0/+!%1’#0./.! 0.%!)#.%-! · %( ’1,0+* ’&&$ ’&&$ ’&&$ "!!#5-!%(!,)0+/"2+,*+* (-9209!30-
Transcript of 0/+!%1’#0./.! 0.%!)#.%-! · %( ’1,0+* ’&&$ ’&&$ ’&&$ "!!#5-!%(!,)0+/"2+,*+* (-9209!30-
0 ) 8 $ . 6 1 , ! ' % & ( ! 7 7 7 # - 1 + 6 4 5 3 - ) / " / ) 4 , 3 4 # * 2 0
"0/+!%1'#0./.!!0.%!)#.%-!
,-+$%..(*&
)837371"985?6/;<
*>,#<>;0+-/"6+;4371
(7=;8.>-371"$B6"5+</;<
%>==371"!5=/;"68.>5/<
&/6=8</-87."9;8-/<<371
';+92/7/"=+358;371
./@27294?5!#98$
-=/9>86>>6;9!#"$
-=/9>86>>6;9!><20?=/!;3!(*(%!+(%!+))&%!/91!072/=!&',
%%##%###$+##$)##$'##
$"#,44!/1/
$%##$###+##
$##
,#
+#
*#
)#
(#
'#
&#
%#
$#
#
#"*(44!2/
$"$44!200-
$"#$44!-.3
$&!!"+'1/0.)%*!#%/(.!$,*10),+/!!*'-"),+(!%#$&! [[[#DG@MKLJD>E"E>KAJK#GSQ
ZIV!XLI!PEWX!HIGEHI%!WMKRMJMGERX!
TVSKVIWWIW! LEZI! FIIR! QEHI!
MR! XLI!HIZIPSTQIRX! SJ! ZEVMSYW!
XLYPMYQ&HSTIH!JMFIV!PEWIVW![MXL!
E!GIRXVEP![EZIPIRKXL!RIEV!+eQ!
C*D'!?LIWI!RI[IV!+eQ!JMFIV!PEWIV!
TVSHYGXW!VERKI!JVSQ!+))B!EZIV&
EKI!TS[IV!JSV!GSRXMRYSYW&[EZI!#6B$!STIVEXMSR!C+D!XS!*)OB!
TIEO!TS[IV!MR!TYPWIH!QSHI!STIVEXMSR!C,%!-D'!8X!MW!EPWS!TSWWMFPI!
JSV!QERYJEGXYVIVW!XS!XEMPSV!XLI!+eQ!PEWIV!SYXTYX!TIVJSVQERGI!
EGGSVHMRK!XS!WTIGMJMG!ETTPMGEXMSR!RIIHW'
WMPMGE&!ERH!WMPMGE&JMFIV&FEWIH!GSQTSRIRXW!GSQQSRP]!YWIH!MR!
XLI!ZMWMFPI!ERH(SV!*eQ!WTIGXVEP!VIKMSRW!QE]!FI!EPWS!HITPS]IH!
MR!+eQ!PEWIV!W]WXIQW%!I\GITX!XLEX!XLIMV!GSEXMRKW!EVI!WTIGMJMIH!
EX!HMJJIVIRX![EZIPIRKXLW'
?LYW%!XLI!KIRIVEP!TIVJSVQERGI!SJ!+eQ!JMFIV!PEWIVW!GER!FI!
RIEVP]!EW!VSFYWX!EW!XLIMV!*eQ!GSYRXIVTEVXW%!IWTIGMEPP]!MR!VIKEVH!
XS!GSQTEGXRIWW%!IJJMGMIRG]%!WXEFMPMX]%!ERH!IEWI!MR!HEMP]!STIVE&
XMSR%!WLSYPH!XLIMV!TVSHYGXMSR!FI!VEQTIH!YT!XS!QIIX!ER]!PEVK&
IV&WGEPI!TSXIRXMEP!ETTPMGEXMSRW'
XMSRW!JSV!SXLIV![EZIPIRKXLW%![L]%![LIR%!ERH![LIVI![SYPH!SRI!
RIIH!XS!GSRWMHIV!+eQ!PEWIVW3!?LI!ERW[IV!PMIW!QSWXP]!MR!XLI!
EFWSVTXMSR!WTIGXVE!SJ!XLI!QEXIVMEPW!XS!FI!TVSGIWWIH!C.D'!7SV!
GIVXEMR!QEXIVMEPW!WYGL!EW!TSP]QIVW![LIVI!*!SV!)'1eQ!PMKLX!MW!
EFWSVFIH!XSS!PMXXPI!ERH!*)eQ!SV!YPXVEZMSPIX!#@A$!PMKLX!MW!EFWSVFIH!
EFWSVTXMSR'!>SQI!I\MWXMRK!ETTPMGEXMSRW!SJ!@A!XS!*eQ!PEWIVW!
GER!FI!EPWS!JYPJMPPIH![MXL!+eQ!PEWIVW%!FIMRK!QYGL!QSVI!I]I&
PEWIV!QEXIVMEP!TVSGIWWMRK!MW!FIEQ!JSGYWEFMPMX]'!4X!+eQ%!XLIWI!
PEWIVW!VITVIWIRX!E!GSQTVSQMWI!FIX[IIR!*!ERH!*)eQ!PEWIVW!MR!
XIVQW!SJ!QMRMQYQ!JSGYWMRK!WTSX!HMEQIXIV!SV!TMXGL!WM^I!JSV!E!
KMZIR!TVSGIWWMRK!XEWO'
4TTPMGEXMSRW!JSV!+eQ!PEWIVW!MRGPYHI!
IQFIHHIH!SV!QYPXMTPI&PE]IV!QEVOMRK!SJ!
TPEWXMG!TERIPW%!ERH!TVIGMWMSR!XLMR!TSP]&
QIV!JMPQ![IPHMRK!ERH!GYXXMRK'!;SXI!XLEX!
JSV!IQFIHHIH!QEVOMRK%!PMXXPI!SV!RIKPMKM&
FPI!HEQEKIW!SR!XLI!JVSRX!WYVJEGI!EVI!
QE]!RSX!IEWMP]!FI!MQTPIQIRXIH![MXL!SXLIV![EZIPIRKXL!PEWIVW'
_?VERWTEVIRX`!QIERW!MX!MW!GPIEV!MR!XLI!ZMWMFPI!WTIGXVEP!VERKI%!
TIRW!XLEX!QER]!TPEWXMG!QEXIVMEPW%!MRXVMRWMGEPP]!XVERWTEVIRX!MR!XLI!
ZMWMFPI%!EPWS!LEZI!LMKL!XVERWQMWWMSR!EVSYRH!*eQ%!FYX!RSX!WS!EX!
XLI![EZIPIRKXL!RIEV!+eQ'!?LMW!MW!IZMHIRX!MR!XLI!QIEWYVIH!XVERW&
QMWWMSR!WTIGXVE!KMZIR!MR!$&%('#!"!SJ!JSYV!HMJJIVIRX!X]TIW!SJ!XVERW&
TEVIRX!TPEWXMGW2!TSP]QIXL]PQIXLEGV]PEXI!#=994$%!TSP]GEVFSREXI!
#=6$%!G]GPMG!SPIJMR!GSTSP]QIV!#6<6$%!ERH!EGV]PSRMXVMPI!FYXEHMIRI!
IWXMQEXIH!XLEX!XLI!VIWTIGXMZI!EFWSVTXMSR!GSIJJMGMIRX!MW!EX!+eQ!
SJ!*'+0(GQ%!)'1*(GQ%!+'+/(GQ%!ERH!*',1(GQ!JSV!XLI!JSYV!GSQQSR!
TPEWXMG!WEQTPIW%![LIVIEW!XLIMV!GSVVIWTSRHMRK!EFWSVTXMSR!EX!*eQ!
MW!WMKRMJMGERXP]!PIWW!SV!RIKPMKMFPI'!>ITEVEXI!QIEWYVIQIRXW!SJ!XLI!
XVERWQMWWMSR!EX!XLI![EZIPIRKXL!SJ!*)eQ!JSV!XLIWI!WEQTPIW%!LS[&
IZIV%!WLS[W!E!XVERWQMWWMSR!SJ!PIWW!XLER!)',"%!GSVVIWTSRHMRK!XS!
ER!IWXMQEXIH!EFWSVTXMSR!GSIJJMGMIRX!SJ!EX!PIEWX!.1(GQ!SV!PEVKIV'
EFWSVTXMSR!RIEV!+eQ!MW!VIPEXMZIP]!JPEX%!EW!XLI!+eQ![EZIPIRKXL!
EGXYEPP]!WMXW!FIX[IIR!X[S!QENSV!EFWSVTXMSR!TIEOWaSRI!EVSYRH!
*0))!RQ!ERH!ERSXLIV!EVSYRH!+*.)!RQ'!5EWIH!SR!XLI!EFWSVT&
XMSR!GSIJJMGMIRXW!HIVMZIH!JVSQ!XLI!XVERWQMWWMSR!QIEWYVIQIRXW!
JSV!XLI!JSYV!HMJJIVIRX!XVERWTEVIRX!TPEWXMGW%!MX!QE]!FI!HIHYGIH!
XLEX!EX!+eQ![EZIPIRKXL%![MXL!6<6!LEZMRK!LMKLIWX!EFWSVTXMSR%!
% - - * ) & % 0 ) , + ! 1 . 0 / 1 2
&('*)%!#"!%)&463)(!
53&04/-44-10!42)'53&!
1*!*163!(-**)3)05!
53&042&3)05!2.&45-'!
4&/2.)4"!&..!7-5,!
4/115,!13!125-'&.#
+3&()!463*&')4$
$70!/+3-23!-1+,/-!5-23+4./-!!
'&&$
%( '1,0+*
'&&$
'&&$
'&&$
"!!#5-!%(!,)0+/"2+,*+*
(-9209!30-<"-110.<0/!>760
(0;;!'&,
+78!;=91-.0!/-5-20
#!!#5-!.1,0+*!,)0+/"2+,*+*
$#%55
*5-44!30-<"-110.<0/!>760
)7!;=91-.0!/-5-20
XXX#.1*7564.(/"/(5+45#DPN! *'-"),+(!%#$&!!"*&/-.,(%)!#%-',!$+)/.(+*-!!!!!!!!$&
3MM!PG!UIFTF!BSF!DPOTJTUFOU!XJUI!XIBU!XF!GJOE!JO!FYQFSJNFOUT'
BCTPSQUJPO%!BOE!NPEFSBUF!BCTPSQUJPO!JO!CFUXFFO'!>IF!GJSTU!DBU&
FHPSZ!DBO!DBVTF!FGGFDUJWF!TVSGBDF!IFBUJOH%!TVDI!BT!UIF!NBKPS&
JUZ!DBTFT!XIFSF!5<+!MBTFST!BU!*)_N!PS!?@!MBTFST!BSF!VTFE'!8O!
DPOUSBTU%!UIF!TFDPOE!DBUFHPSZ!XPVME!PGUFO!MFBE!UP!OP!NBDIJO&
JOH!VOMFTT!UIF!MBTFS!QPXFS!EFOTJUZ!JT!FYUSFNFMZ!IJHI%!TVDI!UIBU!
UIF!EFGFDUT!BOE(PS!UIF!MBTFS&FOIBODFE!EFGFDUT!CFDPNF!TUSPOHMZ!
BCTPSQUJWF!BOE!UIVT!SFTVMU!JO!B!TIBSQ!MPDBMJ[FE!UFNQFSBUVSF!SJTF!
GPMMPXFE!CZ!DBUBTUSPQIJD!BCMBUJPO'!>IF!UIJSE!DBUFHPSZ!JT!XIFSF!
UIF!+_N!MBTFS!MJHIU!QSPQBHBUJOH!JOTJEF!QPMZNFST!GBMMT!JOUP'!7FSF%!
UJPO%!UIVT!IFBUJOH!VQ!UIF!TBNQMF'
CFBN!FOUSBODF!NBZ!CF!FGGFDUJWFMZ!SFEVDFE!
PS!FWFO!BWPJEFE!UISPVHI!TFMFDUJOH!BQQSPQSJ&
BUF!OVNFSJDBM!BQFSUVSF!PG!UIF!GPDVTFE!MBTFS!
CFBN!BOE!QSPQFSMZ!QMBDJOH!UIF!XPSLQJFDFT!
JO!SFTQFDU!XJUI!UIF!MBTFS!GPDVT%!QMVT!UIF!BVY&
JMJBSZ!NFBOT!PG!TVSGBDF!DPPMJOH'
8U!TIPVME!CF!BEEFE!UIBU!OPU!POMZ!UIF!USBOT&
QBSFODZ%!CVU!TPNFUJNFT!BMTP!UIF!EBSLOFTT!#PS!
CMBDLOFTT$!UIBU!BQQFBST!JO!UIF!WJTJCMF!TQFDUSBM!
$&%('#!"%!MBTFS!XFMEJOH!PG!UXP!QJFDFT!PG!=;;3!
CMBDL!#.'/+NN!UIJDL$\DBO!CF!BDIJFWFE!XJUI!
UIF!+_N!MBTFS!CFBN!HPJOH!UISPVHI!UIF!CMBDL!
BT!XF!XPVME!VTVBMMZ!FYQFDU'!3DUVBMMZ%!JO!UIJT!
DBTF%!MBVODIJOH!UIF!MBTFS!GSPN!UIF!DMFBS!QJFDF!
SFTQPOET!UP!UIF!UISFF!TIBMMPX!XFMEJOH!NBSLT!
CMBDL!XFMEJOH!USBDL$'
AIBU!JT!UIF!FYQMBOBUJPO!GPS!UIJT2!>IF!CMBDL!
JT!TJNQMZ!OPU!CMBDL!BU!+_N"!?TJOH!UIF!TBNF!
MBTFS!QBSBNFUFST!BOE!MFUUJOH!UIF!+_N!CFBN!
FOUFS!GSPN!UIF!DMFBS!=;;3%!UIF!DPSSFTQPOE&
JOH!NBYJNVN!UIJDLOFTT!PG!UIF!DMFBS!=;;3!
QJFDF!UIBU!NBZ!MFBE!UP!B!HPPE!XFME!PS!TUSPOH!CPOEJOH!JT!BCPVU!
-'0NN'!>IJT!JT!BQQBSFOUMZ!JOGFSJPS!UP!UIBU!PCUBJOFE!CZ!XFMEJOH!
UISPVHI!UIF!CMBDL!QJFDF'
6PS!B!HJWFO!QSPDFTTJOH!KPC%!GJOEJOH!UIF!CFTU!QSPDFTTJOH!QBSBN&
FUFS!XJOEPXT!XJUI!B!+_N!MBTFS!JT!FTTFOUJBMMZ!UIF!TBNF!BT!XJUI!
PUIFS!XBWFMFOHUI!MBTFST'!8U!OPSNBMMZ!JODMVEFT!USJBM!BOE!FSSPS!JO!UIF!
TFMFDUJPOT!PG!MBTFS!QPXFS!PS!QVMTF!FOFSHZ%!UIF!MBTFS!CFBN!EJBN&
FUFS!BU!UIF!TVSGBDF!PG!XPSLQJFDF%!UIF!TDBOOJOH!TQFFE%!BOE!UIF!
SFMBUJWF!NPWFNFOU!QBUUFSO!PG!UIF!MBTFS!CFBN'!AJUI!CPUI!QVMTF!
EVSBUJPO!BOE!QVMTF!SFQFUJUJPO!SBUF!PGUFO!QSFTFU!CZ!MBTFS!NBOV&
UIF!NPTU!JNQPSUBOU!BEKVTUBCMF!QBSBNFUFST!GPS!B!MBTFS!QSPDFTT&
JOH!FOHJOFFS'!>IJT!JT!OP!FYDFQUJPO!JO!VTJOH!+_N!MBTFST'
TPVHIU!CFUXFFO!B!NJOJNVN!#UISFTIPME$!BOE!B!NBYJNVN!#PWFSFY&
QPTVSF$'!8O!TPNF!QSPDFTTJOH!DBTFT%!
B!DPNCJOBUJPO!PG!FJUIFS!IJHI!QPXFS!
XJUI!HSFBUFS!CFBN!NPWJOH!TQFFE!PS!
MPOHFS!QSPDFTTJOH!UJNF$!XPVME!XPSL'!
7PXFWFS%!JU!NBZ!CF!NPSF!EFTJSBCMF!
UP!DIPPTF!UIF!IJHI&QPXFS!PQUJPO!TP!
UIBU!UIF!PWFSBMM!TQFFE!PG!QSPDFTTJOH!
NJTTJCMF%!QSPWJEJOH!UIBU!UIF!QSPDFTT&
JOH!RVBMJUZ!SFNBJOT!TBUJTGBDUPSZ'
QSPDFTTJOH!TJUF%!UIF!CFBN!TDBOOJOH!
PG!FGGFDUJWF!MBTFS!EPTF!BU!BOZ!HJWFO!
&('*)%!$"!*?=@@%@31A7=<@!=4!A63!9/>!C392@!=4!'&(;;!A?/<@>/?3<A!-,,)!>9/A3@!C7A6!*.!"/#!
/<2!>B9@32!"0#!'G;!9/@3?@&
&('*)%!#"!*93/?!"A=>#!/<2!09/18!"0=AA=;#!
-,,)!>9/A3@!0=<232!A=53A63?!A6?=B56!
A63!9/@3?%>?=2B132!C3927<5!A?/18!"A63!2/?8!
97<3!@9756A9D!=<!A63!934A!=4!A63!@/;>93#&!+<!
A67@!1/@3$!A63!*.!'G;!9/@3?!03/;!/1AB/99D!
3<A3?32!A63!@/;>93!4?=;!A63!09/18!>7313$!
<=A!4?=;!A63!193/?!>7313&
+!!+,*#$--')&!*%!+("-.'#-
%$!!"+'1/0.)%*!#%/(.!$,*10),+/!!*'-"),+(!%#$&! RRR#-0)6453-'.".'4*34#>JH
% - - * ) & % 0 ) , + ! 1 . 0 / 1 2
M<O@!KG<TN!<I!DHKJMO<IO!MJG@&!4I>@!<!=@<H!
N><IIDIB!NK@@?!DN!>CJN@I$!CDBC@M!M@K@ODODJI!
M<O@!H@<IN!BM@<O@M!NK<OD<G!JQ@MG<K!=@OR@@I!
OC@!G<N@M%H<O@MD<G!DIO@M<>ODJI!NKJON!<NNJ>D%
<O@?!RDOC!<IT!I@DBC=JMDIB!KPGN@N$!M@NPGODIB!
DI!<!CDBC@M!@AA@>ODQ@!IPH=@M!JA!KPGN@N!OC<O!
NOMDF@!<O!<!BDQ@I!GJ><ODJI&
6JH@ODH@N!OC@!=<ND>!LP@NODJI!DI!R@G?%
NCJPG?!=@!PN@?&!(*)-+'!"!NCJRN!<!>JHK<M%
DNJI!=@OR@@I!OC@!>MJNN%N@>ODJIN!JA!522-!
*]H!G<N@MN!PI?@M!<!NDHDG<M!KMJ>@NNDIB!>JI%
IJ!J=N@MQ<=G@!AMJIO!"OJK#!NPMA<>@!?<H<B@!
R@G?!<M@!KM@N@IO$!<GJIB!RDOC!<!IJOD>@<=GT!
H<T!=@!>JI>GP?@?!OC<O!AJM!KM@>DNDJI!OM<IN%
K<M@IO!KG<NOD>!R@G?DIB$!<!KPGN@?!*]H!G<N@M!
A@<OPM@!RDOC!GJR@M!<Q@M<B@!KJR@M!<I?!=@O%
O@M!LP<GDOT!JA!R@G?&
OM<INGP>@IO!KG<NOD>!N<HKG@N!KMJ>@NN@?!RDOC!
<!>JHH@M>D<GGT!<Q<DG<=G@!*(!F0U$!),(!IN$!
<B@!KJR@M!JA!)(9&!7C@!?JO!N@K<M<ODJI!JA!
V)&+!HH!AJM!NKJO!R@G?N!DI!(*)-+',!#$!<I?!
#%!BDQ@N!PN!<I!D?@<!JA!OC@!N><G@N!JA!OC@N@!
?<H<BDIB!OC@!N<HKG@N&!-N!NCJRI!=T!OC@!
G<N@M%RMDOO@I!WNKJO!R@G?DIBX!DI!(*)-+'!#=$!
ODJI!OC@M@<AO@M#!<GNJ!KMJQD?@N!<I!@AA@>ODQ@!
H<O@MD<GN&!1I!JOC@M!RJM?N$!DO!DN!KJNND=G@!OC<O!
=JOC!R@G?DIB!<I?!H<MFDIB!H<T!=@!<>CD@Q@?!
PNDIB!OC@!N<H@!*]H!KPGN@?!G<N@M!AJM!NJH@!
OM<INK<M@IO!KJGTH@MN&
9@G?DIB!RDOC!<!*]H!G<N@M!DN!=T!IJ!H@<IN!
=@!<GNJ!=JI?@?!RDOC!NPAAD>D@IO!NOM@IBOC!=T!
PNDIB!*]H!G<N@M!GDBCO&!7C@!G<OO@M!RJPG?!C<Q@!
BM@<O!KJO@IOD<G!DI!=DJH@?D><G!<KKGD><ODJIN&!
OP=@N$!18!=<BN$!<I?!KJGTPM@OC<I@!=<GGJJIN!
.@ND?@N!OC@!>JNH@OD>!<NK@>ON$!<GG!JA!OC@N@!
PI?@M!>@MO<DI!KM@NNPM@&
.JI?DIB!JA!HD>MJ>C<II@G!?@QD>@N!JM!=DJ%
G<N@MN$!<I?!OC@!DIO@M@NO!DI!OCDN!<KKGD><ODJI!
DN!DI>M@<NDIB&!/JHK<M@?!RDOC!OC@!>JIQ@I%
ODJI<G!CJO!KG<O@!=JI?DIB!H@OCJ?$!PN@!JA!<!
*]H!G<N@M!OJ!R@G?!<I?!N@<G!HD>MJ>C<II@G!
?@QD>@NYDI>GP?DIB!<GG!>C<II@G!K<OCN!<I?!
DI!KM@>DNDJI$!@I@MBT!@AAD>D@I>T$!<I?!AG@SD=DG%
DOT$!RCD>C!NCJPG?!<GNJ!C@GK!OJ!NDBIDAD><IOGT!
M@?P>@!OC@!KMJOJOTKDIB!ODH@&!(*)-+',!#(!<I?!
>? @A!"#"$%&?'(!)?*+,!-+.>? /(,+#%!%-?01(.%?2",%??? 3,"4+-#"!5
>? 6"7)!?8+1(.?'.(,(-"!5>? 6-(9%1!+-5;<(=%&?2(=%-?? 6-"77%-",7??
>? @A!"#"$%&?'(!)?*+,!-+.>? /(,+#%!%-?01(.%?2",%??? 3,"4+-#"!5
>? 6"7)!?8+1(.?'.(,(-"!5>? 6-(9%1!+-5;<(=%&?2(=%-?? 6-"77%-",7??
"+,!)+,%!'*&+,)#.'+*!$#((!-.//09111,233/!+,!/'-'.!4445($4;')!5*'#6#"*)'#%*&"("(+,78
()'"-"&, *"!$%,'#.$+ %$$"!"&# +&"''"%( *)'#!"$%
+$29')!84'!"'(8,'*5!"'(18/')8.%1$)84"-)'#%-&"("(086(%3*$7+$29')!84'!"'(8,'*5!"'(18/')8.%1$)84"-)'#%-&"("(086(%3*$7
"! #! $!
%! &! '!
(! )! *!
! ' ' $ # " ! ( # & % ! % " $ # % &
"&!@6=D!A63!?3>?3@3<A/A7C3!;71?=#D3927<5!
A?/18@!=<!/!,++)!@/;>93!B@7<5!/!>B9@32!
&I;!9/@3?$!-63!D72A6!=4!A63@3!A67<!D3927<5!
.6793!A63!D72A6!=4!A63@3!D3927<5!97<3@!1/<!
AF>71/99F!03!03AD33<!%$'!/<2!%$(;;"!3C3<!
A67<<3?!D3927<5!A?/18@!/?3!>=@@7093$
%'&)($!#"!4Q<GJF@L!IA!MK<HLJ<K@HM'
MK<HLFN>@HM!MCDH!JF<LMD>!ADFGL!IK!LC@@ML!
JKI>@LL@?!PDMC!<!*VG!F<L@K$!DH>FN?DHB!
MK<HLFN>@HM!+(VG%MCD>E!7RFIH!..!IH!MIJ!
IA!0(VG%MCD>E!7RFIH!..!=IH?@?!MIB@MC@K!
MCKINBC!F<JJ@?!FDH@!P@F?DHB!<H?!LJIM!
P@F?DHB!"<#1!(&*+GG%MCD>E!83!ADFGL!F<J!
P@F?@?!MIB@MC@K!"=#1!F<L@K%=IH?@?!8;3!
MN=@L$!<!L@>MDIH!IA!<H!5;!=<B$!<H?!<H!
DHM@KH<F!K@M@HMDIH!=<FFIIH!">%@#1!<!MIJ!OD@P!
IA!MRJD><F!P@F?DHB!MK<>EL!IH!<!8662!JF<M@!
PDMC!>NKO@?!P@F?DHB!FDH@L!"S,((VG!DH!
PD?MC#!MI!L@<F!<KINH?!MC@!GD>KI%>C<HH@F!
@HMK<H>@'@QDM!<H?!LMK<DBCM!FDH@L!")/(VG!
DH!PD?MC#!MI!=@!JF<>@?!=@LD?@L!GD>KI%
>C<HH@FL!"A$!B#1!(&*-GG%MCD>E!MK<HLJ<K@HM!
JIFR@MCRF@H@!M@K@JCMC<F<M@!"849#!P@F?@?!
MI!<!JD@>@!IA!)&/-GG%MCD>E!8662!
JF<M@!"C#1!<H?!<!GD>KIL>IJD>!DG<B@!IA!<!
,(VG%?D<G@M@K!GIFM@H!<H?!K@%LIFD?DAD@?!
LJIM!DH!8662!"D#&
%)$!68!&2.18!'-9189
)<;0668!#!+,!*;-.31
(23"*71/!%64732-5;!
!
!
!
%,2!#.)*-!$/./0
&"'"!(,12,+
!
'##"&$$"&&#%
!
!
("-$,!)'#,+)"#&'*'*%
&*-.-%'(*+,+,)"!$,(#"
A7B8@B>C"AB75<C<@?"=3C7B"
><5B@>35;<?<?9"@?"3"
F3B<7DI"@8"6<887B7?D"
>3D7B<3=C"<?5=E6<?9""
A=3CD<5C#">7D3=C#"9=3CC#"
57B3><5C#"7D5%"0EB"""
7=7F7?"6<887B7?D"DIA7C"""
@8"=3C7BC"3==@G"EC"G<67"
!7H<4<=<DI"D@"366B7CC"""
>3?I"3AA=<53D<@?C%"""
27"3=C@"67C<9?"3?6"
>3?E835DEB7"5ECD@>"""
=3C7B">35;<?7"D@@=C%"
&*-.-%'(*+,+,)"!$,(#"/@?D35D"C3=7C.A;@D@>35;<?<?9%5@>"
17=-"*&($++'$,,))"
274"C<D7-"GGG%A;@D@>35;<?<?9%5@>
"! #! &!
$! %! '!
$$!!"+'1/0.)%*!#%/(.!$,*10),+/!!*'-"),+(!%#$&! DDD#(*&.,-+(%)")%,'+,#1=;
% - - * ) & % 0 ) , + ! 1 . 0 / 1 2
2/?8<3@@!=4!A63!9/@3?%>?=13@@32!/?3/!1/<!
;/<<3?&!+<!>/?A71B9/?$!0=A6!09/18!/<2!193/?!
;/?8@!"$&%('#!"$!/A!?756A#!;/E!03!/1673C32&!
A?/<@>/?3<A!>9/@A71@!D7A6!/!'H;!9/@3?!1/<!
7<5!D7A6!?3%@=9727471/A7=<&!)=?!A63!9/AA3?$!7A!7@!
>=@@7093!A6/A!?7@3!7<!A3;>3?/AB?3!7<!A63!9/A3?!
>?=13@@!;/E!1/B@3!A63@3!;/?8@!A=!27@/>%
>3/?!74!A63!A3;>3?/AB?3!?3/163@!03E=<2!A63!
;39A7<5!>=7<A!=4!A63!16=@3<!>9/@A71!;/A3?7/9&!
+<!1=<A?/@A$!A63!/09/A7=<%53<3?/A32!;/?87<5!
D=B92!<=?;/99E!@B?C7C3!A63!/4A3?;/A6!=4!/!
>3?7=2!=4!3<6/<132!63/A7<5&!,3C3?A6393@@$!
A63!/09/A7=<%0/@32!;/?87<5$!=4A3<!/11=;%
7@!97839E!97<832!A=!@=;3!;=?3!@3C3?3!@A?B1%
AB?3!2/;/53!A=!A63!;/A3?7/9!/<2!A67@!D=B92!
/9@=!<=A!03!>?343??32&!-63?34=?3$!/!23971/A3!
C7C/093!2B?7<5!@3C3?3!63/A7<5!<332@!A=!03!
@=B56A!/A!93/@A!4=?!@=;3!@>317471!/>>971/%
033<!@B113@@4B99E!23C39=>32!7<!=B?!9/0=%
?/A=?E!A=D/?2@!@=9C7<5!A67@!7@@B3&
%'&)($!#"!4N8DGC=I!F>!D8HBAE?!8!
JH8EIG8H=EJ!63!GC8J=!JF!<A>>=H=EJ!<8HBE=II!
MAJ@!8!+(B5P$!+(EI$!*SD!C8I=H!AE;CK<=!
H8IJ=H!I;8EEAE?!"I==!C=>J%IA<=!8H=8I#!F>!
J@=!>F;KI=<!C8I=H!9=8D!MAJ@!,&.7!"8#$!-&1!
7!"9#$!/&-!7!";#$!8E<!0&1!7!"<#!8L=H8?=!
GFM=H!"H8IJ=HAE?!IG==<2!)(((DD'I$!CAE=!
I=G8H8JAFE2!,(SD$!8E<!J@H==!H=G=8J=<!
I;8EI!>FH!=8;@!;8I=#&!"=#!8E<!">#!I@FM!J@=!
GFIIA9ACAJO!F>!D8BAE?!=AJ@=H!<8HB!FH!;C=8H!
D8HBI!FE!J@=!I8D=!I8DGC=!J@HFK?@!C8I=H!
G8H8D=J=H!;FEJHFC&!48;@!GA;JKH=!D=8IKH=I!
8GGHFNAD8J=CO!*&(!T!)&/DD*&
"$!#%+'*$),(&+
,978!+44A>24D!! .<C!+3?<>=@9<;/256!9;!10+ .2>76!-;B6;@<>D
)+*&""#'$""%!(-01/./-,
"#$,)*.!%'*&$, 0'/+$%','-2!./2*%1!(.0!,.12!*-&3120*$+!+$1'0!1512',1!1)*//'&!4*2)*-!"#!).301
"! #!
"!$$ #!!%$
$!
NNN".0,4231.+/!/+2-12";FD! *'-"),+(!%#$&!!"+'1/0.)%*!#%/(.!$,*10),+/!!!!!!!!#$
% - - * ) & % 0 ) , + ! 1 . 0 / 1 2
6L9JLI>8;=!D8IBAE?!F>!KI8EJG8I=EK!GC8J%
KA;J!AJ!8;@A=M89C=!NAK@!8!GLCJ=<!*VD!C8J=I&!
7@AJ!EFID8CCP!I=HLAI=J!8!?FF<!;FEKIFC!F>!K@=!
C8J=I!9=8D!>F;LJ!GFJAKAFE&!&('+)%!"8!J@FNJ!
9FK@!K@=!>IFEK!8E<!K@=!98;B!JLI>8;=J!F>!K@=!
J8DGC=!8I=!AEK8;K&
2AE=!;LKKAE?!FI!<IACCAE?!F>!GC8JKA;J$!>89IA;J$!
8E<!M8IAFLJ!G8G=IJ!8I=!8CJF!GFJJA9C=!LJAE?!
GLCJ=<!*VD!C8J=IJ&!&('+)%*!"#!8E<!"$!J@FN!
>FF<!NI8G!>ACD&
7F!JLDD8IAQ=$!FGKA;8C!89JFIGKAFE!F>!D8EP!
GC8JKA;!D8K=IA8CJ!8IFLE<!K@=!*VD!N8M=C=E?K@!
GIFMA<=J!M=IJ8KAC=!8E<$!AE!JFD=!;8J=J$!8CJF!
LEAHL=!FGGFIKLEAKA=J!>FI!C8J=I!GIF;=JJAE?!AE!
K@AJ!JG=;KI8C!I=?AFE&!7I8EJG8I=EK!8E<!EFE%
NAK@FLK!FI!NAK@!89JFI9AE?!8<<AKAM=J!;8E!9=!
C8J=I!GIF;=JJAE?!G8I8D=K=IJ&
89C=$!8J!N=CC!8J!K@=AI!AEK=?I8K=<!JPJK=DJ$!8!
AE?!J;@=D=J!D8P!9=!<=M=CFG=<!8IFLE<!K@=!
*VD!JG=;KI8C!NAE<FN$!N@A;@!AE!8!9IF8<=I!
*&,VD!JG=;KI8C!I=?AFE!AE!K@=!=EKAI=!=OAJKAE?!
C8J=I!D8K=IA8C!GIF;=JJAE?!>A=C<&!!!
(%!7%!4HPJ!DPG!>%!7LDPJ$!\3LEHT!NDUHTU/!?KH!)!bO!ODTMHV!KHDVU!
WR$]!&25.*4!"!'-1510.*4!%,74$!*+^+(!"7WN&1WJ%!)'(+#0!UHH!
KVVR/&&ELV%N[&(>+SM*4%
)%!>HH!KVVR/&&ELV%N[&(>+Q;(R%
*%!>HH!KVVR/&&ELV%N[&(=@6S6H%
+%!>HH!KVVR/&&ELV%N[&(=1UJA[%
,%!?%!5QWNV$!\@PGHTUVDPGLPJ!RTQFHUULPJ!YLVK!VKWNLWO!ILEHT!
NDUHTU$]!#0+6453.)/!$)4,3!(1/65.104!"9QX%!).$!)'(*#0!UHH!KVVR/&&
ELV%N[&(BFCP<Z%
-%!>HH!KVVR/&&ELV%N[&(8;X,>4%
.%!>HH!KVVR/&&ELV%N[&)'(*X@2%
,&")()($!-%+!"B3?([email protected]?1;39>84/=&/97#!.80!
*%&#&(!'&"($!"=54.82([email protected]?1;39>84/=&/97#!.<1!A4>3!
)0,.6?1!*39>984/=$!+?/=98$!)-'!AAA&[email protected]?1;39%
>984/=&/97&
%'&)($!#"!2F4DFC8357!?3C=<@9!A8!3!(??%E;<5=!EC3@D>F57@E!11!"3#,!>3D7C%5FE$!*'L?%E;<5=!
0-1.!E;<@!8<>?D!"4#,!3@6!3!?<5CA%;A>7!3CC3H!6C<>>76!<@!3!('L?%E;<5=!8AA6!GC3B!8<>?!"5#$!3>>!
FD<@9!3!(+'@D$!)'=/I$!)L?!>3D7C&