5=AHDA; 3=G>FGD8E;= F> /C8I 5C89-JAC<AE?H
5J9@8BAI 5=E 8E< 7F?=E<G8 5AE?@
,9HIG8;I <]Re d]RS djdeV^ Zd SVT`^Z_X hZUV]j a`af]Rc W`c ^f]eZde`cVj SfZ]UZ_Xd UfV
e` Zed dVgVcR] RUgR_eRXVd' 7fe aVcW`c^R_TV `W #Re d]RS SfZ]UZ_Xd f_UVc VRceYbfR\V
]`RUZ_X Zd f_dReZdWRTe`cj UfV e` Zed gf]_VcRSZ]Zej e` af_TYZ_X dYVRc WRZ]fcV' HVgVcR]
T`UVd ac`gZUV eYV XfZUV]Z_Vd W`c UVZX_Z_X #Re d]RS djdeV^ f_UVc XcRgZej ]`RU `_]j'
>`hVgVc #Re d]RS SfZ]UZ_Xd RcV R]d` SVZ_X T`_decfTeVU Z_ YZXY dVZd^ZTZej cVXZ`_
hYZTY TR_ TRfdV T`]]RadV `W eYV SfZ]UZ_Xd f_UVc dVZd^ZT ]`RUZ_X' ?_ eYZd aRaVc%
aVcW`c^R_TV `W #Re d]RS SfZ]UZ_Xd UVdZX_VU Rd aVc ViZdeZ_X T`UV XfZUV]Z_Vd YRgV SVV_
VgR]fReVU f_UVc VRceYbfR\V ]`RUZ_X' IYZd defUj Zd TRccZVU `fe `_ R !gV R_U R eV_
de`cZVU SfZ]UZ_Xd hZeY ZUV_eZTR] a]R_' IYVdV SfZ]UZ_Xd YRgV SVV_ UVdZX_VU Rd aVc
XfZUV]Z_Vd `W ?_UZR_ T`UV% 68? T`UV% ;fc`T`UV R_U DVh NVR]R_U T`UV' D`_]Z_VRc
deReZT R_R]jdZd YRd SVV_ TRccZVU `fe e` VgR]fReV eYV aVcW`c^R_TV `W eYVdV SfZ]UZ_Xd
hZeY R_U hZeY`fe T`_dZUVcZ_X eYV T`_eZ_fZej `W d]RS S`ee`^ cVZ_W`cTV^V_e eYc`fXY
T`]f^_ TRXVd' ;bfZgR]V_e WcR^V Raac`RTY hZeY ecR_dgVcdV e`cdZ`_R] ^V^SVcd YRd
SVV_ fdVU e` ^`UV] eYVdV #Re d]RS SfZ]UZ_Xd' <c`^ eYV cVdf]ed `W _`_]Z_VRc R_R]jdZd Ze
Zd T]VRc eYRe ^`de `W eYV SfZ]UZ_Xd RcV _`e V_dfcZ_X 8F aVcW`c^R_TV W`c C8; ]VgV] `W
YRkRcU Z_ YZXY dVZd^ZTZej RcVRd' 8`_eZ_fZej `W d]RS S`ee`^ cVZ_W`cTV^V_e YRd R_
Z_#fV_TV `_ aVcW`c^R_TV `W #Re d]RS SfZ]UZ_Xd' ?e Z^ac`gVd eYV aVcW`c^R_TV `W eYV
SfZ]UZ_Xd' CRiZ^f^ Z_eVc&de`cVj UcZWed `W eYV SfZ]UZ_Xd Re T`]]RadV YRgV SVV_
T`^aRcVU hZeY eYV ]Z^ZeZ_X gR]fV `W ^RiZ^f^ Z_eVc&de`cVj UcZWed T`ccVda`_UZ_X e`
XcRgZej dYVRc cReZ`% XZgV_ Z_ ]ZeVcRefcV' ?e Zd W`f_U eYRe ^`de `W eYV SfZ]UZ_Xd R_R]jkVU
YVcV RcV T`]]RadZ_X Re R_ Z_eVc&de`cVj UcZWed ]`hVc eYR_ eYRe acVdTcZSVU Z_ ]ZeVcRefcV'
1=LKFG<H <]Re d]RS ! ;RceYbfR\V ! 9VdZX_ ! 8`UV ! D`_]Z_VRc R_R]jdZd ! HVZd^ZT
aVcW`c^R_TV
H' HV_ ""# ! M' HZ_XY
9VaRce^V_e `W ;RceYbfR\V ;_XZ_VVcZ_X% ??I G``c\VV% G``c\VV% JeeRcR\YR_U% ?_UZR
V&^RZ]3 dfSYR'dV_'SVdf5X^RZ]'T`^
M' HZ_XY
V&^RZ]3 j`XV_WVb5ZZec'RT'Z_
# HacZ_XVc ?_UZR +)*.
K' CRedRXRc "VU'#% #/<,6.08 46 )97;.9;7,5 %6246007462%
9E? *)'*))0(201&1*&,++&+*2,&0Q0)
120
# 0EIGF<J;IAFE
<]Re d]RS Zd R cVZ_W`cTVU T`_TcVeV d]RS dfaa`ceVU UZcVTe]j Sj T`]f^_d hZeY`fe fdV `W
SVR^d' H`^VeZ^Vd Uc`a aR_V]d R_U TRaZeR]d RcV R]d` ac`gZUVU Rc`f_U R_U Re eYV e`a
`W T`]f^_d Z_ #Re d]RS SfZ]UZ_Xd' <]Re d]RS djdeV^ Zd SVT`^Z_X hZUV]j a`af]Rc W`c
^f]eZde`cVj SfZ]UZ_Xd UfV e` Zed dVgVcR] RUgR_eRXVd% V'X' VRdj e` T`_decfTe% VT`&
_`^ZTR]% ]RcXVc T]VRc YVZXYe R_U ]VddVc SfZ]UZ_X YVZXYe' IY`fXY #Re d]RS decfTefcVd
YRgV dVgVcR] RUgR_eRXVd% eYVZc aVcW`c^R_TV f_UVc VRceYbfR\V ]`RUZ_X Zd U`fSeWf]'
<]Re d]RS SfZ]UZ_Xd RcV gVcj #ViZS]V R_U f_UVcX` ]RcXV UV#VTeZ`_ f_UVc ]ReVcR] ]`RU
Z_UfTVU Sj VRceYbfR\V' <]Re d]RSd XV_VcR]]j WRZ] Z_ af_TYZ_X dYVRc ^`UV hYZTY Zd R
ScZee]V ^`UV `W WRZ]fcV R_U cVUfTVd eYV UfTeZ]Zej `W eYV decfTefcVd' ?_ aRde VRceYbfR\V%
#Re d]RS SfZ]UZ_Xd WRTV dfUUV_ T`]]RadV UfV e` af_TYZ_X dYVRc WRZ]fcV'
C`de `W eYV T`UVd ac`gZUV XfZUV]Z_Vd W`c UVdZX_Z_X #Re d]RS SfZ]UZ_Xd f_UVc
XcRgZej ]`RUd `_]j' >`hVgVc #Re d]RS SfZ]UZ_Xd RcV R]d` SVZ_X T`_decfTeVU Z_ YZXY
dVZd^ZTZej cVXZ`_ hYZTY TR_ TRfdV T`]]RadV `W eYV SfZ]UZ_Xd f_UVc R ^R[`c VRceY&
bfR\V' ?_ eYZd defUj% XfZUV]Z_Vd `W ?H -./ O*)P% 68? ,*1 O*P% ;8 + O/P R_U DNH
,*)* "FRce *# O*,P RcV fdVU W`c UVdZX_ #Re d]RS SfZ]UZ_Xd' FVcW`c^R_TV `W eYVdV
SfZ]UZ_Xd Zd VgR]fReVU fdZ_X _`_]Z_VRc deReZT R_R]jdZd W`c Xc`f_U RTTV]VcReZ`_ )',/ X
Re c`T\j dZeV'
$ 2F<=CCAE? F> /C8I 5C89H
Ih` Raac`RTYVd% gZk' !_ZeV V]V^V_e Raac`RTY R_U VbfZgR]V_e WcR^V ^VeY`U% RcV
RgRZ]RS]V W`c ^`UV]]Z_X #Re d]RS SfZ]UZ_Xd' ?_ !_ZeV V]V^V_e Raac`RTY% #Re d]RSd TR_
SV ^`UV]]VU fdZ_X a]ReV SV_UZ_X V]V^V_ed `c dYV]] V]V^V_ed' <`c cVRd`_RS]j
RTTfcReV cVdf]ed% ]RcXV _f^SVc `W V]V^V_ed Zd cVbfZcVU W`c ^VdYZ_X Z_ !_ZeV V]V^V_e
Raac`RTY' IYZd Raac`RTY Z_TcVRdVd eYV T`de `W R_R]jdZd W`c ]RcXV SfZ]UZ_Xd' IYV
VbfZgR]V_e WcR^V Raac`RTY Zd cV]ReZgV]j VT`_`^ZTR] R_U VRdj e` fdV W`c dZ^f]ReZ_X
dVZd^ZT cVda`_dV `W #Re d]RS SfZ]UZ_Xd' ?_ eYZd Raac`RTY% #Re d]RSd RcV ^`UV]]VU Rd
SVR^ ^V^SVcd `W VbfZgR]V_e hZUeY' ;bfZgR]V_e hZUeY "!5+# `W #Re d]RS TR_ SV
VdeZ^ReVU fdZ_X eYV W`]]`hZ_X ViacVddZ`_% ac`a`dVU Sj ;]h``U Ve R]' O.P3
W`c Z_eVcZ`c dfaa`ced "5+ ' +.* +5*
,
! "
**)
W`c VUXV dfaa`ced "5+ ' .* +5*
/
! "
*+)
hYVcV% ! Zd VbfZgR]V_e hZUeY WRTe`c% 5* Zd ]V_XeY `W d]RS aR_V] "T(T `W dfaa`ce# Z_ eYV
UZcVTeZ`_ aRcR]]V] e` ]ReVcR] ]`RU% 5+ Zd ]V_XeY `W d]RS aR_V] "T(T `W dfaa`ce# Z_ eYV
UZcVTeZ`_ ecR_dgVcdV e` ]ReVcR] ]`RU% R_U .* Zd T`]f^_ UZ^V_dZ`_ Z_ eYV UZcVTeZ`_
aRcR]]V] `W ]ReVcR] ]`RUZ_X'
121 H' HV_ R_U M' HZ_XY
9VaeY `W SVR^ ^V^SVcd Zd \Vae dR^V Rd eYZT\_Vdd `W #Re d]RS' ?_ eYZd defUj%
VbfZgR]V_e WcR^V ^VeY`U ac`a`dVU Sj ;]h``U Ve R]' O.P YRd SVV_ fdVU W`c ^`UV]]Z_X
#Re d]RS SfZ]UZ_Xd' 6TT`cUZ_X e` eYZd ^VeY`U% eYV VbfZgR]V_e SVR^d RcV T`__VTeVU e`
T`]f^_d eYc`fXY "Via]ZTZe# e`cdZ`_R] ^V^SVcd' I`cdZ`_R] ^V^SVcd cVacVdV_e eYV
ecR_dWVc `W f_SR]R_TVU ^`^V_ed% Wc`^ d]RS e` T`]f^_% eYc`fXY e`cdZ`_ O-P' IYVdV
^V^SVcd RcV ^`UV]]VU Rd cZXZU Z_ R]] `eYVc UVXcVVd `W WcVVU`^ "9E<d#% ViTVae W`c
e`cdZ`_R] 9E<' I` _VfecR]ZkV eYV RUUZeZ`_R] ^`^V_ed UfV e` `WWdVe SVehVV_ VbfZgR&
]V_e SVR^d R_U T`]f^_% eh` SVR^ ^V^SVcd% VRTY YRgZ_X YR]W eYV deZWW_Vdd R_U
decV_XeY `W eYV VbfZgR]V_e SVR^% RcV T`__VTeVU e` S`eY dZUVd `W eYV T`]f^_ Rd dY`h_
Z_ <ZX' * HeZWW_Vdd "'9# `W eYV e`cdZ`_R] ^V^SVc f_UVc ]ReVcR] ]`RUZ_X O**P Zd VdeZ^ReVU
fdZ_X VbfReZ`_ ;b' ",#' ;WWVTeZgV deZWW_Vdd WRTe`c "IRS]V *# W`c TcRT\VU d]RS dVTeZ`_ Zd
eR\V_ Rd )',,% R_U W`c T`]f^_ dVTeZ`_d Rd cVT`^^V_UVU Sj 6H8;(H;? -* O,P'
'9 '% /%$
5+ * " .+#5+* )( #+*,)
$ '%
* " )"/,=
>
! "=,>
,*-)
hYVcV% .+ Zd dZkV `W T`]f^_ Z_ eYV UZcVTeZ`_ ecR_dgVcdV e` eYV ]ReVcR] ]`RU% = R_U > RcV
eYV dY`ce R_U ]`_X UZ^V_dZ`_d `W cVTeR_Xf]Rc aRce `W d]RS a`ceZ`_ hYZTY ecR_dWVcd
e`cdZ`_ "Z_ #Re d]RS = Zd UVaeY `W d]RS R_U > cVacVdV_ed eYV T`]f^_ dZkV Z_ eYV
UZcVTeZ`_ `W ]ReVcR] ]`RUZ_X#'
/A?" # ;bfZgR]V_e WcR^V
^`UV]]Z_X `W #Re d]RS djdeV^d
689C= # ;WWVTeZgV deZWW_Vdd WRTe`c W`c ^`UV]Z_X `W UZWWVcV_e ^V^SVcd O,% .P
CV^SVc ;WWVTeZgV deZWW_Vdd WRTe`c
<]VifcV cZXZUZej HYVRc cZXZUZej
;bfZgR]V_e SVR^ )',, )'-)
8`]f^_ hZeY T`^acVddZ`_ UfV e` XcRgZej ]`RU $ )". #21&
.)'0) )'-)
8`]f^_ hZeY T`^acVddZ`_ UfV e` XcRgZej ]`RU % )", #21&
.
`c hZeY eV_dZ`_
)'.) )'-)
HVZd^ZT FVcW`c^R_TV `W <]Re H]RS 7fZ]UZ_Xd 122
<`c _`_]Z_VRc R_R]jdZd% eYcVV UZWWVcV_e ejaVd `W a]RdeZT YZ_XVd RcV RddZX_VU e`
UZWWVcV_e ^V^SVcd' <]VifcR] YZ_XVd RcV RddZX_VU Re eYV V_Ud `W eYV VbfZgR]V_e SVR^
^V^SVcd' IYVdV cVacVdV_e eYV #VifcR] TRaRTZej `W #Re d]RS _VRc d]RS T`]f^_ T`_&
_VTeZ`_' Ff_TYZ_X dYVRc TRaRTZej `W d]RS&T`]f^_ T`__VTeZ`_ Zd cVacVdV_eVU Sj
e`cdZ`_R] YZ_XVd RddZX_VU e` !TeZeZ`fd e`cdZ`_R] V]V^V_ed Rd aVc >fVdeV R_U LZXYe
O0P' I`cdZ`_R] TRaRTZej "(*# `W eYVdV YZ_XVd Zd TR]Tf]ReVU fdZ_X ;bd' ".# R_U "/#'
G`eReZ`_R] ac`aVceZVd `W e`cdZ`_R] YZ_XVd RcV RddZX_VU Rd aVc ;]h``U Ve R]' O.P'
F"C"C Z_eVcRTeZ`_ YZ_XVd RcV RddZX_VU Re eYV V_Ud `W T`]f^_d e` cVacVdV_e eYV RiZR]
W`cTV&^`^V_e TRaRTZej `W T`]f^_d'
(* ' ^Z_(1
#1
"(<
#<
# $
*.)
<6 '+2
-)/+
(1 .
&*/)
hYVcV% (1 Zd eYV TRaRTZej `W ^`^V_e ecR_dWVc eYc`fXY #VifcV% R_U TR]Tf]ReVU SRdVU `_
ecR_dWVc hZUeY `W .+ $ " 3% 3 Zd `gVcR]] UVaeY `W #Re d]RS% (< Zd TRaRTZej `W ^`^V_e
ecR_dWVc eYc`fXY VTTV_ecZT dYVRc% "1 Zd WRTe`c fdVU e` UVeVc^Z_V eYV f_SR]R_TVU ^`^V_e
ecR_dWVccVU Sj #VifcV Re d]RS"T`]f^_ T`__VTeZ`_d% "< Zd WRTe`c fdVU e` UVeVc^Z_V eYV
f_SR]R_TVU ^`^V_e ecR_dWVccVU Sj e`cdZ`_ Re d]RS&T`]f^_ T`__VTeZ`_d% +2 Zd dYVRc
W`cTV UfV e` XcRgZej ]`RU% -) Zd aVcZ^VeVc `W TcZeZTR] dVTeZ`_% / Zd VWWVTeZgV UVaeY `W d]RS%
. Zd UZdeR_TV Wc`^ eYV TV_ec`ZU `W eYV TcZeZTR] dVTeZ`_ e` eYV aVcZ^VeVc `W eYV TcZeZTR]
dVTeZ`_% R_U & Zd a`]Rc ^`^V_e `W Z_VceZR `W eYV TcZeZTR] dVTeZ`_'
% 5=AHDA; 3=G>FGD8E;=
I` defUj eYV dVZd^ZT aVcW`c^R_TV `W #Re d]RS SfZ]UZ_Xd% UVdZX_VU W`c UZWWVcV_e T`UVd%
eh` dVed `W SfZ]UZ_Xd% . de`cVj R_U *) de`cVj eR]]% hZeY ZUV_eZTR] a]R_ dY`h_ Z_ <ZX' +
YRgV SVV_ T`_dZUVcVU' ;RTY de`cVj Z_ eYV SfZ]UZ_Xd Zd +'1 ^ eR]] R_U T`_dZded `W _Z_V
dbfRcV d]RS aR_V]d YRgZ_X a]R_ UZ^V_dZ`_ . ^ $ . ^' IYV ]ZgV ]`RU `_ #``cd YRd SVV_
T`_dZUVcVU Rd +'. \D(^+' IYV SfZ]UZ_Xd RcV UVdZX_VU W`c ?H -./ O*)P% ?H *,2+) O1P%
68? ,*1 O*P% ;8 + O/P R_U DNH ,*)* "FRce *# O*,P% FcZVde]Vj Ve R]' O*+P' IYVdV T`UVd
ac`gZUV eYV XfZUV]Z_V W`c UVdZX_Z_X #Re d]RSd W`c XcRgZej ]`RU `_]j' Ih` T`_!XfcR&
eZ`_d `W #Re d]RS SfZ]UZ_Xd RcV T`_dZUVcVU' ?_ !cde TRdV% _` VUXV SVR^ Zd T`_dZUVcVU
R_U Z_ dVT`_U TRdV VUXV SVR^d RcV T`_dZUVcVU R]`_X aVcZ^VeVc `W d]RS' ?_ TRdV `W #Re
d]RS hZeY`fe VUXV SVR^d% e`cdZ`_R] a`ceZ`_ `W f_SR]R_TV ^`^V_e Re eYV VieVcZ`c
dfaa`ce TRfdVd ViTVddZgV af_TYZ_X dYVRc decVdd% R_U UVdZX_ `W #Re d]RS Zd X`gVc_VU Sj
af_TYZ_X dYVRc WRZ]fcV Re eYV VieVcZ`c d]RS&T`]f^_ dfaa`ce' ?_ #Re d]RSd hZeY VUXV
SVR^d% eYV f_SR]R_TVU ^`^V_e Re VieVcZ`c dfaa`ce Zd ecR_dWVccVU eYc`fXY eYV VUXV
SVR^d% cVdf]eZ_X Z_ dZX_Z!TR_e cVUfTeZ`_ Z_ af_TYZ_X dYVRc decVdd Re d]RS T`]f^_
T`__VTeZ`_% hYZTY ]VRUd e` cVUfTeZ`_ Z_ eYZT\_Vdd `W d]RS' ?_ eYV acVdV_e defUj% UVdZX_
`W #Re d]RSd hZeY VUXV SVR^d Zd X`gVc_VU Sj UV#VTeZ`_ TcZeVcZR' IYV TYRcRTeVcZdeZT
2)) H' HV_ R_U M' HZ_XY
T`^acVddZgV decV_XeY `W T`_TcVeV "2. aVcTV_eZ]V TfSV T`^acVddZgV decV_XeY# R_U jZV]U
decV_XeY `W cVZ_W`cTZ_X deVV] RcV T`_dZUVcVU Rd ,) R_U -*. CFR% cVdaVTeZgV]j' 9VeRZ]d
`W #Re d]RS SfZ]UZ_Xd hZeY R_U hZeY`fe VUXV SVR^d RcV dY`h_ Z_ IRS]Vd + R_U ,'
6^`_X eYV UZWWVcV_e SfZ]UZ_Xd hZeY`fe VUXV SVR^d% eYV d]RS UVdZX_VU Sj ;8 + O/P YRd
eYV ^RiZ^f^ eYZT\_Vdd% hYVcVRd W`c 68? ,*1 O*P eYV cVbfZcVU eYZT\_Vdd Zd ^Z_Z^f^'
6]] eYV #Re d]RSd hZeY VUXV SVR^d YRgV ]`hVc d]RS eYZT\_Vdd Rd T`^aRcVU e` #Re d]RSd
hZeY aVcZ^VeVc SVR^d'
/A?" $ F]R_ `W eYV #Re d]RS SfZ]UZ_Xd3 8 hZeY`fe VUXV SVR^d4 9 hZeY VUXV SVR^d
689C= $ HVTeZ`_ UVeRZ]d W`c #Re d]RS SfZ]UZ_Xd hZeY`fe aVcZ^VeVc SVR^d
9VdZX_ T`UV . de`cVj SfZ]UZ_X *) de`cVj SfZ]UZ_X
H]RS eYZT\_Vdd
"^^#
8`]f^_ dZkV
"^ $ ^#
H]RS eYZT\_Vdd
"^^#
8`]f^_ dZkV
"^ $ ^#
?H -./3+))) +0) )'- $ )'- +0. )'. $ )'.
68? ,*1$)1 ++. )'- $ )'- +)) )'. $ )'.
;8 +3+))- ,+. )'- $ )'- ,+. )'. $ )'.
DNH ,*)* "FRce *#$+))/ +.) )'- $ )'- +)) )'. $ )'.
689C= % HVTeZ`_ UVeRZ]d W`c #Re d]RS SfZ]UZ_Xd hZeY aVcZ^VeVc SVR^d
9VdZX_ T`UV . de`cVj SfZ]UZ_X *) de`cVj SfZ]UZ_X
H]RS
eYZT\_Vdd
"^^#
8`]f^_
dZkV
"^ $ ^#
;UXV
SVR^
"^ $ ^#
H]RS
eYZT\_Vdd
"^^#
8`]f^_
dZkV
"^ $ ^#
;UXV
SVR^
"^ $ ^#
?H -./3+))) *-) )'- $ )'- )', $ )'- *-) )'. $ )'. )', $ )'-
68? ,*1$)1 */. )'- $ )'- )', $ )'- */. )'. $ )'. )', $ )'-
;8 +3+))- +)) )'- $ )'- )', $ )'- +)) )'. $ )'. )', $ )'-
DNH ,*)* "FRce *#$+))/ *0. )'- $ )'- )', $ )'- *0. )'. $ )'. )', $ )'-
HVZd^ZT FVcW`c^R_TV `W <]Re H]RS 7fZ]UZ_Xd 2)*
=cRgZej dYVRc cReZ`% eYV cReZ` `W dYVRc W`cTV UfV e` XcRgZej ]`RU Re eYV d]RS&T`]f^_
T`__VTeZ`_ R_U af_TYZ_X dYVRc W`cTV TRaRTZej Re TcZeZTR] dVTeZ`_% YRd R gVcj
Z^a`ceR_e c`]V Z_ WRZ]fcV `W #Re d]RS' =cRgZej dYVRc cReZ`d `W R]] eYV T`_dZUVcVU
SfZ]UZ_Xd RcV dY`h_ Z_ IRS]V -' H]RSd UVdZX_VU W`c ;8 + O/P YRgV eYV ^Z_Z^f^
XcRgZej dYVRc cReZ`'
D`_]Z_VRc deReZT R_R]jdZd YRd SVV_ TRccZVU `fe e` VgR]fReV eYV aVcW`c^R_TV `W
eYVdV SfZ]UZ_Xd hZeY R_U hZeY`fe T`_dZUVcZ_X eYV T`_eZ_fZej `W d]RS S`ee`^ cVZ_&
W`cTV^V_e eYc`fXY T`]f^_ TRXVd' >Z_XV aReeVc_ W`c #Re d]RS SfZ]UZ_Xd hZeY R_U
hZeY`fe VUXV SVR^d RcV dY`h_ Z_ <ZXd' , R_U -' 6]] eYV #Re d]RS SfZ]UZ_Xd hZeY`fe
VUXV SVR^d R_U hZeY`fe T`_eZ_fZej `W d]RS S`ee`^ cVZ_W`cTV^V_e WRZ] Z_ af_TYZ_X
dYVRc Re eYV VUXV dfaa`ced' ?_ TRdV `W #Re d]RS SfZ]UZ_Xd hZeY T`_eZ_fZej `W d]RS
S`ee`^ cVZ_W`cTV^V_e% eYV a]RdeZT c`eReZ`_ TRaRTZej Z_ af_TYZ_X dYVRc WRZ]fcV
Z_TcVRdVd% R_U WRZ]fcV Zd X`gVc_VU Sj #VifcR] TRaRTZej `W eYV d]RS' 6]] eYV SfZ]UZ_Xd
hZeY VUXV SVR^d R]d` U` _`e WRZ] Z_ af_TYZ_X dYVRc% Rd eYV eYZT\_VddVd `W d]RSd Z_
eYVdV SfZ]UZ_Xd Zd X`gVc_VU Sj UV#VTeZ`_ TcZeVcZ`_% cVdf]eZ_X Z_ dZX_Z!TR_e `gVc
decV_XeY Z_ af_TYZ_X dYVRc' 6d eYVdV SfZ]UZ_Xd RcV _`e WRZ]Z_X Z_ af_TYZ_X dYVRc%
T`_eZ_fZej `W d]RS S`ee`^ cVZ_W`cTV^V_e U`Vd _`e Z_#fV_TV SVYRgZ`c `W eYVdV
SfZ]UZ_Xd R_U _` dVaRcReV R_R]jdZd W`c T`_eZ_fZej `W d]RS S`ee`^ cVZ_W`cTV^V_e YRd
SVV_ TRccZVU `fe' 8RaRTZej TfcgVd `SeRZ_VU Wc`^ _`_]Z_VRc R_R]jdZd `W #Re d]RS
SfZ]UZ_Xd hZeY`fe aVcZ^VeVc SVR^d RcV a]`eeVU Z_ <ZXd' .% / R_U 0' <c`^ eYV a]`ed% Ze
Zd T]VRc eYRe #Re d]RS SfZ]UZ_Xd UVdZX_VU Rd aVc XfZUV]Z_Vd `W ;8 + O/P YRgV eYV
^RiZ^f^ decV_XeY TRaRTZej' 6d eYV T`]f^_ dVTeZ`_d `W R]] eYV SfZ]UZ_Xd `W R aRc&
eZTf]Rc YVZXYeRcV ZUV_eZTR]% eYV decV_XeY TRaRTZej ^RZ_]j UVaV_Ud `_ eYV eYZT\_VddVd
`W eYV #Re d]RSd' 8RaRTZej TfcgVd W`c *) de`cVj SfZ]UZ_X hZeY`fe VUXV SVR^d%
UVdZX_VU W`c 68? ,*1 O*P R_U DNH ,*)* "FRce *# O*,P RcV ZUV_eZTR] Rd eYV eYZT\&
_VddVd `W d]RSd Z_ eYV eh` SfZ]UZ_Xd Zd dR^V' ?_V]RdeZT c``W UZda]RTV^V_ed `W eYV
SfZ]UZ_Xd RcV TR]Tf]ReVU fdZ_X eYV 9Zda]RTV^V_e C`UZ!TReZ`_ CVeY`U "9CC#
`fe]Z_VU Z_ 6H8;(H;? -*' FVcW`c^R_TV `W eYV SfZ]UZ_Xd% Zd VgR]fReVU W`c Xc`f_U
RTTV]VcReZ`_ `W )',/ X "C8; Z_ ?_UZR_ dVZd^ZT k`_V K Rd aVc ?H *12, O2P# Re c`T\j
dZeV% R_U Zd df^^RcZkVU Z_ IRS]Vd .% / R_U 0' ?_ TRdV `W #Re d]RSd hZeY`fe aVcZ^VeVc
SVR^d% `_]j . de`cVj SfZ]UZ_Xd UVdZX_VU W`c ;8 + O/P ac`gZUV T`]]RadV acVgV_eZ`_
"8F# aVcW`c^R_TV ]VgV] hZeY`fe T`_dZUVcZ_X T`_eZ_fZej `W d]RS cVZ_W`cTV^V_e
eYc`fXY T`]f^_ TRXVd' LYZ]V T`_dZUVcZ_X T`_eZ_fZej `W d]RS cVZ_W`cTV^V_e eYc`fXY
T`]f^_ TRXVd% R]] eYV . de`cVj SfZ]UZ_Xd R_U *) de`cVj SfZ]UZ_Xd UVdZX_VU Sj ;8 +
O/P ac`gZUV 8F aVcW`c^R_TV ]VgV]' IYZd dY`hd eYRe T`_eZ_fZej `W d]RS cVZ_W`cTV^V_e
689C= & =cRgZej dYVRc cReZ`d Re eYV d]RS T`]f^_ [`Z_ed `W #Re d]RS SfZ]UZ_Xd
9VdZX_ T`UV LZeY`fe aVcZ^VeVc SVR^d LZeY aVcZ^VeVc SVR^d
. de`cVj *) de`cVj . de`cVj *) de`cVj
?H -./3+))) )'+- )'+) )',2 )',,
68? ,*1$)1 )'+0 )'+. )',. )',
;8 +3+))- )'+* )'*1 )', )'+.
DNH ,*)* "FRce *#$+))/ )'+/ )'+. )',, )',
2)+ H' HV_ R_U M' HZ_XY
O\X_W\aZ& @``XW\TgX!bVVhcTaVl& C\YX!ITYXgl&Q ' !' ' ' 9b__TcfX!GeXiXag\baR
"$# "%#
/A?" & IjaZTR] YZ_XV aReeVc_d `W #Re d]RS SfZ]UZ_Xd hZeY VUXV SVR^d3 8 . de`cVj SfZ]UZ_X% 9 *)
de`cVj SfZ]UZ_X
O\X_W\aZ&! @``XW\TgX!bVVhcTaVl&! C\YX!ITYXgl&!Q ' ' ' ' 9b__TcfX!GeXiXag\baR
"$# "%#
"&# "'#
/A?" % IjaZTR] YZ_XV aReeVc_d `W #Re d]RS SfZ]UZ_Xd hZeY`fe VUXV SVR^d3 8 . de`cVj SfZ]UZ_X
hZeY`fe T`_eZ_fZej `W d]RS S`ee`^ cVZ_W`cTV^V_e% 9 *) de`cVj SfZ]UZ_X hZeY`fe T`_eZ_fZej `W d]RS
S`ee`^ cVZ_W`cTV^V_e% ; . de`cVj SfZ]UZ_X hZeY T`_eZ_fZej `W d]RS S`ee`^ cVZ_W`cTV^V_e% < *)
de`cVj SfZ]UZ_X hZeY T`_eZ_fZej `W d]RS S`ee`^ cVZ_W`cTV^V_e
HVZd^ZT FVcW`c^R_TV `W <]Re H]RS 7fZ]UZ_Xd 2),
/A?" ' 8RaRTZej TfcgVd W`c #Re d]RS SfZ]UZ_Xd hZeY`fe VUXV SVR^d R_U hZeY`fe T`_eZ_fZej `W d]RS
S`ee`^ cVZ_W`cTV^V_e3 8 . de`cVj SfZ]UZ_Xd% 9 *) de`cVj SfZ]UZ_Xd
/A?" ( 8RaRTZej TfcgVd W`c #Re d]RS SfZ]UZ_Xd hZeY`fe VUXV SVR^d R_U hZeY T`_eZ_fZej `W d]RS
S`ee`^ cVZ_W`cTV^V_e3 8 . de`cVj SfZ]UZ_Xd% 9 *) de`cVj SfZ]UZ_Xd
/A?" ) 8RaRTZej TfcgVd W`c #Re d]RS SfZ]UZ_Xd hZeY aVcZ^VeVc SVR^d3 8 . de`cVj SfZ]UZ_Xd% 9 *)
de`cVj SfZ]UZ_Xd
2)- H' HV_ R_U M' HZ_XY
689C= ' ;deZ^ReVU aVcW`c^R_TV ]VgV]d `W #Re d]RS SfZ]UZ_Xd hZeY`fe T`_eZ_fZej `W d]RS
cVZ_W`cTV^V_ed% Re C8;
D`' `W
de`cVjd
9VdZX_ T`UV ?_V]RdeZT c``W
UZda]RTV^V_e
"^^#
CRiZ^f^ c``W
UZda]RTV^V_e W`c 8F
aVcW`c^R_TV ]VgV] "^^#
FVcW`c^R_TV
]VgV]
. ?H -./3 +))) *1) *,/ 8`]]RadV
68? ,*1$)1 +*2 **2 8`]]RadV
;8 +3+))- *./ */- 8F
DNH ,*)* "FRce *#$+))/ +). *+. 8`]]RadV
*) ?H -./3 +))) ,./ +/) 8`]]RadV
68? ,*1$)1 -.) +++ 8`]]RadV
;8 +3+))- +1. +// 8`]]RadV
DNH ,*)* "FRce *#$+))/ -.) +++ 8`]]RadV
689C= ( ;deZ^ReVU aVcW`c^R_TV ]VgV]d `W #Re d]RS SfZ]UZ_Xd hZeY T`_eZ_fZej `W d]RS cVZ_W`cTV&
^V_ed% Re C8;
D`' `W
de`cVjd
9VdZX_ T`UV ?_V]RdeZT c``W
UZda]RTV^V_e
"^^#
CRiZ^f^ c``W
UZda]RTV^V_e W`c 8F
aVcW`c^R_TV ]VgV] "^^#
FVcW`c^R_TV
]VgV]
. ?H -./3 +))) *1) +*1 8F
68? ,*1$)1 +*0 +++ 8F
;8 +3+))- *./ *0) 8F
DNH ,*)* "FRce *#$+))/ +)- +*) 8F
*) ?H -./3 +))) ,.2 ,)) 8`]]RadV
68? ,*1$)1 -.) ,-, 8`]]RadV
;8 +3+))- +0. ,)+ 8F
DNH ,*)* "FRce *#$+))/ -.) ,-, 8`]]RadV
689C= ) ;deZ^ReVU aVcW`c^R_TV ]VgV]d `W #Re d]RS SfZ]UZ_Xd hZeY aVcZ^VeVc SVR^d% Re C8;
D`' `W
de`cVjd
9VdZX_ T`UV ?_V]RdeZT c``W
UZda]RTV^V_e
"^^#
CRiZ^f^ c``W
UZda]RTV^V_e W`c 8F
aVcW`c^R_TV ]VgV]
"^^#
FVcW`c^R_TV
]VgV]
. ?H -./3 +))) *-- *1/ 8F
68? ,*1$)1 *-. *.. 8F
;8 +3+))- *-* */- 8F
DNH ,*)* "FRce *#$+))/ *-. *-+ 8`]]RadV
*) ?H -./3 +))) +/+ +2) 8F
68? ,*1$)1 +/. +-. 8`]]RadV
;8 +3+))- +0) +1. 8F
DNH ,*)* "FRce *#$+))/ +/- ++. 8`]]RadV
HVZd^ZT FVcW`c^R_TV `W <]Re H]RS 7fZ]UZ_Xd 2).
eYc`fXY T`]f^_ TRXVd Z^ac`gVd eYV aVcW`c^R_TV `W #Re d]RS SfZ]UZ_Xd% dZX_Z!TR_e]j'
?_ TRdV `W #Re d]RSd hZeY VUXV SVR^d% *) de`cVj SfZ]UZ_X UVdZX_VU RTT`cUZ_X e` 68?
,*1 O*P R_U S`eY . R_U *) de`cVj SfZ]UZ_Xd UVdZX_VU RTT`cUZ_X e` DNH ,*)* "FRce *#
O*,P U` _`e V_dfcV 8F aVcW`c^R_TV ]VgV]'
HVgVcR] a]`ed W`c eYV ]Z^ZeZ_X gR]fVd `W Z_eVc&de`cVj UcZWe T`ccVda`_UZ_X e` WRZ]fcV
`W #Re d]RS SfZ]UZ_Xd Rd R Wf_TeZ`_ `W XcRgZej dYVRc cReZ` RcV RgRZ]RS]V Z_ ]ZeVcRefcV'
6^`_X eYVdV% eYV ]Z^Zed acVdTcZSVU Z_ 68? ,*1 O+P RcV eYV ^`de T`_dVcgReZgV'
<ZXfcVd 1 R_U 2 dY`h eYV T`^aRcZd`_ `W eYV ^RiZ^f^ Z_eVc&de`cVj UcZWed Re WRZ]fcV
`W UZWWVcV_e #Re d]RS SfZ]UZ_Xd T`_dZUVcVU Z_ eYZd defUj% hZeY eYV ]Z^ZeZ_X gR]fVd
RgRZ]RS]V Z_ ]ZeVcRefcV' C`de `W eYV SfZ]UZ_Xd R_R]jkVU YVcV T`]]RadVU Re Z_eVc&de`cVj
UcZWed d]ZXYe]j ]`hVc eYR_ eY`dV acVdTcZSVU Z_ ]ZeVcRefcV'
/A?" * 8`^aRcZd`_ `W ^RiZ^f^ Z_eVc de`cVj UcZWe W`c #Re d]RS SfZ]UZ_Xd% UVdZX_VU W`c UZWWVcV_e
T`UVd% hZeY UcZWe ]Z^Zed Re WRZ]fcV% acVdTcZSVU Z_ ]ZeVcRefcV3 8 hZeY`fe T`_eZ_fZej `W d]RS S`ee`^
cVZ_W`cTV^V_e% 9 hZeY T`_eZ_fZej `W d]RS S`ee`^ cVZ_W`cTV^V_e
/A?" + 8`^aRcZd`_ `W
^RiZ^f^ Z_eVc de`cVj UcZWe W`c
#Re d]RS SfZ]UZ_Xd hZeY
aVcZ^VeVc SVR^% UVdZX_VU W`c
UZWWVcV_e T`UVd% hZeY UcZWe
]Z^Zed Re WRZ]fcV% acVdTcZSVU Z_
]ZeVcRefcV
2)/ H' HV_ R_U M' HZ_XY
& .FE;CJHAFEH
FVcW`c^R_TV `W ^`de `W eYV #Re d]RS SfZ]UZ_Xd hZeY`fe VUXV SVR^d% T`_dZUVcVU Z_
eYV acVdV_e defUj% YRd SVV_ W`f_U e` SV f_dReZdWRTe`cj% ViTVae W`c . de`cVj SfZ]UZ_Xd
hZeY T`_eZ_fZej `W d]RS cVZ_W`cTV^V_e' IYV WRZ]fcV `W #Re d]RS SfZ]UZ_Xd Zd ^`de]j
X`gVc_VU Sj eYV af_TYZ_X dYVRc WRZ]fcV Re d]RS&T`]f^_ [`Z_ed R]`_X eYV aVcZ^VeVc'
;UXV SVR^d Z_ #Re d]RSd cVdf]e Z_ V_YR_TV^V_e `W af_TYZ_X dYVRc TRaRTZej Re eYVdV
[`Z_ed R_U Rg`ZU WRZ]fcV Z_ af_TYZ_X dYVRc' 8`_eZ_fZej `W d]RS S`ee`^ cVZ_W`cTV^V_e
R]d` Z^ac`gVd eYV aVcW`c^R_TV `W #Re d]RS SfZ]UZ_Xd% dZX_Z!TR_e]j' IYV R_R]jeZTR]]j
`SeRZ_VU f]eZ^ReV UcZWe TRaRTZej `W R]] eYV #Re d]RS SfZ]UZ_Xd% T`_dZUVcVU Z_ eYV
acVdV_e defUj% Zd d]ZXYe]j ]`hVc eYR_ eYV T`ccVda`_UZ_X UcZWe ]Z^Zed RgRZ]RS]V Z_
]ZeVcRefcV'
4=>=G=E;=H
*' 68? ,*1$)1 "+))1# 7fZ]UZ_X T`UV cVbfZcV^V_ed W`c decfTefcR] T`_TcVeV' 68? 8`^^ZeVV ,*1%
6^VcZTR_ 8`_TcVeV ?_deZefeV% <Rc^Z_Xe`_ >Z]]d
+' 68? ,*1$). "+)).# 7fZ]UZ_X T`UV cVbfZcV^V_ed W`c decfTefcR] T`_TcVeV' 68? 8`^^ZeVV ,*1%
6^VcZTR_ 8`_TcVeV ?_deZefeV% <Rc^Z_Xe`_ >Z]]d
,' 6H8;(H;? -*&)/ "+))0# HVZd^ZT cVYRSZ]ZeReZ`_ `W ViZdeZ_X SfZ]UZ_X' 6^VcZTR_ H`TZVej `W 8ZgZ]
;_XZ_VVcd% GVde`_
-' 7VjVc A% 9RkZ` 6% FcZVde]Vj C@D "+))1# HVZd^ZT UVdZX_ `W e`cdZ`_R]]j VTTV_ecZT SfZ]UZ_Xd
hZeY J&dYRaVU G8 hR]]d' ?JHH FcVdd% FRgZR
.' ;]h``U A@% CReR^`c`d 6% LR]]RTV @L% BVY^R_ 9% >VZ_ek @% CZeTYV]] 6% C``cV C% KR]]Vj
C% BVh`Vd BD% 8`^RceZ_ 8% C`YV]V @F "+))0# JaUReV e` 6H8;(H;? -* T`_TcVeV ac`gZdZ`_d'
Yeea3((aVVc'SVc\V]Vj'VUf(aUW(6H8;Q-*QfaUReVQF;;GQGVa`ceQ)+'aUW&cVa`ce
/' ;fc`T`UV + "+))-# 9VdZX_ `W T`_TcVeV decfTefcVd FRce *&*3 XV_VcR] cf]Vd R_U cf]Vd W`c SfZ]UZ_Xd'
;fc`aVR_ 8`^^ZeeVV W`c HeR_URcUZkReZ`_% 7cfddV]d
0' >fVdeV C79% LZXYe @A "*222# D`_]Z_VRc af_TYZ_X dYVRc WRZ]fcV ^`UV] W`c Z_eVcZ`c d]RS&
T`]f^_ T`__VTeZ`_d' @ HecfTe ;_X 6H8; *+."2#3220"*))1
1' ?H *,2+) "*22,# ?_UZR_ deR_URcU UfTeZ]V UVeRZ]Z_X `W cVZ_W`cTVU T`_TcVeV decfTefcVd dfS[VTeVU e`
dVZd^ZT W`cTVd$T`UV `W acRTeZTV' 7fcVRf `W ?_UZR_ HeR_URcU% DVh 9V]YZ
2' ?H *12, "+))+# ?_UZR_ deR_URcU TcZeVcZR W`c VRceYbfR\V cVdZdeR_e UVdZX_ `W decfTefcVd% aRce *3
XV_VcR] ac`gZdZ`_d R_U SfZ]UZ_Xd' 7fcVRf `W ?_UZR_ HeR_URcUd% DVh 9V]YZ
*)' ?H -./ "+)))# ?_UZR_ deR_URcU a]RZ_ R_U cVZ_W`cTVU T`_TcVeV$T`UV `W acRTeZTV' 7fcVRf `W
?_UZR_ HeR_URcU% DVh 9V]YZ
**' FRc\ MC% >R_ HL% AVV H> "+))2# 6 ^`UZ!VU VbfZgR]V_e WcR^V ^VeY`U W`c ]ReVcR] ]`RU
R_R]jdZd' CRX 8`_Tc GVd /*".#3,.2",0)
*+' FcZVde]Vj C@D% 8R]gZ =C% A`hR]d\j C@ "+))0# 9Zda]RTV^V_e&SRdVU dVZd^ZT UVdZX_ `W
decfTefcVd' ?JHH FcVdd% FRgZR
*,' DNH ,*)*3 FRce * "+))/# 8`_TcVeV decfTefcVd deR_URcU aRce *$eYV UVdZX_ `W T`_TcVeV decfTefcV'
HeR_URcUd DVh NVR]R_U% LV]]Z_Xe`_
HVZd^ZT FVcW`c^R_TV `W <]Re H]RS 7fZ]UZ_Xd 2)0
Top Related