Sport 23
Sport 23
%% &-
%% ')
%%
'+
I>IG:
:C;6CIH I>IG:
EDAD I>IG:
KD>A: I>IG:
;G::HINA:
FjZahedgi
6XXgdX]Z6XXgdX]Z AZhX]Vbe^dccVih Egg\ViZhYZ
6XXgdX]Z6XXgdX]Z 6XXgdX]Z6XXgdX]Z H¼ZckdnZgZca¼V^g
6XXgdX]Z6XXgdX]Z
6XXgdX]Z6XXgdX]Z YjbdcYZ
X]d^h^g 6XXgdX]Z6XXgdX]Z 6XXgdX]Z6XXgdX]Z
a¼6bZg^XV¼h8je 6XXgdX]Z6XXgdX]Z
Vj"YZhhjhYZh
A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 : 6XXgdX]Z6XXgdX]Z |8]Vci^aan
edjgaVgZcigZ4 6XXgdX]Z6XXgdX]Z |BVghZ^aaZ
6XXgdX]Z6XXgdX]Z [_dgYhcdgk\^Zch
6XXgdX]Z6XXgdX]Z
:M8AJH>;
G
6NBDC9
9
DB:C:8=
H:8DC;>:
6
IDJHA:HK:C9G:9>HC'((H:EI:B7G:'%%)
<G6IJ>I CDHED>CIH9:9>;;JH>DCHJGLLL#;G::HEDGI#;G
CDJK:A:heVXZ8dgedgViZ
Eajhg^X]Z
Eajh^ciZgVXi^[
Eajh\aVbdjg
EajhHedgi
lll#[gZZhedgi#[g
PDF généré avec les logiciels Sowedoo
(
w 9 > I D G > 6 A
:HEG>I9:8DGEH
Behigk[@[Wd#@WYgk[iHekii[WkWZ_iYekhk
ikhb[9edjhWjieY_Wb"b[\eejXWbbd½jW_jfWiZ[Y[
cedZ[$FekhjWdjb½gk_f[Z[<hWdY[\[hW_jX_[d
Z½[dh[b_h[gk[bgk[ifW][i$Gk[Z_jb[f^_beie#
f^[5Gk[ZWdijekjYebb[Yj_\"b[b_Xh[Yedi[dj[#
c[djZ[i_dZ_l_Zki[ijkd[YedZ_j_eddY[iiW_h[
}iWhkii_j[$B[fekle_hZkY^[\d½[ij`WcW_i
WXiebk" fWi fbki gk[
%% '%
%% &-
%% ')
%%
<G6IJ>I
GVnbdcY9dbZcZX]
l[djWkii_
jh[YedlW_d#
Yki gk[ b[i h]b[i
IDJHA:HK:C9G:9>HC'((H:EI:B7G:'%%)
CDHED>CIH9:9>;;JH>DCHJGLLL#;G::HEDGI#;G
fei[ifWhb[ib[Yj_ed#
%+
E]didYZXdjkZgijgZ/
d[kh le_h f$. iedj
Z_Yj[i fWh b½_djh
j
'+
;gVcX`HZ\j^c$9ZVYa^cZ$Hedgi
]dhWb$ 9½[ij#}#Z_h[
gk½[bb[i cd[dj } kd[ gkWb_\_YWj_ed fekh bW
9ekf[ZkcedZ[(&&,$:ibehigk[b[i`ek[khi
WYY[fj[dj"b[khWZ^i_edZe_j
jh[[dj_h[$Kd[
Xedd[gk_f[dWjZ½kdXedYedjhWj$N
EB?L?;HC?B>ECC;
7DCC:=JB:JG
I=DB6H=J<J:H
8=G>HIDE=:8=:K6A>C$I;&
®?¼ViiZcYhVkZX^beVi^ZcXZaZegd"
X]V^c ;gVcXZ">hgV
a# GVnbdcY
9dbZcZX] c¼V eVh jcZ i}X]Z
[VX^aZ°BV^hX¼Zhijc]dbbZ^ciZaa^\Zci![^cXdb"
('
bjc^XViZjg!hVchVeg^dg^hjgaZh_djZjghZiXdccV^h"
hVciW^ZcaV_ZjcZ\cgVi^dc#K^Z^gVkVYZkZc^gaZ
cdjkZVjaZVYZgcVijgZadjEZYgZii^4#EVgXdcigZ!^a
[Vjifj¼jcZcdjkZaaZY[ZchZcV^hhZ°?¼V^iYj
YjgZigV^iYZI]jgVb!^aVjgV^iejXdci^cjZgedjg
VeedgiZghdcZmeg^ZcXZh¼^aedjkV^igZkZc^ghjghV
YX^h^dc#H^a¼VaX]^b^ZZcigZaZhVcX^ZchZiaZhcdj"
kZVjmegZcY!XZiiZfj^eZgZYZk^ZcYgVgZYdjiVWaZ°
6aaZo!_Zegdcdhi^fjZjcZeZi^iZk^Xid^gZYZaV;gVcXZ
XdcigZ>hgV
a!bbZjceZi^i&|%b¼^gVighW^Zc
edjgXdbbZcXZg°¯N
()
HDBB6>G:'( K:C9G:9>(H:EI:B7G:
(H:EI:B7G:'%%)
;dgbjaZ&
<G6C9EG>M9:7:A<>FJ: 8A6HH:B:CI<wCwG6A9:HE>ADI:H 8A6HH:B:CI
9:H8DCHIGJ8I:JGH
6GG>Kw: EIH EIH
))IDJGH &# B>8=6:AH8=JB68=:G;:GG6G> &'- &# ;:GG6G> '&+
&# @>B>Gt>@@yC:C;>C &=('¼(*º',) '# GJ7:CH76GG>8=:AAD;:GG6G> -- '# G:C6JAI .&
'# B>8=6:AH8=JB68=:G6AA ²(º&(' (# ?:CHDC7JIIDC76G"=DC96 +* (# 76G"=DC96 -(
)# ?6GCDIGJAA>G:C6JAI )+ )# L>AA>6BH"7BL *)
(# GJ7:CH76GG>8=:AAD7G: ²)º(,&
*# ;:GC6C9D6ADCHDG:C6JAI )* *# B8A6G:C"B:G8:9:H ).
)# ;:A>E:B6HH67G: ²&'º*%)
+# ?J6CE67ADBDCIDN6L>AA>6BH"7BL (- +# H6J7:G"E:IGDC6H> '-
*# <>6C86GAD;>H>8=:AA6>I6 ²&)º&%)
,# @>B>Gt>@@yC:CB8A6G:C"B:G8:9:H '- ,# ?6<J6G"8DHLDGI= &%
+# 8=G>HI>6C@A>:C6JI ²&)º+&) -# 96K>98DJAI=6G9B8A6G:C"B:G8:9:H '& -# IDNDI6 . 67H6ADC:CE6IGDC
,# 96K>98DJAI=6G9w8D ²&,º.,% .# <>6C86GAD;>H>8=:AA6H6J7:G"E:IGDC6H &- .# ?DG96C"8DHLDGI= * AV;gVcXZXdchZgkZaZi^igZdanbe^fjZ
-# DA>K>:GE6C>H;G6 ²&-º+.( I6@JB6H6ID76G"=DC96 &- &% B>C6G9>"8DHLDGI= & YZKIIgZbedgiZc'%%%eVgB^\jZa
BVgi^cZo\g}XZ|?ja^Zc6WhVadc#>chiVaa
AZ<gVcYEg^mYZ7Za\^fjZ!YZgZidjgVjXVaZcYg^ZgYZaV;dgbjaZ&!VhVXgB^X]VZaHX]jbVX]Zg/,Zi^igZYZX]Vbe^dcYjbdcYZedjgaZe^adiZ;ZggVg^Zi*ZY¼V[ÄaZ#AZ®WVgdcgdj\Z¯
gZcigZ|_VbV^hYVchaZeVci]dcYjhedgiVjidbdW^aZ#AZ;^caVcYV^h@^b^G~^``cZcBXAVgZc"BZgXZYZhgZbedgiZaVYZjm^bZk^Xid^gZYZhVXVgg^gZ# VjmVkVci"edhiZhYZaVXdjghZYZej^h
aZYeVgi!6WhVadch¼ZhiheVgYZhZh
XdbeV\cdchY¼X]VeeZ|'idjghYZ
a¼Vgg^kZ#>agZa\jZa¼:heV\cda=Zgb^YVZi
;ddiWVaa Gj\Wn aZ=daaVcYV^h7gZci_Zch|eajhYZ&b^c#
JcZXdchXgVi^dcedjgaZ_ZjcZKdh\^Zc
A><J:&")Z?DJGCw: YZ')Vch!Y_|kV^cfjZjgYZaVXdjeZ
IDE&+·(Z?DJGCw:
YjbdcYZ'%%(YZXgdhh"Xdjcign#?ZVc"
B6GH:>AA:·B:IO &"( ANDC·A>AA: &"% 6<:C·7G>K: (&"'+ C6G7DCC:·E:GE><C6C &*"(*
7DA8>C6$9EE>"H>E6
8]g^hide]ZEZgVjYiZgb^cZ&&ZVadghfjZ
6JM:GG:·86:C &"% 7DG9:6JM·HD8=6JM '"% BDCIE:AA>:G·HI69:;G6Cv6>H )."'* 76NDCC:·BDCI;:GG6C9 ',"&. BVgi^cZoVVWVcYdcc#8]ZoaZh[ZbbZh!
A:CH·BDC68D &"& 686?688>D·G:CC:H &"& 7wO>:GH·IDJADJH: '-"'' <G:CD7A:·86HIG:H '-"'-
AVjgZcXZAZWdjX]ZgegZcYaV-ZeaVXZ#
C6CI:H·IDJADJH: '"' E6G>HH<·HI"wI>:CC: '"' E6J·7>6GG>IO &%"() 6J8=·7DJG<D>C &*"&.
C>8:·76HI>6 &"& HIG6H7DJG<·>HIG:H &"&
8A6HH:B:CI EIH 7 ? < C E EE E8 9>;
B:GG:I!IDJI:HKD>A:H9:=DGH
8A6HH:B:CI EIH ? < C E 7E 78 9>; AZhka^eaVcX]^hiZh[gVcV^hViiZcYV^Zci
>6GG>IO &) ' ( ( % % .) (* *.
&#B:IO &% ) ( & % , ( ) XZaVYZej^haVk^Xid^gZYZ;gVcX`9Vk^Y
'#E:GE><C6C &% ' ( ' % & -* +' '( Vjm?#D#YZ7VgXZadcZ!Zc&..'#<g}XZ
'#6JM:GG: . ) ( % & + ) '
(#7DJG<D>C &% ' ( ' % & ,) *& '( |;Vjhi^cZBZggZi!ZcXVi\dg^ZB^higVa!
(#A:CH - ) ' ' % + & *
)#6<:C &% % ( ' & % +' *) - aVeaVcX]Z|kd^aZ[gVcV^hZZhiYZ
)#IDJADJH: - ) ' ' % - ) )
*#BDCIE:AA>:G . & ( ' % & -( +. &)
cdjkZVjhjgaVeajh]VjiZbVgX]Z
*#76HI>6 - ) ' ' % * ( ' YjedY^jb#AV7gZhid^hZYZ'+Vch
+#ANDC - ) ' ' % ) ' ' +#7G>K: . & ( ' % & -' ,% &'
Xdc[^gbZ^X^hZhZmXZaaZcihghjaiVih/
,#7DG9:6JM , ) ' & & , ' * ,#86HIG:H . & ( & ' % ,+ ,% + YZjm[d^hk^XZ"X]Vbe^dccZYjbdcYZ
-#B6GH:>AA: , ) ' & & + ) ' -#HI69:;G6Cv6>H - % ( ' % & .' ,+ &+ ..Zi%&!igd^h[d^hk^XZ"X]Vbe^dccZ
.#BDC68D , ) ' & & ) ( & .#<G:CD7A: , & ( & & & ,, ,( ) Y¼:jgdeZ..!%%Zi%(#®8ZiiZbYV^aaZ
&%#G:CC:H , ) ' & & * * % cZYZkgV^ieVhX]Vc\ZgbVk^Z!VcVanhZ"
B>AA:G:6J$9EE>"H>E6
ADID;DDI,&* A:7>A6C9:HBw96>AA:H;G6Cv6>H:HE6GHEDGI
D 6 7 I
AZhegdcdhi^XhYZ GhjaiVihZi\V^ch &#:H8G>B: ( & ' +
K6A>96I>DC?JHFJ¼6J)$%.$'%%)&.])* G6EEDGIHC(, '#86CDÎ ' & (
A6;G6Cv6>H:9:H?:JM
&
>CCDK::CEGDEDH6CI
& BDC68D HIG6H7DJG< & C
'' & 6?688>D G:CC:H C '
&& CC ''
(#C6I6I>DC & ' ( +
9wHDGB6>H
' G:CC:H ANDC & C
' ' 6JM:GG: 86:C
)#6K>GDC & & '
9:JM<G>AA:H:CJC:#
(
)
6HHI"wI>:CC:
B:IO
C6CI:H
7DG9:6JM
& C
& C
' (
)
A:CH
ANDC
BDC68D
A>AA: && CC ''
*#KD>A:
+#wFJ>I6I>DC
&
&
& '
&
A6EG:B>ÏG:<G>AA: * A>AA: C>8: & C '' * B6GH:>AA: B:IO
&
,#<NBC6HI>FJ: & &
8DBEDHw:9:HB6I8=:H + 86:C A:CH & C ' + C6CI:H IDJADJH: C '
& & &
CJBwGDIwH ,
-
HD8=6JM
>HIG:H
B6GH:>AA:
E6G>HH<
& C
& C
' ,
-
E6G>HH<
HIG6H7DJG<
6HHI"wI>:CC:
>HIG:H &
C '
C '
-#KII
.#8N8A>HB: & & '
9:&²,:HI<6<C6CI:²
E6GI>G9:+7DCH
. IDJADJH: 6?688>D & C ' . 7DAIDC A>K:GEDDA && CC '' &%#I6:@LDC9D & & '
EGDCDHI>8H#
&% B>A6C68 A>KDJGC: & C '' &% :HE#76G8:ADC: 9:E#8DGD<C: &&#?J9D & &
&& 7G:H8>6 ?JK:CIJHIJG>C & C
&& 6IA#B69G>9 B6A6<6 & CC '' &'#I:CC>H & &
A6H:8DC9:<G>AA:8DBEDHw:
9:HB6I8=:HCJBwGDIwH
&'
&(
6HGDB:
7:I>HHwK>AA:
;>DG:CI>C6
:HE76G8:ADC:
& C
& C
'' &'
&(
G#H6CI6C9:G
G:6AB6?DGFJ:
;876G8:ADC:
G:6AB69G>9 & C
' &(#7DM: & &
&)#6I=AwI>HB: ' '
9:&²&*:HI<6<C6CI: &) 9:E8DGD<C: DH6HJC6 & C ' ' '
²E6GI>G9:&'7DCH
EGDCDHI>8H#
&* G:6AB69G>9 CJB6C8>6 & C ' &+#AJII:A>7G:
IDI6A && . &( ((
&(EGDCDHI>8H &'EGDCDHI>8H &&EGDCDHI>8H &%EGDCDHI>8H
CJBwGD
E68IDA: , & ('%.%*!%%æ &'( '&.+!*%æ '&,) .,!+%æ &.&(% +!)%æ
A¼dgYgZeg^k^a\^ZaZcdbWgZYZbYV^aaZhY¼dgVjcdbWgZidiVaYZbYV^aaZh#
D/dg06/Vg\Zci07/WgdcoZ0I/IdiVa
(H:EI:B7G:'%%)
Eajhg^X]Zeajh^ciZaa^\Zcieajhh^beaZ
EajhHedgi
lll#[gZZhedgi#[g
PDF généré avec les logiciels Sowedoo
+ A¼wKwC:B:CI;DDI76AA
G:EDGI6<:E=DID;G6C8@H:<J>C$9:69A>C:$HEDGI
96CHA:HE6H
(H:EI:B7G:'%%)
Eajhg^X]Zeajh^ciZaa^\Zcieajhh^beaZ
EajhHedgi
lll#[gZZhedgi#[g
PDF généré avec les logiciels Sowedoo
- A¼wKwC:B:CI;DDI76AA
&)$%-
&)$%- &)$%-
9DB:C:8=¹BDC:BEA
AZY^hXdjghYjcdjkZVjhaZXi^dccZjgZhihVchVbW^\ji!idjiYd^iX]Vc\ZgX]ZoaZh7aZjh/
gZhedchVW^a^i^cY^k^YjZaaZ!YZkd^gXdaaZXi^[!bZciVa^i###A¼^cigicVi^dcVaZhiZc_Zj#
(H:EI:B7G:'%%)
ADN:JG!8¼:HIA6;G6C8:º
bdgVa#>a[Vjifj¼^adjWa^ZaZeVhh#Fj¼^agZeVgiZVkZX fjVa^ÃZgedjgaV8djeZYjbdcYZ'%%+#H^idjiaZ [V^gZeVhhZgVjm\Zchfj^aZhgZ\VgYZci#FjZa¼^bV\Z
idjiXZfj^ZhicdjkZVj#>acZb¼VeVhbdcigYZ bdcYZVY]gZ|XZegd_Zi!^ac¼nVjgVeVhYZhdjX^# fj^igVche^gZ[VXZ|YZhb^aa^dchYZ\Zchhd^i
hdjX^eVgi^Xja^Zg#>aVhhjbZhdcgaZ|aVeZg[ZXi^dc# BV^hVcZhZgVeVh[VX^aZ# idj_djghedh^i^kZ#?Zhj^hgZhidcoZVch|aViiZYZ
>I>CwG6>G:
O^YVcZ47^Zchg!_ZgZ\gZiiZfjZO^cZY^cZV^i a¼fj^eZYZ;gVcXZ:hed^ghPcYag/&Zg_j^aaZi&..(" G6NBDC99DB:C:8=
X]d^h^Y¼VggiZgVkZXaZh7aZjh#8dbbZaVeajeVgi JC:CDJK:AA:B:CI6A>Iw (%_j^c'%%)R#?¼V^Xgd^hWZVjXdjeY¼^ciZgcVi^dcVjm# CaZ')_Vck^Zg&.*'|Andc
YZh;gVcV^hY¼V^aaZjgh#>aVXdjibZhVg\jbZcih! ?ZkZjm[V^gZegZcYgZXdchX^ZcXZVjm_djZjghYZaV ?ZhV^hY_|XdbbZci^ah[dcXi^dccZci#?ZaZhV^kjh 8Vgg^gZ_djZjg/Da#andccV^h
&.,%",,!G8HigVhWdjg\
^aVgÄX]^#EaVXZVjm_ZjcZh!hZadcaj^# gVa^ihedgi^kZ!Xdcdb^fjZZiV[[ZXi^kZYZaZjg |jcbdbZcid^ahiV^ZciZcigV^cYZ\gVcY^g#
&.,,"-&!EVg^h"H<&.-&"-'!
?¼VXXZeiZhdcX]d^m# [dcXi^dcZcfj^eZYZ;gVcXZ#FjZafj¼jcfj^Zhi BV^ciZcVci!^ahhdci\gVcYh#AZhWVhZhhdcia|#
<^gdcY^ch7dgYZVjm&.-'"-)!
Bdc^YZZhiYhdgbV^hY¼VbZcZgXZgiV^ch_djZjgh VeeZa|edgiZgaZbV^aadicVi^dcVac¼ZhieVhjcZ ?ZhV^hXdbbZci^ahhdciYVchaVk^ZXdjgVciZ!
;8Bja]djhZ&.-)"-*
|[gVcX]^gaZ[dhhZcigZYZhbViX]ZhYZA^\jZYZh Zci^ijc^fjZ#>ac¼ZhieVha|idjihZjaZchZY^hVci/ YVchaZhbViX]Zh!XdbbZci^a[VjiaZhVWdgYZg!
EVabVgh_djZjg/X]Vbe^dc
X]Vbe^dchdjYZa¼fj^eZYZ;gVcXZ:hed^ghVkZX ¹_¼VeedgiZbZhfjVa^ih!bdciVaZciZi_Z[V^hbdc aZhZggZjgh|cZeVhXdbbZiigZVkZXZjm!
YZ;gVcXZ&.,.!-)!XdjeZYZ
aZhbViX]ZhZc6#>anVXZjmfj^hZgdciXVeVWaZhYZ igjX!aZhbV^chYVchaZhedX]Zh!YVchbdcXd^c#º aVbVc^gZYZgZcigZgZcXdciVXiVkZXZjm#
;gVcXZ&.,(!-'
aZXdbWaZgVhhZok^iZ!ZiaZhVjigZh!fj^c¼n Dj^!^anVYZhVkVciV\Zh|kZc^g_djZgVkZXaZh7aZjh ?ZbZWVhZhjgXZfjZ_ZeZchZaZjgVkd^gigVchb^h#
HaZXi^dchfj^eZYZ
Vgg^kZgdci_VbV^h#>ac¼nVfjZaVegVi^fjZfj^eZji bV^h^anVVjhh^YZhdWa^\Vi^dch!YZhYZkd^gh#EVhYZ BV^ciZcVci!Zhi"XZjceajhedjgZjmYZb¼Vkd^g ;gVcXZ/-!ZcigZ&.,(Zi&.,.#
cdjhXaV^gZghjgXZhj_Zi#IZciZgYZhX]dhZh!kd^g hiVijiiVWa^#?ZkZjm[V^gZXaViZgXZiiZWjaaZYVch Xdccj48ZgiV^chkdjhgedcYgdcieVga¼V[ÃgbVi^kZ! :cigVcZjg/;8Bja]djhZ$9'
YZhhX]bVhiVXi^fjZh!YZhdg\Vc^hVi^dchYZ_Zj aVfjZaaZaZh\Vghh¼iV^Zci^chiVaah#DccZeZjieVh Y¼VjigZheVgaVc\Vi^kZ# &.-)"--!Danbe^fjZandccV^h$
edjghVkd^g°DckVeZgYgZYZhbViX]Zh#BV^hYVch Y^gZ/¹?Zhj^hZcfj^eZYZ;gVcXZZiXZfj^hZeVhhZ 9'!ej^h9&&.--".(
XZXVh"a|!_ZkZjmfj¼^ac¼nV^iVjXjcgZ\gZi#?ZkZjm Vjidjg!_Zb¼Zc[djh#ºAZhXdchfjZcXZhYZaZjg A6K>::C8DAA:8I>K>Iw HaZXi^dccZjgYZa¼fj^eZYZ
fjZaZh\VghhZY^hZcifj¼^ahdciidjiYdccZifj¼dc XdbedgiZbZciZiYZaZjghghjaiVihdciYZh AVÃZgi!X¼Zhieg^bdgY^Va#>anVjcdW_ZXi^[XdaaZXi^[ ;gVcXZZhed^gh&$%,$&..("
ZhiidbWhjgeajh[dgi#FjZaZejWa^Xc¼V^ieajh ^cX^YZcXZhhjgaZh\Vb^chYZ,VchbV^hVjhh^hjg fj^k]^XjaZYZhkVaZjgh#EdjgnVgg^kZg!^anVYZh (%$%+$'%%)!YZa¼fj^eZYZ
VjXjcYdjiZhjgaZjg^ckZhi^hhZbZci#Bdc aZheVgZcihfj^ZbbcZgdciaZjgh\dhhZhh¼^chXg^gZ YZkd^gh#8ZaVeVhhZeVgaVk^ZZcXdaaZXi^k^i!YZh ;gVcXZYZej^haZ&'$%,$'%%)
ZbeadnZjg!X¼ZhiaV;gVcXZ#H^dckd^ifjZa¼fj^eZ YVchjcXajW#?¼V^kjZc8dgZ!Zc'%%'!Vegh g\aZhegX^hZhYVchaZ_Zj#?ZkZjmaZhbZiigZ EVabVghZcigVcZjg/
YZ;gVcXZegd\gZhhZZifj¼ZaaZc¼ZhieVhZcigV^cYZ a¼a^b^cVi^dcXdcigZaZ9VcZbVg`!YZhbZXhg^\daZg! YZkVciaZjghgZhedchVW^a^ih#EVhh^beaZbZciYj X]Vbe^dcYZ;gVcXZ9'&.-.
bdjg^gigVcfj^aaZbZci!XZhZgVY_|VYZ\V\c#H^ fj^iae]dcV^ZcihjgaZjgedgiVWaZ!XdbbZh^g^Zc ghjaiVi#BV^hVjhh^YZhkVaZjghfj¼^ahigVchbZiiZci# Andc
dccZhZfjVa^ÃZeVh!^anVjgVjcZX]VcXZ#8¼Zhi cZh¼iV^ieVhh#8¼ZhiaVeg^hZYZXdchX^ZcXZfjZ >ahdcijcZkgV^Zb^hh^dcYZhdjiZc^gaZhedgifj^aZh EVabVghhaZXi^dccZjg/
hg#BV^hZceVgiVcihjgaZhWVhZhfjZ_Zk^ZchYZ _¼ZhhV^Z_jhiZbZciY¼^chiVaaZgYVchXZiiZcdjkZaaZ V[V^ih#JcZfj^eZfj^Zhidg\Vc^hZ!fj^eVgihjg kV^cfjZjgYjIdjgcd^Zhed^gh
a^kgZg!VkZXaZh_djZjghfjZcdjhVkdch!dckVhZ fj^eZ#>ahYd^kZciVkd^gjcbZhhV\Z!jcgZaV^h| YZhWVhZhh^beaZh!XaV^gZh!YÃc^Zh!ZaaZaZhZgV YZIdjadc'%%)
(H:EI:B7G:'%%)
&-$%- &-$%-
(H:EI:B7G:'%%)
lll#[gZZhedgi#[g
¹A¼^YVa
hZgV^iYZ[V^gZ
XVgidceaZ^c/
;G6C8@H:<J>C$9:69A>C:$HEDGI
+ed^cihº
'K>8ID>G:H!;DG8wB:CI
EdjgYWjiZg^YVaZbZcihVXVbeV\cZYVchaZha^b^cVid^gZhYZaV8djeZYj GVnbdcY9dbZcZX]#8¼ZhiYVchaVkdadciYZXZiiZ
fj^eZY¼igZXVeVWaZYZ_djZg|(!)dj*ZcY[ZchZ
bdcYZ'%%+!aV;gVcXZYd^ih¼^bedhZg[VXZ|>hgV
aZiVjmaZh;gd#IdjiVjigZ dj|(ZcViiVfjZ#:c[V^i!_Zc¼V^VjXjcZXZgi^ijYZ#¯
7ZcdiEZYgZii^!aZb^a^ZjYZiZggV^cbVghZ^aaV^h!Zhi
ghjaiVibZiigV^iaZ\gdjeZYZGVnbdcY9dbZcZX]YVchjcZ[}X]ZjhZedhijgZ# ZcidjiXVhhgY¼jcZX]dhZ/aZhbViX]ZhkdciigZ
Y^[ÃX^aZh#®>akVcdjh[Vaad^geajhYZkdadciZcXdgZ!
hdj[ÄZXZaj^fj^egZcYYZeajhZceajhY¼^bedgiVcXZ
EdjgeaVXZgaZcdjkZVj\gdjeZ;gVcXZ 9ZhV^aan!I]jgVbZiA^oVgVoj!ZhiXZgiV^cZbZciaZ YVchXZiiZcdjkZaaZfj^eZYZ;gVcXZ#AZhgZcXdcigZh
YVchjcZedh^i^dc[VkdgVWaZ!hZjaZaV Ydhh^ZgaZeajhYa^XVi#L^aa^Vb<VaaVh!VkZX kdciigZeajhYjgZh|\V\cZg#DchV^ifj¼dccZhZgVeVh
EGD<G6BB: k^Xid^gZZhi^bedgiVciZ#8dbbZ^anV '&haZXi^dch!ZhiYhdgbV^haZeajhZmeg^bZci idj_djghWg^aaVcih#BV^haZeajh^bedgiVci!X¼ZhiY¼igZ
wa^b^cVid^gZhYZaV YZjmVch#FjVcY?VXfjZhHVci^c^![gVX]ZbZci YjhZXiZjg#>aZcYZk^ZcibbZaZeVigdc!Zc eghZcihYVchYZjmVch|aV8djeZYjbdcYZ#8Zc¼Zhi
8djeZYjbdcYZ'%%+ cdbbhaZXi^dccZjgcVi^dcVa!YWjiV^ihV a¼VWhZcXZYZB^`V
aH^akZhigZ!edjga¼^chiVciYaV^hh fjZeVgaZigVkV^afj¼dcVjgVYZhghjaiVih°:iVkZXjc
<gdjeZ) XVbeV\cZYZfjVa^ÃXVi^dcedjga¼:jgd'%%)| eVg9dbZcZX]/®8¼ZhiYVchXZhZXiZjgfj¼^anVaZ aZVYZgYVchaVeVgdaZZiYVchaViZX]c^fjZXdbbZeZji
;gVcXZ">hgV
a 8]negZPcYag/k^Xid^gZYZaV;gVcXZ!'"&R#JcZY[V^iZ eajhYZX]dhZh|Xdchigj^gZ#<VaaVhYd^iYbdcigZg a¼igZEVig^X`K^Z^gV!^anVYZfjd^igZdei^b^hiZ#¯
HVbZY^)hZeiZbWgZ VjgV^ihXZaaaZhdgiYZaV;gVcXZ#:ieVgXdchfjZci fj¼^aVa¼ZckZg\jgZ!aVXVeVX^i|YZkZc^gjcabZci AZhXVYgZhYj\gdjeZ;gVcXZ!YZgZidjgiZah
'%%)'&] aZh^Zc#8¼ZhiaZbbZhXcVg^dfj^ViiZcYGVnbdcY bdiZjgYZaVY[ZchZ#EZghdccZcZXgdnV^iZcaj^ BV`aa!<^janZiIgZoZ\jZi!hVjgdciVjhh^
VjHiVYZYZ;gVcXZ 9dbZcZX]!hVbZY^hd^gVjHiVYZYZ;gVcXZ#AZ fjVcY^aVYWVgfj|8]ZahZV#6kZXcdjh!^aYd^i| XVcVa^hZgaZhbd^chZmeg^bZcihZiaZjg[V^gZ
YZEVg^h"HV^ci"9Zc^h egZb^ZgbViX]YZha^b^cVid^gZhYZaV8djeZYj X]VfjZgZcXdcigZVhhjbZghZhgZhedchVW^a^ih#Edjg egZcYgZXdchX^ZcXZfj¼jcbViX]XdcigZ>hgV
ac¼Zhi
6gW^igZ/B#IZbb^c`E#"7# bdcYZ'%%+ZhiY_|fjVh^YX^h^[#®>a[Vji H^akZhigZ!hdcVWhZcXZZhijcX]d^m#>akdajZ|jc _VbV^hh^beaZ#IdjiXdbbZXZYeaVXZbZci
ÑaZh;gd";gVcXZ dWa^\Vid^gZbZci\V\cZgXdcigZaZh>hgVa^Zch! edhiZd^anVYZaVXdcXjggZcXZ#?¼V^WZhd^cYZ_j\Zg e^fjZ!VjhjY"ZhiYZa¼>haVcYZ!hjgaZhaZh;gd#
BZgXgZY^-hZeiZbWgZ gZXdccViaZcdjkZVjeVigdcYZh7aZjh#DccZeZji eajhZcegd[dcYZjgaZh\VgdchfjZ_¼V^gZiZcjh°¯ ®>hgV
aVYZh_djZjghk^[h!XVeVWaZhYZbZiigZYZaV
'%%)&-] eVhhZbZiigZZcY^[ÄXjaiY¼ZcigZ#DchZgV^iVadgh [da^ZYVchjcZgZcXdcigZ!XdcXaji9dbZcZX]#8¼Zhi
VjIdghkdaajgHiVY^jb eadc\hYVchaZYdjiZ!YVcha¼^cXZgi^ijYZ#BV^h!Wdc!h^ HjheZchZhjgaZhnhibZYZ_Zj jcZfj^eZfj^eZjiZcÅVbbZgjcbViX]|c¼^bedgiZ
YZI]dgh]Vkc dcWVi>hgV
aZifj¼dcZhiVXXgdX]hVjmaZh;gdeVg 9VchfjZahnhibZYZ_Zj4H^a¼dchZÃZVjbViX] fjZabdbZci#²cdjhYZ\gZgXZ\ZcgZY¼VYkZghV^gZ
6gW^igZ/B#I]dbVhwXdhhZ aVhj^iZ!aVh^ijVi^dchZgV^iaVbbZ#;^cVaZbZci! Vb^XVa[VXZ|aV7dhc^Z&"&!dcb^hZgV^ihjgjcZ ZiYZbViX]didjieZjiVgg^kZg#FjVciVjmaZh;gd!
8VaZcYg^ZgXdbeaZie#&+"&, a¼^YVahZgV^iYZ[V^gZXVgidceaZ^c/+ed^cih¯ Y[ZchZ|igd^h_djZjgh#8¼ZhiYVchXZiiZ _¼ViiZcYgV^YZk^h^dccZgaZjgegZb^ZgbViX]XdcigZaV
=ZjgZh[gVcV^hZh JcdW_ZXi^[aVg\ZbZci|aVedgiZYZa¼fj^eZYZ XdcÃ\jgVi^dc·ZcegZb^gZb^"iZbeh·fjZaV Hj^hhZedjgbZ[V^gZjcZ^YZ#>anVYZ\gVcYZh
;gVcXZ#BV^hYVchaZXdciZmiZVXijZa!aZhXZgi^ijYZh Y[ZchZ[gVcV^hZ<VaaVh!Hfj^aaVX^!6W^YVah¼Zc X]VcXZhedjgfjZa¼fj^eZfj¼^ahVa^\cZgdciaZhVbZY^
dciaV^hheaVXZVjm^ciZggd\Vi^dch#AVY[ZchZ! iV^iaZb^Zjmi^gZ#®>ac¼ZhieVhhgfj¼jcZigd^h^bZ hd^iaVbbZ[VXZ|cdjhaZbZgXgZY^#¯N
idiVaZbZcigZbVc^ZYZej^haZhgZigV^iZhYZ [dgbjaZcZhd^ieVhZck^hV\Z!edjghj^i!bVa^X^Zjm! B?ED;BL;BB7
(H:EI:B7G:'%%)
CDJK:6J<G6IJ>I
HedgiZhiZca^\cZ
lll#[gZZhedgi#[g
EVgaZo"Zc|kdhVb^h
8¼Zhibd^chX]ZgfjZeVhX]Zg
¹EVig^XZ:kgV4
Jc_djZjg
^cigZhhVci#BV^h
^aeZji[V^gZb^Zjmº
GVnbdcY9dbZcZX]
?#E#I=DB6H$;:E$E6CDG6B>8
A69w;:CH::C G:EÎG:H
wg^X6W^YVa
'*Vch!&haZXi^dc
G:8DCHIGJ8I>DC
Danbe^fjZAndccV^h
&!-+b",)`\
--bViX]ZhZcA&!&Wji
EVig^XZ:kgV
'(Vch!&haZXi^dc
6HBdcVXd
9ZhV^aan!I]jgVbZiA^oVgVojgZigV^ih!aVY[ZchZYZa¼fj^eZ =Wb=_l[j/²a¼^bV\ZYZHfj^aaVX^!^aWcÃX^Z &!,*b"+.`\
YjkXjA^\jZYZhX]Vbe^dchVkZXa¼6HBdcVXd# ,(bViX]ZhZcA&!&Wji
YZ;gVcXZZhiVj_djgY¼]j^Xdchi^ijZYZ_ZjcZhiVaZcih# EdankVaZci!XZ\VjX]ZgZhiVjhh^|a¼V^hZhjgaZXi <V
a<^kZi
fjZYVcha¼VmZ#8ZX]Vbe^dcY¼:jgdeZYZh&-Vch ''Vch!&haZXi^dc
9ZaZjggZcYZbZciYeZcYa¼VkZc^gYZh7aZjh# Zc'%%%VY^hejiaZh)*YZgc^gZhb^cjiZh 6HBdcVXd
YZ;gVcXZ"7dhc^Z#>ah¼ZcZhieajiiW^Zci^g &!-&b"-%`\
6^b?VXfjZiVkV^iXdchigj^ihdc\gdjeZ! dciidjhbd^chYZ'*Vch#Kd^X^YdcXXZjmfj^ bbZh¼^ac¼Veg^hVjXjcg^hfjZd[[Zch^[# -)bViX]ZhZcA&!*Wjih
[jijgX]Vbe^dcYjbdcYZ!VjidjgY¼jcZ eZjkZciYZkZc^gaZh[jijgh7aVcX!9ZhV^aanZiVjigZh 8[hdWhZC[dZo/JcVcX^Zcej^hfj¼^aXdbeiZ° 7ZgcVgYBZcYn
hda^YZZigj\jZjhZY[ZchZ#7^Zcaj^ZcV I]jgVb#Hdj]V^idchaZjgVjiVciYZhjXXh 'haZXi^dch#AZEVg^h^ZcVY^hejiXdcigZ '(Vch!'haZXi^dch
eg^hej^hfjZXZaaZ"X^[jia¼jcZYZheajh]Zgbi^fjZh fjZaZjghXaWgZhVch# aV7dhc^Za¼ZchZbWaZYjbViX]YVchaZhYZjm EVg^h"H<
Y¼:jgdeZZcigZ&..)Zi&..-',WjihZcXV^hhhZc xh_Y7X_ZWb/Igh[dgiiZX]c^fjZbZci!XZ\VjX]Zg hnhibZh("*"'ej^h)")"'egdedhheVgaZ &!-%b",,`\
*(bViX]Zh!hd^ijcZbdnZccZYZ%!*&WjieVg adc\^a^\cZedhhYZa¼VidjiYZedjkd^gkdajZg haZXi^dccZjg#®>aVaZegdÄaedjgkdajZgZc("*"'! ,,bViX]ZhZcA&!&Wji
bViX]#GVnbdcY9dbZcZX]V^bZgV^iedjkd^gZc YVchc¼^bedgiZfjZahX]bViVXi^fjZ#9Vcha¼VmZ XdcXaji9dbZcZX]#8dbbZ:kgVY¼V^aaZjgh#¯ HWVhi^ZcHfj^aaVX^
Y^gZVjiVciYVchfjZafjZhVccZh#6eghaZbViX] djhjgaZhXih#8ZeZcYVci![VXZ|aV7dhc^Z! IXWij_[dIgk_bbWY_/>aVkV^iY_|iVeeZahdjh ')Vch!&haZXi^dc
cja[VXZVjm7dhc^VfjZh!aZcdjkZVjhaZXi^dccZjg ^aVZjiZcYVcXZ|VWjhZgYZhadc\jZhigVchkZghVaZh HVci^c^!aZ&&dXidWgZ'%%(!XdcigZ>hgV
a("%# 6HBdcVXd
VYXaVgaVXdc^fjZbZciVjhj_ZiYZhZh ^begX^hZhZibVcfjZgYZh^bea^X^iYVchhZh BV^h4aZBdc\VhfjZc¼iV^ieVhZcigZc_Zj#Hdc &!-(b",+`\
Y[ZchZjgh/®?Zc¼V^VjXjcZXZgi^ijYZXdbbZ_Zc¼V^ gZaVcXZh#HdcbigZ-+ZihdcZmXZaaZci_ZjVg^Zc Zmeg^ZcXZYZaVA^\jZYZhX]Vbe^dcha¼VceVhh ++bViX]ZhZcA&!-Wjih
VjXjcZhVi^h[VXi^dc#DcVjgV^iejeiZgaZheadbWh# gZhiZcihZhed^cih[dgih# VkZXBdcVXdaj^eZgbZiYZcZ_VbV^hh¼V[[daZg#Igh
DccZa¼VeVh[V^i#8¼ZhiY_|VYZ\V\c#¯AVY[ZchZ FWjh_Y[;lhW/AZeajhYdjYZhigd^hBdc\VhfjZh# |a¼V^hZYVcha¼VmZ!^aVeVgi^X^eaZ&-VdiYZgc^Zg
[gVcV^hZhZgVYdcXigh_ZjcZedjgYWjiZg[VXZ :iedjgiVciaZeajh[Wg^aZXdcigZaV7dhc^Z/ XdcigZaV7dhc^Z|aVbZ^aaZjgZb^"iZbehYZh7aZjh#
Vjm>hgVa^ZchZcigZ')Zi'*VchYZbdnZccZ YZhWVaadcheZgYjhhVchXdbeiZgYZcdbWgZjm 8dbbZ6W^YVa!^ac¼V_VbV^h_djZc:hed^gh#N
Y¼}\Z#8dcigZ'.!*VchYjgVcia¼:jgd'%%)# YX]ZihYVchaVgZaVcXZZiaZbVgfjV\Z# B?ED;BL;BB7
AZhaZXi^dccZjgigVkV^aaZ^X^hjgYjadc\iZgbZ# ®8¼Zhijc_djZjg^cigZhhVci!iZbegZ9dbZcZX]# ("*"'/(Y[ZchZjgh!*b^a^Zjm!'ViiVfjVcih
>aZcVaZhbdnZchej^hfjZaZheg^cX^eVjmXVcY^YVih BV^h^aeZji[V^gZb^Zjm#¯ )")"'/)Y[ZchZjgh!)b^a^Zjm!'ViiVfjVcih
(H:EI:B7G:'%%)
HEDGIIK
AZbZ^aaZjgYjhedgi[d_cW][igk_Xek][dj
lll#[gZZhedgi#[g
wA>B>C6ID>G:H9EKF;:KCED:;(&&, HZXdjZeVga¼X]ZX
YZa¼:jgd'%%)!a¼fj^eZ
A:H69K:GH6>G:H
YZ;gVcXZZhidWa^\Z
YZgV\^gYVchXZh
a^b^cVid^gZhYZ8djeZ
9:H7A:JH
YjbdcYZ#9WjiYZ
gedchZhVbZY^Zi
bZgXgZY^egdX]V^ch#
:>G:";G6C8:!JC:
EA68:EDJG9:JM
86A:C9G>:G9:A¼wFJ>E:9:;G6C8:
%)$%.$'%%)a^b^cVid^gZh8YB'%%+
%-$%.$'%%)a^b^cVid^gZh8YB'%%+
;G6C8:·>HG6ÎA
ÑA:H;wGDw·;G6C8:
;G6C8:
IdjiYZkgV^ihZ_djZg[VXZVjm>gaVcYV^h#H^!W^Zchg! A:H'%EDJG>HG6ÎA:IA:HÑA:H;wGDw E6AB6GÏH
a¼fj^eZYZ;gVcXZeVhhZhVchZcXdbWgZaZh %.$&%$'%%)a^b^cVid^gZh8YB'%%+ ;G6C8:·GwEJ7A>FJ:9¼>GA6C9: <6G9>:CH9:7JI 8djeZYjbdcYZ/KV^cfjZjg.-!YZb^"[^cVa^hiZ*-
Y^[[gZcihdWhiVXaZhgZeghZciheVg>hgV
a!aZhÑaZh &($&%$'%%)a^b^cVid^gZh8YB'%%+ 8=NEG:·;G6C8: ;VW^Zc7Vgi]ZoDanbe^fjZBVghZ^aaZ0<g\dgn (Z!-')Z!-+(Z0:jgd/KV^cfjZjg-)!'%%%!
;gd!8]negZZiaVHj^hhZ#A¼:^gZ!jcZk^Z^aaZ &,$&&$'%%)gZcXdcigZVb^XVaZ ;G6C8:·EDAD<C: 8djeZiDanbe^fjZAndccV^h YZb^"[^cVa^hiZ.+08djeZYZh8dc[YgVi^dch/
XdccV^hhVcXZej^hfjZXZiiZcVi^dcVXgd^h! %-dj%.$%'$'%%*gZcXdcigZVb^XVaZ B6I8=²9wI:GB>C:G 9w;:CH:JGH KV^cfjZjg%&!%(08djeZ^ciZgXdci^cZciVaZ/
|eajh^ZjghgZeg^hZh!aVgdjiZYZh7aZjhYVchYZh wg^X6W^YVaDanbe^fjZAndccV^h0?ZVc"6aV^c KV^cfjZjg-*
'+$%($'%%*a^b^cVid^gZh8YB'%%+ ;G6C8:·HJ>HH:
a^b^cVid^gZhYZ8djeZYjbdcYZ*)!,)!,-Zi-'# 7djbhdc\<aVh\dlGVc\Zgh!:Xd0EVig^XZ:kgV A:H(9:GC>ÏG:HG:C8DCIG:H6B>86A:H
(%$%($'%%*a^b^cVid^gZh8YB'%%+ >HG6ÎA·;G6C8: 6HBdcVXd0L^aa^Vb<VaaVh8]ZahZV;8!6c\0 &-$%-$'%%)XdcigZaV7dhc^Z=Zgo\dk^cZ/&"&
AZhYeaVXZbZcih|9jWa^chZhdciidj_djghhdaYh %($%.$'%%*a^b^cVid^gZh8YB'%%+ ;G6C8:·ÑA:H;wGDw
eVgjcZY[V^iZ#HVj[Zc&.*(k^Xid^gZ*"(#6adgh <V
a<^kZi6HBdcVXd!7ZgcVgYBZcYnEVg^h" %+$%+$'%%)XdcigZa¼J`gV^cZ/&"%
%,$%.$'%%*a^b^cVid^gZh8YB'%%+ GwEJ7A>FJ:9¼>GA6C9:·;G6C8: H<0HWVhi^ZcHfj^aaVX^6HBdcVXd '-$%*$'%%)XdcigZ6cYdggZ/)"%
b[^VcXZ#6jiVciY^gZfj¼^a[VjYgVZc\gVc\ZgaZ
bVm^bjbYZed^cihVkVciaZeg^aaZjmkdnV\Z %-$&%$'%%*a^b^cVid^gZh8YB'%%+ HJ>HH:·;G6C8: B>A>:JM9:I:GG6>C A:H(9:GC>ÏG:HG:C8DCIG:HD;;>8>:AA:H
egd\gVbbaZ,hZeiZbWgZ'%%* &'$&%$'%%*a^b^cVid^gZh8YB'%%+ ;G6C8:·8=NEG: K^`Vh]9]dgVhddB^aVc68!>iV08aVjYZBV`ZaZaZ '*$%+$'%%):jgd'%%)XdcigZaV<gXZ/%"&
8]ZahZV;8!6c\07ZcdiEZYgZii^Danbe^fjZ '&$%+$'%%):jgd'%%)XdcigZaVHj^hhZ/("&
BVghZ^aaZ0GdWZgiE^gh6ghZcVa;8!6c\0?gbZ &,$%+$'%%):jgd'%%)XdcigZaV8gdVi^Z/'"'
<GDJE:)·86A:C9G>:G Gdi]ZcEVg^h"H<0EVig^X`K^Z^gV6ghZcVa;8!6c\# 8A6HH:B:CI;>;6/'Z
%)$%.$'%%) GwEJ7A>FJ:9¼>GA6C9:·8=NEG: (%$%($'%%* HJ>HH:·8=NEG: 6II6FJ6CIH CDB7G:9:A>8:C8>wH/'&*%%%%
%)$%.$'%%) HJ>HH:·ÑA:H;wGDw %)$%+$'%%* ÑA:H;wGDw·HJ>HH: 9_^Wg^a8^hhA^kZgedda;8!6c\0AjYdk^X<^jan;8 B:>AA:JG7JI:JG:C68I>K>Iw/
%)$%.$'%%) ;G6C8:·>HG6ÎA %)$%+$'%%* GwEJ7A>FJ:9¼>GA6C9:·>HG6ÎA 7VgXZadcZ!:he0I]^Zggn=Zcgn6ghZcVa;8!6c\0 9Vk^YIgZoZ\jZi'-Wjih
%-$%.$'%%) ÑA:H;wGDw·;G6C8: %-$%+$'%%* ÑA:H;wGDw·GwEJ7A>FJ:9¼>GA6C9: E\jnAjn^cYjaVDanbe^fjZBVghZ^aaZ0Adj^h HwA:8I>DCC:JG/GVnbdcY9dbZcZX]
%-$%.$'%%) >HG6ÎA·8=NEG: &,$%-$'%%* ÑA:H;wGDw·8=NEG:
HV]VBVcX]ZhiZgJc^iZY!6c\ hdjhghZgkZYZX]Vc\ZbZci
%-$%.$'%%) HJ>HH:·GwEJ7A>FJ:9¼>GA6C9: %($%.$'%%* ;G6C8:·ÑA:H;wGDw
A:H?DJ:JGHK:9:II:H
%.$&%$'%%) 8=NEG:·ÑA:H;wGDw %($%.$'%%* HJ>HH:·>HG6ÎA
%.$&%$'%%) >HG6ÎA·HJ>HH: %,$%.$'%%* 8=NEG:·HJ>HH:
%.$&%$'%%) ;G6C8:·GwEJ7A>FJ:9¼>GA6C9: %,$%.$'%%* ÑA:H;wGDw·>HG6ÎA
&($&%$'%%) 8=NEG:·;G6C8: %,$%.$'%%* GwEJ7A>FJ:9¼>GA6C9:·;G6C8:
&($&%$'%%) GwEJ7A>FJ:9¼>GA6C9:·ÑA:H;wGDw %-$&%$'%%* 8=NEG:·GwEJ7A>FJ:9¼>GA6C9:
?:;;GDN$;A6H=EG:HH$9EE>
=:GK>D$;A6H=EG:HH$9EE>
=:GK>D$;A6H=EG:HH$9EE>
=:GK>D$;A6H=EG:HH$9EE>
&,$&&$'%%) 8=NEG:·>HG6ÎA %-$&%$'%%* >HG6ÎA·ÑA:H;wGDw
'+$%($'%%* ;G6C8:·HJ>HH: %-$&%$'%%* HJ>HH:·;G6C8:
'+$%($'%%* >HG6ÎA·GwEJ7A>FJ:9¼>GA6C9: &'$&%$'%%* ;G6C8:·8=NEG:
(%$%($'%%* >HG6ÎA·;G6C8: &'$&%$'%%* GwEJ7A>FJ:9¼>GA6C9:·HJ>HH: ;VW^Zc76GI=:O EVig^X`K>:>G6 GdWZgiE>GÎH I]^Zggn=:CGN
8DJE:9JBDC9:'%%+IDJHA:H<GDJE:HwA>B>C6ID>G:H"ODC::JGDE:
AZegZb^ZgYZX]VfjZ\gdjeZZhifjVa^[^#AZh <GDJE:& <GDJE:' <GDJE:(
YZjm^bZh_djZgdciYZhWVggV\ZheVgVaaZg"gZidjg#
wfj^eZh ? < C E 7e 7X Eih wfj^eZh ? < C E 7e 7X Eih wfj^eZh ? < C E 7e 7X Eih
H^aV;gVcXZeZjiaVg\ZbZciZhegZghZfjVa^[^ZgedjgaZ
bdcY^Vadg\Vc^hZc6aaZbV\cZYVchYZjmVch!Y¼VjigZh &#BVXYd^cZ & & % % ( % ( Ijgfj^Z % % % % % % % &#HadkVfj^Z & & % % ( & (
\gVcYh[Vkdg^hdciYjhdjX^|hZ[V^gZ#8¼ZhiaZXVhYZh '#GdjbVc^Z & & % % ' & ( 9VcZbVg` % % % % % % % '#:hidc^Z & & % % ' & (
EVnh"7Vh\gdjeZ&fj^]g^iZciYZaVGejWa^fjZ (#;^caVcYZ & % % & & ' % <gXZ % % % % % % % (#A^ZX]iZchiZ^c & % % & & ' %
iX]fjZZiYZaVGdjbVc^Z#Edh^i^dcighYa^XViZedjg
a¼:heV\cZYVchaZ\gdjeZ,fj^Yd^ihZYWVggVhhZgYZ )#6gbc^Z & % % & % ( % J`gV^cZ % % % % % % % )#AjmZbWdjg\ & % % & & ( %
aV7Za\^fjZZiaVHZgW^Z"Bdcic\gd#:c[^c!W^ZcbVa^c 6cYdggZ % % % % % % % <dg\^Z % % % % % % % AZiidc^Z % % % % % % %
fj^edjggV^iYdccZgaZXaVhhZbZci[^cVaYj\gdjeZ- EVnh"7Vh % % % % % % % 6aWVc^Z % % % % % % % Edgij\Va % % % % % % %
VkZXaVHjYZ!aV8gdVi^ZZiaV7ja\Vg^Z#
GejWa^fjZIX]fjZ % % % % % % % @VoV`]hiVc % % % % % % % Gjhh^Z % % % % % % %
(H:EI:B7G:'%%)
GwEJ7A>FJ:9¼>GA6C9:
A:HIGD>H9:GC>ÏG:HG:C8DCIG:H A:7>A6C9:H8DC;GDCI6I>DCH A:H?DJ:JGH
XdcigZaV<dg\^Z/'"%
6B>86A:H ;68:²A6;G6C8: K:9:II:H
E6AB6GÏH
&-$%-$'%%)XdcigZaV7ja\Vg^Z/&"& &%_djh!(k^Xid^gZh!(cjah!)Y[V^iZh! Gdn@ZVcZ
FjVgiYZ[^cVa^hiZYZ8djeZYjbdcYZ&..%
9Vb^Zc9j[[
%*$%+$'%%)XdcigZaZhEVnh"7Vh/&"% 8A6HH:B:CI;>;6/&+Z &&Wjihedjg!&+WjihXdcigZ
%'$%+$'%%)Jc^in8jeXdcigZaV?VbVfjZ/&"% CDB7G:9:A>8:C8>wH/&-%%%% A¼:CIG6ÑC:JG
A:HIGD>H9:GC>ÏG:HG:C8DCIG:H A¼wFJ>E:"INE: 7g^Vc@Zgg*%VchVhjXXY|B^X`
D;;>8>:AA:H <^kZc·;^ccVc!9d]Zgin!8jcc^c\]Vb!D¼H]ZV BX8Vgi]n|a¼ZciVbZYZha^b^cVid^gZhYZ
&&$&%$'%%(a^b^cVid^gZh:jgd'%%) ·Gdn@ZVcZ!=daaVcY!D¼7g^Zc!9j[[· a¼:jgd'%%)#8Z9jWa^cd^hVbZcaZhbd^ch
E=DIDH/A>:L><$;A6H=EG:HH$9EE>
XdcigZaVHj^hhZ/%"' Bdgg^hdc!GdWW^Z@ZVcZ YZ&+VchZiaZhbd^chYZ&-VchVji^igZYZ
%+$%.$'%%(a^b^cVid^gZh:jgd'%%) B:>AA:JG7JI:JG/C^VaaFj^ccVkZX X]Vbe^dcY¼:jgdeZZc&..-VkVciYZegZcYgZ
XdcigZaVGjhh^Z/&"& '&Wjih ZcbV^chaZhYZhi^cZhYZa¼fj^eZ6^anV
&&$%+$'%%(a^b^cVid^gZh:jgd'%%) HNHIÏB:9:?:J/)·)·' fjZafjZhbd^h#
HJ>HH:
A:HIGD>H9:GC>ÏG:HG:C8DCIG:H 8A6HH:B:CI;>;6/),Z A¼:CIG6ÑC:JG A:H?DJ:JGH
6B>86A:H CDB7G:9:A>8:C8>wH/'%-%%% ?V`dW®@W^¯@j]c!+&Vch!ZcedhiZ K:9:II:H
&-$%-$'%%)XdcigZa¼>gaVcYZYjCdgY/%"% A¼wFJ>E:"INE: YZej^haZ&%_j^c'%%&#>ciZgcVi^dcVa 6aZmVcYZg;gZ^
%+$%+$'%%)XdcigZaZA^ZX]iZchiZ^c/&"% Hi^Za·=VVh!=ZcX]do!BjaaZg! hj^hhZ|+(gZeg^hZh!?V`dW@j]cV =V`VcNV`^c
E=DIDH/=:GK>D$;A6H=EG:HH$9EE>:IB>C>:G$;A6H=EG:HH$9EE>
%'$%+$'%%)XdcigZa¼6aaZbV\cZ/%"' Olnhh^\·Kd\Za!L^X`n!=#NV`^c! \VaZbZciedgiaZhXdjaZjghYj;8Ojg^X]
A:HIGD>H9:GC>ÏG:HG:C8DCIG:H =j\\Za·;gZ^!8]Vej^hVi VkZXaZfjZa^aVgZbedgi+i^igZhYZ
D;;>8>:AA:H B:>AA:JG7JI:JG X]Vbe^dcZi*XdjeZhcVi^dcVaZh#AZed^ci
'&$%+$'%%):jgd'%%)XdcigZaV;gVcXZ/&"( @jW^aVnIg`n^abVoVkZX()Wjih Y¼dg\jZYZhVXVgg^gZ[jijcZ
&,$%+$'%%):jgd'%%)XdcigZa¼6c\aZiZggZ/%"( HNHIÏB:9:?:J/)·)·' eVgi^X^eVi^dc|aV8djeZYjbdcYZ&.++
&($%+$'%%):jgd'%%)XdcigZaV8gdVi^Z/%"% A:7>A6C9:H8DC;GDCI6I>DCH ZciVcifjZ_djZjgVkVciYZfjVa^[^ZghV
E6AB6GÏH ;68:²A6;G6C8: haZXi^dcedjga¼:jgd'%%)!hVchidjiZ[d^h
FjVgiYZ[^cVa^hiZYZaV8djeZYjbdcYZ ('_djh!&'k^Xid^gZh!+cjah!&)Y[V^iZh! eVgkZc^g|[gVcX]^gaZXVe
&.()!&.(-!&.*) *+Wjihedjg!*-WjihXdcigZ YjegZb^Zgidjg#
>HG6ÎA
A:HIGD>H9:GC>ÏG:HG:C8DCIG:H A:H?DJ:JGH
E6AB6GÏH ,_djh!&k^Xid^gZ!'cjah!)Y[V^iZh!*Wjih
6B>86A:H K:9:II:H
KV^cfjZjgYZaV8djeZY¼6h^Z&.+) edjg!&)WjihXdcigZ
Ndhh^7ZcVndjc
&-$%-$'%%)XdcigZaV8gdVi^Z/%"& 8A6HH:B:CI;>;6/+'Z A¼:CIG6ÑC:JG
',$%*$'%%)XdcigZaV<dg\^Z/&"% :nVa7Zg`dk^X]
CDB7G:9:A>8:C8>wH/(**%% 6kgV]Vb<gVci).VchZhiZcedhiZ
E=DIDH/B6GI>C:O$G:JI:GH$B6MEEE:I;G6>A:$G:JI:GH$B6MEEE
8=NEG:
A:HIGD>H9:GC>ÏG:HG:C8DCIG:H A:H?DJ:JGH
BVaiZ/'"& +_djh!&cja!*Y[V^iZh!'Wjihedjg!
6B>86A:H K:9:II:H
E6AB6GÏH/CVci '&WjihXdcigZ
B^X]Va^h@dchiVci^cdj
&-$%-$'%%)XdcigZa¼6aWVc^Z/'"& 8A6HH:B:CI;>;6/&%)Z A¼:CIG6ÑC:JG
&.$%*$'%%)XdcigZaV?dgYVc^Z/%"% NVccV`^hD``Vh
CDB7G:9:A>8:C8>wH/'%%%% BdbX^adKj`di^X!}\YZ*(Vch!Vedgi|
'&$%'$'%%)Idjgcd^YZ8]negZXdcigZaZ A¼wFJ>E:"INE: '-gZeg^hZhaZbV^aadiYZaVhaZXi^dc
@VoV`]hiVc/'"& EVcVn^didj·@dccV[^h!C^`daVdj!D``Vg^YZh! ndj\dhaVkZZciVcifjZ_djZjgVkVciY¼igZ
E=DIDH/8>GDCC:6J$6E$H>E6:I<DJA>6B6@>$:E6$H>E6
ÑA:H;wGDw
A:HIGD>H9:GC>ÏG:HG:C8DCIG:H A:7>A6C9:H8DC;GDCI6I>DCH A:H?DJ:JGH
XdcigZa¼>haVcYZ/&"'
6B>86A:H ;68:²A6;G6C8: K:9:II:H
E6AB6GÏH/CVci
Da^?d]VccZhZc
&-$%-$'%%)XdcigZBVaiZ/("' 8A6HH:B:CI;>;6/&(,Z 6jXjcZXdc[gdciVi^dc
%&$%+$'%%)XdcigZaZhEVnh"7Vh/%"( A¼:CIG6ÑC:JG Hjc^DahZc
CDB7G:9:A>8:C8>wH/)*%%
'&$%'$'%%)XdcigZaVEdad\cZ/%"+ A¼wFJ>E:"INE: =Zcg^`AVghZc(-VchZhia¼ZcigVcZjg
A:HIGD>H9:GC>ÏG:HG:C8DCIG:H B^``ZahZc·D#?d]VccZhZc!=#=VchZc! YZaVhaZXi^dcYZhaZh;gdYZej^h'%%'#
D;;>8>:AA:H ?#=VchZc!I]dghiZ^chhdc·7Zc_Vb^chZc! A¼VcX^Zc^ciZgcVi^dcVaYVcd^h!X]Vbe^dc
&%$%.$'%%(a^b^cVid^gZh:jgd'%%) D#=VchZc!Bdg`dgZ!DahZc·?dchhdc! Y¼:jgdeZZc&..'!ZhegZ[V^gZegd\gZhhZg
E=DIDH/=:GK>D$;A6H=EG:HH$9EE>
(H:EI:B7G:'%%)
¹ JcbaVc\ZYZk^hiV
[gVcV^hZZiY¼Zmeg^ZcXZ
Vc\ad"hVmdccZ
º
AdgZb^ehjbYdadgh^i
VbZi!hZXiZijZg
VY^e^hX^c\Za^i!hZY
Y^Vbcdcjbbnc^W]
;G6C8@HD8=6$@"8=6AA:C<:
Zj^hbdYi^cX^Yjci
(H:EI:B7G:'%%)
A¼6B:G>86¼H8JEB69:>C;G6C8:
@"8=6AA:C<:
G:EÎG:H
@"8]VaaZc\ZYZkgV^iVccdcXZgXZkZcYgZY^hdcVXXZeiVi^dc Y_|jcZfj^eZYZ.eZghdccZhigVkV^aaVci|aV
XdcXZei^dcYZhcdjkZVjmWViZVjm!fj^YZkgV^Zci
Egg\ViZhYZ eVgaVHdX^icVji^fjZYZ<ZckZXdbbZX]VaaZc\Zgd[[^X^Za# igZb^h|a¼ZVjVjeg^ciZbeh'%%+#Edjga¼]ZjgZ!
^ah¼V\^iedjg@"8]VaaZc\ZYZW^ZcÃ\jgZgYVchaZ
aV8djeZYZa¼6bZg^XV
²BVghZ^aaZ!YjY^bVcX]Z*Vj AV;gVcXZZc\V\ZV^ch^jcZfj^eZedjga¼6bZg^XV¼h8je'%%,# BVghZ^aaZAdj^hKj^iidc6XiZ&!iVeZ^bedgiVciZ
hVbZY^&&hZeiZbWgZ'%%) edjgXdcfjg^gaZX¶jgYjejWa^XZiYZhhedchdgh#
EdjgaVegZb^gZ[d^hZc BbZh^XZhegg\ViZhc¼VjgdcieVhjcZ
&*(Vch!a¼6bZg^XV¼h8jekVhZ BVghZ^aaZ#AZhdaZ^aeadbWZaZbVXVYVb XdccVigZhdcc^kZVjYZegeVgVi^dc|XZiiZYViZ#Cdjh h^\c^ÃXVi^dchedgi^kZ[dgiZXVgXdjgjZhhjgYZh
_djZghjgjcZeg^dYZYZ)Vch ]jgaVciYZX]VaZjg!aZhWVYVjYhegdÃiZci VkdchZcXdgZWZhd^cYZhedchdgh|cdhXihedjg VcX^ZchWViZVjmZiVkZXYZhfj^eZhY^kZghZbZci
VkZXYZhg\ViZhYXa^cZhZc YjK^ZjmedgiZiaZhbVg^chegeVgZciaV bdciZgjcZfj^eZ[dgiZ#CdjhVgg^kdchVkZXjciZVb egeVgZh#®CdjhhVkdchfjZcdjhcZeVgidcheVh
VXiZhY^hi^cXih#BVghZ^aaZ [iZ#HjgaVWVhZYZ@"8]VaaZc\Z!h^ijZeghYj[dgi bjai^XjaijgZa!bdi^kZiiVaZcijZjm!fj^baVc\ZaV VkZXaZhbbZhbdnZchfj¼6a^c\]^Hj^hhZ!DgVXaZ
VXXjZ^aaZa¼dg\Vc^hVi^dcYZh HV^ci"?ZVc!dch¼V[[V^gZVjidjgYZCOA*,!8aVhh k^hiV[gVcV^hZZia¼Zmeg^ZcXZVc\ad"hVmdccZ#¯ wiVih"Jc^hdj:b^gViZhIZVbCZlOZVaVcY#:icdjh
egZb^gZhegg\ViZh 6bZg^XVVX]ZiVjmCd"OaVcYV^h#AVcXkd^X^ 9VlcG^aZnVadjgYZbZci^cÄjZcXa¼VX]ViYZ cZXdccV^hhdcheVhcdigZkVaZjgeVggVeedgi|
d[[^X^ZaaZhYZa¼]^hid^gZYZaV YZjmVcheVgDgil^c@VcYaZg!jcYZhe^dcc^Zgh COA*,ZiaVadXVi^dcedjgigd^hVchYZCOA+% H]dh]dadoV6[g^fjZYjHjYZiVj9Ä;gVcXZ#
8djeZ/BVghZ^aaZAdj^h"Kj^iidc Y¼6^gWjh>cYjhig^Z!ZihdcÃahHie]VcZ! WViZVjkV^cfjZjgYZa¼6bZg^XV¼h8je'%%%eVg@" CdigZWjiZhiYZcdjh[V^gZeaV^h^gZi\V\cZgfjZafjZh
6Xi&ZhiYdcXaZegZb^ZgYZ @"8]VaaZc\ZZhiZcigV^cYZh¼^chiVaaZgYVchaZ 8]VaaZc\Z#JcZYX^h^dcVccdcXZZcVkg^aYZgc^Zg bVcX]Zh¯!Zmea^fjZI]^ZggnEZedccZi!X]Vbe^dc
XZhgZcYZo"kdjh#Jc eVnhV\ZYZa¼6bZg^XV¼h8je#6j_djgY¼]j^!kZgh&,]! fj^Vkg^iVWaZbZciaVcXa¼fj^eZYVchaVXdjg danbe^fjZYZ),%Zc&.--Zih`^eeZgiVaZcijZjm
egd\gVbbZ^cY^i!baVci VjbdbZciYZWVei^hZgaZjgWViZVjgZcdbb YZh\gVcYh!XdbbZaZXdcÃgbZ7ZgcVgYC^kZai! YZ@"8]VaaZc\Zkd^gZcXVYg#
XdjghZZc[adiiZZibViX] ;G6*,!@"8]VaaZc\ZYZkgV^iVccdcXZgjcZ\gVcYZ VgX]^iZXiZeg^cX^eVa/®BVYX^h^dcYZgZ_d^cYgZ 6eghYZjmVchYZb^hZZceaVXZ!@"8]VaaZc\ZkV
gVX^c\XdjghZ|YZjmWViZVjm# cdjkZaaZ/a¼fj^eZ[gVcV^hZZhid[ÃX^ZaaZbZci @"8]VaaZc\ZZhiaVg\ZbZcia^Z|a¼VXfj^h^i^dcYZXZh ZcÃcXdccVigZhdcWVeibZYj[ZjZcigZaZhWdjZh
:c\V\h/6a^c\]^Hj^hhZ! ^chXg^iZedjga¼6bZg^XV¼h8je'%%,#6jigZbZciY^i! WViZVjm#9¼jcZeVgi!^ahhdcibni]^fjZh!bV^hZceajh! YZa¼6bZg^XV¼h8jeXdcigZjcZXdcXjggZcXZYZigh
iZcVciYji^igZ!@"8]VaaZc\Z @"8]VaaZc\ZVkZghaZb^aa^dcYZYdaaVghYZXVji^dc VkZXaZhcdjkZaaZhg\aZh!cdjhVkdchejdWiZc^g ]Vjic^kZVj#JceVg^[djZig^hfj4®HVchg^hfjZh!
;gVcXZ!AZ9[^;gVcXZ!7BL Vjmdg\Vc^hViZjghhj^hhZhY¼68B6bZg^XV¼h8je aZhYdccZhYZXdcXZei^dcYZIZVbCZlOZVaVcY# dccZ[ZgV^i_VbV^hg^Zc!XdcXajiHie]VcZ@VcYaZg#
DgVXaZGVX^c\wiVih"Jc^h! BVcV\ZbZci!hdbbZgZcYjZZc'%%,ZcXVhYZ >anVYZjmVch!idjhaZhVgX]^iZXiZhcVkVahYZaV A¼6bZg^XV¼h8jebg^iZfj¼dchZYdccZYjbVaedjg
IZVbH]dh]dadoV6[g^fjZYj eVgi^X^eVi^dcZ[[ZXi^kZYjhncY^XVi|aV8djeZ# eaVciZhZhZgV^ZciYVbchedjgdWiZc^gYZiZah aVXdcfjg^g#6kZXcdjh!ZaaZcZhZgVeVhYjZ#¯N
HjYZi:b^gViZhIZVbCZl" 9ZgZidjgZc:jgdeZVegh&*(VchY¼Zm^aVjmwiVih" YdXjbZcih#¯9¼V^aaZjgh!@"8]VaaZc\ZedhhYZ 8;DEÑJ87KC;"³C7HI;?BB;
OZaVcYCdjkZaaZ"OaVcYZ# Jc^h!Zc6jhigVa^ZZiZcCdjkZaaZ"OaVcYZ!aZeajh
:chVkd^geajh/ k^Zjmigde]Zhedgi^[YjbdcYZh¼VeegiZ|k^kgZ!
lll#bV^g^Z"bVghZ^aaZ#[g hjghdcXdci^cZciY¼dg^\^cZ!jcZYZhZheajhWZaaZh
]iie/$$lll#VbZg^XVhXje#Xdb$[g eV\Zh#Hj^iZ|aVk^Xid^gZY¼6a^c\]^!fj^eZhj^hhZ!
ZcbVgh'%%(|6jX`aVcY!®a¼6bZg^XV¼h8je'%%, G:8=:G8=:9:8DCH:CHJH
kVigZjckcZbZciYdcidccZhdjedccZeVg
ZcXdgZaVedgiZ¯!Zmea^fjZHie]VcZ@VcYaZg# 7kjekhZ[J^_[hhoF[fedd[jcZW_bb[Z[Xhedp[[j
EdjgaVegZb^gZ[d^h!YZjm|igd^hegg\ViZhhZ Z½ehWkn@$E$Z['/.*[j'/..[d*-&"ia_ff[h[j
YgdjaZgdciidjhaZhVchZcigZaZhXdcXjggZcih! XWhh[kh"A#9^Wbb[d][Whkd_Z[icWh_diZ[jWb[dj
VkVciaV\gVcYZÃcVaZVjeg^ciZbeh'%%,|KVaZcXZ gk_i[hedjj[ijibehiZ[ijhe_ifhh]Wj[iZ[(&&*}
:heV\cZ#AVhg^ZXdbbZcXZXZlZZ`"ZcYVkZX CWhi[_bb[i[fj[cXh[[jLWb[dY[eYjeXh[$¯Cdjh
aZBVghZ^aaZAdj^hKj^iidc8je6XiZ&# ZhhVndcheajh^ZjghXdbW^cV^hdchY¼fj^eV\Zedjg
b^mZgaZhXdbeiZcXZhZiaZhcVi^dcVa^ih#?ZkZjmjc
®JciZVbbjai^XjaijgZa¯ kgV^XdchZchjh|WdgY°"Yed\_[J^_[hhoF[fedd[jgk_
9VchaZXdhijbZYZY^gZXiZjg\cgVaYZ WY^e_i_IXWij_[d9ebYecc[jWYj_Y_[d"b½kdZ[i
@"8]VaaZc\Z!dcgZigdjkZjceZi^iWdjiYZWdccZ fbki]hWdZi[ife_hiZ[bWle_b[\hWdW_i[$:[c
c["
;G6C8@HD8=6$@"8=6AA:C<:
[ZbbZidccVci#A¼6bg^XV^cZ9VlcG^aZnV edh[jhekl[hW}XehZ7bX[hj@WYeXieed["kdZ[i
eVgi^X^e|igd^h6bZg^XV¼h8jeZia¼VgZbedgiZZc <hWdW_ib[ifbki[nfh_c[djiZWdibW9ekf[$;j"}
&..'/®6j_djgY¼]j^!aVfjZhi^dcc¼ZhieajhYZhVkd^g LWb[dY["b½Wj^bj[@[Wd=Wb\_ed[Yecc[m_dY^[kh
h^@"8]VaaZc\ZhZgVeghZciZc'%%,!bV^heajiiYZ
(H:EI:B7G:'%%)
JcZ[Vb^aaZ[gVcV^hZ
VegdYj^i._djZjgh]VcY^XVe&%!
aZ\gVYZhjegbZVjedad°
AdgZb^ehjbYdadgh^i
VbZi!hZXiZijZg
VY^e^hX^c\Za^i!hZY
Y^Vbcdcjbbnc^W]
G6AE=6#8A:K:C<:G$8DG7>H
Zj^hbdYi^cX^Yjci
(H:EI:B7G:'%%)
²8=6CI>AAN!A68GÎB:
9JEDAD
JchedgiYZg^X]Zh!ghZgk|aV_Zi"hZi48¼Zhia¼^bV\ZfjZaZ
EdadXajWYZ8]Vci^aaniZciZYZX]Vc\Zg#>aVXXjZ^aaZ!Yj.Vj
VXi^k^iYjWdjg\0^ac¼VkV^ig^ZcigdjkYZb^Zjm
|[V^gZ###6j_djgY¼]j^!XZÃahY¼jcZbeadnYZh
CdjkZaaZhbZhhV\Zg^ZhYZaVegZhhZeVg^h^ZccZZhi
YZkZcjaZbZ^aaZjg_djZjg[gVcV^h#I]^ZggnKid^h!
&.hZeiZbWgZ!aZ,ZX]Vbe^dccViYjbdcYZ#²YXdjkg^g# aZYZjm^bZViiVfjVci!ZhiÃahY¼djkg^Zgh0^aVej
VeegZcYgZaZedadZcX]Vc\ZYZhd^ch|YZh
X]ZkVjmY¼jcXajWYZHdad\cZ#BVi]^Zj9Za[dhhZ!
>aZhikgV^fjZaZedad[gVcV^h!XdcÃc ]VW^ijZa!eajii®GdaVcY"<Vggdh¯fjZ®EH<¯# aZ®WVX`¯jai^bZY[ZchZjg!ViXdciVb^ceVg
YVchXZgiV^chXajWheg^khZiYVchaZh A¼VbW^VcXZYZkgV^iigZjceZjeajhhZgZ^cZ| hdcegZ!ZbeadnYZa¼:9;!fjZaVeVhh^dcYjedad
G:EÎG:H egdeg^ihYZfjZafjZh\gVcYZh 8]Vci^aan"6egZbdci#9Z-%%%|&%%%%heZXiViZjgh VXdcYj^i|Yb^hh^dccZgedjgdg\Vc^hZgaZh
,Z8]Vbe^dccViYjbdcYZ
[dgijcZh!c¼iV^ieVhighVXXjZ^aaVci_jhfj¼Vadgh# hdciZheghedjgaVÃcVaZ!bV^haV[gfjZciVi^dc idjgcd^hYZBZ\kZZiHV^ci"IgdeZo#EgeVgheVg
YZedadYZaV;YgVi^dc
8ZhedgiZhieajiiedejaV^gZYVchXZgiV^cZh YeZcYgVYZhghjaiVihYZa¼fj^eZYZ;gVcXZ! A^dcZaBVXV^gZ!aZbZ^aaZjg_djZjg[gVcV^hYZidjh
^ciZgcVi^dcVaZYZedad
XdcigZh#:cBdc\da^Z!eVgZmZbeaZ!d^aVi fj^ZciVbZgVhdcX]Vbe^dccViXdcigZa¼6jhigVa^Z! aZhiZbeh^a[ji]VcY^XVe-ZiV_dja¼DeZc
9j.Vj&.hZeiZbWgZ'%%)
VjEdadXajWYjYdbV^cZYZ ^ckZci+%%VchVk#?#"8#!^aZhiegVi^fjeVgaZh ÃcVa^hiZZc'%%&!aZkZcYgZY^&%hZeiZbWgZ# Y¼6g\Zci^cZ!aZh;gVcV^hZhegZciWdjhXjaZgaV
8]Vci^aan!|6egZbdciD^hZ cdbVYZhfj^c¼dcifj¼|ej^hZgYVchaZjgghZgkd^g ]^gVgX]^ZbdcY^VaZ#;VXZ|a¼6c\aZiZggZ!cjbgd&
IdjhaZh_djgh|eVgi^g YZ)b^aa^dchYZX]ZkVjmedjg®h¼fj^eZg¯# ;^ahY¼ZbeadnhZiY¼djkg^Zg ZjgdeZcVj8]^a^!idbWZjgYZa¼6g\Zci^cZYVchaZh
YZ&)](%hVj[aZh&*Zi&+# :c6g\Zci^cZ!aZedadZhiaZYZjm^bZhedgiYVch AZheZi^ih7aZjhc¼dcig^ZcYZYZhXZcYVcih eaVn"d[[h!djVj7gh^a!iZcVciYji^igZ!aZh7aZjhcZ
9Zb^"[^cVaZaZ&,!\gVcYZ aZhXVbeV\cZh/'%%%a^XZcX^hbV^heghYZ YZ\gVcYZh[Vb^aaZh#7g^ZjXG^\Vjm!jc\c^Va hdcieVh[Vkdg^hbV^h^ahcZhdcieVhYj\ZcgZ
[^cVaZaZ&.hZeiZbWgZ +%%%_djZjgh#>cigdYj^ieVgaZh6c\aV^h·fj^Zjm" ViiVfjVci!c¼VfjZ&.Vch#8¼Zhijc\dhhZYjk^aaV\Z |igZbWaZgYZkVcijc6c\aV^h#N
CVi^dchfjVa^[^Zh/ bbZhkZcV^ZciYZaZYXdjkg^gYVchaZjgXdadc^Z Y¼6egZbdcidh¼Zhi^beaVciaZedadXajW!hZjaZ F7I97BH;D7KB:ED
6jhigVa^Z!EV`^hiVc!7gh^a! ^cY^ZccZ·|aVÃcYjM>MZh^XaZ!aZedadVigdjk
8]^a^!wiVih"Jc^h!BZm^fjZ! ZcaVeVbeVaViZggZ^YVaZedjghdc
6c\aZiZggZ!;gVcXZ# YkZadeeZbZci#JcZheVXZhVcha^b^iZhd^a
IZcVciYji^igZ/7gh^a hj[ÃhV^iYZidcYgZjcgZXiVc\aZ|bd^cYgZ[gV^h
GZchZ^\cZbZcih/ ZidaZhegdeg^iV^gZhiZgg^Zchh¼ZccjnV^ZciaZ
EdadXajWYjYdbV^cZ
YZ8]Vci^aan
Y^bVcX]ZYVchaZjgh^bbZchZhZhiVcX^Vh#
8¼ZhiYZXZh[Vb^aaZhfjZhdcicZhaZh\gVcYZh
A:HEG>C8>E:H9J?:J
9Zjmfj^eZhYZfjVigZ_djZjgh
& wfj^eZViiVfjVciZ wfj^eZY[ZcYVciZ 6( 6gW^igZh
Ia#/%())+)%)(% YncVhi^ZhYZedadfj^[djgc^hhZciZcXdgZ hV[[gdciZci#6eghX]VfjZWji!aZh 6(
lll#edadXajWX]Vci^aan#Xdb Vj_djgY¼]j^aZhbZ^aaZjghegd[Zhh^dccZah fj^eZhX]Vc\ZciYZXiZi 7jih/
GhZgkVi^dch/;gVcXZ7^aaZi! YjbdcYZ#AZh=Z\jn!eVgZmZbeaZ!jcXaVc aVgZb^hZZc_ZjhZ[[ZXijZ YZjmediZVjm
VjXZcigZYjiZggV^c# 6' 6& kZgi^XVjm
;cVX!8VggZ[djg!<Vci dg^\^cV^gZYZHV^ci"EZ"hjg"C^kZaaZ!YVchaZEVnh (
9ZjmVgW^igZh|X]ZkVa ZheVXh
Ia#/%-.'+.'+.) 7VhfjZ[gVcV^h#9Zej^haVegZb^gZk^Xid^gZ YZ,!*%b
kZ^aaZciVjgZheZXiYZhg\aZh! &)*b
lll#[gVcXZW^aaZi#Xdb Y¼6cidc^d!YVchaZbni]^fjZDeZcY¼6g\Zci^cZ jcigd^h^bZ!VjWdgYYj hVchWVggZ
lll#XVggZ[djgheZXiVXaZh#Xdb Zc&.*-!aV[Vb^aaZ=Z\jnV®egdYj^i¯cZj[ iZggV^c!igVcX]ZZcXVhYVk^h ) ' & igVchkZghVaZ
lll#[cVX#Xdb ]VcY^XVeh&%aZ\gVYZhjegbZYVchXZiiZ Y^[[gZciZcigZaZhYZjmVgW^igZh
IVg^[h/|eVgi^gYZ&%æ Y^hX^ea^cZZiVig^dbe]|()gZeg^hZh|EVaZgbd! YZiZggV^c# ',*b
8dbbZcinVaaZg/ ^cXgdnVWaZhiVYZ!ZceaZ^c7jZcdh6^gZh!dhZ wfj^eZbZci AZhXdjeh
9ZEVg^hdjYZA^aaZ _djZaZidjgcd^aZeajhXdckd^iYZhegdh#8¼Zhi
eVga¼VjidgdjiZ6& "8djeYgd^i/hl^c\kZgh
YVchXZiiZ®XVi]YgVaZ¯fjZa¼dceZjibZhjgZgaV BV^aadiYZXdjaZjg 8VhfjZ aVkVci|Ygd^iZYjX]ZkVa
edejaVg^iYZXZhedgiZc6g\Zci^cZ#AZhYdjoZ
BV^aaZiZcWVbWdjZi "GZkZgh/hl^c\kZgh
bViX]ZhYZa¼DeZcY¼6g\Zci^cZhZY^hejiZci 8jadiiZWaVcX]Z iiZZc]igZYZ aVkVci|\VjX]Z
YZkVci&'%%%|&,%%%heZXiViZjghYVchjcZ &!'*b|&!(%bhZadc
VbW^VcXZeVhh^dccZ#AdghYZhYZjmYZgc^gZh aViV^aaZYjX]ZkVa#>a "7VX`|Ygd^iZdj|
7diiZhbVggdc cZhZi^ZcifjZYZaV \VjX]Z/XdjeYVkVciZc
ÃcVaZh!aZhhjeedgiZghYZCjZkV8]^XV\dZi[Vch Zi\Zcdj^aagZh
EZi^iZWVaaZZcWd^h bV^cYgd^iZ# Vgg^gZ
Y¼6Yda[d8VbW^Vhd!cjbgd&bdcY^Va!jcZhdgiZ
djZcEK8 YZhi^c|
YZO^YVcZYjedad!dci^bedgiaVXjaijgZ[ddi/ YZ-Xb gZidjgcZgaZ
eZgXjhh^dch![jb^\cZh!ZckV]^hhZbZciYj 8]ZkVagVe^YZ!V\^aZZik^[ YZY^VbigZ _Zj
L6<
iZggV^c°XZfj^c¼VeVh[dgXbZciVbjhaZejWa^X
(H:EI:B7G:'%%)
9J)6J'+H:EI:B7G:!:C9>G:8IHJG:JGDHEDGI
8N8A>HB:
&
IDJG9¼:HE6<C: AZdc '
7jg\dh
( )
EjZgidYZ OVgV\doV
CVkVXZggVYV
Hdg^V
A:ED>CI9:KJ:9: 7Z_Vg
6k^aV '%
AVKZ\V
*
?:6C";G6CvD>H7:GC6G9 &,
&- YZ6aXdWZcYVh +
8DCHJAI6CIEDJG BVYg^Y BdgZaaV
EaVhZcX^V &. 7Zc^XVgad
,
®AZhY^m hZeghZciZXdbbZjc\gVcY '& 8VhiZaadcYZaVEaVcV
8VXZgZh 8daaVYd
:JGDHEDGI
;6J<ÏG:$9EE>"H>E6
YdaaVgh!^aaZjg[VjiZcXdgZh¼^bedhZg|7gjmZaaZhZi|7Zga^cYVch
edjgdg\Vc^hZgjcZiVeZYZ
E=>A>EE:B>AA:G:6J$9EE>
igd^hhZbV^cZh#AVhVjiZjhZZc]VjiZjghjY"V[g^XV^cZ=Zhig^Z
a¼Y^i^dc'%%*YjIdjgYZ
8adZiZ!bYV^aaZY¼Vg\ZciZc<gXZ!XdbeaiZXZXVggY¼Vh#
HED7D<EB=E7I ;gVcXZ#9ZhYZbVcYZh
d[[^X^ZaaZhkZcVciYZ7Za\^fjZ!
(H:EI:B7G:'%%)
96CDC:
YhdgbV^hYZejg\Zg&-bd^h YZ[V^g"eaVn¯#:ciiZYZaV WVei^h®;^cVaZ¯#²a¼^bV\ZYj
YZeg^hdcedjgXdjehZi XdjghZ|fjZafjZh`^adbigZh bdYaZGdiZ^gd!WVaadcd[[^X^Za
WaZhhjgZh# YZa¼:jgd'%%)!aVhjg[VXZZhi
a^hhZZijc^[dgbZ!aZheVccZVjm YZaVY^hX^ea^cZa¼VceVhh! 9Zgc^ZggZcYZo"kdjhYX^h^[Zc <g}XZ|hVk^Xid^gZZcXdjeZYZ
;DDI76AA hdcihVchXdjijgZVeeVgZciZ# HVcYg^cZAZkZih¼ZhiVY_j\ 8]^cZaZh')Zi'*hZeiZbWgZ# Gjhh^Z[^cbV^!<gdocnh¼iV^i
I?HHE8IEDB?CE=x 9ZXdjaZjggdj\Z!^aZhiY_| jcZ'Zk^Xid^gZYVchaVXdjeZ fjVa^[^edjgaZidjg
FjVigZbViX]ZhhdaYheVg Y^hedc^WaZeVgidjiYVchaZ YjbdcYZZcYZjmVchVkVci ;DDI76AA ega^b^cV^gZYZaVXdjeZYZ
YZjmcjahZiYZjmY[V^iZhdci bdcYZ|jceg^mYZkZciZ bbZaV[^cYZaVhV^hdc\g}XZ =HEPDO:x9EKLH; a¼J:;6!gZbedgiYZkVciaZh
hj[[^|aVY^gZXi^dcYjXajWYZ Veegdm^bVi^[YZ&&%æ# |jcZk^Xid^gZ|7VgYdccX]Z B½;KHEF; EdadcV^hYjAZX]EdocVc#AZh
CZlXVhiaZedjga^bd\Zgh^g Zc>iVa^Z#8]ZoaZh]dbbZh! Igd^hVchhZjaZbZciVeghhdc _djZjghiX]iX]cZhgZXZkgdci
7dWWnGdWhdc#>aeVnZVjhh^aZ :H86A69: 9Vc^ZaYjAVX!VeghhVk^Xid^gZ gZidjgYVchaZhXdbei^i^dch aZ&+hZeiZbWgZaZhHj^hhZhYj
igVch[ZgibVcfjYj_ZjcZ 9EKF;:KCED:;:;8BE9 YVchaVbVcX]Z^iVa^ZccZ!Zhi d[[^X^ZaaZhYZ[ddiWVaa!aZXajW ;87}aZ!|Zck^gdc'%%`bYZ
^ciZgcVi^dcVaLVncZGddcZn! 9Zjm;gVcV^hViiZ^\cZciaZh VjXdjYZ"|"XdjYZVkZX i]iX]cZYjIZgZ`<gdocn <gdocndaZhV[[gdciZbZcih
I>BDI=N8A6GN$6;E
(H:EI:B7G:'%%)
JchVji|&%%%b
fj^eZjiYjgZgeajh
YZ'%hZXdcYZh
H>ICDIJB9DADG:B>EHJBC:I
I>IG:D76G
A6IËI:96CH
A:H;?DG9H
H:7A:DC$G>9:A>;:
(H:EI:B7G:'%%)
:CH6KD>G
EGw8>H>DC
76H:ZhijcVXgdcnbZVc\aV^hYiZgb^cVci
aZhfjVigZ®dW_Zih¯Y¼djc76H:_jbeZg
eZjih¼aVcXZg#®7¯edjg®7j^aY^c\h¯!
X¼Zhi"|"Y^gZc¼^bedgiZfjZaW}i^bZci#®6¯
edjg®6ciZccV¯!jcZidjgcdc"]VW^iZdj
jcZhigjXijgZiZaaZfj¼jcZ\gjZ#®H¯edjg
®HeVc¯!jcdjkgV\ZXdbbZjcedcidjjcZ
VgX]Z#®:¯edjg®:Vgi]¯!jcZodcZYZhVji
cVijgZaaZXdbbZjcZ[VaV^hZ#JcZVjigZ
kZgh^dciZ^ciZY¼]jbdjgcd^gigVYj^i76H:
V^ch^®7dcZh6cYH]^i:kZgnl]ZgZ¯!
®YZhdhZiYZhYX]ZiheVgidji¯#
=>HIDG>FJ:
H¼^aZhiedhh^WaZYZXdch^YgZgXZgiV^chhVjih
H:7A:DC$G>9:A>;:
Y¼VkZcijg^ZghYjYWjiYjMMZh^XaZfj^
h¼aVcXgZciYZaVhiVijZYZaVA^WZgidjaV
Idjg:^[[ZaXdbbZYZhhVjihYZ76H:_jbe!
^a[VjiViiZcYgZ&.,+edjgVhh^hiZg|aV
H¼aVcXZgYZheajh]VjiZh[VaV^hZhY¼:jgdeZedjgk^c\i cV^hhVcXZYj76H:_jbebdYZgcZVkZXjc
egZb^ZghVjiighbY^Vi^hej^hfj¼^ah¼V\^i
hZXdcYZhYZX]jiZa^WgZVj"YZhhjhYZh[_dgYh#:cCdgk\Z! YZaVhfjZcXZY¼djkZgijgZYj?VbZh7dcY
A¼:he^dcfj^b¼V^bV^i!da¼dckd^iG^X`
@_ZgV\ZihdcbVhh^[YZ\gVc^iZYZ&%%%bY¼Vai^ijYZVii^gZ HnakZhiZgh¼aVcXZgYjbdci6h\VgYVj
8VcVYV#E^dcc^Zg!8Vga7dZc^h]V[^abYh
aZh76H:_jbeZghYjbdcYZZci^Zg# &.,-hZhegZb^ZghhVjihYZej^haZh[VaV^hZh
Y¼:a8Ve^iVc!YVchaZNdhZb^iZ#>aeg^iYVch
aZh[VaV^hZhcdgk\^ZccZhZc&.-)#
®9¼VWdgY!a¼^begZhh^dcY¼Vgg^kZgVjWdji ²@_ZgV\!daZ76H:_jbehZegVi^fjZYZej^h&..)!
YZa¼:jgdeZ!VkZXYZh[_dgYh|eZgiZYZkjZ# dcXdbeiZ++VXX^YZcih!Ydci-bdgiZah!edjgeajh
Ej^h!ZcViiZ^\cVciXZiiZkVaaZ!aV
YXdjkZgiZYZYZjm[VaV^hZh!XdbbZXdjeZhVj
XjiiZg!fj^hZ_ZiiZci!kZgi^XVaZh!YVchaVbZg#9j
YZ&*%%%hVjih#AZh^c^higZe^XYZ&...Zi'%%%
&.*%hVjih!&*VXX^YZcih!'bdgihXdggZhedcYVj
WddbYZXZiiZegVi^fjZ#A¼VccZYZgc^gZ!hZjah
>CI:GC:I
mmm$[njh[c[XWi[$Z[
Ya^gZwidjgY^hhVci!Vjed^ciY¼Vkd^gaZkZgi^\ZVjhda# *VXX^YZcih!cdcbdgiZah!dciigZXZchh#A|"WVh! 9¼ZmXZaaZciZhk^YdhZie]didhY^hedc^WaZh#
?¼VkV^hbVaVjXdj|[dgXZY¼VYb^gZgXZhYZjmbjghYZ idjiZhiidjgckZghaVegVi^fjZYZXZiiZY^hX^ea^cZ Jc[dgjbigh[gfjZciedjgedhZgYZh
&%%%bfj^bZYdb^cV^Zci#?ZbZhZciV^hXdbbZjcZ ZmigbZ#6jWVhYZh[VaV^hZh!jcWViZVjgXjegZ fjZhi^dch#:iYZha^ZchkZghidjhaZhh^iZh
[djgb^Vjb^a^ZjY¼jcZWV^\cd^gZ¯:iaV[djgb^YZ aZhhVjiZjgh#JcZYZb^"]ZjgZYZkd^ijgZZi|eZ^cZ ZhhZci^ZahXdchVXghVj76H:?jbe#
bdciZgX]ZgX]ZghZh'%hZXdcYZhYZX]jiZa^WgZ# eajhY¼jcZ]ZjgZYZbVgX]ZeajhiVgY!aZhgZkd^a|Zc mmm$XWi[#`kcf$Yec
H`^ZjgZmigbZbg^iZZibjai^eaZbYV^aaVjm ]VjiYZaV[VaV^hZ#®8¼ZhiVjhh^edjgX¼ZhiVheZXi A¼VhhdX^Vi^dc[gVcV^hZYZ76H:#HZgZchZ^"
M"<VbZh!:cV`<VkV\\^d!',Vch!c¼VeVhedjg egVi^fjZfjZa¼dcX]d^h^iYZ[V^gZjcgdVY"ig^eZc \cZghjgidjhaZhhedihXZgiV^chhdci^ciZg"
]VW^ijYZYZaV^hhZgeVhhZgaZhigV^ch#EajiiYj XVbe^c\"XVg_jhfj¼ZcCdgk\Z¯!Zmea^fjZ9Zc^h Y^ih#9ZhXdchZ^ahedjgW^ZcYWjiZg!bbZ
\ZcgZ|h¼nV\g^eeZgZcgdjiZ#BZXfjZYj76H: GV[[Vjai!dg\Vc^hViZjgYjkdnV\Z!_djgcVa^hiZ!g^YZg h¼^aZhiVXfj^hfjZaVegVi^fjZYj76H:
_jbeYVchaZbdcYZ!@_ZgV\Zhijchediedjgaj^ ZiXgViZjgYjiZVb#®AZh\Vghc¼dciZcXdgZfj¼jcZ YZbVcYZjcZ^c^i^Vi^dceVgi^Xja^gZ#
ZiedjghZhYZjmediZh!aZh`^ZjgAVjgZciC^daZi eZi^iZZmeg^ZcXZZc76H:_jbe!edjghj^i"^a!XZhdci FjZafjZha^ZchW^Zcji^aZh#
aZhcdlWdVgYZgHWVhi^Zc8dfj^aaVgY#CdnVjYjg VkVciidjiYZhh`^Zjghfj^kZjaZcihZgVeegdX]ZgYj
Y¼jcZfj^eZYZX]VhhZjghYZhZchVi^dch[dgiZh 76H:XVgX¼ZhijchjeZgWZhedgiYZbdciV\cZ!igh
VjcdbighZmea^X^iZ!®vVZckd^ZYj\gdh¯#
AZg^hfjZZhidbc^eghZci
ejg#¯AdghYZXZhY^m_djgheVhhhZcCdgk\Z!^ah
c¼dciejgVa^hZgfjZh^mhVjih#AV[VjiZ|jcZ
bidXVeg^X^ZjhZVkZXaVfjZaaZ^acZ[VjieVhÄ^giZg#
@?:G6<
IdjiZhaZh^c[dgbVi^dchedjgh¼ngZcYgZ
Kd^a|YdcXa¼fj^eZZcCdgk\Z!®edjghZYiZcYgZ ®DcZhiYZhWVhZghdXXVh^dccZahZi!|X]VfjZ[d^hfjZ Zih¼nad\Zghjglll#WVhZ`_ZgV\#Xdb
VeghaVhV^hdcY¼]^kZg¯!VjWdgYY¼jcZ[VaV^hZYZ a¼dchVjiZ!X¼Zhiighej^hhVci#Dc\VgYZaZgZXja >aZhiYZbVcYjcb^c^bjbYZ(%%hVjih
&%%%b#EgihedjgaZYXdbeiZ#(°'°&°76H: hj[ÄhVciedjgigZhgYZXZfjZa¼dc[V^i#AZYVc\Zg Ydci'%YVchaZh+YZgc^Zghbd^hedjg
®8¼ZhikgV^fj¼dcYZk^Zcik^iZZje]dg^fjZ#9¼]VW^ijYZ! XdbbZcXZfjVcYijViiZ^chjcWdcc^kZVjZifjZij edjkd^gh¼aVcXZgYj]VjiYZh[VaV^hZh#
X]Zocdjh!|7djg\"HV^ci"BVjg^XZ!dchVjiZYZ iZaV^hhZhVaaZg!VcVanhZ:cV`#?¼VYdgZXZiiZhZchVi^dc 8]VfjZhVjiZjgYd^ih¼VXfj^iiZg
[VaV^hZhYZ&*%b#@_ZgV\ZihZh&%%%b!X¼ZhijcZ YZk^iZhhZ!a¼VXXagVi^dcfjZijgZhhZch#8ZbdbZci! Y¼jc[dg[V^iedjghVjiZg#
VjigZY^bZch^dc#>X^!dceZjiZ[[ZXijZgYZhhVjihYZ Vegha¼^bejah^dc!dijiZhZchVhe^geVgaZk^YZZi H^kdjhVkZobd^chYZ&*hVjihZc76H:
eajhYZ'%hZXdcYZhYVchjcYXdgZc^kgVci#¯:cV` fjZijkd^haVeVgd^YÄaZg|idjiZk^iZhhZ#¯Jc_Zj _jbe!^aZhidWa^\Vid^gZYZeVhhZgjcZ
cZXVX]ZeVhhdcZci]djh^VhbZZih¼ZbegZhhZ ghZgk|jcZa^iZYZhVjiZjghVnVciVjbd^ch [dgbVi^dcY¼jcZ_djgcZ#
Y¼kdfjZgaZhbd`ZeVci#®8ZgiV^chhVjiZjgh (%%hVjihY¼Vk^dc#JcZ[Vb^aaZVjhZ^cYZaVfjZaaZ EajhY¼^c[d/k^W`cjih5dca^cZ#cd
h¼VbjhZci|[V^gZYZhigdjhVkZXaZjgX^\VgZiiZYVch :cV`ZihZhVb^hdciedhaZjghheVijaZh!VkZXaV djVj%%),*&--&'&%
YZheVciVadchYZeX]ZZcid^aZedjgfjZa¼V^gh¼n YXdcigVXi^dcYZg^YZgh]VW^ijh|WgVkZgaZh
Zc\dj[[gZZiaZ\dcÅZ#>aheZjkZciV^ch^Yg^kZgeajh YVc\ZghYZaVbdciV\cZ#®:cX]jiZa^WgZ!h^ij
adc\iZbeh!gVaZci^gaZjgX]jiZ#¯²@_ZgV\!fj^eh
YZaZjghbd`ZeVci!aZhbZ^aaZjgh[gaZciaZh
(%hZXdcYZh#AVYg^kZeZgbZi\VaZbZciVj
gZheZXiZhaZhegdXYjgZh!^acZeZjig^Zci¼Vgg^kZg#
:c76H:_jbe!ijV_djiZhjc[VXiZjgg^hfjZ#EajhaZh
[VaV^hZhhdcieZi^iZh!eajhaZhhVjihhdciV\gZhh^[h#
B6IwG>:A
AVbV_dg^iYZh76H:_jbeZghY^hedhZci
hVjiZjgYZh¼ad^\cZgYZaVeVgd^ZiY¼k^iZgidjiZ IjVhfjZafjZhb^aa^bZhYZhZXdcYZedjgW^ZcgV\^g Y¼jcbVig^ZaheX^[^fjZ!Y^[[gZciYZXZaj^
bVjkV^hZhjgeg^hZVjbdbZciYZa¼djkZgijgZYj |jcZh^ijVi^dcYVc\ZgZjhZ#:iijhV^hXZfjZijYd^h ji^a^heVgaZhVbViZjghYZX]jiZa^WgZ#
eVgVX]jiZ#JcbVjkV^hea^V\Z!jcXdjeYZkZci!jcZ [V^gZ#²h`^!a¼VkVaVcX]ZZhi^begk^h^WaZ#8¼Zhiedjg EdjgaZhVXZiaZeVgVX]jiZ^a[VjiXdbeiZg
bVjkV^hZedh^i^dc!ZiaZhVjiZjghZgZigdjkZegd_Zi VfjZ_¼V^bd^cheZjgZc76H:#¯N Zck^gdc(%%%æ#
XdcigZaVeVgd^°hVcheVgVX]jiZYZhZXdjgh# 9>H?IJEF>;7BEDIE lll#VYgZcVa^cWVhZ#Xdb
(H:EI:B7G:'%%)
EgVi^fjZgjcZVXi^k^ihedgi^kZ
Xdcig^WjZ|a¼eVcdj^hhZbZci
YZa¼Zc[Vci
E6IG>@<>6G9>CD$8DG7>H
(H:EI:B7G:'%%)
FJ6C9A:HE6G:CIHH:;DCI
¹:CIG6ÐC:JGHº
A:HEDGI!
JC?:J
9¼:C;6CI
Fj^Y^igZcigZY^igZidjgVjmVXi^k^ih^ciZaaZXijZaaZhZiVjmV[[V^gZh
hijY^ZjhZh#6XXVWahhdjhaZed^YhYZhegd\gVbbZhhXdaV^gZh!
8DCI68IH
Jc^dchedgi^kZYZa¼ZchZ^\cZbZci
YjegZb^ZgYZ\gZia¼Jc^dc[gVcV^hZ
aZhZc[VciheZjkZcihZY[djaZghjgaZhiZggV^chdjYVchaZh\nbcVhZh# YZh¶jkgZhaVfjZhY¼YjXVi^dce]nh^fjZ
(!gjZGXVb^Zg",*()&EVg^hXZYZm%,
BV^hfjZahedgiX]d^h^g48Zaj^fj¼^ahV^bZciZiXZaj^°fj¼^aaZjg[Vji# Ia#/%&)(*-.,,&";Vm/%&)(*-.,,)
lll#jhZe#dg\"lll#j[daZe#dg\
®AZhZc[VcihV^bZciZidciWZhd^cYZWdj\Zg¯! kdjhedjkZo[V^gZaZidjgYZhXajWhYZkdigZfjVgi^Zg# ;YgVi^dchedgi^kZZiXjaijgZaaZYZ;gVcXZ
V[ÃgbZ<V
aaZ8daadbW!ehnX]dad\jZYjhedgi EZjYZhedgihhdciXdcigZ"^cY^fjhVjmeZi^ih# ''!gjZDWZg`Vbe[",*%&&EVg^h
ZiYZa¼Zc[Vci#®EdjgaZheZi^ihk^kVci|aV :cYZ]dghYZaVbjhXjaVi^dcZiYZa¼]Vaigde]^a^Z! Ia#/%&)((-*%*,";Vm/%&)(&)%++*
XVbeV\cZ!a¼^chXg^ei^dcYVchjcXajWc¼ZhieVhk^iVaZ fj¼^ac¼ZhieVhegjYZciYZegVi^fjZgVkVcia¼}\ZYZ lll#[hX[#Vhhd#[g
XVg^ahigdjkZcijciZggV^cYZ_ZjidjiVjidjgYZX]ZoZjm &,Vch!ZcgV^hdcYZhg^hfjZhYZah^dchYZhXVgi^aV\Zh
bV^hedjgYZeZi^ihX^iVY^ch!ZaaZZhi^bedgiVciZ¯! YZXgd^hhVcXZ!aVfjVh^"idiVa^iYZhVjigZhVXi^k^ih Jc^dccVi^dcVaZYjhedgihXdaV^gZ
gZegZcY"ZaaZ#>cY^heZchVWaZhVjYkZadeeZbZci ZhiWcÃfjZ#®6jigZ[d^h!dcXdchZ^aaV^iVjmZc[Vcih )+!gjZEVja"7ZabdcYd",*%&'EVg^h
]Vgbdc^ZjmYZa¼Zc[Vci!aZhY^hX^ea^cZhhedgi^kZh [gV\^aZhYjX¶jgY¼k^iZgaZhedgi#6j_djgY¼]j^!dch¼Zhi Ia#/%&)+'-&*&*";Vm/%&)+'-%..%
cXZhh^iZciidjiZ[d^hY¼igZX]d^h^ZhYZbVc^gZ gZcYjXdbeiZfjZX¼iV^ijcZVWZggVi^dc#6eghjciZhi lll#jchh#dg\
gÄX]^Z#8Zc¼ZhieVheVgXZfjZaZkd^h^c_djZ |a¼Z[[dgi!ZihdjhghZgkZY¼jchj^k^g\ja^Zg!dcZcXdjgV\Z
Vj[ddiWVaafjZkdigZZc[VciigdjkZgVhdcWdc]ZjgVjegh aZh_ZjcZheVi^Zcih|hZYeZchZgXdbbZaZhVjigZh# ;YgVi^dc[gVcV^hZYjhedgiVYVei
YZhbjaZhYZO^odj#Edjg<V
aaZ8daadbW!aVegZb^gZ DcaZhdg^ZciZeajhkdadci^ZghkZghYZhhedgihY¼ZcYjgVcXZ .!gjZ?ZVc"9VjY^c",*%&*EVg^h
bdi^kVi^dcYjX]d^mYd^iigZaZeaV^h^g#AZhhVcXZh a\gZfjZkZghYZhVXi^k^ihk^daZciZh¯!gZXdccVi Ia#/%&)',(.%%%";Vm/%&)',(.%&%
Y¼ZhhV^hegdedhZh\gVij^iZbZcieVgaVbV_dg^i E]^a^eeZGdjhhZVj!XVgY^dad\jZZihedgi^[VbViZjg# lll#[[hV#Vhhd#[g
YZhXajWheZgbZiiZciYZhVkd^gVhhZoegX^hbZci
h^jchedgiXdck^ZcidjeVh# AZhedgiX¼ZhiaVhVci ;YgVi^dc[gVcV^hZ]VcY^hedgi
®6kVcia¼}\ZYZ,Vch!^ac¼ZhieVhhdj]V^iVWaZ ®BZhXdaa\jZhfj^dciZcX]Vg\ZYZ_ZjcZhVhi]bVi^fjZh ))!gjZAdj^h"Ajb^gZ",*%'%EVg^h
YZegZcYgZYZhZc\V\ZbZcihYZeajhY¼jcig^bZhigZ# hj^kZciaVbbZg\aZ#wk^YZbbZci!^ahk^iZciYZ[V^gZ Ia#/%&)%(&)*%%";Vm/%&)%(&)*)'
:chj^iZ!a¼Zc[VciYd^iXdbegZcYgZfj¼^a[Vji[V^gZ Xdjg^gaZhZc[VcihZceg^dYZYZedaa^c^hVi^dc# lll#]VcY^hedgi#dg\
YZhX]d^mYVchaVk^Z!fj¼^a[VjiiZgb^cZgaZhX]dhZh BV^h^ahXdck^ZccZcifjZa¼Z[[dgie]nh^fjZW^ZcZbeadn
fjZa¼dcYWjiZ#JcZ[d^hfjZa¼Zc[VciVXdbbZcX ZhiegdÄiVWaZ¯!gZegZcY"^a#Dcc¼VjgV^ieVha¼^YZYZ
jcZY^hX^ea^cZ!^aZhi^bedgiVcifj¼^aV^aaZ_jhfj¼VjWdji¯! XdchZ^aaZgaZhfjVh]|jcXVgY^VfjZ#9ZaVbbZ[Vdc!
Zmea^fjZ<V
aaZ8daadbW#;dgihYZXZhYZjmeg^cX^eZh! XZgiV^cZhY^hX^ea^cZhhZbWaZciidjicVijgZaaZbZci
(H:EI:B7G:'%%)
6j_djgY¼]j^eajhYZ_Vadjm/
ghZgkZh|XZgiV^cZhbdge]dad\^Zh!|XZgiV^cZh
aZh[^aaZhZiaZh\Vgdch
XVi\dg^ZhY¼}\Z#6^ch^!X¼ZhijcZaVeVa^hhVYZ!
aZh\gVcYhhZgdcieajheZg[dgbVcihZcWVh`Zi egVi^fjZciaZhbbZhhedgih
djZckdaaZn!aZheZi^ihZc\nbcVhi^fjZ°
DchZYd^ibVa\gidjiYZedhZgjcWbda#
AZhedgi!bVaegVi^fj!eZjiYZkZc^gdW_Zi
YZ[gjhigVi^dch#H^kdjhgkZoYZ[V^gZYZkdigZ
eZi^iYZgc^ZgaZX]Vbe^dcfjZkdjhc¼VkZoej
igZ!X¼Zhi|hZhg^hfjZhZieg^ah
<VgZVjhjgbZcV\Z
®Edjg[V^gZeaV^h^g|hZheVgZcihfj^aZedjhhZci
|aVXdbei^i^dc!jcZc[VciXdci^cjZgVbbZ
h¼^aZcVVhhZo#BV^hXZiiZh^ijVi^dceZjieVg[d^h
XgZgYZhigdjWaZh#9ZcdbWgZjmbYZX^ch
b¼Zckd^ZciYZh_ZjcZhfj^cZeghZciZciVjXjc
egdWabZbY^XVabV^hfj^!^cXdchX^ZbbZci!
aVcXZciYZhbZhhV\ZhYZgVh"aZ"Wda|aZjgh
eVgZcih#8ZaVhZigVYj^iZcigZVjigZheVgYZh
WaZhhjgZh|gei^i^dc¯!XdchiViZ<V
aaZ8daadbW#
<VgZVjhh^VjhjgbZcV\Z#EdjgaZhZc[Vcih
YZ-Vch!fjVigZ|h^m]ZjgZheVghZbV^cZ
hdcijcbVm^bjb#²a¼}\ZYZ&'Vch!dceZji
ZcXV^hhZgh^m|]j^i]ZjgZhYZhedgieVg
hZbV^cZ!ZibdciZg_jhfj¼|]j^i|Y^m]ZjgZh
adghfjZa¼Zc[VciViiZ^cia¼}\ZYZ&)Vch#
AZidjiZceg^k^a\^VciW^ZchgaZh
ZcigVcZbZcihajY^fjZh#Dcc¼djWa^ZgVeVh!
\VaZbZci!fjZaZhedgiZhi|a¼dg^\^cZ
YZ))YZhVXX^YZcihYZaVk^Zfjdi^Y^ZccZ
YZh&%"')VchZcfjiZgVa^hZVjeghYZ
'-8V^hhZheg^bV^gZhY¼VhhjgVcXZbVaVY^Z
ZcigZ&.-,Zi&..*#BV^h!hjgidjieVhYZ
eVc^fjZ/aZhZ[[Zihedh^i^[hhdciaVg\ZbZci
hjeg^ZjghVjmg^hfjZhZcXdjgjh#
6gbedjgV[[gdciZga¼XdaZ
Fjd^fj¼^aVgg^kZ!<V
aaZ8daadbWh¼VXXdgYZ
VkZXaZYdXiZjgB^X]Za7^cYZg!eY^VigZ!
bYZX^cYjhedgiYZa¼Zc[VciZiYZa¼VYdaZhXZci
|aV8a^c^fjZYjhedgiYZEVg^h!hjgaZ[V^i
G6DJAB>CH6GI$8DG7>H
fj¼^a[VjiaV^hhZg|a¼Zc[VciaZa^WgZX]d^m
YZegVi^fjZga¼VXi^k^ifj^aj^eaVi#
®:cigZa¼}\ZYZ'Zi+Vch!aZhhVcXZhYZWVWn"
hedgieVgi^X^eZ|a¼kZ^aehnX]dbdiZjg!V[ÃgbZ
B^X]Za7^cYZg#:aaZheZgbZiiZci|a¼Zc[Vci
A:HEDGI!8¼:H
YZbZiigZZceaVXZhdchX]bVXdgedgZa
Zcaj^VeedgiVciaVbVig^hZYZhZh\ZhiZh!
hdcfj^a^WgZ!hVaVigVa^hVi^dc#AZhWVhZhiVci
edhZh\g}XZ|XZiiZegZb^gZiVeZ!aZeZi^i
hZgVVgbedjgegVi^fjZgaZhedgifj¼^aX]d^h^i
bV^hVjhh^edjgV[[gdciZgaZb^Zjmedhh^WaZ
a¼VeegZci^hhV\ZYZaVaZXijgZZiYZa¼Xg^ijgZ
YVchaVXaVhhZYZ8E#¯®H^jcZc[VciYZeZi^iZ 8]VfjZhedgi[V^iigVkV^aaZgYZh\gdjeZhbjhXjaV^gZhY^hi^cXihZihdaa^X^iZ
iV^aaZYX^YZYZ[V^gZYjWVh`Zi!^a[Vjia¼dg^ZciZg
kZghjcedhiZYZbZcZjg!eVhY¼V^a^Zg¯!cjVcXZ YZhfjVa^ihY^[[gZciZh#6kZXaZeY^VigZB^X]Za7^cYZg!idjgY¼]dg^odc
cVcbd^ch<V
aaZ8daadbW#AZhghjaiVihV^ch^
dWiZcjheZjkZciigZidccVcih# YZheg^cX^eVjmWc[^XZhhVciZiVjigZhedjgaZhZc[VcihhZadca¼VXi^k^i#
I]diV^ijceZi^i\VgdcghZgk!i^b^YZ!
fj^VkV^igVgZbZciZck^ZY¼VaaZg_djZgVkZX 6i]ai^hbZ 7Vh`Zi"WVaa 8nXa^hbZ
hZheZi^ihXVbVgVYZhVegha¼XdaZ#9Zej^hfj¼^a A¼Vi]ai^hbZYdccZ|a¼Zc[VciaVedhh^W^a^i 8ZiiZVXi^k^iZhi[VkdgVWaZ AZkadZhiWdcedjga¼ZcYjgVcXZ#
VYXdjkZgia¼Vi]ai^hbZ!^acZgViZedjgg^Zc YZidjX]Zg|eajh^ZjghY^hX^ea^cZh# VjYkZadeeZbZciehnX]dbdiZjg >aV^YZ|VXfjg^gYZhfjVa^ih
VjbdcYZjcZcigVcZbZcidjjcZgZcXdcigZ AZ_ZjcZegVi^fjVcieZjiYdcX!YVchjc YZa¼Zc[Vci#GZXZkd^gZigZaVcXZg YZg^\jZjg!YZeZghkgVcXZ
^ciZgXajWh#8ZWdjaZkZghZbZcihZgZhhZci egZb^ZgiZbeh!VWdgYZgaZhVXi^k^ihfj^ aZWVaadcZchZYeaVVcieVgi^X^eZ ZiYZXdjgV\Z!cdiVbbZciYVchaZh
edh^i^kZbZcihjghZhVjigZhdXXjeVi^dch# aj^hZbWaZciaZheajhajY^fjZhZi!V^ch^! |hdckZ^aidjiZchdaa^X^iVciaZh XdjghZhYZadc\jZhY^hiVcXZh#
®6j_djgY¼]j^!I]dVXXZeiZkdadci^Zgh VXfjg^gV\gVWaZbZciaZ\diYZa¼Z[[dgi# fjVa^ihY¼VYgZhhZh]ddiVjeVc^Zg :cdjigZ!hedgiVhh^heVgZmXZaaZcXZ!
aZh^ck^iVi^dchYZhZhXdeV^ch#EdjghV[iZ >aedjggVZchj^iZhZY^g^\ZgkZghYZh ZiaVcXZg[gVcX!YZXddgY^cVi^dc ^aZhiigheZjigVjbVi^hVciedjg
Y¼Vcc^kZghV^gZ!dcZhibbZdWa^\hYZa^b^iZg heX^Va^iheajhe]nh^fjZh!ZiigVkV^aaZghdc ZiY¼Vci^X^eVi^dc#8¼ZhiYZeajh aZhVgi^XjaVi^dchiZaaZhfjZaZh\Zcdjm!
aZcdbWgZYZhZhVb^h¯!XdchiViZ8daZiiZ! ZcYjgVcXZ!hVXddgY^cVi^dcZihVkdadci# jchedgiXdaaZXi^[# aZhX]Zk^aaZh!aZYdh°
bVbVcgVhhjgZY¼jceZi^i\VgdcZcÃc ;diWle_hfbki/ ;diWle_hfbki/ ;diWle_hfbki/
]ZjgZjm#AZhedgi!jcZkg^iVWaZXdaZYZaVk^Z#N ;YgVi^dc[gVcV^hZY¼Vi]ai^hbZ ;YgVi^dc[gVcV^hZYZWVh`Zi"WVaa ;YgVi^dc[gVcV^hZYZXnXa^hbZ
Hx=?I=7IGK;J Ia#/%&*(-%,%%%"lll#Vi]aZ#dg\ Ia#/%&*(.)'*%%"ll#WVh`Zi[gVcXZ Ia#/%&).(*+.%%"lll#[[X#[g
(H:EI:B7G:'%%)
HI7DC° I>BE6CC:AA$8DG7>H
?D:B87G>9:$8DG7>H
(H:EI:B7G:'%%)
AZhhedgih|[dgiZigVY^i^dc!
XdbbZa¼ZhXg^bZdjaZ_jYd!
hdciVjhh^jcZXdaZYZaVk^Z
;G6C8DKD<I$8DG7>H
@VnV`
8ZiiZY^hX^ea^cZ!fjZa¼dceZjiXaVhhZg
YVchaZhhedgihYZ\a^hhZ!V^YZ|Ydb^cZg
hi^bjaZci\gVcYZbZciaZh[dcXi^dch
XVgY^VfjZhZigZhe^gVid^gZh#
;diWle_hfbki
IdjiZ[d^h!egVi^fjZhg\ja^gZbZci!ZaaZh
YkZadeeZciaZh[dcXi^dchY¼fj^a^WgZ#
;diWle_hfbki
JCHEDGI
hVXgV^ciZYZa¼ZVjbbZh^a¼dchZigdjkZ ;YgVi^dc[gVcV^hZYZ`VgViZiVgih ;YgVi^dc[gVcV^hZYZgdaaZg"h`Vi^c\ C_Y^[b8_dZ[h"fZ_Wjh["
ZbWVgfj#EdjgaZhegZjkZhZcZVjm bVgi^VjmV[[^c^iV^gZh Ia#/%**+((+*+*"lll#[[gh#Vhhd#[g cZ[Y_dZkifehjZ[b½[d\Wdj
k^kZh!X¼ZhijcighWdcbdnZcedjg[V^gZ Ia#/%&)(.*)'%%"lll#[[`VbV#[g [jZ[b½WZeb[iY[dj[ij\ehc[b0
igVkV^aaZgaZhg[aZmZh!a¼Vci^X^eVi^dc H`^"Hjg[ ¯AZhedgicZYd^ieVhigZ
ZiaVg[aZm^dc#:cgZkVcX]Z!VjeaVc CViVi^dc 8ZhhedgihYZ\a^hhZYZbVcYZci!VkVci XdcigZ"^cY^fjVjmZc[Vcih#
bjhXjaV^gZ!ZaaZcZhdaa^X^iZfjZaZh HedgiighXdbeaZi!aVcViVi^dchi^bjaZ idji!XddgY^cVi^dc!Vci^X^eVi^dcYVchaZ HVj[XVhZmXZei^dccZah#°
bZbWgZhhjeg^Zjgh#:aaZcZhj[[^i aZh[dcXi^dchYZa¼VeeVgZ^aXVgY^d" bdjkZbZci!bV^h\VaZbZcig[aZm^dc# Jekj[\e_i"Y[hjW_d[iZ_iY_fb_d[i
eVh|ZaaZhZjaZedjgaZYkZadeeZbZci kVhXjaV^gZ#A¼VXi^k^ihZYgdjaVciZc JcWdch`^ZjgeVgZmZbeaZVWdgYZ iedjc
c[h[YeccWdZ[i
]Vgbdc^ZjmYZa¼Zc[Vci# YX]Vg\ZYjed^YhYjXdgeh!ZaaZVXXgdi hVYZhXZciZVeghVkd^g[V^ieajh^Zjgh[d^h ik_lWdjb[fheÄbZ[b½[d\Wdj$
;diWle_hfbki/ aZhVei^ijYZhbjhXjaV^gZhYZa¼ZchZbWaZ YVchhViiZaZeVgXdjgh#7^ZcbVig^hZg
;YgVi^dc[gVcV^hZYZXVcd
"`VnV` YjXdgeh!hVchigVjbVi^hbZ# hZhbdjkZbZcih!cZeVhVkd^geZjgYZaV :c[VciVhi]bVi^fjZ
Ia#/%&)*&&%-*%"lll#[[X`#dg\ ;diWle_hfbki/ eZciZZiYkZadeeZgaVXdc[^VcXZZchd^° Edjgaj^!aZhZ[[dgihY¼ZcYjgVcXZ
;YgVi^dc[gVcV^hZYZcViVi^dc ;diWle_hfbki/ YVchjcZVibdhe]gZ[gd^YZ
@VgVi Ia#/%&)%(&&,,%"lll#[[cViVi^dc#[g ;YgVi^dc[gVcV^hZYZh`^ ZihX]ZcZhdcieVh^cY^fjh#
8ZiVgibVgi^Va_VedcV^hbZiZc_Zj! Ia#/%)*%*&)%()"lll#[[h#[g AVe^hX^cZZhiYdcXa¼Zck^gdccZbZci
XdbbZaZ_jYd!YZhkZgijhYZgZheZXiZi GdaaZgdjh`ViZ"WdVgY ;YgVi^dc[gVcV^hZYjhjg[ ^YVa#BV^h!h^hdchZjaeaV^h^g
YZadnVji#:cdjigZ!aZhXdjehc¼iVci 8ZhVXi^k^ihX^iVY^cZhhZeghZciZci! Ia#/%**-)(**--"lll#[ZYZhjg[#XdbN ZhiaZh`^YZ[dcY!Zm^\Zofj¼^aedgiZ
eVhedgih!^acXZhh^iZjcZ\gVcYZ VjmnZjmYZaVeajeVgiYZh_ZjcZh! H$=$ jcZX]VgeZXdjkgVciaVWdjX]Z
bVig^hZYZhd^#AZhZ[[dgihXdjgihZi XdbbZjcbdnZcYZYeaVXZbZci B^X]Za7^cYZgZhieY^VigZ!bYZX^cYjhedgi!YZa¼Zc[Vci ZiaZcZo#AZgX]Vj[[ZbZciYZa¼V^g
^ciZchZh!Z[[ZXijhadghY¼jcXdbWVi! ajY^fjZVkVcibbZY¼igZjchedgi# ZiYZa¼VYdaZhXZci|aV8a^c^fjZYjhedgiYZEVg^h# aZeghZgkZgV#9VchidjhaZhXVh!
(H:EI:B7G:'%%)
HNAK6>C86O:C6K:$K6C9NHI69I
IEDJG8=6FJ::C;6CI
aZhZ[[dgih[gV\bZcihYZaV XdbbZaZgj\Wn#AVhXda^dhZ eVgiZcV^gZhZiYZbVcYZci!Zceajh! :c[Vcii^b^YZ!ghZgk :c[VciY^VWi^fjZ
\nbcVhi^fjZZia¼ZhXg^bZhZgdci egdkdfjZjcZeZgijgWVi^dcYZ jcZXZgiV^cZbVig^hZYZaVWVaaZ# >ahZgV^ihdj]V^iVWaZYZa¼dg^ZciZg AZhedgia¼V^YZgV|WgaZghZh
eg[gVWaZhXVgcZiiZbZci a¼fj^a^WgZYjXdgehYVcha¼ZheVXZ# kZghjchedgiXdaaZXi^[#6jhZ^cYZ hjXgZhZia^b^iZgVhZhWZhd^ch
bd^chec^WaZh# IdjhaZhhedgihXdcigVg^VciXZ :c[VciYZeZi^iZiV^aaZ a¼fj^eZ!^ac¼ZhieVhaZhZja| Zc^chja^cZ#>aZhiYdcXk^kZbZci
hnbeibZhZgdciYdcX AZhVXi^k^ihfj^YZbVcYZci dXXjeZgaVhXcZ#EVgaVhj^iZ!dc XdchZ^aa!|XdcY^i^dcfjZa¼Zc[Vci
:c[VciZchjged^Yh WcÃfjZh#?jYd!\nbcVhi^fjZ WZVjXdjeY¼fj^a^WgZaj^ edjggVaj^egdedhZgjchedgiYZ hd^ihj^k^Zifj¼^aY^hedhZYZhdc
AZhVXi^k^ihfj^eZjkZciegdXjgZg hdci|ZhhVnZg#IZcc^hZi\da[cZ eZgbZiigdciYZh¼eVcdj^g\g}XZ XdbWVi#AVXdc[gdciVi^dcVkZXaZh ^chja^cZadghYZhVegVi^fjZ#AZh
jcZeZgiZYZed^Yh!iZaaZhfjZaV hdcieVhbVjkV^hZiaVYVchZ |hdcXZcigZYZ\gVk^iWVh# VjigZha¼V^YZgV|igdjkZghVeaVXZ# XdcigZ"^cY^XVi^dchgZakZciYZh
cViVi^dc!aZkad!kd^gZa¼Vk^gdc! kgV^bZciXdchZ^aaZ# >aZmXZaaZgVZc_jYddjZc VXi^k^ihfj^eZjkZciegdkdfjZgjc
Yd^kZciVkd^ghVeg[gZcXZ# \nbcVhi^fjZ# :c[VciV\gZhh^[ bVaV^hZYdciaZhXdchfjZcXZh
EdjgbV^\g^g!aZhZ[[dgihadc\h :c[VciYZ\gVcYZiV^aaZ JcVgibVgi^VaiZafjZaZ_jYd hZgV^ZciYVc\ZgZjhZh/cViVi^dc!
ZiY¼^ciZch^ibdnZccZ!bZiiVci HdjkZcibVaVYgd^i!\ceVgYZh :c[VciVcdgZm^fjZ aj^eZgbZiigVYZXVcVa^hZghdc ]VjiZbdciV\cZdjbbZ
Zc_Zja¼ZcYjgVcXZ!hZgdci bZbWgZhigdeadc\h!a¼Zc[VciYZ IdjhaZhhedgihhdciWcÃfjZh cZg\^Z# \nbcVhi^fjZVjmV\gh#
eg[gVWaZh#AVXdjghZ|e^ZY \gVcYZiV^aaZ!cdiVbbZciVj edjga¼Zc[VciVcdgZm^fjZ#
hZgV^i^YVaZbV^hZaaZZhiec^WaZ bdbZciYZa¼VYdaZhXZcXZ!cZhZ 6iiZci^dc!idjiZ[d^h!|cZeVh :c[Vci]neZgVXi^[ :c[Vcie^aZei^fjZ
edjga¼Zc[Vci# hZcieVhW^ZcYVchhdcXdgeh#AZ aZY^g^\ZgkZghYZhVXi^k^ihfj^ AZhhedgih!XdbbZaZ[ddiWVaa! >aeZji[V^gZYjhedgiYVch
hedgia¼V^YZgV|eVg[V^gZhdc^bV\Z eZjkZcia¼Zc[ZgbZgYVchXZiiVi! kdciaZY[djaZg#EVgV^aaZjgh! aZhbbZhXdcY^i^dchfjZa¼Zc[Vci
:c[VciViiZ^ciYZhXda^dhZ XdgedgZaaZ#AZhhedgihYZWVaadc iZafjZaVYVchZ-YZh aZi^g|a¼VgXdja¼ZhXg^bZhdci Y^VWi^fjZ!Zck^iVciXZjm
EZjYZXdcigZ"^cY^XVi^dc!hVj[aZh hdciXdchZ^aahXVg^ahbZiiZci YVchZjhZhhdciVcdgZm^fjZh YZcVijgZ|Vj\bZciZghVXVeVX^i egde^XZhVjhjg\^hhZbZci
hedgihdaZXdciVXiZhi^bedgiVci! a¼Zc[VciZcXdcXjggZcXZVkZXhZh ZiaV\nbcVhi^fjZ# YZXdcXZcigVi^dc# YZbVaV^hZh#
(H:EI:B7G:'%%)
A6GDJ:IDJGC:²
K:GDC:
LDA;<6C<@6:=A:G$8DG7>H
9j'-hZeiZbWgZVj(dXidWgZ!a¼a^iZYjXnXa^hbZhjggdjiZcZ
>C;DHEG6I>FJ:H
hZ[ZgVeVhaZhnZjmYdjm#²KgdcZ!c^8VejaZihc^BdciV^\jh
N6AA:G 8dbeiZoZck^gdc'*æ# YZkVciaVcdiZ#²X]d^h^geVgb^
VjYeVgibV^hjcYXdgY^\cZY¼jcZigV\Y^Z# D[[^XZYjidjg^hbZY¼>iVa^Z! ;ZgbaZajcY^# aZhhj\\Zhi^dchV[[^X]Zh
Ia#/%&)'+++++-! AV8Vci^cZYZa¼VgZcV! hjgaZ\gVcYiVWaZVj!XVgaZWVg
lll#Zc^i"[gVcXZ#Xdb E^VooZiiVHXVaZiiZGjW^Vc^!&! h¼Zcdg\jZ^aa^iYZedhhYZg
8¼ZhiaVegZb^gZ[d^hfjZa¼Jc^dc iZgcZaVbdjg#Bd^ch\aVbdjg!aZhXZciV^cZh :cVk^dc!VkZX6^g;gVcXZ! Ia#/%%(.%)*-%('-). eghYZ°-%%%%WdjiZ^aaZh
XnXa^hiZ^ciZgcVi^dcVaZJ8>X]d^h^i YZ\gV[Ãi^hfj^XdjkgZciaZhbjgh|a¼ZcigZ# |eVgi^gYZ'.'æaZkda6$G# :ciZggVhhZ 7diiZ\VYZaK^cd!
KgdcZedjgaZhegZjkZhYj HZjahaZheajhVhh^Yjh^gdcihZgZXjZ^aa^ghjgaV lll#V^g[gVcXZ#[g AdkVjgZo"YZ"X]VjhhZY¼jcZ K^VHXjYdY^;gVcX^V(!
8]Vbe^dccViYjbdcYZ/jcZhVXgZ idbWZ·djkZgiZ·YZbVgWgZgdj\ZYZaVWZaaZ >a[Vji'%b^cjiZhedjg WZaaZbV^hdc!dcVeegX^ZVjhh^ Ia#/%%(.%)*-%%)*(*
gZXdccV^hhVcXZedjgjcZX^ifj^Yd^iY_|iVci VbVciZ/aZXdjkZcifj^a¼VWg^iZZhiZcZ[[Ziigh gZ_d^cYgZaZXZcigZ"k^aaZZc aViZggVhhZYZXZgZhiVjgVci! =ZjgZYZed^ciZ
|jcXZgiV^cL^aa^VbH]V`ZheZVgZ#IdjhaZh ZmXZcig#GZhidcheajiiYVchaVX^iYZhHXVa^\Zg cVkZiiZ!edjgjcXdiYZ)!'%æ# ^YVaZedjgY\jhiZgaZh CZkZcZoeVh^X^edjgaZhZgk^XZ!
VbdjgZjmYjbdcYZkdjhaZXdcÃgbZgdci/ edjgnYXdjkg^gaVeaVXZYZhHZ^\cZjgh!WVgYZ AZX]Vbe^dccViYjbdcYZ WgZiZaa^cZYZhiV\a^ViZaaZh fjVh^^cZm^hiVci!bV^hedjg
KgdcZ!aVk^aaZYZhVbVcih!hZk^h^iZbV^c YZcdWaZhY^ÃXZhZidgcZY¼jcZ°XiZ >ahZYgdjaZgVYj'-hZeiZbWgZ [V^iZh|WVhZYZ[Vg^cZYZg^o [gVnZgVkZXaV_ZjcZhhZadXVaZ!
YVchaVbV^c#:ih^kdjhc¼VkZoeVhYZ?ja^ZiiZ YZWVaZ^cZYdcia¼dg^\^cZgZhiZbnhig^ZjhZ# Vj(dXidWgZ#EdjgidjihVkd^g/ Zi[gj^ihYZbZg!igh[gV^h#9Z fj^h¼V\\aji^cZ|a¼^cig^Zjg
djYZGdbd!Zbed^\cZoYdcXaZ\j^YdcY¼jcZ 6aZcidjgh!dcZcegdÃiZedjg[V^gZYjaX]Z" lll#bdcY^Va^'%%)#Xdb &%|&)æedjgjceaViXde^Zjm# Zih¼eVge^aaZ|a¼Zmig^ZjgYZXZ
YZheZi^iZhgZ^cZh!\gVX^ZjhZbZciegiZhVjm k^ig^cZh!VWVcYdccVciaZh]dee^c\Vjm Ia#/%%(.%)*-&%+(+* KZgdc6c^XV! hnbeVi]^fjZWVg#:ck^gdc)æaV
k^h^iZjgh!edjgeVgXdjg^gaVk^aaZ!hdjhaZgZ\VgY edgiZ[Zj^aaZhgZWdcY^h#9iV^aVbjhVci!aVb^hZ K^VHdiidg^kV!&%! XdchdbbVi^dc#
YZa¼µ^aYZKgdcZ!aVeajh\gVcYZVgcZYjeVnh YZhKgdcV^h/YZa¼ijY^Vci[VjX]VjXVYgZ B6C<:G Ia#/%%(.%)*-%%)&') 8Vanehd!K^VHdiidg^kV!(X$Y!
VeghaZ8da^hZ#JcWgZ[VeZgjVjg^X]Z [dgijc!X]VXjch¼Veea^fjZ^X^|h¼]VW^aaZgVkZX EdjgjchVcYl^X]gVe^YZZieVh Ia#/%%(.%)**.,'&)
eVig^bd^cZgZa^\^Zjm·k^h^iZoVjbd^chaV \di#KgdcZedhhYZVjhh^hdcedciYZhhdje^gh! X]Zg!dchZgZcYVjbVgX]fj^ 7D>G:JCK:GG:
XVi]YgVaZ!aVWVh^a^fjZHV^ci"OcdcZiHV^ciZ" aZEdciZE^ZigV!fj^egdbZijcZkjZYZheajh hZi^ZciX]VfjZ_djghjgaV 7d^gZZiigZWj 7DJ<:G
6cVhiVh^V!VkVciYZh¼ViiVX]ZgVjmVbVcih gdbVci^fjZhhjga¼6Y^\ZVjXdjX]ZgYjhdaZ^a# e^VooVYZaaZ:gWZ# JcZ¶cdi]fjZdjkZgiZ^anV =daanlddYc^\]i
bVjY^ih#8Vg!YZaVa\ZcYZ!aZhKgdcV^hdci[V^i >aZhiiZbehYZhdgi^g!edjgWd^gZjckZggZ AVXVci^cZ!Zcb^Zjm eajhY¼jch^XaZ![gfjZciZ 8¼Zhi^X^ZieVhV^aaZjghfj¼^a
jc_jiZjmbVgX]/dchZWdjhXjaZhdjhaZWVaXdc hjgaVeaVXZVjm=ZgWZhE^VooVYZaaZ:gWZ! AZha\jbZh\V^ZciaVhdjeZ! eVgidjiXZfjZKgdcZXdbeiZ kdjh[VjYgVigZaZ&ZgdXidWgZ!
YZ?ja^ZiiZ·iZaaZbZcie^i^cfjZa¼VXXhZc aVeajhWZaaZYZKgdcZ!djhjgaZhWZg\Zh a¼V\cZVjhZYXa^cZZc Y¼Vgi^hiZhZiYZ_djgcVa^hiZh# edjga¼Jai^bVcdiiZ!aVYZgc^gZ
ZhiYhdgbV^h^ciZgY^i·aZh]dbbZhZcaVXZci YjÄZjkZ!YVchaZfjVgi^ZgYZHdiidg^kV!ÃZ[ XiZaZiiZh!bV^hX¼ZhiaVe^ooV DceZjinYcZg!bV^ha¼dchZ cj^i!aV[iZd[[^X^ZaaZYZh
aVhiVijZedjgjcXa^X]hdjkZc^g!iVcY^hfjZaZh YZaV_ZjcZhhZadXVaZ#N fj^idccZaZeajh!fj¼ZaaZhd^i XdciZciZgVY¼jckZggZYZk^c 8]Vbe^dccVihYjbdcYZ°
[ZbbZhZ[ÄZjgZciaZiidcYgd^i!\VgVciY¼jc F7I97B;C?IIEK: VjmVheZg\Zh!dj|aVigj^iZ ]^hid^gZYZcZeVhY[V^aa^g GhZgkZVjmeajh[jih!fj^
(H:EI:B7G:'%%)
?DC=>8@H$8DG7>H
KgdcZc¼VeVha¼]VW^ijYZ
YZheZadidch!XdcigV^gZbZci
|8Vcij!]Vjia^ZjYjIdjg
YZAdbWVgY^Z#
;G6C8@;>;:$6;E
(H:EI:B7G:'%%)
¹?¼iV^heajhXaWgZ
edjgbdcYXdaaZi
fjZedjgbZhghjaiVih
hedgi^[h#6jYWji
>H67:AHCN9:G$DJIA>C:$8DG7>H
XZaVbZ\cV^i°º
(H:EI:B7G:'%%)
E6DA6E:OOD
K6BEIDJI
I:GG6>C
6egha¼dg|6iaVciVZiHnYcZn!EVdaVEZoodVbVcfjaZig^ea|6i]cZh#BV^h ²a¼Vgg^kZ!aV8VcVY^ZccZ6anhdcHnYdgZhi^cXgYjaZ#
®>bedhh^WaZ!h¼ZcÄVbbZ"i"ZaaZ#²aVb^"XdjghZ!
a¼>iVa^ZccZgZhiZgVYVchaZhVccVaZhXdbbZaVegZb^gZX]Vbe^dccZdanbe^fjZ ZaaZVkV^iidjiZaVb^hgZYjbdcYZ|bV^ciZc^gaZ
gni]bZ#Ej^h!idjiY¼jcXdje!_ZcZa¼V^eajhgZkjZ#¯
YZKIIZiaVegZb^gZhiVghZmnYZaVY^hX^ea^cZ#HVchX]VeeZg|aVXdcigdkZghZ# 9ZjmcdjkZaaZh®Vb^Zh¯edjgEVdaVaVhja[jgZjhZ
fj^c¼VeZjgfjZY¼jcZX]dhZ!hZ[V^gZbdgYgZ
eVgYZhX]^Zchadghfj¼ZaaZh¼ZcigVcZ°AVgZigV^iZ
CdjhhdbbZh|6iaVciV!Zc&..+!hjgaZ bdcYZ#EdjgEVdaV!X¼ZhijcXVjX]ZbVg#®?Zc¼V^ VccdcXZZhiaVW^ZckZcjZ#Ad^cYjX]Vdh!EVdaV
h^iZWd^hYZ8dcnZgh#EdjgaVegZb^gZ _VbV^hg^Zceg^h!XaVbZ"i"ZaaZ#?Zhj^h^ccdXZciZ#¯ igdjkZaVeV^m#:aaZhZXdchVXgZ|aVegdbdi^dcYZhZh
>I>CwG6>G: [d^h!aZKIIZhiVjegd\gVbbZYZh?Zjm AVhj^iZYZhkcZbZcihcZXdcig^WjZeVh|[V^gZ eVgiZcV^gZh!|aVXdjghZY¼ZcYjgVcXZ!fj^edgiZhdc
CZaZ-_Vck^Zg&.+. danbe^fjZh#AVXdjghZ[b^c^cZZhiVX]VgcZhdjh iV^gZidjiZhaZhgjbZjgh#AZ8db^icVi^dcVa cdb<gVc;dcYdEVdaVEZoodZiVjmZc[Vcih!edjg
|7dhXdX]^ZhVcjdkV>iVa^Z jcZX]VaZjgidgg^YZ#AZhXdcXjggZciZhi^gZciaV danbe^fjZ^iVa^Zc8DC>hdji^ZcihVX]Vbe^dccZ! aZhfjZahZaaZVXgjcZXdaZYZKII!hjgaZhg^kZh
IV^aaZ/&!,-b aVc\jZ!aZhiaheZXiViZjghVjhh^#6XXVWaZeVgaZh gZ[jhVciYZaVedjghj^kgZ!VjWcÃXZYjYdjiZ# YjaVXYZ<VgYZ#6kZXhdcXdbeV\cdcZibVcV\Zg!
Ed^Yh/+'`\ [V]gZc]Z^ih!jcZ_ZjcZ[ZbbZYZ',VchYo^eeZhdc AVXnXa^hiZcZgaVcYV^hZNkdccZ7gjcZck^ZciYZ a¼VcX^Zcheg^ciZgEVdadGdhdaV!ZaaZVhjgidjigVa^h
&Zc[Vci/@Zk^c! bV^aadi_jhfj¼VjcdbWg^a#AZhXVbZgVbZc aZYbdcigZg!aZh[ZbbZhhZXgiZcicVijgZaaZbZci hZhYZjmgkZhaZheajhX]Zgh/Vkd^gjcZbV^hdc
caZ&ZgYXZbWgZ'%%' bjai^ea^ZciaZheaVchhjgaZhdW_ZihYjYa^XZ#HVch YZaVcVcYgdadcZ#AZ'&_Vck^Zg&..-!EVdaVEZood Zi[V^gZjcWW#AZeZi^i@Zk^cZhiVgg^kaZ
E6AB6GÏH hXgjejaZej^hfjZaVeaVcijgZjhZVbVodcZh¼ZckdaZ ZhiWaVcX]^Z#®?¼V^eg^edjgfjZidjiVh¼VggiZZi! &ZgYXZbWgZ'%%'#9jXdje!dchZYZbVcYZW^Zc
?Zjmdanbe^fjZh kZghaZi^igZ!Xdcfj^hY¼jcZaVg\Zed^ig^cZ#EVdaV bV^ciZcVci!_ZeaZjgZYZ_d^Z¯!YXaVgZ"i"ZaaZVj XZfj^a¼VedjhhZ|gZkZc^g|aVXdbei^i^dc!|eVgi
&gZZc&..+Zi'%%% EZoodZcigZVjeVci]dc!YVkVciV\ZeVga¼Zheg^iYZ fjdi^Y^Zchedgi^[^iVa^ZcAV<VooZiiVYZaadHedgi# a¼dg\jZ^aYZkdjad^ggZhiZgfjVigZVchYZeajhaVhZjaZ
8]Vbe^dccVihYjbdcYZ hZhhZ^chfjZeVga¼degVi^dcYjHV^ci":heg^i# 9ZhdcXi!=j\dAdc\d!egdXjgZjgYZa¼edfjZ! X]Vbe^dccZdanbe^fjZYZKIIhjgiZggZ#9¼VjiVci
&gZZc&..(Zi&..,! ®8Zh^bV\ZhdciikjZhYVchidjhaZh[dnZgh^iVa^Zch! hbZgVaZigdjWaZZca}X]Vci/®AZhk^Xid^gZhYZ fjZ!hZadcZaaZ!aZeajh\gVcYeaV^h^gYZhdchedgi!
(ZZc&...Zi'%%% hZhdjk^Zcia¼>iVa^ZccZVkZXVbjhZbZci#²XZiiZ EZood!X¼ZhiaVY[V^iZYZaVajiiZVci^YdeV\Z#¯=VhVgY X¼Zhi®aVhda^ijYZYjiiZ|iiZVkZXaVcVijgZ¯#
8]Vbe^dccVihY¼:jgdeZ edfjZ!_¼iV^heajhXaWgZedjgbdcYXdaaZifjZ djXdcY^XZcXZ!aZhYZjmhV^hdchhj^kVciZhhdci AVgedchZZhihVchYdjiZa^Z|hVcdjkZaaZk^Z
&gZZc&..)!&..+Zi&...! edjgbZhghjaiVihhedgi^[h#6jYWji!XZaVbZ\cV^i! bd^ch[gjXijZjhZh#BV^h'%%%ZhijcZVccZ YZ[ZbbZ#EZj^bedgiZfjZaVb^hh^dc[i
'ZZc'%%% Zchj^iZ!_¼V^VXXZeia¼^YZfjZXZaVb¼VkV^igZcYj danbe^fjZ#²HnYcZn!EVdaV[V^iZcXdgZeVgaZgY¼ZaaZ# ^bedhh^WaZ!|6i]cZh#®?ZXdjghedjga¼Zc[VcifjZ_¼V^
8]Vbe^dccViY¼>iVa^Z hZgk^XZ#¯8dcigV^gZbZci|aV_djZjhZYZiZcc^h6ccV 6jeg^mY¼jcZgZbdciZ^cViiZcYjZ!ZiVeghVkd^g VaaV^i!Zmea^fjZ"i"ZaaZ#H^_ZcZgjhh^heVh!hdchdjg^gZ
&gZZc&..'Zi&..( @djgc^`dkV!YdciaVeaVhi^fjZZhiYZkZcjZaVhZjaZ edjhhYVchaZ[dhha¼:heV\cdaZBVg\Vg^iV;jaaVcV! hj[ÄgV|Z[[VXZgaVYh^aajh^dc#¯N
8djeZYjbdcYZ XVgiZYZk^h^iZ!aVKgdcV^hZ!fj^hZYaZXiZYZe}iZ X]Vbe^dccZYjbdcYZZci^igZ!ZaaZXdchZgkZhdcdg# IJxF>7D;Cx@7DÏI
&)k^Xid^gZh |iVgi^cZgVjX]dXdaViVegha¼Z[[dgi!Vhj_djZg
&gZVjXaVhhZbZci\cgVa hjgaZhYZjmiVWaZVjm#:cigZa¼iYZh?#D#ZiaVÃc
Zc&..,!(ZZc&..*Zi&..- &..,!ZaaZgZbedgiZidjiZhaZhXdjghZhVjmfjZaaZh
ZaaZeVgi^X^eZ#Hd^iY^mk^Xid^gZhXdchXji^kZh#
9:A68=6ÐC:²A68=6ÐC:
:aaZhZegiZVjhh^VkZX\djgbVcY^hZVj_ZjYZh ?jhfj¼|a¼}\ZYZ&-Vch!EVdaVEZoodiZciZYZeZgXZgZch`^YZ
e]didhhZmnedjgjcZbVgfjZYZX]VjhhjgZh# [dcY!ZckV^c#:aaZigVkV^aaZYVchjcZjh^cZfj^[VWg^fjZYZh
:ceZi^iX]VeZgdcgdj\ZYZeaV^h^gdjZc[ZbbZ bZjWaZhYZiak^h^dcadghfj¼jcXdaa\jZaj^d[[gZhdcegZb^Zg
[ViVaZYkd^aVcihZhWVhgh^aaZh# KII!Vjeg^ciZbeh&.-.#®?¼V^\V\cbVegZb^gZXdjghZZc
WViiVci<^d7dcVoo^aVhiVg^iVa^ZccZYjbdbZciZiidjiV
¹?Zhj^h^ccdXZciZº XdbbZcX#¯:c&..'!ZaaZZhiX]Vbe^dccZY¼>iVa^ZZiYZk^Zci
HZhXj^hhVgYhYdghaj^kVaZciVjmwiVih"Jc^haZ k^XZ"X]Vbe^dccZY¼:jgdeZYZYZhXZciZ#:c&..(!ZaaZZhi
hjgcdbYZHeVg`aZeVciheVciVadchi^cXZaVcih# hVXgZX]Vbe^dccZYjbdcYZ#6jbdbZciYZhVgZigV^iZ!
B6MGDHH>$G:JI:GH$B6MEEE
A¼jcYZhZh[VchÃaZaVbiVe]dgZ]daanlddY^ZccZ/ [^c'%%%!ZaaZidiVa^hV^iYZjmi^igZhdanbe^fjZh!YZjm
®>bV\^cZoBVgna^cBdcgdZVkZXjcZcdgbZXVeVX^i i^igZhbdcY^Vjm!igd^hi^igZhZjgdeZch!ZijcZk^Xid^gZVj
i]dgVX^fjZ#¯8]Vbe^dccZZi^XcZ\aVbdjg! XaVhhZbZci\cgVaYZaV8djeZYjbdcYZ#²(*Vch!
jcXdX`iV^aYidccVcifj^Zc\ZcYgZhdjedch VeghVkd^gYhjW^gjcZdegVi^dcYZa¼VeeZcY^X^iZZc
Zi_Vadjh^Zh#AdghfjZ!ÃcYXZbWgZ&..,!idbWZ jg\ZcXZ![^c[kg^Zg!ZaaZViZcijcXdbZ"WVX`!|6i]cZh!bV^hVYVWVcYdccZgYVchaZ'Zidjg|XVjhZYZegdWabZh
aVcdjkZaaZY¼jcXdcigaZedh^i^[|aVcVcYgdadcZ! YdghVjm#®?Zhj^hjceZjYjZbV^haVk^ZXdci^cjZ#?ZkV^hbZegeVgZgedjgaVXdbei^i^dchj^kVciZ#?Zhj^h
jchigdYZVcVWda^hVci!VcZYhdaZeVhidjiaZ XdcXZcigZhjgbdcegdX]V^cdW_ZXi^[!aZh8]Vbe^dccVihYjbdcYZ!Zc;gVcXZ!Vjm<Zih¯CYagaZ&'hZeiZbWgZ#
(H:EI:B7G:'%%)
6<:C969JHEDGI
YVchY^[[gZciZhXVi\dg^Zh/
<gVcYIdjg^hbZ! ?DJ;HL?;M
HjeZgidjg^hbZ!;dgbjaZ
GZcVjai'%%%!EdghX]Z
E6IG>8@8=ËC:!
8VggZgV8je!8djeZEZj\Zdi
EGwH>9:CI9:HEDGI;B
'%+XXZi8djeZ8a^d#
;diWle_hfbki0
lll#X^gXj^i"VaW^#Xdb
*H:EI:B7G:
6I=AwI>HB:
9^Wcf_eddWjiZ[<hWdY[
Z[i[c_#cWhWj^ed
Dg\Vc^hh|AV8djgcZjkZ
.(!XZhX]Vbe^dccVihhdci
HEDG:K:G
djkZgihVjmVi]aiZhVnVci
gjhh^aZhb^c^bVYVchaZh
bVgVi]dchaVWZaa^hh;;6# A6G69>D&%%HEDGI
JcZXdjghZdeZcZhi N BWfWhj_YkbWh_jZ[Ifehj<C5
ghZgkZ|idjiXdjgZjg! CdigZegdbZhhZZhiY¼igZaVhZjaZgVY^d
;G6C8@;6J<:G:$9EE>
a^XZcX^djcdc# &%%hedgi#8ZaaZYdciaVb^hh^dcZhi
;diWle_hfbki/ Y¼^c[dgbZghjgaZhedgi#Cdjhc¼Vkdch
+I;FJ;C8H; lll#VhXVX#cZi eVhaZhbdnZchYZ[V^gZb^ZjmfjZGIA
dj:jgdeZ&hjgaZbjai^eaZm[ddiWVaa#
A6E6G>H>:CC: +H:EI:B7G:
KII
:cgZkVcX]Z!idjhaZhfjVgihY¼]ZjgZ!
Hedgi;BegdedhZjc[aVh]YZfjVa^ihjg
:mXajh^kZbZcighZgkZVjm[ZbbZh!XZiiZXdjghZ|e^ZYh¼VeegiZ|XgZgjcZ 9^Wcf_eddWjiZkcedZ[ a¼VXijVa^ihedgi^kZ!Zcg^X]^Y¼^ciZgk^Zlh
N cdjkZaaZ[d^ha¼kcZbZciVjX¶jgYZaVXVe^iVaZ#+%%%XdcXjggZciZhWViigdciaZ AZh8]Vbe^dccVihYjbdcYZ gVa^hZheVgaVgYVXi^dc#
eVkeZcYVci+!*`b#9Zej^hhVXgVi^dcZc&..,!XZ\gVcYgZcYZo"kdjhhedgi^[[b^c^c YZKIIhdcidg\Vc^hhVjm<Zih
Y^hejiYVchjcZheg^iYZ[iZZiYZXdck^k^Va^iZhigVe^YZbZciYZkZcjjcZg[gZcXZ Zc=VjiZ"HVkd^Z,)# N Gk[biiedjb[ih[dZ[p#leki\ehji
YVchaZbdcYZYZaVXdjghZ|e^ZY#AZgZcYZo"kdjhhedgi^[^cXdcidjgcVWaZYZh[ZbbZh AZhhaZXi^dchdanbe^fjZh Z[bW]h_bb[Z[h[djh[(&&*#(&&+5
;diWle_hfbki0lll#aV"eVg^h^ZccZ#cZi ZcegdkZcVcXZY¼6i]cZh 7Zc_Vb^cI]dbVhgZegZcYaVigVcX]Z
gZakZgdciaZY[^# YjbVi^c,"&%]#²aVb^"_djgcZ!jcZ
?ja^Zc6WhVadc!X]Vbe^dc b^hh^dchjgaZEH<#A¼Vegh"b^Y^!YZ
("*H:EI:B7G: YZadc\WdVgYVkZXGdbV^c )"*H:EI:B7G: danbe^fjZ'%%)! &,]|&-](%!®8]cZeg^kZ!8]cZ
G6AAN: BVjg^cZi?dcVi]VcAVgX]Zg# wFJ>I6I>DC igZccZgVhdci^igZYZkVci ejWa^fjZ¯#:iaZhd^g!YZ&-](%|'%]%%!
+,[HWbbo[ZkCedj#8bWdY ;diWle_hfbki0 HW_Zgk[ijh[Z[bWIWhj^[ jcejWa^X[ZgkZci# cdjhVjgdchYj[ddi!VkZXjcZb^hh^dc
AZGVaanZYjBdci"7aVcX ]iie/$$l#h#V#[gZZ#[g$ 9Zej^haVhiVi^dcYZh=VgVh ;diWle_hfbki0 heX^VaZEH<X]VfjZ_ZjY^#DcgZc[dgXZ
YZbZjgZjcZYZhegZjkZh cVi^dcVjmYj<gVcYAjX lll#aZh\Zih'%%)#Xdb \VaZbZciaZhlZZ`"ZcYh/VkZXidjhaZh
eg[gZhYZhe^adiZh!XdbbZ )"*H:EI:B7G: ,'!hjgaZhX]Zb^chgjgVjm bViX]ZhYjEH<Zc[ddiWVaaZiYjHiVYZ
Zcibd^\cZciX]VfjZVccZ BJAI>HEDGIH ZiaZhVaaZhXVkVa^gZhYZaV -"&(H:EI:B7G: ;gVcV^hZcgj\Wn°CdjhhdbbZhVjhh^
aZcdbWgZZiaVfjVa^i F_hWj[7Zl[djkh[I^em [dgiYdbVc^VaZYZ7ZgX! KD>A: eghZcihhjgidjhaZhkcZbZcihYZ
YZheVgi^X^eVcih# AZhhZchVi^dch[dgiZh aZGV^YfjZhigZYZaVHVgi]Z <[ij_lWbZ[bWFbW_iWdY[ kdaaZn!YZWVh`ZiZiYZiZcc^h!bZiiVci
;diWle_hfbki0 cZbVcfjZgdcieVhadgh egdedhZYZheVgXdjghYZ'% AV',ZY^i^dcYj;Zhi^kVa Zc_ZjYZhfj^eZheVg^h^ZccZhdjhZ
lll#hl^hhgVaan#X] YZXZegZb^ZgHVadcdjiYddg |.%`b#IghheZXiVXjaV^gZ# ^ciZgcVi^dcVaYZaVEaV^hVcXZ YgdjaVciYVchaVXVe^iVaZ#
hedgiVkZcijgZVjaVX ;diWle_hfbki0 h¼^chiVaaZeZcYVcih^m_djgh
)"*H:EI:B7G: YZ7VjgZX]((#9Zh Ia#/%')(,.&'&% hjgaZedgiYZ8VccZh%+# N 7l[p#lekiZ[ifhe`[ji[dfhel_dY[5
HJG; ^c^i^Vi^dch|YZhY^hX^ea^cZh EaVXhdjhaZh^\cZYZ 6j_djgY¼]j^!cdigZeg^dg^iZhiY¼^chiVaaZg
M[ijIkh\9^Wbb[d][ Vjhh^kVg^ZhfjZaZfjVY! )"*H:EI:B7G: a¼^ccdkVi^dcZiYjajmZ! aVgVY^dZcÐaZ"YZ";gVcXZ#CdjhhdbbZh
EdjgaVYZjm^bZVccZ aZ_Zi"h`^!aZh`^cVji^fjZdj 6JIDBD7>A: dcedjggVnVYb^gZg Y^[[jhh_jhfj¼|&%%`bVjidjgYZEVg^h#
XdchXji^kZ!|<j^YZa*+! ZcXdgZaZlV`Z"WdVgYhZgdci =hWdZfh_nZ½7bX_ )*%WViZVjm|[adih!Ydci CdjhVkdchVj\bZcia¼VjY^ZcXZYZ*%
jcZbVc^[ZhiVi^dchjg egdedhZhVjejWa^X#aZ AZ8]Vbe^dccViYZ;gVcXZ &-nVX]ihYZ')|)*bigZhfj^ ZcjcVcbV^hXZaVcZhj[[^ieVh#FjVcY
aV\a^hhZZiaZhXjaijgZh FjWZXZhia¼^ck^iY¼]dccZjg# HjeZgHg^Z[V^iiVeZhjg edjggdciigZZhhVnhZcbZg# Hedgi;BhZgVkgV^bZcieZg[dgbVciZ!
jgWV^cZh#:iVjhh^!jcZ ;diWle_hfbki0 aZX^gXj^iY¼6aW^-&#H^m ;diWle_hfbki/ dchZYkZadeeZgVVjc^kZVjcVi^dcVa
iVeZYZaV8djeZYZ;gVcXZ Ia#/%**+'%%-&) XdjghZhhdciVjegd\gVbbZ lll#gZZYZmed#[g ZciVcieghZciYVchaZh\gVcYZhk^aaZh#
FHEFEIH;9K;?BB?IF7HB7KH;DJBEKÎJ
LEJH;M;;A#;D: J;D:7D9;
(H:EI:B7G:'%%)
v6GDJA:EDJG =DGDHEDGI
B69DCC6
6eghh^mXdcXZgih|AdcYgZh!YdcifjVigZ
F7HB7KH;D9;=7B?7D7
VjhiVYZYZLZbWaZn!BVYdccVVW^Zc 6iiZci^dcVjmXdjgVcih
\V\caZYgd^iYZhZYiZcYgZhjgYZjm Y¼V^g!|aVXa^bVi^hVi^dc!
gdjZh#HVidjgcZ@VWVaV]VYbVggaZ Vjm[gVX]Zhhd^gZh#Kdh
')bV^|Adh6c\ZaZhZiegZcYgVÃc| WgdcX]ZhgZhiZci[gV\^aZh#
7wA>:G CZaZhYXdjkgZoeVh#
A^hWdccZ!aZ&)hZeiZbWgZ#H¼^agZhiZ
fjZafjZheaVXZhVjEdgij\Va!idjiZhi ;V^iZhXd]VW^iZgaZ
XdbeaZiedjgaZhYZjmhd^gZhYZXZlZZ`" X]Vbe^dcZiaZ[V^cVci
fj^hdbbZ^aaZciZckdjh#
96B>:CB:N:G$6;E
ZcY!VjEVaV^hdbc^hedgihYZEVg^h"7ZgXn#
:6<A:$H>E6
²)+Vch!aVBVYdccZ[V^iidj_djghgZXZiiZ# IgdjkZojcgni]bZ
^ciZgbY^V^gZedjgWdj\Zg
hVchkdjhej^hZg#
I6JG:6J
I6C9:B:CDGEDJG 8ZhhZoYZkdjad^gigZ
XdbbjcAV^hhZok^kgZ
A:H?:JM²B69G>9
9Zej^haZjgbVg^V\Zeg^cX^Zg!aZ&ZgcdkZbWgZ'%%(VjeVaV^hYZaV
aZhXihZmXZcig^fjZh
YZkdigZeZghdccVa^i#
:hhVnZoaZi^g|a¼VgXdj
OVgojZaV!AZi^o^VDgi^oZiaZeg^cXZ;Za^eZÃaZciaZeVg[V^iVbdjg#AZ aZhYVchZhWgZidccZh#
'*Vdi!^ahdciVhh^hi|aVYZgc^gZ_djgcZYZhegZjkZhYZXnXa^hbZ <wB:6JM
hjge^hiZYZh?ZjmY¼6i]cZh#>ahdciedgiX]VcXZ|?dhZ:hXjgZYd! KdjheZchZoeajh|
bYV^aaZY¼Vg\ZciYj@Z^g^c#BV^hX¼ZhihjgidjiaVXVcY^YVijgZYZ ajhigZgkdigZeZaV\Zfj¼|
ZcigZiZc^gkdhbjhXaZh#
BVYg^Y|a¼dg\Vc^hVi^dcYZh?#D#'%&'fj¼^ahiV^ZcikZcjhegdbdjkd^g#
DjWa^ZoaVhjg[VXZ!eVhhZo
VjmZmZgX^XZhfj^
YkZadeeZcia¼V\^a^i#
86C8:G
:CEA:>C KdjhhdbcdaZoZc
gZ\VgYVcieVhhZgaZh
96CHA: egd^Zh#DZhieVhhkdigZ
VaaVci4BVc\ZoYZh
B>AA6
:aaZVjgV^iejWg^\jZgjcZ A>DC
egdi^cZhedjgkdjh
YdccZgjceZjYZ
bdgYVci#
bYV^aaZVjXZcigZdanbe^fjZ
KdjhgkZo|YZhgZXdgYh!
YZi^gYZBVg`dedjad#BV^hZaaZ |aVY^hiVcXZbni]^fjZ
c¼iV^ieVha^WgZ#B^aaV?dkdk^X] YjbVgVi]dc!)'!&.*`b#
X]Vidj^aaV^iaVYiZciZVj?Vedc 8dbbZcXZoeVgbVgX]Zg
|a¼dXXVh^dcY¼jcZidjgcZYZ &`b|k^kZVaajgZhVch
egdbdi^dcYZhdccdjkZVjÃab! K>:G<: kdjhZhhdj[[aZg#
aVhj^iZYZGZh^YZci:k^a!hdjh" AZhVgi^XjaVi^dchYZh
<=DHI$B6MEEE
i^ig!A¼6edXVanehZ#:aaZn bV^chYd^kZciigZ
^ciZgegiZ6a^XZYVchjceVnh bcV\Zh#8dcYj^iZ!
dgY^cViZjg!XdjehYZ
eVhkgV^bZcibZgkZ^aaZjm#
<6GDJ6 76A6C8:
ed^c\hdci|egdhXg^gZ#
9iZcYZoVjhh^aZh
A:H7DJA:H
AZhe^ZYhcZhdcieVhidji|[V^i
igVeoZh#
KdigZXdc[^VcXZZckdjh
W^ZciVcfjh_d^cih!aZWgVh ZhiVjidec^kZVj#
6iiZci^dc!X¼ZhiV^ch^
C>AH?DG<:CH:C$G:M$H>E6
\VjX]ZeVhVhhZoZcVgg^gZZiaZ
fj¼dcgViZaZeVhhV\ZYj
XdgehZcYhfj^a^WgZVkVci#BV^h
ibd^cadghY¼jcgZaV^h!
aZgZ\VgYZhiVXg#:cigZYZjm H8DGE>DC bbZfjVcYdceVgi
hd^gZhVjK>EGddbYjgd^YZaV [Vkdg^#
cj^i!?ZVcGdX]!<VgdjVX]d^h^
8¼ZhiaVhZbV^cZYjH;8!
a¼dbWgZYZaVeaVXZYZhA^XZh
edjgeZgeijZgaVigVY^i^dc
igdeo^ZccZYZaVeVgi^ZYZ
JC:;>ÎKG:9:8=:K6A
:aaZZcVYZjm#9Zhcdbh#@Vi^ZEg^XZedjgaZhe]didhYZX]VgbZ!
hncYgdbZYZ[Vi^\jZ
X]gdc^fjZ#Hjeeg^bZo
iVWVX!VaXdda!XV[!idjh
eiVcfjZYZh\ZchXdccjh# ?dgYVcedjgaVX]Vchdc#IgdjkVcihdc.%7cVijgZaeZjVkVciV\Zjm! H6<>II6>G: edbeZjghYZk^iVb^cZh#
NDH=>@6OJIHJCD$6;E
(H:EI:B7G:'%%)