E4+0*,

"#$

!

&!#F 
-!.0(!)
4
-!.0'/ *.
! 0/%1*.  

%)/-* 0%T)
'
!./0 %*
!
(!- *
!
!3+*-/%T)  

*&!/%1*.
!
(!- *  

'5
A5HF=N
89
BGC:: 

'5G

79G
89
@5
9LDCFH57=\B 

!.--*''*
!
'
!3+*-/%T)
'.

+!.
+  

'
.!'!%T)
!'
+S.  

$!--(%!)/.
!
!./0 %*
!
(!- *  

!GHI8=C
DF=A5F=C  

!GHI8=C
G97IB85F=C  

%&)$!9%

$)& 


!%&)$!9%
*&)
#&*
#!%+*


!%&)$!9%

#
&$'+%! 

(9
-;,4:,9
6(8(
2(
04<,9:0.(*0N4
9,*;4+(80(
,4
4:,84,:
6;,+,4
9,8 

#'*.-%*
!
/R-(%)*.  
(/!-%'!.
!
+*4*
4
!)'!.  
+!) %!  
/*!3
$%
#>,#5,/
$%,
%345$)/
$%
-%2#!$/
$%
%80/24!#)/.%3  

"#$

!

&!#F
!"$
'
!"$#"
$#%"
!@
DFCD\G=HC
89
9GH9
A\8I@C
89
9BHF9B5A=9BHC
9B
9@
!GHI8=C
89
(9F758C
89
!LDCFH57=\B
9G
5MI85F
5
@5G
7CAD5ZX5G
EI9
BC
H=9B9B GI:=7=9BH9
9LD9F=9B7=5
9B
@5G
57H=J=8589G
89
7CA9F7=C
=BH9FB57=CB5@

D5F5
9BH9B89F
@CG
9@9A9BHCG
89@
9GHI8=C
89
A9F758C
89
9LDCFH57=\B
Al finalizar este mdulo se espera que los aprendices aprendan acerca de:
o !GH56@979F
@CG
C6>9H=JCG F9@9J5BH9G
89
A5F?9H=B;
o -97CBC79F
@CG
HU7H=75G
89
A5F?9H=B;
D5F5
G5H=G:579F
5
@CG
7@=9BH9G
9B
9@
A9F758C
G9@977=CB58C
o 'CG
AWHC8CG
D5F5
G9@977=CB5F
5@
D5XG
AUG
5897I58C
D5F5
@5
9LDCFH57=\B
o '5G
<9FF5A=9BH5G
DF=B7=D5@9G
89@
9GHI8=C
89
A9F758C
!@
A\8I@C
89
9BHF9B5A=9BHC
DFC7989
7CAC
G9
9GD97=:=75
!@
DF=A9F
75DXHI@C
9G
IB5
=BHFC8I77=\B
D5F5
9@
9GHI8=C
89
A9F758C
89
9LDCFH57=\B
7CB IB
9B:CEI9 9GD97=5@ H5BHC
D5F5
58CDH5F 9@ A9F758C
C
@5G 9GHF5H9;=5G @=89F585G
89@
DFC8I7HC
!@
G9;IB8C
75DXHI@C
89G7F=69
@CG
AWHC8CG
89GH=B58CG
D5F5
C6>9H=JCG
89 A5F?9H=B; M
9@
H9F79F
75DXHI@C
85
=B:CFA57=\B
89H5@@585
579F75
89
@CG
AWHC8CG
DF=B7=D5@9G
89 A5F?9H=B; '5G <9FF5A=9BH5G
]H=@9G
M @CG
F97IFGCG 9GHUB
=B7@I=8CG 9B
9@
7I5FHC
75DXHI@C
M
9@
A\8I@C
7CB7@IM9
7CB
@5G <9FF5A=9BH5G
DF=B7=D5@9G
89GH=B585G
D5F5
DFCD\G=HCG
89 9GHI8=CG
89
A9F758C
!B 9@ 5DWB8=79 G9
9B7I9BHF5B
8=GDCB=6@9G

IB5
<C>5
89 7U@7I@C EI9
7CBH=9B9
9@ 7CB>IBHC
89
8=F97HF=79G
M H56@5G
D5F5
9@
5BU@=G=G
89
7@=9BH9G 5A65G
7CAD5ZX5G
M
D5FH=7I@5F9G

7CAD9H=8CF9G

@CG
D5XG9G
7@=9BH9G M
@5
:=>57=\B
89
DF97=CG

 #!$F

"#$

!

&!#F
!GH5
7CA]BA9BH9
F97CBC7=8C
EI9
D5F5
H9B9F
WL=HC
9B
@5
9LDCFH57=\B

B979G=H5
IB
DFC8I7HC
C
G9FJ=7=C
EI9
G95
AIM
GC@=7=H58C
9B
9@
A9F758C
9LH9F=CF
,I=NUG
G95B
A9BCG
F97CBC7=85G @5
B979G=858
89
<56=@=8589G

F97IFGCG

7CADFCA=GCG
9
=B:CFA57=\B EI9
GCDCFH9B
@5G
57H=J=8589G
89
9LDCFH57=\B
GCGH9B=85G
5
@5F;C
D@5NC
'5
5IG9B7=5
89
:57HCF9G
7CAC
WGHCG
DI989
G9F
IB5
65FF9F5
7FXH=75
D5F5
@5
9LDCFH57=\B
D5F5
@5
D9EI9Z5
M
A98=5B5
9ADF9G5
DMA9G 
!@
D@5B
89
B9;C7=C
M
9LDCFH57=\B

DCF
9>9AD@C

9G
IBC
89
@CG
:57HCF9G
@=;58CG
5@
WL=HC
9B
@5G
9LDCFH57=CB9G

D9FC
AI7<5G
7CAD5ZX5G
D9EI9Z5G
BC
9ADF9B89B
IB
DFC79GC
:CFA5@
89
D@5B=:=757=\B
89@
B9;C7=C

.=B
9A65F;C

9@
9GHI8=C
89
B9;C7=C
89
9LDCFH57=CB9G
9G
GC@C
IB5
D5FH9
89
@5
9LDCFH57=\B

9G
@C
AUG
=ADCFH5BH9
9B
9@
9GH58C
=B=7=5@
D5F5
7CADF9B89F
8CB89
G9
<5@@5FUB
GIG
A9F758CG
89
9LDCFH57=\B
Deberan ser las compaas orientadas al mercado u orientadas al producto?
!G
:IB85A9BH5@
D5F5
@5G
7CAD5ZX5G
EI9 J5B
5
@@9J5F
5
756C
7I5@EI=9F
9GHI8=C
89
A9F758C
7CADF9B89F
7CAD@9H5A9BH9
@5
7I9GH=\B
7=H585
5BH9F=CFA9BH9
BH9G
89
=BH9BH5F
85F@9
7CBH9GH57=\B
5
@5
DF9;IBH5

DCF
:5JCF
@95
@5G
G=;I=9BH9G 9G79B5G M
J95
G=
IGH98
DI989
9B7CBHF5F
@5
8=:9F9B7=5
! !9
-/.4/.%3
$%
%.453)!34!3
$%0/24)6/3
6)6)%.$/
%.
%,
>2%!
,/#!,
15%
%34>
!
5./3

+-3
$%,
-!2 
5.
'2!.
.F-%2/
$%
0%23/.!3
,%
'534!
%,
&F4"/,
%,
4%.)3
9
%,
"!,/.#%34/
9
9/
,%
(%
02%'5.4!$/
!
5.
.F-%2/
0%23/.!3
3)
,!3
).&2!%3425#452!3
%3456)%2!.
$)30/.)",%3
3)
4!-")@.
,%3
'534!2A!
$)3&254!2
$%
$%0/24%3
!#5>4)#/3 !
-!9/2A!
$)*/
15%
,/
(!2A!.
!3A
15%
#/.3)$%2/
#!6!2
5.
,!'/
'2!.$%
%.
5.
42/:/
$%
-)
4%22%./
$%
2%05%34/
9
02/6%%2
,!3
).&2!%3425#452!3
.%#%3!2)!3
0!2!
%, 7).$352&).' %315A
!#5>4)#/
9
0%3#!
" %3$% 15%
4%2-).@
,! .)6%23)$!$
$%
24%3 ./
(%
53!$/ .).'5.!
$% ,!3
(!"),)$!$%3
15%
!02%.$A .!
#/3!
15%
-%
'534! 2%!,):!2 %3
0).4!2
%.
#%2>-)#! )%.3/
15%
#/-%.:!2@
5.
.%'/#)/ $%
6%.4!
$%
#%2>-)#!
0).4!$!
!
-!./
0BC
89
@5G
9G79B5G
9G 580,4:(+(
(2
685+;*:5 M
@5
CHF5 9G 580,4:(+(
(2
3,8*(+5 '5
HF5AD5
9B
@5
EI9
@CG
B9;C7=CG
D9EI9ZCG
759B
9B
D5FH=7I@5F
9G
EI9
5
A9BI8C
C@J=85B
DF9;IBH5FG9 5
GX
A=GACG @5
DF9;IBH5
O(!9
5.!
.%#%3)$!$
0!2!
.5%342/
02/$5#4/  RGH9
9G @5
CF=9BH57=\B
5@
A9F758C
%B9J=H56@9A9BH9
DFC8I79B
IB5
=895
G=B
DFI965
579F75
89
@5
89A5B85
D5F5
9@@C
RGH9
9G @5
CF=9BH57=\B
5@
DFC8I7HC M
9G
5
A9BI8C
IB
9FFCF
AIM
J5@=CGC
DCFEI9
@5G
CDCFHIB=8589G
89 H9B9F
WL=HC
GCB
AIM D9EI9Z5G
/C85G
@5G
=895G
89@
DFC8I7HC 8969FX5B
G9F
CF=9BH585G
5@
A9F758C M
BC CF=9BH585G
5@
DFC8I7HC

 #%"

!
BH9G
89 F95@=N5F
B=B;]B
9GHI8=C
89
A5F758C IB5 7CAD5ZX5 8969 57CF85F 7IU@9G
GCB
GIG
C6>9H=JCG
89
A9F758C
0B
C6>9H=JC
8969FX5
G9
5IA9BH5F
9@
JC@IA9B
89
J9BH5G
9B
IB 
9B
IB
5ZC
9B
BI9JCG
A9F758CG
Otros /"*%4)6/3 tpicos 0/$2A!.
3%2

IA9BH5F
@5G
J9BH5G =BH9FB57=CB5@9G 9B

 89BHFC
89
 5ZCG

9BHFC
89
 5ZCG
IB

9B
@5G
J9BH5G
89
9LDCFH57=CB9G
89
8CG
BI9JCG
D5XG9G
IA9BH9
@5G
;5B5B7=5G
89
9LDCFH57=CB9G
5


89 @5G ;5B5B7=5G
HCH5@9G
57HI5@A9BH9
9B
IB  89BHFC
89

5ZCG

BH9G
89
9GH56@979F 9GHCG
H=DCG 89
C6>9H=JCG

!3
02%'5.4!3
0!2!
%,
!.>,)3)3
$% ,! 3)45!#)E.
!#45!,
$%
,!
#/-0!CA!
,)34!$!
$%"!*/
#/!$956!2>. ! %34!",%#%2
353
/"*%4)6/3
-%2#!$/4@#.)#/3

O!B
EIW DFC8I7HC
C
G9FJ=7=C
A9F75BH=@
A9
9B7I9BHFC
57HI5@A9BH9
O \B89
9GHU
A=
A9F758C
57HI5@
O,I=WB9G
GCB
A=G
7@=9BH9G
9L=GH9BH9G
O,I=WB9G
GCB
A=G
7CAD9H=8CF9G
57HI5@9G

 (
3(:80@
+,
495-'CG
89D5FH5A9BHCG
A9F75BH=@9G
IG5B @5
A5HF=N
89
DFC8I77=\B
89
BGC::
89
DFC8I7HC
C
A9F758C
D5F5
DFCJ99F
9GHF5H9;=5G
DFCDI9GH5G
89
7F97=A=9BHC EI9
9GH56@979B
@CG
C6>9H=JCG
D5F5
@5
9GHF5H9;=5
89
A9F758C
89
9LDCFH57=\B
'5
7CAD5ZX5
8969FX5
=BHFC8I7=F
9B
7585
IBC
89
@CG
G9;A9BHCG
89
@5
(5HF=N
89
BGC::
8965>C
GIG
DFCD=CG
85HCG
5BH9G
89
HCA5F
IB5
897=G=\B
:=B5@
89
GI
G=;I=9BH9
A5B=C6F5
9LDCFH58CF5
85+;*:59
,>09:,4:,9

,8*(+59
,>09:,4:,9

;,<59
3,8*(+59

,4,:8(*0N4
,4 ,2
3,8*(+5
3
%,
./-"2%
$!$/
!
5.!
%342!4%')!
$%
#2%#)-)%.4/
$/.$%
%,
.%'/#)/
%.&/#!
,!
!4%.#)E.
%.
6%.$%2
02/$5#4/3
%8)34%.4%3
%.
,/3
-%2#!$/3
%8)34%.4%3
,9(885225
+,2
3,8*(+5
e ,/3 .5%6/3 -%2#!$/3
'%/'2>&)#/3
J
%, .5%6/ 02/$5#4/
J
,/3 .5%6/3 #!.!,%3
$%
$)342)"5#)E.
J
,!3 $)&%2%.4%3 0/,A4)#!3
$%
&)*!#)E.
$%
02%#)/3

;,<59
685+;*:59
,9(885225
+,2
685+;*:5
3
%,
./-"2%
$!$/
!
5.!
%342!4%')!
$%
#2%#)-)%.4/
$/.$%
5.
.%'/#)/
4)%.%
,!
).4%.#)E.
$%
).42/$5#)2
02/$5#4/3
.5%6/3
/
-/$)&)#!$/3
%.
,/3
-%2#!$/3
%8)34%.4%3
0<,890-0*(*0N4
3
%,
./-"2%
$!$/
!
,!
%342!4%')!
$%
#2%#)-)%.4/
$/.$%
5.
.%'/#)/
#/-%2#)!,):!
02/$5#4/3
.5%6/3
%.
,/3
-%2#!$/3
.5%6/3


(9

*,9
+,
2(
,>658:(*0N4
!B
G9;I=A=9BHC
89
@5
G=HI57=\B
57HI5@
DCF
@5G DF9;IBH5G
8585G
9B
@5
.977=\B
GID9F=CF


9@
G9;IB8C
D5GC
=ADCFH5BH9
9G
5>IGH5F
@CG
C6>9H=JCG
A9F758CHW7B=7CG
DCF
9@
IGC
89
@5G
DF9;IBH5G
@=GH585G
8965>C

O!B
EIW
D5XG9G
A9
79BHF5FW
8IF5BH9
A=
=BJ9GH=;57=\B
OIU@9G
G9FUB
@5G
9LD97H57=CB9G
M
B979G=8589G 89
A=
7@=9BH9

O\AC
8=GHF=6I=FW
A=G
DFC8I7HCG
D5F5
@CG
A9F758CG
=BH9FB57=CB5@9G
O,IW
J9BH5>5G
H=9B9B
A=G
DFC8I7HCG
GC6F9
@CG
89
@5
7CAD9H9B7=5

+5F5 89:=B=F 7CAD@9H5A9BH9
@CG
C6>9H=JCG
89
9LDCFH57=\B

IB
B9;C7=C
DI989
IG5F a,!3

#%3
$%
,!
)-0/24!#)E.G 7CAC
IB
AWHC8C
9:97H=JC
'5G

79G
89
@5
9LDCFH57=\B

! #/-0!CA!
,
0!A3
,
#,)%.4%
/3
#/.4!#4/3
! #/-0%4%.#)!

 &$'75
'5
7CAD5ZX5
B979G=H5FU
DF9D5F5F
IB
8C7IA9BHC
7CB
IB5
J=G=\B
;9B9F5@
89@
D5XG 8CB89
89G95B
9LDCFH5F
!@
8C7IA9BHC
7CBH9B8FU
IB5
89G7F=D7=\B
89H5@@585
89 @5G 75F57H9FXGH=75G
M
@CG 69B9:=7=CG
89
@CG
DFC8I7HCG
M
@CG
G9FJ=7=CG
EI9
@5
7CAD5ZX5
H=9B9
EI9
C:F979F
9B
9G9
D5XG
969FX5B
G9F
=B7@I=8CG
HC8CG @CG
89H5@@9G
89
7CBH57HC

@5
=B:CFA57=\B
<=GH\F=75
M
7\AC
@5
7CAD5ZX5
H=9B9
@5
=BH9B7=\B
89
7CA9F7=5@=N5FG9
5
GX
A=GAC
9B
9@ BI9JC A9F758C H5A6=WB
#
5*
+5F5
5IA9BH5F
5@
AUL=AC
9@
F9B8=A=9BHC
89@
75D=H5@
=BJ9FH=8C
89BHFC
89
@5G 9LDCFH57=CB9G 9G
:IB85A9BH5@
=89BH=:=75F
@CG
A9>CF9G
D5XG9G
5
@CG
EI9
9LDCFH5F
0B5
7CAD5ZX5
8969FX5
G9@977=CB5F
DF=A9FC
9@
D5XG

C
@CG
D5XG9G

7CB
9@
DCH9B7=5@
AUG
5@HC
M

AXB=AC
F=9G;C M
7CB
F9@5H=J5 :57=@=858
89
9BHF585  9G
897=F

@5
9LH9BG=\B
D5F5
@5
7I5@
GCB
8=:X7=@9G
C
F9@5H=J5A9BH9
:U7=@9G
@C;F5F
9BHF5F
!@
D5XG9G
8969FX5B 

.95
G=A=@5F
5@
A9F758C B57=CB5@
.=
9G
DCG=6@9

<56@9
9@
A=GAC
@9B;I5>9
7CAC 9B 9@
A9F758C B57=CB5@
!GHC
DC8FX5
G9F
8=:X7=@
D9FC
7CAC 9@ =B;@WG 9G 9@
@9B;I5>9 D5F5
B9;C7=5F

IB
D5XG
8\B89 9@
=B;@WG
G9
<56@9 @=6F9A9BH9 DC8FX5
G9F
9@
DF=A9F
A9F758C 89
89GH=BC
/9B;5
IB5
7I@HIF5
C IB5G DFU7H=75G
7CA9F7=5@9G G=A=@5F9G
#9C;FU:=75A9BH9 9GH9 79F75 @C 7I5@ F98I7=FU
9@
7CGH9
9B
@C;XGH=75
/9B;5
IB
G=GH9A5
65B75F=C
EI9
9G
:U7=@
89 IG5F
/9B;5 G=A=@5F9G F9;@5G
F9;I@57=CB9G M
@9M9G
7CAC
9@
D5XG B57=CB5@

#
#!%+
BH9G
89
89H9FA=B5F
9@
D5XG
C
@CG
D5XG9G
89
89GH=BC

@5G
7CAD5ZX5G
B979G=H5B
9B:C75F
@5
5H9B7=\B
9B
EI=WB9G
G9FUB
GIG
7@=9BH9G
DFCGD97H=JCG
M
9GH56@979F
GIG
B979G=8589G

O.CB
=B8=J=8ICG
I
CF;5B=N57=CB9G
O \B89
9GHUB
@C75@=N58CG
OIU@
9G
GI
=B;F9GC 89A5B85
OI5BHCG
5ZCG
H=9B9B
O$CA6F9
C
AI>9F
O&CJ9B
C
J=9>C
OIU@9G
GCB
GIG
9GH=@CG
89
J=85
OIU@9G
GCB
GIG
D5HFCB9G
89
7CADF5

!-")@.
,/3
!35.4/3
#5,452!,%3
$%
#!$!
0!A3
4)%.%.
15%
3%2
#/.3)$%2!$/3
&*
&%++&*
.9FU
=ADCG=6@9
D5F5
IB5
DMA9
=BH9BH5F
J9B89F
GI
DFC8I7HC
9B
IB
D5XG
9LHF5B>9FC
G=B
7I5@EI=9F
5MI85
89
7CBH57HCG
89BHFC
89@
A9F758C
89
89GH=BC
+I989B
G9F
5;9BH9G
C
8=GHF=6I=8CF9G

M
9G
7FI7=5@
G9@977=CB5F
5@
7CFF97HC
,I=9BEI=9F5
EI9
G95 9@ G9@977=CB58C
7CAC
GC7=C
9B
9@
D5XG
89
89GH=BC
5
A9BI8C
DI989
7CA9F7=5@=N5F
M
8=GHF=6I=F
IB
DFC8I7HC
C
G9FJ=7=C AUG
:U7=@A9BH9
M
5 IB
DF97=C
AUG 65>C
EI9
IB
B9;C7=C
DI989
<579F@C 89G89 GI
DFCD=C
D5XG

0B
B]A9FC
89
CD7=CB9G
G9
56F9
D5F5
7I5@EI=9F
9LDCFH58CF
9G

'5
9LDCFH57=\B
5
HF5JWG
89
IB
8=GHF=6I=8CF
'5
9LDCFH57=\B
5
HF5JWG
89
IB
5;9BH9

HF5JWG
89
IB
J9B898CF
/9B9F
9@
DFC8I7HC
A5BI:57HIF58C
65>C
@=79B7=5
!GH56@97=9B8C 7CB
IB5
7CAD5ZX5
@C75@ IB5
9ADF9G5
7CB>IBH5
CADF5B8C
IB 75ADC M DFC8I7=F @C75@A9BH9

D9FC
7CB IB 7CBHFC@
HCH5@
89@
D5XG
B57=CB5@

*HF5
CD7=\B
5
G9F
7CBG=89F585
9G
J9B89F
8=F97H5A9BH9
5@
7@=9BH9
5
HF5JWG
89
=BH9FB9H
5IBEI9
5@;IBCG
DFC8I7HCG
GCB
AUG
5897I58CG
D5F5
@5G
J9BH5G
9B
@XB95
EI9
CHFCG

&$'+%!
CB
@5
9L79D7=\B
89
7CBG=89F5F
GIG
DFCD=5G :CFH5@9N5G M
896=@=8589G

IB
B9;C7=C
H5A6=WB
8969FX5
5B5@=N5F :CFH5@9N5G M
896=@=8589G
89
7I5@EI=9F
7CAD9H=8CF

M
5BH9G
89
7I5@EI=9F
5BU@=G=G "*  9B
@5
7CAD9H9B7=5
@5
=BJ9GH=;57=\B
B979G=H5FU
9GH56@979F
9L57H5A9BH9
9B
7CBHF5
89
EI=WB
7CAD9H=FU
9B
@CG 8=:9F9BH9G A9F758CG
'5
7CAD9H9B7=5
DI989
J9B=F
89
IB5
7CAD5ZX5
@C75@
I
CHFC
9LDCFH58CF EIX 9G 8CB89
IB
5;9BH9
@C75@
C
IB5
5;9B7=5
89
9GHI8=C

89
A9F758C
DI989B G9F
89
5MI85 M5
EI9 G56FUB
7IU@9G GCB
@5G 7CAD5ZX5G
AUG
57H=J5G
89BHFC

89
GI
D5XG
'@9J5B8C
5
756C IB5
=BJ9GH=;57=\B
89H5@@585
IB5
7CAD5ZX5
B979G=H5
7CBC79F

OI5BHCG
7CAD9H=8CF9G
<5M
9B
7585
A9F758C
O,I=WB9G
GCB
@CG
DF=B7=D5@9G
7CAD9H=8CF9G
9B
7585
A9F758C
OIU@
9G
9@
H5A5ZC
89
7585
7CAD9H=8CF

OCB
EIW
J5
5
7CAD9H=F
9B
9@
(9F758C

,
02%#)/
! $)342)"5#)E.
!
2%054!#)E.
9
,!
)-!'%.
!
#!,)$!$

O,IW 7@=9BH9G
DC8FX5B 897=8=FG9
DCF IGH98

O,I=WB9G
GCB
@CG DF=B7=D5@9G 7@=9BH9G
89
GIG
7CAD9H=8CF9G DF=B7=D5@9G
O,IW 7@=9BH9G
EI=9F9
IGH98
;5B5F
B5@=79 @5 =B:CFA57=\B
D]6@=75 89 GIG
7CAD9H=8CF9G GC6F9

;5>,%3
3/.
353
6%.4!*!3
9
$%36%.4!*!3
3/"2%
35
.%'/#)/
;E-/
).4%.4!
#/-0%4)2
#/.
353 $%36%.4!*!3

/3
3)4)/3
%"3
/3
#/-5.)#!$/3
$%
02%.3!
/3
&/,,%4/3
9
,!
,)4%2!452!
!3
%8()")#)/.%3
/3
).&/2-%3
$%
,!
).$5342)!

1=;=@5F
@5G
57H=J=8589G
89 DFCAC7=\B
89
@5
7CAD9H9B7=5
=9

!
05",)#)$!$
!3
02/-/#)/.%3
$%
02%#)/
/3 ,!.:!-)%.4/3
$%
.5%6/3
02/$5#4/3
, -%$)/3
$%
#!04!#)E.
!
!"%2452!
$% .5%6!3 4)%.$!3 / #/.#%3)/.%3
/ !#5%2$/3 #/. .5%6/3 !'%.4%3

 "!!


&!#F
"

"

'5G
7=B7C
+G
GCB
IB D5EI9H9 89
9GHF5H9;=5G 89
A9F758C F97CBC7=85G
@5G 7IU@9G IGH98
DI989
IG5F 9B
7I5@EI=9F
7CA6=B57=\B
D5F5
G5H=G:579F
5 @CG 7@=9BH9G
9B
9@
A9F758C 89GH=B5H5F=C

BH9G
89
7CBG=89F5F @5G
+G 89@
89G5FFC@@C
89
@5
9LDCFH57=\B

9G
=ADCFH5BH9 EI9 IB
B9;C7=C
<5M5
7CAD@9H58C @5G 
G
89 @5 9LDCFH57=\B EI9
G9
<5B 8=G7IH=8C
9B
9@
75DXHI@C
DF9J=C
'5G
+G EI9 =B:@I9B7=5B
9@
89G5FFC@@C
89
@5
9LDCFH57=\B
GCB

,
02/$5#4/
,
,5'!2
)%
%,
0!A3
,
3/#)/
,
02%#)/
!
02/-/#)E.

#
')&,+&
BH9G
89
897=8=F
@C
EI9 8969FX5
G9F @5
DC@XH=75
89
:=>57=\B
89
DF97=CG
C
7\AC G9
@@9J5FU
5
756C
@5 DFCAC7=\B

IB
B9;C7=C
B979G=H5
897=8=F
EIW
F5B;C
89
DFC8I7HCG
C
@CG
G9FJ=7=CG
J5B 5 G9F
C:F97=8CG 5@ @CG BI9JC G
A9F758C G
0B
F5B;C 7CA9F7=5@ 57HI5@
89@
DFC8I7HC
DI989 BC G9FJ=F
D5F5
9@
A9F758C
89
9LDCFH57=\B
5GX
EI9
DC8FX5
B979G=H5F
G9F
585DH58C
!GHC DC8FX5
;9B9F5F
7CGHCG
58=7=CB5@9G
0B5
<9FF5A=9BH5
]H=@
9G
9@ (4G20909 %

!3 #!2!#4%2A34)#!3 $%,
02/$5#4/

'5G 6%.4!*!3 89
@5G
75F57H9FXGH=75G EI9
H=9B9B GC6F9
CHFCG
DFC8I7HCG
'CG "%.%&)#)/3 89@ DFC8I7HC
)CH5 )%-02%
2%#5%2$% 15%
,/3
#,)%.4%3
#/-02!.
,/3
"%.%&)#)/3
$%
02/$5#4/3
/
3%26)#)/3

!G7C>5
IBC
89
@CG
DFC8I7HCG
EI9
IGH98 EI=9F9 9LDCFH5F
M F95@=79 IB
5BU@=G=G
1

5F57H9F=GH=75Gfffffffffffffffffffffffffffffffffffffffff
ffffffffffffffffffffffffffffffffffffffffffffffffff
19BH5>5Gffffffffffffffffffffffffffffffffffffffffffff
fffffffffffffffffffffffffffffffffffffffffffff
9B9:=7=CGffffffffffffffffffffffffffffffffffffffffffff
ffffffffffffffffffffffffffffffffffffffffffffffff

@;IB5
CHF5
7CG5
5
G9F
7CBG=89F585
5@
897=8=F
EI9
DFC8I7HC
5
9LDCFH5F
9G
O$5M
5@;IBCG
F9EI=G=HCG
D5F5
C6H9B9F
5@;]B
H=DC
89
A5F75
89
75@=858
D5F5
9@
DFC8I7HC
C 9@
G9FJ=7=C
+CF
9>9AD@C
/XD=75A9BH9
IB
DFC8I7HC
H=9B9
EI9 7CBH9B9F
@5
A5F75
89
75@=858 
!

5@
9LDCFH5F
D5F5
CHFCG
D5XG9G
0!
'CG
DFC8I7HCG
M
@CG
G9FJ=7=CG
H=9B9B
IB
7=7@C J=H5@ 5GX EI9 9G
=ADCFH5BH9
EI9
@5G
7CAD5ZX5G
7CADF9B85B 9B
EIW :5G9
89@
7=7@C J=H5@
89 GIG
DFC8I7HCG G9
9B7I9BHF5B
'CG BI9JCG
89G5FFC@@CG
<579B
G9FJ=7=CG 7CBGH5BH9A9BH9 M
DFC8I7HCG
9L=GH9BH9G
C6GC@9HCG
89BHFC
89
IB

7CFHC D9F=C8C 89
H=9ADC
'5 G=;I=9BH9 :=;IF5
F9DF9G9BH5
IB5
=B8=757=\B GC6F9 @C
EI9
C7IFF9

9B 9@ 7=7@C J=H5@ 89 IBCG DFC8I7HCG

GX
9G
EI9
5G9;]F9G9
5BH9G
89 9LDCFH5F GI
DFC8I7HC 5 IB
D5XG
D5FH=7I@5F
EI9
BC
9G
IB
A9F758C
58I@HC

!""
!
%#"

"

(9
,:(6(9
+,2
*0*25
<0:(2
+,
;4
685+;*:5

4:85+;**0N4

8,*030,4:5

(+;8,@

,*(+,4*0(

IFJ5
89@
=B;F9GC
89
J9BH5G
HCH5@
89
@5
=B8IGHF=5
IFJ5
89
69B9:=7=CG
HCH5@
89 @5 =B8IGHF=5

+
0

)1,:0<59
3,8*(4:02,9

(
,:(6(
+,
04:85+;**0N4

,
,:(6(
+,
*8,*030,4:5

(
,:(6(
+,
3(+;8,@

(
,:(6(
+,
+,*(+,4*0(

! #/-0%4%.#)!

(IM
DC7CG
7CAD9H=8CF9G

IA9BHC 89
7CAD9H=8CF9G
9B
9@
(9F758C

, 02/$5#4/

.\@C
<56FU
IBC
HXD=75A9BH9

!@
DFC8I7HC
89
@CG
7CAD9H=8CF9G
G9FU
G=A=@5F

!@
B]A9FC
AUL=AC
89
7CAD9H9B7=5
9B
9@
A9F758C
0B5
7589B5
89
:56F=757=\B
7CAD@9H5

,
02%#)/

.9
9GH56@979FU
IB
DF97=C
5@HC
D5F5
F97ID9F5F
@CG
7CGH9G
89
8=G9ZC
M
DFC8I77=\B

'CG
DF97=CG
9GH5FUB
AUG
5>IGH58CG
D5F5
;5B5F
D5FH9
89@
A9F758C

!@ B]A9FC 89
7CAD9H=8CF9G
EI9
<5B
89>58C
9@
A9F758C
'CG A9>CF9G
J9B898CF9G
D9FA5B979FUB
9B
9@
A9F758C
G9;]F9G9
EI9
9@
DF97=C
9G
:FI7HICGC

!
02/-/#)E.

.9FU
8=G9Z585
D5F5
98I75F
5
@CG
7CADF58CF9G
89@
BI9JC
DFC8I7HC

.9FU
8=G9Z585
D5F5
9B:5H=N5F
@5G
8=:9F9B7=5G
9BHF9
@5
7CAD9H9B7=5

,
,5'!2
!
$)342)"5#)E.

+C7CG
8=GHF=6I=8CF9G
C
DIBHCG
89
J9BH5

(UG
8=GHF=6I=8CF9G
M
DIBHCG
89
J9BH5
9GH5FUB
8=GDCB=6@9G



0GC
89@
DF97=C
D5F5
89:9B89F @5
D5FH=7=D57=\B
9B
9@
(9F758C
M
@CG
AUF;9B9G
89
;5B5B7=5
CBH=B]9
F97CF8UB8C@9G
5
@CG
7CADF58CF9G
@CG 69B9:=7=CG
89@
DFC8I7HC
!@
AUL=AC
B]A9FC
8=GDCB=6@9
89
8=GHF=6I=8CF9G
M
DIBHCG
89
J9BH5

45
EI9
9@
DFC8I7HC
<5
5@75BN58C
@5
A58IF9N
5D9B5G
G9FU
B979G5F=5
@5
DFCAC7=\B
+C75
8=GDCB=6=@=858
89
8=GHF=6I=8CF9G
C
DIBHCG
89
J9BH5

 #
#,)
0B5
89
@5G
897=G=CB9G
=ADCFH5BH9G
EI9
H=9B9B
EI9
G9F
D9FG9;I=85G
HF5G
7CAD@9H5F
@5
=BJ9GH=;57=\B
7CA9F7=5@
89
@5
9LDCFH57=\B
G9
HF5H5
89@
D5XG
C
@CG
D5XG9G
8CB89 G9
7CA9F7=5@=N5FUB @CG
DFC8I7HCG
C
@CG
G9FJ=7=CG
\AC
9G7C;9F
9@
A9>CF
D5XG D5F5
9LDCFH5F
G9FU
8=G7IH=8C
9B
IB5
G977=\B DCGH9F=CF
#
*&!&
CAC
<5
G=8C
A9B7=CB58C

9@
D5XG9G
89GH=B5H5F=CG
DC8FX5B
G9F
7FI7=5@9G
M5
EI9
H=9B9B
@5
=B:CFA57=\B

IB
6I9B
B]A9FC
89
7CBH57HCG
M
H5@
J9N
H5A6=WB
IB
G=GH9A5
89
8=GHF=6I7=\B
=B
G=HI
/5A6=WB
7CADF9B89FUB
7CAD@9H5A9BH9
@CG
5GIBHCG
7I@HIF5@9G
89
GI
D5XG
0B5
J9N
EI9
IGH98
G9@977=CB\
5
IB
GC7=C

IB
8C7IA9BHC
89
7IFGC
@9;5@
DF9D5F58C
DCF
IB
56C;58C
7CAD9H9BH9
89
9LDCFH57=\B
G9FU
9@56CF58C
9BHF9
@5G
5A65G
D5FH9G
'5
G=;I=9BH9
A5HF=N
85
@5G
;IX5G
EI9
8969B
G9F
IG585G
9B
@5
G9@977=\B
89
IB
DCG=6@9
5;9BH9
@C75@
C
7C@56CF58CF
52()58(+58


CBC7=A=9BHC
89@
A9F758C

!GH56=@=858

CBC7=A=9BHC
89@
DFC8I7HC G9FJ=7=C

5D57=858
CF;5B=N5H=J5

CAD5H=6=@=858

CA6=B57=\B 89
DFC8I7HC G9FJ=7=C

52()58(+58



52()58(+58 

06=757=\B
M
G9FJ=7=CG

-98 @C;XGH=75

5D57=8589G
7CA9F7=5@9G
M
DC@XH=75G 89
A5F?9H=B;
+FCAC7=\B



&#5+! +)!)!
BH9G
89
89H9FA=B5F
EIW
DF97=CG
G9
J5B
5
=ADCB9F
9G
=ADCFH5BH9
89H9FA=B5F
9@
7CGH9
HCH5@
89@
G9FJ=7=C
89
9LDCFH57=\B 89@
DFC8I7HC

9L79D7=\B
89
@CG
7CGHCG
89
:U6F=75

C
@CG
7CGHCG
9LH9FBCG

IB
B]A9FC
89
CHFCG
:57HCF9G
89
:=>57=\B
89
DF97=CG
8969B
G9F
H9B=8CG
9B
7I9BH5
5BH9G
89
9GH56@979F
9@
DF97=C
:=B5@
89
J9BH5
/C8C
@CG
7CGH9G
58=7=CB5@9G
H=9B9B
EI9
G9F
=BJ9GH=;58CG 8IF5BH9
@5
:5G9
89@
9GHI8=C
89
A9F758C

G=B
9A65F;C
BC
HC8CG
9@@CG
DI989
G9FUB
F9EI9F=8C
!BHF9
@CG
:57HCF9G
EI9
B979G=H5B
G9F
57@5F58CG
8IF5BH9
@5
:5G9
89
9GHI8=C
89
A9F758C
G9
=B7@IM9B

0B5
89
@5G
F9;I@57=CB9G
89 4*5:,839  H5BHC 9@
J5@CF 2!.#/
! /2$/ "*

9@ 2!.#/
2!.30/24)34! "
9@ /24%
0!'!$/
).#,5)$/
3%'52/ %+
C !34/3
$%
42!.30/24%
%" 

 RGH9
9G
9@
DF97=C
EI9
9@
DFCJ998CF
D5;5
DCF
9@
HF5BGDCFH9
89@
DFC8I7HC
<5GH5
9@
DI9FHC
89
9A65FEI9

 9B
J9N
89@
9GD97=:=758C
HF5BGDCFH9
A5FXH=AC

9@
HWFA=BC
"
@9
85
5@
J9B898CF
9@
8969F
D5F5

HF5BGDCFH5F
@CG
6=9B9G
5
HF5JWG
89@
HF5BGDCFH=GH5
G9@977=CB58C
DCF
9@
7CADF58CF
9B
9@
@I;5F
9@9;=8C
!GH9
=BJ5F=56@9A9BH9
@I;5F
G9FU
IB
89D\G=HC
=BH9F=CF
65G9
7CBH9B98CF5

89D\G=HC
89
75FF9H9F5

@5
H9FA=B5@
:9FFCJ=5F=5
C
9@
59FCDI9FHC
G=B
7CBH5F
@CG 9BJXCG  IB5
75F;5
A9BCF
EI9
IB
7CBH9B8CF
C
@5G
DF9A=G5G
89@
J9B898CF
7I5B8C
@CG
6=9B9G
GCB

+5F5
AUG
=B:CFA57=\B
89H5@@585
GC6F9 4*5:,839 DCF
:5JCF
8=F=;5G9 5@
8C7IA9BHC
c C7IA9BH57=\B
89

CA9F7=C %BH9FB57=CB5@
M (WHC8CG
89 +5;Cd



75F;58CG
9B
9@
J9<X7I@C 89
F97C;=85
89
A9F75B7X5G
89@
7CADF58CF  @5

75F;5
89
7CBH9B98CF
7CAD@9HC 

 EIX
G9
9B7I9BHF5
9@
DCFH9
D5;58C

=B7@I=8C
G9;IFC
DCF
9@
J9B898CF
<5GH5
9@
DIBHC
89G=;B58C
DCF
9@
7CADF58CF

HF5G
9GH9
DIBHC
9@
7CADF58CF
H=9B9
@5
F9GDCBG56=@=858
89
5G9;IF5F
@CG
6=9B9G

 H5G5
H9FF9GHF9  RGH9
9G 9@
DF97=C
8CB89
9@
DFCJ998CF
D5;5
DCF
HF5BGDCFH9

G9;IFC
M
75F;5
9B
9@
DI9FHC
89
9BHF585
89@
D5XG
F979DHCF
)CFA5@A9BH9
9GH9
HWFA=BC
G\@C
G9
IG5
7I5B8C
@CG
6=9B9G
GCB
9BJ=58CG
DCF
A5F
#(9(
+,
03658:(*0N4 C #(80-(
+,2 )0,4
03658:(+5 89@
D5XG
=ADCFH58CF 969
G9F
579DH58C
DCF
5A6CG

H5BHC
9@
7CADF58CF
7CAC
9@
GID@=8CF
EI=9B9G
D5;5FUB
@5
H5G5
89
=ADCFH57=\B
'CG
8=:9F9BH9G
H=DCG
89
H5G5G
89@
5FHX7I@C
=ADCFH58C
GCB

",.O4
,2
<(258
0B
DCF79BH5>9
89H9FA=B58C
89@
J5@CF
89@
6=9B
EI9
9GHU
G=9B8C
=ADCFH58C

96,*J-0*5
0B5
75BH=858
89
8=B9FC
9GD97X:=75
EI9
BC
8=:=9F9
7CB
9@
DF97=C
89@
6=9B
!GH5G
H5F=:5G
GCB
JI@B9F56@9G
D5F5
@CG
75A6=CG
9B
9@
A9F758C
C
@5
=B:@57=\B
5
A9BCG
EI9
G9
57HI5@=79B
D9F=\8=75A9BH9

(
8,4:(
0B
G9H
89
H5G5G
8=G9Z585G
DF=ACF8=5@A9BH9
D5F5
57IAI@5F
8=B9FC
D5F5
9@
;C6=9FBC

85:,*:58
+F9H9B8=8C
D5F5
56I@H5F
5FH=:=7=5@A9BH9
@CG
DF97=CG
89
@5G
=ADCFH57=CB9G
M
DFCH9;9F
@5G
=B8IGHF=5G
B57=CB5@9G
89
7CAD9H9B7=5
9LHF5B>9F5

85/0)0:0<5
!G
H5B
5@HC
EI9
75G=
B58=9
=ADCFH5
B=B;IBC
5FHX7I@C 89
9GH9
!@
7CGH9
89@ 9A65@5>9 D5F5
@5
9LDCFH57=\B
*HFCG
75F;CG
89
58I5B5G
/F5BGDCFH9 DCF
75FF9H9F5 :9FFCJ=5F=C
9L
:U6F=75
5@
AI9@@9 59FCDI9FHC
!@ 7CGH9
89@ 89GD57<C
89
58I5B5G
CGH9G
89
@5
8C7IA9BH57=\B
-!
-98
!IFCD95
89
CAD9H9B7=5 CGH9G
89
@CG
5;9BH9G
89 9LD98=7=\B
!@
A5F;9B
89
@CG
=ADCFH58CF9G 8=GHF=6I=8CF9G
!@
A5F;9B
89
@CG
8=GHF=6I=8CF9G
G97IB85F=CG
!@ 7CGH9
89@
G9;IFC
!@
.9;IFC A5FXH=AC 5WF9C
9B9;57=\B
89
DFC8I7HCG
5@=A9BH=7=CG
'CG
HWFA=BCG
89
7FW8=HC 57CF858CG 7CB 9@ =ADCFH58CF
'5G
H5G5G
89
75A6=C 89
ACB985G 9LHF5B>9F5G
%ADF9G=\B
89
@5
8C7IA9BH57=\B
9B
9@
=8=CA5
B57=CB5@

 )&$&!9%
'5
B979G=858
D5F5
DFCACJ9F
IB
DFC8I7HC
C
G9FJ=7=C
9G
5]B
AUG
J=H5@
9B
IB
A9F758C
9LHF5B>9FC
EI9
9B
9@
DFCD=C
D5XG
89
@5
DMA9
IBEI9
@5
A5F75
89
@5
DMA9
DI989
G9F
6=9B
7CBC7=85
9B
GI
D5XG
DC8FX5
BC
G9F
7CBC7=85
9B
56GC@IHC
9B
CHFC
D5XG
$5M
AI7<5G



<9FF5A=9BH5G
DFCAC7=CB5@9G
8=GDCB=6@9G
D5F5
IB
DFC8I7HC
C
G9FJ=7=C
D5F5
5IA9BH5F
GI
H5G5
89
A9F758C

@5
A5MCF
D5FH9
89
9@@CG
9EI=J5@9B
5
@CG
IG58CG
DCF
@5
DMA9
9B
GI
D5XG
)C
<5M
F9;@5G
;9B9F5@9G
F9:9F9BH9G
5@
B=J9@
89
GCDCFH9
DFCAC7=CB5@
9LHF5B>9FC
IG58C
9B
A9F758CG
=BH9FB57=CB5@9G
969FX5
G9F
H9B=8C
9B
7I9BH5
EI9
G=
IB5
HW7B=75
DFCAC7=CB5@
:I9
9L=HCG5
9B
IB
D5XG
BC
EI=9F9
897=F
EI9
H9B8FU
WL=HC
9B
7I5@EI=9F
CHFC
A9F758C !G
=ADCFH5BH9
DCF
7CBG=;I=9BH9
5@
F95@=N5F
@5
=BJ9GH=;57=\B
9B
IB
D5XG
D5FH=7I@5F
5J9F=;I5F 7IU@
9G
@5
:CFA5
89
DFCAC7=\B
AUG
579DH585
;9B9F5@A9BH9
 / !!!9%
0BC
89
@CG
9@9A9BHCG
AUG
=ADCFH5BH9G
89
@5
A9N7@5
89
A5F?9H=B;
89
IB5
7CAD5ZX5
EI9
9G
G97IB85F=C
G\@C
5@
D9FGCB5@
89
J9BH5
DI6@=7=H5F=5
M
G\@C
7=H58C
5BH9F=CFA9BH9

9G
5G=GH=F
5
IB5
9L<=6=7=\B
C
:9F=5
89
AI9GHF5G
'5
=BJ9GH=;57=\B
<5
89ACGHF58C
EI9
@5G
7CAD5ZX5G
=BH9FB57=CB5@9G
DI989B
;9B9F5F
<5GH5
9@


89
GIG
J9BH5G
5BI5@9G
9B
:9F=5G
89 AI9GHF5G
'5G
9L<=6=7=CB9G
C
@5G
:9F=5G
89
AI9GHF5G

7CAC
5BIB7=5FG9

7CFF9C
DI6@=7=H5F=C

F9@57=CB9G
D]6@=75G M
J9BH5
8=F97H5

GCB
D5FH9
89
7I5@EI=9F 9GHF5H9;=5 89
J9BH5G
89
IB5
CF;5B=N57=\B
M
7I5@EI=9F5
<9FF5A=9BH5
A9F758CHW7B=75
969FX5B
G9F
IH=@=N585G
7CAC
D5FH9
89
IB5
9GHF5H9;=5
;@C65@
89
A9F7589C

BC
7CAC
IB
57CBH97=A=9BHC
9GDCFU8=7C
.=
IGH98
7CBG=89F5 @5
9LDCFH57=\B
5 IB
D5XG
BI9JC A9F979
@5
D9B5
5J9F=;I5F EI9 9L<=6=7=CB9G
C :9F=5G
89
AI9GHF5G G9
F95@=N5B 9B
9G9
D5XG
1=G=H5F
@5
9L<=6=7=\B
7C58MIJ5FU
BC
G\@C 5 89:=B=F
IB5
9GHF5H9;=5
89@
DFC8I7HC
D5F5
9G9
D5XG
G=BC
EI9
H5A6=WB
9B
9B7CBHF5F
5
IB
5;9BH9
C
GC7=C
@C75@
M
7CBC79F
5
@CG
8=GHF=6I=8CF9G
DCH9B7=5@9G
BH9G
89 9L<=6=FG9
F95@A9BH9 9B
IB5
:9F=5
89
AI9GHF5G

8969
<579FG9 IB
7I=858CGC
5BU@=G=G
;@C65@
89
;5GHCG
M
69B9:=7=CG D5F5
@5
7CAD5ZX5
$5M
5@;IBCG
G=H=CG
296 EI9
:57=@=H5B
=B:CFA57=\B 579F75
89 @5G 9L<=6=7=CB9G
M
@5G
:9F=5G
89
AI9GHF5G
5@F9898CF 89@
AIB8C
'C
AUG
;F5B89
9G
=N
/F589G<CKG
!GH9
G=H=C
@=GH5
HC8CG
@CG
H=DCG
89 :9F=5G 89@
7CA9F7=C
9B
HC8C
9@
AIB8C $HHD KKK6=NHF589G<CKG7CA
*HFC
7CAD@9HC
G=H=C
296 89 :9F=5G 89@ 7CA9F7=C 7CFF9
5
75F;C
89 @5
-98
89
)CH=7=5G
89
"9F=5G 89@ CA9F7=C
/.))

M 9G
F9DIH58C
7CAC
9@
A9>CF
F97IFGC
CB@=B9
AIB8=5@
GC6F9
:9F=5G
89
AI9GHF5G $HHD KKKHGGB7CA
!+!&
.!%
.
0B5
D5FH9
89
GIA5
=ADCFH5B7=5
89
DFCAC7=\B
89
9LDCFH57=\B
9G
9@
G=H=C
296
89
@5
7CAD5ZX5
I5B8C
@CG
DFC656@9G
7@=9BH9G

9GD97=5@A9BH9
@5G
;9B7=5G
89@
!@
#C6=9FBC

7CBG=89F5B
7CADF5F
DFC8I7HC
M
G9FJ=7=CG
G=9ADF9
9L5A=B5FUB
89
79F75
9@
G=H=C
296
89
IB5
7CAD5ZX5
'9G
D9FA=H=FU
5
HC8CG
9@@CG
5J9F=;I5F
AUG
579F75
89
@5
7CAD5ZX5

GIG
DFC8I7HCG
M

!2+%4).'
.4%,,)'%.#%

0,!..).'

$9F6=;
+
*b$5F5

+5@IA6C
"



G9FJ=7=CG

@5
@5F;5
7I5B8C
@CG
7@=9BH9G
7CA=9BN5B
5
7CADF5F
5
IB5
7CAD5ZX5
9@
G=H=C
296

9GH9
DI989
G9F
IH=@=N58C
7CAC
DCFH5@
89
D98=8CG
0B5
89
@5G
;F5B89G
7CG5G
579F75
89
=BH9FB9H
9G
EI9
<5
B=J9@58C
9@
75ADC
89
>I9;C
9B
@C
EI9
G9
F9:=9F9
5
7CAD9H=F
7CB
@5G
9ADF9G5G
89
;F5B
9BJ9F;58IF5
!G
=ADCFH5BH9
EI9
9@
G=H=C
296
9GHW
6=9B
8=G9Z58C
M
75IG9
IB5
6I9B5
=ADF9G=\B
0B5
7CAD5ZX5
AIM
D9EI9Z5
DI989
DFCM97H5F
@5
=A5;9B
M 9@
DFC:9G=CB5@=GAC
89
IB5
7CAD5ZX5
AIM
A5MCF
5
HF5JWG
89
GI
G=H=C
296
'C
=BJ9FGC
9G
H5A6=WB 7=9FHC
@;IBCG
G=H=CG
296 89
;F5B89G 7CAD5ZX5G 9GHUB H5B
A5@
8=G9Z58CG
M GCB 8=:X7=@9G D5F5
B5J9;5F
EI9
@9G
:5@H5FCB 7CAD@9H5A9BH9 DFC:9G=CB5@=GAC
M
7F98=6=@=858 I9BC D5F5
@CG
8I9ZCG 89
D9EI9ZCG B9;C7=CG
AIM A5@C
D5F5
9@@CG
#
!!&$
I5@EI=9F
A5H9F=5@
DFCAC7=CB5@
EI9
J5M5
5
G9F
IG58C
8969FX5
9GH5F
9B
9@
@9B;I5>9
@C75@
!GHC
BC
G\@C
D5F5
9@
A5H9F=5@
=ADF9GC
G=BC
H5A6=WB
D5F5
@CG
G=H=CG
296G
CAC
@CG
G=H=CG 296G
DI989B
G9F
J=G=H58CG
=BH9FB57=CB5@A9BH9
9G
=ADCFH5BH9

589AUG
89@
@9B;I5>9
@C75@

=B7@I=F
5@
A9BCG
CHFCG
8CG
@9B;I5>9G

%B;@WG
M
EI=NUG
@9AUB

!GD5ZC@

C
"F5B7WG

 
"F

E"
!G
=ADCFH5BH9
D5F5
IB5
DMA9
EI9
>5AUG
<5
9LDCFH58C
5BH9G
G9@977=CB5F
IB
D5XG
C
D5XG9G
EI9
G95B
:U7=@9G

69B9:=7=CGCG
M
89
65>C
F=9G;C
7CAC
G95
DCG=6@9
'5
8=F977=\B
DF=B7=D5@
D5F5
F9J=G5F
=B:CFA57=\B
9GH58XGH=75
579F75
89
IB
D5XG
9G
9@ (4*5
;4+0(2 2KKKCF@865B?CF; 9B 7CIBHFM 5G=
HC8CG
@CG
D5XG9G
89G89 <&2)#!
%,
34%
$%
3)!
9 !#A&)#/3
52/0!
9
3)!
%.42!,
!4)./!-@2)#!
9
!2)"%
%,
-%$)/%34%
9
./24%
$%
<&2)#! 352 3)! G9
9B7I9BHF5B
9BIA9F58CG
9B
9GH9
9B@579
M G9
:57=@=H5B 89
HC85
=B:CFA57=\B
B979G5F=5
EI9
IB
9LDCFH58CF
DCH9B7=5@
B979G=H5 89
HC8CG
@CG
D5XG9G
$5M
G=B
9A65F;C
IB
;F5B
B]A9FC
89
K96G
;@C65@9G
D5F5
J=G=H5F
D5F5
F97C;9F J5F=5G
=B:CFA57=CB9G
89
=ADCFH57=\B M
9LDCFH57=\B

.CB

<HHD 2KKA57A5DCF; ` (5D5
89
5779GC
5@
A9F758C ` (5D5
89
5779GC
5@
A9F758C
HF5H5
GC6F9
@CG
5F5B79@9G
@CG
8969F9G
89@
5FHX7I@C
=ADCFH58C
M
CHF5G
A98=85G
5D@=7585G
9B

D5XG9G
=ADCFH58CF9G
D5F5
DFC8I7HCG
89

D5XG9G
M
H9FF=HCF=CG
(")
B57=\B
AUG :5JCF97=85
M
H5G5G
DF9:9F9B7=5@9G
5D@=7585G
5
@5
H5F=:5
89@
5FHX7I@C
=ADCFH58C
GCB
ACGHF58CG
D5F5
DFC8I7HCG
9B
IB
B=J9@
AUG
89H5@@58C
89
@5G
@XB95G
5F5B79@5F=5G
B57=CB5@9G
!@
C6>9H=JC
:=B5@
89 <HHD KKK=BHF579BCF; ` 9BHFC
%BH9FB57=CB5@
89
CA9F7=C ` 9@
]@H=AC
C6>9H=JC
89@
/
9G
=B7F9A9BH5F 9GDXF=HI
9ADF9G5F=5@
M
7CAD9H=H=J=858
9B
9@
B=J9@
89
@5
9ADF9G5
5
HF5JWG
89
DFC8I7HCG
M
G9FJ=7=CG F9GDCB8=9B8C
5 @5G
B979G=8589G
9GD97X:=75G D5F5 9LDCFH5F 89
@5G 9ADF9G5G % DFCJ99 9LD9F=9B7=5 9B
9@
5BU@=G=G
89
DFC8I7HC
M
A9F758C 89G5FFC@@58C 5GX
7CAC
H5A6=WB 9@
9GHI8=C 89
A9F758C



'5G
G=;I=9BH9G
H56@5G
5MI85FUB
5@
9LDCFH58CF
DCH9B7=5@
9B
@5
G9@977=\B
89@
A9>CF
D5XG
D5F5
9LDCFH5F
 !*+
+&&*
#&*
'5**

#&*
(,
* /'&)+)
0
#
)1&%*

'&)(,4
(J9,9

!(@54,9 658
2(9
*;(2,9 ;9:,+
25
/(
9,2,**054(+5
6(8(
,9:(8

,4
2(
209:(
+,
6590)2,9
6(J9,9

 
#
#!*+

*#!&%

'5**
(,
&)1%
#
'&+%!#
$2*
#+&

%%!
(J9

5:,4*0(2
+,
.(4(4*0(



 
#
#!*+

*#!&%

'5**
(,
'&*%
#*
&%!!&%*

$)&
$2*
-&)#*
')
*,
')&,+&
(J9

,8*(+59
-(<58()2,9

 
#*
#!*+*

0

*#!&% 
'5**
&)%%&*
'&)
)%&
%
&)%

')!&)!
#
$"&)
'5*
(,
*
",*+

*,
&$'75

,)&


,
2)%3'/
->3
"!*/

,
,5'!2
->3
&>#),
0!2!
#/-%2#)!2

,
#/34/
-A.)-/
!
$%3!22/,,!2

>3
&>#),
2%&%2%.4%
!
,/3
4@2-)./3
$%,
#/.42!4/
(J9

,158 (1;9:,

 /4! 3)%.$/
%, -%*/2 0!A3
0!2!
#/-%2#)!2

 !!#"

"#$

!
 9:;+05
6803(805
!B
7CB8I7=F
IB ,9:;+05
+,
3,8*(+5
6803(805 C 2(
04<,9:0.(*0N4
+,
*(365

IB5
7CAD5ZX5
F97C;9
85HCG
8=F97H5A9BH9
89@
A9F758C
9LHF5B>9FC
5
HF5JWG
89
@5G
9BHF9J=GH5G

9B7I9GH5G

@5
=B:CFA57=\B
F9HFC57H=J5
M
CHFCG
H5@9G
7CAC
9@
7CBH57HC
8=F97HC
7CB
7CADF58CF9G
DCH9B7=5@9G
!@
9GHI8=C
89
A9F758C
DF=A5F=C
H=9B9
@5
J9BH5>5
89
9GH5F <97<C
5
@5
A98=85
D5F5
@5G



B979G=8589G
89
@5
7CAD5ZX5
M
@9
DFCJ99
@5G
F9GDI9GH5G
5
@5G
DF9;IBH5G
9GD97X:=75G

D9FC
=B9J=H56@9A9BH9 G9
H5F85
H=9ADC M 9G AIM
75FC
'5
=BJ9GH=;57=\B
DF=A5F=5
HCA5
@5
:CFA5
89

'5G
9BHF9J=GH5G
=B
G=HI

H9@9:\B=75G
'5G 9B7I9GH5G
DCGH5@9G
C
5
HF5JWG
89@
7CFF9C
9@97HF\B=7C
'5G
7CADF5G
G=AI@585G
#FIDCG
89 8=G7IG=\B C
;FIDCG
:C75@9G
'5G
HW7B=75G
DFCM97H=J5G
'5
DFI965
89@
DFC8I7HC
'5
H97BC@C;X5  @5
=B:CFA57=\B
F9HFC57H=J5
89
%BH9FB9H

/.3)$%2!.$/
,!3
$/3
02)-%2!3
-%.#)/.!$!3 ,!3
#5!,%3
3/.
,!3
->3
#/-5.%3
%+)-!*+*
+#9%!*
'5G
9BHF9J=GH5G
H9@9:\B=75G
H=9B9B
9@
69B9:=7=C
89
9BHF9J=GH5F
FUD=85A9BH9
5
IB
;F5B
B]A9FC
89
D9FGCB5G
D9FC
<5B
@=A=H58C
5@75B79
DCFEI9
DI989
G9F
8=:X7=@
89
@C;F5F
7CAIB=75F
7CB79DHCG
AIM
7CAD@=758CG
5
HF5JWG
89@
H9@W:CBC
+IBHCG
5
F97CF85F
8IF5BH9
@5G
9BHF9J=GH5G
H9@9:\B=75G

9:=B5
@5 5I8=9B7=5
/9B;5
IB
7I9GH=CB5F=C
7@5F5A9BH9
DFC8I7=8C
M
DFC658C
$5;5
@@5A585G
9B
<CF5F=C
7CBJ9B=9BH9G

G=
BC
7CADFI969
7IUB8C
7CBJ9B8FX5
@@5A5F
89
BI9JC
DCF
H9@W:CBC
IWBH9@9
5@
9BHF9J=GH58C
9@
DFCD\G=HC
89
@5
@@5A585
M
@5
8IF57=\B
0G9
:5L9G
C
7CFF9C
9@97HF\B=7C
D5F5
9BJ=5F
=B:CFA57=\B
AUG
89H5@@585

*
%,*+
'&*+# &
'&)
&))&
#+)9%!&
0B
B]A9FC
89
CF;5B=N57=CB9G
89
9GHI8=C
89
A9F758C
7F95B
;F5B89G
65G9G
89 85HCG
7CB
@CG
BCA6F9G
89
@CG
7@=9BH9G
M
8=F977=CB9G
7CB
9@
DFCD\G=HC
89@
9GHI8=C
89
A9F758C
*6H9B9F
IB
@=GH58C
89
DCG=6@9G
7@=9BH9G
89
9GH5
:I9BH9
DI989
G9F
75FC
M
<5M
IB
7CGHC
DCF
@5
F95@=N57=\B
89
@5
9B7I9GH5
#9B9F5@A9BH9

9@
B]A9FC
89
F9GDI9GH5G
9GH5FU
DCF
8965>C
89@

 M
9B
@5
A5MCFX5
89
@CG
75GCG
G9FU
5DFCL=A585A9BH9
89@


+5F5
5IA9BH5F
@5
H5G5
89
F9GDI9GH5
89
IB5
9B7I9GH5
DCGH5@

*:F9N75
=B79BH=JCG
C
IB5
7CAD9H9B7=5
/F58]N75@5
9B
=8=CA5G
@C75@9G

.<99<5B

$CM


29=6@9

25@@579





$5;5
IB
7I9GH=CB5F=C
89
IGC
:U7=@
0B5
75FH5
=B:CFA5H=J5
GC6F9
9@
5GIBHC
89
@5 9B7I9GH5G
IA9BH9
9@
H5A5ZC
89
@5
AI9GHF5

0B5
9B7I9GH5
DCF
7CFF9C
9@97HF\B=7C
DC8FX5
G9F
IB5
GC@I7=\B
A9>CF
EI9
@5G
9B7I9GH5G
DCGH5@9G
.9
<5
9GH=A58C
EI9
9@
7CGHC
89
IB5
9B7I9GH5
DCF
7CFF9C
9@97HF\B=7C
9GH5
9BHF9
9@ 

M


89
IB 9B7I9GH5 DCGH5@ !GHC
GIDCB9
IB
5<CFFC
=BA98=5HC
9B
@CG
7CGHCG
DCGH5@9G
*HFC
69B9:=7=C
89
@5G
9B7I9GH5G
DCF
7CFF9C
9@97HF\B=7C

G9
<5
89ACGHF58C
EI9
@5G
H5G5G
89
F9GDI9GH5
GCB
65GH5BH9
GID9F=CF9G
9B
9B7I9GH5G
DCGH5@9G
9B
5@;IBCG
75GCG
H5B
5@HC
7CAC

BH9G
89
@@9J5F
5
756C
@5
9B7I9GH5
DCGH5@
C
DCF
7CFF9C
9@97HF\B=7C
9G
=ADCFH5BH9
EI9
F95@=79
IB5
DFI965
7CB
GC7=CG
C
5A=;CG
5
J9F
G=
DFCJ99
@5G
F9GDI9GH5G
EI9
IGH98
5B85
6IG75B8C
(9
+,*09054,9
+,
2(
04<,9:0.(*0N4
+,
*(365
\AC
DI989
J9FG9
9B
9@
DIBHC 5BH9F=CF
9G
=ADCFH5BH9
897=8=F
@CG
G=;I=9BH9G
DIBHCG 5BH9G
89
@@9J5F
5
756C
7I5@EI=9F
=BJ9GH=;57=\B
89
75ADC

!@
B]A9FC
89
9BHF9J=GH5G
F9EI9F=85G

EI=WB
B979G=H5
9BHF9J=GH5F
'5
G=HI57=\B
;9C;FU:=75
5 7I6F=F

!GHC

9B
>9F;5

G9 7CBC79
7CAC
9@ 3(8*5
+,
3;,9:8,5
.=
IGH98
@9
C:F979
IB
DFC8I7HC
AIM
9GD97=5@=N58C
5
IB
A9F758C
@=A=H58C

DCF
9>9AD@C
IB
DFC8I7HC
HW7B=7C
=B8IGHF=5@

IGH98
G\@C
B979G=H5FU
F95@=N5F
IB
D9EI9ZC
B]A9FC
89
9BHF9J=GH5G
D9FC
DI989
G9F
EI9
IGH98
B979G=H9
C6H9B9F
AUG
=B:CFA57=\B
89
:CB8C
!B
75A6=C

G=
IGH98
C:F979
IB
DFC8I7HC
EI9
DI8=9G9
G9F
IG58C
DCF
IB5
;F5B
J5F=9858
89
=B8=J=8ICG
IGH98
B979G=H5FU F95@=N5F IB A5MCF B]A9FC
89
9BHF9J=GH5G
D5F5
C6H9B9F @5
=B:CFA57=\B
5897I585
579F75
89 @CG
8=:9F9BH9G ;FIDCG
89
7@=9BH9G
.=
C:F979
IB
DFC8I7HC
B9;C7=C
5
B9;C7=C

DI989 DCF 9>9AD@C
89G95F
89G;@CG5F
GIG
7@=9BH9G
9B
;FIDCG
DCF

!@
/=DC
89
B9;C7=C
!@
/5A5ZC
'5
"57HIF57=\B

@H9FB5H=J5A9BH9
G=
C:F979
IB
DFC8I7HC
D5F5
7CBGIA=8CF9G
GIG
7@=9BH9G
DI989B
8=J=8=FG9
9B
;FIDCG
DCF


.<99<5B

$CM


29=6@9

25@@579





'5
9858
!@
;WB9FC
/=DC
89
=B;F9GCG @5G9
GC7=5@
*7ID57=\B
!@
9GH=@C
89
J=85


9:;+05
9,*;4+(805
2
,9:;+05
+,
3,8*(+5
9,*;4+(805 C 2(
04<,9:0.(*0N4
+,2
,9*80:5805
G9
65G5
9B
9@
5BU@=G=G
89
@CG
85HCG
9GH58XGH=7CG
H5@9G
7CAC
@5G
9GH58XGH=75G
89
7CA9F7=C
+5F5
G9F
9:97H=JC

@CG 85HCG
8969FX5B
G9F
:=898=;BCG
M
8969FX5B
7I6F=F
IB
D9FXC8C
<=GH\F=7C
G=;B=:=75H=JC
IBEI9
7I9GH5
7CBG=89F56@9A9BH9
A9BCG
EI9
@5
=BJ9GH=;57=\B
DF=A5F=5

8969FX5
85FG9
7I9BH5
89
GIG
@=A=H57=CB9G
+CF
9>9AD@C

@5G
9GH58XGH=75G
AUG
F97=9BH9G
D5F5
5@;IBCG
D5XG9G
DI989B
H9B9F
AUG
89
8CG
5ZCG
89
5BH=;^9858
89AUG

@CG
85HCG
DI989B
G9F
89A5G=58C
@5F;CG
D5F5
H9B9F
89A5G=58C
J5@CF
D5F5
IB5
7CAD5ZX5
'5G
9GH58XGH=75G
H5A6=WB
DI989B
8=GHCFG=CB5FG9
DCF
@5G
HW7B=75G
EI9
7CB;F9;5B
85HCG
=B7CAD@9HCG
"=B5@A9BH9

@5G
9GH58XGH=75G
D5F5
@CG
G9FJ=7=CG
9GHUB
5
A9BI8C
BC
9GHUG
8=GDCB=6@9G
%B7@IGC

5IB
7CB
9GH5G
@=A=H57=CB9G

@5
=BJ9GH=;57=\B
G97IB85F=5
9G
F9@5H=J5A9BH9
IB
DF=A9F
D5GC
:U7=@
M
J5@=CGC
D5F5
IB5
7CAD5ZX5
D5F5
89G5FFC@@5F@5
+I989
G9F
9@
]B=7C
D5GC
B979G=H58C
DCF
@5
7CAD5ZX5
G=
897=89
9LDCFH5F
=B8=F97H5A9BH9
5
HF5JWG
89
IB
5;9BH9
7CA9F7=5@

=B7@IGC
WGH9
]@H=AC
DI989
H9B9F
75D57=8589G
5J5BN585G
89
6]GEI985
C
=BJ9GH=;57=\B
0B5
6I9B5
75BH=858
89
@5
=B:CFA57=\B
DI989
G9F
C6H9B=85
;F5HI=H5A9BH9
5IBEI9 D5F5
IBCG
=B:CFA9G AUG 89H5@@58CG DI989
H9B9F
EI9
D5;5F
5
IB5
7CAD5ZX5
DCF
IB
9GHI8=C
89
A9F758C
%BH9FB9H
9G <CM
9B
8X5 IB5
:I9BH9
DF=B7=D5@
89
=B:CFA57=\B
89
9GHI8=C
89
A9F758C
M
8969FX5
G9F
GI
DIBHC
89
F9:9F9B7=5
=B=7=5@

'5
=B:CFA57=\B
HXD=75
EI9
DI989
G9F
9B7CBHF585
A=9BHF5G
G9
F95@=N5
IB5
=BJ9GH=;57=\B
89 9G7F=HCF=C
9G
%&)$!9%

$)&

/5A5ZC
!GHFI7HIF5
/9B89B7=5G ` 5A65G
H9B89B7=5G

D5G585G
M
:IHIF5G
'C75@=N57=CB9G


!%&)$!9%
*&)
#&*
#!%+*

/=DCG
89
7@=9BH9G

9> B9;C7=CG =B8=J=8ICG
9858

G9LC
9GH=@C
89
J=85
G5@5F=C

C7ID57=\B
+5HFCB9G
89
7CADF5
+F9:9F9B7=5G


!%&)$!9%

#
&$'+%!



,I=9B9G
GCB
@5G
A5MCF9G
7CAD9H9B7=5G
I5BH5G
<5M
B57=CB5@
9
=BH9FB57=CB5@A9BH9
IU@
9G
GI
;5B5B7=5 :57HIF57=\B
IU@9G
GCB
@CG
G9FJ=7=CG
C
DFC8I7HCG
EI9
DFC8I79

(9
-;,4:,9
6(8(
2(
04<,9:0.(*0N4
9,*;4+(80(
,4
4:,84,:
6;,+,4
9,8

'5G
5;FID57=CB9G
7CA9F7=5@9G
'5G
F9J=GH5G
89
DF9BG5
B57=CB5@9G
M
@C75@9G
GC6F9
@5
%B8IGHF=5
'CG
;C6=9FBCG
=BH9FB57=CB5@9G B57=CB5@9G
'CG
G=H=CG
296G
'CG
7CBH57HCG
=B:CFA5@9G
!@
8=F97HCF=C
89
7CA9F7=CG
'5G
7I9BH5G
DI6@=7585G
89
@5
7CAD5ZX5
'5G
6=6@=CH975G
7CA9F7=5@9G
'5G
CF;5B=N57=CB9G
9
=BGH=HIHCG
DFC:9G=CB5@9G
'5G
9B7I9GH5G
\AB=6IG
!@
9GHI8=C
89
A9F758C
DF9J=5A9BH9
F97C;=8C
'CG
85HCG
89
79BGC
'CG
F9;=GHFCG
D]6@=7CG



"!

#D!"
#!"

( (:80> +,
495--

(8*(
+,
*(20+(+
QR

 P 2
B8,(
*54N30*(
;856,(

# P 95*0(*0N4
;856,(
+,
0)8,
53,8*05

4*5:,839

80,4:(+5
(2
3,8*(+5


0B5
A5HF=N
89@
DFC8I7HC A9F758C
EI9
9GHI8=5B8C
:CFA5G
D5F5
7F979F
JX5
@CG
DFC8I7HCG
9L=GH9BH9G
M
BI9JCG

M
9B
@CG
A9F758CG
9L=GH9BH9G
M
BI9JCG

DFCJ9M9B8C
7I5HFC
DCG=6@9G
7CA6=B57=CB9G
89
A9F758C DFC8I7HC GI;=F=9B8C
7I5HFC
9GHF5H9;=5G
89
7F97=A=9BHC
+9B9HF57=\B 7CA9F7=5@
9G5FFC@@C
89
(9F758C

9G5FFC@@C 89@
+FC8I7HC

=J9FG=:=757=\B
0B5
A5F75
C6@=;5HCF=5
89
7CB:CFA=858
D5F5
DFC8I7HCG
57CAC858CG
9B
9@
A9F758C
89BHFC
89@
PF95 !7CB\A=75
!IFCD95
!! 
CB
@5
A5F75
!
9B
IB
DFC8I7HC

9@
:56F=75BH9
897@5F5
EI9
9@
DFC8I7HC
G9
5>IGH5
5
@CG
F9EI=G=HCG
9G9B7=5@9G
89
@5G
8=F97H=J5G
5D@=756@9G
!
!!
7CADF9B89
@CG
D5XG9G
89
@5
0B=\B
!IFCD95
0!
9
%G@5B8=5

'=97<H9BGH9=B
M
)CFI9;5
"I9
9GH56@97=85
9B

89GDIWG
89

IB
57I9F8C
9BHF9
@CG
9GH58CG
A=9A6FCG
89
@5
GC7=57=\B
!IFCD95
89
'=6F9
CA9F7=C
!"/
M
@5
CAIB=858
!IFCD95

M
EI9
D9FA=H9
5
%G@5B8=5

'=97<H9BGH9=B
M
)CFI9;5
D5FH=7=D5F
9B
9@
@=6F9
7CA9F7=C
89
@5
0!
G=B
G9F
A=9A6FCG
89
@5
0!
/=9B9B
@5
C6@=;57=\B
89
58CDH5F
HC85
@9;=G@57=\B
0!
F9@57=CB585
7CB
9@
A9F758C
GC@C

9L79DH]9
@9M9G
89
5;F=7I@HIF5
M
89
D9G75
0B
A=9A6FC
89
@5
!"/

.I=N5

BC
G9
<5
IB=8C
5
@5
!!

D9FC
H=9B9
IB
57I9F8C
G=A=@5F
7CB
@5
0!
0B5
CF;5B=N57=\B
@=6F9
89
7CA9F7=C
9BHF9
7I5HFC
D5XG9G
9IFCD9CG
EI9 CD9F5
D5F5@9@5A9BH9
D5F5

M
9GHU 5GC7=585
5 @5
0B=\B
!IFCD95
0! 
'5
!"/
:I9
9GH56@97=85
9B

7CAC
IB
7CA9F7=C
5@H9FB5H=JC
9B 6@CEI9G
D5F5
9GH58CG
9IFCD9CG
EI=9B9G
G95B
H5BHC
=B75D579G C
=BJC@IBH5F=CG D5F5
IB=FG9 5
@5
9BHCB79G CAIB=858 !7CB\A=75
!IFCD95 !! 
'CG
A=9A6FCG
!"/
89@
<CM
GCB
'=97<H9BGH9=B

%G@5B8=5

)CFI9;5

M
.I=N5
'CG
%B7CH9FAG F=;9B
C
@CG
HWFA=BCG
CA9F7=5@9G
%BH9FB57=CB5@9G
GCB
IB5
G9F=9
89
HWFA=BCG
7CA9F7=5@9G
DF989:=B=8CG
DI6@=758CG
DCF
@5
UA5F5
%BH9FB57=CB5@
89
CA9F7=C
%
5AD@=5A9BH9
IG58CG
9B
HF5BG577=CB9G
7CA9F7=5@9G
=BH9FB57=CB5@9G
0B5
G9F=9
89
HWFA=BCG
89
7CA9F7=C 89
HF9G
@9HF5G
;I5F85B
F9@57=\B
7CB
DFU7H=75G
7CAIB9G
89
J9BH5G

@5G
F9;@5G
%B7CH9FAG
GCB
DF9H9B8=85G
DF=ACF8=5@A9BH9
D5F5
7CAIB=75F
7@5F5A9BH9
@5G
H5F95G

@CG
7CGHCG
M
@CG
F=9G;CG
5GC7=58CG
7CB
9@
HF5BGDCFH9
M
@5
9BHF9;5
89
6=9B9G
!2!
->3
).&/2-!#)E. !#%2#!
$%
,/3
.#/4%2-3
2%&)@2!3%
!,
-E$5,/
H,!
/#5-%.4!#)E.
).4%2.!#)/.!,
$%
/-%2#)/
9
,/3
@4/$/3
$%
!'/I
!B
IB5
9GHF5H9;=5 A9F758CHW7B=75
;I=585
5@ A9F758C
IB5
7CAD5ZX5
HF5H5
89
89H9FA=B5F
EIW
DFC8I7HCG
DC8FX5
EI9F9F IB



80,4:(+5
(2
685+;*:5

4G20909


7CBGIA=8CF

M
@I9;C ;IX5 5
@5
7CAD5ZX5
5
89G5FFC@@5F
9GCG
DFC8I7HCG G9
DF9;IBH5

 O,IW
EI=9F9B
@CG
7CBGIA=8CF9G
O\AC
DC89ACG
G5H=G:579F
9GH5 B979G=858 4
7CB:X5
9L79G=J5A9BH9
9B
9@
9GHI8=C
89
A9F758C
0B
9GHF5H9;=5
A9F758CHW7B=75 ;I=585
5@
DFC8I7HC
9B
DF=A9F
@I;5F
=AD@=75
9@
89G5FFC@@5B8C
IB
DFC8I7HC
M
@I9;C
@5
=89BH=:=757=\B
89
@CG
A9F758CG
C
@5G
5D@=757=CB9G
D5F5
9G9
DFC8I7HC
0B
AWHC8C
9GHF5HW;=7C
89
D@5B=:=757=\B
EI9
=AD@=75
89H9FA=B5F
9@
C6>9H=JC
89
@5
9ADF9G5 7CA9F7=5@
9
=89BH=:=75F
@5G
7=F7IBGH5B7=5G
=BH9FB5G
M
9LH9FB5G
EI9
GCB
:5JCF56@9G
M
89G:5JCF56@9G
D5F5
@C;F5F
9G9
C6>9H=JC

9J5@I5B8C
"CFH5@9N5G
@5G
75F57H9FXGH=75G
89@
B9;C7=C
EI9
@9
85B
IB5
J9BH5>5
GC6F9
CHFCG

96=@=8589G '=A=H57=CB9G
@5G
75F57H9FXGH=75G
EI9
7C@C75B
5@
9EI=DC
9B
89GJ9BH5>5
F9@5H=JC
5
CHFCG

*DCFHIB=8589G
/0/245.)$!$%3
%84%2.!3 D5F5
A9>CF5F
9@

89G5FFC@@C

DCF
9>9AD@C
A9>CF5F
@CG
69B9:=7=CG

9B
9@
5A6=9BH9

M
A9B5N5G
 @CG
9@9A9BHCG %84%2./3 9B
9@
5A6=9BH9
EI9
DC8FX5B
DFCJC75F
DFC6@9A5G
D5F5
9@
B9;C7=C
C
DFCM97HC
=AD@=7585G

#!"

'
'
"

$4(
=,)
O:02
6(8(
259
3,158,9 (8:J*;259 ?
8,*;8959
+,
,9:;+059
+,
3,8*(+5

<HHD KKK=B77CA ;I=89G A5F?9H=B; <HA@
53,8*0(20@(*0N4
+,
,>658:(*054,9 
6(959
6(8(
;4(
*53;40*(*0N4
-(<58()2,
<HHD J=A9C7CA 
;5@
05%$%
(!#%2
0!2!
02/-/6%2
353
02/$5#4/3
9
3%26)#)/3
%.
,/3
.5%6/3
-%2#!$/3
9
!5-%.4!2
,!3
6%.4!3 $%
%80/24!#)/.%3
!
,!
6%:
15%
-!.4)%.%
,/3
02%3505%34/3
!,
-)3-/
.)6%,
15%
3)%-02% .
%34%
7%").!2
02%3%.4!$/
0!2!
,!
/#)%$!$
$%
!"2)#!.4%3
5A-)#/3
9
&),)!$/3
/5)3%
%)$ 35-).)342!
).&/2-!#)E.
%&)#)%.4%
9 !3%15)",%
!,
02%3505%34/
$%
#/-5.)#!#)E. $% ,!3 #/-0!CA!3 15% 9! 3%
#/-%2#)!,):!.
).4%2.!#)/.!,-%.4% 9 !15%,,/3 15%
,/
#/.3)$%2!. 0/2
02)-%2!
6%:




&"*

2#,#&
#
*+,!&

$)&

/'&)+!&%*
&$)

#
&$'75 fffffffffffffffffffff

9:;+05
-(*:0)2, ,2
,9:;+05
+, 3,8*(+5

!@
9GHI8=C
89
A9F758C
9G
9@
B]7@9C
89
7I5@EI=9F
7CAD5ZX5
M
D@5B
7CA9F7=5@
!G
=ADCFH5BH9
EI9
.95
7CBG7=9BH9
89
@CG
89G5FFC@@CG
57HI5@9G
9B
GI
A9F758C
D5FH=7I@5F

9G7I6F5
@5
7@5G9
89
=B8=J=8IC
C
7CAD5ZX5
5
@5
EI9
IGH98
H=9B9
EI9
J9B89F
!BHWF9G9 G=
<5M
IB5
B979G=858
D5F5
GI
DFC8I7HC
C
G9FJ=7=C

EIW
H5A5ZC
H=9B9
9@
A9F758C
M
EI9
A98=CG
89
J9BH5G
DF9:=9F9B
@5G
D9FGCB5G
!GH9
7CAD@9H5A9BH9
DF9D5F58C
5BH9G
89
89G9A6C@G5F
9@
8=B9FC
D5F5
9GH56@979F
9@
B9;C7=C
9@
GIMC
DFCD=C
C
9@
75D=H5@
89
5@;I=9B
AUG
+I985
89ACGHF5F
D5HFC7=B58CF9G
:=B5B7=9FC
EI9
IGH98
<5
=B85;58C
7CAD@9H5A9BH9
9B
9@
A9F758C
CADF9B89
7CAD@9H5A9BH9
GI
B9;C7=C
0G5FUB
@CG
F9GI@H58CG
89
9GH9
9GHI8=C
9B
GI
D@5B
7CA9F7=5@
'C
8=7<C
7CB
5BH9F=CF=858
9G
=B7@IGC
AUG
=ADCFH5BH9
EI9
9@
DFC79GC
89
9LDCFH57=\B

M5
EI9
G=
BC 9GHU DF9D5F58C
7CAD@9H5A9BH9
DI989
7CGH5F@9
;F5B89G
GIA5G
89
8=B9FC
M
5D9B5G
DFC8I7=F WL=HC

#!*+

&$')&!9%
#
*+,!&

$)&
 O$5 897=8=8C
5 EI9
D5XG9G
89G95
9LDCFH5F

.=

)C

 OCADF9B89
IGH98
7\AC
9GHU
9GHFI7HIF58C
9@
A9F758C
9B
@CG
D5XG9G
5
.=
@CG
EI9
H=9B9
=BH9B7=\B
89
9LDCFH5F

)C

 O.569
IGH98
9@
H5A5ZC
89@
A9F758C
9B
7585
IBC
89
@CG
D5XG9G

.=

)C

 O.569
IGH98
G=
9@
A9F758C
9GHU 5IA9BH5B8C
C
897F97=9B8C
9B
7585
.=
IBC
89
@CG
D5XG9G

)C

 O$5
=B85;58C
IGH98
GC6F9
9@
:IHIFC
DCH9B7=5@
89@
A9F758C
9B
7585
.=
IBC
89
@CG
D5XG9G

)C

 O$5
7CB7F9H58C
5
EI9
7ICH5
89
A9F758C
5GD=F5
8IF5BH9
9@
DF=A9F
5ZC
.=
9B
7585
IBC
89
@CG
D5XG9G

)C

 O.569
IGH98
EI=WB
GCB
GIG
7CAD9H=8CF9G
M
8CB89
9GHUB
I6=758CG
9B

.=
7585
IBC
89
@CG
D5XG9G

)C



 O.569
IGH98
7I5BHC
:57HIF5B
GIG
7CAD9H=8CF9G

.=

)C

 O$5
5B5@=N58C
@CG
DFC8I7HCG
M
G9FJ=7=CG
89
GI
7CAD9H9B7=5

.=

)C


OCADF9B89
IGH98
7IU@9G GCB
@5G
57H=HI89G
89
7CADF5
89
GIG
7@=9BH9G
89
GIG
DFC8I7HCG
C
G9FJ=7=CG
+C8FX5
<569F
D9F79D7=CB9G .=
8=:9F9BH9G
9B
7585
D5XG
 O$5
=B85;58C
IGH98
GC6F9
EIW
@9;=G@57=\B
89@
#C6=9FBC
DC8FX5
.=
5:97H5F
5
GI
B9;C7=C
9B
7585
IBC
89
@CG
D5XG9G
 O.569
IGH98
5@;IBCG
:57HCF9G
97CB\A=7CG
EI9
DI989B
5:97H5F
5
GI
.=
B9;C7=C
9B
7585
IBC
89
@CG
D5XG9G

)C
)C
)C

+5F5
5MI85F@9
7CB
@5G
5BH9F=CFA9BH9
DF9;IBH5G
7=H585G
@CG
G=;I=9BH9G
:CFAI@5F=CG
@9
5MI85FUB
&*
#!%+* : 
&$'75
 969FU
F9@@9B5F
IB :CFAI@5F=C
D5F5
7585
7CAD5ZX5
EI9
=BJ9GH=;5

+5XG
)CA6F9
89
@5
7CAD5ZX5

=F977=\B 89
@5
7CAD5ZX5

)]A9FC
89 H9@W:CBC
)IA9FC
89
"5L
OIU@ 9G
9@
UF95
89
GI
DFC8I7HC
/5A5ZC
89
@5
9ADF9G5
)CA6F9
89@
7CADF58CF



=F977=\B
89
7CFF9C
9@97HF\B=7C
OI5BHCG
F95@=N5B
@5
7CADF5
OIUB8C G9
F95@=N5
@5
7CADF5
OCADF5F
@C75@A9BH9
C
F95@=N5
=ADCFH57=CB9G
15@CF
89
J9BH5
5BI5@
O!@
DF97=C
A98=C
89
7CADF5
A ;I
*59(
,9
2(
3G9
03658:(4:,
7;,
);9*(4
*;(4+5
*5368(4
e +F97=C
e 5@=858
e .9FJ=7=C
89
DCGH
J9BH5
e /=9ADC
AXB=AC
89
9BJXC
e
-9DIH57=\B
e #5F5BHX5
e -9@57=CB9G
D9FGCB5@9G
+FCJ998CF9G 57HI5@9G
GI
7CAD9H9B7=5
*HF5
=B:CFA57=\B



&*
#!%+* : %!-!,&*
')!-&*
0GH98
8969FX5
F9@@9B5F
9@
G=;I=9BH9
:CFAI@5F=C
D5F5
7585
DFC8I7HC
C
G9FJ=7=C
EI9
IGH98
J5
D5F5
C:F979F
M
D5F5
7585
D5XG
EI9
89G95
9LDCFH5F

(J9
53)8,
OIU@9G
9G
GI
;FIDC
89
9858
OIU@9G GCB
GIG
=B;F9GCG
O \B89
J=J9B
)]A9FC
HCH5@ 89
DCG=6@9G
7CADF58CF9G
A ;I
*59(
,9
2(
3G9
03658:(4:,
7;,
);9*(4
*;(4+5
*5368(4
e
+F97=C
e
5@=858
e
.9FJ=7=C
89
DCGH
J9BH5
e
/=9ADC
AXB=AC
89
9BJXC
e
-9DIH57=\B
e #5F5BHX5
OCB
EIW
:F97I9B7=5
7CADF5B
O,IW
DF97=CG
D5;5B
O 9
EIW
A98=C
7CADF5B



;1,8

A;G2 ,9
,2 3,158 3,+05

+,
68535*0N4
CFF9C
DCGH5@
BIB7=CG  D9F=\8=7CG
BIB7=CG  F9J=GH5G
C75
5
6C75
-58=C
/1
+CGH9FG
-9@57=CB9G
D]6@=75G
!L<=6=7=CB9G
+IBHCG
89
J9BH5G
*HFCG
A;G2
,9
,2 3,158
3I:5+5
6(8(
<,4+,82,9
5F5
5
75F5
/9@9:\B=75A9BH9
CFF9C
DCGH5@
%BH9FB9H
;9BH9G
+FC6@9A5G
7I@HIF5@9G




&$'+%!
969FU
F9@@9B5F
9@
G=;I=9BH9
:CFAI@5F=C
D5F5
7585
IBC
89
GIG
7CAD9H=8CF9G
)CA6F9
@5
7CAD5ZX5
C 9ADF9G5
=F977=\B 89
@5
7CAD5ZX5

+5XG
)]A9FC
89
H9@W:CBC
)]A9FC
89
"5L
296G=H9
OIU@
9G
@5 @XB95 89
GI
DFC8I7HC
OIU@9G
GCB
GIG
:CFH5@9N5G
OIU@9G
GCB
GIG
896=@=8589G
O,IW
CDCFHIB=8589G
H=9B9
DCF
9B7=A5
89
W@
O,IW
5A9B5N5G
GIDCB9B
D5F5
GI
B9;C7=C
O \B89
G9
@C75@=N5B
GIG
7@=9BH9G
O,IW
DF97=CG
H=9B9B
9GH=DI@58CG
O,IW
7ICH5
89
A9F758C
DCG99B
O\AC
G9
DFCAC7=CB5B
O!G
GI DFC8I7HC
A9>CF C
D9CF
EI9
9@
GIMC



*HF5
=B:CFA57=\B

*
*'!!!&%*
# ')&,+&
569
@5
DCG=6=@=858
89
EI9
9@
DFC8I7HC G9FJ=7=C
DI985
B979G=H5F
G9F
AC8=:=758C
D5F5
IB
A9F758C
C
D5XG
9B
D5FH=7I@5F
!(9.5
 5@=858

5+0-0*(*054,9
8,7;,80+(9

 5F57H9FXGH=75G

 !GH=@C

 /5A5ZCG

 5A6=C
9B
9@
BCA6F9
89
@5
A5F75

 !AD5EI9H58C

 O)979G=H5
9GH56@979F
IB
G9FJ=7=C
89
DCGH
J9BH5



 O+I989
@5
7CAD5ZX5
J9B89F
8=F97H5A9BH9
C
5
HF5JWG
89
IB
H9F79FC
9@
5;9BH9 


!"$
658
6(J9

(J9
#(3(L5
+,2
3,8*(+5
=A9BG=\B HCH5@
9GH=A585
89@
A9F758C
D5F5
9@
DFC8I7HC
9B
!0-*.
)]A9FC
9GH=A58C
89
7@=9BH9G
EI9
7CADF5B
9@
DFC8I7HC
OIU@
9G
@5
<CF5
DIBH5
89
7CADF5
OIU@
9G
@5
H9ADCF585
89
A9BCF
7CADF5
536,:,4*0(
O3,85
:5:(2
+,
*536,:0+58,9

536,:0+58
6804*06(2

53)8,








;5:(
+,
3,8*(+5

E# 
!"
/F5G
GI
=BJ9GH=;57=\B

IGH98
8969FX5
<569F
9B7CBHF58C EI9 7@=9BH9G
9GHUB 8=GDI9GHCG 5
D5;5F
M 7IU@ 9G 9@ DF97=C DFCA98=C
C:F97=8C
DCF
GIG
7CAD9H=8CF9G
+5F5
5MI85F@9
5
897=8=FG9
DCF
GI
9GHFI7HIF5
89
DF97=CG

IGH98
DI989
IG5F 9@
G=;I=9BH9
:CFAI@5F=C



 
 "0:;(*0N4
+,2
3,8*(+5
(*:;(2
,4
,2
6(J9
+,9:04(:(805
(J9
+,
+,9:045

OIUBHC 9GHUB 8=GDI9GHCG
5
D5;5F
@CG
7@=9BH9G

OIU@ 9G
9@
DF97=C
A98=C
C:F97=8C
DCF
GIG
7CAD9H=8CF9G

 ";
,9:8;*:;8(
+,
68,*059
S
5 CGHCG
8=F97HCG
6 CGHCG
=B8=F97HCG
7 #5GHCG
;9B9F5@9G
8 *HFCG
7CGH9G
59:,9
:5:(2,9 ()*+
(8.,4
+,
),4,-0*05
";
68,*05
+,
<,4:(
 (225,*2(8(*0N4
+,
8,952;*0N4
O!G
J=56@9 :57H=6@9 =ADCFH5F A=G
DFC8I7HCG
C
G9FJ=7=CG
5
9GH9
D5XG

 ,*/(
+,2
4-583,



.=

)C