C K=CAD ?>=H=lD 98 S=>?D hS>L9>DGDAij ;D=;;:D<8A ;D=;;:D<8A = :@=CDA >8MNC=>8AQ >8MNC=>8AQ C=>MDAQ 98 : ;=9= @8OQ A:< ;=GH:DA ;8>@:;=C8Af 7=C8A?=> =C:@:= ;D< C= A89=;:L
•

•

6=A8 J q 2:C=?=;:L;8S;:L< 98 C=A S>:G8>=A ;D=;;:D<8A ;D=;;:D<8A B=A?= C= K=A8 =;?:@=f 2N>= B=A?= IE BD>=A 8< = R JV 8< GNC?TS=>=f – 6=A8 =;?:@=j :<:;:= ;D< 8C ;N8CCD HD>>=9D JEEu R FqV ;G 98 9:C=?=;:L==@UA 98C ;=<=C 98C S=>?Df %8>G:<= ;D< C= 9:C=?=;:L< ;DGSC8?= hJE ;GQ JfI ;GkB 8< = R JfZ ;GkB 8< GNC?TS=>=if .= S=;:88A=> = S>8S=>?D ;D< ;D=;;:D<8A >8S8?:9=A h;=9= Y G: J BD>=f 6=A8 I q &^SNCA:@Dj &^SNCA:@Dj 98A98 C= 9:C=?=;:L< 9:C=?=;:L< ;DGSC8?= B=A?= C= A=C:9= 98C H8HUf $:< =<8A?8A:= 9N>= GP^:GD I BD>=A 8< = R J BD>= 8< GNC?TS=>=f )D< =<8A?8A:=Q A8 ANG= J BD>=f 6=A8 F q *CNGH>=G:8=G:8= R FE G:=f

0'")&2(7(&-%"$ 0'&W0*'%" •

•

•

•

&@=CN=;:L< 98 CDA 9:PG8?>DA SUC@:;DAf – 78j S>DGD8?>DS\H:;D S>DGD8?>DS\H:;D h;D=j JEQY ;Gi &@=CN=;:L< 98 C= S>8A8=A=iQ =;?:?N9 h8< ;8KPC:;=j @U>?:;8Q H>8MG=Q K>8=i R SDA:;:L< h>8C=;:L< 98C 9D>AD K8?=C ;D< 8C C=9D G=?8> D;;:SN;:Dp 8< @U>?:;8j 6;;=c "(20 xx "((0 x"((*if – *;?:?N9 ?:8<8 M>=< :GSD>?=<;:= 98H:9D =C 9:PG8?>D bN8 A8 S>8A8j 8l8>;:;:DA >8AS:>=?D>:DAQ G=<8lD K=>G=;DCLM:;D hDS:D:98Aj >:8AMD 98 98S>8A:L< 98C '>8@8>A:HC8 = <=CD^D<=Q >8G:K8:<=j G=C 8< K=A8 =;?:@= FWY ;D=;;:D<8A ;D=;;:D<8A ;=9= JE G:=;;:D<8A 8< JE G:=> ;D< D^:?D;:<= R >D?N>= =>?:K:;:=C 98 C=A G8GH>=<=A A: S8>G=<8;8< T=Af %=bN:A:A?DCT=j x Y ;D=;;:D<8A 8< JE G::G:8 D^:?D;:<= R – %=bN:A:A?DCT=j ?D;DC:A:A 98 8G8>M8<;:=f

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

`

•

•

'D?N>= 98 G8GH>=<=Aj – 'D?N>= S>8G=?N>= 98 G8GH>=<=A h'07ij A8 ?>=?= 8< D?>D ;=ST?NCDf – 'D?N>= 8ASD=<=A h'&7ij NAN=CG88 ZW[ ;G 98 9:C=?=;:L= =>?:K:;:=C 98 G8GH>=<=A h'*7ij >8bN:8>8 ;N8CCD 9:C=?=9Df $8 NA= S=>= =;8C8>=> 8C ?>=H=lD 98 S=>?DQ 8@=CN=> CTbN:9D =G<:L?:;D SD> GD<:?D>8D =8A8<;:= 98 G8;D<:D :GSC:;= ;D=;;:L< ;D=;;:L< : B:SD^:= K8?=Ci D A==9D hADAS8;B= 98 200-( D SC=;88@:= G=>M:<=Ci R S>8@:D = C= :NG8NG8?Df o:M:C=<;:= o:M:C=<;:= 98 C= S>DM>8A:L< 98C ?>=H=lD 98 S=>?Dj 2:C=?=;:L< R 98A;8D<8A ?8GSD>=C8A 98C S=>?DM>=G= 98 6>:89G=< h@8> 8< ?T?NCD =:D>if $8 8@=C\= =98GPA C= @8CD;:9=9 98C 98A;8= ?>=A CDA [ ;G 98 9:C=?=;:L
•

•

9(H,).( h=C?N>= 98C @U>?:;8i & qIQY = qY & qJ = qIQY &A?=;:L< E & |J = |IQY & |IQY = |Y

)D<9:;:D<8A )D<9:;:D<8A DHA?U?>:;=Aj T<9:;8 98 #:ABDSf )D< SN:;=AQ #)"i B=R =C?= S>DH=H:C:9=9 98 S=>?D @=M:<=Cf 28 CD ;D=>:D A8 B=HC= 98 G=C=A ;D<9:;:D<8A DHA?U?>:;=A h7)"if )D>=G:8
•

G'E3% h=C?N>= 98C 9:PG8?>D DK>8;:9Di *SDR=9= Ja SC=
W HJ)+'( 2N>D 0DA?8>:D> EWFEu E qF h=SDR=9=i

T HJ)+'( (G89:D $8G:;8=C VEWYEu JWI ;G qI hJa SC=
V HJ)+'( #C=<9D )8=C ZEWXEu FWV ;G qJ = E hIa SC=
/ HJ)+'(

x [Eu YWZ ;G |J hFa SC=
0>N8H= 98 ?>=H=lD 98 S=>?Dj &@=CN=;:L< 9:DSD>;:L< ;UK=CDWSUC@:;= ;UK=CDWSUC@:;= 8< S=;:8DM>8A:L= 8@=CN=> 9:C=?=;:L< R 98A;888@=CN=> IWV BD>=A 98ASNUAf – )D<9:;:D<8A LS?:G=Aj K=A8 =;?:@=Q 9:=;;:D<8AkJE G:=<=A >D?=Af – 0>N8H= 8^:?DA=j S>DM>8A:L< 98 9:C=?=;:L< 9:C=?=;:L< R 98A;8=H=lD 98 S=>?Df – 0>N8H= K>=;=A=9=j A:< S>DM>8A:L8= SD> 98AS>DSD>;:L< ;UK=CDWSUC@:;=f ;UK=CDWSUC@:;=f 7=<8lD =;?:@D 98C ?>=H=lD 98 S=>?Dj – *;8C8>=;:L< D^:?L;:;= R '*7 ;D< 9:C=?=;:L< ƒ V ;Gf *<8A?8A:= =98;N=9=f

0*'%" &- o4'%()& B&'-%E

• • • • •

•

•

•

•

JE

%>=AC=9D = A=C= 98 S=>?Dj 2:C=?=;:L< ;DGSC8?= hJE ;Gi R SDA:;:L< ;8KPC:;= 8< Va SC=:Cf 0Nl=> A:<;>L<:;=G8=;;:D<8Af *;DGD9=;:L< 98 C= ;=H8O= K8?=Cj Ja SC==f 28A;8<= 98 C= ;=H8O= R =;DGD9=;:L< 98 CDA BDGH>DAj Fa SC=D?= h"((* ! "0if $8 9:;8 bN8 8A?P v;D>D<=<9Dwf 28AS>8<9:G:88<9:G:8DAj Va SC=:D S>D?8M8> S8>:bN:CC= @NC@=> =:D> B=;:8<9D S>8A:L< B=;:= =98D ;D< ;DGS>8A=Af 28;:A:L< 98 8S:A:D?DGT= A8 ?DG= 8< 8A?= 8?=S=f 'D?=;:L< :<= 98 CDA BDGH>DA R >D?=;:L< 8^?8><= 98 C= ;=H8O=j ;=H8O= >8;NS8>= SDA:;:L< h"0 ! "((*if .DA BDGH>DA A8 8<;N8=< =BD>= 8< A8DWSDA?8>:D>f 28AS>8<9:G:88<9:G:8DAj S>:G8>D 8C BDGH>D =:D> h?:>=<9D B=;:= KN8>= R =H=lDi R CN8MD 8C SDA?8>:D> hB=;:= KN8>= R =>>:H=if *CNGH>=G:8?D SD> KD>G=;:L< 98 B8G=?DG= >8?>DSC=;8:Df >8?>DSC=;8:Df '8@:A=> ::9=9 98 SC=;8:
&7#*'*5" -"'7*.

9$%&3

DJ&.)+% 2. E,2.+.-,M) ^H&,$%& H%&5'E'_L 0>D;:98<;:= 98 ;D>9L9L< = ?>=@UA 98C ;N8CCD 9:C=?=9Df #>=9:;=>9:= K8?=CQ S=CS=;:L< 98C ;D>9L< S>DC=SA=9D 8< @=M:<= RQ = @8;8AQ @:AN=C:O=;:L< 98C ;D>9L?=D?N>= 98 G8GH>=<=A 8< S>8A88G=?N>8OQ M8A?=;:L< G\C?:SC8Q SDC:B:9>D=G<:DAQ S>8A8 S>8A:L< = C= S>8A88= 98 N>M8<;:=f &GHDCT= 98 CTbN:9D =G<:L?:;Dj (8AS:>=?D>:= =MN9= SD> 9:A?>UA >8AS:>=?D>:Df $BD;r =<=K:CP;?:;DQ ;D=MNCDS=?T=f 7D>?=C:9=9 ZEW[Euf 2:=M?8 ?>=A %&0Q (*7f -D B=R :GPM8<8A ;DG=?D>:=Af ;DG=?D>:=Af – 6'j &9=9 =@=:9=9Q GNC?:S=>:9=9Q '*7Q ;8AP>8=f – Q0'"6)b $DSD>?8 @8:DQ ;D>?:;D:98AQ G=<8lD 8< 1)(f )DGSC:;=;:D<8A )DGSC:;=;:D<8A ?>=?=9=A 8< D?>DA ;=ST?NCDAj 8A?=9D K8?=C =Q ?>=Q G8?>D>>=M:=Q ;D<@NCA:D<8A SD> 8;C=GSA:=Q ;DGSC:;=;:D<8A =<8A?UA:;=Af •

•

•

DJ&.)+% %2 %OHJ2(,K' ^(%3J)E' H%&5'E'_L #>=9:;=>9:= 98C 8^SNCA:@Dj )=NA=9= SD> ;DGS>8A:L< 98 C= ;=H8O=Q =NT= B=H8> B:SD^8G:= R =;:98G:= K8?=Cf – Q0'"6)b *H>8@:=> 8C 8^SNCA:@D G89:=?D =A:A?:9D ;D< :NG8DAj ]DGH>D =:D> bN89= 8< C= AT=A C= A=C:9= 98 ;=H8O=f $: A8 ?>=;;:D<= C= ;=H8O= A8 SN898 C8A:D<=> 8C SC8^D H>=bN:=C 98C BDGH>D >8?8<:9Df – 6'j G=;>DADGT= hS8AD x VEEE MiQ 2"0& h9:=H8?8AQ DH8A:9=9 G=?8><=Q SDA?W?U>G:==ODif – Q0'"6)b 7=<:DH>= 98 7;'DH8>?A hKC8^:LO=9= 98 GNACDAiQ ;DGS>8A:L< ANS>=W S\H:;=Q ?>=;;:L< AN=@8 98 C= ;=H8O= K8?=Cp 8@8=8> S>:G8>D BDGH>D SDA?8>:D>f $: SDA?N>= 98C K8?D G=D 98C ;=<=C 98C S=>?Df

•

•

DJ&.)+% %2 .2J$*&.$,%)+' ^+%&-%& H%&5'E'_L '8?8<;:L< 98 SC=;8=G:8 =C CTG:?8 B=H:?N=C hxFE G:=Q x VY G::G:M8A?=if – Q0'"6)b &^?>=;;:L< G= C8M>=9D 98 C= SC=;8A:L< N?8>:<=j %>=?=9= 8< 8C ;=ST?NCD 98 G8?>D>>=M:=A SDA? S=>?Df

•

•

0*'%" (-$%'17&-%*. ;)E,-

$8 =A:A?8 8C S=>?D ;D< :NG8?D 8ASD >:8AMD G=?8>8 S>8A8=<=A >D?=AQ S>DSD>;:D<=C:9=9 K8?DWSUC@:;= R N< K8?D @:@Df ]=H:?N=CG88A88=C:O=> S=>?D :NG8= SD> H>=9:;=>9:= 98C 8^SNCA:@Df )D<9:;:L< G=?8><= h;=>9:LS=?= h;=>9:LS=?= D B:S8>?8Q 8< bN8 8C SNlD SN898 =M>=@=> N<= :8AS:>=?D>:=if •

• •

B&'-%E

•

•

6L>;8SAj (NG8?:;NC=9D bN8 S8>G:?8 ?DG=>Q ?>=;;:D<=> R >D?=> C= ;=H8O= 98C K8?Df &C GPA NA=9D 8< )B:C8 8A 8C 98 ‡:8CC=<9f &l8>;8 C= KN8>O= 98 C= S=C=<;= S>:<;:S=CG88 8C ;=<=C 98C S=>?DQ SD> CD bN8 >8ANC?= GPA 9=t:= C= G=9>8 bN8 S=>= 8C K8?Df )DGSC:;=;:D<8Aj 98AM=>>DA 98C ;=<=C 98C S=>?DQ G=MNCC=9N>=A 98C K8?DQ ;8K=CDB8G=?DG=Q ;8K=CDB8G=?DG=Q – )DGSC:;=;:D<8Aj K>=;?N>= 98 ;>P<8DQ S=>PC:A:A K=;:=Cf &ASP?NC=A 98 %B:8>>Rj (NG8?:;NC=9D bN8 S8>G:?8 ?DG=> R >D?=> C= ;=H8O= 98C K8?DQ S8>D =;;:D<=>C=f -D ;=NA= <:8 C= ;=H8O= K8?=Cf &A G8= 8C ;=<=C 98C S=>?D bN8 8C KL>;8SAf

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

JJ

2($%")(*$ 2& *)%(%12 + 0'&$&-%*)(sD,(+'-,.( E% .-+,+JE %) H&%(%)+.-,M) -%4P2,-.L .= =;?:?N9 98C K8?D 8A C= KD>G= 8< bN8 C=A S=>?8A K8?=C8A A8 9:ASD<8< 88 ATf .= =;?:?N9 G=C 8A ;D< C= ;=H8O= KC8;?=9= B=;:= 8C 8A?8>?:;8if 6'j M>=< GNC?:S=>:9=9 GNC?:S=>:9=9 hƒ 7YiQ G=CKD>G=;:D<8A N?8>:<=AQ G=CKD>G=;:D<8A K8?=C8A hB:9>D;8K=C:=Q hB:9>D;8K=C:=Q =<8<;8K=C:=iQ S=>?D 98 S>8?U>G:8A 98C ;N8CCD N?8>::89=98A 98 =;?:?N9 98KC8;?=9= 8< S>8A8?:;8f – #>8MG=j 8C SN8S=>D 8A C= AN?N>= H>8MGP?:;=f -D>G=CG888S=>D 8A C= <=>:Of &A C= bN8 DK>8;8 8C G=RD> 9:PG8?>D = C= S8C@:A R ?:;8Q SD> CD bN8 8A :<;DGS=?:HC8 :<;DGS=?:HC8 ;D< 8C S=>?D @=M:<=C R 8A :<9:;=;:L< :<9:;=;:L< 98 ;8AP>8=f – )=>=j 8C SN8S=>D 8A 8C G88;8 N< 9:PG8?>D A:G:C=> bN8 C= S>8A8?:;8 SD> CD bN8 8A ;DGS=?:HC8 ;D< 8C S=>?D @=M:<=Cf &C 8^SNCA:@D A8 >8=C:O= 8< G8
•

•

B&%(%)+.-,M) H'EP2,-.L &< Yu 98 CDA S=>?DA A8 DK>8;8< C=A <=CM=A K8?=C8A B=;:= 8C 8A?>8;BD ANS8>:D> 98 C= S8C@:Af &C SN8S=>D 8A 8C A=;>D K8?=Cf *;?N=CG88=Q =N8=C:O=>A8 N< S=>?D @=M:<=C 8< SD9PC:;=f 6' S=>= 9:A?D;:= 98 S>8A8Q H&%$.+J&'c M8G8C=>Q G=CKD>G=;:D<8A G=CKD>G=;:D<8A K8?=C8AQ M>=< GNC?:S=>:9=9Q GNC?:S=>:9=9Q ?NGD>8A D G=CKD>G=;:D<8A N?8>:<=A D SUC@:;=AQ 0]*Q "]* R SC=;88@:=f o=>:89=98A 98 S>8A8D9:CC=A KC8;?=9=A B=;:= 8C =H9DG8D9:CC=A 8^?8<9:9=A B=;:= C= ;=H8O=iQ GD9=C:9=9 S:8A hGNACDA R >D9:CC=A 8^?8<9:9DAiQ GD9=C:9=9 >D9:CC=A hGNACDA 8^?8<9:9DA R >D9:CC=A KC8;?=9=Aif 0=>?D 8< SD9PC:;=j CDA ;N=?>D ?:8GSDA 98C 8^SNCA:@D h=;DGD9=;:LD?=;:L< :<= R 98AS>8<9:G:88<9:G:8= <=CM=AQ BDGH>DA R K:<=CG88SD<:U<9DA8 ADH>8SD<:U<9DA8 88 ATQ B=;:8<9D N< ?D?=C 98 JE ?:8GSDAf $8 >8=C:O= G=<:DH>= 98 #>=;B? hA=C:9= 98C K8?D H=A;NC=<9D 8C ;N8>SD K8?=C B=;:= 8C =H9DG8< G=?8>:;8=N h:D9N;;:L< 98C 989D 98C DS8>=9D> 8< C= HD;= K8?=CQ >D?=;:L< :<= R 98AS>8<9:G:8;8SA S=>= A=C:9= 98 C= ;=H8O=f &G8>M8<;:=A &G8>M8<;:=A 98C 8^SNCA:@Dj 8^SNCA:@Dj S>D;:98<;:= 98 ;D>9L:<=?=CQ A8;N8C=A <8N>DCLM:;=A R GN8>?8 K8?=Cf – '8?8<;:L< 98 ;=H8O= \C?:G=j ;DGSC:;=;:L< GPA ?8G:9= 98C 8^SNCA:@D 8< SD9PC:;=f '8bN:8>8 :<;:A:D<8A 98 2ˆB>AA8< h:<;:A:D<8A h:<;:A:D< 8A ;D>?=A 8< ;N8CCD N?8>:=AiQ ?D;DC:A:A ;D< <:?>DMC:;8>:<= <:?>DMC:;8>:< = JEE …M D =<8A?8A:= M8<8>=Cf •

•

•

•

B&%(%)+.-,M) +&.)(K%&(.L &< 8C Ju 98 CDA S=>?DAQ C= S=>?8 K8?=C DK>8;:9= =C 8A?>8;BD ANS8>:D> 98 C= S8C@:A 8A 8C ?>D<;Df &A?= S>8A8?D @=M:<=C R 8A :<9:;=;:L< =HADCN?= 98 ;8AP>8=f

)&$~'&* 0=>?D SD> G89:D 98 N<= :<;:A:L< 8< =H9DG8< R \?8>Df '8S>8A8?DAQ =N= 8C VEuQ =\< GPA 8< 8C A8;?D> S>:@=9Df ;)E,• • •

• •

• • •

JI

;)E,-.-,')%( .*('2J+.( h'8@:A?= "H,:< IEE`p @8> GPA 98?=CC8A 8< ;=ST?NCD ;D>>8ASD<9:88= S>8@:=f 0>8A8D;:98<;:= 98 ?>=A=f ;D>9L8@:= D;CNA:@= S=>;:=Ck?D?=Cf &GH=>=OD G\C?:SC8 ;D< (M= @:>=C z JfEEE S>:G8> K8?D 8< S>8A8 A8M\< ;D<9:;:D<8A DHA?U?>:;=AiQ :GD:NMT= @=M:<=C S>8@:=f 7=9>8 GN8>?= D 8< 0)' ;D< K8?D @:@Df ;)E,-.-,')%( &%2.+,K.( 0>8;C=GSA:=Q 8;C=GSA:=f &A?=9D K8?=C = "C:MDB:9>D=G<:DA A:< ;D<9:;:D<8A DHA?U?>:;=Af G=>;=9Df 2:C=?=;:L< 8A?=;:D<=>:=f 7=;>DADGT=f 78;D<:D 8AS8AD *8= S>8@:=f =?Df •

•

•

•

•

•

•

•

&7#*'*5" -"'7*.

•

•

• • •

•

•

B&'-%E

• •

• •

•

•

B'(+'H

•

• •

•

•

<')(%)(' G'(H,+.2 D&d @J,( 8,()Z 1&'J((% H.&. ,)E,-.-,')%( E% -%(P&%. H&'3&.$.E. ):;=?>:O 98 ;8AP>8=j N<= ;:;=?>:O R SDA:H:C:9=9 98 S=>?D @=M:<=CQ VJ A8G=<=A 8AS8>=<9D S=>?D @=M:<=Cf 1<= ;:;=?>:O R G=9>8 x F[ =tDAQ F` A8G=<=Af 2DHC8 ;:;=?>:OQ F[WF` A8G=<=Af %>:SC8 ;:;=?>:OQ F[ A8G=<=Af ):;=?>:O ;D>SD>=CQ F[ A8G=<=Af 0>8A8:G:M8A?=AQ F` A8G=<=Af 7NC?TS=>=AQ VE A8G=<=Af 0N898 ANAS8<98>A8 C= S>DM>=G=;:L< 8 : S=>?D @=M:<=C A: 8C K8?D >8@:8>?8 = SDA:;:L< ;8KPC:;=f 0C=;88@:= =A::G:M8A?= ?=>9T= hx VE =tDAij 98A98 C=A F` A8G=<=Af &GH=>=OD M8G8C=>j H:;D>:=CWH:=G<:L?:;D ;D< N< K8?D 8< S>8A8:=CWH:=G<:L?:;DQ FX A8G=<=Af 7D:=CWGDDADGT= K8?=Cj S8AD x VYEE M>Q ;8AP>8= = ?U>G:8 9:=HU?:;= R S8AD x VFEE M>Q A8M\< ;>:?8>:D ;CT<:;D SD> ADH>8 ;>:?8>:D 8;DM>PK:;Df 2:=H8?8A S>8M8A?=;:D<=Cj K8?D G=9N>D R G=C=A ;D<9:;:D<8A DHA?U?>:;=Af

)DG=9Df oT= @8=?=;:L< S>8=<8A?UA:;= hS>8@:8<8 B:SD?8=bNT98=iQ *%# S>DK:CP;?:;Dj S>DK:CP;?:;Dj ;8K=ODC:<= J M> 8@Q J BD>= =D;89:G:88S=>=;:L< 98 C= S:8C R CDA ;=GSDA bN:>\>M:;DAf .=S=>D?DGT=j 0K=<<8 9DCD> SDA?DS8>=?D>:Di D G89:= :=NGH:C:;=Cf :=NGH:C:;=Cf – )=S=Aj S:8CQ ;8CNC=> ANH;N?P<8DQ K=A;:=Q =SD<8N>DA:A 98 CDA >8;?DA =H9DG:<=C8AQ CT<8= HC=<;=Q S8>:?D<8D S=>:8?=C h?:l8>=iQ S8>:?D<8D @:A;8>=C hS:=iQ \?8>Df ]:A?8>D?DGT=j $8MG8:= =>;:KD>G8 =>;:KD>G8 h:A?GD N?8>:>DCC=9D 98A98 C=A FI A8G=<=AiQ D ;D>SD>=C h?D9= ;8AP>8= S>8@:= = C=A FI A8G=<=A SD> >DCCD 98C A8MG8?=G:<=> S>:G8>D C= SDA:;:L< 98 C= SC=;88A8= ;D< G=?8>:=C8A >8=HAD>H:HC8A >8=HAD>H:HC8A R SND hNDA:Af $NH;N?P<8D A: 8A x I ;G 98 M>DAD> ;D< SN=9DA 98 G=?8>:=C >8=HAD>H:HC8f >8=HAD>H:HC8f ):8>>8 98 C= S:8C ;D< SN:=C >8=HAD>H:HC8 >8=HAD>H:HC8 :=9U>G:;D D ;D>;B8?8Af 7D<:?D>:O=;:L< 98 B8GD>>=M:=A h=?D:<=Q A==9D @=M:<=C 8^;8A:@Di R S>8A:L< =>?8>:=C hB:SD?8 B8GD>>=M:=AQ B:S8>?8 S>8W8;C=GSA:=if S>8W8;C=GSA:=if *<=CM8A:= h*(-&if '8;NS8>=;:L< 98C >UM:G8< D>=C ZW[ BD>=A SDA? ;8AP>8=f 28=GHNC=;:L< S>8;DOf "^:?D;:<= JY 1( 8< JYEE G. 98 AN8>D MCN;DA=9D 98ASNUA 98C =CNGH>=G:8DK:CP;?:;D S>DK:CP;?:;D SDA? S=>?DQ A8M\< S=N?=A 98 ;=9= ;8Df &C >:8AMD 98 8<9DG8?>:?:A 8 ::9= DS8>=?D>:= A8 >89N;8 A:M<:K:;=?:@=G8=A S>DK:C=^:A S>DK:C=^:A =:8AMD 98 ::9= DS8>=?D>:= A8 >89N;8 ;D< HN8<= ?U;<:;=Q 8@:?=<9D B8G=?DG=Af ':8AMD 98 %&0k%o0j V @8;8A G=RD> 8< ;8A=>:O=9=A ;8A=>:O=9=A bN8 8< C=A bN8 ?N@:8>D< S=>?D G=Cf 0>DK:C=^:A G8;P<:;= =D;89:G:8G=;DCLM:;= [WJI BD>=A SDA? A: =9Df )DGSC:;=;:D<8A )DGSC:;=;:D<8A SD;D ;DGN<8Aj B8GD>>=M:= bN8 >8bN:8>8 ?>==;?D N>:<=>:DQ TC8DQ ?>DGHDKC8H:?:A AUS?:;= h9DCD> =H9DG:<=C R K:8H>8 B=A?= X 9T=A SDA? ;8AP>8=if

B.&+' H'(+ -%(P&%.L 1<= -%(P&%.L 1<= GNl8> ;D< N<= ;8AP>8= S>8@:= ?:8<8 N< XYu 98 S>DH=H:C:9=98A 98 ?8<8> N< S=>?D G=C ;D< SDA?8>:D>:9=9f &A?D A8 >8;DG:8<9= 8< S=;:88= A8MG8:= hSD>=CiQ A:< D?>=A ;:;=?>:;8A N?8>:<=A S>8@:=A hSD> G:DG8;?DGT=Q SD> 8l8GSCDi <: 8<9DG8?>:?:A SDA? ;8AP>8=f &C >:8AMD 98 >NS?N>= N?8>:<= 9N>=?D 8< 8A?=A S=;:8 8C ;N=C C= S=;:8 SD> C= ;:>NMT= 98 ?D9=A KD>G=Af

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

JF

*-*.,&$(* + *-&$%&$(* "#$%4%'()* 8,H'(

•

•

•

•

:=I

•

•

JV

"S:D:98Aj =;?\=< SD> C= :<9N;;:L< 98 ADG =<=CM8A:= S8> A8p =98GPA SN898< ;=NA=> 98S>8A:L< >8AS:>=?D>:= <8D<=?=Cf <8D<=?=Cf .D GPA LS?:GD 8A NA=>CDA ;DGD HDGH= ;DDC=9= SD> C= S=;:88A ;D< =;;8AD >8A?>:=:<9:;=;:L< ;D=:<9:;=;:L< = =<8A?8A:=f &C NAD ;D<;DG:?=D^:O:<= SD?8<;:= =<=CM8A:= R >89N;8 ?= hG:9=ODC=Gi S=>= A89=;:L< S8>D AD< SD?88;N8>9DA 98 C= G=9>8 98C S=>?Df *<8A?8A:= M8<8>=Cj ADCD SN898 NA=>A8 8< ;8AP>8=f ]=R bN8 8^?>=8> 8C K8?D 98D 98 CDA S>:G8>DA F G: 8C >:8AMD 98 B:SD^:= <8D<=?=C SD> 98S>8A:L< >8AS:>=?D>:= A: C=A 9>DM=A =C;= =?D:<=f *<8A?8A:= >8M:D<=C D <8N>D=^:=Cj <8N>D=^:=Cj 8A 8C GU?D9D 98 8C8;;:L< SD> AN ;D8ASN8A?= =C 9DCD> hB:S8>@8@88AS:>=?D>:=Q >8ASN8A?= A:GSP?:;= R 9:AG:KNA:L< SC=;8:=Q 8A?>UA R ?>=NG= 8GD;:D<=Cif – 08>:9N>=C D 8S:9N>=Cj A8 =?>=@:8A=< CDA C:M=G8=8AS:8AS::CCD S=>= ;=8> =C 8AS=;:D 8S:9N>=Cf 08>G:?8 : N< ;=?U?8>f $8 NA= S=>= S=>?D @=M:<=Cf – &AS:<=CQ >=bNT98= D :=?8;=Cj A8 =?>=@:8A=< =98GPA C= 9N>=G=9>8 R =>=;= ;=8> =C 8AS=;:D ANH9N>=Cf %:8<8 N< :<:;:D 98 =;;:L< GPA >PS:9D bN8 C= =<8A?8A:= 8S:9N>=Cf -D S8>G:?8 ;=?8?8>:O=> S=>= =<=CM8A:= ;D= ;8AP>8=f – (<9:;=;:L< 98 =<8A?8A:= <8N>D=^:=Cj G=9>8 ;D< 9DCD> ;D=HC8f -D A8 B= ;DGS>DH=9D bN8 C= =<8A?8A:= S>8;DO h9:C=?=;:L< z Y ;Gi 8GS8D>8 8C S>D:;Df – )D=:<9:;=;:D<8A )D=:<9:;=;:D<8A 98 C= =<8A?8A:= <8N>D=^:=Cj ;D=MNCDS=?T= D ?>DGHD;:?DS8<:= >8M:9= SD> >:8AMD 98 B8G=?DG= S8>:9N>=C D 8AS:<=CQ B:SD@DC8G:= SD> >:8AMD 98 B:SD?8 SD> >:8AMD 98 9:A8G:<=;:L8A:L< :=;>=<8=C 8C8@=9= 8C8@=9= SD> >:8AMD 98 B8><:=;:LG=;DCLM:;DA K=>G=;DCLM:;DA 98 CDA =<8A?UA:;DAj – ]:SD?8AD GPA ;DG\ 8K8;?D =N?D= A:M<:K:;=?:@= A:M<:K:;=?:@= A: C= G=9>8 S>8A88DAQ =;:D<8A K8?=C8A 7=<8lDj C=?8>=C:O=;:L< C=?8>=C:O=;:L< N?8>:<= = :ObN:8>9=Q KCN:9DAQ HDCDA 98 8K89>:<=f – 6:8H>8 :=S=>?Dj ;=NA=9= SD> C= =<8A?8A:= 8S:9N>=C 9:>8;?=G88<;:=C 9:KT;:C 9:KT;:C ;D< :8AQ 98H8 8A?N9:=>A8 S=>= S>8@8<:> A8SA:A <8D<=?=Cf – "?>DAj S>N>:?DQ 8A:L< >8AS:>=?D>:=f %D9DA 8CCDA A8 =AD;:=< = C= =9G:<:A?>=;:L< =9G:<:A?>=;:L< 98 DS:D:98A hGD>K:<=Q K8= =<=CM8A:=if =<=CM8A:=if &< 98S>8A:L< >8AS:>=?D>:=Q ?:?NC=> ?:?NC=> 9DA:A A8M\< 8K8;?Df &K8;?DA ;=NA=9DA SD> C= ?U;<:;= hSN<;:L< 9N>=CQ :=@8?:9=ij – )8K=C8= SDA?W>=bNT98=j ;=NA=9= SD> A=C:9= 98 .)' = ?>=@UA 98 SN<;:L< 9N>=C R @=AD9:C=?=;:L< ;8>8H>=Cf )8K=C8= ;CPA:;=G8 8< A898A?=;:L 8< 98;\H:?Dif 7=<8lDj vS=>;B8 98 A=8wQ ;DPMNCD 98 A=8 98 C= S>DS:= S=;:8= ;8>>=> 8C 98K8;?Df – #CDbN8D K=CC:9Dj SN898 98H8>A8 = ?U;<:;=Q 9DA:A :<=98;N=9= D K=;?D>8A =<=?LG:;DAf $: R= A8 :<:;:L ?U;<:;= 8A?U>:CQ SN898 98;:9:>A8 88M=> N<= =<8A?8A:= M8<8>=Cf – #CDbN8D =C?Dj S>DM>8A:L< 98C HCDbN8D = <:@8C GPA ;8KPC:;D bN8 8C HNA;=9DQ 8< M8<8>=C SD> :=Cf )CT<:;= 98 =S=>:;:L< >PS:9= 98ASNUA 98 C= SN<;:L8ASN8A?= ?=bN:;=>9:O=9:O== h%JWViQ 9:A<8= C8@8 = S=>PC:A:A 9:=K>=MGP?:;= 9:=K>=MGP?:;= h)FWYiQ =AS:>=;:L< 98 ;D?8j :=>=Q S>:<;:S=CG8T:= = NAD 98 =8M=8A:@DW :AbNUG:;D :<;CNAD ;D< H=lD @DCNG8>DCC= C8 =C?= ADAS8;B=f – &K8;?DA A:A?UG:;DA 98 =<8A?UA:;DA CD;=C8Aj S=>8A?8A:=A S8>:HN;=C8AQ ?:<<:?NAQ 98AD>:89T=;DAj B:SD?8>:?G:=AQ 0)'f .= HNS:@=;=T<= SN898 ;=NA=> 8K8;?DA ;=>9:D@=A;NC=>8A ;=>9:D@=A;NC=>8A =DCLM:;DAf 7=<8lD 98 ADSD>?8p CTS:9DA IEuf

&7#*'*5" -"'7*.

01&'0&'(" -"'7*. • • • •

0N8>S8>:D ::G8>=A IV BD>=A ?>=A 8C =CNGH>=G:8:<=f 0N8>S8>:D G89:=?Dj 98A98 8C 9T= I =C JEf (<@DCN;:L< 98 CDA ;=GH:DA M8A?=;:D<=C8A 8 :<:;:D 98 C= C=;?=<;:=f 0N8>S8>:D =C8l=9Dj 9T= JJ =C VY =S>D^f %8>G:<= ;D< 8C >8:<:;:D 98 C= G8N=;:LS8>:D ?=>9TDj SN898 CC8M=> B=A?= CDA Z G8A8A SDA? S=>?DQ 8< bN8 A8 ;DGSC8?=< CDA ;=GH:DA :<@DCN?:@DAf

a+%&' b H2.-%)+.L &C \?8>D 98 ?U>G:D^:G=9=G8Q A:< ;D 8C K8?DQ SC=;8S8>:D S8A= YEWJEE M>Q R C= G=RD>T= 98C S8AD A8 S:8>98 8< C=A S>:G8>=A 9DA A8G=<=Af &C 8<9DG8?>:D A8 >8M8<8>= >PS:9=G8?8 8< >8A?=N>=>A8 =bN8CC= 9D<98 A8 :?L C= SC=;8:D A8 CDM>= SD> C=A ;D=;;:D<8A 98C G\A;NCD C:AD N?8>:8A:L< 98 CDA @=ADA ;=NA=9=A SD> UA?=A hvC:M=9N>=A @:@=Awif &C C8;BD SC=;8:D >89N;8 AN ANS8>K:;:8Q R ;D< 8AD ?=GH:U< A8 >89N;8 R ;=GH:= C= 98A;=>M= @=M:<=C hvCDbN:DAwif .DbN:DA >DlDAj A=C:9= 98 A=8 8< @DCNG8< 98;>8;:8:G8>DA 9T=A SDA? S=>?Df .DbN:DA A8>DADAj 8C ;DCD> >DlD @= ;=GH:=<9D = ;=KU R A8 B=;8 GPA =;NDADf .DbN:DA =CHDAj C= 98A;=>M= A8 @= B=;:8<9D GPA ;C=>= R = @8;8A =G=>:CC88;8 B=;:= C=A YWZ A8G=<=A SDA? S=>?Df * G88A==9D 88 CDA 9T=A XWJV SDA? S=>?DQ bN8 SN898 ;D>>8ASD<98> = C= ;=T9= 98 C= ;DA?>= 8< 8C C8;BD SC=;8:D D = C=A B8GD>>=M:=A ?=>9T=A 98C SN8>S8>:D h@8> GPA =98C=
?8 J+%&,)'L '8@:8>?8 >PS:9=G8D :9=9f *C K:<=C 98 C= S>:G8>= A8G=<= 8C ")& A8 B=;8 :GS8>G8=HC8 = N< 989Df F.3,).L %=GH:U< F.3,).L %=GH:U< >8@:8>?8 S8>D :9=9f * C=A ?>8A A8G=<=A C= @=A;NC=>:O=;:L< A8 B= >89N;:9D = CD G=C R 98A=S=>8;8 8C 898G=f &C 8S:?8C:D @=M:<=C 8A?P =?>LK:;D R A:< >NMDA:9=98A B=A?= C=A A8G=<=A ZWJEQ D GPA ?=>98 8< GNl8>8A 8< C=;?=<;:= SD> CDA <:@8C8A 98 8A?>LM8A:A?8 A8 >8AN8C@8< 8< JWI A8G=<=Af &C ?D A8 >8;NS8>= 8< AN G=RD>T= 8< Z A8G=<=AQ R SN898 A8MN:> G8lD>=<9D S8>D = N< 8A?=9D S>8M8A?=;:D<=Cf S>8M8A?=;:D<=Cf B.&%E .*E'$,).2L 08>A:A?8 C=^= SD> @=>:=A A8G=<=Af .= >8;NS8>=;:L< 98S8<98 98C 8l8>;:;:D 8l8>;:;:D G=?8>8?D>G=C:9=9 8A GNR @=>:=HC8 8< ?:8GSD R 98S8<98 98 A: B=R D 8;N8<;:= 98 UA?= R A: 8C '- >8;:H8 =98GPA KL>GNC=Q 98H:9D = CDA <:@8C8A 8C8@=9DA 98 S>DC=;?:<=f .= G=9>8 bN8 9= S8;BD ?:8<8 N< S8>TD9D 98 =G8>8= R =MD bN8 C=A bN8 :G8>= D@NC=;:L< SN898 9=>A8 = CDA IX 9T=Af &C ?:8GSD G89:D S=>= C= S>:G8>= G8N=;:L< 8A 98 XW` A8G=<=AQ =N = A8> 98 GPA 98 JI A8G=<=A 8< =CMN<=A GNl8>8Af I.$.(L * 9:K8>8<;:= 98C >8A?D 98 L>M==S8>:D S=A=< SD> ;=GH:DA :<@DCN?:@DAQ C=A G=G=A A8 98A=>>DCC=< GPAf .DA ;=GH:DA B=< D;N>>:9D M>=9N=CG8==ODf .= C=;?DMU<8A:A C=;?DMU<8A:A ;DG:8=G:8 C= ;=T9= =H>NS?= 98 <:@8C8A 98 8A?>LM8DM8A?8>D<=Q ;D< <:@8C8A 98 S>DC=;?:<= G=DC=;?:<= @N8C@8 = <:@8C8A G=C8A 8< IWF A8G=<=Af &C ;=CDA?>D hB:S8>S>D?8:;Di hB:S8>S>D?8:;Di S>D?8M8 =C '- 9N>=:G8>DA IWV 9T=AQ R AN A=C:9= 8A 8A?:GNC=9= SD> C= AN;;:LD;8AD bN8 A8 :<:;:= ;DGD 8<9D;>::=;:L8 AN ;=C:9=9 K:<=Cf h*(-&Q DS:D:98AQ K>TD CD;=C 8< S8>:8=if 28=GHNC=;:L< 28=GHNC=;:L< R >8=C:G88=C:G88;DO hV BD>=A SDA? S=>?DQ Z BD>=A SDA? ;8AP>8=i R S>DM>8A:@=f &9N;=;:L< 8< ?U;<:;=A =S>DS:=9=A 98 C=;?=<;:= h;=9= IWF BD>=Ai R ;N:9=9D 98C >8;:U< <=;:9Df &< GNl8>8A bN8 P< C=;?=<;:=Q 8C NAD 98 K>TD CD;=C G=G=>:D R ADA?U< =S>8?=9D >89N;8 C= C=;?D>>8=f *C?= = C=A V[ BD>=A SDA? S=>?D @=M:<=CQ XI BD>=A SDA? ;8AP>8=f '8?:>D 98 SN8= = CDA X 9T=Af '8:<:;:D 98 C= =;?:@:9=9 A8^N=C ?>=A 8C ;8A8 98 CDbN:DA >DlDAQ ;:;=?>:O=;:L< @NC@D@=M:<=CQ ;DGD9:9=9 KTA:;= R 8GD;:D<=CQ CD ;N=C ?TS:;=G8>8 F A8G=<=A 98ASNUA 98C S=>?Dp A8 >8;DG:8<9=< V A8G=<=Af 1AD 98 G89:9=A =898;:HC8 98 C= S>:G8>= D@NC=;:L< 98ASNUA 98C 8GH=>=ODf .:;8<;:= SDA? S=>?D SD> F = Z G8A8Af

• • •

• • •

•

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

JY

)"70.()*)("-&$ )"70.()*)(" -&$ 2&. 01&'0&'(" ]&7"''*,(*$ 2&. 01&'0&'(" &< )B:C8 AD< C= A8MN<9= ;=NA= DHA?U?>:;= 98 GN8>?8 G=?8><= S8>:<=?=CQ 98ASNUA 98 CDA AT<9>DG8A B:S8>?8?8:G8>= 8< GN;BDA D?>DA S=TA8A G8>DCC=9DAf 98A=>>DCC=9DAf &C S>:<;:S=C K=;?D> bN8 B= G8lD>=9D 8C S>DS8>=C8A SN8>S8>=C8A 8A C= =?8<;:L< :?Df &A S=?DCLM:;= A: ANS8>= CDA YEE ;; 8< S=>?D @=M:<=CQ JEEE ;; 8< ;8AP>8=Q B=R ;=T9= x JEu 98C B8G=?D;>:?D D >8bN:8>8 ?>==C 98 C= B8GD>>=M:= SDA? S=>?Dj >8;D8;DOQ @DC8G:O=;:L< @DC8G:O=;:L< 8M:;= ;D< ;>:A?=CD:98AQ ;>:A?=CD:98AQ ?>=DlDA A: C= B8GD>>=M:= 8A 8^;8A:@=f (<@8>A:L< N?8>:<=j S>D?>NA:L< 98C KD<9D N?8>:=@UA 98C ;N8CCD 9:C=?=9D SD> 8^;8A:@= ?>=;;:L< 98 C= SC=;8D>>=M:=Q 9DCD> R ABD;r B:SD@DCUG:;Df – 7=<8lDj >8SDA:;:L< N?8>:<= G= R 98C ABD;r B:SD@DCUG:;Df B:SD@DCUG:;Df 28AM=>>DA 98C ;=<=C @=M:<=Cj 8A N<= ;=NA= K>8;N8?D :NG88@:A:L< 98C ;=<=C 98C S=>?DQ 8< 8AS8;:=C A: A8 NAL KL>;8SA D 8ASP?NC=Af $: A8 :98==>f $: B=R A==9D 8< <=S=Q ?=SD<=> ;D< ;DGS>8A=A SD> VWZ B>Af '8A?DA SC=;8:DAj 8^?>=;;:L< :<;DGSC8?= 98 C= SC=;8?=> S>8@:=G8>DA 98C ;=<=C R ;:;=?>:O N?8>:<= =:D> hS=>= 8@:?=> >D?N>=if .8M>=9D R =AS:>=;:L< 98 C= ;=@:9=9 S=>= >8?:>=> CDA >8A?DAf (<8>;:= N?8>:<=j 8A C= ;=NA= GPA ;DG\< 98 B8GD>>=M:= S>8;DO 98C SN8>S8>:Df ADH>89:A?8:<= hG=;>DADGT=Q 0]*Q – 6'j ?>=H=lD 98 S=>?D S>DCD89:A?8=OD G\C?:SC8iQ M>=< GNC?:S=>:9=9 GNC?:S=>:9=9 hƒ 7YiQ =>=M:= SDA? S=>?Df – 2:=M G=C= >8?>=;;:L< N?8>:<= R G8?>D>>=M:= 8< C=A S>:G8>=A [ BD>=A SDA? S=>?Df 28A;=>?=> S>8@:=G8>D 98C ;=<=C @=M:<=C R >8A?DA SC=;8:DAf – 7=<8lD GU9:;Dj G=A=l8 N?8>:M:;D H:G=D MCN;DA=9Dif 78?:C8>MDMD 8<9D@8 B:S8>?8= D :AbN8G:= ;8>8H>=C D G:D;P>9:;=p ?=GSD;D 8< G=9>8A o(] h|i NA=<9D :8A :8A 98 C= S>D?8=A=if 7:ADS>DA?DCQ 7:ADS>DA?DCQ VEEW[EE …M :=>>8;?=Cf )=>H8?D;:<=Q JEE …M :=GNA;NC=>f – 7=<8lD bN:>\>M:;DQ A8M\< M>=@89=9 ;>8;:8: :=N?8>:=N?8>:=A 98 #W.R<;B h>8=HAD>H:HC8AQ h>8=HAD>H:HC8AQ S>8A8>@=< K8>?:C:9=9iQ C:M=9N>= 98 =>?8>:=A N?8>:<=A RkD B:SDMPA?>:;=A SD> C=S=>D?DGT=Q C=S=>D?DGT=Q B:A?8>8;?DGT= DHA?U?>:;= ANH?D?=C hS>8A8>@= 8C ;N8CCDif 'D?N>= N?8>:<=j @8> 8C ;=ST?NCD 98 G8?>D>>=M:=A 98 C= A8MN<9= G:?=9 98C 8GH=>=ODf

•

•

•

•

•

•

G%$'&&.3,.( +.&E5.( H'(+ H.&+' ^g VU R H'(+ H.&+'_L 8<9DG8?>:?:AQ >8A?DA SC=;8:DAQ 8G89=9 ?>DKDHCPA?:;= ?>DKDHCPA?:;= M8A?=;:D<=C hADAS8;B=> SD> 98A;=>?8 98 C=A DS;:D<8A =:D>8A R yW]), 8C8@=9=p @8> GPA 8< ;=ST?NCD 98 G8?>D>>=M:=A 98 C= S>:G8>= G:?=9 98C 8GH=>=ODiQ =C?8>=;:D<8A 98 C= ;D=MNC=;:L
)"70.()*)("-&$ (-6&))("$*$ 2&. 01&'0&'(" 8&.-+' 3%),+.2L &<9DG8?>:?:A &<9DG8?>:?:A SN8>S8>=Cj 8A C= ;DGSC:;=;:L< :8;N8S8>:Df )D:=C ;D< =M8DH:DA R =<=8>DH:DAf .= :<;:98<;:= 8A 98 JWFu 8< @=M:<=C R YWJEu 8< ;8AP>8=A 8C8;?:@=Af ";N>>8 = CDA XWJV 9T=A SDA? S=>?Df – 6'j '07 R ;D>:D=G<:D<:?:AQ ;D>:D=G<:D<:?:AQ S=>?D 98 S>8?U>G:=H=lD 98 S=>?D S>DCDD 98 ?=;?DA @=M:<=C8A hx YiQ 8^?>=;;:L< G=NG8DK:CP;?:;Df – 2:=M8 x F[a)p A8:<=p A8;>8;:L< N?8>:<= SN>NC8f – %>=?=G:8 IVWV[ BD>=A =K8H>:Cf .N8MD =GD^:;:C:<=WP;:9D ;C=@NCP<:;D YEEkJIY GM ;k[ B D>=C B=A?= ;DGSC8?=> X 9T=Af – 0>8@8<;:L:C8A S=>= %oQ ?U;<:;= =AUS?:;= 9N>=?D D ;8AP>8=Q S>DK:C=^:A =8=A h;8K=ODC:<= J M> 8@Q J BD>= =
JZ

&7#*'*5" -"'7*.

•

(=?D>:Dj ?=GH:U< >89N;8 AN :<;:98<;:= :<;:98<;:= ;D< 8C NAD 98 S>DK:C=^:A S>DK:C=^:A =:<;:S=C8A AD< WP 0A$"A(S W#02J+-););;A( ;D=MNC=A= <8M=?:@D R 8DH=;?8>:=Af 8DH=;?8>:=Af – 7=<8lD M8<8>=Cj =!"#$%#& (" )& *"#+(&, "-!).#&/+01 "-!).#&/+01 2 (#"1&3"4 5"6#+(&7+"1$. 5"6#+(&7+"1$. 7"/81+/. (" $"3+(. 98!"#$%&#'%()* ,# !- !)!.-/0% (- (#!12./#34 5%!/#%&6 (-7- 1-%&#'%1!- %!-) -4 .%7-&&34* $N?N>= 98 8@8:9= DS8>=?D>:= ;D< B8>:9= C:GS:= 98 H=A8 M>=:=Q A:< 8^N9=9Df – 7=<8lD ==?D>:Df )CD^=;:C:<= YEE GM ;kZ B @D D KCN;CD^=;:C:<= YEE GM ;k[ B @D ^ JE 9T=Af

I.(+,+,(L D;N>>8< A8G=<=A = G8A8A SDA? S=>?Df $8 S>8A88 GNR =C?= hF` = VEa)iQ 8>:?8G= R 9DCD> CD;=C:O=9D D M8<8>=C:O=9D 98 C=A G=G=AQ R = @8;8A ;DGS>DG:AD 98C 8A?=9D M8<8>=C R G:=CM:=Af 7=A?:?:A C:>8ASD<98 = C= G=RD>T= 98 C=A G=A?:?:Af $D< ;=NA=9=A SD> WP 0A$"A(P .=A M>:8?=A 8< 8C S8OL< AD< K=;?D>8A S>89:ASD<8 ?U;<:;= R =A8MN>=> 8C @=;:=G8=?=G:88A=A B\G89=A ?:H:=A R =<=CMUA:;DA D>=C8A hS=>=;8?=GDCQ hS=>=;8?=GDCQ *(-&if * JE 9T=Aj ;CD^=;:C:<= YEE GM ;kZ B @DQ KCN;CD^=;:C:<= YEE GM ;k[ B @D D ;8K=9>D^:CD YEE GM ;kJI B @Df 28H:8>= B=H8> >8ASN8A?= ;CT<:;= = C=A V[ BD>=Af 7=A?:?:A =HA;89=9=j 8C JEu 98 C=A G=A?:?:A A8 =HA;89=f $8 G=<8l= :MN=C = C= G=A?:?:A C:8<=l8 98C =HA;8AD SD> :<;:A:L< S8>:=>8DC=>f S8>:=>8DC=>f $DCD A8 ;D=:<9:;= ;D=:<9:;= C= C=;?=<;:= ;D< =HA;8ADA >8?>D=>8DC=>8Af 7=A?:?:A 8A?>8S?D;L;:;=j 8A N<= G=A?:?:A H:C=?8>=C M8<8>=C:O=9=f $8 ?>=?= ;D< 0-) AL9:;=Q V G:CC 1( ;kZ B 8@f •

•

•

F5. J&,).&,.L ;:A?:?:A =MN9= R S:8CD<8K>:?:A S:8CD<8K>:?:A =MN9=f ";N>>8< 8< B=A?= FEu 98 C=A SNU>S8>=Af $8 G=<8l=< A:< 9:K8>8<;:= bN8 C=A (%1 8< 8C >8A?D 98 CDA =9NC?DAf .= H=;?8>:N>:= =A:=?=f 8&'$*'42%*,+,( (ZH+,-.L :DGHDA @88 bN8 8ASD<98 = ==C ;D>>8ASD<98 = : =<=8>DH:DA 98 ?>DGHDA 8< C=A @8<=A D@P>:;=Af &C ?>DGHD SN898 G:M>=> =C SNCGL< R ;=NA=> 98>>=G8Q :f $8 ADAS8;B= =:?:A bN8 8ASD<98 = =?=9DA =M88A:A?8 =H9DG:<=C H=lD D :>>=9:=9D = 9D>AD R 8S:M=A?>:Df – 7=<8lDj =:<= SD> XWJE 9T=AQ =AD;:=9D = =:?:Aif

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

JX

&7#*'*5" 2& *.%" '(&$," '"%1'* 0'&7*%1'* 2& 7&7#'*-*$ 'D?N>= 98 G8GH>=<=A ==H=lD 98 S=>?D 98 KD>G= 8ASD8A8;:D 98 CDA ;=ADA 98 S=>?D S>8G=?N>Df ':8AMDAj S>8G=?N>8O hA8SA:AQ 9:A?>UA >8AS:>=?D>:DQ 8D;DC:?:AQ B8GD>>=M:= :=;>=<8=CiQ ::<=?=CQ S>D;:98<;:= S>D;:98<;:= 98 ;D>9L8<9:G:88<9:G:8:<;:S=C K=;?D> S>D@8<:9D h;D<:O=;:L;C=l8iQ ADH>89:A?8:<= h0]*Q G=;>DADGT=Q 8GH=>=OD G\C?:SC8iQ :<@=A:L< 98 C= ;=@:9=9 h=G<:D;89D;8=OD ;D< 2(1Q (7) z IEf

<25)

:BIL BZ&E,E. E% 25`J,E' .*J)E.)+% b -2.&' ;D< -2.&' ;D< DCD> = ;CD>Df 28H8 9:K8>8<;:=>A8 98 D?>DA KCNlDA hC8N;D>>8=Q :<;D:<=>:=Q G8?>D>>=M:=AQ >D?N>= 98 bN:A?8 @=M:<=CQ ?=SL< GN;DADif ;)4%--,M) 'KJ2.&L ?>= @T= =A;8<988;N8DH:DAQ HP ;)-& Q WP =&$&10'(S W#$"2#););;A( M>NSD #f &< 8GH=>=ODA ;D< 2(1 D ;8>;C=l8 A:8GS>8 ;D=> C= S>8A8<;:= 98 M0'1&10 0-5&;0'(P (GSC:;= >:8AMD 98 A8SA:A <8D<=?=C SD> 98MCN;:L< 98C CTbN:9D =G<:L?:;D ;D==G<:L?:;= h((*p IkFij SN898 A8> =A:8 A:< KD;Df )D>:D=G<:D<:?:A ;CT<:;= hJkFij 9:=M ;>:?8>:DA 98 ,:HHAf 6:8H>8 ƒ F[a =AD;:=9D = ƒ Ij ?=bN:;=>9:= G=?8><=Q ?=bN:;=>9:= K8?=CQ A8;>8;:L< SN>NC8 ")&Q A8:<= =G=C =C ?=;?D @=M:<=C D C8N;D;:?DA:A G=?8><= hx JYfEEEk….if • •

D,.3

<25),-' SD> =<=G<8A:A R 8ASU;NCD hCTbN:9D A=C:8<9D SD> ")& 8ASD?8A K8?=C8A SD> "]*f %8A?A 8< ;=AD 98 9N9= 9:=M:A?=C:O=;:L< ;>:A?=C:O=;:L< h;>:A?=C8A 98 ‡)C 8< GN8A?>= 98 KD<9D 98 A=;D SDA?8>:D>iQ ?8A? 98 <:?>=O:<= hS] = ;:8=;?:@=iQ *G<:AN>8‰ h98?8;;:L< 98 ŠWG:;>DMCDHNC:<= J SC=;8:= 8< GN8A?>= 98 CTbN:9Dif &;DM>=KT=j &;DM>=KT=j "]*Q 8 SN898 DHA8>@=>A8f =$),'-%)+%(,( ===G<:L?:;= = ;N=CbN:8> 89=9 M8A?=;:D<=C D 8@=CN=;:L< 8@=CN=;:L< 98 C= G=9N>=;:L< SNCGD<=> 8< K8?DA 88 C=A FI R FV A8G=<=Af

I.)

:BI S VU (%$.).(L *C?= ?=A= 98 ;DGSC:;=;:D<8A h;D>:D=G<:D<:?:AQ 200-(Q S>DC=SAD 98 ;D>9L?8 K8?=Cif #=lD II A8G=<=A A8 ;D=< H=lD 8C CTG:?8 98 @:=H:C:9=9 K8?=Cf .=?8<;:= S>DG89:D 88 '07 R S=>?Dj X 9T=Af ]DAS:?=C:O=>f ]DAS:?=C:O=>f '8SDAD 8< ;=G=f *SLA:?D M8<:?=Cf )DDC G=?8>:;Df )NC?:@DA @=M:<=C8Af @=M:<=C8Af &< )B:C8 A8 =9DS?= N<= ;D<9N;?= 8^S8;?=DA S=TA8A A8 >8=C:O= =HD>?D SD> :<@:=H:C:9=9f :<@:=H:C:9=9f )D=:<9:;=9Dj ?D;DC:A:AQ ;D>?:;D:98Af 2:A;N?:HC8j S>DK:C=^:A *%#Q A8CC=G:8=<=Af (>NS;:L< 98C 8GH=>=OD A: B=R GN8>?8 K8?=CQ ;D>:D=G<:D<:?:A ;CT<:;=Q ADAS8;B= 98 200-(f •

• •

:BI VU . /U (%$.).(L .= @:=H:C:9=9 =NG8H:C:9=9 =AD;:=9= A:MN8 A:8<9D =C?=f ]DAS:?=C:O=>f [) >8=C:O=> ?=;?D @=M:<=C h=NG8H:GD>?=C:9=9 K8?=CQ GD>H:C:9=9 G=?8><= R 9:AG:?D S>8G=?N>Dif 0=>PG8?>DA ::DA ::DA R S8>K:C H:DKTA:;DQ =GHDA 9DA @8;8A SD> A8G=<=f %DG= 98 N>D;NC?:@D R ;NC?:@DA @=M:<=C8Af @=M:<=C8Af *%# S>DK:CP;?:;Dj >89N;8 8C >:8AMD 98 ;D>:D=G<:D<:?:AQ =NG8?D hVWX 9T=AiQ 9:AG:H:C:9=9 >8AS:>=?D>:= <8D<=?=C R =G=C:9=9 98C 2DSSC8> ;8>8H>=C K8?=Cf *GS:;:C:<= hI M> 8@ HDCD | J M> ;kZ B 8@i | 8>:?>DG:;:<= 8>:?>DG:;:<= hYEE GM ;kZ B 8@ D @Di ^ I 9f .N8MDQ =GD^:;:C:<= hYEE GM ;k[ B @Di | 8>:?>DG:;:<= hYEE GM ;kZ B @Di ^ Y 9f *CU>M:;=Aj ;C:<9=G:;:<= ÈE GM ;k[ B 8@ | M8;C=l8j | KCN;D<=ODC hJYE GMk9 @D ^ XWJE 9if •

•

J[

&7#*'*5" 2& *.%" '(&$,"

•

•

•

•

)D>?:;D:98Aj >89N;8< GD>H:GD>?=C:9=9 GD>H:GD>?=C:9=9 <8D<=?=C SD> :<9N;;:L< 98 G=9N>8O SNCGD<=>f #8?=G8?=AD<= JI GM ;kIV BQ I 9DA:Ap D 98^=G8?=AD<= Z GM ;kJI BQ V 9DA:Af %D;DCT?:;DAj %D;DCT?:;DAj ADCD A: A8 >8bN:8>8 >8?>=A=> 8C S=>?D S=>= ;DGSC8?=> 8C ;N>AD ;D>?:;D:9=Cf ;D>?:;D:9=Cf *G<:D;88 A:< KD;DQ 8C8@=;:L< 98 S=>PGf ::DAif )>:?8>:DA ANM8>8=Gf – *%# ?8>=SUN?:;Dj =GS:;:C:<= =GS:;:C:<= hJ M> ;kZ B 8@i | M8D<:9=ODC hYEE GM ;kZ B 8@i S=>= ;NH>:> =<=8>DH:DAf *CU>M:;=Aj ;C:<9=G:;:<= ÈE GM ;k[ B 8@ | M8 = ;NC?:@DAf $NAS8<98> *%# IV BD>=A SDA?WS=>?D A: 8@DCN;:D<= 98 KD>G= A=?:AK=;?D>:=f – )>:?8>:DA *7)% 98 G=9N>8O SNCGD<=>j S>8A8<;:= 98 KDA?=?:9:CMC:;8>DC KDA?=?:9:CMC:;8>DC h02,p GPA 8AS8;TK:;DiQ 8AS8;TK:;DiQ >8C=;:L< C8;:?:<=k8AK:PS:9D S8>D ?:8<8 K=CADA <8M=?:@DAiQ >8;N8SDA C=G8C=>8A hx YEfEEEif )>:?8>:DA 98 :>NS;:L< 98C 8GH=>=ODj – ( h((* x FI A8G=<=AQ ;D>:D=G<:D<:?:A :<98S8<9:8>NGS:> 98D 98 C=A ZWJI BD>=A A:MN:88K8>8<;:= SD> @T= H=l=f – 7=9N>=;:L< SNCGD<=> ;DGSC8?= hx IEEE M>Q x FI A8GQ ;D>?:;D:98A =9G:<:A?>=9DA D *7)%if – 28?8>:D>D 98 C= N<:9=9 K8?DSC=;8:= D 98?8>:D>D 98C 8A?=9D G=?8> D?>= ;=NA=f – 7=CKD>G=;:L< K8?=C :<;DGS=?:HC8 ;D< C= @:9=f – FV A8G=<=A ;NGSC:9=Af *C?= A: 8< V[ B 8;DM>=KT=f

:BI g /U (%$.).(L (>NS;:L< 98C 8GH=>=OD SD> C= @T= GPA 8^S89:?= 98D 98 YV Rd * G=RD> 89=9 M8A?=;:D<=CQ G8 C=?8<;:= =C S=>?D hx FX A8G=<=AQ XEu ?8<9>P S=>?D 8< IV B R Èu = C=A XI B SDA? '07if * G=RD> C=?8<;:= =C S=>?DQ G=RD> ?=A= 98 :f

0'&o&-)(s- 2& .* $&0$($ -&"-*%*. &8 JE R IEu 98 C=A 8GH=>=O=9=A SD>?=< W#$"2#););;A( 0.0-0;#&0" hW#$"2#););;A( M>NSD # D $,#i 8< ?>=;?D M8<:?=C D M=A?>D:?=H:GD>?=C:9=9 GD>H:GD>?=C:9=9 8< >8;:U< <=;:9DAQ R N8;N8G: ;=NA=9= ?=GH:U< SD> H=;:CDA ,>=G <8M=?:@DA hHP ;)-& ‡Ji ‡Ji R X&(#"$&0P (<9:;=;:D<8A 98 S>DK:C=^:A =?D S>8?U>G:8 x F[_) 9N>==H=lD 98 S=>?Df 78GH>=<=A >D?=A SD> GPA 98 JZWJ[ BD>=Af *8;:U< <=;:9D =:D> ;D< 8G89=9 :<@=AD>= SD> $,#f 1>D;NC?:@D SDA:?:@D S=>= $,# 9N>==OD =;?N=CQ :<;CNAD A: KN8 8C S>:G8> ?>:G8A?>8f )NC?:@D S8>:<8=C D @=M:<=C SDA:?:@D S=>= $,# 8< C=A \C?:G=A V = Z A8G=<=A hFYWFX A8G=<=Aif

• • • • • •

[) A8 :<9:;= S>DK:C=^:A =
•

I.)

)NC?:@D S8>:<8=C D @=M:<=C <8M=?:@D S=>= $,#Q :<;CNAD A: B=R S=>?D S>8?U>G:8 :=S=>?D D '07 S>DCD:<8=C D @=M:<=C SDA:?:@D S=>= $,# A: 8C 8GH=>=OD A8 >8AN8C@8 SD> ;8AP>8=f

*DK:C=^:A :=S=>?Dj H%),-,2,). ? YfEEEfEEE 1( 8@Q CN8MD IfYEEfEEE 1( ;kV BQ D H:8< =GS:;:C:<= I M> 8@Q CN8MD J M> ;kV B 8@f $8 ;D= S>DK:C=^:A ;DGSC8?= ;D< =C G8D D >8=;;:L< =CU>M:;= C8@8 = 0-)j ;8K=ODC:<= I M> 8@Q CN8MD J M> ;k[ B 8@f *D 98 >8=;;:L< =CU>M:;= M>=@8 = 0-)j ;C:<9=G:;:<= ÈE GM ;k[ B 8@f $: ;DGSC8?=>D< 8A?DA *%# SD> D?>= ;=NA= hSf8lfj :iQ :D >8S8?:>CDf

• •

B&%K

%DG= >N?:<=>:= 98 ;NC?:@DA @=M:<=C8A R D>:K:;:D =<=C 88 C=A FY R FX A8G=<=A 98 M8A?=;:L
617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

J`

0*'%" 2& 0'&%4'7(-" $8 98K:<8 8C S=>?D 98 S>8?U>G:>8 ==;:L< 88 =HD>?D R 00% A8 B=;8 ;D< 8C GDG8=GDA 98 S8AD K8?=C D IY ;G 98 CD &,Q A8 =AD;:= = G=RD> GD>H:GD>?=C:9=9 GD>H:GD>?=C:9=9 S8>:<=?=C h$2'Q &)-Q ]()if XYu 98 C=A GN8>?8A S8>:<=?=C8A G=;:D<8A ;D8G=?N>8Of .= G=RD>T= 98 CDA 00% AD< ?=>9TDA hFVWFX A8G=<=Ap ZEuiQ A8MN:9DA SD> CDA GD98>=9DA hFIWFF A8G=<=AiQ A8@8>DA hI[WFJ A8G=<=AiQ A:8<9D CDA G88GDA hzI[ A8G=<=Ap 8A 8C M>NSD bN8 ?:8<8 G=RD> GD>H:GD>?=C:9=9if <2.(,4

• • •

00% SD> '07 hJkFif 00% :=?>DMU<:;Dj :>NS;:L< :>NS;:L< 98H:9D = ;=NA=A G=?8><=A D K8?=C8A hJkFif 00% :9:DSP?:;Dj :<:;:D S>8;DO 98C ?>=H=lD 98 S=>?D ;D< G8GH>=<=A T=A hJkFif =$%).N. ^(5)+'$.(_ E% BB8 ^=BBh7BB_ 8&.*.[' E% BB8

Q: • • • •

• • •

D%4,),-,M) 3J5. ?97 J ;D=;;:L< ;kY G:< ^ FE G:@:;=C hHD>>=G:8=;;:L< ;kY G:< ^ FE G:@:;=C hHD>>=G:8
Q.-+'&%( E% &,%(3' $.+%&)'( =)+%-d BB8 H&%K,' S /X (%$ ;)-'$H%+%)-,. -%&K,-.2 9$*.&.N' $#2+,H2% ]DAS:?=C:O=;:L< SD> *00 8< 8A?8 8GH=>=OD )DDM=A 7=C ;DDC S>8<=?=C &9=9 z IE =tDA D x VE =tDA

• • • •

D%4,),-,M) BC< J ;D=;;:L< ;kY G:< ^ FE G:@:;=C8A J ;D=;;:L< ;kY G:< ^ FE G:@:;=C hHD>>=G:8
Q.-+'&%( E% &,%(3' J+%&,)'( &GH=>=OD ;D< 2(1 )D@:;=C K>TD 7=CKD>G=;:D<8A N?8>:<=A 2:AKN<;:L< G:DG8?>:=C h;8A8 S>8;DO 98 C= bN:8A;8<;:= N?8>:<=i

Q.-+'&%( E% &,%(3' H2.-%)+.&,'( 78?>D>>=M:= 98 C= A8MN<9= G:?=9 98C 8GH=>=OD h200-(Q SC=;88@:=i 0DC:B:9>D=G<:DA ( (AbN8G:= \?8>DWSC=;8:= h$]&Q 270,Q ')(1i

•

• • •

;)-'$H%+%)-,. ^.-'&+.$,%)+'_ -%&K,-.2L )N8CCD -%&K,-.2L )N8CCD 9UH:C R 9:C=?=9DQ :<;=S=O 98 G= 8C 8GH=>=ODf )CT<:;= ;CPA:;=j ;CPA:;=j =HD>?DA 8ASD:G8A?>8 D S=>?DA S>8G=?N>DA S>8;89:9DA SD> G8?>D>>=M:= D A8:<=f B&%K

B&%K%)-,M) H&,$.&,.L )DDC S>8<=?=C =98;N=9Df '8SDADf %>=?=G:8?=;:L< 98 MJ-0%+1&0S Q+;)2-0(%0 + ^$"02-0(%0 Q 8:D9D:D9D:@=> = <:@8C A8;N<9=>:D A: B=R S>8A8<;:= 98 K=;?D>8A 98 >:8AMDf B&%K%)-,M) (%-J)E.&,.L &< S=;:8= 00%f )8>@:;DG8?>T=j )8>@:;DG8?>T=j ;N8CCD ;D>?D z IY GG 8< SDHC=;:L< ;D< 6'Q z JY GG 8< SDHC=;:L< M8<8>=Cf M8<8>=Cf – -D>G=Cj x FY GGf $8 8@=C\= ?=GH:U< KN<<8C h;Nt= 98C ")(Q ?=GH:U< 8A S>D:=C H=>>DAD 8;DMU<:;D bN8 A8 =AD;:= = G=RD> >:8AMD 98 : R 00%if 0>DM8A?8>D<=j (<9:;=9= 8< S=;:8?D D =DM8A?8>D<= G:;>D<:O=9= IEE …M :=@=M:<=C =C 9T= 98A98 C=A J[ A8G=<=A B=A?= 8C S=>?D D '07f &C NAD 98 S>DM8A?8>D<= =9D 8K8;?D S>D?8;?D> 8< 8GH=>=OD G\C?:SC8f )8>;C=l8 ;8>@:;=Cf (<9:;=;:D<8A S>DK:CP;?:;=Aj – *=9D H8<8K:;:D A: B=R ;N8CCD ;D>?D A:< = =8=C:O=> ;8>@:;DG8?>T= ;=9= I A8Gf 88 C=A JVqIV A8Gf S=>= 8@8;C=l8 98 8G8>M8<;:= =8=C:O=> >8=C:O=> ;8>@:;DG8?>T= G8=;?8>TA?:;= 98 :<;DGS8?8<;:= ;8>@:;=Cf '8=C:O=> = C=A JIqJV A8G=<=Af – )D=:<9:;=;:D<8Aj )D=:<9:;=;:D<8Aj 2::<=Q 8GH=>=OD M8G8C=> hD?8;?D>if •

•

•

IE

&7#*'*5" 2& *.%" '(&$,"

I.)

I%E,E.( 3%)%&.2%(L ]DAS:?=C:O=;:L< ]DAS:?=C:O=;:L< ?>=:= S=>= DHA8>@=;:L< SD> I BD>=AQ >8SDAD 8< ;=G=f &@=CN=;:L< G=?8><= R K8?=C A8>:=9= h'#-&Q 0#6Q 2DSSC8>if ]:9>=?=;:L< h$6 D $'.Q YEE G. 8< I BD>=Aif *C:@:D A:M8@8>:<= ;CD>B:9>=?D JE GM 8@f 0=;:8:<= ;898Q C= 160 A8 G=8=C:O=> >8SDAD 8< 9DG:;:C:D ;D< =HA?:<8<;:= A8^N=Cf 0=;:8=G=Q A89:G8@:;DG8?>T=j x IY GGj =C?= ;D< 9:=M=H=lD 98 S=>?D S>8G=?N>Df z IY GGj G=<8l=> BDAS:?=C:O=9=f • •

I.)%[' R'(H,+.2,N.E'L )D>?:;D:98A S=>= G=9N>=;:L< G=9N>=;:L< SNCGD<=>Q = N< A8MN<9D ;N>AD 98 ;D>?:;D:98A A: B=< S=A=9D GPA 98 JY 9T=A 98A98 8C S>:G8>Df %D;DCT?:;DAQ %D;DCT?:;DAQ A: S8>A:A?8 ;D< 9::<=f 7= B=A?= ;DGSC8?=> G=9N>=;:L< SNCGD<=>f – 0>:G8>= CT<8=j <:K89:S: F @8;8AQ CN8MD IE GM ;k[ B B=A?= G=9N>=;:L< D ;DGSC8?=> JI BD>=A A:< 9:DC hI …MkG:< 8@Q =NG8 EQY …MkG:< ;=9= FE G:< B=A?= ;8A8 98 21 D 8K8;?DA A8;N<9=>:DAp G= SD> JI B R >89N;:> M>=9N=CG8 ADCD A: z I[ A8G=<=A ;D< 0]*Q GP^ V[ BD>=A R= bN8 A8 =AD;:= = ;:8>>8 98C 9N;?NA =>?8>:DADiQ =?DA:H=< hHCDbf >8;8S?D> D^:?L;:<= 98 NAD 8@ GNR 8K8;?:@DQ S8>D =C?D ;DA?Dif *G<:D;8=?=> : A8M\< >8ANC?=9DAf (<9:;=;:D<8Aj – )N8CCD G8 98 JY GGf – $DAS8;B= ;CT<:;= D 8;DM>PK:;= hS>8A8<;:= 98 ACN9M8i 98 :f – &GH=>=OD ;D< 2(1 D ;8>;C=l8 S>8@:D h>:8AMD 98 : SD> M0'1&10if – 2:C=?=;:L< ;8>@:;=C =@=8ASN8A?= = ?D;DC:A:A 98 S>:G8>= CT<8=f •

•

•

9K'2J-,M) %(H')+P)%.L $: %(H')+P)%.L $: K=CC=< ?D9=A C=A G89:9=A =:D>8AQ :<;CNR8<9D ?D;DC:A:A 98 A8MN<9= CT<8=Q A8 98l= 8@DCN;:D<=> 8ASD= 98 S=>?D @=M:<=Cf *M>8M=>j *= S>DK:C=^:A 98 A8SA:A <8D<=?=C S>8;DO A8M\< 8AbN8G= B=H:?N=Cf -8N>DS>D?8;;:LDS>D?8;;:L 8@ ==OD z FEqFV A8G=<=AQ >89N;8 8C >:8AMD 98 S=>PC:A:A S=>PC:A:A ;8>8H>=C R 9:AKN<;:L< GD?D>= =N89N;8 C= GD>?=C:9=9f • •

&7#*'*5" &- o/*$ 2& 0'"."-,*)(s 0'"."-,*)(s$8 98K:<8 "%50$0I) 2$)-)'.01) ;DGD =bN8C bN8 9N>= GPA 98 VI A8G=<=A 98A98 C= 61'Q R ;DGD "%50$0I) "' =/0( 1" 2$)-)'.0;&B' h&o0i 8C bN8 9N>= 88 VJ R VJ|Z A8G=<=Af $8 S>8ANG8 bN8 C= ;=NA= 8A N<= K=CC= 8< C= =;?:@=;:L< G:DG8?>:=CQ bN89=<9D 8< N<= K=A8 98 bN:8A;8<;:= GPA C=>M=f 1< 8GH=>=OD S>DCD GD>?=C:9=9 S8>:<=?=CQ C= G=RD> S=>?8 98H:9= = =AK:^:= :=N?8>:<= h::= d"]* ;D< ')(1eQ ;DGS>8A:L< KN<:;NC=>Q AT<9>DG8 98 =AS:>=;:L< G8;D<:=Cif *98GPA B=R GD>H:C:9=9 S8>:<=?=C h?>=NG= DHA?U?>:;D SD> G=;>DADGT=Q B:SDMC:;8G:=Q B:SDMC:;8G:=Q SDC:MCDHNC:=Q SDC:MCDHNC:=Q ?>=A?D>GD>>8MNC=;:L
• •

&@=CN=;:L< &@=CN=;:L< G=?8><= R K8?=Cj '#-&Q (.*Q ;D<9:;:D<8A DHA?U?>:;=A hT<9:;8 98 #:ABDSif (>NS;:L< 98C 8GH=>=OD = C=A VJ A8G=<=Aj – #N8<=A ;D<9:;:D<8A DHA?U?>:;=A h#:ABDS ƒ Zij )D<9N;;:L< D^:?L;:;=f .= =9G:<:A?>=;:L< 98 S>DA?=MC=<9:<=A S>DA?=MC=<9:<=A A8 =AD;:= = >:8AMD 98 ?=bN:A:A?DCT=f ?=bN:A:A?DCT=f – 7=C=A ;D<9:;:D<8A DHA?U?>:;=A h#:ABDS z Zij )D< N< ;N8CCD A:< GD9:K:;=;:D<8AQ B=R G8 S>DH=H:C:9=9 S>DH=H:C:9=9 98 U^:?D 98 C= ;D<9N;;:L< D^:?L;:;=Q SD> CD bN8 A8 NA=< S>DA?=MC=<9:<=A hG:ADS>DA?DC YE …M 8< KD<9D 98 A=;D SDA?8>:D>if '88@=CN=> R >8S8?:> A8M\< 8@DCN;:L< ;=9= V BD>=A h9DA:A GP^:G=j YE …M ;kV Bif )D< ;N8CCD HD>>=9D [Eu R 9:C=?=;:L< 98 I ;G A8 S>DA:MN8 ;D< ;D<9N;;:L< D^:?L;:;=f – (<9N;;:L< K>=;=A=9=j = K=A8 =;?:@= ?>=A JI BD>=A 98C :<:;:D 98 D^:?D;:<= D G:ADS>DA?DCf &A :<9:;=;:L< 98 ;8AP>8=f

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

IJ

&7#*'*5" 73.%(0.& 0>8A8<;:= 98 GPA 98 N< K8?D 8< C= ;=@:9=9 N?8>:<=f $8 B=HC= 98 "%50$0I) ."%"-0$ A: A: AD< 9DAQ "%50$0I) #$&2-" A: AD< ?>8A D "%50$0I) %O-#&2-" 1" 0-#) )$1"' A: AD< ;N=?>D D GPAf .DA ."%"-)( ,A(&)'01)( AD< ?=GH:U< CC=G=9DA A:=G8A8Af $8 ADAS8;B= SD> =C?N>= N?8>:<= G=RD> = C= 8AS8>=9= S=>= C= 89=9 M8A?=;:D<=C h9:=M8<;:=C 9:K8>8<;:=C ;D< 8GH=>=OD 98 G=RD> &,Q G=;>DADGT=Q 0]* R ?NGD> =H9DG:<=CiQ =N?8O= ;D< %-'3&.45.d 8,H'(

•

•

D,.3

">:M8G:DAj M8G8CDA K>=?8>G:Dj M8G8CDA :9U=?8>:D<:;:9=9f – #:;D>:=Cj #:;D>:=Cj I SC=;8=9=Af %D9DA CDA 9:;:MD?DA AD< H:;D>:=C8AQ S8>D ADCD =CMN;NC=;:D<8A ;:>;NC=;:D<8A K8?=C8A 8A?P< A8S=>=9=A 88 ATp ?:8<8 G8lD> S>D:=Cj J SC=;89T= ;D< G=A= ?>DKDHCPA?:;=f $DCD =CMN:=Cf .= G=RD> S=>?8 98 C=A @8;8A D 98 B=H8>C=A C= ?=A= 8A G=RD> bN8 8< CDA H:;D>:=C8AQ ;D< A8;N8C=A :GSD>?=?== CDA K8?DAf

.= ;D>:D<:;:9=9 8A 8A8<;:=C S=>= 8C G=<8lD R 98H8 98?8>G:<=>A8 SD> 8;DM>=KT= 98C Ja ?>:G8A?>8f #:;D>:=CWH:=G<:L?:;D hA8S=>=;:L< =C 9T= IqFp JkF 98 CDA GD= 98 9DA SC=;8 :;:L< 98 C= G8GH>=<= 9:@:AD>:= 9:@:AD>:= 98 =GH=A ;=@:9=98A =G<:L?:;=A 8< C= SC=;88O;= bN8 8^:A?8 ADCD N<= SC=;8 ;C=>=G8:=CWH:=G<:L?:;D 7D:=CWH:=G<:L?:;D hA8S=>=;:L< =C 9T= Fq[p IkF 98 CDA GD :;:L< S8>S8<9:;NC=> S8>S8<9:;NC=> 98 C=A G8GH>=<=A 8< C= SC=;8 S=>= 9:=M=OD GD@=>A8 C= SC=;8=<9D 8C ?>= S=>= 98A;=>?=> bN8 A8 @8=< 9DA SC=;8D SC=:=CWGD:=CWGD=;:L< hA8S=>=;:L< =C 9T= `qJIp zJu 98 CDA GD8;:= 9:@:A:L S>D 8<>89=G:89L< 8< CDA K8?DAf

•

•

•

<'$H2 • • • •

•

•

II

<'$H2,-.-,')%( E% *,-'&,.2%( b $')'-'&,.2%( 0=>?D 98 S>8?U>G::;;:L< 98C ;>8;:G:8=N?8>:9=<;:= K8?=Cf sH:?D K8?=Cf

• • • •

<'$H2,-.-,')%( ('2' E% $')'-'&,.2%( $')'-'&,.2% ( $T<9>DG8 98 ?>=9:Dwif 7=CKD>G=;:D<8A hSD> =C?f :;:D<=C8Aif $8;N8C=A <8N>DCLM:;=A = C=>MD SC=ODf

2:A;D>9=<;:= K8?=Cj '8S>8A88A?>:;;:L< A8C8;?:@= 98C ;>8;:G:8 =<=A?DGDA:A =>?8>:DW=>?8>:=C =>?8>:DW=>?8>:=C R ?>=AS=AD 98 A=8 98 N< M8G8CD =C D?>DQ ;)' "NA&-&5$&) 98 CDA 9DA A:A?8G=A 98 ;:>;NC=;:L< ;:>;NC=;:L< K8?=Cf $8 8^S>8A= ;DGD N<= 9:K8>8<;:= 98 S8AD K8?=C x IEqIYu 8< H=A8 =C S8AD 98C M8G8CD GPA M>=<98f %:8<8 S8D> S>D:=C8A R A: A8 =AD;:= = ')(1 D 00%f &< GD:=C8A 8C LH:?D K8?=C B=>T= bN8 8C K8?D @:@D =ANG= C= ;:>;NC=;:L< 98 CDA 9DAQ bN89=<9D ;D< :9T=;= SD> ADH>8;=>M= 98 @DCNG8< h;D=<9D h;D=<9D bN8 S>8A8= R LH:?D 8< N< VEu 98 CDA ;=ADAi R A8;N8C=A <8N>DCLM:;=A <8N>DCLM:;=A hFEu 98 CDA ADH>8@:@:88@:@:8:=C8Aj A:< G=<8lD 8AS8;TK:;Df 7=<8lD 98 ')(1 A: ;D>>8ASD<98f – 7=<8lD 8< GD:=C8Aj A8 SD9>T= :>NGS:> 8C 8GH=>=OD ;D=<9D 8C >:8AMD 98 GD>?=C:9=9 D G=<8lD ;D@=9D>Q ?8<:8<9D S>8A8:8AMD 98 A8;N8C=A <8N>DCLM:;=Af sH:?D 98 N< K8?D M8G8C=>j .= GN8>?8 98 N< K8?D 8< M8G8C=>8A H:;D>:=C8A ;NC=?D>:=G8;NC=?D>:=G8DQ S8>D B=R >:8AMD 98 00% SD> 9:>NS;:L< SD> ADAS8;B= 98 S=?DCDMT= 98C K8?D A= )(2 SD> C:H8>=;:L< C:H8>=;:L< 98 >8A?DA ?>DKDHCPA?:;DAQ ?>DKDHCPA?:;DAQ 98A98 V A8G=<=A 98ASNUA 98C LH:?Df 0D> D?>D C=9DQ 8< GD:=C8A 8C K8?D @:@D SN898 ?8<8> :9T=;= SD> ADH>8;=>M=Q CD bN8 :GSC:;= GD>H:GD>?=C:9=9 GD>H:GD>?=C:9=9 8C8@=9=f

&7#*'*5" 2& *.%" '(&$,"

– 7=<8lDj A: 8O SNCGD<=>Q G=<8lD ;D@=9D>f FIWFV A8G=<=A A8G=<=A SN898 :A8 G=9N>=;:L< ;D< ;D>?:;D:98A 8 :>NS;:L:D=G<:D<:?:Af •

•

•

$T<9>DG8 98 ?>==@8 98 CDA GDH:GD>?=C:9=9 K8?=Cf 2:A;D>9=<;:= K8?=C ;D< ;:>;NC=;:L< 1"("NA&-&5$010 hND >8;:H8 = ?>=@UA 98 =<=A?DGDA:A =>?8>:DW@8@DC8G:= hSDC:N>:=Q @8l:M= 9:A?8<9:9=Q 0]*Q B:9>DSAi R 8C >8;8S?D> B:SD@DC8G:= hDC:MN>:=Q @8l:M= ;DC=SA=9=Q "]*Q vA?N;r ?c:Deif &C B=CC=OMD GPA 8AS8;TK:;D 8A C= 9:K8>8<;:= 98 @DCNG8< 98 .*Q R 8C GPA S>8;DO C= 9:K8>8<;:= 98 ?>==8?>D8 JEEuf IIWIZ A8G=<=A GN8>8 8C [Euf '=>= AN S>8A88<=l8 =M>8A:@D A8>:=9D hF = V C:?>DA 98 .* S=>= 98A;DGS>:G:> C= ;:>;NC=;:L< R 8@8=> 8bN:C:H>=> C= =<=A?DGDA:Ai D K8?DA;DST= ;D< KD?D;D=MNC=;:L< KD?D;D=MNC=;:L< CPA8> 98 C=A =<=A?DGDA:A hG8 GD>H:GD>?=C:9=9 K8?=CQ =N=?=G:8=< A:M<:K:;=?:@=G8DKN<98 =C D?>D = ?>=@UA 98 =<=A?DGDA:A =>?8>:DW=>?8>:=C8A =>?8>:DW=>?8>:=C8A SC=;8:=Af SC=;8:=Af &C >8;8S?D> ;N>A= ;D< 9:AM8<8A:= 98C B8G:;N8>SD ANS8>:D>Q R SD> ?==OL< <: ;=H8O= hvM8G8CD =;=>9:Dwi R= bN8 >8;:H8 A=8 SDH>8G88A8P :9T=;= SD> ADH>8;=>M=Q B:9>DSA R 0]*Q SD> CD bN8 AN8C8 ?8>G:<=> ;DGD 00% N LH:?Df %:8<8 G=C S>D9L< NGH:C:;=C D :=K8?=C 98C @=AD S>:<;:S=C 98C K8?D =;=>9:D = ?>=@UA 98 =HC=;:L< SD> >=9:DK>8;N8<;:=f >=9:DK>8;N8<;:=f ,8G8CDA KNA:D<=9DA hA:=G8A8Aij ,8G8CDA GD9T= 8 :<;DGSC8?=Q 98ASNUA 98C 9T= JF SDA?WK8;N<9=;:L 8;DM>=KT= bN8 GN8A?>= M8G8CDA bN8 =8^?8D=CQ =N8A 98 HN8< S>D=OD<8A A8S=>=9DAQ 8A?>N;?N>= LA8= :GSD>?==9= R =NA8<;:= 98 G=CKD>G=;:D<8A ;D?= 8C ?L>=^ R =H9DG8< ANS8>:D> SD> CD bN8 ?:8<8< G=C S>D= 98 =C;=<;8 bN:>\>M:;Dp bN:>\>M:;Dp )',0-B20.)( AD< N< ANHM>NSD 98 HN8< S>D?8< ADCD BTM=9Dip 2&.B20.)( hIEuQ ;DGS=>?8< A=;>DQ >8;?D R @8l:M=Q AD< DS8>=HC8AiQ &(NA&B20.)( hYuQ ADCD ;DGS=>?8< S8C@:AQ AD< DS8>=HC8A S8>D ?:8<8< >:8AMD 98 ;DGS>DG:AD A8@8>D 98 ;DCNG<= CNGH=>iQ ;$0'&B20.)( hJuQ S>D:=HC8if – 7=<8lDj :<9:;=;:L< =HADCN?= 98 >8ADCN;:L< SD> ;8AP>8=f

I.) F.3,).2 <%(P&%.

<&,+%&,'( E% ,)+%&&JH-,M) E%2 %$*.&.N' $#2+,H2% ,8G8C=> H:WH: D GDDM>8A:L< 98C S=>?D R 7&6( G=C8Af $: 8C A8MN<9D K8?D S:8>98 C= S>8A8=8=f 2:A?D;:= 98 S>8A8:SC8A D =C?D M>=9DQ ;8AP>8= =:D>Q G=CKD>G=;:L< ;D< :<9:;=;:L< 98 ;8AP>8=f .= ;:;=?>:O 8< G\?:SC8A ƒ F K8?DA 8A ;D>SD>=Cf #:WH: ;D< K8?D 9:A?L;:;Dj FXWF[ A8Gf 7D
<'$H2,-.-,')%( <'$H2,-.-,')%( E%2 H.&+'L 200-(Q H.&+'L 200-(Q S>DC=SAD 98 ;D>9L8A:L< 98C ;D>9L
'&$%'())(s- 2&. )'&)(7(&-%" (-%'*1%&'(-" $8 98K:<8 ')(1 ;DGD N< ;>8;:G:88;:G:8 =C 8AS8>=9D SD> SD?8<;:=C M8 ;N>@=A 98 ;>8;:G:8T= 98 CDA K8?DA ;>8;:8<9D z SJE AD< S8bN8tDA S=>= 89=9 M8A?=;:D<=C h0&,i D ')(1 ;D=;?8>:O=< SD> N< ;>8;:G:8:;DQ A:< =C?8>=;:L< 98C 2DSSC8>f &< M8<8>=C 8A?P 8C =8Af &< )B:C8 A8 NA= C= ?=HC= 7(-$*.Q =N :<;CN:> 9=?DA 98 'A=GDAQ 98 ?U>G:8G=?N>DAp D?>DA ;8DA S>8K:8>8< C= ?=HC= *C=>;L;L89N;8 8A?8 A8AMDf .DA '- ;D< ')(1 ?:8<8< GPA >:8AMD GD>H:GD>?=C:9=9 GD>H:GD>?=C:9=9 <8D<=?=CQ S>:<;:S=CG8:<;:S=CG8>NS;:D<8A 98C 8GH=>=OD z FX A8G=<=A bN8 SN898< >8bN8>:>A8f ]=R =N?D>8A bN8 SC=MD SC=OD SD9>T= :GSC:;=> G=RD> >:8AMD ;=>9:D@=A;NC=>f

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

IF

Q:

<.J(.( -')(+,+J-,').2%( '8S>8A88K:8>8 CC=G=>CDA vS8bN8tDA S=>= C= &,w h0&,if

•

• • •

<.J(.( H2.-%)+.&,.( ;)(J4d H2.-%)+.&,.L H&,)-,H.2 Q:d (?D SC=;8:Df 0=?DCDMT= 98C ;D>9L8@:=f

•

• • •

<.J(.( 4%+.2%( *C?8>=;:D<8A ;>DGDALG:;=Af 7=CKD>G=;:D<8Af %"')]f ,8A?=;:L< G\C?:SC8f

• •

• • •

D,.3

<.J(.( $.+%&).( $T<9>f B:S8>?8L<:;=Aj 270,Q .&$Q $*6Q &')f 28A:;:L< A8@8>=f 2>DM=AQ ?L^:;DAf 6=;?f =GH:8
$DAS8;B= ;CT<:;=j 8A?:G=;:L< 98 S8AD K8?=Cf 2:A;D>9=<;:= *,W&,f -D>G=Cj *1 h;Gi { &, hA8Gi q Vf ]=CC=OMDA 8;DM>PK:;DA 8;DM>PK:;DA ADAS8;BDA 98 ')(1j G=CKD>G=;:D<8A K8?=C8AQ 0]* hA: 8C K8?D 8A A:GU?>:;DQ D>:8T= K8?=C hS8>TG8?>D =H9DG:<=C 9:AG::8:=iQ SC=;8:=iQ 8A?=<;=G:88;:G:8=KT=A A8S=>=9=A SD> x JVqIJ 9T=Af 68?D z SJE A:< 6'j A8MN:G:8PK:;D 8< JVqIJ 9T=Af 68?D z SJE ;D< 6' D 8A?=<;=G:88;:G:8=A A8MN:G:8 G=C ;D< S8AD z SJEj K8?D 0&,f – 2DSSC8> =C?8>=9Dj A8 B=HC= 98 ')(1 @8>9=98>Df $8 =C?8>= GN;BD =
•

•

•

•

I.)

2DSSC8> 98 =>?8>:= NGH:C:;=Cj G=CG88A:A?8<;:= SD> G=C= SC=;8=9D GPA A8@8>D 98 CD =:D> 8A 8C KCNlD >8@8>AD 8< 9:PA?DC8 h6'2if 2DSSC8> 98 =>?8>:= ;8>8H>=C G89:= h*)7ij .= @=AD9:C=?=;:L< ;8>8H>=C ;DGS8:= D;N>>8 8< B:SD^:= K8?=C ;>L<:;=f $: S>D :AbN8G:= ;8>8H>=Cf 2N;?NA @8= @=CD>=> C= KN<;:L< ;=>9T=;= K8?=Cf .= =C?8>=;:L< 98 C= D<9= = 98 ;D=;;:L< =N>:;NC=> hG=CG88@8>ADi R C= SNCA=?:C:9=9 98 C= @8<= NGH:C:;=C SD> >8KCNlD 98A98 C= =N>T;NC= = ?>=@UA 98C 2o :<9:;=< SU>9:9= 98 C= ;=S=;:9=9 ;DP;?:C 98C ;D>=OL< K8?=CQ K=CC= ;=>9T=;= 98>8;B=f %:8<8 G=C S>DDM>8A:@=Aj S>:G8>D NGH:C:;=CQ CN8MD @=AD9:C=?=;:L< ;8>8H>=CQ =C?8>=;:L< @89:9= 98 C= @=AD9:C=?=;:L< ;DGS8:= ;DGS8:= ;8>8H>=Cf

<&,+%&,'( E% R'(H,+.2,N.-,M)L R'(H,+.2,N.-,M )L '8C=?:@DAf $: B=R SDA:H:C:9=9Q SDA:H:C:9=9Q ;DDC=> 98 KD>G= =GHNC=?D>:=f 08AD z SIQ =C?8>=;:L< 98C 2DSSC8> 98 =>?8>:= NGH:C:;=CQ ::= =AD;:=9= = S>88;C=GSA:= S>88;C=GSA:= D S=?DCDMT= G=?8><= h270,Q .&$Q $*6Q &')iQ G=C :<;>8G8=C 8< ;DDC8A =GHNC=?D>:DA hGT<:GD IEE M>kA8G=<=if '8=C:O=> 2DSSC8> K8?=C 9DA @8;8A SD> A8G=<=f &;DM>=KT= ;=9= I A8G=<=Af •

•

<&,+%&,'( E% ,)+%&&JH-,M) %) :<;C K%&E.E%&'L 7=9N>=> ;D< ;D>?:;D:98A A: ;D>>8ASD<98f /YeUW (%$ /Ve/Y (%$ S /V (%$

:<;C S HXL :>NGS:> HXL :>NGS:> = C=A F[ A8G=<=Af S HTWL VE HTWL VE A8G=<=Af )>8;:G:8kA8GiQ "]*Q B:SD^:= h%%) h|i D 0#6 z ZkJE >8S8?:9Dif 2DSSC8> ;D< 6*2 D 6'2f :<;C S HVL :>NGS:> HVL :>NGS:> = C=A FX A8G=<=Af ]:SD^:= h0#6 z VkJE ;D< "]*if ;)+%&&JH-,M) ,)$%E,.+.L 2o >8@8>ADQ SNCA=?:C:9=9 98 @8<= NGH:C:;=Cf

$/-2'"7&$ ](0&'%&-$(o"$ 2&. &7#*'*5" $8 S>8A8=ODAQ A:8<9D C= ;DGSC:;=;:L< ;DGSC:;=;:L< GU9:;= GPA K>8;N8=OD R C= S>:<;:S=C ;=NA= 98 GN8>?8 G=?8><= 98 ;=NA= DHA?U?>:;= 8< )B:C8 hC= S>:G8>= AD< C=A 8G89=98A G=?8><=A ;DGSC:;=9=A ;DGSC:;=9=A SD> C= M8A?=;:L>DCC=< SD> ==<=A 98 C= :<@=A:L< ?>DKDHCPA?:;= 98 C=A =>?8>:=A 8AS:>=C8A 98 C= SC=;88ANC?=< 8< B:SDS8>KNA:L< R = @8;8A B:SD^:= 8 :AbN8G:=f $8 A:8A =<=j @=AD;D:;;:LG8=H:C:9=9 ;=S:C=>f &A?D S>D@D;= B:S8>?8D?8::=f .= ?>T=9= K:A:DS=?DCLM:;= ;CPA:;= 8A B:SD@DC8G:=Q B8GD;D<;8=;:L< R @=AD8AS=AGDf $]& =NG8:8AMD 98 GD>H:GD>?=C:9=9 S8>:<=?=C SD> 98AS>8<9:G:88A?>:;;:L< 98C ;>8;:G:88G=?N>8Of

IV

&7#*'*5" 2& *.%" '(&$,"

Q:

<25)

]:A?D>:= S8>AD<=C D K=G:C:=> 98 S>88;C=GSA:=Q S>:G:M8A?=AQ 8GH=>=ODA G\C?:SC8AQ M8A?= ?=>9T= hG=9>8 ƒ FY =tDAiQ ADH>8S8ADQ ;D<9:;:D<8A GU9:;=A S>8@:=A h]%* ;>L<:;= D S>8B:S8>?88B:S8>?8=A ?>DGHDK:C:=AQ &')if &C ?=H=bN:AGD ?=H=bN:AGD $"1A;" 8C >:8AMDf 0D;DA 98 8A?DA 6' AD< GD9:K:;=HC8Af GD9:K:;=HC8Af *98GPA ?=GSD;D SN898< S>898;:> ;D>DCC=>P< 98A=>>DCC=>P< N< $]&Q SD> CD bN8 98H8 ?DG=>A8 0* R S>8MN SD> ;CT<:;= 8< ;=9= ;DDC S>8<=?=Cf %=GSD;D B=R S>N8H=A 9:=M89:M=< N< $]&f •

0>88;C=GSA:= 0>88;C=GSA:= h0&ij ]:S8>?8D?8::= hƒ FEE GM 8< IV BD>=Ai bN8 :<:;:= 98ASNUA 98 C=A IE A8G=<=A 98 M8A?=;:L< 8< S=;:8GD?8:A:A B:S8>?8=9=A )>8=?:<:<8G:= ]8GD;D<;8=;:LDA:AQ ?:<<:?NAQ ;8K=C8= x J GMk9.Q B:S8>N>:;8G:= hƒ Y :<;=S=;:?=>8KC8^:=Q 9DCD> B:SD;D<9>:D ?>DGHD;:?DS8<:= GMk9.iQ .2] x ZEE 98>8;BDQ DC:MN>:= z YEE G.kIV BQ 898G= SNCGD<=> hz JEE ‡k….iQ 1k.Q S>D?8::= 8< =MN9DQ =NG8= =:AC=9= ')(1 98 ;=NA= SC=;8:= hƒ JEE GMk9.i 0>D?8::= ƒ Y M>k9. 8< IV BD>=A ?:8<8 @=CD> ;DD@8>A:=C ;DGD ;>:?8>:D 98 A8@8>:9=9f B9 $'E%&.E.L =NA8<;:= $'E%&.E.L =NA8<;:= 98 ;>:?8>:DA 98 A8@8>:9=9f

• •

•

•

I.)

&;C=GSA:= h&).ij $T<9>DG8 ;D<@NCA:@D D ;DG= 98H:9D = S>88;C=GSA:=f ]&..0j ]8GLC:A:A hB:S8>H:C:>>NH:<8G:= :<9:>8;?=Q 8AbN:A?D;:?DA 8< K>D?:AiQ 8DGHD;:?DS8<:= hz JEEfEEEk….if .= ;CT<:;= ;=>=;?8>TA?:;= ;=>=;?8>TA?:;= 8A 8C 9DCD> 98 B:SD;D<9>:D 98>8;BD R C= 8S:M=A?>=CM:= SD> 9:A?8 B8SP?:;=f *CMN=< ;DGD N<= 0& A8@8>= =N8C=;:L< 8A ;DD@8>A:=C SN8A B=A?= IEu D?8::=f S>D?8::=f 0N898 S>D@D;=> ;D=MNC=;:L< :=@=A;NC=> 9:A8G:<=9=f 9:A8G:<=9=f ]%* ;>L<:;=j 0*$ ƒ JVE D 0*2 ƒ È GG]M S>8A8 S>88;C=GSA:= ADH>8=M>8M=9= A: =S=>8;8 S>D?8::= 98ASNUA 98 C=A IE A8G=<=Af 7Nl8>8A ;D< S>D?8::= S>8@:=j 8GS8D>=G:88A:A?8<;:= 98 C= ]%*Q ;CT<:;= 98 0& A8@8>=f ]%* ?>=:=j ]:S8>?8D?8::= :?Df -D A8 =AD;:= = GD>H:GD>?=C:9=9 S8>:<=?=C <: = B:SD^:= K8?=C h')(1k"]*iQ S8>D AT = 98A=>>DCCD SDA?8>:D> 98 ]%* ;>L<:;=f

?%(+.-,M) S VW (%$.).( i G8=L &A?N9:D G8=L &A?N9:D R G=<8lD =GHNC=?D>:D ;DGD ]%* ;>L<:;=f 0* G8?=j JVEkÈ GG]Mf 2:8?= B:SDAL9:;=f 2>DM= 98 8C8;;:L8A hC=H8?=CDCQ =?8>NS;:L< 98 8GH=>=OD =8 G8=L '8bN:8>8 8A?N9:=> ;D< S>D?D;DCD $]& R DHA8>@=> SD> ƒ Z BD>=Af B&'+'-'2' 7G9L B8GDM>=G=Q 7G9L B8GDM>=G=Q B8GDMCDH:<=Q >8;N8N8H=A 98 ;D=MNC=;:L8=?:<:<=Q <:?>LM88:;DQ A89:G8:<=>:DQ P;:9D \>:;DQ .2]Q S>N8H=A B8SP?:;=AQ S>D?8::= 8< GN8A?>= =:AC=9=Q S>D?8::= 8< IV BD>=Af

.= \<:;= :@8<;:L< ;=S=O 98 K>8<=> 8C 98A=>>DCCD 98 CDA $]& 8A C= ,)+%&&JH-,M) E%2 %$*.&.N'L 0& GD98>=9=j FXWF[ A8G=<=Af 0& A8@8>=j FVWFY A8G=<=Af 0>8A8<;:= 98 ;N=9>DA M>=@8A hƒ F ;>:A:A B:S8>?8:A:A >8K>=;?=>:= = ?>=?=G:8:= S8>A:A?8>NGS:> :<98S8<9:8
• •

I.)%[' E% B9 (,) -&,+%&,'( E% ,)+%&&JH-,M)L &< M8<8>=C A8 B=;8 ;D< C= S=;:8GDAL9:;Df '8S8?:> S>D?D;DCD $]& ;=9= I 9T=A 8< 0&$ D X 8< 0&7f o:M:C=<;:= K8?=C ;D< 0#6 D 2DSSC8> ;=9= I D X 9T=A A8M\< M>=@89=9f ,8A?=;:L< z FV A8G=<=Aj G=9N>=;:L< SNCGD<=> ;D< ;D>?:;D:98Af )CT<:;= <8N>DCLM:;=j <8N>DCLM:;=j =9G:<:A?>=;:L< =9G:<:A?>=;:L< 98 ANCK=?D 98 G=M<8A:D VWY M 8@ 8< FE G: BD>= B=A?= IV B>A SDA?S=>?D S=>= 8@:?=> 8;C=GSA:=f 8;C=GSA:=f – 7= G=M<8A8G:= VW[ G&bk.f -:@8C8A x JE G&bk. A8 =AD;:=< = 98S>8A:L< <8N>DCLM:;=Q >8AS:>=?D>:= R S=>D ;=>9:D>>8AS:>=?D>:D A: x IY G&bk.f $: B=R A:M
•

• •

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

IY

•

0*2 ƒ JEE GG]Mj G8?:C9DS= IYE GM ;kJI B D>=Cf *lNA?=> C= 9DA:A ;=9= V[ B B=A?= YEE GM ;kZ B S=>= G= 0*2 88 [E R È GG]M h@=CD>8A G88A ;=NA=< B:SDS8>KNA:L< SC=;8:=if SC=;8:=if

*CMNDA SC=:D 98 0&7 A: C= G=9>8 R 8C K8?D A8 8<;N8=< 8< HN8<=A ;D<9:;:D<8AQ HN8<= ;DGS>8DHC8G= R =9B8>8<;:= =C ?>=?=G:8DC8A 8< SDC:;CT<:;D SDC:;CT<:;D 98 =C?D >:8AMD J = I @8;8A SD> A8G=<=f ]DAS:?=C:O=> ]DAS:?=C:O=> =>NS;:L8 H&%%-2.$H(,.L $:8GS>8 BDAS:?=C:O=> ;D< '#-& ;D:A:A B:S8>?8DC=> 0*f $: B=R ;D=:<9:;=;:L< S=>= yWHCDbN8D h=AG=Q HCDbN8D *oiQ C= A8MN<9= 8C8;;:L< 8A <:K89:S:DC 98 ;D<@NCA:D<8A ;D< ANCK=?D 98 G=M<8A:D VWY M 8@ 8< FE G: BD>=f .=A H8?= AD< C= A8MN<9= CT<8= 98 ?>=?=G:88K>=;?=>:89=9 = G=M<8A:Df )D< S=;:8>NGS:> 8C 8GH=>=ODf ]&..0j (>NS;:L< (>NS;:L< 98C 8GH=>=ODf 7=<8lD 98 ADSD>?8 98 C= ;D=MNCDS=?T= 8< 1)( ;D< B8GD98>:@=9DAf %>=89N;8 9=tD B8SP?:;Df

•

•

•

B&%K

~;:9D =;8?:CA=C:;TC:;D JEE GMk9 88 C=A JJ R FV A8G=<=A 8< GNl8>8A ;D< 6' >89N;8 8C >:8AMD 98 0&Q GD>H:GD>?=C:9=9 S8>:<=?=CQ S8>:<=?=CQ ;8AP>8= R '- 0&,f 7=<8lD :;:D<=C 98C ADH>8S8ADf

2(*#&%&$ 7&..(%1$ &- &. &7#*'*5" *S>D^:G=9=G8D^:G=9=G8=O=9=A ?:8<8 27 9N>==ODQ A:8<9D GPA S>8@=C8 89=9 G=?8><=f JEu ?:8<8 27 S>8M8A?=;:D<=C h270,i R 8C Èu >8A?=>DCC= 9N>=:G8A?>8 h98A98 IVWI[ A8Gif 2N>=:G8A?>8 =NG8:KU>:;D 98 MCN;DA= SD> A8;>8;:L< 8C8@=9= 98 ::= = B:S8>SC=A:= B:S8>SC=A:= 98 ;UCNC=A y 8< 8C SP<;>8=A :<9N;:9= SD> S>DM8A?8>D<= R 8A?>LM8 8A?D ?:8<8< MC:;8G:=A G88A hXEW[E GMk9.if &< 8C Ia ?>:G8A?>8Q C=A BD>GD<=A SC=;8:=A hS>::DQ SC=;8:DQ =98GPA S>DC=;?:<= R ;D>?:ADCi S>D@D;=< >8A:A?8<;:= = := 27, A8 S>D9N;8 B:S8>MC:;8G:= G=?8><= R K8?=C R UA?= ;=NA= B:S8>:8A 98 ;>8;:G:8DADGT= K8?=C hS8AD x VEEE M>Q >:8AMD 98 ?>=NG= DHA?U?>:;D R B8GD>>=M:=A SDA? S=>?DiQ =C?8>=;:D<8A G8?=HLC:;=A G8?=HLC:;=A < hB:SDMC:;8G:=Q B:SD;=C;8G:=Q SDC:MCDHNC:=‹i R =NG8:8AMD 98 G=CKD>G=;:D<8A ^<;Fc G:D;f ^<;Fc G:D;f B:S8>?>LK:;=Q B:S8>?>LK:;=Q >8M>8A:L< ;=N9=CQ 9NSC:;=;:L< N>8?8>=Ci R 98 $]&f 27, 8A 6' S=>= 98A=>>DCC=> CN8MD 27 ?:SD If *C >8@UA 98 C= 27,Q C= 270, SN898 8^S>8A=>A8 ;DGD ')(1 SD> 9=tD G:;>D=
"H8A:9=9Q =8A:A?8<;:= = C= :DADGT= D 27, 8< B:lD S>8@:DQ = K=G:C:=> 98 27Q GNl8>8A C=?:<=Af • •

•

I.)

IZ

0>:G8> ;DDCj MC:;8G:= 8< =RN<=Af ƒ JEY GMk9. $"2"#&10 f 0%," >N?:<=>:=G88 È R JEV GMk9. D A: B=R =AD<=C8A D K=G:C:=>8A 98 27Q S8>AD<=C8A 98 27,Q DH8A:9=9 D GD>?=C:9=9 K8?=C :<8^SC:;=9= h>8=C:O=> = C=A JIWJV A8G=<=Ai – ƒ JVE GMk9. I BD>=A SDA? ;=>M= 98 XY M> 98 MCN;DA=f – $: 0%," IVWIZ A8G=<=A 8A G=CQ >8S8?:> = C=A FIWFV A8G=<=A A: S8AD K8?=C x SÈ D 0]*f ,C:;8G:= ƒ IEE GMk9. 8< ;N=CbN:8> GDG8=ODf

D,.*%+%( H&%3%(+.-,').2L 1AD S>8;D<;8S;:D<=C 98 P;:9D KLC:;D hY GMk9if )DDC G8?=HLC:;D LS?:GD 9N>=DC=9D ;D< ]H*J;f &;D;=>9:DM>=KT= K8?=C 88 C=A IVWI[ A8G=<=A S=>= 8@=CN=> ;=>9:DS=?T=A ;DA8 ;D< :=C8A hG8?KD>G:<=Q MC:H8<;C=G:9=i MC:H8<;C=G:9=i ;D< A8MN>:9=9 9N>==OD A: A8 B=< :<:;:=9D S>8@:=G8
&7#*'*5" 2& *.%" '(&$,"

D,.*%+%( 3%(+.-,').2L 2:=M8;D<;8S;:D<=C 98 P;:9D KLC:;D hY GMk9if &;D;=>9:D K8?=C IVWI[ A8G=<=A A: ]H*J; x ZQYuf 7=<8lD 9:8?=>:Dj Èu 98 C=A S=;:8=< HN8< ;DDC G8?=HLC:;D ;D< 9:8?= H=A=9= 8< ?>8A ;DG:9=A 98 ;==9= R I = V ;DC=;:D<8Af '8A?>: =O\;=>8A A:GSC8Af – FEWFY r;=CkrMk9 A8M\< S8AD :98=CQ J[EWIEE M> 98 B:9>=?DA 98 ;=>HDDC ;D< MC:;8G:= ;=S:C=> S>8 R J B SDA?S>=<9:=C ;=9= I A8G=<=A h:98=C S>8S>=<9:=C XEWÈ GMk9.Q GP^:GD JEY GMk9.p J B SDA?S>=<9:=C JVE GMk9.p I B SDA?S>=<9:=C JIE GMk9.if $: DC G8?=HLC:;D ;D< G=<8lD 9:8?=>:DQ BDAS:?=C:O=> BDAS:?=C:O=> ;D< GD<:?D>8D 98 MC:;8G:= ;=S:C=>f $: S8>A:A?8 =C?8>=9D 8< 8C BDAS:?=C :<:;:=> G=<8lD ;D< :8D 98 MC:;8G:= ;=S:C=> 8< NAN=>:=A 98 :GDS8ADQ EQYqEQX 1krM 8< DH8A=Af IkF G=?:<=C R JkF MC:;8G:= ]:S8>MC:;8G:= 98 =RN C= 9DA:A 98 -0] <=f ]:S8>MC:;8G:= ]:S8>MC:;8G:= SDA?S>=<9:=CQ =NG8 C= 9DA:A 98 () S>8S>=<9:=C hJWJQY 1krMif ]:SDMC:;8G:==C8A SN898< A8> H8<8K:;:DADAQ S8>D 8< )B:C8 A8 NA=< SD;Df $8 >8;DG:8<9= :<:;:=> ADCD A: CDA 8A?=H= NA=<9D S>8@:D =C 8GH=>=ODf 0>8S=>?D 8< NAN=>:=A 98 : 9DA:A G=?:<=C -0]f $N8>D MCN;DA=9D Yu hJIY G.kBif (=S=>?D 8< NAN=>:=A 98 := MC:;8G:= XEqJIE GMk9.f • •

•

•

• •

<&,+%&,'( E% ,)+%&&JH-,M) %) DI #N8< ;DDC G8?=HLC:;D 7=C ;DDCp <8;8A:9=9 98 :
•

DI H&%3%(+.-,'). 2 F[ A8G=<=A FZ A8G=<=A 2=tD L>M=
DI 3%(+.-,').2 VE A8G=<=A FXWF[ A8G=<=A 7=;>DADGT= D $]&j FXWF[ A8Gf

0DA?S=>?D 8< NAN=>:=A 98 :D MCN;DA=9D Yu JIYqIEE G.kB SD> Z BD>=Af ' 8:<:;:=> 8:<:;:=> :=C = C=A Z BD>=Af 2:8?= A:< >8A?>:;;:L< 98 MCN;DA=f -D >8bN:8>8< :?Df 0%," Z A8G=<=A SDA? S=>?D S=>= 98?8;;:L< 98 27 D >8A:A?8<;:= = :
]&0*%"0*%/*$ &- &. &7#*'*5" )".&$%*$(* (-%'*]&0~%()* 2&. &7#*'*5" 0=?DCDMT= B8SP?:;= GPA K>8;N8=O=9=f ]= 9:AG: ;DDC S>8<=?=Cf *C S=>8;8>Q AN 98A=>>DCCD A8 >8C=;:D<=>T= = CDA <:@8C8A 98 8A?>LM88A 9N>==ODQ G=C:OP<9DA8 SDA? S=>?Df &C 8K8;?D 8A N<= =;NGNC=;:L< 98 A=C8A H:C:=>8Af .DA P;:9DA H:C:=>8A SN898< ;=NA=> @=AD;D:;;:L< SC=;8:=Q B:SD^:=Q $2'Q 8^SNCA:L< 8^SNCA:L< 98 G8;D<:Df *98GPA B=R >:8AMD =NG8?D 98 S>8?U>G::G8A?>8Q A:< 98?8>:D>D S>8@:D 98 C= 160f 2:K:;NC?= 8C ;DDC MC:;UG:;D A: A8 =AD;:= = 27,f 6'j *AD<=C D K=G:C:=> 98 )(&Q 8GH=>=OD G\C?:SC8Q 8?<:= G=SN;B8Q :<@:8>
<25),-'L H&J&,+' S8>A:A?8DG:AD S=CGDWSC=Q 98 S>89DG:<:D :;:= ADCD 8< JEu 98 C=A S=;:88;8 8ASD?Df 0>N8H=A B8SP?:;=A G=C8A D C8@8G8H:C:>>NH:<8G:= hB:S8>H:C:>>NH:<8G:= 98 S>89DG:<:D 9:>8;?DQ ;=A: A:8GS>8 z F GMk9.iQ 8;DM>=KT= B8SP?:;= G=Cf .DA 8^PG8<8A ?:8<8< @=CD> S=>= 8C 98A;=>?8 98 9:=M8<;:=C8A hS=?DCDMT= H:C:=>Q B8S=?:?:AQ B8GLC:A:AQ 9=tD B8SP?:;D SD> 9>DM=Aif )(& A8@8>=j S>8A8<;:= 98 :;?8>:;:= D ;DCN>:=Q S>8A8?:<=?D SD> )(&Q .* ;D< G8;D<:DQ AT=OD M8G8C=>Q ;DGD>H:C:9=9 A8@8>=f )(& GD98>=9=j A:< ;>:?8>:DA 98 A8@8>:9=9f •

•

I.)

• •

• •

7D<:?D>8D A8G=<=C 98 C= N<:9=9 K8?DWSC=;8:= K8?DWSC=;8:= ;D< '#-& D 0#6Q >8SDADQ 9:8?= B:SDM>=A=f 7=<8lD A:N>:?Dj ;CD>K8<=G:<=f ;CD>K8<=G:<=f P;:9D N>AD98D^:;LC:;D h=NG8G8=H:C:9=9 S8>G8=H:C:9=9 98C B8S=?D;:?D R G8lD>= 8C KCNlD H:C:=>iQ ;DC8A?:>=G:<= h>89N;8 ;:;CD 8DWB8SP?:;Dif 8DWB8SP?:;Dif ]DAS:?=C:O=;:LN>:?D :<@=C:9=H:C:9=9 ;DGD>H:C:9=9 DHA?U?>:;= :GSD>?=>NS;:L< 98C 8GH=>=ODj 8@:?=> 8C NAD 98 G:ADS>DA?DC SD> >:8AMD 98 ?=bN:A:A?DCT=f &< )(& =<:;?U>:;=j =<:;?U>:;=j F[ A8G=<=Ap 8< )(& :;?U>:;=j FZ A8G=<=A ;D< G=9N>=;:L< SNCGD<=> ;DGS>DH=9=f

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

IX

]/,*2" ,'*$" *,12" 2&. &7#*'*5" 0=?DCDMT= >=>= S8>D M>=@8 ;=>=;?8>:O=9= SD> :=;:L< G:;>D@8A:;NC=> M>=A= 98C BTM=9Df ";N>>8 ?TS:;=G8=;8> ?>:G8A?>8f 6'j 8GH=>=OD G\C?:SC8Q G\C?:SC8Q G=9>8 98 H=lD S8AD h(7) z IEif D,.3

I.)

-PNA8=AQ @LG:?DAQ 8S:M=A?>=CM:=Q =8^:=Q :;?8>:;:=f $8 =AD;:= 8< YEu 98 CDA ;=ADA = S>88;C=GSA:=f )DGSC:;=;:D<8Aj K=CC= B8SP?:;= =MN9=Q :=9D :==H9DG:<=CQ 9:=H8?8A :==:=HC8 hB=A?= JEEE 1k.iQ B:SDMC:;8G:= SD> K=CC= B8SP?:;=Q ;D=MNCDS=?T= ;D=MNCDS=?T= 98 ;DDGHD;:?DS8<:=iQ h?>DGHD;:?DS8<:=iQ K=CC= >8<=Cf ]=R M>=< ANS8>SDA:;:L< 88 8C BTM=9D M>=AD =MN9D R 8C AT<9>DG8 98 ]&..0Q A:8<9D = @8;8A :GSDA:HC8 98 9:K8>8<;:=>f • •

&A?=H:C:O=;:L< G=?8><= 8< 1)(j ?>=?=G:8?8 98 B8GD98>:@=9DAf (>NS;:L< 98C 8GH=>=OD 98 8G8>M8<;:=f .= G=RD>T= 98 C=A S=;:88@:@8 A:< A8;N8C=Af

]&0*%(%($ o('*.&$ G%H.+,+,( =L *N:G8>= ;=NA= 98 B8S=?:?:A @:>=C 8< SDHC=;:L< SDHC=;:L< M8<8>=CQ 8A SD;D K>8;N8=O=9=Af -D A8 =AD;:= = G=RD> >:8AMD DHA?U?>:;Df &C @:>NA SN898 =?>=@8A=> C= H=>>8>= SC=;8:= S8>D =9D : CD bN8 8C G=<8lD 8A A:G:C=> =C 98C >8A?D 98 CDA =9NC?DAf G%H.+,+,( 1L -D A8 =AD;:= = G=RD> >:8AMD DHA?U?>:;D 8< SD>?=9D>=A ;>L<:;=AQ S8>D C= B8S=?:?:A =MN9= SD> o]# AT A8 =AD;:= = S=>?D 98 S>8?U>G:=?:;=Cj @8>?:;=Cj 8^:A?8 >:8AMDQ S>:<;:S=CG8=?D h[YuQ JYu >8A?===ODif .DA '- ::8AMD 98 ;>D<:;:9=9 98C Èuf -D B=R >:8AMD ;D< C= C=;?=<;:=f [) A8 B= 98GDA?>=9D bN8 C= ;8AP>8= >89NO;= 8C >:8AMD 98 ?>=?:;=C 98 o]#f – &C G=>;=9D> 98 :?=8A 98 >:8AMD hS>DG:A;N:9=9 A8^N=CQ ;D?=9D> 98 o]#Q NAD 98 9>DM=A 8<9D@8DCDMT=j A8 NA= ]HA*M R= bN8 ]H8*M ?:8<8 N<= @8?=f – &< S=;:8G:<=>A8 ]H8*M S=>= ;D 8C >:8AMD 98 ?>=?:;=Cf @8>?:;=Cf 7=<8lD 98C '- 98 G=9>8 ]HA*M h|ij – 0>DK:C=^:A =;?:@=WS=A:@=j o=;N<= =D 9DA:Aj z JI BQ G8A8A JQ I R Z h8< '- z IEEE M>Q =98GPA 8< G8A8A I R Fip =AD;:=9D = (M ==A 98 <=;:G:8==OD 8A A8MN>= 8< G=9>8A ]HA*M hqiQ S8>D ?8 98 N< S>DM>=G= >N?:<=>:D 98 ;DDCf •

•

G%H.+,+,( ==:=f &A >=>= C= ::<=?=CQ S8>D 8C >:8AMD 8A G=RD> 8< G=9>8A ;D< '-* o]) h|i =C GDG8?D D 8< ;D:=;:L< =;8>;= 98C >DC S>D?8;?D> 98 C= ;8AP>8= S=>= C= ?>=8;N8L<:;D R =A: 98?8;;:L< 98 '-* o]) SD> 0)'f G%H.+,+,( 9L &S:98G:DCDMT= A:G:C=> =C o]* hS>8A8==Cif &< :=;8> ?>:G8A?>8 ?:8<8 N< =C?D >:8AMD 98 GD>?=C:9=9 hIEWVEui SD> K=CC= B8SP?:;= =MN9=f

&-6&'7&2*2 ]&7"./%()* 0&'(-*%*. .=A G=9>8A 'Bhqi bN8 ;D< M8A?=;:L< K:<=C:O=9= K:<=C:O=9= D =HD>?=9= 98 N< K8?D 'Bh|i D A8 B=< 8^SN8A?D SD> =CM\< D?>D GD?:@D = A=8 'Bh|i ?:8<8< >:8AMD 98 98A=>>DCC=> =SDA =SDA ==AS=AD 98 ?=< ADCD EQJ G. 98 A=8 'Bh|i B=;:= N<= G=9>8 'Bhqi SN898 A8> ANK:;:8= A8C=f A8C=f &< N< S>:G8> GDG88=< (M7 bN8 SD> AN ?=G=tD =@8A=> C= SC=;88;8< (M,Q bN8 AT C= ?>=AS=A=8A A88A8 8G89=9 B8GDCT?:;= B8GDCT?:;= S8>:<=?=C h&]0i SD> S=AD 98 =SDA G=?8> C8?=C D =AD;:=>A8 = M>=< GD>H:C:9=9 K8?=C hB:SD^:=Q =<8G:=Q :9T=;=Q B:S8>H:C:>>NH:<8G:=Q B:9>DSA d=;NGNC=;:L< 98 CTbN:9D 8< GPA 98 N<= ;=@:9=9 K8?=Ceif

I[

&7#*'*5" 2& *.%" '(&$,"

.= A8>:> 8< ;N=CbN:8> M>NSD A=8;N8 :<;DGS=?:H:C:9=9 98 M>NSD *#" hIkF 98 CDA ;=ADAQ C= G=RD>T= ANH;CT<:;DAiQ R JkF >8A?= 8C =DSD>;:L< >8ASD<98 = A8 D?>DA M>NSDAf 28ASNUA 98 C= :D9N;;:L< 98 C= S>8@8<;:L< 98 &]0 A8 B= ;D<@8>?:9D 8< N<= 8=>=f Q:

7=9>8 'Bhqi R S=>8l= 'Bh|iQ GNC?:S=>:9=9Q S=>?D @=M:<=CQ G8?>D>>=M:= 98C 8GH=>=OD h=HD>?DQ 200-(Q SC=;88@:=iQ S>D;89:G:8D;89:G:8:;DA h;8AP>8=Q =G<:D;89D;8DM=A 8<9D@8
I.)

<')+&'2 H&%).+.2L * ?D9= 8GH=>=O=9= 98H8 ADC:;:?=>A8 8< 8C S>:G8> ;DDC M>NSD A=8;?D h:<98S8<9:88A 'BhqiQ ADC:;:?=> M>NSD R 'B 98 C= S=>8l=f 7=9>8 'Bhqi ;D< S=>8l= 'Bhqij 8bN:8>8 G=RD> ;DDCf 7=9>8 'Bhqi ;D< S=>8l= 'Bh|ij A8MN:G:8:8AMDf 7=9>8 ;D< )DDGHA :<9:>8;?D h|ij :<9:;= A8 8< SDC:;CT<:;D 98 =C?D >:8AMDf 1< )DDGHA :<9:>8;?D ;D< 'Bh|i A:M<:K:;= A8DA M>NSDA A=
I.)%[' E% %$*.&.N.E. :Rê_ E% H.&%[. :Rî_c )' (%)(,*,2,N.E. ^<''$*( ,)E,&%-+' )%3.+,K'_L 0>DK:C=^:A ;D< (M ==< IYEWFEE …M :=GNA;NC=>8AQ ANK:;:8= <8N?>=C:O=> IYWFE G. 98 A=8 'Bh|i 8< C= ;:>;NC=;:L< G=?8><=f – (<9:;=;:D<8Aj (<9:;=;:D<8Aj 78?>D>>=M:= 98 C= S>:G8>= G:?=9 98C 8GH=>=OD h=HD>?D x X A8G=<=AQ 8GH=>=OD 8;?LS:;DiQ G8?>D>>=M:= 98 C= A8MN<9= G:?=9 98C 8GH=>=ODQ ?>=NG= =H9DG:<=CQ S>D;89:G:89D;8:=Cif – &< ;=AD 98 G8?>D>>=M:= 98 C= A8MN<9= G:?=9 h200-(Q SC=;88@:=i D =HD>?DQ 98H8 98?8>G:<=>A8 C= ;= = =9G:<:A?>=> ;D< ?8A? 98 ‡C8:B=N8>W#8?r8f ‡C8:B=N8>W#8?r8f $DC:;:?=> 8;?D = C=A I[qFI A8G=<=A = C= G=9>8 'Bhqi 8;?D hqi = C=A I[qFI A8G=<=A 8< G=9>8 A:< S>DK:C=^:Af $: 8;:H8 S>DK:C=^:A S>DK:C=^:A ?8<:8<9D :<9:;=;:L ;D< )DDGHA :<9:>8;?D ;=9= V A8G=<=Af 0DA? S=>?D : M>NSDQ 'B R )DDGHA 9:>8;?D =C '-f (<9:;=;:L8;?D hqiQ =9G:<:A?>=> IVWXI B SDA? S=>?D =N 8K8;?D B=A?= V A8G=<=A SDA? S=>?Df – $: A8 ADAS8;B= B8GD>>=M:= ?>=:=Q ?>=:=Q >8=C:O=> ?8A? 98 ‡C8:B=N8>W#8?r8f

•

•

• •

&C >8A?D 98 CDA ;=ADA hG=9>8 'Bh|iQ G=9>8 'Bhqi A88 'Bhqi ;D< S=>8l= D B:lD 'BhqiQ G=9>8 'Bhqi ;D< B:lD 'Bh|i S8>D )DDGHA 9:>8;?D h|ii') ?:8<8< :<9:;=;:L< 98 S>DK:C=^:Af I.)%[' E% %$*.&.N.E. :Rê_ E% H.&%[. :Rî_c (%)(,*,2,N.E. ^<''$*( ,)E,&%-+' H'(,+,K'_L '8S8?:> )DDGHA :<9:>8;?D ;=9= IqF A8G=<=Af – %T?NCD „ JkJZj A8MN:G:8PK:;D ;=9= V A8Gf 88 JZ R FI A8GfQ S=>?D = C=A VE A8Gf – %T?NCD ƒ JkFIj S>D;89:G:8= 8A?:G=> 8C M>=9D 98 =<8G:= K8?=Cf &A?:G=;:L< &A?:G=;:L< 98 =<8G:= K8?=Cj =G<:D;8= 8AS8;?>DKD?DG8?>T= 8AS8;?>DKD?DG8?>T= 98 .* R G89:;:L< 98 @8CD;:9=9 GP^:G= GP^:G= 98 *)7 =C 2DSSC8> hIEqIV A8G A: B=R ?T?NCDA ƒ JkJI[ D =H:GD>?=C:9=9 GD>H:GD>?=C:9=9 S8>:<=?=Cp I[ A8G=<=A =C >8A?Dif – 28 8AS8;?>DKD?DG8?>T= 98C .* DH?8<:9D SD> =G<:D;8= C= 2" = VYE 8A OD<=Af 5D<= *j =K8;?=;:L< C8@8f 5D<= #j ;DGS>DG:AD GD98>=9Df 5D<= )j ;DGS>DG:AD A8@8>Df – o8CD;:G8?>T= 2DSSC8> 2DSSC8> 98 *)7j K8?DA ;D< =<8G:= GD98>=9= D A8@8>= ?:8<8< A=8 G8 CD bN8 =NG8A=f $8 G:98 8< *)7 98H:9D = AN S>8;:A:L< R =C?D @=CD> S>89:;?:@D SDA:?:@Df – &;DM>=KT=j 98>>=G8 S8>:;P>9:;DQ =A;:?:AQ B8S=?DG8M=C:=Q B8S=?DG8M=C:=Q 0]*Q SC=;8DA=9= hx Y GGif )D>9D;8G:?8 ?:S:K:;=> ?:S:K:;=> M>NSD R 'B R ;D B8G=?D;>:?D K8?=Cf *NG8<=Q SD> CD bN8 A8 >8A8>@= S=>= C=A A:MN:8DSA K8?=CQ :AD:>8MNC=> h9:K8>8=SUN?:;= h?>==@=A;NC=> 9:>8;?=ij B8G=?D;>:?D K8?=C z FEuf – )D ;DDC8A B=H:?N=C8A A: 8C K8?D 8A 'Bhqif

•

•

•

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

I`

(-6&))("-&$ 2&. %'*)%" 1'(-*'(" .= (%1 8A C= ;DGSC:;=;:L< ;DGSC:;=;:L< :8;N8=ODf &C =M8=A 8DH=;?8>:=Af 8DH=;?8>:=Af .=A 8GH=>=O=9=A ?:8<8< 9:@8>ADA K=;?D>8A bN8 C=A S>89:ASD<8< S=>= 8C 98A=>>DCCD 98 (%1f &C 8K8;?D K:<=C 8A C= 8A?=A:A N>:<=>:=j 6=;?f =<=?LG:;DAj 9:C=?=;:L< R >8KCNlD 98C A:A?8G= S:8CD;=C:;:=>:DQ B:S8>?>DK:= GNA;NC=> N>8?8>=Cf 6=;?f K:A:DCLM:;DAj 9:AG::A?=CA:A N>8?8>=CQ B:SD?D:<=>:D =C;=C:
<25)

•

•

•

I.)

#=;?8>:N>:= =A:G= 98 S>8A88;N8=O=9=A 8GH=>=O=9=A ;D< #* =?=9= 8@DCN;:D<=< = S:8CD<8K>:?:A S:8CD<8K>:?:A =MN9=Q =98GPA 98 =AD;:=>A8 = >:8AMD 98 S>8G=?N>8O R '- 98 H=lD S8ADf – 2:=M8A8<;:= S>8A8<;:= 98 x JEEfEEE 16)kG. 8< 9DA N>D;NC?:@DA A8MN:9DAQ A:< AT8A8<;:= 98 AT:<=>:DA H=lDA h9:AN>:=Q ?8<8AGDQ SDC=bN:N>:=Q SDC=bN:N>:=Q N>M8<;:= G:;;:D<=Ci D 9:A;D? SUC@:;DQ A:< K:8H>8 <: 9DCD> CNGH=>f -D A8 =AD;:= = 00%f – 2:=M:<=>:D ::D hB8G=?N>:=Q C8N;D;:?DAQ S:N>:=Q H=;?8>:N>:=Q <:?>:?DA h|ii R N< N>D;NC?:@D x JEEfEEE 16)kG.f 0:8CD<8K>:?:A 0:8CD<8K>:?:A =MN9= h0-*ij ;N=9>D 98 G=RD> M>=@89=9 ;D< ;DGS>DG:AD 98C S=>U8<=Cf – 6:8H>8 x F[a)Q 9DCD> CNGH=>Q ;D< D A:< ;CT<:;= 98 (%1 H=l=Q 8C8@=;:L< 98 S=>PG8?>DA ::DA ::DA R A89:G8:Df ::Df )DG=9D SD> N>D;NC?:@D N>D;NC?:@D x JEEfEEE 16)kG.f – &;DM>=KT= >8<=C 8< 8S:AD9:DA >8;N>>8=?=G:8
1=h<=L %>=?=G:8:D ;D< ;8K=9>D^:CD ;8K=9>D^:CD YEE GM ;kJI B SD> X 9T=AQ D <:?>DKN>=DKN>= X 9T=A h <:?>DKN>=DKN>==OD x FZ A8G=<=A SD> >:8AMD 98 =<8G:= B8GDCT?:;= '-if 1>D;NC?:@D 1>D;NC?:@D JY 9T=A SDA? ?>=?=G:88S8?:> ?>=?=G:8 JE 9T=A A: 8A h|if B"=L ]DAS:?=C:O=>f o:M:C=<;:= 98 C= 160Q KN<;:L< >8<=CQ ;NC?:@D N>:<=>:D R @=M:<=Cf *SD>?=> @DCNG8:=^D<= )8K?>:=^D<= J M> ;kJI B 8@f *CU>M:;=Aj =G:r=;:<= JY GMkrMk9 8@ D M88M=> =GS:;:C:<= =GS:;:C:<= J M> ;kZ B 8@f %>=A V[ BD>=A =K8H>:CQ ;8K=9>D^:CD YEE GM ;k[ B D>=C D A8M\< *#, B=A?= ;DGSC8?=> XqJV 9T=Af •

•

B&'4,2.O,( .)+,*,M+,-.L 2DA 8S:AD9:DA 98 #*k(%1 H=l= D N==ODf $8 NA= 8AbN8G= DKN>=DKN>= NAD 98 ;D<9D<8A ;D< 8AS8>G:;:9=f

(-6&))("-&$ 2& %'*-$7($(s- $&•1*. %:8<8< >8C8@=<;:= 8S:98G:DCLM:;= 8S:98G:DCLM:;= :GSD>?=8A A:< K=;?D>8A 98 >:8AMD hS>DG:A;N:9=9 8A 8C GPA :GSD>?= ;DGSC:;=;:D<8A 9:>8;?=A 9:>8;?=A 8< 8C K8?D D 8< C= K8>?:C:9=9f &< )B:C8 A8 >8=C:O= N< A;>88<:=O=9=A ;DGD S=>?8 98C ;DDC S>8<=?=Cf

(-6&))(s- 0"' MP 8TDMVRQD8]W f [P 4R[RTTVRHDH <25)

MJ-0%+1&0 #$0;J)%0#&( R ["&(("$&0 .)')$$J)"0" AD< S=>?8 98 C=A (%$ bN8 SN898< ;=NA=> ;8>@:;:?:AQ

C= bN8 = AN @8O SN898 CC8@=> = N< S>D;8AD ::D SUC@:;D h0(0iQ ;NR= ::?D<8=Cf &C 0(0Q = AN @8OQ A8 >8C=;:D<= ;D< :?:C:9=9Q 8GH=>=OD 8;?LS:;D R '07f MP #$0;J)%0#&( 8A C= ;=NA= H=;?8>:=<= GPA ;DG\< 98 (%$f 0N898 ;=NA=> ;D=@UA 98C ;=<=C 98C S=>?D R bN8 A8 S>8A8D@D;=> <8NGD=@UA 98C ;=<=C 98C S=>?Df .= :NC8 C= S>DK:C=^:A S>DK:C=^:A D;NC=> ;D< ;CD>==A8 D?>=A ANS8>K:;:8A GN;DA=A 8< 8C '-f

•

•

FE

&7#*'*5" 2& *.%" '(&$,"

I.)

•

•

MP #$0;J)%0#&(b &< D?>DA S=TA8A 8^:A?8< S>DM>=G=A 98 98?8;;:L< S>8;DO 8< MJ-0%+1&0S bN8 8<

)B:C8 = ;8>@:;=C bN8 A8 =<=C:O= ;D< (62 D 0)'f – &C ?>=?=G:8DG:;:<=Q J M> D>=C 9DA:A \<:;=f [P .)')$$J)"0"b -D B=R S>DM>=G=A 98 98?8;;:L< S>8;DO 8< )B:C8f 0=>= 8C 9:=M= ;8>@:;=C bN8 A8 =<=C:O= 0)'f – &C ?>=?=G:8:=^D<= IYE GM :G 9DA:A \<:;=Q bN8 SN898 =9G:<:A?>=>A8 ;D< =O:?>DG:;:<= =O:?>DG:;:<= hJ M> @D 9DA:A \<:;=i SD> 8K8;?D A:M:;D R S>DH=HC8 ;D:
]&'0&$ ,&-(%*. &A C= S>:<;:S=C ;=NA= 98 \C;8>=A M8<:?=C8Af .= G=RD>T= 98 C=A @8;8A A8 ;D=@UA 98C ;=<=C 98C S=>?DQ 8< N<= G=9>8 ;D< S>:GD::GD:SU?:;= R C8A:D<8A =;?:@=A M8<:?=C8Af $:< 8GH=>MDQ ?=GH:U< SN898 B=H8> ;D=8A ;D< >8;N>>8<;:=A hG8DH=HC8 SD> C= ?>== 8C @:>NA =C K8?Dif .=A A8;N8C=A <8D<=?=C8A SN898< :> 98A98 8G89=9 ;N?P<8= B=A?= bN8>=?:?:AQ 8<;8K=C:?:A 8<;8K=C:?:A R A8SA:Af &A?=A ;DGSC:;=;:D<8A ?:8<8< =C?= GD>H:GD>?=C:9=9f I.)

•

•

0>:G8> 8S:AD9:D 98 B8>S8A M8<:?=Cj :<9:;=;:L< :<9:;=;:L< 98 ;8AP>8= SD> CDA >:8AMDA <8D<=?=C8AQ R= A8= S>DM>=G=9= ;D< C8A:D<8A 98A;NH:8>?=A 98A;NH:8>?=A 98A98 C=A F[ A8G=<=AQ D DM>=G=9= A: C= G=9>8 CC8M= 8< ?>=H=lD 98 S=>?D ;D< C8A:D<8A =;?:@=Af *S8A M8<:?=Cj :<:;:D ?8>=S:= ANS>8AD>= ;D< =;:;CD@:> =;:;CD@:> hVEE GM ;kJI Bi D @=C=;:;CD@:> hYEE GMk9i D>=C S=>= 9:AG: 8C >:8AMD 98 >8;N>>8<;:= ;8>;=<= =C S=>?Df

$/6(.($ .= : 8$"2)'"%0 20--&1A% SN898 ;DA8 @8>?:;=CG8?:;=CG8=:<;:S=CG8D@D;=> GN8>?8 S8>:<=?=C h=HD>?D N LH:?D K8?=Cif 1<= K>=;;:L< 98 CDA '- <=;8 ;D< ATK:C:A ;DDSAQ K:8H>8Q >:>8=‹if %=GH:U< SN898 A8> =A:DM>=G= 98 98?8;;:L< S>8;DO 98 ATK:C:Af 2N>=DC S>8<=?=C A8 ?DG=< ?>8A GN8A?>=A hS>:G8> ;DDCQ I[ A8G=<=A R =C :8A=> SD> S=>?Di ;D< o2'.k'0'f *98GPA A8 ?DG= N<= GN8A?>= 98 A=8 98 ;D>9LA8 98 =C?= = N< '- A:< 8C >8ANC?=9D 98C o2'.k'0' S>8 S=>?D 98 C= G=9>8f I.)

$: N<= 8GH=>=O=9= >8ANC?= ;D< o2'.k'0' h|i 98H8 :<:;:=> ?>=?=G:8G=> C= :=O=9=A ?:8<8 K=CAD SDA:?:@D 98 o2'.k'0'f $TK:C:A S>8;DO hz J =tD 98 8@DCN;:L I 9DA:Af $TK:C:A ?=>9T= hx J =tD 98 8@DCN;:L=;:L< :<98?8>G:<=9=j F 9DA:Af *CU>M:;=Aj &>:?>DG:;:<=Q YEE GM ;kZ B D>=C SD> JV hS>8;DOi D I[ 9T=A h?=>9T= D :<98?8>G:<=9=if 1<= GNl8> bN8 >8;:H:L 8>:?>DG:;:<= 8>:?>DG:;:<= A8 ;D= A:8GS>8 :<=98;N=9=G8=?=9=f &< CDA '98 8A?=A G=9>8AQ C= (M7 = 9:=M
'8=;;:L< 98 ]=>:A;BW]8>^8:G8>j 0N898 ;=NA=> =G8<=O= 98 00% R $2' K8?=Cf

(-6&))(s- 0"' &. o('1$ 2& .* (-71-"2&6()(&-)(* ]17*-* .= ?>=?:;=C 98C o(] >8 8< ?D9DA CDA ;=ADAQ S8>D ;N=<9D D;N>>8 8A GPA K>8;N8=?D hZYui bN8 9N>=?=M= @:>=C G=?8><= x JEEE ;DS:=AkG.Q =N=C 98 A8MN>:9=9f "?>D 6' :<98S8<9:88;N8D?D;DCDA 98 S>8@8<;:L< 98 ?>=?:;=C >89Nl8>D< 8C >:8AMD 98 JYWVEu = z Iuf .= C=;?=<;:= G=?8><= 8A N< K=;?D> =9:;:D<=C 98 ?>= ?=8A o(] h|i ?:8<8< ;D=:<9:;=9= C= C=;?=<;:=f $8 98H8 DK>8;8> C= S>N8H= A8>DCLM:;= 98 o(] 9N>=:G8> ;DDCQ R CN8MD = C=A FIWFV A8G=<=A = G=9>8A ;D< 6' h=HNAD "] D 9>DM=AQ S>DG:A;N:9=9Q S>DG:A;N:9=9Q =DS:D D 98 C= S=>8l= R 8< S=>8l=A A8>D9:A;D>9=
617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

FJ

I.)

•

•

• •

•

•

&< S=;:88@:D R %*'o :<:;:=9=Q G=C=f $: 8A <8;8A=>:DQ ;=GH:=> 8AbN8G= S=>= 8@:?=> NAD 98 =>8?>D@:>=C8A =>8?>D@:>=C8A ?8>=?DMU<:;DA h>:@=H:>:<=Q h>:@=H:>:<=Q 8K=@:>8==OD D 9:=M8@:D A:< :<9:;=;:L< 98 %*'oj – (<:;:=> ?>=?=G:8D;D<@8>A:L:?8>:DA S=>= :<:;:D 98 %*'of &C 8AbN8G= :<:;:=C S=>= CDM>=> ;=>M= @:>=C :<98?8;?=HC8 8A I (-%' hO:9D@N9:<= d*5%e | C=G:@N9:<=i | (0 h>:?D<=@:> | CDS:<=@:>kA=bN:<=@:>i – $: ;=>M= @:>=C x JEEfEEE ;DS:=AkG.Q :<:;:=> %*'o = C=A JV A8G=<=Af &< 8GH=>=O=9=A o(]h|i bN8 CC8M=< =C S=>?D A:< %*'o S>8@:=j *5% 8@ | 9DA:A \<:;= 98 <8@:>=S:<=f oT= 98 :>NS;:L< 98C 8GH=>=ODj – 0=>?D @=M:<=C 8N?L;:;Dj %*'o :<:;:=9D =M= @:>=C z JfEEE ;DS:=AkG. = C=A FV A8GQ =?8<9:9D SD> GU9:;D 8AS8;:=C:A?=f 8AS8;:=C:A?=f 28 CD ;D=>:DQ A8 S>8K:8>8 ;8AP>8=f '07 D =G8<=O= 98 00%j 7=<8l=> A8M\< ;D>>8ASD<98f (<:;:=> ?D;DC:A:A ;D< O:9D@N9:<= I GMkrMkB 8@ SD> N<= BD>=Q CN8MD J GMkrMkB B=A?= bN8 ;89= C= 9::<=f 0>8K8>8<;:=j ;8AP>8=f (>NS;:L< 98 C= C=;?=<;:= ;D< H>DGD;>:S?:<= hIfY GM ;kJI B ^ XqJV 9T=A D>=Cif

](0&'&7&$($ ,'*o/2()* &^=;8>H=;:L< &^=;8>H=;:L< 98 CDA @LG:?DA K:A:DCLM:;DA 9N>=:G8> ?>:G8A?>8 98 C= M8A?=;:L=C 8A =N?DC:G:?=9= =N?DC:G:?=9= R ?:8<8 HN8< S>D:<=?=CQ S8>D SN898 =AD;:=>A8 = ;DGSC:;=;:D<8A ;DGD 98AB:9>=?=;:L< R =C?8>=;:D<8A B:9>D8C8;?>DCT?:;=AQ R GPA >=>= @8O G:8C:<:;r8Q >=H9DG:DC:A:AQ >NS?N>= 8ADKPM:;= R <8NGDG89:=A?:8 D?>DAf 6'j S8>TD9D :M8MDQ G=9>8 lD@8:9=9Q GNC?:S=>:9=9Q A8^D K8?=C K8G8<: V"-&;)50;#"$ 2+-)$&S 20,Q 8G89=98A ?:>D:98=AQ ?>=A?D>G89=9 ?>DKDHCPA?:;= M8A?=;:D<=C R 8GH=>=OD G\C?:SC8f D,.3

I.)

<25),-'L KM$,+'( =C KM$,+'( =C G8 9T=Q =AD;:=9DA = H=l= 98 S8AD ƒ Yu R ;8?D:= 9N>=:G8> ?>:G8A?>8 98 C= M8A?=;:L=?D>:D ?:8<8 @=CD> S=>= ;DG=> =C?8>=;:D<8A B:9>D8C8;?>DCT?:;=A B:9>D8C8;?>DCT?:;=A hB8GD;D<;8=;:L<=?>8G:=Q B:SD;CD>8G:=Q B:SDr=C8G:=Q K=CC= >8<=Ci R 98A;=>?=> 9:=M8<;:=C8Af &;DM>=KT= S=>= 98A;=>?=> ;D<9:;:D<8A >8C=;:D<=9=A h8G89=9 ?>DKDHCPA?:;=Q 8GH=>=OD G\C?:SC8if •

•

•

]:9>=?=;:L< 8@ ;D< ;>:A?=CD:98A R >8SDA:;:L< 98 SD?=A:D h‡)CQ FWV M>k.iQ ;DDC=> A8>:=9=G8DC:?DA SC=AGP?:;DAf SC=AGP?:;DAf *SD>?8 98 ?:=G:<= YEWJEE GMk9 8@f 7=<8lD A:=G:9= JE GM ;kZW[ B 8@Q D<9=L< V GM ;k[ B 8@f 1AD D>=C 98 9D^:C=G:<=WS:>:9D^:<=Q V ;DGS>:G:9DA =C 9T= h:<:;:D 98 =;;:L< 8< =CMN=C S>DM>8A:@D S>DM>8A:@D A8M\< ?DC8>=<;:=f )DG:9=A K>8;N8=?=;:L< =98;N=9=f 2:8?= H=l= 8< M>=A=AQ S>D?8T<=A R ;D<9:G8=<;:= = NAD 98 @:?=G:<=A @:?=G:<=A D ANCK=?D K8>>DADQ K>=;;:D<=> C= 9DA:A S=>= 8@:?=> 9:AG:C=f 9:AG:C=f

&-6&'7&2*2&$ &-6&'7&2*2 &$ )'s-()*$ &- &. &7#*'*5" =)%$,.L .= 8^S==O=9= A8 =;DGS=t= 98 N< =NG8:?>D;:?=>:= 8>:?>D;:?=>:= 98 G8 ;N===ODQ >8ANC?=<9D 8< N<= ;=T9= C8@8 98C B8G=?D;>:?D hv=<8G:= K:A:DCLM:;=w K:A:DCLM:;=w D v9:CN;:D<=Cwif v9:CN;:D<=Cwif .= G=RD> 98AS>DSD>;:L< D;N>>8 9N>=:G8A?>8f 28K:<:;:L:G8A?>8p z JEQY Mk9. 8< I_ ?>:G8A?>8f h"7$i B8GDMCDH:<= z JJ 9k9.f *<8G:= A8@8>=j z X Mk9.f *<8G:= GNR A8@8>=j z V Mk9.f %>=?=G:8>D ZEWJIE GMk9 hANCK=?D K8>>DAD FEEWZEE GMk9if 0>8@8<;:L8@8<;:L>D FE GMk9 hANCK=?D K8>>DAD JYE GMk9iQ >89N;8 C= :<;:98<;:= 98 =<8G:= SDA? S=>?Df $8 >8;DG:8<9= =98GPA NA=> J GM 98 P;:9D KLC:;D S>8;D<;8S;:D<=C S>8;D<;8S;:D<=C R 9N>=:G8A?>8 98C 8GH=>=OD 8< ?D9=A C=A 8GH=>=O=9=Af •

• •

FI

&7#*'*5" 2& *.%" '(&$,"

9H,2%H(,.L (GSC:;= >:8AMD K8?=C :8G89=9 R SD> AN ?>=?=G:8=DC 98 KD>G= :G=> 8C 8GH=>=OD SD> 8C 8AS8;:=C:A?= S=>= 8C G=<8lD 98 C= 8G89=9f &C <8N>LCDMD 8A 8C \<:;D bN8 SN898 GD9:K:;=> C= ?8>=S:= =G=;DA ?8>=?DMU<:;DA hS>:<;:S=CG8D:;DQ =AD;:=9D = G=CKD>G=;:D<8A G=CKD>G=;:D<8A 98C ?NHD <8N>=C R 98?8>:D>D ;DM<:?:@Dif .N8MD 98 C= 8@=CN=;:L< <8N>DCLM:;=Q 8C 8GH=>=OD 98H8 A8> A8MN:9D 8< N< SDC:;CT<:;D 98 =C?D >:8AMD ;D< 8;DM>=KT=A HNA;=<9D G=CKD>G=;:D<8A G=CKD>G=;:D<8A ;DDGD@8>A8 8C ;NGSC:G:8=S:= R 8@:?=>A8 C= S>:@=;:L< 98 AN8tDf 0>8@8<;:L< 98 G=CKD>G=;:D<8A 98C ?NHD <8N>=Cj SC=<:K:;=;:L< 98C 8GH=>=ODf 1AD 98 P;:9D KLC:;D Y GMk9f •

•

•

G,H'+,&',E,($'L .= S>:<;:S=C ;=NA= 8A C= ?:>D:9:?:A 98 ]=AB:GD?Df .= ;CT<:;= 8A A:G:C=> = C= 98C >8A?D 98 =9NC?DAf 7N;B=A S=;:8:HN:>A8 CDA ATDS:D 8GH=>=ODf &C A;>88<:N8H=A ?:>D:98=A 8A ;DD@8>A:=Cf $8 >8;DG:8<9= B=;8>CD 8< GNl8>8A ;D< =AD<=C D K=G:C:=> 98 S=?DCDMT= ?:>D:98=Q S>D;8ADA =N?D:8:G8A?>8i D x F G1k. hI_ R F_ ?>:G8A?>8i ;D< %V C:H>8 H=l=f $: B=R %V C:H>8 G=CQ 8A B:SD?:>D:9:AGD B:SD?:>D:9:AGD ANH;CT<:;D R 98H8< ADC:;:?=>A8 =SDA =DS8>D^:9=A= h%0"if %>=?=G:8D^:<=Q .8@D?:>D^:<=Q JQYWJQZ …MkrMk9 …MkrMk9 A: %$] x JE G1k.Q J …MkrMk9 A: z JE G1k.f – *lNA?=> 9DA:A A8M\< %$] 8< V A8G=<=A S=>= bN8 8A?U 98D 98C >=8@:=G8D:9:AGD ANHCT<:;Dj ?>=?=> ADCD A: B=R =D:9:AGD ]:SD?:>D:9:AGD 98 9:=M8<=?=Cj =NG8 C= 9DA:A 98 C8@D?:>D^:<= B=A?= IYu SD> =NG8D:9:AGD >8bN8>:G:8DC=> ;DDC=> ;D< %$] ;=9= V A8G=<=Af •

•

G,H%&+,&',E,($'L .=A G=<:K8A?=;:D<8A ;CT<:;=A AD< A:G:C=>8A =C >8A?D 98 =9NC?DAf .=A S>:<;:S=C8A ;=NA=A AD< C= 8G89=9 98 ,>=@8A R 8C B:S8>?:>D:9:AGD G89:=9D SD> yW]), hSD> A:G:C:?N9 A:G:C:?N9 98 C= ANHN<:9=9yQ SN898 ;=NA=> ?:>D?D^:;DA:A ?>=:= ?>=:= D =AD;:=>A8 = 8G89=9 ?>DKDHCPA?:;= D B:S8>8G8A:A M>=@T9:;=if M>=@T9:;=if 2:=MGD<=A ?:>D:98=A hA:< 8C8@=;:L?:>D:9:AGD ANH;CT<:;Dif ANH;CT<:;Dif .= S>8A8<;:= 98 =SDA =8;8S?D> =8;8S?D> 98 %$] ;DG= 8C 9:=M=@8Af %>=?=G:8G89=9 ,>=@8A D 8G89=9 ?>DKDHCPA?:;=j yWHCDbN8=9D>8Af – %?Df A:8Af – $: B=R 98?8>:D>D K8?=CQ B=R :<9:;=;:L< 98 NAD 98 ?:D<=G:9=A h0%1 8< J_ ?>:G8A?>8Q G8?:G=ODC 98A98 8C I_if – ]:S8>?:>D:9:AGD ]:S8>?:>D:9:AGD ANHCT<:;Dj =?=>f $8MN:G:88f •

•

@JHJ( %&,+%$.+'(' (,(+Z$,-'L &C S>D:<=?=C G8lD>= ;D=HC8G88SDAD 98 C= 8G89=9f .= <8K>:?:A C\S:;= C\S:;= SD> AT ADC=Q =98GPA 98C >8A?D 98 ;DGS>DG:ADA S=>8?:;D:98A ;D>?:;D:98A 8 :8AQ :8AQ A8 =AD;:=< = S>88;C=GSA:=Q ')(1 R 00%f *98GPAQ B=R >:8AMD 98 LH:?D K8?=C 8< S=;:8G89=9 =;?:@= h:<;CNR8<9D B:SD;DGSC8G8SDA =DGHD;:?DS8<:=f .= 8G89=9 =:<9:;= C= C=;?=<;:=Q S8>D B=R bN8 8@=CN=> C= ;DGS=?:H:C:9=9 98 CDA KP>G=;DA NA=9DAf .NSNA <8D<=?=Cj 8G89=9 SD> ?>=8<;:= S=A:@= 98 =SDA 8< '- 98 G=9>8A =>DCC=>CD = KN?N>Df $8 ;=>=;?8>:O= SD> >=AB R SD> HCDbN8D *o ;DGSC8?D hS>:<;:S=C hS>:<;:S=C ;=NA= 98 HCDbN8D *o ;DGSC8?D K8?=Cif •

75)E&'$% .)+,4'(4'25H,E'(L .=A G=<:K8A?=;:D<8A G=<:K8A?=;:D<8A DHA?U?>:;=A 98C $*6 A8 98H8< = KD>G=;:L< 98 ?>DGHDAQ :?D R @=A;NCDS=?T=Q S8>D =98GPA = 8K8;?DA 9:>8;?DA ADH>8 8C ?>DKDHC=A?D R C= =;?:@=;:L< 98C ;DGSC8G8 GN8>?8 K8?=C 88 C=A A8G=<=A JVWJ[Q R =HD>?D D GN8>?8 K8?=C >8;N>>88A =?=9=Af &< GNl8>8A A:< 8C 9:=M8 HNA;=> CDA =SDA =9:9=A z JE A8G=<=AQ F D GPA SU>9:9=A x JE A8G=<=AQ ')(1 = S>8;DO R ?>DGHDA:A =AD;:=9=A =C 8GH=>=ODf &< GNl8>8A ;D< 9:=M8;DG:8<9= S>DK:C=^:A S>DK:C=^:A ;D< **$ D B8S=>:<= A8M\< >:8AMD ?>DGHL?:;Df •

•

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

FF

71&'%& 6&%*. (-%'*1%&'(-* $8 98K:<8 GN8>?8 K8?=C ;DGD C= SU>9:9= D9N;?D 98 C= ;D<;8S;:L< ==;;:L< 98 C= G=9>8Q R A8 A8S=>= 98C =HD>?D 98A98 C=A IE A8G=<=A 98 M8A?=;:L< D FYE M> 98 S8AD K8?=Cf &C 9:=M ;CT<:;=G8 =NA8<;:= 98 GD@:G:8;:H:9DA SD> C= G=9>8Q S8>D C= ;DG=;:L< 8A ;D< %-'3&.45. bN8 8@:98<;:= =NA8<;:= 98 C=?:9DA ;=>9:DK8?=C8Af I.)

(G=;:L< = C= G=9>8 R K=G:C:= 98C 9:=M?Dj SN898 A8> ::9= B=A?= C= S>8S=>=;:L< 8GD;:D<=Cf $8 ;D=< C=A ;D<9:;:D<8A R ;D=:<9:;=;:D<8A ;CPA:;=A S=>= C= :<9N;;:L< 98C S=>?D @=M:<=Cf – 7=<8lD 98C 9DCD> ;D< DS:D:98A D =<8A?8A:= <8N>D=^:=Cf <8N>D=^:=Cf – %>=A FWV A8G=<=A 98C LH:?D SN898 B=H8> ;D=MNCDS=?T= SD> ;=T9= 98 CDA <:@8C8A 98 K:H>:DGD;>:S?:<= D>=C hIfY GM ;kJI B ^ XqJV 9if 9(+JE,' %+,'2M3,-'L • •

•

VX]0Wj E% 2.( $J%&+%( 4%+.2%( ,)+&.J+%&,).( (') E% -.J(. E%(-')'-,E. <.J(.( H2.-%)+.&,.(L .H&'Od 0Wj <.J(.( 4%+.2%( <.J(.( $.+%&).( '07 R ;D>:D=G<:D<:?:A ,8A?=;:L< G\C?:SC8 &GH=>=OD S>DCD9L< ')(1 2:=H8?8A G8CC:?NA 28AS>8<9:G:8?D SC=;8:D (NSD #Q o=A= S>8@:= $]& S=>@D@:>NA #WJ`Q )7oi %>=<= &9=9 G=?8><= =@=DSA K8?=C (:= &:<=?=C %>=NG= G=?8>
•

•

•

•

•

•

•

•

•

•

•

•

•

•

• •

•

•

• •

• • •

• • •

•

•

*N?DSA:= K8?=Cj S=>?8 GPA :GSD>?=8 =N?D>:O=;:L< 98 CDA S=9>8Af (=<=AQ ;NC?:@DA S=>= X&(#"$&0 R $,#f )=>:D?:SD K8?=Cj GN8A?>= 98 CTbN:9D =G<:L?:;DQ A=8 D ?8l:9D K8?=Cf &< 8AS8;:=C A: B=R G=CKD>G=;:D<8AQ G=CKD>G=;:D<8AQ ')(1Q B:9>DSA D =9:9=A G\C?:SC8A 98 Ia R Fa ?>:G8A?>8f ,CN;DA= 8< =RN8@:=G88 8< G=9>8A ;D< ;CT<:;= ;C=>= 98 8G89=9 ?:>D:98=f *SDA =NHUDC= h8< 8< %"')] h')(1Q G:;>D;8K=C:=Q B:9>DSAif "?>DAj B8GDM>=G= ;DGSC8?DQ )DDGHA :<9:>8;?DQ 8A?N9:D 98 ?>DGHDK:C:=AQ ?>DGHDK:C:=AQ =SDA =T= 8bN8>:>A8 8A?N9:Dj =;;:989L< hS>D;:98<;:=Q ;:>;NC=>Q :D?:SD :<;DGS=?:HC8 ;D< C= @:9= S>8@:=G8
I.)%[' E% %$*.&.N'( 4J+J&'(L 98S8<98 4J+J&'(L 98S8<98 98 C= ;=NA= 8<;D=9= 8< 8C 8A?N9:D R AN >:8AMD 98 >8;N>>8<;:=f &< M8<8>=C A8 98H8 >8=C:O=> N<= SC=<:K:;=;:L< ==ODQ ;DDC S>8<=?=C =98;N=9DQ G=<8lD LS?:GD 98 8G89=98A ;>L<:;=A G=?8><=A R ;DGSC:;=;:D<8A ;DGSC:;=;:D<8A DHA?U?>:;=A R 88M=> ;D8;D<;8S;:D<=C 8< ;=AD 98 =D 8GH=>=OD ?>=A GN8>?8 K8?=C 98 ;=NA= 98A;D@8<;:D<8A :@8<;:D<8A 98GDA?>=9=G8:;?= 8A ?>== S=>= C=A K=G:C:=Af &C )DC8M:D *G8>:;=8;DG:8<9= :<:;:=> 8C GD<:?D>8D A8G=<=C ;D< 0#6 D .)6 SD> AD=KT= 98A98 C=A FIWFV A8G=<=A 8< G=9>8A A=<=A ;D< B:A?D>:= 98 GN8>?8 K8?=CQ D :<:;:D 98 A8MN:G:8=KT= GPA S>8;DO ;D< SU>9:9=A = G8 89=9 M8A?=;:D<=Cf M8A?=;:D<=Cf 0>L^:GD 8GH=>=OD 8< ZWJI G8A8Af

•

•

•

FV

&7#*'*5" 2& *.%" '(&$,"

7&%'"''*,(*$ 2&. I_ + F_ %'(7&$%'& .= 8@=CN=;:L< 98C A==G:8=G:8:G8A?>8 98 8GH=>=OD 98H8 8A8Q 8< S>:G8> CNM=>Q = 98A;=>?=> 8?:DCDMT=A =C?8><=?:@=A =C?8><=?:@=A 98 A==9Dj ]8GD>>=M:= DHA?U?>:;= DHA?U?>:;= D>>=M:=j A==9D SD> ?=SL< GN;DAD D '07f ]8GD>>=M:= M:<8;DCLM:;=j 98AM=>>D ;8>@:;=C D @=M:<=CQ <8DSC=A:=Af ]8GD>>=M:= 8^?>=M:<8;DCLM:;=j B8GD>>=M:= 9:M8A?:@= H=l=Q B8G=?N>:=Q ;D=MNCDS=?T=Af • • •

0=>= 8A?=HC8;8> 8C D>:M8< 98C A==9DQ 8A <8;8A=>:= C= =<=G<8A:A R 8C 8^=G8< KTA:;Df &C S>:G8> 8C8G88=C:O=> 98C 8^=G8< KTA:;D 8A C= '*(%&K.-,M) -') %(HZ-J2'd $8 ;DG= N<= G8?>D>>=M:= ;N=<9D A8 DHA8>@= A==9D = ?>=@UA 98C ")&f &< A8MN<9D CNM=>Q A8 98H8 >8=C:O=>%-'3&.45. >8=C:O=> %-'3&.45. +&.)(K.3,).2 S=>= +&.)(K.3,).2 S=>= 98A;=>?=> C= S>8A8<;:= 98 SC=;88@:=f &C ?=;?D @=M:<=C 8A?P ;)'#$0&'1&;01) G:8=A ?8 SC=;88@:=f S>8@:=f

2&$0'&-2(7(&-%" 0'&7*%1'" 2& 0.*)&-%* -"'7"(-$&'%* $8S=>=;:L< 98 C= SC=;889 N?8>:<=f &A C= ;=NA= GPA K>8;N8=9D M>=@8f (GSC:;= GN8>?8 S8>:<=?=C 8< JEWFEu 98 CDA ;=ADAf .= G:?=9 98 CDA 200-( D;N>>8 =bN8 CD bN8 =98GPA 8^:A?8< >:8AMDA >8C=;:D<=9DA ;D< C= S>8G=?N>8Of 6'j ]%* ;>L<:;= R $]&Q ?=H=;DQ ;D;=T<=Q ?>DGHDK:C:=AQ ?>=NG=Q 200-( S>8@:Df D,.3

a+%&' R,H%&+M),-'c E'2'& .*E'$,).2 ' 2J$*.& %)+&% -')+&.--,')%(d -')+&.--,' )%(d .= .= G8?>D>>=M:= SN898 A8> @=>:=HC8 h=HN<9=N?:C== D H:8< A:< A==9Dp SN898 B=H8> ABD;r A:< G8?>D>>=M:=if ]:SD^:= K8?=C bN8 SN898 CC8M=> = LH:?D K8?=Cf &C 9:=M=KT= 8A SD;D ;D= 8C 9:=MD 98 )DN@8C=:>8 h:=;:L< 98 A=8 8< 8C G:DG8?>:DiQ :<8>;:= N?8>:<=Q )(2f

I.)

7=<8lD 98 ADSD>?8 B8GD9:8;N8N8H=A 98 ;D=MNC=;:L< ;D=MNC=;:L< R ;D>>8;;:L< 98 C= =<8G:= R ;D=MNCDS=?T= ;D=MNCDS=?T= ;D< B8GD98>:@=9DA A8M\< A8= <8;8A=>:Df 200-( ;D< K8?D R G=9>8 8A?=HC8 z FV A8G=<=Aj ?D;DC:A:A A: B=R 9:=;:L< SNCGD<=>f x FV A8G=<=Aj :>NS;:L< SD> C= @T= GPA 8^S89:?=f )DGS>DG:AD B8GD9:8= 98 N>M8<;:=f FEu 98 C=A GN8>?8A K8?=C8A D;N>>8< 98D 98 C=A S>:G8>=A I BD>=A ?>=A 8C :8ADf 3?8>D 98 )DN@8C=:>8j G=<8lD =M>8A:@D 98 C= :<8>;:= N?8>:<= R )(2 A8;N<9=>:=Af A8;N<9=>:=Af •

•

•

0.*)&-%* 0'&o(* (GSC=:= = G8M:<=Cj z I ;G 98C ")(Q 00 D;CNA:@= S=>;:=C ;NH>8 8C ")( 98 KD>G= :<;DGSC8?=p 00 D;CNA:@= D;CNA:@= ?D?=C d00"%e 98 KD>G= ;DGSC8?=if $8 B=HC= 98 SC=;8;:L< H=l= ;N=<9D 8A?P 88 I R FQY ;G 98C ")(f .= SC=;8 KD>G=;:L< 98C A8MG8:T= 98 C=A ;DGSC:;=;:D<8A ;DGSC:;=;:D<8A K8?=C8A A8 98>:@=< 98 C= S>8G=?N>8OQ SD> CD bN8 8C DHl8?:@D 98C ?>=?=G:8DCD 8C 8GH=>=OD B=A?= =C;= C= G=9N>8O SNCGD<=>f 6'j &9=9 G=?8><= =@=:9=9 GNC?:S=>:9=9 R =8= S>8@:=f D,.3

I.)

&< M8<8>=C 8A N< B=CC=OMD :<;:98=KT= 98C Ia ?>:G8A?>8f 0N898 S>8A8A8 A:< 9DCD> <: 98?8>:D>D B8GD9:=A 8A8A8 98 KD>G= =MN9= ;D< G8?>D>>=M:= 98ASNUA 98 %o D SDA?;D:?=CQ 98?8>:D>D B8GD9:
•

0=;:8=KT=A A8>:=9=AQ >8SDAD >8C=?:@D R =HA?:<8<;:= A8^N=Cf 0=;:8D>>=M:=Q G=9>8 R K8?D 8A?=HC8Aj BDAS:?=C:O=>Q BDAS:?=C:O=>Q ?D;DC:A:A R G=9N>=;:L< SNCGD<=>f (>NGS:> = C=A FX A8G=<=Af 00"% R 00"0 AD< :<9:;=;:D<8A =HADCN?=A 98 ;8AP>8=f 0=;:8D>>=M:=Q :<8A?=H:C:9=9 B8GD9:8= 98 N>M8<;:=f

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

FY

'"%1'* 1%&'(-* 28B:A;8<;:= 98 C= S=>89 N?8>:<= 9N>==H=lD 98 S=>?DQ SD> CD M8<8>=C =AD;:=9= = ;:;=?>:O N?8>:<= S>8@:= h;8AP>8= =:D>Q ;:>NMT= N?8>:<= S>8@:=iQ 8< D;=A:D<8A = ?>=NG= DHA?U?>:;Df 0N898 >DGS8>A8 R A==> B=;:= C= ;=@:9=9 =H9DG:<=C D =C C:M=G8
I.)

.= G=RD>T= 98 C=A @8;8A 8A S8bN8t= R ;CT<:;D 8< >D?N>=A A:M<:K:;=?:@=A = :=9:;=>9:= K8?=Cf $8 S=CS=< KP;:CG8?8A K8?=C8A R 8C SDCD K8?=C =C ?=;?D @=M:<=Cf •

)8AP>8= 98 N>M8<;:= =D>>=K:=j >D?N>=A G89:=C8A C:<8=C8AQ A:< ;DGS>DG:AD @=A;NC=> <: =<8^:=Cf – ]:A?8>8;?DGT=j ]:A?8>8;?DGT=j A8 >8bN:8>8 8< C= G=RD>T= 98 CDA ;=ADAQ SD> >D?N>= C=?8>=C D ;DGSC8l=Q ;DGS>DG:AD @=A;NC=> D =<8^:=Cf

'"%1'* 2& o*$* 0'&o(* (;:L< H=l= 98C ;D>9L< NGH:C:;=C 8< C= SC=;8 CD bN8 CDA @=ADA K8?=C8A bN89=< 88 C= ;=H8O= K8?=C R 8C ;N8CCD N?8>:?=C:9=9 K8?=C hFEWJEEuif 6'j SC=;88@:= D H:CDHNC=9=Q :;:L< @8C=G89L< hv8< >=bN8?=wiQ M8A?=;:L< G\C?:SC8f D,.3

I.)

78?>D>>=M:= :=A C= >D?N>= 98 G8GH>=<=A SD> A=C:9= 98 A=8 K8?=CQ B:SD^:= K8?=C 8< G=9>8 A:< 98?8>:D>D B8GD9:f &< D;=A:D<8A 8A SDA:HC8 >8=C:O=> >8=C:O=> 8C 9:=M=KT= 2DSSC8>f 2N>=?D 8C 9:=M
•

2:=MQ ?D;DC:A:A R G=9N>=;:L< SNCGD<=>p S>DM>=G=> ;8AP>8= S=>= C=A FYWFZ A8G=<=Af 2:=M=S=>?Dj ;8AP>8= 98 N>M8<;:=f

-37&'"$ &- "#$%&%'()(* • • • •

•

•

• • • • •

• • • •

7D>?=C:9=9 S8>:<=?=CQ S8>:<=?=CQ I[ A8G=<=A 98 8GH=>=OD = X 9T=A SDA? S=>?Dj YcfhTdWWW '- @:@DAf 7D>?=C:9=9 <8D<=?=C ?8GS>=<=Q z X 9T=A SDA? S=>?D hvGD>?:<8D<=?DwijUhTdWWW hvGD>?:<8D<=?Dwij UhTdWWW '- @:@DAf 7D>?=C:9=9 G=?8><=Q G=?8><=Q 9N>==OD B=A?= Z A8G=<=A SDA? S=>?DjT0ckhTWWdWWW S=>?Dj T0ckhTWWdWWW '- @:@DAf o=CD>8A G=C8A 98 %$] 9N>==ODf Ja ?>:G8A?>8j WcTeVcX Ch@d Ia Ch@d Ia ?>:G8A?>8j WcVe/cW Ch@d Fa ?>:G8A?>8j Wc/e/cW Ch@d o=CD>8A G=C8A 98 B8G=?D;>:?D 9N>==ODf Ja ?>:G8A?>8j//jd ?>:G8A?>8j //jd Ia Ia ?>:G8A?>8j /Wjd Fa ?>:G8A?>8j //jd ,=<=<;:= 98 S8AD 8AS8>=HC8 9N>==ODf 0=;:8GDS8ADj TWeTV l3d 0=;:88S8ADj YeTW l3d 0=;:8;8S;:L< G=?8><= 98 GD@:G:8:G:M8A?=Aj 0>:G:M8A?=Aj TfeVW A8G=<=Af TfeVW A8G=<=Af 7NC?TS=>=Aj T0eTf A8G=<=Af T0eTf A8G=<=Af 6CNlD A=:P@:9Dj XWe0W $@h$,)d 6:<=C $@h$,)d 6:<=C 98C 8GH=>=ODj 0WWefWW $@h$,)d &9=9 M8A?=;:D<=C { .2+J&. { .2+J&. J+%&,). ^-$_ m Ud $DAS8;B= ')(1j 9? S =C e Ud *C?N>= N?8>:<=f 0NH:Aj TV (%$.).(d "GHC:MDj (%$.).(d "GHC:MDj VW (%$.).(d •:KD:98Aj (%$.).(d •:KD:98Aj UW (%$.).(d 08AD K8?=C 8A?:G=9Df II A8G=<=Aj XWW 3d IXqI[ 3d IXqI[ A8G=<=Aj TdWWW 3&d FIqFV 3&d FIqFV A8G=<=Aj VdWWW 3&d FXqF[ A8G=<=Aj /dWWW 3&d 1GH>=C 98 98?8;;:L< 98 yW]), SC=AGP?:;=j SC=AGP?:;=j E5. 0ef SDA? 0ef SDA? K8;N<9=;:L< Ê5. VWeVV SDA? VWeVV SDA? 61'if 1GH>=C 98 98?8;;:L< 98 yW]), 8< D>:<= h?8A? S=;rij T (%$.). SDA? (%$.). SDA? =?>=AD ^X (%$.).( SDA? (%$.).( SDA? 61'if 5D<= 98 9:A;>:G:<=;:L< 98 yW]),j TdXWW Ch@ S=>= Ch@ S=>= @:AN=C:O=;:L< 98 A=;D M8A?=;:D<=Cf $DAS8;B= 98 8GH=>=OD :=N?8>:
FZ

&7#*'*5" 2& *.%" '(&$,"

$=;D M8A?=;:D<= M8A?=;:D<=CC h$,i $=;D @:?8C::L< .=?:9DA • • • • • •

• • •

• • • •

• •

•

•

•

• •

• •

• •

•

• •

7%$.). H'(+ QC: VQY q Y Y q YQY Z Z q ZQY

n]G
@')3,+JE 7? ^$$_ q JE IE FY

@')3,+JE %$*&,M) ^$$_ Œ Œ Œ ZqX GG

&9=9 M8A?=;:D<=C { 2')3,+JE { 2')3,+JE -Z4.2']).23.( ^-$_ i 0cXd $DAS8;B= 98 =<8NSCD:9T=A SD> ?>==8?>DD=G<:DAj "C:MDB:9>D=G<:DAj (.* S XW $$d 0DC:B:9>D=G<:DAj (.* g VXW $$d .:;8<;:= S>8<=?=Cj /U (%$.).(d '#-& >8=;?:@Dj \ V .-%2%&.-,')%( .-%2%&.-,')%( ;=>9T=;=A ;=>9T=;=A K8?=C8A hƒ JY C=?:9DAkG: ƒ JY A8MN<9DAi =AD;:=9=A D :Dj A=?:AK=;?D>:Dj /eX -')+&.--,')%( -')+&.--,')%( 8< JE G:=;:D<8A 98A=;8C8>=;:D<8A ?=>9T=Af 2:=M=H=lD 98 S=>?Dj ;D=;;:D<8A N?8>:<=A >T?G:;=A\ >T?G:;=A \ V %) TW $,)J+'(c ;=9= FEqZE A8MN<9DA | GD9:K:;=;:D<8A ;8>@:;=C8AQ ;N8CCD HD>>=9D fWj R 9:C=?=;:L< \ V -$d 2N>=;:L< GP^:G= 98 K=A8 C=?8:G:M8A?=Aj VW R'&.(d 7NC?TS=>=Aj R'&.(d 7NC?TS=>=Aj TU R'&.(d 2:=M=H=lD 98 S=>?Dj ;N8CCD HD>>=9D TWWj R TWWj R 9:C=?=;:L< \ U -$d 0>DM>8AD G=C 98 C= 9:C=?=;:L< 8< K=A8 =;?:@=f 0>:G:M8A?=Aj TcV -$hRd 7NC?TS=>=Aj -$hRd 7NC?TS=>=Aj Tc0 -$hRd 2N>=;:L< 98C 8^SNCA:@Df 0>:GTS=>=Aj /WeUX $,)J+'(c GP^:GD V R'&.(Q R'&.(Q ;D< =<8A?8A:= / R'&.(d 7NC?TS=>=Aj TXe/W $,)J+'(c GP^:GD T R'&.c ;D< =<8A?8A:= V R'&.(d 2N>=;:L< 98C =CNGH>=G:8:GTS=>=Aj UX $,)J+'(d 7NC?TS=>=Aj /W $,)J+'(d ]8GD>>=M:= SN8>S8>=C S=?DCLM:;=j SU>9:9= A==A $@ ?>=A S=>?D @=M:<=C D g TdWWW $@ ?>=A ;8AP>8=p ;=T9= 98C B8G=?D;>:?D g TWjo >8bN8>:G:8=?D S>8G=?N>Df ,NT= ,&$j T -')+&.--,M) -.E. X $,)J+'( SD> $,)J+'( SD> FE G:>=9D XWj R XWj R 9:C=?=;:L< g T -$d 7= $,)J+'( SD> FE G:@:;=Cf 2:=M=H=lD 98 S=>?D S>8G=?N>Df ,NT= ,&$j T -')+&.--,M) -.E. X $,)J+'( SD> $,)J+'( SD> FE G:>=9D TWWj R TWWj R 9:C=?=;:L< g / -$d 7= $,)J+'( SD> FE G:>=9D XWj R XWj R 9:C=?=;:L< g T -$d )>:?8>:DA 98 G=9N>8O SNCGD<=> 8< = =G<:D;8DC S>8A8SDA C=G8C=>8A g XWdWWWd &GH=>=ODA G\C?:SC8Aj 9:;:MD?DA Vh/d GD=ODA G\C?:SC8A GD:=CWH:=G<:L?:;D Th/c A8S=>=;:L< Th/c A8S=>=;:L< 98C G=;:OD ;8CNC=> 88 CDA 9T=A V b /d 7D:=CWH:=G<:L?:;D 7D:=CWH:=G<:L?:;D Vh/c A8S=>=;:L< Vh/c A8S=>=;:L< 88 CDA 9T=A / b fd 7D:=CWGD:=CWGD=;:L< 88 CDA 9T=A k b TVd ':8AMD 98 )(2 SD> LH:?D K8?=Cj K8?D g VW (%$.).( DH:?=9D (%$.).( DH:?=9D SD> g U (%$.).(d )>:?8>:DA 98 :>NS;:L< 8< 8GH=>=OD G\C?:SC8j #:;D>:=CWH:=G<:L?:;Dj /Y]/f (%$.).(d 7D:=CW H:=G<:L?:;Dj /Y (%$.).(d 7D:=CWGD:=CWGD;8= 89=9 M8A?=;:D<=C h0&,iQ VWj AD< ')(1 @8>9=98>DAf )>:?8>:DA 98 :>NS;:L< 8< ')(1f z SJEj UW (%$.).(d z SYj /f (%$.).(d z SIj /Y (%$.).(d )>8;:G:8kA8G=<=iQ "]*Q %%) h|ij E%(E% 2.( /V (%$.).(d 6*2 D 6'2j E%(E% 2.( /V (%$.).(d 0#6 z VkJE ;D< "]*j E%(E% 2.( VU (%$.).(d 2o (%$.).(d 2o >8@8>AD D SNCA=?:C:9=9 98 @8<= NGH:C:;=Cj NGH:C:;=Cj ,)$%E,.+'d )>:?8>:DA 98 A8@8>:9=9 8< $]&j – )>:?8>:DA ;CT<:;DAj ;>:A:A B:S8>?8L9>DGDA 98 8;C=GSA:= h;8K=C8= :DA:AQ ?:<<:?NAQ B:S8>>8KC8^:=iQ B:S8>>8KC8^:=iQ =NG8:= S XWW $@hVU Rd – )>:?8>:DA 98 C=HD>=?D>:Dj ;>8=?:<:<8G:= g T $3hE@c SC=bN8?=A S TWWdWWWhp@d 7=M<8A8G:=j G= 88 U b f $9`h@d )>:?8>:DA 98 :>NS;:L< 8< $]&f ]%* ;>L<:;=jUW ;>L<:;=j UW (%$.).(d 0& GD98>=9=j /Y]/f (%$.).(d 0& A8@8>=j /U]/X (%$.).(d &;C=GSA:=j (%$.).(d &;C=GSA:=j ,)$%E,.+'c 98ASNUA 98 8A?=H:C:O=>f ƒ F ;>:A:A B:S8>?88<=C S8>A:A?8
617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

FX

• •

•

•

•

•

•

• •

0>8@8<;:L< S>:G=>:= 98 S>88;C=GA:= ;D< **$j NA=> 88 C=A TT b /U (%$.).(d 2:=M==ODj – 0>:G8> ;DDCj MC:;8G:= 8< =RN<=A \ TWX $3hE@ 8< $3hE@ 8< =C G8:G8>= MC:;8G:= 8< =RN<=A 8A?P 88 kW b TWU $3hE@c >8=C:O=> $3hE@c >8=C:O=> 0%,"f (%$.).(L 0%," I BD>=A SDA? ;=>M= \ TUW $3hE@d $: $3hE@d $: 8A?P G=CQ >8S8?:> = C=A /Ve/U (%$.).( D (%$.).( D – VUeVf (%$.).(L 0%," =8;8 g HkWd – &< ;N=CbN:8> GDG8=ODj MC:;8G:= \ VWW $3hE@d 'UM:G8< :;:D<=C 8< 9:=H8?8A M8A?=;:D<=Cj /We/X l-.2hl3hE A8M\< l-.2hl3hE A8M\< S8AD :98=Cf TfWeVWW 3& B:9>=?DA 98 ;=>HDDC ],% 8< 9:=H8?8A M8A?=;:D<=Cf 0>8S>=<9:=Cj 0>8S>=<9:=Cj :98=C 88 YWekW $3hE@c GP^:GD $3hE@c GP^:GD TWX $3hE@d J $3hE@d J BD>= SDA?S>=<9:=Cj SDA?S>=<9:=Cj B=A?= TUW $3hE@d I $3hE@d I BD>=A SDA?S>=<9:=Cj B=A?= TVW $3hE@d 7=<8lD S8>:S=>?D 8< S=;:88bN:>88bN:>88S=>?Dj ANAS8<98> -0] G=?:<=C 98C 9T= 98C S=>?DQ :<:;:=> AN8>D MCN;DA=9D Yu = TVX $@hRd – (=S=>?Dj G= :D MCN;DA=9DQ =M>8M=> :D K:A:DCLM:;D EQùXWW EQùXWW $@ | $@ | ::A?=C:<= X Cc . WcVX ChRd *lNA?=> ChRd *lNA?=> @8CD;:9=9 S=>= ],% 88 YWeTVW $3hE@d SD> 0 R'&.(d '8:<:;:=> R'&.(d '8:<:;:=> >UM:G8< D>=C ?>=A 0 R'&.(c A:< R'&.(c A:< – 0DA?S=>?Dj G= :D MCN;DA=9D SD>0 <8;8A:9=9 98 AN8>D MCN;DA=9D <: ::?8>:DA 98 :>NS;:L< 8< 9:=H8?8A S>8M8A?=;:D<=Cf #N8< ;DDC ;D< 9:8?= D KP>G=;DAj/f KP>G=;DAj /f (%$.).(d 7=C ;DDC G8?=HLC:;D D <8;8A:9=9 98 :M=:?8>:DA 98 :>NS;:L< 8< 9:=H8?8A M8A?=;:D<=Cf #N8< ;DDC ;D< 9:8?=j UW (%$.).(d 7=C ;DDC G8?=HLC:;DQ <8;8A:9=9 98 :DADGT= K8?=CQ $]&j /Y]/f (%$.).(d )>:?8>:DA 98 :>NS;:L< 8< ;DC8A?=A:= :=B8SP?:;=f *<:;?U>:;=j /f (%$.).(d (;?U>:;=j /0 (%$.).(d )>:?8>:DA 98 :>NS;:L< 8< G8?>D>>=M:=A G8?>D>>=M:=A 98C Ia R Fa ?>:G8A?>8j 200-( ;D< K8?D R G=9>8 8A?=HC8j/U 8A?=HC8j /U (%$.).(d 0C=;88@:= ;D< K8?D R G=9>8 8A?=HC8j /Y (%$.).(d o=A= S>8@:= 9:=MG= =8 (%$.).(d 7=9>8 ;D< =C?8>=;:L< =C?8>=;:L< B8GD9:=9:;P>9:;Dj H>=9:;P>9:;Dj ,)$%E,.+.d

F[

&7#*'*5" 2& *.%" '(&$,"

,(-&)".",/* 7&%'"''*,(* 2&. Ja %'(7&$%'& *#"'%" &$0"-%~-&" &A C= ;=NA= GPA ;DG\< 98 G8?>D>>=M:= 98C S>:G8> ?>:G8A?>8f 1< 05)$#) 8A N<= :>NS;:L< 98C 8GH=>=OD ==KT= <=;:D<=C 9:;8 II A8GfQ :<=;:D<=C IE A8Gfi D YEE M> 98 S8AD 98 <=;:G:88 8GH>:L< R K8?Dj A8G=<= [qJE hK:< 98 C= D>M=@8<;:L< :@8<;:L< 8^?8><=f &A A:9:9= D K=CC= S>8;DO 98C 8GH=>=ODf ";N>>8 B=A?= 8< IEu 98 CDA 8GH=>=ODA >8;D 8;DM>=KT= R YEu 98 CDA 8GH=>=ODA vH:DbNTG:;DAw hADCD SD> 8C8@=;:L< 98 yW]),f [Eu D;N>>8 z JI A8G=<=Af Q:

• •

•

9E.E $.+%&). g /XeUW .q'( =*'&+'^(_ %(H')+P)%'^(_ H&%K,'(c = GPAQ G=RD> >:8AMD 7:ADS>DA?DCQ G8?D?>8^=?DQ M=A8A =<8A?UA:;DA

<.J( •

<.J(.( 4%+.2%( =2+%&.-,')%( 3%)Z+,-.( ^XWe0Wj_

• • • •

• • •

•

%D^:<=Aj =>AU<:;DQ SCDGD %"')] &G89=98A ;>L<:;=A G=?8><=A *:<=A

•

• •

&GH=>=OD ?>=A FqZ G8A8A SDA? S=>?D &GH=>=OD ;D< 2(1 7\C?:SC8A =HD>?DA :<9N;:9DA S>8@:DA

<.J(.( $.+%&).( <.J(.( 'KJ2.&%( *C?f 8<9D;>:=;:L< ;D>:D=G<:L?:;= hYqJEui (<;DGS8?8<;:= ;8>@:;=C hIa ?>:G8A?>8p [qJYui (:<=A z Yu 98 CDA =HD>?DA ?:8<8 ;=NA= 98A;D
•

YEu 98 C=A =C?8>=;:D<8A =C?8>=;:D<8A ;>DGDALG:;=A AD< ?>:ADGT=A =N?DALG:;=A hJFQ JZQ J[Q IJQ IIiQ IEu SDC:SCD:9T=AQ SDC:SCD:9T=AQ JYu GD<8>if 28 ?D9DA CDA 8@8T= AD< =C8=?D>:DA SD> 8>>D> 8< C= M=G8?DMU<8A:AQ 9:AS8>G:= D DGDALG:;=Q ;>DGDALG:;=Q R ') &%2-&;0' SD> AT ADCDA N< >:8AMD SDA?8>:D> 98 =HD>?Df <25)

I%+&'&&.3,.c .+&.(' $%)(+&J.2 b E'2'& .*E'$,).2d &C 9:=M8<;:=C 9:K8>8<;:=C 98H8 SC=A8 ;D< D?>=A G8?>>D>=M:=A 98C S>:G8> ?>:G8A?>8 h8GH=>=OD 8;?LS:;DQ 8G89=9 ?>DKDHCPA?:;= M8A?=;:D<=C M8A?=;:D<=C d&%,ei R ;=NA=A 98 A==9D M8<:?=C 8^?>=N?8>:=N?8>:=NG=Q SLC:SD D G=C:M<:9=9 ;8>@:;=CQ :>=M:= ANH;D>:L<:;=if •

•

•

•

$T?Dj 9::<= 9DCD>DA= h9DCD> ;LC:;D B:SDMPA?>:;D B:SDMPA?>:;D :>>=9:=9D =C A=;>DiQ z II A8Gf A:< GD9:K:;=;:D<8A GD9:K:;=;:D<8A ;8>@:;=C8Af $8 B=HC= 98 =G8<=O= 98 =HD>?D A: B=R G8?>D>>=M:=f &< =GHDA ;=ADA 8C \?8>D ?:8<8 N< ?=G=tD =98;N=9D S=>= &, R 8C 8GH>:LDM>8A=>P< = N< =HD>?DQ :<98S8<9:8?D :<8@:?=HC8 D 8< 8@DCN;:L:<= 9DCD>DA= =AD;:=9= = ")( 9:C=?=9D x [ GGQ ;D< D A:< >8A?DA D@NC=>8A = ?>=@UA 98C ")(Q ;D< ?=G=tD N?8>:98 = &,f $8 ;D= :>>8@8>A:HC8f :>>8@8>A:HC8f &C ?>=H=lD 98 =HD>?D h9:DA= R ;=GH:DA S>DM>8A:@DA 98C ;N8CCDi 8A :<9:;=;:L< 98 BDAS:?=C:O=>f *HD>?D :<;DGSC8?Dj A8 B=< 8^SNCA=9D =CMND D9N;?DA 98 C= ;D<;8S;:L:<= 9DCD>DA=Q ;=GH:DA ;=GH:DA ;8>@:;=C8A R 8C \?8>D 8A G8 98 CD 8AS8>=9D SD> &,f 08>G=<8;8< >8A?DA D@NC=>8A 8< C= ;=@:9=9 N?8>:<=f *HD>?D ;DGSC8?Dj 8^SNCA:L< ;=A: ;DGSC8?= 98 CDA S>D9N;?DA 98 C= ;D<;8S;:L< A:< :@8<;:L@8<;:L>=9D D SD;D GD9:K:;=9D R \?8>D A:G:C=> 8< ?=G=tD =C P@:9Df 7PA K>8;N8?DA z [ A8G=<=Af

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

F`

•

D,.3

• •

•

I.)

*HD>?D >8?8<:9Dj 8GH>:L< =KT=Q .)6k.)& =NA8@:;=C8Af &C BN8@D =<8GH>:D<=9D 8A C= S>8A8<;:= 98 A=;D M8A?=;:D<=C A:< 8GH>:L@:;=C8AQ A8 G=<8l= 98 C= G:AG= KD>G= bN8 8C =HD>?D >8?8<:9Df ]:A?D>:=Q 8^=G8< KTA:;D R @:A:L< = 8ASU;NCDf ]8GDM>=G= A: A==9D =HN<9== ;DG=> @:?=C:9=9 8GH>:D<=>:=kK8?=C z JI A8G=<=Af M8A?=;:D<=Cj VQYqY A8Gf 28H8 @8>A8 = 8;D%o ;D< yW]), x FfYEEf – ]=CC=OMDA G=C8Aj A=;D M8A?=;:D<=Cj $=;D @:?8C:A8 = 8;D%o A: A=;D M8A?=;:D<=C x JE GGf &GH>:LA8 98 JqI GG A: A=;D M8A?=;:D<=C x IY GGf .=?:9DA 8GH>:D<=>:DAkK8?=C8Aj 8GH>:D<=>:DAkK8?=C8Aj ZQY A8G=<=Af 28H8< @8>A8 ;D< 8GH>:L< ƒ YqX GGf – *HD>?D :<;DGSC8?Dj 8<9DG8?>:D ƒ JY GGf – *HD>?D ;DGSC8?Dj 8<9DG8?>:D YqJV GGQ A:< 8GH>:L?D >8?8<:9Dj 8GH>:L< ƒ YqX GG A:< C=?:9DA h]DAS:?=C %:A?8 8< X GGif " H:8:L< z Z GG A:< C=?:9DAQ ;D< ;DDC 8;DM>PK:;D 98 :MN=C D G8 ?=G=tDf – ]N8@D =<8GH>:D<=9Dj A=;D M8A?=;:D<=C x FY GG h%*i D x J[ GG h%oiQ A:< 8GH>:L?D JVqII A8G=<=Aj 98A;=>?=> :@:;D@=M:<=C h;NC?:@DAi R =;D>?=G:8@:;=C h;8>@:;DG8?>T=if

75)+'$.(h.$%).N. 75)+'$.(h. $%).N. E% .*'&+'L 7=<8lD .*'&+'L 7=<8lD =GHNC=?D>:DQ 8^S8;?==9D ;89=Q =HA?:<8<;:= A8^N=C XqJE 9T=Af *=C8A S=>= ?>=?=G:8M8@8>:<=Q $*&if 0>DM8A?8>D<= G:;>D<:O=9= G:;>D<:O=9= IEE …M ;kJI B D>=C N L@NCD @=M:<=Cj H8<8K:;:D ;DD@8>A:=Cf '8bN:8>8 ;DDC 8< N>M8<;:=A ADCD A: >8:<:;:= G8?>D>>=M:=f • • • •

8&.*.[' E% .*'&+'c .*'&+' ,)%K,+.*2% ' ,)-'$H2%+'L 7=<8lD BDAS:?=C:O=9Df BDAS:?=C:O=9Df '8=<:G=;:L< R 8A?=H:C:O=;:L< B8GD9:=9D N?8>:DM>=G=9Df .8M>=9D 98 8G8>M8<;:= A: B=R A==9D =HN<9= >8A?DA = =<=?DGT= S=?DCLM:;= S=>= 98A;=>?=> &%,f

• •

•

=*'&+' &%+%),E' ' RJ%K' .)%$*&,').E'L '8=<:G=;:L< R 8A?=H:C:O=;:L< B8GD9:8;8< =C?8><=?:@=A =C?8><=?:@=A 98 G=<8lD = C= S=;:8 SD> >8ANC?=9DA A:G:C=>8Af 7=<8lD 8^S8;?==> VW[ A8G=<=A = C= 8@=;N=;:L< 8ASD:8AMD 98 : G=<8lD 8^S8;?==9D =HN<9=8A?DA D@NC=>8A ?>=A V A8G=<=A hFEuif – &< =CMNDA A8 :<9:;= =98GPA G:ADS>DA?DCf 7=<8lD =;?:@Dj A: C= S=;:8DA?DC VEEWZEE …M 8< KD<9D 98 A=;D SDA?8>:D> N ")& ;D< D A:< C8M>=9Df $:8GS>8 8<@:=> >8A?DA D@NC=>8A = =<=?DGT= S=?DCLM:;= S=?DCLM:;= S=>= 98A;=>?=> &%,f – x JI A8G=<=Aj B=R S>8A8<;:= 98 ;=CD?=Q SD> CD bN8 =>A8f $8 :<9N;8< ;=GH:DA ;8>@:;=C8A ;D< G:ADS>DA?DC N D^:?D;:<= 8< =C?=A 9DA:A | @=;:=G:8
•

=*'&+' -'$H2%+'L 7=<8lD -'$H2%+'L 7=<8lD =GHNC=?D>:Df )DG=;:L< )DG=;:L< 98 C= ADAS8;B= ;CT<:;= ;D< 8;DM>=KT=f '8SDAD R =HA?:<8<;:= A8^N=C SD> JV 9T=Af • •

9) +'E'( 2'( -.('( E% +&.*.[' E% .*'&+'c .*'&+' ,)%K,+.*2%c ,)-'$H2%+'c -'$H2%+' ' &%+%),E'L * FqZ G8A8A SD> >:8AMD 98 ?D D 8GH=>=OD 8;?LS:;Df 0>DK:C=^:A =8A 'Bhqi :G8A?>8Q FEE …M 9N>=:G8A?>8f

• •

<'$H2

• •

VE

0A:;DCLM:;=Aj 9N8CDQ A8=@=A;NC=> 9:A8G:<=9= h)(2p >:8AMD 8< 8GH=>=ODA x JV A8G=<=A >8?8<:9DA SD> x V A8G=<=Ap ;DDC=> ;D< <:@8C8A 98 K:H>:8<=CQ =HD>?D AUS?:;Df

,(-&)".",/*

•

†N:>\>M:;=A †N:>\>M:;=A hSDA? C8M>=9Dij AT<9>DG8 98 *AB8>G=< h=9B8A:D<8A :=N?8>:<=A ;:;=?>:;:=C8A dA:<8bN:=eQ A8 S>8A8>8= D 9:AG8>8=Q =HD>?D >8;N>>8?:C:9=9iQ >D?N>= N?8>:<=f

*#"'%" (-21)(2" .= :<9N;;:L< 98 C= ?8>G:<=;:L< 98 N< 8GH=>=OD :<@:=HC8 KN8>= 98C \?8>D 8A :C8M=C 8< )B:C8 H=lD ?D9D SN8 A8 8<;N8= 8< >:8AMDf $N S>P;?:;= 8A S8<=9= SD> C= C8RQ ?== 8C DS8>=9D> ;DGD S=>= C= S=;:8?D 8A?P DHC:M=9D = 98CDQ H=lD 8C >:8AMD 98 =;?N=> ;DGD ;LGSC:;8 =P;?:;= 8< S=TA8A 98A=>>DCC=9DA B= A:M<:K:;=9D A:M<:K:;=9D N< 98A;8?D AUS?:;D R 98 GD>?=C:9=9 =AD;:=9= = UA?8 h98A;8=9D C= :D9N;;:L< :D9N;;:L< 98 GU?D9DA =
*#"'%" '&)1''&-%& $8 98K:<8 05)$#) $";A$$"'#" ;DGD C= D;N>>8<;:= 98 ƒ F =HD>?DA 8ASD>8< 98 KD>G= =C?8><=9=f * G=RD> &, 98 C= SU>9:9=Q 8A G=RD> C= S>DH=H:C:9=9 98 bN8 8^:A?= N<= S=?DCDMT= bN8 8^SC:bN8 C= >8;N>>8<;:=f <.J(

• •

•

•

I.)

•

•

•

;E,'HP+,-.( ^/W]UWj_ *<=?LG:;=A hJYWIEuij G=CKD>G=;:D<8A N?8>:<=AQ A:<8bN:=AQ :<;DGS8?8<;:= ;8>@:;=CQ G:DG=A ANHGN;DADAQ SLC:SDA 8<9DG8?>:=C8A *N?D:SDA =:<=A h[WJIuij :D:9:AGD B:SD?:>D:9:AGD =?=9DQ >8A:A?f :DG8 G8?=HLC:;D

•

(
• •

•

,8DGHDK:C:=A %>DGHDK:C:=A B8>89:?=>:=Aj K=;?D> o .8:98D?8T<=A ) D $Q B:S8>BDGD;:A?8:<8G:=Q 9UK:;:? 98 =DGH:<= ((( *GH:8
]:A?D>:=j B:A?D>:= DHA?U?>:;= 98?=CC=9=Q :<;CNR8<9D &, hN< S=?>L< ;D:G8A?>8 98 C= SU>9:9= SN898 D>:8 = 8?:DCDMT=A 8AS8;TK:;=AiQ :NG8N=CQ ?D^:<=AQ =DGHDA:Af &^=G8< KTA:;D M8<8>=CQ ;D< =?8<;:L< = A:M:AN?:AGDQ M=C=;?D>>8=i M=C=;?D>>8=i R =G=C:9=98A =G=C:9=98A 98 L>M=G=;:D<8A N?8>:<=Aif &^PG8<8Aj ]:A?8>DAD=KT= S=>= 8@=CN=;:L< 8@=CN=;:L< 98 =G=C:9=98A N?8>:<=Af – ]:A?8>DAD=KT= – &< SU>9:9=A 98 Ia ?>:G8A?>8Q ;8>@:;DG8?>T=f – *SDA =9:DC:S:<=A =9:DC:S:<=A h(M7 8 (M,i R =DGHDK:C:=A A: 8^:A?8 =f – %$] R =SDA =:D?:SD 98C K8?D A: 8C >8A?D 98 CDA 8^PG8<8A AD< G=C8Af – )=>:D?:SD S=>8:D?:SD

*#"'%" $40%()" )DGSC:;=;:L< )DGSC:;=;:L< 98C =HD>?D 8< C= ;N=C A8 =;DGS=t= 98 :=N?8>:<=f :=N?8>:<=f 0N898 A8> C8?=Cf *M8=A 8DH=;?8>:=AQ Y0;#"$)&1"(f &C GPA M>=@8 8A M-)(#$&1&A% 2"$,$&'."'(P .= :A8 R ;=NA=> A=CS::?D<:?:A M8<8>=C:O=9= R A8SA:Af *HD>?D AUS?:;D S>D@D;=9Dj 8A 8C GPA ;DG\:D = G=<:DH>=A =HD>?:@=Af *HD>?D AUS?:;D 8ASD=NG=Q :<;DGS8?8<;:= ;8>@:;=CQ ;8>@:;=CQ 98K8;?DA ;D=OD ;D< 2(1Q : @T= B8G=?LM8<=f • •

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

VJ

<25)

Q,%*&%c E'2'& .*E'$,).2c $%+&'&&.3,.c 42J[' (.)3J,)'HJ&J2%)+' (.)3J,)'HJ&J2%) +' ' E% $.2 '2'&d )=CDK>TDAQ G=C8A?=> M8<8>=Cf *C 8^=G89:=Q ?=bN:;=>9:=Q ?=bN:S<8=Q A8:D>Q \?8>D 9DCD>DAD ;D< ;N8CCD 9:C=?=9Df

D,.3

$DAS8;B= ;CT<:;= 8< GNl8> 8< 89=9 KU>?:C ;D< =?>=AD G8N=CQ G8?>D>>=M:=Q G8?>D>>=M:=Q K:8H>8 D ;>:?8>:DA S=>= A8SA:A R A8:D>f 9-'3&.45. +&.)(K.3,).2L >8A?DA D@NC=>8Af $DAS8;B= 98 S8>KD>=;:L< N?8>:<=j >=9:DM>=KT= 98 =H9DG8< A:GSC8f .=HD>=?D>:Dj B8GDM>=G=Q 0)'Q B8GD;NC?:@DAQ KN<;:L< >8<=CQ B8SP?:;=Q S>N8H=A 98 ;D=MNC=;:LNSD R 'BQ &")|1')Q yW]),Q ;NC?:@D ;8>@:;=C R 8<9DG8?>:=Cf

• • •

<'$H2

1.[' &,%(3' E% -'$H2,-.-,')%(L -'$H2,-.- ,')%(L &, z [ A8G=<=AQ K:8H>8 z IV BD>=AQ A:< A:M8 x IV BD>=AQ KCNlD SN>NC8 ")&Q 8GH=>=OD ;D< 2(1Q 8@:98<;:= 98 G=<:DH>=A =HD>?:@=AQ ;DGS>DG:AD 98 ?8l:9DA ;:>;N<9=
• • •

(:?:AQ h8<9DG8?>:?:AQ ;8>@:;:?:AiQ S>DS=M=9=A hD?>DA L>M=:?D<8=CQ SN898< =K8;?=> C= K8>?:C:9=9iQ M8<8>=C:O=9=A hA8SA:AQ ABD;r AUS?:;DQ A8S?:;D?D^8G:=if $8S?:;D?D^8G:=j ;N=9>D GNR M>=@8 ;=NA=9D SD> MP 2"$,$&'."'(P )=NA= G:D<8;>DA:A R B8GLC:A:AQ – $8S?:;D?D^8G:=j -%* R )(2f $DAS8;B=> =?D AUS?:;D ;D< =<8G:=Q :;?8>:;:=Q G:=CM:=AQ ;DCN>:=Q DC:MD=:=f ]8GD>>PM:;=Aj =<8G:=Q B:SD@DC8G:=f B:SD@DC8G:=f %>=NGP?:;=Aj ;DGS>DG:AD M8<:?=C D 98 D?>DA L>M= S8>KD>=;:LDGHD8GHLC:;=f

M)%2-&;0;&)'"( #0$1/0(b •

•

I.)

• •

•

(?:C:9=9j (?:C:9=9j :<;DGS8?8<;:= ;8>@:;=CQ 8A?8@:;=CQ ;8>@:;=CQ A:<8bN:=A N?8>:<=A hA9f *AB8>G=
A8 98 =G8>8= R B8G=?LG8?>=Q D 9:AG8>8=iQ =9B8>8<;:=AQ B:A?8>8;?DGT=f *C?8>=;:D<8A SA:;DCLM:;=Af &A?=H:C:O=;:L< B8GD9:DC 98 98A8bN:C:H>:DA 98 8C8;?>DC:?DA D P;:9DWH=A8 R =<8G:=f %>=?=G:88;DO = ;kZ B 8@ | G8?>D<:9=ODC YEE GM ;k[ B 8@p 0-) Y G:CC 1 ;kZ B 8@f – #=lD >:8AMDj =GS:;:C:<= *C?D >:8AMDj ;8K?>:=^D<= J M> ;kJI B 8@ | G8?>D<:9=ODC YEE GM ;k[ B 8@p ;C:<9=G:;:<= ZEEWÈE – GM ;k[ B 8@ | M8=A =K8H>:CQ CN8MD D>=C B=A?= ;DGSC8?=> JEqJV 9 h=GD^:;:C:<=q;C=@NCP<:;D YEEkJIY GM ;k[ B @Dif 28AKD;=;:L:?D AUS?:;D :<;DGSC8?Dj C8M>=9D H=lD ;DH8>?N>= *%# ?>=A IVqV[ B =K8H>:C ;D< *%#f – *HD>?D AUS?:;D >8?8<:9Dj *%# R @=;:=G:8DA?DC R C8M>=9Df JIqII A8G=<=Aj G:ADS>DA?DCQ A=C:9= 98C K8?D R SDA?8>:D> C8M>=9Df x II A8G=<=Aj G:ADS>DA?DCQ D^:?D;:<=Q D^:?D;:<=Q A=C:9= 98C K8?D R SDA?8>:D> C8M>=9Df – ]:A?8>8;?DGT= 98 N>M8<;:= h;:8>>8 h;:8>>8 98 ANH;N?P<8D R S:8C 8< A8MN<9D ?:8GSDij K=CC= 98 >8ASN8A?= = *%# R @=;:=G:8D>>=M:= :<;D8>;:HC8Q \?8>D <8;>L?:;DQ S8>KD>=;:L< N?8>:<=Q M>=< B8G=?DG= 98C C:M=G8:?D<:?:A M8<8>=C:O=9=Q A8S?:;D?D^8G:= hB:A?8>8;?DGT= | A=CS:=Cif

&7#*'*5" &)%s0()" mN?D R = C= 8G89=9 ?>DKDHCPA?:;= ?>DKDHCPA?:;= M8A?=;:D<=C ;DG= 8C M>NSD 98 G8?>D>>=M:=A 98C J_ ?>:G8A?>8 98C 8GH=>=ODf &C 8GH=>=OD 8;?LS:;D h&&i D;N>>8 ;N=<9D 8C HC=A?D;:A?D A8 :GSC= 9:K8>8:D 8< C= ;=@:9=9 N?8>:<=f &C CNM=> GPA ;DG\< 98 :GSC=:<= h`[up IkF 8< C= SD>;:L< =GSNC=>Q JkZ 8< 8C :A?GD R JkZ 8< C=A K:GH>:=Aif "?>DA CNM=>8A AD< 8C ;N8CCD N?8>:A?:;:D hSD>;:L< :=GN>=C 98 C= ?NH= N?8>:<=iQ D@=>:DQ

VI

,(-&)".",/*

;:;=?>:O 98 ;8AP>8= D 8< ;DGH:<=;:L< ;DGH:<=;:L< ;D< N< 8GH=>=OD :=N?8>:=OD B8?8>D?LS:;Dif .= B8GD>>=M:= ;=NA=9= SD> 8C && 8A C= S>:<;:S=C ;=NA= 98 GD>?=C:9=9 SD> G8?>D>>=M:= 98C J_ ?>:G8A?>8f 0D> AT ADCDQ 8C && SN898 S>D@D;=> :?:C:9=9 :?:C:9=9 SD> 9=tD :>>8@8>A:HC8 = C= KN<;:L< ?NH=>:= H:C=?8>=C SD> A=CS:8;N>>8<;:= ?>=A N< 8S:AD9:Dj JYuf %>=A I 8S:AD9:DAj FEuf Q:

99 H&%K,'c H.+'2'35. +J*.&,. h:@8<;:L< bN:>\>M:;= ;DGD C= 8A?8>:C:O=;:L< SD> A=CS:= d>:8AMD 98 8GH=>=OD EQJWEQ[up JkF 98 8ADA 8GH=>=ODA AD< &&eQ =8AiQ J(' ?NGD>8AiQ J(' E% D;Cc :<9N;;:L< 98 D@NC=;:L S>8A8?D 98C Ja ?>:G8A?>8f

<25)

D'2'& .*E'$,).2c $%+&'&&.3,.c .$%)'&&%. 8< N<= GNl8> 98 89=9 KU>?:CQ 8< 8AS8;:=C A: ?:8<8 6'f 6:8H>8 H=l=f 2DCD> 98 BDGH>D h:>>:?=;:L< S8>:?D<8=C SD> A==9D ?NH=>:DiQ N>M8<;:= 98K8;=?D>:= hA=8 8< KD<9D 98 A=;D 98 2DNMC=Aif $BD;r N D>?DA?=?:AGD ANM:8>8< >NS?N>= ?NH=>:=f *C 8^=G8@:;=CQ G=A= =<8^:=C D C8@8 =NG8:8A AD< =A:NS?N>= ?NH=>:= R
D,.3

* %-'3&.45. +&.)(K.3,).2 R ),K%2%( E% n]G9=98>DQ A=;D @:?8C::L< D C=?:9DA KN8>= 98C \?8>Df – yW]), x JYEE 1k. ;D< G=A= =<8^:=C ;DGSC8l= = C= 8;DM>=KT=Q A:< 8GH=>=OD :=N?8>:M=9=Q bN8 A8 ;DGS>:G8 = C= – 0>8A8<;:= 98 SA8N9DA=;D hP>8= :=N?8>:<= =<8;DMU<:;= =C=>M=9=Q S>8A:L8 && S8>D G=f yW]), z JYEE 1k. ;D< 8;DM>=KT= <8M=?:@=j >8S8?:> 8^PG8<8A 8< XI BD>=Af – yW]), bN8 9NSC:;= ;=9= V[qXI Bj 8@=CN=> 8;DM>=KT= ;N=<9D ANS8>8 OD<= 98 9:A;>:G:<=;:L< 9:A;>:G:<=;:L< hJYEE 1k.iQ 8< bN8 98H8>T= =S>8;:=>A8 8GH=>=OD :=N?8>:=N?8>:=N?8>:8;:8D bN8 =OD =G=C h&&Q =HD>?D :=N?8>:8;:8=OD K=CC:9D h=HD>?D := D 8^?>=N?8>:=N?8>:8AN8C?D 8ASDPS:9= 8< =HD>?D ;DGSC8?D bN8 8< &&f 28H8 GD<:?D>:O=>A8 A8G=<=CG8
•

•

I.)

•

•

†N:>\>M:;Dj :<9:;=9D 8AS8;TK:;=G8NS?N>= 98 C= G=A= 8;?LS:;= =;?N=C D :=:<9:;=;:L8;B=OD D K=CC= 98 C= ?8>=S:= GU9:;= R =;;8AD 9:KT;:C = A8>@:;:DA =A:A?8<;:=C8Af '8bN:8>8 C= @:AN=C:O=;:L< 8;DM>PK:;= 98C 8GH=>=OD 8;?LS:;Dp N<= 8;DM>=KT= <8M=?:@= S>89:;8 bN8 8C && P @:A?D 8< C= ;:>NMT=f – $=CS:8@U bN8 A8 SN898 ;D@=> C= KN<;:L< 98 C= ?NH= N?8>:<= =K8;?=9=f $=CS:=G88;N>>8=OD ?NH=>:D x Y ;G D S=>:9=9 ;DGSC8?=f – )DDC 98 yW]), 8< X 9T=Af 1< && >8AN8C?D 98H8>T= S>8A8 N< @=CD> z Yu 98C :<:;:=Cf 7U9:;Dj :<9:;=9D 8< S=;:88?>=?=G:8=OD ?NH=>:D z V ;G A:< C=?:9DAQ 9:ASDA:;:L< R SDA:H:C:9=9 S=>= 8C A8MN:G:8:D>f – )D=:<9:;=;:D<8Aj )D=:<9:;=;:D<8Aj :<9:;=;:L< =HADCN?= 98 ?>=?=G:8\>M:;DQ KN<;:L< B8SP?:;=Q >8<=C D B8G=?DCLM:;= =C?8>=9=AQ :=OD :=N?8>:D?LS:;DiQ B:S8>A8A88^=?D :=GNA;NC=> YE GMkG ANS8>K:;:8 ;D>SD>=C hD J GMkrMif – 2T=A V R Xj yW]),f $: yW]), 9:AG:8 CDA 9T=A V R X hD z IYu 88 9T=A J R XiQ =9G:<:A?>=> :MN=C 9DA:A 98 G8?D?>8^=?Df yW]), A8G=<=C B=A?= bN8 A8 B=M= :<98?8;?=HC8f – z Ju 98 C=A S=;:88bN:8>8 N<= ?8>;8>= 9DA:A 98 G8?D?>8^=?Df – $: yW]), ;=8 z JYu 88 CDA 9T=A IJ R I[ R A8 B=< =9G:<:A?>=9D F 9DA:AQ A8 S>D;898 = ?>=?=G:8\>M:;Df – -D A8 >8bN:8>8 8;DM>=KT=Q 8^;8S?D A: 9DCD> A8@8>D 8 :<8A?=H:C:9=9 :<8A?=H:C:9=9 ]2- S=>= 98A;=>?=> >D?N>=f – 7%• ?:C:9=9 <: ;=NA= G=CKD>G=;:D<8A 8< 8GH=>=ODA A8S=>=9DA x Z G8A8Af

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

VF

•

&^S8;?==>= @8O A8 ;D=f .=A GNl8>8A ;=<9:9=?=A AD< =bN8CC=A ;D< 8;DM>=KT= %o bN8 98GN8A?>= 8GH=>=OD 8;?LS:;D D <8M=?:@=Q ;D< yW]), z JfYEE R 8< 98;C:<=;:L:D>8AQ =:D>8AQ B=R GNR H=lD >:8AMD 98 >NS?N>=f – $: C= 98;C:<=;:L< 98 yW]), A8 B=;8 GPA C88;8> ?8>=S:= GU9:;=f

&-6&'7&2*2 %'"6"#.~$%()* ,&$%*)("-*. .= &%, 8A N< M>NSD 98 8=;?8>:O=9=A SD> C= S>DC:K8>=;:L< 98C ?>DKDHC=A?DQ ;=>=;?8>:O=9= ;=>=;?8>:O=9= H:DbNTG:;=G8 C= 8C8@=;:L< 8^;8A:@= 8^;8A:@= 98 yW]),f mN?D R =C 8GH=>=OD 8;?LS:;D ;DG= 8C M>NSD 98 G8?>D>>=M:=A 98C J_ ?>:G8A?>8 98C 8GH=>=ODf .DA S>:<;:S=C8A 6' AD< C=A 89=98A G=?8><=A 8^?>8G=A hz IE R x FY =tDAi R =8@:=f <2.(,4

•

•

<25)

D,.3

7DC= B:9=?:KD>G8j D;N>>8 98ASNUA 98 N<= K8>?:C:O=;:L< K8>?:C:O=;:L< =H8>>=DC:K8>=;:L< S>DC:K8>=;:L< 98C ?>DKDHC=A?DQ R =OD ;CT<:;Df )CT<:;=G8 :<9:A?:=OD :<:;:=C h=?>=AD G8N=CQ ;CT<:;= :<:;:=C 98 8GH=>=ODQ ?8A? S=;r SDA:?:@Dp A: A8 =;DGS=t= 98 G8?>D>>=M:= A8 SN898 :S>8?=> ;DGD N< =HD>?D :<;DGSC8?Dif K8>?:C:O=;:L< 98 N< L@NCD @=;TD SD> 9DA 8AS8>G:DAQ D H:8< SD> – 7DC= ;DGSC8?= hVZQ•• D VZQ•+ij K8>?:C:O=;:L< N8;8 98 K8?Df – 7DC= :<;DGSC8?= hZ`Q••+p Z`Q••• D Z`Q•++ij K8>?:C:O=;:L< 98 N< L@NCD B=SCD:98 SD> 9DA 8AS8>G:DA D N CD bN8 >8ANC?= N< ;=>:D?:SD ?>:SCD:98f 0N898 ;D8^:A?:> ;D8^:A?:> ;D< N< K8?D = @8;8A ;D< C=?:9DAQ S8>D ;D< =C?= ?=A= 98 GD>?=C:9=9 :=N?8>:<=f -8DSC=A:= ?>DKDHCPA?:;= M8A?=;:D<=C h-%,ij GDC= :<@=A:@= hÈuiQ ;D>:D;=>;:iQ G8?=A?=?:O=>iQ ?NGD> ?>DKDHCPA?:;D 98C A:?:D SC=;8:D h%%$0p z Juif %D9=A 8CC=A SN898< D;N>>:> 98ASNUA 98 N<= GDC= B:9=?:KD>G8Q S8>D CDA 9DA \C?:GDA SN898< @8>A8 :<;CNAD 98ASNUA 98 N< =HD>?D 8ASD=OD 8;?LS:;D R 8GH=>=OD 98 ?U>G:8?U>G: G8?=A?=?:O=> = SNCGL8H>Df

=+&.(' $%)(+&J.2c $%+&'&&.3,.c E'2'& ' H&%(,M) HZ2K,-.c #+%&' .J$%)+.E' E% +.$.q' hSD> 8C ?NGD> D B8G=?DG8?>=if A=C:9= 98 @8AT;NC=A B:9>LS:;=A SD> @=M:<=f .= GDC= ;DGSC8?= A8 >8C=;:D<= ;D< GN;BD GPA K>8;N8<;:= = bN:A?8A ?8;=CN?8T<:;DA ?8;=CN?8T<:;DA hSD> 8A?:GNC=;:L< 8A?:GNC=;:L< 8^;8A:@= SD> yW]),p GNC?:CD;NC=9DAQ GNC?:CD;NC=9DAQ H:C=?8>=C8AQ ;898< ?>=A ?>=?=> C= &%,iQ B:S8>UG8A:A M>=@T9:;=Q M>=@T9:;=Q B:S8>?:>D:9:AGD ANH;CT<:;D R S>88;C=GSA:= S>8;DO hz IE A8G=<=Aif • •

yW]), 8C8@=9=Q G=RD> = C= 8AS8>=9=f VEu 98 GDC=A ;DGSC8?=A ?:8<8 yW]), x JEEfEEE 1k.f &;DM>=KT=j <:= 8GH=>=OD GDC=>f – 7DC= ;DGSC8?=j G=A= ;8=C B8?8>DMU<8= ;D< G\C?:SC8A 8AS=;:DA 9:A;>8?DA =<8;DMU<:;DAQ bN:A?8A ?8;=CN?8T<:;DAQ =NA8<;:= 98 8GH>:L8;DM8<:;:9=9 98 @8CCDA:9=98A ;D>:=C8AQ A=;D M8A?=;:D<=C 98 9:PG8?>D ?>=AD =NG88A88A8?D >8?8<:9D D :<;DGSC8?Df – -%,j C= GDC= :<@=A:@= A8 =S>8;:= ;DGD N<= D GPA G=A=A SDH>8G8D ;D< G=A=A =<8;D:;=AQ SN898 B=H8> :<@=A:L< G:DG8?>:=Cp G:DG8?>:=Cp =C?D KCNlD =C 2DSSC8>f )D>:D;=>;::D;=>;:DMU<8= bN8 =M>=<9= 8C \?8>D SD> B8GD>>=M:= R <8;>DA:AQ SN898 B=H8> :<@=A:L< S=>=G8?>:=Cp =C?D KCNlD =C 2DSSC8>f

I'2. R,E.+,4'&$%L * yW]), R 8;DM>=KT=Q 8C 9:=M ;DG=9D SD> H:DSA:= 98C ?8l:9D DH?8<:9D SD> C8M>=9Df &< =CMNA8 ;=>:D?:SDf "8?L -D 8A <8;8A=>:D 9:A?: B:A?DCLM:;=G8bN8 8C ?>=?=G:8 88 8CC=AQ SD> CD bN8 8bN:8>8 9:=M H:DSA:=f $DAS8;B= 98 -%, 98ASNUA 98 N< 8GH=>=OD GDC=> ?>=?=9Dj yW]), 8A?=HC8 hz JEu 98 ;=T9= 8< V @=CD>8A SD> F A8G=<=AiQ yW]), bN8 =NG88A 8< I A8G=<=Ai D S8>A:A?8<;:= 98 yW]), 98?8;?=HC8 SD> x Z G8A8A 98ASNUA 98C ?>=?=G:8
VV

,(-&)".",/*

•

•

I.)

$DAS8;B= 98 -%, 98ASNUA 98 N< 8GH=>=OD h=HD>?DQ S=>?D 98 ?U>G:8?U>G:A:A?8<;:= 98 <:@8C8A 98?8;?=HC8A 98?8;?=HC8A 98 yW]),f 2=9D bN8 N?:<= 8< 8A?8 ;=ADQ 8< M8<8>=C A8 98A;NH>8< SD> B=;8>A8 A:G=CG8A8 8C 9:=M8<;:=C ;D< 8GH=>=OD :=N?8>:G8 R ?NGD>8A D@P>:;DA 98 ;UCNC=A M8>G:<=C8Af &A?N9:D 98 9:A8G:<=;:L=^Q %*) D 8;DM>=KT= =H9DG:<=CQ %*) D '7 ;8>8H>=Cf

I'2. R,E.+,4'&$%L .8M>=9D 98 C= ;=@:9=9 N?8>:<=j S8>G:?8 H:DSA:=> S=>= ;DG=> 8C 9:=M AT8;?DGT= 8< GNl8>8A ;D< S=>:9=9 ;NGSC:9=f $8MN:G:8= – 6' S=>= -%,j bN:A?8A ?8;=CN?8T<:;DA x Z ;GQ \?8>D 8^;8A:@=G8
"8?L †N:G:D?8>=S:= †N:G:D?8>=S:= h?D9=A AD< GNR A88^=?DQ 8^;8S?D %%$0 bN8 >8ASD<98 G88A ;D< S=>:9=9 ;NGSC:9= SN898 =t=9:>A8 B:A?8>8;?DGT=f

$*-,'*2" 1%&'(-" *-"'7*. &C $1* A8 >8K:8>8 = =C?8>=;:D<8A 8< C= ;==;:L< D ;:;C:;:9=9 98C A==9D G8N=C 8< GNl8>8A 8< 89=9 KU>?:Cf .=A ;=NA=A GPA ;DGN<8A 8< GNl8>8A 8< 89=9 KU>?:C =O=9=A AD< S=?DCDMT=A 8A?>N;?N>=C8A N?8>:<=AQ =C?8>=;:D<8A =C?8>=;:D<8A 98 C= B8GDA?=A:= R <8DSC=A:=Af *= 8>= GNR ;DGSC8l= R @=>:=HC8j 62,3'$%)'&&%.L 9:AG:8;N8<;:= 98C A==9D N?8>:8MNC=> B'2,$%)'&&%.L A==9D B'2,$%)'&&%.L A==9D N?8>:8;N88MNC=> =$%)'&&%.L =NA8<;:= 98 G8N=;:L< SD> F D GPA ;:;CDA G,H'$%)'&&%.L 9:AG:N=C hz IE G.iQ >8MNC=> G,H%&$%)'&&%.L =NG8N=C hx [E G.iQ >8MNC=> 7.)3&.E' ,)+%&$%)(+&J.2 ^(H'++,)3_L A==9D C8@8 88 >8MC=A I%)'&&.3,.L =NG8=;:L< S>DCD8MNC=> I%+&'&&.3,.L A==9D N?8>:>8MNC=>Q = :@=CDA K>8;N8:=HC8 I%)'$%+&'&&.3,.L A==9D I%)'$%+&'&&.3,.L A==9D N?8>:>8MNC=>Q S>DCD
<.J(

B=@IL ;=NA=A =<=?LG:;=AQ C=A GPA K>8;N8
<69;"L ;=NA=A :=Q 9<9DG8?>:=C8AQ ;=?>DMU<:;=AQ "D ;C=A:K:;=9=A

.= 98?8;;:L< 98 N<= ;=NA= S>DH=HC8 98 $1* 8ASD=9DQ SD> CD bN8 8C =;8>;=G:8 A:A?8GP?:;D S=>= =H=>;=> ?D9=A C=A DS;:D<8Af I.)

9K.2J.-,M) ,),-,.2L &A?=9D B8GD9:8=<:G=;:L< >8=<:G=;:L< A8M\< ;D>>8ASD<9=f &9=9 98 C= S=;:8 S>8G8
bN:;=Q 89=9 KU>?:CQ SDA?G8
bN:;=f • •

<.J(.( $P( -'$J)%( E% (.)3&.E' 3%),+.2 .)'&$.2 H'& 3&JH' %+.&,' -8D<=?DAj ;=T9= 98 <:@8C8A 98 8A?>LM8?:Cj 9:AKN<;:L< D@NC=?D>:=Q ;=NA=A 0>8G8
bN:;=Aj ;N8>SD 8^?>=tDQ ?>=NG= >8C=;:D<=9=A ;D< 8C 8GH=>=ODQ ;P<;8> h:<;CNR8<9D @:DC8<;:= A8^N=Ci %>=bN:= ?8GS>=<=j 9:AKN<;:L< D@NC=?D>:= 78DK:= 8<9DG8?>:=C •

•

28A;=>?=> A==9D 8^?>=N?8>::= R B8GD>>=M:= 9:M8A?:@=f – $==9D N?8>:=C =HN<9= ;DCD>f – %>=;?D M8<:?=C ::D>j 8< M8<8>=C 8A;=AD D ADCD G=<;B= 8C S=S8CQ 98 ;N=CbN:8> ;DCD>p SN898 A8> SDA?;D:?=C hA:>=M:=p D>:8@:;=C D @=M:<=Ci D =AD;:=>A8 = G=A= =<8^:=Cf 28A;=>?=> 8GH=>=ODf

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

VY

9K.2J.-,M) -25),-. E%2 (.)3&.E' J+%&,)' .)'&$.2L ]:A?D>:= ;CT<:;=j B:A?D>:= G8N=C R A8^N=CQ NAD 98 =8C8@=L<:;=A B8SP?:;=AQ >8<=C8A D ?:>D:98=A h=G8>8= A8;N<9=>:= = B:SD?:>D:9:AGDiQ ;D=MNCDS=?T=A D NAD 98 =8A S>8;:S:?=8C=;:L< A8^N=CQ ?>=NG=iQ ;CT<:;= =AD;:=9= h9DCD>Q K:8H>8Q KCNlD M8<:?=CQ 9:AG8>8=Q 9:AS=>8N<:=Q ;=GH:D 8< BPH:?D N>:<=>:D D :>8=Q B:>AN?:AGDQ HD;BD>:= G8N=Cj 61'Q >8MNC=>:9=9Q S=?>L< 98C A==9D h;==;:L< R ;:;C:;:9=9if *;?N=CG8=9D N?8>:=< @DCNG8< A8 C8 CC=G= (0'.$01) %"'(#$A0- 05A'10'#" h$7*iQ bN8 >88GSC=O= =C ?U>G:>=M:=f .DA ?U>G:D>>=M:= A8 =M>NS=< 8< (0'.$01) &'#"$%"'(#$A0-P

•

•

<.J(.( $P( -'$J)%( E% 7I=L C8:DG:DG=A 7I=L C8:DG:DG=A N?8>:G=;:D<8AQ =C?f ;D=MNC=;:L< "?>=Aj % 98 ;DH>8Q 8<9DG8?>:?:AQ 0(0Q SLC:SDAQ B:S8>SC=A:= hSD> $"0i D ;P<;8> 8<9DG8?>:=CQ A=>;DG= N?8>:
<.J(.( $P( -'$J)%( E% (.)3&.E' ,)+%&$%)(+&J.2L ,)+%&$%)(+&J.2L SLC:SDA SLC:SDA 8<9DG8?>:=C8AQ A==9D SD> *)" "?>=Aj B:S8>SC=A:= hSD> $"0i D ;P<;8> 8<9DG8?>:=CQ 8<9DG8?>:?:A D 0(0Q ;:;=?>:O 98 B:A?8>D?DGT=Q ;=NA=A ;8>@:;=C8A h;P<;8> ;8>@:;DN?8>:@:;=C8AQ ;8>@:;:?:AQ 8;?>DS:D
– W0'.$01) &$$".A-0$ hG8?>D>>=M:= 9:AKN<;:D<=Cij 9:AKN<;:D<=Cij 98H8 ADAS8;B=>A8 9:AKN<;:L< D@NC=?D>:= h=<=<;:= 88 ;:;CDA D@NC=?D>:DA R =:DAif ";N>>8 S>:<;:S=CG88A 8< 89=98A 8^?>8G=A hI =tDA SDA?G8<=>bN:=Q ?>=8;N8>8=f – D%"')$$"0b =NA8<;:= 98 G8N=;:L< SD> F D GPA ;:;CDAf o8> ;=ST?NCD 98 =G8>8=f – \)-A%"' %"'(#$A0- 1&(%&'A&1)b ;=NA=9D GPA K>8;N8 NAD 98 =GD<=C8Ap =98GPA SD> 8A?8@:;=C S=>;:=C S=>;:=C D SD> AT<9>DG8 98 *AB8>G=G:<=>A8 C= ;:;C:;:9=9 98C A==9Df – Q"'(#$A0;&B' ,$";A"'#" $".A-0$b 9N>==?=>A8 B=A?= IV 9T=Af $: 8A GPA ;D>?DQ 98H8 8A?N9:=>A8 ;DGD A==9D :>>8MNC=>f •

•

•

•

&^=G8< KTA:;Dj 8@=CN=;:L< 8@=CN=;:L< 98 ?D9=A C=A 8A?>N;?N>=A bN8 SN898< A==>Q A==9D =;?N=C SD> ")& D S>8A8<;:= 98 A=8 D ;DPMNCDA 8< @=M:<=Q G=A= D A8=?D>:Dj 8C 8A?N9:D 98H8>T= :<:;:=>A8 ;D< B8GDM>=G= R yW]),f *98GPA SN898< ADC:;:?=>A8 ADC:;:?=>A8 D?>DA A8M\< ADAS8;B= 8?:DCLM:;=f – 0>N8H=A 98 ;D=MNC=;:L< 8< GNl8>8A ;D< $7* 98A98 C= G8<=>bN:=Q =>PM:;= h8bN:GDA:A R A==9D 98 GN;DA=A K>8;N888<: ;8>@:;=C ;D< 0=SQ R= bN8 8C A==9D ;8>@:;=C SN898 ;DA8 ;D< $1*f (GPM8<8Aj 8;DM>=KT= ?>=N;?N>=C h0*.7if – &<9DG8?>:D z JI GG = C= 8;DM>=KT=j yW]),Q %$]Q 0'.f .N8MD S>N8H= 98 S>DM8A?8>D<=f – &<9DG8?>:D ƒ JI GG B8?8>DMU<8D hANM:8>8 SLC:SD D G:DG=ij B:A?8>DAD=KT=f B:A?8>DAD=KT=f $: B=R C8A:L< KD;=CQ B:A?8>DA;DST=f $: B=R 8<9DG8?>:D 8DA=9D hA:< KD;=C:9=9iQ H:DSA:= =AS:>=?:@= 98 0:S8CC8f – &<9DG8?>:D ƒ JI GG BDGDMU<8Dj H:DSA:= =AS:>=?:@= 98 0:S8CC8f #:DSA:= 8<9DG8?>:=C h#&7i 8< S>8G8A:A?8:8AMD 98 <8DSC=A:= h8A?>LM8=>>8A?=9DAQ AT<9>DG8A <8DSCPA:;DA K=G:C:=>8A ;DGD 8C AT<9>DG8 98 .R<;BiQ 8<9DG8?>:D ƒ JI GG A:< KD;=C:9=9 KD;=C:9=9 N BDGDMU<8DQ K=CC= 98 G=<8lD GU9:;D :<:;:=Cf :<:;:=Cf

7&%'"''*,(* &- .* 0"$%7&-"0*1$(* ";N>>8 GPA K>8;N8:G8> =tD ?>=A 8C 9:=M89N;8 ;D=HC8G8=HC8G8LM8DM8A?:<=Ai =NG8 AT G:AG= 8C >:8AMD 98 A==9D 9N>=:G8> =tD 98 NADQ =N:8AMD 98 ;P<;8> <: B:S8>SC=A:= B:S8>SC=A:= 8<9DG8?>:=Cf .= ;=NA= GPA ;DG\< 98 G8?>D>>=M:= SDA?G8LM8 %'] hFEuif 28 C=A ;=NA=A 8<9LM8<=AQ C= =?>DK:= 8<9DG8?>:=C hFEui hFEui 8A C= GPA K>8;N8= @8O 8A 98 ;=NA= G=C:M<=f

VZ

,(-&)".",/*

<.J(

•

•

•

*?>DK:= 8<9DG8?>:=Cj A8 S>D9N;8 A8;N<9=>:= =C B:SD8A?>DM8<:AGDf .= SU>9:9= 98 MCP<9NC=A R CTbN:9D MC=<9NC=> S>D9N;8 A==G:8 G:;>D=H>=A:D<8A G:;>D=H>=A:D<8A 8 ::?:A ;>L<:;=if )=NA= A==9D 8A;=AD D ASD??:A8 @=M:<= SPC:9=Q =?>LK:;=Q A:< >NMDA:9=98Af 7=<8lD 8^S8;?=:=Cj A8MN<9= ;=NA= 8< K>8;N8<;:=f ;>8;:G:88;:G:8:=C KD;=C 98 8?:DCDMT= 98A;D8@8A?:9D 98 8S:?8C:D 8<9DG8?>:=Cf 0N898 8A?:GNC=>A8 AN ;>8;:G:8f %>=?=G:8\>M:;D h>8A8;?DA;DST=i 8< A:SC=A:= 8<9DG8?>:=Cj 8<9DG8?>:=Cj ?8>;8>= ;=NA=f 0>DC:K8>=;:L< 0>DC:K8>=;:L< =G=C 98 MCP<9NC=A 8<9DG8?>:=C8A SD> <:@8C8A 8C8@=9DA 98 8A?>LM8DM8A?:<=Ap 8< S=;:8DM8A?=?:@Df &A N< S>8;N>AD> 98C ;P<;8> 8<9DG8?>:=CQ R 8C >:8AMD 8A G=RD> A: B=R N<= B:S8>SC=A:= ;DGSC8l= hMCP<9NC=A 98 ?=G=tD @=>:=HC8 ;D< 8A;=AD 8A?>DG=i RkD =?TS:;= hB:S8>;>DG=A:=Q DG:<88Cf <\;C8Dk;:?DSC=AG=if <\;C8Dk;:?DSC=AG=if 8&.+.$,%)+' $ZE,-' rJ,&#&3,-' 789>D^:S>DM8A?8>D<= =;8?=?D JE GMk9 SD> JEWJV 9T=A 98 C= A8MN<9= $==9D G:?=9 98C ;:;CD SD> F G8A8A hÈu 98 U^:?Di 8^;8A:@Dj <') .+,H,.( 789>D^:S>DM8A?8>D<= =;8?=?D JEE GMk9 SD> FWZ G8A8A .8M>=9D D D H:8< G8M8A?>DC [E GMk9 SD> FWZ G8A8A B:A?8>8;?DGT= )DDC=> ;D< H:DSA:= ;=9= FWZ G8A8A 0DA?G88G8?:C:9=9 KN?N>=j B:A?8>8;?DGT=

7,) .+,H,.(

•

•

I.)

7:DG=A N?8>:=>= 98 A==9D 8< C= SDA?G889N;8 R A8 B=;8< G8:;:L< =S=>:;:L< 98 G=A=A G:DG8?>:=C8A 8< C= SDA?G88 B=;8> ADAS8;B=> N< A=>;DG= N?8>:8S>8A88S>8A8D SD> AN M>=@89=9 98H8< 98A;=>?=>A8f .= G8?>D>>=M:= SDA?G8:<;:S=C8A A:M 98 8<9DG8?>:DQ S8>D SN898 =AD;:=>A8 ?=GH:U< =C A=>;DG= N?8>: 98 D@=>:D D 98 ?NH=f

9-'3&.45. +&.)(K.3,).2L &<9DG8?>:D „ V GGj ?:8<8 =C?D @=CD> S>89:;?:@D <8M=?:@D S=>= <8DSC=A:=f &<9DG8?>:D x V GGj 8@=CN=> C= S>8A8<;:= 98 SLC:SDA hSN898< A8 ;D< S>8;:A:LDS:=9D 8A C= B:A?8>DAD=KT=iQ B:A?8>DAD=KT=iQ B:S8>SC=A:= 8<9DG8?>:=C R ;P<;8> 98 8<9DG8?>:Df – ]:A?8>DAD=KT=j ]:A?8>DAD=KT=j 8@=CN=;:L< 8;DM>PK:;= 98 C= ;=@:9=9 N?8>:<= CC8<= 98 CTbN:9D S=>= ;D=A?=> G8lD> =C SLC:SDf $: @= SLC:SDQ 98H8 >8=C:O=>A8 >8=C:O=>A8 H:DSA:= 8<9DG8?>:=Cf $: A8 DHA8>@=Q 98H8 >8A8;=>A8 G89:=DA;DST=f • •

1,'H(,. %)E'$%+&,.2 ^19I_d %D9D ^19I_d %D9D A==9D =G=C 8< C= SDA?G8= A8> H:DSA:=9D ;D< ;P=?:@= h0:S8CC8iQ h0:S8CC8iQ GPA =\< A: 8C M>DAD> 8<9DG8?>:=C x V GGQ 8<9DG8?>:D B:S8>8;DMU<:;D B:S8>8;DMU<:;D 9:KNA= D KD;=CG8:D = C= 8;DM>=KT= D A==9D S8>A:A?8 ;8>@:;=C hFYWF` R ZEWZV =tDAif

*.,(* 04.o()* + 2($7&-"''&* *.,(* 04.o()* *,12*

• • •

• • •

?,)%-'2M3,-' -') n]G:= SUC@:;=Q *%" ]8GD>>=M:=Q >NS?N>= D ?D>A:L< =<8^:=C %D>A:L< D 98M8<8>=;:L< 98 G:DG= N?8>::DA:AQ 8<9DG8?>:DG= >D?D 2:AG8>8= $T<9>DG8 98 B:S8>8A?:GNC=;:L< D@P>:;=

•

•

n]G=OD 8;?LS:;D *HD>?D 8ASD
617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

• • •

• • •

6*(+Z+&,-' %>=H=lD 98 S=>?D 'D?N>= N?8>:<= 28AS>8<9:G:8:?:A SN8>S8>=C %>DGHDKC8H:?:A AUS?:;= 2:PA?=A:A 98 AT
• • • • •

6+&'( (,(+%$.( *S8<9:;:?:A ):A?:?:A =MN9= 2:@8>?:;NC:?:A .:?:=A:A N>8?8>=C %>=NG= 98 S=>89 =H9DG:<=C

VX

<2.(,4,-.-,M) (%3#) '&,3%) E%2 E'2'&L 2DCD> ADGP?:;Dj ;=NA=9D 8< M8<8>=C SD> :?:;NC=>Q G\A;NC=>Q 98 K=A;:= D S8>:?D<8Df &C 9DCD> A8 CD;=C:O= ADH>8 8C P>8= :=@= SD> C= S=CS=;:L< D 8C GD@:G:8 = >8A:A?8<;:= =H9DG:<=C R A88HD?8f 2DCD> @:A;8>=Cj ;=NA=9D SD> 8A?:GNC=;:L< 98 >8;8S?D>8A 98 C= S=>89 98 @TA;8>=A BN8;=A SD> 9:A?8>=M:=A D <8DSC=A:=Af – vo8>9=98>Dwj 9DCD> AD>9DQ SD;D 98K:<:9DQ NH:;=9D K>8;N8:NGH:C:;=Cf S8>:NGH:C:;=Cf $8 SN898 =;DGS=t=> 98 S=C:98OQ AN9D>=;:L>8= D K:8H>8f – '8K8>:9Dj SN898 =AD;:=>A8 D =CM8A:=f

•

•

9K.2J.-,M) E,.3)M(+,-.L )DG:8=?D>:Dj 8< ?D9= GNl8> 98 89=9 KU>?:CQ yW]), hA: 8A SDA:?:@=Q ?= D?>=A 8?:DCDMT=Ai ;D<;DG:?= =H9DG:<=Cf "?>DA A8M\< ADAS8;B= ;CT<:;= hB8GDM>=G=Q 0)'Q D>:<= ;DGSC8?=if &^PG8<8A 98 :G=M8=KT= 8A 8C 8^=G8< 98 :G=M8< 98 8C8;;:L< S=>= 8@=CN=> 8C 9DCD> SUC@:;Df &< ;DG:?8< CC8M=> =C 9:=M?8 98 CDA ;=ADAf – %*) D '7 SN898< >8=C:O=>A8 8< ;=AD 98 bN8 8C 9:=MDf .=S=>DA;DST= 8^SCD>=9D>=j 98 N>M8<;:= A: A8 =AD;:= = ABD;r D A:M>:?=;:L< S8>:?D<8=CQ D H:8< S=>= 8A?N9:D 8< ;=AD 98 bN8 8 C= 8?:DCDMT= ;D< C=A GD9=C:9=98A =:D>8Af •

•

•

1<= GNl8> ;D< =CM:= SUC@:;= =MN9=Q 8^=G8< KTA:;D G=CQ :G=M8< R C=HD>=?D>:DA 8=9D =G=Ci G8lD>=>P< A:< >8bN8>:> ?>=?=G:8T=< 8^SC:;=> 8A?D AD< N< 0(0 ANH;CT<:;D D 8<9DG8?>:DA:Af

*.,(* 04.o()* )'s-()* 2DCD> :=NGH:C:;=C 98 x Z G8A8A 98 8@DCN;:L< bN8 9:AG:8bN:8>8 ?>=?=G:8SDA:;:L< ANS8>SDA:;:L< 98 9:=M
D,3%(+,K' C&,).&,'

"%J&'$J(-J2.& B(,-'2M3,-'

9)E'$%+&,'(,(c 9)E'$%+&,'( ,(c .ER%&%)-,.( h?>=?=G:8=?=G:8=;:L< bN:>\>M:;=if "?>DAj ;D:;DA:A 98 D@=>:D R \?8>Dp 9:=M D @8=KT=p ?>=?=G:8L<:;DQ C8:DG:DG=AQ ?NGD>8A D@P>:;DA 75)E&'$% E% ,)+%(+,)' ,&&,+.*2% h;=NA= MCDH=C GPA ;DG\< 98 *0)iQ 8G89=9 ::= :DAj 9:@8>?:;NC:?:AQ ;DG89=9 ;8CT=;= <,(+,+,( ,)+%&(+,-,.2 hAT<9>DG8 98 @8l:M= 9DCD>DA=p :89 @8A:;=C :<8AS8;TK:;=Q 9DCD> R GDC8A?:=A N>:<=>:=A d9:AN>:= A:< ?8<8AGDe bN8 8GS8D>=< ;D< 8C K>TDif "?>DAj AT<9>DG8 N>8?>=C ;>L<:;D h9:AN>:= ;>L<:;= A:< (%1iQ (%1 >8;N>>8?T;NCD N>8?>=CQ <8DSC=A:=A 7:=CM:= 98 S:AD SUC@:;DQ <8N>=CM:=A SUC@:;=AQ AT<9>DG8 G:DK=A;:=CQ ;D;;:MD9:<:=Q B8><:= 98C <8N>DSP?:;DQ AT<9>DG8 S:>=G:9=CQ SDA?N>= =G=CQ K:H>DG:=CM:= $DG=?:O=;:L8A:L=A?D>
9K.2J.-,M) -25),-.L ]:A?D>:=j )=>=;?8>:O=;:L< 98C 9DCD>Q >8C=;:L< ;D< ;:;CD G8N=CQ =;?:@:9=9 A8^N=CQ G:;;:LNMT=AQ :=9:D?8>=S:=f *AS8;?DA SA:;DAD;:=C8A SA:;DAD;:=C8A R =K8;?:@DAf – #=<98>=A >Dl=A 98 G=C:M<:9=9 D 8G89=9 A:A?UG:;= M>=@8j SU>9:9= 98 S8ADQ B8G=?DbN8O:=Q G8?>D>>=M:= S8>:G8=9D SDA?;D:?=C hA:>=M:=if hA:>=M:=if &^=G8< KTA:;Dj CD;=C:O=;:L< 98C 9DCD>Q H\AbN89= 98 G=A=A =<8^:=C8A D S=?DCDMT= 98 S=>89 =H9DG:<=Cf .=HD>=?D>:Dj yW]),Q B8GDM>=G=Q S=>PG8?>DA ::DAQ ::DAQ A89:G8D;NC?:@DQ ;NC?:@DA @=M:<=C8Af @=M:<=C8Af (G=M8=KT= ?>=8=C:O=> ?=GH:U< A: C= 8@=CN=;:L< =:D> 8A <8M=?:@= S=>= ?>= = C= S=;:8N?:<=f .=S=>DA;DST=j .=S=>DA;DST=j 9:=M?D CN8MD 98 ?D9D CD =:D> D S=>= ;DG=> 8<9DG8?>:DA:A D =9B8A:D<8Af •

• • •

•

8&.+.$,%)+'L &< 8&.+.$,%)+'L &< CD SDA:HC8Q G=<8lD 8?:DCLM:;D GNC?:9:A;:SC:<=>:Df 7=<8lD GU9:;Dj S=>=;8?=GDCQ *(-& h<:G8ANC:9=Q P;:9D G8K8:S?:C:<=f .DA ($'$ ') B=< 98GDA?>=9D A8> \?:C8A S=>= 8C G=<8lD 98 S=;:8
V[

,(-&)".",/*

•

&< 9DCD> ;T;C:;D 98H8< ;D=>A8 CDA ?>=?=G:8GD<=C8A h*)" H=l=A 9DA:A ;DDM8A?PM8>:?=HC8Q ;:A?:?:A ;:A?:?:A :A?:;:=C :A?:;:=C D ;D=> ;D< 8C ?>=?=G:8GD<=Cif 7=<8lD bN:>\>M:;Dj KNCMN>=;:L< 98 A:?:DA 98 8<9DG8?>:DA:AQ =9B8>8<;:DC:A:A A8M\< ;D>>8ASD<9=f

2($7&-"''&* + $/-2'"7& 0'&7&-$%'1*. *CM:= SUC@:;= ;>L<:;= hx Z G8A8Ai 98 ;=>P;?8> ;T;C:;DQ >8C=;:D<=9= ;C=>=G8N=;:L>8 8< C= G:?=9 98 C=A GNl8>8A 98 89=9 KU>?:C R 8< GN;B=A SN898 :<;CNAD C:G:?=> C=A =;?:@:9=98A G=C8Af 2:AG8>8= S>:G=>:=j S>:G=>:=j 9DCD> G8N=C 8C=;:D<=9D >8C=;:D<=9D ;D< S=?DCDMT= SUC@:;= SUC@:;= 8@:988C=;:D<= ;D< N<= =C?= S>D9N;;:L< 98 S>DA?=MC=<9:<=A 8< 8C 8<9DG8?>:Df &A N< 9:=M?8f – 7=<8lD GU9:;Dj ;=CD> CD;=CQ 8l8>;:;:Df *(-& h[Eu 98 U^:?Dp P;:9D G8K8 I 9T=A ==9D 98 C= G8N=;:L8S8?:> SD> F = Z G8A8Aif *=C8A hG=:D A:< 98A=>>DCCDp NA=> SD> I = F ;:;CDAif – 7=<8lD bN:>\>M:;Dj A: 8ASD<98 = *(-& | *)" SD> F ;:;CDA 98H8 >8=C:O=>A8 C=S=>DA;DST= S=>= 98A;=>?=> D?>DA 9:=M>8= S>:G=>:= ?:8<8 GNR HN8<= >8ASN8A?= = C= ?8>=S:= GU9:;=f 2:AG8>8= A8;N<9=>:=j A8;N<9=>:=j 9DCD> G8N=C =AD;:=9D = S=?DCDMT= ANHR=;8=C 8A 98 :<:;:D ?=>9TD SDA?G8
bN:;Df SDA?G8
bN:;Df &C 9DCD> A8 SN898 98H8> = =NG8DA?=MC=<9:<=AQ S>DA?=MC=<9:<=AQ =9B8>8<;:=A D ;D=;;:D<8Af – )=NA=Aj "'1)%"#$&)(&( h;=NA= GPA K>8;N8=A x VE =tDA ;D< @=>:=A ;8AP>8=A =:D>8AiQ G=CKD>G=;:D<8A G=CKD>G=;:D<8A M8<:?=C8A h\?8>D H:;D><8Q SD9>T= >8C=;:D<=>A8 ;D< 8<9DG8?>:DA:A SD> G8N=;:L< >8?>LM>=9=iQ NAD 98 2(1 h>8=;;:L< ::= ::= = ;N8>SD 8^?>=tDif – 7=<8lD GU9:;Dj A:G:C=> =C 98 C= 9:AG8>8= S>:G=>:=f – 7=<8lD bN:>\>M:;D S>8;DO ==?=G:8
•

•

•

$T<9>DG8 S>8G8N=C h$07ij AT=N=CQ 8A 98;:>Q =N=;:L88 bN8 A8 98H8 = 9:A>8MNC=;:L< BD>GD<=C R 98 <8N>D?>=8Af $8 S>8A88A:@D R C=H:C:9=9 C=H:C:9=9 8GD;:D<=CQ bN8 SN898 =AD;:=>A8 ?=GH:U< = =CM:= SUC@:;=Q 9DCD> G=G=>:DQ ;8K=C8= R K=?:M=f – 7=<8lDj =C:G88A?>:;;:L< 98 A=C R ;=K8T<=p 8l8>;:;:D 8l8>;:;:D KTA:;Dp 9:=>:D 98 AT= :98 ;:;C:;:9=9 R S>89DG:<=<;:= 98 AT89DG:<= 8C ?>=A?D>A8 ($'$ hKCND^8?:<=Q hKCND^8?:<=Q A8>?>=C:<=ip A: S>89DG:<=< CDA ATU?:;DA h*)" =DD
.&1)"''&* o1.o"o*,(-(%($ F.3,)'(,( *.-+%&,.).L 8A *.-+%&,.).L 8A C= @=M:<:?:A GPA K>8;N8>8ASD<98 = N<= &%$ A:= @=M:<=C B=H:?N=CQ SD> =C?8>=;:L< 98C S>89DG:<:D B=H:?N=C 98 C=;?DH=;:CDA R =NG8DH:DAQ ::9= Q+;)2-0(%0 R 40$1'"$"--0P $8 =AD;:= = G=RD> >:8AMD 98 8<9DG8?>:?:A SN8>S8>=CQ :=?D>:=Q 0(0Q 00%Q : R =HD>?D 8ASD8l= A8^N=C D 8l= 8< \C?:GDA FE 9T=AQ S=>8l= A8^N=C K8G8<:<=Q 9N;B=A @=M:<=C8Af )CT<:;=j )CT<:;=j C8N;D>>8=Q A8;>8;:L< HC=:AP;8= HC=:AP;8= K:<=Q BDGDMU<8= R 98 G=C DCD>Q A:< M>NGDAQ 8< M8<8>=C A:< 8ASNG= h=NT= ?8<8>ip DC:MDA: >DA=9D G=Cf 2:=M:?8>:DA 98 *GA8C h>8bN:8>8 =C G8M= @=M:<=C ;=>=;?8>TA?:;=Q K>D?:A ;D< x IEu 98 v;CN8 ;8CCAw h;UCNC=A 8S:?8C:=C8A ;D< =HN<9=:9DAiQ ?8A? 98 =G:<=A SDA:?:@D hA=C:9= 98 G=C DCD> =C =M>8M=> ‡"] = N<= GN8A?>= 98C KCNlDif – %8A? 98 -NM8=G SDA:?:@DA M>=<98A dC=;?DH=;:CDAeQ dC=;?DH=;:CDAeQ H=;:CDA ,>=G <8M=?:@DA S8bN8tDA R H=;:CDA ,>=G @=>:=HC8A ;N>@DA 8< KCNlD @=M:<=Cij EqF G=CQ VqZ 9N9DADQ XqJI 9:=M
•

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

V`

•

•

%>=?=G:8 ;DH8>?N>= S=>= =<8>DH:DAf 'UM:G8< CD;=Cj G8?>D<:9=ODC L@NCDA YEE GMQ J ;=9= X 8G= IuQ J ;=9= JE =Cj G8?>D<:9=ODC YEE GM ;kJI B D ;C:<9=G:;:<= FEE GM ;kJI SD> X 9f -D A8 >8bN:8>8 ?>=?=> = C= S=>8l=f &GH=>=O=9=A ;D< =C?D >:8AMD 98 00%j )2) >8;DG:8<9= >8=C:O=> A;>88<:=?=G:8
<.)E,E,.(,(L : M0'1&10S `Yu MP 0-5&;0'(c Yu MP .-05$0#0P &A GNR ;DG\< hXYu 98 C=A GNl8>8Ai R ?:8<8 =C?= ?=A= 98 >8;N>>8<;:= hYEuiP * @8;8A A8 :98?:;D:98A D ==<98Af 0N898 ;D8^:A?:> ;D< @=M::=<= D ?>:;BDGD<:=A:Af ?>:;BDGD<:=A:Af $8 =AD;:= = >:8AMD 98 00% 8< 8GH=>=O=9=Af 6'j 8GH=>=ODQ K=A8 C\?8= G8N=CQ :9=9Q 8AS8>G:;:9=AQ 89=9 hJYWJ` =tDAiQ NAD 98 =D D ;D>?:;D:98AQ :8A:L8A:L>8=p A8;>8;:L< 8AS8A=Q HC=NGDA=p S>N>:?DQ =>9D>Q 9:AN>:=f )D< 8ASU;NCD A8 SN898 =S>8;:=> A8;>8;:L< ;D< C=A ;=>=;?8>TA?:;=A 98A;>:?=A 98 S] z VQY hG=CiQ 8>:?8G= @=M:<=CQ 8< =CMN=A R 8^;D>:=;:D<8A SD> M>=?=l8f &C 9:=M=?=G:8 9T= | <:A?=?:<= ;>8G= SD> JE 9T=Ap ;CD?>:G=ODC L@NCDA JEE GMQ J ;=9= Z =Cj KCN;D<=ODC JYE GMQ 9DA:A \<:;= D I 9DA:A A8S=>=9=A SD> XI Bf %>=?=> = C= S=>8l=f )=<9:9:=A:A 8< 8GH=>=O=9=Aj S>8K8>:> L@NCDA 98 ;CD?>:G=ODC JEE GMQ J ;=9= X 8;N>>8=C =C 9T= SD> JE 9T=Af •

•

•

8&,-R'$'),.(,(L : 8$&;J)%)'0(S S>D?DODD KC=M8C=9D :=;8CNC=>f :=;8CNC=>f &A N<= &%$ 8< C= bN8 8C BDGH>8 8A B=H:?N=CG8:?:A SN8>S8>=CQ 0(0 R 00%f 6'j ;=GH:D 98 S=>8l= A8^N=CQ ƒ F S=>8l=A 8< FE 9T=AQ ;D:?D ƒ I @8;8AkA8G=<=Q D?>= &%$ ;D<;DG:?=>8=Q A8;>8;:L< @8>9DA=W=G=>:CC89D> R 9:AN>:=f *C 8ASU;NCD 8>:?8G= @=M:<=C <: ;8>@:;=CQ S8>D >=>= @8O A8 @8 v;U>@:^ 8< K>8A=w hSPSNC=A 8>:?8G=?DA=Aif 2:=MD?:AQ KC=M8C=9DA GL@:C8AQ =NG8KD8Af %>=?=G:8=Cj G8?>D<:9=ODC I M> 9DA:A \<:;= hG=C= ?DC8>=<;:= D>=CiQ D H:8< YEE GM ;kJI B SD> X 9T=Ap ?:<:9=ODC I M> 9DA:A \<:;= hG8lD> ?=A= 98 ;N>=;:L=?=> = C= S=>8l=f • •

• •

)&'o()(%($ <%&K,-,+,( 3')'-M-,-.L : [P .)')$$J)"0"P 0N898 ;D8^:A?:> ;D< MJ-0%+1&0f 0N898 8^:A?:> ;DCD<:O=;:L< 8< N>8?>=Q MCP<9NC=A 98 #=>?BDC::=<=C8A R K=>:>8=Q KCNlD ;8>@:;=C SN>NC8=@UA 98C ")&f 2:=M=G h9:SCD;D;D ,>=G <8M=?:@Dif 0)' D )NC?:@D 98 %B=R8>W7=>?:< %B=R8>W7=>?:< h8< G89:D 98 ;NC?:@D 98 =M=>WA=8i S=>= 9:=M?8O=f • •

<%&K,-,+,( H'& !"#$%&'($L := MJ-0%+1&0 bN8 SN898 ;D8^:A?:> ;D< MD8A= = C= ;UCNC= 8S:?8C:=C 8S:?8C:=C h8<9D;U>@:^Q N>8?>=Q ?NH= N?8>:<=Q 8<9DG8?>:Di SD> 8<9D;:?DA:A G89:=9= SD>= :=;;:L< :=;;:L< 8AS8;TK:;= =8;8S?D>f '8SC:;= 98D 98 C= ;UCNC=f $8 8^D;:?= 8 :>8=Q KCNlD ;8>@:;=C SN>NC8=@UA 98C ")&f 2:=M= 9:=M?8O= A8 NA= 0)'Q SN8A 8A 9:KT;:C ;NC?:@=>CDf • •

8&.+.$,%)+' %$H5&,-' E% 2. -%&K,-,+,(L ;8K?>:=^D<= IYE GM :G 9DA:A \<:;= | =O:?>DG:;:<= J M> D>=C 9DA:A \<:;=f

0'")&$" (-6.*7*%"'(" 04.o()" (M=N;?N>=A @8;:<=Af 0N898 ;=NA=> 8<9DG8?>:?:AQ A=CS::;D h*%"i R S8>:?D<:?:A SUC@:;=f SUC@:;=f .= :>8 SD> =A;8=;?D M8<:?=C 8^?8>:D> 98 G:;>DD>M=<:AGDA G:;>DD>M=<:AGDA 98 ?>= D?>DA h=<=8>DH:DAQ W#$"2#););;A( ASSfQ HP ;)-& Q Q+;)2-0(%0 if 0D> ;D<;8S?DQ 8C 0(0 8A SDC:G:;>DH:=
YE

,(-&)".",/*

*NG8:8AMD 98 :?:C:9=9 hJEu 98ASNUA 98C Ja 8S:AD9:DQ IEu 98ASNUA 98C Ia R VEu 98ASNUA 98C Fai R 8GH=>=OD 8;?LS:;D R 8A N<= ;=NA= 98 =CM:= SUC@:;= ;>L<:;=f &C *%" 8A N<= 98 C=A ;DGSC:;=;:D<8A GPA K>8;N8 N<= >8ASN8A?= 98C BDAS898>D = N<= :=<=f 0N898 ;DGS>DG8?8> 8A?>N;?N>=A =9R=;8= =M8DH:DA R =<=8>DH:DAf 1<= ;DGSC:;=;:L< 98 C= : MDDG8 98 6:?OW]NMBW)N>?:A hS8>:B8S=?:?:A hS8>:B8S=?:?:A SD> [P .)')$$J)"0" bN8 ;=NA= =9B8A:D<8A v8< ;N8>9= 98 @:DCT8AS8?= =C BTM=9Dif &< NAN=>:=A 98 2(1 x JE =tDA SN898 B=H8> 0(0 SD> D;#&')%+;"( hH=;:CD ,>=G SDA:?:@D =<=8>DH:D ;DG8 ;NC?:@D A: H:DSA:=f Q:

&9=9 hIEWIY =tDAiQ RP*,+'( (%OJ.2%( h:<:;:D (%OJ.2%( h:<:;:D S>8;DO dz JY =tDAeQ S>DG:A;N:9=9 dƒ J S=>8l= 8< \C?:GDA JI G8A8AiQ =C?= K>8;N8<;:= ;D:?=C dƒ VkA8GeiQ J(' E% D;C hF D;C hF A8G=<=A SDA? :D9N;;:LNG8NG88;:8
<25)

]=A?= 8C VEu 98 C=A GNl8>8A AD< =A: >:M:98O N?8>:<= =C 8^=G8< H:G=8 x F[a)Q C8N;D;:?DA:A x F JEfEEEkGG Q SNA 8< ;NC9D;8:?:Aj SN898 B=H8> 8^N9=9D 8<9D;8>@:;=C 8<9D;8>@:;=C SN>NC8DA=Q ;DGSC8l= = C= 8;DM>=KT=f %:8<8 ;CT<:;= A:G:C=> =C 0(0 8;898 = C= =S=>:;:L< 98 C= G=A= =<8^:=CQ D H:8< SN898 S>8A8A8 98 KD>G= =MN9= R M>=@8 h9DCD> =H9DG:<=C 9:KNADQ A:M>:?=;:L< S8>:?D<8=CQ A8SA:Ai bN8 ANM:8>8< *%" >D?Df &< N<= S=;:8=?=G:8 0(0 bN8 8@DCN;:D<= B=;:= *%" C= ;CT<:;= SN898 A8> GPA =?8:D>=>A8 S>DM>8A:@=G8:?D<:?:Aj 9DCD> 98 :=C:O=f *S=>8;8 IVW V[ BD>=A 98ASNUA 98 N< ;D:?DQ 8< 8AS8;:=C S8>:G8N=CQ S8>:G8N=CQ R D;N>>8 SD> ;=T9= 98 SNA 98A98 8<9DA=CS::?D<8=Cf '8ASD<98 GNR >PS:9D = =DG8 98 6:?OW]NMBW)N>?:Aj 9DCD> =MN9D R A8@8>D 98C ;N=9>=:D> 98>8;BD 98C =H9DG8< D 98C BDGH>D 98>8;BDf • •

•

• •

D,.3

.= ;CT<:;= ?:8<8 N< @=CD> S>89:;?:@D SDA:?:@Dj ZEWÈuf $:< 8GH=>MD B=R GN;BDA 0(0 ANH;CT<:;DAf "?>DA ;>:?8>:DA 8AS8;TK:;DAj 8AS8;TK:;DAj #:DSA:= 8<9DG8?>:=C ;D< 8@:98<;:= B:A?DS=?DCLM:;= B:A?DS=?DCLM:;= 98 8<9DG8?>:?:Af &;DM>=KT= %oj HN8<= A8DGS=A 8DA=9=A D CC8<=A 98 KCN:9DA } CTbN:9D C:H>8p :G=M8< ANM8>8?= S>:<;:S=CG8:<;:S=CG8DA;DST=j MDC9 A?=<9=>9 S=>= 8C 9:=M8;?= R 9>8<=l8f • •

• •

I.)

I.)%[' .$*J2.+'&,'L )8>@:;:?:A )8>@:;:?:A R 8<9DG8?>:?:Ap A=CS:=Cf )8K?>:=^D<= IYE GM :G 9DA:A \<:;= | 9D^:;:;C:<= JEE GM ;kJI B SD> JV 9f &< =CMNDA A8 >8;DG:8<9= =GD^:;:C:<=WP;:9D ;C=@NCP<:;D [XYkJIY GMQ J ;DGS ;kJI B SD> JV 9T=Af – )D=> G8?>D<:9=ODC YEE GM ;k[ B 8< S=;:8NG88;:88;:8:=A 98 2(1 A8 SN898 SC= >8?:>=> 2(1 98 KD>G= 9:K8>:9= ?>=A 8C ?>=?=G:88AS8;?Df $: A8 ADAS8;B= =;?:=?=G:8A8 SD> F = Z G8A8Af •

•

•

I.)%[' R'(H,+.2,N.E'L A8SA:AQ A=CS:=CQ =HA;8AD SUC@:;D D ?NHDWD@P>:;DQ 8GH=>=O=9=AQ G=C= ?DC8>=<;:= D>=CQ G=C= =9B8>8<;:= = ?>=?=G:88ASN8A?= hV[WXI Bif )C:<9=G:;:<= ÈE GM ;k[ B 8@ | M8M=Q CN8MD JQY GMkrM ;k[ B 8@ D FWY GMkrMk9 ' *,%) ;8K?>:=^D<= J M ;kJI B 8@ | 9D^:;:;C:<= JEE GM ;kJI B @Df )DGSC8?=> V[ BD>=A =K8H>:C R CN8MD ?>=AC=S=> = >UM:G8< D>=C B=A?= ;DGSC8?=> JV 9T=Af *CMN<=A MNT=A ANM:8>8< >8?:>=> 8C 2(1 8< S=;:88ASN8A?= = ?>=?=G:8
•

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

YJ

;)E,-.-,M) E% -,&J35. %) B;BL ABD;r AUS?:;DQ ADAS8;B= 98 *%" >D?DQ *%" 98 9:PG8?>D ƒ ` ;GQ G=C= >8ASN8A?= = ?>=?=G:8 V[WXI B hK:8H>8 S8>A:A?88=S=>8;8Q :>>:?=H:C:9=9 :>>:?=H:C:9=9 S8>:?D<8=C ADA?8<:9= D 8< =NG88;:G:8DA;DST= S>8;DO 8< *%" ?:8<8 N<= ?=A= H=l= 98 ;DGSC:;=;:D<8AQ BDAS:?=C:O=;:D<8A BDAS:?=C:O=;:D<8A GPA ;D>?=A R 9:AG:?:C:9=9 SDA?8>:D>f

7("7*%"$($ 1%&'(-* .DA G:DG=A N?8>:8A H8<:M= C:A= G:DG8?>:=CQ ?8l:9D ;D<8;?:@D h= G=RD> ;=G8 ;DDG= @=A;NC=>f &A 8C ?NGD> SUC@:;D GPA ;DG\< 98 C= GNl8> R C= ;=NA= GPA ;DG\< 98 ;:>NMT= M:<8;DCLM:;= M:<8;DCLM:;= G=RD>f .= 8?:DCDMT= 8A 98A;DD SD9>T= 8A?=> >8C=;:D<=9= ;D< C=A BD>GD<=A A8^N=C8A hB:S8>8^S>8A:L< hB:S8>8^S>8A:L< 98 >8;8S?D>8A 98 8A?>LM8DM8A?8>D<=Q =NA88A S>8G8
bN:;=AQ 8@DCN;:L< 8< 8C 8GH=>=OD R >8M>8A:L< 8< C= SDA?G8:;DA N D@=C=9DAQ \<:;DA D G\C?:SC8A 98 ?=G=tD @=>:=HC8Q ;=SANC=9DA R A8 9:A?:=G8:D A=?8>:= ;8=C \<:;=Q C= S8>:K8>:= A8 :>>:M= SD> =<=A?DGDA:A 98A98 8C G:DG8?>:D @8;:==OD 8;8< A:M<:K:;=?:@=G8D SN898< >8C=;:D<=>A8 ;D< 00%Q 200-( R ')(1f Q:

7:DG=Aj 78<=>bN:= S>8;DO hz JE =tDAiQ H=l= S=>:9=9Q B:A?D>:= K=G:C:=>Q DH8A:9=9Q =C;DBDC:AGDf $=>;DG=Aj =S=>:;:L< 8< S>8G8<=>bN:= R SDA?G8=9:D?8>=S:=Q >=9:D?8>=S:=Q ;>8;:G:8=9DQ =;8C8>=9DQ K=CC= 98 >8ASN8A?= = ?>=?=G:8
<25)

.= G=RD>T= 98 CDA G:DG=A AD< =A:8A8=GN>=C hZEWXEuij hZEWXEuij ;>8;8< 98D 98 C= S=>89 N?8>:<=f 0N898< 9:A?D>A:D<=> C= =<=?DGT=f $NHGN;DAD hJYWIYuij 98H=lD 98C 8<9DG8?>:Df 0N898< ADH>8A=C:> = C= ;=@:9=9 N?8>:<=f – %==GN>=C8A ;DGD ANHGN;DADA SN898< ;=NA=> A==9D G8N=C =HN<9=G8>8=iQ =<8G:=Q AT ;DGS>8A:L=9D :>>8MNC=>Q 8C ;N=C D>:8:=Cf – 2DCD>j 9:AG8>8=Q 9:AS=>8N<:= 9:AS=>8N<:= R 9DCD> =MN9D SD> <8;>DA:A D ?D>A:L8S>D9N;?:@=AQ AD< >=>=Aj =HD>?DQ 00%Q 9:A?D;:=Af 7NR >=>Dj :?:C:9=9f :?:C:9=9f – *C?8>=;:D<8A >8S>D9N;?:@=AQ $NHA8>DAD hJEWJYuij ;>8;8 B=;:= KN8>= 98C \?8>Df 0N898< ?8<8> H=A8 =GSC:= D 8A?=> S89N<;NC=9DA h>:8AMD 98 ?D>A:L 88 CDA SC:8MN8A 98C C:M=G88A8@:;=C8A )8>@:;=C8A h[uij ;>8;8< 8< 8C ;N8CCD N?8>:
•

•

D,.3

]:A?D>:= ;CT<:;= ANM8>8=9D G8N=C =HN<9=D =NG8=KT=j \?8>D =NG8898A 8DA=9=AQ GD@:G:8DQ = 9:K8>8<;:= 98 G=A=A =<8^:=C8Af

I.)

I.)%[' %OH%-+.)+%L 8< G:DG=A =A:= ;DDC=> ;DDC=> 8C 9DCD> R 8C A==9D 8< FEu 98 CDA ;=ADAf *(-&j ~;:9D G8K8N=;:L Y 9T=Af 2(1 G89:;=9D ;D< S>DM8A?:<=Aj 8K8;?D CD;=C bN8 >89N;8 8C A==9Df *DC:98ij :8;:L< 98 .] R 6$] SD> SU>9:9= 98 C= SNCA=?:C:9=9Q ;=NA=< N< B:SDMD<=9:AGD B:SDMD<=9D?>DSD >8@8>A:HC8 R 9=< ;CT<:;= A:G:C=> =C ;C:G=?8>:Df 0N898< NA=>A8 98 KD>G= S>8bN:>\>M:;= SD> FWZ G8A8A S=>= >89N;:> 8C ?=G=tDf -D A8 98H8 NA=> A: B=R 98A8D 98 S=>:9=9f *)" ;D< 8?:<:C8A?>=9:DCj >89N;8< 8C A==9D G8N=C A:< =NG8 8C ?=G=tD 98C G:DG=f •

• •

•

I.)%[' `J,&#&3,-'L =<8G:= K8>>DS>:@= A8@8>=Q G:DG=A x [WJE ;G h8bN:@=C88A:@DAQ 9DCD> :<@=C:9=;DG= D ;=NA= \<:;= 98 :?:C:9=9f :?:C:9=9f

YI

,(-&)".",/*

•

•

7:DG8;?DGT=j :<9:;=;:L< :<9:;=;:L< :<:;:=Cf '8;:9:@= 98 IEWFEuQ SDA:HC8G8 G:DG=A S8bN8tDA S=9DAf $8 SN898 >8=C:O=> SD> B:A?8>DA;DST=Q C=S=>DA;DST= hB=A?= Y ;GiQ C=S=>D?DGT=f 1<= ;:;=?>:O ;D>SD>=C ;D=:<9:;= N< KN?N>D S=>?D @=M:<=Cf ]:A?8>8;?DGT=j ]:A?8>8;?DGT=j 8< S=;:8:9=9 ;NGSC:9= D >8;:9:@= SDA?bN:>\>M:;=f SDA?bN:>\>M:;=f

&-2"7&%'("$($ .= 8<9DG8?>:DA:A 8A C= S>8A8<;:= 98 MCP<9NC=A R 8A?>DG= 8<9DG8?>:=C KN8>= 98 C= ;=@:9=9 N?8>:<=f &< D>98< 98 K>8;N8<;:=Q 8A GPA ;DG\< 8< D@=>:DA hYEuiQ KD<9DA 98 A=;D =:D> R SDA?8>:D>Q SD>;:L< SDA?8>:D> 98C C:M=G8DWA=;>DAQ \?8>D h=988A8<;:= 98 ?8l:9D 8<9DG8?>:=C 88 8C G:DG8?>:DiQ ?NH= N?8>:<=Q A:MGD:98AQ =SU<9:;8 R C:M=G889D<9DAf $D< K=;?D>8A S>D?8;?D>8A N<= ?>DGS= 98 CNG8< S8bN8tD hEQV GG :A?:G:;DiQ ;DC=M8<=A=A ;DC=M8<=A=A R G=;>LK=MDA 8< CTbN:9D S8>:?D<8=C R GNC?:S=>:9=9f 0N898 S>D9N;:> :?:C:9=9 SD> =9B8>8<;:=A ?NHDWD@P>:;=A D S8>:D@P>:;=AQ S8>:D@P>:;=AQ DHA?>N;;:L< 98 ?NH=AQ >8A8>@= D@P>:;= 9:AG: 98A?>N;;:L< ?:ANC=> S>:G=>:= D :=?>DMU<:;= =C ?>=?=> C= 8G89=9f Q,(,'H

•

•

• •

<25)

%8D>T= 98 C= G8?=SC=A:= ;8CLG:;=j S>8A8<;:= 8< C= ;=@:9=9 S8>:?D<8=C 98 ;UCNC=A :<9:K8>8<;:=9=A D bN8 A8 98A9:K8>8<;:=< 98A9:K8>8<;:=< S=>= ;D<@8>?:>A8 8< ;UCNC=A 8<9DG8?>:=C8Af %8D>T= 98 C= :GSC=N=;:L< >8?>LM>=9=wj A=C:9= 98 98A;=G=;:L< 8<9DG8?>:=C = ?>=@UA 98 C=A ?NH=A N?8>:<=Af 2:A8G:<=;:L< 2:A8G:<=;:L< 8^?>=S8>:?D<8=C = ?>=@UA 98 A=8 D C:T= 98C ?>=ASC=8;?Dj 9:A8G:<=;:L< 9:A8G:<=;:L< G8;P<:;= :=?>DMU<:;= SDA? bN:>\>M:;=f 6=;?D> :8G88ASN8A?= BNGD>=C R 9:AG: 8< S=;:8:DA:Af

1<= S=>?8 98 C=A S=;:8:<=>:DA hB8G=?N>:=i D 9:M8A?:@DA h9:AbN8O:=Q 9:A?8>=M:= 9:M8A?:@= H=l=Q 9:=>>8=iQ :?:C:9=9Q A==9D N?8>:G=Cf &<9DG8?>:DG= hbN:A?8 8<9DG8?>:LA:;D D@P>:;Dij bN:A?8 D@P>:;D =;BD;DC=?=9D SD;D A:8ASN8A?= = ?>=?=G:88;:9:@=Q ;=NA= :?:C:9=9 hG8:DA:A S8>:?D<8=Ci R 8C8@= GD98>=9=G8:DA:A S8>:?D<8=Cj S8>:?D<8=Cj GNR A:?:C:9=9 8< M>=< S=>?8 98 CDA ;=ADAf %=GH:U< 8C8@= )*WJIYf '8;N>>8<;:= 8< =CMN:DA:A >8;?D@=M:<=Cj >8;?D@=M:<=Cj SN898< DHC:?8>=> 8C KD<9D 98 A=;D SDA?8>:D>f &A C= GPA A:D ?:C:9=9f :?:C:9=9f -D >8ASD<98 =C ?>=?=G:8
•

•

&C 8^=G8< KTA:;D SN898 A8> G=C D GDA?>=> 9DCD> = C= S=CS=;:L< 98C KD><:^ SDA?8>:D> D S=>=G8?>:DAQ G=A= =<8^:=C S=CS=HC8Q 9DCD> = GD@:C:O=;:L< ;8>@:;=CQ \?8>D K:lD 8< >8?>D@8>A:L
&C 9:=M @:AN=C:O=;:L< 9:>8;?= 98 :GSC=A8 S=>= ;8>?:K:;=> ;8>?:K:;=> 8C 9:=M=?=> C= 8G89=9f $8 =S>8;:=< ;DGD C8A:D<8A v8< bN8G=9N>= 98 SLC@D>=w 98 ;DCD> <8M>DQ ;=KU DA;N>D D =ONC DA;N>Df .DA 8<9DG8?>:DG=A AD< 8A?>N;?N>=A 98:9=A =9B8>:9=A bN8 ;D= 8C 9:=M:G8>= CT<8=j (<9:;=;:L< 98 C=S=>DA;DST= 9:=ML<:;= A8@8>=Q 9DCD> >8K>=;?=>:D = ?>=?=G:8:= D bN8 >8bN:8>8 BDAS:?=C:O=;:L=>= @8O AD< \?:C8A S=>= 8C 9:=M=KT= 98 =988;:= N< \?8>D =NG8>8K>:M8<;:= hv8< @:9>:D 8AG8>:C=9Dwi 8< C= S=>89 N?8>:<=Q =N
I.)

I.)%[' $ZE,-'L =CM:= SUC@:;= ;>L<:;= bN8 B=;8 ADAS8;B=> 8<9DG8?>:DA:A SN898 G=<8l=>A8 GU9:;=G88=C:O=> C=S=>DA;DST= C=S=>DA;DST= 8^SCD>=9D>=f $:< 9:=M=C 98 =CM:= SUC@:;= ;>L<:;=f •

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

YF

•

)D< 9:=MD^8=C8A ;DGH:<=9DA D S>DM8A?PM8D^:S>DM8A?8>D<= G89>D^:S>DM8A?8>D<= FE GMk9 D>=C D JYE GMk9 :Gp \?:C S8>D =C?= ?=A= 98 8K8;?DA =9@8>ADAiQ =8AD> 98 6$] R .]p =K:<:9=9 SD> >8;8S?D>8A =<9>DMU<:;DAiQ 2(1 G89:;=9D ;D< S>DM8A?:<=Af

I.)%[' `J,&#&3,-'L 7=C= >8ASN8A?= = ?8>=S:= GU9:;=Q 9DCD> A8@8>DQ :<;=S=;:?=D?N>= D ?D>A:L< 98 8<9DG8?>:DG=iQ 8G89=9 =@==< 9:A?D>A:L< =<=?LG:;=Q bN:A?8A 8<9DG8?>:LA:;DAQ DHA?>N;;:L< ::<=>:=iQ N>:<=>:=iQ 9:AbN8O:=Q 9:AbN8O:=Q 9:AS=>8N<:=f .= 8C8;;:L< 8A C= C=S=>DA;DST= hG8 ;DA?DQ GD>H:C:9=9 R =9B8>8<;:=A SDA?bN:>\>M:;=Aif )D@=9D>=j KNCMN>=;:L< 98 KD;DA 8<9DG8?>:DA:;DAf 28K:<:?:@=j 28K:<:?:@=j B:A?8>8;?DGT= } A=CS:8;?DGT= A=CS:8;?DGT= H:C=?8>=C hG8 ?=A= 98 >8;N>>8<;:=A R >8DS8>=;:L< ;D< $"#if *CM:= SUC@:;= :=?=HC8Q G=A= =<8^:=CQ G\C?:SC8A ;:>NMT=A ;D@=9D>=Af • •

&< S=;:8 S8>A:A?8=A C= ;:>NMT= SD> >8GD;:L< :<;DGSC8?= 98 :GSC=:G=>:D 8A 9:AG8>8= A8 ANM:8>8 98l=> ?>=?=G:8\>M:;Df

0'".*0$" 2& s',*-"$ 04.o()"$ $8 98K:<8 ;DGD C= B8><:=;:L< 98 L>M===H9DG:<=C8A B=;:= D = ?>=@UA 98 C=A S=>898A @=M:<=C8A @=M:<=C8A hS=>89 =:D>j N>8?>D;8C8 D ;:A?D;8C8p SDA?8>:D>j 8D;8C8 D >8;?D;8C8p PS8^j ;DCSD;8C8 d;\SNC= @=M:<=C 8< B:A?8>8;?DG:O=9=Ae B:A?8>8;?DG:O=9=Ae D B:A?8>D;8C8if B:A?8>D;8C8if ";N>>8 SD> SU>9:9= 98C ADSD>?8 98C ;=<=C @=M:<=C h<:@8C8A 98 28.=<;8Rf (j PS:;8 @=M:<=C SD> C:M=G8DA=;>DAp ((j ;=>= C=?8>=C 98 S=>89 @=M:<=C SD> 8C =>;D ?8<9:89 =:D> = C= AT 98C =8 8C FE R 8C JEEu 98 C=A GNl8>8A S8>D 8< C= M>=< G=RD>T= 98 8CC=A 8A =A:bN8 C= G=A= B8><:=9= 8A :=@=M:<=Cf 6'j GNC?:S=>:9=9Q GNC?:S=>:9=9Q 89=9 =@=8S8AD R DH8A:9=9Q B:A?8>8;?DGT=f *;?N=CG8:H8 NA=<9D C= = 0"0W†Q bN8 98A;>:H8 CDA ?>8A ;DGS=>?:G88C=;:L< ;D< 8C B:G8< R 8C HD>98 9:A?=C 98C S>DC=SAD 8< ;Gf &A C8 S8>D 8A DHl8?:@= R ;DGS=>=HC8f 9(+.E5' ; 9(+.E5' ;; 9(+.E5' ;;; 9(+.E5' ;F

0>DC=SAD ADH>8 J ;G 98C B:G8< h8< M8<8>=C =A:DC=SAD H=lD J ;G 98C B:G8< 0>DC=SAD x J ;G 98C B:G8< A:< 8@8>A:L< ;DGSC8?= &@8>A:L< @=M:<=C ;DGSC8?= D S>D;:98<;:= N?8>:<=

D,.3)M(+,-'L )CT<:;D D,.3)M(+,-'L )CT<:;D SD> B:A?D>:= hS>8A:L< D G=A= @=M:<=CQ bN8l=A N>:<=>:=A h:<;D:<= 98 8AKN8>ODQ C=?8<;:= G:;;:D<=Ci D 98K8;=?D>:=A h9:K:;NC?=9 S=>= C= 98K8;=;:L=9D M8<:?=C SD> NC;8>=;:L< D KCNlD M8<:?=CQ 9:AKN<;:L< A8^N=Cf &^=G8< SUC@:;D AN8C8 A8> 8@:98=?=>A8 8< S=;:8DA A:A?8G=A hB:9>DN>8?8>D<8K>DA:AQ hB:9>DN>8?8>D<8K>DA:AQ DHA?>N;;:L< :=9D 98 S>DC=SADf 7=<8lD ;D@=9D>j 9:ASDA:?:@DA :=@=M:<=C8A 98 A:C:;D<= bN8 ADSD>?=< = CDA L>M=:DAj 9:ASDA:?:@DA 8AS8;:=C 8< S=;:8NMT=p >8bN:8>8< 98 ;N:9=9DA 8AS8;:=C8A bN8 B=;8< bN8 C= =9B8>8<;:= = I =tDA A8= 98 YEuf – &l8>;:;:DA &l8>;:;:DA 98 GNA;NC=?N>= 98 S:AD SUC@:;Dj G8lD>T= 98 =CMN:<=>:DA R 98K8;=?D>:DAf 7=<8lD bN:>\>M:;Dj 8< ;=AD 98 K=CC= D >8;B=OD 98 ?>=?=G:8@=9D>f &C S>D:9=9 98 CDA ATDC=SADQ 8^S8>:8<;:= 98C ?>=?=NMT= >8;DN;?:@= >8;DN;?:@= 98 CDA ADSD>?8A 98 CDA L>M=NMT= DHC:?8>=?:@= h;DCSD;C8:A:Ai h;DCSD;C8:A:Ai 8< S=;:88C=;:D<8A A8^N=C8A = KN?N>D R bN8 P< ?DC8>=> N<= ;:>NMT= GPA :<@=A:@=f •

•

(-)"-%(-&-)(* 1'(-*'(* $8 98K:<8 ;DGD ;N=CbN:8> SU>9:9= :<@DCN:= :<@DCN:= 98 D>:<=f &A GPA K>8;N88A bN8 8< BDGH>8Ap G8=?=G:8 GN;BD C= ;=C:9=9 98 @:9=f $8 ;C=A:K:;= ;C=A:K:;= 8< &';)'#&'"';&0 1" )$&'0 1" "(,A"$I) h("&p C= GPA K>8;N8M8:<;DNAD>i R C= G:^?= h("7if

YV

,(-&)".",/*

-D ?D9=A C=A GNl8>8A ;D< :<8A?=H:C:9=9 :<8A?=H:C:9=9 98C 98?>NAD> AD< :<;D8A8 =NG88;N8<;:= G:;;:D<=C R <:;?N>:=Q A:< :<;D= :<;D:9=9Q ?=H=bN:AGDf ?=H=bN:AGDf Q,(,'2'35.L .= @8l:M= R C= N>8?>= A8 8<;N8=< :<8>@=9=A :<8>@=9=A >:;=G8 K:H>=A =N?D8MNC=< 8C =CG=;8<=G:8:<= h=NG88A:L< :=@8A:;=Ci :=@8A:;=Ci R AN 8@=;N=;:LA8 ANA S=>898A A8 8<@T= C= A8t=C S=>= @=;:=>C=f =2$.-%).$,%)+'

F.-,.$,%)+'

D%+&J('& K%(,-.2 '8C=l=;:L< SD>j &A?:GNC=;:L< yW=9>8M:;= (M:;= h7Fi )D=;;:L< SD>j (8M:;= &A?:GNC=;:L< ;DC:M:;= h7Fi

9(45)+%& )D=;;:L< SD>j &A?:GNC=;:L< ŠW=9>8M:;= '8C=l=;:L< SD> SD>j (8M:;=

D,.3)M(+,-'L *<=G<8A:A R 8^=G8< KTA:;Dj AT8Q GDC8A?:=A N>:<=>:=AiQ ;DGD>H:C:9=98A ;DGD>H:C:9=98A h9:=H8?8AQ 9:AKN<;:L< <8N>DCLM:;= D ;DM<:?:@=Q S>DC=SAD M8<:?=CiQ G89:;=G8U?:;DAQ A:GSP?:;DW G:GU?:;DAQ =C;DBDCiQ ;:>NMT=A S>8@:=Af 2:A?:<;:L< 88 :<;DOD D 98 N>M8<;:=j – ("&j 8A;=S8 N>:<=>:D S>89DG:<=ODA KTA:;DA h>:A=Q ?DAQ ;D>>8>Q ;=G:<=>Q o=CA=C@=if o=CA=C@=if *C 8^=G8< KTA:;D C= D>:<= 8A;=S= ;D< C= ?DAp ?8A? 98 %"% SDA:?:@D hC= D>:<= 98l= 98 8A;=S=> =C S>8A:D<=> ;D< N< 989D C= N>8?>= = ?>=@UA 98 C= S=>89 =:D> 98 C= @=M:<=if – ("1j 8A;=S8 N>:<=>:D =;DGS=t=9= D :8;89:9= 98 vN>M8<;:=wQ 8A 98;:> N< 98A8D G:;;:D<=C A\H:?DQ ;C=>DQ ::DADQ GNR 9:KT;:C 98 98GD>=> R bN8 M8<8>= G:89D =C 8A;=S8f .= D>:<= 89DG:<= N< ?:SD 98 :<;D ADH>8 8C D?>Df 28A;=>?8 98 SDA:HC8A ;=NA=Aj ::<=>:= hS:N>:=Q B8G=?N>:=Q <:?>:?DA R N>D;NC?:@D SDA:?:@Dp SN898 ;=NA=> ("& 8 ("1iQ ;P<;8> @8A:;=C hB8G=?N>:=p 9:=M8<;:=C 98 ("1if &< S=;:8DCLM:;D SD> 9:=H8?8A N D?>=A ;=NA=AQ C= 8;DM>=KT= @8A:;=C =RN9= = 8@=CN=> 8C >8A:9ND SDA?G:;;:D<=C SDA?G:;;:D<=C h=C?8>=9D A: ƒ JYE G. 8< 9DA D;=A:D<8Aif &A?N9:D 98 C= KN<;:L< 98C ?>=;?D N>:<=>:Dj N>D9:<=G:= 8< S=;:8:= ANM8>8G:?8 8@=CN=> C= KN<;:L< 98C 98?>NAD> R 8C o=CA=C@= C8=r SD:8AAN>8 ho.00i bN8 S8>G:?8 8@=CN=> C= S>8A:L< = C= bN8 8A;=S= C= D>:<=f •

•

•

I.)%['L 1AD I.)%['L 1AD 98 S=t=C8A G:8=A T=f &< =GHDA ?:SDA 98 :<;D8A?>:;;:L< 98 ::;= ?:8<8 N< >DC S>8@8;:?=;:L< 98 S:AD SUC@:;D hA8?A 98 JE ;D=;;:D<8A 98C S:AD SUC@:;D SD> ZW[ A8MN<9DAQ F @8;8A =C 9T=Q F D V @8;8A SD> A8G=<= SD> IE A8G=<=Ap G8lD>T= =S>8;:=HC8 8< Y G8A8AiQ S8>G:?8 G= C= S>8A:L< 98C S:AD SUC@:;D 9N>=OD S=>= 8@:?=> 8C 8A;=S8 N>:<=>:DQ S>:<;:S=CG8:<;:S=CG8OD =NT= A8>@:> 8< ("1f .= H=l= 98 S8AD R 8C ;8A8 98C BPH:?D ?=HPbN:;D SN898< G8lD>=> CDA ATODj – 7=<8lD ;D@=9D>j 08A=>:DA G8lD>=< C= ;DODQ S8>D AD< G=C ?DC8>=9DA = C=>MD SC=OD SD> :>>:?=;:L< R 98A;=>M= @=M:<=C 98 G=C DCD> D A=\>M:;Dj ==;:L< 98 #N>;B h;DCSDANAS889 @=M:<=C D ?8l:9DA SUC@:;DAif .DA AC:8?>=C8A ;D< G=CC=A 98 SDC:S>DS:C8DS:C8==9D> d%"%eQ ;:8 98 8AKN8>OD d%o%eiQ ?:8<8< =C?= ?=A= 98 U^:?D = Y =tDA ;D< SD;= GD>H:C:9=9 =AD;:=9=f =AD;:=9=f (<;DM8<;:=j – 7=<8lD GU9:;Dj G:;;:D<8A S>DM>=G=9=A SD> ?:8GSD hS8>G:?8 =NG8 S>DM>8A:@=G8DM>8A:@=G88 ;=9= @=;:=G:8=S:= ;D<9N;?N=C 8A C= :@8<;:L< ;D< G=RD> 8K:;=;:= A8M\< C= 8@:98<;:=if 6P>G=;DA =M:;DA hD^:HN?:<:<=Q ?DC?8>D9:<=i AD< 8K8;?:@DA S8>D A8 =AD;:=< = '*7j HD;= A8;=Q ;D>DA=f .DA =8A:@DA ?>:;T;C:;DA ?>:;T;C:;DA ?=GH:U< SN898< =SD>?=> =C G=<8lDf – &C ?>=?=G:8\>M:;D DC 8< :<;DM8<;:=f •

•

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

YY

&-2")'(-".",/* + 6&'%(.(2*2 )()." ,&-(%*. 6&7&-(-" .DA ;:;CDA G8N=C8A 9N>=< I[}I 9T=AQ ;=C;NC=9DA 88 8C S>:G8> 9T= 98 G8N=;:L< B=A?= 8C 9T= S>8@:D = C= A:MN:8N=;:LN=;:L A8 SN898 B=HC=> 98 v;:;CDA >8MNC=>8Aw A: B=R N<= 9:K8>8<;:= 9:K8>8<;:= = I 9T=A 88 NDf :%3J2.-,M) )%J&'%)E'-&,).L &C B:SD?PC=GD A8;>8?= ,<'] 98 KD>G= SNCAP?:C S=>= =;?:@=> C= A8;>8;:L< B:SDK:A=>:= B:SDK:A=>:= 98 6$] hbN8 S8>G:?8 >8;CN?=> = CDA KDCT;NCDA S>8==C8A d98A98 CDA ZE 9T=A 98C 98A=>>DCCDeQ A8C8;;:D<=> = N< KDCT;NCD 9DG:<=CD G=9N>=>i R .] hbN8 S8>G:?8 C= G=9N>=;:L< K:<=C 98C D@D;:?DQ C= D@NC=;:L< R C= G=SD C\?8Dif .= SU>9:9= 98 C= SNCA=?:C:9=9 :8;:L< 98 C=A BD>GD<=A B:SDK:A=>:=Af B:SDK:A=>:=Af 0>:G8>= G:?=9 98C ;:;CD G8N=C D K=A8 8A?>DMU<:;=j <:@8C8A =CMD 8C8@=9DA 98 6$] hS=>= >8;CN?=> KDCT;NCDAi R H=lDA 98 8A?>LM88;CN?=< KDCT;NCDAQ =NG8LM8 C=A ;UCNC=A 98 C= M>=;8 K889H=;r <8M=?:@D = C= B:SLK:A:Aif 0D> 8A?DQ CDA <:@8C8A 98 6$] ;DG:8 ;DG8 A8 =;8>;= 8C K:< 98 C= S>:G8>= G:?=9f .DA 8A?>LM8;8 K889H=;r SDA:?:@D ADH>8 .] ;=NA=<9D N< S8=r 98 CDA <:@8C8A 98 8A?= BD>GD<=Q bN8 = AN @8O :<9N;8 C= D@NC=;:L< hCDA 8A?>LM8;8< K889H=;r <8M=?:@D ADH>8 .]if $8MN<9= G:?=9 98C ;:;CD G8N=C D K=A8 S>DM8A?=?:@=j 8C S8=r 98 .] G=:G8> GDG8SD C\?8D R AN S>D9N;;:L< 98 S>DM8A?8>D<=Q C= ;N=C A8 8C8@= A:M<:K:;=?:@=G8== S8>G:?:> C= :GSC=DM8A?8>D<= 8l8>;8 K889H=;r <8M=?:@D ADH>8 C= .]f $: SD C\?8D 98A=S=>8O;=f &A?D B=;8 bN8 ;=:M=< CDA <:@8C8A 98 8A?>=9:DC hSD> SU>9:9= 98C KDCT;NCDiQ KDCT;NCDiQ S>DM8A?8>D<= h8C 8<9DG8?>:D A8 98A;=G=j G8N=;:L8 6$]Q SD> CD bN8 SN898 :<:;:=>A8 8C ;:;CD
•

<,-2' 'KP&,-'L &C 'KP&,-'L &C <\G8>D 98 D@=>:DA ;D< bN8 ;>8;8 N<= GNl8> 8A K:lD R ;D< C= >8A8>@= 9:AG: =?>8A:=f 28 CDA X G:CCD<8A S>8A8bN:= R YfEEE = C= G8:G8>= G:?=9 D K=A8 KDC:;NC=>j KDC:;NC=>j K=A8 8< bN8 A8 98A=>>DCC=< CDA KDCT;NCDAf %:8<8 N<= 9N>=;:L< @=>:=HC8f .DA KDCT;NCDA KDCT;NCDA ==C8A AD< 98S8<9:8=G= 8< KDCT;NCD S>89DG:<=89DG:<=8D@NC=?D>:D D 98 ,>==Ki @:A:HC8 = C= 8;DM>=KT= SD> C= =;;:L< 98 6$]f 4A?8 8A;=S= = C= =?>8A:= R= bN8 ;N8 @=A;NC=>:O=;:L:O=;:L ;=8;8S?D>8A 98 6$] R ?:8<8 G=RD> =;?:@:9=9 =;?:@:9=9 98 C= =>DG=?=A=Q ;D<@:>?:8<9D ;D<@:>?:8<9D GPA =<9>LM8LM8:;:L< 98 >8;8S?D>8A 98 .] 8< C= M>=:DA <8;8A=>:DA S=>= 8C 98A=>>DCCD 98C ;N8>SD C\?8Df 78 B=R GPA 98 N< KDCT;NCD 98 ,>==Kf "@NC=;:L>8 FZ BD>=A 98ASNUA 98C S8=r 98 8A?>LM8=A 98ASNUA 98C S8=r 98 .]f &C S8=r 98 .] S>8D@NC=?D>:D >8:<:;:= C= G8:DA:A 98C D@D;:?D 98?8<:9= 8< C= S>DK=A8 (f .= M>=8 N< ;=GH:D GD>KDKN<;:D<=C CC=G=9D CN?8:<:O=;:L
DM8A?8>D<= R S>DA?=MC=<9:<=A bN8 S8>G:?8< C= >NS?N>= KDC:;NC=> KDC:;NC=> R C= D@NC=;:L 8A?>LM8 ]), 8< ?>=?=G:8?:C:9=9i :?:C:9=9i A8 =;DGS=t= 98 N< S8=r 98 6$] G89:=9D SD> S>DM8A?8>D<=Q CD bN8 S8>G:?8 C= C:H8>=;:L< 98C D@D;:?D 98 AN N<:L< =C KDCT;NCD h;\GNCD DLKD>Dif .= C:H8>=;:L< C:H8>=;:L< 98 C=A ;UCNC=A 98 C= M>=LM8DM8A?8>D<= ;=:M=< ?>=:=G889DG:<:D 98C ;N8>SD C\?8Df %:8<8 N<= 9N>=;:L< 8A?=HC8 98 JV 9T=Af &C 98A=>>DCCD =98;N=9D 98C ;N8>SD C\?8D = S=>?:> 98 C=A ;UCNC=A 98 C= M>=8bN:8>8 N< 98A=>>DCCD KDC:;NC=> LS?:GDf $: A8 :8;:L< 98 .]Q C= G8N=;:L< A8 S>D9N;:>P = CDA SD;DA 9T=A 98H:9D = C= K=C?= 98 S>DM8A?8>D<= =C :GS89:> 8C 98A=>>DCCD 98C ;N8>SD C\?8Df .= S>DM8A?8>D<= A: 8C ;N8>SD C\?8D ANS>:G8 N< 8;:G:8 = <:@8C D@P>:;D R ;8=CQ R =98GPA :<9N;8 C= G=9N>=;:L< MC=<9NC=> 98C 8<9DG8?>:Df &C ;N8>SD C\?8D A8 G= 8C 8A?TGNCD 98 .]Q R CN8MD SD> C= ]), A: A8 S>D9N;8 8GH=>=ODQ B=A?= bN8 A8 :<:;:8 C= 8A?8>D:9DMU<8A:A SC=;8:= SC=;8:= h`WJE A8G=<=A 98 M8A?=;:LD9N;8 C= CN?8DC:A:Aj 8C ;N8>SD C\?8D :<@DCN;:D<= R C= S>DM8A?8>D<= ;=8f •

•

•

YZ

& - 2 " ) ' ( - " . " , /* /* + 6 & ' % ( . ( 2 * 2

<,-2' %)E'$%+&,.2L 0>:G8>= G:?=9 D K=A8 S>DC:K8>=?:@=j S>DC:K8>=?:@=j 8C =NG8LM8 8C ;>8;:G:88;:G:889DG:<=8G8DAD> 8<9DG8?>:=CQ GP^:GD =C GDG8=KT=j ?:SD E h:<:;:=CQ C:<8=>Q =S8<=A A8 @8 GHf H=A=CiQ ?:SD ( h?>:C=G:<=>Q S>DC:K8>=?:@DQ S>8D@NC=?D>:Dif $8MN<9= G:?=9 D K=A8 A8;>8?D>=j 9N>=:D 8;:8<9D S8>D A8 98A=>>DCC=< MCP<9NC=A A8;>8?D>=A bN8 C8 9=< N<= ;D=;:L< 9:K8>8=ODQ 8C 8<9DG8?>:D A8 98A;=G= ;DD>9:<=9=G89:<=9=G8A:A?:8<9D C= G8GH>=<= H=A=C hG8N=;:L
D>>=M:= 8< bN8 C= 98A;=G=;:L< 8A :<;DD>9:<=9=if – &;DM>=KT=j &;DM>=KT=j ?:SD (( hSDA?WD@NC=?D>:DQ A8;>8?D> :<:;:=CiQ ?:SD ((( hB:S8>8;DMU<:;DQ hB:S8>8;DMU<:;DQ A8;>8?D> ?=>9TDif 78N=;:L=C:O=9= R ;DD>9:<=9= 98C 8<9DG8?>:DQ = 8^;8S;:L< 98 AN ;=S= H=A=Cf 2N>= 88 I R X 9T=A R A8 S:8>98< 88 IE R [E G. 98 A=8f 0N898 A8> S>8;89:9= SD> AT8G8N=C8A R 9:AG8>8= ;=NA=9= SD> ;D=;;:D<8A ;D=;;:D<8A N?8>:<=A 9DCD>DA=Af 1<= G8N=;:L< ;T;C:;= :<9:;= bN8 8C 8l8 B:SD?PC=GDWB:SLK:A:AWD@=>:DA 8A?P :<98G<8f •

•

•

<,-2' -%&K,-.2L * -%&K,-.2L * G89:9= bN8 C= D@NC=;:L< A8 =;8>;=Q 8C 8A?TGNCD 8A?>DMU<:;D B=;8 bN8 8C GD;D ;8>@:;=C A8 B=;8 GPA =HN<9==8DA;DS:D ;>:A?=C:O= v8< B8C8;BDAwp S8>G:?8 8C S=AD 98 8AS8>G=?DOD:98A = ?>=@UA 98C ;=<=C ;8>@:;=C = C= ;=@:9=9 N?8>:<=f &< C= A8MN<9= G:?=9Q 8C =NG8DM8A?8>D<= B=;8 bN8 8C GD;D A8= GPA C:MDADQ 8AS8AD R ;8CNC=>f &< NAN=>:=A 98 *)"Q 8C <:@8C ;DLM8=;?8>TA?:;=A 98C GD;D ;8>@:;=Cp
*7&-"''&* $8 98K:<8 =G8>8= ;DGD C= =NA8<;:= ?8GSD>=C D S8>G=<8N=C SD> F D GPA ;:;CDAQ D H:8< SD> F D GPA G8A8Af &^:A?8 N<= =G8>8= K:A:DCLM:;=Q 8AS8>=9= 8< ;D<9:;:D<8A ;D<9:;:D<8A ;DGD 8< 8C 8GH=>=ODQ C=;?=<;:= C=;?=<;:= R G8>8= S=?DCLM:;= bN8 SN898 9:@:9:>A8 8
•

•

•

•

*G8>8= S>:G=>:=Q 8< N<= S=;:8N=;:D<8A S>8@:=G8bN:= ?>=A I =tDA 98 D;N>>:9= C= ?8C=>bN:=Q ?8C=>bN:=Q D VfY =tDA 98 :<:;:=9DA CDA ;=GH:DA SNH8>=C8A h=9>8<=>bN:=if h=9>8<=>bN:=if – *NA8<;:= 98 G8<=>bN:= = CDA JZ =tDA ;NGSC:9DA ;D< ;=>=;?8>8A A8^N=C8A A8;N<9=>:DA G=C8AQ D = CDA JV =tDA A: >DCCD 98 UA?DAf <.J(.( E% .$%)'&&%. H&,$.&,. -') -.&.-+%&%( (%OJ.2%( (%-J)E.&,'( *=;?D M8<:?=C V&%"' &%2"$,)$01)b 9DCD> ;T;C:;D SD> B8G=?D;DCSDA D B8G=?DG8?>=Q B:G8< =HDGH=9D A:< D>:K:;:Df $T<9>DG8 98 'Dr:?=W]=NA8> h=M8<8A:= ?D?=C D S=>;:=C 98C \?8>D R IkF ANS8>:D>8A 98 C= @=M:<=if %8A?T;NCD K8G:<:O=LM8>DCCD G=G=>:D =98;N=9D ;D< SD;D D =NA8
<.J(.( E% .$%)'&&%. H&,$.&,. (,) -.&.-+%&%( (%OJ.2%( (%-J)E.&,'( *8MNC=;:L< <8N>D8<9D;>:<= •

•

]:SDMD<=9:AGD B:SDMD<=9D?>DSD h6$] R .] H=l=Aij – :%+&.(' -')(+,+J-,').2 E%2 -&%-,$,%)+' b HJ*%&+.Ed * G8f – (:=f – $T<9>DG8 98 ‡=CCG=MD<=9D?>DSD h6$] R .] =C?=Aij – 2:AM8<8A:= MD<=9=Cj 8A$'"$ hVYQ•"p hVYQ•"p ;N8CCD ;D< G8GH>=<=AQ S8OD<8A GNR A8S=>=9DAQ ?=CC= H=l=iQ $=cR8> hVZQ•+p 98C8;:L< H>=OD ;D>?D ;>DGDADG= +if – 0A8N9DB8>G=K>D9:?:AGD K8G8<: B:S8>SC=A:= ANS>=>>8<=C ;D
*G8>8= A8;N<9=>:=Q A8;N<9=>:=Q 8< N<= S=;:88;N8>8= ?>=A F ;:;CDA >8MNC=>8AQ D ?>=A ` G8A8A A: ?8>8=f 28H8 98A;=>?=>A8 S>8@:=G88;N8>8= A8;N<9=>:= 8A 8C %$*.&.N'd ]:SD?:>D:9:AGDj 8< M8<8>=C C= =G8>8= SD> B:SD?:>D:9:AGD B:SD?:>D:9:AGD 8A S>8;89:9= SD> D?>DA A:MD:9:AGDj ;=>=;?8>TA?:;DA ;=>=;?8>TA?:;DA 98 C= 8G89=9f ]:SD?:>D:9:AGD ]:SD?:>D:9:AGD C8@8 A8 =AD;:= GPA = B:S8>G8>8= N DC:MDG8>8=f &C ?>=?=G:88;NS8>= C= G8N=;:L< ?>=A @=>:DA G8A8Af – ]:S8>S>DC=;?:<8G:=j ]:S8>S>DC=;?:<8G:=j A8 98H8 ADAS8;B=> =>8= =;DGS=t=9= 98 M=C=;?D>>8=Q ;8K=C8= R AT?=> N< =98:D G89:=D:GPM8<8Af .= A8MN<9= ;=NA= AD< CDA KP>G=;DA h=8A:@DAQ =?8?8
617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

YX

•

•

•

•

=$%)'&&%. (%-J)E.&,. )'&$'3').E'+&'H. "HA?>N;;:L< 98C ?>=;?D 98 A=C:9=j (/'1$)%" 1" D(J"$%0' hA:<8bN:=A N?8>:<=A ?>=A ;N>8?=l8 D ::;Dj )=0$&) 2)-&NA/(#&;)S ?NGD>8A S>D9N;?D>8A =<9>LM8=>>8<=Cj ]$) :=Q *)%] 8;?LS:;Df ]:SDK:A=>:Dj ?NGD>8A S>D9N;?D>8A 98 *)%] D ,]Q =>=;=A8C=> hA:CC= ?N>;= @=;T=iQ $B88B=< h=SDSC8lT= B:SDK:A=>:= SDA?S=>?Dif

•

=$%)'&&%. (%-J)E.&,. R,H%&3').E'+&'H. R,H%&3').E'+&'H. ^'KP&,-._ (:;= S>:G=>:= K:A:DCLM:;= hG8<8> dVYQ•"eQ GDA=:;DAf $N8C8< A8> =G8>8=A S>:G=>:=Af – 0>8A8<;:= 98 KDCT;NCDAj )),)$&#&( 0A#)&'%A'"S AT<9>DG8 98 >8A:A?8<;:= D@P>:;= = .]k6$] hA9f $=@=M8if )CT<:;=j =G8>8=Q B:S8>8A?>DM8<:AGD R =NG88A z VE =tDAf

=$%)'&&%. (%-J)E.&,. R,H'3').E'+&'H. R,H'3').E'+&'H. ^R,H'+.2P$,-._ ^R,H'+.2P$,-._ &G89=9 98 D>:M8< B:SD?=CPG:;Df 2:=M 8^;CNA:LUAf *8^:= <8>@:DA=Q 98A:;:L;:;:D 8^?>8GDf .8A:D<8A =<8DK=>:>8= B:SD?=CPG:;= SD> B:SDMD<=9:AGD B:SDMD<=9D?>DSDf

• • • • • •

9(+JE,' E% .$%)'&&%. (%-J)E.&,.L 8< S>:G8> CNM=> 98H8 98A;=>?=>A8 C= S>8A8<;:= 98 8GH=>=ODQ CN8MD 98 B:S8>?:>D:9:AGD B:S8>?:>D:9:AGD ;D< %$] 8 B:S8>S>DC=;?:<8G:= B:S8>S>DC=;?:<8G:= ;D< S>DC=;?:<=f 1<= @8O 98A;=>?=9D CD =:D>Q 98H8 ADC:;:?=>A8 ADC:;:?=>A8 H&J%*. E% H&'3%(+%&').d – 0>N8H= SDA:?:@=j A==9D SD> 98A;=G=;:L< 8<9DG8?>:=C IqX 9T=A 98ASNUA 98 C= =9G:<:A?>=;:L< 98 S>DM8A?PM8=;?D 98 A=C:9= 8A?P S8>G8=HC8 R bN8 B=R 8A?>LM8:Df (<9:;= bN8 C= K=CC= 8A?P 8< C= KDC:;NCDMU<8A:Af 1<= S>N8H= 98 S>DM8A?8>D<= SDA:?:@= B=;8 8C 9:=M:=Aj S>DM8A?8>D<= ;T;C:;= G8= S>D?8;;:L< 8<9DG8?>:=C D NAD 98 ==C8A ;T;C:;DAf – 7=<8lD 98C 98A8D ;D<;8S;:D<=Cj ;D<;8S;:D<=Cj :<9N;;:L< 98 D@NC=;:L< SD> 8A?:GNC=;:L< 8A?:GNC=;:L< 98 6$] 8<9LM8<= h;CDG:K8N8H= 98 S>DM8A?8>D<= <8M=?:@=j D9N;8 A==9D 8<9DG8?>:=C ?>=A S>DM8A?PM8DHC8G= 8< 8C ?>=;?D 98 A=C:9=Q 8<9DG8?>:D D 8< C= 8A?:GNC=;:L< 8A?>DMU<:;= 98C 8<9DG8?>:Df $8 >8=C:O= N<= S>N8H= 98 8A?>LM8DM8A?8>D<=j B:SD?PC=GDWB:SLK:A:AWD@=>:Df =>:Df – 0>N8H= SDA:?:@=j A==9D ?>=A 8A?>LM8DM8A?8>D<=f 6=CC= 98C 8l8 B:SD?PC=GDWB:SLK:A:AWD@ – 0>N8H= <8M=?:@=j A:< A==9Df 6=CC= 98C ?>=;?D 98 A=C:9=f &A?N9:=> ;D< B:A?8>DA=CS:=KT=f 0>N8H= 98 8A?>LM8DM8A?8>D<= SDA:?:@=j A8 98H8< G89:> <:@8C8A 98 6$] R .] S=>= :98 A: C= K=CC= 8A B:SD?PC=GDWB:SDK:A=>:= B:SD?PC=GDWB:SDK:A=>:= hB:SDMD<=9:AGD B:SDMD<=9D?>DSDi D 98 C= 8A?8>D:9DMU<8A:A 8A?8>D:9DMU<8A:A D@P>:;= hB:SDMD<=9:AGD B:S8>MD<=9D?>DSDif 1<= '7 98 A:CC= ?N>;= G=C :<9:;= bN8 C= K=CC= 8A B:SD?=CPG:;=f •

•

•

$/-2'"7& 2& "o*'(" 0".(†1/$%()" %>=A?D>::8A8=<= R GNl8>8A lL@8<8AQ ;=>=;?8>:O=9D ;=>=;?8>:O=9D SD> ?>=A?D>N=C h=G8>8= A8;N<9=>:=Q DC:MDG8>8= D G8?>D>>=M:= 9:AKN<;:D<=Cp 9:AKN<;:D<=Cp >=>= @8O =G8>8= S>:G=>:=iQ S>:G=>:=iQ B:S8>=<9>DM8<:AGD hB:>AN?:AGDQ =;>8=Q =CDS8;:=p =CDS8;:=p >=>= @8O =9>8<=>bN:= S>8;DOi R ?>=A?D>::;==Cif %:8<8 N<= S>8@=C8<;:= 98 B=A?= N< JEuf $N S=?DM8<:= 8A GNC?:K=;?D>:=C GNC?:K=;?D>:=C R S=>8;8 ?8<8> N< M>=< ;DGSD<88C=;:D<=9D ?=GH:U< ;D< C= 27 M8A?=;:D<=C R C= ?:SD If $8 B= 98A;>:?D bN8 8C H=lD S8AD =C <=;8> A8 =AD;:= = B:S8>:8<=>bN:= S>8;DO h;D< D A:< SNH=>bN:= S>8;DOiQ G8<=>bN:= ?8GS>=<=Q 9:AC:S:98G:=Q =DSDC:bN:A?DA:A D@P>:;= ') A8 >8C=;:D<= ;D< 8C D@=>:D SDC:bNTA?:;Df

• •

•

<&,+%&,'( E,.3)M(+,-'( E%2 (5)E&'$% E% 'K.&,' H'2,`J5(+,-' E% :'++%&E.$ ^97G:9h=7:Ic VWW/_ h>8bN:8>8 =C G8=A ;=NA=A 98 B:S8>=<9>DM8<:AGDj )NAB:8A A8;>8?D>8AQ ]$) =;:D<8A G8N=C8Aj =L<:;= N DC:MDG8>8=f ]:S8>=<9>DM8<:AGD ;CT<:;D hB:>AN?:AGDQ =;>8=Q =CDS8;:= =<9>DM8=?D>:D hT<9:;8 98 =<9>LM88A ƒ VQY d(*. { ?8A?DA?8>D<= ?D?=C 8< D<= C:H>8 G=C D =C?=if "@=>:D SDC:bNTA?:;D SD> 8;DM>=KT=j – ƒ JI KDCT;NCDA S8>:KU>:;DA 98 I = ` GGQ 8< v;DCC=> 98 S8>C=Aw – &A?>DG= D@P>:;D B:S8>8;DMU<:;D 8< N< D@=>:D 98 @DCNG8< G=C D =NG8
Y[

& - 2 " ) ' ( - " . " , /* /* + 6 & ' % ( . ( 2 * 2

&^:A?8< ?>8A K88=;:L< G8N=C 8 B:S8>=<9>DM8<:AGDQ ;D< D A:< 8;DM>=KT= ;DGS=?:HC8f $"0 D@NC=?D>:D h?:SD Ip Yuij B:S8>=<9>DM8<:AGD ;D< 8;DM>=KT= ;DGS=?:HC8Q ;:;CDA G8N=C8A G=C8Af $"0 ?:SD Fj =C?8>=;:L< G8N=C ;D< 8;DM>=KT= ;DGS=?:HC8Q ;DGS=?:HC8Q A:< B:S8>=<9>DM8<:AGD <: =C?f G8?=HLC:;=Af G8?=HLC:;=Af .= .] SN898 8A?=> 8C8@=9= 8< =CMN<=A S=;:88KC8lD 98 N<= ATG=C 98 MD<=9D?>DS:<=AQ =C?8>=<9D C= >=OL< .]k6$] hG=CG8 IkJif $:< 8GH=>MDQ SN898 A8> G=Cf

• • •

<'$H2,-.-,')%( <'$H2,-.-,')%( $%+.*M2,-.(L $%+.*M2,-.(L &C $"0 A8 =;DGS=t= 98 >8A:A?8<;:= = C= : >:8AMD 98 9:=H8?8A G8CC:?NA 8< C= =9NC?8Of .= >8A:A?8<;:= = C= :K8>8<;:= :K8>8<;:= 8< C=A @T=A G8?=HLC:;=A 98 CDA >8;8S?D>8A 98 :8;:L< 98 8A?= BD>GD<= 8< CDA :ACD?8A S=<;>8P?:;DAf $8 SN898 =;DGS=t=> 98C >8A?D 98 C=A G=<:K8A?=;:D<8A G=<:K8A?=;:D<8A 98C AT<9>DG8 G8?=HLC:;D hB:S8>?8=CiQ CD ;N=C A8 =AD;:= = G=RD> S>8@=C8<;:= 98 B:S8>=<9>DM8<:AGD B:S8>=<9>DM8<:AGD ;CT<:;= R 98 C=HD>=?D>:Df C=HD>=?D>:Df &C ;DDC 98 CDA K=;?D>8A 98 >:8AMD ;=>9:D@=A;NC=>8A ;=>9:D@=A;NC=>8A 8< GNl8>8A ;D< $"0 8A 98 S>:G8>= :GSD>?=<;:=f :GSD>?=<;:=f 8&.+.$,%)+'L 28H8 8&.+.$,%)+'L 28H8 ?8<98> = ;D>>8M:> C= ==<9>DM8<:AGD R C= :>8A:A?8<;:=f :>8A:A?8<;:=f 7=<8lD 98 C= =:9=9j S>DM8A?PM8DMU<:;DAf – )D< 98A8D 98 S=>:9=9j ?>=A N< =tD 98 :=OD A:< = C= D@NC=;:L< ;D< ;CDG:K8=8ASN8A?=Q A8 SN898 : K8>?:C:O=;:L< K8>?:C:O=;:L< :< @:?>Df .= ?=A= 98 U^:?D 8A 98 YEu 98 8GH=>=OD 8< CDA Z S>:G8>DA G8A8A 98 ?>=?=G:8=?=G:8:;= hv9>:CC::CC:89N;8 CDA <:@8C8A 98 =<9>LM8 F = JI G8A8Af 0N898 M8<8>=> =9B8>8<;:=A R >89N;;:L< 98 >8A8>@= D@P>:;=f 7=<8lD 98C B:S8>=<9>DM8<:AGDj B:S8>=<9>DM8<:AGDj – *GD<=C8A =DMU<:;DA =DMU<:;DA h9>DAS:>8G=9:D?8>D<= 8A?P 8< 98ANADif '89N;8< .] R =NG8=;;:L< C:H>8 98 ?8A?DA?8>D<=f 8AS8;TK:;DAQ A:8GS>8 ;D< *)"j 8AS:>DD:98 J GMk9 hHCDbN8= – *LM889N;?=A=Q bN8 A:D?8A?DA?8>D<=p B8S=?D?L^:;D R ?8>=?DMU<:;DQ NAD GT<:GD [WJI G8A8Aip KCN?=G:9= JIY GMk9 hHCDbN8=9D> 98 >8;8S?D>8A 98 9:B:9>D?8A?DA?8>D<=p 9:B:9>D?8A?DA?8>D<=p B8S=?D?L^:;D R ?8>=?DMU<:;Dif ?8>=?DMU<:;Dif – %>=?=G:8>8A:A?8<;:=j :>8A:A?8<;:=j – 789:9=A M8<8>=C8A 98 G=<8lD 98 C= DH8A:9=9 h9:8?= B:SD;=CL>:;= ;D< H=lD T<9:;8 MC:;UG:;DQ 8l8>;:;:D =8>LH:;DQ =SDRD SA:;DCLM:;Dif – 78?KD>G:<=j =NG8 = C= :A8 9N>==ODf #=l= 98 S8AD hGP^:G= = CDA Z G8A8Aif '*7j 9DCD> =H9DG:<=CQ 9:=>>8=f •

•

•

=)+,-')-%H+,K'( %) 76BL &C ;DGSD<8DMU<:;D h8?:<:C8A?>=9:DCi h8?:<:C8A?>=9:DCi =NG889N;;:L< 98 ?8A?DA?8>D<= C:H>8 R G8lD>= 8C B:S8>=<9>DM8<:AGDf B:S8>=<9>DM8<:AGDf &C ;DGSD<8DM8A?=MU<:;D ;D:HNR8 =C G:AGD DHl8?:@DQ =98GPA 98 ?8<8> N< 8K8;?D =DMU<:;D =DMU<:;D R ==CD;D>?:;D:98 ==CD;D>?:;D:98D D 9:>8;?D 8 :<;CNADQ 8< 8C ;=AD 98 C= 9>DAS:>889N;:> 8C S8ADf "?>DAQ ;DGD 8C 98ADM>8A?>8C R C= ;:S>D?8>D<=Q =NG8 8C ;DC8A?8>DC ?D?=CQ .2. R ?>:MC:;U>:9DAp ?>:MC:;U>:9DAp 8A?DA \C?:GDA SN898< 8A?=> 8C8@=9DA ==?=G:8=?=G:8A8 B=A?= Y =tDA SDA?G8<=>bN:= D B=A?= C= SU>9:9= A:M<:K:;=?:@= A:M<:K:;=?:@= 98 S8ADQ GDG8 N= 8@=CN=> C= S8>A:A?8<;:= S8>A:A?8<;:= 98 C= =C?8>=;:L< G8N=Cf

*-%()"-)&0)(s*-%()"-)&0%(o"$ ]"'7"-*.&$ .DA =GD<=C8A ;DD:98A 98>:@=9DA 98C ;DC8A?8>DCf .=A S>DM8A?:<=AQ =C :MN=C bN8 CDA MCN;D;D>?:;D:98A MCN;D;D>?:;D:98A R G:<8>=CD;D>?:;D:98A G:<8>=CD;D>?:;D:98A ?:8<8< IJ ;=>HDLM8LM8:DQ B=;8< =C GD;D ;8>@:;=C GPA K:C=G8=HC8 R ;=NA=< B:S8>GD?:C:9=9 ?NH=>:=f (>DCCD KDC:;NC=> KDC:;NC=> R SD?8<;:= 8C 8K8;?D ANS>8AD> 98 C=A S>DM8A?:<=A ADH>8 .]f &C 8?:<:C8A?>=9:DC 8A 8A?=HC8 = S8A=> 98C S=AD B8SP?:;D =C A8> NA=9D 8<

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

Y`

KD>G= D>=CQ SD> CD bN8 8A C= GDCU;NC= GPA NA=9= 8< CDA ==A GDCU;NC=AQ ;DGD 8C @=C8>=?D 98 8A?>=9:DCQ A8 G8?=HDC:O= 8< 8C BTM=9D C:H8>=<9D 8A?>=9:DC R 8A?>D<=Q GPA A:G:C=> = CD K:A:DCLM:;Df K:A:DCLM:;Df .= 9DA:A 98 8A?>LM88C=;:D<= ;D< AN 8K:;=;:= =ADAf .= 9DA:A GT<:G= S=>= 8K:;=;:= ==< R 9:K8>8<;:=< C=A ;UCNC=A 98C 8<9DG8?>:DQ ;=NA=<9D A8;>8;:L< MC=<9NC=> R 8A?=H:C:O=;:L< 8<9DG8?>:=Cf ]=;8< bN8 8C GD;D A8 B=M= GPA C:MDAD R >8C=l=< C= GNA;NC=?N>= ?NH=>:=Q CD ;N=C 9:K:;NC?= 9:K:;NC?= 8C S=AD 98 8AS8>G=?DOD:98Af (8;:L< 98 .]f * 9:K8>8<;:= 98 CDA 8A?>LM8
B&,$%&. 3%)%&.-,M) 789>D^:S>DM8A?8>D<=Q 8?:8?:<9>D<=Q 8?:A?8>D<=f

$8 =AD;:=H=< = 9DA:A G=RD>8A 98 && hYEWXY …Mi R = (*7Q %o0Q *)of

7%3J)E. 3%)%&.-,M) &A?>=88?:8Cf ,D<=M8A?>8CQ C8@DM8A?>8Cf $D< J`W98>:@=9DA h98>:@=9DA =<9>DMU<:;DAi *AD;:=9DA = IEWFE …M &&f •

•

•

8%&-%&. 3%)%&.-,M) ,D<=88CQ M8A?D98M8A?:G=?Df

J`W98>:@=9DA =AD;:=9DA = JYQ IE D FE …M 98 &&f [) ?:8<8< 8K8;?D =<9>DMU<:;Df

DAS:>8DG=9:D?8>D<=Q 9:8:@=9DA 98 S>DM8A?8>D<= <=?N>=Cf %:8<8< 8K8;?D =DMU<:;Df •

8,H'( E% .)+,-')-%H+,K'(L ?D9DA CDA GU?D9DA =GD<=C8A 98H8< :<:;:=>A8 8C S>:G8> 9T= 98C ;:;CDQ S=>= 8@:?=> :CDA 8< N<= GNl8> ;N>A=<9D N< 8GH=>=ODf 0>DM8A?:<=A SN>=A D>=C8Aj AD< CDA S>8K8>:9DA 9N>=LM8=@UA 98 C= C8;B8 R >89N;8< AN @DCNG8M8A?>8CQ C8@DM8A?>8CQ C:<8A?>88Cf *=C8A ;DGH:<=9DAj SN898< A8> ;DDM8A?:<=A AD< 8A?=HC8A 9N>== 8K8;?:@:9=9 = IV 9T=A 98C ;:;CD D FE …M 98 && SD> IJ 9T=Af %=GH:U< SN898< ?8<8> 9DA:A 98;>8;:8:KPA:;DAiQ h?>:KPA:;DAiQ 8< bN8 A8 :G:?= G8lD> C= K:A:DCDMT=Q =NAD A==9D =C S=A=> 98 N<= K=A8 = D?>=f * S>DM8A?PM8DA D ;DGH:<=9DAf %:8<8< C= ;D<@8<:8<;:= ;D<@8<:8<;:= 98 NA=>A8 N<= @8O =C G8A h;DGH:<=9Dj 78A:MR<=‰i D ;=9= ?>8A G8A8A hG89>D^:S>DM8A?8>D<= hG89>D^:S>DM8A?8>D<= 98 98SLA:?Dj 28SDW0>D9=AD<8‰p 28SDW0>D9=AD<8‰p ;=NA= =G8>8=iQ S8>D =NG8:8AMD ?>DGHD8GHLC:;Df (GSC=DM8A?PM8D bN8 9N>= 88 F R Y =tDAf $8 NA= C8@DM8A?>8C D 8?DM8A?>8Cf 2(1 G89:;=9Dj C:H8>=;:L< S>DCDM8A?>8C h7:>8<=‰i SD> Y =tDAf &A GNR \?:C 8< S=;:8D>>=M:= 9:AKN<;:D<=Cf 9:AKN<;:D<=Cf *=< ADA?8<:9=G8M8A?>8C h-D@=>::;B8A ?>=G:;DA A8 NA=< A8G=<=CG8 F A8G=<=A 98C G8A R C:H8>=< ADA?8<:9=G8M8A?>DG:<=f &< =GHDA ?:SDA CDA <:@8C8A SC=AGP?:;DA AD< GPA 8A?=HC8A R 8@:?=< 8C 8K8;?D <8M=?:@D ADH>8 8C S8>K:C C:ST9:;D C:ST9:;D 98C S>:G8> S=AD B8SP?:;Df

•

•

•

• •

•

94,-.-,. .)+,-')-%H+,K.L .= .)+,-')-%H+,K.L .= 8K:;=;:= 98 CDA *)" 8A GNR =C?=Q =C;=C h-a 8GH=>=ODA ^ JIEE k -a G8A8A 98 8^SDA:;:L= CDA *)" ;DGH:<=9DA R EQF S=>= C=A S>DM8A?:<=A SN>=A A: AD< NA=9DA 98 KD>G= =98;N=9=f )D< 8C NAD ?TS:;DQ 8C T<9:;8 98 08=>C A8 8C8@= = F S=>= =GHDA ?:SDAf .= ?=A= 98 K=CCD =NG8;=TD9D 98 98A;=8A 9DA:A 98 &&i R S8>TD9DA 98 98A;=ADA GPA K>8;N8 C= ?8>=S:=f <')+&.,)E,-.-,') %( .*('2J+.( E% =<6 -'$*,).E'( &GH=>=ODQ 9=tD @=A;NC=> h8DGHD8GHLC:;=Q ]%* A8@8>=Q 9:=H8?8A ;D< 9=tD @=A;NC=>Q ;=>9:DS=?T= :AbNUG:;= D *)oQ ?=H=bN:AGD 8< GNl8>8A x FY =tDAQ 9:AC:S:98G:= A8@8>=Q ;:>NMT= G=RD>iQ ;P<;8> 98S8<9:8GD<=A hG=G=Q 8<9DG8?>:DiQ 8G89=9 B8SP?:;= =MN9=f

<')+&.,)Ed .*('2J+.( E% H&'3%(+,).( &GH=>=ODQ ;P<;8> 98 G=G=Q 8G89=9 B8SP?:;= =MN9=f

94%-+'( E%(%.*2%(L &C E%(%.*2%(L &C 8K8;?D == S>:<;:S=CG8 C= = C= ANS>8A:L< 98 C=A MD<=9D?>DS:<=Ap =98GPAQ SD> =?>DK:= 8<9DG8?>:=CQ GD9:K:;=;:D<8A GD9:K:;=;:D<8A 98C GD;D ;8>@:;=C R C= >8C=l=;:L< >8C=l=;:L< 98 C=A ?NH=A N?8>:<=Af &A?DA 8K8;?DA S8>G:?8< NA=>CDA ;DGD ?8>=S:= 98 >88GSC=ODQ ?>=?=G:8=?=G:8=<9>DM8<:AGD B:S8>=<9>DM8<:AGD h9>DAS:>8D?8>D<= R ;CD>G=9:G=9::DA:A R S=>= 8C A8MN:G:8:G8 8C ;>8;:G:8 G:8=A 8C bN:A?8 :<@DCN;:D<=if

ZE

& - 2 " ) ' ( - " . " , /* /* + 6 & ' % ( . ( 2 * 2

• •

• • •

'89N;;:L< 98 >:8AMD 98 ;P<;8> 98 D@=>:D R 8<9DG8?>:D 8< B=A?= [EuQ R 98 S=?DCDMT= H8<:M<= G=G=>:=f *C:@:D 98 GDC8A?:=A G8N=C8Aj G8>=M:=Q AT<9>DG8 S>8G8N=CQ 9DCD> S8>:D@NC=?D>:DQ 9:AG8>8=f *98GPAQ 8< GNl8>8A S8>:G8:G889N;8 8C A==9D N?8>:G=C R AT8Af 0>8@8<;:L< 98 C= SU>9:9= G:<8>=C LA8= SD> =;;:L< 8A?>DMU<:;=f 78lD>T= 98 =C?8>=;:D<8A =C?8>=;:D<8A 98>G=?DCLM:;=A 98>G=?DCLM:;=A h=;8@8<;:L< 98 8GH=>=OD 8;?LS:;Df

94%-+'( .EK%&('(L ':8AMD ?>DGHD8GHLC:;Dj =AD;:=9D =AD;:=9D = 8A?>LM8 M>=9D S>DM8A?:<=A h1"()."(#$"-S 1"()."(#$"-S M8A?:G=?DQ C8@DM8A?>8Cif C8@DM8A?>8Cif &A =\< G=RD> A: B=R K=;?D>8A =9:;:D<=C8A =9:;:D<=C8A h?=H=bN:AGDQ ?>DGHDK:C:=A d8C 98 G=RD> >:8AMD 8A 8C K=;?D> o .8:98:8AMD 98 (*7 8< S=;:8DA 6' ;=>9:D@=A;NC=>8Af -D B=R =NG8:8AMD =HADCN?D S=>= *)of &K8;?DA G8?=HLC:;DAj 8C >:8AMD <8?D 98 CDA =?DQ S8>D CDA 98 S>DM8A?:<=A SN>=A >89N;8< 8C ]2.Q =NG8DC ?D?=C R C= >8A:A?8<;:= = : 98 G=G=j >:8AMD DM8A?:<=Aj >8?8<;:L< 98 CTbN:9DAQ G=A?D9:<:=f •

•

• •

=)+,-')-%H-,M) E% %$%&3%)-,.L $8 %$%&3%)-,.L $8 B= ;DGS>DH=9D AN 8K8;?D =:D 98 8G8>M8<;:=p >8?>=A= C= D@NC=;:L< 8< =C G8=?8 98 N< GU?D9D G:;>D=HD>?:@Df G:;>D=HD>?:@Df 7U?D9D 98 +NOS8j && YE …M | C8@DM8A?>8C IYE …M ;kJI BD>=A SD> 9DA 9DA:A A8S=>=9=A SD> JIqIV Bf %:8<8 GNR G=C= ?DC8>=<;:= D>=CQ ;=NA= @LG:?DA R 9DCD> =H9DG:<=Cf 0>DM8A?:<=A SN>=Aj C8@DM8A?>8C C8@DM8A?>8C XYE …M ;kJI B SD> 9DA 9DA:A A8S=>=9=A SD> JIqIV BQ D JfY GM 9DA:A \<:;=f %:8<8 N< T<9:;8 98 08=>C 98 Fuf

•

•

2($0"$(%(o" (-%'*1%&'(-" &A?>N;?N>= 98 SCPA?:;D ;D< H=>:D 98 :=N?8>:<= ;D< =C?= 8K8;?:@:9=9 =C 98 EQ[if *;?\=< G89:=8=;;:L< ::= ::= = ;N8>SD 8^?>=tDQ S=AD 98 G:;>DD>M=<:AGDA @=M:<=C8A = C= ;=@:9=9 N?8>:<= = ?>=@UA 98 C=A MNT=A 98C 2(1 R G89:;=;:L< h;DH>8Q C8@DM8A?>8Cif &< 8C ;=AD 98 CDA 2(1 G89:;=9DA ;D< C8@DM8A?>8CQ B=R =?>DK:= 8<9DG8?>:=C bN8 SD?8<;:= 8C 8K8;?D =8 h%)NW*F[Eij 8A 8C =8A ;D< ;D=:<9:;=;:D<8A ;D=:<9:;=;:D<8A =C NAD 98 BD>GD<=Af 0N898 A8> :?=9D 8< ;N=CbN:8> GDG8N=C N<= @8O 98A;=>?=9D 8C 8GH=>=ODQ D :<;CNAD V[ BD>=A SDA? S=>?Df 2N>= JEWJI =tDAf 2(1 G89:;=9D ;D< C8@DM8A?>8C h7:>8<=‰ij ;D8A8>@D>:D 98 C8@DM8A?>8C bN8 C:H8>= IE …M =C 9T= SD> YWX =tDAf '89N;8 D ANS>:G8 8C KCNlD G8N=C R C= 9:AG8>8=f 28H8 A8> :?=9D 8< CDA S>:G8>DA X 9T=A 98C ;:;CD G8N=Cf •

•

<')+&.,)E,-.-,')%( E% 2'( D;CL 8GH=>=ODQ :9=9 hA8 >8;DG:8<9= ;DGS>DH=> K8>?:C:9=9 =:D>G8=OD 8;?LS:;D D 0(0Q :G=;:D<8A N?8>:<=A h\?8>D 9:98CKD D ?=H:;=9DiQ G:DG=A bN8 98KD>G=< C= ;=@:9=9 N?8>:<=f <')+&.,)E,-.-,M) %(H%-54,-. E%2 D;C $%E,-.E' -') H&'3%(+,).(L ;P<;8> H&'3%(+,).(L ;P<;8> 98 G=G=f

<'$H2,-.-,')%(L (Q >8=;;:L< @=AD@=M=CQ A==9D R S8>KD>=;:L< N?8>:<=f %=>9T=Aj 8<9DG8?>:?:A hS>:G8> G8A ?>=A C= :;:L
?8 C= =9G:<:A?>=;:L< =9G:<:A?>=;:L< 98 =DK:CP;?:;DA ?>=A C= :;:L< 98C 2(1iQ A==9D R 9:AG8>8=Q 8GH=>=OD 8;?LS:;D h>:8AMD 98 YEu 8< C=A GNl8>8A bN8 A8 8GH=>=O=< = S8A=> 98 ?8<8> 2(1iQ =HD>?D AUS?:;D 8< 8GH=>=ODA 8N?LS:;DAQ 8^SNCA:L< 98C 2(1 h>=>DQ GPA K>8;N8?= 8< SN8>S8>:D :=Aif =Aif • •

9$*.&.N' -') D;CL A: D;CL A: 8C HC=A?D;:A?D CDM>= :GSC=A8 R A8 :<:;:= N< 8GH=>=ODQ 98H8 >8?:>=>A8 AN=@8G8=ODA ;D< 2(1 8^:A?8 >:8AMD 98 =HD>?D 98C S>:G8> ?>:G8A?>8 98C YEu B=A?= I D F 9T=A 98ASNUA 98 C= 8^?>=;;:L
:8AMD 98 =HD>?D IEWFEu 98ASNUA 98 8^?>=8>CDf $: =8>A8f ':8AMDA 98C 8GH=>=OD ;D< 2(1j '07 R ;D>:D=G<:D<:?:A ;D>:D=G<:D<:?:A SD> M0'1&10f

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

ZJ

)"-2s- 7*$)1.(-" &A 8C GU?D9D =>8>= GPA N?:C:O=9D 8< )B:C8Q R 8A 8C \<:;D 98 8A?8 ?:SD bN8 B= 98GDA?>=9D >89N;:> C= :<;:98<;:= :<;:98<;:= 98 :=T= 98 MDG= 98 CP?8^ D A:8ANC?=> 9=t=9DA A: A8 NA=< 8< ;D:;=:;=C ;D< NAD ;D>8;?D 98C ;D<9L< G=A;NC: 8A?8 GD?:@D ') 98H8 >8;DG8<9=>A8 ;DGD G89:9= =8l=f #N8<= S=>?8 98 CDA ;D<9D<8A ?>=8 =9:;:D<=9D N< 8AS8>G:;:9= h?TS:;=G8:8AMD 98 8GH=>=OD <: 98 ;D=;;:L< ;D=;;:L< 98 (%$Q R SN898 =NG8 8C >:8AMD 98 (%1 8< GNl8>8A lL@8<8Af &A?8 ?:SD 98 ;D<9D<8A ?:8<8 G=RD> ;DA?D R N< S8>TD9D 98 @=C:98O GPA ;D>?D SD> CD bN8 ') A8 >8;DG:8<9= AN NADf

&$%&'(.(5*)(s- †1('3',()* .= (0-2&'.)-&.01A$0 8A 8C GU?D9D GPA NA=9D 98 8A?8>:C:O=;:L< 8A?8>:C:O=;:L< bN:>\>M:;=f )DD;89:G:8 bN8 >8bN:8>8 =<8A?8A:= <8N>D=^:=Cf 0N898 A8> >8=C:O=9D >8=C:O=9D CN8MD 98 N<= ;8AP>8=f .= ?U;<:;= GPA N?:C:O=9= 8A C= 98 0DG8>DR SD> C=S=>D?DGT=Q 8< C= ;N=C A8 B=;8 N< =A= 98 ?NH= N?8>:<= == A8 >8=HAD>H8 98l=<9D A8S=>=9DA =GHDA ;=HDAf 1<= GD9:K:;=;:L< 98 9:;B= ?U;<:;= :<;CNR8 8C ;D>?8 98 C= ?NH= R 8C8;?>D;D=MNC=;:L< 98 CDA ;=HDA 8< 8C G:AGD =;?Df "?>=A ?U;<:;=A S8>G:?8< >8=C:O=> 8C S>D;89:G:8DA;DST=f 28H8 ?8<8>A8 S>8;=N;:L< ;D< C= =>?8>:= D@P>:;= bN8 ?>=>8 98A98 C= =>?8>:= N?8>:<= = ?>=@UA 98C C:M=G8DS:D 98C D@=>:D h\?8>DWD@P>:;Dif .=A GNl8>8A bN8 A8 ADG8?8< = 8A?8>:C:O=;:L< 8A?8>:C:O=;:L< bN:>\>M:;= ?:8<8< G8:8AMD 98 0(0 R 98 ;P<;8> 98 D@=>:DQ S8>D G=RD> >:8AMD 98 8GH=>=OD 8;?LS:;Df &C S>D;89:G:8=>A8 :>>8@8>A:HC8Q :>>8@8>A:HC8Q SD> AN H=l= ?=A= 98 K=CCD hT<9:;8 98 08=>C 98 EQJqEQY 9N>=:G8> =tDi R C= ;DGSC8l:9=9 98C S>D;89:G:8D;89:G:88S8>G8=H:C:O=;:L< >8S8>G8=H:C:O=;:L< 98 C= ?NH= N?8>:<=f .= =0(";#)%/0 8A N< S>D;89:G:8:C:O=;:L< bN:>\>M:;= G=A;NC:<=Q G=A;NC:<=Q bN8 ;D= 98 CDA ;D<9N;?DA 98K8>8 >8=C:O=9D H=lD =<8A?8A:= CD;=C R 98 KD>G= =GHNC=?D>:=f &C S>:<;:S=C >:8AMD 8A C= C:M=9N>= SD> 8>>D> 98 C= =>?8>:= ?8A?:;NC=>f -D =K8;?= C= 8>8;;:LLA?=?=if &A N< S>D;89:G:8>8@8>A:HC8 SD>bN8 A8 M8<8>=C =SDA =G=?DOD:98A =G=?DOD:98A 98A98 F G8A8A 98ASNUAf &C T<9:;8 98 08=>C 8A 98 EQIf

7&-"0*1$(* + ).(7*%&'(" .= %"')20A(&0 8A C= K8;B= 98 \C?:G= >8MC= S8>G=<8 SU>9:9= 98 C= =;?:@:9=9 D@P>:;=Q bN8 A8 98?8>G:<= >8?>DAS8;?:@=G88?>DAS8;?:@=G8=A JI G8A8A 98 =G8>8= A:< D?>=A ;=NA=A bN8 C= 8^SC:bN8>8 8< S>DG89:D =C>8989D> 98 CDA YE } Y =tDAf 0N898 =;DGS=t=>A8 98 AT8A bN8 SN898< A8> A8@8>DAf -D A8 >8bN:8>8< <:@8C8A 98 6$] S=>= B=;8> 8C 9:=MD ?TS:;=G8TD9D 98 ?>=DG89:D = CDA VX =tDA R A8 ;=>=;?8>:O= SD> KCN;?N=;:L< BD>GD<=C bN8 ;=NA= =C=>M=G:8DM>8A:@D S>DM>8A:@D 98C S8>TD9D :G8N=CQ SU>9:9= 98 =CMN>8=f &< S>:G8> CNM=>Q D;N>>8 N< =;D>?=G:8p CDA ;:;CDA G8N=C8A A8 B=;8< :>>8MNC=>8Af .N8MDQ ;=8< CDA <:@8C8A 98 MD<=9D?>DS:<=AQ CD bN8 CC8@= = N<= 9:AG:DM>8A:@= 98 8A?>=9:DC SD> G=9N>=;:L< KDC:;NC=> KDC:;NC=> :>>8MNC=>f 6:<=CG88A:A?8 CD bN8 6$]Q .] R C= C:H8>=;:L< C:H8>=;:L< SNCAP?:C 98 ,<'] =NG8T= >8C=;:L< ;D< CDA AT8Af &C ;-&%0#"$&) 8A 8C S8>TD9D 98 ?>=8 C= 89=9 KU>?:C R C= SDA?G8D;8AD 8A M>=9N=C R 9N>= 88 V R Z =tDAf (<;CNR8 N< S8>TD9D S>8G8=:G8:G88MC=if &< 8A?8 S8>TD9D 9:AG:D KDCT;NCDA 8< 8C D@=>:D R C= ATLM8DM8A?8>D<= 8 :DM>8A:@=G88?D><= = <:@8C8A G=C8A ?>=A 8C :<:;:D 98 C= ?8>=S:= 98 >88GSC=OD BD>GD<=CQ S>:<;:S=CG8MDQ 8C D@=>:D G=D9N;;:L< 98 =<9>LM8A:A?8 C= C:H:9DiQ bN8 =\< SN898< =>DG=?:O=>A8 = 8A?>D<= 8< ?8l:9D =9:SDAD S8>:KU>:;Df

ZI

& - 2 " ) ' ( - " . " , /* /* + 6 & ' % ( . ( 2 * 2

$8 B=HC= 98 %"')20A(&0 #"%2$0'0 A: D;N>>8 88 CDA VE R VY =tDAQ R 98 %"')20A(&0 2$";)I D ,0--0 )=E$&;0 2$&%0$&0 ;N=<9D D;N>>8 ==?= 98 N< B:SDMD<=9:AGD B:S8>MD<=9D?>DSD B:S8>MD<=9D?>DSD ;NR=A ;=NA=A SN898< ;D>>8ASD<98> =j "DKD>:?:A =N?D:8@8>A:HC8 R A8 =AD;:= = N< AT<9>DG8 SDC:MC=<9NC=> =N?D:D:9:AGDQ hB:SD?:>D:9:AGDQ =>?>:?:A >8NG=?D:98Q 9:=H8?8A G8CC:?NAQ G:=A?8<:= M>=@:Aif &A S>8;89:9= SD> N< 98A=>>DCCD A8^N=C G=Cf 2:AM8<8A:= MD<=9=Cj =NA8<;:= 98 L@NCDA SD> K=CC= 98 C= G:M>=;:L< D@D;:?=>:= = C=A ;>8A?=A MD<=9=C8Af .=A ;=NA=A GPA K>8;N8=;:D<8A =C?8>=;:D<8A ;>DGDALG:;=AQ SD> CD bN8 A8 8A?N9:=< ;D< ;=>:D?:SDf &< M8<8>=C ;D>>8ASD<98< = GDA=:;:AGDA h•"Q •+if $: B=R S>8A8<;:= 98 + 98H8 ;D=>A8 N<= DDKD>8;?DGT= SD> >:8AMD 98 9:AM8>G:
•

•

<.$*,'( 4,(,'2M3,-'( EJ&.)+% %2 -2,$.+%&,'L $T8A 8S:AL9:;DAj HD;BD> 8< S8;BDQ ;N8CCD R ;=>=Q A:< G=<:K8A?=;:D<8A KTA:;=A D =AD;:=9=A = S=CS:?=;:D<8AQ ==;:L=;:L< <=Q ;8K=C8=f 0N898< A8> GNR K>8;N8 M=?:CC=9DA M=?:CC=9DA SD> =C:G8UAf .DA AT8A AD< C= S>:<;:S=C :<9:;=;:L< :<9:;=;:L< 98 ?8>=S:= 98 >88GSC=OD BD>GD<=Cf $TDM8<:?=C8Aj =?>DK:= N>DM8<:?=C A8;N<9=>:= = B:SD8A?>DM8<:AGDp A8 S>D9N;8 S>DC=SAD M8<:?=CQ :<;D:<=>:=Q AT:<=>:DA H=lDAQ @=M:<:?:A =?>LK:;= hA8bN89=9Q S>N>:?DQ 9:AS=>8N<:=if 0U>9:9= LA8=j G=RD> 98AG:<8>=C:O=;:L< 98AG:<8>=C:O=;:L< LA8= 98H:9= =C B:SD8A?>DM8<:AGDf .= SU>9:9= 98 98DA:A R K>=;?N>=A ADH>8 BN8AD S=?DCLM:;DQ 8< 8AS8;:=C A: B=R D?>DA K=;?D>8A h98A:;:L:;:L8^:= <8>@:DA=if $8 8A?N9:= G89:=T= LA8=j – %WA;D>8j ;DGS=>= C= 988A lL@8<8Af $:>@8 S=>= 8C 9:=MG=CQ qJ = qIQY 2& 8A DA?8DS8<:=Q DA?8D S8<:=Q qIQY D G8D DA ?8DSD>DA:Af A:Af – 5WA;D>8j ;DGS=>= C= 988A 98 :MN=C 89=9f $: 8A?P =C?8>=9D A8 98H8 ADAS8;B=> SU>9:9= G:<8>=C LA8= A8;N<9=>:= h:=<;:= h:=<;:= = C=;?DA=Q G=C=HAD>;:LS=>=?:>D:9:AGDQ B:S8>S=>=?:>D:9:AGDQ &')if 7=RD> >:8AMD ;=>9:D@=A;NC=>j A8 8^SC:;= SD> ;=GH:DA 8< 8C S8>K:C C:ST9:;D h=NG8DC ?D?=CQ .2. R ?>:MC:;U>:9DAp 9:AG:8A:L< =>?8>:=C h]%* SD> =NG88A:A?8<;:= @=A;NC=> S8>:KU>:;=i S8>:KU>:;=i 8 :>8A:A?8<;:=f :>8A:A?8<;:=f ]=R G=RD> >:8AMD 98 (*7 R =98GPA G=RD> M>=@89=9 98 ;=9= 8S:AD9:D 8< ;DGS=>=;:L< ;DGS=>=;:L< ;D< BDGH>8A 98 :MN=C 89=9f * 8A?D A8 ANG=< D?>DA 6' ;=>9:D@=A;NC=>8AQ ;DGD 8C ?=H=bN:AGDQ 8C A898:AGD R C= DH8A:9=9f &A S>:D>:?=>:D G=<8l=> ;=9= K=;?D> 98 >:8AMDf "?>DA AT8C=;:D<=9DAj ;=GH:DA 98 BNGD>Q ?>=A?D>
•

•

•

•

•

8%&.H,. E% &%%$H2.N' R'&$').2L .= R'&$').2L .= S>:<;:S=C :<9:;=;:L< :<9:;=;:L< 98 %'] 8A C= S>8A8<;:= 98 AT8Af $:< 8GH=>MDQ ?=GH:U< ?:8<8 8K8;?DA SDA:?:@DA ADH>8 C= ?=A= 98 SU>9:9= LA8= R CDA ATDM8<:?=C8A A8;N<9=>:DA = C= =?>DK:= @=M:<=Cf <')+&.,)E,-.-,')%( .*('2J+.(L 9=tD @=A;NC=> h8DGHD8GHLC:;=Q ]%* A8@8>=Q 9:=H8?8A ;D< 9=tD @=A;NC=>Q ;=>9:DS=?T= :AbNUG:;= D *)oQ ?=H=bN:AGD 8< GNl8>8A x FY =tDAQ 9:AC:S:98G:= A8@8>=Q ;:>NMT= G=RD>iQ ;P<;8> 98S8<9:8GD<=A hG=G=Q 8<9DG8?>:DiQ G8?>D>>=M:= K:>:= ;N?P<8=f •

•

*C?8><=?:@=A S=>= 8C ?>=?=G:8=GQ 8A;:?=GCDS>=GG @8= 8C ?>=?=G:88A 8< GNl8>8A ;D< ;D=:<9:;=;:D<8A ;D=:<9:;=;:D<8A = %']f .DA 8AbN8G=A A8 H=A=< 8< 8A?>LM8LM8=?D 98 8A?>=9:DC JWI GM D 8A?>=9:DC ?>=G:;Dif $8 98H8< =M>8M=> S>DM8A?PM8DC D 9:8D S=>= S>D?8M8> =C 8<9DG8?>:D 98C 98A=>>DCCD 98 <8DSC=A:=Af .= ?:HDCD<= 8A N<= GDCU;NC= 8A?8>D:9=C A:DMU<:;DQ S>DM8A?=MU<:;D S>DM8A?=MU<:;D R =<9>DMU<:;Dp ?:8<8 ?D9DA CDA 8K8;?DA SDA:?:@DA 98 C= %'] A:< =NG8 8C >:8AMD 98 ;P<;8>Q S8>D ;=NA= @:>:C:O=;:LLM8DM8A?:<=A ?D9DA CDA 9T=Af 78 ;=ADAf – )T;C:;D )T;C:;D ;DGH:<=9D A8;N8<;:=Cj 8A?>LM8DM8A?:<=A SD> JEWJV 9T=Af – )T;C:;D )T;C:;D ;DGH:<=9D A8;N8<;:=C C=>MDj 8A?>LM8DM8A?:<=A SD> JV = IJ 9T=A ;=9= F G8A8Af B:A?8>8;?DG:O=9=Af – &A?>LM8LM88;?DG:O=9=Af

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

ZF

•

•

•

&K8;?DA 98 C= %']j =NG8:8AMD ?>DGHD8GHLC:;D R *)o hI @8;8A 8C >:8AMDi R 98 ;P<;8> 98 G=G= h=AD;:=9D =C =;8?=?D 98 G89>D^:S>DM8A?8>D<=Q SD> CD bN8 A8 ?>=?= 98 >89N;:> =C GP^:GD SDA:HC8 C= 9DA:A A:< SD<8> 8< >:8AMD =C 8<9DG8?>:Dip 9:AG:9:9= LA8= h%'] ;DGH:<=9=if %:8<8< G=RD> 8K8;?D SDA:?:@D G:8=A GPA S>8;DO A8= 8C :<:;:D 98 C= %']f – *NG8:8AMD 98 (*7Q ADCD 8< GNl8>8A bN8 :<:;:=>D< %'] x IE =tDA SDA?G8:8AMD 98 ;P<;8> 98 8<9DG8?>:DQ ADCD A: A8 NA= %'] A:< S>DM8A?:<=A 8< GNl8>8A ;D< \?8>Df &@=CN=;:L< ;D< 8^PG8<8A S>8@:D =C :<:;:D 98 %']j 0=S=<:;DC=DNQ G=GDM>=KT=Q S8>K:C C:ST9:;DQ MC:;8G:=Q 8^=G8< 98 D>:<= ;DGSC8?=Q S8>K:C ?:>D:98DQ 8;DM>=KT= ?>=T= 98T= LA8= 8< x ZE =tDAf $8MN:G:8=C8A h:;:L< R 8l8>;:;:D =8>LH:;DQ =;?:@:9=9 >8;>8=?:@=Q C=HD>=C R A8^N=C =98;N=9=iQ =SD>?8 98 ;=C;:D hYEEWJEEE GMi | @:?=G:<= 2 hVEEW[EE 1i 98ASNUA 98 ;=9= ;DG:9=Q G=GDM>=KT= =:=K:C C:ST9:;DQ 98T= LA8= hNAD ;DDC@8>A:=Cp ?>:=G=CQ =DK:= M8<:?=Cj A8D>>=M:=f &C NAD 98 8A?>LM8T= H8<8K:;:D A:A8 = 8K8;?DA =9@8>ADA A:A?UG:;DAf

ZV

& - 2 " ) ' ( - " . " , /* /* + 6 & ' % ( . ( 2 * 2

"-)".",/* .&$("-&$ 0'&7*.(,-*$ + )~-)&' )&'o()"1%&'(-" &C ;P<;8> 98 ;N8CCD N?8>:?8 SD> ;P<;8> 8< C= GNl8> 8< )B:C8 R C= S>:G8>= ;=NA= 98 =tDA 98 @:9= SD?8<;:=CG89:9DA h*o00if .= ?=A= 98 GD>?=C:9=9 B= 98A;8<9:9D S>P;?:;=G88;DO 8< IkF 98 CDA ;=ADAQ S>:<;:S=CG888<:8=C:O=9Df .DA M8<8A &Z R &X 98C @:>NA S=S:CDG= BNG=D?8T<=A >8C=;:D<=9=A >8C=;:D<=9=A ;D< G=C:M<:9=9 =C :=;?N=> ;D< C=A S>D?8T<=A D<;DANS>8AD>=A SYF R 'Hf .= ;D: o(] =NG8:8AMD SD> :8A:L< R 8K8;?D D<;DM88;?Df &C ?:SD B:A?DCLM:;D GPA ;DG\< 8A 8C 8A;=GDADQ A8MN:9D 98C =98;:DG:A;N:9=9 hƒ I S=>8l=A 8< Z G8A8AiQ ?=H=bN:AGDQ :8A:L@:;=C h0=S=<:;DC=DNp A8 A;>88<:8=C:O=9D ANA ;DDC8A 98 KD>G= >8MNC=>Q A:< C8A:D<8Af &< S=TA8A 98A=>>DCC=9DA A8 NA= 8< ;D= o0] bN8Q =98GPA 98 ?:S:K:;=> ?:S:K:;=> 8C @:>NAQ S8>G:?8 =NG8 8C >8<9:G:888<:8ANC?=9D 8A 8bNT@D;D h=?:S:= :<8AS8;TK:;=if &< )B:C8 =@=C89=A:Cp ZQ JJQ JZQ J[e D H:@=C8@=>:^p JZQ J[eif %:8<8< =C?= :8@:8<8< C= 8G89=9 :=8S:?8C:=C 98 =C?D M>=9D 8 :<@=AD>=p @=;N<= ?8?>=@=C8=@=C8D?8M8 =98GPA ;D= ;D<9:CDG=A =;NG:<=9DAf %:8<8 G8lD> >8<9:G:8G=>P S=>?8 98C 0-( 98A98 IEJVp 9DA 9DA:AQ = CDA ` R JE =tDAf '8=;;:D<8A =9@8>A=Aj CD;=C8AQ CD;=C8AQ AT<;DS8Q =NG8:8AMD ?>DGHD8GHLC:;D A: B=R D?>DA 6' h*)"Q B:A?D>:= K=G:C:=>if K=G:C:=>if -D =NG8:8AMD 98 AT<9>DG8 ,N:CC=:>U ,N:CC=:>U ;DGD A8 ADAS8;BL =CMN<= @8Of •

-&"0.*$(* (-%'*&0(%&.(*. )&'o()*. B.H -') .2+%&.-,')%( E%2 %H,+%2,' %(-.$'(' .8A:L< :=8S:?8C:=C 98 =C?D M>=9D h]$(.i *?:S:= ;D< ]$(. ?=HC8 h*$)W]i *?:S:= 98 A:M<:K:;=9D :<98?8>G:<=9D h*$)W1$i .8A:L< :=8S:?8C:=C 98 H=lD M>=9D h.$(.i )=>;:
I.)

• •

B.H -') .2+%&.-,')%( E%2 %H,+%2,' 32.)EJ2.& *?:S:= MC=<9NC=> *98;:
0=S =C?8>=9D h]$(.Q .$(.Q *$)W] D =?:S:= MC=<9NC=>ij 98>:@=> = N<:9=9 98 S=?DCDMT= ;8>@:;=C h10)if 0=S 98 A:M<:K:;=9D :<98?8>G:<=9D h*$)W1$ij >8S8?:> 0=S 8< Z G8A8Af – Ia 0=S =C?8>=9Dj 98>:@=> = 10)f (<98?8>G:<=9D D G=Cj >8S8?:> Ia 0=S ;D< 0)' o0]j $: 0)' 8A h|iQ 98>:@=> = 10)f – Fa 0=S =C?8>=9D D :<98?8>G:<=9Dj 98>:@=> = 10)f -D>G=Cj @DC@8> = ;DDC8A 0=S ;k F =tDAf

)DCSDA;DST=j 0>:G8> 8^=G8< = >8=C:O=> 8< 10)f $8 ;D= SDA:?:@= A: A8 =S>8;:= N<= C8A:L< HC= ;D< P;:9D =;U?:;D hC8A:L< =;8?DHC=<;=if – *G=Cj H:DSA:= 9:>:M:9= 98 C= C8A:L< =;8?DHC=<;= R C8M>=9D 8<9D;8>@:;=Cf – -D>G=Cj >8S8?:> 0=S R ;DCSDA;DST= 8< ZE 9T=Af $: C= >8S8?:;:L< 8A G=CQ 98>:@=> = *0$f – (:=j (:=j 8;:= C= N<:L< 8A;=GD;DCNG<=>f #:DSA:=j A: C= B:A?DCDMT= 8A <8M=?:@=Q >88@=CN=> ;D< 0=S R ;DCSDA;DST= 8< ZE 9T=Af $: C= >8S8?:;:L< 8A G=CQ 98>:@=> = *0$f .8M>=9D 8<9D;8>@:;=Cj >8=C:O=> A: C= ;DCSDA;DST= 8A ::=Q 8^:A?8 C8A:L< bN8 A8 8^?:8<98 B=;:= 8C ;=<=C 8<9D;8>@:;=CQ =;:L< ;:?DCLM:;= D A: C= =C?8>=;:L< 98 C= ;:?DCDMT= ;D>>8ASD<98 = N<= =?:S:= MC=<9NC=>f

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

ZY

#:DSA:= SD> ;D<:O=;:LD:<@=A:L< G:;>D:<@=A:L< SD> ;DCSDA;DST= D H:DSA:=Q 9:A;D>9=<;:= 88 ;DCSD;:?DB:A?DCLM:;=Q C8M>=9D 8<9D;8>@:;=C SDA:?:@D D A: C= S=;:88@:=G8=?=9=f 6N<;:D<= ;DGD N< S>D;89:G:8D;89:G:8=SUN?:;Df ?8>=SUN?:;Df G,(+'2'35. H'(,+,K. H.&. )%'H2.(,. ,)+&.%H,+%2,.2 ^";9_L #=lD M>=9D h-(&WJij B=A?= Èu >8M>8A= = B:A?DCDMT= G=C A:< ?>=?=G:8:8AMD 98 S>DM>8A:L< = -(&WI D F A: KN8 S>8;89:9= SD> ]$(.f $8 >8=C:O= A8MN:G:8=?=G:88;89:9= 98 ]$(.Q *$)W] D =?:S:= MC=<9NC=>Q A: C= ;DCSDA;DST= 8A ::= ::= D A8 >8S:?8 ;:?DCDMT= 98 =C?D M>=9Df *C?D M>=9D h-(&WI D Fij -(&WI SN898 >8M>8A=> = G=C:9=9 8< G8 S>DSD>;:L< bN8 -(&WFQ S8>D ?:8<8< GPA >:8AMD 98 S>DM>8A=> SD> CD bN8 8C ;D=?=>f 8C >8<9:G:8= 9:K8>8<;:=> 9:K8>8<;:=> =GH=A 8A H=lDQ SD> CD bN8 A8 ?>=?=< ;DGD ;D@=;:L< hA=C@D 8GH=>=O=9=A R z IE =tDAi <: A8 >8;DG:8<9= C= B:A?8>8;?DGT= ;DGD ?>=?=G:8:G=>:Df – %>=?=G:88K:8>8 A: 8A -(& 98 =C?D M>=9D >8;N>>8:=i ::=i D =HC=?:@D hCPA8> D ;>:D?8>=S:=p A8 S>8K:8>8 8< lL@8<8A :9=9 = KN?N>Dif – 7Nl8>8A z IE =tDAj A8 =;8S?= A8MN:G:88 bN8 ;DCSDA;DST= A8= A=?:AK=;?D>:=f $8MN:G:8=?=G:8G=C8AQ @DC@8> = *0$f

•

•

•

9$*.&.N.E.( -') B.H .2+%&.E'L 28>:@=> .2+%&.E'L 28>:@=> = 10) A8M\< :<9:;=;:D<8Ap A8MN:G:8 ADCD A: ;DCSDA;DST= 8GS8D>= D ;:?DCDMT= ANM:8>8 ;P<;8> :<@=AD>f &@:?=> ;D<:O=;:L< ;D<:O=;:L< 8< 8GH=>=O=9=A SD> >:8AMD 98 SU>9:9= 98C Ia ?>:G8A?>8 R 00%f <.('( E%&,K.E'( E%(E% CB< . =B7L 98H8< =B7L 98H8< A8MN:> A:8<9D ;DDC=9DA ;D< 0=Sf .= K>8;N8<;:= A8 98?8>G:<= SD> 8C M>=9D 98 C= C8A:L< bN8 D>:M::@=;:L< = 10) 8< S>:G8> CNM=>f ]$(.j ;DDC=> ;=9= Z G8A8Af .$(.Q *$)W] D *$)W1$ >8S8?:9=j ;DDC=> ;=9= F =tDAf :%-,E,K.L -(& :%-,E,K.L -(& 8< S=;:8=?=9= 8< z J[ G8A8Af $8 S>D;898 98 :MN=C KD>G=Q ?8<:8<9D 8< ;D=;:L< ;D=;:L< bN8 A: ?N@D ;D<:O=;:L< SN898 >8bN8>:>A8 B:A?8>8;?DGT=f )D=> 98A8D 98 S=>:9=9f

)~-)&' )&'o()"1%&'(-" (-o*$"' $:M8 ;8>@:;DN?8>: AD< A==9D @=M:<=C =G=CQ A:>=M:=Q KCNlD M8<:?=C 98 G=C DCD>Q 9DCD> SUC@:;D D :<;D:<=>:= D K8;=Cf $N 8?=S:K:;=;:L< 8A -25),-.d 9+ (

9+.H,4,-.-,M) -25),-. )DGS>DG:AD \<:;=G8: bN8 (* D ;CT<:;=G8=N?8>:<=Q >8AS8?= C= S=>89 SUC@:;= R 8C JkF ::D> 98 C= @=M:<= ((*j A:< :<@=A:L< 98C S=>=G8?>:D ((#j ;D< :<@=A:L< 98C S=>=G8?>:D (((*j ;DGS>DG:AD JkF ::D> 98 @=M:<=Q S=>89 SUC@:;= >8AS8?=9= (((#j ;DGS>DG:AD 98 C= S=>89 SUC@:;=Q B:9>D<8K>DA:A D K=CC= >8<=C (o*j 9:A8G:<=;:L< = @8l:M= D >8;?D (o#j 9:A8G:<=;:L< = 9:A?=<;:= •

8&.+.$,%)+' •

•

((

•

• •

(((

•

•

•

(o

•

•

•

(*J h:<@=A:L< „ F GGij B:A?8>8;?DGT= ?D?=Cf $: B=R 98A8D 98 S=>:9=9Q ;D<:O=;:L8;?DGT= >=9:;=C h]'i ;D< C= G:?=9 98 S=>=G8?>:DA | C::9=9Q ?>=bN8C8;?DGT= >=9:;=C h]' GD9:K:;=9=j 8^?:>S= 8C ;N8CCD R G:?=9 98 S=>=G8?>:DAQ ;D@= ;N8>SD N?8>:=G8?>:DA | C:=C ' *,%) '% ADC= h?=A=A 98 ;N>=;:L< A:G:C=>8Aif (#I hC8A:L< x V ;Gi = (o*j '% | †% h;:ASC=?:
•

*98GPA 98 C= 8?=S:K:;=;:L< ;CT<:;= 98A;>:?=Q A8 >8=C:O=< 8A?N9:DA =9:;:D<=C8A ;DGD 8=< D :IL (# D ANS8>:D>8Aj %*) D '7 98 =H9DG8< R S8C@:Af ((( R (oj %*) 98 ?L>=^Q ;:A?DA;DST= R >8;?DA;DST=f

• •

ZZ

"-)".",/*

)~-)&' 2& &-2"7&%'(" &< S=TA8A 98A=>>DCC=9DA 8A 8C ;P<;8> M:<8;DCLM:;D M:<8;DCLM:;D GPA ;DG\
;8>@:;DN?8>:;::D>:98Q 8C ;N=C 8A =98GPA 8C ?:SD GPA ;DG\< 98 ;P<;8> N?8>:T= 98 CDA ;P<;8>8A 98 8<9DG8?>:D AD< 98?8;?=9DA S>8;DOG8bN8 9=< ATD;::D:98 M>=9D B:A?DCLM:;D J D I h;C=A:K:;=;:L< A8M\< SD>;8L< if #N8< S>D8ASN8A?= = 8A?>LM8=?=>P 8< 98?=CC8 =;8>;= 98 8A?8 ?:SD 98 ;P<;8>f %:SD ((j ;=>;::D:98 M>=9D F D ;P<;8> :D:98f 7=C S>D
•

•

Q:

9O-%(' E% %(+&M3%)'( 8<9LM8DM8A?:<=A h%'] 98 8A?>LM8:9=9Q 27Q ]%*f &C NAD 98 *)" 8A S>D?8;?D>f

D,.3

<25),-.L $==9D N?8>:G=C D GN;D>>8= 8< M>=< S=>?8 98 CDA ;=ADAf 0DA?G8 ;N=CbN:8> A==9D ;D< 8;DM>=KT= R H:DSA:= 8<9DG8?>:=Cf 0>8G88G8 A==9DA 8< GNl8>8A ƒ FY =tDA RkD 8^SDA:;:L< = 6'f 9-'3&.45. +&.)(K.3,).2L S8>G:?8 9:A?: 98 D?>=A ;=NA=A 98 A==9D N?8>:G=Cf &< 8C ;P<;8> 8<9DG8?>:=C B=R ;DC8;;:L< :=N?8>:<= :=N?8>:<= D 8C 8<9DG8?>:D ?:8<8 =S=>:8<;:= BDGDMU<8= h8< G:DG=A R SLC:SDA 8A B8?8>DMU<8Dif 0DA?G8G=C B=A?= V GGf $: B=R NAD 98 %']Q A8 =;8S?= B=A?= JI GGf 0>8G88G8G=C DA;:C= 88 [ R JV GGQ GP^:GD J[ GGf ]=A?= CDA YE =tDA 98H8 G89:> B=A?= JJ GGf &<9DG8?>:D x FE GG 8A =G=C = ;N=CbN:8> 89=9f 1,'H(,. %)E'$%+&,.2 ^19I_L H:DSA:= =AS:>=?:@= =AS:>=?:@= 98 0:S8CC8f &A?N9:D 98 $1* 8< ?D9= SDA?G88G88G8DA=G:8:=Cf 9(+JE,' -'$H2%$%)+.&,' -') 19I .2+%&.E.L 0=S=<:;DC=DN hB=A?= YEu 8A?P< =C?8>=9DAif )*WJIY 8C8@=9D ANM:8>8 ;DGS>DG:AD 98 C:=^Q %*) D '7 SUC@:;D h>8AD<=<;:= S8>G:?8 @8> :=;:L< CD;=Cif • •

• •

I.)

7Nl8>8A lL@8<8A ;D< 98A8DA 98 S=>:9=9Q ;D< #&7 =C?8>=9= R '7 bN8 98GN8A?>= =NA8<;:= 98 :<@=A:L< G:DG8?>:=C AD< ;=<9:9=?=A = G=<8lD GU9:;D ;D< S>DM8A?:<=Af &< 8C >8A?D 98 CDA ;=ADAQ %+.H,4,-.-,M) `J,&#&3,-. SD> C=S=>D?DGT= D C=S=>DA;DST=j C=S=>DA;DST=j ):?DCDMT= 98 C= ;=@:9=9 S8>:?D<8=Cf 0=CS=;:L< 98 C= ;=@:9=9 =H9DG:<=C 8< HNA;= 98 C8A:D<8Af ]:A?8>8;?DGT= ?D?=C h]%i | A=CS:8;?DGT= A=CS:8;?DGT= H:C=?8>=C h$"#if #:DSA:= >PS:9= S=>= 98?8>G:<=> M>=9D B:A?DCLM:;Df ,>=9D Jj zYu S=?>L< f ,Ij Z = YEuf ,Fj x YEuf $: B=R =?:S:= Q =NG8 N< M>=9Df – $8M\< >8ANC?=9Dj C::W=L>?:;=Q S8>:W=L>?:;=Q DG8>89N;;:L
9+.H. ( H=lD >:8AMD =C?D >:8AMD (( (((

(o •

9+.H,4,-.-,M) `J,&#&3,-. (<@=A:L< G:DG8?>:=C z YEu (<@=A:L< G:DG8?>:=C x YEu (<@=A:L< 98C 8A?>DG= ;8>@:;=C (<@=A:L< 98 C= A8>DA=Q @=M:<=Q S=>=G8?>:DAQ M==W=L>?:;DA SDA:?:@DA (<@=A:L< @8A:;=CQ :
8&.+.$,%)+' ]% | $"# ]% | $"# | '% ]% | $"# } '%

7'*&%K,E. . X .q'(

ZEqXEu

]% | $"# } '% } †%

FEqVEu

]% S=C:=?:@= 98C A==9Df '%f ]D>GD=S:=f †%

EqYu

XYq[Eu

9:K8>8<;:=9DQ :<@=A:L< G:DG8?>:=C D-#) $&"(.) 1" ;)%2$)%&() .0'.-&)'0$b ?NGD> SDH>8G88<;:=9DQ S>DKN<9=Q ?NGD> 98 :A?GD D ;N8CCDQ ;DGS>DG:AD C:Q C:Q G8?=f 8^?>=N?8>:<=Q 8^?>=N?8>:<=Q ;:?DCDMT= S8>:?D<8=C h|if '8bN:8>8< ?8>=S:= =9RN@=
617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

ZX

7*$* *-&•(*. &C 8:;=Q ?NH=>:= D 98 CDA ?8l:9DA ;D<8;?:@DA >8C=;:D<=9DAi 98H8 8A8 B=;:= 8C 98A;=>?8 98 S=?DCDMT=A G=C:M<=Af G=C:M<=Af )=GH:= A8M\< 8C ?:SD 98 G=A=Q C= N>M8<;:= 98 C= S>8A8=9D 98 ADAS8;B= 98 G=C:M<:9=9f .= =S=>:;:L< 98 N<= G=A= =<8^:=C =?=9 D 98ASNUA 98 C= G8 ;D< <8DSC=A:= S>8@:= ;D ADAS8;B=> G=C:M<:9=9f G=C:M<:9=9f .= G=C:M<:9=9 ?:8<8 N< S8=r H:GD9=C hz IE =tDA R 88 VE R XE =tDAif <.J( 8J*. J+d a+%&'

I.(. `J5(+,-. †N:A?8 KN<;:D<=C hKDC:;NC=>Q ;N8>SD C\?8DQ ?8;=CN?8T<:;Dip bN:A?8 <8DSCPA:;D H8<:M:DG= *%"Q B:9>DAPCS:<^Q S:DAPCS:<^Q bN:A?8 S=>=DLKD>D &GH=>=OD 8< \?8>D H:;D><8

;)+%(+,)'

2:A?8
6+&'(

o8l:M= 9:A?8<9:9=Q >:tL< SUC@:;DQ bN:A?8 98 N>=;D

6K.&,'

•

•

D,.3

I.(. (M2,E. -8DSC=A:= H8<:M<= D G=C:M<= *%"Q &f 8;?LS:;DQ <8DSC=A:= 7:DG= ANHA8>DAD S89:;NC=9DQ G:DG= 8< C:M=G8?:;NC:?:AQ :C8:?:AQ =S8<9:;:?:Af )P<;8> 98 ;DCD< 78?PA?=A:A

†N:A?8A KN<;:D<=C8Aj ?NGD>8A bNTA?:;DA GPA K>8;N88G88ASN8A?=A D@P>:;=A 8^=M8>=9=A 8^=M8>=9=A = 8A?TGNCDA K:A:DCLM:;DAf K:A:DCLM:;DAf '8G:?8< 8ASD:Dj 8C GPA K>8;N88A z VE =tDA 8A 8C ?8>=?DG= G=9N>D * S=>?:> 98 CDA VE =tDA A8 B=;8 GPA K>8;N8DAD A8MN:9D 98C GN;:=?DG= G=9N>Dj 8A 8C ?NGD> H8<:M8;N8:Df 0>8A88A CT<8=A M8>G:<=C8AQ GPA K>8;N8G:;D hS8CDAQ G=?8>:=C A8HP;8DQ 9:8:8<;:= 8;DM>PK:;= ;=>=;?8>TA?:;= h;=C;:K:;=;:D<8AQ 8;DM8<:;:9=9 ;D< ADGH>= =;\A?:;=if #:C=?8>=C JEWJYuf – ):A?D=98DADj ?NGD> bNTA?:;D N<:CD;NC=>Q H:C=?8>=C JEWJYuf JEWJYuf ]=H:?N=CG8 bNTA?:;D GNC?:CD;NC=>Q M8<8>=CG8=Cf 0N898< A8> GNR M>=<98Af )DA8 8< 8C S8>:?D<8D A: A8 8^?>=@=A= hSA8N9DG:^DG= S8>:?D<8=Cif S8>:?D<8=Cif

<25),-.L AN8C8< A8> =A:?=
•

G.22.N3'( (J3%&%)+%( E% *%),3),E.E .2 %O.$%) 7=A= N<:C=?8>=CQ GL@:CQ C:A=Q A:< =A;:?:A •

•

•

G.22.N3'( (J3%&%)+%( E% $.2,3),E.E .2 %O.$%) 7=A= H:C=?8>=CQ K:l=Q :>>8MNC=>Q ;D< =A;:?:A

]:A?D>:= K=G:C:=> K=G:C:=> 98 ;P<;8> D@P>:;D D 98 G=G=j A8 =AD;:=< 8< Èu = GN?=;:D<8A #')*J D #')*Ip JEu = AT<9>DG8 98 .R<;B h;P<;8> 98 ;DCD< B8>89:?=>:D 8;:88;N>>8M8<;:= N>:<=>:=Q SDC=bN:N>:=Q ;DDAj :9=9Q G8<=>bN:= ?8GS>=<=Q G89T=Q $"0†Q :?:C:9=9Q :?:C:9=9Q ?=H=bN:AGDf

9-'3&.45.d %*) 9-'3&.45.d %*) A:>@8 S>:<;:S=CG8:<;:S=CG8= 98K:<:> ;DGS>DG:AD 98 D?>=A 8A?>N;?N>=A =9R=;8
G.22.N3'( %-'3&P4,-'( (J3%&%)+%( E% *%),3),E.E 7=A= bNTA?:;= 98 KCN:9D =<8;DMU<:;D &;DA :L< >8?:;NC=> 7=A= bNTA?:;= N<:CD;NC=> A:< ;DGSD<88;DMU<:;D ;D< ADGH>= =;\A?:;=

• • • • • •

G.22.N3'( %-'3&P4,-'( (J3%&%)+%( E% $.2,3),E.E #:C=?8>=C:9=9 %=G=tD x [ ;G )DGSD<88;DMU<:;D ƒ I ?=H:bN8A :=bNTA?:;DA M>N8ADA hx IqF GGi 6CNlD 98GDA?>=9D ;D< 2DSSC8> *A;:?:A h;N=CbN:8> ;N==9= ;=8G8
$: B=R ADAS8;B= 98 G=A= D@P>:;= G=C:M<=Q 98H8< ADC:;:?=>A8 $.&-.E'&%( +J$'&.2%(d $N S>8A8<;:= S8>G:?8 SC=<:K:;=> N<= ;:>NMT= ;D< ;>:?8>:D D<;DCLM:;D h;:?D>>89N;;:L= 8C A8MN:G:8 D@P>:;Df

Z[

"-)".",/*

•

• •

• •

•

I.)

)* JIYj $8= ;P<;8> 8S:?8C:=CQ G8 8< 8?=S=A :<:;:=C8Af 0D;D 8AS8;TK:;D 8< S>8G88G8=ODQ 8<9DG8?>:DA:AQ 0(0Q S8>:?D<:?:AQ S=<;>8=?:?:Aif 1< @=CD> x FY 1kG. ?:8<8 N< @=CD> S>89:;?:@D 98 `[u S=>= ;P<;8> 8S:?8C:=C D@P>:;D 8< SDA?G88A 8S:?8C:=C8A GN;:;::D<=>:D ;=>;::D<=>:D h)&*ij A8 8C8@= 8< ;P<;8>8A GN;::;DA D 9:M8A?:@DAp =98GPA ;P<;8> 98 G=G=Q SP<;>8=AQ ?:>D:98A R SNCGL )&*f yW]),j D>:8:D;=>;:;::D<=>:Df $8 8C8@= 8< 8GH=>=OD R &%,f ŠWK8?DS>D?8T<= h*60ij D>:8;:G:;DQ S8>D SN898 8C8@=>A8 ?=GH:U< 8< ;=>;: R ?NGD>8A ?8A?:;NC=>8A A8 8< 8C 8GH=>=ODQ B8S=?:?:A @:>=C8A R ;:>>DA:Af .2]j D>:88A M8>G:<=C8A hA8G:;DQ 9:AM8>G:G:
I.(. .)%O,.2 E% *.[' &,%(3'L A: C= ;CT<:;= R CDA 8^PG8<8A 98 :G=M8< D>:8:8AMD <8DSCPA:;DQ 98H8 8@:?=>A8 >8=C:O=> S>N8H=A 98 H=l= 8AS8;:K:;:9=9 h;DGD G=>;=9D>8A ?NGD>=C8Ai 98H:9D = bN8 SD9>T=< :<9N;:> = ?DG=> N<= ;D<9N;?= GPA :<@=A:@= SD> K=CADA SDA:?:@DAf $8MN:G:8
I.(. .)%O,.2 E% &,%(3' ,)+%&$%E,'L Q S8>D ?=GSD;D ?:8<8 A:M:;DA 98 G=C:M<:9=9f G=C:M<:9=9f .= G=RD>T= ?8<9>P N<= G=A= 98 D>:M8< H8<:MMD N< ANHM>NSD ?8<9>P N<= <8DSC=A:= G=C:M<=f 7Nl8>8A SDA?G88K:8>8 A8MN:G:8A8 H8<8K:;:=>A8 98C G=<8lD bN:>\>M:;D h8C8@=;:L< h8C8@=;:L< 98 G=>;=9D>8A ?NGD>=C8AQ G=A= x [ ;GQ = K=G:C:=> 98 ;P<;8> 98 D@=>:Dif 7Nl8>8A S>8G8A8 H8<8K:;:=>A8 98C G=<8lD bN:>\>M:;D h)* JIY GNR 8C8@=9D dA8 G:98 ADCD A: B=R =S=>:8<;:= 8;DM>PK:;= SD;D ;C=>= 98 G=C:M<:9=9e G=C:M<:9=9e D ADAS8;B= 98 N< ?NGD> 98 ;UCNC=A M8>G:<=C8A D 8A?>DG=C MD<=9=Cif

•

•

I.(. .)%O,.2 E% .2+' &,%(3'L 8;DM>=KT= ;D< A:MD?DGT= 8^SCD>=9D>=Q 8^SCD>=9D>=Q 8< 8AS8;:=C 8< SDA?G8= ;DG=> ;P<;8> 98 D@=>:Df 7N;B=A GNl8>8A ;D< G=A=A H8<:M<=A AD< DS8>=9=AQ S8>D =?=> S>8;DOG8 98 D@=>:D SN898 :GSC:;=> G=C S>D
•

<'$H2

D'2'& .3JE' (%K%&'L †N:A?8 D@P>:;D >D?D D B8GD>>PM:;Dj 9DCD> =MN9DQ A8@8>D R N<:C=?8>=C 8< 8C G89:D 98C ;:;CD G8N=CQ =AD;:=9D = 8AKN8>OD KTA:;D D =;?:@:9=9 =;?:@:9=9 A8^N=C h=NG88A:L< D@P>:;=iQ C= ;N=C ;=NA= >D?N>= 98 N< bN:A?8 K:A:DCLM:;D hKDC:;NC=> hKDC:;NC=> D C\?8Dif 0N898 B=H8> G8?>D>>=M:= 8A;=A= SD> ;=T9= 98 <:@8C8A BD>GD<=C8Af $8 ;D= N<= >D?N>= ;DGSC:;=9= A: B=R :<8A?=H:C:9=9 B8GD9:8 R C8N;D;:?DA:AQ =H9DG8< =MN9DQ B8GDS8>:?D<8D 8;DM>PK:;D D G=C:M<:9=9f – 2:=M=KT= 8;DM>=KT= S=>= 98A;=>?=> N< 8GH=>=OD 8;?LS:;D >D?D D ?D>A:L< =<8^:=Cf – 7=<8lD 8^S8;?=D?DA =>A8 9:K8>:9=G8=<98 D S8>A:A?8 GPA 98 =CMN\>M:;Dj 8< bN:A?8A ;DGSC:;=9DAf &< GNl8>8A S>8G8D?DA H8<:M8;DG:8<9= bN:A?8;?DGT= S=>= ;D@=> 8C D@=>:Df %D>A:L< D@P>:;= D =<8^:=Cj ?D>A:L< ;DGSC8?= D S=>;:=C 98C D@=>:D ;D< D A:< C= ?NH= N?8>:<= 8< ?D>8ANC?= 8< :AbN8G:=f )=NA= 9DCD> =MN9D A8@8>DQ = @8;8A ;D< =>= @8O K:8H>8f &C K=;?D> 98 >:8AMD GPA :GSD>?=8A8<;:= 98 N<= G=A= =<8^:=CQ S>:<;:S=CG8:<;:S=CG8PK:;= hD@=>:D N<:C=?8>=C 9DCD>DAD R =NG8 – 2:=MPK:;= 898G= R ;DDG= B8?8>DMU<8DQ D@=>:D =:D> =C \?8>DQ KCNlD 2DSSC8> >89N;:9D D =NA8\>M:;Dp 98;:A:L< 98 DS8>=> SD> ;CT<:;= R 8;DM>=KT=f – 7=<8lD bN:>\>M:;Df &< S>8G88G8A:L< R bN:A?8;?DGT=p ;D@=;:L< D@P>:;=f &< SDA?DG8DA:A D@P>:;= D ADAS8;B= 98 G=C:M<:9=9j G=C:M<:9=9j A=CS:8;?DGT=f &GH=>=OD 8;?LS:;D >D?Df

•

•

•

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

Z`

Q,%*&%L 98H8 ADAS8;B=>A8 C= S>8A8<;:= 98 N< =HA;8AD ?NHDWD@P>:;D h*%"if "?>=A ;=NA=A AD< N< =HA;8AD S8>:=S8<9:;NC=> D 9:@8>?:;NC=>f '=>= @8OQ C= ?D>A:L< =<8^:=C ;=NA= K:8H>8f B&,$%& +&,$%(+&% E%2 %$*.&.N'L 8< N<= GNl8> ;N>A=<9D N< 8GH=>=OD 8< Ja ?>:G8A?>8Q SN898 8<;D=>A8 N< ;N8>SD C\?8D hB=CC=OMD hB=CC=OMD G=CQ :<9DCD>DQ D>>=M:=if &< N<= GNl8> A:< 8GH=>=OD :=N?8>:G=9DQ G=A= =<8^:=C R G8?>D>>=M:=Q A8 ;D= 8GH=>=OD 8;?LS:;D B=A?= 98GDA?>=> CD ;D=>:Df

)~-)&' 2& "o*'(" &C ;P<;8> 98 D@=>:D 8A C= ;=NA= GPA K>8;N8?8 SD> ;P<;8> 8< M:<8;DCDMT=f $D< N< M>NSD 98 <8DSC=A:=A 98>:@=9=A 98 9:K8>8=>=A D;=A:D<8AQ 98 :GSC=;:DG= MD<=9=C 8AS8;TK:;D hYuij ?8;DG= G=C:M=?DC:W.8R9:Mf )UCNC=A M8>G:<=C8A hVuij ?8>=?DG= :DQ 9:AM8>G::D<=>:DQ ;D>:D;=>;::D;=>;:G:;DQ MD<=9DHC=A?DG=f $D< CDA GPA K>8;N8DG= MD<=9=C :<8AS8;TK:;D hJuij A=>;DG=Q C::DQ G=G=Q ;DCD 98 ‡>Nr8Mj 9:=M8?D>=A 8< =<:CCD 98 A8CCDiQ ;N8CCD N?8>:
• • •

• •

Q:

78<=>bN:= ?8GS>=<=Q G89T=Q :9=9Q :9=9Q B:A?D>:= K=G:C:=> h#')*WJ R IiQ NAD 98 %']f 6=;?D>8A S>D?8;?D>8Aj GNC?:S=>:9=9Q GNC?:S=>:9=9Q NAD 98 *)"f

<25)

&< 8?=S=A ?8GS>=<=A 8A =A: A8 8A?DQ C= G=RD>T= A8 9:=M8;?=C SD> ;DGS>8A:L=9D @=M:<=CQ 9:AS8SA:=Q ',&Q 9:A<8=Q )&,Q H=l= 98 S8ADf $:M>=G8 SC8N>=CQ DHA?>N;;:L< :
D,.3

9(+JE,' E% $.(. .)%O,.2L (GPM8<8AQ G=>;=9D>8A ?NGD>=C8Af 9(+JE,' H&%'H%&.+'&,'L 08>G:?8 SC=<:K:;=> C= :@8<;:L< bN:>\>M:;= G89:=:D D N< S>:G=>:D 8^?>=D@P>:;D ;D<;DG:?=:;=f 7=GDM>=KT= hGNl8>8A x VE =tDA A:< G=GDM>=KT= 8< ZWJI G8A8AiQ SN8A N< B:S8>8A?>DM8<:AGD A8;N<9=>:D =C ;P<;8> 98 D@=>:D SN898 =NG8 8C ?=G=tD 98 ;P<;8> 98 G=G=f &<9DA;DST=k;DCD
•

I.)

9+.H,4,-.-,M) `J,&#&3,-. b -,+'&&%EJ-,M)d 1<= ;:?D>>89N;;:L< LS?:G= hzJ ;G 8G89=9 >8A:9N=Ci A8 ;D>>8C=;:D<= ;D< C= ADH>8@:9=f 2:=M?8O= SD> H:DSA:= 98 C= S:8O= DS8>=?D>:= h8< M8<8>=CQ SN<;:L< 98H:9D =C >:8AMD 98 9:A8G:<=;:L ;:?DCDMT= S8>:?D<8=Cf *CMN=;8=;D;8 :G=M8=:<9:;=;:L< 98 ;:?D>>89N;;:L< =M>8A:@= hG8?PA?=A:A B8SP?:;= B8SP?:;= D SNCGD<=>Q 8G89=9 8< 8AS=;:D SD>?= B8SP?:;D D =A;:?:A G=A:@=i R G=C S8>KD>G=<;8 A?=?NAf •

9+ (

9+.H,4,-.-,M) `J,&#&3,-. %NGD> C:G:?=9D = D@=>:DA (*j N< D@=>:DQ ;PSANC= ::DAQ ;PSANC= :D?=Q ?NGD> ANS8>K:;:=CQ ;:?DCDMT= h|i %NGD> 8< D@=>:DA R 8^?8DG:AD 98 \?8>D D ?NH=A ((#j ;DGS>DG:AD 98 D?>DA ?8l:9DA 8< S8C@:A (()j ;:?DCDMT= h|i 8< =A;:?:A D C=@=9D S8>:?D<8=C

8&.+.$,%)+'

• •

•

•

((

•

•

(* R (# ;D< ;:?D>>89N;;:L< LS?:G=j ;:>NMT= } †% =9RN@=>89N;;:L< ANHLS?:G=j ;:>NMT= | †% =9RN@=
• •

XE

"-)".",/*

(((

78?PA?=A:A G:;>DA;LS:;= 8< S8>:?D<8D 8^?>=SUC@:;D (((*j G8?PA?=A:A ADCD G:;>DA;LS:;= (((#j G8?PA?=A:A G=;>DA;LS:;= z I ;G ((()j G8?PA?=A:A x I ;G D C:8M:D<=C8A h|i 78?PA?=A:A = 9:A?=<;:= h:?D<8Di

•

•

•

• •

(o

()Q ((Q ((( R (oj ;:>NMT= | †% =9RN@==:<9:;=;:L< 98 ;:>NMT= SD> 8A?=9D M8<8>=Cj †% <8D=9RN@=NMT= SDA?8>:D> A8M\< >8ASN8A?=f

)~-)&' 2& o1.o* &C ;P<;8> @NC@=> 8A 8C Va ;P<;8> 98C ?>=;?D M8<:?=C K8G8<:8;N8<;:=f &A GPA ;DG\< 8< GNl8>8A SDA?G8DG89:D 98 =S=>:;:L;:8G88;N8<;:=j G8C=>DCC=>A8 98A=>>DCC=>A8 98 ?:> 98 N< <8@D =?TS:;Df 78G89=9 98 0=M8? h=98;:;:=8S:?8C:=CiQ :=8S:?8C:=CiQ bN8 8A N< AT<9>DG8 S=>=<8DSCPA:;D S=>=<8DSCPA:;D hG=G=Q >8;?DQ @8l:M=Q N>8?>=Q ;N8CCD N?8>::Dif

• • •

Q:

&9=9Q ?=H=bN:AGDQ C:bN8< 8A;C8>DADQ <8DSC=A:= :=8S:?8C:=C @NC@=> D ;8>@:;=CQ : o0] 8 :
<25)

B&J&,+' KJ2K.& 8A 8C ATDAD D B:S8>SC=A:= 98 ;UCNC=A 8A;=GDA=Af @%(,M) $')'4'-.2 KJ2K.& h= D G=A=iQ ?=GH:U< SN898 A8> GNC?:KD;=Cf GNC?:KD;=Cf 788;N8=9D D 98A;=>M= @NC@=>Q 9:AN>:=Q =98
D,.3

1,'H(,. 8< S=;:88N>:?D @NC@=> ;>L<:;D bN8 A8 S>8ANG:L H8<:MD 8ASD<9:L = C= ?8>=S:= B=H:?N=Cf #:DSA:=> ;8D 98 C= C8A:L98A SN898< >8S>8A8:9=9f $: B=R G\C?:SC8A C8A:D<8A 98H8< H:DSA:=>A8 ?D9=A 8CC=Af 0>N>:?D @NC@=> ;>L<:;D A:< C8A:L< =S=>8
I.)

9+.H,4,-.-,M) `J,&#&3,-.L 8^;:A:L< 98 C= C8A:L< S>:G=>:= R C:=Cf .= 8^;:A:L< >=9:;=C CD;=C B= >88GSC=O=9D = C= @NC@8;?DGT= >=9:;=Cf 9+ (

9+.H,4,-.-,M) `J,&#&3,-. %NGD> ;D: „ I ;GQ :<@=A:L< 8A?>DG=C „ J GG (#j ?NGD> x I ;G D :<@=A:L< 8A?>DG=C x J GG )N=CbN:8> ?=G=tDQ 9:A8G:<=;:L< SD> =9R=;8<;:= hJkF ::D> 98 N>8?>=Q JkF ::D> 98 @=M:<=Q = ?=G=tDQ C::D>8A 98 N>8?>=Q IkF ANS8>:D>8A 98 @=M:<=Q @8l:M=Q GN;DA= >8;?=C D =9B8>:9= = BN8AD SUC@:;Dp C:=C8A K:lDA D NC;8>=9DA (o#j G8?PA?=A:A = 9:A?=<;:=Q :<;CNR8<9D C:
8&.+.$,%)+' • •

•

((

((( (o

•

•

617898:;<;= > ?;"9<6@6?A= B=:= =BC:=D67

•

• •

(*j >8A8;;:L< 98 C= C8A:L< A:< C:8A8;;:L< 98 C= C8A:L< – C::8AMD 98 G8?PA?=A:A C:=C8AQ C:
((( R (o*j 8G89=9 CD;=CG88A8;;:L< S>:G=>:= } †% =9RN@=8;B=O=j ;N:9=9DA S=C:=?:@DA (>>8A8;=H:C:9=9j '% S>:G=>:=

XJ

0*%".",/* 7*7*'(* 0*%".",/* #&-(,-* 2& 7*7*

)~-)&' 2& 7*7*

XI

0*%".",/* 7*7*'(*

ObGin Para Apurados 2013.11.03

Recommend Documents