Añadir a la recogida (s) Añadir a salvo
  1. Ninguna Categoria

Ventajas del pinzamiento tardío del cordón

Anuncio 
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,.'/'/'&'*$)0- +,"1"
,-./01-2.34'305674'89':-./01-2.34':52;4/'
62<';456=.'>1?-<-;0<
!"#$%&'()$*+,&-./"012+,%3&45$+)5#6)&768+,&96:+,;3&<=&>%"8+)&?@"+,&A%BC+"/+;3&D5E*+"&<%"E0)+,&F#+)C+)#/.;
345'$6789:;2<$=:>?@A$B@$<2$C>>:D2E2#$FG>E:2'
H
345'$6789:;2<$&;>2'$/>2'$B@<$I78@<<'$J2>;2?@A2#$FG>E:2'
2
!"#$!%&
'()*+,-../0(*$K2$L2<;2$B@$@M:B@AE:2$>@<2E:7A2B2$E7A$@<$N7N@A;7$O9;:N7$B@$9:AP2N:@A;7$B@<$E7>BOA$GNH:<:E2<$9G@B@$>@9@>+
EG;:>$@A$<2$82<GB$B@$<28$N2B>@8$Q$<78$>@E:RA$A2E:B78$;2A;7$2$E7>;7$E7N7$2$<2>?7$9<2P7'$5<$7HS@;:M7$B@<$9>@8@A;@$@8;GB:7$@8
E7A7E@>$@8;78$H@A@L:E:78$Q$>:@8?78$97;@AE:2<@8$B@<$9:AP2N:@A;7$9>@E7P$Q$;2>BT7$B@<$E7>BOA$GNH:<:E2<#$;2A;7$2$E7>;7$E7N7$2
<2>?7$9<2P7$@A$<78$>@E:RA$A2E:B78$Q$@A$<28$N2B>@8'$UG:@A@8$9>79G?A2A$@<$9:AP2N:@A;7$9>@E7P#$<7$V2E@A$H2S7$<78$2>?G+
N@A;78$B@$WG@$B:8N:AGQ@$@<$>:@8?7$B@$97<:E:;@N:2#$V:9@>H:<:>>GH:A@N:2$Q$L2E:<:;2$@<$N2A@S7$B@<$>@E:RA$A2E:B7'$K78$B@L@A87+
>@8$B@<$9:AP2N:@A;7$;2>BT7#$@D97A@A$WG@$@8;@$8:N9<@$2E;7$B:8N:AGQ@$<2$2A@N:2$@A$<2$:AL2AE:2#$2QGB2$2$<2$2B29;2E:OA$B@<
>@E:RA$A2E:B7$2$<2$M:B2$@D;>2G;@>:A2$Q$L2E:<:;2$@<$MTAEG<7$N2;@>A7'
$1)2*/1345467)+,+8*$/@$>@2<:PO$GA2$HX8WG@B2$H:H<:7?>YL:E2$@A$J4.35&#$Z4[F53#$K.KCJ/$Q$>@M:8;28$@<@E;>OA:E28$B@$<2
4A:M@>8:B2B$B@$FG>E:2'$K28$92<2H>28$E<2M@8$G;:<:P2B28$@A$@892\7<$LG@>7A*$E7>BOA$GNH:<:E2<#$;:@N97$B@$9:AP2N:@A;7%$Q$@A
:A?<R8*$GNH:<:E2<$E7>B#$E<2N9:A?'$K78$E>:;@>:78$B@$:AE<G8:OA$LG@>7A$<78$@8;GB:78$@A$:A?<R8$Q$@892\7<$9GH<:E2B78$B@8B@)]]"
V28;2$!"" '$/@$@<:?:@>7A$)1$2>;TEG<78$WG@$297>;2>2A$B2;78$87H>@$@<$;:@N97$B@$9:AP2N:@A;7$B@$E7>BOA$Q$978;@>:7>N@A;@$<2
:AL7>N2E:OA$LG@$2A2<:P2B2$Q$8@$82E2>7A$E7AE<G8:7A@8'
28-3)1,+8* 5A$<78$@8;GB:78$@AE7A;>2B78$8@$2L:>N2$WG@$@<$9:AP2N:@A;7$;2>BT7$9G@B@$L2E:<:;2>$2B29;2E:OA$2$<2$M:B2$@D;>2G+
;@>:A2$Q$WG@$@<$M7<GN@A$82A?GTA@7$A@7A2;2<$@8$GA$0"^$8G9@>:7>'
/@$@AE7A;>2>7A$B:L@>@AE:28$V@N2;7<O?:E28*$<2$N@B:2$B@$6H$@8$N2Q7>$2<$2<;2$Q$2$<78$,$N@8@8$@A$Z_ Q$>@BGE@$<2$9>@M2<@A+
E:2$B@$L@>>:;:A2$H2S2$2$<78$,$N@8@8$@A$GA$,-^'
5A$<78$>@E:RA$A2E:B78$9>@N2;G>78#$@<$>@;>287$B@<$9:AP2N:@A;7$9>7M7E2$A:M@<@8$NY8$2<;78$B@$V@N7?<7H:A2$Q$V@N2;7E>:;7#$Q
N@A7>$A@E@8:B2B$B@$;>2A8LG8:7A@8'
9/8.-8/0(*$@<$Z_ 297>;2$H@A@L:E:78$LT8:E78$Q$98:E7<O?:E78$;2A;7$92>2$<2$N2B>@$E7N7$92>2$@<$>@E:RA$A2E:B7#$2$B@8;2E2>$<78
V@N2;7<O?:E78$@A$@<$I&'$5<$ZZ 8@$E7A8:B@>2$GA2$2E;G2E:OA$WG@$A7$8@$B@H@>T2$>@2<:P2>$2<$A7$;@A@>$H@A@L:E:78$E7A$@M:B@A+
E:2$E:@A;TL:E2'
142
:131;*184.31<2& J7>BOA$GNH:<:E2<#$_:@N97$B@$9:AP2N:@A;7'
!"#$ %#
&'()*+,-(.*'G&H*+&B%$I&.!&+C#/+)$+&"+B%E+/&E.&E*+&.:E#8%B&8.8+)E&.!&E*+&28;#B#$%B&$."/&$B%8:#)1&$%)&*%C+&"+:+"$255#.)5
.)&E*+&8.E*+"5&%)/&E*+&)+J&;.")&*+%BE*&%5&#)&%&5*."E&%5&%&B.)1&E+"8K&L*.&%/C.$%E+&E*+&:"+8%E2"+&$B%8:#)13&%"128+)E5
E*%E&#E&/#8#)#5*+5&E*+&"#5I&.!&:.B#$#E+8#%3&*#:+";#B#""2;#)+8#%&%)/&!%$#B#E%E+5&8%)%1+8+)E&J#E*&E*+&)+J&;.")K&H*+&/+B%M+/
$B%8:#)1&/+!+)/+"53&+N:.5+&E*%E&/#8#)#5*+5&E*+&%)%+8#%&#)&E*+&$*#B/*../3&*+B:5&E*+&)+J&;.")&%/%:E%E#.)&E.&E*+&+NE"%2E+O
"#)+&B#!+&%)/&!%$#B#E%E+5&E*+&8%E+")%B&;.)/K
H*+&/.01.!&E*#5&:%:+"&#5&E.&I).J&E*+&%/C%)E%1+5&%)/&:.E+)E#%B&"#5I5&!."&:"+8%E2"+&%)/&/+B%M+/&28;#B#$%B&$."/&$B%8:#)1&!."
)+J;.")5&%)/&8.E*+"5K&
2/(3)./41/'+103(5*+6G&-+C#+J&.!&E*+&B#E+"%E2"+&#)&>2#/+)3&?2;8+/3&9#B%$5&/%E%&;%5+5&%)/&+B+$E".)#$&8%1%,#)+5&.!&E*+
P)#C+"5#EM&.!&<2"$#%K
$36,4(6G&Q+B%M+/&$B%8:#)1&$%)&!%$#B#E%E+&%/%:E%E#.)&E.&E*+&+NE"%2E+"#)+&B#!+K&H*+&)+.)%E%B&;B../&C.B28+&#5&1"+%E+"&E*%)&RST
#)&)+J&;.")&J#E*&/+B%M+/&$B%8:#)1K&U+8%E.B.1#$%B&/#!!+"+)$+5&J+"+&!.2)/G&1"+%E+"&%C+"%1+&.!&*%+8.1B.;#)&%E&E*+&/#5O
$*%"1+&%)/&%!E+"&V&8.)E*5&#)&/+B%M+/&$B%8:&%)/&"+/2$+&E*+&:"+C%B+)$+&.!&B.J&!+""#E#)+&%!E+"&V&8.)E*5&#)&%&VWTK&X)&:"+E+"8
)+J;.")53&E*+&/+B%M+/&$B%8:#)1&:"./2$+5&*#1*+"&B+C+B5&.!&*%+8.1B.;#)&%)/&*%+8%E.$"#E&%)/&%&B.J+"&)+$+55#EM&.!&E"%)5!2O
5#.)5K&X)&E*+&/+B%M+/&$B%8:&%&1"+%E+"&!"+Y2+)$M&.!&:.B#$#E+8#%&#5&.;5+"C+/3&%BE*.21*&%5M8:E.8%E#$K&H*.5+&J*.&*%C+&;++)
;.")&;M&$%+5%"+%)&"+$+#C+&B+55&:B%$+)E%B&E"%)5!25#.)&%)/&E*+M&*%C+&B.J+"&B+C+B5&.!&*%+8.1B.;#)&%)/&*%+8%E.$"#E&%E&Z[
*.2"5&.!&B#!+K&H*#"/&5E%1+&.!&B%;.2"&%)/&E*+&!%BB&.!&*%+8.1B.;#)&J+"+&58%BB+"&#)&E*+&1".2:&.!&%$E#C+&*%)/B#)1K&
7.6-,66.*'G&E*+&/+B%M+/&$B%8:#)1&$.)E"#;2E+5&J#E*&:*M5#$%B&%)/&:5M$*.B.1#$%B&%/C%)E%1+5&!."&E*+&8.E*+"&%)/&)+J&;.")3
"+8%"I#)1&E*+&*%+8%E.B.1#$%B&:%"%8+E+"5&#)&E*+&)+J;.")K&H*+&+%"BM&$."/&$B%8:#)1&#5&%&).)&"+$.88+)/+/&:"%$E#$+&5#)$+
/.+5&).E&:".C#/+&;+)+!#E5&J#E*&5$#+)E#!#$&+C#/+)$+K
8391:*)+6; 4NH:<:E2<$E7>B#$J7>B$E<2N9:A?'
!"
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
#%(*@")$$#A%B
K2$N@B:E2<:P2E:OA$B@<$A2E:N:@A;7$@8;Y$;2A$2>>2:?2B2$@A
AG@8;>2$EG<;G>2#$WG@$V@N78$7<M:B2B7$<2$L7>N2$@A$WG@$A2ET2A
AG@8;>78$2AE@8;>78'$&7$V2Q$E7A8@A87$A:$@M:B@AE:2$E:@A;TL:E2
8GL:E:@A;@$2E@>E2$B@$<78$978:H<@8$@L@E;78$H@ARL:E78$7$9@>SGB:+
E:2<@8$ 92>2$ @<$ >@E:RA$ A2E:B7$ `I&a#$ WG@$ 9G@B2A$ 2;>:HG:>8@
E7N7$E7A8@EG@AE:2$B@<$9:AP2N:@A;7$;@N9>2A7$7$;2>BT7'$58;2
L2<;2$B@$>@E7N@AB2E:7A@8$H282B28$@A$@M:B@AE:2$E>@2$GA
M2ET7$92>2$<2$9>YE;:E2$B:2>:2$B@$<28$N2;>7A28$Q$7H8;@;>28'$C
9@82>$B@$WG@$<2$b>?2A:P2E:OA$FGAB:2<$B@$<2$/2<GB$`)a#$8@\2+
<2$WG@$@<$9>7E@B:N:@A;7$B@<$;:@N97$B@$9:AP2B7$B@$E7>BOA
GNH:<:E2<$@8$GA2$9>YE;:E2$B@$E2;@?7>T2$cJd#$E7A$:A8GL:E:@A;@
@M:B@AE:2$B:897A:H<@$92>2$297Q2>$>@E7N@AB2E:7A@8$E<2>28#
97>$<7$WG@$B@H@>YA$8@>$@N9<@2B28$E7A$9>@E2GE:OA$V28;2$WG@
LG;G>28$:AM@8;:?2E:7A@8$E7AE<GQ2A$2<$>@89@E;7#$@A$<2$N2Q7>T2
B@$<78$V789:;2<@8$7EE:B@A;2<@8#$@<$9:AP2N:@A;7$B@<$E7>BOA
GNH:<:E2<$8@$>@2<:P2$>G;:A2>:2N@A;@$@A$L7>N2$:AN@B:2;2$7$;@N+
9>2A2#$ 8:A$ 9@A82>$ @A$ <28$ 978:H<@8$ :N9<:E2E:7A@8$ 92>2$ @<
>@E:RA$A2E:B7$7$<2$N2B>@'$5<$N2A@S7$2E;:M7$B@$<2$;@>E@>2$@;2+
92$B@<$92>;7$;:@A@$>:@8?78$;2A;7$92>2$<2$N2B>@$E7N7$92>2$@<
>@E:RA$A2E:B7$2$WG:@A$8@$<@$A:@?2$<2$N:;2B$B@$8G$M7<GN@A
82A?GTA@7$@89@>2B7#$@8;@$297>;@$WG@$B@HT2$9@>LGAB:>$<78$9G<+
N7A@8$Q$7;>78$O>?2A78$8@$WG@B2$@A$<2$9<2E@A;2$`!a'$5<$N7;:+
M7$B@$@8;@$>@A7M2B7$:A;@>R8$@8;Y$9>:AE:92<N@A;@$B:>:?:B7$2
@M2<G2>$<2$9>@M@AE:OA$B@$<2$2A@N:2$97>$E2>@AE:2$B@$V:@>>7$@A
@<$9>:N@>$2\7$B@$M:B2$B@<$A:\7$`,a'
5<$9:AP2N:@A;7$B@<$E7>BOA$8@$9>2E;:E2$@A$B78$L7>N28
2<;@>A2;:M28*$@<$9:AP2N:@A;7$9>@E7P#$:AN@B:2;2N@A;@$B@8+
9GR8$ B@<$ A2E:N:@A;7%$ 7$ @<$ 9:AP2N:@A;7$ ;2>BT7#$ 9282B78$ ,
N:AG;78$B@8B@$@<$A2E:N:@A;7$7$EG2AB7$@<$E7>BOA$V2$B@S2B7
B@$<2;:>'$UG:@A@8$9>79G?A2A$GA2$G$7;>2$L7>N2$8@$297Q2A$@A
B:8;:A;78$2>?GN@A;78#$97>$@8;7$@<$9GA;7$E@A;>2<$B@$@8;2$>@M:+
8:OA$@8$B@;@>N:A2>$EGY<$@8$@<$;:@N97$O9;:N7$B@$9:AP2N:@A;7
B@<$E7>BOA#$92>;:@AB7$B@$<2$H28@$B@$WG@$@<$E:@>>@$L:8:7<O?:E7
B@$<78$M2878$B@<$E7>BOA$A7$8@$9>7BGE@$@A$@<$N7N@A;7$B@<
A2E:N:@A;7'
5<$M7<GN@A$82A?GTA@7$@A$<2$9<2E@A;2$Q$@<$>@E:RA$A2E:B7
B@9@AB@#$@A$E7AB:E:7A@8$A7>N2<@8#$B@<$N7N@A;7$@A$WG@$8@
9:AP2$@<$E7>BOA$GNH:<:E2<'$5<$L@;7$;:@A@$GA$M7<GN@A$82A?GTA@7
B@$2<>@B@B7>$B@$-"$N<ef?$Q$<2$9<2E@A;2$E7A;:@A@$g0$N<ef?$B@
9@87$L@;2<'$/:$@<$E7>BOA$@8$9:AP2B7$B@89GR8$B@$<78$,$N:AG;78
978;92>;7$7$8:$@<$I&$8@$8:;X2$97>$B@H2S7$B@$<2$9<2E@A;2$2A;@8
B@<$ 9:AP2N:@A;7$ GA$ M7<GN@A$ B@$ 29>7D:N2B2N@A;@$ !"+,0
N<ef?$9G@B@$;>2A8LGAB:>8@#$Q$@<$1"^$9282$@A$@<$9>:N@>$N:AG+
;7#$<7$WG@$>@9>@8@A;2$GA$:AE>@N@A;7$B@$V28;2$@<$0"^$B@<$M7<G+
N@A$82A?GTA@7$L@;2<#$E7A$@<$E7A8@EG@A;@$2GN@A;7$B@$ER<G+
<28$ 82A?GTA@28#$ 2<E2AP2AB7$ <78$ 10$ 2$ ]"$ N<ef?'$ 5<$ >Y9:B7
:AE>@N@A;7$B@<$0"^$B@<$M7<GN@A$82A?GTA@7$@8$E7A;>2>>@8;2+
B7$ 97>$ GA2$ @D;>2M282E:OA$ B@<$ 9<28N2$ 97>$ <7$ WG@$ @<$ 6;7
2GN@A;2$B@<$"#0"$2<$N7N@A;7$B@$A2E@>$2$GA$"h 0$2$<28$!+g
V7>28$B@$M:B2$@A$@<$I&$E7A$9:AP2N:@A;7$;2>BT7'$58;@$:AE>@+
N@A;7$B@<$6;7$9G@B@$:>$287E:2B7$2$GA$:AE>@N@A;7$B@<$0"^$B@
<2$M:8E78:B2B$82A?GTA@2$`g#$0a'$K2$M:8E78:B2B$82A?GTA@2$@8;Y
B@;@>N:A2B2$97>$@<$6;7#$9@>7$@8;@$:AE>@N@A;7$B@$M:8E78:B2B
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
9G@B@$8@>$E2G82$;2NH:RA$B@$<2$LG@>;@$2?>@?2E:OA$B@$<78$?<O+
HG<78$>7S78#$Q$8G$N@A7>$B@L7>N:B2B$` a'$58;2$;>2A8LG8:OA$9<2+
E@A;2>:2$B@$<2$N2B>@$2$8G$H@HR#$@8$GA$@M@A;7$L:8:7<O?:E7%$97>
<7$WG@$@<$M7<GN@A$B@$82A?>@$WG@$WG@B2$@A$<2$9<2E@A;2#$EG2A+
B7$<2$<:?2BG>2$@8$:AN@B:2;2#$@8$82A?>@$WG@$<@$@8;2N78$9>:+
M2AB7$2<$>@E:RA$A2E:B7'$5<$?>2A$:A;@>R8$2E;G2<$@A$@<$N7N@A+
;7$B@$<2$<:?2BG>2$8@$B@H@$2$WG@$@A$@8@$M7<GN@A$B@$82A?>@#
WG@$@<$>@E:RA$A2E:B7$97B>T2$>@E:H:>#$V2Q$GA2$?>2A$E2A;:B2B$B@
V:@>>7'$J7A$<2$<:?2BG>2$2$<78$,"$8@?GAB78$@<$H@HR$>@E:H:>Y
2<>@B@B7>$B@$!0$N?$B@$V:@>>7#$2<$N:AG;7$g"$N?$Q$2<$;@>E@>
N:AG;7$`,a#$GA2$E2A;:B2B$N2Q7>$2$<2$E7A;@A:B2$@A$)""$<:;>78
B@$<@EV@$VGN2A2$$`-a#$g1$N?$WG@$M2A$2$2GN@A;2>$8@A8:H<@+
N@A;@$<28$>@8@>M28$B@$@8@$N:A@>2<$@A$@<$9>:N@>$2\7$B@$M:B2
Q$9>@M@A:>$@<$BRL:E:;$B@$V:@>>7#$;>28;7>A7$AG;>:E:7A2<$WG@$@8$@<
NY8$9>@M2<@A;@$@A$;7B7$@<$NGAB7#$@89@E:2<N@A;@$@A$92T8@8
@A$B@82>>7<<7'$&7$8@$V2A$7H8@>M2B7$@A$<2$<:;@>2;G>2$87H>@+
E2>?28$E2>BT2E28$A:$;>28;7>A78$>@89:>2;7>:78$?>2M@8'$5A$@8;@
289@E;7#$92>@E@>T2$WG@$@<$>@E:RA$A2E:B7$;:@A@$GA$N@E2A:8N7
B@$2G;7>>@?G<2E:OA$WG@$<:N:;2$@<$M7<GN@A$B@$<2$;>2A8LG8:OA
9<2E@A;2>:2'$FY8$2XA#$@<$I&$@8$E292P$B@$<<@M2>$2$E2H7$2SG8+
;@8$V@N7B:AYN:E78$>Y9:B78$L>@A;@$2$GA$:AE>@N@A;7$@A$@<
M7<GN@A$B@$82A?>@$Q$B@$<2$M:8E78:B2B#$97>$B:<2;2E:OA$M28EG+
<2>#$@D;>2M282E:OA$B@$<TWG:B78#$Q$7;>78$N@E2A:8N78$`1a'
5<$BRL:E:;$B@$V:@>>7$;:@A@$GA2$2<;T8:N2$9>@M2<@AE:2$@A$<28
97H<2E:7A@8$B@$H2S78$>@EG>878$87H>@;7B7$@A$<2$:AL2AE:2$Q
BG>2A;@$@<$@NH2>2P7#$<7$EG2<$>@2<P2$2XA$NY8$<2$:N97>;2AE:2
B@$E7A;2>$E7A$GA2$@8;>2;@?:2$8:N9<@$WG@$>@BGPE2$@8;2$?>2M@
2L@E;2E:OA'$58;2$E2>@AE:2$B@$V:@>>7$9G@B@$9>7BGE:>$8@>:78
;>28;7>A78$@A$@<$B@82>>7<<7$B@<$A:\7#$@A$NX<;:9<@8$O>?2A78$7
8:8;@N28'$4A2$@89@E:2<$9>@7EG92E:OA$@8$@<$@L@E;7$A7E:M7
87H>@$<2$N2BG>2E:OA$B@<$8:8;@N2$A@>M:787#$8@$287E:2#$2B@+
NY8#$E7A$2<;@>2E:7A@8$B@<$8:8;@N2$:ANGA7<O?:E7#$292;T2#$Q
978;@>:7>N@A;@#$E7A$>@;>287$B@$<2$LGAE:OA$N@A;2<$Q$B:8N:AG+
E:OA$B@$<2$E292E:B2B$LT8:E2$@$:A;@<@E;G2<$@A$2BG<;78'$I@8G<;2+
B78$>@E:@A;@8$V2A$B@N78;>2B7$WG@$A7$8:@N9>@$@8$978:H<@
>@M@>;:>$@8;78$B2\78$2$9@82>$B@<$2B@EG2B7$;>2;2N:@A;7$B@$<2
2A@N:2$`]a'
K2$2H87>E:OA$@8$M2>:2H<@$@A$@<$7>?2A:8N7*$8@$2H87>H@$GA
0"^$B@<$V:@>>7$B@$<2$<@EV@$VGN2A2#$GA:B7$2$<2$<2E;7L@>>:A2#
N:@A;>28$WG@$8@$2H87>H@$GA$)"^$B@<$B@$<2$<@EV@$B@$M2E2'
3G>2A;@$<78$9>:N@>78$N@8@8$<2$<@EV@$N2;@>A2$297>;2$GA2
NTA:N2$E2A;:B2B$B@$V:@>>7#$97>$<7$WG@$@<$2<N2E@A2B7$@A$@<
VT?2B7$Q$NRBG<2$O8@2$@8$G;:<:P2B7#$WG@B2AB7$@8;@$2<N2ERA
2?7;2B7$2$<78$ $N@8@8$B@$@B2B#$2B@NY8$B@8B@$<78$g$2$<78
)!$N@8@8$B@$A2E:N:@A;7$8@$B7H<2$@<$M7<GN@A$82A?GTA@7#$;7>+
AYAB78@$E>T;:E28$<28$LG@A;@8$B@$V:@>>7$E7A$;2<$B@$97B@>$<<@M2>
2$E2H7$@8;@$:AE>@N@A;7$B@$<2$8TA;@8:8$B@$ER<G<28$82A?GTA@28'
5<$;2N2\7$B@$@8;2$>@8@>M2$Q$@<$;:@N97$WG@$BG>2>Y$B@9@AB@+
>Y$B@$<2$N282$V@N7?<7HTA:E2$:A:E:2<#$Q$R8;2$8@$>@<2E:7A2$E7A
@<$;:@N97$B@$9:AP2N:@A;7$B@<$E7>BOA'$5<$I&$B@$;R>N:A7$;:@A@
29>7D:N2B2N@A;@$-0$N?$B@$i@ef?'$/G8$>@WG@>:N:@A;78$92>2
@<$9>:N@>$2\7$B@$M:B2$87A$B@$!)g$N?#$B@$,""$N?$92>2$@<
8@?GAB7$2\7$Q$B@$!1"$N?$92>2$@<$;@>E@>7'
5A$@<$X;@>7$<2$9<2E@A;2$>@2<:P2$<28$LGAE:7A@8$B@$<78$9G<+
N7A@8#$<78$>:\7A@8#$@<$:A;@8;:A7$Q$@<$VT?2B7$B@<$H@HR'$K2$9@>+
!)
143
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
144
LG8:OA$2$@8;78$O>?2A78$@8$NTA:N2$V28;2$WG@$@<$H@HR$>@2<:P2
8G$ 9>:N@>2$ >@89:>2E:OA#$ @A$ @8;@$ N7N@A;7$ 8@$ 9>7BGE@$ GA
E2NH:7$:N97>;2A;@$@A$@<$8:8;@N2$B@$E:>EG<2E:OA$B@<$>@E:RA
A2E:B7'$3G>2A;@$@<$:A;@>M2<7$@A;>@$@<$A2E:N:@A;7$Q$@<$H<7WG@7
A2;G>2<#$;:@A@$<G?2>$GA2$;>2A8LG8:OA$B@$82A?>@$B@8B@$<2$9<2+
E@A;2$92>2$@8;2H<@E@>$<2$E:>EG<2E:OA$9G<N7A2>$2<$;:@N97$WG@
<78$9G<N7A@8$8@$<<@A2A$B@$2:>@'$K2$A2;G>2<@P2$A78$B@S2$GA2
>@8@>M2$B@$82A?>@$@A$@<$E7>BOA$Q$<2$9<2E@A;2$WG@$A78$297>;2
<7$8GL:E:@A;@$92>2$E7N@AP2>$@8;2$AG@M2$9@>LG8:OA$B@$O>?2A78
Q$<2$E:>EG<2E:OA$9G<N7A2>'$3@$@8;2$L7>N2#$@<$9>7E@87$A2;G>2<
9>7;@?@$@<$E@>@H>7$28@?G>2AB7$GA2$LG@A;@$E7A;:AG2$B@$7DT+
?@A7$2$92>;:>$B@$B78$LG@A;@8$V28;2$WG@$<2$8@?GAB2$@8;Y$LGA+
E:7A2AB7$E7>>@E;2N@A;@'$/:$9:AP2N78$@<$E7>BOA$9>@E7PN@A+
;@$8@$:A;@>>GN9@A$@8;78$8:8;@N28$B@$2QGB2$M:;2<$Q$9G@B@
E2G82>$<@8:7A@8$?>2M@8$`)"a'$5<$<<2A;7$B@<$H@HR$Q$<2$E7A8;>:E+
E:OA$B@$<78$M2878$B@<$E7>BOA$>@?G<2A$@<$9287$B@$82A?>@$V2E:2
@<$>@E:RA$A2E:B7'
5A;>@$<78$7HS@;:M78$B@<$9:AP2N:@A;7$;2>BT7$@8;Y$<2$82;:8+
L2E;7>:2$9@>LG8:OA$9G<N7A2>$9@>N:;:@AB7$<2$;>2A8LG8:OA$9<2+
E@A;7L@;2<$Q$<2$82;:8L2E;7>:2$9@>LG8:OA$;:8G<2>#$B@89GR8$WG@$@<
;@>>:;7>:7$E29:<2>$9G<N7A2>$V2Q2$7H;@A:B7$2B@EG2B2$:>>:?2+
E:OA'$5A;>@$<28$E7AB:E:7A@8$E<TA:E28$>@WG@>:B28$92>2$@8;@$;:97
B@$9:AP2N:@A;7$8@$@AEG@A;>2A#$<2$:A;@>>G9E:OA$B@$<2$92<9:;2+
E:OA$B@$<28$2>;@>:28$GNH:<:E2<@8*$<2$M@>B2B@>2$;>2A8LG8:OA$9<2+
E@A;7L@;2<$8@$:A:E:2$2$92>;:>$B@<$N7N@A;7$@A$WG@$<2$E:>EG<2E:OA
8:?G@$;2A$8O<7$@<$EG>87$9<2E@A;7L@;2<#$V2H:RAB78@$:A;@>>GN9:+
B7$@<$L<GS7$L@;79<2E@A;2>:7$E7A$<2$:A;@>>G9E:OA$B@$<2$92<9:;2E:OA
2>;@>:2<'$K2$B:8N:AGE:OA$B@$<2$;G>?@AE:2$B@$<2$M@A2$GNH:<:E2<$Q
<2$82;:8L2E;7>:2$9@>LG8:OA$B@$9:@<*$8@$@8;:N2A$EGH:@>;28$<28
A@E@8:B2B@8$M:8E@>2<@8$EG2AB7$<2$>@B:8;>:HGE:OA$B@<$L<GS7$82A+
?GTA@7$9@>N:;@$>@EG9@>2>$<2$9@>LG8:OA$B@$<2$9:@<'
K78$ B@L@A87>@8$ B@<$ 9:AP2N:@A;7$ ;2>BT7$ 8G?:@>@A$ WG@
R8;@$@8$GA$N@E2A:8N7$L:8:7<O?:E7$WG@$9>7M@@$2<$>@E:RA$A2E:+
B7$B@$GA$M7<GN@A$82A?GTA@7$2B@EG2B7$A@E@82>:7$92>2$9@>+
LGAB:>$9G<N7A@8#$:A;@8;:A78#$>:\7A@8$Q$9:@<#$WG@$8G8;:;G:>T2$<28
LGAE:7A@8$>@89:>2;7>:2#$AG;>:;:M2#$@DE>@;7>2$Q$;@>N7>>@?G<2B7+
>2$WG@$>@2<:P2H2$<2$9<2E@A;2$:A;>2X;@>7$`))a'$CA;@8$B@<$92>;7#
<78$9G<N7A@8$@8;YA$<<@A78$B@$<TWG:B7$Q$V2Q$NGQ$97E2$82A?>@
L<GQ@AB7$2$;>2MR8$B@$@<<78%$@A$E7AB:E:7A@8$A2;G>2<@8#$GA2$M@P
A2E@$@<$H@HR$Q$N:@A;>28$<28$2>;@>:28$GNH:<:E2<@8$8@$E7A8;>:+
\@A$@897A;YA@2N@A;@#$<2$9<2E@A;2$<@$;>2A8L:@>@$82A?>@$7D:+
?@A2B2$9@>N:;:@AB7$N2A;@A@>$<2$>@89:>2E:OA$9<2E@A;2>:2$Q
2GN@A;2>$@<$M7<GN@A$82A?GTA@7$V28;2$WG@$<78$9G<N7A@8
@N9:@P2A$2$8GN:A:8;>2>$7DT?@A7$B@89GR8$B@<$92>;7'
5<$;:@N97$B@<$9:AP2N:@A;7$B@<$E7>BOA$Q$<2$GH:E2E:OA$B@<
>@E:RA$A2E:B7$B@89GR8$B@<$92>;7$9G@B@$:AL<G:>$@A$<2$;>2A8:E:OA
E2>B:7>@89:>2;7>:2$@D;>2G;@>:A2#$<2$;>2A8LG8:OA$9<2E@A;2>:2#$@<
M7<GN@A$82A?GTA@7$B@<$I&$Q$@<$EG>87$B@$<2$;@>E@>2$@;292$B@<
92>;7'$K2$?>2M@B2B$2L@E;2$2$@8;2$;>2A8L@>@AE:2$82A?GTA@2#
E7A$GA2$N@S7>$;>2A8L@>@AE:2$EG2AB7$@<$H@HR$8@$GH:E2$2$<2
2<;G>2$ 7$ 97>$ B@H2S7$ B@<$ X;@>7$ V28;2$ WG@$ <28$ 9G<82E:7A@8
E@82A#$WG@$@8$GA$8:?A7$B@$WG@$<2$;>2A8L@>@AE:2$8@$V2$E7N+
9<@;2B7#$@8;7$8G@<@$<<@M2>$2<>@B@B7>$B@$,$N:AG;78$`)!a'
K78$X<;:N78$@8;GB:78$8G?:@>@A$WG@$@<$9:AP2N:@A;7$;2>BT7
9>7BGE@$H@A@L:E:78$;2<@8$E7N7$WG@$<2$;>2A8LG8:OA$9<2E@A;2>:2
!!
N@S7>2$<2$2B29;2E:OA$E2>B:7>@89:>2;7>:2$@A$<78$>@E:RA$A2E:B78
9>@N2;G>78#$@$:AE>@N@A;2$@<$L<GS7$B@$ER<G<28$82A?GTA@28$2<
E@>@H>7#$E7>2POA$Q$;>2E;7$m.$@A$<78$A:\78$2$;R>N:A7#$28T$E7N7
GA2$@M:;2E:OA$B@$<2$2A@N:2$Q$<2$V:97M7<@N:2$`),a'
5A;>@$<78$L2E;7>@8$B@$>:@8?7$B@<$9:AP2N:@A;7$;2>BT7$8@
@AEG@A;>2A$<2$97<:E:;@N:2$Q$<2$V:9@>H:<:>>GH:A@N:2#$WG@$2E;G2<+
N@A;@$8@$@AEG@A;>2$@A$B@H2;@'$C<?GA78$@8;GB:78$V2A$N78+
;>2B7$GA$:AE>@N@A;7$B@<$>:@8?7$B@$97<:E:;@N:2$@$:E;@>:E:2$E7A
@<$9:AP2N:@A;7$;2>BT7'$K2$97<:E:;@N:2$9G@B@$>@8G<;2>$H@A@L:+
E:782#$Q2$WG@$NY8$ER<G<28$>7S28$:N9<:E2A$NY8$7DT?@A7$WG@$8@
9@>LGAB@$2$<78$;@S:B78'$5<$>:@8?7$@8$WG@$<2$82A?>@$8@$MG@<M2
NY8$@89@82$`)"a'
K2$:E;@>:E:2$8@$9>7BGE@$EG2AB7$@<$A:\7$>@E:H@$8G$EG7;2
NYD:N2$B@$82A?>@$Q$8@$9>7BGE@$<2$>G9;G>2$B@<$@DE@87$B@$82A+
?>@$B@$<7$WG@$8@$7H;:@A@$<2$H:<:>>GH:A2$E2G82A;@$B@<$9:?N@A;7
WG@$9>7BGE@$@<$E7<7>$2N2>:<<@A;7$B@$<78$A:\78$E7A$:E;@>:E:2#$8:A
@NH2>?7$A7$V2Q$@M:B@AE:2$B@$@L@E;78$2BM@>878$B@$@8;7$`)"a'
m2>;A@>#$ 9>79G87$ WG@$ @8;2$ :E;@>:E:2$ 97B>T2$ >@8G<;2>$ :AE<G87
H@A@L:E:782$97>$<28$9>79:@B2B@8$2A;:7D:B2A;@8$B@$<2$H:<:>>GH:A2'
5<$9:AP2N:@A;7$9>@E7P$8@$:A;>7BGS7$E7N7$92>;@$B@<$;>2;2+
N:@A;7$2E;:M7$B@<$2<GNH>2N:@A;7#$8G$9>79O8:;7$@8$:A;@>>GN9:>
<2$9R>B:B2$B@$82A?>@$L@;2<$Q$@8;Y$:AB:E2B7$@A$E287$B@$82A+
?>2B7$9<2E@A;2>:7$?>2M@#$E7N7$@A$9<2E@A;2$9>@M:2$82A?>2A;@
Q$2H>G9E:7'$_2NH:RA$@8;Y$:AB:E2B7$@A$<78$L@;78$9>@8GA;2N@A+
;@$97<:?<7HX<:E78$E7N7$87A$<78$V:S78$B@$N2B>@8$E7A$B:2H@;@8
Q$E7A$;7DRN:2%$@A$@8;@$E287$@<$9:AP2N:@A;7$9>@E7P$HG8E2
>@BGE:>$@<$>:@8?7$9>@E2<:L:E2B7$B@$97<:?<7HG<:2'$5A$<2$F:28;@A:2
m>2M:8#$92>2$>@BGE:>$@<$9287$B@$2A;:EG@>978$N2;@>A78$2$<2$E:>+
EG<2E:OA$ L@;2<A@7A2;2<'$ n @A$ @<$ E287$ B@$ .87:ANGA:P2E:OA
N2;@>A7L@;2<$?>2M@$8:A$;>2;2N:@A;7$2A;@A2;2<$2B@EG2B7#$92>2
>@BGE:>$@<$9287$B@$2A;:EG@>978$N2;@>A78$2$<2$E:>EG<2E:OA$L@;7+
A@7A2;2<'$ /@?XA$ <78$ B@L@A87>@8$ B@<$ 9:AP2N:@A;7$ 9>@E7P
>@BGE@$<2$BG>2E:OA$B@$<2$;@>E@>2$@;292$B@<$92>;7$Q$B:8N:AGQ@
<2$V@N7>>2?:2$N2;@>A2$97892>;7$Q$;2NH:RA$97>$<2$V:9O;@8:8
B@$WG@$@<$M7<GN@A$82A?GTA@7$@D;>2$WG@$9282$2<$>@E:RA$A2E:+
B7$8:$A7$8@$9:AP2$9>@E7PN@A;@$9G@B@$2GN@A;2>$<2$N7>H:<:B2B
A@7A2;2<$2<$8@>$GA$M7<GN@A$82A?GTA@7$@DE@8:M7$WG@$A7$9@>+
;@A@E@>T2$2<$M7<GN@A$82A?GTA@7$L@;2<#$WG@$97B>T2$9>7M7E2>
GA2$97<:E:;@N:2$8:A;7NY;:E2$E7A$2GN@A;7$B@$<2$M:8E78:B2B
82A?GTA@2#$@$V:9@>H:<:>>GH:A@N:2#$E7A$:E;@>:E:2$8:A;7NY;:E2
9@>7$A7$V2Q$2EG@>B7$@A$@8;78$Q2$WG@$7;>78$@8;GB:78$:AB:E2A
GA2$2G8@AE:2$B@$GA2$B:L@>@AE:2$8:?A:L:E2;:M2$@A$<2$292>:E:OA
B@$:E;@>:E:2$@A;>@$<78$I&$@A$<78$WG@$8@$>@2<:P2$<:?2BG>2$;2>BT2
Q$<78$B@$<:?2BG>2$9>@E7P'$62Q$@8;GB:78$WG@$V2A$7H8@>M2B7
GA2$N2Q7>$N7>H:<:B2B$A@7A2;2<$E7N7$8TAB>7N@$B@$B:L:EG<;2B
>@89:>2;7>:2#$2A@N:2$@$V:97M7<@N:2$287E:2B7$2<$9:AP2N:@A;7
9>@E7P'$5<$M7<GN@A$82A?GTA@7$A@7A2;2<$2GN@A;2B7$97>$<2
;>2A8LG8:OA$82A?GTA@2$92>@E@$8@>$H:@A$;7<@>2B7$Q$E7N9@A82+
B7$97>$@<$N:8N7$`))a'$K2$82A?>@$B@$<2$9<2E@A;2#$WG@$B@H@>T2
@8;2>$B@A;>7$B@<$H@HR#$7$8@$;:>2$7$8@$G;:<:P2$92>2$9>797>E:7A2>
ER<G<28$N2B>@$G$7;>78$9>7BGE;78$E7N@>E:2<@8'
C <78$NRB:E78$Q$N2;>7A28$8@$<@8$@A8@\2$WG@$E7A$@<$9:A+
P2N:@A;7$B@<$E7>BOA$;2>BT7$<2$;>2A8LG8:OA$9<2E@A;2>:2$;:@A@$@<
>:@8?7$B@$E2G82>$@A$@<$I&$GA2$V:9@>M7<@N:2%$N:@A;>28$;2A;7#
<28$GA:B2B@8$B@$EG:B2B7$:A;@A8:M7$A@7A2;2<@8$@8;YA$<<@A28
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
B@$>@E:RA$A2E:B78$BRH:<@8#$E7A$V:97M7<@N:2#$92<:B@P#$2A@N:2#
V:97;@A8:OA#$V:97;@>N:2#$7<:?G>:2#$2E:B78:8$N@;2HO<:E2#$V:97+
D:2$ Q$ B:L:EG<;2B@8$ >@89:>2;7>:28$ A@E@8:;2AB7$ ;>2A8LG8:7A@8
82A?GTA@28$`)"a'
5<$ 9:AP2N:@A;7$ 9>@E7P$ 9G@B@$ E2G82>$ GA2$ E2A;:B2B
N2Q7>$B@$82A?>@$2;>292B2$@A$<2$9<2E@A;2$Q$N2Q7>$E2A;:B2B
WG@$9282>Y$2$<2$E:>EG<2E:OA$N2;@>A2$97>$<28$E7A;>2EE:7A@8$B@
<2$;@>E@>2$@;292'$58;2$;>2A8LG8:OA$L@;7+N2;@>A2$2GN@A;2$@<
>:@8?7$B@$LG;G>28$:AE7N92;:H:<:B2B@8$82A?GTA@28#$97>$<2$>@2E+
E:OA$:ANGA7<O?:E2$WG@$8@$9G@B@$>@2E;:M2>$Q$B@8;>G:>$<28$ER<G+
<28$82A?GTA@28$@A$GA$978;@>:7>$@NH2>2P7'$/:A$@NH2>?7$9@>+
N:;:>$@<$82A?>2B7$<:H>@$B@<$L:A2<$9<2E@A;2<$8:$@8$E7>;2B7$>@BGE@
@<$>:@8?7'
5A$<78$A2E:N:@A;78$9>@N2;G>78$Q$EG2AB7$@<$>@E:RA$A2E:+
B7$@8;Y$B@9>:N:B7$7$@A$>:@8?7#$@<$9:AP2N:@A;7$:AN@B:2;7$B@<
E7>BOA$8@$>@2<:P2$>G;:A2>:2N@A;@$92>2$<<@M2>$>Y9:B2N@A;@$2<
A:\7$2$<2$N@82$B@$>@2A:N2E:OA$Q$92>2$7H;@A@>$<28$NG@8;>28
B@$<2$82A?>@$B@<$E7>BOA$92>2$L:A@8$NRB:E7+<@?2<@8$`)"a'
5A$EG2A;7$2$<28$E7A8@EG@AE:28$92>2$<2$N2B>@#$@<$9:AP2+
N:@A;7$9>@E7P$9G@B@$:AE>@N@A;2>$<2$9>7H2H:<:B2B$B@$;>2A8LG+
8:OA$N2;@>A7L@;2<$`E2A;:B2B$B@$82A?>@$B@MG@<;2$2$;>2MR8$B@$<2
9<2E@A;2$V2E:2$<2$E:>EG<2E:OA$N2;@>A2a$28T$E7N7$GA2$N2Q7>
82A?>@$>@8:BG2<$WG@$WG@B2>T2$@A$<2$9<2E@A;2$`)ga'$3@H:B7$2
@8;7$8@$2E7A8@S2$WG@$@A$N2B>@8$IV$A@?2;:M28$@<$9:AP2N:@A+
;7$9>@E7P$A7$8@$B@H@>T2$>@2<:P2>$`)0a'$/@$V2A$>@97>;2B7$B78
E7AB:E:7A@8$E7A$>:@8?7$@<@M2B7$92>2$9:AP2N:@A;7$;2>BT7$B@<
E7>BOA$GNH:<:E2<*$G87$B@$2A@8;@8:2$?@A@>2<$@A$<2$N2B>@$@
:87:ANGA:P2E:OA$IV'$378$E7AB:E:7A@8$@A$<28$WG@$;>2B:E:7A2<+
N@A;@$8@$V2E@$9:AP2N:@A;7$;@N9>2A7$B@<$E7>BOA$87A$@<$92>+
;7$ ?@N@<2>#$ 92>2$ @M:;2>$ <2$ ;>2A8LG8:OA$ L@;7+L@;2<#$ Q$ @A$ <28
N2B>@8$97>;2B7>28$B@<$M:>G8$B@$<2$:ANGA7B@L:E:@AE:2$VGN2+
A2#$92>2$@M:;2>$@<$E7A;2?:7$B@$<78$H@HR8'$Z7>$7;>7$<2B7#$@<$9:A+
P2N:@A;7$9>@E7P$8@$287E:2$E7A$GA2$B:8N:AGE:OA$B@<$;:@N97
B@<$2<GNH>2N:@A;7$9<2E@A;2>:7'
K2$V@N7>>2?:2$N2;@>A2$@8$GA2$B@$<28$E2G828$9>:AE:92<@8
B@$N7>;2<:B2B$N2;@>A2#$@89@E:2<N@A;@$@A$92T8@8$@A$B@82+
>>7<<7#$@A$B7AB@$8@$E2<EG<2$WG@$B@8@AE2B@A2$2<$N@A78$@<
!0^$B@$B:EV28$NG@>;@8'$/@$V2$B@N78;>2B7$WG@$@<$N2A@S7
2E;:M7$ B@<$ 2<GNH>2N:@A;7$ >@BGE@$ 9R>B:B2$ B@$ 82A?>@$ @A
N2Q7>$?>2B7$WG@$@<$N2A@S7$@D9@E;2A;@'$5<$N2A@S7$2E;:M7$B@<
2<GNH>2N:@A;7$:AE<GQ@$<2$2BN:A:8;>2E:OA$9>7L:<YE;:E2$B@$7D:;7+
E:A2$BG>2A;@$7$:AN@B:2;2N@A;@$B@89GR8$B@<$A2E:N:@A;7$B@<
H@HR$Q#$97>$<7$?@A@>2<#$@<$9:AP2N:@A;7$;@N9>2A7$B@<$E7>BOA
GNH:<:E2<$Q$;>2EE:OA$E7A;>7<2B2$92>2$L2E:<:;2>$@<$A2E:N:@A;7$B@
<2$9<2E@A;2'$/@>T2$B@$?>2A$:N97>;2AE:2$G;:<:P2>$<2$;REA:E2$WG@
9>7BGPE2$NY8$H@A@L:E:78$Q$B:8N:AGQ2$<78$@L@E;78$2BM@>878$2
<2$ N2B>@$ Q$ 2<$ >@E:RA$ A2E:B7'$ 5<$ G87$ B@$ <2$ 7D:;7E:A2$ ;2A;7
BG>2A;@$@<$ZCZ E7N7$@A$<2$;@>E@>2$@;292$:AE>@N@A;2$@<$>:@8+
?7$B@$:AE7N92;:H:<:B2B$82A?GTA@2'
UG@B2A$97>$;2A;7$NGEV28$EG@8;:7A@8$97>$E7A;@8;2>$Q
NGEV28$V:9O;@8:8$9<2A;@2B28'$oUGR$E7A8@EG@AE:28$;:@A@$2
E7>;7$Q$2$<2>?7$9<2P7$92>2$<2$N2B>@$Q$@<$>@E:RA$A2E:B7$@<
N7N@A;7$B@<$9:AP2N:@A;7$B@<$E7>BOA$GNH:<:E2<p$o5D:8;@$@M:+
B@AE:2$E:@A;TL:E2$WG@$NG@8;>@$WG@$2<?GA2$B@$@8;28$B78$9>YE+
;:E28$B:8N:AGQ@$<2$N7>H:<:B2B$A@7A2;2<$2$E7>;7$Q$<2>?7$9<2P7p
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
&(!*#&C'D' E(@"@+
!935032F-0'62'?G9H>260'?-?<-4F5IJ-;0
K2$HX8WG@B2$H:H<:7?>YL:E2$8@$>@2<:PO$@A$JG:B@A#$F@B<:A@
Q$@A$K:<2E8'$K2$HX8WG@B2$8@$>@2<:PO$@A$<78$N@8@8$B@$L@H>@>7
Q$N2>P7$B@<$!"" '
/@$>@2<:P2$<2$9>:N@>2$HX8WG@B2$@A$JG:B@A$92>2$;@A@>$GA
@8WG@N2$B@<$AXN@>7$B@$9GH<:E2E:7A@8$@A$@892\7<#$8@$:A;>7+
BGE@A$<78$;R>N:A78$cE7>BOA$GNH:<:E2<d$@A$<2$9Y?:A2$B@$<2$LGA+
B2E:OA$:AB@D$WG@$:AE<GQ@$EG:B@A$Q$EG:B@A$9<G8#$7H;@A:@AB7
8O<7$!,$>@8G<;2B78#$B@$<78$EG2<@8$8O<7$@8;YA$>@<2E:7A2B78$E7A
@<$;@N2$@A$EG@8;:7A$0'
5A$ ZGHF@B$ <2$ @8;>2;@?:2$ 8@$ >@2<:PO$ B@$ <2$ 8:?G:@A;@$
L7>N2*
q$c4NH:<:E2<$E7>Bd$`C<<$i:@<B8a$r$!,']]0$2>;TEG<78'
q$cGNH:<:E2<$E7>B$E<2N9:A?ds$,"]$2>;TEG<78'
q$cJ7>B$E<2N9:A?ds$]-"$2>;TEG<78'
q$c4NH:<:E2<$E7>B$E7A8;>:E;:7Ads!-]$2>;TEG<78'
/@$>@M:82>7A$;7B78$<78$2>;TEG<78$N@B:2A;@$@<$;T;G<7$Q$<78
2>;TEG<78$>@<2E:7A2B78$E7A$@<$;@N2$@A$EG@8;:OA#$;:@N97$B@
9:AP2N:@A;7$B@<$E7>BOA$GNH:<:E2<#$8@$7H;GM7$@<$2H8;>2E;$Q$@<
;@D;7$E7N9<@;7$B@$<78$2>;TEG<78$2EE@8:H<@8$?>2;G:;2N@A;@$7$2
;>2MR8$B@<$E2N9G8$M:>;G2<$B@$<2$GA:M@>8:B2B$B@$FG>E:2'
5A$K:<2E8$8@$>@2<:PO$GA2$HX8WG@B2$@A$@892\7<$G;:<:P2AB7
@<$ ;R>N:A7$ cE7>BOA$ GNH:<:E2<d$ E7A$ GA$ ;7;2<$ B@$ >@L@>@AE:28
@AE7A;>2B28$]'" -'$Z2>2$2E7;2>$<2$HX8WG@B2 8@$:A;>7BGE@
cE7>BOA$ GNH:<:E2<$ 9:AP2N:@A;7d$ 7H;@A:@AB7$ GA$ ;7;2<$ B@$
>@8G<;2B78#$2<$8@>$@8;78$B@N28:2B7$97E78$8@$>@2<:P2$<2$>@M:+
8:OA$B@$;7B2$<2$9>:N@>2$HX8WG@B2'
[X8WG@B2$B@8B@$@<$E2N9G8$M:>;G2<$B@$<2$GA:M@>8:B2B$B@
FG>E:2$B@$<78$2>;TEG<78#$E7A$<2$92<2H>2$E<2M@$E7>BOA$GNH:<:E2<
@A$<28$8:?G:@A;@8$H28@8$B@$B2;78$B@$>@M:8;28*
q$CJF$3:?:;2<$K:H>2>Q#$_V@
q$CJ/'$CAAG2<$I@M:@t8
q$[<2Eft@<<$/:A@>?Q
q$5u/$5[/Jb'$CEE@87$2$9GH<:E2E:7A@8$@<@E;>OA:E28$8G8+
E>:;28#$8GN2>:78$Q$>@8XN@A@8
q$5F5ICK3$iG<<$_@D;
q$.bZ `$.A8;:;G;@$7L$ZVQ8:E8a
q$F@;29>@88$`_T;G<78$vK4w5Ix/ZI.&m5I$a
q$&2;G>@$ZGH<:8V:A?$m>7G9
q$bDL7>B$4A:M@>8:;Q$Z>@88
q$Z7>;2<$5I@M:8;2$`_@EA7E:@AE:2a
q$I@B$CKQJ$`CEE@87$CH:@>;7a
q$I@M:8;28$5<@E;>OA:E28$B@$<2$4F4
q$I@M:8;28$[:782A:;2>:28
q$I/J
q$/E:@AE@3:>@E;
q$w:<@Q$.A;@>/E:@AE@
Z78;@>:7>N@A;@$8@$>@2<:P2$GA2$HX8WG@B2$N2AG2<$@A$<2
cI@M:8;2$@892\7<2$B@$Z@B:2;>T2'$J<TA:E2$@$:AM@8;:?2E:OAd$B@8+
!,
145
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
B@$)]11$2<$!""0$A7$@AE7A;>YAB78@$A:A?XA$>@8G<;2B7'$[X8+
WG@B2$@A$CE;2$Z@B:Y;>:E2$@892\7<2$B@<$!"")$`8@9;:@NH>@#
7E;GH>@#$A7M:@NH>@#$B:E:@NH>@a$Q$!""!$B@$@A@>7$2$SG<:7$:AE<G+
8:M@'$n HX8WG@B2$@A$CA2<@8$B@$Z@B:2;>T2$B@$5A@>7$2$A7M:@N+
H>@$!""g$Q$<2$>@M:8;2$B@$A7M:@NH>@$!"",#$A7$V2<<YAB78@$@A
A:A?GA2$B@$@8;28$,$>@M:8;28$A:A?XA$>@8G<;2B7'
+2<2;;-=.'62'<49'293>6-49
/@$:AE<GQ@>7A$@A$@8;2$>@M:8:OA$;7B78$<78$2>;TEG<78$@AE7A+
;>2B78#$@AL2;:P2AB7$@A$2A;@>:7>@8$>@M:8:7A@8$H:H<:7?>YL:E28$@
:AM@8;:?2E:7A@8$ E<TA:E28$ 2<@2;7>:P2B28#$ 8@$ :AE<GQ@A$ @A$ @<
@8;GB:7$;2A;7$2WG@<<78$2>;TEG<78$>@<2E:7A2B78$E7A$@<$>@E:RA
A2E:B7$2$;R>N:A7$E7N7$E7A$9>@N2;G>78$92>2$97B@>$82E2>
B:L@>@A;@8$E7AE<G8:7A@8'
=CI.C[K5/$5/_43.C3C/*
)' F2;@>A28'$ 6@N7>>2?:2$ 97892>;7$ N2Q7>$ 2$ 0""$ N<#
V@N2;7E>:;7$2$<28$g1$V#$2A@N:2$`V@N7?<7H:A2$N@A7>
)"$?eB<a$2$<28$g1$V#$BG>2E:OA$B@$<2$;@>E@>2$@;292$B@<
92>;7#$2<GNH>2N:@A;7$N2AG2<#$A@E@8:B2B$B@$7D:;OE:+
E78$978;2<GNH>2N:@A;7#$:A?>@87$@A$GA:B2B$B@$EG:B2+
B78$ :A;@A8:M78#$ ;>2A8LG8:OA$ 82A?GTA@2#$ :AL@EE:OA
N2;@>A2$Q$82;:8L2EE:OA$N2;@>A2'
146
!' &@7A2;2<@8'$C9?2>$2<$N:AG;7#$0$Q$)"$N:A$B@$M:B2#$9@87
2<$A2E@>$Q$2$<78$,$BT28#$V@N2;7E>:;7$`2<$A2E:N:@A;7#$2<
2<;2$ B@<$ V789:;2<#$ 2$ <78$ )!$ N@8@8$ Q$ 2$ <78$ ,$ 2\78a#
V@N7?<7H:A2$`2<$A2E:N:@A;7#$2<$2<;2$B@<$V789:;2<#$2$<78
)!$N@8@8$Q$2$<78$,$2\78a#$L@>>:;:A2$8R>:E2$`2<$A2E:+
N:@A;7#$2<$2<;2$B@<$V789:;2<#$2$<78$)!$N@8@8$Q$2$<78$
,$2\78a#$>@EG@A;7$B@$@>:;7E:;78#$>@;:EG<7E:;78#$B@$?<O+
HG<78$ H<2AE78#$ 9<2WG@;28#$ M7<GN@A$ E7>9G8EG<2>
N@B:7#$V@N7?<7H:A2$E7>9G8EG<2>$N@B:2#$i@>>@N:2#
_>2A8L@>>:A2*$82;G>2E:OA$B@$;>2A8L@>>:A2#$8TAB>7N@$B@
B:L:EG<;2B$>@89:>2;7>:2#$;2WG:9A@2$`L>@EG@AE:2$>@89:>2+
;7>:2$y$1"$>@89'eN:Aa#$:A?>@87$@A$GA:B2B$B@$EG:B2B78
:A;@A8:M78#$:E;@>:E:2#$V@N7>>2?:2$:A;>2E>2A@2<#$:AL@E+
E:OA$A@7A2;2<#$MTAEG<7$N2;@>A7$L:<:2<$2<$A2E:N:@A;7$Q$2
<78$,#$ $Q$)!$N@8@8#$<2E;2AE:2$N2;@>A2$`2<$2<;2$V789:+
;2<2>:2#$)$N@8#$,#$ #$)!#$!g$Q$g1$N@8@8a#$E7N97>;2+
N:@A;7$`2A8:@B2B#$:>>:;2H:<:B2Ba$@$:A:E:7$B@$<2$8GEE:OA'
Z7<:E:;@N:2#$ V:9@>M:8E78:B2B#$ V:9@>H:<:>>GH:A@N:2#
;2WG:9A@2$;>2A8:;7>:2'$[@A@L:E:78$V@N2;7<O?:E7#$E2>+
B:79G<N7A2>@8#$E7A;>7<@8$B@$E>@E:N:@A;7$Q$B@82>>7<<7#
2<$2<;2$Q$2$<78$,#$ #$]$Q$)!$N@8@8$B@$@B2B'
Z>@;R>N:A78'$&@E@8:B2B$B@$;>2A8LG8:7A@8#$6;7#$_C#
H:<:>>GH:A2#$BT28$B@$7DT?@A7$Q$M@A;:<2E:OA'
,' F7N@A;7$B@$9:AP2N:@A;7$B@<$E7>BOA*
z$Z:AP2N:@A;7$9>@E7P$`ZZa*$2A;@8$B@$<78$!"$8@?GA+
B78$978;A2E:N:@A;7'
z Z:P2N:@A;7$;2>BT7$`Z_a*$B@89GR8$B@$<78$!$N:AG;78
B@<$A2E:N:@A;7$7$;>28$@<$E@8@$B@<$<2;:B7$B@<$E7>BOA
GNH:<:E2<'
!g
*!+)C(&"@+
C 9@82>$B@$<2$2G8@AE:2$B@$>@E7N@AB2E:7A@8$87H>@$@<
9:AP2N:@A;7$H282B78$@A$<2$@M:B@AE:2#$@D:8;@$GA2$E<2>2$B:L@+
>@AE:2$B@$9@A82N:@A;78$@A;>@$2WG@<<78$WG@$9>79G?A2A$@<
9:AP2N:@A;7$9>@E7P#$E7A$@<$L:A$B@$L2E:<:;2>$@<$N2A@S7$B@<$I&#
Q$@<$;2>BT7$WG@$;:@A@A$E7N7$7HS@;:M7$@<$297Q7$2<$9>7E@87
L:8:7<O?:E7$B@$?>2BG2<$;>2A8:E:OA$Q$GA$E7A;:AG7$297>;@$B@$7DT+
?@A7$`),a'
5<$9:AP2N:@A;7$;2>BT7$9G@B@$L2E:<:;2>$GA2$?>2BG2<$2B29+
;2E:OA$2$<2$M:B2$@D;>2G;@>:A2#$@<$9287$B@$82A?>@$8@$B@H@$9>7+
BGE:>$H2S7$@<$E7N97>;2N:@A;7$G;@>:A7$A7>N2<$Q$A7$E7A$GA$X;@+
>7$;OA:E7$E7N7$8GE@B@$;>28$@<$G87$B@$B>7?28$E7N7$7D:;OE:E78
`)-#$!0a'
5A$<78$@8;GB:78$@AE7A;>2B78#$A7$8@$B@;@E;2>7A$B:L@>@A+
E:28$ 8:?A:L:E2;:M28$ @A$ >@<2E:OA$ 2<$ 9@87$ 2<$ A2E:N:@A;7#$ 9GA+
;G2E:OA$B@$C9?2>$Q$;2WG:9A@2'$5<$M7<GN@A$82A?GTA@7$A@7+
A2;2<$ LG@$ GA$ 0"^$ 8G9@>:7>$ @A$ <78$ >@E:RA$ A2E:B78$ E7A
9:AP2N:@A;7$ ;2>BT7$ `) a'$ 5A;>@$ <28$ B:L@>@AE:28$ V@N2;7<O?:+
E28$ @AE7A;>2B28$ @A$ 2NH78$ ?>G978#$ E2H@$ B@8;2E2>$ WG@$ <2
N@B:2$B@$V@N7?<7H:A2$@8$N2Q7>$2<$2<;2$Q2$WG@$<2$N@B:2$B@
9R>B:B2$B@$6H$@8$8:?A:L:E2;:M2N@A;@$N@A7>$@A$@<$?>G97$B@
9:AP2N:@A;7$ ;2>BT7$ {N2Q7>$ 97>E@A;2S@$ B@$ 2ARN:E78$ 2<$ 2<;2
@A$9:AP2N:@A;7$9>@E7P$` a|$Q$2$<78$,$N@8@8$@A$9:AP2N:@A;7
;2>BT7$`)1a$Q$@<$9:AP2N:@A;7$;2>BT7$>@BGE@$<2$9>@M2<@AE:2$B@
L@>>:;:A2$ H2S2$ 2$ <78$ ,$ N@8@8$ @A$ GA$ ,-^$ `))#$ )1a#$ 8@$ B@H@
;@A@>$@A$EG@A;2$WG@$@<$@8;GB:7$B@$mG9;2$;GM7$GA2$9R>B:B2
@A$@<$8@?G:N:@A;7$N2Q7>$2<$g"^$Q$LG@$>@2<:P2B7$@A$N2B>@8
2ARN:E28'$/:@AB7$<2$9>7H2H:<:B2B$B@$2A@N:2$2$<78$,$N@8@8
B@$ -h-$ M@E@8$ N2Q7>$ @A$ @<$ ?>G97$ B@$ 9:AP2N:@A;7$ 9>@E7P$
`!#$)1a'
F2Q7>$97>E@A;2S@$B@$I&$2ARN:E78$8@?XA$@<$6;7$@A$@<
9:AP2N:@A;7$9>@E7P$WG@$@A$@<$;2>BT7$9>@8GN:H<@N@A;@$97>
<2$;>2A8LG8:OA$M:B2$` #$!"#$!)a$Q$2GN@A;7$N2Q7>$@A$@<$9:A+
P2N:@A;7$;2>BT7$2$<28$!$V7>28$Q$N@A7>$B:8N:AGE:OA$B@<$N:8+
N7$2$<78$0$BT28$`) a'$5A$@<$9:AP2N:@A;7$;2>BT7$8@$7H8@>M2
GA2$N2Q7>$L>@EG@AE:2$B@$97<:E:;@N:2#$2GAWG@$28:A;7NY;:E2
`!)a'$b;>28$E2G828$B@$97<:E:;@N:2$N@S7>$B7EGN@A;2B28$WG@
@<$9:AP2N:@A;7$;2>BT7$B@<$E7>BOA$87A$E7AB:E:7A@8$N2;@>A28
9>@@D:8;@A;@8#$;2<@8$E7N7$B:2H@;@8#$9>@+@E<2N98:2$@$V:9@>+
;@A8:OA$2>;@>:2<#$WG@$2GN@A;2A$@<$>:@8?7$B@$V:97D:2$E>OA:E2
:A;>2G;@>:A2%$ <2$ @>:;>797Q@8:8$ >@8G<;2A;@$ 9G@B@$ 9>7BGE:>
97<:E:;@N:2$2<$A2E@>$`)!a'$58;@$2GN@A;7$B@$?<OHG<78$>7S78$@8
8:?A:L:E2;:M7$@A$@<$9:AP2N:@A;7$;2>BT7$@A$I&$978;92>;7$M2?:+
A2<$9@>7$A7$978;E@8Y>@2$M:B2$`-#$)]a'$/@$B@NG@8;>2$WG@$<78
A2E:B78$97>$E@8Y>@2$>@E:H@A$N@A7>$;>2A8LG8:OA$9<2E@A;2>:2
Q$978@@A$M2<7>@8$NY8$H2S78$B@$6He6;7$2$<28$!g$V7>28$B@
M:B2'$C 9@82>$B@$WG@$@A$;7B78$<78$E2878$V2Q$GA$2GN@A;7$
@A$ <28$ E7AE@A;>2E:7A@8$ B@$ 6He6;7$ V2E:2$ @<$ 9>:N@>$ BT2$ B@
M:B2$`-a'
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
=2<7>@8$B@$V@N7?<7H:A2$Q$L@>>:;:A2$2<$A2E@>$Q$2$<78$
,$N@8@8$B@$@B2B
=2>:2H<@
`N@B:2a
6@N7?<7H:A2
F2;@>A2
J7>BOA
,$N@8@8
i@>>:;:A2
F2;@>A2
J7>BOA
,$N@8@8
J2NH:7$B@$6H `"$2$,$N@8@8a
Z:AP2N:@A;7
;@N9>2A7
1#]
),#]
1#1
!0
)g,
1"
r0#!
Z:AP2N:@A;7
;2>BT7
]#!
)g#)
]#]
!
))
)"0
rg#"
CB29;2B2$B@$m@@;V2A2;V$IF#$I2NS:$/#$_V:>G9G>2N$/#$@;$2<'
5LL@E;$7L$;:N:A?$7L$E7>B$E<2N9:A?$7A$;V@$:>7A$8;2;G8$7L$:AL2A;8$2;$,
N7A;V8'$.AB$Z@B:2;>$)]]-%,g*)",+)" $`)!a'
_2NH:RA$8@$7H8@>M2$:AE>@N@A;7$B@$<2$M:8E78:B2B$82A+
?GTA@2#$>@8G<;2B7$B@$GA$:AE>@N@A;7$B@$<2$M:8E78:B2B$B@<
9<28N2$Q$B@$<2$2?>@?2E:OA$B@$?<OHG<78$>7S78$SGA;7$E7A$<2
N@A7>$ B@L7>N:B2B$ B@$ @8;78#$ 8:A$ 8TA;7N28$ E<TA:E78$ `) a'
3:EV7$:AE>@N@A;7$B@$<2$M:8E78:B2B$82A?GTA@2$8@$2E7N92\2
B@$GA2$B:8N:AGE:OA$8:?A:L:E2;:M2$@A$<2$>@8:8;@AE:2$M28EG<2>
WG@$9>7BGE@$N2Q7>$M287B:<2;2E:OA$9G<N7A2>$Q$8:8;RN:E2#
E7N97A@A;@8$@8@AE:2<@8$B@$<2$2B29;2E:OA$A@7A2;2<$2$<2$M:B2
@D;>2G;@>:A2$`)!a'
5A$EG2A;7$2$<2$>@E7N@AB2E:OA$B@$L7;7;@>29:2#$@D:8;@
V@;@>7?@A@:B2B$@A;>@$<78$@8;GB:78$:AE<G:B78'$5<$@8;GB:7$:A?<R8
NG@8;>2$GA$2GN@A;7$B@$;>@8$M@E@8$@8;2$E7N9<:E2E:OA$EG2A+
B7$8@$>@2<:P2$9:AP2N:@A;7$;2>BT7#$N:@A;>28$WG@$@<$@8;GB:7
E2A2B:@A8@$NG@8;>2$GA2$B:8N:AGE:OA$B@<$0g^%$A:A?XA$@8;G+
B:7$NG@8;>2$8:?A:L:E2E:OA$@8;2BT8;:E2$`))a'
Z>@8@AE:2$B@$ER<G<28$L@;2<@8$@A$82A?>@$N2;@>A2$2A;@8
B@<$92>;7$8@$B@;@E;2>7A$@A$!$B@$9:AP2N:@A;7$9>@E7P$Q$ $@A
@<$;2>BT7$`!"a'$3@89GR8$B@<$92>;7$ $B@$9>@E7P$Q$-$@A$@<$;2>+
BT7#$;2<$M@P$97>WG@$<2$82A?>@$L@;2<$E7A;@A:B2$@A$<2$9<2E@A;2
LG@$ g-xe+-N<ef?$ B@<$ 9@87$ A@7A2;2<$ @A$ @<$ 9>@E7P$ Q$ )0xe+
gN<ef?$B@$9@87$@A$@<$;2>BT7$`) a#$Q$97>$<2$9>@8@AE:2$B@$GA
6;7$ @A$ <2$ 82A?>@$ B@$ E7>BOA$ N2Q7>$ @A$ @<$ ?>G97$ B@$ 9:AP2+
N:@A;7$9>@E7P$`!"a'
&7$V2Q$@M:B@AE:2$E:@A;TL:E2$92>2$SG8;:L:E2>$@<$9:AP2N:@A;7
;@N9>2A7$B@<$E7>BOA$GNH:<:E2<$Q$E2B2$M@P$V2Q$NY8$@M:B@AE:2
B@$<78$H@A@L:E:78$B@<$9:AP2N:@A;7$;2>BT7$Q$B@$<2$2G8@AE:2$B@
@L@E;78$2BM@>878'$5A$<2$>@M:8:OA$>@2<:P2B2$97>$F@>E@>$@A$@<
!"")$8@$@8;GB:2>7A$0,)$I&$2$;R>N:A7$WG@$@D9@>:N@A;2>7A
Z_ `,N:A+E@8@$9G<82E:7A@8a$8:A$8TA;7N28$B@$V:9@>H:<:>>GH:A@+
N:2$7$97<:E:;@N:2$`!a'$5A$B:EV2$>@M:8:OA$8:8;@NY;:E2$8@$:AE<G+
Q@>7A$EG2;>7$@8;GB:78$E<TA:E78$2<@2;7>:P2B78$E7A$g"]$>@E:RA
A2E:B78$2$;R>N:A7$Q$8:@;@$E7A$!g-$>@E:RA$A2E:B78$9>@N2;G+
>78%$A7$8@$@AE7A;>2>7A$B:L@>@AE:28$8:?A:L:E2;:M28$@A$<78$A:M@+
<@8$B@$H:<:>>GH:A2$@A$<78$A:\78$E7A$9:AP2N:@A;7$;2>BT7$E7N92+
>2B78$E7A$2WG@<<78$E7A$9:AP2N:@A;7$;@N9>2A7$`!a'$5<$;@N7>
2$<78$2A;@>:7>@8$Q$2$<2$V:9@>M:8E78:B2B$`) a$Q$;2WG:9A@2$;>2A+
8:;7>:2$ @8$ :ALGAB2B7#$ 7>:?:A2B7$ B@$ @8;GB:78$ N@>2N@A;@
7H8@>M2E:7A2<@8$`)!a'
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
K78$B@L@A87>@8$B@<$9:AP2N:@A;7$;@N9>2A7$B@<$E7>BOA
GNH:<:E2<$978;G<2A$WG@$<2$97<:E:;@N:2$Q$<2$V:9@>M:8E78:B2B
>@8G<;2A;@8$B@<$9:AP2N:@A;7$;2>BT7$:AE>@N@A;2A$<2$9>@8:OA
M@A782$E@A;>2<#$E7A$B:8N:AGE:OA$B@<$>@;7>A7$M@A787$Q$<:ALY;:+
E7#$E7N9>7N:87$B@$<2$>@2H87>E:OA$B@<$<TWG:B7$9G<N7A2>$L@;2<
Q$2GN@A;7$B@<$>:@8?7$B@$;2WG:9A@2$;>2A8:;7>:2$B@<$>@E:RA$A2E:+
B7$`)!a'$/:A$@NH2>?7#$<78$@8;GB:78$E<TA:E78$E7A;>7<2B78$>@2<:+
P2B78$@A$<28$X<;:N28$B78$BRE2B28$A7$@M:B@AE:2A$N2Q7>$:AE:+
B@AE:2$B@$@8;2$2L@EE:OA$@A$<78$A:\78$@A$WG:@A@8$8@$>@2<:PO$@<
9:AP2N:@A;7$;2>BT7$B@<$E7>BOA'$5A$E2NH:7$8T$V2Q$>@97>;@8$B@
N2Q7>$L>@EG@AE:2$>@89:>2;7>:2$BG>2A;@$<28$9>:N@>28$;>@8$V7>28
B@$ M:B2$ WG@$ A7$ >@WG:@>@$ ;>2;2N:@A;7$ `)ga'$ /@$ E7N9>7HO
N2Q7>$L<GS7$B@$?<OHG<78$>7S78$2$<78$O>?2A78#$Q$N2Q7>$BG>2E:OA
B@$<2$<2E;2AE:2$N2;@>A2$`!#$))#$)1a'
5A$<78$>@E:RA$A2E:B78$9>@N2;G>78#$@<$>@;>287$B@<$9:AP2+
N:@A;7$B@<$E7>BOA$g08$@8$978:H<@$Q$8@?G>7#$@A$GA$@8;GB:7$2<@+
2;7>:P2B7$>@2<:P2B7$@A$I&$}$,,5m#$8@$V2A$B@N78;>2B7$A:M@+
<@8$ NY8$ 2<;78$ B@$ V@N7?<7H:A2$ Q$ V@N2;OE>:;7#$ Q$ N@A7>
A@E@8:B2B$B@$;>2A8LG8:7A@8$@A$<28$9>:N@>28$8@:8$8@N2A28$B@
M:B2$`!0#$!a'$58;2$;REA:E2$E7A8:?G@$GA$2GN@A;7$B@$<2$_C Q$@<
M7<GN@A$82A?GTA@7#$E7A$GA2$N@S7>$2B29;2E:OA$E2>B:79G<N7+
A2>#$N@A78$BT28$B@$7DT?@A7$Q$M@A;:<2E:OA$28:8;:B2$`!a'$5A$A:A+
?XA$92E:@A;@$8@$@AE7A;>2>7A$8:?A78$B@$87H>@E2>?2$B@$M7<G+
N@A$ `V:9@>;@A8:OA$ 2>;@>:2<#$ H>2B:E2>B:2$ 9@>8:8;@A;@a$ 7$ B@
M:8E78:B2B$@DE@8:M2'$K2$A@E@8:B2B$Q$BG>2E:OA$B@$L7;7;@>29:2
LG@>7A$8:N:<2>@8$@A$<78$B78$?>G978'$5<$>@;>287$B@<$9:AP2N:@A+
;7$g08$@8$978:H<@#$8@?G>7$Q$H@ARL:E7$Q$8@$9G@B@$>@2<:P2>$@A
E@8Y>@28$`!0a'
3G>2E:OA$,~$@;292$92>;7$Q$<2$E2TB2$B@$6H$@>2$N@A7>$@A
@<$?>G97$B@$N2A@S7$2E;:M7$`))#$!!#$!,a'$Z@>7$A7$>@BGE@$<2
:AE:B@AE:2$B@$2<GNH>2N:@A;7$N2AG2<$`!!a#$@<$@8;GB:7$:A?<R8
>@M:82B7$97>$=:<<2H7A2$NG@8;>2$GA2$>@BGEE:OA$B@<$ 1^$@A$<2
:AE:B@AE:2$B@$>@;@AE:OA$9<2E@A;2>:2'$58;@$@8;GB:7$G8O$;>2;2+
N:@A;7$2E;:M7$E7A$7D:;7E:A2$92>2$@<$2<GNH>2N:@A;7#$@8;78
>@8G<;2B78$A7$87A$8:?A:L:E2;:M78$`))a'$F2Q7>$9>797>E:OA$B@
;>2A8LG8:7A@8$B@$82A?>@$@A$@<$?>G97$B@$N2A@S7$@D9@E;2A;@
`)g$M8$1^a$`!!a'
FGS@>@8$E7A$@9:8:7;7NT2$;@AT2A$NY8$9>7H2H:<:B2B@8$B@
;@A@>$GA2$E2TB2$B@$6Hy$,?eB<$WG@$2WG@<<28$8:A$7$E7A$B@8?2+
>>7$B@$)@>$?>2B7'$K28$9>:NT92>28$;2NH:RA$;@AT2A$NY8$9>7H2+
H:<:B2B$B@$;@A@>$E2TB2$B@$6Hy,?eB<'$&7$8@$V2Q2$>@<2E:OA$B@
<2$978;G>2$N2;@>A2$E7A$@<$82A?>2B7$`!!a'$5<$@8;GB:7$>@2<:P2+
B7$97>$F'$C?2S2A:$`!ga$E7A;>2B:E@$<78$2A;@>:7>@8$2<$V2<<2>$WG@
@<$;:@N97$B@$,~$@;292*$ h $N:AG;78$@A$9:AP2N:@A;7$9>@E7P#$Q
,h $@A$;2>BT7$Q$WG@$<2$V@N7>>2?:2$978;92>;7$@>2$8:?A:L:E2;:M2+
N@A;@$N@A7>$@A$@<$?>G97$B@$9:AP2N:@A;7$;2>BT7'$58;@$@8;G+
B:7$E7A;>2B:E@$2<$>@2<:P2B7$97>$5Af:A@$@A$)]] $WG@$7H8@>MO
GA2$BG>2E:OA$N@A7>$B@$<2$;@>E@>2$@;292$E7A$@<$9:AP2N:@A;7
9>@E7P$Q$A7$@AE7A;>O$B:L@>@AE:28$@A$<78$?>G978$>@89@E;7$2$<2
V@N7>>2?:2$978;92>;7'
5<$ 9:AP2N:@A;7$ 9>@E7P$ 8@$ G;:<:P2$ 2E;G2<N@A;@$ E7N7
GA2$92>;@$B@<$N2A@S7$2E;:M7$B@$<2$,~$@;292$B@<$92>;7#$WG@
:AE<GQ@$@<$G87$B@$2?@A;@8$7D:;OE:E78$WG@$9>7M7E2A$LG@>;@8
E7A;>2EE:7A@8$ B@<$ X;@>7#$ ;2NH:RA$ L7>N2$ 92>;@$ B@$ @8;@
N2A@S7$2E;:M7$<2$;>2EE:OA$B@<$E7>BOA$92>2$2<GNH>2>$<7$NY8
!0
147
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
>Y9:B7$978:H<@'$=+(4234-8+4,24+>/)0./.+84284/6?+*)1()2
?/(@1*4 234 .+*,0(4 ?*2.+@62()24 514 A-24 8/4 (+4 234 ;2;7
.+**24 234 */28B+4 ,24 A-24 324 )*18?1824 -(14 .1()/,1,4 6-5
B*1(,24 54 *2?2()/(14 ,24 81(B*24 ?+*4 3184 .+()*1../+(28
2>.28/<18'
"#+$)+#A%
148
5<$7HS@;:M7$B@<$9>@8@A;@$@8;GB:7$@8$@M2<G2>$<78$>:@8?78$Q
H@A@L:E:78$B@<$9:AP2N:@A;7$;2>BT7$B@<$E7>BOA$GNH:<:E2<$L>@A;@
2<$9>@E7P'$Z2>2$WG@$9G@B2$8@>M:>$E7N7$GA2$?GT2$`AGAE2$GA
9>7;7E7<7a$92>2$2QGB2>$2$B@E:B:>$@A;>@$GA7$Q$7;>7$9>7E@B:+
N:@A;7#$8:@N9>@$:AB:M:BG2<:P2AB7$<78$EG:B2B78$B@$<2$NGS@>+
H@HR+92>@S2#$M:@AB7$2$@8;@$;>:YA?G<7$B@8B@$GA$9GA;7$B@$M:8+
;2$V7<T8;:E7'
3G>2A;@$8G$M:B2$:A;>2G;@>:A2#$@<$7DT?@A7$Q$<78$AG;>:@A;@8
WG@$@<$7>?2A:8N7$B@<$L@;7$A@E@8:;2$<78$7H;:@A@$B@$<2$82A?>@
B@$<2$N2B>@#$2$;>2MR8$B@<$E7>BOA$GNH:<:E2<#$WG@$@8$@<$A@D7$B@
GA:OA$@A;>@$@<$AG@M7$8@>$Q$8G$N2B>@'$5<$E7>BOA$B@S2$B@$<2;:>
EG2AB7$@<$>@E:RA$A2E:B7$@N9:@P2$2$>@89:>2>$Q$@8$@A$@8;@
N7N@A;7$EG2AB7$@<$7DT?@A7$9G@B@$9282>$B:>@E;2N@A;@$2$<2
82A?>@$B@<$H@HR#$@8$B@E:>#$EG2AB7$<2$9<2E@A;2$Q2$A7$@8$A@E@+
82>:2'
5<$ 9:AP2N:@A;7$ ;2>BT7$ B@<$ E7>BOA#$ B@89GR8$ B@$ <78$ !
N:AG;78$7$EG2AB7$R8;@$B@S2$B@$<2;:>#$9@>N:;@$GA$9>:N@>$E7A+
;2E;7$@A;>@$<2$N2B>@$Q$8G$>@E:RA$A2E:B7#$BG>2A;@$@8;@$E7>;7
9@>T7B7#$@<$H@HR$Q$<2$N2B>@$@A;>2A$@A$GA2$@89@E:@$B@$@NH@+
<@82N:@A;7#$N:>YAB78@$NG;G2N@A;@$Q$@D9@>:N@A;2AB7$GA2
8@>:@$ B@$ @N7E:7A@8$ Q$ 8@A82E:7A@8$ LT8:E28$ 9<2E@A;@>28#
N7N@A;7$@A$@<$WG@$A7$B@H@>T2N78$V2E@>$NY8$WG@$9@>N:;:>$<2
LG8:OA$@N7E:7A2<$B@$<2$N2B>@$E7A$@<$I&#$WG@$8@$L2E:<:;2$E7A
@<$E7A;2E;7$LT8:E7$Q$@N7E:7A2<$9@>N2A@A;@'$5<$>@E:RA$A2E:B7
2E2H2$B@$9282>$GA$<2>?7$Q$BG>7$M:2S@#$B@<$WG@$A@E@8:;2$>@EG+
9@>2>8@$<7$NY8$;>2AWG:<2N@A;@$978:H<@'$5A$@<$N7N@A;7$978+
;@>:7>$2<$A2E:N:@A;7$@8$B@$8GN2$:N97>;2AE:2$@<$N2A;@A:N:@A+
;7$B@$<2$;@N9@>2;G>2$E7>97>2<$B@<$I&#$<7$EG2<$8@$H@A@L:E:2$97>
@<$9:AP2N:@A;7$;2>BT7$Q2$WG@$@A$@8;@$E287$@<$E7A;2E;7$B:>@E+
;7$c9:@<$E7A$9:@<d$@A;>@$<2$N2B>@$Q$@<$H@HR$8@$>@2<:P2$NY8$L2E:<+
N@A;@$`A2B:@$8@$9G@B@$<<@M2>$2<$I&$92>2$M@8;:><7$Q$9>@92>2>+
<7a'$ 58;@$ E7A;2E;7$ :A:E:2<$ @8;:NG<2$ 98:E7<O?:E2N@A;@$ 2$ <2
N2B>@$Q$2<$A:\7$2$2E78;GNH>2>8@$@<$GA7$E7A$@<$7;>7'$5<$I&$8@
E7<7A:P2$E7A$<28$H2E;@>:28$N2;@>A28$Q$A7$97>$<28$V789:;2<2+
>:28$7$<28$B@$<78$9>7L@8:7A2<@8'$n @8;@$N7N@A;7$978:H:<:;2$@<
:A:E:7$B@<$2N2N2A;2N:@A;7$;@N9>2A7#$WG@$N:A:N:P2$<2$9R>B:+
B2$82A?GTA@2$978;92>;7$97>$<28$E7A;>2EE:7A@8$G;@>:A28$WG@
9>7M7E2$Q$L2E:<:;2$<2$:A8;2G>2E:OA$Q$978;@>:7>$8@?G:N:@A;7$B@
<2$<2E;2AE:2'
F:@A;>28$@<$E7>BOA$<2;@#$A7$B@H@$V2H@>$9>:82$97>$E7>;2>+
<7#$9G@8$@<$297>;@$B@$7DT?@A7$@8;Y$28@?G>2B7$97>$@8@$<2;:B7
WG@$WG:@>@$B@E:>$WG@$<2$82A?>@$8:?G@$9282AB7'$JG2AB7$B@S2
B@$ V2E@><7$ Q$ @<$ E7>BOA$ 8@$ WG@B2$ 9Y<:B7$ Q$ L<YE:B7#$ @8$ @<
N7N@A;7$797>;GA7$B@$V2E@><7'
5<$9:AP2N:@A;7$:AN@B:2;7$B@<$E7>BOA$E7>;2$:A8;2A;YA@2+
N@A;@$<2$LG@A;@$9<2E@A;2>:2$B@$7DT?@A7#$2$<2$M@P$WG@$@<$A:\7
9@>N2A@E@$28L:D:2B7$V28;2$WG@$<78$9G<N7A@8$@N9:@P2A$2
!
LGAE:7A2>'$K2$82A?>@#$WG@$8@$VGH:@>2$;>28<2B2B7$A7>N2<N@A+
;@$92>2$@8;2H<@E@>$<2$E:>EG<2E:OA$9G<N7A2>$B@<$H@HR#$8@$WG@+
B2$H<7WG@2B2$@A$<2$9<2E@A;2#$Q$@<$A:\7$B@8MT2$<2$82A?>@$B@<
>@8;7$B@$<78$>?2A78$92>2$<<@A2>$<78$M2878$82A?GTA@78$B@<
9G<NOA$`)"a'
/:$B@89GR8$@<$A2E:N:@A;7$8@$E7<7E2$2<$A:\7$2<$A:M@<$B@$<2
MG<M2$7$97>$B@H2S7$B@$@8@$A:M@<$97>$GA$@892E:7$B@$;:@N97
8G9@>:7>$2$;>@8$N:AG;78$2A;@8$B@$9:AP2>$@<$E7>BOA#$8@$9>7BG+
E@$GA$:A;@>E2NH:7$B@$29>7D:N2B2N@A;@$1"$N<$B@$82A?>@$B@
<2$9<2E@A;2$2<$L@;7'$K78$@8;GB:78$NG@8;>2A$GA$A:M@<$B@$V@N7+
?<7H:A2$Q$L@>>:;:A2$8:?A:L:E2;:M2N@A;@$N2Q7>$@A$<78$I&$E7A
9:AP2N:@A;7$;2>BT7$2$<78$,$N@8@8$978;92>;7$`))a$Q2$WG@$@A$<2
;>2A8LG8:OA$:A:E:2<#$<78$@>:;>7E:;78$E7A;@A:B78$8@>YA$B@8;>G:B78
<7$WG@$9>7M@@>Y$2$<28$>@8@>M28$L@;2<@8$E7A$E@>E2$B@$0"$N?$B@
V:@>>7$Q$>@BGE:>Y$<2$L>@EG@AE:2$B@$2A@N:2$L@>>79RA:E2$BG>2A+
;@$<2$:AL2AE:2#$8:@AB7$R8;2$@A;>@$-+)"$M@E@8$NY8$L>@EG@A;@$@A
@<$?>G97$B@$9:AP2N:@A;7$9>@E7P'$K78$V:S78$B@$N2B>@8$2ARN:+
E28$@AEG@A;>2A$N2Q7>$H@A@L:E:7$2<$9:AP2N:@A;7$;2>BT7#$<7$WG@
A7$92>@E@$;@A@>$A:A?XA$>:@8?7$2\2B:B7$97>$<7$WG@$@<$9:AP2+
N:@A;7$;2>BT7$9G@B@$8G97A@>$GA2$2E;:M:B2B$NY8$@A$<78$2E;G2+
<@8$ 9>7?>2N28$ B@$ 9>@M@AE:OA$ B@$ <2$ 2A@N:2$ :AL2A;:<#$ 2XA
;@A:@AB7$@A$EG@A;2$<2$9@>B:B2$B@$NY8$B@$GA$g"^$B@$<2$NG@8+
;>2$B@<$@8;GB:7$E7A$N2B>@8$2ARN:E28'
/@?XA$ <78$ B@L@A87>@8$ B@<$ 9:AP2N:@A;7$ 9>@E7P$ @8;2
;>2A8LG8:OA$82A?GTA@2$B@$<2$9<2E@A;2$2<$A:\7$97B>T2$E2G82>
V:9@>M7<@N:2#$97<:E:;@N:2#$@$V:9@>M:8E78:B2B#$28T$E7N7$V:9@>+
H:<:>>GH:A@N:2$E7A8@EG@AE:28$WG@$A7$V2A$8:B7$B@N78;>2B28
B:L@>@AE:28$>@89@E;7$2$<2$N7>H:<:B2B$A@7A2;2<'$5A$EG2A;7$2$<2
;@AB@AE:2$@A$@<$2GN@A;7$B@$A@E@8:B2B$B@$L7;7;@>29:2#$<2
V@;@>7?@A@:B2B$B@$<78$>@8G<;2B78$B@$<78$@8;GB:78$A7$9@>N:;@
@D;>2@>$E7AE<G8:7A@8$2<$>@89@E;7'
5<$E287$B@$GA$A:\7$WG@$A2E@$E7A$GA$C9?2>$N@A7>$B@$7$GA$>@E:RA$A2E:B7$E7A$GA$<TWG:B7$;@\:B7$B@$N@E7A:7#$8G8
A@E@8:B2B@8$ B@$ 82A?>@$ 9<2E@A;2>:2$ 7D:?@A2B2$ 87A$ NYD:+
N28#$B@$N7B7$WG@$GA$>@E:RA$A2E:B7$WG@$A@E@8:;@$EG2<WG:@>
;:97$B@$>@2A:N2E:OA$@8;2$B@H@>T2$8@>$V@EV2$N:@A;>28$<2$9<2+
E@A;2$<@$297>;2$GA$8GN:A:8;>7$@D;>2$B@$7DT?@A7$Q$A7$A@?YA+
B7<@$@8;@$M7<GN@A$82A?GTA@7'$/@$@8;:N2$WG@$@<$9:AP2N:@A+
;7$ 9>@E7P$ B@S2$ 2<$ H@HR$ B@89>7M:8;7$ B@$ 0g$ 2$ ) "$ N<$ B@
82A?>@$ WG@$ >@9>@8@A;2$ <2$ N:;2B$ B@<$ M7<GN@A$ 82A?GTA@7
;7;2<$B@<$I&$Q$7H;@A:@AB7$E7N7$>@8G<;2B7$GA$I&$V:97M7<R+
N:E7'
5A$EG2A;7$2$<2$>@;@AE:OA$9<2E@A;2>:2$Q$<2$V@N7>>2?:2
N2;@>A2#$97B>T2$V2H@>$GA2$;@AB@AE:2$2$<2$B:8N:AGE:OA$B@$<2
V@N7>>2?:2$Q$2$<2$A@E@8:B2B$B@$2<GNH>2N:@A;7$N2AG2<$E7A
@<$9:AP2N:@A;7$;2>BT7#$9@>7$<78$>@8G<;2B78$A7$87A$8:?A:L:E2;:+
M78$`))a'
!()*243+84.18+842(43+84A-24284+;3/B1)+*/+4234?/(@1C
6/2()+4?*[email protected](,+4824*213/@1423461(2D+41.)/<+4,2
314)2*.2*142)1?14-)/3/@1(,+4+>/)0./.+8E4514A-242(428)2
.18+4314.1()/,1,4,2481(B*2454314?*28/0(481(B-F(21413.1(C
@1,142846-548-?2*/+*414314G/8/+30B/.1H
5<$9:AP2N:@A;7$;2>BT7$@8$@<$N@B:7$L:8:7<O?:E7$B@$;>2;2>$@<
E7>BOA$ B@$ <2$ WG@$ A7$ 8@$ V2A$ B@8E>:;7$ @L@E;78$ 2BM@>878
B@N78;>2B78$Q$@<$9:AP2N:@A;7$;@N9>2A7$@8$GA2$:A;@>M@AE:OA
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
WG@$A@E@8:;2$B@$GA2$HG@A2$SG8;:L:E2E:OA$Q$A7$@D:8;@$A:A?GA2
@M:B@AE:2$E:@A;TL:E2$87H>@$<78$H@A@L:E:78$B@<$9:AP2N:@A;7$9>@+
E7P'$58$A@E@82>:7$WG@$8@$E7A;:AX@$:AM@8;:?2AB7$Q$WG@$8@$>@2+
<:E@A$@8;GB:78$2<@2;7>:78$9>789@E;:M78$@M2<G2AB7$<28$E7A8@+
EG@AE:28$N2;@>A28$Q$L@;2<@8$B@$GA7$Q$7;>7$9>7E@B:N:@A;7$;2A+
;7$2$E7>;7$E7N7$2$<2>?7$9<2P7'
K#KC#@L*&MN&
)'$w7><B$6@2<;V$b>?2A:P2;:7A'$J2>@$7L$;V@$GNH:<:E2<$E7>B*
2$>@M:@t$7L$;V@$@M:B@AE@'$)]]1$r$w6beI6_F/Fe]1'g'
!'$F@>E@>#$u/'$JG>>@A;$H@8;$@M:B@AE@*$2$>@M:@t$7L$;V@
<:;@>2;G>@$7A$GNH:<:E2<$E7>B$E<2N9:A?'$u$F:Bt:L@>Q$w7N@A8
6@2<;V$!"")%$g *g"!+)g'
,'$J@>:2A:$J@>A2B28#$uF'$K:?2BG>2$B@<$E7>BOA$GNH:<:E2<
C>EV'2>?@A;'9@B:2;>$!"",%$)")`)ae,'
g'$K:AB@>f2N9$#b%$F@:87<N2A#$6u%$F:<<@>#$ib'$[<77B$2AB
9<28N2$M:8E78:;Q$2AB$79;:N2<$V@N2;7E>:;$:A$;V@$A7>N2<$A@t+
H7>A$:AL2A;'$J<:A$6@N7>V@7<$)]1)%$)*0-0+10'
0'$bV#$w%$[<2Af@A8V:9#$w%$K:AB#$u'$/;GBQ$7L$A@7A2;2<$H<7+
7B$ M7<GN@$ :A$ >@<2;:7A$ ;7$ 9<2E@A;2<$ ;>2A8LG8:7A'$ CAA
Z@B:2;)] %!"-*)g-+0]'
'$ 32A:@<$C'$ F7<:A2%€$ =:<N2$ I@A8%€€$ K:<:2A2$ 589@<@;%€
58;@<2$C?G2B2%€$/2AB>2$62A8@A%€$F2>:2A2$C<N2>%€€$Z2H<7
/@>>2A?@<<:€'$5M7<GE:OA$A@7A2;2<$@A$>@E:RA$A2E:B78$B@$;R>N:+
A7#$ 8@?XA$ @<$ ;:@N97$ B@$ <:?2BG>2$ B@<$ E7>BOA$ GNH:<:E2<
C>EV'2>?@A;'9@B:2;>$!"",%$)")`)ae]'
-'$v7G>EV@Af7+I22H#$6%$[29;:8;2+m7APY<@P#$6C%$KO9@P+
J2>H2S2<#$['$5L@E;78$B@<$;:@N97$B@$9:AP2B7$B@<$E7>BOA$GNH:<:E2<
@A$<78$M2<7>@8$B@$V@N7?<7H:A2$Q$V@N2;OE>:;7$@A$>@E:RA$A2E:B78
2$;R>N:A7'$[7<$F@B$6789$.AL2A;$F@D$!"")%$01`!a*]-+)" '
1'$K:AB@>f2N9#$b%$&@<<@#$F%$v>2G8#$F%$k:<7t#$5Z'$5LL@E;
7L$@2><Q$2AB$<2;@$E7>B+E<2N9:A?$7A$H<77B$M:8E78:;Q$2AB$7;V@>
V@N7>V@7<7?:E2<$92>2N@;@>8$:A$LG<<+;@>N$A@7A2;@8'$CE;2$Z2@+
B:2;>$)]]!%$1)*-g0+0"'
]'$K787LL#$[%$u:NRA@P#$5%$62?@A#$u%$F7<<@A#$5%$w7<L#$C'
Z77>@>$H@V2M:7>2<$2AB$B@M@<79N@A;2<$7G;E7N@$N7>@$;V2A
;@A$Q@2>8$2L;@>$;>@2;N@A;$L7>$:>7A$B@L:E:@AEQ$:A$:AL2AEQ'$Z@B:2+
;>:E8$!"""%)$"0`ga*@0)'
)"'$F7><@Q#$mF'$JON7$32\2$@<$Z:AP2N:@A;7$B@<$J7>BOA
@<$J@>@H>7$B@$;G$[@HR'$bH8;2>@$!"",%$1*g +0!'
))'$ K2:A@P$ =:<<2H7A2#$ [%$ [@>?@<#$CQ<<7A#$ 5%$ J2LL@>2;2
_V7N987A#$FK%$[@<:PYA$JV:@82#$uF'$oZ:AP2N:@A;7$9>@E7P$7
;2>BT7$B@<$E7>BOA$GNH:<:E2<p$4A2$>@M:8:OA$8:8;@NY;:E2$B@$<2
<:;@>2;G>2$NRB:E2'$CA$Z@B:2;>$`[2>Ea$!""0%$ ,*)g+!)'
)!'$C>2A?7$mON@P#$i%$F@ST2$K7AB7\7#$uJ'$oJGYAB7$9:A+
P2>$@<$E7>BOA$GNH:<:E2<p'$I@M:8;2$J7<7NH:2A2$B@$bH8;@;>:E:2
Q$m:A@E7<7?T2$!""g%$00`!a*), +g0'
),'$F@>E@>#$u/%$&@<87A#$JJ%$/f7M?22>B#$IK'$4NH:<:E2<
E7>B$E<2N9:A?*$H@<:@L8$2AB$9>2E;:E@8$7L$CN@>:E2A$AG>8@+N:B+
t:M@8'$u$F:Bt:L@>Q$w7N@A8$6@2<;V$!"""%$g0*01+ '
)g'$K29:B7#$b'$F2A2?@N@A;$7L$;V@$;V:>B$8;2?@$7L$<2H7G>
t:;V$92>;:EG<2>$>@L@>@AE@8$;7$>@BGE;:7A$7L$L@;7+N2;@>A2<$;>2A8+
LG8:7A'$[Fu$)]-)%$g*-!)+,'
)0'$Z>@AB:M:<<@#$w%$5<H7G>A@#$3'$5A*$JV2<N@>8#$.%$5Af:A#
F%$v@:>8@#$Fu&J#$@B:;7>8'$5LL@E;:M@$E2>@$:A$9>@?A2AEQ$2AB
EV:<BH:>;V'$bDL7>B$4A:M@>8:;Q$Z>@88'$bDL7>B$)]1]'$9'$))g0+ ]'
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
) '$/V2V@@A#$Fn%$6G88@:A$/%$/7<:N2A#$F/'$52><Q$J7>B
J<2N9:A?$2AB$.;8$5LL@E;$7A$87N@$6@N2;7<7?:E2<$3@;@>N:+
A2A;8$7L$[<77B$=:8E78:;Q$:A$&@7A2;@8'$b[mn&'A@;$ZGH<:E2+
;:7A8'$!""!'
)-'$Z@;@>#$F'$3G>A$_V@$9<2E@A;2<$M@A7G8$9>@88G>@$BG>:A?
2AB$2L;@>$;V@$;V:>B$8;2?@$7L$<2H7G>$L7<<7t:A?$@2><Q$E7>B$<:?2+
;:7A'$u$bH8;@;$mQA2@E$[>:;$Jt<;V$)] %$-,*)g-+0 '
)1'$I2S@8V$mG9;2$2AB$/'$I2NS:$5LL@E;$7L$3@<2Q@B$J7>B
J<2N9:A?$7A$.>7A$/;7>@8$:A$.AL2A;8$[7>A$;7$CA@N:E$F7;V@>8*
C I2AB7N:P@B$ J7A;>7<<@B$ _>:2<$ .AB:2A'$ Z@B:2;>:E8$ !""!%
,]*),"+),0'
)]'$I7A2<B$m'$/;>2G88%$37A2<B$F'$F7Ef%$v2>@A$u7VA+
87A%$&@<<$.'$F7Ef%$m>@;EV@A$J>@88%$K2G>2$vA789#$@;$2<'$J:>EG+
<2;:A?$ I[J$ M7<GN@#$ N@28G>@B$ t:;V$ H:7;:AQ<2;@B$ I[J8#$ :8
8G9@>:7>$;7$;V@$6E;$;7$B7EGN@A;$;V@$V@N2;7<7?:E$@LL@E;8$7L
B@<2Q@B$M@>8G8$:NN@B:2;@$GNH:<:E2<$E7>B$E<2N9:A?$:A$9>@;@>N
A@7A2;@8'$_>2A8LG8:7A$!"",%$g,`1a*)) 1'
!"'$3GAA#$ZF%$i>28@>#$.3%$I29@>#$C['$.AL<G@AE@$7L$@2><Q
E7>B$<:?2;:7A$7A$;V@$;>2A89<2E@A;2<$92882?@$7L$L7@;2<$E@<<8'$u
bH8;@;$mQA2@E$[>:;$Jt<;V$)] %$-,*-0-+ "'
!)'$m>2S@B2#$I%$ZR>@P+58E2N:<<2#$I%$3@t@Q#$vm'$3@<2+
Q@B$E<2N9:A?$7L$;V@$GNH:<:E2<$E7>B$:N9>7M@8$V@N2;7<7?:E$8;2+
;G8$7L$mG2;@N2<2A$:AL2A;8$2;$!$N7A;V$7L$2?@'$_V@$CN@N>:E2A
u7G>A2<$7L$J<:A:E2<$&G;>:;:7A$)]]-%$ 0*g!0+,)'
!!'$I7?@>8#$u%$w77B#$u%$FEJ2AB<:8V#$I%$CQ@>8#$/%$_>G@8+
B2<@#$C%$5<H7G>A@#$3'$CE;:M@$M@>8G8$@D9@E;2A;$N2A2?@N@A;
7L$;V:>B$8;2?@$7L$<2H7G>*$;V@$6:AEV:A?H>77f@$>2AB7N:8@B$E7A+
;>7<<@B$;>:2<'$_V@$K2AE@;$]]1%$,0)`])"ga*$ ],+]]'
!,'$KGB7M:E$m:2E2<7A@#$Z%$=:?A2<#$u%$32G>@8#$uZ%$[7G<7;#
Z%$6@B7A#$[%$K2LL2>?G@#$i'$C >2AB7N:8@B$@M2<G2;:7A$7L$;t7
;@EVA:WG@8$7L$N2A2?@N@A;$7L$;V@$;V:>B$8;2?@$7L$<2H7G>$:A
t7N@A$2;$<7t$>:8f$7L$978;92>;GN$V2@N7>>V2?@'$[>:;:8V$u7G>+
A2<$7L$bH8;@;>:E8$$mQA2@E7<7?Q$!"""%$)"-*,] +g""'
!g'$C?2S2A:$3@<2M2>$F'$C /;GBQ$7A$J7N92>:87A$H@;t@@A
;V@$5LL@E;$7L$52><Q$2AB$K2;@$J7>B$J<2N9:A?$7A$_V:>B$/;2?@$7L
K2H7G>'$V;;9*eeNt:2'>@?:7A2<'7>?'2Ge929@>8e929@>8e),‚B@<2+
M2>!'V;N'
!0'$I2H@#$6%$w2Ef@>#$C%$6ƒ<8f2N9#$m'$C >2AB7N:8@B
E7A;>7<<@B$;>:2<$7L$B@<2Q@B$E7>B$E<2N9:A?$:A$M@>Q$<7t$H:>;V
t@:?V;$9>@;@>N$:AL2A;8'$5G>$u$Z@B:2;>$!"""%$)0]*--0+--'
! '$CEf@>N2AA+K:@H>:EV#$4%$=7@?@<:#$_%$mGA;@>+w:;;#$v%
vGAP#$.%$kG<<:?#$F%$/EV:AB<@>#$J#$@;$2<'$67N@$M@>8G8$V789:;2<
B@<:M@>:@8*$L7<<7t$G9$8;GBQ$7L$N2;EV@B$92:>8$L7>$9>7E@BG>@8
2AB$7G;E7N@'$[Fu$)]] %$,),*),),+1'
!-'$F@>E@>#$u/%$=7V>#$[I'$3@<2Q@B$E7>B$E<2N9:A?$:A$M@>Q
9>@;@>N$ :AL2A;8$ >@BGE@8$ ;V@$ :AE:B@AE@$ 7L$ :A;>2M@A;>:EG<2>
V@N7>>V2?@$`.=6a$2AB$<2;@$7A8@;$8@98:8$`Kb/a'$Z@B:2;>:E8
!""0%$0"`0a*g,]'
!-
149
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
C&5ˆb$)*$_C[KC 35$KC I5KCJ.&$35$Kb/$CI_lJ4Kb/$Fj/$/.m&.i.JC_.=b/
CI_lJ4Kb
J5&_Ib
C4_bI
C„b
)'$C >2AB7N:8@B
6'$I2H@#$C'$w2Ef@># !""" 3@9'$7L$Z2@B>:2;:E8#
E7A;>7<<@B$;>:2<$7L
m'$6ƒ<8f2N9'''
4A:M$JV:<B>@A8
B@<2Q@B$E7>B
6789:;2<#$FƒA8;@>8#
E<2N9:A?$:A$M@>Q$<7t
m@>N2AQ'$3@9'$7L
H:>;V$t@:?V;$9>@;@>N
7H8;@;>:E8$2AB
:AL2A;8
mQA2@E7<7?Q#$4A:M
6789:;2<$7L$FƒA8;@>'
I5=./_C
5G>$u$Z@B:2;>$`!"""a
)0]*$--0+---'
!'$4NH:<:E2<$E7>B
E<2N9:A?*$H@<:@L8
2AB$9>2E;:E@8$7L
CN@>:E2A$AG>8@+
N:Bt:M@8'
u7G>A2<$7L$F:Bt:L@>Q
2AB$w7N@Ah8$6@2<;V'
=7<$g0#$.88G@$)#
u2AG2>Q+i@H>G2>Q
!"""#$92?@8$01+ '
u'$/'$F@>E@>#$
J'J'$&@<87A#$
I'$K'$/f7M?22>B'''
,'$_V@$9<2E@A;2<
Z@;@>$F'$3G>A
M@A7G8$9>@88G>@
BG>:A?$2AB$2L;@>$;V@
;V:>B$8;2?@$7L$<2H7G>
L7<<7t:A?$@2><Q$E7>B
<:?2;:7A
150
g'$5LL@E;$7L$3@<2Q@B I2S@8V$mG9;2$2AB
J7>B$J<2N9:A?$7A /'$I2NS:
.>7A$/;7>@8$:A
.AL2A;8$[7>A$;7
CA@N:E$F7;V@>8*$C
I2AB7N:P@B
J7A;>7<<@B$_>:2<
!""" 4A:M$7L$IV7B@$.8<2AB
J7<<@?@$7L$&G>8:A?#
AG>8@+
N:Bt:L@>Q9>7?>2N'
)]]
F5_b3bKbmlC
I5Jbm.3C 35
.&ibIFCJ.&
5A82Q7$E7A;>7<2B7
8@<@EE:7A2B7$2<$2P2>'$CA;@8
B@<$92>;7$g"$NGS@>@8$},,
5m$LG@>7A$8@<@EE:7A2B28$2<
2P2>$92>2$@<$?>G97$)$B@$!"
8@?$7$2<$?>G97$!$B@$g0
8@?GAB78$B@$@89@>2$B@
9:AP2N:@A;7$B@$E7>BOA'
/@$>@2<:P2$GA2$@AEG@8;2$2
GA2$NG@8;>2$`As,",a
@<@?:B2$2<@2;7>:2N@A;@$B@
<78$N:@NH>78$2E;:M78$B@
CJ&F$`;7;2<*g))ga#$B@$<78
EG2<@8$>@897AB@A$GA
0 ^*)-"'$Z@>7$NG@8;>2
L:A2<$8@$WG@B2$@A$)0-'
3@92>;N@A;$7L
bH8;@;>:E8$2AB
mQA2@E7<7?Q#
4A:M@>8:;Q$7L$[>:8;7<#
/7G;VN@2B$V789:;2<#
H>:8;7<'
U4…$5/_43.C&
=:2H:<:B2B$B@$>@;>282>$@<
9:AP2N:@A;7$B@<$E7>BOA$g0
8@?'$5A$9>@;R>N:A78
A2E:B78$97>$E@8Y>@2$Q$8G8
@L@E;78$@A$EG2A;7$2$<2
2B29;2E:OA$2$<2$M:B2
@D;>2G;@>:A2$Q$<2$2A@N:2'
J>@@AE:28$Q$9>YE;:E28$B@
<28$N2;>7A28$2N@>:E2A28
`9@>;@A@E:@A;@8$2$CJ&Fa
87H>@$@<$;:@N97$O9;:N7$B@
9:AP2N:@A;7$B@$E7>BOA$@A
92>;78$A7>N2<@8$Q$E7A
9>@8@AE:2$B@$B:8;>@8'
u'$bH8;@;'$mQA2@E'
58;GB:7$;>2A8M@>82<'
[>:;'$Jt<;V'$bE;'$)] ' 58;GB:7$B@<$;>2H2S7$B@$92>;7
=7<'$-,'$99'$)g-+)0 ' @A$)g$NGS@>@8#$;>28$E7>;2>
@<$E7>BOA$GNH:<:E2<$8@$N:B@
<2$9>@8:OA$9<2E@A;2>:2$2
;>2MR8$B@$<2$M@A2$GNH:<:E2<
2<$A:M@<$B@$<2$MG<M2'
!""! &@7A2;2<$3:M:8:7A#
.AB:2A$Z@B:2;>:E8
58;GB:7$2<@2;7>:7
3@92>;N@A;$7L
!""!%$,]*),"+),0
E7A;>7<2B7'$)"!
Z@B:2;>:E8#$F2G<2A2
92>;G>:@A;28$E7A$6H$})""?e<
CP2B$F@B:E2<$J7<<@?@#
8@$B:M:B@A$2<@2;7>:2N@A;@
&@t$3@<V:$.AB:2'
2<$?>G97$B@$9:AP2N:@A;7
:AN@B:2;7$`As0,a$7$;2>BT7
B@<$E7>BOA$`Asg]a'$FG@8;>2
L:A2<*$01*$!]$@A$E2B2$?>G97'
F@B:>$<2$9>@8:OA$GNH:<:E2<
WG@$:AL7>N2$B@$<2$9>@8:OA$2
<2$WG@$@8$@D9G@8;7$@<$I&
BG>2A;@$<2$;@>E@>2$@;292$B@<
92>;7$8:$@<$E7>BOA$A7$8@
9:AP2'
58;GB:2>$<78$@L@E;78$B@<
9:AP2N:@A;7$B@<$E7>BOA$@A
<28$>@8@>M28$B@$V:@>>7$@A
<78$>@E:RA$A2E:B78$B@
N2B>@8$2ARN:E28$2$<78$,
N@8@8'
0'$CE;:M@$M@>8G8
@D9@E;2A;
N2A2?@N@A;$7L
;V:>B$8;2?@$7L$<2H7G>*
;V@$6:AEV:A?H>77f@
>2AB7N:8@B
E7A;>7<<@B$;>:2<'
u2A@$I7?@>8$[C2#
uG<:@;$w77B$[/E2#
I7A2$FEJ2AB<:8V
IFH#$/2>2V$CQ@>8
[CD8H#$CAA
_>G@8B2<@$[/EE 2AB
3>3:2A2$5<H7G>A@
ZV3E#
)]]1
6:AEV:A?H>77f@
6@2<;VE2>@$&6/$_>G8;#
6:AEV:A?H>77f@$Z2>f#
6GA;:A?B7A
H
&2;:7A2<$Z@>:A2;2<
59:B@N:7<7?Q$4A:;#
I2BE<:LL@$.AL:>N2>Q#
bDL7>B
E
F@B:E2<$/;2;:8;:E8
4A:;#$K7AB7A$/EV77<$7L
6Q?:@A@$2AB$_>79:E2<
F@B:E:A@#$K7AB7A
wJ)5$-6_#$4v
_65$KC&J5_'$=7<GN@
,0)#$.88G@$])"g#$F2>EV$)]]1#$Z2?@8
],+ ]]
)0)!$NGS@>@8$E7A$H2S7
>:@8?7$V@N7>>2?:2
978;92>;7$LG@>7A
2<@2;7>:2N@A;@$28:?A2B28
2<$?>G97$B@$N2A@S7$2E;:M7
`7D:;7E:A2#$9:AP2N:@A;7
9>@E7P#$Q$;>2EE:OA$B@<
E7>BOAa$Q$2<$B@$N2A@S7
@D9@E;2A;@$`A7$7D:;7E:A2#
A7$9:AP2N:@A;7$V28;2$E@8@
B@$9G<82E:7A@8#$A7+
;>2EE:OAa'$K28$92>;:E:92A;@8
;2NH:RA$8@$B:M:B:@>7A$@A
978:E:OA$8G9:A2$Q$M@>;:E2<
58;GB:2$<2$V@N7>>2?:2
978;92>;7$`V@N7>>2?:2
y0""N<a$E7A$@<$N2A@S7
2E;:M7$B@$<2$,~$@;292$B@<
92>;7'
'$C >2AB7N:8@B
@M2<G2;:7A$7L$;t7
;@EVA:WG@8$7L
N2A2?@N@A;$7L$;V@
;V:>B$8;2?@$7L$<2H7G>
:A$t7N@A$2;$<7t$>:8f
7L$978;92>;GN
V2@N7>>V2?@'
Z:@>>@$KGB7M:E
m:2E2<7A@#$u2EWG@8
=:?A2<#$u@2A$Z:@>>@
32G>@8#$Z:@>>@
[7G<7;#$[@>A2>B
6@B7A#$i>2A†7:8
K2LL2>?G@
!""" 3@92>;2N@A;$7L
7H8;@;>:E8$2AB
?QA2@E7<7?Q#$6‡9:;2<
C>A2GB$B@$=:<<@AG@M@%
J<:A:E2<$I@8@2>EV
E@A;@>#$H:78;2;8;:E8
4A:;#$F7A;9@<<:@>#
i>2AE@'
[>:;:8V$u7G>A2<$7L
bH8;@;>:E8$
mQA2@E7<7?Q'$=7<GN@
)"-'$Z2?@$,] +g""'
F2>EV$!"""
58;GB:7$9>789@E;:M7
2<@2;7>:P2B7'$!,]*$N2A@S7
2E;:M7*$B>@A2S@$B@<$E7>BOA$Q
978;@>:7>$;>2EE:OA'$!,1*
N2A@S7$@D9@E;2A;@'
3@;@>N:A2>$8:$@<$B>@A2S@$B@<
E7>BOA$NY8$<2$;>2EE:OA
>@BGE@$<2$:AE:B@AE:2$B@
V@N7>>2?:2$978;92>;7$Q$8G8
L2E;7>@8$B@$>:@8?7'
!1
2
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
CI_lJ4Kb
-'$67N@$M@>8G8
V789:;2<$B@<:M@>:@8*
L7<<7t$G9$8;GBQ$7L
N2;EV@B$92:>8$L7>
9>7E@BG>@8$2AB
7G;E7N@'
C4_bI
4>8G<2$CEf@>N2AA+
K:@H>:EV'#$_V7N28
=7@?@<:#$v2;V>:A
mGA;@>+w:;;#
.82H@<<@$vGAP#$F2S2
kG<<:?#$JV>:8;:2A
/EV:AB<@>#
8;2;:8;:E:2A#2 F2>?>:;
F2G>@>#$N:Bt:L@#H
kG>:EV$/;GBQ$_@2N'
1'$J:>EG<2;:A?$I[J I7A2<B$m'$/;>2G88#
M7<GN@#$N@28G>@B 37A2<B$F'$F7Ef#
t:;V$H:7;:AQ<2;@B
v2>@A$u7VA87A#
I[J8#$:8$8G9@>:7>$;7 &@<<$.'$F7Ef#
;V@$6E;$;7$B7EGN@A; m>@;EV@A$J>@88#
;V@$V@N2;7<7?:E
K2G>2$vA789#$K7>:
@LL@E;8$7L$B@<2Q@B K7H28#$2AB$I7H@>;
M@>8G8$:NN@B:2;@ K'$/EVN:B;
GNH:<:E2<$E7>B
E<2N9:A?$:A$9>@;@>N
A@7A2;@8
C„b
)]]
]'$.AL<G@AE@$7L$@2><Q Z'F'$3GAA#$.'3'
E7>B$<:?2;:7A$7A$;V@ i>28@>#$C'['$I29@>'
;>2A89<2E@A;2<
92882?@$7L$L7@;2<
E@<<8'
)]
)"'$oZ:AP2N:@A;7
9>@E7P$7$;2>BT7$B@<
E7>BOA$GNH:<:E2<p
4A2$>@M:8:OA
8:8;@NY;:E2$B@$<2
<:;@>2;G>2$NRB:E2
[$K2:A@P$=:<<2H7A2
`[@E2>:2$B@<
F:A:8;@>:7$B@
/2A:B2B$Q
J7A8GN7a2
5$[@>?@<$CQ<<7AH
F~K J2LL@>2;2
_V7N987AE
uF~$[@<:PYA
JV:@82B
J5&_Ib
.A8;:;G;@$L7>$/7E:2<
2AB$Z>@M@A;:M@
F@B:E:A@$7L$;V@
4A:M@>8:;Q$7L$[28<@#
J6+g"0)$[28<@#
/t:;P@><2AB#H kG>:EV
J2A;7A#$/t:;P@><2AB#E
2
!"",
_V@$4A:;@B$[>:8;7<
6789:;2<8'
I5=./_C
[Fu$)]] %,),*),),+
),)1$`!,$&7M@NH@>a
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
U4…$5/_43.C&
_>2A8LG8:7A'$=7<GN@
g,' .88G@$1'$Z2?@
)) 1$+$CG?G8;$!"",'
B7:*)"')"g eS')0,-+
!]]0'!"",'""g0g'D
58;GB:7$E<TA:E7
2<@2;7>:P2B7'$/:N9<@$E:@?7'
)- $I&$9>@;R>N:A7#$11$ZZ#
11$Z_'$
ZZ*$})0$8?$978;92>;7'$
Z_*$ "$8?$978;92>;7'
6:9O;@8:8*$@<$>@;>287$@A$@<
9:AP2N:@A;7$B@<$E7>BOA
9>7BGE@$GA2$@D92A8:OA$B@<
M7<GN@A$B@$?<OHG<78$>7S78
E:>EG<2A;@8'
5A$I&$9>@;R>N:A7$,"+,
/m'
u'$bH8;@;'$mQA2@E'
[>:;'$Jt<;V'
bE;'$)] '$=7<'$-,'
Z9'$-0-+- "
!!$NGS@>@8$IV$x8@
B:M:B:@>7A$2$ZZ Q$Z_
J7A$<28$E7A;>2EE:7A@8$B@
<2$,~$@;292$B@<$92>;7$<2
82A?>@$9282$B@$<2$9<2E@A;2
2<$H@HR#$@8;2$;>2A8LG8:OA$8@
9G@B@$9>@M@A:>$N@B:2A;@$@<
ZZ WG@B2AB7$<2$82A?>@
L@;2<$2;>292B2$@A$<2
E:>EG<2E:OA$9<2E@A;2>:2'
CA2<@8$B@$Z@B:2;>T2#
.A8;:;G;7$B@$/2<GB
!""0'$uGA:7$ ,$`)a*$
J2><78$...'$i7AB7$B@
.AM@8;:?2E:OA$/2A:;2>:2' )g+!)'
/@>M:E:7$B@$bH8;@;>:E:2'
6789:;2<$m@A@>2<$B@
=:E'$[2>E@<7A2'
5892\2'
H
.A8;:;G;7$B@$5L@E;:M:B2B
J<TA:E2$Q$/2A:;2>:2
`.5J/a'$58EG@<2$B@
/2<GB$ZXH<:E2'$i2EG<;2B
B@$F@B:E:A2'
4A:M@>8:B2B$B@$[G@A78
C:>@8'$C>?@A;:A2'
E
4A:B2B$B@
.AM@8;:?2E:OA$Z@>:A2;2<'
6789:;2<$B@$J<TA:E28'
F7A;@M:B@7'$4>G?G2Q'
B
.A8;:;G;7$B@$5L@E;:M:B2B
J<TA:E2$Q$/2A:;2>:2
`.5J/a'$58EG@<2$B@
/2<GB$ZXH<:E2'$i2EG<;2B
B@$F@B:E:A2'
4A:M@>8:B2B$B@$[G@A78
C:>@8'$C>?@A;:A2'
2
F5_b3bKbmlC
I5Jbm.3C 35
.&ibIFCJ.&
58;GB:7$9>789@E;:M7
EG2<:;2;:M7$B@$E7V7>;@8'
FG@8;>2$L:A2<*$, ]$92>;78
@A$E282$Q$g1 $@A$@<
V789:;2<'
I@M:8:OA$H:H<:7?>YL:E2
5M2<G2>$<78$@L@E;78
N2;@>A78$Q$A@7A2;2<@8$B@<
9:AP2N:@A;7$9>@E7P
E7N92>2B7$E7A$@<
9:AP2N:@A;7$;2>BT7$B@<
E7>BOA$@A$I&$2$;R>N:A7'
!]
151
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
152
F5_b3bKbmlC
I5Jbm.3C 35
I5=./_C
.&ibIFCJ.&
u7G>A2<$7L$F:Bt:L@>Q$ I@M:8:OA$B@$<78$@8;GB:78$B@
w7N@A‰8$6@2<;V'
9:AP2N:@A;7$B@<$E7>BOA$B@
=7<GN@$g #$.88G@$ # )]1"$2<$!"")'
&7M@NH@>+3@E@NH@> 0,)$I&$2$;R>N:A7$Z_ 8:A
!"")#$Z2?@8$g"!+g)g 8TA;7N28$B@$97<:E:;@N:2$7
V:9@>H:<:>>GH:A@N:2'
CI_lJ4Kb
))'$JG>>@A;$H@8;
@M:B@AE@*$2$>@M:@t
7L$;V@$<:;@>2;G>@$7A
GNH:<:E2<$E7>B
E<2N9:A?
C4_bI
uGB:;V$/'$F@>E@>
J&F#$3&/E#
iCJ&F
J5&_Ib
C„b
!"") 4A:M@>8:;Q$7L$IV7B@
.8<2AB$i7GAB2;:7A#$2AB
;V@$4A:M@>8:;Q$7L$IV7B@
.8<2AB$I@8@2>EV
J7NN:;;@@'
)!'$C /;GBQ$7A
J7N92>:87A
H@;t@@A$;V@$5LL@E;
7L$52><Q$2AB$K2;@
J7>B$J<2N9:A?$7A
_V:>B$/;2?@$7L
K2H7G>
F7G<7GB$C?2S2A:
3@<2M2>
i2EG<;Q$7L$F:Bt:L@>Q$2;
[2H7<$4A:M@>8:;Q$7L
F@B:E2<$/E:@AE@8#$.>2A'
58;GB:7$B@$!,)$NGS@>@8
/@$@8;GB:2$@<$@L@E;7$B@<$ZZ
B:M:B:B28$2<@2;7>:2N@A;@$@A Q$Z_ @A$<2$;@>E@>2$@;292
B78$?>G978$ZZ Q$Z_
B@<$92>;7'
),'$52><Q$J7>B
J<2N9:A?$2AB$.;8
5LL@E;$7A$87N@
6@N2;7<7?:E2<
3@;@>N:A2A;8$7L
[<77B$=:8E78:;Q$:A
&@7A2;@8
F7V2N@B$n
/V2V@@A$F3€€%
/2N@V$6G88@:A$F3
€€€#$2AB$F7V2N@B
/$/7<:N2A€€€€
5B:;7>:2<$CBM:87>#
Z>@?A2AEQ$$[:>;V€%
bH8;@;>:E8$$mQA@E7<7?Q
3@9;'€%$J<:A:E2<$Z2;V7<7?Q
3@9;'€€%$Z@B:2;>:E
3@9;'€€€#$C<+CPV2>
4A:M@>8:;Q$2AB
6@N2;7<7?Q$3@9;'
&2;:7A2<$J@A;@>$L7>
I2B:2;:7A$I@8@2>EV$2AB
_@EVA7<7?Q
`&JII_a€€€€5?Q9;
,"$I&$2$;R>N:A7$8@
58;GB:2>$<78$@L@E;78$B@<$ZZ
B:M:B:@>7A$@A$!$?>G978#$)0 Q$Z_ @A$<2$M:8E78:B2B
E7A$ZZ Q$)0$E7A$Z_#$8@
82A?GTA@2$A@7A2;2<'
7H;GM7$GA2$NG@8;>2
82A?GTA@2$2<$A2E:N:@A;7$2
<28$!$Q$!g$V7>28$Q$2$<78$0
BT28$978;92>;7$Q$8@
E7N92>2>7A$<78$>@8G<;2B78
E7A$)"$E7A;>7<@8'
)g'$oJ4j&3b
Z.&kCI$5K
JbI3&
4F[.K.JCKp$
w65&$_b$JKCFZ
_65$4F[.K.JCK
JbI3p
i@>A2AB7$C>2A?7
mON@P#$F'3'#$uG2A
J2><78$F@ST2
K7AB7\7#$F'3'€
Z@B:2;>2$&@7A2;O<7?7#
Z>7L@87>$CGD:<:2>#
4A:M@>8:B2B$B@$J2<B28#
F2A:P2<@8#$J7<7NH:2'
€I@8:B@A;@$B@$Z@B:2;>T2#
4A:M@>8:B2B$B@$J2<B28'
)0'$3@<2Q@B
E<2N9:A?$7L$;V@
GNH:<:E2<$E7>B
:N9>7M@8
V@N2;7<7?:E$8;2;G8
7L$mG2;@N2<2A
:AL2A;8$2;$!$N7$7L
2?@'
IGH@A$m>2S@B2#
I2L2@<$ZR>@P+
58E2N:<<2#$2AB
v2;V>QA$m$3@t@Q'
,"
I@M:8;2$J7<7NH:2A2
B@$bH8;@;>:E:2$Q
m:A@E7<7?T2$=7<'$00
&7'!$q$!""g$q$
`), +)g0a
U4…$5/_43.C&
ZZ 9G@B@$>@BGE:>$@<
M7<GN@A$B@$?<OHG<78$>7S78
WG@$@<$I&$>@E:H@$@A$NY8
B@<$0"^
I@M:8:OA$H:H<:7?>YL:E2
)]]- .A8;:;G;7$B@$&G;>:E:OA$B@ _V@$CN@>:E2A$u7G>A2< 58;GB:7$9>789@E;:M7
6:9O;@8:8*
J@A;>7$CNR>:E2$Z2A2NY' 7L$J<:A:E2<$&G;>:;:7A
2<@2;7>:P2B7$B@$ ]$I&
)'$I@;>287$B@<$9:AP2N:@A;7
4A:M@>8:;Q$7L$J7AA@E;:EG;# )]]-* 0*g!0+,)'
28:?A2B78$2<@2;7>:2N@A;@
B@<$E7>BOA$N@S7>2>Y$@<
GA:M$7L$J2<:L7>A:2'
@A$,$?>G978$97>$BT2$B@$<2
@8;2B7$V@N2;7<O?:E7$@A
8@N2A2#$Z.#$Z_ x$I&$2
<2$)~$:AL2AE:2'
A:M@<$B@$<2$9<2E@A;2$Q$Z_ x !'$/:$2B@NY8$@<$I&$8@
I&$B@H2S7$B@<$A:M@<$B@$<2
8:;X2$B@H2S7$B@<$A:M@<$B@
9<2E@A;2'
<2$9<2E@A;2$8@$N@S7>2>Y
NY8'
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
F5_b3bKbmlC I5Jbm.3C 35
J5&_Ib
.&ibIFCJ.&
I5=./_C
€$/@>M:E:7$B@
C>EV'2>?@A;'9@B:2 )0,$A@7A2;78#$A2E:B78$@A$<2
Z@B:2;>T2%$4A:B2B$B@ ;>$!"",%$)")`)a$e$] F2;@>A:B2B$B@<$6789:;2<$B@
&@7A2;7<7?T2'$€€
&@E7EV@2#$@A;>@$@<$-e,e""$Q$@<
/@>M:E:7$B@
,"e-e""#$B:M:B:B78$@A$B78$?>G978#
6@N2;7<7?T2'$6789:;2<
GA7$E7A$KZ @A$@<$N7N@A;7$B@<
B@$&@E7EV@2#$[G@A78
A2E:N:@A;7$Q$7;>7$8:N:<2>$E7A$K_#$2
C:>@8'
<78$,$N:AG;78'$58;GB:7$9>789@E;:M7#
E2878$Q$E7A;>7<@8#$@D9@>:N@A;2<'$/@
9>7?>2NO$B:8@\7$:A;@>M@AE:7A2<'$5<
;2N2\7$NG@8;>2<$8@$E2<EG<O$@A$)g"
I&$`-"$E2878$Q$-"$E7A;>7<@8a'
I@8G<;2B78$8@$2E@9;O$GA$A:M@<$B@
8:?A:L:E2E:OA$B@$"#"0$E7A$]0^$B@
E7AL:2H:<:B2B'$K2$97;@AE:2$B@<$@8;GB:7
8@$E2<EG<O$@A$1"^#$92>2$GA
97>E@A;2S@$B@$>@BGEE:OA$B@$<2
2A@N:2$@8;:N2B7$@A$0"^'
CI_lJ4Kb
) '$5M7<GE:OA
A@7A2;2<$@A$>@E:RA
A2E:B78$B@$;R>N:A7#
8@?XA$@<$;:@N97$B@
<:?2BG>2$B@<$E7>BOA
GNH:<:E2<'
C4_bI
3>@8'$32A:@<$C'
F7<:A2#$€$=:<N2
I@A8#$€€$K:<:2A2
589@<@;#$€
58;@<2$C?G2B2#
€$/2AB>2
62A8@A#$€
F2>:2A2$C<N2>#
€€$Z2H<7
/@>>2A?@<<:€
C„b
)-'$5L@E;78$B@<
;:@N97$B@$9:AP2B7
B@<$E7>BOA$GNH:<:E2<
@A$<78$M2<7>@8$B@
V@N7?<7H:A2$Q
V@N2;OE>:;7$@A
>@E:RA$A2E:B78$2
;R>N:A7
3IC'$6.K3C
vb4IJ65&v
b+ICC[
3I'$6…J_bI
CKiI53b
[CZ_./_C+
mb&kjK5k
3IC'$[5C_I.k
KZ5k+
JCI[CuCK
!"") /GHB:>@EE:OA$B@
[7<$F@B$6789
&@7A2;7<7?T2#
.AL2A;$F@D$!"")%
6@N2;7<7?T2$Z@>:A2;2<# =7<'$01`!a*$]-+)"
.A8;:;G;7$&2E:7A2<$B@
Z@>:A2;7<7?T2#$FRD:E7#
3'$i'#$FRD:E7'
)1'$3@<2Q@B$E7>B
E<2N9:A?$:A$M@>Q
9>@;@>N$:AL2A;8
>@BGE@8$;V@
:AE:B@AE@$7L
:A;>2M@A;>:EG<2>
V@N7>>V2?@$`.=6a
2AB$<2;@$7A8@;
8@98:8$`Kb/a
uGB:;V$F@>E@>
J&F#$3&/E2#
[@;;Q$=7V>$F3
2AB$w:<<:2N$bV
F3H
J7<<@?@$7L$&G>8:A?#
4A:M@>8:;Q$7L$IV7B@
.8<2AB
H
[>7tA$4A:M@>8:;Q$2AB
w7N@A$2AB$.AL2A;8
6789:;2<
2
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
u7G>A2<$7L
F:Bt:L@>Q$
w7N@A‰8$6@2<;V$
=7<GN@$0"#$.88G@
0$#$/@9;@NH@>+
bE;7H@>$!""0#
Z2?@$g,]
U4…$5/_43.C&
K78$7HS@;:M78*
)'$CA2<:P2>$>@<2E:OA$@A;>@$@<
;:@N97$B@$<:?2BG>2$B@<
E7>BOA$Q$<2$2A@N:2
L@>>79RA:E2$@A$<78
<2E;2A;@8$2<$2<;2$B@$<2
N2;@>A:B2B'
!'$5M2<G2>$292>:E:OA$B@
L2E;7>@8$2BM@>878#$E7N7
97<:?<7HG<:2#
V:9@>H:<:>>GH:A@N:2$Q
B:L:EG<;2B$>@89:>2;7>:2'
,'$F7B:L:E2>$<2$2E;:;GB$B@<
@WG:97$B@$82<GB$@A$<2
:N9<@N@A;2E:OA$B@
;REA:E28$B@$<:?2BG>2$B@<
E7>BOA$B:L@>@A;@8$B@$<28
V2H:;G2<@8'
bHS@;:M7*$B@8E>:H:>$@A$>@E:RA$A2E:B78
2$;R>N:A7$<78$E2NH:78$@A;>@$@<
A2E:N:@A;7$Q$<28$!g$V7>28$B@$M:B2
B@$<78$M2<7>@8$B@$V@N7?<7H:A2$`6Ha#
97>$@L@E;7$B@$<28$M2>:2H<@8$B@<
;:@N97$B@$9:AP2B7$B@<$E7>BOA
GNH:<:E2<$Q$MT2$B@$A2E:N:@A;7$`92>;7
M2?:A2<$7$E@8Y>@2a'$F2;@>:2<$Q
NR;7B78'$5A$GA$@8;GB:7$E<TA:E7
E7A;>7<2B7#$8@$:AE<GQ@>7A$2$>@E:RA
A2E:B78$B@$;R>N:A7#$@8;>2;:L:E2B78$@A
g$?>G978$B@$2EG@>B7$2$<2
:A;@>M@AE:OA$B@$WG@$LG@>7A$7HS@;7*
?>G97$.#$A2E:B78$97>$79@>2E:OA
E@8Y>@2$Q$E7A$;ZJ4$:AN@B:2;7%
?>G97$..#$A2E:B78$97>$79@>2E:OA
E@8Y>@2$Q$E7A$;ZJ4$2$<78$!"
8@?GAB78%$?>G97$...#$A2E:B78$97>$MT2
M2?:A2<$Q$E7A$;ZJ4$:AN@B:2;7%$Q
?>G97$.=#$A2E:B78$97>$MT2$M2?:A2<$Q
E7A$;ZJ4$2$<78$!"$8@?GAB78'
FGS@>@8$B@$92>;7$@A;>@$<28$!g$Q$,)h
/?$LG@>7A$2<@2;7>:2N@A;@
B@8:?A2B28$2<$?>G97$B@$9:AP2N:@A;7
9>@E7P$`@A;>@$0+)"$8?$978;92>;7a$7
;2>BT7$`,"+g0$8?$978;92>;7a'
5A$@<$?>G97$B@$9'$_2>BT7$@<$I&$8@
N2A;GM7$97>$B@H2S7$B@<$:A;>7:;7$@<
NYD:N7$978:H<@'
/@$N:B:O$@<$;:@N97$@D2E;7$B@
9:AP2N:@A;7'
153
5<$7HS@;:M7$LG@$E7N92>2>
<78$@L@E;78$B@<$9:AP2N:@A;7
:AN@B:2;7$Q$;2>BT7$@A$I&
B@$NGQ$H2S7$9@87#$@A$<28
M2>:2H<@8$B:89<8:2
H>7AE79G<N7A2>$`[Z3a#$Q
@A;@>7E7<:;:8$A@E>O;:E2'
K78$>@8G<;2B78$8@EGAB2>:78
@D2N:A2>7A$M2>:2H<@8$E7N7
_C#$6;7#$Kb/#$.=6'
,)
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
CI_lJ4Kb
i'$5DE<G8:OA
)
.AE7N92;:H:<:B2B
IV#$2A7N2<T28
L@;2<@8$E7A?RA:;28#
C9?2>},$2$<78$"
N:A$Q$?@8;2E:7A@8
NX<;:9<@8'
!
&7$>@897AB@A'
Z>@N:828
=CI.C[K5/
Z:AP2N:@A;7$B@<
E7>BOA$@A$I&
A7>N2<@8'
5A$I&$E7A$B:8;>R8'
4H:E2E:OA$B@<$I&
:AN@B:2;2N@A;@
978;A2E:N:@A;7'
CE;G2E:OA$2A;@$MG@<;2
B@$E7>BOA$@A$@<$EG@<<7'
CE;G2E:OA$2A;@$KC
;@\:B7'
154
,
,!
Z>@8:OA$B@$<2$M@A2
GNH:<:E2<'
J7A$B:8;>R8$GA$1]^>@2<:P2
Z.$`92>2$>@8GE:;2>a#$ hg^
ZF#$Q$gh0^$Z_ `8:?G@
>@E:H:@AB7$b!a'
1-^$GH:E2E:OA$I&$87H>@
2HB7N@A#$))^$@A$@<
9@>:AR$Q$!^$B@H2S7$B@<
A:M@<$B@<$:A;>7:;7'
CE;G2E:OA$2A;@$<2$MG@<;2
B@$E7>BOA*$]-^$8O<7$E7>;2
2A;@$MG@<;2$NGQ$29>@;2B2#
Q$,^$E7>;2A$<2$N2Q7>T2$B@
<28$M@E@8'
5A$E287$B@$KC ;@\:B7$GA
0,^$B@89GR8$B@
8GEE:7A2>$A2B2$NY8$82<:>
<2$E2H@P2#$E7>;2A$A2B2
NY8$A2E@>$Q$<7$<<@M2A$2$<2
<YN92>2$B@$E2<7>$1^
>@8GE:;2A$@A$@<$9@>:AR$8:A
E7>;2>$@<$E7>BOA$Q$, ^
BGB2A'
K2$N2Q7>T2$>@L:@>@A$GH:E2>
2<$I&$87H>@$@<$2HB7N@A
N2;@>A7#$<78$WG@$8@
797A@A$8G?:@>@A$GA2
97;@AE:2<$9R>B:B2$B@
82A?>@$L@;2<$V2E:2$<2
9<2E@A;2'
I5/4K_C3b/
Jb&JK4/.b&5/
3T2$g!$B@<$A2E:N:@A;7$)"
I&$@A$?>G97$!$8:A
;>2A8LG8:7A@8$M8$,$@A$@<
?>G97$)'$&7$B:L@>@AE:28$@A
C9?2>#$_~#$iJ#$_C Q
A@E@8:B2B@8$B@$M@A;:<2E:OA
2>;:L:E:2<'
5<$>@;>287$B@<$9:AP2N:@A;7
B@<$E7>BOA$g08$@8$978:H<@$Q
8@?G>7$@A$I&$}$,,5m'$/@
9G@B@$Q$B@H@$>@2<:P2>$@A
E@8Y>@28$>@BGE@$<2
A@E@8:B2B$B@$;>2A8LG8:OA
B@$V@N2;:@8$@A$<28$
9>:N@>28$8@N2A28$B@$M:B2'
,$?>G978$8@?XA$9>2E;:E28*
Z:AP2N:@A;7$;@N9>2A7$7
2A;@8$B@$)$N:AG;7*$! ^'
J>@@AE:2*$L2E:<:;2$@<$N2A@S7
B@<$I&'
.A;@>N@B:7$7$)+,$N:A*$,0^'
F7B@>2B7$9@>N:;@$GA$9287
?>2BG2<$2$<2$E:>EG<2E:OA
@D;>2G;@>:A2#$7$WG@$@<
;:@N97$B@<$9:AP2N:@A;7$A7
:AL<GQ@$@A$@<$@8;2B7$B@<$I&'
_2>BT7$7$B@89GR8$B@$B@S2>
B@$<2;:>*$,,^'$C97Q2$@<
9>7E@87$L:8:7<O?:E7$B@
?>2BG2<$;>2A8:E:OA$Q$GA
E7A;:AG7$297>;@$B@$7DT?@A7'
CG8@AE:2$B@
>@E7N@AB2E:7A@8$87H>@$@<
9:AP2N:@A;7$H282B78$@A$<2
@M:B@AE:2'
3GB2*$8:$9282$82A?>@
9<2E@A;2>:2$E7A$GA$A:M@<$B@
b!$Q$GA$96$N2Q7>$WG@$@<
B@<$I&$9G@B@$V2E@>$WG@$8G
8:8;@N2$8@$E7ALGAB2$Q$A7
8@$2E;:M@$<2$>@89:>2E:OA$Q$8G
2B29;2E:OA
E2>B:7>@89:>2;7>:2'
5<$9:AP2N:@A;7$;2>BT7$9G@B@
L2E:<:;2>$GA2$?>2BG2<
2B29;2E:OA$2$<2$M:B2
@D;>2G;@>:A2#$@8;7$A7$WG:@>@
B@E:>$WG@$V2Q2$WG@$@D9>:N:>
<2$82A?>@$B@<$E7>BOA$V2E:2
@<$I&$Q2$WG@$@8;7$97B>T2
9>7M7E2>$GA$:AE>@N@A;7$@A
<2$B:L:EG<;2B
E2>B:7>@89:>2;7>:2$@A$I&
E7A$2<;$2B29;2;:M28#$@8;@
9287$B@$82A?>@$8@$B@H@
9>7BGE:>$H2S7@<
E7N97>;2N:@A;7$G;@>:A7
A7>N2<$Q$A7$E7A$GA$X;@>7
;OA:E7$E7N7$8GE@B@$;>28$@<
G87$B@$B>7?28$E7N7$<2
@>?7N@;>:A2'
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
CI_lJ4Kb
i'$5DE<G8:OA
Z>@N:828
=CI.C[K5/
g
5NH2>2P7$B@$>:@8?7 C87E:2E:OA C <78$,$N@8@8$8@
7$E7A$@AL@>N@B2B@8 @A;>@$@<$A:M@< N:B@$<2$6H$Q$<2
NRB:E28$287E:2B28' B@$6[
L@>>:;:A2$@A$<78$I&'
N2;@>A7$Q$<2
9>@M2<@AE:2
B@$2A@N:2
@A$<78$V:S78'
0
Z<2E@A;2$9>@M:2#
V@N7>>2?:2$B@89GR8
B@$<2$!"/m#$2A@N:2#
9>@8@A;2E:OA$A7
E@LY<:E2#
9>@8@A;2E:OA#
?@8;2E:OA$NX<;:9<@#
NG@>;@$:A;>2G;@>:A2#
@9:BG>2<#$92>:B2By0#
:ALG8:OA$B@$7D:;7E:A2#
@NH$Q$92>;7$A7
@G;OE:E7'
6@N7>>2?:2
978;92>;7#
E7AE@A;>2E:OA$B@
6[$2$<28$!g+g1V'
C <28$ $8@N2A28
B@<$92>;7$@AEG@8;2*
L2;:?2$Q$B@9>@8:OA'
&2G8@28#$MON:;78#
B7<7>$B@$E2H@P2#
6_C#
2<GNH>2N:@A;7
N2AG2<$7$B@
9>7BGE;78$B@$<2
E7AE@9E:OA'
6@N7>>2?:2
978;92>;7$9>@M:2#
V@N7>2?:2
2A;@92>;7#$@NH
NX<;:9<@#$E@8Y>@2
2A;@>:7>#$_~y,1(#
N2<L7>N2E:OA
G;@>:A2#$2A@8;@8:2
?@A@>2<#$6_C#
NG@>;@$:A;>2G;@>:A2$Q
2<;$@A$<2$E72?G<2E:OA'
3G>2E:OA$B@$<2$,~
@;292$B@<$92>;7#
A@E@8:B2B$B@
2<GNH>2N:@A;7
N2AG2<$Q$<2$E2TB2
B@$<2$6H
-
Z.*$9:AP2B7$:AN@B:2;7$;>28
A2E:N:@A;7'
Z_*$9:AP2N:@A;7$EG2AB7$<2
9<2E@A;2$V2$B@8E@AB:B7$2
M2?:A2$Q$@<$I&$@8
N2A;@A:B7$N:@A;>28$@A$<78
)"$EN$97>$B@H2S7$B@<
:A;>7:;7'
K78$B@9O8:;78$B@$V:@>>7$2<
A2E:N:@A;7$8@
E7>>@<2E:7A2A$E7A$<78
B@9O8:;78$2$<78$ +)!
N@8@8'
&7$:AE<GQ@A$E7N7$L2E;7>
B@$@DE<G8:OA$@<$G87$B@
7D:;7E:A2'
I5/4K_C3b/
Jb&JK4/.b&5/
F@B:2$B@$6H$Q$L@>>:;:A2$2$<78$,
N@8@8$8:?A:L:E2;:M2N@A;@$y@A
?>G97$B@$Z_ WG@$@A$Z.'
K2$N@B:2$B@$9R>B:B2$B@$6H$@8
8:?A:L:E2;:M2N@A;@$N@A7>$@A$@<
?>G97$B@$Z_'
K2$9>7H2H:<:B2B$B@$2A@N:2$2
<78$,$N@8@8$LG@$-h-$M@E@8
N2Q7>$@A$@<$?>G97$B@$Z.'
K28$>@8@>M28$B@$i@$Q
6H$B@$I&$B@$N2B>@8
2ARN:E28$8@$9G@B@A
:AE>@N@A;2>$>@;>282AB7
@<$9:AP2N:@A;7$B@<
E7>BOA'
6@N7>>2?:2$8:?A:L:E2;:M2N@A;@
N@A7>$@A$?>G97$B@$N2A@S7
2E;:M7#$II*$!hg!'
K2$978;G>2$N2;@>A2$A7$;:@A@
@L@E;7$87H>@$@<$82A?>2B7'
FY8$@N@8:8$@A$@<$N2A@S7
2E;:M7'
^$@A$@<$?>G97$B@
N2A@S7$@D9@E;2A;@$8@
B@E<2>O$B@9>:N:B2$L>@A;@
2$1^$@A$@<$?>G97$B@
N2A@S7$2E;:M7'
F2Q7>$9>797>E:OA$B@
;>2A8LG8:7A@8$B@$82A?>@
@A$@<$?>G97$B@$N2A@S7
@D9@E;2A;@`)g$M8$1^a
3G>2E:OA$,~$@;292$92>;7$Q$<2
E2TB2$B@$6H$@>2$N@A7>$@A$@<
?>G97$B@$N2A@S7$2E;:M7'$Z@>7
A7$>@BGE@$<2$:AE:B@AE:2$B@
2<GNH>2N:@A;7$N2AG2<'
FGS@>@8$E7A$@9:8:7;7NT2$;@AT2A
NY8$9>7H2H:<:B2B@8$B@$;@A@>
GA2$E2TB2$B@$6Hy$,?eB<$WG@
2WG@<<28$8:A$7$E7A$B@8?2>>7$B@
)@>$?>2B7'$<28$9>:NT92>28
;2NH:RA$;@AT2A$NY8
9>7H2H:<:B2B$B@$;@A@>$E2TB2$B@
6Hy,?eB<'
Z2>;78$@A$E282$A@E@8:;2>7A
N@A78$N@B:E2E:OA#$@
:A;@>M@AE:7A@8#$E7N7
:ABGEE:7A@8#$@9:8:7;7NT2#
2A2<?@8:2#$E@8Y>@28$Q$92>;78
:A8;>GN@A;2B78'$&7$B:L@>@AE:28
@A$@<$;:@N97$B@<$92>;7#$@A$<2
7EG>>@AE:2$B@$<@8:7A@8$?>2M@8
9@>:2A2<@8$Q$@A$<2$9R>B:B2
82A?GTA@2'$FG@>;@8
9@>:A2;2<@8*$)$@A$@<$V789:;2<$Q$)
@A$E282#$A7$B:L@>@AE:28$@A;>@
9@87$B@<$H@HR#$5m$Q
E7AB:E:7A@8$E<TA:E28'
C9?2>$y$@A$92>;78$@A$E282$Q
96}$9G@B@$8@>$B@H:B7$2<
;:@N97$B@$9:AP2N:@A;7$Q$B@
;>2A897>;@$B@<$E7>BOA'
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
155
FGS@>@8$82A28$WG@
B@8@2A$92>:>$@A$E282$A7
;:@A@A$>:@8?7
:AE>@N@A;2B7$>@89@E;7
2<$V789:;2<
,,
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
CI_lJ4Kb
1
]
156
,g
i'$5DE<G8:OA
Z>@N:828
=CI.C[K5/
.AE292E:B2B$B@<$6;7
B@$N@B:>$B@$N2A@>2
@D2E;2$@<$M7<GN@A$B@
?<OHG<78$>7S78
`M2>:2E:7A@8$B@<
9<28N2$:AL<GQ@A$@A$@<
6;7a#$B@L:@AB@A$@<$G87
B@<$NR;7B7
H:7;:AQ<2;@B$IJ[8'
/@$7H8@>M2$@<$@8;2B7$B@
<2$9<2E@A;2#$<2B7$N2;@>A7
Q$L@;2<$Q$@<$@8;2B7$B@$<78
M2878'
I5/4K_C3b/
Jb&JK4/.b&5/
=7<GN@A$B@$?<OHG<78$>7S78
2GN@A;2$8:?A:L:E2;:M2N@A;@$E7A
@<$9:AP2N:@A;7$;2>BT7$B@<$E7>BOA
L>@A;@$2<$:AN@B:2;7
K2$N@B:E:OA$B:>@E;2$B@<
M7<GN@A$B@$?<OHG<78$>7S78
E:>EG<2A;@$>@L<@S2$B@$N7B7$NY8
>@2<$@<$@8;2B7$B@<$I&'
5<$:AE>@N@A;7$B@$?<OHG<78
>7S78$;>28$@<$9:AP2N:@A;7$;2>BT7
LG@$B@;@E;2B7$@A$<78$I&
978;92>;7$M2?:A2<#$9@>7$A7$;>28
<28$E@8Y>@28#$9G@B@$8@>$97>$<2
978:E:OA$2$<2$N:8N2$2<;G>2$B@<
X;@>7$L>@A;@$2$<2$NY8$H2S2$B@<
92>;7$M2?:A2<$Q$2<$V@EV7$B@
WG@$8@$2BN:A:8;>2$<2$7D:;7E:A2
E7A$;:@N97$:A8GL:E:@A;@$92>2
E7N9>:N:>$<2$9<2E@A;2$BG>2A;@
"8?'
/@$N:B@$@<$6;7$B@$<2$82A?>@$B@<
E7>BOA$Q$@<$B@<$I&'
ZZ*$M2878$9<2E@A;2>:78$NY8
B:8;@AB:B78$E7A$82A?>@#$Q$@<
E7<7>$B@$<2$E2>2$N2;@>A2$@>2
N2<M2$7$A@?>2'
Z_*$M2878$A7$B:8;@AB:B78#$Q$<2
E2>2$N2;@>A2$@>2$>7S2$7$>782'
6;7$@A$82A?>@$B@<$E7>BOA
ZZyZ_'
6;7$@A$I&$0,$@A$ZZ Q$ 0$@A$Z_
9>@8GN:H<@N@A;@$97>$<2
;>2A8LG8:OA'
Z>@8@AE:2$B@$ER<G<28$L@;2<@8$@A
82A?>@$N2;@>A2$2A;@8$B@<$92>;7
8@$B@;@E;2>7A$@A$!$B@$ZZ Q$ $B@
Z_'
3@89GR8$B@<$92>;7$ $B@$ZZ Q$B@$Z_
K2$2<;2$9>@8:OA$7H;@A:B2$E7A$<2
E7A;>2EE:OA$;>28$@<$9:AP2N:@A;7
B@<$E7>BOA$9>7BGE@$GA
2GN@A;7$B@$9>@8:OA$WG@$9G@B@
9>7BGE:>$<@8:7A@8$@A$<2
9<2E@A;2$Q$<78$M2878$@8;7
2GN@A;2$E7A$<2$:A;>7BGEE:OA
B@$7D:;OE:E78'
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
CI_lJ4Kb
)"
i'$5DE<G8:OA Z>@N:828
))
)!
/m},g#$I&}
!"""?>#
B:8;>R8
>@89:>2;7>:7
L@;2<$Q$N2B>@8
IVr'
=CI.C[K5/
)'$F2;@>A28'$6@N7>>2?:2$978;92>;7
`$y$0""$N<a#$V@N7>>2?:2$8G9@>:7>
?>2M@$`$y$)'"""$N<a#$V@N2;OE>:;7$2
<28$g1$V#$2A@N:2$`V@N7?<7H:A2$}$]
?eB<a$2$<28$g1$V#$2<GNH>2N:@A;7
N2AG2<#$A@E@8:B2B$B@$7D:;OE:E78
978;2<GNH>2N:@A;7#$:A?>@87$@A
GA:B2B$B@$EG:B2B78$:A;@A8:M78#
N7>H:<:B2B$?>2M@#$;>2A8LG8:OA
82A?GTA@2#$:AL@EE:OA$N2;@>A2$Q
82;:8L2EE:OA$N2;@>A2'
!'$&@7A2;2<@8'$C9?2>$2<$N:AG;7#$0$Q
)"$N:A$B@$M:B2#$9@87$2<$A2E@>$Q$2
<78$,$BT28#$V@N2;OE>:;7$`2<
A2E:N:@A;7#$2<$2<;2$B@<$V789:;2<#$2
<78$)!$N@8@8$Q$2$<78$,$2\78a#
V@N7?<7H:A2$`2<$A2E:N:@A;7#$2<$2<;2
B@<$V789:;2<#$2$<78$)!$N@8@8$Q$2$<78
,$2\78a#$L@>>:;:A2$8R>:E2$`2<
A2E:N:@A;7#$2<$2<;2$B@<$V789:;2<#$2
<78$)!$N@8@8$Q$2$<78$,$2\78a#
8TAB>7N@$B@$B:L:EG<;2B$>@89:>2;7>:2#
;2WG:9A@2$`L>@EG@AE:2$>@89:>2;7>:2$y
1"$>@89'eN:Aa#$:A?>@87$@A$GA:B2B$B@
EG:B2B78$:A;@A8:M78#$H:<:>>GH:A2
8R>:E2#$:E;@>:E:2$WG@$>@WG:@>2
L7;7;@>29:2#$V@N7>>2?:2
:A;>2E>2A@2<#$:AL@EE:OA$A@7A2;2<#
MTAEG<7$N2;@>A7$L:<:2<$2<$A2E:N:@A;7
Q$2$<78$,#$ $Q$)!$N@8@8#$<2E;2AE:2
N2;@>A2$`2<$2<;2#$)#$,#$ #$)!#$!g$Q$g1
N@8@8a#$E7N97>;2N:@A;7$`2A8:@B2B#
:>>:;2H:<:B2Ba$@$:A:E:7$B@$<2$8GEE:OA'
I&$2$;R>N:A7*$6;7#$L@>>:;:A2#
H:<:>>GH:A2#$;:@N97$B@$9:AP2N:@A;7#
;:@N97$B@$<2E;2AE:2#$:E;@>:E:2'
Z>@;R>N:A7*$A@E@8:B2B$B@
;>2A8LG8:7A@8#$6;7#$_C#$H:<:>>GH:A2#
BT28$B@$7DT?@A7$Q$M@A;:<2E:OA
_:@N97$B@$<2$;@>E@>2$@;292$B@<
92>;7#$9>@M2<@AE:2$B@$>@;@AE:OA$B@
9<2E@A;2$Q$6ZZ'
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
I5/4K_C3b/
Z_*$>@BGE@$<2$9>@M2<@AE:2$B@
L@>>:;:A2$H2S2$2$<78$,$N@8@8$@A
GA$,-^$`EG:B2B7$@8;GB:7$E7A
9R>B:B2$B@<$g0^$B@$<78$I&a'$5<
>@8;7$B@$>@8G<;2B78$A7$87A
@8;2BT8;:E2N@A;@$8:?A:L:E2;:M78'
Jb&JK4/.b&5/
157
0,)$I&$2$;R>N:A7
@D9@>:N@A;2>7A$Z_ `,N:A+E@8@
9G<82E:7A@8a$8:A$8TA;7N28$B@
V:9@>H:<:>>GH:A@N:2$7
97<:E:;@N:2'$/@$E7N9>7HO
N2Q7>$L<GS7$B@$?<OHG<78$>7S78$2
<78$O>?2A78#$N@A78$2A@N:2$2
<78$!$N@8@8$Q$N2Q7>$BG>2E:OA
B@$<2$<2E;2AE:2$N2;@>A2'
5A$I&$9>@;R>N:A7$8@$7H8@>MO
GA$A:M@<$B@$6;7$Q$6H$N2Q7>#
2GN@A;7$B@$<2$_C Q$@<$M7<GN@A
82A?GTA@7#$E7A$GA2$N@S7>
2B29;2E:OA$E2>B:79G<N7A2>#
N@A78$BT28$B@$7DT?@A7$Q
M@A;:<2E:OA$28:8;:B2$N@A7>$A(
B@$;>2A8LG8:7A@8'
_:@N97$B@$,~$@;292*$ h $N:A
@A$ZZ#$Q,h $N:A$@A$Z_ 5/'
/O<7$8@$B:7$GA$E287$B@
>@;@AE:OA$B@$9<2E@A;2*$@A$ZZ'
5A$ZZ <2$6ZZ*$)1"N<$Q$@A$Z_
B@$-!N<'
,0
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
CI_lJ4Kb i'$5DE<G8:OA
Z>@N:828
=CI.C[K5/
),
,"$I&$2$;R>N:A7
5A$<28$NG@8;>28$82A?GTA@28$8@ ZZ*$@A$<78$)"
A2E:B78$M2?:A2<N@A;@' @8;GB:O*$J[J#$H:<:>>GH:A2#
8?$978;92>;7'
V@N2;7E>:;7#$9>7;@TA28$;7;2<@8# Z_*$2$<78$,$N:A
L:H>:AO?@A7#$.?m#$2<HGN:A2
978;92>;7
9<28NY;:E2#$6Hi#$I[J8
N2A;@A:@AB7$2<
2?>@?2E:OA#$B@L7>N2E:OA$B@
I&$2$<2$2<;G>2
?<OHG<78$>7S78#$M:8E78:B2B
B@<$:A;>7:;7'
82A?GTA@2$Q$B@<$9<28N2'$/@
J2B2$M@P$WG@
N:B@$2<$N7N@A;7$B@$9:AP2>$@< 8@$;7N2H2$GA2
E7>BOA#$2$<28$!$Q$!g$V7>28$Q$2 NG@8;>2$8@
<78$0$BT28'
7H8@>M2H2A
_2NH:RA$8@$N:B@$<2$82A?>@$WG@ 8TA;7N28$Q
WG@B2$@A$<2$9<2E@A;2
8:?A78$E<TA:E78
978;9:AP2N:@A;7'
B@
V:9@>M:8E78:B2B
)g
3@N7>2>$@<
9:AP2N:@A;7$B@<
E7>BOA$GNH:<:E2<$V28;2
WG@$B@S@$B@$9G<82>
9@>N:;@$@<$;:@N97
8GL:E:@A;@$92>2$WG@
7EG>>2$<2$;>2A8LG8:OA
9<2E@A;2>:2#$WG@$<@
297>;2$2<$>@E:RA
A2E:B7$E@>E2$B@$GA
,"^$2B:E:7A2<$B@
M7<GN@A$82A?GTA@7$Q
V28;2$GA$ "^$NY8$B@
@>:;>7E:;78)0$`?>YL:E2
)a#$<78$EG2<@8$2<
B@8;>G:>8@$97>
V@NO<:8:8$8G9<@A
2<>@B@B7>$B@$0"$N?
B@$V:@>>7$2$<28
>@8@>M28$B@<$A:\7'
158
)0
,
}!"""?>#
5m},-#
@NH2>2P7
NX<;:9<@#
3F#
E@8Y>@2
9>@M:2#$3Zi#
2A7N2<T28
E7A?RA:;28#
E7N9<:E2E:7
A@8
9@>:A2;2<@8
I5/4K_C3b/
Jb&JK4/.b&5/
5<$M7<GN@A$82A?GTA@7$A@7A2;2<
LG@$GA$0"^$8G9@>:7>$@A$Z_'
6;7#$V@N7?<7H:A2$L$Q$9>7;@TA28
9<28NY;:E28$8:N:<2>@8$@A$2NH78
?>G978'
Z_ ;:@A@$E7N7$>@8G<;2B7$GA
:AE>@N@A;7$B@$<2$M:8E78:B2B
B@H:B7$2$GA$:AE>@N@A;7$B@<$6;7'
6;7$2GN@A;7$NY8$2$<28$!$V7>28
@A$Z_ Q$B:8N:AGQO$N@A78$2$<78$0
BT28'
5<$:AE>@N@A;7$B@$<2$M:8E78:B2B
82A?GTA@2$@8$@<$>@8G<;2B7$B@$GA
:AE>@N@A;7$B@$<2$M:8E78:B2B$B@<
9<28N2$Q$B@$<2$2?>@?2E:OA$B@
?<OHG<78$>7S78$SGA;7$E7A$<2$N@A7>
B@L7>N:B2B$B@$@8;78'$[:<:>>GH:A2
@DE@B:O$B@$)0N?eN<$@A$,$B@$<78
)0$Z_'
K2$82A?>@$L@;2<$@A$<2$9<2E@A;2$LG@
g-xe+-N<ef?$B@<$9@87$A@7A2;2<$@A
ZZ Q$)0xe+$gN<ef?$B@$9@87$@A$Z_'
5<$N7B@>2B7
:AE>@N@A;7$B@$<2
M:8E78:B2B
82A?GTA@2$A7$@8;Y
287E:2B7$E7A
8TA;7N28$E<TA:E78$B@
N@A7>$9@>LG8:OA$B@
<78$O>?2A78'
Z7<:E:;@N:2#$V:9@>M:8E78:B2B#
V:9@>H:<:>>GH:A@N:2#$;2WG:9A@2
;>2A8:;7>:2'
[@A@L:E:78$V@N2;7<O?:E7#
E2>B:79G<N7A2>@8#
K2E;2AE:2'
6@N7>>2?:2$N2;@>A2'
_:@N97$B@$9:AP2B7'
CA;>797N@;>T2*$9@87#$;2<<2
E:>EGAL@>@AE:2$E>2A@2<$B@<$I&$2<
A2E:N:@A;7$Q$2$<78$!$N@8@8#$@A
<2$N2B>@*$9@87#$;2<<2$Q$N282$B@<
;>TE@98$2$<78$!$N@8@8'
Ce/$B@$<2$N2B>@$@A$A2E$Q$2$<78
!$N@8@8$Q$B@<$I&$2$<78$!
N@8@8'$`@A$g)$B@$<78$I&
;2NH:RA$8@$>@2<:PO$GA$6;7$Q$6H
2$<28$!gVa'
5A$<28$NG@8;>28$B@$<78$!$N@8@8
8@$@8;GB:2>7A*$L@>>:;:A2$@A$8G@>7
Q$9<28N2#$i@#$ZJI'
5D2N@A$E<TA:E7$B@$B@82>>7<<7
N7;7>$Q$A@G>7<O?:E7#$:E;@>:E:2$Q
<2$LGAE:OA$m.$Q$>@89:>2;7>:2'
&7$V2Q$@M:B@AE:2
E:@A;TL:E2$92>2
SG8;:L:E2>$@<$9:AP2+
N:@A;7$;@N9>2A7$B@<
E7>BOA$GNH:<:E2<$Q
E2B2$M@P$V2Q$NY8
@M:B@AE:2$B@$<78
H@A@L:E:78$B@<
9:AP2N:@A;7$;2>BT7$Q
B@$<2$2G8@AE:2$B@
@L@E;78$2BM@>878'$5<
;@N7>$2$97<:E:;@N:2#
V:9@>M:8E78:B2B#
V:9@>H:<:>>GH:A@N:2$Q
;2WG:9A@2$;>2A8:;7>:2
@8$:ALGAB2B7#
7>:?:A2B7$B@
@8;GB:78$N@>2N@A;@
7H8@>M2E:7A2<@8'
6;7$A7$B:L@>@AE:28$2$<28$!gV$@A
<78$,$?>G978#$;2N97E7$B:L@>@AE:28
@A$EG2A;7$@M7<GE:OA$E<TA:E2
`:E;@>:E:2a'
Z7<:E:;@N:2$`6;7y 0^a$NY8
L>@EG@A;@$@A$?>G97$#$2GAWG@$<78$!
E2878$LG@>7A$28:A;7NY;:E78'
6@N7?>2N2$N2;@>A7$LG@$8:N:<2>
@A$<78$,$?>G978$2<$A2E:N:@A;7$Q$2
<78$!$N@8@8'
Z_*$6;7$8:?A:L:E2;:M2N@A;@$NY8
2<;7$WG@$Z.'
6;7},,^*$11^Z.#$g!^Z_)#
00^Z_!'A7$B:L@>@AE:28$@A;>@$<78
?>G978$B@$Z_ @A$EG2A;7$6H$Q$6;7'
I@;>282>
9:AP2N:@A;7$B@<
E7>BOA$V28;2$WG@
B@S@$B@$<2;:>$N@S7>2
@<$@8;2B7
V@N2;7<O?:E7$B@$<78
I&#$B@S2>$@<$E7>BOA
V28;2$WG@$B@S@$B@
<2;:>$9G@B@$B:8N:AG:>
<2$9>@M2<@AE:2$B@
2A@N:2'
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
C /j&J65k$Ib3Ilm45k @;$2<' ?#),%8#+)E.&E%"/0.&C5&:#),%8#+)E.&:"+$.,&/+B&$."/6)&28;#B#$%B
CI_lJ4Kb
)
i'$5DE<G8:OA
Z>@N:828
=CI.C[K5/
I5/4K_C3b/
Jb&JK4/.b&5/
/@$@DE<GQ@>7A
B@<$@8;GB:7$<78
A@7A2;78
9>@;R>N:A7$`},1
8@N2A28$B@
@B2B$?@8;2E:7A2<
{/5m|a#$J.I
`}9)"$92>2$5ma#
A2E:B78
97>$E@8Y>@2#
C9?2>$}-$2<
A2E:N:@A;7#
@NH2>2P78
NX<;:9<@8#$<78$I&
E7A
N2<L7>N2E:7A@8
?>2M@8#$Q$<78
V:S78$B@$N2B>@8
I$V$`ra'
5<$A@7A2;7
9@>N2A@E:O
87H>@$@<
2HB7N@A
N2;@>A7'
5D2N@A$V@N2;7<O?:E7$E7N9<@;7
B@$82A?>@$9@>:LR>:E2*$6H#$6;7#
>@EG@A;7$B@$@>:;>7E:;78#
>@;:EG<7E:;78#$>@EG@A;7$B@$?<OHG<78
H<2AE78#$LO>NG<2#$9<2WG@;28#
=JF#$6[JF#$@D2N@A$B@<$L>7;:8'
i@>>@N:2$`NR;7B7$E7<7>:NR;>:E7
E7A$>@2E;:M7$i@>E7<7>$w@:A@>a'
_>2A8L@>>:A2*$82;G>2E:OA$B@
;>2A8L@>>:A2'$&7$LG@$978:H<@$<<@M2>
2$E2H7$<28$B@;@>N:A2E:7A@8$B@
L@>>:;:A2$8R>:E2#$B@H:B7$2$<28
>@8;>:EE:7A@8$9>@8G9G@8;2>:28$WG@
8G>?:@>7A$2$97E7$B@$E7N@AP2>$@<
@8;GB:7'$_2<@8$@DYN@A@8#$SGA;7
E7A$<78$E7A;>7<@8$V2H:;G2<@8$B@
E>@E:N:@A;7$Q$B@82>>7<<7#
9G@>:EG<;G>2#$@;E'$8@$>@2<:P2>7A$2<
2<;2$Q$2$<78$,#$ #$]$Q$)!$N@8@8$B@
@B2B$E>7A7<O?:E2'
&7$VGH7$;>28;7>A78$A@7A2;2<@8'$]
I&$` $B@<$?>G97$K_ Q$,$KZa
>@WG:>:@>7A$:A;@>A2E:OA$H>@M@$@A$<2
4J.&'$378$A@7A2;78$B@<$?>G97$KZ
9>@8@A;2>7A$97<:E:;@N:2%$A7$8@
7H8@>MO$@8;2$2<;@>2E:OA$@A$A:A?GA7
B@<$?>G97$K_'$5<$)g#1$^$B@$<78$I&
B@<$?>G97$B@$KZ @8;GM7$2ARN:E7$2<
2<;2$B@$N2;@>A:B2B#$8@?XA$<2$6H
`!1^$8@?XA$@<$V@N2;OE>:;7a#$Q
87<2N@A;@$@<$,^$B@$<78$WG@
>@E:H:@>7A$K_ `g#0^$8@?XA$@<
V@N2;OE>:;7a'$bI$!1$` #)!+)--#)!a#
E!$,0#!#$9$}"#""")'$32;78
9>@<:N:A2>@8$@A$GA$9@WG@\7$?>G97
E7A;>7<2B7$V28;2$@<$2\7$8G?:@>@A
WG@$BG>2A;@$@8@$<2987$<78$M2<7>@8
N2A;GM:@>7A$<2$N:8N2$;@AB@AE:2#$<7
WG@$B@H@>Y$8@>$M2<:B2B7$@A$GA
@8;GB:7$NY8$2N9<:7'
/@$:AE<GQ@>7A$)""$A@7A2;78#
7H;@A:@AB7$M2<7>@8$9>7N@B:7$B@$6H
B@$)0'1#$)0'-#$) ' $Q$) 'g$?eB<$2<
A2E@>$Q$B@$)-')#$)-'!#$)1'"$Q$)1'!
?eB<$2$<28$!g$V7>28#$8:A$B:L@>@AE:2
@8;2BT8;:E2$:A;@>?>G92<'$C <28$!g
V7>28$B@$M:B2#$<78$A2E:B78$97>$92>;7
M2?:A2<$9>@8@A;2>7A$M2<7>@8$NY8
@<@M2B78$B@$6H$`)-',$M8$)1'!#
Z}"'"0a'$5A$;7B78$<78$E2878$8@
7H8@>MO$2GN@A;7$8:?A:L:E2;:M7
`Z}"'"")a$B@$<78$M2<7>@8$B@
6HeV@N2;OE>:;7$@A;>@$@<$A2E:N:@A;7$Q
<28$!g$V7>28$B@$M:B2$`) ')$Q$)-'
?eB<$Q$g1$Q$0)^a'
&7$B:L@>@AE:28$@A$<28$M2>:2H<@8
N2;@>A28#$9@87$2<$A2E:N:@A;7#$5m#
;@8;$B@$C9?2>#$_~$:A:E:2<$Q$9:E7$@A$<78
A:M@<@8$B@$H:<:>>GH:A2'
&7$B:L@>@AE:28$@A$<2$:AE:B@AE:2$B@
B:89<28:2$H>7AE79G<N7A2>$7
@A;@>7E7<:;:8$A@E>O;:E2'$3:L@>@AE:28
@8;2BT8;:E2N@A;@$8:?A:L:E2;:M28$@A
V@N7>>2?:2$:A;>2M@A;>:EG<2>$`Z s$'",a
Q$8@98:8$`Z s$'")a$@A;>@$<78$?>G978'
K2$@D9@>:@AE:2$N78;>O
WG@$<2$K_ @8$8@?G>2$92>2
@<$>@E:RA$A2E:B7$B@
;R>N:A7$82A7$Q$@A$<2
9>@M@AE:OA$B@$<2$2A@N:2
2<$2<;2$B@$<2$N2;@>A:B2B'
)-
)1
!"#$#%&'%&()*#+(&#$!"" %$&'($)"*$ !"+ ,-
&7$V2Q$:AL<G@AE:2$B@$<78
;ZJ4$@M2<G2B78$87H>@
<78$M2<7>@8$B@$6He6;7'$/@
B@NG@8;>2$WG@$<78
A2E:B78$97>$E@8Y>@2
>@E:H@A$N@A7>
;>2A8LG8:OA$9<2E@A;2>:2$Q
978@@A$M2<7>@8$NY8
H2S78$B@$6He6;7$2$<28$!g
V7>28$B@$M:B2'$C 9@82>
WG@$@A$;7B78$<78$E2878
V2Q$GA$2GN@A;7$@A$<28
E7AE@A;>2E:7A@8$B@
6He6;7$V2E:2$@<$9>:N@>
BT2$B@$M:B2'
Z:AP2N:@A;7$;2>BT7
9>7;@?@$2$<78$9>@;R>N:A7
B@$NGQ$H2S7$9@87$B@
V@N7>>2?:2
:A;>2M@A;>:EG<2>$Q$8@98:8'
,-
159
Documentos relacionados
COMO Usar el sistema de Impresi 4onen Linux Matt - TLDP-ES
COMO Usar el sistema de Impresi 4onen Linux Matt - TLDP-ES
Descargar Catálogo aquí
Descargar Catálogo aquí
Fernando Hernández Sánche - Associació Catalana d
Fernando Hernández Sánche - Associació Catalana d
Descargar
Anuncio
Anuncio