Fbgbkl_jkl\h h[jZah\ZgbyJhkkbckdhcN_^_jZpbb
LZf[h\kdbc]hkm^Zjkl\_ggucl_ogbq_kdbcmgb\_jkbl_l
B:>VYDH<
KO?FHL?...
129 downloads
183 Views
2MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
Fbgbkl_jkl\h h[jZah\ZgbyJhkkbckdhcN_^_jZpbb
LZf[h\kdbc]hkm^Zjkl\_ggucl_ogbq_kdbcmgb\_jkbl_l
B:>VYDH<
KO?FHL?OGBD: We_dljhggh_mq_[gh_ihkh[b_
^eyklm^_glh\ dmjkZ^g_\gh]hhl^_e_gbyki_pbZevghklb
M>D ;;Da >
>vydh\B:
LZf[h\ Ba^Zl_evkl\hL=LM
J_p_ga_gl DZg^b^Zll_ogbq_kdbogZmd :?;hyjbgh\
> Ko_fhl_ogbdZMq_[ihkh[b_LZf[h\Ba^\hLZf[]hkl_ogmglZk ,6%1
Mq_[gh_ ihkh[b_ khklhbl ba ^\mo hkgh\guo qZkl_c ]^_ jZkkfZljb\Zxlky dhgljhevghbaf_jbl_evgZy ZiiZjZlmjZ b dhfihg_glu fbdjhijhp_kkhjguo kbkl_f < i_j\hc jZkkfhlj_gu hkgh\u ihkljh_gby baf_jbl_evguo ijb[hjh\ fmevlbf_ljh\ b we_dljhgguohkpbeeh]jZnh\ b f_lh^uijh\_^_gbybaf_j_gbc \fbdjhijhp_kkhjguokbkl_fZo
M>D ;;Da LZf[h\kdbc ]hkm^Zjkl\_gguc l_ogbq_kdbcmgb\_jkbl_lL=LM
,6%1
>vydh\B:
<>?GB?
Fbdjhijhp_kkhjgZyl_ogbdZbf__lrbjhdh_jZkijhkljZg_gb_b ijbf_gy_lkyijZdlbq_kdb\h\k_oh[eZklyoq_eh\_q_kdhc^_yl_evghklb< aZ\bkbfhklb hlmkeh\bcwdkiemZlZpbbb gZagZq_gbyfbdjhijhp_kkhjgu_kbkl_fufh]mlhq_gv kbevghhlebqZlvky^jm]hl^jm]Zb ihwe_f_glghc[Za_b ih]Z[ZjblgufjZaf_jZfb ih ko_fhl_ogbd_H^gZdh_klvg_dhlhju_hkgh\hiheZ]Zxsb_ijbgpbiuh[t_^bgyxsb_ fbdjhijhp_kkhjgu_kbkl_fuex[h]hgZagZq_gby
BFIMEVKU< FBDJHIJHP?KKHJGUOKBKL?F:OB BO I:J:F?LJU < fbdjhijhp_kkhjguokbkl_fZobgnhjfZpbyi_j_^Z_lkykb]gZeZfbk ^\mfymklhcqb\ufbkhklhygbyfb± mjh\g_f eh]bq_kdhc_^bgbpu b mjh\g_feh]bq_kdh]hgmeyDZ`^hfmeh]bq_kdhfmmjh\gx khhl\_lkl\m_lhij_^_e_gguc ^bZiZahggZijy`_gbcWlhl^bZiZahgaZ\bkblhll_ogheh]bbba]hlh\e_gbyfbdjhko_fb hliblZxs_]hgZijy`_gby< ijhp_kk_i_j_^ZqbbgnhjfZpbbeh]bq_kdb_mjh\gbbaf_gyxlkyqlhijb\h^bld ihy\e_gbxbfimevkh\>jm]bfb keh\Zfbex[Zyfbdjhijhp_kkhjgZykbkl_fZijbgZ^e_`bld deZkkmbfimevkghcl_ogbdbIhwlhfmjZkkfhljbf ih^jh[g__ihgylb_bfimevkguokb]gZeh\b booZjZdl_jbklbdb D bfimevkgufkb]gZeZf\ h[s_fkemqZ_ijbgylhhlghkblvjZaebqgu_we_dljbq_kdb_kb]gZeu± i_jbh^bq_kdb_b g_i_jbh^bq_kdb_hlebqgu_ihnhjf_hlkb]gZeh\kbgmkhb^Zevguo >@ Nhjfmbfimevkh\^eym^h[kl\Zij_^klZ\eyxl[ebadbfbih\b^m]_hf_ljbq_kdbfbnb]mjZfbBfimevkgZy l_ogbdZhi_jbjm_lk ijyfhm]hevgufbljZi_p_b^Zevgufblj_m]hevgufbibehh[jZagufbklmi_gqZlufbb ^jm]bfb \b^Zfbbfimevkh\>eyijZdlbdbgZb[hevr__agZq_gb_bf_xlijyfhm]hevgu_bfimevkuIhgylb_ ³ijyfhm]hevguc bfimevk´ b^_Zebabjh\Zggh_NhjfZghjfZevgh]hbfimevkZihdZaZgZgZjbk
JbkNhjfZb iZjZf_ljubfimevkgh]hkb]gZeZ IZjZf_lju bfimevkh\ ih^jZa^_eyxl gZ we_dljbq_kdb_ b \j_f_ggu_ Mjh\_gv \ukhdh]h
gZijy`_gby h[hagZqZxl X gbadh]h ± X :fieblm^Z 8: oZjZdl_jbam_l gZb[hevr__ ba f]gh\_gguo agZq_gbchlghkbl_evghgZqZevgh]hmjh\gy< ^ebl_evghklvj_Zevgh]hbfimevkZ\oh^bl\j_fynjhglZ
Wn b kj_aZ Wkj GZ ijZdlbd_ ^ebl_evghklv njhglZ b kj_aZ hij_^_eyxl k ihfhsvx hkpbeeh]jZnZ Mkeh\gh kqblZxl \j_fy baf_g_gby gZijy`_gby bfimevkZ hl 8: beb hl 8: ^h 8: Wlh k\yaZgh kh keh`ghklvx hij_^_e_gby m j_Zevgh]h bfimevkZ fhf_glZ gZqZeZ b dhgpZ ijhp_kkZ <
kijZ\hqghc ebl_jZlmj_ fh`gh \klj_lblv l_jfbgu ³djbl_jbb njhglZ´ b ³djbl_jbb kj_aZ´ Gb`_ ijb\_^_gunhjfmeu³djbl_jbynjhglZ´Dn b ³djbl_jbykj_aZ´Dk .N 8$8$ WN 8$WN
.kj 8$8$ Wkj 8$WN
><fdk@
><fdk@
:dlb\gmx ^ebl_evghklv WX hlkqblu\Zxl gZ mjh\g_ 8$ Ijb jZkkfhlj_gbb ijhp_kkh\
]_g_jbjh\Zgbyb nhjfbjh\Zgbybfimevkh\^ebl_evghklvnjhglZb kj_aZg_mqblu\Zxl
Bfimevkuke_^mxsb_\ hij_^_e_gghfihjy^d_h[jZamxlbfimevkgmxihke_^h\Zl_evghklv<
i_jbh^bq_kdhcihke_^h\Zl_evghklbbfimevkub iZmauf_`^mgbfbh^bgZdh\uKmffZ^ebl_evghkl_c bfimevkZWX b iZmauWi hij_^_eyxli_jbh^ke_^h\Zgb_7 jbk >ebl_evghklbWX b Wi \ pbnjh\hc
l_ogbd_fh`ghaZf_gblvgZWb W ± ^ebl_evghklb_^bgbqgh]hb gme_\h]hmjh\gyH[jZlgZy\_ebqbgZ I 7 oZjZdl_jbam_lqZklhlmke_^h\Zgbybfimevkh\
JbkNhjfZb^_Zevghcihke_^h\Zl_evghklbbfimevkh\
>ey oZjZdl_jbklbdb i_jbh^bq_kdhc ihke_^h\Zl_evghklb bkihevamxl ^hihegbl_evgu_
iZjZf_lju 4 7WX ± kd\Z`ghklv bfimevkh\ J WX7 ± dhwnnbpb_gl aZiheg_gby I_jbh^bq_kdmx ihke_^h\Zl_evghklvm dhlhjhcWX Wil_4 gZau\Zxlf_Zg^jhf
HKGH
< ijhp_kk_wdkiemZlZpbbfbdjhijhp_kkhjguokbkl_fg_j_^dhijboh^blkybaf_jylvbowe_dljbq_kdb_iZjZf_lju >eybaf_j_gbykem`ZljZaebqgu_ijb[hjuDZ`^ucijb[hjbf__lk\hbf_ljheh]bq_kdb_oZjZdl_jbklbdbmdZaZggu_ \ ^hdmf_glZpbbd g_fmIhwlhfm\ baf_j_gguok ihfhsvxijb[hjh\agZq_gbyo^he`gumqblu\Zlvky oZjZdl_jbklbdbkZfh]hijb[hjZbeb^jm]bfbkeh\Zfbih]j_rghklvijb[hjZIh]j_rghklbijb[hjZ± ihdZau\Zxl kl_i_gvjZkoh`^_gby ihdZaZgbcijb[hjZb bklbggh]hagZq_gbybaf_jy_fhc\_ebqbgu>@< khhl\_lkl\bbk =HKL hij_^_e_guke_^mxsb_\b^uih]j_rghkl_cZ[khexlgZyhlghkbl_evgZyb ijb\_^_ggZyJZkkfhljbfbo ih^jh[g__
:[khexlgZy ih]j_rghklvijb[hjZij_^klZ\ey_lkh[hcjZaghklvf_`^mihdZaZgb_fijb[hjZb
bklbggufagZq_gb_fbaf_jy_fhc\_ebqbgu?_jZkkqblu\Zxlihnhjfme_ '[I [I [
]^_ [I ± ihdZaZgb_ ijb[hjZ o ± bklbggh_ agZq_gb_ baf_jy_fhc \_ebqbgu LZdbf h[jZahf fu hij_^_ey_fgZkdhevdh[hevr_bebf_gvr_ihdZaZggh_ijb[hjhfagZq_gb_
Hlghkbl_evgmx ih]j_rghklvijb[hjZjZkkqblu\ZxldZdhlghr_gb_Z[khexlghcih]j_rghklb
d bklbgghfmagZq_gbxbaf_jy_fhc\_ebqbguih nhjfme_
GI '[I [
Hlghkbl_evgmxih]j_rghklvh[uqgh\ujZ`Zxl\ ijhp_glZoHkgh\ghcijh[e_fhc\uqbke_gbcih]j_rghkl_c y\ey_lkyagZgb_bklbggh]hagZq_gbybaf_jy_fhc\_ebqbguH[uqgh^ey jZkq_lZih]j_rghkl_cijb[hjh\ bkihevamxl__ ^_ckl\bl_evgh_ agZq_gb_
Ijb\_^_ggZy ih]j_rghklv ijb[hjZ ± wlh \ujZ`_ggh_ \ ijhp_glZo hlghr_gb_ Z[khexlghc
ih]j_rghklbijb[hjZd ghjfbjmxs_fmagZq_gbx
J '[I O1
Ghjfbjmxsbf agZq_gb_f O1 y\ey_lky mkeh\gh ijbgylh_ agZq_gb_ < [hevrbgkl\_ kemqZ_\ \
dZq_kl\_ghjfbjmxs_]hagZq_gby\u[bjZxl\_jogxx]jZgbpm^bZiZahgZbaf_j_gbc
Mkeh\by wdkiemZlZpbb ijb[hjh\ \_kvfZ jZaebqgu Wlh fh]ml eZ[hjZlhjgu_ hnbkgu_
mkeh\by Ijb[hj fh`_l wdkiemZlbjh\Zlvky gZijbf_j \ mebqguo beb p_oh\uo ijhba\h^kl\_gguo mkeh\byo k \ukhdhc kl_i_gvx Z]j_kkb\ghklb hdjm`Zxs_c kj_^u Ih]j_rghklv baf_j_gbc h^gh]h b
lh]h `_ ijb[hjZ gh \ jZaebqguo mkeh\byo wdkiemZlZpbb fh`_l hlebqZlvky < aZ\bkbfhklb hl mkeh\bcijbf_g_gbybaf_jbl_evguoijb[hjh\boih]j_rghklb^_eylgZhkgh\gu_ \hagbdZxsb_ijb bkihevah\Zgbb ijb[hjh\ \ ghjfZevguo mkeh\byo b ^hihegbl_evgu_ \hagbdZxsb_ \ j_amevlZl_ hldehg_gbyagZq_gbyh^ghcba\ebyxsbo\_ebqbghdjm`Zxs_ckj_^uhlghjfZevgh]hagZq_gby
H[h[s_gghc oZjZdl_jbklbdhc hij_^_ey_fhc ij_^_eZfb ^himkdZ_fuo hkgh\guo b
^hihegbl_evguoih]j_rghkl_cy\ey_lkydeZkklhqghklb ijb[hjZ< khhl\_lkl\bbk =HKL± \k_fbaf_jbl_evgufijb[hjZfijbk\Zb\Z_lkykhhl\_lkl\mxsbcdeZkklhqghklb
Ijb h[jZ[hld_ j_amevlZlh\ baf_j_gbc \Z`gh mqblu\Zlv hldehg_gb_ agZq_gbc kZfhc
ih]j_rghklbb ij_^_eh\hldehg_gbyIj_^_eu^himkdZ_fhchkgh\ghcih]j_rghklb\ujZ`Zxl\ \b^_ Z[khexlghc hlghkbl_evghc beb ijb\_^_gghc ih]j_rghklb NhjfZ ij_^klZ\e_gby ih]j_rghklb
aZ\bkblhloZjZdl_jZbaf_g_gbyih]j_rghklb\ ^bZiZahg_baf_j_gbcZ lZd`_hlmkeh\bcijbf_g_gby baf_jbl_evgh]hijb[hjZDeZkklhqghklbijb[hjZhij_^_ey_lkyij_^_eZfbih]j_rghkl_c
Ij_^_eu^himkdZ_fuohkgh\guoih]j_rghkl_chij_^_eyxlky h^gbfbebg_kdhevdbfbkeZ]Z_fufb Z[khexlghcih]j_rghklb hlghkbl_evghcih]j_rghklb
GI
'[I [ rD beb '[I [ rD E[I
r '[I [I bebGI r>F G _[. [I_ @
]^_ D b E ± iheh`bl_evgu_ qbkeZ g_ aZ\bkysb_ hl ihdZaZgbc ijb[hjZ F b G ± ihklhyggu_
iheh`bl_evgu_ qbkeZijhihjpbhgZevgu_ih]j_rghklb \hlghkbl_evguoagZq_gbyoo.± dhg_qgh_ agZq_gb_^bZiZahgZbaf_j_gbc ijb\_^_gghcih]j_rghklb
]^_O1 ± ghjfbjmxs__agZq_gb_
J r [I ;1
Ghjfbjmxs__agZq_gb_ijbjZkq_l_ijb\_^_gghcih]j_rghklbijbgbfZxlagZq_gby\_jog_c]jZgbpu^bZiZahgZ baf_j_gbc^eyijb[hjh\k gme_\hc hlf_ldhc\ gZqZe_rdZeukmffugb`g_]hb \_jog_]h]jZgbqguoagZq_gbc ^bZiZahgZijb[hjh\k gme_\hchlf_ldhc\gmljbrdZeubeb\k_]h^bZiZahgZbaf_j_gbcijb[hjh\k eh]Zjbnfbq_kdhcbeb]bi_j[hebq_kdhcrdZehc
< kemqZ_ jZ\_gkl\Z Z[khexlghc b ijb\_^_gghc ih]j_rghklb ijb[hjZ \h \k_f ^bZiZahg_
baf_j_gbcdeZkklhqghklb\u[bjZxl\ khhl\_lkl\bbk =HKL±bake_^mxs_]hjy^Zqbk_e
QQQQQQ Q]^_Q
± ± DeZkklhqghklbijb[hjZ\
wlhf kemqZ_ \ujZ`Zxl h^gbf qbkehf khhl\_lkl\mxsbf hkgh\ghc ijb\_^_gghc ih]j_rghklb \h \k_f^bZiZahg_baf_j_gbcijb[hjZ
>ey baf_jbl_evguo ijb[hjh\ ij_^_eu hkgh\guo ^himkdZ_fuo ih]j_rghkl_c dhlhjuo
jZkkqblu\Zxlihnhjfme_ deZkklhqghklbh[hagZqZxlhlghr_gb_fk b G
DeZkkulhqghklbbaf_jbl_evgufijb[hjZfijbk\Zb\Zxlijb \uimkd_k aZ\h^Zba]hlh\bl_eybebihj_amevlZlZf boih\_jdb Baf_jy_fZy\_ebqbgZfh`_l[ulvihklhygghc\h\j_f_gbbebbaf_gylvkyk l_q_gb_f\j_f_gbKhhl\_lkl\_ggh kms_kl\m_lih]j_rghklvbaf_jbl_evgh]hijb[hjZklZlbq_kdZyb ^bgZfbq_kdZyKlZlbq_kdZyih]j_rghklv \uqbkey_lkyihjZkkfhlj_gguf\ur_nhjfmeZf: ^bgZfbq_kdZyih]j_rghklv\uqbkey_lkydZdjZaghklvf_`^m
ih]j_rghklvx\ ^bgZfbq_kdhfj_`bf_b klZlbq_kdhcih]j_rghklvxkhhl\_lkl\mxs_c agZq_gbx \_ebqbgu\ ^Zggucfhf_gl\j_f_gbWL
H^gbfbahkgh\guoiZjZf_ljh\dZ`^h]hijb[hjZy\ey_lky_]hqm\kl\bl_evghklv\uqbkey_fZy
dZd hlghr_gb_ baf_g_gby kb]gZeZ gZ \uoh^_ ijb[hjZ d baf_g_gbx baf_jy_fhc \_ebqbgu Qm\kl\bl_evghklv ijb[hjh\ \ujZ`Zxl \ Z[khexlghf b hlghkbl_evghf \b^_ :[khexlgZy qm\kl\bl_evghklv hij_^_ey_lkyhlghr_gb_f Z hlghkbl_evgZy
6: O
62 GO
]^_ O
?s_ h^gbf \Z`guf iZjZf_ljhf ijb[hjZ y\ey_lky p_gZ ^_e_gby rdZeu \uqbkey_fZy dZd
jZaghklv agZq_gbc \_ebqbg khhl\_lkl\mxsbo ^\mfy khk_^gbf hlf_ldZf rdZeu ijb[hjZ >jm]hc f_lh^ \uqbke_gby p_gu ^_e_gby rdZeu ijb[hjZ gZb[he__ qZklh ijbf_gy_fuc gZ ijZdlbd_ aZdexqZ_lky\ ^_e_gbbij_^_eZbaf_j_gbcijb[hjZgZij_^_evgh_agZq_gb_rdZeubaf_j_gbc
K l_q_gb_f\j_f_gbf_ljheh]bq_kdb_k\hckl\Zijb[hjZbaf_gyxlkyb \ebyxlgZih]j_rghklb
baf_j_gbc DZq_kl\h hljZ`Zxs__ g_baf_gghklv \h \j_f_gb _]h f_ljheh]bq_kdbo k\hckl\ oZjZdl_jbam_lkyklZ[bevghklvxbaf_jbl_evgh]hijb[hjZ
Hrb[db\ wdkiemZlZpbbijb\h^yld \dexq_gbxijb[hjZ^eybaf_j_gby\_ebqbg[hevrboq_f
ghfbgZevgu_ Kihkh[ghklv ijb[hjZ hij_^_e_ggh_ \j_fy \u^_j`b\Zlv gZ]jmadb ij_\urZxsb_
^himklbfu_ oZjZdl_jbam_lky _]h i_j_]jmahqghc kihkh[ghklvx Ijb wlhf baf_g_gby \ dhgkljmdpbb ijb[hjZ g_ ^he`gu ghkblv hklZlhqguc oZjZdl_j >ey hij_^_e_gby i_j_]jmahqghc kihkh[ghklb ijb[hjZ_]hih^\_j]ZxlbkiulZgbyfihke_ba]hlh\e_gby gZaZ\h^_\ khhl\_lkl\bb kghjfZlb\gufb lj_[h\Zgbyfb
Klj_ehqgu_ ijb[hju ^hihegbl_evgh oZjZdl_jbamxlky ijh^he`bl_evghklvx mklZgh\e_gby
ihdZaZgbc baf_jy_fhc hl fhf_glZ gZqZeZ baf_g_gby \_ebqbgu ^h fhf_glZ dh]^Z Zfieblm^Z dhe_[Zgbc ih^\b`ghcqZklbklZg_lg_[he__Z[khexlghcih]j_rghklbijb[hjZ
>ey pbnjh\uo ijb[hjh\ ghjfbjm_lky ijh^he`bl_evghklv baf_j_gby qZklhlZ hijhkZ WlZ
oZjZdl_jbklbdZ hij_^_ey_lky k fhf_glZ gZqZeZ baf_g_gby \_ebqbgu beb gZqZeZ pbdeZ baf_j_gbc
h^ghc b lhc `_ \_ebqbgu ^h fhf_glZ ij_^klZ\e_gby j_amevlZlZ baf_j_gbc k ghjfbjh\Zgghc ih]j_rghklvxgZbg^bdZlhjZoijb[hjZ
DZ`^uc ijb[hj \dexqZ_fuc \ p_iv ^ey baf_j_gbc ihlj_[ey_l qZklv fhsghklb ko_fu
Fhsghklv ihlj_[ey_fZy baf_jbl_evguf ijb[hjhf ba p_ib \ [hevrbgkl\_ kemqZ_\ fZeZ gh ijb baf_j_gbb \_ebqbg \ fZehfhsguo baf_jbl_evguo p_iyo
\ke_^kl\b_ ihlj_[e_gby fhsghklb
ijb[hjhf fh`_l baf_gblvky j_`bf jZ[hlu p_ib qlh ijb\_^_l d ^hihegbl_evguf ih]j_rghklyf baf_j_gbc H^gbf ba lj_[h\Zgbc d baf_jbl_evguf
ijb[hjZf y\ey_lky fZeh_ kh[kl\_ggh_
ihlj_[e_gb_ fhsghklb Wlh ^hklb]Z_lky m\_ebq_gb_f khijhlb\e_gby \oh^guo p_i_c ijb[hjZ GZbf_gvrb_bkdZ`_gby\ghkylpbnjh\u_ijb[hjuh[eZ^Zxsb_\ukhdbf\oh^gufkhijhlb\e_gb_f
Ijb[hj ^he`_g wdkiemZlbjh\Zlvky \ l_q_gb_ hij_^_e_ggh]h \j_f_gb b ijb wlhf khojZgylv
k\hb ghjfbjh\Zggu_ oZjZdl_jbklbdb l_ h[eZ^Zlv gZ^_`ghklvx Hkgh\gufb djbl_jbyfb gZ^_`ghklb ijb[hjh\ y\eyxlky \_jhylghklv [_ahldZaghc jZ[hlu b kj_^gyy ijh^he`bl_evghklv
[_ahldZaghcjZ[hlu<_jhylghklv[_ahldZaghcjZ[hluhij_^_ey_lky\_jhylghklvxhlkmlkl\byhldZah\ ijb[hjZ \ l_q_gb_ hij_^_e_ggh]h ijhf_`mldZ \j_f_gb Kj_^gyy ijh^he`bl_evghklv [_ahldZaghc jZ[hluhij_^_ey_lkyhlghr_gb_fijh^he`bl_evghklb[_ahldZaghcjZ[hluijb[hjZd qbkem hldZah\ aZwlh\j_fy
DZ`^ucijb[hjhlghkblkyd hij_^_e_gghfmdeZkkmihjZaebqgufijbagZdZfFujZkkfZljb\Z_fijb[hju baf_jyxsb_lhevdhwe_dljbq_kdb_kb]gZeuDeZkkijb[hjZfh`ghhij_^_eblvihmkeh\gufh[hagZq_gbyflZ[e Ijb[hj
FZ]gblhwe_dljbq_kdbcijb[hj kih^\b`gufbjZfdZfb
LZ[ebpZ
Mkeh\gh_ h[hagZq_gb_
We_dljhfZ]gblgucijb[hj eh]hf_ljk ih^\b`gufbjZfdZfb We_dljhfZ]gblguc ijb[hj
We_dljhfZ]gblguc eh]hf_lj
We_dljhfZ]gblguciheyjbaZpbhggucijb[hj We_dljh^bgZfbq_kdbcijb[hj
We_dljh^bgZfbq_kdbceh]hf_lj N_jjh^bgZfbq_kdbcijb[hj
N_jjh^bgZfbq_kdbceh]hf_lj Bg^mdpbhggucijb[hj
L_ieh\hcijb[hjk gZ]j_\Z_fhcijh\hehdhc We_dljhklZlbq_kdbcijb[hj
We_dljhggucij_h[jZah\Zl_ev\ baf_jbl_evghcp_ib
>h[Z\hqgh_khijhlb\e_gb_ AZ`bf^eyaZa_fe_gby
5[
Dhjj_dlhj
Ijb[hjijbf_gylvijb\_jlbdZevghfiheh`_gbbrdZeu
Ijb[hjijbf_gylvijb]hjbahglZevghf iheh`_gbbrdZeu
Ijb[hj ijbf_gylv ijb gZdehghf iheh`_gbb rdZeu gZijbf_j ih^ m]ehfh hlghkbl_evgh]hjbahglZevghciehkdhklb
R
Baf_jbl_evgZyp_ivbahebjh\ZgZhldhjimkZb bkiulZgZgZijy`_gb_f ij_\urZxsbf<gZijbf_jd< Ihklhygguclhd
I_j_f_gguch^ghnZaguc lhd Ihklhyggucb i_j_f_gguclhd
LjzonZaguclhdh[s__gZagZq_gb_
Mkeh\gu_h[hagZq_gbygZghkbfu_gZwe_dljhbaf_jbl_evgu_ ijb[hjuhij_^_e_gu\ =HKL±
F?LH>UB IH=J?RGHKLBBAF?J?GBC
AgZgbyijbgpbih\jZ[hlubaf_jbl_evguoijb[hjh\b ijb_fh\bkihevah\Zgbywlboijbgpbih\_klvkmlvf_lh^h\ baf_j_gbcJ_amevlZlubaf_j_gbcfh]ml[ulvihemq_guijyfufbebdhk\_ggufkihkh[hf
?keb bkdhfh_ agZq_gb_ \_ebqbgu gZoh^yl g_ihkj_^kl\_ggh ba hiulguo ^Zgguo gZijbf_j
baf_jyylhdZfi_jf_ljhfgZijy`_gb_± \hevlf_ljhflhlZdb_baf_j_gbykqblZxlijyfufb
< l_o kemqZyo dh]^Z agZq_gb_ \_ebqbgu gZoh^yl gZ hkgh\Zgbb ba\_klguo aZ\bkbfhkl_c
f_`^mbkdhfhc\_ebqbghcb \_ebqbgZfbih^\_j]Z_fufbijyfuf baf_j_gbyf]h\hjylh dhk\_gghf
baf_j_gbb Ijbf_ju dhk\_gguo baf_j_gbc ± wlh hij_^_e_gb_ khijhlb\e_gby beb fhsghklb ih baf_j_ggufagZq_gbyflhdZb gZijy`_gby
< l_ogbd_ baf_j_gbc ijbf_gyxl ihgylby kh\hdmiguo b kh\f_klguo baf_j_gbc < i_j\hf
kemqZ_ h^gh\j_f_ggh baf_jyxl g_kdhevdh h^ghbf_gguo \_ebqbg AZl_f ih ba\_klguf mjZ\g_gbyf gZoh^yl j_amevlZl IZjZf_lju mjZ\g_gbc ihemqZxl ijyfufb baf_j_gbyfb ?keb kms_kl\m_l
g_h[oh^bfhklv hij_^_e_gby aZ\bkbfhklb f_`^m g_kdhevdbfb g_h^ghbf_ggufb gZijbf_j
jZaebqgufb \ nbabq_kdhf ieZg_ \_ebqbgZfb lh bkihevamxl kh\f_klgu_ baf_j_gby J_amevlZlu kh\f_klguobaf_j_gbclZd`_gZoh^ylih^Zggufihemq_ggufijyfufbbaf_j_gbyfbwlbo\_ebqbg
JZkkfhljbf l_i_jv f_lh^u baf_j_gbc KljmdlmjgZy ko_fZ f_lh^h\ ijb\_^_gZ gZ jbk
Fh`gh \u^_eblv ^\Z hkgh\guo deZkkZ f_lh^h\ ± g_ihkj_^kl\_gghc hp_gdb b kjZ\g_gby
F_lh^u G_ihkj_^kl\_gghc hp_gdb
f_lh^h\
bf__l g_kdhevdh jZagh\b^ghkl_c
KjZ\g_gbyf_jhc
Ijhlb\hihklZ\e_gby
>bnn_j_gpbZevguc
Gme_\hc AZf_s_gby
Jbk F_lh^ubaf_j_gbc
aZdexqZ_lky \ lhf qlh agZq_gb_ \_ebqbgu
hij_^_ey_fuo
^_ckl\b_f Kh\iZ^_gby
gZ^
kjZ\gb\Z_fufb
\_ebqbgZfb
F_lh^
g_ihkj_^kl\_gghc hp_gdb
hij_^_eyxl ih rdZe_ hlkq_lghfm mkljhckl\m
baf_jbl_evgh]h ijb[hjZ ijyfh]h ^_ckl\by Ijb bkihevah\Zgbb wlh]h f_lh^Z \ baf_jbl_evghf ijb[hj_ ijhbkoh^bl ijyfh_ hl \oh^Z d \uoh^m ij_h[jZah\Zgb_ baf_jy_fhc \_ebqbgu < dZq_kl\_ ijbf_jZfh`ghijb\_klbbaf_j_gb_gZijy`_gbyijbihfhsbwe_dljhf_oZgbq_kdh]h\hevlf_ljZ
F_lh^ kjZ\g_gby f_lh^ kjZ\g_gby k f_jhc khklhbl \ lhf qlh baf_jy_fmx \_ebqbgm
kjZ\gb\Zxl k \_ebqbghc f_jhc Ijbf_jhf f_lh^Z kjZ\g_gby y\ey_lky baf_j_gb_ khijhlb\e_gby
ijb ihfhsb fhklZ F_lh^ kjZ\g_gby bf__l ke_^mxsb_ jZagh\b^ghklb f_lh^ ijhlb\hihklZ\e_gby ^bnn_j_gpbZevguc
gme_\hc
aZf_s_gby
b
kh\iZ^_gbc
Ijb
baf_j_gbb
f_lh^hf
ijhlb\hihklZ\e_gbc baf_jy_fZy\_ebqbgZb \_ebqbgZf_jZh^gh\j_f_ggh\ha^_ckl\mxlgZijb[hj
kjZ\g_gbyijbihfhsbdhlhjh]hmklZgZ\eb\Z_lkykhhlghr_gb_f_`^mgbfbIjb^bnn_j_gpbZevghf
f_lh^_ gZ baf_jbl_evguc ijb[hj \ha^_ckl\m_l jZaghklv baf_jy_fhc \_ebqbgu b ba\_klghc \_ebqbgu Gme_\hc
f_lh^ wlh f_lh^ kjZ\g_gby k f_jhc ijb dhlhjhf j_amevlbjmxsbc wnn_dl
\ha^_ckl\by h[hbo \_ebqbg gZ ijb[hj kjZ\g_gby ^h\h^yl ^h gmey l_ h^gZ \_ebqbgZ iheghklvx dhfi_gkbjm_l ^jm]mx ?keb
baf_jy_fmx \_ebqbgm aZf_sZxl ba\_klghc \_ebqbghc
\hkijhba\h^bfhc f_jhc lZdhc f_lh^ baf_j_gby gZau\Zxl f_lh^hf aZf_s_gby F_lh^ kh\iZ^_gbc
aZdexqZ_lky \ lhf qlh jZaghklv f_`^m baf_jy_fhc \_ebqbghc b\_ebqbghc \hkijhba\h^bfhc
f_jhc baf_jyxl bkihevamy kh\iZ^_gby hlf_lhd rdZe beb i_jbh^bq_kdbo kb]gZeh\ GZb[hevr__ jZkijhkljZg_gb_ wlhlf_lh^ihemqbe ijbbaf_j_gbb g_we_dljbq_kdbo\_ebqbg
K lhqdbaj_gbyijZdlbq_kdh]hijbf_g_gby[hevr__ jZkijhkljZg_gb_ ihemqbe f_lh^g_ihkj_^kl\_gghchp_gdb dZd[he__ijhklhcb f_g__aZljZlguc< lh\j_fydZdf_lh^kjZ\g_gby^Z_lf_gvrb_ih]j_rghklbbaf_j_gbcgh lj_[m_l[hevrboaZljZl
GZebqb_ [hevrh]h qbkeZ f_lh^h\ ihdZau\Z_l bo g_kh\_jr_gkl\h Mqblu\Zy km[t_dlb\ghklv
hp_ghdijbijh\_^_gbbbaf_j_gbcih]j_rghklbijb[hjh\b ^jm]b_nZdlhjufh`gh]h\hjblvh lhf qlh j_amevlZlu baf_j_gbc hlebqZxlky hl bklbgguo agZq_gbc Ke_^h\Zl_evgh kms_kl\m_l ih]j_rghklv baf_j_gby l_ hldehg_gb_ j_amevlZlZ baf_j_gby hl bklbggh]h agZq_gby baf_jy_fhc \_ebqbgu
Ih]j_rghklv baf_j_gbc hij_^_eyxl \ _^bgbpZo baf_jy_fhc \_ebqbgu Z[khexlgZy beb \
ijhp_glZo ^heyo hl bklbggh]h agZq_gby baf_jy_fhc \_ebqbgu hlghkbl_evgZy :[khexlgZy
ih]j_rghklvbaf_j_gby 'o hij_^_ey_lkyihnhjfme_ dZd jZaghklvf_`^magZq_gb_f\_ebqbgu ihemq_gguf\ j_amevlZl_ baf_j_gbyob bklbggufagZq_gb_fbaf_jy_fhc\_ebqbguob 'o [ ob
Hlghkbl_evgZy ih]j_rghklv baf_j_gby G ij_^klZ\ey_l kh[hc
hlghr_gb_ Z[khexlghc
ih]j_rghklbbaf_j_gbyd bklbgghfmagZq_gbx\_ebqbgu\ujZ`_ggh_\ ijhp_glZo G 'o ob
GZijZdlbd_\f_klhbklbggh]hagZq_gby ihevamxlky^_ckl\bl_evgufagZq_gb_fbaf_jy_fhc\_ebqbguaZ dhlhjh_ijbgbfZxllZdh___ agZq_gb_dhlhjh_gZc^_ghwdki_jbf_glZevguf iml_fb gZklhevdhijb[eb`Z_lkyd bklbgghfmagZq_gbxqlhfh`_l[ulvbkihevah\Zgh\f_klhg_]hIh]j_rghklbbaf_j_gbckqblZxlky iheh`bl_evgufb_keb agZq_gb_\_ebqbguihemq_ggh_\ j_amevlZl_baf_j_gbc[hevr_ ^_ckl\bl_evgh]hagZq_gby baf_jy_fhc\_ebqbgu b gZh[hjhl Ih]j_rghklvbaf_j_gbckhklhblbakbkl_fZlbq_kdhcb kemqZcghcih]j_rghklb
Ih]j_rghklv hklZxsZyky ihklhygghc beb aZdhghf_jgh baf_gyxsZyky ijb ih\lhjguo
baf_j_gbyo h^ghc b lhc `_ \_ebqbgu \ h^bgZdh\uo mkeh\byo gZau\Z_lky kbkl_fZlbq_kdhc
ih]j_rghklvx baf_j_gby Kbkl_fZlbq_kdZy ih]j_rghklv h[mkeh\e_gZ \ hkgh\ghf ih]j_rghklyfb ]jZ^mbjh\db beb g_dhlhjuf
k^\b]hf ^bZiZahgZ baf_j_gbc Ihklhyggu_ kbkl_fZlbq_kdb_
ih]j_rghklb \uy\eyxlky ebrv ijb ih\_jd_ baf_jbl_evgh]h kj_^kl\Z beb _]h f_ljheh]bq_kdhc
Zll_klZpbb Kbkl_fZlbq_kdb_ ih]j_rghklb fh]ml [ulv mf_gvr_gu \dexq_gb_f \ baf_jbl_evgmx p_ivjZaebqguodhjj_dlbjmxsbowe_f_glh\
KemqZcgZy ih]j_rghklv ± wlh ih]j_rghklv baf_gyxsZyky kemqZcguf h[jZahf ijb
ih\lhjguo baf_j_gbyo h^ghc b lhc `_ \_ebqbgu \ h^bgZdh\uo mkeh\byo KemqZcgu_ ih]j_rghklb
\hagbdZxl \ke_^kl\b_ kmffZjgh]h \ha^_ckl\by gZ j_amevlZlu baf_j_gbc jZaebqguo ijbqbg GZijbf_j_kebfgh]hdjZlghbaf_jblvh^gmb lm`_\_ebqbgmlhj_amevlZlubaf_j_gbcg_h^bgZdh\u b g_ fh]ml [ulv lhqgh ij_^kdZaZgu H^gZdh j_amevlZlu jy^Z baf_j_gbc ih^qbgyxlky g_dhlhjhc aZdhghf_jghklb dhlhjmx fh`gh hibkZlv ihevamykv l_hjb_c \_jhylghkl_c QZklhlm ihy\e_gby jZaebqguo
agZq_gbc b ih]j_rghklv dZ`^h]h baf_j_gby fh`gh oZjZdl_jbah\Zlv aZdhghf
jZkij_^_e_gby\_jhylghkl_c
FMEVLBF?LJU Fmevlbf_lj wlhijb[hjij_^gZagZq_gguc^eybaf_j_gbyihklhygguob i_j_f_gguolhdh\b
gZijy`_gbc Z lZd`_ khijhlb\e_gbc Kms_kl\mxl ^\Z hkgh\guo lbiZ ijb[hjh\ lhdh\u_ b
ihl_gpbZevgu_ ih ijbgpbim baf_j_gby H[uqgh d lhdh\uf ijb[hjZf hlghkylky fmevlbf_lju kh klj_ehqgufb bg^bdZlhjZfb Z d ihl_gpbZevguf k pbnjh\hc bg^bdZpb_c MklZj_\rbc b
kjZ\gbl_evgh ijhklhc fmevlbf_lj ij_^klZ\ey_l kh[hc Zfi_jf_lj jbk Z
dhgp_ dhgph\ baf_jy_lky ihklhygguc lhd Ijb jZ[hl_ \ gbadh\hevlghf ^bZiZahg_ hlghkbl_evgh fZeh_khijhlb\e_gb_ijb[hjZij_^klZ\ey_lkh[hcagZqbl_evgmxgZ]jmadm^eybaf_jy_fhcko_fuqlh ijb\h^bl d g_ijZ\bevguf ihdZaZgbyf Pbnjh\u_ ijb[hju baf_jyxl gZijy`_gb_ \ ko_f_ bf_xl
dZd ijZ\beh [hevrh_ \oh^gh_ khijhlb\e_gb_ b g_ gZ]jm`Zxl baf_jy_fmx lhqdm ko_fu H^gZdh pbnjh\ufb ijb[hjZfb hq_gv ljm^gh baf_jylv mkljhckl\Z bf_xsb_ SQ i_j_oh^u < hkgh\_ pbnjh\uo ijb[hjh\ e_`bl bkihevah\Zgb_f ZgZeh]hpbnjh\uo ij_h[jZah\Zl_e_c ko_f dhffmlZpbb \oh^guoZgZeh]h\uokb]gZeh\^_rbnjZlhjh\pbnjh\uokb]gZeh\b pbnjh\uobg^bdZlhjh\jbk [
8
:PI dh^ >_pbn jZlhj
8
Z Klj_ehqguclhdh\uc [ Pbnjh\hcihl_gpbZevguc JbkIjbgpbiihkljh_gbyfmevlbf_ljh\
Ij_h[jZah\Zl_eb \ pbnjh\uo \hevlf_ljZo hkms_kl\eyxl iylv baf_j_gbc\ k_dmg^mihwlhfm
ijb[hju g_evay ijbf_gylv ^ey nbdkZpbb [ukljuo \u[jhkh\ gZijy`_gby dhlhju_ \hagbdZxl \
kbkl_f_ijbhldZa_Wlh`_hlghkblkyb dbaf_j_gbxihlj_[ey_fh]hlhdZlZddZdijb[hjihdZau\Z_l
lhevdh kj_^g__ agZq_gb_ K ihfhsvx fmevlbf_ljZ fh`gh gZclb dhjhldb_ aZfudZgby \ ebgbyo iblZgbyfbdjhko_fZob ij
JZkkfhljbf mkljhckl\h ijbgpbi jZ[hlu b f_lh^u ijh\_^_gby baf_j_gbc k bkihevah\Zgb_f
ijhfure_ggh]hfmevlbf_ljZP>@
Jbk
GZ ebp_\hc iZg_eb ijb[hjZ jZkiheZ]Zxlky hj]Zgu mijZ\e_gby b bg^bdZpbb b ± dghidb
\udexq_gby b \dexq_gby aZsblu ± de_ffu ^ey ih^dexq_gby \g_rg_]h bklhqgbdZ iblZgby b smih\± i_j_dexqZl_ev^bZiZahgh\baf_j_gbc± dghidbi_j_dexq_gbyjh^ZjZ[hlu©ª©aªb
©:d:F:ª \ aZ\bkbfhklbhl\b^Zbaf_jy_fhc\_ebqbgu± jmqdZj_]meylhjZmklZgh\dbgmey± hlkq_lgh_mkljhckl\h
Ijb[hj we_dljhbaf_jbl_evguc dhf[bgbjh\Zgguc P k Z\lhfZlbq_kdhc aZsblhc hl
we_dljbq_kdbo i_j_]jmahd ij_^gZagZq_g ^ey baf_j_gby kbeu b gZijy`_gby ihklhyggh]h lhdZ ^_ckl\mxs_]h agZq_gby kbeu b khijhlb\e_gbyihklhygghfmlhdm
gZijy`_gby i_j_f_ggh]h lhdZ kbgmkhb^Zevghc nhjfu
Ijb[hj fh`_l ijbf_gylvky ijb j_]mebjh\Zgbb j_fhgl_ b wdkiemZlZpbb
we_dljh
jZ^bhZiiZjZlmju pbnjh\uo b fbdjhijhp_kkhjguo kbkl_fZo \ ihf_s_gbyo k bkdmkkl\_ggh j_]mebjm_fufbdebfZlbq_kdbfbmkeh\byfbGZijbf_j\ aZdjuluohlZieb\Z_fuobebhoeZ`^Z_fuo
b \_glbebjm_fuo ijhba\h^kl\_gguo b ^jm]bo \ lhf qbke_ ohjhrh \_glbebjm_fuo ih^a_fguo ihf_s_gbyo hlkmlkl\b_ ijyfh]h \ha^_ckl\by kheg_qghc jZ^bZpbb b hlkmlkl\b_ \ha^_ckl\by Zlfhkn_jguohkZ^dh\\_ljZZ lZd`_\ha^_ckl\byi_kdZb iuebgZjm`gh]h\ha^moZ
JZ[hqb_debfZlbq_kdb_mkeh\byijbf_g_gbyijb[hjZ l_fi_jZlmjZhdjm`Zxs_]h\ha^moZhl
^h ]jZ^mkh\ ih P_evkbx hlghkbl_evgZy \eZ`ghklv \ha^moZ ^h ijb l_fi_jZlmj_ ]jZ^mkh\
Hkgh\gu_l_ogbq_kdb_oZjZdl_jbklbdb
Baf_j_gb_gZijy`_gbyihklhyggh]hlhdZ<
Baf_j_gb_ gZijy`_gbyi_j_f_ggh]hlhdZ<
Baf_j_gb_kbeuihklhyggh]hlhdZf:
Khijhlb\e_gb_ihklhygghfmlhdmdHf Baf_j_gb_kbeui_j_f_ggh]hlhdZf:
Lhdihlj_[e_gbyijbbaf_j_gbbgZijy`_gbyb khijhlb\e_gbyf: IZ^_gb_gZijy`_gbyijbbaf_j_gbbkbeulhdZ<
IjbgpbibZevgZywe_dljbq_kdZyko_fZijb[hjZijb\_^_gZgZjbkKo_fZijb[hjZ\dexqZ_l
\ k_[yhj]ZgumijZ\e_gby<<D:DG5bklhqgbdiblZgby;fZ]gblhwe_dljbq_kdmxkbkl_fm Ljb FBmgb\_jkZevgucrmglb khijhlb\e_gby
I_j_dexqZl_ev<bf__l^\_]jmiiu<b <dhffmlbjmxsb_kb]gZek \oh^guode_f b
9 $ ± d: F: : gZ ljZgknhjfZlhj
h]jZgbqb\Zxsb_ j_abklhju 55 J_abklhj
LJ b fZ]gblghwe_dljbq_kdh_ mkljhckl\h q_j_a
5 ij_^gZagZq_g ^ey j_]mebjh\Zgby lhdZ FB b
mklZgh\dbklj_edbijb[hjZ\ g_gme_\h_iheh`_gb_ijbbaf_g_gbbkhijhlb\e_gbcJ_abklhju55
h[jZamxl p_ihqdm mf_gvrZxsmx \ aZ\bkbfhklb hl ij_^_eZ baf_j_gbc kbem lhdZ ijhoh^ys_]h q_j_a FB I_j_f_gguc lhd \uijyfey_lky ^\moihemi_jbh^ghc ko_fhc \uiheg_gghc gZ ^bh^Zo 9'9' J_abklhju 55 h[jZamxl ^_ebl_ev gZijy`_gby b ijbf_gyxlky ijb baf_j_gbb
gZijy`_gbc J_abklhju 55 5 h]jZgbqb\Zxl lhd ijhl_dZxsbc q_j_a baf_jy_fh_ khijhlb\e_gb_ G_aZ\bkbfu_ i_j_dexqZl_eb < < < hij_^_eyxl jh^ lhdZ beb jZ[hlm \ j_`bf_baf_j_gbykhijhlb\e_gbc
We_f_glu we_dljbq_kdhc ko_fu ijb[hjZ aZdexq_gu \ baheypbhgguc dhjimk Hj]Zgu
mijZ\e_gby hlkqzlgh_ mkljhckl\h b ijbkh_^bgbl_evgu_ aZ`bfu jZaf_s_gu gZ ebp_\hc klhjhg_ dhjimkZ
We_dljhobfbq_kdb_ bklhqgbdb lhdZ ^ey iblZgby ko_fu hff_ljZ b Z\lhfZlbq_kdhc aZsblu
jZkiheh`_gu\ dZf_j_k luevghcklhjhgudhjimkZ
< ijb[hj_ ijbf_gzg f_oZgbaf baf_jbl_evguc FB fZ]gblhwe_dljbq_kdhc kbkl_fu gZ
jZkly`dZo k \gmljbjZfhqguf fZ]gblhf Lhd ihegh]h hldehg_gby f_oZgbafZ baf_jbl_evgh]h fd:iZ^_gb_gZijy`_gbygZh[fhld_jZfdbg_ij_\urZ_lf<
JZkrbj_gb_ ij_^_eh\ baf_j_gbc hkms_kl\ey_lky k ihfhsvx dhffmlZpbb mgb\_jkZevgh]h
rmglZ b ^h[Z\hqguo khijhlb\e_gbc \hevlf_ljZ
JbkKo_fZwe_dljbq_kdZy ijbgpbibZevgZyijb[hjZ Dhg_qgu_ agZq_gby ^bZiZahgh\ baf_j_gbc agZq_gby ij_^_eh\ ^himkdZ_fuo hkgh\guo
ih]j_rghkl_c \ ghjfZevguo mkeh\byo ijbf_g_gby agZq_gby ihlj_[ey_fh]h lhdZ b iZ^_gby gZijy`_gbygZ\oh^guode_ffZoijb[hjZkhhl\_lkl\mxllZ[e Baf_jy_fZy \_ebqbgZ GZijy`_gb_ ihklhyggh]h lhdZ < GZijy`_gb_ i_j_f_ggh]h lhdZ <
Ij_^_e ^himkdZ_fhc hkgh\ghc ih]j_rghkl b r r
Khijhlb\e_gb_ ihklhygghfm lhdm dHf
r
KbeZ ihklhyggh]h lhdZf:
r
KbeZ i_j_f_ggh]h lhdZf:
r
Dhg_qgh_ agZq_gb_ Lhd ^bZiZahgh\ ihlj_[e_gby baf_j_gbc f:g_[he__
LZ[ebpZ
IZ^_gb_ gZijy`_gby <g_[he__
Ij_^_eu ^himkdZ_fuo hkgh\guo ih]j_rghkl_c ijb[hjZ J \ujZ`Zxlky \ ijhp_glZo hl
ghjfbjmxs_]h agZq_gby O1 \ \b^_ ijb\_^_gguo ih]j_rghkl_c ih nhjfme_ =^_ O1
\u[bjZxldZddhg_qgh_agZq_gb_^bZiZahgZbaf_j_gbcbeb^bZiZahgbaf_j_gbc \_^bgbpZordZeu AgZq_gb_^ebgrdZehff_ljZ\ fbeebf_ljZog_f_g__©:ª ©d:F:ª
GhjfZevgufb mkeh\byfb ijbf_g_gby jZkkfZljb\Z_fh]h ijb[hjZ y\eyxlky ke_^mxsb_
\_ebqbgub boagZq_gby]hjbahglZevgh_iheh`_gb_rhl_fi_jZlmjZhdjm`Zxs_]h\ha^moZrhK hlghkbl_evgZy \eZ`ghklv r Zlfhkn_jgh_ ^Z\e_gb_ r ffjlkl qZklhlZ kbeu b
gZijy`_gby i_j_f_ggh]h lhdZ lZ[e kbgmkhb^ZevgZy nhjfZ djb\hc lhdZ beb gZijy`_gby k
dhwnnbpb_glhf ]Zjfhgbd ^h gZijy`_gb_ iblZgby ko_fu ^ey baf_j_gby khijhlb\e_gbc ^h
dHf hl ^h < hl ^h dHf ± < b k\ur_ dHf < ihklhyggh]h lhdZ a_fgh_ fZ]gblgh_ ihe_ dhwnnbpb_gl i_j_f_gghckhklZ\eyxs_cihklhyggh]hlhdZbebgZijy`_gby g_ [he__ LZdbf h[jZahf ijb[hj bf__l h]jZgbq_ggmx h[eZklv ijbf_g_gby < ^jm]bo mkeh\byo wdkiemZlZpbbih]j_rghklbijb[hjZb baf_j_gbc[m^mlbf_lvkh\_jr_gghbgu_agZq_gby
QZklhlguc ^bZiZahg ijb[hjZ ijb baf_j_gbyo kbeu b gZijy`_gby i_j_f_ggh]h lhdZ
khhl\_lkl\m_lagZq_gbyflZ[e Dhg_qgh_ agZq_gb_
^bZiZahgZbaf_j_gbc < < <
f: f:
GhjfZevgZy h[eZklv qZklhl JZ[hqZyh[eZklvqZklhl=p =p
±
LZ[ebpZ
<j_fymklZgh\e_gbyjZ[hq_]hj_`bfZb ihdZaZgbcijb[hjZg_ij_\urZ_lk ihke_
\dexq_gby Ijb[hj ^himkdZ_l ijh^he`bl_evghklv g_ij_ju\ghc jZ[hlu \ l_q_gb_ qZkh\ \
^bZiZahgZo baf_j_gbc g_ lj_[mxsbo bklhqgbdh\ iblZgby G_ij_ju\gZy jZ[hlZ hff_ljZ ijb[hjZ hij_^_ey_lky ghjfbjm_fhc zfdhklvx ijbf_gy_fuo we_dljhobfbq_kdbo bklhqgbdh\ lhdZ b lhdhf ihlj_[e_gbyijb[hjZlZ[e ghg_[he__q
Baheypby f_`^m \hkvfb bahebjh\Zggufb we_dljbq_kdbfb
p_iyfb b dhjimkhf Z lZd`_
gZjm`gufb hj]ZgZfb mijZ\e_gby dhffmlbjmxsbo b j_]mebjh\hqguo we_f_glh\ ijb[hjZ \
ghjfZevguo debfZlbq_kdbo mkeh\byo ijbf_g_gby \u^_j`b\Z_l \ l_q_gb_ fbgmlu ^_ckl\b_ bkiulZl_evgh]hgZijy`_gbyagZq_gb_fd<^_ckl\mxs__agZq_gb_ i_j_f_ggh]hlhdZqZklhlhc ]p
Ijb[hj\u^_j`b\Z_ldjZldh\j_f_ggu_ i_j_]jmadbg_ij_\urZxsb_djZlguoagZq_gbchl
dhg_qgh]h agZq_gby ^bZiZahgZ baf_j_gby gh g_ [he__ :
\ ihke_^h\Zl_evguo b d< \
iZjZee_evguowe_dljbq_kdbop_iyo<j_fyi_j_]jmadbk bgl_j\Zehfk
Ijb hlkmlkl\bb bklhqgbdZ iblZgby Z\lhfZlbq_kdhc aZsblu djZldh\j_f_ggu_ i_j_]jmadb
bkiulZl_evguclhdbebgZijy`_gb_ g_^he`guij_\urZlv\ ^bZiZahg_baf_j_gbc ^h: ,ghf k\ur_ : :,ghf ^h < 8ghf k\ur_ < 8ghf gh g_ [he__ d< <j_fy \ha^_ckl\byi_j_]jmadbg_[he__ k bgl_j\Zehfk
Baf_g_gb_ihdZaZgbc\ua\Zggh_baf_g_gb_fiheh`_gbyijb[hjZhlghjfZevgh]h^hex[h]h
agZq_gby\ ij_^_eZol_fi_jZlmjgh]h^bZiZahgZjZ[hqbomkeh\bcijbf_g_gbyg_ij_\urZ_lij_^_eZ ^himkdZ_fhchkgh\ghcih]j_rghklb^eyhff_ljZr gZ dZ`^u_hK baf_g_gbyl_fi_jZlmju
Baf_g_gb_ihdZaZgbc\ua\Zggh_baf_g_gb_fqZklhluhl]jZgbpughjfZevghch[eZklbqZklhl
^hex[h]hagZq_gbyqZklhlu\ kf_`ghcqZklbjZ[hq_ch[eZklblZ[e g_ij_\urZ_l r
Baf_g_gb_ ihdZaZgbc \ua\Zggh_ \ebygb_f h^ghjh^gh]h \g_rg_]h ihklhyggh]h fZ]gblgh]h
iheyk bg^mdpb_cfLeijbkZfhfg_[eZ]hijbylghfgZijZ\e_gbbfZ]gblgh]hiheyg_ij_\urZ_l r
Baf_g_gb_ ihdZaZgbc \ua\Zggh_ \ebygb_f h^ghjh^gh]h \g_rg_]h fZ]gblgh]h ihey
kbgmkhb^Zevghbaf_gyxs_]hkyih\j_f_gbk qZklhlhch^bgZdh\hck qZklhlhclhdZijhl_dZxs_]hih
baf_jbl_evguf p_iyf bkiulm_fh]h ijb[hjZ ijb kZfuo g_[eZ]hijbylguo gZijZ\e_gbyo b nZa_ fZ]gblgh]hiheyg_ij_\urZ_lr
Bg^mdpbyfZ]gblgh]hiheyijbqZklhlZo^hd=pg_^he`gZij_\urZlv fLe
Baf_g_gb_ ihdZaZgbc \ua\Zggh_ \ebygb_f n_jjhfZ]gblgh]h hkgh\Zgby lhesbghc r ff
beb \ebygb_f ihf_szggh]h \iehlgmx k ijb[hjhf lZdh]h `_ ijb[hjZ ^h wlh]h gZoh^b\r_]hky gZ jZkklhygbbg_f_g__fg_ij_\urZ_liheh\bguij_^_eZ^himkdZ_fhchkgh\ghcih]j_rghklb
Baf_g_gb_ ihdZaZgbc \ua\Zggh_ hldehg_gb_f nhjfu djb\hc kbeu beb gZijy`_gby
i_j_f_ggh]h lhdZ hl ghjfZevgh]h agZq_gby ih^ \ebygb_f c c beb c ]Zjfhgbq_kdhc khklZ\eyxs_c jZ\ghc hl ^_ckl\mxs_]h agZq_gby baf_jy_fhc kbeu lhdZ beb gZijy`_gby g_ ij_\urZ_lr
=Z[Zjblgu_jZaf_juijb[hjZ ffFZkkZijb[hjZg_[he__d]
Ijb jZ[hl_ k ijb[hjhf g_h[oh^bfh kh[ex^Zlv ^_ckl\mxsb_ lbih\u_ ijZ\beZ l_ogbdb
[_ahiZkghklbIjbbaf_j_gbyo\ p_iyo kgZijy`_gb_fk\ur_<Ke_^m_l\dexqZlvb hldexqZlv ijb[hjijb\udexq_gghfgZijy`_gbb\ bkke_^m_fhcp_ib+_^himklbfhi_j_dexq_gb_ijb[hjh\k
h^gh]h \b^Z baf_j_gbc gZ ^jm]hc Z lZd`_ i_j_dexq_gb_ ^bZiZahgh\ baf_j_gby [_a hldexq_gby hl bkke_^m_fhc ko_fu Baf_j_gby \ p_iyo k gZijy`_gb_f k\ur_ < >he`gu ijhba\h^blvky \ ijbkmlkl\bb^jm]boebp
Ih^dexq_gb_ ijb[hjZ d
bkke_^m_fhc ko_f_ ^he`gh ijhba\h^blvky ihkj_^kl\hf
kh_^bgbl_evguoijh\h^h\ij_^hklZ\ey_fuok ijb[hjhfIh^dexq_gb_ijb[hjZd bkke_^m_fhcp_ib k ihfhsvx smih\ g_h[oh^bfh ijhba\h^blv h^ghc jmdhc ^_j`Zkv aZ baheypbhggmx \lmedm smiZ
Ijbbkke_^h\Zgbbwe_dljbq_kdhcko_fuijb[hj^he`_gjZkiheZ]ZlvkylZdqlh[uijbkgylbb
ihdZaZgbc[ueZbkdexq_gZhiZkghklvijbdhkgh\_gbyd qZklyfbkke_^m_fhcko_fugZoh^ysbfkyih^ gZijy`_gb_f
;he__ ijhklmx ko_fhl_ogbdm bf_xl pbnjh\u_ baf_jbl_evgu_ ijb[hju H[uqgh \ hkgh\_
lZdbo ijb[hjh\ gZoh^blky ki_pbZebabjh\ZggZy fbdjhko_fZ ij_h[jZamxsZy gZijy`_gb_ \ dh^u kbf\heh\bg^bdZlhjh\
Jbk
mkljhckl\h ^bkie_c ± i_j_dexqZl_ev ^bZiZahgh\ baf_j_gbc ± de_ffu ^ey ih^dexq_gby smih\± ]g_a^h^eyih^dexq_gbyb baf_j_gbyiZjZf_ljh\ljZgabklhjh\± dghidbi_j_dexq_gby jh^ZjZ[hlu\ aZ\bkbfhklbhl\b^Zbaf_jy_fhc\_ebqbgu
IjbgpbibZevgZy we_dljbq_kdZy ko_fZ ijhklh]h pbnjh\h]h ijb[hjZ ihdZaZgZ gZ jbk
Pbnjh\hc fmevlbf_lj khklhbl ba pbnjhZgZeh]h\h]h ij_h[jZah\Zl_ey DJI<: k p_iyfb dhjj_dpbb`b^dhdjbklZeebq_kdh]hbg^bdZlhjZB@DP\oh^guodhffmlbjmxsbop_i_cb [ZlZj_b iblZgby We_f_glu K KK 5 5 hij_^_eyxl qZklhlgu_ oZjZdl_jbklbdb P:I b \j_fy ij_h[jZah\Zgby \oh^gh]h kb]gZeZ gZ \oh^ P:I q_j_a 5 9' 9' 5 b & ihklmiZ_l baf_jbl_evgh_hljbpZl_evgh_hlghkbl_evgh\oh^ZgZijy`_gb_
JbkIjbgpbibZevgZywe_dljbq_kdZyko_fZpbnjh\h]hijb[hjZ >_ebl_ev 55 ij_^klZ\ey_l kh[hc ^_ebl_ev h[jZaph\h]h gZijy`_gby < ihemq_ggh]h
\gmlj_ggbf klZ[bebaZlhjhf fbdjhko_fu \u\\oh^ \uoh^ J_abklhju 55 h[jZamxl
^_ebl_ev \oh^gh]h gZijy`_gby 55 h[jZamxl rmgl ^ey iZ^_gby gZijy`_gby \ aZ\bkbfhklb hl kbeu ijhl_dZxs_]h lhdZ < h[hbo kemqZyo ijb baf_j_gbb gZijy`_gby bf kbeu lhdZ gZ \oh^ P:I ihklmiZ_lagZq_gb_gZijy`_gby
J_abklhju 55 b]jZxl jhev h^gh]h ie_qZ ^_ebl_ey \f_klh \lhjh]h ie_qZ baf_jy_fh_
khijhlb\e_gb_5Baf_j_ggh_gZ\oh^_gZijy`_gb_ij_h[jZah\u\Z_lky\ dh^^eyk_fbk_]f_glguo bg^bdZlhjh\b i_j_^ZzlkygZ\oh^B@DPq_lujvfypbnjZfbb agZdhfiheyjghklb
JZkkfhljbf dZdbfb oZjZdl_jbklbdZfb h[eZ^Zxl pbnjh\u_ ijb[hju gZ ijbf_j_ mkljhckl\
jy^Z F±F GhjfZevgufb mkeh\byfb wdkiemZlZpbb kqblZ_lky l_fi_jZlmjZ r hK b hlghkbl_evgZy \eZ`ghklv f_g__ >jm]b_ ^Zggu_ oZjZdl_jgu_ ^ey klj_ehqguo ijb[hjh\ \ iZkihjlZo g_ lZ[e
mdZau\Zxlky Ij_^_eu baf_j_gbc jZaj_r_gb_ b lhqghklv ijb[hjZ ijb\_^_gu \
LZ[ebpZ JZaj_r_gb_ Lhqghklv Ihklhyggh_gZijy`_gb_ f< fd< rr_^kq_lZ f< f< rr_^kq_lZ < f< rr_^kq_lZ < f< rr_^kq_lZ < < rr_^kq_lZ I_j_f_ggh_gZijy`_gb_\ wnn_dlb\guoagZq_gbyokb]gZeZ=p Ij_^_e
< <
rr_^kq_lZ rr_^kq_lZ
Hf Hf dHf
f< < Ihklhygguclhd g: fd: fd: fd: f: Khijhlb\e_gb_ fHf Hf Hf
dHf
dHf
rr_^kq_lZ
fd: f: f: f: :
dHf
Hf
rr_^kq_lZ rr_^kq_lZ rr_^kq_lZ rr_^kq_lZ rr_^kq_lZ rr_^kq_lZ rr_^kq_lZ rr_^kq_lZ rr_^kq_lZ
Ijb[hj bf__l \kljh_ggmx aZsblm hl i_j_]jmahd Ijb baf_j_gbb gZijy`_gby aZsblZ
kjZ[hlZ_l ijb < wnn_dlb\gh]h agZq_gby gZ ij_^_e_ f< b < ihklhyggh]h beb < wnn_dlb\gh]hgZhklZevguoij_^_eZoAZsblZ^eybaf_j_gbyihklhygguolhdh\kjZ[hlZ_lijb<
gZ ij_^_e_ f: ieZ\dbc ij_^hojZgbl_ev beb gZ ij_^_e_ : [_a ij_^hojZgbl_ey Ijb baf_j_gbb khijhlb\e_gby aZsblZ hl i_j_]jmahd kjZ[hlZ_l ih bkl_q_gbb k _keb gZ smiZo ijbkmlkl\m_lwnn_dlb\gh_agZq_gb_gZijy`_gby<
;hevrbgkl\h ijb[hjh\ dhfie_dlm_lky a\mdh\uf ijh[gbdhf ^ey ijha\hgdb p_i_c ko_f
bZiZahg l_fi_jZlmj hl ^h hKLhqghklvbaf_j_gbyl_fi_jZlmjrhK ^h hK br\ur_ hK
G_dhlhju_ ijb[hju bf_xl \hafh`ghklv baf_jylv K( ljZgabklhjh\ QSQ SQS ijb lhd_
[Zau fd: b gZijy`_gbb dhee_dlhjwfbll_j < ?s_ h^gZ nmgdpby ijb[hjZ ± wlh \kljh_gguc ]_g_jZlhjf_Zg^jZqZklhlhcbeb=p
Hkpbeeh]jZnhlh[jZ`Z_lwe_dljbq_kdb_kb]gZeu\ \b^_hkpbeeh]jZffugZWELJZaebqZxlh^gh b ^\moemq_\u_ hkpbeeh]jZnuLbibqguc^\modZgZevguchkpbeeh]jZniha\hey_lh^gh\j_f_gghgZ[ex^ZlvgZwdjZg_^\Zkb]gZeZZ ijhly`_gghklvxbg^bdZpbb\h\j_f_gbfh`ghmijZ\eylvihkj_^kl\hf\kljh_ggh]h\ ijb[hj ]_g_jZlhjZ JZkkfZljb\Z_fucgZfb[Zah\ucijb[hjm^h[_g^eynbdkZpbbb bg^bdZpbbi_jbh^bq_kdbokb]gZeh\g_aZ\bkbfhhl bonhjfuKo_fZaZimkdZ\ hkpbeeh]jZn_mklZgZ\eb\Z_lkygZbgbpbbjh\Zgb_jZa\_jldbdh]^Z\oh^ghckb]gZe ij_\urZ_laZ^Zggh_gZijy`_gb_Z gZijZ\e_gb_aZimkdZl_kb]gZek iheh`bl_evgufbebhljbpZl_evguf i_j_oh^hf fh`gh\u[bjZlv< kemqZ_i_jbh^bq_kdh]h\oh^gh]hkb]gZeZihke_mklZgh\dbhkpbeeh]jZnZgZaZimkd\ lj_[m_fhclhqd_b ihke_mklZgh\dbkdhjhklbjZa\_jldbgZwdjZg_ihy\ey_lkyg_ih^\b`gh_bah[jZ`_gb_lZddZd ihke_^h\Zl_evgu_kb]gZeugZdeZ^u\Zxlky^jm]gZ^jm]ZIjbhleZ^d_b l_klbjh\Zgbbfbdjhijhp_kkhjguokbkl_f hkpbeeh]jZnhffh`ghijh\_jblv\k_\j_f_ggu_oZjZdl_jbklbdbkb]gZeh\^eyl_klbjh\Zgbyg_h[oh^bfZ ijh]jZffgZyih^^_j`dZ JZkkfhljbfijbgpbi^_ckl\bywe_dljhggh]hhkpbeeh]jZnZOhly kljmdlmjgu_ ko_fu hkpbeeh]jZnh\ ^hklZlhqghkeh`gu^ey bamq_gbyijbgpbiZ^_ckl\bywlboijb[hjh\^hklZlhqgh jZkkfhlj_lvijhkl_crmxko_fm khklhysmxbalj_owe_f_glh\mkbebl_ey\_jlbdZevghhldehgyxs_]hgZijy`_gby]_g_jZlhjZjZa\_jldb *b WEL jbk
JbkIjhkl_crZyko_fZhkpbeeh]jZnZ
Bkke_^m_fh_ gZijy`_gb_ 8o ih^\h^yl dh\oh^mmkbebl_ey b aZl_f gZ \_jlbdZevghhldehgyxsb_ieZklbgu WELIh^^_ckl\b_fwlh]hgZijy`_gbyemqhldehgy_lkyihhkbhj^bgZlHldehg_gb_emqZihhkbZ[kpbkk h[mkeh\e_gh ^_ckl\b_fgZijy`_gbyjZa\_jldbdhlhjh_baf_gy_lky\h\j_f_gbihebg_cghfmaZdhgmHldehg_gb_ emqZihhkbZ[kpbkklZd`_y\ey_lkyebg_cghcnmgdpb_c\j_f_gbLjZ_dlhjbxemqZ gZau\Zxlhkpbeeh]jZffhc bkke_^m_fh]hdhe_[ZgbyIhkdhevdmhldehg_gb_emqZihhkbhj^bgZlijhihjpbhgZevghf]gh\_gghfm agZq_gbx dhe_[ZgbyZ hldehg_gb_ihhkbZ[kpbkk \j_f_gblhgZwdjZg_WEL\ g_dhlhjhffZkrlZ[_\hkijhba\h^blky aZ\bkbfhklv8oW JZaf_juwdjZgZ b hldehgyxs__gZijy`_gb_h]jZgbq_guihwlhfmgZijy`_gb_jZa\_jldb\hajZklZ_l^h hij_^_e_ggh]hmjh\gyijbdhlhjhfemq^\b]Zykv\ijZ\h^hklb]Z_l]jZgbpujZ[hq_cqZklbwdjZgZ Ijh^he`bl_evghklv\hajZklZxs_]hmqZkldZ gZijy`_gby jZa\_jldbhp_gb\Zxl^ebl_evghklvxLi ijyfh]hoh^Z jZa\_jldbIhhdhgqZgbbijyfh]h oh^ZgZijy`_gb_ jZa\_jldbmf_gvrZ_lky^hgZqZevgh]hmjh\gyIylgh ijb wlhf i_j_f_sZ_lkykijZ\ZgZe_\hkh\_jrZy h[jZlguc oh^jZa\_jldbAZ\j_fyLh h[jZlgh]hoh^ZgZijy`_gb_jZa\_jldb mf_gvrZ_lkyihg_ebg_cghfmaZdhgmihwlhfmljZ_dlhjbyemqZg_g_k_lihe_aghcbgnhjfZpbb b ebrv bkdZ`Z_l hkpbeeh]jZffmey wlh]hkbgojhgbabjmxli_jbh^jZa\_jldbk i_jbh^hfih\lhj_gby bkke_^m_fh]hkb]gZeZjbkZ i_jbh^jZa\_jldbmklZgZ\eb\Zxl jZ\guf p_ehfm qbkem i_jbh^h\ih\lhj_gbybkke_^m_fh]hkb]gZeZ
Jbk<j_f_ggu_^bZ]jZffukbgojhgbaZpbb
?keb Lj Ll_bf__lf_klhj_`bfkbgojhgbaZpbblh gZqZem i_j\h]hi_jbh^ZjZa\_jldbkhhl\_lkl\m_l < aZl_femqijhq_jqb\Z_lihqlbiheguci_jbh^ kbgmkhb^uD fhf_glm gZqZeZ\lhjh]hi_jbh^ZjZa\_jldb\oh^gh_
gZijy`_gb_h[jZsZ_lky\ gmevihwlhfm emqihiZ^Z_l\ lm`_lhqdmb \^Zevg_cr_f^\b`_lkyih lhc`_ ljZ_dlhjbbLZdh_^\b`_gb_emqZkha^Z_lg_ih^\b`gmx hkpbeeh]jZffmi_jbh^Zdhe_[Zgby8[W ?kebg_h[oh^bfh ihemqblv gZ wdjZg_Q i_jbh^h\lhi_jbh^jZa\_jldb^he`_g[ulv\ Q jZa[hevr_i_jbh^Zbkke_^m_fh]hdhe_[Zgby Ijb gZjmr_gbb kbgojhgbaZpbbLj!Ljbk[ \ fhf_gl gZqZeZ\lhjh]hi_jbh^ZjZa\_jldbey bkke_^h\Zgbyg_i_jbh^bq_kdbobfimevkguogZijy`_gbc ijbf_gy_lky`^msZyjZa\_jldZ< wlhfj_`bf_ ]_g_jZlhj jZa\_jldb aZimkdZ_lkyi_j_^dZ`^ufijbr_^rbfbfimevkhfD fhf_glmgZqZeZdZ`^h]h bfimevkZ gZijy`_gb_jZa\_jldbbf__lhij_^_e_ggh_agZq_gb_ihwlhfmgZqZeh dZ`^h]h bfimevkZ khhl\_lkl\m_l h^ghcb lhc `_lhqd_ gZwdjZg_IhkdhevdmkdhjhklvgZjZklZgbygZijy`_gby jZa\_jldb\ dZ`^hfpbde_ihklhyggZlh ljZ_dlhjbb emqZ\ua\Zggu_\k_fbbfimevkZfbkh\iZ^Zxlb gZwdjZg_\hagbdZ_lg_ih^\b`gZyhkpbeeh]jZffZ bfimevkZ
>ebl_evghklvijyfh]hoh^Z`^ms_cjZa\_jldb\u[bjZxlg_kdhevdh[hevr_c^ebl_evghklbbfimevkZjbkD Jbk<j_f_ggu_^bZ]jZffujZa\_jldb ihwlhfm hkpbeeh]jZffZbfimevkZ jbk[ aZgbfZ_l[hevrmxqZklvwdjZgZJ_`bf`^ms_cjZa\_jldb p_e_khh[jZa_gijbi_jbh^bq_kdbobfimevkguogZijy`_gbyok [hevrhc kd\Z`ghklvxihkdhevdmbaf_gyykdhjhklv jZa\_jldbfh`ghmklZgh\blvm^h[guc^eygZ[ex^_gbyjZaf_jbfimevkZih]hjbahglZeb Djhf_ ebg_cghc jZa\_jldbij_^mkfhlj_gghc\h\k_o\uimkdZ_fuo ijhfure_gghklvxhkpbeeh]jZnZo kms_kl\mxlb ^jm]b_ lbiu jZa\_jlhdgZijbf_jdjm]h\ZybebkibjZevgZyijbf_gy_fu_ ijbbaf_j_gbbnZah\uo khhlghr_gbc< wlbojZa\_jldZoemq^\b`_lkyk ihklhygghcm]eh\hc kdhjhklvx ihdjm]mbebihkibjZebqlh iha\hey_lihemqZlv[hevrmxihkjZ\g_gbxk ^bZf_ljhfwdjZgZ^ebgmebgbbjZa\_jldb JZkkfhljbfgZijbf_j^\moemq_\hcmgb\_jkZevguchkpbeeh]jZnK>@GZjbkihdZaZgZebp_\ZyiZg_ev hkpbeeh]jZnZ
JZkkfhljbfg_dhlhju_hkgh\gu_hj]ZgumijZ\e_gbyb dhgljheyjZkiheh`_ggu_gZebp_\hc
iZg_eb hkpbeeh]jZnZ ± wdjZg WEL ± j_]meylhj mjh\gy aZo\ZlZ jZa\_jldb emq_c : b ; ±
i_j_dexqZl_ev jZa\_jldb <j_fy>_e emq_c : b ; ± i_j_dexqZl_ev \b^Z jZa\_jldb Z\lhfZlbq_kdhc `^ms_c beb h^ghdjZlghc emq_c : b ; ± i_j_dexqZl_ev fZkrlZ[Z Zfieblm^u \oh^gh]h kb]gZeZ 9>_e ijyfh]h b ^bnn_j_gpbZevgh]h \oh^h\ emqZ : ± i_j_dexqZl_ev \b^Z \oh^gh]h kb]gZeZ ± j_]meylhju ih^k\_lZ rdZeu yjdhklb b nhdmkZ emq_c Ihabpbb b khojZgyxlky^eygb`g_]h[ehdZemqZ;
Mgb\_jkZevghklvhkpbeeh]jZnZh[_ki_qb\Z_lkykf_ggufb[ehdZfb\ dZgZeZo\_jlbdZevgh]hb
]hjbahglZevgh]hhldehg_gby\klZ\ey_fufb\ [Zah\uc[ehd
Ijbgpbi ^_ckl\by hkpbeeh]jZnZ ihykgy_lky _]h kljmdlmjghc ko_fhc jbk gZ dhlhjhc
ihdZaZguhkgh\gu_nmgdpbhgZevgu_maeub bo\aZbfhk\yav
Hkpbeeh]jZnkhklhblbake_^mxsbonmgdpbhgZevguomaeh\
^\modZgZeh\\_jlbdZevgh]hhldehg_gby
^\modZgZeh\]hjbahglZevgh]hhldehg_gby ^\momkbebl_e_cih^k\_lZ bg^bdZlhjZdZeb[jZlhjZ ko_fudhffmlZpbb
mkbebl_eydZgZeZ ³=´ [ehdZiblZgby
a
Ij_^ mkbebl_ev
Ij_^ mkbebl_ev
DZeb[ jZlhj
Mkbebl_ev kbgojhgbaZpb
\uoh^
Ebgby aZ^_j`db
Mkbebl_ev ih^k\_lZ
Mkbebl_ev kbgojhgbaZpb
;ehd 8i iblZgby
Ebgby aZ^_j`db
Mkbebl_ev kbgojhgbaZpb
=_g_jZlhj jZa\_jldb
Ko_fZ dhffm lZpbb
R
Mkbebl_ev = Mkbebl_ev ih^k\_lZ
JbkKljmdlmjgZyko_fZ^\moemq_\h]hhkpbeeh]jZnZ
Bkke_^m_fuckb]gZeih^Z_lky\ dZgZe\_jlbdZevgh]hhldehg_gbygZ\oh^gmxp_ivkhklhysmxba\oh^guo jZat_fh\i_j_dexqZl_e_cj_`bfh\\oh^h\b dhwnnbpb_glh\hldehg_gbyaZl_fkb]gZeihklmiZ_lgZ ij_^\Zjbl_evgucmkbebl_evNmgdpbb\oh^guop_i_cb ij_^\Zjbl_evguomkbebl_e_c\uihegyxlkf_ggu_[ehdb lbiZYM
< aZ\bkbfhklb hl lbiZ kf_ggh]h [ehdZ \ khklZ\_ ij_^\Zjbl_evgh]h mkbebl_ey fh`_l
gZoh^blvkydhffmlZlhj^\modZgZevguc[ehd ij_h[jZah\Zl_eveh]Zjbnfbq_kdbc[ehd beb^jm]h_ nmgdpbhgZevgh_ mkljhckl\h \uihegyxs__ nmgdpbx ij_^\Zjbl_evgh]h mkbebl_ey b h[jZ[hldb kb]gZeZ
>Ze__ kb]gZe ij_h[jZah\Zgguc \ iZjZnZaguc ihklmiZ_l gZ kbff_ljbqgmx ebgbx aZ^_j`db
^ey dhfi_gkZpbb\j_f_gb kjZ[Zlu\Zgby aZiZa^u\Zgby dZgZeZ]hjbahglZevgh]hhldehg_gbyEbgby aZ^_j`db \uihegy_l k\hb nmgdpbb ijb jZ[hl_ k [ehdZfb jZ[hlZxsbfb \ j_Zevghf fZkrlZ[_ \j_f_gb >eydhfi_gkZpbb\j_f_gbkjZ[Zlu\ZgbydZgZeZ]hjbahglZevgh]hhldehg_gbyijbjZ[hl_kh kljh[hkdhibq_kdbfb[ehdZfbg_h[oh^bfZ\g_rgyyebgbyaZ^_j`db\oh^ysZy\ dhfie_dl[ehdZY
J \dexqZ_fZy f_`^m bklhqgbdhf bkke_^m_fh]h kb]gZeZ b \oh^ghc p_ivx K ebgbb aZ^_j`db kb]gZe ihklmiZ_l gZ \uoh^ghc mkbebl_ev < dhlhjuc \ha[m`^Z_l khhl\_lkl\mxsmx iZjm kb]gZevguoieZklbgWEL
K \uoh^Zij_^\Zjbl_evgh]hmkbebl_eyqZklvbkke_^m_fh]hkb]gZeZih^Z_lkygZmkbebl_ev\gmlj_gg_c kbgojhgbaZpbbMkbe_ggucwlbfmkbebl_e_fkb]gZeq_j_ako_fmdhffmlZpbbihklmiZ_lgZ\oh^dZgZeZ ]hjbahglZevgh]hhldehg_gby^eyaZimkdZjZa\_jldb
Ko_fZ dhffmlZpbb iha\hey_l ijhba\h^blv \u[hj aZimkdZ jZa\_jldb lh]h beb ^jm]h]h dZgZeZ
]hjbahglZevgh]h hldehg_gby AZimkdZxsb_ kb]gZeu dZd \gmlj_ggb_ lZd b \g_rgb_ ih^Zxlky gZ \oh^gu_ p_ib dZgZeZ khklhysb_ ba \oh^guo jZat_fh\ Zll_gxZlhjZ i_j_dexqZl_e_c iheyjghklb b
\b^Z kbgojhgbaZpbb Ihke_ ijhoh`^_gby\oh^ghc p_ib b kbgojhgbaZlhjZ \uihegyxs_]hnmgdpbb ghjfbjmxs_]h mkljhckl\Z kb]gZe ih^Z_lky gZ ]_g_jZlhj jZa\_jldb dhlhjuc nhjfbjm_l ibehh[jZagh_ebg_cgh_beklmi_gqZlh_kljh[hkdhibq_kdh_ gZijy`_gb_^eyhldehg_gbyemq_cWEL ijhihjpbhgZevgh\j_f_gb
kf_ggh]h[ehdZYJ
ihklmiZxl q_j_a ko_fm dhffmlZpbb gZ \uoh^gu_ mkbebl_eb jZa\_jldb b mkbebl_eb bfimevkh\ ih^k\_lZ
Ko_fZ dhffmlZpbb iha\hey_l hkms_kl\blv ih^Zqm ibehh[jZagh]h gZijy`_gby jZa\_jlhd b
ih^k\_lguobfimevkh\k \uoh^Z[ehdZYJ khhl\_lkl\_gghgZ\uoh^ghcmkbebl_evjZa\_jldbb
mkbebl_ev bfimevkh\ ih^k\_lZ lh]h beb ^jm]h]h dZgZeZ ]hjbahglZevgh]h hldehg_gby beb gZ
khhl\_lkl\mxsb_ mkbebl_eb h[hbo dZgZeh\ h^gh\j_f_ggh Wlh iha\hey_l ihemqZlv jZaebqgu_ j_`bfujZ[hluhkpbeeh]jZnZb ih\urZ_l_]hmgb\_jkZevghklv
Mkbebl_ev jZa\_jldb mkbeb\Z_l ibehh[jZagh_ gZijy`_gb_ ^h \_ebqbgu g_h[oh^bfhc ^ey
ihemq_gby lj_[m_fh]h \j_f_ggh]h fZkrlZ[Z bah[jZ`_gby b \u^Z_l _]h gZ ]hjbahglZevgh hldehgyxsb_ieZklbguWEL
Mkbebl_evbfimevkh\ih^k\_lZmkbeb\Z_lihklmib\rb_k [ehdZYJ bfimevkub \u^Z_l
gZ fh^meylhj WEL iheh`bl_evgu_ bfimevku ih^k\_lZ ^ey hlibjZgby emqZ gZ \j_fy ijyfh]h oh^Z jZa\_jldb
>ey ij_h[jZah\Zgby bkke_^m_fuo we_dljbq_kdbo kb]gZeh\ \ \b^bfh_ bah[jZ`_gb_ \
hkpbeeh]jZn_kem`blbg^bdZlhj\ dhlhjhfbkihevam_lky^\moemq_\ZyWELlbiZEH:
< khklZ\ hkpbeeh]jZnZ \oh^bl dZeb[jZlhj Zfieblm^u b \j_f_gb ij_^gZagZq_gguc ^ey
dZeb[jh\db dhwnnbpb_glh\ hldehg_gby dZgZeh\ \_jlbdZevgh]h hldehg_gby b dhwnnbpb_glh\ jZa\_jldbdZgZeh\]hjbahglZevgh]hhldehg_gby
Mkbebl_evdZgZeZ©=ªmkbeb\Z_lih^Z\Z_fu_gZjZat_f = kb]gZeu\g_rg_cfh^meypbb
b \u^Z_lbogZdZlh^WEL^eyihemq_gby\j_f_gguoyjdhklguof_lhdgZwdjZg_WEL
We_dljhiblZgb_ hkpbeeh]jZnZ hkms_kl\ey_lky hl k_lb i_j_f_ggh]h gZijy`_gby dhlhjh_
ij_h[jZam_lkyb klZ[bebabjm_lkyko_fhciblZgby^hlj_[m_fuo\_ebqbg Ih^]hlh\dZd ijh\_^_gbxbaf_j_gbc
bah[jZ`_gbx nhjfu bkke_^m_fuo kb]gZeh\ gZ wdjZg_ WEL JZ[hq_c qZklvx wdjZgZ dZ`^h]h emqZ y\ey_lky mqZklhd wdjZgZ jZaf_jhf o ff JZ[hqb_ qZklb wdjZgZ h[hbo emq_c kh\f_s_gu D
wdjZgm ijbdj_ie_gZ rdZeZ jZaf_jhf o ff dhlhjZy jZa^_e_gZ gZ \_jlbdZevguo b
]hjbahglZevguo^_e_gbcdZ`^h_^_e_gb_ ff;hevrb_^_e_gbygZrdZe_wdjZgZgZg_k_guk ^\mo klhjhg [eZ]h^Zjy q_fm mf_gvrZ_lky hrb[dZ aZ kq_l iZjZeeZdkZ ijb kh\f_s_gbb bah[jZ`_gby
bkke_^m_fh]h kb]gZeZ k ebgbyfb rdZeu GZ p_gljZevguo ebgbyo ]hjbahglZevghc b \_jlbdZevghc rdZeu dZ`^h_ ^_e_gb_ jZa[blh gZ fZeuo ^_e_gbc jZkiheh`_gguo ^jm] hl ^jm]Z gZ jZkklhygbb jZ\ghfff
Bah[jZ`_gb_ bkke_^m_fh]h kb]gZeZ gZ wdjZg_ WEL fh`_l [ulv ihemq_gh dZd \ j_`bf_
j_Zevgh]h \j_f_gb lZd b \ j_`bf_ kljh[hkdhibq_kdh]h ij_h[jZah\Zgby \ kemqZ_ ijbf_g_gby kljh[hkdhibq_kdbo[ehdh\
>eykhojZg_gbyiZjZf_ljh\bkke_^m_fh]hkb]gZeZbkihevamcl_\ughkgu_^_ebl_ebijh[gbdb
b \ukhdhqZklhlgu_dZ[_ebbadhfie_dlZABI
ijh[gbdhflZddZdijbwlhfh[_ki_qb\Z_lkygZbf_gvrZygZ]jmadZbkke_^m_fhcp_ib
?keb bklhqgbd kb]gZeZ bf__l \uoh^gh_ khijhlb\e_gb_ Hf lh kh_^bgbl_evguc dZ[_ev
h[yaZl_evgh ^he`_ggZ]jm`Zlvkym \oh^h\[ehdh\gZ\hegh\h_khijhlb\e_gb_jZ\gh_Hfdjhf_ kljh[hkdhibq_kdbo
GbadhqZklhlgu_
kb]gZeu
[hevrhc
Zfieblm^u
fh]ml
ih^Z\Zlvky
g_ihkj_^kl\_ggh gZ \oh^u [ehdh\ k ihfhsvx dZ[_ey aZdZgqb\Zxs_]hky rl_d_jZfb Wlhl \b^
ih^Zqb gZb[he__ m^h[_g ^ey kb]gZeh\ k qZklhlhc gb`_ d=p ijb dhwnnbpb_gl_ hldehg_gby [ehdZ k\ur_9>_e
?keb\g_rgb_gZ\h^dbhdZ`mlkyg_^himklbfufbbkihevamcl_dZ[_ev aZdZgqb\Zxsbckyk h[hboklhjhgjZat_fZfb\ughkghc^_ebl_evbebZdlb\guc ijh[gbd
G_h[oh^bfhihfgblvqlhaZa_feyxsZyrbgZ^ebghc\ g_kdhevdhkZglbf_ljh\fh`_lkha^Zlv
©a\hgªihjy^dZg_kdhevdboijhp_glh\
Ihl_jb \uau\Z_fu_ jZkk_ygb_f wg_j]bb \ ^bwe_dljbd_ dZ[_ey ijhihjpbhgZevgu qZklhl_
kb]gZeZLZdbfh[jZahf[hevrZyqZklv\ukhdhqZklhlghcbgnhjfZpbb\ bfimevk_k fZeuf\j_f_g_f gZjZklZgby fh`_l [ulv ihl_jygZ \ kh_^bgbl_evghf dZ[_e_ ^ebghc \k_]h \ g_kdhevdh ^_kyldh\ kZglbf_ljh\\ kemqZ__kebhgg_kh]eZkh\Zgk _]h\hegh\ufkhijhlb\e_gb_f Ijh\_^_gb_baf_j_gbc
>ey ih^]hlh\db hkpbeeh]jZnZ d baf_j_gbyf Zfieblm^guo b \j_f_gguo iZjZf_ljh\
bkke_^m_fuo kb]gZeh\ ijhba\h^bl_ dZeb[jh\dm dhwnnbpb_glh\ hldehg_gby b jZa\_jldb dZgZeh\ \_jlbdZevgh]hb ]hjbahglZevgh]hhldehg_gby
DZeb[jh\dm
ihke_^h\Zl_evghklb
dZgZeZ
\_jlbdZevgh]h
hldehg_gby
ijhba\h^bl_
\
ke_^mxs_c
Ih^dexqbl_\uoh^ dZeb[jZlhjZgZjZat_f d \oh^ghfmjZat_fmkf_ggh]h[ehdZlbiZ
Y M k khijhlb\e_gb_f \oh^Z FHf kh kf_ggufb [ehdZfb k khijhlb\e_gb_f Hf wlhl j_`bf g_ fh`_l [ulv bkihevah\Zg MklZgh\bl_ jmqdm HLDE 0K]
\ iheh`_gb_©ª
jmqdm D:EB;J:LHJ 9 \ iheh`_gb_ h[_ki_qb\Zxs__ g_h[oh^bfmx \_ebqbgm dZeb[jZpbhggh]h kb]gZeZ©ªgZjZat_f_MklZgh\bl_Z\lhdhe_[Zl_evgucj_`bfjZ[hlujZa\_jldbijb dhwnnbpb_gl_jZa\_jldbbebPV>_e
Ijhba\_^bl_ dZeb[jh\dm \_jlbdZevgh]h ljZdlZ k ihfhsvx hj]Zgh\ dhjj_dlbjh\db mkbe_gby
gZi_j_^g_ciZg_ebkf_ggh]h[ehdZmklZgZ\eb\Zybah[jZ`_gb_dZeb[jZpbhggh]hkb]gZeZ\ kj_^g_c
qZklb rdZeu wdjZgZ WEL jZaf_jhf \ ^_e_gbc Ijb dZeb[jh\d_ jmqdZ ieZ\gh]h baf_g_gby dhwnnbpb_glZhldehg_gby \ iheh`_gbbD:EB;J
DZeb[jh\dmkljh[hkdhibq_kdbo[ehdh\ijhba\h^bl_hldZeb[jZlhjZjZkiheh`_ggh]h\ [ehd_
YJ
DZeb[jh\dm
ihke_^h\Zl_evghklb
dZgZeZ
]hjbahglZevgh]h
hldehg_gby
ijhba\h^bl_
\
ke_^mxs_c
MklZgh\bl_ jmqdm <J?FY>?E [ehdZ Y J \ iheh`_gb_ ©PVª Ih^Z\Zcl_
dZeb[jZpbhgguc kb]gZe F=p k \uoh^Z dZeb[jZlhjZ gZ \oh^ [ehdZ lbiZ Y < JZaf_j bah[jZ`_gby gZ wdjZg_ mklZgh\bl_ ^_e_gby b k ihfhsvx j_]mebjh\db DHJJ<J?FY>?E khhl\_lkl\mxs_]h emqZ jZkiheh`_gghc gZ \_jog_c h[rb\_ hkpbeeh]jZnZ ^h[_cl_kv kh\f_s_gby dZ`^h]h i_jbh^Z kb]gZeZ k ^_e_gb_f rdZeu wdjZgZ AZl_f mklZgh\bl_ jmqdm J:KLY@D: \
iheh`_gb_ ³o´ b k ihfhsvx j_]mebjh\db DHJJJ:KLY@D: lh]h `_ emqZ ^h[_cl_kvkh\iZ^_gby i_jbh^Zkb]gZeZk djZcgbfblhqdZfbhk_\hc]hjbahglZevghcebgbbrdZeuwdjZgZWEL
Baf_j_gb_ Zfieblm^ beb \j_f_gguo bgl_j\Zeh\ kb]gZeh\ ijhba\h^bl_ f_lh^hf
dZeb[jh\ZgghcrdZeu
Wlhlf_lh^baf_j_gbyZfieblm^beb\j_f_gguobgl_j\Zeh\hkgh\ZggZbaf_j_gbbebg_cguo
jZaf_jh\bah[jZ`_gbyg_ihkj_^kl\_gghihrdZe_wdjZgZWELBaf_jy_fmx\_ebqbgmih^kqblu\Zcl_ ihnhjfme_
: <K>
]^_ : bkdhfZy \_ebqbgZ kb]gZeZ < qbkeh ^_e_gbc K agZq_gb_ iheh`_gby i_j_dexqZl_e_c dhwnnbpb_glZ hldehg_gby 9>?E P9>?E beb dhwnnbpb_glZ jZa\_jldb <J?FY>?E > dhwnnbpb_gli_j_^Zqb^_ebl_eyijh[gbdZbebfgh`bl_ey jZa\_jldb
F_lh^ baf_j_gby ih dZeb[jh\Zgghc rdZe_ y\ey_lky hkgh\guf f_lh^hf baf_j_gby ^Zggh]h
hkpbeeh]jZnZ ^ey dhlhjh]h ijb\_^_gu ghjfu ih]j_rghkl_c <_ebqbgu ih]j_rghkl_c ^ey gZbom^r_]h kemqZy fbgbfZevguc jZaf_j bah[jZ`_gby ^_e_gby ih \_jlbdZeb b ^_e_gby ih
]hjbahglZeb G_h[oh^bfh klj_fblvky d lhfm qlh[u baf_jy_fZy qZklv kb]gZeZ aZgbfZeZ jZ[hq_cqZklbrdZeuwdjZgZWEL< wlhfkemqZ_ih]j_rghklvbaf_j_gbyZfieblm^ih^kqblu\Z_lky ihnhjfme_
'X %
Z ih]j_rghklvbaf_j_gby\j_f_gguobgl_j\Zeh\ihnhjfme_
'X %
Baf_j_gb_\_ebqbguihklhyggh]hgZijy`_gbyijhba\h^bl_\ ke_^mxs_cihke_^h\Zl_evghklbhi_jZpbc
mklZgh\bl_i_j_dexqZl_evdhwnnbpb_glZhldehg_gby\ lZdh_ iheh`_gb_qlh[ukf_s_gb_
emqZhlih^ZqbgZ\oh^[ehdZ ihklhyggh]hgZijy`_gbyijhbkoh^behijbf_jghgZ^_e_gbc _keb ih^Z_l_ iheh`bl_evgh_ ihklhyggh_ gZijy`_gb_ lh i_j_^
emqd gb`g_c]jZgbp_jZ[hq_crdZeu
ih^Zq_c kb]gZeZ kf_klbl_
_keb `_ baf_jy_fh_ gZijy`_gb_ hljbpZl_evghc iheyjghklb lh
]jZgbp_jZ[hq_cqZklbWEL
kf_klbl_ emq d \_jog_c
mklZgh\bl_i_j_dexqZl_ev\oh^Z\ iheh`_gb_©|ª
ihke_lh]hdZdemq[m^_lmklZgh\e_g\ \_jog_cbebgb`g_cqZklbwdjZgZWELg_\jZsZcl_
jmqdm ©ª^eyij_^hl\jZs_gbybfblZpbbeh`gh]hkb]gZeZ
ih^Zcl_ihklhyggh_gZijy`_gb_b hlkqblZcl_gZkdhevdh^_e_gbchldehgblkyemq\\_jobeb
\gba hlgZqZevgh]hiheh`_gby
\_ebqbgmihklhyggh]hgZijy`_gbyih^kqblZcl_ihnhjfme_
Baf_j_gb_\_ebqbgukb]gZeZgZmjh\g_ihklhyggh]hgZijy`_gbyijhba\h^bl_\ ke_^mxs_c
ihke_^h\Zl_evghklbhi_jZpbc
mklZgh\bl_i_j_dexqZl_ev\oh^Z[ehdZYM \ iheh`_gb_ ©|ª
_keb mjh\_gv ihklhyggh]h gZijy`_gby iheh`bl_evguc lh i_j_^ ih^Zq_c kb]gZeZ dhlhjuc
gZoh^blkygZmjh\g_ihklhyggh]hgZijy`_gbykf_klbl_jmqdhc©ªemq\ gb`gxxqZklvrdZeuWEL ih^Zcl_kb]gZegZ\oh^[ehdZY<
i_j_dexqZl_ev dhwnnbpb_glZ hldehg_gby [ehdZ mklZgh\bl_ \ lZdh_ iheh`_gb_ qlh[u
bah[jZ`_gb_gZoh^behkv\ ij_^_eZojZ[hq_ch[eZklbwdjZgZWEL
mklZgh\bl_^ebl_evghklvjZa\_jldblZdhcqlh[ugZwdjZg_[ueh\b^ghg_kdhevdhi_jbh^h\
kb]gZeZ
m[_^bl_kvqlhjmqdZieZ\gh]hbaf_g_gbydhwnnbpb_glZhldehg_gbygZoh^blky\ iheh`_gbb
D:EB;Jb baf_jvl_\ ^_e_gbyo\_ebqbgmbah[jZ`_gbyhlibdZ^hibdZ
<_ebqbgmkb]gZeZihklhyggh]hgZijy`_gbyfh`ghih^kqblZlvihnhjfme_
Baf_j_gb_ f]gh\_ggh]h agZq_gby gZijy`_gby k mq_lhf ihklhygghc khklZ\eyxs_c
ijhba\h^bl_\ ihke_^h\Zl_evghklbhi_jZpbcmdZaZgghc\ i
Ihke_ lh]h dZd m[_^bl_kv qlh jmqdZ ieZ\gh]h baf_g_gby dhwnnbpb_glZ hldehg_gby
gZoh^blky \ iheh`_gbb D:EB;J baf_jvl_ \ ^_e_gbyo jZkklhygb_ hl i_j\hgZqZevgh]h iheh`_gby emqZgZwdjZg_WEL^hgm`ghclhqdb
<_ebqbgm f]gh\_ggh]h agZq_gby gZijy`_gby \ \u[jZgghc lhqd_ fh`gh ih^kqblZlv ih
nhjfme_
>bnn_j_gpbZevgu_ k\hckl\Z [ehdh\ agZqbl_evgh jZkrbjyxl \hafh`ghklb bo
bkihevah\Zgby
GZijbf_jk ihfhsvx^bnn_j_gpbZevgh]h[ehdZm^h[ghgZkljZb\Zlv^\mo b fgh]hdZgZevgu_
kbkl_fu m dhlhjuo \uoh^gu_ kb]gZeu \k_o dZgZeh\ ^he`gu [ulv h^bgZdh\u >ey wlh]h gZ h^bg
\oh^[ehdZih^Z_lkykb]gZeijbgylucaZwlZehgZ gZ^jm]hc\oh^ ihhq_j_^ghkb]gZeuhklZevguo dZgZeh\b hij_^_ey_lkybohlebqb_hlwlZehggh]hgZwdjZg_WEL
K ihfhsvx ^bnn_j_gpbZevgh]h [ehdZ fh`gh bkke_^h\Zlv fZeu_ baf_g_gby gZijy`_gby gZ
[hevrhfmjh\g_ihklhyggh]hgZijy`_gby
>ey wlh]h gZ h^bg \oh^ ih^Z_lky bkke_^m_fuc kb]gZe Z gZ ^jm]hc \oh^ ihklhyggh_
gZijy`_gb_hlwlZehggh]hbklhqgbdZlhc`_iheyjghklbqlhb khklZ\eyxsZybkke_^m_fh]hkb]gZeZ
Ihklhyggh_ gZijy`_gb_ \aZbfgh dhfi_gkbjm_lky b gZ[ex^Z_lky lhevdh i_j_f_ggZy khklZ\eyxsZy kb]gZeZ
>bnn_j_gpbZevguc [ehd iha\hey_l ^_lZevgh bkke_^h\Zlv hl^_evgu_ mqZkldb bfimevkh\ <
wlhf kemqZ_ gZ h^bg \oh^ ih^Zcl_ bkke_^m_fuc bfimevk \ jZa ij_\urZxsbc ih \_ebqbg_ kb]gZe khhl\_lkl\mxsbc fZdkbfZevghfm bah[jZ`_gbx GZ \lhjhc \oh^ ih^Zcl_ ihklhyggh_
gZijy`_gb_ hl wlZehggh]h bklhqgbdZ lhc `_ iheyjghklb qlh b bfimevk J_]mebjmy \_ebqbgm wlZehggh]hgZijy`_gbyfh`gh\u\_klbgZwdjZgWELex[hcmqZklhdbfimevkZb jZkkfZljb\Zlv_]h\ m\_ebq_gghffZkrlZ[_
Ih^Z\e_gb_kbgnZaguokb]gZeh\ijhba\h^bl_\ ke_^mxs_cihke_^h\Zl_evghklb ih^Zcl_bkke_^m_fuckb]gZek ihf_ohc gZh^bgba\oh^h\[ehdZ gZ\lhjhc\oh^ih^Zcl_kb]gZeih^h[guckb]gZemihf_ob
mklZgh\bl_ h[Z i_j_dexqZl_ey \oh^h\ \ iheh`_gb_ ©|ª beb \ iheh`_gb_ ©aª _keb
ihklhyggZy khklZ\eyxsZy \oh^gh]h kb]gZeZkebrdhf[hevrZyKb]gZedhlhjuchklZ_lkygZwdjZg_ WEL^he`_gkhklZ\eylvlhevdhihe_aguckb]gZe[_akhklZ\eyxs_cihf_obldihf_oZih^Z\ey_lky
Ijbih^Z\e_gbbihf_ob\_ebqbgZ__ jZafZoZg_^he`gZij_\urZlv< \ iheh`_gbb©ªi_j_dexqZl_e_c9>?E Ijbm\_ebq_gbbdhwnnbpb_glZhldehg_gby\_ebqbgZihf_obfh`_lbf_lv [hevrb_agZq_gbyGZijbf_j_kebi_j_dexqZl_ev9>?EmklZgh\e_g\ iheh`_gb_ ©ªlh\_ebqbgZjZafZoZgZijy`_gbyih^Z\Z_fZygZwlhl\oh^g_^he`gZ ij_\urZlv<
F_lh^ baf_j_gby \j_f_gguo bgl_j\Zeh\ k ihfhsvx dZeb[jh\Zgguo f_lhd hkgh\Zg gZ
kha^Zgbb gZ ebgbb jZa\_jldb f_lhd hl \g_rg_]h ]_g_jZlhjZ dZeb[jh\Zgghc qZklhlu b ih^kq_l_ bo qbkeZgZbaf_jy_fhfbgl_j\Ze_
Wlhlf_lh^iha\hey_lmf_gvrblvih]j_rghklvbaf_j_gby\j_f_gguobgl_j\Zeh\^h\_ebqbgu
jZ\ghckmff_\_ebqbgih]j_rghkl_chihjghcqZklhlub hlkq_lZLZdgZijbf_jijbbkihevah\Zgbb ]_g_jZlhjZ klZg^Zjlguo kb]gZeh\ k ih]j_rghklvx mklZgh\db qZklhlu b qbke_ f_lhd gZ baf_jy_fhfbgl_j\ZejZ\ghfih]j_rghklvbaf_j_gbykhklZ\bl DZeb[jh\Zggu_f_ldbke_^m_lih^Z\ZlvgZ\oh^ =
Baf_j_gb_^ebl_evghklbnjhglZbfimevkZijhba\h^bl_iml_f baf_j_gby\j_f_ggh]hbgl_j\ZeZf_`^mlhqdZfbjZkiheh`_ggufbgZbah[jZ`_gbb kb]gZeZgZmjh\g_b hlZfieblm^ubaf_jy_fh]hbfimevkZ>ebl_evghklvkiZ^Z baf_jy_lkyZgZeh]bqgh Ihke_^h\Zl_evghklvhi_jZpbcbaf_j_gbyke_^mxsZy
ih^Z\Zcl_bkke_^m_fucbfimevkgZ\oh^mkbebl_ey\_jlbdZevgh]hhldehg_gbyb mklZgh\bl_
jZaf_jbah[jZ`_gbybfimevkZih\_jlbdZebgZ\kxjZ[hqmxqZklvwdjZgZ
mklZgh\bl_ lZdmx ^ebl_evghklv jZa\_jldb qlh[u baf_jy_fuc mqZklhd aZgbfZe ih
]hjbahglZeb gZb[hevrbc jZaf_j b jZkiheh`bl_ _]h ih \hafh`ghklb kbff_ljbqgh hlghkbl_evgh \_jlbdZevghchkbrdZeu
mklZgh\bl_jmqdhc© ªbah[jZ`_gb_kb]gZeZgZh^gmbagb`gbolhq_drdZeugZg_k_gguo
gZmjh\g_jZ[hq_cqZklbrdZeu
baf_jvl_jZkklhygb_ih]hjbahglZebf_`^mlhqdZfbgZbah[jZ`_gbbkb]gZeZgZmjh\gyo
b jZ[hq_ch[eZklbrdZeu\ ^_e_gbyo rdZeu
mfgh`vl_wlhjZkklhygb_gZihdZaZgb_i_j_dexqZl_e_c<J?FY>?Eb J:KLY@D:
BAF?J?GB?WE?DLJBQ?KDBO
dhj_ggufh[jZahfhlZgZeh]bqguobaf_j_gbc\ ^jm]bowe_dljhgguokbkl_fZoGhke_^m_lihfgblv
qlh ihemqblv g_dhlhju_ kb]gZeu fh`gh lhevdh k ihfhsvx ijh]jZffghc ih^^_j`db ?s_ \Z`gh
ihfgblv qlh ih^Z\eyxs__ [hevrbgkl\h kb]gZeh\ wlh g_i_jbh^bq_kdb_ ihke_^h\Zl_evghklb bfimevkh\
Baf_j_gb_ gZijy`_gbc < fbdjhijhp_kkhjguo kbkl_fZo ijbf_gy_lky p_euc jy^
gZijy`_gbc GZijy`_gby i_j_f_ggh]h lhdZ ijbf_gyxlky dZd ijZ\beh \h \oh^guo p_iyo [ehdh\ iblZgby IblZgb_ dhfihg_gl kbkl_fu hkms_kl\ey_lky gZijy`_gb_f ihklhyggh]h lhdZ GZb[he__
qZklh ijbf_gyxlky gZijy`_gby < < < < < b j_`_ ±< Baf_j_gb_ gZijy`_gbc iblZgbywlhi_j\ucrZ]ijhp_kkZ hleZ^dbb l_klbjh\Zgbyfbdjhijhp_kkhjghckbkl_fu
D iblZxsbf gZijy`_gbyf ijbf_gyxlky `_kldb_ lj_[h\Zgby k lhqdb aj_gby ij_^_eh\
baf_g_gby b imevkZpbc Wlh hij_^_ey_lky l_f qlh ijb ih\ur_gghf gZijy`_gbb we_f_glu fbdjhko_fu \uoh^ylbakljhyZ ijbihgb`_gghfkbkl_fZjZ[hlZ_lkhk[hyfb
>ey ihklhygguo klZ[bebabjh\Zgguo gZijy`_gbc < < < b ±< ^himkdZ_lky
hldehg_gb_ r k g_klZ[bevghklvx b imevkZpb_c g_ [he__ r IblZgb_ mkljhckl\ iZfylb qZkh\ j_Zevgh]h\j_f_gbb ijhp_kkhjh\3HQWLXP \ i_jkhgZevguodhfivxl_jZoijhba\h^blkygZijy`_gb_f <>bZiZahg^himklbfuobaf_g_gbchl< ^h<I_jbh^imevkZpbc\ mdZaZgghf^bZiZahg_ ^he`_g[ulvg_[he__hli_jbh^ZlZdlh\hcqZklhluijhp_kkhjZ
Kms_kl\m_lp_eh_k_f_ckl\hpbnjh\uofbdjhko_fh^ghdjbklZevgu_W
^himkdZ_lky rbjhdbc jZ[hqbc ^bZiZahg gZijy`_gbc GZijbf_j ^ey ((3520 lbiZ $7& _klvke_^mxsbcjy^^bZiZahgh\r<hl< ^h<hl< ^h<hl< ^h<
LZdbfh[jZahf\ g_dhlhjuokemqZyohllhqghklb mklZgh\dbiblZxsbogZijy`_gbcgZijyfmx
aZ\bkbl jZ[hlhkihkh[ghklv kbkl_fu b __ bkijZ\ghklv Ke_^h\Zl_evgh lj_[m_lky g_ lhevdh mklZgh\blvlhqgh_agZq_gb_gZijy`_gbyghb kdhjj_dlbjh\Zlv_]hk mq_lhfih]j_rghklbbaf_j_gbc b ijb[hjZ
Baf_j_gb_ gZijy`_gbc fh`gh ijhba\h^blv pbnjh\uf beb klj_ehqguf ijb[hjhf Ijb wlhf
smiuijb[hjZih^dexqZxlkyg_ihkj_^kl\_gghd \u\h^ZfiblZgbyfbdjhko_fujbk ?keb\ kbem fZeuo ]Z[Zjblh\ we_f_glZ beb hkh[_gghkl_c fhglZ`Z lZdh_ ih^dexq_gb_ g_\hafh`gh lh g_h[oh^bfhgZclb[eb`Zcrbcwe_f_glk l_f`_gZijy`_gb_fiblZgbybebbaf_jblvgZijy`_gb_gZ jZat_f_
JbkBaf_j_gb_gZijy`_gby\ ko_f_
Baf_jbl_evguc ijb[hj ^he`_g [ulv \dexq_g \ j_`bf_ baf_j_gby gZijy`_gby ihklhyggh]h
lhdZ Ij_^_e baf_j_gbc ^he`_g [ulv [eb`Zcrbf gh [hevrbf dZd fbgbfmf \ jZaZ q_f h`b^Z_fh_ agZq_gb_ GZijbf_j ijb baf_j_gbb gZijy`_gby < ij_^_e fZ`_l [ulv < Z ijb baf_j_gbbr< ij_^_e± <
< g_dhlhjuo kemqZyo baf_jyxlky agZq_gby gZijy`_gbc gZ bgnhjfZpbhgguo \oh^Zo beb
\uoh^Zo fbdjhko_f Gh ke_^m_l ihfgblv h[ bfimevkghf oZjZdl_j_ kb]gZeZ ?keb ijb[hj bf__l \
hkgh\_fZ]gblhwe_dljbq_kdmxkbkl_fmZ khklhygb_\oh^h\\uoh^h\klZlbq_kdh_lh[m^_lbaf_j_gh ibdh\h_agZq_gb_kb]gZeZIjbf_gyylhl`_lbiijb[hjZgh^eybaf_j_gby^bgZfbq_kdh]hkb]gZeZ ihemqbfbgl_]jZevgh_bebwnn_dlb\gh_agZq_gb_gZijy`_gby
Mjh\gbgZijy`_gbckhhl\_lkl\mxsb_eh]bq_kdbfmjh\gyfgZ\oh^Zob \uoh^Zofbdjhko_f
bf_xljZaebqgu_agZq_gbyjbk 8 @<
LLE
8 @<
8=
Z
8@<
8
8 @<
8
8=
DFHI
8
[
JbkOZjZdl_jbklbdb\oh^gh]hb \uoh^gh]hgZijy`_gbcLLE we_f_glZZ DFHIwe_f_glZ[
>ey
we_f_glh\\uiheg_gguoihl_ogheh]bbLLEoZjZdl_j_gq_ldbc^bZiZahggZijy`_gbcWlh\ i_j\mx hq_j_^v k\yaZgh k g_h[oh^bfhklvx h[_ki_qb\Zlv ijhl_dZgb_ lhdZ q_j_a ljZgabklhjgu_ ko_fu eh]bq_kdh]h we_f_glZ GZijy`_gb_ iblZgby LLEko_f g_ ij_\urZ_l < < we_f_glZo DFHI
ihkljh_gguo gZ [Za_ ihe_\uo ljZgabklhjh\ ^bZiZahg gZijy`_gbc hij_^_ey_lky \ ijhp_glghf hlghr_gbbhlgZijy`_gbyiblZgby8I< k\hxhq_j_^vgZijy`_gb_iblZgbyfh`_lf_gylvkyhl< ^h < Kms_kl\mxl ^jm]b_ l_ogheh]bb ba]hlh\e_gby fbdjhko_f jZ[hlZxsbo k ihgb`_gguf wg_j]hihlj_[e_gb_f
Baf_j_gb_kbeulhdZF_lh^ubaf_j_gbykbeulhdZ\ fbdjhijhp_kkhjguokbkl_fZolZdb_
`_ dZd b \ ^jm]hc we_dljhgghc ZiiZjZlmj_ Ijb[hj mklZgh\e_gguc \ j_`bf baf_j_gby kbeu lhdZ
\dexqZ_lky ihke_^h\Zl_evgh \ baf_jbl_evgmx p_iv Ijb ijh\_^_gbb baf_j_gbc klj_ehqgufb ijb[hjZfb ke_^m_l kh[ex^Zlv iheyjghklv \dexq_gby Pbnjh\u_ ijb[hju \ g_kh[ex^_gbyiheyjghklbihdZau\ZxlhljbpZl_evgu_agZq_gby
j_amevlZl_
Ihlj_[ey_fuc ko_fhc lhd hij_^_ey_lky dhebq_kl\hf we_f_glh\ \ ko_f_ l_ogheh]b_c bo
ba]hlh\e_gby b qZklhlhc i_j_dexq_gbc LZdbf h[jZahf ihlj_[ey_fuc ko_fhc lhd \ ijhp_kk_ __
jZ[hlu f_gy_lky Bklhqgbdb iblZgby i_jkhgZevguo dhfivxl_jguo kbkl_f jZkkqblZgu gZ fZdkbfZevgu_\uoh^gu_lhdb\ :H^gZdhj_Zevgh_ihlj_[e_gb_]hjZa^hgb`_
>ey fbdjhko_f \uiheg_gguo ih l_ogheh]bb DFHI oZjZdl_jgu fZeu_ jZ[hqb_ lhdb
ihjy^dZ f: Fbdjhko_fu LLE gbadhc kl_i_gb bgl_]jZpbb ihlj_[eyxl hl ^h f:
Fbdjhko_fu LLE \ukhdhc kl_i_gb bgl_]jZpbb ;BK K;BK ihlj_[eyxl [he__ f: gZ h^bg
dhjimk GZ jbk ihdZaZgu agZq_gby \oh^guo b \uoh^guo lhdh\ \ khhl\_lkl\bb k eh]bq_kdbfb khklhygbyfb
,
LLE
,
JbkOZjZdl_jbklbdb\oh^guob \uoh^guolhdh\LLEwe_f_glZ Ihlj_[e_gb_ lhdZ j_adh \hajZklZ_l \ kemqZyo ijh[hy fbdjhko_f b dhjhldh]h aZfudZgby gZ
h[sbc ijh\h^ iblZgby Bgh]^Z wlh ijb\h^bl d \uoh^m ba kljhy bklhqgbdZ iblZgby fbdjhijhp_kkhjghc kbkl_fu qZs_ kjZ[Zlu\Z_l aZsblZ ih lhdm Ihlj_[ey_fuc lhd agZqbl_evgh
ij_\urZ_l jZ[hqbc LZdbf h[jZahf baf_jb\ agZq_gb_ lhdZ fh`gh hij_^_eblv g_bkijZ\ghklv kbkl_fu
Baf_j_gb_ khijhlb\e_gbc < fbdjhijhp_kkhjguo kbkl_fZo baf_j_gb_ khijhlb\e_gby
ijbf_gy_lky lZd`_ qZklh dZd b baf_j_gb_ gZijy`_gbc Wlh h[mkeh\e_gh l_f qlh ih agZq_gbyf khijhlb\e_gbchij_^_ey_lkybkijZ\ghklvdhfihg_glh\kbkl_fu
< i_j\mx hq_j_^v baf_jyxl khijhlb\e_gb_ f_`^m rbgZfb iblZgby qlh[u bkdexqblv
dhjhldb_ aZfudZgby Ijb \uoh^_ ba kljhy fbdjhko_fu ijh[h_ __ khijhlb\e_gb_ hq_gv fZeh
ijZdlbq_kdb jZ\gh gmex Hq_gv qZklh \uoh^yl ba kljhy dhg^_gkZlhju ih^dexq_ggu_ iZjZee_evgh
\u\h^ZfiblZgbyfbdjhko_fMqblu\ZyiehlghklvfhglZ`Zb dhebq_kl\h\u\h^h\fbdjhko_f ihbkd g_bkijZ\gh]hwe_f_glZfh`_lhdZaZlvkyg_ljb\bZevgufKhijhlb\e_gb_bkijZ\ghcko_fuihrbgZf iblZgby khklZ\ey_l g_kdhevdh ^_kyldh\ Hf \ ijyfhf \dexq_gbb ijb[hjZ b g_kdhevdh f_gvr_ \ h[jZlghf
Ke_^m_laZf_lblvqlhklj_ehqgucijb[hj\dexq_gguc^ey baf_j_gbykhijhlb\e_gbcbf__l
iheyjghklvWlhohjhrhaZf_lgh_kebbaf_jblvkhijhlb\e_gb_^bh^Z
A^_kv lhqgh_ agZq_gb_ khijhlb\e_gby g_ \Z`gh =eZ\gh_ \ukhdh_ hgh beb [ebadh d gmex LZdbf kihkh[hf hij_^_eyxl h[ju\u ijh\h^gbdh\ ljZkk i_qZlguo ieZl dZ[_e_c ijh[hc ljZgabklhjh\ ^bh^h\b ^jm]bo^bkdj_lguowe_f_glh\
Baf_j_gb_ khijhlb\e_gbc ijhba\h^yl iZjZee_evguf ih^dexq_gb_f smih\ ijb[hjZ d
baf_jy_fhcp_ibjbk Ij_^_e baf_j_gbc^he`_g[ulvmklZgh\e_gaZjZg__k mq_lhfh`b^Z_fh]h agZq_gby
JbkKihkh[baf_j_gbykhijhlb\e_gby Ijbbaf_j_gbbkhijhlb\e_gbcko_fZ^he`gZ[ulvh[_klhq_gZ\ ijhlb\ghfkemqZ_bklhqgbd
iblZgbykbkl_fu\eby_lgZijh\h^bfu_baf_j_gbyb fh`_l[ulvijbqbghcihehfdbijb[hjZ
Baf_j_gb_ \j_f_gguo oZjZdl_jbklbd kb]gZeh\
hkpbeeh]jZnZ GZkljhcdZ hkpbeeh]jZnZ ijhba\h^blky \
khhl\_lkl\bb k
bgkljmdpb_c ih
wdkiemZlZpbb
L_klbjh\Zgb_ hkpbeeh]jZnhf fbdjhijhp_kkhjguo kbkl_f fh`gh hkms_kl\blv hj]Zgbah\Z\
pbdebq_kdh_bebi_jbh^bq_kdh_baf_g_gb_kb]gZeZbebi_j_\_^ykbkl_fm\ j_`bfk\h[h^gh]hkq_lZ
LZdbf h[jZahf fh`gh baf_jblv qZklhlm ih\lhj_gby kb]gZeh\ gZ \k_o ebgbyo rbgu Z^j_kZ qlh[u m[_^blvky \ hlkmlkl\bb hldZah\ L_kl k\h[h^gh]h kq_lZ nhjfbjm_l i_jbh^bq_kdb_ kb]gZeu gZ \k_o ebgbyoZ^j_kZb aZimkdhkpbeeh]jZnZ\hafh`_gk ex[hcbagbo
K ihfhsvx ijhkluo l_klijh]jZff h[jZamxlky i_jbh^bq_kdb_ kb]gZeu \ ^jm]bo [ehdZo
\uqbkebl_evghc kbkl_fu gZijbf_j \ \uoh^guo ihjlZo Bkihevamy hkpbeeh]jZn khklZ\eyxlky
\j_f_ggu_^bZ]jZffujZ[hlufbdjhijhp_kkhjghckbkl_fuIjbwlhf\ iZfylvfbdjhijhp_kkhjghc kbkl_fu aZibku\Z_lky pbdebq_kdZy ijh]jZffZ ba g_kdhevdbo dhfZg^ Ij_ju\Zgby \ kbkl_f_ aZij_sZxlky
JbkIhkljh_gb_\j_f_gguo^bZ]jZffk ihfhsvx hkpbeeh]jZnZ
>\moemq_\hc hkpbeeh]jZn iha\hey_l ihkljhblv \j_f_ggmx ^bZ]jZffm k dhebq_kl\hf
kb]gZeh\ [hevrbf q_f ^\Z >ey wlh]h \u[bjZxl g_dhlhjuc kb]gZe \ dZq_kl\_ ]eZ\gh]h
kbgojhgbabjmxl hkpbeeh]jZn ih wlhfm kb]gZem b hlghkbl_evgh g_]h kgbfZxl ihdZaZgby ^jm]bo kb]gZeh\
Imklv g_h[oh^bfh ihkljhblv \j_f_ggmx ^bZ]jZffm \uiheg_gby fbdjhijhp_kkhjhf L
ijh]jZffubag_kdhevdbodhfZg^
Lh]^Z aZibr_f \ iZfylv kbkl_fu dh^u dhfZg^ ijh]jZffu ]^_ i_j\Zy dhfZg^Z aZij_sZ_l
ij_ju\Zgbyihke_^gyydhfZg^ZaZpbdeb\Z_l\uiheg_gb_bkke_^m_fhcijh]jZffuAgZyqlh\ gZqZe_ dZ`^h]h fZrbggh]h pbdeZ \uiheg_gby dhfZg^ ijhp_kkhj nhjfbjm_l kb]gZe 6\QF \u[bjZ_f _]h \
dZq_kl\_ hkgh\gh]h >Ze__ mklZgZ\eb\Z_f \oh^ gZijbf_j emqZ : hkpbeeh]jZnZ gZ ebgbx k\yab
khhl\_lkl\mxsmx kb]gZem 6\QF AZimkdZ_f ijh]jZffm gZ \uiheg_gb_ b ^h[b\Z_fky klZlbq_kdhc dZjlbgdb kb]gZeZ gZ wdjZg_ hkpbeeh]jZnZ Q_jlbf gZ ebkl_ \j_f_ggmx ^bZ]jZffm kb]gZeZ ey ihdZaZgghc gZ
jbk \j_f_gghc ^bZ]jZffu \uiheg_gby h^ghc dhfZg^u
ihke_^h\Zl_evghklv aZibkb kb]gZeh\ ke_^mxsZy 6<1& 6<1& ± 5($'< 6<1& ± :$,7 6<1& ± '%,16<1& ± :56<1& ± $$ 6<1& ± '' 6<1& ± ))± ) 8 )
L
L
L
L W
)
W
6<1&
W
5($'<
W
:$,7
W
'%,1
W
:5
W
$$
W
'' F Jbk<j_f_ggZy^bZ]jZffZ\uiheg_gbydhfZg^u123
W
WdjZg hkpbeeh]jZnZ bf__l h]jZgbq_ggu_ jZaf_ju b gZ g_f fh`gh dZq_kl\_ggh gZ[ex^Zlv
^bZ]jZffu ihke_^h\Zl_evgh \uihegy_fuo dhfZg^ Wlh kms_kl\_ggh_ h]jZgbq_gb_ ijb\h^bl d
g_h[oh^bfhklb k^\b]Z emq_c ih ]hjbahglZevghc hkb beb gZ[ex^Zlv ih\_^_gb_ kb]gZeh\ jZa^_eyy h^bgnjZ]f_glijh]jZffugZg_kdhevdh[he__dhjhldbob \uihegyy ihhq_j_^b
FBDJHIJHP?KKHJU
FBDJHIJHP?KKHJ L
Fbdjhijhp_kkhj L nbjfu ,17(/ nmgdpbhgZevgh aZdhgq_gguc h^ghdjbklZevguc
iZjZee_evguc \hkvfbjZajy^gucfbdjhijhp_kkhjk nbdkbjh\Zgghckbkl_fhcdhfZg^ijbf_gy_lky\
dZq_kl\_ p_gljZevgh]h ijhp_kkhjZ \ mkljhckl\Zo h[jZ[hldb ^Zgguo b mijZ\e_gby Hl_q_kl\_gguf ZgZeh]hfy\ey_lkyfbdjhko_fZDJ@
Fbdjhijhp_kkhj bf__l jZa^_evgu_ jZajy^guc dZgZe Z^j_kZ b jZajy^guc dZgZe ^Zgguo
DZgZe Z^j_kZ h[_ki_qb\Z_l ijyfmx Z^j_kZpbx \g_rg_c iZfylb h[tzfhf ^h [Zcl
mkljhckl\ \\h^Z mkljhckl\ \u\h^Z
fbdjhijhp_kkhjZh[_ki_qb\Z_l\uiheg_gb_Zjbnf_lbq_kdbob eh]bq_kdbohi_jZpbcgZ^^\hbqgufb ^Zggufb ij_^klZ\e_ggufb \ ^hihegbl_evghf dh^_ Z lZd`_ h[jZ[hldm ^\hbqgh^_kylbqguo miZdh\Zgguo qbk_e
< khklZ\ [ehdZ j_]bkljh\ \oh^yl jZajy^guc j_]bklj Z^j_kZ dhfZg^u ,J jZajy^guc
mdZaZl_ev kl_dZ 63 jZajy^guc j_]bklj \j_f_ggh]h ojZg_gby := jZajy^gZy ko_fZ
bgdj_f_glZ^_dj_f_glZ b r_klv jZajy^guo j_]bkljh\ h[s_]h gZagZq_gby %&'(+/ dhlhju_ fh]ml bkihevah\Zlvky b
dZd ljb jZajy^guo j_]bkljZ %&'(+/ IjZdlbq_kdb \k_
Zjbnf_lbq_kdb_b eh]bq_kdb_^_ckl\bygZ^^Zggufb\uihegyxlky\ j_]bklj_± Zddmfmeylhj_:
Fbdjhijhp_kkhj\uihegy_ldhfZg^uihfZrbggufpbdeZfQbkeh pbdeh\g_h[oh^bfh_^ey
\uiheg_gby dhfZg^u aZ\bkbl hl _z lbiZ b fh`_l [ulv hl h^gh]h ^h iylb FZrbggu_ pbdeu
\uihegyxlkyihfZrbgguflZdlZfQbkehlZdlh\\ pbde_hij_^_ey_lkydh^hf\uihegy_fhcdhfZg^u b fh`_l[ulvhl^h>ebl_evghklvlZdlZjZ\gZi_jbh^mlZdlh\hcqZklhlub ijbqZklhl_F=p khklZ\ey_lgk
Kbkl_fZ dhfZg^ fbdjhijhp_kkhjZ L khklhbl ba [Zah\uo dhfZg^ dhlhju_ fh`gh
jZa^_eblvgZiylv]jmii
Z dhfZg^u i_j_^Zqb ^Zgguo bkihevamxlky ^ey i_j_^Zqb ^Zgguo ba j_]bkljZ \ j_]bklj ba
iZfylb\ j_]bkljb baj_]bkljZ\ iZfylv
[ Zjbnf_lbq_kdb_ dhfZg^u bkihevamxlky ^ey keh`_gby \uqblZgby bgdj_f_glZ beb
^_dj_f_glZkh^_j`bfh]hj_]bkljh\bebyq_cdbiZfylb
\ eh]bq_kdb_dhfZg^u BBEBbkdexqZxs__BEBkjZ\g_gb_k^\b]b
] dhfZg^u i_j_oh^h\ bkihevamxlky ^ey mkeh\guo b [_amkeh\guo i_j_oh^h\ \uah\Z
ih^ijh]jZffb \ha\jZlZbagbo
^ dhfZg^u mijZ\e_gby \\h^Z\u\h^Z b jZ[hlu kh kl_dhf bkihevamxlky ^ey mijZ\e_gby
ij_ju\Zgb_fj_]bkljhfijbagZdh\\\h^Zb \u\h^ZbgnhjfZpbb
Mkeh\gh_ ]jZnbq_kdh_ h[hagZq_gb_ fbdjhijhp_kkhjZ gZ ijbgpbibZevguo we_dljbq_kdbo
ko_fZoihdZaZghgZjbk
'' LQRXW ± ^\mgZijZ\e_gguc dZgZe ^Zgguo
h[_ki_qb\Z_l
^\mklhjhggbc
h[f_g
bgnhjfZpb_c
fbdjhijhp_kkhjZ k iZfylvx AM beb mkljhckl\Zfb \\h^Z\u\h^ZM<< ^eyh[jZ[hldb^Zgguob dhfZg^;bl
'' , :: 5'<
' ± feZ^rbc jZajy^ ^Zgguo < i_j\hf lZdl_ dZ`^h]h
+2/'
\uklZ\ey_lky keh\h khklhygby 6: dhlhjh_ hij_^_ey_l
)
fZrbggh]h pbdeZ ih kb]gZem 6<1& gZ rbg_ ^Zgguo ^Zevg_cr__ih\_^_gb_fbdjhijhp_kkhjghckbkl_fu KhklZ\keh\Zkhklhygbyke_^mxsbc
;bl ' ± ih^l\_j`^_gb_ ij_ju\Zgby ,17$
bkihevam_lky ^ey kljh[bjh\Zgby dhfZg^u 567 fbdjhijhp_kkhjba[ehdZij_ju\Zgby
\
;bl ' aZibkv beb \u\h^ :2 gbadbc
Zdlb\guc mjh\_gv k\b^_l_evkl\m_l h lhf qlh \ ^Zgghf pbde_ [m^_l ijhbkoh^blv \u\h^ bgnhjfZpbb ba fbdjhijhp_kkhjZ\ AMbebM<<
,17 )
8FF 8FF 8LR
*1'
+/'$ :$,7 ,17(
'%,1 :5
6<1&
JbkMkeh\gh_]jZnbq_kdh_ h[hagZq_gb_fbdjhijhp_kkhjZL
;bl ' ± k\b^_l_evkl\m_l h lhf 67$&. qlh gZ Z^j_kghf dZgZe_ mklZgh\e_gh kh^_j`bfh_
mdZaZl_eykl_dZ
;bl ' ± ih^l\_j`^_gb_ hklZgh\Z +/7$ k\b^_l_evkl\m_l h lhf qlh fbdjhijhp_kkhj
i_j_rze\ khklhygb_hklZgh\Z
;bl ' ± \u\h^ 287 k\b^_l_evkl\m_l h lhf qlh gZ Z^j_kghf dZgZe_ mklZgh\e_g ghf_j
\g_rg_]hmkljhckl\Zb hkms_kl\ey_lky\u\h^bgnhjfZpbbbaj_]bkljZj_amevlZlZgZM<<
;bl ' ± i_j\uc fZrbgguc pbde F k\b^_l_evkl\m_l h lhf qlh \ fbdjhijhp_kkhj
ijbgbfZ_lkyi_j\uc[ZcldhfZg^u
;bl ' ± \\h^ ,13 k\b^_l_evkl\m_l h lhf qlh gZ Z^j_kghf dZgZe_ mklZgh\e_g ghf_j
\g_rg_]hmkljhckl\Zb hkms_kl\ey_lky\\h^bgnhjfZpbbbaM<<\ j_]bkljj_amevlZlZ
;bl ' ± jZ[hlZ k iZfylvx 0(05 k\b^_l_evkl\m_lh lhfqlhijhba\h^blkyql_gb_kh^_j`bfh]h AM< ihke_^mxsbolZdlZoihrbg_'± 'i_j_^Zxlkydh^dhfZg^ubeb^Zggu_
5'< LQ ± ]hlh\ghklv kem`bl ^ey \\h^Z kb]gZeZ mdZau\Zxs_]h gZ ]hlh\ghklv
^_ckl\bl_evguo^Zgguod \\h^m\ fbdjhijhp_kkhjbebgZ]hlh\ghklv iZfylbb \g_rgbomkljhckl\d
ijbzfm bgnhjfZpbb k rbg ^Zgguo Kb]gZe iha\hey_l kbgojhgbabjh\Zlv jZ[hlm fbdjhijhp_kkhjZ k iZfylvxb \g_rgbfbmkljhckl\Zfbex[h]h[ukljh^_ckl\by
+2/' LQ ± aZo\Zl rbg ij_^gZagZq_g ^ey ih^Zqb \oh^gh]h kb]gZeZ dhlhjuc bkihevam_lky
\g_rgbfbmkljhckl\Zfb^eyaZijhkZ^hklmiZd rbgZfZ^j_kZb ^Zgguo
,17 LQ ± aZijhk fZkdbjm_fh]h ij_ju\Zgby kem`bl ^ey ih^Zqb \oh^gh]h kb]gZeZ
h[_ki_qb\Zxs_]h\hafh`ghklvjZ[hlufbdjhko_fu\ j_ZevghffZkrlZ[_\j_f_gb
)LQ ± lZdlh\uckb]gZekem`bl^eyih^Zqbg_i_j_dju\Zxsbokybfimevkh\nZa< )LQ ± lZdlh\uckb]gZekem`bl^eyih^Zqbg_i_j_dju\Zxsbokybfimevkh\nZa<
5(6(7 LQ ± k[jhk ij_^gZagZq_g ^ey ih^Zqb \oh^gh]h kb]gZeZ mklZgZ\eb\Zxs_]h
\gmlj_ggb_maeufbdjhko_fu\ bkoh^gh_khklhygb_
8FF± ij_^gZagZq_g^eyih^ZqbgZijy`_gbybklhqgbdZiblZgby<
8FF±ij_^gZagZq_g^eyih^ZqbgZijy`_gbybklhqgbdZiblZgby< 8LR ± kem`bl^eyih^ZqbgZijy`_gbykf_s_gbygZih^eh`dm< &1' ± h[sbcijh\h^^eygZijy`_gbciblZgby<
$$ RXW ± Z^j_kguc dZgZe h[_ki_qb\Z_l Z^j_kZpbx \g_rg_c iZfylb h[tzfhf ^h
D;ZclZ lZd`_Z^j_kZpbxmkljhckl\\\h^Zb mkljhckl\\u\h^Z:feZ^rbcjZajy^
+/'$ RXW ± ih^l\_j`^_gb_ aZo\ZlZ kem`bl ^ey \u^Zqb \uoh^gh]h kb]gZeZ y\eyxs_]hky
hl\_lguf gZ kb]gZe +2/' b ihdZau\Zxs_]h qlh rbgZ Z^j_kZ b ^Zgguo gZoh^ylky \ \ukhdhbfi_^Zgkghfkhklhygbb
:$,7 RXW ± h`b^Zgb_ kem`bl ^ey \u^Zqb \uoh^gh]h kb]gZeZ ih^l\_j`^Zxs_]h qlh
fbdjhijhp_kkhjgZoh^blky\ khklhygbbh`b^Zgby
,17( RXW ± jZaj_r_gb_ ij_ju\Zgby ij_^gZagZq_g ^ey \u^Zqb \uoh^gh]h kb]gZeZ dhlhjuc
bg^bpbjm_lkhklhygb_\gmlj_gg_]hljb]]_jZjZaj_r_gbyij_ju\Zgby
'%,1 RXW ± ijbzfij_^gZagZq_g^ey\u^Zqb\uoh^gh]hkb]gZeZihdZau\Zxs_]hqlhrbgu
^Zgguo gZoh^ylky \ j_`bf_ ijbzfZ l _ fbdjhijhp_kkhj h`b^Z_l ihklmie_gby ^Zgguo hl iZfylb mkljhckl\Z\\h^Zbeb^jm]bomkljhckl\kbkl_fu
:5 RXW ± kem`bl^ey\u^Zqb\uoh^gh]hkb]gZeZihdZau\Zxs_]hqlhfbdjhijhp_kkhj\u\_e
gZrbgm^Zgguo^_ckl\bl_evgu_^Zggu_^eyaZibkb\ iZfylvbeb\g_rg__mkljhckl\h
6<1& RXW ± kbgojhgbaZpby kem`bl^ey\u^Zqb\uoh^gh]hkb]gZeZhij_^_eyxs_]hgZqZeh
dZ`^h]h fZrbggh]h pbdeZ
GZjbkihdZaZgZ ^bZ]jZffZjZ[hlurbgufbdjhijhp_kkhjZ
LKOW± \ khklhygbbhklZgh\Zfbdjhijhp_kkhjfh`_l\uihegylv^_ckl\by mdZaZggu_ijbhibkZgbbj_`bfZ +/7 LZDLW± \ khklhygbbh`b^Zgbyfbdjhijhp_kkhj[m^_lgZoh^blvky^hl_oihj ihdZgZ\oh^5'<g_[m^_lih^ZghgZijy`_gb_eh]bq_kdhc_^bgbpu ;he__ih^jh[ghjZ[hlZfbdjhijhp_kkhjZbeexkljbjm_lky\j_f_ggufb ^bZ]jZffZfbGZjbkijb\_^_gZ\j_f_ggZy^bZ]jZffZ\uiheg_gby fbdjhijhp_kkhjhfdhfZg^u6+/'L_i_jvagZygZagZq_gb_dZ`^h]hlZdlZb kb]gZeh\ fbdjhijhp_kkhjZfh`ghe_]dhij_^klZ\blvijbgpbi_]hjZ[hlu< wlhc^bZ]jZff_ hlkmlkl\m_lbaf_g_gb_kb]gZeh\5($'< \uoh^fbdjhijhp_kkhjZ5'< b :$,7Wlh agZqblqlhkdhjhklvjZ[hluiZfylbg_om`_q_fkdhjhklvjZ[hluijhp_kkhjZ DhfZg^Z6+/' aZihfbgZ_lagZq_gbyojZgysb_ky\ j_]bkljZo+ b / \ iZfylb Ke_^hfaZdh^hfdhfZg^ujZkiheZ]Zxlky^\Z[ZclZZ^j_kZihdhlhjhfmaZibku\Zxlky agZq_gbyj_]bkljh\KgZqZeZkhojZgy_lkyj_]bklj/aZl_fihm\_ebq_gghfmgZ _^bgbpmZ^j_kmkhojZgy_lkyj_]bkljG < i_j\hffZrbgghfpbde_qblZ_lkydh^dhfZg^u\ ihke_^mxsbo^\mopbdeZo baiZfylb\ ijhp_kkhj\\h^blkyZ^j_kIhemq_ggucZ^j_kmklZgZ\eb\Z_lkygZrbgm Z^j_kZb \pbdeZoFF\uihegy_lkyaZibkv\ iZfylv F
F
F
F
F
Jbk<j_f_ggZy^bZ]jZffZ\uiheg_gbyfbdjhijhp_kkhjhfdhfZg^u6+/'
FBDJHIJHP?KKHJ,
@ OZjZdl_jgu_hkh[_gghklbFI =b[dhklvkljmdlmju\dexqZxs_c\hk_fvjZajy^guoj_]bkljh\h[s_]h gZagZq_gbyJHG dhlhjZyiha\hey_lhi_jbjh\Zlvk b jZajy^gufb^Zggufb Nbabq_kdh_Z^j_kgh_ijhkljZgkl\h=[Zcl\bjlmZevgh_ L[Zcl fZdkbfZevgucjZaf_jk_]f_glZ =[Zcl GZebqb_\kljh_ggh]h^bki_lq_jZiZfylbh[_ki_qb\Zxs_]hih^^_j`dm \bjlmZevghciZfylbkljZgbqgmx hj]ZgbaZpbxiZfylbkj_^kl\ZfbFImjh\gy aZsbluiZfylb IhegZykh\f_klbfhklvk FIkh\f_klbfhklvihdh^mk k_f_ckl\hf GZebqb_\bjlmZevgh]hj_`bfZFIiha\heyxs_]h\uihegblvijh]jZffu wlh]hFIk bkihevah\Zgb_faZsblub kljZgbqghchj]ZgbaZpbbiZfylb LZdlh\ZyqZklhlZ^hF=pkdhjhklvh[f_gZihfZ]bkljZebijbwlhcqZklhl_ F[Zclk
+2/' LQ AZijhkaZo\ZlZfZ]bkljZebey i_j_^Zqb kb]gZeh\ \\h^Z\u\h^ZZ\lhfZlbq_kdbnhjfbjm_fuo^eyh[_ki_q_gby\aZbfh^_ckl\byk khijhp_kkhjhfbkihevam_lky Z^j_kgh_ ijhkljZgkl\h \\h^Z\u\h^Z hl )+ ^h))+lZd dZd ^ey h[jZs_gbyd khijhp_kkhjm g_h[oh^bfhkh\iZ^_gb_^\momkeh\bcgZebqb_\ukhdh]h mjh\gy gZijy`_gbygZebgbbZ^j_kZ:b gZebqb_ gbadh]hmjh\gygZebgbb0,2AgZq_gby kb]gZeh\ kljh[h\ ^Zgguo%(%(hij_^_eyxlkhhl\_lkl\_gghl_ [Zclu jZajy^ghc rbgu ^Zgguodhlhju_mqZkl\mxl\ l_dms_ci_j_^Zq_Wlhhkh[_gghm^h[gh^ey \aZbfh^_ckl\byk \g_rg_cZiiZjZlmjhcDhebq_kl\h kljh[h\ ^Zgguo%(%(gZoh^ysboky\ Zdlb\ghf khklhygbbhij_^_ey_ljZaf_j hi_jZg^Z h[f_gZ beb[ZclZ Dh]^Z \uihegy_lkypbdeaZibkb\ iZfylvbeb\ mkljhckl\h\\h^Z\u\h^Zb i_j_^Z\Z_fuchi_jZg^aZgbfZ_llhevdh klZjrb_jZajy^h\ rbgu^Zgguo'' dhibywlh]hhi_jZg^Zh^gh\j_f_gghi_j_^Z_lkyih feZ^rbf jZajy^Zf rbgu ^Zgguo'' Wlh ^m[ebjh\Zgb_\uihegy_lky^eyh[_ki_q_gbyhilbfZevgh]hj_`bfZaZibkbgZjZajy^gu_rbguIjhp_^mjZ ^m[ebjh\ZgbyaZibku\Z_fuo^ZgguoaZ\bkblhlagZq_gbckljh[h\ ^Zgguo%(%( ''LQRXW RbgZ^Zgguo>\mgZijZ\e_ggu_k lj_fykhklhygbyfb ebgbb rbgu ^Zgguoh[_ki_qb\Zxl i_j_f_s_gb_ ^Zgguohld ^jm]bfmkljhckl\ZfGZebqb_\ukhdh]hmjh\gygZijy`_gbygZ\oh^Zo\uoh^Zo rbgu^Zgguoh[hagZqZ_lgZebqb_dh^h\eh]bq_kdhc_^bgbpugZwlbo\u\h^ZoRbgZ^Zgguofh`_li_j_^Z\Zlv ^Zggu_dZdgZlZd b gZjZajy^gu_rbgu[eZ]h^Zjylhfmqlh_klv\hafh`ghklvbaf_g_gbyjZaf_jZrbgu ^Zgguo>eyijZ\bevgh]h\uiheg_gbyhi_jZpbckqblu\Zgby kb]gZeh\k rbgu^Zgguolj_[m_lkyh[_ki_q_gb_
g_h[oh^bfuoagZq_gbc\j_f_gb mklZgh\db Wb \j_f_gbm^_j`ZgbyWkqblu\Z_fuo^ZgguoIjbex[hc hi_jZpbbaZibkb\dexqZypbdeuhklZgh\Zb \udexq_gby \k_]^Zi_j_^Z_l\k_jZajy^Z ^Zgguo^Z`__keb \ l_dms_fpbde_jZaf_jrbguh[f_gZjZ\_gjZajy^Zf $'6RXW Khklhygb_Z^j_kZ
GZjbkijb\_^_gZ^bZ]jZffZjZ[hlufbdjhijhp_kkhjZihlZdlZfJZkkfhljbf ^_ckl\byijhp_kkhjZ\ dZ`^hflZdl_ih^jh[g__< Zdlb\ghfkhklhygbbbgl_jn_ck fZ]bkljZeb\uihegy_lh^bgba pbdeh\ql_gb_bebaZibkv\ iZfylv[ehdbjh\Zggh_ql_gb_beb aZibkv\ iZfylvql_gb_bebaZibkv \ h[eZklb\\h^Z\u\h^Z khijhp_kkhjZ ih^l\_j`^_gb_ ij_ju\Zgbybg^bdZpbxhklZgh\Z beb\udexq_gby:^j_kZ\ L fh]ml[ulv^\molbih\h[uqgu_b dhg\_c_jgu_GZebqb_dhg\_c_jZ hij_^_ey_lkyZdlb\gufagZq_gb_f kb]gZeZ1$Ijbhlkmlkl\bb dhg\_c_jZZ^j_kh\l_dmsbcZ^j_kb dh^pbdeZhklZxlkyihklhyggufb\ l_q_gb_\k_]hpbdeZ Fbdjhijhp_kkhjgZqbgZ_lk\hx jZ[hlm[_adhg\_c_jZZ^j_kh\k lZdlZ LLAZl_fih\gmlj_gg_fm aZijhkmi_j_oh^bl\ lZdl L]^_ kb]gZehf$'6ih^l\_j`^Z_lky JbkPbdeufZ]bkljZebfbdjhijhp_kkhjZL gZebqb_Z^j_kZ< LlZdh]h ih^l\_j`^_gbyg_lIjbdhg\_c_jghch[jZ[hld_\ Lg_lih^l\_j`^_gbyZ^j_kZ^ey ij_^u^ms_cdhfZg^u\ L$'6Zdlb\_gb ih^l\_j`^Z_lZ^j_kl_dms_cdhfZg^u
IjblZdhfkihkh[_g_lj_[m_lkylZdl h`b^ZgbyLZdlLL wlhiZkkb\gh_khklhygb_ fZ]bkljZebLK ± khklhygb_ih^l\_j`^_gbyaZo\ZlZfZ]bkljZebLL ihke_^mxsb_ khklhygbypbdeZrbgubf_xsb_ f_klhdh]^Zh[gZjm`_gZdlb\gucmjh\_gv1$\ l_dms_fpbde_rbgugh_s_ hlkmlkl\m_l\gmlj_ggbcaZijhk rbguh`b^Zxsbc h[kem`b\Zgb_Lg_\u^Zklgh\ucZ^j_kbebg_mklZgh\blZdlb\gucmjh\_gv $'6 LJ ihke_^mxsb_khklhygbypbdeZrbgubf_xsb_f_klhdh]^Z\ l_dms_f pbde_rbguh[gZjm`_gZdlb\guc mjh\_gv 1$b bf__lky\gmlj_ggbch`b^Zxsbc h[kem`b\Zgb_aZijhkrbgu L\u^Zklgh\ucZ^j_kb Zdlb\babjm_lkb]gZe $'6 LJ i_j\h_khklhygb_dhg\_c_jgh]hpbdeZrbgu PbnjZfbgZ^bZ]jZff_ihdZaZgu\hafh`gu_i_j_oh^uf_`^mlZdlZfb I_j_oh^uijhbkoh^ylijb\uiheg_gbbg_dhlhjuomkeh\bcgZijbf_j +2/'Zdlb\_g
5($'<Zdlb\_gb +2/'Zdlb\_g
+2/'g_Zdlb\_gb _klv\gmlj_ggbcaZijhkh`b^Zxsbch[kem`b\Zgb_ +2/'g_Zdlb\_gb g_l\gmlj_gg_]haZijhkZ 5(6(7Zdlb\_g
5($'<Zdlb\_g b +2/'g_Zdlb\_g bg_l\gmlj_gg_]haZijhkZ 1$g_Zdlb\_g
5($'< Zdlb\_g b
h[kem`b\Zgb_
+2/' g_ Zdlb\_g
b
_klv
\gmlj_ggbc aZijhk h`b^Zxsbc
5($'<g_Zdlb\_gb 1$g_Zdlb\_g
g_l \gmlj_gg_]h aZijhkZb +2/'Zdlb\_g b 1$Zdlb\_gb 5($'<g_Zdlb\_g 1$Zdlb\_gb +2/'Zdlb\_gb g_l\gmlj_gg_]haZijhkZ
5($'< g_ Zdlb\_g b 1$ Zdlb\_g b +2/' g_ Zdlb\_g b _klv \gmlj_ggbc aZijhk
h`b^Zxsbch[kem`b\Zgb_
1$Zdlb\_g +2/'g_Zdlb\_g _klv\gmlj_ggbcaZijhkh`b^Zxsbch[kem`b\Zgb_ 5($'<Zdlb\_g
5($'<g_Zdlb\_gb g_l \gmlj_gg_]haZijhkZb +2/'Zdlb\_g
5($'<g_Zdlb\_gb _klvaZijhkh`b^Zxsbch[kem`b\Zgb_b +2/'g_Zdlb\_g 5($'<g_Zdlb\_g
GZjbkihdZaZgZ\j_f_ggZy^bZ]jZffZjZ[hlufbdjhijhp_kkhjZ\ j_`bfZoql_gbyb aZibkb
k dhg\_c_jghch[jZ[hldhcZ^j_kh\
JbkQl_gb_aZibkvk dhg\_c_jhfZ^j_kh\
Dhg\_c_jgh_nhjfbjh\Zgb_Z^j_kh\± wlhmklZgh\dZZ^j_kZb hij_^_e_gb_lbiZ ke_^mxs_]hpbdeZ^hlh]hdZdij_^u^msbcpbdeih^l\_j`^_gZdlb\gufagZq_gb_f kb]gZeZ5($'<Dh]^Z]hlh\ ke_^mxsbcZ^j_kfbdjhijhp_kkhjZdlb\babjm_l$'6 mijZ\ey_fuc\oh^gufkb]gZehf1$
Ijhp_kkhj3HQWLXPnbjfu,QWHOh[t_^bgy_l\ k_[_\ukhdmxijhba\h^bl_evghklv k ]b[dhklvxb kh\f_klbfhklvxoZjZdl_jbamxsbfbieZlnhjfm i_jkhgZevgh]h dhfivxl_jZ< gZklhys__\j_fyijhp_kkhj3HQWLXPy\ey_lkyhkgh\hc[hevrbgkl\ZID
b h[_ki_qb\Z_lrbjhdb_\hafh`ghklb^eyjZ[hluk fmevlbf_^bcgufijh]jZffguf h[_ki_q_gb_fb ,QWHUQHWWlhkihkh[kl\m_lkha^Zgbxijh]jZffgh]hh[_ki_q_gbyk fhsghcj_Zebklbqghc]jZnbdhcb \hafh`ghklvx\hkijhba\_^_gbyiheghwdjZggh]h \b^_hIjhp_kkhj3HQWLXPjZkrbjbe^bZiZahgfbdjhijhp_kkhjh\Zjobl_dlmju,QWHO kha^Z\gh\mxh[eZklv\hafh`ghkl_c^eydhfivxl_jguokbkl_f;BKFIh[t_^bgy_l [he__q_f fbeebhgZljZgabklhjh\gZh^ghcdj_fgb_\hcih^eh`d_jZajy^guc 3HQWLXPijhp_kkhjoZjZdl_jbam_lkyijhba\h^bl_evghklvxk lZdlh\hcqZklhlhc F=p>@ OZjZdl_jgZy hkh[_gghklv3HQWLXPijhp_kkhjZkhklhbl\ \b^_mgbdZevgh]h khq_lZgby\ukhdhcijhba\h^bl_evghklbkh\f_klbfhklbbgl_]jZpbb^Zgguob gZjZsb\Z_fhklbWlh\dexqZ_l Kmi_jkdZeyjgmxZjobl_dlmjm JZa^_evgh_dwrbjh\Zgb_ijh]jZffgh]hdh^Zb ^Zgguo ;ehdij_^kdZaZgbyijZ\bevgh]hZ^j_kZi_j_oh^Z jm]h_\Z`g_cr__mkh\_jr_gkl\h\Zgb_j_Zebah\Zggh_\ 3HQWLXPijhp_kkhj_ wlh\\_^_gb_jZa^_evgh]hdwrbjh\ZgbyDwrbjh\Zgb_ m\_ebqb\Z_l ijhba\h^bl_evghklvihkj_^kl\hfZdlb\baZpbbf_klZ\j_f_ggh]hojZg_gby^eyqZklh
bkihevam_fh]hijh]jZffgh]hdh^Zb ^ZgguoihemqZ_fuoba[ukljhciZfylbaZf_gyy ih\hafh`ghklbh[jZs_gb_d \g_rg_c kbkl_fghc iZfylb^eyg_dhlhjuodhfZg^ ;ehdij_^kdZaZgbyijZ\bevgh]hZ^j_kZi_j_oh^Z wlhke_^mxs__j_r_gb_^ey \uqbke_gbcm\_ebqb\Zxs__ijhba\h^bl_evghklv ihkj_^kl\hf ihegh]haZiheg_gby dhg\_c_jh\dhfZg^Zfbhkgh\Zggh_gZij_^\Zjbl_evghfhij_^_e_gbbijZ\bevgh]h gZ[hjZ dhfZg^dhlhju_ ^he`gu[ulv\uiheg_gu 3HQWLXPijhp_kkhj iha\hey_l\uihegylvfZl_fZlbq_kdb_\uqbke_gbygZ[he__ \ukhdhfmjh\g_[eZ]h^Zjybkihevah\Zgbxmkh\_jr_gkl\h\Zggh]h\kljh_ggh]h[ehdZ \uqbke_gbck ieZ\Zxs_caZiylhcdhlhjuc\dexqZ_l\hkvfblZdlh\ucdhg\_c_jb ZiiZjZlghj_Zebah\Zggu_hkgh\gu_ fZl_fZlbq_kdb_nmgdpbb KgZjm`bijhp_kkhjij_^klZ\ey_lkh[hc[blh\h_mkljhckl\h
JbkMkeh\gh_]jZnbq_kdh_h[hagZq_gb_;BKFI3HQWLXP
JZkkfhljbf\oh^gu_b \uoh^gu_kb]gZeufbdjhijhp_kkhjZG_dhlhju_kb]gZeu ba\_klguihfbdjhijhp_kkhjZfij_^u^msbofh^_e_cbofujZkkfZljb\Zlvg_[m^_f 3,&&/. LQ lZdlbjh\Zgb_ijhp_kkhjZhlijh]jZffbjm_fh]hdhgljhee_jZij_ju\Zgbc &/. LQ \oh^lZdlh\hcqZklhlu %)%)RXW hij_^_ey_lqZklhlmrbgub ijhp_kkhjZ\ aZ\bkbfhklbhldhwnnbpb_glZ ,1,7 LQ \oh^bgbpbZebaZpbbijhp_kkhjZ $3,&(1 LQ jZaj_r_gb_bebaZij_s_gb_dhgljhee_jZij_ju\Zgbc3,& '3(1LQRXW \uoh^\lhjh]h\oh^i_j\h]hijhp_kkhjZ ,175/,17,175 LQ aZijhk\g_rg_]hfZkdbjm_fh]hij_ju\Zgby/,17LQ jZ[hlZ_lijbjZaj_rzgghf $3,& 10,/,1710, LQ aZijhkg_fZkdbjm_fh]hij_ju\Zgby/,17LQ jZ[hlZ_lijbjZaj_rzgghf$3,& 3,&'LQRXW ebgbb^Zgguo ijh]jZffbjm_fh]hdhgljhee_jZij_ju\Zgbc3,&'LQRXW jZaj_r_gb_kh\f_klghcjZ[hlu\lhjhfmijhp_kkhjm 3,&'LQRXW ebgbb^Zgguo ijh]jZffbjm_fh]hdhgljhee_jZij_ju\Zgbc &387<3 LQ lbiijhp_kkhjZ ^eyjZaebqbyi_j\h]hb \lhjh]hijhp_kkhjh\ '3RXW bg^bdZlhj\lhjhci_j\ucijhp_kkhj &$&+(RXW \uiheg_gb_pbdeZql_gbyaZibkbk dwriZfylvx )/86+ LQ ih^l\_j`^Z_lki_pbZevgucpbdejZ[hluk dwriZfylvxk[jhkdwrZ .(1LQ jZaj_r_gb_dwrZ
,(55RXW \gmlj_ggyyhrb[dZLQWHUQDOHUURU Kms_kl\m_l^\ZlbiZ\gmlj_gg_chrb[dbZ \gmlj_ggyyhrb[dZ q_lghklbE \gmlj_ggyyhrb[dZnmgdpbhgZevghcba[ulhqghklb ,*11( LQ b]ghjbjh\Zgb_pbnjh\hchrb[dbBkihevam_lkyk [blhf1( keh\Zkhklhygby&5 56LQ jZ[hlZhklZgh\bkihevam_lkynbjfhc,QWHO ^eyhleZ^db 35'< RXW \oh^ijh[guc5($'<bkihevam_lkynbjfhc,QWHO ^eyhleZ^db %5'<LQ ]hlh\ghklv\g_rg_ckbkl_fuWlhlkb]gZeijh\_jy_lky\ LLLJ $$LQRXW ebgbbZ^j_kZ@RXW dhgljhevgu_lhqdb%3>@^eyhleZ^db %5(4 RXW aZijhkrbgum \g_rg_ckbkl_fu %86&+.LQ EXV FKHFN kb]gZebabjm_lh g_m^ZqghfaZ\_jr_gbbpbdeZrbgu JZkkfhljbfijbgpbijZ[hlufbdjhijhp_kkhjZ 3HQWLXP>bZ]jZffZpbdeh\bgl_jn_ckZ fZ]bkljZebijb\_^_gZgZjbkFZrbggu_ pbdeuijhp_kkhjZkhklhylbalZdlh\ LL iZkkb\gh_khklhygb_rbgubebfZ]bkljZeb Ijhp_kkhj3HQWLXPmijZ\ey_lbebg_mijZ\ey_l Z^j_kZfbb khklhygb_f\uoh^h\\ aZ\bkbfhklbhl khklhygbc+/'$$+2/'b %2)) MklZgh\e_gguc%2))beb5(6(7[m^ml\k_]^Z \ugm`^Zlvijhp_kkhj\ha\jZsZlvky\ khklhygb_ 7L L i_j\uclZdlrbgugZqZehdhfZg^ Ijhp_kkhj\u^Zzlgh\ucZ^j_kb mklZgZ\eb\Z_l Zdlb\gucmjh\_gv$'6L \lhjhcb ihke_^mxsb_lZdlurbgu \khklhygbb h`b^Zgby< khklhygbbLijhbkoh^bl ihklmie_gb_^Zgguo_kebwlhpbdeaZibkb beb ^Zggu_h`b^Zxlky_kebwlhpbdeql_gby %5'< ^bkdj_lgucBf__lkyh^bg g_\uiheg_ggucpbderbguL \lhjhcb ihke_^mxsb_lZdluijbdhg\_c_jghch[jZ[hld_ Khklhygb_mdZau\Z_lqlhbf_xlky^\Z g_\uiheg_gguopbdeZrbgub qlhijhp_kkhj 3HQWLXPgZqbgZ_l\lhjhcpbderbgu\ lh\j_fy dh]^Z^Zggu_i_j_oh^yl\ i_j\uc< L ijhp_kkhj3HQWLXPijb\h^bl\ ^_ckl\b_Z^j_kZb khklhygbylZd`_mklZgZ\eb\Z_l$'6^ey \lhjh]hg_\uiheg_ggh]hpbdeZrbgu\ lh\j_fy dh]^Z^Zggu_i_j_^Zgub %5'<y\ey_lky ^bkdj_lguf^eyi_j\h]hg_\uiheg_ggh]hpbdeZ 73 wlhkhklhygb_mdZau\Z_lqlhbf_xlky^\Z g_\uiheg_gguopbdeZrbgu%5'<y\ey_lky ^bkdj_lguf^eyi_j\h]hg_\uiheg_ggh]hpbdeZ :^j_kZkhklhygbyb $'6^ey\lhjh]h g_\uiheg_ggh]hpbdeZijb\h^ylkybgh]^Z\ khklhygb_LL' ijhp_kkhj\\h^bllZdlL'_kebgZij_^u^msbolZdlZo[ueh^\Z\u^_e_gguolZdlZWlhl i_j_oh^\hafh`_gdh]^ZmklZgh\e_gkb]gZe%5'<b hlkmlkl\m_llZdlbjh\Zgb_ijhp_kkhjZWlhkhklhygb_ mdZau\Z_lgZlhqlh_klvh^bgg_\uiheg_ggucpbdeb qlhZ^j_kZkhklhygby$'6m`_mklZgh\e_gub %5'<g_ ^bkdj_lguc. PbnjZfbgZ^bZ]jZff_ihdZaZgui_j_oh^ubah^gh]hlZdlZ\ ^jm]hc\ ij_^_eZoh^gh]hfZrbggh]hpbdeZ Mkeh\byi_j_oh^h\ke_^mxsb_
Jbk>bZ]jZffZpbdeh\bgl_jn_ckZ fZ]bkljZeb ijhp_kkhjZ3HQWLXP 00;
aZijhkh\g_lfZ]bkljZeviZkkb\gZ gZqZehgh\h]hpbdeZ \k_]^Z%2)) iZkkb\_g h`b^Zgb_]hlh\ghklbbebih^l\_j`^_gby1$ _keb_klvaZijhkijhp_kkhjZb %5'<lhi_j_oh^LgZqZehgh\h]hlZdlZ _kebg_laZijhkZlhi_j_oh^LL g_l%5'<gh_klvaZijhkb 1$ih^l\_j`^zg _klv%5'<b g_hklZgh\e_ghlZdlbjh\Zgb_ _klv%5'<b hlkmlkl\m_llZdlbjh\Zgb_ g_l%5'<ijbwlhf%2))^he`_g[ulviZkkb\_g fZrbggucpbdeg_\uiheg_g g_l%5'< ijhp_kkhjgZoh^blky\ khklhygbb7J ihdZi_j\ucpbdei_j_^Zqbg_aZdhgqblky _klv%5'<b g_hklZgh\e_ghlZdlbjh\Zgb_ ijhp_kkhjaZ\_jrZ_li_j\ucpbderbgub g_gm`guimklu_ lZdlu _klv%5'<b hlkmlkl\m_llZdlbjh\Zgb_ ijhp_kkhjaZ\_jrZ_li_j\ucpbdeghgm`guimklu_lZdlu _klvaZijhkb 1$ih^l\_j`^zg g_laZijhkZbeb1$iZkkb\_g ;he__gZ]ey^ghjZ[hlZijhp_kkhjZbeexkljbjm_lky\j_f_ggufb^bZ]jZffZfbLZdbo^bZ]jZffijhp_kkhj 3HQWLXP bf__l^hklZlhqghfgh]hb bofh`ghbamqblv\ khhl\_lkl\mxsbojmdh\h^kl\Zob hibkZgbyoFu h]jZgbqbfkylhevdh^\mfy^hklZlhqghijhklufb^bZ]jZffZfbjbkjbk pbdeh\ql_gbyb aZibkb[_a dhg\_c_jghcb dhg\_c_jghch[jZ[hldhcZ^j_kh\< i_j\hflZdl_ijhp_kkhj\u\h^blZ^j_kyq_cdbiZfylbgZebgbb $''5 b ih^l\_j`^Z_lbobklbgghklvkb]gZehf$'6Kb]gZe:5bf__lgbadbcZdlb\gucmjh\_gvqlhhagZqZ_l gZqZehql_gby^Zgguo\ ijhp_kkhjKb]gZe&$&+(ihdZau\Z_lqlhql_gb_ijhba\h^blkybaiZfylbAZijhk dhg\_c_jghch[jZ[hldbZ^j_kh\hlkmlkl\m_lld1$bf__l\ukhdbcmjh\_gv _ckl\by ijhp_kkhjZZgZeh]bqguij_^u^msbfBkdexq_gb_khklZ\ey_lkb]gZe:5bf_xsbcZdlb\guc\ukhdbcmjh\_gv >Zggu_i_j_^Zxlkybaijhp_kkhjZ\ iZfylv
Dhg\_c_jgZyh[jZ[hldZZ^j_kh\g_kdhevdhkeh`g__
Jbk<j_f_ggZy^bZ]jZffZpbdeh\bgl_jn_ckZfZ]bkljZeb[_adhg\_c_jghc
Jbk<j_f_ggZy^bZ]jZffZpbdeh\bgl_jn_ckZfZ]bkljZebk dhg\_c_jghc h[jZ[hldhcZ^j_kh\ ' ' ' ' ' ' '
&6 5' :5 5(6
$
$
,2
$ $ $ $ $ $ $ $ % % % % % % % %
& & & & & & & &
JbkMkeh\gh_]jZnbq_kdh_ h[hagZq_gb_;BK
DHFIHG?GLUFBDJHIJHP?KKHJGUOKBKL?F
Fbdjhijhp_kkhjgbdh]^Zg_jZ[hlZ_l\ kbkl_f_h^bg>ey_]hjZ[hlu lj_[mxlky^hihegbl_evgu_we_f_glu± lZdlh\uc]_g_jZlhj nhjfbjh\Zl_ebbgl_jn_ckghcfZ]bkljZeb;BK\\h^Z\u\h^Z\ ihke_^h\Zl_evghfb iZjZee_evghfnhjfZlZolZcf_jdhgljhee_j ij_ju\Zgbcb l^Dhebq_kl\hb lbidhfihg_glh\aZ\bkblhlp_e_c^ey dhlhjuoij_^gZagZq_gZfbdjhijhp_kkhjgZykbkl_fZH^bgbaih^oh^h\\ jZa\blbbfbdjhijhp_kkhjguokbkl_fkhklhbl\ bgl_]jZpbbjZg__ kijh_dlbjh\Zgguo;BK\ K;BKLZdbfh[jZahfmf_gvrZ_lkydhebq_kl\h we_f_glh\gZi_qZlguoieZlZoGhwlbwe_f_glubgh]^Zg_kdhevdh mkh\_jr_gkl\h\Zggu_\k_jZ\ghijbkmlkl\mxl\ kbkl_f_JZkkfhljbf g_kdhevdhwe_f_glh\;BKiZjZee_evgh]h\\h^Z\u\h^Z;BK ihke_^h\Zl_evgh]h\\h^Z\u\h^Z;BKijh]jZffbjm_fh]hbgl_j\Zevgh]h lZcf_jZb dhgljhee_jZij_ju\ZgbcWlbwe_f_gluijbf_gyebkv\ jZggbo fh^_eyodhfivxl_jh\hklZebkvb \kh\j_f_gguo\ g_kdhevdhbaf_g_gghf \b^_Ijbf_gyxlkyhgbb \ijhfure_gguodhfivxl_jguokbkl_fZo dhgljheymijZ\e_gbyb k[hjZbgnhjfZpbb ;BKI:J:EE?EVGH=H<::
<\h^± \u\h^\ iZjZee_evghfnhjfZl_ih^jZamf_\Z_lh^gh\j_f_ggmx i_j_^Zqmg_kdhevdbo[blbgnhjfZpbbH[uqghdhebq_kl\h[bl± b l^< i_jkhgZevguodhfivxl_jZoiZjZee_evgucbgl_jn_ckgm`_g ^eyjZ[hluk ijbgl_jhfiehll_jhfbebkdZg_jhf< ijhfure_gguo kbkl_fZolZdhcbgl_jn_ckg_h[oh^bf^ey\\h^Z \u\h^Z ^bkdj_lguo
kb]gZeh\mijZ\e_gbcIjbihfhsb;BKiZjZee_evgh]h\\h^Z \u\h^Z \fbdjhijhp_kkhjguokbkl_fZo hj]ZgbamxlkyfZljbpudeZ\bZlmjb ^bgZfbq_kdZybg^bdZpbykljhdh\uo^bkie__\JZkkfhljbf;BKL DJ<<: \ __klZg^Zjlghf\ZjbZgl_bkiheg_gbyb fh^bnbpbjh\Zggmx\ i_jkhgZevguodhfivxl_jZo ;BKijbf_gy_lky\ dZq_kl\_we_f_glZ\\h^Z \u\h^Zh[s_]hgZagZq_gbykh_^bgyxs_]h jZaebqgu_lbiu i_jbn_jbcguomkljhckl\ k fZ]bkljZevx^Zgguokbkl_fuMkeh\gh_]jZnbq_kdh_h[hagZq_gb_;BKijb\_^_ghgZ jbk>@ 2[f_gbgnhjfZpb_cf_`^m fZ]bkljZevx ^Zgguo kbkl_f b ^Zgghcfbdjhko_fhchkms_kl\ey_lkyq_j_a jZajy^guc^\mgZijZ\e_gguclj_oklZ[bevgucdZgZe^Zgguo'' >eyk\yabk i_jbn_jbcgufbmkljhckl\Zfb bkihevamxlkyebgbb \\h^Z \u\h^Zdhlhju_k]jmiibjh\Zgu\ ljbjZajy^guodZgZeZ$%b &GZijZ\e_gb_ i_j_^ZqbbgnhjfZpbbb j_`bfu jZ[hlu wlbodZgZeh\hij_^_eyxlkyijh]jZffghKb]gZe5(6 ± wlh\oh^ghckb]gZe bgbpbZebaZpbb;BKKb]gZe&6kem`bl^ey\u[hjZ;BK:dlb\gucgme_\hcmjh\_gvhagZqZ_lqlhd fbdjhko_f_ hldjul^hklmikb]gZeZf:55'$b $IhZdlb\ghfmgme_\hfmagZq_gbxkb]gZeh\ijhba\h^blkyaZibkv :5 bebql_gb_5' ^Zgguo'' Ghf_jdZgZeZihjlZ hij_^_ey_lkyZ^j_kgufbjZajy^Zfb:b : H[uqgh:b :ih^dexq_gud khhl\_lkl\mxsbfebgbyfrbguZ^j_kZIhjlm: khhl\_lkl\m_ldhf[bgZpby kb]gZeh\: b : ihjlm< ± : b : ihlmK ± : b : Dhf[bgZpby: : \u[bjZ_lj_]bklj mijZ\eyxs_]hkeh\ZJMK ;BKfh`_ljZ[hlZlv\ lj_o hkgh\guo j_`bfZob < j_`bf_h[_ki_qb\Z_lky\hafh`ghklv kbgojhgghc ijh]jZffghmijZ\ey_fhci_j_^Zqb^Zgguo q_j_a ^\Z g_aZ\bkbfuojZajy^guodZgZeZ$b %b ^\ZjZajy^guo dZgZeZ&KKKK < j_`bf_h[_ki_qb\Z_lky\hafh`ghklv\\h^Z beb \u\h^ZbgnhjfZpbb\ i_jbn_jbcgh_ mkljhckl\hbebbag_]hq_j_a ^\Zg_aZ\bkbfuojZajy^guodZgZeZ$b %ihkb]gZeZfd\blbjh\Zgbykb]gZeZf mijZ\e_gbyh[f_ghfbgnhjfZpb_c >eykb]gZeh\mijZ\e_gbybkihevam_lkydZgZe& J_`bfjZ[hludZ`^h]hihjlZ$%&hij_^_ey_lkykh^_j`bfufJMKIjhba\_^yaZibkvmijZ\eyxs_]hkeh\Z\ wlhl j_]bkljfh`ghi_j_\_klbfbdjhko_fm\ h^bgbalj_oj_`bfh\jZ[hluj_`bf ijhklhc\\h^\u\h^j_`bf kljh[bjm_fuc\\h^\u\h^j_`bf ^\mgZijZ\e_ggucdZgZe: IjbjZ[hl_fbdjhko_fu\ j_`bf_h[_ki_qb\Z_lky ijhklhc\\h^\u\h^bgnhjfZpbbq_j_aex[hcbalj_o dZgZeh\b kb]gZeh\d\blbjh\Zgbyg_lj_[m_lky< wlhfj_`bf_ fbdjhko_fZij_^klZ\ey_lkh[hckh\hdmighklv ^\mo jZajy^guo b ^\mojZajy^guodZgZeh\\\h^Z\u\h^ZDZ`^ucdZgZefh`_l[ulvaZijh]jZffbjh\ZggZ\\h^beb \u\h^ < wlhfj_`bf_i_j_^ZqZ^Zgguohkms_kl\ey_lkylhevdh q_j_adZgZeu$b %Z ebgbb dZgZeZ&bkihevamxlky ^eyijb_fZb \u^Zqbkb]gZeh\d\blbjh\Zgby?kebihjlu: b< jZ[hlZxlgZ\\h^lhkb]gZeud\blbjh\Zgby[m^ml ke_^mxsbfbK\uoh^ ± ,54E&\uoh^ ± $&.E&\oh^ ± 675E&\uoh^ ± ,54D&\uoh^ ± 675D& \oh^ ± $&.DKb]gZe,54 fh`ghbkihevah\Zlv^eyhj]ZgbaZpbbh[f_gZihij_ju\Zgbyfkb]gZe$&. ih^l\_j`^Z_lihemq_gb_^Zgguo\ ;BKhl\g_rg_]hmkljhckl\Zkljh[kb]gZe675nhjfbjm_lky\g_rgbf mkljhckl\hfb ih^l\_j`^Z_lbklbgghklv^ZgguogZ\oh^Zoihjlh\: b<Bg^_dkkb]gZeZihdZau\Z_l^eydZdh]h ihjlZhgjZ[hlZ_l?kebihjlu: b< jZ[hlZxlgZ\u\h^lhkb]gZeud\blbjh\Zgby[m^mlbf_lvke_^mxs__ khhl\_lkl\b_ihjlmKK\uoh^ ± ,54E&\uoh^ ± 675E&\oh^ ± $&.E&\uoh^ ± ,54D&\uoh^ ± 675D&\oh^ ± $&.D< hklZevguodhf[bgZpbyogZijZ\e_gbyi_j_^Zqbihjlh\: b< jZkij_^_e_gb_kb]gZeh\ d\blbjh\Zgbyih\lhjy_lm`_ba\_klgu_ < j_`bf_h[_ki_qb\Z_lky \hafh`ghklv h[f_gZ bgnhjfZpb_ck i_jbn_jbcgufb mkljhckl\Zfb q_j_a ^\mgZijZ\e_ggucjZajy^gucdZgZe$ihkb]gZeZfd\blbjh\Zgby>eykb]gZeh\mijZ\e_gby h[f_ghfbkihevam_lky ebgbcihjlZ&;bluK\uoh^ ± ,54DK\oh^ ± 675B5'K\uoh^ ± $&.B5'K\oh^ ± $&.B:5K \uoh^ ± 675B:5Bg^_dku 5' beb:5 ihdZau\ZxlgZijZ\e_gb_i_j_^Zqb^eydhlhjh]hjZ[hlZ_lkb]gZe Ijh]jZffbjh\Zgb_;BK\uihegy_lkyhq_gvijhklh< JMKaZibku\Z_lkyh^ghba^\momijZ\eyxsbokeh\ I_j\h_keh\hjbkZ hij_^_ey_lj_`bfjZ[hlub gZijZ\e_gb_i_j_^Zqb^ZgguodZ`^h]hihjlZ
Ihjl:K K j_`bf j_`bf oj_`bf
D
o
o
o
Ghf_j [blZ ± K ± K ± K ± K « ± K
IhjlKK \\h^\u\h^
Ihjl< \\h^\u\h^
Ihjl<KK j_`bfj_`bf
Ihjl: \\h^ \u\h^
[
IhjlKK \\h^\u\h^
AgZq_gb_ beb
JbkMijZ\eyxsb_keh\Z;BK >hihegbl_evgmxbgnhjfZpbxihijh]jZffbjh\Zgbx;BKiZjZee_evgh]h\\h^Z\u\h^Z\ j_`bfZob fh`gh gZclb\ kijZ\hqghcebl_jZlmj_ < i_jkhgZevguodhfivxl_jZoiZjZee_evgucihjlki_pbZebabjh\Zg^eyjZ[hluk ijbgl_jhfbgl_jn_ck &HQWURQLFV Hl^_evgh]hijh]jZffbjh\Zgbyg_lj_[m_lky>@GZqZevgu_Z^j_kZihjlh\K ± /37K ± /37 <&K ± gZ\b^_hdZjl_fhghojhfgh]h^bkie_yDZ`^ucihjlijbgl_jZh[kem`b\Z_lljbihjlZ >ey/37ihZ^j_kmK \uihegy_lky \u\h^ ^ZgguogZijbgl_jbeb\\h^^Zgguok ^jm]h]h lbiZ mkljhckl\>Zggu_g_bg\_jlbjmxlky jbk IhZ^j_kmK jZkiheZ]Z_lkykeh\hkhklhygby ijbgl_jZ '''''''' jbk Keh\hkhklhygby^hklmighlhevdh ^eyql_gby
>ey ijbgl_jhf h^bgihjl
JbkIhjl^Zgguo/37 (5525\u\h^
hrb[dZ
6/&7 \u\h^ ijbgl_j\u[jZg
3( \u\h^ g_l[mfZ]b $&.\u\h^ ]hlh\d ijb_fmke_^mxs_]hkbf\heZ %86<\u\h^ ijbgl_jaZgylbebhrb[dZ
mijZ\e_gby kem`bl_s_ k Z^j_khf:K
6WUREH \u\h^ dh]^Zi_j_^Z_lky[Zcl JbkIhjlkhklhygby/37 $872 /LQH)HHG \u\h^ i_j_\h^kljhdb
,1,7\u\h^ ± k[jhkmklZgh\hdijbgl_jZ 6/&7 ,1 \u\h^ ± \u[hj ijbgl_jZ
,54 (QDEOH jZaj_r_gb_ZiiZjZlgh]hij_ju\Zgbyih$&. >ey/37 ,54 ,17 I+ ^ey/37 ,54 ,17 G+
>ey 36 b klZjrbo $7V ql_gb_
\u\h^ q_j_a ihjl ^Zgguo
JbkIhjlmijZ\e_gby/37
AgZq_gbywlh]hihjlZ^hklmigu^eyaZibkbb ql_gbyjbk ;BKL:CF?J:
Ijh]jZffbjm_fucbgl_j\ZevguclZcf_jLDJ@ K\yav ijh]jZffbjm_fh]hbgl_j\Zevgh]hlZcf_jZIBL k dhfihg_glZfbfbdjhijhp_kkhjghckbkl_fu hkms_kl\ey_lkyq_j_ajZajy^gmx^\mgZijZ\e_ggmxrbgm^Zgguo''ih^mijZ\e_gb_fkb]gZeh\::&6 5':5jbk Ijb^\mo[Zclghfh[f_g_hi_jZpbb\uihegyxlky^\Z`^ukgZqZeZaZibku\Z_lkybeb kqblu\Z_lkyfeZ^rbc[ZclaZl_fklZjrbcKq_lqbdbjZ[hlZxlg_aZ\bkbfh ^jm]hl^jm]ZI_j_^gZqZehfjZ[hludZ`^uckq_lqbdijh]jZffbjm_lkyl_\ &6 IBL JMKaZibku\ZxlmijZ\eyxs__keh\h&:Qlh[ukq_lqbdgZqZejZ[hlZlv\ g_]h g_h[oh^bfhaZibkZlv[Zcludhwnnbpb_glZi_j_kq_lZIhke_^gbcaZibkZgguc 5' [ZclaZimkdZ_lkq_lqbdIhke_^h\Zl_evghklvaZibkbdhwnnbpb_glZke_^mxsZy :5 ijbh^gh[Zclghf± feZ^rbcbebklZjrbcijb^\mo[Zclghf± kgZqZeZ $ feZ^rbcihlhfklZjrbcIhke_^h\Zl_evghklvbgbpbZebaZpbbkq_lqbdh\ $ ijhba\hevgZyGZijbf_jkgZqZeZfh`ghaZibkZlvmijZ\eyxsb_keh\Z\ JMK ^ey\k_olj_okq_lqbdh\AZl_fihf_j_g_h[oh^bfhklbkq_lqbdZaZibkZlv\ g_]h dhwnnbpb_gl ' MijZ\eyxs__keh\h&: bf__lnhjfZlihdZaZggucgZjbk '
' ' ' ' ' '
&/. *
&/. * &/. *
6&6&5/5/000%&'
2XW
2XW
2XW
JbkMkeh\gh_]jZnbq_kdh_ h[hagZq_gb_;BK lZcf_jZ
NhjfZldh^Z± ^\hbqguc %&'
J_`bfjZ[hlukq_lqbdZ± j_`bf± j_`bf o± j_`bfo± j_`bf± j_`bf± j_`bf
Ql_gb_± aZibkv± j_`bf©aZs_edZª± feZ^rbc[Zcl ± klZjrbc[Zcl± feZ^rbcaZl_fklZjrbc[Zcl
Kq_lqbdbfh]mljZ[hlZlv\ h^ghfbar_klbj_`bfh\hij_^_ey_fuo ijh]jZffghdhf[bgZpb_c[blFFF\ mijZ\eyxs_fkeh\_ J_`bf ± ij_ju\Zgb_ihhdhgqZgbxkq_lZIhke_aZibkbmijZ\eyxs_]hkeh\Z&: gZ\uoh^_2XW mklZgZ\eb\Z_lkygme_\h_agZq_gb_jbk Ihke_aZ]jmadbdhwnnbpb_glZ': kq_lqbdgZqbgZ_l\uqblZlvih dZ`^hfmkj_am&/.Ijbi_j_oh^_agZq_gby\ \uoh^2XW mklZgZ\eb\Z_lky\ _^bgbpmI_j_aZimkdijhba\h^blky ijbaZ]jmad_gh\uo^Zgguo':
:5
&: ':
&/.
W
*
W W
2XW 111
W
Jbk<j_f_ggZy^bZ]jZffZjZ[hlukq_lqbdZ\ j_`bf_
J_`bf ± ijh]jZffbjm_fuch^gh\b[jZlhj
:5 &/.
W
*
W W
2XW
W
Jbk <j_f_ggZy^bZ]jZffZjZ[hlukq_lqbdZ\ j_`bf_
J_`bf ± ]_g_jZlhjqZklhlu
:5 &/.
W
*
W W
2XW
W
Jbk<j_f_ggZy^bZ]jZffZjZ[hlukq_lqbdZ\ j_`bf_
J_`bf ± ]_g_jZlhjijyfhm]hevguobfimevkh\
:5
&: ':
&/.
W
*
W W
2XW
W
Jbk<j_f_ggZy^bZ]jZffZjZ[hlukq_lqbdZ\ j_`bf_ :5
&: ':
&/.
W
*
W W
2XW
W
Jbk<j_f_ggZy^bZ]jZffZjZ[hlukq_lqbdZ\ j_`bf_ :5
&: : ':
&/.
W
*
W W
2XW
W
Jbk<j_f_ggZy^bZ]jZffZjZ[hlukq_lqbdZ\ j_`bf_
Ql_gb_bgnhjfZpbbbalZcf_jZ\hafh`gh\ \b^_ ihdZaZgbckq_lqbdh\b hkms_kl\ey_lky^\mfykihkh[Zfb iml_f \uiheg_gbyh[uqghchi_jZpbbql_gbybeb\\h^Zki_pbZevghcdhfZg^ub ihke_^mxs_]hql_gby©ql_gb_gZ e_lmª Ijbi_j\hfkihkh[_ql_gby^eyh[_ki_q_gbyklZ[bevguoihdZaZgbckqblu\Z_lkyl_dmsZy bgnhjfZpby jZ[hlZ kq_lqbdZ ^he`gZ[ulvijbhklZgh\e_gZiml_fih^ZqbgZ\oh^* gZijy`_gbygbadh]hmjh\gyj_`bfu beb[ehdbjh\Zgb_fkb]gZeZ&/. @IhZ^j_kZfKKK b K jZkiheZ]Zxlky kq_lqbdbb JMKIjh]jZffbjh\Zgb_lZcf_jZg_kdhevdhkeh`g__Wlhk\yaZghk baf_g_gbyfb\ mijZ\eyxsbo keh\Zo
I_j\h_mijZ\eyxs__keh\h&:ZgZeh]bqghjZkkfhlj_gghfm&: jbk Ghdhf[bgZpby6& 6& \hafh`gZb hij_^_ey_lql_gb_khklhygbydZgZeZ?kebijhba\h^blkyql_gb_khklhygbydZgZeZ5%& lhlj_[m_lky aZibkv\lhjh]hmijZ\eyxs_]hkeh\Z&:jbk
± \u[hjdZgZeZkq_lqbdZ ± \u[hjdZgZeZkq_lqbdZ ± \u[hjdZgZeZkq_lqbdZ
67$7± qblZlvkhklhygb_dZgZeh\ g_qblZlvkhklhygb_dZgZeh\
&17± aZihfgblvl_dms__khklhygb_ ± g_aZihfbgZlvl_dms__khklhygb_ JbkNhjfZlmijZ\eyxs_]hkeh\Z&:5%&
Ihke_aZibkb&:\ JMKfh`ghijhqblZlv keh\hkhklhygby6:?]h nhjfZlZgZeh]bq_g &: jbk aZbkdexq_gb_f ^\moklZjrbo[bl;bl' h[hagZqZ_lky)1 b khhl\_lkl\m_lneZ]m i_j_aZ]jmadbdhgklZgl JZajy^'h[hagZqZ_lky287 b ihdZau\Z_lkhklhygb_ \uoh^ZLZdbfh[jZahf keh\hkhklhygbyihdZau\Z_l dhwnnbpb_gli_j_kq_lZ j_`bfjZ[hlunhjfZl ql_gbyaZibkbi_j_aZ]jmadm
dhgklZglb khklhygb_\uoh^Z ?keb\ keh\_&:g_ijbf_gy_lkynhjfZl5%&lhjZ[hlZk lZcf_jhfi_jkhgZevgh]hdhfivxl_jZgbq_fg_ hlebqZ_lkyhljZ[hluk fbdjhko_fhcL LZcf_j\ dhfivxl_j_kem`bl^eybaf_j_gby\j_f_gguobgl_j\Zeh\:LQBD:
Ihke_^h\Zl_evgZyk\yav\ fbdjhijhp_kkhjguokbkl_fZoij_^mkfZljb\Z_lihke_^h\Zl_evgmxih[blZfi_j_^Zqm ^ZgguoWlhl\b^k\yabrbjhdhbkihevam_lky^eyi_j_^Zqb^Zgguof_`^mmkljhckl\ZfbjZkiheh`_ggufb\ h^ghf ihf_s_gbbgh_keb\hkihevah\Zlvkyfh^_fhfb l_e_nhggufbebgbyfblZdmxk\yavfh`ghhkms_kl\blvgZex[hf jZkklhygbb Kms_kl\mxl^\Zj_`bfZk\yab^mie_dkgucb ihem^mie_dkguc< ^mie_dkghfj_`bf_h^gh\j_f_gghk i_j_^Zq_c ^Zgguobamkljhckl\Z: \mkljhckl\h< mkljhckl\hf: fh`_lhkms_kl\eylvkyijb_f^Zgguoi_j_^Z\Z_fuo mkljhckl\hf< < ihem^mie_dkghfj_`bf_ij_^mkfhlj_gh\j_f_ggh_jZa^_e_gb_ijb_fZb i_j_^Zqbihh^ghcebgbb Ihke_^h\Zl_evgZyk\yavhj]Zgbam_lkyZkbgojhggufb kbgojhggufkihkh[Zfbi_j_^Zqb^Zgguo:kbgojhggZy i_j_^ZqZ^Zgguowlhi_j_^ZqZ^Zgguohkms_kl\ey_fZyg_j_]meyjgh>eyi_j_^Zqbh^gh]hkbf\heZhq_gvqZklh bkihevam_lkyih[Zclh\Zyi_j_^ZqZ<j_fyihklmie_gby^Zgguog_ij_^kdZam_fhihwlhfm\ gZqZe_i_j_^Z\Z_fuo ^Zgguoihf_sZxlklZjlh\uc[blZ \dhgp_ klhih\uc [blLZdbfh[jZahfdh]^Zi_j_^Zqbg_lgZebgbb mklZgZ\eb\Z_lkykhklhygb_eh]bq_kdhc_^bgbpuIjbi_j_^Zq_^ZgguoklZjlh\uc[bljZ\_ggmexZ klhih\uc _^bgbp_Bgh]^Zijbf_gyxl[hevr_h^gh]hklhih\h]h[blZb _s_dhgljhevq_lghklb[ZclZ?^bgbpZi_j_^Z\Z_fhc bgnhjfZpbbgZau\Z_lkydZ^jhf Imklvg_h[oh^bfhi_j_^ZlvagZq_gb_KNhjfZldZ^jZ\dexqZ_l[bl^Zgguodhgljhevq_lghklb^\Z klhih\uo[blZ<j_f_ggZy^bZ]jZffZi_j_^ZqbbgnhjfZpbbihdZaZgZgZjbk
8
H^bgdZ^j
KlZjl [bl
''''''''
Ebgbyk\h[h^gZ
;blq_lghklb klhi [blZ
JbkDZ^jihke_^h\Zl_evghi_j_^Z\Z_fuo^Zgguo
W
Ijbkbgojhgghci_j_^Zq_^Zgguo^ey\u^_e_gbybaihke_^h\Zl_evgh]hihlhdZihe_aghcbgnhjfZpbbi_j_^ [blZfb^Zgguo\\h^ylkykbgojhkbf\heuDhebq_kl\hkbgojhkbf\heh\h^bgbeb^\ZKbgojhkbf\hebf__llm`_ ^ebgmqlhb ^Zggu_>eykbgojhgghci_j_^Zqbbgh]^Zbkihevamxl^hihegbl_evgu_kb]gZeumijZ\e_gby Ihke_^h\Zl_evgucbgl_jn_ckfbdjhijhp_kkhjguokbkl_fkljhblkygZ[Za_mgb\_jkZevgh]hkbgojhggh Zkbgojhggh]hijb_fhi_j_^ZlqbdZMK:II ZgZeh]bqgh]hLDJ<<: >@ Fbdjhko_fZDJ<<: mgb\_jkZevguc ijb_fhi_j_^Zlqbdij_^gZagZq_gguc^eyZiiZjZlghcj_ZebaZpbb ihke_^h\Zl_evgh]hijhlhdheZh[f_gZf_`^mfbdjhijhp_kkhjhfbeb ^jm]bf mkljhckl\hfdhlhjh_kfh`_l aZijh]jZffbjh\Zlv^Zggmx fbdjhko_fmgZ lj_[m_fuc j_`bf jZ[hlu b dZgZeZfb ihke_^h\Zl_evghci_j_^Zqb ^bkdj_lghcbgnhjfZpbbFbdjhko_fZij_h[jZam_liZjZee_evgucdh^ihemqZ_fuchlp_gljZevgh]hijhp_kkhjZ\ ihke_^h\Zl_evgucihlhdkbf\heh\khkem`_[gufb [blZfbb \u^Z_lwlmihke_^h\Zl_evghklv \ ihke_^h\Zl_evguc dZgZek\yabk jZaebqghckdhjhklvx fZdkbfZevgZy kdhjhklv ijb_fZi_j_^Zqb ih ihke_^h\Zl_evghfm dZgZem D[h^fbgbfZevgZy g_ h]jZgbq_gZ b hij_^_ey_lky \g_rgbfbmkljhckl\Zfb LZd`_fbdjhko_fZ \uihegy_lb h[jZlgh_ij_h[jZah\Zgb_ihke_^h\Zl_evguc ihlhd kbf\heh\ \ iZjZee_evgh_jZajy^gh_keh\h I_j_^Z\Z_fZyb ijbgbfZ_fZy bgnhjfZpbyijb`_eZgbbfh`_ldhgljhebjh\ZlvkygZq_lghklvg_q_lghklv Fbdjhko_fZijh]jZffbjm_lkygZ\uiheg_gb_ihqlb\k_oijbf_gyxsboky\ gZklhys__ \j_fy ijhlhdheh\ ihke_^h\Zl_evghci_j_^Zqb^Zgguo b jZ[hlZ_l \ ^\mo j_`bfZokbgojhgghfb ZkbgojhgghfKbgojhggucj_`bf oZjZdl_jbam_lky g_ij_ju\gufihlhdhfi_j_^Z\Z_fhcijbgbfZ_fhc bgnhjfZpbb>eymklZgh\e_gby kbgojhgbaZpbbf_`^mi_j_^Zlqbdhfijb_fgbdhf fbdjhko_fub ijb_fgbdhfi_j_^Zlqbdhf \g_rg_]hmkljhckl\Z b \u^_e_gbybaihke_^h\Zl_evgh]hihlhdZkbf\heh\ihe_aghcbgnhjfZpbb\ ihlhd\\h^ylkydh^bjmxsb_keh\Z± kbgojhkbf\heubgnhjfZpbhggZy[blb \j_f_ggZy^ebgukbgojhkbf\heZb keh\Z^Zgguoh^bgZdh\u<j_f_ggu_ ijhf_`mldbf_`^m keh\ZfbaZihegyxlkykbgojhkbf\heZfbDhebq_kl\hkbgojhkbf\heh\ aZ^Z_lky ijh]jZffgh h^bgbeb^\Z Ijbdhgljhe_q_lghklbihke_ dZ`^h]hkeh\Z\klZ\ey_lky[bldhgljheyMkeh\gh_h[hagZq_gb_;BK ijb\_^_ghgZjbk GZagZq_gb_\u\h^h\'' dZgZe^Zgguo^eyh[f_gZbgnhjfZpb_c f_`^mfbdjhijhp_kkhjhfb fbdjhko_fhc 5' kb]gZeql_gbybgnhjfZpbb:5 kb]gZeaZibkbbgnhjfZpbb&' mijZ\e_gb_^Zggu_&6 \u[hj fbdjhko_fu&/. ± kb]gZelZdlbjh\Zgby\gmlj_ggboko_f5HVHW mklZgh\dZbkoh^gh]hkhklhygby7['± \uoh^ i_j_^ZlqbdZfbdjhko_fu7[& kbgojhgbaZpbyi_j_^ZlqbdZ7[(1' dhg_pi_j_^Zqb7[5'< ]hlh\ghklv i_j_^ZlqbdZ5['± \oh^ijb_fgbdZfbdjhko_fu5[& kbgojhgbaZpbyijb_fgbdZ6'(7 ^\mgZijZ\e_gguc lj_oklZ[bevgucijh]jZffbjm_fuc\oh^\uoh^5[5'< ]hlh\ghklv ijb_fgbdZ'65\oh^ ]hlh\ghklv\g_rg_]hmkljhckl\Zi_j_^Zlv ' MK:II 7[' ^Zggu_'75\uoh^ aZijhki_j_^ZlqbdZ\g_rg_]hmkljhckl\ZgZ i_j_^Zqm^Zgguo576\uoh^ aZijhkijb_fgbdZ\g_rg_]h ' 7[& mkljhckl\ZgZijb_f^Zgguo&76\oh^ ]hlh\ghklv\g_rg_]h ' 7[(1' mkljhckl\Zijbgylv^Zggu_ ' 7[5'< Ijh]jZffbjh\Zgb_;BK\uihegy_lkyihke_^mxs_cko_f_ ' KgZqZeZhij_^_ey_lkyj_`bfjZ[hlukbgojhggucbebZkbgojhgguc ' 5[' ^eywlh]hj_`bfZnhjfZldZ^jZb kdhjhklvi_j_^ZqbAZl_f nhjfbjmxlkymijZ\eyxsb_keh\Z0, bgkljmdpbyj_`bfZ b &, ' 5[& bgkljmdpbydhfZg^ MijZ\eyxsb_keh\Zh[uqghaZibku\Zxlkyih ' 6'(7 g_q_lghfmZ^j_km;BK&, &, ©k[jhkª0,&, ©jZaj_r_gb_\\h^Z 5[5'< \u\h^Zª Ihwlhfm`_Z^j_kmkqblu\Z_lkykeh\hkhklhygby6:< 5' aZ\bkbfhklbhllh]hqlhfukh[bjZ_fky^_eZlvi_j_^Z\Zlv beb :5 '65 ijbgbfZlv^Zggu_\ 6: ijh\_jyxlkykhhl\_lkl\mxsb_[blu?keb ijb_fgbdi_j_^Zlqbd ]hlh\ud jZ[hl_lhihq_lghfmZ^j_km;BK &' '75 kqblu\Z_lkyaZibku\Z_lky [Zcl^Zgguo &6 GZjbkijb\_^_ghmijZ\eyxs__keh\h0,?keb[blub 576 hij_^_eyxlkbgojhggucj_`bflh[blub ^he`gumklZgZ\eb\Zlvky
&/. 5HVHW
&76
JbkMkeh\gh_]jZnbq_kdh_ h[hagZq_gb_;BKMK:II
^eywlh]hj_`bfZ;blukhih\ kbgojhgghfb Zkbgojhgghfj_`bfZojZ[hlZxlh^bgZdh\h
:kbgojhggucj_`bf dhebq_kl\hklhi [bl ± g_bkihevam_lky ± klhi[bl ± klhi[blZ ± klhi[blZ Kbgojhggucj_`bf ± kbgojhkbf\heZb \gmlj_ggyykbgojhgbaZpby ± kbgojhkbf\heZb \g_rgyykbgojhgbaZpby ± kbgojhkbf\heb \gmlj_ggyykbgojhgbaZpby ± kbgojhkbf\heb \g_rgyykbgojhgbaZpby
Bgkljmd pby dhfZg^ jbk jZaj_rZ_l beb aZij_sZ_l ijb_f i_j_^Zqm iha\hey_l k[jhkblv hrb[db mklZgh\blv iZmamb knhjfbjh\Z lvaZijhku ]hlh\ghklb \g_rgbo mkljhckl\
6<1&5(6(7576(5 75[(1'75 7[(1
JbkNhjfZlmijZ\eyxs_]hkeh\Z&, JbkNhjfZlbgkljmdpbb j_`bfZ
AgZq_gby[blkeh\Zke_^mxsb_6<1& ± ihbkdkbgojhkbf\heZ5(6(7 ± \gmlj_ggbcijh]jZffguck[jhk 576 ± aZijhk]hlh\ghklbijb_fgbdZ\g_rg_]hmkljhckl\Zh^ghbf_gguc\uoh^;BKbf__lagZq_gb_ (5 ± k[jhkhrb[db7 ± iZmaZ± g_l 5[(1 ± jZaj_r_gb_ijb_fZ'75 ± aZijhk]hlh\ghklbi_j_^ZlqbdZ \g_rg_]hmkljhckl\Zh^ghbf_gguc\uoh^;BKbf__lagZq_gb_ 7[(1 ± jZaj_r_gb_i_j_^Zqb Keh\hkhklhygbyjbk iha\hey_lhij_^_eblv]hlh\ghklv \g_rg_]hmkljhckl\Zi_j_^Zlv^Zggu_'65 \oh`^_gb_\ kbgojhgbaZpbx6'(7 hrb[dmnhjfZlZ)( hrb[dmi_j_iheg_gby2( hrb[dmdhgljhey q_lghklb^Zgguo3( aZ\_jr_gb_i_j_^Zqb7[(1' ]hlh\ghklvijb_fgbdZ5[5'< ± ^Zggu_\ [mn_j_ ]hlh\ghklvi_j_^ZlqbdZ7[5'< ± [mn_jimkl
'656'(7)(2(3(7[(1'5[5'<7[5'< Hj]ZgbaZpby&20 ihjlZ>@i_jkhgZevgh]h dhfivxl_jZbf__l g_dhlhju_hlebqbyk\yaZggu_\ i_j\mxhq_j_^vk hj]ZgbaZpb_cihke_^h\Zl_evghck\yabkhklZg^Zjlgufb mkljhckl\Zfbb fh^_fhf>hihegbl_evgh\ ;BKL\\_^_guj_]bkljuhij_^_eyxsb_kdhjhklvijb_fZi_j_^Zqb < i_jkhgZevghfdhfivxl_j_h[uqghbkihevam_lky^\ZihjlZ&20b &20:^j_kgh_ijhkljZgkl\h)K ± ))K ^eyi_j\h]hihjlZb )K ± ))K ^ey\lhjh]hJZkij_^_e_gb_ihjlh\\ g_dhlhjuokemqZyoaZ\bkblhlklZjr_]h jZajy^ZmijZ\eyxs_]hkeh\Z?kebklZjrbc[bl' [ZclZaZibku\Z_fh]hihZ^j_km)%KjZ\_glhihZ^j_km )K jZkiheZ]Z_lkyj_]bkljijb_fZi_j_^Zqb ^Zgguo< ijhlb\ghfkemqZ_' ihwlhfmZ^j_kmaZibku\Z_lky feZ^rbc[Zcldhwnnbpb_glZ^_e_gbyqZklhlu:gZeh]bqghbaf_gy_lkygZagZq_gb_j_]bkljZihZ^j_km)K?keb ' ihZ^j_km)%KlhihZ^j_km)K jZkiheZ]Z_lkyj_]bkljmijZ\e_gbyij_ju\Zgbyfb< kemqZ_dh]^Z' ih Z^j_km)K jZkiheZ]Z_lkyklZjrbc[Zcldhwnnbpb_glZi_j_kq_lZ < lZ[ebp_ijb\_^_ghkhhl\_lkl\b_dhwnnbpb_glh\i_j_kq_lZb kdhjhklbijb_fZi_j_^Zqb
JbkNhjfZlmijZ\eyxs_]hkeh\Z6:
Dhwnnbpb_gl
Kdhjhklv;h^
Dhwnnbpb_gl
LZ[ebpZ Kdhjhklv;h^
J_]bkljmijZ\e_gbyij_ju\ZgbyfbZ^j_k)K hlZkbgojhggh]hZ^Zil_jZbf__lnhjfZlijb\_^_ggucgZ jbk
5[5'< ± jZaj_r_gb_ij_ju\Zgbcih ]hlh\ghklbijb_fgbdZ^Zgguo
L[5'< ± jZaj_r_gb_ij_ju\Zgbc ih ]hlh\ghklbi_j_^ZlqbdZ^Zgguo ± jZaj_r_gb_ij_ju\Zgbc ih%5($. bebihhrb[d_ ± jZaj_r_gb_ij_ju\Zgbc hl\oh^guo ebgbc&76'655,'&'
>ey
JbkNhjfZlj_]bkljZmijZ\e_gbyij_ju\Zgbyfb hij_^_e_gbyijbqbguij_ju\Zgbckem`blj_]bkljb^_glbnbdZpbbij_ju\Zgbc?]hnhjfZlihdZaZggZjbk
KK,[5'<
JbkJ_]bkljb^_glbnbdZpbbij_ju\Zgbc
Wlhlj_]bklj jZkiheZ]Z_lkyihZ^j_km )$K?keb[bl,[5'< lhg_lij_ju\Zgbch`b^Zxsboh[kem`b\Zgby;bluKb Khij_^_eyxldh^bklhqgbdZ ij_ju\Zgbc± _klvij_ju\Zgb_ihhrb[d_2(3()( beb%5($.± ^Zggu_ijbgylu5[5'< ± [mn_j i_j_^ZlqbdZimkl 7[5'< ± baf_gbehkvkhklhygb_&765,'&''65 >eyKHF\ fbdjhijhp_kkhjghckbkl_f_hl\_^_gmjh\_gv,54aZijhkZij_ju\Zgbc^eyKHF± ,54 IhZ^j_km)%K jZkiheh`_gmijZ\eyxsbcj_]bklj^hklmiguc^eyql_gbyb aZibkb< g_fhij_^_ey_lky dhebq_kl\h[bl^Zgguo\ dZ^j_dhebq_kl\hklhih\uo[blgZebqb_dhgljheyq_lghklbbebnbdkbjh\ZggZyq_lghklv mklZgh\dZi_j_ju\Z %5($. b mijZ\e_gb_ ihjlZfbihZ^j_kZf )K )K jbk
Dhebq_kl\h[bl^Zgguo\ dZ^j_± [bl± [bl± [bl± [bl klhi[bl± klhi[blZ
Dhgljhevo± g_l± ihg_q_lghklb ± ihq_lghklb
Nbdkbjh\ZggZyq_lghklv± J ^ey ' ' ± J ^ey''
MklZgh\dZi_j_ju\Z\u\h^kljhdbgme_c MijZ\e_gb_ fh^_fhf ^ey%5($. ± )K)K dhwnnbpb_gl^_e_gbyqZklhlu )K ^Zggu_)K j_]bkljmijZ\e_gbyij_ju\Zgbyfb JbkNhjfZlj_]bkljZmijZ\e_gby
hkms_kl\ey_lkyq_j_aj_]bkljjZkiheh`_ggucihZ^j_km)&K;blu287b 287jbk khhl\_lkl\mxl aZiZkgufebgbyf;bl'aZimkdZ_ll_klihjlZijbmkeh\bbqlh\uoh^7[' b \oh^5[' aZfdgmlu
7(67287287576 '75
IhZ^j_km)&K jZkiheZ]Z_lkyj_]bklj Jbk NhjfZlj_]bkljZmijZ\e_gbyfh^_fhf khklhygbyebgbb jbk ;blL h\_qZ_l aZgZebqb_iZmau l_\g_rg__mkljhckl\hg_bf__lk\yabk dhfivxl_jhf;bl7[5'< ihdZau\Z_l]hlh\ghklv j_]bkljZk^\b]Zi_j_^ZlqbdZZ 7[5'< ± ]hlh\ghklvj_]bkljZojZg_gby^Zgguoi_j_^ZlqbdZ;bl%5($. mklZgZ\eb\Z_lky\ _kebh[gZjm`_gZ^ebggZykljhdZgme_c?keb[bl6( lhijhbahreZhrb[dZkbgojhgbaZpbb JZ[hlZk ^jm]bfb[blZfbwlh]hj_]bkljZZgZeh]bqgZ6: jbk
fh^_fZ
77[5'<7[5'<%5($.6(3(2(5[5'<
IhZ^j_km
j_]bklj jbk ^_l_dlhj ebgbb
JbkNhjfZl6: ebgbb
'&'5,'65&7&'&'5,'65 &7&
Khklhygb_ebgbb
)?K jZkiheZ]Z_lky khklhygbyfh^_fZ ;bl'&' ± wlh ijbgbfZ_fh]hk kb]gZeZ5, ± bg^bdZlhj\uah\Z HklZevgu_jZajy^u6: ba\_klgu
Ebgbybaf_gbeZkhklhygb_
JbkNhjfZl6: fh^_fZ
Kb]gZe '%'%GZijZ\e_gb_ 7['
'65
'75 576
&76
Ihjl ihke_^h\Zl_evghck\yabZiiZjZlghfh`_l[ulvj_Zebah\Zg\ khklZ\_ jZaebqguo;BKKo_fhl_ogbdZihjlZfh`_lbf_lvhlebqbyg_ \ebyxsb_gZ_]hijh]jZffbjh\Zgb_b bgl_jn_ckI_jkhgZevguc dhfivxl_jbf__ljZat_fu^eyih^dexq_gby\g_rgbomkljhckl\d ihjlZfIjbgylhbkihevah\Zlv^\ZlbiZjZat_fh\ b dhglZdlgu_ GZjbkihdZaZghkhhl\_lkl\b_kb]gZeh\dhglZdlZfjZat_fZb gZijZ\e_gb_i_j_^Z\Z_fhcbgnhjfZpbb
Ij_ju\Zgby\ fbdjhijhp_kkhjguokbkl_fZoIj_ju\Zgby ij_^klZ\eyxlkh[hci_j_klZgh\dmdhgl_dklZijhp_kkhjZ\ua\Zggmx '&'
Ij_ju\Zgby^_eylkygZfZkdbjm_fu_b g_fZkdbjm_fu_I_j\u_fh]ml[ulvaZij_s_gubebjZaj_r_gu ijh]jZffgufkihkh[hfgZmjh\g_fbdjhijhp_kkhjZbebgZmjh\g_ dhgljhee_jZij_ju\Zgbceyijh]jZffbklZdZ`^uc,54 wlhhl^_evgZylhqdZ\oh^Z\ ih^ijh]jZffm@ K p_evxm\_ebq_gbyihf_ohmklhcqb\hklb bkihevamxlg_kdhevdh\b^h\aZimkdZxsbokb]gZeh\ ,54klZlbq_kdbcg_ijhbkoh^blbaf_g_gb__]h Dhf[bgbjh\Zgguc 75$3 FI mjh\gy567567 ^bgZfbq_kdbc]^_\Z`gZ L kdhjhklvgZjZklZgbykb]gZeZ567 >bgZfbq_kdbc 567 dhf[bgbjh\Zgguc75$3
FI
9
,54
567
KhojZgblv dhgl_dkl
kbkl_fZ
' ' ' ' ' ' ' '
5' :5 : &6
,17$ 066/
Iheebg] JbkKo_fZiheebg]Z
IDI
Hijhk ]hlh\ghklb
>jZc\_ju IM
<_dlhjgZy ij_ju\Zgbc M\_ebq_gb_ Ijhp_^mjZ wnn_dlb\ghklb eykbgojhgbaZpbbjZ[hluijhp_kkhjZb bklhqgbdZ\_dlhjZ ,17 ij_ju\Zgbybkihevam_lkykb]gZe,17$JZkrbj_gb_\_dlhjghckbkl_fu khklhbl\ ijh_dlbjh\Zgbb\g_rgboijh]jZffghmijZ\ey_fuokj_^kl\ dhlhju_kh[bjZxl\lhjbqgu_i_jbn_jbcgu_ aZijhku,54,54 ,541 &$6 Kms_kl\m_l^\Zih^oh^Zj_r_gbywlhcaZ^ZqbI_j\uckhklhbl\ &$6 i_j_^Zq_nmgdpbcnhjfbjh\Zgby\_dlhjZij_ju\Zgbc\g_rg_fm
&$6
JbkMkeh\gh_]jZnbq_kdh_ h[hagZq_gb_;BKIDI
mkljhckl\mghijbhjbl_lh\ aZ\_jrZ_fh]hij_ju\Zgby Pbdebq_kdbck^\b]mjh\g_ck h[uqguf Mjh\_gvijbhjbl_lZ aZ\_jr_gb_fij_ju\Zgbcbf__ldhf[bgZpbx ©oooªLjbihke_^gbo[blZ\ jZ[hl_g_ mqZkl\mxlb fh]mlijbgbfZlvex[u_eh]bq_kdb_ ,54L agZq_gby>ghijbhjbl_lh\mklZgZ\eb\Z_lkyih h[kem`b\Z_fhfmij_ju\ZgbxGZijbf_jimklv[ue
GZijZ\e_gb_k^\b]Z
JbkDhevphijbhjbl_lh\
aZijhkihebgbb,54Lh]^Zihke_aZibkb2&: $K$)K iylucmjh\_gvbf__lkZfucgbadbcijbhjbl_lZ dhevphijbhjbl_lh\bf__l\b^©ªAZijhk,54[m^_lbf_lv\ukhdbcijbhjbl_l Dhf[bgZpby©///ªijbf_gy_lky^eypbdebq_kdh]hk^\b]Z mjh\g_cijbhjbl_lh\khki_pbZevguf aZ\_jr_gb_fij_ju\Zgbc;blu///hij_^_eyxldh^^gZijbhjbl_lZGZijbf_jimklvdhevphbf__l\b^ ©ªb [ueihemq_gaZijhkihebgbb,54ghdh^2&: / Ebeb' Lh]^ZIDIi_j_oh^bl\ bkoh^gh_ khklhygb_b [m^_lj_Z]ljh\ZlvgZihklmiZxsb_ij_ju\ZgbyZ dhevphijbhjbl_lh\bf__lagZq_gb_ ©ª JZaj_r_gb_\jZs_gbymjh\g_cijbhjbl_lh\jZaj_rZ_lkydhf[bgZpb_c©///ªDhfZg^ZmklZgZ\eb\Z_l klZlmkmjh\g_c[_a\uiheg_gbyhi_jZpbbaZ\_jr_gby ij_ju\ZgbcIDIg_\ bkoh^ghfkhklhygbb K[jhkjZaj_r_gby\jZs_gbymjh\g_cijbhjbl_lh\\uihegy_lkyaZibkvx2&: ©oooª Pbdebq_kdbck^\b]ijbhjbl_lh\[_aaZ\_jr_gbyij_ju\Zgbykhhl\_lkl\m_l2&: ©///ªIhke_^gb_ ljb[blZhij_^_eyxl dh^^gZdhevpZ IDI^himkdZ_lh[jZ[hldmij_ju\Zgbcihhijhkmghijbf_gy_lkyhgZdjZcg_j_^dh< dhgljhee_jihq_lghfm Z^j_kmaZibku\Zxl keh\h2&:jbk Djbl_jbchij_^_e_gbykeh\Z[bl [bl [bl Ijbf_gyxl ke_^mxsb_dhf[bgZpbbmklZgh\dZ j_`bfZhijhkZ©ooª jZaj_r_gb_ql_gbyj_]bkljZh[kem`b\Zgby ij_ju\Zgbc2&:©ª jZaj_r_gb_ql_gbyj_]bkljZaZijhkh\ij_ju\Zgbc,55©ª jZaj_r_gb_ ljb]]_jZki_pbZevgh]hfZkdbjh\Zgby©ª k[jhkljb]]_jZki_pbZevgh]hfZkdbjh\Zgbyij_ju\Zgbc ©ª Ihg_q_lghfmZ^j_kmkqblu\Zxl[ZclkhagZq_gbyfbij_ju\Zgbc,55beb2&:J_]bklj,55[bl ihdZau\Z_l_klvij_ju\Zgb_ beb_]hg_l Z feZ^rb_ljb[blZ kh^_j`Zldh^ij_ju\Zgbylj_[mxs_]h h[kem`b\ZgbyDh^ khhl\_lkl\m_lghf_jm\oh^Z,54 Ko_fZijh]jZffbjh\Zgbydhjljhee_jZke_^mxsZy \ ]eZ\ghcijh]jZff_ ,&:o Z^j3,& 605032/5'5'(1 ,&:o Z^j3,& 2&:o Z^j3,& 2&:o Z^j3,& k[jhkblvdhgljhee_j\ bkoh^gh_khklhygb_ \ ih^ijh]jZff_h[jZ[hldbij_ju\Zgby JbkNhjfZl2&: ', 386+ khojZgblv\k_j_]bklju l_ehih^ijh]jZffu 323 ^hklZlv\k_j_]bkljudjhf_:36: 2&:o 3,& k[jhkblvdhgljhee_j 32336: (, 5(7 <j_f_ggZy^bZ]jZffZjZ[hluIDI\ j_`bf_aZijhkZihdZaZgZgZjbkGZ\oh^dhgljhee_jZ,54L ihklmiZ_l aZijhkhl\g_rg_]hmkljhckl\Zbeb\_^hfh]hIDIDhgljhee_jnhjfbjm_laZijhk,17 b i_j_^Z_lfbdjhijhp_kkhjm < hl\_lgZkb]gZeih^l\_j`^_gby,17$ihemq_ggh]hhlfbdjhijhp_kkhjZIDIihrbg_^Zgguoi_j_^Z_l_fmdh^ dhfZg^u&$//?keb_klvdZkdZ^gh_\dexq_gb_lhIDIihemqZ_lhl\_^hfh]hdhgljhee_jZdh^nhjfbjm_lZ^j_k \oh^Z\ \_dlhj ij_ju\Zgbyb \ hl\_lgZ^\Z ih^l\_j`^_gby ,54L ,17$ ihkueZ_l kgZqZeZfeZ^rbc ,17 [ZclZ^j_kZZ aZl_f klZjrbcLZdbf h[jZahf ,17$ fbdjhijhp_kkhj i_j_oh^bld \uiheg_gbx '$7$ &$// :^j_k/ :^j_kG ih^ijh]jZffu h[jZ[hldb ij_ju\Zgby &$6 b^_glbnbdZlhjaZijhkZ I_jkhgZevguc dhfivxl_jlbiZ:L bf__l^\Z Jbk<j_f_ggZy^bZ]jZffujZ[hluIDI dhgljhee_jZ ij_ju\Zgbc Dhebq_kl\hebgbcaZijhkh\± < fh^_eyoOLbkihevam_lkyh^bgIDIQlh[uk\yaZlvh[jZ[hlqbdij_ju\Zgbck ghf_jZfbij_ju\Zgbcbkihevam_lkylZ[ebpZ\_dlhjh\AZgbfZ_l i_j\ucdbeh[ZclHAMhl^h)) \dexqZ_lwe_f_glh\)$5 ± Z^j_kh\h[jZ[hlqbdh\ij_ju\Zgbc< i_j\hfklhe[p_we_f_glZlZ[ebpuaZibkZgh kf_s_gb_Z \h\lhjhfZ^j_kk_]f_glZh[jZ[hldbij_ju\ZgbyGZijbf_j^eyij_ju\ZgbyZ^j_k^ey ij_ju\ZgbyZ^j_kb l^Wlh\k_ijh]jZffgu_ij_ju\Zgbyb kj_^bgboZiiZjZlguo< lZ[e
ijb\_^_gZklZg^ZjlgZybgbpbZebaZpbyIDI%,26Ihjy^hdjZkiheh`_gbyaZijhkh\ijb\_^_g\ khhl\_lkl\bbk bo ijbhjbl_lZfb LZ[e Bfy <_dl Bklhqgbdij_ju\Zgbc hj 10, K Dhgljhevrbguq_lghklv^Zgguo\ OLkhijhp_kkhj ,54 K HllZcf_jZqZklhlZ=p ,54 K HldeZ\bZlmjuijbgZ`Zlbbb hl`ZlbbdeZ\br ,54 $K >eydZkdZ^bjh\ZgbyIDI,54± ,54\ OLj_a_j\ ,54 K HlqZkh\j_Zevgh]h\j_f_gbijbkh\iZ^_gbbqZkh\b [m^bevgbdZ ,54 K J_a_j\bebhldhgljhee_jZ(*$ \ OL ,54 K J_a_j\ ,54 K J_a_j\ ,54 K J_a_j\ beb 36 PRXVH ,54 K HlfZl_fZlbq_kdh]hkhijhp_kkhjZjZggb_fh^_eb:L ,54 K Hl+'& dhgljhee_jZ+'' \ :L ,54 K J_a_j\ ,54 %K HlihjlZihke_^h\Zl_evghck\yabKHFbebKHF ,54 &K HlihjlZihke_^h\Zl_evghck\yabKHFbebKHF ,54 'K Hl+'& ± dhgljhee_jZ\ OL/37± $7a\mdh\ZydZjlZbebj_a_j\ ,54 (K Hl)'& dhgljhee_jZ)'' ,54 )K Hlijbgl_jZ/37
J_a_j\gu_aZijhkuij_ju\Zgbcfh]mlbkihevah\Zlvky^hihegbl_evghih^dexqZ_fufbd dhfivxl_jm mkljhckl\ZfbgZijbf_jk_l_\ufZ^Zil_jhf,54 ^hihegbl_evguf,'( ,54 b ijKlZg^ZjlgZyjZkdeZ^dZ aZijhkh\fh`_l[ulvbaf_g_gZihevah\Zl_e_f Ijh]jZffbjh\Zgb_dhgljhee_jZijhba\h^blkyihZ^j_kZf\_^msbcIDI± KK\_^hfucIDI± $K$K MijZ\eyxsb_keh\ZaZibku\Zxlky,&:\ K $K ,&:± ,&:\ K $K DhfZg^ubgbpbZebaZpbb,&:b ,&:\ i_jkhgZevghfdhfivxl_j_ bf_xlg_dhlhju_hlebqbyhlZgZeh]bqguo mijZ\eyxsbokeh\IDIDJ@Wlbhlebqbyk\yaZguk nbdkbjh\ZggufrZ]hfij_ju\Zgbcmf_gvr_gb_f \uqbkey_fuoZ^j_kguojZajy^h\jbk ihy\e_gb_fq_l\_jlh]hmijZ\eyxs_]hkeh\Z,&:b ijh]jZffguf mijZ\e_gb_fqm\kl\bl_evghklvx\oh^h\,54;bl6 mijZ\ey_ldhebq_kl\hfdhgljhee_jh\Gh\ :L± fh^_eyo ijbf_gy_lkylhevdhdZkdZ^gh_\dexq_gb_KlZjrb_ljb[blZg_bkihevamxlky
6
IjbagZd,&: Qm\kl\bl_evghklv ± bkihevam_lky \oh^h\,54 g_l MijZ\eyxs__keh\h,&: ± ihmjh\gx h^bgIDI g_kdhevdh hij_^_ey_l[Zah\ucZ^j_k\_dlhjZ ij_ju\Zgbcb ZgZeh]bqghjbkFeZ^rb_[blu± g_ ihnjhglm bkihevamxlkyb± ^he`gubf_lvgme_\u_ agZq_gby;_abaf_g_gbcijbf_gyxlky,&:b ,&:
jbkjbk Gh [blu± \ ,&:j_dhf_g^m_lky ijbf_gylvk gme_\ufb agZq_gbyfb JbkNhjfZl,&:\ i_jkhgZevghfdhfivxl_j_ DhfZg^gh_keh\h,&:aZ^Z_lj_`bfjZ[hlu\ :L± fh^_eyoZ OL ± fh^_eyowlhlj_lbc[ZclbgbpbZebaZpbb jbk
6)10 ± \dexqZ_l j_`bf\eh`_gghklb ijbhjbl_lh\aZijhkh\ \_^ms_]hb \_^hfh]h IDI
Lbifbdjhijhp_kkhjZ ± ± b klZjr_ $(2, ± Z\lhfZlbq_kdh_ aZ\_jr_gb_ij_ju\Zgby[_ak[jhkZ [blZfZkdb 066/± \_^msbc \_^hfuc
%8) ± ijbagZd[mn_jbjh\Zgghcrbgu
JbkNhjfZl,&:\ i_jkhgZevghfdhfivxl_j_
< hi_jZpbhgghfj_`bf_IDIi_jkhgZevgh]hdhfivxl_jZ\hkijbgbfZ_ldhfZg^u2&:± 2&:AZibkv ijhba\h^blkyihZ^j_kZf2&:\ K $K 2&:b 2&:\ K $K Hlebqbchljbkjbkb jbk g_l KlZg^Zjlgh_ijh]jZffbjh\Zgb_IDIijb\_^_gh\ lZ[eBkihevam_lkyj_`bf\eh`_gguoij_ju\Zgbck nbdkbjh\Zggufijbhjbl_lhfb Z\lhfZlbq_kdbfg_ki_pbZevgufaZ\_jr_gb_fij_ju\ZgbcDZ`^Zyih^ijh]jZffZ h[jZ[hldbaZ\_jrZ_lkyaZibkvx2&: K LZ[e DhfZg^Z OL :L\_^msbcIDI :L\_^hfucIDI ,&: K K K ,&: K K K ,&: K K ,&: )K )K %K 2&: [[K [[K [[K 2&: K K K 2&: $K $K $K >bZ]jZffZih^l\_j`^_gby,17$ gZaZijhk,17 \dexqZ_l^\ZpbdeZghi_j\ucpbde g_g_k_ldh^ZdhfZg^u >_ckl\bl_e_glhevdh\lhjhcpbdeI_j_^Z_lky± [blguc\_dlhjij_ju\Zgbyl_ghf_jihdhlhjhfmkkuedZgZ ijhp_^mjmh[jZ[hldbij_ju\ZgbyojZgblky\ lZ[ebp_ij_ju\Zgbc
KIBKHD EBL?J:LMJU .ODXV3HWHU6FKRO]0LFURHOHFWURQLNXQGGHUHQ%DXHOHPHQWH %HUOLQ9HUO7HFKQLN± 6 :eb_\LFL_jOZqZlmjh\::Baf_jbl_evgZyl_ogbdZFB:EH=FBNBª]± k
<>?GB?
BFIMEVKU< FBDJHIJHP?KKHJGUOKBKL?F:OB BO
I:J:F?LJU HKGH
BAF?JBL?EVGUOIJB;HJH< F?LH>UB IH=J?RGHKLBBAF?J?GBC
FMEVLBF?LJU WE?DLJHGGUCHKPBEEH=J:N
BAF?J?GB? WE?DLJBQ?KDBO
FBDJHIJHP?KKHJU FBDJHIJHP?KKHJ L FBDJHIJHP?KKHJ, FBDJHIJHP?KKHJ3(17,8000;
DHFIHG?GLUFBDJHIJHP?KKHJGUOKBKL?F
;BKI:J:EE?EVGH=H<:: ;BKL:CF?J: ;BKMGB:LQBD: IJH=JJ:FFBJM?FUCDHGLJHEE?JIJ?JU<:GBC
>VYDH< B]hjv :e_dk__\bq
KO?FHL?OGBD: Mq_[gh_ihkh[b_
J_^ZdlhjLF=ebgdbgZ Bg`_g_jihdhfivxl_jghfmfZd_lbjh\Zgbx =XDhjZ[_evgbdh\Z
c¢ºã¯¢º
º¹Ò°ÈÓº}¹ËÈÒ nº¯äÈu räÈȺÁ°ËÓÈ«ËÈ ºÁ°ËÓÈ« |Ëä°ã¹ËãÒÏã Ò¯ÈΪ}Ïv jÏÈËã°}º¹ºãÒ¯ÈÁÒË°}Ò®ËÓ¯ ÈäºmvºmË°}È«}