<//2=03=8?5>
4GNGGOTG
']^O X
AXNO\aO\Z1 8KQ^OUOXSXQ1 5QOXNKX_WWO\2
6O]MRSULKK\ ]^OVVOX ]_L]SNSO `YY\ \OXY`K^SO LO]^KKXN OX
KKXVOQ XSO_a U_X]^Q\K] `YO^LKV`OVN @I7 () NOMOWLO\ )'(. (.%()%'-
8O \KKN `KX NO QOWOOX^O 5]^OX2
QOdSOX RO^ `YY\]^OV `KX RO^ MYVVOQO `KX L_\QOWOO]^O\ OX aO^RY_NO\] `KX ( XY`OWLO\ )'(. WO^ dKKUX_WWO\ )'(.*.+0*2
QORYY\N RO^ KN`SO] `KX NO MYWWS]]SO 6_\QO\] `KX ). XY`OWLO\ )'(.2
LO]V_S^1
SX ^O ]^OWWOX WO^ RO^ LO]MRSULKK\ ]^OVVOX `KX OOX QOWOOX^OVSTUO ]_L]SNSO `KX SX
^Y^KKV g ,).%'''#3 `YY\ NO \OXY`K^SO `KX RO^ LO]^KKXNO OX XSO_a KKX ^O VOQQOX U_X]^Q\K]`OVN2
OOX KKX`_VVOXNO LSTN\KQO `KX g ((*%'''#3 LO]MRSULKK\ ^O ]^OVVOX% =X NO LOQ\Y^SXQ )'(. S] XKWOVSTU \OON] \OUOXSXQ QORY_NOX WO^ OOX LSTN\KQO `KX g +(+%'''#32 SX ^O ]^OWWOX WO^ NO Z\S`K^S]O\SXQ `KX LOSNO `OVNOX XKK\ KXKVYQSO `KX NO Z\S`K^S]O\SXQ `KX NO `OVNOX `KX AVcWZSK 6Yc] OX A@8A%
5VN_] `K]^QO]^OVN SX NO YZOXLK\O `O\QKNO\SXQ `KX NO \KKN `KX NO QOWOOX^O 5]^OX `KX () NOMOWLO\ )'(.%
8O \KKN `YY\XYOWN#
Q\SPPSO\#
W\% =+!%6%I% `KX 9\Z$EYXXOWKX]
`YY\dS^^O\#
W\% <%;% HY]
4GNGGOTG
5YS TGO
<//2=@;;<=>38
056 B//7:?993<. )'(,'*,+-) ZXNO\aO\Z1
( 6STVKQO X!1 HO\QKNO\SXQ
`KX1
5QOXNK$
X_WWO\1
Z%R%1 6O]MRSULKK\ ]^OVVOX ]_L]SNSO `YY\ \OXY`K^SO
() NOMOWLO\
LO]^KKXN OX KKXVOQ XSO_a U_X]^Q\K] )'(.
`YO^LKV`OVN @I7
$*$ (.%()%'- >`6
NO \KKN
`KX NO QOWOOX^O 5]^OX
=CNGOVCTTJOH
<O^ KKX^KV VONOX OX ^OKW] `KX `YO^LKV`O\OXSQSXQ @I7 S] NO VKK^]^O TK\OX PY\] ^YOQOXYWOX% 5V]
QO`YVQ NKK\`KX LO]MRSU^ @I7 Y`O\ YX`YVNYOXNO `OVNMKZKMS^OS^% AWNK^ OOX `O\NO\O _S^L\OSNSXQ
`KX RO^ KKX^KV `OVNOX YZ ]ZY\^ZK\U "^ DYY^ XSO^ WYQOVSTU S]# S] NO YWLY_a `KX OOX
XK^__\Q\K]`OVN XKK\ U_X]^Q\K] NO OXSQO YZ^SO YW NO XYYNdKUOVSTUO MKZKMS^OS^ ^O \OKVS]O\OX% =X NO KPQOVYZOX TK\OX S] SX^OX]SOP Y`O\VOQ QO`YO\N WO^ @I7 Y`O\ NO aSTdO aKK\YZ RO^
MKZKMS^OS^]Z\YLVOOW dY_ U_XXOX aY\NOX YZQOVY]^ OX aOVUO SXdO^ `KX ZK\^STOX NKK\`YY\ XYNSQ S]% 8KK\LST S] WO^ XKWO YXNO\dYOU QONKKX XKK\ NO T_\SNS]MRO OX PSXKXMSeVO K]ZOM^OX aKK\LST _S^OSXNOVSTU NO `YVQOXNO MYXMV_]SO] dSTX QO^\YUUOX1
(% <O^ LO]^KKXNO U_X]^Q\K]`OVN OX RO^ XSO_a KKX ^O VOQQOX U_X]^Q\K]`OVN aY\NOX
QOZ\S`K^S]OO\N XKK\ KXKVYQSO `KX NO QOZ\S`K^S]OO\NO U_X]^Q\K]`OVNOX `KX AVcWZSK 6Yc] OX A@8A2
)% E^SMR^SXQ 6OROO\ "^ DYY^ dY\Q^ `YY\ NO \OXY`K^SO `KX RO^ LO]^KKXNO OX RO^ XSO_a KKX ^O VOQQOX U_X]^Q\K]`OVN2
*% 8O QOWOOX^O 5]^OX `O\]^\OU^ KKX @I7 OOX LSTN\KQO SX NO UY]^OX `KX SX ^Y^KKV g ,).%'''#3%
0GSMJSQUOTGO
G aY\N^ `O\dYMR^ SX ^O ]^OWWOX WO^1
(% RO^ LO]MRSULKK\ ]^OVVOX `KX OOX QOWOOX^OVSTU] ]_L]SNSO `KX SX ^Y^KKV g ,).%'''#3 `YY\ NO
\OXY`K^SO `KX RO^ LO]^KKXNO OX XSO_a KKX ^O VOQQOX U_X]^Q\K]`OVN% =X NO LOQ\Y^SXQ )'(.
S] \OON] \OUOXSXQ QORY_NOX WO^ OOX LSTN\KQO `KX g +(+%'''#3% 9\ NSOX^ N_] XYQ OOX KKX`_VVOXNO LSTN\KQO `KX g ((*%'''#3 LO]MRSULKK\ QO]^OVN ^O aY\NOX2
)% NO Z\S`K^S]O\SXQ `KX LOSNO `OVNOX XKK\ KXKVYQSO `KX NO Z\S`K^S]O\SXQ `KX NO `OVNOX `KX AVcWZSK 6Yc] OX A@8A%
5OMGJFJOH
5V] QO`YVQ `KX OOX QO]^KQO Q\YOS `KX RO^ KKX^KV VONOX&^OKW] `YVNYO^ NO KMMYWWYNK^SO `KX
@I7 [_K `OVNMKZKMS^OS^ KKX^KV OX UaKVS^OS^ `KX NO `OVNOX! XSO^ WOO\ KKX NO XY\W% 9OX _S^L\OSNSXQ `KX RO^ KKX^KV `OVNOX S] OSQOXVSTU XYYNdKUOVSTU% AWNK^ OOX _S^L\OSNSXQ YZ RO^ LST
@I7 SX QOL\_SU dSTXNO ]ZY\^ZK\U XSO^ WYQOVSTU S]# S] NO YWLY_a `KX OOX `KX NO
XK^__\Q\K]`OVNOX XKK\ OOX U_X]^Q\K]`OVN NO OXSQ YZ^SO YW KKX NO XY\W ^O U_XXOX `YVNYOX%
?O^ NO QOVSTU^STNSQO \OXY`K^SO `KX RO^ LO]^KKXNO U_X]^Q\K]`OVN YX^]^KK^ OOX ]S^_K^SO aKK\SX dYaOV SX Y\QKXS]K^Y\S]MRO KV] SX UaKVS^K^SO`O dSX OOX QYONO ]ZY\^`YY\dSOXSXQ `YY\ @I7 UKX aY\NOX QO\OKVS]OO\N%
5MMMMMMMJ
ACT WJMMGO WG DGRGJLGO
<O^ S] `KX LOVKXQ NK^ NO 5]^OX]O ]ZY\^`O\OXSQSXQOX Y`O\ OOX KNO[_K^O ]ZY\^KMMYWWYNK^SO U_XXOX LO]MRSUUOX% 5V] QO`YVQ `KX NO ^YOXKWO `KX RO^ KKX^KV VONOX&^OKW] `YVNYO^ NO KMMYWWYNK^SO `KX @I7 XSO^ WOO\% ?O^ NO YWLY_a `KX OOX XK^__\Q\K]`OVN XKK\ OOX U_X]^Q\K]`OVN# NO \OXY`K^SO `KX RO^ LO]^KKXNO U_X]^Q\K]`OSN OX NO Z\S`K^S]O\SXQ `KX NSO
`OVNOX KV]WONO OOX KNO[_KK^ YXNO\RY_N `KX NO XK^__\Q\K]`OVNOX NYY\ NO QOWOOX^O 5]^OX
`YVNYO^ NO KMMYWWYNK^SO SX KVSO YZdSMR^OX KKX NO XY\W%
ACT HCCO WG FCCRVPPR FPGO
AW ^O LO\OSUOX NK^ @I7 Y`O\ OOX QYON QOY_^SVVOO\N ]ZY\^ZKU UKX LVST`OX! LO]MRSUUOX aY\NOX NO `YVQOXNO KM^SO] YXNO\XYWOX1
(% FOX LORYO`O `KX NO YWLY_a `KX OOX XK^__\Q\K]`OSN XKK\ U_X]^Q\K] OX NO \OXY`K^SO `KX RO^ LO]^KKXNO U_X]^Q\K]`OVN aY\N^ OOX OOXWKVSQO LSTN\KQO LO]MRSULKK\ QO]^OSN `KX g ,).%'''# 3 2
)% AZ LK]S] `KX \OON] OO\NO\ SXQOdO^ LOSOSN aY\NOX NO LOSNO U_X]^Q\K]`OVNOX QOZ\S`K^S]OO\N%
8O Z\S`K^S]O\SXQ QOSN^ `YY\ NO KKXSOQ `KX RO^ XSO_aO OX NO \OXY`K^SO `KX RO^ LO]^KKXNO U_X]^Q\K]`OVN# `YY\ RO^ QOROVO YXNO\RY_N KV]YYU ^O dSTXO\ ^STN `YY\ NO `O\`KXQSXQ `KX NO
^YZVKKQ% 8O OXSQO dY\Q `KX NO QOWOOX^O 5]^OX `YY\ NOdO `OVNOX S] RO^ `YONOX `KX NO YXNO\RY_N]`YY\dSOXSXQ WO^ OOX TKK\VSTU] LON\KQ dYNK^ Y`O\ () TKK\ OOX LSTN\KQO `KX g (''%'''#3 KKX NO `O\OXSQSXQ UKX aY\NOX `O\]^\OU^% HYY\ NO Z\S`K^S]O\SXQ aY\N^ OOX KPdYXNO\SSTUO Y`O\OOXUYW]^ YZQO]^OVN OX YXNO\^OUOXN NYY\ ZK\^STOX%
5V] QO`YVQ `KX NO QO]^KQO Q\YOS `KX RO^ KKX^KV VONOX OX ^OKW] S] RO^ KKX^KV `OVNOX aKK\Y`O\
@I7 UKX LO]MRSUUOX YX`YSNYOXNO% 9OX `O\NO\O _S^L\OSNSXQ `KX RO^ ]ZY\^ZK\U S] XSO^ WYQOSSTU%
AW RO^ MKZKMS^OS^]Z\YLVOOW YZ ^O VY]]OX S] NO YWLY_a `KX OOX XK^__\QK]`OSN XKK\ OOX U_X]^Q\K]`OVN NO OXSQO YZSY]]SXQ% 9OX XKNO\O _S^OOXdO^^SXQ `KX NO LORYOP^O&XY\WO\SXQ ^\OP^ _ KKX SX NO LSTSKQO ( `O\]OYX )'(-''/)'(!% HYY\aKK\NO NKK\LST S] NO Z\S`K^S]O\SXQ `KX LOSNO U_X]^Q\K]`OVNOX Y`O\OOXUYW]^SQ NO aSTdO aKK\YZ YYU NO `OVNOX `KX AVcWZSK 6Yc] OX A@8A dSTX QOZ\S`K^S]OO\N%
=X NO KPQOVYZOX ZO\SYNO ROOP^ @I7 XKNO\ YXNO\dYOU QONKKX XKK\ NO POS^OVSTUO UY]^OX `KX NO
^Y^KVO YZO\K^SO OX NO WYQOVSTUO PSXKXMSO\SXQ `KX RO^ ^Y^KSO Z\YTOM^% 8KK\_S^ LVSTU^ NK^ NO ^Y^KVO UY]^OX `YY\ NO \OXY`K^SO OX NO XSO_aKKXSOQ U_XXOX aY\NOX QO\KKWN YZ KPQO\YXN
g -0/#(',# 3 1
$ `O\`KXQSXQ LO]^KKXNO U_X]^Q\K]`OSN g )''%/-'#3
$ KKXSOQ XSO_a U_X]^Q\K]`OSN g++(%'+,#3
$ WSXS^\OUUO\ `YY\ YXNO\RY_N g )+%)''#3
$ NS`O\]OX `O\VOQQOX VOSNSXQOX# SOQO]# YX`YY\dSOX! g *)%'''%3
FY^KKV g -0/%(',#3 SXMV% L^a!"
JYPPO\^O] dSTX LO]MRSULKK\ LST @I7
AWNK^ NO aO\UdKKWRONOX aY\NOX _S^QO`YO\N NYY\ YP YXNO\ `O\KX^aYY\NOSSTUROSN `KX NO E^SMR^SXQ 6OROO\ 4^ DYY^ S] QOOX L^a `O\]MR_SNSQN% 8O QOWOOX^OSSTUO LSTN\KQO UKX NK^ YYU LOZO\U^ aY\NOX ^Y^ OOX LON\KQ `KX g ,).%'''#3 ObMV_]SOP L^a!%
E^SMR^SXQ 6OROO\ 4^ DYY^&@I7 ROOP^ NKK\LST XKN\_UUOSSTU QOdYMR^ XKK\ KKX`_VVOXNO WSNNOVOX OX dSO^ UKX] YW WSNNOS] ]ZYX]Y\SXQ O%N% OOX LON\KQ `KX g ,'%'''#3 LSTOOX ^O L\OXQOX% 8KK\XKK]^
d_SVOX O\ XYQ ^KV `KX aO\UdKKWRONOX WYO^OX aY\NOX `O\\SMR^# NSO XSO^ dSTX YZQOXYWOX SX RO^
UY]^OXY`O\dSMR^% <SO\`YY\ d_SSOX NO `\STaSVVSQO\] `KX @I7 aY\NOX SXQO]MRKUOVN%
AW RO^ ^Y^KVO Z\YTOM^ PSXKXMSOOV WYQOVSTU ^O WKUOX S] N_] OOX OOXWKSSQO LSTN\KQO `KX NO QOWOOX^O 5]^OX XYNSQ `KX ,).%'''#3% =X NO LOQ\Y^SXQ )'(. S] \OON] \OUOXSXQ QORY_NOX WO^
OOX QOWOOX^OVSTUO LSTN\KQO `KX g +(+%'''#3 9\ S] N_] XYQ OOX Ob^\K OOXWKVSQO LSTN\KQO XYNSQ
`KX g ((*%'''# 3 %
A`O\SQOX] dSTX SX RO^ UY]^OXY`O\dSMR^ QOOX WSNNOVOX YZQOXYWOX `YY\ OOX aON]^\STN`O\VSMR^SXQ#
QO\KKWN YZ g +'%'''#3# YZ RO^ XSO_aO U_X]^Q\K]`OVN% AWNK^ @I7 Y`O\ `YVNYOXNO
`OVN`O\VSMR^SXQ LO]MRSU^ UYW^ NO KKXVOQ `KX NOdO `O\VSMR^SXQ XSO^ SX KKXWO\USXQ `YY\ OOX QOWOOX^OSSTUO LSTN\KQO%
AWNK^ OOX U_X]^Q\K]`OVN O`OXaOV ZK] QYON UKX aY\NOX LOX_^ KV] RO^ `YY\dSOX S] `KX
`O\VSMR^SXQ# S] RO^ `YY\ NO RKXN VSQQOXN NK^ @I7 NO WYQOVSTUROSN U\STQ^ YW NO SX]^KVVK^SO `KX OOX `KX NO R_SNSQO ^\KSXSXQ]`OVNOX ^O `O\ZVKK^]OX XKK\ RO^ U_X]^Q\K]`OVN%
@KK]^ RO^ `O\dYOU YW OOX KKX`_VVOXNO LSTN\KQO `KX g ((*%'''#3 `\KKQ^ @I7 XYQ YW OXUOVO QK\KX^SO]%
(% 5V] QO`YVQ `KX NO KKXRY_NOXNO NS]M_]]SO Y`O\ QOdYXNROSN]$ OX WSVSO_\S]SMY ] `KX \_LLO\
SXPSVV LO]^KK^ NO WYQOVSTUROSN NK^ O\ SX NO ^YOUYW]^ WYQOVSTU OOX `O\LYN UYW^ YZ E6D% AZ NS^ WYWOX^ S] O\ QOOX OXUOVO KKXVOSNSXQ YW X_ \OON] ^O SX`O]^O\OX SX U_\U SXPSVV YP FB9 SXPSVV OX LY`OXNSOX S] NK^ PSXKXMSOOV XSO^ RKKVLKK\% 8O WOO\UY]^OX NKK\`KX LON\KQOX XKWOVSTU g *'%'''#3 \O]ZOM^SO`OVSTU g (''%'''#3 ZO\ `OVN% AYU NO ObZVYS^K^SOUY]^OX dSTX RYQO\ NKX LST E6D SXPSVV%
?YMR^ ^_]]OX^STN]O! `O\`KXQSXQ XYYNdKUOVSTU dSTX NKX dSTX NSO UY]^OX XSO^ YZ ^O L\OXQOX NYY\ @I7% AZ LK]S] `KX NO R_SNSQO SXPY\WK^SO S] O\ X_ QOOX KKXVOSNSXQ YW YZ `YY\RKXN OOX QK\KX^]^OVVSXQ KP ^O QO`OX% ?YMR^ RO^ dY`O\ UYWOX NKX S] O\ OOX VKXNOVSTU Z\YLVOOW OX d_VVOX KVVO OSQOXK\OX OX VYUKVO! Y`O\RONOX WYO^OX LOdSOX YZ aOVUO aSTdO NK^ Z\YLVOOW WYO^ aY\NOX YZQOVY]^%
)% 8O E^SMR^SXQ 6OROO\ ^ DYY^ XOOW^ NO KKXVOQ OX ^ YXNO\RY_N `KX NO U_X]^Q\K]`OVNOX `YY\
RKK\ \OUOXSXQ% 8K^ LO^OUOX^ NK^ NO L^a Y`O\ NO SX`O]^O\SXQ UKX aY\NOX ^O\_QQO`Y\NO\N OX NO QOWOOX^O N_] YYU UKX `YV]^KKX WO^ OOX LSTN\KQO ObMV_]SOP L^a% ?YQOVSTU dKV O\ SX NO
^YOUYW]^ OOX aSTdSQSXQ `KX NO L^a aO^QO`SXQ aY\NOX NYY\QO`YO\N# NSO XKNOVSQO QO`YVQOX UKX ROLLOX `YY\ NO ]^SMR^SXQ&@I7% AYU RSO\ KMR^ RO^ MYVVOQO OOX QK\KX^]^OVVSXQ YZ
`YY\RKXN YXaOX]OVSTU% =XNSOX dSMR OOX aSTdSQSXQ SX NO L^a aO^QO`SXQ dKV `YY\NYOX S] YYU NO QOWOOX^O 5]^OX dOVP VSTNOXN `YY\aO\Z YWNK^ dST O`OXOOX] QOL\_SU WKKU^ `KX NOdO
\OQOVSXQ%
9PHGMJKLG CMTGROCTJGVGO
9\ dSTX QOOX KV^O\XK^SO`OX `YY\ RO^ KKX NO XY\W L\OXQOX `KX NO KMMYWWYNK^SO `KX @I7% 8O WO^RYNSOU `KX RO^ LO]MRSULKK\ ]^OVVOX `KX OOX OOXWKVSQO LSTN\KQO SX MYWLSXK^SO WO^
Z\S`K^S]O\SXQ S] \OON] ]_MMO]`YV ^YOQOZK]^ LST NO U_X]^Q\K]`OVNOX `KX AVcWZSK 6Yc] OX A@8A%
<JSJEP S
@K \OXY`K^SO OX KKXVOQ `KX NO U_X]^Q\K]`OVNOX aY\NOX NO `OVNOX QOZ\S`K^S]OO\N% B\S`K^S]O\SXQ ROOP^ KV^STN OOX dOUO\ \S]SMY SX dSMR%
8O NS]M_]]SO \YXN \_LLO\Q\KX_VKK^ dKV SX NO UYWOXNO TK\OX aOVVSMR^ XYQ `O\NO\ aY\NOX QO`YO\N% =X RYO`O\\O NK^ ^Y^ OOX `O\LYN dKV VOSNOX S] YXQOaS]% 8K^dOVPNO QOVN^ `YY\ NO NS]M_]]SO WO^ LO^\OUUSXQ ^Y^ NO L^a%
HYY\KV]XYQ aY\N^ O\ `KX _S^QOQKKX NK^ WYQOVSTUO LOVOSN]aSTdSXQOX `SK Y`O\QKXQ]WKK^\OQOVOX LOROO\]^ U_XXOX aY\NOX%
1PNNUOJECTJG
8S^ `YY\]^OV S] ^Y^ ]^KXN QOUYWOX XK OOX VKXQO ZO\SYNO `KX dOO\ SX^OX]SOP Y`O\VOQ WO^
LO^\YUUOX ZK\^STOX% @K OOX ZY]S^SOP QOWOOX^OVSTU LO]V_S^ dKV SX Y`O\VOQ WO^ @I7 OX NO E^SMR^SXQ :KMSVS^KS\ 6OROO\ ^ DYY^ NO Z\S`K^S]O\SXQ `O\NO\ `Y\W aY\NOX QOQO`OX OX NO LSTN\KQO `SK
`YY\]MRY^^OX# QOUYZZOVN KKX NO _S^`YO\SXQ# LO]MRSULKK\ aY\NOX QO]^OVN%
ACT NCH IGT LPSTGO
=X NO LOQ\Y^SXQ )'(. S] \OON] \OUOXSXQ QORY_NOX WO^ OOX QOWOOX^OVSTUO LSTN\KQO `KX
g +(+%'''#3 aOVUO S] QONOU^ NYY\ OOX LSTN\KQO _S^ NO AXNO\RY_N]`YY\dSOXSXQ ]ZY\^ZK\U ^ DYY^
WSNNOVOX QO\O]O\`OO\N `YY\ `O\`KXQSXQ `KX NO ^YZVKKQ `KX RO^ U_X]^Q\K]`OVN OX \OXY`K^SO
`KX RO^ XK^__\Q\K] RYYPN`OVN! OX OOX LSTN\KQO `KX g ,/%(-(#3 ^OX VK]^O `KX \O]O\`O OOXWKVSQO LO]^ONSXQOX% 9\ S] N_] XYQ OOX Ob^\K OOXWKVSQO LSTN\KQO XYNSQ `KX g ((*%'''#3 XYNSQ% AYU NSO LSTN\KQO UKX aY\NOX QONOU^ _S^ NO YXNO\RY_N]`YY\dSOXSXQ%
8S^ S] WYQOVSTU YWNK^ O\ OXUOVO TK\OX QOVONOX S] QOUYdOX `YY\ OOX XSO_aO ]c]^OOW `KX
]^Y\^SXQOX SX NO QOWOOX^OVSTUO YXNO\RY_N]`YY\dSOXSXQOX% GS^QKXQ]Z_X^ LST NO ]^Y\^SXQ S] X_ RO^
OO_aSQ SX ]^KXN RY_NOX `KX NSO `YY\dSOXSXQOX ^O\aSTV `YY\ROOX XSO^ `O\NO\ aO\N QOUOUOX NKX SX]^KXNRY_NSXQ `YY\ (' TKK\% 5V] QO`YVQ NKK\`KX S] RO^ ]KVNY `KX NO `YY\dSOXSXQ `YY\ NO
`OVNOX \_SW `YVNYOXNO YW OOX Ob^\K LSTN\KQO LO]MRSULKK\ ^O ]^OVVOX `KX g ((*%'''#3%
0JKMCHG!O"&TGR JOXCHG 1JOEM% /=>$OR"
