)**#$* % "#* &(%+* -(($*/
-81D D89C -1BB1>DI 3?F5BC -8? 9D
@@<95C D?
->; B?C?J;: M7HH7DJO FHEL?:;: 8O ,!
!EC; FFB?7D9;I (,! ?D J>?I
,J7J;C;DJ E< B?C?J;: FHE:K9J 07HH7DJO
7FFB?;I EDBO JE J>; EI9> ';NNJ
,;H?;I M7I>;H EI9> IEB: JE OEK
J>; <?HIJ KI?D= FKH9>7I;H FHEL?:;: J>7J
J>; )HE:K9J M7I FKH9>7I;: <EH OEKH
DEHC7B >EKI;>EB: DED 9ECC;H9?7B
KI; 7D: >7I ?D <79J 7J 7BB J?C;I EDBO
8;;D KI;: <EH DEHC7B >EKI;>EB:
FKHFEI;I D;M 7J H;J7?B DEJ 7
:?IFB7O Q7I ?I EH FH;L?EKIBO H;JKHD;:
CE:;B 7D: DEJ <EH H;I7B; EH
9ECC;H9?7B KI; 7D: M?J>?D J>;
.D?J;: ,J7J;I EH 7D7:7 7D: >7I 7J 7BB
J?C;I H;C7?D;: M?J>?D J>; 9EKDJHO E<
EH?=?D7B FKH9>7I; ->; M7HH7DJ?;I
IJ7J;: >;H;?D 7FFBO EDBO JE J>; <?HIJ
FKH9>7I;H E< J>; )HE:K9J 7D: 7H; DEJ
JH7DI<;H78B;
i
)B;7I; C7A; IKH; JE H;JKHD OEKH
H;=?IJH7J?ED 97H: M>?B; DEJ
D;9;II7HO JE ;<<;9JK7J; M7HH7DJO
9EL;H7=; ?J ?I J>; 8;IJ M7O <EH
EI9> JE DEJ?<O OEK ?D J>; KDB?A;BO
;L;DJ E< 7 I7<;JO DEJ?9; EH FHE:K9J
H;97BB
?G "?>7 D85 -1BB1>DI "1CDC
EI9> M7HH7DJI J>7J J>; )HE:K9J ?I <H;;
<HEC :;<;9JI ?D C7J;H?7BI 7D:
MEHAC7DI>?F <EH 7 F;H?E: E< J>H;;
>KD:H;: I?NJO <?L; :7OI <HEC J>;
:7J; E< FKH9>7I; ->; <EH;=E?D=
J?C;B?D; 8;=?DI JE HKD KFED J>; :7J; E<
FKH9>7I; 7D: I>7BB DEJ 8; IJ7BB;:
JEBB;: ;NJ;D:;: EH IKIF;D:;: <EH 7DO
H;7IED M>7JIE;L;H
(5@19B(5@<135 1C /?EB H3<EC9F5
(5=54I
KH?D= J>?I M7HH7DJO F;H?E:
EI9> EH ED; E< ?JI 7KJ>EH?P;: I;HL?9;
FHEL?:;HI M?BB H;F7?H OEKH )HE:K9J
M?J>EKJ 9>7H=; JE OEK IK8@;9J JE
9;HJ7?D B?C?J7J?EDI IJ7J;: >;H;?D ?< OEKH
)HE:K9J FHEL;I JE >7L; 8;;D
C7DK<79JKH;: M?J> 7 :;<;9J ?D C7J;H?7BI
EH MEHAC7DI>?F "< H;7IED78B;
7JJ;CFJI JE H;F7?H J>; )HE:K9J >7L;
8;;D C7:; M?J>EKJ IK99;II J>;D
EI9> M?BB H;FB79; OEKH )HE:K9J
KF=H7:; CE:;BI C7O 8; 7L7?B78B; JE
OEK ?D EI9>I IEB; :?I9H;J?ED <EH 7D
7::?J?ED7B 9>7H=; BB H;CEL;: F7HJI
7D: 9ECFED;DJI I>7BB 8;9EC; J>;
FHEF;HJO E< EI9> 7J ?JI IEB; EFJ?ED BB
H;FB79;: 7D:EH H;F7?H;: F7HJI I>7BB
7IIKC; J>; ?:;DJ?JO E< J>; EH?=?D7B F7HJ
<EH FKHFEI;I E< J>?I M7HH7DJO 7D: J>?I
M7HH7DJO I>7BB DEJ 8; ;NJ;D:;: M?J>
H;IF;9J JE IK9> F7HJI EI9>I IEB;
B?78?B?JO 7D: H;IFEDI?8?B?JO >;H;KD:;H ?I
JE H;F7?H C7DK<79JKH;H :;<;9J?L;
)HE:K9J EDBO KI?D= 7
EI9> 7KJ>EH?P;: I;HL?9; FHEL?:;H
:KH?D= DEHC7B 8KI?D;II >EKHI
EH I7<;JO 7D: FHEF;HJO :7C7=;
9ED9;HDI EI9> >?=>BO H;9ECC;D:I
J>7J OEK :E DEJ 7JJ;CFJ JE H;F7?H J>;
)HE:K9J OEKHI;B< EH KI; 7D
KD 7KJ>EH?P;: I;HL?9;H EI9> M?BB >7L;
DE H;IFEDI?8?B?JO EH B?78?B?JO <EH H;F7?HI EH
MEHA F;H<EHC;: 8O 7 DED 7KJ>EH?P;:
I;HL?9;H "< OEK 9>EEI; JE >7L;
IEC;ED; EJ>;H J>7D 7D 7KJ>EH?P;:
I;HL?9; FHEL?:;H MEHA ED OEKH )HE:K9J
-!", 0++'-2 0"%%
.-(&-"%%2 (& '.%%
' /(" KJ>EH?P;: I;HL?9;
FHEL?:;HI 7H; J>EI; F;HIEDI EH
9ECF7D?;I J>7J >7L; 8;;D IF;9?7BBO
JH7?D;: ED EI9> FHE:K9JI 7D: M>E
FEII;II ?D EI9>I EF?D?ED 7 IKF;H?EH
H;FKJ7J?ED <EH 9KIJEC;H I;HL?9; 7D:
J;9>D?97B 78?B?JO DEJ; J>7J J>;O 7H;
?D:;F;D:;DJ ;DJ?J?;I 7D: 7H;
not
7=;DJI F7HJD;HI 7<<?B?7J;I EH
H;FH;I;DJ7J?L;I E< EI9>
'EJM?J>IJ7D:?D= J>; <EH;=E?D= EI9>
M?BB DEJ ?D9KH 7DO B?78?B?JO EH >7L;
H;IFEDI?8?B?JO <EH J>; )HE:K9J ?< ?J ?I
BE97J;: ?D 7 H;CEJ; 7H;7 CEH; J>7D
C?B;I <HEC 7D 7KJ>EH?P;: I;HL?9;
FHEL?:;H EH ?I H;7IED78BO ?D799;II?8B;
>7P7H:EKI J>H;7J;D?D= EH JH;79>;HEKI
BE97B; IKHHEKD:?D=I EH ;DL?HEDC;DJ ?D
7DO IK9> ;L;DJ ?< OEK H;GK;IJ EI9>
MEKB: IJ?BB F7O <EH B78EH 7D: F7HJI 7D:
I>?F J>; F7HJI JE J>; D;7H;IJ I;HL?9;
FHEL?:;H 8KJ OEK MEKB: IJ?BB 8; <KBBO
B?78B; 7D: H;IFEDI?8B; <EH 7DO JH7L;B
J?C; EH EJ>;H IF;9?7B 9>7H=;I 8O J>;
I;HL?9; 9ECF7DO 7IIKC?D= J>;O 7=H;;
JE C7A; J>; I;HL?9; 97BB
%ED ?6 -1BB1>DI &B?4E3D
EI9> ?I
KD:;H DE E8B?=7J?ED 7J B7M EH
EJ>;HM?I; JE FHEL?:; OEK M?J> 7DO
9ED9;II?EDI ?D9BK:?D= H;F7?HI
FHE H7J;I EH )HE:K9J H;FB79;C;DJ
ED9; J>?I M7HH7DJO >7I ;NF?H;:
-1BB1>DI H3<EC9?>C
->; M7HH7DJO
9EL;H7=; :;I9H?8;: >;H;?D ;N9BK:;I 7BB
:;<;9JI EH :7C7=; J>7J 7H; DEJ J>;
:?H;9J <7KBJ E< EI9> ?D9BK:?D= M?J>EKJ
B?C?J7J?ED ED; EH CEH; E< J>; <EBBEM?D=
KI; E< J>; )HE:K9J ?D 7DOJ>?D= EJ>;H
J>7D ?JI DEHC7B 9KIJEC7HO 7D:
?DJ;D:;: C7DD;H ?D9BK:?D= M?J>EKJ
B?C?J7J?ED 7DO <EHC E< 9ECC;H9?7B KI;
KI; EH IJEH7=; E< 7D ?D:EEH FHE:K9J
EKJ:EEHI KI; E< J>; )HE:K9J ?D
9ED@KD9J?ED M?J> 7?H EH M7J;H =E?D=
L;II;BI 7DO F7HJI M?BB<KB
C?I9ED:K9J D;=B?=;D9; C?IKI;
78KI; 799?:;DJI D;=B;9J ?CFHEF;H
EF;H7J?ED <7?BKH; JE C7?DJ7?D ?CFHEF;H
EH D;=B?=;DJ ?DIJ7BB7J?ED J7CF;H?D=
<7?BKH; JE <EBBEM EF;H7J?D= ?DIJHK9J?EDI
C?I>7D:B?D= KD7KJ>EH?P;: I;HL?9;
?D9BK:?D= I;B< F;H<EHC;: Q<?N?D= EH
;NFBEH7J?ED E< J>; 7FFB?7D9;I ?DJ;HD7B
MEHA?D=I 7:@KIJC;DJ 7BJ;H7J?ED EH
CE:?<?97J?ED E< 7DO A?D: 7 <7?BKH; JE
9ECFBO M?J> 7DO 7FFB?978B; IJ7J; BE97B
9?JO EH 9EKDJO ;B;9JH?97B FBKC8?D=
7D:EH 8K?B:?D= 9E:;I H;=KB7J?EDI EH
B7MI ?D9BK:?D= <7?BKH; JE ?DIJ7BB J>;
FHE:K9J ?D IJH?9J 9ED<EHC?JO M?J> BE97B
<?H; 7D: 8K?B:?D= 9E:;I 7D: H;=KB7J?EDI
EH:?D7HO M;7H 7D: J;7H IF?BBI E<
<EE: B?GK?: =H;7I; 799KCKB7J?EDI EH
EJ>;H IK8IJ7D9;I J>7J 799KCKB7J; ED
?D EH 7HEKD: J>; FHE:K9J 7D: 7DO
;NJ;HD7B ;B;C;DJ7B 7D:EH
;DL?HEDC;DJ7B <EH9;I 7D: <79JEHI
?D9BK:?D= M?J>EKJ B?C?J7J?ED H7?D M?D:
I7D: <BEE:I <?H;I CK: IB?:;I <H;;P?D=
J;CF;H7JKH;I ;N9;II?L; CE?IJKH; EH
;NJ;D:;: ;NFEIKH; JE >KC?:?JO
B?=>JD?D= FEM;H IKH=;I IJHK9JKH7B
<7?BKH;I IKHHEKD:?D= J>; 7FFB?7D9; 7D:
79JI E< E: "D DE ;L;DJ I>7BB EI9>
>7L; 7DO B?78?B?JO EH H;IFEDI?8?B?JO
M>7JIE;L;H <EH :7C7=; JE IKHHEKD:?D=
FHEF;HJO ?D9BK:?D= 978?D;JHO <BEEHI
9;?B?D=I 7D: EJ>;H IJHK9JKH;I EH E8@;9JI
7HEKD: J>; )HE:K9J BIE ;N9BK:;:
<HEC J>?I M7HH7DJO 7H; I9H7J9>;I D?9AI
C?DEH :;DJI 7D: 9EIC;J?9 :7C7=;I
ED ;NJ;HD7B IKH<79;I 7D: ;NFEI;:
F7HJI )HE:K9JI ED M>?9> J>; I;H?7B
DKC8;HI >7L; 8;;D 7BJ;H;: :;<79;:
EH H;CEL;: I;HL?9; L?I?JI JE J;79> OEK
>EM JE KI; J>; )HE:K9J EH L?I?JI M>;H;
J>;H; ?I DEJ>?D= MHED= M?J> J>;
)HE:K9J 9EHH;9J?ED E< ?DIJ7BB7J?ED
FHE8B;CI OEK 7H; IEB;BO H;IFEDI?8B; <EH
7DO IJHK9JKH; 7D: I;JJ?D= <EH J>;
)HE:K9J ?D9BK:?D= 7BB ;B;9JH?97B
FBKC8?D= EH EJ>;H 9EDD;9J?D= <79?B?J?;I
<EH FHEF;H <EKD:7J?ED<BEEH?D= 7D: <EH
7DO 7BJ;H7J?EDI ?D9BK:?D= M?J>EKJ
B?C?J7J?ED 978?D;JHO M7BBI <BEEHI
I>;BL?D= ;J9 7D: H;I;JJ?D= E<
8H;7A;HI EH <KI;I
*% * .*$*
""%- / "- *)
-(($*/ )*) %+* /%+(
."+), (#) -*
()&* *% &(%+*
-*( * "# ()) $
%$*(* %( *%(* $"+$
)*(* ""*/ %(
$"$ %( %*(-)
*) -(($*/ ) $ "+ %
"" %*( -(($*)
-*( .&()) %( #&"
$/ -(($*/ #&" / "-
-*( %(
#($*"*/ %( *$))
%( &(*+"( &+(&%) %(
%*(-) )"" *,
%$"/ %( * &(% ** *)
.&()) "#* -(($*/ )
*, $ $% ,$* -""
* #$+*+(( ""
%( %$)'+$*" )&"
$$*" $(*
K+)$)) "%))K $%(
&+$*, #) "%))) %(