the electric bikes market
Post on 13-Feb-2017
217 Views
Preview:
TRANSCRIPT
!!
The electric bikes market
!!
The economy for the common good in Barcelona and Shanghai
"#$#!%#&'#(#)#*!+,-./0!1#$,#!2,34!56&($7$#0!
2$#8!17$9:!%#$$7$#0;".*#/#0!!27<$77!,/!=60,/700!>)&,/,0?$#?,./@1#/#<7&7/?!
!"#$%!&$'!()'*+,-.%)#!!
"#$! $%&'&()! &*! +#$! %&((&'! ,&&-! ./! /+.00! 1! 2$3)! '$4! %&'%$5+! .'! +#$! 53&%$//! &*!
$21061+.&'! 1'-! 1//$//($'+! +#1+! ./! 7&3'! 1/! 1! %&(5$+.+.2$! 10+$3'1+.2$! +&! +#$!
%15.+10./+!(&-$0! +&-1)8! 9&3! +#./! 3$1/&':! +#./! ./! 1! -$/%3.5+.2$!4&3;! +#1+! 53&5&/$/!
#&4!+#$!315.-!+$/+!&*!+#$!$%&'&()!&*!+#$!%&((&'!,&&-!<!1!+$/+!+#1+!%01.(/!+&!7$!1!
/)'+#$/.=$-!2$3/.&'!&*!+#$!(1+3.>!&*!+#$!%&((&'!,&&-!&3!+#$!/$+!&*!?@!.'-.%1+&3/!
+#1+! ($1/63$! +#$! %&((&'! ,&&-! <! ./! 1550.%170$! +&! %&(51'.$/! +#1+! 41'+! +&! 7$!
5.&'$$3/!1'-!+&!4#1+!$>+$'+!.+!#$05/!+&!3$1%#!+#./!,&108!"#$!.'+$32.$4!+&!+4&!*$(10$!
(1'1,$3/!&*!5.&'$$3!%&(51'.$/!<!A$$41)!1'-!B610;!<!4.+#!1!2./.&'!1'-!$+#.%10!1'-!
$%&0&,.%10! 2106$/! &3.$'+$-! +&! +#$! %&((&'! ,&&-! (13;/! 4#.%#! 5&.'+/! +#$3$! 13$!
0.(.+1+.&'/!.'!+#./!+$/+!1'-!.+!53&5&/$/!.(53&2$($'+/8!
!
A$)4&3-/C!
D&((&'! ,&&-:! E%&'&(.%/:! F0+$3'1+.2$:! A$$41):! B610;:! D15.+10./(:! E+#.%/:!
G(53&2$($'+/:!H101'%$!&*!+#$!%&((&'!,&&-:!D&&5$31+.&'!
!
!
!!"#$%&!'(!)'*"&*"+!
!! !
"#$%&'(!)*!)+&(,-."&),+!,,,,,,,,,,,,,,,,,,,,,,,,,,,--!/!
.-.!#/0123456758519:!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,---------!;!
.-<!=29>?@9>21!@16!72@4:!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,---!;!
.-A-!)B@C95D:!2?5D?>53!@16!859B262427E!,,,,,,,,,,,,,,,,,,,,,--!F!
!
"#$%&'(!))*!)+&(,-."&),+!&,!&#'!'",+,01!2,(!!
&#'!",00,+!3,,-!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,---------!!4!
<-.!G19D26H/9>21!92!9B5!5/2128E!I2D!9B5!/28821!7226!,,,,,,,,,,,,,,--!J!
! <-.-.!KB@9!>:!>9L!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,-!J!
! <-.-<!$@/07D2H16!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,-!J!
! <-.-A!M2@4:!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!!N!
! <-.-;!"B5!<O!P@:>/!C2>19:!,,,,,,,,,,,,,,,,,,,,,,,,,,,!!N!
<-<!)28821!7226!8@9D>Q!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,--!.O!
<-A!RSH>/0T!95:9!2I!9B5!5/2128E!I2D!9B5!/28821!7226!,,,,,,,,,,,,,,---!..!
!
"#$%&'(!)))*!$%%5)"$&),+!,2!&#'!'",+,01!2,(!&#'!",00,+!3,,-!&,!
&#'!6.7)+'77'7!8''9$1!$+-!..$58!,,,,,,,,,,,,,,,,,,,,,-!.<!
A-.!U5:/D>C9>21!2I!9B5!/28C@1>5:!,,,,,,,,,,,,,,,,,,,,,,,,,,-!.<!
! A-.-.!V553@E!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,--!.<!
! A-.-<!WH@40!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.;!
A-<!)28C@D>:21!P593551!9B5!932!/28C@1>5:!,,,,,,,,,,,,,,,,,,,---!.F!
A-A!G8CD2?58519!CD2C2:@4:!21!9BD55!CD2P458:!2I!9B5!RXH>/0T!95:9,,,,,,,,-!.Y!
! A-A-.!%>I5!/E/45!2I!9B5!/28C@1E!,,,,,,,,,,,,,,,,,,,,,,,--!.Y!
! A-A-<!%@/0!2I!>1I2D8@9>21!,,,,,,,,,,,,,,,,,,,,,,,,,,--!.Z!
! A-A-A!)H49HD@4!6>II5D51/5:!,,,,,,,,,,,,,,,,,,,,,,,,,,--!.Z!
!
"#$%&'(!):*!",+"5.7),+7!,,,,,,,,,,,,,,,,,,,,,,,,,,,,!<O!
;-.!)219D>PH9>21:!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!<O!
;-<!)21/4H:>21:!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!<O!
;-A!G8CD2?58519!CD2C2:@4:!@16!15Q9!4>15:!2I!D5:5@D/B!,,,,,,,,,,,,,,-!<<!
!
"#$%&'(!:*!6)65),3($%#1!,,,,,,,,,,,,,,,,,,,,,,,,,,,--!<A!
$++';!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,--------!<N!
! "!
!"#$%&'()*()+%',-.!%),+(
/0/(#1234567897:73;<((
#$!%&'!()*+',-*%.!/$01'2!345,46!7*%&$2%!%&'06!%&*-!7$,8!7$29:!&4+'!)'+',!5'')!!
7,*%%');!
<)!'-1'=*49!%&4)8-!%$!>',=?!@4,,',4-6!$2,!%2%$,6! A$,!&4+*)B!:4CC9':!2-!5.!048*)B!
2-!-''!%&4%!%&','!*-!4!+*459'!4):!'%&*=49!49%',)4%*+'!%$!%&'!*00$,49*%.!$A!=41*%49*-0!
4):! A$,! 499! %&'! *)%','-%! 4):! 'AA$,%! -&'! &4-! 12%! $)! 2-! 4):! $)! :$*)B! %&*)B-! 7'99;!
#$!>4,%4!D$:,*B2'C6!A$,!&',!4:+*='!4):!'E1',*')='6!*%!02-%!5'!-4*:6!*%!&4-!&'91':!2-!
%,'0'):$2-9.;!
#&'!@,*-%*)4!@4-%*99$!4):!F&4)0'*!G2!A$,!-4+*)B!2-!4!1*'='!$A!%&'*,!+492459'!%*0'!%$!
0''%!7*%&!2-!4):!%$!')459'!$2,!7$,8!%$!5'!A,2*%A29;!!
<):!A*)499.6!%$!$2,!14,')%-6!,'94%*+'-!4):!A,*'):-!7&$!&4+'!B*+')!2-!%&'!-211$,%!7'!
)'':':!%$!B$!4&'4:!7*%&!%&*-!1,$H'=%;!!
(
/0=(>4;?@A;?43(A38(94A6<(
3$,!I2*%'!4!A'7!.'4,-!)$76!7'!&4+'!5'')!%48*)B!52--*)'--!4):!04)4B'0')%!=94--'-!
*)! $2,! 2)*+',-*%.! 1,$B,40! 4):! A$,! '+')! 4! 9$)B',! %*0'! 7'! &4+'! 5'')! :$*)B!
'=$)$0.;!J'!7','!%42B&%!'+',.%&*)B!%&4%!)'':-!%$!5'!8)$7)!45$2%!=$014)*'-!A$,!
%&'0! %$!1,$-1',! 4):! 'E='9! *)! 4! A,40'7$,8!7&','! %&'!1,*$,*%*'-! 4,'! =$01'%*%*$)6!
1,$A*%-6! ,*+49,.! 4):! B,'':! %$! 4=&*'+'! =$014)*'-K! *):*+*:249! 5')'A*%! *)-%'4:! $A!
,'4=&*)B!A$,!%&'!=$99'=%*+'!7'995'*)B;!#&'!'=$)$0.!A$,!%&'!=$00$)!B$$:!*-!)$%!4!
)'7!=$)='1%!4):!%&4%!*-!49,'4:.!4!8)$7)!A4=%6!4-!*%!*-!=94,*A*':!A2,%&',!*)!%&*-!141',;!
J&4%!*-!0*--*)B!*-!=$)+*=%*$)!$)!%&'!14,%!$A!-$=*'%.!%&4%!*%!*-!4!+*459'!49%',)4%*+'!%$!
%&'! =2,,')%! .'%! $2%,4B'$2-! =41*%49*-0! 0$:'96! 7&*=&! &4-! 9$-%! %&'! 0$,49! 4):!
:'0$=,4%*=!+492'-!4):!&4-!:*-%$,%':!%&'!*:'4!%&4%!*%!*-!%&'!0$)'.!4):!%&'!04,8'%-!
7&$!-',+'!%&'!1'$19'6!4):!)$%!+*='!+',-4;!!
J'! &$1'! %&4%! %&*-! 7$,8! 7*99! &'91! =$014)*'-! %$! *)=$,1$,4%'! %&'! +492'-! $A! %&'!
=$00$)!B$$:6!4!-$=*49!4):!'%&*=49!14,%!%&4%!=4)!)$%!5'!A$,B$%%');!
(
#&'!04*)!B$49!$A!%&*-!141',!*-!)$%!%$!:'+'9$1!4):!4)49.C'!1$*)%!5.!1$*)%!'+',.!$)'!
$A!%&'!-'=%*$)-!1,$1$-':!%$!,'4=&!4)!'=$)$0.!A$,!%&'!=$00$)!B$$:;!D4%&',6!*%!%,*'-!
%$!B*+'!4)!$+',+*'7!4):!*)%,$:2=%*$)!%$!%&*-!)'7!'=$)$0*=!-.-%'0!%$!:'0$)-%,4%'!
4):L$,!H2-%*A.!%&'!4119*=45*9*%.!%&4%!%&'!=$00$)!B$$:!04%,*E!=4)!&4+'6!4):!0$,'!
! M!
-1'=*A*=499.6! %&'! NI2*=8O! %'-%! $A! %&'! '=$)$0.! A$,! %&'! =$00$)! B$$:6! ,'94%*)B! *%! %$!
=$014)*'-! %&4%! 4,'! 474,'! 4):! =$00*%%':! %$! %&*-! 0$:'9;! 3$,! %&*-! ,'4-$)6! %&'!
A$99$7*)B!I2'-%*$)-!4,'!=$)-*:',':P!
• #&'! 0'%&$:$9$B.6! '-1'=*499.! %&'! ,41*:! %'-%! A$,! %&'! =$00$)! B$$:6! *-!
4119*=459'!%$!499!%.1'-!$A!52-*)'--'-Q!R,!:$'-!*%!&4+'!-$0'!9*0*%4%*$)-Q!!
• J&4%!2-'!$,!2%*9*%.!:$'-!%&*-!*)A$,04%*$)!$,!0'%&$:$9$B.!S,41*:!%'-%T!&4+'!
7&')! :*4B)$-*)B! =$014)*'-! %&4%! :'A*)'! %&'0-'9+'-! 4-! '=$9$B*=49! 4):!
1*$)'',-Q!
!
/0B(!CAD;7E<(4@7E@?75(A38(:7;C484649F(
!CAD;7E( /! *-! %&'! *)%,$:2=%*$)6! *%! =$)%4*)-P! 4=8)$79':B'0')%-! %$! 499! %&$-'! 7&$!
04:'! %&'! ,'49*C4%*$)! $A! %&*-! 141',! 1$--*59'! 4):!7&$! &4+'! B*+')! 2-! %&'! -211$,%!
)'='--4,.! %$!=4,,.! *%!$2%;!#&')6! %&'!0$%*+4%*$)!4):!$5H'=%*+'-! %&4%!4,'!:'A*)':!4%!
%&'!5'B*))*)B!$A!%&'!-'=%*$)!4):!4,'!%&'!54-*-!A$,!%&*-!7$,8;!
(
!CAD;7E(=!*-!:*+*:':!*)%$!%&,''!-'=%*$)-P!#&'!A*,-%!-'=%*$)!1,$+*:'-!4)!*)%,$:2=%*$)!
%$!%&'!=$00$)!B$$:!'=$)$0.6!'E194*)*)B!7&4%! *%! *-6!7&4%! *-! %&'!54=8B,$2):!4):!
%&'!B$49-;!U'E%6!*%!*)A',-!*)!%&'!-2004,.!1,$+*:':!5.!@&,*-%*4)!3'95',!$A!%&'!%7')%.!
54-*=!1$*)%-;!<-! A$,! %&'! -'=$):!4):! %&*,:!14,%-6! %&'! A'4%2,'-!4):! A2)=%*$)-!$A! %&'!
04%,*E!$A!%&'!=$00$)!B$$:!4):!%&'!NI2*=8O!%'-%!$A!%&'!V@W!4,'!'E194*)':;!
!
!CAD;7E( B!$A! %&*-!141',!4119*'-! %$! %&'!V@W!$A! %&'!=$014)*'-!X''74.!4):!(2498;!
3*,-%! %&','! *-! 4! :'-=,*1%*$)! $A! '4=&! $A! %&'! %7$! =$014)*'-6! %&')! *%! 1,$='':-! %$!
=$014,*-$)!$A!%&'!%7$!%48*)B!4-!4!54-*-!%&'!4--'--0')%-!$A!%&'!NI2*=8O!%'-%!$A!%&'!
V@W;!3*)499.6!4)!'945$,4%*$)!$A!-2BB'-%*$)-!4,'!04:'! A$,! %&'!5'%%',!4119*=4%*$)!$A!
%&'! %'-%! %48*)B!4-!4! ,'A',')='! %&,''!:,4754=8-P! %&'! 9*A'! =.=9'!$A! %&'!52-*)'--6! %&'!
94=8!$A!*)A$,04%*$)!4):!%&'!=29%2,49!:*AA',')='-;!
!
!CAD;7E(G!7*99!'E194*)!%&'!A*):*)B-6!7&*=&!7*99!5'!$5%4*)':!A,$0!=4,,.*)B!$2%!%&*-!
141',6!4):!%&','A$,'6!%&'.!7*99!5'!%&'!$)'-!%$!,'-1$):!%$!%&'!$5H'=%*+'-!*)!=&41%',!
Y;! #&'-'! 7*99! 5'! :*+*:':! *)%$! %&,''! -'=%*$)-P! =$)%,*52%*$)-6! =$)=92-*$)-! 4):!
1,$1$-49-!4):!)'7!9*)'-!$A!,'-'4,=&;!
!
! Z!
[)!1CAD;7E(H!$)'!=4)!!A*):!%&'!5*59*$B,41&.!4):6!A*)499.6!4%%4=&':!4%!%&'!'):6!*-!%&'!
#337I0!
(
#&'!0'%&$:$9$B.!2-':!*)!$,:',!%$!,'-1$):!%$!%&'!$5H'=%*+'-!-'%!=$)-*-%-!$AP!3*,-%6!
%&'! ,'4:*)B! $A! %&'! 5$$8! \]4! '=$)$0^4! :'9! 5*')! =$0_)\! S%&'! '=$)$0.! A$,! %&'!
=$00$)!B$$:T!5.!@&,*-%*4)!3'95',!4):!4)!'E&42-%*+'!,'-'4,=&!$)!%&*-!%$1*=;!3,$0!
%&*-6!.$2!B'%!4!-$9*:!'=$)$0.!A$,!%&'!=$00$)!B$$:!54-*-!$)!7&*=&!%$!7$,8;!#&')6!
%&'.!B$%!%&'!I2*=8!%'-%!A$,!%&'!45*9*%.!$A!%&'!=$00$)!B$$:!%2%$,!7$,86!7&*=&!74-!
'04*9':!%$!%&'!%7$!B')',49!04)4B',-!$A!X''74.!4):!(2498;!]4%',!$)6!%&','!74-!4)!!
4--'--0')%!$A!%&'*,!=$014)*'-!54-':!$)!%&'!,'-1$)-'-!4):!,'-29%-!7','!'E%,4=%':6!
7&*=&! 7','! =$)%,4-%':! 4):! =$002)*=4%':;! #&'! =&4))'9! 2-':! A$,! %&'! *)%',+*'7!
7*%&!@,*-%*)4!@4-%*99$!S(2498!W')',49!>4)4B',T!74-!%&'!1,$B,40!F8.1'!S+*:'$!=499T!
5'=42-'! -&'!74-! *)! F&4)B&4*! 4%! %&'! %*0'6! 4):! *%!74-! =$):2=%':! 1',-$)499.!7*%&!
F&4)0'*!G2!SX''74.!W')',49!>4)4B',T;(
(
!"#$%&'())*()+%',-.!%),+(%,(%"&(&!,+,>J(K,'(%"&(!,>>,+(L,,-(
=0/()3;E48M1;?43(;4(;C7(71434:F(N4E(;C7(14::43(9448(
=0/0/(OCA;(?<(?;P((
#&'! '=$)$0.! A$,! %&'! =$00$)! B$$:! *-! 4! =$)='1%! %&4%! *-! 5'=$0*)B! *)=,'4-*)B9.!
*01$,%4)%!)$74:4.-6!-*)='!*%!*-!4!1,$1$-':!=&4)B'!%$!%&'!:*=&$%$0.!5'%7'')!%&'!
=2,,')%! 4):! =$01'%*%*+'! =41*%49*-%! 0$:'9! 4):! %&'! 194))':! '=$)$0.;! #&*-!
49%',)4%*+'! 12%-! 499! &204)-! 4):! 9*+*)B! 5'*)B-! *)! %&'! =')%',! $A! '+',.%&*)B;!
#&','A$,'6!%&'!7&$9'!'=$)$0*=!4):!'=$9$B*=49!-.-%'0!4,'!4!14,%!$A!-$=*'%.K-!7'99`
5'*)B6!%&4%!*-6!%&'!@$00$)!W$$:;![%-!'1*%$0'!*-!%&'!$2%-%4):*)B!<2-%,*4)!=,*%*=!4):!
42%&$,! $A! %&'! 5$$8! !"# $%&'&()"# *$+# ,-$'# %&(.'! S%&'! '=$)$0.! A$,! %&'! =$00$)!
B$$:T6! @&,*-%*4)!3'95',6!7&$!:'+'9$1-! %&*-! *:'46! %&4%! *-! 5,*'A9.! *)%,$:2=':! *)! %&*-!
-'=%*$);!!
!
=0/0=(QA129E4M38(
U'+',%&'9'--6!%&'!*:'4!$A!%&'!=$00$)!B$$:6!74-!=$*)':!5.!#&$04-!<I2*)4-!*)!%&'!
%&*,%'')%&!=')%2,.! A$,! %&'! A*,-%! %*0'!4):!%&'!=$)='1%!&4-!5'')!-1,'4:*)B!21!2)%*9!
%$:4.!7*%&!*%-!4119*=45*9*%.!%$!%&'!'=$)$0.!4):!%&'!947;!<,*-%$%9'!1,$1$-':!*)!&*-!
5$$8!/&+-0-%1! %&'! *01$,%4)='! $A! &4,0$).! 5'%7'')! %&'! 1'$19'! 4):! %&'! F%4%'P! %&'!
! a!
12,1$-'!$A! %&'! =*%.! *-! %$! 9*+'!7'996! 4):!'+',.%&*)B! *-!54-':!4,$2):! %&*-!12,1$-';Y!
#&','A$,'6!%&'!=$00$)!B$$:!*-!45$+'!499!%&*)B-!4):!*-!%&'!4E*-!%&4%!B2*:'-!$2,!9*+'-!
4):!'+',.%&*)B!%&4%!-2,14--'-!499!%&4%!*-!-$=*49b!&')='!49-$!%&'!'=$)$0.;!
!
]*8'!@*=',$!%&$2B&%!%&4%!\%&'!7'9A4,'!$A!%&'!1'$19'!-&499!5'!%&'!-21,'0'!9476\c!%&'!
947! $A! %&'! d4+4,*4)! @$)-%*%2%*$)! 49,'4:.! '-%459*-&':! %&'-'! B2*:'9*)'-;! [%! *-! 4!
=$)='1%! %&4%!49,'4:.!'E*-%-!52%! %&4%! 94=8-! %&'!45*9*%.! %$!=$0'!%&,$2B&! *)!$,:',! %$!
5'=$0'! 4! ,'49*%.! *)! '=$)$0*=-;! #&*-! *-! %&'! ,'4-$)! 7&.! %&'! '=$)$0.! A$,! %&'!
=$00$)!B$$:!=$05*)'-!'E*-%*)B!0$:'9-!4):!-%,2=%2,'-!4-!A$,!'E4019'!%&'!-$=*496!
%&'!'=$9$B*=496!%&'!A4*,!:*-%,*52%*$)!$A!%&'!:'0$=,4=.!$,!%&4%!12%-!%&'!&204)!5'*)B!
4%!%&'!=')%',!'=$)$0*=-;e!
(
=0/0B(L4A6<(
[%!*-!4)!*:'4!%&4%!*-!-%*99!A*)*-&*)B!5'*)B!:'A*)':!4):!%&4%!*-!=$)-%4)%9.!=&4)B*)B6!4-!
%&'! 42%&$,! -4.-! *)!&*-! 5$$8! \#&'!1,'-')%! -8'%=&!$A! 4)! '=$)$0.! A$,! %&'! =$00$)!
B$$:! *-! )$%! %&','A$,'! 4! =9$-':!0$:'96! *A! )$%! 4! -%4,%*)B! 1$*)%;\"![%! *-! )$%! %,.*)B! %$!
*01$-'! 4! -*)B9'!)'7!0$:'96! 52%! ,4%&',! %$! =$05*)'! 'E*-%*)B! $)'-! 4):! %$!1,$1$-'!
49%',)4%*+'-! %$!52*9:! 4)!'=$)$0*=! -.-%'0! %&4%! *-!14,%*=*14%$,.! 4):!:'0$=,4%*=!$A!
%&'!*):*+*:249-!7&$!=$)-%*%2%'!*%;!
(
=0/0G(%C7(=R(SA<?1(D4?3;<(
#&'!'=$)$0.! A$,! %&'! =$00$)!B$$:!=4)!5'!4! ,4%&',!'E%')-*+'! =$)='1%!52%! *%! =4)!
49-$!5'!,':2=':!%$!cf!54-*=!1$*)%-!*)!%&'!8'.!*:'4-!-2004,*C':!5.!3'95',;M!
YT #&'! '=$)$0.! A$,! %&'! =$00$)! B$$:6! 9*8'! *)! %&'! ,'94%*$)-&*1-! 5'%7'')!
1'$19'6!*-!54-':!$)!%&'!NM38A:73;A6(@A6M7<!$A!%,2-%6!'-%''06!=$$1',4%*$)6!
-$9*:4,*%.!4):!7*99*)B)'--!%$!-&4,';!g492'-!$11$-*)B!%&'!=41*%49*-%!'=$)$0.6!
7&*=&!*-!=')%',':!$)!=$01'%*%*+')'--!4):!1,$A*%!4-!%&'!$)9.!B$49;!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Y!/':,$!]h1'C!d4,H4!:'!i2*,B$4!4):!V-%'94!W4,=^4!3',)j):'C6!23-1040$+$1#/&+)0-%"!S>4:,*:P![-%0$6!cffMT6!Yka;!c!@&,*-%*4)!3'95',!6!!"#$%&'&()"#*$+#,-$'#%&(.'#Sd4,='9$)4P!l'2-%$6!cfYcT6!/,$9$B2';!e!g*0'$;!N<%%4=;%+K-!+*:'$-;O!g*-*%4:4!>4*B!:'9!cfYM;!&%%1-PLL!+*0'$;=$0LeYfMYc"Z!"!3'95',6!!"#$%&'&(-"#*$+#,-$'#%&(.'6!/,$9$B2';!M![:'06!cZf`cZa;!
! m!
cT #&'!=2,,')%!9'B49!'=$)$0*=!*)=')%*+'-!*)!%&'!A4='!$A!=$01'%*%*$)!4):!12,-2*%!
$A! 1,$A*%-! 02-%! B*+'! 74.! %$! %&'! 'AA$,%-! %$74,:-! %&'! 14::43( 9448( A38(
144D7EA;?43;!
eT @2,,')%9.6!%&'!*):*=4%$,-!%&4%!0'4-2,'!%&'!0$)'%4,.!-2=='--!4,'P!Wl/!*)!%&'!
04=,$'=$)$0*=!9'+'9!4):!%&'!A*)4)=*49!5494)='!-&''%!4%!%&'!0*=,$'=$)$0*=!
9'+'9;! #&'-'! *):*=4%$,-! B*+'! )$! )4%*$)49! *)A$,04%*$)! 45$2%! 7&'%&',! 4!
=$2)%,.! *-! 4%!74,! $,! )$%6! 45$2%! %&'! *)'I249*%.! 40$)B! *%-! *)&45*%4)%-6! $,! *A!
%&','! *-!4!:*=%4%$,-&*1!$,!4!:'0$=,4=.;!<%! %&'!=$,1$,4%'! 9'+'96! %&'.!:$!)$%!
,'1$,%! *A! %&'! =$014).! =,'4%'-! $,! :'-%,$.-! H$5-6! *A! %&'! 5')'A*%-! 4,'!
:*-%,*52%':!A4*,9.!$,!*A!%&'!=$014).!=4,'-!A$,!%&'!')+*,$)0')%!$,!'E19$*%-!*%;!
#&','A$,'6!%&'!)'7!*):*=4%$,-!7*99!5'!%&'!14::43(9448(DE48M1;(A38(;C7(
14::43(9448(SA6A317(<C77;6!,'-1'=%*+'9.!A$,!'4=&!9'+'9!$A!%&'!'=$)$0.;!
"T [)!$,:',! %$!1,$0$%'! %&'!'=$)$0.! A$,! %&'!=$00$)!B$$:6! %&$-'!=$014)*'-!
7*%&!4!B$$:!=$00$)!B$$:!5494)='!7*99!$5%4*)!679A6(S737N?;<;!
MT #&'!N?3A31?A6(DE4N?;!='4-'-!%$!5'!4)!738!4):!S714:7<(A(:7A3!%&4%!-',+'-!
%$! &'91! ,'4=&! %&'!29%*04%'! B$49! $A! =$)%,*52%*)B! %$! %&'! =$00$)!B$$:;!#&*-!
74.6! %&'! -2,192-'-! $5%4*)':! -&$29:! 4974.-! B$! %$74,:-! 1,$0$%*)B! %&'!
=$00$)!B$$:;!<-!4!,'-29%6!14ED4EA;?43(;AI7<(AE7(E7:4@78;!
ZT <-!4!=42-'!$A!1$*)%!MT6!=$014)*'-!)$!9$)B',!&4+'!%$!5'!4A,4*:!%$!5'!45-$,5':!
$,!&4+'!%$!7$,,.!45$2%!B,$7*)B!%$!-2,+*+'6!4):!%&'.!=4)!A*):!7&4%!*-!%&'*,!
4D;?:M:(<?T7;!
aT d'=42-'!%&'!=$014)*'-!7*99!)$%!A*B&%!'4=&!$%&',!%$!-2,+*+'!4):!7*99!&4+'!4)!
$1%*020!-*C'6!%&','!7*99!5'!4!94,B'!)205',!$A!-0499!=$014)*'-!%&4%!=4)!5'!
0$,'! 1CAE?;AS67( A38( 144D7EA;?@7! %$74,:-! $%&',! =$014)*'-! 5.! '*%&',!
-&4,*)B!%&'*,!8)$7`&$76!%&'*,!$,:',-6!%&'*,!945$,!$,!B*+'!*)%','-%`A,''!9$4)-;!
mT F$! %&'.!7*99! :'0$=,4%*=499.! +$%'! %$! ,'4=&! 4! =$)+')%*$)! $A!04E*020-! 4):!
0*)*020-! %$! 4+$*:! ?314:7( A38( 57A6;C! ?37UMA6?;?7<6! 4):! -$! %&'! 1,*+4%'!
1,$1',%.! 7*99! 5'! 6?:?;78! %$! =',%4*)! 14,40'%',-;! #&*-! 4+$*:-! 52.*)B! $,!
04)*1294%*)B! %&'! B$+',)0')%! 4):! -$=*'%.! 4):6! =$)-'I2')%9.6! '4,)-! %,2-%!
4):!=$)%,*52%'-!%$!%&'!=$00$)!B$$:;!
kT #&'!B$+',)0')%!-&$29:!)$%! *)%',+')'!$,!4=='--!L!&4+'!,*B%&-!$)!+$%*)B! *)!
1259*=!=$014)*'-0( VAE97( 14:DA3?7<6!B*+')!4!=',%4*)!-*C'6!%,4)-A',!%$!%&'*,!
'019$.''-!4):!%&'!=$002)*%.!*)!B')',496!%&'!,*B&%!%$!:'=*:'!$)!%&'0!4):!4!
! k!
14,%!$A!%&'!1,$1',%.!,'1,'-')%':!5.!4!\E79?43A6(71434:?1(DAE6?A:73;\6!*)!
$,:',!%$!4+$*:!1$9*%*=49!=$)%,$9!$A!-$=*'%.!4):!%&'!A,'':$0!$A!%&'!1'$19';!#&'!
1,$1',%.! 7*99! %&')! 5'! 0*E':;! [)! -2004,.6! %&','! 4,'! %&,''! =4%'B$,*'-! $A!
1,$1',%.P! 4! 04H$,*%.! $A! -0499! 1,*+4%'! =$014)*'-6! 4! -0499! -'%! $A! 94,B'!
')%',1,*-'-!7*%&!0*E':!1,$1',%.!4):!1259*=!=$002)49!1,$1',%.;!
YfT !/259*=! =$002)49! $7)',-&*1! $,! %&'! \14::M3A6( 87:41EA;?1( 9448<\! 4,'!
=$99'=%*+'! 1259*=! =$014)*'-! -2=&! 4-! ':2=4%*$)6! &'49%&6! -$=*49! -',+*='-6!
0$5*9*%.6!')',B.!4):!=$002)*=4%*$);!
YYT !<!04H$,!\!=$002)49!:'0$=,4%*=!B$$:\!*-!%&'!87:41EA;?1(SA326!%&4%!*-!)$%!
=$)%,$99':! 5.! %&'! -%4%'6! 4):! :'=*-*$)-! ,4%&',! A499! %$! %&'! -$+','*B)! 1'$19';!
d4-*=499.6!*%!7*99!B24,4)%''!%&'!-4+*)B-!4):!=&'=8*)B!4==$2)%-!4%!)$!=$-%!4):!
*%!7*99!1,$+*:'! 9$4)-!7*%&! 9$7! *)%','-%! ,4%'-! S7&*=&!')B4B'-! H2:*=*$2-9.! %$!
')4=%!%&'!=$00$)!B$$:T;!#&'!1MEE73;(N?3A31?A6(:AE27;<!='4-'!%$!'E*-%;!
YcT !<!964SA6(:437;AEF(144D7EA;?43!*-!'-%459*-&':6!7*%&!%&'!=2,,')=.!\B9$5$\!
$,!\%',,4\!A$,!*)%',)4%*$)49!%,4:';!#&','!4,'!-%*99!,'B*$)49!=2,,')=*'-!9*)8':!
%$!%&'!B9$549!$)';!
YeT !#&','!*-!4!,'=$B)*%*$)!%&4%!3A;ME7!&4-!4)!*)%,*)-*=!+492'!4):!%&','A$,'!=4)!
)$! 9$)B',! 5'! $A! DE?@A;7( DE4D7E;F;! [%! =4)! 5'! 2-':6! A$,! A,''! $,! 4-! ,')%496!
7&')'+',!:'+$%':! %$! ')+*,$)0')%49! 4=%*+*%*'-;!#&2-6! %&'! ,'49! '-%4%'! %4E! *-!
'9*0*)4%':;!
Y"T !V=$)$0*=!B,$7%&!*-!)$%!4!B$496!52%!E78M1?39(;C7(714649?1A6(N44;DE?3;!*-;!
YMT !#&'!54E2?39(5772!*-!,':2=':!%$!ef!%$!ee!&$2,-!1',!7''8!*)!$,:',!%$!048'!
,$$0! A$,! *01$,%4)%! *--2'-! 9*8'! =4,*)B! A$,! 1'$19'! S=&*9:,')6! %&'! -*=8! ;;;T! $,!
:'+'9$1*)B!$)'K-!$7)!7$,8;!
YZT !3$,!'+',.!Yf!.'4,-!7$,8':!$)'!=4)!')H$.!4!A2):':!<ASSA;?1A6(F7AE;!
YaT !@*%*C')-!&4+'!%&'!,*B&%!%$!:*,'=%9.!:'=*:'!45$2%!%&'*,!947-!4):!%&'*,!A2%2,';!
#&*-! *-! 7&.! ,'1,'-')%4%*+'!87:41EA1F! *-! =$019'0')%':! 7*%&! %&'!8?E71;(
A38(DAE;?1?DA;?@7!$)'-;!
YmT !#&'!cf!54-*=!1$*)%-!-&$29:!5'!'E14):!4):!*01,$+':!4):!5'!+$%':!:*,'=%9.!
5.! %&'! =*%*C')-! 5'A$,'! 5'=$0*)B! 4)! 71434:?1( 143@73;?43;! [)! 4::*%*$)6!
=*%*C')-!4974.-!&4+'!%&'!,*B&%!%$!+$%'!:*,'=%9.!$)!=&4)B'-!4):!,'A$,0-!*)!%&'!
A2%2,';!
! Yf!
YkT !#&'-'!=$)='1%-! -&$29:!5'! *)%,$:2=':!4):!=&*9:,')!-&$29:!5'! A40*9*4,*C':!
7*%&! %&'0! A,$0! %&'! +',.! 5'B*))*)B! *)! %&'*,! ':2=4%*$)! -.-%'0;! #&','A$,'6!
%&*-!,'I2*,'-!4!E7N4E:(4N(;C7(1MEE73;(78M1A;?43(<F<;7:;!
cfT !D2%&9'--! 4):! -'9A*-&! 'E'=2%*+'-! 7*99! )$%! 5'! -$2B&%! 4).0$,'6! 52%! ,4%&',!
%&$-'! 7*%&! %&'! 375( 67A87E<C?D( UMA6?;?7<! 9*8'! 5'*)B! =$01'%')%6!
=$)-=*')%*$2-6! 4=%*)B! 7*%&! -$=*49! ,'-1$)-*5*9*%.! 4):! =$014--*$)4%'! 4):!
'014%&'%*=;!
!
=0=(!4::43(9448(:A;E?I(
#&'! =$00$)!B$$:!04%,*E! *-! 4! -'%! $A! B2*:'9*)'-! %$!5'! 4119*':!5.! =$014)*'-! S-''!
3*B2,'! YT6! %&4%! %$B'%&',! 7*%&! %&'! =$00$)! B$$:! 5494)='! -&''%6! &'91-! :'%',0*)'!
7&*=&! =$014)*'-! 7*99! B'%! %4E! 5')'A*%-! 4):! 7*99! 5'! ,'74,:':! 5.! =$)-20',-!
4=I2*,*)B! %&'*,! 1,$:2=%-! $,! -',+*='-;!Z#$:4.! *%! *-! =$019'%'9.! +$92)%4,.! 4):! *-!
'E1'=%':! %$! 5'=$0'! 9'B499.! 5*):*)B! *)! %&'! A2%2,'! 4):6! %&2-6! 5,*)B! =$014)*'-! %$!
=$):2=%!%&'!\*:'49\!5'&4+*$,-;!#&','!4,'!Ya!=$00$)!B$$:!*):*=4%$,-!%&4%!0'4-2,'!
%&'!M!2)*+',-49!+492'-!$A!*T!&204)!:*B)*%.!**T!-$9*:4,*%.!***T!'=$9$B*=49!-2-%4*)45*9*%.!
*+T! -$=*49! H2-%*='! *+T! :'0$=,4%*=! 14,%*=*14%*$)! 4):! %,4)-14,')=.6! ,'94%':! %$! %&'!
-%48'&$9:',-! %&4%! 4,'! 4T! -2119*',-6! 5T! A2):',-! =T! '019$.''-! :T! =2-%$0',-! L!
1,$:2=%-!L!-',+*='-!L!$%&',!=$014)*'-!!4):!'T!%&'!-$=*49!A*'9:;!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Z!J$,:1,'--;!NV=$)$0^4!:'9!d*')!@$0_)O!<=='--':!>4.6!cfYM6!!&%%1-PLL'5=04:,*:;7$,:1,'--;=$0L4=',=4`:'LI2'`'-`94`'=$)$0*4`:'9`5*')`=$02)L!
3*B2,'!Y;!@$00$)!B$$:!04%,*E!";Y!
! YY!
(
[%!B*+'-!4!+492'! %$!'4=&! *):*=4%$,!:'1'):*)B!$)! %&'!'E%')%! %&'!=$014).!=$019*'-!
7*%&!499!%&'!-'=%*$)-!*)!%&'!04%,*E6!!4):!4!04E*020!$A!Yfff!1$*)%-!=4)!5'!$5%4*)':;!
[%!*)=$,1$,4%'-!4!:*-=$2)%!-.-%'0!A$,!)'B4%*+'!=,*%',*4!$A!%&'!=$014).;!a@$)-20',-!
=4)!4974.-!8)$7!&$7!*)+$9+':!7*%&!%&'!=$00$)!B$$:!*-!%&'!=$014).!$AA',*)B!%&'!
1,$:2=%!$,!-',+*='6!,':!5'*)B!%&'!7$,-%!-=$,'!4):!%&'!5'-%!%&'!-%,*8*)B!B,'')!S-''!
3*B2,'!cT;!
!
!
!
!
!
!
!
(
=0B(WXM?12(;7<;(4N(;C7(71434:F(N4E(;C7(14::43(9448((
l$*)B!%&'!=$00$)!B$$:!04%,*E!*)+$9+'-!)$%!$)9.!%*0'!4):!:':*=4%*$)!$)!%&'!14,%!
$A!%&'!=$014)*'-6!52%!49-$!4)!'=$)$0*=!'AA$,%;!#&*-!*-!7&.!%&'!N\I2*=8O!%'-%!$A!%&'!
'=$)$0.! A$,! %&'! =$00$)! B$$:\! 74-! 7,*%%');! <! -.)%&'-*C':! +',-*$)! $A! %&'! Ya!
*):*=4%$,-!$A!%&'!04%,*E6!7&*=&!499$7!4!A*,-%!I2*=8!$+',+*'7!$A!7&4%!*-!%&'!V@W6!4):!
*%!1,$+*:'-!7*%&!4)!'-%*04%':!,'-29%!$A!&$7!$,*')%':!%$!%&'!=$00$)!B$$:!4,'!%&'!
'=$)$0*=!4=%*+*%*'-!$A!%&'!=$014).;!#&'!%'-%!*-!'+4924%':!$)!4!%$%49!$A!Ycm!1$*)%-;m!
!
[%! *-! *01$,%4)%! %$! B'%! 499! =$014)*'-! %$! 1,$0$%'! %&*-! '=$)$0*=! 49%',)4%*+'! $A! %&'!
=$00$)!B$$:;!#&4%!*-6!*%!-&$29:!5'!2):',-%$$:!5.!499!=$014)*'-!%&4%!14,%*=*14%*)B!
*)! %&'! =$00$)! B$$:!:$'-! )$%! =$)-*-%! $)! :'1$-*%*)B! 14,%! $A! %&'*,! 5')'A*%-! *)%$! 4!
-$=*49! A$2):4%*$)! 4):! A$,B'%! 45$2%! *%6! 52%6! %&'.! 02-%! 4=%*+'9.! 4):! =$)-%4)%9.!
14,%*=*14%'!7*%&!499! %&'! =$)%4=%!B,$21-! %&','!4,'! *)! *%;!#&*-!74.6! -$=*49!7'9A4,'! *-!
4974.-!1,*$,*%*C':;!F$!%&4%n-!7&.!7&','+',!%&'!04%,*E!=4)!)$%!5'!,'4=&':6!*%!*-!%&'!
&$1'!%&4%!%&'!%'-%!4%!9'4-%!=4);!
(!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!a!J$,:1,'--;!NV=$)$0^4!:'9!d*')!@$0_)!d4,='9$)4O;!<=='--':!>4.6!!cfYM6!&%%1-PLL'=$)$0*4:'95*')=$02)5=);7$,:1,'--;=$0LcfYcLfMLY"L&'99$`7$,9:L!m!F''!<))'E!YP!Ni2*=8O!%'-%!$A!%&'!'=$)$0.!A$,!%&'!=$00$)!B$$:!
3*B2,'!c;!>4%,*E!-=$,'-!
! Yc!
!"#$%&'()))*(#$$V)!#%),+(,K(%"&(&!,+,>J(K,'(%"&(!,>>,+(L,,-(%,(
%"&(Q.Y)+&YY&Y(Z&&O#J(#+-(..#VZ(
B0/(-7<1E?D;?43(4N(;C7(14:DA3?7<(
R)'! $A! %&'! I249*A.*)B! $1%*$)-! ,'B4,:*)B! :*AA',')%! A$,0-! $A! =$014)*'-! $,!
$,B4)*C4%*$)-6! 4):! %&'! 45*9*%.! %$! 4:H2-%! '+',.! 04%,*E! %$! %&'06! 74-! 1,$1$-':! 5.!
>4,%4!D$:,^B2'C!#$549$!*)!&',!7$,8!$A!56$#$%&'&(7#8&3#06$#%&((&'#9&&*#"'*#-01#
"::+-%",-+-07#-'#06$#;'-<$31-07#&8#="3%$+&'">?!#&*-!14,4B,41&!*-!*)%'):-!%$!,'A',!%$!*%!
4):!%$!:''1')!&',!-%2:.;!#&'!=94--*A*=4%*$)!A$,!:*AA',')%!%.1'-!$A!=$014)*'-!,'9*'-!
$)!8)$7*)B!*A!%&'.!4,'!1259*=!$,!1,*+4%'6!7&'%&',!%&'.!4,'!-04996!0':*20!$,!94,B'6!
7&'%&',!%&'.!4,'!*)!%&'!1,*04,.6!-'=$):4,.!$,!%',%*4,.!-'=%$,6!4):!*A!%&'.!4,'!1,$A*%!
$,!)$)`1,$A*%;!
!
J*%&!%&'!*)%')%*$)!$A!=$)%,*52%*)B!%$!'E*-%*)B!,'-'4,=&!%&4%!*-!94=8*)B!*)A$,04%*$)!
$)! %&*-!14,%6!&','!1,$='':-!4!:'-=,*1%*$)!4):!-25-'I2')%! =$014,*-$)!$A!X''74.!
4):!(24986!%7$!=$014)*'-!%&4%!=$)-*:',!%&'0-'9+'-!%$!5'!A$=2-':!$)!%&'!'=$)$0.!
A$,! %&'! =$00$)! B$$:! 4):! %&4%! 4,'! *)! %&'! %',%*4,.! -'=%$,6! 1,*+4%'6! -04996! 1,$A*%`
$,*')%':;!
(
B0/0/(Z775AF/R(
%C7(<;AE;(
X''74.!74-!A$2):':!5.!%7$!14,%)',-!*)!Ykkk!*)!o2)B4,.;![)*%*499.6!%&'.!*01$,%':!
0$%$,=.=9'-6! 7&*=&! 7','! -$9:! $)! %&'! :$0'-%*=! 04,8'%! *)! o2)B4,.;! <A%',! 4!
-2=='--A29!-%4,%6!%&'!=$014).!'E14):':!*)%$!/$94):;!
[)!cffM6!\X''74.0$%$,!F14*)\!74-!=,'4%':!5'=42-'!*%!74-!-'')!4!1$%')%*49!04,8'%!
$A! 0$%$,=.=9'-! *)! F14*)! 7&*9'! %&'! 0'05',-! $A! %&'! =$014).! 7','! $)! +4=4%*$);!
#&2-6! X''74.! &4-! 5'')6! 4):! -%*99! *-6! *)! %&'! =$2)%,.! $A! F14*)! A$,! Yf! .'4,-;!
<,B2459.!X''74.!*-!4!5,4):!:'-*B)':!A$,!%&'!V2,$1'4)!04,8'%6!52%!*%!&4-!4!@&*)'-'!
54=8B,$2):;!
#$! 1,$+*:'! ,'9*459'! 1,$:2=%-! %$! V2,$1'6! %&'! A$2):',-! '-%459*-&':! 4! -%,4%'B*=!
499*4)='!7*%&!p*4)B!i*4)!>$%$,!*)!@&*)46!%&'!-'=$):!94,B'-%!0$%$,=.=9'!=$014).!*)!
@&*)4;! D'=')%9.6! %&'! =$014).! &4-! 4=I2*,':! X''74.! d')'99*! S[%49*4)T! %$! *01,$+'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!k!>4,%4!D$:,^B2'C!#$549$@#A]K'=$)$0*4!:'9!5q!=$0_!*!94!-'+4!419*=45*9*%4%!4!94!()*+',-*%4%!:'!d4,='9$)4O!S#,'5499!:'!A*!:'!B,426!()*+',-*%4%!:'!d4,='9$)46!cfY"T!Yf![)A$,04%*$)!'E%,4=%':!A,$0!%&'!*)%',+*'7!S-''!<))'E!eT!4):!%&'!7'5-*%'!S777;8''74.;'-T!
! Ye!
4):!')&4)='! %&'!:'-*B)!$A! *%-! %7$!8'.!1,$:2=%-;!d'*)B! 4)! [%49*4)!:'-*B)6! *%! 9$$8-!
0$,'!4%%,4=%*+'!*)!%&'!'.'-!$A!V2,$1'4)-;!
!
[?<?43(
X''74.K-!+*-*$)!*-!%$!1,$+*:'!4!B$$:!1,$:2=%!*)!%',0-!$A!I249*%.`1,*='6!A$,!1'$19'!
7&$! 9*8'! 4):! )'':! 4! 0$%$,=.=9'! L! 5*=.=9';! [)! cfYc6! %&'! =$014).! '-%459*-&':! 4!
A4=%$,.! $A! '9'=%,*=! 5*=.=9'-! *)! @&*)46! %48*)B! 4-! *%-! 04*)! =$)='1%! %&'! '=$9$B*=49!
-2-%4*)45*9*%.;!X''74.!7$29:! 9*8'! %$! A2,%&',!1,$0$%'!'9'=%,*=!5*8'-!5'=42-'! %&'.!
%&*)8! *%! *-! 4! B$$:! -$92%*$)! A$,! *01,$+*)B! '=$9$B*=49! %,4)-1$,%6! 5'-*:'-! *%! 5'*)B! 4!
:*+',-*$)!A$,!04).;(
(
!
(
(
(
(
(
(
(
L4A6<((
X''74.K-!4*0!*-!%$!1,$+*:'!%7$!7&''9-!+'&*=9'-!$A!B$$:!I249*%.!4):!1,*='!7*%&!4)!
*01,$+':! 4A%',`-49'-! -',+*=';! [)! 4::*%*$)6! %&'.! 4,'! 4974.-! A4=':!7*%&! %&'! 4*0! $A!
048*)B!9*A'!'4-*',!A$,!1'$19';!
(
>AE27;(
#&'! =$014).! A$2):! $2%! %&4%! X''74.! F14*)6! 4-! ,'B4,:-! %$! %&'! 04,8'%! -'B0')%6!
0$-%!=2-%$0',-!4,'!,4)B*)B!A,$0!"f`Mf!.'4,-6!4):!%&4%!4,'!'=$)$0*=499.!-%459';(
(
KM;ME7(DE4\71;<(
#&'!=$014).!*-!:'+'9$1*)B!)'7!04,8'%-!7$,9:7*:';!X''74.!F14*)!$)9.!$1')':!4!
-&$1! *)! %&'! =')%',! $A! d4,='9$)46! 7&*=&! '019$.-! Y"! 1'$19'6! *)! $,:',! %$! 1,$+*:'!
5'%%',!-',+*='!%$!X''74.!=2-%$0',-;![)!%&'!A2%2,'!%&'!=$014).!*)%'):-!%$!'E14):!
*)!F14*);(
!
3*B2,'!e;!X''74.K-!W,4='!cZK!V`d*8'!0$:'9!
! Y"!
(
B0/0=(.MA62//(
((<]X!*-!4)!*)%',)4%*$)49!=$014).!%&4%!*-!.$2)B!4):!'4B',!%$!B,$7;!#&'*,!B$49!*-!
%$!,'+$92%*$)*C'!2,54)!'9'=%,*=!0$5*9*%.;!#&'!=$014).!&4-!(2498!-%$,'-!*)!V2,$1'6!
]4%*)! <0',*=4! 4):! <-*4;! [)! 4::*%*$)! %$! %&*-6! *%! *-! -'%! 5.! 4! B,$21! $A! *)%',)4%*$)49!
-2119*',-!7&*=&! 499$7! %&'! =$014).! %$! ,'4=&! 9$=49!04,8'%-! A4-%! 4):! '4-*9.;! D*B&%!
)$7!*%!$)9.!&4-!%&'!A$2,!$7)',-!7&$!4,'!49-$!'019$.''-!S)$%!74B'`'4,)',-T6!$A!Y!
'019$.''! 4):! Y! %'=&)*=*4);! #&'.! :'+'9$1':! %&'*,! 2)*I2'! 1,$:2=%! 5.! 14.*)B!
4%%')%*$)!%$!%&*-!,'94%*+'9.!)'7!04,8'%!$11$,%2)*%.!`!%&'!'5*8'!$,!'9'=%,*=!5*=.=9'-!`!
4):!=,'4%':!%&'*,-!5.!2-*)B!*)!*%-!-'%%*)B-!%&'!%$,I2'!-.-%'0;!
!
(
(
(
(
(
(
(
(
%C7(<;AE;(
#&'!=$014).!74-!A$2):':!*)!cfYc!5.!4!B,$21!$A!')B*)'',-!7*%&!-$9*:!'E1',*')='!
*)! %&'! :'-*B)! 4):! 1,$:2=%! :'+'9$10')%6! <! 947.',6! 4)! '=$)$0*-%! 4):! 'E1',%-! *)!
52-*)'--!04)4B'0')%!4):!=$002)*=4%*$)!49-$!14,%*=*14%':!*)!*%;!(
(
[?<?43(
(2498!54-'-!*%-!+*'7!$)!A*+'!A2):40')%49-P!!
• Y?:D6?1?;FP!<!-*019'!:'-*B)!*-!%&'!5'-%!-$92%*$);!
• &NN?1?731FP!%$!B'%!4!B$$:!-',+*='!4):!1,$:2=%;!
• YAN7;F*!,'9*459'!=$01$)')%-!4):!-$A%74,'!A$,!04E*020!=$)%,$90!
• &14649?1A6P!&'91*)B!1'$19'!%$!,'-1'=%!%&'!')+*,$)0')%;!
• [A6M7P!4AA$,:459'!1,$:2=%-!%&4%!7*99!=&4)B'!%&'!:4*9.!9*+'-!$A!=$)-20',-;!
(!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!YY![)A$,04%*$)!'E%,4=%':!A,$0!%&'!*)%'+*'7!S-''!<))'E!eT!4):!%&'!7'5-*%'!S777;22498;=$0T!
!
3*B2,'!";!(2498K-!V`d*8'!<:!o$=!0$:'9!%$!=4,,.!=&*9:,')!4):!$%&',-!
! YM!
L4A6<((
#&'-'! A$2):',-6!0')%*$)':!45$+'6!7','!4*0':!4%! *)=*%*)B! %&'!1,*04,.!2-'!$A! %&'!
5*=.=9'!4-!4!:4*9.!0$:'!$A!%,4)-1$,%4%*$)!%&4%!7$29:!499$7!%&'!*):*+*:249!%$!5'!A*%!
4):! %&','A$,'! ')H$.! 5'%%',! &'49%&6! 4-! 7'99! 4-! =$)%,*52%*)B! %$! *01,$+'! %&'!
')+*,$)0')%;!F'=$):9.6!(2498!74)%':! %$!5,*:B'! %&'!B41! *)! %&'!04,8'%6! %&','A$,'6!
%&'.! 1,$:2=':! 4! ,'9*459'! 4):! 4AA$,:459'! '5*8'! S'9'=%,*=! 5*8'T! %&4%! =$29:! 5'!
4AA$,:459'! %$! 04).! 1'$19';! #&'! '5*8'! *-! 04)2A4=%2,':! *)! <-*46! &$7'+',6! %&'!
1,$:2=%!*-!:*,'=%':!4):!=$)%,$99':!5.!V2,$1'4)!')B*)'',-!7&$!-'%!%&'!14,40'%',-!
-2*%459'!%$!5'!4!1,$:2=%!%&4%!A4=*9*%4%'-!%&'!-49'!*)!V2,$1'4)!=$2)%,*'-;!
(
>AE27;(
(2498!74-! =,'4%':! A$,! 4! -1'=*49! F14)*-&! 4):!V2,$1'4)!04,8'%! %&4%6! %$:4.6! *-! %&'!
04*)! 04,8'%;! o$7'+',6! [%49.! &4-! =$00',=*49-6! .'%! *%! B')',4%'-! 4! -49'-! +$920'!
-0499',!,'94%*+'!%$!F14*)6!4):!*%!49-$!&4-!-'99*)B!1$*)%-!*)!W',04).!4):!>'E*=$;!
(
KM;ME7(DE4\71;<(
J*%&*)! %&*-! =$)%'E%! $A! '5*8'-6! %&'.! 4,'! *019'0')%*)B! 1,$H'=%-! %$! *01,$+'! %&'!
1,$:2=%!4):!%&','A$,'!1,$+*:'!)'7!4):!A9'E*59'!-$92%*$)-!%$! %&'!)'':-!$A!'9'=%,*=!
0$5*9*%.;!#&'!:'-*B)!%,*'-!%$!1,$0$%'!%&'!%49')%!$A!4,%*-%-!A,$0!d4,='9$)46!*)!$,:',!
%$!B'%!4!2)*I2'!'5*8';!R)'!$A!%&'!1,$H'=%-!*-!%&'!4:41%45*9*%.!$A!%&'!%$,I2'!-.-%'0!
=$)='1%! %$! 7&''9=&4*,-6! 4! 1,$H'=%! %&4%! 7$29:! A4=*9*%4%'! 4):! *01,$+'! %&'! 9*+'-! $A!
04).!1'$19';!#&'.!&4+'!49-$!5'B2)!)'7!-$=*49!1,$H'=%-!*)!d$B$%4!4):!W&4)4;!#&'!
94%%',6! =$)-*:','-! %&'! 1,$0$%*$)! $A! '5*8'-! *)! %7$! A4,0-! *)! W&4)4! 7*%&! &2B'!
=$2)%,.-*:'!'E%')-*$)-!*)!$,:',!A$,!%&'!7$,8',-6!%&4%!4,'!0$-%9.!7$0')!7&$!=$0'!
%$!7$,8! 5.! 5*8'! 4):! 4,'! =$)%*)2499.! 1,'B)4)%6! %$! 2-'! 4)! '5*8'!7&')!7&')! %&'.!
-%4,%!B*+*)B!5*,%&!*)!%&'!0*::9'!$A!%&'!A*'9:-!4%!7$,8!;!3*)499.6!%&'.!4,'!49-$!%,.*)B!%$!
B*+'!4!)'7!2-'!$A!5*=.=9'-K!2-':!54%%',*'-6!52%!%&','!=4)!)$%!5'!A2,%&',!=$00')%-!
45$2%!*%!$,!$)!7&4%!4,'!'E4=%9.!%&'!$%&',!1,$H'=%-!%&'.!&4+'!*)!%&'*,!&4):-6!5'=42-'!
$A!=$)A*:')%*49*%.!,'4-$)-;!
(
B0=(!4:DAE?<43(S7;5773(;C7(;54(14:DA3?7<(
d'9$7! *-! :4%4! A,$0! %&'! NI2*=8O! %'-%! $A! %&'! '=$)$0.! A$,! %&'! =$00$)! B$$:;! #&*-!
%459'!&4-!A$99$7':!%&'!0$:'9!$A!%&'!*):*=4%$,-!0')%*$)':!*)!%&'!%'-%;!#&'-'!4,'P!<6!
! YZ!
d6!@6!l!4):!V;!#&'.!,'A',!%$!%&'!=$)%4=%!B,$21-6!7&*=&!*-!,'94%':!!%$P!o204)!l*B)*%.6!
F$9*:4,*%.6! V=$9$B*=49! F2-%4*)45*9*%.6! F$=*49! p2-%*='! 4):! l'0$=,4%*=! 14,%*=*14%*$)!
4):!%,4)-14,')=.;!@$)%4=%!W,$21-!5'9$)B*)B!%$!<6!d6!@6!l!4):!VP!!
• <P!/,$+*:',-!!
• dP!32):',-!
• @P!V019$.''-!4):!R7)',-!
• lP!@2-%$0',-!L!/,$:2=%-!L!F',+*='-!L!$%&',!=$014)*'-!!
• VP!F$=*49!F=$1'!!
[%! 02-%! 5'! -4*:! %&4%! 7*%&*)! %&'! 94-%! %&,''! *):*=4%$,-! %&','! 4,'! A*+'! -25`-'=%*$)-6!
7&*=&!B$!$+',!:*AA',')%!%.1'-!$A!,'94%*$)-&*1-;!Yc!
U'E%6! %&'! ,'-29%! $A! '4=&! *):*=4%$,! -&$7-! %&'! +492'! $5%4*)':! 5.! '4=&! =$014).! *)!
1',=')%4B'! SrT6! =49=294%':! 7*%&! ,'-1'=%! %$! %&'! 04E*020! -=$,'! %&4%! =$29:! 5'!
$5%4*)':!A$,!'4=&!*):*=4%$,;!
3*)499.6!%&'!%$%49!1',=')%4B'!%&4%!A*,0-!4=&*'+'!%&4%!*)!%',0-!$A!=$019*4)='!7*%&!%&'!
=,*%',*4!$A!%&'!V@W!*-!A$2):;!
!
(..#VZ(-#%#( ( ( ( (Z&&O#J(-#%#(
!
(
(
(
(
(
(
(
(
%AS67(4@7E@?75(
[%! *-!=9'4,9.!$5-',+':!%&4%!(2498!4):!X''74.!4,'!7'48',! *)!%',0-!$A!%&'!32):*)B!
SdT! 4):! F$=*49! F=$1'! SVT! *):*=4%$,-6! %&','! 4,'! +492':! %$! 4! 9'--',! 'E%')%;! <%! %&4%!
1$*)%6!5$%&!$A!%&'-'!-'=%*$)-!4,'!=4,'A299.!4)49.C':!s!B*+')!%&4%!%&'!%7$!=$014)*'-!
&4+'!-&$7)!*)!%&'*,!:'-=,*1%*$)!&$7!=$00*%%':!%&'.!4,'!%$!%&'!')+*,$)0')%!4):!
%$!=&4)B'!s!4):!%&,$2B&!%&'NI2*=8O! %'-%!4):!%&'!V@W!04%,*E!4)49.-*-6! *%!=$0'-!%$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Yc!F''!<))'E!cP!#'!=$019'%'!%459'-!A$,!(2498!4):!X''74.!
3*B2,'!M;!#'-%!,'-29%-!%459'!*)!1',=')%4B'-!
! Ya!
4%%')%*$)! %&4%! %&*-! =$00*%0')%! :$'-! )$%! -''0! %$! A*%! 499! %&'! 74.;! D'B4,:*)B! %&'!
*--2'! $A! A2):*)B6! %&'! ,'4-$)! A$,! %&'! 9$7! ,4%'-! $A! X''74.! 4):! (2498! 7*99! 5'!
=$)%,4-%':;!
!
(2498!l4%4!!
D'B4,:*)B!(24986!A*)4)=*)B!*-!+492':!4%!4!fr!,4%'!5'=42-'!%&*-!*-!:$)'!%&,$2B&!%&'!
=$014).n-!-4+*)B-!A,$0!1,'+*$2-!.'4,-6!*'6;!-'9A`A*)4)=*)B;!U$%'!%&4%!*)!%&'!=4-'!$A!
\F%4,%!(1-\!%&*-!=4)!5'!+',.!=$00$)!4%!%&'!5'B*))*)B!$A!942)=&*)B!4!52-*)'--;!#&*-!
*-6! &','5.6! %&'! ,'4-$)!7&.! %&*-!1',=')%4B'! *-! -$! 9$7;! [)! %&'! -'=%*$)!$)! %&'! -$=*49!
-=$1'6! %&'! =$014).! :$'-! )$%! 048'! =$)%,*52%*$)-! %$! %&'! =$002)*%.b! *)! $%&',!
7$,:-6!*%!:$'-!)$%!14.!14,%!$A!*%-!,'+')2'!%$!-$=*49!12,1$-'-!)$,!:$'-!*%!:*-%,*52%'!
:*+*:'):-;!J'!'01&4-*C'!%&4%!%&*-! *-!5'=42-'!(2498!*-!4!.$2)B!=$014).!%&4%!-%*99!
&4-!-%*99!%$!-''!1,$A*%-;!!
!
X''74.!l4%4!
D'B4,:*)B! %&'! *--2'! $A! X''74.K-! A*)4)=*)B6! *%! *-! =&4,4=%',*C':! 5.6! 04*)9.6! 94,B'!
=41*%49! =$)%,*52%*$)-! 4):! -'9A`A*)4)=*)B;! o$7'+',6! ,'B4,:*)B! %&'! -$=*49! -=$1'6!
%&4)8-!%$!%&'!*)%',+*'7!7*%&!W')',49!>4)4B',!$A!X''74.!*)!F14*)6!F&4)0'*!G26!$)'!
=4)!=$)=92:'!%&4%! %&*-!1',=')%4B'! *-!&*B&',6! *';! =9$-',! %$! %&'!$1%*049!-=$,'! %&4%! *-!
-'%!5.!%&'!'=$)$0.!A$,!%&'!=$00$)!B$$:;![%! *-!%,2'!%&4%!F&4)0'*!0')%*$)':!%&4%!
%&'!=$014).!&4-!4!0'=&4)*-0!5.!7&*=&!$)'!=4)!-''!%&'!0$+'0')%-!X''74.!&4-!
=4,,*':;! [)! 4::*%*$)! %$! 4))2499.! 1259*-&*)B! *%-! A*)4)=*49! -%4%'0')%-! *)! %&'! dRV!
SRAA*=*49!F%4%'!d299'%*)T!%&'.!49-$!A$99$7!499!%&'!V2,$1'4)!,'B294%*$)-;!!
[%!-&$29:!5'!0')%*$)':6!$)! %&'!-25H'=%6! %&4%!49%&$2B&!5$%&!=$014)*'-!04*)%4*)!4!
-%,$)B!5$):!@&*)4`F14*)6!%&'!@VR!$A!X''74.!*-!$A!@&*)'-'!$,*B*)!4):!%&4%!$A!(2498!
*-!$A!F14)*-&!$,*B*);!J*%&!%&'!*)%',+*'7!*%!&4-!=$0'!%$!%&'!2):',-%4):*)B!%&4%!*)!%&'!
@&*)'-'! =29%2,'6! %&'! =$)='1%! $A! :'0$=,4=.! S-''! <11'):*E! Y! *):*=4%$,! MT! *-! )$%!
4:41%':! %$! %&'*,! =29%2,'! 4):! 1$9*%*=49! 0$:'9P! %&'.! -1'48! $A! 'I249*%.! 52%! )$%!
:'0$=,4=.;!3$,!%&'06!*%!*-!4!:'9*=4%'!04%%',!7&*=&!$)'!:$'-!)$%!74)%!%$!*)-',%!*)%$!
%$1*=-!$A!=$)+',-4%*$);!!
!
,@7EA66(EA;?39<(
! Ym!
3*)499.6! 5.! 9$$8*)B! 4%! %&'! %$%49! $A! 5$%&! =$014)*'-6! *%! =4)! 5'! =$)=92:':! %&4%! %&'!
=$014).!X''74.6!$)9.!5.!4!Zr!:*AA',')='6! *-!+492':!0$,'!1$-*%*+'9.! %&4)!(24986!
4974.-! %48*)B! *)%$! 4==$2)%! %&4%! 7&4%! *-! 5'*)B! 4--'--':! *-! %&'! %&'! 4119*=4%*$)6!
=,*%',*4! 4):! ,'94%*$)-&*1-! '-%459*-&':! *)! %&'! '=$)$0.! A$,! %&'! =$00$)!B$$:;!#&'!
=$014,*-$)!*-6!&$7'+',6! 9*0*%':!5'=42-'!$A!%&'!$5-',+':!14,40'%',-!%&4%!4,'!)$%!
'I2499.!!=$014,459'!5.!5$%&!=$014)*'-;!#&'!-'=%*$)!5'9$7!9$$8-!A2,%&',!*)%$!*%;!
(
B0B():DE4@7:73;(DE4D4<A6<(43(;CE77(DE4S67:<(4N(;C7(WUM?12](;7<;(
J&')!:$*)B!%&'!*)%',+*'7-6!4):!$)='!%&'!%'-%!&4-!5'')!=$019'%':6!%&','!&4-!5'')!
)$%*='!$A!-$0'!=$)A9*=%-!%&4%!1,'+')%!4!5'%%',!4:41%4%*$)!4):!2-'!$A!%&'!%'-%;!#&,''!
&4+'!5'')! =$)-*:',':P! %&'! 9*A'! =.=9'!$A! %&'! =$014).6! %&'! 94=8!$A! *)A$,04%*$)!4):!
%&'! =29%2,49! :*AA',')='-;! 3$,! '4=&! -'=%*$)6! %&','! *-! 4! 1,$1$-49! %$! ,'7,*%'! -$0'!
I2'-%*$)-!4):!*%!*-!9'A%!%$!A2%2,'!,'-'4,=&!%$!,'%&*)8!%&'!-=$,'-!A$,!'4=&!I2'-%*$);!
(
B0B0/(V?N7(1F167(4N(;C7(14:DA3F(
3*,-%6!)$%'!%&4%!%&'!%7$!=$014)*'-!4,'!*)!:*AA',')%!9*A'!=.=9'-;!(24986!$)!*%-!14,%6!*-!
*)!4!1&4-'!$A!*)*%*4%*$);!F$!*%!:$'-!)$%!1',='*+'!')$2B&!1,$A*%!S$,!,4%&',!4!1,$A*%T!%$!
5'!:*-%,*52%':!4-!:*+*:'):-!%&4%!-',+'!4-!4!=$)%,*52%*$)!%$!%&'!'I2*%.!=41*%49!$A!%&'!
=$014).;!<!=&4,4=%',*-%*=!$A!(2498! *-! *%-!-*%24%*$)!4-!4!F%4,%`(16! %&','A$,'6!4!)'7!
=$014).! %&4%! 54-':! $)! %'=&)$9$B.;!
D'B4,:*)B! X''74.6! *%! *-! *)! 4! B,$7%&! 1&4-'6! %&','A$,'6! 0$,'! =$)-$9*:4%':! %&4)!
(2498! 4):! ! *%! 49,'4:.! &4-! 1,$A*%-! %$! &'91! =$9945$,4%'! 0$,'! 'E%')-*+'9.! A$,! %&'!
=$00$)!B$$:;!
!
[01,$+'0')%! 1,$1$-49-P!
[)%,$:2=%*$)!=.=9'6!(2498!=4-'!SF%4,%!(1TP!i2'-%*$)!"!7&*=&!,'A',-!%$!dY!S,'B4,:*)B!
A2):*)BT!-&$29:!5'!4--'--':!5.!8)$7*)B!%&4%!(24986!*)!%&'!=$):*%*$)-!*)!7&*=&!*%!*-6!
:$'-! )$%! 1',='*+'! ')$2B&! 1,$A*%-! %$6! $)! %$1! $A! %&4%6! &4+'! %$! %&*)8! 45$2%! $%&',!
'=$9$B*=! A*)4)=*)B! -$2,='-;! [%! =2,,')%9.! &4-! 4! -'9A`A*)4)=*)B! 0'%&$:! 54-':! $)!
-4+*)B-!A,$0!1,'+*$2-!.'4,-;!#&','A$,'6!%&*-!I2'-%*$)!-&$29:!5'!,'!A$,0294%':!$)!
%&'! 54-*-! $A! %&'! 9*A'! =.=9'! %&4%! %&'! ,'A',,':! =$014).! *-! *);!
!
<-!A$,!I2'-%*$)-!$A!-'=%*$)!@6!7&*=&!,'A',-!%$!7$,8',-!4):!$7)',-!6!$)'!-&$29:!5'!
! Yk!
474,'!%&4%!%&'-'!8*):-!$A!52-*)'--'-!:$!)$%!=$)-*-%!$A!4!94,B'!)205',!$A!7$,8',-6!
%&','A$,'6!I2'-%*$)-!$)!%&'!*):*=4%$,-!!-&$29:!5'!04:'!54-':!$)!%&*-!0*)$,*%.;!
(
B0B0=(VA12(4N(?3N4E:A;?43(
#&'!NI2*=8O!%'-%!$A!%&'!V@W!:$'-!)$%!&4+'!4!04)249!7&*=&!'E194*)-!%&'!,'94%*$)-&*1!
'-%459*-&':!5.!'4=&!*):*=4%$,;!#&','A$,'6!*%!*-!1,$1$-':!%$!4%%4=&!*)%$!%&'!-40'!%'-%!
%&'!'E194)4%*$)-!0')%*$)':! H2-%!)$76!$,!4:+*-'!$)!%&'! 9$=4%*$)!$A! %&'!04)2496! *';!
7&','! %$! A*):! *%;!#&,$2B&! %&'! *)%',+*'7!7*%&!@,*-%*)4! S(2498T6!7&*=&! %'99-!2-! %&4%!
-&'!*-!4)!')B*)'',6!4):!%&','A$,'!:$'-!)$%!A299.!04-%',!499!$A!%&'!'=$)$0*=!%',0-6!
B*+'-!,'4-$)!')$2B&!%$!*)=$,1$,4%'!%&'!04)249!:'-=,*5':!45$+';!
!
[01,$+'0')%!1,$1$-49-P!!
#&*-! -'=%*$)!1,$1$-'-! %$!7,*%'!I2'-%*$)-! %&4%! *)%'B,4%'! %&'! %'=&)*=49*%*'-!12%%*)B!
14,')%&'-'-! 4):! -%4%*)B! %&'*,! :'A*)*%*$)! %$! A4=*9*%4%'! %&'! 2):',-%4):*)B! $A! %&'!
,'4:',;!#'=&)*=49!*):*=4%$,-!4):!7$,:-!%$!5'!:'%',0*)':!4,'P!
! ";dY!SA*)4)=*)BTP!'%&*=49!4):!'=$9$B*=49!A*)4)=*49!*)-%*%2%*$)-!(
! a;@Y!S'019$.''-!L!$7)',-TP!A4*,)'--!%4E(
! m;@cP!\499!*)=92-*+'\!=$)%,4=%-!(
! Yk;le!S=2-%$0',-!L!-2119*',-!L!1,$:2=%-!4):!-',+*='-TP!@,4:9'`%$`@,4:9'(
! cc;lMP!1$-*%*+'!9$55.*)B!(
! cM;Ve!S-$=*49!-=$1'TP!V=$9$B*=49!A$$%1,*)%(
! ca;VMP!WD[(
(
B0B0B(!M6;MEA6(8?NN7E7317<(
D'B4,:*)B! %&'!+4924%*$)6!7'! A*):! %&4%! *%!74-!04:'!5.! %7$!7$0')! A,$0!:*AA',')%!
$,*B*)-!4):!=29%2,'6!7&*=&! 9'4:-!%$!:'%',0*)'!%&4%! %&'!1',-$)49!2):',-%4):*)B!$A!
%&'!%'-%!74-!)$%!'I249;!!
@,*-%*)4! S(2498K-! W',)',49! >4)4B',T! *-! F14)*-&6! &$7'+',6! F&4)0'*! SX''74.K-!
W')',49!>4)4B',T!*-!@&*)'-'6!7&*=&!*-!7&.!-$0'!*):*=4%$,-!:$!)$%!&4+'!%&'!-40'!
0'4)*)B! A$,! $)'! $,! %&'! $%&',;! 3$,! 'E4019'6! %&'! =$)='1%! $A! :'0$=,4=.! *)! %&'!
@&*)'-'!=29%2,'!*-!)$%!1',='*+':!'E4=%9.!%&'!-40'!4-!*)!%&'!F14)*-&!=29%2,';!#&$-'!
4,'!1$*)%-!%&4%!)'':!%$!5'!=94,*A*':;!
!
! cf!
[01,$+'0')%!1,$1$-49-P!!
#&'!%7$!=$014)*'-!1,'-')%':! *)!%&*-!141',!&4+'!%&'*,!&'4:I24,%',-! *)!F&4)B&4*6!
7&*=&!*-!7&.6!5$%&!7$,8',-!4):!$7)',-6!&4+'!%&'!@&*)'-'!=29%2,'!:''19.!,$$%':;![)!
%&*-!-'=%*$)!*%!7$29:!5'!)'':':!%$!-1'=*A.!%&'!0'4)*)B!$A!%&'!7$,:!:'0$=,4=.!4-!
J'-%',)',-!2):',-%4):!*%6!5'=42-'!A$,!1'$19'!A$,0!%&'!V4-%6!*%!!*-!4!=$)='1%!%&'.!:$!
)$%!2):',-%4):;!!
#&','!*-!'+*:')='!%&4%!*)!%&'!*):*=4%$,!VM!S-$=*49!-=$1'T!*-!%&'!$)'!%&4%!,'94%'-!%$!
%,4)-14,')=.! 4):! :'0$=,4=.6! %&','A$,'6! *%! *-! 7&','! %&'! =$)='1%! H2-%! 0')%*$)':!
4119*'-;!
!
!"#$%&'()[*(!,+!V.Y),+Y(
G0/(!43;E?SM;?43<(
#&*-!7$,8!*-!*)%'):':!%$!1,$0$%'!4):!A$-%',!%&'!=$9945$,4%*$)!A$,!%&'!1,$9*A',4%*$)!
$A! %&'! '=$)$0.! A$,! %&'! =$00$)!B$$:!4):!2-'! %&'*,! *)-%,20')%-! 4-! 4! %$$9! %$! B'%!
%&',';!
!
<)!$+',+*'7!$A!%&*-!)'7!'=$)$0*=!0$:'9!4):!%&'!-20!$A!%7$!0$,'!=$014)*'-!%&4%!
&4+'! =4,,*':! $2%! %&'! NI2*=8O! %'-%! $A! %&'! V@W! &4-! 5'')! 4! =$)%,*52%*$)! %$! %&'!
9*%',4%2,';!#&','A$,'6! *%!&4-!5'')!12%! %$!1,4=%*=49!2-'6!4):! *%!&4-!5'')!1$--*59'! %$!
=$014,'!%&'!,'-29%-!7*%&!%&'!&'91!$A!%&'!*)%',+*'7-;!!
!
3*)499.6!*%!&4-!=$)%,*52%':!%$!%&'!1,$1$-49!$A!*01,$+'0')%-!$A!%&'!%'-%!*)!$,:',!%$!
B'%! %&'! 5'-%! 1',A$,04)='! 1$--*59'! *)! %&'! A2%2,'6! 4-! 7'99! 4-! %&','! &4-! 5'')! 4!
,'%&*)8*)B!$A!-$0'!$A!%&'!1$*)%-;!
(
G0=(!4316M<?43<((
J&*9'!*%!*-!%,2'!%&4%!%&'!'=$)$0.!A$,!%&'!=$00$)!B$$:!*-!)$%!')%*,'9.!4!)'7!*:'46!*-!
*%-!1,4=%*=49!4119*=4%*$)!*-6!-*)='!!%&','!&4-!5'')!4=%*+'!'AA$,%!%$!5,*)B!*%!%$!4!,'49*%.!
A$,!4!,'94%*+'9.!-&$,%!1',*$:!$A!%*0'!;!#&*-!*-!%&'!,'4-$)!7&.!7'!=$)-*:',!*01$,%4)%!
%$!048'!$2,! =$)%,*52%*$)! %$74,:-! 4!0$+'0')%! %&4%!7'!5$%&! =$)-*:',!)'='--4,.!
4):! =,2=*49! A$,! %&'! *01,$+'0')%! $A! $2,! -$=*'%.! 4):! $A! 1'$19'n-! 9*+'-;!
!
d'=42-'!*%!*-!4!:'-=,*1%*+'!7$,86!*%!&4-!A$=2-':!1,*04,*9.!$)!'E1$-*)B!7&4%!4,'!%&'!
! cY!
%$$9-! %&4%! &'91! =$014)*'-! B'%! =9$-',! %$! %&'! \*:'49\! $A! %&'! =$00$)! B$$:6! *)!
14,%*=294,6! %&'! NI2*=8O! %'-%!$A! %&'!'=$)$0.! A$,! %&'!=$00$)!B$$:;!#&'! *--2'!&','!
&4-!)$%!5'')!94,B'9.!&4+*)B!%$!H2-%*A.!%&'!'=$)$0*=!0$:'9!4):!,'%&*)8!4).!-'=%*$)!
$A! %&'! 04%,*E6! 52%! %$! ,'*)A$,='! -$0'! '9'0')%-! $A! %&'! %'-%! A$,! *%! %$! )$%! 9$-'!
,*B$,$2-)'--;!!
!
#&'!5$:.!$A!7$,8!&4-!5'')!2-':!%$!4)-7',!%&,''!I2'-%*$)-!7'!&4+'!A$,0294%':!4-!
B$49-!4%!%&'!5'B*))*)B!$A!%&'!7$,8P!
!
/0 )<( ;C7(WUM?12]( ;7<;( N4E( ;C7(14::43(9448(ADD6?1AS67( ;4(A66(14:DA3?7<P!F*)='!%&'!04*)!7$,8!%$$9!&4-!5'')!%&'!NI2*=8O!%'-%!$A!%&'!'=$)$0.!A$,!%&'!
=$00$)! B$$:6! 7*%&! %&'! A$99$7*)B! :'+'9$10')%! 4):! %&'! -211$,%! $A! %&'!
*)%',+*'7-! 4):! $A! 4)! 'E%')-*+'! ,'-'4,=&6! ! *%! *-! =$)=92:':! %&4%! *%! *-! )$%!
4119*=459'!499!%.1'-!$A!52-*)'--'-;!D4%&',6! *%! *-! 94=8*)B!%&'!*)=$,1$,4%*$)!$A!
-$0'!4:H2-%0')%-!*)!%&'!A$,0!4):!=$)%')%;!(
(
=0 "A<(;C?<(;7<;(6?:?;A;?43<P(
<-!H2-%!0')%*$)':!45$+'6!%&','!4,'!-$0'!4-1'=%-6!-1'=*A*=499.!%&,''!`!%&'!9*A'!
=.=9'! 4):! %&'! =29%2,49! :*AA',')='-! $A! 4! =$014).6! %$B'%&',! 7*%&! 4! 94=8! $A!
:'%4*9':! *)A$,04%*$)! `! %&4%! )'':! %$! 5'! ,'+*'7':;! #&'-'! ,'04,8-! 4,'!
=$)-*:',':6!%$!5'!+*%49! A$,!%&'!%'-%!%48',-!%$!A''9! *:')%*A*':!4):!A$,!%&'0!%$!
4=I2*,'!4!=9'4,!4):!=$)=*-'!,'-29%!*)!%&'!4--'--0')%!%'-%;!
!
B0 OCA;( ?3N4E:A;?43( 4E( 8?A934<;?1( M;?6?;F( 847<( ?;( DE4@?87( ;4( SM<?37<<7<(;CA;(?3;738(;4(S7(73@?E43:73;A6(A38(714649?1A6(67A87E<P(
<==$,:*)B!%$!`!4):!7'!,'9.!$)!`!%&'!*)%',+*'7-!%$!F&4)0'*!G2!SX''74.T!4):!
@,*-%*)4!@4-%*99$!S(2498T6!7'!&4+'!,'='*+':!4!1$-*%*+'!4--'--0')%!,'B4,:*)B!
%&'! 2-'A29)'--! $A! %&'! %'-%;! d$%&! @VR-! &4+'! ,'=$B)*C':! %&'! 'E*-%')='! $A!
A4+$,459'!04%',*49!%$!,4*-'!474,')'--!$A!%&'!=9$-')'--!$,!:*-%4)='!5'%7'')!
')%',1,*-'-! 4):! %&'*,! 4=%*+*%*'-! ,'94%':! %$! %&'! A*)49! 12,1$-'! %$74,:-! %&'!
=$00$)!B$$:;!
(
(
! cc!
G0B():DE4@7:73;(DE4D4<A6<(A38(37I;(6?37<(4N(E7<7AE1C(
[%!*-!*)-*-%*)B9.!1,$1$-':!%$!,'7,*%'!%&'!%'-%!$A!%&'!'=$)$0.!A$,!%&'!=$00$)!B$$:!
-$!%&4%!*%!-2*%-!:*AA',')%!A$,0-!$A!')%',1,*-'-6!4-!=$)-*:',':!*)!%&*-!7$,86!:'1'):*)B!
$)!7&'%&',! *%! 5'9$)B-! %$!4T! %&'!1,*04,.6! -'=$):4,.!$,! %',%*4,.! -'=%$,!5T! 4! -04996!
0':*20!$,! 94,B'! =$014).! =T! %&'! 1259*=! $,! 1,*+4%'! %.1'! :T! 4! 1,$A*%! $,! )$)1,$A*%;!
[)!%&*-!-')-'6!%&'!7*):$7!,'04*)-!$1')!%$!A2%2,'!9*)'-!$A!,'-'4,=&!%$P!
*T !4:D67:73;(4E(8?<1M<<(4ME(E7<M6;<*!%&$-'!7&$!9'4:!%&'!)'7!,'-'4,=&!
-&$29:!&'91!5,$4:')!%&'!*)A$,04%*$)!%$!&4+'!4!-$9*:!-%4%*-%*=49!54-*-!4):!
%&4%!*-!-2AA*=*')%9.!-*B)*A*=4)%!%$!,4%*A.!*%;!
**T %C7( E716A<<?N?1A;?43( ADDE4A1CP! *%! *-! *01$,%4)%! %$! -''! *)!7&*=&!1$*)%-!
%&'!-&$29:!%&'! %'-%!B*+'!0$,'!$,! 9'--!7'*B&%! %$! %&'!:*AA',')%! *):*=4%$,-!
'I2*+49')%!%$!%&'!04%,*E!4):!A*):!4!74.!%$!048'!4)!'4-*',!=$014,45*9*%.!
$A!%&'!%7$;!
***T !4:DAE?<43( S7;5773( 4;C7E( 14:DA3?7<( 5?;C( 8?NN7E73;( 1M6;ME7<*!
B*+')!%&4%! %&','!&4+'!5'')!-*B)*A*=4)%!:*AA',')='-! *)6!4%! 9'4%6!$)'!$A! %&'!
=$)='1%-! 4==$,:*)B! %$! %&'! $,*B*)! $A! %&'! 04)4B',-6! *%! 7$29:! 5'! B$$:6!
%&','!7','! =$014,*-$)-!5'%7'')!$%&',! =$014)*'-! *)! =29%2,'-! -2=&! 4-!
%&'!<0',*=4)!7*%&!%&'!@&*)'-';!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
! ce!
!"#$%&'([*(Q)QV),L'#$"J((
d$$8-P!
• l49.6!o',04)!V;6!@$556!p$&)6!@$55!d;!4):!@$556!@9*AA$,:!J;!B&3#06$#C&((&'#
D&&*E#F$*-3$%0-'9# 06$#G%&'&(7# 0&H"3*#C&((I'-07@# 06$#G'<-3&'($'0@#"'*#"#
JI10"-'",+$#BI0I3$!d$-%$)P!d'4=$)!/,'--6!Ykk"!
• 3'95',6!@&,*-%*4);!!"#$%&'&()"#*$+#,-$'#%&(.'?#d4,='9$)4P!l'2-%$6!cfYc;(
• 3'95',6! @&,*-%*4);! K-'$31?# L&<$1# F$9+$1# *$# M&%?# d4,='9$)4P! >*,'%! V:*%$,*496!
cfY";(
• ]h1'C! d4,H4! :'! i2*,B$46! /':,$! *! W4,=^4! 3',)j):'C6! V-%'94;! 23-1040$+$1#
/&+)0-%";!>4:,*:P![-%0$6!cffM;!
!
/259*=4%*$)-P!
• D$:,^B2'C!#$549$@!>4,%4;#A]K'=$)$0*4!:'9!5q!=$0_!*!94!-'+4!419*=45*9*%4%!4!94!
()*+',-*%4%! :'!d4,='9$)4O;! #,'5499! :'! A*! :'! B,426!()*+',-*%4%! :'!d4,='9$)46!
cfY";!
• 3'95',6!@&,*-%*4);! N]4!V=$)$0^4!:'9!d*')!@$0_)P!'9!>$:'9$!V=$)h0*=$!:'9!
32%2,$O;!D'-20')!:'!@&,*-%*4)!3'95',6!<5,*9!:'9!cfYM;!
!
3*B2,'-P!!
• 3*B2,'YP! &%%1PLL'=$)$0*4`:'9`5*')`
=$02);$,BL-*%'-L:'A429%LA*9'-L>4%,*Crcf:'9rcf5*')rcf=$0r@erd<)
rcf";Y;1:A!t<=='--':!<1,*9!s!p2)'!cfYMu!
• 3*B2,'cP!
&%%1-PLL'=$)$0*4:'95*')=$02)5=);7$,:1,'--;=$0LcfYcLfMLY"L&'99$`
7$,9:L!t<=='--':!p2)'!cfYMu!
• 3*B2,'eP! &%%1PLL777;8''74.0$%$,;*%LYe`'5*8'-`B,4=';4-1! t<=='--':! p2)'!
cfYMu!!
• 3*B2,'"P! &%%1PLL777;22498;=$0L0$:'9-L22498`4:`&$=L! t<=='--':! p2)'!
cfYMu!!
!
<,%*=9'-P!
• >4%'$-! o',,4*C6! D'5'=4;! N]4! '=$)$0*4! :'5'! ,'=21',4,! 9$-! +49$,'-!
:'0$=,j%*=$-! =$)-%*%2=*$)49'-O;! /',*$:*-0$! o204)$6! <1,*9! Ym6! cfYc;!
! c"!
<=='--':! p2)'6! cfYM;! &%%1PLL1',*$:*-0$&204)$;=$0L'=$)$0*4LN94`
'=$)$0*4`:'5'`,'=21',4,`9$-`+49$,'-`:'0$=,4%*=$-`=$)-%*%2=*$)49'-O;&%09!
• g*=')%'!D$:,^B2'C6! p$-q;! N]4!V=$)$0^4!:'9!d*')!@$0_)!'-! 94!#',=',4!g^4!4!
@41*%49*-0$! .! @$02)*-0$O;! ]4! R1*)*h)`>j94B46! F'1%'05',! ca6! cfYc;!
<=='--':! >4.6! cfYM;!
&%%1PLL777;94$1*)*$):'0494B4;'-L0494B4LcfYcLfkLcaL'=$)$0*4`
=$02)`%',=',4`+*4`=41*%49*-0$`=$02)*-0$LMeZama;&%09!
• J4%-$)6! d,2=';! N@4)! 7'! =,'4%'! 4)! G%&'&(7# 8&3# 06$# C&((&'# D&&*O;! #&'!
W24,:*4)6! Z! :'! W')',! :'! cfY";! g*-*%4:4! <5,*9! :'! cfYM;!
&%%1PLL777;%&'B24,:*4);=$0L-2-%4*)459'`52-*)'--L+492'-`9':`52-*)'--`
0$,49-`'=$)$0.`=$00$)`B$$:!!
• v40$,46! [)04;! N>'H$,'-! -494,*$-! -$)! 1$--*59'-! =$)! +"# $%&'&(-"# *$+# ,-$'#
%&(.'6! '9! 0$+*0*')%$! I2'! I2*','! ,'+$92=*$)4,! V2,$14O;! <d@`V=$)$0^46!
p2)'! Ye6! cfYc;! <=='--':! H2)'6! cfYM;!
&%%1PLL777;45=;'-LcfYcfZYYL'=$)$0*4L45=*`'=$)$0*4`5*')`=$02)`
cfYcfZfZfkem;&%09!
!
J'5-*%'-P!
• d*8'! V2,$1';! NX''74.! @&4)B'-! l*-%,*52%*$)! *)! 3,4)='! 4):! d')'92EO;!
<=='--':! >4.6! cfYM6! &%%1PLL777;5*8'`
'2;=$0L&$0'L)*'27-LcfYeLZL8''74.`=&4)B'-`:*-%,*52%*$)`*)`A,4)='`
4):`5')'92E`YfYcmma!!
• V=$)$0^4! :'9! d*')! @$0_);! N]4! *:'4O;! <=='--':! >4.6! ! cfYM6!
&%%1PLL'=$)$0*4`:'9`5*')`=$02);$,BL'-L=$)%')%L94`*:'4!
• V=$)$0^4! :'9! d*')! @$0_);! N>*-*h)! .! +*-*h)O;! <=='--':! >4.6! cfYM6!
&%%1PLL'=$)$0*4`:'9`5*')`=$02);$,BL'-L=$)%')%L0*-*h)`.`+*-*h)!
• V=$)$0^4! :'9! d*')! @$0_);! NV9! 1,$='-$O;! <=='--':! >4.6! cfYM6!
&%%1PLL'=$)$0*4`:'9`5*')`=$02);$,BL'-L=$)%')%L'9`1,$='-$!
• V=$)$0^4! :'9! d*')! @$0_);! N@$)%')*:$O;! <=='--':! >4.6! cfYM6!
&%%1PLL'=$)$0*4`:'9`5*')`=$02);$,BL'-L=$)%')%L'9`1,$='-$!
• X''74.;! NR2,! @$014).O;! <=='--':! >4.6! cfYM6!
&%%1PLL777;8''74.;=$0L$2,`=$014).!!
! "#!
• $%&'(! )*&+,-! ./01%2! $34-! /5563367! 8&9:! ";<#:!
=22*>??@@@-%%&'(-51A?&01%2B%3?%%&'(?!
• $%&'(!)*&+,-!.C&DE34-!F+3+2&7&!8&+G!76'!";<#:!=22*>??@@@-%%&'(-51A?H&I3?!!
• $%&'(-!.J=9!&,!KBL+(64-!/5563367!8&9:!";<#!=22*>??@@@-%%&'(-51A?@=9B
&,B6B0+(6?!!
• J1M7*M633-! .K51,1AN&! 76'! L+6,! O1AP,4! ! /5563367! 8&9:! ";<#:!!
=22*3>??605A&7M+7-@1M7*M633-51A?&56M5&B76?I%6B63B'&B651,1A+&B76'B
0+6,B51A%,?!
• J1M7*M633-! .K51,1AN&! 76'! L+6,! O1AP,! L&M56'1,&4-! /5563367! 8&9:! ";<#:!
=22*3>??651,1A+&76'0+6,51A%,05,-@1M7*M633-51A?";<"?;#?<Q?=6''1B
@1M'7?!
• R13192%! L'1G-! .K51,1AN&! 76'! 0+6,! 51AP,4-! /5563367! S%,6:! ";<#:!
=22*>??913192%-51A?!
F+7613>!
• /)O! T&M&G1U&! O1,H6M6,5+&-! .V&! K51,1AN&! 76'! 0+6,! 51AP,! 6,! T&M&G1U&:!
O6,2M1! W1,5&':! O/XB/)O4! !"#$#%&! Y+761:! ">;Q><Z:! /5563367! 8&9:! ";<#-!
=22*3>??@@@-91%2%06-51A?@&25=[Y\]^A$#'I1_`R!
• /22&5-2Y-! .a15%A6,2&M9! 1H! 2=6! K51,1A9! H1M! 2=6! O1AA1,! b117! c! dM&+'6M4-!
'()&"! Y+761:! Q><e:! /5563367! /*M+':! ";<#:!
=22*>??51AA1,G117651,1A9-651,1A+&0+6,51A%,H+'A-51A?2M&+'6MB65GB
71(%A6,2&M9f-Fg&<FITI2CF!
• K51,1A9!H1M! 2=6!O1AA1,!b117-! .h!V%G&M!7&!O%'2%M&4!'()&"!Y+761:!_#>;;:!
/5563367! S%,6:! ";<#:! =22*3>??@@@-651G117-1MG?6,?G6,6M&'B
+,H1MA&2+1,?,6@3B&,7BA67+&?Y+7613B&01%2B65G!
• F+A61-! ./22&5-2YE3! Y+7613-4! '()&"* Y+761:! <Q>;;:! /5563367! 8&9:! ";<#-!
=22*3>??Y+A61-51A?_<;#<"Qi!
!
8&,%&'3>!
• X,H1MA&5+j,! &! 6A*M6363! *+1,6M63k";<Q! =22*>??651,1A+&B76'B0+6,B
51A%,-1MG?3+263?76H&%'2?H+'63?KLOB
X,H1MA&5+1,63l";&l";6A*M63&3k";<Qk;-*7H!m/5563367!8&9!c!S%,6!";<#n!
• 8&,%&'k0o3+51k310M6k'13k5M+26M+13k76'! L&'&,56! 76'! L+6,! O1AP,! ;Q-;-#-*7H-!
=22*>??651,1A+&B76'B0+6,B51A%,-1MG?3+263?76H&%'2?H+'63?KLOB
! "#!
$%&'%()"*+%,-./)"*,/+01)"*(/,)"*.0-210-/,)"*34*454678! 9:..1,,17!
:60-(!;!<'&1!"*=5>!
• $%20-?@71(@+-1&@A/BC&@34=46784! D226EFF1./&/B-%G71(G+-1&G
./B'&4/0HF,-21,F718%'(2F8-(1,F$%20-?)"*71()"*+-1&)"*./B)AI)J:&
)"*34=4678!9:..1,,17!:60-(!;!<'&1!"*=5>!
• K1,2@L%6-7/@MB601,%,46784! D226EFF1./&/B-%G71(G+-1&G
./B'&4/0HF,-21,F718%'(2F8-(1,FMJA@K1,2@L%6-7/@MB601,%,4678! 9:..1,,17!
:60-(!;!<'&1!"*=5>!
!
! "#!
!""#$%%
!""#$%&'%()#%*+,-./0%1#21%345%1)#%64774"%8449%:.4"47;%%
&'()% )*+,(-.% ()% /0)*1% -.% ,'*% 2*)34,)% -5% ,'*% ,*),)% ,'0,% ,'*% 6#7)% -5% % 8**90:% 0.1% ;304<%2*04(=*1%5-2%3)>%!&'*:%02*%(.+431*1%(.%,'()%0..*?%)(.+*%,'*:%'0@*%/**.%3)*1%0)%,'*%A0(.%/0)()%-5%,'*%B2-C*+,%D*?,20+,(.E%10,0% 0.1%1205,(.E% +-.+43)(-.)F>% &'*% ,*),% ()% (.% GB0.()'% 0.1% ),02,)%9(,'% 0% /2(*5%*?B40.0,(-.>%H,%0(A)%,-%E3(1*%,'*%B*2)-.%9'-%()%,0<(.E%,'*%,*),>%
I3*%,-%,'*%(AB-2,0.+*%-5%0%5*9%J3*),(-.)%(.%2*E021)%,-%,'*%#+-.-A:%-5%,'*%6-AA-.%K--1L%,'*%@043*%-5% ,'*(2%0.)9*2)%D(.+431*1%(.%,'*%/-?*)%.*?,%,-%,'*)*%J3*),(-.)F%02*%A34,(B4(*1%/:%,9->%%
H.%,'*%*.1L%:-3%9(44%5(.1%,'*%,-,04%B-(.,)%E(@*.%,-%,'*%+-AB0.:%M(.%0%)+04*%B2-@(1(.E%0%/2(*5%1*)+2(B,(-.%0++-21(.E%,-%,'*%2*)34,%-/,0(.*1>%
&'*.L%9*%-/)*2@*%,'*%8**90:N)%,*),%0.1%40,*2%,'*%;304<N)%-.*>%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
! "$!
%
()#0+,-./0%1#21%345%1)#%.4774"%<449%#.4"47;=%>##?@;%
%
%
! "%!
%
%
%
%
! &'!
%
%
%
%
! &(!
()#%*+,-./0%1#21%345%1)#%.4774"%<449%#.4"47;=%A,@B/%
%
%
%
! &"!
%
%
%
%
! &&!
%
%
%
%
%
%"!
! &)!
!..*?%OP%Q344%,0/4*)%0/-3,%;304<%0.1%8**90:%
!..*?% O% +-.,0(.)% ,0/4*)% 4(.<(.E% +-.,0+,% E2-3B)% D!L% R% L% 6% L% I% L% #% F% ,-% 1(55*2*.,% ,'*A*)% D%S3A0.% I(E.(,:% L% G-4(102(,:% L% #+-4-E(+04% G3),0(.0/(4(,:L% G-+(04% T3),(+*% 0.1% I*A-+20,(+%U02,(+(B0,(-.%0.1%&20.)B02*.+:%F%>%
%&'*%6-.,0+,%K2-3B)%02*%,'*%5-44-9(.EP!
V%!P%U2-@(1*2)%
V%RP%Q3.1*2)%
V%6P%#AB4-:**)%0.1%79.*2)%
V%IP%63),-A*2)%W%U2-13+,)%W%G*2@(+*)%W%-,'*2%+-AB0.(*)%
V%#P%G-+(04%G+-B*%
&'*%40),%2-9%-5%*0+'%,0/4*%)'-9)%,'*%,-,04%-/,0(.*1%/:%,'*%+-AB0.:%(.%J3*),(-.>%&'()%,-,04%2*B2*)*.,)% ,'*% 5(.04% )+-2*% ,'*% +-AB0.:% '0)% -/,0(.*1% (.% 2*40,(-.% ,-% ,'*% '(E'*),% )+-2*% (,%+-341%-/,0(.%(5%,'*%6-AA-.%K--1%#+-.-A:N)%E-04)%9*2*%,-,044:%0+'(*@*1>%%
"#$%&!'$(%)! ! ! ! ! ! *))+$,!'$(%)!
!
%
%
%
%
%
&'*.L%,'*%(.1(+0,-2)%)'-9%)3/+0,*E-2(*)%6%L%I%0.1%#%9(,'%+-22*)B-.1(.E%B*2+*.,0E*)>%X0,*2%-.L%)3+'%2*40,(-.)'(B)%9(44%/*%B2*)*.,*1>%%% %
!
!
!
!
!
!
!
! &*!
-#(.$/)0123)4!*))+$,!!
%
-#(.$/)0123)4!"#$%&!!
%
%
%
G3/+0,*E-2(*)%2*40,(-.)'(B)P%
6Y% Z304(,:% -5% 9-2<B40+*%0.1%*J304(,:%%
IY% *,'(+04%2*40,(-.)%9(,'%+3),-A*2)%%
#Y% )-+(04% #55*+,% W% [*0.(.E%-5%B2-13+,%0.1%)*2@(+*%%
6O% 50(2% 1(),2(/3,(-.% -5%9-2<4-01%%
IO% G-4(102(,:% 9(,'%-,'*2)%%
#O% +-.,2(/3,(-.% ,-% ,'*%+-AA3.(,:%%
6\% B2-A-,(-.%-5%*+-4-E(+04%/*'0@(-2%-5%9-2<*2)%%
I\% #+-4-E(+04% B2-13+,)%0.1% )*2@(+*)%+-.+*B,(-.%%
#\% ]*13+,(-.% -5% *+-4-E(+04%*55*+,)%%
6^% 50(2% 1(),2(/3,(-.% -5%(.+-A*%%
I^%
%
6-.+*B,(-.% )-+(04%B2-13+,)% 0.1%)*2@(+*)%%
#^% &02E*,(.E% /*.*5(,)% ,'*%+-AA-.%E--1%%
6_% (.,*2.04% 1*A-+20+:%0.1%,20.)B02*.+:%
I_%
%
H.+2*0)(.E% )-+(04%),0.1021)% 0.1%*.@(2-.A*.,04%)*+,-2%%
#_% )-+(04%,20.)B02*.+:%0.1%B02,(+(B0,(-.% (.%1*+()(-.MA0<(.E%%
%
%
! &+!
!""#$%C'%D"1#5E-#?2%?-1)%1)#%6:F%43%>##?@;%@"9%A,@B/%
H,% )'-9)% ,'*% )+2(B,)% -5% ,'*% (.,*2@(*9)%9(,'% G'0.A*(% `3% D6#7% -5% 8**90:% (.% GB0(.% F% 0.1%62(),(.0%60),(44-%D%6#7%-5%;304<%F>%%%
-5$67)3!8#!%%
• 6#7%-5%8**90:%A-,-2)%(.%GB0(.%• #13+0,(-.%P%%
M%6'(.0%G+'--4%-5%R02+*4-.0%&2*1),*B%M%#G!I#%R3)(.*))%a%X09%G+'--4%
%
%
%
H.% ,-,04L% H%'0@*%/**.%9-2<(.E% 5-2%b%:*02)% (.% ,'*% +-AB0.:%0.1% 5-2% ,'*% 40),%_%:*02)% H%'0@*%/**.%9-2<(.E%0)%0%K*.*204%[0.0E*2>%H%0A%2*)B-.)(/4*%5-2%,'*%E*.*204%A0.0E*A*.,%-5%,'*%+-AB0.:% (.+431(.E% )04*)% 0.1%A02<*,(.E% ),20,*E:% B40..(.EL% 0..304% /31E*,% B40..(.E% 0.1%)3B*2@()(.EL%05,*2%)04*%B-4(+:%(AB4*A*.,0,(-.%5-44-9(.E%0.1%,*0A%4*01(.E>%H%'0@*%0+'(*@*1%2*@*2)*%,'*%+-AB0.:c)%4-)(.E%)(,30,(-.%132(.E%,'*%+2()()%/:%A-,(@0,(.E%0.1%9-2<(.E%+4-)*4:%9(,'% ,'*%9'-4*% ,*0A>%6-.,(.3-3)% +--21(.0,(-.% 0.1% +-AA3.(+0,(-.%9(,'% ,'*% 50+,-2:% 0.1%'*01J302,*2%(.%6'(.0%,-%-/,0(.%.*+*))02:%2*)-32+*)%5-2%4-+04%/3)(.*))%1*@*4-BA*.,>%
%
9: ;(1#/!*))+$,!!
<!=5)6!$6>!+51!.2)$/)>!3/?!!8**90:% 90)% 5-3.1*1% (.% Yddd% /:% ,9-% B02,.*2)% (.% S3.E02:>% Q(2),% ,'*:% (AB-2,*1%A-,-2+:+4*)%0.1%)-41%,'*A%(.%S3.E02:>%!5,*2%0%)3++*))534%),02,L%,'*:%*?B0.1*1%,-%U-40.1>%H.%Oee_L%8**90:A-,-2%GB0(.%90)% 5-3.1*1%/*+03)*% ,'*:%)09%0%/(E%A-,-2+:+4*%A02<*,% (.%GB0(.%132(.E%0%'-4(10:%,2(B>%&'*2*5-2*L%8**90:%'0)%/**.%(.%GB0(.%5-2%Ye%:*02)%2(E',%.-9>%f*% +0.% )0:% ,'0,% 8**90:% ()% 0% /20.1% 1*)(E.*1% 5-2% #32-B*0.% A02<*,% 9(,'% 6'(.*)*%R0+<E2-3.1>%%Q-2% B2-@(1(.E% 2*4(0/4*% B2-13+,)% ,-% #32-B*L% ,'*% 5-3.1*2)% *),0/4()'*1% 0% ),20,*E(+% 044(0.+*%9(,'%Z(0.%T(0.E%[-,-2%(.%6'(.0L%9'-%()%,'*%)*+-.1%402E*),%A-,-2+:+4*%+-AB0.:%(.%6'(.0>%%&'*%@()(-.%-5%%8**90:%()%,-%B2-@(1*%/*),%J304(,:%B2(+*%B2-13+,%,-%B*-B4*%9'-%4(<*%0.1%.**1%0%A-,-2+:+4*>% H.%OeYOL%-32%E2-3B% 5-3.1*1%0.%*4*+,2(+%/(+:+4*% 50+,-2:% (.%6'(.0%/*+03)*%-5%*+-4-E(+% )B(2(,>% f*% 9-341% 4(<*% ,-% B2-A-,*% A-2*% 0.1% A-2*% *4*+,2(+% /(+:+4*% /*+03)*% 9*%/*4(*@*%(,%()%0%E--1%)-43,(-.%5-2%,20.)B-2,%0.1%*.,*2,0(.A*.,>%%%<!=5$/!$2)!,1#2!01$%4?!!732%E-04)% ()% ,-%B2-@(1*%B*-B4*%E--1%J304(,:%0.1%B2(+*%,9-%9'**4)%@*'(+4*%9(,'%/*),%05,*2%)04*)%)*2@(+*L%9'(+'%+0.%A0<*%B*-B4*N)%4(5*%A-2*%C-:534>%!
! &#!
<!;2)!/5)2)!6)+!@21A)./4!#6>)2+$,g%%732%E2-3B%()%1*@*4-B(.E%A-2*%.*9%A02<*,)%9-2419(1*>%H.%,*2A)%-5%8**90:%GB0(.L%9*%02*%C3),% -B*.(.E% 0% .*9% )'-B% (.% R02+*4-.0% +(,:% +*.,*2% (.% -21*2% ,-% B2-@(1*% /*,,*2% )*2@(+*% ,-%8**90:%+4(*.,)>%%%
B: C)0$2>360!/5)!D#)4/3164!1E!/5)!/)4/!$6>!$(1#/!)<(3&)+)!F!!<!G4!,1#2!.17@$6,!.1643>)2)>!$!E1%%1+)2!1E!/5)!.17716!011>!).1617,!?!
`*)%!
<!=5)6!,1#!$64+)2!/5)!/)4/!D#)4/3164!,1#!+)2)!/536&360!$(1#/!/5)!.17@$6,!&))+$,!1E!-@$36!12!-5$605$3?!!H%0A%A-2*%50A(4(02%9(,'%)(,30,(-.%(.%GB0(.%)-%H%0490:)%,2(*1%,-%1(),(.E3()'%9'0,%H%2*5*2>%H.%5-44-9(.E%J3*),(-.)L%9*%2*5*2%A-2*%8**90:%GB0(.%,'0.%-32%'*01J302,*2>%%%
%<!81#!+)2)!/536&360!$(1#/!/5)!@21>#./316!1E!71/12.,.%)4!12!)%)./23.!(3.,.%)4?!H%90)%,'(.<(.E%/-,'%-5%,'*A%/*+03)*%,'*:%9*2*%044%-32%/3)(.*))>%%<!=5,!$6!)%)./23.!(3&)?!%f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dee% 0.1% h% YLieeL% '-9*@*2% (.% G'0.E'0(% 9-341% /*%0/-3,%_ej%+'*0B*2>%%<!=51!.$6!$EE12>!,1#2!@21>#./!36!-5$605$3?!%!4,'-3E'%(,%A0:%)**A%(.%G'0.E'0(%A(114*%+40))%+0.%'0@*%0.% (.+-A*%-5%h%\Leee%9-341%/*%'*2*%0%A-.,'>%f'0,%'0BB*.)%()%,'0,%,'*%E*.*204%)-+(04%(.*J304(,(*)%(.%6'(.0%02*%@*2:%402E*L%0.1%,'*2*5-2*L%B*-B4*%+0.%5(.1%A(114*%+40))%9(,'%'(E'%B32+'0)(.E%B-9*2>%%<!=5$/!@21E3%)!.%3)6/4!$2)!/5)!714/!@1@#%$2!36!4@$36?!%H.% GB0(.L% A0.:% +3),-A*2)% 02*% ^eM_e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
! &$!
&'*% 0BB4(+0,(-.% ()% 2*044:% 3)*534% -.+*% ,'*% 2*)34,)% '0@*% /**.% *?,20+,*1% )-% 9*% +0.% '*4B%(AB2-@*%2*40,(-.)'(B)%/*,9**.%E2-3B)%-5%+-.,0+,)%0.1%1(55*2*.,%02*0)>%!.1%5(.044:L%9'0,%H%0490:)%)0:%()%,'0,%(,%2*044:%()%.-,%1(55(+34,%,-%,2*0,%B*-B4*%9*44L%)-%9*%)'-341%,2:%,-%4--<%5-2%,'-)*%@043*)%,'0,%'0@*%1()0BB*02*1%-@*2%,(A*>%%%%%%
L: I9F!-1.3$%!IEE)./!M!N)$6360!1E!@21>#./!12!4)2H3.)!!
<! ! =5,! >1! ,1#! /536&! /5$/! ,1#2! @21>#./4! >1! 61/! .1H)2! 9OOP! 1E! /5)! 6))>4! 1E!.#4/17)24?!!!,%,'*%A-A*.,L%,'*%B2(+*%-5%-32%B2-13+,L%*)B*+(044:%(.%,*2A)%-5%*4*+,2(+%/(<*%()%),(44%'(E'%,-%)-A*%+-.)3A*2)>%Q-2%A-,-2+:+4*%B2-13+,)L%9*%.**1%,-%0AB4(5:%-32%B2-13+,%20.E*%,-%E(@*%+4(*.,)%A-2*%-B,(-.)>%%%%%
Q: IBF!K16/23(#/316!/1!/5)!.177#63/,!!
<!G6!/5)!.17@$6,!/5)2)!$2)!417)P!E12!41.3$%!+12&?!%.-%%%%
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f*% 2*E021% -32% +4(*.,)% 0)% B02,% -5%50A(4:>%&-%-32%5(.04%+3),-A*2%04)-L%9*%0490:)%,2:%,-%B2-@(1*%+-22*+,%0.1%,23*%(.5-2A0,(-.>%%%Q(.044:L% G'0.A*(% 0++-AB0.(*1% 3)% ,-% @()(,% ,'*% )'-B% (.% R02+*4-.0% 0.1% E0@*% 3)% ,'*%-BB-2,3.(,:%,-%0)<%J3*),(-.)%,-%,'*(2%9-2<*2)>%
! &%!
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
! )'!
K234/36$!K$4/3%%1!K)2>W!%
• ]*)*02+'%!))-+(0,*%0,%U-2,%-5%R02+*4-.0%
6'0(2%-5%X-E(),(+)%D6#HRGF%
• X(@*)%(.%G'0.E'0(%6(,:L%6'(.0%• G,31:%P%6(@(4%#.E(.**2(.E%• 6322*.,%U-)(,(-.%P%6#7%-5%;304<%
%Y> %
%Y> %
%%%!K$6!,1#!(23)E%,!>)4.23()!#4!"#$%&?!%<!=5)6!$6>!+51!.2)$/)>!3/?!%;304<% 90)% +2*0,*1% (.% -21*2% ,-% 5-),*2% ,'*% <.-94*1E*% 0/-3,% ,'*% 53,32*% -5% )3),0(.0/4*%A-/(4(,:>% &'*% .0A*%90)% E(@*.% /*5-2*% <.-9(.E% ,'0,%9*%9-341% +2*0,(.E% *4*+,2(+% /(+:+4*)>%f'0,%9*% <.*9% '-9*@*2%90)% ,'0,% ,'*% +(,(*)% 02*% +-..*+,*1% 0.1% ,'0,% ,'*% 0+,304% 4(5*% ),:4*%2*J3(2*)%,'*%3)*%-5%+02)%E*.*20,(.E%B-443,(-.L%)-%9*%),02,*1%,'(.<(.E%0/-3,%,'()%B2-C*+,>%f*%4(@*%(.%!)(0%0.1%,'*2*%02*%A0.:%*4*+,2(+%/(<*)>%f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f*%)09%,'0,% (,%042*01:%*?(),*1% (.%#32-B*L%3.1*2%,'*%R-)+'%/20.1>%S-9*@*2L% ,'*%B2(+*)%9*2*%*?-2/(,0.,%DO_ee%hF>%G-%9*%)*,%0)%0.%-/C*+,(@*%,-%,02E*,%,'*%A(114*%+40))>%%%f*%1-% .-,%90.,% (.% ,'*% +-AB0.:%B*-B4*%9'-%1-% .-,%9-2<L% ,'*2*%9(44% /*% 0% 2*),23+,32(.E%B2-+*))>%H5%%)-A*-.*%1-*)%.-,%A**,%,'*%E-04)L%'*%9(44%.-,%/*%B02,%-5%,'*%B2-C*+,>%%%<!=5$/!$2)!/5)!1(A)./3H)4?!%&'*% B32B-)*% -5% /2(.E(.E% ,'()% B2-13+,% (),'0,% ,'*% 402E*% A0C-2(,:% -5% ,'*% A(114*% +40))% +0.%055-21%(,%0,%0.%055-210/4*%B2(+*>%%<!=5$/!34!,1#2!7$36!7$2&)/?!X=5$/!.1#6/2,T!+5$/!&36>!1E!.164#7)2Y!%
! )(!
;304<%90)%/3(4,%(.%GB0(.L%*@*.%,'-3E'%9*%4(@*1%(.%6'(.0L%0.1%()%-32%A0(.%,02E*,%A02<*,>%G-%9*% ,--<% 01@0.,0E*% -5% ,'*% !)(0.%A02<*,% 0.1% ,'*% 50+,% ,'0,% H% 0A% 4(@(.E% '*2*% ,-% /2(.E% (,% ,-%#32-B*>% &'*% 01@0.,0E*)% 02*% ,'0,% 9*% '0@*L% 5(2),% 4*02.*1% ,'*% +-.+*B,% 0.1% ,*+'.-4-E:% -5%T0B0.L%0.1%)*+-.14:L%,'*%50+,%-5%4(@(.E%(.%6'(.0%044-9)%0++*))%,-%A0.350+,32*2)%A3+'%A-2*%+-AB*,(,(@*%B2(+*)%,'0.%+0.%/*%K*2A0.)>%f*%02*%)*44(.E%(.%H,04:%0.1%@*2:%4(,,4*%B02,%(.%K*2A0.:%0.1%[*?(+-L%/3,%,'*%A0(.%A02<*,%()%GB0(.>%!.1%0)%H%)0(1%,'*%+-.)3A*2%()%,'*%A(114*M+40))%+(,(=*.>%%<!Z1+!7$6,!)7@%1,))4!$2)!.#22)6/%,!+12&360!$/!/5)!.17@$6,?!%&'*% +-AB0.:% 9*% +2*0,*1% [02:L% f(44(0AL% #4*.0% 0.1% 62(),(.0% 02*% *AB4-:**)% 0)% 9*44% 0)%)'02*'-41*2)%9'-%02*%.-,%*AB4-:**)>% H.%011(,(-.%,-%,'0,L%9*%'0@*%0.%*AB4-:**%,-%9'-A%9*%E0@*%0+,(-.)>%!4)-L%9*%'0@*%0%+-0+'%9'-%90.,)% ,-%E*,% (.@-4@*1%0.1% (,% ()%B-))(/4*% ,'0,%/*,9**.%'*2*%0.1%E(@*%4(,,4*%0+,(-.>%%<!I%)./23.!(3.,.%)!34!/5)!16%,!@21>#./?!=5$/!34!/5)!$H)2$0)!@23.)!1E!(3.,.%)4?!%Q-2%.-9L%0)%9*%/*E(.L%(,%()%,'*%-.4:%B2-13+,>%!,%5(2),L%,'*%/(<*%'01%0%B2(+*%-5%dee%h>%&'*%5(2),%B2-13+,%9*%403.+'*1%90)%0(A*1%0,%,'*%A(114*%+40))L%90)%0%B2-13+,%9(,'%0%,-2J3*%)*.)-2%O^% @-4,)L% 9'(+'% ()% A-2*% ,'0.% *.-3E'% 5-2% 0% +(,:% 4(<*% R02+*4-.0>%f*% 1(1% 0% ),31:L% 0.1%9*%/2-3E',%/(<*)%9*% ,*),*1%1(55*2*.,% 2-3,*)% ,'2-3E'-3,%R02+*4-.0%0.1%-,'*2%GB0.()'% +(,(*)>%f*% 90.,*1% 0% B2-13+,% 3)*534% -.% H.@*),A*.,% 2*,32.% 0.1% 1*B2*+(0,*)% J3(+<4:L% *)B*+(044:%+-AB02*1% ,-% 0% +02>%R3,%9'0,% 2*044:%'0BB*.*1% ()% ,'0,% ,'*% +-.)3A*2%3.1*2),0.1)% ,'*2*% ()%4(,,4*%(.%,*2A)%-5%)*.)-2L%*.E(.*L%*,+>%()%0%B2-13+,%,*+'.-4-E(+044:%+-AB4(+0,*1L%0.1%)**%,'0,%-,'*2%GB0.()'%/20.1)%'0@*%0%\iM@-4,%/0,,*2:%0.1%()% (.%-32%O^L%9*%,'(.<%,'0,%()%9-2)*%0.1%,'*%B2(+*%1(55*2*.+*% 02*%9(44(.E% ,-% /3:%-,'*2% ,'0.%'0)%A-2*% @-4,)>% &'0,c)%9':%9*%'01% ,-%010B,%-32%B2(+*%0.1%'0)%2()*.%,-%YL\ee%h>%%%%<!'5)2)!$2)!6)+!@21A)./4!#6>)2+$,?!%f*%'0@*%0%B2-C*+,%-.%0%)-+(04%4*@*4>%f'0,%9*%90.,%,-%1-%B2-C*+,)%,'0,%02*%*?+(,(.E%0.1%E--1%5-2% ,'*% )-+(*,:>% &-10:L% 9*% '0@*% 0% B02,.*2)'(B% 9(,'% 0% 5-3.10,(-.>% I-% :-3% <.-9% ,'*%A-,-2+:+4*%20+*%G3B*2/(<*)g%%%[1/!2)$%%,!!%H,% ()% 0% 20+*%9'*2*%0% 5*9%:*02)%0E-L%60,040.% 23..*2)%'01%0.%0++(1*.,%0.1%9*2*%B0204:=*1%)(.+*% ,'*.>% &'*2*% ()% 0% 5-3.10,(-.% '*4B(.E% B0204:=*1L% J3012(B4*E(+% >>>%f*% /*4(*@*% ,'0,% -32%,*+'.-4-E:%9(,'%,'*%,-2J3*%)*.)-2%+-341%/*%0BB4(*1%,-%9'**4+'0(2)%0.1%+-341%+'0.E*%,'*%4(@*)%-5%,'*)*%B*-B4*>%f*%02*%1-(.E%0%B2-C*+,%9(,'%,'*%3.(@*2)(,:%#XHG!%,2:>%7/@(-3)4:%9*%02*% .-,% 0.% "K7L% ,'()% ()% 0% /3)(.*))L% 0.1% (5% (,% 9-2<*1L%9-341% ,2:% ,-% +-AA*2+(04(=*% (,L% /3,%1-(.E%,'()L%0.1%/*+03)*%,'*2*%()L%9*%+0.%/*%E--1>%&'*%+-.+*B,%()%A-/(4(,:L%0.1%(.%,'*%53,32*%(5%9*%E-%A-2*%B2-13+,)%02*%A02<*,*1>%!4)-%H%'0@*%,-%)0:%9*%'0@*%-,'*2%B2-C*+,)%(.%'0.1%/3,%5-2%.-9%02*%+-.5(1*.,(04%0.1%H%+0..-,%,*44%A-2*%0/-3,%,'*A>%f*%02*%0%,*+'.-4-E:%+-AB0.:%0.1%9*%'0@*%0490:)%(.%A(.1%)-%,'0,%)-+(*,:%+0.%*.C-:%0,%0.%055-210/4*%B2(+*L%9'(+'%2*A0(.)%0%.(+'*%,'0,%,'*:%+0..-,%/*.*5(,%)-+(*,:%(.%E*.*204>%%6-AB*,(,(-.%A*,2-B-4(,0.%R02+*4-.0%^b%*4*+,2(+%/(<*)%%%%G6!2)0$2>4!/1!417)!1E!/5)!/)4/!D#)4/3164T!+)!5$H)!/1!7$&)!537!$6!36/)2H3)+F!
! )"!
%%9:!;(1#/!/5)!/)4/!!&'*%+-AB0.:%-B*20,*)%-.4:%(.%GB0(.%-2%(.%-,'*2%+-3.,2(*)g%f'0,g%H5%,'*%5(2),%0.)9*2%()%:*)L%9'*.% 0.)9*2(.E% ,'*% ,*),% J3*),(-.)%90)% ,'(.<(.E% ;304<% /3)(.*))% (.% GB0(.% -2% (.% 0.-,'*2%+-3.,2:g%H%,'-3E',%B2(A02(4:%(.%GB0(.L%9'(+'%()%,'*%A0(.%A02<*,>%%%%B:!;9F!)/53.$%!7$6$0)7)6/!1E!/5)!4#@@%,!M!4#@@%3)4!!<! '534! 4)./316! 5$4! 2)4@16>)>! /5$/! /5)! .17@$6,! .17@%3)4! 9OOP! +3/5! /5)! $./3H)!$@@21$.5! $6>! .1643>)2$/316!1E! 41.3$%! $6>! ).1%103.$%! $4@)./4! 36! .5114360! 4#@@%3)24!$6>!4)2H3.)!@$2/6)24:!G/!.1#%>!@#/!417)!)\$7@%)4?!%f*%02*% ,2:(.E% ,-%1-%*@*2:,'(.E%2*)B-.)(/4:%0.1% 4*E044:>%&'*%/(<*)%02*%A0.350+,32*1%0.1%)-41%(.%6'(.0%0.1%)-41%9(,'%-32%+*2,(5(*1%GB0.()'%0.1%#32-B*0.%HIH!I!>%&'*.%,'*2*%02*%-,'*2)L%)3+'%0)%,'*%A0.0E*A*.,%-5%/0,,*2(*)%02*%2*+:+4*1>%f*%02*%055(4(0,*1%9(,'%0.%-2E0.(=0,(-.%*.)32(.E%,'0,%-41%/0,,*2(*)%02*%2*+:+4*1>%7.% ,'*%-,'*2%'0.1L% ,'*% 4*@*4% -5% ,'*% )3BB4:% +'0(.L%9*% 2*+-21% ,'0,%9*c2*%1-(.E% *@*2:,'(.E%+-22*+,4:%'0.14*1%/:%A:)*45%/*+03)*% H%0))32*% (,>% H% E-%1(2*+,4:% ,-% ,'*% 50+,-2(*)%9'*2*% ,'*:%/3:%B2-13+,)L%*,+>%G(.+*%(,%()%0%)A044%+-AB0.:L%(,%()%*0):%,-%+-.,2-4%(,%)-%.-9%H%<.-9%Yeej%,'0,%9*c2*%1-(.E%9*44>%H5%E2*0,*2%/*+03)*%(,%9-341%/*%1(55(+34,%,-%E(@*%:-3%A:%9-21>%%%%%L:!J9F!I/53.$%!E36$6.)!!<!G/!34!#6>)24/11>!/5$/!E12!61+!/5)!.17@$6,!34!E36$6.)>!9OOP!+3/5!,)$24!1E!4$H3604!$2)!16%,!/5)!45$2)51%>)24?!%`*)L% 0.:% /0.<% 4-0.L% 9*% 02*% .-,% 4*@*20E*1>%f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f*%04)-%/*4(*@*%,'0,%9*%'0@*%B2-C*+,)%)3+'%0)%0%9'**4+'0(2L%(5%9*%E-%-3,%(.%1*@*4-B(.E%,'*%,*+'.-4-E:L% 9-341% ,2:% ,-% 0,,20+,% +0B(,04% ,-% ,'*% B-B340,(-.>% G-A*,'(.E% (.% ,'*% ),:4*% -5%k+2-953.1(.E>k%
! )&!
%%%%Q:!I9F!41.3$%!)EE)./!M!7)$6360!/5)!@21>#./!12!4)2H3.)!!<!=5,!>1!,1#! /536&! /5$/! /5)32!@21>#./4!>1!61/! .1H)2!9OOP!1E! /5)!6))>4!1E! .%3)6/4!X]RP!5$H)!1(/$36)>Y?!=5$/!.$6!()!37@21H)>?!%H%1-%.-,%2*A*A/*2%.-9%/*+03)*%H%0.)9*2%,'0,L%/*+03)*%.-9%2*2*01%(,L%H%)**%(,%0)%@*2:%E--1%5-2%)-+(*,:L%@*2:%)3),0(.0/4*>%%<!=3%%!,1#!.5$60)!/1!9OOP!61+?!%H%9-341%+'0.E*%(,%,-%Yeej>%%%%%R:!IBF!K16/23(#/316!/1!/5)!.177#63/,!!<!J)360!$!4/$2/<#@!5$4!61/!,)/!())6!$6,!P!>)>3.$/)>!/1!41.3$%T!/5)2)!34!61!36/)6/316!1E!>1360!41!36!/5)!E#/#2)?!%f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f*%02*%),(44%4--<(.EL%/*+03)*%(,%()%@*2:%.*9L%'-9%+-341%,'()%),23+,32*L%,'*%-9.*2%-5%,'*%502A%B3,% ,-%A3+'L%/3,%'0@(.E% 53.1%1*@*4-BA*.,%0(1>%!.1%9*%9(44%.-,%1-%)-%0)%B2-5(,%/3,%0)% ,-%+2*0,*% /20.1% (A0E*>% f*% 90.,% ,-% /*% 0))-+(0,*1% 9(,'% 0% +-AB0.:% 9(,'% (AB-2,0.,% *,'(+04%@043*)>%%<!81#!5$H)!H)2,! 36/)2)4/360!@21A)./4!01!$5)$>! 3E! /5),!.$6!.5$60)! /5)! %3H)4!1E!7$6,!@)1@%):!%`*)L%0)%+-AA*2+(04%1(2*+,-2%0.1%H%02*%9-A*.L%A-,(@0,*%3)%*.-3E'%())3*)%9-A*.>%%<!G6!.11@)2$/316!344#)4?!
! ))!
%H% ,'(.<% 9*% 02*% A-2*% (1*.,(5(*1% (.1(@(1304)% 9'-% A0:% '0@*% ())3*)% 9-2<(.E% 9-A*.>% Q-2%*?0AB4*L%,'*%5(2),%A-1*4%-5%/(+:+4*%,'0,%9*%1(1L%(,%()%0%A-1*4%,'0,%B*-B4*%,-41%3)%k'-9%(,%()%,'0,%,'()%/(<*%()%)-%E2*0,gk%!.1L%-5%+-32)*L%()%1*)(E.*1%)-%:-3%+0.%+022:%,9-%+'(412*.%0,%-.+*%,'*%/(<*>%!.1%H%,'(.<%A*L%)-%-5%+-32)*L%H%'0@*%,9-%)A044%+'(412*.L%9'*.%H%1*@*4-B*1%,'*%5(2),%A-1*4L% ,'*:% *0+'%9*(E'*1% 0/-3,%Y_%<E%A-2*% ,'0.%A:%9*(E',>% H.% 0% .-2A04% /(<*% H% +0..-,%,0<*%/3,%0.%*4*+,2(+%/(<*%1-*)%.-,%.**1%,'*%+02%,-%,0<*%,'*A%/*+03)*%H%+0..-,%B*104(.E%/3,%9'*.%,'*%*.E(.*%0.1%'*4B)%A*%.-,%E*,%,(2*1>%%%<!'534!.,.%360!$2)!4)%%360!61+!12!+$4!3/!A#4/!$!@21/1/,@)?!%&'*c2*% )*44(.E>% [:% <(1)% 02*% l% 0.1% _% 0.1% ),(44% /2(.E>% H% ,'(.<% 9*% 02*% /-,'% (.% 9'0,% 9*% 1-%/*+03)*%(,%+'0.E*)%:-32%4(5*>%[:%+'(412*.%04)-%*.C-:%A-2*%C-32.*:)>%%%V:!ILF!C)>#./316!1E!).1%103.$%!)EE)./4!!<!C)E)24! /1! /5)!@21>#./316T! $6>! /5)2)E12)T!+5)6!,1#!0)/! /1!+$4/)!,1#!@21>#.)?!U2!417)!1/5)2!/,@)!1E!+$4/)?!%H.% ,*2A)% -5% *+-4-E(+04% B2-/4*A% 9'(+'% +-341% 2*53,*% (5% 0% B2-13+,% ()% -2E0.(+% -2% .-,% ,'*%/0,,*2(*)>%R3,%0,%,'*%A-A*.,%9'0,%R*+-A*%+'02E*%:-3%,'()L%H%,'(.<%,'*%B2-/4*A%()%)-4@*1>%f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f'0,%9*%,2:%,-%0@-(1L%,-%/*%'-.*),%:-3%()%1(@(1*.1)>%%%
! =5$/!>1!,1#!7)$6!(,!/5$/?!%H.%,'*%*.1L%9'0,%9*%90.,%()%,-%+2*0,*%C-/)%5-2%3)%(.+431*1>%R*+03)*%,-10:%()%0%+-AB0.:%,'0,%1-*)%.-,%E(@*%A*%*.-3E'%,-%,0<*%0%)0402:>%H%0A%.-,%0%)'02*'-41*2%/3,%90E*>%H%0A%9-2<(.E%0.1%H%B3,%0% 4-,L%/3,% HcA%.-,%)0402(*1>%!.1% (.% ,'*%*.1%9'0,%9*%90.,%0.1%9*%,'(.<%,'*2*% ()%A-2*%,-%+2*0,(.E%C-/)L%.-,%1(@(1*.1)>%!.1%(5%9*%1(),2(/3,*L%)32*%,-%/*%+4-)*4:%2*40,*1%,-%,'*%1*1(+0,(-.%-5%,'*%)'02*'-41*2)>%%%%^:!IRF!'2$64@$2)6.,!41.3$%!%
! )*!
<!_1!,1#!/536&!/5),!6))>!/1!37@21H)!36!/534!$4@)./?!Z1+!+1#%>!3/!()!@1443(%)?!%f*%1-%.-,%B3/4()'%0.:%2*B-2,%:*,%/*+03)*%9*%'0@*%.-,%5(.()'*1%),02,%'01%,(A*%,-%1*@-,*%,-%,'()>%G(AB4:L%9*%02*%0%),02M3BL%0.1%9*%02*%C3),%.-9L%/3,%9*%90.,%,-%1-%9*44>%&-10:%9'*.%,'*2*%02*% (AB-2,0.,%1*+()(-.)%,-%A0<*%)-%9*%01@()*%*?,*2.04%E2-3B)%-5%B*-B4*%9'-%'0@*%403E'*1%+2(,*2(0%9*%0))*))%,-%/*%*,'(+04%9(,'%-32%),3.,A*.>%H% 1-% .-,% <.-9% (5% H% 0.)9*2% ,'*% J3*),(-.% /*+03)*% )3),0(.0/(4(,:% 2*B-2,)% +-AB4*,*% 0.1% ,'*%+-AA-.%E--1%1-%.-,%:*,>%%<!=)!+3%%!5$H)!36!736>!E12!/5)!E#/#2)?!!`*)L%/*+03)*% ,'*%90:%9*%02*L%9*%02*%@*2:% (.,*2*),*1% ,'0,%B*-B4*%<.-9%'-9%,-%1-% ,'(.E)%0.1%'-9%9*%02*%,20.)B02*.+:>%R3,%9*%02*%),(44%(.%,(A*%,-%)32@(@*L%9*%+0.%.-,%),02,%A0<(.E%,'*%'-3)*%,'2-3E'%,'*%2--5>%%%%%`:!;(1#/!/5)!0%1($%!/)4/!!<!-1!E$2T!5$4!/5)!/)4/!>3$061434!())6!#4)E#%!E12!/5)!.17@$6,!>3$061434?!G6!+5$/!+$,4!3/!+$4!12!+$4!61/?!=53.5!D#)4/3164!>1!,1#!.1643>)2!/5)!714/!#4)E#%?!=1#%>!,1#!.5$60)!417)!D#)4/3164?!GE!,)4T!+5$/!+1#%>!.5$60)?!%H%,'(.<%,'*%,*),%()%3)*534%/*+03)*%(,%A0<*)%:-3%,'(.<%0%4-.E>%Q0+(.E%0%+'0.E*L%2*A*A/*2%,-%A0<*%(,%,'()%40),%J3*),(-.%0/-3,%)-+(04%,20.)B02*.+:L%0A-.E%9'(+'%()%,'*%40),%>>>%:-3%E*,%A:%B-(.,>%G-A*,(A*)%H%,'(.<%9*%.**1%A-2*%*?B40.0,(-.>%Q-2%*?0AB4*L%K]HL%H%1-%.-,%<.-9%(5%(,c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m%%
top related