# CREDIT SUISSE SECURITIES (USA) LLC X-17A-5 (2022-03-10) — Broker-dealer annual report
- Company: CREDIT SUISSE SECURITIES (USA) LLC
- Form: X-17A-5
- Filed: 2022-03-10
- Period: 2021-12-31
- Accession: 0000318336-22-000007
- CIK: 318336
- File #: 8-00422
- Type: Broker-dealer
- Material weakness: Yes
- Auditor: PricewaterhouseCoopers LLP
- Auditor location: New York, NY
- Contact: Elcin Wood
- Phone: 919-417-6082
- Signed by: Sergio Lupetin (Managing Director)
Original filing: https://www.sec.gov/Archives/edgar/data/318336/000031833622000007/cssu-sofc_2021a.pdf
---
{0}------------------------------------------------
**=0/4?%@4>>0%0.@=4?40>'%,9/%@->4/4,=40> B3:77D:B90/>@->4/4,=D:1=0/4?%@4>>0'%9.**
**:9>:74/,?0/%?,?0809?:149,9.4,7:9/4?4:9 >:1?30\*0,=9/0/0.08-0= 9/\$0;:=?:19/0;09/09?\$024>?0=0/"@-74...:@9?4924=8**
**"'!' & "@=>@,9??:\$@70 ,0 @9/0=?30%0.@=4?40>C.3,920.?:1**
{1}------------------------------------------------
# **Report of Independent Registered Public Accounting Firm**
To the Management and the Board of Managers of Credit Suisse Securities (USA) LLC:
# *Opinion on the Financial Statement – Statement of Financial Condition*
We have audited the accompanying consolidated statement of financial condition of Credit Suisse Securities (USA) LLC and its subsidiaries (the "Company") as of December 31, 2021, including the related notes (collectively referred to as the "consolidated financial statement"). In our opinion, the consolidated financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.
# *Basis for Opinion*
The consolidated financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit of this consolidated financial statement in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statement is free of material misstatement, whether due to error or fraud.
Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statement. We believe that our audit provides a reasonable basis for our opinion.
New York, New York March 10, 2022
We have served as the Company's auditor since 2020.
{2}------------------------------------------------
| 3E:3@653E:7CG;H3>7@FE
|
|
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
| A>>3F7D3>;L768;@3@5;@9E | |
| *75GD;F;7EBGD5:3E76G@67D39D77?7@FEFAD7E7>>A8I:;5:
;ED7BADF763F83;DH3>G7
|
|
| *75GD;F;7E4ADDAI76A8I:;5:
;ED7BADF763F83;DH3>G7
|
|
| *75GD;F;7ED757;H763E5A>>3F7D3>3F83;DH3>G7
A8I:;5:I3E7@5G?47D76
|
|
| ;@3@5;3>;@EFDG?7@FEAI@763F83;DH3>G7
A8I:;5:I3E7@5G?47D76 | |
| 74F;@EFDG?7@FEA8I:;5:
;E8DA?5A@EA>;63F76- E
|
|
| CG;FK;@EFDG?7@FE
|
|
| 7D;H3F;H75A@FD35FE
|
|
| DA=7D397D757;H34>7E | |
| GEFA?7DE
|
|
| DA=7DE673>7DE3@6AF:7DE
|
|
| 787DD76F3J3EE7F
|
|
| AA6I;>>3@6;@F3@9;4>7E
|
|
| &F:7D3EE7FE3@66787DD763?AG@FEA8I:;5:
;ED7BADF763F83;DH3>G73@6
| |
| ;E8DA?5A@EA>;63F76- E
|
|
| +AF3>3EE7FE
|
|
{3}------------------------------------------------
| *:ADF F7D?4ADDAI;@9E
|
|
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
| A>>3F7D3>;L768;@3@5;@9E | |
| ;ED7BADF763F83;DH3>G7
*75GD;F;7EEA>6G@67D39D77?7@FEFAD7BGD5:3E7A8I:;5: |
|
| ;ED7BADF763F83;DH3>G7
*75GD;F;7E>A3@76A8I:;5: |
|
| &4>;93F;A@FAD7FGD@E75GD;F;7ED757;H763E5A>>3F7D3>3F83;DH3>G7
|
|
| ;@3@5;3>;@EFDG?7@FEEA>6@AFK7FBGD5:3E763F83;DH3>G7 | |
| 74F;@EFDG?7@FE
|
|
| CG;FK;@EFDG?7@FE
|
|
| 7D;H3F;H75A@FD35FE
|
|
| DA=7D397B3K34>7E | |
| GEFA?7DE
|
|
| DA=7DE673>7DE3@6AF:7DE
|
|
| *G4AD6;@3F763@6AF:7D>A@9 F7D?4ADDAI;@9EA8I:;5:
;ED7BADF763F83;DH3>G7 | |
| 3@6;E8DA?5A@EA>;63F76- E
|
|
| D7BADF763F83;DH3>G7
&F:7D>;34;>;F;7EA8I:;5: |
|
| +AF3>>;34;>;F;7E
|
|
| \$7?47DE7CG;FK | |
| \$7?47DE5A@FD;4GF;A@E
|
|
|
55G?G>3F7673D@;@9E |
|
| 55G?G>3F76AF:7D5A?BD7:7@E;H7>AEE
|
|
| +AF3>?7?47DE7CG;FK
|
|
| +AF3>>;34;>;F;7E3@6?7?47DE7CG;FK
|
|
{4}------------------------------------------------
#### **!=2,94E,?4:9,9/%@88,=D:1%429414.,9?..:@9?492":74.40>**
## **&30:8;,9D**
D76;F\*G;EE7\*75GD;F;7E,\*##3@6\*G4E;6;3D;7EF:7A?B3@K;E3I:A>>KAI@76EG4E;6;3DKA8 D76;F\*G;EE7,\* @5 F:7'3D7@FAD\*,\*3@63@;@6;D75FI:A>>KAI@76EG4E;6;3DKA8D76;F\*G;EE7 A>6;@9E,\* @5 \*A>6;@9EI:AE7G>F;?3F7B3D7@F;ED76;F\*G;EE7DAGB\*
+:7 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> 5A@6;F;A@ ;@5>G67E F:7 355AG@FE A8 F:7 A?B3@K 3@6 ;FE I:A>>K AI@76 EG4E;6;3DK \*B75;3> \*;FG3F;A@E A>6;@9E @5 M .7EF4D;697 3E I7>> 3E 3>> -3D;34>7 @F7D7EF @F;F;7E- EI:7D7F:7A?B3@K;EF:7BD;?3DK47@78;5;3DK \*77%AF7
8AD?AD7;@8AD?3F;A@D793D6;@9 F:7A?B3@KPE5A@EA>;63F;A@A8- E
+:7A?B3@K3E3, \* D79;EF7D764DA=7D 673>7DBDAH;67E3H3D;7FKA853B;F3>D3;E;@9?3D=7F?3=;@9 36H;EADK3@64DA=7D397E7DH;57E8AD9AH7D@?7@FE8;@3@5;3>;@EF;FGF;A@E5ADBAD3F75>;7@FE3@6388;>;3F7E F;E3@ G@67DID;F7D B>357?7@F 397@F 3@6 673>7D 8AD ?A@7K ?3D=7F ;@EFDG?7@FE 5A??7D5;3> B3B7D ?ADF9397 3@6 AF:7D3EE7F 435=76E75GD;F;7E3EI7>>3E3D3@97A8674F7CG;FK3@6AF:7D5A@H7DF;4>7E75GD;F;7EA85ADBAD3F;A@E 3@6AF:7D;EEG7DE
+:7 355A?B3@K;@9 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> 5A@6;F;A@ :3E 477@ BD7B3D76 8DA? F:7 E7B3D3F7D75AD6E?3;@F3;@764KF:7A?B3@K3@6?3K@AF@757EE3D;>K47;@6;53F;H7A8F:78;@3@5;3>5A@6;F;A@ ADF:7D7EG>FEA8;FEAB7D3F;A@EF:3FIAG>6:3H77J;EF76;8F:7A?B3@K:36477@AB7D3F763E3@G@388;>;3F76 7@F;FK
## **%429414.,9?..:@9?492":74.40>**
*+!+'!&&!\$!&'\*%,!'&*+:75A@EA>;63F765A@EA>;63F76EF3F7?7@FA88;@3@5;3>5A@6;F;A@;EBD7B3D76 ;@355AD63@57I;F:355AG@F;@9BD;@5;B>7E97@7D3>>K3557BF76;@F:7,@;F76\*F3F7EA8?7D;53,\*'
*+'+,!%,+*\$3@397?7@F;ED7CG;D76FA?3=77EF;?3F7E3@63EEG?BF;A@E;@5>G6;@94GF@AF>;?;F76 FAF:7 83;D H3>G7 ?73EGD7?7@FE A8 57DF3;@ 8;@3@5;3> 3EE7FE 3@6 >;34;>;F;7EF:7 7H3>G3F;A@ A8 H3D;34>7 ;@F7D7EF 7@F;F;7ED75A9@;F;A@A86787DD76F3J3EE7FE9AA6I;>>B7@E;A@>;34;>;F;7E>793>3@6F3JG@57DF3;@F;7E3EI7>>3E H3D;AGE5A@F;@97@5;7E +:7E77EF;?3F7E3@63EEG?BF;A@E38875FF:7D7BADF763?AG@FEA83EE7FE3@6>;34;>;F;7E 3@6F:76;E5>AEGD7A85A@F;@97@F3EE7FE3@6>;34;>;F;7E3EA8F:763F7A8F:75A@EA>;63F76EF3F7?7@FA88;@3@5;3> 5A@6;F;A@ .:;>7 ?3@397?7@F 7H3>G3F7E ;FE 7EF;?3F7E 3@6 3EEG?BF;A@E A@ 3@ A@9A;@9 43E;E 35FG3> D7EG>FE 5AG>66;887D?3F7D;3>>K8DA??3@397?7@FPE7EF;?3F7E \$3D=7F5A@6;F;A@E?3K;@5D73E7F:7D;E=3@65A?B>7J;FK A8F:7;76;@F:7E77EF;?3F7E
*\*!&!(\$+''&+'\$!,!'&* @F7D5A?B3@K43>3@57E3@6FD3@E35F;A@E:3H7477@7>;?;@3F76
*'\*!&-\*\*&1,\*&+\$,!'&*+D3@E35F;A@E67@A?;@3F76;@5GDD7@5;7EAF:7DF:3@F:78G@5F;A@3>5GDD7@5K A8F:7 A?B3@K 3D7 D75AD676 4K D7?73EGD;@9F:7? ;@F:7 8G@5F;A@3> 5GDD7@5K A8F:7 A?B3@K GE;@9F:7 8AD7;9@7J5:3@97D3F7A@F:763F7A8F:7FD3@E35F;A@ EA8F:763F7EA8F:7EF3F7?7@FA88;@3@5;3>5A@6;F;A@ ?A@7F3DK3EE7FE3@6>;34;>;F;7EEG5:3ED757;H34>7E3@6B3K34>7E3D7D7BADF76GE;@9F:7K73D 7@6EBAF8AD7;9@
{5}------------------------------------------------
#### **!=2,94E,?4:9,9/%@88,=D:1%429414.,9?..:@9?492":74.40>**
7J5:3@97D3F7E %A@ ?A@7F3DK3EE7FE3@6>;34;>;F;7E3D7D75AD676GE;@9F:7:;EFAD;57J5:3@97D3F7
*!\*.\$-%+-\*%&,&'(,!'&* +:783;DH3>G7?73EGD7?7@F9G;63@577EF34>;E:7E3E;@9>73GF:AD;F3F;H7 678;@;F;A@A8 83;DH3>G73@6 E7FEAGF3 8D3?7IAD= 8AD?73EGD;@9 83;DH3>G7 +:7 83;DH3>G7ABF;A@5D73F7E3@ 3>F7D@3F;H7?73EGD7?7@FFD73F?7@F 8AD 57DF3;@ 8;@3@5;3> 3EE7FE 3@6 8;@3@5;3> >;34;>;F;7E +:7 83;DH3>G7 ABF;A@ 53@ 47 7>75F76 3F ;@;F;3> D75A9@;F;A@ A8 F:7 7>;9;4>7 ;F7? AD 3F F:7 63F7 I:7@ F:7 A?B3@K 7@F7DE ;@FA 3@ 39D77?7@FI:;5:9;H7ED;E7FA3@7>;9;4>7;F7? 8@AF7>75F763F;@;F;3>D75A9@;F;A@F:783;DH3>G7ABF;A@53@47 3BB>;76FA3@;F7?GBA@57DF3;@FD;997D;@97H7@FEF:3F9;H7D;E7FA3@7I43E;EA8355AG@F;@98ADF:3F;F7? +:7 3BB>;53F;A@A8F:783;DH3>G7ABF;A@FA38;@3@5;3>3EE7FAD38;@3@5;3>>;34;>;FK6A7E@AF5:3@97;FE5>3EE;8;53F;A@ A@F:75A@EA>;63F76EF3F7?7@FA88;@3@5;3>5A@6;F;A@3@6F:77>75F;A@;E;DD7HA534>7
*+ & + )-!.\$&,+* 3E: 3@6 53E: 7CG;H3>7@FE ;@5>G67 3>> 67?3@6 67BAE;FE :7>6 ;@ 43@=E ;@5>G6;@9 67?3@6 67BAE;FE :7>6 3F 388;>;3F7 4D3@5:7E 3@6 57DF3;@ :;9:>K >;CG;6 ;@H7EF?7@FE I;F: AD;9;@3> ?3FGD;F;7E A8 63KE AD >7EE AF:7D F:3@ F:AE7 :7>6 8AD E3>7 ;@ F:7 AD6;@3DK 5AGDE7 A8 4GE;@7EE E A8 757?47D
F:7D7 ;E - ?;>>;A@ D7EFD;5F76 53E: E79D793F76 8AD D79G>3FADK BGDBAE7E G@67D F:7 A??A6;FKJ5:3@975F\*75F;A@E63@66
*+\$& \*(-\* +\*%&,+*'GD5:3E7EA8E75GD;F;7EG@67D39D77?7@FEFA D7E7>>D7E3>739D77?7@FE 3@6E75GD;F;7EEA>6G@67D39D77?7@FEFAD7BGD5:3E7D7BGD5:3E739D77?7@FE6A@AF5A@EF;FGF775A@A?;5E3>7E 3@6 3D7 F:7D78AD7 FD73F76 3E 5A>>3F7D3>;L76 8;@3@5;@9 FD3@E35F;A@E I:;5: 3D7 53DD;76 ;@ F:7 5A@EA>;63F76 EF3F7?7@FA88;@3@5;3>5A@6;F;A@3FF:73?AG@FA853E:6;E4GDE76ADD757;H76D7EB75F;H7>K )7E3>739D77?7@FE 3D7 D75AD676 3E 5A>>3F7D3>;L76 3EE7FEI:;>7 D7BGD5:3E7 39D77?7@FE 3D7 D75AD676 3E >;34;>;F;7E +:7G@67D>K;@9 E75GD;F;7EEA>65A@F;@G7FA47D75A9@;L76;@FD36;@93EE7FE +:783;DH3>G7A8E75GD;F;7EFA47D7BGD5:3E763@6 D7EA>6;E?A@;FAD76A@363;>K43E;E3@6366;F;A@3>5A>>3F7D3>;EA4F3;@763E@77676FABDAF75F393;@EF5D76;F 7JBAEGD7
EE7FE 3@6>;34;>;F;7E D75AD676G@67DF:7E7 39D77?7@FE 3D7 355AG@F76 8AD A@ A@7 A8FIA 43E7EF:7 355DG3> 43E;E AD F:7 83;D H3>G7 43E;E 7DF3;@ D7BGD5:3E7 39D77?7@FE 3@6 D7E3>7 39D77?7@FE F:3F BD;?3D;>K D7BD7E7@F ?3F5:76 4AA= 35F;H;F;7E 3D7 83;D H3>G7 7>75F76 +:7 D7?3;@;@9 D7BGD5:3E7 39D77?7@FE 3@6 D7E3>7 39D77?7@FE 3D7 53DD;76 3F 5A@FD35F 3?AG@FE F:3F D78>75F F:7 3?AG@FE 3F I:;5: F:7 E75GD;F;7E I;>> 47 EG4E7CG7@F>KD7BGD5:3E76ADD7EA>6 +:7A?B3@KF3=7EBAEE7EE;A@A8F:7E75GD;F;7EBGD5:3E76G@67DD7E3>7 39D77?7@FE3@6A4F3;@E366;F;A@3>5A>>3F7D3>I:7@F:7?3D=7FH3>G7 83>>E47>AIF:75A@FD35FH3>G7 55DG76 ;@F7D7EF;@5A?73@67JB7@E73D7D75AD676;@F:7E3?7?3@@7D3EG@67DF:7355DG3>?7F:A6;@AF:7D3EE7FE3@6 >;34;>;F;7ED7EB75F;H7>K;@F:75A@EA>;63F76EF3F7?7@FA88;@3@5;3>5A@6;F;A@
)7BGD5:3E7 3@6 D7E3>7 39D77?7@FE?3K 47 @7FF76 ;8F:7K 3D7I;F:F:7 E3?7 5AG@F7DB3DFK :3H7F:7 E3?7 ?3FGD;FK 63F7 E7FF>7 F:DAG9: F:7 E3?7 CG3>;8K;@9 5>73D;@9 ;@EF;FGF;A@ 3@6 EG4<75F FA 3 D;9:F A8 A88E7F 3>>AI764K3>793>>K7@8AD5734>7?3EF7D@7FF;@939D77?7@FAD357@FD3>5AG@F7DB3DFKPE5>73D;@9DG>7E
{6}------------------------------------------------
#### **!=2,94E,?4:9,9/%@88,=D:1%429414.,9?..:@9?492":74.40>**
*-\*!,!+ \$&!& & '\*\*'/!& ,\*&+,!'&+* \*75GD;F;7E 4ADDAI76 3@6 E75GD;F;7E >A3@76 F:3F 3D7 53E: 5A>>3F7D3>;L763D7;@5>G676;@F:75A@EA>;63F76EF3F7?7@FA88;@3@5;3>5A@6;F;A@3F3?AG@FE7CG3>FAF:753E: 36H3@576ADD757;H76 8E75GD;F;7ED757;H763E5A>>3F7D3>;@3E75GD;F;7E>7@6;@93@64ADDAI;@9FD3@E35F;A@?3K 47 EA>6 AD D7B>76976F:7K 3D7 D75AD676 3E E75GD;F;7E D757;H76 3E 5A>>3F7D3>;@F:7 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> 5A@6;F;A@ 3@6 3 5ADD7EBA@6;@9 A4>;93F;A@ FA D7FGD@ F:7 E75GD;FK ;E D75AD676 \*75GD;F;7E >7@6;@9 FD3@E35F;A@E393;@EF@A@ 53E:5A>>3F7D3>;@I:;5:F:7A?B3@K:3EF:7D;9:FFAD7E7>>ADD7B>7697F:75A>>3F7D3> D757;H76 3D7 D75AD676 3F F:7 83;D H3>G7 A8 F:7 5A>>3F7D3> ;@;F;3>>K D757;H76 7DF3;@ E75GD;F;7E >A3@76 3@6 E75GD;F;7E4ADDAI76FD3@E35F;A@EF:3FD7BD7E7@F?3F5:76 4AA=35F;H;F;7E3D753DD;763F83;DH3>G7 ADE75GD;F;7E 4ADDAI;@9 3@6 >7@6;@9 FD3@E35F;A@E F:7 A?B3@K 67BAE;FE AD D757;H7E 53E: AD E75GD;F;7E 5A>>3F7D3> ;@ 3@ 3?AG@F97@7D3>>K;@7J57EEA8F:7?3D=7FH3>G7A8E75GD;F;7E4ADDAI76AD>7@F +:7A?B3@K?A@;FADEF:783;D H3>G7A8E75GD;F;7E4ADDAI763@6>A3@76A@363;>K43E;EI;F:366;F;A@3>5A>>3F7D3>A4F3;@763E@757EE3DK
55DG76;@F7D7EF;@5A?73@67JB7@E73D7D75AD676;@F:7E3?7?3@@7D3EG@67DF:7355DG3>?7F:A6 ;@AF:7D3EE7FE3@6>;34;>;F;7E;@F:75A@EA>;63F76EF3F7?7@FA88;@3@5;3>5A@6;F;A@
*!&&!\$ !&+,\*-%&,+ '/&* ;@3@5;3> ;@EFDG?7@FE AI@76 ;@5>G67 674F E75GD;F;7E ?3D=7F34>7 7CG;FK ;@EFDG?7@FE 3@6 67D;H3F;H7 ;@EFDG?7@FE I:;5: 3D7 53DD;76 3F 83;D H3>G7 3@6 5>3EE;8;76 3E :7>6 8AD FD36;@9 BGDBAE7E43E76A@?3@397?7@FPE;@F7@F )79G>3D I3KE75GD;FKFD3@E35F;A@E3D7D75AD676A@3FD36763F743E;E
*\*!.,!.'&,\*,+*>>67D;H3F;H75A@FD35FE3D753DD;763F83;DH3>G7 +:783;DH3>G73?AG@FE3EEA5;3F76 I;F:67D;H3F;H7;@EFDG?7@FE3D7D7BADF76@7F4K5AG@F7DB3DFK35DAEEBDA6G5FEBDAH;6763>793>>K7@8AD5734>7 ?3EF7D@7FF;@939D77?7@F7J;EFE3@6EG5:BDAH;E;A@E3D7EF3F76;@F:7?3EF7D@7FF;@939D77?7@F +:783;DH3>G7 3?AG@FED75A9@;L768AD67D;H3F;H7;@EFDG?7@FE3EI7>>3EF:783;DH3>G73?AG@FED75A9@;L768ADF:7D;9:FFA D75>3;?53E:5A>>3F7D3>ADF:7A4>;93F;A@FA D7FGD@53E:5A>>3F7D3>3D7 D7BADF76@7F +:7A?B3@K?3K7@F7D ;@FAFD3@E35F;A@EF:3F:3H7@A@ D79G>3DI3KE7FF>7?7@FF7D?EI:;5:;83>>D7CG;D7?7@FE3D7?7F3D7FD73F763E @A@ D79G>3D I3K355AG@F;@967D;H3F;H7E6GD;@9F:7B7D;A68DA?FD36763F7FAE7FF>7?7@F63F7 \*77%AF7E3@6 8AD?AD7;@8AD?3F;A@
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
{7}------------------------------------------------
#### **!=2,94E,?4:9,9/%@88,=D:1%429414.,9?..:@9?492":74.40>**
+:7A?B3@K?73EGD7E7JB75F765D76;F>AEE7EA8 8;@3@5;3>3EE7FEA@35A>>75F;H7BAA>43E;EI:7@ E;?;>3DD;E=5:3D35F7D;EF;5E7J;EF AD8;@3@5;3>3EE7FEI:;5:6A@AFE:3D7E;?;>3DD;E=5:3D35F7D;EF;5E7JB75F76 5D76;F >AEE7E 3D7 7H3>G3F76 A@ 3@ ;@6;H;6G3> 43E;E # 3?AG@FE 3D7 BDA434;>;FK I7;9:F76 7EF;?3F7E A8 BAF7@F;3> 5D76;F >AEE7E 43E76 A@ :;EFAD;53> 8D7CG7@5K 5GDD7@F FD7@6E 3@6 5A@6;F;A@E 3E I7>> 3E 8AD753EF76 \$E EG5: 3E ;@F7D7EF D3F7E 9DAEE 6A?7EF;5 BDA6G5F ' 3@6 G@7?B>AK?7@F D3F7E @ 3>>AI3@57 8AD 5D76;F>AEE7E;E676G5F768DA?F:73?ADF;L765AEF43E;EA8F:78;@3@5;3>3EE7F 'DAH;E;A@E8ADA88 43>3@57E:77F 5D76;F 7JBAEGD7E 3D7 D75A9@;L76 3E 3 BDAH;E;A@;@ AF:7D>;34;>;F;7E;@F:7 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> 5A@6;F;A@ +:7 3>>AI3@57 8AD 5D76;F >AEE7E 3@6 BDAH;E;A@E 8AD A88 43>3@57 E:77F 5D76;F 7JBAEGD7E I7D7 ;??3F7D;3>3EA8757?47D
+:7 A?B3@K 3BB>;76F:7 5A>>3F7D3> ?3;@F7@3@57 BD35F;53> 7JB76;7@FFA ;FE 5A>>3F7D3>;L76 8;@3@5;@9 3DD3@97?7@FE ;@5>G6;@9 E75GD;F;7E 4ADDAI76 3@6 D7E3>7 39D77?7@FE 3>A@9 I;F: ;FE 5GEFA?7D ?3D9;@ >A3@E D7BADF76;@4DA=7D397D757;H34>7E8DA?5GEFA?7DE;@F:75A@EA>;63F76EF3F7?7@FA88;@3@5;3>5A@6;F;A@I:;5: 3D7 EG4<75F FA 5A>>3F7D3> ?3;@F7@3@57 BDAH;E;A@E I:7D7 F:7 4ADDAI7D ;E D7CG;D76 FA 5A@F;@G3>>K 36>3F7D3>E75GD;@9F:78;@3@5;3>3EE7F3E3D7EG>FA85:3@97E;@F:783;DH3>G7A8F:75A>>3F7D3> .:7@ F:7 83;D H3>G7 A8 F:7 5A>>3F7D3> ;E >7EE F:3@ F:7 3?ADF;L76 5AEF 43E;E A8 F:7 8;@3@5;3> 3EE7FE F:7 A?B3@K 7H3>G3F7EI:7F:7D3@3>>AI3@578AD5D76;F>AEE7E;E@757EE3DK8ADF:7G@E75GD763?AG@FA8F:73?ADF;L765AEF 43E;E>;?;F76FAF:76;887D7@5747FI77@F:783;DH3>G7A8F:75A>>3F7D3>3FF:7D7BADF;@963F73@6F:73?ADF;L76 5AEF43E;EA8F:78;@3@5;3>3EE7FE EA8757?47D
F:7A?B3@K:3ED75AD676EB75;8;5BDAH;E;A@EA8 -?;>>;A@D7>3F76FA5GEFA?7D?3D9;@>A3@E
;@3@5;3> 3EE7FE ?73EGD76 3F 3?ADF;L76 5AEF F:3F 3D7 @AF 7>;9;4>7 8AD F:7 5A>>3F7D3> ?3;@F7@3@57 BD35F;53> 7JB76;7@F 5A@E;EF A8 D757;H34>7E 6G7 8DA? 5GEFA?7DE D75AD676 ;@ F:7 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> 5A@6;F;A@ D757;H34>7E 6G7 8DA? 4DA=7D 673>7DE 3@6 5>73D;@9 AD93@;L3F;A@E G@E7FF>76 FD367E 3@6 E75GD;F;7E 83;>76 FA 67>;H7D D75AD676 ;@ D757;H34>7E 8DA? 4DA=7DE 673>7DE 3@6 AF:7DE A@ F:7 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> 5A@6;F;A@ 3E I7>> 3E 3@K G@E75GD76 3?AG@FE 8AD ;@EFDG?7@FE 3BB>K;@9 F:7 BD35F;53> 7JB76;7@F AD 8;@3@5;3> 3EE7FE ?73EGD76 3F 3?ADF;L76 5AEF 43E;E F:3F 3D7 @AF 7>;9;4>7 8AD F:7 5A>>3F7D3> ?3;@F7@3@57BD35F;53>7JB76;7@FF:7A?B3@K7EF;?3F7E7JB75F765D76;F>AEE7EAH7DF:7>;87A8F:78;@3@5;3> 3EE7FE 3E A8 F:7 D7BADF;@9 63F7 43E76 A@ D7>7H3@F ;@8AD?3F;A@ 34AGF B3EF 7H7@FE 5GDD7@F 5A@6;F;A@E 3@6 D73EA@34>73@6EGBBADF34>78AD753EFE
+:7 A?B3@K 7EF;?3F7E 5D76;F >AEE7E A@ 57DF3;@ A88 43>3@57 E:77F 5D76;F 7JBAEGD7E AH7D F:7 5A@FD35FG3>B7D;A6A83BD7E7@FA4>;93F;A@FA7JF7@65D76;FG@>7EEF:3FA4>;93F;A@;EG@5A@6;F;A@3>>K53@57>>34>7 4K F:7 A?B3@K &F:7D F:3@ F:7 7EF;?3F;A@ A8 F:7 BDA434;>;FK A8 8G@6;@9 A@ EG5: 3DD3@97?7@FE F:7 3>>AI3@57 8AD 5D76;F >AEE7E ;E 7EF;?3F76 ;@ 3 ?3@@7D E;?;>3D FA F:7 ?7F:A6A>A9K GE76 8AD 8G@676 5D76;F 7JBAEGD7E3@63EEG5:F:7A?B3@K7EF;?3F7E7JB75F765D76;F>AEE7EAH7DF:7>;87A8F:7;@EFDG?7@FE3EA8F:7 D7BADF;@9 63F7 43E76 A@ D7>7H3@F ;@8AD?3F;A@ 34AGF B3EF 7H7@FE 5GDD7@F 5A@6;F;A@E 3@6 D73EA@34>7 3@6 EGBBADF34>78AD753EFE
+:7 A?B3@K 5A@F;@G3>>K ?A@;FADE 5A>>75F;A@E 3@6 B3K?7@FE 8DA? ;FE 5>;7@FE 3@6 ?3;@F3;@E 3@ 3>>AI3@578AD6AG4F8G>355AG@FE +:73>>AI3@57;E43E76A@3@7EF;?3F7F:73?AG@FA8BAF7@F;3>5D76;F
{8}------------------------------------------------
#### **!=2,94E,?4:9,9/%@88,=D:1%429414.,9?..:@9?492":74.40>**
>AEE7E;@7J;EF;@9D757;H34>7E +:7A?B3@K67F7D?;@7EF:;E3>>AI3@5743E76A@3D7H;7IA839;@9E5:76G>7E 3@6 B3EF 6G7 43>3@57E 3@6 5A@E;67DEF:7 E:ADF F7D? @3FGD7 A8 5D76;F 7JBAEGD7 5AG@F7DB3DFK 5D76;FCG3>;FK :;EFAD;53>7JB7D;7@573@65GDD7@F5GEFA?7D3@675A@A?;55A@6;F;A@E
*''/!\$\$&!&,!!\$!&,&!\$++,+* AA6I;>> D7BD7E7@FEF:73?AG@F4KI:;5:F:7BGD5:3E7BD;57 7J5776EF:783;DH3>G7A8F:7F3@9;4>73@6;@F3@9;4>73EE7FEA83@35CG;D765A?B3@KA@F:763F7A835CG;E;F;A@ AA6I;>>3@6;@678;@;F7 >;H76;@F3@9;4>73EE7FE3D7D7H;7I763@@G3>>K8AD;?B3;D?7@FAD?AD78D7CG7@F>K;83 FD;997D7H7@F;E;67@F;8;76
*%(!\*%&,'&&'&-!&&!\$++,+* +:7A?B3@K7H3>G3F7EBD7?;E7E3@67CG;B?7@F8AD;?B3;D?7@F3F >73EF3@@G3>>K3@6I:7@7H7D7H7@FEAD5:3@97E;@5;D5G?EF3@57E;@6;53F7F:3FF:753DDK;@93?AG@F?3K@AF47 D75AH7D34>7 +:7;?B3;D?7@F3EE7EE?7@F;EB7D8AD?768AD3@;@6;H;6G3>3EE7FADI:7D73BB>;534>739DAGBA8 3EE7FE 8ADI:;5:>3D97>KE7B3D3F753E: 8>AIE53@47;67@F;8;76 )75A9@;F;A@A83@;?B3;D?7@FA@EG5:3EE7FE 7EF34>;E:7E3@7I5AEF43E7I:;5:;E@AF36G7
*&'%,0+*+:7A?B3@K;E;@5>G676;@F:75A@EA>;63F768767D3>3@657DF3;@EF3F73@6>A53>;@5A?7 F3J \*#+ D7FGD@E 8;>76 4K \* A>6;@9E \* A>6;@9E 3>>A53F7E 8767D3> ;@5A?7 F3J 3@6 \*#+ FA ;FE EG4E;6;3D;7E A@ 3 ?A6;8;76 E7B3D3F7 5A?B3@K 43E;E BGDEG3@F FA 3 F3J E:3D;@9 3DD3@97?7@F +3J 47@78;FE D7>3F76FA53DDK8ADI3D6E3D7D75AD676A@>KFAF:77JF7@FF:7K5AG>647GE765GDD7@F>KAD;@F:78GFGD7FAD76G57 5A@EA>;63F768767D3>AD\*#+7JB7@E7
+:7A?B3@KGE7EF:73EE7F3@6>;34;>;FK?7F:A6;@BDAH;6;@98AD;@5A?7F3J7EI:;5:D7CG;D7EF:3F 6787DD76 ;@5A?7F3J7E 47 D75AD676 3@6 36;63F76EF3F7?7@FA8 8;@3@5;3>5A@6;F;A@ADF3JD7FGD@E43E76GBA@7@35F76F3J>3IE 3@6D3F7E 787DD76F3J3EE7FE3D7D75A9@;L76EG4<75FFA?3@397?7@FPE;L3F;A@;E?AD7>;=7>K F:3@@AF
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
*\*'#\* \*!.\$+ & \*'#\* (1\$+* +:7 A?B3@K D75A9@;L7E D757;H34>7E 3@6 B3K34>7E 8DA? FD3@E35F;A@E ;@ 8;@3@5;3> ;@EFDG?7@FE BGD5:3E76 8DA? 3@6 EA>6 FA 5GEFA?7DE 43@=E 3@6 4DA=7D 673>7DE @ AD67D FA 5A@6G5F FD367E I;F: 3@ 7J5:3@97 AD 3 F:;D6 B3DFK 43@= F:7 A?B3@K ;E D7CG;D76 FA ?3;@F3;@ 3 ?3D9;@ +:;E;EGEG3>>K;@F:78AD?A853E:3@667BAE;F76;@3E7B3D3F7?3D9;@355AG@FI;F:F:77J5:3@97AD 4DA=7D 8 3H3;>34>7 ;@8AD?3F;A@ ;@6;53F7E F:3F ;F ;E BDA434>7 F:3F 3 4DA=7D397 D757;H34>7 ;E ;?B3;D76 3@ 3>>AI3@57;E7EF34>;E:76 .D;F7 A88EA84DA=7D397D757;H34>7EA55GD;8F:7AGFEF3@6;@93?AG@FE3D75A@E;67D76 G@5A>>75F;4>7
{9}------------------------------------------------
#### **!=2,94E,?4:9,9/%@88,=D:1%429414.,9?..:@9?492":74.40>**
)757;H34>7E 8DA? 3@6 B3K34>7E FA 5GEFA?7DE ;@5>G67 3?AG@FE 6G7 A@ D79G>3D I3K E75GD;F;7E FD3@E35F;A@E ?3D9;@ FD3@E35F;A@E 3@6 8GFGD7E \*75GD;F;7E AI@76 4K 5GEFA?7DE ;@5>G6;@9 F:AE7 F:3F 5A>>3F7D3>;L7 ?3D9;@ AD E;?;>3D FD3@E35F;A@E 3D7 :7>6 8AD 5>;7@FE A@ 3@ 397@5K AD 8;6G5;3DK 53B35;FK 4K F:7 A?B3@K 3D7 @AF 3EE7FE A8F:7 A?B3@K 3@6 3D7 @AF D78>75F76 ;@F:7 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> 5A@6;F;A@ )757;H34>7E8DA?3@6B3K34>7EFA5GEFA?7DE3D7D75AD6763F3?ADF;L765AEF@7FA83@K3>>AI3@57E 8AD5D76;F>AEE7E
)757;H34>7E8DA?4DA=7DE673>7DE3@6AF:7DE;@5>G673?AG@FED757;H34>78ADE75GD;F;7E@AF67>;H7D76 4KF:7A?B3@KFA3BGD5:3E7D4KF:7E7FF>7?7@F63F783;>EFA67>;H7DA?@;4GED757;H34>7ED757;H34>7E8DA? 5>73D;@9 AD93@;L3F;A@E 3@6 AF:7D @A@ 5GEFA?7D D757;H34>7EI:;5: 3D7 BD;?3D;>K 3?AG@FE D7>3F76FA 8GFGD7E 5A@FD35FE '3K34>7EFA4DA=7DE673>7DE3@6AF:7DE;@5>G673?AG@FEB3K34>78ADE75GD;F;7E@AFD757;H764KF:7 A?B3@K8DA?3E7>>7D4KF:7E7FF>7?7@F63F783;>EFAD757;H7B3K34>7EFA5>73D;@9AD93@;L3F;A@E3@6AF:7D @A@ 5GEFA?7D B3K34>7E I:;5: 3D7 BD;?3D;>K 3?AG@FE D7>3F76 FA 8GFGD7E 5A@FD35FE @ 366;F;A@ F:7 @7F D757;H34>7ADB3K34>73D;E;@98DA?G@E7FF>76D79G>3D I3KFD367E;E;@5>G676;@D757;H34>7E8DA?4DA=7DE673>7DE 3@6AF:7DEADB3K34>7EFA4DA=7DE673>7DE3@6AF:7DE3EI7>>3EE7FF>7?7@FB3K?7@FEA8F:7?3D= FA ?3D=7F H3D;3F;A@ ?3D9;@ 8DA? E7FF>76 FA ?3D=7F 67D;H3F;H7 5A@FD35FE )757;H34>7E 8DA? 4DA=7DE 673>7DE 3@6 AF:7DE 3@6B3K34>7EFA4DA=7DE673>7DE3@6AF:7DE3D7 D75AD6763F3?ADF;L765AEF@7FA83@K3>>AI3@57E 8AD5D76;F >AEE7E
*-'\*!&,&', \*\$'&-,\*%'\*\*'/!&+*+:7A?B3@K53DD;7E>A@9 F7D?4ADDAI;@9EA857DF3;@- E BD;@5;B3>>K D7E;67@F;3> ?ADF9397 435=76 E75GD;F;7E )\$\* 3@6 5A??7D5;3> ?ADF9397 435=76 E75GD;F;7E \$\*I:;5:3D75A@EA>;63F76G@67D,\*'3F 83;DH3>G7 T+:7A?B3@K53DD;7E;FEEG4AD6;@3F763@6 >A@9 F7D?4ADDAI;@9EI;F:388;>;3F7EA@3@355DG3>43E;E \*77%AF7E
3@6
8AD?AD7;@8AD?3F;A@
*-\*!,!2,!'&* +:7A?B3@KE75GD;F;L7EBD;?3D;>K)\$\*3@6\$\* 78AD7D75AD6;@93E75GD;F;L3F;A@ 3E3E3>7F:7A?B3@K?GEF3EE7EEI:7F:7DF:3FFD3@E87D;E355AG@F768AD3E3E3>7A8F:73EE7FE +D3@E87DEA8 3EE7FE?3K@AF?77FE3>7D7CG;D7?7@FE;8F:73EE7FE:3H7@AF477@>793>>K;EA>3F768DA?F:7A?B3@K3@6AD;8 F:7A?B3@KPE5A@F;@G;@9;@HA>H7?7@F;E677?76FA9;H7;F78875F;H75A@FDA>AH7DF:73EE7FE 8F:7FD3@E87D;E @AF677?763E3>7;F;E;@EF736355AG@F768AD3E3E75GD764ADDAI;@9I;F:F:7FD3@E87DD763EE7FE3E5A>>3F7D3> +:7A?B3@K?3KD7F3;@;@F7D7EFE;@F:7E7E75GD;F;L763EE7FE;@5A@@75F;A@I;F:;FEG@67DID;F;@93@6?3D=7F ?3=;@9 35F;H;F;7E )7F3;@76 ;@F7D7EFE ;@ E75GD;F;L76 8;@3@5;3> 3EE7FE 3D7 ;@5>G676 3F 83;D H3>G7 ;@ 8;@3@5;3> ;@EFDG?7@FEAI@76;@F:75A@EA>;63F76EF3F7?7@FA88;@3@5;3>5A@6;F;A@ +:783;DH3>G7EA8D7F3;@76;@F7D7EFE 3D7 67F7D?;@76 GE;@9 7;F:7D BD;57E A8 5A?B3D34>7 E75GD;F;7E A4E7DH76 ;@ F:7 ?3D=7F H7@6AD BD;57E AD F:7 BD7E7@F H3>G7 A8 7EF;?3F76 8GFGD7 53E: 8>AI H3>G3F;A@F75:@;CG7EF:3F ;@5ADBAD3F7 3EEG?BF;A@EF:3F?3D=7F B3DF;5;B3@FE 5GEFA?3D;>K GE7 ;@ F:7;D 7EF;?3F7E A8 H3>G7E ;@5>G6;@9 BD7B3K?7@F EB776E 5D76;F >AEE7E 3@6 6;E5AG@FD3F7E \*77%AF7
8AD?AD7;@8AD?3F;A@
{10}------------------------------------------------
#### **!=2,94E,?4:9,9/%@88,=D:1%429414.,9?..:@9?492":74.40>**
*\*'",&!,'\$!,!'&*+:7A?B3@KGE7EF:7BDA<75F76G@;F5D76;F35FG3D;3>?7F:A6FA67F7D?;@7 F:7BD7E7@FH3>G7A8;FEBDA<75F7647@78;FA4>;93F;A@'&3@6F:75GDD7@F3@6B3EFE7DH;575AEFEAD5D76;FE D7>3F76FA;FE678;@7647@78;F3@6AF:7DBAEF D7F;D7?7@F47@78;FB>3@E +:7?73EGD7?7@F63F7GE76FAB7D8AD? F:7 35FG3D;3> H3>G3F;A@ ;E 757?47D
EF 7DF3;@ =7K 3EEG?BF;A@E 3D7 GE76 ;@ B7D8AD?;@9 F:7 35FG3D;3> H3>G3F;A@E +:7E7 3EEG?BF;A@E?GEF 47?367 5A@57D@;@9F:7 8GFGD7 7H7@FEF:3FI;>> 67F7D?;@7F:7 3?AG@F 3@6F;?;@9 A8F:7 47@78;F B3K?7@FE 3@6F:GE D7CG;D7 E;9@;8;53@F3@ 3EE7FE 3@6 E3>3DK;@5D73E7E +:7 3EEG?76 6;E5AG@F D3F7E D78>75FF:7 D3F7E 3FI:;5:F:7 B7@E;A@ 47@78;FE 5AG>6 47 78875F;H7>K E7FF>76 +:7E7 D3F7E 3D7 67F7D?;@76 43E76 A@ K;7>6E A8 :;9: CG3>;FK 5ADBAD3F7 4A@6E 5GDD7@F>K3H3;>34>73@63D77JB75F76FA473H3;>34>76GD;@9F:7B7D;A6FA?3FGD;FKA8F:7B7@E;A@47@78;FE +:7 7JB75F76 >A@9 F7D? D3F7 A8 D7FGD@ A@ B>3@ 3EE7FE ;E 67F7D?;@76 A@ 3 B>3@ 43E;E F3=;@9 ;@FA 355AG@F 3EE7F 3>>A53F;A@ :;EFAD;53> D3F7 A8 D7FGD@ 47@5:?3D= ;@6;57E 8AD E;?;>3D FKB7 B7@E;A@ B>3@ 3EE7FE >A@9 F7D? 7JB75F3F;A@E A8 8GFGD7 D7FGD@E 3@6 ;@H7EF?7@F EFD3F79K 73>F: 53D7 5AEF FD7@6 D3F7E 3D7 67F7D?;@76 4K D7H;7I;@9 7JF7D@3> 63F3 3@6F:7A?B3@KPE AI@ :;EFAD;53>FD7@6E 8AD :73>F: 53D7 5AEFE \*3>3DK;@5D73E7E 3D7 67F7D?;@76 4K D7H;7I;@9 7JF7D@3> 63F3 3@6 5A@E;67D;@9 ;@F7D@3> BDA<75F;A@E +:7 8G@676 EF3FGE A8 F:7 A?B3@KPE678;@7647@78;FBAEF D7F;D7?7@F3@6B7@E;A@B>3@E;ED75A9@;L76;@F:75A@EA>;63F76EF3F7?7@FA8 8;@3@5;3>5A@6;F;A@
# **\$ &\*!"&!' & %& \$%**
# **%&:;4.
9.:80&,C0>**
@ 757?47D
F:7 \* ;EEG76 \*,
Q\*;?B>;8K;@9 F:7 55AG@F;@9 8AD @5A?7 +3J7ER\*,
3@ GB63F7FA\* +AB;5 M @5A?7 +3J7E +:7 3?7@6?7@FE ;@\*,
7>;?;@3F76 57DF3;@ 7J57BF;A@E D7>3F76 FA F:7 3BBDA35: 8AD ;@FD3B7D;A6 F3J 3>>A53F;A@ F:7 ?7F:A6A>A9K 8AD 53>5G>3F;@9;@5A?7F3J7E;@3@;@F7D;?B7D;A63@6F:7355AG@F;@98AD43E;E6;887D7@57EI:7@F:7D73D75:3@97E ;@8AD7;9@AI@7DE:;B @366;F;A@\*,
;@5>G6765>3D;8;53F;A@3@6E;?B>;8;53F;A@A8AF:7D3EB75FEA8 F:7355AG@F;@98AD;@5A?7F3J7E +:73?7@6?7@FE3D778875F;H78AD3@@G3>D7BADF;@9B7D;A6E479;@@;@938F7D 757?47D
3@68ADF:7;@F7D;?B7D;A6EI;F:;@F:AE73@@G3>D7BADF;@9B7D;A6E \*,
3>>AIE 3@ 7>75F;A@ FA 5A@F;@G7 FA 3>>A53F7 F:7 5A@EA>;63F76 3?AG@F A8 5GDD7@F 3@6 6787DD76 F3J 7JB7@E7 FA 6;ED793D676 F3J 7@F;F;7E \* A>6;@9E 7>75F76 FA 5A@F;@G7 FA 3>>A53F7 F3J7E FA ;FE 6;ED793D676 7@F;F;7E +:7 36ABF;A@ A8\*,
A@ !3@G3DK
:36 @A;?B35F A@F:7A?B3@KPE 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3>5A@6;F;A@
## **%&:;4.
\$010=09.0\$,?0\$01:=8**
@ \$3D5: F:7 \* ;EEG76 \*, Q35;>;F3F;A@ A8 F:7 8875FE A8 )787D7@57 )3F7 )78AD? A@ ;@3@5;3> )7BADF;@9R \*, 5D73F;@9 \* +AB;5 )787D7@57 )3F7 )78AD? +:7 3?7@6?7@FE;@\*, BDAH;676ABF;A@3>9G;63@57 8AD3>;?;F76B7D;A6A8F;?7FA73E7F:7BAF7@F;3> 4GD67@ ;@ 355AG@F;@9 8ADAD D75A9@;L;@9F:7 78875FE A8 D787D7@57 D3F7 D78AD? A@ 8;@3@5;3> D7BADF;@9 +:7 3?7@6?7@FE I7D7 7>75F;H7 3@6 3BB>;76 FA 5A@FD35FE :769;@9 D7>3F;A@E:;BE 3@6 AF:7D FD3@E35F;A@E F:3F D787D7@57F:7#A@6A@ @F7D43@=&887D76)3F7# &)AD3@AF:7DD787D7@57D3F77JB75F76FA476;E5A@F;@G76 4753GE7A8D787D7@57D3F7D78AD?
{11}------------------------------------------------
#### **!=2,94E,?4:9,9/%@88,=D:1%429414.,9?..:@9?492":74.40>**
@ !3@G3DK
F:7\*;EEG76\*,
Q)787D7@57)3F7)78AD?\*5AB7R\*,
I:;5:7JB3@676F:7E5AB7A8\*+AB;5FA3BB>K57DF3;@ABF;A@3>7JB76;7@FE8AD5A@FD35F?A6;8;53F;A@E 3@6 :7697 355AG@F;@9 BDAH;676 ;@ \*, FA 67D;H3F;H7 ;@EFDG?7@FE F:3F GE7 3@ ;@F7D7EF D3F7 8AD ?3D9;@;@96;E5AG@F;@9AD5A@FD35FBD;573>;9@?7@FF:3F;E?A6;8;768ADD787D7@57D3F7D78AD? +:79G;63@57 3>EA 3BB>;76FA 67D;H3F;H7EF:3F 6A @AF D787D7@57# &) AD AF:7D D787D7@57 D3F7EF:3FI7D7 7JB75F76FA 47 6;E5A@F;@G76
+:73?7@6?7@FE5AG>6:3H7477@3BB>;763EA8\$3D5:
F:DAG9:757?47D
+:7 A?B3@K7>75F76FA3BB>K\*, 3@6D7FDAEB75F;H7>K3BB>K\*,
6GD;@9 +:7E77>75F;A@E 6;6@AF:3H73?3F7D;3>;?B35FA@F:7A?B3@KPE5A@EA>;63F76EF3F7?7@FA88;@3@5;3>5A@6;F;A@
# **@>490>>0A07:;809?>**
@ %AH7?47D
\* 3@@AG@576 F:3F F:7 A3D6 A8 ;D75FADE :36 G@3@;?AGE>K 39D776 A@ 3 EFD3F79;56;D75F;A@3@63BBDAH76F:7;@FDA6G5F;A@A839>A43>4GE;@7EE3@6D79;A@3>?3FD;JEFDG5FGD7 EB3DF A8F:73@@AG@57?7@FF:7A?B3@KI;>>7J;FF:7BD;?7E7DH;57E4GE;@7EE;@ EF:7;?B>7?7@F3F;A@A8 F:7\*3@@AG@576D7AD93@;L3F;A@BDA9D7EE7ED7EFDG5FGD;@95AEFED7>3F;@9FA3EE7F;?B3;D?7@FE3@6>;34;>;FK H3>G3F;A@E ?3K 3D;E7 ;@ 5A@@75F;A@ I;F: 4GE;@7EE 35F;H;F;7E F:3F 3D7 B>3@@76 FA 47 7J;F76 3@6 F:7;D D7>3F76 ;@8D3EFDG5FGD7 EA8757?47D
F:7D7EFDG5FGD;@9BDAH;E;A@I3E;??3F7D;3>
# **,4=(,7@0:149,9.4,79>?=@809?>**
# **,4=(,7@00,>@=0809?**
E;9@;8;53@FBADF;A@A8F:7A?B3@KPE8;@3@5;3>;@EFDG?7@FE3D753DD;763F83;DH3>G7 7F7D;AD3F;A@ A8F:78;@3@5;3>?3D=7FE5AG>6E;9@;8;53@F>K;?B35FF:783;DH3>G7A8F:7E78;@3@5;3>;@EFDG?7@FE +:783;DH3>G7 A8 F:7 ?3 ;@EFDG?7@FE ;E 43E76 A@ CGAF76 BD;57E ;@ 35F;H7 ?3D=7FE AD A4E7DH34>7;@BGFE
@366;F;A@F:7A?B3@K:A>6E 8;@3@5;3>;@EFDG?7@FE 8ADI:;5:@ABD;57E3D73H3;>34>73@6I:;5: :3H787IAD@AA4E7DH34>7;@BGFE ADF:7E7;@EFDG?7@FEF:767F7D?;@3F;A@A883;DH3>G7D7CG;D7EEG4<75F;H7 3EE7EE?7@F3@6;CG;6;FKBD;5;@93EEG?BF;A@EF:75GDD7@F75A@A?;53@65A?B7F;F;H7 7@H;DA@?7@F3@6F:7 D;E=E38875F;@9F:7 EB75;8;5;@EFDG?7@F @ EG5:5;D5G?EF3@57EH3>G3F;A@;E67F7D?;@76 43E76A@?3@397?7@FPEAI@6GE7;@BD;5;@9 F:73EE7FAD>;34;>;FK;@5>G6;@93EEG?BF;A@E34AGFD;E=
+:7 83;D H3>G7 A8 8;@3@5;3> 3EE7FE 3@6 >;34;>;F;7E ;E ;?B35F76 4K 835FADE EG5: 3E 47@5:?3D= ;@F7D7EF D3F7E BD;57E A8 8;@3@5;3> ;@EFDG?7@FE ;EEG76 4K F:;D6 B3DF;7E 5A??A6;FK BD;57E 8AD7;9@ 7J5:3@97 D3F7 3@6 ;@67J BD;57E AD D3F7E @ 366;F;A@H3>G3F;A@ 36 B3DF A8F:7H3>G3F;A@ BDA57EEI:7@ ?3D=7FBD;57E3D7@AF;@6;53F;H7A8F:75D76;FCG3>;FKA835AG@F7DB3DFK3@63D73BB>;76FA674F;@EFDG?7@FE
,\* ' B7D?;FE 3 D7BADF;@9 7@F;FKFA ?73EGD7F:7 83;D H3>G7 A8 3 9DAGB A8 8;@3@5;3> 3EE7FE 3@6 8;@3@5;3> >;34;>;F;7E A@ F:7 43E;E A8 F:7 BD;57 F:3F IAG>6 47 D757;H76 FA E7>> 3 @7F >A@9 BAE;F;A@ AD B3;6 FA FD3@E87D3@7FE:ADFBAE;F;A@8AD3B3DF;5G>3DD;E=7JBAEGD7;@3@AD67D>KFD3@E35F;A@47FI77@?3D=7F
{12}------------------------------------------------
# **,4=(,7@0:149,9.4,79>?=@809?>**
B3DF;5;B3@FE3FF:7?73EGD7?7@F63F7 EEG5:F:7A?B3@K5A@F;@G7EFA3BB>K4;63@6A887D36;AEA853E:E75GD;F;7E3@6AD67D;H3F;H7;@EFDG?7@FEFA36G7A8F:7@7FBAE;F;A@8DA?3 ?;6?3D=7FBD;57FAF:73BBDABD;3F74;6ADA887D>7H7>F:3FIAG>647D73>;L76G@67D@AD?3>?3D=7F5A@6;F;A@E 8ADF:7 @7F>A@9 AD @7F E:ADF BAE;F;A@ 8AD 3 EB75;8;5?3D=7F D;E= @ 366;F;A@F:7A?B3@K D78>75FEF:7 @7F 7JBAEGD7FA5D76;FD;E=8AD;FE67D;H3F;H7;@EFDG?7@FEI:7D7F:7A?B3@K:3E>793>>K7@8AD5734>739D77?7@FE I;F:;FE5AG@F7DB3DF;7EF:3F?;F;93F75D76;FD;E=7JBAEGD7;@F:77H7@FA86783G>F
-3>G3F;A@3673@65A@E;EF7@F?3@@7DF:3FD7EG>FE;@3@>A53F;A@ FAF:7 D7>7H3@F 6;E5>AEGD7E;@F:7 @AF7EFAF:7 8;@3@5;3> EF3F7?7@FE 3E;8F:7H3>G3F;A@ 36>A53F76FAF:7;@6;H;6G3>G@;FA8355AG@F
# **,4=(,7@040=,=.3D**
+:7>7H7>EA8F:783;DH3>G7:;7D3D5:K3D7678;@763E8A>>AIE
*.\$* (GAF76 BD;57E G@36 3EE7FE AD >;34;>;F;7E F:3F F:7 A?B3@K:3EF:734;>;FKFA3557EE +:;E>7H7>A8F:783;DH3>G7:;7D3D5:KBDAH;67EF:7?AEFD7>;34>77H;67@57A8 83;DH3>G73@6;EGE76FA?73EGD783;DH3>G7I:7@7H7D3H3;>34>7
*.\$* @BGFEAF:7DF:3@CGAF76BD;57E;@5>G676I;F:;@>7H7>
F:3F3D7A4E7DH34>7 8ADF:73EE7FAD >;34;>;FK7;F:7D6;D75F>KAD;@6;D75F>K +:7E7;@BGFE;@5>G673CGAF76BD;57E 8ADE;?;>3D3EE7FEAD>;34;>;F;7E;@ 35F;H7?3D=7FE4CGAF76BD;57E8AD;67@F;53>ADE;?;>3D3EE7FEAD>;34;>;F;7E;@?3D=7FEF:3F3D7@AF35F;H7F:3F ;E?3D=7FE;@I:;5:F:7D7 3D7 87IFD3@E35F;A@E 8ADF:7 3EE7F AD>;34;>;FKF:7 BD;57E 3D7 @AF5GDD7@F AD BD;57 CGAF3F;A@E H3DK EG4EF3@F;3>>K 7;F:7D AH7D F;?7 AD 3?A@9 ?3D=7F ?3=7DE AD ;@ I:;5: >;FF>7 ;@8AD?3F;A@ ;E BG4>;5>K3H3;>34>75;@BGFEAF:7DF:3@CGAF76BD;57EF:3F3D7A4E7DH34>78ADF:73EE7FAD>;34;>;FKAD6;@BGFE F:3F3D767D;H76BD;@5;B3>>K8DA?AD5ADDA4AD3F764KA4E7DH34>7?3D=7F63F34K5ADD7>3F;A@ADAF:7D?73@E
*.\$* @BGFEF:3F3D7G@A4E7DH34>78ADF:73EE7FAD>;34;>;FK +:7E7;@BGFED78>75FF:7A?B3@KPEAI@ 3EEG?BF;A@E 34AGF F:7 3EEG?BF;A@E F:3F ?3D=7F B3DF;5;B3@FE IAG>6 GE7 ;@ BD;5;@9 F:7 3EE7F AD >;34;>;FK ;@5>G6;@93EEG?BF;A@E34AGFD;E= +:7E7;@BGFE3D767H7>AB7643E76A@F:747EF;@8AD?3F;A@3H3;>34>7;@F:7 5;D5G?EF3@57E I:;5: ;@5>G67 F:7 A?B3@KPE AI@ 63F3 +:7 A?B3@KPE AI@ 63F3 GE76 FA 67H7>AB G@A4E7DH34>7 ;@BGFE 3D7 366 GE7 6;887D7@F 3EEG?BF;A@E
{13}------------------------------------------------
| 0.08-0=
| 0A07 | 0A07 | 0A07 | &:?,7,?1,4=
A,7@0 | |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-----------|-----------|----------------------|--|
| | | @?;>>;A@E | | | |
| >>0?> | | | | | |
| )7E3>739D77?7@FE
|
N |
|
N |
| |
| *75GD;F;7E4ADDAI76FD3@E35F;A@E
|
N |
|
N |
| |
| *75GD;F;7ED757;H763E5A>>3F7D3> | | | | | |
| 74F;@EFDG?7@FE
|
|
N |
N |
| |
| CG;FK;@EFDG?7@FE
|
|
N |
N |
| |
| +AF3>E75GD;F;7ED757;H763E5A>>3F7D3>
|
|
N |
N |
| |
| ;@3@5;3>;@EFDG?7@FEAI@76 | | | | | |
| 74F;@EFDG?7@FE | | | | | |
| ,*8767D3>9AH7D@?7@F
|
|
N |
N |
| |
| A??7D5;3>?ADF9397 435=76E75GD;F;7E\$*
|
N |
|
|
| |
| ADBAD3F7E
|
N |
|
|
| |
| AD7;9@9AH7D@?7@F
|
N |
|
N |
| |
| &F:7D5A>>3F7D3>;L76674FA4>;93F;A@E&
|
N |
|
|
| |
| )7E;67@F;3>?ADF9397 435=76E75GD;F;7E)\$*
|
N |
|
|
| |
| +AF3>674F;@EFDG?7@FE
|
|
|
|
| |
| CG;FK;@EFDG?7@FE
|
|
|
|
| |
| 7D;H3F;H75A@FD35FE | | | | | |
| @F7D7EFD3F7BDA6G5FE
|
|
|
N |
| |
| AD7;9@7J5:3@97BDA6G5FE
|
N |
|
N |
| |
| CG;FK;@67J D7>3F76BDA6G5FE
|
|
|
|
| |
| D76;FBDA6G5FE
|
N |
|
N |
| |
| %7FF;@9
| | | |
| |
| +AF3>67D;H3F;H75A@FD35FE
|
|
|
|
| |
| &F:7D3EE7FE | | | | | |
| #A3@E:7>6 8AD E3>7
|
N |
|
N |
| |
| &F:7D
|
N |
N |
|
| |
| +AF3>AF:7D3EE7FE
|
N |
|
|
| |
| &:?,7,>>0?>,?1,4=A,7@0 |
|
|
|
| |
{14}------------------------------------------------
| 0.08-0=
| 0A07 | 0A07 | 0A07 | &:?,7,?1,4=
A,7@0 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-----------|-----------|----------------------|
| | | @?;>>;A@E | | |
| 4,-474?40> | | | | |
| )7BGD5:3E739D77?7@FE
|
N |
|
N |
|
| *75GD;F;7E>A3@76FD3@E35F;A@E
|
N |
|
N |
|
| &4>;93F;A@FAD7FGD@E75GD;F;7ED757;H763E5A>>3F7D3> | | | | |
| 74F;@EFDG?7@FE
|
|
N |
N |
|
| CG;FK;@EFDG?7@FE
|
|
N |
N |
|
| +AF3>A4>;93F;A@FAD7FGD@E75GD;F;7ED757;H763E5A>>3F7D3>
|
|
N |
N |
|
| ;@3@5;3>;@EFDG?7@FEAI@76 | | | | |
| 74F;@EFDG?7@FE | | | | |
| ,*8767D3>9AH7D@?7@F
|
|
N |
N |
|
| A??7D5;3>?ADF9397 435=76E75GD;F;7E\$*
|
N |
|
N |
|
| ADBAD3F7E
|
N |
|
N |
|
| AD7;9@9AH7D@?7@F
|
N |
|
N |
|
| +AF3>674F;@EFDG?7@FE
|
|
|
N |
|
| CG;FK;@EFDG?7@FE
|
|
|
|
|
| 7D;H3F;H75A@FD35FE | | | | |
| @F7D7EFD3F7BDA6G5FE
|
|
|
N |
|
| AD7;9@7J5:3@97BDA6G5FE
|
N |
|
N |
|
| CG;FK;@67J D7>3F76BDA6G5FE
|
N |
|
N |
|
| D76;FBDA6G5FE
|
N |
|
|
|
| %7FF;@9
| | | |
|
| +AF3>67D;H3F;H75A@FD35FE
|
|
|
|
|
| *G4AD6;@3F763@6AF:7D>A@9 F7D?4ADDAI;@9E
|
N |
|
|
|
| &F:7D>;34;>;F;7E
|
N |
|
|
|
| &:?,774,-474?40>,?1,4=A,7@0 |
|
|
|
|
{15}------------------------------------------------
## **,4=(,7@0:149,9.4,79>?=@809?>**
# **&=,9>10=>49,9/:@?:170A07**
+D3@E87DE;@FA3@6AGFA8>7H7>3EE7FEA8-?;>>;A@3@6-?;>>;A@D7EB75F;H7>K6GD;@9F:7K73D 7@676 757?47D
I7D7 BD;?3D;>K 8DA? 3EE7F 435=76 E75GD;F;7E I:;5: I7D7 BD;?3D;>K 6G7 FA F:7 5:3@97;@A4E7DH34;>;FKA8BD;5;@963F33@63H3;>34;>;FKA8BD;5;@9;@8AD?3F;A@8DA?7JF7D@3>BDAH;67DE
## **#@,74?,?4A04>.7:>@=0>:1(,7@,?4:9&0.394<@0>**
# **!A0=A40B**
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
&@3?A@F:>K43E;E?77F;@9E3D7:7>68AD735:4GE;@7EE>;@7I;F:E7@;ADD7BD7E7@F3F;H7EA8F:7DA@F &88;573@6'DA6G5FA@FDA>FA6;E5GEE;@67B7@67@FBD;57H7D;8;53F;A@D7EG>FEH3>G3F;A@36G3F;A@;EEG7E &@3CG3DF7D>K43E;E3D7H;7IA8E;9@;8;53@F5:3@97E;@F:783;DH3>G7A88;@3@5;3> ;@EFDG?7@FE;EG@67DF3=7@4K'DA6G5FA@FDA>3@65A@5>GE;A@E3D7 D735:76 D793D6;@9F:7 D73EA@34>7@7EEA8 F:AE7 5:3@97E 66;F;A@3>>K A@ 3 CG3DF7D>K 43E;E ?77F;@9E 3D7 :7>6 8AD 735: 4GE;@7EE >;@7 I;F: E7@;AD D7BD7E7@F3F;H7EA8F:7DA@F&88;573@65A@FDA>8G@5F;A@EEG5:3E'DA6G5FA@FDA>3@6);E=\$3@397?7@FFA 6;E5GEE ;@67B7@67@F BD;57 H7D;8;53F;A@ D7EG>FE H3>G3F;A@ ;EEG7E 4GE;@7EE 3@6 ?3D=7F GB63F7E 3E I7>> 3E 3 D7H;7IA8E;9@;8;53@F5:3@97E;@83;DH3>G78DA?F:7BD;ADCG3DF7DE;9@;8;53@FG@A4E7DH34>7;@BGFE3@6BD;57E GE76;@H3>G3F;A@F75:@;CG7E3@6H3>G3F;A@36G3F;A@ D7EG>FE 3D7 399D793F76 8AD D7BADF;@9 FA F:7 -3>G3F;A@ );E= \$3@397?7@F A??;FF77 -)\$ 3@6F:7G6;FA??;FF77 +:7-)\$I:;5:;E5A?BD;E76A8J75GF;H7A3D6?7?47DE 3@6 F:7:736EA8F:74GE;@7EE3@65A@FDA>8G@5F;A@E?77FEFAD7H;7I3@6D3F;8KH3>G3F;A@D7H;7I5A@5>GE;A@E3@6 FA D7EA>H7 E;9@;8;53@F H3>G3F;A@ ;EEG7E 8AD \* &H7DE;9:F A8 F:7 H3>G3F;A@ 5A@FDA> 8D3?7IAD= ;E F:DAG9: EB75;8;53@6D79G>3DD7BADF;@9A@H3>G3F;A@6;D75F>KFA\*PEJ75GF;H7A3D6F:DAG9:F:7-)\$
&@7A8F:7=7K5A?BA@7@FEA8F:79AH7D@3@57BDA57EE;EF:7E79D793F;A@A86GF;7E47FI77@F:7DA@F &88;573@6'DA6G5FA@FDA> +:7DA@F&88;57;ED7EBA@E;4>78AD?73EGD;@9;@H7@FADK3F83;DH3>G7A@363;>K 43E;EI:;>7'DA6G5FA@FDA>;ED7EBA@E;4>78AD;@67B7@67@F>KD7H;7I;@93@6H3>;63F;@9F:AE7H3>G3F;A@EA@3 B7D;A6;543E;E +:7DA@F&88;57H3>G7EF:7;@H7@FADKGE;@9I:7D7H7DBAEE;4>7A4E7DH34>7?3D=7F63F3I:;5: ?3K ;@5>G67 7J75GF76 FD3@E35F;A@E 673>7D CGAF7E AD 4DA=7D CGAF7E 8AD F:7 E3?7 AD E;?;>3D ;@EFDG?7@FE 'DA6G5F A@FDA> H3>;63F7E F:;E ;@H7@FADK GE;@9 ;@67B7@67@F>K EAGD576 63F3 F:3F 3>EA ;@5>G67E 7J75GF76 FD3@E35F;A@E673>7DCGAF7E3@64DA=7DCGAF7E
@ 97@7D3> 'DA6G5FA@FDA> GF;>;L7E ;@67B7@67@F BD;5;@9 E7DH;57 63F3 3E B3DF A8 ;FE D7H;7I BDA57EE @67B7@67@FBD;5;@9E7DH;5763F3;E3@3>KL76FA7@EGD7F:3F;F;ED7BD7E7@F3F;H7A883;DH3>G7;@5>G6;@9
{16}------------------------------------------------
## **,4=(,7@0:149,9.4,79>?=@809?>**
5A@8;D?;@9 F:3F F:7 63F3 5ADD7EBA@6E FA 7J75GF76 FD3@E35F;A@E AD 7J75GF34>7 4DA=7D CGAF7E D7H;7I 3@6 3EE7EE?7@F A8 5A@FD;4GFADE FA 7@EGD7 F:7K 3D7 35F;H7 ?3D=7F B3DF;5;B3@FE D7H;7I A8 EF3F;EF;53> 63F3 3@6 GF;>;L3F;A@ A8 BD;5;@95:3>>7@97E +:7 3@3>KE;E 3>EA;@5>G67EG@67DEF3@6;@9F:7 EAGD57EA8F:7BD;5;@9 E7DH;57 63F33@63@K?A67>EAD3EEG?BF;A@EGE76;@67F7D?;@;@9F:7D7EG>FE +:7BGDBAE7A8F:7D7H;7I;EFA;FK3@6D7>;34;>;FKA8F:763F38AD83;DH3>G7?73EGD7?7@FBGDBAE7E3@6;FE3BBDABD;3F7>7H7>A8GE397 I;F:;@F:7'DA6G5FA@FDA>;@67B7@67@FH3>G3F;A@D7H;7I
AD 57DF3;@ 8;@3@5;3> ;@EFDG?7@FE F:7 83;D H3>G7 ;E 7EF;?3F76 ;@ 8G>> AD ;@ B3DF GE;@9 H3>G3F;A@ F75:@;CG7E43E76A@3EEG?BF;A@EF:3F3D7@AFEGBBADF764K?3D=7FA4E7DH34>7BD;57ED3F7EADAF:7D;@BGFE @ 366;F;A@ F:7D7 ?3K 47 G@57DF3;@FK 34AGF 3 H3>G3F;A@ D7EG>F;@9 8DA? F:7 5:A;57 A8 H3>G3F;A@ F75:@;CG7 AD ?A67> GE76 F:7 3EEG?BF;A@E 7?476676 ;@ F:AE7 ?A67>E F:7 7JF7@F FA I:;5: ;@BGFE 3D7 @AF ?3D=7F A4E7DH34>7 AD 3E 3 5A@E7CG7@57 A8 AF:7D 7>7?7@FE 38875F;@9 F:7 H3>G3F;A@ F75:@;CG7 AD ?A67> \$A67> 53>;4D3F;A@;EB7D8AD?76I:7@E;9@;8;53@F@7I?3D=7F;@8AD?3F;A@475A?7E3H3;>34>7AD3F3?;@;?G?A@3 CG3DF7D>K43E;E3EB3DFA8F:74GE;@7EED7H;7IA8E;9@;8;53@FG@A4E7DH34>7;@BGFE8AD>7H7>;@EFDG?7@FE AD ?A67>EF:3F:3H7477@677?76FA47 E;9@;8;53@FFAF:7AH7D3>> 83;DH3>G7A8F:7 8;@3@5;3>;@EFDG?7@F?A67> H3>;63F;A@;EB7D8AD?763EB3DFA8F:7B7D;A6;5D7H;7IA8F:7D7>3F76?A67>
+:7 8A>>AI;@9 ;@8AD?3F;A@ A@F:7 H3>G3F;A@F75:@;CG7E 3@6 E;9@;8;53@F G@A4E7DH34>7 ;@BGFE A8F:7 H3D;AGE 8;@3@5;3> ;@EFDG?7@FE 3@6 F:7 E75F;A@ Q,@57DF3;@FK A8 83;D H3>G7 ?73EGD7?7@FE 8DA? F:7 GE7 A8 E;9@;8;53@FG@A4E7DH34>7;@BGFERE:AG>647D736;@5A@7EQEE7FE3@6>;34;>;F;7E?73EGD76 3F83;DH3>G7A@3D75GDD;@943E;ERQ(G3@F;F3F;H7;@8AD?3F;A@34AGF>7H7>3EE7FE?73EGD763F83;DH3>G7A@3 D75GDD;@943E;ER3@6Q(G3@F;F3F;H7;@8AD?3F;A@34AGF>7H7>>;34;>;F;7E?73EGD763F 83;DH3>G7A@3 D75GDD;@9 43E;ER
# **\$0;@=.3,>0,2=00809?,9/=0>,70,2=00809??=,9>,.?4:9>,9/>0.@=4?40>-:==:B0/,9/>0.@=4?40> 7:,90/**
\*75GD;F;7E BGD5:3E76 G@67D D7E3>7 39D77?7@FE 3@6 E75GD;F;7E EA>6 G@67D D7BGD5:3E7 39D77?7@FE 3D7 ?73EGD763F83;DH3>G7GE;@96;E5AG@F7653E:8>AI3@3>KE;E GFGD753E:8>AIE3D76;E5AG@F76GE;@9A4E7DH34>7 ?3D=7F ;@F7D7EF D3F7 D7BGD5:3E7D7E3>7 5GDH7E 8AD F:7 3BB>;534>7 ?3FGD;FK 3@6 G@67D>K;@9 5A>>3F7D3> A8 F:7 ;@EFDG?7@FE EEG5:4AF:E75GD;F;7EBGD5:3E76G@67DD7E3>739D77?7@FE3@6E75GD;F;7EEA>6G@67DD7BGD5:3E7 39D77?7@FE3D7;@5>G676;@>7H7>A8F:7 83;DH3>G7:;7D3D5:K \*75GD;F;7E4ADDAI763@6 E75GD;F;7E>A3@763D7 ?73EGD763F83;DH3>G73@63D7;@5>G676;@>7H7>A8F:783;DH3>G7:;7D3D5:K
\*75GD;F;7EBGD5:3E76G@67DD7E3>739D77?7@FE3D7GEG3>>K8G>>K5A>>3F7D3>;L76ADAH7D5A>>3F7D3>;L764K 9AH7D@?7@FE75GD;F;7E?A@7K?3D=7F;@EFDG?7@FE5ADBAD3F74A@6EADAF:7D674F;@EFDG?7@FE @F:77H7@F A85AG@F7DB3DFK6783G>FF:75A>>3F7D3>E7DH;5739D77?7@FBDAH;67EF:7A?B3@KI;F:F:7D;9:FFA>;CG;63F7F:7 5A>>3F7D3>:7>6
## **%0.@=4?40>=0.04A0/,>.:77,?0=,7,9/:-742,?4:9?:=0?@=9>0.@=4?40>=0.04A0/,>.:77,?0=,7**
\*75GD;F;7ED757;H763E5A>>3F7D3>3@6A4>;93F;A@FAD7FGD@E75GD;F;7ED757;H763E5A>>3F7D3>3D7?73EGD76 3F83;DH3>G7GE;@9F:7?7F:A6AGF>;@7647>AI8ADQ674F;@EFDG?7@FER3@6Q7CG;FK;@EFDG?7@FE R
{17}------------------------------------------------
## **,4=(,7@0:149,9.4,79>?=@809?>**
## **0-?49>?=@809?>**
## **:=;:=,?0>**
ADBAD3F74A@6E3D7BD;576FAD78>75F5GDD7@F?3D=7F>7H7>E7;F:7DF:DAG9:D757@F?3D=7FFD3@E35F;A@E AD 4DA=7D AD 673>7DCGAF7E A@H7DF;4>7 4A@6E 3D797@7D3>>KH3>G76GE;@9 A4E7DH34>7 BD;5;@9 EAGD57E AD 3 E?3>> @G?47D A8 5A@H7DF;4>7 4A@6E @A A4E7DH34>7 BD;57E 3D7 3H3;>34>7 3@6 H3>G3F;A@ ;E 67F7D?;@76 GE;@9 ?A67>E 8AD I:;5: F:7 =7K ;@BGFE ;@5>G67 EFA5= BD;57 6;H;67@6 D3F7E 5D76;F EBD736E BD7B3K?7@F D3F7E 6;E5AG@F D3F7E 73D@;@9E 478AD7 ;@5A?7F3J 67BD75;3F;A@ 3@6 3?ADF;L3F;A@ + ?G>F;B>7E 3@6 7CG;FK ?3D=7F HA>3F;>;FK .:7D7 3 ?3D=7F BD;57 8AD F:7 B3DF;5G>3D E75GD;FK ;E @AF 6;D75F>K 3H3;>34>7 H3>G3F;A@E 3D7 A4F3;@7643E76A@K;7>6ED78>75F764KAF:7D;@EFDG?7@FE;@F:7EB75;8;5ADE;?;>3D7@F;FKPE53B;F3>EFDG5FGD73@6 367E75GD;FKI:7D7?3D=7F63F3 ;E3H3;>34>7F3=;@9;@FA5A@E;67D3F;A@6;887D7@57E;@5D76;F>;CG;6;FK3@6?3FGD;FKADF:DAG9:F:73BB>;53F;A@ A8 53E: 8>AI ?A67>;@9 F75:@;CG7E GF;>;L;@9 A4E7DH34>7 ;@BGFE EG5: 3E 5GDD7@F ;@F7D7EF D3F7 5GDH7E 3@6 A4E7DH34>7 \* EBD736E \*;9@;8;53@F G@A4E7DH34>7 ;@BGFE ?3K ;@5>G67 5ADD7>3F;A@ 3@6 BD;57 AD E75GD;F;7E GE;@9 ?3D=7F 5A?B3D34>7 BD;57 F:7 6;887D7@F;3F;A@ 47FI77@ >7H7> 3@6 >7H7> ;E 43E76 GBA@ F:7 D7>3F;H7 E;9@;8;53@57 A8 3@K K;7>6 36> 3E F:7 355GD35K A8 F:7 5A?B3D;EA@ 5:3D35F7D;EF;5E ; 7 F:7 A4E7DH34>7 5A?B3D34>7 E75GD;FK ?3K 47 ;@ F:7 E3?7 5AG@FDK 4GF ;@ 3 6;887D7@F ;@6GEFDK 3@6 ?3K :3H7 3 6;887D7@FE7@;AD;FK>7H7>MF:7>AI7DF:75A?B3D34;>;FKF:7?AD7>;=7>KF:7E75GD;FKI;>>47>7H7>
# **%\$%,9/:?30=!>0.@=4?40>**
3;D H3>G7E A8 )\$\* \$\* 3@6 AF:7D & ?3K 47 3H3;>34>7 F:DAG9: CGAF76 BD;57E I:;5: 3D7 A8F7@43E76A@F:7BD;57E3FI:;5:E;?;>3D>KEFDG5FGD763@65A>>3F7D3>;L76E75GD;F;7EFD36747FI77@673>7DE3@6 FA 3@6 8DA? 5GEFA?7DE 7@7D3>>K F:7 83;D H3>G7E A8 )\$\* \$\* 3@6 AF:7D &E 3D7 H3>G76 GE;@9 A4E7DH34>7 BD;5;@9 EAGD57E 3;D H3>G7E A8 )\$\* \$\* 3@6 AF:7D & E75GD;F;7E 8AD I:;5: F:7D7 3D7 E;9@;8;53@FG@A4E7DH34>7 ;@BGFE 3D7H3>G76GE;@9 BD;57F:3F ;E67D;H76 'D;57?3K @AF 47 A4E7DH34>7 8AD 83;D H3>G7?73EGD7?7@FBGDBAE7E8AD?3@KD73EA@EEG5:3EF:7>7@9F:A8F;?7E;@57F:7>3EF7J75GF76FD3@E35F;A@ 8ADF:7D7>3F76E75GD;FKGE7A83BD;578DA?3E;?;>3D;@EFDG?7@FADGE7A83BD;578DA?3@;@6;53F;H7CGAF7 3;DH3>G7E67F7D?;@764K?3D=7F5A?B3D34>7BD;57?3K;@5>G676;E5AG@F7653E:8>AI?A67>EGE;@9F:7;@BGFE 5D76;F EBD736 6783G>F D3F7 6;E5AG@F D3F7 BD7B3K?7@F D3F7 3@6 >AEE E7H7D;FK 'D;57E 8DA? E;?;>3D A4E7DH34>7 ;@EFDG?7@FE3D7GE76FA53>5G>3F7;?B>;76;@BGFEI:;5:3D7F:7@GE76FAH3>G7G@A4E7DH34>7;@EFDG?7@FEGE;@9 6;E5AG@F76 53E: 8>AI +:7 6;E5AG@F76 53E: 8>AI BD;57 ;E F:7@ 5A?B3D76 FA F:7 G@A4E7DH34>7 BD;57E 3@6 3EE7EE768ADD73EA@34>7@7EE
AD EA?7 EFDG5FGD76 674F E75GD;F;7E 67F7D?;@3F;A@ A8 83;D H3>G7 D7CG;D7E EG4<75F;H7 3EE7EE?7@F 67B7@6;@9 A@ >;CG;6;FK AI@7DE:;B 5A@57@FD3F;A@ 3@6F:7 5GDD7@F 75A@A?;5 3@6 5A?B7F;F;H7 7@H;DA@?7@F -3>G3F;A@ ;E 67F7D?;@76 43E76 A@ ?3@397?7@FPE AI@ 3EEG?BF;A@E 34AGF :AI ?3D=7F B3DF;5;B3@FE IAG>6 BD;57F:73EE7F A>>3F7D3>;L764A@6E3@6>A3@A4>;93F;A@E3D7EB>;F;@FAH3D;AGEEFDG5FGD76FD3@5:7E3@6735: FD3@5:7 ;E H3>G76 43E76 GBA@ ;FE ;@6;H;6G3> D3F;@9 3@6 F:7 G@67D>K;@9 5A>>3F7D3> EGBBADF;@9 F:7 EFDG5FGD7 -3>G3F;A@?A67>E3D7GE76FAH3>G74AF:53E:3@6EK@F:7F;5&E
{18}------------------------------------------------
## **,4=(,7@0:149,9.4,79>?=@809?>**
## **<@4?D49>?=@809?>**
+:7?3;5 EFA5=7J5:3@97E 8ADI:;5:CGAF76BD;57E3D7D736;>K3@6D79G>3D>K3H3;>34>7 3;DH3>G7EA8BD787DD76E:3D7E3D767F7D?;@764K F:7;DK;7>63@6F:7EG4AD6;@3F;A@D7>3F;H7FAF:7;EEG7DPEAF:7D5D76;FA4>;93F;A@E #7H7>3@6>7H7>7CG;F;7E ;@5>G67 7CG;FK E75GD;F;7E I;F: D7EFD;5F;A@E F:3F 3D7 @AF FD3676 ;@ 35F;H7 ?3D=7FE \*;9@;8;53@F G@A4E7DH34>7 ;@BGFE?3K;@5>G67BD;57
## **0=4A,?4A0.:9?=,.?>**
7D;H3F;H7E :7>6 8ADFD36;@9 BGDBAE7E;@5>G67 4AF:&+ 3@6 7J5:3@97 FD3676 67D;H3F;H7E +:7 83;D H3>G7EA87J5:3@97 FD3676 67D;H3F;H7E?73EGD76GE;@9A4E7DH34>77J5:3@97BD;57E3D7;@5>G676;@>7H7>
A8 F:783;DH3>G7:;7D3D5:K AD7J5:3@97 FD367667D;H3F;H7EI:7D7F:7HA>G?7A8FD36;@9;E>AIF:7A4E7DH34>7 7J5:3@97BD;57E?3K@AF475A@E;67D767J75GF34>73FF:7D7BADF;@963F7 +:7E767D;H3F;H7E3D7H3>G76;@F:7 E3?7?3@@7D3EE;?;>3DA4E7DH34>7&+67D;H3F;H7E3@63D7;@5>G676;@>7H7>A8F:783;DH3>G7:;7D3D5:K 8 F:7E;?;>3D&+67D;H3F;H7GE768ADH3>G;@9F:77J5:3@97 FD367667D;H3F;H7;E@AFA4E7DH34>7F:77J5:3@97 FD367667D;H3F;H7;E;@5>G676;@>7H7>A8F:783;DH3>G7:;7D3D5:K \*77%AF78AD?AD7;@8AD?3F;A@
+:7 83;D H3>G7E A8&+ 67D;H3F;H7E 3D7 67F7D?;@76 A@F:7 43E;EA8 ;@6GEFDK EF3@63D6?A67>E +:7 ?A67>GE7EH3D;AGEA4E7DH34>73@6G@A4E7DH34>7;@BGFE;@AD67DFA67F7D?;@783;DH3>G7 +:7;@BGFE;@5>G67 F:AE7 5:3D35F7D;EF;5E A8 F:7 67D;H3F;H7 F:3F :3H7 3 473D;@9 A@ F:7 75A@A?;5E A8 F:7 ;@EFDG?7@F .:7D7 A4E7DH34>7 ;@BGFE BD;57E 8DA? 7J5:3@97E 673>7DE 4DA=7DE AD ?3D=7F 5A@E7@EGE 63F3 BDAH;67DE 3D7 @AF 3H3;>34>7 3FF7?BFE 3D7 ?367 FA ;@87D H3>G7E 8DA? A4E7DH34>7 BD;57E F:DAG9: ?A67> 53>;4D3F;A@ EBAF 3@6 8ADI3D6 D3F7E ?73@ D7H7DE;A@ 47@5:?3D= ;@F7D7EF D3F7 5GDH7E 3@6 HA>3F;>;FK ;@BGFE 8AD 5A??A@>K FD3676 ABF;A@BDA6G5FE AD;@BGFEF:3F53@@AF4767D;H768DA?AF:7DEAGD57E7EF;?3F7E8DA?:;EFAD;53>63F3?3K47 ?367 &+ 67D;H3F;H7E I:7D7 F:7 ?3G7 ;E 67D;H76 8DA? ?3D=7F A4E7DH34>7 ;@BGFE 3D7 53F79AD;L763E>7H7>;@EFDG?7@FEI:;>7F:AE7I:7D7F:7?3G7;E67D;H768DA?G@A4E7DH34>7 ;@BGFE3D753F79AD;L763E>7H7>A8F:783;DH3>G7:;7D3D5:K
# **!?30=,>>0?>**
+:7 A?B3@KPE AF:7D 3EE7FE ;@5>G67 >A3@E :7>6 8AD E3>7 :7>6 4K - PE F:3F 3D7 GE76 FA 435= F:7 E75GD;F;7E;EEG764KF:7- E +:7 83;DH3>G7A8>A3@E:7>6 8AD E3>7 8DA?- E3D767F7D?;@7643E76A@F:7 CGAF76 BD;57E 8AD E75GD;F;L76 4A@6EI:7D7 3H3;>34>7 AD A@ 53E: 8>AI 3@3>KE7E 8AD E75GD;F;L76 4A@6EI:7@ CGAF76BD;57E3D7@AF3H3;>34>7 +:7E;9@;8;53@FG@A4E7DH34>7;@BGF8AD>A3@E:7>6 8AD E3>7;EBD;57 +:7D7I7D7 @A>A3@E:7>6 8AD E3>753F79AD;L763E>7H7>3EA8757?47D
{19}------------------------------------------------
## **,4=(,7@0:149,9.4,79>?=@809?>**
## **%@-:=/49,?0/,9/:?30=7:92?0=8-:==:B492>**
+:7A?B3@KPEEG4AD6;@3F763@6AF:7D>A@9 F7D?4ADDAI;@9E;@5>G67F:7>A@9 F7D?4ADDAI;@9E;@ - EF:3F I7D7 5A@EA>;63F76 +:7 83;D H3>G7 A8 >A@9 F7D? 4ADDAI;@9E A8 5A@EA>;63F76 - E ;E 67F7D?;@76 43E76 A@F:7CGAF76 BD;57E 8AD E75GD;F;L76 4A@6EI:7D7 3H3;>34>7 AD A@ 53E: 8>AI 3@3>KE7E 8AD E75GD;F;L76 4A@6EI:7@CGAF76BD;57E3D7@AF3H3;>34>7 +:7E;9@;8;53@FG@A4E7DH34>7;@BGF8ADEG4AD6;@3F763@6AF:7D >A@9 F7D? 4ADDAI;@9E ;E BD;57 +:7D7 I3E 3@ ;??3F7D;3> EG4AD6;@3F76 3@6 AF:7D >A@9 F7D? 4ADDAI;@9E 43>3@5753F79AD;L763E>7H7>3EA8757?47D
## **!?30=74,-474?40>**
@5>G676;@AF:7D>;34;>;F;7E3D7A@F;@97@F3B;F3>I3D6EE3@6AF:7D6787DD765A?B7@E3F;A@ B>3@E I:;5: 3D7 ?73EGD76 3F 83;D H3>G7 GE;@9F:7 6;E5AG@F76 53E: 8>AI ?7F:A6 +:7 H3>G7 A8F:7 E >;34;>;F;7E 3D7 43E76 A@ \*PE D787D7@576 5A@F;@97@F 5A@H7DF;4>7 5A5A ;@EFDG?7@FE +:7 E;9@;8;53@F G@A4E7DH34>7;@BGF;E5D76;FEBD736
# **'9.0=?,49?D:11,4=A,7@080,>@=0809?>1=:8?30@>0:1>429414.,9?@9:->0=A,-7049;@?>**
AD >7H7> 3EE7FE I;F: 3 E;9@;8;53@F G@A4E7DH34>7 ;@BGF A8 BD;57 5ADD7>3F;A@ AD HA>3F;>;FK 3@6 BD7B3K?7@F D3F7;@97@7D3>3@;@5D73E7;@F:7 E;9@;8;53@FG@A4E7DH34>7;@BGFIAG>6;@5D73E7F:7 83;DH3>G7 AD>7H7>3EE7FEI;F:3E;9@;8;53@FG@A4E7DH34>7;@BGFA86783G>FD3F76;E5AG@FD3F7>AEEE7H7D;FK3@65D76;F EBD736;@97@7D3>3@;@5D73E7;@F:7E;9@;8;53@FG@A4E7DH34>7;@BGFIAG>6675D73E7F:783;DH3>G7 AD>7H7> >;34;>;F;7E;@97@7D3>3@;@5D73E7;@F:7D7>3F76E;9@;8;53@FG@A4E7DH34>7;@BGFEIAG>6:3H7F:7;@H7DE7;?B35F A@83;DH3>G7
# **9?0==07,?4:9>34;>-0?B009>429414.,9?@9:->0=A,-7049;@?>**
+:7D73D7@A?3F7D;3>;@F7DD7>3F;A@E:;BE47FI77@F:7E;9@;8;53@FG@A4E7DH34>7;@BGFE8ADF:78;@3@5;3> ;@EFDG?7@FE EF:7E;9@;8;53@FG@A4E7DH34>7;@BGFE?AH7;@67B7@67@F>K97@7D3>>K3@;@5D73E7AD675D73E7;@ A@7E;9@;8;53@FG@A4E7DH34>7;@BGFI;>>:3H7@A?3F7D;3>;?B35FA@F:7AF:7DE;9@;8;53@FG@A4E7DH34>7;@BGFE
{20}------------------------------------------------
# **,4=(,7@0:149,9.4,79>?=@809?>**
## **#@,9?4?,?4A0/4>.7:>@=0>:1A,7@,?4:9?0.394<@0>**
+:7 8A>>AI;@9 F34>7 BDAH;67E 3 D7BD7E7@F3F;H7 D3@97 A8 ?;@;?G? 3@6 ?3J;?G? H3>G7E A8 735: E;9@;8;53@FG@A4E7DH34>7;@BGF8AD?3F7D;3>>7H7>3EE7FE3@6>;34;>;F;7E4KF:7D7>3F76H3>G3F;A@F75:@;CG7
| 0.08-0=
| ,4=(,7@0
9
84774:9> | (,7@,?4:9&0.394<@0 | '9:->0=A,-709;@? | 4948@8
(,7@0 | ,C48@8
(,7@0 | )0423?0/
A0=,20 |
|-----------------------------------------|---------------------------|--------------------|------------------|-----------------|-----------------|--------------------|
| 74F;@EFDG?7@FE | | | | | | |
| &F:7D&E |
| ;E5AG@F7653E:8>AI | ;E5AG@FD3F7;@ |
|
|
|
| )7E;67@F;3>?ADF9397435=76
E75GD;F;7E |
| ;E5AG@F7653E:8>AI | ;E5AG@FD3F7;@ |
|
|
|
| CG;FK;@EFDG?7@FE |
| \$3D=7F5A?B3D34>7 | 'D;57;@35FG3>E | |
|
|
## **#@,74?,?4A0/4>.@>>4:9:1?30=,920>:1>429414.,9?@9:->0=A,-7049;@?>**
+:7 8A>>AI;@9 E75F;A@E BDAH;67 8GDF:7D ;@8AD?3F;A@ 34AGF F:7 D3@97E A8 E;9@;8;53@F G@A4E7DH34>7 ;@BGFE;@5>G676;@F:7F34>7 34AH7 +:7>7H7> A8 399D793F;A@ 3@6 6;H7DE;FKI;F:;@F:7 8;@3@5;3>;@EFDG?7@FE 6;E5>AE76;@F:7F34>734AH7D7EG>F;@57DF3;@D3@97EA8E;9@;8;53@F;@BGFE47;@9I;673@6G@7H7@>K6;EFD;4GF76 35DAEE3EE7F3@6>;34;>;FK53F79AD;7E
*!+'-&, \*,* +:7 6;E5AG@F D3F7 ;E F:7 D3F7 A8 ;@F7D7EF GE76 FA 53>5G>3F7 F:7 BD7E7@F H3>G7 A8 F:7 7JB75F7653E:8>AIEA838;@3@5;3>;@EFDG?7@F +:7D73D7?G>F;B>7835FADEF:3FI;>>;?B35FF:76;E5AG@FD3F78AD 3@K9;H7@ 8;@3@5;3>;@EFDG?7@F;@5>G6;@9F:75AGBA@A@F:7;@EFDG?7@FF:7F7D?3@6F:7G@67D>K;@9D;E=A8 F:7 7JB75F76 53E: 8>AIE AD 7J3?B>7FIA;@EFDG?7@FE A8 E;?;>3DF7D? 3@6 7JB75F76 53E: 8>AIE?3K :3H7 E;9@;8;53@F>K6;887D7@F6;E5AG@FD3F7E4753GE7F:75AGBA@EA@F:7;@EFDG?7@FE3D76;887D7@F
*\*!* A@67CG;H3>7@FBD;57;E3BD;?3DKE;9@;8;53@FG@A4E7DH34>7;@BGF8AD?G>F;B>7BDA6G5FE .:7D7 ?3D=7FBD;57E3D7@AF3H3;>34>78AD3@;@EFDG?7@F47@5:?3D=;@9?3K47GF;>;L76FA;67@F;8K5A?B3D34>7;EEG7E E3?7;@6GEFDK3@6E;?;>3DBDA6G5F?;J7EI:;>736F7D?E3@6 B7D8AD?3@57
{21}------------------------------------------------
# **,4=(,7@0:149,9.4,79>?=@809?>**
# **,4=(,7@0!;?4:9**
# **&30:8;,9D070.?0/1,4=A,7@01:=.0=?,49:14?>149,9.4,7>?,?0809?.,;?4:9>,>1:77:B>**
*'\$\$,\*\$!2!&&!&+*+:7A?B3@K:3E7>75F76FA355AG@F8AD?3F5:764AA=D7BGD5:3E73@6D7E3>7 39D77?7@FE3@6E75GD;F;7E4ADDAI763@6E75GD;F;7E>A3@76FD3@E35F;A@E3F83;DH3>G7
*, \*++,+* @5>G676;@AF:7D3EE7FE3D7F:7>A3@E:7>6 8AD E3>78DA?- EF:3FI7D75A@EA>;63F76
*-'\*!&,&', \*\$'&-,\*%'\*\*'/!&+*\*G4AD6;@3F763@6AF:7D>A@9 F7D?4ADDAI;@9E;@5>G67>A@9 F7D?4ADDAI;@9EA8- EF:3FI7D75A@EA>;63F76
**4110=09.0-0?B009 ?30 1,4=A,7@0,9/ ?30,22=02,?0@9;,4/;=49.4;,7-,7,9.0>:1 1,4=A,7@0:;?4:9 070.?0/149,9.4,749>?=@809?>**
| 0.08-0=
| | !1B34.3,?
1,4=A,7@0 | | 22=02,?0
@9;,4/
;=49.4;,7 | | 4110=09.0
-0?B009
,22=02,?01,4=
A,7@0,9/@9;,4/
;=49.4;,7 | |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|------------------------|------|---------------------------------|------|----------------------------------------------------------------------|--|
| | | | | 984774:9> | | | |
| )7E3>739D77?7@FE
|
| |
| |
| | |
| *75GD;F;7E 4ADDAI76FD3@E35F;A@E
| | | | | | N | |
| &F:7D3EE7FE #A3@E:7>6 8AD E3>7
| | | | | | | |
| )7BGD5:3E739D77?7@FE
| | | | | | N | |
| *75GD;F;7E >7@6;@9FD3@E35F;A@E
| | | | | | N | |
| *G4AD6;@3F763@6AF:7D>A@9 F7D?4ADDAI;@9E
| | | | | | | |
{22}------------------------------------------------
# **,4=(,7@0:149,9.4,79>?=@809?>**
# **0A07492:1,>>0?>,9/74,-474?40>9:?,?1,4=A,7@0B30=0,1,4=A,7@04>/4>.7:>0/**
+:78A>>AI;@9F34>7BDAH;67EF:753DDK;@9H3>G73@683;DH3>G7A88;@3@5;3>;@EFDG?7@FEI:;5:3D7@AF 53DD;76 3F 83;D H3>G7 ;@F:7 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> 5A@6;F;A@ +:7 6;E5>AEGD7 7J5>G67E 3>> @A@ 8;@3@5;3> ;@EFDG?7@FE EG5: 3E D73> 7EF3F7 BD7?;E7E 3@6 7CG;B?7@F 7CG;FK?7F:A6 ;@H7EF?7@FE 3@6 B7@E;A@ 3@647@78;FA4>;93F;A@E3>A@9I;F:D757;H34>7E3@6B3K34>7EI;F:5GEFA?7DE3@64DA=7DE673>7DE3@6AF:7DE I;F:3@7JB75F76?3FGD;FKA8>7EEF:3@A@7K73D
| | ,4=(,7@0 | | | | | | | |
|----------|----------|------|--------------|---|-----------|---|------|--|
| (,7@0 | | 0A07 | 0A07
0A07 | | &:?,7 | | | |
| | | | | | | | | |
|
| | |
| N |
| N |
| |
|
| | N | | | | N | | |
|
| | N | | | | N | | |
|
| | N | | | | | | |
|
| | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
|
| | |
| |
| N |
| |
|
| | N | | | | N | | |
|
| | N | | | | N | | |
|
| | N | | | | N | | |
|
| | N | | | | N | | |
|
| | | | | | N | | |
| | ,==D492 | |
| | 984774:9> | | | |
?AG@FE;@#7H7>
D7>3F7FA53E:AH7D6D38FE
**++++++++++++++++++++++++++**
{23}------------------------------------------------
| | 984774:9> |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
| 3E:3@653E:7CG;H3>7@FE
|
|
| *75GD;F;7EBGD5:3E76G@67D39D77?7@FEFAD7E7>>
|
|
| *75GD;F;7E4ADDAI76
|
|
|
*75GD;F;7ED757;H763E5A>>3F7D3> |
|
|
74F;@EFDG?7@FE;@5>G676;@;@3@5;3>;@EFDG?7@FEAI@76 |
|
| )757;H34>7E8DA?4DA=7DE673>7DE3@6AF:7DE
|
|
| %7F6787DD76F3J3EE7F
|
|
| +3J7ED757;H34>7;@5>G676;@&F:7D3EE7FE3@66787DD763?AG@FE
|
|
|
&F:7D3EE7FE3@66787DD763?AG@FE |
|
|
+AF3>3EE7FE |
|
| *:ADF F7D?4ADDAI;@9E
|
|
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|
*75GD;F;7EEA>6G@67D39D77?7@FEFAD7BGD5:3E7 |
|
| *75GD;F;7E>A3@76
|
|
|
&4>;93F;A@FAD7FGD@E75GD;F;7ED757;H763E5A>>3F7D3> |
|
| 74F;@EFDG?7@FE;@5>G676;@;@3@5;3>;@EFDG?7@FEEA>6@AFK7FBGD5:3E76
|
|
| 7D;H3F;H75A@FD35FE;@5>G676;@;@3@5;3>;@EFDG?7@FEEA>6@AFK7FBGD5:3E76
|
|
| '3K34>7EFA5GEFA?7DE
|
|
| '3K34>7EFA4DA=7DE673>7DE3@6AF:7DE
|
|
| *G4AD6;@3F763@6AF:7D>A@9 F7D?4ADDAI;@9E
|
|
| &F:7D>;34;>;F;7E
|
|
| +AF3>>;34;>;F;7E
|
|
{24}------------------------------------------------
## **\$07,?0/",=?D&=,9>,.?4:9>**
+:7A?B3@K53DD;7E;FEEG4AD6;@3F763@6>A@9 F7D?4ADDAI;@9EI;F:388;>;3F7EA@3@355DG3>43E;E \*G4AD6;@3F763@6AF:7D>A@9 F7D?4ADDAI;@9EI;F:388;>;3F7E3D7I;F:\*A>6;@9E3@6\*,\* GD;@9F:7 K73DF:7A?B3@K D7B3;6 - 4;>>;A@ A8 ;FE EG4AD6;@3F76 4ADDAI;@9E 8DA?\* ,\* \*77%AF7
8AD?AD7 ;@8AD?3F;A@
+:7\*:3D7'>3@BDAH;67E8ADF:79D3@FA87CG;FK 43E763I3D6EFAA?B3@K7?B>AK77E43E76A@\* E:3D7EBGDEG3@FFAI:;5:7?B>AK77EA8F:7A?B3@K?3K479D3@F76E:3D7EADAF:7D7CG;FK 43E763I3D6E3E 5A?B7@E3F;A@ 8AD E7DH;57E B7D8AD?76 +:7 A?B3@K BGD5:3E7E E:3D7E 6;D75F>K 8DA? \* FA E3F;E8K F:7E7 3I3D6E ADF:7 K73D 7@676757?47D
F:7A?B3@K;@5D73E76;FE?7?47DE 5A@FD;4GF;A@ 4K - ?;>>;A@ I:;5: 5A@E;EF76 A8 355DG3>E 8AD E:3D7 3I3D6 A4>;93F;A@E F:7 BGD5:3E7E A8 E:3D7E 8AD 67>;H7DK FA 7?B>AK77E ;@5>G6;@9 D73>;L76 ?3D= FA ?3D=7F 93;@E >AEE7E A@ F:7E7 E:3D7E 3F 67>;H7DK 63F7 3@6 6;H;67@6 7CG;H3>7@FE
+:7A?B3@K;E;@5>G676;@F:75A@EA>;63F768767D3>;@5A?7F3JD7FGD@3@65A?4;@76EF3F73@6>A53> ;@5A?7F3JD7FGD@E8;>764K\*A>6;@9E3@6\*,\* \*77%AF7
8AD?AD7;@8AD?3F;A@
.:7D7 D76;F \*G;EE7 DAGB 3@6AD A@7 AD ?AD7 A8 ;FE EG4E;6;3D;7E AD 388;>;3F7E 3D7 @3?76 6787@63@FE ;@ 3 B3DF;5G>3D >;F;93F;A@ D76;F \*G;EE7 DAGB :3E BDA576GD7E FA 67F7D?;@7 F:7 BDAB7D 3>>A53F;A@ A8 >793> 5AEFE 3?A@9F:7 E7H7D3> 6787@63@FE E 3 D7EG>F A8F:;E BDA57EE 57DF3;@ >;F;93F;A@I:;5: ;@HA>H7E388;>;3F7EA8F:7A?B3@K3D7D75AD676I;F:;@F:78;@3@5;3>EF3F7?7@FEA8F:7A?B3@K
{25}------------------------------------------------
| !?30=>>0?> | 984774:9> |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
| 3E:5A>>3F7D3>A@67D;H3F;H7;@EFDG?7@FE
|
|
| 3E:5A>>3F7D3>A@@A@ 67D;H3F;H7FD3@E35F;A@E
|
|
| #A3@E
|
|
| #A3@E:7>6 8AD E3>7
|
|
| 'D7?;E7E3@67CG;B?7@F
|
|
|
@F7D7EF3@6877D757;H34>7 |
|
| ;E5>AG65A?BGF;@93DD3@97?7@F;?B>7?7@F3F;A@5AEFE
'D7B3;67JB7@E7EA8I:;5: |
|
| &F:7D;@H7EF?7@FE
|
|
|
&F:7D |
|
| +AF3>AF:7D3EE7FE
|
|
| !?30=4,-474?40> | 984774:9> |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
| 3E:5A>>3F7D3>A@67D;H3F;H7;@EFDG?7@FE
|
|
| 3E:5A>>3F7D3>A@@A@ 67D;H3F;H7FD3@E35F;A@E
|
|
|
'DAH;E;A@E |
|
| @F7D7EF3@6877B3K34>7
|
|
|
&F:7D |
|
| +AF3>AF:7D>;34;>;F;7E
|
|
{26}------------------------------------------------
# **!?30=>>0?>,9/4,-474?40>**
+:78A>>AI;@9F34>7E7FE8ADF:F:7A?B3@KPEBD7?;E7E3@67CG;B?7@F3EA8757?47D
| "=084>0>,9/<@4;809? | 984774:9> |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
|
3B;F3>;L76EA8FI3D7 |
|
| #73E7:A>6;?BDAH7?7@FE
|
|
|
CG;B?7@F |
|
|
"=084>0>,9/0<@4;809? |
|
|
55G?G>3F7667BD75;3F;A@ |
|
|
&:?,7;=084>0>,9/0<@4;809?90? |
|
#73E7:A>6;?BDAH7?7@FEEG5:3E3>F7D3F;A@E3@6;?BDAH7?7@FEFAD7@F76BD7?;E7E3D767BD75;3F76 A@3 EFD3;9:F >;@743E;EAH7DF:7 E:ADF7DA8F:7>73E7F7D?AD7EF;?3F76GE78G>>;87I:;5:97@7D3>>K6A7E@AF 7J5776F7@ K73DE CG;B?7@F EG5: 3E 5A?BGF7DE ?35:;@7DK 8GD@;E:;@9E H7:;5>7E 3@6 AF:7DF3@9;4>7 @A@ 8;@3@5;3>3EE7FE;E67BD75;3F76GE;@9F:7EFD3;9:F >;@7?7F:A6AH7D;FE7EF;?3F76GE78G>>;H7E97@7D3>>KF:D77FA F7@K73DE +:753B;F3>;L76EA8FI3D75AEFE3D767BD75;3F76A@3EFD3;9:F >;@743E;EAH7DF:77EF;?3F76GE78G>>;87 A8F:7 EA8FI3D7 97@7D3>>K @AF 7J5776;@9 E7H7@ K73DEF3=;@9;@FA 5A@E;67D3F;A@F:7 78875FE A8 A4EA>7E57@57 F75:@A>A9K5A?B7F;F;A@3@6AF:7D75A@A?;5835FADE
# **\$0.04A,-70>1=:8",D,-70>?:=:60=>0,70=>,9/!?30=>**
?AG@FED757;H34>78DA?3@6B3K34>7FA4DA=7DE673>7DE3@6AF:7DE3EA8757?47D
5A@E;EF A8F:78A>>AI;@9
| | | \$0.04A,-70> | | ",D,-70> | |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--------------|------|----------|--|
| | 984774:9> | | | | |
| ,@E7FF>76D79G>3DI3KE75GD;F;7EFD367E@7F
|
| |
| N | |
| 3;>EFA67>;H7D83;>EFAD757;H7
| | | | | |
|
&?@;4GED757;H34>7EB3K34>7E | | | | N | |
| )757;H34>7E8DA?B3K34>7EFA5>73D;@9AD93@;L3F;A@E
| | | | | |
| &F:7D@A@ 5GEFA?7DD757;H34>7EB3K34>7E
| | N | | | |
| &F:7D
| | | | N | |
| +AF3>
|
| |
| | |
+:7 3?AG@FE D757;H34>7 8DA?B3K34>7FA 5>73D;@9 AD93@;L3F;A@E BD;?3D;>K D7>3F7FA G@E7FF>76FD367E 3@667BAE;FE8DA?5GEFA?7DE:7>63F5>73D;@9AD93@;L3F;A@E3@63D75A>>3F7D3>;L764KE75GD;F;7EAI@764KF:7 A?B3@K
{27}------------------------------------------------
## **0=4A,?4A0:9?=,.?>**
7D;H3F;H7E3D797@7D3>>K EF3@63D65A@FD35FEFD3@E35F76F:DAG9: D79G>3F767J5:3@97E +:7A?B3@K GE7E 67D;H3F;H7 5A@FD35FE 8AD FD36;@9 FA BDAH;67 BDA6G5FE 8AD 5>;7@FE 3@6 75A@A?;5 :769;@9 BGDBAE7E 5A@A?;5 :7697E 3D;E7 I:7@ F:7 A?B3@K 7@F7DE ;@FA 67D;H3F;H7 5A@FD35FE 8AD ;FE AI@ D;E= ?3@397?7@F BGDBAE7E 4GFF:7 5A@FD35FE 7@F7D76 ;@FA 6A @AF CG3>;8K 8AD :7697 355AG@F;@9FD73F?7@F +:7E7 67D;H3F;H7E ;@5>G67ABF;A@E8ADI3D6E3@68GFGD7E
## *(,!'&+*
+:7A?B3@KB7D8AD?E?3D=7F?3=;@935F;H;F;7E 8ADABF;A@5A@FD35FEEB75;8;53>>K67E;9@76FA?77F 5GEFA?7D@776EAD8AD75A@A?;5:769;@9BGDBAE7E \$AEFABF;A@E6A@AF7JBAE7F:7A?B3@KFA5D76;FD;E= 4753GE7F:7K3D7BD;?3D;>K7J5:3@97FD3676ABF;A@E7J57BF8AD5D76;FABF;A@E GD;@9F:75A@FD35FB7D;A6F:7 A?B3@K 473DE F:7 D;E= A8 G@83HAD34>7 5:3@97E ;@ F:7 H3>G7 A8 F:7 8;@3@5;3> ;@EFDG?7@FE G@67D>K;@9 F:7 ABF;A@E +A?3@397F:;E?3D=7FD;E=F:7A?B3@KBGD5:3E7EADE7>>E53E:AD67D;H3F;H78;@3@5;3>;@EFDG?7@FE A@3BDABD;7F3DK43E;E \*G5:BGD5:3E7E3@6E3>7E?3K;@5>G67674F3@67CG;FKE75GD;F;7E8ADI3D63@68GFGD7E 5A@FD35FEEI3BE3@6ABF;A@E .;F:BGD5:3E76ABF;A@EF:7A?B3@K97FEF:7D;9:F8AD3877FA4GKADE7>> F:7G@67D>K;@9;@EFDG?7@F3F38;J76BD;57A@AD478AD73EB75;8;7663F7 +:7G@67D>K;@9;@EFDG?7@FE8ADF:7E7 ABF;A@E;@5>G678;J76;@5A?7E75GD;F;7E7CG;F;7E3@6;@F7D7EFD3F7;@EFDG?7@FEAD;@6;57E
## *'\*/\*+&
-,-\*+*
@F:7@AD?3>5AGDE7A84GE;@7EEF:7A?B3@KPE5GEFA?7D3@6FD36;@935F;H;F;7E;@5>G677J75GF;@9 E7FF>;@93@68;@3@5;@9H3D;AGEE75GD;F;7E3@68;@3@5;3>;@EFDG?7@FFD3@E35F;A@E +A7J75GF7F:7E7FD3@E35F;A@E F:7A?B3@KBGD5:3E7E3@6E7>>E;@5>G6;@9E:ADFE3>7EE75GD;F;7E3@6BGD5:3E7E3@6E7>>E8ADI3D65A@FD35FE BD;?3D;>KD7>3F76FA, \* 9AH7D@?7@F3@6397@5;7E3@6?ADF9397 435=76E75GD;F;7E @366;F;A@F:7A?B3@K 7@F7DE;@FA 8GFGD7E 5A@FD35FE A@ 7CG;FK 43E76;@6;57E 3@6 AF:7D 8;@3@5;3>;@EFDG?7@FE 3EI7>> 3E ABF;A@E A@ 8GFGD7E5A@FD35FE +:7E75A@FD35FE3D7FKB;53>>KE7FF>76F:DAG9:F:7:;539A\$7D53@F;>7J5:3@97\$
753GE78ADI3D65A@FD35FE3D7EG4<75FFAF:75D76;FIADF:;@7EEA8F:75AG@F7DB3DFKF:7A?B3@K;E 7JBAE76FA 5D76;F D;E= +A ?;F;93F7F:;E 5D76;F D;E=F:7 A?B3@K D7H;7IEF:7 5D76;F IADF:;@7EE A8 EB75;8;5 5AG@F7DB3DF;7E D7H;7IE 5D76;F >;?;FE D7CG;D7E 57DF3;@ 5GEFA?7DE 3@6 5AG@F7DB3DF;7E FA ?3;@F3;@ ?3D9;@ 5A>>3F7D3>3@636:7D7EFA;@F7D@3>>K7EF34>;E:765D76;F7JF7@E;A@BA>;5;7E
AD8GFGD7E5A@FD35FE3@6ABF;A@EA@8GFGD7E5A@FD35FEF:75:3@97;@F:7?3D=7FH3>G7;EE7FF>76I;F: 35>73D;@94DA=7DAD7J5:3@97;@53E:735:63K E3D7EG>FF:75D76;FD;E=I;F:F:75>73D;@94DA=7D;E>;?;F76FA F:7@7FBAE;F;H75:3@97;@F:7?3D=7FH3>G7 8AD3E;@9>763KI:;5:;E D75AD676;@ D757;H34>7E 8DA?4DA=7DE 673>7DE3@6AF:7DE;@F:75A@EA>;63F76EF3F7?7@FA88;@3@5;3>5A@6;F;A@
## */(+*
+:7A?B3@KPEEI3B39D77?7@FE5A@E;EFBD;?3D;>KA8;@F7D7EFD3F77CG;FK3@65D76;F6783G>FEI3BE @F7D7EF D3F7EI3BE3D75A@FD35FG3>39D77?7@FEFA7J5:3@97;@F7D7EF D3F7B3K?7@FE43E76A@39D776@AF;A@3> 3?AG@FE3@6?3FGD;FK CG;FKEI3BE3D75A@FD35FG3>39D77?7@FEFAD757;H7F:73BBD75;3F;A@AD67BD75;3F;A@;@ H3>G743E76A@3EB75;8;5EFD;=7BD;57A@3@7CG;FK;@EFDG?7@F;@7J5:3@97 8ADB3K;@93@AF:7DD3F7I:;5:;E GEG3>>K43E76A@;@67JAD;@F7D7EFD3F7?AH7?7@FE D76;F6783G>FEI3BE3D75A@FD35FG3>39D77?7@FE;@I:;5:
{28}------------------------------------------------
# **0=4A,?4A0:9?=,.?>**
A@75AG@F7DB3DFKB3KE3B7D;A6;5877;@D7FGD@8AD35A@F;@97@FB3K?7@F4KF:7AF:7D5AG@F7DB3DFK8A>>AI;@93 5D76;F7H7@FA83D787D7@577@F;FK 5D76;F7H7@F;E5A??A@>K678;@763E43@=DGBF5K;@EA>H7@5KD757;H7DE:;B ?3F7D;3>36H7DE7D7EFDG5FGD;@9A8674FAD83;>GD7FA?77FB3K?7@FA4>;93F;A@EI:7@6G7
# **,4=A,7@0:1/0=4A,?4A049>?=@809?>**
**++++++++++++++++++++++++++**
+:7F34>747>AID7BD7E7@FE9DAEE67D;H3F;H783;DH3>G7EE79D793F764KFKB7A85A@FD35F %AF;A@3>E:3H7 3>EA477@BDAH;6763E3@;@6;53F;A@A8F:7HA>G?7A867D;H3F;H735F;H;FKI;F:;@F:7A?B3@K
| 0.08-0=
| | :?4:9,7
,8:@9? | | ":>4?4A0
=0;7,.0809?
A,7@0 | 02,?4A0
=0;7,.0809?
A,7@0 | | |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|-------------------|------|----------------------------------|---------------------------------|---|--|
| | | | | 984774:9> | | | |
| ADI3D6E
|
| |
| |
| | |
| GFGD7E
|
| | | N | | N | |
| 9?0=0>?=,?0;=:/@.?> | | | | | | | |
| ADI3D6E
|
| | | | | | |
| :=04290C.3,920;=:/@.?> | | | | | | | |
| ADI3D6E
|
| | | | | | |
| GFGD7E
|
| | | N | | N | |
| &BF;A@E4AG9:F3@6EA>6&+
|
| | | N | | N | |
| &BF;A@E4AG9:F3@6EA>67J5:3@97FD3676
|
| | | | | N | |
| <@4?D49/0C=07,?0/;=:/@.?> | | | | | | | |
| *I3BEEA>6
|
| | | | | | |
| *I3BEBGD5:3E76
|
| | | | | | |
| *I3BF;A@EBGD5:3E76
|
| | | | | N | |
| =0/4?;=:/@.?> | | | | | | | |
| &:?,72=:>>/0=4A,?4A0.:9?=,.?> |
| |
| |
| | |
| ?B35FA85AG@F7DB3DFK@7FF;@9
|
| N | | | | | |
| ?B35FA853E:5A>>3F7D3>@7FF;@9
|
| N | | | | | |
|
&:?,7/0=4A,?4A0.:9?=,.?> |
| |
| |
| | |
7D;H3F;H7 5A@FD35FE 3D7 D7BADF76 A@ 3 @7F 43E;E ;@ F:7 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> 5A@6;F;A@ +:7 ;?B35F A8 @7FF;@9 D7BD7E7@FE3@36>3F7D3>@7FF;@9
{29}------------------------------------------------
## **0=4A,?4A0:9?=,.?>**
+:7E78;@3@5;3>;@EFDG?7@FE3D7;@5>G6763E67D;H3F;H75A@FD35FE;@8;@3@5;3>;@EFDG?7@FEAI@76EA>6 @AF K7F BGD5:3E76 D7EB75F;H7>K ;@F:7 5A@EA>;63F76 EF3F7?7@FA8 8;@3@5;3> 5A@6;F;A@ ;@3@5;3> ;@EFDG?7@FE D7>3F76 FA 8GFGD7E 5A@FD35FE 3D7 ;@5>G676 ;@ D757;H34>7E 8DA? 4DA=7DE 673>7DE 3@6 AF:7DE 3@6 B3K34>7E FA 4DA=7DE673>7DE3@6AF:7DED7EB75F;H7>K;@F:75A@EA>;63F76EF3F7?7@FA88;@3@5;3>5A@6;F;A@
# **=0/4?/0=4A,?4A0>**
@5>G676 ;@ F:7 F34>7 34AH7 O3;D H3>G7 A8 67D;H3F;H7 ;@EFDG?7@FEP 3D7 5D76;F 67D;H3F;H7E I:;5: 3D7 5A@FD35FG3>39D77?7@FE;@I:;5:F:74GK7D97@7D3>>KB3KE3877;@7J5:3@978AD35A@F;@97@FB3K?7@F4KF:7 E7>>7D ;8 F:7D7 ;E 3 5D76;F 7H7@F A@ F:7 G@67D>K;@9 D787D7@576 7@F;FK AD 3EE7F +:7K 3D7 97@7D3>>K BD;H3F7>K @79AF;3F76&+ 5A@FD35FEI;F: @G?7DAGE E7FF>7?7@F 3@6 B3K?7@FF7D?E 3@6?AEF 3D7 EFDG5FGD76 EAF:3F F:7K EB75;8K F:7 A55GDD7@57 A8 3@ ;67@F;8;34>7 5D76;F 7H7@F I:;5: 53@ ;@5>G67 43@=DGBF5K ;@EA>H7@5K D757;H7DE:;B?3F7D;3>36H7DE7D7EFDG5FGD;@9A8674FAD83;>GD7FA?77FA4>;93F;A@EI:7@6G7
DA? F;?7 FA F;?7 F:7 A?B3@K 7@F7DE ;@FA 5D76;F 67D;H3F;H7 5A@FD35FE ;@ F:7 @AD?3> 5AGDE7 A8 4GE;@7EE4K4GK;@9BDAF75F;A@ +:7A?B3@KBGD5:3E7EBDAF75F;A@FA75A@A?;53>>K:7697H3D;AGE 8AD?EA8 5D76;F 7JBAEGD7 8AD 7J3?B>7F:7 75A@A?;5 :769;@9 A8 AF:7D 53E: BAE;F;A@E +:7E7 D787D7@576;@EFDG?7@FE 53@8AD?3E;@9>7;F7?AD475A?4;@76A@3BADF8A>;AAD?G>F;@3?743E;E
+:7 5D76;F 67D;H3F;H7E?AEF 5A??A@>KFD3@E35F76 4KF:7A?B3@K 3D7\* 3@6 5D76;F EI3BF;A@E \*E3D75A@FD35FG3>39D77?7@FE;@I:;5:F:74GK7DA8F:7 EI3BB3KE3@GB8DA@F3@6AD3B7D;A6;5 877;@ D7FGD@8AD35A@F;@97@FB3K?7@F4KF:7E7>>7DA8F:7EI3B8A>>AI;@935D76;F7H7@FA8F:7D787D7@5767@F;FKAD 3EE7F D76;F EI3BF;A@E 3D7 ABF;A@E I;F: 3 EB75;8;76 ?3FGD;FK FA 4GK AD E7>> BDAF75F;A@ G@67D 3 \* A@ 3 EB75;8;5D787D7@5765D76;F7H7@F
D76;F BDAF75F;A@ EA>6 ;EF:7 ?3J;?G? BAF7@F;3> B3KAGF I:;5: ;E 43E76 A@F:7 @AF;A@3> H3>G7 A8 67D;H3F;H7E3@6D7BD7E7@FEF:73?AG@FA88GFGD7B3K?7@FEF:3FF:7A?B3@KIAG>647D7CG;D76FA?3=73E3 D7EG>F A8 5D76;F D;E= D7>3F76 7H7@FE +:7 A?B3@K 47>;7H7E F:3F F:7 ?3J;?G? BAF7@F;3> B3KAGF ;E @AF D7BD7E7@F3F;H7 A8F:7 35FG3> >AEE 7JBAEGD7 43E76 A@ :;EFAD;53> 7JB7D;7@57 @ 355AD63@57 I;F: ?AEF 5D76;F 67D;H3F;H75A@FD35FEE:AG>635D76;F7H7@FADE7FF>7?7@FFD;997DA55GDF:7A?B3@K;EGEG3>>K>;34>78ADF:7 6;887D7@5747FI77@5D76;FBDAF75F;A@EA>63@6F:7D75AGDE7;F:A>6E;@F:7H3>G7A8F:7G@67D>K;@93EE7FE +:7 ?3J;?G?BAF7@F;3>3?AG@FA88GFGD7B3K?7@FE:3E@AF477@D76G5768AD3@K53E:5A>>3F7D3>B3;6FA39;H7@ 5AG@F7DB3DFK3EEG5:B3K?7@FEIAG>64753>5G>3F7638F7D@7FF;@93>>67D;H3F;H77JBAEGD7E;@5>G6;@93@K5D76;F 67D;H3F;H7EI;F:F:3F5AG@F7DB3DFK;@355AD63@57I;F:3D7>3F76?3EF7D@7FF;@939D77?7@F G7FAEG5:@7FF;@9 BDA57EE7E 67F7D?;@;@9F:7 3?AG@F A8 5A>>3F7D3>F:3F 5ADD7EBA@6EFA 5D76;F 67D;H3F;H7 7JBAEGD7E A@>K;E @AF BAEE;4>7
{30}------------------------------------------------
# **0=4A,?4A0:9?=,.?>**
+AD78>75FF:7CG3>;FKA8F:75D76;FD;E=A8F:7G@67D>K;@9F:7A?B3@K3EE;9@E3@;@F7D@3>>K97@7D3F76 D3F;@9 @F7D@3>D3F;@9E3D73EE;9@764K7JB7D;7@5765D76;F3@3>KEFE43E76A@7JB7DFKE;E 3@6 7H3>G3F;A@ A8 4AF: CG3@F;F3F;H7 3@6 CG3>;F3F;H7 835FADE +:7 EB75;8;5 835FADE 3@3>KL76 3@6 F:7 D7>3F;H7;?BADF3@573D767B7@67@FA@F:7FKB7A85AG@F7DB3DFK +:73@3>KE;E7?B:3E;L7E3 8ADI3D6>AA=;@9 3BBDA35: 5A@57@FD3F;@9 A@ 75A@A?;5FD7@6E 3@6 8;@3@5;3> 8G@63?7@F3>E 3@6 ?3=;@9 GE7 A8 B77D 3@3>KE;E ;@6GEFDK5A?B3D;EA@E3@6AF:7DCG3@F;F3F;H7FAA>E JF7D@3>D3F;@9E3@6?3D=7F;@8AD?3F;A@3D73>EAGE76;@ F:73@3>KE;EBDA57EEI:7D73H3;>34>7
EA8757?47D
A8F:7@AF;A@3>3?AG@FA85D76;FBDAF75F;A@BGD5:3E763@6A8 F:7@AF;A@3>3?AG@FA85D76;FBDAF75F;A@EA>64KF:7A?B3@KI3EI;F:3@388;>;3F7
D76;FBDAF75F;A@BGD5:3E76D7BD7E7@FEF:AE7;@EFDG?7@FEI:7D7F:7G@67D>K;@9D787D7@57;@EFDG?7@F ;E;67@F;53>FAF:7D787D7@57;@EFDG?7@FA8F:75D76;FBDAF75F;A@EA>6 +:7?3J;?G?BAF7@F;3>B3KAGF3?AG@F A85D76;FBDAF75F;A@BGD5:3E768AD735:;@6;H;6G3>;67@F;53>G@67D>K;@9D787D7@57;@EFDG?7@F?3K479D73F7DAD >AI7DF:3@F:7@AF;A@3>3?AG@FA8BDAF75F;A@EA>6 +:7A?B3@K3>EA5A@E;67DE7EF;?3F76D75AH7D;7EF:3F;F IAG>6 D757;H7;8F:7 EB75;8;76 5D76;F 7H7@F A55GDD76;@5>G6;@9 4AF:F:7 3@F;5;B3F76H3>G7 A8F:7G@67D>K;@9 D787D7@576 3EE7F F:3F IAG>6 ;@ ?AEF ;@EF3@57E 47 FD3@E87DD76 FA F:7 A?B3@K 3@6 F:7 ;?B35F A8 3@K BGD5:3E76BDAF75F;A@I;F:3@;67@F;53>D787D7@57;@EFDG?7@F
@ F:7 @AD?3> 5AGDE7 A8 4GE;@7EE F:7 A?B3@K BGD5:3E7E BDAF75F;A@ FA A88E7F F:7 D;E= A8 5D76;F BDAF75F;A@EA>6F:3F?3K:3H7E;?;>3D4GF@AF;67@F;53>D787D7@57;@EFDG?7@FE3@6?3KGE7E;?;>3D4GF@AF ;67@F;53>BDA6G5FEI:;5:D76G57EF:7FAF3>5D76;F67D;H3F;H77JBAEGD7 &F:7DBDAF75F;A@BGD5:3E76;E43E76A@ F:7@AF;A@3>H3>G7A8F:7;@EFDG?7@FE +:7A?B3@KBGD5:3E7E;FEBDAF75F;A@8DA?43@=E3@64DA=7D673>7DE AF:7D8;@3@5;3>;@EF;FGF;A@E3@6AF:7D5AG@F7DB3DF;7E
{31}------------------------------------------------
## **0=4A,?4A0:9?=,.?>**
+:783;DH3>G7EA8F:75D76;FBDAF75F;A@EA>69;H73@;@6;53F;A@A8F:73?AG@FA8B3K?7@FD;E=3EF:7 @793F;H7 83;D H3>G7E ;@5D73E7 I:7@ F:7 BAF7@F;3> B3K?7@F G@67D F:7 67D;H3F;H7 5A@FD35FE 475A?7E ?AD7 BDA434>7
+:7A?B3@KPE5D76;FBDAF75F;A@EA>63@6BGD5:3E768ADF:7K73D7@676757?47D
I3E3E 8A>>AIE
| | =0/4?0=4A,?4A0C;:>@=0> | | | | | | | | | | |
|------------------------------------------------------------------------------------------------------------------------|------------------------|-----------------------------|------|----------------------------------|-----------|--------------------------------------------|------|----------------------------------|------|--------------------------------------------|--|
| 0.08-0=
| | =0/4?
;=:?0.?4:9
>:7/ | | =0/4?
;=:?0.?4:9
;@=.3,>0/ | | 0?=0/4?
;=:?0.?4:9
>:7/
;@=.3,>0/ | | !?30=
;=:?0.?4:9
;@=.3,>0/ | | ,4=A,7@0
:1.=0/4?
;=:?0.?4:9
>:7/ | |
| | | | | | 984774:9> | | | | | | |
| %492709,8049>?=@809?> | | | | | | | | | | | |
| @H7EF?7@F9D367
|
| | | N |
| | | |
| N | |
| %A@ ;@H7EF?7@F9D367
| | | | | | | | | | | |
| &:?,7>492709,8049>?=@809?> |
| | | |
| | | |
| | |
| A8I:;5:@A@ EAH7D7;9@
| | | | | | | | | | | |
| @7?49,8049>?=@809?> | | | | | | | | | | | |
| %A@ ;@H7EF?7@F9D367
|
| N |
| N |
| N |
| |
| N | |
| &:?,78@7?49,8049>?=@809?> |
| N |
| N |
| N |
| |
| N | |
| A8I:;5:@A@ EAH7D7;9@
| | N | | N | | N | | | | N | |
| &:?,749>?=@809?> |
| | | |
| | | |
| | |
+:7 ?3FGD;FK 3@6 G@67D>K;@9 D;E= 9;H7E 3@ ;@6;53F;A@ A8 F:7 5GDD7@F EF3FGE A8 F:7 BAF7@F;3> 8AD B7D8AD?3@57G@67DF:767D;H3F;H75A@FD35FE
+:7?3J;?G?BAF7@F;3>3?AG@FA8 8GFGD7B3K?7@FEF:3FF:7A?B3@KIAG>647 D7CG;D76FA?3=7 G@67D F:7 5D76;F 67D;H3F;H7E 3E 3 D7EG>F A8 5D76;F D;E= D7>3F76 7H7@FE 8AD I:;5: ;F :3E EA>6 BDAF75F;A@ 3E A8 757?47D
I3E3E8A>>AIE
| | ,C48@8":?09?4,7",D:@?-D,?@=4?D | | | | | | | | |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--|------|-------|-----------|---|------|-------|--|
| | 0>>?3,9
D0,= | | | D0,=> | !A0=D0,=> | | | &:?,7 | |
| | | | | | | | | | |
| *;@9>7@3?7;@EFDG?7@FE
|
| |
| |
| N |
| | |
| &:?,749>?=@809?> |
| |
| |
| N |
| | |
{32}------------------------------------------------
## **>>0?>>>4290/,9/"70/20/**
+:7 A?B3@K B>7697E 3EE7FE ?3;@>K 8AD D7BGD5:3E7 39D77?7@FE 3@6 AF:7D E75GD;F;7E 8;@3@5;@9 7DF3;@ B>76976 3EE7FE ?3K 47 7@5G?47D76 ?73@;@9 F:7K :3H7 F:7 D;9:F FA 47 EA>6 AD D7B>76976 +:7 7@5G?47D76 3EE7FE 3D7 B3D7@F:7F;53>>K 6;E5>AE76 A@F:7 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> 5A@6;F;A@ +:7 A?B3@K D757;H7E53E:3@6 E75GD;F;7E;@5A@@75F;A@I;F: D7E3>739D77?7@FE E75GD;F;7E4ADDAI;@93@6>A3@E 3@6?3D9;@764DA=7D>A3@E
E;9@;8;53@FBADF;A@A8F:75A>>3F7D3>3@6E75GD;F;7ED757;H764KF:7A?B3@KI7D7EA>6ADD7B>76976 ;@5A@@75F;A@I;F: D7BGD5:3E7 39D77?7@FE E75GD;F;7E EA>6 @AFK7F BGD5:3E76 E75GD;F;7E 4ADDAI;@9 AD>A3@E B>7697EFA5>73D;@9AD93@;L3F;A@E3@6E79D793F;A@D7CG;D7?7@FEG@67DE75GD;F;7E>3IE3@6D79G>3F;A@E
EB3DFA8F:7A?B3@KE8;@3@5;@93@6E75GD;F;7EE7FF>7?7@F35F;H;F;7EF:7A?B3@KGE7EE75GD;F;7E 3E5A>>3F7D3>FAEGBBADFH3D;AGEE75GD76 8;@3@5;@9EAGD57E 8F:75AG@F7DB3DFK6A7E@AF?77F;FE5A@FD35FG3> A4>;93F;A@FAD7FGD@E75GD;F;7EGE763E5A>>3F7D3>F:7A?B3@K?3K477JBAE76FAF:7D;E=A8D735CG;D;@9F:7 E75GD;F;7E3FBD7H3;>;@9?3D=7FBD;57EFAE3F;E8K;FEA4>;93F;A@E +:7A?B3@K5A@FDA>EF:;ED;E=4K?A@;FAD;@9 F:7?3D=7FH3>G7A88;@3@5;3>;@EFDG?7@FEB>76976735:63K3@64KD7CG;D;@95A>>3F7D3>>7H7>EFA4736>AI;@9F34>7E7FE8ADF:F:73EE7FEB>769764KF:7A?B3@K3@6F:75A>>3F7D3>D757;H764KF:7 A?B3@K3EA8757?47D
| | 0.08-0=
|
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|
| | 984774:9> |
| +AF3>3EE7FEB>76976AD3EE;9@763E5A>>3F7D3>4KF:7A?B3@K
|
|
| A8I:;5:I3E7@5G?47D76
|
|
| 3;DH3>G7A8F:75A>>3F7D3>D757;H764KF:7A?B3@KI;F:F:7D;9:FFAE7>>ADD7B>7697
|
|
| A8I:;5:I3EEA>6ADD7B>76976
|
|
# **!11>0??492:149,9.4,7>>0?>,9/49,9.4,74,-474?40>**
+:76;E5>AEGD7EE7FAGF;@F:7F34>7E47>AI;@5>G6767D;H3F;H7ED7E3>73@6D7BGD5:3E739D77?7@FE3@6 E75GD;F;7E >7@6;@9 3@6 4ADDAI;@9 FD3@E35F;A@E F:3F 3D7 A88E7F ;@ F:7 A?B3@KPE 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> 5A@6;F;A@ AD 3D7 EG4<75F FA 3@ 7@8AD5734>7 ?3EF7D @7FF;@9 39D77?7@F AD E;?;>3D 39D77?7@F 7@8AD5734>7?3EF7D@7FF;@939D77?7@FEAD7@8AD5734>7\$%;DD7EB75F;H7A8I:7F:7DF:7K3D7A88E7F;@F:7 A?B3@KPE 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> 5A@6;F;A@ \*;?;>3D 39D77?7@FE ;@5>G67 67D;H3F;H7 5>73D;@9 39D77?7@FE9>A43>?3EF7DD7BGD5:3E739D77?7@FE3@69>A43>?3EF7DE75GD;F;7E>7@6;@939D77?7@FE
{33}------------------------------------------------
## **!11>0??492:149,9.4,7>>0?>,9/49,9.4,74,-474?40>**
## **0=4A,?4A0>**
+:7 A?B3@K FD3@E35FE 4;>3F7D3> &+ 67D;H3F;H7E &+ 67D;H3F;H7E ?3;@>K G@67D @F7D@3F;A@3> \*I3BE 3@6 7D;H3F;H7E EEA5;3F;A@ \* \$3EF7D 9D77?7@FE +:7E7 39D77?7@FE BDAH;67 8AD F:7 @7F E7FF>7?7@F A8 3>>FD3@E35F;A@EG@67DF:7 39D77?7@FF:DAG9: 3 E;@9>7 B3K?7@F ;@F:7 7H7@F A8 6783G>F A@ AD F7D?;@3F;A@ G@67D F:7 39D77?7@F +:7K 3>>AI F:7 A?B3@K FA A88E7F 43>3@57E 8DA? 67D;H3F;H7 3EE7FE 3@6 >;34;>;F;7E 3E I7>> 3E F:7 D757;H34>7E 3@6 B3K34>7E FA D7>3F76 53E: 5A>>3F7D3> FD3@E35F76 I;F: F:7 E3?7 5AG@F7DB3DFK A>>3F7D3> 8AD&+ 67D;H3F;H7E ;E D757;H76 3@6 BDAH;676 ;@F:7 8AD? A8 53E: 3@6?3D=7F34>7 E75GD;F;7E \*G5:5A>>3F7D3>?3K47EG4<75FFAF:7EF3@63D6;@6GEFDKF7D?EA83@ \*D76;F\*GBBADF@@7J +:7F7D?EA83@ \*D76;F\*GBBADF@@7JBDAH;67F:3FE75GD;F;7ED757;H76ADBDAH;6763E5A>>3F7D3>?3K47 B>76976ADEA>66GD;@9F:7F7D?A8F:7FD3@E35F;A@E3@6?GEF47D7FGD@76GBA@?3FGD;FKA8F:7FD3@E35F;A@ +:7E7 F7D?E 3>EA 9;H7 735: 5AG@F7DB3DFK F:7 D;9:F FA F7D?;@3F7 F:7 D7>3F76 FD3@E35F;A@E GBA@ F:7 AF:7D 5AG@F7DB3DFKPE83;>GD7FABAEF5A>>3F7D3> ;@3@5;3>5A>>3F7D3>D757;H76ADB>769768AD&+67D;H3F;H7E?3K3>EA 47EG4<75FFA5A>>3F7D3>39D77?7@FEI:;5:D7EFD;5FF:7GE7A88;@3@5;3>5A>>3F7D3>
AD 67D;H3F;H7E FD3@E35F76 I;F: 7J5:3@97E 7J5:3@97 FD3676 67D;H3F;H7E 3@6 57@FD3> 5>73D;@9 5AG@F7DB3DF;7E&+ 5>73D7667D;H3F;H7EBAE;F;H73@6@793F;H7D7B>357?7@FH3>G7E3@6D7>3F7653E:5A>>3F7D3> ?3K 47 A88E7F ;8 F:7 F7D?E A8 F:7 DG>7E 3@6 D79G>3F;A@E 9AH7D@;@9 F:7E7 7J5:3@97E 3@6 57@FD3> 5>73D;@9 5AG@F7DB3DF;7EB7D?;FEG5:@7FF;@93@6A88E7F .:7D7@AEG5:39D77?7@FE7J;EF83;DH3>G7E3D7D75AD676A@3 9DAEE43E;E
J5:3@97 FD367667D;H3F;H7EAD&+ 5>73D7667D;H3F;H7EI:;5:3D78G>>K?3D9;@763@68ADI:;5:F:7 63;>K?3D9;@B3K?7@FE5A@EF;FGF7 E7FF>7?7@FA8F:7AGFEF3@6;@97JBAEGD73D7@AF;@5>G676;@F:7A88E7FF;@9 6;E5>AEGD7E4753GE7F:7K3D7@AFEG4<75FFAA88E7FF;@96G7FAF:763;>KE7FF>7?7@F +:763;>K?3D9;@B3K?7@FE I:;5:3D7@AFE7FF>76G@F;>F:7@7JFE7FF>7?7@F5K5>7;E5A@6G5F763D7BD7E7@F76;@4DA=7D397D757;H34>7EAD 4DA=7D397B3K34>7E
{34}------------------------------------------------
| | | 0=4A,?4A0
,>>0?> | 0=4A,?4A0
74,-474?40> | | | | |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|---------------------|--------------------------|---|--|--|--|
| >:10.08-0=
| 984774:9> | | | | | | |
| &+ 5>73D76
|
| |
| | | | |
| &+
| | | | | | | |
| 9?0=0>?=,?0;=:/@.?> | | | | | | | |
| &+
| | | | | | | |
| :=04290C.3,920;=:/@.?> | | | | | | | |
| J5:3@97 FD3676
| | | | N | | | |
| <@4?D49/0C=07,?0/;=:/@.?> | | | | N | | | |
| &+
| | | | | | | |
| =0/4?;=:/@.?> | | | | | | | |
| &+ 5>73D76
| | | | | | | |
| &+
| | | | | | | |
| J5:3@97 FD3676
| | | | N | | | |
| &:?,72=:>>/0=4A,?4A0.:9?=,.?>>@-50.??:091:=.0,-70 | | | | | | | |
| A8I:;5:&+ 5>73D76
| | | | | | | |
| A8I:;5:&+
| | | | | | | |
| !11>0??492 | | | | | | | |
| A8I:;5:&+ 5>73D76
| | N | | | | | |
| A8I:;5:&+
| | | | | | | |
| A8I:;5:7J5:3@97 FD3676
| | | | N | | | |
| &:?,790?/0=4A,?4A0>>@-50.??:091:=.0,-70 | | | | | | | |
|
&:?,7/0=4A,?4A0>9:?>@-50.??:091:=.0,-70 | | | | | | | |
| &:?,790?/0=4A,?4A0>;=0>09?0/49?30.:9>:74/,?0/>?,?0809?:1149,9.4,7
.:9/4?4:9 |
| |
| | | | |
{35}------------------------------------------------
## **!11>0??492:149,9.4,7>>0?>,9/49,9.4,74,-474?40>**
## **\$0>,70,9/=0;@=.3,>0,2=00809?>,9/>0.@=4?40>709/492,9/-:==:B492?=,9>,.?4:9>**
)7E3>73@6D7BGD5:3E739D77?7@FE3D797@7D3>>K5AH7D764K?3EF7DD7BGD5:3E739D77?7@FE @57DF3;@ E;FG3F;A@E 8AD 7J3?B>7 ;@F:7 7H7@F A8 6783G>F 3>> 5A@FD35FE G@67DF:7 39D77?7@FE 3D7F7D?;@3F76 3@6 3D7 E7FF>76@7F;@A@7E;@9>7B3K?7@F \$3EF7DD7BGD5:3E739D77?7@FE3>EA;@5>G67B3K?7@FADE7FF>7?7@F@7FF;@9 BDAH;E;A@E;@F:7@AD?3>5AGDE7A84GE;@7EEF:3FEF3F7F:3F3>>3?AG@FE;@F:7E3?75GDD7@5KB3K34>74K735: B3DFKFAF:7AF:7DG@67D3@KFD3@E35F;A@ADAF:7DI;E7G@67DF:79>A43>?3EF7DD7BGD5:3E739D77?7@FA@F:7 E3?763F7E:3>>47E7FA88
+:7A?B3@K:3E7>75F76FA@7FFD3@E35F;A@EG@67DEG5:39D77?7@FE;@F:75A@EA>;63F76EF3F7?7@FA8 8;@3@5;3> 5A@6;F;A@I:7@ EB75;8;5 5A@6;F;A@E 3D7?7F +D3@E35F;A@E 3D7 @7FF76;8 3?A@9EF AF:7D 5A@6;F;A@E F:7K3D77J75GF76I;F:F:7E3?75AG@F7DB3DFK:3H7F:7E3?77JB>;5;FE7FF>7?7@F63F7EB75;8;763FF:7;@57BF;A@ A8 F:7 FD3@E35F;A@E 3D7 E7FF>76 F:DAG9: F:7 E3?7 E75GD;F;7E FD3@E87D EKEF7? 3@6 3D7 EG4<75F FA F:7 E3?7 7@8AD5734>7?3EF7D@7FF;@939D77?7@F +:73?AG@FEA88E7F3D7?73EGD76A@F:7E3?743E;E3EF:7G@67D>K;@9 FD3@E35F;A@; 7 A@3@355DG3>43E;EAD83;DH3>G743E;E
\*75GD;F;7E>7@6;@9 3@6 4ADDAI;@9FD3@E35F;A@E 3D7 97@7D3>>K 7J75GF76G@67D 9>A43>?3EF7D E75GD;F;7E >7@6;@939D77?7@FEI;F:@7FF;@9F7D?EE;?;>3DFA \*\$3EF7D9D77?7@FE @57DF3;@E;FG3F;A@E8AD7J3?B>7 ;@F:7 7H7@F A8 6783G>F 3>> 5A@FD35FE G@67DF:7 39D77?7@F 3D7F7D?;@3F76 3@6 3D7 E7FF>76 @7F ;@ A@7 E;@9>7 B3K?7@F +D3@E35F;A@EG@67DF:7E739D77?7@FE3D7@7FF76;@F:75A@EA>;63F76EF3F7?7@FA88;@3@5;3>5A@6;F;A@ ;8 F:7K ?77F F:7 E3?7 D;9:F A8 A88E7F 5D;F7D;3 3E 8AD D7E3>7 3@6 D7BGD5:3E7 39D77?7@FE @ 97@7D3> ?AEF E75GD;F;7E>7@6;@93@64ADDAI;@9FD3@E35F;A@E6A@AF?77FF:75D;F7D;A@A8:3H;@9F:7 E3?7 E7FF>7?7@F63F7 EB75;8;76 3F;@57BF;A@ A8F:7FD3@E35F;A@ 3@6F:7D78AD7F:7K 3D7 @AF 7>;9;4>7 8AD @7FF;@9;@F:7 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> 5A@6;F;A@ AI7H7D E75GD;F;7E >7@6;@9 3@6 4ADDAI;@9 FD3@E35F;A@E I;F: 7JB>;5;F ?3FGD;FK63F7E?3K477>;9;4>78AD@7FF;@9;@F:75A@EA>;63F76EF3F7?7@FA88;@3@5;3>5A@6;F;A@
)7E3>7 3@6 D7BGD5:3E7 39D77?7@FE 3D7 5A>>3F7D3>;L76 BD;@5;B3>>K 4K 9AH7D@?7@F E75GD;F;7E ?A@7K ?3D=7F;@EFDG?7@FE3@65ADBAD3F74A@6E3@6:3H7F7D?ED3@9;@98DA?AH7D@;9:FFA3>A@97DADG@EB75;8;76 B7D;A6 A8F;?7 @F:7 7H7@F A8 5AG@F7DB3DFK 6783G>FF:7 D7E3>7 39D77?7@FE AD E75GD;F;7E >7@6;@9 39D77?7@F BDAH;67EF:7A?B3@KI;F:F:7D;9:FFA>;CG;63F7F:75A>>3F7D3>:7>6 E;EF:753E7;@F:7A?B3@KPE@AD?3> 5AGDE7A84GE;@7EEEG4EF3@F;3>>K3>>A8F:75A>>3F7D3>D757;H76F:3F?3K47EA>6ADD7B>76976:3E477@EA>6AD D7B>769763EA8757?47D
@57DF3;@5;D5G?EF3@57E 8;@3@5;3>5A>>3F7D3> D757;H76?3K47 D7EFD;5F76 6GD;@9F:7F7D?A8F:739D77?7@F7 9 ;@FD; B3DFK3DD3@97?7@FE
{36}------------------------------------------------
# **!11>0??492:149,9.4,7>>0?>,9/49,9.4,74,-474?40>**
**++++++++++++++++++++++++++**
# **!11>0??492:1>0.@=4?40>;@=.3,>0/@9/0==0>,70,2=00809?>,9/>0.@=4?40>-:==:B492?=,9>,.?4:9>**
+:78A>>AI;@9F34>7BD7E7@FEF:79DAEE3?AG@FA8E75GD;F;7EBGD5:3E76G@67DD7E3>739D77?7@FE3@6 E75GD;F;7E4ADDAI;@9FD3@E35F;A@EEG4<75FFA7@8AD5734>7?3EF7D@7FF;@939D77?7@FEF:73?AG@FA8A88E7FF;@9 F:73?AG@FA8E75GD;F;7EBGD5:3E76G@67DD7E3>739D77?7@FE3@6E75GD;F;7E4ADDAI;@9FD3@E35F;A@E@AFEG4<75F FA 7@8AD5734>7 ?3EF7D @7FF;@9 39D77?7@FE 3@6 F:7 @7F 3?AG@F BD7E7@F76 ;@ F:7 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3>5A@6;F;A@
| | =:>> | | !11>0??492 | 0? |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--|------------|----|
| 0.08-0=
| 984774:9> | | | |
| *75GD;F;7EBGD5:3E76G@67DD7E3>739D77?7@FE
|
| | | |
| *75GD;F;7E4ADDAI;@9FD3@E35F;A@E
|
| | N | |
| &:?,7>@-50.??:091:=.0,-70 |
| | | |
| *75GD;F;7EBGD5:3E76G@67DD7E3>739D77?7@FE
|
| | N | |
| *75GD;F;7E4ADDAI;@9FD3@E35F;A@E
|
| | N | |
|
&:?,79:?>@-50.??:091:=.0,-70 |
| | N | |
|
&:?,7 |
| |
| |
)7BD7E7@FEE75GD;F;7EBGD5:3E76G@67DD7E3>739D77?7@FE3@6E75GD;F;7E4ADDAI;@9FD3@E35F;A@EI:7D73>793>AB;@;A@EGBBADF;@9 F:7;D7@8AD5734;>;FKA8@7FF;@9;@F:77H7@FA86783G>FADF7D?;@3F;A@G@67DF:739D77?7@F;E@AF;@B>357
- ?;>>;A@A8F:7FAF3>@7F3?AG@FA8E75GD;F;7EBGD5:3E76G@67DD7E3>739D77?7@FE3@6-?;>>;A@E75GD;F;7E4ADDAI;@9 FD3@E35F;A@E3D7D7BADF763F83;DH3>G7
{37}------------------------------------------------
# **!11>0??492:149,9.4,7>>0?>,9/49,9.4,74,-474?40>**
# **!11>0??492:1>0.@=4?40>>:7/@9/0==0;@=.3,>0,2=00809?>,9/>0.@=4?40>709/492?=,9>,.?4:9>**
+:7 8A>>AI;@9F34>7 BD7E7@FEF:79DAEE 3?AG@F A8 E75GD;F;7E EA>6G@67D D7BGD5:3E7 39D77?7@FE 3@6 E75GD;F;7E>7@6;@9FD3@E35F;A@EEG4<75FFA7@8AD5734>7?3EF7D@7FF;@939D77?7@FEF:73?AG@FA8A88E7FF;@9F:7 3?AG@F A8 E75GD;F;7E EA>6 G@67D D7BGD5:3E7 39D77?7@FE 3@6 E75GD;F;7E >7@6;@9 FD3@E35F;A@E @AF EG4<75F FA ?3EF7D@7FF;@939D77?7@FE3@6F:7@7F3?AG@FBD7E7@F76;@F:75A@EA>;63F76EF3F7?7@FA88;@3@5;3>5A@6;F;A@
| | =:>> | | | !11>0??492 | 0? |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|--------------|--|------------|----|
| 0.08-0=
| | 984774:9> | | | |
| *75GD;F;7EEA>6G@67DD7BGD5:3E739D77?7@FE
|
|
| | | |
| *75GD;F;7E>7@6;@9FD3@E35F;A@E
| |
N | | | |
|
&4>;93F;A@FAD7FGD@E75GD;F;7ED757;H763E5A>>3F7D3>3F83;DH3>G7 | | | | N | |
| &:?,7>@-50.??:091:=.0,-70 | | | | | |
| *75GD;F;7EEA>6G@67DD7BGD5:3E739D77?7@FE
| | | | N | |
| *75GD;F;7E>7@6;@9FD3@E35F;A@E
| | | | N | |
|
&:?,79:?>@-50.??:091:=.0,-70 | | | | N | |
|
&:?,7 |
| | |
| |
-?;>>;A@A8F:7FAF3>@7F3?AG@FA8E75GD;F;7EEA>6G@67DD7BGD5:3E739D77?7@FE3D7D7BADF763F83;DH3>G7
-?;>>;A@A8F:7FAF3>@7F3?AG@FA8E75GD;F;7E>7@6;@9FD3@E35F;A@E3D7D7BADF763F83;DH3>G7
)7BD7E7@FEE75GD;F;7EEA>6G@67DD7BGD5:3E739D77?7@FE3@6E75GD;F;7E>7@6;@9FD3@E35F;A@EI:7D73>793>AB;@;A@EGBBADF;@9F:7;D 7@8AD5734;>;FKA8@7FF;@9;@F:77H7@FA86783G>FADF7D?;@3F;A@G@67DF:739D77?7@F;E@AF;@B>357
# **8:@9?9:?:11>0?49?30.:9>:74/,?0/>?,?0809?:1149,9.4,7.:9/4?4:9**
**++++++++++++++++++++++++++**
+:7 8A>>AI;@9 F34>7 BD7E7@FE F:7 @7F 3?AG@F BD7E7@F76 ;@ F:7 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> 5A@6;F;A@ A8 8;@3@5;3> 3EE7FE 3@6 >;34;>;F;7E EG4<75FFA 7@8AD5734>7 ?3EF7D @7FF;@9 39D77?7@FE 3@6F:7 9DAEE 3?AG@F A8 8;@3@5;3> ;@EFDG?7@FE 3@6 53E: 5A>>3F7D3> @AF A88E7F ;@ F:7 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> 5A@6;F;A@ +:7 F34>7 7J5>G67E 67D;H3F;H7E D7E3>7 3@6 D7BGD5:3E7 39D77?7@FE 3@6 E75GD;F;7E >7@6;@9 3@6 4ADDAI;@9 FD3@E35F;A@E @AF EG4<75F FA 7@8AD5734>7 ?3EF7D @7FF;@9 39D77?7@FE I:7D7 3 >793> AB;@;A@ EGBBADF;@9F:77@8AD5734;>;FKA8@7FF;@9;@F:77H7@FA86783G>FADF7D?;@3F;A@G@67DF:739D77?7@F;E@AF;@ B>357 %7F7JBAEGD7D78>75FED;E=?;F;93F;A@;@F:78AD?A85A>>3F7D3>
{38}------------------------------------------------
# **!11>0??492:149,9.4,7>>0?>,9/49,9.4,74,-474?40>**
| | | | | ,>3
.:77,?0=,7 | | | |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--|----------------------------|---------------------|---|----------------|--|
| | 0? | | 49,9.4,7
9>?=@809?>
| =0.04A0/
;70/20/ | | 0?
0C;:>@=0 | |
| 0.08-0=
| 984774:9> | | | | | | |
| 49,9.4,7,>>0?>>@-50.??:091:=.0,-70 | | | | | | | |
| 7D;H3F;H75A@FD35FE
|
| | N | | N |
| |
| *75GD;F;7EBGD5:3E76G@67DD7E3>739D77?7@FE
|
| | | | N | N | |
| *75GD;F;7E4ADDAI;@9FD3@E35F;A@E
|
| | | | N | | |
| &:?,7149,9.4,7,>>0?>>@-50.??:091:=.0,-70 |
| | | | N |
| |
| | | | | | | | |
| 49,9.4,774,-474?40>>@-50.??:091:=.0,-70 | | | | | | | |
| 7D;H3F;H75A@FD35FE
|
| | N | | N |
| |
| *75GD;F;7EEA>6G@67DD7BGD5:3E739D77?7@FE
|
| | | | N | N | |
| *75GD;F;7E>7@6;@9FD3@E35F;A@E
|
| | | | N | | |
| &4>;93F;A@FAD7FGD@E75GD;F;7ED757;H763E5A>>3F7D3>3F83;DH3>G7
|
| | | | N | N | |
| &:?,7149,9.4,774,-474?40>>@-50.??:091:=.0,-70 |
| | | | N |
| |
+:7FAF3> 3?AG@F D7BADF76 ;@ 8;@3@5;3> ;@EFDG?7@FED75A9@;L76 8;@3@5;3> 3EE7FE 3@6 8;@3@5;3> >;34;>;F;7E 3@6 @A@ 53E: 8;@3@5;3> 5A>>3F7D3> 3@6 53E: 5A>>3F7D3> ;E >;?;F76FAF:7 3?AG@F A8F:7 D7>3F76 ;@EFDG?7@FE BD7E7@F76 ;@F:7 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3>5A@6;F;A@3@6F:7D78AD73@KAH7D 5A>>3F7D3>;L3F;A@A8F:7E7BAE;F;A@E;E@AF;@5>G676
#### **&=,9>10=>:149,9.4,7>>0?>,9/(,=4,-709?0=0>?9?4?40>**
# **%0.@=4?4E,?4:9.?4A4?40>**
**++++++++++++++++++++++++++**
@ F:7 @AD?3> 5AGDE7 A8 4GE;@7EE F:7 A?B3@K 7@F7DE ;@FA FD3@E35F;A@E I;F: 3@6 ?3=7E GE7 A8 EB75;3>BGDBAE77@F;F;7E\*'E @\*';E3@7@F;FK;@F:78AD?A83FDGEFADAF:7D>793>EFDG5FGD767E;9@76FA 8G>8;>>3EB75;8;5>;?;F76@776A8F:75A?B3@KF:3FAD93@;L76;F3@6;E97@7D3>>KEFDG5FGD76FA;EA>3F7F:7\*'E 3EE7FE 8DA?5D76;FADEADAF:7D7@F;F;7E;@5>G6;@9F:7A?B3@K +:7BD;@5;B3>GE7EA8\*'E3D7FA3EE;EFF:7 DAGB 3@6 ;FE 5>;7@FE ;@ E75GD;F;L;@9 8;@3@5;3> 3EE7FE 3@6 FA 5D73F7 ;@H7EF?7@F BDA6G5FE 8AD 5>;7@FE \*'E FKB;53>>K CG3>;8K 3E - E F 735: 43>3@57 E:77F 63F7 - E 3D7 D7H;7I76 8AD 7H7@FE F:3F ?3K FD;997D D73EE7EE?7@FA8F:77@F;F;7EP5>3EE;8;53F;A@
+:7 ?3H7 ?ADF9397E 3@6 ?ADF9397 D7>3F76 E75GD;F;7E3@63D7BD76A?;@3@F>KFD3@E35F76GE;@9\*'E @3FKB;53>E75GD;F;L3F;A@F:7\*'BGD5:3E7E3EE7FE 8;@3@5764KBDA5776E D757;H76 8DA?F:7\*'PE;EEG3@57A8674F;@EFDG?7@FE +:7E73EE7FE3@6>;34;>;F;7E3D7 D75AD676 A@F:7 43>3@57 E:77F A8F:7 \*' 3@6 @AF D78>75F76 A@F:7 A?B3@KPE 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3>5A@6;F;A@G@>7EE7;F:7DF:7A?B3@KEA>6F:73EE7FEFAF:77@F;FK3@6F:75D;F7D;3G@67D,\*' 8ADE3>7355AG@F;@9I3E@AF?7FADF:7A?B3@K5A@EA>;63F7EF:7\*'
+:7A?B3@KBGD5:3E7E)\$\*\$\*3@6AF:7D674FE75GD;F;7E 8ADF:7BGDBAE7A8E75GD;F;L3F;A@ 3@6E7>>EF:7E7E75GD;F;7EFA\*'E +:7E7\*'E;EEG7)\$\*\$\*3@6AF:7D&EF:3F3D75A>>3F7D3>;L764K
{39}------------------------------------------------
#### **&=,9>10=>:149,9.4,7>>0?>,9/(,=4,-709?0=0>?9?4?40>**
F:73EE7FEFD3@E87DD76FAF:7\*'3@6F:3FB3K3D7FGD@43E76A@F:7D7FGD@EA@F:AE73EE7FE @H7EFADE;@F:7E7 ?ADF9397 435=76 E75GD;F;7E FKB;53>>K :3H7 D75AGDE7 FA F:7 3EE7FE ;@ F:7 \*'E +:;D6 B3DFK 9G3D3@F77E ?3K 8GDF:7D 7@:3@57 F:7 5D76;FIADF:;@7EE A8 F:7 3EE7FE +:7 ;@H7EFADE 3@6 F:7 \*'E :3H7 @A D75AGDE7 FA F:7 A?B3@KPE3EE7FE +:7A?B3@K;E3@G@67DID;F7DA83@6?3=7E3?3D=7F;@F:7E7E75GD;F;7E
+:7 A?B3@K 3>EA FD3@E35FE ;@ D7 E75GD;F;L3F;A@E A8 BD7H;AGE>K ;EEG76 )\$\* E75GD;F;7E +KB;53>>K 57DF;8;53F7E ;EEG76 AGF A8 3@ 7J;EF;@9 E75GD;F;L3F;A@ H7:;5>7 3D7 EA>6 ;@FA 3 @7I>K 5D73F76 3@6 E7B3D3F7 E75GD;F;L3F;A@H7:;5>7 &8F7@F:7E7D7 E75GD;F;L3F;A@E3D7;@;F;3F76;@AD67DFAD7 E75GD;F;L73@7J;EF;@9E75GD;FK FA9;H7F:7;@H7EFAD3@;@H7EF?7@FI;F:6;887D7@FD;E=D3F;@9EAD5:3D35F7D;EF;5E
\*75GD;F;L3F;A@FD3@E35F;A@E3D73EE7EE768AD3BBDABD;3F7355AG@F;@9FD73F?7@FA8F:73EE7FEFD3@E87DD76 4KF:7A?B3@K +:7A?B3@KPE3@6;FE5>;7@FEP;@H7EF;@9AD8;@3@5;@9@776E67F7D?;@7F:7EFDG5FGD7A8735: FD3@E35F;A@ I:;5: ;@ FGD@ 67F7D?;@7E I:7F:7D E3>7 355AG@F;@9 3@6 EG4E7CG7@F 67D75A9@;F;A@ A8 F:7 FD3@E87DD76 3EE7FE 3BB>;7E 7DF3;@FD3@E35F;A@E?3K 47 EFDG5FGD76FA;@5>G67 67D;H3F;H7E AD AF:7D BDAH;E;A@E F:3FBD7H7@FE3>7355AG@F;@9
.:7@F:7A?B3@KFD3@E87DE3EE7FE;@FA3@\*';F?GEF3EE7EEI:7F:7DF:3FFD3@E87D;E355AG@F768AD 3E3E3>7A8F:73EE7FE +D3@E87DEA83EE7FE?3K@AF?77FE3>7D7CG;D7?7@FE;8F:73EE7FE:3H7@AF477@>793>>K ;EA>3F76 8DA?F:7A?B3@K3@6AD;8F:7A?B3@KPE5A@F;@G;@9;@HA>H7?7@F;E677?76FA9;H7;F78875F;H7 5A@FDA>AH7DF:73EE7FE 8F:7FD3@E87D;E@AF677?763E3>7;F;E;@EF736355AG@F768AD3E3E75GD764ADDAI;@9 I;F:F:7FD3@E87DD763EE7FE3E5A>>3F7D3>
# **:9?49@49249A:7A0809?49?=,9>10==0/149,9.4,7,>>0?>**
+:7 A?B3@K ?3K :3H7 5A@F;@G;@9 ;@HA>H7?7@F ;@ F:7 8;@3@5;3> 3EE7FE F:3F 3D7 FD3@E87DD76 FA 3@ \*'I:;5:?3KF3=7E7H7D3>8AD?E;@5>G6;@94GF@AF>;?;F76FAD75AGDE73@69G3D3@F773DD3@97?7@FE3@6 47@78;5;3>;@F7D7EFE;@F:7FD3@E87DD763EE7FE 7@78;5;3>;@F7D7EFEI:;5:3D7H3>G763F83;DH3>G7;@5>G67D;9:FE FAD757;H73>>ADBADF;A@EA8EB75;8;7653E:;@8>AIED757;H764K3@\*';@5>G6;@94GF@AF>;?;F76FAE7@;AD 3@6EG4AD6;@3F76E:3D7EA8;@F7D7EFBD;@5;B3>ADAF:7D53E:;@8>AIEFA47QB3EE76F:DAG9:RADQB3;6F:DAG9:R 3@6D7E;6G3>;@F7D7EFEI:7F:7D;@F:78AD?A8674FAD7CG;FK +:753DDK;@9H3>G73@6?3J;?G?7JBAEGD73EA8 757?47D
D7EG>F;@9 8DA? 39D77?7@FEFA BDAH;67 EGBBADFFA\*'E;E;@5>G676;@F:7 E75F;A@F;F>76 O%A@ 5A@EA>;63F76- EP
+:7 A?B3@KPE 7JBAEGD7 D7EG>F;@9 8DA? 5A@F;@G;@9 ;@HA>H7?7@F ;@ FD3@E87DD76 8;@3@5;3> 3EE7FE ;E 97@7D3>>K>;?;F76FA;FE47@78;5;3>;@F7D7EFEFKB;53>>K:7>64KF:7A?B3@K;@F:78AD?A8;@EFDG?7@FE;EEG764K F:7 D7EB75F;H7 \*'E F:3F 3D7 E7@;AD EG4AD6;@3F76 AD D7E;6G3> FD3@5:7E +:7E7 ;@EFDG?7@FE 3D7 :7>6 4K F:7 A?B3@K ;@ 5A@@75F;A@ I;F: G@67DID;F;@9 AD ?3D=7F ?3=;@9 35F;H;F;7E 3@6 3D7 ;@5>G676 ;@ 8;@3@5;3> ;@EFDG?7@FEAI@76;@F:75A@EA>;63F76EF3F7?7@FA88;@3@5;3>5A@6;F;A@3F83;DH3>G7
@H7EFADE GEG3>>K :3H7 D75AGDE7 FA F:7 3EE7FE ;@ F:7 \*' 3@6 A8F7@ 47@78;F 8DA? AF:7D 5D76;F 7@:3@57?7@FE +:7 \*' ?3K 3>EA 7@F7D ;@FA 3 67D;H3F;H7 5A@FD35F ;@ AD67D FA 5A@H7DF F:7 K;7>6 A8 F:7 G@67D>K;@93EE7FEFA?3F5:F:7@776EA8F:7\*';@H7EFADEADFA>;?;FAD5:3@97F:75D76;FD;E=A8F:7\*'
{40}------------------------------------------------
#### **&=,9>10=>:149,9.4,7>>0?>,9/(,=4,-709?0=0>?9?4?40>**
# **"=49.4;,7 ,8:@9?> :@?>?,9/492 ,9/ ?:?,7 ,>>0?> :1 %"> =0>@7?492 1=:8 .:9?49@492 49A:7A0809?**
+:7 8A>>AI;@9 F34>7 BDAH;67E F:7 AGFEF3@6;@9 BD;@5;B3> 43>3@57 A8 3EE7FE FA I:;5: F:7 A?B3@K 5A@F;@G7EFA477JBAE76:3E5A@F;@G;@9;@HA>H7?7@FI;F:38F7DF:7FD3@E87DA8F:78;@3@5;3>3EE7FEFA3@K\*' 3@6F:7FAF3>3EE7FEA8F:7\*'3EA8757?47D
D793D6>7EEA8I:7@F:7FD3@E87DA83EE7FEA55GDD76
| | :=?30D0,=09/0/0.08-0=
| | | | |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|------|------|--|--|
| | \$% | % | ! | | |
| | 984774:9> | | | | |
| 'D;@5;B3>3?AG@FAGFEF3@6;@9
| |
|
| | |
| +AF3>3EE7FEA8*'
| | | | | |
'D;@5;B3>3?AG@FAGFEF3@6;@9D7>3F7EFA3EE7FEFD3@E87DD768DA?F:7A?B3@K3@66A7E@AF;@5>G67BD;@5;B3>3?AG@FE8AD3EE7FEFD3@E87DD768DA? F:;D6B3DF;7E
## **,4=A,7@0:1-09014.4,749?0=0>?>**
**++++++++++++++++++++++++++**
+:7 83;D H3>G7 ?73EGD7?7@F A8 F:7 47@78;5;3> ;@F7D7EFE :7>6 3F F:7 F;?7 A8 FD3@E87D 3@6 3E A8 F:7 D7BADF;@9 63F7 F:3F D7EG>F 8DA? 3@K 5A@F;@G;@9 ;@HA>H7?7@F ;E 67F7D?;@76 GE;@9 83;D H3>G7 7EF;?3F;A@ F75:@;CG7EEG5:3EF:7BD7E7@FH3>G7A87EF;?3F768GFGD753E:8>AIEF:3F;@5ADBAD3F73EEG?BF;A@EF:3F?3D=7F B3DF;5;B3@FE5GEFA?3D;>KGE7;@F:7E7H3>G3F;A@F75:@;CG7E +:783;DH3>G7A8F:73EE7FEAD>;34;>;F;7EF:3FD7EG>F 8DA?3@K5A@F;@G;@9;@HA>H7?7@F6A7E@AF;@5>G673@K47@78;FE8DA?8;@3@5;3>;@EFDG?7@FEF:3FF:7A?B3@K ?3KGF;>;L7FA:7697F:7;@:7D7@FD;E=E
#### **0D 0.:9:84. ,>>@8;?4:9> @>0/ 49 80,>@=492 ?30 1,4= A,7@0 :1 -09014.4,7 49?0=0>?> ,? ?30 ?480:1?=,9>10=/@=492?30D0,=09/0/0.08-0=**
| | :=?30D0,=09/0/0.08-0=
| | | | |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|----------|--|--|--|
| | \$% | % | | | |
| | :77,=>4984774:9> | | | | |
| 3;DH3>G7A83EE7FE
|
|
| | | |
| A8I:;5:>7H7>
| N |
N | | | |
| A8I:;5:>7H7>
| |
| | | |
| A8I:;5:>7H7>
| |
N | | | |
| .7;9:F76 3H7D397>;87;@K73DE
| |
| | | |
| 'D7B3K?7@FEB7763EEG?BF;A@D3F7B7D3@@G?;@
|
| | | | |
| 3E:8>AI6;E5AG@FD3F7D3F7B7D3@@G?;@
|
|
| | | |
| JB75F765D76;F>AEE7ED3F7B7D3@@G?;@
|
| | | | |
{41}------------------------------------------------
#### **&=,9>10=>:149,9.4,7>>0?>,9/(,=4,-709?0=0>?9?4?40>**
**&30 ?,-70 -07:B ;=:A4/0> ?30 >09>4?4A4?D ,9,7D>4> :1 60D 0.:9:84. ,>>@8;?4:9> @>0/ 49 80,>@=492?301,4=A,7@0:1-09014.4,749?0=0>?>307/49%">,>:10.08-0=**
| | >:10.08-0=
| | | | | | |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|------------------|------|----------|--|--|--|
| | \$% | | | % | | | |
| | | :77,=>4984774:9> | | | | | |
| 3;DH3>G7A83EE7FE3@6>;34;>;F;7E
|
| |
| | | | |
| A8I:;5:@A@ ;@H7EF?7@F9D367
|
| |
| N | | | |
| .7;9:F76 3H7D397>;87;@K73DE
| |
| |
| | | |
| 'D7B3K?7@FEB7763EEG?BF;A@D3F7B7D3@@G?;@
| |
| | | | | |
| ?B35FA@83;DH3>G78DA? 36H7DE75:3@97
|
| | | | | | |
| ?B35FA@83;DH3>G78DA? 36H7DE75:3@97
|
| | | | | | |
| 3E:8>AI6;E5AG@FD3F7D3F7B7D3@@G?;@
| |
| |
| | | |
| ?B35FA@83;DH3>G78DA? 36H7DE75:3@97
|
| | | | | | |
| ?B35FA@83;DH3>G78DA? 36H7DE75:3@97
|
| | | | | | |
| JB75F765D76;F>AEE7ED3F7B7D3@@G?;@
| |
| | | | | |
| ?B35FA@83;DH3>G78DA? 36H7DE75:3@97
|
| | | | | | |
| ?B35FA@83;DH3>G78DA? 36H7DE75:3@97
|
| | | | | | |
+:7E7 E7@E;F;H;F;7E 3D7 :KBAF:7F;53> 3@6 6A @AF D78>75F 75A@A?;5 :769;@9 35F;H;F;7E :3@97E ;@ 83;D H3>G7 43E76 A@ 3
AD H3D;3F;A@ ;@ 3EEG?BF;A@E 97@7D3>>K 53@@AF 47 7JFD3BA>3F76 4753GE7 F:7 D7>3F;A@E:;BA8F:75:3@97;@3EEG?BF;A@FAF:75:3@97;@83;DH3>G7?3K@AF47>;@73D >EAF:778875FA83 H3D;3F;A@;@3B3DF;5G>3D3EEG?BF;A@A@F:783;DH3>G7A8F:747@78;5;3>;@F7D7EFE;E53>5G>3F76I;F:AGF5:3@9;@9 3@KAF:7D3EEG?BF;A@ @BD35F;575:3@97E;@A@73EEG?BF;A@?3KD7EG>F;@5:3@97E;@AF:7D3EEG?BF;A@E8AD 7J3?B>7;@5D73E7E;@?3D=7F;@F7D7EFD3F7E?3KD7EG>F;@>AI7DBD7B3K?7@FE3@6;@5D73E765D76;F>AEE7EI:;5: ?;9:F?39@;8KAD5AG@F7D35FF:7E7@E;F;H;F;7E
# **%0.@=4?40> >:7/ @9/0= =0;@=.3,>0 ,2=00809?> ,9/ 709/492 ?=,9>,.?4:9> ,..:@9?0/ 1:= ,> >0.@=0/ -:==:B492>**
ADE75GD;F;7EEA>6G@67DD7BGD5:3E739D77?7@FE3@6E75GD;F;7E>7@6;@9FD3@E35F;A@E355AG@F768AD3E E75GD76 4ADDAI;@9E,\*' D7CG;D7EF:7 6;E5>AEGD7 A8F:7 5A>>3F7D3> B>76976 3@6F:7 3EEA5;3F76 D;E=EFA I:;5:3FD3@E87DAD5A@F;@G7EFA477JBAE7638F7DF:7FD3@E87D +:;EBDAH;67E3@G@67DEF3@6;@9A8F:7@3FGD7 3@6D;E=EA8E:ADF F7D?5A>>3F7D3>;L768;@3@5;@9A4F3;@76F:DAG9:F:7E7FKB7EA8FD3@E35F;A@E
\*75GD;F;7E EA>6 G@67D D7BGD5:3E7 39D77?7@FE 3@6 E75GD;F;7E >7@6;@9 FD3@E35F;A@E D7BD7E7@F 5A>>3F7D3>;L76 8;@3@5;@9FD3@E35F;A@E GE76FA 73D@ @7F ;@F7D7EF ;@5A?7 ;@5D73E7 >;CG;6;FK AD 835;>;F3F7FD36;@9 35F;H;F;7E +:7E7 FD3@E35F;A@E 3D7 5A>>3F7D3>;L76 BD;@5;B3>>K 4K 9AH7D@?7@F 674F E75GD;F;7E 5ADBAD3F7 674F E75GD;F;7E3EE7F435=76E75GD;F;7E7CG;FKE75GD;F;7E3@6AF:7D5A>>3F7D3>3@6:3H7F7D?ED3@9;@98DA?AH7D@;9:F FA3>A@97DADG@EB75;8;76B7D;A6A8F;?7
{42}------------------------------------------------
#### **&=,9>10=>:149,9.4,7>>0?>,9/(,=4,-709?0=0>?9?4?40>**
@F:77H7@FA8F:7A?B3@KPE6783G>FAD3675>;@7;@83;DH3>G7A85A>>3F7D3>B>76976F:7D7BGD5:3E7 39D77?7@FADE75GD;FK>7@6;@9FD3@E35F;A@BDAH;67EF:75AG@F7DB3DFKI;F:F:7 D;9:FFA>;CG;63F7F:75A>>3F7D3> :7>6ADD7CG7EF366;F;A@3>5A>>3F7D3>
+:7 8A>>AI;@9 F34>7E BDAH;67 F:7 9DAEE A4>;93F;A@ D7>3F;@9 FA E75GD;F;7E EA>6 G@67D D7BGD5:3E7 39D77?7@FEE75GD;F;7E>7@6;@9FD3@E35F;A@E3@6A4>;93F;A@FAD7FGD@E75GD;F;7ED757;H763E5A>>3F7D3>4KF:75>3EE A85A>>3F7D3>B>769763@64KD7?3;@;@95A@FD35FG3>?3FGD;FK3EA8757?47D
**%0.@=4?40>>:7/@9/0==0;@=.3,>0,2=00809?>>0.@=4?40>709/492?=,9>,.?4:9>,9/:-742,?4:9?:=0?@=9 >0.@=4?40>=0.04A0/,>.:77,?0=,7F-D.7,>>:1.:77,?0=,7;70/20/**
| | 0.08-0=
| |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|--|
| | 984774:9> | |
| AH7D@?7@F674FE75GD;F;7E
|
| |
| ADBAD3F7674FE75GD;F;7E
|
| |
| EE7F 435=76E75GD;F;7E
|
| |
| CG;FKE75GD;F;7E
|
| |
|
&F:7D |
| |
|
%0.@=4?40>>:7/@9/0==0;@=.3,>0,2=00809?> |
| |
| AH7D@?7@F674FE75GD;F;7E
|
| |
| ADBAD3F7674FE75GD;F;7E
|
| |
| EE7F 435=76E75GD;F;7E
|
| |
| CG;FKE75GD;F;7E
|
| |
| %0.@=4?40>709/492?=,9>,.?4:9> |
| |
| AH7D@?7@F674FE75GD;F;7E
|
| |
| CG;FKE75GD;F;7E
|
| |
| !-742,?4:9?:=0?@=9>0.@=4?40>=0.04A0/,>.:77,?0=,7,?1,4=A,7@0 |
| |
| &:?,7 |
| |
{43}------------------------------------------------
#### **&=,9>10=>:149,9.4,7>>0?>,9/(,=4,-709?0=0>?9?4?40>**
**%0.@=4?40>>:7/@9/0==0;@=.3,>0,2=00809?>>0.@=4?40>709/492?=,9>,.?4:9>,9/:-742,?4:9?:=0?@=9 >0.@=4?40>=0.04A0/,>.:77,?0=,7F-D=08,49492.:9?=,.?@,78,?@=4?D**
| | | \$08,49492.:9?=,.?@,78,?@=4?40> | | | | | | |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|---------------------------------|--------------|------|------------|------|-----------------|-------|
| >:10.08-0= | !9/08,9/
| | ';?:
/,D> | | ?:
/,D> | | :=0?3,9
/,D> | &:?,7 |
| | | | | | | | | |
| *75GD;F;7EEA>6G@67DD7BGD5:3E739D77?7@FE
|
|
| |
| |
| |
|
| *75GD;F;7E>7@6;@9FD3@E35F;A@E
|
| | N | | | | |
|
| &4>;93F;A@FAD7FGD@E75GD;F;7ED757;H76
| | | | | | | | |
| 3E5A>>3F7D3>3F83;DH3>G7
|
| | N | | N | | N |
|
| +AF3>
|
|
| |
| |
| |
|
@5>G67E5A@FD35FEI;F:@A5A@FD35FG3>?3FGD;FKF:3F?3K5A@F3;@F7D?;@3F;A@3DD3@97?7@FEEG4<75FFA3@AF;57B7D;A6
@5>G67EAH7D@;9:FFD3@E35F;A@E
**++++++++++++++++++++++++++**
@5>G67E- 4;>>;A@A8E75GD;F;7E>7@6;@9FD3@E35F;A@EF:3F5A@F3;@F7D?;@3F;A@39D77?7@FE3@653@47F7D?;@3F763F3@KF;?7
)787DFAQ%AF7M&88E7FF;@9A88;@3@5;3>3EE7FE3@68;@3@5;3>>;34;>;F;7ER8AD3D75A@5;>;3F;A@A89DAEE 3?AG@FE A8 E75GD;F;7E EA>6 G@67D D7BGD5:3E7 39D77?7@FE E75GD;F;7E >7@6;@9 FD3@E35F;A@E 3@6 A4>;93F;A@ FA D7FGD@E75GD;F;7ED757;H763E5A>>3F7D3>FAF:7@7F3?AG@FE6;E5>AE76;@F:75A@EA>;63F76EF3F7?7@FA88;@3@5;3> 5A@6;F;A@
# **(,=4,-709?0=0>?9?4?40>**
E3@AD?3>B3DFA8;FE4GE;@7EEF:7A?B3@K7@9397E;@H3D;AGEFD3@E35F;A@EF:3F;@5>G677@F;F;7E I:;5: 3D7 5A@E;67D76 - E 3@6 3D7 4DA36>K 9DAGB76 ;@FA FIA BD;?3DK 53F79AD;7E &E 3@6 8;@3@5;3> ;@F7D?76;3F;A@ - E 3D7 \*'EF:3FFKB;53>>K 7;F:7D >35= EG88;5;7@F 7CG;FKFA 8;@3@57F:7;D 35F;H;F;7E I;F:AGF 366;F;A@3>EG4AD6;@3F768;@3@5;3>EGBBADFAD3D7EFDG5FGD76EG5:F:3FF:7:A>67DEA8F:7HAF;@9D;9:FE6A@AF EG4EF3@F;H7>KB3DF;5;B3F7;@F:793;@E3@6>AEE7EA8F:77@F;FK - E?3K47 EBA@EAD764KF:7A?B3@K AD F:;D6B3DF;7E \*G5:7@F;F;7E3D7D7CG;D76FA473EE7EE768AD5A@EA>;63F;A@D7CG;D;@9F:7BD;?3DK47@78;5;3DKFA 5A@EA>;63F7F:7- +:75A@EA>;63F;A@3EE7EE?7@FD7CG;D7E3@7@F;FKFA67F7D?;@7I:7F:7D;F:3EF:7BAI7D FA6;D75FF:735F;H;F;7EF:3F?AEFE;9@;8;53@F>K38875FF:775A@A?;5EA8F:7- 3EI7>>3EI:7F:7DF:7D7BADF;@9 7@F;FK:3EBAF7@F;3>>KE;9@;8;53@F47@78;FEAD>AEE7E;@F:7- +:7BD;?3DK47@78;5;3DK3EE7EE?7@F?GEF47D7 7H3>G3F76A@3@A@9A;@943E;E
BB>;53F;A@ A8F:7 D7CG;D7?7@FE 8AD 5A@EA>;63F;A@ A8 - E ?3K D7CG;D7F:7 7J7D5;E7 A8 E;9@;8;53@F ;63F;A@A83- ;E D7CG;D76F:77JBAEGD7FAF:7A?B3@K;E>;?;F76FAF:3F BADF;A@ A8 F:7 - PE 3EE7FE 3FFD;4GF34>7 FA 3@K H3D;34>7 ;@F7D7EF :7>6 4K F:7 A?B3@K BD;AD FA 3@K D;E= ?3@397?7@F35F;H;F;7EFA:7697F:7A?B3@KPE@7F7JBAEGD7 @K;@F7D7EFE:7>6;@F:7- 4KF:;D6B3DF;7E 7H7@F:AG9:5A@EA>;63F764KF:7A?B3@KI;>>@AFFKB;53>>K;?B35F;FED7EG>FEA8AB7D3F;A@E
{44}------------------------------------------------
#### **&=,9>10=>:149,9.4,7>>0?>,9/(,=4,-709?0=0>?9?4?40>**
+D3@E35F;A@EI;F:- E3D797@7D3>>K7J75GF76FA835;>;F3F7E75GD;F;L3F;A@35F;H;F;7EADFA?77FEB75;8;5 5>;7@F @776E EG5: 3E BDAH;6;@9 >;CG;6;FK AD ;@H7EF;@9 ABBADFG@;F;7E 3@6 3E B3DF A8 F:7E7 35F;H;F;7E F:7 A?B3@K ?3K :A>6 ;@F7D7EFE ;@ F:7 - E \*75GD;F;L3F;A@ D7>3F76 FD3@E35F;A@E I;F: - E ;@HA>H7 E7>>;@9 AD BGD5:3E;@93EE7FE +KB;53>>KF:7- PE3EE7FE3D7D7EFD;5F76;@@3FGD7;@F:3FF:7K3D7:7>6BD;?3D;>KFAE3F;E8K F:7A4>;93F;A@EA8F:77@F;FK
E 3 5A@E7CG7@57 A8F:7E7 35F;H;F;7EF:7 A?B3@K :A>6E H3D;34>7 ;@F7D7EFE ;@- E \*G5: H3D;34>7 ;@F7D7EFE 5A@E;EF A8 8;@3@5;3> ;@EFDG?7@FE ;EEG76 4K- E 3@6I:;5: 3D7 :7>6 4KF:7 A?B3@K @ 97@7D3> ;@H7EFADE;@5A@EA>;63F76- E6A@AF:3H7D75AGDE7FAF:7A?B3@K;@F:77H7@FA836783G>F7J57BFI:7D73 9G3D3@F77I3EBDAH;676FAF:7;@H7EFADE
+:7FAF3>3EE7FEA85A@EA>;63F763@6@A@ 5A@EA>;63F76- E8ADI:;5:F:7A?B3@K:3E;@HA>H7?7@F D7BD7E7@FF:7FAF3>3EE7FEA8F:7- E7H7@F:AG9:F:7A?B3@KPE;@HA>H7?7@F?3K47E;9@;8;53@F>K>7EE6G7 FA;@F7D7EFE:7>64KF:;D6 B3DFK;@H7EFADE +:73EE7F43>3@57E8ADG@5A@EA>;63F76- EI:7D7F:7A?B3@K:3E E;9@;8;53@F ;@HA>H7?7@F D7BD7E7@F F:7 ?AEF 5GDD7@F ;@8AD?3F;A@ 3H3;>34>7 FA F:7 A?B3@K D793D6;@9 F:7 D7?3;@;@9 BD;@5;B3> 43>3@57 A8 3EE7FE AI@76 @?AEF53E7EF:7 3EE7F 43>3@57E D7BD7E7@F 3@ 3?ADF;L765AEF 43E;EI;F:AGFD793D6EFA;?B3;D?7@FE;@83;DH3>G7G@>7EE83;DH3>G7;@8AD?3F;A@;ED736;>K3H3;>34>7
+:7A?B3@KPE?3J;?G?7JBAEGD7FA>AEE;E6;887D7@F8DA?F:753DDK;@9H3>G7A8F:73EE7FEA8F:7 - +:;E?3J;?G?7JBAEGD7FA>AEE5A@E;EFEA8F:753DDK;@9H3>G7A8F:7A?B3@KPEH3D;34>7;@F7D7EFE:7>6 3E 8;@3@5;3>;@EFDG?7@FEAI@763@6F:7@AF;A@3>3?AG@FA89G3D3@F77EFA- E D3F:7DF:3@F:73?AG@FA8 FAF3> 3EE7FE A8F:7- E +:7?3J;?G?7JBAEGD7FA>AEE 6A7E @AF D78>75FF:7A?B3@KPE D;E=?3@397?7@F 35F;H;F;7E;@5>G6;@978875FE 8DA? 8;@3@5;3>;@EFDG?7@FEF:3FF:7A?B3@K?3KGF;>;L7FA75A@A?;53>>K :7697 F:7 D;E=E;@:7D7@F;@F:7E7- E +:775A@A?;5 D;E=E3EEA5;3F76I;F:- 7JBAEGD7E:7>64KF:7A?B3@K FA97F:7D I;F: 3>> D7>7H3@F D;E= ?;F;93F;A@ ;@;F;3F;H7E 3D7 ;@5>G676 ;@ F:7 A?B3@KPE D;E= ?3@397?7@F 8D3?7IAD=
J57BF3E67E5D;47647>AIF:7A?B3@K:3E@AFBDAH;6768;@3@5;3>ADAF:7DEGBBADFFA5A@EA>;63F76 AD@A@ 5A@EA>;63F76- EF:3F;FI3E@AF5A@FD35FG3>>KD7CG;D76FABDAH;67
# **:77,?0=,74E0/0-?!-742,?4:9>**
+:7 A?B3@K 7@9397E ;@ &FD3@E35F;A@EFA ?77F 5>;7@F 3@6 ;@H7EFAD @776E 73D@ 877E 3@6 E7>> 8;@3@5;3>3EE7FE +:7A?B3@K?3K35F3EG@67DID;F7DADB>357?7@F397@F3@6?3KI3D7:AGE73EE7FEBD;ADFA F:7 5>AE;@9 A8 3FD3@E35F;A@ E B3DF A8 ;FE EFDG5FGD76 8;@3@57 4GE;@7EEF:7 A?B3@K BGD5:3E7E >A3@E 3@6 AF:7D674FA4>;93F;A@E 8DA?3@6A@47:3>8A85>;7@FE 8ADF:7BGDBAE7A8E75GD;F;L3F;A@ +:7>A3@E3@6AF:7D 674F A4>;93F;A@E 3D7 EA>6 FA - E I:;5: ;@ FGD@ ;EEG7 &E FA 8G@6 F:7 BGD5:3E7 A8 3EE7FE EG5: 3E ;@H7EF?7@F9D3673@6:;9:K;7>65ADBAD3F7674F;@EFDG?7@FE
+KB;53>>KF:75A>>3F7D3>?3@397D;@3?3@3976&;E677?76FA47F:77@F;FKF:3F:3EF:7BAI7DFA 6;D75FF:7 35F;H;F;7EF:3F?AEF 38875FF:7 75A@A?;5E A8F:7 7@F;FK @ 3 EF3F;5&F:;E BAI7D DA>7 ;E?AD7 6;88;5G>F FA 3@3>KL7 3@6 ?3K 47 F:7 EBA@EAD A8 F:7 7@F;FK AD F:7 5D76;F 6783G>F EI3B \* 5AG@F7DB3DFK &EBDAH;675D76;FD;E=7JBAEGD7FA3BADF8A>;AA83EE7F 435=76E75GD;F;7E\*53E:&EAD3
{45}------------------------------------------------
#### **&=,9>10=>:149,9.4,7>>0?>,9/(,=4,-709?0=0>?9?4?40>**
D787D7@57 BADF8A>;A A8 E75GD;F;7EEK@F:7F;5 &E 3E: &FD3@E35F;A@E :A>6 35FG3> E75GD;F;7EI:7D73E EK@F:7F;5&FD3@E35F;A@EGE7\*FA7J5:3@97F:7G@67D>K;@95D76;FD;E=;@EF736A8GE;@953E:3EE7FE +:7 &7@F;F;7E?3K:3H735F;H7>K?3@3976AB7@BADF8A>;AEADEF3F;55>AE76BADF8A>;AE
+:7E75GD;F;7E;EEG764KF:7E7- E3D7B3K34>7EA>7>K 8DA?F:753E: 8>AIEA8F:7 D7>3F765A>>3F7D3> 3@6F:;D6 B3DFK5D76;FADEA8F:7E7- E6A@AF:3H7D75AGDE7FAF:7A?B3@K;@F:77H7@FA86783G>F
+:7 A?B3@KPE 7JBAEGD7 ;@ F:7E7 & FD3@E35F;A@E ;E FKB;53>>K >;?;F76 FA ;@F7D7EFE D7F3;@76 ;@ 5A@@75F;A@I;F:;FEG@67DID;F;@9AD?3D=7F ?3=;@935F;H;F;7E ,@>7EEF:7A?B3@K:3E477@677?76FA:3H7 BAI7DAH7DF:77@F;FK3@6;FE;@F7D7EFE;@F:77@F;FK3D7BAF7@F;3>>KE;9@;8;53@FF:7A?B3@K;E@AFF:7BD;?3DK 47@78;5;3DK A8F:7 H7:;5>7 3@6 6A7E @AF 5A@EA>;63F7F:7 7@F;FK +:7A?B3@KPE?3J;?G? 7JBAEGD7FA >AEE 6A7E@AF;@5>G673@K78875FE8DA?8;@3@5;3>;@EFDG?7@FEGE76FA75A@A?;53>>K:7697F:7D;E=EA8F:7- E
# **49,9.4,79?0=80/4,?4:9**
+:7A?B3@K:3E;@HA>H7?7@FI;F:- E;@;FEDA>73E38;@3@5;3>;@F7D?76;3DKA@47:3>8A85>;7@FE +:7 A?B3@K 5A@E;67DE F:7 >;=7>;:AA6 A8 ;@5GDD;@9 3 >AEE 7CG3> FA F:7 ?3J;?G? 7JBAEGD7 FA 47 D7?AF7 4753GE7A8F:7A?B3@KPED;E=?;F;93F;A@788ADFE;@5>G6;@94GF@AF>;?;F76FA75A@A?;5:769;@9EFD3F79;7E 3@6 5A>>3F7D3> 3DD3@97?7@FE +:7 A?B3@KPE 75A@A?;5 D;E=E 3EEA5;3F76 I;F: 5A@EA>;63F76 3@6 @A@ 5A@EA>;63F76- 7JBAEGD7E 3D;E;@9 8DA? 8;@3@5;3> ;@F7D?76;3F;A@FA97F:7DI;F: 3>> D7>7H3@F D;E=?;F;93F;A@ ;@;F;3F;H7E3D7;@5>G676;@F:7A?B3@KPED;E=?3@397?7@F8D3?7IAD=
## *-\*!,!2,!'&+*
@;FE8;@3@5;3>;@F7D?76;3F;A@35F;H;F;7EF:7A?B3@K35FE3EG@67DID;F7D3@6?3D=7F?3=7DFA- E D7>3F76FA57DF3;@ E75GD;F;L3F;A@FD3@E35F;A@E +:7A?B3@K47>;7H7E;FE?3J;?G?>AEE7JBAEGD7;E97@7D3>>K 7CG3>FAF:753DDK;@9H3>G7A8F:747@78;5;3>;@F7D7EF:7>6 +:7A?B3@KPE?3J;?G?7JBAEGD7FA>AEE6A7E@AF ;@5>G673@K78875FE8DA?8;@3@5;3>;@EFDG?7@FEGE76FA75A@A?;53>>K:7697F:7D;E=EA8F:7- E
+KB;53>>K F:7 E7DH;57D A8 F:7 3EE7FE ;@ F:7 - I;>> 47 677?76 FA :3H7 F:7 BAI7D F:3F ?AEF E;9@;8;53@F>K 38875FEF:7 75A@A?;5E A8F:7 7@F;FK .:7@ 3 E7DH;57D AD;FE D7>3F76 B3DFK 3>EA :3E 3@ 75A@A?;5 ;@F7D7EFF:3F:3EF:7BAF7@F;3>FA34EAD43E;9@;8;53@FBADF;A@A8F:793;@E3@6AD>AEE7E;FI;>>47677?76F:7 BD;?3DK 47@78;5;3DK 3@6 5A@EA>;63F7F:7 H7:;5>7 +:7A?B3@KFKB;53>>K 5A@EA>;63F7E E75GD;F;L3F;A@ H7:;5>7E I:7@;F:3E:A>6;@9EEF7??;@98DA?;FEDA>73EG@67DID;F7D3@63@388;>;3F7;EF:7E7DH;57D
+:7A?B3@K?3K :3H7 D7>3F;A@E:;BEI;F: EG5:- E 3E 3 D7EG>F A8 AF:7D 4GE;@7EE 35F;H;F;7E +:7 ?3J;?G?7JBAEGD7FA>AEE5A@E;EFEA8F:783;DH3>G7A8;@EFDG?7@FEI:;5:3D7:7>64KF:7A?B3@K
{46}------------------------------------------------
#### **&=,9>10=>:149,9.4,7>>0?>,9/(,=4,-709?0=0>?9?4?40>**
+:7?3J;?G? 7JBAEGD7FA>AEE 5A@E;EFE A8F:7 83;DH3>G7 A8;@EFDG?7@FE;EEG76 4K EG5: EFDG5FGD7E F:3F3D7:7>64KF:7A?B3@K3E3D7EG>FA8G@67DID;F;@9AD?3D=7F ?3=;@935F;H;F;7E8;@3@5;@9BDAH;676FA F:7H7:;5>7E3@6F:7A?B3@KPE7JBAEGD7D7EG>F;@98DA?BD;@5;B3>BDAF75F;A@3@6D767?BF;A@E873FGD7E +:7 ;@H7EFADEFKB;53>>KD7F3;@F:7D;E=A8>AEEA@EG5:FD3@E35F;A@E4GF8AD57DF3;@8G@6FKB7EF:7A?B3@K?3K BDAH;67BD;@5;B3>BDAF75F;A@A@F:7E75GD;F;7EFA>;?;FF:7;@H7EFADEP7JBAEGD7FA6AI@E;67?3D=7F D;E= +:7 A?B3@KPE ?3J;?G? 7JBAEGD7 FA >AEE 6A7E @AF ;@5>G67 3@K 78875FE 8DA? 8;@3@5;3> ;@EFDG?7@FE GE76 FA 75A@A?;53>>K:7697F:7D;E=A8F:7- E
# **:9>:74/,?0/(>**
.:7D7 F:7 A?B3@K ;E 5A@E;67D76 F:7 BD;?3DK 47@78;5;3DK F:7 F34>7 47>AI BDAH;67E F:7 53DDK;@9 3?AG@FA8F:73EE7FE3@6>;34;>;F;7EA8F:75A@EA>;63F76- E
# **:9>:74/,?0/(>B30=0?30:8;,9D4>?30;=48,=D-09014.4,=D**
| | | 49,9.4,7
9?0=80/4,?4:9
%0.@=4?4E,?4:9 |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|---------------------------------------------|
| 0.08-0=
| | 984774:9> |
| >>0?> | | |
| 74F;@EFDG?7@FE
|
| |
| &F:7D3EE7FE
| | |
| &:?,7,>>0?> | | |
| 4,-474?40> | | |
| *G4AD6;@3F763@6AF:7D>A@9 F7D?4ADDAI;@9E
| | |
| &:?,774,-474?40> |
| |
+:73EE7FE3@6>;34;>;F;7E;@F:7F34>734AH73D7BD7E7@F76@7FA8;@F7D5A?B3@K7>;?;@3F;A@E
# **:9.:9>:74/,?0/(>**
+:7 @A@ 5A@EA>;63F76 - F34>7E BDAH;67F:7 53DDK;@9 3?AG@FE 3@6 5>3EE;8;53F;A@ A8F:7 3EE7FE A8 H3D;34>7;@F7D7EFE D75AD676;@F:7 5A@EA>;63F76 EF3F7?7@F A8 8;@3@5;3> 5A@6;F;A@?3J;?G? 7JBAEGD7FA>AEE 3@6FAF3>3EE7FEA8F:7@A@ 5A@EA>;63F76- E
{47}------------------------------------------------
#### **&=,9>10=>:149,9.4,7>>0?>,9/(,=4,-709?0=0>?9?4?40>**
\$3J;?G?7JBAEGD7FA>AEED7BD7E7@FEF:7H3D;34>7;@F7D7EFEA8@A@ 5A@EA>;63F76- EF:3F3D7:7>6 4KF:7A?B3@K8AD 7J3?B>7 6;D75F :A>6;@9E;@H7:;5>7E>A3@E 3@6 AF:7D D757;H34>7E 3EI7>> 3E @AF;A@3> 3?AG@FE A8 9G3D3@F77E 3@6 A88 43>3@57 E:77F 5A??;F?7@FE I:;5: 3D7 H3D;34>7 ;@F7D7EFE F:3F :3H7 477@ 7JF7@676 FA @A@ 5A@EA>;63F76 - E \*G5: 3?AG@FE B3DF;5G>3D>K @AF;A@3> 3?AG@FE A8 67D;H3F;H7E 3@6 9G3D3@F77E6A@AFD7BD7E7@FF:73@F;5;B3F76>AEE7E;@5A@@75F;A@I;F:F:7E7FD3@E35F;A@E3EF:7K6A@AFF3=7 ;@FA5A@E;67D3F;A@F:778875FA85A>>3F7D3>D75AH7D;7EADF:7BDA434;>;FKA8>AEE @366;F;A@F:7K7J5>G67F:7 78875FA8A88E7FF;@9 8;@3@5;3>;@EFDG?7@FEF:3F3D7:7>6FA?;F;93F7F:7E7D;E=E3@6:3H7@AF477@D76G5764K G@D73>;L76>AEE7EBD7H;AGE>KD75AD6764KF:7A?B3@K;@5A@@75F;A@I;F:9G3D3@F77EAD67D;H3F;H7E
%A@ 5A@EA>;63F76 - 3EE7FE 3D7 - E I;F: I:;5: F:7 A?B3@K :3E H3D;34>7 ;@F7D7EFE +:7E7 3?AG@FE3D7FKB;53>>KG@D7>3F76FAF:77JBAEGD7F:7A?B3@K:3EI;F:F:77@F;FK3@6F:GE3D7@AF3?AG@FE F:3F3D75A@E;67D768ADD;E=?3@397?7@FBGDBAE7E
| | 49,9.4,79?0=80/4,?4:9 | | | | | | | |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|-----------------|----------|-------|-------|--|--|--|
| 0.08-0=
| !> | %0.@=4?4E,?4:9> | :,9> | !?30= | &:?,7 | | | |
| | | 984774:9> | | | | | | |
| ;@3@5;3>;@EFDG?7@FEAI@76
|
|
|
| N
| | | | |
| %7F>A3@E
|
N | | N | N | | | | |
| &F:7D3EE7FE
|
N | | N | N | | | | |
| +AF3>H3D;34>7;@F7D7EF3EE7FE
|
| | | N | | | | |
| \$3J;?G?7JBAEGD7FA>AEE
|
| | | N | | | | |
| %A@ 5A@EA>;63F76- 3EE7FE
|
|
|
|
| | | | |
#### **::/B477,9//09?414,-709?,924-70>>0?>**
E A8 757?47D
F:7 A?B3@K :36 - ?;>>;A@ A8 9AA6I;>> +:7 A?B3@K :36 9DAEE 9AA6I;>>A8-?;>>;A@3FF:7479;@@;@9A8F:7K73D3>A@9I;F:355G?G>3F763?ADF;L3F;A@3@6;?B3;D?7@FA8 - ?;>>;A@ 3E76 A@ F:7 D7EG>FE A8 F:7 A?B3@KPE K73D 7@6 3@@G3> D7H;7I @A ;?B3;D?7@F 5:3D97 A@ 9AA6I;>>I3ED7CG;D768ADF:7K73D7@676757?47D
+:7 A?B3@K 5A@F;@G3>>K 3EE7EE7E I:7F:7D AD @AF F:7D7 :3E 477@ 3 FD;997D;@9 7H7@F D7CG;D;@9 3 D7H;7IA89AA6I;>>
+:7A?B3@K:3E3E;@9>7D7BADF;@9G@;F +:753DDK;@9H3>G7A8F:7D7BADF;@9G@;F8ADF:7BGDBAE7A8 F:7 9AA6I;>> ;?B3;D?7@F F7EF ;E 67F7D?;@76 4K 5A@E;67D;@9 F:7 D7BADF;@9 G@;FE D;E= I7;9:F76 3EE7FE GE397 >7H7D397 D3F;A 7JBAEGD7 6787DD76 F3J 3EE7FE EFD7EE76 53B;F3> 4G887D 9AA6I;>> ;@F3@9;4>7 3EE7FE 3@6 AF:7D 5A??A@7CG;FKF;7D
+
53B;F3>D7>7H3@F36G7A8;FED7BADF;@9G@;FF:7A?B3@K3BB>;7635A?4;@3F;A@A8F:7;@5A?7 3BBDA35: 3@6 F:7 ?3D=7F 3BBDA35: ,@67D F:7 ?3D=7F 3BBDA35: 83;D H3>G7 I3E 7EF;?3F76 GE;@9 7JF7D@3> 8;@3@5;3>63F33@6E7H7D3>;?B>;76?3D=7F?G>F;B>7E ,@67DF:7;@5A?73BBDA35:36;E5AG@FD3F7I3E3BB>;76
{48}------------------------------------------------
#### **::/B477,9//09?414,-709?,924-70>>0?>**
F:3F D78>75FE F:7 D;E= 3@6 G@57DF3;@FK D7>3F76 FA F:7 D7BADF;@9 G@;FPE BDA<75F76 53E: 8>AIE I:;5: I7D7 67F7D?;@768DA?F:7A?B3@KPE8;@3@5;3>B>3@
@67F7D?;@;@9F:77EF;?3F7683;DH3>G7G@67DF:7;@5A?73BBDA35:F:7A?B3@K?3;@>KD7>;76GBA@ ;FE>3F7EF8;H7 K73D8;@3@5;3>B>3@I:;5:;@5>G676E;9@;8;53@F?3@397?7@F3EEG?BF;A@E3@67EF;?3F7E43E76A@ ;FEH;7IA85GDD7@F3@68GFGD775A@A?;55A@6;F;A@E3@6D79G>3FADK5:3@97E @67F7D?;@;@9F:77EF;?3F7683;D H3>G7G@67DF:7?3D=7F3BBDA35:F:7A?B3@K?3;@>KD7>;76GBA@7JF7D@3>BD;57EBDA<75F7673D@;@9E3@6F:7 F3@9;4>74AA=H3>G73E3FF:7H3>G3F;A@63F7
+:7A?B3@K7@93976F:7E7DH;57EA83@;@67B7@67@FH3>G3F;A@EB75;3>;EFFA3EE;EF;@F:7H3>G3F;A@A8 F:7 A?B3@KE D7BADF;@9 G@;F 6GD;@9 F:7 ;@F7D;? 3@6 K73D 7@6 ;?B3;D?7@F 3@3>KE7E +:7 H3>G3F;A@E I7D7 B7D8AD?76GE;@935A?4;@3F;A@A8F:7?3D=7F3BBDA35:3@6;@5A?73BBDA35:
+:7D7EG>FEA8F:7;?B3;D?7@F7H3>G3F;A@A8F:7A?B3@KE9AA6I;>>IAG>647E;9@;8;53@F>K;?B35F76 4K 36H7DE7 5:3@97E ;@F:7 G@67D>K;@9 B3D3?7F7DE GE76 ;@F:7 H3>G3F;A@ BDA57EE 8 35FG3> AGF5A?7E ADF:7 8GFGD7 AGF>AA= 36H7DE7>K 6;887D 8DA? ?3@397?7@FE 47EF 7EF;?3F7E A8 F:7 =7K 75A@A?;5 3EEG?BF;A@E 3@6 3EEA5;3F76 53E: 8>AIE 3BB>;76 ;@ F:7 H3>G3F;A@ A8 F:7 D7BADF;@9 G@;F F:7 A?B3@K 5AG>6 ;@5GD ?3F7D;3> ;?B3;D?7@F5:3D97E;@F:78GFGD7
# **9?,924-70>>0?>**
E A8757?47D
F:7A?B3@K :36 -?;>>;A@ A8 ;@678;@;F7 >;H76 ;@F3@9;4>7 3EE7FE +:7 A?B3@K :36 9DAEE ;@678;@;F7 >;H76 ;@F3@9;4>7 3EE7FE A8 - ?;>>;A@ 3F F:7 479;@@;@9 A8 K73D 3>A@9 I;F: 355G?G>3F76 3?ADF;L3F;A@ 3@6 ;?B3;D?7@F A8 - ?;>>;A@ 3E76 A@F:7 D7EG>FE A8F:7 A?B3@KPE K73D 7@6 3@@G3>D7H;7I@A;?B3;D?7@F5:3D97A@;@F3@9;4>73EE7FEI3ED7CG;D76
#### **:==:B492>**
\*:ADF F7D? 4ADDAI;@9E 3D7 97@7D3>>K 8G@6;@9 A4>;93F;A@E I;F: ;@F7D7EF 3BBDAJ;?3F;@9 F:7 767D3> G@6ED3F7ADAF:7D?A@7K?3D=7F;@6;57E3@63@;@5D7?7@F3>EBD736 \*G5:4ADDAI;@9E3D797@7D3>>KGE76FA 835;>;F3F7 F:7 E75GD;F;7E E7FF>7?7@F BDA57EE 8;@3@57 8;@3@5;3> ;@EFDG?7@FE AI@76 3@6 8;@3@57 E75GD;F;7E BGD5:3E764K5GEFA?7DEA@?3D9;@ EA8757?47D
F:7A?B3@K:36-?;>>;A@;@E:ADF F7D? 4ADDAI;@9EI:;5:BD76A?;@3F7>K;@5>G67EE:ADF F7D?4ADDAI;@9E8DA?388;>;3F7E3@6:3E3I7;9:F763H7D397 ;@F7D7EFD3F7A8 EA8757?47D
F:7D7I7D7@AE:ADF F7D?4ADDAI;@9EE75GD764KA?B3@K AI@76E75GD;F;7E
{49}------------------------------------------------
#### **:==:B492>**
EA8757?47D
F:7A?B3@KPEAGFEF3@6;@9EG4AD6;@3F763@6>A@9MF7D?4ADDAI;@9EI7D7 3E8A>>AIE
| | 984774:9> |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
| *G4AD6;@3F76674F39D77?7@F76G@6ED3F7B>GE4BE6G7;@
|
|
| *G4AD6;@3F76674F39D77?7@F76G@6ED3F7B>GE 4BE6G7;@
|
|
| CG;FKEG4AD6;@3F76674F76G@6ED3F7B>GE4BE6G7;@
|
|
| 6G7H3D;AGE63F7EF:DAG9:
&F:7D>A@9 F7D?4ADDAI;@9E |
|
| 6G7H3D;AGE63F7EF:DAG9:
#A@9 F7D?4ADDAI;@9E8DA?388;>;3F7
|
|
| +AF3>EG4AD6;@3F763@6AF:7D>A@9 F7D?4ADDAI;@9E
|
|
+:7I7;9:F763H7D39778875F;H7;@F7D7EFD3F78ADF:7E7EG4AD6;@3F764ADDAI;@9E3EA8757?47D
I3E
&F:7D>A@9 F7D?4ADDAI;@9ED7BD7E7@FF:7>A@9 F7D?4ADDAI;@9EA8- E5A@EA>;63F76G@67D,\*'
7DF3;@>A@9 F7D?4ADDAI;@9E8DA?3@388;>;3F73D77H7D9D77@4ADDAI;@9835;>;F;7EI;F:3 63K53>>@AF;57B7D;A6
+:78A>>AI;@9F34>7E7FE8ADF:E5:76G>76?3FGD;F;7EA83>>>A@9 F7D?4ADDAI;@9E3EA8757?47D
| | 984774:9> |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
|
|
|
|
|
N |
|
|
|
|
|
|
| +:7D738F7D
|
|
| +AF3>
|
|
+:7EG4AD6;@3F764ADDAI;@9EG@67DF:7E7EG4AD6;@3F7639D77?7@FECG3>;8K3ED79G>3FADK53B;F3>3@6 F:739D77?7@FE;@5>G673>>EF3FGFADKD7EFD;5F;A@EEB75;8;764KF:7,@;8AD?%7F3B;F3>)G>7
5
G@67DF:7 \*75GD;F;7E J5:3@97 5F A8
F:7 J5:3@97 5F ;@5>G6;@9 D7EFD;5F;H7 5AH7@3@FE D7>3F;@9FA 366;F;A@3> EG4AD6;@3F764ADDAI;@9E3@6FA?;@;?G?>7H7>EA8@7F53B;F3>3E678;@763@65A@EA>;63F76?7?47DPE7CG;FK
#### **@,=,9?00>,9/:884?809?>**
**++++++++++++++++++++++++++**
DA?F;?7FAF;?7F:7A?B3@K 7@F7DE ;@FA 9G3D3@F77 5A@FD35FE 3E 9G3D3@FAD ,\*' D7CG;D7E 6;E5>AEGD74K39G3D3@FADA8;FE?3J;?G?BAF7@F;3>B3K?7@FA4>;93F;A@EG@67D57DF3;@A8;FE9G3D3@F77EFAF:7 7JF7@FF:3F;F;E BAEE;4>7FA 7EF;?3F7F:7? +:7 53DDK;@9H3>G7 D7BD7E7@FEF:7 :;9:7D A8F:7;@;F;3> 83;DH3>G7 97@7D3>>KF:7D7>3F76877D757;H76ADD757;H34>7>7EE5G?G>3F;H73?ADF;L3F;A@3@6F:7A?B3@KE5GDD7@F47EF 7EF;?3F7A8B3K?7@FEF:3FI;>>47D7CG;D76G@67D7J;EF;@99G3D3@F773DD3@97?7@FE
+:7 9G3D3@F77E ?3K D7CG;D7 F:7 A?B3@K FA ?3=7 B3K?7@FE FA F:7 9G3D3@F776 B3DFK 43E76 A@ 5:3@97ED7>3F76FA3@3EE7F3>;34;>;FKAD3@7CG;FKE75GD;FKA8F:79G3D3@F776B3DFK +:7A?B3@K?3K3>EA47
{50}------------------------------------------------
#### **@,=,9?00>,9/:884?809?>**
5A@F;@97@F>KD7CG;D76FA?3=7B3K?7@FEFAF:79G3D3@F776B3DFK43E76A@3@AF:7D7@F;FKPE83;>GD7FAB7D8AD? G@67D 3@ 39D77?7@F ADF:7A?B3@K?3K :3H7 3@ ;@6;D75F 9G3D3@F77 A8F:7 ;@674F76@7EE A8 AF:7DE 7H7@ F:AG9:F:7 B3K?7@FFAF:7 9G3D3@F776 B3DFK ?3K @AF 47 43E76 A@ 5:3@97E D7>3F76FA 3@ 3EE7F >;34;>;FK AD 7CG;FKE75GD;FKA8F:79G3D3@F776B3DFK
@ 366;F;A@ ,\* ' 5AH7DE 57DF3;@ ;@67?@;8;53F;A@ 39D77?7@FE F:3F 5A@F;@97@F>K D7CG;D7 F:7 A?B3@KFA?3=7B3K?7@FEFAF:7;@67?@;8;76B3DFK43E76A@5:3@97ED7>3F76FA3@3EE7F>;34;>;FKAD7CG;FK E75GD;FK A8F:7;@67?@;8;76 B3DFK EG5: 3E 3@ 36H7DE73IEG;F ADF:7;?BAE;F;A@ A8 366;F;A@3> F3J7E6G7FA7;F:7D35:3@97;@F:7F3J>3IAD3@36H7DE7;@F7DBD7F3F;A@A8F:7F3J>3I
#### *0 && \$\*!& '-+%\*+ !(+*
+:7A?B3@K;E3?7?47DA8@G?7DAGEE75GD;F;7E7J5:3@97E3@65>73D;@9:AGE7E3@6?3K3E3D7EG>F A8;FE?7?47DE:;B3DD3@97?7@FE47D7CG;D76FAB7D8AD?;83@AF:7D?7?47D6783G>FE
E 3?7?47D A8 F:7A?B3@K ;E D7CG;D76FA BDAH;67 366;F;A@3> >;CG;6;FK D7EAGD57E G@67D 3 BDA9D3? 53>>76 F:7 3BB76 A@F;@97@5K #;CG;6;FK 35;>;FK # @ F:7 7H7@F A8 3 6783G>F A8 3 @7FF;@9 ?7?47DA8 F:7A?B3@KIAG>647D7CG;D76FA7@F7D;@FA3D7E3>739D77?7@FBDAH;6;@953E:FA 3@6D757;H;@9E75GD;F;7E3E5A>>3F7D3> 35:?7?47DPE5A??;F?7@F3?AG@F;EB7D;A6;53>>KD753>5G>3F764K 3@65A??G@;53F76FAF:7?7?47D8;D? F757?47D
F:7A?B3@KPE?3J;?G?5A??;F?7@FI3E - 4;>>;A@A8I:;5:@A@7:3E477@GF;>;L76
ADF:7 D7?3;@;@9?7?47DE:;B39D77?7@FEF:7A?B3@K:3E67F7D?;@76F:3F;F;E@AFBAEE;4>7FA 7EF;?3F7 F:7 ?3J;?G? 3?AG@F A8 F:7E7 A4>;93F;A@E 3@6 47>;7H7E F:3F 3@K BAF7@F;3> D7CG;D7?7@F FA ?3=7 B3K?7@FEG@67DF:7E73DD3@97?7@FE;ED7?AF7
# **!?30=:884?809?>**
+:78A>>AI;@9F34>7E7FE8ADF:F:7A?B3@KPE5A??;F?7@FE3EA8757?47D
| | :884?809?C;4=,?4:9"0="0=4:/ | | | | | | | | | |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|--|-----------|---|-----------|-----------|---------------|--|----------------------|--|
| | 0>>?3,9
D0,= | |
D0,=> | |
D0,=> | | !A0=
D0,=> | | &:?,7
.:884?809?> | |
| | | | | | | 984774:9> | | | | |
| ,@8G@676>7@6;@95A??;F?7@FE
|
| |
| N |
| N |
| |
| |
| +AF3>5A??;F?7@FE
|
| |
| N |
| N |
| |
| |
{51}------------------------------------------------
#### **:9.09?=,?4:9>:1=0/4?\$4>6**
+:7 A?B3@K ;E 7@93976 ;@ H3D;AGE E75GD;F;7E FD36;@9 3@6 4DA=7D397 35F;H;F;7E E7DH;5;@9 3 6;H7DE7 9DAGBA86A?7EF;53@68AD7;9@5ADBAD3F;A@E9AH7D@?7@FE3@6;@EF;FGF;A@3>;@H7EFADE EG4EF3@F;3>BADF;A@A8 F:7A?B3@KEFD3@E35F;A@E3D77J75GF76I;F:3@6A@47:3>8A8;@EF;FGF;A@3>;@H7EFADE;@5>G6;@9AF:7D4DA=7DE 3@6 673>7DE 5A??7D5;3> 43@=E , \* 397@5;7E ?GFG3> 8G@6E :7697 8G@6E 3@6 AF:7D 8;@3@5;3> ;@EF;FGF;A@E +:7E7FD3@E35F;A@E3D797@7D3>>K5A>>3F7D3>;L76 D76;FD;E=;EF:7BAF7@F;3>8AD>AEED7EG>F;@98DA?F:76783G>F4K 35AG@F7DB3DFKA8;FEA4>;93F;A@E JBAEGD7FA5D76;FD;E=;E97@7D3F764KE75GD;F;7E3@65GDD7@5KE7FF>7?7@FE 5A@FD35F;@9 67D;H3F;H7E 3@6 8ADI3D6FD3@E35F;A@E I;F: 5GEFA?7DE 3@6 673>7DE 3@6F:7 :A>6;@9 A8 4A@6E ;@ ;@H7@FADK +:7 A?B3@K GE7E H3D;AGE ?73@E FA ?3@397 ;FE 5D76;F D;E= +:7 5D76;FIADF:;@7EE A8 3>> 5AG@F7DB3DF;7E ;E 3@3>KL76 3F F:7 AGFE7F A8 3 5D76;F D7>3F;A@E:;B I;F: F:7 A?B3@K 3@6 3D7 EG4E7CG7@F>K D7H;7I76A@3B7D;A6;543E;E +:7A?B3@KE7FE3?3J;?G?7JBAEGD7>;?;F8AD735:5AG@F7DB3DFK3EI7>>3E 8AD9DAGBEA85AG@F7DB3DF;7E GDF:7D?AD7F:7A?B3@K7@F7DE;@FA?3EF7D@7FF;@939D77?7@FEI:7@873E;4>7 3@667?3@6E5A>>3F7D3>8DA?57DF3;@5AG@F7DB3DF;7EAD8AD57DF3;@FKB7EA85D76;FFD3@E35F;A@E
+:7A?B3@KE 5GEFA?7D E75GD;F;7E 35F;H;F;7E 3D7FD3@E35F76 7;F:7D;@ 53E: AD A@ 3?3D9;@ 43E;E;@ I:;5:F:7A?B3@K7JF7@6E5D76;FFAF:75GEFA?7D +:7A?B3@KE77=EFA5A@FDA>F:7D;E=E3EEA5;3F76I;F: ;FE5GEFA?7D35F;H;F;7E4KD7CG;D;@95GEFA?7DEFA?3;@F3;@?3D9;@5A>>3F7D3>FA5A?B>KI;F:H3D;AGED79G>3FADK 3@6;@F7D@3>9G;67>;@7E +:7A?B3@K?A@;FADE D7CG;D76?3D9;@>7H7>E 735: 63K 3@6 D7CG;D7E 5GEFA?7DEFA 67BAE;F366;F;A@3>5A>>3F7D3>ADD76G57BAE;F;A@EI:7@@757EE3DK
+:7A?B3@K:365A@57@FD3F;A@D;E=7JBAEGD7FA, \* AH7D@?7@F3@6397@5KE75GD;F;7EBD;?3D;>K F:DAG9:;FE8;@3@5;@935F;H;F;7E +:7A?B3@KPE;@6;D75F7JBAEGD7D7EG>FE8DA??3;@F3;@;@9, \* AH7D@?7@F 3@6397@5KE75GD;F;7E3E5A>>3F7D3>8ADD7E3>739D77?7@FE3@6E75GD;F;7E4ADDAI76FD3@E35F;A@E +:7A?B3@KPE 6;D75F5D76;F7JBAEGD7A@F:7E7FD3@E35F;A@E;EI;F:F:75AG@F7DB3DFKF:GEF:7A?B3@K:3E5D76;F7JBAEGD7 FA F:7 , \* AH7D@?7@F 3@6 ;FE 397@5;7E A@>K ;@ F:7 7H7@F A8 F:7 5AG@F7DB3DFKPE 6783G>F @ 366;F;A@ EG4EF3@F;3>>K 3>> A8F:7 5A>>3F7D3> :7>6 4KF:7A?B3@K 8AD D7E3>7 39D77?7@FE 3@6 E75GD;F;7E 4ADDAI76 3E A8 757?47D
5A@E;EF76A8, \* AH7D@?7@F3@6397@5KE75GD;F;7E
#### **0?,;4?,7\$0<@4=0809?>**
+:7 A?B3@K ;E 3 D79;EF7D76 4DA=7D 673>7D 3@6 D79;EF7D76 8GFGD7E 5A??;EE;A@ ?7D5:3@F 3@6 355AD6;@9>K;EEG4<75FFAF:7?;@;?G?@7F53B;F3>D7CG;D7?7@FEA8F:7\*75GD;F;7E3@6J5:3@97A??;EE;A@ \* F:7 A??A6;F;7E GFGD7E +D36;@9 A??;EE;A@ + 3@6 F:7 ;@3@5;3> @6GEFDK )79G>3FADK GF:AD;FK %) ,@67DF:7 3>F7D@3F;H7?7F:A6 B7D?;FF76 4K \*)G>7
5
F:7 D7CG;D76 @7F 53B;F3> ?3K @AF 47 >7EE F:3@ A8 399D793F7 674;F 43>3@57E 3D;E;@9 8DA? 5GEFA?7D FD3@E35F;A@E ,@67D + )79G>3F;A@ F:7D7CG;D76?;@;?G?@7F53B;F3>D7CG;D7?7@F;EA8F:7FAF3>D;E=?3D9;@D7CG;D7?7@F3E 678;@768AD3>>BAE;F;A@E53DD;76;@5GEFA?7D3@6@A@ 5GEFA?7D355AG@FE %)?3KD7CG;D73?7?47D8;D? FAD76G57;FE4GE;@7EE;8@7F53B;F3>;E>7EEF:3@A8EG5:399D793F7674;F;F7?E3@6?3KBDA:;4;F38;D?8DA? 7JB3@6;@9;FE4GE;@7EE;8@7F53B;F3>;E>7EEF:3@A8EG5:399D793F7674;F;F7?E EA8757?47D
F:7 A?B3@KPE @7F 53B;F3> A8 3BBDAJ;?3F7>K - 4;>>;A@ I:;5: I3E ;@ 7J57EE A8 F:7 +E ?;@;?G? D7CG;D7?7@F4K3BBDAJ;?3F7>K- 4;>>;A@
{52}------------------------------------------------
#### **,>3,9/%0.@=4?40>%02=02,?0/'9/0=0/0=,7,9/!?30=\$02@7,?4:9>**
E 3 D79;EF7D76 4DA=7D 673>7DF:7A?B3@K ;E EG4<75FFAF:7 5GEFA?7D BDAF75F;A@ D7CG;D7?7@FE A8 \*)G>7
5 +:7A?B3@K6;6@AF:3H73@K53E:AD, \* +D73EGDKE75GD;F;7E3EA8757?47D
E79D793F76 ;@ 3 EB75;3> D7E7DH7 43@= 355AG@F 7J5>GE;H7>K 8AD F:7 47@78;F A8 5GEFA?7DE 3E D7CG;D76 4K )G>7 5
+:7 A?B3@K ;E 3>EA D7CG;D76 FA B7D8AD? 3 5A?BGF3F;A@ A8 D7E7DH7 D7CG;D7?7@FE 8AD 'DABD;7F3DK 55AG@FEA8DA=7D73>7DE'BGDEG3@FFA\*)G>7
5 +:7A?B3@K6;6@AF:3H73@K53E:AD , \* +D73EGDKE75GD;F;7E3EA8757?47D
EG4<75FFAE79D793F;A@;@3EB75;3>D7E7DH743@=355AG@FFA ?77FF:7'D7CG;D7?7@F
E 3 8GFGD7E 5A??;EE;A@ ?7D5:3@F F:7 A?B3@K ;E D7CG;D76 FA B7D8AD? 5A?BGF3F;A@E A8 F:7 D7CG;D7?7@FEA8\*75F;A@63@6)79G>3F;A@ G@67DF:7A??A6;FKJ5:3@975F EA8757?47D
- 4;>>;A@ A8 53E: 3@6 - 4;>>;A@ A8 E75GD;F;7E 399D793F;@9- 4;>>;A@I7D7 E79D793F76 ;@ E7B3D3F7 355AG@FE7J5>GE;H7>K8ADF:747@78;FA85GEFA?7DE
E 3 8GFGD7E 5A??;EE;A@ ?7D5:3@F F:7 A?B3@K ;E D7CG;D76 FA B7D8AD? 5A?BGF3F;A@E A8 F:7 D7CG;D7?7@FEA8\*75F;A@6G@67DF:7A??A6;FKJ5:3@975F EA8757?47D
- 4;>>;A@ A853E:3@6- 4;>>;A@A8E75GD;F;7E399D793F;@9- 4;>>;A@I7D7E79D793F76;@E7B3D3F7355AG@FE7J5>GE;H7>K 8ADF:747@78;FA85>73D76EI3BE5GEFA?7DE
#### **%3,=0,>0/:8;09>,?4:9,9/!?30=09014?>**
+:7A?B3@KB3DF;5;B3F7E;@F:7\*:3D7'>3@ +:7\*:3D7'>3@BDAH;67E8ADE:3D73I3D6EFA479D3@F76 FA57DF3;@7?B>AK77E43E76A@F:7 83;D?3D=7FH3>G7A8\*E:3D7E3FF:7F;?7A89D3@F3@66;E5AG@F76 8AD 7JB75F76 6;H;67@6E I:7D7 3BB>;534>7 +:7 ?3G67 F:7 D;9:F FA D757;H7 6;H;67@67CG;H3>7@FEA@H7EF76E:3D7E
# **%3,=0B,=/>**
# **"3,9?:8%3,=0B,=/>**
':3@FA?\*:3D73I3D6E9D3@F76;@74DG3DK
3D7E;?;>3DFAF:AE79D3@F76;@74DG3DK 35: E:3D73I3D69D3@F767@F;F>7EF:7:A>67DA8F:73I3D6FAD757;H7A@7\*E:3D7EG4<75FFAE7DH;575A@6;F;A@E \*:3D7 3I3D6E H7EF AH7D F:D77 K73DE I;F: A@7 F:;D6 A8 F:7 E:3D7 3I3D6E H7EF;@9 A@ 735: A8 F:7 F:D77 3@@;H7DE3D;7EA8F:79D3@F63F7D3F34>7H7EF;@9I;F:F:77J57BF;A@A83I3D6E9D3@F76FA;@6;H;6G3>E5>3EE;8;76 3);E=\$3@397D\$3F7D;3>);E=+3=7DE\$)+EAD\*7@;AD\$3@397DEAD7CG;H3>7@FEG@67DF:7,AD,"3B;F3> )7CG;D7?7@FE ;D75F;H7 - D7>3F76 BDAH;E;A@E \*:3D7 3I3D6E 9D3@F76FA );E=\$3@397D\$)+E H7EF AH7D 8;H7 K73DEI;F: A@7 8;8F: A8F:7 3I3D6H7EF;@9 A@ 735: A8F:7 8;H7 3@@;H7DE3D;7E A8F:79D3@F 63F7 \*:3D7 3I3D6E 9D3@F76FA\*7@;AD\$3@397DEH7EFAH7DE7H7@K73DEI;F:A@78;8F:A8F:73I3D6H7EF;@9A@735:A8F:7F:;D6FA E7H7@F:3@@;H7DE3D;7EA8F:79D3@F63F7 \*:3D73I3D6E3D77JB7@E76AH7DF:7E7DH;57B7D;A6A8F:73I3D6E +:7 H3>G7A8F:7E:3D7E;EEA>7>K67B7@67@FA@F:7\*E:3D7BD;573FF;?7A867>;H7DK
{53}------------------------------------------------
#### **%3,=0,>0/:8;09>,?4:9,9/!?30=09014?>**
+:7A?B3@KPEE:3D73I3D6E;@5>G67AF:7D3I3D6EEG5:3E4>A5=76E:3D7E3@6EB75;3>3I3D6EI:;5: ?3K479D3@F76FA@7I7?B>AK77E +:7E7E:3D73I3D6E7@F;F>7F:7:A>67DFAD757;H7A@7\*E:3D73@63D7 97@7D3>>K EG4<75F FA 5A@F;@G76 7?B>AK?7@F 5A@F3;@ D7EFD;5F;H7 5AH7@3@FE 3@6 53@57>>3F;A@ BDAH;E;A@E 3@6 97@7D3>>KH7EF47FI77@L7DA3@68;H7K73DE
## **"0=1:=8,9.0%3,=0B,=/>**
7DF3;@ 7?B>AK77E D757;H76 3 BADF;A@ A8 F:7;D 6787DD76 H3D;34>7 5A?B7@E3F;A@ ;@ F:7 8AD? A8 B7D8AD?3@57 E:3D7 3I3D6E '\*E '\*E 3D7 E;?;>3D FA E:3D7 3I3D6E 7J57BF F:3F F:7 8G>> 43>3@57 A8 AGFEF3@6;@9B7D8AD?3@57 E:3D73I3D6E;@5>G6;@9F:AE73I3D676;@BD;ADK73DE3D7 EG4<75FFAB7D8AD?3@57 43E76?3>GEBDAH;E;A@E
'7D8AD?3@57E:3D73I3D6E3D7EG4<75FFA36AI@I3D636>AEE4K F:76;H;E;A@;@I:;5:F:77?B>AK77EIAD=763EA8757?47D
AD3@793F;H7\*D7FGD@A@7CG;FK I:;5:7H7D D7EG>FE ;@ 3 >3D97D 36AK77E ;@ ADBAD3F7 G@5F;A@E 3@6F:7EE7F )7EA>GF;A@ ,@;FF:76AI@I3D636K3BB>;7E;@F:77H7@FA83@793F;H7\*)&3@6;E@AF>;@=76FAF:7 B7D8AD?3@57A8F:76;H;E;A@E +:743E;E8ADF:7)&53>5G>3F;A@?3KH3DK8DA?K73DFAK73D67B7@6;@9A@ F:7\*A?B7@E3F;A@A??;FF77PE67F7D?;@3F;A@8ADF:7K73D;@I:;5:F:7B7D8AD?3@57E:3D7E3D79D3@F76
+:78A>>AI;@9F34>7BD7E7@FEF:7E:3D73I3D6E35F;H;F;7E8AD735:A8F:7FIAB>3@E67E5D;47634AH78AD F:7K73D7@676757?47D
| | @8-0=:1>3,=0,B,=/> | | |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|------|--|
| | "3,9?:8 | "% | |
| | 984774:9> | | |
|
&GFEF3@6;@93EA8!3@G3DK |
|
| |
| D3@F76
|
|
| |
|
*7FF>76 |
| | |
|
AD87;F76 |
| | |
| &GFEF3@6;@93EA8757?47D
|
|
| |
+:7 I7;9:F76 3H7D397 83;D H3>G7 A8 F:7 ':3@FA? \*:3D7 3I3D6E 9D3@F76 6GD;@9 F:7 K73D 7@676 757?47D
I3E- +:7I7;9:F76 3H7D39783;DH3>G7A8'\*E:3D73I3D6E9D3@F766GD;@9F:7K73D 7@676757?47D
I3E-
{54}------------------------------------------------
#### **%3,=0,>0/:8;09>,?4:9,9/!?30=09014?>**
# **,>3B,=/>**
# **:9?49209?,;4?,7B,=/>**
A@F;@97@F 3B;F3> I3D6E II7D7 9D3@F76 ;@ 74DG3DK
3@6
FA ?3@39;@9 6;D75FADE3@66;D75FADE3EB3DFA8F:7
3@6
6787DD76H3D;34>75A?B7@E3F;A@3@6:3H7D;9:FE3@6 D;E=E E;?;>3D FA F:AE7 A8 57DF3;@ 5A@F;@97@F 53B;F3> ;@EFDG?7@FE ;EEG76 4K \* ;@ F:7 ?3D=7F 3D7 E5:76G>76FAH7EFA@F:7F:;D63@@;H7DE3DKA8F:79D3@F63F7AF:7DF:3@F:AE79D3@F76FA;@6;H;6G3>E5>3EE;8;76 3E\$3F7D;3>);E=+3=7DE\$)+E);E=\$3@397D\$)+EAD\*7@;AD\$3@397DEAD7CG;H3>7@FEG@67DF:7,AD," 3B;F3>)7CG;D7?7@FE;D75F;H7-D7>3F76BDAH;E;A@E 9D3@F76FA\$)+E);E=\$3@397D\$)+E3@6\*7@;AD \$3@397DE H7EF A@F:7 8;8F: 3@6 E7H7@F: 3@@;H7DE3D;7E A8F:7 9D3@F 63F7 D7EB75F;H7>K 3I3D6EI;>> 47 7JB7@E76 AH7D F:7 H7EF;@9 B7D;A6 97@7D3>>K BDAH;67 3 5A@6;F;A@3> D;9:F FA D757;H7 E7?; 3@@G3> 53E: B3K?7@FE A8 ;@F7D7EF 7CG;H3>7@FE G@F;> E7FF>76 I;F: D3F7E 47;@9 67B7@67@F GBA@ F:7 H7EF;@9 B7D;A6 3@6 5GDD7@5KA867@A?;@3F;A@ 9D3@F76;@
3@6
F:3FH7EF8;H7ADE7H7@K73DE8DA?F:763F7A8 9D3@F3D7@AF7>;9;4>78ADE7?; 3@@G3>53E:B3K?7@FEA8;@F7D7EF7CG;H3>7@FE 9D3@F76FA57DF3;@D79G>3F76 7?B>AK77EF:3FH7EFAH7DF:D77K73DE3D7@AF7>;9;4>7 8AD E7?; 3@@G3>53E:B3K?7@FEA8;@F7D7EF7CG;H3>7@FE 7>AI3D767E5D;BF;A@8AD;@F7D7EF7CG;H3>7@FEA@4AF:,\*3@667@A?;@3F76E:AI7H7D@AF3>> 7@F;F;7E3D79D3@F76I;F:4AF:FKB7A83I3D6E
- S 9D3@F76;@
3@6
F:3F3D767@A?;@3F76;@,\*6A>>3DE3@6H7EFF:D77K73DE8DA? F:763F7A89D3@F D757;H7;@F7D7EF7CG;H3>7@FE3F3 D3F7A8 3@6 D7EB75F;H7>KB7D 3@@G? B>GEF:7 63;>K 5A?BAG@676EBD736 7J5>GE;H7,\* 6A>>3D\*75GD76&H7D@;9:F;@3@5;@9)3F7 \*&)
- S 9D3@F76;@
3@6
F:3F3D767@A?;@3F76;@\*I;EE8D3@5E3@6H7EFF:D77K73DE8DA? F:763F7A89D3@F D757;H7;@F7D7EF7CG;H3>7@FE3F3 D3F7A8 3@6 D7EB75F;H7>KB7D 3@@G? B>GE F:7 63;>K 5A?BAG@676 EBD736 7J5>GE;H7 \*I;EE 8D3@5 \*I;EE H7D397 )3F7 &H7D@;9:F \*)&%3@6
- S +:7E7?; 3@@G3>;@F7D7EF7CG;H3>7@F53E:B3K?7@F53>5G>3F;A@5K5>7GBFA74DG3DK
I3E43E76 A@F:7E;J ?A@F:,\*6A>>3D#A@6A@ @F7D43@=&887D76)3F7# &)8AD67@A?;@3F76;@,\* 6A>>3DE3@6F:7E;J ?A@F:\*I;EE8D3@5# &)8AD67@A?;@3F76;@\*I;EE8D3@5E
+:7 D3F7EI7D7E7F;@>;@7I;F:?3D=7F5A@6;F;A@E3FF:7F;?7A89D3@F3@67J;EF;@9:;9: FD;997D3@6 >AI FD;997D 5A@F;@97@F 53B;F3> ;@EFDG?7@FE F:3F \* :3E ;EEG76 AD 9D3@F76 ;@ 74DG3DK 7?B>AK77EI:A D757;H76 5A?B7@E3F;A@ ;@ \*I;EE 8D3@5E D757;H76 67@A?;@3F76 ;@ \*I;EE 8D3@5E 3@6 3>> AF:7D7?B>AK77ED757;H7667@A?;@3F76;@,\*6A>>3DE
ECG3>;8K3E9A;@95A@57D@>AEE 34EAD4;@953B;F3>A8\*F:7F;?;@93@68AD?A86;EFD;4GF;A@ GBA@E7FF>7?7@F;EEG4<75FFA3BBDAH3>4K %\$ FE7FF>7?7@F7?B>AK77EI;>>D757;H77;F:7D35A@F;@97@F 53B;F3>;@EFDG?7@FAD353E:B3K?7@F43E76A@F:783;DH3>G7A8F:7 +:783;DH3>G7I;>>4767F7D?;@764K \* @ F:7 53E7 A8 3 53E: E7FF>7?7@F F:7 3I3D6 I;>> 47 5A@H7DF76 ;@FA F:7 >A53> 5GDD7@5K A8 735: D7EB75F;H77?B>AK77
{55}------------------------------------------------
#### **%3,=0,>0/:8;09>,?4:9,9/!?30=09014?>**
:3H7 >AEE 34EAD4;@9 873FGD7E EG5:F:3F BD;ADFA E7FF>7?7@FF:7 BD;@5;B3> 3?AG@F A8F:7 IAG>647ID;FF7@6AI@FAL7DA3@68AD87;F76;83@KA8F:78A>>AI;@9FD;997D7H7@FEI7D7FAA55GD
- S \*PED7BADF765A??A@7CG;FKF;7D
+
D3F;A83>>E47>AIAD
- S %\$67F7D?;@7EF:3F53@57>>3F;A@A8F:73@6AF:7DE;?;>3D5A@F;@97@F53B;F3>;@EFDG?7@FE;E @757EE3DK AD F:3F \* D7CG;D7E BG4>;5 E75FAD 53B;F3> EGBBADF ;@ 7;F:7D 53E7 FA BD7H7@F ;F 8DA? 475A?;@9;@EA>H7@FADAF:7DI;E783;>;@9
# **';1=:9?,>3B,=/>**
GD;@9
3@6
57DF3;@?3@39;@96;D75FADE3@66;D75FADEA8F:7A?B3@KI7D79D3@F76 GB8DA@F53E:3I3D6E,E3B3DFA8F:753E:5A?BA@7@FA8F:7;DH3D;34>75A?B7@E3F;A@ +:7E73I3D6E3D7 EG4<75FFAD7B3K?7@F5>3I435=4KF:77?B>AK77;@F:77H7@FA8HA>G@F3DKD7E;9@3F;A@F7D?;@3F;A@8AD53GE7 AD ;@ 5A@@75F;A@ I;F: AF:7D EB75;8;76 7H7@FE AD 5A@6;F;A@E I;F:;@ F:D77 K73DE A8 F:7 3I3D6 9D3@F +:7 3?AG@FEG4<75FFAD7B3K?7@F;ED76G576;@7CG3>?A@F:>K;@EF3>>?7@FE6GD;@9F:7F:D77 K73DB7D;A68A>>AI;@9 F:7 9D3@F 63F7 +:7 7JB7@E7 D75A9@;F;A@ I;>> A55GD AH7D F:7 F:D77 K73D H7EF;@9 B7D;A6 EG4<75F FA E7DH;57 5A@6;F;A@E
# **!?30=,>3B,=/>**
;J76787DD763E:>>AI3@57I3D6EI7D79D3@F76;@
3@6
I:;5:I;>>477JB7@E76 AH7D3B7D;A6A8F:D77K73DE8DA?F:79D3@F63F7
787DD7653E:D7F7@F;A@3I3D6EI7D79D3@F766GD;@9
3@6 +:7E73I3D6E3D77JB7@E76AH7D F:73BB>;534>7H7EF;@9B7D;A68DA?F:79D3@F63F7
#### **8;7:D0009014?"7,9>**
+:7 A?B3@K BDAH;67E D7F;D7?7@F 3@6 BAEF D7F;D7?7@F 47@78;FE FA ;FE , \* 3@6 57DF3;@ @A@ , \* 7?B>AK77E F:DAG9: B3DF;5;B3F;A@ ;@ 3 678;@76 47@78;F B7@E;A@ B>3@ 3 678;@76 5A@FD;4GF;A@ E3H;@9E 3@6 D7F;D7?7@F B>3@ 3@6 AF:7D B>3@E +:7 A?B3@K D75AD6E F:7 >;34;>;FK 8AD ;FE 678;@76 47@78;F B7@E;A@ B>3@ 678;@765A@FD;4GF;A@E3H;@9E3@6 D7F;D7?7@FB>3@3@6AF:7DB>3@EI;F:;@AF:7D>;34;>;F;7E;@F:75A@EA>;63F76 EF3F7?7@FA88;@3@5;3>5A@6;F;A@
# **"09>4:9"7,9>**
+:7A?B3@K B3DF;5;B3F7E;@ 3 @A@ 5A@FD;4GFADK 678;@76 47@78;FB7@E;A@ B>3@F:7(G3>;8;76 '>3@ 3H3;>34>7 FA ;@6;H;6G3>E 7?B>AK76 478AD7 !3@G3DK
8875F;H7 !3@G3DK
5A?B7@E3F;A@ 3@6 5D76;F76E7DH;57 8AD47@78;FBGDBAE7EI7D7 8DAL7@ 8AD57DF3;@B3DF;5;B3@FE ?B>AK77EI:A@A>A@97D355DG7 47@78;FE;@F:7(G3>;8;76'>3@B3DF;5;B3F7;@3 E3H;@9E3@6 D7F;D7?7@FB>3@ E;?;>3DFA7?B>AK77E:;D76A@AD 38F7D!3@G3DK
\*3BB>;7EEBA@EAD355AG@F;@98AD355AG@F;@93@6D7BADF;@98AD678;@7647@78;FB7@E;A@B>3@E +:7 A?B3@K3@6AF:7D\*7@F;F;7EB3DF;5;B3F7;@3@65A@FD;4GF7FAF:7 E3?7B>3@3@6F:73EE7FE:7>64KF:7 B>3@3D7@AFD7EFD;5F76ADE79D793F763@653@47GE76FABDAH;6747@78;FEFA7?B>AK77EA83@KA8F:7
{56}------------------------------------------------
#### **8;7:D0009014?"7,9>**
B3DF;5;B3F;@9\* 7@F;F;7E +:7A?B3@K :3E 477@ 67E;9@3F76FA 47F:7 EBA@EAD A8F:7 B>3@ 3@6 D75AD6E3>>>;34;>;F;7E3@67JB7@E7E3@63>>A53F7E3BADF;A@A8F:77JB7@E7EFA388;>;3F7E8AD7?B>AK77EAGFE;67 F:7A?B3@K
A@FD;4GF;A@E FA F:7 (G3>;8;76 '>3@ 3D7 ?367 3E D7CG;D76 4K F:7 @F7D@3> )7H7@G7 A67 3@6 3BB>;534>7>3I4GF@AF;@7J57EEA8F:73?AG@FE676G5F;4>74KF:7A?B3@K 8AD;@5A?7F3JBGDBAE7E +:7 A?B3@K?367@AEB75;3>5A@FD;4GF;A@EFAF:7(G3>;8;76'>3@6GD;@9F:7K73D7@676757?47D
3@6 6A7E@AF7JB75FFA5A@FD;4GF7FAF:7(G3>;8;76'>3@6GD;@9
+:7A?B3@K3>EAEBA@EADE3E3H;@9E3@6D7F;D7?7@FB>3@I:;5:;E3678;@765A@FD;4GF;A@B>3@I;F: 4AF: 3 E3H;@9E 3@6 3 D7F;D7?7@F 5A?BA@7@F >> 7?B>AK77E 3D7 7>;9;4>7 FA B3DF;5;B3F7 ;@ F:7 E3H;@9E 5A?BA@7@F @366;F;A@;@6;H;6G3>E7?B>AK76478AD7!3@G3DK
I:A6A@AF355DG747@78;FEG@67DF:7 (G3>;8;76'>3@3@67?B>AK77E:;D76A@AD38F7D!3@G3DK
B3DF;5;B3F7;@F:7D7F;D7?7@F5A?BA@7@F3@6 D757;H73D7F;D7?7@F5A@FD;4GF;A@ TADF:7K73D7@676757?47D
F:7D7F;D7?7@F5A@FD;4GF;A@D3@976 8DA?- FA- 67F7D?;@7643E76A@3@7?B>AK77PE43E7E3>3DKGBFAF:7 )\*5A?B7@E3F;A@>;?;F I:;5:I3E- ;@ +:7A?B3@K?367B3K?7@FEA8-?;>>;A@FAF:7678;@765A@FD;4GF;A@B>3@ 8ADF:7K73D7@676757?47D
3@67JB75FEFAB3K3FAF3>A8-?;>>;A@6GD;@9
+:7 A?B3@K 3>EA BDAH;67E 3 @A@ 5A@FD;4GFADK @A@ CG3>;8;76 G@8G@676 B>3@ F:7 \*GBB>7?7@F3> '>3@ I:;5: BDAH;67E 47@78;FEFA 57DF3;@ E7@;AD 7?B>AK77E 3@6(G3>;8;76 '>3@ B3DF;5;B3@FE I:AE7 47@78;FE ?3K 47 >;?;F76 4K F3J D79G>3F;A@E 7@78;FE G@67D F:7E7 B7@E;A@ B>3@E 3D7 43E76 A@ K73DE A8 E7DH;57 3@6 7?B>AK77 5A?B7@E3F;A@ +:7 A?B3@K ?367 B3K?7@FE A8 3BBDAJ;?3F7>K - ?;>>;A@ FA F:7 \*GBB>7?7@F3> '>3@ 3@6 AF:7D BAEF D7F;D7?7@F B>3@E 6GD;@9 F:7 K73D 7@676 757?47D
3@6 7JB75FE FA B3K 3BBDAJ;?3F7>K-?;>>;A@FAF:7'>3@6GD;@9
# **!?30=":>?\$0?4=0809?"7,9>**
+:7 A?B3@K BDAH;67E 57DF3;@ EG4E;6;L76 G@8G@676 :73>F: 53D7 47@78;FE 8AD 7>;9;4>7 D7F;D76 7?B>AK77EF:7&F:7D'>3@E ?B>AK77E:;D76BD;ADFA!G>K
475A?77>;9;4>78ADF:7E747@78;FE;8F:7K ?77F?;@;?G?3973@6 E7DH;57 D7CG;D7?7@FE +:7B>3@ EBA@EAD:3EF:7 D;9:FFA?A6;8KADF7D?;@3F7F:7E7 47@78;FE E A8757?47D
F:7 399D793F7 355G?G>3F76 BAEFD7F;D7?7@F 47@78;F A4>;93F;A@I3E - ?;>>;A@ +:7A?B3@K?367B3K?7@FEA8-?;>>;A@FAF:7&F:7D'>3@E6GD;@9F:7K73D7@676757?47D
3@67JB75FEFAB3K3FAF3>A8-?;>>;A@6GD;@9
{57}------------------------------------------------
#### **8;7:D0009014?"7,9>**
# **8:@9?>\$0.:294E0/49?30:9>:74/,?0/%?,?0809?:149,9.4,7:9/4?4:9**
?AG@FE D75A9@;L76;@F:75A@EA>;63F76EF3F7?7@FA8 8;@3@5;3>5A@6;F;A@3EA8757?47D
I7D73E8A>>AIE
| | %@;;70809?,7,9/
#@,74140/
!?30= | | |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|------|------|
| | 984774:9> | | |
| 55DG7647@78;F3EE7F>;34;>;FK
|
|
| |
| 55G?G>3F76AF:7D5A?BD7:7@E;H7>AEE
|
| |
|
)7BD7E7@FEBD7 F3J3?AG@FED75A9@;L76;@355G?G>3F76AF:7D5A?BD7:7@E;H7>AEEI;F:;@F:75A@EA>;63F76EF3F7?7@FA88;@3@5;3> 5A@6;F;A@
## **09014?!-742,?4:9,9/"7,9>>0?>**
**+++++++++++++++++++++++++**
+:7 8A>>AI;@9F34>7 D75A@5;>7EF:75:3@97E;@F:7BDA<75F7647@78;FA4>;93F;A@3@6F:7 83;DH3>G7A8 F:7B>3@3EE7FE8ADF:7(G3>;8;76'>3@F:7\*GBB>7?7@F3>'>3@3@6F:7&F:7D'>3@E ?AG@FEE:AI@3D73EA8 F:7?73EGD7?7@F63F7I:;5:;E757?47D
| | #@,74140/ | | %@;;70809?,7,9/
!?30= |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|------|--------------------------|
| 3,9204909014?!-742,?4:9 | 984774:9> | | |
|
'DA<75F7647@78;FA4>;93F;A@3EA8479;@@;@9A8B7D;A6 |
|
| |
| @F7D7EF5AEF
|
| | |
| *7FF>7?7@FE
|
| | |
| 5FG3D;3>93;@>AEE
|
| | |
| 7@78;FEB3;6
|
| | |
| 'DA<75F7647@78;FA4>;93F;A@3EA87@6A8B7D;A6
|
|
| |
| 3,92049"7,9>>0?> | | | |
| 3;DH3>G7A83EE7FE3EA8F:7479;@@;@9A8B7D;A6
|
|
| N |
| 5FG3>D7FGD@A@B>3@3EE7FE
|
| | N |
| *7FF>7?7@FE
|
| | |
| A?B3@K5A@FD;4GF;A@E
|
N | | |
| 7@78;FEB3;6
|
| | |
|
3;DH3>G7A83EE7FE3EA8F:77@6A8B7D;A6 |
|
| N |
{58}------------------------------------------------
#### **8;7:D0009014?"7,9>**
+:7D7?73EGD7?7@F93;@EA@F:7(G3>;8;76'>3@D75AD6763EA8757?47D
5A@E;EF76A893;@E A@F:747@78;FA4>;93F;A@A8-?;>>;A@6G7FA5:3@97E;@8;@3@5;3>3@667?A9D3B:;53EEG?BF;A@EBD;?3D;>K F:76;E5AG@FD3F7I:;5:I7D7B3DF>KA88E7F4K>AEE7EA@F:73EE7FBADF8A>;AA8-?;>>;A@ +:7E7FF>7?7@FEA@ F:7(G3>;8;76'>3@?3;@>K5A@E;EF76A83B3DF;3>E3>7A8B7@E;A@A4>;93F;A@EF:3F:3H7477@EA>6FA3F:;D6B3DFK ;@EGD7D3@6D79G>3D>G?BEG?B3K?7@FEAGFA8F:7B>3@
# **>>@8;?4:9>'>0/490?0=849492:>?>,9/!-742,?4:9>**
+:78A>>AI;@9F34>7BD7E7@FEF:73EEG?BF;A@EGE76;@67F7D?;@;@9F:7@7FB7D;A6;547@78;F5AEFE8AD F:7(G3>;8;76'>3@F:7\*GBB>7?7@F3>'>3@3@6F:7&F:7D'>3@E8ADF:7K73D7@676757?47D
| | #@,74140/"7,9 | %@;;70809?,7"7,9,9/
!?30="7,9> |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|-----------------------------------|
| :=?30D0,=09/0/0.08-0=
| | |
| ;E5AG@FD3F7
|
|
|
| )3F7A85A?B7@E3F;A@;@5D73E7
|
| N |
| JB75F76D3F7A8D7FGD@
|
| % |
{59}------------------------------------------------
#### **8;7:D0009014?"7,9>**
**++++++++++++++++++++++++++**
+:7 3EEG?BF;A@E GE76 ;@ 67F7D?;@;@9 F:7 BDA<75F76 47@78;F A4>;93F;A@ 8AD F:7 (G3>;8;76 '>3@ 3@6 \*GBB>7?7@F3>'>3@3@6F:7BDA<75F76:73>F: 53D7BAEFD7F;D7?7@F47@78;FA4>;93F;A@8ADF:7&F:7D'>3@E3EA8 757?47D
I7D7
| | #@,74140/"7,9 | %@;;70809?,7"7,9,9/
!?30="7,9> | | |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|-----------------------------------|--|--|
| "=:50.?0/-09014?:-742,?4:9 | | | | |
| ;E5AG@FD3F7
|
|
| | |
| )3F7A85A?B7@E3F;A@;@5D73E7
|
| N | | |
;E5AG@FD3F7A@F:7BDA<75F76:73>F: 53D7BAEFD7F;D7?7@F47@78;FA4>;93F;A@8ADF:7&F:7D'>3@E;@5>G676;@\*GBB>7?7@F3>3@6 &F:7D;E
+:73EEG?BF;A@EGE76FA67F7D?;@7F:747@78;FA4>;93F;A@3EA8F:7?73EGD7?7@F63F73D73>EAGE76 FA53>5G>3F7F:7@7FB7D;A6;5B7@E;A@5AEF8ADF:7
?A@F:B7D;A68A>>AI;@9F:;E63F7 +:76;E5AG@FD3F7;E A@7A8F:7835FADEGE76FA67F7D?;@7F:7BD7E7@FH3>G73EA8F:7?73EGD7?7@F63F7A8F:78GFGD753E:AGF8>AIE 5GDD7@F>K7JB75F76FA47D7CG;D76FAE3F;E8KF:747@78;FA4>;93F;A@EI:7@6G7 AD6;E5AG@F;@97JB75F768GFGD7 53E:8>AIEI:7@H3>G;@9'&F:7A?B3@KGE7EF:7QEBAFD3F73BBDA35:RI:7D7;@6;H;6G3>EBAFD3F7EA@F:7 K;7>65GDH73D73BB>;76FA735:K73DPE8GFGD753E:8>AIE;@?73EGD;@9F:7B>3@PE47@78;FA4>;93F;A@3@68GFGD7 E7DH;57 5AEF 3@6;@F7D7EF 5AEFE +:7 3EEG?BF;A@ B7DF3;@;@9FA E3>3DK;@5D73E7E;EGE76FA 53>5G>3F7F:7'& I:;5:;E?73EGD76GE;@93@3EEG?BF;A@3EFA8GFGD75A?B7@E3F;A@>7H7>E
+:77JB75F76>A@9 F7D?D3F7A8D7FGD@A@B>3@3EE7FEI:;5:;EGE76FA53>5G>3F7F:77JB75F76D7FGD@ A@3EE7FE3E35A?BA@7@FA8F:7@7FB7D;A6;5B7@E;A@5AEFD78>75FEF:73H7D397D3F7A873D@;@9E7JB75F76A@ F:78G@6E;@H7EF76ADFA47;@H7EF76FABDAH;678ADF:747@78;FE;@5>G676;@F:7'& @7EF;?3F;@9F:3FD3F7 3BBDABD;3F75A@E;67D3F;A@E:AG>6479;H7@FAF:7D7FGD@E47;@973D@764KF:7B>3@3EE7FE;@F:78G@63@6F:7 D3F7EA8D7FGD@7JB75F76FA473H3;>34>78ADD7;@H7EF?7@F
+:77JB75F76>A@9 F7D?D3F7A8D7FGD@A@B>3@3EE7FE;E43E76A@FAF3>D7FGD@8AD753EFE3@6HA>3F;>;FK 3@65ADD7>3F;A@7EF;?3F7E .:7D7BAEE;4>7E;?;>3DADD7>3F763BBDA35:7E3D78A>>AI76FA8AD753EFD7FGD@E8AD F:7 H3D;AGE 3EE7F 5>3EE7E AD ?AEF 3EE7F 5>3EE7E 5>73D>K EB75;8;76 ?G>F; >;@73D D79D7EE;A@ ?A67>EFA 8AD753EF D7FGD@E3D7GE76I:;>7D7>;3@57;EBGFA@FD36;F;A@3>?A67>E;@F:753E7EA87CG;F;7EEG5:3E6;H;67@66;E5AG@F ?A67>E3@683;DH3>G7?A67>E
+A7EF;?3F7F:77JB75F76>A@9 F7D?D3F7A8D7FGD@A@7CG;F;7E3FIA EF3976;H;67@66;E5AG@F?A67>;E 3BB>;76 I:;5: 5A@E;67DE 3@3>KEF 5A@E7@EGE 73D@;@9E FA 5A?BGF7 3 ?3D=7F ;?B>;76 7CG;FK D;E= BD7?;G? ;H;67@6E 3D7 7EF;?3F76 GE;@9 ?3D=7F 5A@E7@EGE 73D@;@9E 3@6 F:7 :;EFAD;53> B3KAGF D3F;A EG4E7CG7@F E57@3D;A3@3>KE;E;EGE76FAEFD7EEF7EFF:7>7H7>A8F:7D7FGD@
+:7 7JB75F76 >A@9 F7D? D3F7 A8 D7FGD@ A@ 8;J76 ;@5A?7 D78>75FE 4AF: 355DG;@9 ;@F7D7EF 3@6 BD;57 D7FGD@E +:7 >;=7>K >A@9 F7D? D7>3F;A@E:;B 47FI77@ F:7 FAF3> D7FGD@ 3@6 57DF3;@ 7JA97@AGE H3D;34>7E BD7 678;@76 4K 75A@A?;5F:7ADK 3D7 7JB>;5;F>K GE76I:;5: 3>>AIEFA 6;D75F>K >;@=F:7 8;J76 ;@5A?7FAF3> D7FGD@ 8AD753EFEFAF:7?35DA 8AD753EFE
{60}------------------------------------------------
#### **8;7:D0009014?"7,9>**
+:7 7EF;?3F7 D793D6;@9 F:7 >A@9 F7D? D3F7 A8 D7FGD@ A@ D73> 7EF3F7 ;E 43E76 A@ 7DDAD 5ADD75F;A@ ?A67>E +:7G@67D>K;@975A@A?;5?A67>ED7EB75F4AF:F:7D7@F3>3@6F:753B;F3>?3D=7FE;67A8F:76;D75FD73> 7EF3F7?3D=7F +:;E3>>AIE 8AD3 D7B>;534>73@6 DA4GEF 8AD753EF;@9?7F:A6A>A9K 8AD7JB75F76 D7FGD@EA@ D73> 7EF3F77CG;FK8G@63@66;D75F?3D=7F;@6;57E
@ 67F7D?;@;@9F:7 355G?G>3F76 BAEFD7F;D7?7@F :73>F: 53D7 47@78;F A4>;93F;A@ 3@6F:7 @7F B7D;A6;5 BAEFD7F;D7?7@F5AEFE8AD
F:7A?B3@K3EEG?76F:78A>>AI;@9
| | "=0
\$0?4=00> | ":>?
\$0?4=00> | 0/4.,=0
",=? |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-------------------|-----------------|
| !-742,?4:9>>@80/0,7?3,=0&=09/\$,?0>,?0.08-0=
| | | |
| @;F;3>:73>F: 53D7FD7@6D3F7
|
|
| % |
| ,>F;?3F7:73>F: 53D7FD7@6D3F7
|
|
| % |
| ,>F;?3F7FD7@67JB75F76FA4735:;7H76
| | | |
#### **:>?>>@80/0,7?3,=0&=09/\$,?0>1:=?30D0,=09/0/ 0.08-0=**
| @;F;3>:73>F: 53D7FD7@6D3F7
|
| % |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|---|
| ,>F;?3F7:73>F: 53D7FD7@6D3F7
|
| % |
| ,>F;?3F7FD7@67JB75F76FA4735:;7H76
|
| |
## **9A0>?809?>**
+:7;@H7EF?7@FBA>;5;7E3@6EFD3F79;7EA8F:7(G3>;8;76'>3@3D767F7D?;@764K35A??;FF77?367GB A8F:7A?B3@KPEE7@;AD?3@397?7@F +:7BA>;5K;E43E76A@>A@9 F7D?9A3>E3@6;EF:7D78AD7@AF8D7CG7@F>K D7H;E76 +:7 ;@H7EF?7@F 9A3> ;E FA 5D73F7 3@ 3EE7F ?;J F:3F ;E 367CG3F7 8AD 8GFGD7 47@78;F A4>;93F;A@E 4K 5D73F;@936;H7DE;8;76;@H7EF?7@FBADF8A>;AI:;>7?3@39;@9H3D;AGED;E=835FADE3@6?3J;?;L;@9F:7(G3>;8;76 '>3@PE ;@H7EF?7@F D7FGD@E F:DAG9: GE7 A8 D7>3F76 B3DFK 3@6 7JF7D@3> 8G@6 ?3@397DE 3@6 5>73D>K 678;@76 EFD3F79;7E \*7@;AD?3@397?7@FD79G>3D>K?A@;FADE35FG3>3>>A53F;A@5A?B3D76FAF:7BA>;5K +:75GDD7@F3EE7F 3>>A53F;A@9A3>;EFA35:;7H73@3EE7F?;JA83BBDAJ;?3F7>K;@7CG;F;7E ;@8;J76;@5A?7E75GD;F;7E ;@3>F7D@3F;H7;@H7EF?7@FE ;@D73>7EF3F73@6
;@53E:
+:7 8A>>AI;@9 F34>7 BD7E7@FE F:7 B7D57@F397 A8 F:7 83;D H3>G7 A8 F:7 (G3>;8;76 '>3@ 3EE7FE 3E A8 757?47D
4KFKB7A83EE7F
| 0.08-0=
| #@,74140/"7,9 | |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|--|
| >>0?77:.,?4:9 | | |
| CG;FKE75GD;F;7E
|
| |
|
;J76;@5A?7E75GD;F;7E |
| |
| 3E:
|
| |
|
+AF3> | | |
{61}------------------------------------------------
#### **8;7:D0009014?"7,9>**
## **,4=(,7@0:1#@,74140/"7,9>>0?>**
+:7 83;DH3>G7E A8 57DF3;@ A8F:7(G3>;8;76'>3@PE;@H7EF?7@FE 3D7 43E76 A@CGAF76 BD;57E;@ 35F;H7 ?3D=7FEADA4E7DH34>7;@BGFE +:7E7;@EFDG?7@FE;@5>G67 8;J76;@5A?7 E75GD;F;7E53E:3@653E:7CG;H3>7@FE 3@67CG;F;7E
@ 366;F;A@ F:7 (G3>;8;76 '>3@ :A>6E 8;@3@5;3> ;@EFDG?7@FE 8AD I:;5: @A BD;57E 3D7 3H3;>34>7 3@6 I:;5: :3H7 >;FF>7 AD @A A4E7DH34>7 ;@BGFE ADF:7E7 ;@EFDG?7@FEF:7 67F7D?;@3F;A@ A8 83;D H3>G7 D7CG;D7E EG4<75F;H7 3EE7EE?7@F 3@6 H3DK;@9 679D77E A8 ;CG;6;FK 5A@57@FD3F;A@ BD;5;@9 3EEG?BF;A@E F:7 5GDD7@F 75A@A?;5 3@6 5A?B7F;F;H7 7@H;DA@?7@F 3@6 F:7 D;E=E 38875F;@9 F:7 EB75;8;5 ;@EFDG?7@F @ EG5: 5;D5G?EF3@57E H3>G3F;A@ ;E 97@7D3>>K 67F7D?;@76 43E76 A@ 3EEG?BF;A@E F:3F ?3D=7F B3DF;5;B3@FE IAG>6 GE7 ;@ BD;5;@9 F:7 ;@H7EF?7@FE ;@5>G6;@9 3EEG?BF;A@E 34AGF D;E= +:7E7 ;@EFDG?7@FE ;@5>G67;@H7EF?7@FE;@8;J76;@5A?7E75GD;F;7E7CG;FKD73>7EF3F73@63>F7D@3F;H7;@H7EF?7@FE
7F7D;AD3F;A@ A8 F:7 8;@3@5;3> ?3D=7FE 5AG>6 E;9@;8;53@F>K ;?B35F F:7 83;D H3>G7 A8 F:7E7 8;@3@5;3> ;@EFDG?7@FE3@6F:7(G3>;8;76'>3@PE@7F3EE7FE3@65:3@97E;@@7F3EE7FE
| 0.08-0=
| 0A07 | 0A07 | 0A07 | ( | &:?,7,?1,4=
A,7@0 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|----------|-----------|----------|----------------------|
| >>0?> | | | 984774:9> | | |
| 3E:3@653E:7CG;H3>7@FE
|
N |
|
N |
N |
|
|
CG;FK |
N |
|
N |
|
|
| ;J76;@5A?7E75GD;F;7E
|
N |
|
N |
|
|
|
&:?,7#@,74140/"7,9,>>0?>,?1,4=A,7@0 |
N |
|
N |
|
|
## **#@,74140/"7,9>>0?>0,>@=0/,?,4=(,7@0**
## **#@,74?,?4A04>.7:>@=0>:1(,7@,?4:9&0.394<@0>**
>F7D@3F;H7;@H7EF?7@FEF:3F3D7@AF6;D75F>KCGAF76A@3BG4>;5EFA5=7J5:3@973@6AD8ADI:;5:3 83;DH3>G7;E@AFD736;>K67F7D?;@34>73D7?73EGD763F83;DH3>G7GE;@9%-3E3BD35F;53>7JB76;7@F
3E: 3@6 53E: 7CG;H3>7@FE ;@5>G67 5A??;@9>76 8G@6E 8ADI:;5: 83;D H3>G7 ;E 67F7D?;@76 43E76 A@ ;@BGFEAF:7DF:3@>7H7>
CGAF76BD;57E
CG;F;7E;@5>G67E:3D7EA8E7B3D3F7>K?3@39768G@6E +:77CG;FKE75GD;F;7E3D743E76A@CGAF76BD;57E AD AF:7D ;@BGFE F:3F 3D7 A4E7DH34>7 6;D75F>K AD ;@6;D75F>K \*:3D7E A8 ?3@3976 8G@6E I:;5: 3D7 @AF 6;D75F>K CGAF76A@3BG4>;5EFA5=7J5:3@973@6AD8ADI:;5:383;DH3>G7;E@AFD736;>K67F7D?;@34>73D7?73EGD763F 83;DH3>G7GE;@9%-
{62}------------------------------------------------
#### **8;7:D0009014?"7,9>**
;J76;@5A?7E75GD;F;7E;@5>G67;@H7EF?7@FE;@E7B3D3F7>K?3@39768G@6E3@643E76A@CGAF76BD;57E F:3F3D7A4E7DH34>76;D75F>KAD;@6;D75F>K \*:3D7EA8?3@39768G@6EI:;5:3D7@AF6;D75F>KCGAF76A@3BG4>;5 EFA5= 7J5:3@97 3@6AD 8ADI:;5: 3 83;D H3>G7 ;E @AF D736;>K 67F7D?;@34>7 3D7?73EGD76 3F 83;D H3>G7 GE;@9 %-
)73>7EF3F7;@5>G67E;@6;D75FD73>7EF3F7; 7 ;@H7EF?7@FE;@D73>7EF3F7FDGEFE +:7E7;@H7EF?7@FEI:;5: 3D7@AF6;D75F>KCGAF76A@3BG4>;5EFA5=7J5:3@973@6AD8ADI:;5:383;DH3>G7;E@AFD736;>K67F7D?;@34>7 3D7?73EGD763F83;DH3>G7GE;@9%-
# **>?48,?0/@?@=009014?",D809?>**
+:7 7EF;?3F76 8GFGD7 47@78;F B3K?7@FE 7JB75F76 FA 47 ?367 4K F:7 (G3>;8;76 '>3@ \*GBB>7?7@F3> '>3@3@6&F:7D'>3@E3D73E8A>>AIE
| | #@,74140/ | %@;;70809?,7,9/
!?30= | |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--------------------------|--|
| | 984774:9> | | |
|
| |
| |
|
| |
| |
|
| |
| |
|
| |
| |
|
| |
| |
| 073DE
| |
| |
#### **9.:80&,C0>**
+:7A?B3@K;E;@5>G676;@F:75A@EA>;63F768767D3>3@657DF3;@EF3F73@6>A53>;@5A?7F3J\*#+ D7FGD@E 8;>76 4K \* A>6;@9E \* A>6;@9E 3>>A53F7E 8767D3> ;@5A?7F3J 3@6 \*#+FA ;FE EG4E;6;3D;7E A@ 3 ?A6;8;76E7B3D3F75A?B3@K43E;EBGDEG3@FFA3F3JE:3D;@93DD3@97?7@F
EA8757?47D
F:7D7I3E- ?;>>;A@A8G@D75A9@;L76F3J47@78;FD75AD676 +:7D7I3E3@ ;@5D73E7A8-?;>>;A@;@F:7A?B3@KPEG@D75A9@;L76F3J47@78;F6GD;@9F:7K73D7@676757?47D
+:7FAF3>3?AG@FA8G@D75A9@;L76F3J47@78;FEF:3F;8 D75A9@;L76IAG>638875FF:778875F;H7F3J D3F7;E- ?;>>;A@
+:7A?B3@K ;E 5GDD7@F>K EG4<75FFA A@9A;@9F3J 3G6;FE 3@6 ;@CG;D;7EI;F:F:7F3J 3GF:AD;F;7E ;@ 3 @G?47DA8F:AG9:F:7F;?;@9A8F:75A?B>7F;A@A8F:7E73G6;FE;EG@57DF3;@;F;ED73EA@34>K BAEE;4>7 F:3F EA?7 A8 F:7E7 3G6;FE 3@6 ;@CG;D;7E I;>> 47 D7EA>H76 I;F:;@ F:7 @7JF FI7>H7 ?A@F:E +:7 A?B3@K ;E 5GDD7@F>K EG4<75F FA 7J3?;@3F;A@ 4K F:7 @F7D@3> )7H7@G7 \*7DH;57 8AD F:7 F3J K73DE
3@6 8ADI3D6%7I0AD=\*F3F78ADF:7F3JK73DE
3@68ADI3D63@6%7I0AD=;FK8ADF:7F3JK73DE 3@6 8ADI3D6 +:7 A?B3@K 6A7E @AF 3@F;5;B3F7 3@K ?3F7D;3> 5:3@97E FA ;FE 8;@3@5;3> EF3F7?7@FE 6G7 FA 3G6;F E7FF>7?7@FE
{63}------------------------------------------------
#### **9.:80&,C0>**
787DD76F3J3EE7FE3@66787DD76F3J>;34;>;F;7E3D797@7D3F764KF:78A>>AI;@9F7?BAD3DK6;887D7@57E
| | 984774:9> | |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--|
| 787DD76F3J3EE7FE | | |
| ;@3@5;3>;@EFDG?7@FE
|
| |
|
&F:7D>;34;>;F;7E3@6355DG767JB7@E7E | | |
| A?B7@E3F;A@3@647@78;FE
| | |
|
'7@E;A@ | | |
| +AF3>6787DD76F3J3EE7FE
| | |
| 787DD76F3J>;34;>;F;7E | | |
| ;@3@5;3>;@EFDG?7@FE
| | |
|
'7@E;A@ | | |
|
&F:7D>;34;>;F;7E3@6355DG767JB7@E7E | | |
|
+AF3>6787DD76F3J>;34;>;F;7E | | |
| %7F6787DD76F3J3EE7F
|
| |
EA8757?47D
F:7@7F8767D3>3@6\*#+6787DD76F3J3EE7FA8-?;>>;A@;E;@5>G676;@ 6787DD76F3J3EE7FE;@F:75A@EA>;63F76EF3F7?7@FA88;@3@5;3>BAE;F;A@
+:7@7F8767D3>3@6EF3F73@6>A53>F3J7ED757;H34>73EA8757?47D
I3E-?;>>;A@ EA8 757?47D
F:7 @7F 8767D3> 3@6 \*#+ D757;H34>7 A8 - ?;>>;A@ ;E ;@5>G676 ;@ AF:7D 3EE7FE A@F:7 EF3F7?7@FA88;@3@5;3>5A@6;F;A@
3E76A@3@F;5;B3F768GFGD7F3J34>7;@5A?7F:7A?B3@K:3E@AFD75AD6763H3>G3F;A@3>>AI3@578AD F:7D7?3;@;@9@7F767D3>6787DD76F3J3EE7FEA@F;?;@9;F7?EA8-?;>>;A@AD;FE@7F\*#+F3J3EE7FEA8 -?;>>;A@3E?3@397?7@F47>;7H7EF:3FF:7@7F8767D3>EF3F73@6>A53>6787DD76F3J3EE7FE3EA8757?47D
3D7?AD7>;=7>KF:3@@AFFA47D73>;L76 AI7H7D;87EF;?3F7EA88GFGD7F3J34>7;@5A?73D7D76G576 F:73?AG@FA8F:7@7F8767D3>EF3F73@6>A53>6787DD76F3J3EE7F5A@E;67D76D73>;L34>75AG>647D76G576
8875F;H7 !3@G3DK
, \* F3J D78AD?;@FDA6G576F:743E77DAE;A@3@63@F; 34GE7F3J+ +:7+;E4DA36>K>7H;76A@, \* F3J676G5F;A@E5D73F764K43E77DAE;A@B3K?7@FE4K3, \* F3JB3K7D7 9 8AD;@F7D7EF3@6E7DH;57EFA;FE@A@ , \* 388;>;3F765A?B3@;7E +:7+;EB3K34>7FAF:77JF7@FF:3FF:7F3J 53>5G>3F;A@43E76A@?A6;8;76F3J34>7;@5A?77J5776EF:7F3J43E76A@AD6;@3DK8767D3>F3J34>7;@5A?7I;F: 36KE;E A8 F:7 8;@3> + D79G>3F;A@E ;EEG76 4K F:7 , \* 7B3DF?7@F A8 +D73EGDK ;@ 757?47D
?3@397?7@F5A@5>G676F:3F\*A>6;@9EI3E@AFEG4<75FFAF:7+8ADF:7
3@6
F3JK73DE AI7H7D\*A>6;@9E:3E4AA=763D7E7DH78AD3@G@57DF3;@F3JBAE;F;A@8ADF:7+ >;34;>;FK8AD
3@6
F3JK73DE3@6\*A>6;@9E3>>A53F76F:7G@57DF3;@F3J>;34;>;FK8AD+FA ;FE EG4E;6;3D;7E 43E76 A@F:7 EG4E;6;3DKPE D7>3F;H7 5A@FD;4GF;A@ A8 43E7 7DAE;A@ B3K?7@FEFAF:7+ E EG5:F:7A?B3@KI3E3>>A53F76- ?;>>;A@8AD
- ?;>>;A@8AD
3@6- ?;>>;A@8AD
A8 G@57DF3;@F3JBAE;F;A@D7>3F76FAF:7+>;34;>;FK
{64}------------------------------------------------
## **02,7"=:.00/492>**
+:7A?B3@K;E;@HA>H76;@3@G?47DA8D79G>3FADK3@63D4;FD3F;A@BDA5776;@9E5A@57D@;@9 ?3FF7DE 3D;E;@9;@ 5A@@75F;A@I;F:F:7 5A@6G5F A8;FE 4GE;@7EE7E;@5>G6;@9F:AE7 6;E5>AE76 47>AI \*A?7 A8 F:7E7BDA5776;@9E:3H7477@4DAG9:FA@47:3>8A8H3D;AGE5>3EE7EA85>3;?3@FE3@6E77=63?397EA8?3F7D;3> 3@6AD;@67F7D?;@3F73?AG@FE
+:7 A?B3@K 355DG7E >AEE 5A@F;@97@5K >;F;93F;A@ BDAH;E;A@E 3@6 F3=7E 3 5:3D97 FA ;@5A?7 ;@ 5A@@75F;A@ I;F: 57DF3;@ BDA5776;@9E I:7@ >AEE7E 366;F;A@3> >AEE7E AD D3@97E A8 >AEE 3D7 BDA434>7 3@6 D73EA@34>K7EF;?34>7 +:7A?B3@K3>EA355DG7E>;F;93F;A@BDAH;E;A@E8ADF:77EF;?3F76877E3@67JB7@E7EA8 7JF7D@3>>3IK7DE3@6AF:7D E7DH;57BDAH;67DE;@ D7>3F;A@FA EG5:BDA5776;@9E;@5>G6;@9;@53E7E 8ADI:;5:;F :3E @AF 355DG76 3 >AEE 5A@F;@97@5K BDAH;E;A@ +:7 A?B3@K 355DG7E F:7E7 877 3@6 7JB7@E7 >;F;93F;A@ BDAH;E;A@E3@6F3=7E35:3D97FA;@5A?7;@5A@@75F;A@F:7D7I;F:I:7@EG5:877E3@67JB7@E7E3D7BDA434>7 3@6D73EA@34>K7EF;?34>7 +:7A?B3@KD7H;7IE;FE>793>BDA5776;@9E735:CG3DF7DFA67F7D?;@7F:7367CG35K A8;FE>;F;93F;A@BDAH;E;A@E3@6?3K;@5D73E7ADD7>73E7BDAH;E;A@E43E76A@?3@397?7@FPE +:7 7EF34>;E:?7@F A8 366;F;A@3> BDAH;E;A@E AD D7>73E7E A8 >;F;93F;A@ BDAH;E;A@E ?3K 47 @757EE3DK;@F:78GFGD73E67H7>AB?7@FE;@EG5:BDA5776;@9EI3DD3@F
F ;E ;@:7D7@F>K 6;88;5G>FFA 67F7D?;@7I:7F:7D 3 >AEE ;E BDA434>7 AD 7H7@ D73EA@34>K BAEE;4>7 ADFA 7EF;?3F7F:73?AG@FA83@K>AEEAD>AEED3@978AD?3@KA8F:7A?B3@KPE>793>BDA5776;@9E TEF;?3F7E4K F:7;D @3FGD7 3D7 43E76 A@ K 3H3;>34>7 ;@8AD?3F;A@ 3@6 ;@HA>H7 3 H3D;7FK A8 835FADE ;@5>G6;@94GF@AF>;?;F76FAF:7FKB73@6@3FGD7A8F:7BDA5776;@9F:7BDA9D7EEA8F:7?3FF7DF:736H;57A8 5AG@E7>F:7A?B3@KPE6787@E7E3@6;FE7JB7D;7@57;@ E;?;>3D?3FF7DE3EI7>>3E;FE3EE7EE?7@FA8?3FF7DE ;@5>G6;@9E7FF>7?7@FE;@HA>H;@9AF:7D6787@63@FE;@E;?;>3DADD7>3F7653E7EADBDA5776;@9E 35FG3>3@6>793> 67F7D?;@3F;A@E?3@KA8I:;5:3D75A?B>7J?GEF47?367478AD73>AEE366;F;A@3>>AEE7EADD3@97EA8>AEE 53@47D73EA@34>K7EF;?3F768AD3@KBDA5776;@9
\$AEF?3FF7DEB7@6;@9393;@EFF:7A?B3@KE77=63?397EA83@;@67F7D?;@3F73?AG@F .:;>757DF3;@ ?3FF7DE EB75;8K F:7 63?397E 5>3;?76 EG5: 5>3;?76 3?AG@F ?3K @AF D7BD7E7@F F:7 A?B3@KPE D73EA@34>K BAEE;4>7>AEE7E AD 57DF3;@ A8F:7 BDA5776;@9E 6;E5GEE76 47>AIF:7A?B3@K :3E 6;E5>AE76F:7 3?AG@F A8 63?397E5>3;?763@657DF3;@AF:7DCG3@F;8;34>7;@8AD?3F;A@F:3F;EBG4>;5>K3H3;>34>7
+:7A?B3@KPE399D793F7>;F;93F;A@BDAH;E;A@E;@5>G677EF;?3F7EA8>AEE7E366;F;A@3>>AEE7EADD3@97E A8>AEE 8ADBDA5776;@9E 8ADI:;5:EG5:>AEE7E3D7BDA434>73@653@47 D73EA@34>K7EF;?3F76 +:7A?B3@K 6A7E @AF 47>;7H7 F:3F ;F 53@ 7EF;?3F7 3@ 399D793F7 D3@97 A8 D73EA@34>K BAEE;4>7 >AEE7E 8AD 57DF3;@ A8 ;FE BDA5776;@9E4753GE7A8F:7;D5A?B>7J;FKF:7@AH7>FKA8EA?7A8F:75>3;?EF:773D>KEF397A8F:7BDA5776;@9E F:7 >;?;F76 3?AG@F A8 6;E5AH7DK F:3F :3E A55GDD76 3@6AD AF:7D 835FADE +:7 A?B3@KPE 7EF;?3F7 A8 F:7 399D793F7 D3@97 A8 D73EA@34>K BAEE;4>7 >AEE7E F:3F 3D7 @AF 5AH7D76 4K 7J;EF;@9 BDAH;E;A@E 8AD I:;5: F:7 A?B3@K47>;7H7E3@7EF;?3F7;EBAEE;4>7;EL7DAFA-?;>>;A@
8F7DF3=;@9;@FA355AG@F;FE>;F;93F;A@BDAH;E;A@EF:7A?B3@K47>;7H7E43E76A@5GDD7@F>K3H3;>34>7 ;@8AD?3F;A@3@636H;57A85AG@E7>F:3FF:7D7EG>FEA8;FE>793>BDA5776;@9E;@F:7399D793F7I;>>@AF:3H73 ?3F7D;3>36H7DE778875FA@F:7A?B3@KPE8;@3@5;3>5A@6;F;A@ AI7H7D;@>;9:FA8F:7;@:7D7@FG@57DF3;@F;7E A8EG5:BDA5776;@9E;@5>G6;@9F:AE74DAG9:F4K D79G>3FADEADAF:7D9AH7D@?7@F3>3GF:AD;F;7EF:7G>F;?3F7 5AEFFAF:7A?B3@KA8D7EA>H;@9EG5:BDA5776;@9E?3K7J57765GDD7@F>;F;93F;A@BDAH;E;A@E3@63@K7J57EE
{65}------------------------------------------------
## **02,7"=:.00/492>**
?3K 47 ?3F7D;3> FA ;FE AB7D3F;@9 D7EG>FE 8AD 3@K B3DF;5G>3D B7D;A6 67B7@6;@9 ;@ B3DF GBA@ F:7 AB7D3F;@9 D7EG>FE8ADEG5:B7D;A6
*'\*,-\$, ,,\*+* -3D;AGE 8;@3@5;3> ;@EF;FGF;A@E ;@5>G6;@9 F:7 A?B3@K 3@6 57DF3;@ A8 ;FE 388;>;3F7E:3H7 D757;H76 D7CG7EFE 8AD;@8AD?3F;A@ 8DA?3@6AD:3H7477@6787@6;@95;H;>35F;A@E4K57DF3;@ D79G>3FADE3@6AD9AH7D@?7@F7@F;F;7E;@5>G6;@9F:7,\*7B3DF?7@FA8!GEF;57&!3@6AF:7D?7?47DEA8 F:7)7E;67@F;3>\$ADF9397 35=76\*75GD;F;7E)\$\*.AD=;@9DAGBA8F:7,\*;@3@5;3>D3G6@8AD57?7@F +3E=AD57 D793D6;@9F:7 AD;9;@3F;A@ BGD5:3E7 E75GD;F;L3F;A@ E7DH;5;@9 3@6FD36;@9 A8 EG4BD;?7 3@6 @A@ EG4BD;?7 D7E;67@F;3> 3@6 5A??7D5;3> ?ADF9397E 3@6 D7>3F76 ;EEG7E +:7 A?B3@K 3@6 ;FE 388;>;3F7E 3D7 5AAB7D3F;@9I;F:EG5:D7CG7EFE8AD;@8AD?3F;A@
E BD7H;AGE>K 6;E5>AE76 A@ !3@G3DK
F:7 A?B3@K 3@6 ;FE 5GDD7@F 3@6 8AD?7D ,\* EG4E;6;3D;7E 3@6 ,\* 388;>;3F7E D735:76 3 E7FF>7?7@F I;F: F:7 &! D7>3F76 FA ;FE >7935K )\$\* 4GE;@7EE 3 4GE;@7EE5A@6G5F76F:DAG9: +:7E7FF>7?7@FD7EA>H76BAF7@F;3>5;H;>5>3;?E4KF:7&!D7>3F76FA57DF3;@ A8F:AE7D76;F\*G;EE77@F;F;7EPB35=39;@9?3D=7F;@9EFDG5FGD;@93DD3@97?7@FG@67DID;F;@9;EEG3@573@6E3>7 A8)\$\* 'GDEG3@FFAF:7F7D?EA8F:7E7FF>7?7@F35;H;>?A@7F3DKB7@3>FKI3EB3;6FAF:7&!;@!3@G3DK +:7E7FF>7?7@F3>EAD7CG;D76F:734AH7 ?7@F;A@767@F;F;7EFABDAH;6757DF3;@>7H7>EA85A@EG?7DD7>;78 ?73EGD7E;@5>G6;@9388AD634>7:AGE;@9B3K?7@FE3@6>A3@8AD9;H7@7EE3@6F:7&!3@6D76;F\*G;EE739D776 FA F:7 3BBA;@F?7@F A8 3@ ;@67B7@67@F ?A@;FAD FA AH7DE77 F:7 5A?B>7F;A@ A8 F:7 5A@EG?7D D7>;78 D7CG;D7?7@FEA8F:7E7FF>7?7@F D76;F\*G;EE75GDD7@F>K3@F;5;B3F7EF:3F;FI;>>F3=7?G5:>A@97DF:3@F:78;H7 K73D B7D;A6 BDAH;676 ;@F:7 E7FF>7?7@FFA E3F;E8K ;@ 8G>> ;FE A4>;93F;A@E ;@ D7EB75F A8F:7E7 5A@EG?7D D7>;78 ?73EGD7E3@6F:3F;F?3KA@>K5A?B>7F7F:7?4K AD>3F7DEG4<75FFA?3D=7F5A@6;F;A@E3@6F:7DAGBPE D;E=3BB7F;F7 @>;9:FA8D76;F\*G;EE7PE5GDD7@FB>3@E3EFA:AI;FI;>>E3F;E8KF:7E7A4>;93F;A@ED76;F\*G;EE7 7JB75FE FA ;@5GD 366;F;A@3> 5AEFE 47KA@6 F:AE7 BD7H;AGE>K 3@F;5;B3F76 ;@ D7>3F;A@ FA E3F;E8K;@9 F:AE7 A4>;93F;A@E +:73?AG@FA85A@EG?7DD7>;78D76;F\*G;EE7?GEFBDAH;673>EAI;>>;@5D73E738F7D
BGDEG3@F FAF:7AD;9;@3>E7FF>7?7@F4KB7D3@@G?A8F:7AGFEF3@6;@93?AG@F6G7G@F;>F:7E7A4>;93F;A@E3D7E7FF>76 +:7?A@;FADBG4>;E:7ED7BADFEB7D;A6;53>>KA@F:7E75A@EG?7DD7>;78?3FF7DE
&@757?47D
F:7%7I !7DE7KFFAD@7K7@7D3>%!A@47:3>8A8F:7\*F3F7A8%7I !7DE7K 8;>7635;H;>35F;A@;@F:7\*GB7D;ADAGDFA8%7I !7DE7K:3@57DK;H;E;A@\$7D57DAG@FK\*%! 393;@EFF:7A?B3@K3@6388;>;3F767@F;F;7E;@F:7;DDA>7E3E;EEG7DEBA@EAD67BAE;FAD3@6ADG@67DID;F7DA8 )\$\* FD3@E35F;A@E BD;AD FA +:7 AD;9;@3> 5A?B>3;@F I:;5:D787D7@576
)\$\* ;EEG76 EBA@EAD76 67BAE;F763@6G@67DID;FF7@4KF:7A?B3@K3@6;FE388;>;3F7E;@ 3@6 3>>797EF:3FF:7A?B3@K3@6 ;FE388;>;3F7E?;E>76;@H7EFADE3@67@93976;@8D3G6AD6757;F;@5A@@75F;A@I;F:F:7A887D3@6E3>7A8)\$\* 3@6E77=E3@G@EB75;8;763?AG@FA863?397E &@G9GEF
F:7\*%!6;E?;EE76I;F:AGFBD7;3F7E4KF:7%! &@\*7BF7?47D
F:7%!8;>76 3@ 3?7@676 5A?B>3;@F 393;@EF F:7 A?B3@K 3@6 ;FE 388;>;3F7E 3EE7DF;@9 366;F;A@3> 3>>793F;A@E 4GF @AF 7JB3@6;@9F:7 @G?47D A8 5>3;?E AD )\$\* D787D7@576 ;@F:7 AD;9;@3> 5A?B>3;@F &@G9GEF
F:7 %!8;>763?AF;A@8ADB3DF;3>EG??3DK;3F7E 8;>7635DAEE ?AF;A@8ADB3DF;3>EG??3DKEG??3DK764KF:7%!3@667@K;@9F:75DAEE ?AF;A@8ADB3DF;3>EG??3DK 76 4KF:7 A?B3@K 3@6 ;FE 388;>;3F7E &@ \*7BF7?47D
F:7 \*%! E5:76G>76FD;3> ;@F:7 35F;A@FA479;@;@\*7BF7?47D
{66}------------------------------------------------
## **02,7"=:.00/492>**
+:7 A?B3@K 3@6AD 57DF3;@ A8 ;FE 388;>;3F7E :3H7 3>EA 477@ @3?76 3E 6787@63@FE ;@ H3D;AGE 5;H;> >;F;93F;A@?3FF7DE D7>3F76FAF:7;D DA>7E 3E ;EEG7D EBA@EAD 67BAE;FAD G@67DID;F7D 3@6AD E7DH;57D A8 )\$\* FD3@E35F;A@E +:7E7 53E7E ;@5>G67 AD :3H7 ;@5>G676 5>3EE 35F;A@ >3IEG;FE 35F;A@E 4K ;@6;H;6G3> ;@H7EFADE ;@ )\$\* 35F;A@E 4K ?A@A>;@7 ;@EGD3@57 5A?B3@;7E F:3F 9G3D3@F776 B3K?7@FE A8 BD;@5;B3> 3@6 ;@F7D7EF 8AD 57DF3;@)\$\* 3@6 D7BGD5:3E7 35F;A@E 4K)\$\*FDGEFEFDGEF77E 3@6AD;@H7EFADE >F:AG9:F:7 3>>793F;A@E H3DK4K>3IEG;FB>3;@F;88E;@F:75>3EE35F;A@E3@6;@6;H;6G3>;@H7EFAD35F;A@E97@7D3>>K3>>797F:3FF:7A887D;@9 6A5G?7@FEA8 E75GD;F;7E;EEG764KH3D;AGE)\$\* E75GD;F;L3F;A@FDGEFE5A@F3;@76?3F7D;3>?;ED7BD7E7@F3F;A@E 3@6A?;EE;A@E;@5>G6;@9EF3F7?7@FE D793D6;@9F:7G@67DID;F;@9EF3@63D6EBGDEG3@FFAI:;5:F:7G@67D>K;@9 ?ADF9397>A3@EI7D7;EEG76?A@A>;@7;@EGD7DE97@7D3>>K3>>797F:3F>A3@EF:3F5A>>3F7D3>;L7)\$\*F:7K;@EGD76 4D735:76D7BD7E7@F3F;A@E3@6I3DD3@F;7E?367I;F:D7EB75FFAF:7>A3@E3FF:7F;?7A8E75GD;F;L3F;A@3@6F:3F F:7KI7D78D3G6G>7@F>K;@6G576FA7@F7D;@FAF:7FD3@E35F;A@E3@6D7BGD5:3E735F;A@B>3;@F;88E97@7D3>>K3>>797 4D735:76D7BD7E7@F3F;A@E3@6I3DD3@F;7E;@D7EB75FA8?ADF9397>A3@E3@683;>GD7FAD7BGD5:3E7EG5:?ADF9397 >A3@E3ED7CG;D76G@67DF:73BB>;534>739D77?7@FE +:73?AG@FE6;E5>AE7647>AI6A@AFD78>75F35FG3>D73>;L76 B>3;@F;88>AEE7EFA63F7AD3@F;5;B3F768GFGD7>;F;93F;A@7JBAEGD7 )3F:7DG@>7EEAF:7DI;E7EF3F76F:7E73?AG@FE D78>75F F:7 AD;9;@3> G@B3;6 BD;@5;B3> 43>3@57 3?AG@FE 3E 3>>7976 ;@ F:7E7 35F;A@E 3@6 6A @AF ;@5>G67 3@K D76G5F;A@ ;@ BD;@5;B3> 3?AG@FE E;@57 ;EEG3@57 GDF:7DG@>7EEAF:7DI;E7 EF3F76 3?AG@FE 3FFD;4GF34>7FA 3@ QAB7D3F;H7 B>736;@9R 8ADF:7 ;@6;H;6G3> ;@H7EFAD 35F;A@E 3D7 @AF 3>F7D76 8AD E7FF>7?7@FE 6;E?;EE3>E AD AF:7D A55GDD7@57E;8 3@KF:3F?3K :3H7 53GE76F:7 3?AG@FEFA 5:3@97 EG4E7CG7@FFAF:7 AB7D3F;H7 B>736;@9 @ 366;F;A@FAF:7?ADF9397 D7>3F7635F;A@E6;E5GEE7647>AI3@G?47DA8AF:7D7@F;F;7E:3H7F:D73F7@76FA3EE7DF 5>3;?E393;@EFF:7A?B3@K3@6AD;FE388;>;3F7E;@5A@@75F;A@I;F:H3D;AGE)\$\*;EEG3@57E
*&!.!-\$ !&.+,'\* ,!'&+* +:7 A?B3@K 3E 3@ )\$\* ;EEG7D G@67DID;F7D 3@6AD AF:7D B3DF;5;B3@F 3>A@9I;F: AF:7D 6787@63@FE :3E 477@ @3?76 3E 3 6787@63@F;@3@ 35F;A@ 4DAG9:F 4KF:7767D3>7BAE;F @EGD3@57ADBAD3F;A@ 3ED757;H7D8ADA>A@;3>3@=;@F:7F:7,\*;EFD;5FAGDF8ADF:7\*AGF:7D@ ;EFD;5FA8%7I0AD=\*%0;@I:;5:5>3;?E393;@EFF:7A?B3@KD7>3F7FA3BBDAJ;?3F7>K-?;>>;A@A8 F:7)\$\* 3F ;EEG73BBDAJ;?3F7>K A8F:7 -?;>>;A@ 3F ;EEG7 393;@EF 3>> 6787@63@FE ;@F:7 AB7D3F;H7 B>736;@9 +:7E735F;A@E3D73F3@;@F7D?76;3F7BDA576GD3>EF397
+:7A?B3@K3@657DF3;@A8;FE388;>;3F7E3D7F:7A@>K6787@63@FE@3?76;@3@35F;A@4DAG9:F4K " 7GFE5:7 @6GEFD;743@= 3@6 388;>;3F76 7@F;F;7E ;@F:7 \*GBD7?7AGDF 8ADF:7 \*F3F7 A8%7I0AD=%7I 0AD= AG@FK \*%0 ;@ I:;5: 5>3;?E 393;@EF F:7 A?B3@K 3@6 ;FE 388;>;3F7E D7>3F7 FA 3BBDAJ;?3F7>K - ?;>>;A@A8)\$\*3F;EEG7F:;E35F;A@;E3F3@;@F7D?76;3F7BDA576GD3>EF397
&@\$3D5: ;@ 3@ 35F;A@ 4DAG9:F 4KF:7 3E D757;H7D 8AD;F;L7@E%3F;A@3>3@= 3@6 \*FD3F79;53B;F3>3@=;@F:7\*%0;@I:;5:5>3;?ED7>3F76FA3BBDAJ;?3F7>K-?;>>;A@A8)\$\*3F;EEG7 F:7B3DF;7E7J75GF763@39D77?7@FFAE7FF>73@66;E?;EE3>>5>3;?E393;@EFF:7A?B3@K3@6;FE388;>;3F7E
*'&'\$!&!&+-\*\*!+(-,+* +:7A?B3@K3@657DF3;@A8;FE388;>;3F7EI7D7 6787@63@FE;@A@7?A@A>;@7 ;@EGD7D 35F;A@;@F:7\*%0 5A??7@576 4K\$ @EGD3@57ADB \$ 3E9G3D3@FAD 8AD B3K?7@FE A8 BD;@5;B3>3@6;@F7D7EFD7>3F76FA3BBDAJ;?3F7>K- ?;>>;A@A8)\$\*;EEG76;@3@A887D;@9EBA@EAD764KF:7 D76;F \*G;EE7 6787@63@FE &@7F:7ADK A8 >;34;>;FK 36H3@576 4K\$ I3EF:3F 3@ 388;>;3F7 A8F:7 A?B3@K ?GEFD7BGD5:3E757DF3;@?ADF9397>A3@E8DA?F:7FDGEFE3F;EEG7 \$ 5>3;?76F:3FF:7H3EF?3K;@9?ADF9397>A3@E 4D735: 57DF3;@ D7BD7E7@F3F;A@E 3@6I3DD3@F;7E 3@6F:3FF:7 388;>;3F7 :3E 83;>76FA D7BGD5:3E7 F:7 3>>7976>K 67875F;H7 >A3@E \$ EG4?;FF76 D7BGD5:3E7 67?3@6E 8AD >A3@E I;F: 3@ AD;9;@3> BD;@5;B3>43>3@57A83BBDAJ;?3F7>K-?;>>;A@ &@G9GEF
F:7\*%05A@5>G6763FIA I77=47@5:
{67}------------------------------------------------
## **02,7"=:.00/492>**
FD;3> &@%AH7?47D F:7\*%0 ;EEG76 3 BAEF FD;3> AD67D 67F7D?;@;@9 >;34;>;FK 3@6 A@ !3@G3DK
7@F7D76 3@ AD67D E7FF;@9 63?397E ;@F:7 3?AG@F A8 - ?;>>;A@ &@ 74DG3DK
8A>>AI;@9 3 E7FF>7?7@F;@F:7 3?AG@F A8- ?;>>;A@ 8ADI:;5:D76;F\*G;EE7I3E 8G>>K D7E7DH76F:7\*%0 6;E?;EE76 I;F:BD7>5>3;?E393;@EFF:7A?B3@K3@6;FE388;>;3F7E
*(-\* + \$!,!,!'&+* #!\$ADF93973B;F3> @5 #! ;E 3 6787@63@F ;@; A@7 35F;A@ 4DAG9:F 4K EE7F35=76\*75GD;F;7EADBAD3F;A@A?7CG;FK#A3@+DGEF\*7D;7E ;@I:;5: B>3;@F;88 3>>797E 63?397EA8@AF>7EEF:3@-?;>>;A@;@5D73E768DA?@AF>7EEF:3@-?;>>;A@;@3@3?7@6765A?B>3;@F 8;>76A@G9GEF
I:;5:35F;A@;EBDA5776;@9;@F:7\*%0 8A>>AI;@9F:7 D7EA>GF;A@A83BD7H;AGE>K B7@6;@93BB73>A@!3@G3DK
#!8;>763?AF;A@FA6;E?;EE;;A@735F;A@4DAG9:F4KA?7CG;FK EE7F+DGEF\*7D;7E ;@I:;5: B>3;@F;88 3>>797E 63?397EA8 @AF>7EEF:3@-?;>>;A@;;; A@7 35F;A@ 4DAG9:F4KA?7CG;FKEE7F+DGEF
;@I:;5:B>3;@F;883>>797E63?397EA8@AF>7EEF:3@- ?;>>;A@ A@757?47D
F:7\*%067@;76#!PE?AF;A@8ADB3DF;3>EG??3DK>3F7 ;H;E;A@ ;DEF 7B3DF?7@F A8 F:7 \*%0 ;DEF 7B3DF?7@F 388;D?76 F:7 \*%0PE EG??3DK 73H7FA8GDF:7D3BB73>FAF:7%7I 0AD=\*F3F7AGDFA8BB73>EA@\$3K
8A>>AI;@9AD3>3D9G?7@FF:7%7I0AD=\*F3F7AGDFA8BB73>E AD67D76 D7 3D9G?7@F A8 F:7 3BB73> I:;5: FAA= B>357 A@ 74DG3DK A@ !G@7
F:7 \*%0 BAEFBA@76F:75A??7@57?7@FA8F:7FD;3>F:3F:36477@E5:76G>76FA479;@A@&5FA47D
G@F;>\$3K F:75A??7@57?7@FA8F:7FD;3>D7?3;@EEG4<75FFAF:78;@3>D7EA>GF;A@A8#!PEEG??3DK;HA@735F;A@4DAG9:F4KA?7CG;FKEE7F+DGEF ;@I:;5:B>3;@F;883>>797E63?397EA8@AF >7EEF:3@ - ?;>>;A@ 3@6H A@7 35F;A@ 4DAG9:F 4K \*\$EE7F 35=76 +DGEF %
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
A?7 CG;FK \$ADF9397 +DGEF \*7D;7E 3@6 A?7 CG;FK \$ADF9397 +DGEF \*7D;7E ;@ I:;5: B>3;@F;88E 3>>797 63?397EA8@AF>7EEF:3@- ?;>>;A@3@63>>797F:3F\*'\*A4EFDG5F76F:7;@H7EF;93F;A@;@FAF:78G>>7JF7@FA8 F:7 67875FE;@F:7?ADF9397 BAA>E 4K D78GE;@9FA 388AD6F:7FDGEF77 D73EA@34>7 3557EEFA 57DF3;@ AD;9;@3F;A@ 8;>7E 3@6 A@7 35F;A@ 4DAG9:F 4K A?7 CG;FK \$ADF9397 +DGEF \*7D;7E ;@ I:;5: B>3;@F;88 3>>797E 63?397E A8 @AF >7EE F:3@ - ?;>>;A@ 3@6 3>>797E F:3F \*'\* >;=7>K 6;E5AH7D76 #!PE 3>>7976 4D735:7E A8 D7BD7E7@F3F;A@E 3@6 I3DD3@F;7E 4GF 6;6 @AF @AF;8K F:7 FDGEF77 A8 EG5: 4D735:7E ;@ 3>>7976 H;A>3F;A@ A8 ;FE 5A@FD35FG3>A4>;93F;A@E &@!3@G3DK
F:7\*%067@;76#!PE?AF;A@8ADB3DF;3>EG??3DK73H7FA8GDF:7D3BB73>FAF:7%7I0AD=\*F3F7AGDFA8BB73>E &@BD;>
F:7B3DF;7E7J75GF763@39D77?7@FFAE7FF>74AF:35F;A@E8ADF:7399D793F73?AG@FA8- ?;>>;A@8ADI:;5:D76;F\*G;EE7I3E8G>>KD7E7DH76 +:7E7FF>7?7@FD7?3;@EEG4<75FFA3BBDAH3>F:DAG9:3FDGEF ;@EFDG5F;A@BDA5776;@9FA474DAG9:F;@\$;@@7EAF3EF3F75AGDF4KF:7FDGEF77A8F:7B>3;@F;88FDGEFE 'GDEG3@F FAF:7E7FF>7?7@FA@BD;>
#!PE3BB73>FAF:7%7I0AD=\*F3F7AGDFA8BB73>E8DA?F:767@;3>A8 ;FEB3DF;3>EG??3DK;@F:7E735F;A@EF:3F:36477@E5:76G>76FA479;@A@!3@G3DK
E6;E5>AE76;@\*PE8AGDF:CG3DF7D;@3@5;3>)7BADFA8
F:78A>>AI;@9D7BGD5:3E735F;A@EI7D7 6;E?;EE76I;F:BD7;63F7635F;A@E4DAG9:F4KA?7CG;FKEE7F
{68}------------------------------------------------
## **02,7"=:.00/492>**
+DGEF A?7CG;FKEE7F+DGEF 3@6A?7CG;FKEE7F+DGEF 393;@EF#! +:AE7 6;E?;EE3>EI7D7GB:7>64KF:7%7I0AD=\*F3F7AGDFA8BB73>EA@74DG3DK
&@!G>K
F:7 @AF;57A83BB73>B>3;@F;88E8;>76478AD7F:7;DEF7B3DF?7@F8DA?F:7\*%0PEBD;>
67@;3>A8B>3;@F;88EP D7CG7EFF:3F ;FE
6;E?;EE3> 675;E;A@ 47?A6;8;76FA 3>>AI B>3;@F;88EFA 3EE7DF @7I 5>3;?E @AF BD7H;AGE>K ;@5>G676 ;@ B>3;@F;88EP 5A@EA>;63F76 5A?B>3;@F I3E 677?76 6;E?;EE76 I:7@ B>3;@F;88E 675>;@76 FA 8GDF:7D BGDEG7F:7;D 3BB73> 4K 3 5AGDF AD67D76 6736>;@7 &@G9GEF
F:7FDGEF77E 8ADA?7CG;FKEE7F +DGEF A?7CG;FKEE7F +DGEF 3@6 A?7CG;FKEE7F +DGEF 5A??7@576 3 @7I D7BGD5:3E735F;A@393;@EF#!;@F:7\*%0;@I:;5:B>3;@F;88E3>>797663?397EA8@AF>7EEF:3@-?;>>;A@ 3EE7DF;@9EG4EF3@F;3>>KE;?;>3D5>3;?E393;@EF#!3EF:AE73>>7976;@F:7F:D775A@EA>;63F76D7BGD5:3E735F;A@E F:3FI7D76;E?;EE76I;F:BD7763?AF;A@FA6;E?;EE3@6A@ %AH7?47D
F:7\*%07@F7D763@AD67D6;E?;EE;@9F:;E@7I35F;A@I;F:BD73;@F;88E8;>763@AF;57A83BB73>FAF:7;DEF7B3DF?7@F
*&# \$'& \$!,!,!'&* +:7 A?B3@K 3@6 57DF3;@ A8 ;FE 388;>;3F7E 3D7 F:7 EG4<75F A8 57DF3;@ >;F;93F;A@ D7>3F;@9FA57DF3;@D73>7EF3F767H7>AB?7@FE;@5>G6;@907>>AIEFA@7>G43@6#3=7#3E-793E3EI7>>3EAF:7D E;?;>3D D73>7EF3F767H7>AB?7@FE D76;F\*G;EE76787@63@FE;@F:7E7?3FF7DE3DD3@9763@635F763EF:7397@F 43@=8ADEK@6;53F76>A3@EBDAH;676FA4ADDAI7DE388;>;3F76I;F:EG5:D73>7EF3F767H7>AB?7@FE3@6I:A:3H7 E;@579A@7F:DAG9:43@=DGBF5KAD8AD75>AEGD7 \*G5:>;F;93F;A@;@5>G67EFIA53E7E4DAG9:F;@+7J3E3@6%7I 0AD= EF3F7 5AGDFE 4K 7@F;F;7E D7>3F76FA;9:>3@63B;F3>\$3@397?7@F#';9:>3@6 @F:7 53E7;@+7J3E EF3F7 5AGDF 3 I3E :7>6 ;@ 757?47D
A@ ;9:>3@6PE 5>3;? 8AD 8D3G6G>7@F ;@6G57?7@F 4K 388;D?3F;H7?;ED7BD7E7@F3F;A@3@6A?;EE;A@ H7D6;5FI3E;EEG768ADF:7B>3;@F;88A@;FE5>3;?8AD8D3G6G>7@F ;@6G57?7@F4K388;D?3F;H7?;ED7BD7E7@F3F;A@4GFF:73;?F:3FF:7A?B3@K3@63@388;>;3F7 :36 5A??;FF76 8D3G6G>7@F ;@6G57?7@F 4K A?;EE;A@ +:7 +7J3E 6 3 47@5: FD;3> A@ ;9:>3@6PE D7?3;@;@9 5>3;?E ;@ \$3K 3@6 !G@7
3@6 7@F7D76 >;A@ ;@5>G6;@9 BD73;@F;88A@\*7BF7?47D AF:B3DF;7E3BB73>763@6A@74DG3DK
F:7 3BB73>E 5AGDF 388;D?76F:7 >AI7D 5AGDFPE 675;E;A@ &@ !G>K
F:7 6787@63@FE 8;>76 3 D7CG7EF 8AD D7H;7I4KF:7+7J3E\*GBD7?7AGDF &@BD;> F:7+7J3E\*GBD7?7AGDF;EEG763DG>;@9D7H7DE;@93 BADF;A@A8F:7FD;3>5AGDFPE\*7BF7?47D
3F76FAF:747@5:FD;3>:7>6;@\$3K3@6!G@7 F:7D74K 6;E?;EE;@9 B>3;@F;88PE 4D735: A8 5A@FD35F 4D735: A8F:7;?B>;76 6GFK A89AA6 83;F: 3@6 83;D 673>;@9 3;6;@9 3@6 347FF;@9 8D3G6 3@6 5;H;> 5A@EB;D35K 5>3;?E ;@5>G6;@9 63?397E A8 3BBDAJ;?3F7>K - ?;>>;A@ 7J5>GE;H7A8;@F7D7EF4GF>78FEF3@6;@9F:7E7B3D3F7757?47D
3;@F;88A@;FE5>3;?E8AD 8D3G6G>7@F ;@6G57?7@F 4K 388;D?3F;H7 ?;ED7BD7E7@F3F;A@ &@ !G@7
;9:>3@6 8;>76 3 ?AF;A@ 8AD D7:73D;@9 ;@ F:7 +7J3E \*GBD7?7 AGDF I:;5: F:7 5AGDF 67@;76 A@ &5FA47D +:7 +7J3E \*GBD7?7 AGDFEG4E7CG7@F>KD7?3@676F:753E7435=FAF:7FD;3>5AGDF8AD8GDF:7DBDA5776;@9ED7>3F76FAF:753>5G>3F;A@ A863?397E3@6;@F7D7EF &@!G@7
F:7FD;3>5AGDF7@F7D763@7I3;@F;883 FAF3>A83BBDAJ;?3F7>K-?;>>;A@ +:7A?B3@K3@6;FE388;>;3F7E8;>763@AF;57A83BB73>8DA?F:7K
@F:753E7;@%7I0AD=EF3F75AGDFF:75AGDF9D3@F76;@B3DF3@667@;76;@B3DFF:7A?B3@K3@6 57DF3;@A8;FE388;>;3F7EPEG??3DK76F:3F675;E;A@4GFF:73BB7>>3F75AGDF 388;D?76F:7675;E;A@;@8G>> +:753E7;E5GDD7@F>K;@6;E5AH7DK
*,+-\*\$,%,,\*+* )79G>3FADK3GF:AD;F;7E;@3@G?47DA8**
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
)79G>3FADK 3GF:AD;F;7E ;@ 3 @G?47D A8 G6;@9 F:7 \*AGF: 8D;53@ A?B7F;F;A@ A??;EE;A@ :3H7 477@ 5A@6G5F;@9 ;@H7EF;93F;A@E ;@FA F:7 FD36;@9 35F;H;F;7E ;@8AD?3F;A@ E:3D;@9 3@6 F:7 E7FF;@9A847@5:?3D=D3F7E;@F:78AD7;9@7J5:3@97;@5>G6;@97>75FDA@;5FD36;@9?3D=7FE +:7D787D7@57D3F7E ;@H7EF;93F;A@E:3H73>EA;@5>G676;@8AD?3F;A@D7CG7EFE8DA?D79G>3FADE5A@57D@;@95A??A6;F;7E?3D=7FE +:7 DAGB3@6F:7A?B3@K3D75AAB7D3F;@98G>>KI;F:F:7E7;@H7EF;93F;A@E
+:7;@H7EF;93F;A@E3D7A@9A;@93@6;F;EFAAEAA@FABD76;5FF:78;@3>AGF5A?7A8F:7;@H7EF;93F;A@E
79;@@;@9 ;@
F:7 A?B3@K 3@6 57DF3;@ AF:7D D76;F \*G;EE7 7@F;F;7E I7D7 @3?76 ;@ H3D;AGE BGF3F;H7 5>3EE 3@6 ;@6;H;6G3> >3IEG;FE 8;>76 ;@ F:7 ,\* 3>>79;@9 43@=E A@ F:7 ,\* 6A>>3D # &) B3@7> ?3@;BG>3F76 ,\* 6A>>3D # &)FA 47@78;FF:7;D D7BGF3F;A@ 3@6 ;@5D73E7 BDA8;FE >> D7?3;@;@9?3FF7DE :3H7 477@ 5A@EA>;63F76 8AD BD7 FD;3> BGDBAE7E ;@FA 3 ?G>F; 6;EFD;5F >;F;93F;A@ ;@ F:7 \*%0 +:7 ?37 3 :3@68G> A8;@6;H;6G3> 35F;A@E 3@6 BGF3F;H7 5>3EE 35F;A@E :3H7477@BDA5776;@9
@ 3 E7D;7E A8 DG>;@9E 47FI77@
3@6
A@?AF;A@EFA 6;E?;EEF:7 \*%0; @3DDAI76F:7 5>3;?E393;@EFF:7D76;F\*G;EE77@F;F;7E3@6F:7AF:7D6787@63@FE6;E?;EE;@93@F;FDGEF)35=7F77D @8>G7@576 3@6ADDGBF&D93@;L3F;A@E5F) &A??A6;FKJ5:3@975F3@6EF3F7>3I5>3;?E;;@3DDAI76F:7 E7F A8 B>3;@F;88E I:A ?3K 4D;@9 5>3;?E 3@6 ;;; @3DDAI76 F:7 E7F A8 6787@63@FE ;@ F:7 # &) 35F;A@E ;@5>G6;@9F:76;E?;EE3>A8E7H7D3>D76;F\*G;EE77@F;F;7E8DA?H3D;AGE53E7EA@B7DEA@3>;?;F3F;A@9DAG@6E @
3@G?47DA8BGF3F;H75>3EE3@6;@6;H;6G3>B>3;@F;88E3BB73>76F:76;E?;EE3>A8 B>3;@F;88EP3@F;FDGEF5>3;?EFAF:7,@;F76\*F3F7EAGDFA8BB73>E8ADF:7\*75A@6;D5G;F\*75A@6;D5G;F &@ 757?47D
F:7\*75A@6;D5G;F388;D?76;@B3DF3@6D7H7DE76;@B3DFF:76;EFD;5F5AGDFPE675;E;A@3@6 D7?3@676F:753E7FA6;EFD;5F5AGDF &@\*7BF7?47D
;@F:7@A@ EF3K76BGF3F;H75>3EE35F;A@4DAG9:F ;@F:7?G>F; 6;EFD;5F>;F;93F;A@;@F:7\*%04K:A>67DEA84A@6EF;76FA# &)F:7B3DF;7E7@F7D76;@FA3@ 39D77?7@FFAE7FF>73>>5>3;?E 1+:7E7FF>7?7@FD7?3;@EEG4<75FFA5AGDF3BBDAH3> 2
&@ !G@7 F:7B>3;@F;88E;@F:7@A@ EF3K76BGF3F;H75>3EE35F;A@4DAG9:FA@47:3>8A8F:AE7 I:A>7@F3FD3F7EF;76FA# &)3BB73>76F:76;E?;EE3>A8F:7;D5>3;?EFAF:7\*75A@6;D5G;F5:3>>7@9;@9F:7 6;EFD;5F 5AGDFPE B7DEA@3> ;?;F3F;A@E DG>;@9E &@ %AH7?47D
F:7 B3DF;7E 7@F7D76;@FA3@39D77?7@FFAE7FF>73>>5>3;?E +:7E7FF>7?7@FD7?3;@EEG4<75FFA5AGDF3BBDAH3>
{70}------------------------------------------------
## **02,7"=:.00/492>**
\*7B3D3F7>KA@\$3K
F:7B>3;@F;88E;@F:D77@A@ EF3K76BGF3F;H75>3EE35F;A@E?AH768AD5>3EE 57DF;8;53F;A@ &@ 74DG3DK
F:7 \*%0 67@;76 57DF;8;53F;A@ ;@ FIA A8 F:7 35F;A@E 3@6 9D3@F76 57DF;8;53F;A@ AH7D 3 E;@9>7 3@F;FDGEF 5>3;? ;@ 3@ 35F;A@ 4DAG9:F 4K AH7D F:7 5AG@F7D BGD5:3E7DE A8 # &) >;@=76 67D;H3F;H7E @F:7 E3?7 675;E;A@F:7 5AGDF 6;E?;EE76 D76;F \*G;EE7 F:7 A@>K D7?3;@;@9 D76;F \*G;EE77@F;FK;@F:735F;A@8DA?F:7AH7D F:7 5AG@F7D35F;A@ >>B3DF;7E?AH768AD;??76;3F73BB7>>3F7D7H;7I A8F:75>3EE 57DF;8;53F;A@675;E;A@E3@6F:7\*75A@6;D5G;F67@;76F:7;DB7F;F;A@E8ADD7H;7I
@!3@G3DK
?7?47DEA8F:7,\*6A>>3D @F7D5A@F;@7@F3>J5:3@97 # &)B3@7>3@6F:7 A?B3@K 3@6 57DF3;@ A8 ;FE 388;>;3F7E I7D7 @3?76 ;@F:D77 5;H;> BGF3F;H7 5>3EE 35F;A@ >3IEG;FE 3>>79;@9F:3F B3@7>43@=EEGBBD7EE76,\*6A>>3D # &)FA47@78;F6787@63@FEPFD36;@9BAE;F;A@E +:7E735F;A@E:3H7 477@ 5A@EA>;63F76;@F:7\*%0 &@ !G>K
B>3;@F;88E 8;>76 3 5A@EA>;63F76 5A?B>3;@F &@G9GEF
6787@63@FE 8;>763?AF;A@FA6;E?;EE &@\$3D5: F:7\*%09D3@F766787@63@FEP?AF;A@FA 6;E?;EE &@ BD;> B>3;@F;88E 8;>76 3 @AF;57 A8 3BB73> &@ 74DG3DK
F:7 \*75A@6 ;D5G;F 6;E?;EE76F:73BB73>
&@ G9GEF
?7?47DE A8 F:7 # &) B3@7> 3@6 F:7 A?B3@K 3@6 57DF3;@ A8 ;FE 388;>;3F7EI7D7@3?76;@35;H;>35F;A@;@F:7,\*;EFD;5FAGDF8ADF:7%ADF:7D@;EFD;5FA83>;8AD@;33>>79;@9 F:3F B3@7> 43@=E ?3@;BG>3F76 # &) FA BDA8;F 8DA? H3D;34>7 ;@F7D7EF >A3@E 3@6 5D76;F 53D6E &@ %AH7?47D
B>3;@F;88E 8;>763?AF;A@ 8ADBD7>;?;@3DK3@6B7D?3@7@F;@43@=E8DA?5A@F;@G;@9FAE7F# &)ADF:3FIAG>63GFA?3F;53>>KE7FF:747@5:?3D=FAL7DA7H7DK 63K +:7?AF;A@I3E67@;76A@757?47D &@%AH7?47D
6787@63@FE8;>763?AF;A@FA FD3@E87DF:753E7FAF:7\*%0 &@!G@7
F:75AGDF67@;766787@63@FEP?AF;A@FAFD3@E87DF:753E7FA F:7\*%0 &@\*7BF7?47D
6787@63@FE8;>76?AF;A@EFA6;E?;EE
+:7A?B3@K3@657DF3;@A8;FE388;>;3F7E3EI7>>3EAF:7D8;@3@5;3>;@EF;FGF;A@E3D7@3?76;@3@G?47D A8B7@6;@95;H;>>3IEG;FE;@F:7\*%0D7>3F;@9FAF:73>>7976?3@;BG>3F;A@A88AD7;9@7J5:3@97D3F7E
+:7 8;DEF B7@6;@9 ?3FF7D ;E 3 BGF3F;H7 5A@EA>;63F76 5>3EE 35F;A@ F:3F @3?7E F:7 A?B3@K 3@6 388;>;3F7E &@ !3@G3DK
F:7 \*%0 67@;76 6787@63@FEP ?AF;A@FA 6;E?;EEF:7 AD;9;@3> 5A@EA>;63F76 5A?B>3;@F4DAG9:F4K,\* 43E76;@H7EFADE3@68AD7;9@B>3;@F;88EI:AFD3@E35F76;@F:7,\*4GF9D3@F76F:7;D ?AF;A@ FA 6;E?;EE F:7 5>3;?E A8 8AD7;9@ 43E76 ;@H7EFADE 8AD FD3@E35F;A@E AGFE;67 A8 F:7 ,\* @ !G>K B>3;@F;88E 8;>76 3 E75A@6 5A@EA>;63F76 3?7@676 5A?B>3;@F 366;@9 366;F;A@3> 6787@63@FE 3@6 3EE7DF;@9 366;F;A@3> 5>3;?E A@ 47:3>8 A8 3 E75A@6 BGF3F;H7 5>3EE A8 7J5:3@97 ;@H7EFADE &@ \*7BF7?47D
F:7 \*%09D3@F76;@B3DF3@667@;76;@B3DF3?AF;A@FA6;E?;EE8;>764KF:7A?B3@K3@6388;>;3F7E3>A@9I;F: AF:7D8;@3@5;3>;@EF;FGF;A@EI:;5:D76G576F:7E;L7A8F:7BGF3F;H75>3EE4GF3>>AI76F:7BD;?3DK3@F;FDGEF3@6 A??A6;FK J5:3@97 5F 5>3;?E FA EGDH;H7 &@ \$3K
B>3;@F;88E E7DH76 3 ?AF;A@ 8AD 5>3EE 57DF;8;53F;A@I:;5:F:7A?B3@K 3@6 388;>;3F7E ABBAE76 A@&5FA47D &@\*7BF7?47D
F:7 \*%067@;76B>3;@F;88EP?AF;A@8AD57DF;8;53F;A@A83)G>7463?397E5>3EEDG>;@9F:3FBDAA8A84AF: ;@43E;E4GF9D3@F7657DF;8;53F;A@3EFAFIAF:D7E:A>6;EEG7E 5A@57D@;@9 F:7 3>>7976 5A@EB;D35K +:7 \*%0 3>EA 67@;76 B>3;@F;88EP ?AF;A@ 8AD 57DF;8;53F;A@ A8 3 E75A@6 BDABAE765>3EE;@;FE7@F;D7FK &@!3@G3DK
F:7A?B3@K3@6388;>;3F7E?AH768ADEG??3DK3;@F;88E ?AH76 8AD EG??3DK **
+:7E75A@6?3FF7D@3?7EF:7A?B3@K3@6388;>;3F7E;@3BGF3F;H75>3EE35F;A@8;>76;@F:7\*%0A@ !G>K
3>>79;@9;?BDAB7DBD35F;57E;@5A@@75F;A@I;F:7>75FDA@;5 8AD7;9@7J5:3@97FD36;@9 &@BD;>
F:7 \*%0 9D3@F76 6787@63@FEP ?AF;A@ FA 5A?B7> 3D4;FD3F;A@ &@ G9GEF
B>3;@F;88E HA>G@F3D;>K6;E?;EE76F:7>3IEG;F
+:7 F:;D6 B7@6;@9 ?3FF7D AD;9;@3>>K @3?76 F:7 A?B3@K 3@6 388;>;3F7E 3E I7>> 3E AF:7D 8;@3@5;3> ;@EF;FGF;A@E ;@ 3 5;H;> 35F;A@ 8;>76 ;@F:7 \*%0 A@%AH7?47D
+:;E 35F;A@ ;E 43E76 A@F:7 E3?7 3>>79765A@6G5F3EF:75A@EA>;63F765>3EE35F;A@ &@\$3D5:
B>3;@F;88E8;>763@3?7@6765A?B>3;@F &@ BD;>
6787@63@FE8;>76?AF;A@EFA6;E?;EE &@BD;>
B>3;@F;88EEAG9:F>73H7FA8;>73E75A@6 3?7@676 5A?B>3;@F ;@ >;7G A8 D7EBA@6;@9FA 6787@63@FEP ?AF;A@E &@ BD;>
F:7 \*%0 AD67D76 B>3;@F;88EFA8;>7F:7;DE75A@63?7@6765A?B>3;@FEG4<75FFA6787@63@FEPD;9:FFAABBAE7F:73?7@6?7@F3@6 FA D7@7IF:7;D?AF;A@EFA 6;E?;EE 3@6 A@ !G@7
B>3;@F;88E 8;>76 3 E75A@6 3?7@676 5A?B>3;@F &@ !G@7
B>3;@F;88EHA>G@F3D;>K 6;E?;EE76D76;F\*G;EE7DAGB &@ !G>K
6787@63@FE 8;>76 ?AF;A@EFA 6;E?;EEF:7 E75A@6 3?7@676 5A?B>3;@F &@\*7BF7?47D
B>3;@F;88EHA>G@F3D;>K 6;E?;EE76 D76;F\*G;EE7 @F7D@3F;A@3>\* +:75>3;?E393;@EFF:7A?B3@K3@6D76;F\*G;EE7D7?3;@B7@6;@9 &@ \$3K F:75AGDF9D3@F76;@B3DF3@667@;76;@B3DF6787@63@FEP?AF;A@FA6;E?;EEF:7E75A@63?7@676 5A?B>3;@F &@!G>K B>3;@F;88E8;>763F:;D63?7@6765A?B>3;@F
+:7A?B3@K3@657DF3;@A8;FE388;>;3F7EFA97F:7DI;F:AF:7D8;@3@5;3>;@EF;FGF;A@E:3H73>EA477@ @3?76 ;@FIA 3@36;3@ BGF3F;H7 5>3EE 35F;A@E BDA5776;@9 ;@ &@F3D;A 3@6 (G7475I:;5: ?3=7 3>>793F;A@E E;?;>3DFAF:7 5A@EA>;63F76 5>3EE 35F;A@ &@BD;>
;@F:7?3FF7D BDA5776;@9;@&@F3D;AF:7 5AGDF 9D3@F76 ;@ B3DF 3@6 67@;76 ;@ B3DF B>3;@F;88EP?AF;A@ 8AD 5>3EE 57DF;8;53F;A@ 57DF;8K;@9 3 5>3EE 5A?BD;E;@9 3>> B7DEA@E;@3@363I:A47FI77@ 3@6
7@F7D76;@FA3@/;@EFDG?7@FFD3@E35F;A@I;F:36787@63@F ADF:DAG9:3@;@F7D?76;3DK +:75AGDFE;@&@F3D;A3@6(G74757@F7D76AD67DEA@\*7BF7?47D
3@6 &5FA47D
D7EB75F;H7>K 9D3@F;@9 8;@3> 3BBDAH3> FA D76;F \*G;EE7PE E7FF>7?7@F 39D77?7@F I;F: F:7 B>3;@F;88E8AD ?;>>;A@
+:7A?B3@K3>A@9I;F:AH7D AF:7DBD;?3DK673>7DEA8,\*FD73EGDKE75GD;F;7E:3E477@@3?76;@ 3 @G?47D A8 BGF3F;H7 5;H;> 5>3EE 35F;A@ 5A?B>3;@FE ;@ F:7 ,\* D7>3F;@9 FA F:7 ,\* FD73EGDK ?3D=7FE +:7E7 5A?B>3;@FE97@7D3>>K3>>797F:3F6787@63@FE5A>>G676FA?3@;BG>3F7,\*FD73EGDK3G5F;A@E3EI7>>3EF:7BD;5;@9 A8,\*FD73EGDK E75GD;F;7E;@F:7I:7@ ;EEG76?3D=7FI;F:;?B35FEGBA@ D7>3F76 8GFGD7E 3@6 ABF;A@E +:7E7 35F;A@E:3H7477@5A@EA>;63F76;@FA3?G>F; 6;EFD;5F>;F;93F;A@;@F:7\*%0 &@G9GEF
F:7\*%0 3BBA;@F76 >736 5AG@E7> 3@6 A@ G9GEF
F:D77 BGDBADF76 5>3EE D7BD7E7@F3F;H7E D7 8;>76 F:7;D 5A?B>3;@FE3E35A>>75F;H7;@6;H;6G3>35F;A@ &@%AH7?47D
B>3;@F;88E8;>7635A@EA>;63F763?7@676 5>3EE35F;A@5A?B>3;@F@3?;@9F:7A?B3@KD76;F\*G;EE7DAGB3@6\* 3>A@9I;F:3@3DDAI7D9DAGB A8 AF:7D 6787@63@FE +:7 5A@EA>;63F76 5A?B>3;@F 5A@F3;@E BD7H;AGE>K 3EE7DF76 3>>793F;A@E 3E I7>> 3E @7I 3>>793F;A@E 5A@57D@;@9 3 9DAGB 4AK5AFF FA BD7H7@F F:7 7?7D97@57 A8 3@A@K?AGE 3>> FA 3>> FD36;@9 ;@ F:7 E75A@63DK ?3D=7F 8ADFD73EGDK E75GD;F;7E &@ 74DG3DK
6787@63@FE E7DH76 ?AF;A@EFA 6;E?;EE A@ B>3;@F;88E 3@6 F:7 \*%0 7@F7D76 3 EF;BG>3F;A@ HA>G@F3D;>K 6;E?;EE;@9 D76;F \*G;EE7 DAGB 3@6 AF:7D 6787@63@F:A>6;@95A?B3@;7E &@\$3D5:
F:7\*%07@F7D763EF;BG>3F;A@HA>G@F3D;>K6;E?;EE;@9\* 8AD>35=A8B7DEA@3>3;@F;88E8;>763@3?7@6765A?B>3;@F393;@EFF:7A?B3@K\* 3@6AF:7D6787@63@FE &@!G>K
F:7\*%07@F7D763EF;BG>3F;A@HA>G@F3D;>K6;E?;EE;@9\* &@G9GEF
6787@63@FE8;>763 ?AF;A@FA6;E?;EE
{72}------------------------------------------------
## **02,7"=:.00/492>**
+:7A?B3@K3@657DF3;@A8;FE388;>;3F7E3>A@9I;F:AF:7D8;@3@5;3>;@EF;FGF;A@E3@6;@6;H;6G3>E:3H7 477@ @3?76 ;@ E7H7D3> BGF3F;H7 5>3EE 35F;A@ 5A?B>3;@FE 8;>76 ;@ F:7 \*%0 D7>3F;@9 FA \*\* 4A@6E +:7 5A?B>3;@FE97@7D3>>K3>>797F:3F6787@63@FE5A@EB;D76FA 8;JF:7BD;57EA8\*\*4A@6EEA>6FA3@6BGD5:3E76 8DA? ;@H7EFADE ;@F:7 E75A@63DK?3D=7F +:7E7 35F;A@E :3H7 477@ 5A@EA>;63F76 ;@F:7 \*%0 &@BD;>
B>3;@F;88E8;>7635A@EA>;63F765>3EE35F;A@5A?B>3;@F '>3;@F;88E8;>7635A@EA>;63F763?7@6765>3EE35F;A@ 5A?B>3;@FA@%AH7?47D
I:;5:6787@63@FE?AH76FA6;E?;EEA@757?47D
&@G9GEF
F:7\*%09D3@F766787@63@FEP?AF;A@FA6;E?;EE8AD83;>GD7FAEF3F735>3;?4GF9D3@F76B>3;@F;88E>73H7 FA 3?7@6 &@ %AH7?47D
B>3;@F;88E 8;>76 3 E75A@6 5A@EA>;63F76 3?7@676 5>3EE 35F;A@ 5A?B>3;@F I:;5:6787@63@FE?AH76FA6;E?;EEA@757?47D
&@\*7BF7?47D
F:7\*%09D3@F76F:7 ?AF;A@FA 6;E?;EE 8AD >35= A8 B7DEA@3> K;@6;53F76F:3F;FIAG>68GDF:7D366D7EEF:7?AF;A@FA6;E?;EE8AD83;>GD7FA EF3F735>3;??3674KF:7A?B3@K3@657DF3;@AF:7D6787@63@FE &@\$3D5:
F:7\*%0;EEG763@ 366;F;A@3>AB;@;A@9D3@F;@9F:7?AF;A@FA6;E?;EE8AD83;>GD7FAEF3F735>3;? &@!G@7
B>3;@F;88E8;>76 3@AF;57A83BB73> &@!G>K
F:7\*75A@6;D5G;F388;D?76F:7\*%0PE\*7BF7?47D
3@6\$3D5: 675;E;A@E9D3@F;@96787@63@FEP?AF;A@EFA6;E?;EE &@G9GEF
F:7B>3;@F;88E8;>763B7F;F;A@ 8ADD7:73D;@97@43@53@6B3@7>D7:73D;@9I:;5:F:7\*75A@6;D5G;F67@;76A@\*7BF7?47D
\*7B3D3F7>K A@ 74DG3DK
F:7 A?B3@K 3@6 57DF3;@ A8 ;FE 388;>;3F7E FA97F:7D I;F: AF:7D 8;@3@5;3>;@EF;FGF;A@E3@6;@6;H;6G3>EI7D7@3?76;@3BGF3F;H75>3EE35F;A@8;>76;@F:7\*%0I:;5:?3=7E 3>>793F;A@E E;?;>3D FA F:7 5A@EA>;63F76 5>3EE 35F;A@ 4GF E77=E FA D7BD7E7@F 3 BGF3F;H7 5>3EE A8 ;@6;D75F BGD5:3E7DEA8,\*6A>>3D\*\*4A@6EI:7D7F:7BGD5:3E7I3E?367;@AD5A@@75F76FA%7I0AD= &@!G@7 B>3;@F;88HA>G@F3D;>K6;E?;EE76F:7>3IEG;F
+:7A?B3@K3@657DF3;@A8;FE388;>;3F7EFA97F:7DI;F:AF:7D8;@3@5;3>;@EF;FGF;A@E:3H73>EA477@ @3?76;@FIA3@36;3@BGF3F;H75>3EE35F;A@EI:;5:?3=73>>793F;A@EE;?;>3DFAF:75A@EA>;63F765>3EE35F;A@
\*;@57 74DG3DK
F:7 A?B3@K 3@6 D76;F \*G;EE7 FA97F:7D I;F: AF:7D 8;@3@5;3> ;@EF;FGF;A@E :3H7 477@ @3?76 ;@ ?G>F;B>7 BGF3F;H7 5>3EE 35F;A@ 5A?B>3;@FE 8;>76 ;@ F:7 \*%0 3>>79;@9 3 5A@EB;D35K3?A@9F:78;@3@5;3>;@EF;FGF;A@EFA8;JBD;57E8ADG@E75GD764A@6E;EEG764KD766;7\$353@@;7 \$37F:7767D3>A?7#A3@3@=E3@6F:7767D3>3D?D76;F3@=E
&@BD;>
F:7\*%0 5A@EA>;63F76F:7 BGF3F;H7 5>3EE 35F;A@ 5A?B>3;@FE &@\$3K 5>3EEB>3;@F;88E;@F:75A@EA>;63F76BGF3F;H75>3EE35F;A@8;>7635A@EA>;63F763?7@6765A?B>3;@FF:3FD7?AH76 D76;F\*G;EE73E36787@63@F &@!G@7
6787@63@FE8;>763?AF;A@FA6;E?;EE &@!G>K
B>3;@F;88E 8;>76 3 E75A@6 5A@EA>;63F76 3?7@676 5A?B>3;@F &@ G9GEF
F:7 \*%0 9D3@F76 6787@63@FEP?AF;A@FA6;E?;EE4GF9D3@F76B>3;@F;88E>73H7FA3?7@6 &@\*7BF7?47D
B>3;@F;88E8;>763 F:;D65A@EA>;63F763?7@6765A?B>3;@F &@\*7BF7?47D
6787@63@FE8;>763?AF;A@FA6;E?;EE57DF3;@ 3EB75FEA8F:75A?B>3;@FI:;5:I3E67@;76A@&5FA47D
&@757?47D
F:7B3DF;7ED735:76 3@ 39D77?7@F ;@ BD;@5;B>7 FA E7FF>7 F:7 BGF3F;H7 5>3EE 35F;A@ ;@ ;FE 7@F;D7FK >3EE B>3;@F;88E 8;>76 3 ?AF;A@ E77=;@9BD7>;?;@3DK3BBDAH3>A8F:79>A43>E7FF>7?7@FA@757?47D
3@6F:7\*%0;EEG763@AD67D BD7>;?;@3D;>K 3BBDAH;@9F:7 9>A43> E7FF>7?7@F A@ 74DG3DK &@ !G@7
F:7 5AGDF ;EEG76 3@ AD67D9D3@F;@9 8;@3> 3BBDAH3>FA 3>> E7FF>7?7@FE;@5>G6;@9F:79>A43> E7FF>7?7@FFAI:;5:F:7A?B3@K;E 3 B3DFK
{73}------------------------------------------------
## **02,7"=:.00/492>**
+:7A?B3@K3@63@388;>;3F73>A@9I;F:AF:7D8;@3@5;3>;@EF;FGF;A@E:3H7477@@3?76;@FIA5;H;> 35F;A@E;@F:7,\*;EFD;5FAGDF 8ADF:7\$;66>7;EFD;5FA8#AG;E;3@33>>79;@935A@EB;D35K3?A@9 8;@3@5;3> ;@EF;FGF;A@EFA 8;J BD;57E 8AD G@E75GD76 4A@6E ;EEG76 4K 57DF3;@ 9AH7D@?7@F EBA@EAD76 7@F;F;7E A@7 35F;A@ 4DAG9:F4KF:7#AG;E;3@3FFAD@7K7@7D3>A@47:3>8A8F:7\*F3F7A8#AG;E;3@3A@\*7BF7?47D
3@6 A@735F;A@4DAG9:F4KF:7;FKA83FA@)AG97A@&5FA47D
&@ !G>K
;@F:75;H;>35F;A@ 8;>76A@\*7BF7?47D
B>3;@F;88 8;>763@3?7@6765A?B>3;@F &@ !G>K F:7A?B3@K3@63@ 388;>;3F78;>763@3@EI7D
&@BD;>
F:7A?B3@K3@63@388;>;3F73>A@9I;F:AF:7D8;@3@5;3>;@EF;FGF;A@EI7D7@3?76;@ 3 5;H;> 35F;A@ ;@ F:7 ,\* ;EFD;5F AGDF 8AD F:7 3EF7D@ ;EFD;5F A8 #AG;E;3@3 3>>79;@9 3 5A@EB;D35K 3?A@9 8;@3@5;3>;@EF;FGF;A@EFA8;JBD;57E8ADG@E75GD764A@6E;EEG764K57DF3;@9AH7D@?7@F EBA@EAD767@F;F;7E &@ !G@7 F:7A?B3@K3@657DF3;@AF:7D6787@63@FE 8;>763B3DF;3>?AF;A@FA6;E?;EE EF3F7>3I5>3;?E 4DAG9:FG@67DF:7#AG;E;3@3,@83;D+D367'D35F;57E5F &@!G>K
F:7B>3;@F;888;>7638;DEF3?7@676 5A?B>3;@F ;@ D7EBA@E7FAF:7 B3DF;3>?AF;A@FA 6;E?;EE &@ !G>K
F:7A?B3@K 3@6 57DF3;@ AF:7D 6787@63@FE 8;>76 3 B3DF;3> ?AF;A@ FA 6;E?;EE B>3;@F;88PE 8;DEF 3?7@676 5A?B>3;@F 3>>79;@9 EF3F7 >3I 5>3;?E 4DAG9:FG@67DF:7#AG;E;3@3,@83;D+D367'D35F;57E5F &@757?47D
F:75AGDFFD3@E87DD76F:7 35F;A@FAF:7,\*;EFD;5FAGDF 8ADF:7\$;66>7;EFD;5FA8#AG;E;3@3 8AD5A@EA>;63F;A@I;F:F:7FIA73D>;7D 8;>76#AG;E;3@353E7E
&@\*7BF7?47D
F:7A?B3@K3@63@388;>;3F73>A@9I;F:AF:7D 8;@3@5;3>;@EF;FGF;A@EI7D7 @3?76 ;@ 3 5;H;> 35F;A@ 4DAG9:F 4K F:7 ;FK A8 %7I &D>73@E F:7 %7I &D>73@E \$G@;5;B3> ?B>AK77E )7F;D7?7@F\*KEF7?3@6F:7%7I&D>73@EH;3F;A@A3D6;@F:7,\*;EFD;5FAGDF8ADF:73EF7D@;EFD;5FA8 #AG;E;3@3 I:;5: 3>EA 3>>797E 3 5A@EB;D35K 3?A@9 8;@3@5;3> ;@EF;FGF;A@E FA 8;J BD;57E 8AD G@E75GD76 4A@6E ;EEG76 4K 57DF3;@ 9AH7D@?7@F EBA@EAD76 7@F;F;7E &@ 74DG3DK
F:7 5AGDF 6;E?;EE76 I;F:AGF BD73;?E 393;@EF D76;F \*G;EE7 8AD >35= A8 E7DH;57 +:7 5>3;? 393;@EF F:7 388;>;3F7 D7?3;@E B7@6;@9 &@\$3D5:
F:75AGDFFD3@E87DD76F:735F;A@FAF:7,\*;EFD;5FAGDF8ADF:7\$;66>7;EFD;5F A8#AG;E;3@38AD5A@EA>;63F;A@I;F:F:7F:D7773D>;7D 8;>76#AG;E;3@353E7E
@BD;>
;@F:78AGD5;H;>35F;A@E4DAG9:F;@#AG;E;3@38767D3>5AGDFF:7B3DF;7E7@F7D76;@FA3@ 39D77?7@FFAE7FF>73>>5>3;?E &@!G@7
B>3;@F;88EHA>G@F3D;>K6;E?;EE76735:35F;A@
&@!G@7
F:7A?B3@K3@6388;>;3F7E3>A@9I;F:AF:7D43@=E3@67@F;F;7EI7D7@3?76;@3 BGF3F;H7 5>3EE 35F;A@ 5A?B>3;@F 8;>76 ;@ F:7 ,\* ;EFD;5F AGDF 8AD F:7 ;EFD;5F A8 %7I \$7J;5A 3>>79;@9 ?3@;BG>3F;A@A85D76;F6783G>FEI3B8;@3>3G5F;A@BD;57E &@%AH7?47D
6787@63@FE8;>76?AF;A@EFA 6;E?;EE &@74DG3DK ;@>;7GA8D7EBA@6;@9FA6787@63@FEP?AF;A@FA6;E?;EEB>3;@F;88EHA>G@F3D;>K 6;E?;EE76 F:7;D 5>3;?E 393;@EF D76;F \*G;EE7 DAGB 3@6 57DF3;@ @A@ D76;F \*G;EE7 7@F;F;7E 3@6 8;>76 3@ 3?7@6765A?B>3;@F@3?;@9F:7A?B3@K3@6388;>;3F7E3>A@9I;F:AF:7D43@=E3@67@F;F;7E
*,\*!& ++* +:7 A?B3@K 3@6 388;>;3F7E 3>A@9 I;F: AF:7D 8;@3@5;3> ;@EF;FGF;A@E :3H7 477@ @3?76 ;@ A@7 5A@EA>;63F76 BGF3F;H7 5;H;> 5>3EE 35F;A@ 5A?B>3;@F 3@6 A@7 5A@EA>;63F76 5A?B>3;@F 8;>76 4K ;@6;H;6G3> B>3;@F;88E D7>3F;@9 FA ;@F7D7EF D3F7 EI3BE 3>>79;@9 F:3F 673>7D 6787@63@FE 5A@EB;D76 I;F: FD36;@9 B>3F8AD?EFABD7H7@FF:767H7>AB?7@FA8;@F7D7EFD3F7EI3B7J5:3@97E +:7;@6;H;6G3>>3IEG;FEI7D74DAG9:F 4K+7D3J5:3@97##3EI3B7J75GF;A@835;>;FK3@6388;>;3F7E3@6!3H7>;@3B;F3>\$3D=7FE##3EI3B
{74}------------------------------------------------
## **02,7"=:.00/492>**
7J75GF;A@835;>;FK3@63@388;>;3F7I:;5:5>3;?FA:3H7EG887D76>AEFBDA8;FE3E3D7EG>FA86787@63@FEP3>>7976 5A@EB;D35K >>;@F7D7EFD3F7EI3B35F;A@E:3H7477@5A@EA>;63F76;@3?G>F; 6;EFD;5F>;F;93F;A@;@F:7\*%0
AF:5>3EE3@6;@6;H;6G3>B>3;@F;88E 8;>76 E75A@63?7@6765A@EA>;63F765A?B>3;@FEA@757?47D
I:;5:6787@63@FE?AH76FA6;E?;EEA@!3@G3DK &@!G>K
F:7\*%09D3@F76;@B3DF 3@667@;76;@B3DF6787@63@FEP?AF;A@EFA6;E?;EE &@\$3K
5>3EEB>3;@F;88E 8;>763F:;D63?7@676 5A@EA>;63F765>3EE35F;A@5A?B>3;@F
&@ !G@7
3@7I6;D75F35F;A@5A?B>3;@FI3E 8;>764KEI3B7J75GF;A@ 835;>;FKFDG7/## &@!G@7
F:7FDG7/##5A?B>3;@FI3E36676FAF:77J;EF;@9?G>F; 6;EFD;5F>;F;93F;A@ &@G9GEF
FDG7/##8;>763@3?7@6765A?B>3;@F393;@EFF:7A?B3@K3@6388;>;3F7E3>A@9I;F:AF:7D8;@3@5;3> ;@EF;FGF;A@EI:;5: 6787@63@FE?AH76FA 6;E?;EE A@G9GEF &@%AH7?47D
F:7\*%0 ;EEG763@AD67D9D3@F;@9;@B3DF3@667@K;@9;@B3DF6787@63@FEP?AF;A@FA6;E?;EEF:7FDG7/##3?7@676 5A?B>3;@F
&@74DG3DK
5>3EEB>3;@F;88E;@F:75A@EA>;63F76?G>F; 6;EFD;5F>;F;93F;A@ 8;>763?AF;A@ 8AD 5>3EE 57DF;8;53F;A@ &@ \$3D5:
5>3EE B>3;@F;88E 8;>76 3 8AGDF: 3?7@676 5A@EA>;63F76 5>3EE 35F;A@ 5A?B>3;@F &@ !G@7
6787@63@FE 8;>76F:7;D ABBAE;F;A@FA B>3;@F;88EP?AF;A@ 8AD 5>3EE 57DF;8;53F;A@ &@ !3@G3DK
F:7 B3DF;7E 7@F7D76 ;@FA 3@ 39D77?7@F FA E7FF>7 3>> 5>3;?E +:7 E7FF>7?7@F D7?3;@E EG4<75FFA5AGDF3BBDAH3>
&@!G@7
F:7A?B3@K3@6388;>;3F7E3>A@9I;F:AF:7D8;@3@5;3>;@EF;FGF;A@EI7D7@3?76;@3 5;H;>35F;A@8;>76;@F:7\*%04K+7D3DAGB @5 3@6D7>3F767@F;F;7E+7D33>>79;@9H;A>3F;A@EA83@F;FDGEF >3I ;@ 5A@@75F;A@ I;F: F:7 3>>793F;A@ F:3F 5D76;F 6783G>F EI3B \* 673>7DE 5A@EB;D76 FA 4>A5= +7D3PE 7>75FDA@;5\*FD36;@9B>3F8AD?8DA?EG557EE8G>>K7@F7D;@9F:7?3D=7F &@\*7BF7?47D
6787@63@FE 8;>763?AF;A@FA6;E?;EE &@!G>K
F:7\*%09D3@F76;@B3DF3@667@;76;@B3DF6787@63@FEP?AF;A@ FA6;E?;EE &@!3@G3DK B>3;@F;88E8;>763@3?7@6765A?B>3;@F &@BD;> 6787@63@FE8;>763 ?AF;A@FA6;E?;EE
+:7A?B3@K3@6388;>;3F7E3EI7>>3EAF:7D8;@3@5;3>;@EF;FGF;A@EI7D7AD;9;@3>>K@3?76;@3@G?47D A8 5;H;> >3IEG;FE ;@ F:7 \*%0 57DF3;@ A8 I:;5: 3D7 4DAG9:F 4K 5>3EE 35F;A@ B>3;@F;88E 3>>79;@9 F:3F F:7 6787@63@FE 5A@EB;D76 FA =77B EFA5= >A3@ FD36;@9 ;@ 3@ AH7D F:7 5AG@F7D ?3D=7F 3@6 5A>>75F;H7>K 4AK5AFF76 57DF3;@ FD36;@9 B>3F8AD?E F:3F EAG9:F FA 7@F7D F:7 ?3D=7F 3@6 57DF3;@ A8 I:;5: 3D7 4DAG9:F 4K FD36;@9 B>3F8AD?EF:3F EAG9:FFA7@F7DF:7?3D=7F3>>79;@9F:3FF:76787@63@FE5A>>75F;H7>K4AK5AFF76F:7B>3F8AD?E +:7 \*%0 67@;76 6787@63@FEP ?AF;A@E FA 6;E?;EE ;@ F:7 BGF3F;H7 5>3EE 35F;A@ &@ 74DG3DK B>3;@F;88E8;>763?AF;A@8AD5>3EE57DF;8;53F;A@;@F:7BGF3F;H75>3EE35F;A@ &@!G@7
6787@63@FE8;>76 F:7;DABBAE;F;A@FAB>3;@F;88EP?AF;A@8AD5>3EE57DF;8;53F;A@ &@&5FA47D
B>3;@F;88E8;>76F:7;DD7B>KFA 6787@63@FEP ABBAE;F;A@FAF:7;D ?AF;A@ 8AD 5>3EE 57DF;8;53F;A@ @ 735: A8F:7 >3IEG;FEF:7 5AGDF 7@F7D76 3 EF;BG>3F;A@HA>G@F3D;>K6;E?;EE;@9D76;F\*G;EE7DAGB3@6AF:7D6787@63@F:A>6;@95A?B3@;7E3>F:AG9: 57DF3;@ 388;>;3F7E D7?3;@ B3DF A8 F:7 A@9A;@9 35F;A@ &@ !3@G3DK F:7 B3DF;7E 7@F7D76 ;@FA 3@ 39D77?7@FFAE7FF>73>>5>3;?E +:7E7FF>7?7@FD7?3;@EEG4<75FFA5AGDF3BBDAH3>
&@G9GEF
;@A@7A8F:75;H;>35F;A@E8;>76;@F:7\*%04K3BGDBADF76EG557EEAD;@;@F7D7EF FA3FD36;@9B>3F8AD?8ADEFA5=>A3@EF:3FEAG9:FFA7@F7DF:7?3D=7FF:7\*%09D3@F766787@63@FEP?AF;A@
{75}------------------------------------------------
# **02,7"=:.00/492>**
FA6;E?;EE3@67@F7D763;@F;888;>763?AF;A@FA 3?7@6F:73;@F;88FA8;>73@3?7@6765A?B>3;@FAD;@F:73>F7D@3F;H7FA6;E?;EE57DF3;@ 5>3;?EI;F:AGFBD73;@F;88PE?AF;A@FA3?7@6F:7 4D;78;@9 A@I:7F:7D57DF3;@5>3;?E E:AG>6 47 6;E?;EE76I;F:AGF BD73;@F;88PE?AF;A@FA3?7@6F:7;63F765;H;>>;F;93F;A@4DAG9:F;@F:7\*%04K7@F;F;7EF:3F67H7>AB76 3FD36;@9 B>3F8AD? 8AD EFA5=>A3@EF:3F EAG9:FFA 7@F7DF:7?3D=7F 3>>79;@9F:3FF:7 6787@63@FE 5A>>75F;H7>K 4AK5AFF76F:7 B>3F8AD?F:7 5AGDF 9D3@F76 6787@63@FEP ?AF;A@FA 6;E?;EE &@ &5FA47D
B>3;@F;88E 8;>763@AF;57A83BB73>
&@ BD;>
F:7 A?B3@K 3@6 AF:7D 8;@3@5;3> ;@EF;FGF;A@E I7D7 @3?76 ;@ 3 BGF3F;H7 5>3EE 35F;A@ 5A?B>3;@F 8;>76 ;@ F:7 \*%0 3>>79;@9 3 5A@EB;D35K 3?A@9 F:7 8;@3@5;3> ;@EF;FGF;A@E FA 4AK5AFF 7>75FDA@;5FD36;@9B>3F8AD?E3@68;JBD;57E;@F:7E75A@63DK?3D=7F8ADA66 >AF5ADBAD3F74A@6E &@!G>K B>3;@F;888;>763@3?7@6765A?B>3;@F &@\*7BF7?47D
6787@63@FE8;>763?AF;A@FA6;E?;EE &@ &5FA47D
F:7\*%09D3@F766787@63@FEP?AF;A@FA6;E?;EE &@%AH7?47D
B>3;@F;88E8;>76 3@AF;57A83BB73>FAF:7\*75A@6;D5G;F
*+\*\$+#%,,\*+* D76;F\*G;EE7:3ED757;H769AH7D@?7@F3>3@6D79G>3FADK;@CG;D;7E5A@57D@;@95DAEE 4AD67D E7DH;57E BDAH;676 4K D76;F \*G;EE7PE \*I;FL7D>3@6 43E76 ED37> 7E= D76;F \*G;EE7 ;E 5A@6G5F;@9 3 D7H;7IA8F:7E7;EEG7E3@6:3E477@5AAB7D3F;@9I;F:F:73GF:AD;F;7E
*-\*\$,\$!,!,!'&* &@74DG3DK
F:7A?B3@K3@657DF3;@388;>;3F7E3@67J75GF;H7E3>A@9 I;F: !3@GE @67J3>5G>3F;A@\*7DH;57E##3@6388;>;3F7EI7D7@3?76;@3@;@6;H;6G3>35F;A@ 8;>76;@F:7 %04K3BGD5:3E7DA8-7>A5;FK\*:3D7E3;>K @H7DE7- /\*:ADF+7D?J5:3@97+D3676%AF7E>;@=76FA F:7\*' - /\*:ADF +7D?GFGD7E @67J6G7757?47D / -+%EI:;5:3EE7DFE5>3;?E8AD H;A>3F;A@EA8\*75F;A@E38
43@6 3A8F:7,\*\*75GD;F;7EJ5:3@975FA8
3@6)G>7
4 F:7D7G@67D 3@6 \*75F;A@E
3@6
A8 F:7 ,\* \*75GD;F;7E 5F A8
3@6 3>>797E F:3F F:7 6787@63@FE 3D7 D7EBA@E;4>78ADB>3;@F;88PE>AEE7E8A>>AI;@93675>;@7;@F:7H3>G7A8/ -+%EA@74DG3DK
&@ \$3D5:
B>3;@F;88 HA>G@F3D;>K 6;E?;EE76 ;FE 35F;A@ 3@6 8;>76 3 EG4EF3@F;3>>K E;?;>3D 5A?B>3;@F;@F:7\*%0 &@\$3K
6787@63@FE8;>763?AF;A@FA6;E?;EE &@!3@G3DK F:7 \*%09D3@F766787@63@FEP?AF;A@FA6;E?;EE &@74DG3DK B>3;@F;88 8;>763@AF;57A83BB73> &@ BD;>
B>3;@F;888;>763?AF;A@8ADHA>G@F3DK6;E?;EE3>I;F:BD7I:;5:I3E9D3@F76 4KF:7\*75A@6;D5G;FA@BD;>
&@ !G@7
F:7A?B3@K3@63@388;>;3F73@67J75GF;H7EI7D7@3?76;@3E7B3D3F7;@6;H;6G3> 35F;A@4DAG9:F;@F:7\*%04K3BGD5:3E7DA8/ -+%EI:;5:3EE7DFE5>3;?EE;?;>3DFAF:AE74DAG9:F;@ F:7;@6;H;6G3>35F;A@8;>76A@\$3D5:
3EI7>>3E366;F;A@3>5>3;?EG@67D%7I0AD=3@6'7@@EK>H3@;3 EF3F7>3I &@%AH7?47D
6787@63@FE8;>763?AF;A@FA6;E?;EE '>3;@F;88ED7EBA@676FAF:7?AF;A@FA 6;E?;EE4K8;>;@93@3?7@6765A?B>3;@F;@>;7GA8ABBAE;@9F:7?AF;A@FA6;E?;EE &@!G@7
B>3;@F;88 8;>763@3?7@6765A?B>3;@F &@!G>K
F:7A?B3@K8;>763?AF;A@FA6;E?;EE +:735F;A@:3E477@ EF3K76 B7@6;@9 3 D7EA>GF;A@ A8 F:7 3BB73> ;@ 3 D7>3F76 5A@EA>;63F76 5>3EE 35F;A@ F:3F 6A7E @AF ;@HA>H7 F:7 A?B3@K
{76}------------------------------------------------
## **02,7"=:.00/492>**
*\* '+* +:7 A?B3@K :3E D757;H76 D7CG7EFE 8AD 6A5G?7@FE 3@6 ;@8AD?3F;A@ ;@ 5A@@75F;A@ I;F: ;@CG;D;7E ;@H7EF;93F;A@E 3@6AD 35F;A@E D7>3F;@9 FA F:7 D5:79AE ?3FF7DE 4K D79G>3FADK 3@6 9AH7D@?7@F3> 397@5;7E +:7A?B3@K;E5AAB7D3F;@9I;F:F:73GF:AD;F;7EA@F:7E7?3FF7DE
&@BD;>
D76;F\*G;EE7DAGB3@657DF3;@5GDD7@F3@68AD?7D7J75GF;H7EI7D7@3?76 ;@ 3 BGF3F;H7 5>3EE 35F;A@ 5A?B>3;@F 8;>76 ;@F:7 \*%0 4K 3 :A>67D A8 D76;F \*G;EE7?7D;53@ 7BAE;F3DK )757;BFE 3EE7DF;@9 5>3;?E 8AD H;A>3F;A@E A8 \*75F;A@E
4 3@6 3 A8F:7 ,\* \*75GD;F;7EJ5:3@975F A8 3@6 )G>7
4 F:7D7G@67D 3>>79;@9 F:3F 6787@63@FE H;A>3F76 ,\* E75GD;F;7E >3IE 4K ?3=;@9 ?3F7D;3> ?;ED7BD7E7@F3F;A@E3@6A?;EE;A@ED793D6;@9D76;F\*G;EE7PED;E=?3@397?7@FBD35F;57E;@5>G6;@9I;F:D7EB75F FAF:7D5:79AE3@6EGBB>K5:3;@8;@3@578G@6E\*?3FF7DE &@%AH7?47D
B>3;@F;88E8;>763@ 3?7@6765A?B>3;@FI:;5:6;6@AF;@5>G673>>793F;A@ED7>3F76FA\*
EF:;E ?3FF7D 67H7>ABEF:7 A?B3@K ?3K 475A?7 EG4<75FFA 366;F;A@3> >;F;93F;A@ 3@6 D79G>3FADK ;@CG;D;7E;@H7EF;93F;A@E3@635F;A@E
*'%%-&!,!'&+ \*'\*#(!& %,,\** +:7 \* ;E 5A@6G5F;@9 3@ ;@H7EF;93F;A@ A8 F:7 A?B3@K 5A@57D@;@95A?B>;3@57I;F:D75AD6EBD7E7DH3F;A@D7CG;D7?7@FED7>3F;@9FA4GE;@7EE5A??G@;53F;A@EE7@FAH7D G@3BBDAH767>75FDA@;5?7EE39;@95:3@@7>E +:7A?B3@K;E5AAB7D3F;@9I;F:F:7;@H7EF;93F;A@ +:7\*:3E EF3F76 F:3F ;F ;E 5A@6G5F;@9 E;?;>3D ;@H7EF;93F;A@E A8 D75AD6 BD7E7DH3F;A@ BD35F;57E 3F ?G>F;B>7 8;@3@5;3> ;@EF;FGF;A@E
#### **%@->0<@09?A09?>**
+:7A?B3@K:3E7H3>G3F76F:7BAF7@F;3> 8ADEG4E7CG7@F7H7@FE 8DA?757?47D
F:DAG9: F:763F7A8;EEG3@57A8F:78;@3@5;3>EF3F7?7@FEA@\$3D5:
3@667F7D?;@76F:3FF:7D7I7D7@AAF:7D ?3F7D;3>7H7@FEADFD3@E35F;A@EF:3FIAG>6D7CG;D7D75A9@;F;A@AD6;E5>AEGD7;@F:75A@EA>;63F76EF3F7?7@FA8 8;@3@5;3>5A@6;F;A@
Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.