(<;690A(h²6+,7(.(4,5;6*9i+0;6+,05+,50A(h²6+,:050:;96
:,.<96+7=(;
^^^ZLN\YHKVYHSPKLYJVTIY
5‡+6:050:;96!*(47679,,5*/0+67,3(:,.<9(+69(
,Z[LMVYT\SmYPVKL]LZLYWYLLUJOPKVL_JS\ZP]HTLU[LJVTKHKVZKVILULÄJPmYPVKHPUKLUPaHsqVKV:LN\YV+W]H[U\UJH
JVTKHKVZKL[LYJLPYVZHPUKHX\LLZZLZZLQHTWYVJ\YHKVYLZ9LJVTLUKHZLVWYLLUJOPTLU[VLTSL[YHKLMVYTHLZLT
YHZ\YHZWHYHL]P[HYH[YHZVUVYLJLIPTLU[VKHPUKLUPaHsqVUVIHUJV
,<FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
769;(+69(+69.5¢FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF,?7,+0+6769FFFFFFFFFFFFFFFFFFF,4FFFFFFFFFFFFF,
*7-*571796-0::²6FFFFFFFF
FFFFFFFFFFFFFFFFFFFFFFFF,9,5+(4,5:(3+,9FFFFFFFFFFFFFFFFFF5(8<(30+(+,+,),5,-0*0Í906(+6=(369
9,-,9,5;,±05+,50A(h²69,,4)63:6+6:,.<96+7=(;+(=Ð;04(FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF(<;690A6(:,.<9(+69(3Ð+,9+6:*65:Ô9*06:+6:,.<96+7=(;
(,-,;<(96*9i+0;6+,(*69+6*64(-694(()(0?605+0*(+(!
+HKVZ IHUJmYPVZ PUJVTWSL[VZ V\ PUJVYYL[VZ PTWLKLT VZ IHUJVZ KL SPILYHYLT V WHNHTLU[V =LYPÄX\L J\PKHKVZHTLU[L
ZL\ZKHKVZHU[LZKLWYLLUJOLYVZJHTWVZLL]P[LYHZ\YHZ
*9i+0;6,4*65;(*699,5;,(*,0;(:*65;(:+,;6+6:6:)(5*6:
5¢)(5*6FFFFFFF5¢(.Ì5*0(FFFFFFFFFF05*3<(6+Ð.0;6=,90-0*(+69+((.Ì5*0(:,,?0:;09
5¢*65;(*699,5;,FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
*9i+0;6,4*65;(76<7(5h(+6)(5*6)9(+,:*6
5¢)(5*65¢(.Ì5*0(FFFFFFFFF05*3<(6+Ð.0;6=,90-0*(+69+((.Ì5*0(:,,?0:;09
5¢*65;(76<7(5h(FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
*9i+0;6,4*65;(76<7(5h(+6)(5*6+6)9(:03
5¢)(5*65¢(.Ì5*0(FFFFFFFFF05*3<(6+Ð.0;6=,90-0*(+69+((.Ì5*0(:,,?0:;09
5¢*65;(76<7(5h(FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
*9i+0;6,4*65;(76<7(5h(+6)(5*60;(Ø
5¢)(5*65¢(.Ì5*0(FFFFFFFFF05*3<(6+Ð.0;6=,90-0*(+69+((.Ì5*0(:,,?0:;09
5¢*65;(76<7(5h(FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
*9i+0;6,4*65;(76<7(5h(+(*(0?(,*65Õ40*(-,+,9(3
5¢)(5*65¢(.Ì5*0(FFFFFFFFF05*3<(6+Ð.0;6=,90-0*(+69+((.Ì5*0(:,,?0:;09
5¢*65;(76<7(5h(FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
+,*3(968<,(*65;((*04(4,5*065(+(i+,405/(;0;<3(90+(+,
<4(=,A,-,;<(+667(.(4,5;6*9i+0;6+(05+,50A(h²6+6:,.<96+,(*69+6*64(:05-694(h³,:
(*04(+,:*90;(:9,*65/,h669,*,)04,5;6,+6<*6468<0;(+66=(369+(9,-,90+(05+,50A(h²6
36*(3FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF+(;(FFFFFFFFFFFFFFF
(::05(;<9(+6(),5,-0*0Í906(FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
(;,5h²6
6 :LN\YV +7=(; NHYHU[L! PUKLUPaHsqV KL 9 LT JHZV KL TVY[L ]HSVY X\L ZLYm WHNV HVZ SLNx[PTVZ ILULÄJPmYPVZ
VILKLJLUKVnSLNPZSHsqV]PNLU[LUHKH[HKVHJPKLU[LPUKLUPaHsqVKLH[t9LTJHZVKLPU]HSPKLaWLYTHULU[L]HSVY
X\L]HYPHJVUMVYTLHNYH]PKHKLKHZZLX…LSHZLKLHJVYKVJVTH[HILSHKLZLN\YVWYL]PZ[HUHSLP LYLLTIVSZVKLH[t
9 LT JHZV KL KLZWLZHZ TtKPJVOVZWP[HSHYLZ ]HSVY ]HYPH JVUMVYTL V [V[HS KL KLZWLZHZ JVTWYV]HKHZ
[VTHUKV WVY IHZL VZ SPTP[LZ KLÄUPKVZ WLSHZ [HILSHZ H\[VYPaHKHZ WLSH :\WLYPU[LUKvUJPH KL :LN\YVZ 7YP]HKVZ ¶ :\ZLW
7HYHHJVTWHUOHYVHUKHTLU[VKVWLKPKVKLPUKLUPaHsqVHJLZZL^^^KW]H[ZLN\YVJVTIYV\SPN\LKLZLN\UKHH
ZmIHKVKLOnZO
(*PYJ\SHY:\ZLWU¢X\L[YH[HKHWYL]LUsqVnSH]HNLTKLKPUOLPYVUVTLYJHKVZLN\YHKVYKL[LYTPUHX\L[VKHZHZZLN\YHKVYHZ
ZqVVIYPNHKHZHJVUZ[P[\PYJHKHZ[YVKL[VKHZHZWLZZVHZLU]VS]PKHZUVWHNHTLU[VKHPUKLUPaHsqV,Z[LJHKHZ[YVKL]LJVU[LYHStT
KVZKVJ\TLU[VZKLPKLU[PÄJHsqVWLZZVHSPUMVYTHsLZHJLYJHKHWYVÄZZqVLKHMHP_HKLYLUKHTLUZHS