书书书
!"#$!%&'"(!!!!! )!*!")"
$
!
!
+
!
!
,
!
!
-
!
!
.
!
!
/
!
!
0
!
!
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
1
!
2
!
3
!
4
!
5
!
6
!
7
!
8
!
3
!"#$#"#!%&'()*+!,"
!! !!!"
#$!!!!!!!
9#$:*!")#;&0.+/,0*&)9.03!
#!2+7.4&'/89&'7?&)..+/6,..6/=,06&
"!@+/'7-479*,9=!
#!@+/'7-,9+,=+-5,0,.-!
$!@+/'7-?)3,9=7-8,0.!
%!2+7.4,4.+/'&(794&67-.9,=+.&
"!@+/+74'/,=+.:6&--5,66-!
#!@+/&04/0/47.78/&).!
$!@+/>/6.;/0379=03!
)!2+370/")-.076,79-50&)4&>879=70&&-&
"!,6/!
$!'~W$U$ES$>H +;{#T\z#
~(*¡¢$P+(*%&$#
*!2+7.473,-,..&47350&?7?63&
"!//67?&)..+/0&(79.,**&(/43.+/(79(/9.,&9-&
"!B.A->)993! #!B.A-?&0,9=! $!B.A-&64!
!*!2+7.4&.+/-5/78/0-4/*,4/.&4&7.67-.&
"!"../947*6)?! #!F9H&3.+/*6&'9-! $!@//7-,6/9.>,6(!
~(!"¡¢$P+(!&£#"$#
!&!2+7.(7H&04,4G,7-.)437.*&66/=/&
"!I7'! #!G797=/(/9.! $!F6/*.0,*,.3!
!(!2+3*&)64G,7/9./0.+/*&0/4/*,-,&9:(78,9=6/;/6,9.+/*&(5793&
"!#/*7)-/&>+/0>7,0H)4=/(/9.!
#!#/*7)-/&>+/0/D.07&04,97037?,6,.3!
$!#/*7)-/&>+/0/9.+)-,7-(>&0(&;,/-!
!'!2+7.4&/-F6674&&
"!"4,0/*.&0! #!"(797=/0! $!"./*+9,*,79!
#"!B9&04/0.&-+&&..+/7570.&97*&66/=/7556,*7.,&97-'/667-,93&)0>).)0/*70//0!#/6&'70/>&)0
-)((/050&=07(-.+7.',66=,;/3&)7+/74-.70.&9,(50&;,9=3&)06/74/0-+,57?,6,.,/-!
7+%8&/96'%()%&*+,-:6*5,5#5%
#0&'9 K9,;/0-,.3A- 50/:*&66/=/ -)((/0 50&=07((,9= ,9*6)4/- >/*.,;/-&6).,&9-!
"5#)%65*7/)(;'%()%&*>/0-.+,-6,;/:,9-)((/0/D5/0,/9*/>&0+,=+-*+&&6-.)4/9.-!@.)4/9.-
570.,*,57./,96/74/0-+,5 '&08-+&5-794./7(:?),64,9= 7*.,;,.,/- ',.+ 7>&*)-&9
&0=79,L7.,&9$./7('&08$*&(()9,*7.,&9$79479&;/0766*&((,.(/9..&/>>/*.,9=
5&-,.,;/*+79=/!/&4)
M,-,9= +,=+ -*+&&6 -/9,&0- ,9./0/-./4 ,9 /D56&0,9= )94/0=074)7./ ?)-,9/--
74(,9,-.07.,&97946/74/0-+,570//9*&)07=/4.&75563.&.+,-50&=07($-5&9-&0/4/;/03
-)((/0?3.+/ 2+70.&9@*+&&6&>.+/ K9,;/0-,.3&>N/99-36;79,7!>/0/47.?&.+&>2+70.&9A-*7(5)-/-,9@79C079*,-*&794N+,674/65+,7!
?(5,/6(4"5#)%65'%()%&*+,-@/61%&%63%
>/0-7>,;/:473*&)0-/&9G7-./0,9=I/74/0-+,5!B.,9*6)4/-7-/0,/-
&>'&08-+&5-.+7./(5+7-,L/.+/ (N,6670-&>F>>/*.,;/I/74/0-+,5)$,9*6)4,9==&76:
-/..,9=$=0&)5?07,9-.&0(,9=$./7( ?),64,9=$5/&56/:*&9;,9*,9=*&(()9,*7.,&9$794
*&(()9,.3-/0;,*/$7-'/667-.78,9=>,/64.0,5-$(//.,9=',.+6/74/0-+,550&>/--,&976-$
794*&(56/.,9=7473&>-/0;,*/,9.+/6&*76*&(()9,.3!E7./-7946&*7.,&9-;703!
#!!2+7.*79-.)4/9.-4&,9.+/50&=07(&>>/0/4?3#0&'9K9,;/0-,.3&
"!G//.',.+6/74/0-+,550&>/--,&976-!
#!N70.,*,57./,9*&(()9,.3-/0;,*/!
$!"9763L/4,>>,*)6.'&064,--)/-!
E!,/64.0,5-!
##!2+,*+50&=07(,-6&*7./47.%7(6,9/K9,;/0-,.3A-*7(5)-/-&
"!@.)4/9.-&*)-,9=&9?)-,9/--74(,9,-.07.,&967-.&
"!C,;/473-! #!&0/D7(56/$
%'R &>!(:3/70:&64=,06-'+&-.)4,/4(7.+-7.":6/;/67*+,/;/479"&0"#$*&(570/4
.&)#R &>?&3-!C&0":6/;/65+3-,*-$#'R &>=,06-7*+,/;/4.+/.&5.'&=074/-$
*&(570/4.&#(R &>?&3-!#).,9?&.+-)?H/*.-$?&3-+/7;,63&).9)(?/0/4=,06-*?3
(&0/.+79%+!,9.+/*7-/&>5+3-,*-!@&'+370/-&(793=,06-.)09,9=.+/,0?7*8-&9
.+/-/-)?H/*.-&
"-.)435)?6,-+/40/*/9.63,9.+/H&)0976NO"@-)==/-.-.+7..+/79-'/0(73,9>7*.
6,/,9(76/:>/(76/4,>>/0/9*/-,97*74/(,*7?,6,.3$?)..+/7?,6,.3,9S)/-.,&9,-0/74,9=$
9&.(7.+-!F*&9&(,*-$794$6&.,64/O755$7.N70,-
E7)5+,9/K9,;/0-,.3$'&94/0/4'+/.+/0.+,-(76/:>/(76/4,>>/0/9*/,90/74,9=*&)64
+/65/D567,9.+/=/94/0=75,9@.+&)-794-
&>!$:3/70:&64-,9 (&0/.+79*"*&)9.0,/-.78/570.,9.+/ NB@" -.)43!@.)4/9.-
*&(56/././-.-,9(7.+-$0/74,9=794-*,/9*/$79479-'/0S)/-.,&9-7?&)..+/,0>).)0/
*70//0,9./9.,&9-!2+/9#0/47794O7556&&8/47..+/47.7>0&( NB@"#"!#$.+/3
0/76,-/4.+/3'/0/&9.&-&(/.+,9=!
(,/64&>-.)43,-9&.+&'
=&&4.+/370/,9 (7.+-&0,90/74,9=$?).+&'=&&4.+/370/,9 (7.+-0/67.,;/.&
0/74,9=!)
#)!2+7.4&.+/47.7,9N707=075+#-+&'&
"!>/0/9*/,9(7.+-5/0>&0(79*/,--(766!
#!)0.+/0-.)43
*+&,*/-&
"!7?-&6)./7?,6,.3!
#!,*7*74/(,*>,/64!!"#$!%&'"($!!!! )!*!")"
$!).)0/H&?6794,9=5&--,?,6,.3,979,94)-.03!
E!&0.+/./D.&
"!2+370/'/407'9.&@&04&*.&0-.&4&7.+&0&)=+/3//D7( &9-(766*+,640/9!#).79/'
-(70.5+&9/755.78/-74;79.7=/&>570/9.-A>&949/-->&0.78,9=5,*.)0/-&>.+/,0
*+,640/9.&6&&8>&0-,=9-.+7.7*+,64(,=+.?/4/;/6&5,9=79/3/4,-/7-/!
7>7.+/0A->,;/:3/70S)/-..&>,947'73.&*7.*+.+//706,/-.
-,=9-&>/3/4,-/7-/-$79450/;/9.6&--&>;,-,&9!C,;/3/70-7=&$4&*.&0-4,7=9&-/4!
®"O&7+@+7'A-0/.,9&?67-.&(7*7070/.35/&>/3/*79*/0*'+/9+/'7-)(&9.+-
&64!6/*.,&9>0&(.+/?7*8&>.+//3/?766$79,94,*7.,&9.+7..+/0/'7--&(/.+,9='0&9=
.+/0/!O&7+A->7.+/0#0379$7-*,/9.,-.$'&94/0/4,>+/*&)64-//.+7.-7(/576/
0/>6/*.,&9,95,*.)0/-&>+,-?7?3-&9!@)0//9&)=+$+/-7'.+/0/>6/*.,&9$'+,*+
4&*.&0-*766('+,.//3/)$,975,*.)0/.78/90,=+.7>./0O&7+'7-?&09!
&0-,=9-&>.+,-
0/>6/*.,&9!O&'$.+7.755/D,-.-$*766/4$M"EIF!)"*+,640/9!%76>+749&/3/
4,-/7-/794+76>+74!(P97;/07=/$.+/7554/./*./4+'+,.//3/,,95,*.)0/-*&66/*./4
!,%3/70-?/>&0/4,7=9&-,-$)-73-#0379!
/*.!B.-&(/.,(/- (,--/- ('+,.//3/)'+/9,.A-.+/0/$794
-&(/.,(/--73-,.A-.+/0/'+/9,.A-9&.!76-/5&-,.,;/&**)0-6/--.+79!R &>.+/.,(/$.+7.A-9&.=&&4/9&)=+!
-&(//3/4,-/7-/-!
#!B.+70463*7)-/--/0,&)-6&--&>;,-,&9!
$!B.0/>/0-.&.+/'+,./570.&>79/3/?766!
E!B.&**)0-'+/99&6,=+.,-0/>6/*./4>0&(.+//3/!
%"!2+3,-7!R>76-/5&-,.,;/07./-.,66750&?6/(&
"!B.(734/673.+/.0/7.(/9.&>757.,/9.!
#!B.(73?74637>>/*..+/>).)0/&>.+/755!!"#$!%&'"(*!!!! )!*!")"
$!B.(7307,-/-/0,&)-4&)?.-7?&).4&*.&0-!
E!B.(73*7)-/7'7-./&>(/4,*760/-&)0*/-!
%!!2+,*+&>.+/>&66&',9=*79?/-.0/567*/.+/)94/06,9/4'&04()5?/7.),9.+/67-.
5707=075+&
"!$)0,&)-! #!$7).,&)-! $!P5.,(,-.,*! E!2&00,/4!
A!$"
").,-(@5/*.0)( E,-&04/0!"@E"!¯°",-74,-7?,6,.3.+7.*79*7)-/-/0,&)-
-&*,76$*&(()9,*7.,&9794?/+7;,&07650&?6/(-!./99&.+,9=7?&).+&'
5/&56/',.+"@E6&&8.+7.(78/-.+/(4,>>/0/9.>0&(&.+/05/&56/$?).5/&56/',.+
"@E(73*&(()9,*7./$,9./07*.$?/+7;/$7946/709,9'73-.+7.70/4,>>/0/9.>0&(
(&-.&.+/05/&56/!5/&56/',.+
"@E*79079=/>0&(50/..3=&&4.&/D.0/(/63?74!@&(/5/&56/',.+"@E9//476&.&>
+/65,9.+/,047,636,;/-'&.+/0-9//46/--!
N/&56/',.+"@E&>./9+7;/50&?6/(-',.+-&*,76$/(&.,&976$794*&(()9,*7.,&9
-8,66-!/!
E,7=9&-,9=!®""@E*79?/4,>>,*)6.-,9*/.+/0/,-9&(/4,*76./-.$6,8/7?6&&4
./-.$.&7--/--.+/4,-&04/0-!E&*.&0-6&&87..+/*+,64A-?/+7;,&07944/;/6&5(/9..&
(78/7H)4=/(/9.!"@E*79-&(/.,(/-?/4,7=9&-/47.!((&9.+-&03&)9=/0!#37=/
#$79/D5/0,/9*/44&*.&0*79?/*&9-,4/0/4;/030/6,7?6/,94,7=9&-,9="@E!%&'/;/0$
(793*+,640/9(739&.-//74&*.&0)9.,6()*+&64/0!
&0"@E!%&'/;/0$0/-/70*+-+&'-.+7./7063.0/7.(/9.
-/0;,*/-*79,(50&;/7*+,64A-4/;/6&5(/9.!F7063.0/7.(/9.-/0;,*/-+/65*+,640/9>0&(
?,0.+.&%3/70-&64!%*(&9.+-"6/709,(5&0.79.-8,66-!&0/$,.,-,(5&0.79..&.768
.&3&)0*+,64A-4&*.&07--&&97-5&--,?6/,>3&).+,983&)0*+,64+7-"@E&0&.+/0
4/;/6&5(/9.7650&?6/(-!
2/4&9&.89&'766&>.+/*7)-/-&>"@E!%&'/;/0$(&-.-*,/9.,-.-7=0//.+7.
=/9/-70/&9/&>.+/+,=+/-.0,-8>7*.&0-.+7.*79(78/75/0-&9(&0/6,8/63.&4/;/6&5
"@E!
B>3&).+,983&)0*+,64(,=+.+7;/"@E&03&).+,98.+/0/*&)64?/750&?6/(',.+
.+/'733&)0*+,645673-$6/709-$-5/78-$&07*.-$*&9.7*.3&)0*+,64A-4&*.&0$794-+70/
3&)0*&9*/09-!B>3&)A0/9&.-)0/'+&.&*&9.7*.$*766.+/F7063$+,64+&&4(7*+,9/-!
%)!2+&,-(&-.6,8/63.&?/79"@E57.,/9.&>.+/>&66&',9=5/&56/&
"!@&(/&9/'+&50/>/0-.&.76876&.,947,636,>/!
#!@&(/&9/'+&+7-=&.79"@E?0&.+/0!
$!@&(/&9/'+&'79.-.&+)=3&),95)?6,*!
E!@&(/&9/'+&-,9=-,97-.079=/;&,*/!
%$!2+/0/,-.+,-70.,*6/5&--,?63>0&(&
"!"=),4/?&&8>&09/'570/9.-!
#!F4)*7.,&9-/*.,&9&>79/'-575/0!
$!"-.)4/9.A-4,703!
E!"(/4,*76(7=7L,9/!
)3.!!-$23$423#!$1#01!#!$1"!$"
¥¦$
¥¦WHQQS±²K³´µHQ#Qyz
¶·¸Q#
%/0/A-79,(7=,9703S)/-.,&9>&03&)-'&)643&)07.+/06/7;/3&)0+&(/*&)9.03
7949/;/0?/766&'/4.&0/.)09$&09/;/06/7;/3&)0+&(/*&)9.03/;/07=7,9&
B.A-74,>>,*)6.&9// I/.A-*&9-,4/0.+/?/7).3&>?/,9=7.+&(/794.+/.+0,66&>
.07;/66,9=!B6/>.(3+&(/*&)9.03$T/0(793$'+/9B'7--/;/9.&(&;/.&F9=6794
',.+(3>7(,63!O&'7..+/7=/&>#!$BA;/6/>.(3-/*&94+&(/*&)9.03$F9=6794$.&
'&087-79F9=6,-+679=)7=/7--,-.79.,9@',.L/06794!!%*!
%?%91&,%6)*C
B4&9A.89&'7?&).3&)$?).B6&;/=/..,9=.&89&'9/'5/&56/!G&;,9=7?0&74,-
.+/5/0>/*.&55&0.)9,.3.&/D./943&)0>0,/94-+,5*,0*6/794 (78/,.=6&?76!!%&!
.+/
'&064*'+,*+,-6,8/63.&?/;/034,>>/0/9.>0&(3&)0&'9/ &&4$-&(78/.+/(&-.&>.+,-
9/'*)6.)076/D5/0,/9*/7946/.3&)0-.&(7*+=),4/3&)!2+39&..03-&(/.+,9=
*&(56/./639/'& )663/D5/0,/9*/.+/*)6.)0/.,/4.&.+/679=)7=/!
C!,.-&>6/7;,9=.+/+&(/*&)9.03>&079/'74;/9.)0/7?0&74&!"#$!%&'"((!!!! )!*!")"
)6+$!"789!-./#01%"1"
)*.!!-!$23$423!1#01!$1"
¥¦$
T$H "%#%$%E§QQS±²K³´µHQ
#
B.A-(#"#VE"V)7..+/$+70.'/66M,;/05708-/9,&0-A0/-,4/9*/!¹",9P..7'7!
F)67+U&+9-&9$'"$9/;/0!)!!.+/.',*/:(&9.+63/;/9.!
7794-(,6/-7.7?7?3-,..,9=&9.+/-/7.&>+/0'768/0!
">./07>/'(&(/9.-$.+/=,06!)#!.&5673',.+.+/4&L/9&0-&&.+/0-(766*+,640/9
!)%!.&=/.+/0',.+#"&>U&+9-&9A->/66&'0/-,4/9.-!"-.+/!))! /7.-97*8-794
40,98./7&0*&>>//$.+/,03&)9==)/-.-*07'6!º»"70&)94$407',9*&6&)0,9=?&&8-$
?7.?766&&9-?7*8794>&0.+&0-6//5,9.+/70(-&>4/6,=+./40/-,4/9.-!
#7?,/-2+& J&6)9.//0$?0,9=,9=.+/-/ !)$!.&=/.+/0$,-.+/,9-5,0/4,4/7&>
U/--,*70,/94A-
(&.+/0$'+&'7-6,;,9=,976&9=:./0(:*70/*/9./0$5/&56/=7.+/0/470&)94"(/6,7$
'79.,9=.&5673',.++/0!@+/'7-(&-.!)&!?3.+/0/-5&9-/&>+/0>0,/94A-(&.+/0-
-+/+749A.-5&8/9,9.'&3/70-$?).',.+"(/6,7,9+/0675$-+/?/=79-,9=,9=!
,.->0&(,9./0=/9/07.,&97650&=07((/-!*+70,.7?6/4&97.,&9-$0&(?7?3;,-,.-.&+7;,9=-*+&&68,4-*&(()9,*7.,9=',.+!$$!
5/9>0,/94-$794-/9,&0-./7*+,9=8,4-+&'.&?78/!
)!!"!7>>&04- #!-/6/*.- $!*0/7./- E!(,--/-
)#!"!.)09-)5 #!-8,5-&>> $!(78/-)5 E!-+&'-&>>
)%!"!(,D/4 #!0/567*/4 $!*&;/0/4 E!*&(570/4
))!"!=)/-.- #!'7,./0- $!-/9,&0- E!8,4-
)$!"!50/4,*.,&9 #!=/9/07.,&9- $!/;,4/9*/ E!&0=79,-7.,&9-
)*!"!,9./0;,/' #!70=)(/9. $!;,-,. E!(&;/
)&!"!-)050,-/4 #!/(?7007--/4 $!-*70/4 E!4,-755&,9./4
)(!"!-,=976 #!-.&03 $!*766 E!5&6,*3
)'!"!-/..,9=)5 #!40&55,9=?3 $!*6/79,9=)5 E!.78,9=&;/0
$"!"!>0// #!0/743 $!.0)/ E!=&&4
$!!"!6,-. #!-3-./( $!-/9-/ E!*&53
$#!"!+/65 #!0/'704 $!>,94 E!'709
$%!"!4/(794 #!50/--)0/ $!/*&9&(3 E!,9./0/-.
$)!"!7..,(/- #!>&0/D7(56/ $!7>./0766 E!?3*+79*/
$$!"!7'8'704 #!+)9=03 $!/64/063 E!,99&*/9.!"#$!%&'"('!!!! )!*!")"
)3.!!-!"23$423!,$1#01!$1"
¥¦$M´µK³!¼½H¾¿À2.¾¿HÁÂÃÄ#
E)-.-.&0(-&9 G70-70/9A.7667?&).4)-.*.+/370/76-&>)66!$*! '7./0!"
-7./66,./&0?,.,9= G70-+7-.78/9.+/(&-.!$&!!4/.7,6"(/7-)0/(/9.-3/.&>+&'
.+/-/070//;/9.-.075'7./0$'+,*+(73+/65/D567,9 !$(! +755/9/4.&.+/'7./0
.+7.)-/4.&?/7?)9479.&9.+/M/4N679/.!
B9#"!($.+/670=/-.0/*&04/44)-.-.&0(*,0*6/4.+//9.,0/G70.,79=6&?/-&.+,*863
.+7.,.!$'!!+,4/".+/-)0>7*/>0&(.+/-)9!)"794("8,6&(/.0/-$-//(,9=630/567*,9=.+/'7./0:,*/
*6&)4-!
&0(7.,&9&>,*/*6&)4-!>)5!ÈÉÊ".+/7.(&-5+/0/$(78,9=,.
/7-,/0>&0=7-/-,9*6)4,9='7./0;75&)0.&/-*75/,9.&-57*/$-&.+,-*&)64+/65.&/D567,9
+&' G70-?/*7(/-&403!
):+$!;(35&-,.,&9,97
-&*,/.3'+/0/,.A-9&..+7.)9*&((&9.&-//76,..6/?&3'+&-+&)64?/,9-*+&&6-.794,9=
&9.+/*&09/0-/66,9=>0),.,9.+/?)09,9=-)9!G3570/9.-+7407,-/4(/.&?/7'70/&>
.+/74;79.7=/'/+74?//97>>&04/4794.+/0/-5&9-,?,6,.3,.?0&)=+..&)-!
B5)66/4&;/07940&66/44&'9(3',94&'!%/+747?)9*+&>?79797-7947?7=&>
5/79).-0/743!B'7;/4.+/(7'73!(2+7.A-)5&)B7-8/4+,(!
(B!!!B4&9A.+7;/(&9/3.&?)3?&&8->&0-*+&&6!)B0/7*+/4,9.&(35&*8/.794
+794/4+,(.'&>0/-+$""97,07?,66-!(2,66.+,-+/65&)B7-8/4!%/6&&8/470&)94
9/0;&)-63?/>&0/.78,9=.+/(&9/3!P9/.+&)-79497,07'7-76&.&>(&9/3.&-&(/&9/
'+&-/>7(,6350&?7?63(74/7?&).$$"""97,07&06/--/7*+3/70!(