PLANTILLA REDES.qxd

&)/
&%
(*.%
' "-%
#
,
-"
#!$ % ' ) &
&$ .
#" % &$
<AB7BCB= 23 '@=A>31B7D/ *31<=:L571/ '*)
3<B@= =;K< 23 <D3AB75/17L<
=;7A7L< C@=>3/ G +<7D3@A72/2 '/0:= 23 &:/D723 23 )3D7::/
+<7D3@A72/2 23 *7:0C@5 '/NA3A /8=A
<AB7BCB= 23 AB/2NAB71/ 23 <2/:C1N/
+<7D3@A72/2 '/0:= 23 &:/D723 23 )3D7::/
+
%*+ !
!"#) * %
%, % (
. ,
( $ (
&( $ )
) "'
"
( /
'#
'
&
+
&(! "
< 53<3@/: >/@313 @/H=</0:3 >3<A/@ ?C3 2=A 31=<=;N/A
>C32/< 03<34717/@A3 23: :70@3 1=;3@17= =< 3: =083B7D= 23
3:C172/@ 6/AB/ ?CO >C<B= 3AB3 >:/<B3/;73<B= 3A 173@B= 23
/1C3@2= 1=< :=A B7>=A 23 >@=2C1B=A G :=A >/NA3A = @357=<3A ?C3
A3 ;/<383< 3AB3 B@/0/8= >@3A3<B/ C< ;/@1= B3L@71= ?C3
>3@;7B3 C</ 23B3@;7</17L< 23 3?C7:70@7= 53<3@/: 23 :=A >/B@=<3A
23 1=;3@17= 07:/B3@/: 23 073<3A G 23 3AB3 ;=2= :/ :=1/:7H/17L<
23 ACA D3<B/8/A 1=;>/@/B7D/A D7<1C:/2/A /: 1=;3@17=
7<B3@</17=</: #/ />:71/17L< 3;>N@71/ 23: ;=23:= 1=<A723@/
A31B=@3A = >@=2C1B=A 23@7D/2=A 23 :/A 1=@@3A>=<273<B3A
B/0:/A 7<>CB =CB>CB 23 <2/:C1N/ A>/M/ 3 B/:7/ >/@/ 3: /M=
)3 3AB7;/< :/A 5/</<17/A ?C3 A3 23@7D/< 3F1:CA7D/;3<B3
23: :70@3 1=;3@17= >/@/ 1/2/ >/NA = @357L< A35K< 3: 1/A= G :=A
>/B@=<3A 23 1=;3@17= ?C3 A3 =0B3<2@N/< 23 A3@ :70@3A :=A
/113A=A / :/A @3A>31B7D/A B31<=:=5N/A 23 C</ C =B@/ 31=<=;N/
#/A 5/</<17/A 3AB@71B/;3<B3 1=;3@17/:3A 23@7D/2/A 23 3AB3
K:B7;= AC>C3AB= A=< B/;07O< 1C/<B7471/2/A
2!*0 &
0 (%
+), . 0%2
-1%(% .%+ #!*!. ( %*,10 +10,10
(% .! +)!. %+ * (1 8 0 (%
/, 7
0
"'%# (
-"
>@7;3@/ D7AB/ >/@313@N/ C</ 67>LB3A7A @/H=</0:3 G ACA13>B70:3
23 /13>B/17L< 53<3@/: /: ;3<=A >=@ AC >3@13>17L< 7<;327/B/
?C3 A7 C< >/NA = @357L< B73<3 C</ /0C<2/<17/ @3:/B7D/ 23 C<
4/1B=@ G/ A3/ 23 B@/0/8= B73@@/ = 23 1/>7B/: OAB3 B3<2@Q C</
D3<B/8/ 1=;>/@/B7D/ G 1=;>3B7B7D/ 3< /?C3::=A >@=2C1B=A 1=<
/0C<2/<17/ @3:/B7D/ 23 C<= 23 2716=A 4/1B=@3A A35K< A3/ 3:
1/A= AB= 3A :=A >/NA3A = @357=<3A B73<23< / 3F>=@B/@ /?C3::=A
073<3A ?C3 A=< 7<B3<A7D=A 3< :=A 4/1B=@3A 1=< ?C3 3ABQ< @3:/B7D/
G /0C<2/<B3;3<B3 2=B/2=A A7;7A;= 2/2= ?C3 3< 3AB3
>:/<B3/;73<B= A3 >=<3 23 @3:73D3 :/ 7<B3@/117L< 3<B@3 :/A
>@=>=@17=<3A 3< :/A ?C3 :=A 2743@3<B3A 4/1B=@3A 3ABQ<
27A>=<70:3A 3< D/@7=A >/NA3A = @357=<3A G :/ >@=>=@17L< 3< ?C3
OAB=A A=< CB7:7H/2=A >/@/ >@=2C17@ 073<3A 3AB/ >3@13>17L< 3A
1=<=172/ 1=;= :/ B3=@N/ 23 319A163@
G &6:7<
=
:/ B3=@N/ 23 :/A >@=>=@17=<3A 4/1B=@7/:3A
#/ >@7;3@/ 1=<B@/AB/17L< 3;>N@71/ 23 2716/ B3=@N/ D7<= 23
:/ ;/<= 23 #3=<B734
?C73< ;327/<B3 C< /<Q:7A7A
7<B3@A31B=@7/: 23 :/ 31=<=;N/ 3AB/2=C<723<A3 3D723<17L 3:
6316= 23 ?C3 :/A 3F>=@B/17=<3A <=@B3/;3@71/</A 3@/<
7<B3<A7D/A 3< 3: 4/1B=@ B@/0/8= G <= 3< 3: 4/1B=@ 1/>7B/: 1=;= A3
1@3N/ : 1=<B@/@7= :/A 7;>=@B/17=<3A 3@/< 7<B3<A7D/A 3< 1/>7B/:
'=AB3@7=@;3<B3 ::35/@N/ / 72O<B71/A 1=<1:CA7=<3A 1=< 2/B=A 23
G <= 23
?C3 >=2@N/< <= A3@ @3>@3A3<B/B7D=A >=@ :/
>@=F7;72/2 / :/ )35C<2/ C3@@/ $C<27/: =;= @3AC:B/2= A3
::35L / := ?C3 A3 23<=;7</ 6=G 1=;= , . +&
! !+*0%!"
;327/<B3 :/ 1C/: A3 1=<B@/>=<3< 2=A 67>LB3A7A 1=<B@/@7/A / :/
1@33<17/ 53<3@/: / A/03@ :/ 31=<=;N/ <=@B3/;3@71/</ 3A
@3:/B7D/;3<B3 7<B3<A7D/ 3< 3: 4/1B=@ B@/0/8= G :/ B3=@N/ 23
319A163@ G &6:7< 3A23 3<B=<13A ;C16=A 6/< A72= :=A
B@/0/8=A @3/:7H/2=A >/@/ 0CA1/@ C</ A=:C17L< / 3AB/ />/@3<B3
>/@/2=8/ A7< ?C3 A3 6/G/ 3<1=<B@/2= 6/AB/ /6=@/ C</ A=:C17L<
53<3@/:;3<B3 /13>B/2/
#/ 23B3@;7</17L< 23 :=A =@N53<3A 23 :/A D3<B/8/A
1=;>/@/B7D/A @3:/B7D/A :/A /0A=:CB/A D73<3< 2/2/A >=@ 2/;
);7B6 3<B@3 >/NA3A = @357=<3A B73<3 AC =@753< 3< (71/@2=
?C73< A=AB3<N/ ?C3 :/A 2743@3<17/A B31<=:L571/A
3F>:71/0/< 3: 1=;3@17= 7<B3@</17=</: G >=@ ?CO C< 23B3@;7</2=
>/NA 1=;3@17/0/ 1=< =B@= $QA B/@23 1=;= G/ A3 6/
;3<17=</2=
319A163@ G &6:7< >@=>CA73@=< ?C3 2716/A
D3<B/8/A A3 =@757</0/< / B@/DOA 23 :/ 7<B3@/117L< 23 :/A
2=B/17=<3A 4/1B=@7/:3A @3:/B7D/ /0C<2/<17/ 3<B@3 :=A >/NA3A G /
B@/DOA 23 :/A B31<=:=5N/A 23 >@=2C117L< 7<B3<A72/2 @3:/B7D/
1=;= 3< (71/@2=
,/@7=A /M=A 23A>COA ,/<39
2347<3 C< <C3D= 1=<13>B= 23: 1=;3@17= ;QA /::Q 23: ;3@=
7<B3@1/;07= 23 073<3A 3AB= 3A 3: 1=;3@17= >C323 1=<1307@A3
1=;= 3: 7<B3@1/;07= 7<B3@</17=</: 23 4/1B=@3A 7<1=@>=@/2=A /
:=A >@=2C1B=A 1=< ?C3 A3 1=;3@17/ )C 1=<B@70C17L< A3 @34:38L
3< 3: ::/;/2= ;=23:= 23 319A163@ &6:7< G ,/<39 &, ?C3
3A C</ 3FB3<A7L< 23 :/ :L571/ 23: ;=23:= 23 319A163@ G &6:7<
& )7< 3;0/@5= :/ 1=<B@/AB/17L< 3;>N@71/ 23 3AB=A ;=23:=A
6/ A72= ;CG 23A75C/: 3< :/ :7B3@/BC@/ <= ::35Q<2=A3 6=G /
1=<1:CA7=<3A 2347<7B7D/A DO/A3 >/@/ C</ @3D7A7L< 23 2716=A
@3AC:B/2=A B3< (// G $=6<3<
'=@ 1=<B@/ 3: ;=23:= ?C3 >@3A3<B/;=A 3A C</ D3@A7L< 23
3?C7:70@7= 53<3@/: 23: >@=>C3AB= >=@ B3< (// G 6/9@/0=@BG
G 1=<B@70CG3 >/@B71C:/@;3<B3 / :/ 1=<B@/AB/17L< 3;>N@71/ 23:
;=23:= 23 & 1=<A723@/<2= <= A=:= :/A 2=B/17=<3A 4/1B=@7/:3A
3A>31N471/A 23 1/2/ >/NA = @357L< G ACA B31<=:=5N/A @3A>31B7D/A
A7<= B/;07O< ACA >@343@3<17/A B/: 1=;= A3 3AB/0:313 3< :/ B3=@N/
<3=1:QA71/ 23: 1=;3@17= AN >/@/ 1=<B@/AB/@ 3: ;=23:= & <=
A3 >@=1323 1=;= 3< =B@=A 3ABC27=A / 1=;>/@/@ :/A
=0A3@D/17=<3A A=0@3 3: 1=<B3<72= <3B= 23 :=A 4/1B=@3A
7<1=@>=@/2= / :=A 073<3A ?C3 A3 1=;3@17/:7H/< 1=< @3A>31B= / :=A
=0B3<72=A 3< 3: ;=23:= B3L@71= A7<= ?C3 ;QA 073< A3 1=<B@/AB/
A7 :/A 2=B/17=<3A 4/1B=@7/:3A 3< 3F1:CA7D/ A=< :/A ?C3 23B3@;7</<
:=A ;=D7;73<B=A 23 :=A 4/1B=@3A 3< C< ;3@1/2= 23 :70@3
1=;3@17= AB3 ;=23:= G/ 6/ A72= />:71/2= >/@/ <27/ G C@=>/
B3< (// G 6/9@/0=@BG
/</2Q G C@=>/ B3< (// G
$=6<3<
3 <27/ G /<5:/ 3A6 )792/@ B3< (// $=6<3< G
6/9@/0=@BG
'/@/ 3::= A3 D/ / 3AB/0:313@ C< ;=23:= 1=< 3: >@=>LA7B=
23 :=1/:7H/@ :/A D3<B/8/A 1=;>/@/B7D/A 23 :/ 31=<=;N/ /<2/:CH/
G 3A>/M=:/ 4@3<B3 / :/ 7B/:7/</ 3< C< ;3@1/2= 23 1=;>3B3<17/
>3@431B/ / <7D3: ;C<27/: 1=< :70@3 1=;3@17= 07:/B3@/: 3AB= 3A
0/8= :=A AC>C3AB=A 23 C< ;=23:= <3=1:QA71= 23 1=;3@17=
7<B3@</17=</: A/03@ AC>=<2@3;=A ?C3 1/2/ 31=<=;N/ B73<3
C</A 2=B/17=<3A 23 4/1B=@3A 478/A 27AB7<5C73<2= 3<B@3 073<3A
1=;3@17/:7H/0:3A G <= 1=;3@17/:7H/0:3A ?C3 A=< CB7:7H/2=A
B/<B= >/@/ 1=<AC;= 7<B3@;327= 1=;= >/@/ 1=<AC;= 47</: #/
B31<=:=5N/ G :/A >@343@3<17/A 23 1/2/ 31=<=;N/ D73<3<
0
@3>@3A3<B/2/A >=@ 4C<17=<3A 23 #3=<B734 3AB= 3A
AC>=<2@3;=A ?C3 :=A 1=347173<B3A BO1<71=A G :/A >@=>=@17=<3A
23 1=<AC;= 47</: 3 7<D3@A7L< A=< 478=A 3< 1/2/ 31=<=;N/ =<
3::= :/ /A75</17L< 347173<B3 23 :=A @31C@A=A D3<2@Q
>@=>=@17=</2/ >=@ :/ @3A=:C17L< 23 C< >@=0:3;/ 23
>@=5@/;/17L< :7<3/: ?C3 D73<3 / ;/F7;7H/@ :=A <7D3:3A 23
3F>/<A7L< 23 :/ 23;/<2/ 47</: 7<B3@7=@ 1=<AC;= 3 7<D3@A7L< 3<
C</ 31=<=;N/ AC83B= / C</ >@=>=@17L< 2/2/ A=0@3 1=<AC;=
47</: @3A>31B= 23 :/ =B@/
#/ >@7<17>/: 1=<B@70C17L< 23 3AB3 ;=23:= @3A723 3< :/
1=<AB@C117L< 23 C< ;/@1= 23 @343@3<17/ 1=;>3B7B7D= 0/A/2=
3F1:CA7D/;3<B3 3< :=A 4C<2/;3<B=A 23 :/A 2=A 31=<=;N/A
2=B/17=<3A 4/1B=@7/:3A >@343@3<17/A G B31<=:=5N/A %= A3
7<1:CG3< 3< <7<5K< ;=;3<B= 2/B=A 3AB/2NAB71=A = N<2713A ;QA
/::Q 23 :=A 4C<2/;3<B=A <3=1:QA71=A 23 :/A 2=A 31=<=;N/A :
;=23:= <= 23>3<23 23 N<2713A 23 >@317=A <7 /2;7B3 <7<5K< B7>=
23 B@/0/A C =@73<B/17=<3A / >@7=@7 3< :=A >/B@=<3A 23: 1=;3@17=
'=@ 3::= /2;7B3 1C/:?C73@ >/CB/ 23 3A>317/:7H/17L<
<
2347<7B7D/
3AB3 ;=23:= >@=>=@17=</ C</ D3@2/23@/
23B3@;7</17L< 23 3?C7:70@7= 53<3@/: 23 :=A >/B@=<3A 23
1=;3@17= 23 073<3A 3<B@3 2=A >/NA3A = @357=<3A
3A23 C< >C<B= 23 D7AB/ B3L@71= B3< (// G $=6<3<
@31=<=13< AC ;=23AB/ 1=<B@70C17L< />:71/2= 3AB/ D3H >/@/
/</2Q G C@=>/ G/ ?C3 AC B@/0/8= G >=@ 3<23 OAB3 ?C3 A3
>@3A3<B/ A=:= A3 :7;7B/ / @3A=:D3@ 3: >@=0:3;/ 23 =>B7;7H/17L<
?C3 23 /:5K< ;=2= /D/<H/@=< G/ 7<A0C@56 G -/3:0@=319
< >/@B71C:/@ 2303;=A 6/13@ C</ @343@3<17/ 3A>317/: / :/
3:3117L< 23 B/:7/ 1=;= 1/<272/B/ >/@/ 3AB3 3ABC27= #/ 723/
0
7<717/: 23 :=A /CB=@3A 4C3 3431BC/@ 3: /<Q:7A7A 3<B@3 <2/:C1N/ G 3:
@3AB= 23 A>/M/ %= =0AB/<B3 :/ 4/:B/ 23 27A>=<707:72/2 23 C</
*/0:/ <>CB &CB>CB A7;OB@71/ >/@/ A>/M/ /C<?C3 A3
27A>=<N/< 23 :/A 1=@@3A>=<273<B3A B/0:/A 23 =@753< G 23AB7<= G
:/ 27471C:B/2 ?C3 3<B@/M/0/ 1=<AB@C7@ C</ ?C3 <= 1=<B3;>:/@/
<2/:C1N/ 67H= 23A7AB7@ / :=A /CB=@3A 23 3::= '=@ 3: ;7A;=
;=B7D= A3 0/@/8L :/ >=A707:72/2 23 '=@BC5/: >=@ B3<3@ 4@=<B3@/A
:7;NB@=43A 1=< <2/:C1N/ >3@= 23A/4=@BC</2/;3<B3 <= 27A>=<N/
23 */0:/A <>CB &CB>CB >/@/ 3: /M=
'=@ B/<B= :/ 3:3117L<
23 B/:7/ 1=;= >/NA 23 @343@3<17/ D73<3 8CAB7471/2/ 0QA71/;3<B3
>=@ :/ 27A>=<707:72/2 23 7<4=@;/17L<
AB3 1/>NBC:= A3 =@5/<7H/ 23 :/ A75C73<B3 ;/<3@/ < 3:
/>/@B/2= A75C73<B3 A3 23A1@703 3: ;/@1= B3L@71= >/@/
23B3@;7</@ :/A D3<B/8/A 1=;>/@/B7D/A 23<B@= 23 C< ;=23:= 23
1=;>3B3<17/ >3@431B/ ;C<27/: G :70@3 1=;3@17= 07:/B3@/: < 3:
B3@13@ />/@B/2= A3 23B3@;7</< :=A 2/B=A G :/A 4C3<B3A
3AB/2NAB71/A CB7:7H/2/A ;73<B@/A ?C3 3< 3: 1C/@B= A3 27A1CB3< :/A
D3<B/8/A 1=;>/@/B7D/A 23 :/A 31=<=;N/A /<2/:CH/ G 3A>/M=:/
4@3<B3 / :/ 7B/:7/</ < 3: ?C7<B= />/@B/2= A3 3AB7;/< :/A
5/</<17/A =0B3<72/A >=@ 1/2/ 31=<=;N/ 3< 1/A= 23 :70@3
1=;3@17= 07:/B3@/: < 3: A3FB= A3 3FB73<23 3: ;/@1= B3L@71=
>/@/ />:71/@ 3: ;=23:= 23 1=;3@17= AC>3@ :70@3 1CG=A
@3AC:B/2=A A3 27A1CB3< 3< 3: />/@B/2= AO>B7;= < 3: A75C73<B3
/>/@B/2= A3 A3M/:/ :/ 7;>=@B/<17/ @3:/B7D/ 23 :=A 23B3@;7</<B3A
23 :=A >/B@=<3A 23 1=;3@17= 07:/B3@/: ?C3 723<B7471/< :/A
D3<B/8/A 1=;>/@/B7D/A 23 :/A 2=A 31=<=;N/A G 3< 3: />/@B/2=
<=D3<= A3 23B/::/< :/A @3A>31B7D/A 5/</<17/A =0B3<72/A >=@ :/A
;7A;/A
7</:;3<B3 3: K:B7;= />/@B/2= >@3A3<B/ :/A
1=<1:CA7=<3A >@7<17>/:3A 23 3AB3 B@/0/8=
% # ' -% # $ %
#!$ % ' ) &
< 3AB3 B@/0/8= A3 >:/<B3/ C< ;=23:= <3=1:QA71= 23 1=;3@17=
7<B3@</17=</: 1=< 2=B/17=<3A 478/A 23 4/1B=@3A 1=< 073<3A
1=;3@17/:7H/0:3A G <= 1=;3@17/:7H/0:3A >/@/ 1=<AC;=
7<B3@;327= = 47</: G 1=< 4C<17=<3A 23 #3=<B734 >/@/ :/A
B31<=:=5N/A G :/A >@343@3<17/A 3AB= 3A 1=< 1=347173<B3A
BO1<71=A 478=A G >@=>=@17=<3A 23 1=<AC;= 47</: 3 7<D3@A7L<
B/;07O< 478/A >/@/ 1/2/ 31=<=;N/ 3 3AB/ ;/<3@/ :/ 347173<B3
/A75</17L< 23 :=A @31C@A=A D3<2@Q 2/2/ >=@ :/ ;/F7;7H/17L< 23
:=A <7D3:3A 23 3F>/<A7L< 23 :/ 23;/<2/ 47</: 7<B3@7=@ 1=<AC;=
3 7<D3@A7L< 3< C</ 31=<=;N/ AC83B= / C</ >@=>=@17L< 2/2/
A=0@3 1=<AC;= 47</: @3A>31B= 23 :/ =B@/ :/ 1C/: A3@Q 3AB7;/2/
23 B/: ;=2= ?C3 :/ 0/:/<H/ 23 >/5=A 07:/B3@/: ?C323 7</:B3@/2/
'/@/ 3::= D/;=A / 23<=;7</@ c G
1=;= :=A <7D3:3A 23
3F>/<A7L< 23: 1=<AC;= 47</: >/@/ <2/:C1N/ = A>/M/ G >/@/
B/:7/ @3A>31B7D/;3<B3 1=<B7<C/17L< A7 ?C3@3;=A 5C/@2/@ :/
>@=>=@17L< 2/2/ A=0@3 1=<AC;= 47</: 3<B@3 <2/:C1N/ =
A>/M/ 3 B/:7/ 3F>@3A/@3;=A
3 B/: ;=2= A7 >=@
383;>:= c
7<1@3;3<B/@N/;=A 3< C< 273H >=@ 173<B= :/
23;/<2/ 47</: 7<B3@7=@ 3< <2/:C1N/ = A>/M/ G /AN >/@/ γ 1
A3 B3<2@N/ ?C3 3: <7D3: 23 3F>/<A7L< >/@/ B/:7/ A3@N/
:L571/;3<B3 B/;07O< 23
>C3AB= ?C3 1=< 3::= A3 6/ AC>C3AB=
?C3 /;0/A 31=<=;N/A A3 6/< 3F>/<272= 3< :/ ;7A;/ @/B7=
'=@ B/<B= >/@/ 1/2/ D/:=@ 23 γ A3 >C323 >:/<B3/@ C<
>@=0:3;/ 2743@3<B3 23 =>B7;7H/17L< ?C3 23B3@;7<3 3: ;QF7;=
<7D3: 23 3F>/<A7L< 23: 1=<AC;= 47</: 23 :/ 31=<=;N/ /<2/:CH/
= 3A>/M=:/ c AC83B= / :/A @3AB@7117=<3A >@=>7/A 23: 3?C7:70@7=
;/B3@7/: G 23 :/A 2=B/17=<3A 4/1B=@7/:3A : >@=5@/;/ :7<3/:
D3<2@N/ 2347<72= /AN
AC83B= /
>/@/ 073<3A
' %! " %
& ) "'
&
4/1B=@3A 23 <2/:C1N/ = A>/M/
4/1B=@3A 23 B/:7/
2=<23 >/@/ <2/:C1N/ = A>/M/ 3 B/:7/ @3A>31B7D/;3<B3
T
J
y3
A=< :=A D31B=@3A 23 23;/<2/ 47</: B=B/:
7<B3@7=@ 1=<AC;= 3 7<D3@A7L< 3F1:CG3<2= :/A 3F>=@B/17=<3A
zG
A=< :/A 3F>=@B/17=<3A <3B/A 3F13>BC/<2= 3: 1=;3@17=
07:/B3@/: A G
A=< :/A ;/B@713A @3A>31B7D/A 23 1=347173<B3A
BO1<71=A K G
:/A 2=B/17=<3A 4/1B=@7/:3A 23 1/>7B/: AB=19
<3B= 23 1/>7B/: L G
:/A 2=B/17=<3A 4/1B=@7/:3A 23 B@/0/8=
>=0:/17L< /1B7D/ k G
A=< :=A 1=347173<B3A 23 CB7:7H/17L< 23:
1/>7B/: 1=<AC;= 23 1/>7B/: 478= >=@ C<72/2 23 >@=2C117L<
lG
A=< :=A 1=347173<B3A 23 CB7:7H/17L< 23: B@/0/8= 3;>:3=
/<C/: 3?C7D/:3<B3 >=@ C<72/2 23 >@=2C117L< G T 7<271/
B@/<A>=A717L<
'/@/ 1/2/ D/:=@ 23 γ D/;=A / 23<=B/@ c(γ) 1=;= 3: <7D3: 23
3F>/<A7L< L>B7;= 23: 1=<AC;= 47</: 3< :/ 31=<=;N/ /<2/:CH/
= 3A>/M=:/ /AN 1=;= :/A >@=2C117=<3A L>B7;/A >/@/ :/A 2=A
31=<=;N/A 1=;= x(γ) G (γ) @3A>31B7D/;3<B3 <BC7B7D/;3<B3
>/@/ D/:=@3A >3?C3M=A 23 γ 13@1/<=A / 13@= A3 B3<2@N/ ?C3 3:
<7D3: 23 3F>/<A7L< 23 :/ 31=<=;N/ 7B/:7/</ γc A3@N/
>@Q1B71/;3<B3 <C:= 23AB7<Q<2=A3 >@Q1B71/;3<B3 B=2/ AC
>@=2C117L< <3B/ / >@=D33@ 23 073<3A G A3@D717=A / :/ 31=<=;N/
/<2/:CH/ :/ 1C/: 7;>=@B/@N/ 3< 5@/< 1/<B72/2 G /@@=8/@N/ C<
A/:2= <35/B7D= 23 3F>=@B/17=<3A <3B/A
: 1=<B@/@7= 1=<
D/:=@3A 23 γ 3:3D/2=A /C;3<B=A 3< :/A >@=2C117=<3A <3B/A 23
:/ 31=<=;N/ /<2/:CH/ = 3A>/M=:/ B3<2@N/< C</ @3>3@1CA7L<
A=0@3 3: <7D3: 23 3F>/<A7L< 23 :/ 7B/:7/</ ?C3 =0:75/@N/ / OAB/ /
7;>=@B/@ >C27O<2=A3 =0B3<3@ A/:2= <35/B7D= 3< AC 0/:/<H/
1=;3@17/:
'/@/ :=A 073<3A 1=;3@17/:7H/0:3A :/A 3F>=@B/17=<3A <3B/A
23 <2/:C1N/ = A>/M/ 6/17/ B/:7/ D3<2@N/< 2/2/A >=@ 3:
A75C73<B3 D31B=@
1=;3@17/:7H/0:3A
>/@/ 073<3A <=
1=;3@17/:7H/0:3A
0
A7;7A;= 3< C< ;/@1= 23 3?C7:70@7= 53<3@/: 3: D31B=@ 23
>@317=A 1=;>3B7B7D=A D73<3 2/2= >=@ 3: D31B=@ 23 >@317=A
A=;0@/ 23: >@=5@/;/ :7<3/: 2347<72= ;QA /@@70/ '=@ 3::= A7
23<=B/;=A / 2716=A >@317=A 1=;=
3<B=<13A 3: A/:2=
07:/B3@/: 23 :/ 0/:/<H/ 1=;3@17/: >/@/ <2/:C1N/ = A>/M/
D3<2@N/ 2/2= >=@ 3: >@=2C1B= 23
G :/ 31C/17L<
3: 1C/:
::/;/@3;=A S(γ) */: 1=;= 2787;=A /<B3@7=@;3<B3 >/@/ D/:=@3A
>3?C3M=A 23 γ 13@1/<=A / 13@= S(γ)< 0 G >/@/ D/:=@3A 3:3D/2=A
23 γ S(γ)< 0 < 3: 1/A= 23 =B@=A D/:=@3A γ 7<B3@;327=A >/@/
B3<2@3;=A ?C3 3: D/:=@ 23: A/:2= 1=;3@17/: A3@Q
>@317A/;3<B3 3: D/:=@ =0A3@D/2= CB7:7H/<2= /23;QA :=A D/:=@3A
=0A3@D/2=A 23 >@=2C117L< x G AC>=<73<2= ?C3 c 1 AB= 3A
'=@ B/<B= 2/2=A C< >/@ 23 D/:=@3A 7<717/:3A >/@/ γ 3:
/:5=@7B;= 23 %3EB=< G (/>6A=< >@=>=@17=</@Q /?C3: D/:=@
7<B3@;327= 23 γ B/: ?C3 6/5/ ?C3 :=A 27AB7<B=A A/:2=A
1=;3@17/:3A 07:/B3@/:3A =0B3<72=A 3< 1/2/ 7B3@/17L< D/G/<
1=<D3@573<2= 1=< 3: =0A3@D/2= ?C3 3< 1/2/ C</ 23 3::/A A3
7@Q< D/:=@/<2= A35K< B3< (//
/ :=A >@317=A A=;0@/ G
<= / :=A >@317=A C<7B/@7=A
< 3: ;=;3<B= 3< ?C3 :/ 2743@3<17/
3<B@3 :=A A/:2=A 1=;3@17/:3A <3B=A 07:/B3@/:3A D/:=@/2=A /
2716=A >@317=A A3/ 13@1/</ / 13@= 3<1=<B@/@3;=A 3: D/:=@
7<B3@;327= 23 γ ?C3 A3 0CA1/0/ G 1=< 3::= :/ A=:C17L< L>B7;/
23: >@=0:3;/ AB/ A=:C17L< /@@=8/@Q :=A <7D3:3A 23 3F>/<A7L<
23 :/ 23;/<2/ 47</: 7<B3@7=@ 23 :/A 31=<=;N/A /<2/:CH/ =
3A>/M=:/ 3 7B/:7/</ :/A /A75</17=<3A L>B7;/A 23 >@=2C117=<3A
>=@ A31B=@3A G 3: D31B=@ 23 3F>=@B/17=<3A <3B/A 2347<72= >=@ :/
31C/17L<
@3AC:B/A 23 :/ A=:C17L< 3<1=<B@/2/ 3: A75<= 23: >/B@L<
07:/B3@/: 23: 1=;3@17= 3<B@3 <2/:C1N/ = A>/M/ 3 B/:7/ A3@D7@Q
>/@/ :=1/:7H/@ :/A D3<B/8/A 1=;>/@/B7D/A 23 :=A 27AB7<B=A
A31B=@3A 23 :/A 2=A 31=<=;N/A 303;=A @3A/:B/@ ?C3 3AB3
)3 2347<3 >@317= A=;0@/ 1=;= :/ D/@7/17L< 3F>3@7;3<B/2/ 3< :/ 4C<17L< =083B7D=
1C/<2= :/ 2=B/17L< 23 4/1B=@3A ?C3 /1BK/< 1=;= @3AB@7117=<3A A3 7<1@3;3<B/ 3< C</
C<72/2
: /:5=@7B;= 23 %3EB=< G (/>6A=< D73<3 2/2= >=@
0
/<Q:7A7A A3 @3/:7H/ 3< 4C<17L< 23 := ?C3 -==2:/<2
::/;L
:=A 4C<2/;3<B=A 23 C</ 31=<=;N/ 3< 3: A3<B72= <3=1:QA71= :/A
>@343@3<17/A (y) :/ B31<=:=5N/ (A, k G l) G :/A 2=B/17=<3A
4/1B=@7/:3A (K G L) %= 6/ 6316= 4/:B/ /1C27@ / <7<5C</ @343@3<17/
A=0@3 >@317=A ?C3 23 4=@;/ 3FL53</ A3 7<B@=2CH1/ 3< 3:
;=23:= *=2=A :=A >@317=A A=< 3<2L53<=A #=A >@317=A 23 :=A
073<3A 1=;3@17/:7H/0:3A A=< :=A >@317=A A=;0@/ 23: ;=23:=
@3:/B7D=A / :/A @3AB@7117=<3A 2/2/A >=@
:=A >@317=A 23 :=A
073<3A <= 1=;3@17/:7H/0:3A 3A>31N471=A >/@/ 1/2/ @357L< =
>/NA A=< :=A >@317=A A=;0@/ 23@7D/2=A 23 :/A @3AB@7117=<3A
3F>@3A/2/A 3<
G >=@ K:B7;= :=A >@317=A 23 :=A 4/1B=@3A
B/;07O< 3A>31N471=A D73<3< 2/2=A >=@ :=A >@317=A A=;0@/
@3:/B7D=A / :/A 31C/17=<3A
G
#/A D3<B/8/A /1C;C:/2/A =0B3<72/A >=@ C< >/NA 1=<
;=B7D= 23: :70@3 1=;3@17= A3 >C323< 3<B=<13A 1/:1C:/@
;327/<B3 :/ 1=;>/@/17L< 23 :=A 27AB7<B=A <7D3:3A 23 3F>/<A7L<
23 :/ 23;/<2/ 47</: @343@72=A / C< 3A13</@7= 23 :70@3 1=;3@17=
B3L@71= G / =B@= 23 1/@Q1B3@ /CBQ@?C71= 2=<23 <= 3F7AB3
1=;3@17= 07:/B3@/: >=A70:3 < A3<B72= 3AB@71B= :=A 1=347173<B3A
BO1<71=A =0A3@D/2=A @3>@3A3<B/< 23 /:5K< ;=2= :/ B31<=:=5N/
?C3 >@3D/:313 3< 1/2/ 31=<=;N/ 2/2=A C<=A >@317=A
=0A3@D/2=A '=@ 3A= A7 :=A >@317=A 23 3?C7:70@7= 27473@3< 23
3AB=A K:B7;=A 3<B=<13A :/ 3:3117L< 23 :/ B31<=:=5N/ D/@7/@Q G
1=<A31C3<B3;3<B3 :=A 1=347173<B3A BO1<71=A B/;07O< '=@
B/<B= 1C/:?C73@ 1/;07= 3< :/ B31<=:=5N/ B@/3@Q 1=<A75= B/;07O<
>=AB3@7=@3A @3/A75</17=<3A 23 :/A 2=B/17=<3A 23 4/1B=@3A /AN
1=;= 23 >=B3<17/:3A 5/</<17/A 23@7D/2/A 23 C</ ;/G=@
3A>317/:7H/17L<
AB3 /<Q:7A7A 3A DQ:72= B/;07O< >/@/ 3:
1=<AC;= G 3< 1=<8C<B= >3@;7B7@Q :=1/:7H/@ D3<B/8/A
1=;>/@/B7D/A 23 :/A 31=<=;N/A /C< A/073<2= ?C3 :=A
@3AC:B/2=A >C323< A3@ 173@B/;3<B3 /:5= 1=<A3@D/2=@3A G/ ?C3
A3 75<=@/< 3< 3: ;=23:= C:B3@7=@3A D/@7/17=<3A B/<B= 3< 3:
1=<AC;= 7<B3@;327= 1=;= 3< 3: 1=<AC;= 47</:
'#&
#/A 4C3<B3A 3AB/2NAB71/A CB7:7H/2/A 6/< A72= ;CG D/@7/2/A < :=
?C3 @3A>31B/ / :/A B/0:/A A7;OB@71/A 7<>CB =CB>CB A3 =0BCD73@=<
/ >/@B7@ 23 +(&)* * >/@/ 3: 1/A= 23 B/:7/ 3: <AB7BCB= 23
AB/2NAB71/ 23 <2/:C1N/
>/@/ <2/:C1N/ G 3: <AB7BCB=
%/17=</: 23 AB/2NAB71/ % >/@/ A>/M/ < 3AB3 K:B7;= 1/A=
2303;=A @3;/@1/@ ?C3 2716/ B/0:/ <= A3 3<1C3<B@/
/1BC/:;3<B3 27A>=<70:3 G >=@ B/<B= OAB/ A3 1=<AB@CGL 3< C<
4=@;/B= >@=2C1B= >=@ >@=2C1B= G / >/@B7@ 23 :/ ::/;/2/
B31<=:=5N/ 23 @/;/ = A31B=@ 3< 0/A3 / :/A B/0:/A 23 =@753< G
23AB7<= / >@317=A 0QA71=A >C0:71/2/A >=@ 3: % *=2=A :=A
2/B=A A=0@3 >@=2C117=<3A 23;/<2/ 47</: 1=<AC;= 7<D3@A7L<
G 3F>=@B/17=<3A 3 7;>=@B/17=<3A A3 >C323< =0B3<3@
27@31B/;3<B3 23 2716/A B/0:/A 7<>CB =CB>CB :/A 1C/:3A A3
/5@35/@=< >/@/ C< B=B/: 23
A31B=@3A #/ 1=@@3A>=<23<17/
3<B@3 :=A 27AB7<B=A A31B=@3A ?C3 1=<4=@;/< :/A 2743@3<B3A
/5@35/17=<3A A3 >C323 1=<AC:B/@ 3< 3: <3F=
< := ?C3 A3 @3473@3 /: 1=;3@17= 3FB3@7=@ 07:/B3@/: 3<B@3
A>/M/ 3 B/:7/ G 3<B@3 <2/:C1N/ 3 B/:7/ :/A 4C3<B3A
3AB/2NAB71/A 4C3@=< 3: % G 3:
@3A>31B7D/;3<B3 #/
>=0:/17L< /1B7D/ 3< <2/:C1N/ G 3< A>/M/ 4C3 >@=>=@17=</2/
>=@ :=A @3AC:B/2=A 23 :/ <1C3AB/ 23 '=0:/17L< 1B7D/ '
;73<B@/A ?C3 >/@/ B/:7/ A3 3;>:3/@=< :=A 2/B=A =4@3172=A >=@ :/
&@5/<7H/17L< <B3@</17=</: 23: *@/0/8= & * / >/@B7@ 23 AC 0/A3
23 2/B=A # &()*
A7;7A;= :/ & * B/;07O< AC;7<7AB@L 3:
<K;3@= 23 3;>:3/2=A >=@ A31B=@3A 23 B/:7/ < 3AB3 1/A=
>/@B71C:/@ :=A 2/B=A 23: A31B=@ 7<2CAB@7/: A3 BCD73@=< ?C3
23A/5@35/@ >/@/ :/ 31=<=;N/ 7B/:7/</ 3< 4C<17L< 23: D/:=@
/M/272= 0@CB= / >@317=A 0QA71=A >=@ A31B=@3A '/@/ 3: 1/A= 23
A>/M/ G <2/:C1N/ :/ 7<4=@;/17L< A=0@3 3;>:3= A31B=@7/: A3
3FB@/8= 23 :=A @3A>31B7D=A ;/@1=A 7<>CB =CB>CB
#/ 7<4=@;/17L< A=0@3 AB=19 23 1/>7B/: A3 4C<2/;3<B/ 3<
C< 3ABC27= 23 "/;>A
>/@/ 3: =<2= $=<3B/@7=
<B3@</17=</: $ 2=<23 A3 1C/<B7471/< :=A AB=19A 23 1/>7B/:
23
>/NA3A 23 :/ &
23A23
6/AB/
< 4C<17L<
23: ;7A;= A3 =0BCD73@=< 174@/A >/@/ A>/M/ 3 B/:7/ < 1/;07=
>/@/ <2/:C1N/ A3 />:71L :/ >@=>=@17L< ?C3 @3>@3A3<B/ 2716/
@357L< A=0@3 3: B=B/: </17=</: @31=572/ 3< $/A 'O@3H G +@73:
< @343@3<17/ /: 1=<AC;= 23 1/>7B/: 478= A=:= 6/G
7<4=@;/17L< 27A>=<70:3 >/@/ B/:7/ / B@/DOA 23 )* * G
<2/:C1N/ / B@/DOA 23: ;/@1= 7<>CB =CB>CB '=@ := B/<B= >/@/
A>/M/ A3 /AC;73@=< :=A 1=347173<B3A 23 CA= 23: 1/>7B/:
=0B3<72=A >/@/ :/ @357L< /<2/:CH/
0
&( '
#&
!#
#
< 3AB3 />/@B/2= A3 >@3A3<B/< :=A @3AC:B/2=A 23: ;=23:=
7<B@=2C172= 3< 3: A35C<2= 3>N5@/43 )3 >C323< />@317/@ 3< :/
*/0:/ / :=A @3AC:B/2=A =0B3<72=A >/@/ <2/:C1N/ G 3< :/ */0:/
0 :=A =0B3<72=A >/@/ A>/M/ /;0=A @3A>31B= 23 B/:7/ AB/A
2=A B/0:/A @3>@3A3<B/< /?C3::=A 073<3A G A3@D717=A >@=2C172=A
>=@ 1/2/ 31=<=;N/ 0/8= 1=<2717=<3A 23 1=;>3B3<17/ >3@431B/
G 23 :70@3 1=;3@17= 07:/B3@/: )7 073< 3A D3@2/2 ?C3 3< /;0=A
$
)' , "'& * ' * )-
*.
#' $" )
'% ) "'
%
#! %
1/A=A :/A 174@/A 23 >@=2C117L< =0A3@D/2/A A=< B=2/A >=A7B7D/A
>/@/ B=2=A :=A A31B=@3A 3<1=<B@/;=A 1L;= <2/:C1N/ A3
3A>317/:7H/@N/ 3< :/A /1B7D72/23A 3FB@/1B7D/A 23 ;7<3@/:3A
3<3@5OB71=A G 3< :/ >@=2C117L< 23 >@=2C1B=A ?CN;71=A '=@ 3:
1=<B@/@7= B/:7/ A3 3<1/@5/@N/ 23 >@=2C17@ >/@/ 3: ;3@1/2=
/<2/:CH B=2=A :=A >@=2C1B=A / 3F13>17L< 23 :=A ;7<3@/:3A
3<3@5OB71=A
#/,'$'(4 .,--0/(4 '( (6304
+')
& $, 0
+ $"
%4(37$'0
,%3(
*3,&6-563$ *$/$'(3>$ &$:$ 9 4(-7,&6-563$
(4&$
853$&&,</ '( 130'6&504 (/(3*?5,&04
853$&&,</ '( 05304 .,/(3$-(4 (8&(150 130'6&504 (/(3*?5,&04
/'6453,$ '( -$ $-,.(/5$&,</ %(%,'$4 9 5$%$&0
/'6453,$ 5(85,- 9 '( -$ &0/)(&&,</
/'6453,$ '(- &6(30 9 '(- &$-:$'0
/'6453,$ '( -$ .$'(3$ 9 '(- &03&+0
/'6453,$ '(- 1$1(- (',&,</ $35(4 *3@),&$4 9 3(130'6&&,</ '( 401035(4 *3$%$'04
(),/0 '( 1(53<-(0 9 53$5$.,(/50 '( &0.%645,%-(4 /6&-($3(4
/'6453,$ 26>.,&$
/'6453,$ '( -$ 53$/4)03.$&,</ '(- &$6&+0 9 .$5(3,$4 1-@45,&$4
/'6453,$4 '( 05304 130'6&504 .,/(3$-(4 /0 .(5@-,&04
(5$-63*,$ 9 )$%3,&$&,</ '( 130'6&504 .(5@-,&04
/'6453,$ '( -$ &0/4536&&,</ '( .$26,/$3,$ 9 (26,10 .(&@/,&0
/'6453,$ '( .$5(3,$- 9 (26,10 (-?&53,&0 (-(&53</,&0 9 <15,&0
$%3,&$&,</ '( .$5(3,$- '( 53$/41035(
/'6453,$4 .$/6)$&563(3$4 ',7(34$4
30'6&&,</ 9 ',453,%6&,</ '( (/(3*>$ (-?&53,&$ *$4 9 $*6$
0/4536&&,</
0.(3&,0 3(1$3$&,</ '( 7(+>&6-04 '( .0503 .050&,&-(5$4 9 &,&-0.0503(4 9 $35>&6-04 1(340/$-(4 9 '( 640 '0.?45,&0
045(-(3>$
"3$/41035( $-.$&(/$.,(/50 9 &0.6/,&$&,0/(4
/5(3.(',$&,</ ),/$/&,(3$
&5,7,'$'(4 ,/.0%,-,$3,$4 9 '( $-26,-(3 4(37,&,04 (.13(4$3,$-(4
'.,/,453$&,</ 1;%-,&$ '()(/4$ 9 4(*63,'$' 40&,$'6&$&,</
&5,7,'$'(4 4$/,5$3,$4 9 7(5(3,/$3,$4 4(37,&,04 40&,$-(4
53$4 $&5,7,'$'(4 40&,$-(4 9 '( 4(37,&,04 13(45$'04 $ -$ &0.6/,'$' 4(37,&,04 1(340/$-(4
0*$3(4 26( (.1-($/ 1(340/$- '0.?45,&0
+ %*
#
:/0=@/17L< >@=>7/
0
%4(37$'0
,%3(
$
)' , "'& * ' * )-
*.
#' $" )
'% ) "'
#/,'$'(4 .,--0/(4 '( (6304
+')
*( /
%4(37$'0
+ $"
,%3(
%4(37$'0
,%3(
*3,&6-563$ *$/$'(3>$ &$:$ 9 4(-7,&6-563$
(4&$
853$&&,</ '( 130'6&504 (/(3*?5,&04
853$&&,</ '( 05304 .,/(3$-(4 (8&(150 130'6&504 (/(3*?5,&04
/'6453,$ '( -$ $-,.(/5$&,</ %(%,'$4 9 5$%$&0
/'6453,$ 5(85,- 9 '( -$ &0/)(&&,</
/'6453,$ '(- &6(30 9 '(- &$-:$'0
/'6453,$ '( -$ .$'(3$ 9 '(- &03&+0
/'6453,$ '(- 1$1(- (',&,</ $35(4 *3@),&$4 9 3(130'6&&,</ '( 401035(4 *3$%$'04
(),/0 '( 1(53<-(0 9 53$5$.,(/50 '( &0.%645,%-(4 /6&-($3(4
/'6453,$ 26>.,&$
/'6453,$ '( -$ 53$/4)03.$&,</ '(- &$6&+0 9 .$5(3,$4 1-@45,&$4
/'6453,$4 '( 05304 130'6&504 .,/(3$-(4 /0 .(5@-,&04
(5$-63*,$ 9 )$%3,&$&,</ '( 130'6&504 .(5@-,&04
/'6453,$ '( -$ &0/4536&&,</ '( .$26,/$3,$ 9 (26,10 .(&@/,&0
/'6453,$ '( .$5(3,$- 9 (26,10 (-?&53,&0 (-(&53</,&0 9 <15,&0
$%3,&$&,</ '( .$5(3,$- '( 53$/41035(
/'6453,$4 .$/6)$&563(3$4 ',7(34$4
30'6&&,</ 9 ',453,%6&,</ '( (/(3*>$ (-?&53,&$ *$4 9 $*6$
0/4536&&,</
0.(3&,0 3(1$3$&,</ '( 7(+>&6-04 '( .0503 .050&,&-(5$4 9 &,&-0.0503(4 9 $35>&6-04 1(340/$-(4 9 '( 640 '0.?45,&0
045(-(3>$
"3$/41035( $-.$&(/$.,(/50 9 &0.6/,&$&,0/(4
/5(3.(',$&,</ ),/$/&,(3$
&5,7,'$'(4 ,/.0%,-,$3,$4 9 '( $-26,-(3 4(37,&,04 (.13(4$3,$-(4
'.,/,453$&,</ 1;%-,&$ '()(/4$ 9 4(*63,'$' 40&,$'6&$&,</
&5,7,'$'(4 4$/,5$3,$4 9 7(5(3,/$3,$4 4(37,&,04 40&,$-(4
53$4 $&5,7,'$'(4 40&,$-(4 9 '( 4(37,&,04 13(45$'04 $ -$ &0.6/,'$' 4(37,&,04 1(340/$-(4
0*$3(4 26( (.1-($/ 1(340/$- '0.?45,&0
+ %*
:/0=@/17L< >@=>7/
< 3: 1/A= 23 A>/M/ DO/A3 */0:/ 0 3F7AB3 >=@ 1=<B@/
C</ ;/G=@ D/@732/2 23 A31B=@3A 3< :=A ?C3 A3 3A>317/:7H/@N/
B/:3A 1=;= :/A @/;/A >@7;/@7/A 3: @347<= 23 >3B@L:3= :/
7<2CAB@7/ ?CN;71/ :=A >@=2C1B=A 23 1/C16= G >:QAB71=A :=A
=B@=A >@=2C1B=A ;7<3@/:3A <= ;3BQ:71=A 13;3<B= 1/: 3B1 :/
4/0@71/17L< 23 3?C7>=A 3:O1B@71=A G 3:31B@L<71=A G 3: A31B=@ 23
:/ 3<3@5N/ 3:O1B@71/ 5/A G /5C/ <Q:=5/;3<B3 3: @3AB= 23
>@=2C1B=A A3 3:/0=@/@N/ 3< B/:7/ / 3F13>17L< 23 :/ 3:/0=@/17L<
23 3?C7>=A 3:O1B@71=A G 3:31B@L<71=A ?C3 A3 >@=2C17@N/ 3<
/;0=A >/NA3A
< /;0=A 1/A=A :/A >@=2C117=<3A 23 :=A 073<3A <=
1=;3@17/:7H/0:3A ?C3 A3 6/< 1=<A723@/2= 23 :/ @/;/
/ :/
/;0/A 7<1:CA7D3 B/<B= >/@/ <2/:C1N/ 3 B/:7/ 1=;= >/@/
A>/M/ 3 B/:7/ A=< :L571/;3<B3 >=A7B7D/A
#/ :=1/:7H/17L< 23 :/A D3<B/8/A 1=;>/@/B7D/A 3<B@3 2=A
31=<=;N/A A3 @3/:7H/ 3< 0/A3 /: A75<= 23 :=A >/B@=<3A 23
1=;3@17= 07:/B3@/: 3<B@3 /;0/A
AN 3: 3431B= 23 :/
1=;>3B3<17/ >3@431B/ G 3: :70@3 1=;3@17= 07:/B3@/: A=0@3 :=A
>/B@=<3A 1=;3@17/:3A =0A3@D/2=A 3<B@3 <2/:C1N/ = A>/M/ 3
B/:7/ D73<3< @34:38/2=A 3< :/ */0:/
*/: 1=;= A3 >C323 />@317/@ 3< :/ */0:/
<2/:C1N/ AL:=
;C3AB@/ B3<3@ D3<B/8/A 1=;>/@/B7D/A @3A>31B= 23 B/:7/ 3< :/A
0
/1B7D72/23A 3FB@/1B7D/A 23 ;7<3@/:3A 3<3@5OB71=A G :/ 7<2CAB@7/
?CN;71/ >=@ := ?C3 >/@313 A3@ ;QA />@=>7/2= 3< C< ;3@1/2=
23 1=;>3B3<17/ >3@431B/ G 23 :70@3 1=;3@17= 07:/B3@/: ?C3 3:
@3AB= 23 >@=2C1B=A A3 7;>=@B3 23A23 B/:7/ )7< 3;0/@5=
B3<73<2= 3< 1C/<B/ :/A 3F>=@B/17=<3A <3B/A =0A3@D/2/A 3:
<K;3@= 23 A31B=@3A 2=<23 :/ 31=<=;N/ /<2/:CH/ A3 ;C3AB@/
1=< ;QA D3<B/8/A 1=;>/@/B7D/A /C;3<B/ AB= 3A A3 /M/23<
:/A @/;/A >@7;/@7/A :/ 7<2CAB@7/ /:7;3<B717/ :/ 7<2CAB@7/ 23 :/
;/23@/ G 23: 1=@16= :/ 7<2CAB@7/ 23: 1C3@= G 1/:H/2= :/
7<2CAB@7/ ;3B/:K@571/ G :/ 7<2CAB@7/ 23: >/>3: 3<B@3 =B@/A
(3A>31B= /: 1/A= 23 A>/M/ DO/A3 */0:/ 3: <K;3@= 23
A31B=@3A 1=< D3<B/8/A 1=;>/@/B7D/A @3A>31B= 23 B/:7/ /C;3<B/
A7 := 1=;>/@/;=A 1=< <2/:C1N/ < 3AB3 1/A= :/A @/;/A
>@7;/@7/A /5@71C:BC@/ G >3A1/ 3< 53<3@/: 3: @347<= 23 >3B@L:3=
:/ 7<2CAB@7/ ?CN;71/ :/ 7<2CAB@7/ 23: 1/C16= G 23: >:QAB71= :/
4/0@71/17L< 23 ;7<3@/:3A <= ;3BQ:71=A 13;3<B= 1/: 3B1 G 3:
A31B=@ 23 :/ 3<3@5N/ 3:O1B@71/ 5/A G /5C/ A=< :=A ?C3 >@3A3<B/<
D3<B/8/A 1=;>/@/B7D/A / <7D3: </17=</: @3A>31B= 23 :/ 31=<=;N/
7B/:7/</ < 1/;07= :=A 2/B=A =0A3@D/2=A @31=53< D3<B/8/A
>/@/ :/A /1B7D72/23A 3FB@/1B7D/A 23 ;7<3@/:3A <= 3<3@5OB71=A
:/A @/;/A >@7;/@7/A :/ 7<2CAB@7/ /:7;3<B717/ :/ 7<2CAB@7/ 23 :/
;/23@/ G 23: 1=@16= G :/ 4/0@71/17L< 23 ;/B3@7/: 23 B@/<A>=@B3
$
" )
'% ) "' "$ + ) $
*
& $, 0
' *( /
! " + $"
+')
#/,'$'(4 .,--0/(4 '( (6304
& $, 0
81035$&,0/(4
/(5$4
0%4(37$'$4
*( /
81035$&,0/(4
/(5$4
-,%3(
81035$&,0/(4
/(5$4
0%4(37$'$4
81035$&,0/(4
/(5$4
-,%3(
*3,&6-563$ *$/$'(3>$ &$:$ 9 4(-7,&6-563$
(4&$
853$&&,</ '( 130'6&504 (/(3*?5,&04
853$&&,</ '( 05304 .,/(3$-(4 (8&(150 130'6&504 (/(3*?5,&04
/'6453,$ '( -$ $-,.(/5$&,</ %(%,'$4 9 5$%$&0
/'6453,$ 5(85,- 9 '( -$ &0/)(&&,</
/'6453,$ '(- &6(30 9 '(- &$-:$'0
/'6453,$ '( -$ .$'(3$ 9 '(- &03&+0
/'6453,$ '(- 1$1(- (',&,</ $35(4 *3@),&$4 9 3(130'6&&,</ '( 401035(4 *3$%$'04
(),/0 '( 1(53<-(0 9 53$5$.,(/50 '( &0.%645,%-(4 /6&-($3(4
/'6453,$ 26>.,&$
/'6453,$ '( -$ 53$/4)03.$&,</ '(- &$6&+0 9 .$5(3,$4 1-@45,&$4
/'6453,$4 '( 05304 130'6&504 .,/(3$-(4 /0 .(5@-,&04
(5$-63*,$ 9 )$%3,&$&,</ '( 130'6&504 .(5@-,&04
/'6453,$ '( -$ &0/4536&&,</ '( .$26,/$3,$ 9 (26,10 .(&@/,&0
/'6453,$ '( .$5(3,$- 9 (26,10 (-?&53,&0 (-(&53</,&0 9 <15,&0
$%3,&$&,</ '( .$5(3,$- '( 53$/41035(
/'6453,$4 .$/6)$&563(3$4 ',7(34$4
30'6&&,</ 9 ',453,%6&,</ '( (/(3*>$ (-?&53,&$ *$4 9 $*6$
0/4536&&,</
0.(3&,0 3(1$3$&,</ '( 7(+>&6-04 '( .0503 .050&,&-(5$4 9 &,&-0.0503(4 9 $35>&6-04 1(340/$-(4 9 '( 640 '0.?45,&0
045(-(3>$
"3$/41035( $-.$&(/$.,(/50 9 &0.6/,&$&,0/(4
/5(3.(',$&,</ ),/$/&,(3$
&5,7,'$'(4 ,/.0%,-,$3,$4 9 '( $-26,-(3 4(37,&,04 (.13(4$3,$-(4
'.,/,453$&,</ 1;%-,&$ '()(/4$ 9 4(*63,'$' 40&,$'6&$&,</
&5,7,'$'(4 4$/,5$3,$4 9 7(5(3,/$3,$4 4(37,&,04 40&,$-(4
53$4 $&5,7,'$'(4 40&,$-(4 9 '( 4(37,&,04 13(45$'04 $ -$ &0.6/,'$' 4(37,&,04 1(340/$-(4
0*$3(4 26( (.1-($/ 1(340/$- '0.?45,&0
+ %*
:/0=@/17L< >@=>7/
/03 6/13@ C</ ;3<17L< 3A>317/: / :/A 2743@3<17/A
3<1=<B@/2/A 3<B@3 :/A 3F>=@B/17=<3A <3B/A =0A3@D/2/A B/<B=
>/@/ <2/:C1N/ 1=;= >/@/ A>/M/ G :/A =0B3<72/A 0/8= C<
1=<B3FB= 23 1=;>3B3<17/ >3@431B/ G :70@3 1=;3@17= 07:/B3@/: <
53<3@/: 3AB/A 2743@3<17/A >C323< /B@70C7@A3 / 27D3@A=A 5@/2=A
23 ;=<=>=:7= 3FB3@</:72/23A B/A/A 3 7;>C3AB=A G =B@=A
7;>327;3<B=A 3 7;>3@43117=<3A 23: ;3@1/2= 23 27D3@A=
=@753< < >/@B71C:/@ A3 >C323 />@317/@ 1L;= 3< <2/:C1N/ 23
6316= 3F7AB3< 27D3@A/A ;3272/A ?C3 >@=B353< :/ =43@B/ 7<B3@7=@
3< 1/A=A 1=;= :/ 7<2CAB@7/ /:7;3<B717/ = :/A @/;/A >@7;/@7/A
2=<23 0/8= C</ A7BC/17L< 23 1=;>3B3<17/ >3@431B/ G :70@3
1=;3@17= 07:/B3@/: >/A/@N/< 23 A3@ 3F>=@B/2=@/A <3B/A /
7;>=@B/2=@/A <3B/A 23 B/:7/ A7;7A;= 3AB/ A7BC/17L< B/;07O<
A3 >@=2C13 >/@/ :/ 7<2CAB@7/ /:7;3<B717/ 3< 3: 1/A= 23 A>/M/
/AN 1=;= >/@/ :/ 7<2CAB@7/ 23 :/ ;/23@/ G 23: 1=@16= '=@ 3:
1=<B@/@7= A35K< :=A @3AC:B/2=A ?C3 A3 ;C3AB@/< 3< :/ */0:/ G
0/8= C</ A7BC/17L< 23 1=;3@17= 07:/B3@/: :70@3 G 1=;>3B3<17/
>3@431B/ :/A @/;/A >@7;/@7/A / 3A1/:/ </17=</: A3 03<34717/@N/<
3< 5@/< ;3272/ 23 :/ /CA3<17/ 23 7<B3@43@3<17/A 3< 3: ;3@1/2=
/:5= ?C3 <= 1=7<1723 1=< 3: 1/A= 23 <2/:C1N/
72O<B71/A
1=<1:CA7=<3A / <7D3: </17=</: A3 ::35/@N/< >/@/ :/A 7<2CAB@7/A
?CN;71/ G :/ 7<2CAB@7/ 23 >@=2C1B=A ;7<3@/:3A <= ;3BQ:71=A
13;3<B= 1/: 3B1 3<B@3 =B@/A
73< 3A D3@2/2 ?C3 3AB3 ;=23:= >@3A3<B/ B@3A B7>=A 23
:7;7B/17=<3A 7<63@3<B3A / :=A AC>C3AB=A 23 >/@B72/ < >@7;3@
:C5/@ 3AB3 ;=23:= <= 1=<A723@/ <7<5C</ 7;>3@43117L< 23:
;3@1/2= =>17L< ;C16= ;QA 13@1/</ / :/ @3/:72/2 /: /AC;7@
1=;3@17= 07:/B3@/: :70@3 G 1=;>3B3<17/ >3@431B/
< A35C<2= :C5/@ <= A3 7<1:CG3 3< 3: ;=23:= C< 23B/::3 23
:=A >@=2C1B=A AC47173<B3 ?C3 5/@/<B713 / AC D3H :/ 7<1:CA7L< 23
:= ?C3 A3 ::/;/ 1=;3@17= 23 72/ G DC3:B/ AB= 3A <2/:C1N/
>C323 3F>=@B/@ / B/:7/ /137BC</A 27@31B/;3<B3 @31=572/A 23:
=:7D/@ 3F>=@B/17L< 23: A31B=@ /5@N1=:/ >/@/ ;QA B/@23 7;>=@B/@
:/A ;7A;/A /137BC</A /:7M/2/A G :7AB/A >/@/ A3@D7@ 7<2CAB@7/
/:7;3<B717/ < 3AB3 1/A= <= 3F7AB3 >@=0:3;/ /:5C<= G/ ?C3 :/A
/137BC</A A3 7<1:CG3< 3< 2=A @/;/A 27AB7<B/A 23>3<273<2= 23:
>@=13A= 23 3:/0=@/17L< 23 1/2/ C</ 23 3::/A %= =0AB/<B3 A7
3F7AB73@/ C< K<71= A31B=@ @343@72= / /137BC</A AN A3 6C073@/
>@=2C172= C< >@=0:3;/ 23 <= 1=<B/07:7H/17L< 23: 1=;3@17= 23
72/ G DC3:B/ B/: G 1=;= A3 >C323 4Q17:;3<B3 7<BC7@ A7;7A;=
0
:/A 2743@3<17/A 23 1/:72/2 23 :=A >@=2C1B=A B/;>=1= A3 B=;/<
3< 1=<A723@/17L< 3< 3: ;=23:= AN 3< :/ ;3272/ 23 := >=A70:3
G 2/2/ :/ 23A/5@35/17L< 3;>:3/2/ 3< 3AB3 B@/0/8= C<
>@=2C1B= B3<2@Q :/A ;7A;/A 1/@/1B3@NAB71/A A3/ 2=<23 A3/ :/
@357L< = >/NA ?C3 := >@=2CH1/
< B3@13@ :C5/@ <= A3 1=<B3;>:/< 3< 3: ;=23:= :=A
>=A70:3A 1/;07=A 7<2C172=A >=@ :/A 31=<=;N/A 23 3A1/:/ 3< :=A
1=347173<B3A BO1<71=A := ?C3 23B3@;7</ 23 /:5K< ;=2= :/
:=1/:7H/17L< 23 :/A D3<B/8/A 1=;>/@/B7D/A 3<B@3 2=A 31=<=;N/A
%= =0AB/<B3 A75C73<2= / )792/@ 3B /:
:/ 7<1:CA7L< 23 :/A
31=<=;N/A 23 3A1/:/ >=2@Q< /:B3@/@ :=A >/B@=<3A 23 1=;3@17=
07:/B3@/: >3@= :/A 2743@3<17/A 3< B=2= 1/A= <= A3@N/< ;CG
A75<7471/B7D/A K< ;QA :/A 5/</<17/A 23@7D/2/A 23: 1=;3@17=
0
07:/B3@/: 3AB/@N/< 7<4@/D/:=@/2/A /: <= 7<1:C7@ 2716/A 31=<=;N/A
23 3A1/:/
'=@ K:B7;= :/ 1=<A723@/17L< 23: 1=;3@17= 23 72/ G DC3:B/
/AN 1=;= :/ 23 C</ ;/G=@ 2743@3<17/17L< 23 >@=2C1B=A >C323
A3@ >@Q1B71/ >/@/ =0B3<3@ C</ >@317A/ />@317/17L< 23: 1=;3@17=
07:/B3@/: >3@= <= <313A/@7/;3<B3 >/@/ :/ :=1/:7H/17L< 23
D3<B/8/A 1=;>/@/B7D/A 3<B@3 2=A 31=<=;N/A )792/@ 3B /:
?C3 3A 3: B3;/ 13<B@/: 23 3AB3 B@/0/8= < 2347<7B7D/ 3< :/
A75C73<B3 A3117L< A3 23A/@@=::/ C< ;=23:= ?C3 :=1/:7H/ :/A
D3<B/8/A 1=;>/@/B7D/A 23 <2/:C1N/ = A>/M/ 0/8= C</
1=;>3B3<17/ >3@431B/ G :70@3 1=;3@17= 07:/B3@/: @3A>31B= 23
B/:7/
" "
&
%)
&
)3 >C323< 27AB7<5C7@ 2=A B7>=A 23 5/</<17/A 23@7D/2/A 23: :70@3
1=;3@17= < >@7;3@ :C5/@ :/A =0B3<72/A 1=< ;=B7D= 23 :/
3A>317/:7H/17L< >@=2C1B7D/ ?C3 A3 1/:1C:/< 3:7;7</<2= :/
7<347173<B3 /A75</17L< 7<B3@7=@ 23 :=A @31C@A=A G AC 1=<A75C73<B3
7<4@/CB7:7H/17L< G 3< A35C<2= :C5/@ :/A 5/</<17/A 23@7D/2/A
3F1:CA7D/;3<B3 23 :/ 3F7AB3<17/ 23 :/ >=A707:72/2 23 @3/:7H/@
B@/<A/117=<3A 07:/B3@/:3A 3AB= 3A :/A =0B3<72/A AL:= >=@ :/
;3@/ 3F7AB3<17/ 23: :70@3 1=;3@17= #/A A=:C17=<3A =0B3<72/A
3< 3: A35C<2= />/@B/2= /@@=8/< D/:=@3A >/@/ c G
A73<2= :=A 1=<A75C73<B3A 4/1B=@3A 23 3F>/<A7L< 23: 1=<AC;=
47</: >/@/ <2/:C1N/ 3 B/:7/ G >/@/ A>/M/ 3 B/:7/ :=A
A75C73<B3A
c
c
G
G
>/@/ <2/:C1N/ 3 B/:7/
>/@/ A>/M/ 3 B/:7/
'=@ B/<B= 3: :70@3 1=;3@17= 07:/B3@/: 3< C< ;C<2= 23
1=;>3B3<17/ >3@431B/ @3>=@B/@N/ >/@/ :/ 31=<=;N/ /<2/:CH/
C</ 5/</<17/ B=B/: 23 C<
;73<B@/A ?C3 >/@/ :/ 31=<=;N/
7B/:7/</ 23 AL:= C<
'/@/ 3: 1/A= 3A>/M=: :/ 5/</<17/ A3
@32C17@N/ / C<
;73<B@/A ?C3 >/@/ B/:7/ A3 7<1@3;3<B/@N/
6/AB/ C<
AN :/A B@3A 31=<=;N/A A3 03<34717/@N/< 23:
:70@3 1=;3@17= A73<2= :/ /<2/:CH/ :/ ;QA 03<34717/2/ 23 B=2/A
G 3< :/ ?C3 3< BO@;7<=A @3:/B7D=A 3: 1=;3@17= 07:/B3@/: 3A
@3:/B7D/;3<B3 ;QA 7;>=@B/<B3
< 3AB3 >C<B= 3A B/;07O< >=A70:3 /7A:/@ :/A 5/</<17/A ?C3
A3 23@7D/< 3F1:CA7D/;3<B3 23: :70@3 1=;3@17= A=:C17=</<2= C<
<C3D= >@=5@/;/ :7<3/: ?C3 >3@;7B/ 23B3@;7</@ :/A 5/</<17/A
?C3 >C32/< 1=<A35C7@ :/A 31=<=;N/A 1=< C</ /A75</17L<
347173<B3 23 :=A @31C@A=A 7<B3@7=@3A 5/</<17/A 23
3A>317/:7H/17L< A7< B=;/@ 1=;= >C<B= 23 >/@B72/ :=A >/B@=<3A
23: 1=;3@17= 07:/B3@/: :=A 1C/:3A A3 =0B73<3< 1=< 3: ;=23:=
>@3A3<B/2= 3< 3: A35C<2= />/@B/2= : ;=23:= :7<3/: ?C3
2303@3;=A @3A=:D3@ /6=@/ >/@/ 3<1=<B@/@ 23 <C3D= C< 4/1B=@
23 3F>/<A7L< 23: 1=<AC;= 47</: >/@/ <2/:C1N/ = A>/M/ 3
B/:7/ A3@N/
%
AC83B= / :/ 31C/17L<
#! %
#
G
2=<23 d 3A 3: 4/1B=@ 23 3F>/<A7L< 23: 1=<AC;= 47</: 3<
<2/:C1N/ = A>/M/ G z 3A 3: D31B=@ 1=;>:3B= 23
3F>=@B/17=<3A <3B/A 23 <2/:C1N/ = A>/M/ 3AB= 3A
7<1:CG3<2= 3: 1=;3@17= 07:/B3@/: #/ A=:C17L< =0B3<72/ 3< 3:
1/A= 23 <2/:C1N/ 3A 23 d
G 3< 3: 1/A= 23 A>/M/
d
)7 A=:C17=</;=A 72O<B71= >@=5@/;/ :7<3/: /A=17/2=
3AB/ D3H /
B3<2@3;=A 1=;= @3AC:B/2= >/@/ B/:7/
'=@ B/<B= :/A 5/</<17/A 3< 347173<17/ 23 <2/:C1N/ A3 B@/2C13<
3< C<
3< A>/M/ 3< B/< A=:= C<
G 3< B/:7/ 3< C<
< @3AC;3< 3AB=A @3AC:B/2=A G :=A =0B3<72=A / >/@B7@ 23 :/
31C/17L<
G
A3 ;C3AB@/< @3A>31B7D/;3<B3 3< :/ */0:/
>/@/ <2/:C1N/ G >/@/ A>/M/ AN :/A 5/</<17/A B=B/:3A 23
347173<17/ 23@7D/2/A 23: :70@3 1=;3@17= 07:/B3@/: 23 <2/:C1N/
@3A>31B= 23 B/:7/ A=< 23 C<
;73<B@/A ?C3 >/@/ B/:7/ 3A
23 B/< A=:= C<
< 3: 1/A= 23 A>/M/ 3AB/A 174@/A A=<
;QA ;=23AB/A A73<2= 23 C<
>/@/ A>/M/ G 23 C<
>/@/ B/:7/
< >/@B71C:/@ :/A 5/</<17/A 23
3A>317/:7H/17L< 23 :/ 31=<=;N/ 7B/:7/</ A=< 23 C<
23 C<
B=B/: 23 C<
3< 1=;>/@/17L< 1=< <2/:C1N/ := ?C3
1=<::3D/ ?C3 >/@/ B/:7/ A=:= C<
A3 >C32/ /B@70C7@ /
5/</<17/A 23@7D/2/A 3F1:CA7D/;3<B3 23: :70@3 1=;3@17= '=@ 3:
1=<B@/@7= <2/:C1N/ 3:3D/@N/ 3AB3 B7>= 23 5/</<17/A 6/AB/ C<
'/@/ 3: 1/A= 23 A>/M/ :/A 5/</<17/A 23@7D/2/A 23:
:70@3 1=;3@17= >/@/ B/:7/ A=< /:5= ;QA /:B/A
>3@= A7<
3;0/@5= <= 3F7AB3 B/<B/ 2743@3<17/ @3A>31B= 23 A>/M/ 1=;=
1=< 3: 1/A= /<2/:CH
23 5/</<17/A /B@70C72/A /: :70@3
1=;3@17= 07:/B3@/: >/@/ A>/M/
0
$
& & " *
)"-
*
$ $" )
'% ) "' ( )
& $, 0
*( /
+ $"
/'$-6&>$
5$-,$
$/$/&,$4 505$-(4 '(- &0.(3&,0
$/$/&,$4 '( (41(&,$-,:$&,</
$/$/&,$4 (8&-64,7$4 '(- -,%3( &0.(3&,0
$/$/&,$4 505$-(4 '(- &0.(3&,0
$/$/&,$4 '( (41(&,$-,:$&,</
$/$/&,$4 (8&-64,7$4 '(- -,%3( &0.(3&,0
+ %*
:/0=@/17L< >@=>7/
;=2= 23 1=<1:CA7L< 1/03 2317@ ?C3 ;327/<B3 :/
@3A=:C17L< 23 C< >@=5@/;/ :7<3/: A3 6/< =0B3<72= :=A >/B@=<3A
23 1=;3@17= 07:/B3@/: 3<B@3 <2/:C1N/ = A>/M/ 3 B/:7/ 3< C<
;C<2= 1=< C< 1=;3@17= :70@3 G >3@431B/;3<B3 1=;>3B7B7D= #/A
D3<B/8/A 1=;>/@/B7D/A A3 232C13< 23: A75<= 23 2716=A
>/B@=<3A 23 1=;3@17= G 3::= A3 @3/:7H/ 3F1:CA7D/;3<B3 A=0@3 :/
0/A3 23 :=A >/@Q;3B@=A 0QA71=A 23 C</ 31=<=;N/ I
>@343@3<17/A
B31<=:=5N/
G
2=B/17=<3A 4/1B=@7/:3A
6/07O<2=A3 >@3478/2= 3:
1=;3@17= 1=< 3: @3AB= 23: ;C<2= G 3AB/<2= @3>@3A3<B/2= OAB3
>=@ 3: D31B=@ z '=@ B/<B= :/ :=1/:7H/17L< 23 :/A D3<B/8/A
1=;>/@/B7D/A 3<B@3 2=A 31=<=;N/A A3 6/ @3/:7H/2= A=0@3 :/
0/A3 23 :=A ::/;/2=A 4C<2/;3<B=A 23 C</ 31=<=;N/ 3<
BO@;7<=A <3=1:QA71=A ?C3 A=< :/A 2=B/17=<3A 4/1B=@7/:3A :/
B31<=:=5N/ G :/A >@343@3<17/A %= A3 6/ 3;>:3/2= >=@ B/<B=
<7<5K< B7>= 23 >@317= 1=;= D/@7/0:3 3FL53</ /: ;=23:=
A7;7A;= 3< /;0=A /<Q:7A7A 1=;>/@/B7D=A B/<B= <2/:C1N/
1=;= A>/M/ =0B73<3< 5/</<17/A >=A7B7D/A AC>3@7=@3A / :/A
0
?C3 =0B3<2@N/ :/ 31=<=;N/ 7B/:7/</ G 3< >/@B71C:/@ A=0@3 B=2=
<2/:C1N/ '=@ K:B7;= :/A B@3A 31=<=;N/A D3@N/< /C;3<B/2/
B/;07O< 3<B@3 3::/A 3: D=:C;3< 23 B@/<A/117=<3A 1=;3@17/:3A
)7< 3;0/@5= 3AB3 B7>= 23 /<Q:7A7A ::3D/2= / 1/0= 6/AB/
/6=@/ <= /@@=8/ <7<5C</ :CH A=0@3 :/ @3:/B7D/ 7;>=@B/<17/ 23 :=A
27AB7<B=A 23B3@;7</<B3A 23 2716/A D3<B/8/A 1=;>/@/B7D/A
)35K< :/ :7B3@/BC@/ 3F7AB3<B3 3AB= A3 >C323 3:C172/@ 238/<2=
:70@3 /113A= / 1/2/ C</ 23 :/A 31=<=;N/A >/@/ ?C3 3;>:33 C</
C =B@/ B31<=:=5N/ G /AC;73<2= 1=;>:3B/ ACAB7BC707:72/2 3< 3:
D31B=@ 23 1=<AC;= ;327= 23 1/2/ C</ 23 3::/A
=;=
@3AC:B/2= 3: <C3D= ;=23:= ?C3 A3 =0B3<2@N/ 23 :/ 7<1:CA7L< 23
3AB/A 67>LB3A7A /2717=</:3A ?C32/@N/ 13<B@/2= 3< 3: >/>3: 23 :/A
2=B/17=<3A 4/1B=@7/:3A 1=;= @3A>=<A/0:3 23: 1=;3@17=
7<B3@</17=</: 3<B@3 >/NA3A B/: 1=;= := 3AB7>C:/ 3: B3=@3;/ 23
& '=@ 3::= 2/;=A C< >/A= ;QA G 3A>317471/;=A 3< 3:
A75C73<B3 />/@B/2= 3: <C3D= ;=23:= ?C3 7<1=@>=@/ 2716=A
AC>C3AB=A G ?C3 @31703 3: <=;0@3 23 )+ !(+ ! +)!. %+
/1,!. (% .!
#
#
#! %
# &($ %
*/: 1=;= A3 >C323 />@317/@ 3< )792/@ 3B /:
G B3< (// G
$=6<3<
3: ;=23:= 23 1=;3@17= AC>3@ :70@3 /2;7B3 ?C3
2=A 31=<=;N/A 2/2/A <= A=:= 1=;3@173< :70@3;3<B3 3<B3 3::/A
A7<= ?C3 /23;QA B/;07O< >C32/< 3:357@ 3<B@3 C</ C =B@/
B31<=:=5N/ G ACAB7BC7@ ACA @3A>31B7D=A 1=<AC;=A ;327=A >=@ :=A
23 C</ C =B@/ 31=<=;N/ =< 3::= 3: ;=23:= 3AB7>C:/2= 3< 3:
A35C<2= />/@B/2= ?C32/@N/ 1=;= A75C3
AC83B= /
/
0
/
%
(I -A)x A3 ACAB7BCG3< >=@
23 B/: ;=2= ?C3 3:
D31B=@ 23 >@=2C117=<3A A3 >=2@N/ />:71/@ B/<B= / :/A 1=:C;</A
23 :/ ;/B@7H 23 1=347173<B3A BO1<71=A 23 :/ 31=<=;N/ /<2/:CH/
= 3A>/M=:/ 1=;= / :/ 23 :/ 7B/:7/</ 3 ;/<3@/ /<Q:=5/ 3:
D31B=@ 23 >@=2C117=<3A <3B/A 23 :/ 31=<=;N/ 7B/:7/</
A3 ACAB7BCG3 >=@
< A35C<2= :C5/@ 3: 1=<AC;= 23 1/>7B/: 478= 23 :/
31=<=;N/ /<2/:CH/ = 3A>/M=:/ 3AB/@Q @3AB@7<572= 23 /1C3@2=
1=<
3< :C5/@ 23 kTx ≤ K 3 ;/<3@/ A7;7:/@
A3@Q ACAB7BC72= >=@
>/@/ B/:7/
5C/:;3<B3 A3 >C323 />:71/@ 2716=A 1/;07=A B/;07O< /: 4/1B=@
B@/0/8= 1=;= >=@ 383;>:= ACAB7BCG3<2=
>=@
>/@/ <2/:C1N/ = A>/M/ G
>=@
>/@/ B/:7/
< B3@13@ :C5/@ 3: D31B=@ c A3 @33;>:/H/ >=@ c c #=A
1=<AC;72=@3A /<2/:C13A = 3A>/M=:3A A3@Q< /6=@/
7<2743@3<B3A A35K< 3: 1/A= @3A>31B= 23: 1=<AC;= 47</: (y) 23 :/
>@=>7/ 31=<=;N/ /<2/:CH/ = 3A>/M=:/ G @3A>31B= 23:
1=<AC;= 47</:
23 :/ 31=<=;N/ 7B/:7/</ 3AB/ K:B7;/
/8CAB/2/ / :=A <7D3:3A /0A=:CB=A 23 <2/:C1N/ = A>/M/
<Q:=5/;3<B3 :=A 1=<AC;72=@3A 7B/:7/<=A A=< 7<2743@3<B3A
G
'=@
B/;07O< 3<B@3 3: 1=<AC;= 47</: >@=>7=
B/<B=
A3 @33;>:/H/@Q< >=@
3<
:/ 31C/17L<
G >=@
3< :/ 31C/17L<
7</:;3<B3 :/ D/@7/0:3
A3 ACAB7BCG3 /6=@/ >=@
0
2=<23 :/ 31C/17L<
A3 @3473@3 / 073<3A 1=;3@17/:7H/0:3A :/A
31C/17=<3A
/ G
0 / 073<3A <= 1=;3@17/:7H/0:3A 3<
<2/:C1N/ = A>/M/ 3 B/:7/ @3A>31B7D/;3<B3 G :/A 31C/17=<3A
/ G
0 /: CA= 23 :=A 4/1B=@3A >/@/ 1/2/ 31=<=;N/ %LB3A3
B/;07O< ?C3 2303 D3@7471/@A3 ?C3
< >@7;3@ :C5/@ :/A >@=2C117=<3A <3B/A 23 :/ 31=<=;N/
/<2/:CH/ = 3A>/M=:/ 3< :/A 31C/17=<3A
G
B/:3A ?C3
AN 3AB3 <C3D= >@=5@/;/ :7<3/: 1=<A723@/ C< ;=23:= 23
1=;3@17= AC>3@ :70@3 3<B@3 <2/:C1N/ = A>/M/ 3 B/:7/
B3<73<2= 1/2/ 31=<=;N/ :70@3 /113A= / :/A B31<=:=5N/A 23
>@=2C117L< G 1=<AC;= 23 C</ C =B@/
0
&( '
#&
< :/A */0:/A / G 0 A3 ;C3AB@/< :=A D/:=@3A 23 >@=2C117L< 23 :/A
31=<=;N/A /<2/:CH/ G 3A>/M=:/ 3 7B/:7/</ 0/8= :=A AC>C3AB=A 23:
;=23:= 23 1=;3@17= AC>3@ :70@3 < :/ >@7;3@/ 23 3::/A A3 >C323
/>@317/@ 1L;= :/ 31=<=;N/ /<2/:CH/ A3 3A>317/:7H/@N/ 3< :/
7<2CAB@7/ 23: 1C3@= G 1/:H/2= 3: @347<= 23 >3B@L:3= :/ 4/0@71/17L<
23 ;/B3@7/: 23 B@/<A>=@B3 G :/A =B@/A 7<2CAB@7/A ;/<C4/1BC@3@/A
;73<B@/A ?C3 3: @3AB= 23 >@=2C1B=A A3@N/ 7;>=@B/2= 23A23 B/:7/
)=:= 3: @347<= 23 >3B@L:3= CB7:7H/@N/ :/ >@=>7/ B31<=:=5N/ /<2/:CH/
>/@/ AC >@=2C117L< ;73<B@/A ?C3 >/@/ 3: @3AB= 23 3AB/A
/1B7D72/23A A3 3;>:3/@N/ :/ B31<=:=5N/ 7B/:7/</ < 1/;07= B/:7/
@3/:7H/@N/ :/ >@=2C117L< 23 :/A @/;/A >@7;/@7/A :/ 3FB@/117L< 23
;7<3@/:3A 3<3@5OB71=A G :/ 4/0@71/17L< 23 >@=2C1B=A ?CN;71=A 1=<
B31<=:=5N/ >@=>7/ 23 <2/:C1N/ A7;7A;= B/:7/ <= >@=2C17@N/
;/B3@7/: 23 B@/<A>=@B3 =B@=A >@=2C1B=A ;/<C4/1BC@/2=A <7 @347</@N/
>3B@L:3= := ?C3 7;>=@B/@N/ 23A23 <2/:C1N/ A 23AB/1/0:3
B/;07O< 1L;= B/:7/ >@=2C13 23 :=A 073<3A 1=;3@17/:7H/0:3A
;73<B@/A ?C3 <2/:C1N/ A=:= A3 3A>317/:7H/@N/ 3< 23
'=@
K:B7;= :/ 7<2CAB@7/ 23: 1C3@= G 1/:H/2= >@3A3<B/ >@=2C117=<3A
>=A7B7D/A 3< /;0/A 31=<=;N/A /C<?C3 1=< B31<=:=5N/ 7B/:7/</
A75<= 23 :/ AC>3@7=@72/2 23 OAB/ A=0@3 :/ /<2/:CH/
< 3: 1/A= 23 A>/M/ @3A>31B= 23 B/:7/ :/ 3A>317/:7H/17L<
>@=2C1B7D/ A3 2/ 3< C< <K;3@= ;/G=@ 23 @/;/A 23 /1B7D72/2
?C3 3< <2/:C1N/ / A/03@ :/ /5@71C:BC@/ 5/</23@N/ 1/H/ G
A3:D71C:BC@/ :/ 7<2CAB@7/ 23: >/>3: :/ 7<2CAB@7/ ?CN;71/ :/
4/0@71/17L< 23 ;7<3@/:3A <= ;3BQ:71=A 13;3<B= 1/: 3B1 :/
4/0@71/17L< 23 ;/?C7</@7/ G 3?C7>=A ;31Q<71=A :/ 4/0@71/17L<
23 3?C7>=A 3:O1B@71=A G 3:31B@L<71=A G :/ 4/0@71/17L< 23
;/B3@7/:3A 23 B@/<A>=@B3 ;73<B@/A ?C3 3: @3AB= 23 >@=2C1B=A
A3@N/ 7;>=@B/2= 23A23 B/:7/ )L:= 3< 3AB3 1/A= :/ 7<2CAB@7/
?CN;71/ CB7:7H/@N/ B31<=:=5N/ >@=>7/;3<B3 3A>/M=:/ >/@/ AC
>@=2C117L< ;73<B@/A ?C3 >/@/ 3: @3AB= 23 >@=2C1B=A :/
B31<=:=5N/ 7B/:7/</ A3 ;/<7473AB/ 1=;= AC>3@7=@
< := ?C3 @3A>31B/ / B/:7/ OAB/ A3 3A>317/:7H/@N/ 3< >3A1/
@347<= 23 >3B@L:3= G 3<3@5N/ 3:O1B@71/ 5/A G /5C/ CB7:7H/<2= :/
B31<=:=5N/ 3A>/M=:/ G 3< 3: @3AB= 23 /1B7D72/23A <=
;3<17=</2/A 6/AB/ /6=@/ CB7:7H/<2= AC >@=>7/ B31<=:=5N/
DO/A3 */0:/ 0 %LB3A3 1L;= :/A /1B7D72/23A /5@N1=:/A
5/</23@/A 23 1/H/ G A3:D71C:BC@/ B73<3< >@=2C117=<3A
>=A7B7D/A >/@/ /;0=A >/NA3A CB7:7H/<2= 3< /;0=A 1/A=A :/
B31<=:=5N/ 7B/:7/</ $3@313 23AB/1/@A3 ?C3 3< :/ 1=;>/@/B7D/
1=< 3: 1/A= 3A>/M=: B/:7/ >@=2C13
23 :=A
073<3A
1=;3@17/:7H/0:3A ;73<B@/A ?C3 A>/M/ >@=2C13 A=:/;3<B3 23
/K< /AN AC>3@7=@ 3< <K;3@= /: 1/A= /<2/:CH
0
$
)' , "'& *
#' $ %' $'
'% ) "' *,( ) $" )
#/,'$'(4 .,--0/(4 '( (6304
+')
& $, 0
301,$
5(&/0-0*>$
"(&/0-0*>$
,5$-,$/$
+ $"
301,$
5(&/0-0*>$
"(&/0-0*>$
$/'$-6:$
*3,&6-563$ *$/$'(3>$ &$:$ 9 4(-7,&6-563$
(4&$
853$&&,</ '( 130'6&504 (/(3*?5,&04
853$&&,</ '( 05304 .,/(3$-(4 (8&(150 130'6&504 (/(3*?5,&04
/'6453,$ '( -$ $-,.(/5$&,</ %(%,'$4 9 5$%$&0
/'6453,$ 5(85,- 9 '( -$ &0/)(&&,</
/'6453,$ '(- &6(30 9 '(- &$-:$'0
/'6453,$ '( -$ .$'(3$ 9 '(- &03&+0
/'6453,$ '(- 1$1(- (',&,</ $35(4 *3@),&$4 9 3(130'6&&,</ '( 401035(4 *3$%$'04
(),/0 '( 1(53<-(0 9 53$5$.,(/50 '( &0.%645,%-(4 /6&-($3(4
/'6453,$ 26>.,&$
/'6453,$ '( -$ 53$/4)03.$&,</ '(- &$6&+0 9 .$5(3,$4 1-@45,&$4
/'6453,$4 '( 05304 130'6&504 .,/(3$-(4 /0 .(5@-,&04
(5$-63*,$ 9 )$%3,&$&,</ '( 130'6&504 .(5@-,&04
/'6453,$ '( -$ &0/4536&&,</ '( .$26,/$3,$ 9 (26,10 .(&@/,&0
/'6453,$ '( .$5(3,$- 9 (26,10 (-?&53,&0 (-(&53</,&0 9 <15,&0
$%3,&$&,</ '( .$5(3,$- '( 53$/41035(
/'6453,$4 .$/6)$&563(3$4 ',7(34$4
30'6&&,</ 9 ',453,%6&,</ '( (/(3*>$ (-?&53,&$ *$4 9 $*6$
0/4536&&,</
0.(3&,0 3(1$3$&,</ '( 7(+>&6-04 '( .0503 .050&,&-(5$4 9 &,&-0.0503(4 9 $35>&6-04 1(340/$-(4 9 '( 640 '0.?45,&0
045(-(3>$
"3$/41035( $-.$&(/$.,(/50 9 &0.6/,&$&,0/(4
/5(3.(',$&,</ ),/$/&,(3$
&5,7,'$'(4 ,/.0%,-,$3,$4 9 '( $-26,-(3 4(37,&,04 (.13(4$3,$-(4
'.,/,453$&,</ 1;%-,&$ '()(/4$ 9 4(*63,'$' 40&,$'6&$&,</
&5,7,'$'(4 4$/,5$3,$4 9 7(5(3,/$3,$4 4(37,&,04 40&,$-(4
53$4 $&5,7,'$'(4 40&,$-(4 9 '( 4(37,&,04 13(45$'04 $ -$ &0.6/,'$' 4(37,&,04 1(340/$-(4
0*$3(4 26( (.1-($/ 1(340/$- '0.?45,&0
+ %*
:/0=@/17L< >@=>7/
)7 073< 3A 173@B= ?C3 3F7AB3< 073<3A ?C3 A=< >@=2C172=A
>=@ /;0/A 31=<=;N/A 3: >/B@L< K:B7;= ?C3 23B3@;7</ :/A
D3<B/8/A 1=;>/@/B7D/A 3< 3AB3 ;=23:= D73<3 2/2= >=@ 3: A75<=
23: D31B=@ 23 3F>=@B/17=<3A 07:/B3@/:3A <3B/A ?C3 A3 ;C3AB@/
3< :/ */0:/ 23: A75C73<B3 />/@B/2= >/@/ <2/:C1N/ G A>/M/
@3A>31B7D/;3<B3 < 2716/ B/0:/ A3 ;C3AB@/ B/;07O< / ;=2=
7:CAB@/B7D= G >/@/ 4/17:7B/@ :/ 1=;>/@/B7D/ :=A @3AC:B/2=A
=0B3<72=A 1=< 3: ;=23:= 23 :70@3 1=;3@17= 431B7D/;3<B3
<2/:C1N/ 7;>=@B/ C< <K;3@= 23 >@=2C1B=A ;3<=@ / @3AC:B/A
23: ;=23:= 23 1=;3@17= AC>3@ :70@3 3< @3:/17L< 1=< 3: ;=23:=
23 :70@3 1=;3@17= )7 3< 3: ;=23:= /<B3@7=@
<2/:C1N/
>@3A3<B/0/ D3<B/8/A 1=;>/@/B7D/A 3< :/ 3FB@/117L< 23
;7<3@/:3A 3<3@5OB71=A G :/ 7<2CAB@7/ ?CN;71/ /6=@/ >@3A3<B/
D3<B/8/A 1=;>3B7B7D/A 3< :/ 3FB@/117L< 23 ;7<3@/:3A <=
3<3@5OB71=A 3: @347<= 23 >3B@L:3= :/ 4/0@71/17L< 23 ;/B3@7/:3A
23 B@/<A>=@B3 G :/ 4/0@71/17L< 23 =B@=A >@=2C1B=A
;/<C4/1BC@/2=A
< 3: 1/A= 3A>/M=: :/ 2743@3<17/ 3A ;CG ;=23AB/ /C<?C3
4/D=@/0:3 / :/ 31=<=;N/ 3A>/M=:/ /8= 3: AC>C3AB= 23: ;=23:=
23 1=;3@17= AC>3@ :70@3 3: <K;3@= 23 >@=2C1B=A 1CG/ D3<B/8/
1=;>/@/B7D/ 3@/ /A75</2/ / A>/M/ A3 7<1@3;3<B/ 3< C<= #/
/5@71C:BC@/ 5/</23@N/ 1/H/ G A3:D71C:BC@/ :/ 7<2CAB@7/ ?CN;71/
0
G :/ 4/0@71/17L< 23 ;7<3@/:3A <= ;3BQ:71=A 13;3<B= 1/: 3B1
>3@A7AB3< 1=;= D3<B/8=A/A ;73<B@/A ?C3 :/A @3AB/<B3A A=< :/A
@3:/B7D/A / :/ 3FB@/117L< 23 ;7<3@/:3A <= 3<3@5OB71=A :/
7<2CAB@7/ 23: >/>3: :/ 4/0@71/17L< 23 ;/?C7</@7/ G 3?C7>=
;31Q<71= :/ 4/0@71/17L< 23 3?C7>=A 3:O1B@71=A G 3:31B@L<71=A G
:/ 4/0@71/17L< 23 ;/B3@7/:3A 23 B@/<A>=@B3
'=@ =B@= :/2= /C<?C3 <2/:C1N/ 3 B/:7/ A3 3A>317/:713< 3<
1C3@= G 1/:H/2= G :/ B31<=:=5N/ CB7:7H/2/ 3< /;0=A 1/A=A A3/ :/
7B/:7/</ DO/A3 */0:/ /
<2/:C1N/ /23;QA B/;07O< 7;>=@B/
2716=A >@=2C1B=A 23A23 B/:7/ := 1C/: 7<271/ ?C3 :/ D3<B/8/
1=;>/@/B7D/ @3A723 3< :/ 31=<=;N/ 7B/:7/</ G <= 3< :/ /<2/:CH/
)7< 3;0/@5= 3< 3: 1/A= 23 :/A /1B7D72/23A /5@/@7/A
5/</23@/A 23 1/H/ G A3:D71C:BC@/ ?C3 A=< >@=2C172/A B/<B=
>=@ A>/M/ 1=;= >=@ B/:7/ 0/8= :/A 1=<2717=<3A 23 1=;3@17=
AC>3@ :70@3 G 1CG/ B31<=:=5N/ 3< /;0=A 1/A=A 3A B/;07O< :/
7B/:7/</ A3 >@=2C13 3: 3431B= 1=<B@/@7= ;=AB@/<2= ?C3 A>/M/
=0B73<3 D3<B/8/ 1=;>/@/B7D/ 4@3<B3 / B/:7/ AB3 B7>= 23 1/A=A
>C323 2303@A3 3A3<17/:;3<B3 / ?C3 :/ =43@B/ >@=>=@17=</2/ 23
2716=A >@=2C1B=A 3< 1/2/ 1/A= <= A3/ AC47173<B3 >/@/
/0/AB313@ :/ 23;/<2/ 7<B3@7=@ 3F7AB3<B3 G >=@ 3::= A3 230/
@31C@@7@ / :/ 7;>=@B/17L<
$
)' , "'& *
#' $ %' $'
'% ) "' *,( ) $" )
#/,'$'(4 .,--0/(4 '( (6304
+')
*( /
301,$
5(&/0-0*>$
+ $"
"(&/0-0*>$
,5$-,$/$
*3,&6-563$ *$/$'(3>$ &$:$ 9 4(-7,&6-563$
(4&$
853$&&,</ '( 130'6&504 (/(3*?5,&04
853$&&,</ '( 05304 .,/(3$-(4 (8&(150 130'6&504 (/(3*?5,&04
/'6453,$ '( -$ $-,.(/5$&,</ %(%,'$4 9 5$%$&0
/'6453,$ 5(85,- 9 '( -$ &0/)(&&,</
/'6453,$ '(- &6(30 9 '(- &$-:$'0
/'6453,$ '( -$ .$'(3$ 9 '(- &03&+0
/'6453,$ '(- 1$1(- (',&,</ $35(4 *3@),&$4 9 3(130'6&&,</ '( 401035(4 *3$%$'04
(),/0 '( 1(53<-(0 9 53$5$.,(/50 '( &0.%645,%-(4 /6&-($3(4
/'6453,$ 26>.,&$
/'6453,$ '( -$ 53$/4)03.$&,</ '(- &$6&+0 9 .$5(3,$4 1-@45,&$4
/'6453,$4 '( 05304 130'6&504 .,/(3$-(4 /0 .(5@-,&04
(5$-63*,$ 9 )$%3,&$&,</ '( 130'6&504 .(5@-,&04
/'6453,$ '( -$ &0/4536&&,</ '( .$26,/$3,$ 9 (26,10 .(&@/,&0
/'6453,$ '( .$5(3,$- 9 (26,10 (-?&53,&0 (-(&53</,&0 9 <15,&0
$%3,&$&,</ '( .$5(3,$- '( 53$/41035(
/'6453,$4 .$/6)$&563(3$4 ',7(34$4
30'6&&,</ 9 ',453,%6&,</ '( (/(3*>$ (-?&53,&$ *$4 9 $*6$
0/4536&&,</
0.(3&,0 3(1$3$&,</ '( 7(+>&6-04 '( .0503 .050&,&-(5$4 9 &,&-0.0503(4 9 $35>&6-04 1(340/$-(4 9 '( 640 '0.?45,&0
045(-(3>$
"3$/41035( $-.$&(/$.,(/50 9 &0.6/,&$&,0/(4
/5(3.(',$&,</ ),/$/&,(3$
&5,7,'$'(4 ,/.0%,-,$3,$4 9 '( $-26,-(3 4(37,&,04 (.13(4$3,$-(4
'.,/,453$&,</ 1;%-,&$ '()(/4$ 9 4(*63,'$' 40&,$'6&$&,</
&5,7,'$'(4 4$/,5$3,$4 9 7(5(3,/$3,$4 4(37,&,04 40&,$-(4
53$4 $&5,7,'$'(4 40&,$-(4 9 '( 4(37,&,04 13(45$'04 $ -$ &0.6/,'$' 4(37,&,04 1(340/$-(4
0*$3(4 26( (.1-($/ 1(340/$- '0.?45,&0
+ %*
:/0=@/17L< >@=>7/
0
301,$
5(&/0-0*>$
"(&/0-0*>$
(41$=0-$
!$#%' "
%
$ '%-"
) "'
')
&
#&
' %! " "' &
#!$ % ' ) &
#/ 1=;>/@/17L< 23 :=A @3AC:B/2=A =0B3<72=A 3< 3: ;=23:= 23
1=;3@17= AC>3@ :70@3 1=< :=A =0B3<72=A 3< 3: ;=23:= 23 :70@3
1=;3@17= >/@/ <2/:C1N/ DO/A3 */0:/
@3D3:/< ?C3 :/A
D3<B/8/A 1=;>/@/B7D/A 23 B/:7/ 4@3<B3 / <2/:C1N/ 3< :/
>@=2C117L< 23 :/A @/;/A >@7;/@7/A :/ 7<2CAB@7/ /:7;3<B717/ :/
7<2CAB@7/ 23 :/ 1=<43117L< :/ 4/0@71/17L< 23 1C3@= G 1/:H/2= :/
7<2CAB@7/ 23 :/ ;/23@/ G 23: 1=@16= :/ 7<2CAB@7/ 23: >/>3: :/
4/0@71/17L< 23 1/C16= G ;/B3@7/ >:QAB71/A :/ 4/0@71/17L< 23
;7<3@/:3A <= ;3BQ:71=A 13;3<B= 1/: 3B1
:/ 7<2CAB@7/
;3B/:K@571/ G 23 >@=2C1B=A ;3BQ:71=A :/ 4/0@71/17L< 23
;/?C7</@7/ G 3?C7>= ;31Q<71= :/ 7<2CAB@7/ 23 ;/B3@7/: G
3?C7>=A 3:O1B@71=A G 3:31B@L<71=A G :/ 7<2CAB@7/ 23 :/ 3<3@5N/
3:O1B@71/ 5/A G /5C/ >3@A7AB3< /C< 1C/<2= :/A 2743@3<17/A 23
B31<=:=5N/A 23 >@=2C117L< G 1=<AC;= A3 6/< 3:7;7</2= )7<
3;0/@5= A73<2= >=A70:3A B31<=:=5N/A 72O<B71/A 3< :/A 2=A
31=<=;N/A B/:7/ 5/</ D3<B/8/A 1=;>/@/B7D/A @3A>31B= 23:
;=23:= 23 :70@3 1=;3@17= 3< :/ 7<2CAB@7/ 3FB@/1B7D/ 23 ;7<3@/:3A
3<3@5OB71=A G 3< :/ 7<2CAB@7/ ?CN;71/ '=@ 3: 1=<B@/@7=
<2/:C1N/ 5/</ D3<B/8/A 1=;>/@/B7D/A 3< :/ 3FB@/117L< 23
;7<3@/:3A <= 3<3@5OB71=A 3: @347<= 23 >3B@L:3= :/ 4/0@71/17L<
23 ;/B3@7/: 23 B@/<A>=@B3 G :/ 4/0@71/17L< 23 =B@=A >@=2C1B=A
;/<C4/1BC@/2=A 2/2= ?C3 3< :/ A7BC/17L< /<B3@7=@ :/A
3F>=@B/17=<3A <3B/A B3<N/< A75<= <35/B7D= >/A/<2= / A3@
>=A7B7D= 3< 3: ;/@1= 23: ;=23:= 23 1=;3@17= AC>3@ :70@3
7</:;3<B3 <7<5K< >@=2C1B= 3< :/ 31=<=;N/ /<2/:CH/ >3@A7AB3
1=;= D3<B/8/ 1=;>/@/B7D/ 3< 3: <C3D= ;=23:=
< 2347<7B7D/ :/ 2743@3<17/ 3< 3: A75<= 23: >/B@L< 23 D3<B/8/
1=;>/@/B7D/ 23 :/A 2=A 31=<=;N/A 3< :/A 2=A A7BC/17=<3A
1=;3@17/:3A 2743@3<B3A :70@3 G AC>3@ :70@3 ?C3 A3 1=<B3;>:/<
D/ / 1=<2C17@ / C</ 1=<1:CA7L< 7;>=@B/<B3 /13@1/ 23 :/A
2=B/17=<3A 4/1B=@7/:3A 1=;= 1/CA/ 23: 1=;3@17= 7<B3@</17=</:
B3=@3;/ &
#/A D3<B/8/A 1=;>/@/B7D/A 23 :/ 31=<=;N/ 7B/:7/</
@343@72/A /: 1=;73<H= 23: />/@B/2= 3AB/@N/< 23B3@;7</2/A >=@
:/A 2=B/17=<3A 4/1B=@7/:3A 2/2/ :/ >3@A7AB3<17/ 23: A75<=
<35/B7D= 23: D31B=@ 23 3F>=@B/17=<3A <3B/A 23 <2/:C1N/ 3< :/A
2=A A7BC/17=<3A 1=<A723@/2/A ;73<B@/A ?C3 :/ B31<=:=5N/ A3@Q
:/ ?C3 23B3@;7<3 :/A D3<B/8/A 1=;>/@/B7D/A 23 :/ 7<2CAB@7/
3FB@/1B7D/ 23 ;7<3@/:3A <= 3<3@5OB71=A 3: @347<= 23 >3B@L:3= :/
4/0@71/17L< 23 ;/B3@7/: 23 B@/<A>=@B3 G :/ 4/0@71/17L< 23 =B@=A
>@=2C1B=A ;/<C4/1BC@/2=A DO/A3 */0:/
AB= 3A 3A :/
B31<=:=5N/ AC>3@7=@ 23 :/ 31=<=;N/ ?C3 >@=2C13 1/2/ C<= 23
3AB=A >@=2C1B=A :/ ?C3 :3 >3@;7B7@Q B3<3@ D3<B/8/ 1=;>/@/B7D/
3< :/ >@=D7A7L< 23 :=A ;7A;=A
0
$
" ) . *,( ) $" )
'% ) "' "$ + ) $
*
& $, 0
' *( /
+')
! " + $"
#/,'$'(4 .,--0/(4 '( (6304
& $, 0
81035$&,0/(4
/(5$4
-,%3(
81035$&,0/(4
/(5$4
461(3 -,%3(
*( /
81035$&,0/(4
/(5$4
-,%3(
81035$&,0/(4
/(5$4
461(3 -,%3(
*3,&6-563$ *$/$'(3>$ &$:$ 9 4(-7,&6-563$
(4&$
853$&&,</ '( 130'6&504 (/(3*?5,&04
853$&&,</ '( 05304 .,/(3$-(4 (8&(150 130'6&504 (/(3*?5,&04
/'6453,$ '( -$ $-,.(/5$&,</ %(%,'$4 9 5$%$&0
/'6453,$ 5(85,- 9 '( -$ &0/)(&&,</
/'6453,$ '(- &6(30 9 '(- &$-:$'0
/'6453,$ '( -$ .$'(3$ 9 '(- &03&+0
/'6453,$ '(- 1$1(- (',&,</ $35(4 *3@),&$4 9 3(130'6&&,</ '( 401035(4 *3$%$'04
(),/0 '( 1(53<-(0 9 53$5$.,(/50 '( &0.%645,%-(4 /6&-($3(4
/'6453,$ 26>.,&$
/'6453,$ '( -$ 53$/4)03.$&,</ '(- &$6&+0 9 .$5(3,$4 1-@45,&$4
/'6453,$4 '( 05304 130'6&504 .,/(3$-(4 /0 .(5@-,&04
(5$-63*,$ 9 )$%3,&$&,</ '( 130'6&504 .(5@-,&04
/'6453,$ '( -$ &0/4536&&,</ '( .$26,/$3,$ 9 (26,10 .(&@/,&0
/'6453,$ '( .$5(3,$- 9 (26,10 (-?&53,&0 (-(&53</,&0 9 <15,&0
$%3,&$&,</ '( .$5(3,$- '( 53$/41035(
/'6453,$4 .$/6)$&563(3$4 ',7(34$4
30'6&&,</ 9 ',453,%6&,</ '( (/(3*>$ (-?&53,&$ *$4 9 $*6$
0/4536&&,</
0.(3&,0 3(1$3$&,</ '( 7(+>&6-04 '( .0503 .050&,&-(5$4 9 &,&-0.0503(4 9 $35>&6-04 1(340/$-(4 9 '( 640 '0.?45,&0
045(-(3>$
"3$/41035( $-.$&(/$.,(/50 9 &0.6/,&$&,0/(4
/5(3.(',$&,</ ),/$/&,(3$
&5,7,'$'(4 ,/.0%,-,$3,$4 9 '( $-26,-(3 4(37,&,04 (.13(4$3,$-(4
'.,/,453$&,</ 1;%-,&$ '()(/4$ 9 4(*63,'$' 40&,$'6&$&,</
&5,7,'$'(4 4$/,5$3,$4 9 7(5(3,/$3,$4 4(37,&,04 40&,$-(4
53$4 $&5,7,'$'(4 40&,$-(4 9 '( 4(37,&,04 13(45$'04 $ -$ &0.6/,'$' 4(37,&,04 1(340/$-(4
0*$3(4 26( (.1-($/ 1(340/$- '0.?45,&0
+ %*
:/0=@/17L< >@=>7/
AN 3< 3: ;=;3<B= 3< ?C3 A3 /2;7B3 :70@3 /113A= / :/A 2=A
2743@3<B3A B31<=:=5N/A 1=;= 3< 3: ;=23:= 23 1=;3@17= AC>3@
:70@3 :/ 31=<=;N/ ?C3 B73<3 7<717/:;3<B3 D3<B/8/ 1=;>/@/B7D/
>C323 ::35/@ / >3@23@:/ '=@ B/<B= 2/2/ :/ =>=@BC<72/2 23
27A>=<3@ 23 :/ B31<=:=5N/ >@=2C1B7D/ 23: =B@= A=17= 1=;3@17/:
0
<2/:C1N/ >@=0/0:3;3<B3 /2=>B/@N/ :/ B31<=:=5N/ 7B/:7/</ >/@/
AC >@=2C117L< G /AN 1=<A35C7@ @3D3@B7@ 3: A75<= 23: >/B@L<
1=;3@17/: 23 /:5C<=A >@=2C1B=A B/:3A A=< :=A 383;>:=A 23:
@347<= 23 >3B@L:3= :/ 4/0@71/17L< 23 ;/B3@7/: 23 B@/<A>=@B3 G :/
4/0@71/17L< 23 =B@=A >@=2C1B=A ;/<C4/1BC@/2=A
$
+ )%"& &+ *
$ * - &+ # * '%( ) +"- *
+')
& $, 0
' *( /
+ $"
& $, 0 -* + $"
/'$-6&>$
*3,&6-563$ *$/$'(3>$ &$:$ 9 4(-7,&6-563$
(4&$
853$&&,</ '( 130'6&504 (/(3*?5,&04
853$&&,</ '( 05304 .,/(3$-(4 (8&(150 130'6&504 (/(3*?5,&04
/'6453,$ '( -$ $-,.(/5$&,</ %(%,'$4 9 5$%$&0
/'6453,$ 5(85,- 9 '( -$ &0/)(&&,</
/'6453,$ '(- &6(30 9 '(- &$-:$'0
/'6453,$ '( -$ .$'(3$ 9 '(- &03&+0
/'6453,$ '(- 1$1(- (',&,</ $35(4 *3@),&$4 9 3(130'6&&,</ '( 401035(4 *3$%$'04
(),/0 '( 1(53<-(0 9 53$5$.,(/50 '( &0.%645,%-(4 /6&-($3(4
/'6453,$ 26>.,&$
/'6453,$ '( -$ 53$/4)03.$&,</ '(- &$6&+0 9 .$5(3,$4 1-@45,&$4
/'6453,$4 '( 05304 130'6&504 .,/(3$-(4 /0 .(5@-,&04
(5$-63*,$ 9 )$%3,&$&,</ '( 130'6&504 .(5@-,&04
/'6453,$ '( -$ &0/4536&&,</ '( .$26,/$3,$ 9 (26,10 .(&@/,&0
/'6453,$ '( .$5(3,$- 9 (26,10 (-?&53,&0 (-(&53</,&0 9 <15,&0
$%3,&$&,</ '( .$5(3,$- '( 53$/41035(
/'6453,$4 .$/6)$&563(3$4 ',7(34$4
30'6&&,</ 9 ',453,%6&,</ '( (/(3*>$ (-?&53,&$ *$4 9 $*6$
+ %*
*( / -* + $"
5$-,$
41$=$
$&503(4
$&503(4
$&503(4
"(&/0-0*>$
"(&/0-0*>$
"(&/0-0*>$
$&503(4
$&503(4
$&503(4
$&503(4
$&503(4
"(&/0-0*>$
"(&/0-0*>$
$&503(4
$&503(4
$&503(4
$&503(4
$&503(4
"(&/0-0*>$
"(&/0-0*>$
$&503(4
5$-,$
"(&/0-0*>$
$&503(4
$&503(4
$&503(4
$&503(4
$&503(4
"(&/0-0*>$
"(&/0-0*>$
$&503(4
"(&/0-0*>$
$&503(4
$&503(4
"(&/0-0*>$
"(&/0-0*>$
"(&/0-0*>$
$&503(4
"(&/0-0*>$
:/0=@/17L< >@=>7/
3 ;/<3@/ A7;7:/@ :/ >@=2C117L< 23 :/ 31=<=;N/ 7B/:7/</
23 ;7<3@/:3A 3<3@5OB71=A G >@=2C1B=A ?CN;71=A 3;>:3/@Q :/
B31<=:=5N/ /<2/:CH/ ?C3 A3 ;/<7473AB/ 1=;= AC>3@7=@ >/@/
@3D3@B7@ 3: A75<= 23: >/B@L< 1=;3@17/: 3< AC 03<34717= 0/8= C<
1=<B3FB= 23 1=;3@17= AC>3@ :70@3 '=@ B/<B= 1=< :/ 7<B3<17L< 23
/2=>B/@ :/ B31<=:=5N/ /<2/:CH/ B/:7/ @31=53@Q 3: B3AB75= 23 :/
>@=2C117L< 23 ;7<3@/:3A 3<3@5OB71=A G >@=2C1B=A ?CN;71=A :=A
1C/:3A A=< >/@/ :=A ?C3 :/ 31=<=;N/ /<2/:CH/ >@3A3<B/ C</
D3<B/8/ 1=;>/@/B7D/ A=:= ACAB3<B/2/ 3< AC B31<=:=5N/ DO/A3
*/0:/
)7< 3;0/@5= <2/:C1N/ <= 3A 1/>/H 23 @3B3<3@
<7<5C</ D3<B/8/ 1=;>/@/B7D/ C</ D3H ?C3 A3 /2;7B3 3: :70@3
/113A= / B31<=:=5N/A 2743@3<B3A AB= ::3D/ / :/ 1=<1:CA7L< 23
?C3 :/A 2=B/17=<3A 4/1B=@7/:3A <= A=< @3A>=<A/0:3A 23:
1=;3@17= 07:/B3@/: 23 <2/:C1N/ @3A>31B= 23 B/:7/ C</ D3H ?C3
:/A 2743@3<17/A B31<=:L571/A A3 6/< 27A7>/2=
(3AC;72/;3<B3 :/ */0:/
7<271/ ?C3 :/A D3<B/8/A
1=;>/@/B7D/A 23 B/:7/ @3A>31B= 23 :/ >@=2C117L< 23 6/AB/
>@=2C1B=A A3 2303 / :/A 2=B/17=<3A 4/1B=@7/:3A / A/03@ :/A
@/;/A >@7;/@7/A :/ 7<2CAB@7/ /:7;3<B717/ :/ 7<2CAB@7/ 23 :/
1=<43117L< :/ 4/0@71/17L< 23 1C3@= G 1/:H/2= :/ 7<2CAB@7/ 23 :/
;/23@/ G 23: 1=@16= :/ 7<2CAB@7/ 23: >/>3: :/ 4/0@71/17L< 23
1/C16= G ;/B3@7/ >:QAB71/A :/ 4/0@71/17L< 23 ;7<3@/:3A <=
;3BQ:71=A 13;3<B= 1/: 3B1 :/ 7<2CAB@7/ ;3B/:K@571/ G 23
>@=2C1B=A ;3BQ:71=A :/ 4/0@71/17L< 23 ;/?C7</@7/ G 3?C7>=
;31Q<71= :/ 7<2CAB@7/ 23 ;/B3@7/: G 3?C7>=A 3:O1B@71=A G
3:31B@L<71=A G :/ 7<2CAB@7/ 23 :/ 3<3@5N/ 3:O1B@71/ 5/A G /5C/ <
3: 1/A= 23 <2/:C1N/ <7<5C</ D3<B/8/ 1=;>/@/B7D/ 23 :/ ?C3
27A>=<3 3A 23072/ / :/A 2=B/17=<3A 4/1B=@7/:3A
< @343@3<17/ / :/ 23B3@;7</17L< 23 :/A D3<B/8/A
1=;>/@/B7D/A 3<B@3 A>/M/ 3 B/:7/ DO/A3 */0:/
:/A D3<B/8/A
1=;>/@/B7D/A 23@7D/2/A 23 :/ /5@71C:BC@/ 5/</23@N/ 1/H/ G
A3:D71C:BC@/ :/ 7<2CAB@7/ ?CN;71/ G :/ 4/0@71/17L< 23 ;7<3@/:3A
<= ;3BQ:71=A 13;3<B= 1/: 3B1 /A75</2/A / A>/M/ 0/8= 3:
;=23:= 23 :70@3 1=;3@17= >3@A7AB3< C</ D3H 3:7;7</2/ :/
>=A707:72/2 23 2743@3<17/A 3< :/A B31<=:=5N/A 23 /;0=A >/NA3A
<Q:=5/;3<B3 3AB= A75<7471/@Q ?C3 :/A 2=B/17=<3A 4/1B=@7/:3A
23 3AB=A >@=2C1B=A 23B3@;7</< :/ D3<B/8/ 1=;>/@/B7D/
@3A>31B7D/ / 4/D=@ 23 :/ 31=<=;N/ 3A>/M=:/ < 1/;07= B/:7/
5/</@N/ D3<B/8/A 1=;>/@/B7D/A 3< 3: ;=;3<B= 3< ?C3 3:
;=23:= 0/8= :/ 67>LB3A7A 23 1=;3@17= AC>3@ :70@3 :3 /A75</ :/
>@=2C117L< 23 @/;/A 1=;= >3A1/ @347<= 23 >3B@L:3= G 3:
A31B=@ 23 3<3@5N/ 3:O1B@71/ 5/A G /5C/ /C<?C3 CB7:7H/<2= :/
B31<=:=5N/ 3A>/M=:/ ?C3 A3 ;/<7473AB/ 3< 3AB=A 1/A=A 1=;=
AC>3@7=@ < 3: =B@= 3FB@3;= :/ 31=<=;N/ 7B/:7/</ >@3A3<B/
D3<B/8/A 1=;>/@/B7D/A 4C<2/;3<B/2/A 3< 2=B/17=<3A
4/1B=@7/:3A 3< :/ 3FB@/117L< 23 ;7<3@/:3A <= 3<3@5OB71=A
7<2CAB@7/ /:7;3<B717/ 1=<43117L< 1C3@= G 1/:H/2= ;/23@/ G
1=@16= ;3B/:C@57/ G 4/0@71/17L< 23 >@=2C1B=A ;3BQ:71=A G =B@/A
7<2CAB@7/A ;/<C4/1BC@3@/A 3< 1=;>/@/17L< 1=< A>/M/ '=@
K:B7;= B/:7/ >3@23@N/ AC D3<B/8/ 1=;>3B7B7D/ 3< /:5C<=A
A31B=@3A 2=<23 :/ 31=<=;N/ 3A>/M=:/ /2=>B/ :/ B31<=:=5N/
7B/:7/</ 3< 3AB3 1/A= AC>3@7=@ A35K< :/ /A75</17L< 23
>@=2C117=<3A 6316/ 3< 3: ;=23:= B/:3A A=< :=A 1/A=A >=@
383;>:= 23 :/ 7<2CAB@7/ 23: >/>3: :/ 4/0@71/17L< 23 ;/?C7</@7/ G
3?C7>=A ;31Q<71=A G :/ 4/0@71/17L< 23 ;/B3@7/: 23 B@/<A>=@B3
< @3AC;3< :/ */0:/ ;C3AB@/ ?C3 :/ D3<B/8/ 1=;>/@/B7D/
23 A>/M/ @3:/B7D/ / :/A @/;/A /5@/@7/A :/ 7<2CAB@7/ ?CN;71/ G :/
4/0@71/17L< 23 ;7<3@/:3A <= ;3BQ:71=A 13;3<B= 1/: 3B1 A3
2303 / :/A 2=B/17=<3A 4/1B=@7/:3A ;73<B@/A ?C3 3< :/ 31=<=;N/
7B/:7/</ A3@N/< :/A /1B7D72/23A 3FB@/1B7D/A 23 ;7<3@/:3A
0
3<3@5OB71=A :/A 7<2CAB@7/A /:7;3<B717/ 23 :/ 1=<43117L< 23:
1C3@= G 1/:H/2= G 23 :/ ;/23@/ G 1=@16= 8C<B= 1=< :/
4/0@71/17L< 23 ;3B/:3A G >@=2C1B=A ;3BQ:71=A G :/ 4/0@71/17L<
23 =B@=A >@=2C1B=A /:7;3<B717=A :/A ?C3 :3 @3>=@B/@N/< D3<B/8/A
1=;>/@/B7D/A ACAB3<B/2/A 3< :/A 2=B/17=<3A 23 :=A 4/1B=@3A
)7 1=;= 63;=A D7AB= 6/AB/ /6=@/ 1/2/ 31=<=;N/ >C323
0
/2=>B/@ :/ B31<=:=5N/ 23 =B@/ >/@/ AC >@=2C117L< G 1=< 3::=
:=5@/@ ;/G=@3A D3<B/8/A 1=;>/@/B7D/A G 5/</<17/A
1=;3@17/:3A 1/03 3<B=<13A >@35C<B/@A3 A7 3F7AB3< =B@/A
5/</<17/A /2717=</:3A 23@7D/2/A 23 3AB3 AC>C3AB= ?C3 A3
230/< 3F1:CA7D/;3<B3 /: :70@3 1=;3@17= 07:/B3@/:
3 3AB=
B@/B/@3;=A 3< 3: A75C73<B3 />/@B/2=
" "
&
%)
#! % # &($ %
%
&
#/A 5/</<17/A /1C;C:/2/A 23 1/2/ C</ 23 :/A 31=<=;N/A
1C/<2= :/A 2743@3<17/A 3< :/A B31<=:=5N/A 23 >@=2C117L< G
1=<AC;= A3 =;7B3< A3 ;C3AB@/< 3< :/ */0:/
@3A>31B7D/;3<B3 >/@/ <2/:C1N/ G >/@/ A>/M/ < >/@B71C:/@
B/<B= >/@/ <2/:C1N/ 1=;= >/@/ B/:7/ :/A 5/</<17/A A=<
$
& & " *
)"-
*
$ '% ) "' *,( ) $" ) ( )
!#
>=A7B7D/A 1C/<2= A3 7<1:CG3 :/ >=A707:72/2 23 ?C3 /;0=A
>C32/< 3;>:3/@ :/ B31<=:=5N/ 23: C<= = :/ 23: =B@= < 3: 1/A=
23 <2/:C1N/ :/A 5/</<17/A A3 A7BK/< 3< 3:
1/A7 3: 2=0:3
?C3 3< 3: 1/A= 23: ;=23:= 23 :70@3 1=;3@17=
& $, 0
& $, 0
,%3(
!61(3 -,%3(
#
*( /
+ $"
+ $"
,%3(
!61(3 -,%3(
*( /
,%3(
+ $"
!61(3 -,%3(
,%3(
!61(3 -,%3(
$/$/&,$4 505$-(4 '(- &0.(3&,0
$/$/&,$4 '( (41(&,$-,:$&,</
$/$/&,$4 (8&-64,7$4 '(- &0.(3&,0 -,%3(
+ %*
:/0=@/17L< >@=>7/
'=@ AC >/@B3 B/:7/ B/;07O< D3 /C;3<B/2/ ACA 5/</<17/A
/C<?C3 3A1/A/;3<B3 23 C<
/ C<
< @3:/17L<
1=< :/A 5/</<17/A 23@7D/2/A 3F1:CA7D/;3<B3 23: 1=;3@17= :70@3
>=23;=A 2317@ ?C3 >/@/ <2/:C1N/ ;QA ?C3 A3 2C>:71/< 23 C<
A3 >/A/ / C<
G 3< 3: 1/A= 23 B/:7/ />3</A
/C;3<B/ 23 C<
/ C<
< 3: 1/A= 23 A>/M/ /C<?C3 B/:7/ 6/ >=272= /2=>B/@ :/
B31<=:=5N/ 3A>/M=:/ >/@/ >@=2C17@ 173@B=A 073<3A G @32C17@ AC
23>3<23<17/ 3AB/ 31=<=;N/ /1/0/ >3@273<2= >/@B3 23 ACA
5/</<17/A >=@ 3AB3 6316= 3 C<
>/A/ / C<
G 3< 3:
1/A= 23 :/A 5/</<17/A 23@7D/2/A 3F1:CA7D/;3<B3 23: 1=;3@17=
:70@3 >/A/ 23 C<
/ C<
'=@ 3: 1=<B@/@7= A>/M/ D3
7<1@3;3<B/2/ 23 4=@;/ 3A>31B/1C:/@ ACA 5/</<17/A B=B/:3A 23
C<
/ C<
G 3< 3: 1/A= 23 :/A 5/</<17/A 23072/A
A=:= /: 1=;3@17= 23 C<
/ C<
AB/ @32C117L< >=@
>/@B3 7B/:7/</ >C323 B3<3@ AC =@753< 3< ?C3 3< :=A ;=23:=A
>@3A3<B/2=A <= A3 B73<3< 3< 1C3<B/ =B@=A 4/1B=@3A ?C3 >C32/<
7<4:C7@ 3< :/ >@=2C117L< 23 C< 073< 1=;= A=< :=A @31C@A=A
</BC@/:3A = 3: 1:7;/ /8= :/A 1=<2717=<3A 23 1=;3@17= AC>3@
:70@3 B/:7/ >@=2C17@Q >@=2C1B=A 23 :/ >3A1/ = 3<3@5OB71=A
3:31B@7172/2 /5C/ G 5/A 1CG/A 1=<2717=<3A </BC@/:3A
1:7;QB71/A = 23 @31C@A=A >C273@/< <= A3@ B=2= := 4/D=@/0:3A ?C3
A=< 3< B3@@7B=@7= 3A>/M=: 3 /6N ?C3 3: CA= 23 :/ B31<=:=5N/
3A>/M=:/ >/@/ >@=2C17@ 2716=A 073<3A >=@ >/@B3 23 B/:7/ 3< 3:
1/A= 23: 1=;3@17= AC>3@ :70@3 <= @3>=@B3 B=2/A :/A 5/</<17/A
3A>3@/2/A G >=@ 3::= <= A3/< OAB/A AC>3@7=@3A / :/A =0B3<72/A
0/8= 3: ;=23:= 23 :70@3 1=;3@17=
0
#"
(& #" &
: B@/0/8= ?C3 A3 >@3A3<B/ 3< 3AB3 1/>NBC:= A7@D3 23 @343@3<17/
>/@/ 3ABC27/@ 3: :70@3 1=;3@17= 07:/B3@/: 3<B@3 2=A 31=<=;N/A
>=@ ;327= 23 :/ 1=<AB@C117L< 23 C< ;/@1= 1=;>3B7B7D= 0/A/2=
3F1:CA7D/;3<B3 3< :=A 4C<2/;3<B=A 23 :/A ;7A;/A 2=B/17=<3A
4/1B=@7/:3A >@343@3<17/A G B31<=:=5N/A < 3AB3 ;/@1= A3
1=<8C5/< 3: /<Q:7A7A 7<>CB =CB>CB G :/ >@=5@/;/17L< :7<3/: >/@/
23B3@;7</@ 3<2L53</;3<B3 :/ 27@3117L< 23: 1=;3@17= 3<B@3
3::/A A7;7A;= >C323 A3@D7@ B/;07O< 1=;= 383;>:= A=0@3
1L;= :=1/:7H/@ :/A @3A>31B7D/A D3<B/8/A 1=;>/@/B7D/A
D7<1C:/2/A /: 1=;3@17= 7<B3@</17=</: < >/@B71C:/@ <= A3 6/<
CB7:7H/2= =B@= B7>= 23 3AB/2NAB71/A <7 7<271/2=@3A ;QA /::Q 23
2716=A 4C<2/;3<B=A 6/07O<2=A3 3F1:C72= /23;QA 1C/:?C73@
@343@3<17/ / N<2713A 23 >@317=A */;>=1= A3 /2;7B3 3< 3:
;=23:= <7<5K< B7>= 23 =@73<B/17L< / >@7=@7 A=0@3 :/ 27@3117L< 23:
1=;3@17= 07:/B3@/: '=@ B/<B= 3AB3 3<4=?C3 >@=>=@17=</ /AN C</
D3@2/23@/ 23B3@;7</17L< 23: 3?C7:70@7= 53<3@/: 23 :=A >/B@=<3A
23 1=;3@17= 23 :=A 073<3A 7<B3@1/;07/2=A
: /<Q:7A7A 1=;>/@/B7D= A3 6/ @3/:7H/2= >/@/ <2/:C1N/ =
A>/M/ 3 B/:7/ =< @3A>31B= / :/ @3:/17L< 3<B@3 <2/:C1N/ 3
B/:7/ 0/8= :/A 1=<2717=<3A 23 :70@3 1=;3@17= 3< C< ;3@1/2=
>3@431B/;3<B3 1=;>3B7B7D= <2/:C1N/ A3 3A>317/:7H/@N/ 3< :/
>@=2C117L< 23 ;7<3@/:3A 3<3@5OB71=A G >@=2C1B=A ?CN;71=A
;73<B@/A ?C3 B/:7/ >@=2C17@N/ 3< 3A/A 17@1C<AB/<17/A B=2=A :=A
073<3A / 3F13>17L< 23 :=A ;7<3@/:3A 3<3@5OB71=A )7< 3;0/@5=
/;0/A 31=<=;N/A B73<3< >@=2C117=<3A >=A7B7D/A 3< :=A 073<3A
1=<A723@/2=A 1=;= <= 1=;3@17/:7H/0:3A )3 232C13 B/;07O<
?C3 <2/:C1N/ =0B73<3 D3<B/8/A 1=;>/@/B7D/A 3< :/A @/;/A
3FB@/1B7D/A 23 ;7<3@/:3A 3<3@5OB71=A G :/ 7<2CAB@7/ ?CN;71/ '=@
=B@= :/2= B/:7/ =0B3<2@N/ D3<B/8/A 1=;>/@/B7D/A 3< 3: @3AB= 23
073<3A
1=;3@17/:7H/0:3A
#/A
5/</<17/A
23@7D/2/A
3F1:CA7D/;3<B3 23: :70@3 1=;3@17= A3 B@/2C17@N/< >/@/ <2/:C1N/
3< C<
;73<B@/A ?C3 >/@/ B/:7/ A3@N/ B/< A=:= 23 C<
< 3: 1/A= 23 A>/M/ 3< 1=<2717=<3A 23 :70@3 1=;3@17= G
;3@1/2=A 1=;>3B7B7D=A :/ 3A>317/:7H/17L< >@=2C1B7D/ @3A727@N/ 3<
:/A @/;/A >@7;/@7/A 3: @347<= 23 >3B@L:3= :/ 7<2CAB@7/ ?CN;71/ :/
>@=2C117L< 23 1/C16= G ;/B3@7/A >:QAB71/A :/ 4/0@71/17L< 23
;7<3@/:3A <= ;3BQ:71=A 13;3<B= 1/: 3B1 :/ 4/0@71/17L< 23
3?C7>=A 3:O1B@71=A G 3:31B@L<71=A G 3: A31B=@ 23 :/ 3<3@5N/
3:O1B@71/ 5/A G /5C/ '=@ 3: 1=<B@/@7= B/:7/ A3 3A>317/:7H/@N/ 3< 3:
@3AB= 23 073<3A 1=;3@17/:7H/0:3A : 75C/: ?C3 3< 3: 1/A= /<2/:CH
/;0/A 31=<=;N/A B73<3< >@=2C117=<3A >=A7B7D/A 3< /?C3::=A
073<3A <= 1=;3@17/:7H/0:3A #/A D3<B/8/A 1=;>/@/B7D/A 3< 3:
1/A= 23 :/ 31=<=;N/ 3A>/M=:/ 3< 1=<2717=<3A 23 :70@3 1=;3@17=
@3A727@N/< 3< :/A @/;/A >@7;/@7/A 3: @347<= 23 >3B@L:3= :/ 7<2CAB@7/
?CN;71/ :/ >@=2C117L< 23 1/C16= G ;/B3@7/A >:QAB71/A :/
4/0@71/17L< 23 ;7<3@/:3A <= ;3BQ:71=A 13;3<B= 1/: 3B1 G 3:
A31B=@ 23 :/ 3<3@5N/ 3:O1B@71/ 5/A G /5C/ < @3:/17L< 1=< :/
31=<=;N/ 7B/:7/</ :/A D3<B/8/A 1=;>/@/B7D/A A3 A7BC/@N/< 3< 3:
@3AB= 23 073<3A 1=;3@17/:7H/0:3A < 2347<7B7D/ :/A 5/</<17/A
23@7D/2/A 3F1:CA7D/;3<B3 23: :70@3 1=;3@17= >/@/ A>/M/ A3
174@/< 3< C<
A73<2= >/@/ B/:7/ 23 C< 3A1/A=
AB3 B@/0/8= 3F>:=@/ B/;07O< :/ >=A707:72/2 23 ?C3 1/2/
C</ 23 :/A 31=<=;N/A 1=<A723@/2/A <= A=:= B3<5/ :70@3 /113A=
/: 1=;3@17= A7<= ?C3 B/;07O< := B3<5/ @3A>31B= /: CA= 23 :/
B31<=:=5N/ 23: =B@= A=17= 1=;3@17/: '/@/ 3::= A3 >=ABC:/ 3:
;=23:= 23 1=;3@17= AC>3@ :70@3 ?C3 A3 />:71/ 23 <C3D= / :/
1=;>/@/B7D/ 3<B@3 <2/:C1N/ = A>/M/ 3 B/:7/ #=A @3AC:B/2=A
;C3AB@/< >/@/ <2/:C1N/ ?C3 :/A D3<B/8/A 1=;>/@/B7D/A ?C3
=0B73<3< 3< :/ 7<2CAB@7/ 3FB@/1B7D/ 23 ;7<3@/:3A 3<3@5OB71=A G :/
7<2CAB@7/ ?CN;71/ A3 23B3@;7</< >=@ :/ B31<=:=5N/ G <= >=@ :/A
2=B/17=<3A 4/1B=@7/:3A AB= 3A 2/2/ :/ AC>3@7=@72/2 23 :/
B31<=:=5N/ /<2/:CH/ A=0@3 :/ 7B/:7/</ 3< 3AB=A 2=A 1/A=A B/:7/
CB7:7H/@N/ OAB/ >/@/ >@=2C17@ 2716=A 073<3A 3< C< ;/@1= 23
1=;3@17= AC>3@ :70@3 G =0B3<73<2= 1=< 3::= 3F>=@B/17=<3A
<3B/A >=A7B7D/A '=@ := ?C3 @3A>31B/ / B/:7/ :/ D3<B/8/
1=;>/@/B7D/ 23 6/AB/
>@=2C1B=A D73<3 ACAB3<B/2/ >=@ ACA
2=B/17=<3A 4/1B=@7/:3A / A/03@ :/A @/;/A >@7;/@7/A :/ 7<2CAB@7/
/:7;3<B717/ :/ 1=<43117L< 3: 1C3@= G 1/:H/2= :/ ;/23@/ G 3:
1=@16= :/ 7<2CAB@7/ 23: >/>3: :/ 4/0@71/17L< 23 1/C16= G
;/B3@7/A >:QAB71/A :/ 4/0@71/17L< 23 ;7<3@/:3A <= ;3BQ:71=A
13;3<B= 1/: 3B1 :/ 4/0@71/17L< 23 ;3B/:3A G >@=2C1B=A
;3BQ:71=A :/ 4/0@71/17L< 23 ;/?C7</@7/ G 3?C7>= ;31Q<71= :/
4/0@71/17L< 23 ;/B3@7/: 3:O1B@71= G 3:31B@L<71= G 3: A31B=@
3<3@5OB71= 23 :/ 3:31B@7172/2 5/A G /5C/ '=@ =B@= :/2= :/
B31<=:=5N/ 23B3@;7</@N/ :/ D3<B/8/ 1=;>/@/B7D/ 7B/:7/</
@3A>31B= 23 <2/:C1N/ 3< :/ 3FB@/117L< 23 ;7<3@/:3A <=
3<3@5OB71=A 3: @347<= 23 >3B@L:3= :/ 4/0@71/17L< 23 ;/B3@7/: 23
B@/<A>=@B3 G :=A =B@=A >@=2C1B=A ;/<C4/1BC@/2=A
< 3: 1/A= 23 :/ 31=<=;N/ 3A>/M=:/ 3< @3:/17L< 1=< :/
7B/:7/</ :/A D3<B/8/A 1=;>/@/B7D/A 23 :/ >@7;3@/ ?C3 A3
0
4C<2/;3<B/< 3< :/A 2=B/17=<3A 4/1B=@7/:3A A3 @3473@3< / :/
/5@71C:BC@/ 5/</23@N/ 1/H/ G A3:D71C:BC@/ :/ 7<2CAB@7/ ?CN;71/
G :/ 4/0@71/17L< 23 ;7<3@/:3A <= 3<3@5OB71=A '=@ 3: 1=<B@/@7= :/
B31<=:=5N/ A3@N/ :/ @3A>=<A/0:3 23 :/A D3<B/8/A 1=;>/@/B7D/A
?C3 A3 =0B3<2@N/< 3< :/ >3A1/ 3: @347<= 23 >3B@L:3= :/
4/0@71/17L< 23 1/C16= G ;/B3@7/A >:QAB71/A G 3: A31B=@
3<3@5OB71= 23 3:31B@7172/2 5/A G /5C/ < 3: 1/A= 23 B/:7/ :/A
2=B/17=<3A 4/1B=@7/:3A @343@72/A / :/A /1B7D72/23A 3FB@/1B7D/A 23
;7<3@/:3A <= 3<3@5OB71=A :/ 7<2CAB@7/ /:7;3<B717/ 1=<43117L<
1C3@= G 1/:H/2= ;/23@/ G 1=@16= ;3B/:C@57/ G >@=2C1B=A
;3BQ:71=A G :=A =B@=A >@=2C1B=A ;/<C4/1BC@/2=A A=<
@3A>=<A/0:3A 23 :/A D3<B/8/A 1=;>/@/B7D/A 23 2716/ 31=<=;N/
A7;7A;= :/ B31<=:=5N/ 3A 4C<2/;3<B/: >/@/ 3F>:71/@ :/A
0
D3<B/8/A 1=;>/@/B7D/A 23 B/:7/ 3< :/ 3FB@/117L< 23 ;7<3@/:3A
3<3@5OB71=A :/ 7<2CAB@7/ 23: >/>3: :/ 4/0@71/17L< 23 ;/?C7</@7/
G 3?C7>= ;31Q<71= :/ 4/0@71/17L< 23 ;/B3@7/: 3:O1B@71= G
3:31B@L<71= G :/ 4/0@71/17L< 23 ;/B3@7/: 23 B@/<A>=@B3
< 1=<1:CA7L< <2/:C1N/ A3 03<34717/@N/ /K< ;QA ?C3
A>/M/ 23 C</ @3:/17L< 23 :70@3 1=;3@17= 1=< B/:7/ ;73<B@/A
?C3 >/@/ B/:7/ :/A 5/</<17/A A=< /:5= ;=23AB/A G 3< B=2=
1/A= A3@N/< ;/G=@3A 1=< A>/M/ ?C3 1=< <2/:C1N/
A7;7A;= B/;07O< 2303 A3@ 3A>317/:;3<B3 1=<A723@/2/ :/
7;>=@B/<17/ @3:/B7D/ 23 :=A 23B3@;7</<B3A 2=B/17=<3A
4/1B=@7/:3A = B31<=:=5N/ 23 :/A D3<B/8/A 1=;>/@/B7D/A
AC53@72/A 3< 3: ;=23:= 23 :70@3 1=;3@17=
%
!
"'#&
#=A /CB=@3A ?C73@3< 3F>@3A/@ AC ;QA A7<13@= /5@/2317;73<B= /
/=@/< '/< ,71B=@7/ )63AB/:=D/ G 6/<2@7;/ )792/@ >=@ ACA
D/:7=A/A 1=<B@70C17=<3A AC53@3<17/A 3 7<3AB7;/0:3 /GC2/ 3< :/
@3A=:C17L< 23 :=A ;=23:=A >:/<B3/2=A #/A =>7<7=<3A G
1=<1:CA7=<3A D3@B72/A 3< 3AB3 B@/0/8= A=< A=:= @3A>=<A/07:72/2
23 :=A /CB=@3A G <= @34:38/< >C<B=A 23 D7AB/ <7 >=A717=<3A 23 :/A
7<AB7BC17=<3A / :/A ?C3 >3@B3<313<
0
# %
/
C@=AB/B
1=<=;G /<2 47</<13 A31B7=<
EEE 3>> 3C@=AB/B 31 3C@=>/ 3C
7<A0C@56 ,
G -/3:0@=319 ! #
0%2%05
* (5/%/ *
!*!. ( -1%(% .%1) + !((%*# ;AB3@2/; %=@B6
=::/<2
319A163@
$! ""! 0 +" +.!%#* . ! +* 0$!
%/0.% 10%+* +" * +)! %* ! %*#/ %* 0$! $!+.5 +" *0!.* 0%+* (
. ! &F4=@2 :/@3<2=< '@3AA
<AB7BCB= 23 AB/2NAB71/ 23 <2/:C1N/
$/@1= <>CB
&CB>CB 23 <2/:C1N/
333 &1*0 ! * (1 % !/ %*/0%010+ !!/0 %/0%
<AB7BCB= 23 AB/2NAB71/ 23 <2/:C1N/
AB/2NAB71/
23 7<B3@1/;07=A 23 073<3A 3<B@3 AB/2=A 23 :/ +<7L< C@=>3/ G
1=;3@17= 3FB@/1=;C<7B/@7= (3AC:B/2=A 23
<2/:C1N/
EEE 8C<B/23/<2/:C17/ 3A 7<AB7BCB=233AB/27AB71/
<AB7BCB= %/17=</: 23 AB/2NAB71/
=<B/07:72/2
%/17=</: 23 A>/M/ EEE 7<3 3A
<AB7BCB= %/17=</: 23 AB/2NAB71/
AB/2NAB71/ 23
7<B3@1/;07=A 23 073<3A 3<B@3 AB/2=A 23 :/ +<7L< C@=>3/ G
1=;3@17= 3FB@/1=;C<7B/@7= EEE 7<3 3A
<AB7BCB= %/17=</: 23 AB/2NAB71/
<1C3AB/ 23
'=0:/17L< 1B7D/ EEE 7<3 3A
AB/B
*/D=:3 /;;=@B/;3<B7 EEE 7AB/B 7B
"/;>A
!3 /0%) 0!/ +" +2!.*)!*0 !0
,%0 ( 0+ '/ "+.
+1*0.%!/
$ -=@97<5
'/>3@
-/A67<5B=<
#3=<B734 =;3AB71 >@=2C1B7=< /<2 4=@375<
B@/23 B63 ;3@71/< 1/>7B/: >=A7B7=< @3 3F/;7<32 .+ !! %*#/
+" 0$! )!.% * $%(+/+,$% ( + %!05
$/A $ 'O@3H G +@73:
( 0+ ' ! ,%0 ( !*
/, 7 5 /1 %/0.% 1 %6* 0!..%0+.% (
$/2@72
C<2/17L<
,
&6:7<
*0!..!#%+* ( * *0!.* 0%+* ( . !
/;0@7253 $
/@D/@2 +<7D3@A7BG '@3AA
&@5/<7H/17L< <B3@</17=</: 23: *@/0/8=
# &()*
2/B/0/A3 EEE 7:= =@5
(71/@2=
.%* %,(!/ +" +(%0% (
+*+)5 *
4 0%+* @37;>@3A= >=@ =D3@ 'C0:71/B7=<A %3E .=@9
B3< (// *
$!
+*+)% / +" *,10 10,10
* (5/%/ /;0@7253 /;0@7253 +<7D3@A7BG '@3AA
B3< (// * G 6/9@/0=@BG
<27/< 1=;>/@/B7D3
/2D/<B/53 D7A P D7A C@=>3 /A @3D3/:32 0G :7<3/@ >@=5@/;;7<5
=4 B63 BE= 31=<=;73A
+*+)%
5/0!)/ !/! . $
>>
B3< (// * G $=6<3< '
*63 :=1/B7=< =4
1=;>/@/B7D3 /2D/<B/53A =< B63 0/A7A =4 4C<2/;3<B/:A =<:G
+*+)%
5/0!)/ !/! . $
>>
@37;>@3A= 3<
*678A B3< (// 0.1 01. (
+*+)% / #=<2@3A G %3E .=@9
*3< (// * G '/<
=;>3B7B7D3 >@3AAC@3A =<
67</ 7<1=;3 7<3?C/:7BG /<2 ;75@/B7=< !#%+* ( %!* ! *
. * +*+)% /
>>
)792/@
B3< (// * $=6<3< ' . 6/9@/0=@BG
7:/B3@/: B@/23 03BE33< <27/ /<2 /<5:/23A6 / 53<3@/:
3?C7:70@7C; />>@=/16
+*+)%
5/0!)/ !/! . $
>>
,/<39 !
*63 4/1B=@ >@=>=@B7=<A B63=@G B63 *
4/1B=@ 1/A3 "G9:=A
>>
-==2:/<2
*0!.* 0%+* ( 0. ! * .!/+1. !
((+ 0%+* ;AB3@2/; %=@B6 =::/<2
0
" *#
1
!(&503
">56-0
*3,&6-563$ *$/$'(3>$ &$:$ 9 4(-7,&6-563$
(4&$
853$&&,</ '( 130'6&504 (/(3*?5,&04
853$&&,</ '( 05304 .,/(3$-(4 (8&(150 130'6&504 (/(3*?5,&04
/'6453,$ '( -$ $-,.(/5$&,</ %(%,'$4 9 5$%$&0
/'6453,$ 5(85,- 9 '( -$ &0/)(&&,</
/'6453,$ '(- &6(30 9 '(- &$-:$'0
/'6453,$ '( -$ .$'(3$ 9 '(- &03&+0
/'6453,$ '(- 1$1(- (',&,</ $35(4 *3@),&$4 9 3(130'6&&,</ '( 401035(4 *3$%$'04
(),/0 '( 1(53<-(0 9 53$5$.,(/50 '( &0.%645,%-(4 /6&-($3(4
/'6453,$ 26>.,&$
/'6453,$ '( -$ 53$/4)03.$&,</ '(- &$6&+0 9 .$5(3,$4 1-@45,&$4
/'6453,$4 '( 05304 130'6&504 .,/(3$-(4 /0 .(5@-,&04
(5$-63*,$ 9 )$%3,&$&,</ '( 130'6&504 .(5@-,&04
/'6453,$ '( -$ &0/4536&&,</ '( .$26,/$3,$ 9 (26,10 .(&@/,&0
/'6453,$ '( .$5(3,$- 9 (26,10 (-?&53,&0 (-(&53</,&0 9 <15,&0
$%3,&$&,</ '( .$5(3,$- '( 53$/41035(
/'6453,$4 .$/6)$&563(3$4 ',7(34$4
30'6&&,</ 9 ',453,%6&,</ '( (/(3*>$ (-?&53,&$ *$4 9 $*6$
0/4536&&,</
0.(3&,0 3(1$3$&,</ '( 7(+>&6-04 '( .0503 .050&,&-(5$4 9 &,&-0.0503(4 9 $35>&6-04
1(340/$-(4 9 '( 640 '0.?45,&0
045(-(3>$
"3$/41035( $-.$&(/$.,(/50 9 &0.6/,&$&,0/(4
/5(3.(',$&,</ ),/$/&,(3$
&5,7,'$'(4 ,/.0%,-,$3,$4 9 '( $-26,-(3 4(37,&,04 (.13(4$3,$-(4
'.,/,453$&,</ 1;%-,&$ '()(/4$ 9 4(*63,'$' 40&,$'6&$&,</
&5,7,'$'(4 4$/,5$3,$4 9 7(5(3,/$3,$4 4(37,&,04 40&,$-(4
53$4 $&5,7,'$'(4 40&,$-(4 9 '( 4(37,&,04 13(45$'04 $ -$ &0.6/,'$' 4(37,&,04 1(340/$-(4
0*$3(4 26( (.1-($/ 1(340/$- '0.?45,&0
0